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TWENTY-SECOND ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COVERING OPERATIONS FOR THE YEAR 1935 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1936 For sale by the Superintendent of Documents, Washington, D. C. Price 30 cents BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DECEMBER 3 1 , 1935 MABRINEE S. ECCL.ES, Chairman. J. J. THOMAS, Vice Chairman. CHARLES S. HAMLIN. ADOLPH C. MILLER. GEORGE R. JAMES. M. S. SZYMCZAK. EX-OFFICIO MEMBERS HENRY MORGENTHAU, JR., Secretary of the Treasury. J. F. T. O'CONNOR, Comptroller of the Currency. 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. LEO H. PAULGKR, Chief, Division of Examinations. R. F. LEONARD, Assistant Chief, Division of Examinations. C. E. CAGLE, Assistant Chief, Division of Examinations. FRANK J. DRINNEN, Federal Reserve Examiner. E. A. GOLDENWEISER, Director, Division of Research and Statistics. WOODLIEF THOMAS, Assistant Director, Divisiwi of Research an& Statistics. LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics. E. L. SMEAD, Chief, Division of Bank Operations. J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations. J. E. HOEBETT, 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. II CONTENTS TEXT OF REPORT Page Introduction Federal Reserve policy Industrial advances by Federal Reserve banks Banking Act of 1935 Increase in gold and silver reserves Member bank reserves Member bank credit Money in circulation Money rates and bond yields Stock prices and security loans Capital issues Business conditions - Developments in the banking structure Earnings and expenses of Federal Reserve banks New building for Board of Governors Building operations of the Federal Reserve banks Branches and agencies of the Federal Reserve banks Federal Reserve inter district collection system Amendments to the law relating to the Federal Reserve System Changes in the regulations of the Board Credit agreements with foreign central banks Bank examinations Trust powers of national banks Reductions in capital stock of national banks Administration of sections 8 and 8A of the Clayton Antitrust Act Administration of section 32 of the Banking Act of 1933 Affiliates of member banks Meetings of Federal Open Market Committee Meetings of Federal Advisory Council Organization, staff, and expenditures .. . . ,. . in 1 2 4 5 7 11 1& 24 28 30 34 36 40 44 46 47 47 48 48 63 66 66 68 69 69 70 71 72 72 72 TABLES FEDERAL RESERVE BANKS RESERVE No. No. No. No. No. BANK CREDIT AND RELATED ITEMS: 1. 2. 3. 4. 5. No. 6. No. 7. No. 8. No. 9. No. 10. No. 11. No. 12. Annual averages, 1918-35 By months, 1934-35 By weeks (Wednesday figures), 1935 Call dates, 1921-35 Deposits, total reserves, note circulation, and reserve percentage of Federal Reserve banks, by months, 1932-35__ Federal Reserve banks—assets and liabilities (in detail), Dec. 31, 1935 Assets and liabilities of Federal Reserve banks (in detail) at the end of each month Assets and liabilities of each Federal Reserve bank at end of 1934 and 1935 Number of member banks discounting paper at Federal Reserve banks, by Federal Reserve districts, 1927-35 Bills discounted—holdings of each Federal Reserve bank on Dec. 31, 1935, by classes Holdings of bills discounted and bills bought by Federal Reserve banks, by maturities, 1934-35 Holdings of United States Government securities by Federal Reserve banks at end of 1934 and 1935, by classes Page 76 77 78 79-80 81 82-83 84-85 86-89 90 90 91 92 VOLUME OF OPERATIONS OF FEDERAL R E S E R V E BANKS: No. 13. Volume of operations in principal departments, 1931-35 93 No. 14. Volume of operations in principal departments of each Federal Reserve bank, 1935 94-95 No. 15. Volume of operations of branches of Federal Reserve banks__ 96-97 No. 16. Industrial advances and commitments, Nov. 28, 1934, to Dec. 31, 1935 98 No. 17. Industrial advances, by Federal Reserve districts 98 No. 18. Commitments to make industrial advances, by Federal Reserve districts 98 INTERDISTRICT SETTLEMENT : FUND: No. 19. Summary of transactions through the fund, 1926-35 No. 20. Summary of transactions through the fund, by districts, 1935_ 99 99 F E D E R A L R E S E R V E AGENTS' GOLD CERTIFICATE F U N D : No. 21. Summary of transactions through the fund, 1926-35 No. 22. Summary of transactions through the fund, by districts, 1935M E M B E R S H I P IN P A R COLLECTION SYSTEM: No. 23. Number of banks on par list and not on par list, by districts and by States, on December 31, 1934 and 1935 F E D E R A L R E S E R V E BANK 101 PREMISES: No. 24. Cost of bank premises of Federal Reserve banks and branches to December 31, 1935 IV 100 100 102 CONTENTS EARNINGS AND E X P E N S E S OF FEDERAL RESERVE BANKS: V Page No. 25. Earnings of Federal Reserve banks, by sources, 1914-35 103 No. 26. Total earnings, current expenses, and net earnings of Reserve banks, and disposition made of net earnings, 1914^35__ 104-105 No. 27. Earnings and expenses of all Federal Reserve banks combined, 1926-35 106-107 No. 28. Earnings and expenses of the Federal Reserve banks during 1935 108-109 No. 29. Reimbursable expenditures of the Federal Reserve banks during 1935 110 FEDERAL RESERVE NOTES: No. 30. Federal Reserve agents' accounts at the end of each month._ 111 GOLD, FOREIGN EXCHANGE, AND MONEY IN CIRCULATION GOLD: No. 31. Monetary gold stock of the United States, 1914-35 No. 32. Analysis of changes in monetary gold stock, by months, 1921-35 No. 33. Gold held under earmark by Federal Reserve banks for foreign account, by months, 1927-35 No. 34. Gold movements to and from United States, by countries 1932-35 No. 35. Gold movements to and from United States, by years 115 116 116 117 117 FOREIGN EXCHANGE RATES: No. 36. Averages of noon buying rates for cable transfers in New York, 1919-35 118 MONEY IN CIRCULATION: No. 37. United States money in circulation, by months, 1914-35 No. 38. Kinds of money in circulation, 1919-35 No. 39. Paper currency, by denominations, and coin in circulation, 1930-35 119 120 121 DISCOUNT RATES AND MONEY RATES DOMESTIC MONEY RATES: No. 40. Federal Reserve bank discount rates 125-127 No. 41. Federal Reserve bank buying rates on acceptances—changes from January 1, 1932, to December 31, 1935 127 No. 42. Short-term open-market rates in New York City, by months, 1932-35 128 No. 43. Short-term open-market rates in New York City, by weeks, _ 129 No. 44. Rates charged customers by banks in principal cities (weighted averages), 1923-35 130 MONEY RATES IN FOREIGN COUNTRIES: No. 45. Discount rates of foreign central banks, 1935 No. 46. Open-market rates in foreign countries, by months, 1924-35. 131 132 MEMBER AND NONMEMBER BANKS ALL BANKS IN THE UNITED STATES: No. 47. Number of banks, and deposits other than interbank deposits, 1914-35 No. 48. Loans and investments of member and nonmember banks, 1914-35 134 135 VI ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS ALL MEMBER BANKS: Page No. 49. Condition on December 31, 1935, by classes of banks 136-137 No. 50. Classification of loans, investments, borrowings, and capital stock on December 31, 1935, by classes of banks 138-139 No. 51. Principal assets and liabilities on call dates, 1921-35 140-141 No. 52. Classification of loans and investments on call dates, 1928-35 142-145 No. 53. Reserves, deposits, and borrowings on call dates, 1928-35. 146-149 No. 54. Deposits subject to reserve, reserves required, and reserves held, by months, 1935 150 No. 55. Net demand and time deposits, reserves held, and excess reserves, by months, 1935 151-152 No. 56. Net demand and time deposits of member banks in larger and smaller centers, 1934-35 153 No. 57. Member banks in New York City, Chicago, and other reserve cities—deposits subject to reserve, reserves required, and reserves held, by weeks, 1935 154-156 No. 58. Changes in number of member banks during 1934 and 1935-_ 157 No. 59. Changes in number of nonmember banks during 1934 and 1935 157 No. 60. Earnings, expenses, dividends, and operating ratios, 1928-35 158-159 REPORTING MEMBER BANKS IN LEADING CITIES: No. 61. Principal assets and liabilities, by weeks and months (101. cities) 160-163 No. 62. New York City banks—Principal assets and liabilities, by weeks and months 164-167 No. 63. Banks outside New York City—Principal assets and liabilities, by weeks and months 168—171 BROKERS' LOANS: No. 64. Loans to brokers and dealers, secured by stocks and bonds, made by reporting member banks in New York City, by weeks No. 65. Brokers'borrowings, 1933-35 172 173 BANKERS' ACCEPTANCES AND COMMERCIAL PAPER OUTSTANDING: No. 66. Dollar bankers' acceptances and commercial paper outstanding, 1931-35 No. 67. Dollar bankers' acceptances, by classes, 1934-35 174 174 BANK DEBITS: No. 68. Debits to individual accounts, by banks in principal cities, 1926-35 175 BANK SUSPENSIONS: No. 69. Bank suspensions, 1921-35 176 No. 70. Banks suspended, by districts and by States, in 1933 177-178 No. 71. Banks suspended, by districts and by States, in 1934 and 1935 179 CONTENTS VII BUSINESS CONDITIONS CAPITAL ISSUES AND SECURITY P R I C E S : No. 72. Capital issues, 1919-35 No. 73. Security prices, 1919-35 No. 74. Bond yields, 1919-35 Page 183 184 185 I N D E X N U M B E R S OF PRODUCTION, EMPLOYMENT, T R A D E AND P R I C E S : No. No. No. No. No. No. 75. 76. 77. 78. 79. 80. Production, employment, and trade, 1919-35 186-188 Production of manufactures, by groups, 1919-35 189 Production of minerals, by industries, 1919-35 190 Factory pay rolls, by groups, 1919-35 191 Factory employment, by groups, 1919-35 192-193 Wholesale commodity prices in the United States, by months and years, 1913-35 194 No. 81. Wholesale commodity prices in the United States, by weeks_ 195 APPENDIX Record of policy actions: Board of Governors of Federal Reserve System Federal Open Market Committee Recommendations (and directory) of the Federal Advisory Council Directory of the Board of Governors of the Federal Reserve System Salaries of officers and employees of the Board of Governors Receipts and disbursements of the Board of Governors Governors and directors of Federal Reserve banks Salaries of officers and employees of Federal Reserve banks State bank and trust company members of Federal Reserve System: List of members, with location, loans, investments, etc Number of banks, classified according to size of capital stock Capital stock of banks, classified according to size of capital stock. Deposits of banks, classified according to size of capital stock Number of banks, classified according to size of total deposits Total deposits of banks, classified according to size of total deposits. Fiduciary powers granted to national banks Description of Federal Reserve districts Description of Federal Reserve branch territories Map of Federal Reserve districts - Page 199-230 231-235 236-239 239 240-243 244-245 246-249 250 251—267 268 269 270 271 272 273—292 293-298 299-300 301 LETTER OF TRANSMITTAL BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, Washington, May 5, 1936. The SPEAKER OF THE HOUSE OF REPRESENTATIVES. Pursuant to the requirements of section 10 of the Federal Reserve Act, as amended, I have the honor to submit the Twenty-second Annual Report, prepared by direction of the Board of Governors of the Federal Reserve System, covering operations during the calendar year 1935. Yours respectfully, M. S. ECCLES, Chairman. ANNUAL KEPOKT OF THE BOAED OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For the Federal Reserve System an outstanding development of the year was the enactment of the Banking Act of 1935 which made important amendments in the Federal Reserve Act. The new law represents a recognition of broader functions of the System as a factor in the country's economic life and emphasizes and clarifies the distribution of responsibility between the component parts of the System. It preserves the autonomy of the regional banks in matters of local concern, but places responsibility for national monetary and credit policies on the Board of Governors and the Federal Open Market Committee. In the credit situation important developments during 1935 were a further growth of bank reserves, resulting from a continued inflow of gold that was due chiefly to- a movement of foreign capital to the United States. Bank deposits increased, reflecting in part the gold inflow but in larger part expenditure by the United States Government of funds raised through the sale of its obligations to banks. Banks increased their other investments as well, and their loans, following declines in earlier years, showed a small growth. Rates charged customers by member banks in leading cities declined during the year and open-market money rates and yields on high-grade bonds remained at near the low levels reached early in the year. The large volume of deposits accumulated in the financial centers and the inflow of capital from abroad were important factors in the activity of the security markets during the year. There was more extensive use of available investment funds than in other recent years. Prices of securities rose sharply and trading on stock exchanges increased, but there was little growth in the amount of bank credit used in the stock market until the last 2 months of the year. New security issues were in larger volume than in the 4 preceding years, but were almost entirely for the purpose of refunding at lower interest rates previously existing obligations. Issues to obtain new capital showed some increase but continued small in total amount as compared with predepression years. The small volume of issues to obtain new capital reflected the fact that the 1 2 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS accumulated cash resources of business were nearly sufficient to finance such expansion as business recovery made necessary. In business there were further increases in production, especially in the durable-goods industries, larger sales of goods to consumers, little evidence of accumulation of inventories, relatively stable commodity prices at a level higher than in 1934, and an increase in profits of corporations. Improvement was widespread, but the volume of business remained substantially belowT the level attained before the depression and unemployment continued large. The principal elements of the national income, however—earnings of workers in industry and trade, agricultural income, and corporate profits— showed increases during the FEDERAL RESERVE POLICY Federal Reserve policy during 1935 continued to be directed toward monetary ease. In the first 5 months of the year eight Federal Reserve banks reduced discount rates to 2 percent and one to iy2 percent. After these reductions rates were 1% percent at the Federal Reserve banks of New York and Cleveland and 2 percent at the other 10 Reserve banks. These rates were continued through the remainder of the year, as there were no developments in the business and credit situation which warranted a change in existing policy with respect to discount rates. Minimum rates on industrial advances were also reduced at three Reserve banks in 1935. Following passage of the Banking Act of 1935 revising provisions of section 10 (b) of the Federal Reserve Act under which advances may be made to member banks, each Federal Reserve bank established a rate on such advances of one-half of 1 percent in excess of the discount rate. These rates represented a considerable reduction from the levels in effect at the time the previous provisions of section 10 (b) expired on March 3, 1935. In November the Board of Governors announced that effective January 1, 1936, maximum rates of interest that could be paid on time and savings deposits by member banks would be 1 percent on time deposits payable in less than 90 days, 2 percent on time deposits payable in less than 6 months and not less than 90 days, and 2y2 percent on all other time deposits and on savings deposits. A uniform maximum of 2y2 percent had been in effect on all time and savings deposits since February 1, 1935. Previously the rate had been 3 percent. In view of the large and growing volume of excess reserves, no further action directed toward obtaining easier money conditions was necessary during 1935. On the contrary, the continued growth of excess reserves raised the question of taking measures to reduce ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 3 them. In the last 2 months of 1935 total reserves of member banks averaged about $5,700,000,000, required reserves about $2,700,000,000, and excess reserves about $3,000,000,000, while holdings of United States Government securities by the Federal Reserve banks -totaled $2,400,000,000. Thus excess reserves substantially exceeded the total amount of open-market securities held by the Reserve banks and were likewise in excess of $2,700,000,000, the amount by which reserve requirements could at that time be increased under the law, which provides that requirements can be raised to not more than double existing requirements. In the latter part of the year the Board gave frequent consideration to probable future changes in the volume of excess reserves, to possibilities of excessive credit expansion on the basis of these reserves, to methods of reducing the reserves and controlling credit expansion, and to the proper timing of such action. After a meeting of the Board of Governors with the Federal Open Market Committee on December 17 and 18, at which these matters were considered, the Board and the Committee issued the following statement: The Board of Governors of the Federal Reserve System and the Federal Open Market Committee have given extended consideration to the general business and credit situation and to the recommendation of the Federal Advisory Council and are of the opinion: 1. That continued improvement has been made in business and financial conditions but that the country is still short of a full recovery. 2. That the primary objective of the System at the present time is still to lend its efforts to a furtherance of recovery. 3. That there is at the present time no evidence of overexpansion of business activity or of the use of business credit. 4. That the present volume of member bank reserves, which have been greatly increased by imports of gold from abroad, continues to be excessive, far beyond the present or prospective requirements of credit for sound business expansion. Therefore, the special problem created by the continuing excess of reserves has had and wTill continue to have the unremitting study and attention of those charged with the responsibility for credit policy in order that appropriate action may be taken as soon as it appears to be in the public interest. During the course of the year the Board took action on a number of other questions of policy not directly concerned with interest rates, open-market operations, or member bank reserves. The more important of these actions are described in other appropriate sections of this report. A record of all actions taken by the Board on 4 ANNUAL, REPORT OF FEDERAL RESERVE GOVERNORS matters of policy on and after August 23, 1935, together with reasons for such actions, is given in an appendix to this report, which is presented in accordance with the provisions of section 10 of the Federal Reserve Act, as amended by the Banking Act of 1935. During the year the Federal Open Market Committee held four meetings and its executive committee held a number of interim meetings. Matters relating to the size, composition, and distribution of the System investment account, to the problem of excess reserves, to new United States Government security issues, and to other aspects of the business and credit situation were discussed at these meetings. Recommendations were made regarding changes in securities held in the System account and regarding transfers of participations among the various Federal Reserve banks. No specific changes were recommended as to the total amount of securities to be held in the account. In accordance with the provisions of section 10 of the Federal Reserve Act, as amended by the Banking Act of 1935, a record of actions taken by the Open Market Committee from August 23, 1935, to the end of the year is published in the appendix to this report. INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS During the year 1935 the Federal Reserve banks received approximately 2,500 applications for industrial advances under the provisions of section 13b of the Federal Reserve Act. This is a little less than half the number received in the 6 months following the enactment on June 19, 1934, of the amendment empowering the Reserve banks to make such advances. The amount of applications received in 1935 was $116,000,000, compared with $190,000,000 in 1934. The Federal Reserve banks approved 973 applications during 1935 representing an aggregate of $72,000,000, as against 1,020 applications in 1934 for an aggregate of $52,000,000. In other words, although the number and amount of applications received in 1935 was much less than in 1934, the number of applications approved was nearly as large and the amount approved was considerably larger than in 1934. The smaller proportion of approvals in 1934 was due largely to the fact that, during the first few months of operation under the new authorization, a relatively large proportion of the applications were found to be either unsatisfactory credit risks or ineligible under the law. The total amount of applications approved by the Federal Reserve banks up to the end of 1935 was $124,000,000, including $26,000,000 conditionally approved. The largest amount of advances and commitments outstanding at any one time has been $61,000,000, but the total of such credit actually made available to borrowers up to the ANNUAL REPORT OE FEDERAL RESERVE GOVERNORS 5 end of 1935 (including $3,000,000 of approved advances and commitments in process of completion) was $98,000,000, part of which had been repaid, part unused, and part advanced by participating institutions. Vigorous steps were taken by the System to inform the public that working capital advances might be made by the Federal Reserve banks directly to borrowers. It was realized at the outset that the new facilities offered by the Federal Reserve banks for making loans for working capital purposes must be actively brought to the attention of potential borrowers, since the general public was not accustomed to dealing with the Federal Reservebanks nor was it aware of the fact that these banks might now make direct loans to industrial and commercial concerns. Articles descriptive of the facilities which the Federal Reserve banks have for making industrial loans appeared during the year in magazines,, newspapers, and trade papers. Radio talks were also made, and pamphlets were issued by various Federal Reserve banks. Through the medium of conferences in Washington and visits by a member of the Board to the Federal Reserve banks, the Board has kept closely in touch with the work of the Reserve banks and industrial advisory committees on industrial loans. Before making advances directly to borrowers the Federal Reserve banks usually encourage local banks to make the advances under protection of commitments from the Federal Reserve banks, or to participate with the Federal Reserve banks in the advances that they make. A commitment, as authorized by the law, obligates a Federal Reserve bank, upon request of the financing institution, to discount or purchase an obligation representing an advance by that institution for the purpose of furnishing working capital to an established business. The Reserve bank, in assuming such an obligation, will obligate itself for as much as 80 percent of any loss thereon. The commitment, therefore, assures the local bank of the loan's liquidity, and protects it against a loss in excess of 20 percent of the loan. BANKING ACT OF 1935 Important amendments were made in the Federal Reserve Act by the Banking Act of 1935, which was signed by the President on August 23. The act incorporates into law much of the experience acquired by the System during the more than two decades of its operation. It reflects a broader conception of the System's functions in the country's economic life than existed at the time the System was established, and it defines more clearly and fixes more firmly the responsibilities of the Board in Washington and of the regional Reserve banks. It permanently removes from the operations of the 6 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Federal Reserve banks and the member banks some of the restrictions which at critical times prevented them from effectively rendering the services for which they were established, and it clarifies and simplifies a number of features of the administration of the System. The more important provisions relating to the Federal Reserve System are contained in title I I of the act. Title I revises the provisions relating to the insurance of deposits, and title I I I contains many clarifications and improvements in the technical provisions of existing banking law. The principal provisions of the act are discussed more fully in a subsequent section of this Annual Report. Title I I provides for reconstitution of the Federal Reserve Board under the name of the Board of Governors of the Federal Reserve System with longer terms and larger salaries for its members. As reconstituted effective February 1, 1936, the Board, instead of consisting of six appointive members and the Secretary of the Treasury and the Comptroller of the Currency as ex-officio members, will have seven appointive members and no ex-officio members. The law provides for reorganization of the Federal Open Market Committee as of March 1, 1936, to consist of the seven members of the Board of Governors and five representatives of the Federal Reserve banks, instead of, as previously, one representative from each of the 12 Federal Reserve banks. This change, together with other powers vested in the Board, places greater responsibility for the exercise of national credit policies upon the Board of Governors. The law, however, preserves the local autonomy of the regional banks in their dealings and relations with the member banks in their respective districts, and provides for participation of representatives of the regional banks in the formulation of national monetary and credit policies. Other provisions broaden the lending powers of the Federal Reserve banks by permitting them to make advances to member banks on paper heretofore ineligible except in exceptional circumstances and liberalize the conditions under which national banks may make loans on real estate. The act clarifies and alters the power of the Board to change reserve requirements of member banks and provides for periodic review by the Board of discount rates established by the Reserve banks. Changes are also made in the administrative organization of the Federal Reserve banks. The act provides that the Board shall keep a complete record of actions taken by the Board and the Federal Open Market Committee upon all questions of policy relating to open-market operations, including votes taken and a statement of reasons underlying the action, and that the Board shall also keep a similar record with respect to all questions of policy determined by the Board and shall include in its annual report a full account of actions taken and a copy of the records required to be kept. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS "i The record of actions taken on questions of policy, as required by the law, for the period from the date of the passage of the act, August 23, 1935, to the end of the year, is published as an appendix to this report. Discussion of the more important of these actions is included in the appropriate sections of this report. After the passage of the banking act, the Board gave consideration to revision of its regulations affected by provisions of the act. Before the end of the year revisions of five existing regulations and one new regulation were issued. These regulations are discussed in a subsequent section of this report, and the considerations governing the Board in their adoption are given in the record of policy actions published in the appendix. INCREASE IN GOLD AND SILVER RESERVES Monetary reserves of the country were further increased during J935 by gold imports and Treasury silver purchases. In the 2 years 1934 and 1935 the gold stock showed an increase of $6,100,000,000, of which about $2,800,000,000 represents the increment accruing to the Treasury from revaluation of gold on January 31, 1934, from $20.67 per ounce to $35 per ounce. This increment has not yet increased member bank reserves to a material extent, for $1,800,000,000' of it is still held in the stabilization fund and the remaining $1,000,000,000 is either in the general fund of the Treasury or has been utilized in ways that for the most part have left member bank reserves unaffected. One of these ways—the use of part of the gold increment for retiring national bank notes—is described on page 27. Disregarding the gold increment resulting from revaluation, additions to gold and silver stocks affecting member bank reserves during the 2 years amounted to $3,900,000,000, of which $200,000,000 represents gold acquired by the Reconstruction Finance Corporation and the Treasury before revaluation in January 1934, but not taken up into gold stock Until that time, and $600,000,000., the issuance of silver certificates and coins. The growth of $3,100,000,000 in the monetary gold stock of the United States in the period of less than two years since revaluation was unprecedented in the history of the country. During the 20 years 1914-33, which included the great movements of the war and post-war periods, gold stock increased by $2,400,000,000. In part the difference is accounted for by the higher price at which gold now enters into the account, but a more important feature has been the unprecedented volume of the gold flow, even when measured in ounces. Factors behind gold and silver movement.—Additions to the monetary gold and silver stocks since revaluation, totaling $3,700,000,000, were 8 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS to the extent of $400,000,000 of domestic origin, such as mine output of the metals, sale of scrap gold by the public, and nationalization of silver holdings. The remaining $3,300,000,000 came from abroad. The sustained movement of gold from abroad, notwithstanding the heavy purchases of silver by the Treasury, was the outcome of several factors in the international balance of payments of the United States. Chief among these factors were an influx of capital from foreign centers and, to a less extent, a surplus of merchandise exports. Surplus of merchandise exports.—Reduction in the gold content of the dollar came after the value of the dollar on the exchanges had declined, with a consequent stimulus to exports. In the closing months of 1934, however, with decreased supplies resulting from the drought and from production-control measures and with the advance in agricultural prices, exports of farm products diminished, though exports of manufactured goods continued to increase. There was also a considerable growth of imports,, reflecting in part the agricultural situation and in part the effects of recovery in this country both on the demand for imported raw materials by industry and on the demand for other imported commodities by the American public. As a consequence, the export surplus that developed in the year ending October 1934 to the amount of $510,000,000 was reduced to $180,000,000 in the succeeding 12 months. In the closing months of 1935, however, a substantial increase in several agricultural exports and the continued widening of the market for American industrial products abroad led to the largest surplus of merchandise exports since 1930. For the entire period from revaluation to the end of 1935, exports exceeded imports by nearly $700,000,000. Inflow of capital.—A far larger part of the imports of gold and silver since January 1934 is attributable to the influx of capital from abroad. The heavy inward movement of capital immediately following revaluation represented in part the return of funds that had been transferred abroad in 1933. But there were also political difficulties in France at the time such as have dominated other periods of international capital movements. A special problem has been created for the gold-bloc countries as a group by the general abandonment elsewhere in the world of previously existing exchange parities and the introduction of exchange controls by several countries that still officially adhere to the old parities. A series of crises has occurred, differing in intensity, but each characterized by a sharp outward movement of capital and gold from the gold-bloc countries. The most general movement of this sort, although not the firstr occurred in the spring of 1935 after Belgium had devalued its currency. During the ensuing movement Switzerland, the Netherlands,. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 9 and France lost large amounts of gold. In July and again in September there were further gold withdrawals from the Netherlands as a result of political difficulties connected with the Government's economy program. When the substance of this program was approved early in October, the movement of gold was reversed; but in November a similar crisis developed in France during the preparations for the meeting of the French Parliament at the end of the month to debate the 1936 budget. With settlement of the most pressing fiscal and political issues the capital outflow ceased. In addition to the recurrent difficulties of the gold-bloc currencies other factors operated upon the flow of capital to the United States in 1935. At the beginning of the year the approaching adjudication of the gold-clause cases by the Supreme Court led to a movement of capital to this country. Little of this capital went abroad again after the Court's decisions were handed down, because the European difficulties that preceded the gold-bloc crisis in the spring were already developing. Later in the year another factor became operative in the growing tension in Europe over the Ethiopian situation. A transfer of liquid balances from London to New York began in September and reached its height early in October. The nationals of many countries who had employed London as a financial center, as well as the British themselves, were active in the movement. Toward the end of October this movement subsided, but the continuance of disturbed conditions abroad militated against a return flow of the balances during the remainder of the year. Another type of movement developed in 1935 and was continuing on a substantial scale at the end of the year. Foreign purchases of American secur~4ies began to exceed sales in May 1935. The intensification of this movement in the autumn may be attributable in some degree to disturbed political conditions abroad, but the movement as a whole appears to reflect a feeling among foreign investors that an opportunity for profitable investment of their funds is offered by the American market. In the final month of the year it was the sustained purchases of securities in this country by foreign interests that more than offset a small withdrawal of foreign balances and continued the net inward movement of capital which had characterized the year. World gold supplies.—The increase in the monetary gold stock of the United States in the period of nearly 2 years since revaluation has not meant a corresponding decline in central gold reserves abroad. While gold was being shipped to the United States it was being produced by the world's mines at the rate of $1,000,000,000 a year and the Indian public continued to make sales from the accumulated hoards of the past. 56048—36 2 10 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS This was in contrast to the situation that existed before the depression. For a number of years before the depression, world gold production, valued on the old par basis, was at a rate of about $400,000,000 a year. Of this amount from $100,000,000 to $200,000,000 was annually taken for industrial uses or for Indian hoards, leaving $300,000,000 or less available for central reserves. Today the sale of Indian gold exceeds the demand for industrial uses, and mining output has not only increased b}r 50 percent in terms of ounces, but an ounce of gold is now the equivalent of $35 instead of $20.67. Except as hoarding develops in Europe, therefore, the amount of new gold available for central gold reserves exceeds $1,000,000,000 a year. As a result of this situation the increase of $3,100,000,000 in monetary gold stocks of the United States in the period from February 1, 1934, to the end of 1935, was accompanied by a decline of only $1,100,000,000 in the gold reserves of foreign central banks. The larger part of this decline occurred in gold reserves of the Bank of France, although there were also substantial reductions in central reserves of the Netherlands, Switzerland, and Italy. Silver purchases.—The increase of $600,000,000 in silver certificates and coin in the United States in 1934 and 1935 reflected, in the main, operations carried out in accord with the silver-buying program of the Government. Up to December 27, 1935, acquisitions of silver, as announced by the Treasury, amounted to 835,000,000 ounces, of which 59,000,000 ounces were received from domestic mines, 112,000,000 ounces represented the nationalization of silver in the United States on August 9, 1934, and 664,000,000 ounces were purchased abroad under authority of the Silver Purchase Act. The two principal sources of American silver acquisitions have been new production and withdrawals from Chinese stocks. The bulk of this silver has been bought in the London market, where Treasury operations were the dominant factor during most of 1935, but considerable amounts of silver have been shipped direct to the United States from Mexico, Canada, and other producing countries, and during 1934 direct importations from China were in substantial volume. The direct shipment of silver from China to the United States ceased soon after the Chinese Government in October 1934 imposed prohibitive charges on silver exports, but the drain of silver from China was not stopped by this action. The subsequent depreciation of the yuan against its theoretical silver parity provided a strong incentive to smuggle silver out of the country, and during 1935 the amount of Chinese silver that reached the London silver market through various channels was comparable in volume to the supplies from this source in 1934. Effective November 4, 1935, the Chinese Government issued a series of decrees providing for the ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 11 compulsory delivery of all silver coin and bullion to the Government and for the issue of an inconvertible paper currency to be managed with the object of maintaining a stable value for the yuan in terms of foreign currencies. The effect of these measures was to remove China definitively from the silver standard. Subsequently the profit on smuggling silver out of China was largely eliminated by the sharp decline in the world market price for silver. MEMBER BANK RESERVES Growth of reserves in 1935.—As a result of the increase in gold and silver stock, the reserves of the Federal Reserve banks and the reserve balances of member banks increased further by large amounts in 1935. as in 1934. Member bank reserve balances showed a growth of $1,500,000,000 in 1935. The increase in reserve funds resulting from the growth of $1,900,000,000 in the country's monetary gold stock and of $400,000,000 in silver money was partly offset by reductions in reserves arising from increases of $350,000,000 in the amount of money in circulation, of $400,000,000 in funds held by the Treasury on deposit in the Reserve banks, and of nearly $100,000,000 in nonmember deposits and other accounts at the Reserve banks. The net increase of $1,500,000,000 in total reserve balances was partly absorbed by an increase of nearly $500,000,000 in reserve requirements in consequence of a continued growth of member bank deposits, and excess reserves showed an increase of more than $1,000,000,000. Early in December excess reserves reached a total of $3,300,000,000, a new high level in the history of the Federal Reserve System, but in the 10 days preceding Christmas a large increase in Treasury deposits at Reserve banks, arising from the sale of new securities and income-tax receipts, together with seasonal currency withdrawals, resulted in a decrease of over $600,000,000 in member bank reserves. This reduction had no effect on the money market, and before the end of the year the return flow of currency increased the bank's reserve funds. At the end of December excess reserves amounted to $2,850,000,000, and early in January 1936 they again exceeded $3,000,000,000. Changes in reserve situation since 1929.—Growth of bank reserves was a part of a series of developments that, since the reversal of Federal Reserve policy in the latter part of 1929, have been contributing to easier money conditions. The nature of these changes is shown in part on the accompanying chart. At various times between the autumn of 1929 and the end of 1933 the Reserve banks purchased $2,300,000,000 of Government obligations. Not all of this amount, however, constituted a net addition to 12 ANNUAL REPORT OF FEDERAL, RESERVE GOVERNORS MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS - { Monthly Averages of Daily Figures.), ' 10 BILLIONS OF DOLLARS 10 Member Bank Reserve Balances Treasury Cash and Deposits with F. R. Banks 1929 1930 BILLIONS OF DOLLARS 1929 1930 1931 1932 1933 1934 1935 RESERVE BANK CREDIT Monthly Averages of Daily Figures ; BILLIONS OF DOL ARS 1931 1932 1933 1934 1935 13 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS •member bank reserves. The major part of the reserves thus made available was utilized by member banks to reduce indebtedness to the Reserve banks in existence at the beginning of the period and incurred during the depression at times of currency and gold withdrawals. The more important net changes for the period as a whole were a decrease of nearly $900,000,000 in member bank borrowings, an increase of about $1,000,000,000 in currency in circulation, and an increase in member bank reserves of $400,000,000. Since, however, :as shown in the second chart, required reserves of the member banks had declined by $400,000,000 as a result of the decline in deposits, MEMBER BANK RESERVE BALANCES BILLIONS OF DOLLARS BILLIONS OF DOLLARS _( Monthly Averages of Daily Figures > 6 6 O 1929 1930 1931 1932 1933 1934 1935 member banks had more than $800,000,000 of excess reserves at the end of 1933. This was a much larger volume of excess reserves than had ever before been held by member banks. These excess reserves should be compared with a portfolio of $2,400,000,000 of Government securities which were available for sale in the open market if absorption of reserves should become desirable. This was the situation at the end of 1933. During the next 2 years the relationship between the Federal Reserve banks and the money market was fundamentally altered. Because of developments previously explained, excess reserves increased from $800,000,000 to about $3,000,000,000, while the portfolio of Government securities of the Federal Reserve banks remained at $2,400,000,000. It is 14 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS partly for this reason that Congress gave to the Board the power to absorb excess reserves through increasing reserve requirements for member banks to a maximum of double the percentages prevailing in 1935, thus providing the Board with an additional instrument for preventing injurious credit expansion. Distribution of member bank reserves.—All classes of member banks in all Federal Reserve districts held reserves in excess of requirements throughout 1935. On December 31, 1935, total reserve balances held with Federal Reserve banks by member banks were more than double the amount required. As shown in the following table, the percentage of total to required reserves of all member banks was 204 percent, as compared with 177 percent at the begining of the year. Similar percentages by classes of banks and by districts as of December 31, 1935, ranged from 110 percent at reserve city banks in the New York district to almost 300 percent at country banks in the Minneapolis, Kansas City, and Dallas districts. PERCENTAGE OF TOTAL TO REQUIRED RESERVES, BY CLASSES OF MEMBER BANKS, DEC. 31, 1934, AND DEC. 31, 1935 Dec. 31, 1935 Dec. 31, 1934 Central reserve city banks: New York Chicago Reserve city banks. Country banks All member banks 213 204 186 214 171 208 175 180 204 The increase in the percentage of total to required reserves was largest at New York City banks, -while at Chicago banks there was a slight decline. Country banks in all districts showed substantial increases, owing in large part to the reduction in required reserves that resulted from changes under the Banking Act of 1935 in the method of calculating net demand deposits, described on page 18. The increase in the percentage of total to required reserves for all reserve city banks was relatively small, and in the Minneapolis,. Kansas City, Dallas, and San Francisco districts decreases were shown in the percentages for banks in this class. Since, as previously explained, the increase in member bank reserve balances during 1935 arose mostly from gold imports, additional reserve funds were generally received first by banks in New York City. A large part of these reserves were widely distributed among banks in other sections by the flow of payments from one region to another. An important factor in this flow of payments was the investment by banks in Government obligations and the expenditure of the proceeds by the Treasury, which thus gradually ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 15 transferred the funds to other banks and to other sections of the country. Reserve city banks and country banks held a part of the reserve funds thus acquired in the form of excess reserves, invested another part, and deposited the remainder with correspondent banks. The table shows changes in loans and investments and reserves of the three principal classes of member banks during 1935; figures showing changes in the various types of deposits at these banks are given in the table on page 22. CHANGES IN LOANS AND INVESTMENTS AND D E C . 3 1 , 1934, TO D E C . RESERVES OF MEMBER BANKS 3 1 , 1935 [In millions of dollars] Total Central Reserve reserve city banks city banks Country banks Total loans and investments +1, 835 +219 + 725 +944 Reserves with Federal Reserve banks: Required _ Excess +435 +1, 057 +324 +736 +1, 492 +1,060 +326 -23 +128 +105 +627 +11 -1-236 +380 LORDS Investments _. __ . Total Balances with banks in United States +147 +1, 688 +35 +717 +752 +133 + 193 -107 +246 + 139 A large part of the increase in reserve balances with Federal Reserve banks was at central reserve city banks (New York and Chicago), while country banks, where the increase in reserve balances was smaller, showed a substantial growth in balances held with other banks. At reserve city banks the total increase in balances held with the Federal Reserve banks and with other banks was relatively smaller than at other classes of banks. City banks used a considerable part of their surplus funds in the purchase of investments, mostly United States Government securities. Country banks, on the other hand, which showed a smaller increase in investments and a decline in loans, deposited with other banks the larger part of the increase in their available funds. Country banks, therefore, had available a larger volume of idle funds than is indicated by the figures for excess reserves, while a large part of the excess reserves of the central reserve city banks in New York and Chicago represented redeposited idle funds held for country banks, the withdrawal of which would reduce the excess reserves of the central reserve city banks. Reserve city banks also held a substantial amount of balances due to banks, which increased in 1935 and which might be considered as an offset to their excess reserves and balances with other banks. 16 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Keserve position of individual member banks.—Substantial excess reserves were held in 1935 not only by the various groups of banks but also by the majority of individual banks. With a view to determining the reserve position of individual member banks and the possible effect upon them of an increase in reserve requirements, the Board of Governors made a study of required and excess reserves of each member bank on the basis of the call reports of November 1, 1935. Between that date and the end of the year there wTas little change in the total volume of excess reserves and probably few important changes in the distribution of these reserves among individual banks. These reports showed that on November 1 about 4,200 of the total of 6,400 member banks held reserve balances that were 50 percent or more in excess of reserve requirements. The following table shows a distribution of the number of central reserve city, reserve city, and country banks according to the ratio of excess reserves to required reserves. NUMBER OF MEMBER BANKS ON NOV. 1, 1935, DISTRIBUTED ACCORDING TO THE RATIO OF EXCESS RESERVES TO REQUIRED RESERVES Percentage of excess to required reserves Less than 25 percent 25-49 percent 50-99 percent 100 percent or over Total number of member banks. Total number of member banks Central reserve city banks New York Reserve city banks Country banks Chicago 1,283 956 1,227 2, 934 116 56 64 100 1,148 894 1,154 2,817 6,400 336 6,013 On the basis of these figures it appears that the proportion of member banks holding a large amount of excess reserves was greater among country banks than among city banks. The number of banks with excess reserves of 100 percent and over amounted to 47 percent for country banks, 33 percent for central reserve city banks, and 30 percent for reserve city banks. About 19 percent of all country member banks held reserves that were less than 25 percent in excess of requirements, while about 35 percent of central reserve city and reserve city banks were in this group. In view of the fact that many banks had deposited, a large part of their available funds with other banks and could transfer these funds to the Federal Reserve banks in case additional reserves were needed to meet an increase in reserve requirements, attention was also given to the amount of demand balances carried by member banks on deposit with other domestic banks. Such balances do not represent additional reserves of member banks taken as a whole, ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 17 but may be a means of shifting reserves from one bank or group of banks to another. Of the 1,283 banks which would have had to increase their reserves to meet a 25-percent increase in reserve requirements, all but 41, as shown in the following table, had balances with correspondent banks sufficient to supply the additional reserves required. Of all the member banks 345, or 5 percent, had excess reserves plus balances with other banks insufficient to meet an increase of 100 percent in reserve requirements, while 6,055 banks had excess reserves and other balances sufficient to meet such an increase. N U M B E R OF M E M B E R B A N K S ON NOV. 1, 1935, D I S T R I B U T E D ACCORDING TO T H E R A T I O OF E X C E S S R E S E R V E S P L U S B A L A N C E S D U E F R O M D O M E S T I C B A N K S TOREQUIRED RESERVES Percentage of excess reserves plus balances due from domestic banks to required reserves Less than 25 percent 25-49 percent 50-99 percent... 100 percent or over Total number of member banks Total number of member banks Central reserve city banks New York 41 71 233 6,055 20 6,400 38 Reserve city banks Country banks Chicago 312 37 61 202" 5,713 336 6,01& 5 19 10 As already shown, there were 1,283 member banks on November 1 which were either deficient in reserves or held excess reserve balances amounting to less than 25 percent of required reserves. The amount of additional reserves that these banks would have needed in case of a 25-percent increase in reserve requirements was $95,000,000 in the aggregate, representing 2 percent of the total volume of reserve balances held by member banks on that date. Of this total $22,500,000 would have been needed by central reserve city banks in. New York, $14,000,000 by other banks in the New York district, and $15,000,000 by banks in the San Francisco district. But, as explained, all but 41 banks had sufficient balances on deposit with correspondent banks to supply these needs. These 41 banks would have needed $13,000,000, in addition to their balances with correspondents, to meet a 25 percent increase in requirements. To provide all banks with excess reserves of 50 percent, i. e., to enable them to meet a 50-percent increase in reserve requirements, the 2,239 banks that were short of the necessary reserves on November 1, 1935, needed additional reserves of $266,000,000, and, if bank balances had been used in full, 112 banks would still have needed $50,000,000. To meet an increase of 100 percent in reserve requirements, nearly $800,000,000 additional reserves would have been needed by 3,466 banks, and, if other bank balances were employed 18 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS for the purpose, there would still have been 345 banks with an aggregate shortage of $240,000,000. Of this amount $200,000,000 would have been required by banks in New York City. These computations make no allowance for the effect upon banks holding balances of other banks of the withdrawal of a part of such balances. Eecognition would also need to be given to the fact that banks would probably not wish to use all of their balances with correspondents to build up reserve balances. Thus the amounts which would have to be obtained by member banks in case of an increase in reserve requirements would be somewhere between the two sets of figures given above—those assuming no withdrawal of bankers' balances and those assuming withdrawal of these balances to the fullest extent needed. Individual member banks needing additional reserves could borrow from the Federal Reserve banks, or they could obtain funds from other banks holding large surplus reserves not only by drawing on their balances but also by borrowing from them or by the sale to them of marketable assets. The sale of assets to others than banks and the calling of open-market loans would also redistribute reserve funds among member banks. New York City banks, which hold large balances for other banks subject to withdrawal in case of need and which carry practically no balances with other banks, have relatively large amounts of readily marketable assets, such as Treasury bills, bankers' acceptances, and brokers loans, which can be sold or called or allowed to run off without replacement at maturity. It is possible by this method for a member bank in case of need to tap the large supply of excess reserves held by other banks. Banking operations of this nature, as well as the usual flow of payments in connection with governmental, commercial, industrial, and financial transactions, may considerably alter the distribution of reserves among individual banks without changing the aggregate amount of reserve balances of all member banks. Change in method of computing required reserves.—In the Banking Act of 1935 a change was made in the method of computing net demand deposits against which reserves must be carried by member banks with Federal Reserve banks. Previously net demand deposits were computed for each reporting bank separately by adding to demand deposits, other than those of banks and the United States Government, any excess of amounts due to banks over amounts due from banks. The Banking Act of 1935 prescribes that reserves be carried by member banks against United States Government deposits and permits deductions to be made from gross demand deposits instead of only from balances due to banks. As a consequence, when the new provisions went into effect on August 24, banks in New York City, which hold large Government ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 19 deposits, showed an increase in net demand deposits, while country banks, whose balances due from banks exceed their balances due to banks and their Government deposits, showed decreases. It is estimated that as of June 29, 1935, the new method of computing net demand deposits would have resulted in a reduction of about $35,000,000 in reserve requirements of all member banks. Requirements of central reserve city banks would have been increased by $45,000,000, while those of country banks would have been reduced by $75,000,000. Some reserve city banks would have shown increases and others decreases, with a small decline in the total for the group. Late in November the Board issued a revised Regulation D relating to reserves of member banks. This regulation incorporates the •changes described above, and also, in accordance with the authority conferred upon the Board by the Banking Act of 1935 to change reserve requirements, provides that the actual net balance which each member bank is required to maintain on deposit with the Federal Reserve bank of its district shall be changed by such percentage, within the limits prescribed by law, as the Board shall prescribe from time to time in order to prevent injurious credit expansion or .contraction. MEMBER BANK CREDIT Part of the additional lending power obtained from the increase in reserves was used by member banks during 1935 in the purchase of investment securities and part was held as excess reserves. Investments were principally in direct and guaranteed obligations of the United States. Deposits of individuals, partnerships, corporations, and local and State public bodies showed a further increase of about $3,800,000,000 during 1935, reflecting principally the inflow of gold and Treasury expenditures from balances previously accumulated as well as from funds newly borrowed from banks during the year. United States Government deposits at member banks consequently declined. Interbank balances showed a further substantial increase, reflecting the continued growth of idle funds held by banks. Xoans and investments.—Total loans and investments of all member banks, as shown in the chart, increased by $1,835,000,000 during 1935. The largest increase occurred in obligations fully guaranteed by the United States Government, which rose by $780,000,000, while direct obligations of the Government increased by $600,000,000 and other securities by $310,000,000. Holdings of direct Government obligations by all member banks showed a smaller increase during the year 1935 than in any other year since 1930, owing in part to the retirement of the bonds securing national bank notes, which bonds were almost 20 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS wholly held by banks. The increase in fully guaranteed obligations,, which occurred in the first three-quarters of the year, reflected in part exchanges of previously held securities guaranteed only as to interest, that were retired during the year, in part exchanges for mortgage loans held by the banks, and in part purchases from other holders. Loans to brokers and dealers in securities, which had shown little change during the first 10 months of the year, increased by more than $200,000,000 in the last 2 months, and loans to customers on securities, which had declined steadily since 1930, showed little change in the last few months of 1935. Other loans to customers, comprising prinALL MEMBER BANKS BILLIONS OF DOLLARS BULLIONS OF DOLLARS 15 15 10 10 Reserve balances. Cash in vault, and Balances with other banks 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 cipally loans for agricultural, industrial, and commercial purposes,, showed a continuous increase during the year, following declines in all years since 1929. Most of the increase in total loans and investments during 1935 was at central reserve and reserve city banks, which showed increases in all three classes of investments and in loans to customers other than on stocks and bonds. Brokers' loans increased at New York City banks and declined at other banks, owing largely to an increase in commissions charged by New York City banks for making such loans for other banks. Country banks increased their holdings of Government-guaranteed obligations and of other securities, but showed decreases in holdings of direct Government obligations, reflecting ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 21 retirement of bonds bearing the circulation privilege. Loans on securities by country banks continued to decline, while their other loans to customers showed little chango. LOANS AND INVESTMENTS OF MEMBER BANKS [In millions of dollars] Total loans and investments Loans to banks _ Loans to other customers: Secured by real estate _ Secured by stocks and bonds Reporting banks' own acceptances Otherwise secured and unsecured- _ Open-market loans: Acceptances and commercial paper bought Loans to brokers and dealers in New York City U. S. Government obligations: Direct..... Fully guaranteed Other securities. Dec. 31, 1935 Dec. 31, 1934 29,985 28,150 Change +1,835 155 -57 2,284 3,089 2,273 3,296 232 + 11 -207 5,00G 4,708 +298 482 1,047 520 843 -38 +204 10, 501 1,768 5,541 9,906 989 5,227 +595 +779 +314 -63 Growth of member-bank deposits.—Deposits of the general public at member banks increased by $3,840,000,000 during 1935 and at the end of the year were $8,650,000,000 larger than in June 1933, the report date showing the smallest total in the depression period. Deposits of foreign banks, including balances due to own foreign branches, increased by $350,000,000 in the year, and the excess of deposits of domestic banks over balances due from domestic banks, representing principally balances due to nonmember banks, increased by about $500,000,000. Thus during 1935 deposits at member banks of the public and of nonmember and foreign banks showed a total growth of $4,700,000,000, which was derived principally from the following sources: (1) The increase of $1,900,000,000 in monetary gold stock, from which should be deducted about $200,000,000 representing the withdrawal of balances held abroad by member banks; (2) Treasury expenditures of $800,000,000 withdrawn from their deposits with member banks, of $600,000,000 derived from the increase in holdings of direct Government obligations by member banks, of $200,000,000 obtained by sale of securities to the Postal Savings System in return for funds withdrawn from member banks, and of $400,000,000 from silver certificates issued; and (3) funds made available by member banks by additional purchases of nearly $800,000,000 of fully guaranteed Government obligations and by an increase of about $500,000,000 in their other loans and investments. The principal factor reducing deposits was an increase of about $300,000,000 in money in circulation outside of banks. 22 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Adjusted demand deposits at member banks, representing the checking accounts of individuals, partnerships, corporations, and local and State public bodies, increased by $3,100,000,000 in 1935. At the close of the year they amounted to $18,800,000,000, as compared with $12,100,000,000 at licensed member banks on June 30, 1933, the lowest point for any call-report date in recent years, and $16,600,000,000* on December 31, 1929, the pre-depression maximum. Time deposits,, other than balances of banks and of the Postal Savings System, increased by $730,000,000 in 1935 and on December 31 amounted to about $10,000,000,000 as compared with $8,100,000,000 in June 1933 and $12,900,000,000 at the end of 1929. United States Government deposits at member banks showed a decline of nearly $800,000,000 in 1935. There was also a decrease of $230,000,000 in postal-savings deposits, representing funds withdrawn by the Postal Savings System, because of the inability or unwillingness of banks to pay the required rate of interest on these deposits. These funds were invested in Government obligations by the Postal Savings System. Further growth in balances held for domestic banks, amounting to* $1,140,000,000 for the year as a whole, reflected the continued abundance of funds available to banks. The total of these balances at the year-end reached a new high level of $5,850,000,000. From 1922 to 1929 they generally fluctuated between $3,000,000,000 and $4,000,000,000. Balances of foreign banks increased by $300,000,000 during 1935 and amounts due to own foreign branches increased by $50,000,000. At the same time balances with banks in foreign countries were reduced by $130,000,000 and amounts due from own foreign branches by $90,000,000. These changes reflected the movement of balances to this country from abroad by both domestic and foreign holders, which was an important factor in the large gold imports of 1935. DEPOSITS OF ALL MEMBER B A ^ K S [In millions of dollars] Changes since Dec. 31, 1934 Outstanding, all member banks, Dec. 31, 1935 All member banks Central reserve city banks Reserve city banks Demand deposits—adjusted.. Time deposits 1 18, 801 10,041 +3,115 +726 +1,025 +363 +755. +323 U. S. Government deposits.. Postal-savings deposits 844 218 + 1,335 +40 -516 -54 -236 -107 +615, + 283 +456 +12 -41, -74 +73". Deposits held for domestic banks. Deposits held for foreign banks * Exclusive of postal-savings and interbank deposits. 5,847 449 -792 -234 +1,144 +295 Country banks ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 23 Adjusted demand deposits, figures of which were first published by the Board in 1935, are computed by adding to demand deposits other than those of banks and the United States Government the items of certified and officers' checks and cash letters of credit and travelers' checks outstanding and subtracting checks and other cash items reported as on hand or in process of collection. Beginning December 31, 1935, cash items on hand but not in process of collection, amounting to about $15,000,000, were reported separately and on that date the figure for adjusted demand deposits was computed without deducting that item. These collection items, given on the asset side of the call report, show in part the amount of so-called "float" outstanding, which varies considerably from time to time and together with interbank balances involves a double counting of deposits. Cash items forwarded to correspondent banks for collection and credit and charged to such banks are in large part included in balances due from banks and to that extent cannot be deducted in computing adjusted demand deposits. Increases during 1935 in adjusted demand deposits, time deposits, and deposits held for banks, as well as declines in United States Government and postal-savings deposits, as shown in the table, were common to all groups of member banks. The increase in adjusted demand deposits was relatively somewhat larger at city banks than at country banks. This is in contrast to 1934 when the increase in deposits was relatively larger at country banks than at city banks. The increase in time deposits occurred chiefly outside New York and Chicago, the two central reserve cities. Withdrawal of United States Government deposits was largely concentrated at city banks. Increases in deposits held for domestic and for foreign banks occurred almost entirely at banks in New York City, Chicago, and other largo financial centers. Increase in deposits at all banks.—Although adjusted demand deposits of member banks in 1935 were above the 1929 maximum, similar deposits of all banks in the United States were still somewhat below 1929 levels. Available figures for nonmember banks for earlier years are less accurate than those for member banks, because some of the States did not obtain reports of deposits classified according to kinds, and also because nonmember banks probably included a larger amount of collection items in amounts reported as due from banks than did member banks, which diminishes the accuracy of any computation of adjusted demand deposits. On the basis of such information as is available, it appears that adjusted demand deposits of all banks in the United States declined by about $8,000,000,000 from June 1929 to June 1933 and increased by about $6,000,000,000 to June 1935. By June 1935, time deposits of all banks had recovered nearly $2,000,000,000 of the total decline of about 24 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS $7,500,000,000, while United States deposits and bankers' deposits were much larger than in 1929. Deposits held by the Postal Savings System and not redeposited in banks increased by about $800,000,000 between June 1929 and June 1935, and, for reasons subsequently explained, the amount of currency in circulation outside of banks in 1935 was about $1,000,000,000 larger than in 1929. The total amount of bank deposits and currency held by the public in June 1935 was, therefore, about $5,500,000,000 less than in June 1929. This difference was considerably reduced by a further increase in deposits in the lasthalf of 1935, amounting to'$1,800,000,000 for insured banks. Bank debits and turn-over of deposits.—Volume of debits to individual depositors' accounts at banks was larger in 1935 than in any of the 3 previous years, reflecting increased business and stock-market activity. At banks in 140 cities outside of New York City debits in the year were 15 percent larger than in 1934. In New York City, where debits are to a considerable extent affected by stock-market activity, the increase amounted to about 10 percent. In the last quarter of 1935 debits in New York City were approximately 25 percent larger and in other cities 20 percent larger than in the last quarter of 1934. The increase in debits was not so rapid as the growth in deposits, and therefore the rate of deposit turn-over continued at a low level. Member-bank earnings.—Member banks, taken as a whole, showed net profits in 1935 for the first time since 1931, notwithstanding the low. level of money rates and the large volume of idle funds on which the banks received no return. For the first half of 1935 member banks reported net income of about $80,000,000. Results for the second half year are not yet available. No other 6-month period since the first half of 1931 has resulted in net profits for the member banking system principally because the banks have been obliged to write off heavy losses. In the first half of 1935 the amount of losses written off b}^ member banks was much smaller than in similar periods of other recent years and recoveries on assets previously written off were large. MONEY IN CIRCULATION Increase in 1935.—The amount of money in circulation increased by $350,000,000 during 1935, reflecting principally demands for currency to meet an increase in wage payments and in retail trade. At. the seasonal peak toward the end of the year the amount of money in circulation wa$ $6,000,000,000, a larger amount than at any time in the past, except during the banking crisis in March 1933, and $1,200,000,000 above the seasonal peak in 1928, when the level of retail trade and pay rolls was considerably higher than in 1935. The larger amount of money in circulation as compared with 25 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 1928 reflects a continuation in private hoards of a substantial amount of currency which was withdrawn during the period of banking difficulties, the practice of a number of State and local governmental bodies of holding funds in currency rather than on deposit in banks, and the increased use of cash instead of checks to meet current payments, due to the absence of banking facilities in some localities and to the growth of service charges by banks. PAPER CURRENCY, BY DENOMINATIONS, AND COIN I N CIRCULATION [In millions of dollars] Gold coin Other coin Paper currency: $1 $2 $5 $10 $20 $50 and over _ Total money in circulation i __ _ Oct. 31, 1930 Dec. 31, 1932 Dec. 31, 1934 Dec. 31, 1935 63 436 181 400 451 478 389 43 661 1,029 1, 054 644 368 34 635 1,109 1,307 1,435 423 32 771 1,288 1,326 1,254 460 33 815 1,373 1,359 1,369 4,206 5,388 5,536 5.882 i Total shows amounts outside of Federal Reserve banks and the Treasury, while figures by denominations include holdings of small amounts of unassorted currency in Federal Reserve banks and the Treasury. Some indication of these various tendencies is afforded by figures on denominations of currency in circulation, which are shown in the table, giving the amount of coin and of various denominations of notes in circulation as of selected dates in recent years. In October 1930, which is the earliest date for which comparable figures on this basis are available, the amount of currency in circulation was near the low level for recent years. Wage payments and retail trade had declined somewhat and the hoarding movement had not begun. Figures for December 1932 show, on the one hand, the effects of hoarding, without the sharp and temporary movement in the 2 following months which immediately preceded the bank holiday, and, on the other hand, the influence of a further decline in the use of currency in trade and pay rolls. Figures for the later dates illustrate developments during the subsequent period of business recovery and banking reconstruction. From October 1930 to the end of December 1932 circulation of currency of denominations of $50 and over increased by about $800,000,000, and that of $10 and $20 denominations increased by a total of over $300,000,000, and circulation of gold coin increased by more than $100,000,000, reflecting widespread withdrawal of deposits from banks and hoarding of currency. Circulation of smaller denomination currency and of other coin, on the other hand, decreased somewhat, reflecting the decline in industry and trade. 56048—36 3 26 ANNUAL EEPOET OF FEDERAL RESERVE GOVERNORS 111 1933, except during the period preceding the bank holiday when currency withdrawals were widespread, and in 1934 the return of hoarded currency was responsible for declines in notes of $50 and over. In those years, however, there were increases in circulation of small-denomination notes and of coin other than gold, which may be attributed in part to the demand for currency to meet the expansion in retail trade and pay rolls, in part to a growth in vault cash holdings of banks, and in part to a tendency to use cash rather than checks. The tendency toward the greater use of currency rather than checks in current payments is in part responsible for the fact that the amount of currency in active use is larger at present than during the years before the depression, despite a lower level of pay roils and retail trade. Figures of currency in circulation by denominations are not available for 1928, but some indication of this tendency is afforded by the circulation figures for subsidiary silver, silver dollars, and $1 notes, which do not reflect the influence of hoarding. From the end of 1928 to the end of 1935 the amount of subsidiary silver in circulation increased by $20,000,000 or 7 percent, and the estimated total of $1 notes and silver dollars in circulation increased by about $50,000,000, or more than 10 percent. In 1935 the increase in circulation of small-denomination currency continued in response to increases in retail trade and pay rolls. Circulation of large-denomination notes also increased in 1935, reflecting at least in part the holding of public funds in currency because, in view of low yields on investments and legal restrictions on rates that banks may pay on deposits, many banks were unable to pay the interest rates which the public bodies were required by law to demand. That the amount of large-denomination currency in circulation at the end of 1935 was still some $700,000,000 larger than in October 1930 reflected principally, however, the continued holding in currency of a part of the savings of the public. There were substantial shifts during 1935 in the kinds of currency in circulation, as shown in the following table. All liability for national bank notes outstanding was transferred from the issuing banks to the Treasury, and these notes were retired from circulation to the extent of $360,000,000. The process of eliminating national bank notes from the circulating medium is described in some detail below. The retirement of gold certificates and of Federal Reserve bank notes from circulation also continued during 1935. The reductions in these classes of currency totaled $420,000,000, and there were increases of $490,000,000 in Federal Eeserve notes, $240,000,000 in silver certificates, and $40,000,000 in other forms of money in circulation. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 27 K I N D S OF MONEY I N CIRCULATION OUTSIDE OF TREASURY AND FEDERAL RESERVE BANKS [In millions of dollars] Coin _ Notes in active circulation: Federal Reserve notes Silver certificates United States notes ._ .. Total Notes in process of retirement: National bank notes Gold certificates Federal Reserve bank notes Treasury notes of 1890 _. _ - _ . __ _ Total _ Grand total _.._ _ _ Dec. 31, 1935 Dec. 31, 1934 478 451 +27 3,667 828 275 3,176 592 265 +491 4-236 + 10 4,770 4,032 +738 458 109 66 1 820 130 102 1 -362 -22 -35 Change 634 1,052 -419 5,882 5,536 +346 Retirement of national bank notes.—Final retirement of national bank notes was begun in 1935 with the calling of bonds permanently bearing the privilege of being pledged by national banks as collateral for circulating notes and with expiration of the temporary grant of that privilege to other bonds. In March 1935 the United States Treasury called for redemption on July 1 all outstanding 2 percent consols of 1930 and for redemption on August 1 all 2 percent Panama Canal loan bonds. These issues were the only outstanding United States Government securities that carried permanently the circulation privilege. The temporary circulation privilege granted in 1932 to Treasury bonds bearing an interest rate of not more than 3% percent expired on July 22. Thus all provision for issuing national bank notes had ceased by August 1. From early in March, when the bonds were called, to the end of June national banks deposited with the United States Treasury about $410,000,000 of funds, thereby transferring to the Treasury the liability for redeeming these notes upon return from circulation. During this period about $90,000,000 of national bank notes were retired, largely as they became unfit for further circulation and were returned to the Treasury. The difference between these two amounts, $320,000,000, represented funds temporarily placed at the disposal of the Treasury. These funds were not specifically earmarked but were placed in the general-fund balance of the Treasury. Receipts by the Treasury from this source, as well as from income taxes and payments for securities in March, increased Treasury balances of cash and deposits with Reserve banks and resulted in a temporary decline in member bank reserve balances, but subsequently these reserves were replenished by Treasury disbursements from its balances. 28 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS The next stage in the elimination of national bank notes from the circulating medium of the country was the retirement of the bonds. On July 1 national banks which still had national bank notes outstanding against the pledge of consols were allowed to offset this liability against amounts due to them for redeemed consols and against balances remaining in their redemption fund with the Treasury applicable to these notes. Funds needed by the Treasury to redeem consols were acquired principally by withdrawals from depositary banks. As a result these transactions w^ere completed without any significant change in aggregate member bank reserve balances. The expiration of the temporary circulation privilege on July 22 necessitated the deposit of funds with the Treasury to cover the liability for national bank notes secured by these bonds. Since no bonds matured on this date the only offsetting item consisted of the relatively small balance remaining in the redemption fund applicable to notes outstanding against these bonds. Practically all of these transactions were completed prior to July 22. The redemption of Panamas on August 1 required the same sort of transactions as the redemption of consols, but the amounts involved were much smaller. The final stage is the actual redemption of national bank notes. When the Federal Reserve banks ship unfit national bank notes to the Treasury for retirement payment is made by a charge against the Treasury's account at the Reserve banks. The Treasury replenishes its account from time to time by depositing with the Reserve banks gold certificate credits, based upon the gold increment arising from the revaluation of the dollar. In this way retirement of these notes is effected without reduction in member bank reserve balances or in the Treasury's working balance. That part of the gold increment not reserved for other uses, amounting to about $640,000.000, was set aside for this purpose. This amount was closely similar to the amount of bonds bearing the circulation privilege outstanding at the date of the call and also to the amount of national bank notes secured by bonds. There was at that time an additional $220,000,000 of national bank notes outstanding for the retirement of which funds had already been deposited with the Treasury. By the end of the year $390,000,000 of the gold increment had been used by the Treasury to retire notes, there were still $470,000,000 of national bank notes outstanding, and the Treasury held $250,000,000 of the gold increment for further retirement of these notes. MONEY RATES AND BOND YIELDS Continued growth during 1935 in the volume of idle funds, held both in bank reserves and in deposits at banks, was accompanied ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 29 by little further change in short-term open-market money rates and only small declines in the yields of the highest-grade bonds. Yields on lower-grade bonds of railroads and public utilities, however, declined substantially during the year. Short-term money rates continued at low levels during 1935, with rates on open-market commercial paper at three-fourths of 1 percent from the middle of January and on 90-day bankers' acceptances at one-eighth of 1 percent throughout the year. The rate on call loans on the New York Stock Exchange was reduced from 1 percent to one-fourth of 1 percent in April and remained at that level until October, when by joint action of New York banks the rate was increased to three-fourths of 1 percent. Ninety-day time money, which early in the year was offered at 1 percent with three-fourths percent bid, beginning in April was quoted at a flat rate of one-fourth of 1 percent, but toward the end of the year was raised to a nominal rate of 1 percent. Yields on 9-month Treasury bills declined in July to .05 of 1 percent, increased to as high as .25 of 1 percent in September, and subsequently declined to an average of .09 percent in December. During the first half of the year nine of the Federal Reserve banks reduced their discount rates. By Ma}^ 15, 1935, 10 Federal Reserve banks had established a rate of 2 percent and the other two, New York and Cleveland, had a rate of iy2 percent. Rates charged by member banks in principal cities on prime loans to customers, as indicated by averages compiled by the Board, declined somewhat more than open-market rates during the year. At the end of the year rates at New York City banks averaged about 2% per* cent, those in other northern and eastern cities, 3% percent, and those in southern and western cities about 4 ^ percent. Yields on the highest-grade bonds, including long-term United States Government bonds and high-grade municipal and corporate bonds, declined further during the first half of 1935 but at a slower rate than in 1934. In August and September yields on these bonds increased as prices declined, and subsequent price increases were not sufficient to carry the yields back to the record low levels of midsummer. At the end of the year the yields on long-term United States Government bonds averaged about 2% percent as compared with nearly 3 percent at the beginning of the year. Average yields on high-grade municipal bonds declined during the year from 3*/o percent to 3 percent, and those on the highest-grade corporate bonds from slightly above to slightly below 3% percent. Average prices and yields of lower-grade corporate bonds did not follow the same course as the highest-grade obligations. During March the prices of the lower-grade railroad bonds declined sharply, with a consequent increase in yields. In the subsequent months prices 30 ANNUAL EEPORT OF FEDERAL, RESERVE GOVERNORS of these bonds increased and by the end of the year were again at their February levels. Prices of lower-grade utility bonds also increased, with the consequence that average yields on lower-grade corporate bonds included in Moody's compilation of bond yields reached new low levels since 1928. At the end of the year average yields on these bonds were below 5y2 percent as compared with over 6 percent at the beginning of the year. STOCK PRICES AND SECURITY LOANS During 1935 the stock market was more active than at any time since the summer of 1933. Beginning in March prices advanced during most of the remainder of the year, and the volume of transactions increased. For the most part the increase in prices reflected cash purchases and was not accompanied by a corresponding increase in bank loans on securities. In the absence of flotation of new security issues, other than for refunding outstanding issues, this demand from investors was influential in raising the prices of existing securities. After a moderate decline in the early part of the year which was terminated in March, prices advanced during the remainder of the year, except for brief interruptions beginning in August and again in November. This was the most sustained advance in the stock market since 1929. Average prices of the 421 stocks compiled by the Standard Statistics Co. increased by a little more than 50 percent from the low point in March to the end of the year. By the latter part of the summer this average had passed the previous high point reached in July 1933 and by the end of the year it was near the level of the middle of 1931. Average prices of 351 industrial stocks increased by 50 percent from March to the end of the year. Prices of utility stocks, which had declined steadily for more than a year prior to March 1935, increased by nearly 80 percent from that month to the end of the year. At the latter date, however, they were still below the highest levels reached in 1933. Railroad stocks did not participate fully in the advance until November and December. By the end of the year average prices of railroad stocks were 50 percent above their low level of March but considerably below their high point of 1933. Security loans.—As indicated in the accompanying chart, during the first 9 months of 1935 security loans by member banks in leading cities to borrowers other than brokers and dealers in securities continued the decline which had been almost uninterrupted since 1930. Loans by these banks to brokers and dealers in securities to finance customer^' transactions and dealers' holdings showed increases during the year. The increase in April reflected in large part the tak ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 31 ing over by New York City banks of loans made by nonreporting banks, when the rate of interest on street loans was reduced to less than the fee charged by New York banks for making these loans for their SECURITY LOANS AND STOCK PRICES BILLIONS OF DOLLARS Wednesday figures BILUONS OF DOLLARS LOANS ON SECURITIES BY REPORTING MEMBER BANKS Loans to Borrowers cither than Brokers and Dealers Loans to Brokers and Dealers 1932 1933 1934 1935 correspondents. Other fluctuations during the year reflected principally borrowings by dealers in Government securities in connection with public-debt operations. The sharp increase in November and 32 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS December reflected in part Government security operations and temporary borrowing to meet usual end-of-year cash requirements of brokers and their customers, but was in part sustained during January. Brokers' advances to their customers on margin accounts showed a continuous increase after the middle of the year. These advances were financed by brokers in part by increasing their borrowings from banks and in part from credit balances held with brokers by such of their customers as were not indebted to them. It is an unusual development for a rise of 50 percent in stock prices in a short period of time not to be accompanied by a substantial increase in the amount of bank credit used for carrying securities. The abundance of funds in the hands of investors is in large part responsible for this unusual condition, and the margin requirements prescribed in accordance with the Securities Exchange Act of 1934 for loans by brokers to their customers appear also to have been a factor. These requirements limited withdrawals of cash from margin accounts for the purpose of realizing profits from a rise in stock prices, and thereby reduced the need of borrowing by brokers. Effect of margin requirements on loans.—The formula for determining margin requirements, stated (but not required) in the law and adopted by the Board in its regulation concerning extension of credit by brokers and dealers in securities, provides that a loan on a security must not be greater than whichever is the higher of: (1) 55 percent of the current market price of the security, or (2) 100 percent of the lowest market price of the security since July 1, 1933, but not more than 75 percent of the current market price. The theory on w^hich the statutory margin formula was based was to provide for a constant increase of restraining influences as the prices of stocks advanced above their lows. So long as the price of a stock was less than 133 percent of the low price in the period prescribed, a customer might borrow from a broker as much as 75 percent of its market price, because up to that point 75 percent of the market price would not exceed 100 percent of the low price. When the price of a security advanced above 133 percent of its low price, the amount that could be borrowed on it did not increase and the percentage margin requirement, therefore, increased as the price advanced. Under the statutory formula this condition continued until the price rose above 182 percent of its low, when a constant 45-percent margin requirement became effective. The reason that the situation! changed at the 182-percent line was that 55 percent of 182 is 100, so that at prices above 182 percent of the low a loan of 55 percent of the market price would be more than a loan of 100 percent of the low price and would, therefore, be the ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 33 alternative chosen as the basis of calculating margin requirements and loan values. One effect of this formula was that, during the rise of the price of a security from 133 to 182 percent of the low price, no additional amount could be borrowed on the security, and consequently the profits arising out of the rise could not be withdrawn or used as margin for additional borrowing. In other words profits could not be pyramided, and the stretch of value between 133 and 182 percent of the low price of a stock came to be known as the "antipyramiding zone." When a rise in the price of a stock carried it above 182 percent of its low, however, each additional advance of $1 enabled the borrower to withdraw 55 cents of his profits or to use that amount as margin for additional borrowing. Profits could once more be pyramided. Toward the end of 1935 stocks in which three-fourths of the trading was done, including most of the more active and important stocks, were subject to the 45-percent margin requirement; less than 8 percent required a margin of 25 percent, the lowest permitted under the regulation; and on the remainder required margins ranged from 25 to 45 percent of their current market prices. It is estimated that at the end of 1935 margins required on active issues averaged about 40 percent of current market prices, as compared with about 30 percent at the time the Board's Regulation T was put into effect in October 1934. This automatic increase in margin requirements as stock prices advanced represents the effects of the operation of the statutory formula. During a part of the advance pyramiding of profits was not possible for most stocks, but the rise in prices brought an increasing number of stocks to the level at which pyramiding (with a 45-percent margin) was again possible. Thus the statutory formula had ceased to operate as a prevention of pyramiding on the majority of active stocks. It was largely because of this situation that in January 1936 the Board announced that effective February 1 the margins required on securities which had risen most in price would be raised from 45 to 55 percent of current market price. This had the effect of raising from 182 to 222 percent of the low price the level to which the price must have advanced before pyramiding of profits again becomes possible, because not until the price rises above 222 percent is 45 percent of the market price more than 100 percent of the low price. It is estimated that after this change stocks with a volume of trading amounting to about one-third of the total dollar volume of trading in stocks on the New York Stock Exchange were in the socalled antipyramiding zone and stocks in which nearly two-thirds of the trading is done were subject to the maximum margin requirement of 55 percent. On this group of stocks, pyramiding of profits 34 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS would still be possible, since for each dollar of price advance 45 cents would become available to margin additional borrowing. -/administration of Securities Exchange Act of 1934.—The Board's Re filiation T, issued in September 1934, relating to the extension and maintenance of credit by members of national securities exchanges and brokers and dealers transacting a business in securities through the medium of such members, continued in effect during 1935 without substantial amendment. Six amendments promulgated during the year related to matters of detail, with the exception of an amendme it fixing at 100 percent the margin requirement on certain shorttern warrants. This amendment, which was issued simultaneously wii h rules of the Securities and Exchange Commission concerning the registration of warrants for "when issued" trading, was designed to bring into conformity the margin requirements applicable to all shcrt-term warrants registered on national securities exchanges, whether such warrants be issued or unissued. These amendments, ther with a number of rulings issued during the year in interpretation of Regulation T, were published currently in the Federal Re erve Bulletin. he Board established during the year a system of monthly repo *ts from brokers and dealers in securities, giving customers' debit ances of the reporting firm, the amount of money borrowed, and a number of other related items. The reporting firms include not on y member firms of the New York Stock Exchange but also membei firms of other important exchanges. The purpose of these repo ts is to provide current statistical information for the use of the Bo ird in the performance of its duties under the Securities Exchange Ac of 1934, and particularly the duty to prevent, by prescribing ma rgin requirements, the excessive use of credit for the purpose of pu •chasing or carrying securities. Current changes in the reported fig ires, for all reporting firms as a group or for classes of such firms, wi 1 provide information needed for this purpose. It is the Board's int ention, after the reliability and accuracy of the figures have been tes ed, to arrange for their current publication. CAPITAL ISSUES '. during 1935 the capital markets began to respond to the extremely low level of money rates and the large volume of funds awaiting investment. Increased activity was confined largely to new security issues to replace existing obligations bearing higher coupon rates, me st of which were called for redemption before maturity dates. The vo ume of refunding issues in 1935 greatly exceeded that of any other post-war year. Securities issued by domestic corporations to raise new capital, that is to secure funds for working capital, expansion of ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 35 plant, and repayment of bank loans, were substantially larger than in the immediately preceding years, but the total was still of nominal proportions as compared with more nearly normal periods. Although the large refunding operations during 1935 represented merely the substitution of one security for another and not a flow of new investment funds through the capital market into industry, they were important as indicating the first major step undertaken by corporations and other organizations to take advantage of the easy conditions in the money market. Through them, furthermore, costs of fixed debt were reduced. New security issues, including those for refunding other issues, began to be offered in larger volumn near the end of the first quarter of 1935 and offerings continued to be large during the balance of the year. Issues during the entire year, excluding those of the Federal Government, totaled $4,700,000,000. This compares with average annual issues of $1,700,000,000 during the period 1932-34 and of $8,500,000,000 during the period 1925-28. Of the total issues during 1935, $3,300,000,000, or about 70 percent, were for refunding purposes. Refunding operations by domestic corporations, chiefly public utility companies, aggregated about $1,900,000,000 and those of the Federal land banks and other Federal credit agencies $1,000,000,000. Security offerings by domestic corporations were larger during 1935 than in any year since 1931. Issues to raise new capital, which include issues to repay bank loans, totaled $400,000,000, as compared with annual averages of $220,000,000 during the period 1932-34, and of $4,300,000,000 during the period 1925-28. The larger part of the securities offered during 1935 to secure new funds came from Federal, State, and local Governments. Outstanding bonds and notes of the Federal Government, excluding the Consols and Panamas retired during the year from the gold increment, increased about $1,800,000,000 and issues of State and local governments to secure new funds totaled $900,000,000, making an aggregate amount of $2,700,000,000 of new funds acquired during the year by the various governments through the sale of obligations with maturities of 1 year or more. The refinancing of farm- and home-mortgage loans through the exchange of mortgages for bonds fully guaranteed by the United States continued at a slower rate during 1935. Refunding of mortgage obligations in this manner has been the work of agencies under the Farm Credit Administration and of the Home Owners' Loan Corporation. A large part of these refunding operations were completed in 1934 when a total of $2,800,000,000 of bonds fully guaranteed by the United States were issued, $1,000,000,000 by the Federal Farm Mortgage Corporation and $1,800,000,000 by the Home Owners' Loan Corporation. Except for about $700,000,000, which included 36 ANNUAL REPORT OF FEDERAL, RESERVE GOVERNORS bones sold at public and private offering, a small amount sold directly to the Federal Savings and Loan Insurance Corporation and thosj exchanged for partially guaranteed obligations, these securities were issued in exchange for mortgage loans. During 1935 the amo mt of these fully guaranteed bonds outstanding increased furt ler by $1,400,000,000, including an increase of $400,000,000 in the Federal Farm Mortgage Corporation bonds and of $1,000,000,000 in 1 ome Owners' Loan Corporation bonds. From the proceeds of these issues, however, $325,000,000 was used to refund outstanding Hone Owners' Loan Corporation bonds guaranteed as to interest only, and $100,000,000 of the Federal Farm Mortgage Corporation bom s were sold publicly and small amounts sold privately to secure cash to make mortgage loans and for other purposes. BUSINESS CONDITIONS E ;onomic activity in the United States showed a sustained increase in 1935 following irregular upward movements in 1933 and 1934. Industrial production for the year, as measured by the Federal Reserv} index, was 14 percent larger than in 1934 and was about half way between the low level of 1932 and the high level of 1929. Emplo} ment also increased, but the volume of unemployment continued muci larger than in predepression years. Distribution of commodities increased, and there was no general accumulation of inventories. Industrial output, which had increased in the latter part of 1934, was maintained during the first half of 1935 and increased considerably after the middle of the year. In the fourth quarter the Board's index of industrial production averaged 99 percent of the 1923-25 avei age as compared with an index of 90 percent for the year. In the two and a half years preceding 1935 there were four periods of i icreasing industrial activity; each of the first three of these was foil >wed by a sharp decline, whereas the upturn in late 1934 was mai itained in 1935. T he nature of these developments is indicated in the accompanying cha *t, which shows the Board's seasonally adjusted index of industria \ production, together with important component indexes of production for various industries or groups of industries, all expressed in terns of points in the total index, so that it is possible to see how much of a movement in the total index was accounted for directly by cha lges in activity in any of these industries. I i the summer of 1932 there was a small increase in industrial pro iuction, reflecting in large part an increase in textile output from an unusually low level. This increase was followed by a decline and by March 1933, at the time of the banking crisis, the index of industrial production was at about the same low level as in the summer of 37 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 1932. Output increased rapidly from March 1933 to July of that year, stimulated by the reopening of banks, the low level of stocks INDEX OF INDUSTRIAL PRODUCTION POINTS IN TOTAL INDEX ADJUSTED FOR SEASONAL VARIATION, 1923-25 AVERAGE FOR T0TAL=100 POINTS IN TOTAL INDEX 110 110 100 100 90 90 80 80 70 70 60 60 50 50 20 20 10 10 0 30 0 30 20 20 10 10 0 0 20 20 Minerals 10 '10 1932 1933 1934 1935 of certain commodities, and the prospects of higher costs and higher prices in many lines. This advance was partly speculative and was followed immediately by a sharp decline. The third advance, be 38 ANNUAL REPORT OF FEDERAL. RESERVE GOVERNORS tween November 1933 and May 1934, and the subsequent decline in activity in the summer of 1934 reflected primarily fluctuations in the outp it of steel, which had been produced in substantial quantities for s ock in anticipation of price advances in the third quarter. The advaice from September 1934 to January 1935 was general for the industries shown on the chart, except for meat packing. Di ring 1935 production increased further and in most individual industries was larger than in 1934, with the greatest expansion in outp it of durable manufactures, such as automobiles, machinery, steel and lumber, which had been produced in extremely small volume during the depression. In the industries producing nondurable manufactures, the principal changes were a sharp increase in activity lat woolen mills and a considerable decline in activity at meat-packing estat lishments. There were increases in output of most other nondurable products. Construction work continued at a relatively low level, and as in othe • recent years a large part of the work was publicly financed. Eesi lential building, which had been exceptionally small in amount in t i e three preceding years, showed a widespread and sustained growth, reflecting improvement in the real estate situation and in the availability of mortgage funds. For the year as a whole the volune of residential building was nearly double that of the precedi: lg year but still only about one-fifth as large as in the peak years of t i e post-war period. Value of contracts awarded for other constru ;tion increased sharply in the last part of 1935 and for the year as a whole was slightly larger than in 1934. Ir agriculture, output of crops, particularly grain crops, was substantially larger than in 1934, when drought conditions prevailed, but marketings of livestock showed a sharp decline. Accompanying larger output in 1935, employment and pay rolls also increased. The growth in employment at factories, however, was considerably smaller than that in production or pay rolls, owing in large part to an increase in the average number of hours worked by employees, particularly in the last half of the year. Unemployment, although somewhat reduced from the large volume of the three preceding years, continued at a much higher level during 1935 than in the peak years of business activity in the post-war period, reflecting a rate of activity which was still considerably lower than in that period and also an increase in the number of persons of working age and further technical improvements in industrial ope: -ations. The volume of domestic trade was larger in 1935 than in 1934. Dej artment-store sales increased during the year, and the Board's ann ual index was 79 percent of the 1923-25 average, compared wTith i ercent in 1934. Sales of general merchandise in rural areas were Digitized for75 FRASER ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 39 substantially larger than in any year since 1930. The number of automobiles sold showed a considerable advance during 1935 and was the largest since 1929. The dollar volume of sales at chain grocery stores increased somewhat, owing in part to higher food prices, while at chain variety stores sales were about the same in amount as a year earlier. Freight-car loadings increased slightly during the year. Value of foreign trade in 1935 was 14 percent larger than in 1934. Exports increased by about 7 percent, while imports were about 24 percent greater, and the excess of exports amounted to $234,000,000 as compared with $478,000,000 in 1934. In the last part of the year exports showed a substantial increase. Of the commodities exported, machinery and vehicles showed the largest increase, while exports of animal products and wheat declined considerably. The growth in imports was general, with food products and industrial raw materials showing the largest increases. The increase in imports of food products reflected in part the effects of the drought in 1934 upon domestic output. Wholesale commodity prices, w^hich advanced rapidly in 1933 and 1934, showed little further increase during 1935 from the general level reached early in the year. The average for the year, according to the index of the Bureau of Labor Statistics, was 7 percent above that for 1934 and 23 percent above 1932. During 1935 there were substantial increases in prices of livestock, meats, and hides, while prices of coffee and of grains other than wheat declined considerably. Commodities other than farm products and foods continued to show little change in the average level of their prices from that reached in the latter part of 1933. Prices of leading basic raw materials, which had risen most sharply in 1933 and had as a group increased further in 1934, on the average were at about the same level at the end of 1935 as a year earlier. Retail prices of foods, according to the index of the Bureau of Labor Statistics, advanced considerably during the first quarter of 1935, reflecting increases in the price of meats and fruits and vegetables, but showed relatively little change during the remainder of the year. The Bureau's index of the cost of living wTas somewhat higher in 1935 than in the three preceding years. Income in both urban and rural areas continued to increase. Pay rolls at manufacturing establishments, mines, railroads, and public utilities showed a combined increase of about 11 percent over the 1934 level. The largest increases were at factories, while smaller increases were reported by mines, railroads, and public utilities. Farm income, including Government benefit payments, was about 9 percent larger than in 1934. 40 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Profits of large industrial corporations during 1935 were larger than in the previous year. Although the recovery of profits from the deficits of 1932 has been substantial, the levels attained in 1935 were less than half those of 1929. Industries showing the most marked improvements in profits during the year 1935 included manufacturing of automobiles and automobile accessories, electrical equipment, machinery, building materials, steel, and textile products. Owing to profits from operations during the last 4 months of the year, railroads as a group reported a substantial increase in earnings, which almost covered their annual fixed charges, as compared with large aggregate deficits in every other year since 1931. Profits of public utilities were somewhat larger than in 1934. Dividend declarations also increased in 1935, and, according to one compilation, were larger in December than for the same month of any year since 1931. DEVELOPMENTS IN THE BANKING STRUCTURE During 1935 the country's banking structure showed a greater degree of stability than in any other recent year and the number of banking offices was approximately the same at the end of the year as at the beginning. According to preliminary figures, 149 new banks were organized and 84 suspended or unlicensed banks wrere reopened during the year, while 34 banks were suspended and 307 banks were merged, absorbed, consolidated, or liquidated, making a net decrease of 108 in the number of banks. There was, on the other hand, an increase of 133 in the number of branches in 1935, as shown in the table on page 42, so that the number of banking offices increased from 18,950 to 18,975 during the year. Changes in membership.—The number of member banks of the Federal Reserve System decreased by 55 in 1935 to 6,387 at the end of the year. This decrease was due largely to the merger, absorption, consolidation, or liquidation of 122 banks, partly offset by the organization of 33 new national banks and the admission of 38 State banks to membership in the Federal Reserve System. The 6,387 member banks on December 31, 1935, included 5,386 national banks and 1,001 State member banks. At the end of December 1935 loans and investments of member banks constituted 66 percent of the total loans and investments of all banks and 84 percent of the total loans and investments of all banks other than mutual savings banks. Changes in the number of member banks during 1935 are summarized in the following table. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 41 CHANGES IN NUMBER OF MEMBER BANKS DUKING 1935 Number of active member banks at beginning of year 6, 442 Increases: Organizations of national banks (including successions and conversions) : 33 Admissions of State banks to membership 38 Reopening (licensing) of suspended and unlicensed banks 3 Total additions 74 Decreases: Withdrawals of State banks from membership Suspensions Mergers, absorptions, consolidations, and liquidations 3 4 122 Total decreases 129 Net decrease Number of active member banks at end of year 55 6, 387 Changes in the number of nonmember banks.—The number of banks not members of the Federal Reserve System decreased during 1935 from 9,406 to 9,353. This decrease was due to the merger, absorption, consolidation, or liquidation of 185 banks, the suspension of 30 banks, and the admission of 38 State banks to membership in the Federal Reserve System, partly offset by the organization of 116 new banks and the reopening of 81 suspended or unlicensed banks. Preliminary figures showing changes in the number of nonmember banks during 1935 appear in the following table. CHANGES IN NUMBER OF NONMEMBER BANKS DURING 1935 1 Number of active nonmember banks at beginning of year 9, 406 Increases: Organizations of new banks (including successions and conversions) Withdrawals of State banks from membership Reopenings of suspended and unlicensed banks 2 116 3 81 Total additions 200 Decreases: Admissions of State banks to membership Suspensions Mergers, absorptions, consolidations, and liquidations 2 38 30 185 Total decreases 253 Net decrease Number of active nonmember banks at end of year 1 Exclusive of trust companies deposits but which are included banks and of private banks under on page 42. 2 Includes 3 new banks which System on the dates of opening. 56048—36 4 : 53 9, 353 1 and other financial institutions which do not receive in State bank abstracts; inclusive of mutual savings State supervision. See also footnotes appended to table were admitted to membership in the Federal Reserve 42 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Branch offices.—There was a net increase during 1935 of 133 in the number of branches maintained by banks (including mutual savings banks and private banks). The number of branches of national banks increased by 84; the number of branches of State member banks decreased by 29; and the number of branches of nonmember banks increased by 78. The number of banks maintaining branches increased from 796 to 883. Of this net increase of 87, 72 were nonmember banks, the number of national banks with branches increasing only by 6 and the number of State members by 9. For the most part the nonmembers responsible for this increase maintain only 1 branch each. The increase in branches maintained was accounted for wholly by branches outside head office cities, there being a decrease of 29 in the number of branches maintained inside head office cities. The banking offices at the beginning and end of the year 1935 are shown in the following tabulation: NUMBER OF B A N K S AND B A N K I N G OFFICES [Active banks, operating without restrictions] Dec. 31, 1934 Class of bank Dec. 31, 1935 Number of banks Number of branch offices Total banking offices Number of banks Number of branch offices National banks State banks (members of Federal Reserve System)... 5,462 980 1,243 981 6,705 1,961 5.386 1,001 1,327 952 6,713 1,953 Total members of Federal Reserve System Nonmember commercial banks * Mutual savings banks _. Private banks under State supervision 2 6,442 8,680 579 147 2,224 749 126 3 8, 666 9,429 705 150 6,387 8,647 568 138 2,279 820 133 3 8,666 9,467 701 141 15,848 3,102 18,950 15, 740 3,235 18,975 Total. _. Total banking offices 1 Exclusive of trust companies and other financial institutions which do not receive deposits but which are included in State banking department abstracts. 2 The figures for both 1934 and 1935 include 46 private banrs not under State supervision on Dec. 31, 1934, which reported to the Comptroller of the Currency on that date but which were placed under State supervision during the year 1935 ; other private banks (not under State supervision) are not included. Private banks not under State supervision which reported to the Comptroller of the Currency under the provisions of sec. 21 (a) of the Banking Act of 1933 numbered 140 on Dec. 31, 1934, and 144 on June 29, 1935 ; under amended provisions of law, private banks no longer report to the Comptroller of the Currency. NOTE.—Figures for banks not members of the Federal Reserve System are preliminary. Insured deposits.—The Banking Act of 1935 established the Federal deposit insurance fund on a permanent basis, continuing the insurance of each depositor in each insured bank in a sum not exceeding $5,000. Banks participating in the fund were made subject to annual assessments equal to one-twelfth of 1 percent of their deposit liabilities as defined in the law. On December 31,1935,14,177 banks with deposits of $45,101,000,000 were participating in Federal deposit insurance. Of these, 6,387 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 43 banks with deposits of $38,454,000,000 were members of the Federal Keserve System. The tabulation shows that the number of insured banks increased by 49 in the 15 months beginning with October 1, 1934. The number of insured accounts and the volume of insured deposits for this date are also shown. More recent comparable figures are not available. NUMBER AND DEPOSITS OF BANKS PARTICIPATING IN THE FEDERAL DEPOSIT INSURANCE CORPORATION Oct. 1, 1934 Dec. 31, 1935 Class of bank National State (members of the Federal Reserve System) Mutual savings - _ . Other Total Number Total deposits (000,000 omitted) 5,386 1,001 56 7,734 14,177 Number of insured accounts (000 omitted) Number Total deposits (000,000 omitted) Insured deposits (000,000 omitted) $24,802 5,451 $20,073 $8,491 26, 376 13,652 978 5,669 970 68 7,639 10,971 1,038 4,944 3,583 801 3,581 9,561 1,495 13,814 45,101 14,128 37,026 16, 456 51, 246 Bank suspensions and receiverships.—Bank suspensions in 1935 numbered 34, compared with 57 in 1934, and were fewer than in any other post-war year. Of the 34 banks with deposits of $10,099,000 which suspended during 1935, 26 with deposits of $9,160,000 were participating in the Federal deposit insurance fund. The Comptroller of the Currency has reported that all of the 1,417 * national banks which were unlicensed after the banking holiday of 1933 have since been licensed or placed in liquidation or receivership. In 489 of them the creditors were paid in full and for the group as a whole unsecured depositors recovered 75 percent of their claims. At the end of 1935 there were about 1,400 active receiverships of national banks which had deposit liabilities of $1,842,000,000 at the time they closed. To the end of 1935, unsecured depositors in these banks have been repaid more than $1,068,000,000. Comparable figures for State bank receiverships are not available. During the year the Eeconstruction Finance Corporation made aggregate loans of $114,000,000 to further the disbursement of funds to depositors of banks in process of liquidation. The investment of the Eeconstruction Finance Corporation in the capital structure of bank's increased slightly during the year to $882,000,000. 1 Includes 6 national banks which were licensed on Mar. 15, 1933, but whose licenses were subsequently revoked, and 1 which suspended before the banking holiday and was placed in conservatorship subsequent thereto; also includes 10 nonnational banks in the District of Columbia subject to the supervision of the Comptroller of the Currency. 44 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS Gross earnings of the Federal Reserve banks in 1935 amounted to $42,752,000, or $6,151,000 less than in 1934. After adding other income and deducting current expenses of $31,577,000, reserves for depreciation on bank premises, reserves for losses, self-insurance, etc., there remained net earnings of $9,437,000, or $5,794,000 less than the amount of net earnings for 1934. Earnings, expenses, dividend payments, etc., for all Federal Eeserve banks combined for 1935 and 1934 are shown in the following table. EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1935 AND 1934 [In thousands of dollars] 1935 Total earnings Current expenses. Current net earnings... 1934 42,752 31, 577 48,903 29,242 11,175 19,661 6,914 8,652 8,926 13, 356 Net deductions from current net earnings. Net earnings 1,738 9,437 4,430 15, 231 Dividends paid Payment to United States Treasurer (sec. 13b). Transferred to surplus (sec. 13b)_ -._ _. Transferred to surplus (sec. 7) 8.505 8,781 '27 607 -60 6,510 Additions (profits on sales of U. S. Government securities, e t c ) . Deductions (depreciation and other reserves, etc.) r Revised. All Federal Eeserve banks paid dividends to member banks at the rate of 6 percent per annum on paid-in capital. These dividends amounted to $8,505,000. Gross and net earnings during the year 1935 and the distribution of net earnings of each Federal Eeserve bank are shown in the following table. FINANCIAL RESULTS OF OPERATIONS OF THE FEDERAL RESERVE BANKS DURING Federal Reserve bank Gross earnings Net earnings Payment to Transferred Dividends U. S. Treas- Transferred surplus to surplus paid urer (sec. to(sec. 13b) (sec. 7) 13b) $2, 727, 242 13,131,386 3,123,918 3, 674,866 $670, 565 4,336, 264 867, 763 780,861 $621, 553 3,411,268 856, 286 772,127 ' $49,012 64, 238 41,984 8,734 Richmond Atlanta Chicago St. Louis 2, 231,854 1, 672, 606 6,177, 615 1, 850, 595 388, 328 345, 668 771, 220 235, 288 293,644 260, 538 753, 583 236,187 66, 714 9,066 17, 637 Minneapolis.. Kansas C i t y . . Dallas San Francisco. 1,455, 877 1,946,902 1, 507, 244 3, 251, 854 -69,179 239, 859 266, 857 603, 631 185, 448 239,859 237, 615 636, 866 ' 23,428 9, 437,125 8, 504,974 ' 297, 667 Boston New York Philadelphia.. Cleveland Total... 'Revised. 42, 751,959 1935 $33,340 $860, 758 -63,847 27,970 76,064 -271,481 16,854 5,814 -33,235 27,176 607,308 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 45 Earnings on total bills and securities were about $6,200,000 less in 1935 than in 1934. This decrease in earnings was due primarily to a reduction from 1.91 percent to 1.68 percent in the average rate of earninge, but also in part to a reduction of about $26,000,000 in average daily holdings of bills and securities. Average daily holdings of bills and securities together with average rates and amounts of earnings thereon are shown for recent years in the following table. E A R N I N G S ON B I L L S AND SECURITIES [Amounts in thousands of dollars] Bills and securities Total Daily average holdings: 1932 1933 _ 1934 1935 Earnings: 1932 1933 1934 1935 Average rate of earnings (percent): 1932 1933 1934 1935—. Bills bought United States All other Bills Government bills and in open discounted securities securities market 2,062,446 2,421,566 2,495,497 2,469,542 520,637 283,229 35, 788 7,306 70,902 82,882 24, 742 4,922 1,461,258 2,052,160 2,431,673 2,430,821 9,649 3,295 i 3,294 i 26,493 47,992 47,995 47,655 41,472 17,881 9,137 1,231 156 2,785 1,238 141 36 26,924 37,530 46,131 39, 796 402 90 i 152 i 1,484 2.33 1.98 1.91 1.68 3.43 3.23 3.44 2.14 3.93 1.49 .57 .73 1.84 1.83 1.90 1.64 4.17 2.74 14.61 15.60 i Includes industrial advances. Current expenses of the Federal Eeserve banks in 1935 were $31,577,000 or $2,335,000 more than in 1934. Salary payments during 1935 including contributions to the retirement system of the Federal Eeserve banks were $1,800,000 in excess of such payments in 1934. Substantial increases over 1934 in other items of expenditure were as follows: Taxes on banking house, $50,000; repairs and alterations, banking house, $50,000; postage and expressage, $180,000; cost of printing Federal Reserve notes, $820,000. Substantial reductions in expenses were reported as follows: Insurance on currency and security shipments, $60,000; other insurance, $50,000; printing and stationery, $50,000; and taxes on Federal Reserve bank notes, $370,000. The average number of officers and employees during 1935 was 11,649 compared with 11,727 in 1934. The average number of officers and employees assigned to fiscal agency, custodianship, and depositary work for the United States Government and governmental agencies during 1935 was 2,656. The volume of work handled in the principal operating departments of the banks, of which a measurement is available, during each of the last 4 years was as follows. 46 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1932 1933 1934 1935 NUMBER OF PIECES HANDLED l Bills discounted: Applications _ Notes discounted Industrial advances: Notes discounted Commitments to make industrial advances Bills purchased in open market for own account Currency received and counted.__ Coin received and counted __. Checks handled Collection items handled: U. S. Government coupons paid 2__ All other Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations All other Transfers of funds.. _ 178,000 779,000 81,000 346,000 15,176 42,128 5,084 12, 702 463 973 227 552 76,000 2,025,552,000 2, 654, 787,000 734, 538,000 79.000 2,013,459,000 2,497,928,000 688, 933, 000 7,400 2, 067,835,000 2, 565,164, 000 818,847,000 1,932 2,148, 485, 000 2, 590,859,000 885,190,000 17,710, COO 7,468,000 18,099, 000 8, 371, 000 21,555,000 7, 436, 000 22,633, 000 7,119, 000 1,956,000 3,502,000 5,281,000 1,469,000 1, 290,000 1,125,000 6,838,000 3, 742,000 982, 000 AMOUNTS HANDLED Bills discounted $229, 546,000 $714, 361, 000 $18,648,306,000 $9, 632,808,000 [ndustrial advances: 28, 479,000 14,884,000 Notes discounted Commitments to make industrial 29,223, 000 11,443,000 advances . _. Bills purchased in open market for own 75,903,000 31,446,000 account __ _ 762, 755,000 898,001, 000 9,932,601,000 9,837, 681,000 Currency received and counted 10,952, 597,000 11, 710, 364, 000 298, 297, 000 275, 608,000 360, 295,000 624,617, 000 Coin received and counted 176, 591, 791,000 157,833, 692, 000 179, 544,488, 000 202, 989, 742, 000 Checks handled _ Collection items handled: 751,916, 000 699, 325, 000 U. S. Government coupons paid *__ 529, 086,000 578,082, 000 7,948, 641, 000 All other 6, 742,974, 000 5, 427,817,000 5, 539, 659, 000 Issues, redemptions, and exchanges b y fiscal agency d e p a r t m e n t : U. S. Government direct obligations 19, 444,110, 000 24, 622, 726, 000 29,941, 049, 000 30, 755, 611, 000 3, 346,189, 000 All other .. . 116,040,041,000 85, 059," 151,000 73, 077,156, 000 80, 483,190, 000 Transfers of funds 1 Two or more checks, coupons, etc., handled as a single item, are counted as one "piece." 2 Includes coupons from obligations guaranteed by the United States. s Figures for years prior to 1935 not available. NEW BUILDING FOR BOARD OF GOVERNORS In the Annual Eeport for 1934 the steps which had been taken up to the point of holding a competition for the selection of an architect for the Board's new building and the selection of a jury to pass upon the designs submitted were described. On May 18, 1935, the Board selected Paul P. Cret, of Philadelphia, as its architect on the basis of the results of the competition, Mr. Cret's design having been given first place by unanimous choice of the jury. The studies prepared by Mr. Cret following his selection as architect were approved by the National Capital Park and Planning Commission and the Fine Arts Commission and on January 8, 1936, the plans and specifications drawn as a basis for letting a contract for the construction of a new building were approved by the Board. Invitations to builders to submit bids for the construction of the new building were issued immediately and January 29, 1936, was fixed as the date for opening 47 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS the bids, with a view to the completion of the new building before July 1, 1937. In the meantime a ^contract was awarded for the demolition and removal of the existing temporary building on the Board's property; but, because of occupancy of the building by another Government agency which had difficulty in finding suitable quarters elsewhere, the work of demolition was not started until January 2,1936. In the development of the plans for the new building and in arrangements for beginning its construction the Board has had the benefit of the constructive advice, assistance, and cooperation of the Procurement Division of the Treasury Department, the Architect of the Capitol, and the National Park Service, as well as of the National Capital Park and Planning Commission and the Fine Arts Commission. BUILDING OPERATIONS OF THE FEDERAL RESERVE BANKS Construction of additions to the buildings occupied by the Federal Reserve banks of New York and Philadelphia was nearing completion at the end of 1935. All Federal Reserve banks and their branches are now housed in buildings owned by the banks except the Cincinnati, Charlotte, Portland, Seattle, and Spokane branches. BRANCHES AND AGENCIES OF THE FEDERAL RESERVE BANKS The 25 branches and 2 agencies which were in operation at the end of 1934 continued to function throughout the year 1935. Beginning June 1, 1935, the agency located at Habana, Cuba, has been operated by the Federal Reserve Bank of Atlanta as a System agency instead of as an agency of the Atlanta Federal Reserve Bank as heretofore. The following table shows a comparison of the volume of work handled in certain departments by branches during the years 1932, 1933, 1934, and 1935. V O L U M E 1 OF OPERATIONS OF FEDERAL RESERVE B R A N C H E S AND AGENCIES 1932 Checks handled: Number Amount Currency received and counted: Number of pieces Amount Coin received and counted: Number of pieces Amount 1933 1934 1935 205,505,000 193,799,000 233, 518,000 255, 210,000 $34,048,272,000 $33, 618, 776,000 $43,109,445,000 $49,995, 681,000 -- 470, 285,000 $2,222,943,000 472,870,000 $2, 543,130,000 489, 527,000 $2,195,428,000 520,823,000 $2,319,907,000 574,622,000 $71,273,000 526,189,000 $126, 211,000 531, 547, 000 $68,136,000 485,403, 000 $62,246,000 i Two or more checks, etc., handled as a single item, are counted as one "piece." Current expenses during 1935 of the branches and agencies amounted to $6,311,000, compared with $5,917,000 during 1934. 48 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS FEDERAL RESERVE INTERDISTRICT COLLECTION SYSTEM At the end of 1935 there were* 12,653 banks on the Federal Reserve par list, comprising all member banks (6,387) and 6,266 nonmember banks that pay, without deduction of exchange charges, such checks drawn upon them as are presented or forwarded for payment by the Federal Reserve banks. During the year the number of nonmember banks on the par list decreased by 198, partly as a result of the reduction in the number of banks in operation, and the number not on the par list increased by 51. Of the 2,694 banks not on the par list at the end of 1935, 1,447 were located in 11 Southern States and 1,129 in the West North Central States and the adjoining State of Wisconsin. As will be seen from the following table, all of the banks in the Boston, New York, and Philadelphia districts and all but two banks in the Cleveland district were on the Federal Reserve par list. INTEBDISTBICT COLLECTION SYSTEM * Member banks Federal Reserve district United States Boston _ New York Philadelphia. Cleveland Richmond Atlanta Chicago St Louis Minneapolis Kansas City _ Dallas SanjFrancisco Nonmember banks, other than mutual savings banks On par list _ __ _ Dec. 31, 1935 Dec. 31, 1934 6,387 365 793 656 622 Not oil par list Dec. 31, 1935 Dec. 31, 1934 Dec. 31, 1935 6,451 6,266 6,464 2,694 371 792 656 629 175 301 267 642 174 314 268 638 2 1 404 328 702 390 401 332 683 394 327 93 1,690 888 336 99 1,740 926 319 666 226 387 310 663 211 376 501 726 550 350 524 734 555 380 198 1,062 315 308 214 1,108 335 312 709 178 174 33 697 168 183 34 Dec. 31, 1934 2,643 1 Includes all banks on which checks are drawn, whether operating with or without restrictions, and all private banks, whether or not under State supervision. AMENDMENTS TO THE LAW RELATING TO THE FEDERAL RESERVE SYSTEM The Banking Act of 1935 making important changes in the Federal Reserve System and in the law relating thereto was approved by the President on August 23, 1935. Provisions of this act and of other legislation enacted during 1935 affecting the Federal Reserve System are summarized below. JOINT RESOLUTION OF JUNE 14, 193 5 The provisions of section 22 (g) of the Federal Reserve Act, as amended by the Banking Act of 1933, prohibiting the making of by member banks to executive officers, permitted such loans Digitized forloans FRASER ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 49 made before June 16, 1933, to be renewed or extended for not more than 2 years if in accord with sound banking practice. By joint resolution of Congress, approved by the President June 14, 1935, it was provided that loans made to an executive officer prior to June 16, 1933, may be renewed or extended for not more than 5 years from such last-mentioned date where the board of directors of the member bank shall have satisfied themselves that it is in the best interest of the bank and that the officer indebted has made reasonable effort to reduce his obligations, these findings to be evidenced by resolution of the board of directors spread upon the minute book of the bank. A similar provision was later included in the Banking Act of 1935, referred to below. JOINT RESOLUTION OF JUNE 2 8, 1935 By a joint resolution of Congress, approved by the President June 28, 1935, the insurance of bank deposits under the Temporary Federal Deposit Insurance Fund was extended from July 1, 1935, to August 31, 1935. Before the expiration of the period as thus extended, the Banking Act of 1935 was passed, which set up an immediately effective permanent plan of deposit insurance superseding the temporary plan of insurance. ACT OF AUGUST 23, 193 3, "BANKING ACT OF 1 9 3 5 " The Banking Act of 1935 contained many important amendments to the Federal Reserve Act and to the laws relating to the Federal Reserve System, some of the more important of which are summarized below. The act consisted of three divisions, title I, Federal Deposit Insurance; title II, Amendments to the Federal Reserve Act, and title III, Technical Amendments to the Banking Laws. Federal deposit insurance.—-The act contained a complete revision of section 12B of the Federal Reserve Act relating to insurance of bank deposits by the Federal Deposit Insurance Corporation. At the time of the enactment of the Banking Act of 1935, bank deposits were insured under the provisions of a temporary plan of insurance and, although the law had contained provisions for a permanent plan of insurance, this had not come into effect. The Banking Act of 1935 set up a new permanent plan of insurance, effective immediately, superseding the existing temporary plan. Onty a few of the most important provisions of this section as revised are noted here. In lieu of the previous provisions of the permanent plan of deposit insurance, under which there would have been insured 100 percent of deposits up to $10,000, 75 percent of deposits between $10,000 and $50,000, and 50 percent of deposits above $50,000, the 50 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS act provided that $5,000 shall be the maximum amount insured for one depositor, conforming in this respect to the amount of deposits insured under the temporary plan of insurance existing at the time of the enactment of the Banking Act of 1935. Under the amended law deposits of trust funds are insured to the extent of $5,000 for each trust estate in addition to the insurance of other deposits owed the trust beneficiary. In lieu of the assessments aggregating not more than 1 percent of insured deposits to which banks insured under the temporary insurance plan were subject and of the requirement that banks which were to be insured under the permanent plan purchase stock in the Federal Deposit Insurance Corporation and then be liable for unlimited assessments, insured banks under the plan set up in the act are subject to an annual assessment of one-twelfth of 1 percent of their deposits payable semiannually. It was provided that a separate insurance fund for mutual savings banks may be established by the Corporation and for such separate fund a lower rate of assessment may be provided. The Federal Deposit Insurance Corporation was directed to prohibit by regulation the "payment of interest on demand deposits in insured nonmember banks." For that purpose the directors may define the term "demand deposits", but such exceptions must be made to the prohibition as are made for member banks. The Federal Deposit Insurance Corporation directors also "shall from time to time limit by regulation the rates of interest or dividends which may be paid by insured nonmember banks on time and savings deposits." The directors are required to "define what constitutes time and savings deposits in an insured nonmember bank" and they shall "prescribe different rates for such payment on time and savings deposits having different maturities, or subject to different conditions respecting withdrawal or repayment, or subject to different conditions by reason of different locations, or according to the varying discount rates of member banks in the several Federal Reserve districts." The regulations must prohibit the payment of any time deposit before maturity except upon conditions prescribed by the directors, and must prohibit the waiving of any requirement of notice before payment of a savings deposit except as to all savings deposits having the same requirement. A penalty of $100, recoverable by the Corporation, is provided for violation. It was provided that any nonmember bank of the Federal Eeserve System may under certain conditions become an insured bank. The insured status of a member bank is terminated when it ceases to be a member bank; but for 2 years thereafter the bank remains liable for assessments and retains the insurance on insured deposits held by it when it ceased to be a member bank, less subsequent withdraw ANNUAL KEPOET OF FEDERAL RESERVE GOVERNORS 51 als. In lieu of the former provisions which would have terminated the insurance of all nonmember banks on July 1, 1937, it was provided that no State bank which during the calendar year 1941 or any succeeding calendar year has average deposits of $1,000,000 or more shall be an insured bank or have any part of its deposits insured after July 1 following the calendar year in which it had such deposits, unless such bank be a member of the Federal Reserve System; but the restriction was made inapplicable to a savings bank, mutual savings bank, Morris Plan bank, or trust company doing no commercial banking business, or to a bank located in Hawaii, Alaska, Puerto Rico, or the Virgin Islands. President and vice presidents of Federal Reserve banks.—Paragraph "Fifth" of section 4 of the Federal Reserve Act was amended, effective March 1, 1936, to provide specifically for a "president" and "vice presidents" at each Federal Reserve bank. Under the amended law, the president is the chief executive officer of the bank and is appointed by the board of directors, with the approval of the Board of Governors of the Federal Reserve System, for a 5-year term; and all other executive officers and all employees of the bank are directly responsible to him. The first vice president is appointed in the same manner and for the same term as the president, and is to serve as chief executive officer of the bank in the absence or disability of the president or during a vacancy in that office. Vacancies in the office of president or first vice president are filled in the same manner as original appointments, and for the remainder of the term of the predecessors. Requirements for admission to Federal Eeserve System.—A new paragraph was added to section 9 of the Federal Reserve Act so that, in order to facilitate the admission to membership of any State bank which is required to become a member bank in order to be an insured bank, the Board of Governors may waive in whole or in part the requirements of section 9 relating to the admission of such bank to membership. If such a bank is admitted with capital less than that required for the organization of a national bank in the same place and its capital and surplus are not, in the Board's judgment, adequate in relation to the bank's liabilities to depositors and other creditors, the Board may require such bank to increase its capital and surplus to such amount as the Board may deem necessary within such period as the Board may deem reasonable; but no such bank shall be required to increase its capital beyond that required for the organization of a national bank in the same place. NOTE.—Under the law it cannot be determined before the end of the year 1941 what banks will be required to become members of the Federal Reserve System in order to be insured banks and, therefore, the Board cannot exercise its authority to waive eligibility requirements before the end of the year 1941. 52 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Names of Board, governor, and vice governor.—The act provided that hereafter the Federal Reserve Board shall be known as the "Board of Governors of the Federal Eeserve System" and that the governor and vice governor shall be known as the "chairman" and "vice chairman", respectively, and shall be designated from among the members of the Board by the President for a term of 4 years. Organization of Board.—Section 10 of the Federal Eeserve Act was amended to provide that the Board of Governors of the Federal Reserve System shall be composed of seven members appointed by the President with the advice and consent of the Senate. Under the amendment, it was provided that the Secretary of the Treasury, the Comptroller of the Currency, and the six appointive members in office on the date of the enactment of the Banking Act of 1935 should continue to serve as members of the Board until February 1, 1936: and the term of each successor is fixed by the President at not more than 14 years, so that not more than one term will expire in any 2-year period. Thereafter, instead of serving a 12-year term, each member will hold office for a term of 14 years from the expiration of the term of his predecessor, unless sooner removed for cause by the President. Upon the expiration of their terms of office, members of the Board will continue to serve until their successors are appointed and have qualified. A member appointed to fill a vacancy shall serve for the unexpired term of his predecessor. Salaries and reappointment of Board members.—The act increased Board members' salaries from $12,000 a year to $15,000; and added a new provision that a person appointed after enactment of the act shall not be eligible for reappointment after he has served a full term of 14 years. Record of action by Board and Open Market Committee.—Section 10 of the Federal Reserve Act w^as amended so as to require the Board to keep a complete record of action taken by it and by the Federal Open Market Committee, and the reasons underlying such action, on all questions of open-market operations and all other questions of policy, and to include in its annual report a full account of all such action together with a copy of the record required to be kept. Advances to member banks.—Section 10 (b) of the Federal Eeserve Act, which, prior to its expiration on March 3, 1935, authorized any Federal Reserve bank, under rules and regulations prescribed by the Board, to make advances to any member bank on its time or demand notes secured to the satisfaction of such Federal Reserve bank, was reenacted as permanent law and amended in certain respects. The requirement that such advances be made only "in exceptional and exigent circumstances" and when the member bank cannot obtain adequate credit accommodations under other provisions of the Federal Reserve Act was eliminated; and the requirement that such ANNUAL REPORT OE FEDERAL RESERVE GOVERNORS 53 note must bear interest at a rate not less than 1 percent per annum higher than the highest discount rate in effect at such Federal Reserve bank on the date of such note was changed to a requirement that the rate of interest be not less than one-half percent per annum higher. A provision was added requiring the notes of the member bank to have maturities of not more than 4 months. Open-market operations.—Section 12A of the Federal Reserve Act was amended, effective March 1, 1936, so that instead of the Federal Open Market Committee consisting of one member from each Federal Reserve district, it consists under the amended law of the seven members of the Board of Governors of the Federal Reserve System and five annually-elected representatives of the Federal Reserve banks. One of the five Reserve bank representatives is elected by the directors of the Federal Reserve banks of Boston and New York; one by the directors of the Federal Reserve banks of Philadelphia and Cleveland; one by the directors of the Federal Reserve banks of Chicago and St. Louis; one by the directors of the Federal Reserve banks of Richmond, Atlanta, and Dallas; and one by the directors of the Federal Reserve banks of Minneapolis, Kansas City, and San Francisco. An alternate for each representative is elected in the same manner as the representative. The Committee is required to ''consider, adopt, and transmit to the several Federal Reserve banks, regulations relating to the open-market transactions of such banks." Not only are Federal Reserve banks forbidden to engage in openmarket operations except in accordance with such regulations, but they also are forbidden to "decline to engage" in such operations except in accordance with the direction of and regulations adopted by the Committee. Purchase and sale of Government obligations and Government guaranteed obligations.—Section 14 (b) of the Federal Reserve Act was amended to provide that obligations of the United States and those fully guaranteed as to principal and interest by the United States may be bought and sold without regard to maturities, but only in the open market. Discount rates of Reserve banks.—Section 14 (d) of the Federal Reserve Act which provided that Federal Reserve banks may from time to time establish discount rates, subject to review and determination of the Board, was amended to require that "each such bank shall establish such rates every 14 days, or of tener if deemed necessary by the Board." Reserve requirements of member banks.—Section 19 of the Federal Reserve Act was amended to permit the Board to change the reserve requirements of member banks "in order to prevent injurious credit expansion or contraction"; and to eliminate the necessity for first having a declaration, upon the affirmative vote of five Board mem 54 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS bers and the approval of the President, that "an emergency exists by reason of credit expansion." The changes may be made for member banks located in reserve and central reserve cities, for member banks not in reserve or central reserve cities, or for all member banks; but the affirmative vote of not less than four Board members is required for such a change, and the reserves required of a member bank as a result of such a change may not be less than the requirements on the date of enactment of the Banking Act of 1935 nor more than twice such requirements. Real-estate loans by national banks.—Section 24 of the Federal Reserve Act, relating to real-estate loans by national banks, was amended to eliminate the requirement that the real estate upon which such loans are made must be located in the bank's Federal Keserve district or within 100 miles of the place in which the bank is located. The requirement that the bank take the entire amount of an obligation secured by real estate was retained as to such an obligation purchased by the bank. The limitation to 50 percent of the actual value of the property was changed to 50 percent of the appraised value; and in addition to retaining the exemption of mortgages insured under title I I of the National Housing Act from the 5-year limitation on maturities and 50 percent limitation on appraised values, the amendment permitted amortized loans to be made in amounts not exceeding 60 percent of the appraised value of the real estate and for terms not longer than 10 years if installment payments are sufficient to amortize at least 40 percent of the principal within 10 years. The permissible aggregate of real-estate loans of a national bank was changed from 25 percent of the bank's paid-in and unimpaired capital and surplus or 50 percent of its savings deposits, whichever is greater, to 100 percent of its paid-in and unimpaired capital and surplus or 60 percent of its time and savings deposits, whichever is greater. Salary and appointment of Comptroller of the Currency.—Section 325 of the Revised Statutes was amended to increase the Comptroller of the Currency's salary as Comptroller from $5,000 a year to $15,000 a year, thus replacing the portion of his salary which he formerly received as a member of the Federal Reserve Board and also increasing his salary to the same extent that Board members' salaries were increased. The provision that his appointment be made upon the recommendation of the Secretary of the Treasury also was eliminated. "Accidental" holding company affiliates eliminated.—Section 2 (c) of the Banking Act of 1933 was amended to eliminate from all the provisions regarding "holding company affiliates" (except section 23A of the Federal Reserve Act, which deals with a member bankV ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 55 loans to such affiliates and investments in and loans on the securities of such affiliates), any corporation all the stock of which is owned by the United States or any "organization which is determined by the Board of Governors of the Federal Reserve System not to be engaged, directly or indirectly, as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks, or trust companies." Section 21 of the Banking Act clarified; inapplicable to banks selling mortgages.—Section 21 (a) (1) of the Banking Act of 1933 was amended to make it clear that it does not prohibit any financial institution or private banker from engaging in the securities business to the limited extent permitted to national banks under section 5136 of the Revised Statutes. (Section 5136 limits national banks, in dealing in and underwriting securities, to United States Government obligations, general obligations of States or subdivisions, obligations issued under the Federal Farm Loan Act or by the Federal Home Loan banks or the Home Owners' Loan Corporation, and certain obligations insured under section 207 of the National Housing Act.) I t also was made clear that section 21 (a) (1) does not prohibit a bank from selling, without recourse or agreement to repurchase, obligations evidencing loans on real estate. Receipt of deposits by persons not subject to State or Federal regulation.— Section 21 (a) (2) of the Banking Act of 1933, which prohibited any person not subject to examination and regulation under State or Federal law from engaging in the business of receiving deposits unless such person submitted to examination by the Comptroller of the Currency or the Federal Reserve bank of the district, was amended so as to prohibit any person from engaging in such business with other than his or its own officers, agents, or employees, unless such person (1) is incorporated under and authorized to engage in such business by Federal or local law; or (2) is permitted by local law to engage in such business and is subject under such law to examination and regulation; or (3) submits to periodic examination by the banking authorities of the locality where the business is conducted and makes and publishes periodic reports of condition under the same conditions as required by local law in the case of incorporated banking institutions. Seasonal agencies of national banks.—Section 5155 of the Revised Statutes was amended to permit a national bank in a State which by statute permits State banks to maintain branches within county or greater limits, to establish, with the approval of the Comptroller of the Currency, without regard to the capital requirements of the sec tion, a "seasonal agency in any resort community" in the same county as the main office of such bank. However, the privilege applies only if no other bank is doing business in the place where the agency is to 56 ANNUAL REPORT OF FEDERAL. RESERVE GOVERNORS be located, and any permit for such an agency must be revoked upon the opening of a State or national bank in such community. By reason of the provisions of section 9 of the Federal Reserve Act, State member banks may, with the approval of the Board of Governors of the Federal Reserve System, establish such agencies under the same conditions. Interlocking relationships between member banks and securities com^ panies.—Section 32 of the Banking Act of 1933 was rewritten, effective January 1, 1936, to make the prohibitions against interlocking relationships between member banks and securities companies extend to the employees of both such organizations in addition to their officers and directors; and individuals engaged in the securities business are subjected to the same prohibitions as officers, directors, and employees of companies and members of partnerships so engaged. Permission of the Board for such interlocking relationships may be given "in limited classes of cases" and by "general regulations" rather than by individual permit. Such relationships may be permitted when they "would not unduly influence the investment policies of such member bank or the advice it gives its customers regarding investments", rather than when they would be "not incompatible with the public interest." The description of the securities businesses in question was changed from those "engaged primarily in the business of purchasing, selling, or negotiating securities" to those "primarily engaged in the issue, flotation, underwriting, public sale, or distribution, at wholesale or retail, or through syndicate participation, of stocks, bonds, or other similar securities." The prohibition against correspondent relationships between member banks and securities companies was eliminated. Change in amount of investment securities of one obligor that may be held by member bank.—Section 5136 of the Revised Statutes was amended to eliminate the existing prohibition against a member bank purchasing and holding more than 10 percent of a particular issue of investment securities, but the total obligations of one obligor which may be purchased and held by a member bank was reduced from 15 percent of the bank's paid-in and unimpaired capital and 25 percent of its unimpaired surplus, to 10 percent of each, though banks were not required to dispose of securities lawfully held on the date of enactment of the bill. Purchase of stocks for account of customers.—It was made clear, in conformity with previous rulings of the Comptroller of the Currency and the Board, that national and other member banks may purchase and sell stocks for the account of their customers but not for their own accounts. Obligations insured under section 207 of National Housing Act.—Section 5136 of the Revised Statutes was amended to include within the group ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 57 of securities that may be dealt in by member banks free from the restrictions of that section, obligations insured under section 207 of the National Housing Act, if the debentures to be issued in payment of such insured obligations are guaranteed as to principal and interest by the United States. Separation of member bank stock certificates from those of other corpora- tions.—The requirement of section 5139 of the Revised Statutes and section 9 of the Federal Reserve Act that stock certificates of national banks or State member banks may not "represent the stock" of any other corporation, except a member bank or a corporation existing on the date the requirement became effective "engaged solely in holding the bank premises", was changed so that such certificates merely may not "bear any statement purporting to represent the stocks" of any other corporation, and the transfer of such a certificate may not be conditioned upon the transfer of stock of any corporation, except a member bank or a corporation "engaged on June 16, 1934, in holding the bank premises." A provision also was added to the effect that the section shall not operate to prevent the transfer of stock of another corporation being conditioned upon the transfer of a member bank stock certificate. Yoting permit unnecessary for liquidation.—Section 5144 of the Re- vised Statutes was amended to eliminate the necessity for a voting permit in cases where shares of a member bank held by a holding company affiliate are to be voted merely in favor of placing the bank m voluntary liquidation or taking any other action pertaining to voluntary liquidation of the bank. Limited voting permits and cumulative voting clarified.—Section 5144 of the Revised Statutes was amended to make it clear that holding company affiliates which have obtained a voting permit are entitled to the right of cumulative voting given other shareholders by the section, and also to make it clear that the Board of Governors of the Federal Reserve System may issue limited voting permits and is not confined to issuing general voting permits. Assets required of holding company.—Section 5144 (c) of the Revised Statutes wa3 amended to relieve a holding company affiliate, to the extent that the bank stock owned by it is not subject to statutory liability, from the provisions of section 5144 (b) which require a holding company affiliate after June 16, 1938, (1) to possess and maintain readily marketable assets other than bank stock in an amount not less than 12 percent of the aggregate par value of all such stock controlled by it and to increase such amount by 2 percent per annum of such par value until such assets amount to 25 percent of the par value of such bank stock; and (2) to reinvest in readily marketable assets other than bank stock all net earnings over 6 percent per annum on the book value of its own shares until 56048—36 5 58 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS such assets amount to 25 percent of the aggregate par value of all bank stock controlled by it. In lieu of these requirements, a holding company affiliate, to the extent that the shares of bank stock held by it are not subject to statutory liability, was made subject to the provisions of section 5144 (c) which require the holding company affiliate after June 16, 1938, to establish and maintain out of the net earnings over 6 percent per annum on the book value of its own shares, a reserve of readily marketable assets of not less than 12 percent of the aggregate par value of such bank stock controlled by it. Reduction in Federal Reserve bank stock to conform to reduction in member bank's surplus.—Section 5 of the Federal Reserve Act was amended to require member banks to reduce their holdings of Federal Reserve bank stock upon a reduction in their surplus, just a$ they were already required to do upon a reduction in their capital. Certification to Comptroller of the Currency upon change in capital stock of Federal Reserve bank.—The provisions of section 5 of the Federal Reserve Act requiring the directors of a Federal Reserve bank to execute a certificate to the Comptroller of the Currency upon an increase in the capital stock of such bank, and the provisions of section 6 of the Federal Reserve Act requiring a similar certification upon a reduction in such capital stock, were repealed. Publication of condition reports of State member banks.—Section 9 of the Federal Reserve Act was amended to authorize the Board of Governors of the Federal Reserve System to prescribe the information to be contained in, and form of, condition reports of State member banks, and to require publication of such reports under regulations of the Board. Limitation on loans by member banks on Government obligations.—Section 11 (m) of the Federal Reserve Act was amended to place State member banks on a parity with national banks in lending on the security of bonds or notes of the United States issued since April 24, 1917, certificates of indebtedness of the United States, Treasury bills of the United States, or obligations guaranteed as to principal and interest by the United States, by changing the limitation on loans to one individual on such security, from 10 percent of the bank's unimpaired capital and surplus to 25 percent thereof, as provided for national banks in section 5200 of the Revised Statutes. The latter provision was amended to make it cover Treasury bills of the United States and obligations guaranteed as to principal and interest by the United States, as well as the other Government obligations listed above. Indorsement or other security sufficient for Reserve bank discounts for individuals.—The third paragraph of section 13 of the Federal Reserve Act was amended to require either indorsement or othor security, • ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 59 rather than both, for paper discounted by Federal Reserve banks for individuals or corporations unable to secure adequate credit accommodations from other banks. Definition by Board of various classes of deposits.—The definitions of "demand deposits" and "time deposits" were stricken from section 19 of the Federal Eeserve Act, and instead the Board of Governors of the Federal Reserve System was authorized to define for the purposes of the section the terms, "demand deposits", "gross demand deposits", "deposits payable on demand", "time deposits", "savings deposits", and "trust funds", to determine what is to be deemed a paymeet of interest and to prescribe regulations to effectuate the purposes of the section; but the term "time deposits" continues to include "savings deposits" for the purposes of the provisions regarding member bank reserve requirements. Deduction of "amounts due from banks" in computing reserve requirements.—Section 19 of the Federal Reserve Act was amended so that, for purposes of computing member bank reserves, amounts due from other banks (except Federal Reserve banks and foreign banks) and cash items in process of collection payable immediately upon presentation in the United States may be deducted from gross demand deposits rather than merely from amounts due to other banks. Payment of deposits and interest thereon by member banks.—Section 19 of the Federal Reserve Act was amended to add to the exemptions from the prohibition against the payment of interest by member banks on demand deposits: (1) contracts existing when a bank joins the System, and (2) deposits payable outside the States of the United States and the District of Columbia (rather than merely those payable in foreign countries). The exemption of deposits made on behalf of any State or subdivision thereof as to which interest is required by State law and of deposits made by mutual savings banks, is terminated, under the amended law, 2 years after the date of enactment of the Banking Act of 1935; and during this 2-year period there are added to these exemptions deposits made by savings banks and deposits of trust funds on which interest is required by State law. So much of existing law as requires the payment of interest on funds deposited by the United States or any territory or possession thereof as is inconsistent with the provisions of section 19 was repealed. The provision authorizing the Board, in limiting the rate of interest which may be paid by member banks on time and savings deposits, to prescribe different rates in different circumstances, was changed to a provision that the Board "shall prescribe different rates for such payment on time and savings deposits having different maturities, or subject to different conditions respecting withdrawal or repayment, or subject to different conditions by reason of different 60 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS locations, or according to the varying discount rates of member banks in the several Federal Reserve districts." The absolute prohibition against the payment of time deposits before maturity was relaxed to permit such payments under conditions prescribed by the Board; and deposits payable only at offices of member banks located outside the States of the United States and the District of Columbia were exempted from all restrictions on payment before maturity and all restrictions on interest rates. Eeserves required against Government deposits.—At the end of section 19 of the Federal Eeserve Act a new paragraph was added requiring member banks to keep the same reserves against deposits of the United States as against other deposits, thus repealing the contrary provisions of the Liberty Bond Acts. Waiver of reports or examinations of affiliates.—A new paragraph was added to section 21 of the Federal Reserve Act to permit the Board of Governors of the Federal Reserve System or the Comptroller of the Currency, as the case may be, to waive examination of, or reports from, affiliates of a member bank, when they are '"not necessary to disclose fully the relations between such affiliate and such bank and the effect thereof upon the affairs of such bank." Criminal provisions clarified, extended to insured banks.—Section 22 (a) was amended to make it clear that the prohibitions against loans or gratuities to bank examiners from member banks, and their officers and employees, apply only to banks subject to examination by such examiners; and also to make it clear that the prohibitions and penalties set forth in section 22 (a) apply to State examiners examining member banks as well as to Federal examiners, but not to private examiners. The prohibitions were extended to cover insured banks. Federal Deposit Insurance Corporation examiners subjected to criminal provisions.—The prohibition in section 22 (b) of the Federal Reserve Act against a national bank examiner receiving compensation from any bank, or officer or employee thereof, was extended to Federal Deposit Insurance Corporation examiners; and the restrictions against examiners revealing the borrowers or collateral of member banks was extended to cover insured banks. Borrowings by executive officers of member banks; elimination of criminal penalty.—Section 22 (g) of the Federal Reserve Act forbidding executive officers of member banks to borrow from their banks was amended by adding a provision giving the Board of Governors of the Federal Reserve System power to remove such officers for violations, in lieu of the provision subjecting such officers to fine or imprisonment. The $10,000 fine on the bank was eliminated. Such loans as were outstanding on June 16, 1933, may, under the amended law, be extended or renewed until June 16, 1938, if a finding by the bank directors that such renewal is in the bank's interest and that ANNUAL REPOKT OF FEDERAL RESERVE GOVERNORS 61 the officer has made reasonable effort to reduce his obligation is spread on the bank's minute book. With the prior approval of a majority of the bank's directors, loans not exceeding $2,500 from a member bank to an executive officer are permitted. Borrowing by a partnership in which one or more executive officers have individually or collectively a majority interest are within the prohibition. It was made clear that executive officers may, for the protection of the bank, indorse paper previously taken by it in good faith or may incur indebtedness to the bank for the purpose of protecting the bank against loss or giving financial assistance to it. The Board was given power to define terms used in the section and prescribe regulations to effect its purposes. Restrictions on loans to affiliates relaxed.—The exemptions from the limitations of section 23A on member banks' loans to affiliates and loans on any investments in the securities of affiliates were broadened so as to include among such exemptions (1) affiliates "engaged on June 16, 1934", in holding the bank premises (the old law required them to be "solely" so engaged) or in maintaining and operating properties acquired for banking purposes prior to that date; (2) wholly owned subsidiaries of foreign banking corporations organized under the Federal Reserve Act; (3) wholly owned subsidiaries of similar corporations in which national banks are authorized to invest under section 25 of the Federal Eeserve Act; (4) affiliates engaged solely in holding obligations of, or fully guaranteed as to principal and interest by, the United States (the previous exemption applied only to affiliates holding such direct obligations) ; (5) affiliates which became such through a bona fide previous debt; and (6) affiliates which are such because their shares are held by the bank as fiduciary (except when the beneficiaries are a majority of the bank's stockholders). The section also was made inapplicable to affiliate indebtedness arising from the unpaid balance due on assets purchased from the bank, and to loans secured by, or extensions of credit against obligations of, or fully guaranteed as to principal and interest by, the United States. Industrial loans relieved of real-estate restrictions.—Section 24 of the Federal Eeserve Act was amended to exempt from the restrictions of that section on real estate loans, all "working capital" loans to industry in which the Reconstruction Finance Corporation or a Federal Reserve bank has participated or made a commitment, or which it has discounted, loaned upon, or purchased. Interlocking bank directorates.—The provisions of the Clayton Act relating to interlocking bank directorates were rewritten to provide that "no private banker or director, officer, or employee of any mem 62 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS ber bank of the Federal Reserve System or any branch thereof shall be at the same time a director, officer, or employee of any other bank, banking association, savings bank, or trust company organized under the National Bank Act or organized under laws of any State or of the District of Columbia, or any branch thereof, except that the Board of Governors of the Federal Reserve System may by regulation permit such service as a director, officer, or employee of not more than one other such institution or branch thereof." However, the prohibition does not apply in the case of (1) a bank of which more than'90 percent of the stock is owned by the United States or by any corporation of which the United States owns more than 90 percent of the stock; (2) a bank formally in liquidation or receivership; (3) a corporation principally engaged in foreign banking which has entered into an agreement with the Board pursuant to section 25 of the Federal Reserve Act; (4) a bank of which more than 50 percent of the common stock is owned by persons who own more than 50 percent of the common stock of the member banks; (5) a bank not located and having no branch in the same place where the member bank or branch thereof is located, or in a place contiguous or adjacent thereto; (6) a bank not engaged in a class or classes of business in which the member bank is engaged; and (7) a mutual savings bank having no capital stock. Until February 1,1939, the amended section will not affect the service of any director, officer, or employee of any member bank or branch thereof who was lawfully serving on the date the amendment was enacted. Reduction in stock of national bank.—Section 5143 of the Revised Statutes was amended to eliminate the necessity for a national bank obtaining the approval of the Board of Governors of the Federal Reserve System in addition to the approval of the Comptroller of the Currency, before reducing its capital stock. Branches of State member banks.—Section 9 of the Federal Reserve Act was amended to require the approval of the Board of Governors of the Federal Reserve System instead of the Comptroller of the Currency, for State member banks to establish or maintain out-oftown branches. Interest on postal-savings deposits.—Section 8 of the Postal Savings Depository Act of June 25, 1910, was amended so as to permit the withdrawal of postal-savings deposits by depositors without notice and without loss of interest, except that no interest may be allowed for any period of less than 3 months. Under the amended law, the rate of interest paid on such deposits may not exceed the rate which may lawfully be paid on savings deposits by member banks located in or nearest to the place where the depository office is situated, and postal-savings depositories may deposit funds on time with member banks subject to the provisions of the Federal Reserve Act and regu ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 63 lations thereunder regarding payment of time deposits and interest thereon. Preferred stock and capital notes and debentures.—It was provided by the act that in a case in which a national bank, State member bank, or bank applying for membership in the Federal Reserve System has outstanding preferred stock, the determination of whether or not its capital is impaired and the amount of such impairment shall be based upon the par value of its stock, even though the amount which the holders of the preferred stock are entitled to receive in the event of retirement of the stock or liquidation of the bank shall be greater than the par value of such stock. Capital notes and debentures of the type which the Reconstruction Finance Corporation may purchase, and obligations expressly subordinated thereto, may be excluded from the total liabilities of such a bank in determining whether its capital is impaired. Other provisions.—In addition to the provisions which have been specifically referred to above, the Banking Act of 1935 contained a number of other provisions relating to national banks and to nonmember banks whose deposits are insured by the Federal Deposit Insurance Corporation, as well as certain miscellaneous provisions of lesser importance. CHANGES IN THE REGULATIONS OF THE BOARD During the year 1935, a number of changes were made in the regulations of the Board. These will be mentioned briefly below. Payment of interest on deposits.—Late in the year 1934 the Board announced a change in its Regulation Q relating to the payment of deposits and interest thereon by member banks, effective February 1, 1935, under which the maximum rate of interest payable on time and savings deposits by member banks was reduced from 3 percent to 2y2 percent, and certain other detailed amendments were made. In the latter part of November 1935, this regulation was revised, effective January 1, 1936.' Up to that date the maximum rate payable by member banks on both time and savings deposits had been 2y2 percent per annum. Under the revised regulation, the maximum rate payable on savings deposits continued to be 2y2 percent, but with regard to time deposits the following schedule of maximum rates was prescribed: On time deposits having a maturity of 6 months or more or payable upon written notice of 6 months or more and on postalsavings deposits, 2y2 percent; on time deposits having a maturity of less than 6 months and not less than 90 days or payable upon written notice of less than 6 months and not less than 90 days, 2 percent; and on time deposits having a maturity of less than 90 days or payable upon written notice of less than 90 days, 1 percent. 64 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS In lieu of the requirement theretofore contained in the regulation that savings deposits shall consist of funds accumulated for bona fide thrift purposes, there was substituted a requirement that they shall consist of funds of one or more individuals or of an organization operated primarily for religious, philanthropic, charitable, educational, fraternal, or other similar purposes, and not operated for profit. The provision of the regulation requiring the presentation of the pass book whenever a withdrawal is made was liberalized so as to permit withdrawals through payment to any authorized person presenting the pass book and to permit withdrawals without presentation of the pass book where payment is made to the depositor in person or is remitted by an instrument payable to the depositor. The revised regulation defined the term "interest" so as to include, among other things, the payment or absorption of exchange or collection charges which involve out-of-pocket expenses. However, pending action by the Federal Deposit Insurance Corporation on its regulation relating to the payment of interest on deposits by insured nonmember banks, the Board, on December 28, 1935, deferred until further action by the Board, the effective date of subsection 1 (f) of the regulation, which contains the definition of the term "interest." The regulation also permitted the payment of time deposits before maturity in certain circumstances, and authorized loans to depositors on security of time or savings deposits at a rate of interest not less than 1 percent in excess of the rate paid on the deposits. Reserves of member banks.—The Board also issued, effective January 1, 1936, a revision of Regulation D relating to the reserves which member banks are required to maintain with the Federal Reserve banks, making a number of changes in the regulation to conform to amendments to the law contained in the Banking Act of 1935. Reserve requirements were not changed in the revised regulation but, in accordance with the authority conferred upon the Board by the Banking Act of 1935 to change reserve requirements, the revised regulation provides that the actual net balance which each member bank is required to maintain on deposit with the Federal Reserve bank of its district shall be changed by such percentage, within the limits prescribed by law, as the Board shall prescribe from time to time in order to prevent injurious credit expansion or contraction. Loans to executive officers.—The Banking Act of 1933 amended section 22 of the Federal Reserve Act by adding thereto a new subsection which prohibited member banks from making loans to their executive officers and prohibited such officers from borrowing from such banks, under a criminal penalty. The criminal penalty was discontinued by the Banking Act of 1935 and the Board of Govern ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 65 nors was authorized by that act to issue regulations with respect to this subject and to remove offending officers from office for violation. The Board's new Regulation O was issued pursuant to this authority to become effective January 1, 1936, and contains, among other things, definitions of the terms "executive officer", "extension of credit", and similar terms. The Board's old Regulation O, issued in 1915, and containing instructions to Federal Reserve agents regarding the issuance and retirement of Federal Reserve notes, was revoked, and revised instructions on the subject were issued in a letter addressed to the Federal Reserve agents. Extension of credit by brokers, dealers, and members of securities exchanges.—During the year the Board approved six amendments to its Regulation T relating to the extension and maintenance of credit by brokers, dealers, and members of national securities exchanges. Four of these amendments became effective on May 10, 1935, one on August 8, 1935, and one on October 29, 1935. The amendments, which were largely of a clarifying or technical character, related to cash transactions and such administrative matters as maintenance of credit in limited cases without collateral or required collateral, the payment of interest and dividends from restricted accounts under certain limitations, the transfer of accounts from one customer to another, and the elimination of loan value for short-term warrants evidencing rights to subscribe to securities. Membership of State banking institutions in the Federal Reserve System.—The Board also approved a revision of its Regulation H relating to membership of State banking institutions in the Federal Reserve System to become effective January 1, 1936. A number of changes made necessary by recent amendments to the law were incorporated in the revised regulation, and the standard conditions of membership to be accepted by State institutions upon admission to the Federal Reserve System were revised and simplified. Issuance and cancelation of Federal Eeserve bank stock.—The Board's Regulation I, relating to the increase or decrease of capital stock of Federal Reserve banks and the cancelation of old and the issue of new stock certificates, was revised, effective January 1, 1936. The procedure for the issuance and cancelation of Federal Reserve bank stock was simplified in the, revised regulation, which also contains certain changes necessary to conform to recent amendments to the statute. Holding company affiliates—voting permits.—Regulation P relating to holding company affiliates and voting permits was amended, effective January 1, 1936, so as to incorporate certain changes, mostly of a technical character, made necessary by amendments to the law contained in the Banking Act of 1935. 66 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS CREDIT AGREEMENTS WITH FOREIGN CENTRAL BANKS Federal Reserve participation in the two credits granted to the National Bank of Hungary in 1931 by the Federal Reserve Bank of New York, with the approval of the Board of Governors of the Federal Reserve System and in association with other Federal Reserve banks, the Bank for International Settlements, and a number of foreign central banks, was reduced during 1935 from $3,140,000 to $2,520,000. Most of the reduction occurred on April 18, partly by anticipation of the schedule of repayments embodied in the consolidated agreement of 1933, to which reference was made in the annual report of the Board for that year. Federal Reserve participation in the credits takes the form of purchases of prime commercial bills guaranteed by the National Bank of Hungary. The demand deposit at the Bank for International Settlements made by the Federal Reserve banks with the approval of the Board of Governors for the purchase from time to time of bills guaranteed by that bank, as well as Federal Reserve holdings of bills purchased under the arrangement, remained substantially unchanged during 1935. At the end of the year the deposit amounted to $540,000 and bill holdings amounted to $2,000,000. On February 20, 1935, the Federal Reserve banks, acting through the Federal Reserve Bank of New York and with the approval of the Board of Governors of the Federal Reserve System, granted a credit of $200,000 to the National Bank of Nicaragua secured by gold. The credit was to run for a period of approximately 4 months, but by May 8 it was completely repaid. Between November 6 and December 23, additional short-term credits secured by gold were granted by the Federal Reserve banks in an aggregate amount of $350,000, to mature between February 8 and April 21, 1936. These credits were granted to the National Bank of Nicaragua for the purpose of meeting a seasonal shortage of dollar exchange pending the sale abroad of the Nicaraguan coffee crop. BANK EXAMINATIONS Under the provisions of the Federal Reserve Act, State member banks are subject to examinations made by direction of the Board of Governors of the Federal Reserve System or of the Federal Reserve banks by examiners selected or approved by the Board of Governors. The examination of State member banks made pursuant to such provisions are made by examiners for the various Federal Reserve banks, whose appointments are approved by the Board of Governors and who work under the direction of the Federal Reserve agents. The policy approved by the Board of Governors of the ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 67 Federal Reserve System provides that at least one regular examination of each State member bank, including its trust department, be made during each calendar year by examiners for the Federal Reserve banks, either independently or jointly with State banking authorities. In accordance with the policy of making joint examinations wThereever practicable in order to avoid duplication of examinations and minimize any inconvenience to the banks examined, most of the examinations of State member banks made during the year by examiners for the Federal Reserve banks were joint examinations made in cooperation with the State banking authorities. In the latter part of 1933 and in accordance with the procedure approved by the Board of Governors, each of the Federal Reserve agents made arrangements to add to his staff one or more examiners especially qualified to make examinations of trust departments. The development of more complete examinations of the trust departments of State member banks was an important feature of the examinations of such banks during the year 1934 and this phase of examination procedure was further developed in the program of examinations of State member banks in 1935. Particular emphasis in the examination of trust departments of State member banks continued to be laid upon policies and practices of the banks in the investment of trust funds and the discharge of their fiduciary responsibilities. A conference of the assistant Federal ^Reserve agents in charge of examinations for the Federal Reserve banks, the chief examiners and the trust examiners for the Federal Reserve banks, and representatives of the Board of Governors, was held in Washington in the fall of 1935. The conference, similar to the one held in 1934, was called at the request of the Board of Governors for the purpose of further coordinating the examination activities of the various Federal Reserve banks and developing a more uniform procedure with respect thereto. Under the provisions of section 12B of the Federal Reserve Act, as amended June 16, 1934, the Board of Governors was required to certify to the Federal Deposit Insurance Corporation, in connection with the inauguration of the permanent plan for insurance of deposits which had been postponed until July 1, 1935, whether or not the assets of each State member bank which had made application to become a class A stockholder of the Corporation were adequate to enable it to meet all of its labilities to depositors and other creditors as shown by the books of the bank. As had been the case in the preceding year, a program of examinations of State member banks was developed by the Board of Governors and the Federal Reserve 68 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS agents to provide current reports of examination on the basis of which the required certifications might be made. In anticipation of the inauguration of the permanent plan of insurance on July 1, 1935, the Federal Deposit Insurance Corporation submitted to the Board of Governors the names of a number of Slate member banks which had made application to become class A stockholders of the Corporation and requested the Board to make the required certifications of the banks named. A number of certifications were made by the Board of Governors to the Federal Deposit Insurance Corporation prior to July 1, 1935, but the necessity for further action in this connection was removed by the postponement of the effective date for permanent insurance of deposits and the subsequent enactment of the Banking Act of 1935 which eliminated the requirement for certification. All of the 12 Federal Keserve banks were examined during the year by the Board's Division of Examinations. An examination by the Board's Division of Examinations was made during the year of the head office of the only banking corporation now in operation organized under the provisions of section 25 (a) of the Federal Keserve Act, generally referred to as the Edge Act, to engage in foreign and international banking business, TRUST POWERS OF NATIONAL BANKS During the year 1935 30 national banks were granted authority by the Board to exercise tone or more trust powers under the provisions of section 11 (k) of the Federal Keserve Act? and 15 national banks surrendered their right to exercise such powers. In addition to granting trust powers as stated above, the Board also gave consideration to a number of applications for trust powers where the condition of the bank, the character of the management, the need for fiduciary powers or other related matters were such that the grant of unrestricted trust powers did not appear to be warranted. The disposition of such applications varied according to the facts and circumstances in each case. Certain applications were denied; others were approved in restricted form to permit the applicant bank to acquire certain trust accounts from a predecessor bank but not to acquire new fiduciary business; while in other cases action by the Board was deferred pending an examination of the applicant bank, the strengthening of its capital structure, or action in connection with changes or corrections in the asset condition of the bank, its management or other pertinent factors. On December 31, 1935, 1,923 national banks were holding permits to exercise trust powers. A list of such banks appears on pages 273-292 of this report. In addition, 13 national banks were authorized at that time to exercise restricted trust powers only. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 69 REDUCTIONS I N CAPITAL STOCK OF NATIONAL BANKS The Banking Act of 1935, effective August 23, 1935, eliminated the requirement that reductions in capital stock of national banks be approved by the Board of Governors of the Federal Reserve System. During the period from January 1, 1935, to August 23, 1935, the Board approved the applications of, 76 national banks for permission to reduce the amount of their capital stock. In a great majority of the cases the reductions were in connection with the issuance of preferred stock, the released capital being used to provide for the elimination of worthless and undesirable assets. ADMINISTRATION OF SECTIONS 8 AND 8A OF THE CLAYTON ANTITRUST ACT Section 329 of the Banking Act of 1935 amended the Clayton Antitrust Act by repealing section 8A thereof and by substituting for the first three paragraphs of section 8 a provision prohibiting a private banker or a director, officer, or employee of a member bank of the Federal Reserve System from being at the same time a director, officer, or employee of any other bank, banking association, savings bank, or trust company organized under the National Bank Act or organized under the laws of any State or of the District of Columbia except in certain classes of cases described in the statute and in such other cases, involving not more than one other such institution, as the Board of Governors of the Federal Reserve System may by regulation permit. Under the provisions of the act as amended individual permits are no longer issued by the Board. From January 1, 1935, to August 23, 1935, the effective date of the Banking Act of 1935, the Board acted upon the applications of approximately 680 persons for individual permits to serve at the same time as director, officer, or employee of more than one bank, banking association, savings bank, or trust company where such service was, without such a permit, within the prohibitory provisions of the law. On August 23, 1935, the applications of 20 persons not previously acted upon by the Board were pending in the Board's offices in Washington. A number of these cases involved relationships which were no longer prohibited by the Clayton Act as amended. In addition a small number of cases consisting of applications previously disapproved were awaiting reconsideration. Pursuant to the authority contained in the act as amended, the Board granted permission to any person who had filed an application for permission to serve two or more banks within the prohibitions of section 8 of the Clayton Antitrust Act which had been received at the offices of the Board in Washington on or before August 23, 70 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 1935, and on which the Board had taken no action prior to such date, to serve as director, officer, or employee of any member bank named in such application and of any other one bank, banking association, savings bank, or trust company named in such application, in addition to any service otherwise lawful under the Clayton Antitrust Act, until the adoption of general regulations by the Board or until March 1, 1936, whichever was the earlier. On January 4, 1936, the Board adopted and issued a revision of its Regulation L relating to Interlocking Bank Directorates Under the Clayton Act based upon the provisions of section 8 as amended by the Banking Act of 1935. In the revised regulation the permission above referred to was made applicable to individuals whose applications were pending on August 23, 1935, at the offices of the Federal Reserve agents as well as at the Board's offices in Washington, and was made effective until the next election of directors of the institutions involved or until March 1, 1936, whichever was the earlier, provided the Board had taken no adverse action on such application prior to August 23, 1935. Permission was granted under similar circumstances to a private banker to serve one bank included in his application. ADMINISTRATION OF SECTION 3 2 OF THE BANKING ACT OF 193 3 Section 32 of the Banking Act of 1933 made it unlawful for an officer or director of a member bank to be an officer, director, or manager of an organization engaged primarily in the business of purchasing, selling, or negotiating securities, and prohibited correspondent relationships between such organizations and member banks, except when authorized by a permit therefor issued by the Board; and the Board was authorized to issue such permit if in its judgment it was not incompatible with the public interest and to revoke such permit if the public interest required. During 1935 the Board acted upon 28 applications of individuals under the provisions of that section. Of this number, 5 were denied, and in the remaining cases, it was found that the statute was not applicable. In connection with such cases, there was no change in the policy of the Board which was outlined in its annual report for 1934. The Board also considered a number of requests for rulings as to the applicability of this section in cases in which formal applications were not filed, and also gave further consideration to a number of applications which had previously been denied. The Board also extended until January 1, 1936, the blanket permit referred to in its annual report for 1934 authorizing member banks to have correspondent relationships in connection with underwriting and dealing in United States Government obligations, municipal bonds, and certain other specified types of securities which member ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 71 banks are authorized to underwrite and deal in under other provisions of law. As indicated elsewhere in this report, section 32 of the Banking Act of 1933 was amended, effective January 1, 1936, by the Banking Act of 1935. The amendments eliminated the provisions dealing with correspondent relationships, and made several other changes, one of which authorized the Board to permit interlocking personnel relationships between member banks and securities organizations of the kind referred to above in limited classes of cases, by general regulations rather than by individual permits. AFFILIATES OF MEMBER BANKS The Banking Act of 1935 amended former provisions of law pertaining to reports of affiliates by authorizing the Comptroller of the Currency and the Board to waive the requirement of reports of affiliates of national banks or State member banks, respectively, in cases in which, in their judgment, a report is not necessary to disclose fully the relations between the affiliate and the bank and the effect thereof upon the affairs of the bank. Under authority of the amended provisions both the Board and the Comptroller of the Currency have prescribed conditions with respect to the waiving of such reports. In substance, the waiver applies in all cases where the member bank has no financial interest in the affiliate, either as stockholder or creditor, in an amount in excess of $5,000 or 1 percent of the bank's capital and surplus, whichever is the less, and in all cases where the affiliation arises purely from a fiduciary relationship. The effect is to exempt banks from furnishing reports of organizations which technically are their affiliates, but where the relationship has no practical effect upon the affairs of the banks concerned. Section 301 of the Banking Act of 1935 amended section 2 of the Banking Act of 1933 by providing that the term "holding company affiliate" shall not include (except for purpose^ of section 23A of the Federal Eeserve Act) any organization which is determined by the Board not to be engaged, directly or indirectly, as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks, or trust companies. Under authority of this provision the Board made such determinations with respect to 72 organizations. During the year 1935 the Board acted upon the applications for voting permits submitted by holding company affiliates of member banks in accordance with the provisions of section 5144 of the Revised Statutes, as amended, and section 9 of the Federal Eeserve Act, as amended, and authorized the issuance of permits as follows: 72 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS For general purposes, 34; for miscellaneous limited purposes only, such as issuance of preferred stock, reduction of common stock, etc., 72; for the election of directors for the year 1935 and the transaction of routine matters only, 7; for the election of directors for the year 1935, the transaction of routine matters and for other miscellaneous purposes, 8; for the election of directors for the year 1936 and the transaction of routine matters only, 9. In connection with the issuance of general voting permits, the Board approved, after careful consideration, a form of agreement containing certain standard provisions which, in its opinion, would be appropriate to accomplish the purposes of the law, to be executed by each holding company affiliate as a condition precedent to the issuance of a general voting permit, in addition to such special conditions as the Board might see fit to prescribe in authorizing the issuance of general permits in particular cases. The standard form of agreement is discussed more fully on page 217. MEETINGS OF FEDERAL OPEN MARKET COMMITTEE In accordance with the provisions of the first paragraph of section 12A of the Federal Reserve Act, four meetings of the Federal Open Market Committee were held in Washington during 1935. These meetings were held on February 5, May 27-28, October 22-24, and December 17-18, 1935. The executive committee of the Federal Open Market Committee met from time to time throughout the year as occasion required. MEETINGS OF FEDERAL ADVISORY COUNCIL Four meetings of the Federal Advisory Council were held in Washington during 1935 on the following dates: February 19-20, April 10; September 23-24, and November 20-21. ORGANIZATION, STAFF, AND EXPENDITURES On January 2, 1935, Philip E. Bradley was appointed assistant chief of the Division of Security Loans. Effective May 1, 1935, George B. Vest and B. Magruder Wingfield were appointed assistant general counsel to the Board; R. F. Leonard and C. E. Cagle were appointed assistant chiefs of the Division of Examinations; and J. E. Horbett was appointed assistant chief of the Division of Bank Operations. On May 9,1935, Elliott Thurston was appointed as special assistant to the Governor of the Board. Mr. Thurston's title was changed to special assistant to the Chairman, effective August 23, 1935. ANNUAL KEPOET OF FEDERAL RESERVE GOVERNORS 73 Effective August 23, 1935, the title of Lawrence Clayton, formerly assistant to the Governor, was changed to assistant to the Chairman. The total cost of conducting the work of the Board during the year 1935 was approximately $1,457,435.70. This is exclusive of expenditures in the amount of $825,431.38 made in connection with the acquisition of a site for, and expenses in connection with, the new building to be erected by the Board. Two assessments were levied against the Federal Reserve banks aggregating $1,405,897.96, or somewhat less than one-half of 1 percent of their average paid-in capital and surplus for the year. Under an arrangement with the Federal Reserve Bank of Cleveland the accounts of the Board were audited four times during the course of the year 1935 by the auditor of the Federal Reserve Bank of Cleveland and certify by him to be correct. 56048—36 6 FEDERAL RESERVE BANKS 75 RESERVE BANK CREDIT AND RELATED ITEMS No. 1.—RESERVE BANK CREDIT, MEMBER BANK RESERVE BALANCES, RELATED ITEMS, ANNUAL AVERAGES, 1918-35 AND [Averages of daily figures. In millions of dollars Reserve bank credit outstanding Treasury Mone- and nationtary U. S. Other gold 2 al Bills Gov- Redis- Bills ern- serve Total stock bank curcount- bought ment bank rency 3 ed secur- credities it i Year 1,134 1,906 2,523 1,797 287 324 385 91 134 254 324 264 1922 1923 1924 1925 571 736 373 490 159 227 172 287 1926 1927 1928 1929 572 442 840 952 1930 1931 1932 1933. 1934 1935 272 327 521 283 36 7 1918 . . _ 1919 1920 1921 Treasury Mon- cash ey in and circu- delation posits with F. R. banks* Member bank reserve Other balances Non- Fedmem- eral Reber de-5 serve posits acExcounts6 Total cess' 1,723 2,625 3,390 2,198 2,871 2,842 2,582 3,004 1,867 1,716 1,695 1,758 4,371 4,729 5,191 4,663 391 464 293 263 108 115 67 28 95 155 280 336 1,497 1,719 1,835 1, 671 455 186 402 359 41 1,226 56 1,205 49 996 59 1,195 3,515 3,774 4,152 4,094 1,871 1,991 2,017 2,000 4,248 4,535 4,592 4,582 268 255 260 244 30 27 27 31 286 280 263 264 1, 781 1, 873 2,023 2,167 281 263 328 241 350 417 297 208 55 53 40 59 1,258 1,175 1,505 1,459 4,165 4,277 3,919 3,996 1,985 2,000 2,008 2,015 4,645 4,605 4,496 4,476 242 226 225 229 28 31 29 30 284 300 327 376 2,209 2,290 2,355 2,358 213 245 71 83 25 5 564 669 1,461 2,052 2,432 2,431 38 33 24 11 10 32 1,087 1, 274 2,077 2,429 2,502 2,475 4,173 4,417 3,952 4,059 7,512 9,059 2,025 2,025 2,096 2,271 2,381 2,478 4,245 4,672 5,328 5,576 5,403 5,585 239 251 275 343 2,879 2,919 28 97 56 147 185 252 393 373 351 350 253 255 55 2,379 89 2,323 256 2,114 2,343 528 3, 676 1,564 5,001 2,469 168 141 158 46 43 1 Includes Government overdrafts in 1918, 1919, and 1920. 2 By proclamation of the President dated at 3:10 p. m. Jan. 31, 1934, the weight of the gold dollar was reduced from 25Mo grains to 15%! grains, nine-tenths fine. The resulting increase of $2,806,000,000 (as of Feb. 1, 1934) in the value of the monetary gold stock was covered into the Treasury as a miscellaneous receipt and is reflected in an increase in the item "Treasury cash and deposits with Federal Reserve banks." 3 Comprises outstanding United States notes, national bank notes, silver certificates (included in lieu of the silver dollars or silver bullion pledged against them), Treasury notes of 1890, standard silver dollars (excepting those pledged against silver certificates), subsidiary silver and minor coin, and the Federal Reserve bank notes for the retirement of which lawful money has been deposited with the Treasurer of the United States, including the currency of these kinds that is held in the Treasury and the Federal Reserve banks as well as that in circulation. 4 Government funds on deposit with the Federal Reserve banks and cash (including gold bullion) held in the Treasury excepting (a) gold and silver held against gold and silver certificates and (6) amounts held for the Federal Reserve banks. s Item includes all deposits in Federal Reserve banks except Government deposits and member bank reserve balances. 6 This item is derived from the condition statement of the Federal Reserve banks by adding capital, surplus, reserve for contingencies, and "all other liabilities" and subtracting the sum of bank premises and "all other assets." i Figures not available prior to 1929 and since April 1933 are for licensed member banks only. NOTE.—For description of figures and discussion of their significance, see Bulletin for July 1935, pp. 419429. Reprints of article, together with all available back figures for data contained in tables 2, 3, 4, and 5, may be obtained upon request from Division of Research and Statistics. 76 77 RESERVE BANK CREDIT No. 2.—RESERVE BANK CREDIT, MEMBER BANK RESERVE RELATED ITEMS, BY MONTHS, 1934-35 BALANCES, AND [In millions of dollars] Keserve bank credit outstanding Month U.S. GovBills Bills erndiscount- bought ment secured ities TreaS' ury Mone- and tary nationOther gold al Restock 2 bank serve curbank Total rency credit Treasury Mon- cash Nonand ey in de- memcircu- posits ber delation with posits F. R. banks4 Member bank reserve Other balances Federal Reserve acExcounts* Total Averages of daily figures 1934 January February... March April May June July August September. October November December. 101 70 55 43 36 28 23 21 22 12 18 10 113 87 40 16 6 5 5 5 5 6 6 6 2,432 2,432 2,437 2,439 2,431 2,424 2,432 2,432 2,431 2,430 2,430 2,430 8 6 7 6 7 8 7 7 10 8 7 6 6 6 5 5 5 5 5 5 5 5 5 5 2,430 2,430 2,431 2,431 2,434 2,431 2,430 2,431 2,430 2,430 2,430 2,430 9 6 10 8 12 26 2,656 4,036 2,302 2,597 7,138 2,303 2,535 7,602 2,333 2,507 7,736 2,377 2,479 7,759 2,378 2,464 7,821 2,363 2,469 7,893 2,364 2,463 7,971 2,378 2,469 7,971 2,411 2,457 7,989 2,415 2,466 8,047 2,455 2,472 8,191 2,494 5,382 397 5,339 3,448 5,368 3,298 5,366 3,222 5,355 3,083 5,341 3,054 5,350 2, 999 5,355 2,976 5,427 3,054 5,473 3,011 5,494 2,970 5,577 3,120 146 136 144 170 249 226 219 208 197 177 165 181 304 293 298 268 234 237 230 228 227 234 238 242 2,764 2,822 3,361 3,594 3,695 3,790 3,928 4,045 3,947 3,964 4,100 4,037 891 1,375 1,541 1,623 1,685 1,789 1,884 1,754 1,731 1,834 1,748 21 20 18 29 30 36 30 33 35 39 40 53 2,465 8,284 2,462 8,465 2,461 8,552 2,471 8,641 2,476 8,755 2,479 9,025 2,473 9,128 2,476 9,180 2,480 9,246 2,482 9,545 2,482 9,777 2,494 10,072 5,411 3,053 5,439 2,965 5,477 3,122 5,500 3,209 5,507 2,942 5,522 2,989 5,550 3,032 5,576 2,795 5,651 2,734 5,704 2,693 5,770 2,630 5,897 2,869 194 189 236 258 278 266 293 233 236 307 256 276 242 246 250 256 259 260 259 261 252 253 256 263 4,355 4,601 4,452 4,436 4,778 4,979 4,970 5,232 5,243 5,469 5,757 5,716 2,035 2,237 2,065 2,026 2,297 2,438 2,385 2,636 2,628 2,820 3,061 2,983 9 8 3 9 6 7 1935 January February. _ March April May June July.. August September. October November. December.. 2,504 2,513 2,526 2,548 2,534 2,513 2,504 2,441 2,389 2,398 2,410 2,454 End of month figures 1934 Jan. (Wed.) Feb. (Wed.) Mar. (Sat.). Apr. (Mon.) May (Th.). June (Sat.). July (Tues.) Aug. (Fri.). Sept. (Sat.)Oct. (Wed.) Nov. (Fri.)_ Dec. (Mon.) 83 64 54 39 31 25 22 23 15 11 11 7 111 62 29 9 5 5 5 5 6 6 6 6 2,434 2,432 2,447 2,431 2,430 2,432 2,432 2,432 2,431 2,430 2,430 2,430 2 8 15 6 -4 10 3 4 11 8 6 20 2,630 2,567 2,545 2,485 2,463 2,472 2,462 2,464 2,464 2,455 2,453 2,463 597 3,440 3,292 3,148 3,052 3,015 2,971 2,968 3,051 3,031 3,022 3,150 141 127 157 268 222 233 207 208 178 164 161 189 287 292 299 236 232 232 229 226 228 237 239 241 2,652 3,093 3,457 3,599 3,746 3,840 4,029 4,052 3,934 4,006 4,081 4,096 745 1,146 1,444 1,534 1,662 1,732 1,875 1,867 1,727 1,748 1,801 1,814 7 6 6 5 5 5 5 5 5 5 5 5 5 2,430 2,430 2,437 2,430 2,430 2,433 2,430 2,432 2,430 2,430 2,430 2,431 19 23 21 27 26 37 23 37 32 40 39 45 2,461 8,391 2,495 5,380 2,991 2,465 8,527 2,519 5,467 3,004 2,471 8,567 2,540 5,493 3,358 2,468 8,710 2,544 5,478 2,996 2,469 8,858 2,525 5,540 2,969 2,480 9,116 2, 506 5,568 2,968 2,465 9,144 2,510 5,518 2,991 2,485 9,203 2,398 5,629 2,694 2,477 9,368 2,386 5,683 2,740 2,482 9,693 2,400 5,713 2,657 2,480 9,920 2,438 5,846 2,619 2,486 10,125 2,476 5,882 3,110 191 207 226 271 254 325 253 198 304 299 284 255 243 246 253 263 257 261 257 260 250 258 253 253 4,543 4,587 4,247 4,715 4,832 4,979 5,100 5,305 5,254 5,648 5,835 5,587 2,206 2,199 1,846 2,253 2,318 2,414 2,513 2,708 2,600 2,970 3,100 2,844 4,033 7,438 7,694 7,757 7,779 7,856 7,931 7,978 7,978 8,002 8,132 8,238 2,302 2,302 2,361 2,378 2,368 2,366 2,361 2,408 2,405 2,434 2,468 2,511 5,289 5,354 5,394 5,368 5,357 5,373 5,317 5,396 5,456 5,453 5,549 5,536 1935 Jan. (Th.)_. Feb. (Th.). Mar. (Sat.). Apr. (Tues.)May (Fri.)_ June (Sat.). July (Wed.) Aug. (Sat.). Sept. (M.). Oct. (Th.)_. Nov. (Sat.). Dec. (Tu.)_ 6 8 6 8 6 7 11 10 6 6 5 For footnotes see table 1. Back figures.—See special reprint referred to in note, table 1. 78 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 3.—RESERVE BANK CREDIT, MEMBER BANK RESERVE BALANCES, AND* RELATED ITEMS, BY WEEKS, 1935 (WEDNESDAY FIGURES) [In millions of dollars] Member Treas3ank reserve^ Treasury Other balances ury Mone- and cash Non- Fedtary nation- Money in and mem- eral Other gold de- ber al tircu- posits Exde- Reitock 2 bank Reation with posits 5 serve cess serve ac- 6 Total (esticur- 3 bank Total F. R. 3ounts rency mat-7 anks creded) it Reserve bank credit outstanding Date day) (Wednes- U.S. GovBills dis- Bills erncount- bought ment securities 1935 Jan. 2 Jan. 9 Jan.16... Jan.23._. Jan.30._. Feb. 6 . . . . Feb. 13..Feb. 20___ Feb. 27— 2,431 2,430 2,430 2,430 2,430 2,430 2,430 2,430 2,430 2,466 2,450 2,448 2,450 Mar. 6__._ Mar. 13— Mar. 20... Mar. 27— 2,430 2,430 2,430 2,430 Apr. 3 Apr. 10... Apr. 17— Apr. 24... May May May May May 2,514 2,508 2,504 2,500 2,497 5,534 5,420 5,382 5,347 5,358 3,164 3,094 3,019 2,994 3,007 190 194 215 188 194 240 242 242 241 242 4,090 4,283 4,388 4,501 4,542 1,802 1, 9862,069 2,162 2, 203- 8,421 8,456 8,489 8,524 2,503 5,407 2,525 5,430 2,522 5,442 2,520 5,442 2,930 2,995 2,932 3,006 176 18! 193 211 246 245 247 246 4,633 4,580 4,645 4,588 2,284 2, 2402,272: 2,201 10 2,452 2,460 2,455 2,452 8,546 8,551 8,554 8,563 2,517 2,525 2,521 2,535 5,478 5,454 5,453 5,436 2,998 3,009 3,220 3,335 23' 238 243 241 246 247 254 253 2,185' 2,191 1,950 1,888 2,431 2,430 2,431 2,430 2,462 2,463 2,470 2,45! 8,568 8,614 8,672 8,701 2,548 5,497 2,549 5,48" 2,549 5,512 2,550 5,459 3,404 3,376 3,149 2,978 230 224 271 288 253 253 257 258 4,555 4,588 4,361 4,285 4,193 4,28: 4,501 4,719 1 8 15— 22... 29— 2,430 2,430 2,430 2, 430 2,430 2,463 2,466 2,473 2,459 2,467 8,721 8,728 8,737 8,762 2,543 2, 536 2, 534 2,531 2,526 5,489 5,496 5,494 5,481 5,511 2,978 2,938 2,901 2,906 2,970 276 277 285 262 263 261 259 259 258 4,721 4,758 4,822 4,821 4,827 2,252' 2,304 2,350 2,328 2,322 June 5 June 12... June 1 9 — June 2 6 — 2,430 2,430 2,430 2,430 2,475 2,472 2,482 2,472 8,916 9,016 9,089 9,109 2,521 2,514 2,510 2,508 5,514 5,493 5,498 5,498 3,030 2,988 3,023 2,991 196 214 301 306 25' 258 264 263 4,914 5,049 4, 996 5,029 2,400 2,521 2,445 2,471 July3 July 10.— July 17... July 24... July 31... Aug. 7— Aug. 14... Aug. 21... Aug. 28— 2,431 2,430 2,430 2,430 2,430 2,468 2,473 2,472 2,460 2,465 9,119 9,123 9,127 9,135 9,144 2,504 2,503 2,501 2,503 2,510 5,619 5,551 5,530 5,496 5,518 3,002 2,932 3,086 3,134 2,991 312 302 302 265 253 258 263 258 258 25: 4,900 5, 05: 4,924 4,945 5,100 2,320 2,456 2,340 2,335 2, 513 2,430 2,430 2,430 2,430 2,476 2,47' 2,468 2,471 9,158 9,184 9,189 9,197 2,477 2,437 2,421 2,408 5,550 5,558 5,574 5,573 2,932 2,775 2,722 2,683 253 251 230 213 261 259 260 260 5,115 2,547 5,254 2,667 5,291 2, 682" 5,346 74& Sept. 4.. Sept. 11. Sept. 18. Sept. 25. 2,430 2,430 2,430 2,430 2,472 2,479 2,472 2,474 9,209 9,219 9,240 9,297 2,395 2,391 2,390 2,382 5,650 5,638 5,632 5,626 2,746 2,629 2,839 2,778 193 186 244 259 248 250 250 5,228 5,388 5,136 5,236 2,6432, 790 2,527 2,592 Oct. 2.... Oct. 9 Oct. 16... Oct. 23... Oct. 30... Nov. 6.... Nov. 13.. Nov. 20Nov. 27~ 2,430 2,430 2,430 2,430 2,430 2,470 2,478 2,496 2,472 2,474 9,414 9,463 9,584 9,629 9,686 2,399 2,396 2,404 2,397 2,40] 5,688 5,698 5,696 5,684 5,686 2,814 2,747 2,693 2,694 2,665 306 313 307 292 296 251 250 254 25' 26C 5, 224 5,330 5, 534 5, 575 5,653 2, 569' 2,694 2,8782,900' 2,981 2,430 2,430 2,430 2,430 2,462 2,492 2,471 2,472 9,714 9,747 9,804 9,874 2,40: 2,39c 2,40c 2,42: 5,754 5,741 5,739 5,820 2,655 2,641 2,648 2,62£ 236 24! 26! 28: 260 257 253 252 5, 671 5,746 5, 782 5, 789 2, 993 3,052 3, 069' 3,051 Dec. 4... Dec. 11__ Dec. 18_. Dec. 24.. Dec. 3 1 - 2,430 2,430 2,43C 2,43: 2,43: 2,471 2,474 2,483 2,523 2,48e 10,005 10,06S 10,09* 10,11. 10,125 2,442 2,447 2,458 2,464 2,476 5,845 5, " 5,902 5,"" 5, 2,626 2,558 3,161 3,15 3, IK 283 28C 281 26C 2bl 26: 271 258 25C 252 6,04C 5,43' 5, 42S 5, 587 3,173 3,304 2, 706 2,693 2,844 2,461 8,243 24 2,467 8,258 2,468 8,273 2,463 8,308 2,460 8,387 For footnotes see table 1. Backfigures.—Seespecial reprint referred to in note, table 1. 1,821 1,907 2,095 2, 264 No. 4.—RESERVE BANK CREDIT, MEMBER BANK RESERVE BALANCES, AND RELATED ITEMS, CALL DATES, 1921-35 [In millions of dollars] Reserve bank credit outstandingr Call date* Bills discounted Bills bought U. S. Government securities Other Reserve bank credit 2,062 268 105 1921—Apr. 28 (Thursday)... 40 1,751 259 June 30 (Thursday).. _ Dec. 31 (Saturday) 145 1,144 234 91 613 466 1922—Mar. 10 (Saturday).... 161 461 555 June 30 (Friday) 609 426 271 Dec. 29 (Friday) 1923—Apr. 3 (Tuesday) 265 723 245 206 102 June 30 (Saturday) 837 Sept. 14 (Friday) 181 864 111 355 723 134 Dec. 31 (Monday) 1924—Mar. 31 (Monday).... 228 518 263 37 334 431 June 30 (Monday) Oct. 10 (Friday) 180 226 589 387 320 540 Dec. 31 (Wednesday).. 1925—Apr. 6 (Monday) 305 402 360 June 30 (Tuesday) 254 491 353 Sept. 28 (Monday) 259 608 332 Dec. 31 (Thursday) ___. 374 643 375 1926—Apr. 12 (Monday) 262 525 363 June 30 (Wednesday).. 249 521 385 Dec. 31 (Friday) 381 637 315 1927—Mar. 23 (Wednesday). 342 231 457 June 30 (Thursday)... 211 443 370 Oct. 10 (Monday) 258 446 503 Dec. 31 (Saturday).... 392 582 617 1928—Feb. 28 (Tuesday) 346 481 401 June 30 (Saturday) 235 217 1,095 Oct. 3 (Wednesday).. 310 1,026 231 Dec. 31 (Monday) 1,056 489 228 * Dates for which calls were issued for reports of condition of national banks the Federal Reserve Board. (For other footnotes see table 1.) Back figures.—See special reprint referred to in note, table 1. i oiai Treasury and naMonetional tary gold 2 bank stock currency 3 Treasury Other and NonMoney cash Federal member 5 Reserve in circu- deposits with 6 lation Federal deposits accounts Reserve banks * Member bank reserve balances Total Excess* (estimated) 34 318 1,657 23 1,713 276 2,869 4,763 241 28 338 1,604 -28 2,988 1,750 4,624 310 27 285 1,753 99 3,373 1,842 4,403 37 274 1,719 56 230 3,445 1,838 4,201 253 30 283 L, 820 31 3,498 1,862 4,176 28 275 ,919 68 232 3,645 1,957 4,537 308 21 279 ,891 49 3,683 1,984 4,451 29 280 L, 852 2 243 3,763 1,975 4,536 267 21 281 L, 870 40 3,832 1,999 4,619 23 275 L, 898 14 251 3, 957 2,009 4,757 328 22 269 L, 885 12 4,077 2,015 4,612 262 23 261 L, 944 -30 4,201 2,019 4,562 269 25 259 2,114 25 4,216 2,018 4,608 262 39 258 2,220 59 4,212 2,025 4,760 233 34 265 2,095 17 4,047 2,015 4,549 27 263 2,172 21 229 4,073 1,997 4,524 244 28 269 2,145 4 4,094 1,985 4,634 29 272 2,212 -44 219 4,112 1,977 4,817 270 23 281 2,125 4 3 4,165 1,984 4,613 212 20 282 2,229 3 4,160 1,986 4,598 218 65 293 2,194 -56 4,205 1,991 4,808 23 298 2,300 80 205 4, 313 1,994 4,535 242 34 296 2,249 -64 4,300 2,003 4,564 31 302 2,302 1 223 4,286 2,003 4,667 226 26 301 2,487 63 4,092 2,006 4,716 231 22 311 2,355 23 4,075 2,007 4,408 224 29 325 2,325 -20 3,822 2,006 4,510 239 32 339 2,350 38 3,838 2,010 4,520 225 27 348 2,389 -41 3,854 2,012 4,686 by the Comptroller of the Currency and for State member banks of the Federal Reserve System by 31 45 40 7 24 83 51 58 71 27 17 30 46 54 48 46 44 67 15 39 49 24 58 29 64 19 38 64 35 2,466 2,096 1,563 1,177 1,202 1,389 1,284 1,202 1,227 1,238 1,026 831 1,041 1,302 1,115 1,144 1,243 1,459 1,165 1,194 1,381 1,054 1,082 1,236 1, 655 1,247 1,585 1,631 1,809 No. 4.—RESERVE BANK CREDIT, MEMBER BANK RESERVE BALANCES, AND RELATED ITEMS, CALL DATES, 1921-35—Continued 00 O [In millions of dollars] Reserve bank credit outstanding Call date* Bills discounted 1929—Mar. 27 (Wednesday) June 29 (Saturday) Oct. 4 (Friday) Dec. 31 (Tuesday): 1930—Mar. 27 (Thursday) June 30 (Monday) Sept. 24 (Wednesday) Dec. 31 (Wednesday) 1931—Mar. 25 (Wednesday) June 30 (Tuesday)Sept. 29 (Tuesday) Dec. 31 (Thursday) 1932—June 30 (Thursday) Sept. 30 (Friday) Dec. 31 (Saturday) 1933—June 30 (Friday) Oct. 25 (Wednesday) Dec. 30 (Saturday) 1934—Mar. 5 (Monday) June 30 (Saturday) Oct. 17 (Wednesday) Dec. 31 (Monday) 1935—Mar. 4 (Monday). June 29 (Saturday) Nov. 1 (Friday) Dec. 31 (Tuesday) __. „ 1,024 1,037 898 632 205 272 167 251 165 149 ••330 638 440 * 332 235 164 115 98 60 25 12 7 7 6 7 5 »• R e v i s e d . (For footnotes see preceding page and table 1.) Bills bought 82 297 392 279 128 198 364 83 106 423 339 67 33 33 48 7 133 52 5 U.S. Other Govern- Reserve ment bank securities credit 170 216 134 511 529 591 602 729 599 668 750 817 1,784 1,854 1, 855 1,998 2,400 2,437 2,447 2,432 2,430 2,430 2,430 2,433 2,430 2,431 Total 1,429 1,400 1,414 1,583 1,051 1,018 991 1,373 858 943 1,532 1,853 2,310 2,233 2,145 2,220 2,526 2,688 2,565 2,472 2,457 2,463 2.456 2,480 2,480 2,486 Treasury and naMonetary gold tional bank stock 2 currency 3 3,887 4,037 4,087 3,997 4,137 4,248 4,219 4,306 4,402 4,669 4,470 4,173 3,632 3,906 4,226 4,031 4,036 4,036 7,505 7,856 7,990 8,238 8, 545 9,116 9,703 10,125 2,012 2,019 2,010 2,022 2,022 2,025 2,026 2,027 2,027 2,C22 2,023 2,035 2,057 2,154 2,204 2,286 2,277 2,303 2,302 2,366 2,410 2,511 2,518 2,506 2,404 2,476 Treasury and Other NonMoney cash Federal member Reserve in circu- deposits with lation Federal deposits ' accounts Reserve4 banks 4,380 4,459 4,552 4,578 4,203 4,235 4,148 4, 603 4,260 4,535 4,937 5,360 5,408 5,366 5,388 5,434 5,321 5,519 5,403 5,373 5,469 5,536 5,504 5,568 5, 738 5,882 225 240 240 245 236 237 256 230 262 271 262 276 222 315 280 299 302 287 3, 355 3,015 2,968 3,150 2,969 2,968 2,659 3,110 28 28 28 30 25 40 25 28 24 77 134 110 42 36 43 166 167 132 135 233 183 189 235 325 247 255 363 374 389 393 400 391 391 375 354 345 352 355 346 357 360 293 232 239 241 248 261 258 253 Member bank re* serve balances Total 2,332 2,356 2,301 2,355 2,345 2,389 2,416 2,471 2,357 2,381 2,329 1,961 1,982 2,225 2,509 2,292 2,729 3.186 3,840 3,996 4,096 4,563 4,979 5,685 5,587 Excess 7 (estimated) 24 23 -18 -73 54 33 73 130 -33 162 375 576 475 847 859 1,235 1, 732 1,762 1,814 2,196 2,414 3,003 2,844 3 8 = o O CO 81 .RESERVE BANK CREDIT N o . 5 . — D E P O S I T S , TOTAL RESERVES, N O T E CIRCULATION, AND RESERVE P E R CENTAGE OF FEDERAL RESERVE BANKS, BY MONTHS, 1932-35 [Monthly averages of dailyfigures.In thousands of dollars] Deposits Reserves * Reserve percent- Total Excess Federal Reserve note circulation 34,846 28,644 21,149 22,431 29, 240 31, 207 35, 555 29, 227 23,811 28,160 24,785 25,105 3, 251,003 3, 227, 292 3, 263,963 3, 303,481 3,188,944 2, 868, 022 2,863, 244 2,979, 710 3,110, 670 3, 221,124 3, 291, 278 3, 354, 736 1,444, 557 1,456, 715 1, 530,427 1, 544, 659 1, 376,4*77 1, 057,898 985,171 1,086,942 1,199,446 1, 294, 730 1, 350,856 1, 380, 693 2, 652, 235 2, 663, 844 2, 605,484 2, 557, 789 2, 562,152 2, 630,151 2,862, 633 2, 847, 296 2, 794, 624 2, 732, 350 2, 707,400 2, 740, 096 68.0 69.0 71.2 70.9 66.3 59.8 57.8 59.6 61.5 63.0 63.8 63.9 26, 352 27,434 103, 370 1, 504, 230 1,423, 853 885, 640 1,440, 731 1, 627, 030 1, 702,806 1, 703, 693 1,705,937 1, 663,130 1, 627,989 1, 599,466 1, 552,841 2, 714, 658 2,918, 694 4, 042, 351 3, 535,436 3,305,073 3,127,660 3, 061, 785 2,999, 260 3, 000,866 2,995,112 2.988,995 3, 071, 601 65.8 64.5 52.7 62.8 66.7 68.3 68.3 68.1 66.7 65.6 64.9 136, 672 3, 500,869 3,433, 523 3, 238, 821 3, 653, 329 3, 770,198 3, 813, 676 3,810,345 3,817,816 3,813,013 3,810, 216 3,794, 330 3, 771,973 2, 763, 943 87, 558 4,430 4,380 2, 821,846 80,432 6,245 3, 361, 382 42,159 5,090 3, 593, 505 54,567 3, 694,792 62, 675 6,104 3, 790, 029 115, 025 4,642 3,927,995 58, 648 5,817 4, 044,979 55, 615 8,667 3,946, 573 138, 696 11, 238 3,964, 277 91, 278 8,194 4,100, 270 44,722 12,945 4, 037, 355 136,868 17, 740 141,865 131,890 138, 046 165, 322 243, 267 221, 488 213, 541 199, 577 185,487 168, 910 151, 767 163, 066 3, 798, 407 3,867, 322 4,445,932 4, 685,404 4,864, 715 5, 007,689 5, 081, 265 5,196,424 5, 204, 506 5,196, 738 5, 269,859 5,358, 665 1, 555, 643 1,618,805 2,002, 525 2,132,161 2, 237,778 2, 332, 968 2, 370, 287 2, 444,482 2,443, 543 2,443,880 2,488, 592 2, 542,156 2,983, 839 2,962, 562 3,004,165 3,041,933 3, 061, 360 3, 072,017 3, 097,194 3,109, 622 3,155, 662 3,178, 569 3,182,176 3, 230, 621 63.5 64.4 67.9 68.3 68.8 69.5 69.6 70.0 70.0 70.1 70.3 70.6 4, 354,901 72, 603 4,601, 366 55,452 4,452, 244 202,016 4,436,321 270,890 4, 777, 845 60, 285 4,978,868 81,003 4,970, 204 193,107 5, 232,191 65, 752 5, 242,784 101,753 5,468, 553 55, 299 5,757, 219 49,434 5,715, 582 323,983 174, 773 175,166 219, 384 238, 531 248,922 239, 675 268,414 210,497 218,836 287, 570 226, 027 242,853 5, 516, 280 5, 746, 597 5, 819,381 5,905, 770 6,047, 645 6, 290,914 6,491,466 6, 630, 557 6,766, 237 7,088, 300 7, 397, 586 7, 759,832 2, 651,415 2,800, 768 2,845, 689 2, 899, 219 2,991,098 3,146, 346 3, 274, 288 3, 361,130 3,439,452 3, 643,981 3,842, 229 4, 070, 663 3,118,618 3,124,421 3,154,971 3,171, 538 3,164,923 3, 201,103 3, 268,471 3, 334,415 3,433, 624 3,508,992 3, 583,967 3,697,059 71.3 72.1 72.3 72.6 73.0 73.8 74.4 74.8 75.1 75.9 76.7 77.5 Total Member bank reserves U.S. Government 2,130,148 2, 014, 397 1,975, 263 2,102, 019 2, 250, 302 2,165,897 2, 094, 343 2,153,856 2, 266,783 2, 381, 297 2,449,892 2, 508, 584 1,979,097 1,907,477 1,898,965 1,996,009 2,137, 649 2, 061,915 2, 002, 587 2, 073, 220 2,181,129 2, 307,406 2, 378,454 2,434, 553 37, 695 33,979 39, 214 42,756 36,146 39,047 45,472 40, 321 51, 028 35, 886 30, 967 30,845 78, 510 44, 297 15,935 40,823 47, 267 33, 728 10, 729 11,088 10, 815 9,845 15, 686 18, 081 2, 602, 216 2,406, 264 2,103, 545 2, 281, 210 2, 346,110 2,456, 588 2, 519, 824 2, 606, 214 2, 712,962 2,811,949 2, 855, 046 2, 829,975 2, 515,908 2, 291, 043 1,914, 046 2, 085, 635 2,124, 813 2, 210,970 2, 268,125 2, 374, 606 2,488,903 2, 589, 688 2, 629,144 2, 615, 798 26, 729 36, 577 55, 686 39,927 48, 320 81, 330 73, 028 45,455 55, 513 59, 632 67, 655 70, 677 33, 227 51,210 30,443 17,183 21, 748 15, 346 16, 550 23,316 22, 234 15,484 8,405 6,828 2, 997, 796 3,038, 548 3, 547, 832 3, 818,484 4,006, 838 4,131,184 4, 206, 001 4, 308, 838 4, 281,994 4, 232, 659 4, 309, 704 4,355, 029 4, 621,195 4,845,888 4, 890, 584 4,965, 532 5,115,936 5, 326,077 5,456, 544 5, 530,459 5,580,957 5, 830, 635 6, 062,199 6, 315, 272 Month Foreign bank Other 1932 January February March April May June. July August September __ October NovemberDecember.-. 1933 January February March April May June July August September.. October November— December.-- 138,465 151, 229 148,942 162,121 162, 837 146, 312 147,145 149,842 1934 January February March April -„ May June July August September __ October November— December-_. 1935 January February March April May .„ June July August September. _ October NovemberDecember.— 18,918 13,904 16,940 19, 790 26, 531 24, 819 22, 019 17, 584 19, 213 29, 519 32,854 1 Figures include certain classes of coin and currency not counted as a part of reserves prior to May 12, 1933. Back figures.—See Annual Report for 1933 (tables 9 and 10) and similar tables in previous annual reports. 82 No, ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 6,—FEDERAL RESERVE BANKS—ASSETS AND LIABILITIES IN 1 DEC. 31, 1935 DETAIL, ASSETS [Amounts in the column to the right are those shown in the Board's weekly statement, their components being shown in the column to the left. In thousands of dollars] Gold certificates with Federal Reserve agents Gold certificates in interdistrict settlement fund with Board of Governors Gold certificates held by banks Gold certificates on hand and due from U. S. Treasury Redemption fund—Federal Reserve notes Total gold reserves Other cash: United States notes Silver certificates Standard silver dollars __ National bank notes. Federal Reserve bank notes Subsidiary silver, nickels, and cents. 3,970,842 3,572,028 10,487 7,553,357 17,444 7,570,801 67,443 167,957 3,985 10,099 1,335 13,731 Total other cash 264,550 Total reserves 7,835,351 Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed: Discounted for member banks _ For others Total secured by U. S. Government obligations direct and/or fully guaranteed _ Other bills discounted: For member banks For others _ Total other bills discounted 1,538 3 1,541 2,778 353 _ 3,131 Total bills discounted 4,672 Bills bought—payable in foreign currencies Industrial advances U. S. Government securities bought outright: Bonds issued since 1921 __. _ Other Government bonds Total bonds Treasury notes.. Treasury bills U. S. securities bought under repurchase agreement: Bonds issued since 1921 4,656 32,493 _ 215,032 644 215,676 1,641,597 572,958 500 Total U. S. Government securities 2,430,731 Other securities Total bills and securities Due from foreign banks Federal Reserve notes of other Reserve banks Uncollected items: Transit items _ Exchanges for clearing house _ Other cash items 181 2,472,733 665 27,445 Total uncollected items Bank premises.... All other assets: Claims account closed or suspended banks Premium on securities _ Interest accrued Deferred charges Suspense account and miscellaneous assets Total all other assets Total assets i Before closing books at end of year. 552,499 29,283 22,007 603,789 50,398 _ 5,110 16,601 10,613 452 6,542 39,318 — 11,029, 699 RESERVE BANK CREDIT No. 6.—FEDERAL RESERVE 83 BANKS—ASSETS AND LIABILITIES IN DETAIL, DEC. 31, 1935—Continued LIABILITIES [Amounts in the column to the right are those shown in the Board's weekly statement, their components being shown in the column to the left. In thousands of dollars] Federal Reserve notes outstanding (issued to Federal Reserve bank) Held by banks and branches Forwarded for redemption Federal Reserve notes in actual circulation Deposits: Member bank—reserve account U. S. Treasurer—general account Foreign bank Other deposits: Nonmember clearing account Officers' checks Federal Reserve exchange drafts Allother... 4,047,052 326,527 11,451 _ _._ _ _-. 3,709,074 5,586,433 543,544 28,935 _ 91,325 22,149 571 111,851 ... - Total other deposits 225,896 Total deposits Deferred availability items: Government transit items All other transit items Total deferred availability items Capital paid in Surplus (sec. 7) Surplus (sec. 13b) _ Reserve for contingencies: Reserve for self-insurance Reserve for losses Total reserve for contingencies. All other liabilities: Earnings: Gross earnings Current expenses Current net earnings. Add—profit and loss Deduct: Furniture and equipment Dividends accrued since closing of books _ 6,384,808 17,970 573,586 .— _ - 9,092 21,594 _ 30,686 42,752 31,577 _ 11,175 6,914 _._ 236 8,505 Net earnings available for depreciation allowances, reserves, and surplus.. Accrued dividends unpaid Unearned discount Discount on securities ._ Suspense account and miscellaneous liabilities _ 9,348 777 29 244 3,571 Total all other liabilities 591,556 130,512 144,893 24,201 13,969 Total liabilities 11,029,699 Back figures—See Annual Report for 1934 (table 15) and similar tables in previous annual reports. 00 No. 7—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH [In thousands of dollars] 1934 1935 Dec. 31 J a n . 31 5,124,347 5,389,056 5, 542,567 5, 576,023 5, 748,844 5, 878, 298 6,180,188 6,224,116 6, 482,233 6, 613, 650 7, 033, 647 7,329, 649 7, 553, 357 Feb. 28 M a r . 31 Apr. 30 M a y 31 June 30 J u l y 31 Aug. 31 Sept. 30 Oct. 31 N o v . 30 Dec. 31 ASSETS Gold certificates on hand and due from U. S. Treasury Redemption fund—Federal Reserve notes - - -Other cash __ __ ___ Total reserves Redemption fund—Federal Reserve bank notes Bills discounted: For member banks _For nonmember banks, etc Total bills discounted Bills bought: Payable in dollars Payable in foreign currencies Total bills bought Industrial advances U. S. Government securities: Bought outright Under resale agreement Total U. S. Government securities. Other Reserve bank credit: Other securities.-. _ Due from foreign banks Reserve bank floatl Total Reserve bank credit outstanding 19, 060 257, 577 5,400,984 15, 875 275,346 16, 299 247,913 15, 649 232, 933 20, 520 244,137 22, 248 207, 444 22, 882 222, 979 21,829 269,230 19,915 213, 596 19, 697 204, 237 19, 727 231, 685 17, 669 218, 557 17, 444 264, 550 5, 680, 277 5,806, 779 5, 824, 605 6, 013, 501 6,107, 990 6, 426,049 6, 515,175 6, 715, 744 6, 837, 584 7, 285,059 7, 565, 875 7, 835, 351 1,677 1,841 250 6,988 74 6,595 65 5,693 269 7,373 243 5,678 144 8,385 40 5,740 29 6,563 7 11, 261 8 9,760 8 6,332 9 6,072 • 107 4,316 356 7,062 6,660 5,962 7,616 5,822 8,425 5,769 6,570 11,269 9,768 6,341 6,179 4,672 112 5,501 36 5,502 5,504 5,305 4,696 4,700 4,689 4,687 4,685 4,688 4,676 4,674 4,656 5,613 14,301 5,538 17, 545 5,504 19, 397 5,305 21,173 4,696 26,309 4,700 26, 967 4,689 27, 638 4,687 28,354 4,685 29, 467 4,688 30,166 4,676 32, 729 4,674 32, 574 4,656 32,493 2, 430,256 2,430,309 2,430, 282 2, 437,303 2, 430, 215 2, 430, 220 2, 432, 246 2, 430, 209 2, 432, 210 2, 430,179 2, 430,194 2,430,178 2,430, 231 500 500 2, 430, 256 2,430, 309 2,430, 282 2, 437, 303 2, 430, 215 2, 430, 220 2, 432, 746 2, 430, 209 2, 432, 210 2, 430,179 2, 430,194 2, 430,178 2,430, 731 805 4,880 805 206 803 3,144 702 2 904 702 27 700 2 2,113 633 8.548 635 2 5, 438 640 6,549 638 1,651 181 641 6, 765 181 645 5,514 181 665 12, 233 2, 462,917 2, 461,063 2, 465,092 2, 471,195 2, 467, 771 2, 468,899 2,480, 023 2,465,017 2,484, 820 2, 477, 090 2, 481, 527 2, 479,945 2,485, 631 Federal Reserve notes of other Reserve banks Uncollected items not included in float. _ Bank premises All other assets Total assets 28,502 455,252 49,161 43, 652 8,442,145 19,145 459,125 49,307 48, 657 18,445 [485,883 49,436 15,067 429, 666 49, 524 42,947 18,150 506, 434 49, 617 40, 205 15,316 475,476 49, 701 47,227 1, 719, 415 8,872,579 8,833, 004 9,095, 678 9,164, 609 18, 951 511, 095 49, 826 43,197 17,127 460, 873 49, 904 47, 516 19,989 432, 064 49, 966 46, 632 21, 823 443,148 50,074 42, 771 22, 741 534,139 50,169 42, 055 20, 262 620,167 50, 279 43,538 27, 445 591, 556 47, 723 i, 529,141 9, 555,612 9, 749, 215 9, 872,490 10, 415, 690 10, 780,066 11,025, 800 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks Outside Federal Reserve banks Total Federal Reserve notes in circulation 3 _ Federal Reserve bank note circulation— net -. Deposits: Member bank—reserve account Government Foreign bank Other deposits Total deposits Deferred availability items Capital paid in Surplus (sec. 7) Surplus (sec. 13b) Reserve for contingencies All other liabilities Total liabilities Contingent liability on bills purchased for foreign correspondents Commitments to make industrial advances 21,823 22, 741 19, 989 18, 951 18,445 18,150 15,316 17,127 20,262 28, 502 19,145 15, 067 27,445 3,192, 605 3,065,377 3,135,869 3,150, 582 3,134, 629 3,173, 219 3, 238, 889 3, 244,495 3,378,601 3, 451,996 3, 509,150 3, 626,835 3, 681, 629 3, 221,107 3, 084, 522 3,154,314 3,165, 649 3,152, 779 3,188, 535 3,257,840 3, 261, 622 3, 398, 590 3, 473,819 3, 531,891 3, 647,097 3, 709, 074 26,390 120, 746 19,394 169, 264 25,412 1,301 4, 543,331 4, 587,083 4, 247, 242 4, 714, 787 4,831, 626 4, 978, 770 5, 099, 616 5,305, 337 5, 253,916 5, 647, 701 5,835,228 5, 587,208 60,449 543, 770 125, 981 58, 751 54, 569 52, 647 102, 235 95,156 98,360 46, 425 75, 588 418, 858 70,063 23, 288 14, 602 28,935 18,254 14, 452 22, 415 23, 772 14,184 15, 252 39,178 19,186 184,212 229, 553 192,116 176,475 225,896 179, 957 289,637 276, 413 255, 419 245, 246 301,218 207,306 4,405,350 4,809, 578 4, 888,957 4,892, 592 5,083, 818 5,146, 350 5,405, 995 5, 478, 438 5, 562, 299 5,612, 574 5,999,176 6,166, 077 6, 385,809 455, 252 146,725 144,""" 30, 816 3,543 459,125 144,893 11, 560 30, 820 6, """ 485,883 147, 002 144, f " 13,445 30, 824 5,960 429, 666 146, 922 144, 893 14, 781 30, 804 7,697 506, 434 146, 662 144, 893 19, 209 30,807 11, 076 475, 476 146, 655 144, 893 20, 065 30, 781 11,854 511, 146, 144, 20, 30, 11, 095 575 893 870 777 r 460, 146, 144, 21, 30, 10, 873 647 893 572 781 786 432, 146, 144, 22, 30, 11, 064 732 893 824 777 036 8, 442,145 8, 719, 415 8, 872, 579 8, 833,004 9,095, 678 9,164, 609 9, 529,141 9, 555, 612 9, 749,215 675 317 405 10,047 11, 738 14, 435 443,148 130,653 144,893 23, 457 30, 694 13,252 534,139 130, 356 144, 893 23, 457 30, 698 21, 080 620,167 130, 440 144, 893 23, 457 30, 701 17, 234 591, 556 130, 512 145, 501 24, 235 35,081 4,032 872,490 10, 415, 690 10, 780,066 11,025,800 20 15,964 16,929 19, 507 20,798 23,022 26,837 27,036 28, 036 27, 649 1 Uncollected items in excess of deferred availability items. 2 Deferred availability items in excess of uncollected items. 3 Differs from figures given in table 30, by the amount of Federal Reserve notes held by (a) other Federal Reserve banks and (b) the U. S. Treasury. Back figures.—See Annual Report for 1934 (table 16), and similar tables in previous annual reports. OO C 00 No. 8.—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT END OF 1934 AND 1935 [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 5,124,347 19,060 257, 577 7, 553,357 17,444 264, 550 363, 292 662 31, 028 516, 822 2,995 32, 719 1,836,676 1,499 56, 764 3,320,993 1,792 54,360 271,119 2,525 35, 661 370, 230 1,168 34,078 383, 641 1,770 13,315 515,847 1,055 19, 226 185,213 1,923 13, 259 231,954 1,283 13,649 5,400,984 1,677 7, 835,351 394,982 250 552,536 1,894,939 1,427 3,377,145 309,305 405,476 398,726 536,128 200,395 246,886 3,494 3,568 1,541 3,131 995 60 307 61 1,538 2,690 832 2,198 556 437 250 128 190 125 10 33 75 64 45 13 7,062 5,613 14,301 4,672 4,656 32,493 1,055 404 1,775 368 343 2,941 4,228 1,982 813 3,030 1,738 7,741 993 584 3,236 378 484 6,768 315 528 932 43 444 1,784 139 209 1,540 58 175 4,460 395,665 1,507,116 527,475 216,176 1,641,597 572,958 23, 206 98,827 35,638 14,420 107,636 35, 615 141,018 475, 234 161, 566 55,908 498,307 187,668 25,138 104, 810 37,172 16,848 120,857 39,415 30,558 134,108 48,359 19, 070 149,491 49,464 14,859 65,195 23,509 10,209 80,028 26,479 2,430, 256 2,430,731 181 157,671 157,671 777,818 741,883 167,120 177,120 213,025 218,025 103, 563 116, 716 2,457, 232 805 28,502 460,132 49,161 43,652 2,472,733 665 27,445 603, 789 47,723 38,094 160,905 60 352 50,870 3,168 617 161,323 50 343 67,045 3,113 411 784,841 299 6,950 126,519 11,437 30,002 754,392 265 5,483 166,040 10, 781 27,956 171,933 87 1,373 38, 756 4,411 5,178 184,750 69 1,506 40,928 4,830 3,801 214,800 77 1,763 40,953 6,629 1,324 220,296 63 1,461 54,129 6,525 1,324 105,451 31 4,050 37, 748 3,027 1,392 121,409 25 3,411 48,099 2,918 863 8,442,145 11,025,800 611, 204 784,821 2,856,414 4,342,062 531,043 641,360 664,272 819,926 352,094 423,611 3,221,107 26,390 3,709,074 270,943 922 316,739 680,935 25,468 807, 718 240,444 271,870 306,626 352,515 167,825 181, 523 1935 ASSETS Gold certificates on hand and due from U. S. TreasuryRedemption fund—Federal Reserve notes Other cash Total reserves Redemption fund—Federal Reserve bank notes Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed Other bills discounted Total bills discounted Bills bought in open market Industrial advances IL S. Government securities: Bonds Treasury notes _ Treasury bills Total U S. Government securities Othpr securities Total bills and securities _ Due from foreign banks Federal Reserve notes of other banks Uncollected items Bank premises All other assets Total assets - LIABILITIES Federal Reserve notes in actual circulation Fpdpral Reserve bank note circulation—net Deposits: Member bank—reserve account U. S. Treasurer—general account -Foreign bank Other deposits Total deposits Deferred availability items .. ._ Capital paid in Surplus (sec. 7) _ _ . Surplus (sec 13b) Reserve for contingencies All other liabilities. Total liabilities Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) _ Commitments to make industrial advances 4,095,946 120,746 19,394 169,264 5, 587,208 543,770 28,935 225,896 251,604 10,820 1,381 1,794 326,489 46,872 2,095 3,245 1,749,711 29,697 6,848 123,496 2,747,431 330,925 10,542 165,156 211, 578 4,315 1,995 1,978 274,326 10, 518 2,881 10,175 274, 278 4,760 1,842 4,226 334,461 39, 294 2,765 3,514 124,826 8,585 729 995 165,767 13,184 1,077 2,427 4,405,350 455,252 146, 725 144,893 8,069 30,816 3,543 6,385,809 591,556 130, 512 145, 501 24,235 35,081 4,032 265, 599 50,420 10, 762 9,902 912 1,648 96 378, 701 65,359 9,430 9,902 2,876 1,713 101 1,909,752 120, 723 59, 606 49,964 773 7,510 1,683 3,254,054 160,139 51,006 50,825 7,744 8,849 1,727 219,866 37,578 15,131 13,470 1,049 2,996 509 297,900 40,293 12,328 13,406 2,132 3,000 431 285,106 41,088 13,062 14,371 906 3,000 113 380,034 56, 330 12,299 14,371 1,007 3,113 257 135,135 36, 588 4,975 5,186 957 1,416 12 182,455 44, 760 4,590 5,186 3,363 1, 512 222 8,442,145 11,025,800 611,204 784,821 2,856,414 4,342,062 531,043 641,360 664,272 819,926 352,094 423,611 70.8 10, 047 77.6 27,649 73.6 1,697 79.5 3,338 73.1 3,892 83.1 9,948 67.2 399 71.2 861 67.4 979 73.2 1,639 66.1 412 67.8 2,289 3, 520,365 299, 258 4, 047,052 337,978 299,034 28,091 346,973 30,234 770,506 89,571 928,859 121,141 262, 321 21,877 288, 626 16, 756 326, 535 19,909 370, 830 18,315 181, 254 13,429 194,630 13,107 3,221,107 3, 709,074 270,943 316, 739 680,935 807,718 240,444 271,870 306, 626 352, 515 167, 825 181, 523 3,316,200 5,487 241,400 3,970,843 2,716 127, 500 299,617 1,055 356,617 343 788, 706 2,773 938, 706 1,307 223,000 830 40,000 290,000 343 291, 715 315 35,000 376,440 10 146,340 113 36,000 176,000 45 19,000 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent Held by Federal Reserve bank _. In circulationCollateral held by agent as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury __ Eligible paper U. S. Government securities.. FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to Federal Reserve bank (outstanding) Held by Federal Reserve bank 1 . _. In circulation—net _ Collateral pledged against outstanding notes: Discounted and purchased bills U. S. Government securities 37, 590 11,200 1 511 589 25,871 403 26, 390 922 25,468 42,874 5,000 25, 874 10, 208 10,208 12,000 00 ^1 00 00 No. 8.—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT E N D OF 1934 AND 1935—Continued [In thousands of dollars] Atlanta 1934 St. Louis Chicago 1934 1935 1934 1935 1935 Minneapolis Kansas City 1934 1934 1935 1935 Dallas 1934 San Francisco 1934 1935 1935 ASSETS Gold certificates on hand and due from U. S. Treasury. Redemption fund—Federal Reserve notes Other cash 121,475 173, 298 1,025,816 1,342, 261 193,736 226,121 139, 798 136, 744 187,308 189,173 106,021 128, 870 310, 252 401,044 3,853 522 540 2,869 1,311 614 799 330 613 681 3,632 849 328 2,891 13,849 12,057 30,342 11,927 18,000 11, 341 8,229 11,431 19,000 6,659 16,879 16, 231 33, 384 8,739 Total reserves Redemption fund—Federal Reserve bank notes Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed Other bills discounted. 139,177 188, 224 1,060, 511 1, 373,125 206, 277 244, 920 151,469 145, 513 199,352 209, 022 115,088 136, 210 330, 763 420,166 Total bills discounted Bills bought in open market Industrial advances U. S. Government securities: Bonds Treasurv notes Treasury bills Total U. S. Government securities Other securities Total bills and securities Due from foreign banks. Federal Reserve notes of other banks Uncollected items Bank premises _. . All other assets Total assets . . __ 3 3 15 24 102 69 550 12 42 3 116 419 18 87 392 81 1,752 42 61 1, 589 126 155 433 619 128 1,146 12 154 1,045 25, 623 242, 064 88,002 13, 797 58,359 21,044 9,420 74,346 24,434 15, 350 37, 058 13,181 12,956 47,173 15,439 13,335 57, 703 20,806 10, 014 73,132 24,198 18, 818 38, 701 13, 956 16, 033 23,857 17,435 47, 293 104, 712 136, 674 15, 649 37, 762 45,222 428,343 355, 689 93,200 108,200 65, 589 75, 568 91,844 107,344 181 71,475 78, 975 166,331 199,331 429,973 105 4,776 58,140 4,955 768 358,160 80 4,978 80,345 4,826 405 93, 738 108, 697 9 4 1,901 2,027 18,455 24, 737 2,629 2,451 194 215 67,422 6 1,128 11,990 1,580 771 77, 260 3 1,248 16, 071 1,531 427 92, 558 109,418 23 18 1,400 2,030 25, 020 34,088 3,447 3,360 260 190 72, 686 23 421 15,451 1,684 856 80,893 167,441 200, 795 17 57 47 608 2,657 2,706 19, 607 20,987 29,417 3,580 1,524 3,869 292 761 456 6 51 25 13 2 41 57 303 847 38 165 928 2 707 921 41 577 1,853 13, 585 59, 307 21,385 8,240 64, 596 21, 373 62,144 273,102 93,097 94, 277 94, 209 95,484 28 1,731 15, 243 2,325 1,834 95,340 24 1,644 23, 283 2,284 1,449 12 95 37 25 12 126 1,780 132 390 588 25 328 1,111 255, 822 312, 248 1, 559, 228 1, 821,919 323, 203 383,051 234, 366 242, 053 322, 060 358,126 206, 209 239, 620 526, 230 657,003 LIABILITIES Federal Reserve notes in actual circulation Federal Reserve bank-note circulation—net 132,968 156,385 788,933 851,080 142,880 163, 304 106, 686 110, 562 117,654 141, 690 53,845 76, 064 211,368 279,624 ci ^ ^ 1 a, T 1 1 Deposits: Member bank—reserve account ._ _ U. S. Treasurer—general account. Foreign bank Other deposits Total deposits . -.. Deferred availability items __ Capital paid in Surplus (sec. 7). ... Surplus (sec 13b) Reserve for contingencies _ __ All other liabilities Total liabilities Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) Commitments to make industrial advances 96,228 162,475 168,793 121,135 123,816 255, 378 287, 367 4,002 3,155 2,275 2,578 4,856 3,199 24,183 537 698 786 537 1,362 757 2,037 2,322 7,057 892 1,143 2,234 11, 279 14,044 84,804 112, 539 5,921 1,603 672 1,048 3, 708 6,166 633, 316 32, 551 2,417 2,685 790, 266 129, 419 159, 725 52, 388 11, 728 14, 517 873 633 3,376 8,646 2,340 9,370 95,105 121, 356 14,438 21, 336 4,368 4,168 5, 540 5,616 754 754 2,595 2,606 54 27 670, 969 58, 879 12, 723 21, 350 707 5,325 342 848, 370 151,150 183, 761 106, 721 107,138 169, 336 172, 746 125, 393 131, 663 271, 218 327, 631 79, 603 18, 988 25, 903 12,136 15, 513 26, 244 33, 947 17, 720 21, 694 20, 450 26, 679 3,134 4,068 3,757 2,999 4,048 12, 048 4,088 3,916 3,773 10, 760 10,198 3,149 3,613 4,655 3,42.0 3,613 3,777 3,783 21,350 4,655 9,645 9,645 1,003 293 1,142 1,391 546 1,256 585 1,021 751 382 970 1,211 806 841 1,363 1,501 1, 361 2,053 7,576 893 2,039 63 155 46 307 231 26 151 166 188 fci 501 167 97,422 2,590 441 6,268 255, 822 312, 248 1, 559, 228 1,821, 919 323, 203 383, 051 234, 366 242,053 322, 060 358,126 206, 209 239, 620 526, 230 657,003 66.8 138 66.5 1,353 64.2 826, 824 37, 891 896, 413 147, 362 171,816 111,439 115, 463 127, 477 150, 726 8,512 9,823 4,753 4,901 9,036 45, 333 4,482 61,484 7,639 83,687 254, 317 320,449 7,623 42, 949 40, 825 132, 968 156, 385 788, 933 851,080 142,880 163, 304 106, 686 110, 562 117, 654 141, 690 53,845 76, 064 211, 368 279, 624 91, 385 133,685 141 25 65, 000 47, 000 819,513 2 10, 000 911, 000 141, 936 169, 632 110, 000 106, 500 124, 550 135, 000 3 8 111 33 699 3,000 5,000 17,000 2,400 10,000 8,000 62, 675 12 83,000 216, 763 294, 263 3 132 1, 500 40, 000 30,000 61.0 590 67.8 498 72.6 30 151,812 178,580 18, 844 22,195 80.8 156 70.2 1,212 70.6 2,256 71.0 69.5 28 65.6 593 68.5 808 69.2 4,580 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent. . .__ . __ _. Held by Federal Reserve bank In circulation __ Collateral held by agent as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury Eligible paper U. S. Government securities FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to Federal Reserve bank (outstanding) Held by Federal Reserve bank In circulation—net Collateral pledged against outstanding notes: Discounted and purchased bills U S Government securities Backfigures.—SeeAnnual Report for 1934 (table 17) and similar tables in previous annual reports. 00 90 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 9.—NUMBER OF MEMBER BANKS DISCOUNTING PAPER AT FEDERAL RESERVE BANKS, BY FEDERAL RESERVE DISTRICTS, 1927-35 District Boston New York Philadelphia Cleveland 1928 1927 .__ - . . . Richmond Atlanta Chicago _ St. Louis . Minneapolis Kansas City Dallas. . San Francisco Total _.- . . 1929 1930 1932 1931 1933 1934 1935 261 602 552 43C 265 623 562 421 306 651 594 475 280 658 613 459 294 736 722 457 260 717 609 408 246 656 541 383 122 379 283 132 77 219 135 33 383 300 746 309 386 315 685 292 384 352 708 338 345 311 656 343 353 301 695 334 309 217 662 303 290 241 474 226 83 74 39 66 38 30 16 15 275 377 318 316 224 381 296 268 249 417 359 280 234 447 375 270 266 432 375 295 333 470 353 376 271 405 267 270 47 51 51 66 14 27 60 28 4,869 4,718 5,113 4,991 5,260 5,017 4,270 1,393 692 Backfigures.—SeeAnnual Report for 1934 (table 19) and similar tables in previous annual reports. No. 1 0 . — B I L L S D I S C O U N T E D — H O L D I N G S OF E A C H F E D E R A L R E S E R V E B A N K ON D E C . 31, 1935, BY C L A S S E S [In thousands of dollars] Rediscounted bills Member bank collateral notes Total (all classes) Federal Reserve bank Secured Secured by U. S. by U. S. Govern- Other- Government obment ob- Secured wise ligations secured ligations, by other direct direct eligible unand/or and collateral secured and/or fully fully guaranguaranteed teed Discounts Secured by bills for indiand secu- viduals, rities not partnerships, eligible and corfor disporacount or tions purchase sec. 10 (b) 1935 BovSton New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City _ Dallas. San Francisco . . -_ 368 3,030 378 64 93 43 58 38 41 18 42 _. . ... _ ._ Total -.. 307 832 250 61 540 35 10 45 25 33 13 13 1,594 0) 41 15 S 34 619 12 25 537 3 69 10 9 25 4,672 731 1,538 803 23 3 1,594 1 Less than $500. 2 Secured by U. S. Government direct obligations. Backfigures.—SeeAnnual Report for 1934 (table 22) and similar tables in previous annual reports. 6 91 KESEEVE BANK CREDIT No. 11.—HOLDINGS OF BILLS DISCOUNTED AND BILLS BOUGHT BY FEDERAL RESERVE BANKS, BY MATURITIES, 1934-35 [In thousands of dollars] Maturity Date Total Bills discounted" 1934—Jan. 31 Feb. 28 Mur. 28. Apr. 25 Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days 91 days to 6 months Over 6 months 732 390 579 313 61, 744 51, 491 37, 565 30,146 7,341 2,700 2,854 1,880 9,730 5,519 5,081 6,814 3,245 4,285 6,782 1,251 619 358 263 181 53 37 34 41 M a y 30 June 27 July 25 Aug. 29 33, 700 27,015 21, 298 21, 007 26, 540 18, 766 14, 499 17, 667 2,474 1,392 639 1,584 1,893 1,268 5,102 811 2,497 5, 276 905 884 274 309 143 55 22 4 10 Sept, 26 Oct. 31 Nov. 28 Dec. 26 20, 314 10, 985 11, 872 9,281 7, 058 6,464 7,678 13, 767 8,577 9,884 7,281 770 728 866 404 495 1,178 398 5,251 347 699 638 27 153 25 74 5,416 4,353 5, 533 4,582 627 880 244 176 635 332 170 1,530 358 671 1,639 390 22 216 77 113 12 15 33 M a y 29 June 26 July 31 Aug. 28 8,286 7,137 6,570 9,409 6,176 5,070 4,386 7,025 821 412 617 916 110 876 564 1,294 468 776 226 235 218 124 16 16 5 4 Sept. 25 Oct. 30 Nov. 27 Dec. 31 9,547 6,128 6,032 4,672 7,508 3,749 3,761 2,115 597 784 185 303 876 231 176 1,325 247 118 1,628 71 649 1,136 560 10 2 Bills bought: 1934—Jan. 31 Feb. 28 M a r . 28 Apr. 25 111,397 62,345 29,359 10,163 33,092 26, 462 13, 712 4,111 31, 661 29,153 19,623 7,381 17,431 6,861 1,632 3,706 60 M a y 30 June 27 July 25 Aug. 29 5,178 5,215 5,271 5,247 2,571 1, 411 654 3,594 198 2,762 473 456 1,638 844 1,511 741 771 456 Sept. 26 Oct. 31 Nov. 28 Dec. 26 5,812 6,082 5,683 5,611 149 1,101 2,745 1,165 3,703 684 250 695 349 486 1,799 1,027 1,611 3,811 889 2,724 1935—Jan. 30 Feb. 27 M a r . 27 Apr. 24 5,538 5,505 5,306 4,696 657 3,388 208 247 1,506 702 4,042 381 704 529 559 2,989 711 527 3,509 M a y 29 June 26 July 31 Aug. 28 4,700 4,690 4,687 4,685 870 463 1,997 607 566 2,036 1,390 714 1,350 502 354 2,499 2,308 1,249 4,688 4,676 4,674 4,656 165 532 572 682 1,958 1,603 521 713 2,233 3,308 1,471 2,086 1935—Jan. 30 Feb. 27 Mar. 27 Apr. 24 82, 64, 52, 40, .-.. _. --. Sept. 25 Oct. 30 Nov. 27 Dec. 31 - 6,634 2,048 Back figures.—See Annual Report for 1934 (table 26) and similar tables in previous annual reports. 92 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 12,—HOLDINGS OF U. S. GOVERNMENT SECURITIES BY FEDERAL RESERVE BANKS AT E N D OP 1934 AND 1935, BY CLASSES [In thousands of dollars] Dec. 31, 1934 Rate of interest (percent) Bonds: Conversion loan of 1946-47. Liberty loan of 1932-47 . . . Liberty loan of 1933-38 Treasury bonds of 1941 Treasury bonds of 1940-43. Treasury bonds of 1941-43. Treasury bonds of 1943-45. Treasury bonds of 1944-46. Treasury bonds of 1943-47. Treasury bonds of 1945-47. Treasury bonds of 1946-48. Treasury bonds of 1946-49 Treasury bonds of 1947-52 Treasury bonds of 1949-52. Treasury bonds of 1944-54 Treasury bonds of 1951-55. Treasury bonds of 1946-56. Treasury bonds of 1955-60. Total bonds 34 4 3 3% _. Treasury notes: Series maturing: Mar. 15, 1935 June 15, 1935 Aug. 1, 1935 Dec. 15, 1935 Apr. 15, 1936 June 15, 1936.._ Aug. 1, 1936 Sept. 15, 1936 Dec. 15, 1936 Feb. 15, 1937 Apr. 15, 1937 Sept. 15, 1937 Feb. 1, 1938 Mar. 15, 1938 June 15, 1938 Sept. 15, 1938 Mar. 15, 1939 June 15, 1939 Dec. 15, 1939 Mar. 15, 1940 June 15, 1940 . Dec. 15, 1940 Total notes Treasury bills 3 3 ?P 2% 3 3 3 Total 1644 25,027 209,244 r 20, 012 ' 9,773 2,667 25,696 43,475 5,772 40,000 1,869 535 D e c . 31. 1935 In System open In other market accounts account 1644 2 39,375 '12 ' 9,773 2,667 696 4,475 5,772 25,025 169,869 20,000 25,000 39,000 40,000 1,869 535 4,380 534 6,037 4,380 534 6,037 r Total In System In other open acmarket account counts 1644 1644 44,440 2,409 7,167 22, 694 33,162 3,710 12,738 40, 700 1,870 525 2,810 4,379 533 6,037 32,358 44,429 2,400 4,500 21,500 33,121 3,000 11,750 40,700 31,034 1,870 525 795 4,379 533 6,037 1,324 216,176 194,449 21,727 151,912 57,945 86,942 54,905 92,368 85,442 88,070 94,334 73,766 94, 599 82,952 91, 484 92, 666 90, 847 79,476 143,275 122, 287 58, 327 134,386 49,053 79,042 53,967 92,368 78,590 86, 820 86, 960 72,016 94,349 74,324 76, 831 82, 651 90,485 77,076 129, 375 121,883 44,156 17, 526 8,892 7,900 938 11 9 2,667 2 1,194 41 710 988 2,015 395, 665 318, 894 81,500 143, 605 96, 257 86,032 179,912 58,892 86,942 59,905 101,368 66, 682 85, 425 91, 824 60,070 96,599 49, 719 94,134 74,350 130,395 85,723 73, 621 162,386 50,000 79,042 58,967 101,368 64,185 84,175 84, 750 58, 820 96,349 48, 400 80, 281 7,150 13, 210 10,534 12,411 17,526 8,892 7,900 938 68, 250 66,750 1,500 1,507,116 527,475 1, 399, 562 504, 694 107, 554 22,781 1, 641,597 572,958 1, 524,332 504, 368 117,265 68,590 2,430, 256 2, 223,150 207,106 2,430, 731 2, 223,149 207,582 76, 771 2,497 1,250 7,074 1,250 250 1,319 13,853 M iM 6,852 1,250 7,374 1,750 250 8,628 14,653 10, 015 362 2,400 13,900 404 14,171 Treasury Total holdings 1 2 r Includes $500, 3-percent loan of 1961. Includes $500,000 acquired under repurchase agreement. Revised. Back figures.—See Annual Report for 1934 (table 27) and similar tables in previous annual reports. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 93 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS No. 13.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1931-35 [Number in thousands; amounts in thousands of dollarsl 1931 1932 1933 1934 1935 NUMBER OF PIECES HANDLED * Bills discounted: Applications Notes discounted Industrial advances: Notes discountedCommitments _. Bills purchased in open market for own account. Currency received and counted Coin received and counted Checks handled Collection items handled: U. S. Government coupons paid * All other Issues, r e d e m p t i o n s / a n d exchanges by fiscal agency department: U. S. Government direct obligations._ All other. Transfer of funds 109 513 178 779 81 346 5 13 1 .6 221 2, 269, 292 2, 900, 462 864, 615 76 2,025, 552 2, 654,787 734,538 79 2,013,459 2,497,928 688,933 2,067, 835 2, 565,164 818,847 1,932 2,148, 485 2, 590, 859 885,190 17, 322 6,927 17, 710 7,468 18, 099 8,371 21, 555 7,436 22, 633 7,119 2,431 1,956 3,502 5,281 6,838 3,742 1, 663 1,469 1,290 1,125 14, 555, 590 18, 648,306 9, 632, 808 714, 361 229, 546 14, 884 11,443 28, 479 29,223 762, 755 2, 998, 415 898,001 75,903 12,668,638 10,952, 597 11, 710, 364 9, 932, 601 585, 945 360, 295 624, 617 298, 297 248,172,956 176, 591, 791 157, 833, 692 179, 544, 488 31,446 9,837, 681 275, 608 202,989, 742 AMOUNTS HANDLED Bills discounted . Industrial advances: Notes discounted Commitments Bills purchased in open market for own account Currency received and counted Coin received and counted Checks handled Collection items handled: U. S. Government coupons paid 2 Allother Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations.. Allother Transfer of funds 479, 960 7, 321,814 529,086 5,427, 817 578,082 5, 539, 659 699,325 6, 742,974 751,916 7,948, 641 17, 348,971 19, 444,110 (3) (3) 162,095,081 116, 040,041 24,622, 726 (3) 85,059,151 29, 941, 049 30, 755, 611 3, 346,189 80,483,190 73,077,156 1 2 or more checks, coupons, etc., handled as a single item are counted as 1 " p i e c e . " 2 Includes coupons from obligations guaranteed by the United States. Figures for previous years not available. 3 Back figures.—See Annual Report for 1934 (table 28) and similar tables in previous annual reports. CD No. 14.—VOLUME OP OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1935 Total Boston New York PhiladelCleveland Richmond phia Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco NUMBER OF PIECES HANDLED 1 Bills discounted: 282 199 40 206 292 5,084 175 135 Applications _ 511 2,067 1,059 272 463 12, 702 142 321 546 177 2, 755 Notes discounted. 5,498 1,713 677 Industrial advances: 973 104 57 29 273 45 Notes discounted 118 73 40 112 12 115 112 Commitments 36 552 Bills purchased in open 2 1,932 market for own account._. Currency received and i, 426, C 114, 755,000 44,948,000 [, 948, C 67, 522, 000 51, 653, 000 145,370, 000 2,148,485,000 203, 641,000 612, 567, 000 185,017,000 125, 756,000 113, 347, 000 107,483,000 376,426,000 counted . . . 168,535,000 58,991, 000 218,886,000 107,870,000 19,607,000 l, 607, C 51,652,000 45, 258,000 140,356,000 .40,356,000 Coin received and counted-. 2,590,859,000 357, 261, 000 1,018,339,000 27li, 050,000 133,054,000 885,190,000 91, 799,000 74,094,000 93, 226,000 59, 518,000 38,923,000 126,604,000 49, 273,000 28,997,000 63, 852,000 40, 410, 000 54, 739, 000 Checks handled " " 163,755,000 ~' Collection items handled: U. S. Gov't coupons 694,000 4, 434,000 1,384,000 803,000 1,476,000 544,000 1, 479, 000 2, 893,000 794,000 22, 633,000 5, 653, 000 1,319,000 paid 3 1,160,000 895, 000 357,000 207,000 203, 000 412,000 398,000 302,000 820,000 363,000 2,271,000 352,000 537,000 All other 7,117,000 Issues, redemptions, and exchanges by fiscal agency department: U. S. Gov't direct obli136, 000 332,000 275,000 169,000 1,338,000 219,000 407,000 423,000 1, 728,000 915,000 467,000 6, 838,000 429,000 gations 113,000 46,000 667,000 54, 000 213,000 144,000 188,000 213,000 312,000 103,000 1, 595,000 96,000 3, 744, 000 All other . 59,000 42,000 160,000 33,000 52,000 59,000 65,000 94,000 255, 000 64,000 72,000 26,000 981,000 Transfer of f u n d s . . AMOUNTS HANDLED (in millions of dollars) Bills discounted Industrial advances: Notes discounted Commitments Bills purchased in open market for own account- -_ Currency received and counted Coin received and counted-. Checks handled Collection items handled: U. S. Gov't coupons paid 3__ _._ All other 229.5 27.8 130.7 21.4 7.9 8.9 2.7 11.8 2.0 0.7 3.2 4.2 8.2 28.5 29.2 1.7 3.0 6.7 1.3 1.3 1.6 3.6 2.2 .6 .3 2.0 .6 .3 4.4 1.1 .4 1.0 1.6 1.0 .6 .6 4.4 31.4 2.3 8.6 8.8 12.0 3.2 3.0 9,837.7 275.6 202,989. 7 952.0 30.3 12, 872. 5 2,918.5 103.3 62, 516.8 795.9 25.6 19, 650. 8 593.0 12.8 17,843. 5 751.9 7,948.6 49.0 614.6 399.6 2,176. 7 39.4 255.2 60.0 504.8 2.2 1.2 1.1 3.7 .6 .5 .8 .8 481.7 13.8 10, 436.5 368.8 7.5 8,608.8 1,845.9 18.7 26,815.0 435.5 12.1 10,693. 4 217.4 3.8 4,882.6 282.7 8.1 10,505.3 176.1 5.4 6, 451.0 770.2 34.2 11,713. 5 17.2 305.2 9.8 218.7 84.4 2,099.9 21.3 456.4 12.9 341.2 21.2 349.6 8.3 276.3 28.8 350.0 Issues, redemptions, and exchanges by fiscal agency department: U. S. Gov't direct obligations Allother Transfer of funds 30,755.6 3,346.1 80,483.1 1,287.1 95.1 2,951.8 20,052. 2 1,848.9 31,061.8 906.1 126.8 2, 526. 0 1,130.8 178.8 3,304. 5 721.1 123.7 4,215.3 286.7 36.7 1,428.3 3,521.4 357.6 15,451.1 752.3 124.1 2,957.1 316 1 136 5 1,588. 9 655.6 176.8 3,963.0 386.2 42.4 3 026.7 740.0 98.7 8,008. 6 1 2 3 2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece." Purchased by Federal Reserve Bank of New York for System account. Includes coupons from obligations guaranteed by the United States. Back figures.—See Annual Report for 1934 (table 29) and similar tables in previous annual reports. CO O No. 15,—VOLUME OF OPEBATIONS OF BRANCHES OF FEDERAL RESERVE Noncash collection items handled Federal Reserve branch and district number reBills dis- Currency ceived and counted counted Coin received and counted Checks handled Government coupons i CO O BANKS I s s u e s , redemptions, and exchanges by fiscal agency department All other ernment direct obli- Transfer of funds U. S. Gov- All other gations 3 S NUMBER OF PIECES HANDLED,* 1935 No. No. No. No. No. No. No. No. No. No. 2—Buffalo 4—Cincinnati Pittsburgh 5—Baltimore Charlotte 6—Birmingham Jacksonville Nashville New Orleans 7—Detroit 8—Little Rock Louisville Memphis 9—Helena 10—Denver Oklahoma City,. Omaha 11—El Paso Houston San Antonio 12—Los Angeles Portland.. Salt Lake C i t y . . Seattle Spokane Total. 112 ~~95~ 21 6 10 8 12 1 129 330 84 7 63 81 1,000 39,518,000 28,734,000 44,687,000 51,316,000 13,788,000 9,323,000 18,808,000 12,570,000 21,961,000 77,530,000 7,642,000 16,937,000 18, 602,000 2,135,000 10,769,000 8,712,000 9,505,000 3,213,000 10,483,000 9, 233,000 73,010,000 8,479,000 4,586,000 11,911,000 2,589,000 36,561,000 49,540,000 35,849,000 116,752,000 10, 554,000 6,870,000 9,033,000 4, 672,000 21,405,000 45,802,000 4,608,000 12,533,000 9, 593,000 1,474,000 7, 586,000 7, 209,000 9,580,000 1,512,000 11,607,000 6,797,000 55,141,000 5, 745,000 3,074,000 9,649,000 1,820,000 11,536,000 19,039,000 38,414,000 21,378,000 7,654,000 5, 660,000 6,549,000 5,086,000 6,891,000 17,665,000 4,115,000 10, 333,000 4,160,000 3, 297,000 8,958,000 15,890,000 11,613,000 2,927,000 7,150,000 6, 272,000 18,806,000 5, 783,000 6, 223,000 5, 375,000 4,436,000 113,000 757,000 564,000 414,000 55,000 52,000 85,000 52,000 208,000 463,000 58,000 327,000 80,000 48,000 265,000 87,000 279,000 33,000 112,000 87,000 539,000 166,000 137,000 168,000 63,000 89,000 33,000 34,000 122,000 46,000 17,000 54,000 31,000 37,000 149,000 64,000 39,000 46,000 25,000 64,000 53,000 86,000 13,000 52,000 36,000 88,000 39,000 198,000 44,000 53,000 10, 788 107,655 73,849 71, 776 32, 742 16,007 37,998 37,736 23,616 2,295 17,736 5,143 11,002 14, 274 735 3,656 871 12, 306 5,172 9,255 2,369 59 2,487 54,510 10,837 3,577 1,254 2,074 1,139 516,041,000 484, 966,000 255, 210,000 5,212,000 1, 512,000 487, 212 7,389 12, 367 6,620 141, 763 12, 366 10,683 9,606 12, 630 11, 644 5,244 5,852 2,946 7,803 23, 299 6,961 8,474 8,776 10, 582 8,719 5,860 16, 207 4,259 18,474 10,410 40,458 6,791 9,748 7,237 6,020 271,049 O O H AMOUNTS HANDLED: 1935 (in thousands of dollars) No. 2—Buffalo No. 4—Cincinnati Pittsburgh No. 5—Baltimore._ Charlotte No. 6—Birmingham Jacksonville Nashville New Orleans No. 7—Detroit No. 8—Little Rock Louisville Memphis No. 9—Helena No. 10—Denver Oklahoma City.. Omaha No. 11—El Paso Houston San Antonio No. 12—Los Angeles Portland Salt Lake C i t y . . Seattle Spokane Total.. 3,326 5,320 2,747 8,172 1,280 960 1,270 585 2,205 3,142 490 1,159 1,814 1,140 1,529 932 1,714 317 1,177 824 16, 231 1,302 1,994 2,034 546 2, 246, 226 2. 855, 575 8, 883, 050 3, 266, 714 1, 574,132 1, 221,158 1,223, 683 1,159, 698 1, 258, 206 6, 744, 515 751, 288 2,187, 222 937, 732 482, 285 1, 862, 351 2, 004, 272 1, 767,018 353,021 1, 256, 999 911, 845 3,155, 911 1,142,162 878,473 1,118,904 753, 241 3,554 12,602 19, 447 11,138 479 420 1,128 528 3,018 7,482 523 3,864 854 415 3,625 812 3,320 317 1,607 973 9,810 1,809 1,326 1,924 578 44, 297 99,929 88,729 161,840 38,590 15, 239 31, 395 50, 659 62,973 186,411 42, 556 66, 546 52, C94 20,895 61, 201 27, 766 96,134 12, 298 79, 670 46, 752 68, 513 30, 278 45,021 1,702 26 181, 935 101, 479 217,024 217. 547 48, 673 29,599 78,183 37, 345 71, 647 475, 622 27, 688 66, 580 51, 707 12, 626 62, 878 31, 843 43, 367 13,476 35,826 32, 725 301,156 48, 866 29, 250 65,943 16,916 18, 286 2, 299, 901 62, 210 49,995, 681 91,553 4,630 484 277 89 125 425 9 1,231 1,752 39 268 103 4,436 6,733 92,926 102,350 294,024 446 24, 585 17, 749 49,068 60,110 11,688 856 6,182 1,958 9,421 3,838 357 1,553 879 6,403 1,418 6,240 751 51 1,350 21, 268 84,159 12, 863 3,042 5,309 3,053 4,286 1,271 335 610 670 896,407 360. 616 743,136 855,170 1,046, 376 135, 953 181, 500 88, 946 359, 722 2, 726, 719 172, 315 396,231 465, 035 145,414 560,136 222, 5fi9 653, 895 98, 323 1, 073, 606 338, 956 2, 050,478 442, 980 360, 357 465, 714 141, 111 1,485, 723 699, 314 117, 220 14, 981,665 1 Includes coupons from obligations guaranteed by the United States. 2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece." NOTE.—Currency received and counted during 1935 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, 1,560,000 pieces, amount $12,059,000; Savannah, Ga., 3,222,000 pieces, amount $7,947,000. Coin received and counted by Habana, Cuba, none; Savannah, Ga., 437,000 pieces, amount $36,000. Back figures.—See Annual Report for 1934 (table 30) and similar tables in previous annual reports. 2 O O O O 3 CD 98 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 16.—INDUSTRIAL ADVANCES AND COMMITMENTS, JUNE 19, 1934, TO DEC. 31, 1935 [Amounts in thousands of dollars] to date by Federal Reserve banks Applications Applications approved (with and without conditions) recommended for approval Applications by Industrial Date (last received Ex- FinancFederal Federal to date Advisory CominWednespired, ing Reserve Reserve Total mittees to date bank stituday of repaid, bank (with and withcomproved tion each with- particiadout conditions) mit- but not ordrawn month) vances ments com- by ap- pations outout- pleted i plioutNum- Amount Num- Amount Num- Amount stand- standcant standing ber ber ber ing ing a 1934 Nov. 28— Dec. 2 6 . . . 1935 Jan. 30 Feb. 2 7 . . . Mar. 27... Apr. 2 4 . . . May 2 9 . . . June 2 6 . . . July 3 1 . . . . Aug. 2 8 . . . Sept. 25.._ Oct. 30.... Nov. 27... Dec. 31 s__ 4,635 5,053 166,433 187,696 961 1,122 46,599 54, 531 828 984 42,202 49,634 9,765 13,589 6,657 8,225 20,390 20,966 4,398 5,558 988 1,296 5,283 5, 595 5,897 6,130 6,428 6,618 6,863 7,029 7,195 7,388 7,500 7,615 195,710 205, 581 217, 756 225,900 245,078 263, 482 271, 768 278, 022 292, 747 299, 927 302, 331 306, 708 1,341 1,432 1,521 1, 633 1, 734 1,815 1,907 1,970 2,009 2,083 2,134 2,176 73, 470 76, 575 79,490 86, 374 90, 799 102, 331 109, 603 112, 629 121,837 126,192 130,502 132,460 1,168 1,268 1,364 1,467 1,571 1,646 1,739 1,786 1,834 1,901 1,948 1,993 64, 518 72, 525 76,441 81,134 86,282 88,778 103, 633 107, 244 115, 350 118, 378 121,947 124, 493 17,493 19,163 20, 785 26, 206 26, 977 27, 518 28, 354 29,447 30,132 32, 719 32, 634 32, 493 11, 739 13, 963 15,732 16,908 19,425 20, 579 23,022 26, 314 26, 892 27,057 28, 002 27, 649 26, 362 26, 59123, 552 16, 956 13, 850 11, 248 19, 735 15, 319 18, 791 13, 357 13, 466 11, 548 7,160 10, 727 13, 900 17,185 21, 802 24,900 26,911 29,556 32, 475 36, 565 38, 952 44,025 1,764 2,081 2,472 3,879 4,228 4,533 5,611 6,608 7,060 8,680 8,893 8,778 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by2 applicant. Does not include financing 3institution guarantees of advances and commitments made by Federal Reserve banks. Tuesday. Backfigures.—SeeAnnual Report for 1934 (table 12). N o . 1 7 . — I N D U S T R I A L A D V A N C E S , BY F E D E R A L R E S E R V E D I S T R I C T S [Monthly averages of daily figures. In thousands of dollars] 1935 January February March April May June July _. August September.October November _. December. . Total 15,329 18,409 20,130 24,352 26, 651 27, 341 28,180 29, 232 29,853 32,120 32, 623 32, 666 Boston 1,790 1,948 2,154 2,168 2,180 2,164 2,259 2,868 2,876 2,873 2,958 2,953 New York 902 1,280 1,690 4,564 6,201 6,538 6,870 6,964 7,178 7,444 7,654 7,805 Phil- Cleve- Richadel- land mond phia 3,406 1,013 1,835 3,795 1,199 2,871 3,642 1,355 3,448 3,651 1,338 3,659 3,407 1,375 4,154 3,426 1,545 4,380 3,669 1,578 4,515 3,804 1,671 4,585 4,094 1,759 4,572 6,341 1,777 4,483 6,922 1,777 4,429 6,835 1,761 4,441 SanAt- Chi- St. M i n - Kan- Dal- Fran sas las nealanta cago Louis polis Cisco City 943 1,070 1,080 1,090 1,118 1,090 1,075 1,065 1,043 1,078 1,023 937 1,004 1,314 1,400 1,983 2,182 2,081 1,936 1,934 1,963 1,907 1,883 1,856 436 490 517 531 550 514 467 448 453 432 406 401 1,802 1,824 1,890 1,953 2,010 2,032 2,060 2,086 2,147 1,989 1, 771 1,669 494 635 762 961 996 1,106 1,154 1,159 1,130 1,117 1,13? 1,144 1,101 603 1,317 1,503 1,771 683 679 1,799 673 1,792 753 1,844 808 1,840 813 1, 825 853 1, 826 862 1,, 805 1, 786 1,078 Backfigures.—SeeAnnual Report for 1934 (table 11). N o . 1 8 . — C O M M I T M E N T S TO M A K E I N D U S T R I A L A D V A N C E S , BY F E D E R A L R E S E R V E DISTRICTS [Monthly averages of daily figures. 1935 January February... March. April May June . July August SeptemberOctober November. . December. _ Total 10,936 12, 777 15, 285 16,490 18,400 20,041 21, 591 24,272 26,729 26,645 27,352 27, 813 Boston 1,700 1,891 2,456 2,660 2,747 2,899 2,916 3,341 3,447 3,366 3,264 3,289 New York 4,357 4,957 6,160 6,238 7,228 7,971 8,212 9,295 9,767 9,661 9,655 9,962 Philadel- Cleve- Richland mond phia 317 1,171 450 305 1,337 607 318 1,291 767 478 1,435 927 493 1,476 1,367 669 1,468 1,455 785 1,596 1,738 731 1,840 1,723 927 1,777 1,832 830 1,799 1,857 881 1,820 1,959 835 1,693 2.237 Backfigures.—SeeAnnual Report for 1934 (table 11). In thousands of dollars] i n - KanSan At- Chi- St. M sas Dal- Frannealanta cago Louis polis City las cisco 772 740 729 726 749 601 663 600 601 534 499 510 33 396 453 485 501 500 513 501 520 524 524 313 1,198 1,324 " " " 2 5 1,451 31 1,477 34 1,545 68 1,780 84 1,862 150 1,919 148 1,928 149 2,034 142 2,330 140 2.276 139 28 108 271 391 " " " 7 5 355 183 258 410 242 448 572 448 1,176 476 1,286 597 1,322 597 1,354 595 910 1,087 1,358 1,564 1,688 1,946 2,466 3,154 4,129 4,015 4,361 4,610 99 ANNUAL REPORT OP FEDERAL RESERVE GOVERNORS INTERDISTRICT SETTLEMENT FUND No. 19.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-35 [In millions of dollars] Balance at beginning of period Year and month D a i l y settlements between Federal Reserve banks Transit clearings InterReserve bank Federal Reserve transfers note Balance With- Deposits at end of drawals period clearings 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 ..... 689.2 665.3 528.2 687.0 511.2 417.4 314.1 340.3 618.2 1, 718.3 115,455.3 123,031. 5 132, 525. 2 145,132. 4 151,458. 3 124,137.3 89, 527. 6 75,725.4 80,816.0 91,026.6 635.8 673.2 658.4 758.7 669.4 540.1 545.4 614.4 602.9 644.0 1,043.4 1,436.7 1,172.6 1,052.1 1,530. 2 1,905.0 1,648.4 2,575.0 2,084.0 1,472.0 3,029.2 3,797.3 2,855. 6 3,160.4 2,063.8 2,729.0 4,156. 6 4,548.6 2,016. 4 2,277. 5 3,005.3 3,660.3 3,014.4 2,984.5 1,970. 0 2,625. 7 4,182.8 4,826. 5 3,116. 5 4,131. 2 665.3 528.2 687.0 511.2 417.4 314.1 340.3 618.2 1, 718. 3 3,572.0 1,718. 3 2,048.3 2,170.1 2, 223.0 2, 378.0 2, 521. 5 7,389.0 6,422.1 8,205.3 7, 517. 5 7, 595.6 7,439.4 64.3 41.6 50.6 45.2 50.5 44.4 97.5 139.0 90.0 184.0 216.0 186.0 64.2 167.1 131.1 131.3 57.0 127.1 394.2 288.9 184.0 286.2 200.5 406.3 2,048. 3 2,170.1 2, 223. 0 2, 378.0 2, 521. 5 2,800. 7 2.800. 7 2, 749. 4 3,010.0 2,981. 3 3,304. 5 3,500.8 8,161.1 7,140. 5 7, 313.6 7,939. 7 7, 382.7 8,520.0 55.2 55.6 58.4 63.0 58.5 56.7 139.5 127.0 102.0 73.0 70.0 48.0 195. 3 515.0 349.5 187.9 142.8 209.3 144.0 775.5 320.8 511.1 339.2 280.5 2,749. 4 3,010.0 2,981. 3 3,304. 5 3, 500. 8 3,572.0 1935 January February. March April May June. July August September October November December .'._. ._.. Backfigures.—-SeeAnnual Report for 1934 (table 31) and similar tables in previous annual reports. No. 20,—SUMMARY OF T R A N S A C T I O N S T H R O U G H T H E F U N D , B Y D I S T R I C T S , 1935 [In millions of dollars] Daily settlements between Federal Reserve banks BalFederal Reserve ance bank Jan. 1 Transit clearings Payments Receipts Federal Reserve note clearings Inter-Reserve bank transfers Withdrawals PayRements ceipts Payments Receipts Deposits Balance in fund at close of business Dec. 31 160.2 2,382.3 80.2 139.4 Boston New York Philadelphia Cleveland 59.5 973.5 48.1 91.9 6,141. 6 28,689.8 6,920.0 6,957.0 6,334. 6 29,960. 3 6,851. 7 7,153.1 57.7 143.1 60.9 71.8 46.2 138.3 63.9 48.7 124.0 815.5 59.0 109.0 38.5 98.0 103.5 23.0 62.5 67.3 353.9 1, 214. 6 199.8 252.7 250.2 210.8 Richmond Atlanta Chicago _ St. Louis Minneapolis Kansas City Dallas San Francisco Total 38.9 29.0 206.2 51.8 6,062. 7 3, 248. 4 13, 415. 7 5,276. 2 6,066. 7 3,017.5 13, 271. 8 5,061.1 49.3 27.2 92.4 37.4 45.5 56.4 96.3 47.8 61.0 50.5 159.5 22.5 85.5 114.5 309.5 121.5 148.0 106.5 489.3 199.0 140.3 254.7 704.3 309.3 56.0 39.6 431.3 56.5 29.8 62.8 43.3 83.5 2,006.7 4,873. 6 3, 281. 8 4,153.1 1, 737. 6 4, 514.1 3,196. 2 3,861.9 27.7 32.2 22.8 21.5 20.6 27.1 14.7 38.5 8.0 14.0 26.0 23.0 163.5 210.5 56.0 148.0 63.4 70.7 113.2 221.0 184.5 229.8 179.5 383.5 30.2 53.7 45.9 96.8 1, 718. 3 91,026. 6 91,026. 6 644.0 644.0 1,472.0 1,472. 0 2, 277. 5 4,131. 2 3,572. 0 Backfigures.—SeeAnnual Report for 1934 (table 32) and similar tables in previous annual reports. 100 ANNUAL EEPOKT OF FEDERAL RESERVE GOVERNORS FEDERAL RESERVE AGENTS' GOLD CERTIFICATE FUND No. 21.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1926-35 [In millions of dollars] Balance Balance at begin- WithTransfers Transfers at end of from ning of drawals Deposits to bank period bank period Year and month 1926.. 1927.. 1928_. 1929-. 1930-. 19311932-. 1933-. 1934.. 1935-. 960.2 963.4 1,028. 3 761.9 1, 262. 9 1,109. 4 1,250. 7 1, 237. 6 1,149. 7 2, 605. 7 568.2 454.2 473.6 358.5 1.0 112.3 63.3 70.5 149.9 .5 1.3 4.0 4.0 1.0 .5 1, 799.4 2,458. 4 1,631.4 1. 500. 6 1,101. 7 1, 678. 5 3,101. 6 4,030. 3 1, 003. 3 864.0 2, 258. 5 2, 914. 3 1, 768.1 2,210. 2 947.8 1, 819. 5 3,084. 5 3,938. 5 2,458. 3 2, 223. 7 963.4 1,028. 3 761.9 1, 262. 9 1,109.4 1, 250. 7 1, 237. 6 1,149. 7 2, 605. 7 3,965.8 98.5 49.0 114.5 102.2 66.5 101.3 62.8 149.6 126.5 119.5 52.5 124.0 2, 569.9 2, 670. 6 2, 682. 6 2, 700.4 2, 686.4 2, 709.0 98.0 57.5 50.0 35.0 37.0 54.5 193.2 514.0 346.9 185. 9 141.8 207.0 2,804. 2 3,260. 7 3, 657.6 3, 708.5 3, 813. 3 3,965.8 1935 January. _. February. March April May June 2, 2, 2, 2, 2, 2, July August September. October November. December. _ 605. 7 569. 9 670. 6 682. 6 700.4 686.4 .5 % 709.0 2, 804. 2 3, 260.7 3, 557. 6 3, 708.5 3, 813. 3 Back figures.See Annual Report for 1934 (table 33) and similar tables in previous annual reports. No. 22.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1935 [In millions of dollars] Balance Jan. 1 Federal Reserve bank Withdrawals Deposits 299.6 596.5 160.4 Boston New York Philadelphia Balance Transfers Transfers at close of from to bank business bank Dec. 31 69.0 57.0 342.2 198.7 356.6 938.7 290.0 74.5 109.3 49. C 247.9 139.0 105.0 376.4 176.0 133.7 Atlanta 202.5 146.3 77.7 Chicago St Louis Minneapolis 505.4 132 6 110.0 81.2 161.0 66.0 486.8 198.0 62.5 911.0 169.6 106.5 1C8.8 62.7 203.3 43.0 92.0 119.0 69.3 112.3 205.0 135.0 83.0 289.3 864.0 2, 223. 7 3,965.8 Cleveland Richmond .. JCansas City Dallas San Francisco Total . . . . . 2, 605. 7 0.5 .5 Backfigures.—SeeAnnual Report for 1934 (t*Me 34) and similar tables in previous annual reports. ANNUAL REPOET OF FEDERAL RESERVE GOVERNORS 101 MEMBERSHIP IN PAR COLLECTION SYSTEM No. 23.—NUMBER OF BANKS ON PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES, ON DEC. 31, 1934 AND 1935 [Comprises all banks on which checks are drawn, including private banks whether or not under State supervision, operating either with or without restrictions. Banks not on par list comprise nonmember banks that have not agreed to pay, without deductions for exchange, such checks drawn upon them as are presented for payment by the Federal Reserve banks] Federal Reserve district or State Dec. 31, 1934 Dec. 31,1935 Nonmember banks Nonmember banks Member On par Not on On par Not on banks par list list list par list Member banks 371 Boston 792 New York 656 Philadelphia __. 629 Cleveland 401 Richmond 332 Atlanta 683 Chicago 394 St. Louis 524 Minneapolis.-. 734 Kansas City... 555 Dallas 380 San Francisco.. 6,451 Total . New England: STATE 46 Maine 53 New Hampshire 43 Vermont 166 Massachusetts 14 Rhode Island 60 Connecticut Middle Atlantic: 578 New York.. 289 New Jersey 784 Pennsylvania East North Central: 326 Ohio 131 Indiana 358 Illinois 164 Michigan 119 Wisconsin West North Central: 228 Minnesota 148 Iowa 142 Missouri 69 North Dakota 87 South Dakota 147 Nebraska .206 Kansas South Atlantic: 20 Delaware 70 Maryland 11 District of Columbia.. 157 Virginia 98 West Virginia._ 54 North Carolina 23 South Carolina 83 Georgia--. 54 Florida East South Central: 109 Kentucky 77 Tennessee 90 Alabama 28 Mississippi West South Central: 59 Arkansas 34 Louisiana 218 Oklahoma 510 Texas Mountain: 66 Montana 35 Idaho 34 Wyoming 86 Colorado 27 New Mexico 12 Arizona Utah... Nevada.__ Pacific: 94 Washington 59 Oregon 146 California Backfigures.—SeeAnnual Report for 1934 (table 35) 174 314 268 175 301 267 642 327 93 1 310 663 211 376 697 168 183 34 365 793 656 622 404 328 702 390 501 726 550 350 2,643 6,387 6,266 27 12 33 46 9 65 46 53 43 160 14 29 12 33 45 9 65 207 122 329 578 289 783 202 113 328 1,740 926 214 1,108 335 312 6,464 2 319 666 226 387 709 178 174 33 198 1,062 315 2,694 387 411 508 355 348 22 3 163 321 133 364 175 121 391 405 502 332 330 7 19 3 165 76 430 523 8 26 148 536 381 96 58 135 99 150 1 220 144 138 66 75 146 206 73 421 497 7 24 134 521 392 108 67 137 300 159 1 20 73 11 156 98 54 24 82 54 24 112 10 118 81 16 5 12 17 49 6 145 119 233 80 23 121 10 117 82 17 5 14 18 50 6 147 107 226 312 74 6 7 13 180 125 179 109 177 87 28 309 68 6 7 14 178 124 175 73 14 184 316 114 102 12 128 57 34 215 506 12 180 297 121 104 12 119 67 33 34 86 26 10 32 36 27 22 67 15 5 27 18 84 50 139 74 46 123 29 4 28 23 74 16 4 26 8 79 44 124 28 and similar tables in previous annual reports. 102 ANNUAL REPORT OP FEDERAL RESERVE'GOVERNORS FEDERAL RESERVE BANK PREMISES j No. 24.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES TO D E C . Federal Reserve bank or branch Boston New York Buffalo Philadelphia.._ Cleveland Pittsburgh Richmond Baltimore Atlanta Birmingham Jacksonville Nashville New O r l e a n s . . . Cost of land including old buildings demolished, net $1,246, 726 31, 1935 Cost of buildings Fixed machinery and equipment All other Total Total cost of land and buildings Book value, net Date occupied $662,157 $3,542, 603 $4, 204, 760 $5,451,486 $3,112,513 March 1922. 5, 226,045 3, 274,891 12,142, 295 15,417,186 20,643,231 10, 318,645 October 1924. 2 255, 000 465, 707 465, 707 462, 000 M a y 1928. 720, 707 21, 900, 830 695,321 3,917,076 4, 612, 397 '6,513,227 4,830, 221 December 1917. 1, 295, 490 1, 610, 638 6,464, 253 8,074,891 9,370,381 4, 566,344 August 1923. 781, 364 352, 719 1,049,451 1,402,170 2,183, 534 1,958, 582 December 1931. 271,924 250,487 482, 652 2, 040, 667 2, 523, 319 2, 795, 243 1, 614, 220 October 1921. 330,439 1, 247, 262 1, 577, 701 1,828,188 1,304, 560 September 1928. 283, 000 124,137 45,842 2 48,000 201, 250 175, 279 1,358,082 1, 533, 361 1, 816, 361 1, 043, 700 October 1918. 47,448 311,336 358, 784 323,081 J a n u a r y 1927. 482,921 25, r "• 217,330 175, 774 June 1924. 243, 286 289,128 25,101 211, 616 156,969 December 1922. > 284, 717 236,717 738,404 584, 613 October 1923. 159, 502 897,906 1,099,156 Chicago Detroit 2,963, 548 1, 286, 782 6, 233,952 7, 520, 734 10,484, 282 4,002, 695 July 1922. 650,000 114, 566 1, 006,869 1,121, 435 1, 771,435 823, 655 December 1927. St. Louis Little Rock Louisville Memphis 3, 253, 258 4, 608, 632 1, 752, 517 J u n e 1925. 1, 355,374 1,141, 449 2,111,: 336, 687 103, 608 421, 694 230, 292 March 1925. 85, 007 233, 079 261, 489 35, 230 392, 666 206, 454 June 1919. 2 131,177 226,259 277, 707 44, 062 378, 613 262, 857 J u n e 1929. 100,906 233, 645 Minneapolis Helena 600, 521 2 5,000 625, 571 2, 316, 746 2,942, 317 3, 542,838 1, 505, 894 February 1925. 172, 399 16,109 177,399 156, 290 25,181 February 1921. Kansas City Denver Oklahoma City. Omaha 495, 300 101, 512 65, 021 176, 427 841, 320 3, 391,101 4, 232, 421 4, 727, 721 2, 239, 993 November 1921. 510, 469 611,981 60, 593 374,135 November 1925. 449,876 487, 370 552,391 311,098 April 1923. 77, 480 409,890 434, 652 December 1925. 471,417 647, 844 73, 479 397, 938 Dallas El Paso Houston San A n t o n i o — 189,831 39, 003 66,313 75,002 352, 671 1,172, 684 1, 525, 355 1, 715,186 1, 009, March 1921. 10,824 111,369 122,193 161,196 78,382 August 1920. 60, 001 286, 801 346, 802 413,115 240, 855 February 1922. 21, 238 157,958 179,196 254,198 194,914 October 1928. San Francisco.. Los Angeles Salt Lake C i t y . 412,996 453, 458 114,075 784,102 3,144, 407 3,928, 509 4,341, 505 1, 953, 678 December 1923. 282, 698 988,109 1, 270,807 1, 724, 265 1, 252, 754 April 1930. 84, 814 341, 449 426,263 540,338 373, 227 February 1927. Total 20,010, 56613,858, 700 57,076, 313 70,935, 013 90,945, 579 47,724,107 OTHER REAL ESTATE ORIGINALLY ACQUIRED FOR BANKING HOUSE PURPOSES New York: Annex Bldg No. 10 Gold St.... Pittsburgh R i c h m o n d (Annex Bldg.) Total.. $592, 679 2 45, 000 2 297, 000 10, 333 1,015,012 $215,418 $1,451, 570 $1, 666, 988 $2, 259, 667 $1, 135,866 125,864 125,864 170, 864 78, 000 138,994 560,460 699,454 996,454 383,154 104, 217 667,032 240, 343 458, 629 2, 620,37d 3, 079,005 4,094,017 1, 837, 363 482,482 586,699 i Estimated cost to complete addition, $77,000. s Purchased buildings—"Cost of land" represents appraised value, remainder of purchase price included in "Cost of buildings." a Estimated cost to complete addition, $219,000. NOTE.—No bank buildings or sites therefor have been acquired for the following branches and agencies: Branches—Charlotte, Portland, Seattle, Spokane; Agencies—Savannah, Habana. The Cincinnati branch since Jan. 3, 1928, has occupied quarters in the Chamber of Commerce Building, erected on the site leased to the Cincinnati Chamber of Commerce by the Federal Reserve Bank of Cleveland. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 103 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS No. 25.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES, 1914-35 Earnings On U. S. Government securities Deficient reserve penalties From miscellaneous sources * $244,664 1,560,918 4,951, 729 11,939, 808 13, 994, 544 $171,831 1,106,860 2,367,989 3,828, 782 5, 761,300 $1,157 194,526 698,991 727,844 $538, 241 1, 523,388 1, 642, 616 2, 768,829 1,128, 751 149,059, 825 109, 598, 675 26, 523,123 32, 956, 293 15,942, 845 22,020,158 5, 234,141 5, 628, 956 9, 371, 288 5, 709,809 7,140, 615 6, 253, 854 16,682, 463 7,444, 089 14, 712, 593 1, 573,335 1,177, 562 602, 951 521, 061 381, 619 1, 502, 778 601, 634 1, 061, 206 415, 835 1, 593,583 41, 800, 706 47, 599, 595 43, 024,484 64, 052,860 70,955,496 17, 679, 549 22, 551, 561 17, 010, 778 38, 334,140 47, 790, 662 9,103,915 10, 003, 081 9, 206, 677 13, 020, 535 12, 063, 349 12, 783,001 12, 589,119 14, 206,174 10, 827, 702 8,163,486 310,406 382,946 273,839 277, 401 449, 653 1,923,835 2, 072,888 2, 327, 016 1, 593, 082 2, 488,346 36, 424,044 29, 701, 279 50, 018, 817 49,487, 318 48,902, 813 42, 751,959 10, 672, 215 9, 820, 546 17,881, 058 9,137, 038 1, 231,367 156,160 6, 081,187 5, 009, 541 2, 785, 213 1, 238, 068 141, 225 35,894 17, 273, 331 12,428, 297 26,923, 568 37, 529,872 46,130,941 39, 796,177 225, 748 296,960 541, 432 191, 051 15, 249 6,560 2,171, 563 2,145,935 1,887, 546 1,391, 289 1, 384,031 2, 757,168 1,161,914, 251 664, 677, 656 149,344, 700 304,122,044 8,850, 291 34,919, 560 Year 1914-15 1916 1917 1918 1919 1920 1921 1922 1923 1924 __ _ . 1926 1926 1927 1928 1929 Total On discounted bills $2,173, 252 5,217,998 16,128, 339 67, 584, 417 102, 380, 583 $1,218,516 1,025,675 6,971,479 48, 348,007 80, 768,144 181, 296, 711 122,865,866 50, 498, 699 50, 708, 566 38,340, 449 _ 1930 1931 1932 1933 1934 1935 Total . On purchased bills i Include earnings on industrial advances and commitments as follows: 1934, $137,909; 1935, $1,725,620. No. 26.—TOTAL EARNINGS, CURRENT EXPENSES, AND N E T EARNINGS OF RESERVE BANKS AND DISPOSITION MADE OP NET EARNINGS, 1914-35 Earnings and expenses Total earnings Aggregates, years 1914-35: Boston New York Philadelphia Cleveland - _ _-. _ .. Richmond Atlanta Chicago St. Louis Minneapolis. Kansas City _ Dallas San Francisco Total ._- -_ ._- Current expenses Net earnings1 Disposition of net earnings Dividends paid Transferred to surplus (Sec. 7) Transferred to surplus (Sec. 13b) Paid to U. S. Franchise tax paid to U. S. Treasurer Government 2 (Sec. 13b) $77,433,348 343,357,648 89, 710,675 102,466, 057 $35, 973. 813 120,719,965 37, 594, 824 45, 602, 489 $38,105,010 208,816, 724 47,892, 858 48,196, 971 $10, 815, 476 47, 399, 749 14, 232, 591 14,835,837 $20,132, 282 93,354, 283 28, 026,938 28, 518,109 -$3,155 -7,808 32, 444 -8,156 $49, 012 64, 238 41,984 8,734 $7, 111, 395 68,006, 262 5, 558,901 4, 842,447 54,459,133 55,113,390 165,330,482 49, 772,668 26,686,930 23, 276, 034 67,403,911 26,036, 072 23, 749,894 25,158,128 84, 274,107 18, 044,192 6,461, 269 5, 313, 328 17,870, 388 5, 541, 658 10,994, 050 10,887, 805 41,098, 878 9, 747,851 27, 672 - 2 , 632 - 2 6 , 322 -946 66,714 9,066 17, 637 6, 200,189 8,950, 561 25, 313, 526 2, 755, 629 37, 748,808 55,133, 380 40, 774,186 90, 614,476 18,511, 245 31,071, 867 23,001, 765 45,359, 944 16,185,317 19, 761, 543 13, 555, 340 37,376, 332 3, 812, 424 5, 082,107 4, 829,364 10, 219, 768 7,157,971 7, 743,958 8,142,499 19, 495,127 - 4 , 832 - 3 , 622 16, 854 - 3 5 , 904 5, 202, 900 6,939,100 560, 049 7, 697, 341 581,116, 416 146, 413, 959 3 285,299, 751 - 3 3 , 261 1,161, 914, 251 501,238,859 23, 428 297, 667 149,138, 300 All Federal Reserve banks: 1914-15 1916 1917 1918 1919 -. . _ 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 -. _ ._- ._ . 1 .- .. _ 2,173, 252 5, 217,998 16,128,339 67,584,417 102,380,583 2,320,586 2,273,999 5,159, 727 10,959, 533 19,339, 633 -141,459 2, 750,998 9, 579, 607 52,716,310 78,367, 504 217,463 1, 742, 774 6, 801, 726 5, 540, 684 5,011,832 1,134, 234 48, 334,341 70,651, 778 2, 703, 894 181, 296, 711 122, 865,866 50,498, 699 50, 708, 566 38,340,449 28,258, 030 34,463,845 29,559, 049 29,764,173 28,431,126 149, 294, 774 82, 087, 225 16,497, 736 12, 711, 286 3, 718,180 5, 654, 018 6,119,673 6,307, 035 6. 552, 717 6, 682,496 82,916,014 15, 993. 086 - 6 5 9 , 901 2, 545, 513 - 3 , 077,962 60, 724, 742 59,974,466 10, 850, 605 3, 613,056 113, 646 41,800, 706 47, 599, 595 43,024,484 64, 052,860 70,955,496 27,528,163 27,350,182 27,518,443 26,904,810 29,691,113 9, 449, 066 16, 611, 745 13, 048. 249 32,122, 021 36,402, 741 6,915,958 7, 329,169 7, 754, 539 8, 458, 463 9, 583,913 2,473, 808 8,464, 426 5, 044,119 21,078,899 22, 535, 597 59,300 818,150 249, 591 2. 584, 659 4, 283, 231 1,134, 234 O O r 1930 1931 1932 1933 1934 1935 Total 1 2 . . 36,424,044 29, 701,279 50,018,817 49,487, 318 48,902,813 42, 751, 959 28,342,726 27,040,664 26, 291,381 29, 222,837 29,241, 396 31, 577,443 1,161,914, 251 501, 238,859 7,988,182 2,972, 066 22, 314, 244 7,957,407 15,231,409 9,437,125 581,116,416 10, 268, 598 10, 029, 760 9,282,244 8, 874, 262 8, 781, 661 8, 504,974 - 2 , 297, 724 - 7 , 057, 694 11, 020, 582 -916,855 6, 510,071 ' 607,422 146,413,959 3 285, 299, 751 17,308 2, Oil, 418 -60,323 ' 27,062 -33, 261 ' 297,667 297, 667 149,138,300 Total earnings less current expenses, depreciation charges, and net losses. The Banking Act of 1933 eliminated the provision in the Federal Reserve Act requiring the payment of a franchise tax. 3 Charges direct to surplus account have been made as follows: 1927—$500,000 depreciation on bank premises; 1934—$139,299,557 representing cost of F. D. I. C. stock purchased by the Federal Reserve banks. r Revised. & ** s^ H> J_f O i 5 W No. 21,—EARNINGS AND EXPENSES OF ALL FEDERAL RESERVE BANKS COMBINED, 1926-35 EARNINGS Discounted bills Purchased bills.__ _ Industrial advances U. S. Government securities Commitments to make industrial advances. Miscellaneous Total earnings - 1926 1927 1928 1929 1930 1932 1931 $22, 551,561 $17, 010, 778 $38, 334,140 $47, 790, 662 $10, 672, 215 $9, 820, 546 $17,', 881,058 • - -020, - - • -535 • • 12, 063,349 6,081.187 5,009, 541 2, 785, 213 10,003, 081 1 , 2 0 6 , 6 7 7 13, 1933 1934 $9,137,038 $1, 231, 367 1, 238,068 141, 225 121, 274 8,163, 486 17, 273, 331 12,428, 297 26, 923, 568 37, 529,872 46,130,941 16, 635 2,455, 834 2,600, 855 1,870,483 2,937,999 "~2,~ 3977311 '~2~442~895 " ~2," 428," 978 "l," 582," 340 1, 261, 371 47, 599, 595 43,024, 484 64,052,86QJ 70,955,466 36,424, 044 29, 701, 279 50, 018, 817 49, 487, 318 48,902,813 12, 589,119 14, 206,174 10,827, 702 1935 Total $156,160 $174,:, 585, 525 35, 894 59, 584, 770 1,484, 040 1, 605,314 39, 796,177 225,868, 667 258, 215 241, 580 21, 016,174 1,038,108 3 42, 751, 959 482,918, 665 CURRENT EXPENSES Salaries: Officers Clerical employees All other Contributions—Retirement system Governors' conferences Federal Reserve agents' conferences Federal Advisory Council Directors' meetings. Industrial Advisory Committee Traveling expenses l Assessments for Federal Reserve Board's expenses. Legal fees Insurance on currency and security shipments Other insurance Taxes on banking house Light, heat, power, and water Repairs and alterations, banking house Rent. Office and other suppliesPrinting and stationery... Telephone Telegraph Postage Expressage Miscellaneous expenses... Total, exclusive of cost cf currency Federal Reserve currency: Original cost Cost of redemption Taxes on Federal Reserve bank note circulation.... Total current expenses.. $2,433, 898 $2,451, 504 $2, 554,649 $2, 641,961 $2, 679, 838 $2, 706, 834 $2, 666, 876 $2, 634. 532 $2, 721, 799 $2, 612, 490 $26,104, 381 11, 695, 529 11, 704, 298 11, 786,r262 11,841,813 11,746,849 11,533,467 11, 259, 488 11,433,766 11, 501, 916 11,464, 499 115,967,887 2, 614, 344 2, 628, 052 2,718,. ~~ 2,781,698 2, 827,487 2, 773, 960 2, 768,107 3, 344, 097 3,396,f~~ 3, 277, 351 29,130, 887 1, 343,116 3,452,174 4, 795, 290 6, 051 5,575 4,924 6,392 2,427 4,309 5,168 6, 407 51,437 5,667 4,517 1,865 3, 538 2,880 1,975 3,123 3,081 2,366 22,153 3,325 15, 074 14,078 12, 583 13, 705 13,913 12,153 13,146 14,715 16, 271 139,145 13, 507 156, 959 155,502 175,112 180, 915 180, 043 151, 754 156,168 150, 617 142, 769 1, 599, 647 149, 808 12, 310 23, 241 10,931 195, 943 222,178 198,373 214,581 212, 328 266,114 235, 680 296, 260 263, 007 2, 387, 035 282, 571 781, 644 697, 677 809, 585 718, 554 728, 810 721, 724 779,116 800,160 1, 372, 022 1, 405, 898 8, 815,190 83, 095 108, 745 95, 701 81, 507 95,150 127, 401 71,122 120,259 80, 027 974,399 106,1 641,238 612,459 594,102 517,284 332,549 619,468 623, 953 374,378 247, 267 4,868,938 306,240 424, 604 413, 432 426, 633 419, 504 457, 595 392, 799 399,196 473, 721 273, 923 4,007, 230 325, 823 1, 369, 018 1,402,384 1, 426,929 1,469,917 1, 374,368 1,496, 288 1, 502, 756 1, 242,383 1, 352, 279 1,401, 641 14, 037, 963 331,802 336, 797 338, 622 332, 989 339,516 323,186 328, 050 348, 860 370. 299 3, 423, 256 373,135 201, 359 215, 314 176, 880 95,166 156,071 162, 276 193, 329 123,437 194, 649 1, 663, 714 145, 233 238, 753 230, 972 242,132 166, 393 166, 356 239,472 264, 303 165, 279 178, 599 2, 055,486 163, 227 391 708 426, 810 391,148 331, 442 315, 608 384, 025 404, 965 349, 303 344, 615 3, 688,161 348, 537 467,955 456, 766 426,186 371, 615 349, 948 471, 508 457, 648 470,719 351, 518 4, 223,961 400,098 191, 350 205, 860 210, 223 242,971 252, 886 199, 945 202, 593 298, 853 225, 065 2, 275,131 245, 385 510, 991 502, 629 499, 392 494,927 426,932 473,139 484,788 466,442 317,911 4, 478,134 300, f 1, 780, 244 1, 833, 358 1,860,311 1, 941, 474 1, 747,151 1,628, 864- 1, 872, 001 2,425, 528 2, 228, 778 2,324, 990 19, 642, 699 425,493 501, 357 475,409 445, 942 418, 247 437, 692 457,085 490, 216 530, 042 4, 628,148 446, 665 683, 206 726, 870 733, 725 795, 896 662, 427 676, 378 729,989 658, 324 607,141 6. 945, 296 671, 340 25, 635, 761 25, 673, 603 26.098,910 26, 591, 711 26,167,196 25, 561, 518 25,185, 565 26, 718, 007 28, 215, 675 30,100, 863 265,948,809 1, 602, 643 1, 709,491 135, 349 111, 778 678, 721 2, 962. 344 2, 039, 726 1, 386,199 137, 058 135,804 127,179 92, 947 985, 295 1, 841, 631 120, 521 156,952 497, 576 1,315, 924 15, 019, 550 142, 200 144, 840 1,304, 628 385, 945 506, 247 15,816 27,350,182 27,518,443 26,904,810 29, 691,113 28,342,726J 27,040,664 26,291,381 29, 222,837 29, 241,396 31, 577, 443 283,180,995 g O O H I O PROFIT AND LOSS ACCOUNT !, 918, 665 ), 487, 318 $48, 902, 813 $42, 751,959 $482, $64,052,860 $70,955,496 $36,424, 044 $29,), 701, ), 018, 817 $49,487, ), 955, 701, 279 $50, !, 024, $47, 599, 595 $43,024,484 27, 350,182 27, 518,443 26,904,810 29, 691,113 28, 342, 726 27, 040, . . . . 664 . . 26,291, 381 29, 222,837 29, 241,396 „ _ 31,577,443 283,180,995 Earnings. _ _. Current expenses _ Current net earnings. Additions to current net earnings: Profit on U. S. Government securities sold.. Withdrawn from reserves for losses Foreign exchange profit All other Total additions. Deductions from current net earnings: B ank premises—depreciation Furniture and equipment Reserve for losses Reserve for self-insurance Assessment for building for Board of Governors........ All other•» _ Total deductions. _ Net deductions from current net earnings. Net earnings 20, 249,413 15, 506,041 37,148,050 41, 264, 383 8, 081, 318 2, 660,615 23, 727, 436 20, 264, 481 19, 661,417 11,174, 516 199, 737, 670 24, 969, 685 1, 719,045 221,155 3, 619, 797 1, 761, 751 8, 925, 999 6,914,046 30, 529,682 1, 754,867 248, 362 1,239,942 1, 769,075 2, 922, 209 286, 881 9,882, 616 569, 347 4, 215, 939 238,123 7,186, 865 1, 628, 657 2,675, 700 235, 775 2, 567, 203 63,402 23,147, 732 4, 218,074 24, 730,655 7,158,897 X 285, 395 407, 772 6,423 1,001,187 2,108,170 1,001,187 5, 925, 618 i 8, 651, 437 66,182,163 1, 737, 391 35,652,481 250,000 2,851,148 187,010 3,701,250 59,931 7, 992, 543 128, 579 330,078 210, 657 196, 412 705, 803 222, 790 149,504 123,268 705, 505 330,078 524,000 571, 477 955,893 3,474,417 3,187, £ 3,884,449 2,096,062 2 1, 777, 532,889 799, 602 242,879 1, 210,486 59,845 100,012 1,959, 289 638,840 580, 766 627, 973 1, 952, 071 537, 550 883,000 1, 788, 322 1, 905, 689 541, 385 409, 865 552, 264 1,888,443 158, 667 527,033 68,464 61,836 1, 790, 638 656, 502 158, 350 302,068 3, 967, 746 2, 981, 792 5, 597, 506 5,817, 445 3, 567,553 2,876,211 5,297, 641 14,068, 825 13, 356,007 3, 637, 668 2, 457, 792 5,026,029 4,861, 642 +311,451 1,413,192 12, 307, 074 2, 972,066 22, 314, 244 16, 611, 745 13, 048,249 32,122,021 36, 402, 741 Dividends paid Franchise tax paid U. S. Government._. Paid United States Treasurer (sec. 13b). Transferred to surplus (sec. 13b) Transferred to surplus (sec. 7) 804, 877 6, 518,931 3,057 221,155 170, 903 375,065 2, 849, 567 402,060 1,056, 246 313, 343 7,329,169 818,150 8,464,426 7, 754, 539 249, 591 8, 458, 463 2, 584, 659 9, 583,913 10, 268, 598 10,029, 760 4, 283, 231 17,308 5, 044,119 21, 078, 899 22, 535, 597 - 2 , 297, 724 -7,057,694 9, 282, 244 2,011,418 11,020, 582 4,430, 008 7,957,407 15, 231,409 8,874, 262 -916,855 9,437,125 164, 085,189 8, 781, 661 8, 504, 974 - 6 0 , 323 6, 510, 071 ' 297,667 r 27,062 607,422 0) 88, 867, 583 9,964, 357 297,667 - 3 3 , 261 64, S TOTAL REIMBURSABLE EXPENDITURES OF FEDERAL RESERVE BANKS Expenditures as fiscal agents and custodians for the Treasury Department and U. S. Government agencies, not included in "current expenses" as shown in preceding table 1 3 $124,422 $355,8 $371, 262 $150, 675 $161, 086 $213, 557 $1, 239,421 $2, 257,022 $3, 653, 897 $4,261,174 $12, 788,316 1 Other than those connected with Goverandnors' agents' conferences and meetings of directors, the Federal Advisory Council and the Industrial Advisory Committees. 2 Exclusive of $500,000 charged directly against surplus by Minneapolis to reduce book value of banking house to approximate market value. 3 Includes net loss of $1,594,749 on U. S. Government securities sold. * Banking Act of 1933 eliminated the provision in the Federal Ressrve Act requiring the payment of a franchise tax. * Revised. Back figures.—See Annual Report for 1925 (table 67). CD No. 28.—EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1935 o EARNINGS Total Discounted bills . - __ Purchased bills Industrial advances U. S. Government securities Commitments to make industrial advances, _ __ Deficient reserve penalties.. .M iscellaneous . Total earnings $156,160 35,894 1,484,040 39, 796,177 241, 580 6,560 1,031,548 42,751,959 Boston New York Philadelphia Cleveland 00 Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco $12,324 $13,145 $87,069 $6,431 $3,036 $1,879 $992 $7, 584 $1,039 $8, 762 $6,651 $7,248 2,626 13, 619 3,615 1,323 4,240 3,407 1,329 734 587 969 934 2,511 120,032 294,132 63,007 99,107 255, 211 88,456 116,167 236, 221 25,016 44,482 97,425 44, 784 2,559,709 12,569,700 2,820,465 3,488,442 1,836,042 1,524, 200 5,83V, 040 1,728, 739 1,292, 200 1,683, 344 1,382,121 3,074,175 23,598 463 7,669 85,163 722 80,981 2,258 473 29,572 18, 335 417 68, 225 18,939 329 132, 563 3,275 1,118 76,647 8,501 824 226,024 20,623 543 73,948 934 394 44, 556 16,842 241 192, 262 3,178 819 16,116 39, 934 217 82,985 2,727,242 13,131, 386 3,123,918 3,674,866 2, 231,854 1,672,606 6,177,615 1,850,595 1,455,877 1,946,902 1, 507,244 3,251.854 CURRENT EXPENSES Salaries: Officers _ Clerical employees Other employees Contributions—Retirement system, _ Governors' conferences Federal Advisory Council. Directors' meetings Industrial Advisoryl Committee Traveling expenses Assessments for Federal Reserve Board's expenses Legal fees Insurance on currency and security shipments Other insurance Taxes on banking house Light, heat, power, and water Repairs and alterations, banking house Rent Office and other supplies Printing and stationery Telephone Telegraph Postage $2,612,490 11,464,499 3, 277, 351 3,452,174 6,407 16,271 142, 769 12, 310 263,007 $149,650 764,940 163,625 227,980 363 1,392 5,297 1,349 6,516 1,405,898 80,027 101,948 2,507 519,674 2,842 138,641 7,582 130, 700 5,782 55, 529 5,490 49,191 11,070 247, 267 273,923 1,401,641 370,299 33,362 15,996 174,920 24,876 54,795 48,970 398,827 72,467 26,023 19,850 71,096 32,33« 23,014 17,355 131, 574 42,189 15,964 15, 716 65, 215 17,318 194,649 178,599 344,615 351, 518 225,065 317,911 2, 324,990 6,136 240 18,914 34, 736 18,210 6,196 269,552 88, 222 6,770 1,158 37, 262 29,047 30,837 11,992 215,660 13,462 85,098 34,088 35,096 16,700 20, 752 199,872 4,461 15,739 18,917 21,991 8,908 23,042 171,148 $583,340 $152,910 $192,012 3, £67,462 1, 034,042 1,040,425 847, 615 179,630 441, 731 903,109 258,275 292, 333 616 90 693 750 823 955 20,035 7,407 9,420 1,231 384 657 49,813 33,398 28,216 82,793 68,959 73, 562 39,518 395, 771 $184, 597 618,194 185,408 215,652 231 1,247 6,475 552 19,244 $165,661 535, 254 168, 630 187,920 506 1,350 13,460 621 8,642 $119, 679 421,027 139,682 119,202 619 1,617 11,301 3,315 27,022 $154,453 592,923 224,829 222,849 585 1,350 21, 722 1,092 8,487 161, 587 502 42,120 31 34,118 11,878 37, 655 12, 716 37,974 9,511 96, 761 10,116 12,892 18,936 57,081 18,448 28,612 20,800 154,354 40,107 5,070 21,783 52,936 22,487 7,775 20,507 82,079 19,994 8,306 31,714 86,428 33,860 9,323 17,763 32, 217 18,830 22,131 24,533 94,914 27,387 25,012 4,573 17,952 23,357 7,338 43,941 134,877 14,398 15,338 27, 539 38, 316 15,106 24, 610 276, 222 7,855 3,000 16,117 20,640 11,948 26,377 88,879 6,977 11,066 14,086 18, 232 7,302 12,490 106, 726 24,025 17,986 7,204 42,824 160, 736 2,710 1,280 16,511 13,972 9,027 21, 722 113,296 7,580 52,173 36,411 29,186 18,923 44,447 192,251 $200, 351 $327,816 405,942 1, 326,400 97,014 378, 277 128,013 475,400 186 607 997 1,135 17,240 8,113 382 820 18,166 27,853 $153,455 $228, 566 424,073 1,033,817 114,285 336,625 144,029 277,412 1,114 797 2,055 2,600 6,005 16,294 1,367 540 10,105 25,545 530,042 53,850 Expressage 607,141 30,932 Miscellaneous expenses Total, exclusive of cost of currency 30,100,863 2,113,487 Federal Reserve currency: Original cost 1, 315,924 108,446 Cost of redemption 144,840 12,667 Taxes on Federal Reserve banknote circulation \ 1,083 15,816 Total current expenses 31, 577,443 2, 235,683 125,723 122,243 52,998 63,961 43,201 49,051 52,614 33,426 35,804! 30,582 60,439 66,564 18,186 37,282 9,871 40,980 26,198 35, 787 23,036 27,317 28,122 69,016 7,768,542 2,412,099 2,854,244 1, 757,078 1,359,345 3,490,915 1,456,755 1, 236,479 1,764,795 1, 210,150 2,676,974 389,336 27,918 105,099 14,224 89,663 10,977 74,097 8,908 69,955 7,885 184,192 22,433 97,754 10,429 51,147 5,424 42,375 5,592 14,280 4,738 89, 580 13,645 14, 733 8,200,529 2, 531,422 2,954,884 1,840,083 1,437,185 3,697, 540 1,564,938 1,293,050 1,812, 762 1,229.168 2, 780,199 PROFIT AND LOSS ACCOUNT L.946, $42, 751,959 $2, 727, 242 $13,131,386 3,131, $3,123,918 $3,I, 674,866 $2, 231,854 $1,672,606 $6,177,615 $1,850,595 $1,455,877 L, 455, $1,946,902 $1,., 507, 244 $3,1,251,854 Earnings 674, 1,815, 762 1, 229,168 31, 577,443 2,235,683 8,200,529 2, 531, 422 " 2,954,884 ~ 1,840,083 t, ~ 437,185 3,697, 540 1, 564,938 " " 1,293,050 ' " " ~2, 780,199 Current expenses. 278,07 Current net earnings.. 285,657 134,140 235,421 2,480,075 471,655 491, 559 4,930,857 162,827 11,174,516 592,496 719,982 391,771 Additions to current net earnings: Profit on U. S. Government securities sold 148, 210 244,755 6,518,931 213,954 432,185 355,512 2,678,196 389,903 901,875 257,648 235,400 172,443 488,850 Withdrawn from reserves for 684 losses 3,057 390 1,1 15,481 5, 308 Foreign exchange profit. __ -. 221,155 5,971 7,962 25,654 15,923 81,384 6,635 21,894 8,183 5,750 21,010 3,834 37,492 55. 279 Allother 412 170,903 6,174 15,896 504 8,939 11,295 23,775 7,185 118 274,770 387,331 2, 759,992 191,400 Total additions _. 6,914,046 247, 545 184,010 503,629 258,575 411,915 510,364 233, 211 951,304 Deductions from current net earnings: Bank premises— depreciation 2,675,700 93, 327 162,465 48,917 47,293 289,173 55,832 1,394,688 176,917 140,624 156,776 109,688 3,776 Furniture and equipment 51,659 235,775 6,438 9,783 15,095 20,833 13,334 10,651 32,386 23,634 21,670 26, 516 9,869 Reserve for losses 2, 567.203 64,932 1,290,413 79,337 4,601 112, 593 101,147 1,443 4,559 63,402 Reserve for self-insurance 58,843 Assessment for building for 26,143 70,121 24,403 Board of Governors 1,001,187 26,637 72,083 368,635 30,485 99,052 94,675 37,141 116,194 35,618 183 3,658 1,708 334,991 Allother 190,347 2,108,170 1,372 609 8,567 25, 276 1,473,957 61,807 195, 229 371, 653 Total deductions 141,826 423,406 8,651,437 308,944 449,485 122,964 2,660,159 208, 325 3,354,585 136,648 278, 213 Net deductions from current net 11, 219 +131,976 earnings 232,006 +105, 719 3,443 +110, 247 1,708,855 50,369 1,737,391 +179,006 594.593 +275, 267 +60,879 Net earnings.. 9,437,125 670, 565 4,336,264 867,763 780,861 388,328 345,668 771, 220 235, 288 -69,179 239,859 266, 857 603,631 Dividends paid Paid United States Treasurer (sec. 13b) Transferred to surplus (sec. 13b) Transferred to surplus (sec. 7) 8,504,974 621,553 3,411,268 856, 286 772,127 293,644 260,538 753, 583 236,187 185,448 239,859 237, 615 636,866 r297, 667 '27,062 ' 607,422 '49,012 64, 238 —114 r 860,872 41,984 33, 340 -63,847 8,734 66,714 27,970 9,066 17,637 ""76,'O64 16,854 '23,428 -271,481 5,814 i Other than those connected with governors' and agents' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committees. r Revised. Back figures.—See Annual Report for 1934 (table 39) and similar tables in previous annual reports. -33,235 1*0. 2 9 , — R E I M B U R S A B L E EXPENDITURES OF FEDERAL RESERVE BANKS DURING 1935 [Expenditures asfiscalagents and custodians for the Treasury Department and U. S. Government agencies. Not included in "current expenses" as shown in preceding table] Total Treasury Department1 . . '$1,463,969 Reconstruction Finance Corporation.- 2,103,845 Other U. S. Government agencies '693,360 Total. 4, 261,174 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco $62, 570 35,516 26,843 $484,839 163,081 148,985 $64,059 102,492 13,355 $160,806 191,005 48,611 $65,199 210, 751 29, 530 $30,441 367,751 44,877 $208,658 445,322 65,580 $56,815 219,139 60,935 $64,501 '$146,153 63,913 74,301 54,162 '105,072 $47,980 140,215 39, 766 $71,948 90,359 55,644 124, 929 796, 905 179,906 400, 422 305,480 443,069 719,560 336,889 182, 576 227,961 217,951 325, 526 1 O i Includes expenditures account U. S. Government direct issues only. r Revised. S Back figures.—See Annual Report for 1934 (table 40) and similar tables in previous annual reports. O *1 a O O FEDERAL RESERVE NOTES No. 30.—FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS AT THE E N D OF EACH MONTH [In thousands of dollars] 1935 1934 Dec. 31 Federal Reserve notes received from the the Comptroller Federal Reserve notes held by Federal Reserve agents Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 6,626,918 6, 571,299 6,534,234 6, 516,047 6,499, 806 6,422, 306 6,488,422 6,520,230 6, 542,891 6, 602,489 6, 674,943 6,711,281 6, 761, 662 3,106, 553 3,201, 518 3, 111, 087 3, 099,959 3,074,025 2,993, 781 2,995, 571 2,988,090 2,893,290 2,866, 610 2,856,860 2,808,560 2, 714,610 O W • Federal Reserve notes issued to Federal Reserve banks: Held by issuing Federal Reserve bank Held by other Federal Reserve banks Held by U. S. Treasury.._ In circulation 1 Total notes issued . Collateral held as security for Federal Reserve notes issued to Federal Reserve b a n k s : Gold certificates: In vault I n gold fund—Board of Governors. Total gold certificates Eligible paper U. S. Government securitiesTotal collateral held Collateral required as security for Federal Reserve notes Collateral pledged in excess of Federal Reserve notes issued o 299, 258 285,259 268,833 250,439 273, 002 239,990 270, 518 251,011 262, 060 286,192 255, 624 337,978 3, 520,365 3,369, 781 3,423,147 3, 416, 088 3,425, 781 3,428, 525 3,492, 851 3, 532,140 3,649, 601 3, 735,879 3/818, 083 3,902, 721 4,047,052 w 710,502 685,802 616,920 585, 626 585, 626 585,626 585, 626 585, 626 184, 610 41,580 5,000 5,000 5,000 m fel W 2, 605, 698 2, 569,948 2,670,553 2, 682, 553 2,700, 353 2, 686, 353 2, 709,013 2,804, 213 3, 260, 748 3, 557, 608 3, 708, 518 3, 813, 343 3,965,843 M 3,316,200 3, 255, 750 3,287,473 3, 268,179 3, 285,979 3, 271,979 3, 294, 639 3, 389, 839 3,445, 358 3, 599,188 3, 713, 518 3,818, 343 3, 970, 843 4,542 2,716 4,881 4,110 4,276 5,090 9,804 8,312 3,955 5,761 6,862 5,487 5,190 141, 000 123,100 127, 500 205, 000 169,900 203,000 231,100 226,100 237,900 231, 000 223,900 241,400 186, 000 O O 3, 563,087 3,446,940 3,494,428 3, 505, 040 3, 516,189 3, 516, 741 3,529,915 3, 599,929 3, 679, 062 3, 777,400 3,859, 399 3, 945,985 4,101, 059 3, 520,365 3,369, 781 3,423,147 3, 416, 088 3, 425, 781 3,428, 525 3,492, 851 3, 532,140 3, 649, 601 3, 735,879 3,818, 083 3, 902, 721 4, 047, 052 42,722 77,159 71,281 88,952 i This figure corresponds with that given under the same caption in table 38. Federal Reserve banks and (6) the U. S. Treasury. 90,408 88, 216 37,064 67, 789 29,461 41, 521 41,316 43, 264 54,007 It differs from that given in table 7 by the amount of Federal Reserve notes held by (a) other Back figures.—See Annual Report for 1934 (table 41) and similar tables in previous annual reports. 235,011 22,741 21,823 20,262 18,445 18,150 18,951 17,127 19,989 27,445 28, 502 19,145 15,067 15,316 13,460 14,107 14,601 14,982 17,192 15,109 15,975 12,054 16, 235 16,989 17,123 15,440 14, 511 3,175,616 3,048,254 3,118,677 3,135,142 3,119, 520 3,158, 708 3,222, 914 3, 232,441 3, 362,366 3,438, 536 3,495,043 3,612,234 3, 666, 647 fel GOLD, FOREIGN EXCHANGE, AND MONEY IN CIRCULATION 113 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 115 GOLD No. 31.—MONETARY GOLD STOCK * OF THE UNITED STATES, 1914-35 [In millions of dollars; $1=25.8 grains of gold 9/10 fine, i. e., an ounce of fine gold=$20.67 through Jan. 3 1 , 1934; subsequently $l = 15%i grains of gold <Ko fine, i. e., an ounce of fine gold=$35] End of month figures End of month January... February.. March April May _. June July August September. October November. December. End of month January... February.. March April May June July August September. October.... November. December. Month January. _. February.. March April May June July August September. October.... November. December. 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1,636 1,632 1,644 1,655 1,642 1,604 1,572 1,566 1,557 1,521 1,520 1,526 1,535 1,551 1, 582 1,606 1,642 1,699 1,720 1,789 1,837 1,911 1,973 2,025 2,038 2,038 2,036 2,031 2,049 2,158 2,219 2,262 2,343 2,427 2,449 2,556 2,635 2,709 2,818 2,850 2,846 2,933 2,903 2,878 2,864 2,866 2,867 2,873 2,875 2,878 2,879 2,885 2,876 2,875 2,874 2,866 2,869 2,872 2,873 2,875 2,878 2,878 2,890 2,890 2,826 2,777 2,838 2,860 2,816 2,757 2,707 2,643 2,600 2,563 2,554 2,569 2,578 2,575 2,564 2,586 2,581 2,610 2,639 2,679 2,713 2,799 2,877 2,944 2,988 3,060 3,152 3,232 3,285 3,340 3,373 3,398 3,436 3,463 3,477 3,484 3,498 3,542 3,568 3,586 3,601 3,619 3,642 3,666 3,676 3,683 3,695 3,741 3,763 3,792 3,824 3,849 3,880 3,920 3,957 4,002 4,036 4,077 4,124 4,168 4,201 4,224 4,234 4,224 4,222 4,240 4,212 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 4,136 4,077 4,052 4,055 4,070 4,073 4,080 4,095 4,095 4,120 4,110 4,112 4,125 4,136 4,155 4,151 4,146 4,160 4,184 4,186 4,179 4,186 4,190 4,205 4,277 4,299 4,310 4,323 4,321 4,300 4,293 4,301 4,284 4,254 4,164 4,092 4,086 4,075 4,018 3,979 3,873 3,822 3,840 3,866 3,901 3,973 4,014 4,037 4,054 4,073 4,085 4,099 4,080 3,997 4,004 4,066 4,136 4,204 4,230 4,248 4,230 4,214 4,224 4,248 4,284 4,306 4,356 4,378 4,410 4,439 4,511 4,669 4,662 4,708 4,454 4,005 4,127 4,173 4,129 4,067 4,103 4,080 3,865 3,632 3,687 3,801 3,906 3,977 4,053 4,226 4,266 4,093 3,995 4,025 4,028 4,031 4,033 4,041 4,037 4,036 4,036 4,036 4,033 7,438 7,694 7,757 7,779 7,856 7,931 7,978 7,978 8,002 8,132 8,238 8,391 8,527 8,567 8,710 8,858 9,116 9,144 9,203 9,368 9,693 9,920 10,125 3,836 3,838 3,855 3,841 3,854 Averages of end of month figures 1914 1,631 1,634 1,638 1,649 1,648 1,623 1,588 1,569 1,561 1,539 1,520 1,523 1915 1916 1917 1,530 2,032 2,595 1,543 2,038 2,672 1, 567 2,037 2,763 1,594 2,033 2,834 1,624 2,040 2,848 1,670 2,103 2,890 1,709 2,188 2,918 1,755 2,241 2,896 1,813 2,303 2,865 1,874 2,385 2 2,864 1,942 2,438 2 2,866 1,999 2,502 2 2,866 1925 4,181 4,105 4,053 4,053 4,066 4,073 4,075 4,085 4,099 4,104 4,120 4,110 1926 4,120 4,138 4,157 4,161 4,147 4,151 4,173 4,180 4,184 4,185 4,190 4,194 1918 2,865 2,872 2,875 2,876 2,876 2,875 2,874 2,870 2,869 2,864 2,868 2,869 1919 2,873 2,875 2,874 2,879 2,889 2,882 2,800 2,827 2,856 2,833 2,783 2,734 1920 2,674 2,622 2,572 2,534 2,548 2,567 2,575 2,568 2,560 2,568 2,586 2,607 1921 2,644 2,688 2, 753 2,830 2,910 2,967 3,018 3,105 3,192 3,260 3,308 3,356 1922 3,385 3,417 3,449 3,469 3,481 3,489 3,516 3,553 3,573 3,597 3,609 3,630 1923 3,658 3,673 3,679 3,688 3,706 3,753 3,774 3, 810 3,836 3,868 3,895 3,939 1924 3,979 4,015 4,053 4,096 4,146 4,184 4,216 4,229 4,228 4,219 4,230 4,220 1932 4,165 4,097 4,085 4,094 3,986 3,669 3,654 3,743 3, 853 3,939 4,005 4,142 1933 4,260 4,204 3,974 4,014 4,026 4,030 4,032 4,036 4,040 4,037 4,036 4,036 1934 4,036 7,138 7,602 7,736 7,759 7,821 7,893 7,971 7,971 7,989 8,047 8,191 1935 8,284 8,465 8,552 8,641 8,755 9,025 9,128 9,180 9,246 9,545 9,777 10, 072 Averages of daily figures Month January... February.. March April May June July August September. October November. December. Averages of daily figures 1927 4,240 4,289 4,308 4,314 4,364 4,319 4,288 4,298 4,297 4,279 4,203 4,129 1928 4,090 4,086 4,048 4,000 3,920 3,832 3,826 3, 831 3,838 3,846 3,864 3,855 1929 3,828 3,856 3,879 3,939 4,005 4,024 4,048 4,064 4,081 4,094 4,087 4,037 1930 3,995 4,030 4,107 4,156 4,218 4,241 4,245 4,209 4,216 4,233 4,266 4,296 1931 4,335 4,369 4,395 4,424 4,480 4,578 4,671 4,688 4,661 4,160 4,076 4,163 1 Gold coin and bullion (including foreign coin) held by U. S. Treasury and Federal Reserve banks (including gold held under earmark abroad). Amounts held abroad under earmark (end of month figures) as follows: 1917, June-Dece'mber, $52,500,000; 1918, January-May, $52,500,€00; June, $16,271,000; July, $11,630,000; August-December, $5,829,000; 1919, January-March, $5,829,000; August, $107,119,000; September, $159,618,000; October, $149,166,000; November, $135,694,000; December, $131,320,000; 1920, January, $114,322,000; February, $112,822,000: March-April, $112,780,000; May-July, $111,530,000; August-September, $111,458,000; October, $16,536,000; November-December, $3,300,000; 1921, January-February, $3,300,000: 1927, May, $59,548,000; June, $23,300,000; 1932, December, $72,638,000. 2 Averages of daily figures. NOTE.—With respect to revaluation of gold stock as of Jan. 31, 1934, see footnotes to table 1. For figures as of other dates see tables 1, 3, and 4. 116 No. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 32.—ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, 1921-35 [In millions of dollars] Year or month 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 3 Gold Instock crease Net Net release Other at end in gold from facof year gold import eartors 2 or l stock mark month 667.4 238.3 294.1 258.1 -134.4 97.8 6.1 -391. 9 175.1 280.1 145.3 -446. 2 -173.4 1,133. 9 1,739.0 3,373 734. 3,642 268. 3,957 315. 4,212 255. 4,112 -100. 4,205 92. 4,092 -112. 3,854 -237. 3,997 142. 4,306 4,173 -133. 4,226 52. 4.036 -190. S, 238 1, 4 202. 10,125 1, 887. 1935 18.7 -3.7 -42^2 32.2 -26.3 -160.2 119.5 -55.4 -2.4 -320.8 457.5 -58.0 82.6 .2 48.5 33.9 20.3 39.8 2.1 21.1 41.3 34.5 22.8 31.9 42.1 41.6 41.1 2,986.1 148.0 Month InGold Net release Other stock crease Net in gold facfrom at end gold import ear- tors 2 of mark * month stock 1934 January February * . . . March . . . . April May June July August September October November December 4,033 - 2 . 1 -2.8 7,438 3,405.0 452.6 7,694 256.1 237.3 62.2 7,757 54.7 7,779 22.4 33.6 7,856 63.7 77.1 74.4 7,931 52.3 7,978 47.4 37.2 7,978 .4 -18.7 8,002 23.5 10.8 8,132 129.9 120.9 8, 238 106. 2 92.1 12.2 68.7 19. 6 -.8 8.6 -1.1 .5 -11.6 1.0 12.5 . 6 21.4 11.2 -1.1 16.6 2.4 12.4 .3 9.1 -.1 14.1 .1 1935 1933 January February March April May June July August September. __ October November December 4,266 40.0 4,093 -173.4 3,995 - 9 7 . 2 4,025 29.5 4,028 3.6 4,031 2.2 4,033 2.7 4,041 7.5 4,037 - 3 . 8 4,036 -.7 4,036 4,036 128.5 - 9 1 . 5 3.0 3 17.8 -178.3 - 1 2 . 9 3 - 2 2 . 1 -100.1 25.0 -10.0 33.7 5.7 -21.1 22.1 2.6 -3.2 3.5 1.9 -83.9 2.1 84.5 -80.4 8.4 79.5 -56.7 3.6 49.3 -32.4 4.8 26.9 -.8 .1 .6 -3.1 -9.1 11. January. 8,391 February 8,527 March _. 8,567 April 8,710 May 8/858 9,116 June July 9,144 9,203 August September... 9,368 October 9,693 November 9,920 December 10,125 153.3 135.3 40.4 143.4 148.1 257.1 27.9 59.5 165.0 325.2 226.7 205. 2 149.4 122.8 13.0 148.6 140.0 230.4 16.2 46.0 156.7 315.3 210.6 190.0 2.8 12.3 28.1 -2.9 9.6 25.8 12.1 11.7 7.3 11.8 15.5 13.9 1.1 .2 -.7 -2.3 -1.5 1.0 -.4 1.8 1.0 -1.9 .6 1.3 1 Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance made when necessary for change in gold earmarked abroad for account of Federal Reserve banks). See table 31, note 1, and table 33. 2 Derived from preceding columns, reflecting net result of such factors as domestic production, movements into and out of nonmonetary use, imports and exports that do not affect gold stock during m o n t h or year, and increment resulting from reduction in weight of gold dollar. 3 Differs from Department of Commerce figures, since $8,900,000 declared for export on F e b . 28 was not actually taken from the Federal Reserve Bank of New York until Mar. 1. 4 Increase in gold stock during February 1934 results principally from reduction in weight of gold dollar on Jan. 31; see note to table 1. Figures based on rate of $20.67 a fine ounce through J a n u a r y 1934 and $35 a fine ounce thereafter. Back figures.—For data b y months in earlier years, except total monetary gold stock, see Annual Report for 1932 (table 47) and similar tables in previous annual reports; see table 31 for revised monetary gold stock figures by m o n t h s in earlier years. No. 33.—GOLD H E L D UNDER EARMARK FOREIGN ACCOUNT, BY FEDERAL RESERVE BY MONTHS, 1927-35 BANKS FOR [In thousands of dollars]l End of month January February March April May ._ __ June.. July August September October November December 1927 1928 1929 1930 1931 1932 1933 1934 19, 779 16, 599 18,101 19, 101 114,101 114,601 114,417 116,918 125, 918 150,919 190, 919 199,419 193, 919 191,051 155, 251 109, 511 136,050 105, 997 45,050 39,134 40, 334 39,134 64,136 79, 897 144,898 144, 898 137, 391 88, 821 72, 694 80, 207 102, 194 103, 194 109, 795 114,296 113, 292 135, 295 134, 794 134, 794 119, 795 119, 295 117, 295 115, 295 118, 295 118, 295 114, 303 120, 410 122, 536 137, 695 125, 795 123, 295 120, 295 127, 795 123, 795 31,531 61, 231 77, 231 356, 321 463, 931 435, 821 458, 534 433,149 406, 781 348,469 344, 501 366, 650 395, 447 339, 210 238, 709 168,421 120, 646 72,080 73, 694 92, 552 270,837 370, 929 337, 228 315,114 311, 569 227, 099 147, 632 98, 326 71,459 70, 859 59,079 «46, 874 ' 10, 709 ° 11, 546 «12, 679 o 12,190 11, 204 c 10, 616 11, 671 9,252 «8, 993 9.077 9,017 i At $20.67 a fine ounce through January 1934 and at $35 a fine ounce thereafter. c Corrected. 1935 7,886 7,649 8,310 10, 611 12,147 11,149 11, 572 9,776 8,761 10, 624 10,051 8,801 See footnotes to table 1. NOTE.—For statistics of gold earmarked abroad for account of Federal Reserve banks see table 31, note 1. Back figures.—See Annual Report for 1934 (table 45) and similar tables in previous annual reports. 117 GOLD N o . 3 4 . — G O L D MOVEMENTS TO AND FROM THE U N I T E D STATES, BY COUNTRIES [In thousands of dollars] * 1932 193^t 1933 193,5 Imports Exports Imports Exports Imports Exports Imports Exports Belgium Czechoslovakia Denmark England France _ _ Germany Italy Netherlands Norway Poland and Danzig Portugal Spain Sweden Switzerland U. S. S. R Yugoslavia Canada Newfoundland Centra] America Mexico West Indies Argentina _ Bolivia Brazil British Guiana Chile Colombia Ecuador Peru Uruguay Venezuela Australia British India China Hong Kong Straits Settlements Dutch East Indies Palestine Japan . New Zealand Philippine Islands All other Total 1,031 83, 602 841 68, 718 16, 649 381 2 18,690 15,132 458,298 13, 738 107 115,277 55,204 30,079 1,071 19,347 63 2,386 64, 757 1,550 1,392 20,407 3,784 13,000 19 1,312 207 1,624 3,242 1,053 3,242 4,384 1,770 7,510 26, 596 23.280 15, 763 348 2,901 8 49, 720 1,681 7,052 100 363,315 12,968 4,059 4 48, 826 246,113 3,603 24,044 11, 445 6,100 510,161 2S0, 531 4 899 102,924 6 8,530 29,991 147 12 7,414 316,302 934, 302 63 3 227,225 254 968 18,099 795 95, 245 89 2,814 14, 583 1,135 19 7 5,002 11, 631 118, 560 12 184 3 320 9 20,141 247 850 4,859 525 14 105 6 579 1 15 2 1,660 126 49 2,337 97 1,007 1,537 506 3,176 25, 629 5,931 6,890 1 24 864 150 801 51 809, 528 575 59 296 41 602 22 15 287 895 6,504 6,702 187 6,023 107 193,197 12, 656 885 300 86, 785 39 2,978 30,388 2,221 12 124 12 5 5,226 16, 952 1, 555 1,396 45 173 288 1,882 8 840 1,029 76,820 171 16, 281 366, 652 915 15 2 6,593 10,899 5,185 2,148 620 3,498 75,267 9,431 1 7 341 4 12, 038 105 1,186, 671 74 52, 759 19 77 15, 335 198 1, 740, 979 1 1,960 i Figures represent customs valuations which, with some exceptions, are at rate of $20.67 a fine ounce through January 1934 and $35 afineounce thereafter. See note to table 1. Backfigures.—SeeAnnual Report for 1934, table 46, and similar tables in previous annual reports, For figures by months see Federal Reserve Bulletin. No. 35.—GOLD MOVEMENTS TO AND FROM THE UNITED STATED, 1921-35 [In thousands of dollars] 1 Year 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932.. 1933 19342 1935 Imports 691, 248 275,170 322, 716 319, 721 128, 273 213,504 207, 535 168,897 291, 649 396, 054 612,119 363, 315 193,197 1,186, 671 1. 740. 979 Exports Net imports or exports (—) Month 23,891 36, 875 28,643 61, 648 262, 640 115, 708 201, 455 560, 759 116, 583 115,967 466, 794 809, 528 366, 652 52, 759 1,960 667, 357 238, 295 294, 073 258,073 -134,367 97, 796 6,080 -391,862 175, 066 280,087 145, 325 -446, 214 -173,455 1,133, 912 1. 739.019 1935 January February March April May June July August September October November December Imports 149, 755 122,817 13, 543 148, 670 140, 065 230, 538 16, 287 46, 085 156,805 315, 424 210, 810 190,180 Exports N e t imports or exports (—) 363 46 540 62 49 166 59 102 86 76 242 170 149, 392 122,771 13,003 148, 608 140,016 230,372 16, 228 45, 983 156,719 315, 348 210, 568 190,010 1 Figures represent customs valuations which, with some exceptions, are at rate of $20.67 afineounce through January 1934 and $35 afineounce thereafter. See note to table 1. 2 Differs from Department of Commereefigure,since $8,900,000 declared for export on Feb. 28 was not actually taken from the Federal Reserve Bank of New York until March 1. Backfigures.—Fordata by months in earlier years, see Annual Report for 1934 (table 47) and similar Digitized fortables FRASER in previous annual reports. 118 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS FOREIGN EXCHANGE RATES No. 36.—FOREIGN EXCHANGE RATES, 1919-35 [Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Argentina (peso) i 99.0180 1919 90. 7040 1920 72.9999 1921 81.8166 1922 78. 5727 1923 78.1308 1924 91. 3822 1925 92.1497 1926 96. 2950 1927 96. 4801 1928 95.1274 1929 83. 5050 1930 66. 7375 1931 58. 4433 1932 * 72. 8009 1933 33. 5793 1934 32 6585 1935 1935—January 32. 6038 February. __ 32. 4607 March 31. 8033 April 32. 2220 May 32. 5572 June 32. 8687 July 33.0262 August 33.1204 September.. 32.8563 October 32. 7140 November.. 32.8152 December.._ 32. 8542 Germany Year or month (reichsmark) 3. 0440 1919 1. 7510 1920 1. 2045 1921 .2323 1922 1923 « . 0020 1924 22. 9980 23. 8013 1925 23. 7996 1926 23.7638 1927 23.8614 1928 23. 8086 1929 23. 8541 1930 _ __ 23. 6302 1931 23. 7492 1932 30. 5179 1933 39. 3751 1934 40. 2575 1935 40.0614 1935—January 40.1178 February 40. 3722 March April .. 40. 2638 40. 2472 Mav 40. 4072 June 40. 3538 July 40. 3456 August September. _ 40. 2278 40. 2251 October November.. 40. 2251 December... 40. 2167 Year or m o n t h 12. 7670 7. 3800 7. 4461 7. 6829 5. 2190 4. 6438 4. 7580 3 3. 3721 13. 9157 13.9281 13. 9124 13.9524 13.9285 13.9137 17. 8996 23. 2867 18.4241 23. 3150 23. 32G3 22. 7564 16. 9430 16.9461 16. 9393 16. 9117 16. 8878 16. 8618 16. 8468 16.8946 16. 8565 Brazil (milreis) l 26. 7350 22. 5130 13.1153 12. 9486 10. 2285 10. 9403 12.1962 14. 4357 11. 8383 11. 9737 11. 8078 10. 7136 7.0290 7.1223 7. 9630 8. 4268 8. 2947 8.1451 8.1282 8. 2363 8. 2578 8. 2797 8.3122 8. 3146 8.3657 8. 3378 8. 3791 8, 3792 8. 3902 95.5970 89.2760 89.5549 98. 4783 98. 0352 98. 7322 99.9615 99. 9889 99. 9720 99. 9094 99. 2472 99. 8424 96.3528 88.0896 91. 9587 101.0060 99. 4933 100.1825 99. 8852 99.0647 99. 5277 99. 8977 99.9078 99.8322 99. 7799 99. 2563 98. 5800 98. 9236 99. 0453 India (rupee) Italy (lira) Japan (yen) Nether- N o r w a y Spain Sweden Switzerlands land (florin) (krone) (peseta) (krona) (franc) 40. 2950 38. 8790 26. 2198 28. 7409 31.1103 31. 7835 36. 2642 36. 3267 36.3117 36. 4663 36. 2020 36. 0672 33. 6895 26. 3468 31. 8159 37. 8793 36. 9640 36.8611 36. 7994 36. 0210 36. 4393 36.8602 37. 1944 37. 3467 37. 4849 37. 2082 37. 0217 37.1419 37. 2008 11.3690 4. 9700 4. 2936 4. 7559 4. 6016 4. 3580 3. 9776 3. 8894 5.1560 5. 2571 5. 2334 5. 2374 5. 2063 5.1253 6.7094 8. 5617 6 8. 2471 8. 5209 8. 4730 8.3368 8. 2821 8. 2253 8. 2566 8. 2259 8. 2074 8.1409 8.1243 6 8.1024 6 8. 0750 51.1840 50. 3680 48. 2485 47. 8037 48. 5845 41.1857 41.0362 47.1163 47.4113 46. 4096 46. 0997 49. 3898 48. 8509 28.1112 25. 6457 29. 7153 28. 7067 28. 4725 28. 3913 27. 9837 28. 3679 28. 7295 28.9931 29.1510 29. 3192 28. 9378 28. 6687 28. 6828 28. 7386 39.1470 34.4190 33. 6470 38. 4975 39.1005 38. 2109 40.1601 40.0984 40.1065 40. 2238 40.1622 40. 2251 40. 2298 40. 2949 51.7209 67. 3831 67. 7147 67. 4562 67. 5602 67. 9506 67. 4576 67. 6195 67. 8743 67. 9862 67. 7819 67. 5556 67. 7416 67.8024 67. 7696 Belgium (belga) China Canada Chile (dollar) (peso) i (yuan) 22. 5550 18.4540 12. 0574 12. 2159 12. 2423 10. 5448 11.6031 12.0766 12. 0652 12.1451 12. 0601 12. 0785 12.0669 7. 9079 7. 6787 10.1452 5. 0833 5.0630 5.0761 5.0885 5.1000 5.1000 5.0996 5.0990 5. 0633 5.0515 5. 0694 5.0950 5.0937 55. 6073 52. 6223 52. 6973 56.9066 49. 9807 43. 9414 46.1378 41. 9007 29. 9166 22. 4369 21. 7357 2 28.5979 34.0937 36. 5707 34.9924 36. 5369 38. 2960 38. 7908 41.0979 40. 4002 38. 6791 36. 8645 37. 6226 35. 6091 29. 6485 29. 4496 24. 5760 16. 5300 14. 9071 17. 5016 16. 6710 13. 9403 17. 8836 22. 3347 26. 0477 26. 6876 26. 6827 26. 7598 25. 0546 18. 0039 21. 4292 25.3161 24. 6268 24.5815 24. 4880 24.0265 24. 2975 24. 5563 24. 7910 24. 9062 24. 9482 24. 7710 24. 6570 24. 7399 24.7605 Denmark (krone) 23. 2850 15. 7750 17. 7965 20. 9470 18. 3643 16. 7228 21.1310 26. 2257 26. 7251 26. 7426 26. 6802 26. 7650 25.0581 18. 8317 19. 0709 22. 4998 21. 8834 21. 8447 21. 7594 21. 3244 21.5902 21. 8175 22. 0458 22.1303 22.1848 22.0112 21. 9092 21. 9834 22.0012 19.8230 15.9380 13.5314 15. 4828 14. 4529 13. 3375 14. 3443 14.8959 17. 0592 16. 5942 14. 6833 11. 6670 9. 5453 8. 0438 10. 7189 13.6150 13. 6783 13.6408 13. 6626 13. 7232 13. 6693 13. 6522 13. 6982 13. 7259 13. 7296 13.6569 13. 6537 13. 6477 13.6704 England France (pound) (franc) 442. 5800 13.6820 366. 4270 7. 0400 384. 9056 7. 4554 442. 9165 8. 2013 457. 4825 6. 0811 441. 7064 5. 2368 482.8944 4. 7671 485. 8235 3. 2427 486.1024 3. 9240 486. 6223 3.9210 485. 6879 3. 9161 486. 2126 3. 9249 453. 4990 3.9200 350. 6067 3. 9276 423. 6821 5. 0313 503. 9302 6. 5688 490.1761 6. 6013 489. 2457 6. 5820 487. 3466 6. 5936 477. 6211 6. 6232 483.6812 6. 5970 488. 7755 6. 5883 493. 4922 6. 6121 495. 7659 6. 6242 496. 9880 6. 6262 493. 0654 6. 5908 490. 7834 6. 5892 492. 4950 6.5862 492. 8772 6. 5986 25. 5420 20.4940 22. 5397 26.1661 26. 5548 26. 5223 26. 8479 26. 7646 26.8148 26. 8002 26. 7839 26. 8543 25. 2540 18. 4710 22.0324 25. 9815 25. 2710 25. 2267 25.1256 24. 6264 24. 9325 25.1988 25. 4408 25. 5583 25. 6227 25. 4219 25. 3030 25. 3877 25. 4092 18. 9830 16. 9030 17. 3539 19. 0652 18. 0600 18. 2228 19. 3268 19. 3130 19. 2618 19. 2596 19. 2792 19. 3820 19. 4009 19. 4049 24. 8355 32. 3663 32. 4972 32. 3055 32. 3525 32. 5301 32. 3645 32. 3230 32. 6800 32. 7474 32. 7180 32. 5042 32. 5326 32. 4449 32. 4324 1 Partly or wholly nominal since April 1933. 2 Quotations on yuan not available 1919-21; averages for Shanghai tael: 1919, 129.8350 cents; 1920,118.5990 cents; 1921, 70.7787 cents; 1922, 74.9281 cents. Beginning Apr. 10, 1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. 3 Average for franc through 1926 and for belga thereafter (belga=5 francs). Average for 1926 is for franc for Jan. 2-Oct. 25. Average for belga for Oct. 26-Dec. 31 was 13.9095 cents. < Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. No quotations Dec. 11 and 12. s Average for mark through 1923 and for reichsmark thereafter. In November 1923 marks became officially convertible into reichsmarks at rate of 1,000,000,000,000 marks for one reichsmark. e Nominal beginning November 23, 1935. Back figures.—For monthly averages in earlier years, see Federal Reserve Bulletin, which also includes data for other countries. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 119 MONEY IN CIRCULATION No. 37.—UNITED STATES MONEY IN CIRCULATION, 1 BY MONTHS, 1914-35 [In millions of dollars. Forfiguresby weeks, see table 3] End of month End of month figures 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 3,702 3,833 3,886 3,907 3,969 2 3, 779 3,686 3,693 3,764 3,820 3,965 4,086 3,849 4,028 4,109 4,147 4,129 4,195 4,277 4,489 4,740 4,858 4,908 4,951 4,632 4,635 4,661 4,656 4,631 4,590 4,583 4,661 4,750 4,840 4,982 5,091 4,890 5,073 5,104 5,122 5,165 5,181 5,167 5,261 5,329 5,411 5,356 5, 325 5,016 4,986 4,837 4,793 4,728 4,624 4,510 4,453 4,457 4,408 4,364 4,403 4,154 4,204 4,210 4,181 4,168 4,176 4,137 4,193 4,321 4,359 4,417 4,530 4,327 4,416 4,460 4,472 4,510 4,536 4,500 4,589 4,658 4,642 4,731 4,757 4,490 4,600 4,612 4,566 4,618 4,562 4,469 4,572 4,576 4,655 4,765 4,760 1935 January February ___ March April. May June July August- __. September— October November. _ December.. 3,215 3,216 3,221 3,243 3,246 3,172 3,107 3,254 3,445 3,457 3,123 3,032 2,966 2,955 2,977 2,997 3,030 3,033 3,036 3,115 3,168 3,232 3,257 3,302 3,305 3,316 3,326 3,334 3,298 3,362 3,371 3,450 3,535 3,589 3,590 3,679 End of month 1925 1926 1927, 1928 1929 1930 1931 1932 1933 1934 January February ___ March April May June. July August September.. October November. _ December.. 4,515 4,561 4,524 4,495 4,550 4,524 4,505 4,579 4,629 4,682 4,757 4,817 4,554 4,617 4,573 4,620 4,636 4,598 4,622 4,643 4,691 4,734 4,750 4,808 4,559 4,598 4,575 4,604 4,606 4,564 4,559 4,567 4,661 4,659 4,665 4,716 4,390 4,403 4,462 4,461 4,457 4,510 4,414 4,516 4,559 4,519 4,703 4,686 4,370 4,411 4,461 4,389 4,451 4,459 4,430 4,553 4,532 4,551 4,642 4,578 4,275 4,292 4,262 4,189 4,264 4,235 4,139 4,246 4,214 4,206 4,373 4,603 4,323 4,333 4,321 4,365 4,415 4,535 4,550 4,765 4,959 5,253 5,249 5,360 5,354 5,317 5,172 5,178 5,193 5,408 5,439 5,405 5,366 5,341 5,361 5,388 5,358 6,258 6,033 5,716 5,525 5, 434 5,343 5,325 5,363 5,348 5,455 5,519 5,289 5,354 5,394 5,368 5,357 5,373 5,317 5,396 5,456 5,453 5,549 5,536 1924 5,380 5,467 5,493 5,478 5,540 5,568 5,518 5,629 5,683 5,713 5,846 5,882 Averages of daily figures Averages of end of month figures Month January February March April May June July August.. _. September. _ October November.. December. . 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 3,210 3,215 3,219 3,232 3,244 3,209 3,139 3,180 3,350 3,451 3,290 3,078 2,999 2,960 2,966 2,987 3,013 3,031 3,034 3,076 3,142 3,200 3,245 3,280 3,304 3,311 3,321 3,330 3,316 3,330 3,366 3,410 3,492 3,562 3,590 3,635 3,691 3,768 3,860 3,897 3,938 2 3, 874 3,733 3 3, 714 3 3, 774 3 3,865 3 3,916 3 4, 055 4,019 3,993 4,086 4,136 4,114 4,161 4,233 4,379 4,624 4,847 4,896 4,956 4,763 4,645 4,655 4,683 4,654 4,604 4,609 4,626 4,702 4,819 4,921 5,055 4,944 4,998 5,111 5,085 5,127 5,161 5,191 5,222 5,313 5,386 5,375 5,371 5,114 4,976 4,917 4,791 4,755 4,649 4,570 4,484 4,465 4,434 4,386 4,431 4,240 4,164 4,196 4,195 4,163 4,142 4,156 4,161 4,265 4,356 4,384 4,540 4,392 4,385 4,426 4,444 4,477 4,492 4,525 4,546 4,614 4,654 4,666 4,784 1924 4,560 4,545 4,583 4,599 4,579 4,543 4,523 4,513 4,566 4,604 4,683 4,801 Averages of daily figures Month January February March April. May _ June.. July August September. _ October November.. December. _ 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 4,576 4,518 4,528 4,517 4,504 4,503 4,507 4,530 4,621 4,658 4,673 4,832 4,604 4,567 4,577 4,595 4,584 4,594 4,629 4,625 4,682 4,714 4,718 4,844 4,617 4,556 4,569 4,592 4,573 4,544 4,564 4,562 4,630 4,647 4,649 4,761 4,498 4,422 4,423 4,443 4,435 4,449 4,459 4,456 4,517 4,549 4,573 4,721 4,461 4,399 4,422 4,392 4,397 4,400 4,477 4,490 4,524 4,523 4,558 4,656 4,365 4,267 4,245 4,231 4,210 4,202 4,196 4,189 4,206 4,214 4,241 4,536 4,408 4,311 4,303 4,360 4,392 4,463 4,549 4,660 4,846 5,191 5,231 5,324 5,358 5,340 5,244 5,165 5,169 5,243 5,464 5,432 5,398 5,356 5,356 5,412 5,344 5,605 6,711 5,850 5,589 5,455 5,388 5,329 5,345 5,369 5,394 5,524 5,382 5,339 5,368 5,366 5,355 5,341 5,350 5,355 5,427 5,473 5,494 5,577 5,411 5,439 5,477 5,500 5,507 5,522 ,.5,550 5, 576 5,651 5,704 5,770 5,897 1 Money outside Treasury and Federal Reserve banks (prior to November 1914, money outside Treasury). Figures after Jan. 31, 1934, do.not include gold coin and priorfiguresfor purposes of comparison with currentfigureshave been reduced by $287,000,000, the estimated amount of gold coin in circulation on Jan. 31, 1934. See also footnotes to table 1. Forfiguresas of other dates see tables 1, 3, and 4. 2 Figures prior to June 21, 1917 (when legislation became effective changing reserve requirements of member banks), while comparable with one another, are not strictly comparable with those for succeeding dates; the transfer to the Federal Reserve banks of that part of legal reserves of member banks formerly held in own vaults reduced the volume of money outside Treasury and Federal Reserve banks (see note 1). The increasing membership of State banks in the Federal Reserve System after June 1917 had a similar elfect upon the figures. s Averages of daily figures. 120 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 38.—KINDS OF MONEY IN CIRCULATION 1 [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month or year Total Stand- Sil- Treas- SubGold ard ver ury sidiGold certifcer- notes ary coin icates silver tifidolof sillars cates 1890 ver 1919. 1920_ 1921. 1922 _ 1923. 1924 _ 19251926_ 1927. 19281929_ 1930_ 1931 _ 5,091 5,325 4,403 4,530 4,757 4,760 4,817 4,808 4,716 4,686 4,578 4,603 5,360 189 188 152 136 123 122 127 122 115 108 97 81 122 1932—January February... March April May June July August SeptemberOctober November.. December.. 5,354 5,317 5,172 5,178 5,193 5,408 5,439 5,405 5,366 5,341 5,361 5,388 120 119 117 124 148 166 167 162 158 158 167 181 850 820 779 758 735 716 1933—January February... March April May June July August September.. October November.. December. _ 5,358 6,258 6,033 5,716 5,525 5,434 5,343 5,325 5,363 5,348 5,455 5,519 192 284 80 48 37 34 33 32 25 25 24 24 1934—January February—_ March April May June July August SeptemberOctober November.. December. . 5,289 5,354 5,394 1935—January February.. . March April may June July August September. October NovemberDecember. _ FederMi- United al Renor States serve coin notes notes 274 261 275 285 306 297 295 297 293 294 265 296 2,916 3,256 2,372 2,373 2,224 1,842 1,816 1,824 1,763 1,808 1,862 1,641 2,603 115 114 114 114 114 114 113 113 113 113 113 113 282 280 274 282 290 250 252 258 255 256 257 258 261 265 267 269 272 391 399 403 400 402 401 399 438 483 510 558 592 580 599 623 653 695 701 702 739 756 773 812 141 70 374 390 390 397 400 410 417 404 389 244 255 237 246 261 266 275 281 286 291 294 281 271 95 91 93 98 100 105 108 112 116 119 119 117 644 624 635 601 367 363 355 356 355 353 351 350 359 361 361 371 260 260 259 257 257 256 254 255 257 257 258 258 591 649 393 323 280 265 252 242 232 225 219 213 350 362 376 360 359 361 365 372 385 387 394 407 5,357 5,373 5,317 5,396 5,456 5,453 5,549 5,536 178 167 161 157 153 150 146 143 139 136 133 130 5,380 5,467 5,493 5,478 5,540 5,568 5,518 5"" 5,683 5,713 5,846 5,882 127 126 123 121 119 117 115 114 112 111 110 109 219 177 303 584 970 1,113 1,092 1,074 991 880 1,118 877 Federal Reserve bank notes National bank notes 5 4 4 3 3 3 672 695 705 708 714 706 635 629 619 616 597 623 656 285 286 289 291 294 2,648 2,634 2,546 2,551 2,558 2,780 2,838 2,793 2,731 2,689 2,675 2,716 3 3 3 3 3 3 3 3 3 3 3 3 677 691 693 703 702 701 700 744 785 817 826 820 111 111 112 112 112 113 113 114 115 116 117 117 287 301 266 261 265 269 275 277 280 277 285 286 2,707 3,405 3,621 3,362 3,167 3,061 2,974 2,953 2,966 2,930 2,998 3,044 3 3 17 50 99 126 129 133 156 189 206 836 861 879 915 922 920 914 911 909 903 913 918 267 370 272 274 277 280 280 282 284 288 291 294 116 117 118 118 120 119 121 122 122 123 124 125 283 289 289 282 279 280 277 274 274 273 273 265 2,894 2,949 3,005 3,025 3,038 3,068 3,044 3,103 3,131 3,124 3,176 3,176 202 194 178 162 151 142 133 125 119 112 107 101 927 938 936 918 906 902 885 878 870 856 853 820 287 289 290 294 296 297 298 298 302 306 309 312 123 123 123 124 125 125 125 126 127 128 130 131 259 263 264 268 281 285 280 283 286 281 284 275 3,048 3,119 3,135 3,120 3,159 3,223 3,232 3,362 3,439 3,495 3,612 3,667 97 94 92 88 85 81 78 75 73 70 827 823 810 778 747 704 654 596 553 514 487 458 209 97 37 14 i For description of revision of figures for total money and gold coin in circulation, see Bulletin for July 1935, p. 423, footnote 3, or reprint of this article, Supply and Use of Member Bank Reserve Funds, p. 5, footnote 3. Back figures.—See Annual Report for 1934 (table 49) and similar tables in previous annual reports. 121 MONEY IN CIECULATION No. 39.—PAPER CURRENCY, BY DENOMINATIONS, AND C O I N IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Paper currency J Coin $50 and over End of month Gold Other 1930 December 1931 Tnlv September December T July September November December 1934 Jaiiii&rV February JVIarch April May June July August September October November December. 1935 January FebruaryMarch April May June July August September October November December $5 $10 $20 $5,000 Total 2 $50 $100 $500 $1, 000 and $10,000 436 437 437 389 397 404 43 43 45 661 676 696 1,029 1,059 1,083 1,054 1,091 1,130 644 704 852 71 69 67 65 66 76 76 76 89 100 96 122 421 421 422 423 424 425 422 421 423 422 422 421 370 371 369 373 377 374 373 378 382 385 385 388 41 41 40 41 40 39 39 39 39 39 39 40 644 637 630 630 639 644 640 659 664 685 682 684 1,012 1,013 1,015 1,021 1,030 1,037 1,041 1,077 1,089 1,136 1,134 1,145 1,078 1,078 1,070 1,085 1,090 1,115 1,118 1,178 1,226 1,299 1,301 1,329 789 784 785 847 861 932 949 1,047 1,154 1,278 1,281 1,336 120 119 117 124 148 166 167 162 158 158 167 181 407 406 404 401 401 400 397 398 399 400 401 400 366 361 353 352 353 350 348 348 356 358 358 368 37 37 36 35 35 34 33 33 33 33 34 34 650 643 624 629 625 623 625 623 627 629 628 635 1,116 1,113 1,077 1,076 1,069 1,081 1,101 1,097 1,102 1,103 1,098 1,109 1,329 1,326 1,289 1,280 1,275 1,313 1,335 1,326 1,311 1,301 1,315 1,307 1,410 1,387 1,343 1,349 1,362 1,513 1,506 1,491 1,458 1,435 1,434 1,435 192 284 80 48 37 34 33 32 25 25 24 24 390 392 399 395 396 397 399 403 408 412 415 418 350 361 375 358 356 355 360 366 380 382 388 402 32 33 33 32 32 32 32 33 33 33 33 33 615 675 729 688 660 654 656 664 685 682 702 719 1,077 1,190 1 254 1 205 1,150 1,143 1,138 1,153 1,181 1,178 1,205 1,229 1,311 1,478 1,488 1,406 1,349 1,335 1,312 1,300 1,302 1,303 1,336 1,342 1,464 1,924 1,778 1,664 1,554 1,490 1,419 1,380 1,356 1,338 1,358 1,360 404 391 377 367 362 357 362 364 686 662 636 620 612 607 613 618 153 145 136 131 127 124 125 125 288 273 254 246 239 232 239 237 22 20 17 17 412 417 420 422 427 430 431 435 437 442 447 452 386 393 397 394 396 396 893 403 411 410 422 423 32 33 33 33 33 33 32 33 32 32 32 32 699 722 730 722 719 724 719 741 755 752 776 771 1,173 1,212 1,230 1,225 1,225 1,231 1,219 1,250 1,266 1,265 1,300 1,288 1,288 1,304 1,302 1,292 1,288 1,293 1,277 1,294 1,311 1,314 1,332 1,326 1,307 1,294 1,295 1,287 1,280 1,275 1,254 1,251 1,256 1,252 1,249 1,254 350 347 346 342 341 342 336 335 336 335 337 337 593 587 584 581 579 579 569 568 571 571 571 577 119 117 117 117 116 117 113 112 113 112 111 112 228 225 230 230 228 225 223 222 223 221 214 216 16 13 13 15 12 441 443 445 449 453 454 455 457 463 467 472 478 401 407 410 411 420 419 415 424 433 435 448 460 32 31 32 32 32 32 31 32 32 32 32 33 740 755 754 749 760 760 755 778 788 787 815 815 1,240 1,275 1,285 1,266 1,290 1,296 1,273 1,324 1,334 1,337 1,380 1,373 1,293 1,314 1,309 1,300 1,309 1,309 1,289 1,313 1,321 1,329 1,354 1,359 1,246 1,257 1,267 1,278 1,287 1,303 1,303 1,312 1,324 1,336 1,349 1,369 336 340 341 340 343 349 344 347 349 354 356 358 571 575 578 580 588 598 596 598 603 610 617 627 111 112 113 116 115 116 116 116 118 119 120 122 214 217 221 230 225 225 231 233 232 233 234 239 12 13 13 13 15 14 17 18 22 21 22 23 1933 April May June --July August September October November December $2 63 64 81 1932 April $1 17 19 20 18 17 17 17 16 12 13 14 1 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. 2 Separate figures for different denominations not available prior to May 1933. 56048—36 9 DISCOUNT RATES AND MONEY RATES 123 125 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS DOMESTIC MONEY RATES No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Federal Reserve Bank Date effective Kan- Dal- San Rich- At- Chi- St. MinBos- New Philanesas Frandel- Cleveland mond lanta cago Louis apolis ton York phia City las cisco A. Rates on rediscounts for and advances to member banks under sees. 13 and 13a of the Federal Reserve Act In effect Jan. 1,1934.. 1934—Feb. 2 . . Feb 3 Feb. 8 Feb 9 Feb. 10 Feb. 16 Mar 16 Dec. 15 Dec. 21 2H 2 2 2 3 3H VA VA 3* 3 3 3 2 3 01/ VA 1935—Jan. 3 Jan. 8 Jan. 11 Jan. 14 Jan. 17 Jan. 19 May 8 . . _ May 9 May 10 May 11 May 14 In effect Dec. 31,1935. 3 3H 2 VA 2 2 2 2 2 VA 2 VA 2 2V£ VA 2 VA 2 2 2 2 2 2 2 2 2 B. Rates on advances to member banks under sec. 10 (b) of the Federal Reserve Act In effect Jan. 1,1934 _ _ 4 4 4 4 1934—Mar. 12 July 10 July 16 Hi 4 5 5 4 4 4 Hi 1935—Jan. 14 Jan.31i Aug. 26 i Sept. 14 Sept. 20 Sept. 23 Oct. 3 Oct. 8 Oct. 10 Oct. 19 Oct. 29 Nov. 2 In effect Dec. 31,1935. 5 4 VA. 2V£ VA 2H v/ 2 2H 2 z 2 2 V/ VA 2H VA 2M 2H 2K * Sec. 10 (b), as originally enacted, expired by limitation on Mar. 3, 1935. This section was reenacted in amended form by the Banking Act of 1935, approved Aug. 23,1935. 126 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No, 40.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued [Percent per annum] Federal Reserve Bank Date effective Kan- Dal- San Rich- At- Chi- St. MinBos- New Philadel- Clevenesas Franton York phia land mond lanta cago Louis apolis City las cisco C. Rates on discounts for and advances to individuals, partnerships,, and corporations under the third paragraph of sec. 13 of the Federal Reserve Act. In effect Jan. 1,1934__ 6 6 6 1934—Mar. 20 July 10 July 16 July 24 In effect Dec. 31,1935_ 6 6 6 6 6 6 5 6 6 6 6 5 53^ 6 6 5H 5 6 6 5 5M 5 6 5M 6 5 D. Rates on advances to individuals, partnerships, and corporations, secured by direct obligations of the United States, under the last paragraph of sec. 13 of the Federal Reserve Act. In effect Jan, 1,1934_. 4 1934—Feb. 8. . Feb. 19 Feb. 23 Mar. 12 Mar. 17 . 4 4 4H 4 4H 4H 4 4 4H 4 4 4 4 1935—Feb. 21 May 10 May 11 In effect Dec. 31,1935. 4 3H 3H 4 4 3H 4 4 4 4 4H VA 4 4 E. Rates on direct advances to established industrial or commercial businesses for working capital purposes under the first paragraph of sec. 13b of the Federal Reserve Act. 1934—July 10 July 12 July 13 July 14 July 20 1935—Feb 23 Mar. 22 April 9 4-6 4-6 5-6 6 6 5-6 5H 6 6 5-6 6 4-6 5-6 4-6 3H-6 In effect Dec. 31,1935. 3K-6 4^-6 4-6 4-6 4^-6 6 6 5-6 6 4-6 5-6 5-6 F. Rates on portion of discounts for financing institutions under the second paragraph of sec. 13b of the Federal Reserve Act, on which the financing institution is not obligated for any loss. 1934—juiy io July 12 July 13 July 14 July 17 July 20 4-5 3^-5 (2) ! 5-6 4-6 1935—Mar. 22 Apr 9 In effect Dec. 31,1935. (3) 5-6 VA 4^-5 4 5-6 5 4-5 4 VA 4-5 (2) 4 4-6 5 5-6 VA 4^-5 4 5-6 > Same as rate charged borrower by financing institution but not less than 4 percent. 1 percent below rate charged borrower by financing institution but not less than 4 percent. 4-5 127 DOMESTIC MONEY RATES No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued [Percent per annum] Federal Reserve Bank Date effective Kan- Dal- San Bos- New PhilaRich- At- Chi- St. Minnesas Frandel- Cleveland mond lanta cago Louis! apolis ton York phia City las cisco G. Rates on portion of discounts for financing institutions under the second paragraph of sec. 13b of the Federal Reserve Act, on which the financing institution is obligated for any loss. 1934—July 10 July 12 July 13 July 14.. July 17 July 20. 1935—Jan 17 Apr. 9 Apr 16 In'effect Dec. 31,1935. 3 3 3H 4 5-6 5-6 4 4^-5 4 5 4-6 3-4 3 3H 3 4 4 3-4 3 4-6 5 4H 4^-5 3H H. Rates on commitments under the second paragraph of sec. 13b of the Federal Reserve Act. 3 3 1934—July 10 V2 1-2 July 13 July 14 July 20 July 28 Aug. 24 Aug. 30 Sept. 4 Sept 6 H-2 Sept. 15 Nov. 21 1935—Mar 22 H-l Mar. 29..> Apr 8 Apr. 9 — . . Apr 10 Dec. 4 1-2 In effect Dec. 31,1935. H-i 3 4 1-2 H-i 4 H 1 H-2 M-2 V2-2 41 I 1-2 1 1-2 y2 1-2 1-2 H-2 4 M-2 M-2 1 1 1-2 1-2 1 1 1 *H-2 K-2 * Flat charge. Backfigures.—SeeAnnual Report for 1934 (table 51) and similar tables in previous annual reports. No. 4=1.—FEDERAL RESERVE BANK C H A N G E S F R O M J A N . 1, BUYING RATES ON ACCEPTANCES 1932, TO D E C . 31, 1935 1 - [Buying rates at the Federal Reserve Bank of New York. ,Percent per annum] Date effective In effect Jan. 1,1932.. 1932—Jan. 12 Feb. 26 Mar. 25 June 24 1933—Feb. 16— Feb. 2 7 - . Mar. 1 Mar. 2 Mar. 3 Mar. 13 Mar. 17 Mar. 20 Mar. 22 June 29 Oct. 20_ In effect Dec. 31,1935.. Itol5 days 16 to 30 days 31 to 45 days 46 to 60 days 61 to 90 91 to 120 121 to 180 days days days 3 2% 2Y 1 3 3 2% V 2/ 3 2% 2V2 iy y 2 3 2 3/4 3 3H 3 1 2 1 ] V2 1H 2 3 2V2 2 1l A V2 i Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Backfigures.—SeeAnnual Report for 1934 (table 52) and similar tables in previous annual reports. 2lA 1 4 128 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 42.—SHORT-TERM OPEN-MARKET RATES IN N E W YORK CITY, BY MONTHS, 1932-35 [Percent per annum] Prevailing rate o n - Average rate on— Average yield on Stock-exchange U. S. Treasury bills U. S. Prime call loans i offered within month 2 Treascommer- Prime Stock-exbankers' change ury 3-5 cial accepttime year paper, ances, 90 loans, 369notes 3 4-6 Renewdays 90 days New month month month months bills bills bills Month 1932—January February March April May.. June July__ August September October November December 2.61 2.50 2.50 2.50 2.50 2.50 2.08 2.00 2.00 1.35 1.00 1.00 2.65 2.50 2.50 2.50 2.50 2.50 2.08 2.00 2.00 1.35 1.00 1.00 2.68 2.66 2.08 .77 .43 .41 .42 .44 .23 .18 .18 .09 3.00 2.96 2.'76 2.77 2.50 1933—January February March April May June. July. August September October November December 1.00 1.00 3.27 1.29 1.00 1.00 1.00 .98 .75 .75 .75 .94 1.00 1.00 3.32 1.37 1.00 1.00 1.00 .98 .75 .75 .75 .94 .21 .49 2.29 .57 .42 .27 .37 .21 .10 .16 .42 .70 2.40 2.54 3.09 2.90 2.68 2.53 2.49 2.48 2.31 2.32 2.98 3.23 1934—January February March.__ April _ May.. June July August _-. September October November December 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .67 .63 .08 .08 .06 1935—January February March April May June July.. August September October November December 1.00 1.00 1.00 .63 .25 .25 .25 .25 .25 .29 .75 .75 1.00 1.00 1.00 .64 .25 .25 .25 .25 ,25 .29 .75 .75 -. _- -. 3.11 2.80 2.43 2.05 1.92 1.73 1.57 1.75 2.25 2.00 1.99 1.78 0.85 .27 .18 .14 .07 .08 .20 .27 .21 .22 .15 .14 .12 .10 0.17 .16 .17 .15 .13 .07 .10 .22 .20 .14 .09 1.60 1.42 1.21 1.20 1.12 1.14 1.16 1.22 1.43 1.37 1.29 1.26 1 Monthly averages of daily quotations. 2 When no rate is shown, no bills of the stated maturity were offered. s When no yield is shown, no notes of the stated maturity were outstanding. Back figures.—See Annual Report for 1934 (table 54) and similar tables in previous annual reports, also Federal Reserve Bulletin for May 1936, p. 317. DOMESTIC MONEY RATES 129 No. 43.—SHORT-TERM OPEN-MARKET RATES IN NEW YORK CITY, BY WEEKS [Percent per annum] Prevailing rate on— Week ending (Saturday) Jan. 5 Jan. 12 Jan.19 Jan. 26 1935 Feb.2 Feb. 9 Feb. 1 6 . . . . . Feb. 23 Mar. Mar. Mar. Mar. Mar. 2 9 16 23 30 Apr. Apr. Apr. Apr. 6 13 20 27 May May May May 4 11 18 25 June June June June June 1 8 15 22 29 July July July July 6 13 20 27 Aug. 3 Aug. 10 Aug. 17 Aug. 24 Aug. 31 Sept. Sept. Sept. Sept. 7 14 21 28 1.38 1.40 1.55 1.49 Oct. 5. Oct. 12 Oct. 19 Oct. 26 1.48 1.42 1.33 1.30 Nov. Nov. Nov. Nov. Nov. 2 9 16 23 30 1.32 1.28 1.29 1.28 1.29 Dec. 7 Dec. 14 Dec. 21 Dec. 28 1.26 1.24 1.25 1.22 1 Weekly averages of daily quotations. 2 When no rate is shown, no bills of the stated maturity were offered. 3133-day 3 IQQ.rlaTT bills. Vnila 4 Bills maturing on Mar. 16,1936. Back figures.—See Annual Report for 1934 (table 55) and similar tables in previous annual reports, also Reserve Bulletin for May 1936, p. 317. Digitized forFederal FRASER 130 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 44.—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1923-35 [Weighted averages of prevailing rates. Percent per annum] New York City: January February March April . May June July August September October November December Year 8 other northern and e a s t e r n cities: January February March __ April May June _. July August September October November December Year 27 southern and western cities: January _ February March April... May June July. . August September October November December Year 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 4.82 4.91 4.98 5.32 5.27 5.21 5.29 5.18 5.33 5.37 5.39 5.21 5 21 5.07 5.06 4.98 4.89 4.64 4.21 4.09 4.20 4.41 4.13 4.29 4.16 4.43 4.53 4.48 4.38 4.36 4.46 4.36 4.57 4.62 4.61 4.70 4.64 4.68 4.62 4.62 4.66 4.58 4.38 4.62 4.81 4.85 4.79 4.79 4.66 4.56 4.56 4.63 4.63 4.60 4.56 4.41 4.44 4.49 4.35 4.50 4.56 4.44 4.59 4.72 4.97 5.09 5.38 5.56 5.63 5.63 5.56 5.63 5.74 5.73 5.81 5.85 5.88 5.93 5.88 6.05 6.06 6.08 5.86 5.74 5.64 5.35 5.22 4.91 4.74 4.59 4.48 4.41 4.29 4.26 4.17 4.16 4.24 4.31 4.20 4.17 4.11 4.13 4.05 3.97 3.93 4.27 4.67 4.64 4.71 4.71 4.72 4.69 4.55 4.61 4.42 4.45 4.30 4.35 4.12 4.22 4.12 4.11 4.88 4.33 4.24 4.10 3.93 3.97 3.79 3.76 3.52 3.48 3.58 3.43 3.31 3.39 3.42 3.30 3.30 3.33 3.26 3.28 3.22 3.18 2.83 2.90 2.64 2.61 2.69 2.66 2.61 2.67 2.72 2.72 2.77 2.61 5.19 4.60 4.47 4.67 4.53 5.15 5.88 4.69 4.22 4.49 4.02 3.33 2.70 5.34 5.38 5.52 5.49 5.54 5.45 5.47 5.64 5.59 5.57 5.51 5.48 5.53 5.38 5.37 5.31 5.26 5.12 5.09 4.80 4.87 4.87 4.80 4.87 4.80 4.79 4.89 4.92 4.95 4.95 4.90 4.98 5.04 5.16 5.20 5.17 5.14 5.11 5.15 5.17 5.07 4.87 4.92 4.91 5.08 5.15 5.07 5.09 4.99 4.98 4.88 4 90 4.95 4.93 4.90 4.87 4.77 4.79 4.82 4.76 4.73 4.76 4.81 4.91 5.04 5.36 5.57 5.59 5.80 5.80 5.82 5.91 5.87 5.86 5.91 6.00 6.09 6.02 6.08 6.11 6.24 6.25 6.12 5.94 5.88 5.66 5.47 5.22 5.13 5.06 4.81 4.79 4.74 4.75 4.66 4.68 4.61 4.63 4.62 4.57 4.55 4.49 4.48 4.47 4.48 4.62 4.87 4.91 5.07 5.13 5.14 5.10 5.14 5.13 5.05 5.12 5.03 4.96 4.88 4.88 4.89 4.84 5.39 5.09 4.99 4.97 4.82 4.68 4.65 4.51 4.54 4.59 4.65 4.49 4.52 4.52 4.39 4.30 4.15 4.12 4.11 4.13 4.08 3.98 4.08 4.02 4.05 3.99 3.88 3.78 3.87 3.79 3.75 3.75 3.63 3.67 5.50 5.11 4.98 5.06 4.88 5.34 6.04 5.07 4.61 5.05 4.83 4.29 3.86 5.90 5.91 5.83 5.94 5.92 5.91 5.96 5.98 5.94 5.95 5.99 5.99 6.02 5.91 5.89 5.89 5.79 5.69 5.63 5.57 5.55 5.47 5.53 5.53 5.57 5.55 5.61 5.61 5.58 5.59 5.59 5.60 5.55 5.53 5.55 5.61 5.56 5.65 5 62 5.65 5.61 5.55 5.54 5.56 5.60 5.66 5.67 5.68 5.72 5.71 5 65 5.57 5 59 5.54 5.52 5.53 5.61 5.56 5.56 5.60 5.53 5.53 5.54 5.54 5.56 5.67 5.77 5.80 5.82 5.87 5.90 5.91 5.94 5.96 6.04 6.07 6.10 6.16 6.17 6.22 6.27 6.29 6.29 6.20 6.12 6.05 5.98 5.86 5.75 5.69 5.63 5.58 5.55 5.54 5.50 5.43 5.50 5.43 5.40 5.36 5.26 5.34 5.30 5.28 5.32 5.38 5.53 5.56 5.61 5.61 5.64 5.63 5.64 5.62 5.63 5.68 5.63 5.56 5.55 5.60 5.60 5.56 5.66 5.68 5.66 5.62 5.54 5.53 5.55 5.50 5.42 5.43 5.40 5.39 5.40 5.34 5.28 5.19 5.07 5.05 5.04 5.05 4.93 4.92 4.95 4.84 4.85 4.80 4.79 4.76 4.58 4.63 4.51 4.55 4.51 4.55 5.94 5.71 5.58 5.61 5.60 5.70 6.14 5.72 5.39 5.62 5.56 5.17 4.69 1935 NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates, which are given in tables 42 and 43. All averages are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (6) the relative importance of each reporting bank, as measured by total loans. In the 2 group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks. Backfigures.—SeeAnnual Report for 1934 (table 57) and similar tables in previous annual reports. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 131 MONEY RATES IN FOREIGN COUNTRIES No. 45.—DISCOUNT RATES OF FOREIGN CENTRAL BANKS, 1935 [Percent per annum] Central bank of— Date effective England France In effect Jan. 1,1935 2 1935—Mar. 25 Apr. 5 Apr 10 May 3 May 16 . _ May 24 May 27 May 29 June 1 June 21 June 27 __ July 5 July 6 July 18 . . . . July 19 July 25 . . July 26 Aug. 3 . ._ _ . Aug. 9 Aug. 12 Sept. 9 Sept. 17 Oct. 17 Oct. 22 Nov. 5 Nov. 14 Nov. 15 Nov. 22 Nov. 26 In effect Dec. 31,1935 Germany 4 Italy Japan 4 3.65 ZH Nether- Sweden Switzerlands land 2H Ztt 4 3 4 6 5 5 4 4 m 3 5 6 5 3 5 6 5 ZVi 4 5 6 2 6 4 5 3.65 Back figures.—See Annual Eeport for 1934 (table 58) and similar tables in previous annual reports. 2 2H 132 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 46.—OPEN-MARKET DISCOUNT RATES IN FOREIGN COUNTRIES, 1924-35 [Percent per annum] England France (London) (Paris) Year or month 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 January February . March April . . May June July August September October November December 3.46 4.13 4.45 4.24 4.16 5.26 2.57 3.60 1.87 .68 .82 - .58 1934 - .91 .87 - .79 .73 .77 .45 .57 1935 Januarv April May June July August September October November _ December 1.01 .95 .95 .96 .91 .36 - - .38 .57 .59 .59 71 .65 .60 .58 .63 .57 .71 Germany Italy (Berlin) (Milan) Nether- SwitzerJapan land lands (Tokyo) (Amster- (Zurich) dam) 5.69 5.66 2.89 3.02 3.48 2.35 1.56 1.29 1.59 2.01 3.19 7.65 4.92 5.49 6.51 6.86 4.42 6.35 4.93 3.86 3.78 3.15 7.15 8.44 7.72 5.47 6.69 5.91 5.91 5.79 3.87 3.10 4.16 9.06 7.89 7.66 6.87 i 6.39 5.60 5.50 5.48 6.12 5.44 5.19 5.11 4.20 3.10 2.84 3.67 4.23 4.82 2.08 1.47 2.12 2.59 2.75 2.70 2.60 2.09 1.78 1.75 1.50 1.45 1.44 1.50 3.87 3.87 3.87 3.87 3.87 3.76 3.75 3.75 3.81 3.81 3.63 3.50 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.19 4.00 5.29 5.29 5.29 5.29 5.26 5.20 5.11 5.11 5.11 5.11 5.11 5.11 .50 .78 1.24 2.07 1.33 1.79 2.12 2.12 2.14 2.56 5.72 4.06 3.06 2.85 2.71 3.89 5.89 3.51 3.41 3.38 3.38 3.09 3.00 3.00 3.00 3.02 3.04 3.01 3.00 4.00 4.00 3.89 3.50 3.50 3.50 3.50 4.17 4.87 5.00 5.00 5.00 5.11 5.11 5.11 5.11 5.11 5.11 5.11 5.11 5.11 5.11 5.11 5.11 .59 50 .58 .60 ] 50 .81 1.10 .89 3.18 .78 .74 .75 .61 .59 3.50 2.28 2.52 3.27 3.33 3.32 2.02 1.43 1.52 1.50 1.50 2.19 .50 ] ]L.50 ]L.50 ] 50 ] 50 ] 50 ]L.50 ..5C .63 : 50 .60 L.50 3.65 3.78 4.42 3.25 4.78 5.48 4.70 3.15 3.20 1.80 2.39 2.60 2.79 2 47 2.40 2.37 2.44 2.50 i Average for last 10 months only; figures not available for January and February. See note. NOTE.—Rates apply to bankers' acceptances, except those for Japan, which apply to commercial bills. Annual figures for France, Italy, and Switzerland are averages (based on daily figures) from the monthly bulletin of the Swiss National Bank. The remaining annual rates have been compiled by the Board as follows: For Germany, 1927-35, and for England, averages of daily figures; for Germany, 1925-26, and for Netherlands, averages of monthly averages; for Japan, averages of the means of the monthly highs and lows, 1924-27, and of the means of the monthly high and low prevailing rates, 1928-35. For further explanation of table, see Federal Reserve Bulletin for November 1926, pp. 794-796; April 1927, p, 289; July 1929, p. 503; November 1929, p . 736; and May 1930, p. 318. Back figures.—For data by months in earlier years, see Annual Report for 1934 (table 59) and similar tables in previous annual reports. MEMBER AND NONMEMBER BANKS 133 134 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS ALL BANKS IN THE UNITED STATES No, 47.—ALL BANKS 1 IN THE UNITED STATES—NUMBER OF BANKS, AND DEPOSITS OTHER THAN INTERBANK DEPOSITS, 1914-35 Deposits, other than interbank deposits (in millions of dollars) Number of banks Nonmember banks Member banks Date2 Total, all banks Total Member banks Nonmember banks Total, all MuMuNa- State tual Other banks Total Na- State tual tional savtional savings ings 1914—June 303. 1915—June 23_. 1916—June 3 0 1917—June 20. _ 1918—June 29.. 1919—June 3 0 1920—June 30_. 1921—June 30_. 1922—June 30.. 1923—June 30_. 26,274 26,605 27,041 27,495 28, 334 28, 600 29, 829 30, 560 30,158 29, 833 7,614 7,605 7,652 8,212 8,821 9,398 9,745 9,892 9,856 3 7, 514 7,597 7,571 7,599 7,699 7,779 8,024 8,150 8,244 8,236 1923—Dec. 3 1 1924—Dec. 31 __ 1925—Dec. 31. _ 1926—Dec. 3 1 . . 1927—Dec. 3 1 . . 1928—Dec. 31 _. 1929—Dec. 31 ._ 1930—Dec. 3 1 . . 1931—Dec. 3 1 1932—Dec. 3 1 . . 29,505 28, 806 28, 257 27, 367 26, 416 25, 576 24, 630 22, 769 19, 966 18,390 9,774 9,587 9,489 9,260 9,034 8,837 8,522 8,052 7,246 6,816 8,179 8,043 8,048 7,906 7,759 7,629 7,403 7,033 6,368 6,011 1,595 1,544 1,441 1,354 1,275 1,208 1,119 1,019 1933—June 30 <_ 14, 519 Dec. 30.. 15,011 1934—June 30.. 15, 835 Dec. 3 1 - 16, 042 5,606 6,011 6,375 6,442 4,897 5,154 5,417 5,462 1935—Mar. 4 . . 16, 024 June 29. _ 15, 994 Nov. 1 - 15,904 Dec. 3 1 - 15, 837 6,422 6,410 6,400 6,387 3 18,116 18,352 18, 804 19, 211 19, 486 19,146 19,800 20,181 19, 636 19,349 18, 566 19,131 22,759 26, 352 28, 765 33, 603 37, 721 35, 742 37, 615 40, 688 6,678 8,395 10,301 15, 671 19,170 21,915 20,637 22,397 23,871 3 6, 374 6,609 8,159 9,742 11, 214 12,951 14,316 12,991 13, 821 14, 490 878 805 630 623 621 618 618 613 609 603 597 594 19,101 18, 596 18,147 17,489 16, 764 16,126 15, 499 14,114 12,123 10,980 42,163 45, 835 49,224 50,155 52,909 56, 766 55,289 53, 039 45,821 41, 643 709 857 576 579 958 980 578 579 8,337 8,421 8,882 9,021 5,446 976 985 5,425 997 5,403 5,386 1,001 579 571 571 570 9,023 9,013 8,933 8,880 17 34 53 513 1,042 1,374 1,595 1,648 1,620 3 644 639 632 632 636 633 631 634 630 628 Other 4,457 6,219 7,600 7,646 8,575 9,380 3 3,916 3,951 4,188 4,422 4,422 4, 751 5,187 5,575 5,780 6,295 3 8, 276 8,502 10,176 11, 630 8,673 9,682 10, 618 9,529 9,439 10, 522 24,996 27,836 30,029 30, 474 32,063 34,826 33,865 32, 560 27, 432 24, 803 15,231 9, 764 16, 694 11,141 18,066 11,964 18, 022 12, 453 19,662 12, 401 21,407 13, 419 20,290 13, 575 20,138 12,422 17, 271 10,161 16,101 8,701 6,455 6,898 7,298 7,763 8,344 8,849 8,916 9,507 10,105 10,022 10, 712 11,101 11, 897 11,918 12, 502 13,091 12, 508 10,972 8,284 6,818 37, 998 38, 505 41,870 ••44, 770 23, 338 523,771 26,615 28,943 14, 772 8,566 15, 386 8,385 17,097 9,518 18,519 10, 424 9,713 9,708 9,780 9,828 4,946 5,026 5,475 6,000 44, 455 45, 766 47, 522 48,964 28,589 29,496 31, 072 32,159 18, 502 10,087 19, 031 10,465 20,128 10,944 20,886 11, 273 9,837 9,920 9,936 9,963 6,029 6,350 6,513 6,842 68 235 559 r1 Revised. 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, under 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 abovefiguresfrom June 1934 to December 1935, see Federal Reserve Bulletin for December 1935 (p. 883) and May 1936 (p. 398). 2 Date of reports of member banks;figuresfor nonmember banks are as of nearest available date. 3 Figures for this date, which preceded establishment of the Federal Reserve System, relate to national banks and banks other than national, respectively, rather than to member and nonmember banks. * Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. « Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. No. 48.—ALL BANKS J IN THE UNITED STATES—LOANS AND INVESTMENTS OF MEMBER AND NONMEMBER BANKS, 1914-35 [In millions of dollars] Loans and investments Date 2 Member banks Totalall banks Investments Loans Nonmember banks Total National State Mutual savings Other Member banks Totalall banks Total National Nonmember banks State Mutual savings Other Member banks Totalall banks Total National Nonmember banks State Mutual savings Other w 1914—June 1915—June 1916—June 1917—June 1918—June 1919—June 1920—June 1921—June 1922—June 1923—June 30 23_ 30 20 29 30. 30 30 30 30 20,788 21.466 24, 586 28, 286 31, 813 36, 570 ._ 41, 684 40, 001 39, 956 43, 737 8,764 10,315 12, 453 18, 507 22, 240 25, 559 24,121 24,182 26,507 3 8,313 8,688 10,086 11,897 13,913 15, 712 17, 547 15,895 15, 705 16,805 76 230 556 4,594 6,528 8,012 8,226 8,477 9,703 3 3,979 4,040 4,221 4,500 4,489 4,828 5,308 5,699 6,010 6,582 3 8,496 8,662 10,050 11, 333 8,817 9,502 10,817 10,181 9,764 10, 650 15,257 15,653 17, 972 20, 525 22, 404 24, 723 30, 839 28,988 27,750 30, 398 6,720 7,964 9,370 13,234 15,413 19,533 18,119 17,165 18, 750 3 6,443 6,663 7,767 8,935 10,077 10, 903 13, 499 11, 976 11,191 11, 778 57 197 434 3,156 4,510 6,035 6,143 5,975 6,973 3 2,124 2,170 2,221 2,368 2,315 2,336 2,591 2,810 3,003 3,382 3 6,689 6,763 7,786 8,785 6,856 6,974 8,714 8,060 7,584 8,265 5,532 5,813 6,614 7,764 9,408 11,847 10, 845 11,012 12, 206 13,341 2,044 2,351 3,084 5,274 6,827 6,026 6,002 7,017 7,757 3 1, 870 2,025 2,319 2,962 3,836 4,809 4,048 3,919 4,514 5,027 19 32 123 1,438 2,018 1,977 2,083 2,503 2,730 31,855 1,870 1,999 2,132 2,174 2,492 2,716 2,889 3,007 3,200 31,807 1,899 2,263 2,547 1,961 2,528 2,104 2,122 2,182 2,384 1923—Dec. 1924—Dec. 1925—Dec. 1926—Dec. 1927—Dec. 1928—Dec. 1929—Dec. 1930—Dec. 1931—Dec. 1932—Dec. 31. 31 31 31 31 31 31 31 31 31_ 44, 003 47,182 50, 603 52,024 55, 450 _. 58, 266 58,417 __ 56, 209 49, 704 _ 44, 946 26,487 28, 746 30, 884 31, 642 34, 247 35,684 35,934 34, 860 30, 575 27,469 16,807 17,840 19,153 19, 267 21, 535 22,407 21, 584 21,426 19, 094 17, 399 9,680 10,906 11, 731 12,374 12, 712 13, 277 14,350 13,434 11,482 10,071 6,743 7,226 7,691 8,204 8,860 9,390 9,463 9,987 10,488 10,182 10, 773 11,211 12, 029 12,178 12,344 13,192 13, 020 11, 362 8,641 7,294 30, 797 32, 458 35, 658 36, 777 38,426 40, 782 41,918 38,135 31, 305 26,063 18,842 19,933 21,996 22, 652 23,886 25,155 26,150 23,870 19, 261 15, 204 11,808 12, 214 13,419 13,482 14, 641 15, 285 15,136 14, 347 11, 905 9,828 7,034 7,719 8,577 9,170 9,245 9,870 11, 014 9,524 7,356 5,376 3,557 3,971 4,393 4,821 5,273 5,694 5,945 6,068 6,218 6,079 8,398 8,554 9,269 9,304 9,266 9,933 9,823 8,196 5,827 4,780 13, 206 14, 724 14,945 15, 246 17,024 17, 484 16,499 18, 074 18, 399 18,883 7,645 8,813 8,888 8,990 10,361 10, 529 9,784 10, 989 11,314 12, 265 4,999 5,626 5,734 5,785 6,894 7,122 6,448 7,079 7,189 7,571 2,646 3,187 3,154 3,204 3,466 3,407 3,336 3,910 4,126 4,695 3,186 3,256 3,298 3,383 3,587 3,696 3,518 3,920 4,270 4,103 2,375 2, 655 2,759 2,873 3,077 3,256 3,197 3,165 2,814 2,514 1933—June 30 * Dec. 30 40, 076 40,319 24,786 25, 220 15,460 15,941 9,326 9,278 10,044 9,985 5,246 5,114 22,203 21,977 12,858 12,833 8,102 8,086 4,756 4,747 5,941 5,906 3,404 3,238 17,872 18,342 11,928 12, 386 7,358 7,855 4,570 4,531 4,103 4,079 1,841 1,877 1934—June 30 Dec. 31 42,502 43,458 27,175 28,150 17,011 17,910 10,163 10,240 9,904 9,782 5,423 5,526 21,278 20, 474 12, 523 12,028 7,681 7,475 4,842 4,553 5,648 5,491 3,108 2,955 21,224 22,984 14,652 16,122 9,331 10,435 5,321 5,687 4,256 4,291 2,315 2,571 1935—Mar. 4 June 29 Nov. 1 Dec. 31 43, 747 _. 44, 416 - . 45,008 45, 715 28, 271 28,785 29, 301 29, 985 18,067 18,051 18,449 18,951 10, 204 10, 733 10,853 11,034 9,775 9,852 9,854 9,804 5,701 5,779 5,853 5,929 20,394 20, 272 20,140 20,329 11,953 11,928 11,841 12,175 7,479 7,353 7,292 7,494 4,474 4,575 4,549 4,681 5,478 5,341 5,302 5,210 2,963 3,003 2,997 2,944 23,353 24,145 24,868 25, 386 16, 318 16,857 17,460 17,810 10, 588 10, 698 11,157 11,457 5,730 6,158 6,303 6,353 4,297 4,511 4,552 4,594 2,738 2,777 2,856 2,983 For footnotes see table 47. w 3 i CD CO ALL MEMBER BANKS CO No. 49.—ALL MEMBER BANKS—CONDITION ON DEC. 31, 1935, BY CLASSES OF BANKS [Amounts in thousands of dollars] All State member Central reserve city member Reserve city banks member All national member banks 12,175,102 10,500, 527 1.767,864 5, 541,381 7,494,188 6,545,407 1, 255,397 3,655,698 4,680,914 3,955,120 512,467 1,885, 683 3,433,803 3, 424, 619 400, 511 1,159,150 475,929 1,060,647 88, 300 242, 761 4,347,492 4,075,572 655,791 1,700,900 3,917,878 1,939, 689 623,262 2, 438, 570 § ^ o ^ 39,984,874 179, 071 991, 684 366, 979 5, 573, 212 664, 778 36, 759 3, 621, 009 118, 111 50, 788 5 572 2, 254, 755 15, 972 11,137 791 246, 543 18,950,690 89, 077 645,977 183,110 3,436,909 490,378 25, 531 2,798,052 94, 521 37,364 5 572 1, 244, 353 12, 036 7,136 547 151,927 11,034,184 89,994 345,707 183,869 2,136, 303 174,400 11, 228 822,957 23, 590 13,424 1,867,637 6,707 24,905 8,007 510, 765 38, 764 10, 455 197,970 1,050 1,656 hj fel O fej W £> f1 39, 079 10, 779, 755 34, 629 337,198 147, 944 1, 594,481 256,151 21,182 1, 701,823 56, 427 13,183 4,461 751, 598 7,990 1,056 80 87, 539 8, 919,399 2,983 388,676 179,614 927,228 304,951 3,268 1, 611, 856 60,606 2,617 1,010,402 3,936 4,001 244 94, 616 8,418,083 134, 752 240, 905 31,414 2, 540, 738 64,912 1,854 109, 360 28 33, 332 1,111 1,133, 206 1,706 9,501 160 58, 304 44,122, 035 28,173,180 15,948,855 12, 779, 366 2,843,316 18, 035, 082 844, 041 2,139,464 5,695, 795 443,998 881, 706 10,893, 787 583, 248 1,667,199 3, 588,578 202,413 450,162 7,141, 295 260, 793 472,265 2,107, 217 241, 585 431, 544 6,479, 327 224,194 323,089 2,337,719 410, 012 523, 588 1,301, 023 98, 261 208,059 521, 571 4,359 26,934 banks banks New York Chicago Country member banks o ASSETS Loans (including overdrafts) TJ. S. Government direct obligations Securities fully guaranteed by U. S. Government.__ Other securities.. _ .._ _ __. Total loans and investments Customers' liability on account of acceptances Banking house, furniture, and fixtures ___ Other real estate owned -. Reserve with Federal Reserve banks _ Cash in vault Balances with private banks and American branches of foreign banks Demand balances with other domestic banks Time balances with other domestic banks _ _ _ Balances with banks in foreign countries.. Due from own foreign branches Cash items in process of collection Cash items not in process of collection Acceptances of other banks and bills sold with endorsement. _ Securities borrowed . Other assets Total assets.. ___ 135, 270 653 398 234,681 5,623 &j M W H W 182 551 <1 K 15,795,497 12, 703,856 O 6,000,997 384, 623 707,315 2,421, 777 28, 244 204.127 4, 253,735 136,963 901,001 414,728 1,383 127,057 ^ O &J Ul 61, 621 LIABILITIES Demand deposits: Individual*, partnerships, and corporations. _ U. S. Government States, counties, and municipalities Banks in United States Banks in foreign countries Certified and officers' checks, cash letters of credit, and travelers' checks,etc. n •> t"* All member banks Time deposits: Individuals, partnerships, and corporations: Evidenced by savings pass books Certificates of deposit ___ Open accounts Christmas savings and similar accounts Postal savings ___ _. States, counties, and municipalities Banks in United States Banks in foreign countries __. Total deposits — Secured by pledge of loans and/or investments Not secured by pledge of loans and/or investments Due to own foreign branches _ _ _. Agreements to repurchase securities sold Bills payable and rediscounts Acceptances of other banks and bills sold with endorsement Acceptances executed for customers Acceptances executed by other banks for reporting banks.._ __ Securities borrowed Interest, taxes, and other expenses accrued and unpaid Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures Other liabilities Capital notes and debentures.._ _ _._ Capital stock _ _ Surplus _ _ Undivided profits—net Reserves for contingencies Retirement fund for preferred stock and capital notes and debentures Total liabilities (including capital account) Number of banks _ __ __ 8,293,860 815,901 548,372 21, 503 217, 564 361,346 150, 775 4,776 5, 889, 680 640, 231 254,442 12.014 186,852 308,420 121,942 3,433 2,404,180 175, 670 293,930 9,489 30, 712 52,926 28,833 1,343 309, 530 55,402 225,154 610 2,980 12,305 56 3,985 362,109 18, 708 29, 732 2,782 21 4 50 3, 354,884 198, 013 236,981 6,543 78, 533 266, 000 134, 294 791 4,267, 337 543, 778 56, 505 11, 568 136,030 83, 037 * 16,375 38,454,183 3,100, 721 35, 353, 462 24,803,401 2, 360,755 22, 441, 646 13,651, 783 739,966 12,911,816 10,907,951 430, 377 10, 477, 574 3,573,613 307, 312 2, 266, 301 14,023,122 1, 454,847 12, 568, 275 10,949,497 908,185 10, 041, 312 51,379 8,108 6,091 11,137 173, 204 24, 367 791 68,607 30, 540 2,301 3,002 7,136 84, 603 13, 066 547 42, 711 20, 839 5,807 3,089 4,001 88, 601 11, 301 244 25,896 51, 379 4,950 28 9,501 131, 081 16,950 160 16,973 8,518 1,341 18 1,056 33,162 6,G66 80 28,158 1,817 6, 045 182 2,185 1,034 551 14,958 41, 019 137,977 115,100 2, 518, 640 1, 710, 599 458, 292 336, 375 6,166 25, 683 62,141 1,754, 675 886, 063 302, 347 150,963 5,001 15, 336 75,836 115,100 763,965 824, 536 155, 945 185,412 1,165 16, 672 51, 204 25, 650 640, 280 672, 551 120, 631 113,380 25 1,943 22, 688 250 136,350 44, 580 12, 979 34, 789 115 13. 360 32, 086 46,300 789, 576 538,979 158,187 121,431 2,575 9,044 31,999 42,900 952,434 44,122,035 28,173,180 15,948, 855 2, 843, 316 15,795,497 12,703,8,56 6,387 5,386 1,001 14 336 5,999 6, 776 317 454, ft W ft 489 166, 495 66, 775 3.451 Backfigures—SeeAnnual Report for 1934 (table 62) and similar tables in previous annual reports. CO No» 50.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, BORROWINGS, AND CAPITAL STOCK ON D E C . 31, 1935, BY CLASSES OF BANKS CO [Amounts in thousands of dollars] Loans—Total To brokers and dealers in New York To brokers and dealers elsewhere .. Toothers Real estate loans: On farm land On other real estate Reporting banks' own acceptances . __ All other loans (including overdrafts) _ Loans eligible for rediscount with Federal Reserve banks U. S. Government direct obligations—Total Bonds Treasury notes Treasury bills - Securities fully guaranteed by U« S. Government—Total._. Reconstruction Finance Corporation Federal Farm Mortgage Corporation Home Owners' Loan Corporation Central reserve city member banks Country member banks All national member banks 12,175,102 7,494,188 4, 680,914 3,433,803 475,929 4, 347,492 3,917,878 181,011 28, 917 271,949 71, 675 13,076 205,048 109,336 15,841 66,901 157,558 15,678 5,158 1,208 1,280 12,032 18,987 10, 259 119,543 3,258 1,700 135, 216 31, 917 66,068 19, 958 43, 657 11, 959 22,411 16, 668 25, 036 5,055 784 9,078 24,481 1,116 15,767 4,135,686 2,200,895 1,934, 791 1,870,436 177, 730 1,174,008 913,512 1,046,875 196, 268 2,892,543 312, 998 113,197 1, 774, 700 733,877 83,071 1,117,843 1,017,930 59, 970 792,536 500 27, 789 149,441 21,324 95, 697 1,056, 987 7,121 12,812 893, 579 _. 251, 215 2,032, 634 169, 397 5,006, 308 208, 920 1,107,452 105, 579 3,517, 928 42, 295 925,182 63, 818 1,488, 380 259 139,990 106, 973 1,096,047 714 13,835 14,109 249,182 96, 785 997,308 45,879 1, 851,164 153, 457 881, 501 2,436 1,809, 915 2,095,040 1,486, 540 608,500 521, 229 88, 855 716, 991 767, 965 ._ 10,500,527 6,545,407 3,955,120 3,424,619 1,060, 647 4,075, 572 1,939,689 3,905,485 5,403,466 1,191, 576 2, 719, 852 3,188,093 637,462 1,185, 633 2, 215,373 554,114 749, 278 1,810, 475 864,866 243, 202 604,119 213,326 1, 723, 794 2,266,626 85,152 1,189, 211 722,246 28, 232 1,767,864 1,255,397 512,467 400,511 88, 300 655,791 623,262 241, 404 435, 506 1,090, 954 183,478 317, 796 754,123 57, 926 117, 710 336,831 133,892 27,129 239,490 81,844 4,048 2,408 11, 273 196,842 447, 676 _ Acceptances of other banks payable in United States Bills, acceptances, etc., payable in foreign countries __ Commercial paper bought in open market Loans to banks: On securities All other. __ ._ Loans on securities exclusive of loans to banks—Total All State member banks All member banks ._ __ New York Chicago Reserve city member banks % 14, 395 207,487 401, 380 2 o O 2 o GO Other Securities—TotalObligations of: States, counties, municipalities, etc Public utilities Railroads Federal land banks Intermediate credit banks Joint stock land banks Territorial and insular possessions Real estate corporations Other domestic corporations Stock of: Federal Reserve banks Real estate corporations Banks and banking corporations Other domestic corporations. Foreign securities: Central governments Provincial, State, and municipal governmentsOther foreign securities ._. Bills payable and rediscounts—Total. With Federal Reserve banks: Bills payable Rediscounts All other: Bills payable Rediscounts Par value of capital stock—TotalFirst preferred 1 Second preferred *_. Common. _ 1, 885,683 1,159,150 242,761 1,700,900 2,438,570 1, 437, 041 605,418 581, 561 130, 680 63, 572 18, 213 12, 754 40,039 386,471 722,056 250, 229 240, 276 44,481 34, 257 3,443 5,664 34, 286 177, 561 505, 484 116. 794 133, 798 24, 413 56,973 190 1,662 12, 514 86,114 140. 613 24,336 15,190 8 611 11 219 2,926 24,167 717,067 196,487 211, 571 53,503 35,938 2,371 5,450 36,725 178,022 795, 933 518,030 461, 278 97, 237 4,307 19, 084 11, 087 22,160 275,729 130,317 48,520 65, 981 264, 654 79,382 31,451 26, 295 79,130 50, 935 17,069 39, 686 185, 524 40,123 1,789 23, 755 99, 695 5,532 2,238 418 12,806 41, 020 26,111 28,334 91,851 43, 642 18,382 13,474 60, 302 122,035 57, 054 64,818 77, 456 40, 021 46, 214 44, 579 17,033 18,604 36, 773 2,610 16, 463 8,640 3,660 1,386 35,478 18, 718 22, 254 41,144 32,066 24,715 6,091 3,002 3,089 28 18 6,045 3,556 782 1,596 682 1,960 100 15 3,556 767 1,638 115 1, 001 2, 527,246 637 87 1, 761,963 765, 283 640,280 136,350 789,614 961, 002 564, 583 29,180 1, 933,483 487, 558 21,021 1, 253, 384 77,025 8,159 680,099 100, 300 66,000 ~539,~986" ~76,~350" 164,082 7,650 617,882 234, 201 21. 530 705, 271 5, 511,381 3,655,698 2,159,097 855, 647 821,837 175,161 97,829 21, 656 18,418 74,325 564,032 1,638 28 i Retirable value exceeds par value, as follows: National banks—First preferred stock, by $9,425,000; second preferred stock, by $304,000. State banks—First preferred stock, by $4,986,000; second preferred stock, by $1,070,000. Back figures.—See Annual Report for 1934 (table 63) and similar tables in previous annual reports. CO CO No. 51.—ALL MEMBEK BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1921-35 [In millions of dollars] Loans and investments l Deposits * Loans ReInvestments serve Balwith Cash ances Fedwith U. S. in domeseral vault GovRetic Total ern- Other serve banks2 ment securi- banks Total direct ties obligations 1921—Apr. 28 (Thurs.) 24,390 June 30 (Thurs.) 24,121 Dec. 31 (Sat.) — 23, 482 18,487 5,903 6,002 2,496 2,561 2,581 3,407 3,441 3,507 1,654 1,625 1,758 564 530 478 1,325 1,354 1,450 22,830 23, 350 23,247 2,665 2,688 2,835 273 390 306 () 49 44 13,549 13, 905 13,656 6,343 6,318 6,406 12,409 12,271 12,296 14,389 14, 321 14, 449 2,313 4,156 2,022 4,133 1,364 4,093 9,745 9,779 1922—Mar. 10 (Fri.)__ 23, 278 June30 (Fri.)--- 24,182 Dec. 29 (Fri.)_._ 25, 579 2,701 3,205 3,754 3,497 3,812 3,896 1,723 1,835 1,939 469 465 562 1,614 1,647 1,806 23,660 25, 547 27, 288 3,142 3,124 3,453 330 156 462 43 46 58 13, 526 15,091 15, 728 6,620 7,129 7,587 12,220 13,137 13,569 14,498 15, 539 16, 203 758 4,185 592 4,214 727 4,364 9,816 9,892 9,859 3,849 3,835 3,685 3,603 3,873 3,922 3,915 4,042 1,909 .,871 ,869 ,900 518 429 523 561 1,774 1,596 1,640 1,824 27,200 27, 088 26, 942 28, 507 3,474 3,184 3,166 3,476 404 296 144 237 58 61 62 65 15,179 15,229 15,165 16,144 8,085 8,317 8,404 8,586 13, 485 13, 595 13,518 13,628 16, 086 16, 066 15,919 16, 376 815 944 983 808 4,356 4,367 4,436 4,378 9,850 9,856 9,843 9,774 494 504 528 1,644 1,940 2,430 2,339 28, 270 29, 566 30, 795 32,384 3,447 3,820 4,453 4,504 292 179 302 242 76 94 100 15, 642 16, 363 16, 442 17, 832 8,814 9,110 9,498 9,707 13, 403 13, 906 14, 637 15, 038 16,112 16,838 17, 804 18, 468 614 443 325 408 4,468 4,486 4,594 4,532 9,681 9,650 9,635 9,587 16, 669 17, 922 17, 502 96 19,124 10, 028 10, 286 10,372 10, 557 14, 15, 15, 15, 761 227 483 943 17, 708 18, 277 18,259 19, 260 486 559 712 733 4,669 4,690 4,688 4,678 9,531 9,538 9,539 18, 392 18,804 18,922 620 4,826 612 4,832 760 4,944 9, 412 9,375 9,260 18, 542 19, 250 19,170 20,105 546 541 528 663 5,086 5,147 5,295 5,341 9,144 9,099 9,087 9,034 Call date Total 18,119 17,394 Interbank All other U.S. Postal Do- For- Govern- Savmes- eign Dement ings mand tic banks banks Net Tie mand demand deposits deposits subject rejusted4 to serve Time 1923—Apr. 3 (Tues.).. June 30 (Sat.)-. Sept. 14 (Fri.)_. Dec. 31 (Mon.). 26,141 26, 507 26, 319 26, 487 17, 080 17,165 7,017 17, 930 7,649 18, 419 7,722 18, 750 7,757 18, 719 7,600 18, 842 7,645 1924—Mar. 31 (Mon.) June 30 (Mon.). Oct. 10 (Fri.)-_. Dec. 31 (Wed.). 26,663 27,167 28, 311 28, 746 19, 045 19, 204 19, 713 19,933 7,618 7,963 8,599 8,813 3,534 3, 575 3,866 3,874 4,084 4,387 4,733 4,939 ,965 2,121 2,228 1925—Apr. 6 ( M o n . ) . . June 30 (Tues.)Sept. 28 (Mon.)_ Dec. 31 (Thurs.) 29,046 29, 518 30,176 30, 884 20,176 20, 655 8,863 21,285 21, 996 3,894 3,780 3,761 3,728 4,975 5,082 5,129 5,160 2,092 2,191 2,147 2,238 523 524 525 575 2,091 2,017 2,031 2,155 31, 249 32, 457 32, 075 34, 250 4,041 3,978 3,828 4,169 412 177 278 304 1926—Apr. 12 (Mon.). 30, 819 June 30 (Wed.). 31,184 Dec. 31 (Fri.) — 31, 642 21, 785 9,034 22, 060 9,123 22, 652 8,990 3,805 3,745 3,389 5,229 5,378 5,601 2,136 2,236 2,210 540 534 523 1,934 1,980 2,066 32, 893 33, 762 34, 528 3,802 3,935 4,003 379 228 234 96 100 17, 758 10, 855 15, 442 18, 426 11,077 15, 794 18, 852 11, 340 15, 783 1927—Mar. 23 (Wed.)_ June 30 (Thurs.) Oct. 10 (Mon.)_. Dec. 31 (Sat.) — 22, 327 9,622 22,938 9,818 23, 227 9,959 10,361 3,835 3,796 3,856 3,978 5,787 6,022 6,103 6,383 2,321 2,280 2,320 2,514 538 538 539 523 1,896 1,968 2,077 2,210 33, 750 35, 393 35, 476 36, 657 407 218 435 267 106 107 111 107 17, 691 18, 894 18,433 19, 083 31, 949 32, 756 33,186 34, 247 3,388 3,508 3,567 3,808 446 563 581 733 11,711 12,103 12,348 12, 658 15, 16, 15, 16, 694 063 971 590 Bills pay- Capi- Numable tal and ac- ber of redis- count5 banks counts 1928-Feb. 28 (Tues.). June 30 (Sat.)-Oct. 3 (Wed.)... Dec. 31 (Mon.). 33,688 35,061 34, 929 35, 684 23,099 24, 303 24,325 25,155 10,590 10, 758 10,604 10, 529 4,216 4,225 4,386 4,312 6,374 2,367 6,534 2,342 6,218 2,348 6,217 2,409 526 449 519 564 1,941 35,367 3,496 1,897 36, 050 3,263 2,026 36,146 3,597 2,124 39,067 3, 773 635 604 480 535 86 257 159 262 110 108 117 134 18,227 18, 487 18, 635 21,167 12,813 13, 331 13,159 13,195 16, 093 16,142 15, 980 16, 503 19, 236 581 5,404 19,191 1,209 5,625 18, 995 1,154 5,842 19, 944 1,162 5,899 8,983 8,929 8,896 8,837 1929—Mar. 27 (Wed.). June 29 (Sat.)— Oct. 4 (Fri.) Dec. 31 (Tues.). 35,393 35, 711 35, 914 35,934 24, 945 25,658 26,165 26,150 10, 448 10,052 9,749 9,784 4,454 4,155 4,022 3,863 5,994 5, 898 5,727 5,921 2,339 2,359 2,322 2,374 517 433 497 558 1,741 36, 774 3,184 1,885 35, 866 3,172 2,005 36,644 3,264 2,168 37, 981 3,612 438 515 544 698 411 348 315 143 116 115 120 122 19, 527 18, 663 19,426 20,543 13,099 13, 053 12, 974 12,862 16,057 16, 324 16, 268 16, 647 18, 833 1,153 6,174 18, 977 1,198 6,345 18, 952 1,150 6,675 19, 797 879 6,709 8,755 8,707 8,616 8,522 1930—Mar. 27 (Thurs.) June 30 (Mon.). Sept. 24 (Wed.). Dec. 31 (Wed.). 35,056 35, 656 35, 472 34,860 25,119 25, 214 24,738 23,870 9,937 10,442 10,734 10,989 4,085 4,061 4,095 4,125 5,852 6,380 6,639 6,864 2,353 2,408 2,415 2,475 497 484 470 593 1,902 2,360 2,463 2,456 35, 784 38,069 36, 245 37,029 3,307 3,943 3,918 3,980 622 726 775 784 325 281 257 267 128 134 144 189 18, 290 19, 643 17, 684 18, 796 13,112 13, 342 13, 466 13, 012 15, 889 16, 043 15, 787 15, 869 18, 489 19,170 18, 657 18,969 347 435 316 355 6,760 6,726 6,827 6,593 8,406 8,315 8,246 8,052 1931—Mar. 25 (Wed.)_ June30 (Tues.). Sept. 29 (Tues.) Dec. 31 (Thurs.) 34, 729 33,923 33, 073 30, 575 22, 840 21, 816 20, 874 19, 261 11,889 12,106 12,199 11,314 5,002 5,343 5,564 5,319 6,886 6,763 6,635 5,996 2,364 2,396 2,339 1,975 461 519 554 523 2,791 2,517 1,935 1,662 35,902 36,123 33,396 30, 711 4,372 4,118 3,309 2,895 669 667 775 425 502 395 526 412 242 279 360 463 17, 031 17, 696 16, 208 15, 753 13, 084 12, 968 12, 218 10, 764 15, 488 15, 208 14, 666 13,658 18,481 18,357 17, 445 16, 067 281 217 466 839 6,598 6,430 6,359 5,999 7,928 7,782 7,599 7,245 1932—June 30 (Thurs.) 28, 001 Sept. 30 (Fri.)__ 28,045 Dec. 31 (Sat.)— 27,469 16, 587 11,414 15, 924 12,120 15, 204 12,265 5,628 5,786 6,366 5,755 6,540 5,726 1,998 2,235 2,511 478 407 423 1,731 2,049 2,416 27, 836 2,940 28, 417 3,339 28, 690 3,695 179 218 245 387 738 475 610 695 708 13, 770 13,595 13, 813 9,950 9,831 9,753 12, 433 14, 482 12, 358 14, 626 12, 691 15,193 815 5,661 697 5,571 547 5,409 6,980 6,904 6,816 1933 6-June30 (Fri.)__. 24, 786 Oct. 25 (Wed.)_. 24, 953 Dec. 30 (Sat.)— 25,220 12, 858 11,928 13, 058 11,894 12, 833 12, 386 6,887 6,801 7,254 5,041 5,093 5,132 2,235 2,651 2,678 405 447 471 2,008 1,917 2,031 26, 563 3,146 26, 584 3,077 27,167 3,222 147 123 136 806 918 967 788 781 778 13, 574 13, 444 13, 807 8,102 8,241 8,258 12, 089 14,156 12,384 14, 389 12, 674 14, 821 191 4,837 188 4,908 143 4,962 5,606 5,818 6,011 1934—Mar. 5 (Mon.)._ June 30 (Sat.)._. Oct. 17 (Wed.)_. Dec. 31 (Mon.). 26, 548 27,175 27, 559 28,150 12, 706 12, 523 12,293 12, 028 13,842 14, 652 15, 267 16,122 8,667 9,136 9,186 9,906 5,175 5,515 6,081 6,216 3,148 3,819 3,976 4,082 486 473 550 609 2,376 2,760 2,930 3,149 29, 280 31, 012 32, 285 33,848 3,768 4,192 4,601 4,703 180 163 140 154 1,790 1,658 1,143 1,636 755 585 472 452 14, 225 15,318 16, 719 17, 589 8,563 9,098 9,210 9,315 13, 066 14, 261 15, 312 15, 686 15, 582 17, 067 18, 408 18, 851 91 35 24 13 5,006 5,105 5,120 5,054 6,206 6,375 6,433 6,442 1935—Mar. 4 (Mon.).. June 29 (Sat.)— Nov. 1 (Fri.)_... Dec. 31 (Tues.). 28, 271 28, 785 29, 301 29, 985 11,953 11,928 11,841 12,175 16,318 16,856 17, 459 17,810 9,821 9,871 10, 080 10, 501 6,497 6,985 7,379 7,309 4,518 4,933 5,662 5,573 534 537 541 665 3,386 3,396 3,760 3,776 34, 054 34, 938 37,178 38,454 5,240 5,114 5, 690 5,847 177 1,270 278 779 366 650 449 844 399 307 227 218 17,474 9,493 18, 713 9,747 20, 265 9,981 21,056 10,041 15, 999 17, 530 18, 509 18,801 19, 508 21,045 21, 436 22,169 17 9 9 6 5,107 5,114 5,172 5,145 6,422 6,410 6,400 6,387 1 For further classification of loans and investments and deposits, see tables 52 and 53. 2 Prior to Dec. 31, 1935, excludes balancas with private banks to the extent that such balances were reported in "Other assets." Prior to Oct. 25, 1933, excludes time balances with3 domestic banks which, on that date, amounted to $69,000,000 and which prior to that time were reported in "Other assets." Included in time deposits prior to June 30, 1921. < 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. « Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, etc. «Beginning June 1933, figures relate to licensed banks only. Back figures.—See Annual Report for 1934 (table 64). >1 tr t"1 No. 52.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS, ON CALL DATES, 1928-35 to [In millions of dollars] Open-market loans Loans to customers (except banks) Total loans and investments Total loans 34,929 35,684 24, 325 25,155 35,393 35,711 35,914 35,934 24, 945 25,658 26,165 26,150 1930—Mar. 27 June 30 Sept. 24 Dec. 31 35,056 35, 656 35,472 34,860 25,119 25,214 24, 738 23,870 21, 240 21, 460 21,903 22, 517 23, 249 23,194 21, 495 21, 566 21,010 21,007 1931—Mar. 25 June 30 Sept. 29 Dec. 31 34, 729 33,923 33,073 30, 575 22,840 21,816 20,874 19, 261 1932—June 30 Sept. 30 Dec. 31 28,001 28,045 27,469 24,786 24,953 25, 220 Call date Total Real estate loans To broTo kers others outon side On On New securities farm other York real land estate City* Investments Purchased paper ReportB Jbanks $ • own acceptances Other- Loans wise to se- banks cured Total and unsecured Acceptances Bills pay- payable able in abroad United States Loans to brokers Com- Newin Total mer- York cial paper City i bought U. S. Government obligations Other securiFully ties Direct guaranteed TOTAL—ALL MEMBER BANKS 1928—Oct. 3 Dec. 31 1929—Mar. 27 June 29 Oct. 4. Dec. 31 1933—June 30 3 Oct.>25_ Dec. 30 „ - 2,537 3,158 80 109 101 103 457 390 1,899 2,556 10, 604 10, 529 4,386 4,311 6,218 6,217 11, 240 11,618 11,988 11, 515 548 538 548 670 640 714 2,493 2,471 2,275 2,242 146 108 93 212 93 90 70 80 249 228 291 1,879 2,025 1,885 1,660 10, 448 10,052 9,749 9,784 4,454 4,155 4,022 3,863 5,994 5,898 5,727 5,921 10, 595 10, 349 9,982 9,831 527 535 466 631 3,097 3,113 3,262 2,233 175 170 205 315 79 71 62 55 499 507 523 366 2,344 2,365 2,472 1,498 9,937 10, 442 10, 734 10, 989 4,085 4,061 4,095 4,125 5,852 6,380 6,639 6,864 8,744 8,592 8,126 446 457 599 790 2,454 2,103 1,563 901 361 389 268 146 101 113 70 41 361 384 296 140 1,630 1,217 928 575 11,889 12,106 12,199 11,314 5,002 5, 343 5,564 5,319 6,763 6,635 5,996 6,892 6,368 5,970 573 457 444 747 970 855 313 407 375 34 34 30 122 115 93 278 414 357 11,414 12,121 12, 265 5,628 6,366 6,540 5,786 5,755 5,726 4,857 5,092 4,972 330 297 287 1,191 1,238 1,231 291 303 223 25 24 37 87 164 132 788 748 480 11,928 11,894 12,386 6,887 6,801 7,254 5,041 5,093 5.132 850 975 5,/96 6,373 421 412 2,668 2,711 11, 507 10,991 1,014 921 939 803 403 404 392 388 2,720 2,760 2,760 2,803 706 819 774 675 6,526 6,813 7,170 7,685 7,024 7,242 7,090 7,266 394 386 387 387 2,776 2,769 2,776 2,847 19,940 19, 257 18, 713 17, 570 575 515 521 391 6,602 6,321 5,899 386 388 376 359 2,834 2,830 2,773 2,678 16, 587 15,924 15,204 15,267 14,497 13,905 283 258 241 4,828 4,608 362 368 356 2, 531 2,517 2,505 () 178 130 116 189 158 225 32,858 13,059 12,833 11,337 11, 523 11,315 165 178 166 3,752 3,631 3,606 311 318 2,064 2,052 2,041 192 257 213 5,009 1934—Mar. 5__ June 30... Oct. 17.. Dec. 3 1 . . 26, 548 27,175 27, 559 28,150 12, 706T 12, 523 12, 293 12,028 11,093 10,804 10, 782 10, 509 164 208 167 187 3,480 3,309 3,158 3,110 298 288 266 262 2,084 2,068 2,030 2,012 250 210 229 232 4,817 4,721 4,932 4,708 225 153 149 155 1,387 1,566 1,361 1,363 350 264 276 256 26 20 30 31 157 200 253 232 855 1,082 802 843 13,842 14, 652 15, 267 16,122 8,667 9,137 9,186 9,906 181 *276 709 4,995 5, 239 5,372 5,227 1935—Mar. 4__ June 29— Nov. 1.... Dec. 31... 28, 271 28,785 29, 301 29,985 11, 953 11, 928 11,841 12,175 10, 420 10,369 10,465 10, 548 184 192 179 196 3,031 2,931 2,885 2,893 263 259 252 251 1,987 2,019 2,027 2,033 207 135 159 169 4, 748 4,834 4,963 5,006 133 119 94 98 1,400 1,440 1,282 1,529 235 201 154 181 o4 17 27 29 255 247 260 272 875 975 841 1,047 16, 318 9,821 10,857 9,871 17, 460 10,080 17,810 10, 501 1,200 1,558 1,764 1,788 5, 298 5,427 5,615 5,541 1928—Oct. 3 — Dec. 31— 7,197 7,951 5,254 6,018 3,920 3,940 45 50 1,491 1,658 130 132 2,253 2,100 287 288 1,048 1,791 50 61 55 61 63 29 880 1,639 1,942 1,933 1,130 1,094 813 839 1929—Mar. 27.. June 29— Oct. 4 . . . Dec. 31.. 7,726 8,160 8,150 8,774 5,754 6,341 6,344 6, 683 4,253 4,532 4,846 4,964 52 63 46 55 1,692 1,814 1,898 2,145 148 173 175 169 2,361 2,480 2,726 2,595 251 314 302 322 1,250 1,495 1,196 1,396 59 58 59 128 52 58 33 46 37 21 8 21 1,102 1,359 1,096 1,202 1,972 1,819 1,807 2,091 1,135 1,006 989 1,112 838 813 817 979 1930—Mar. 27 _. June 3 0 Sept. 24. Dec. 3 1 - 8,238 8,798 8,557 8,582 6,192 6,596 6,359 6,147 4,338 4,309 4,278 4,338 60 68 86 104 1,876 1,954 1,915 2,033 150 157 157 147 2,252 2,129 2,090 2,054 199 196 169 283 1,655 2,091 1,912 1,525 89 144 148 188 40 29 28 22 49 35 22 34 1,477 1,883 1,714 1,281 2,046 2,203 2,198 2,435 1,150 1,147 1,091 1,239 897 1, 056 1,107 1,197 1931—Mar. 25.. June 30— Sept. 29. Dec. 31.. 8,473 8,287 8,253 7,460 5,811 5,486 5,220 4,763 4,007 3,839 3,850 3,694 121 127 116 87 1,839 1,770 1,699 1,641 149 160 152 153 822 (( )) 8 822 (( )) (2) 154 150 250 374 1,651 1,497 1,121 695 199 296 201 107 51 44 33 17 35 94 48 29 1,367 1,063 839 542 2,662 2,801 3,032 2,697 1,466 1,656 1,830 1,768 1,196 1,145 1,202 928 1932—June 3 0 Sept. 30. Dec. 31.. 6,715 7,112 7,327 3,682 3,604 3,538 2,856 2,638 2,621 65 63 61 1,279 1,237 1,186 159 154 159 155 104 138 77 90 148 1,896 1,627 1,777 1,735 1,216 1,094 1,066 260 203 216 565 763 701 262 341 330 21 18 15 23 14 19 258 391 337 3,033 3,508 3,789 2,008 2,429 2,603 1,025 1,079 1,186 -June 30 '_ Oct. 25— Dec. 30— 7,133 6,971 6,995 3,424 3,470 3,453 2,297 2,436 2,395 38 47 45 1,044 985 989 157 149 147 120 179 130 937 1,075 1,084 162 143 146 964 891 912 224 233 170 10 8 17 10 27 19 720 624 706 3,709 3,501 3,542 2,551 2,320 2,362 1,158 1,181 1,179 7,351 7,666 7,545 7,761 3,419 3,401 3,243 3,159 2,321 2,202 2,294 2,202 47 55 50 54 938 882 826 820 155 155 150 139 171 144 159 164 1,009 965 1,108 1,024 112 68 66 63 986 1,131 883 894 276 225 232 210 8 10 12 16 14 13 8 6 687 883 631 662 3,932 4, 265 4,300 4,602 2,768 3,053 2,954 3,246 7,783 8,303 8,167 8,418 See footnotes at end of table. 3,155 3,319 3,199 3,434 2,198 2,146 2,185 2,196 56 58 59 60 805 783 775 793 139 138 136 140 145 82 101 107 1,054 1,085 1,114 1,096 52 48 35 42 904 1,126 979 1,196 203 183 135 158 19 7 12 16 4 5 4 5 678 930 828 1,018 4,628 4,983 4,968 4,985 3,200 3,462 3,340 3,425 NEW YORK CITY 5 1934—Mar. 5__ June 30_. Oct. 17.. Dec. 31.. 1935—Mar. 4 . . . June 29— Nov. 1—. Dec. 31... 105 1,059 * 157 «1,056 237 1,109 278 1,078 348 405 401 1,131 1,174 1,223 1,159 CO N o . 52.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS, ON CALL DATES, 1928-35—Continued [In millions of dollars] Loans to customers (except banks) Total loans and investments Total loans 14,121 14,066 10,186 10,221 9,096 9,267 1929—Mar. 27 June 29 Oct. 4 Dec. 31 13,925 13, 832 13,984 13,786 10,189 10, 222 10, 595 10,532 1930—Mar. 27 June 3 0 . . Sept. 24 Dec. 31 13, 575 13, 701 13,972 13, 758 Call date Total Real estate To loans broTo kers others outon side On On New securities farm other York real land estate City* Reporting banks' own accept' ances Open-market loans Purchased paper Other- Loans wise to se- banks Accured Total ceptand Bills Comances merunsepay- paycial cured able paper able in abroad United bought Investments Loans to brokers in Total New York City* U. S. Government obligations Other securiFully ties Direct guaranteed OTHER RESERVE CITIES 818 2,694 2,916 127 121 1,409 1,426 9,286 9,434 9,775 9,748 848 753 767 2,892 2,965 3,102 3,309 114 115 112 111 1,395 1,388 1,379 1,448 10,159 10,016 10,025 9,723 8,951 9,029 8,726 8,906 553 660 599 513 3,051 3,151 3,033 3,143 115 112 112 122 13, 966 13, 567 13,016 12,115 9,289 8,818 8,455 7,890 8,409 8,100 7,845 7,407 390 340 362 276 2,976 2,848 2,730 2,530 11,045 10,979 10, 535 6,891 6,553 6,173 6,519 6,196 5,879 198 178 164 1933—June 30 s Oct. 25. Dec. 30 9,780 9,951 10,157 5,159 5,306 5,158 4,846 4,912 4,797 1934—Mar. 5 June 30 Oct. 17 Dec. 31 10, 816 11,054 11,367 11, 609 5, 053 4,950 4,945 4,845 4,669 4,586 4,562 4,459 1928—Oct. 3 Dec. 31 1931—Mar. 25._. June 30 Sept. 29 Dec. 31 1932—June 30 Sept. 30 Dec. 3 1 — . — _ _ _._ — 4,178 3,986 214 213 875 742 18 199 150 640 540 3,935 3,844 1,894 1,836 2,041 2,008 4,036 4,213 4,415 4,214 258 308 294 348 645 480 526 438 43 17 8 51 147 88 75 108 423 349 413 250 3,736 3,611 3,388 3,253 1,896 1,765 1,671 1,484 1,840 1,846 1,717 1,769 1,429 1,413 1,414 1,509 3,802 3,693 3,567 3,620 263 278 234 286 945 710 1,064 531 59 18 54 122 242 301 337 212 609 353 643 167 3,416 3,685 3,947 4,035 1,662 1,686 1,785 1,727 1,754 1,999 2,161 2,308 123 128 122 121 1,496 1,493 1,463 1,417 3,424 3,270 3,143 3,028 235 247 284 347 645 471 326 135 158 91 67 35 212 189 167 62 227 124 56 16 4,676 4,749 4,561 4,228 2,313 2,408 2,301 2,133 2,364 2,342 2,260 2,093 2,205 2,127 2,005 125 126 122 1,282 1,280 1,278 2,661 2,421 2,237 254 205 178 118 151 115 62 65 46 12 4,154 4,427 4,362 2,187 2.465 2,462 1,966 1,961 1,900 111 117 106 1,590 1,542 1,524 126 122 122 1,035 1,022 1,030 1,915 2,033 1,937 129 120 103 184 274 258 51 91 78 58 100 4,621 4,645 5,000 2,867 2,889 3,209 1,754 1,757 1,790 101 138 102 118 1,465 1,388 1,319 1,294 117 118 105 103 1,041 1,027 1,015 1,005 1,870 1,853 1,956 1,873 79 53 55 65 306 311 328 320 89 115 151 135 138 5,763 6,104 6,423 6,764 3,954 4,102 4,240 4,155 0) (2) 8 75 123 131 75 4 94 257 356 1, 734 1,908 1,926 1,857 11,739 11,743 12,313 12, 647 4,807 4,650 4,724 4,823 4,436 4,425 4,522 4,599 113 120 107 123 1,251 1,216 1,209 1,205 105 101 93 97 1928—Oct. 3 Dec. 31 13, 612 13, 667 8,885 8,915 8,225 8,254 117 107 1,610 1,799 1929—Mar. 27 June 29 Oct. 4 Dec. 31 13, 741 13, 719 13, 780 13,375 9,001 9,095 9,226 8,936 8,364 8,551 8,627 8,481 114 105 125 83 1930—Mar. 27 June 30 Sept. 24 Dec. 31 13,243 13,157 12,944 12, 519 8,768 8,602 8,354 8,001 8,206 8,229 8,007 7,762 12, 290 12,068 11,805 10,999 7,740 7,513 7,199 10,240 9,954 9,607 _ 453 658 751 744 1,909 1,917 2,034 2,100 315 175 162 185 13 1,019 1,020 1,011 142 125 124 132 134 26 10 22 6,933 7,093 7,589 7,824 4,601 4,478 4,865 5,138 1,129 1,154 5,075 4,904 614 625 17 4,727 4,751 1,352 1,332 3,365 3,370 1,176 1,199 1,205 1,188 4,843 598 496 553 403 195 211 192 140 144 163 378 376 1,942 2,034 2,170 2,231 294 290 289 237 279 276 354 316 376 203 4,740 4,623 4, 554 4,439 1,424 1,384 1,361 1,267 3,316 3,240 3,193 3,172 93 90 88 59 2,097 2,137 2,112 2,090 279 274 275 254 1,198 1,201 1, 205 1,191 7,524 7,318 7,018 6,469 64 47 43 28 2,033 1,984 1,892 1,728 251 230 254 237 6,014 5,767 5,493 5,892 5,663 5,405 20 17 15 1,525 1,464 1,417 7,873 8,031 8,068 4,275 4,283 4,223 4,194 4,175 4,123 15 14 15 1934—Mar. 5 _... June 30 Oct. 1 7 . . . Dec. 3 1 . . . . 8,381 8,456 8,649 8,780 4,234 4,172 4,105 4,025 4,103 4,016 3,926 3,849 1935—Mar. 4..__ June 29 Nov. 1 Dec. 31 8,749 8,739 8,821 8,919 3,991 3,959 3,919 3,918 3,786 3,798 3,758 3,754 1935—Mar. 4 June 29 Nov. 1 . . . Dec. 31—. 1,878 1,957 1,973 1,944 COUNTRY BANKS 1931—Mar. 25 June 30 Sept. 29 Dec. 31 1932—June 30 Sept. 30 Dec. 31 1933—June 30 3 Oct. 25 Dec. 30 ___ _.. 4,926 4,847 4,705 ss 4,541 4,527 4,326 4,158 497 312 207 171 164 120 258 129 115 49 4,475 4,554 4,589 4,519 1,273 1,229 1,219 1,159 3,202 3,326 3,370 3, 359 1,188 1,177 1,157 1,109 3,978 3,847 3,672 3,362 158 135 116 71 114 101 81 36 30 32 16 4,550 4,555 4,605 4,392 1,224 1,279 1,433 1,418 3,326 3,276 3,172 2,974 238 241 234 1,090 1,084 1,070 3,015 2,854 2,667 64 55 39 36 36 28 13 4,226 4,187 4,114 1,432 1,471 1,474 2,794 2,715 2,640 1,117 1,104 1,092 182 189 198 873 881 865 2,005 1,984 1,952 43 73 62 27 46 34 3,598 3,748 3,845 1,469 1,592 1,683 2,129 2,156 2,162 16 14 15 14 1,077 1,039 1,012 181 170 161 158 887 886 885 867 1,937 1,903 1,868 1,810 95 124 150 149 54 72 95 92 4,148 4,283 4,545 4,756 1,946 1,982 1,992 2,108 215 355 2,202 * 2, 276 2,337 2,293 16 13 13 13 932 902 894 157 158 154 153 871 1,785 1,831 1,815 1,810 181 139 141 147 109 116 132 135 4,757 4,780 4,903 5,002 2,020 1,931 1,875 1,940 448 553 609 623 2,289 2,296 2,419 2,439 i Loans (secured by stocks and bonds) to brokers and dealers in securities. »Included in following column, prior to June 1931. 3 Beginning June 30, 1933, figures relate to licensed banks only. * An estimated small amount of Home Owners'Loan Corp3rationb3nds guaranteed by the II. S. Government as to both interest and principal are included in "other securities." « Central reserve city banks only. Back figures.—Not available. Xo. 53.—ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-35 [In millions of dollarsj Time deposits Demand deposits ReBalserves with Cash ances with Feddoin eral vault mesRetic serve banks i banks Call date Cash items Interbank reported as in process of Do- Forcollec- mes- eign tion 2 tic banks banks Individuals, partnerships, Interbank Indicorporations, etc. vidDeand Boruals, mand offipart- deposU.S. Pub- PosChrist- rowcers' its adings tal nerEvi- CertifGov- Public checks, lic mas ern- funds cash ships, justed * Do- For- funds sav- denced icates Open savings ings corby ment mes- eign acand letters poraof savings tic banks of depos- counts similar pass banks accredit, tions, it etc. books counts etc.3 Certified TOTAL—ALL MEMBER BANKS 1928—Oct 3 Dec. 31 2,348 2,409 519 564 1929—Mar. 27 2,339 June 29 Oct. 4 . 3,462 3,649 480 535 3,470 3,070 438 2,339 3,158 3,896 3,092 3,153 3,517 438 431 544 2,026 2,124 2,655 4, 665 517 1,741 1,243 1,300 1,134 2,264 411 1,385 1,819 16,323 16,057 429 116 348 315 143 1.512 ,224 1,335 849 16,303 16, 713 17, 526 16,324 16, 268 16, 647 80 111 95 78 112 154 477 491 115 120 122 1,211 1,581 15, 633 16, 494 15, 562 16,139 15,889 16,043 15, 787 15, 869 103 112 101 107 176 224 234 238 571 572 509 128 134 144 189 15,488 15,208 14, 666 13, 658 135 114 86 63 201 155 112 26 530 508 440 7 159 262 16,258 17, 604 15,980 16,503 114 124 2,359 2,322 Dec. 31 -__ 2,374 433 497 658 1930—Mar. 27 J u n e 30 Sept. 24 D e c 31 2,353 2,408 _ 2,415 2,475 497 484 470 593 1,902 2,360 2,463 2,456 2,401 3,600 1,897 2,926 3,204 3,832 3,817 3,873 446 501 542 547 325 281 257 267 ,446 568 ,276 ,362 1931—Mar. 25 J u n e 30 Sept. 29 , 2,364 2,396 2,339 1,975 461 519 554 523 2,791 2,517 1,935 1,662 1,543 2,488 1,542 2,095 4,236 4,004 3,222 2,832 468 512 663 398 502 395 526 412 ,479 L, 556 ,350 ,303 1,074 797 14,860 15,066 14,177 13,652 1,998 2,235 2,511 478 407 423 1,731 2,049 2,416 1,337 1.237 1,122 2,870 3,269 3,609 172 213 243 387 738 475 1,314 L,034 .119 566 514 422 11,890 12,047 12,273 12,433 12,358 12,691 70 70 87 2,235 2,651 2,678 405 447 471 2,008 1,917 2,031 1,485 1,060 1,132 3,057 2,990 3,139 145 117 129 806 918 967 1,087 1.106 ]L,320 657 465 378 11,830 11,873 12,109 12,089 12,384 12,674 89 87 83 Dec 31 1932'—June 30 Sept. 30 . Dec. 31 1933—June 30 s Oct 25 Dec. 30 1,489 1,681 846 1,294 693 682 1,: 69 1,071 9,728 1,832 1,110 1,153 9,834 9,604 9,592 1,745 1,743 1,741 997 1,136 934 1,198 1,150 879 9,626 9,678 9,632 9,591 1,811 1,862 1,960 1,885 1,140 1,233 1,303 1,027 347 435 316 355 388 242 279 360 463 9,446 9,316 8,768 8,134 1, 928 1,906 1,787 1,472 1 180 1,237 1,223 771 281 217 466 839 5 1 337 342 342 610 695 708 7,491 7,258 7,259 1,350 1,381 1,352 772 851 799 815 697 547 1 300 6 270 301 788 781 778 6,127 6,261 6,429 1,038 989 900 113 1,885 2,005 2,167 1,154 1,162 1,882 1,895 405 418 7 595 536 117 134 9,703 9,810 7 579 7 647 7 610 59 74 18 191 184 183 1934— Mar. 5 . . June30. Oct. 17.. Dec. 31.. 3,148 3,819 3,976 4,082 486 473 550 609 2,376 2,760 2,930 3,149 1,159 1,057 1,407 1,903 3,676 4,070 4,466 4,569 173 155 136 147 1,790 1,658 1, 143 1,636 1,425 1,598 1,680 1,799 549 372 590 838 12,252 13,349 14,449 14,951 13,066 14,261 15,312 15,686 92 122 135 134 1935—Mar. 4 . . June 29. Nov. 1_. Dec. 31.. 4,518 4,933 5,662 5,573 534 537 541 665 3 3 3 3 386 396 760 776 1,475 1,183 1,756 2,255 5,095 4,978 5,558 5,696 169 273 361 444 1,270 779 650 844 1,861 2,091 2,251 2,139 741 417 686 882 14,872 16,206 17, 327 18,035 15,999 17,530 18, 509 18,801 145 136 132 151 * ^ 1928—Oct. 3 . . . . Dee. 3 1 . . 722 809 82 120 1,443 3,140 950 1,213 421 470 28 52 71 133 783 1,765 4,478 5,488 3,889 4,245 66 57 1929—Mar. 27.. 766 53 65 60 127 2,386 922 375 136 90 1,488 5,032 4,225 45 June 29.. Oct. 4___. Dec. 3 1 . . 784 735 827 57 58 68 157 196 179 1,189 1,998 2,406 1,019 940 1,198 379 365 464 78 71 20 144 75 128 511 1» 163 1, 180 5.035 5,054 5,847 4,500 4,295 4,750 iiT 47 1930—Mar. 27.. June 30.. Sept. 24.. Dec. 3 1 . , 793 814 858 899 63 58 49 95 112 156 106 145 1,555 2,503 1,105 1,794 959 1,311 1,106 1,349 364 423 445 463 91 79 56 37 61 123 68 110 945 1,245 596 865 4,927 5,602 4,841 5,482 1931 - M a r . 25.. June 3 0 . . Sept. 29.. Dec. 3 1 . . 831 847 883 665 47 54 68 54 133 136 102 105 893 1,594 866 1,168 1,340 1,352 1,135 988 388 432 568 333 142 116 129 167 107 152 137 180 435 780 458 480 1932—June 30... Sept. 30... Dec. 3 1 . . . 772 971 1,132 52 42 47 96 98 115 722 687 491 1,103 1,346 1,562 146 187 216 118 306 173 117 67 93 1933—June 30«.. Oct. 25.... Dec. 30... 846 968 903 46 42 47 101 90 93 874 553 476 1,255 1,215 1,200 127 100 112 332 379 422 1,170 1,417 1,443 1,576 67 64 64 86 91 97 84 103 631 415 666 1,069 1,402 1,591 1,689 1,798 154 135 116 126 1935—Mar. 4__ 1, 856 1,935 June 29 _ 2,590 Nov. 1... 2,541 Dec. 31.. See footnotes at end of table. 58 51 54 65 86 133 109 111 810 447 873 1,133 2,047 1,983 2,203 2,338 147 248 327 410 NEW YORK CITY • 1934—Mar. 5.. June 30_ Oct. 17-. Dec. 31.. 8 4 7 7 305 333 294 294 755 585 472 452 6,747 7,168 7,352 7,599 880 931 934 882 7 595 ?605 550 520 36 59 80 19 91 35 24 13 8 5 6 5 290 285 310 361 399 307 227 218 7,746 7,986 8,142 8,294 884 869 821 816 533 543 623 548 40 65 85 22 17 11 10 20 19 560 588 66 478 518 285 390 6 18 636 77 75 510 234 40 61 93 133 7 20 33 18 18 18 639 633 617 69 80 77 401 483 417 360 165 179 4,377 4,467 4,400 4,663 42 50 40 37 144 184 169 182 25 16 17 13 19 18 17 38 636 642 643 452 101 107 79 96 494 548 548 477 39 116 47 37 4,882 5,098 4,816 4,803 4,532 4,436 4,544 4,295 33 24 6 2 144 115 79 21 26 33 19 11 49 50 60 64 409 399 342 320 124 117 109 86 518 537 520 325 27 17 36 61 359 350 177 4,287 4,350 4,540 4,041 4,081 4,319 3 4 6 5 4 1 10 20 68 76 80 309 308 315 97 137 146 310 341 382 14 1 13 96 71 141 461 299 167 4,676 4,513 4,494 4,358 4,330 4,325 22 1 1 1 5 6 10 14 110 106 107 280 282 278 133 121 97 251 272 244 843 802 559 792 109 167 201 229 368 154 360 540 4,422 4,894 5,107 5,370 4,268 4,800 5,001 5,069 1 1 1 7 7 3 7 13 12 8 4 105 69 65 56 284 293 290 292 83 106 112 94 231 246 216 204 572 369 219 224 190 354 468 323 500 149 413 524 5,329 5,924 6,104 6,479 5,209 5,979 6,112 6,193 7 4 4 4 4 6 13 12 44 27 3 3 298 301 304 310 88 75 66 55 207 186 304 225 1 7 4 31 5 No, 53,—ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-35—Continued 00 fin millions of dollars] Demand deposits Cash ReBal- items Interbank serves reances with Cash with ported Fed- in as in doeral procRe- vault mestic 1 ess of Do- Forbanks collec- mes- eign banks tic tion 2 banks banks Call date Time deposits Certified and offiU.S. cers' Gov- Public checks, ern- funds cash ment letters of credit, etc.3 Individuals, partnerships, IndiInterbank corporations, etc. vidDeuals, mand Borpart- deposPub- PosChrist- rowner- its adtal Evilic sav- denced Certifmas ings ships, justed * Do- For- funds icates Open savings corings mes- eign by acand of poratic savings deposcounts similar tions, banks banks pass acit etc. books counts OTHER RESERVE CITIES 1928— Oct. 3 Dec. 31 1929—Mar. 27 June 29. Oct. 4 Dec. 31 1930—Mar. 27. June 30 Sept. 24 Dec. 31 1931—Mar. 25 June 30 Sept. 29. Dec. 31 1932—June 30 Sept. 30 Dec. 31 1933—June 30 » Oct. 25 Dec. 30 1934—Mar. 5 June 30 Oct. 17 Dec. 31 _ - _- 94 159 527 483 210 328 6,386 6,678 6,146 6,264 1,199 1,774 1,723 1,822 1,914 198 205 182 84 532 597 444 466 207 195 193 332 6,222 6,279 6,436 6,588 6,070 6,168 6,154 6,186 673 846 629 875 505 673 518 706 448 411 467 1,880 2,145 2,310 2,139 2,486 2,247 1,756 1,550 1,511 1,678 1, 782 166 151 141 177 285 212 265 184 209 336 229 502 524 449 491 487 551 465 430 462 354 411 149 199 145 277 148 176 133 196 126 95 154 6,049 6,221 6,119 6,199 5,810 5,849 5,472 5,245 4,550 4,684 4, 745 6,027 6,092 5,940 5,904 5, 553 5,165 4,690 4,722 4,843 462 389 484 1,575 1,545 1,685 1,993 2,178 2,431 2,430 356 425 434 766 682 458 437 455 557 613 700 692 767 124 98 126 107 132 132 193 4,578 4,727 4,822 4,823 5,305 5,871 5,992 4,677 4,892 5,021 5,150 5,670 6,143 6,324 977 1,226 834 937 962 891 903 919 1,081 972 165 181 928 937 940 920 160 135 156 169 944 965 947 980 951 972 902 812 767 823 931 147 146 138 180 141 168 176 166 173 134 144 1,011 1,280 1,534 937 156 172 198 189 194 228 247 1,205 1,142 1,169 1,333 1,559 1,590 1,750 1,154 1,202 1,293 1,633 1,685 1,683 2,081 2,009 955 1,027 963 949 1,284 1,386 1,336 1,564 1,363 1,046 872 393 468 552 627 54 59 58 106 117 117 271 292 3,973 3,982 528 540 291 331 331 429 3,876 3,982 3,837 3,880 492 446 445 465 539 456 451 424 444 421 534 442 559 413 614 333 500 517 567 455 541 541 529 358 359 385 346 71 61 73 75 71 23 169 337 274 210 115 364 409 408 368 365 350 304 271 233 211 232 44 45 51 64 89 112 155 219 310 359 349 3,910 3,940 3,942 4,091 4,066 3,991 3,731 3,468 3,182 3,107 3,110 493 541 654 619 651 667 613 470 426 432 427 209 172 204 206 234 199 394 382 371 349 260 197 187 2,715 2,744 2,814 2,945 3,146 3,233 3,368 299 274 246 243 260 247 227 267 297 296 293 299 284 272 18 24 8 14 22 29 16 21 16 1935— Mar. 4_. June 29 Nov.l Dec. 31 1,746 2,079 2,172 2,105 231 250 251 295 1,873 1,856 2,038 1,989 502 544 662 887 2,684 2,649 2,955 2,943 22 24 32 33 546 319 335 483 826 872 889 915 151 164 167 231 5,901 6,522 7,128 7,302 6,376 7,013 7,523 7,562 1928—Oct. 3 Dec. 31 663 652 302 319 990 977 235 298 431 427 2 2 36 50 646 684 140 171 5,395 5,437 5,946 5,993 1929—Mar. 27 June 29 Oct. 4 Dec. 31 1930—Mar. 27 June 30 Sept. 24 Dec. 31 1931—Mar. 25 June 30 Sept. 29 Dec. 31 1932—June 3 0 . . . Sept. 30 Dec. 31 644 639 647 627 617 629 610 595 582 578 554 498 458 441 448 297 241 284 321 286 280 284 317 273 297 309 302 253 230 232 780 792 847 908 817 921 971 975 1,094 1,017 787 685 624 671 767 194 247 241 291 173 250 163 258 146 222 157 221 167 140 164 374 350 391 405 365 376 402 387 410 405 332 295 257 244 263 2 4 2 3 3 3 3 2 2 3 1 2 1 2 1 77 64 63 39 67 51 60 53 75 67 132 61 60 96 72 763 771 705 742 884 921 760 762 884 853 748 692 734 613 615 124 143 132 169 118 137 105 152 110 118 91 122 82 69 90 5,089 4,989 5,222 5,091 4,657 4,670 4,602 4,458 4,168 4,119 3,888 3,604 3,052 3,013 2,988 5, 762 5,656 5,819 5,711 5,485 5, 478 5,303 5,114 5,016 4,868 4,569 4,197 3,701 3.556 3, 530 452 529 573 685 769 848 822 916 920 900 927 203 232 225 230 216 258 275 246 236 237 305 702 685 769 951 1,105 1,257 1,296 1,427 1,406 1,613 1,676 149 118 172 135 174 189 207 163 192 221 235 228 230 254 281 300 345 340 364 347 399 415 1 1 1 1 1 1 2 1 1 2 1 116 114 111 181 174 125 178 152 90 95 137 555 579 622 702 731 787 804 845 865 895 901 72 68 85 74 85 98 106 90 104 106 127 2,576 2,633 2,793 3,007 3,150 3,472 3,589 3,642 3,761 4,095 4,254 3,054 3,162 3,328 3,648 3,792 4,188 4,292 4,414 4,538 4, 875 5,047 _. 128 119 115 134 211 203 218 266 167 118 84 79 3,454 3,570 3,654 3,717 239 246 218 217 123 116 52 54 5,169 5,240 1,288 1,278 132 139 140 133 55 55 59 61 5,215 5,214 5,133 5,095 1,264 1,230 1,219 1,199 360 426 371 367 147 145 147 128 65 71 76 88 104 117 145 179 5,080 5,098 5,046 5,047 4,972 4,926 4,695 4,346 236 259 231 260 279 4,001 3,842 3,835 1,217 1,214 1,226 1,170 1,154 1,122 1,065 916 826 812 779 285 293 300 3,132 3,236 3,337 3,518 3,729 3,830 3,939 3,994 4,115 4,184 4,267 277 300 266 267 COUNTRY BANKS 1933—June 30 ».. Oct. 25 Dec. 30 1934—Mar. 5 June 30 Oct. 17 Dec. 31 1935—Mar. 4. June 29 Nov. 1 Dec. 31 _. 14 9 10 138 125 117 106 94 110 104 86 87 83 87 87 87 84 75 76 78 83 301 256 210 210 188 162 140 136 605 593 556 554 565 575 560 557 547 537 544 151 334 330 183 177 261 441 527 485 418 167 136 123 83 35 17 13 14 9 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that such balances were reported in *'Other assets." Prior to Oct. 25, 1933, excludes 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 b u t not in process of collection, .amounting on that date to $16,000,000. 3 Includes " D u e to Federal Reserve banks (transit account)", known as " D u e to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935. < 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. s Beginning June 1933, figures relate to licensed banks only. « Central Reserve city banks. 7 Includes deposits the payment of which was deferred beyond the time originally contemplated, either b y agreement with depositors or otherwise, as follows: June 30,1933, $33,000,000; Oct. 25, 1933, $36,000,000; Dec. 30, 1933, $27,000,000; Mar. 5, 1934, $34,000,000; June 30, 1934, $14,000,000. > CO 150 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 54.—ALL MEMBER BANKS—DEPOSITS SUBJECT TO RESERVE, R E Q U I R E D AND R E S E R V E S H E L D , BY M O N T H S , RESERVES 1935 [Averages of daily figures. In millions of dollars] Reserves held Deposits subject to reserve Class of bank and month All member banks: January February. March. April. May June July August— September October. November December New York City: 3 January... February March April May June July August September October... November December Chicago:3 January February. _ March April. May June July August.. September October... November December. Reserve city banks: January February. _ March April May June July_— August September October. November _ December Country banks: January. February March April May June _ July August September October November December. Net de-1 mand Time 2 Total Reserves required Total Excess 18,993 19,361 19, 554 19, 768 20, 377 20,899 21, 295 21,311 21,179 21,464 21,872 22,200 9,914 9,996 10,031 10,114 10,194 10,103 10,107 10,152 10,157 10, 289 10,289 10,280 28,907 29,357 29, 586 29,882 30, 571 31,003 31,401 31,463 31,336 31,753 32,161 32,480 2,320 2,365 2,388 2,411 2,481 2,541 2,585 2,596 2,615 2,649 2,696 2,733 4,355 4,601 4,452 4,436 4,778 4,979 4,970 5,232 5,243 5,469 5,757 5,716 2,035 2,237 2,065 2,026 2,297 2,438 2,385 2,636 2,628 2,820 3,061 2,983 7,043 7,268 7,399 7,481 7,655 7,967 8,095 8,253 8,642 8,693 8,850 9,013 651 658 651 664 663 597 607 643 630 688 657 632 7,694 7,926 8,050 8,145 8,318 8,565 8,702 8,896 9,272 9,382 9,508 9,644 935 965 981 992 1 015 1,054 1,071 1,092 1,142 1,151 1,170 1,191 1,651 1,864 1,760 1,715 1,813 1,969 1,938 2,306 2,320 2,460 2 563 2,541 716 899 779 723 798 915 868 1,477 1,512 1,466 1,409 1,562 1,632 1,700 1,687 1,740 1,783 1,867 1,870 379 377 379 393 442 447 410 397 389 398 398 399 1,856 1,889 1,845 1,801 2,004 2,079 2,111 2,084 2,129 2,181 2,265 2,269 203 208 202 195 216 226 233 231 238 244 255 255 454 393 360 427 606 681 586 490 484 541 614 608 6,050 6,094 6,196 6,336 6,523 6,643 6,780 6,787 6,821 6,973 7,110 7,249 4,028 4,080 4,107 4,123 4,120 4,092 4,088 4,097 4,121 4,158 4,183 4,201 10, 078 10,174 10,304 10,459 10, 643 10, 734 10,868 10,885 10, 942 11,131 11, 293 11,450 726 732 743 757 776 787 801 802 806 822 837 851 1,383 1,433 1,427 1,403 1,425 1,411 1,486 1,500 1,539 1,560 1,639 1,631 658 701 684 646 649 624 685 698 734 738 803 780 4,422 4,487 4,493 4,542 4,638 4,657 4,719 4,584 3,975 4,016 4,045 4,069 4,857 4,881 4,895 4,935 4,969 4,967 5,002 5,015 5,017 5,045 5, 050 5,049 9,280 9,368 9,387 9,477 9,606 9,624 9,720 9,599 8,992 9,061 9,095 9,117 455 461 461 466 474 475 480 471 429 432 435 436 867 911 905 890 935 918 960 937 900 908 941 935 412 451 443 424 461 443 480 465 471 476 506 499 1,214 1,177 1,309 1,393 1,350 250 185 158 232 389 455 352 258 246 297 359 353 1 Subject to reserve requirements of 13 percent for central reserve city banks, 10 percent for reserve city banks, and 7 percent for banks outside central reserve and reserve cities (so-called "country" banks). The Ba nking Act of 1935, approved Aug. 23, 1935, changed the method of computing net demand deposits. See p. 18. 2 Subject to reserve requirements of 3 percent. 3 Central reserve city banks only. Backfigures.-~-SeQAnnual Report for 1934 (table 67) and similar tables in previous annual reports* ALL No. 55.—ALL 151 MEMBEE BANKS MEMBER BANKS—NET DEMAND AND TIME DEPOSITS, RESERVES HELD, AND EXCESS RESERVES, BY MONTHS, 1935 [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Deposits subject to Reserves held Month Net de-1 mand Time Total Total Net deExcess mand1 Time Boston district 1935 Total Total Excess New York district January February March April 1,237 1,254 1,261 1,288 713 713 712 712 1,950 1,967 1,973 2,000 302 303 296 296 173 173 165 162 8,022 8,266 8,382 8,488 2,077 2,086 2,084 2,107 10, 099 10, 352 10, 466 10, 595 1,841 2,070 1,955 1,921 858 811 May. June July August 1,308 1,324 1,374 1,342 712 711 709 713 2,021 2,034 2,083 2,055 297 291 303 296 161 154 162 158 8,685 8,991 9,145 9,291 2,111 2,038 2,051 2,089 10, 795 11,030 11,196 11,380 2,031 2,170 2,148 2,507 997 957 1,294 SeptemberOctober NovemberDecember-.. 1,328 1,337 1,341 1,356 712 710 706 700 2,041 2,047 2,047 2,056 306 303 319 336 168 165 180 196 9,592 9,655 9,822 9,997 2,080 2,149 2,111 2,076 11, 673 11,804 11,933 12,073 2,518 2,656 2,769 2,756 1,261 1,389 1,483 1,449 Philadelphia district 1935 1,062 1,074 1,100 1,101 1,021 1,030 1,026 1,035 2,083 2,105 2,125 2,136 217 216 222 221 May. June JulyAugust 1,129 1,173 1,196 1,184 1,030 1,009 1,014 1,018 2,159 2,182 2,210 2,202 221 227 226 232 SeptemberOctober November. _. December... 1,162 1,196 1,208 1,237 1,019 1,019 1,015 1,009 2,181 2,215 2,223 2,245 242 262 269 266 January February March ApriL - Cleveland district 92 107 123 129 124 1,229 1,229 1,249 1,284 1,108 1,128 1,135 1,141 2,337 2,358 2,384 2,424 275 288 304 309 129 142 156 157 1, 352 1, 381 1,393 1,392 1,152 1,154 1,168 1,175 2,504 2,535 2,561 2,566 320 300 309 316 162 139 147 153 1,326 1,312 1,339 1,366 1,175 1,185 1,193 1,189 2,501 2,497 2,532 2,555 330 328 359 336 172 170 198 173 Richmond district 1935 791 Atlanta district January February... March April 660 667 671 662 473 480 486 489 1,133 1,147 1,157 1,152 131 139 152 142 513 526 546 559 333 335 332 337 846 861 878 897 82 83 85 86 29 28 29 28 May June July August 679 683 690 694 654 676 688 703 491 487 489 487 1,170 1.171 1,179 1,181 150 144 151 157 556 550 546 543 342 343 345 343 898 893 891 886 84 86 104 102 26 29 47 44 487 488 489 487 1,141 1,164 1,177 1,190 160 163 169 170 527 550 566 590 343 342 342 343 871 893 908 933 103 105 109 108 46 46 49 46 September.. October November. December.. Chicago district 1935 St. Louis district January... February.. March April 2,557 2,602 2,579 2,537 1,123 1,135 1,152 1,181 3,680 3,737 3,730 3,717 696 680 635 685 376 354 313 625 628 641 646 339 342 344 346 964 970 985 992 146 146 140 125 80 72 56 May June July August.. 2,742 2,819 2,909 2,859 1,245 1,258 1,234 1,229 3,987 4,077 4,143 4,087 893 950 868 779 550 597 504 420 667 664 677 665 349 349 351 352 1,016 1,013 1,028 1,017 112 138 158 145 74 September.. October November.. December.. 2,774 2,823 2,938 2,960 1,228 1,248 1,259 1,264 4,002 4,070 4,198 4,225 743 784 880 423 505 503 651 668 684 695 352 354 356 354 1,003 1,022 1,040 1,050 147 164 169 165 78 92 96 91 i See footnote 1, table 54. 880 152 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No, 55.—ALL MEMBER B A N K S — N E T DEMAND AND TIME DEPOSITS, RESERVES HELD, AND EXCESS RESERVES, BY MONTHS, 1935—Continued [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves held Deposits subject to reserve Reserves held Month Net de- Time mand * Total Total deExcess Net mand 1 Time Minneapolis district 1935 Total Total Excess Kansas City district January. __ February.. March April 429 428 439 438 343 344 343 345 772 772 782 783 103 99 101 96 803 809 816 830 312 315 315 314 1,115 1,124 1,131 1,144 169 173 175 175 92 93 92 May_ June July August 435 458 460 431 343 339 340 340 777 797 800 771 102 113 118 115 864 894 895 869 316 308 305 305 1,180 1, 202 1, 200 1,174 186 182 181 174 100 93 92 87 September. October. _. November. December. 391 419 428 434 340 342 343 344 731 761 771 777 105 106 108 104 814 818 815 806 307 307 308 306 1,121 1,125 1,123 1,112 173 170 171 172 90 87 88 90 Dallas district 1935 San Francisco district January ___ February.. March April 590 609 606 606 196 197 193 194 787 806 799 800 126 134 123 113 1,266 1,270 L, 266 1,328 1,874 1,890 1,908 1,913 3,140 3,160 3,174 3, 241 268 270 265 267 May June July August 604 609 618 631 195 193 194 195 108 109 118 121 1,357 1,353 L, 391 1,412 1,908 1,915 1,907 1,907 3, 265 3,268 3, 297 3, 318 274 269 285 289 84 96 September. October. __ November. December. 568 582 589 586 194 194 195 195 798 803 813 825 762 776 784 780 107 107 116 119 1,391 L, 428 1,454 1,470 1,919 1,952 1,971 2,014 3, 310 3,379 3,425 3,484 309 320 319 301 118 124 120 100 i See footnote 1, table 54. Back figures.—See Annual Report for 1934 (table ( reports. 90 94 84 (table 13) and similar tables in previous annual 153 ALL MEMBER BANKS No. 5 6 . — N E T DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS, 1934-35 [Averages of daily figures. In millions of dollars] Member banks in places with population of 15,000 and over Member banks in places with population of 15,000 and over Member banks in places with population under 15,000 Month Member banks in places with population under 15,000 Month Net Net deTime deTime mand demand dedeposits de- ] posits posits ! posits Net Net deTime deTime mand demand deposits de- ] posits deposits posits i 1934 1935 January February. _. March April 13, 613 13, 858 14, 340 14, 931 7,356 7,423 7,510 7,609 1,408 1,485 1,511 1,526 1,871 1,910 1,927 1,943 January. _ February . March April 17, 204 17, 543 17,733 17, 936 7,840 7,916 7,949 8,022 1,789 1,818 1,821 1,833 2,074 2,080 2,082 2,092 May June July August 15,168 15, 426 15,679 15, 859 7,678 7,736 7,799 7,810 1,552 1,561 1, 597 1,631 8,081 7,993 7,972 8,009 1,874 1,881 1,894 1,852 2,113 2,110 2,135 2,143 16,123 16,476 7.796 16, 755 7,790 16. 993 7,718 1, 682 1, 732 1,7G9 1,776 May.. June_. July.. August. September October November December 18, 503 19,019 19, 400 19, 459 September.. October November.. December. _ 1, 965 1,975 1, 998 2, 009 2,019 2,030 2,050 2,052 19, 602 19,887 20, 293 20, 662 8,011 8,132 8,121 8,110 1, 577 1,578 1,579 1,539 2,146 2,157 2,169 2,170 1 See footnote 1, table 54. Back figures.—See Annual Report for 1934 (table 69) and similar tables in previous annual reports. 56048—36 154 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS N o . 5 7 . — M E M B E R B A N K S I N N E W Y O R K C I T Y , C H I C A G O , AND O T H E R R E S E R V E C I T I E S — D E P O S I T S S U B J E C T TO R E S E R V E , R E S E R V E S R E Q U I R E D , AND R E S E R V E S H E L D , BY W E E K S , 1935 [Averages of daily figures. In millions of dollars] Deposits subject to reserve Week ending (Friday) New York City: 3 1935—Jan. 4 . . . Jan. 1 1 . . Jan.18.. Jan. 25.. Net demand i Time 2 Total Reserves held Reserves required Total Excess 6,897 6,920 7,044 7,098 648 646 649 653 7,545 7,566 7,693 7,751 916 919 935 942 1,564 1,594 1,606 1,678 675 671 736 7,209 7,240 7,246 7,262 657 655 658 658 7,866 7,895 7,905 7,920 957 961 962 964 1,802 1,872 1,844 1,869 845 911 882 906 Mar. 1 . . Mar. 8__ Mar. 15. Mar. 22. Mar. 29. 7,345 7,386 7,470 7,378 7,359 660 648 647 651 654 8,005 8,034 8,117 8,028 8,013 975 980 991 979 976 1,871 1,800 1,784 1,725 1,726 821 794 747 750 Apr. 5... Apr. 12.. Apr. 19.. Apr. 26.. 7,419 7,346 7,448 7,586 661 665 8,010 8,112 8,251 975 988 1,006 1,684 1,648 1,701 1,779 699 674 713 773 May May May May May 3__ 10. 17. 24. 31. 7,686 7,559 7,590 7,680 7,765 667 664 666 663 658 8,353 8,223 8.256 8,343 8,423 1,019 1,003 1,007 1,018 1,029 1,778 1,757 1,820 1,844 1,863 759 754 814 826 834 June June June June 7... 14.. 21.. 28.. 7,848 7,902 8,010 8,063 606 596 595 592 8,454 8,498 8,605 8,655 1,038 1,045 1,059 1,066 1,912 1,994 1,998 1,981 874 949 939 915 July 5 . . . July 12.. July 19.. July 26. _ 8,084 8,051 8,098 8,129 603 607 604 608 8,687 8,658 8,702 8,738 1,069 1,065 1,071 1,075 1,852 1,918 1,895 1,962 783 853 824 887 Aug. Aug. Aug. Aug. Aug. 8,142 8,073 8,153 8,237 8,534 616 642 646 645 642 8,758 8,715 8,799 8,882 9,176 1,077 1,069 1,079 1,090 1,129 2,152 2,187 2,290 2,351 2,400 1,075 1,118 1,211 1,261 1,271 8,531 8,580 8,646 8,728 636 9,167 9,209 9,274 9,357 1,128 1,134 1,143 1,154 2,364 2,350 2,238 2,302 1,235 1,215 1,095 1,149 9,443 9,362 9,374 9,379 1,164 1,148 1.150 1,149 2,396 2,370 2,426 2,536 1,233 1,222 1,276 1,387 9,382 9,403 9,428 9,522 9,656 1.151 1,156 1,160 1,172 1,190 2,565 2,535 2,540 2,572 2, 593 1,414 1,379 1,380 1,400 1,403 9,723 9,711 9,660 9,510 1,200 1,199 1,193 1,174 2,647 2,693 2,480 2,376 1,447 1,494 1,287 1,202 Feb. Feb. Feb. Feb. 1.... 8.... 15... 22... 2.. 9__ 16. 23. 30. Sept. Sept. Sept. Sept. 6... 13.. 20.. 27. Oct. Oct. Oct. Oct. 4... 11.. 18_. 25.. 8,674 8,685 8,672 Nov. Nov. Nov. Nov. Nov. 1.. 8 15. 22. 29. 8,739 8,770 8,863 9,006 Dec. Dec. Dec. Dec. 6... 13.. 20.. 27.. 9,079 9,074 9,034 8,884 629 640 707 690 664 650 644 637 626 For footnotes, see table 54. Back figures.—See Annual Report for 1934 (table 70) and similar tables in previous annual reports. 155 ALL MEMBER BANKS N o . 5 7 . — M E M B E R B A N K S I N N E W Y O R K C I T Y , C H I C A G O , AND O T H E R R E S E R V E C I T I E S — D E P O S I T S S U B J E C T TO R E S E R V E , R E S E R V E S R E Q U I R E D , AND R E S E R V E S H E L D , BY W E E K S , 1935—Continued [Averages of daily figures. In millions of dollars] Deposits subject to reserve Week ending (Friday) Chicago: 3 1935—Jan. 4__. Jan. 11_. Jan.18.. Jan. 25.. Net demand Time Total Reserves held Reserves required Total Excess 1,450 1,455 1,479 1,496 377 378 378 379 1,827 1,833 1,857 1,875 200 200 204 206 413 433 470 486 214 233 266 280 1— 8— 1522- 1,497 1,493 1,499 1,526 380 380 382 375 1,877 1,873 1,880 1,901 206 205 206 210 442 394 396 396 236 188 190 186 Mar. 1__ Mar. 8__ Mar. 15. Mar. 22.. Mar. 29.. 1,538 1,525 1,522 1,470 1,403 369 374 376 382 383 1,907 1,899 1,898 1,852 1,786 211 210 209 203 194 387 381 384 360 330 176 172" 175157 136 Apr. 5-_ Apr. 12Apr. 19Apr. 26- 1,243 1,357 1,434 1,489 381 383 391 404 1,624 1,740 1,825 1,893 173 188 198 206 302 364 429 510 129* 176'. 230 304 May May May May May 3_10_ 17.. 24_ 31. 1,524 1,543 1, 561 1,573 1,583 419 448 -449 441 435 1,943 1,991 2,009 2,014 2,017 211 214 216 218 219 557 575 602 619 347 361 386 402 421 June June June June 7— 14. 2128- 1,562 1,616 1,680 1,664 434 435 448 465 1,997 2,051 2,129 2,130 216 223 232 230 654 673 703 July5.July 12. July 19. July 26- 1,681 1,713 1,698 1,691 434 408 409 2,115 2,122 2,107 2,099 232 235 233 232 622 577 557 408 387 344 32 5 g Aug. 9__ Aug. 16-. Aug.23_. Aug. 30_. 1,691 1,657 1,663 1,700 1,731 408 409 410 390 377 2,099 2,066 2,073 2,090 2,108 232 228 229 233 236 529 482 494 496 488 297 254 266 263 251 Sept. 6_ . Sept. 13_ Sept. 20_ Sept. 27. 1,735 1,731 1,747 1,747 378 388 391 2,113 2,119 2,138 2,143 237 237 239 239 481 479 484 491 244 242 245 252 Oct.4__ Oct. 11-. Oct. 18.. Oct. 25. 1,735 1,744 1,779 1,802 395 396 396 2,131 2,140 2,176 2,202 237 239 243 246 492 507 540 563 255 269 297 317 Nov Nov Nov Nov Nov 1,843 1,846 1,863 1,870 1,889 403 403 404 396 391 2,245 2,249 2,267 2,267 2,280 252 252 254 255 257 589 591 613 617 635 337 339 359 362 378 1,873 1,864 1,885 1,875 391 392 398 407 2,284 2,256 2,283 2,282 255 254 257 256 621 638 624 Feb. Feb. Feb. Feb. Dec. Dec. Dec. Dec. 6— 13. 20_ 27- For footnote, see table 54, 450 471 465 383 367 342 156 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 57.—MEMBER BANKS IN N E W YORK CITY, CHICAGO, AND OTHER RESERVE CITIES—DEPOSITS SUBJECT TO RESERVE, RESERVES REQUIRED, AND RESERVES HELD, BY WEEKS, 1935—Continued 4 [Averages of daily figures. In millions of dollars] Reserves held Deposits subject to reserve Week ending (Friday) Reserve city banks: 1935—Jan. 4 Jan. 1 1 . . . . Jan. 18...Jan. 25 Net demand Time Total Reserves required Total Excess 6,018 6,028 6,086 6,051 4,016 4,026 4, 037 10,017 10,045 10,112 10,088 722 723 729 726 1,292 1,361 1,414 1,418 570 638 684 692 1— 8— 1522.. 6,041 6,016 6,082 6,132 4,046 4,059 4,076 4,092 10,087 10,074 10,157 10, 224 725 723 730 736 1,392 1,415 1,444 1,443 667 692 714 707 Mar. 1.Mar. 8 . . Mar. 15. Mar. 22. Mar. 29. 6,153 6,111 6,231 6,229 6,222 4,101 4,113 4,102 4,097 4,111 10,254 10, 224 10,333 10,326 10, 334 738 735 746 746 746 1,435 1,451 1,494 1,427 1,356 717 748 682 611 Apr. 5— Apr. 12.. Apr. 19.. Apr. 26- 6,237 6,282 6,374 6,395 4,121 4,115 4,119 4,126 10,358 10,397 10,493 10,521 747 752 761 763 1,350 1,353 1,386 1,476 602 601 625 712 May May May May May 6,401 6,456 6,537 6, 553 6,585 4,135 4,119 4,122 4,120 4,112 10, 536 10, 575 10,658 10, 673 10,696 764 769 777 779 782 1,447 1,439 1,435 1,420 1,407 683 669 658 641 June 7 — June 14.. June 21,. June 28.. 6,570 6,643 6,669 6,671 4,088 4,079 4,088 4,099 10, 658 10, 722 10, 757 10,770 780 787 790 790 1,392 1,420 1,406 1,421 613 634 616 631 July 5— July 12July 19July 26- 6,716 6,761 6,834 6,785 4,098 4,099 4,097 4,093 10, 814 10,861 10,930 10,879 795 799 806 801 1,440 1,495 1,516 1,481 645 696 710 Aug. 2__ Aug. 9__ Aug. 16. Aug. 23_ Aug. 30 _ 6,782 6,775 6,817 6,837 6,739 4,095 4,093 4,097 4,096 4,098 10,877 10,869 10,914 10, 933 10,838 801 800 805 807 797 1,466 1,486 1,500 1,507 1,519 665 686 696 701 722 Sept. 6... Sept. 13.. Sept. 20.. Sept. 27.. 6,723 6,760 6,849 6,918 4,100 4,104 4,121 4,140 10,823 10,864 10,970 11,058 795 799 809 816 1,513 1,581 1,557 1,530 718 782 749 714 Oct. Oct. Oct. Oct. 6,874 6,931 6,978 7,003 4,149 4,144 4,154 4,168 11,023 11,075 11,132 11,171 812 817 822 825 1,474 1,537 1,575 1,584 662 719 752 758 7,049 7,088 7,110 7,116 7,132 4,176 4,180 4,182 4,183 4,185 11, 225 11,269 11,293 11, 298 11,317 830 834 837 837 839 1,599 1,626 1,640 1,658 1,652 769 791 804 821 813 7,151 7,184 7,258 7,333 4,171 4,190 4,205 4,216 11,322 11,374 11,463 11,548 840 844 852 1,658 1,696 1,610 1,570 818 852 758 710 Feb. Feb. Feb. Fel). 3__ 10_ 17 _ 24. 31- 4... 111825- Nov Nov Nov Nov, Nov. Dec. Dec. Dec. Dec. 6— 13.. 20.. 27.. ALL MEMBER BANKS No. 157 58.—CHANGES IN NUMBER OF MEMBER BANKS DURING 1934 Number of active member banks at beginning of year.. 6,011 Increases: Organizations of national banks (including successions and conversions) Admissions of State banks to membership Reopening (licensing) of suspended and unlicensed banks _ _. Total additions- _ Decreases: Withdrawals of State banks from membership. __ Suspensions _ _ Mergers, absorptions, consolidations, and liquidations _.. Total decreases Net increase or decrease Number of active member banks at end of year 1935 1935 1934 Total AND National State 5,154 Total National State 857 6.442 5,462 33 38 33 125 980 406 125 406 75 50 25 3 1 2 606 456 150 74 34 40 5 1 1 5 3 4 4 169 147 22 122 106 16 175 148 27 129 -55 6,387 110 -76 5,386 +21 1,001 +431 6,442 +308 5,462 +123 980 33 3 19 Back figures.—See Annual Report for 1934 (table 90) and similar tables in previous annual reports. No. 59.—CHANGES IN NUMBER OF NONMEMBER BANKS 1 DURING 1934 AND 1934 Number of active nonmember banks at beginning of year _ Increases: Organizations of new banks (including successions and conversions) Withdrawals of State banks from membership Reopenings of suspended and unlicensed banks Total additions Decreases: Admission of State banks to membership Suspensions Mergers, absorptions, consolidations, and liquidations Total decreases Net increase or decrease Number of active nonmember banks at end of year 8,970 _.. 1935 1935 9,406 217 5 674 2 116 3 81 896 200 125 56 279 2 38 30 185 460 253 +436 9,406 -53 9,353 1 Includes mutual savings banks and private banks under State supervision (see table on p. 42 for the number of such banks in operation and for the number of branches maintained by banks at the end of 1934 and 1935). In addition, the figures for the beginning and end of 1934 and 1935 include 46 private banks not under State supervision which reported to the Comptroller of the Currency during the period June 1934-June 1935 pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933 and which were placed under State supervision during the year 1935; the total number of private banks which reported to the Comptroller of the Currency under the provisions of sec. 21 (a) of the Banking Act of 1933 was 131 on June 30, 1934, 140 on Dec. 31, 1934, and 144 on June 29, 1935. Under amended provisions of law, private banks no2 longer report to the Comptroller of the Currency. Includes 3 new banks which were admitted to membership in the Federal Reserve System on the dates of opening. NOTE.—The differences between the number of nonmember banks in operation as shown in this table and the number shown in table 47 are due principally to the fact that the figures in this table exclude trust companies and other financial institutions which do not receive deposits but which are included in State bank abstracts and are consequently also included in the figures in table 47 (these institutions numbered 72 on Dec. 31, 1935). Minor differences in the 2 sets of figures are due to the exclusion from this table and the inclusion in table 47 of a few banks absorbed by other banks, banks in liquidation, and banks operating under restrictions, which were included in State bank abstracts, and to the fact that for some States (as shown in a footnote appended to table 47) the figures in table 47 are as of call dates prior to the end of the year. No. 60.—MEMBEB BANKS—EARNINGS, EXPENSES, DIVIDENDS, AND OPERATING RATIOS 1928-1935 oo Amounts per $100 of loans and investments i2 Amounts (in thousands of dollars) 1928 Earnings: 1,374,130 Interest and discount on loans 498, 420 Interest and dividends on investments . 33,178 Interest on balances with other banksCollection charges, commissions, fees, 44, 662 etc 22, 913 Foreign department 65. 956 Trust department Service charges on deposit accounts } 154,765 0 ther current earnings 3 Total earnings from current operations^ _ Expenses: Interest on deposits: Time Demand Bank Total Salaries and wages Interest and discount on borrowed money Taxes Other expenses „ Total current expenses 3 1929 1930 1931 1, 562, 769 1, 349, 364 1,072, 927 480, 296 472,868 472, 351 28, 682 33, 264 35, 799 61, 299 26, 209 77, 589 164,995 50, 328 25,011 80, 280 144, 789 38,389 25, 727 75, 041 120,362 1932 1933 851,007 457, 712 16, 759 604, 297 426, 391 7,705 27, 943 22, 531 64,822 112, 844 24, 487 21, 791 59, 658 f 20,574 \ 7 1 , 961 1934 1935 540,014 473, 791 2,425 27, 17, 70, 27, 83, 810 975 994 619 245 1928 1929 1930 1931 498, 419 $3. 9b $4.38 $3. 81 $3.21 467, 217 1.44 1.32 1.33 1.44 1,681 .09 .09 .10 .09 28, 12, 77, 35, 84, 825 282 703 634 888 .13 .07 .19 2,194, 024 2,398, 993 2,157,922 1,841,424 1, 553, 618 1, 236, 864 1, 243, 873 1, 206, 649 6.33 .17 .07 ,22 1932 1933 $2.98 1.60 .06 $2.42 1.71 .03 .46 .15 .07 ,23 .41 .11 .08 ,2? .36 .10 .08 .23 .40 .10 .09 .24 (.08 \.29 6.71 6.10 5.51 5.45 4.95 1934 1935 $2.01 $1 7? 1.76 1.62 .01 .01 .10 .07 .26 .10 .31 .10 ,04 .27 .12 .29 4.62 4 17 439, 384 234,926 75, 352 444, 636 246,493 68,131 450,865 225, 280 72,817 387, 284 140,691 52, 935 301, 863 97,862 34, 599 231, 765 42, 802 13, 424 227, 371 12,494 3,498 196,490 1.26 1.25 1.27 1.16 9, 298 .68 .69 .64 .42 2, 695 .22 .19 .21 .16 1.06 .34 .12 .93 .17 .05 749, 662 440,000 759, 260 463,847 748,992 451, 776 580,910 412,531 434,324 356, 557 287, 991 306,021 243, 363 327, 424 208, 483 2.16 2.13 2.12 1.74 334, 468 1.27 1.30 1 28 1.23 1.52 1.25 1.15 1.22 48, 443 113,759 261, 947 64, 265 112, 476 283, 872 22,001 113,418 268,148 19,136 80, 367 236, 435 38, 814 67,077 246, 612 15,178 58,028 192,082 3,637 62, 278 212, 687 1,230 63, 680 224, 654 .06 .26 .71 .14 .24 .86 .06 .23 .77 1, 613, 811 1, 683, 720 1, 604, 335 1, 335, 379 1,143, 384 859, 300 849. 389 832, 515 4.65 4.71 4.53 3.99 4.01 3.44 3.15 2.88 .14 .33 .75 .18 .31 .79 .06 .32 .76 .84 .05 .01 .68 .03 .01 .90 72 1.22 1.16 .01 .23 .79 .22 .78 Net earnings . 580, 213 715, 273 553, 587 506, 045 410, 234 377, 564 394, 484 374,134 1.68 2.00 1.57 1.51 1.44 1.51 1.46 1.29 Recoveries, profits on securities, etc.: On loans On investments2 __ . . _. Allother Total3 26. 502 101, 449 12, 898 25, 204 95, 062 16, 448 23,402 83,186 11, 641 28,000 83,619 15,053 24, 584 60,191 28, 334 28,815 80,072 15, 998 44, 389 185, 591 23, 979 71,901 277, 027 27, 078 08 .29 .04 07 .27 .05 07 .23 .03 .08 .25 .05 .09 .21 .10 .12 .32 .06 .16 .69 .09 .25 .96 .09 140,849 136, 714 118, 229 126, 672 113,109 124, 885 253. 959 376, 006 .41 .39 .33 .38 .40 .50 .94 1.30 fel O § fel O Losses and depreciation: On loans On investments On banking house, furniture, and fixtures All other Total losses and depreciation. Net profit, or net loss (—).. Cash dividends declared 4--. 2 Loans Investments 2 Loans and investments 2 Time deposits 22 Total deposits2 5 Capital funds 119, 290 45, 293 139, 588 95, 465 194, 725 109, 028 295, 241 264,170 403, 272 304, 961 31,832 20, 779 33,171 27, 249 36, 601 24, 960 29. 061 31, 984 21, 370 48, 627! 217,194 295, 473 365, 314 620, 45f 503,868 327, 422 558, 514 403, 628 305, 502 371, 968 12, 261 -254, 887 -355,830 -224, 501 335, 792 245, 074 150, 804 173, 656 778, 23()| 425, 344, 442 053 35, 758 53, 0 858, 279 451, 782 320, 496 39, 422 61, 244 872, 9441 .34 .13 .55 .88 1.41 1.07 1.70 1. 38 .09 .06 .07 .10 .07 .17 538, 262 .62 1.03 211,878 1.45 186, 810 .87 252, 374 198, 765 33, 586 53, 537 .39 .04 1.68 .87 .14 .21 .23 .18 3.43 3.24 -1.42 -.83 24,153, 677!25, Gil, 655 25, 018, 222 21, 732, 239 16, 743, 94012,916,730 12, 476, 572ll 1,985.150 10, 568, 202 10,112, 473 10, 377,190 11, 699, 5021 11, 778, 58012,089, 549 14, 453, 885 16, 913, 308 34, 721,879 35, 727,128 35, 395,412 33, 431, 791 28, 522, 520 24, 986, 279 26, 930, 457 28, 898, 4581 13, 197, 788113, 33i, 644 13,611,052 12, '" 983, """ 420 ' 10, 775, 783 "~ 9,073,494 9, 616,323110, 181, 426 36,657,242(37,266,248 3' ~", 021, 15434,632,007123,913,401 26, 771. 634 30, 718, 669|35, 694, 475 5,622,3121 6.360,306 6.722.782 6, 6. 395. i 5.5,680.660,145! 145 395,866 866! 4, 902, 3195, 049. 525 5, 118, 478 Net profit, or net loss (—), per $100 of capital funds 5 Interest and discount on loans per $100 of loans Losses on loans per $100 of loans Interest and dividends on investments per $100 of investments Losses on investments per $ 100 of investments Interest on time deposits per $100 of time deposits Total deposits per $1 of capital funds 5 Loans and investments per $1 of capital funds 5 8.96 $3. 75 $4. 56 $0.19 -$4. 50 -$7. 26 -$4. 45 4.33 5. 08 4.68 5. m 6.10 5.39 4.94 3.62 3.29 2.41 .49 .54 . 78 1.36 3.28 3.53 3.89 4.72 4. 68 4.55 4.11 2.22 2.85 2.59 .43 .94 1.05 2.26 2.36 3. 33 3. 34 3.31 2. 99 2. 80 2.55 6.08 5. 11 5.46 6.5? 5.86 5. 51 5.41 5.33 5.10 5.04 6.18 5. 62 5.26 5.23 54.14 4.16 2.11 2.76 1.18 1.93 6.97 5.65 1 The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. It should bs borne in mind in using them that the statistics employed represent aggregates for all member bants reporting on the various dates, an:i r,ne ratios ara tharefora ratios of aggragates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments have, been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, sinca the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. 2 For 1933, figures of loans, investments, deposits, and capital funds are averages of amounts from reports of condition for 3 call dates (June 30, Oct. 25, and Dec. 30, 1933); for other years they are averages of amounts for all call dates during the year and the last call date in the previous year. <* Figures for 1928-31 have been revised by transferring profits on securities sold from ''Earnings" to "Recoveries, profits on securities, etc." 4 Includes interest on capital notes and debentures. * By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred stock and/or capital notes and debentures. Prior to July 1932, reserves for dividends were also included in capital funds. Back figures.—See Annual .Report for 1934 (table 91) and similar tables in previous annual reports. Ox CD 160 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS REPORTING MEMBER No. 6 1 . — W E E K L Y REPORTING M E M B E R B A N K S IN 101 L E A D I N G CITIES— [In millions of dollars] Open-market loans Loans to customers (except banks) Date or month Total loans and investments Total To brokers To outothers side on seNewcuriYork ties City i Other Real loans estate to loans custom ers 2 1935 19,482 Jan. 2 6,785 2,259 176 1,136 3,214 Jan. 9 19,425 6,738 2,235 167 1,134 3,202 Jan.16. _ . 19, 520 6,735 2,232 175 1,135 3.193 Jan. 23 6,731 19,514 2,245 171 1,132 3,183 Jan.30 6, 737 19, 504 2,241 173 1,129 3,194 6,739 2,236 19,470 169 1,127 Feb. 6 3,207 6,753 2,229 Feb. 13 172 1,128 19,517 3,224 6,761 Feb. 20.... 2,222 174 1,127 19,486 3, 238 Feb. 27 6,758 2,193 172 1,123 3,270 19, 581 6,798 2,215 179 1,120 3,284 19,727 Mar. 6 6,788 2,208 177 1,120 3,283 19, 797 Mar. 13 _ 6,807 2,216 181 1,120 3,290 Mar. 20 19,770 6,788 2,200 195 1,122 3,271 Mar. 27. 19, 748 6,783 2,185 176 1,122 3,300 19, 793 Apr. 3— 6,762 2,172 171 1,121 3,298 19, 822 Apr. 10 6,757 2,166 167 1,119 3,305 Apr. 17 19,928 6,731 2,149 174 1,118 3,290 Apr. 24 19,883 6,757 2,146 192 1,119 3,300 19,959 May 1 6,709 2, 124 1, 118 3,290 177 19,808 May 8 6,714 2, 132 1,118 169 3,295 19,741 May 15 6,684 2,128 169 1.116 3,271 May 22__ 19, 775 6,710 2,116 176 1,157 3,261 May29__ 19, 787 6.690 2,117 168 1,155 3,250 19, 758 June 5 6,762 2,126 176 1,152 3,308 June 12 19, 834 6,723 2,115 173 1,149 3,286 June 19__ _ 19,952 6,710 2,111 172 1,149 3,278 June 26 20, 002 6,711 2,104 183 1,147 3,277 July 3 19, 828 6,681 2,094 175 1,147 3,265 July 10 19,730 6,702 2,086 172 1,139 3,305 July 17 . 20, 089 6,663 2,079 167 1,139 3,278 July 24. _ 20, 054 6,577 2,081 170 1,136 3,190 July 31— 19, 845 6, 584 2,076 171 1,135 3,202 Aug. 7 _ 19,799 6,594 2,071 165 1,138 3,220 Aug. 14 19, 792 6,657 2,077 163 1, 136 3,281 Aug. 21 19,868 6,654 2,071 160 1,135 3, 288 Aug. 28 19, 839 6,639 2,066 162 1,132 3,279 Sept. 4 19,908 6,669 2,061 165 1,136 3,307 Sept. 11 19,974 6,682 2,061 161 1,139 3,321 Sept. 18 20,410 6,727 2,073 162 1,140 3,352 Sept. 25 20,456 6,773 2,080 169 1,144 3,380 20,420 Oct. 2__ 6,768 2,080 160 1,147 3,381 Oct. 9 20, 354 6,776 2,079 154 1,148 3,395 Oct. 16 20, 300 6,723 2,077 158 1,145 3,343 Oct. 23 20, 322 6,713 2,075 152 1,146 3,340 Oct. 30 20, 378 6,759 2,081 156 1,142 3,380 20, 426 Nov. 6 6,765 2,078 159 1,140 3,388 20,490 Nov. 13 6,757 2,082 155 1,141 3,379 20,490 Nov. 20 6,799 2,085 173 1,140 3,401 20, 632 Nov. 27 6,820 2,094 170 1,141 3,415 20, 518 6,815 Dec. 4 2,102 169 1,140 3,404 20. 521 6,843 Dec. 11 2,118 177 1,138 3,410 20,970 Dec. 18. 6,814 2,111 171 1,140 3,392 20,939 Dec. 24. 6,831 2,111 183 1,136 3,401 20,895 Dec. 31 .. Monthly averages: 2,242 3,197 172 19,489 6,744 1,133 January 2,220 3,235 171 19, 514 6,752 1,126 February. _ 2,210 3,282 183 19, 761 6,796 1,121 March 2,168 3,298 172 19,856 6, 758 1,120 April -. 2,129 3,283 177 19, 814 6,715 1,126 May 2,117 3,280 172 19, 887 6,720 1.151 June 2,089 3,263 173 19,909 6,667 1,142 July 2,074 3,248 165 6,623 1,136 19, 825 August 2,065 3,315 163 6,680 1,137 20,187 September 2,078 3,368 159 6,751 1,146 October 20, 355 2,081 3,387 161 6,770 1,141 November 20, 510 2,107 3,404 174 6,824 1,139 December. _ 20, 769 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 1 Includes reporting banks' own acceptances. Loans AcceptLoans ances to to broand banks kers in comNew mercial York paper bought City i 123 127 123 126 122 120 123 113 118 106 103 110 102 120 120 116 104 114 105 127 134 162 122 105 113 112 83 85 98 97 103 100 83 74 75 82 74 94 109 87 90 83 84 81 87 84 86 150 98 74 79 76 450 449 442 456 446 434 433 441 445 434 423 425 432 440 431 417 411 403 402 402 395 375 369 353 344 332 322 316 312 316 306 313 311 310 310 308 314 319 324 324 324 329 327 329 326 333 340 353 356 357 357 356 362 757 731 769 739 718 695 723 700 740 854 854 773 761 741 752 798 850 881 819 812 846 864 811 843 838 883 921 .860 881 855 825 842 853 849 778 832 878 842 825 846 793 787 797 779 796 815 819 850 882 915 909 918 125 119 105 116 129 114 93 83 89 85 102 81 449 438 428 424 395 350 314 311 316 327 338 358 743 715 811 785 844 844 869 830 844 800 820 921 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 161 BANKS IN LEADING CITIES ASSETS AND L I A B I L I T I E S , BY W E E K S AND MONTHS [In millions of dollars] Investments U. S. Government obligations Total Direct Fully guaranteed Other securities Reserves with Federal Reserve banks Cash in vault Due from domestic banks 3 11,367 11,380 11,451 11,462 11,481 11,482 11,485 11,471 11, 520 11,535 11, 629 11,655 11, 665 11, 709 11, 757 11, 840 11, 787 11,804 11, 773 11,686 11,716 11, 676 11, 766 11,771 11,934 11, 965 11,791 11, 788 12, 096 12,123 12, 034 11, 960 11, 951 11,978 12,022 12, 047 12, 039 12, 473 12, 471 12, 390 12, 379 12, 325 12, 391 12, 476 12, 458 12, 493 12, 488 12, 480 12, 362 12, 360 12, 782 12, 775 12, 646 7,771 7,776 7,809 7,808 7,810 7,802 7,777 7,795 7,791 7,783 7,853 7,887 7,858 7,858 7,902 7, 963 7,912 7,902 7,895 7,848 7,844 7,778 7,867 7,853 7,949 7,970 7,824 7,762 8,044 8,073 7,947 7,864 7,849 7,847 7,877 7,864 7,840 8,249 8,227 8,183 8,171 8,118 8,130 8,177 8,236 8,295 8,333 8,301 8,221 8,216 8,643 8,616 8,468 641 647 660 673 664 679 698 710 731 750 749 746 752 772 789 788 784 782 782 779 801 791 917 924 967 964 972 976 996 1,013 1,017 1,019 1,020 1,021 1,035 1,083 1,100 1,100 1,093 1, 094 1,096 1,119 1,128 1,133 1,138 1,141 1, 135 1,137 1,134 1,136 1,129 1,131 1,126 2,955 2,957 2,982 2, 981 3,007 3,001 3, 010 2,966 2,998 3, 002 3, 027 3, 022 3, 055 3, 079 3, 066 3, 089 3,091 3,120 3,096 3,059 3, 071 3,107 2, 982 2,994 3, 018 3, 031 2,995 3, 050 3, 056 3, 037 3, 070 3, 077 3, 082 3,110 3,110 3, 100 3, 099 3,124 3,151 3, 113 3,112 3,088 3,133 3,166 3,084 3,057 3, 020 3,042 3,007 3,008 3,010 3,028 3,052 3,218 3,388 3,458 3,588 3,623 3,671 3,632 3,676 3,643 3,569 3,603 3,394 3, 359 3,228 3,329 3,534 3,757 3,741 3,767 3,838 3,874 3,879 3, 938 4,114 4,043 4,072 3,875 4,051 3,917 3,918 4,084 4, 095 4,239 4,295 4,354 4,223 4, 373 4,147 4,264 4,200 4,304 4,479 4. 563 4,632 4,641 4,708 4,754 4,759 4,894 5, 024 4,492 4,466 4,597 321 311 289 293 303 299 319 310 314 301 310 304 309 296 314 307 309 287 299 299 307 314 307 322 316 328 321 334 31S 323 322 322 332 322 333 323 347 333 339 325 352 332 340 350 349 363 346 358 361 379 387 386 369 1,973 1,911 2,009 1,973 1,986 2,002 2,061 2,069 2,074 2,038 2,081 1,985 1,957 1,929 1,902 1,996 2,044 2,095 1,996 2,079 2,046 1,999 1,971 2,047 2,003 2,052 2,095 2,079 2,071 2,018 2,019 2, 045 2,105 2,123 2,143 2,168 2,239 2,240 2,202 2, 256 2,247 2, 308 2, 234 2,219 2, 283 2,388 2,350 2,323 2,370 2,342 2,293 2,246 2,308 11, 428 11,490 11,621 11,773 11,731 11,859 11,966 11,978 12, 258 12, 392 12,480 12,585 7,795 7,791 7,845 7,909 7,853 7,910 7,930 7,859 8,045 8,156 8,291 8,433 657 705 749 783 787 943 994 1,024 1,094 1,114 1,138 1,131 2,976 2, 994 3,027 3,081 3,091 3,006 3,042 3,095 3,119 3,122 3, 051 3,021 3,455 3,655 3,481 3,462 3,820 4,041 3,969 4,245 4,251 4,435 4,715 4.694 304 310 306 307 301 318 323 327 336 339 354 376 1,970 2,052 2,015 1, 968 2,043 2,018 2,056 2,104 2,212 2,253 2,326 2,312 Date or month 1935 Jan. 2. Jan. 9. Jan. 16. Jan. 23. Jan. 30. Feb. 6. Feb. 13. Feb. 20. Feb. 27. Mar. 6. Mar. 13. Mar. 20. Mar. 27. Apr. 3. Apr. 10. Apr. 17. Apr. 24. May 1. May 8. May 15. May 22. May 29. June 5. June 12. June 19. June 26. July 3. July 10. July 17. July 24. July 31. Aug. 7. Aug. 14. Aug. 21. Aug. 28. Sept. 4. Sept. 11. Sept. 18. Sept. 25. Oct. 2. Oct. 9. Oct. 16. Oct. 23. Oct. 30. Nov. 6. Nov. 13. Nov. 20. Nov. 27. Dec. 4. Dec. 11. Dec. 18. Dec. 24. Dec. 31. Monthly averages: January. February. March. April. May. June. July. August. September. October. November. December. 3 Includes dollar balances due from American branches of foreign banks, Excludes time balances with domestic banks. 162 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 61.—WEEKLY REPOETING MEMBER BANKS IN 101 [In millions of dollars] Date or month 1935 Jan. 2__ Jan. 9_. Jan. 16 Jan. 23 Jan. 30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 Mar. 6 Mar. 13 Mar. 20 Mar. 27 Apr. 3 Apr. 10 Apr. 17 Apr. 24 May 1 May 8 M a y 15 M a y 22 M a y 29 June 5 June 12 June 19 June 26 July 3 July 10 July 17 July 24 July 31 Aug. 7 _ Aug. 14 Aug. 21 Aug. 28 Sept. 4 Sept. 11 Sept. 18 Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Oct. 30 Nov. 6 Nov. 13 Nov. 20 Nov. 27 Dec. 4 Dec. 11 Dec. 18 Dec. 24 Dec. 31 Monthly averages: January February March _._ April May June July.— .August September October November December Cash items reported as on hand or in process of collection 1,623 1,005 1,193 1,057 1,045 894 1, 351 1,189 1,169 1,379 1,093 1,095 1,101 1,163 1,077 1, 230 1, 239 1,849 1,028 1,291 1,076 1,108 1,071 1,203 1,198 1,055 1,289 1,109 1,160 1,000 1, 205 977 1,175 1,037 1,013 1,053 1,164 1,255 1,204 1,204 1,124 1,447 1,170 1,145 1,315 1,420 1,286 1,350 1,223 1, 295 1,439 1,317 1,872 1,185 1,151 1,167 1,177 1,270 1,132 1,153 1,051 1,169 1, 218 1, 343 1.429 LEADING Demand deposits Total assets Interbank Other assets Total liabilities Domestic banks CertiU. S. fied Govern- checks, Foreign ment etc. banks Other ,654 , 652 , 613 ,608 1, 560 1, 546 1,531 1,548 1, 570 1, 548 1,507 1,510 1,519 1,489 1,453 1,445 1,460 1,437 1,454 1,483 1,494 1,467 1,400 1,372 1,387 1, 369 1, 370 1, 356 1,368 1,372 1, 355 1, 378 1,382 1,394 1,401 1,386 1,378 1,391 1,386 1,397 1,359 1, 360 1,367 1,361 1,375 1,381 1,433 1,421 1,422 1,386 1, 390 1,395 28,270 27, 694 28,121 28,038 28,069 27,896 28, 426 28,261 28, 329 28,584 28, 432 28,055 27,984 27, 928 27,933 28,448 28,677 29, 391 28,335 28, 702 28,561 28, 581 28. 512 28,920 28,884 28,896 28,777 28,673 28,911 28, 681 28,847 28,593 29, 021 29,027 29,076 29,076 29,483 29, 761 29,856 29,791 29, 778 30, 225 29. 989 30,091 30, 355 30, 724 30, 607 30,855 30, 787 30,983 30,967 30, 744 31, 436 4,348 4,343 4,492 4,482 4,467 4,587 4, 648 4.704 4,701 4,787 4,771 4, 581 4,517 4,519 4,469 4,655 4,684 4,754 4,588 4, 655 4, 597 4, 543 4,630 4, 626 4,617 4,632 4,804 4,771 4,677 4,621 4,734 4,715 4,778 4,813 4,807 4,926 5,049 5,066 4,947 5,077 5,099 5,233 5,112 5,107 5,246 5, 355 5,313 5,217 5, 389 5,338 5,219 5,171 5, 222 133 128 126 146 172 175 177 173 165 158 157 158 164 165 181 194 193 188 191 192 210 283 282 269 266 258 249 253 255 258 269 255 266 270 272 266 260 262 294 307 346 367 368 368 368 363 377 434 440 438 436 436 440 1,437 1,429 1,424 1,384 1,310 1,308 1,216 1,166 1,098 1,094 1,093 1,094 1.094 1,095 1,095 1.093 1,092 1,020 943 875 839 777 785 782 725 724 400 363 551 550 552 555 560 561 557 523 527 730 730 722 722 629 545 547 546 526 502 504 482 452 705 705 701 669 435 487 436 484 388 512 480 466 716 402 445 460 543 462 479 638 877 437 542 450 462 434 473 534 429 542 447 462 425 460 401 463 412 426 396 424 469 550 467 496 460 443 401 493 439 476 526 522 476 562 493 727 12, 368 12,023 12, 257 12. 228 12,244 12,077 12,485 12,363 12, 496 12,401 12, 626 12, 396 12, 420 12, 308 12,445 12, 740 1, 637 1.546 1,534 1,477 1, 466 1,407 1,367 1,377 1,389 1,374 1,387 1.403 28,040 28, 228 28, 264 28.247 28,714 28,803 28,777 28, 929 29, 544 29,974 30,635 30, 983 4,426 4, 661 4,664 4,582 4,628 4, 627 4,721 4, 778 4,997 5,125 5,282 5. 2P.8 141 172 159 184 213 269 257 268 270 351 385 438 1,397 1,197 1,094 1,094 891 754 483 558 628 633 519 POP 502 460 505 530 553 467 467 425 460 453 484 12, 224 12, 355 12,461 12, 563 13,090 13,478 13,724 13, 756 13,992 14,124 14,638 14 77R 12, 759 13, 203 12, 835 13.083 13,127 13, 202 13,167 13,602 13, 539 13, 603 13, 668 13,700 13,836 13, 707 13, 707 13, 525 13,806 13,843 13,850 13,825 14,030 14,023 14,092 13, 983 13,848 14, 255 14,190 14, 342 14, 380 14, 701 14,629 14, 842 14,612 14,911 14, 720 14, 609 15,032 Back figures.—See Annual Report for 1932 (table 79) and article on ''Member Bank Statistics" in Federal Reserve Bulletin for November 1935. Reprints of this article, which contains also a description of the may be obtained upon request from the Division of Research and Statistics. Digitized fordata, FRASER 163 KEPOKTING MEMBER BANKS CITIES—ASSETS AND LIABILITIES, BY WEEKS AND MONTHS [In millions of dollars] Time deposits Demand deposits adjusted * Interbank Other liabilities Capital account 1 1 9 4 9 7 11 5 11 8 5 26 2 16 1 1 1 5 1 906 905 900 898 915 870 884 877 897 917 895 851 811 750 742 725 740 722 722 707 714 730 711 691 688 729 666 679 655 641 642 643 651 657 701 681 732 721 738 731 737 740 741 801 793 808 803 825 852 866 818 804 765 3,479 3,482 3,477 3,479 3,478 3,480 3,483 3,483 3,483 3,491 3,482 . 3,478 3,478 3,482 3,491 3,491 3,496 3,498 3,503 3,507 3,512 3,509 3, 500 3,501 3,503 3,495 3,476 3,483 3,483 3,482 3,487 3,488 3,486 3,491 3,492 3,495 3,494 3,489 3,487 3,488 3,493 3,493 3,502 3,504 3,514 3,515 3,514 3,513 3,527 3,522 3,519 3,518 3,506 5 9 10 5 6 6 14 4 10 1 1 2 905 882 869 739 719 705 657 663 718 750 807 821 3,479 3,482 3,483 3,490 3,506 3,499 3,482 3,489 3,492 3,496 3,514 3,518 Date or month Other Domestic Foreign 11,414 11,453 11, 551 11,607 11, 683 11, 569 11,646 11,654 11,793 11,738 11,935 11,746 11, 779 11, 688 11,830 11,989 12,158 12,231 12, 244 12, 334 12, 501 12,556 12,530 12,872 12, 875 12,977 12,921 13,038 13,138 13,132 12,962 12,949 13,094 13, 218 13,263 13,168 13,290 13, 237 13,438 13, 246 13, 220 13, 268 13,463 13,598 13,558 13, 720 13, 819 14, 018 13,911 14,092 13,843 13, 785 13,887 119 122 120 124 123 126 129 129 127 130 133 137 134 134 132 132 127 130 1,29 133 130 129 121 119 119 121 123 119 117 119 118 121 123 122 125 121 119 118 119 121 119 119 118 117 116 119 117 119 116 120 117 118 128 6 6 6 7 7 7 7 7 7 6 6 6 6 7 7 7 8 8 8 8 7 4 4 4 5 5 5 5 5 5 5 6 6 6 6 6 5 4 4 4 5 5 5 4 4 3 3 3 3 2 2 3 4,810 4,820 4,823 4,850 4,860 4, 873 4,874 4,874 4, 878 4,875 4, S62 4,883 4,898 4,910 4,909 4,930 4,940 4,991 4,977 4; 983 4,966 4,935 4.876 4,852 4,889 4,880 4,842 4,852 4,839 4,851 4,856 4,873 4, 880 4,852 4,839 4.833 4,841 4,866 4,870 4,890 4,913 4,921 4,963 4,899 4,895 4,892 4,872 4,872 4,843 4,856 4,868 4,883 4,911 11, 542 11, 666 11,800 11,916 12,373 12,814 13,038 13,131 13, 283 13, 359 13, 779 13,904 122 128 134 131 130 120 119 123 119 119 118 120 6 7 6 7 8 4 5 6 5 5 4 3 4,833 4,875 4,879 4,922 4,970 4,874 4,848 4,861 4,853 4,917 4,883 4,872 banks Borrowings banks 7 2 1 2 17 8 4 2 1 20 2 1 31 22 17 12 2 1 4 1 12 25 1 1 3 2 2 1 1935 Jan. 2. Jan. 9. Jan.16. Jan. 23. Jan. 30. Feb. 6. Feb. 13. Feb. 20. Feb. 27. Mar. 6. Mar. 13. Mar. 20. Mar. 27. Apr. 3. Apr. 10. Apr. 17. Apr. 24. May 1. May 8. May 15. May 22. May 29. June 5. June 12. June 19. June 26. July 3. July 10. July 17. July 24. July 31. Aug. 7. Aug. 14. Aug. 21. Aug. 28. Sept. 4. Sept. 11. Sept. 18. Sept. 25. Oct. 2. Oct. 9. Oct. 16. Oct. 23. Oct. 30. Nov. 6. Nov. 13. Nov. 20. Nov. 27. Dec. 4. Dec. 11. Dec. 18. Dec. 24. Dec. 31. Monthly averages: January. February. March. April. May. June. July. August. September. October. November. December. * Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. 164 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 62.—WEEKLY REPORTING MEMBER BANKS IN N E W YORK [In millions of dollars] Open-market loans Loans to customers (except banks) Date or month Total loans and investments 1935 Jan. 2 . Jan 9 Jan. 16 Jan. 23 ._ Jan. 30.-_ Feb. 6 Feb. 13 Feb. 2O.._ Feb. 27 Mar. 6 Mar. 13. Mar. 20 Mar. 27.. Apr. 3__ Apr. 10 . Apr. 17— Apr. 24 Hay 1 Mav8 May 15 May 22_ May 29 June 5 June 12_ _ June 19 June 26. _ Julv 3. July 10. July 17 . . July24_ July 31. _ Ausr. 7 Aug. 14 __ Aug. 21_. Aug. 28 Sept. 4 Sept. 11 Sept. 18 Sept. 25. Oct. 2 . Oct. 9 Oct. 16 Oct. 23 Oct. 30. Nov. 6_ Nov. 13 Nov. 20 Nov. 27 Dec. 4 Dec 11 Dec. 18 Dec. 24_ Dec. 31 Monthly averages: January Februarv _ March April May _. _ June July August September October November December.. Total To brokers To outothers side on securiNew ties York Cityi Real estate loans Other loans to custo-2 mers 7,346 7,332 7,487 7,465 7,422 7,363 7,392 7,307 7,401 7,547 7,602 7, 539 7,566 7,661 7,635 7,741 7,736 7,830 7,630 7,605 7,656 7,690 7 631 7,674 7,730 7, 775 7, 718 7,612 7,805 7, 785 7, 548 7,504 7,519 7, 558 7,543 7,580 7 656 7,852 7,882 7,822 7,793 7,704 7,658 7,694 7, 734 7, 812 7,817 7,949 7,856 7,883 7,993 7, 955 7,917 2,117 2,099 2,112 2,126 2,125 2,119 2, 138 2.136 2,121 2,146 2,140 2,149 2; 117 2,131 2,129 2,123 2,104 2,104 2, 088 2.097 2,086 2,074 2,058 2,102 2,086 2,082 2,096 2,077 2,096 2,075 2,008 2,014 2,031 2, 077 2, 074 2, 053 2, 065 2, 075 2, 096 2, 122 2,124 2,124 2,055 2,052 2,086 2,093 2,090 2,102 2,097 2 099 2,107 2,083 2,090 54 54 55 55 55 57 59 58 56 55 54 54 54 55 54 54 56 58 57 57 59 58 58 58 60 60 66 60 59 58 57 55 56 57 56 58 56 55 56 58 57 57 59 58 58 60 59 60 59 59 59 59 59 773 768 779 792 792 790 785 785 764 779 773 780 769 762 757 754 742 745 737 739 737 731 729 737 733 733 732 730 732 729 723 723 721 723 712 710 704 706 714 728 727 721 715 713 723 723 731 732 734 744 757 746 743 130 130 131 131 131 131 131 131 131 131 130 130 130 130 130 130 128 129 128 128 128 127 128 127 127 126 125 124 123 123 122 122 122 122 122 122 123 123 123 123 123 193 123 123 123 123 123 123 124 124 124 128 127 1,160 1 147 1,147 1,148 1,147 1 141 1,163 1,162 1,170 1 181 1.183 1,185 1,164 1,187 1,188 1,185 1,178 1,172 1,166 1,173 1,162 1,158 1 143 1,180 1,166 1,163 1,173 1,163 1,182 1,165 1.106 1,114 1,132 1, 175 1,184 1,163 1,182 1,191 1,203 1, 213 1,217 1,223 1,15* 1,158 1,182 1,187 1,177 1,187 1,180 1,172 1,167 1,150 1,161 62 65 62 66 64 61 64 56 61 51 50 54 48 67 66 64 52 62 51 72 79 108 66 51 60 62 4? 43 55 56 62 61 44 36 34 41 34 54 70 44 49 44 44 41 44 45 48 114 62 39 45 42 42 227 231 227 240 232 224 222 227 228 221 212 211 220 227 218 212 206 203 202 200 197 183 178 169 160 153 149 144 138 141 133 131 128 129 129 126 129 131 135 136 136 140 141 147 145 150 156 169 170 170 169 170 174 598 564 603 579 559 536 564 542 582 676 678 609 604 576 578 692 791 832 769 769 806 828 775 806 798 844 886 823 841 822 793 805 817 S14 751 794 847 817 800 821 768 761 773 770 781 795 797 827 860 891 886 895 955 7,410 7,366 7, 564 7,693 7,682 7, 703 7,694 7,531 7,743 7, 734 7,828 7,921 2,115 2,129 2,138 2,123 2,089 2,082 2,070 2, 050 2,073 2,096 2, 092 2,095 55 58 54 55 58 59 60 56 56 58 59 59 780 781 775 754 737 733 729 720 709 721 727 745 130 131 131 130 128 127 123 122 123 123 123 125 1,150 1,159 1,178 1,184 1,166 1,163 1,158 1,152 1,185 1,194 1,183 1,166 64 60 51 62 75 60 52 43 50 43 63 46 231 225 215 216 197 165 141 129 130 140 155 171 581 556 642 659 801 806 833 797 814 779 800 897 » Loans (secured by stocks and bonds) to brokers and dealers in securities. Includes reporting banks' own acceptances. Loans AcceptLoans ances to to broand banks comkers in mercial New paper York bought City i REPORTING MEMBER 165 BANKS C I T Y — A S S E T S AND L I A B I L I T I E S , B Y W E E K S AND M O N T H S [In millions of dollars] Investments U. S. Government obligations Total Direct Fully guaranteed Other securities Reserves with Federal Reserve bank Cash in vault Due from domestic3 banks 4,342 4,373 1 4,483 4,454 4,442 4,423 1 4,404 4,346 4,409 4,453 4,522 4,516 4,577 4,657 4,644 4,650 4,583 4,629 4,520 4,467 4,488 4,497 4,554 4,546 4,626 4,634 4,545 4,525 1 4, 675 4,691 4,552 4,493 4,499 4,502 4,555 4, 566 4,581 4,775 4,781 4,699 4,716 4,635 4,645 4,684 4,678 4,729 4,726 4,737 4,667 4,684 4,786 4,765 4,656 3,103 3,127 3, 209 3,179 3,150 3,129 3,117 3,090 3,108 3,128 3,198 3, 202 3, 230 3,290 3,310 3, 319 3, 263 3, 290 3, 221 3,198 3,199 3, 225 3,285 3, 274 3,314 3,324 3, 245 3,187 3, 327 3, 330 3,174 3,103 3,106 3,089 3,136 3,125 3,148 3,326 3,312 3,268 3,280 3,209 3,181 3,189 3,258 3,317 3,346 3,332 3,276 3,289 3,415 3,378 3,243 273 269 268 272 272 283 277 275 285 284 276 274 276 279 275 272 261 262 260 257 270 247 299 299 329 316 320 319 323 336 342 355 358 355 359 371 372 372 366 366 367 377 381 382 382 381 373 373 374 377 376 382 383 966 977 1,006 1,003 1,020 1,011 1,010 981 1,016 1,041 1,048 1,040 1,071 1,088 1,059 1,059 1,059 1,077 1,039 1,012 1,019 1,025 970 973 983 994 980 1,019 1, 025 1,025 1,036 1,035 1, 035 1,058 1,060 1,070 1,061 1,077 1,103 1,065 1,069 1,049 1,083 1,113 1,038 1,031 1,007 1,032 1,017 1,018 995 1,005 1,030 1,501 1,527 1,505 1,646 1,720 1,804 1,765 1,826 1,773 1,701 1,704 1,622 1,644 1,530 1,576 1,631 1,734 1,699 1,679 1,749 1,764 1,806 1,840 1,955 1,889 1,885 1,689 1,906 1,756 1,853 2,122 2,132 2,223 2,276 2,333 2,250 2,294 2,118 2,223 2,267 2,251 2,331 2,416 2,442 2,388 2, 415 2,460 2,435 2,565 2,610 2,265 2,264 2,446 50 45 40 42 49 50 57 53 54 49 51 53 50 49 52 50 44 41 42 45 45 49 43 45 43 46 48 45 42 42 44 42 45 42 44 45 49 47 50 49 57 53 55 58 60 58 55 61 57 59 61 63 57 83 71 73 74 73 72 77 72 67 66 65 66 64 65 64 68 69 70 73 71 72 71 71 72 71 103 112 109 96 96 95 90 94 97 95 94 93 96 91 89 85 82 82 76 83 82 79 81 87 80 88 79 77 4,419 4,396 4,517 4,633 4,520 4,590 4,598 4,512 4,676 4,676 4,718 4,712 3,154 3, 111 3,189 3,295 3,227 3,299 3,253 3,108 3,228 3, 225 3,313 3.320 271 280 278 272 259 311 328 357 370 375 378 379 994 1,005 1,050 1,066 1, 034 980 1,017 1,047 1,078 1. 076 1,027 1, 013 1,579 1,792 1,668 1,618 1,739 1,892 1,865 2,241 2,221 2,341 2,424 2.430 45 53 51 49 45 44 44 43 48 54 59 60 75 72 65 67 71 79 102 94 94 83 81 82 Date or month 1935 Jan. 2. Jan. 9. Jan. 16. Jan. 23. Jan. 30. Feb. 6. Feb. 13. Feb. 20. Feb. 27. M a r . 6. M a r . 13. Mar. 20. Mar. 27. Apr. 3. Apr. 10. Apr. 17. Apr. 24. M a y 1. M a y 8. M a y 15. M a y 22. M a y 29. June 5. June 12. June 19. June 26. July 3. July 10. Julv 17. July 24. July 31. Aug. 7. Aug. 14. Aug. 21. Aug. 28. Sept. 4. Sept. 11. Sept. 18. Sept. 25. Oct. 2. Oct. 9. Oct. 16. Oct. 23. Oct. 30. Nov. 6. Nov. 13. Nov. 20. Nov. 27. Dec. 4. Dec. 11. Dec. 18. Dec. 24. Dec. 31. Monthly averages. January. February. March. April. May. June. July. August. September. October. November. December. 3 Includes dollar balances due from American branches of foreign banks. Excludes time balances with domestic banks. 166 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 62.—WEEKLY REPOKTING MEMBER BANKS IN N E W YORK [In millions of dollars] Date or month Cash items reported as on hand or in process of collection Demand deposits Other assets Total assets Total liabilities Interbank Domestic banks Foreign banks CertiU.S. fied Govern- checks, ment etc. 1935 Jan 2 Jan. 9 Jan.16 Jan.23 Jan.30 Feb. 6 Feb. 13 Feb 20 Feb. 27 Mar 6 Mar. 13 Mar. 20 — Mar 27 Apr. 3 Apr. 10 Apr. 17 Apr. 24 May 1 May 8 May 15 May 22 May 29 June 5 _ June 12 June 19 June 26 - . July 3 _ July 10 July 17 July 24 July 31 Aug. 7 . Aug 14 Aug. 21 Aug. 28 Sept 4 Sept. 11 _ Sept. 18 Sept. 25 _ Oct. 2 . Oct. 9 Oct 16 Oct. 23 . _ Oct. 30 Nov 6 Nov 13 Nov. 20 Nov 27 Dec 4 Pec 11 Dec 18 Dec 24 Dec. 31 Monthly averages: Januarv February -March April May 952 522 633 590 585 437 732 671 622 853 547 583 598 637 581 637 717 1,199 532 691 543 576 533 623 641 535 763 749 748 715 699 657 638 624 629 648 626 604 611 620 594 569 562 569 557 569 601 605 587 524 509 512 671 575 599 509 665 488 588 529 525 471 571 665 659 571 591 712 584 571 713 673 660 706 622 662 779 654 1,055 511 516 505 509 510 500 510 511 512 501 494 495 505 657 616 645 643 708 583 604 533 591 606 688 754 735 637 622 586 580 533 510 508 498 478 488 483 483 499 471 468 469 470 478 483 519 503 493 476 472 471 10,695 10,246 10,486 10,532 10,548 10,383 10,661 10, 553 10,546 10,864 10,595 10,467 10,533 10,562 10,502 10,696 10,862 11,408 10,513 10,730 10,681 10, 797 10, 705 10,893 10,883 10,856 10, 749 10, 763 10,803 10, 794 10,984 10, 756 10,979 11,013 11, 052 10,941 11,157 11, 273 11,410 11, 281 11, 276 11,353 11,263 11, 310 11, 448 11, 518 11, 554 11, 751 1,796 1,786 1,871 1, 868 1,869 113 110 108 128 152 1,903 1,948 1,985 1,958 155 156 151 144 137 136 137 143 144 160 170 171 164 168 169 187 260 258 246 241 234 225 226 228 231 243 228 238 244 245 238 233 236 265 281 319 339 337 335 338 332 345 401 11, 690 11, 787 11,662 11,487 12,023 2,018 2,006 1,881 1,846 1,836 1,829 1,960 1,949 1,994 1,867 1,923 1,896 1,883 1,896 1,888 1,893 1,914 1,970 1,951 1,913 1,893 2,040 1,993 2,007 2,036 2,055 2,089 2,179 2,175 2,085 2,156 2,145 2,151 2,106 2,110 2,173 2,214 2,229 2,197 2.286 2,265 2,173 2,125 2,200 10, 501 10, 536 10, 615 10, 656 10,825 10, 834 10,819 10, 950 11,195 11,296 11, 568 11, 730 1.838 ,948 ,938 ,893 ,913 ,898 1.953 2,023 2,132 2,133 2,203 2,210 735 731 731 713 680 680 623 574 525 526 527 527 527 527 527 527 526 495 457 429 410 383 407 401 399 401 408 389 388 362 361 201 182 245 244 244 246 249 250 247 230 231 297 297 298 299 245 195 196 196 189 176 176 167 152 196 197 198 122 152 138 162 189 245 231 239 243 322 354 403 718 601 527 527 435 375 223 248 264 247 184 182 Other 473 296 329 298 332 234 372 337 318 562 254 300 313 382 320 327 457 665 283 372 291 303 276 325 372 271 356 289 304 267 298 256 313 268 282 239 284 309 409 290 347 293 291 248 316 271 299 346 321 289 369 315 483 5,206 4,957 5,074 5 138 5,135 5,059 5,193 5,153 5,240 5,250 5,306 5,243 5,348 5 296 5,300 5,349 5,385 5,722 5 369 5,461 5,528 5,603 5,597 5,780 5,754 5,792 5,726 5,830 5,833 5,873 5,874 5,732 5,867 5,895 5,896 5,835 5,925 5,939 6,010 5,923 5,815 5,966 5,950 6,049 6,058 6,128 6,138 6,258 6,113 6,293 6,177 6,108 6,394 346 5,102 5,161 5,287 5,333 5,537 5,730 5,827 5,847 5,927 5,941 6,146 6,217 357 371 383 311 304 280 310 294 308 355 June July August September.. October - . November December Backfigures.—SeeAnnual Report for 1932 (table 80) and article on "Member Bank Statistics" in Federal Reserve Bulletin for November 1935. Reprints of this article, which contains also a description of Digitized forthe FRASER data, may be obtained upon request from the Division of Research and Statistics. 167 KEPORTING MEMBEK BANKS CITY—ASSETS AND LIABILITIES, BY WEEKS AND MONTHS [In millions of dollars] Time deposits Demand deposits adjusted • Interbank Domestic banks 4,727 4,731 4,770 4,846 4,882 1 1 1 1 1 4,856 4,833 4,819 4,936 1 Foreign banks 6 6 6 7 7 7 7 7 7 7 6 6 6 6 7 7 7 4,959 5,013 4,960 5,063 5,041 5,039 5,039 5,125 5,188 5,120 5,142 5,276 5,330 5,340 5,482 5,485 5,528 1 - 7 7 7 7 6 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 3 3 3 3 4 4 4 3 4 3 3 Borrowings Other liabilities account 1 1 2 1 301 298 301 302 301 1,465 1,462 1,463 1,464 1,462 4 275 292 273 282 1,458 1,459 1,459 1,457 1,460 1,459 1,455 1,453 1,461 1 462 1,464 1 465 1 467 1,469 1,470 1,472 1,469 1 459 1,456 1 456 1,456 1 451 1,452 1,453 1,455 1,455 Capital Date or month Other 598 598 602 611 608 611 610 613 610 601 605 608 609 617 622 618 620 623 620 621 620 608 561 556 556 547 566 566 561 568 571 599 601 602 599 591 588 586 592 603 624 624 651 591 585 591 585 583 3 20 16 2 11 4 15 1935 299 295 289 287 276 275 274 282 271 271 267 266 282 266 251 246 263 251 264 238 243 242 Jan. 2. Jan. 9. Jan. 16. Jan. 23. Jan. 30. Feb. 6. Feb. 13. Feb. 20. Feb. 27. Mar. Mar. Mar. Mar. Apr. Apr. Apr. Apr. 6. 13. 20. 27. 3. 10. 17. 24. May May May May May 1. 8. 15. 22. 29. June 5. June 12. June 19. June 26. July 3. July 10. July 17. July 24. July 31. 9 239 1,451 Aug. 7. 249 1 451 Aug. 14. 263 1 451 Aug. 21. 274 1 450 Aug. 28. 262 1 453 Sept. 4. 5,603 263 1,450 Sept. 11. 5, 638 10 269 1,449 Sept. 18. 5,583 25 275 1,449 Sept. 25. 5,760 279 1 448 Oct. 2. 5,642 275 1 449 Oct. 9. 5,571 281 L 450 Oct. 16. 5,547 278 1 451 Oct. 23. 5,657 1,452 Oct. 30. 325 5,726 321 1,458 Nov. 6. 5, 661 330 1 459 Nov. 13. 5,726 320 1 459 Nov. 20. 5,777 330 5,898 1 457 Nov. 27. 3 1 462 Dec. 4. 575 5,812 356 3 572 354 5,920 1,458 Dec. 11. 2 563 5,767 325 1,458 Dec. 18. 2 568 5,769 1 458 Dec. 24. 313 5,822 566 313 3 1,458 Dec. 31. Monthly averages: 1 604 1 300 4,791 6 1,463 January. 1 1 611 281 4,861 7 1,458 February. 6 1 4,999 292 6 606 1,457 March. 4 5,061 277 7 1,463 619 April. 3 5,211 271 7 1,469 618 May. 5,459 257 3 4 1,456 555 June. 5,526 248 3 1,453 11 566 July. 5,594 2 4 600 256 1,451 August. 5,646 9 589 267 1,450 September. 5,629 619 3 287 1,450 October. 5,766 586 325 1,458 November. 4 5,818 569 332 1,459 December. * Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. 5,411 5,544 5,538 5,631 5,507 5,500 5,592 5,634 5,653 25 17 14 168 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 63.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE [In millions of dollars] Open-market loans Loans to customers (except banks) Total loans and investments Date or month 1935 Jan. 2 __ Jan 9 Jan. 16 Jan 23 Jan 30 Feb 6— Feb 13 Feb 20 Feb 27 -Mar. 6 Mar 13 Mar. 20 Mar 27 Apr 3 Apr 10 Apr 17 Apr 24 Mlay 1 May 8 May 15 May 22 __ May 29 June 5 -June 12 June 19 June 26 July 3 July 10 July 17 July 24 July 31 Aug 7 Aug 14 Aug 21 Aug 28 Sept 4 Sept 11 Sept 18 Sept 25 Oct 2 Oct. 9 Oct 16 Oct. 23 -Oct 30 Nov 6 Nov. 13 Nov 20 Nov 27 Dec. 4 -_ Dec 11 Dec 18 Dec. 24 __. Dec 31 Monthly averages: January February March April May June July . August September October November December 1 s ... ----— - -- Total To broTo kers others outon seside curiNew ties York City i 4,668 12,136 12, 093 4, 639 4,623 12, 033 4,605 12, 049 4,612 12, 082 4, 620 12,107 12,125 4,615 4,625 12,179 4,637 12,180 4,652 12,180 12,195 4,648 4,658 12, 231 12,182 4,671 4,649 12,132 12,187 4, 633 12,187 4, 634 12,147 4,627 12,129 4,653 4,621 12,178 4,617 12, 136 12,119 i 4,598 12, 097 1 4,636 12,127 4, 632 12,160 4, 660 4,637 12, 222 4, 628 12, 227 4,615 12, 110 4,604 12,118 12, 284 4,606 12, 269 4, 5S8 4, 569 12, 297 12, 295 4, 570 4,563 12, 273 4,580 12, 310 4,580 12, 296 12, 328 4, 586 4, 604 12, 318 12, 558 4,607 12, 574 4, 631 12, 598 4, 651 4, 644 12, 561 4,652 12, 596 4,668 12, 664 12, 684 4,661 4,673 12, 692 4,672 12, 678 12, 673 4,667 12, 683 4,697 ! 4,723 12. 662 12, 638 4,716 4. 736 12, 977 4, 731 12, 984 4,741 12, 978 . _- ___ 12, 079 12,148 12,197 12,163 12, 132 12,184 12, 215 12, 294 12, 444 12, 621 12, 682 12, 848 4,629 4,623 4, 658 4,635 4,628 4, 638 4,597 4. 573 4, 607 4, 655 4,678 4.729 Realestate loans Loans Other to loans banks to customers2 Loans to brokers in New York City i 122 113 120 116 118 112 113 116 116 124 123 127 141 121 117 113 118 134 120 112 110 118 110 118 113 112 117 115 113 109 113 116 109 106 104 104 109 106 106 111 103 97 99 94 98 99 96 113 111 110 118 112 124 1,486 1,467 1,453 1,453 1,449 1,446 1,444 1,437 1,429 1,436 1,435 1, 436 1,431 1,423 1,415 1,412 1,407 1,401 1,387 1, 393 1,391 1,385 1,388 1,389 1, 382 1,378 1,372 1, 364 1, 354 1, 350 1,358 1,353 1,350 1, 354 1, 359 1,356 1,357 1,355 1,359 1,352 1, 353 1,358 1,362 1,362 1,358 1, 355 1,351 1,353 1,360 1,358 1,361 1,365 1,368 1,006 1,004 1,004 1,001 998 996 997 996 992 989 990 990 992 992 991 9S9 990 990 990 990 988 1, 030 1,027 1,025 1, 022 1,023 1,022 1, 023 1,016 1,016 1,014 1,013 1, 016 1,014 1, 013 1,010 1, 013 1, 016 1,017 1,021 1,024 1, 025 1,022 1,023 1,019 1,017 1,018 1,017 1, 017 1,016 1,014 1,012 1,009 2,054 2,055 2,046 2,035 2,047 2,066 2,061 2,076 2,100 2,103 2,100 2,105 2, 107 2,113 2.110 2,120 2,112 2, 128 2,124 2,122 2,109 2,103 2,107 2,128 2,120 2,115 2,104 2,102 2, 123 2, 113 2,084 2,088 2,088 2,106 2,104 2,116 2,125 2,130 2,149 2,167 2,164 2,172 2,185 2,182 2,198 2,201 2,202 2,214 2,235 2, 232 2,243 2,242 2,240 61 62 61 60 58 59 59 57 57 55 53 56 54 53 54 52 52 52 54 55 55 54 56 54 53 50 41 42 43 41 41 39 39 38 41 41 40 40 39 43 41 39 40 40 43 39 38 36 36 35 34 34 34 223 218 215 216 214 210 211 214 217 213 211 214 212 213 213 205 205 200 200 202 198 192 191 184 184 179 173 172 174 175 173 182 183 181 181 182 185 188 189 188 188 189 186 182 181 183 184 184 186 187 188 186 188 159 167 166 160 : 159 159 159 158 158 178 176 164 157 165 174 i 106 59 49 50 43 , 40 36 36 37 40 39 35 37 40 33 32 37 36 35 i 27 ! 38 31 25 25 ; 25 25 ' 26 24 9 15 20 ! 22 i 23 22 24 23 23 25 117 113 129 117 119 113 113 109 107 101 102 115 1,462 1,439 1, 435 1,414 1,392 1,384 1,360 1, 354 1, 356 1, 357 1,354 1.362 1,003 995 990 990 998 1,024 1, 019 1,014 1,014 1, 023 1,018 1.014 2,047 2,076 2,104 2,114 2,117 2,117 2,105 2,096 2, 130 2,174 2, 204 2. 238 61 59 54 54 54 54 41 40 39 42 39 35 218 213 212 208 198 185 173 182 186 187 183 187 162 159 169 126 43 38 36 33 30 21 20 24 Loans (secured by stocks and bonds) to brokers and dealers in securities. Includes reporting banks' own acceptances. Acceptances and commercial paper bought 169 REPORTING MEMBER BANKS NEW YORK CITY—ASSETS AND LIABILITIES, BY WEEKS AND MONTHS [In millions of dollars] Investments U.S. Government obligations Total Direct Fully guaranteed 7,025 7,007 6,968 7,008 7,039 7,059 7,081 7,125 7,111 7,082 7,107 7,139 7, 088 7,052 7,113 7,190 7,204 7,175 7, 253 7,219 7, 228 7,179 7,212 7,225 7, 308 7,331 7,246 7,263 7,421 7,432 7,482 7,467 7,452 7,476 7,467 7, 481 7,458 7,698 7,690 7,691 7,663 7,690 7, 746 7,792 7, 780 7, 764 7,762 7,743 7, 695 7,676 7,996 8, 010 7, 990 4,668 4,649 4,600 4,629 4, 660 4,673 4,660 4,705 4,683 4, 655 4,655 4,685 4, 628 4,568 4, 592 4,644 4,649 4,612 4,674 4, 650 4, 645 4,553 4,582 4,579 4,635 4,646 4, 579 4, 575 4,717 4,743 4, 773 4,761 4,743 4,758 4,741 4, 739 4,692 4, 923 4,915 4,915 4,891 4,909 4,949 4,988 4, 978 4,978 4,987 4,969 4,945 4,927 5,228 5, 238 5,225 368 378 392 401 392 396 421 435 446 466 473 472 476 493 514 516 523 520 522 522 531 544 618 625 638 648 652 657 673 677 675 664 662 666 676 712 728 728 727 728 729 742 747 751 756 760 762 764 760 759 753 749 743 7,009 7,094 7,104 7,140 7,211 7,269 7,368 7,466 7,582 7,716 7,762 7,873 4,641 4, 680 4, 656 4,614 4, 626 4,611 4,677 4, 751 4,817 4,931 4,978 5. 113 386 425 471 511 528 632 666 667 724 739 760 752 3 Includes dollar balances due domestic banks. 56048—36 12 Other securities Reserves with Federal Reserve banks Cash in vault Due from domestic banks 3 Date or month 1935 Jan. 2. Jan. 9. Jan. 16. Jan. 23. Jan. 30. Feb. 6. Feb. 13. Feb. 20. Feb. 27. M a r . 6. Mar. 13. Mar. 20. Mar. 27. Apr. 3. Apr. 10. Apr. 17. Apr. 24. M a y 1. M a y 8. M a y 15. M a y 22. M a y 29. June 5. June 12. June 19. June 26. July 3. J u l y 10. July 17. July 24. July 31. Aug. 7. Aug. 14. Aug. 21. Aug. 28. Sept. 4. Sept. 11. Sept. 18. Sept. 25. Oct. 2. Oct. 9. Oct. 16. Oct. 23. Oct. 30. Nov. 6. Nov. 13. Nov. 20. Nov. 27. Dec. 4 Dec. 11 Dec. 18. Dec. 24. Dec. 31. Monthly averages: 1,982 1,876 259 1,895 January. 1,989 1,863 257 1,980 February. 1,977 1,813 255 1,950 March. 1,844 2,015 258 1, 901 April. 2, 057 1,972 2,081 256 May. 2,026 2,149 274 1, 939 June. 2, 025 2,104 1,954 279 July. 2,048 2,004 284 2,010 August. 2.041 2,030 288 2,118 September. 2,046 2, 094 285 2.170 October. 2,024 2,291 295 2,245 November. 2. 008 2. 2R4 316 2. 230 December. from American branches of foreign banks. Excludes time balances with 1,989 1,980 1, 976 1,978 1,987 1,990 2,000 1,985 1, 982 1,961 1,979 1,982 1,984 1,991 2,007 2,030 2,032 2, 043 2,057 2,047 2, 052 2,082 2,012 2,021 2,035 2,037 2,015 2,031 2,031 2,012 2,034 2,042 2,047 2,052 2,050 2,030 2, 038 2,047 2,048 2,048 2,043 2, 039 2, 050 2,053 2,046 2,026 2,013 2,010 1,990 1, 990 2, 015 2, 023 2,022 1,717 1,861 1,953 1,942 1,903 1,867 1,867 1,850 1,870 1,868 1,899 1,772 1,715 1,698 1,753 1, 903 2,023 2,042 2,088 2,089 2,110 2, 073 2,098 2, 159 2,154 2,187 2,186 2.145 2,161 2, 065 1,962 1,963 2,016 2,019 2,021 1,973 2,079 2,029 2,041 1, 933 2,053 2, 148 2,147 2,190 2, 253 2,293 2,294 2,324 2,329 2,414 2.227 2,202 2,151 271 266 249 251 254 249 262 257 260 252 259 251 259 247 262 257 265 246 257 254 262 265 264 277 273 282 273 289 276 281 278 280 287 280 289 278 298 286 289 276 295 279 285 292 289 305 291 297 304 320 326 323 312 1,890 1,840 1,936 1,899 1,913 1,930 1,984 1,997 2,007 1,972 2,016 1,919 1,893 1, 864 1,838 1, 928 1, 975 2, 025 1,923 2,008 1,974 1,928 1. 900 1,975 1,932 1,949 1, 983 1,970 1, 975 1,922 1,924 1, 955 2, 011 2,026 2,048 2, 074 2,146 2, 144 2,111 2,167 2,162 2,226 2, 152 2,143 2, 180 2,286 2,271 2,242 2,283 2, 262 2, 205 2,167 2,231 170 No. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 6 3 . — W E E K L Y REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE N E W fin millions of dollars] Date or month 1935 Jan. 2.. Jan.9 Jan. 16 Jan. 23 Jan. 30_. Feb. 6 Feb. 13._. Feb. 20 Feb. 27 Mar. 6 Mar. 13 Mar. 20 Mar. 27 Apr. 3 Apr. 10 Apr. 17 Apr. 24 May 1 May 8 M a y 15 M a y 22 M a y 29 June 5 June 12 June 19 -_ June 26— July3 July 10 July 17 July 24 July 31 Aug. 7 Aug. 1 4 . . Aug. 21 Aug. 28 Sept. 4 Sept. 11 Sept. 18 Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Oct. 30. Nov. 6. Nov. 13 Nov. 20 Nov. 27 Dec. 4 Dec. 11 Dec. 18 Dec. 24.. Dec. 31 Monthly averages: January February March April—. May_. June July August. September October November December Cash items reported as on hand or in process of collection Total assets Other assets Total liabilities D€ mand deposits Interbank Domestic banks Foreign banks U.S. Government Certified checks, etc. Other 671 433 560 467 460 457 619 518 547 526 546 512 503 526 496 593 522 650 496 600 533 532 538 580 557 520 618 534 561 491 540 489 587 508 488 582 593 590 545 633 533 735 586 574 602 747 626 644 601 633 660 663 817 896 905 904 898 909 903 908 907 919 922 922 903 899 899 895 884 883 891 880 885 882 889 880 876 863 875 858 854 851 859 862 855 868 871 882 900 892 881 886 903 898 888 892 898 891 897 898 914 918 929 910 918 924 17, 581 17,448 17,635 17,506 17, 521 17, 513 17,765 17, 708 17,783 17,720 17,837 17,588 17,451 17,366 17, 431 17,752 17, 815 17,983 17, 822 17,972 17, 880 17, 784 17, 807 18,027 18, 001 18, 040 18, 028 17,910 18,108 17, 887 17, 863 17, 837 18, 042 18,014 18,024 18,135 18,326 18,488 18,446 18, 510 18, 502 18, 872 18,726 18, 781 18,907 19, 206 19,053 19,104 19,097 19,196 19, 305 19, 257 19, 413 2,552 2,557 2,621 2,614 2,598 2,684 2,700 2,719 2,743 2,769 2,765 2,700 2,671 2,683 2,640 2,695 2,735 2,760 2,721 2,732 2,701 2,660 2,734 2,738 2,724 2,718 2,834 2,820 2,764 2,728 2,694 2,722 2,771 2,777 2,752 2,837 2,870 2,891 2,862 2,921 2,954 3,082 3,006 2,997 3,073 3,141 3,084 3,020 3,103 3,073 3,046 3,046 3,022 20 18 18 18 20 20 21 22 21 21 21 21 21 21 21 24 22 24 23 23 23 23 24 23 25 24 24 27 27 27 26 27 28 26 27 28 27 26 29 26 27 28 31 33 30 31 32 33 33 37 37 35 32 702 698 693 671 630 628 593 592 573 568 566 567 567 568 568 566 566 525 486 446 429 394 396 394 363 363 199 181 306 306 308 309 311 311 310 293 296 433 433 424 423 384 350 351 350 337 326 328 315 300 509 508 503 196 139 158 138 152 152 140 143 148 154 148 145 147 161 142 152 181 212 154 170 159 159 158 148 162 158 186 158 158 158 162 145 150 144 144 157 140 160 141 177 149 167 152 153 177 168 177 180 201 187 193 178 244 7,162 7,066 7,183 7,090 7,109 7,018 7,292 7,210 7,256 7,151 7,320 7,153 7,072 7,012 7,145 7,391 7, 374 7,481 7,466 7,622 7,599 7,599 7,570 7,822 7,785 7,811 7,942 7,870 8,003 7,834 7,833 7,793 7,939 7,948 7,954 7,990 8,105 8,084 8,082 8,060 8,033 8,289 8,240 8,293 8,322 8,573 8,491 8,584 8,499 8,618 8,543 8, 501 8,638 528 535 522 534 562 549 549 518 578 612 655 675 902 909 912 891 886 874 857 869 891 896 899 920 17,539 17, 692 17,649 17, 591 17,889 17,969 17,958 17,979 18,349 18,678 19, 067 19, 253 2,588 2,713 2,726 2,689 2,715 2,729 2,768 2,755 2,865 2,992 3,079 3,058 19 20 21 22 24 24 26 27 27, 29 31 35 679 596 567 567 456 379 260 310 364 386 335 427 156 145 148 159 170 156 163 145 150 159 176 201 7,122 7,194 7,174 7,230 7, 553 7,748 7,897 7,909 8,065 8,183 8,492 8,559 Backfigures.—SeeAnnual Report for 1932 (table 81) and article on "Member Bank Statistics" in Federal Reserve Bulletin for November 1935. Reprints of this article, which contains also a description of the data, may be obtained upon request from the Division of Research and Statistics. 171 REPORTING MEMBER BANKS YORK CITY—ASSETS AND LIABILITIES, BY WEEKS AND MONTHS—Continued [In millions of dollars] Time deposits Demand deposits-i adjusted Interbank Domesti< banks Foreign banks Other 6,687 6,722 6,781 6,761 6,801 6,713 6,813 6,835 6,857 6,779 6,922 6,786 6,716 6,647 6,791 6, 950 7,033 7,043 7,124 7,192 7,225 7,226 7,190 7,390 7, 390 7,449 7,510 7,494 7,600 7,501 7,455 7,449 I 7,502 7,584 7,610 7, 565 7,652 7,654 7,678 7,604 7,649 7,721 7,806 7,872 7,897 7,994 8,042 8,120 8,099 8,172 8,076 8,016 8,065 118 121 119 123 122 125 128 128 126 129 132 136 133 133 132 132 127 130 129 133 130 129 121 119 119 121 123 119 117 119 118 121 123 122 125 121 119 118 119 121 119 119 118 117 116 119 117 119 116 120 117 118 128 4,21! 4,222 4,221 4, 239 4,252 4,262 4,264 4,261 4,268 4,274 4,257 4,275 4,289 4,293 4, 28V 4,312 4,320 4,368 4,357 4,362 4, 346 4,327 4,315 4,296 4,333 4,333 4,276 4,286 4,278 4,283 4,285 4,274 4,279 4,250 4,240 4,242 4, 253 4,280 4,278 4,287 4,289 4,297 4,312 4,308 4,310 4,301 4,287 4,289 4,268 4,284 4,305 4,315 4,345 6,751 6,805 6,801 6,855 7,162 7,355 7,512 7,537 7,637 7,730 8,013 121 127 133 131 130 120 119 123 119 119 118 120 4,229 4,264 4,273 4,303 4,352 4,319 4,282 4,261 4,264 4,298 4,297 4,303 * Demand deposits other than interbank in process of collection. Borrow ings Other li- Capital abilities account Date or month 1935 Jan. 2. Jan 9. Jan. 16. Jan. 23. Jan. 30. Feb. 6. Feb. 13. Feb. 20. Feb. 27. Mar. 6. Mar. 13. Mar. 20. Mar. 27. Apr. 3. Apr. 10. Apr. 17. Apr. 24. May 1. May 8. May 15. May 22. May 29. June 5. June. 12. June 19. June 26. July 3. July 10. July 17. July 24. July 31. Aug. 7. 2,035 Aug. 14. 21. 2,040 Aug. 2,042 Aug. 28. Sept. 4. 2,042 11. 2,044 Sept. Sept. 18. 2,040 Sept. 25. 2,038 Oct. 2. 2,040 Oct. 9. 2,044 16. 2,043 Oct. Oct. 23. 2,051 Oct. 30. 2,052 Nov. 6. 2,056 Nov. 13. 2, 056 20. 2,055 Nov. 27. 2,056 Nov. Dec. 4. 2,065 Dec. 11. 496 2,064 Dec. 18. 512 493 2,061 24. 491 2,060 Dec. Dec. 31. 452 2,048 Monthly averages: January. 605 2,016 601 2,024 February. 577 2,026 March. 462 2,027 April. 448 2,037 May. 448 2,043 June. 409 2,029 July. 407 2,038 August. 451 2,042 September. 463 2,046 October. 482 2,056 November. 489 2,059 December. and U. S. Government, less cash items reported as on hand or 605 607 599 596 614 595 592 604 615 618 600 562 524 474 467 451 458 451 451 440 448 448 445 440 442 466 415 415 417 398 400 404 402 394 427 419 469 452 463 452 462 459 463 476 472 478 483 495 2,014 2,020 2,014 2,015 2,016 2,022 2,024 2,024 2,026 2,031 2,023 2,023 2,025 2,021 2,029 2,027 2,031 2,031 2,034 2, 037 2,040 2,040 2,041 2,045 2,047 2,039 2,025 2,031 2,030 2,027 2,032 2,037 172 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS BROKERS' LOANS No, 64.—LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN N E W YORK CITY, BY WEEKS [In millions of dollars] Demand and time loans Date or month Total outFor own For account of-town banks1 For others Demand loans Time loans 1935 Jan. 2 Jan. 9 Jan. 16 Jan. 23 Jan.30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 Mar. 6 Mar. 13 Mar. 20 M a r . 27 Apr. 3 Apr. 10 Apr. 17 Apr. 24 May 1 May 8 M a y 15 M a y 22 M a y 29 June 5 June 12 June 19 June 26.. July 3 July 10 July 17 July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 Sept. 4. Sept.11 Sept. 18 Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 23 Oct. 30 Nov. 6. Nov. 13 Nov. 20 Nov. 27 Dec. 4 Dec. 11 Dec. 18 Dec. 25 Dec. 31 Averages: January February March April May June July August September October November December _- _ 794 761 800 774 754 735 766 742 780 876 876 808 796 771 774 792 876 912 846 846 884 904 851 882 876 922 967 899 915 895 865 875 888 886 822 867 918 887 870 893 839 832 846 833 849 865 866 900 932 964 959 968 1,028 652 618 658 634 614 593 623 600 638 731 732 663 658 631 632 746 846 890 826 826 865 886 833 864 858 904 952 883 900 880 850 860 873 871 807 852 903 872 856 879 825 818 832 828 839 855 856 887 919 950 945 954 1,014 141 141 140 138 138 140 141 139 140 144 143 143 135 136 136 44 29 777 756 839 803 878 883 908 868 886 848 870 970 635 614 696 714 858 865 893 853 871 836 859 956 19 19 18 18 18 18 18 15 16 15 15 15 15 15 15 15 15 15 15 14 14 14 14 14 5 10 10 10 13 13 14 14 14 14 540 515 557 532 514 496 529 510 550 658 664 598 590 569 565 552 579 601 529 520 558 565 510 535 526 567 579 533 543 521 486 494 500 492 409 448 466 421 399 417 361 359 380 325 346 370 375 424 460 504 513 531 602 254 246243 242 240' 239 237 232 230 218 212 210 206 202 209 240 297 311 317 326 326 339 341 347 350 355 388 366 372' 374 379 381 388 394 413 419 452 466 471 476 478 473 466 508 503 495 491 476 472 460 446 437 426 140 140 141 86 19 18 15 15 15 12 11 14 532 521 627 566 554 535 532 474 434 368 379 522 245 235 212" 237 324 348 376 394 452 480 491 448 i Member and nonmember banks outside New York City (domestic banks only); includes unknown! amount for customers of these banks. Backfigures.—SeeAnnual Report for 1934 (table 74) and similar tables in previous annual reports. 173 BROKERS' LOANS No. 65.—BROKERS' BORROWINGS, 1933-35 !{Net borrowings on collateral in New York City as reported by members of the New York Stock Exchange ] [In millions of dollars] On demand and on time Date Total From From private banks banks, brokers, and foreign trust compa- banking agencies, etc. On demand Total On time From From private banks banks, and brokers, trust foreign compa- banking nies agencies, etc. Total From From banks, private banks, trust foreign companies, banking agenetc. cies, etc. 1933 Jan. 31 Feb. 28 Mar. 31 Apr. 29 May 31 J u n e 30 J u l y 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 30 360 311 322 529 780 916 917 897 776 789 845 270 298 247 268 461 694 822 841 806 706 712 776 903 938 981 1,088 1,016 1,082 923 874 832 827 831 880 862 873 973 912 980 849 803 769 761 765 813 255 223 208 207 398 583 679 634 624 515 544 166 162 145 157 332 498 590 563 535 445 468 529 627 657 714 812 722 740 588 545 532 546 558 616 563 582 606 697 619 639 518 481 472 484 495 553 576 573 553 510 472 474 420 399 363 336 407 547 514 511 490 471 440 444 394 378 342 317 382 516 104 137 103 115 130 197 237 283 272 261 245 247 103 136 102 111 129 196 232 278 271 261 244 247 276 281 267 276 294 342 335 329 300 281 273 264 276 280 267 275 293 341 331 322 297 277 270 260 249 243 220 295 321 334 349 373 418 456 439 391 244 239 216 291 319 332 347 372 417 455 439 391 1934 Jan. 31 Feb. 28 Mar. 3 1 . . . . Apr. 30 May 31 June 30 J u l y 31 Aug. 31 ;Sept. 29 Oct. 31 Nov. 30 Dec. 31 64 76 108 116 104 102 74 71 62 66 66 67 64 75 108 115 103 101 70 64 60 63 63 63 1935 J a n . 31 Feb. 28 Mar. 30 Apr. 30 May 31 June 29 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 825 816 773 805 793 808 769 772 781 792 758 750 706 762 759 776 741 750 759 772 821 907 Back figures.—See Annual Eeport for 1934 (table 75) and similar tables in previous annual reports. 174 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS BANKERS' ACCEPTANCES AND COMMERCIAL PAPER No. 6 6 . — D O L L A R B A N K E R S 1 A C C E P T A N C E S AND COMMERCIAL P A P E R , 1931-35 [In millions of dollars] Dollar bankers' acceptances 1931 Commercial paper outstanding 2 Held b y accepting banks i Total outstanding End of month 1932 1933 1934 1935 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 January... February.. March April 1,520 1, 520 1,467 1,422 571 550 472 410 May June July August 1,413 1, 368 1,228 1,090 464 554 668 606 September October November. December. 1,040 1,002 974 410 230 296 262 332 343 377 626 325 261 404 485 452 423 391 108 103 106 108 85 84 72 64 108 117 133 139 171 177 182 17a 505 487 552 356 317 296 111 103 100 108 60 73 97 107 142 151 168 188 173 159 164 177 110 113 110 81 123 130 133 109 192 188 178 166 183 180 178 172 i3 Figures include both own acceptances held and purchased acceptances held. Paper maturing within 6 months; includes some finance company paper sold in the open market. Figures reported by dealers to the Federal Reserve Bank of New York. Back figures.—See Annual Report for 1934 (tables 76-77) and similar tables in previous annual reports. No. 67.—DOLLAR BANKERS' ACCEPTANCES, BY CLASSES fin thousands of dollars] Based on goods stored in foreign countries Based on— End of month Total Goods Imports into United States Goods Dollar in Exports stored shipped exchange United from between shipped States United domestic between (wareStates points foreign house points credits) 1934 January February March April May June July August September October November December __ _ 1935 January .__ February March April May __ June July _ August September October.. __. November December.- 771,326 750,127 685,154 613,129 568, 791 534,193 515, 605 520, 003 539,420 561, 602 561,381 543, 385 89, 294 97,879 102, 520 102, 650 100, 385 96, 984 93,825 88, 509 93,879 93,425 89,422 89,165 225, 327 202, 785 185,888 163, 740 149,950 145,132 135,409 139,704 137,600 146, 797 148,479 139, 933 263,440 248. 391 214,868 175, 214 153,110 131,515 130,141 137,838 157,769 176, 725 187, 089 185, 720 13,078 12, 568 10, 673 10, 586 10,442 9,031 8,237 8,871 8,704 7,606 7,430 7,533 5,179 4,196 3,137 2,686 3,349 3,503 3,574 4,248 4,157 3,933 2,088 2,373 175,008 184, 309 168,068 158, 252 151, 554 148,028 144,418 140,833 137, 311 133,117 126,87a 118, 661 615, 813 492, 765 465,860 413,373 374, 755 343,286 320,891 321, 807 327, 834 362, 984 387,374 396,958 86,461 91,881 101, 296 102,876 106, 605 101, 962 99,101 101, 527 101, 723 105, 531 105,187 107,489 132,925 123,180 122, 202 113, 833 99, 632 93, 762 86, 316 81,426 76, 721 74, 653 84, 097 93, 502 171,300 157,446 126, 081 88,182 68,162 47, 653 37,457 43, 022 58, 003 87, 686 100, 726 99,327 8,117 8,533 7,734 7,648 7,834 9,147 9,084 8,970 8,257 10, 038 10, 697 10,684 2,590 2,625 2,411 2,095 1,645 1,581 2,636 3,988 4, 393 3,514 2,979 2,415 114,420 109,100 106,136 98, 739 90, 878 89.181 86,297 82,875 78, 737 81, 561 83, 688 83, 540 Backfigures.—SeeAnnual Report for 1933 (table 97) and similar tables in previous annual reports. ANNUAL KEPOKT OF FEDERAL RESERVE GOVERNORS 175 BANK DEBITS N o . 6 8 . — D E B I T S TO I N D I V I D U A L ACCOUNTS, B Y B A N K S I N P R I N C I P A L C I T I E S , 1926-35 [Amounts in millions of dollars] TOTAL, ALL REPORTING CENTERS Month January February March April May June July August.September October November December Total for year—. 1926 1927 57, 526 58,200 47, 689 51,110 59, 693 61,921 55, 073 59,054 51. 089 57,386 53,933 60,211 54,386 57,026 49,947 56,850 50, 023 60,046 55, 965 62,793 50, 598 60,478 60, 666 69,292 646, 587 7"l4T367" 1929 1928 1930 1931 66,572 86,826 64,291 49,578 57,746 74,185 55,751 40,626 74,287 87,393 69,275 49,998 70,550 78,682 66.535 49,459 75,244 80,347 65,322 46,784 76,395 73,623 65,948 48,331 62,560 81,714 56,208 42,339 61,875 81,187 49,024 36,549 66,656 81,666 51,773 39,369 76,917 100,042 57,941 41,694 75,048 86,116 45,125 31,433 86,672 70,750 55,767 39, 160 850, 522 982, 531 7027960 515, 320 1932 1933 36,086 26,386 29,370 24,131 32,092 (*) 32,188 24,276 27,446 27,232 29,234 31,745 27,297 33,217 27,005 - 2 7 , 2 2 2 27,782 26,395 27,291 28,254 22,532 25,964 28,941 28,395 347, 264 3 303.2~L5~ 1934 1935 32,166 29,257 27, 619 26,815 33, 948 31,783 33,870 33,290 32,436 30,820 33, 871 32,416 35,693 29,849 32, 586 27,666 31,339 25,986 35, 209 29,004 34,780 26,854 39,170 33,304 357, 044" 402, 718 NEW YORK CITY January 30, 538 February 24,813 March. 33, 008 29, 300 April 26, 571 May 28,196 June 27, 659 July 26, 233 August 25, 618 September October 28, 755 November 25,791 December 32, 577 Total for year__ 339, 056 12,413 12,2036 () 12,012 13,977 16, 742 17,3.54 13, 075 12, 340 13, 280 12, 204 13, 014 148,449 14, 023 14,997 13, 231 12, 549 15, 608 15, 895 15,905 16,953 14, 652 14, 551 15, 388 15, 667 13, 842 16, 737 12, 285 14,732 11,121 14, 014 12, 285 15, 733 11,343 15, 542 15,215 17, 684 165,948 184, 006 15,893 12, 053 12, 870 10, 401 13, 729 (2) 14,366 10,616 12,498 11, 509 12,901 12,969 12, 511 13, 878 11, 756 12, 376 11, 767 12, 215 12, 354 13,027 11,927 10,935 13, 287 12,820 T o t a l for y e a r . . _ 268,900 282,303 306,193 331.938 277,317 217,523 154,401 134,257 14,983 13,198 13,111 11,784 15, 754 14,077 14, 278 15,645 14,105 15, 557 14,754 15,808 13,910 16, 550 13, 421 15, 536 12,888 15,016 14,465 16,844 13,409 16,685 15,700 18,676 165, 989 190,165 31, 258 27,439 34,492 32, 007 31, 270 33, 008 30,750 31,654 33, 369 34, 090 33, 282 38,938 391,558 37, 884 32, 740 44,786 41, 778 45, 270 45,456 35, 084 35,103 38, 726 45,189 45,469 52,727 500,212 54, 719 46, 288 55,425 47,980 50,043 43, 262 49, 215 49, 034 50, 343 63, 325 53, 604 39, 850 603,089 34,732 31,117 40, 740 38, 631 37,423 37, 691 29, 599 25, 052 27, 383 30, 781 22,490 29, 000 384,639 24,556 17, 676 20,947 14, 381 27. 590 16,160 26, 820 15, 557 25,072 12,913 25,893 14, 202 21, 007 12, 728 17, 501 13,459 20, 073 14,164 20, 677 12,944 14,464 9,815 19, 233 13, 967 263,834|167,965 140 OTHER CITIES 1 January February... March April May June__ July August September. October NoxTember_. December.. 25,001 21, 753 25, 847 25, 225 26,346 27,029 23. 897 23,401 24,450 27, 705 25,880 29,659 23,607 20,102 23.458 22,537 21,449 22,466 23, 300 20, 778 21, 336 23, 780 21, 593 24,493 28,095 24,489 28,099 26, 770 26,492 26,404 28, 416 28, 310 27, 274 32, 202 28,486 26,902 25, 691 21, 508 24,983 24, 315 24,388 24, 621 23,145 20,941 21, 253 23, 679 19,686 23,107 21, 697 17,084 19,421 19, 620 18,858 19,406 18, 444 16, 526 16, 627 18,125 14,605 17,112 OTHER R E P O R T I N G CITIES Total debits for year 4 38, 631 Number of cities 4 . 121 40,506 123 44,117 127 47, 504 128 41,003 125 33,963 125 24,898 123 3 20, 509 120 25,107 129 28, 547 131 1 Comprises centers for which bank debit figures are available beginning with 1919, except that the following substitutions have been made from time to time. Fargo, N. Dak., for Great Falls, Mont., beginning with 1920; Greenville, S. C , for Charleston, S. C , beginning with May 1928. 2 Not available, complete data not having been reported on account of bank holiday. 3 Total for 11 months. * The figures for each given year cover the reporting cities (other than the 141 cities) for which back debits were reported throughout the year. NOTE.—Figures represent debits or charges on the books of reporting member and nonmember banks to deposit accounts of individuals, partnerships, corporations, and the United States, State, county, and municipal governments. The figures include debits to postal savings accounts, other savings accounts, payments from trust accounts on deposit in the banking department, and certificates of deposits paid; they do not include debits to the accounts of other banks or in settlement of clearing house balances, payments of certified and officers' checks, charges to expense and miscellaneous accounts, corrections, and similar charges. Monthly figures are derived from weekly reports, the figures for weeks which do not fall within a single calendar month being prorated on the basis of the number of business days falling within the respective months. Back figures.—See Annual Report for 1934 (table 78) and similar tables in previous annual reports; series begins with 1919. Corresponding figures for each Federal Reserve district and for each reporting are available in mimeographed form beginning with 1919 and may be had upon request. Digitized forcenter FRASER 176 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS BANK SUSPENSIONS No. 69.—BANK SUSPENSIONS, 1921-35 {Banks closed either permanently or temporarily, on account of financial difficulties, by order of supervisory authorities or by the directors of the bank.] [For figures of insured banks suspended, during 1934 and 1935, see table 71] Deposits 1 (in thousands of dollars) Number of banks Year or period Total Na- State tional member Nonmember Total National State member Nonmember Banks suspended: 505 367 646 52 49 90 19 13 32 434 305 524 172,188 93,043 149,601 20, 777 20,197 34, 244 17,363 7,113 12, 559 134,048 65,733 102, 798 1924 1925 1926 775 618 976 122 118 123 38 28 35 615 472 818 210,151 167, 555 260,378 64,890 55, 574 43,998 13, 645 9,883 23,466 131,616 102,098 192,914 1927 . 1928 1929 669 499 659 91 57 64 31 16 17 547 426 578 199,329 142, 580 230,643 45, 547 36,483 41,614 17,942 10,247 16,459 135,840 95,850 172, 570 1,352 2,294 1,456 161 409 276 27 107 55 1,164 853, 363 1,778 1,690, 669 1,125 715,626 170.446 439.171 214.150 202,399 293,957 55,153 480, 518 957, 541 446,323 449 179 66 9 23 6 215, 341 145, 710 73,183 17, 322 21, 742 3, 527 120,416 124,861 2,113 57 34 866 1 4 74 1,173 2, 523. 938 36, 937 56 30 10, 099 1, 363, 393 40 5, 313 672, 260 488,285 36,897 4,786 13, 648 2, 558 521 10, 569 7, 817,151 2, 646, 342 1,377,715 3, 793, 094 1921 1922 1923 . 1930 1931 1932 1933: J a n . 1-Mar. 15 2 Mar. 16—Dec. 31 Banks not licensed following banking holiday that have since been placed in liquidation or receivership 3.. _ 1934 1935 . Total - 360 164 1 Deposits of nonlicensed national banks (in 1933) are as of dates of conservatorship; deposits of nonlicensed State bank members are as of the nearest call dates prior to the date of liquidation or receivership; deposits of nonlicensed nonmember banks are based on the latest data available at the time the banks were reported as having been placed in liquidation or receivership; deposits of suspended national and State bank members are as of dates of suspension; and deposits of suspended nonmember banks are as of dates of suspension or the latest available call dates prior thereto. 2 Includes 39 banks with deposits of $15,080,000 which were placed in receivership during the banking holiday (Mar. 6 to Mar. 15, 1933). 3 At the close of the banking holiday, Mar. 15, 1933, 1,400 national banks with deposits of $1,942,574,000 and 221 State bank members with deposits of $924,177,000 had not been licensed to reopen. As indicated above, 866 of the nonlicensed national banks and 74 of the nonlicensed State bank members were placed in liquidation or receivership; the remainder were licensed during 1933-35. On Apr. 12, 1933, the first date following the banking holiday for which complete data for both member and nonmember banks are available, there were 1,108 nonlicensed national banks with deposits of $1,818,541,000,148 nonlicensed State bank members with deposits of $841,382,000, and 2,938 nonlicensed nonmember banks with deposits of $1,317,607,000. The net reduction in the number of nonli censed banks by Apr. 12,1933, was a result principally of the licensing of additional banks and secondarilyof the placing of nonlicensed banks in liquidation or receivership, but certain other minor adjustments in the figures of nonlicensed banks came about by reason of miscellaneous changes in the status of banks. Of the 2,938 nonlicensed nonmember banks on Apr. 12, 1933, all but 40 had either been licensed to reopen or had been placed in liquidation or receivership by Dec. 31,1935 (the latter figure includes 3 banks which were suspended in 1932 and which were permitted to operate on a restricted basis following the banking holiday in 1933 but which had neither been licensed nor placed in liquidation or receivership by Dec. 31, 1935, and 10 banks whose licenses had been revoked after the banking holiday and which had not been relicensed or otherwise disposed of by Dec. 31, 1935). NOTE.—Corresponding data by classes of banks, by Federal Reserve districts and by States appear in the Annual Reports for 1933 (tables 103-104) and 1934 (tables 81-84) and 1935 (table 70); monthly figures for the period 1921-32 appear in the Annual Report for 1932 (table 94). BANK SUSPENSIONS 177 No, 70.—BANKS SUSPENDED, BY DISTRICTS AND BY STATES, IN 1933 Deposits (in thousands of dollars) * Number of banks Federal Reserve district and State Total National State member 1 Nonmember Total National State member Nonmember DISTRICT Boston New York.. Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 60 111 115 279 _ Total 178 143 748 332 199 359 89 128 81 126 64 40 227 63 59 83 34 43 2,741 941 103 14 28 29 142 110 98 500 245 136 275 51 69 140, 048 172,803 192, 214 615, 769 228, 077 212, 074 896, 078 148, 323 50, 239 103, 233 30,152 95, 979 1,697 2, 884, 989 10 73, 227 5,373 10, 754 47,016 2,491 8,133 37,118 5,373 8,415 12, 335 117,381 69.313 305,883 91,965 55, 634 190, 466 4,882 2,329 12,938 20, 534 11, 350 102, 479 108 113 92 470, 658 93, 967 132, 732 623,161 45, 541 48,918 356, 087 54, 554 8, 286 65, 941 526 562, 010 43, 548 26, 746 65, 653 31,127 66, 265 17, 603 18, 795 64 166 166 13 20 136 17,928 56, 301 106,969 7,460 4,402 24, 982 14, 429 7,972 20, 034 31, 780 5,528 1,934 7,211 5,893 118 1,678 31, 524 175 72, 220 43, 281 30, 550 30,910 40, 353 14, 842 4,404 5,759 13, 698 28,519 9,456 14,158 9,035 6,743 1,497 2,987 30, 642 11,861 29, 049 11,163 13, 323 7,689 24,088 3,604 3,598 25,570 164, 660 12, 527 18, 296 1,684 6,843 7,348 8,914 63,241 35, 053 41, 754 126, 762 38,830 7,211 126,123 54,901 11,190 139,171 357,835 118,763 80, 559 48,162 99, 356 41, 722 124, 219 46,133 693, 012 54, 038 149, 028 44,108 51, 075 53,140 27, 837 1,085 21,317 50,855 112 52, 2669,296 326 20, 530 51, 212 7,223 37, 544 1, 453, 898 697, 529 733,562 STATE New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle Atlantic: New York New Jersey Pennsylvania __ East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee.. _ Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma.. Texas 25 5 12 16 1 4 74 53 191 53 46 124 160 153 211 153 134 52 41 96 48 35 226 196 21 27 161 68 25 58 13 8 7 24 20 1 32 14 29 44 45 20 13 17 17 4 12 18 10 5 6 4 32 42 35 20 44 58 60 64 For footnotes see following page. 17 1 1 1 1 1 1 36,109 31,375 2,491 1,187 2, 339 3,306 6,946 9,838 34, 589 43, 665 1,932 2,468 17, 659 8,536 579 175 27, 880 14, 762 6,073 16, 634 28,937 8,099 2,907 2,193 208 507 626 4,172 4,753 7, 052 9,099 15,021 118 2,381 18, 717 123,133 5,169 34, 684 5,179 9,056 178 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS JVo. 70.—BANKS SUSPENDED, BY DISTRICTS AND BY STATES, IN 1933-—Continued Number of banks Federal Reserve district and State Deposits (in thousands of dollars) Total National State member Nonmember 17 14 3 35 6 4 6 4 3 1 20 2 1 1 10 11 3 15 4 3 4 5,007 2,484 293 9,477 6, 747 934 2, 251 31 31 43 9 11 19 17 13 22 10, 267 11,671 68,814 Total National State member Nonmember 1, 231 1,097 967 357 7, 375 4,392 311 386 271 2,809 1,030 293 2,102 2,355 623 1,594 4,237 6, 909 38, 272 2, 704 2, 633 1. 258 3,326 2,129 29, 284 STATE—continued -Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada _. Pacific: Washington Oregon California _ . 2 1 5 2 i These figures include 449 banks suspended Jan. 1 to Mar. 15,1933,179 licensed banks suspended Mar. 19 #0 Dae. 31, 1933, and 2,113 banks not licensed immediately following the banking holiday that have since been placed in liquidation or receivership. District and State figures for banks suspended Jan. 1 to Mar. 15, 1933, and licensed banks suspended Mar. 16 to Dec. 31, 1933, appear in tables 81 and 82, respectively, of the 1934 Annual Report. District and State figures for the 2,113 banks not licensed following the banking holiday that have since been placed in liquidation or receivership may be derived by deducting the figures .shown in tables 81 and 82 of the 1934 Annual Report from those shown in the above table. At the end of 1935, all but 27 of the banks which did not receive licenses immediately following the banking holiday had either been licensed to reopen or had been placed in liquidation or receivership. The number ;and deposits of these 27 banks (all nonmembers) are distributed by States as follows: State Arkansas Florida. TVIaine Massachusetts Michigan Mississippi Missouri Number of banks 4 1 2 1 1 1 5 Deposits $380, 000 224, 000 14, 240, 000 1, 595, 000 429, 000 323, 000 667, 000 Number of banks State Nebraska Nevada North Dakota _ . Oregon South Carolina Wisconsin _ 2 1 4 1 3 1 Deposits $123, 000 183, 000 359,000 84, 000 691, 000 83,000 In addition, there were 3 nonmembor banks with deposits of $627,000 which suspended in 1932 and which were permitted to operate on a restricted basis following the banking holiday in 1933 but which had neither been licensed nor placed in liquidation or receivership by Dsc. 31, 19?5, and 10 nonmember banks with deposits of $10,216,000 whose licenses had bean revoked after the banking holiday and which had neither been relicensad nor placed in liquidation or receivership by Dec. 31,1935. 2 Deposits of member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership included herein are as of dates of conservatorship; deposits of nonlicensed State member banks placed in liquidation or receivership are as of the nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported closing of the banks. BANK SUSPENSIONS 179 No. 71.—BANKS SUSPENDED, BY DISTRICTS AND BY STATES, IN 1934 AND 1935 1935 1934 Number of banks suspended Federal Reserve district and State» Insured (member Total and nonmember) 3 Deposits 2 (In thousands of dollars) Number of banks suspended Deposits 2 (In thousands of dollars) InInInsured Not sured Not sured Not Not (mem- in(mem- in(mem- ininber sured ber sured ber sured sured Total and (nonand (non- Total and (non- Total (nonnon- memnon- memnon- memmemmem- ber) mem- ber) mem- ber) ber) ber) < ber;* ber) * DISTRICTS New York Philadelphia Cleveland Richmond Atlanta Chicago _ St. Louis Minneapolis Kansas City . ._ Dallas San Francisco Total 8 3 4 3 2 17 11 4 5 1 1 3 2 2 8 28, 348 3 935 3 1,784 3 636 1 236 14 2, 606 9 1,663 2 371 5 358 57 9 48 36,937 2 8 2 1 2 7, 059 8 22,114 1 1,172 1,062 202 438 137 113 28, 348 935 722 636 34 2,168 1,526 258 358 2 1 1 2 3 8 3 2 1 1 2 3 5 2 10 3 1 7 3 3 1 3 1 649 4, 545 261 449 285 1,461 470 649 4,545 261 449 285 1,211 265 1,427 369 183 1,126 369 301 939 250 205 183 1,952 34, 985 34 26 8 10, 099 9,160 7, 059 22,114 110 2 1 2 1 649 4,545 649 4,545 722 1. 968 113 48 512 1 1 1 1 5 1 261 1 4 261 18 29 59 1,355 59 1,152 1, 311 5 1 3 2 1 2 882 194 226 419 194 183 1 1 3 1 1 3 313 136 285 313 136 285 1 1 36 36 3 3 3 559 369 559 369 STATE Middle Atlantic: New York . New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Missouri Nebraska Kansas . . . . South Atlantic: Virginia South Carolina._ Georgia East South Central: Kentucky West South Central: Oklahoma Texas Mountain: Montana Pacific: California. 3 14 2 1 5 2 1 1 1,062 3 13 1 1 3 722 2,037 349 48 714 3 1 7 3 1 73 1, 311 275 72 2 1 2 __ 2 1 1 467 169 236 202 1 1 68 68 1 1 1 1 69 236 202 1 2 1 11 40 "I 18 29 203 73 467 169 34 11 3 1 1 1 3 1 463 43 40 1 1 183 183 States listed only in cases where suspensions occurred. Deposits of insured banks suspended are as of dates of suspension and deposits of banks not insured are based on the latest data available at time of the report of closing of the banks. 3 All were nonmember banks except 1 national bank in Montana. «All were nonmember banks except the following national banks: 1 in Pennsylvania, 1 in Ohio, 1 in Nebraska, and 1 in Virginia. Back figures—See table 69 and Annual Report for 1934 (tables 81-84) and 1933 (tables 103-104). BUSINESS CONDITIONS 181 183 ANNUAL REPORT OP FEDERAL RESERVE GOVERNORS BUSINESS CONDITIONS No. 72.—CAPITAL ISSUES [In millions of dollars] New issues Refunding issues Domestic Total domestic and foreign Year and month Bonds and notes Corporate Total All other Stocks Long- Shortterm term 310 0 122 344 337 179 169 91 87 64 0 87 75 77 64 405 150 2,246 2,563 1,702 2,215 2,635 3,029 3,605 3,754 4,658 5,346 8,002 4,483 1, 551 325 161 178 404 499 1,039 1,275 1,540 1,833 1,924 2,231 2,418 2,963 2,175 1,873 2,460 951 271 24 112 323 311 522 161 104 143 276 221 249 221 210 205 520 289 34 17 32 11 1,436 1,002 265 570 659 829 1,153 1,087 1,474 2,961 5,924 1,503 311 20 120 35 69 392 497 623 764 421 969 1,076 1,125 1,337 1,251 671 905 229 29 12 0 48 815 342 646 906 682 759 924 1,044 2,218 1,858 1,422 709 949 557 343 774 3,186 422 225 568 734 530 492 618 820 1,850 1,584 1,374 474 821 319 219 312 1,864 13 11 9 72 75 19 67 62 127 36 13 53 72 180 63 453 1,296 65 20 17 26 44 116 122 46 64 58 87 57 65 20 17 26 44 109 116 46 64 58 87 57 33 17 13 9 40 97 29 32 37 55 80 41 10 1 0 0 0 0 35 0 18 0 0 0 22 1 3 17 4 12 53 14 18 1 0 1 0 0 16 0 3 0 3 1 3 9 53 14 0 0 0 0 0 7 6 0 0 0 45 37 3 19 23 108 45 10 31 1 2 19 42 36 2 17 12 48 43 0 0 1 3 1 1 2 5 6 2 10 13 1 9 18 48 81 99 141 100 119 214 180 39 122 104 139 48 81 99 141 100 119 214 180 39 122 104 139 37 61 83 98 58 98 88 19 32 38 86 104 5 7 3 15 13 12 105 153 0 83 10 0 6 13 14 28 29 9 20 8 7 8 35 8 4 0 8 34 43 8 50 101 44 189 162 29 32 35 33 48 2 2 13 58 3 24 126 10 10 31 22 12 41 6 37 39 41 165 36 19 22 4 6 36 92 50 108 90 87 58 134 198 177 145 116 231 92 50 108 90 87 58 134 152 177 144 116 231 80 44 100 64 41 44 79 36 132 56 82 124 6 0 0 4 0 0 0 85 0 15 0 40 5 7 8 22 45 14 55 30 45 73 33 67 1 7 8 11 39 14 27 29 42 70 30 45 49 46 180 413 384 454 506 227 259 217 264 186 2 23 112 134 82 115 487 180 231 179 217 101 46 23 68 279 303 338 19 28 28 34 44 86 2 0 0 0 0 0 oo 6 1 5 5 3 9 2 0 2 oooo 0 1 2 0 0 5 6 0 28 0 0 0 ooooo 0 0 18 0 1 0 0 0 6 16 ooo (2) oooco August September... October November December 0 0 9 23 26 0 0 0 0 0 COO July August September October November December 1935 January February March April May 7 16 (2) CO CO CO CO May June Oi CO July August September... October November December 1934 January. . February March April 1 3 0 0 0 0 0 0 O June CO CO 678 672 L, 199 L, 071 L, 043 L, 380 ,352 L, 344 L, 475 379 1,418 1,434 1,235 762 483 ••803 884 0 1 0 0 46 0 1 0 0 OOO 3, 234 3,626 3,235 3,732 3,021 3,644 3,627 4,391 4,016 4,437 4,588 5,557 5,125 6,201 5,189 6,314 6,219 7,556 6,789 8,040 10, 091 9. 420 6,004 6,909 2,860 3,089 1,165 ._1,194 708 720 »• 1, 386 ' 1, 386 1,438 1,486 1933 January February March April. May June July Total Federal agencies 1 MO .. Foreign Corporate State and municipal H 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 Domestic Total domestic and foreign r Revised. 1 Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal F a r m Mortgage Corporation, and H o m e Owners' Loan Corporation. 2 Less t h a n $500,000. Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U . S. Department of Commerce. 184 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 73.—SECURITY PRICES [Average of daily or weekly figures] Common stocks (1926=100) > Bonds Year and month U. S. M u Gov- nic-3 ern- ipal ment s (high grade) Number of issues.. 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 2-11 Preferred stocks Corporate 3 Total Indus- Railtrial road Utility Indus- Rail- Public trial road utility 20 20 419 347 32 40 81.9 88.2 101.7 107.0 106.7 103.3 106.0 93.9 64.8 70.5 83.8 79.4 () 97.3 99.2 100.0 97.7 99.4 97.2 80.5 80.6 87.8 98.2 110.9 103.2 103.0 114.0 114.4 115. 2 118.6 121.0 127.1 130.9 127.4 126.4 119.1 96.1 104.8 120.7 133.8 70.7 64.2 55.2 67.7 69.0 72.8 89.7 100.0 118.3 149.9 190.3 149.8 94.7 48.6 63.0 72.4 78.3 72.6 66.1 51.6 64.7 66.6 69.6 88.4 100. 0 118.4 154.3 189.4 140.6 87.4 46.5 65.7 81.1 90.8 70.1 63.9 61.8 72.7 71.9 76.7 89.5 100.0 119.1 128.5 147.3 124.9 72.5 26.4 37.7 41.5 34.0 60.3 54.5 57.8 70.9 73.8 78.9 94.9 100.0 116.0 148.9 234.6 214.6 148.7 79.1 78.0 68.9 71.4 20 15 Total 20 94.3 88.4 89.4 99.2 98.6 102.2 103.6 105.0 108. 2 106.4 102. 0 105. 7 103. 6 98.5 102.5 103. 5 - . . 106.0 90.1 83.7 82.5 93.2 92.9 93.7 95.2 95.3 96.7 95.6 92.7 95.4 96.4 87.8 87.1 97.3 109.4 100. 2 102.1 103.1 103.7 104. 7 104.9 105. 6 104. 3 102. 3 103. 4 103. 7 104.1 87.4 89.8 93.1 94.8 97.4 100.4 100.0 99. 1 98.6 100.9 102.7 103.5 78.5 84.0 84.8 87.0 86.1 86.3 86.1 83.9 83.0 84.1 84.3 85.8 75.6 79.8 80.5 82.8 82.5 82.5 83.2 82.6 82.2 82.5 83.4 85.4 79.0 85.8 86.4 88.7 86.9 87.1 85.8 81.3 79.3 81.6 81.0 83.3 80.9 86.5 87.7 89.7 89.1 89.4 89.4 87.9 87.6 88.1 88.6 88.8 111.2 116.5 117.5 120.2 121.0 122.1 123.5 122.6 121.0 120.9 124, 1 127.8 74.6 80.9 77.2 79.6 71.8 73.1 71.4 67.5 67.4 67.6 68.3 82.9 88.9 85.1 88.3 79.6 81.0 79.7 76.3 76.2 76.7 78.4 80.6 44.5 50.5 47.5 49.3 43.3 43.9 41.2 35.3 35.4 35.9 34.8 35.9 72.2 80.7 76.2 76.3 69.7 71.6 69.2 64.5 64.0 63.2 60.8 58.8 105. 4 106.4 106. 2 106.8 106.8 107.0 107.3 106.5 104.7 104.9 105. 3 105.2 104.6 105.6 107.6 107.9 107.5 107.8 112.9 114.4 110.7 109.4 111.6 112.6 87.6 87.4 84.5 85.5 87.1 88.3 89.2 89.9 90.4 89.8 91.1 92.5 86.7 86.7 85.2 85.9 87.3 87.3 88.5 89.0 89.4 89.8 90.8 91.0 85.0 82.0 74.7 75.0 76.5 79.3 78.8 79.6 80.6 78.4 79.8 83.1 91.2 93.4 93.6 95.5 97.4 98.4 100.2 100.9 101.0 101.0 102.7 103.1 129.1 130.2 131.3 132.2 134.8 134.0 134.8 135.4 135.0 134.8 136.9 137.0 70.1 68.0 64.6 67.5 73.1 75.5 78.8 83.0 85.0 85.2 93.3 95.3 81.9 80.1 78.2 78.9 85.7 87.4 91.2 95.0 97.5 98.5 107.4 109.2 35.0 32.3 28.4 29.4 30.9 32.4 33.8 35.8 37.0 34.3 37.6 41.4 57.6 55.1 53.4 59.1 63.7 69.8 73.3 80.6 81.9 81.0 90.1 91.6 () 93.6 95.9 95.8 93.2 92.6 81.8 63.2 69.2 1934 January February March April May June July August September October November December 1935 January February—. March April May __. June— July August SeptemberOctober November.. December.. 1 Number of issues revised to represent more accurately the stocks included; monthly averages revised to2include Wednesday figures by weeks ending within the month. Average price of outstanding issues except those due or callable within 8 years. 3 Price indexes derived from average yields. 4 Average of prices adjusted to a $7 annual dividend basis. 8 Averages not computed. Sources.—For United States Government bonds, Board of Governors of the Federal Reserve System and U. S. Treasury Department; for other bonds and for stocks, Standard Statistics Co. Back figures.—See Annual Report for 1934 (table 93) and similar tables in previous annual reports, and for U. S. Government bonds, see Federal Reserve Bulletin for May 1936, p. 319. 185 BUSINESS CONDITIONS No. 74.—BOND YIELDS [Average of daily or weekly figures] Corporate 3 Year and month U.S. Government * Municipal* (high grade) Total By ratings Aaa By groups Baa Aa Industrial Railroad Public utility Number of issues. 2-11 15 120 30 30 30 30 40 40 40 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932.. 1933 1934 1935 4.62 5.32 5.09 4.30 4.36 4.06 3.86 3.68 3.34 3.33 3.60 3.28 3.31 3.66 3.31 3.10 2.70 4.46 4.98 5.09 4.23 4.25 4.20 4.09 4.08 3.98 4.05 4.27 4.07 4.02 4.65 4.71 3.95 3.16 6.26 7.08 7.04 5.96 6.04 5.80 5.47 5.20 4.96 4.94 5.21 5.09 5.82 6.88 5.88 4.96 4.58 5.48 6.12 5.98 5.12 5.12 5.00 4.88 4.73 4.57 4.55 4.73 4.55 4.58 5.01 4.49 4.00 3.74 5.85 6.59 6.55 5.59 5.62 5.44 5.20 4.97 4.77 4.71 4.93 4.77 5.05 5.97 5.23 4.44 4.13 6.48 7.41 7.27 6.03 6.17 5.93 5.55 5.24 5.04 5.00 5.27 5.13 6.01 7.20 6.09 5.08 4.62 7.23 8.20 8.35 7.08 7.24 6.83 6.27 5.87 5.48 5.51 5.90 5.90 7.61 9.30 7.76 6.32 5.81 6.18 6.94 7.06 6.04 6.04 5.90 5.61 5.37 5.10 5.10 5.31 5.25 6.09 6.71 5.32 4.52 4.25 6.42 7.12 6.91 5.89 6.24 5.90 5.52 5.13 4.83 4.84 5.18 4.96 6.10 7.61 6.06 4.96 4.95 6.20 7.19 7.13 5.95 5.84 5.61 5.29 5.10 4.96 4.86 5.14 5.05 5.27 6.30 6.25 5.40 4.53 1933 January February.. _ March April May June July August September October November December 3.19 3.29 3.44 3.43 3.31 3.22 3.20 3.21 3.20 3.22 3.46 3.53 4.23 4.28 4.88 5.05 5.27 4.71 4.60 4.54 4.59 4.60 4.89 4.89 5.98 6.13 6.46 6.64 6.02 5.63 5.35 5.34 5.57 5.64 6.02 5.93 4.44 4.48" 4.68 4.78 4.63 4.46 4.36 4.30 4.35 4.34 4.54 4.50 5.30 5.35 5.61 5.81 5.40 5.09 4.83 4.77 4.96 4.97 5.35 5.27 6.16 6.30 6.64 6.85 6.29 5.88 5.58 5.51 5.70 5.76 6.22 6.21 8.01 8.36 8.91 9.12 7.74 7.07 6.62 6.77 7.27 7.49 7.98 7.75 5.66 5.83 6.10 6.10 5.60 5.21 4.95 4.84 4.87 4.87 4.99 5.03 6.71 6.65 6.87 7.00 6.11 5.68 5.31 5.28 5.54 5.67 6.25 5.95 5.56 5.90 6.41 6.82 6.34 5.99 5.78 5.90 6.31 6.38 6.82 6.82 1934 January February.. _ March April May June July \ugust September October November December 3.50 3.32 3.21 3.12 3.01 2.94 2.85 2.99 3.20 3.08 3.05 2.97 4.67 4.48 4.24 4.11 3.93 3.73 3.75 3.81 3.84 3.69 3.57 3.52 5.52 5.10 5.02 4.87 4.85 4.81 4.81 4.96 5.03 4.92 4.86 4.80 4.35 4.20 4.13 4.07 4.01 3.93 3.89 3.93 3.96 3.90 3.86 3.81 5.00 4.70 4.55 4.43 4.37 4.30 4.28 4.34 4.42 4.36 4.27 4.27 5.72 5.24 5.12 4.97 4.96 4.96 4.93 5.09 5.17 5.00 4.93 4.86 7.01 6.27 6.26 6.01 6.05 6.06 6.13 6.49 6.57 6.40 6.37 6.23 4.87 4.73 4.65 4.53 4.47 4.41 4.39 4.47 4.52 4.47 4.40 4.38 5.45 4.99 4.91 4.78 4.81 4.78 4.80 5.05 5.15 4.99 4.96 4.86 6.24 5.58 5.50 5.31 5.27 5.24 5.23 5.38 5.43 5.30 5.22 5.15 2.83 2.73 2.69 2.64 2.61 2.61 2.59 2.66 2.78 2.77 2.73 2.73 3.45 3.39 3.27 3.25 3.27 3.25 2.95 2.87 3.08 3.16 3.02 2.97 4.69 4.63 4.70 4.70 4.64 4.59 4.54 4.54 4.52 4.52 4.45 3.78 3.72 3.71 3.72 3.74 3.72 3.70 3.77 3.80 3.79 3.75 3.72 4.21 4.14 4.15 4.19 4.18 4.18 4.15 4.15 4.11 4.10 4.03 3.97 4.77 4.69 4.72 4.75 4.66 4.62 4.54 4.57 4.56 4.57 4.53 4.44 5.99 5.97 6.22 6.14 5.99 5.86 5.77 5.69 5.62 5.63 5.50 5.37 4.33 4.29 4.28 4.31 4.29 4.31 4.26 4.26 4.24 4.20 4.13 4.09 4.75 4.81. 5.14 5.14 5.11 4.99 4.97 4.78 4.68 4.65 4.52 4.48 4.40 4.42 4.41 4.39 4.33 4.31 January February March April May June July August September October November December 1935 4.97 4.95 4.91 4.97 4.90 4.73 [ * Computed by Division of Research and Statistics of U. S. Treasury Department. 23 Standard Statistics Co. Moody's Investors' Service. Since the early part of 1934 less than 40 industrial bonds have been included, owing to the fact that the number of industrials with Aaa ratings has been reduced from 10 to 4 and with Aa ratings from 10 to 3. Backfigures.—SeeAnnual Report for 1934 (table 94), and similar tables in previous annual reports, and for U. S. Government bonds, Federal Reserve Bulletin for June 1934, p. 322, and August 1935, p. 500. 56048—36 No. 75.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE * [1923-25 average=100] Construction contracts awarded (value) J Industrial production Factory employment Year and month Total Manufactures Unad- Adjusted justed 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1929 January February _ March April . . . . Mav June ___ _ . July August September October November December... _._ Total Residential Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed 84 83 Minerals 77 63 All other Factory pay rolls Freight-car loadings Merchandise, 1. c. 1. Total Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed 44 107 79 97 84 Unad- Ad- Unad- Adjusted justed justed justed 87 67 85 101 95 87 67 86 101 94 89 70 74 105 96 63 56 79 84 94 30 44 68 81 95 90 65 88 86 94 108 82 91 104 97 117 76 81 103 96 91 79 87 100 97 71 87 94 96 99 104 105 99 122 124 121 120 99 101 103 105 105 108 106 in U9 96 81 64 76 79 108 106 112 119 108 107 105 115 129 129 135 117 95 99 92 90 90 117 121 124 124 126 125 120 122 123 121 108 96 84 71 82 86 80 63 75 78 119 118 118 121 122 125 124 121 121 118 110 103 117 122 126 128 128 127 120 122 123 119 107 93 63 28 25 32 91 120 118 120 122 123 127 125 122 121 118 110 101 114 116 101 103 116 116 118 121 127 127 114 110 116 119 109 114 117 114 116 115 118 116 110 116 98 102 121 139 143 144 136 129 112 104 94 84 101 99 99 105 104 102 102 109 106 103 103 106 105 104 105 106 107 108 111 50 125 92 89 92 97 102 70 63 67 65 64 79 102 95 21 120 118 121 123 121 126 124 122 110 107 103 102 81 84 106 117 113 102 94 84 73 67 66 53 77 64 69 79 82 50 97 94 101 100 97 95 93 86 73 67 67 61 111 116 133 158 168 178 170 166 144 135 116 109 68 46 49 62 139 137 137 142 141 152 149 152 140 139 132 136 ' 101 103 104 105 105 106 106 108 109 108 104 100 103 104 104 105 105 106 107 107 106 106 104 101 109 112 113 113 111 107 112 113 112 104 101 87 72 75 56 58 62 99 98 102 109 110 111 115 121 118 102 89 108 107 105 108 107 108 107 107 106 104 102 102 97 101 106 107 107 105 105 106 110 109 106 96 g o 103 135* 139 142 142 84 40 37 48 o 78 94 87 88 98 99 117 126 87 37 13 11 12 37 Depar tmentstore sales (val ue) 3 92 69 67 75 104 104 105 104 104 105 106 106 106 104 104 103 90 91 107 103 109 108 79 84 117 122 125 191 1 110 110 113 109 109 113 109 111 113 111 108 110 O o January February March April May June July August September October November December _. 1931 January February March April May.. __ June July August . September October November December 103 109 106 107 105 99 90 90 92 90 84 76 106 107 103 104 102 98 93 90 90 88 86 84 102 110 109 110 106 98 89 88 90 87 82 74 105 107 104 104 101 97 92 88 89 86 85 82 108 104 91 94 102 103 100 101 101 105 96 89 110 108 98 104 104 102 100 96 94 95 92 93 78 89 102 113 125 116 107 85 82 75 68 59 95 104 102 101 105 99 95 81 81 78 76 73 46 44 54 62 61 54 48 48 52 51 46 37 56 49 52 53 52 49 47 49 52 52 48 43 104 126 141 156 178 166 155 115 108 94 86 77 128 148 144 140 148 140 135 106 105 99 99 98 97 97 97 96 95 93 90 89 90 88 85 82 99 98 97 96 95 93 90 88 87 86 85 83 96 99 99 98 95 92 84 83 84 82 77 75 89 91 90 93 97 95 95 96 99 97 86 74 100 99 96 97 96 93 92 89 87 86 84 84 94 98 101 101 101 98 94 95 99 97 94 86 101 101 100 98 98 98 95 95 95 93 92 92 88 89 93 110 105 98 71 77 103 112 113 165 107 108 107 105 105 103 100 102 99 101 99 96 82 87 89 90 89 83 80 78 77 75 72 68 83 86 87 88 87 83 82 78 76 73 73 74 81 88 91 91 90 83 79 77 76 72 70 66 83 86 87 87 87 82 82 78 75 71 71 72 87 84 82 83 84 86 86 82 83 90 84 79 89 87 89 91 87 87 86 79 78 83 81 84 58 68 77 82 78 74 68 63 59 52 43 30 71 79 77 73 65 63 61 59 59 55 49 38 37 42 50 52 47 41 36 32 32 29 26 20 44 47 47 44 40 37 35 33 32 30 27 23 75 89 98 107 104 101 94 87 81 71 57 39 93 104 100 96 85 84 82 81 80 76 67 50 80 80 81 81 80 78 77 77 77 74 72 71 82 81 81 81 80 79 78 77 75 73 72 72 70 74 76 74 73 70 66 66 63 61 58 58 74 74 75 77 79 77 78 76 78 78 70 61 82 80 80 80 79 77 76 72 69 69 68 69 83 87 89 91 92 89 87 86 88 87 85 77 90 89 89 88 89 89 88 86 85 83 83 83 81 81 92 101 97 92 66 68 88 94 97 143 99 99 100 100 97 95 94 89 85 85 86 1932 80 64 72 71 81 January.. 70 74 75 71 64 77 54 25 58 69 31 16 19 41 70 33 79 February 71 69 70 68 75 78 23 27 15 35 70 70 55 59 62 75 78 64 17 30 73 March..68 67 66 64 78 85 26 26 16 15 36 68 68 53 58 61 75 75 69 35 74 April 64 63 63 61 72 80 31 57 59 75 73 73 14 66 50 27 66 16 43 38 72 May___ --. 61 60 60 59 65 67 31 26 14 63 64 47 53 54 74 71 72 12 37 45 68 June. .59 59 58 58 62 64 32 27 12 11 39 61 62 43 52 52 71 71 66 47 65 July 56 58 55 57 63 65 31 40 51 51 68 69 46 27 12 11 59 60 40 46 64 August... 59 60 58 59 66 65 32 30 11 12 45 60 60 41 53 51 68 68 49 48 67 September 67 66 66 65 74 71 30 30 12 12 45 44 63 62 43 61 54 72 69 71 68 October ._. '69 67 67 66 80 74 28 29 45 65 57 72 69 75 12 41 64 12 43 63 64 November j 65 65 63 63 78 75 24 27 10 63 43 58 57 70 68 73 10 35 41 63 62 December 1 60 66 58 64 73 77 22 28 8 43 62 62 42 52 58 64 69 106 9 33 1 Indexes compiled by the Board of Governors of the Federal Reserve System, except for indexes of factory employment and pay rolls unadjusted for seasonal variation, which are compiled by the U. S. Bureau of Labor Statistics. Descriptions of these indexes have been published in the Federal Reserve Bulletin as follows: Index of industrial production, February and March 1927 (certain revisions March 1929, February 1931, September 1931, March 1932, and September 1933); indexes of factory employment and payrolls (revised series). May and June 1934 (certain revisions Dacember 1935); index of construction contracts awarded, July 1931; index of freight-car loadings,* August 1927 (certain revisions February 1931); index of department store sabs, February 1928 (certain revisions No/ember 1930, April 1935, and August 1936) 2 Based on 3-month moving average of F. W. Dodge data cantered at s cond month. —»•—--- . s Adjusted index revised. ' Revised. Back figures,—See Annual Report for 1934 (table 95). d w hi g GO a o 00 No. 75.—INDEXES OF PRODUCTION, EMPLOYMENT, AND TRADE—Continued 00 00 [1923-25 average=100] Industrial production Manufactures Total Year and month Unad- Adjusted justed 1933 January __ February March April May . June July August September October November December _ _ 1934 January February March April May. June July August September . October November December ._ 69 _- 65 63 59 66 78 91 100 91 84 76 72 75 Minerals Total Residential All other 63 62 58 68 80 92 97 89 84 76 70 63 61 56 65 77 93 102 91 83 76 70 72 77 74 65 77 83 90 95 94 89 85 67 73 81 75 80 81 73 79 85 91 91 87 81 82 18 16 14 16 19 21 24 25 30 35 42 22 19 14 14 16 18 21 24 30 37 48 7 7 8 11 13 14 13 12 12 12 12 86 45 57 11 8 8 8 10 11 13 13 12 12 12 13 27 23 18 19 24 27 32 36 45 53 66 13 73 77 78 75 76 86 88 40 49 10 12 64 81 84 86 86 84 76 82 86 89 89 84 71 80 82 85 86 83 74 89 91 81 86 '86 84 92 100 90 88 87 '84 38 33 36 32 31 30 44 33 32 26 26 27 10 12 14 13 13 12 12 11 12 11 12 12 60 50 54 47 46 44 27 29 10 11 10 11 74 75 73 73 72 74 81 81 29 28 31 31 12 11 12 11 31 10 12 71 70 72 69 86 76 85 88 91 87 91 89 91 73 73 75 74 73 71 91 89 87 88 86 85 86 83 86 86 87 90 97 97 96 87 90 95 97 104 ' Revised. Factory employment Factory pay rolls Freight-car loadings Merchandise, 1. c. 1. Total Departmentstore sales (value) Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- AdUnad- Ad- Unad- AdUnad- Ad- Unad- Ad- Unad- Adjusted justed justed justed' justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 83 87 88 89 84 73 78 1935 January February March April May June July August September October November December 64 64 60 67 79 91 96 90 85 78 72 Construction contracts awarded (value) 28 30 65 70 57 73 65 67 67 67 65 64 40 44 59 59 65 67 65 64 59 73 73 77 70 51 73 76 76 75 73 73 43 45 67 66 65 65 65 65 60 79 43 41 46 48 78 77 61 60 64 60 57 59 66 65 62 66 82 83 74 75 64 63 64 135 61 65 59 76 65 61 77 80 76 79 74 78 ' 77 79 12 32 39 79 13 14 33 39 81 35 39 40 44 95 100 93 45 98 104 95 96 92 101 53 53 36 47 26 27 27 16 22 25 16 18 21 34 38 39 35 33 32 30 35 26 25 24 25 43 50 36 43 38 43 48 60 67 24 25 25 25 22 24 25 25 26 26 69 64 10 98 84 121 64 66 62 63 64 61 28 81 87 68 61 63 60 63 64 63 27 97 84 64 58 22 85 92 62 62 58 64 66 67 69 74 6S 70 67 61 65 67 67 65 61 24 88 91 49 49 50 68 67 64 48 59 73 77 75 54 96 84 86 63 69 66 62 63 65 69 70 69 68 66 66 75 94 26 30 32 56 65 64 63 65 67 69 70 69 70 70 67 78 81 82 83 82 80 92 97 87 89 55 56 54 50 53 55 62 65 61 60 58 59 73 91 90 79 88 75 r 77 51 51 48 51 55 61 66 6-5 68 66 60 78 81 82 83 81 79 88 25 78 78 76 40 40 37 39 43 47 51 57 59 59 56 61 62 59 60 63 67 73 51 48 38 38 39 80 70 90 85 83 96 80 82 '75 90 86 86 84 98 95 87 84 93 60 61 59 60 63 67 72 76 80 80 76 85 91 91 87 87 89 83 87 33 27 18 17 20 23 28 33 45 57 76 54 59 62 76 79 50 58 83 83 81 80 80 82 84 77 62 58 63 67 63 56 81 64 58 64 82 69 61 65 83 82 81 80 81 82 82 66 85 84 88 101 85 85 85 86 71 71 69 62 59 61 66 65 63 60 70 72 75 75 76 64 70 73 67 62 65 61 61 63 58 60 62 63 65 65 65 64 63 63 64 63 64 64 64 67 64 67 66 71 66 62 64 65 64 64 66 76 74 77 71 79 76 79 75 74 76 55 79 80 77 81 78 61 86 86 91 145 82 83 189 BUSINESS CONDITIONS N o , 7 6 . — I N D E X O F P R O D U C T I O N O F M A N U F A C T U R E S , BY G R O U P S [Monthly series adjusted for seasonal variation. 1923-25 average=100] Year and month 1919 1920 1921 1922 1923 1924 1925. 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 January February March April May June July— August September October November December Iron and steel Textiles 84 87 67 86 101 94 105 108 106 112 119 95 80 63 75 78 90 82 99 46 82 105 89 106 113 104 119 130 94 60 31 53 60 79 92 84 87 99 105 91 104 104 113 107 115 91 94 83 97 85 104 94 84 83 94 99 103 98 97 96 98 97 93 90 87 92 99 79 50 58 41 66 102 91 107 108 86 110 135 85 60 35 48 69 99 104 97 90 102 108 95 97 99 103 102 104 92 90 85 97 100 109 90 88 86 86 84 84 86 88 91 95 98 104 80 80 72 67 66 66 69 81 83 88 96 103 103 100 99 98 102 100 105 104 106 113 106 111 92 81 77 80 78 74 74 76 78 83 82 83 103 102 105 104 85 99 94 77 69 93 114 125 108 110 110 115 114 104 109 105 104 105 109 124 1935 -. Non- Petro- RubToFood Auto- Leathber bacco and fer- leum tires prod- mo- er rous refin- and products biles products metals ing tubes ucts All industries 67 78 39 69 94 99 107 112 109 115 125 97 69 54 64 64 74 86 99 115 127 136 152 168 161 155 140 145 151 164 55 77 86 98 116 116 120 144 135 100 96 78 88 92 97 82 87 85 89 96 99 105 112 118 124 134 131 123 111 116 128 135 151 155 153 153 160 166 168 169 172 176 176 173 115 101 93 88 75 79 83 92 102 104 133 142 136 133 130 138 134 138 140 130 129 138 137 147 NOTE.—-Paper and printing group and lumber omitted, figures being revised: nonferrous metals group not computed from 1932 to 1935, inclusive; copper figures not available. 190 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS No. 77.—INDEX OF PRODUCTION OF MINERALS, BY INDUSTRIES [Monthly series adjusted for seasonal variation. 1923-25 average = 100] All in- Year and month 1919 1920 1921 1922 1923 1P24 1925 1926 1927 1928 1929 . . . 1930 1931 1932 1933 . . . 1934 1935 January February March April dustries _ - - _ 1935 - _ _ __ _ _ May June July August September October November December^ _ _ Bitu- Anthra- Petroleum, minous cite crude coal 77 89 70 74 105 96 99 108 107 106 115 99 84 71 82 86 91 89 109 79 78 108 93 99 110 99 96 102 89 73 59 64 69 71 109 110 112 65 115 109 76 104 99 93 91 86 74 62 61 71 63 52 61 64 75 99 97 104 105 322 122 137 122 116 107 123 123 135 94 96 97 87 89 98 84 81 87 93 92 101 74 81 87 61 69 79 55 58 58 75 71 78 76 67 54 69 71 97 62 36 65 48 48 71 131 132 132 130 131 133 134 133 135 140 144 146 Ironore shipments 91 113 36 82 114 82 104 113 98 104 126 90 45 7 42 43 54 53 53 50 54 62 62 44 Copper 81 85 30 62 93 100 107 110 105 115 127 87 66 Zinc Lead Silver 87 39 68 96 97 107 116 111 112 114 91 54 38 58 66 78 66 77 88 102 110 116 112 106 113 97 68 45 49 57 59 84 87 103 101 96 95 93 88 94 79 49 37 33 42 60 70 73 74 75 73 79 80 81 84 80 82 84 48 50 55 58 63 55 59 60 59 68 67 70 50 65 50 49 51 47 73 59 71 75 68 68 NOTE.—Copper figures not available from 1932 to 1935, inclusive. Back figures of monthly serie$.—For indexes of manufactures and of minerals (all industries), 1919-34, see table 75 and Annual Report for 1934 (table 95). Tables showing indexes, both adjusted and unadjusted, by groups and industries, 1923-35, may be obtained from the Division of Research and Statistics. No. 78.—INDEX OF FACTORY PAY ROLLS, BY GROUPS [Without seasonal adjustment. 1923-25 average=100. See note on p. 193] Year and month 1919. 1920. 1921. 1922. 1923. 1924. 1925. 1926. 1927. 1928. 1929. 19301931. 1932. 1934 1935 1934—January February... March April May.. June .July August September. October November.. December.. 1935—January February... March April May June July August September.. October November. _ December.. All manufacturing industries 97.4 117.1 76.2 81.3 103.3 96.1 100.6 103.8 101.8 102.4 109.1 88.7 67.5 46.1 48.5 61.9 70.3 54.0 60.6 '64.7 67.3 67.1 64.9 60.5 62.2 58.0 61.0 59.5 63.2 64.3 69.1 70.8 70.8 68.5 66.4 65.4 69.7 72.2 75.0 74.5 76.4 NonIron Transportation Rail- ferrous and Lumequipment metals steel road ber and Maand and chinery repair prodprodshops products ucts ucts 97.1 123.8 57.0 70.6 103.2 96.7 100.1 105.0 98.6 100.4 107.8 85.7 55.0 29.1 36.2 49.0 59.8 41.1 45.7 51.3 56.8 61.3 62.6 47.6 45.5 41.1 42.8 44.2 '47.6 51.9 59.0 59.3 59.4 58.3 55.7 52.6 59.4 62.7 65.5 65.1 103. 7 135.2 69.5 71.8 104.0 95.3 100.7 111.2 106.0 111.3 134.2 102.2 63.9 36.1 37.9 57.2 70.5 47.6 51.8 55.8 60.5 62.2 61.6 58.5 58.1 55.6 57.0 57.2 60.2 60.8 64.1 66.9 67.6 67.8 66.9 67.5 71.2 75.2 78.4 78.9 80.7 107.7 90.8 101.5 99.5 89.8 101.6 105.4 70.2 52.3 40.7 39.5 68.6 88.0 52.7 71.9 84.4 92.4 88.3 78.5 66.0 70.4 52.3 49.7 48.4 '67.6 79.4 94.7 98.2 102.7 94.2 82.4 74.7 71.6 65.7 86.4 101.5 102.2 74.8 90.3 .7 65.7 100.6 90.6 108.8 104.8 93.3 113.9 111.6 65.7 53.4 42.3 42.8 76.1 100.2 58.3 82.3 98. 1 107.4 100.4 85.8 70.7 76.5 54.3 52.0 51.3 76.4 92.2 110.3 112.7 117.1 105.1 93.4 85.7 80.6 72.1 97.7 116.7 115.9 109.6 95.6 94.8 96.1 92.0 87.2 90.4 76.1 61.7 42.7 41.7 48.1 50.6 42.1 45.6 48.5 53.0 53.8 53.8 51.1 48.5 45.6 46.8 44.4 44.4 43.8 48.0 49.6 50.7 52.5 51.0 48.2 49.0 49.1 53.1 54.5 57.1 103.7 95.9 100.4 100.5 116.4 63.1 39.1 '41.4 56.0 67.5 '47.0 '52.1 ' 56. 5 '58.7 '60.4 '57.8 '53.5 '53.0 '54.2 '57.8 '59.1 '61.8 58.7 63.7 65.0 64.7 63.7 62.9 59.9 64.7 70.9 78.4 78.5 79.4 89.3 109.9 69.7 82.2 100.0 98.4 101.6 102.5 96.7 94.2 97.4 72.6 46.6 25.1 26.4 32.7 39.9 27.4 30.5 31.9 33.3 34.6 33.9 31.6 33.5 33.9 35.2 33.6 33.3 31.7 34.8 36.3 37.5 34.8 36.3 38.3 44.4 47.3 48.6 45.0 44.2 Stone, clay, and glass products 72.1 92.8 66.5 72.6 98.3 100.5 101.2 104.2 100.5 96.2 93.7 76.9 53.9 29.1 27.6 35.5 39.9 29.9 33.3 34.7 38.8 39.5 38.8 36.1 34.9 34.7 35.5 35.6 34.4 31.6 34.8 37.4 39.3 40.3 40.5 38.9 40.9 42.2 44.5 43.9 44.6 Tex- Leather tiles Food and and prodprod- products ucts ucts Tobacco products Paper and printing 99.9 106.5 86.5 96.1 106.9 95.3 97.8 98.9 100.3 95.8 99.0 82.3 72.1 58.1 62.9 73.9 76.4 67.5 81.7 84.4 82.1 78.9 '72.9 77.2 78.7 69.2 64.3 61.0 69.1 76.4 82.5 84.1 79.1 72.3 70.9 77.5 81.7 76.9 73.8 66.6 75.4 107.3 124.6 104.5 99.1 104.1 99.4 96.5 92.1 91.0 86.1 81.8 72.7 60.1 47.3 42.5 47.1 46.1 39.8 45.5 45.8 46.2 46.3 47.5 47.3 49.3 50.3 49.0 48.8 49.9 41.5 40.8 44.3 43.1 43.8 46.8 47.6 46.6 49.4 50.5 48.9 49.6 73.1 99.1 82.5 85.9 96.2 99.5 104.3 110.8 111.0 112.3 119.5 114.6 97.3 74.8 69.3 79.6 85.3 74.3 76.0 77.7 79.7 80.6 78.9 77.3 78.4 80.3 82.7 82.7 8f>. 3 83.4 84.1 84.5 84.6 84.8 83.4 81.4 83.0 86.2 88.2 88.0 91.8 107.7 89.3 91.4 105.8 93.8 100.4 100.2 106.8 101.7 105.2 85.6 75.1 53.5 61.2 71.2 79.7 64.8 77.9 82.6 79.8 74.1 66.4 62.5 68.1 57.5 74.7 71.1 75.3 78.5 84.5 86.8 82.4 75.5 70.9 68.4 78.9 84.6 84.5 79.7 81.9 97.6 109.6 94.1 92.8 100.4 99.4 100.2 101.8 104.0 107.6 113.9 108.9 93.0 74.2 76.2 92.4 91.6 80.7 81.1 82.2 83.1 87.2 91.9 95.6 105.1 109.3 103.4 96.1 '93.0 83.7 83.8 83.3 85.9 87.3 90.9 96.9 100.9 105.5 98.0 91.9 90.5 Backfigures.-—Fordata by months in earlier years see Annual Report for 1934 (table 98) and similar tables in previous annual reports. Chemicals and petroleum products Rubber Group Petro- prodexcept ucts Group petro- leum leum refining 102.2 96.3 101.5 108.8 107. 9 108.1 121.0 112.2 91.8 70.4 74.3 89.4 96.5 84.5 87.2 89.1 92.3 88.3 88.1 88.7 90.0 89.9 91.6 90.9 91.7 91.6 93.2 96.1 95.9 94.8 95.0 95.4 97.0 99.0 100.6 99.1 100.8 102.1 96.8 101.0 107.6 106.7 108.1 118.5 106.6 87.5 65.8 71.6 87.9 95.7 83.0 86.1 88.3 92.4 87.0 86.6 86.6 87.8 87.9 89.6 89.1 89.9 90.5 92.5 96.0 95.6 94.1 93.7 93.8 95.4 97.8 100.1 99.2 99.8 r Revised. 102.3 94.6 103.1 112.7 111. 9 108.3 129.2 130. \ 105.8 85.4 83.1 94.3 99.2 92.0 92.0 92.7 93.1 95.7 97.2 96.3 97.9 96.8 97.8 95.2 95.3 96.4 98.9 96.8 99.3 100. 5 102.5 102.8 102.2 98.8 104.0 101.0 92.9 106.1 107.0 110.0 117.5 115.1 84.7 62.5 44.9 50.2 63.7 68.7 58.7 65.2 70.5 73.4 70.3 66.5 61.9 58.8 56.1 58.3 58.1 66.0 69.4 71.9 70.6 7!.2 66.5 64.9 61.3 64.3 68.8 70.8 70.3 74.5 No. 79.—INDEX OF FACTOKY EMPLOYMENT, BY GROUPS CO [1923-25 average=100] All Year and month 1919 1920 1921 1922 1923... 1924 1925.. 1926 1927.. 1928 1929 1930 1931.. 1932 1933... 1934 1935.. manufacturing industries 107 2 108.2 82.3 90.6 104.1 96.5 99.4 101.2 98.9 98.9 104.8 91.5 77.4 64.1 69.0 78.8 82.2 Transportation equipment Iron and Masteel and chinery AutoprodGroup mobiles ucts 99 9 107.8 66.6 84.1 103.9 97.0 99.1 102 5 97.2 96.6 102.6 89.2 69.7 53.3 58.6 69.0 73.0 U6 9 128.9 77.5 81.7 105.8 95.1 99.1 107.8 102.3 105 1 125.9 104.6 78.3 56.3 58.9 77.7 87.0 107.6 93.1 99.3 99.1 87.9 96.2 103.5 80.2 66.3 56.0 54.2 82.9 95.1 85 1 88.1 52 9 71.9 100.6 93.6 105.8 104 8 91.9 108.1 111.3 80.3 71.0 60.8 59.8 93.2 108.9 NonRail- ferrous Lumroad metals ber and prodrepair and shops prod- ucts ucts Stone, clay, and glass products 94 1 89.4 76.6 97.4 101.5 98.1 100.4 100.4 94.1 92.4 95.4 76.1 56.3 41.1 44.2 48.7 52.6 86 4 89.8 72.2 85.5 100.4 98.9 100.7 103.8 99.9 95.7 93.8 80.2 63.7 44.6 45.0 52.8 53.9 108.6 96 4 95.0 95 5 89.0 83.8 82.6 73.4 64.1 53.4 52.0 55.5 53.7 105.4 96.7 97.9 96.5 111.4 74.0 58.1 '62.2 '76.1 84.8 to Tex- Leather tiles Food and and prod- prodprod- ucts ucts ucts 98.8 99.0 92.6 97.3 105.2 94.9 99.9 99.9 104.0 101.3 104.8 92.9 87.2 76.7 87.9 91.2 95.2 108 1 98.5 86.6 97.3 106.6 96.3 97.1 96.6 97.7 95.6 98.5 91.2 84.3 79.0 83.3 87.8 87.9 Chemicals and petroleum products To- Paper 109 8 106.7 93.7 97.5 102.1 98.4 99.5 99.5 101.7 105.8 112.8 109.4 97.4 86.4 94.4 106.5 101.2 113.4 111.3 108.3 105.8 105.7 98.8 95.5 90.9 93.4 90.7 83.9 78.3 72.1 64.0 59.7 62.6 57.9 96.0 103.4 88.0 92.2 99.2 99.7 101.1 104.1 104.1 105.0 111.3 108.0 96.3 85.0 86.2 94.8 97.0 102.9 96.7 100.4 106.7 104.1 102.9 115.6 109.5 95.1 84.0 94.7 108.6 109.9 102.9 96.9 100.2 105.6 102.7 102.4 113. 4 105.8 92.5 81.1 93.5 108.0 110.0 103.0 96.1 100.9 110.8 109.9 104.7 124.4 124.9 106.2 96.1 99.8 111.1 109.6 102.6 91.8 105.6 105.1 105.7 111. 1 111.0 85.9 73.9 65.4 '74.7 '84.1 82.1 94.1 93.9 96.2 97.2 99.6 105.1 110.1 122.1 127.1 119.5 109.0 ' 104.0 54.5 62.1 64.4 64.7 61.3 62.4 61.1 65.1 64.7 65.3 64.0 61.9 92.4 93.1 93.7 95.1 95.9 94.7 93.4 93.8 95.3 96.4 96.8 97.5 107.9 110.5 112.8 113.3 106.1 104.5 105.3 106.9 108.6 109.4 108.6 108.8 107.3 110.6 113.4 114.7 105.3 102.9 103.8 105.3 107.6 108.5 107.9 108.3 110.3 110.6 110.2 107.8 109.5 111.4 111.7 113.4 112.9 112.9 111.9 110.8 '83.3 '85.8 '88.3 '91.2 '90.2 '86.7 '85.2 '82.0 '79.7 '78.7 '77.9 '80.2 bacco products and printing Rubber Group Petro- prodexcept ucts Group petro- leum leum refining Without seasonal adjustment 1934—January... FebruaryMarch April May June July August September. October.._ November. December. 73.4 77.8 80.9 82.4 82.5 81.1 78.8 79.6 75.9 78.4 76.9 78.1 63.5 66.6 70.0 72.6 75.2 76.4 70.3 68.6 66.0 66.0 66.2 66.6 70.0 72.9 76.8 80.3 81.3 80.8 79.0 78.9 78.0 77.9 77.9 78.5 71.2 84.6 93.4 99.4 99.7 95.6 88.4 83.7 74.2 64.2 62.2 78.4 80.3 97.4 108.4 114.9 114.4 106.8 98.4 92.5 80.9 68.7 67.1 88.9 52.8 53.4 55.5 57.8 59.6 59.8 58.3 55.2 55.7 53.9 51.6 52.0 '68.5 '72.3 '76.6 '78.6 '79.5 '77.5 '74.7 '74.9 '75.4 '77.2 '78.2 '79.2 45.6 47.1 48.5 49.4 51.0 50.0 48.8 49.0 49.3 49.5 48.6 47.8 47.3 49.8 52.1 55.3 57.7 57.1 54.2 53.1 52.9 51.9 52.2 50.1 88.2 96.8 100.0 99.1 96.1 90.9 85.9 88.2 73.1 92.3 90.9 92.8 82.9 90.3 92.7 92.3 91.4 87.7 89.4 91.1 85.7 83.4 81.6 84.8 1935—January. - February.. March April May June July August September. October... November. December. 78.8 81.4 82.5 82.6 81.2 79.7 79.7 82.0 83.7 85.3 85.0 84.6 67.8 70.7 71.8 72.2 72.4 71.8 71.3 73.2 74.7 76.4 76.8 76.6 79.6 82.0 84.1 85.1 84.5 84.2 85.6 87.3 91.1 93.1 93.8 93.1 92.4 100.9 103.6 104.8 102.7 93.7 87.2 83.5 75.8 92.3 101.0 103.4 108.1 117.5 119.5 119.9 116.4 107.2 100.6 95.1 84.0 105.0 115.5 118.1 51.6 52.9 53.6 52.9 53.6 53.8 53.5 52.8 52.6 55.1 55.7 55.8 78.3 81.6 83.0 83.4 82.9 81.8 80.2 82.0 86.9 91.9 93.1 92.3 47.1 49.4 50.6 51.7 50.9 48.9 51.9 55.3 57.0 57.5 56.0 54.5 47.2 49.6 51.5 53.2 55.0 55.7 54.7 55.9 55.8 56.7 56.4 55.2 95.2 98.4 99.2 97.2 93.5 90.4 87.8 92.9 95.9 97.7 97.0 96.9 94.9 94.4 93.2 95.4 95.8 98.9 105.7 111.8 118.2 108.5 100.5 96.8 56.5 57.3 57.8 56.8 56.6 57.8 57.6 57.9 58.9 60.0 59.7 58.2 95.6 96.7 96.9 96.9 96.5 95.6 95.5 95.9 97.3 98.3 98.7 99.7 108.4 109.4 112.7 111.5 108.0 107.2 106.8 107.9 110.7 113.1 112.4 111.1 108.2 109.9 113.9 112.3 108.0 106.4 105.7 106.9 110.8 113. 7 112.9 111.4 109.0 107.3 107.9 108.3 108.3 110.6 111.2 112.2 110.1 110. 9 110.3 109.6 83.1 84.2 84.5 83.6 82.4 80.9 78.3 79.1 81.1 82.8 82.7 83.0 83.6 104.0 88.4 104.3 90.5 107.8 93.0 104.0 94.0 106.4 91.4 107.3 88.9 106.7 87.9 110.8 82.4 110.5 81.4 109.3 83.4 107.3 88.9 ' 108. 3 89.1 106.0 89.7 106.2 90.5 103.9 92.2 102.4 89.1 103.1 86.4 101.0 86.9 101.6 87.0 100.3 85.4 99.8 84.5 98.1 84.1 98.4 90.3 100.7 58.4 62.6 64.9 66.7 61.6 62.7 61.8 65.4 62.9 62.5 61.1 61.6 60.7 57.7 58.2 57.7 56.8 58.1 58.2 58.1 57.3 57.4 57.0 58.0 91.7 92.9 93.4 95.5 96.5 95.5 94.4 95.0 95.6 96.0 95.4 95.8 94.9 96.4 96.7 97.3 97.1 96.4 96.5 97.1 97.6 97.8 97.4 98.0 107.7 109.6 110.9 109.4 107.9 108.9 109.6 110.9 108.2 107.5 107.2 108.1 108.4 108.6 110.7 108.1 109.3 111.3 110.7 111.4 110.3 111.3 110.8 110.3 106.6 109.0 110.7 109.8 107.4 108.4 109.7 110.8 107.6 106.2 105.8 107.1 107.9 108.6 111.1 108.0 109.5 111.6 111.1 111.8 110.8 111.3 110.6 110.1 112.4 112.1 111.3 107.8 109.7 110.4 109.3 111.3 110.9 113.1 113.0 112.1 111.1 108.7 109.0 108.3 108.5 109. 6 108.8 110.1 108.2 111.1 111.4 110.9 '84.7 '86.4 '89.6 '91.1 '88.7 '84.3 '84.1 '83.3 '80.3 '79.4 '78.1 '80.7 84.6 84.8 85.8 83.4 81.1 78.8 77.4 80.4 81.7 83.4 83.0 83.4 88.3 91.6 92.7 91.5 86.7 83.0 87.3 90.1 88.8 86.6 82.3 86.3 Adjusted for seasonal variation 1934—January... February.. March April. May June July Augusts. . . September. October. _. November. December. 1935—January.._ February.. March April May _ June July August September. October.. _ November. December. 75.2 78.4 81.1 82.3 82.6 81.5 79.6 79.4 74.0 76.8 76.8 79.0 80.7 82.1 82.7 82.4 81.4 80.1 80.6 81.8 81.9 83.7 84.8 85.6 64.9 66.4 69.1 71.5 74.3 76.3 71.4 68.8 65.4 65.6 66.4 67.7 69.4 70.6 70.8 71.1 71.5 71.7 72.4 73.4 74.1 75.9 77.1 77.9 71.8 74.0 78.4 81.5 82.0 81.2 79.4 78.4 76.0 75.8 77.2 79.2 81.4 83.1 85.6 86.0 84.9 84.4 86.1 87.1 88.8 90.6 93.0 93.9 72.1 82.5 89.6 94.0 91.2 90.6 85.8 83.7 75.5 69.3 70.4 84.4 93.5 98.4 99.4 99.1 94.0 88.7 84.8 83.6 81.4 99.5 109.0 111.0 81.1 94.6 103.7 108.8 104.1 101.1 95.5 92.3 82.1 74.7 77.4 96.6 109.2 114.1 114.4 113.5 105.9 101.5 97.7 94.9 91.0 113.8 125.1 128.0 53.6 54.2 55.8 57.4 59.2 59.4 58.0 55.0 55.4 53.7 51.7 52.1 52.4 53.6 53.8 52.6 53.3 53.4 53.2 52.7 52.4 54.8 55.8 55.9 '69.3 '71.4 ••75.1 '77.6 '79.9 '78.4 '76.6 '76.4 '75.9 '76.2 '77.1 '78.4 79.2 80.6 81.4 82.4 83.3 82.8 82.2 83.7 87.4 90.8 91.9 91.4 47.2 48.4 49.8 50.0 51.3 49.8 48.8 48.4 48.0 47.7 47.3 47.8 48.8 50.8 51.9 52.4 51.3 48.8 52.0 54.6 55.5 55.4 54.4 54.5 52.0 52.7 53.1 54.7 56.2 54.9 53.9 52.0 51.1 50.0 51.9 51.2 51.7 52.4 52.4 52.7 53.6 53.5 54.4 54.8 53.9 54.6 56.1 56.4 88.1 95.1 97.3 97.8 96.0 92.2 90.2 91.3 72.9 90.7 90.2 92.1 95.1 96.6 96.6 96.0 93.6 91.7 92.2 96.1 96.0 96.0 96.2 96.2 ' Revised. NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures for totals see BULLETIN for May 1934, pp. 270-271; backfiguresfor groups and for industries available at the Bureau of Labor Statistics. For description and back figures for the seasonally adjusted index of factory employment compiled by the Board of Governors of the Federal Reserve System, see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888. Underlyingfiguresare for pay-roll period ending nearest middle of month. CO 00 194 No. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 80.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITED STATES, BY MONTHS AND YEARS, 1913-35 J [Index numbers of the U. S. Bureau of Labor Statistics. 1926= 100] Other commodities Year and month All commodities Farm prod- Foods ucts Total Hides Tex- Fuel hem- Houseand Metals and and BuildMisfurtile light- metal ing icals nisheather prodcellaing mateand prod- ucts mate- prod- rials drugs ing neous ucts goods rials ucts 1913. 1914 1915 1916 1917 1918 1919 1920. 1921 1922 1923 1924 1925 1926 (base).. 1927 1928 1929 1930 1931 1932 1933 1934 1935. 69.8 68.1 69.5 85.5 117.5 131.3 138.6 154.4 97.6 96.7 100.6 98.1 103.5 100.0 95.4 96.7 95.3 86.4 73.0 64.8 65.9 74.9 80.0 71.5 71.2 71.5 84.4 129.0 148.0 157.6 150.7 88.4 93.8 98.6 100.0 109.8 100.0 99.4 105.9 104.9 88.3 64.8 48.2 51.4 65.3 78.8 64.2 64.7 65.4 75.7 104.5 119.1 129.5 137.4 90.6 87.6 92.7 91.0 100.2 100.0 96.7 101.0 99.9 90.5 74.6 61.0 60.5 70.5 83.7 70.0 66.4 68.0 88.3 114.2 124.6 128.8 161.3 104.9 102.4 104.3 99.7 102.6 100.0 94.0 92.9 91.6 85.2 75.0 70.2 71.2 78.4 77.9 68.1 70.9 75.5 93.4 123.8 125.7 174.1 171. 3 109.2 104.6 104.2 101.5 105.3 100.0 107.7 121.4 109.1 100.0 85.1 72.9 80.9 86.6 89.6 57.3 54.6 54.1 70.4 98.7 137.2 135.3 164.8 94.5 100.2 111.3 106.7 108.3 100.0 95.6 95.5 1933 January February... March April May June July August September.. October November.. December.. 61.0 59.8 60.2 60.4 62.7 65.0 68.9 69.5 70.8 71.2 71.1 70.8 42.6 40.9 42.8 44.5 50.2 53.2 60.1 57.6 57.0 55.7 56.6 55.5 55.8 53.7 54.6 56.1 59.4 61.2 65.5 64.8 64.9 64.2 64.3 62.5 67.3 66.0 65.8 65.3 66.5 68.9 72.2 74.1 76.1 77.2 77.2 77.5 1934 January February... March April May June July August September. October NovemberDecember. 72.2 73.6 73.7 73.3 73.7 74.6 74.8 76.4 77.6 76.5 76.5 76.9 58.7 61.3 61.3 59.6 59.6 63.3 64.5 69.8 73.4 70.6 70.8 72.0 64.3 66.7 67.3 66.2 67.1 69.8 70.6 73.9 76.1 74.8 75.1 75.3 1935 January February. . March April May June July. August SeptemberOctober November. December. 78.8 79.5 79.4 80.1 80.2 79.8 79.4 80.5 80.7 80.5 80.6 80.9 77.6 79.1 78.3 80.4 80.6 78.3 77.1 79.3 79.5 78.2 77.5 78.3 79.9 82.7 81.9 84.5 84.1 82.8 82.1 84.9 86. 1 85.0 85.1 85.7 80.2 56.3 56.7 81.4 56.8 52.7 53.5 112. 0 56.0 67.6 160. 7 61.4 74.2 88.2 165.0 98.6 182. 3 93.3 115. 6 157.0 105.9 150.1 164.7 141.8 97.4 115.0 113.0 97.3 100.3 103.5 108.7 101.1 108.9 102.3 98.9 104.9 101.7 101.8 103.1 100.0 100.0 100.0 96.8 97.5 94.7 95.6 95.1 94.1 94.2 94.3 95.4 89.1 92.7 89.9 79.3 84.9 79.2 73.5 75.1 71.4 72.6 75.8 77.0 75.9 81.5 86.2 80.5 80.6 85.3 93.1 89.9 86.9 100. 6 122.1 134.4 139.1 167.5 109.2 92.8 99.7 93.6 109.0 100. 0 91.0 85.4 82.6 77.7 69.8 64.4 62.5 69.7 68.3 70.1 69.8 70.3 70.2 71.4 74.7 79.5 81.3 82.7 83.9 84.9 85.6 71.6 71.3 71.2 71.4 73.2 73.7 73.2 73.1 72.7 72.7 73.4 73.7 72.9 72.3 72.2 71.5 71.7 73.4 74.8 77.6 79.3 81.2 81.0 81.0 61.2 59.2 58.9 57.8 58.9 60.8 64.0 65.4 65.1 65.3 65.5 65.7 85.5 87.0 87.1 87.9 89.1 87.7 86.8 86.7 86.6 86.3 86.2 85.9 86.3 86.6 86.4 86.7 87.3 87.8 87.0 85.8 85.6 85.2 85.0 85.1 74.4 75.5 75.7 75.5 75.4 75.6 75.4 75.7 76.5 77.1 76.9 77.8 80.8 81.0 81.4 81.6 82.0 82.0 81.6 81.8 81.8 81.7 81.3 81.2 67.5 68.5 69.3 69.5 69.8 70.2 69.9 70.2 70.2 69.7 70.6 71.0 85.8 85.8 85.7 85.9 86.6 86.9 86.4 86.6 86.6 86.5 86.9 86.8 84.9 85.0 84.9 84.6 84.8 85.3 85.2 85.4 85.9 86.1 85.8 85.5 79.3 81.2 80.7 80.7 80.7 80.6 80.5 80.4 80.5 80.5 80.6 81.0 81.0 70.7 70.1 69.2 68.7 68.7 68.4 67.7 67.3 67.1 67.5 67.4 67.5 54.9 64.8 72.9 70.9 61.3 56.6 51.8 74.3 105.4 109.2 104.3 163. 7 96.8 107.3 97.3 92.0 96.5 100.0 88.3 84.3 83.0 78.5 67.5 70.3 66.3 73.3 73.5 90.8 80.2 86.3 116.5 150.6 136.5 130.9 149.4 117. 5 102.9 109.3 106.3 103.2 100.0 96.3 97.0 100.5 92.1 84.5 80.2 79.8 86.9 86.4 68.9 68.0 68.1 69.4 76.9 82.4 86.3 91.7 92.3 89.0 88.2 89.2 51.9 51.2 51.3 51.8 55.9 61.5 68.0 74.6 76.9 77.1 76.8 76.4 66.0 63.6 62.9 61.5 60.4 61. 5 65.3 65.5 70.4 73.6 73.5 73.4 78.2 77.4 77.2 76.9 77.7 79.3 80.6 81.2 82.1 83.0 82.7 83.5 78.3 78.7 78.5 78.6 78.9 78.2 78.4 78.3 78.3 78.0 78.0 78.0 89.5 89.6 88.7 88.9 87.9 87.1 86.3 83.8 84.1 83.8 84.2 85.1 76.5 76.9 76.5 75.3 73.6 72.7 71.5 70.8 71.1 70.3 69.7 70.0 73.1 72.4 71.4 71.7 72.5 72.8 73.9 74.6 74.6 74.6 74.4 73.7 77.7 77.4 77.3 77.2 77.6 78.0 78.0 77.9 77.8 78.3 78.8 78.7 86.2 86.0 85.4 86.3 88.3 88.9 89.3 89.6 90.9 93.6 95.0 95.4 70.3 70.1 69.4 69.2 69.4 70.1 70.2 70.9 71.8 72.9 73.4 73.2 72.9 72.5 73.0 72.8 73.1 74.2 74.7 74.1 73.0 73.4 74.5 74.6 90.4 80.3 66.3 80.4 81.5 81.0 81.2 80.7 78.7 78.6 80.2 81.1 81.2 80.6 i Index based on 550 price series from 1913 to 1925 and on 784 price series from 1926 to date. Back figures.—See Annual Report for 1934 (table 100) and similar tables in previous annual reports. 195 BUSINESS CONDITIONS N o . 81.—INDEX NUMBERS OF WHOLESALE COMMODITY PRICES IN THE UNITEDSTATES, BY WEEKS, 1935 [Index numbers of the U. S. Bureau of Labor Statistics. 1926=100] Other commodities Week end- All ing (Satur- comday)— modities Farm Hides Tex- Fuel Chem- Houseand Metals prod- Foods Misand Buildand icals fur- cellatile lighting ucts metal leather Total ing prod- mate- and nishing neous prod- prodrials drugs goods ucts ucts materials ucts 1935 Jan. 5 Jan. 12 Jan. 19 Jan. 26 . . 77.9 78.6 78 5 79.0 75.6 77.2 76 7 79.0 78.5 79.7 79.8 80.9 78.0 78.1 77 9 77 9 86.8 86.9 86 8 86 8 70.0 70.0 70 0 70.0 74.1 74.2 74.0 74.3 85.6 85.6 85.3 85.2 84.6 84.8 84.8 84.9 79.1 79.6 79.8 80.0 82.3 82.2 82.1 82.1 70.9 71.V 70.7 70.6 Feb. 2 Feb. 9 Feb. 16 Feb. 23 79.1 79.1 79 4 79.6 78.3 78.1 79 2 79.9 81.5 82.3 83.1 83.2 77.9 77.8 77 7 77.7 86.8 86.6 86 7 86.8 69.9 69.6 69 7 69.7 74.4 74.3 74.0 73.9 85.2 85.2 85.1 85.1 84.9 84.7 84.6 84.8 80.2 80.4 80.4 81.0 82.2 82.3 82.1 81.9 70.2 70 1 70.2 70. 2 Mar. Mar. Mar. Mar. Mar. 2 9.-. _. 16 23 30 79.6 79.6 79.4 78.8 78.9 80.0 80.0 79.2 77.6 77.5 82.5 82.1 82.6 81.1 81.8 77.6 77.5 77.3 77.3 77.3 86.6 86.4 86.0 85.8 85.7 69.4 69.3 69.0 68.8 68.8 73.9 73.8 73.8 74.0 74.2 85.0 85.1 85.0 84.9 85.0 84.7 85.0 84.6 85.0 84.9 81.6 81.6 81.5 80.9 80.4 81.9 82.0 81.9 81.9 81.9 69.9 69.8 69.0 68.8 68.8 Apr. Apr. Apr. Apr. 6 .. _ 13 20 27 79.2 79.9 80.3 80.3 78.6 81.0 81.8 81.7 82.9 84.5 85.3 85.4 77.2 77.2 77.3 77.5 85.6 85.9 86.5 87.9 68.7 68.8 69.0 68.8 74.1 74.0 74.0 74.3 85.0 85.0 85.1 85.2 84.3 84.5 84.3 84.4 80.2 80.5 80.7 80.8 81.9 81.9 81.9 82.0 68.4 68.4 68.7 May May May May 4 11 18 25 80.1 79.9 80.0 80.3 81.1 80.8 80.9 81. 5 84.9 84.1 83.8 84.3 77.5 77.5 77.6 77.8 88.0 88.1 88.4 89.5 68.7 68.7 68.8 69.4 74.4 74.4 74.2 74.1 85.2 85.2 85.3 85.6 84.9 84.7 84.8 84.9 80.8 80.7 80.8 81.0 82.0 82.0 82.0 82.0 6S.Q June 1 June 8 June 15 June 22 June 29 _ 80.2 79.9 79.8 79.3 78.9 80.7 79.9 79.9 78.0 77. 1 84.4 83.7 83.4 82.5 81.6 77.8 77.8 77.9 77.9 77.9 89.9 89.1 89.4 89.3 89.6 69.3 69.3 69.1 69.7 69.7 74.4 74.7 74.9 74.7 74.8 85.6 85.6 85.9 85.9 86.1 84.9 85.1 85.3 85. 1 84.9 80.8 80.7 80.4 80.0 79.5 82.0 81.8 81.7 81.7 81.8 69.0 68.9 68.4 68.4 68.0 July Julv July July 6 _ 13 20 27 79.1 79.2 79.1 79.2 78.0 77.7 77.2 77.1 81.9 82.0 82.0 82.2 77.8 78.0 77.9 77.9 89.8 89.8 89.8 90.1 69.7 69.9 69.8 69.9 74.9 75.3 75.3 75.2 85.7 85.7 85.7 85.7 84.8 85.0 84.9 85.1 79.5 79.5 79.5 78.4 81.8 81.8 81.8 81.9 68 0 67.8 67.6 67.5 Aug. Aug. Aug. Aug. Aug. 3 10 17 24 31 79.6 80.1 80.5 80.8 80.5 78.4 79.7 80.3 80.7 79.2 83.4 84.2 85.4 86.1 86.0 77.9 78.0 78.0 78.1 78.1 90.0 90.1 90.1 90.2 90.4 70.0 70.1 70.5 70.7 70.9 75.0 75.4 75.4 75.4 75.4 85.8 85.8 85.8 86.0 86.0 85.3 85.0 85.1 85.1 85.3 78.5 78.5 78.7 79.3 79.0 81.9 81.7 81.7 81.7 81.8 67.5 67.5 67.2 67.2 67.1 Sept. 7 Sept. 14 Sept. 21 Sept. 28 80.4 80.8 81.0 81.0 79.9 81.2 81.3 80.9 85.9 86.4 86.2 86.6 77.9 78.0 78.2 78.2 90.5 91.6 91.8 91.8 71.0 71.2 71.3 71.6 74.6 74.7 74.8 74.5 86.0 86.0 86.3 86.2 85.4 85.3 86.3 86.1 79.2 78.9 79.2 79.3 81.8 81.8 81.7 81.7 66.8 66.9 67.0 67.2 Oct. Oct. Oct. Oct. 5 _. 12 19 26 80.5 80.7 80.7 80.3 79.5 80.1 79.5 78.6 85.3 85.7 85.6 84.8 78.3 78.2 78.4 78.4 92.5 93.8 94.4 95.1 71.7 72.1 72.5 72.8 74.6 74.1 74.2 74.3 86.3 85.8 85.9 85.9 86.1 86.1 86.2 85.9 80.2 80.7 81.1 81.3 81.8 81.8 81.8 81 9 67.2 67.5 67.6 67 4 Nov. Nov. Nov. Nov. Nov. 2 9 16 23 30 79.8 80.1 80.4 80.6 80.8 77.4 77.5 77.8 78.2 78.5 83.8 84.1 84.9 85.8 85.9 78.4 78.9 79.0 79.0 79.0 95.1 95.6 95.8 95.7 95.5 72.7 72.8 73.0 73.1 72.9 74.3 75.5 75.6 75.7 75.9 85.9 86.2 86.3 86.4 86.3 85.6 85.7 86.0 85.8 85.4 81.1 81.1 81.1 80.9 81.0 82.0 82.1 82.1 82.1 82.1 67.5 67.4 67.4 67.4 67.5 Dec. Dec. Dec. Dec. 7 14 21 28 80.9 80.8 80.4 80.6 79.1 79.2 77.3 78.4 86.4 85.8 85.3 85.3 78.9 78.9 78.8 78.8 94.8 95.4 96.2 96.4 72.9 72.8 72.7 72. 8 75.9 75.7 75.7 75.6 86.4 86.3 86.2 85.9 85.4 85.3 85.2 85.1 80.7 80.5 80.2 80.0 82.2 82.2 82.2 82.2 67.4 67.4 67.5 67.5 Back figures.—See Annual Report for 1934 (table 101) and similar tables in previous annual reports. 68. ft 68.9 69.0 69.0 APPENDIX 197 RECORD OF POLICY ACTIONS—BOARD OF GOVERNORS Following is a copy of record of actions by the Board of Governors of the Federal Eeserve System on questions of policy, required to be kept by the last paragraph of section 10 of the Federal Reserve Act, as amended by the Banking Act of 1935. MEETING ON MONDAY, AUGUST 2 6, 19 35 Present: Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James. Action on section 10 (b) rates established by Federal Reserve banks. There was presented for consideration a telegram from the Federal Reserve Bank of Kansas City stating that the board of directors of the Federal Reserve Bank of Kansas City, on August 24, 1935, made no change in the existing schedule of rates of discount and purchase, except to establish a rate of 2y2 percent per annum for loans to member banks under section 10 (b) of the Federal Reserve Act as amended. In this connection, attention was directed to the fact that the rate in effect at the Kansas City bank at this time on discounts for member banks under the provisions of sections 13 and 13 (a) of the Federal Reserve Act is 2 percent per annum and that, under the law, the rate on advances under section 10 (b) of the Federal Reserve Act as amended may not be less than one-half of 1 percent per annum higher than such discount rate. The Board's Secretary was authorized to advise the Federal Reserve Bank of Kansas City that the Board of Governors has noted with approval that the bank made no change in its existing schedule of rates of discount and purchase, and that the Board approves for the bank a rate of 2y2 percent per annum on advances to member banks under section 10 (b) of the Federal Reserve Act as amended, effective immediately. Approved unanimously. In accordance with the policy established by the above action the Board on subsequent dates, by unanimous votes of the members present, approved rates established by the other Federal Reserve banks on advances under section 10 (b) which were in each instance one-half of 1 percent higher than the discount rate in effect. Monthly reports from member firms of national securities exchanges. Consideration was given to a recommendation from the Chief of the Division of Security Loans that, in accordance with subsection (b) of section 17 of the Securities Exchange Act of 1934, monthly reports, in a form which was submitted for approval, be required from member firms of national securities exchanges. Attention was directed to the fact that information which had been received indicated that customers' debit balances had begun to increase in recent 199 200 ANNUAL KEPORT OF FEDERAL RESERVE GOVERNORS months and that the development of a dependable reporting service would take considerable time. In this connection, the Board was advised that, in the opinion of its counsel, reports in the proposed form may be properly and legally required by the Board from all members of national securities exchanges who extend credit, "as necessary or appropriate to enable it to perform the functions" conferred upon it by the Securities Exchange Act of 1934. It was unanimously directed, in accordance with subsection (b) of section 17 of the Securities Exchange Act of 1934, that monthly reports in the form submitted be required from time to time, as necessary or appropriate to enable the Board to perform the functions conferred upon it by that act, from all firms extending credit, of which any partner is a member of the New York Stock Exchange or of any other national securities exchange and which are subject to the rules and regulations prescribed by the Board. The right was reserved to require such amended or additional report or reports as the Board might from time to time deem necessary or appropriate to enable it to perform the functions conferred upon it by the act. MEETING ON WEDNESDAY, AUGUST 2 8, 19 35 Present: Mr. Thomas, Vice Chairman; Mr. Miller, Mr. James, Mr. Szymczak. Publication of reports of condition of State member banks. In view of the amendment to section 9 of the Federal Eeserve Act contained in the Banking Act of 1935 providing in part that reports of condition of State member banks of the Federal Reserve System rendered to their respective Federal Reserve banks as of call dates fixed by the Board "shall be published by the reporting banks in such manner and in accordance with such regulations as the said Bourd may prescribe",, and, in order that State member banks would be required to publish reports of condition in a manner similar to that followed under existing law in the publication of reports of condition by national banks, it was unanimously voted that the following regulation covering the publication of condition reports be adopted and printed on the reverse side of the form of condition reports submitted by State member banks: Each report of condition made by a State bank member of the Federal Reserve System, which is required to be made to the Federal Reserve bank of its district as of call dates fixed by the Board of Governors of the Federal Reserve System, shall be published by such member bank within 20 days from the receipt of the call therefor. The report must be printed in a newspaper published in the place where the bank is located or, if there is no newspaper published in the place where the bank is located, then in a newspaper published in the same county and in general circulation in the place where the bank is located. By "newspaper", for the purpose of this regulation, is meant a publication with a general circulation published not less frequently than once a week, one of the primary functions of which is the dissemination of news of general interest. POLICY ACTIONS—BOAED OF GOVERNORS 201 The copy of the report for the use of the printer should be prepared on the face side of form 105e. The published information must agree in every respect with that shown on the face side of the condition report rendered to the Federal Keserve bank, except that any item for which no amount is reported may be omitted in the published statement. All signatures must be the same in the published statement as in the original report submitted to the Federal Keserve bank, but the signatures may be typewritten or otherwise copied on the report for publication. A copy of the printed report must be submitted to the Federal Reserve bank attached to the publisher's certificate on the reverse side of form 105e. Waiver of reports of affiliates of State member banks. The Banking Act of 1935 amended section 21 of the Federal Reserve Act to authorize the Board to waive the requirement for reports of affiliates of State member banks with respect to any report of any affiliate if in the judgment of the Board such report is not necessary to disclose fully the relations between the affiliate and the member bank and the effect thereof upon the affairs of such bank. Pursuant to such authority and in order to carry out the purposes of the law, it was voted unanimously to amend the Board's instructions governing the preparation of reports of affiliates of State member banks to incorporate therein the following provisions, such action being taken with the understanding that the Comptroller of the Currency would adopt similar provisions relating to the waiver of reports of affiliates of national banks since it was deemed important that the waiver of the requirement for reports of affiliates be the same for affiliates of both national banks and State member banks: Pursuant to section 21 of the Federal Reserve Act, as amended, the Board of Governors of the Federal Reserve System waives the requirement for the submission of reports of affiliates (other than of holding company affiliates, as denned in section 2 (c) of the Banking Act of 1933, as amended) of State bank members of the Federal Reserve System, except: (a) Where the affiliation exists by reason of control by the member bank as defined in section 2 (b) ( l ) o f the Banking Act of 1933, as amended, which provision reads a$ follows: "Except where otherwise specifically provided, the term 'affiliate' shall include any corporation, business trust, association, or other similar organization— "Of which a member bank, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 per centum of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions." (b) Where the affiliate has been indebted to the member bank for more than 6 months in the 12 months preceding the report date in an amount in excess of 1 percent of the bank's unimpaired capital and surplus or $5,000, whichever amount is the smaller, 56048*—36 14 202 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS regardless of whether the affiliate is so indebted on the report date. (c) Where the affiliate on the report date is indebted to the member bank or the member bank owns obligations of or an interest in said affiliate on said date and the aggregate amount of such indebtedness, obligations, and interest is in excess of 1 percent of the member bank's unimpaired capital and surplus or $5,000, whichever amount is the smaller. The Board of Governors of the Federal Reserve System also waives the requirement for the submission of reports of affiliates in all cases where the affiliate relationship is based solely on ownership or control of any voting shares of the affiliate by a member bank as executor, administrator, trustee, receiver, agent, depositary, or in any other fiduciary capacity, except wThere such shares are held for the benefit of all or a majority of the stockholders of such member banks. The above provisions with respect to the waiving of the requirements for submission of reports of affiliates are subject to change whenever deemed advisable by the Board of Governors of the Federal Reserve System in order to require the submission of reports which are necessary to disclose fully relations between member banks and their affiliates and the effect thereof upon the affairs of member banks. (SECRETARY'S NOTE.—On September 3, 1935, the Board was advised that the Comptroller had approved the provisions set forth above, and these provisions were included in the instructions issued in connection with the next succeeding call for reports of condition of State member banks and their affiliates.) MEETING ON MONDAY, OCTOBER 14, 1 9 3 5 . Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Rules of Securities and Exchange Commission, and amendment to Regulation T, affecting warrants and unissued securities. Consideration was given to a draft of a proposed amendment, No. 6, to Regulation T, recommended by the Division of Security Loans with the concurrence of the Board's counsel, to the effect that any warrant or certificate which evidences a right to subscribe to or otherwise acquire any security and which by its terms expires within 90 days of issuance shall be without loan value, provided that in any case in which an account contains, in addition to such warrant or certificate, the security in respect of which such warrant or certificate has been issued, the current market value of such security shall for the purpose of calculating its maximum loan value, be increased by the current market value of such warrant or certificate. In this connection consideration was also given to certain provisions regarding margins which the Securities and Exchange Commission proposed to incorporate in its rules for the registration of unissued warrants or unissued securities for "when issued" trading on national securities exchanges. The Board was advised that the proposed amendment to Regulation T had the effect of extending to such short term issued warrants POLICY ACTIONS—BOARD OF GOVERNORS 203 as may be registered on a national securities exchange the principle embodied in the Commission's rules for the registration of unissued warrants, namely, that purchases of short term warrants should be on a cash basis. The Board was also advised that the Securities and Exchange Commission did not wish to issue its registration rules without suitable provision being made at the same time with respect to margin requirements applicable to issued warrants. It was pointed out that the proposed amendment would associate the Board with the Commission in an action which would enable the exchanges to resume under appropriate safeguards, "when issued" trading in securities which had been suspended by the Securities Exchange Act of 1934, the issued warrants covered by the proposed amendment of Regulation T being chiefly warrants which will first be traded on a "when issued" basis; and that it was expected that the proposed action would facilitate somewhat the raising of capital by corporations through giving to stockholders warrants with rights to subscribe to new issues of securities. It also appeared that a reason for the exception, included in the proviso to the amendment, was to conform to the desire of the Securities and Exchange Commission that the maximum loan value of securities in an account should not decline if short-term warrants were issued in respect thereof. Upon consideration of the entire matter it was agreed that the action proposed was desirable and proper for the reasons stated, pending the adoption and issuance by the Board of a revision of Regulation T covering this subject. Thereupon, by unanimous vote, the proposed amendment was approved. In this connection, the Board decided to advise the Securities and Exchange Commission that it interposed no objection to the provisions regarding margins which the Commission contemplated incorporating in its proposed rules but that it reserved the right to issue in the future such regulations of its own as would fix margin requirements on unissued securities and unissued warrants. MEETING ON THURSDAY, OCTOBER 3 1 , 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Procedure in connection with action by Board on discount rates established by Federal Reserve banks. Consideration was given to a draft of a letter to the Governor of the Federal Reserve Bank of Cleveland, reading as follows: Reference is made to your letter of October 7, 1935, from which it is noted that your directors, on October 4, 1935, established rates of discount and purchase for a period of 14 days commencing October 5, and that your bank had been advised by its counsel that it was at least open to question whether the rates of discount and purchase fixed by your bank on September 20, 1935, and approved by the Board of Governors of the Federal Reserve System, continued in effect until the rates fixed by your board at its meeting on October 4, 1935, were reviewed and determined by the Board of Governors of the Federal Reserve System as provided in subsection 14 (d) of the Fed 204 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS eral Reserve Act, as amended by the Banking Act of 1935, and you had received advice of the Board's approval thereof. Your letter suggests that, in view of this opinion, the Board establish a procedure whereby advice of the Board's action on rates established by your directors will be sent to your bank on the date of receipt by the Board of information from the bank as to rates fixed for a future period, in order that there shall be at all times rates of discount and purchase for the bank without any possibility of question as to the validity of rates in effect. It has been the experience of the Board in the past that, because of the important questions of policy involved in rate changes, it was not always possible to reach a decision on rates submitted to it by a Federal Reserve bank on the date advice of the bank's action was received. In view of the increased responsibilities placed upon the Board by the Banking Act of 1935, there undoubtedly will be occasions in the future when the Board will require more than 1 day in which to review all of the important factors which must be taken into account. For this reason, the Board believes that it would not be advisable to set up a procedure which would require it to pass upon rates of discount established by the banks upon the date upon which advice of the bank's action is received. The only change in subsection 14 (d) of the Federal Reserve Act as amended by the Banking Act of 1935 is the addition of a provision by which the Federal Reserve banks are required to establish their rates of discount every 14 days, or oftener if deemed necessary by the Board. Therefore, the Board takes the position that when a bank has established rates of discount in accordance with this requirement upon which action by the Board is pending, the existing rates continue in effect until rates subsequently established with the approval of the Board become effective. This is on the assumption, of course, that the language used by the bank in establishing the existing rates did not otherwise limit the period for which they were to be in effect. In this connection, the Board feels that it would be preferable for the bank not to place a limitation on the time during which rates established are to remain in effect. Of course, the Board will consider rates of discount submitted to it by the Federal Reserve banks, and will act thereon and advise the banks of its action, as promptly as possible in the circumstances. The letter was approved by unanimous vote for the reasons stated, with the understanding that copies of the letter would be sent to all Federal Reserve banks. MEETING ON TUESDAY, NOVEMBER 5, 193 5 Present: Mr. Eccles, Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Loans to National Bank of Nicaragua. By letter dated November 1, 1935, the Board was informed by the Federal Reserve Bank of New York that advice had been received POLICY ACTIONS—BOARD OF GOVERNORS 205 from the National Bank of Nicaragua that it was necessary for the bank at that season of the year to borrow dollars for a period of several months to meet its requirements for dollar exchange in connection with the export of the Nicaraguan coffee crop, which loan would be repaid as soon as foreign exchange representing the proceeds of the sale of the crop was received, and that, therefore, it desired to obtain a loan of $100,000 from the Federal Reserve Bank of New York for a term of 120 days to be secured by gold earmarked with the Federal Reserve Bank of New York. The board of directors of the Federal Reserve Bank of New York had voted, subject to the approval of the Board of Governors of the Federal Reserve System, to authorize the loan, interest on such loan to be at the discount rate in effect at the New York bank. The members of the Board were of the opinion that a loan by the New York bank to the National Bank of Nicaragua for the purpose stated was a proper one and, therefore, approved unanimously the action taken by the board of directors of the Federal Reserve Bank of New York and the participation in the loan by the other Federal Reserve banks. On the basis of this action, the Board on November 11, and December 17, 1935, by unanimous vote of the members present, approved actions of the board of directors of the Federal Reserve Bank of New York in authorizing additional loans of $200,000 and $50,000, respectively, to the National Bank of Nicaragua for the same purpose as that for which the original loan was made and participation in the loans by the other Federal Reserve banks. MEETING ON FRIDAY, NOVEMBER 8, 19 3 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James. Advisability of reducing excess reserves of member banks. The Board gave further consideration to the question of the advisability of taking action for the purpose of absorbing a portion of the excess reserves of member banks, and in this connection considered the resolution adopted by the Federal Open Market Committee on October 23, 1935. After reviewing all aspects of the matter in the light of discussions which had taken place and information which had been considered at previous meetings it was agreed unanimously that, since there was at this time no indication of an undue expansion of credit, there was at present no real need for action of this kind by the Board, and that to take such action might, although in the opinion of the Board it should not, result in a more hesitant attitude on the part of business and the banks and might therefore retard the forces of recovery which should be given an opportunity to gain additional momentum. Therefore the Board, by unanimous vote, decided to take no action at this time to increase reserve requirements, but that the situation should be watched carefully, so that the Board would be in position to act whenever developments in the situation indicated that action was necessary. 206 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Sale by a Federal Reserve bank of securities from its own investment account. Consideration was given to a letter from a Federal Reserve bank stating that the board of directors had authorized the officers to sell from time to time approximately $23,800,000 of United States Government bonds held in the bank's own investment account, as and when the market for such securities would conveniently permit of such disposal, and to purchase an equivalent amount of Government securities of shorter maturities. The members of the Board voted unanimously to interpose no objection to the sale and purchase of securities by the bank in accordance with the program authorized by the directors, with the understanding that these transactions would result in no change in the total amount of Government securities held in the bank's investment account, as it appeared that the transactions would be in the interest of the proper administration of the investment account of the Federal Reserve bank. MEETING ON FRIDAY, NOVEMBER 8, 19 3 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James. Eligibility for membership of State banks which have outstanding certificates representing waived deposits. The Board had given consideration on several previous occasions to the question whether a State bank which had issued to certain depositors certificates (representing waived deposits) which were payable after other claims of depositors and other creditors were provided for, but before the payment of any dividends or the distribution of any assets of the bank to its shareholders, was eligible for admission to membership in the Federal Reserve System, and had taken the position that the obligation on such outstanding certificates was a liability of the bank and that, in cases where the excess of the bank's assets over liabilities to depositors and other creditors, including the holders of certificates representing waived deposits, was less than the amount of the outstanding capital stock of the bank, the bank's capital was impaired, and therefore, the bank was ineligible for membership in the Federal Reserve System. This position was discussed on various occasions in connection with the question of the eligibility of certain banks for membership in the Federal Reserve System. At this meeting, following consideration of a recommendation of a special committee of the Board appointed to consider the matter, it was agreed that depositors in a bank which had issued certificates representing waived deposits, under the terms of which the certificates were subordinated to claims of depositors and other creditors but were to be paid before any distribution of assets to stockholders, were as fully protected as they would be if such certificates were not outstanding. Therefore, by unanimous vote, the Board took the position that the capital of such a bank would not be impaired for purposes of admission to membership in the Federal Reserve System, and that such a bank would be eligible for membership upon condition (in addition to such other conditions as the Board might see fit to prescribe) that there be indorsed on each certificate of stock or subsequently issued a statement setting forth the Digitized foroutstanding FRASER POLICY ACTIONS—BOAED OF GOVERNORS 207 obligation to the holders of the certificates representing waived deposits or, in lieu thereof, that there be included in each published statement of condition of such bank a statement setting forth the obligation to the certificate holders. MEETING ON FRIDAY, NOVEMBER 2 2, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. Szymczak. Procedure in connection with action by Board on discount rates established by Federal Reserve banks. Consideration was given to a letter addressed to the chairman of the Federal Reserve Bank of New York which read as follows: The members of the Board of Governors of the Federal Reserve System have read with interest your letter of November 14, 1935, with regard to changes in discount rates at the Federal Reserve Bank of New York. In reaching the conclusion set forth in its letter of October 31, 1935, to Governor Fleming, the Board had in mind the procedure followed by your bank in submitting changes in discount rates to the Board for approval, as well as the possibility that there will be occasions when expeditious action by the Board on rates established by a Federal Reserve bank will be especially important, and the fact that in all cases the banks desire to receive prompt advice of the Board's action. For these reasons, the Board stated in its letter that it would consider and act upon rates of discount submitted to it by the Federal Reserve banks as promptly as possible in the circumstances, and it may be added that it is the desire of the Board to take action, if reasonably practicable, on the date upon which advice is received from the Federal Reserve banks. However, the Board is charged by law with the final responsibility for the review and determination of the rates established by the Federal Reserve banks and its action in some instances may be of such importance and may involve such difficult questions of policy that a decision cannot be reached immediately and may require a special inquiry into and discussion of the basis for action in addition to the consideration ordinarily given by the Board to the business and credit situation. In this connection you will recall that the Banking Act of 1935 emphasized the necessity for careful study of the grounds upon which the Board's action may be based by requiring that a record be made of the votes with the underlying reasons therefor and that such record be published with the Board's annual report. With the various possibilities in mind, the Board feels that it would not be justified in committing itself to a procedure that would require it in every case to pass upon rates of discount established by a Federal Reserve bank on the date on which advice of the bank's action is received. With respect to your suggestion that an opportunity be afforded to discuss the matter at some appropriate time the Board will be glad to meet a committee of your directors for this purpose at any time that is convenient. 208 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS The letter was approved, by unanimous vote, for the reasons stated. Salaries of officers and employees of Federal Reserve banks during 1936. The Board considered what policy should be followed with respect to the approval of salaries at the Federal Reserve banks for 1936 and voted unanimously that a letter should be sent to all of the Federal Reserve banks expressing the view that the principles set forth in the Board's letter of January 5, 1935, to the chairman at each Federal Reserve bank should be followed with respect to salaries during the year 1936; that no increases should be made in existing salaries of officers and senior employees at Federal Reserve banks unless special circumstances clearly justified particular increases; and that no increases Should be made in the salaries of junior employees unless there had been sufficient change in the character or quantity of work performed clearly to warrant the increases. The letter of January 5, 1935, referred to, contained the statement that the Board felt that any readjustments in salaries that might be found necessary should not result in increasing the aggregate pay roll; that it would be the expectation of the Board under existing conditions that notwithstanding any increases in salaries in individual cases there would be some decrease in the total pay roll as the result of deaths, resignations, and retirements; and that it was the view of the Board that the boards of directors of the Federal Reserve banks and the Federal Reserve Board shared in the responsibility of seeing that every reasonable effort was made by the banks not only to build up the efficiency of their organizations but also to be watchful against increases in expenses which could be avoided without impairing the quality and adequacy of the service which the banks were called upon to render, as would be their duty if they were operating privately owned commercial banking institutions, and therefore that all changes in salaries as well as other expenses should be made the subject of special scrutiny in the light of this responsibility. MEETING ON SATURDAY, NOVEMBER 2 3, 19 3 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. Szymczak. Action on resolutions adopted by Federal Open Market Committee. Consideration was given to a draft of a letter to the Chairman of the Federal Open Market Committee, which had been prepared as a result of discussions during previous meetings of the Board, in regard to the resolutions adopted by the Federal Open Market Committee on October 23, 1935, and, by unanimous vote, the Board approved the following letter, for the reasons stated therein: Reference is made to the resolution adopted by the Federal Open Market Committee at its meeting on October 23, 1935, in Washington. The Board has given careful consideration to the Committee's statement about the present credit situation and the possible desirability of taking steps to absorb some of the excess reserves of member banks, either through the reduction of the System's POLICY ACTIONS—BOARD OF GOVERNORS 209 portfolio of Government securities, or through the raising of member bank reserve requirements. In view of the Committee's observations, with which the Board concurs, that there is nothing in the business or credit situation which at this time necessitates the adoption of any policy designed to retard credit expansion, and that the primary objective of the System at the present time is still to lend its efforts to a furtherance of recovery, the Board feels that it would not be timely to undertake at this stage of business recovery any measure for the absorption of excess reserves. The Board is alive to the injurious consequences that will be caused by the excess reserves if they are permitted to go uncontrolled beyond the point where it will become reasonably clear that further pursuit of the policy followed thus far by the Federal Reserve System during the depression will be attended with economic hazards to the country which the System could not safely assume. When and as that point approaches the Board will act. A preliminary study has been made of the possible effects on the position of member banks of any change in reserve requirements that might be made by the Board. A summary of the results of this study, as presented by the Division of Bank Operations, is attached. The authority granted in the motion adopted by the Federal Open Market Committee at its meeting with respect to the purchase and sale (which it is understood would include allowing maturities to run off without replacement) of Government securities by the executive committee, is in the same form as that approved by the Federal Open Market Committee at its meeting on May 27, 1935, and, inasmuch as it provides that before any purchases or sales are made by the executive committee telegraphic approval of a majority of the Federal Open Market Committee and the approval of the Board will be obtained, there appears to be no necessity for the Board to take action on the authority at this time. However, the Board will hold itself in readiness to consider any action proposed by the executive committee with the approval of a majority of the Federal Open Market Committee, as provided in the motion. The second motion adopted by the Federal Open Market Committee authorizes the executive committee to make shifts of maturities of Government securities in the System account up to $300,000,000, provided that the amount of securities maturing within 2 years be maintained at not less than $1,000,000,000 and that the amount of bonds in the account be not over $500,000,000. The Board has carefully considered the reasons given for the adoption of this motion, but feels that a substantial shift in maturities of securities held in the account would not be desirable at this time. Therefore, the Board approves the authority given to the executive committee only to the extent necessary to enable the committee to replace securities maturing between now and the date of the next meeting of the Federal Open Market Committee which will be held sometime before the end of the current year in compliance with the requirement of the law that at least four meetings be held each year. 210 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS A copy of this letter is being forwarded to the chairman of the board of directors of each of the Fecteral Reserve banks. The resolutions of the Federal Open Markoi Committee to which reference is made in the foregoing letter art' .• r forth in the separate record of actions taken on questions of policy ijy the Federal Open Market Committee. MEETING ON TUESDAY, NOVEMBER 2 6, 19 3 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. The Board took up for discussion and consideration drafts of revisions of certain regulations which had been prepared following the enactment of the Banking Act of 1935. Regulation I—Relating to capital stock of Federal Reserve banks. Attention was directed to the fact that the Banking Act of 1935 amended existing law so as to require that when a member bank reduces its capital stock or surplus it shall surrender a proportionate amount of its holdings of Federal Beserve bank stock. It was also pointed out that, while the existing regulation of the Board requires that all applications for the issuance and cancelation of Federal Eeserve bank stock shall be approved by the Board, there is no provision of law making such action necessary except in the case of applications for admission to and withdrawal from the System. It was agreed that in addition to such changes as were necessary in order to conform to the law as amended it was desirable to simplify the procedure for handling applications by providing for their approval by the Federal Eeserve agents without sending them to Washington for such action except in the cases of applications for admission to and withdrawal from the System, as such a change in procedure would eliminate duplication of labor and consequent delays. Thereupon, by unanimous vote, the Board approved and adopted revised Regulation I—Increase or decrease of capital stock of Federal Eeserve banks and cancelation of old and issue of new stock certificates, to become effective January 1, 1936. Regulation Q—Relating to the payment of interest on deposits. The more important questions which received the consideration of the Board in connection with the draft of the revision of Eegu1 at ion Q were those relating to the maximum rates of interest the member banks would be permitted to pay on time and savings deposits ; the determination of what should be considered to be savings deposits; and the definition of the term "interest" for the purposes of the regulation. It was pointed out that the provisions of section 19 of the Federal Eeserve Act with respect to the payment of interest on deposits had been amended by the Banking Act of 1935 in a number of important respects, among which were included the granting of authority to the Board to define certain terms, to determine what should be deemed to be a payment of interest, and to prescribe such rules and regulations as the Board might deem necessary to effectuate the purpose of the section and prevent evasions thereof. POLICY ACTIONS—BOARD OF GOVERNORS 211 The Board was also required, in limiting by regulation the rate of interest which may be paid by member banks on time and savings deposits, to prescribe different rates for such payment on deposits having different maturities, or subject to different conditions respecting withdrawal or repayment, or subject to different conditions by reason of different locations or according to the varying discount rates of member banks in the several Federal Reserve districts. Prior to the consideration of the revised regulation at this meeting, the Board had consulted its general counsel and had been advised by him that the determination of different rates was not required to be based on all four of the classifications stated in the statute and that the establishment of different rates on the basis of one or more of such classifications would constitute full compliance with the law. This opinion was based in part on the fact that the four bases for prescribing different rates were separated by the disjunctive particle "or", the use of which indicated clearly an alternative or choice of one or more of such classifications and not an injunction to use all four classifications. The Board, after obtaining the comments and suggestions of the Federal Reserve banks and a committee of the American Bankers Association, reached the conclusion that it was impracticable to prescribe a schedule of two different rates based on each of the four classifications of deposits. Careful thought was given to each of these classifications and the Board decided that the classifications of deposits according to different maturities and different conditions respecting withdrawal or repayment were the most practical bases for prescribing different rates. It was the judgment of the Board that the establishment of different rates for different sections of the country would result in serious discriminations and competitive inequalities between member banks in the lower interest rate areas and member banks in the higher rate areas, which could not be justified. The maximum rate of 2y2 percent prescribed by the existing regulation had been adopted by the Board after a careful review of interest rates throughout the country and after consultation with the 12 Federal Reserve banks. The general trend of rates had been steadily downward, the interest yielded by loans and investments had been declining, and many banks were finding it necessary to make further reductions in the rates paid their depositors because of their decreased earnings. It was evident also that banks were not justified in paying as high rates of interest for time deposits having shorter maturities in view of their greater availability for withdrawal and therefore that the rates fixed by the Board on such deposits should be graduated according to maturities. Accordingly, the Board decided that the existing maximum rate of 2y2 percent per annum should be continued in the revised regulation only as to savings deposits, postal-savings deposits, and time deposits having maturities of 6 months or more or payable upon written notice of 6 months or more; that the maximum rate for time deposits having maturities of less than 6 months and not less than 90 days, or payable upon written notice of less than 6 months and not less than 90 days, should be 2 percent (except in the case of postal-savings deposits) ; and that the maximum rate should be 1 percent for time deposits having maturities, or payable upon written notice, of less than 90 days (except in the case of postal-savings deposits). 212 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS With respect to the definition of savings deposits, it had been found that two requirements of the former definition were impractical in operation, i. e., that savings deposits should consist of funds accumulated for bona-fide thrift purposes and that passbooks should be presented in all cases when withdrawals were made. Various possible definitions were considered and the conclusion was reached that a requirement that savings deposits should consist of funds of one or more individuals or of organizations operated primarily for religious, philanthropic, charitable, educational, fraternal, or other similar purposes and not operated for profit would not only provide a clear line of distinction between savings and other deposits but also would include the deposits of all classes of customers to whom the advantages of savings deposits should properly be made available. The new definition liberalized the requirement of the previous regulation that passbooks be presented whenever withdrawals are made by permitting withdrawals by authorized persons presenting the passbooks and also, without presentation of the passbook, when payments are made to depositors in person or are remitted by instruments payable to them. It was felt that this provision would enable member banks to take care of the classes of cases in which for meritorious reasons the passbooks could not be presented and at the same time prevent the continuance of the practice which had existed in some sections of the country of permitting the withdrawal of savings deposits through the use of checks, thus converting them in effect into ordinary commercial accounts and evading the statutory provision against the payment of interest on demand deposits. Prior to the enactment of the Banking Act of 1935 the Board had found it necessary to issue a number of rulings on the question whether the payment or absorption of out-of-pocket expenses should be considered as the payment of interest on deposits, and the opinion had been expressed that expenses so paid or absorbed must vary with or bear a substantially direct relation to the amount of the depositor's balance in order to be considered as the payment of interest. However, the rulings in question had resulted in confusion and uncertainty, and experience had shown that they were not adequate. The Board concluded that in order to accomplish the purpose of the law the term "interest" should be defined as a payment, credit, service, or other thing of value which is made or furnished by a bank as consideration for the use of funds constituting a deposit and which involves the payment or absorption by the bank of out-ofpocket expenses, regardless of whether such payment, credit, service, or other thing of value varies with or bears a substantially direct relation to the amount of the depositor's balance. Under this definition the payment or absorption of exchange or collection charges which involve out-of-pocket expenses would constitute the payment of interest, as careful study of the question had shown that otherwise the prohibition of the payment of interest on demand deposits would become ineffective in many cases. For these reasons and upon the basis of the conclusions as to the questions of policy involved, the Board, bv unanimous vote, approved and adopted a revised Eegulation Q relating to payment of interest on deposits, to become effective January 1, 1936. POLICY ACTTONS—BOARD OF GOVERNORS 213 Regulation D—Relating to reserves of member banks. A revision of Regulation D had become necessary not only to conform to certain changes made by the Banking Act of 1935 with respect to reserve requirements but also to harmonize the definitions of various classes of deposits with those contained in the revised Regulation Q relating to interest on deposits. In addition, various questions had arisen under the existing regulation and rulings had been made which it was felt should be taken into consideration in a revision. Among these were certain rulings permitting member banks to deduct the amount of balances payable in dollars which were due from domestic branches of foreign banks and from foreign branches of domestic banks. In this connection it was noted that the Banking Act of 1935 prohibited a member bank from deducting from gross demand deposits the amount of balances due from foreign banks, and it appeared that it would not be consistent to continue these rulings in effect. In view of the enlarged power granted the Board with respect to reserve requirements it was agreed that such changes in reserve requirements as the Board might make in the future pursuant to the Banking Act of 1935 should be incorporated in supplements to be issued from time to time instead of in amendments to the regulation. Other changes were necessitated by amendments contained in the Banking Act of 1935. Upon consideration of all these matters, Regulation D as revised, relating to reserves of member banks, was approved and adopted, by unanimous vote, to become effective January 1, 1936. Revocation of Regulation O, issued in 1915, and substitution therefor of letter containing instructions to Federal Reserve agents regarding issuance and retirement of Federal Reserve notes. Attention was called to the fact that the Board's Regulation O, entitled "Regulation for the Guidance of Federal Reserve Agents in the Matter of Issuance and Retirement of Federal Reserve Notes", had not been reissued since it was adopted in 1915; that many of the provisions of the regulation were now obsolete; that the regulation, covering the Board's instructions to the Federal Reserve agents with respect to the issuance and retirement of Federal Reserve notes, did not contain any provisions applicable to operations of member banks or to the relations of the Federal Reserve banks with member banks and the public; and that, therefore, it was desirable that Regulation O be revoked and in lieu thereof a letter containing such instructions as were necessary with respect to the issuance and retirement of Federal Reserve notes be sent to all Federal Reserve agents. For these reasons, and by unanimous vote, Regulation O was revoked and in lieu thereof a letter of instructions to all Federal Reserve agents was approved. Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Regulation O—Loans to executive officers of member banks. Prior to the Banking Act of 1935 the Board was not vested with express authority to make regulations on this subject and as a violation of the provision with respect to loans to executive officers of 214 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS member banks was a criminal offense great difficulty and uncertainty had arisen as to the meaning which should be given to the term "executive officer" and as to the conditions under which extensions of credit might be held by the courts to be prohibited loans. The Banking Act of 1935 authorized the Board to define the term "executive officer"; to determine what should be deemed to be a borrowing, indebtedness, loan, or extension of credit; and to prescribe rules and regulations to effectuate the provisions of the law in accordance with its purpose and to prevent evasions. The criminal penalties were removed as to violations occurring after the amendment and executive officers violating the law after such amendment were made subject to removal from office. Under these new powers it was clear that the Board could by regulation eliminate many of the existing uncertainties which had troubled banking officers. It was agreed that the term "executive officer" should mean the chairman of the board of directors, the president, every vice president, the cashier, secretary, treasurer, and trust officer of a member bank and, in addition, every other officer of a member bank who participates in the management of the bank or any branch thereof, regardless of whether he has an official title or whether his title contains a designation of assistant, and regardless of whether he is serving without salary or other compensation, but that the term "executive officer" should not include a director or member of a committee who is not also an executive officer within this definition. The Board realized that many banks throughout the country, particularly in the smaller communities, have what may be called honorary or inactive officers who take no part as officers in the management of the affairs of the banks, but who are elected to such offices largely for the purpose of lending the influence of their names to the institutions, and that such a definition might result in their severing their official connections with the banks or in preventing them or their interests from obtaining desired credit accommodations from the banks of w^hich they were officers. However, as such individuals are held out to the public as regular officers of the banks and as being responsible at least in part for their proper management, and as it was believed that the public would assume that the prohibitions of the law applied to them as well as to other officers, it was concluded that such officers should be included in the definition. Other provisions of the regulation were also considered necessary and appropriate to accomplish the purpose of the applicable provisions of law as amended. Upon consideration of the new Regulation O in detail, it was approved and adopted, by unanimous vote, to become effective January 1, 1936. Regulation P—Holding company affiliates—Voting permits. The Banking Act of 1935 made a substantial change in existing law by providing that the term "holding company affiliate" shall not include, except for certain limited purposes, any organization which is determined by the Board not to be engaged, directly or indirectly, as a business in holding the stock of, or managing or controlling banks. In addition, experience had shown the desirability of changes in the existing regulation in the interest of simplification and clarification of its operation. The revised Regulation P was drawn accordingly and was adopted and approved, by unanimous vote, to become effective January 1, 1936. POLICY ACTIONS—BOARD OF GOVERNORS 215 MEETING ON FRIDAY, NOVEMBER 2 9 , 193 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak, Mr. O'Connor. Action on resolution adopted by the Federal Open Market Committee. The Board gave further consideration to the resolution adopted by the Federal Open Market Committee at its meeting in Washington on October 23, 1935, which authorized the executive committee of the Federal Open Market Committee to make shifts in maturities of securities held in the System account, and the following letter to the Chairman of the Committee was approved by a unanimous vote; the reason for the Board's action being stated in the letter: Keference is made to the Board's letter of November 23, 1935, to you with regard to the resolution and motions adopted by the Federal Open Market Committee at its meeting in Washington on October 22-24, 1935. While the Board took the position that a substantial shift from short to long maturities in the System account would not be desirable at this time, the statement of this position was intended to apply only to a shift to bonds and was not intended to apply to such shifts in the maturities of the bills and notes held in the portfolio as might be advisable in the judgment of the executive committee. Therefore, the Board has requested me to advise you that it approves the authority given to the executive committee to the extent necessary to enable it, during the period before the next meeting of the Federal Open Market Committee, to make shifts, in an aggregate amount not exceeding $300,000,000, in maturities of Treasury bills and Treasury notes held in the System account. A copy of this letter is being forwarded to the chairman of the board of directors of each of the Federal Reserve banks. Before consideration was given to the following matters Mr. O'Connor had left the meeting. Regulation H—Relating to membership in the Federal Reserve System of State banking institutions. The existing Regulation H had been issued in 1930 and had not been amended or revised. Since its issuance a number of changes had been made in the provisions of law relating to State member banks of the Federal Reserve system and the standard conditions under which banks were admitted to membership had increased in number and scope. Experience had shown that the regulation and the standard conditions of membership could be greatly simplified, and as the regulation had become virtually obsolete a revision had been undertaken. For these reasons, the Board adopted and approved, by unanimous vote, the revised Regulation H, to become effective January 1, 1936. Purchase by a Federal Reserve bank from a Federal land bank of Government bonds under repurchase agreement. Consideration was given to a letter received under date of September 24, 1935, from a Federal Reserve bank, which stated that for 216 ANNUAL BEPORT OF FEDERAL RESERVE GOVERNORS many years the bank had purchased Government bonds from time to time from a Federal land bank under repurchase agreements, providing for the repurchase of the bonds within not to exceed 15 days, that the Board had previously approved such action by the bank, and that the bank desired to know whether any further action by the bank was necessary at this time. Inasmuch as the amounts of bonds purchased by the Federal Reserve bank from the Federal land bank were small, and, in most instances, the bonds were repurchased within a week, it was voted unanimously to advise the Federal Reserve bank that, under the provisions of section VI of Regulation M, Open Market Operations, approval of the Board is required for all purchases and sales by a Federal Reserve bank of Government securities for its own account (other than in an emergency) and that, in view of the fact that the securities purchased from the land bank were repurchased in most instances in less than a week, the Board granted its consent to the Federal Reserve bank to acquire Government bonds from the land bank at the request of, and for the convenience of that bank in financing its needs, under agreements obligating the land bank to repurchase the bonds within a period not exceeding 15 days in each case, provided that the aggregate principal amount of bonds embraced within the terms of such outstanding repurchase agreements shall not at any time exceed $1,500,000 and that every such transaction would be reported promptly as required by Regulation M. MEETING ON TUESDAY, DECEMBER 3 , 1935 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Question of exchange by a Federal Reserve bank of maturing United States notes for securities of a new issue carrying conversion privilege. The Board gave consideration to a letter from a Federal Reserve bank stating that the bank had a certain amount of United States notes maturing on December 15, 1935, and asking whether, in the opinion of the Board of Governors, an exchange directly with the Treasury Department of these notes for a corresponding amount of a new issue carrying the conversion privilege would be contrary to the provisions of the third paragraph of section 14 of the Federal Reserve Act, as amended. The members of the Board were of the opinion that it would be preferable for the bank to effect the exchange in the open market rather than directly with the Treasury, in order that there might be no doubt as to the procedure of the bank being fully in accord with the law, and, therefore, it was decided, by unanimous vote, to advise the Federal Reserve bank that, without regard to the determination of the legal question as to the right of a Federal Reserve bank to make such an exchange directly with the Treasury, the Board felt that as a matter of policy it would be advisable for the bank to effect the exchange in the open market. POLICY ACTIONS—BOARD OF GOVERNORS - 217 MEETING ON WEDNESDAY, DECEMBER 4, 1935 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James. Standard provisions of agreement required as condition precedent to granting general voting permits. The Board had previously addressed letters to all Federal Reserve agents setting forth seven tentative provisions which were under consideration for incorporation in an agreement which the Board proposed to require all holding company affiliates to execute as a condition to the granting of general voting permits pursuant to section 5144 of the Eevised Statutes. The Federal Reserve agents had been requested to forward to the Board their comments and criticisms, and those of the holding company affiliates in their respective districts, with respect to such tentative provisions. At this meeting, the Board's committee having supervision of voting permit matters submitted a form of agreement prepared after consideration of such comments and criticisms. This form of agreement contained seven numbered paragraphs by which the holding compan}7 affiliate would agree as follows: 1. That, as soon as practicable and, in any event, within two years from the date such voting permit is granted, the undersigned will charge off or otherwise eliminate from its assets, (a) the part of the carrying value on its books of its investments in stocks of subsidiary and/or affiliated organizations which is in excess of the adjusted value of such stocks, after effect shall have been given to the deduction of all estimated losses of such subsidiary and/or affiliated organizations, all depreciation in stocks and defaulted securities, and all depreciation in all other securities not of the four highest grades, as classified by a recognized investment service organization regularly engaged in the business of rating or grading securities, as shown by the latest available reports of examination of such organizations by the appropriate supervisory authorities and/or as shown by the latest appraisal of their assets by other examiners, auditors, or appraisers satisfactory to the designated representative of the Board of Governors of the Federal Reserve System in the district in which the undersigned is located, (b) (i) all depreciation in its other stocks and in its defaulted securities, (it) all depreciation in its securities not of the four highest grades as classified by a recognized investment service organization regularly engaged in the business of rating or grading securities, (in) all losses in all its other assets—all as shown by the latest available reports of examination by the appropriate supervisory authorities and/or as shown by the latest appraisal of assets by other examiners, auditors, or appraisers satisfactory to the designated representative of the Board of Governors of the Federal Reserve System in the district in which the undersigned is located, 56048—36 15 218 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS (c) all its other known losses; 2. That the undersigned will take such action within its power as may be necessary to cause each of its subsidiary State banking institutions to charge off or otherwise eliminate from its assets as soon as practicable and, in any event, within two years from the date such voting permit is granted, (a) all estimated losses in loans and discounts, (6) all depreciation in stocks and defaulted securities, (c) all depreciation in securities not of the four highest grades, as classified by a recognized investment service organization regularly engaged in the business of rating or grading securities, (d) all other losses, all such charge-offs or eliminations to be based upon the latest available reports of examination by the appropriate supervisory authorities and/or as shown by the latest appraisal of assets by other examiners, auditors, or appraisers satisfactory to the designated representative of the Board of Governors of the Federal Reserve System in the district in which such institution is located; 3. That the undersigned will take such action within its power as may be necessary to cause each of its subsidiary banking institutions to maintain a sound financial condition and to cause the net capital and surplus funds of each such subsidiary banking institution to be adequate in relation to the character and condition of its assets and to the deposit liabilities and other corporate responsibilities of such subsidiary banking institution; 4. That the undersigned will take such action within its power as may be necessary to cause each subsidiary national bank or affiliate thereof to comply with the recommendations or suggestions of the Comptroller of the Currency based upon any report of examination of such bank or affiliate made to him pursuant to authority conferred by law and to comply with the regulations or requirements of the Board of Governors of the Federal Reserve System made pursuant to authority vested in it by law; 5. That the undersigned will take such action within its power as may be necessary to cause each subsidiary State bankinginstitution or organization affiliated therewith to comply with the recommendations or suggestions of the Board of Governors of the Federal Reserve System or its designated representative in the district in which the institution is located based upon any report of examination of such institution or affiliated organization made pursuant to authority conferred by law and to comply with the regulations or requirements of the Board of Governors of the Federal Reserve System made pursuant to authority vested in it by law; 6. That the undersigned will take all necessary action within its power to prevent any of its subsidiary banks and any other banks with which the undersigned or any of its subsidiaries is affiliated from hereafter making, any loans or extensions of credit to, or purchases of securities under repurchase agreements f romr the undersigned or any of its subsidiaries or any other organizations with which the undersigned or any of its subsidiaries is affiliated, or any investments in, or advances against, securities of the undersigned or any of its subsidiaries or any other organizations with which the undersigned or any of its subsidiaries is POLICY ACTIONS—BOARD OF GOVERNORS 219 affiliated, except within the same limitations and subject to the same conditions and provisions as are applicable under section 23A of the Federal Keserve Act to such transactions involving member banks and their affiliates; 7. That the management of the undersigned will be, and the undersigned will take such action within its power as may be necessary to cause the management of each of its subsidiaries to be, conducted under sound policies governing its financial and other operations, including statements issued relating" thereto; that the undersigned will maintain a sound financial condition; that its net capital and surplus funds shall be adequate in relation to the character and condition of its assets and to its liabilities and other corporate responsibilities; and that, except with the permission of the Board of Governors of the Federal Keserve System, it shall not cause or permit any change to be made in the general character of its business or investments. Such form of agreement also contained four lettered paragraphs setting forth certain interpretative or qualifying understandings as follows: A. In determining the amount of depreciation in securities owned by the undersigned or by any of its subsidiary or affiliated organizations, appreciation in securities owned by any such organization may be offset against depreciation in securities owned by the same organization, provided that such appreciation shall first be offset against depreciation in securities of the four highest grades owned by such organization, as classified by a recognized investment service organization regularly engaged in the business of rating or grading securities. B. Whenever, under the terms of this agreement, any amounts are required tc be charged off or otherwise eliminated, this agreement shall be deemed to have been complied with to the extent of any valuation reserve that may be set up for the securities or other assets involved; provided that, in all reports and published statements of condition, the amount of such reserves be deducted from the respective assets against which they are allocated. C. Whenever the stock of any of its subsidiary or affiliated organizations is carried on the books of the undersigned at less than its adjusted value, as determined in accordance with the foregoing clause numbered 1, nothing in this agreement shall prevent the undersigned from increasing the amount at which such stock is carried on its books to an amount not exceeding such adjusted value. D. In case any dispute arises with any designated representative of the Board of Governors of the Federal Reserve System as to compliance with the terms of this agreement and such dispute involves disagreement with respect to any appraisal or valuation by any examiner, auditor or appraiser, or any recommendation or suggestion of such designated representative, the undersigned shall have the right to appeal to the Board for review and final determination. 220 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS The Board's committee recommended that the Board, in addition to prescribing such special conditions as it might see fit in connection with the granting of general voting permits to particular holding company affiliates, require in each case the execution by the holding company affiliate of an agreement, in the form submitted to the Board, as a condition precedent to the issuance of the permit, except that if the holding company affiliate be a national bank paragraph numbered 1 be omitted and paragraph numbered 4 be extended to apply to the holding company affiliate as well as its subsidiary national banks. It was agreed by the members of the Board that, in view of the responsibility with which the Board is charged by section 5144 of the Revised Statutes in acting upon applications of holding company affiliates for voting permits; that as the law expressly provides that the Board may in its discretion grant or withhold such permits as the public interest may require; that as the Board, in acting upon such applications, is required to consider the financial condition of the applicants, the general character of their management, and the probable effect of the granting of such permits on the affairs of the subsidiary banks; that a$ general voting permits entitle the holding company affiliates to vote for all purposes for an unlimited period of time subject to revocation of the permits; and that as voting permits are revocable only for violations of the Banking Act of 1933 or violations of agreements pursuant to section 5144 of the Revised Statutes; it is proper and desirable in granting such permits to require each holding company affiliate to execute an agreement containing certain standard provisions which, in the opinion of the Board, will be appropriate to accomplish the purposes of the law. Accordingly, the standard provisions having been carefully considered, the report of the Board's committee and the form of agreement were approved by unanimous vote. MEETING ON TUESDAY, DECEMBER 1 0 , 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James. Trust powers for small national banks in competitive situations. Consideration was given to an application received from a small national bank, having a capital and surplus of $60,000 and located in a community with a population of 5,700, for permission to exercise trust powers. The Federal Reserve agent and executive committee of the Federal Reserve bank, in submitting the application, recommended that the bank be authorized to act as administrator, executor, and guardian of estates, but made the recommendation subject to a reservation as to the question of policy involved of the advisability of granting even the limited powers recommended in any cases where the applicant institution was a small one and probably would not engage in trust business except in a minor way, the application being predicated mainly upon the desire to be on an equal competitive basis with State institutions in the same community, rather than on a desire to engage actively in fiduciary capacities. It appearing to the satisfaction of the Board that, aside from the question of policy raised, the bank was qualified to act in the fidu- POLICY ACTIONS—BOARD OF GOVERNORS 221 ciary capacities recommended, and, in view of the fact that the national bank was operating in competition with State banks in the same community, it was decided, by unanimous vote, to grant the application. MEETING ON FRIDAY, DECEMBER 1 3 , 193 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Miller, Mr. James. Retirement of preferred stock, capital notes, and debentures of State member banks. Consideration was given to the question what position should be taken by the Board with respect to the retirement of preferred stock, capital notes, and debentures issued by State member banks. Reviews made under the direction of the Board of the condition of State member banks, of which the Reconstruction Finance Corporation held preferred stock, capital notes, or debenutres, indicated that some banks were in position to retire all or part of the capital investment held by the Reconstruction Finance Corporation and still have capital in an amount adequate for the protection of depositors and other creditors, and it was believed that as recovery continued to progress and further corrections were made of the conditions which weakened the capital structure of the banks there would be other cases in which retirement of excess capital would be justified. It was decided, therefore, by unanimous vote, to send letters to all Federal Reserve agents containing the following instructions with respect to cases involving proposed reductions of preferred stock, capital notes, and debentures of State member banks: The Board requests that the Federal Reserve agents give full consideration to the capital ratio of the bank, the general type of assets held by the bank, its investment in fixed assets, quality of investment securities, trend of deposits, size and activities of trust department, competency of management, and other tangible and intangible factors bearing on the adequacy of the amount of net sound capital of the bank. The Board believes that if, after consideration of the various factors enumerated above, it appears that a bank is in a position to retire with safety part or all of the preferred stock or capital notes or debentures lield by the Reconstruction Finance Corporation or local investors, it should be permitted to do so. It has been indicated, however, that there is a tendency among some banks, in view of improving conditions and a surplus of liquid assets, to retire prematurely part of the capital structure and the Board is strongly of the opinion that such action should not be taken until it is clearly demonstrated that the capital proposed to be retired is no longer needed for the protection of the depositors or in the conduct of the bank's business. It is, of course, desirable that local investors acquire as early as possible the Reconstruction Finance Corporation's holdings of capital in banks. While the Board does not feel that it would be advisable at this time for the Federal Reserve agents to undertake a campaign to promote such transfers to local interests, it desires that such action be encouraged in particular cases when such transfers appear to be practicable. 222 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS MEETING ON TUESDAY, DECEMBER 17, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Publication of reports of condition of State member banks. Consideration was given to a letter from a Federal Reserve agent to the effect that the State Banking Commissioner and the State member banks in his State desired to work out some arrangement whereby the requirements of both State and Federal law could be satisfied by the publication on the part of the banks of only one form of report at each call for reports of condition; and that the State Banking Commissioner wished to know whether, in the event the State form were revised in such manner that it would be identical with the form approved by the Board of Governors for State member banks, the Board would be willing to accept one publication as covering Federal as well as State requirements. As the members of the Board felt that the unnecessary preparation and publication of reports should be avoided wherever possible and that one publication should be sufficient to satisfy both State and Federal requirements if the form of the two reports were identical, it was decided, by unanimous vote, to authorize the Federal Reserve agent to advise the State Banking Commissioner that, if and when the form of condition report prescribed for State banks in his State by the State Banking Department is identical with the corresponding form prescribed by the Board, the Board will be glad to accept a single publication of reports of condition rendered to the State Banking Department pursuant to the requirements of State law and to the Federal Reserve bank pursuant to the requirements of the Federal Reserve Act, provided the following words appear in the publication report immediately above the caption "Assets": "Published in accordance with calls made by the State Banking Commissioner of and the Federal Reserve bank of this district." MEETING ON WEDNESDAY, DECEMBER 18, 193 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr, Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Investment by member banks of trust funds in insured mortgages. Consideration was given to a draft of a letter to a Federal Reserve agent which had been prepared in response to an inquiry from him, and following several conferences by members of the Board's staff with representatives of the Federal Housing Administration, with regard to the possible investment of trust funds held by a member bank in mortgages insured under title I I of the National Housing Act. The letter referred to a copy of a circular forwarded to the Board by the Federal Reserve agent which had been addressed to financial institutions by the Federal Housing Administration and which specifically stated that it was not to be construed as permitting the pooling of insured mortgages in the hands of a trustee for the purpose of issuing participation certificates or other such evidences of POLICY ACTIONS—BOARD OF GOVERNORS 223 interest. The letter stated that the authority of a member bank to invest trust funds in mortgages or other securities depended upon the terms of the particular trust instruments, court orders, and State laws; that a bank, however, should, of course, exercise proper discretion within the limits thus prescribed and act at all times in accordance with the principles of sound trust practices governing the investment of trust funds with careful consideration of the needs of each particular trust; and that, within the above considerations, first mortgages, including mortgages insured under title I I of the National Housing Act, would constitute a proper investment for trust funds. The letter also stated that it was understood that the Federal Housing Administration contemplated that institutions exercising fiduciary powers would conform to the fundamental principles of trust administration in connection with insured mortgages; that in a letter which the Federal Housing Administration had forwarded to institutions to which had been forwarded tentative drafts of proposed trust agreements by the Federal Housing Administration it was stated that it was essential that all trust agreements be prepared in accordance with recognized trust practices and that this basic principle, obviously, could in no way be affected simply by reason of the inclusion of insured mortgages in the corpus of any trust, and that it was believed that the enclosed letter from the Federal Housing Administration disposed of the questions raised by the agent relative to the applicability of fundamental principles of trust administration to the investment of trust funds in insured mortgages. The letter was approved, by a unanimous vote, for the reasons stated. MEETING ON WEDNESDAY, DECEMBER 18, 193 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak; and Governors Young, Harrison, N orris, Fleming, Seay, Newton, Schaller, Martin, Geery, Hamilton, McKinney, and Calkins, members of the Federal Open Market Committee. Adoption of statement on open-market policy. Chairman Harrison, of the Federal Open Market Committee, submitted the following recommendation which he reported had been adopted by the Committee at its meeting earlier in the day after a thorough review of the present business and credit situation: The Committee has considered the preliminary memorandum and a memorandum on excess reserves and Federal Reserve policy and has discussed various aspects of the credit situation. The Committee finds that continued improvement has been made in business and financial conditions since its last meeting but the country is still short of a full recovery, and there does not appear to be anything in the situation which makes it necessary for the Reserve System now to reverse its policy of easy money. It is still the unanimous opinion of the Committee that the primary objective of the Reserve System should be to lend its efforts toward the furtherance of recovery. 224 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS It is the view of the Committee, however, that the amount of excess reserves of member banks constitutes a source of danger for the reasons expressed in the reports before the Committee at its October meeting and those considered at this meeting. The Committee believes, therefore, that action should be taken as soon as possible without undue risk to absorb a part of these excess reserves as a safeguard against possible dangers, and not as a policy of credit restraint. Two principal methods of accomplishing this have been discussed by the Committee: (a) Permitting the present system holdings of Treasury bills to mature without replacement, and (b) raising reserve requirements. Some of the members of the Committee would prefer the employment of method (a) and others would prefer method (b). Those members of the Committee who prefer method (&), that is, the reduction of holdings of short-term Government securities by the system, are so strongly of the opinion that some early action should be taken that they join with those members favoring method (5), an increase in reserve requirements, in a recommendation that the Board of Governors of the Federal Reserve System should consider some early and substantial increase in the present reserve requirements of member banks which were fixed at a time when the gold base of the country was substantially lower than it is now. The Committee refrains from recommending or suggesting any precise time or percentage of . increase or the classes of banks to be affected believing that the time or amount and character of action would, of course, have to be determined by the Board of Governors in the light of all the conditions as they appear at the time action is actually taken, not only business and credit conditions but also the banking situation particularly as it may be affected by the Government's fiscal policy. Following a recess, during which the matter was further discussed by the members of the Board in a separate session, the joint meeting was resumed and, by unanimous vote of the members of the Board and of the Committee, the following statement was approved for the reasons stated therein and authority was given to release it for immediate publication: The Board of Governors of the Federal Reserve System and the Federal Open Market Committee have given extended consideration to the general business and credit situation and to the recommendation of the Federal Advisory Council and are of the opinion: 1. That continued improvement has been made in business and financial conditions but that the country is still short of a full recovery. 2. That the primary objective of the System at the present time is still to lend its efforts to a furtherance of recovery. 3. That there is at the present time no evidence of overexpansion of business activity or of the use of business credit. POLICY ACTIONS—BOARD OF GOVERNORS 225 4. That the present volume of member bank reserves, which have been greatly increased by imports of gold from abroad, continues to be excessive, far beyond the present or prospective requirements of credit for sound business expansion. Therefore, the special problem created by the continuing excess of reserves has had and will continue to have the unremitting study and attention of those charged with the responsibility for credit policy in order that appropriate action may be taken as soon as it appears to be in the public interest. MEETING ON THURSDAY, DECEMBER 19, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Determination of the fair value of the assets of member banks. Consideration was given to a letter from the Reconstruction Finance Corporation inquiring whether the Board would be willing to designate a person or persons to determine the fair value of the assets of a State member bank, in accordance with a proposed amendment to the charter of the bank which would provide that the determination of the fair value of the assets of the bank for the purposes mentioned below, unless otherwise provided for, should be made by such person or persons as might be designated to make the same by the Board of Governors of the Federal Reserve System, that it should be based upon the last available report of examination of the bank made under the direction of or approved by the Board of Governors, that it should be in writing and filed with the corporation, and that it should be effective until the filing of another such determination. The provision for the determination of the fair value of the assets of the bank was made in view of other sections of the proposed amendment to the charter which restricted the payment of dividends on preferred stock "B" and common stock and gave special voting rights to the holders of the "A" and "B" preferred stock in the event the fair value of the assets of the bank should be less than specified amounts. It appeared that the procedure to be established in this case might serve as a precedent in other similar cases in which the corporation was interested. The members of the Board felt that the Board was the logical supervisory body to undertake the performance of the function requested by the Reconstruction Finance Corporation and, by unanimous vote, it was decided to advise the Reconstruction Finance Corporation that the Board would be willing to designate a person or persons to make a determination of the fair value of the assets of the bank as provided in the proposed amendment, it being assumed that a request for the determination of the fair value of the assets of the bank as provided in the amendment would not be made until there was reason to believe that the fair value of the assets was sufficient to permit the payment of dividends or until a question arose as to the voting rights of the respective classes of stock. 226 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS MEETING ON FRIDAY, DECEMBER 2 0, 193 5 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Discontinuance of issue of Federal Reserve notes of the series of 1928. The Board had received a letter dated December 13 from the Secretary of the Treasury stating that it was the view of the Treasury that the issuance of new Federal Reserve notes of the 1928 series which bear on their face the w^ords "redeemable in gold" should be discontinued by the Federal Reserve banks as soon as a sufficient stock of Federal Reserve notes of the 1934 series is available to meet current requirements of the respective banks; that it was contemplated that instructions would be issued to the Director of the Bureau of Engraving and Printing to cease delivery of Federal Reserve notes of the 1928 series and to cease working on any such notes as might be in process of completion; but that prior to taking such action it would be appreciated if the Board would communicate with the Federal Reserve banks and inform the Secretary of the Treasury whether the procedure proposed would be satisfactory. It was further stated that if this procedure should be followed the Secretary of the Treasury would submit to the appropriate committees in Congress the question of making, at the next session of Congress, an appropriation to defray the cost of printing notes to replace the existing stocks of unissued notes of the 1928 series, the cost of shipping notes to the Federal Reserve banks to replace notes of the old series, and the cost of returning to Washington and the destruction of the old series notes. At a meeting of the Governors of the Federal Reserve banks at Washington on December 17, the proposed procedure was considered and approved and a draft of a reply for the consideration of the Board of Governors was approved containing the following statements : After discussing this matter the Governors advised the Board that they are in accord with the procedure set forth in your letter, with the understanding that, if Congress does not at the forthcoming session authorize the Treasury to replace the stock of new Federal Reserve notes of the 1928 series, the question as to whether the Federal Reserve banks should resume paying out notes of the 1928 series will be given consideration promptly after the adjournment of Congress. It is understood, of course, the acquiescence of the Board and the Federal Reserve banks at this time in the program outlined in your letter will not in any way prejudice the right of the Federal Reserve banks to resume the paying out of the existing stock of notes of the 1928 series in case the Treasury Department is not authorized to replace this stock with notes of the 1934 series. At this meeting of the Board of Governors the proposed reply to the Secretary of the Treasury was considered. It was pointed out that the ninth paragraph of section 16 of the Federal Reserve Act provides that Federal Reserve notes shall be in form and tenor as directed by the Secretary of the Treasury, and, by unanimous vote, the proposed reply to the Secretary of the Treasury was approved. POLICY ACTIONS—BOARD OF GOVERNORS 227 MEETING ON SATURDAY, DECEMBER 2 1 , 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas. Vice Chairman; Mr. Hamlin, Mr. James, Mr. Szymczak. Financing of shipments of goods to belligerent nations. The members of the Board voted unanimously to approve, for the reasons stated therein, the following letter to the Governor of the Federal Eeserve Bank of New York, which had been prepared as a result of a discussion at a previous meeting: Following receipt of your letter of November 6, 1935, with respect to the financing of shipments of goods to belligerent nations, a copy thereof was sent to the Secretary of State, with a request for an expression of his views concerning the position taken in your letter. A reply was received from the Secretary of State under date of November 30, 1935, a copy of which is attached, together with copies of the enclosures mentioned therein. It will be noted that the Secretary of State refers to the enclosed statements by the President and the Secretary as setting forth the purpose and policy of the Government in respect to commercial transactions with the belligerents; that he does not feel that he can undertake to amplify these statements at this time or to issue a special ruling in respect to any particular case; and that it is assumed that all agencies of the Government and all semigovernmental agencies will wish to conform their action to the policy set forth in the statements. It will also be noted that in the statement of November 15, 1935, reference is made to shipments of goods which are considered to be essential war materials as a class of trade which is directly contrary to the policy of the Government, and that the Secretary states in his letter that the policy with regard to these abnormal shipments of primary war materials flowed naturally from the general purpose and policy of the Government as expressed in earlier statements. The Board suggests that, if other inquiries similar to the one referred to in your letter be received by your bank, you reply by forwarding copies of the statements issued by the President and the Secretary of State as announcing the policy of the Government, and that you state that you are informed that the State Department advised the Board that it did not feel that it could undertake to amplify these statements at this time or to issue a special ruling in respect to any particular case. The Board feels that the only proper course for the Federal Reserve System to follow is to cooperate with the Government in carrying out its announced policy in this matter and believes that the banks of the Federal Eeserve System will agree with the Board. It is not improbable, unless the situation should improve materially, that questions involving not only the attitude of the Federal Reserve System but also the exercise of the discount functions of the Federal Reserve banks may arise. It is the feeling of the Board that such matters might well be left to be dealt with when the occasion for their consideration ap 228 ANNTJAL REPORT OF FEDERAL RESERVE GOVERNORS pears, in which event the Board will expect that these questions be brought to its attention. Copies of this letter are being sent to the Chairmen of all Federal Reserve banks and to the Secretary of State. MEETING ON MONDAY, DECEMBER 2 3, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr, Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Waiver of reports of affiliates of State member banks. Consideration was given to a draft of a letter to the Federal Reserve agents at all Federal Reserve banks transmitting forms and instructions for use in connection with the next call for condition reports of State member banks and enclosing the following statement of provisions with regard to the waiver of reports of affiliates of member banks which would supersede the waiver provisions previously in effect: Pursuant to section 21 of the Federal Reserve Act, as amended, the Board of Governors of the Federal Reserve System waives the requirement for the submission of reports of affiliates (other than of holding-company affiliates, as defined in section 2 (c) of the Banking Act of 1933, as amended) of State bank members of the Federal Reserve System, except: (a) When indebtedness, if any, of the affiliate to the member bank has been carried for more than 6 months in the 12 months preceding the report date as an asset on the bank's books at a value in excess of 1 percent of the bank's capital and surplus, or $5,000, whichever is the smaller, regardless of whether the affiliate is so indebted on the report date. (b) When, on the report date, the affiliate is indebted to the member bank, or the member bank owns obligations of, or stock or other evidences of ownership in, the affiliate, and the aggregate amount of such indebtedness, obligations, stock, or other evidences of ownership is carried as an asset on the bank's books at a value in excess of 1 percent of the member bank's capital and surplus, or $5,000, whichever amount is the smaller. The Board of Governors of the Federal Reserve System also waives the requirement for the submission of reports of affiliates in all cases where the affiliate relationship is based solely on ownership or control of any voting shares of the affiliate by a member bank as executor, administrator, trustee, receiver, agent, depositary, or in any other fiduciary capacity, except where such shares are held for the benefit of all or a majority of the stockholders of such member banks. The above provisions with respect to the waiving of the requirements for submission of reports of affiliates are subject to change whenever deemed advisable by the Board of Governors of the Federal Reserve System in order to require the submission of reports which are necessary to disclose fully relations POLICY ACTIONS—BOARD OF GOVERNORS 229 between member banks and their affiliates and the effect thereof upon the affairs of member banks. The foregoing statement of waiver provisions was approved by unanimous vote in order to carry into effect in a practical manner the purpose of the last paragraph of section 21 of the Federal Reserve Act which authorizes the Board to waive the requirement for reports of affiliates of State member banks with respect to any report of any affiliate if in the judgment of the Board such report is not necessary to disclose fully the relations between the affiliate and the member bank and the effect thereof upon the affairs of such bank. MEETING ON FRIDAY, DECEMBER 2 7, 1935 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Insured mortgages excepted from provisions of condition of membership re* garding issuance and sale of evidences of indebtedness representing real estate loans. The Board had previously granted a request from a State member bank that mortgages insured under the National Housing Act be excepted from the provisions of a condition of membership, numbered 12, to which the bank was subject, which reads as follows: Such bank shall not engage as a business in issuing or selling, either directly or indirectly (through affiliated corporations or otherwise), notes, bonds, mortgages, certificates, or other evidences of indebtedness representing real-estate loans or participations therein, either with or without a guarantee, endorsement, or other obligation of such bank or an affiliated corporation. In adopting Regulation H as revised, effective January 1, 1936, the Board had incorporated a provision to the effect that a similar standard condition of membership, numbered 3, which was prescribed in the regulation, should not apply to the sale of mortgages insured under the National Housing Act. In view of the conditions under which mortgages may be insured under the National Housing Act and in view of the foregoing decisions of the Board it was decided, by unanimous vote, to request the Federal Reserve agents at all Federal Reserve banks to advise all State members in their respective districts which were subject to the condition of membership quoted above, or any condition to the same general effect, that it would not be treated as applying to the sale of mortgages insured under the National Housing Act. MEETING ON SATURDAY, DECEMBER 2 8, 19 35 Present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Deferment of effective date of subsection 1 (f) of Regulation Q. Attention wTas directed to the fact that subsection (f) of section 1 of the Board's Kegulation Q, which had been issued to become effective January 1, 1936, with regard to the payment by member banks of interest on deposits contained among its provisions a definition of 230 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS interest which included the absorption by member banks of exchange and collection charges involving out-of-pocket expenses; that a number of banking institutions and banking officials had advised members of the Board that in the absence of a similar provision in the new regulations to be issued by the Federal Deposit Insurance Corporation pursuant to the Banking Act of 1935 insured nonmember banks would be given a material advantage in soliciting business which would constitute a serious handicap and source of embarrassment to member banks in view of the provisions of the Board's regulations: and that the suggestion had been made that pending the issuance of the new regulations of the Federal Deposit Insurance Corporation the Board defer the effective date of this particular provision of its regulation. The Board agreed that the request was justified in the circumstances. It was decided, therefore, by unanimous vote, to defer the effective date of subsection (f) of section 1 of Regulation Q of the Board of Governors which had been issued effective January 1, 1936, until further action by the Board and to send a telegram to the Federal Reserve agents at all Federal Reserve banks requesting them to advise all member banks in their respective districts without delay that, pending action by the Federal Deposit Insurance Corporation on its regulation relating to the payment of interest on deposits by insured nonmember banks, the Board deferred, until such date as might be fixed by further action of the Board, the date upon which the subsection designated above would become effective, all other provisions of Regulation Q becoming effective on January 1, 1936. RECORD OF POLICY ACTIONS—FEDERAL OPEN MARKET COMMITTEE The following is a copy of record of actions by the Federal Open Market Committee on questions of policy, required by the last paragraph of section 10 of the Federal Reserve Act, as amended by the Banking Act of 1935, to be kept by the Board of Governors of the Federal Reserve System: MEETINGS ON OCTOBER 22-24, 1935 There were present: Mr. Harrison, Chairman of the Federal Open Market Committee and Governor of the Federal Reserve Bank of New York; Messrs. Young, Norris, Fleming, Seay, Newton, Schaller, Martin, Geery, Hamilton, and Calkins, Governors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and San Francisco, respectively; Mr. Gilbert, Deputy Governor of the Federal Reserve Bank of Dallas; and Mr. Burgess, Secretary of the Federal Open Market Committee and Deputy Governor of the Federal Reserve Bank of New York. After a review of business and credit conditions the Committee, by unanimous vote, adopted the following resolution. The reasons for the Committee's action are set forth in the resolution: The Committee reviewed the preliminary memorandum submitted by the Chairman and discussed at length business and credit conditions and the banking position in relation to them. It was the unanimous opinion of the Committee that the primary objective of the System at the present time is still to lend its efforts towards the furtherance of recovery. While much progress has been made, it cannot be said that business activity on the whole is yet normal, or that the effects of the depression are yet overcome. Statistics of business activity and business credit -activity, both short and long term, do not show any undue expansion. In these circumstances, the Committee "was unanimously of the opinion that there is nothing in the business or credit situation which at this time necessitates the adoption of any policy designed to retard credit expansion. But the Committee cannot fail to recognize that the rapid .growth of bank deposits and bank reserves in the past year and a half is building up a credit base which may be very difficult to control if undue credit expansion should become evident. The continued large imports of gold and silver serve to increase the magnitude of that problem. Even now actual reserves of member banks are more than double their requirements, and there is no evidence of a let-up in their growth. That being so, the Committee is of the opinion that steps should be taken by the Reserve 231 232 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS System as promptly as may be possible to absorb at least some of these excess reserves, not with a view to checking some further expansion of credit, but rather to put the System in a better position to act effectively in the event that credit expansion should go too far. Two methods of absorbing excess reserves have been discussed by the Committee: (a) the sale of short-term Government securities by the Federal Reserve System, and (&) the raising of reserve requirements. While the Committee feels that method (a), if employed, would have the dual effect of absorbing excess reserves and improving the position of the Eeserve banks, nevertheless, there are two risks in this method, First, that it may be a shock to the bond market, inducing sales of securities by banks all over the country; second, that however it may be explained publicly, it may be misconstrued by the public as a major reversal of credit policy, since this method has never been employed except as a means of restraint, which is not desired at this time. A majority of the Committee is opposed to the sale of Government securities at this time, believing that its advantages do not now justify the risks involved in this method of dealing with the subject. There are also risks incident to method (i)—raising reserve requirements. This method of control is new and untried and may possibly prove at this time to be an undue and restraining influence on the desirable further extension of bank credit. The Committee feels, therefore, that before this method of dealing with the problem of excess reserves is employed, it would be wise for the Board of Governors of the Federal Reserve System to make a thorough study, through the 12 Federal Reserve banks, of the amount and location of excess reserves by districts and by classes of banks, in order thus to determine whether, or to what extent if at all, an increase in reserve requirements might interfere with the extension of loans and investments of member banks. In view of the monetary powers now possessed by the Treasury, the Committee is impressed with the importance of advising with the Treasury relative to any steps that may be taken by the Reserve System in order as far as possible to insure reasonable coordination of action. Furthermore, the Committee recognizes the possible dangers of the public misunderstanding of any action which may be taken in this matter, and would favor a careful public statement before action is taken. In making these suggestions to the Board of Governors regarding reserve requirements, the Committee recognizes that it is going somewhat beyond its own immediate jurisdiction, but it has found it impossible to consider open-market operations independently from the whole credit situation and other Federal Reserve policies. After discussion it was agreed that the authority previously granted to the executive committee of the Federal Open Market Committee to make shifts of maturities in the system open-market account should POLICY ACTIONS—FEDEKAL OPEN MARKET COMMITTEE 233 be continued, as necessary in the proper administration of the account, to enable the executive committee to replace maturities from time to time and to make shifts in maturities to meet changing market conditions. Therefore, it was unanimously Voted, that superseding previous authorizations, the executive committee be authorized to make shifts between maturities of Government securities up to $300,000,000, provided that the amount of securities maturing within two years be maintained at not less than $1,000,000,000, and that the amount of bonds be not over $500,000,000. It was also agreed that authority should be given to the executive committee to buy or sell (which would include authority to allow maturities to run off) securities for System account up to a certain amount, in order that the committee might be in a position to act promptly if circumstances not now foreseen should make action appear desirable before a further meeting of the full committee. Therefore, it was unanimously Voted, that the executive committee be authorized to buy or sell up to $250,000,000 of Government securities subject to telegraphic approval of a majority of the Federal Open Market Committee and the approval of the Board of Governors of the Federal Reserve System. MEETINGS ON DECEMBER 1 7 - 1 8 , 19 35 There were present: Mr. Harrison, Chairman of the Federal Open Market Committee and Governor of the Federal Reserve Bank of New York; Messrs. Young, Noras, Fleming, Seay, Newton, Schaller, Martin, Geery, Hamilton, McKinney, and Calkins, Governors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco, respectively; Mr. Burgess, Secretary of the Federal Open Market Committee and Deputy Governor of the Federal Reserve Bank of New York. After a joint discussion with the members of the Board of Governors of the Federal Reserve System on business and credit conditions and various aspects of credit policy, and after consideration of a preliminary memorandum on credit conditions and a memorandum on excess reserves and Federal Reserve policy presented by the chairman, and after extended discussion of various proposals including a resolution by the Federal Advisory Council, the committee by an 8 to 4 vote adopted the following resolution: The Committee has considered the preliminary memorandum and a memorandum on excess reserves and Federal Reserve policy and has discussed various aspects of the credit situation. The Committee finds that continued improvement has been made in business and financial conditions since its last meeting but the country is still short of a full recovery and there does not appear to be anything in the situation which makes it necessary for the Reserve System now to reverse its policy of easy money. It is still the unanimous opinion of the Committee that 56048—36 16 234 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS the primary objective of the Reserve System should be to lend its efforts toward the furtherance of recovery. It is the view of the Committee, however, that the amount of excess reserves of member banks constitutes a source of danger for the reasons expressed in the reports before the Committee at its October meeting and those considered at this meeting. The Committee believes, therefore, that action should be taken as soon as possible without undue risk to absorb a part of these excess reserves as a safeguard against possible dangers, and not as a policy of credit restraint. Two principal methods of accomplishing this have been discussed by the Committee: (a) Permitting the present system holdings of Treasury bills to mature without replacement, and (b) raising reserve requirements. Some of the members of the Committee would prefer the employment of method (a) and others would prefer method (b). Those members of the Committee who prefer method (a), that is, the reduction of holdings of short-term Government securities by the system, are so strongly of the opinion that some early action should be taken that they join with those members favoring method (b), an increase in reserve requirements, in a recommendation that the Board of Governors of the Federal Reserve System should consider some early and substantial increase in the present reserve requirements of member banks which were fixed at a time when the gold base of the country was substantially lower than it is now. The Committee refrains from recommending or suggesting any precise time or percentage of increase or the classes of banks to be affected, believing that the time or amount and character of action would, of course, have to be determined by the Board of Governors in the light of all the conditions as they appear at the time action is actually taken, not only business and credit conditions but also the banking situation particularly as it may be affected by the Government's fiscal policy. The vote on this resolution was as follows: Yes, Governors Harrison, Fleming. Norris, Seay, Schaller, Geery, Hamilton, McKinney; No, Governors Young, Newton, Martin, Calkins. After discussion it was agreed that authority voted to the executive committee of the Federal Open Market Committee at two previous meetings to make shifts of maturities in the System open market account, should be continued, as necessary in the proper administration of the account to enable the executive committee to replace maturities from time to time and to make shifts in maturities to meet changing market conditions. With respect to the amount of authority which the committee should have in shifting from shorter maturities to bonds it was agreed that some limited authority was advisable in order to deal with any market situation that might arise. It was therefore unanimously Voted, that superseding previous authorizations, the executive committee be authorized to make shifts between maturities of Government securities up to $300,000,000, provided that the amount of securities maturing within two years be maintained POLICY ACTIONS FEDERAL OPEN MARKET COMMITTEE 235 at not less than $1,000,000,000 and that the amount of bonds be not over $300,000,000. It was also agreed that authority should be given to the executive committee to buy or sell (which would include authority to allow maturities to run off) securities for System account within limits as to amount, in order that the committee might be in a position to act promptly if circumstances not now foreseen should make action appear desirable before a further meeting of the full committee. It was therefore unanimously Voted, that the executive committee be authorized to buy or sell up to $250,000,000 of Government securities, subject to telegraphic approval of a majority of the Federal Open Market Committee and the approval of the Board of Governors of the Federal Reserve System. DIRECTORY OF THE FEDERAL ADVISORY COUNCIL, (Dec. 31, 1935) OFFICERS President, WALTER W. SMITH Vice President, HOWARD A. L0E3 Secretary, WALTER LICHTENSTEIN EXECUTIVE COMMITTEE WALTER W. SMITH Howard A. LOEB THOMAS M. STEELE JAMES H. PERKINS H. LANE YOUNG W. T. KEMPER MEMBERS District No. 1.—THOMAS M. STEELE, president, First National Bank & Trust Co. of New Haven, Conn. District No. 2.—JAMES H. PERKINS, chairman, The National City Bank of New York, N. Y. District No. 3.—HOWARD A. LOEB, chairman, Tradesmens National Bank & Trust Co., Philadelphia, Pa. District No. 4.—ARTHUR E. BRAUN, president, Farmers Deposit National Bank, Pittsburgh, Pa. District No. 5.—CHARLES M. GOHEN, president, First Huntington National Bank, Huntington, W. Va. District No. 6.—H. LANE YOUNG, vice president and executive manager, The Citizens and Southern National Bank, Atlanta, Ga. District No. 7.—SOLOMON A. SMITH, president, The Northern Trust Co., Chicago, District No. 8.—WALTER W. SMITH, president, First National Bank in St. Louis, Mo. District No. 9.—THEODORE WOLD, president, Northwestern National Bank and Trust Co., Minneapolis, Minn. District No. 10.—W. T. KEMPER, chairman, Commerce Trust Co., Kansas City, Mo. District No. 11.—JOSEPH H. FROST, president, Frost National Bank, San Antonio, Tex. District No. 12.—M. A. ARNOLD, president, First National Bank of Seattle, Washington. RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM NOVEMBER 21, 1935 TOPIC N O . 1.—Open-market operations and the excess reserves. RECOMMENDATION.—The Federal Advisory Council, in view of the fact that it has been advised by the Chairman of the Board of Governors of the Federal Reserve System that the Board does not have the authority to initiate open-market operations, requests the Board to submit the following recommendation to the Open Market Committee and to call for that purpose a special meeting of said committee at an early date. The Federal Advisory Council of the Federal Reserve System has received the communication of the Board of Governors of the System, 236 RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL 237 wherein reference is made to the statement of the Council made to the Board at its meeting of September 24, 1935, concerning the amount of Government securities held by the System, which has not varied for a long time, and calling the attention of the Board to the basic theory of open market operations: that there should at all times prevail sufficient flexibility to prevent undue expansion and contraction in the credit structure of the country. The Council enquired whether the Board agreed with the principle enunciated. The present communication of the Board recognizes "the necessity ifor the consideration of the factors referred to in the statement as elements in the determination of open-market policy" and closes with the statement that "if the Council has any proposals to make with respect to the operation of the open-market account of the Federal Reserve System, which it believes to be pertinent in the existing situation, all factors considered, the Board will, as in the past, be glad to receive them and consider them." The Council is fully cognizant of and thoroughly appreciates the importance and significance of the obligation imposed upon it by law "to confer directly with the Federal Reserve Board" and "to make recommendations in regard to discount rates, rediscount business, note issues, reserve conditions in the various districts, the purchase and sale of gold or securities by reserve banks, open-market operations by said banks, and the general affairs of the reserve banking system," and it has given its most careful and earnest consideration to the suggestion by the Board that it will be glad to receive from the Council such proposals as it may make with respect to the open market account of the system. As a result of this consideration the Council desires to call the attention of the Board to the fact that, since the discontinuance, more than 2 years ago, of open-market purchases by the System, excess reserves •of member banks held by the System have now reached the unprecedented total of more than 3 billion dollars, which may well be considered as a base upon which additional bank credit can be extended to the extent of at least 30 billion dollars with a corresponding increase of bank deposit liabilities. The Council believes that there have now been some considerable evidences of recovery in business, of an increase in prices generally, and particularly in the security markets of the country, with the possibility, at least, that a too rapid advance of security prices could easily develop into a new wave of speculation such as preceded the market collapse of 1929. The constant pressure of the very large excess reserves of the member banks creating a plethora of the available supply of bank credit has a very distinct tendency to foster and encourage speculative activity, increase prices, and raise the living cost of the population. The Council believes that, even with the practically complete elimination of excess reserves, the banking system of the country would still be prepared and ardently desirous of meeting any and all legitimate and proper demands for bank credit, and the Council is strongly of the opinion that, in order to obviate the probability of an undue and dangerous credit inflation, it is desirable from every point of view to eliminate or at least greatly reduce the excess reserves now being carried in the System. Since the enactment of the Banking Act of 1935, there exist two methods by which this can be accomplished: (1) The selling or 238 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS "permitting to run off" of a portion or all of the System holdings of Government securities. (2) Raising of reserve requirements. The Council has most earnestly considered the question as to which of these two methods might be the more desirable under the present circumstances and has determined to recommend as strongly as possible the first method. The controlling reason for this is the indisputable fact that so long as Government bonds are held under the ownership of the System, either the currency of the country or the reserves of member banks, to a corresponding extent, are dependent entirely upon a Government obligation. The world history of currency and banking has demonstrated the dangers inherent in such a system or policy too many times to make it necessary for them to be elaborated upon in this communication. There is, however, another reason for preferring the first method, namely, the ease and flexibility with which it may be administered. Under that method, Government security holdings may be permitted to run off or may be sold, rapidly or gradually, as in the judgment of the Open Market Committee may seem to be feasible or advisable. If at any time the effects seem to be too severe, it is possible to suspend or even temporarily to reverse the policy. Under the second method, namely, increase of reserve requirements, rigidity is substituted for flexibility, since it must be entirely apparent to any one that frequent changes in reserve requirements would create a chaotic condition in planning for the future by member bank management. Finally, the Council wishes to make perfectly clear to the Board that, after Government security holdings of the System have been eliminated or greatly reduced, and if, then, further curbs upon speculation should seem to be desirable, there would certainly be no possible objection to an increase in reserve requirements. On the contrary, it would become the clear and plain duty of the Board fearlessly and promptly to take such action. TOPIC NO. 2.—Regulations in respect to margin requirements on collateral loans of banks. RECOMMENDATION.—The Federal Advisory Council understands that the Board of Governors of the Federal Reserve System is contemplating issuing regulations to deal with the control of collateral loans to be made by banks. The Council, therefore, reaffirms herewith its recommendation of May 15, 1934, reading as follows: The members of the Federal Advisory Council are of the opinion that the Federal Reserve Board before issuing regulations under this bill (Stock Exchange bill, S. 3420), provided it is enacted into law, should make a careful study as regards the needs of the situation. It should be pointed out that the power conferred on the Board is to be permissive and not mandatory. Consequently, there is no need for the Board to issue any regulations until there is evidence that there is necessity for them. In general the members of the Council feel that ii the Board conscientiously can refrain from adding unnecessarily to the innumerable regulations, orders, and laws of all kinds under which banks are at present compelled to operate it will be doing a distinct service. RECOMMENDATIONS OF FEDERAL ADVISORY COUNCIL 239 If and when the Federal Reserve Board deems it necessary and advisable to issue regulations under this provision of the proposed law then it is to be hoped that the Board will bear in mind the need for maintaining adequate markets not merely for securities listed on the more important exchanges of the country but also for securities which have merely a restricted local market and those which are sold over the counter and not listed. Stringent regulations may result in destroying the market for the securities of small worthy industries and thereby possibly destroy these industries themselves by making it impossible for them to obtain needed capital. DIRECTORY OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Dec. 31, 1935) MARRINER S. ECCLES, of Utah, Chairman. J. J. THOMAS, of Nebraska, Vice Chairman. CHARLES S. HAMLIN, of Massachusetts. ADOLPH C. MILLER, of the District of Columbia. GEORGE R. JAMES, of Tennessee. M. S. SZYMCZAK, of Illinois. Ex officio members: HENRY MORGENTHAU, Jr., Secretary of the Treasury. J. F. T. O'CONNOR, Comptroller of the Currency. 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. LEO H. PAULGER, Chief, Division of Examinations. R. F. LEONARD, Assistant Chief, Division of Examinations. C. E. CAGLE, Assistant Chief, Division of Examinations. FRANK J. DRINNEN, Federal Reserve Examiner. E. A. GOLDENWEISER, Director, Division of Research and Statistics. "WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics*. LATJCHLIN CURRIE, Assistant Director, Division of Research and Statistics.. E. L. SMEAD, Chief, Division of Bank Operations. J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations. J. E. HORBETT, Assistant Chief, Division of Bank Operations. CARL E. PARRY, Chief, Division of Security Loans. PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans. O. E. FOULK, Fiscal Agent. JOSEPHINE E. LALLY, Deputy Fiscal Agent. SALARIES OF OFFICERS AND EMPLOYEES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Dec. 31, 1935) OFFICES OF MEMBERS OF THE BOARD Lawrence Clayton, assistant to the Chairman Elliott Thurston, special assistant to the Chairman J. M. Daiger, special assistant to the Board 1 at $4,200 5 at $3,000 1 at $2,300 _ . 1 at $2,000 2 at $1,800 1 at $1,740 1 at $1,600 ___ Total $10, 000. 00 10, 000. 00 9, 000. 00 4, 200. 00 15, 000. 00 __ 2,300.00 2, 000. 00 3, 600. 00 1, 740. 00 1, 600. 00 59, 440. 00 OFFICE OF THE SECRETARY Chester Morrill, secretary J. C. Noell, assistant secretary L. P. Bethea, assistant secretary 'S. R. Carpenter, assistant secretary 1 at $3,100 1 at $2,900 1 at $2,800 4 at $2,500 2 at $2,400 1 at $2,200 1 at $2,100 1 at $2,000 1 at $1,900 2 at $1,800 2 at $1,740 1 at $1,720 1 at $1,700 1 at $1,680 2 at $1,620 3 at $1,600. 4 at $1,560 1 at $1,440 6 at $1,320 3 at $1,200 3 at $1,080— 1 at $900 2 at $840 Total 15, 000. 00 7, 500. 00 7, 300. 00 5, 000. 00 3, 100. 00 2, 900. 00 2, 800. 00 10, 000. 00 4, 800. 00 2, 200. 00 2, 100. 00 2, 000. 00 1, 900. 00 3, 600. 00 3, 480. 00 1, 720. 00 1, 700. 00 1, 680. 00 3, 240. 00 4, 800. 00 6,240.00 1, 440. 00 7, 920. 00 3,600.00 3, 240. 00 900. 00 1, 680. 00 H i ; 840. 00 OFFICE OF GENERAL COUNSEL Walter Wyatt, general counsel 'George B. Vest, assistant general counsel B. M. Wingfield, assistant general counsel Frederic P. Benedict, assistant counsel €r. Howland Chase, assistant counsel Alfred K. Cherry, assistant counsel John C. Baumann, assistant counsel 240 15, 000. 00 10, 000, 00 9, 000. 00 8, 000. 00 5, 750. 00 5, 750. 00 5, 500. 00 SALARIES—BOARD OF GOVERNORS OFFICE OF GENERAL COUNSEL 241 continued Joseph T. Owens, assistant counsel 1 at $3,800 1 at $3,600 2 at $3,000 1 at $2,800 1 at $2,700 4 at $2,000 3 at $1,900 1 at $1,800 1 at $1,680 2 at $1,620 6 at $1,560 1 at $1,440 1 at $1,320 Total $5, 500. 00 3, 800. 00' 3, 600. 00 6, 000. 00 2,800.00 2, 700. 00 8, 000. 00 5, 700. 00 1, 800. 00 1, 680. 0,0 3,240.00 9, 360. 00 1,440.00 1, 320. 00 115, 940. 00 DIVISION OF RESEARCH AND STATISTICS E. A. Goldemveiser, director of division Woodlief Thomas, assistant director L. B. Currie, assistant director George W. Blattner, research assistant Walter R. Gardner, research assistant Frank R. Garfield, research assistant Susan Burr Litchfield, research assistant 1 at $4,200 1 at $4,000 1 at $3,700 1 at $3,600 1 at $3,500 5 at $3,400 1 at $3,000 2 at $2,900 3 at $2,800 2 at $2,600 1 at $2,400____ 1 at $2,300 2 at $2,200 3 at $2,100 5 at $2,000 1 at $1,900 6 at $1,800 1 at $1,680 4 at $1,620 1 at $1,600 1 at $1,560 8 at $1,440 1 at $1,320 1 at $1,080 1 at $600 (half time) Total 15, 000. 00 8, 500. 00 8, 500. 00 6, 000. 00 6, 000. 00 5, 600. 00 5, 200. 00 4, 200. 00 4, 000. 00 3, 700. 00 3, 600. 00 3, 500. 00 17, 000. 00 3, 000. 00 5, 800. 00 8, 400. 00 5, 200. 00 2, 400. 00' 2, 300. 00 4, 400. 00 6, 300. 00 10, 000. 00< 1,900. 00 10, 800. 00 1, 680. 00 6, 480. 00 1, 600. 00' 1, 560. 00 11, 520. 00 1, 320. 00 1, 080. 00 600. 00 177, 140. 00 DIVISION OF BANK OPERATIONS Edward L. Smead, chief of division John R. Van Fossen, assistant chief J. E. Horbett, assistant chief Bray Hammond, technical assistant L. S. Myriek, technical assistant 1 at $4,800 1 at $3,800 1 at $3,200 1 at $3,100 3 at $2,900 1 at $2,800 15, 000. 00l 8, 000. 00' 6, 000. 00 5, 000. 00 5, 000. 00 4, 800. 00 3,800.00' 3, 200. 00 3, 100. 00 8, 70Q. 00 2,800.00* 242 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS DIVISION OF BANK OPERATIONS—continued 2 at $2,700 1 at $2,600 1 at $2,500 1 at $2,40.0 1 at $2,200 1 at $2,100 1 at $2,000 2 at $1,900 5 at $l,8Q0 1 at $1,700 3 at $1,680 2 at $1,620 3 at $1,600 3 at $1,560 4 at $1,440 2 at $1,320 1 at $840 5 part-time employees $5,400. 00 2, 600. 00 2, 500. 00 2, 400. 00 2, 200. 00 2, 100. 00 2, 000. 00 3,800.00 9, 000. 00 1, 700. 00 5, 040. 00 3, 240. 00 4, 800. 00 4, 680. 00 5, 760. 00 2, 640. 00 840. 00 2, 045. 25 Total 128, 145. 25 DIVISION OF EXAMINATIONS Leo H. Paulger, chief of division Frank J. Drirmen, Federal Reserve examiner R. F. Leonard, assistant chief <G. E. Cagle, assistant chief L. A. A. Siems, Federal Reserve examiner M. R. Wilkes, Federal Reserve examiner George S. Sloan, Federal Reserve examiner R. B. Chamberlin, Federal Reserve examiner H . O. Koppang, Federal Reserve examiner C. S. Barker, assistant Federal Reserve examiner Dwight L. Grays, Federal Reserve examiner .J. B. Crosby, Federal Reserve examiner Edwin R. Millard, Federal Reserve examiner Fred A. Nelson, Federal Reserve examiner William B. Pollard, Federal Reserve examiner Hoger M. Calloway, Federal Reserve examiner 5 at $4,800 3 at $4,500_ .__ 2 at $4,300 1 at $4,250 . 1 at $4,200 1 at $4,000 1 at $3,900 3 at $3,800 5 at $3,600_.. 3 at $3,300 1 at $3,200_ 2 at $3,000_ 2 at $2,700 2 at $2,600 3 at $2,500 1 at $2,300... 1 at $2,200 1 at $2,100 5 at $2,000 1 at $1,900 3 at $l,800_. 1 at $1,740 2 at $1,700 1 at $1,660 3 at $1,620 2 at $1,600.. 15, 000. 00 9, 000. 00 9, 000. 00 7, 500. 00 7, 500. 00 6, 600. 00 6, 000. 00 5, 500. 00 5, 500. 00 5, 200. 00 5, 200. 00 5, 200. 00 5, 200. 00 5, 200. 00 5, 200. 00 5, 000. 00 24, 000. 00 13,500.00 8, 600. 00 4,250.00 4, 200. 00 4, 000. 00 — 3, 900. 00 11, 400. 00 18, 000. 00 9, 900. 00 3,200.00 6, 000. 00 5, 400. 00 5, 200. 00 7,500.00 2, 300. 00 2, 200. 00 2, 100. 00 10, 000. 00 1, 900. 00 5, 400. 00 1, 740. 00 3, 400. 00 1, 660. 00 4, 860. 00 3, 200. 00 SALARIES—BOARD OF GOVERNORS 243 DIVISION OF EXAMINATIONS—continued 1 at 4 at 1 at 1 at 2 at 1 at $1,560 $1,500 $1,460 $1,440 $1,320 $1,200 $1, 560. 00 6, 000. 00 1, 460. 00 1, 440. 00 2, 640. 00 1, 200. 00 Total 289, 910. 00 DIVISION OF SECURITY LOANS Carl E. Parry, chief of division Philip E. Bradley, assistant chief 1 at $2,600 2 at $2,000 _ 1 at $1,800 1 at $1,560 1 at $960 Total 9,000.00 6, 000. 00 2, 600. 00 4,000.00 1, 800. 00 1, 560. 00 960. 00 25, 920. 00 OFFICE OF FISCAL AGENT Oliver E. Foulk, fiscal agent 4, 200. 00 Josephine E. Lally, deputy fiscal agent 2, 400. 00 Total FEDERAL RESERVE ISSUE AND REDEMPTION DIVISION Ju. G. Copeland, chief of division 1 at $2,500 2 at $2,000 1 at $1,920 2 at $1,860 1 at $1,750 2 at $1,680 2 at $1,620 19 at $1,500 Total Grand total 6, 600. 00 4, 500. 00 2, 500. 00 4, 000. 00 1, 920. 00 3, 720. 00 1, 750. 00 3, 360. 00 3, 240. 00 28, 500. 00 53, 490. 00 968,425. 25 RECEIPTS AND DISBURSEMENTS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FOR THE YEAR 1935 Special fund account: Balanca Jan. 1, 1935: Available for general expenses of the Board Less expanditures chargeable to Federal Reserve banks for which reimbursement had not been received on Jan. 1, 1935— $116, 501.91 15, 676. 42 Total. $100,825.49' RECEIPTS Available for general expenses of the Board: Assessments on Federal Reserve banks for estimated general expenses of the Board $1, 405,897.98 Transferred from building account i 10,030.00 Subscriptions to the Federal Reserve Bulletin 4,211. 06 Miscellaneous receipts, refunds, and reimbursements 4,878.12 Reimbursement on account of bank examinations 439. 03 Total receipts available for general expenses of the Board Available for expenses chargeable to Federal Reserve banks: Assessments on Federal Reserve banks for: Cost of preparing Federal Reserve notes Expenses of leased wire system Expenses of private telephone lines Miscellaneous expenses _ $1,425,426.17 $1,017,815.00 219,405. 78 33,573. 24 3,163.88 Total receipts available for expenses chargeable to Federal Reserve banks— Total receipts __ _ 1,273,957.90 _ 2,699,384.07 Total available for disbursement 2,800,209.56 DISBURSEMENTS For general expenses of the Board: Expenses of 1934 paid in 1935.__ _ $24, 495. 72 Expenses of 1935 (per detailed statement) _ _ $1,457,435. 70 Less accounts unpaid Dec. 31, 1935 (estimated). _ 28, 797. 89 Expenses of 1935 paid during the year 1,428,637. 81 Refunds on account of subscriptions to Federal Reserve Bulletin 13.60 Total disbursements for general expenses of the Board For expenses chargeable to Federal Reserve banks: Cost of preparing Federal Reserve notes Expenses of leased wire system Expenses of private telephone lines... Miscellaneous expenses $1,453,147.13 $859,785.70 216,278. 64 31,667.40 2,932.64 Total disbursements for expenses chargeable to Federal Reserve banks. 1,110,664. 38 Total disbursements _ 2,563,811.51 Balance in special fund account Dec. 31, 1935: Available for general expenses of the Board Available for expenses chargeable to Federal Reserve banks Building account: Balance Jan. 1, 1935 Received from assessment on Federal Reserve banks Total... Disbursements Transferred to special fund account Total Balance in building account. 88,780.95 147,617.10 236, 398. 06 $9,392.75 1,001,186.47 $825,431.38 * 10,000.00 $1,010,579.22 835,431.38 175,147.84 i Represents the return to the special fund account of $10,000 temporarily transferred to the building account in 1934. 244 RECEIPTS AND DISBURSEMENTS OF BOARD OF GOVERNORS STATEMENT OF EXPENSES Personal services _. Transportation and subsistence •Communication service Printing, binding, etc Repairs _ Heat, light, and power Miscellaneous, unclassifiedEquipment rental Supplies, stationery, and office Equipment, furniture, and office Books and periodicals _ Rent. Retirement contributions Total OF THE BOARD OF GOVERNORS OF THE RESERVE SYSTEM, 1935 _ _ _ _ _ _ — _ ___ _ -._ _ _ — - _._ _ 245 FEDERAL $1,043, 200.83 79,675.16 21,498.75 59, 581.39 844.49 93.00 9,468.80 33. 00 13,913.09 13,605.03 _. 3,583.07 88,630.31 123,308.78 1,457,435.70 246 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS CHAIRMEN, DIRECTORS, AND GOVERNORS OF FEDERAL RESERVE BANKS (Dec. 31, 1935) DISTRICT NO. 1—BOSTON F. H. CURTISS, chairman and Federal Reserve agent. ALLEN HOLLIS, deputy chairman. R. A. YOUNG, governor Term expires Dec. 31 Directors Class A: A. L. Ripley, Boston, Mass _ Arthur Sewall, Bath, Maine F. S. Chamberlain, New Britain, Conn Class B: P. R. Allen, East Walpole, Mass E. J. Frost, Boston, Mass E. S. French, Boston, Mass _ Class C: F. H. Curtiss, Boston, Mass Allen Hollis, Concord, N. H C. H. Merriman, Providence, R. I 1935 1936 1937 1935 1936 1937 1935 1936 1937 DISTRICT NO. 2—NEW YORK J. H. CASE, chairman and Federal Reserve agent. 0. D. YOUNG, deputy chairman. G. L. HARRISON, governor Class A: E. K. Mills, Morristown, N. J C. R. Berry, Waverly, N. Y G. W. Davison, New York, N. Y Class B: W. C. Teagle, New York, N. Y R. T. Stevens, New York, N. Y. T. J. Watson, New York, N. Y Class C: O. D. Young, New York, N. Y C M . Woolley, New York, N. Y J. H. Case, New York, N. Y 1935 1936 1937 _ 1935 1936 1937 1935 1936 1937 BUFFALO B R A N C H R. M. O'HARA, managing director R. M. O'Hara, Buffalo, N. Y F. B. Cooley, Buffalo, N. Y L. G. Harriman, Buffalo, N. Y E. G. Miner, Rochester, N. Y G. F. Rand, Buffalo, N. Y E. B. Vreeland, Salamanca, N. Y_ Howard Kellogg, Buffalo, N. Y _ ._ 1935 1935 1935 1936 1936 1937 1937 DISTRICT NO. 3—PHILADELPHIA R. L. AUSTIN, chairman and Federal Reserve agent, , deputy chairman. G. W. NORRIS, governor. Class A: Joseph Wayne, Jr., Philadelphia, P a . . G. W. Reily, Harrisburg, Pa J. B. Henning, Tunkhannock, Pa Class B: A. W. Sewall, Philadelphia, Pa J. C. DeLaCour, Camden, N. J C. F. C. Stout, Philadelphia, Pa Class C: R. L. Austin, Philadelphia, Pa _ J. D. Stern, Philadelphia, P a . . H. L. Cannon, Bridgeville, Del 1935 1936 1937 1935 1936 1937 1935 1936 1937 DISTRICT NO. 4—CLEVELAND E. S. BURKE, Jr., acting chairman. W. H. FLETCHER, acting Federal Reserve agent. M. J. FLEMING, governor Term expires Dec. 3L Directors Class A: R. A. Wardrop, Pittsburgh, Pa B. R. Conner, Ada, Ohio _ . Chess Lamberton, Franklin, Pa Class B: G. D. Crabbs, Cincinnati, Ohio J. E. Galvin, Lima, Ohio R. P. Wright, Erie, Pa Class C: E. S. Burke, Jr., Cleveland, Ohio W. W. Knight, Toledo, Ohio Vacancy 1935 1936 1937 1935 1936 1937 1935 1936 1937 CINCINNATI BRANCH B. J. LAZAR, managing director B. J. Lazar, Cincinnati, Ohio _ John Omwake, Cincinnati, Ohio T. J. Davis, Cincinnati, Ohio G. M. Verity, Middletown, Ohio B. H. Kroger, Cincinnati, Ohio S. B. Sutphin, Cincinnati, Ohio W. H. Courtney, Lexington, Ky 1935 1935 1935 1936 1936 1937 1937 PITTSBURGH BRANCH T. C. GRIGGS, managing director T. C. Griggs, Pittsburgh, Pa A. L. Humphrey, Pittsburgh, P a , . . Richard Coulter, Greensburg, P a . J. S. Jones, Wheeling, W. Va L. W. Smith, Pittsburgh, Pa A. E. Braun, Pittsburgh, Pa H. S. Wherrett, Pittsburgh, Pa 1935 1935 1935 1936 1936 1937 1937 DISTRICT NO. 5—RICHMOND , chairman and Federal Reserv e agent.. F. A. DELANO, deputy chairman. G. Jr. SEAY,. governor Class A: L. E. Johnson, Alderson, W. Va. C. E. Rieman, Baltimore, Md_. J. C. Braswell, Rocky Mount, N. C . Class B: Edwin Malloy, Cheraw, S. C C. C. Reed, Richmond, Va _. J. H. Hanna, Washington, D. C Class C: Vacancy F. A. Delano, Washington, D. C Robert Lassiter, Mooresville, N . C . . . 1935 1936 1937 1935 1936 1937 1935 1936 1937 BALTIMORE BRANCH HUGH LEACH, managing director Hugh Leach, Baltimore, Md W. H. Matthai, Baltimore, M d . . E. P. Cohill, Hancock, Md L. S. Zimmerman, Baltimore, Md Norman James, Baltimore, Md M. M. Prentis, Baltimore, M d . . L. B. Phillips, Cambridge, M d - -. 1935 1935 1935 1935 1936 1936 1937 247 CHAIKMEN, DIRECTORS, AND GOVERNORS DISTRICT NO. 5—RICHMOND—Continued DISTRICT NO. 6—ATLANTA—Continued CHARLOTTE BRANCH NEW ORLEANS BRANCH W..T. CLEMENTS, managing director MARCUS WALKER, managing director Term W. T. Clements, Charlotte, N. C J. L. Morehead, Leaksville, N. 0 C. A. Cannon, Concord, N. C C. L. Cobb, Rock Hill, S. C R. E. Henry, Greenville, S. C Robert Gage, Chester, S. C W. H. Wood, Charlotte, N. C 1935 1935 1935 1935 1936 1936 1937 DISTRICT NO. 6—ATLANTA , chairman and Federal Reserve agent. W. H. KETTIG, deputy chairman. TON, governor OSCAR NEW- Class A: G. G. Ware, Leesburg, Fla R. G. Clay, Atlanta, Ga W. D. Cook, Meridian, Miss Class B: L. C. Simon, New Orleans, La.. J. A. McCrary, Decatur, Ga Fitzgerald Hall, Nashville, Tenn 1935 1936 1937 - p j n o ( , <"<. Vacancy - - - 1935 1936 1937 1935 1936 1937 J. P . Allen, Atlanta, Ga W . H . Kettig, Birmingham, Ala BIRMINGHAM BRANCH J. H . F R Y E , managing director J. H . Frye, Birmingham, Ala W. H . Kettig, Birmingham, Ala Oscar Wells, Birmingham, Ala F . M . Moody, Tuscaloosa, Ala E. F . Allison, Bellamy, Ala W. E. Henley, Birmingham, Ala J. G. Farley, Birmingham, Ala Term expires Dec. 31 Directors expires Dec. 31 Directors Marcus Walker, New Orleans, La L. C. Simon, New Orleans, La F. W. Foote, Hattiesburg, Miss A. P. Bush, Mobile, Ala J. D. O'Keefe, New Orleans, La Ernest T. George, New Orleans, La R. S. Hecht, New Orleans, La _ 1935 1935 1935 1936 1936 1937 1937 DISTRICT NO. 7—CHICAGO E. M. STEVENS, chairman and Federal Reserve agent. JAMES SIMPSON, G. J. SCHALLER, governor deputy chairman. Class A: F. D. Williams, Iowa City, Iowa J. R. Leavell, Chicago, 111.. E. R. Estberg, Waukesha, Wis Class B: N. H. Noyes, Indianapolis, Ind M. W. Babb, Milwaukee, Wis S. T. Crapo, Detroit, Mich... Class C: James Simpson, Chicago, 111 E. M. Stevens, Chicago, 111 1935 1936 1937 1935 1936 1937 1935 1936 1937 Vacancy. DETROIT BRANCH R. H. Buss, managing director R. H. Buss, Detroit, Mich John Ballantyne, Detroit, Mich N. P. Hull, Lansing, Mich David McMorran, Port Huron, Mich A. C. Marshall, Detroit, Mich James Inglis, Detroit, Mich 1935 1935 1935 1936 1937 1937 DISTRICT NO. 8—ST. LOUIS J. S. WOOD, chairman and Federal Reserve agent. PAUL DILLARD, deputy chairman. MARTIN, governor W. McC. JACKSONVILLE BRANCH G. S. VARDEMAN, Jr., managing director G. S. Vardeman, Jr., Jacksonville, Fla F u l t o n Saussy, Jacksonville, Fla E. W . Lane, Jacksonville, Fla S. O. Chase, Sanford, Fla G. J. Avent, Jacksonville, Fla B . W . Haynes, Jacksonville, F l a — G. G. Ware, Leesburg, Fla__ J. R. Stanley, Evansville, I n d J. S. Wood, St. Louis, M o . . . Paul Dillard, Memphis, Tenn NASHVILLE BRANCH J. B. FORT, Jr., managing director J. B. Fort, Jr., Nashville, Tenn P. M. Davis, Nashville, Tenn C. W. Bailey, Clarksville, Tenn W. P. Ridley, Columbia, Tenn C. A. Craig, Nashville, Tenn F. J. Harle, Cleveland. Tenn Fitzgerald Hall, Nashville, Tenn Class A: J. G. Lonsdale, St. Louis, Mo M. B. Nahm, Bowling Green, Ky F. G. Hitt, Zeigler, 111 Class B: M. P. Sturdivant, Glendora, Miss J. W. Harris, St. Louis, Mo W. B. Plunkett, Little Rock, Ark Class C: 1935 1936 1937 1935 1936 1937 LITTLE ROCK BRANCH A. F. BAILEY, managing director A. F. Bailev, Little Rock, Ark Moorhead Wright, Little Rock, Ark G. H. Campbell, Little Rock, Ark Stuart Wilson, Texarkana, Ark _. 1935 1936 1937 F . K. Darragh, Little Rock, A r k W. A. Hicks, Little Rock, Ark Jo Nichol, Pine Bluff, A r k 1935 1935 1935 1935 1936 1936 1937 248 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS DISTRICT NO. 8—ST. LOUIS-Continued DISTRICT NO.10-KANSAS CITY-Continued LOUISVILLE BRANCH DENVER BRANCH J. T. MOORE, managing director J. E. OLSON, managing director Term expires Dec. 31 Directors J. T. Moore, Louisville, Ky J. B. Hill, Louisville, Ky W. R. Cobb, Louisville, Ky W. P. Paxton, Paducah, Ky W. V. Bulleit, New Albany, Ind W. W. Crawford, Louisville, Ky. A. H. Eckles, Hopkinsville, Ky_. 1935 1935 1935 1936 1936 1937 1937 MEMPHIS BRANCH -- Class A: H. R . Kibbee, Mitchell, S. Dak H.C. Hansen, Churchs Ferry, N. Dak M. O. Grangaard, Minneapolis, Minn Class B: J. E. O'Connell, Helena, Mont A. P. Funk, La Crosse, Wis W. O . Washburn, St. Paul, Minn Class C: J. N. Peyton, Minneapolis, Minn H. P. Clark, St. Paul, Minn G.W. McCormick, Menominee, Mich HELENA BRANCH R. E. TOWLE, managing director R. E. Towle, Helena, Mont Henry Sieben, Helena, Mont T. A. Marlow, Helena, Mont J. E. O'Connell, Helena, Mont A. R. McDermott, Billings, Mont. DISTRICT NO. 10—KANSAS CITY , chairman and Federal Reserve agent. E. P. BROWN, deputy chairman. G. H. HAMILTON, governor 1935 1935 1935 1935 1936 1936 1937 C. E. DANIEL, managing director 1935 1935 1935 1935 1936 1936 1937 DISTRICT NO. 9—MINNEAPOLIS J. N. PEYTON, chairman and Federal Reserve agent. H. P. CLARK, deputy chairman. W. B. GEERY, governor Class A: E. E. Mullaney, Collyer, Kans C. C. Parks, Denver, Colo,_ _ F. W. Sponable, Paola, Kans Class B: L. E. Phillips, Bartlesville, Okla W. D. Hosford, Omaha, Nebr _. J. M. Bernardin, Kansas City, M o . . . Class C: Vacancy E. P. Brown, Davey, Nebr J. B. Doolin, Alva, Okla J. E. Olson, Denver, Colo R. H. Davis, Denver, Colo Henry Swan, Denver, Colo Murdo MacKenzie, Denver, Colo M. W. Gano, Denver, Colo Harold Kountze, Denver, Colo H. W. Farr, Greeley, Colo OKLAHOMA CITY BRANCH W. H. GLASGOW, managing director W. H. Glasgow, Memphis, Tenn S. E. Ragland, Memphis, Tenn Wm. Orgill, Memphis, Tenn. Willis Pope, Columbus, Miss. E. L. Anderson, Clarksdale, Miss— W. R. King, Memphis, Tenn. J. W. Alderson, Forrest City, Ark Term expires Dec. 31 Directors C. E. Daniel, Oklahoma City, Okla Austin Miller, Oklahoma City, Okla H. H. Ogden, Muskogee, Okla J. B. Doolin, Alva, Okla F. T. Chandler, Chickasha, Okla Lee Clinton, Tulsa, Okla Ned Holman, Oklahoma City, Okla _ _ 1935 1935 1935 1936 1936 1937 1937 OMAHA BRANCH L. H. EARHART, managing director L. H. Earhart, Omaha, Nebr R. E. Campbell, Lincoln, Nebr... T. L. Davis, Omaha, Nebr Wm. Diesing, Omaha, Nebr D. M . Hildebrand, Seward, Nebr W. D. Clark, Omaha, Nebr_ A. H. Marble, Cheyenne, Wyo..-. 1935 1935 1935 1935 1936 1936 1937 DISTRICT NO. 11—DALLAS C. C. WALSH, chairman and Federal Reserve agent. S. B. PERKINS, deputy chairman. B. A. MeKINNEY, governor Class A: Alf Morris, Winnsboro, Tex R. E. Harding, Fort Worth, Tex P. E. Hooks, Itasca, Tex Class B: J. D. Middleton, Greenville, Tex J. R. Milam, Waco, Tex A. S. Cleveland, Houston, Tex _ Class C: E. R. Brown, Dallas, Tex S. B. Perkins, Dallas, Tex C. C. Walsh, Dallas, Tex _ 1935 1936 1937 1935 1936 1937 1935 1936 1937 EL PASO BRANCH J. L. HERMANN, managing director J. L. Hermann, El Paso, Tex A. P. Coles, El Paso, Tex A. F. Jones, Portales, N. Mex.. C. M. Newman, El Paso, Tex S. P. Applewhite, Douglas, Ariz S. D. Young, El Paso, Tex C. N. Bassett, El Paso, Tex.. 1935 1935 1935 1935 1936 1936 1937 CHAIRMEN, DIRECTORS, AND GOVERNORS DISTRICT NO. 11-DALLAS-Continued HOUSTON BRANCH Directors W. D. Gentry, Houston, Tex J. C. Wilson, Beaumont, Tex. S. R. Lawder, Houston, Tex.. R. M. Farrar, Houston, Tex.. A. A. Home, Galveston, Tex. Sam Taub, Houston, Tex J. A. Wilkins, Houston, Tex.. DISTRICT NO. 12—SAN FRANCISCO—Con. PORTLAND W. D. GENTRY, managing director 249 BRANCH R. B. WEST, managing director Term expires Dec. 31 1935 1935 1935 1935 1936 1936 1937 Directors R. B. West, Portland, Oreg H. M. Haller, Portland, Oreg.-. J. C. Ainsworth, Portland, Oreg E. C. Pease, The Dalles, Oreg_.. R. S. Smith, Eugene, Oreg Term expires Dec. 31 1935 1935 1935 1935 1936 SALT LAKE CITY BRANCH SAN A N T O N I O B R A N C H W. L. PARTNER, managing director M . CRUMP, managing director W. L. Partner, Salt Lake City, Utah Lafayette Hanchett, Salt Lake City, Utah. H. E. Hemingway, Ogden, Utah M. W. Smith, Idaho Falls, Idaho... E. O. Howard, Salt Lake City, Utah M. Crump, San Antonio, Tex Richard King, Corpus Christi, Tex. F. C. Groos, San Antonio, Tex J. M . Bennett, San Antonio, Tex___ G. C. Hollis, Eagle Pass, Tex F. M . Lewis, Sr., San Antonio, Tex W. P . Napier, San Antonio, Tex__. 1935 1935 1935 1935 1936 SEATTLE BRANCH C. R. SHAW, managing director DISTRICT N O . 12—SAN FRANCISCO •, chairman and Federal Reserve agent. W. N. MOORE,, deputy chairman. J. U. CALKINS, governor Class A: T. H. Ramsay, San Francisco, Calif.. Keith Powell, Salem, Oreg C. K. Mclntosh, San Francisco, Calif. Class B: A. B. C. Dohrmann, San Francisco, Calif... Malcolm McNaghten, Los Angeles, Calif . E. H. Cox, Madera, Calif Class C: Vacancy W. N . Moore, San Francisco, Calif... A. P. Welch, San Francisco, Calif SPOKANE BRANCH D. L. Davis, Spokane, Wash... S. A. Easton, Kellogg, Idaho D. W. Twohy, Spokane, Wash. Peter McGregor, Hooper, Wash R. M. Hardy, Yakima, Wash.. LOS A N G E L E S B R A N C H J, B. Alexander, Los Angeles, Calif V. H. Rossetti, Los Angeles, Calif 56048—36 17 1935 1935 1935 1935 1936 D. L. DAVIS, managing director W. N . AMBROSE, managing director w . N . Ambrose, Los Angeles, Calif B. Voorhis, Pasadena, Calif c. F. J. Belcher, Jr., San Diego. Calif. C. R. Shaw, Seattle, Wash C. H. Clarke, Seattle, Wash G. H. Greenwood, Seattle, Wash H. A. Rhodes, Tacoma, Wash... J. W. Maxwell, Seattle, Wash... 1935 1935 1935 1935 1936 1935 1935 1935 1935 1936 250 ANNUAL KEPOET OF FEDERAL RESERVE GOVERNORS NUMBER AND SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS [Dec. 31,1935] Annual salary of— Federal Reserve banks (including branches) Boston New York Philadelphia. _ Cleveland Richmond... Atlanta Chicago St. Louis MinneapolisKansas City Dallas San Francisco. Total.... Other officers Employees, except those whose salaries are reimbursed to bank Employees whose salaries are reimbursed to bank Total Chairman and Gover- Num- Annual Num- Annual Num- Annual Num- Annual Federal nor ber salaries ber salaries ber salaries ber salaries Reserve agent $20,000 50,000 20,000 35,000 20, 000 20, 000 20, 000 185, 000 $30,000 50,000 30,000 23, 000 25, 000 25,000 35,000 25, 000 25, 000 25, 000 30,000 30,000 353,000 11 40 11 21 17 30 31 19 12 19 16 30 $105,250 616 480,100 2,250 105, 200 791 177, 400 910 126,100 547 182,540 368 265, 500 1,082 135, 200 552 79,100 336 144,800 491 113, 500 339 212,600 775 $945,956 4,014,086 1, 242, 530 1,484,828 791,014 507,457 1, 597, 744 764, 272 542,883 764,566 557,338 1,291, 324 73 316 109 165 167 329 376 188 68 160 119 148 $90,890 453,015 148,170 270, 735 211,136 361, 596 575, 594 216, 246 103,127 228, 475 174,592 216,476 702 $1,192,096 2,608 5,047, 201 913 1,545,900 1,097 1,955,963 732 1,153, 250 728 1,076, 593 1,491 2, 508,838 761 1,160, 718 418 770,110 671 1,162,841 476 895, 430 954 1, 750, 400 257 2,127, 290 9,057 14, 503,998 2,218 3,050, 052 11,551 20, 219, 340 251 STATE BANK MEMBERSHIP STATE BANK AND TRUST COMPANY MEMBERS Following is a list of the 1,001 State bank and trust company members of the Federal Reserve System on December 31, 1935, with their loans, investments, deposits, capital, and surplus. [In thousands of dollars] Loans Investments Total deposits Capital Surplus DISTRICT NO. 1 CONNECTICUT Hartford: Phoenix State Bank & Trust Co New Haven: Union and New Haven Trust Co Southington: Southington Bank & Trust Co Torrington: Brooks Bank & Trust Co Waterbury: Colonial Trust Co Waterbury Trust Co Augusta: Depositors Trust Co Bangor: Merrill Trust Co Bar Harbor: Bar Harbor Banking & Trust Co.. Ellsworth: Union Trust Co ... Guilford: Guilford Trust Co Sanford: Sanford Trust Co 13,977 6,371 593 675 12,869 2,788 404 680 35,023 13,890 1,280 1,742 1,600 1,459 150 100 1,200 550 75 100 1,947 5,557 672 7,888 3,400 1,000 300 2,000 100 3,277 6,038 1,154 1,028 1,319 1,957 7,002 12,956 3,269 1,846 2,642 3,090 611 2,600 200 300 100 250 294 300 40 150 80 2,970 2,045 722 1,038 795 MASSACHUSETTS Arlington: M e n o t o m y T r u s t Co Boston: New England Trust Co.-. Old Colony T r u s t Co Pilgrim T r u s t C o . . State Street T r u s t C o . U n i o n T r u s t Co .__ U n i t e d States T r u s t Co __ Bridgewater: Bridgewater T r u s t Co Brookline: Norfolk C o u n t y T r u s t Co Cambridge: C o u n t r y B a n k & T r u s t Co _ .__ — Harvard Trust Co Everett: Everett Bank & Trust Co Fall River: B. M. C. Durfee Trust Co Fall River Trust Co Gloucester: Gloucester Safe Deposit & Trust Co Greenfield: Franklin County Trust C o . . Holyoke: Hadley Falls Trust Co. Hyannis: Hyannis Trust Co Lynn: Security Trust Co Milton: Blue Hill Bank & Trust Co .._ Newton: Newton Trust Co Norwood: Norwood Trust Co . Quincy: Quincy Trust Co Salem: Naumkeag Trust C o . . . Somerville: Somerville Trust Co Springfield: Springfield Safe Deposit & Trust Co Union Trust Co. of Springfield Taunton: Bristol County Trust Co.. _ Wellesley Hills: Wellesley Trust Co Winchester: Winchester Trust Co Worcester: Worcester County Trust Co , 2,493 611 3,033 300 125 8,702 803 2,893 31, 570 3,074 5,251 179 5,067 14,445 9,199 547 30,355 3,968 7,386 446 5,380 36,971 4,744 71,884 10,038 12,404 663 14, 111 1,000 5,000 200 3,000 750 1,700 100 1,000 2,000 5,000 125 3,500 310 350 100 500 2,661 7,829 2,447 1,160 8,431 723 4,197 17,814 3,780 300 1,000 200 300 1,050 200 2,530 1,693 2,572 3,692 5,614 1,946 4,903 464 7,305 1,793 2,539 1,986 4,047 3,800 1,275 581 1,297 2,469 1,036 2,198 1,528 9,167 3,375 1,404 3,814 7,772 3,120 3,486 4,712 9,660 2,886 8,513 2,209 15,834 5,260 4,361 5,829 5,590 428 300 400 400 1,400 250 200 100 1,080 300 450 650 450 428 68 25 200 100 125 300 100 1,000 200 52 68 156 4,752 8,188 1,537 922 932 10,015 4,905 3,854 2,215 790 1,034 14,379 12,974 13, 476 4,221 1,967 2,. 27 34,609 1,000 1,000 300 200 100 3,000 1,000 1,250 150 100 100 1,000 NEW HAMPSHIRE Con way: Carroll County Trust Co 711 1,284 150 RHODE ISLAND Providence: Industrial Trust Co. 47,689 46,054 114,114 4,000 Union Trust Co 10,058 21,252 1,000 • Includes capital notes and debentures and par value of preferred and common stock. 7,500 800 252 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Loans Investments Total deposits Capital Surplus DISTRICT NO. 2 NEW JERSEY (See also district no. 3) Bayonne: Bayonne Trust Co Bloomfield: Bloomfield Bank & Trust Co Community Trust Co Bogota: Bank of Bogota Boonton: Boonton Trust Co Carteret: Carteret Bank & Trust Co Cranford: Cranford Trust Co .Dover: Dover Trust Co Dunellen: Peoples Trust Co East Orange: Savings Investment & Trust Co Elizabeth: Central Home Trust Co Elizabethport Banking Co Fort Lee: Fort Lee Trust Co Franklin: Sussex County Trust Co Glen Kidge: Glen Ridge Trust Co Hackensack: Peoples Trust Co. of Bergen County. Jersey City: Commercial Trust Co. of New Jersey.New Jersey Title Guarantee & Trust Co Linden: Linden Trust Co Montclair: Bank of Montclair Montclair Trust Co Morristown: Morristown Trust Co Newark: Clinton Trust Co.. Columbus Trust Co Federal Trust Co Fidelity Union Trust Co Franklin-Washington Trust Co Merchants & Newark Trust Co United States Trust Co West Side Trust Co Nutley: Bank of Nutley Passaic: Passaic Park Trust Co --Peoples Bank & Trust Co Paterson: Hamilton Trust Co Perth Amboy: Perth Amboy Trust Co — Raritan Trust Co Plainfield: Mid-City Trust Co Plainfield Trust Co._ State Trust Co Rahway: Rahway Trust Co Ridgefield Park: Ridgefield Park Trust Co Rochelle Park: Roehelle Park Bank Rutherford: Rutherford Trust Co South Orange: South Orange Trust Co Summit: Summit Trust Co Westfield: Peoples Bank & Trust Co Westfield Trust Co Westwood: Westwood Trust Co.. 2, 597 1,300 8,910 400 100 5,819 658 396 763 381 1,160 1,496 256 9,677 6,811 233 603 484 708 1,067 2,070 297 7,386 13,986 931 1,253 1,553 1,159 2,403 4,108 672 18, 055 1,500 100 100 100 100 200 200 100 3,175 300 30 25 100 25 100 250 30 200 1,614 3,333 439 700 864 5,326 1,841 1,820 634 1,472 1,875 4,982 3.659 5, 512 1,393 2,353 2, 875 12,866 500 400 100 150 240 750 31 200 50 100 60 750 20, 477 21, 782 1,432 30,083 5,826 1,364 82, 284 23, 574 3,044 3,400 3,018 200 4,000 618 50 2,390 4,533 2,358 2,112 6,391 4,785 5,195 12, 501 9,388 600 1,040 600 100 208 200 1,893 486 15,516 46,484 2,299 8,464 2,011 3,532 1,009 460 741 8,583 69, 800 1,681 7,537 1,152 4,188 1,847 2,199 1,628 31, 765 133, 584 5,463 17, 490 2,846 8,852 3,140 1,477 400 1,623 11,000 884 2,500 600 1,075 275 58 500 2,500 50 1,500 500 225 990 1,483 2,319 1,599 2,805 1,814 2,832 4,386 4,055 300 1,000 1,325 60 100 2,965 552 1,136 108 2,562 401 671 250 407 7,255 1,764 406 1,101 140 2,422 768 2,505 446 7,432 1,207 719 1,433 216 1,625 578 3,558 925 16, 680 3,613 1,298 2,873 362 4,078 1,537 7,934 100 1,400 263 100 325 50 250 163 600 15 100 55 30 20 35 300 34 200 2,055 2,795 321 1,345 1,471 374 5,561 4,157 691 200 810 200 30 2 1,286 10,912 441 2,244 1,031 172 792 . 307 3,533 148 910 8,009 508 2,305 534 268 854 123 2,133 65 2, 213 22,974 1,295 5,048 1,720 426 1,920 427 6,812 260 250 3,000 100 200 318 80 250 50 770 30 50 100 25 400 10 5 20 85 250 6 24, 242 47,829 74, 217 1,090 21, 275 50, 510 64,104 1,274 92 51,560 92,157 155, 468 2,376 485 5,200 9,000 13, 400 300 50 1,000 3,000 5,000 100 15 NEW YORK Adams: Citizens & Farmers Trust Co Albany: First Trust Co Amityville: The Bank of Amityville Amsterdam: Montgomery County Trust Co.. Arcade: Citizens Bank of Arcade Avoca: Bank of Avoca Batavia: Genesee Trust Co Belmont: State Bank of Belmont Binghamton: Marine Midland Trust Co Blasdell: Bank of Blasdeil Brooklyn. (See New York.) Buffalo: Liberty Bank of Buffalo Manufacturers & Traders Trust Co Marine Trust Co Canandaigua: Ontario County Trust Co Caniste : First State Bank 253 STATE BANK MEMBERSHIP [In thousands of dollars] Investments Total deposits Capital 362 372 838 115 103 403 585 1,328 294 4,155 805 253 1,632 159 293 345 2,582 370 215 5,784 1,060 631 2,378 289 406 763 2,926 1,902 518 10, 643 100 150 200 30 50 50 250 150 50 800 100 25 50 10 15 25 125 75 10 1,300 1,821 417 171 492 1,073 762 1,149 1,857 1,576 857 387 1,097 4,381 7,236 1,590 466 3,431 401 1,214 99 839 1,295 338 327 467 1,341 228 2,266 968 42 438 1,073 919 1,416 1,904 733 746 242 1,015 4,159 4,087 2,574 945 3,301 361 2,997 107 1,264 1,153 410 554 244 2,905 177 4,535 1, 448 199 1,091 2,236 1,712 3,009 3,888 2,399 1,737 757 2,214 8,517 11, 457 4,892 1, 586 6,510 858 4,332 211 2,163 2,456 625 932 1,920 5,058 300 100 53 150 260 200 225 460 350 275 75 100 860 1,800 380 100 750 150 350 25 300 290 150 120 100 500 100 100 100 10 25 25 25 70 20 175 10 25 250 100 200 100 50 200 25 250 25 50 100 75 15 100 150 21 656 2,983 1,451 2,274 2,627 5,530 275 3,000 50 500 1, 526 184,773 214,009 42,807 2,904 38, 731 258, 532 182, 726 13, 538 2,051 3,551 25,479 48, 857 4,623 21,088 3,877 564,336 75 192,255 113 10, 773 192, 664 48,069 1,628 123, 752 1,134 1,823 32,875 12, 284 3,319 520 995 895 529 360 1,200 129 1,266 509,862 132, 273 97, 111 1,733 50,642 877, 536 483,173 180, 600 6,556 113, 290 821,020 525, 609 87, 527 5,290 6,905 61, 916 284, 443 9,244 47,815 22,023 1,435, 228 718 591,307 12, 390 38,045 558, 305 96,466 3,698 365, 458 2,803 5,272 73, 340 24, 298 6,419 1,264 2,177 1,274 870 832 2,241 489 650 25,000 20,000 6,000 1,000 8,200 21,000 20,000 10,000 700 1,000 4,000 15,000 825 500 2,000 90,000 200 50,000 1,000 2,000 57, 935 5,000 400 12, 500 530 456 2,000 2,000 600 150 350 70 155 160 400 100 50,000 20,000 9,000 500 4,000 60,000 40,000 10,000 300 500 3,000 15,000 725 2,000 2,000 170,000 25 55,000 400 1,000 6,600 5,000 100 20,000 50 176 24,000 2,000 100 23 25 30 5 10 75 10 Loans Surplus DISTRICT NO. 2—Continued NEW YORK—continued Cattaraugus: Bank of Cattaraugus-._ _ Center Moriches: Center Moriches Bank... Chatham: State Bank of Chatham Clymer: Clymer State Bank _ Cohocton: Cohocton State Bank Delmar: Bank of Bethlehem Dunkirk: Dunkirk Trust Co East Aurora: Bank of East Aurora Ellenburg Depot: The State Bank of Ellenburg___ Elmira: Chemung Canal Trust Co Endicott: Endicott Trust Co Union Trust Co _ Evans Mills: Peoples Bank of Evans Mills Farmingdale: Bank of Farmingdale Floral Park: Floral Park Bank Fredonia: Citizens Trust Co Garden City: Garden City Bank & Trust Co Geneva: Geneva Trust Co Gloversville: Trust Co. of Fulton County.. _ Hamburg: Peoples Bank Hammondsport: Bank of Hammondsport Hicksville: Bank of Hicksville Ithaca: Tompkins County Trust Co Jamestown: Bank of Jamestown Johnson City: Workers Trust Co Katonah: Northern Westchester Bank Kingston: Kingston Trust Co Lackawanna: American Bank _ Little Falls: Herkimer County Trust Co Locke: The Citizens Bank of Locke Lowville: Lewis County Trust Co Malone: Peoples Trust Co Messena: Messena Banking & Trust Co Mayville: State Bank of Mayville _" Millbrook: Bank of Millbrook..._ Mineola: Nassau County Trust Co Mount Kisco: Trust Co. of Northern Westchester Mount Vernon: Fleetwood Bank... Mount Vernon Trust Co .-. New York: Amalgamated Bank __ Bankers Trust Co Bank of the Manhattan Co Bank of New York & Trust Co Bank of Yorktown Brooklyn Trust Co Central Hanover Bank & Trust Co Chemical Bank & Trust Co City Bank-Farmers Trust Co _ Clinton Trust Co Colonial Trust Co Continental Bank & Trust Co Corn Exchange Bank Trust Co Federation Bank & Trust Co Fifth Avenue Bank Fulton Trust Co Guaranty Trust Co Harbor State Bank Irving Trust Co .__ J. Henry Schroeder Trust Co Lawyers Trust Co_ _.. Manufacturers Trust Co _ Marine Midland Trust Co Merchants Bank New York Trust Co Pennsylvania Exchange Bank Trade Bank of New York _ United States Trust Co Niagara Falls: Power City Trust Co Ogdensburg: Ogdensburg Trust Co _. Olean: Olean Trust Co Oneida: Madison County Trust & Deposit Co Ontario: State Bank of Ontario Orchard Park: Bank of Orchard Park Oriskany Falls: First Trust & Deposit Co._ Ossining: Ossining Trust Co Pearl River: State Bank of Pearl River 253,021 54, 284 2,874 2,420 21, 517 154, 509 3,000 18, 228 13, 651 547,820 699 241,412 12, 654 19, 537 309, 525 38, 271 1,361 190, 666 902 1,962 32, 351 10, 523 2,123 525 777 288 358 578 1,019 254 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Loans Investments Total deposits Capital Surplus 316 848 872 2,522 100 300 15 45 DISTRICT NO. 2-Continued NEW YORK—continued Perry: Citizens Bank... Pleasantville: Mount Pleasant Bank & Trust Co Port Chester: Mutual Trust Co. of Westchester County _ Rochester: Central Trust Co. Lincoln-Alliance Bank & Trust Co Rome: Rome Trust Co Sag Harbor: The Peconic Bank. Salamanca: Salamanca Trust Co Saratoga Springs: Adirondack Trust Co.._ Sayville: The Oystermen's Bank & Trust Co Scarsdale: Caleb Heathcote Trust Co Schenectady: Schenectady Trust Co Sea Cliff: State Bank of Sea Cliff Smithtown B ranch: B ank of Smithtown Southampton: The Southampton Bank Spring Valley: Ramapo Trust Co Stony Brook: Bank of Suffolk County Syracuse: First Trust & Deposit Co. Syracuse Trust Co Tarrytown: Washington Irving Trust Co Utica: First Citizens Bank & Trust Co Watertown: Northern New York Trust Co Watkins Glen: Watkins State Bank Westbury: Bank of Westbury Trust Co Westhampton Beach: Seaside Bank West New Brighton: West New Brighton Bank White Plains: Citizens Bank of White Plains... County Trust Co DISTRICT NO. 3 396 1,501 1,186 1,130 2,871 345 15 9,214 28, 916 2,278 114 1,302 2,232 779 581 4,442 295 544 1,009 627 225 4,039 23,202 2, 201 104 1,644 5,524 1,304 1,467 9,769 106 666 293 216 255 15, 622 63, 503 4,873 205 3,524 8,350 2,121 2,111 15,188 465 1,274 1,378 111 485 2,100 4,800 300 25 200 250 250 200 750 100 200 200 250 75 400 300 25 400 250 60 100 1,000 12 13 25 20 5 33,893 13,413 572 24,190 3.623 285 615 315 904 12, 600 15,828 1,059 13,915 5,848 207 1,322 459 1,031 50, 509 29,401 1,668 35, 243 9,637 523 2,194 826 2,220 9,220 2,800 100 7,000 860 50 200 100 100 500 200 100 250 100 50 30 40 100 2,179 4,723 3,962 5,332 7,774 10, 734 800 500 100 1,000 5,573 1,779 4,181 18,182 6,264 1,271 2,869 25, 277 12,186 2,111 7,917 51,456 1,500 625 673 4,000 2,100 775 450 9,500 11, 673 401 1,581 571 349 8,462 324 2,208 417 243 22, 225 760 4,186 1,416 763 3,300 145 450 100 125 230 20 150 80 22 1,169 1,606 4,252 1,157 164 1,124 4,810 129 266 825 667 2,108 1,370 272 835 2,291 85 327 2,640 1,457 7,383 2,884 483 1,926 7,725 209 615 225 450 1,050 200 125 250 750 50 60 225 4,209 2,632 1,047 6,923 3,569 11,352 400 400 800 800 2,835 1,683 1,215 1,296 205 314 2,497 1,700 1,767 455 1,783 4,576 2,815 851 3,049 690 489 4,645 1,769 571 252 1,925 7,459 4,261 2,074 4,013 865 763 7,909 5,497 1,296 672 3,766 600 450 350 730 125 125 375 600 200 125 375 1,400 325 180 5 40 44 1,000 248 200 48 375 DELAWARE Wilmington: Equitable Trust Co Industrial Trust Co.__ Security Trust Co._. Wilmington Trust Co _ NEW JERSEY (See also district no. 2) Camden: Camden Safe Deposit & Trust Co Hightstown: Hightstown Trust Co__. Princeton: Princeton Bank & Trust Co Riverside: Riverside Trust Co Swedesboro: Swedesboro Trust Co PENNSYLVANIA (See also district no. 4) Bloomsburg: Bloomsburg Bank-Columbia Trust Co Carlisle: Carlisle Trust Co _ Chester: Chester-Cambridge Bank & Trust Co Clearfleld: Clearfield Trust Co Danville: Mqntour County Trust Co Du Bois: Union Banking & Trust Co Easton: Easton Trust Co East Petersburg: East Petersburg State Bank Egypt: Farmers Bank of Egypt Harrisburg: Central Trust Co Dauphin Deposit Trust Co Hazleton: Markle Banking & Trust Co Peoples Savings & Trust Co _. Traders Bank & Trust Co Honesdale: Wayne County Savings Bank Houtzdale: Houtzdale Trust Co Huntingdon: Grange Trust Co Jenkintown: Jenkintown Bank & Trust Co Lancaster: Farmers Bank & Trust Co Lemoyne: Lemoyne Trust Co Lewistown: Lewistown Trust Co Haven: Lock Haven Trust Co _ Digitized forLock FRASER 528 300 13 250 510 8 60 255 STATE BANK MEMBERSHIP [In thousands of dollars] Investments Total deposits Capital 127 615 649 616 496 279 215 378 501 245 393 376 271 311 395 1,014 575 1,047 743 619 547 150 300 125 150 150 100 107 1,988 4,467 161 192 4,109 3,080 127 131 5,896 8,503 255 417 1,000 1,000 35 125 125 95 10 10 657 1,000 50 30 34, 086 162 11 16,132 16,158 8,471 62,420 189 1,761 71, 373 9,989 7,935 104,402 6,700 200 200 4,000 7,996 2,375 15,000 100 32 9,000 1,000 133 78,932 11, 532 451 371 7,323 47 946 1,619 726 267 81, 664 35,289 620 1,030 3,741 164 1,015 786 636 236 230,353 46,908 1,207 1,380 14,051 240 1,882 1,742 1,267 559 8,400 3,200 163 150 1,170 25 150 350 150 12,000 12,260 36 150 2,180 16 225 250 1 1,478 1,269 2,691 1,470 2,590 1,642 3,614 4,298 4,000 500 225 500 500 300 1,677 4,013 1,995 2,145 3,824 6,204 500 750 600 1,000 949 922 794 2,938 646 124 3,702 1,426 1,393 500 200 150 150 200 55 3,924 4,848 140 212 600 1,003 167 54 174 85 658 84 7,743 8,310 110 82 769 657 196 137 290 46 589 53 13 401 17, 731 299 388 1,541 1,963 424 207 493 109 1,406 121 950 1,242 25 40 150 300 25 25 25 33 100 25 300 383 12 10 140 50 30 8 40 9 60 25 21, 547 33,461 1,736 16, 024 2,871 5,513 31,945 40,199 621 14, 653 3,112 4,447 64,494 89,663 2,578 40,589 5,615 11, 560 6,500 10,000 700 1,800 650 2,250 1,250 2,000 100 2,700 250 250 155,898 790 269 531 67,857 1,420 292 1,341 303,176 2,272 910 2,105 28,800 500 50 200 2,700 75 50 145 265 316 590 235 445 976 149 478 87 575 1,198 470 1,967 355 100 165 35 150 25 20 30 18 75 25 Loans Surplus DISTRICT NO. 3—Continued PENNSYLVANIA—continued Lykens: Miners Bank & Trust Co _ Mahanoy City: Merchants Banking Trust Co Middletown: Citizens Bank & Trust Co Mount Carmel: Liberty State Bank & Trust Co Myerstown: Myerstown Trust Co Nanticoke: Peoples Savings & Trust Co New Oxford; Farmers & Merchants Bank Norristown: Montgomery Trust Co_ Norristown-Penn Trust Co Orrstown: Orrstown Bank Paoli: Paoli Bank & Trust Co Philadelphia: Fidelity-Philadelphia Trust Co First Trust Co. of Philadelphia Gimbel Bros. Bank & Trust Co Girard Trust Co __ Integrity Trust Co Ninth Bank & Trust Co Pennsylvania Co. for Insurance on Lives and Granting Annuities Provident Trust Co Prospect Park: Interboro Bank & Trust Co Quakertown: Quakertown Trust Co Reading: Reading Trust Co Schnecksville: Schnecksville State Bank Schuylkill Haven: Schuylkill Haven Trust Co Steelton: Steelton Bank & Trust Co Tamaqua: Peoples Trust Co _ Temple: Temple State Bank Wilkes-Barre: Wilkes-Barre Deposit & Savings Bank Williamsport: West Branch Bank & Trust Co Wyomissing: Peoples Trust Co_ _ York: Guardian Trust Co. _ York Trust Co 2,163 108,041 36, 717 17,979 77 135 m DISTRICT NO. 4 KENTUCKY (See also district no. 8) Lexington: Security Trust Co Paris: Bourbon-Agricultural Bank & Trust Co. Richmond: State Bank & Trust Co Akron: Firestone Park Trust & Savings Bank _.. First-Central Trust Co _. Apple Creek: Apple Creek Banking Co Archbold: Peoples State Bank Co Ashland: Ashland Bank & Savings Co Bellevue: Union Bank & Savings Co Bellville: Farmers Bank Brecksville: Brecksville Bank Co... Canal Winchester: Peoples Bank Co__ Castalia: Castalia Banking Co.. Celina: Commercial Bank Co Christiansburg: Farmers & Merchants Bank Co...! Cincinnati: Central Trust Co Fifth-Third Union Trust Co Peoples Bank & Savings Co Provident Savings Bank & Trust Co The Southern Ohio Savings Bank & Trust Co.. Western Bank & Trust Co Cleveland: Cleveland Trust Co. The Lorain Street Bank Columbiana: Union Banking Co Columbus: Fifth Avenue Savings Bank Co Conneaut: Citizens Banking & Savings Co The Conneaut Banking & Trust Co Cortland: The Cortland Savings & Banking Co Coshocton: Peoples Bank & Trust Co Commercial & Savings Bank Co Digitized forDanville: FRASER 256 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Investments Total deposits Capital 429 246 206 1,068 129 657 313 97 404 79 135 22 431 63 1,177 166 165 1,064 2,153 267 280 292 333 1,710 72 867 220 231 110 150 114 157 1,002 52 959 948 246 1,078 2,352 134 969 742 650 3,504 317 1,796 636 502 659 284 302 178 1,642 151 2,223 1,337 531 2,658 5,752 807 100 50 50 580 50 125 70 50 50 25 25 50 150 25 200 100 35 250 650 25 50 15 10 300 10 105 7 40 40 5 10 10 35 6 152 26 17 50 150 55 78 453 252 107 594 281 186 1,608 905 25 150 100 13 75 20 1,010 2,326 194 771 179 408 132 381 271 512 278 454 185 886 540 418 653 329 478 290 149 187 417 548 814 58 2,114 3,498 668 1,610 679 916 687 643 484 1,650 1,072 1,397 256 200 400 75 250 75 80 50 60 25 150 100 125 40 75 100 20 10 10 21 16 21 25 15 25 25 10 2,320 1,923 19, 454 188 574 172 621 317 294 5,375 3,988 22, 033 139 403 115 332 335 230 12,488 7,813 75, 925 501 1,349 294 1,132 991 494 1,250 600 6,000 35 100 40 100 150 50 500 250 1,050 14 100 14 63 7 50 1,481 184 661 1,059 928 624 615 561 2,900 904 1,238 1,989 125 100 150 125 150 52 200 77 1,020 5,035 2,941 875 591 1,480 2,423 4,197 2,284 1,087 607 1,350 4,417 10, 735 6,274 2,509 918 3,645 300 1,150 500 300 300 300 300 100 1,000 50 350 300 Loans Surplus DISTRICT NO. 4—Continued OHIO—continued Delphos: Commercial Bank Peoples Bank of Delphos Delta: Peoples Savings Bank Co East Liverpool: Potters Bank & Trust Co Fayette: Fayette State Savings Bank Co Geneva: Geneva Savings & Trust Co Gibsonburg: Home Banking Co Hillsboro: Hillsboro Bank & Savings Co Hubbard: Hubbard Banking Co Leesburg: Citizens Bank & Savings Co Lyons: Farmers State Bank Madison: Citizens Bank Mansfield:* The Farmers Savings & Trust Co Marengo: Marengo Banking Co Martins Ferry: Peoples Savings Bank Co Marysville: Marysville-Commercial Bank Mason: The First-Mason Bank Massillon: Ohio-Merchants Trust Co Middletown: First American Bank & Trust Co Minster: Minster State Bank Mount Blanchard: Citizens Bank of Mount Blanchaxd Mount Vernon: Knox County Savings Bank Napoleon: The Community Bank Newark: Licking County Bank.__ _ _ Newark Trust Co New Lexington: Perry County Bank New Philadelphia: Ohio Savings & Trust Co._. Oak Harbor: Oak Harbor State Bank Co Orrville: Orrville Savings Bank Pomeroy: Farmers Bank & Savings Co Rittman: Rittman Savings Bank Russellville: Bank of Russellville St. Marys: Home Banking Co Sandusky: Western Security Bank Shelby: Citizens Bank Shiloh: Shiloh Savings Bank Co Toledo: Commerce Guardian Bank Ohio Citizens Trust Co Toledo Trust Co Utica: The Utica Savings Bank Co Van Wert: Peoples Savings Bank Wakeman: Wakeman Bank Co Wellington: First Wellington Bank Wooster: Commercial Banking & Trust Co Yellow Springs: Miami Deposit Bank Co __. _. _. __. PENNSYT.VANIA (See also district no. 3) Aliquippa: Woodlawn Trust Co Ambridge: Economy Bank of Ambridge.Beaver: Beaver Trust Co Dormont: Dormont Savings & Trust Co East Pittsburgh: East Pittsburgh Savings & Trust Co Erie: Security-Peoples Trust Co McKeesport: Peoples City Bank _ Meadville: Crawford County Trust Co New Brighton: Beaver County Trust Co New Castle: Lawrence Savings & Trust Co Paint Borough (Scalp Level post office): Merchants & Miners Bank Pittsburgh: Allegheny Trust Co Allegheny Valley Bank of Pittsburgh Colonial Trust Co _ _ Commonwealth Trust Co _ Homewood Bank of Pittsburgh.. Peoples-Pittsburgh Trust Co__ Potter Title & Trust Co Union Trust Co Windber: Windber Trust Co. _ 97 198 2,134 1,716 10, 697 4,825 344 25,432 2,864 74, 753 760 4,299 459 13, 686 13,140 978 45, 073 2,718 206,457 2,178 268 7,058 2,638 26,902 18,811 1,480 85, 544 4,880 246,198 2, 778 30 32 700 200 4,000 1,500 100 6,000 1,250 1,500 250 628 200 690 1,700 66 7,000 168 72, 500 350 257 STATE BANK MEMBERSHIP [In thousands of dollars] Loans Investments Total deposits Capital Surplus DISTRICT NO. 4—Continued WEST VIRGINIA (See also district no. 5) Sistersyille: First-Tyler Bank & Trust Co.. Wheeling: Citizens Mutual Trust Co. Security Trust Co Wheeling Dollar Savings & Trust Co... 1,198 140 1,919 200 100 2,050 2,023 6,761 1,131 2,109 5,534 4,751 4,328 17,395 600 300 1,800 300 300 1,200 12,469 7,009 22,890 8,862 44,929 22,933 3,400 1,000 3,400 1,800 1,831 2,458 305 2,754 9,510 10, 272 46 228 278 1,125 1,428 3,887 60 11, 752 15, 709 11, 216 105 148 682 296 4,644 7,302 621 16, 393 33, 837 29, 951 180 397 1,218 1,653 500 400 300 1,000 3,000 2,500 50 50 150 175 250 200 150 500 500 1,500 10 10 30 35 11,194 417 735 114 333 152 443 21, 730 616 265 31 117 255 558 48, 928 1,293 1,026 438 551 477 1,627 1,200 100 200 25 50 25 100 800 50 40 10 35 20 13 877 5,337 18,126 820 603 37,179 2,653 7,460 71,010 200 300 4,000 60 400 1,250 40 1,139 309 287 39 566 454 494 4,909 1,352 1,395 25 200 100 75 50 100 100 38 267 165 404 464 409 230 201 334 167 178 175 152 199 529 116 603 416 141 639 475 650 969 1,068 420 977 914 413 50 50 75 100 50 50 50 65 50 10 25 25 30 80 50 14 80 25 378 1,957 194 160 1,153 32 791 3,555 263 50 300 25 30 300 20 1,028 1,090 110 2,337 602 376 25 50 28 5,237 1,026 15, 235 223 269 190 2,380 732 884 334 1,894 539 16,151 102 60 177 1,106 192 436 331 9,211 1,831 44,038 382 356 713 4,090 1,099 1,522 600 200 1,250 35 50 50 500 200 125 100 300 40 500 32 34 18 500 50 50 30 DISTRICT NO. 5 DISTRICT OF COLUMBIA Washington: American Security & Trust Co. Washington Loan & Trust Co_. MARYLAND Baltimore: Baltimore Commercial Bank Calvert Bank Commonwealth Bank of Baltimore Fidelity Trust Co .Maryland Trust Co Union Trust Co. of Maryland Ellicott City: Commercial & Farmers Bank. Forest Hill: Forest Hill State Bank _ Hagerstown: Hagerstown Trust Co.. Salisbury: Farmers & Merchants Bank NORTH CAROLINA Charlotte: American Trust Co. Concord: Citizens Bank & Trust Co Edenton: Bank of Edenton Elizabethtown: Bank of Elizabethtown _. Marshall: Citizens Bank Tryon: Tryon Bank & Trust Co Washington: Bank of Washington.._ Wilmington: Peoples Savings Bank & Trust Co Wilmington Savings & Trust Co __. Winston-Salem: Wachovia Bank & Trust Co.. SOUTH CAROLINA Bishopville: Peoples Bank Charleston: Carolina Savings BankChester: Commercial Bank Hartsville: Bank of Hartsville VIRGINIA Abingdon: Farmers Exchange Bank, Inc Amelia: Union Bank & Trust Co Blackstone: Citizens Bank & Trust Co _ Chase City: Peoples Bank & Trust Co Farmville: Planters Bank & Trust Co Glade Spring: Bank of Glade Spring Halifax: The Bank of Halifax Kenbridge: Bank of Lunenburg (Inc.) Lacrosse: Bank of Lacrosse Lawrenceville: Farmers & Merchants Bank of Lawrenceville.. Lynchburg: Lynchburg Trust & Savings Bank Montross: Peoples Bank Petersburg: Petersburg Savings & American Trust Co. Powhatan: Bank of Powhatan Richmond: Bank of Commerce & Trusts Mechanics & Merchants Bank. State-Planters Bank & Trust Co Rural Retreat: Peoples Bank Smithfield: Merchants & Farmers Bank, Inc. South Hill: Citizens Bank, Inc Suffolk: The Farmers Bank of Nansemond Tazewell: Farmers Bank of Clinch Valley Williamsburg: Peninsula Bank & Trust Co... Winchester: Union Bank of Winchester 258 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Investments Total deposits Capital 406 507 60 1,019 166 100 25 100 20 2,184 6,535 145 334 1,471 128 183 24 553 219 289 467 1,327 7,011 6 254 268 71 72 196 107 153 116 4,585 17, 508 189 731 1,651 234 325 229 659 537 498 650 736 1,000 50 75 500 25 50 25 200 50 75 80 115 1,200 7 38 130 5 9 25 35 85 10 16 359 123 733 60 26 109 7,071 203 84 149 250 159 262 14,250 276 33 28 210 822 532 25,980 680 237 325 957 1,529 40 2,500 50 50 35 90 60 20 13 25 8 7 42 80 173 49 20 105 43 62 87 441 95 40 373 137 1 69 1 18 82 539 20 25 700 184 107 307 47 146 274 1,229 191 189 422 55 50 25 25 25 25 25 120 25 25 25 55 35 2 40 15 5 10 15 5 3 15 224 864 1,046 104 1,446 1,762 430 4,027 3,653 30 200 250 57 200 37 9,687 3,565 304 207 526 363 71 35 5,014 2,461 64 107 820 290 115 102 19, 219 9,390 509 388 1,461 940 254 25 2,000 1,250 150 50 230 150 25 2,000 200 8 25 70 150 7 3,708 1,409 187 262 93 132 58 92 127 171 87 93 1,040 220 7 46 95 188 51 127 173 10 2 34 6,165 2,273 346 621 227 430 194 544 552 326 152 111 850 200 100 100 75 50 25 50 100 100 25 25 """50 15 50 30 25 5 33 733 2,582 101 112 494 435 160 46 19 1,325 3,694 259 213 1,360 350 700 60 25 100 50 100 10 15 150 Loans Surplus DISTRICT NO. 5-Continued WEST VIRGINIA (See also district no. 4) Berwind: Berwind Bank _ Buffalo: Buffalo Bank . Charleston: Kanawha Banking & Trust Co Kanawha Valley Bank Hurricane: Putnam County Bank Lewisburg: Greenbrier Valley Bank Martinsburg: Peoples Trust Co Parsons: Tucker County Bank _ Petersburg: Potomac Valley Bank.. Rainelle: The Bank of Rainelle Romney: Bank of Romney St. Albans: Bank of St. Albans. St. Marys: Pleasants County Bank Spencer: Traders Trust & Banking Co Summersville: Farmers & Merchants Bank of Sunr mersville DISTRICT NO. 6 Aliceville: Aliceville Bank & Trust Co Birmingham: Birmingham Trust & Savings Co Clanton: Peoples Savings Bank _ Clayton: Bank of Commerce ... Columbiana: Columbiana Savings Bank Cullman: Parker Bank & Trust Co Dothan: Dothan Bank & Trust Co Eutaw: Merchants & Farmers Bank of Greene County Faunsdale: Watkins Banking Co _. Georgiana: Citizens Bank Guin: Marion County Banking Co Marion Junction: Marion Junction State Bank Oneonta: The Citizens Bank Pine Apple: Bank of Pine Apple Selma: Peoples Bank & Trust Co Thomaston: The Planters Bank & Trust Co Winfield: Winneld State Bank York: Bank of York FLORIDA Marianna: Citizens State Bank St. Petersburg: Union Trust Co West Palm Beach: Central Farmers Trust Co. GEORGIA Adairsville: Bank of Adairsville Atlanta: Trust Co. of Georgia Augusta: Georgia Railroad Bank & Trust Co.. Bainbridge: Citizens Bank & Trust Co Blackshear: The Blackshear Bank Brunswick: Brunswick Bank & Trust Co Canton: Bank of Canton Cochran: State Bank of Cochran Columbus: Columbus Bank & Trust Co.__ Merchants & Mechanics Bank Commerce: Northeastern Banking Co Dawson: Bank of Dawson.. Eastman: Bank of Eastman Lawrenceville: Brand Banking Co Lincolnton: Farmers State Bank Millen: Bank of Millen Monroe: Farmers Bank Pelham: Farmers Bank .. Reynolds: Citizens State Bank Sasser: Bank of Sasser Savannah: Citizens Bank & Trust Co Savannah Bank & Trust Co Soperton: Bank of Soperton Swainsboro: Central Bank Tifton: Bank of Tifton__ 650 200 25 20 259 STATE BANK MEMBERSHIP [In thousands of dollars] Loans Investments Total deposits Capital DISTRICT NO. 6—Continued LOUISIANA (See also district no. 11) New Orleans: American Bank & Trust Co. Slidell: Bank of Slidell 7,235 268 14,603 193 24,453 512 2,500 50 500 49 16 27 377 225 421 25 25 5 16 71 2,653 759 119 597 294 2,295 156 123 991 433 9,174 1,306 315 2,060 25 625 200 25 200 5 750 19 40 132 561 945 95 184 1,089 2,965 337 354 1,837 6,281 558 25 100 200 50 15 100 375 10 605 111 91 37,677 168 2,075 1,522 975 2,527 1,868 137 25, 233 6,692 1,466 89 526 768 1,249 129 254 169 3,425 2,916 690 108,720 970 3,869 10,170 1,746 6,739 5,898 1,524 224,796 77 2,977 1,689 607 2,773 2,600 84 171 376 5,226 4,958 1,287 188,236 1,289 8,886 17,522 3,391 13,411 11,049 2,033 294,692 3,161 6,179 2,161 1,631 4,562 5,061 222 516 713 450 450 200 6,000 200 800 500 200 600 500 200 3,000 2,000 200 200 120 200 300 25 50 50 50 75 25 7,000 15 20 500 50 200 300 50 6,000 500 20 27 15 200 100 10 20 10 466 1,885 138 834 581 446 78 177 40 244 131 272 130 178 2,144 2,453 160 1,289 8,225 444 998 185 1,725 44 175 52 329 106 73 211 270 2,667 5,586 15 2,131 12,461 550 2,588 953 2,615 208 433 124 601 444 615 506 485 6,498 10,322 248 325 1,250 50 200 100 100 40 35 25 100 50 50 50 50 500 500 50 15 40 50 50 15 15 11 20 11 10 10 15 100 200 10 64 79 140 102 72 142 130 289 28 49 275 91 750 674 936 1,801 184 162 635 333 858 927 1,155 2,900 25 25 70 25 50 75 100 175 5 7 70 5 25 14 25 50 MISSISSIPPI (See also district no. 8) Crystal Springs: Truckers Exchange Bank Forest: The Bank of Forest.. TENNESSEE Carthage: Citizens Bank & Trust Co Chattanooga: American Trust & Banking Co Greeneville: Greene County Union Bank Hartsville: Bank of Hartsville Knoxville: Commercial Bank & Trust Co DISTRICT NO. 7 _ ILLINOIS (See also district no. 8) Argenta: Gerber State Bank Belvidere: Farmers State Bank Bloomington: Peoples Bank of Bloomington Byron: Rock River Community Bank__ Chicago: Amalgamated Trust & Savings Bank. Drexel State Bank Hamilton State Bank Harris Trust & Savings Bank. I-C Bank & Trust Co. Lake Shore Trust & Savings Bank Lake View Trust & Savings Bank Main State Bank Mercantile Trust & Savings Bank Merchandise Bank & Trust Co. _. Metropolitan State Bank Northern Trust Co Personal Loan & Savings Bank Sears-Community State Bank Skala State Bank State Bank of Clearing _ The Upper Avenue Bank Uptown State Bank Cowden: State Bank of Cowden Elburn: Kane County Bank & Trust Co Eureka: Farmers State Bank _ Evanston: Evanston Trust & Savings Bank State Bank & Trust Co _ Fulton: Fulton State Bank Galesburg: Farmers & Mechanics Bank Geneva: State Bank of Geneva Kewanee: Peoples State Savings Bank _ London Mills: State Bank of London Mills Lostant: The Farmers State Bank of Lostant Matteson: First State Bank Mattoon: Central Illinois Trust & Savings Bank Metamora: Metamora State Bank Milford: Citizens State Bank _ Momence: Parish Bank & Trust Co.. Niantic: State Bank of Niantic Oak Park: Oak Park Trust & Savings Bank Springfield: Springfield Marine Bank Stockland: Sumner State Bank.. Tolono: Bank of Tolono Citizens Bank of Tolono Tuscola: Tuscola State Bank _ Walnut: Citizens State Bank _ Washington: Danforth Banking Co Wenona: First State Bank _ Wheaton: Wheaton Trust & Savings Bank Wilmette State Bank Digitized forWilmette: FRASER 260 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Investments Total deposits 752 55 6,320 163 78 1,119 452 439 1,156 57 19,632 41 53 879 419 504 2,056 181 30,828 366 135 2,811 922 1,080 410 25 2,500 40 25 225 100 150 1 500 5 5 80 13 205 680 82 643 3,915 3,210 268 185 667 835 400 252 144 2,861 120 1,023 1,190 378 1,967 81 197 203 246 259 432 442 42 86 92 436 11, 795 11, 264 274 107 245 1,329 439 444 348 760 57 1,672 1,458 378 2,004 19 71 360 348 113 586 68 375 1,665 306 1,606 20,125 16, 650 751 460 1,539 2,519 1,059 805 651 3,598 226 4,511 3,111 871 4,892 129 254 917 662 475 1,452 544 25 50 25 120 600 1,000 100 40 100 205 50 50 40 400 30 125 100 50 300 25 25 60 50 25 50 25 20 50 13 25 600 200 20 17 35 20 50 30 16 80 15 175 50 31 100 6 13 30 15 8 50 13 257 423 421 217 61 473 29 322 926 614 362 140 1,237 66 792 1,795 1,271 729 273 2,028 139 101 110 110 100 28 200 25 2,026 2,582 86 1,794 139 32 423 149 54 744 2,915 203 6,813 88 35 223 98 131 3, 595 5,696 395 9,377 252 105 838 371 301 250 600 25 1,250 50 25 100 50 25 165 149 138 138 463 59 73 102 228 88 473 581 384 161 261 437 413 749 1,048 717 281 40 50 40 54 80 72 50 19, 399 5,722 129 76 168 60,943 10,200 36 375 140 108,919 16, 215 247 495 458 5,500 1,500 40 50 50 750 300 5,544 1,382 47 607 8,151 3,436 29 591 17, 316 6,076 93 1,419 1,000 700 25 117 300 100 Loans Capital Surplus DISTRICT NO. 7—Continued INDIANA Connersville: Fayette Bank & Trust Co Darlington: Farmers & Merchants State Bank Indianapolis: Fletcher Trust Co .. _ Jamestown: Citizens State Bank Mohawk: Mohawk State Bank... Muncie: Merchants Trust & Savings Co _. . Tipton: Farmers Loan & Trust Co Valparaiso: First State Bank of Valparaiso IOWA Afton: Commercial State Bank. Algona: Iowa State Bank... Blencoe: Blencoe State Bank Cherokee: Cherokee State Bank Davenport: Davenport Bank & Trust Co Des Moines: Bankers Trust Co Fairfield: Iowa State Bank & Trust Co Fontanelle: State Savings Bank Fort Dodge: The State Bank Fort Madison: Fort Madison Savings Bank Glenwood: Glenwood State Bank. Holstein: Holstein State Bank Ida Grove: Ida County State Bank Monticello: Monticello State Bank . Moorhead: Moorhead State Bank Muscatine: Muscatine Bank & Trust Co Newton: Jasper County Savings Bank Osage: Home Trust & Savings Bank Ottumwa: Union Bank & Trust Co. of Ottumwa Riceville: Riceville State Bank Royal: Home State Bank Shenandoah: Security Trust & Savings Bank... Storm Lake: Security Trust & Savings Bank Templeton: Templeton Savings Bank Washington: Washington State Bank Williams: Williams Savings Bank MICHIGAN (See also district no. 9) Adrian: Adrian State Savings Bank Commercial Savings Bank. ._ _ __ Lenawee County Savings Bank Albion: Commercial & Savings Bank . Algonac: The Algonac Savings Bank Alpena: Alpena Savings Bank Alto: Farmers State Bank of Alto Ann Arbor: Farmers & Mechanics Bank State Savings Bank Armada: Armada State Bank Bay City: Peoples Commercial & Savings Bank Big Rapids: Big Rapids Savings Bank. . Blanchard: Blanchard State Bank Blissfield: Blissfield State Bank Bronson: Peoples State Bank of Bronson Brown City: Brown City Savings Bank. Cass City: Cass City State Bank The Pinney State Bank Cassopolis' Cass County State Bank Charlotte1 Eaton County Savings Bank Chelsea: Chelsea State Bank . Croswell: State Bank of Croswell Davison" Davison State Bank Detroit: United Savings Bank Dundee* Monroe County Bank _. .... Farmington* Farmington State Bank . _ _ _ _ . Fennville: Old State Bank Flint: Citizens Commercial & Savings Bank Genesee County Savings Bank Fountain: Fountain State Bank Frankenmuth: Frankenmuth State Bank 10 100 250 100 100 25 5 10 10 18 30 10 5 25 261 STATE BANK MEMBERSHIP [In thousands of dollars] Loans Investments Total deposits Capital DISTRICT NO. 7—Continued MICHIGAN—continued Fremont: Fremont State Bank Old State Bank of Fremont _ J Gagetown: State Savings Bank of Gagetown Grand Haven: Grand Haven State Bank Peoples Savings Bank Grand Rapids: Old Kent Bank _ Greenville: Commercial State Savings Bank _. First State Bank of Greenville.._ Hillsdale: Hillsdale State Savings Bank Holland: Holland City State Bank __ Howell: First State & Savings Bank Imlay City: Imlay City State Bank Jonesville: Grosvenor Savings Bank Kingston: Kingston State Bank _ Lakeyiew: Bank of Lakeview Lansing: American State Savings Bank __, Lapeer: Lapeer Savings Bank Lawrence: Home State Bank.. Lowell: State Savings Bank Manchester: Peoples Bank _. Union Savings Bank Manistee: Manistee County Savings Bank Marcellus: G. W. Jones Exchange Bank Marshall: Commercial Savings Bank Mason: Farmers Bank First State Savings Bank Midland: Chemical State Savings Bank Milan: Peoples State Bank of Milan. Monroe: Dansard State Bank Mount Pleasant: Exchange,Savings Bank Isabella County State Bank New Baltimore: Citizens State Savings Bank New Haven: New Haven Savings Bank Onsted: Onsted State Bank Petosky: First State Bank of Petosky Pigeon: Pigeon State Bank Romeo: Romeo Savings Bank Royal Oak: The Guardian Bank of Royal Oak Saginaw: Saginaw State Bank St. Charles: St. Charles State Bank St. Clair: Commercial & Savings Bank... Saugatuck: Fruit Growers State Bank Sebewaing: Farmers & Merchants State Bank South Haven: Citizens State Bank Sparta: Sparta State Bank Spring Lake: Spring Lake State Bank. Traverse City: Traverse City State Bank Wayne: Wayne State Bank Whitehall: State Bank of Whitehall Williamston: Crossman & Williams State Bank Williamston State Bank Zeeland: Zeeland State Bank 220 300 72 223 176 4' 514 58; 153 50 62 35 915 753 13,169 816 530 17,574 1,977 1,266 120 95 3,500 572 70 518 621 121 25 85 23 86 1,614 169 49 204 283 186 1,080 447 137 161 203 37 76 2,774 102 154 240 961 276 2,501 1,230 303 245 338 121 206 4,973 286 239 555 100 50 165 191 62 25 35 25 30 700 61 25 50 58 177 905 323 363 123 385 2,366 99 870 230 575 3,567 674 1,423 25 75 300 40 100 254 163 755 154 224 225 242 938 123 810 566 471 2,918 339 1,212 50 55 100 50 213 233 729 80 19 163 317 123 135 221 1,413 115 539 175 243 477 142 300 558 96 103 385 1,096 120 133 78 477 122 208 1,415 1,502 244 1,453 192 285 729 179 132 917 505 226 945 2,256 233 214 251 990 282 474 2,073 3,487 436 2,043 389 700 1,339 455 525 1,854 740 419 50 120 25 25 25 100 25 55 100 400 25 225 60 50 100 30 50 200 50 40 130 87 148 120 357 235 1,752 50 50 100 548 231 1,958 706 446 2,591 1,354 724 5,556 125 50 500 659 1,972 12, 630 1,362 418 2,639 17,345 1,462 56 1,079 5,055 39, 734 3,490 594 200 500 3,000 400 100 2,174 2,184 293 736 328 1,381 3,512 245 754 386 4,061 6,758 1,014 1,818 550 500 100 100 80 WISCONSIN (See also district no. 9) Burlington: Bank of Burlington Edgerton: Tobacco Exchange Bank Manitowoc: Manitowoc Savings Bank Milwaukee: American State Bank... Badger State Bank Marshall & Ilsley Bank West Side Bank -... Platteville: State Bank of Platteville Sheboygan: Bank of Sheboygan Citizens State Bank South Milwaukee: Home State Bank Sturgeon Bay: Bank of Sturgeon Bay Waupaca: Farmers State Bank of Waupaca Surplus 262 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Loans Investments Total deposits Capital Surplus DISTRICT NO. 8 Batesville: Citizens Bank & Trust Co Blytheville: Farmers Bank & Trust Co Fordyce: Fordyce Bank & Trust Co Little Rock: W. B. Worthen Co., bankers Russellville: Bank of Russellville Peoples Exchange Bank Waldron: Bank of Waldron 270 616 119 2,769 190 144 137 5,151 873 1,417 404 11, 474 60 200 50 675 1 40 10 50 173 154 139 394 102 103 742 386 347 100 100 50 10 10 20 257 520 589 417 596 166 492 430 260 119 639 203 127 49 230 403 402 1,849 922 361 742 203 363 410 151 1,509 415 27 39 248 792 1,032 2,910 1,655 1,363 1,258 944 1,346 739 347 3,546 657 166 102 600 50 50 567 150 130 100 175 150 130 25 200 125 25 25 25 25 53 597 40 344 304 197 1,240 1,017 252 1,685 100 25 100 75 20 100 6,979 5,040 9,790 1,497 4,347 3,740 3,268 12,108 12,199 1,000 1,250 2,000 750 200 500 227 424 25 92 174 559 216 377 105 166 441 120 787 133 174 123 90 74 472 74 402 534 273 551 342 140 103 261 172 123 1,507 275 261 163 190 249 913 1,255 630 1,107 565 415 731 436 1,874 373 3,107 552 387 310 702 25 50 120 75 100 50 25 100 100 100 25 200 50 50 45 100 637 657 1,729 1,255 535 1,020 1,522 959 2,224 2,333 1,429 4,182 2,892 606 653 1,097 2,818 2,273 2,148 4,278 2,288 5,223 5,414 2,267 1,751 2,375 4,973 3,492 4,269 7,889 290 600 600 340 300 445 680 300 618 600 ILLINOIS (See also district no. 7) Breese: State Bank of Breese Chester: First State Bank East St. Louis: Union Trust Co Edwardsville: Bank of Edwardsville Effingham: Effingham State Bank Eldorado: C. P. Burnett & Sons Greenville: State Bank of Holies & Sons Harrisburg: First Trust & Savings Bank.. Hillsboro: Montgomery County Loan & Trust Co. Hoyleston: Hoyleston State & Savings Bank Jacksonville: Elliott State Bank Litchfield: Litchfield Bank & Trust Co O'Fallon: First State Bank Richview: Richview State Bank Steeleville: State Bank of Steeleville "150 10 50 20 75 100 15 5 3 30 KENTUCKY (See also district no. 4) Danville: Boyle Bank & Trust Co Hartford: Citizens Bank Hopkinsville: Planters Bank & Trust Co Louisville: Kentucky Title Trust Co Lincoln Bank & Trust Co Louisville Trust Co _ MISSISSIPPI (See also district no. 6) Indianola: Peoples Bank MISSOURI (See also district no. 10) Camdenton: Camden County Bank Clinton: Union State Bank of Clinton..Farmington: United Bank of Farmington Glasgow: Glasgow Savings Bank .. Hannibal: Farmers & Merchants Bank & Trust Co. Lancaster: Schuyler County State Bank Lebanon: State Savings Bank.. Luxemburg: Lemay Ferry Bank _ Maplewood: Peoples State Bank. _ Marshall: Wood & Huston Bank Memphis: Bank of Memphis Moberly: Mechanics Bank & Trust Co Monroe City: Monroe City Bank Normandy: Normandy State Bank.. __ _ Pine Lawn: Pine Lawn Bank ._ Sedalia: Sedalia Bank & Trust, Co... St. Louis: Baden Bank Bremen Bank & Trust Co Cass Bank & Trust Co Chippewa Trust Co Easton-Taylor Trust Co Jefferson Bank & Trust Co ._. Jefferson-Gravois Bank Lindell Trust Co Manchester Bank Manufacturers Bank & Trust Co. of St. Louis.. 5 20 25 75 100 10 18 20 20 100 10 26 25 100 120 "25 "166 "400 263 STATE BANK MEMBERSHIP [In thousands of dollars] Total deposits Capital 77,013 36, 784 660 2,396 4,340 826 1,029 972 7,514 4, 254 231 117 84 444 1,245 148,042 80,431 1,794 3,570 6,400 3,060 3,114 2,347 12, 316 7,799 890 231 348 799 2,182 10,000 6,000 248 300 1,036 200 425 270 800 1,000 110 25 40 80 100 525 144 337 695 530 1,084 66 348 784 442 1,694 244 868 1,837 1,190 180 50 112 200 145 348 366 704 1,028 1,258 1,547 150 372 34 308 145 103 175 205 136 78 162 195 544 91 238 30 135 393 251 76 331 979 261 383 216 359 637 357 307 Loans Investments Surplus DISTRICT NO. 8-Continued MISSOURI—continued St. Louis—Continued. Mercantile-Commerce Bank & Trust Co Mississippi Valley Trust Co ... Mound City Trust Co... North St. Louis Trust Co Northwestern Trust Co The Plaza Bank of St. Louis Southern Commercial & Sayings Bank Southwest Bank of St. Louis. _ Tower Grove Bank & Trust Co United Bank & Trust Co St. Louis County: Gravois Bank of St. Louis Co_ Vandalia: Vandalia State Bank _ Versailles: Bank of Versailles Washington: Franklin County Bank Webster Groves: Webster Groves Trust Co 28,770 26,455 841 833 1,928 811 1,582 1,230 4,581 2,209 388 87 121 334 638 2 000 1,200 150 39 70 30 300 200 1 5 10 15 100 DISTRICT NO. 9 MICHIGAN (See also district no. 7) Escanaba: State Savings Bank__ Ewen: State Bank of Ewen Gladstone: Gladstone State Savings Bank. Iron Mountain: Commercial Bank Menominee: Commercial Bank __, Sault Ste. Marie: Central Savings Bank _ Sault Savings Bank. MINNESOTA Aurora: State Bank of Aurora Caledonia: Sprague State Bank Cannon Falls: Security State Bank Chatfield: Root River State Bank Clinton: Clinton State Bank _ Gibbon: State Bank of Gibbon _ Houston: Security State Bank of Houston Plainview: Peoples State Bank Rushmore: First State Bank of Rushmore Sacred Heart: Farmers & Merchants State Bank of Sacred Heart._ Springfield: Farmers & Merchants State Bank State Bank of Springfield Wadena: Wadena County State Bank Westbrook: Citizens State Bank... _ _. Wykoff: First State Bank of Wykoff 6 40 5 10 5 10 8 5 5 150 58 237 322 203 153 216 90 144 169 303 104 126 543 538 577 403 883 386 676 787 211 1,120 2,957 941 2,953 325 125 140 25 15 60 138 227 3,062 127 415 87 62 63 173 1,762 159 132 92 124 218 134 103 19 220 189 4,919 211 1,043 46 6 172 1,300 1,503 85 233 32 92 164 307 101 127 741 603 10, 202 521 1,996 247 97 515 2,019 7,168 507 613 208 452 745 500 402 158 125 100 600 25 100 25 30 35 100 500 35 25 25 25 40 50 25 25 10 10 400 10 50 3 5 20 25 50 8 13 17 3 40 12 15 7 10 10 15 5 MONTANA Anaconda: Daly Bank & Trust Co Big Timber: Citizens Bank & Trust Co Billings: Security Trust & Savings Bank... Bozeman: Gallatin Trust & Savings Bank Security Bank & Trust Co Butte: Metals Bank & Trust Co Columbus: Yellowstone Bank Deer Lodge: Deer Lodge Bank & Trust Co.. Denton: Farmers State Bank Fromberg: Clarks Fork Valley Bank Glasgow: Farmers-Stockgrowers Bank Great Falls: Montana Bank & Trust Co Helena: Union Bank & Trust Co Laurel: The Yellowstone Bank. Libby: First State Bank of Libby Richey: First State Bank Ronan: Ronan State Bank Terry: State Bank of Terry. _ Townsend: State Bank of Townsend Victor: Farmers State Bank Worden: Farmers State Bank 264 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Loans Investments Total deposits Capital DISTRICT NO. 9—Continued SOUTH DAKOTA Alcester: State Bank of Alcester Alpena: Bank of Alpena _ __. Arlington: Citizens State Bank Belle Fourche: Butte County Bank Belvidere: Belvidere State Bank Buffalo: First State Bank. Burke: Burke State Bank Faith: Farmers State Bank _ Flandreau: Farmers State Bank Freeman: Merchants State Bank Huron: Farmers & Merchants Bank Madison: Security Bank & Trust Co. Mclntosh: Security State Bank.. _. Miller: Hand County State Bank Mitchell: Commercial Trust & Savings Bank.. Mobridge: Citizens Bank & Trust Co Newell: Reclamation State Bank Presho: Farmers & Merchants State Bank Sturgis: Bear Butte Valley Bank _ Toronto: The Bank of Toronto Wessington Springs: Jerauld County Bank Winner: Farmers State Bank Woonsocket: Sanborn County Bank 243 54 109 673 93 268 65 114 369 129 78 346 30 139 598 21 348 73 204 99 210 140 145 91 20 53 386 72 60 47 73 95 45 776 55 101 23 756 131 114 24 64 121 23 162 92 422 76 148 1,471 326 325 159 335 618 205 1,084 595 225 263 1,704 184 559 180 548 229 252 632 312 25 30 25 75 25 25 25 25 50 40 100 75 30 25 200 50 25 25 25 25 25 25 25 55 104 223 143 256 284 65 30 WISCONSIN (See also district no. 7) Boyceville: Bank of Boyceville Qlenwood City: First State Bank. DISTRICT NO. 10 COLORADO Delta: Colorado Bank & Trust Co Denver: Central Savings Bank & Trust Co International Trust Co La Junta: Colorado Savings & Trust Co Sterling: Commercial Savings Bank of Sterling 294 185 935 50 1,281 4,199 374 413 1,640 7,486 160 278 3,602 14,918 821 1,084 350 500 75 100 346 376 479 704 85 136 148 40 163 471 165 241 61 475 85 299 192 263 386 2,159 61 9 41 31 140 658 40 84 84 1,424 51 289 1,000 864 1,707 3,687 418 181 358 89 504 2,025 332 346 173 2,855 248 1,010 50 100 150 100 50 25 25 25 25i 100 40 25 25 200 25 110 183 777 137 298 444 40 854 1,738 290 50 150 25 30,608 1,294 150 189 171 703 645 47,121 645 78 60 49 763 1,790 156, 244 2,879 397 374 248 2,127 3,986 6,000 200 30 25 25 200 250 KANSAS Abilene: Citizens Bank Hiawatha: Morrill & Janes Bank.. Hutchinson: Hutchinson State Bank... Kansas City: The Riverview State Bank Liberal: Citizens State Bank Luray: Peoples State Bank of Luray. Ness City: The First State Bank Onaga: Onaga State Bank Osage City: Citizens State Bank _ Pratt: Peoples Bank _ _ Sedan: Sedan State Bank Sylvan Grove: Sylvan State Bank Tonganoxie: First State Bank of Tonganoxie Topeka: Fidelity Savings State Bank Wakefield: Farmers & Merchants State Bank Winfield: The State Bank MISSOURI (See also district no. 8) Albany: Gentry County Bank Carthage: Bank of Carthage Craig: Bank of Craig Kansas City: Commerce Trust Co Merchants Bank of Kansas City King City: First State Bank of King City Lamar: Barton County State Bank Rich Hill: Security Bank of Rich Hill St. Joseph: Empire Trust Co South St. Joseph: First St. Joseph Stock Yards Bank Surplus 265 STATE BANK MEMBEKSHIP [In thousands of dollars] Investments Total deposits 233 111 271 283 94 99 162 55 146 68 1 271 171 88 286 237 43 148 446 177 624 936 237 443 430 190 30 30 35 100 25 40 30 25 40 118 48 242 30 109 91 Loans Capital Surplus DISTRICT NO. 10—Continued NEBRASKA Alma: Harlan County Bank Bancroft: Citizens Bank. ___ Blair: Washington County Bank North Platte: McDonald State Bank. Pawnee City: Citizens State Bank Scribner: Farmers State Bank. Stromsburg: Stromsburg Bank Valley: Bank of Valley Wahoo: Wahoo State Bank 8 10 14 16 4 7 15 6 15 NEW MEXICO (See also district no. 11) Aztec: Citizens Bank OKLAHOMA Okarche: First Bank of Okarche. 50 17 WYOMING Evanston: Stockgrowers Bank Lusk: Lusk State Bank Mountain View: Uinta County State Bank. Newcastle: First State Bank. Sundance: Sundance State Bank Wheatland: State Bank of Wheatland Stock Growers Bank Worland: Farmers State Bank of Worland.. 288 134 76 246 242 435 389 506 35 15 15 13 2 447 169 258 95 118 82 444 583 04 69 20 1,844 148 2,966 165 6,514 562 250 50 300 60 15 950 DISTRICT NO. 11 ARIZONA (See also district no. 12) Tucson: Southern Arizona Bank & Trust Co. Willcox: The Bank of Willcox LOUISIANA (See also district no. 6) Minden: Minden Bank & Trust Co Shreveport: Continental-American Bank & Trust Co 130 2 1,964 1,892 6,713 123 169 60 186 55 464 554 85 335 63 71 194 389 49 94 119 284 3,347 248 75 147 213 136 98 70 127 133 437 992 60 59 31 304 103 75 171 45 7,670 109 24 6 2 65 2 32 111 293 629 2,274 303 307 588 1,139 184 214 432 402 18, 781 491 156 279 218 306 123 128 405 884 1,488 NEW MEXICO (See also district no. 10) Carlsbad: American Bank of Carlsbad Deming: Mimbres Valley Bank... Logan: McFarland Bros. Bank TEXAS Beaumont: Security State Bank & Trust Co.. Beeville: State Bank & Trust Co Bremond: First State Bank... Brownfield: Brownfield State Bank Bryan: First State Bank & Trust Co Celina: First State Bank Clarendon : Farmers State Bank Clifton: Farmers State Bank Dalhart: Citizens State Bank Dallas: Dallas Bank & Trust Co Del Rio: Del Rio Bank & Trust Co Dodsonville: First State Bank East Bernard: Union State Bank _. Eden: Eden State Bank Ferris: Farmers & Merchants State Bank Forney: Forney State Bank Franklin: First State Bank Gatesville: Guaranty Bank & Trust Co Gonzales: Gonzales State Bank Digitized forGoose FRASER Creek: Citizens State Bank & Trust Co 56048—36 18 25 5 200 50 65 50 100 25 75 50 50 1,000 150 25 60 75 50 40 45 50 70 90 11 5 "166 4 2 2 25 500 8 10 25 5 "16 7 40 266 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS [In thousands of dollars] Investments Total deposits Capital 372 78 192 35 31 25 69 32 226 77 56 142 84 321 175 506 177 152 74 79 55 76 506 45 320 14 28 6 54 17 60 32 79 20 35 261 54 396 22 14 10 5 76 115 1,219 202 622 60 112 113 161 50 454 197 236 486 190 923 327 1,331 260 283 89 105 517 359 100 50 50 25 25 35 25 25 50 60 25 38 45 60 65 100 25 50 35 30 30 75 20 21 30 9 3 1 6 2 26 1 13 25 14 30 5 50 11 119 45 151 217 109 77 106 205 100 6 222 101 85 81 6 22 356 97 602 681 326 229 186 313 50 25 40 50 25 30 25 50 12 10 25 25 8 17 2 10 132 312 164 262 803 973 75 100 16 100 _. 66 70 173 25 12 Carmel: Bank of Carmel Downey: Los Nietos Valley Bank Fairfield: Solano County Bank Le Grand: Le Grand Bank Long Beach: Farmers & Merchants Bank Los Angeles: California Bank.. Union Bank & Trust Co Newman: Bank of Newman Oakland: Central Bank of Oakland Pasadena: Citizens Commercial Trust & Savings Bank First Trust & Savings Bank of Pasadena Salinas: Monterey County Trust & Savings Bank... San Francisco: American Trust Co Wells Fargo Bank & Union Trust Co San Rafael: Bank of San Rafael Santa Paula: Citizens State Bank _ 544 489 145 183 5,663 149 553 356 64 2,692 955 1,277 516 240 12,591 50 75 75 25 1,000 65 55 16 13 250 34, 738 15,430 579 19, 250 30, 390 13, 773 605 10,206 83, 901 33,871 1,259 35, 240 6,500 2,500 150 4,146 1,625 1,300 80 1,354 1,087 5,515 4,054 2,720 5,812 1,882 4,353 13, 725 7,450 300 1,000 675 150 400 180 106, 746 60,471 2,077 425 111, 037 129,974 1,042 242,652 224, 531 3,066 603 15,000 9,000 100 100 4,000 5,000 120 50 70 81 6,982 51 128 128 93 45 129 887 151 10,451 84 292 198 393 58 146 797 227 383 23, 060 175 495 531 592 161 601 2,465 25 35 1,215 25 50 40 25 25 25 100 5 5 285 8 10 12 5 9 13 50 Loans Surplus DISTRICT NO. 11—Continued TEXAS—continued Greenville: Citizens State Bank Hamilton: Hamilton Bank & Trust Co.__ Huntsville: Huntsville Bank & Trust Co Iola: Iola State Bank Kirkland: First State Bank Kosse: First State Bank __ _... Ladonia: Farmers & Merchants State Bank Leakey: First State Bank Llano: Moore State Bank Loraine: First State Bank Madisonville: Farmers State Bank Matador: First State Bank__. Mathis: First State Bank McAllen: City State Bank & Trust Co Mount Pleasant: Guaranty Bond State Bank _. Nacogdoches: Commercial State Bank Pearsall: Security State Bank Rails: Security State Bank & Trust Co _. Richardson: Citizens State Bank Robert Lee: First State Bank Roscoe: Roscoe State Bank Rusk: Farmers & Merchants State Bank & Trust Co. Shamrock: Farmers & Merchants State Bank of Shamrock Shiro: Farmers State Bank ___ Silsbee: Silsbee State Bank Sinton: Commercial State Bank Spearman: First State Bank Thorndale: Thorndale State Bank Turkey: Farmers & Merchants State Bank Wellington: Wellington State Bank _._ Wharton: Security Bank & Trust Co— Wharton Bank & Trust Co 15 2 DISTRICT NO. 12 ARIZONA (See also district no. 11) Buckeye: Buckeye Valley Bank CALIFORNIA 73 IDAHO Aberdeen: Bank of Aberdeen. Arco: Butte County Bank Boise: First Security Bank of Idaho Hazelton: Hazelton State Bank Kellogg: First State Bank of Kellogg Malad City: J. N. Ireland & Co., bankers Orofino: Bank of Orofino Richfield: First State Bank____ Soda Springs: Largilliere Co., bankers.__ Twin Falls: Twin Falls Bank & Trust Co 77 267 STATE BANK MEMBERSHIP [In thousands of dollars] Loans Investments Total deposits Capital Surplus DISTRICT NO. 12—Continued Albany: Bank of Albany __. Dallas: Dallas City Bank. Grants Pass: Grants Pass & Josephine Bank... Haines: Bank of Haines Myrtle Point: Security Bank of Myrtle Point. Oakland: E. G. Young & Co. Bank 184 241 360 39 126 132 307 228 321 50 297 145 756 965 144 553 319 50 50 100 25 38 71 15 20 35 3 12 405 397 338 144 392 327 591 2,227 604 429 851 432 131 61 13 250 72 501 2,057 417 222 30 1,201 641 461 254 961 352 1,685 5,659 1,493 904 913 150 100 75 50 50 50 160 512 100 125 25 9 45 35 "50 65 10 750 654 6,630 817 1,124 10,010 1,274 2,296 25,483 250 300 2,200 200 150 100 274 518 474 53 123 220 352 658 783 50 100 75 15 10 75 193 32 108 236 614 90 50 5 36 79 275 857 30 614 418 59 129 123 405 70 222 591 47 497 328 203 351 30 101 310 577 2,126 141 1,288 1,304 339 621 421 839 50 50 283 25 100 143 50 65 209 58 96 104 314 264 361 8 314 671 591 571 174 507 87 50 40 25 33 7,212 2,217 162 127 3, 076 144 120 62 780 186 580 3,940 1,705 112 377 814 248 36 26 352 53 180 17,199 3,828 378 558 6,044 581 271 130 1,536 693 1,216 1,200 550 30 65 200 45 38 25 200 50 196 UTAH Brigham: State Security B a n k Cedar City: B a n k of Southern U t a h . . E p h r a i m : B a n k of E p h r a i m Gunnison: Gurmison Valley B a n k Helper: Helper State B a n k Kaysville: Barnes Banking Co Logan: Cache Valley Banking Co Ogden: Commercial Security B a n k . . . Price: Carbon E m e r y B a n k Provo: Farmers & M e r c h a n t s B a n k . . Salina: First State B a n k of Salina Salt Lake City: T r a c y Loan & T r u s t Co U t a h Savings & T r u s t C o . . Walker B a n k & T r u s t C o . Spanish F o r k : B a n k of Spanish Fork Commercial B a n k Springville: Springville Banking C o . Vernal: B a n k of Vernal U i n t a h State B a n k ~~50 25 100 WASHINGTON Almira: Almira State B a n k Cashmere: Cashmere Valley B a n k Chehalis: Coffman-Dcbson B a n k & T r u s t C o . Coulee City: Security State B a n k Ellensburg: F a r m e r s B a n k _ H o q u i a m : B a n k of H o q u i a m _ K a l a m a : K a l a m a State B a n k . . Kelso: Cowlitz Valley B a n k Lacrosse: First State B a n k P u l l m a n : P u l l m a n State B a n k Puyallup: Citizens State B a n k . P u y a l l u p State B a n k Ritzville: Ritzville State B a n k Rockford: F a r m e r s & M e r c h a n t s B a n k Rosalia: B a n k of Rosalia Seattle: Peoples B a n k & T r u s t Co Seattle T r u s t Co Selah: Selah State B a n k South Bend. Pacific State B a n k . Spokane: Washington T r u s t Co Tekoa: Tekoa State B a n k _. T o p p e n i s n : Traders B a n k _ CJniontown: Farmers State B a n k Wenatchee: Columbia Valley B a n k W i l b u r : State B a n k of Wilbur Y a k i m a : Y a k i m a Valley B a n k & T r u s t C o . . . . 15 "50 3 12 15 14 5 6 10 213 200 6 10 300 16 ._-„ 25 10 268 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS NUMBER OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK, 1 D E C . 31, 1935 Number of banks with a capital stock of— States It 82- New England: Maine New Hampshire. Massachusetts-.. Rhode Island Connecticut Middle Atlantic: New York New Jersey. _. Pennsylvania. 15 119 53 74 18 1 4 East North Central: Ohio Indiana.. Illinois— Michigan Wisconsin West North Central: Minnesota.. Iowa... Missouri South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia FloridaEast South Central: Kentucky... Tennessee Alabama Mississippi West South Central: Arkansas. Louisiana .Oklahoma Texas 52 10 13 78 123 Mountain: Montana Idaho Wyoming Colorado New Mexico , Arizona Utah Pacific: WashingtonOregon California Total. 1 3 1,001 145 70 102 176 Includes capital notes and debentures and par value of preferred and common stock. 85 36 269 STATE BANK MEMBERSHIP CAPITAL STOCK OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK,1 D E C . 31, 1935 [In thousands of dollars] Aggregate capital stock of banks with a capital stock of— S States II New England: Maine New Hampshire. Massachusetts.. Ehode Island. _. Connecticut Middle Atlantic: New York New Jersey Pennsylvania 1,400 5,000 1,300 1,335 9,934 10,395 32, 500 583 4,553 6,015 25,833 900 300 2,320 6,600 6,130 23,195 384,455 11,000 29,096 4,678 100 300 50 50 353 258 40 75 358 30 450 360 600 900 50 145 731 145 218 110 115 100 205 40 100 300 250 100 60 60 155 150 60 25 65 East North Central: Ohio Indiana. Illinois Michigan Wisconsin 67, 755 3,394 22, 567 21, 770 6,300 300 50 250 350 West North Central: Minnesota. Iowa Missouri South Dakota.... Nebraska Kansas 528 3,670 33, 577 1,000 355 1,075 150 150 175 350 50 175 6,798 8,125 148 100 800 100 600 900 300 300 600 100 100 300 100 50 75 50 25 150 450 150 50 140 290 150 75 135 75 150 205 275 368 100 50 50 650 175 125 75 140 75 161 35 200 100 200 100 500 150 1,235 3,560 50 3,813 Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah 2,480 1,565 286 1,075 155 325 4.512 Pacific: Washington Oregon California 3,725 334 40, 696 5,325 1,075 3,250 75 879,109 25 50 200 75 200 245 30 186 38 3, 625 200 325 700 125 1,140 700 700 200 780 450 300 150 I26' 200 400 4,630 3,967 2,000 2,050 600 5,500 6,500 1,100 1,836 . 4, 400 3, 250 2,800 5,200 1,550 3,250 500 625 4,250 675 950 200 300 100 390 325 1,100 350 500 250 550 "512' 240 300 435 250 100 50 342 71 150 100 100 200 339 6,000 5,500 22,000 2,500 1,215 150 300 2,200 550 1,200 675 8,646 30,500 4,920 10, 200 12, 428 48, 700 54,067 191, 356 544,851 1 Includes capital notes and debentures and par value of preferred and common stock. 51, 300 "I," 666' 150 100 1,000 2,036 1,298 500 400 75 6,542 2,500 6,250 7,250 3,000 2,500 200 50 50 50 50 100 50 250 6,150 905 1,968 200 260 200 770 ""366" 1,315 1,800 133 571 1,155 3, 525 1,793 1,988 125 600 30 East South Central: Kentucky TennesseeAlabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Total - 2,600 15,180 5,000 4,059 150 50 4,400 6,490 5,951 6,200 400 6,815 611 750 100 4,061 150 26, 558 5,000 4,609 440, 682 48, 934 67,929 South Atlantic: Delaware Maryland District of Columbia. Virginia West Virginia.... North Carolina.. South Carolina... Georgia Florida §1 oos" 270 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS DEPOSITS OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK, 1 DEC. 31, 1935 [In thousands of dollars] Total deposits of banks with a capital stock of— States Total 8 New England: Maine N e w Hampshire Massachusetts. Rhode Island _. Connecticut... 1,284 328,145 135,366 63,223 Middle Atlantic: New York New Jersey Pennsylvania.. 7, 491,226 517,935 1,121,748 8,205 2,642 30,805 7,002 12,956 67,642 15,867 239,737 135,366 56,801 1,284 I, 742 1,280 "3," 400 416 "240 1,710 549 3,122 3,141 16,756 9,005 100,668 158, 362 10,599 5,413 55,855 54,070 209 3,003 18,370 69,256 55,668 "523 East North Central: Ohio.. Indiana. Illinois Michigan Wisconsin 710, 610 4,113 2,549 5,139 3,542 8,745 13,790 16,171 40,985 38,379 316 366 4,867 922 651,609 2,594 641 7,317 1,562 8,419 ll', 235 50,693 70,598 277, 778 3,284 3,439 8,290 6,865 13,023 19,797 19, 623 16, 745 72,575 284 724 1,054 3,426 1,354 4,569 21,430 West North Central: Minnesota Iowa. Missouri South Dakota.. Nebraska Kansas 6,391 70,153 496,007 10,853 3,881 15, 797 1,883 2,083 2,180 4,691 427 1,899 South Atlantic Delaware Maryland District of Columbia Virginia West Virginia.. North CarolinaSouth CarolinaGeorgia Florida 78,001 58,107 135, 463 8,150 51,054 8,110 865 629 915 494 East South Central: Kentucky Tennessee Alabama Mississippi 37,050 13,288 34,036 1,070 252 748 1,683 1,070 West South Central: Arkansas Louisiana Oklahoma Texas 15, 643 32,147 489 41,964 Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah... Pacific: Washington Oregon California Total. __ 2,754 775 979 1,337 6,514 917 1,055 3,271 1,429 802 2,066 506 2,518 332 1,418 73, 670 96,196 5,401 7,032 1,084 936 6,576 577 6,117 11,009 20,125 3,883 38,157 40,084 1,704 2,717 2,855 2,871 7,923 10,028 4,644 67, 862 382 5,852 1,564 1,051 2,612 551 1,395 1,362 486 430 2,702 857 1,101 3,186 751 873 512 469 489 2,582 5,347 5,999 42,914 3,580 666,230 1,393 8,822 13,301 6,906 10,987 11,139 4,909 5,059 9,859 7,680 1,426 3,366 3,702 9,174 16, 650 14,199 188,236 108, 91S 384, 717 63, 642 80,181 67, 862 44,038 34,903 119,938 28, 608 27, 575 1,417 11,474 6,713 2,274 24, 453 491 500 495 435 935 821 242 1,018 562 2,533 1,480 4,617 2,465 4,635 2,792 3,790 6,514 3,570 5, 659 445 2,308 2,510 3,110 319 144 553 1,599 955 1,793 240 1,288 965 3,669 2,520 9,706 3,828 17,199 1,259 4,353 7,450 95,427 173 913 533, 258 25,980 ~I,~229 1,128 82,368 30,828 310,314 77,793 39, 734 4,662 1,828 34,544 2,601 1, 28,690 1,756 914 3,579 1,068 2,076 21,360 1,345 7,249 46,220 1,655 1,522 1,019 2,920 1,352 3,205 "l,"449 393,960 6,804,[,899 258,052 133.584 516,289 457; 016- 18,781 2,957 17,370 23,060 3,602 14,918 1,084 25,483 551,084 13,651, 776 41,061 29,061 67,078 46,836 130, 728 116,484 546,297 630,341 2,882,177 9,161, 713 i Includes capital notes and debentures and par value of preferred and common stock. 271 STATE BANK MEMBEESHIP NUMBER OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF TOTAL DEPOSITS, D E C . 31, 1935 Number of banks with total deposits of— States Total New England: Maine New Hampshire M assachusetts Rhode Island Connecticut Middle Atlantic: New York_ New Jersey.. P ennsy 1 vania __. 20 2 5 119 53 74 East North Central: Ohio._ Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri— South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia. Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas LouisianaOklahoma Texas Mountain: Montana Id aho ___ W yoming Colo rado New Mexico Arizona Utah 1 ..... Pacific: Washington Oregon. California Total 1 1,001 102 170 128 Trust company member with no deposits (has no banking department). 4 ..... 2 ..... 147 165 5 3 162 44 272 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS TOTAL DEPOSITS OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF TOTAL DEPOSITS, DEC. 31, 1935 Aggregate deposits of banks with total deposits of— States 8| §3 g New England: Maine New Hampshire Massachusetts Rhode Island C onnecticut Middle Atlantic: New York. New Jersey Pennsylvania 30,805 1,284 328,145 135,366 63, 223 „.._ II 1, 1,284 1,967 663 9,001 19,958 42, 776 210,855 21, 252 56,801 "37 022 "~3~466 71,884 114,114 7,491,226 517,935 1,121, 748 615 3,732 3,708 7,487 24,249 77,999 763 1,363 3,379 11,236 59,369 "449 1,818 4,330 3,450 18,925 64,873 405,021 6,968,415 225, 957 215,868 253, 363 774, 540 East North Central: Ohio Indiana Illinois Michigan Wisconsin 710, 610 38,379 651,609 277, 778 72,575 952 4,860 7,473 5,498 22,668 20,952 316 366 922 1,1""" 4,867 4,474 13,853 36,956 1,416 2,396 2,611 9,013 7,631 5,394 25,112 29,440 540 1,318 5,265 7,551 114,949 30,828 102,896 89,565 57,103 West North Central: Minnesota Iowa Missouri South Dakota Nebraska Kansas 6,391 70,153 496, 007 10,853 3,881 15,798 South Atlantic: Delaware Maryland District of Columbia. Virginia West Virginia North Carolina South Carolina Georgia Florida 73, 670 96,196 67,862 78, 001 58,107 135, 463 8,150 51, 054 8,110 East South Central: Kentucky Tennessee _ Alabama Mississippi 37,050 13, 288 34,036 1,070 West South Central: Arkansas Louisiana Oklahoma Texas. _. 15, 643 32,147 489 41,964 Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Pacific: Washington. Oregon. Total. 180 397 818 2, 295 979 1,857 3,344 7,321 18,631 3,180 3,456 9,519 46, 036 2,952 4,259 624 """936 504 864 3,718 8,567 621 2,871 2,309 3,290 3,651 823 3,310 915 551 494 2,003 2, 226 940 430 2,111 4,644 5, 520 9,982 4,589 13, 664 3,946 2,653 2,747 4,909 5,967 4,146 7,680 36, 775 45,041 20,103 87,483 67,862 53,249 34,903 56, 388 957 5,521 1,306 2,758 742 512 873 1,417 3,010 3,583 5,177 2,274 18,781 1,9 7,928 2,465 17,370 23, 060 1,756 1,084 3,602 554 242 464 562 173 236 I~419 1,913 3~56l ~5~653 ~2~296 14,918 1,137 296 2,754 97 85 613 1,354 4,245 878 1,724 563 1,751 1,732 941 445 1,719 5,370 839 144 319 553 2,564 240 1,119 955 6,970 2,060 482,928 108,919 384,717 51,456 71,010 34, 773 252 748 47 1,054 1,328 1,912 225 845 3,579 21, 360 1,345 7,249 46, 220 13,651,777 j 2,664 1,870 3,330 2,236 1,717 1,454 34,544 42, 914 3,580 666, 230 California 453 355 728 76 1,330 604 602 533, 258 24,307 9,174 25,980 11,474 31,166 6,514 31,142 5,344 5,954 23, 243 2,536 7,419 102,877 551,084 879 19,117 63,391 78,534 61,601 211,935 522,996 2,365,131 10,328,193 273 FIDUCIARY POWERS FIDUCIARY POWERS GRANTED TO NATIONAL BANKS Under section 11 (k) of the Federal Reserve Act as amended, the Board of Governors of the Federal Reserve System has authorized the national banks listed below to exercise one or more fiduciary powers as follows: (1) Trustee. (2) Executor. (3) Administrator. (4) Registrar of stocks and bonds. (5) Guardian of estates. (6) Assignee. (7) Receiver. (8) Committee of estates of lunatics. (9) Any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. The numerals opposite the name of each bank, which refer to the list given above, indicate the power or powers it is authorized to exercise. Powers granted Powers granted DISTRICT NO. 1—Continued DISTRICT NO. 1 CONNECTICUT—continued CONNECTICUT (See also district no. 2) Ansonia: Ansonia National Bank Canaan: Canaan National Bank Danielson: Windham County Naiionai Jt>anK. 1 to 9. 1 to 9. 1 to 9. Derby: Birmingham National Bank. 1 to 9. xiariioru. Capitol National Bank & Trust I t o 9 . Co. First National Bank 1 to 9. Hartford National Bank & Trust 1 to 9. Co. Meriden: Home National Bank Ito9. Middletown: Central National Bank 1 to 9. Middletown National Bank 1 to 9. Mystic: Mystic River National 1 to 9. Bank. Naugatuck: Naugatuck National I t o 9 . Bank. New Britain: New Britain National I t o 9 . Bank. New Haven: First National Bank & Trust Co. 1 to 8. New Haven Bank, N. B. A Ito9. Second National Bank 1 to 9. Tradesmens National Bank 1 to 9. New London: National Bank of Commerce 1 to 9. National Whaling Bank 1 to 9. New London City National 1, 2, 3, 5, 7, Bank. and 8. New Milford: First National Bank.. 1 to 9. Norwich: Uncas-Merchants National I t o 8 . Bank. Putnam: Citizens National Bank 1 to 9. Torrington: Torrington National 1 to 9. Bank & Trust Co. Wallingford: First National Bank.._ I t o 9 . Water bury: Citizens and Manufacturers Na- I t o 9 . tional Bank. Waterbury National Bank Ito9. Willimantic: Windham National I t o 9 . Bank. Winsted: Hurlbut National Bank.__ I t o 9 . MAINE Augusta: First National Granite Bank. Bangor: Merchants National Bank.. Bar Harbor: First National Bank... Bath: Bath National Bank... First National Bank Belfast: First National Bank Biddeford: First National Bank Carnden: Camden National Bank. Damariscotta: F i r s t N a t i o n a l Bank Ellsworth: Liberty National Bank in Ellsworth. Farmington: First National Bank Peoples National Bank Houlton: First National Bank Lewiston: First National Bank Manufacturers National Bank Norway: Norway National Bank Pittsfield: First National Bank Portland: Canal National Bank First National Bank at Portland. National Bank of Commerce Portland National Bank Rockland: First National Bank Rumford: Rumford National Bank.. Saco: York National Bank Skowhegan: First National Bank Thomaston: Thomaston National Bank. W a l d o b o r o : Medomak National Bank. Waterville: First National Bank 1 to 9. 1 to 9. 1 to 4. 1 to 8. 1 to 8. Ito9. 1 to 9. 1 to 9. 1, 2, 3, 5, and 6. 1 to 9. 1 to 9. 1 to 3, and 5. 1 to 5, and 9. 1 to 9. 1 to 5, and 9, 1, 2, and 3. Ito9. Ito9. 1 to 7 and 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 3, 5, 8, and 9. 1 to 3, 5 to 7, and 9. Ito9. 274 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers granted Powers granted DISTRICT NO. 1—Continued DISTRICT NO. 1-Continued MASSACHUSETTS—continued MASSACHUSETTS Abington: Abington National Bank_ Adams: First National Bank Graylock National Bank Amherst: First National Bank Andover: Andover National Bank Athol: First National Bank Attleboro: First National Bank Beverly: Beverly National Bank Boston: First National Bank Merchants National Bank National Rockland Bank National Shawmut Bank Second National Bank— Webster & Atlas National Bank._ Brockton: Brockton National Bank Home National Bank Concord: Concord National Bank... Edgartown: Edgartown National Bank. Everett: Everett National Bank Middlesex County National Bank. Fall River: Fall River National Bank. Falmouth: Falmouth National Bank. Fitchburg: Safety Fund National Bank. Foxboro: Foxboro National Bank Framingham: Framingham National Bank. Gardner: First National Bank Gloucester: Cape Ann National Bank Gloucester National Bank Great B a r r i n g t o n : National Mahaiwe Bank. Greenfield: First National Bank & Trust Co. aaverhill: Haverhill National Bank Merrimack National Bank Jolyoke: Holyoke National Back___ Hudson: Hudson National Bank Hyannis: Barnstable County National Bank. Ipswich: First National Bank Lawrence: Bay State M e r c h a n t s National Bank. Leominster: Merchants National Bank. Lowell: Appleton National Bank Union Old Lowell National Bank. Lynn: Central National Bank Manufacturers National Bank.__ National City Bank Maiden: First National Bank Marblehead: National Grand BankMarlboro: First National Bank Peoples National Bank Medford: First National Bank. Methuen: Methuen National Bank__ Milford: Home National Bank Milford National Bank & Trust Co. Nantucket: Pacific National Bank... Needham: Needham National Bank. New Bedford: First National Bank Merchants National Bank_ Safe Deposit National Bank I Newburyport: First and Ocean National Bank. _ Merchants National Bank Newton: Newton National Bank North Adams: N o r t h Adams National Bank. North Attleboro: Manufacturers National Bank. Northampton: First National Bank Northampton National Bank & Trust Co. Orange: Orange National Bank Palmer: Palmer National Bank Peabody: Warren National Bank Pittsfield: Agricultural National Bank Pittsfield-Third National Bank & Trust Co. Plymouth: P l y m o u t h National Bank. Provincetown: First National Bank. Rockport: Rockport National Bank. 1 to 9. Salem: Merchants National Bank Ito9. Shelburne Falls: Shelburne Falls Ito9. National Bank. Ito9. Somerville: Somerville National Ito9. Bank. Southbridge: Southbridge National Ito9. Bank. Ito9. Springfield: Springfield National Bank Ito9. Third National Bank & Trust Co. Ito9. Tisbury: Marths's Vineyard NaIto9. tional Bank. 1 to 9. Townsend: T o w n s e n d National Bank. 1 to 9. Uxbridge: Blackstone National Bank Waltham: Waltham National Bank. Ito9. Wareham: National Bank of WareIto4. ham. Ito9. Watertown: Union Market National Ito9. Bank. Ito9. Webster: First National Bank Wellesley: Wellesley National Bank. Ito9. Westfield: Ito9. First National Bank Hampden National Bank & 1 to 7 and 9. Trust Co. Winehendon: First National Bank.__ Winchester: Winchester National Ito9. Bank. Ito9. Woburn: Woburn National Bank.._ Worcester: Mechanics National Ito8. Bank. Ito9. First National Bank 1 to 5 and 7. Yarmouthport: of Yarmouth. Ito9. NEW HAMPSHIRE Ito9. Berlin: Berlin City National Bank.. Ito4. Charlestown: Connecticut R i v e r 1 to 9. National Bank. 1,2,3, and 5. Claremont: Ito8. Claremont National Bank Ito4. Peoples National Bank Ito9. Concord: First National Bank _ Ito9. Mechanicks National Bank Ito9. National State Capital Bank Dover: Ito9. Ito9. Merchants National Bank _ Ito9. Strafford National Bank 1. Ito8. 1 to 7 and 9. 1 to 9. Ito9. Ito9. Ito9. Ito9. 1 to 9. Ito9. 1 to 9. Ito9. Ito9. Ito9. 1 to 9. Ito9. Ito9. Ito3. Ito9. Ito8. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. 1 to 7 and 9. Ito5. Ito9. Ito4. Ito9. 1 to 7 and 9. Ito9. Ito9. Ito9. Ito9. Ito8. Ito3. 1 to 4. 1 to 7 and 9 Ito9. Ito9. 1 to 9. Ito9. Ito8. 1 to 7 and 9. Ito9. Ito9. 1 to 3, 6, 7, and 9. Ito9. Ito9. 1. 1 and 4. 1, 2, 4, 6, 7, and 9. 1. Ito9. 1, 2, and 4. 1, 2, and 4. Ito3. Ito4. 275 FIDUCIAKY POWERS Powers granted Powers granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued NEW HAMPSHIRE—continued VERMONT—continued Exeter: Rockingham National Bank. Franklin: Franklin National Bank.. Hanover: Dartmouth National Bank. Keene: Ashuelot-Citizens National Bank. Keene National Bank Laconia: Laconia National Bank Peoples National Bank Lancaster: Lancaster National Bank. Lebanon: National Bank of Lebanon. Manchester: Amoskeag National Bank Manchester National Bank Merchants National Bank Milford: Souhegan National Bank___ Nashua: Indian Head National Bank Second National Bank Newport: Citizens National Bank__, Peterboro: First National Bank Plymouth: Pemigewasset National Bank. Portsmouth: First National Bank New Hampshire National Bank. Tilton: Citizens National Bank Wilton: Wilton National Bank St. Johnsbury: First National Bank Merchants National Bank.. Springfield: First National Bank Windsor: Windsor County National Bank. 1, 2, and 4. 1, 2, and 9. 1,2,4, and 9. 1 and 4. Ito4. 1, 2, and 4. 1 and 4. 1,2,4, and 9. 1, 2, 4, 6, 7, and 9. 1, 2, and 4. 1. 1, 4, and 9. 1 and 4. 1 to 4, 6, 7, and 9. 1, 2, and 4. 1, 2, 4, 6, 7, and 9. 1, 4, and 9. 1 and 4. 1 to 6 and 9. Ito8. 1 to 5. 1 to 3, 5 to 9. DISTRICT NO. 2 CONNECTICUT (See also district no. 1) Bridgeport: First National Bank & Trust Co. Danbury: City National Bank & Trust Co. Danbury National Bank Greenwich: First National Bank in.. New Canaan: First National Bank & Trust Co. Nor walk: National Bank of Nor walk. Ridgefield: First National Bank & Trust Co. South Norwalk: City National BankStamford: First Stamford National Bank & Trust Co. 1, 2, 4, 6, 7, NEW JERSEY and 9. 1 and 9. (See also district no. 3) 1 and 2. 1, 2, 4, 6, 7, Allendale: First National Bank and 9. Allenhurst: Allenhurst N a t i o n a l 1 Wolfeboro: Wolfeboro National Bank. and 4. Bank & Trust Co. Allentown: Farmers National Bank. AsburyPark: Asbury Park National RHODE ISLAND Bank & Trust Co. Atlantic Highlands: Atlantic HighNewport: lands National Bank. Ito9. Aquidneck National Bank Bayonne: Broadway N a t i o n a l Ito9. Newport National Bank Bank. Providence: Belleville: Peoples National Bank & Blackstone Canal National Bank. Ito9. Trust Co. National Bank of Commerce & Ito9. Bergenfield: Bergenfield National Trust Co. Bank & Trust Co. Providence National Bank Ito9, Bernardsville: Bernardsville National Bank. VERMONT Boonton: Boonton National Bank... Boundbrook: First National Bank.. Barre: Peoples National Bank Ito9. Butler: First National Bank Bennington: Caldwell: 1 to 9. County National Bank Caldwell National Bank 1 to 9. First National Bank Citizens National Bank & Trust Ito4. Brandon: First National Bank Co. Brattleboro: Vermont Peoples Na- 1 to 9. Cliffside Park: United National tional Bank. Bank. Burlington: Howard National Bank Ito8. Clifton: & Trust Co. Clifton National Bank Chester: National Bank of Chester.. 1, 2,3, and 5. First National Bank Danville: Caledonia National Bank. Ito9. Closter: Cioster National Bank & Derby Line: National Bank of 1 to 3,5, and Trust Co. 9. Derby Line. Cranbury: First National Bank Enosburg Falls: Enosburg Falls 1, 2, 3, 5, 6, Cranford: First National Bank National Bank. and 7. Dover: National Union Bank Manchester Center: Factory Point 1 to 9. Dunellen: First National Bank National Bank. Elizabeth: National State Bank Middlebury: National Bank of Mid- Ito9. Englewood: Citizens National Bank dlebury. & Trust Co. Montpelier: Flemington: Flemington National Ito4. First National Bank Bank & Trust Co. 1 to 9. Montpelier National Bank Freehold: Newport: National Bank of Newport. 1 to 7 and 9. Central National Bank Northfield: Northfield National Ito9. First National Bank Frenchtown: Union National Bank.. Bank. Hackensack: Rutland: Bergen County National Bank.. 1 to 7 and 9. Central National Bank City National Bank & Trust Co. 1 to 3, 5 to 7. Clement National Bank Hackettstown: Rutland County National Bank. 1 to 9. Hackettstown National Bank Ito9. St. Albans: Welden National Bank Peoples National Bank in St. Albans. Ito9. 1 to 9. Ito9. Ito9. 1 to 9. Ito9. Ito9. 1 to 9. Ito9. Ito9. Ito9. Ito9. 1 to 9. 1 to 8. Ito9. Ito9. 1 to 9. 1 to 9. 1 to 9. Ito9. Ito9. Ito9. 1 to 8. Ito9. 1 to 9. Ito9. 1 to 9. Ito9. Ito9. Ito9. Ito9. 1 to 7 and 9. Ito9. Ito9. Ito9. 1 to 9. 1 and 4. 1 to 9. Ito9. Ito9. 1 to 9. 276 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers granted Powers granted DISTRICT NO. 2—Continued DISTRICT NO. 2-Continued NEW JERSEY—continued NEW JERSEY—continued Hamburg: Hardyston National Bank Highland Park: First National BankHillside: Hillside National Bank Irvington: Irvington National Bank Peoples National Bank & Trust Co. Jersey City: First National Bank Franklin National Bank.... _ Hudson County National Bank.. Kearny: First National Bank & Trust Co. Lambert ville: Am well National Bank Lambertville National Bank Little Falls: Little Falls National Bank. Madison: First National Bank Manasquan: Manasquan National Bank. Millburn: First National Bank Milltown: First National Bank Montclair: First National Bank & Trust Co. Montclair National Bank Morristown: First National Bank National Iron Bank Newark: Lincoln National Bank Mount Prospect National Bank.. National Newark & Essex Banking Co. National State Bank Union National Bank New Brunswick: National Bank of New Jersey Peoples National Bank Newton: Sussex & Merchants National Bank. Nutley: First National Bank _._ Franklin National Bank__ Orange: Orange-First National Bank Second National Bank Passaic: Passaic National Bank & Trust Co. Paterson: First National Bank __ National Bank of America in Paterson. Paterson National Bank Second National Bank Perth Amboy: First National Bank Perth Amboy National Bank Phillipsburg: Phillipsburg National Bank & Trust Co. Second National Bank Plainfield: First National Bank _ Plainfield National Bank._ Pompton Lakes: First National Bank & Trust Co. Prospect Park: Prospect Park Nationnl Bank. Rah way: Rah way National Bank Ramsey: First National Bank & Trust Co. Red Bank: Second National Bank & Trust Co. Ridgewood: Citizens First National Bank & Trust Co. Roselle: First National Bank__ Rutherford: Rutherford National Bank. 1 to 8. Ito9. Ito9. Sayreville: First National Bank Somerville: Second National Bank... South Amboy: First National BankSouth River: First National Bank... Summit: First National Bank & 1 to 9. Trust Co. Ito9. Sussex: Farmers National Bank Tenafly: Northern Valley National Bank. 1 to 9. 1 to 7 and 9. Union City: First National Bank... Washington: First National Bank... 1 to 9. Weehawken: Hamilton National Ito9. Bank. Westfield: National Bank of Westfield. Ito9. West Orange: First National Bank.. 1 to 9. Westwood: First National Bank Ito9. Ito9. Ito9. Ito9. Ito9. 1 to 9. Ito9. 1 to 9. 1 to 9. Ito9. Ito9. 1 to 9. Ito9. Ito9. 1 to 9. 1 to 9. Ito9. Ito9. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. Ito9. Ito9. 1 to 9. Ito9. Ito9. Ito8. Ito9. 1 to 9. 1 to 9. Ito8. Ito9. 1 to 9. 1 to 9. 1 to 9. Ito9. Ito9. Ito9. 1 to 8. 1 to 4. Ito9. 1 to 9. Ito9. 1 to 5. 1 to 9. 1 to 9. 1 to 9. Ito9. Ito9. 1 to 9. 1 to 9. NEW YORK Albany: National Commercial Bank & Trust Co. New York State National Bank.. Amity ville: First National Bank & Trust Co. Amsterdam: Amsterdam City National Bank. Farmers National Bank .First National Bank Auburn: The National Bank of Auburn. Babylon: Babylon National Bank & Trust Co. Baldwin: Baldwin National Bank & Trust Co. Baldwinsville: First National Bank & Trust Co. Ballston Spa: Ballston Spa National Bank. Batavia: First National Bank Bath: Bath National Bank Bay Shore: First National Bank & Trust Co. Beacon: Fishkill National Bank... Matteawan National Bank of Beacon. Binghamton: City National Bank First National Bank Bridgehampton: Bridgehampton National Bank. Bronx ville: Gramatan National Bank & Trust Co. Camden: First National Bank & Trust Co. Canajoharie: Canajoharie National Bank. Canandaigua: Canandaigua National Bank & Trust Co. Canton: First National Bank St. Lawrence County National Bank. Carmel: Putnam County National Bank. Catskill: Catskill National Bank & Trust Co. Cazenovia: Cazenovia National Bank. Cedarhurst: Peninsula National Bank. Central Square: First National Bank Central Valley: Central Valley National Bank. Clayton: First National Exchange Bank. Clyde: Briggs National Bank & Trust Co. Cohoes: National Bank of Cohoes... 1 to 8. 1 to 9. 1 to 9. 1 to 3, 5 to 8. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 9. Ito9. 1 to 9. Ito9. Ito9. Ito9. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 3, 5 to 8. 1 to 9. 1 to 8. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 8. 277 FIDUCIARY POWERS Powers granted Powers granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW YORK—continued NEW YORK—continued Cooperstown: First National Bank Second National Bank Corning: First National Bank & Trust Co. Cortland: National Bank of Cortland Second National Bank & Trust Co. Cuba: Cuba National Bank First National Bank Delhi: Delaware National Bank Dolgeville: First National Bank Dover Plains: Dover Plains National Bank. Dunkirk: Lake Shore National Bank Merchants National Bank East Rockaway: East Rockaway National Bank & Trust Co. Edwards: Edwards National Bank_. Ellenville: First National Bank & Trust Co. Elmira: First National Bank & Trust Co. Fairport: Fairport National Bank & Trust Co. Farmingdale: First National Bank.. Far Rockaway: National Bank of Far Rockaway. Floral Park: First National Bank & Trust Co. Fonda: National Mohawk River Bank. Fort Plain: Fort Plain National Bank. Frankfort: Citizens First National Bank. Fredonia: National Bank of Fredonia. Freeport: Citizens National Bank First National Bank & Trust Co. Fulton: Citizens National Bank & Trust Co. Geneseo: Genesee Valley National Bank & Trust Co. Glens Falls: First National Bank Glens Falls National Bank & Trust Co. Gloversville: City National Bank & Trust Co. Fulton County National Bank & Trust Co. Goshen: National Bank of Orange County. Granville: Washington County National Bank. Groton: First National Bank. Hampton Bays: Hampton Bays National Bank. Hancock: First National Bank Haverstraw: National Bank & Trust Co. Hempstead: Second National Bank.. Hoosick Falls: Peoples First National Bank. Hudson: Farmers National Bank First National Bank & Trust Co. Hudson Falls: Peoples National Bank Sandy Hill National Bank Huntington: First National Bank & Trust Co. II ion: Ilion National Bank & Trust Co. Manufacturers National Bank... Irvington: Irvington National Bank & Trust Co. Islip: First National Bank _. Ithaca: First National Bank Jamestown: National Chautauqua County Bank. Kingston: First National Bank of Rondout. National Ulster County Bank... Rondout National Bank State of New York National Bank. Liberty: Sullivan County National Bank. Little Falls: Little Falls National Bank. Lockport: Niagara County National Bank & Trust Co. Lowville: Black River National Bank. Lynbrook: Lynbrook National Bank & Trust Co. Peoples National Bank & Trust Co. Malone: Farmers National Bank Manhasset: First National Bank & Trust Co. Massena: First National Bank & Trust Co. Mattituck: Mattituck National Bank & Trust Co. Merrick: First National Bank Middletown: First Merchants National Bank & Trust Co. National Bank of Middletown... Mineola: First National Bank Monticello: National Union Bank of Monticello. Morristown: Frontier National Bank. Mount Kisco: Mount Kisco National Bank & Trust Co. Mount Vernon: First National Bank. Newburgh: Highland Quassaick National Bank & Trust Co. National Bank of Newburgh New Rochelle: First National Bank. New York: Chase National Bank _ Commercial National Bank & Trust Co. Dunbar National Bank First National Bank Fort Greene National Bank Grace National Bank... _. Kingsboro National Bank of Brooklyn in New York. Lafayette National Bank of Brooklyn in New York. National City Bank National Safety Bank & Trust Co. Peoples National Bank of Brooklyn in New York. Public National Bank & Trust Co. Sterling National Bank & Trust Co. Northport: First National Bank & Trust Co. Norwich: Chenango County National Bank & Trust Co. National Bank & Trust Co Nyack: Nyack National Bank & Trust Co. 1 to 9. Ito8. 1 to 8. 1 to 9. Ito9. Ito9. Ito9. Ito9. 1 to 9. Ito9. 1 to 9. 1 to 8. 1 to 9. 4. 1 to 9. Ito9. Ito9. 1 to 9. 4. Ito9. 1 to 8. Ito9. 1 to 9. Ito9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 5. 2 and 3. Ito9. 1 to 9. 1 to 9. 1 to 9. Ito9. Ito9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 8. 1 to 1 to 1 to 1 to 9. 9. 9. 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 9. Ito9. Ito9. Ito9. Ito9. Ito9. 4. 1 to 9. Ito8. Ito9. Ito9. 1 to 9. Ito9. Ito9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 9. Ito9. 1 to 9. Ito9. 1 to 8. Ito9. 1 to 9. 278 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers granted DISTRICT NO. 2-Continued DISTRICT NO. 2—Continued NEW YORK—continued Olean: Exchange National Bank First National Bank Oneida: Oneida Valley National Bank. Citizens National Bank & Trust Co. Wilber National Bank Ossining: First National Bank & Trust Co. Oswego: First & Second National Bank & Trust Co. Ovid: First National Bank _. Owego: First National Bank Owego National Bank Pearl River: First National Bank & Trust Co. Peekskill* Peekskill National Bank & Trust Westchester County National Bank. Perry: First National Bank _. Plattsburg: Merchants National Bank in Plattsburg. Plattsburg National Bank & Trust Co. Pleasantville: First National Bank.. Port Chester: First National Bank & Trust Co. Port Henry: Citizens National Bank. Port Jervis: First National Bank National Bank & Trust Co. of Port Jervis. Port Richmond: Staten Island National Bank & Trust Co. Port Washington: Port Washington National Bank & Trust Co. Potsdam: Citizens National Bank._. Poughkeepsie: Fallkill National Bank & Trust Co. Farmers & Manufacturers National Bank. First National Bank Merchants National Bank & Trust Co. Red Hook: First National Bank Richfield Springs: First National Bank. Riverhead: Suffolk County National Bank. Rochester: First National Bank & Trust Co. Rockville Center: Nassau County National Bank. Rome: Farmers National Bank & Trust Co. Roscoe: First National Bank & Trust Co. Roslyn: Roslyn National Bank & Trust Co. Rye' Rye National Bank St. Johnsville: First National Bank.. Saranac Lake: Adirondack National Bank & Trust Co. Saratoga Springs: Saratoga National Bank. Saugerties: First National Bank & Trust Co. Scarsdale: Scarsdale National Bank & Trust Co. Schenectady: Mohawk National Bank Union National Bank Powers granted NEW YORK—continued l t o 9. l t o 9. l t o 9. Sidney: First National Bank in Sidney. Silver Creek: Silver Creek National Bank. Skaneateles: National Bank & Trust Southampton: First National Bank.. Spring Valley: First National Bank.. Springville: Citizens National Bank.. Stamford: National Bank of Stamiora. l t o 9. Suffern: Suffern National Bank & Trust Co. 4. Syracuse: Lincoln National Bank & Trust l t o 9. Co. l t o 9. Merchants National Bank & l t o 9. Trust Co. Tarry town: Tarry town National Bank. Ticonderoga: Ticonderoga National l t o 9. Bank. l t o 9. Troy: Manufacturers National Bank... l t o 9. National City Bank Union National Bank l t o 9. Tuckahoe: First National Bank & Trust Co. 1 to 5, 7 to 9. Utica: Oneida National Bank & Trust Co. l t o 9. Valley Stream: Valley Stream Nal t o 9. tional Bank & Trust Co. Walden: First National Bank & l t o 9. Trust Co. Walton: First National Bank & l t o 9. Trust Co. l t o 9. Warrensburg: Emerson National Bank. l t o 9. Warsaw: Wyoming County National Bank. l t o 9. Warwick: First National Bank Watertown: l t o 9. Jefferson County National Bank. Watertown National Bank l t o 9. Watervliet: National Bank of Watervliet. l t o 9. Waverly: Citizens National Bank... Wellsville: Citizens National Bank.. l t o 9. Westbury: Wheatley Hills National l t o 9. Bank. Westfield: National Bank of West1, 2, and 3. field. Whitehall: Merchants National l t o 9. Bank White Plains: Peoples National l t o 9. Bank & Trust Co. l t o 9. Yonkers: Central National Bank l t o 9. Yonkers National Bank & Trust Co. l t o 9. DISTRICT NO. 3 l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 8. 1 to 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 3 , 5to9. l t o 9. lto lto lto lto 9. 9. 9. 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 8. 1 to 9. l t o 9. 1 to 9. 1 to 9 l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. DELAWARE l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. l t o 9. 1 to 9. l t o 9. Delmar: First National Bank Dover: First National Bank Harrington: First National Bank Laurel: Peoples National Bank Milford: First National Bank & Trust Co. Seaford: First National Bank ___ Smyrna: Fruit Growers National Bank & Trust Co. National Bank of Smyrna _ Wilmington: Central National Bank Union National Bank 1 to 8. l t o 9. l t o 9. l t o 8. l t o 9. l t o 8. l t o 9. l t o 9. l t o 9. 1 to 9. 279 FIDUCIARY POWERS Powers granted Powers granted DISTRICT NO. 3-Continued DISTRICT NO. 3—Continued NEW JERSEY PENNSYLVANIA (See also district no. 2) Abescon: First National Bank Atlantic City: Boardwalk National Bank. Audubon: Audubon National Bank. Barnegat: First National Bank Beach Haven: Beach Haven National Bank & Trust Co. Beverly: First National Bank & Trust Co. Blackwood: First National Bank & Trust Co. Bordentown: First National B a n k Bridge ton: Bridgeton National Bank Cumberland National Bank Farmers and Merchants National Bank. Burlington: Mechanics National Bank. Camden: American National Bank First Camden National Bank & lrust L;O. Third National Bank & Trust Co. Cape May: Merchants National Bank. Collingswood: Citizens National Bank. Elmer: First National Bank Glassboro: First National Bank Haddonfield: Haddonfield National Bank. Hightstown: First National Bank_._ Hopewell: Hopewell National Bank.. Lakewood: Peoples National Bank in Lakewood. Medford: Burlington County National Bank. Merchantville: Merchantville National Bank & Trust Co. Millville: Millville National Bank... Mount Holly: Union National Bank & Trust Co. Paulsboro: First National Bank & Trust Co. Pemberton: Peoples National Bank & Trust Co. Penns Grove: Penns Grove National Bank & Trust Co. Pitman: Pitman National Bank & Trust Co. PointPleasant Beach: Ocean County National Bank. Princeton: First National Bank Roebling: First National Bank & Trust Co. Salem: City National Bank & Trust Co. Salem National Bank & Trust (See also district no. 4) OO. Swedesboro: Swedesboro National Bank. Toms River: First National Bank.__ Trenton: Broad Street National Bank First-Mechanics National Bank_ Prospect National Bank Ventnor City: Ventnor City National Bank. Vineland: Vineland National Bank & Trust Co. Wildwood: Marine National Bank_. Woodbury: First National Bank & Trust Co. Woodstown: First National Bank Woodstown National Bank & Trust Co. Ito9. 1 to 9. Ito9. 1 to 9. Ito9. Ito9. Ito9. Ito9. Ito9. 1 to 9. 1 to 9. Ito9. 1 to 9. Ito9. 1 to 9. 4. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. 1 to 9. Ito9. Ito8. 1 to 9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. 1 to 9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Allentown: Allentown National Bank _ Merchants National Bank Second National Bank Altoona: First National Bank Annville: Annville National Bank... Ashland: Ashland National Bank Ashley: First National Bank Avoca: First National Bank Bangor: Merchants National Bank.. Bellefonte: First National Bank Belleville: Kishacoquillas Valley National Bank. Berwick: Berwick National Bank .__ First National Bank Bethlehem: Bethlehem National Bank First National Bank & Trust Co_ Blossburg: Citizens National Bank & Trust Co. Boyertown: Farmers National Bank & Trust Co. National Bank & Trust Co Bridgeport: Bridgeport National Bank Bristol: Farmers National Bank of Bucks County. Catasauqua: Lehigh National Bank National Bank of Catasauqua Chambersburg: National Bank of Chambersburg. Valley National Bank __ Chester: Delaware County National JJHIIK. "Rant Clearfield: County National Bank at Clearfield. Coatesville: National Bank of Chester Valley. National Bank of Coatesville Columbia: Central National Bank First Columbia National Bank.. Conshohocken: First National Bank. Dallastown: First National Bank & Trust Co. Danville: Danville National Bank First National Bank Doylestown: Doylestown National Bank & Trust Co. Du Bois: Deposit National Bank Du Bois National Bank East Stroudsburg: Monroe County National Bank. -Hiasion. Easton National Bank First National Bank & Trust Co. Ebensburg: First National Bank Edwardsville: Peoples National Bank. Elizabethtown: First National Bank & Trust Co. Emaus: Emaus National Bank Ephrata: Ephrata National Bank Farmers National Bank Gettysburg: First National Bank. _ Gettysburg National Bank Greencastle: First National Bank ... Harleysville: Harleysville National Bank. Harrisburg: Harrisburg N a t i o n a l Bank. 1 to 9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito3. Ito9. Ito9. Ito9. 1 to 9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. 1 to 9. 1 to 9. Ito9. Ito9. Ito9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 9. Ito9. Ito9. Ito9. 1 to 9. Ito9. Ito9. Ito9. Ito9. 1 to 9. Ito9. Ito9. Ito9. Ito9. 280 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers granted DISTRICT NO. 3-Continued DISTRICT NO. 3—Continued PENNSYLVANIA—continued PENNSYLVANIA—continued Hatsboro: Hatsboro National Bank. Hatfield: Hatfield National Bank... Hazleton: First National Bank... _. Hazleton National Bank Honesdale: Honesdale N a t i o n a l Bank. Honeybrook: First National Bank... Hummelstown: Hummelstown National Bank. Huntingdon: Fiist National Bank Union National Bank & Trust Co. Johnstown: Moxham National Bank United States National Bank in Johnstown. Kane: First National Bank Kennett Square: National Bank & Trust Co. of Kennett Square. Kingston: Kingston National Bank . Kutztown: Kutztown National Bank. Lancaster: Conestoga National Bank Fulton National Bank Lancaster County National Bank, Langhorne: Peoples National Bank & Trust Co. Lansdale: First National Bank Lansdowne: National Bank of Lansdowne. Lsbanon: First National Bank Labanon National Bank Peoples National Bank. L3h.igb.t0n: Citizens National Bank & Trust Co. First National Bank Lewisburg: Lewisburg National Bank Union National Bank Lewistown Citizens National Bank Mifflin County National Bank.. Russell National Bank Lititz: Farmers National Bank Littlestown: Littlestown National Bank. Lock Haven: First National Bank... Luzerne: Luzerne National Bank Mahanoy City: First National Bank.. Union National Bank Malvern: National Bank of Malvern. Manheim: Keystone National Bank Manheim National Bank Mauch Chunk: Mauch Chunk National Bank. Mechanicsburg: Second National Bank. Media: First National Bank. Millheim: Farmers National Bank & Trust Co. Milton: First Milton National Bank. Montoursville: First National Bank. Montrose: First and Farmers National Bank & Trust Co. Mount Carmel: First National Bank.. _. Union National Bank. _. Mount Joy: First National Bank & Trust Co. http://fraser.stlouisfed.org/ Union National Mount Joy Bank. Mountville: Mountville Federal Reserve Bank of St. Louis National Powers granted Ito9. 1 to 9. Ito9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 8. 1 to 9. Ito9. 1 to 9. Ito9. Ito9. 1 to 9. 1 to 9. 1 to 9. Ito9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. Ito9. Ito9. 1 to 9. 1 to 9. Ito8. 1 to 9. Ito9. Ito9. 1 to 9. 1 to 9. Ito9. Ito9. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 4. Ito9. Nanticoke: First National Bank Miners National Bank Nanticoke National Bank Nazareth: Nazareth National Bank & Trust Co. New Holland: Farmers National Bank & Trust Co. Newtown: First National Bank & Trust Co. Newyille: First National Bank Norristown: Montgomery National Bank Peoples National Bank Northampton: Cement National Bank of Siegfried. Northumberland: Northumberland National Bank. Oley: First National Bank Orwigsburg: First National Bank & Trust Co. Oxford: National Bank of Oxford Palmerton: First National Bank Pen Argyl: First National Bank Philadelphia: Central Penn National Bank City National Bank Corn Exchange National Bank & Trust Co. Erie National Bank First National Bank Kensington National Bank Market Street National Bank National Bank of Germantown & Trust Co. North Broad National Bank Northeast National Bank Northwestern National Bank in Philadelphia. Philadelphia National Bank Second National Bank Tioga National Bank & Trust Co, Tradesmens National Bank & Trust Co. Philipsburg: First National Bank Phoenixville: Farmers and Mechanics National Bank. Pine Grove: Pine Grove National Bank & Trust Co. Pittston: First National Bank __ Liberty National Bank. _. Plymouth: First National Bank Port Allegany: First National Bank. Pottstown: Citizens National Bank & Trust Co. National Bank of Pottstown National Iron Bank Pottsville: Miners National Bank Pennsylvania National Bank & Trust Co. Red Lion: Farmers & Merchants National Bank. First National Bank & Trust Co_ Ridgway: Ridgway National Bank— Sayre: First National Bank Schuylkill Haven: First National Bank & Trust Co. Schwenksville: National Bank & Trust Co. Scranton: First National Bank Third National Bank & Trust Co. Selinsgrove: First National Bank Shamokin: Market Street National Bank National Dime Bank of Shamokin. Ito9. Ito9. Ito9. Ito9. Ito9. 1 to 7 and 9. Ito9. Ito9. 1 to 9. Ito8. Ito9. Ito9. 1 to 9. Ito9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 3, 5to9. 1 to 9. 1 to 8. 1 to 9, 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. I.to9. 1 1 1 1 to 9. to 9. to 9. to 9. Ito9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 9. Ito9. Ito9. Ito9. 1 to 9. Ito9. 1 to 9. Ito9. 281 FIDUCIARY POWERS Powers granted Powers granted DISTRICT NO. 3—Continued PENNSYLVANIA—continued DISTRICT NO. 4—Continued KENTUCKY—continued Georgetown: Ito9. First National Bank.... Ito9. Georgetown National Bank 1 to 3,5 to 8. Harlan: Harlan National Bank Lexington: First National Bank & Trust Co. Ito9. Ito9. Ludlow: First National Bank Ito9. Middlesboro: National Bank of Middlesboro. Ito9. Mount Sterling: Montgomery National Bank Ito9. Mount Sterling National Bank.. Traders National Bank Newport: American National Bank Ito9. Ito9. Newport National Bank 1 to 9. Paintsville: Second National Bank.. Paris: National Bank & Trust Co.— Ito9. Pike ville: Ito9. First National Bank Pike ville National Bank. __ _ Richmond: Madison Southern NaIto9. tional Bank & Trust Co. Ito9. Saylersville: Saylersville National Ito4. Bank. Ito9. Somerset: Farmers National Bank Ito9. First National Bank Ito9. Williamsburg: First National Bank. Winchester: Clark County National Bank. OHIO Ito9. Alliance: Alliance First National Ito9. Ashtabula: Ito9. Farmers National Bank & Trust Co. Ito9. National Bank of Ashtabula Athens: Ito9. Athens National Bank 1 to 9. Bank of Athens, N. B. A Canton: First National Bank Ito9. Cincinnati: Atlas National Bank._ First National Bank Ito9. Lincoln National Bank Ito9. Second National Bank Ito9. Circleville: First National Bank Cleveland: Ito9. Central United National Bank__ 1 to 9. National City Bank Ito9. Columbus: City National Bank & Trust Co. Ito9. Huntington National Bank Ohio National Bank Ito9. Coshocton: Commercial National "Rnnlr JDallK. First National Bank Ito9. Dayton: Mercuants National Bank & Industrial National Bank of Ito9. Trust Co west xorK. Third National Bank & Trust Ito9. Western National Bank York County National Bank Co. Ito9. York National Bank & Trust Co. Ito9. Winters National Bank & Trust DISTRICT NO. 4 East Liverpool: First National Bank. Findlay: First National Bank & KENTUCKY Trust Co. Greenville: Second National Bank.. (See also district no. 8) Hamilton: First National Bank & Trust Co. Ashland: Second National Bank 1 to 5,7 to 9. Second National Bank— Third National Bank 1 to 5,7 to 9. Lima: National Bank of Lima Brooksville: First National Bank 1 to 5 and 8. Mansfield: Covington: First National Bank & 1 to 9. Citizens National Bank & Trust oo. Cynthiana: Mansfield Savings Trust NaFarmers National Bank Ito9. tional Bank. National Bank of Cynthiana 1 to 5,7 to 9. Marietta: Citizens National Bank... 56048—36 19 Shenandoah: Merchants National Bank Miners National Bank Shickshinny: First National Bank— Shippensburg: First National Bank Peoples National Bank Smethport: Grange National Bank of McKean County. Souderton: Union National Bank & Trust Co. Spring City: National Bank & Trust Co. estate ooiiege. First National Bank Peoples National Bank. Stroudsburg: First Stroudsburg National Bank. Sunbury: First National Bank Swarthmore: Swarthmore National Bank & Trust Co. Tamaqua: First National B a n k . . . Tamaqua National Bank _ Topton: National Bank of Topton... Towanda: Citizens National B a n k . . Tyrone: First Blair County National Bank. Watson town: Farmers N a t i o n a l Bank. Waynesboro: Citizens National Bank & Trust Co. First National Bank & Trust Co. in Waynesboro. Weatherly: First National Bank Werners ville: Werners ville National Bank & Trust Co. West Chester: First National Bank National Bank of Chester County & Trust Co. West Grove: National Bank & Trust Co. Wilkes-Barre: Miners National Bank Second National Bank... Wyoming National Bank Williamsport: First National Bank t Williamsport National Bank Wrights ville: First National B a n k York: Central National Bank & Trust Co. Drovers and Mechanics National 1 to 9. 1 to 5, 7 to 9. 1 to 5, 7 to 9. Ito9. Ito9. 1 to 5, 7 to 9. Ito8. 1 to 9. 1 to 5, 7 to 9. 1 to 5, 7 to 9 1 to 5, 7 to 9. Ito8. Ito9. Ito8. 1 to 3, 5 to 9 Ito9. 2 to 8. 1 to 5, 7 to 9 1 to 9. Ito4. 1 to 5, 7 to 9. Ito9. Ito9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. Ito9. 1 to 7 and 9. Ito9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. Ito9. 1 to 7 and 9. Ito9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. Ito9. 1 to 7 and 9. 1 to 4 and 9. 1 to 7 and 9. 1 to 7 and 9. 282 ANNUAL EEPORT OF FEDERAL RESERVE GOVERNORS Powers granted DISTRICT NO. 4—Continued Powers granted DISTRICT NO. 4—Continued OHIO—continued PENNSYLVANIA—continued Marion: National City Bank & Trust Co. Massillon: First National Bank in Massillon. Mount Vernon: The Knox National Bank. Newark: Park National Bank New Philadelphia: Citizens National Bank. Piqua: Citizens National Bank & Trust Co. Piqua National Bank & Trust Co. Portsmouth: Security Central National Bank. Ravenna: Second National Bank Sandusky: Third National Exchange Bank. Springfield: First National Bank & Trust Co. Steubenville: National Exchange Bank & Trust Monessen: Peoples National Bank & Trust Co. Monongahela City: First National Bank. New Bethlehem: First Nat ion il Bank. New Brighton: Union National Bank. New Castle: Citizens National Bank First National Bank of Lawrence County. New Kensington: First National Bank Logan National Bank & Trust Co. Peoples National Bank Tiffin: Commercial National Bank Tiffin National Bank Toledo: National Bank of Toledo Troy: First Troy National Bank & Trust Co. Warren: Second National Bank.. .. Wilmington: Clinton County National Bank & Trust Co. Wooster: Wayne County National Bank. Youngstown: Mahoning National Bank.. Union National Bank Zanesville: Citizens National Bank in Zanesville. First National Bank 1 to 7 and 9. 4. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. Ito9. 1 to 7 and 9. 1 to 7 and 9. 1, 4, and 9. Ito9. Ito9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. 1 to 7 and 9. Ito9. 1 to 7 and 9. Ito9. 1 to 9. 1 to 7 and 9. 1 to 7 and 9. 1, 4 and 9. PENNSYLVANIA (See also district no. 3) Arnold: National Deposit Bank of Arnold. Braddock: Braddock National BankButler: Butler County National Bank & Trust Co. Charleroi: National Bank of Charleroi & Trust Co. Connellsville: National Bank & Trust Co. of Connellsville. Erie: First National Bank Marine National Bank National Bank & Trust Co Franklin: Lamberton National Bank. Greensburg: First National Bank in Greensbure. Greenville: First National Bank._ Greenville National Bank Grove City: First National Bank Grove City National Bank Knox: Clarion County National Bank. Leechburg: First National Bank McKeesport: First National B a n k Mead ville: First National Bank .. Merchants National Bank & Trust Co. Meyersdale: Citizens National Bank. Co. Oil City: First National Bank.._ Oil City National Bank Pittsburgh: Farmers' Deposit National Bank. First National Bank.. Forbes National Bank _ Mellon National Bank Union National Bank Punxsutawney: Punxsutawney National Bank. Reynoldsville: First National Bank.. Sharon: First National Bank in Sharon... McDowell National Bank Merchants and Manufacturers National Bank. Titusville: Second National Bank Uniontown: Second National Bank.__ Warren: Warren National Bank Washington: Citizens N a t i o n a l Bank. Waynesburg: First National Bank & Trust Co. Union National Bank Ito8. 1 to 3, 5 to 8. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 8. 1 to 7. 1 to 9. 1 to 9. 4 and 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 8. 1 to 9. 1 1 1 1 to 9. to 9. to 9. to 3, 5 to 7, and 9. 1 to 5, 7 to 9. 1 to 9. WEST VIRGINIA (See also district no. 5) Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Elm Grove: First National Bank Sisters ville: Union National Bank Wheeling: National Bank of West Virginia.. National Exchange Bank 1 to 9. 1 to 9. 1 to 9. 1 to 9. DISTRICT NO. 5 DISTRICT OF COLUMBIA Washington: Franklin National Bank. Hamilton National Bank Liberty National Bank Lincoln National Bank. National Bank of Washington... National Metropolitan Bank Riggs National Bank Second National Bank 1 1 1 1 1 1 1 1 to 8. to 8. to 8. to 8. to 8. to 8. to 8. to 8. MARYLAND Baltimore: Baltimore National Bank First National Bank Western National Bank 1 to 9. Cumberland: 1 to 9. First National Bank Second National Bank... 1 to 5, 7 to 9. Denton: Denton National Bank. 1 to 9. Easton: Easton National Bank Frederick: Farmers & Mechanics 1 to 9. National Bank. 1 to 9. 1 to 9. Ito9. Ito9. 1 to 9. Ito9. Ito9. 1 to 9. FIDUCIARY POWERS Powers granted Powers granted DISTRICT NO. 5—Continued DISTRICT NO. 5—Continued MARYLAND—continued Hagerstown: Nicodemus National Bank Second National Bank _ Rising Sun: National Bank of Rising Sun Rockville: Montgomery County National Bank. Salisbury: Salisbury National BankSnow Hill: First National Bank Towson: Towson National Bank Westminster: Farmers & Mechanics National Bank. First National Bank Williamsport: Washington County National Bank. NORTH CAROLINA Asheboro: First National Bank Asheville: First National Bank & Trust Co. in Asheville. Charlotte: Charlotte National Bank Commercial National Bank Union National Bank Concord: Concord National Bank. . Elizabeth City: First & Citizens National Bank. Graham: National Bank of Alamance. Greensboro: Security National Bank. Lenoir: Union National Bank Lumberton: National Bank of Lumberton. Mooresville: First National Bank Morganton: First National Bank Mount Airy: First National Bank... Reidsville: First National Bank Rocky Mount: Planters National Bank & Trust Co. Salisbury: First National Bank Thomasville: First National Bank... Wadesboro: First National Bank SOUTH CAROLINA Anderson: Carolina National Bank.. Camden: First National Bank Charleston: South Carolina National Bank Chester: Peoples National Bank Gaffney: Merchants & Planters National Bank. Greenville: First National Bank Peoples National Bank. Holly Hill: First National Bank Rock Hill: Peoples National Bank.. Spartansburg: Commercial National Bank. Sumter: National Bank of South Carolina. VIRGINIA Alexandria: Alexandria National Bank Citizens National Bank First National Bank Appalachia: First National Bank Bedford: Peoples National Bank Blackstone: First National Bank Bristol: Dominion National Bank... Charlottesville: National Bank & Trust Co. at Charlottesville. Peoples National Bank Clifton Forge: First National Bank.. 283 VIRGINIA—continued 1 to 9. Ito9. Ito9. 1 to 3. Covington: Citizens National Bank.. Covington National Bank Culpeper: Second National Bank 1 to 9, 1 to 4, 1 to 9. T^ Q r» V11113. \7 i 11 o • XJ<\1\ American National Bank & Trust 1 to 9, Co. 1 to 9. 1 to 9. First National Bank Emporia: 1 to 9. Citizens National Bank. 1 to 9. 1 to 9, First National Bank 1 to 9, Fairfax: National Bank of Fairfax Ito9. 1 to 9, Farmville: First National Bank 1 to 9. 1 to 9. Peoples National Bank 1 to 9. 1 to 9. Fredericksburg: Planters National 1 to 9. Bank in Fredericksburg. Hampton: Merchants National Bank Ito9. Citizens National Bank 1 to 9. Ito9. Harrison burg: 1 to 9. First National Bank 1 to 9. National Bank of Harrisonburg_. 1 to 9. Rockingham National Bank 1 to 9. 1 to 9. Lees burg: 1 to 9. Loudoun National Bank 1 to 9. 1 to 9. Peoples National Bank 1 to 9. 1 to 9. Lexington: 1 to 9. First National Bank 1 to 9. Peoples National Bank 1 to 9. 1 to 9. Rockbridge National Bank 1 to 9. Lovingston: First National Bank of 1 to 9. 1 to 9. Nelson County. 1 to 9. Lynchburg: 1 to 9. First National Bank. 1 to 9. Lynchburg National Bank & 1 to 9. 1 to 9. Trust Co. 1 to 9. Marion: Marion National Bank 1 to 9. 1 to 9. Marshall: Marshall National Bank Ito9. 1 to 9. & Trust Co. 1 to 9. Martinsville: First National Bank... 1 to 9. Narrows: First National Bank 1 to 9. 1 to 9. Newport News: First National Bank- Ito9. 1 to 9. Norfolk: 1 to 9. National Bank of Commerce 1 to 9. Seaboard Citizens National Bank- 1 to 9. Norton: First National Bank Ito9. Orange: 1 to 9. Citizens National Bank... _ 1 to 9. 1 to 9. National Bank of Orange 1 to 9. 1 to 9. Petersburg: Citizens National Bank- 1 to 9. Phoebus: Old Point National Bank. Ito9. 1 to 9. Portsmouth: American National 1. 1 to 9. Bank. Pulaski: Peoples National Bank 1 to 9. 1 to 9. Pulaski National Bank 1 to 9. 1 to 9. 1 to 3, 5 to 9. Radford: First and Merchants Na- Ito9. tional J3ank. Ito9. Richmond: 1 and 4. Central National Bank Ito9. First & Merchants National Ito9. Ito9. Bank. Roanoke: Colonial American National Bank 1 to 9. First National Exchange Bank.. Ito9. 1 to 9. Rockymount: Peoples National Ito9. Ito9. Bank. Ito9. 1. Salem: Farmers National Bank Ito9. Stanley: Farmers & Merchants Na- Ito9. Ito9. tional Bank. 1 to 9. Staunton: Ito9. 1 to 9. Augusta National Bank Ito9. National Valley Bank Ito9. Ito9. Staunton National Bank Strasburg: First National Bank 1 to 9. Ito9. 1 to 6 and 9. Suffolk: National Bank of Suffolk... Ito9. 284 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers granted Powers granted DISTRICT NO. 6—Continued DISTRICT NO. 5—Continued VIRGINIA—continued Warrenton: Fauquier National Bank. Waynesboro: First National Bank.. Winchester: Farmers & Merchants National Bank & Trust Co. Shenandoah Valley National Bank. Wytheville: First National Farmers Bank. A LAB AM A—continued 1 to 9. Ito9. Ito9. 1 to 9. Ito9. WEST VIRGINIA (See also district no. 4) Beckley: Beckley N a t i o n a l E x change Bank. Bluefield: First National Bank Flat Top National Bank Charleston: Charleston National Bank. National Bank of Commerce Clarksburg: Empire National Bank Merchants National Bank of West Virginia. Union National Bank_... Graf ton: First National Bank Huntington: First Huntington Na4" i rir» n l [}AV\ 1^ tlOIl£U X>clDK. Logan: National Bank of Logan Madison: Boone National Bank Martinsburg: Old National Bank Montgomery: Montgomery National Bank. Mooreneld: South Branch Valley National Bank. Parkersburg: Parkersburg National Bank. St. Marys: First National Bank Welch: McDowell County National XJCIXIA. I l l W 61CX1« Williamson: First National Bank National Bank of Commerce DISTRICT NO. 6 ALABAMA Albertville: Albertville National Bank. Anniston: Anniston National Bank Commercial National Bank First National Bank... Birmingham: First National Bank.. Cullman: Leeth National Bank Decatur: Morgan County National Bank. Dothan: First National Bank Fayette: First National Bank Florence: First National Bank Fort Payne: First National Bank in Fort Payne. Greenville: First National Bank Mobile: American National Bank & Trust Co. First National Bank Merchants National Bank Montgomery: Alabama National Bank First National Bank Oneonta: First National Bank Opelika: Farmers National Bank First National Bank.. Opp: First National Bank. Digitized forPiedmont: FRASERFirst National Bank Ito9. Selma: City National Bank Sylacauga: Merchants & Planters National Bank. Talladega: Isbell National Bank Talladega National Bank Troy: First Farmers & Merchants National Bank. Tuscaloosa: City National Bank First National Bank Wetumpka: First National Bank 1 to 8. Ito9. 1 to 3, 5 to 7 and 9. Ito9. 1 to 7 and 9. Ito8. Ito8. Ito9. FLORIDA Bradenton: First National Bank Daytona Beach: First Atlantic NaIto9. tional Bank. Ito9. De Funiak Springs: First National Bank. Ito9. Jacksonville: 1 to 9. Atlantic National Bank Barnett National Bank 1 to 9. Florida National Bank Ito9. Lake City: First National Bank Miami: 1 to 9. First National Bank 1 to 9. Florida National Bank & Trust 1 to 9. Co. at JVXiami. 1. Miami Beach: Miami Beach First National Bank. Ito4. Ocala: Munroe & Chambliss Na1 to 9. tional Bank. Ito9. Orlando: First National Bank at 1 to 3, 5 to 9. Orlando. Palm Beach: First National Bank in Palm Beach. 1 to 9. Pensacola: Citizens & Peoples National Bank. Ito9. St. Augustine: St. Augustine Na1 to 9. tional Bank. Sanford: Sanford Atlantic National Bank. 1 to 9. Sarasota: Palmer National Bank & Ito9. Trust Co. Tampa: Exchange National Bank First National Bank _ Winter Haven: Exchange National Bank. Ito9. Ito4. Ito9. Ito8. 1 to 9. Ito9. 1 to 9. 1 to 9. Ito9. Ito9. Ito9. 1 to 9. Ito9. Ito9. Ito9. 1 to 9. Ito9. 1 to 3, 5 to 7 and 9. 1 to 9. Ito8. Ito9. GEORGIA Albany: City National Bank Athens: National Bank of Athens... Atlanta: First National Bank.. Fulton National Bank Augusta: National Exchange Bank.. Barnesville: First National Bank Brunswick: National Bank of Brunswick. Cartersville: First National Bank... Columbus: 1. First National Bank Fourth National Bank Dalton: First National Bank Ito9. La Grange: La Grange National Bank. Ito9. Louisville: First National Bank Macon: First National Bank & Ito9. Trust Co. in Macon. Ito9. Moultrie: Moultrie National Bank.. Rome: Ito9. First National Bank Ito9. National City Bank 1 to 3, 5 to 9. Savannah: Citizens & Southern National Ito9. Bank. Ito7. Liberty National Bank & Trust 1 to 9. Co. Ito3. 1 to 7 and 9. 1 to 5,7, and Ito8. Ito9. I,2^3,"and5. Ito8. Ito9. Ito8. Ito9. Ito4. Ito9. Ito9. Ito9. 1 to 8. Ito9. Ito9. Ito9. Ito9. 1 to 5. 1 to 8. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. 285 FIDUCIARY POWERS Powers granted Powers granted DISTRICT NO. 6—Continued DISTRICT NO. 7-Continued ILLINOIS—continued LOUISIANA (See also district no. 11) Baton Rouge: City National Bank Louisiana National Bank Gretna: First National Bank of Jefferson Parish at Qretna. La Fayette: First National Bank New Orleans: Hibernia National Bank in New Orleans. National Bank of Commerce Whitney National Bank Ito9. 1 to 9. Ito9. Ito9. Ito9. Ito9. 1 to 9. MISSISSIPPI (See also district no. 8) Biloxi: First National Bank Canton: First National Bank Hattiesburg: First National Bank... Jackson: Capital National Bank in Jackson. Jackson State National Bank Laurel: Commercial National Bank & Trust Co. First National Bank .... McComb City: First National Bank. Meridian: Citizens National Bank... Vicksburg: First National Bank & Trust Co. Merchants National Bank & Trust Co. Yazoo City: Delta National Bank... Ito5. 1 to 4. Ito9. 1 to 9. 1 to 7 and 9. Ito9. 1 to 9. 1 to 3 and 5. 1 to 9. 1 to 9. Ito9. Ito9. TENNESSEE (See also district no. 8) Chattanooga: Commercial National Bank Hamilton National Bank Clarksville: First National Bank Copperhill: First National Bank of Polk County. Decherd: First National Bank of Franklin County. Qallatin: First & Peoples National Bank. Greeneville: First National Bank Kingsport: First National Bank Knoxville: Hamilton National Bank Park National Bank Lewisburg: First National Bank Nashville: American National Bank Broadway National Bank Third National Bank Shelbyville: Peoples National Bank. South Pittsburg: First National Bank. Springfield- First National Bank 1 to 9. Ito9. 1. 1 to 3, 5 to 8. 1, 3 to 9. 1 to 9. 1 to 9. 1 to 7 and 9. 1 to 9. Ito9. 1 to 8. 1 to 9. 1 to 7 and 9. 1 to 9. 1 to 3, 5 to 9. 1 to 9. 2, 3, 5 to 7, and 9. Tullahoma: Traders National Bank. Ito9. Winchester: Farmers National Bank. 1 to 3, 5 to 9. DISTRICT NO. 7 ILLINOIS (See also district no. 8) Aurora: Merchants National Bank._ Old Second National Bank. Ito9. Ito9. Batavia: Batavia National Bank.. _ First National Bank Belvidere: Second National Bank... Blue Island: First National Bank... Charleston: Charleston National Bank. Chicago: American National Bank & Trust Co. City National Bank & Trust Co Continental Illinois National Bank & Trust Co. Continental National Bank & Trust Co. First National Bank _. First National Bank of Englewood. Lawndale National Bank Liberty National Bank.. Live Stock National Bank Mutual National Bank National Builders Bank Terminal National Bank _. Chillicothe: First National Bank.... Cicero: First National Bank Danville: First National Bank Palmer American National Bank. Second National Bank... Decatur: Citizens National Bank National Bank of Decatur Des Plaines: First National Bank... Dixon: Dixon National Bank Dundee: First National Bank Elgin: First National Bank.. El Paso: Woodford County National Bank. Evanston: First National Bank & Trust Co. Galesburg: First Galeeburg National Bank & Trust Co. Havana: Havana National Bank Kankakee: City National Bank Knoxville: Farmers National Bank.. Lake Forest: First National Bank... La Salle: La Salle National Bank & Trust Co. Macomb: Union National Bank Mattoon: National Bank of Mattoon. Moline: Moline National Bank Monticello: National Bank of Monticello. Ottawa: First National Bank Paris: Citizens National Bank._._ Edgar County National Bank... Pekin: American National Bank Peoria: Central National Bank & Trust Co. Commercial Merchants National Bank & Trust Co. First National Bank Princeton: Citizens National Bank.. Rockford: Illinois National Bank & Trust Co. Swedish-American National Bank. Third National Bank St. Charles: St. Charles National Bank. Springfield: First National Bank Illinois National Bank Streator: Union National Bank Sycamore: National Bank & Trust Co. Waukegan: First National Bank 1 to 9. 1 to 8. 1 to 9. Ito9. 1, 2, 3, and 8. Ito9. Ito9. Ito9. 1 to 9. Ito9. Ito4. Ito9. 1 to 9. 1 to 9. Ito9. Ito9. Ito9. Ito9. h 2, 3, 5 and 8. 1 to 9. 1 to 9. Ito8. Ito9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 toft. 1 to 9. 1 to 9. 1 to 4. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 3, 5 and 8. 1 to 9. Ito9. 1 to 9. 1 to 9. Ito9. 1 to 9. Ito9. 1 to 3, 5 to 8. 1 to 9. ltoQ. 1 to 9. Ito9. Ito9. Ito9. Ito9. Ito9. Ito9. 286 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers granted Powers granted DISTRICT NO. 7—Continued INDIANA DISTRICT NO. 7—Continued INDIANA—continued Shelbyville: Farmers National Bank 2, 3. 5, and 8. Albion: Albion National Bank Shelby National Bank South Bend: Merchants National Attica: Central National Bank & 1 to 9. Bank. Auburn: City National Bank 1 to 9. Terre Haute: Aurora: First National Bank 1 to 9. Batesville: First National Bank 1 to 9. Merchants National Bank Bloomington: Terre Haute First National Bloomington National Bank Ito9. Bank. First National Bank 1 to 7 and 9. Thorntown: Home National Bank... Bluff ton: Old First National Bank Ito9. in Bluffton. Tipton: Citizens National Bank Brazil: Riddell National Bank 1 to 9. Wabash: First National Bank in WaBrookville: bash. Franklin County National Bank- 1 to 4. IOWA 1 to 9. National Brookville Bank Akron: First National Bank Butler: Knisely National Bank 2, 3, and 5. Cloverdale: First National Bank Arlington: American National Bank. 1 to 9. Columbus: First National Bank Boone: Citizens National Bank 1 to 9. Cedar Rapids: Merchants National Crawfordsville: Bank. 1 to 4. Citizens National Bank Charles City: 1 to 9. First National Bank Citizens National Bank. 1 to 3. Dana: First National Bank Commercial National Bank 1 to 9. Danville: First National Bank Charter Oak: First National Bank... Dyer: First National Bank. — 1 to 4. Clinton: City National Bank East Chicago: Columbus Junction: Louisa County First National Bank in East 1 to 9. National Bank. Chicago. Council Bluffs: City National Bank.. Union National Bank of Indiana 1 to 9. Creston: First National Bank Harbor at East Chicago. Des Moines: Elkhart: First National Bank 3 to 9. Central National Bank & Trust Elwood: First National Bank 1 to 8. Co. Fort Wayne: Iowa-Des Moines National Bank Ito9. Fort Wajne National Bank & Trust Co. Lincoln National Bank & Trust Ito9. Dubuque: First National Bank Co. Dysart: Dysart National Bank Franklin: Johnson County National 1, 2, 3, 5, Eldon: First National Bank and 8. Bank. Fairfield: First National Bank in 1 to 3, 5, and Goshen: First National Bank Fairfleld. 8 Fonda: First National Bank Greensburg: Decatur County Na- 2, 3, and 5. Fort Dodge: Fort Dodge National tional Bank. Bank. Indianapolis: Gladbrook: First National Bank 1 to 9. American National Bank Grinnell: Poweshiek County Na1 to 9. Indiana National Bank tional Bank. Ito9. Merchants National Bank Knightstown: Citizens National 1 to 3, 5 to 7, Harlan: Harlan National Bank Iowa City: First Capital National and 9. Bank. Bank. La Fayette: Knoxville: Community National First-Merchants National Bank Ito8. Bank & Trust Co. La Fayette National Bank La Porte: First National Bank & 1 to 3, and 5. Le Mars: First National Bank in Le Mars. Trust Co. Ito9. Mason City: First National Bank... Liberty: Union County National Newell: First National Bank Bank. Ito3. Newton: Newton National Bank Logansport: National Bank of LoOelwein: First National Bank gansport. Ito9. Orange City: Orange City National Lowell: Lowell National Bank Bank. Marion: Ito8. Paullina: First National Bank. First National Bank in Marion... Ito9. Perry: First National Bank Marion National Bank 1 to 9. Peterson: First National Bank . Michigan City: Primghar: First National Bank 1 to 9. First National Bank Red Oak: First National Bank Ito9. Merchants National Bank Remsen: First National Bank Ito9. Mishawaka: First National Bank 1 to 3, 5 to 9. Rippey: First National Bank Monterey: First National Bank Sibley: First National Bank New Carlisle: First National Bank.. 1 to 9. Sioux City: Noblesville: American National Ito9. First National Bank in Sioux Bank. City. Plainfield: First National Bank & Ito9. Live Stock National Bank Trust Co. Security National Bank Remington: Farmers National Bank. 1 to 3, 5 to 8. Toy National Bank Richmond: Spencer: Clay County National Ito9. First National Bank.. Bank. 1 to 9. Second National Bank 1 to 5, 7, and Storm Lake: Citizens First National Rochester: First National Bank Bank. 9. Thornton: First National Bank Rockville: Rockville National Bank.. Ito9. Waverly: First National Bank Rushville: Webster City: Farmers National Ito4. Rush County National Bank Bank. Ito4. Rushville National Bank... (See also district no. 8) 1 to 9. 1 to 9. 1 to 9. 1, 2, 3, 5, and 8. 1 to 9. Ito8. Ito9. Ito9. 1 1 1 1 to 9. to 3. to 3 and 8. to 4. 1 to 9. 1 to 9. 1, 2,3, and 5. 1 to 9. 1, 2,3, and 5 1 to 8. 1 to 9. 1 to 9. Ito9. Ito9. Ito9. 1 to 9. 1 to 9. Ito4. Ito8. 1 to 9. Ito9. Ito8. 1 to 9. Ito9. 1 to 3, 5, and 8. Ito9. 1 to 9. Ito9. Ito7. Ito9. 1 to 7 and 9. 1 to 9. Ito4. 1 to 9. 1 to 9. 1 to 8. 1,2, 3, 5 to 8. Ito3. Ito9. 1 to 9. Ito9. Ito9. 1 to 9. 1 to 9. Ito9. 1 to 4. Ito9. 287 FIDUCIAKY POWERS Powers granted Powers granted DISTRICT NO. 7—Continued MICHIGAN (See also district no. 9) Ann Arbor: First National Bank & Trust Co. Battle Creek: City National Bank & Trust Co. Central National Bank at Battle Creek. Security National Bank Charlotte: First National Bank Coldwater: Southern Michigan National Bank. Detroit: Manufacturers National Bank. _. National Bank of Detroit Flint: National Bank of Flint Jackson: National Bank of Jackson._. Kalamazoo: First National Bank & Trust Co. Lapeer: First National Bank Monroe: First National Bank Muskegon: Hackley Union National Bank. Petoskey: First National Bank Port Huron: First National Trust & Savings Bank. Quincy: First National Bank St. Johns: St. Johns National Bank.. Saginaw: Second National Bank & Trust Co. Union City: Union City National Bank. WISCONSIN (See also district no. 9) Beaver Dam: American National Bank Old National Bank Beloit: Second National Bank Berlin: First National Bank Fond du Lac: First Fond du Lac National Bank. National Exchange Bank Green Bay: Kellogg Citizens National Bank. Hartford: First National Bank Tanesville: First National Bank Lake Geneva: First National Bank.. Manitqwoc: First National Bank in Manitowoc. Marinette: First National Bank Menasha: First National Bank Milwaukee. Marine National Exchange Bank Monroe: First National Bank Neenah: First National Bank National Manufacturers Bank-._ Platteville: First National Bank Racine: First National Bank & Trust Co. Ripon: First National Bank Sheboygan: Security National Bank. Sparta: Farmers National Bank Stevens Point: Citizens National Bank First National Bank _*._. Waukesha: Waukesha National Bank. Waupun: National Bank of Waupun. West Bend: First National Bank Wisconsin Rapids: First National Bank. DISTRICT NO. 8 ARKANSAS El Dorado: First National Bank Fayetteville: First National Bank... DISTRICT NO. 8—Continued ARKANSAS—continued Fordyce: First National Bank Forrest City: National Bank of Eastern Arkansas. Fort Smith: City National Bank 1 to 8. First National Bank 1 to 3, 5 to 8. Merchants National Bank Hot Springs: Arkansas National 1 to 3, 5 to 8. Bank. 2, 3, 5, and 8. Little Rock: 1 to 9. Commercial National Bank Peoples National Bank Union National Bank 1 to 9. Newport: First National Bank Ito9. Pine Bluff: Simmons National Bank. 1, 2, 3, 5, and Texarkana: State National Bank 8. Ito9. ILLINOIS Ito9. (See also district no. 7) 2,3, 5, and 8. 1 to 9. Alton: First National Bank & Trust 1 to 9. Co. in Alton. Belleville: 1 to 4. Belleville National Bank 1 to 9. First National Bank St. Clair National Bank 2, 3, 5, and 8. Benld: First National Bank of Benld. 2, 3, 5, and 8 Bridgeport: First National Bank 1 to 8. Bunker Hill: First National Bank... 2,3, 5, and 8. Carlinville: Carlinville National Bank. Carmi: National Bank of Carmi Centralia: Old National Bank East St. Louis: Southern Illinois National Bank. Edwardsville: Edwardsville Nation1 to 9. al Bank & Trust Co. 1 to 9. Effingham: First National Bank 1 to 9. Highland: First National Bank 1 to 9. Jonesboro: First National Bank Lebanon: First National Bank 1 to 8. Mascoutah: First National Bank in 1,2,3,5, and Mascoutah. 8. Metropolis: City National Bank 1 to 9. Millstadt: First National Bank 1 to 7 and 9. Murphysboro: First National Bank. Nashville: 1 to 9. Farmers & Merchants National 1 to 9. Bank. 1 to 9. First National Bank National Stock Yards: National 1 to 9. Stock Yards National Bank of Na1 and 4. tional City. 1 to 9. O'Fallon: First National Bank 1 to 9. Pittsfleld: First National Bank Sparta: First National Bank 1 to 9. Vandalia: First National Bank 1 to 3. 1 to 9. INDIANA 1 to 9. (See also district no. 7) 1 to 9. 1 to 9. Bedford: Bedford National Bank 1 to 9. Bicknell: First National Bank Brownstown: First National Bank.. 1 to 9. 1 to 8. Cannelton: First Cannelton Na1 to 8. tional Bank. 1 to 9. Evansville: 1 to 9. National City Bank Ito9. Old National Bank in Evansville. Fort Branch: Farmers & Merchants National Bank. Madison: First National Bank.. _._ Mitchell: ITirst National Bank 1 to 9. New Albany: Union National Bank. 1 to 9. Petersburg: First National Bank 1 to 9. Ito9. 1 1 1 1 to to to to 9. 9. 9. 9. 1 to 9. 1 to 9. 1 to 9. 1 to 8. 1 to 9. 1 to 9. 1 to 9. 1 to 1 to 1 to 1 to 1 to 1 to 1 to 9. 9. 9. 3, 5 to 8. 9. 9. 9. 1 to 9. 1 to 9. 1 to 9. 1 to 3, 5 to 7. and 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 4. 1 to 9. 1 to 8. Ito9. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 3, 5 to 7. Ito8. 1 to 3, 5 to 9. 1 to 9. 1 to 3, 5 to 7 and 9. 1 to 3, 5 to 8 1 to 9. Ito9. 1 to 9. Ito9. 1 to 5. Ito9. 2, 3, and 5. 288 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers granted DISTRICT NO. 8—Continued INDIANA—continued Princeton: Farmers National Bank- 1 to 3, 5 to 7, and 9. Seymour: Seymour National Bank.. 1 to 9. Tell City: Citizens National Bank 1 to 7 and 9. Tell City National Bank 1 to 9. Vevay: First National Bank 1 to 9. Vincennes: American National Bank. 1 to 9. Wadesville: Farmers National Bank- 1 to 9. Washington: Peoples National Bank & Trust 1 to 9. Co. Washington National Bank Ito9. KENTUCKY (See also district no. 4) Bowling Green—American National Bank. Carrollton: First National Bank Clay: Farmers National Bank Columbia: First National Bank & Trust Co. Danville: Citizens National Bank Farmers National Bank Elizabethtown: First-Hardin National Bank. Frankfort: State National Bank Lawrenceburg: Anderson National Bank Lawrenceburg National Bank Lebanon: Citizens National Bank Farmers National Bank Marion National Bank Louisville: Citizens Union National Bank... First National Bank Liberty National Bank and Trust Co. Madisonville: Farmers National Bank. Mayfield: First National Bank Morganfield: Morganfield National Bank. Owensboro: National Deposit Bank. Paducah: Peoples National Bank Princeton: Farmers National Bank First National Bank 1 and 4. Ito9. Ito9. 1 to 3,5 to 8. Ito9. 1 to 8. 1 to 9. Powers granted DISTRICT NO. 8—Continued MISSOURI—continued Sedalia: Third National Bank Springfield: Union National Bank... Trenton: Trenton National Bank Unionville: Marshall National Bank. Warrensburg: Peoples National Bank. TENNESSEE (See also district no. 6) Dyersburg: First-Citizens National Bank. Jackson: First National Bank National Bank of Commerce Second National Bank... Memphis: First National Bank National Bank of Commerce in Memphis. Union-Planters National Bank & Trust Co. Union City: Old National Bank DISTRICT NO. 9 Ito9. 1. 1 to 9. Ito9. Ito9. Ito9. Ito9. 1 to 9. MICHIGAN (See also district no. 7) Hancock: National Metals Bank 1 to 9. Houghton: Houghton National Bank. 1 to 3, 5 to 9. Ironwood: Gogebic National Bank__ Lake Linden: First National Bank.. 1 to 8. Marquette: First National Bank & Trust Co. 1 to 9. 1 to 9. Union National Bank 1 to 6 and 8. Menominee: First National Bank Lumbermen's National Bank 1 to 9. 1 to 9. Munising: First National Bank of 1 to 9. Alger County. Negaunee: First National Bank 1 to 9. MINNESOTA Albert Lea: First National Bank 1 to 9. Bemidji: First National Bank 1 to 9. Chatfield: First National Bank...... Ito9. Duluth: City National Bank 1 to 9. First & American National Bank. 1 to 9. Minnesota National Bank 1 to 3, 5 to 9. Northern National Bank Eveleth: First National Bank MISSISSIPPI Fairmont: First National Bank (See also district no. 6) Martin County National Bank.. Columbus: First Columbus National 1 to 9. Faribault: Security National Bank Bank & Trust Co. 1 to 4. Greenville: First National Bank Fergus Falls: West Point: First National Bank.... 1 to 9. Fergus Falls National Bank & Trust Co. MISSOURI First National Bank (See also district no. 10) Hastings: First National Bank Carrollton: First National Bank Little Falls: First National Bank 1 to 8. Columbia: Boone County National Bank Minneapolis: 1 to 9. Exchange National Bank First National Bank & Trust Co. 1 to 8. Hannibal: Hannibal National Bank.. 1 to 9. Marquette National Bank Jefferson City: Exchange National Ito9. Midland National Bank & Trust Bank. Co. Kirksville: Citizens National Bank.. 1 to 8. Northwestern National Bank & Luxemburg: Lafayette National 1 to 9. Trust Co. Bank & Trust Co. Northfield: Northfield N a t i o n a l Monett: First National Bank Ito9. Bank & Trust Co. Pierce City: First National Bank.... Ito9. Owatonna: First National Bank St. Charles: First National Bank 1 to 9. Proctor: First National Bank St. Louis: Red Wing: Boatmen's National Bank 1 to 9. First National Bank First National Bank in St. Louis. 1 to 4. Goodhue County National BankMercantile Commerce National 1 to 9. Red Wing National Bank & Bank in St. Louis. Trust Co. Security National Bank, Savings Ito9. St. Paul: & Trust Co. American National Bank South Side National Bank in St. 1 to 9. Empire National Bank & Trust Co. Louis. 1 to 3, 5 to 7. 1 to 9. 1 to 9. 1 to 3, 5 to 7. 1 and 4. 1 to 9. 1 to 9. 2, 3, 5, and 8. 2, 3,5, and 8. 1 to 9. 1 to 9. 1 to 9. 2, 3,5, and 8. 2, 3, 5, and 8. 2, 3,5, and 8. Ito8. 1 to 9. 1 to 5. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 3, 5 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 8. 1 to 9. 1 to 9. 1, 2, 3, 5, 6, 8, and 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. 289 FIDUCIARY POWERS Powers granted DISTRICT NO. 9—Continued MINNESOTA—continued Powers granted DISTRICT NO. 9—Continued SOUTH DAKOTA—continued Sioux Falls—Continued. First National Bank & Trust Co. 1 to 9. in Sioux Falls. Ito9. Northwest Security National Ito8. Bank. 1 to 9. Watertown: First Citizens National Ito9. Bank. Ito9. 1 to 3, 5 to 8. Yankton: First Dakota National Bank & Trust Co. 1 to 9. WISCONSIN Ito9. (See also district no. 7) Ito9. Ito9. Barron: First National Bank Chippewa Falls: First National Bank MONTANA Lumbermens National Bank Billing^* 11111111 P A Eau Claire: 1 to 9. Midland National Bank. American National Bank & 1 to 9. Montana National Bank 1 rust oo. Bozeman: Commercial N a t i o n a l 1 to 4. Union National Bank Bank: Menomonie: First National Bank 1 to 9. Butte: Miners National Bank Dillon: First National Bank ._ 1 to 7 and 9. Superior: First National Bank ureat v aiis. National Bank of Commerce Ito9. First National Bank Great Falls National Bank 1 to 4. DISTRICT NO. 10 Helena: First National Bank & 1 to 7 and 9. Trust Co. COLORADO Kalispell: First National Bank 1 to 4. Lewistown: National Bank of Lewis- 1 to 9. Boulder: National State Bank town. Brush: First National Bank. Livingston: National Park Bank in I t o 9 . Canon City: Livingston. First National Bank Miles City: First National Bank in I t o 9 . Fremont County National BankMiles City. Center: First National Bank Missoula: Colorado Springs: First National Bank _ 1 to 7 and 9. Colorado Springs National Bank. Western Montana National 1 to 8. Exchange National Bank First National Bank... Bank. Denver: NORTH DAKOTA American National Bank Colorado National Bank Bismarck: Denver National Bank Dakota National Bank & Trust 1 to 9. First National Bank Co. United States National Bank First National Bank 1 and 9. Durango: Burns National Bank Dickinson: First National Bank Ito9. Eagle: First National Bank of Eagle Ellendale: First National Bank 1 to 4. County. Fargo: Florence: First National Bank First National Bank & Trust Co. 1 to 9. Fort Collins: Poudre Valley National Merchants National Bank & 1 to 9. Bank. Trust Co. Fort Morgan: First National Bank.. Grafton: Grafton National Bank 1 to 9. Glen wood Springs: First National Grand Forks: First National Bank 1 to 9. Bank. in Grand Forks. Grand Junction: First National Bank Jamestown: National Bank Ito9. in Grand Junction. Valley City: First National Bank 1 to 9. Greeley: First National Bank SOUTH DAKOTA Greeley National Bank Gunnison: First National Bank Aberdeen: Hugo: First National Bank. Aberdeen National Bank & 1 to 9. Las Animas: First National Bank i rusT i_;O. Longmont: First National Bank_. _. 1 to 9. First National Bank.. Arlington: First National Bank in 1 to 4. Longmont National Bank Arlington. Montrose: Montrose National Bank.. Brookings: Security National Bank.. 1 to 9. Ordway: First National Bank Clear Lake: Deuel County National 1 to 9. Walsenburg: First National Bank . . . Bank. Windsor: First National Bank Deadwood: First National Bank Ito9. Lake Norden: First National Bank 1 to 3, 5 to 8. KANSAS & Trust Co. Anthony: Lead: First National Bank _. 1 to 9. Citizens National Bank Miller: First National Bank 1 to 9. First National Bank Rapid City: First National Bank... 1 to 7 and 9. Arkansas City: Home National Sioux Falls* J 1 U U A -I- Cil-iO* 1 to 9. Atchison: City National Bank Citizens National Bank & Trust Co. Chanute: First National Bank St. Paul—Continued. First National Bank Midway National Bank St. Peter: First National Bank Spring Valley: First National Bank_ _ Stillwater: First National Bank . Truman: Truman National Bank,.. Virginia: American Exchange National Bank. Waseca: Farmers National Bank Windom: First National Bank Winona: First National Bank.. Winona National & Savings Bank. <K m y-v -VT m k "VT A Ito8. Ito9. 1 to 9. 1 to 9. Ito3. 1 to 9. 1 to 9. a 1 to 9. Ito9. 1 to 9. 1 to 7. 1 to 9. 1 to 9. 1 to 3, 5 to 3. Ito9. 1 to 4. Ito4. Ito9. Ito9. Ito9. Ito7. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 7. Ito4. Ito9. 1 to 7 and 9. 1 to 4. 1 to 3, 5 to 7. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 3. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1. 1 to 9. 1 to 4. 1 to 8. 1 to 4. 1 to 9. 1 to 9. 1 to 9. 290 ANNUAL REPOKT OF FEDERAL RESERVE GOVERNORS Powers granted DISTRICT NO. 10—Continued Powers granted DISTRICT NO. 10—Continued NEB R ASK A—continued KANSAS—continued Coffeyville: Condon National Bank First National Bank Dodge City: First National Bank in Dodge City. Emporia: Citizens National Bank. Commercial National Bank & Trust Co. Fort Scott: Citizens National Bank.. Horton: First National Bank Hutchinson: American National Bank Exchange National Bank First National Bank Jewel Citv: First National Bank Kansas City: Security National Bank. Larned: First National Bank in Larned. Lawrence: First National Bank Lawrence National Bank Leavenworth: First National Bank.. Manhattan: First National Bank Union National Bank __. Ottawa: Peoples National Bank Paola: Miami County National Bank. Pratt: First National Bank Lincoln: 1 to 3, 5 to 9. Continental National Bank 1 to 3 and 5. First National Bank Ito9. National Bank of Commerce Lyons: First National Bank Nebraska City: Nebraska City Na1 to 9. tional Bank. 1 to 9. Omaha: First National Bank 1 to 7 and 9. Omaha National Bank 1 to 4. United States National Bank Ord: First National Bank in Ord 1 to 9. South Omaha: Stock Yards National Ito8. Bank. 1 to 4. Utica: First National Bank 1 to 3. Wahoo: First National Bank l t o 9. Wayne: First National Bank 1 to 3 and 5. Farmers National Bank National Bank of America at Salina. Topeka: National Bank of Topeka Troy: First National Bank Wellington: First National Bank in Wellington. Wichita: First National Bank in Wichita. _ Fourth National Bank in 1 to 5 and 8. l t o 9. WiVhita Southwest National Bank Union National Bank Winfield: First National Bank.. _ Winfield National Bank l t o 9. l t o 9. 1 to 4. l t o 9. 1 to 9. 1 to 9. 1 to 3. l t o 9. l t o 9. 1 to 9. 1 to 9. l t o 9. 1 to 9. 1 to 9. MISSOURI NEBRASKA Belden: First National Bank Butte: First National Bank David City: First National Bank.... Emerson: First National Bank. Genoa: Genoa National Bank Grand Island: First National Bank.. Digitized forHoldredge: FRASERFirst National Bank 1 to 9. 1 to 9. 1 to 9. 1, 2, and 5. 4. 2 and 3. l t o 3, 5 to 9. 1 to 9. NEW MEXICO l t o 8. l t o 8. 1. (See also district no. 8.) Cameron: First National Bank Carthage: Central National Bank Independence: First National Bank.. Joplin: Joplin National Bank & Trust Co. Kansas City: City National Bank & Trust Co. Columbia National Bank First National Bank... Interstate National Bank Stockyards National Bank Traders Gate City National Bank. Union National Bank in Kansas City. Neosho: First National Bank... Plattsburg: First National Bank St. Joseph: American National Bank Burns National Bank Tootle-Lacey National Bank l t o 9. l t o 9. 1 to 9. 1 to 9. 1 to 9. 1 to 3. 1 to 3. 1 to 9. l t o 9. 1 to 9. 1 to 4 and 9. 1 to 9. l t o 9. 1 to 9. l t o 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. l t o 4. 1 to 8. (See also district no. 11) Albuquerque: Albuquerque National Trust & Savings Bank First National Bank in Albuquerque Farmington: First National Bank... Raton: First National Bank in Raton Santa Fe: First National Bank l t o 9. 1 to 9 2 and 3. 1 to 7. 1 to 9. OKLAHOMA Ada- First National Bank in Ada— Anadarko: First National Bank. _ ._ BartlesvilleFirst National Bank in Bartlesville. Union National Bank Bristow: American National Bank.__ Broken Arrow: First National BankCleveland: First National Bank Dewey: First National Bank Enid: Central National Bank First National Bank Guthrie: First National Bank Holdenville: First National Bank___ Hominy: National Bank of Commerce. Hooker: First National Bank Lawton: City National Bank McAlester: First National Bank Miami: First National Bank Muskogee: Commercial National Bank in Muskogee. First National Bank & Trust Co. Norman: First National Bank Security National Bank Okemah: First National Bank Okemah National Bank Oklahoma City: City National Bank & Trust Co. Fidelity National Bank First National Bank & Trust Co. Liberty National Bank.. Tradesmens National Bank Okmulgee: Central National Bank— Ponca City: First National Bank at 1 to 3, 5 to J» Shawnee: Federal National Bank l t o 3. Stillwater: 1 to 9. First National Bank l t o 8. Stillwater National Bank— 1 to 9. Tulsa: 1 to 9. First National Bank & Trust Co. l t o 9. National Bank of Commerce l t o 9. 1 to 9. l t o 9. 4. 1 to 9. 1 to 4, 6 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 8. 1 to 9. 1 to 9. 1 to 3 and 5. 1 to 3, 5 to 7, and 9. 1 to 3, 5 to 7. l t o 9. l t o 8. l t o 9. 1 to 9. l t o 9. 1 to 8. l t o 9. Lto 9. to 9. to 9. Lto 9. . to 7 and 9. . to 9. Lto 9. 1 to 9. l t o 9. l t o 9. l t o 9. Lto 3, 5to9. FIDUCIARY POWERS Powers granted Powers granted DISTRICT NO. 11—Continued DISTRICT NO. 10—Continued TEXAS— continued WYOMING Buffalo: First National Bank _ Casper: Casper National Bank__ Wyoming National Bank Cheyenne: American National Bank Stock Growers National Bank... Cody: First National Bank Shoshone National Bank Evanston: First National Bank Kemmerer: First National Bank Laramie: First National Bank Powell: First National Bank Rawlins: First National Bank... Rawlins National Bank Rock Springs: Rock Springs National Bank. Sheridan: First National Bank Thermopolis: First National Bank__ DISTRICT NO. 11 ARIZONA (See also district no. 12) Nogales: First National Bank Tucson: Consolidated National Bank. LOUISIANA (See also district no. 6) Homer: Homer National Bank Shreveport: Commercial National Bank in ShrpveDort First National Bank NEW MEXICO (See also district no. 10) Roswell: First National Bank Silver City: American National Bank. OKLAHOMA Durant: Durant National Bank in Durant. TEXAS Abilene: Farmers & Merchants National Bank. Albany: First National Bank _ Amarillo: First National Bank Austin: American National Bank Austin National Bank.. ___ Bay City: First National Bank Beaumont: American National Bank First National Bank Bonham: First National Bank Brady: Brady National Bank Brenham: First National Bank Brownsville: State National Bank-.. Cameron: Citizens National Bank Childress: First National Bank in Childress. Colorado: City National Bank Corpus Christi: Corpus Christi National Bank. Corsicana: First National Bank First National Bank in... Mercantile National Bank at Ito4. Del Rio: Del Rio National Bank 1 to 9. 1 to 9. Ito9. 1 to 9. El Paso National Bank State National Bank 1 to 9. Floresville: First City National Bank- Ito9. 1 to 9. Fort Worth: 1 and 4. Continental National Bank. 1 to 9. Ito3. First National Bank 1 to 9. 1 to 5. Fort Worth National Bank Ito9. 1 to 3. Galveston: City National Bank _ 1 to 9. Ito8. First National Bank 1 to 9. Hutchings-Sealy National Bank. 1 to 9. 1 to 9. 1 to 9. United States National Bank 1 to 9. 1 and 2. Granger: First National Bank 1 to 9. Greenville: Greenville National Ex- 1 to 4. change Bank. Ito9. Houston: 1 to 9. 1 to 9. City National Bank _ First National Bank in Houston. 1 to 9. National Bank of Commerce 1 to 7 and 9. San Jacinto National Bank 1 to 9. Second National Bank 1 to 7 and 9. South Texas Commercial Na- Ito9. tional Bank. Ito9. State National Bank— Ito8. Union National Bank Ito9. 1 to 4. Italy: First National Bank Ito9. Kingsville: First National Bank 1 to 9. ]. La Grange: First National Bank Longview: First National Bank 1 to 3, 5 and 8. Ito8. McKinney: Collin County National Ito9. Bank. Ito9. Marfa: Marfa National Bank _ Ito9. Marshall: Ito9. 1 to 3 and 5. First National Bank Marshall National Bank 1 to 5. Midland: Midland National Bank.. 1 to 9. Orange: First National Bank in Orange... 1 to 9. Orange National Bank 1 to 3. 1 to 9. Palestine: Royall National Bank 2 and 3. 1 to 9. Paris: First National Bank.. ._ Ito9. Port Arthur: First National Bank 1 to 3, 5 to 8. 1 to 5. Merchants National Bank Ito9. San Angelo: Central National Bank 1 to 4. First National Bank 1 to 9. 1 to 9. San Angelo National Bank Ito9. 4. San Antonio: Alamo National Bank 1 to 9. 1 to 9. Frost National Bank 1 to 9. Groos National Bank 1 to 9. 1 to 9. National Bank of Commerce 1 to 9. 1 to 9. Seguin: First National Bank 1 to 9. 1 and 4. Sherman: Merchants & Planters Na- Ito9. tional Bank. 1 to 9. Stanton: First National Bank 1 to 9. 1 to 3. 1 to 3, 5 to 7. Stephenville: Farmers-First National 1 to 9. Bank. 1 to 3 and 5. 1 to 9. 1 to 7 and 9. Teague: Teague National Bank. Terrell: American National Bank 1 to 8. Ito9. Texarkana: Texarkana National Ito9. 1 to 9. Bank. 1 to 9. 1. Troup: First National Bank Tyler: 1 to 4. Citizens National Bank Ito9. 1 to 7. Peoples National Bank 1 to 9. Victoria: Victoria National Bank Ito4. Ito9. Citizens National Bank.. Ito9. 1 to 9. First National Bank Ito8. Ito9. 1 to 5. 1 to 9. Ito9. 1 to 9. Ito9. National Bank of Commerce Republic National Bank & Trust Ito9. Co. 291 Citizens National Bank State National Bank "WinVn' + o TTQIIQ* First National Bank City National Bank in Wichita Falls. Ito9. Ito9. 292 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS Powers granted Powers granted DISTRICT NO. 12—Continued OREGON—continued DISTRICT NO. 12 ALASKA Fairbanks: First National Bank Ito9. ARIZONA Phoenix: First National Bank of Arizona at Phoenix. Valley National Bank Winslow: First National Bank Ito9. Ito9. 1. CALIFORNIA Beverly Hills: Beverly Hills National Bank & Trust Co. Fullerton: First National Trust & Savings Bank. Long Beach: California First National Bank. Los Angeles: Citizens National Trust & Savings Bank. Farmers & Merchants National Bank. Seaboard National Bank Security-First National Bank.... Mountain View: First National Bank. Orange: First National Bank Pasadena: Security National Bank.. Pomona: First National Bank Redwood City: First National Bank of San Mateo County. Riverside: Citizens National Trust & Savings Bank. Sacramento: Capital National Bank.. Salinas: Salinas National Bank San Bernardino: American National Bank. San Diego: First National Trust & Savings Bank. San Francisco: Anglo California National Bank.. Bank of America National Trust & Savings Association. Bank of California, N. A Crocker First National Bank Pacific National Bank Santa Ana: First National Bank First National Bank in Santa Ana. Santa Barbara: County National Bank & Trust Co. First National Trust & Savings Bank. Stockton: First National Bank Ventura: Union National Bank Whittier: Whittier National Trust & Savings Bank. Woodland: Bank of Woodland, N. A. Ito9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 4. 1 to 9. Ito9. 1 to 3, 5 to 7. 1 to 3, 5, 7, 8 and 9. Ito9. 1 to 9. 4. 1 to 9. Athena: First National Bank Baker: First National Bank Corvallis: First National Bank Eugene: First National Bank _. Grants Pass: First National Bank of Southern Oregon. Harrisburg: First National Bank Hood River: First National Bank... Junction City: First National Bank.. Klamath Falls: American National Bank First National Bank Marshfield: Coos Bay National Bank First National Bank of Coos Bay. Newberg: United States National Bank of Newberg. Portland: First National Bank United States National Bank.... Ashland: First National Bank 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 2, 3, 5 to 8. 1 to 7 and 9. 1 to 4. WASHINGTON Bellingham: American National Ba^k Bellingham National Bank First National Bank Northwestern National Bank 1 to 9. Burlington: First National Bank 1 to 9. Colfax: Farmers National Bank Ellensburg: Washington National 1 to 9. Bank. 1 to 9. Everett: First National Bank Ito9. Long view: First National Bank Mount Vernon: First National Bank. 1 to 9. Okanogan: First National Bank Ito9. Port Angeles: First National Bank.. Pullman: First National Bank Seattle: 1 to 9. Seattle-First National Bank National Bank of Commerce 1 to 9. Pacific National Bank University National Bank.. 1 to 9. Spokane: Ito5. First National Bank in Spokane. Ito9. Old National Bank & Union Trust Co. 1 to 3, 5 to 7. Tacoma: National Bank of Tacoma IDAHO Puget Sound National Bank Boise: First National Bank of Idaho 1 to 5. Toppenish: First National Bank Hailey: Hailey National Bank 1 to 3. Waitsburg: First National Bank Idaho Falls: American National 1 to 9. Walla Walla: Bank. Baker-Boyer National Bank Lewiston: Lewiston National Bank.. 1 to 9. First National Bank Ito4. Moscow: First National Bank Wenatchee: First National Bank Yakima: West Side National Bank.. NEVADA OREGON 1 to 8. Ito9. 1 to 9. 1 to 9. 1 to 9. UTAH Logan: First National Bank Ogden: First Security Bank of Utah, National Association. Price: First National Bank Salt Lake City: Continental National Bank & Trust Co. First National Bank Ito9. Reno: First National Bank in Reno_. 1 to 7, and 9. 1 to 9. Ito9. 1 to 9. Ito9. 1 to 3, 5 to 7, and 9. 1 to 3. 1 to 9. Ito3, 5to7, and 9. 1 to 3 and 9. l to 9. 1 to 5 and 9. 1 to 9. 1 to 7 and 9. 1 to 5. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 7. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. Ito9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. 1 to 9. HAWAIIAN ISLANDS Honolulu: Bishop National Bank of Hawaii at Honolulu. Ito8. NOTE.—The above list does not include the names of national banks which have received permission to administer trusts transferred to them in connection with the acquisition of assets of other banking institutions, but which have not been granted the right to accept new trust business. ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS 293 DESCRIPTION OF FEDERAL RESERVE DISTRICTS Land area Population J u l y 1, 1935 (square (estimated) miles) Federal Reserve district No No. No. No No No. ]sj0 No. J^Q N 0# No. No. 1—Boston . 2—New York 3—Philadelphia 4—Cleveland 5—Richmond 6—Atlanta 7—Chicago 8—St. Louis 9—Minneapolis 10—Kansas City . 11—Dallas 12—San Francisco... Total 61,345 51,890 36,842 73, 424 152, 316 248,226 190,513 194,810 414,004 480,438 386,116 683,852 8,084,000 16, 637,000 7, 919, 000 11, 633, 000 11, 935, 000 12,199, 000 18, 586,000 10, 220, 000 5, 381, 000 8, 061, 000 7, 219, 000 9, 647, 000 2,973,776 127,521, 000 61,345 8,084, 000 4.189 29 895 8,039 9 031 1,067 9,124 1, 304, 000 845 000 4,375 000 502 000 681 000 377,000 51,890 16, 637, 000 631 3,605 413 000 3, 335, 000 47,654 12,889, 000 36,842 7,919,000 1,965 3,909 256 000 953?000 30.968 6,710,000 FEDERAL RESERVE DISTRICTS DISTRICT N O . 1—BOSTC>N Connecticut (exclud ing Fairfield Countv) Maine Massachusetts New Hampshire Rhode Island Vermont DISTRICT N O . 2—NEW YORK Connecticut (Fairfield Cnnntv}_ New Jersey Counties ofBergen Hunterdon Essex Middlesex Hudson Monmouth New York Morris Passaic Somerset Sussex Union Warren DISTRICT N O . 3—PHILADELPHIA Delaware.__ New Jersey Counties of— Atlantic Cape May Burlington Cumberland Gloucester Mercer Ocean Salem Pennsylvania (easte Counties ofAdams Clinton Bedford Columbia Berks Cumberland Blair Dauphin Bradford Delaware Elk Bucks Cambria Franklin Cameron Fulton Carbon Huntingdon Center Juniata Chester Lackawanna Clearfield Lancaster Lebanon Lehigh Luzerne Lycoming McKean Mifflin Monroe Montgomery Montour Northampton Northumberland Perry Philadelphia Pike Potter Schuylkill Snyder Sullivan Susquehanna Tioga Union Wayne Wyoming York 294 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS FEDERAL RESERVE DISTRICTS—Continued Land area Population (square July 1, 1935 miles) (estimated) Federal Reserve district DISTRICT N O . 4—CLEVELAND Kentucky (eastern part) Counties of— Bath Fleming Bell Floyd Boone Garrard Bourbon Grant Boyd Greenup Bracken Harlan Breathitt Harrison Campbell Jackson Carter Jessamine Clark Johnson Clay K>nton Elliott Knott Estill Knox Fayette Laurel Ohio Pennsylvania (western part) Counties of— Allegheny Crawford Armstrong Erie Beaver Fayette Butler Forest Clarion Greene West Virginia (northern part). Counties of— Brooke Marshall Hancock Ohio Lawrence Lee Leslie Letcher Lewis Lincoln McCreary Madison Magoffin Martin Mason Menifee Montgomery Morgan Indiana Jefferson Lawrence Mercer Somerset 1,360, 000 40, 740 13, 864 6, 707, 000 3, 356, 000 Venango Warren Washington Westmoreland 1,206 210, 000 _. 152,316 11, 935, 000 ~. 62 9,941 48, 740 30,495 40,262 22,816 Tyler WTetzel „ Mingo Monongalla Monroe Morgan Nicholas Pendleton Pleasants Pocahontas Preston Putnam Raleigh Randolph Ritchie 594, 1, 669, 3, 417, 2, 012, 2, 637, 1, 606, 000 000 000 000 000 000 Roane Summers Taylor Tucker Upshur Wayne Wrebster Wirt Wood Wyoming .DISTRICT N O . 6—ATLANTA Alabama Florida Georgia .> Louisiana (southern part) Parishes of— Acadia Evangeline Allen Iberia Ascension Iberville Assumption Jefferson Avoyelles Jefferson Davis Beauregard Lafayette Calcasieu La Fourche Cameron Livingston E a s t B a t o n Orleans Rouge Plaquemines East Feliciana Pointe Coupee Mississippi (southern part) Counties of— Adams Harrison A mite Hinds Claiborne Issaquena Clarke Jackson Copiah Jasper Covington Jefferson Forrest Jefferson Davis Franklin Jones George Kemp<>r Greeue Lamar Hancock Lauderdale 11, 633, 000 17, 614 Nicholas Owsley Pendleton Perry Pike Powell Pulaski Robertson Rockcastle Rowan Scott Whitley Wolfe Woodford DISTKICT No. 5—RICHMOND District of Columbia Maryland. North Carolina South Carolina Virginia West Virginia (southern part) Counties of— Barbour Hardy Berkeley Harrison Boone Jackson Braxton Jefferson Cabell Kanawha Calhoun Lewis Clay Lincoln Doddridge Logan Fayette McDowell Gilmer Marion Grant Mason Greenbrier Mercer Hampshire Mineral 73,424 Rapides St. Bernard St. Charles St. Helena St. James St. John the Baptist St. Landry St. Martin St. Mary St. Tammany Tangipahoa Terrebonne Vermilion Vernon Washington W T est B a t o n Rouge West Feliciana Lawrence Leake Lincoln Madison Marion Neshoba Newton Pearl River Perry Pike Rankin Scott Shark? y Simpson Smith Stone Walthall Warren Wayne Wilkinson Yazoo 248, 226 12, 919, 000 51,279 54,861 58,725 26,891 2, 834, 000 1, 614, 000 3,345, 000 1, 436, 000 940, 000 295 DESCRIPTION OF FEDERAL RESERVE DISTRICTS FEDERAL RESERVE DISTRICTS—Continued Land area Population (square July 1,1935 miles) (estimated) Federal Reserve district DISTRICT NO. 6.—ATLANTA—Continued. Tennessee (eastern oart,1) . Counties of— Anderson Giles Bedford Grainger Bledsoe Greene Blount Grundy Bradley Hamblen Campbell Hamilton Cannon Hancock Carter Hawkins Cheatham Hick man Claiborne Houston Clay Humphreys Cocke Jackson Coffee Jefferson Cumberland Johnson Davidson Knox De Kalb Lawrence Dickson Lewis Fentress Lincoln Franklin Loudon 30,951 2,030,000 DISTRICT N O . 7.—CHK:AGO 190,513 18, 586,000 Illinois (northern p art) Counties of— Boone Ford Bureau Fulton Carroll Grundy Cass Hancock Champaign Henderson Christian Henry Clark Iroquois Coles Jo Daviess Cook Kane Cumberland Kankakee De Kalb Kendall De Witt Knox Douglas Lake Du Page La Salle Lee Edgar Indiana (northern part) Counties of— Fountain Adams Franklin Allen Bartholomew Fulton Grant Benton Hamilton Blackford Hancock Boone Hendricks Brown Henry Carroll Howard Cass Huntington Clay Jasper Clinton Jay Dearborn Jennings Decatur Johnson De Kalb Kosciusko Delaware Lagrange Elkhart Lake Fayette Iowa Michigan (southern part) Counties of— Alcona Eaton Allegan Emmet Alpena Genesee Antrim Gladwin Arenac Grand Traverse Barry Gratiot Bay Hillsdale Benzie Huron Bern en Ingham Branch Ionia Calhoun Iosco Cass Isabella Charlevoix Jackson Cheboygan Kalamazoo Claire Kalkaska Clinton Kent Crawford Lake 35,448 6,546,000 26,707 2,785,000 55,586 40,789 2,534,000 4,354,000 McMinn Macon Marion Marshall Maury Meigs Monroe Montgomery Moore Morgan Overton Perry Pickett Polk Putnam Rhea Roane Robertson Rutherford Scott Sequatchie Sevier Smith Stewart Sullivan Sumner Trousdale Unicoi Union Van Buren Warren Washington Wayne White Williamson Wilson Livingston Logan McDonough McHenry McLean Macon Marshall Mason Menard Mercer Moultrie Ogle Peoria Piatt Putnam Rock Island Sangamon Schuyler Shelby Stark Stephenson Tazewell Vermilion Warren Whiteside Will Winnebago Woodford La Porte Madison Marion Marshall Miami Monroe Montgomery Morgan Newton Noble Ohio Owen Parke Porter Pulaski Putnam Randolph Ripiey Rush St. Joseph Shelby Starke Steuben Tippecanoe Tipton Union Vermillion Vigo Wabash Warren Wayne Wells White Whitley Lapeer Leelanau Lena wee Livingston Macomb Manistee Mason Mecosta Midland Missaukee Monroe Montcalm Montmorency Muskegon Newaygo Oakland Oceana Ogemaw Osceola Oscoda Otsego Ottawa Presque Isle Roscommon Saginaw St. Clair St. Joseph Sanilac Shiawassee Tuscola Van Buren Washtenaw Wayne Wexford 296 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS FEDERAL RESERVE DISTRICTS—Continued Land area Population (square July 1,1935 miles) (estimated) Federal Reserve district DISTRICT N O . 7.—CHICAGO—Continued. Wisconsin (southern part). Counties of— Adams Green Lake Brown Iowa Calumet Jackson Clark Jefferson Columbia Juneau Crawford Kenosha Dane Kewaunee Dodge Lafayette Door Langlade Fond du Lac Manitowoc Grant Marathon Green Marinette Marquette Milwaukee Monroe 0 con to Outagamie Ozaukee Portage Racine Richland Rock Sauk Shawano DISTRICT N O . 8—ST. LOUIS Arkansas Illinois (southern part) Counties of— Adams Franklin Alexander Gallatin Bond Greene Brown Hamilton Calhoun Hardin Clay Jackson Clinton Jasper Crawford Jefferson Edwards Jersey Emngham Johnson Fayette Lawrence Indiana (southern r >art) Counties of Clark Greene Crawford Harrison Daviess Jackson Dubois Jefferson Floyd Knox Gibson Lawrence Counties ofAdair Crittenden Allen Cumberland Anderson Daviess Ballard Edmonson Barren Franklin Boyle Fulton Breckenridge Gallatin Bullitt Graves Butler Grayson Caldwell Green Calloway Hancock Carlisle Hardin Carroll Hart Casey Henderson Christian Henry Clinton Hickman Mississippi (northern part) Counties of— De Soto Alcorn Grenada Attala Benton Holmes Bolivar Humphreys Itawamba Calhoun Carroll Lafayette Lee Chickasaw Leflore Choctaw Lowndes Clay Coahoma Marshall 31,983 2, 367,000 194,810 10,220,000 52,525 20,595 1,999,000 1, 271,000 9,338 644,000 22,567 1, 486,000 20,843 1,021,000 Sheboygan Vernon Walworth Washington Waukesha Waupaca Waushara Winnebago Wood Macoupin Madison Marion Massac Monroe Montgomery Morgan Perry Pike Pope Pulaski Randolph Richland St. Clair Saline Scott Union Wabash Washington Wayne White Williamson Martin Orange Perry Pike Posey Scott Spencer Sullivan Switzerland Vanderburg Warrick Washington Hopkins Jefferson Larue Livingston Logan Lyon McCracken McLean Marion Marshall Meade Mercer Metcalfe Monroe Muhlenberg Nelson Ohio Oldham Owen Russell Shelby Simpson Spencer Taylor Todd . Trigg Trimble Union Warren Washington Wayne Webster Monroe Montgomery Noxubee Oktibbeha Panola. Pontotoc Prentiss Quitman Sunflower Tallahatchie Tate Tippah Tishomingo Tunica Union Washington Webster Winston Yalobusha DESCRIPTION OF FEDERAL RESERVE DISTRICTS FEDERAL RESERVE 297 DISTRICTS—Continued Land area Population (square July 1,1935 miles) (estimated) Federal Reserve district DISTRICT N O . 8—ST. LOUIS—Continued. Missouri (eastern part* Counties ofAdair Douglas Audrain Dunklin Barry Franklin Bentnn (gasconade Bollinger Greene Boone Orundy Butler Harrison Caldwell Henry Callaway Hickory Camden Howard Cape Oirardeau Howell Carroll Iron Carter Jefferson Cedar Johnson Chariton Knox. Christian Laclede Clark Lafayette Cole Lawrence Cooper Lewis Crawford Lincoln Dade Linn Dallas Livingston Daviess Macon Dent Madison Tennessee (western part). Counties of— Benton Fayette Carroll Gibson Chester Hardeman Crockett Hardin Decatur Haywood Dyer Henderson Maries Marion Mercer Miller Mississippi Moniteau Monroe Montgomery Morgan New Madrid Oregon Osage Ozark Pemiscot Perry Pettis Phelps Pike Polk Pulaski Putnam Rails Randolph Ray Revnolds Ripley St. Charles St. Clair St. Francois St. Louis St. Louis City Ste. Genevieve Saline Schuyler Scotland Scott Shannon Shelby Stoddard Stone Sullivan Taney Texas Warren Washington Wayne Webster Wright Henry Lake Lauderdale McNairy Madison Obion Shelby Tipton Weakley DISTRICT N O . 9—MINNEAPOLIS Michigan (northern p a r t ) . . Counties of— Alger Dickinson Baraga Gogebic Chippewa Houghton Delta Iron Minnesota Montana North Dakota South Dakota Wisconsin (northern Dart) Counties of— Ashland Dunn Barron Eau Claire Bayfield Florence Buffalo Forest Burnett Iron Chippewa La Crosse Douglas Lincoln Keweenaw Luce Mackinac Marquette Menominee Ontonagon * Schoolcraft Oneida Pepin Pierce Polk Price Rusk St. Croix Sawyer Taylor Trempealeau Vilas Washburn DISTRICT N O . 10—KANSAS CITY Colorado Kansas Missouri (western p art). Counties ofAndrew Cass Holt Nodaway Atchison Clay Jackson Platte Barton Clinton Jasper Vernon Bates De Kalb McDonald Worth Buchanan Gentry Newton Nebraska New Mexico (northc rn part) Counties ofBernalillo Mora San Miguel Valencia Colfax Rio Arriba Santa Fe Harding Sandoval Taos McKinley San Juan Union Population Apr. 1,1930; decreased 1920 to 1930; no estimate made. 56048—36 20 68,206 2,924,000 10, 736 875,000 414, 004 5,381,000 16, 691 307,000 80,858 146, 131 70,183 76, 868 23, 273 2, 627,000 l 53if 606 700,000 675,000 541,000 480,438 8,061,000 103,658 81,774 10,521 1,062,000 1,848,000 989,000 76 808 48,350 l±f OuTfcf 3fi4 ono UUU 220,000 298 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS FEDERAL RESERVE DISTRICTS—Continued Land area Population (square July 1,1935 miles) (estimated) Federal Reserve district DISTRICT N O . 10—KANSAS CITY—Continued. Oklahoma (northwestern part) Counties of— Adair Ellis Alfalfa Garfield Beaver Garvin Beckharn Grady Blaine Grant Caddo Greer Canadian Harmon Carter Harper Cherokee Haskell Cimarron Hughes Cleveland Jackson Comanche Jefferson Kay Cotton Craig Kingfisher Creek Kiowa Custer Latimer Delaware Le Flore Dewey Lincoln Wyoming DISTRICT N O . 11—DALI..AS 61, 770 Logan Love McClain Mclntosh Major Mayes Murray Muskogee Noble Nowata Okfuskee Oklahoma Okmulgee Osage Ottawa Pawnee Payne Pittsburg 97, 548 386,116 - Arizona (southeaste rn nart"> Counties of— Cochise Greenlee Graham Louisiana (northern part) Parishes of— Bienville De Soto Bossier East Carroll Caddo Franklin Caldwell Grant Catahoula Jackson Claiborne La Salle Concordia Lincoln New Mexico (south ern part) Counties of Catron Eddy Chaves Grant Curry Guadalupe De Baca Hidalgo Dona Ana Lea Oklahoma (southeastern part) Counties of— Atoka Choctaw Bryan Coal Texas. 2,346,000 Pontotoc Pottawatomie Roger Mills Rogers Seminole Sequoyah Stephens Texas Tillman Tulsa Wagoner Washington Washita Woods Woodward Pima Santa Cruz Madison Morehouse Natchitoches Ouachita Red River Richland Sabine Tensas Union Webster West Carroll Winn Lincoln Luna Otero Quay Roosevelt Sierra Socorro Torrence Johnston McCurtain Marshall Pushmataha 232, 000 7, 219,000 23, 412 112, 000 18, 518 684, 000 74,144 182,000 7,644 164, 000 262, 398 6,077, 000 DISTRICT N O . 12—SAN FRANCISCO 683,852 9, 647, 000 Arizona (northwestern nart} _ Counties ofMaricopa Apache Coconino Mohave nil a ijrlia California Idaho Nevada. Oregon Utah Washington 90, 398 274,000 155, 652 83, 354 109, 821 95, 607 82,184 66,836 5, 639,000 479,000 Navajo Pinal Yavapai Yuma 99, 000 1,008,000 515,000 1, 633,000 FEDERAL RESERVE BRANCH TERRITORIES [December 31, 1935] BUFFALO BRANCH (District No. 2).—The 10 most westerly counties of New York State, as follows: Monroe Orleans Allegany Wyoming Chautauqua Genesee Erie Cattaraugus Livingston Niagara CINCINNATI BRANCH (District No. 4).—That part of Kentucky in Federal reserve district No. 4, and the following 25 counties in southern Ohio: Adams Clermont Greene Meigs Ross Athens Clinton Hamilton Miami Scioto Brown Darke Highland Montgomery Vinton Butler Fayette Jackson Pike Warren Clark Gallia Lawrence Preble Washington PITTSBURGH BRANCH (District No. 4).—Those portions of the States of Pennsylvania and West Virginia included in Federal reserve district No. 4. BALTIMORE BRANCH (District No. 5).—The State of Maryland and the following 30 counties of West Virginia: Barbour Grant Lewis Pendleton Taylor Berkeley Hampshire Marion Pleasants Tucker Braxton Hardy Mineral Preston Upshur Calhoun Harrison Monongalia Randolph Webster Doddridge Jackson Morgan Ritchie Wirt Gilmer Jefferson Nicholas Roane Wood CHARLOTTE BRANCH (District No. 5).—The following counties in the States of North Carolina and South Carolina: NORTH CAROLINA Alexander Alleghany Ashe Avery Buncombe Burke Cabarrus Caldwell Catawba Cherokee Clay Cleveland Gaston Graham Haywood Henderson Iredell Jackson Lincoln Macon Madison McDowell Mecklenburg Mitchell Polk Rowan Rutherford Stanly Swain Transylvania Union Watauga Wilkes Yancey SOUTH CAROLINA Abbeville Edgefield Lancaster Newberry Saluda Aiken Fairfield Laurens Oconee Spartanburg Anderson Greenville Lexington Pickens Union Cherokee Greenwood MeCormick Richland York Chester BIRMINGHAM BRANCH (District No. 6).—The State of Alabama except the following counties: Mobile, Baldwin, Russell, Pike, Barbour, Coffee, Dale, Henry, Covington, Geneva, and Houston, and towns and cities in Lee and Chambers counties located on or south of the Atlanta & West Point Railroad and the Western Railway of Alabama. JACKSONVILLE BRANCH (District No. 6).—The entire State of Florida. NASHVILLE BRANCH (District No. 6).—That part of the State of Tennessee included in Federal reserve district No. 6 with the exception of the city of Chattanooga. N E W ORLEANS BRANCH (District No. 6).—Those parts of the States of Louisiana and Mississippi located in Federal reserve district No. 6, and the counties of Mobile and Baldwin in Alabama. DETROIT BRANCH (District No. 7).—Th© following 19 counties in the State of Michigan: Bay Ingham Livingston Saginaw Tuscola Genesee Jackson Macomb Saniiac Washtenaw Hillsdale Lapeer Monroe St. Clair Wayne Huron Lenawee Oakland Shiawassee LITTLE ROCK BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Arkansas except those assigned to the head office and to the Memphis branch. (For names of cities see Federal Reserve Interdistrict Collection System list.) LOUISVILLE BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Kentucky and Indiana, included in Federal reserve district No. 8, except those assigned to the head office. (For names of cities see Federal Reserve Interdistrict Collection Sys* tern list.) MEMPHIS BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Mississippi included in Federal reserve district No. 8; all cities in Tennessee included in district No. 8, except those assigned to St. Louis, and cities in Arkansas not assigned to St. Louis or Little Rock. (For names of cities see Federal Reserve Interdistrict Collection System list.) 299 300 ANNUAL REPORT OF FEDERAL RESERVE GOVERNORS HELENA BRANCH (District No. 9).—The entire State of Montana. DENVER BRANCH (District No. 10).—The entire State of Colorado and that part of the State of New Mexico included in Federal Reserve District No. 10. OKLAHOMA CITY BRANCH (District No. 10).—That part of the State of Oklahoma located in Federal Reserve District No. 10. OMAHA BRANCH (District No. 10).—The entire States of Nebraska and Wyoming. E L PASO BRANCH (District No. 11).—That part of the States of Arizona and New Mexico located in Federal Reserve District No. 11, and the following 14 counties in the State of Texas: Andrews Ector Jeff Davis Midland Ward Crane El Paso Loving Pecos Winkier Culberson Hudspeth Martin Reeves HOUSTON BRANCH (District No. 11).—The following 41 counties in the southeast part of the State of Texas: Anderson Colorado Jackson Montgomery Shelby Jasper Nacogdoches Trinity Angelina Fayette Newton Austin Fort Bend Jefferson Tyler Bastrop Galveston Orange Lavaca Victoria Brazoria Grimes Polk Lee Walker Brazos Hardin Sabine Liberty Waller Burleson Han is San Augustine Madison Washington Chambers Houston San Jacinto Matagorda Wharton Cherokee SAN ANTONIO BRANCH (District No. 11).following 54 counties in the State of Texas: Aransas Comal Hidalgo Llano Starr Jim Hogg Atascosa De Witt Live Oak Terrell Jim Wells Bandera Dimmit Mason Travis Bee Duval Karnes Maverick Uvalde Bexar Edwards Kendall McMullen Val Verde Blanco Frio Kenedy Medina Webb Brewster Gillespie Kerr Nueces Willacy Brooks Goliad Kimble Presidio Wilson Caldwell Gonzales Kinney Real Zapata Calhoun Guadalupe Kleburg Refugio Zavalla Cameron Hays La Salle San Patricio Los ANGELES BRANCH (District No. 12).—That part of the State of Arizona located in Federal Reserve District No. 12, and the following counties in California: Imperial Los Angeles Riverside San Diego Ventura Inyo Orange San Bernardino Santa Barbara PORTLAND BRANCH (District No. 12).—The entire State of Oregon, except the towns of Klamath Falls, Lakeview, and Merrill, which are affiliated with the head office, and the following five counties in the State of Washington: Clarke Cowlitz Klickitat Skamania Wahkiakum and the town of Ilwaco, Wash. SALT LAKE CITY BRANCH (District No. 12).—The entire State of Utah and the following counties in Idaho and Nevada: IDAHO Ada Adams Bannock Bear Lake Bingham Blaine Boise Bonneville Butte Camas Canyon Caribou Cassia Clark Custer Elmore Franklin Fremont Gem Gooding Jefferson Jerome Lemhi Lincoln Madison Minidoka Oneida Owyhee Payette Power Teton Twin Falls Valley Washington NEVADA Lincoln Elko White Pine Clark SEATTLE BRANCH (District No. 12).—The following 16 counties in the State of Washington, except the town of Ilwaco, Wash. Clallam King Lewis Pierce Snohomish Grays Harbor Kitsap Mason 1 San Juan Thurston Island Kittitas Pacific Skagit Whatcom Jefferson SPOKANE BRANCH (District No. 12).—The following counties in the States of Washington and Idaho: WASHINGTON Adams Asotin Ben ton Chelan Columbia Douglas Ferry Franklin Benewah Bonner Boundary Clearwater Garfield Grant Lincoln Okanogan Pend Oreille Spokane Stevens Walla Walla Whitman Yakima Latah Lewis Nez Perce Shoshone IDAHO 1 Idaho Kootenai Except the town of Ilwaco (see Portland branch). >-^_ I 0 e[ FEDERAL RESERVE DISTRICTS "" i • > 2 <?'• f «^-r i ' } N.DAK. ( 9 r-- S.DAK. ! : X J f" ) •' ^r^H 1 vO—J 1 I Denver. 10! COLO. 1 1 \ NEBR l.. n J ® • O OF FEDERAL RESERVE DISTRICTS OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES FEDERAL RESERVE BANK AGENCY g 3 ' FOWA Om*K-l v[ CHJCAGO^. ^1 7 | KANSAS CITYdl " 1 I OKLA. \ 1 Oklahoma City 1 Vi ^ ^ A LittleTlocV DALLAS® J 1 1 TEXAS { V L""""* • ' BOUNDARIES . . . . . BOUNDARIES '—'^ ^ VT— J *} 1 \I * . 4 ^v °- L ?CO MINN, j MIKWEAPOUSJ I WV / I J \/ y. / V.Vy—-/—J """/*" IV V j V J <^ Houston^ \San Arfonio T ; ^ ^ ' \ r»Tss. / ^ y•CSL..-.., % ^^NashvUle, TENN. X^ 1 ATLANL Birmingkiam ALA 'r5 P savannaW o o J V^--'—\.— aonvilleV i eans : \ \ ) FLA.X o ST \ t V 1 \ i CO o INDEX Acceptances: Dollar bankers' acceptances 174 Held by member banks 142, 160, 162, 164, 174 Maturity of bills held by Federal Reserve banks 91 Outstanding 174 Payable in foreign currencies 82, 84 Rates, discount and open-market: Buying rates of Federal Reserve banks 127 Open-market rates: In New York City 128, 129 In foreign countries 132 Additions and withdrawals, banks in Federal Reserve System 41, 157 Administration of Clayton Antitrust Act 69 Administration of section 32 of Banking Act of 1933 70 Administrator, list of national banks authorized to act as 273 Advances to industries by Federal Reserve banks. (See Industries, loans to.) Advances to member banks under section 10 (b) of Federal Reserve Act: Policy action by Board relative to rates 199 Provisions of Banking Act of 1935 relative to 52 Rates on 2, 125 Advisory Council, Federal: Meetings of 72 Expenses of 106, 108 Members of 236 Recommendations of, to Board of Governors 236-238 Affiliates: Provisions of Banking Act of 1935: "Accidental" holding company affiliates eliminated 54 Assets required of holding company 57 Limited voting permits and cumulative voting clarified 57 Restrictions on loans 61 Voting permit unnecessary for liquidation 57 Waiver of reports or examinations 60, 71 Regulation P, revision of 65, 214 Standard form of agreement required in granting general voting permits; policy action of Board 72, 217 Voting permits issued by Board, number of 71 Waiver of reports of; policy action of Board 201, 228 Agencies of Federal Reserve banks. (See Branches and agencies.) Amendments to the law relating to the Federal Reserve System 5, 48-63 Annual Report of Board, record of actions by Board and Open-Market Committee included in; provision of Banking Act of 1935 52 Area of Federal Reserve districts 293-298 Assessment for expenses of Board 73, 106, 108, 244 Assets and liabilities: Federal Reserve banks: At the end of each month 84 At the end of 1934 and 1935 86-89 Member banks: By classes of banks 136 On call dates 140 Reporting banks: In leading cities 160 In New York City 164 Outside New York City 168 National banks 136 Reserve city member banks 136 State bank members 136 303 304 INDEX Page Assets of member banks, de' ermination of; policy action of Board 225 Assignee, list of national banks authorized to act as 273 Automobiles: Factory employment index 192 Factory pay-roll index 191 Production index ^_ 189 Balance sheets. (See Condition of banks.) Bank consolidations 41, 157 Bank examinations 66 Bank debits 24, 175 Bank failures 40, 43, 176-179 Bank mergers 41, 157 Bank premises, Federal Reserve 47, 82, 84, 86, 88, 102, 106 Book value 102 Cost of 102 Date occupied 102 Depreciation charges 108 Repairs, cost of 106, 108 Bank suspensions 40, 43, 176-179 Bankers' acceptances. (See Acceptances.) Bankers' balances of member banks 136, 140, 146, 161, 165, 169 Banking Act of 1933, administration of section 32 of 70 Banking Act of 1935: Amendments to Federal Reserve Act made by 5, 48-62 Date of enactment 5 Provisions of 49-63 Banking conditions in 1935, discussion of 1 Banking corporations engaged in foreign banking business, examination of _ 68 Belligerent nations, financing of shipments of goods to; policy action of Board 227 Bills bought by Federal Reserve banks 76-81, 82, 84, 86, 88 Earnings on 45, 103, 106, 108 Rates of 45 Maturities 91 On call dates 79 Payable in foreign currencies 82, 84 Volume of 46, 93, 94 Bills discounted by Federal Reserve banks 76-81, 82, 84, 86, 88 Earnings on 45, 103, 106, 108 Rates of 45 Holdings: By classes 90 By maturities 91 On call dates 79, 80 Secured by United States Government obligations 82, 86, 88, 90 Volume of 46, 93, 94 Board of Governors of the Federal Reserve System: Assessment for expenses of 73, 106, 108, 244 Bradley, Philip E., appointed assistant chief of Division of Security Loans 1 72 Building for 46 Account 244 Cagle, C. E., appointed assistant chief of Division of Examinations._ 72 Directory 239 Employees, number and salaries 240 Expenses of 73, 244 Federal Reserve Board, name changed by Banking Act of 1935 6, 52 Horbett, J. E., appointed assistant chief of Division of Bank Operations 72 Leonard, R. F., appointed assistant chief of Division of Examinations. 72 Members of 239 Number of members 6, 52 Organization of, under Banking Act of 1935 6, 52 Policy actions: Provisions of Banking Act of 1935 relating to 52 Record of, under section 10 of act 199-230 INDEX 305 Board of Governors of the Federal Reserve System—Continued. Receipts and disbursements 244 Reconstitution of Federal Reserve Board under name of 6, 52 Salaries of members 52 Salaries of officers and employees 239 Terms of members 52 Thurston, Elliott, appointed special assistant to chairman 72 Title of Governor and Vice Governor changed to Chairman and Vice Chairman by Banking Act of 1935 52 Vest, George B., appointed assistant general counsel 72 Wingfield, B. M., appointed assistant general counsel 72 Bonds: Capital issues 183 Index of prices 184 United States. (See United States Government securities.) Yield on 29, 185 Borrowings of member banks at Federal Reserve banks 138, 146 Bradley, Philip E., appointed assistant chief of Division of Security Loans. 72 Branch banks: Approval of Board required in establishing; provisions of Banking Act of 1935 z 62 Number of 42 Seasonal agency in resort community, provisions of Banking Act of 1935 relating to 55 Branches and agencies of Federal Reserve banks: Bank premises: Cost of 102 Date occupied 102 Book value 102 Counties comprising territory 299, 300 Directors of 246-249 Expenses of 47 Habana agency operated as a System agency 47 Managers of__"_ 246-249 Number of 47 Territory 299, 300 Volume of operations 47, 96 Brokers, loans to: As reported by New York Stock Exchange 173 By member banks: Chart showing 31 Classes of banks 138 Discussion of 30 In leading cities 160 In New York City 164 On call dates 142 Outside New York City 168 Regulation T governing, amendments to 65 Building: Contracts awarded 38, 186 For Board of Governors 46 Account 244 Materials, wholesale prices 194, 195 Buildings, Federal Reserve banks 47, 102 Book value 102 Cost of bank premises 102 Date occupied 102 Depreciation charges 106, 108 Repairs, cost of 106, 108 Business and credit conditions: Discussion of 36 Resolutions of Open Market Committee regarding 231, 233 Action on, by Board of Governors 208, 223 Cagle, C. E., appointed assistant chief of Division of Examinations 72 Call loans: In New York City 29, 172, 173 Money rates in New York City 29, 128, 129 306 INDEX Capital: Page Federal Reserve banks 83, 85, 87, 89 Member banks 137, 139, 140 State bank members of System 251 Capital issues 34, 183 Capital stock: Provisions of Banking Act of 1935 relating to Federal Reserve bank stock 58 Reduction in, number of applications approved by Board 69 Regulation I, revision of _" 65, 210 State member banks, number of, classified according to size of 268, 269 Car loadings, index of 186 Cash in vault, member banks 136, 140, 161, 165, 169 Cash reserves of Federal Reserve banks 82, 84, 86, 88 Central banks, foreign: Discount rates 131 Open-market rates 132 Central reserve city banks: Condition of 136 Deposits, reserves, and borrowings at Federal Reserve banks_ 146, 150, 154 Loans and investments 138, 142 Chairmen of board of directors of Federal Reserve banks. (See Federal Reserve agents.) Chairman of Board, title of Governor changed to, by Banking Act of 1935_ 52 Changes in discount rates of Federal Reserve banks 2, 125 Changes in membership in Federal Reserve System 40, 157 Charts: Index of industrial production 37 Loans and investments of all member banks 20 Member bank reserve balances 13 Member bank reserves and related items 12 Reserve bank credit 12 Security loans and stock prices 31 Check clearing and collection: Gold certificate fund transactions 99 Operations, volume of: Federal Reserve banks 46, 93, 94 Federal Reserve branch banks 47, 96 Par list, number of banks on 48, 10.1 Chemicals: Factory employment index 192 Factory pay-roll index 191 Prices, wholesale, index of 194, 195 Circulation, money. (See Currency; Federal Reserve notes; Money.) Classification of loans, investments, borrowings, and capital stock of member banks 138 Classification of loans and investments of member banks 142 Clayton Antitrust Act: Administration of 69 Number of applications for interlocking directorates approved 69 Provisions of Banking Act of 1935 relating to 61, 69 Coal, index of production 190 Coin: Circulation 25, 120, 121 Held by Federal Reserve banks 82, 84, 86 Received and counted: At Federal Reserve banks 46, 93, 94 At Federal Reserve branch banks 47, 96 Collateral held by Federal Reserve banks as security: For Federal Reserve notes 87, 89, 111 For Federal Reserve bank notes 87, 89 Collateral notes of member banks held by Federal Reserve banks 90 Collection of checks. (See Check clearing and collection.) Commercial paper: Money rates in New York City 128, 129 Outstanding 174 Purchased by member banks 142, 160, 164, 168 Commodity prices, wholesale 39, 194, 195 INDEX 307 Comptroller of the Currency: Salary of, under provisions of Banking Act of 1935 54 Term as member of Federal Reserve Board terminated by Banking Act of 1935 6, 52 Condition of banks: All banks in the United States 134, 135 Federal Reserve banks: Assets and liabilities: At the end of each month 84 At the end of 1934 and 1935 86-89 Weekly statement and balance-sheet items 82 Bills bought. (See Bills bought.) Bills discounted. (See Bills discounted.) Deposits, reserves, note circulation, and cash ratio 81 United States securities, holdings of. (See United States securities.) Member banks: All banks: Assets and liabilities: On Dec. 31, 1935, by classes of banks 136 On call dates 140 Changes in membership during 1935 41 Classification of loans and investments on call dates 142 Classification of loans, investments, borrowings, and capital stock by classes of banks 138 Deposits subject to reserve, reserves required, and reserves held 150, 154-156 Net demand and time deposits: By months 151, 152 In larger and smaller centers 153 Reserves, deposits, and borrowings on call dates 146 Publication of reports of State member banks: Policy action by Board 200, 222 Provisions of Banking Act of 1935 relating to 58 Reporting banks: In leading cities 160 In New York City 164 Outside New York City 168 Conference of examiners 67 Congress, joint resolutions of: Extending temporary plan for deposit insurance 49 Extending time for renewal of loans to executive officers of banks 48 Consolidations, bank 41, 157 Construction contracts awarded 38, 186 Copper, index of production 190 Cost of Federal Reserve bank premises 102 Counties in Federal Reserve districts 293-298 Counties in Federal Reserve branch territories 299-300 Country member banks: Condition of 136 Deposits, reserves, and borrowings on call dates 149 Deposits subject to reserve, reserves required, and reserves held 150 Loans and investments 138, 142 Credit: Federal Reserve bank. (See Federal Reserve bank credit.) Member bank 19 Credit agreements, Federal Reserve banks with foreign central banks 66 Currency: Amounts received and counted: At Federal Reserve banks 46, 93, 94 At Federal Reserve branch banks 47, 96 Circulation. __. 24-27, 76-81, 119-121 By denominations 25 By kinds 27, 120 By months 119 Paper 25, 121 Federal Reserve, cost of 106, 108, 244 Notes in process of retirement 27 308 INDEX Page Debits to individual accounts 24, 175 Deferred availability items of Federal Reserve banks 83, 85, 87, 89 Deficient reserve penalties imposed by Federal Reserve banks 103, 106, 108 Definition of various classes of deposits, provisions of Banking Act of 1935 relating to 59 Demand deposits. (See Deposits.) Department-store sales 38, 186 Deposits: All banks in the United States 134 Banks suspended 176-179 Change in method of computing required reserves 18 Definition of various classes of; provisions of Banking Act of 1935__ 59 Federal Reserve bank 81, 83, 85, 87, 89 Foreign bank 81, 83, 85, 87, 89, 140, 146 Government: Held by Federal Reserve banks 76-81, 83, 85, 87, 89 Held by member banks 136, 138, 140, 146, 161, 165, 169 In leading cities 161 In New York City 165 In call dates 140 Outside New York City 169 Insured: Examination of banks 67 Joint resolution of Congress extending plan 49 Number and amount 42 Provisions of Banking Act of 1935 relating to 49 Member bank: All banks 21-23, 136, 140, 146, 150, 151, 152, 153 Net demand and time 151, 152, 153 By months 151, 152 In larger and smaller centers 153 On call dates 146 Subject to reserve, reserves required, and reserves held 150, 154-156 Reporting banks: In leading cities 161 In New York City 165 Outside New York City 169 Nonmember bank I 76-81, 134 Payment of interest on: Amendment to regulation Q 63, 210, 229 Provisions of Banking Act of 1935 relating to 49 Rate of interest fixed by Board 2 Regulation Q: Deferment of effective date of subsection 1 (f); action of Board 229 Policy action of Board 210 Revision of 63 Postal savings 140, 146 Provisions of Banking Act of 1935 regarding 62 Rate of interest fixed by Board on time and savings 2 Reserves against Government deposits; provisions of Banking Act of 1935 regarding 60 State bank members of Federal Reserve System 251-267 Classified according to size of capital stock 269-271 Deputy chairmen of board of directors of Federal Reserve banks, list of _ _246-249 Directors of Federal Reserve banks: List of 246-249 Meetings, expenses of 106, 108 Discount and open-market operations of Federal Reserve banks: Acceptances. (See Acceptances.) Bills bought 76-81, 82, 84, 86, 88 Earnings on 45, 103, 106, 108 Rates of 45 Maturities 91 On call dates 79 Payable in foreign currencies 82, 84 INDEX 309 Discount and open-market operations of Federal Reserve banks—Continued Bills bought—Continued Volume of: Page Federal Reserve banks 46, 93, 94 Federal Reserve branch banks 47, 96 Bills discounted 76-81, 82, 84, 86, 88, 90, 91 Earnings on 45, 103, 106, 108 Rates of 45 Holdings: By classes 90 By maturities 91 On call dates 79, 80 Secured by United States Government obligations 82, 84, 86, 88 Volume of 46,93,94 Collateral notes of member banks discounted and held 90 Discounts for individuals, partnerships, and corporations 90 Dollar exchange bills discounted or purchased 84 Industrial advances and commitments to make industrial advances. _ 98 Maturity of bills purchased or held 91 Loans to industries. (See Industries, loans to.) Number of banks discounting paper 90 Number of pieces handled 46, 93, 94, 96 Rates charged and rates of earnings on bills discounted 45 United States Government securities: Earnings and rates of earnings 45, 103, 106, 108 Paper secured by, purchased and held 82, 86, 88, 90 Purchased and held 76-81, 82, 84, 86, 88, 92 By classes 92 Volume of operations 46, 93, 94, 96 Discount and open-market rates: Advances to member banks under section 10 (b) of act 125 Policy action by Board 199 Average rates earned by Federal Reserve banks on: Bills discounted 45 United States Government securities 45 Buying rates on acceptances 127 Central banks in foreign countries: Changes in 131 Open-market rates 132 Changes in Federal Reserve bank rates 2, 29, 125-127 Establishment of, policy action by Board 203, 207 Open-market rates in New York City 29, 128, 129 Provisions of Banking Act of 1935 relating to 53 Rates charged customers 130 Discounts for individuals, partnerships, and corporations 90 Rates 126 Districts, Federal Reserve. (See Federal Reserve districts.) Dividends: Federal Reserve banks 44, 104, 106, 108 Member banks 158 Dollar bankers' acceptances held by group of accepting banks 174 Dollar exchange bills held by Federal Reserve banks 84 Due from foreign banks to Federal Reserve banks 82, 84, 86, 88 Due to and from banks (bankers' balances) 136, 140, 146, 161, 165, 169, 171 Earmarked gold for foreign account 115, 116 Earnings and expenses: Federal Reserve banks 44, 103-110 Amounts paid to United States Treasurer out of earnings_ 104, 106, 108 Rates of earnings 45 Member banks ^ 24, 158 Eligible paper held by Federal Reserve agent as security for Federal Reserve notes 111 Employees: Board of Governors, number and salaries 240 Federal Reserve banks: Number and salaries 45, 108, 250 Salaries, policy action by Board 208 310 INDEX Page Employment, factory 38, 186, 192 England: Discount rates of Bank of 131 Open-market money rates 132 Examinations, bank: Corporation engaged in foreign banking 68 Federal Reserve banks 68 State member banks 66 Under Federal deposit insurance 67 Examinations of affiliates, waiving of; provisions of Banking Act of 1935__ 60, 71 Examiners, bank: Conference of 67 Provisions of Banking Act of 1935 relative to 60 Excess reserves of member banks 2, 11, 13, 76-81, 150, 151, 154-156 Advisability of reducing; policy record of Board 205 Chart showing 13 Discussion of 2, 11 Recommendations of Federal Advisory Council relative to 236 Resolutions of Federal Open Market Committee regarding 231, 233 Action on, by Board of Governors 208, 223 Statements of Board and Open Market Committee regarding 3 Exchange rates, foreign 118 Executive officers of banks: Joint resolution of Congress extending time for renewal of loans to__ 48 Provisions of Banking Act of 1935 relative to loans to 60 Regulation O 65, 213 Executor, list of national banks authorized to act as 272 Expenses: Board of Governors 73, 244 Branches and agencies of Federal Reserve banks 47 Federal Reserve banks. _T 44, 103-110 Fiscal agency departments of Federal Reserve banks 110 Member banks 158 Exports and imports: Acceptances based on, held by Federal Reserve banks 174 Gold 8, 117 Merchandise exports, discussion of 8 Expressage, cost of, at Federal Reserve banks 106, 108 Factory employment and pay rolls 38, 186, 191, 192 Failures, bank. (See Bank suspensions.) Farm products, prices of, index of 194 Federal Advisory Council: Meetings of 72 Expenses of 106, 108 Members of 236 Recommendations of, to Board of Governors 236-238 Federal deposit insurance: Examination of banks under 67 Joint resolution of Congress extending plan 49 Number and amount of deposits 42 Provisions of Banking Act of 1935 relating to 49 Federal land banks, purchase of Government bonds of, by Federal Reserve banks; policy action of Board 215 Federal Open Market Committee: Composition of, under Banking Act of 1935 6, 53 Meetings of 4, 72, 231-235 Membership, etc., under provisions of Banking Act of 1935 53 Policy actions, record of 231-235 Federal Reserve Act, amendments to, made by Banking Act of 1935 49-63 Federal Reserve agents: Conferences of, expenses of 106, 108 Federal Reserve note accounts 111 Gold certificate fund, summary of transactions 100 List of 246-249 Salaries of 250 INDEX 311 Federal Reserve bank credit: Page Annual averages 76 By weeks (Wednesday figures) 78 Chart showing 12 Discussion of 2 End of month figures 77 Monthly averages 77 On call dates 79, 80 Federal Reserve bank float 84 Federal Reserve bank notes: Circulation 120 Held by Federal Reserve banks 82, 84, 86, 88 Federal Reserve banks: Agreements with foreign banks to purchase commercial bills 66 Bank premises 47, 82, 84, 86, 88, 102, 106 Cost of 102 Bills bought by. (See Bills bought.) Bills discounted by. (See Bills discounted.) Branches and agencies of: Bank premises 102 Clearing operations 96 Counties comprising territory 298 Directors of 246-249 Expenses of 47 Managers of 246-249 Number of 47 Territory 299-300 Volume of operations 47, 96 Building operations 47, 102 Capital 83, 85, 87, 89 Chairman of boards of directors, list of 246-249 Clearing operations 48, 93, 94 Condition of. (See Condition of banks.) Deposits. (See Deposits.) Directors, list of 246-249 Discount rates. (See Discount and open-market rates.) Discounts. (See Discount and open-market operations.) Dividends paid 44, 104, 106, 108 Earnings and expenses 44, 103-110 Rates of earnings 45 Employees, number and salaries 45, 108, 250 Examinations, number of 68 Fiscal agency operations 110 Franchise tax paid to Government 104 Gold certificate fund 99 Governors: Conferences, expenses of 106, 108 List of 246-249 Salaries of 250 Number of banks discounting paper at 90 Officers and directors, list of 246-249 Officers, salaries of 45, 108, 250 Presidents and vice presidents of, provided for in Banking Act of 1935 51 Profit and loss account 107, 110 Redemption fund 82, 84, 86 Reserves. (See Reserves.) Resources and liabilities. (See Assets and liabilities.) Salaries of officers and employees 45, 108, 250 Policy action by Board 208 Tax, franchise, paid to Government 104 Volume of operations 46, 93, 94, 96 All banks 46, 93 Branches 47, 96 Each bank 94 Federal Reserve Board. (See Board of Governors of the Federal Reserve System.) 312 INDEX Federal Reserve branch banks: Page Bank premises 102 Counties comprising territory 299-300 Directors of 246-249 Expenses of 47 Managers of 246-249 Number of 47 Territory 299-300 Volume of operations . 47, 96 Federal Reserve districts: Area, square miles 293-298 Counties comprising branch territory 299-300 Counties in divided States 293-298 Map showing outline 301 Population 293-298 Federal Reserve inter district collection system. (See Check clearing and collection.) Federal Reserve notes: Circulation 27, 81, 83, 85, 87, 89, 111, 120 Cost of 106, 108, 224 Discontinuance of issue of series of 1928; policy action by Board 226 Eligible paper held as collateral against 111 Federal Reserve agents' accounts 111 Gold certificates held as collateral against 87, 89, 111 Held by Federal Reserve banks 82, 84, 86, 88 Revocation of Regulation O relative to issuance and retirement of 213 Fiduciary powers of national banks: List of national banks authorized to exercise 273-292 Number of permits issued 68 Small national banks in competitive situations; policy action of Board 220 Financing of shipments of goods to belligerent nations; policy action of Board 227 Fiscal agency operations of Federal Reserve banks 110 Float, Reserve bank 84 Food products: Factory employment index 192 Factory pay-roll index 191 Production index 189 Food prices, wholesale, index of 194 Foreign bank deposits 81, 83, 85, 87, 89, 140, 146 Foreign banking, corporation engaged in, examination of 68 Foreign banks: Deposits 81, 83, 85, 87, 89, 140, 146 Due to Federal Reserve banks from 82, 84, 86, 88 Foreign capital issues 183 Foreign central banks: Agreement with Reserve banks to purchase commercial bills 66 Money rates: Changes in 131 Open-market rates 132 Foreign currency, bills payable in, holdings of Reserve banks 82, 84 Foreign deposits, member banks „ 146 Foreign exchange rates 118 Foreign trade 39 France: Discount rates of Bank of 131 Open-market money rates 132 Franchise tax paid by Federal Reserve banks to Government 104 Freight-car loadings, index of 186 Germany: Discount rates of Reichsbank 131 Open-market money rates 132 INDEX 313 Gold: Page Certificate fund 99 Certificates: Held as collateral against Federal Reserve notes 87, 89, 111 Held by Federal Reserve banks 82, 84, 86, 88 Circulation 120 Earmarked for foreign account 115, 116 Federal Reserve agents' fund 100 Imports and exports 8, 117 Output of mines 9 Purchases 7 Reserves of Federal Reserve banks 7, 9, 82, 84, 86, 88 Reserves of foreign central banks 9 Stock, monetary, in United States 7, 9, 76-80, 115, 116 Analysis of changes in 116 Years 1914-35 115 World stock of 9 Government bonds. (See United States Government securities.) Governor of Board, title changed to Chairman by Banking Act of 1935._ 52 Governors of Federal Reserve banks: Conferences of, expenses of . 106, 108 List of 246-249 Salaries of 250 Great Britain. (See England.) Guardian of estates, national banks authorized to act as 273 Habana agency operated as a System agency 47 Horbett, J. E., appointed assistant chief of Division of Bank Operations. 72 Imports and exports: Bankers' acceptances based on, held by Federal Reserve banks 174 Gold 8,117 Merchandise exports . 8 Index numbers: Factory employment 192 Factory pay rolls 193 Manufactures and minerals 189 Production, employment, and trade 186 Security prices 192 Individuals, partnerships, and corporations: Discounts for 90 Rates of discount 126 Industries, loans to, by Federal Reserve banks 4, 82, 84, 86, 88, 98 Applications received and approved 4, 98 By Federal Reserve districts 98 Commitments 98 Discount rates 2, 126 Earnings on 106, 108 Provisions of Banking Act of 1935 relating to 61 Publicity program ._ 5 Volume "of 46, 93, 94 Insurance: Federal deposit: Examination of banks under 67 Joint resolution of Congress extending plan 49 Number and amount of deposits 42 Provisions of Banking Act of 1935 relating to 49 Federal Reserve banks 106, 108 Interdistrict settlement fund 99 Interest earned by member banks 158 Interest on deposits, payment of: Provisions of Banking Act of 1935 regarding 59 Rate of interest fixed by Board 2 Regulation Q: Deferment of effective date of subsection 1 (f); action of Board_ 229 Revision of 63, 210 Interest rates, open market, in New York City 29, 128, 129 Interlocking directorates under Clayton Act: Number of applications approved by Board : 69 Provisions of Banking Act of 1935 relating to 61, 69 56048—36 21 314 INDEX Page Interlocking relationships between member banks and securities companies: Number of applications acted upon by Board 70 Provisions of Banking Act of 1935 relative to 56, 71 Investments and loans. (See Loans and investments.) Iron and steel: Factory employment index _. 192 Factory pay-roll index 191 Production index 189 Iron-ore shipments 190 Italy: Discount rates of Bank of 131 Open-market money rates 132 Japan: Discount rates of Bank of 131 Open-market money rates 132 Joint resolutions of Congress: Extending temporary plan for deposit insurance 49 Extending time for renewal of loans to executive officers of banks 48 Land area of Federal Reserve districts 293-298 Lead production, index of 190 Leased-wire system, cost of 244 Leather: Factor employment index 192 Factory pay-roll index 191 Production index 189 products, wholesale prices194 Legal fees, Federal Reserve banks 106, 108 Leonard, R. F., appointed assistant chief of Division of Examinations 72 Liberty Loan bonds held by Federal Reserve banks 92 Loans: On securities, by member banks 142, 160, 164, 168, 172 Chart showing 31 Discussion of 30 To brokers: As reported by New York Stock Exchange • 173 By member banks: Chart showing 31 Discussion of 30 In leading cities 160 In New York City 164, 172 By weeks 172 On call dates 142 Outside New York City 168 To executive officers of member banks: Joint resolution of Congress extending time for renewal of 48 Provisions of Banking Act of 1935 regarding 60 Regulation 0 64, 213 To individuals, partnerships, and corporations 90 Discount rates on 126 To industries, by Reserve banks 4, 82, 84, 86, 88, 98 By Federal Reserve districts 98 Commitments 98 Discount rates 2, 126 Earnings on 106, 108 Provisions of Banking Act of 1935 relating to 61 Volume of 46, 93, 94 To member banks under sec. 10 (b) of Federal Reserve Act 90 Discount rates 2, 125 Policy action by Board relative to rates 199 Provisions of Banking Act of 1935 regarding 52 To National Bank of Nicaragua, policy action of Board 204 INDEX Loans and investments: 315 Page All banks in the United States 135 Member banks: All banks 15, 19, 136, 138, 140, 142, 144 By classes of banks 138 Chart showing 20 On call dates 142 Reporting banks: In leading cities 160 In New York City 164 Outside New York City 168 State bank members of Federal Reserve System 251-267 Lumber: Factory employment index 192 Factory pay-roll index 191 Production index 190 Machinery: Factory employment index 192 Factory pay-roll index 191 Managers of branches of Federal Reserve banks, list of 246-249 Manufactures, index of production 186, 189 Map outlining Federal Reserve districts 301 Margins, stock exchange: Policy action by Board 202 Requirements, effect of, on loans 32 Maturities: Bills discounted and bought by Reserve banks 91 Purchase and sale of Government obligations without regard to; provisions of Banking Act of 1935 53 Member banks: Advances to, under section 10 (b) of act 90 Policy action by Board relative to rates 199 Provisions of Banking Act of 1935 regarding 52 Rates on 2, 125 Affiliates of. (See Affiliates.) Assets and liabilities: All banks 136, 140 Reporting banks 160-171 Assets of, determination of fair value of; policy action by Board 225 Bank suspensions _" 40, 43, 176-179 Bankers' balances 136, 140, 146, 161, 165, 169 Borrowings at Federal Reserve banks __ 138, 146 Brokers' loans: Chart showing 31 Classes of banks 138 Discussion of 30 In leading cities 160 In New York City 164 On call dates 142 Outside New York City 168 Regulation T governing, amendments to 65 Capital 137, 139, 140 Changes in membership 40, 157 Deposits: All banks 21-23, 136, 139, 140, 146, 150, 151, 152, 153 Net demand and time 151, 152, 153 Subject to reserve, reserves required, and reserves held 150, 154-156 Reporting banks 161, 165, 169 Dividends declared 158 Dividends paid to, by Federal Reserve banks 44, 104, 106, 108 Earnings, expenses, and dividends 24, 158 Excess reserves 150, 151, 154-156 Failures 40, 43, 176-179 Interlocking relationships between securities companies and; provisions of Banking Act of 1935 relating to 56, 71 List of, with loans, investments, deposits, capital, and surplus-_._ 250-266 316 INDEX Member banks—Continued. Loans and investments: Page All banks |15, 19, 136, 138, 140, 142, 144 By classes of banks 138 Chart showing 20 On call dates 142 Reporting banks 160, 164, 168 Loans to brokers. (See Brokers, loans to.) 142, 160, 164, 168, 172 Mergers 40, 157 National banks: Additions to and withdrawals from System 40, 157 Condition of 136 Loans and investments 135 Number 40, 134, 157 Suspensions 43, 176-179 Trust powers: List of banks authorized to exercise 273, 292 Number of permits issued 68 Number of 40, 134, 157 Number of, discounting paper at Federal Reserve banks 90 Number of, on par list 48, 101 Publication of reports of State members; policy action of Board 200, 222 Reserve balances 11, 13, 76-81, 85, 87, 140, 161, 165, 169 All banks_____ 136, 140, 150 Chart showing 13 On call dates 140 Reporting banks 161, 165, 169 Reserves required, reserves held, and deposits subject to reserve 150, 154-156 State banks: Affiliates. (See Affiliates.) Branches of: Approval of Board required in establishing; provisions of Banking Act of 1935 62 Number of 42 Capital 251 Changes in membership 41, 157 Condition of 136 Deposits 134 Eligibility for membership of banks which have outstanding certificates representing waived deposits; policy action of Board._ 206 Insured deposits 43 List of, with loans, investments, deposits, capital, and surplus__ 251—267 Loans and investments 135, 136, 138 Number of 42, 134, 137, 251 Classified according to size of capital stock and size of deposits 268-271 Preferred stock, retirement of: Policy action by Board 221 Provisions of act 63 Provisions of Banking Act of 1935 relative to membership 51 Publication of reports of: Policy action by Board 200, 222 Provisions of Banking Act of 1935 relating to 58 Regulation H 65, 215 Suspensions 43, 176-178 Waiver of reports of affiliates 60, 201, 228 Suspensions 43, 176-178 Waiver of reports of affiliates of; policy action by Board 201, 228 Withdrawals from System 41, 157 Membership in Federal Reserve System: Changes in 40, 157 Eligibility of State banks which have outstanding certificates representing waived deposits; policy action of Board 206 Provisions of Banking Act of 1935 relating to State banks 51 INDEX 317 Membership in Federal Reserve System—Continued. F&ge Regulation H, revision of 65, 215 State banks and trust companies, list of 251-267 Membership in par collection system 48, 101 Merchandise exports, discussion of 8 Mergers, bank 41, 157 Metals, wholesale price index of 194, 195 Mineral production, index of 186, 190 Monetary gold stock of United States 7, 9, 76-80, 115, 116 Analysis of changes in 116 Years 1914-35 115 Money in circulation 24-27, 76-81, 119-121 By kinds 27, 120 By months 119 Notes in process of retirement 27 Paper 25, 121 Money rates: In foreign countries 131 In New York City 28, 128, 129 In principal cities 28, 130 Mortgages, insured: Excepted from provisions of condition of membership regarding issuance and sale of evidences of indebtedness representing realestate loans; policy action of Board 229 Investment of trust funds in; policy action of Board 222 Mutual-savings banks: Deposits 134 Insured 43 Loans and investments 135 Number of 42, 134 National bank notes: Circulation. 120 Held by Federal Reserve banks 82 Retirement of 27, 28 National Bank of Nicaragua, loans to; policy action by Board 204 National banks: Additions to and withdrawals from System 41,157 Branch offices, number of 42 Capital stock, reductions in 69 Condition of 136 Deposits 134 Insured 43 Loans and investments 135, 136, 138 Number 42, 134, 157 Real estate loans by; provisions of Banking Act of 1935 54 Stock of, reduction in, approval of Board; provisions of Banking Act of 1935 62 Suspensions 43, 176-178 Trust powers: List of banks authorized to exercise 273-292 Number of permits issued 68 Small banks in competitive situations 220 National securities exchanges: Margins, policy action by Board 202 Monthly reports from member firms of; policy action by Board 199 Netherlands: Discount rates of Bank of 131 Open-market money rates 132 New York Stock Exchange: Borrowings of brokers as reported by 173 Regulation T, amendments to 65 Nonferrous metals: Factory employment index _ 192 Factory pay-roll index.. , _ ... 191 Production index 189 318 INDEX Nonmember banks: Page Bills discounted for 82, 84 Branch offices, number of 42 Deposits 76-80, 134 Loans and investments 135 Number of 41, 134, 157 Number on par list 48, 101 Suspensions 176-178 Number of bank suspensions 43, 176-178 Number of banks in the United States 42, 134 Number of banks on par list 48 Number of branch offices of banks 42 Number of insured banks 42 Number of member banks 40, 134, 157 Number of member banks discounting at Federal Reserve banks 90 Number of nonmember banks 41, 134, 157 Number of State member banks classified according to size of capital stock and size of deposits 268-271 Officers and directors of Federal Reserve banks, list of 246-249 Officers and employees: Board of Governors, number and salaries 240-243 Federal Reserve banks: Number and salaries 45, 250 Salaries, policy action by Board 208 Open Market Committee, Federal, meeting of 72 Open market operations: Policy action by Board relative to 208, 223 Resolutions of Open Market Committee regarding 231, 233 Recommendations of Federal Advisory Council relative to_ 236 Open-market rates. (See Discount and open-market rates.) Par collections. (See Check clearing and collection.) Par list, number of banks on 48, 101 Pay rolls, factory, index of 38, 191 Penalties for deficient reserves 106, 108 Permits under Clayton Act 69 Permits under section 32 of Banking Act of 1933 70 Permits, voting, by holding company affiliates 71, 217 Petroleum refining: Factory employment index 192 Factory pay-roll index 191 Production index _• 189 Policy actions, record of: Board of Governors 199-230 Federal Open Market Committee 231-235 Provisions of Banking Act of 1935 relating to 52 Population of Federal Reserve districts 293-298 Postage, Federal Reserve banks, cost of 106, 108 Postal savings deposits: On call dates 140, 146 Provisions of Banking Act of 1935 regarding 62 Preferred stock of State member banks, retirement of: Policy action by Board 221 Provisions of Act 63 Premises, Federal Reserve banks 47, 82, 84, 86, 88, 102, 106 Book value 102 Cost of 102 Date occupied 102 Depreciation charges 108 Repairs, cost of 106 Presidents of Federal Reserve banks, provision in Banking Act of 1935 for_ 51 Prices: Retail 39 Security 184 Wholesale commodity 39, 194, 195 Printing and stationery, Federal Reserve banks, cost of 106, 108 INDEX 319 Private banks: Number of ,. 42 Number of branch offices 42 Production: Chart showing 37 Index of 36, 186 Profit and loss account of Federal Reserve banks 110 Public-utility stocks, prices of 184 Publication of condition reports of State member banks: Policy action by Board 200,222 Provisions of Banking Act of 1935 relating to 58 Railroad car loadings, index of 186 Railroad stocks, prices of 184 Rates, discount. (See Discount rates.) Real estate, loans on: Made by member banks 142, 160, 164, 168 Provisions of Banking Act of 1935 relating to 54, 55, 61 Receipts and disbursements, Board of Governors 244 Receiver, list of national banks authorized to act as 272 Receiverships, bank 40, 43, 176-179 Recommendations of Federal Advisory Council 236-238 Reconstruction Finance Corporation, loans to banks by 43 Record of policy actions: Board of Governors 199-230 Federal Open Market Committee 231-235 Provisions of Banking Act of 1935 regarding 52 Redemption fund: Federal Reserve bank notes 84, 86, 88 Federal Reserve notes 82, 84, 86, 88 Registrar of stocks and bonds, list of national banks authorized to act as_ _ 272 Regulations of the Board of Governors: Regulation D—Reserves of member banks 18, 64, 213 Regulation H—Membership of State banks 65,215 Regulation I—Capital stock of Federal Reserve banks 65, 210 Regulation O: Issuance of new regulation entitled "Loans to executive officers of member banks" 65, 213 Revocation of old regulation entitled "Regulation for the guidance of Federal Reserve agents in the matter of issuance and retirement of Federal Reserve notes" 213 Regulation P—Holding company affiliates—Voting permits 65, 214 Regulation Q—Payment of interest on deposits 63,210 Deferment of effective date of subsection 1 (f) 229 Regulation T—Stock Exchange 65, 202 Rent paid by Federal Reserve banks 106, 108 Reporting member banks. (See Member banks.) Report of condition of affiliates, waiver of 60, 201, 228 Report of condition of member banks, publication of 58, 200, 222 Reports, monthly, from member firms of national securities exchanges; policy action of Board 199 Reserve balances of member banks 11, 13, 76-81, 85, 87, 140, 161, 165, 169 All banks 136, 140, 150 Chart showing 13 On call dates 140 Reporting banks 161, 165, 169 In leading cities 161 In New York City 165 Outside New York City 169 Reserve bank float 84 Reserve city member banks: Ml Condition of 136 Deposits, reserves, and borrowings 148 Loans and investments 136, 138, 144 Reserves: , ^ Against Government deposits, provisions of Banking Act of 1935 regarding 60 Change in method of computing, against net time deposits 18 Deficiencies in, penalties for 106, 108 320 INDEX Reserves—Continued. Page Federal Reserve banks 81, 82, 84, 86, 88 Cash 82, 84, 86, 88 Excess 76-81 Member banks: All banks 2, 11, 12, 150, 151, 154-156 Chart showing 13 Discussion of 11 Deposits subject to reserve, reserves required, and reserves held 150, 154-156 Excess 2, 11, 150, 151, 154-156 Advisability of reducing; policy record of Board 205 Chart showing 13 Discussion of 2, 11 Recommendations of Federal Advisory Council relative to__ 236 Resolutions of Federal Open Market Committee regarding_ 231, 233 Action on, by Board of Governors 208, 223 Statements of Board and Open Market Committee regarding. 3 On call dates 140 Position of individual banks . 16 Regulation D 64, 213 Requirements, provisions of Banking Act of 1935 regarding 53, 59 Reporting banks 160, 164, 168 Resolutions of Federal Open Market Committee relative to business and credit conditions 231, 233 Action on, by Board of Governors 208, 223 Resources and liabilities: Federal Reserve banks: At the end of each month 84 At the end of 1934 and 1935 86-89 Weekly statement and balance-sheet items 82 Member banks: Country banks 136 National and State banks 136 On call dates140 Reporting banks: In leading cities 160 In New York City 164 Outside New York City 168 National banks 136 Reserve city banks 136 State member banks 136 Rubber products: Factory employment index 192 Factory pay-roll index 191 Production index 189 Salaries: Board of Governors 52, 240-243 Comptroller of the Currency, under provisions of Banking Act of 1935_ 54 Federal Reserve banks 45, 106, 108, 249 Policy action by Board > 208 Savings deposits, rate of interest fixed by Board 2 Secretary of the Treasury, term as member of Federal Reserve Board terminated by Banking Act of 1935 6, 52 Securities companies, interlocking relationships between member banks and, provisions of Banking Act of 1935 relating to 56 Security prices 184 Shipment of goods to belligerent nations, financing of; policy action of Board 227 Silver: Circulation 27, 120 Held by Federal Reserve banks 82 Monetary stock 7, 10 Purchase of, under Silver Purchase Act 10 INDEX 321 State banks: Affiliates of member banks. (See Affiliates.) Branches of: Approval of Board required in establishing; provisions of Banking Page Act of 1935 62 Number of 42 Capital 251 Changes in membership 41, 157 Condition of 136 Deposits 134 Eligibility for membership of banks which have outstanding certificates representing waived deposits; policy action by Board 206 Insured deposits of member banks 43 List of members, with loans, investments, deposits, capital, and surplus 251-267 Loans and investments 135, 136, 138 Number of 42, 134, 157, 251 Classified according to size of capital stock and size of deposits. 268-271 Preferred stock of member banks, retirement of: Policy action by Board 221 Provisions of act regarding 63 Provisions of Banking Act of 1935 relating to membership 51 Publication of reports of: Policy action by Board 200, 222 Provisions of Banking Act of 1935 relating to : 58 Regulation H 65, 215 Suspensions 43, 176-178 Waiver of reports of affiliates of member banks 60, 201, 228 Stock certificates of member banks, separation of, from, those of other corporations; provisions of Banking Act of 1935 57 Stock exchange: Borrowings of brokers as reported by 175 Regulation T 65, 202 Stock of national bank, reduction in, approval of Board not required; provision of Banking Act of 1935 62 Stock, preferred, of member banks, retirement of: Policy action by Board 221 Provisions of act regarding 63 Stocks: Prices of: Chart showing 31 Discussion of 30 Purchase of, by banks for account of customers; provision of Banking Act of 1935 56 Stocks and bonds: Issues of 183 Loans secured by, made by member banks: In New York City 172 On call dates 142 Money rates on loans secured by 128, 129 Prices of 184 Surplus: Federal Reserve banks 44, 83, 85, 87, 89, 104, 106, 108 Member banks 136 State bank members of Federal Reserve System 251 Suspensions, bank. (See Bank suspensions.) Sweden, Bank of, discount rates 131 Switzerland: Discount rates of Bank of 131 Open-market money rates 132 Tax, franchise, paid by Federal Reserve banks to Government 104 Tax on premises, Federal Reserve banks 106, 108 Telegraph, leased-wire system, cost of 244 Telephone and telegraph expenses: Board of Governors 244 Federal Reserve banks ______________ 106, 108 Terms of members of Board of Governors 52 322 INDEX Textiles: Page Factory employment index 192 Factory pay-roll index 191 Prices, wholesale 194, 195 Production index 189 Thurston, Elliott, appointed special assistant to the Chairman of Board. _ 72 Time and demand deposits. (See Deposits.) Tobacco manufactures: Factory employment index 192 Factory pay-roll index 191 Production index 189 Trade, foreign 39 Trade, wholesale 38, 186, 188 Traveling expenses, Federal Reserve banks 106, 108 Treasury bills: Held by Federal Reserve banks 82, 86, 88, 92 Yield on 29 Treasury bonds: Held by Federal Reserve banks 82, 86, 88, 92 Yield on 128 Treasury notes: Circulation 120 Held by Federal Reserve banks 82, 86, 88, 92 Yield on 128 Trust companies. (See State banks.) Trust funds, investment of, in insured mortgages; policy action of Board. _ 222 Trust powers of national banks: List of banks a u t h o r e d to exercise 273-202 Number of permits issued 68 Small banks in competitive situations; policy action by Board 220 United States Government deposits: Held by Federal Reserve banks 81, 83, 85, 87, 89 Held by member banks 136, 138, 140, 142, 146, 161, 165, 169 In leading cities 161 In New York City 165 On call dates 146 Outside New York City 169 Reserves against; provisions of Banking Act of 1935 60 United States Government securities: As collateral against Federal Reserve notes 111 Average yield on 128, 129, 185 Bills discounted secured by, held by Federal Reserve banks. _ 82, 86, 88, 90 Bonds: Held by Federal Reserve banks 82, 86, 88, 92 Prices of 184 Purchase of, by a Federal Reserve bank from a Federal land bank under repurchase agreement; policy action of Board 215 Redemption of 27 Yield on 29, 185 Earnings and rates of earnings on purchases by Reserve banks. _ 45, 103, 106, 108 Held by Federal Reserve banks 76-80, 82-89, 92 By classes 92 Held by member banks 136, 138, 140, 142, 160, 164, 168 Held in System account, shifts in maturities of; policy action of Board and Open Market Committee regarding 209, 215, 234 Issues, redemptions, and exchanges handled by fiscal agency departments of banks 93, 94 Liberty bonds held by Federal Reserve banks 92 Limitation on loans by member banks on; provisions of Banking Act of 1935 regarding 58 Paper secured by, held by Federal Reserve banks 82, 86, 88, 90 Purchase and sale of, without regard to maturities; provisions of Banking Act of 1935 53 Rates of earnings on purchases by Federal Reserve banks 45 Treasury bills held by Federal Reserve banks 82, 86, 88, 92 INDEX United States Government securities—Continued. Treasury bonds: 323 Tage Held by Federal Reserve banks 82, 86, 88, 92 Yield on 128 Treasury notes: Held by Federal Reserve banks 82, 86, 88, 92 Yield on 128 Volume handled by Federal Reserve banks 46, 93, 94, 96 United States notes: Circulation 27, 120 Exchange of, directly with Treasury, for new issues; policy action of Board 216 Vest, George B., appointed assistant general counsel to Board 72 Volume of operations of Federal Reserve banks: All banks 46, 93, 94 Branches 47,96 Each bank 94 Wholesale trade, index of 186 Wingfield, B. M., appointed assistant general counsel to Board 72 Withdrawals from Federal Reserve System 41, 157 Yields on bonds _ 29, 185