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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.),
' 1
0

BILLIONS OF DOLLARS

1
0

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]
Dec. 31,
1935
29,985

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-

28,150

Change
+1,835

155

_

-57

2,284
3,089

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,
1934

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]
Oct. 31,
1930
Gold coin
Other coin
Paper currency:
$1
$2
$5
$10
$20
$50 and over

_

Total money in circulation i

__

_

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]
Dec. 31,
1935
478

._
..

Total
Notes in process of retirement:
National bank notes
Gold certificates
Federal Reserve bank notes
Treasury notes of 1890

_.

_

- _

. __ _

Total

_.._

3,176
592
265

+491
4-236
+ 10

4,032

+738

458
109
66
1

820
130
102
1

-362
-22
-35

Change

634

_

Grand total

_

+27

3,667
828
275

_

Notes in active circulation:
Federal Reserve notes
Silver certificates
United States notes

451

4,770

Coin

Dec. 31,
1934

_

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
75 i ercent in 1934. Sales of general merchandise in rural areas were



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
Number

National
State (members of the Federal Reserve
System)
Mutual savings
- _
.
Other
Total

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
Dividends U. S. Treas- Transferred Transferred
paid
urer (sec. to surplus to surplus
(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, C O
O
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

On par list
Dec. 31,
1935

United States
Boston
_
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
_
Dallas
SanjFrancisco

Nonmember banks, other than mutual
savings banks

Dec. 31,
1934

6,387
365
793
656
622

Not oil par list

_ _
_

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

_

Dec. 31,
1935

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
Digitized forloans by member banks to executive officers, permitted such loans
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


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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



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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


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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.



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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.



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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



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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
tary nationU. S. Other
gold 2
al
Bills
Gov- Redis- Bills ern- serve Total stock bank
cur- 3
count- bought ment bank
rency
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- serve
posits 5 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 memey in
circu- de- ber delation posits posits
with
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 Mon- cash Non- Fedtary nation- ey in and mem- eral
Other
gold
Real
tircu- deExitock 2 bank ation posits ber de- serve
Re5
cess
serve
with posits
accur- 3
bank Total
F. R.
3ounts6 Total (estirency
matanks
creded) 7
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 naMonetary gold tional
2
bank
stock
currency 3

Treasury
Other
NonMoney cash and
Federal
in circu- deposits member 5 Reserve
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
-43
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

» Revised.
•

(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
Other
NonMoney cash and
Federal
in circu- deposits member Reserve
with
lation
Federal deposits ' accounts
Reserve
banks 4
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
.—

_

-

591,556
130,512
144,893
24,201

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

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
11, 738

14, 435

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

405

10,047

443,148
130,653
144,893
23, 457
30, 694
13,252

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

1934

1935

Minneapolis

1934

1935

1935

Kansas City

1934

St. Louis

Chicago

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 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
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

_
_

41

38
165
928

2
707
921

41
577
1,853

8,240
64, 596
21, 373

62,144
273,102
93,097

94, 277

.

2

13, 585
59, 307
21,385

.

25
13

57
303
847

Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasurv notes
Treasury bills

3

6
51

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

1929

1930

1932

1931

1933

1934

1935

261
602
552
43C

280
658
613
459

294
736
722
457

260
717
609
408

246
656
541
383

122
379
283
132

77
219
135
33

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

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

_.- . .

306
651
594
475

275
377
318
316

Richmond
Atlanta
Chicago
_
St. Louis .
Minneapolis
Kansas City
Dallas. .
San Francisco
Total

265
623
562
421

383
300
746
309

.__ - . . .

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
and/or and un- and/or collateral
secured
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
43
58
38
41
18
42

_. .
...
_

._

Total

-..

307
832
250

61
540
35

10
45
25

64
93

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

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

?P
2%
3
3
3

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

3

318, 894

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
,
[, 948,
2,148,485,000 203, 641,000 612, 567, 000 185,017,000 125, 756,000 113, 347, 000 107,483,000 376,426,000 114, 755,000 44,948,000C 67, 522, 000 51, 653, 000 145,370, 000
counted
...
l, 607, C
.40,356,000
,
Coin received and counted-. 2,590,859,000 357, 261, 000 1,018,339,000 27li 050,000 133,054,000 168,535,000 58,991, 000 218,886,000 107,870,000 19,607,000 51,652,000 45, 258,000 140,356,000
885,190,000 91, 799,000 163,755,000 ~'
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
""
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
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No.

15,—VOLUME OF OPEBATIONS OF BRANCHES

OF FEDERAL RESERVE

Noncash collection items
handled

Federal Reserve branch and district number

Bills dis- Currency received 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

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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




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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]

Applications Applications approved to date by Federal Reserve banks
(with and without conditions)
recommended
for approval
Applications
by Industrial
Date (last received to date Advisory ComEx- FinancFederal Federal
Wednespired, ing inReserve Reserve
Total
mittees to date
bank
day of
repaid, stitubank
(with and withcom- proved or with- tion
each
adout conditions)
mitmonth)
vances ments but not drawn particicom- by ap- pations
outoutoutNum- Amount Num- Amount Num- Amount stand- stand- pleted i plicant 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
by applicant.
2
Does not include financing 3
institution 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
nealanta cago Louis polis City las Cisco
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]
At- Chi- St. M i n - Kan- Dal- San
sas
nealanta cago Louis polis City las Francisco
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

Deposits

Balance
in fund
at close
of business
Dec. 31

160.2
2,382.3
80.2
139.4

Receipts

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, 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

1.0

112.3
63.3
70.5
149.9
.5
1.3
4.0
4.0
1.0
.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

Total

1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924

$2,173, 252
5,217,998
16,128, 339
67, 584, 417
102, 380, 583

_

.

1926
1926
1927
1928
1929

$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

__

On
discounted
bills

_

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

-

_

St. Louis
Minneapolis.
Kansas City _
Dallas
San Francisco
Total

._-

Net earnings1

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)

_

-_ ._-

$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

..

$77,433,348
343,357,648
89, 710,675
102,466, 057

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

_-.

Richmond
Atlanta
Chicago

Current
expenses

Disposition of net earnings

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

36,424,044
29, 701,279
50,018,817
49,487, 318
48,902,813
42, 751, 959

1930
1931
1932
1933
1934
1935
Total
1
2

. .

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
',
•- -- ••
10,003, 081 1 , 2 0 6 , 6 7 7 13, -020,• -535 12, 063,349 6,081.187 5,009, 541 2, 785, 213

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
!,
), 487,
),
), 955,
), 701,
!, 024,
$47, 599, 595 $43,024,484 $64,052,860 $70,955,496 $36,424, 044 $29, 701, 279 $50, 018, 817 $49,487, 318 $48, 902, 813 $42, 751,959 $482, 918, 665
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 _

20, 249,413 15, 506,041 37,148,050 41, 264, 383

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

8, 081, 318

2, 660,615 23, 727, 436 20, 264, 481 19, 661,417 11,174, 516 199, 737, 670

804, 877

6, 518,931
3,057
221,155
170, 903

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

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•»
_

375,065

2, 849, 567
402,060

1,056, 246

313, 343

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

1, 790, 638

656, 502

158, 350

302,068

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

Net deductions from current net earnings.
Net earnings

61,836

3, 967, 746

Total deductions. _

68,464

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)

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).




C
D

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 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 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,
.,
1,251,854
$42, 751,959 $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,
3,131,
L, 455,
Earnings
I, 674,
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 1,815, 762 1, 229,168 ~ 780,199
"
~
~
"" '
" " 2,
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

1

217,951

325, 526

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
1914
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.

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
stock
mark l
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, 202.
4
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

895
6,504

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

4

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

4,059

48, 826
246,113
3,603
24,044
11, 445
6,100

55,204
30,079
1,071

12,968

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 in previous annual reports.
FRASER


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
1914

January
February
March
April
May
June
July
August.. _.
September. _
October
November..
December. .

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
1925

January
February
March
April.
May
_
June..
July
August
September. _
October
November..
December. _

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
Gold certif- silver cer- notes sidiary
coin icates doltifiof
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

San
Bos- New Phila- Cleve- Rich- At- Chi- St. Min- Kan- Dal- Frannesas
delton York phia land mond lanta cago Louis apolis 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

San
Bos- New Phila- Cleve- Rich- At- Chi- St. Min- Kan- Dal- Frandelnesas
ton 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

San
Bos- New Phila- Cleve- Rich- At- Chi- St. Min- Kan- Dal- Frannesas
delton York phia land mond lanta cago Louis! apolis 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
1
l

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
days
90 days New Renew- 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 Vnila
3 IQQ.rlaTT bills.
4
Bills maturing on Mar. 16,1936.
Back figures.—See Annual Report for 1934 (table 55) and similar tables in previous annual reports, also
Federal Reserve Bulletin for May 1936, p. 317.




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]
1923

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

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

Nether- Sweden Switzerlands
land

3.65

ZH

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

r Revised.
1
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 Other
savings

Member banks
Totalall
banks

Total

National

Nonmember
banks

State Mutual Other
savings

Member banks
Totalall
banks

Total

National

Nonmember
banks

State Mutual Other
savings

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
C
D

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

n
•>
t"*

All member
banks

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..

___

234,681
5,623

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.




135, 270
653
398

&j
M
W
H
W

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]
All State
member
banks

Central reserve city
member banks

Country
member
banks

All member
banks
Loans—Total

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
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

All national
member
banks

-

Securities fully guaranteed by U« S. Government—Total._.
Reconstruction Finance Corporation
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation




._
_
_

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
eral vault domesGovRetic
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. PostDo- For- Gov- al
ernmes- eign ment SavDeings mand
tic
banks banks

Net
Tie
mand demand
deposits
deposits subject
justed4 to reserve
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
with domestic banks which, on that date, amounted to $69,000,000 and which prior to that time were reported in "Other assets."
3
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
New securi- On other
ties farm
York
real
land estate
City*

Investments

Purchased paper
ReportJB$ •
banks
own
acceptances

Other- Loans
wise
to
se- banks
cured
Total
and
unsecured

Acceptances Bills
pay- payable
able in abroad
United
States

Loans
to
brokers in Total
Com- New
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
New securi- On other
ties farm
York
real
land estate
City*

Reporting
banks'
own
accept'
ances

Open-market loans
Purchased paper
Other- Loans
wise
to
se- banks
Accured
Total ceptComand
ances Bills merunsepay- pay- cial
cured
able in able paper
United abroad 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

s
s

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- Pos- EviChrist- rowcers'
its adings
tal
Gov- Public checks, nerlic
mas
ern- funds cash ships, justed * Do- For- funds sav- denced Certif- Open savings
icates
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

iT
i
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
ances rewith Cash with ported
Fed- in
as in
doeral
procRe- vault mes- ess of Dotic 1
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- Pos- EviChrist- rowner- its adtal
lic
mas ings
ships, justed * Do- For- funds sav- denced Certif- Open savings
icates
corings
mes- eign
by
acand
of
poratic
savings depos- counts 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

_

-

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

891
903
919

1,081
972

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




527
483

834
937
962

160
135
156
169

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

94
159

977

1,226

165
181

928
937
940
920

_-

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

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

106
117
117

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 demand 1

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 demand1 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

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

Cleveland district

221
227
226
232

January
February
March
ApriL

-

107
123
129
124

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

92

1,229
1,229
1,249
1,284

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.




80
8

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

Excess Net de- Time
mand 1

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

Total National State

857

6.442

5,462

33
38

33

125

5,154

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

1933

$2.98
1.60
.06

$2.42
1.71
.03

.46

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

.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 2
Total deposits225
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

.87

.14
.21

.23

.18

3.43
.04

1.68

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, 154
~,
34,632,007123,913,401 26, 771. 634 30, 718, 669|35, 694, 475
5,622,3121 6.360,306 6.722.782 6. 395. 866 i 5.5, 660,145! 4, 902, 319 049. 525 5, 118, 478
6, 395, 866! 680. 145
5,

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 Accept- Loans
ances to broto
and
banks
com- kers in
New
mercial York
paper City i
bought
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

Digitized fordata, may be obtained upon request from the Division of Research and Statistics.
FRASER


163

KEPOKTING MEMBER BANKS
CITIES—ASSETS AND LIABILITIES, BY WEEKS AND MONTHS
[In millions of dollars]

Time deposits
Demand
deposits
adjusted *

Interbank

Borrowings

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

Other liabilities

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
customers 2

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 Accept- Loans
ances to broto
and
banks com- kers 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 domestic
banks 3

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
 be obtained upon request from the Division of Research and Statistics.
the data, may


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

Foreign
banks

6
6
6
7
7
7
7
7
7
7
6
6
6
6
7
7
7

1
1
1
1
1

4,856
4,833
4,819
4,936

Borrowings

1

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

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
depositsadjusted i

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. 28.
2,042 Aug.
Sept. 4.
2,042
2,044 Sept. 11.
Sept. 18.
2,040 Sept. 25.
2,038
Oct. 2.
2,040 Oct. 9.
2,044 Oct. 16.
2,043 Oct. 23.
2,051
2,052 Oct. 30.
Nov. 6.
2,056 Nov. 13.
2, 056 Nov. 20.
2,055 Nov. 27.
2,056 Dec. 4.
2,065 Dec. 11.
496
2,064 Dec. 18.
512
493
2,061
491
2,060 Dec. 24.
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

For own For outaccount 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
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

270
298
247
268
461
694
822
841
806
706
712
776

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

166
162
145
157
332
498
590
563
535
445
468
529

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

i Figures include both own acceptances held and purchased acceptances held.
3
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
Exports stored in 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

center are available in mimeographed form beginning with 1919 and may be had upon request.



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

2,741

941

1,697

2, 884, 989

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

103

140, 048
172,803
192, 214
615, 769
228, 077
212, 074
896, 078
148, 323
50, 239
103, 233
30,152
95, 979

10

178
143
748
332
199
359
89
128

14
28
29
142
110
98
500
245
136
275
51
69

81
126
64
40
227
63
59
83
34
43

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

National

State
member

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

Total

Nonmember

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

2
1
1
2
3
8
3

2
1
1
2
3
5
2

10
3
1

28, 348
935
722
636
34
2,168
1,526
258
358

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..

2-11

Preferred
stocks

Corporate 3
Total

Indus- Railtrial road Utility

Total

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

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

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935

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.
2 Standard Statistics Co.
3
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

104

105

99

122

124
121

120

99

101

103

105
105

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

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

135*
139
142
142

101
99
99
105

104
102
102
109

106
103
103
106

105
104
105

125

92

89

92

97

102

70

63

67
65
64

79

102

95

84
40
37
48

37
13
11
12
21
120

118
121
123
121
126
124
122
110
107
103
102

o

106
107
108
111

50

37

g

103

117
126
87

63
28
25
32

o

78
94
87
88
98
99

71
87
94
96
99

108
106
in
U9
96
81
64
76
79

Depar tmentstore sales
(val ue) 3

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

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

75

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

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

78

73
71

91
89
87
86
83

_-

88
86
85
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

77

1935
January
February
March

April
May
June
July
August
September
October
November
December

69

65
63
59
66
78
91
100
91
84
76
72

Minerals

83
87
88
89
84
73

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]

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

RubToFood Auto- Leath- Non- Petro- ber
fer- leum
prod- mo- er and rous refin- tires bacco
and products biles prod- metals ing
ucts
tubes ucts

All
industries

Iron
and
steel

Textiles

84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90

Year and month

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
7
9

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

-.

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 Lumand
equipment
steel
road metals ber and
Maand
and
repair
prodprod- chinery
shops 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
except Petro- products
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 leum
ucts
Group petroleum 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 Metals Build- hem- Houseand
and
and
Misfurtile
ing
eather prod- light- metal mate- icals nish- cellaing
and
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 Metals Build- Chem- Houseand
prod- Foods
fur- Misand
and
tile
ing
ucts
leather prod- light- metal mate- icals nish- cellaTotal
and
ing
prod- ucts mate- prod- rials drugs ing neous
goods
ucts
rials 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




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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



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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
outstanding or subsequently issued a statement setting forth the



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.




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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.




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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).




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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.



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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




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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



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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



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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.



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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.


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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.



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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.



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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


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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



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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

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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
$2,800
1 at


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. J. Belcher, Jr., San Diego. Calif.
F.

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
o—
f
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

13,977
6,371
593
675

35,023
13,890
1,280
1,742

1,600
1,459
150
100

1,200
550
75
100

1,947

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

12,869
2,788
404
680
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
_

2,493

.__

—

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
,

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
Lock Haven:
_
 Lock Haven Trust Co


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
Danville: Commercial & Savings Bank Co



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: Wilmette State Bank



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
 Citizens State Bank & Trust Co
Goose Creek:
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

7
3

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 o—
f
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 o—
f
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

800
100
600
900
300
300
600
100
100
300

450
150
50

140
290

150

75
135

75

150

205

275

368

100
50
50
650

175
125
75

140
75
161

35

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
100
200
100
500

200

30

186
38
3, 625

""366"

1,315 1,800
133
571
1,155 3, 525
1,793 1,988
125
600
245

905
1,968
200

260

700

125

1,140
700
700
200
780
450

300

150

I26'
200

770

200
400

3,967
2,000
2,050
600

1,000
2,036

1,298
500

51, 300
6,000
5,500

22,000

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

2,500

"I," 666'

400

150

200

300
100

390

325

1,100

350

500

250
550

"512'

75

100

240

300

435

250
100
50

342
71
150

100
100
200

339

1,215

150

2,200

550
300

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.




6,542
2,500
6,250
7,250
3,000

2,500

200

50
50
50
50
100
50
250

6,150

4,630

200

325

100

100

50
75
50
25
150

150

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 o—
f
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

7,002

12,956

67,642 15,867

30,805

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

6,117 11,009 20,125
3,883 38,157 40,084
1,704

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

751
873
512
469
489
2,582 5,347 5,999

42,914
3,580
666,230

16, 650
14,199

533, 258
188,236
108, 91S

384, 717

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

67, 862
44,038
34,903
119,938
28, 608

27, 575
25,980

~I,~229

1,417

1,128

63, 642
80,181

11,474
6,713

2,274

24, 453

4,662

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

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

857 1,101 3,186

82,368
30,828
310,314
77,793
39, 734

2,855

2,871

577

2,717

393,960 6,804,
[,899
258,052 133.584
516,289 457; 016-

173
913

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 o—
f
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

4
.....

147

165

5

1,001

102

170

128

Trust company member with no deposits (has no banking department).




2
.....
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 o—
f

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

2,664
1,870
3,330
2,236
1,717
1,454

180

397

818

California




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

20,103
87,483
67,862
53,249
34,903
56, 388

482,928
108,919

384,717

51,456

71,010

34, 773

5,521
1,306
2,758

742
512

873

1,417

3,010 3,583

5,177

2,274

18,781

19
,

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

13,651,777 j

621

36, 775
45,041

957

3,579
21, 360
1,345
7,249
46, 220
42, 914
3,580
666, 230

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

252
748
47 1,054 1,328 1,912
225 845

34,544

Pacific:
Washington.
Oregon.
Total.

453
355
728
76 1,330
604
602

533, 258

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

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.
1 to 5 and 7. Yarmouthport: First National Bank
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 and 4.
Wolfeboro: Wolfeboro National Bank.
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.
First National Bank
Enosburg Falls: Enosburg Falls 1, 2, 3, 5, 6, Cranbury: First National Bank
Cranford:
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.
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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.
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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.



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1 to 9.
Ito9.
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4.

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1 to 9.
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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/ Mount Joy Bank.
Union National
Mountville: of St. Louis National
Federal Reserve Bank Mountville

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 Waynesboro. & Trust Co.
in National Bank
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» \7 i 11 o
XJ<\1\ V11113.•
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.
Piedmont:
First 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.
1 to 3, 5, and Fairfield: First National Bank in
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*
Atchison: City National Bank
Citizens National Bank & Trust 1 to 9.
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..
Holdredge: First 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
1 to 3, 5 to 7. Tacoma: Co.
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.

61,345
51,890
36,842
73, 424
152, 316
248,226
190,513
194,810
414,004
480,438
386,116
683,852

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

Total

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

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...

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 o—
f
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

73,424

Kentucky (eastern part)
Counties o—
f
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 o—
f
Allegheny
Crawford
Armstrong
Erie
Beaver
Fayette
Butler
Forest
Clarion
Greene
West Virginia (northern part).
Counties o—
f
Brooke
Marshall
Hancock
Ohio

Indiana
Jefferson
Lawrence
Mercer
Somerset

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

248, 226

Rapides
St. Bernard
St. Charles
St. Helena
St. James
St. John the Baptist
St. Landry
St. Martin
St. Mary
St. Tammany

Scott
Shark? y
Simpson
Smith
Stone
Walthall
Warren
Wayne
Wilkinson
Yazoo

2, 834, 000
1, 614, 000
3,345, 000
1, 436, 000

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

12, 919, 000

51,279
54,861
58,725
26,891

.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

6, 707, 000
3, 356, 000

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

1,360, 000

40, 740
13, 864

Lawrence
Lee
Leslie
Letcher
Lewis
Lincoln
McCreary
Madison
Magoffin
Martin
Mason
Menifee
Montgomery
Morgan

11, 633, 000

17, 614

DISTRICT N O . 4—CLEVELAND

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 o—
f
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

31,983

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 o—
f
De Soto
Alcorn
Grenada
Attala
Benton
Holmes
Bolivar
Humphreys
Itawamba
Calhoun
Carroll
Lafayette
Lee
Chickasaw
Leflore
Choctaw
Lowndes
Clay
Coahoma
Marshall




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

DISTRICT N O . 8—ST. LOUIS

Arkansas
Illinois (southern part)
Counties o—
f
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

2, 367,000

194,810

Marquette
Milwaukee
Monroe
0 con to
Outagamie
Ozaukee
Portage
Racine
Richland
Rock
Sauk
Shawano

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 o—
f
Benton
Fayette
Carroll
Gibson
Chester
Hardeman
Crockett
Hardin
Decatur
Haywood
Dyer
Henderson

68,206

414, 004

20

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 OuTfcf ono
3fi4 UUU
±f
220,000

Menominee
Ontonagon *
Schoolcraft

Oneida
Pepin
Pierce
Polk
Price
Rusk
St. Croix

Sawyer
Taylor
Trempealeau
Vilas
Washburn

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

307,000

80,858
146, 131
70,183
76, 868
23, 273

Keweenaw
Luce
Mackinac
Marquette

DISTRICT N O . 10—KANSAS CITY




5,381,000

16, 691

Shelby
Tipton
Weakley

DISTRICT N O . 9—MINNEAPOLIS

Michigan (northern p a r t ) . .
Counties o—
f
Alger
Dickinson
Baraga
Gogebic
Chippewa
Houghton
Delta
Iron
Minnesota
Montana
North Dakota
South Dakota
Wisconsin (northern Dart)
Counties o—
f
Ashland
Dunn
Barron
Eau Claire
Bayfield
Florence
Buffalo
Forest
Burnett
Iron
Chippewa
La Crosse
Douglas
Lincoln

875,000

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

2,924,000

10, 736

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

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 o—
f
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 o—
f
Cochise
Greenlee
Graham
Louisiana (northern part)
Parishes o—
f
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 o—
f
Atoka
Choctaw
Bryan
Coal
Texas.

2,346,000

Pontotoc
Pottawatomie
Roger Mills
Rogers
Seminole
Sequoyah
Stephens
Texas
Tillman
Tulsa
Wagoner
Washington
Washita
Woods
Woodward

232, 000
7, 219,000

23, 412

74,144

7,644

164, 000

Sierra
Socorro
Torrence

Johnston
McCurtain

182,000

Tensas
Union
Webster
West Carroll
Winn

Lincoln
Luna
Otero
Quay
Roosevelt

684, 000

Santa Cruz

Madison
Morehouse
Natchitoches
Ouachita
Red River
Richland
Sabine

112, 000

18, 518

Pima

Marshall
Pushmataha
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).




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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





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102