View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

TWENTY-THIRD ANNUAL REPORT
OF THE

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM




COVERING OPERATIONS

FOR THE YEAR 1936

UNITED STATES OF AMERICA
WASHINGTON: 1937

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
DECEMBER 31, 1936
MARRINER S. ECCLES, Chairman

RONALD RANSOM, Vice Chairman
JOSEPH A. BRODERICK
M. S. SZYMCZAK

JOHN K. MCKEE
CHESTER C. DAVIS

CHARLES S. HAMLIN, Special Counsel
LAWRENCE CLAYTON, Assistant to the Chairman

ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary

LISTON P. BETHEA, Assistant Secretary

S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel

J. P. DREIBELBIS, Assistant 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
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics
GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics
E. L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
II




CONTENTS
TEXT OF REPORT

PAGE

Introduction
Gold and international capital movements
Member bank reserves
Member bank credit
Money in circulation
Money rates and bond yields
Stock market and security loans
Capital issues
Business conditions

1
4
9
21
27
29
30
33
35

Developments in the commercial banking structure
Reorganization of System under Banking Act of 1935
Earnings and expenses of Federal Reserve banks
Building operations of the Federal Reserve banks
Branches and agencies of the Federal Reserve banks
Federal Reserve interdistrict collection system
Amendment to the Federal Reserve Act
Changes in regulations of the Board of Governors
Definition of interest in Regulation Q. ..
Credits to foreign central banks
Bank examinations
Trust powers of national banks
Holding company affiliates
Meetings of Federal Advisory Council
Board staff and expenditures

40
43
46
49
49
50
51
51
53
55
56
57
58
58
58




ni

TABLES
FEDERAL RESERVE BANKS
PAGE

RESERVE BANK CREDIT AND RELATED ITEMS:

No. 1. Member bank reserve balances, Reserve bank credit, and related
items, annual averages, 1918—36
63
No. 2. Member bank reserve balances, Reserve bank credit, and related
items, monthly averages, 1933-36
64
No. 3. Member bank reserve balances, Reserve bank credit, and related
items, (end of month figures), 1933-36
65
No. 4. Member bank reserve balances, Reserve bank credit, and related
items, by weeks (Wednesday figures), 1934-36
66-68
No. 5. Member bank reserve balances, Reserve bank credit, and related
items (call dates), 1921-36
69-70
No. 6. Deposits, total reserves, note circulation, and reserve percentage
of Federal Reserve banks, by months, 1933-36
71
No. 7. Assets and liabilities of Federal Reserve banks (in detail), Dec.
31, 1936
72-73
No. 8. Assets and liabilities of Federal Reserve banks (in detail), at the end
of each month
74-75
No. 9. Assets and liabilities of each Federal Reserve bank at the end of 1935
and 1936
76-79
No. 10. Bills discounted—holdings of each Federal Reserve bank on Dec. 31,
1936, by classes
80
No. 11. Holdings of bills discounted, bills bought, and industrial advances by
Federal Reserve banks, by maturities
81
* No. 12. Holdings of United States Government securities by Federal Reserve
banks at the end of 1935 and 1936, by classes
82
No. 13. Industrial advances and commitments, June 19, 1934, to Dec. 30,
1936
83
No. 14. Industrial advances outstanding, by Federal Reserve districts
84
No. 15. Commitments to make industrial advances outstanding, by Federal
Reserve districts
84
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS:

No. 16. Volume of operations in principal departments, 1932-36
85
No. 17. Volume of operations in principal departments of each Federal Reserve bank, 1936
86-87
No. 18. Volume of operations of branches of Federal Reserve banks
88-89
INTERDISTRICT SETTLEMENT FUND:

No. 19. Summary of transactions through the fund, 1927-36
No. 20. Summary of transactions through the fund, by districts, 1936. . . . .

90
90

FEDERAL RESERVE AGENTS' GOLD CERTIFICATE FUND:

No. 21. Summary of transactions through the fund, 1927-36
No. 22. Summary of transactions through the fund, by districts, 1936

91
91

MEMBERSHIP IN PAR COLLECTION SYSTEM:

No. 23. Number of banks on par list and not on par list, by Federal Reserve
districts and by States, on Dec. 31, 1935 and 1936
IV




92

CONTENTS
FEDERAL RESERVE BANK PREMISES:

No. 24. Cost of bank premises of Federal Reserve banks and branches to
Dec. 31, 1936

V
PAGE

93

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS:

No. 25. Earnings and expenses of the Federal Reserve banks during 1936. . 94-95
No. 26. Total earnings, current expenses and net earnings of Federal Reserve
banks and disposition made of net earnings, 1914-36
96-97
No. 27. Earnings of Federal Reserve banks, by sources, 1914-36
98
FEDERAL RESERVE NOTES:

No. 28. Federal Reserve note statement at the end of each month

99

GOLD, FOREIGN EXCHANGE, AND MONEY IN CIRCULATION
GOLD:

No. 29. Monetary gold stock of the United States, 1914-36
No. 30. Analysis of changes in monetary gold stock, 1921-36
No. 31. Gold held under earmark by Federal Reserve banks for foreign
account, by months, 1927-36
No. 32. Gold movements to and from the United States, by countries
No. 33. Gold movements to and from the United States, 1921-36

103
104
104
105
105

FOREIGN EXCHANGE RATES:

No. 34. Foreign exchange rates, 1922-36

106

MONEY IN CIRCULATION:

No.
No.
No.
No.
No.

35.
36.
37.
38.
39.

United States money in circulation, by months, 1914-36
Kinds of money in circulation, 1919-36
Paper currency, by denominations, and coin in circulation
Treasury currency outstanding, 1919-36
Shipments and receipts of United States paper currency, by months,
1923-36

107
108
109
110
Ill

DISCOUNT RATES AND MONEY RATES
DOMESTIC MONEY RATES:

No. 40. Federal Reserve bank discount rates
115-117
No. 41. Federal Reserve bank buying rates on acceptances—changes from
Jan. 1, 1932, to Dec. 31, 1936
117
No. 42. Short-term open-market rates in New York City, by months,
1933-36
118
No. 43. Short-term open-market rates in New York City, by weeks
119
No. 44. Rates charged customers by banks in principal cities, 1924-36
120
No. 45. Maximum rates on time deposits
120
MONEY RATES IN FOREIGN COUNTRIES:

No. 46. Discount rates of foreign central banks, 1936
No. 47. Open-market discount rates in foreign countries, 1924-36

121
122

MEMBER AND NONMEMBER BANKS
ALL BANKS IN THE UNITED STATES:

No. 48. Number of banks and deposits exclusive of interbank deposits,
1914-36
No. 49. Loans and investments, 1914-36

124
125

ALL MEMBER BANKS:

No. 50. Condition on Dec. 31, 1936, by classes of banks
126-127
No. 51. Classification of loans, investments, borrowings, and capital stock on
Dec. 31, 1936, by classes of banks
128-129
No. 52. Principal assets and liabilities on call dates, 1922-36
130-131



VI

ANNUAL REPORT OF BOARD OF GOVERNORS

A L L M E M B E R BANKS—Continued.

No.
No.
No.
No.
No.

PAGE

53.
54.
55.
56.
57.

Classification of loans and investments on call dates, 1928-36. . . . 132-137
Reserves, deposits, and borrowings on call dates, 1928-36
138-143
Reserve position, by class of banks, by months, 1936
144
Reserve position, by Federal Reserve districts, by months, 1936. . 145-146
Reserve position of member banks in New York City, Chicago, and
other reserve cities, by weeks, 1936
147-149
No. 58. Deposits of member banks in larger and smaller centers
150
No. 59. Changes in number of banks and branches during 1936, by class of
banks
151
No. 60. Earnings, expenses, dividends, and operating ratios, 1929-36. . . . 152-153
R E P O R T I N G M E M B E R B A N K S IN LEADING C I T I E S :

No. 61. Weekly reporting member banks in 101 leading cities—assets and
liabilities, by months, 1933-1935
154-159
No. 62. Weekly reporting member banks in 101 leading cities—assets and
liabilities, 1936
160-163
No. 63. Weekly reporting member banks in New York City—assets and liabilities, 1936
164-167
No. 64. Weekly reporting member banks in 100 cities outside New York
City—assets and liabilities, 1936
168-171
B R O K E R S ' BALANCES:

No. 65. Customers' debit balances, money borrowed, and principal related
items of stock exchange firms carrying margin accounts

172

COMMERCIAL P A P E R AND B A N K E R S ' ACCEPTANCES:

No. 66. Commercial paper and bankers' acceptances outstanding

173

BANK DEBITS:

No. 67. Debits to individual accounts, by banks in principal cities, 1927-36.

174

B A N K SUSPENSIONS:

No. 68. Bank suspensions, 1921-36
175
No. 69. Banks suspended in 1933, by districts and by States (revised figures)
176-177
No. 70. Banks suspended in 1933 before and after the banking holiday
177
No. 71. Bank suspensions, by districts and by States, 1934-36
178
BUSINESS CONDITIONS
CAPITAL ISSUES AND SECURITY P R I C E S :

No. 72. Capital issues
No. 73. Security prices
No. 74. Bond yields

180-181
182
183

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, trade, and prices, 1919-36
184-189
Manufacturing production, by groups, 1919-36
190
Mineral production, by industries, 1919-36
191
Factory pay rolls, by groups, 1919-36
192-193
Factory employment, by groups, 1919-36
194-196
Wholesale commodity prices in the United States, by groups,
1913-36
197
No. 81. Wholesale commodity prices in the United States, by subgroups. .
198




CONTENTS

VII

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
Chairmen, directors, and presidents of Federal Reserve banks
Number and 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
201-222
223-230
231-234
235
236-239
240—241
242-245
246
247-264
265
266
267
268
269
270-288
289-294
295-296
297

LETTER OF TRANSMITTAL
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM,

Washington, June 18, 1937.
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-third Annual
Report, prepared by direction of the Board of Governors of the Federal
Reserve System, covering operations during the calendar year 1936.
Yours respectfully,
M. S. ECCLES, Chairman.




ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
Early in 1936, in accordance with the provisions of the Banking Act
of 1935, the Board of Governors of the Federal Reserve System was
reconstituted and the Federal Open Market Committee was reorganized.
Presidents and first vice presidents of the twelve Federal Reserve banks
were elected by their boards of directors for five-year terms and were approved by the Board of Governors. After the new Board of Governors
took office it appointed chairmen of the boards of directors of the Federal
Reserve banks, and initiated a procedure looking toward placing the
chairmanships upon a largely honorary basis. A detailed statement of
changes in the organization and personnel of the System is given on pages
43-46 of this report.
During 1936 the Federal Reserve System, as reconstituted, continued to
pursue the policy of monetary ease which had been in effect since the
beginning of the depression, and money was available in abundance at
the lowest rates of interest the country has known.
Reserves of member banks continued to increase rapidly throughout
the year. They had been built up in recent years largely by the acquisitions of gold which followed revaluation of the dollar in January 1934.
Notwithstanding an increase in required reserves resulting from a rapid
rise in deposits, excess reserves by the summer of 1936 amounted to over
$3,000,000,000. On the basis of these excess reserves and the legal reserve
ratios then in effect, bank credit could have been expanded to twice the
volume in use at the peak of business activity in 1929; and the gold
inflow was still in progress.
In July 1936 and again in January 1937 the Board of Governors took
action to increase reserve requirements and thereby to eliminate a large
part of the excess reserves that had accumulated. The combined effect
of these two actions of the Board was to double the reserve requirements
of member banks. Thus the power conferred upon the Board by the
Banking Act of 1935 to increase reserve requirements for the purpose of
preventing injurious credit expansion was fully utilized. In December
1936 the United States Treasury inaugurated a policy of setting aside in
an inactive stock all gold purchased subsequent to December 23, 1936,
and thereby preventing the further acquisition of gold from increasing
bank reserves. The Treasury and Federal Reserve measures taken to-




2

ANNUAL REPORT OF BOARD OF GOVERNORS

gether largely eliminated the basis of a potential credit expansion arising
from the large movement of gold to this country which had begun in
1934 and had greatly expanded the credit base of the country. A more
complete discussion of changes in the reserve position of banks since the
establishment of the Federal Reserve System, and particularly in recent
years, is given in a later section of this report, beginning on page 9.
These measures did not reflect changes in Federal Reserve credit policy,
which continued to be directed toward monetary ease. They were
adopted with a view to reducing redundant reserves created by the gold
movement and did not affect the existing volume of currency and bank
deposits which had been built up in recent years. The growth of deposits
since 1933 has been in part the direct result of the movement of gold, but
a far more important factor was the purchase by banks of United States
obligations issued to finance the Government's relief and recovery program. As a result of the gold movement member banks had large
amounts of unused reserves, and since the demand for credit for business
purposes was relatively small, the banks bought Government issues in
large volume. They paid for these securities principally by crediting
the Government account on their books. Subsequently, as the Government spent the proceeds, funds were transferred from its accounts to
deposits of the general public and were distributed through all parts of
the country. Chiefly by these two means—gold imports and Government borrowing—to which in 1936 was added a substantial increase in
bank loans, the volume of deposits was expanded to an amount larger
than in 1929, when the national income and business activity were much
greater.
The great volume of accumulated cash resources held by individuals
and business concerns, which was well in excess of present needs, was not
reduced by the actions taken to diminish excess reserves of member
banks. Banks continue to have a substantial amount of excess reserves
on which to expand credit and can obtain additional reserves by recourse
to Federal Reserve banks, but the necessity of calling Federal Reserve
credit into use would once again make the banking system more directly
responsive to Federal Reserve policy. The existing volume of bank
deposits, moreover, was not reduced by the increase in requirements, and
these deposits, if more actively utilized, would be sufficient to finance a
volume of business far greater than was transacted in 1936.
During 1936 business borrowing from banks and in the capital market
showed a marked increase. In the early phases of the recovery unused
plant capacity was brought into use as production schedules expanded,
and the rapid expansion of earnings, as plant capacity became more fully
utilized, largely served to finance the necessary increases in inventories.
Later, as new plant and equipment began to be needed, many businesses
found their existing cash resources sufficient for meeting these requirements. The great expansion of bank credit in connection with Govern


FEDERAL RESERVE SYSTEM

d

merit borrowing had made additional funds available to business enterprise and to investors. During 1936, however, business drew upon the
banks and upon investors' funds to a considerably larger extent. Commercial loans to bank customers, after three years of little change, increased by $1,000,000,000, and securities issued by corporations to obtain
new capital (as distinct from refunding issues) amounted to $1,200,000,000, or more than the aggregate for the previous four years combined.
Since both banks and other investors had unused cash resources, financing of new capital needs, as well as an unusually large amount of refunding, was effected at exceptionally low interest rates. The large volume of
idle funds still in the hands of investors should assure business of ample
funds at moderate rates to finance further recovery, even without expansion of bank credit.
The pressure of these investment funds in the security markets was
supplemented by foreign investments in American securities amounting
on balance since March 1935 to about $1,000,000,000. The rise in stock
prices since March 1935 had been rapid and nearly continuous, and from
the autumn of 1935 to the spring of 1936 it was accompanied by an increase in credit extended for margin trading in securities, as well as by
greater stock market activity. Under these circumstances it was considered advisable to restrict further buying on the basis of borrowed
funds—buying that would be encouraged both by the speculative opportunities that existed in the stock market and by the extremely low rates
at which loans on securities were available by reason of the accumulation
of excess bank reserves. The Board, therefore, in January and March
1936 took action to increase the margin requirements applicable to security loans made by brokers and dealers in securities and in March also
made these requirements, as increased, applicable to loans made by banks
on stocks for the purpose of purchasing or carrying stocks registered on
national securities exchanges. By these measures the Board undertook
to check the growing use of borrowed funds for speculation in securities,
without limiting the supply or raising the cost of credit available for
commercial, industrial, or agricultural purposes. Extensions of credit by
brokers and banks to finance margin trading declined somewhat after
the Board's action but in the latter part of the year showed a small increase, which continued during the early months of 1937.
Progress in industry and trade was substantial in 1936. Production
of durable goods increased considerably and output of nondurable products also showed growth, particularly in the latter half of the year. The
increase in durable goods production reflected purchases of equipment
both by industry and by individuals as well as further expansion in construction. There was a general rise in employment, and income in both
urban and rural areas was considerably larger than in other recent years.
Capital values increased during the year, and in the latter part of the
year there was a general advance in commodity prices. Total national




4

ANNUAL REPORT OF BOARD OF GOVERNORS

income rose to $03,800,000,000 for the year, as compared with $55,000,000,000 in 1935 and a low of $39,500,000,000 in 1932.
The advance from a depression of extreme depth and long duration
toward fuller employment of the nation's labor and productive resources
has been considerable and at times increases in activity and in prices
have been rapid. A period of expansion after a prolonged depression
places on regulatory agencies the responsibility for timely and effective
action toward maintenance of a balanced recovery. The steps taken in
1936 and 1937 to absorb excess reserves and limit their further expansion
placed the Federal Reserve System in a better position to make its credit
policies effective on the member banks and upon the credit situation
generally.
GOLD AND INTERNATIONAL CAPITAL MOVEMENTS

The growth of United States monetary gold stock continued on a large
scale in 1936. During the period of nearly three years from January
1934, when the gold content of the dollar was fixed at its present amount,
the increase in monetary gold stock amounted to $4,200,000,000, of which
$1,100,000,000 occurred in 1936.
There were also substantial purchases of silver under the silver purchase program during this period. To the extent that silver has been
acquired abroad the resulting imports have, in general, taken the place
of equivalent gold imports in settling the balance of international payments to the United States. From January 1934 to the end of 1936 the
combined increase in gold and silver stocks amounted to $5,100,000,000,
of which $600,000,000 came from domestic sources and $4,500,000,000
was acquired abroad.
Factors behind the gold and silver movement.—While acquisitions of
foreign gold and silver by the United States have been heavy and virtually uninterrupted over the whole period since revaluation of the dollar,
the several factors contributing to the movement have varied greatly in
importance. The balance of payments due to the United States by
foreigners on merchandise and service account, which was substantial at
the beginning of the period, was reversed in 1936. The net inflow of
capital from abroad has progressively become more important as a factor
in the gold and silver movement, and the character of the capital inflow
itself has undergone certain changes as different influences have been
brought to bear upon it.
The shift in the balance of international payments of the United States
on merchandise and service account since 1934 reflects mainly a reduction in the excess of exports, but also an increase in the balance paid to
foreigners for tourist expenditures, immigrant remittances, interest,
dividends, and other service items. Imports have continued to expand
more rapidly than exports, with the result that the export excess, which
in 1934 amounted to $481,000,000, was reduced by 1936 to $59,000,000.




FEDERAL RESERVE SYSTEM

I

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES, 1934,
(+) indicates net foreign payments to Americans.

1935, AND 1936

(—) indicates net American payments to foreigners!

[In millions of dollars]
Total
1934-1936

1934

Gold
Silver

1936

-1,303

-2,075

-1,210

-4,588

-1,217
-86

Gold and silver movement

1935

-1,739
-336

-1,030
-180

-3,986
-602

+461

+ 183

-153

+491

x

+481
-20

+255
-72

+59
-212

+795
-304

Capital movement

+360

+1,537

+1,172

+3,069

+224
+192
-56

+411
+970
+ 156

+792
+404
-24

+1,427
+ 1,566

+482

+355

+191

+1,028

Trade and service transactions
Merchandise
Services

Stocks and bonds
Short-term funds
Direct investments and other capital transactions
Residual item
1

+76

Includes merchandise adjustments.

The substantial rise in the net amount payable to foreigners for services
in 1936 reflected mainly increased tourist travel abroad by Americans
and larger dividend payments to foreigners by corporations in the United
States.
The reported net movement of capital to the United States from
abroad amounted to $3,100,000,000 from the end of 1933 to the end of
1936. Half the total consisted of an inflow of short-term banking funds;
most of the remainder represented net foreign purchases of American
securities and, to a lesser extent, of foreign securities in this market.
The movement reflected a variety of influences which, operating with
varying degrees of force, brought about changes in the character and
extent of the capital inflow during the period. The more important of
these are discussed in succeeding paragraphs. The net capital inflow for
1936 was not as large as in 1935, but much larger than in 1934.
Inflow of short-term banking funds.—Movement of short-term banking funds to the United States amounted to $1,550,000,000 in the three
years 1934-1936. A portion of these short-term funds came in a comparatively steady flow, reflecting the accumulation of foreign working
balances in the United States and the gradual liquidation of frozen
American claims abroad. A far larger part was received at intervals in
sharp movements, usually associated with a financial or political crisis
in the former gold-bloc countries—France, Netherlands, and Switzerland. Great Britain and other European countries were also affected by
these developments and by international uncertainties in Europe of a
political character. These special influences, which stimulated the withdrawal of American funds from abroad as well as the inflow of foreign
balances, were particularly active in 1935 when the inflow of short-term
funds reached a peak. They continued to operate in 1936 but did not
lead to so great an inflow as in the previous year.




6

ANNUAL REPORT OF BOARD OF GOVERNORS

One of the reasons for a smaller inflow of short-term funds during 1936
was that by the middle of 1935 American balances in England and the
gold-bloc countries had been reduced close to a working minimum.
Beginning in January 1936, moreover, some uncertainty abroad as to
the course of American monetary policy and as to prospects for the
budget of the Federal Government led to a withdrawal of European
short-term balances from the United States during the first quarter of
the year. In this period French funds, under the influence of continuing
political and financial uncertainty in France, sought refuge in London
rather than in New York.
During May and June, when events reached a critical stage in France,
the inflow of foreign balances to the United States again attained substantial proportions. While much French capital continued to go to England in this period, British capital moved in substantial amounts to the
United States. The effect of French purchases of sterling upon the forward market for sterling exchange made it profitable to move British
funds to New York, notwithstanding lower short-term interest rates in
New York than in London. Hence there was a large inflow of British,
as well as of gold-bloc, funds to the United States. The end of this crisis
in mid-June was followed by a period of several weeks in which European deposits in American banks were again reduced.
The outflow of capital from France was resumed in August 1936. At
first French capital again went mainly to England, but in September
the French and nationals of other gold-bloc countries began to acquire
substantial amounts of dollar funds. As in previous gold-bloc crises,
British balances in this market also increased.
On September 25 the Governments of the United States, France, and
the United Kingdom issued similarly worded statements in which each
Government declared "its purpose to continue the policy which it has
pursued in recent years, one constant object of which is to maintain the
greatest possible equilibrium in the system of international exchange
and to avoid to the utmost extent the creation of any disturbance of
that system"; and "its intention to continue to use appropriate available
resources so as to avoid as far as possible any disturbance of the basis
of international exchange resulting from the proposed readjustment" of
the French currency. Each Government stated that it "must, of course,
in its policy towards international monetary relations take into full
account the requirements of internal prosperity."
Following this statement redemption of notes in gold was suspended in
France, Switzerland, and the Netherlands, and the currencies of these
countries were allowed to decline on the exchanges. In France and
Switzerland exchange fluctuations were limited by law to a range of 66
to 75 per cent of the previous parity. Central bank gold reserves were
revalued on the basis of the upper of these two limits, and stabilization
funds were set up out of the revaluation profit. The Swiss National Bank
Digitized forwas instructed by the Federal Council to maintain the Swiss franc at
FRASER


FEDERAL RESERVE SYSTEM

7

approximately 70 per cent of the old parity, and for the remainder of
the year the French stabilization fund also maintained the French franc
at about the same level. The Netherlands established no legal limits to
the fluctuation of the guilder, and gold reserves of the Netherlands Bank
were not revalued; but a stabilization fund similar to that of the British
was established, and the guilder was maintained on the exchanges at a
level of about 80 per cent of the former parity. The Netherlands,
Switzerland, and Belgium subsequently declared their adherence to the
general principles stated in the tripartite declaration. Belgium had reduced the value of its currency by 28 percent in 1935.
With the readjustment of gold-bloc currencies and the tripartite declaration looking toward greater stability in international currency relationships the flight of European funds into American bank deposits
ceased. During the last quarter of the year a moderate amount of shortterm funds moved back to Europe—particularly to England where rates
in the short-term money market firmed toward the year-end. Thus during
much of 1936—i.e. the first quarter, the early summer, and the last
quarter of the year—European deposits in American banks were being
reduced rather than increased. This, together with the fact that little
further return flow of American balances from abroad was possible owing
to the small amount of free balances abroad, accounts for the much
smaller movement of short-term funds to the United States in 1936 than
in 1935.
Foreign buying of American securities.—The cessation of the flight
of short-term capital to the United States, following the events of September 1936, did not, however, prevent the continued investment of
foreign money in American securities. This movement into securities
had been in progress since May 1935. In contrast to the shifts of frightened money into American bank deposits during gold-bloc or war-threat
crises, followed by periods of inactivity, the movement of foreign investment funds into American security markets had been proceeding week
after week almost without interruption. Europeans were increasing their
holdings of American equities. The greater assurance of stability in
international currency relationships in the last quarter of the year did
not diminish the attractiveness of the United States as a field for investment and speculation. In fact the new international currency arrangement was followed by a burst of activity in the capital markets of all the
participating countries. There seems to have been a general movement
to get idle funds invested now that the chief currency difficulties appeared
to have been surmounted. Stock prices in France, Switzerland, and the
Netherlands rose sharply and at a more rapid rate than in the United
States. In England there was a moderate advance.
In conjunction with this expansion of stock-market activity capital
flowed to the former gold-bloc countries as well as to the United States—
much of it coming from gold and other resources previously held idle in
 The movement to France was short-lived, but Switzerland, the
London.


o

ANNUAL REPORT OF BOARD OF GOVERNORS

Netherlands, and the United States continued to draw capital and gold
for the remainder of the year. During the six weeks from the latter part
of September until the middle of November foreign investments in American securities were at four or five times the rate prevailing in the first
three quarters of the year. Announcement in November that measures
were being considered which would make American investment less
attractive to foreigners, together with a slowing down of the stock market
advance, contributed to a decrease in the movement; but at the end of the
year foreign purchases of American securities were proceeding on about
the same scale as during the first nine months of 1936. This investment
movement in the final quarter of the year was the chief factor in the
heavy inflow of gold from abroad.
New Treasury gold policy.—On December 21, 1936, the Secretary of
the Treasury announced a change in practice designed to prevent future
acquisitions of gold from increasing, and sales of such gold from reducing,
member bank reserves.
Under this practice, as under the old, the Treasury pays for gold by
drawing upon its balance with the Federal Reserve banks, thus transferring funds from Treasury account to member bank account at the
Federal Reserve banks. The Treasury's balance is reduced by the operation and member bank reserves are correspondingly increased. At this
point the change of practice is introduced. Before the adoption of the
new gold policy it was the practice of the Treasury to replenish its balance with the Federal Reserve banks by utilizing the newly purchased
gold to give the Federal Reserve banks equivalent credits in the goldcertificate account. Replenishment of its balance in this manner had no
effect upon member bank reserves, which therefore retained the increase
that had occurred when the gold was sold to the Treasury. Under the
new policy effective December 24, however, the Treasury has followed
the practice of setting aside its current gold purchases in an inactive
account and replenishing its balance with the Federal Reserve banks by
drawing funds from the market either through the use of existing balances or through borrowing. Thus funds are transferred back from
member bank reserves to the Treasury account at the Federal Reserve
banks, cancelling the increase in member bank reserves that occurred at
the time the Treasury purchased the gold. While the net result of these
operations is to leave unchanged the total volume of member bank
reserves, they may have altered the distribution of these reserves among
member banks.
The new Treasury policy has been applied not only to gold imports,
but also to purchases of domestically mined gold. The factor which has
been chiefly responsible for the growth of member bank reserves in recent
years has thus been eliminated as a current influence in this direction.
The excess reserves that had accumulated, however, were unaffected by
the Treasury's action.




FEDERAL RESERVE SYSTEM
MEMBER BANK RESERVES

The growth of member bank reserve balances, which had proceeded
with only temporary interruptions since 1933, continued in 1936, but the
volume of reserves in excess of legal requirements was reduced in the
MEMBER BANK RESERVES AND RELATED ITEMS
(WEDNESDAY FIGURES)

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

12

1930

1931

1932

1933

1934

1935

1936

year as the result of an increase in reserve requirements by the Board
of Governors. Total reserve balances increased by $1,000,000,000 in the
year and toward the end amounted to approximately $6,800,000,000,




10

ANNUAL REPORT OF BOARD OF GOVERNORS

compared with a level of about $2,300,000,000 that prevailed with relatively small changes from 1926 to 1931. Required reserves increased by
$1,900,000,000 in 1936, reflecting the increase on August 16 in the percentages of deposits required to be held as reserves, together with a continued growth in deposits at member banks. The amount of excess reserves, which had increased from practically nothing prior to 1931 to over
$3,000,000,000 toward the end of 1935, was reduced by $900,000,000
during 1936. Changes in member bank reserves and in factors affecting
them are shown by weeks since 1929 on the accompanying chart.
Changes in reserves during 1936.—Gold imports continued to be the
most important factor in the increase in reserves in 1936, while a growth
of money in circulation was a factor reducing reserves. Wide fluctuations
in reserves during the course of the year reflected principally changes
in deposits of the Treasury with the Federal Reserve banks, which were
increased periodically by tax receipts and cash payments for new Government securities sold to the public and then gradually decreased by
current expenditures of the Treasury. Redemption of adjusted service
bonds after June 15 resulted in a rapid increase in reserves during the
summer. Substantial reductions in member bank reserve balances at
quarterly financing dates were possible without restraint on member
banks, because of the existence of large excess reserves.
Increase in reserve requirements.—Problems raised by the large volume and continued increase in member bank reserves were given careful
consideration by the Board of Governors in the latter part of 1935 and
in 1936. Excess reserves held by member banks in June 1936 were
sufficient to provide the basis for almost doubling the existing volume of
deposits, which was already as large as at any previous time. In order
to eliminate the possibility of these excess reserves becoming the basis
of an injurious credit expansion, the Board on July 14 decided to raise
member bank reserve requirements by 50 per cent, effective after the
close of business August 15, 1936. On January 30, 1937, the Board took
action to increase requirements by another 50 percent of those prescribed
in the Federal Reserve Act, one half of this second increase to become
effective March 1 and the other half May 1,1937. This action completed
the use of the Board's power under the law to raise requirements to twice
the percentages prescribed in Section 19 of the Federal Reserve Act.
The accompanying table shows the reserve requirements prescribed
under Section 19 of the Federal Reserve Act and how they were changed
by the actions of the Board.
Growth of member bank reserves in recent years.—The rapid growth
of member bank reserves, which was the occasion of the Board's action
to increase requirements, had resulted from a number of developments.
Additional reserves were created from 1929 to 1933 through purchases
of United States Government securities by the Federal Reserve banks as
a part of the System's policy to ease money conditions with a view to




11

FEDERAL RESERVE SYSTEM
MEMBER BANK RESERVE REQUIREMENTS
[Percent of deposits]

Classes of deposits and banks
On net demand deposits
Central reserve city banks
Reserve city banks.
Country banks
On time deposits:
All member banks..

June 21, 1917,
to
Aug. 15, 1936

Aug. 16, 1936,
to
Feb. 28, 1937

13
10
7

15 2
ioy2

Mar. 1, 1937,
to
Apr. 30, 1937

Beginning
May 1, 1937

26

22^
17^

20
14

3

6

NOTE.—For reserve requirements prior to 1917 see table on page 17.

counteracting deflationary forces and encouraging recovery. Until 1933,
however, reserves created through open-market operations were largely
absorbed by increases in money in circulation and through repayment of
borrowings by member banks. In the autumn of 1933, when excess
reserves had increased to $800,000,000, the System discontinued its openmarket purchases. Since that time the principal source of additions to
SOURCES OF EXCESS RESERVES
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

4000

4000

3000

3000

2000

2000

1000

1000

-1000
1936
1935
1934
1933
1932
All figures are for end-of-month dates, except that for excess reserves as of August 15,
1936. Cumulated gold imports are imports minus exports since December 31, 1931.

-1OOO

member bank reserves has been the importation of gold from abroad.
These facts are illustrated by the chart, which shows United States Government security holdings of the Federal Reserve banks, cumulated gold
imports, and excess reserves from 1932 to 1936. It is clear from the chart
that until the autumn of 1933 increases in excess reserves corresponded
approximately to purchases of United States Government securities by
the Reserve banks, and after that time to other factors, principally gold




12

ANNUAL REPORT OF BOARD OF GOVERNORS

imports which amounted to about $4,000,000,000 during the three years
1934-1936.
In addition to gold imports member bank reserves were increased in
these three years by additions to the monetary gold stock from domestic
production and other domestic sources, amounting to about $500,000,000,
and by the issuance of about $800,000,000 of silver coin and currency by
the Treasury. Of the reserves originating from gold and silver purchases,
more than $1,000,000,000 was absorbed by an increase in currency in
circulation, and required reserves increased by about $1,200,000,000 as a
result of the growth in member bank deposits and by $1,500,000,000
because of the Board's action increasing reserve requirements.. As a
result of these factors and others of less importance, excess reserves at
the end of 1936 amounted to about $2,000,000,000.
Member bank reserves, which were increased chiefly through gold imports, were distributed among the different groups of member banks and
the different sections of the country through industrial, commercial,
financial, and governmental transactions involving the continuous shifting of funds among regions and among banks. Since most of the foreign
exchange transactions, which are the basis of gold imports, take place in
New York, the effect of gold imports on member bank reserves has been
as a rule immediately reflected in additions to the reserves of New York
City banks, but in time these reserves have become widely distributed
among banks elsewhere. In some cases the gold import may have reflected a foreign demand for dollars to be transferred directly from New
York to other parts of the country in payment for goods bought in the
United States, for example, or for securities purchased from an American.
More generally, the continuous flow of funds in connection with a variety
of internal payments, which are not directly related to the international
transaction that has led to the inflow of gold, has resulted in a broad distribution of the additional reserves among different banks and regions.
It is not possible to measure quantitatively the complex elements that
made up this flow of payments, but several of the more important movements of recent years may be enumerated. Improvement in agricultural
conditions since 1933 and the increase in farm income carried a larger
volume of funds to agricultural regions in payment for their crops. Likewise industrial expansion in various sections of the country resulted in a
substantial shifting of funds to such sections. Perhaps the most important factor in the geographical distribution of surplus funds of banks
since 1933, however, was the expenditure by the Treasury of funds raised
by the sale of Government obligations to banks.
Funds spent by the Treasury are not necessarily raised in the locality
in which they are spent and do not necessarily remain in the particular
section in which payments are made. The bulk of them may be transferred from one locality to another for the purpose of investment or in
payment for goods and services, and with each transfer there is a shift of




13

FEDERAL RESERVE SYSTEM

member bank reserves through the clearing system. City banks, especially those in New York City, have until recently bought relatively more
Government securities than the so-called country banks, but expenditure
by the Government throughout the nation of funds obtained from city
banks has tended to reduce the excess reserves of city banks and to distribute them widely among country banks in different regions.
Country banks thus acquiring new funds have kept a portion as excess
reserves with Federal Reserve banks, have invested a portion, and have
placed a substantial amount on deposit with correspondent banks in
financial centers. Balances carried by country banks with city correspondents in 1936 were about twice as large as they were at any time
prior to 1934. Consequently, while city banks owned a large part of
legal excess reserves, a considerable portion of these reserves in effect
belonged to country banks, which could obtain them on demand by withdrawing balances from correspondents.
. In December 1936 all classes of member banks had much larger excess
reserves than in January 1934, and, notwithstanding the August increase
in reserve requirements, the ratio of excess to required reserves for member banks in the aggregate was not much less than at the beginning of
1934.
DISTRIBUTION OF EXCESS RESERVES, BY CLASSES OF BANKS
[Averages of daily figures]
Amount of excess reserves
(in millions of dollars)
Jan..
1934
Central reserve city banks:
New York
Chicago
Reserve city banks
Country banks
All member banks

Aug. 1-15.
1936

Percent of excess to required
reserves

Dec,
1936

Jan.,
1934

Aug. 1-15,
1936

Dec,
1936

147
171
305
242

1,226
290
970
619

697
175
675
498

20
110
52
64

96
103
104
131

35
41
46
67

866

3,105

2,046

46

105

44

Aggregate reserve balances of member banks at the end of 1936 were
44 percent in excess of requirements. Banks in reserve cities held reserves
46 percent above requirements, while the so-called country banks held
reserves 67 percent above requirements. Central reserve city banks in
New York City, with reserves of about 35 percent above requirements,
had the smallest percentage of excess reserves of any class of banks.
Bankers' balances.—Owing to the large volume of balances that banks
outside of New York City carry with correspondents, the effective, as
contrasted with the technical, reserve position of these banks is considerably understated when their balances with Federal Reserve banks
alone are considered. Banks outside of New York require balances with
correspondents to serve as secondary reserves and for clearing and other




14

ANNUAL REPORT OF BOARD OF GOVERNORS

purposes, but the volume of such balances during the past two or three
years has been much larger than ever before.
On December 31, 1936, all member banks held demand balances with
other domestic banks of $3,900,000,000, whereas from 1922 to 1929 they
held an average of $1,900,000,000. New York City banks have continued
to hold only small working balances with correspondents. Of the total
bankers' balances at the end of 1936 nearly $1,900,000,000 belonged to
country member banks, compared with $900,000,000 held by them at the
end of 1929. When balances with correspondent banks, as well as excess
reserves, are considered, it appears that total unutilized funds owned by
country banks at the end of 1936 were sufficient to provide the basis
for a very substantial further increase in loans and investments by these
banks.
Reasons for increase in requirements.—The section of the law which
authorizes the Board to change reserve requirements for member banks
states that this power may be exercised uin order to prevent injurious
.s
credit expansion or contraction." The significance of this language is
that it places responsibility on the Board to use its power to change
reserve requirements not only to restrict and minimize an injurious
credit expansion or contraction after it has developed, but to anticipate
and prevent such an expansion or contraction.
By its action in the summer of 1936 the Board eliminated as a basis
of possible credit expansion about $1,500,000,000 of excess reserves, and
its action in the spring of 1937 absorbed a further similar amount of
excess reserves. The part of excess reserves thus eliminated was superfluous for prospective needs of commerce, industry, and agriculture, and,
if permitted to become the basis of a multiple expansion of bank credit,
might have resulted in an injurious credit expansion.
The summer of 1936 was an opportune time for an increase in reserve
requirements. As previously shown, reserves at the time were so large
and well distributed that all but a relatively small number of member
banks were in a position to meet the increased requirements either by
utilizing their excess reserve balances with the Reserve banks or by
drawing upon their excess balances with correspondent banks. While
there was no evidence of actual excessive expansion in bank loans, the
excess reserves provided the basis for such an expansion and it was
considered far better to sterilize a part of the superfluous reserves while
they were still unused than to permit a credit structure to be erected
upon them and then to withdraw the foundation of the structure.
The first increase in reserve requirements brought excess reserves to
a level of $1,800,000,000, but before the end of the year a continued
expansion of member bank reserves arising from gold imports raised
excess reserves to a level of $2,200,000,000. The action taken early in
1937 to raise the required reserve percentages to the limit permitted by
law, together with the Treasury's policy of sterilizing new gold acqui-




FEDERAL RESERVE SYSTEM

15

sitions, reduced excess reserves to about $900,000,000. Thus the Federal
Reserve System is again placed in a position where such reduction or
expansion of member bank reserves as may be deemed in the public
interest may be effected through open-market operations, a more flexible
instrument, better adapted for keeping the reserve position of member
banks currently in close adjustment to credit needs.
In raising reserve requirements it was not the intention of the Board
to reverse the policy of monetary ease which has been pursued by the
System since the beginning of the depression. Rather it was an adjustment to a changed reserve situation brought about through the extraordinary inflow of gold from abroad. At the time of taking action to
increase reserve requirements the Board announced that the Federal Reserve System proposed to continue its policy of exerting its influence
toward the maintenance of easy money conditions for the encouragement
of full economic recovery.
Effect of increase in reserve requirements.—The increase in requirements in August 1936 was accomplished with little change in the position
of member banks or in money rates. In the week including the effective
date of the increase a few scattered banks borrowed at the Reserve
banks, but the total amount of borrowing was negligible. Some banks
drew upon their balances with other banks in order to meet the increase.
Except for a slight advance in the rate on bankers' acceptances at the
time of the announcement of the increase, short-term money rates were
unaffected and yields on long-term securities subsequently declined further to new low levels.
The increase in reserve requirements in August had no immediate effect
upon the supply of credit in the money market because member banks
held sufficient excess reserves to meet the increase. Its result was to limit
the potential increase in credit, not only by reducing the amount of excess
reserves upon which expansion may be based, but also by lowering the
amount of expansion possible on each dollar of reserves. The average
effective ratio of deposit expansion for member banks, which was about
$12 of deposits to each $1 of reserves prior to the Board's action, was
reduced by the full increase in reserve requirements completed May 1,
1937, to about $6 of deposits for every $1 of reserves.
Effect on position of Reserve banks.—The assets and liabilities of the
Federal Reserve banks were in no way changed by the increases in
reserve requirements of member banks, except to the small extent that
member banks borrowed to meet the increase. Since member banks had
excess reserves out of which to meet the increase, it did not affect the
total amount of deposits at the Reserve banks, but merely converted a
portion of the member bank deposits already held from "excess reserves"
to "required reserves." It did not add to the volume of funds available
to the Reserve banks for investment.
The lending power of the Federal Reserve banks is not based upon



16

ANNUAL REPORT OF BOARD OF GOVERNORS

funds deposited with them by member banks, but is derived from the
authority to issue Federal Reserve notes and to create deposits on the
basis of a 40 and a 35 percent reserve, respectively, to be held against
notes and against deposits. If member banks were permitted to withdraw all of their reserve balances in currency, the assets of the Reserve
banks or the ability of the Reserve banks to expand their assets would
not be affected, except to the extent that their reserve requirements would
be slightly increased. If deposits were withdrawn in gold or currency
redeemed in gold, then the reserves of the Federal Reserve banks and
their potential lending power would be reduced.
When a Reserve bank purchases in the market a United States Government obligation and pays for it, directly or indirectly, with a deposit
credit on its books, it adds to the reserve deposit of some member bank.
It is for this reason that the Reserve banks purchase United States
Government securities when they wish to ease the credit situation by
placing additional funds at the disposal of member banks. Mechanically
the process is as follows: when a Reserve bank purchases a Government
obligation, it pays for it by a check drawn on itself. The seller of the
obligation deposits this check at his bank, and the bank in turn deposits
it at the Federal Reserve bank where it is credited to the depositing
bank's account. Similarly when a Reserve bank purchases United States
Government obligations or acceptances from a member bank or discounts
paper or makes an advance to it, the member bank's reserve account is
credited with the amount involved. In all these cases member bank
deposits at. the Federal Reserve banks are increased.
Limits of possible expansion by the Reserve banks are not related to
the legal distinction between required and excess reserves, but are determined by the amount of cash reserves of the Reserve banks themselves.
In practice, use of the lending power of the Federal Reserve banks is
determined not by the theoretical possibilities of expansion on the basis
of available reserves or by the possible earnings from such expansion, but
primarily by a consideration of the amount of reserve funds required by
member banks for the accommodation of commerce and business and the
maintenance of sound credit conditions.
History and purpose of reserve requirements.—Required reserves
against bank deposits have long been a part of the system of banking in
this country. Throughout the world banks hold as reserves varying proportions of funds deposited with them. In most countries this amount
is determined, not by law, but by custom and the mandates of banking
prudence. In this country, however, the proportion of deposits that the
banks must keep as reserves has long been prescribed by law. A little
more than 100 years ago banks were not required to carry any reserves
either against notes or against deposits. At that time bank notes were
the common medium in which loans were extended and frequent overissue of State bank notes led to the enactment of reserve requirements in



17

FEDERAL RESERVE SYSTEM

one form or another by most States. When the National Bank Act was
passed, the principle of required reserves found in State laws was carried
over into the new national banking system and, with subsequent modifications, was retained until the establishment of the Federal Reserve
System. Various reserve requirements of national banks and of member
banks of the Federal Reserve System are shown in the following table:
RESERVE REQUIREMENTS OF NATIONAL BANKS AND MEMBER BANKS
[Percentages of deposits]
On time
deposits

On demand deposits
Central
Reserve
reserve
city banks city banks
Under National Bank Act:
Prior to November 16, 1914—total
In vault—minimum requirement
With correspondents
Under Federal Reserve Act: 2
Provided in original act —total
With Federal Reserve bank—minimum requirement
In vault—minimum requirement
In vault or with Federal Reserve bank
June 21, 1917 to August 15, 1936—
With Federal Reserve bank
Beginning May 1, 19374—
With Federal Reserve bank

Country
banks

All banks

25

25

25

12M
12H

15

0)

6
9

0)
0)

18

15

12

7
6
5

6
5
4

5
4
3

13

10

7

3

26

20

14

6

5
(3)
(3)
(3)

1
2

Same as on demand deposits.
The distribution of reserves here shown for reserve city banks and country banks was to become effective in
November 1917. At the beginning of the System country banks were required to hold a minimum of 1/6 of
required reserves with Federal Reserve banks and 5/12 in vault, and reserve city banks were required to hold
1/5 with Reserve banks and 2/5 in vault, while the remainder could be held optionally in vault, with the Reserve
banks, or with national banks in central reserve or reserve cities. These fractions, under the Act, were gradually
changed to approach those shown in the table.
3
For each class of bank required reserves against time deposits were distributed in same proportions as those
against demand deposits.
4
For intermediate changes in requirements in the short period from August 16, 1936, to April 30, 1937, see
table on page 11 of this report.
NOTE.—In addition to these changes in ratios, changes were also made from time to time, principally in
1917 and 1935, in scope and definition of net demand deposits against which reserves were required to be held.

Under the national banking system, prior to the Federal Reserve Act,
so-called country banks were required to hold a reserve equal to 15 percent of deposits, of which three-fifths or 9 percent of deposits could be
held in balances with correspondents. Reserve city banks were required
to hold reserves of 25 percent, of which one-half could be held in central
reserve city banks; and central reserve city banks were obliged to hold
25 percent of their deposits in cash. No distinction was made between
time and demand deposits. When the Federal Reserve Act was passed
it was believed that, because reserves were to be concentrated in twelve
regional reserve banks, it would be safe to lower the required ratios of
reserves to deposits; and they were reduced, respectively, to 18, 15, and
12 percent on demand deposits at central reserve city, reserve city, and
country banks and to 5 percent on time deposits at all member banks, of
which part could be held as vault cash and part on deposit with Federal
Reserve banks. In 1917, in order to centralize reserves further, member
banks were no longer permitted to count cash in vault as legal reserves.




18

ANNUAL REPORT OF BOARD OF GOVERNORS

To compensate for this exclusion of vault cash, which banks had to continue to carry to meet day-to-day needs of customers, the ratios of
required reserves to demand deposits were reduced by five points to 13,
10 and 7 percent and those on time deposits by two points to 3 percent.
Changes made in the reserve structure by the Federal Reserve Act and
its amendments had the consequence of reducing operating reserves to a
lower level than was contemplated at the time the law was passed. The
more important of these changes were the provision that vault cash was
not to be counted as legal reserves and the reduction of reserves against
time deposits to 3 percent. Owing to the ease with which cash could be
obtained from the Reserve banks, member banks found that they no
longer needed to carry as much cash in vault as previously, but could
reduce the amount considerably. An increasing proportion of bank deposits, moreover, began to be classified as time deposits requiring only a
3 percent reserve. As a consequence, the ratio between the total of
reserves and cash actually held by all member banks and the total of their
time and net demand deposits declined until it reached in 1928 a low point
of less than 9 percent, as compared with about 13^2 percent in 1917. This
change in effect made possible an expansion in member bank credit of
about $12,000,000,000 more than could have occurred with the same
volume of reserves on the 1917 basis. This amounted to about two-thirds
of the expansion that actually occurred in the period.
The principal purpose of reseive requirements was originally to assure
the convertibility into cash of bank notes and deposits, i.e., to assure the
ability of individual banks to meet liabilities on demand during a period
of strain. Although required reserves were never adequate to serve banks
in case of large withdrawals or to prevent bank failures, nevertheless it
was on the basis of the increased ability to obtain cash to meet deposit
withdrawals that reserve requirements were reduced when the Federal
Reserve Act was passed in 1913. From the point of view of safety and
convertibility an organized banking system with centralized reserves,
with discount facilities, and with an elastic currency could afford to
operate on a much smaller proportion of reserves than could an unorganized system consisting of thousands of banks without those facilities.
For this reason also larger reserves continued to be required against
demand deposits at city banks, where financial transactions and correspondent bank relationships occasion larger and more sudden withdrawals
than at banks in country districts. Smaller reserves were required against
time deposits than against demand deposits on the theory that time
deposits turn over much more slowly and that the privilege of requiring
notice of withdrawal provided a safeguard against sudden losses of such
deposits.
In the course of the years before the establishment of the System, however, it had already become evident that reserves alone were not an adequate protection to banks and their depositors. Since withdrawal of


deposits results for an


individual bank in an equal reduction in reserve

FEDERAL RESERVE SYSTEM

19

funds and a much smaller reduction in reserve requirements, reserves are
soon exhausted in case of substantial withdrawals. Gradually it has
become more clearly understood that safety of deposits depends much
more upon the character of other assets of banks than upon legal reserves.
More important than the concentration of reserves, from the standpoint
of helping banks to meet withdrawals, was the additional liquidity given
to bank assets by the Federal Reserve System, with its facilities for rediscounting. The ability of individual member banks to meet large withdrawals of deposits has always been dependent much more upon the possession of balances due from other banks in excess of current needs and
of loans and investments that can be readily sold in the open market than
upon legally required reserves. The Reserve Act increased this ability
by providing additional discount and borrowing facilities for member
banks.
Under the Federal Reserve System reserve requirements have served
primarily as an instrument through which undue bank credit expansion
may be checked and undue contraction of credit mitigated, rather than as
a means of preserving liquidity of banks. Bank reserves are the principal
medium through which the Federal Reserve System exercises its policies
to accelerate or retard credit expansion. If it were not for its power to
influence the volume of reserves and control the cost of obtaining additional reserves, the Federal Reserve System would be unable to discharge
its responsibilities towards maintaining a more stable banking system
and indirectly a more stable economy. The fact that the volume of bank
credit is several times the volume of reserves gives the Federal Reserve
authorities a leverage with which to operate.
AVhen the banking system obtains additional reserves, banks can lend
or invest the funds thus obtained and, as these funds flow through the
clearing system, other banks can relend or reinvest them, and thus the
volume of bank deposits may be gradually expanded to several times the
amount of reserves. For this reason there is an important distinction
between reserves and other money. Reserve money is susceptible of a
multiple expansion, whereas cash or deposits in the hands of the public
cannot be the basis of expansion. The former may be called "highpower" money and the latter "low-power" money, with the low-power
money in the hands of the public and the high-power money in the hands
of the Federal Reserve banks.
Federal Reserve policy, however, is not the only factor affecting reserves of member banks. Individual member banks may obtain reserves
through the clearing system, i.e., through the shifting of funds from other
banks, but for the banking system as a whole reserves are generally
created only through additions to monetary stocks of gold and silver,
through a reduction in the public demand for money in circulation, or
through Federal Reserve operations. Treasury operations at times affect
reserves, but their effects are generally temporary, except when they
 issuance or retirement of Treasury currency. Gold moveinvolve the


20

ANNUAL REPORT OF BOARD OF GOVERNORS

ments and the public demand for currency are not directly influenced by
Federal Reserve policy, except so far as gold movements may be influenced by changes in interest rates. Reserves created through these two
channels are accepted by the Federal Reserve System, which may then
decide whether their effect should be allowed to operate or should be
offset by Federal Reserve operations. The only source of reserves for
which the Reserve System has direct responsibility is its own operations.
The Federal Reserve banks may supply reserves to member banks either
by lending them money or by buying securities or acceptances in the
open market or may reduce member bank reserves by the reverse of these
operations.
When member banks are required to borrow from the Federal Reserve
banks, credit expansion is restrained, since banks are likely to adopt more
restrictive lending policies when they are in debt. Furthermore, the
Reserve banks can make borrowing expensive by raising discount
rates. The System can also influence the volume of reserves directly
by open-market operations. When the System buys Government
securities or acceptances, it pays for them by checks on the Reserve
banks; these checks are deposited with member banks and come to the
Reserve banks where they become member bank reserve balances. The
Reserve System can diminish reserves by selling Government securities
or acceptances or by not replacing them upon maturity. These are paid
for by withdrawals from member bank balances at the Reserve banks,
thereby reducing member bank reserves. Open-market operations are,
therefore, the most direct way of influencing the volume of member bank
reserves. Discount rate policy supplements the effects of open-market
operations. If the banks find themselves short of reserves and borrow,
either because they have lost reserves because of the sale of Government securities by the Reserve banks or through other causes, then the
Federal Reserve System can make the borrowing less or more expensive by changing the discount rate. Open-market operations, therefore,
prepare the way for discount rate policy and make that policy effective.
These, very broadly, are the instruments through which the Reserve
banks can influence the volume of credit. To these instruments the
Banking Act of 1935 added the power to change member bank reserve
requirements within certain limits fixed by law. This enabled the Board
of Governors, when it decided that member banks should have less idle
reserves, to sterilize a part of them by increasing the proportion of reserves that member banks must hold against their deposits.
When reserve requirements are considered from the point of view of
credit control, it appears that with and following the establishment of the
Federal Reserve System not only were member bank reserve requirements
reduced but that in addition the increased elasticity of credit and currency introduced by the System made possible a wider expansion of
credit on a given basis of reserves than was possible under the old bank-




21

FEDERAL RESERVE SYSTEM

ing mechanism. From this point of view the recent increases in reserve
requirements may be considered not only as a method of absorbing
reserves obtained from the gold imports of recent years but also as a
method of reducing the ratio of credit expansion on a given reserve base,
and thereby offsetting the reduction in effective reserve requirements
introduced by the Federal Reserve Act and by developments since its
adoption. These changes will make the instruments of credit policy
exercised by the Federal Reserve System more effective in encouraging or
discouraging the growth of bank credit as may be required in the public
interest.
MEMBER BANK CREDIT

During 1936 there was a considerable growth, for the first time since
1929, in bank loans for commercial and industrial purposes, a cessation
of the prolonged rise in bank holdings of United States Government
obligations, and an increase in holdings of other securities. Deposits
showed a further large increase, and by the end of the year the total of
bank deposits and of currency outside banks was larger than at any
previous time. Bank profits improved considerably in 1936.
LOANS AND INVESTMENTS OF MEMBER BANKS
BILLIONS OF DOLLARS

( JUNE 3O THROUGH 1928; CALL DATES THEREAFTER )

BILLIONS OF DOLLARS

!1

14

— 14

Commercial Loans

12

/ ^

\

\

12

\
i

10

xurity Loans

10

^ \

J
j< 1

8

y

yy

—

\

V

/

ot her Securmes - -4

H

6
- >*"

•-

U.S. Securities

0

1924

Ff

1926

6

A.

\

Real Estate Loans

2

1922

/

—

—

1928

1930

1932

1934

1936

Figures for commercial loans, security loans, and real estate loans partly estimated 1921-1928.

Increase in bank loans.—Resumption on a substantial scale of borrowing from banks for commercial purposes began early in March 1936.
From the middle of 1933 until that time, as shown on the chart, commercial loans of member banks had been less than half of the pre-depression



22

ANNUAL REPORT OF BOARD OF GOVERNORS

volume. A part of the increased supply of funds made available through
large-scale borrowing and spending by the Federal Government found its
way into the accounts of individuals and firms, thus not only enabling
them to repay debts but also relieving them of the necessity of borrowing
from banks for the purpose of financing business expansion. As a consequence for a time repayments equalled or exceeded the extension of new
loans. Writing off of doubtful loans, which had been widespread during
the depression, also continued at many banks, although in diminishing
volume.
Growth in commercial loans to customers in 1936 was almost entirely
at banks in the larger cities throughout the country. The following table
shows for the year the increase in so-called "other" loans to customers
at central reserve city banks in New York and Chicago, at reserve city
banks in the various Federal Reserve districts, and at country banks.
These loans include all loans other than loans on securities, loans to
banks, loans on real estate, acceptances, and commercial paper bought.
They cover, therefore, loans for commercial, agricultural, and industrial
purposes, instalment loans, personal loans, etc., not secured by stocks or
bonds or by real estate. In addition to these loans, holdings of acceptances and of commercial paper bought in the open market also reflect
commercial borrowing.
"OTHER" LOANS TO CUSTOMERS BY MEMBER BANKS

Dec. 31,
1936
(million
dollars)

Million
dollars

Percent

6,041

+ 1,035

+21

1,527
402

+431
+152
4-21

+39
+61

213
59
172
221
96
166
170
144
109
156
149
574
1,881

+++

All member banks
Central reserve city banks:
New York City
Chicago
Reserve city banks, by districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta . . . .
Chicago
St Louis
^Minneapolis
Kansas City
Dallas
.
San Francisco
Country banks—total

Change since
Dec. 31, 1935

+15
+29
+63

+31
-3

+22
+25
+89
+72

+11
+29
+12
+36
+19
+711
+58
+27
-3
+16
+?0

+18
+4

NOTE.—Includes all loans other than loans on securities and on real estate, loans to banks, acceptances, and
commercial paper bought.

At member banks in the two central reserve and 60 reserve cities these
loans to customers increased by $950,000,000, or by 30 percent, during
1936, and increases occurred in all Federal Reserve districts except Minneapolis, where there was a slight decline. At so-called country banks,
most of which are in the smaller cities and in agricultural areas, "other"




FEDERAL RESERVE SYSTEM

23

loans showed an increase of only $70,000,000 for the year. Increases
at city banks were generally larger in the second half than in the first
half of the year, although at reserve city banks in the Boston, Philadelphia, Cleveland, and Chicago districts larger increases occurred in the
first half of the year. Some of the growth was the result of special transactions, such as the purchase of Commodity Credit Corporation notes and
the granting of loans to receivers of closed banks. The first of these had
a substantial influence on the figures for the city of Chicago in July,
and the second was important during the spring in Detroit. The bulk of
the increase in "other" loans, however, reflected a demand for additional
funds by producers and distributors of goods. Loans on real estate by
all member banks increased by $120,000,000 in 1936, the increase being
largely in loans on urban real estate at country banks. In addition to
the increase in loans to customers, reserve city banks reported a small
increase in their holdings of acceptances, but at New York City banks
holdings of acceptances, including own acceptances held by reporting
banks, declined by about $70,000,000.
Loans on securities to brokers and dealers, made mostly by city banks,
increased during the year by $170,000,000, while other loans on securities
declined further by about $100,000,000.
Member bank investments.—Investment holdings of member banks,
which have increased rapidly since 1931, continued to grow in the first
half of 1936, but declined slightly in the latter half. This decrease reflected a reduction by New York City banks in holdings of Government
obligations. Security holdings of member banks outside New York generally increased throughout the year.
Fluctuations in member bank holdings of investments since 1922 are
shown on the chart on page 21. They showed a rapid increase from
1930 to the middle of 1936, accompanying a decline in loans and an
increase in member bank reserves. In the years 1930-1935 total investments of member banks rose by $8,000,000,000. In this period United
States Government obligations, direct and fully guaranteed, increased
by $8,400,000,000, while holdings of other types of securities declined by
about $400,000,000. The increase in member bank holdings of Government obligations comprised nearly half of the additional securities issued
by the Government and its agencies in financing the relief and recovery
program. Over this period country banks took about one-sixth of the
Government obligations acquired by member banks, member banks in
New York City about one-third, and banks in Chicago and other reserve
cities about one-half.
In the first half of 1936, as shown by the table, member banks acquired
another $1,400,000,000 of Government obligations, of which about onesixth was at country banks, about the same amount at reserve city banks,
and the remainder at banks in New York City.



24

ANNUAL REPORT OF BOARD OF GOVERNORS
CHANGES

IN

INVESTMENTS

OF M E M B E R

BANKS,

1936

[In millions of dollars]
Total investments
First
half
All member banks
Central reserve city banks:
New York
Chicago
Reserve city banks
Country banks

Second
half

United States Government obligations
First
half

Second
half

Other securities
First
half

Second
half

+1,907

-77

+1,402

-126

+504

+50

+1,043
+27
+431
+405

-603
+48
+137
+340

+937
-43
+268
+240

-554
+95
+123
+210

+106
+69
+162
+166

-48
-46
+14
+129

The decline in holdings of Government obligations in the second half
of the year was entirely at New York City banks, while at other member
banks there were further increases. In the first half of the year there was
a growth in member bank holdings of other securities of $500,000,000,
which was fairly evenly distributed among the three classifications of
banks. In the last half of the year the increase continued at country
banks, while at city banks there was a slight decline.
The decrease in holdings of Government obligations by member
banks in the last half of 1936 reflected in part adjustments by New York
City banks of their reserve positions in anticipation of possible increases
in reserve requirements and in part the smaller volume of new borrowing
by the Treasury in that period and a change in the type of securities
offered. It would appear that purchases of Government obligations by
nonbanking investors increased in 1936. This was connected with the
fact that of the Treasury issues in 1936 a greater portion consisted of
long-term bonds than in other recent years, and the amount of Treasury
notes and Treasury bills outstanding was reduced. Member banks in
the larger cities, particularly in New York where there are large amounts
of bankers' balances and other deposits subject to quick withdrawal,
generally hold more of the shorter-term obligations than of bonds, but
in 1936 they, too, substantially increased their holdings of bonds. Even
in the latter half of the year, when New York City banks reduced their
total holdings of Government obligations, they bought more long-term
Treasury bonds.
Further growth of member bank deposits.—D e p o s i t s of member
banks increased further in 1936, reflecting a growth of $3,000,000,000 in
loans and investments, an addition of over $1,000,000,000 to monetary
gold stock, and expenditures by the Treasury from previously accumulated balances. Funds from these sources, however, were not reflected
entirely in an increase in deposits, but were partly absorbed by an
increase of nearly $700,000,000 in the volume of currency in circulation.
Total adjusted demand and time deposits of member banks increased
during the year by $3,500,000,000, of which about $2,800,000,000 was




FEDERAL RESERVE SYSTEM

ZO

in demand deposits and $700,000,000 in time deposits. These figures
of deposits are adjusted to exclude bankers' deposits, Government
deposits, Postal Savings redeposited in banks, and cash items in process
of collection. Increases in deposits took place during the year in each
of the Federal Reserve districts but were smallest in the Northeastern
part of the country, particularly in the Boston district, and in the
Western agricultural districts of Minneapolis and Kansas City, which
suffered from severe drought. The largest percentage increases in
deposits were in the Federal Reserve districts of Cleveland, Chicago,
Dallas, and San Francisco. During the first half of the year there were
substantial increases in deposits at central reserve city banks in New
York City and Chicago, aggregating over $700,000,000, but in the second
half the increase at New York City banks was much smaller and at banks
in the city of Chicago there was practically no change.
ADJUSTED DEPOSITS OF MEMBER BANKS
[In millions of dollars]
Dec. 31,
1929

June 30,
1933

Dec. 31,
1935

29,500

20,200

28,800

32,400

5,900
1,400

5,000
1,300

6,800
1,800

7,600
2,000

Reserve city banks

10,000

6,900

10,200

11,400

Country banks

12,200

7,000

10,000

11,400

All member banks
Central reserve city banks:
New York City
Chicago

Dec. 31,
1936

NOTE.—Demand and time deposits other than United States Government deposits, interbank deposits,
and Postal Savings redeposited in banks, and less cash items in process of collection.

As shown by the table, deposits at all classes of member banks have
increased substantially in recent years. Deposits of member banks in
central reserve and reserve cities at the end of 1936 were $3,700,000,000 or
21 percent greater than at the end of 1929, but those at country banks
were somewhat smaller than in 1929. This difference is due to a combination of factors, among which is the fact that losses of deposits through
bank failures during the depression were relatively larger among country
banks than among city banks. A more important factor was the accumulation of idle funds, especially during the early stages of depression, at
banks in the financial centers. Percentage increases in deposits since 1933
have been somewhat smaller at banks in New York and Chicago than
elsewhere, and during the latter half of 1936 the percentage increase at
country banks was half again as large as at city banks. Deposits at
banks in New York City and Chicago showed much smaller increases
than in other cities. The recent movement has been toward a redistribution of deposits more in accordance with the pre-depression pattern.
Deposits at all banks.—At the end of 1936 the volume of deposits in
all banks, including mutual savings banks, nonmember commercial




26

ANNUAL REPORT OF BOARD OF GOVERNORS

banks and the Postal Savings System, as well as member banks, was
larger than ever before. The extent to which bank deposits have expanded since the low point of 1933 is brought out by the chart, which
shows the estimated volume of deposits in all banks and the Postal Savings System, beginning with 1920. As a result of bank failures, currency
hoarding, and the decline in bank loans and investments, the volume
of deposits fell sharply between 1930 and the middle of 1933 to about
what it was in 1921. There had been a rapid growth in deposits,
accompanying the inflow of gold from abroad and the expansion in
DEPOSITS AT BANKS IN UNITED STATES
BILLIONS OF DOLLARS

C

JUNE 3 0

™ R 0 U G H 1928; CALL DATES THEREAFTER )

BILLIONS OF DOLLARS

60

60
Total Deposits
50

( Excluding interbank

50

40

30

40

Demand Deposits-Adjusted

30

(including U.S.Government deposits)

20

20

10

10

1920
1922
1924
1926
1928
1930
1932
1934
1936
Demand deposits are adjusted to exclude interbank and United States Government deposits
and cash items in process of collection, and time deposits at commercial banks exclude
Postal Savings redeposited. Figures included for nonmember banks, other than mutual
savings banks, are partly estimated. Deposits at private banks are not included.

member bank credit, during the 1920's. In that decade the growth in
deposits was largely in time deposits. Growth in deposits since the
middle of 1933 has been more rapid and has occurred mostly in deposits
subject to check, reflecting in part requirements by banks of minimum
balances on checking accounts and refusal by many banks to accept
and pay interest on large amounts of time deposits. Demand deposits
at the end of 1936 reached an all-time peak of $25,100,000,000 and were
12 percent larger than in 1929. There has also been considerable increase
in the amount of currency in circulation outside the banking system.
During 1936 the total of deposits and currency increased by $5,100,000,000 to a peak of $57,100,000,000, which was about $2,500,000,000 or 5
percent above the pre-depression level.
Velocity of deposits.—The volume of checks drawn against bank
deposits in 1936 remained well below the volume of pre-depression years,




FEDERAL RESERVE SYSTEM

27

indicating that the average rate of turnover of deposits, as measured
by the ratio of check payments to deposits, was relatively low, owing
in part to the large volume of bank deposits held idle awaiting investment or other use. The rate of turnover of deposits in all banks, excluding interbank deposits and deposits in mutual savings banks, has continued since 1933 at about 15 times per annum. This compares with
a turnover of about 20 times per annum in the period 1922-1926, prior
to the stock-market boom that culminated in 1929.
Bank earnings and expenses.—Member banks in 1936 showed a large
increase in net profits, notwithstanding the continued low level of interest
rates. Current earnings and expenses increased slightly over 1935 and
net earnings continued at about 1.3 percent of total loans and investments, compared with 1.7 percent in 1928. The increase in profits resulted
from a substantial decline in losses and a considerable increase in recoveries and in profits on securities sold, and reflected principally improvement in business and agricultural conditions, rising commodity
prices and security and real estate values, and general betterment in the
financial standing of individuals and business firms.
Net profits of member banks in 1936 were about 9 percent of total
capital funds, or more than double the corresponding ratio for 1935 and
close to those for 1928 and 1929. In 1932, 1933, and 1934 the banks
showed deficits, owing to the charging off of large losses on loans and
investments, but net profits reappeared in 1935 when total losses and
depreciation charges declined to the smallest amount since 1930 and
recoveries, profits on securities sold, etc., increased. In 1936 recoveries,
profits on securities sold, etc., exceeded losses and depreciation.
MONEY IN CIRCULATION

There was a further increase during 1936 in the volume of money
in circulation, that is, currency outside of the Treasury and the Federal
Reserve banks. The growth amounted to $660,000,000 during the year,
following one of $350,000,000 in 1935. The continued increase in circulation during 1936 reflected principally an increase in payrolls and retail
trade at rising wage rates and retail prices. A factor in midsummer
was the redemption in cash of veterans' adjusted service bonds. Other
factors accounting for the continued increase in demand for currency
during recent years were the continued spread of service charges on
small bank accounts, the holding of local government funds in cash
because of the prevalence of low interest rates, the effect of low rates
on the inclination of the general public to hold more funds in cash rather
than on deposit with banks, and the fact that banking facilities are less
conveniently located for some communities than before the depression.
This increased currency demand apparently has not been met to any
considerable extent by a return into active circulation of currency previously withdrawn for hoarding.



28

ANNUAL REPORT OF BOARD OF GOVERNORS

For most denominations of currency the increase during 1936 was
about 10 percent. The increases in coin and paper money in denominations of $20 or less reflected growing demands for business purposes and
for pocket money. Larger denomination currency increased in part
as a result of the redemption of adjusted service certificates.
M O N E Y I N CIRCULATION BY DENOMINATIONS

[Amounts in millions of dollars]
Increase for year
Denomination

Dec. 31,
1935

June 30,
1936

Dec. 31,
1936
Amount

$5 and less
$10
$20
$50 and $100
$500 and over
Total 1

Percent

1,786
1,373
1,359
985
384

1,832
1,468
1,466
1,081
397

1,957
1,563
1,501
1,106
425

171
190
142
121
41

10
14
10
12
11

5,882

6,241

6,543

661

11

1
Total excludes unassorted amounts held n Treasury and Federal Reserve banks and $1,000,000 of
currency of unknown denominations reported by the Treasury as destroyed, which are included in the
figures by denominations.

Most of the increase in currency was in Federal Reserve notes, of
which $4,230,000,000 were in circulation at the end of the year as against
$3,670,000,000 a year earlier. There was an increase of $230,000,000 in
silver certificates. Redemption of national bank notes, Federal Reserve
bank notes, and gold certificates continued and reduced these kinds of
currency in circulation by $190,000,000 during the year.
The largest monthly increase in circulation in 1936 occurred during
June. Under the Adjusted Compensation Payment Act of 1936 redemption of adjusted service certificates was begun on June 15, 1936. Payment to veterans holding certificates was made by issuance of bonds in
denomination of $50, together with checks for odd amounts. The bonds
will mature on June 15, 1945, but were redeemable immediately, and
many were cashed. This was responsible for a much larger than seasonal
increase in the amount of money in circulation during the latter part
of June. In other recent years the increase during the last three weeks
of June had been about $50,000,000, while in 1936 it was $310,000,000.
In this period the growth was largest in currency of denominations of
from $10 to $100.
During the following month the return of currency from circulation
was $50,000,000 larger than usually occurs during July but considerably
smaller than the increase during June. Currency of $10 to $100 denomination showed a larger than seasonal return, although in each case the
return was not as much as the earlier increase. Smaller denominations
decreased by about the usual seasonal amount in July. During the
following months there was a seasonal increase in the amount of
currency in circulation.




29

FEDERAL RESERVE SYSTEM
MONEY RATES AND BOND YIELDS

Short-term money rates continued at exceptionally low levels during
1936, and long-term rates, as reflected in bond yields, declined further.
In the summer of 1936, at the time of the announcement of the increase
in reserve requirements, the rate on 90-day bankers' acceptances was
raised from 1/8 to 3/16 of 1 percent. There were no other changes
until December when some of the more sensitive short-term open-market
rates showed small increases. This upward movement continued in the
early months of 1937.
As shown in the chart, money rates declined almost continuously from
1929 to 1935, with brief interruptions in the autumn of 1931, when
England and a number of other countries suspended specie payments
and gold was leaving this country in large volume, and again during
the banking crisis in 1933. From the middle of 1934 to the end of 1936
rates in the open market on short-term paper were extremely low and
showed little change, and rates charged customers by banks in leading
cities and bond yields continued to decline in 1935 and 1936.
MONEY RATES

Treasury Notes
\

4 | ( 3 - 5 years )

V
1927 1928

1929 1930

1931

1932 1933

1934 1935 1936 1937

Monthly figures; those for customer loans are averages of prevailing rates charged by
banks in 36 cities; others are averages of daily figures: Moody's Aaa corporate bonds,
outstanding Treasury notes of 3-5 year maturities, and 90-day bankers' acceptances.

Rates on bankers' and Treasury bills were generally below ^ of 1
percent from the middle of 1934 through 1936. The lowest level reached
by bankers' acceptances before 1930 was 2 percent in 1924. The rate on
call loans with stock exchange collateral, until recent years the most important open-market rate, declined to % of 1 percent in 1935, but was




30

ANNUAL REPORT OF BOARD OF GOVERNORS

fixed in May 1936 at 1 percent. There were only six scattered years in
the period from 1890 to 1930 when this rate averaged below 2 percent and
in only one month did it average less than 1 percent. Open-market commercial paper, which for more than half a century has been a popular
medium for investment of short-term funds by country banks, was at a
rate of % of 1 percent from early in 1935 until early in 1937. The lowest
quoted commercial paper rate prior to 1930 was 3 percent in 1924.
Prices of bonds continued to rise in 1936, and yields on high-grade
long-term bonds, which were at the lowest levels since the early years
of this century, declined further. Long-term United States Government
bonds sold in the latter half of 1936 on a yield basis of less than 2%
percent. The lowest level reached by these bonds in the twenties was
d1/^ percent. Pre-war rates are not comparable because most United
States Government bonds then bore the circulation privilege, which
was at that time of considerable value. The highest-grade corporate
bonds sold in 1936 on a yield basis of 3 to 3% percent, compared with
a low level for the twenties of 4 to 4% percent and with 3*4 to 3y2
percent in the years around the turn of the century.
Low money rates prevailing in recent years were the result of the
large supply of funds seeking profitable use and the small demand from
acceptable borrowers. Excess reserves of banks were the principal factor
of supply in the short-term market and were also an important influence
in the decline in long-term rates. The abundant supply of available
funds, together with the small demand for loans, encouraged banks to
buy large amounts of securities, particularly United States Government
obligations, and bank holdings of securities were the largest on record
not only in total amount but also in proportion to total bank assets.
The abundant supply of investment funds held by others than banks
was also a factor in the low yields on long-term obligations. Insurance
companies, other institutional investors, corporations, and individuals
have in recent years held a large volume of idle deposits awaiting investment. Continued business recovery and improved corporate earnings
to some extent encouraged active investment of these funds. Many
investors, holding idle funds awaiting the return of what they would
consider as normal interest rates, gradually began to put funds to use
at prevailing rates.
STOCK MARKET AND SECURITY LOANS

Prices of stocks, as well as of bonds, advanced further in 1936, reflecting
both investment and speculative demand. There was a sharp decline in
stock prices in the spring of 1936, following a sustained advance during the
preceding year and a marked increase during January in 1936. The
spring decline was brief and the advance was soon resumed. The sharpest increase of the year occurred between late September and early
November. For the year as a whole average prices of common stocks




FEDERAL RESERVE SYSTEM

31

increased by about 25 percent, and during the latter part of the year the
average for shares of industrial corporations was at its highest level since
the middle of 1930 and utility and railroad shares were higher than at
any time since the latter part of 1931. The volume of trading in stocks
on the New York Stock Exchange as measured in number of shares sold
was larger during 1936 than in 1934 or 1935.
While buying of securities during 1936, as in 1935, was largely with
funds already available and was not to any considerable extent based on
additional credit, there was some growth in the amount of credit used for
speculative activity. Stock exchange firms reported an increase of about
$140,000,000, or 10 percent, in advances to their customers for margin
trading, and loans by banks to brokers and dealers in securities showed
a similar increase. There was an increase of nearly $100,000,000 in
advances by brokers to customers during the first quarter of the year and
a corresponding decline in the next two months, after the Board increased
margin requirements. In the last half of the year they showed a steady
increase, which continued in the early months of 1937. Other loans on
securities by banks showed little change during 1936.
Foreign buying of securities in the United States was substantial in
the course of the year, amounting on balance to about $600,000,000 of
American securities and about $190,000,000 of foreign securities.
Increase in margin requirements.—In January and again in March
the Board of Governors took measures to restrict the use of credit for
purchasing and carrying securities. On January 24, 1936, the Board of
Governors, acting under the powers granted it by the Securities Exchange
Act of 1934, amended Regulation T, effective February 1, to increase
margin requirements on loans made by brokers and dealers in securities.
Under the new rule, the minimum required margin on loans collateraled
by securities that had had the largest increases in price was raised from
45 to 55 percent of the current market value of the securities.
At the time of this action of the Board, the stock market had been
showing increasing activity at advancing prices for a period of nearly
10 months. Average prices of common stocks had increased by about
50 percent during the first 8 months of this period, from March to November, 1935, representing the most sustained advance in the stock market
since 1929. In the late autumn of 1935 the upward movement was interrupted but it was resumed before the end of the year and at the time
of the Board's action in January 1936 the advance was proceeding at
an accelerated rate. By this time most stocks had advanced in price to
a point at which, notwithstanding the margin requirements then in
effect and their so-called "anti-pyramiding" feature, withdrawal of profits or their use as margin for further commitments was again possible.
At that time there also were evidences of increased borrowing by brokers'
customers, and to some extent by the brokers themselves, for the purpose
of purchasing and carrying securities.



32

ANNUAL REPORT OF BOARD OF GOVERNORS

Customers7 borrowings from brokers had shown a continuous increase
after the middle of 1935, and during the last 4 months of 1935
had increased by about $200,000,000, while brokers' borrowings from
banks during the same period had increased by approximately $150,000,000, or about 20 percent. Funds making it possible for brokers to increase their loans more rapidly than their borrowings were derived largely
from an increase in the credit balances held with brokers by their customers.
Regulation U.—On March 24, 1936, the Board adopted a regulation
(Regulation U) relating to loans by banks for the purpose of purchasing
or carrying stocks registered on national securities exchanges. This
regulation, which applies to all banks in the United States, whether or
not members of the Federal Reserve System, was issued pursuant to the
provisions of Section 7 of the Securities Exchange Act of 1934 and
relates to loans made on or after May 1, 1936.
The Securities Exchange Act of 1934 required the Board to issue regulations with respect to loans on registered securities by brokers and dealers
in securities. In order to prevent circumvention of such regulations, the
act also authorized the Board to issue regulations relating to loans made
by banks and others for purchasing or carrying registered securities. For
a year after October 1, 1934, the effective date of Regulation T, relating
to loans by brokers and dealers, bank loans on securities to others than
brokers and dealers had declined. In the autumn of 1935, however, the
decline had ceased. Since liquidation of old security loans continued, it
appeared that banks had been making new loans on securities. Margin
requirements on loans by brokers increased during the period, largely as
a result of the automatic operation of the statutory margin formula prescribed in Regulation T and partly because of the increase in margin requirements made by the Board effective February 1, 1936. As a result
of these increases there was a growing differential between the amount
that could be borrowed on a given security from a broker and from a
bank.
In order to place borrowing for speculative purposes, whether from
brokers or from banks, on as nearly an equal basis as the law and the
differences in the nature of the enterprises would permit, and in order to
place the Board of Governors in a better position to control a speculative
expansion, the Board adopted Regulation U, fixed a uniform margin
requirement of 55 percent on loans subject to Regulation U, and amended
Regulation T, effective April 1,1936, to place the margin requirements on
loans by brokers and dealers on the same basis. Adoption of the 55-percent requirement in Regulation T made the required margins on all registered securities the same as those previously required on securities that
had had a rapid rise in price. About three-fourths of the trading in stocks
on the exchanges was in securities already subject to these higher require


FEDERAL RESERVE SYSTEM

33

merits, and the new rule raised the requirements for all registered securities to the same level.
Change in basis of determining margins.—In prescribing a minimum
margin of 55 percent, the Board departed from the formula stated as a
standard but not prescribed in the Securities Exchange Act of 1934.
Modification of the margin formula laid down in the act, in accordance
with changes in conditions, is specifically authorized by the act. The
formula provided for a sliding scale of required margins varying from
25 to 45, later from 25 to 55, percent of market value, according to the
extent that a security had advanced in price above its lowest price since
July 1, 1933. Under this formula there occurred an automatic advance
in margin requirements with rising prices of securities.
The average level of margin requirements on actively traded securities
had advanced, without any action by the Board, from about 30 percent
of current market value at the time when Regulation T went into effect
in October 1934 to over 40 percent early in 1936, and by March 1936 the
margin required on most active stocks had reached 55 percent, the
maximum figure of the sliding scale.
A margin requirement expressed as a single percentage of current market value is simpler and more easily understood than the statutory
formula, and has also long been generally used by banks in determining
margins on security loans. It was the judgment of the Board, therefore,
that a flat rate for banks would best serve the public interest. For the
sake of uniformity the same requirement was adopted also for loans by
brokers.
By raising margin requirements the Board is in a position to restrain
the demand for credit from speculators in the stock market without
restricting the supply available for other borrowers. This method differs
from other means of credit control in that it affects directly the demand
for credit rather than the available supply or cost, thus exercising a
restraint on speculation without limiting the supply or raising the cost of
credit to agriculture, trade, and industry.
CAPITAL ISSUES

Security issues by domestic corporations showed a marked expansion
in 1935 and 1936 in response to improved business prospects, the abundance of investment funds, and low interest rates. Securities sold by
domestic corporations during 1936 reached a total of about $4,600,000,000, double that of 1935. The 1936 total is about 70 percent of the
annual average for the pre-depression period 1925-1929, and is to be compared with an annual average of $500,000,000 during the period 19321934, as shown in the following table.



34

ANNUAL REPORT OF BOARD OF GOVERNORS
CAPITAL ISSUES
[In millions of dollars]

Period

1925-1929—annual average
1932-1934—annual average
1935—total
1936—total

Total
domestic
and
foreign
9,134
1,658
4,699
6,214

Domestic corporate
Total
6,322
505
2,267
4,579

Refunding
1,249
283
1.864
3,387

New
capital
5,073
221
404
1,192

NOTE,—Figures for domestic issues were compiled by the Commercial and Financial Chronicle and exclude
U. S. Government issues other than guaranteed issues publicly offered.

Corporate issues in 1936 comprised three-fourths of all capital issues7
according to statistics compiled by the Commercial and Financial Chronicle, which exclude direct obligations of the United States Government.
In 1935 corporate issues were about half and in the period 1932-1934
they were less than a third of the total.
Publicly-offered issues by States and municipalities and by Federal
agencies, excluding direct obligations of the United States Government,
declined from $2,400,000,000 in 1935 to $1,500,000,000 in 1936, reflecting
principally the completion of substantial refunding operations by the
Federal land banks.
In contrast with the 1925-1929 period, the major part of the securities
issued by domestic corporations during 1936, as during the preceding
year, was for the purpose of refunding outstanding issues. In 1936, however, there was an increase in the amount and proportion of security
issues for new capital purposes, and the total of $1,200,000,000 for the
year was three times that for 1935. It was, however, still small as compared with the 1925-1929 period when the annual average was about
$5,000,000,000, including a substantial amount of funds raised for purchase of securities and some used for payment of loans. Available information indicates that during the past two years an increasing proportion of the issues for new capital has been for working capital purposes
and for real estate, plant, and equipment rather than for repayment of
bank loans and other unfunded debt.
Notwithstanding the larger volume of corporate security issues in 1936
for new capital purposes, the major part of public offerings of securities
for new capital funds continued, as in other recent years, to come from
the Federal Government and from State and local governments. In
addition to about $800,000,000 of issues to raise new funds offered
by State and local governments and by Federal credit agencies in 1936,
the Federal Government showed an increase of about $3,600,000,000
during the year in the outstanding amount of its publicly offered securities with maturities of 1 year or more. New funds were raised by the
Federal Government during 1936 in part for redemption of $1.,300,000,000
of the adjusted service certificate bonds issued to veterans in June.



FEDERAL RESERVE SYSTEM

35

During the period 1932-1935 issues for new capital purposes by State
and local governments and by Federal credit agencies, together with the
increase in outstanding publicly offered bonds and notes of the United
States Government, averaged about $3,700,000,000 per year. This compares with an annual average amount of $300,000,000 offered by domestic
corporations for new capital purposes. In 1936 the issues by governmental bodies and credit agencies were slightly above the annual average
for the 1932-1935 period, while the total issued by domestic corporations
was more than four times as large as in that period.
In 1936 Federal credit agencies issued small amounts of obligations
guaranteed by the United States Government not included in the statistics of publicly-offered issues. The increase during 1936 of $170,000,000
in amount outstanding compares with an increase of $1,400,000,000 for
the year 1935, in which the emergency programs of refinancing distressed
farm and home mortgages were practically completed. The major part
of the 1936 increase was in Home Owners' Loan Corporation bonds, which
were issued last year largely in payment of subscriptions for shares
of building and loan associations. Lending operations of the Home
Owners' Loan Corporation ceased in June 1936.
BUSINESS CONDITIONS

Recovery in business proceeded further in 1936. The volume of industrial production and of construction increased considerably and there
was also a general rise in the number employed. Income in both urban
and rural areas was larger than in 1935, and the distribution of commodities to consumers increased substantially. There was a widespread
advance in wholesale commodity prices toward the close of the year.
Capital values increased during the year, with security prices rising
sharply and real estate prices, for both urban and rural property, showing a gradual upward movement.
The volume of industrial output for the year as a whole was 105 percent of the 1923-1925 average as compared with 90 in the preceding
year and a low of 64 in 1932. The movement during 1936 was generally
upward, with an average in the third quarter of 108 and in the fourth
quarter of 115, a level not far below the average of 119 for the year 1929.
Accompanying the increase in production there was an even greater increase in the demand for goods, with the consequence that a substantial
volume of unfilled orders had accumulated by the end of the year.
Shortages of equipment appeared in some industries, and orders for new
machinery increased further.
Continued increase in activity in steel-consuming industries and at
steel mills was an outstanding development of 1936. Buying by railroads and the construction industry showed a marked rise from relatively
low levels and many other industries, particularly those producing
machinery, also increased their purchases of steel. Sustained general




36

ANNUAL REPORT OF BOARD OF GOVERNORS

strength in demand for steel was reflected in a 40 percent increase in output of steel ingots and in price advances for finished steel as well as for
steel scrap and pig iron. Automobile production in 1936 amounted to
4,450,000 cars, representing an increase of 13 percent from 1935 and the
largest annual output for any year except 1929 when 5,360,000 cars were
produced. In the lumber industry output showed a further increase,
reflecting in large part continued growth in the volume of building and
increased activity in the furniture and other wood-fabricating industries.
Altogether, output in industries manufacturing durable goods increased
over 1935 by approximately a third, and by the end of the year was at
about the level of the latter part of 1928, as is shown on the accompanying chart.

INDEX OF MANUFACTURING PRODUCTION
(ADJUSTED FOR SEASONAL VARIATION, 1923-25 AVERAGE FOR TOTAL MOO)
POINTS IN TOTAL INDEX

POINTS IN TOTAL INDEX

130

130
All Manufactures
( IN F. R. INDEX )

1927

1928

1929 1930

1931

1932 1933

1934

1935 1936

Output of nondurable manufactures increased considerably in 1936,
particularly during the second half of the year, and by the close of the
year output in this group of industries was above the 1929 level. Activity
in the textile industry, after a moderate decline during the early part of
the year, showed a rapid advance to new high levels, and total output in
1936 was about as large as in the peak years 1927 and 1929. Petroleum




FEDERAL RESERVE SYSTEM

37

refining and output of tobacco and leather products readied new high
levels in 1936.
Production at mines also increased during 1936. Output of petroleum
was larger than in any previous year and about 50 percent above the
1923-1925 average. Coal production increased to about 80 percent of the
1923-1925 average. Output of nonferrous metals and of iron ore also expanded considerably.
In construction there was a further increase in activity in 1936 and
the total physical volume of construction was at a level about two-thirds
that in the latter half of the 1920's. As in other recent years, public projects continued to constitute a greater proportion of all construction work
than in the period preceding the depression. During 1936, however, as
in 1935, the expansion that occurred was largely in privately-financed
projects. Residential building continued the increase begun in the early
part of 1935 and there was a considerable expansion in industrial and
commercial construction. Rents on residential properties increased during the year as additions to the supply of dwelling units were small in
relation to the increase in demand accompanying recovery.
The electric power industry operated at record levels in 1936 and
increased its construction expenditures, as compared with the exceptionally small outlays of recent years. Although plant expansion by this
industry continued at a high level later than in most other industries—
the peak being in 1930—it appears that in the latter part of 1936 consumption, at least in some areas, was close to productive capacity.
On the railroads there was likewise a considerable expansion in activity, particularly in the latter half of the year, and as volume of traffic
expanded, outlays for construction and equipment increased somewhat.
The financial position of the railroads, however, while showing considerable improvement in 1936, has been a factor limiting expansion in capital expenditures.
Agricultural production, which, as a whole, shows much smaller fluctuations from year to year than manufacturing, mining, or construction, increased slightly in 1936 over the low level of the preceding year, according to figures of the Department of Agriculture. Cotton production was
larger and output of truck crops and of citrus fruits was in record volume,
while other fruit crops were small and output of feedstuffs was sharply
reduced as a result of the drought. Livestock slaughter increased considerably.
The substantial growth in economic activity in 1936 was accompanied
by a general rise in the number employed and also in the average number
of hours worked per week. The most marked increases in employment
were at factories and on construction projects, but increases in many other
lines were considerable. Employment by the public utilities, which at the
beginning of 1936 was little above the depression low, increased some-




38

ANNUAL REPORT OF BOARD OF GOVERNORS

what during the year and employment on railroads showed a more
marked increase than in any other year of the recovery period. The
number of workers in trade and service industries also rose further.
Altogether, 2,000,000 more were employed in non-agricultural pursuits
at the end of 1936 than a year earlier.
While the total number of unemployed continued large, it was considerably reduced during the year and shortages of skilled labor developed
in certain occupations, particularly the metal trades. During the depression many skilled workers in some lines, such as the building trades, had
shifted to other types of work and there had been little training of apprentices. With increased demand for skilled workers, however, some
returned to former occupations and the number of apprentices in training
increased.
WHOLESALE PRICES
PER CENT

PER CENT

(I926 = IOO)

110
1OO

1OO

1932

1933

1934

1935

1936

Wholesale prices showed a general advance during the last two months
of 1936, following a period of three years in which price changes had been
limited for the most part to agricultural commodities. At the end of the
year the general level of wholesale prices, according to the index of the
Bureau of Labor Statistics, was at 84 percent of the 1926 average, compared with 81 percent at the beginning of the year.
Price changes during 1936 and other recent years are shown for three
groups of commodities in the accompanying chart. Prices of farm products and foods declined in the spring of 1936, reflecting primarily reductions in prices of livestock and their products. Invalidation of processing taxes in January 1936 contributed directly to declines in the prices of



FEDERAL RESERVE SYSTEM

39

pork and flour and also to a decline in cotton textiles. During the summer prices of agricultural commodities advanced, owing in part to reductions in many crops as a result of widespread drought, and in the last
two months of the year prices of agricultural commodities rose further.
Throughout the year consumers' demands for agricultural products
were increasing. Toward the end of the year there was a marked
rise in prices of industrial commodities, with the most pronounced increases in raw and semi-manufactured materials, particularly metals,
lumber, rubber, wool, and hides and leather. This price advance for industrial commodities reflected the continued growth in consumption of
industrial materials both in domestic and foreign markets, declining
stocks of many commodities, buying for armament purposes, and some
speculative buying. Many industrial and commercial purchasers placed
large forward orders, partly to avoid price increases and to be assured of
supplies adequate for an increased volume of business. Retail prices of
commodities were somewhat higher in 1936 than in the preceding year.
National income in 1936 was about $63,800,000,000, according to estimates of the Department of Commerce, and the rate of payment in the
latter part of the year was higher. This compares with a high level of
$80,800,000,000 in 1929 and a low level of $39,500,000,000 in • 1932.
Prices, it may be noted in this connection, were lower than in 1929 and
higher than in 1932.
Factory payrolls continued to expand rapidly during the year and
there was also a sharp rise in payrolls on private construction projects.
In trade and other types of nonmanufacturing activity wage payments
showed increases of somewhat smaller proportions. For the most part
the growth in payrolls represented an increase in the number of employees and in the average number of hours worked, but part of the
growth at the end of the year reflected numerous wage rate increases,
the first significant change in rates in more than two years. The principal
increases in wage rates were in manufacturing, but there were also advances in the mining and construction industries.
Cash agricultural income increased 11 percent in 1936 to $7,900,000,000
as compared with a low of $4,300,000,000 in 1932 and an average level of
•$10,000,000,000 in the second half of the 1920's. Income from marketings
increased by $1,100,000,000 over 1935, while Government payments to
farmers declined by $300,000,000.
Profits of large industrial corporations for which reports are available
were about 50 percent larger in 1936 than in 1935 and more than double
those of 1934. Net earnings of public utility companies in 1936 showed
an increase of about 20 percent, and railroads reported a substantial net
income in 1936 in comparison with a deficit in 1935. Corporate cash
dividend declarations, according to figures compiled by the New York
Times, reached a total of $4,100,000,000 in the calendar year 1936, an



40

ANNUAL REPORT OF BOARD OF GOVERNORS

increase of 40 percent over 1935. A large part of this increase occurred
during November and December 1936 when cash dividend declarations
were $1,360,000,000 or 82 percent more than in the corresponding months
of 1935.
Distribution of commodities to consumers increased steadily throughout 1936 and at a more rapid rate than in any other year of the recovery
period. With considerably larger individual incomes in both urban and
rural areas, the expansion was general for practically all lines of wholesale and retail trade and for all parts of the country. There was a growth
in the proportion of retail business done on an installment basis, reflecting a marked rise in consumer purchases of automobiles and other durable
goods, which are commonly bought on the installment plan, and an
increasing tendency to finance purchases of less durable goods such as
clothing.
Merchandise foreign trade of the United States showed a further increase in 1936, but was still considerably below the volume of pre-depression years. Value of imports rose by a greater amount than value of
exports, and the excess of exports was only $34,000,000, compared with
$235,000,000 in 1935. The greater part of the rise in exports in 1936,
as in the two preceding years, was in finished manufactures but there
was also some further growth in exports of semifinished manufactures.
Total exports of agricultural products declined, reflecting chiefly smaller
shipments of cotton.
The rise in imports was general. Imports of crude and semifinished
materials increased further, accompanying growth in industrial activity,
and imports of foodstuffs showed a continued rise, partly as a result of
drought in this country. There were also larger imports of many types
of finished manufactures.
DEVELOPMENTS IN THE COMMERCIAL BANKING STRUCTURE

During 1936 there was a small decrease in the number of commercial
banking offices. A decrease in the number of banks, exclusive of mutual
savings banks, was partly offset by an increase in the number of
branches. The decline in the number of banks reflected largely consolidations, absorptions, and mergers of banks, especially among institutions
not members of the Federal Reserve System. Bank suspensions in 1936
numbered 44, involving $11,000,000 of deposits, most of which were
covered by deposit insurance. The number of member banks of the
Federal Reserve System showed a slight decrease in the year. There was
an increase in branches, largely within the membership of the Federal
Reserve System and located outside of the city in which the head office
of the bank is located.
Banks, branches, and banking offices.—During 1936 the number of
commercial banks decreased from 15,217 to 15,023, while the number of



41

FEDERAL RESERVE SYSTEM

branches increased from 3,118 to 3,235. As a result there was a decline
of only 77 banking offices, that is, from 18,335 to 18,258. The number
of banks was reduced by 176 because of consolidations, absorptions, etc.,
by 58 because of voluntary liquidations, and by 44 as the result of suspensions. These reductions were offset by 69 primary organizations and
15 reopenings following suspensions.
During the year 88 branches were established de novo, 16 banks were
converted into branches, while 47 branches were discontinued. Most of
the additional branches were located outside the head office city of their
parent banks, while many of the discontinued branches were located
in the head office city of the parent banks. Many of the additional
branches established were located in Pacific Coast States. Changes in
the number of banks, branches, and banking offices by classes of banks
are shown in the following table.
CHANGES IN BANKS, BRANCHES, AND BANKING OFFICES, DURING 1936, BY CLASS OF
BANK
Increase ( + ) or decrease ( —)
in 1936

Dec. 31, 1936
Clasa of bank
Banks l

National
State member
Total member
Nonmember:
Insured
Uninsured
Total

Branches

Banking
offices

Banks 1

Branches

5,325
1,051

1,401
983

6,726
2,034

+50

-61

+72
+31

+11
+81

6,376

2,384

8,760

-11

+103

+92

7,592
1,055

808
43

8,400
1,098

-142
-41

+ 14

-128
-41

15,023

3,235

18,258

-194

+ 117

-77

Banking
offices

1
Exclusive of mutual savings banks, private banks not under State supervision and trust companies and
other financial institutions which do not receive deposits but which are included in State bank abstracts.

Changes in membership.—The number of Federal Reserve member
banks decreased by 11 during 1936 to 6,376 at the end of the year.
There were 61 fewer national banks and 50 additional State member
banks. Additions to membership, as shown in the following tabulation,
resulted principally from admissions of State banks to membership, while
the largest losses of members were due to the discontinuance of banks
through consolidations, absorptions, and liquidations. There were 17
national banks which converted to State nonmember banks and 7 State
banks which withdrew from membership. The primary organization of
6 national banks during 1936 constitutes the smallest number of such
organizations in any calendar year since the beginning of the Federal
Reserve System. On December 31, 1936, member banks constituted
42 percent of the number and held 84 percent of the loans and investments of all banks in the United States other than mutual savings banks.
These ratios were substantially the same as those of December 31, 1935.



42

ANNUAL REPORT OF BOARD OF GOVERNORS
CHANGES IN THE NUMBER OF MEMBER BANKS DURING

1936

National
Number of active member banks at beginning of year
Increases:
Primary organizations
Reopenings of suspended banks
Conversions (including successions):
National banks from nonmember banks . .
National banks from State member banks
State member banks from national banks
Admissions of existing State banks to Federal Reserve membership
Total increases
Decreases:
Suspensions
Conversions (including successions):
National banks into nonmember banks
National banks into State member banks
State member banks into national banks
Withdrawals of State banks from Federal Reserve membership
Consolidations, absorptions, liquidations, etc
Total decreases
Net change
Number of active member banks at end of year

State
member

5,386

1,001

6
1

Total

6,387
8
1

»

6
1
70

6
4
1
70

73

90

1

1

17.
1

4.
7
12

17
1
4
7
71

4

17

59'
78

23

101

-61

+50

-11

5,325

1,051

6,376

1
Includes a newly organized State member bank which succeeded a State member banic, a national bank,
and an insured nonmember bank.

Additional information regarding the nature of the changes in State
bank membership during the year 1936 is given in the following tabulation :
Deposits as of
Dec. 31, 1936

Admissions of State banks to membership:
68 insured State banks
$145,485,000
2 noninsured State banks
3,174,000
1 newly organized bank—to succeed a State member bank, a national bank, and a nonmember insured bank
12,790,000
1 newly organized bank—to succeed a national bank
627,000
1 newly organized bank—primary organization
264,000
Deposits as of
Dec. 31, 1935

Decreases in State bank membership:
1 voluntary liquidation
6 voluntary withdrawals—banks continuing as insured nonmember
banks
1 voluntary withdrawal—bank also withdrawing from F. D. I. C.
insurance
4 conversions into or successions by national banks.
6 absorptions by or consolidations with national banks
4 absorptions by or consolidations with other State member banks. .
1 absorption by an insured nonmember bank

$50,000
2,128,000
2,642,000
10,938,000
6,781,000
17,646,000
105,000

Suspensions.—During 1936 there were 44 bank suspensions involving
$11,306,000 of deposits. For the third consecutive year there were no
suspensions among State member banks. The one national bank which
suspended had deposits of $507,000. Of the remaining 43 suspensions,
40 with deposits of $10,207,000 were insured nonmember banks and 3
with deposits of $592,000 were uninsured institutions. About 90 percent



FEDERAL RESERVE SYSTEM

43

of the deposits of the insured suspended banks and 99.5 percent of the
depositors were fully covered.
Reconstruction Finance Corporation investments in banks.-^-At the beginning of 1936 the Reconstruction Finance Corporation had an investment of $889,000,000 in the preferred stock, capital notes, and debentures
of banks, including a small amount of loans on such securities. During
the year this investment was decreased by $225,000,000 to $664,000,000.
More than one-half of the reduction resulted from the complete retirement of such issues by four large banks. Loans to the receivers of
closed banks and other loans to banks by the Reconstruction Finance
Corporation were substantially reduced during the year.
REORGANIZATION OF SYSTEM UNDER BANKING ACT OF 1 9 3 5

In accordance with the provisions of the Banking Act of 1935, changes
were made during 1936 in the membership of the Board of Governors
and of the Federal Open Market Committee and in officers of the Federal
Reserve banks.
Reconstitution of the Board,— The Board of Governors of the Federal
Reserve System was reconstituted as of February 1, 1936, in compliance
with the Banking Act of 1935, section 10 of which provides that the
Board of Governors of the Federal Reserve System shall be composed
of seven members, to be appointed by the President with the advice and
consent of the Senate. Each member of the Board was appointed for a
term of not to exceed fourteen years, with not more than one term expiring in any two-year period. Each member hereafter appointed is to serve
for a term of fourteen years from the expiration of the term of his
predecessor, except that a member appointed to fill a vacancy is to hold
office for the unexpired term of his predecessor. The Act also provides
that any person appointed as a member of the Board after the date of
enactment of the Banking Act of 1935 shall not be eligible for reappointment as a member after he shall have served a full term of fourteen
years. The Board prior to February 1 consisted of eight members, including the Secretary of the Treasury and the Comptroller of the
Currency who were members ex officio.
The Act further provides that, of the persons appointed as members
of the Board, one shall be designated by the President as chairman and
one as vice chairman of the Board, to serve for a term of four years,
and that the chairman of the Board, subject to its supervision, shall be
its active executive officer. Marriner S. Eccles, who was governor of
the former Board, was designated as chairman of the new Board for a
term of four years from February 1, and on August 6, 1936, Ronald
Ransom was designated as vice chairman for a term of four years. The
following members of the Board were appointed for terms beginning
February 1, 1936, as shown:



44

ANNUAL REPORT OF BOARD OF GOVERNORS

Joseph A. Broderick, New York district, 14 years.
M. S. Szymczak, Chicago district, 12 years.
John K. McKee, Cleveland district, 10 years.
Ronald Ransom, Atlanta district, 6 years.
Marriner S. Eccles, San Francisco district, 4 years.
Ralph W. Morrison, Dallas district, 2 years.
Effective June 25, 1936, Chester C. Davis of the Richmond district was
appointed a member of the Board for the unexpired portion of the term
of eight years from February 1, 1936. On July 9, 1936, Mr. Morrison
resigned as a member of the Board.
The members of the Board who went out of office on February 1, 1936,
were as follows: Marriner S. Eccles,1 Chairman; J. J. Thomas, Vice
Chairman; Charles S. Hamlin, Adolph C. Miller, George R. James,
M. S. Szymczak.1
Reorganization of the Federal Open Market Committee.—Effective
March 1, 1936, the Federal Open Market Committee, which previously
consisted of the governors of the twelve Federal Reserve banks, was
reorganized in accordance with Section 12A of the Federal Reserve Act,
as amended by the Banking Act of 1935. This amendment provides
that the Committee shall consist of the members of the Board of Governors of the Federal Reserve System and five representatives of the Federal
Reserve banks, with an alternate for each such representative, to be
elected annually. In January 1936, the Board took the position that the
intent of the law was that members and alternates representing the Reserve banks should be selected from the official personnel of the Reserve
banks. The members of the Committee, elected by the Federal Reserve
banks to serve for one year beginning March 1, 1936, were George L. Harrison, President of the Federal Reserve Bank of New York, with Roy A.
Young, President of the Federal Reserve Bank of Boston, as alternate;
M. J. Fleming, President of the Federal Reserve Bank of Cleveland, with
John S. Sinclair, President of the Federal Reserve Bank of Philadelphia,
as alternate; B. A. McKinney, President of the Federal Reserve Bank
of Dallas, with Oscar Newton, President of the Federal Reserve Bank
of Atlanta, as alternate; George J. Schaller, President of the Federal
Reserve Bank of Chicago, with William McC. Martin, President of the
Federal Reserve Bank of St. Louis, as alternate; and George H. Hamilton, President of the Federal Reserve Bank of Kansas City, with William
A. Day, President of the Federal Reserve Bank of San Francisco, as
alternate.
In accordance with the provisions of the law, four meetings of the
Federal Open Market Committee were held in Washington during the
year 1936. These meetings were held on January 21, March 18-19,
May 25, and November 19-20, 1936. The executive committee of the
1
Appointed
 as member of new Board.


FEDERAL RESERVE SYSTEM

45

Federal Open Market Committee met from time to time throughout the
year as occasion required. A record of actions taken by the Committee
on questions of policy is published as an appendix to this report.
Changes in Federal Reserve bank officers.— The original Federal Reserve Act provided that of the three Class C directors of each Federal
Reserve bank, appointed by the Federal Reserve Board, one should be
designated by the Board as chairman of the board of directors of the
Federal Reserve bank and as Federal Reserve agent. The Act also provided that each Federal Reserve bank should have the power "to appoint
by its board of directors such officers and employees as are not otherwise
provided for in this Act, to define their duties, require bonds of them
and fix the penalty thereof, and to dismiss at pleasure such officers and
employees." The board of directors of each Federal Reserve bank under
this authority appointed a governor of the bank and such other officers
as were deemed necessary. In some instances there developed an overlapping of functions of the positions of chairman and Federal Reserve
agent and of governor, which was unsatisfactory as a matter of organization, as well as productive of unnecessary expense.
The Banking Act of 1935 provided that, beginning March 1, 1936, the
chief executive officer of each Federal Reserve bank should be a president
—appointed for a term of five years by the board of directors of the
bank, subject to the approval of the Board of Governors of the Federal
Reserve System. The Act also provided for the appointment by the
directors, subject to the approval of the Board of Governors, of a first
vice president to serve for a term of five years. Recognizing the fact
that most of the statutory functions of the Federal Reserve agent are
of a ministerial nature and in view of the legislative establishment of
the position of president as chief executive officer of the bank, the Board
of Governors of the Federal Reserve System adopted the policy of
placing the chairmanships upon an honorarium basis and of placing
under the presidents of the banks the nonstatutory duties previously
performed in the office of the chairman and Federal Reserve agent. Under this arrangement the technical duties of the office of Federal Reserve
agent in respect to the issuance and retirement of Federal Reserve
notes are performed by an assistant Federal Reserve agent under the
general direction of the Federal Reserve agent, making it possible for
the chairman to discharge the other important responsibilities of his
office without being required to devote more than a limited portion of
his time to the bank.
At the beginning of 1936, the Board of Governors, as then constituted,
reappointed for a term of two months the chairmen and Federal Reserve
agents of those Reserve banks at which no vacancy existed in this office.
After reconstitution of the Board of Governors and adoption of the new
policy regarding chairmen, the new Board appointed the following chair


46

ANNUAL REPORT OF BOARD OF GOVERNORS

men and Federal Reserve agents for the remainder of the calendar
year 1936:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis
Kansas City
Dallas
San Francisco

F. H. Curtiss
Owen D. Young (Deputy Chairman)
R. L. Austin
E. S. Burke, Jr.
F. A. Delano
H. W. Martin
R. E. Wood (Deputy Chairman)
Paul Dillard (Deputy Chairman)
W. B. Geery
J. J. Thomas
C. C. Walsh
W. N. Moore

At the end of 1936, the position of chairman and Federal Reserve agent
at the Federal Reserve Bank of St. Louis was filled by the appointment
of W. T. Nardin; Robert Lassiter was appointed chairman and Federal
Reserve agent at the Federal Reserve Bank of Richmond, vice F. A.
Delano; and A. 0. Stewart, was appointed chairman and Federal Reserve agent at San Francisco, vice W. N. Moore. At the same time
H. W. Martin resigned as chairman and Federal Reserve agent at the
Federal Reserve Bank of Atlanta and W. H. Kettig, redesignated deputy
chairman at that bank, became acting chairman.
Presidents and first vice presidents of the Federal Reserve banks,
appointed for the five year terms ending February 28, 1941, and approved
by the Board, are as follows:

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Presidents
R. A. Young
G. L. Harrison
J. S. Sinclair
M. J. Fleming
Hugh Leach
Oscar Newton
G. J. Schaller
W. McC. Martin
J. N. Peyton
G. H. Hamilton
B. A. McKinney
W. A. Day

First
Vice Presidents
W. W. Paddock
Allan Sproul
F. J. Drinnen
F. J. Zurlinden
J. S. Walden, Jr.
R. S. Parker
H. P. Preston
O. M. Attebery
O. S. Powell
C. A. Worthington
R. R. Gilbert
Ira Clerk

At the various Reserve banks titles of other officers were altered to
conform to the changes in those of the chief executive officers.
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS

Total earnings of the Federal Reserve banks in 1936 amounted to
$37,901,000 or $4,773,000 less than in 1935, and net operating expenses,
after deduction of reimbursements for certain fiscal agency and other
expenses, to $26,016,000, or $1,540,000 less than in the preceding year.
In addition to net operating expenses, assessment for expenses of the
Board of Governors of the Federal Reserve System amounted to $1,680,000, and the cost of Federal Reserve currency to $2,178,000. Net




47

FEDERAL RESERVE SYSTEM

earnings, representing total earnings plus profits on sales of United States
Government securities, etc., and less current expenses, additions to
reserves for contingencies, charge-offs and special additions to reserves
on bank premises, prior service contributions to the Retirement System,
etc., amounted to $8,513,000 compared with $9,437,000 in the precedingyear. Earnings, expenses, dividend payments, etc., for all Federal
Reserve banks combined for 1936 and 1935 are shown in the following
table:
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1936 AND 1935
[In thousands of dollars]
1936

1935

Total earnings

37,901

r

Current expenses:
Net operating expenses
Assessments for Board's expenses
Cost of Federal Reserve currency . . . .

26,016
1,680
2,178

r

29,874

Current net earnings..
Additions (profits on sales of U. S. Government securities, etc.)..
Deductions (reserves for contingencies, etc.)

r

27,556
1,406
1,477

30,439

12,235

9,487
9,001

-2,798
9,437

227
7,830
103
353

Payment to United States Treasury (sec. 13b)
Dividends paid
Transferred to surplus (sec. 13b)
Transferred to surplus (sec. 7)

6,914
9,712

486
8,513

Net additions..
Net earnings...

r

r

8,027

Total..

42,674

298
8,505
27
607

Revised.

All Federal Reserve banks paid dividends to member banks at the rate
of 6 percent per annum on paid-in capital. These dividends amounted
to $7,830,000.
Gross and net earnings during the year 1936 and the distribution of
net earnings of each Federal Reserve bank are shown in the following
table:
FINANCIAL RESULTS OF OPERATIONS OF THE FEDERAL RESERVE BANKS DURING
Federal
Reserve
bank

Dividends
paid

.. .

Minneapolis
Kansas City
Dallas
San Francisco
Total




Net
earnings

$2 573 553
10,537,030
3,256,497
3,537,159

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St I ouis

Payment
to U. S.
Treasury
(sec. 13b)

Gross
earnings

$522,122
3,699,112
869,927
718,906

134,488
13,752
83,968
14,431

$563,728
3,036,704
736,185
752,931

2,056,153
1,524,121
4,423,476
1,863,217

-62,452
254,262
932,178
225,165

28,354

280,136
254,262
725,553
225,724

1,362,018
1 973,304
1,574,705
3,219,406

163,439
247,792
331,954
610,028

16,460
10,959
25,036

179,052
236,833
228,445
610,028

37,900,639

8,512,433

-227,448

7,829,581

Transferred
to surplus
(sec. 13b)

$94,119

1936

Transferred
to surplus
(sec. 7)
$_76 094
648,656
-44,345
-48.456

-26,247

-316,341

25,030
-559

153,241
-32,073

10,601

67,872

102,944

352,460

48

ANNUAL REPORT OF BOARD OF GOVERNORS

Earnings on total bills and securities were about $4,600,000 less in
1936 than in 1935. This decrease in earnings was due to a reduction
from 1.68 percent to 1.49 percent in the average rate of earnings.
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:
EARNINGS ON BILLS AND SECURITIES
[Amounts in thousands of dollars]
Bills and securities

Total

Daily average holdings:
1932
1933
1934
1935
1936
Earnings:
1932
1933
1934
1935
1936
Average rate of earnings (per cent):
1932
1933.
1934
1935
1936
1

Bills
discounted

Bills
United States
bought in
Government
open market
securities

All other
bills and
securities1

2,062,446
2,421,566
2,495,497
2,469,542
2,469,688

520,637
283,229
35,788
7,306
6,135

70,902
82,882
24,742
4,922
3,725

1,461,258
2,052,160
2,431,673
2,430,821
2,430,535

9 649
3,295
3,294
26,493
29,293

47,992
47,995
47,655
41,472
36,909

17,881
9,137
1,231
156
108

2,785
1,238
141
36
30

26,924
37,530
46,131
39,796
35,181

402
90
152
1,484
1,590

2.33
1.98
1.91
1.68
1.49

3.43
3 23
3.44
2.14
1.76

3.93
1 49
.57
.73
.81

1.84
1 83
1.90
1.64
1.45

4.17
2 74
4.61
^.60
5.43

Includes industrial advances in 1934, 1935, and 1936.

Total operating expenses of the Federal Reserve banks in 1936, including reimbursable expenses, were $31,994,000, which was about the same
as in the preceding year. Salary payments during 1936, including Retirement System contributions except those for prior service, were $730,000
less than in 1935. Taxes on bank premises were $30,000 less and postage
and expressage $690,000 more than in 1935. Reimbursements for certain
fiscal agency and other expenses in 1936 amounted to $5,977,000, compared with $4,460,000 in 1935, and net operating expenses after deducting all reimbursable expenses totalled $26,016,000 in 1936 as compared
with $27,556,000 in 1935. Assessments on the Federal Reserve banks for
expenses of the Board of Governors of the Federal Reserve System
showed an increase of $270,000 and the cost of Federal Reserve currency
an increase of $700,000. Total current expenses were about $565,000
less than 1935.
The average number of officers and employees of the Federal Reserve
banks during 1936 was 11,297, compared with 11,649 in 1935. The
average number of such officers and employees engaged in fiscal agency,
custodianship and depositary work for the United States Government
and governmental agencies during 1936 was 2,822, or 166 more than in
the preceding year.
The volume of work handled in the various departments of the Re-




49

FEDERAL RESERVE SYSTEM

serve banks for which a measurement is available for the last four years
is as follows:
VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS
1933

1934

1936

1935

NUMBER OF PIECES HANDLED*
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

81,000
346,000

15,176
42,128

5,084
12,702

3,293
7,502
678

463

973

227

552

286

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

1,388
2,232,980.000
2.665,190,000
1.009,264,000

18,099,000
8,371,000

21,555,000
7,436,000

22,633,000
7,119,000

18,806,000
6,968.000

3,502,000

5,281,000

1,290,000

1,125,000

6,838,000
3,742,000
982,000

27,919,000
1,538,000
951,000

Bills discounted
$714,361,000
$229,546,000
$9,632,808,000
Industrial advances:
Notes discounted . . . .
.
. .
14,884,000
28,479,000
Commitments to make industrial ad11,443,000
29,223,000
vances
Bills purchased in open market for own
898,001,000
75,903,000
account
31,446,000
11,710,364,000
9,932,601,000
Currency received and counted
9,837,681,000
Coin received and counted
624,617,000
298,297,000
275,608,000
Checks handled
157,833,692,000 179,544,488,000 202,989,742,000
Collection items handled:
U. S. Government coupons paid 2
578,082,000
699,325,000
751,916,000
All other
5,539,659,000
6,742,974,000
7,948,641,000
Issues, redemptions, and exchanges by
fiscal agency department:
U. S. Government direct obligations.. 24,622,726,000 29,941,049,000 30,755,611,000
All other
3,346,189,000
85,059,151,000 73,077,156,000 80,483,190,000
Transfers of funds

$167,600,000

AMOUNTS HANDLED

8,519,000
. 12,583,000
25,207,000
10,059,637,000
276,323,000
234,417,787,000
798,925,000
7,089,008,000
25,196,825,000
2,223,136,000
87,001,630,000

'Two or more checks, coupons, etc., handled as a single item, are counted as one "piece."
Includes coupons from obligations guaranteed by the United States.
Figures for years prior to 1935 not available.

2
3

BUILDING OPERATIONS OF T H E FEDERAL RESERVE B A N K S

Construction of additions to the buildings occupied by the Federal
Reserve banks of New York and Philadelphia was completed by the end
of 1936. 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 1935 continued to function throughout 1936. The table on the following page shows a comparison of the volume of work handled in certain
departments by branches from 1933 to 1936.
Current expenses during 1936 of the branches and agencies were
$5,965,000 compared with $6,142,000 during 1935.




50

ANNUAL REPORT OF BOARD OF GOVERNORS
VOLUME

X

OF OPERATIONS OF FEDERAL RESERVE BRANCHES AND AGENCIES
1933

Checks handled:
Number .
Amount
Currency received and counted:
Number of pieces
Amount
Coin received and counted:
Number of pieces
Amount
1

1934

1935

1936

193,799,000
233,518,000
255,210,000
$33,618,776,000 $43,109,445,000 $49,995,681,000

275,040,031
$58,324,415,148

472,870,000
$2,543,130,000

489,527,000
$2,195,428,000

520,823,000
$2,319,907,000

554,598,497
$2,422,588,942

526,189,000
$126,211,000

531,547,000
$68,136,000

485,403,000
$62,246,000

517,490,187
$55,954,949

Two or more checks, etc., handled as a single item, are counted as one "piece."

FEDERAL RESERVE INTERDISTRICT COLLECTION SYSTEM

At the end of 1936 there were 12,395 banks on the Federal Reserve
Par List, comprising all member banks (6,376) and 6,019 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 247, principally as a result of a
reduction in the number of banks in operation. There was a net increase
of 38 in the number of nonmember banks not on the Par List. This is
accounted for largely by withdrawals of State banks from the Par List
in the St. Louis Federal Reserve district and withdrawals of State banks
from the Par List and conversions of national banks into nonmember
non-par banks in the Minneapolis Federal Reserve district. Of the
2,732 banks not on the Par List at the end of 1936, 1,443 were located
in 11 Southern States and 1,167 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 2 banks in the Cleveland district were on the Federal
Reserve Par List.
INTERDISTRICT COLLECTION SYSTEM X
Nonmember banks, other 2
than mutual
savings banks

Member banks

On par list

Federal Resei ve district
Dec. 31,
1936

Dec. 31,
1935

Not on par list

Dec. 31,
1936

Dec. 31,
1935

Dec. 31,
1936
2,732

Dec. 31,
1935

6,376

6,387

6,019

6,266

Boston
New York
Philadelphia
Cleveland

360
789
658
627

365
793
656
622

171
288
261
637

175
301
267
642

2

2

Richmond
Atlanta
Chicago
St Louis

404
330
741
388

404
328
702
390

324
94
1,622
815

327
93
1,690
888

321
672
228
414

31°,
666
226
387

Minneapolis
Kansas City
Dallas
San Francisco

481
726
550
322

501
726
550
350

184
1,027
305
291

198
1,062
315
308

724
174
164
33

709
178
174
33

United S t a t e s . . . .

1

Includes all banks on which checks are drawn, whether operating with or without restrictions.


Includes private banks reported as either on the Par List or not on the Par List.


2 694

FEDERAL RESERVE SYSTEM

51

AMENDMENT TO THE FEDERAL RESERVE ACT

By a resolution of Congress, approved by the President April 21, 1936,
section 12B of the Federal Reserve Act was amended so as to extend
until July 1, 1938, the period in which the Federal Deposit Insurance
Corporation may make loans, under certain conditions, upon the assets
of an open or closed insured bank, purchase such assets, or guarantee
any other insured bank against loss by reason of its assuming the liabilities and purchasing the assets of an insured bank. Such action may
be taken if in the judgment of the Corporation it will reduce the risk
or avert a threatened loss to the Corporation and will facilitate a merger
or consolidation of an insured bank with another insured bank, or will
facilitate the sale of the assets of an insured bank to and assumption
of its liabilities by another insured bank.
This was the only amendment to the Federal Reserve Act enacted
during the year 1936.
CHANGES IN REGULATIONS OF THE BOARD OF GOVERNORS

During the year 1936 the regulations of the Board of Governors were
revised or amended in a number of particulars. These changes are described briefly below.
Reserves of member banks.—Pursuant to the authority contained in
section 19 of the Federal Reserve Act, the Board issued a supplement to
its Regulation D effective after the close of business August 15, 1936,
increasing by 50 percent the reserve requirements which member banks
were required to maintain with the Federal Reserve banks against demand and time deposits.
Trust powers of national banks.—Regulation F, relating to the exercise of trust powers by national banks, was revised effective June 1, 1936,
to incorporate certain principles of trust administration which appeared
to be desirable, certain prior rulings of the Board, and other changes
which were deemed to be appropriate. The revised regulation contains
new provisions relating to the supervision of trust departments by the
directors and officers of the banks and to "self-dealing" in connection
with the investment of trust funds and sale of trust assets, together with
numerous other provisions.
Interlocking bank directorates under the Clayton Act.— The Banking
Act of 1935, which was approved August 23, 1935, made certain amendments to the provisions of the Clayton Act relating to interlocking bank
directorates, and in view of these amendments to the law, the Board's
Regulation L relating to this subject was revised effective January 4,
1936. Prior to these amendments the Board was authorized under certain conditions to issue permits in individual cases for interlocking bank
directorates. Under the amended statute the Board no longer has this
authority, but is authorized to permit such relationships within certain
limitations by regulation only. In its Regulation L the Board has



52

ANNUAL REPORT OF BOARD OF GOVERNORS

granted permission for such interlocking bank directorates in certain
limited classes of cases.
Interlocking relationships between member banks and securities companies.—Section 32 of the Banking Act of 1933, regarding the service of
a dealer in securities at the same time as an officer, director or employee
of a member bank, was amended, effective January 1, 1936, by the Banking Act of 1935, and in view of these amendments the Board on January
4, 1936, issued a revision of its Regulation R relating to this subject.
Under the amended statute the Board no longer has authority to issue
permits in individual cases for interlocking personnel relationships between dealers in securities and member banks, but is authorized to permit
such relationships in limited classes of cases by general regulations only.
The Board's revised Regulation R grants permission for such relationships
only where the business of the securities dealer is restricted to obligations
of the United States, its Territories, dependencies and insular possessions,
and certain of its instrumentalities.
Extension of credit by brokers, dealers, and members of securities exchanges.—Effective February 1, 1936, the Board adopted a supplement
to Regulation T increasing margin requirements for loans made by
brokers and dealers in securities. As thus increased, the minimum required margin for loans collateraled by registered securities that had
advanced in price by less than 33 percent above their lowest price since
July 1,1933, continued to be 25 percent of current market price; the margin for loans on registered securities which had had the largest increases
in prices was set at 55 percent instead of 45 percent as theretofore; and
margins required on other registered securities varied between 25 and
55 percent of current market price, depending upon the degree of their
price advance. Effective April 1, 1936, these requirements were changed
by another supplement to Regulation T in which the Board fixed a margin
requirement of 55 percent on all registered securities serving as collateral
for loans subject to the regulation, except for certain loans to members,
brokers and dealers in securities and to certain distributors, syndicates,
etc. The Board also adopted certain detailed amendments to its Regulation T which became effective July 1, 1936.
Loans by banks for the purpose of purchasing or carrying stocks registered on a national securities exchange.—Pursuant to the provisions of
section 7 of the Securities Exchange Act of 1934, the Board issued Regulation U effective May 1, 1936. With certain exceptions, this regulation
required a margin of 55 percent on stocks serving as collateral for loans
made by any bank upon the security of stock for the purpose of purchasing or carrying stocks registered on a national securities exchange.
Regulation U was amended effective July 1, 1936, in certain detailed
particulars.
Open-market operations.— Section 12A of the Federal Reserve Act as
it existed prior to March 1, 1936, provided for regulations by the Board




FEDERAL RESERVE SYSTEM

53

of Governors of the Federal Reserve System relating to open-market
operations of the Federal Reserve banks; the law as amended, effective
March 1, 1936, by the Banking Act of 1935, provides for regulations on
this subject to be prescribed by the Federal Open Market Committee.
Accordingly, the Board's Regulation M, which related to open-market
operations of the Federal Reserve banks, automatically became ineffective
at the close of business February 29, 1936. Pursuant to the provisions
of the amended statute, the Federal Open Market Committee on March
19, 1936, adopted a regulation relating to open-market operations of the
Federal Reserve banks, which became effective immediately.
DEFINITION OF INTEREST IN REGULATION Q

The Federal Reserve Act, as amended by the Banking Act of 1933,
provides that "no member bank shall, directly or indirectly, by any device whatsoever, pay any interest on any deposit which is payable on
demand* * *." In the amendments to the Federal Reserve Act which
were made by the Banking Act of 1935, Congress retained this prohibition upon the payment of interest on demand deposits and added to the
law a provision authorizing the Board of Governors to determine what
shall be deemed to be a payment of interest and to prescribe such rules
and regulations as would effectuate the purposes of the law and prevent
evasions thereof. Accordingly, in the latter part of November 1935, the
Board adopted a revision of its Regulation Q relating to the payment of
interest on deposits by member banks, to become effective January 1,
1936, and this revision contained in subsection (f) of section 1 thereof
a definition of the term "interest" as used in the regulation.
The Banking Act of 1935 also required the board of directors of the
Federal Deposit Insurance Corporation, by regulation, to prohibit the
payment of interest on demand deposits in insured nonmember banks.
In December of 1935 the Board learned that the regulation which the
Federal Deposit Insurance Corporation was preparing to issue on this
subject, effective January 1, 1936, contained a definition of interest which
differed from that prescribed in Regulation Q.
Thereupon the Board deferred the effective date of its definition of
"interest" so that an opportunity would be provided to consult with the
Federal Deposit Insurance Corporation with a view to harmonizing if
possible the provisions of the two regulations governing the payment of
interest on deposits by member banks and by insured nonmember banks.
However, efforts of the two organizations during the year 1936 to accomplish this end were unsuccessful, and on December 21, 1936, the
Board of Governors announced that it had taken action making effective
on February 1, 1937, subsection (f) of section 1 of Regulation Q containing the definition of the term "interest".
Subsequently the Board was requested by the Chairman of the House
Banking and Currency Committee and the Chairman of the Senate




54

ANNUAL REPORT OF BOARD OF GOVERNORS

Banking and Currency Committee to postpone the effective date of the
definition of interest and, in view of these requests, the Board postponed
from February 1 to May 1, 1937, the effective date of subsection (f) of
section 1 of the regulation. There is printed below the text of a press
statement issued by the Board of Governors on January 30, 1937, with
reference to this action:
Chairman Steagall, of the House Banking and Currency Committee, and Chairman Wagner, of the Senate Banking and Currency
Committee, have requested the Board of Governors of the Federal
Reserve System to postpone the effective date of the definition of
interest contained in subsection (f) of section 1 of the Board's Regulation Q, which the Board on December 21, 1936, announced would
become effective on February 1, 1937.
The Board, after careful consideration, had reached the conclusion
that the law and the existence of certain banking practices required
the adoption of this definition but the Board feels that the request
which these two Chairmen have now made should be granted in view
of the fact that the Board has been informed that a number of Members of Congress are giving consideration to the question of the
advisability of amending the law under which the Board's regulation
was issued, and desire additional time for that purpose. The Board,
therefore, has postponed from February 1 to May 1, 1937, the effective date of subsection (f) of section 1 of Regulation Q, which contains the definition of interest.
Following this action, the Board of Governors and the Federal Deposit
Insurance Corporation conferred again with a view to finding a basis
upon which the differences between their regulations in this respect could
be eliminated, with the result that, effective February 11, 1937, the
respective regulations were amended by striking out subsection (f) of
section 1 of each regulation and by inserting after the first sentence of
subsection (a) of section 2 the following sentence:
Within this regulation, any payment to or for the account of any
depositor as compensation for the use of funds constituting a deposit
shall be considered interest.
There is printed below a press statement which was released on February 12, 1937, jointly by the Board of Governors and the Federal Deposit
Insurance Corporation in connection with this matter:
In view of widespread differences of opinion in the law-making
and administrative branches of the Government as to the intent of
the law and as a result of further consultations between the Federal
Deposit Insurance Corporation and the Board of Governors of the
Federal Reserve System, their respective regulations relating to the



FEDERAL RESERVE SYSTEM

55

payment of interest on demand deposits have been brought into uniformity by amendments adopted by the Board and by the Corporation.
The definition of "interest" has been eliminated from Regulation
Q of the Board and from Regulation IV of the Federal Deposit
Insurance Corporation and paragraph (a) of section 2 of each regulation has been amended by inserting after the first sentence the following: "Within this regulation, any payment to or for the account
of any depositor as compensation for the use of funds constituting
a deposit shall be considered interest."
The effect of these amendments is to declare existing law rather
than to interpret and apply the law to particular practices. This will
permit the general application by each agency of a uniform law and
a determination of specific cases based upon the facts involved. It
will also permit each agency to determine, with respect to cases coming before it, whether or not any practice involved in any such cases
is a "device" within the meaning of the statute employed by the
banks to evade the prohibition of the law.
The Board of Governors, in its original definition of the term
"interest" (section 1 (f)), specified that such term should include
the payment or absorption of exchange or collection charges which
involve out-of-pocket expenses. The present action of the Board of
Governors removes this finding or specification from its regulation.
Henceforth under both regulations the question of what in a particular case is a payment of interest upon a demand deposit or a
device to evade the prohibition against the payment of such interest,
becomes, for both agencies, a matter of administrative determination under the general law in the light of experience and as specific
cases may develop.
CREDITS TO FOREIGN CENTRAL BANKS

The participation of the Federal Reserve banks in the First and Second
Syndicate Credits granted to the National Bank of Hungary in 1931
was renewed at maturity on October 18, 1936, with approval of the
Board of Governors, for a further period of nine months, i.e., until July
18, 1937. The share of the Federal Reserve banks, which amounted
to $2,520,000 on December 31, 1935, was reduced to $2,506,000 at the
close of 1936.
In May 1936 a considerable reduction was made in the special demand deposit maintained by the Federal Reserve banks at the Bank
for International Settlements and in the volume of bills purchased under
the arrangement with that bank. The deposit originated in 1931 when,
with the approval of the Federal Reserve Board, several of the Reserve
banks placed a total of $10,000,000 on deposit at the Bank for Interna


56

.

ANNUAL REPORT OF BOARD OF GOVERNORS

Honal Settlements for the purchase of prime commercial bills guaranteed
by that bank. The greater part of this sum was withdrawn in 1932.
At the beginning of 1936 the special demand deposit amounted to $540,000 and the total face amount of bills purchased under the agreement to
$2,000,000. In view of the disappearance of the need for such use of
the funds it was determined in April, by arrangement with the Bank for
International Settlements, to reduce the demand deposit to approximately
$100,000 and the investment in bills to approximately $400,000. On
December 30, 1936, the demand deposit plus bills bought amounted to
$547,000.
An advance of $2,500,000 on gold in transit was made on September 30,
1936, to the Bank for International Settlements on behalf of a foreign
central bank. The loan was made under authorization granted on September 28, 1936, by the Board of Governors to the Federal Reserve Bank of
New York in association with other Federal Reserve banks to make advances to the Bank for International Settlements on gold in transit up to
an approximate value of $20,000,000. This was similar to an authorization
granted by the Board in 1934, described in the Annual Report for that
year, for advances secured by gold up to $50,000,000. No loans were
made under the authorization of 1934. The amount of the 1936 advance
was paid in full in October upon sale of the gold to the United States
Assay Office.
Various loans secured by gold, made in November and December 1935
by the Federal Reserve banks, were repaid in the spring of 1936. During
the year new loans on gold were made to an aggregate amount of $500,000. The amount outstanding at the end of the year was $300,000.
BANK EXAMINATIONS

State member banks are subject, under the provisions of the Federal
Reserve Act, 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. As a matter
of practice, the examinations of State member banks made pursuant to
such provisions are made under the direction of the various Federal
Reserve banks by examiners for the respective Federal Reserve banks,
whose appointments are approved by the Board of Governors. During
the year the nonstatutory functions of the Federal Reserve Agents were
transferred to the Federal Reserve banks, and in this connection the
examination work at the Federal Reserve banks which theretofore had
been under the direction of the Federal Reserve Agents was transferred
to the Federal Reserve banks, with the understanding, however, that this
function would, as previously, be conducted under the general supervision
of the Board of Governors.
In accordance with the practice of previous years, a conference of rep-




FEDERAL RESERVE SYSTEM

57

resentatives of the bank examination departments of the Federal Reserve
banks, including the officers in charge of the examination departments,
the chief or senior examiners, and the trust examiners, was held in
Washington in the fall of 1936. The conference was called by the Board
of Governors, and the representatives of the Reserve banks met with
members of the Board of Governors and members of the Board's staff
to consider questions involved in the examination of State member banks.
The policy approved by the Board of Governors of the 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. 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 pursuant to the policy of making joint
examinations wherever practicable in order to avoid duplication of examinations and minimize any inconvenience to the banks examined.
All of the 12 Federal Reserve banks were examined during the year by
the Board's Division of Examinations.
An examination by the Division was made during the year of the head
office of the one banking corporation now in operation organized under
the provisions of section 25 (a) of the Federal Reserve Act, generally
referred to as the Edge Act, to engage in foreign and international banking business.
TRUST POWERS OF NATIONAL BANKS

During the year 1936, 17 national banks were granted authority by
the Board to exercise one or more trust powers under the provisions of
section 11 (k) of the Federal Reserve Act. This figure includes six banks
which had previously been granted certain trust powers and during the
year were granted one or more additional powers; it also includes one
bank which had previously been authorized to exercise restricted trust
powers and during the year was granted full trust powers. Four banks
surrendered the trust powers which had previously been granted them.
On December 31, 1936, there were 1,908 national banks holding permits
to exercise trust powers. A list of such banks appears on pages 270-288
of this report. In addition, 13 national banks had authority at that time
to exercise restricted trust powers only.
The term "restricted trust powers" as used above refers to powers
granted a bank to acquire certain trust accounts but not to acquire other
fiduciary business. Such restricted powers have been granted to enable
a newly organized, consolidated or converted institution to acquire the
trust business held by a predecessor bank or banks, or to enable a bank
to administer certain specific trust accounts, when, in the light of all the
facts and circumstances in the particular case, such action was deemed
warranted.




58

ANNUAL REPORT OF BOARD OF GOVERNORS

Regulation F, relating to trust powers of national banks was revised
effective June 1,1936. Further reference to the revision of the regulation
may be found on page 51.
HOLDING COMPANY AFFILIATES

During the year 1936 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 Reserve Act, as amended, and
authorized the issuance of permits as follows: For general purposes, 4;
for miscellaneous limited purposes only, such as reduction of common
stock, amendments of articles of associations, etc., 7; for the election
of directors for the year 1936 and the transaction of routine matters only,
5; for the election of directors for the year 1937 and the transaction of
routine matters only, 4; for the election of directors for the year 1937, the
transaction of routine matters, and for other miscellaneous purposes, 2.
Under the authority of section 301 of the Banking Act of 1935, the
Board determined that 19 organizations were not engaged directly or indirectly as a business in holding the stock of, or managing or controlling,
banks, banking associations, savings banks or trust companies, and that,
therefore, they were not holding company affiliates except for the purposes of section 23A of the Federal Reserve Act.
As set forth more fully in the record of policy actions on pages 214 and
219, the Board amended the standard form of agreement, originally approved by the Board in December, 1935, which is required to be executed
by holding company affiliates as a condition precedent to the issuance of
general voting permits.
MEETINGS OF FEDERAL ADVISORY COUNCIL

Four meetings of the Federal Advisory Council were held in Washington during 1936 on the following dates: February 11-12, May 18-19,
September 9-10, and November 16-17. Other material relating to the
Federal Advisory Council appears in the appendix.
BOARD STAFF AND EXPENDITURES

On February 4, 1936, Charles S. Hamlin was appointed as Special
Counsel to the Board of Governors, effective as of the same date.
Effective January 8, 1936, J. P. Dreibelbis was appointed an Assistant
General Counsel to the Board.
George W. Blattner was appointed Assistant Director of the Division
of Research and Statistics, effective as of May 1, 1936.
Effective as of May 31, 1936, Frank J. Drinnen resigned as Federal
Reserve Examiner to accept appointment as First Vice President of the
Federal Reserve Bank of Philadelphia,



FEDERAL RESERVE SYSTEM

59

The total cost of conducting the work of the Board during the year
1936 was approximately $1,582,447. This is exclusive of expenditures
in the amount of $1,507,015 made in connection with the new building
being erected by the Board. For the general expenses of the Board two
assessments were levied against the Federal Reserve banks aggregating
$1,679,565.37, or about 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 three
times during the course of the year 1936 by the Auditor of the Federal
Reserve Bank of Cleveland and certified by him to be correct.




FEDERAL RESERVE BANKS




61

RESERVE BANK CREDIT AND RELATED ITEMS
No. 1.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED
ITEMS (ANNUAL AVERAGES OF DAILY FIGURES), 1918-1936
[In

millions of dollars]
Member
bank reserve
balances

Rese rve ban] c credit outstanding

Year

TreasCur- Treas- Treasury
ury
cur- rency ury
in
Gold 2 rency
cash deposits
U.S.
stock out- circu- hold- with
Gov- Other
Bills
stand- lation ings 4 F. R.
disBills ern- Reing 3
count- bought ment serve Total
banks
secur- credit'
ed
ities

Non- Other
mem- Federal
Reber
deserve
posits 5 ac- 6 Total Ex-7
counts
cess

1,867
1,716
1,695
1,758

4,371
4,729
5,191
4,663

280
365
257
218

111
99
36
45

108
115
67
28

95
155
280
336

1,497
1,719
1,835
1,671

41
56
49
59

1,226 3,515 1,871
1,205 3,774 1,991
996 4,152 2,017
1,195 4,094 2,000

4,248
4,535
4,592
4,582

224
218
218
213

44
37
42
31

30
27
27
31

286
280
263
264

1,781
1,873
2,023
2,167

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

210
205
204
207

32
21
21
22

28
31
29
30

284
300
327
376

2,209
2.290
2,355
2,358 " 4 3

564
669

1,461
2,052

38
33
24
11

1,087
1,274
2,077
2,429

4,173
4,417
3,952
4,059

2,025
2,025
2,096
2,271

4,245
4,672
5,328
5,576

211
219
236
288

28
32
39
55

28
97
56
147

393
373
351
350

2,379
2,323
2,114
2,343

2,432
2,431
2,431

10
32
41

2,502 7,512 2,381 5,403 2,798
2,475 9,059 2,478 5,585 2,791
2,481 10,578 2,503 6,101 2,474

81
128
446

185
252
282

253
255
269

3,676 1,564
5,001 2,469
5,989 2,512

1918
1919
1920
1921

1,134
1,906
2,523
1,797

287
324
385
91

134
254
324
264

168
141
158
46

1922
1923
1924
1925

571
736
373
490

159
227
172
287

455
186
402
359

1926
1927
1928
1929

572
442
840
952

281
263
328
241

1930
1931
1932
1933

272
327
521
283

213
245
71
83

1934
1935
1936

36
7
6

25
5
4

1,723
2,625
3,390
2,198

2,871
2,842
2,582
3,004

55
89
256
528

1
Includes Government overdrafts in 1918, 1919, and 1920; includes industrial advances outstanding since
July 1934 (see table 13).
2
By proclamation of the President, dated January 31, 1934, the weight of the gold dollar was reduced from
25 8/10 grains to 15 5/21 grains, nine-tenths fine. Between January 31, 1934, and February 1, 1934, the gold
stock increased $2,985,000,000, of which $2,806,000,000 was the increment resulting from the reduction in the
weight of the gold dollar and the remainder was gold which had been purchased by the Treasury previously
but not added to the gold stock. The increment was covered into the Treasury as a miscellaneous receipt, and
appeared together with the new gold as a General Fund asset. These transactions were also reflected in an
increase in the item "Treasury cash." The increment arising from United States gold coin turned in by the
public after January 31, 1934, was also added to both gold stock and Treasury cash at the time of receipt. The
increment from this source amounted to about $7,000,000, from February 1 to December 31, 1934, to about
$1,000,000 in 1935, and to nearly $1,800,000 in 1936.
3
Comprises outstanding United States notes, national bank notes, silver bullion, Treasury notes of 1890,
standard silver dollars, 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
Cash (including gold bullion) held in the Treasury excepting (a) gold and silver held against gold and silver
certificates and (b) amounts held for the Federal Reserve banks.
5
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."
7
Represents excess of total reserve balances over reserves required to be held by member banks against their
deposits. Figures not available prior to 1929 and since April 1933 are for licensed member banks only. Reserve
requirements were increased by 50 percent by Board of Governors effective August 16, 1936.

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.




63

64

ANNUAL KEPORT OF BOAHD OF GOVERNORS

No. 2.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED
ITEMS (MONTHLY AVERAGES OF DAILY FIGURES), 1933-1936
[In millions of dollars]
Member
bank reserve

Reserve bank credit outstanding

Month

Treasbalances
ury
Cur- Treas- Treas- Non- Other
ury mem- Federal
cur- rency ury
Gold
Recash deposits ber
U.S. Other
in
stock - rency circu- hold- with
Bills
Gov- Reoutde- 6 serve
4 F. R.
. ac- 8
disBills ernstand- lation ings
Exbanks posits counts Total cess 7
count- bought ment serve Total
ing 3
bank
secur- credit1
ed
ities

1933
January...
February. .
Vlarch
April
May
June
July
August
September
October. . .
November.
December .

339
250
170
159
138
119
114
117

32
102
379
230
86
12
16
8
7
7
15
101

1,806
1,804
1,875
1,837
1,846
1,933
2,016
2,064
2,202
2,355
2,437
2,432

16
12
-15
18
15
12
10
8
12
11
8
19

2,110
2,224
3,237
2,515
2,286
2,208
2,211
2,239
2,358
2,492
2,574
2,669

4,260
4,204
3,974
4,014
4,026
4,030
4,032
4,036
4,040
4,037
4,036
4,036

2,204
2,204
2,256
2,302
2,301
2,295
2,283
2,280
2,280
2,277
2,275
2,293

5,344
5,605
6,711
5,850
5,589
5,455
5,388
5,329
5,345
5,369
5,394
5,524

276
277
303
350
323
272
274
271
272
273
281
286

27
37
56
40
48
81
73
45
56
60
68
71

60
79
134
156
173
164
179
186
169
163
158
143

351
343
349
349
355
350
344
349
347
351
355
358

2,516
2,291
1,914
2,086
2,125
2,211
2,268
2,375
2,489
2,590
2,629
2,616

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

9
8
3
9
6

7

4,036
7,138
7,602
7,736
7,759
7,821
7,893
7,971
7,971
7,989
8,047
8,191

2,302
2,303
2,333
2,377
2,378
2,363
2,364
2,378
2,411
2,415
2,455
2,494

5,382
5,339
5,368
5,366
5,355
5,341
5,350
5,355
5,427
5,473
5,494
5,577

309

9
6
10
8
12
26

2,656
2,597
2,535
2,507
2,479
2,464
2,469
2,463
2,469
2,457
2,466
2,472

3,368
3,256
3,167
3,020
2,939
2,940
2,920
2,915
2,920
2,925
2,983

88
80
42
55
63
115
59
56
139
91
45
137

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

1,375
1,541
1,623
1,685
1,789
1,884
1,754
1,731
1,834
1,748

8
(i
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

21
20
18
29
30
36
30
33
35
39
40
53

2,465
2,462
2,461
2,471
2,476
2,479
2,473
2,476
2,480
2,482
2,482
2,494

8,284
8,465
8,552
8,641
8,755
9,025
9,128
9,180
9,246
9,545
9,777
10,072

2,504
2,513
2,526
2,548
2,534
2,513
2,504
2,441
2,389
2,398
2,410
2,454

5,411
5,439
5,477
5,500
5,507
5,522
5,550
5,576
5,651
5,704
5,770
5,897

2,980
2,910
2,920
2,938
2,882
2,908
2,839
2,729
2,632
2,638
2,581
2,545

73
55
202
271
60
81
193
66
102
55
49
324

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

6
8
6
6
5
6
3
6
8
7
6
7

5
5
5
5
4
3
3
3
3
3
3
3

2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,434

43
50
43
39
37
39
37
35
38
40
33
54

2,484
2,493
2,484
2,480
2,476
2,478
2,474
2,474
2,479
2,480
2,472
2,498

10,158
10,164
10,172
10,202
10,324
10,514
10,629
10,674
10,764
10,983
11,116
11,220

2,486
2,495
2,502
2,503
2,495
2,492
2,497
2,499
2,507
2,512
2,517
2,528

5,757
5,779
5,857
5,892
5,918
6,062
6,203
6,191
6,258
6,321
6,401
6,563

2,564
2,515
2,518
2,539
2,574
2,579
2,453
2,416
2,386
2,413
2,373
2,357

494
466
760
845
559
793
545
275
233
146
86
155

280
329
336
348
258
289
281
328
260
239
199
238

253
255
267
260
348
278
255
256
268
263
262
268

5,780
5,808
5,420
5,300
5,638
5,484
5,861
6,181
6,345
6,594
6,785
6,665

3,033
3,038
2,653
2,510
2,800
2,593
2,907
2,458
1,852
2,043
2,219
2,046

255
307

999
429

584
417
379
319
363
436
566
675
758
794
766

1934
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December .

866
891

1935
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December .

7

1936
January...
February..
March
April
May
June
July
August. .. .
September.
October. . .
November.
December .

* Figure not available- For other footnotes see table 1.




65

FEDERAL RESERVE SYSTEM

No. 3.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED
ITEMS (END OF MONTH FIGURES), 1933-1936
[In millions of dollars]
Member
bank .reserve
balances

Reserve bank credit outs tan ding
Mouth

Treasury
Gold curU. S. Other
stock 2 rency
Gov- ReBills
outdisBills ernstandcount- bought ment serve Total
bank 1
ing 3
ed
secur- credit
ities

Currency
in
circulation

Treasury
cash
holdings 4

Treas- Non- Other
ury
Federal
deposits mem- ReExber serve
cess
with
de- 5 ac- Total (estiF.R
matbanks posits counts 6
ed)?

1933
January...
February..
March
April
May
June
July
August....
September.
October. .
November.
December .

274
582
447
435
302
164
167
153
128
116
119
98

31
336
305
171
20
48
9
7
7
7
24
133

1,763
1,866
1,838
1,837
1,890
1,998
2,028
2,129
2,277
2,421
2,432
2,437

8
10
3
16
7
10
6
8
9
5
7
20

2,077
2,794
2,593
2,459
2,218
2,220
2,209
2,297
2,421
2,548
2,581
2,688

4,266
4,093
3,995
4,025
4,028
4,031
4,033
4,041
4,037
4,036
4,036
4,036

2,204
2,217
2,289
2,305
2,298
2,286
2,281
2,281
2,278
2,277
2,277
2,303

5,358
6,258
6,033
5,716
5,525
5,434
5,343
5,325
5,363
5,348
5,455
5,519

289
264
364
338
273
264
291
272
275
272
287
284

44
15
41
59
72
35
66
69
56
27
82
3

64
80
143
188
155
166
184
197
155
173
142
132

346
346
348
355
353
346
346
347
348
356
354
360

2,446
2,141
1,949
2,132
2,167
2,292
2,294
2,409
2,538
2,685
2,573
2,729

507
317
249
366
339
475
468
595
713
842
727
859

83
64
54
39
31
25
22
23
15
11
11

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

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

355

3,395
3,253
3,033
2,997
2,951
2,912
2,917
2,906
2,939
2,951
3,029

242
45
39
115
55
64
59
51
145
92
71
121

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

,146
,444
,534
,662
,732
,875
,867
1,727
1,748
1,801
1,814

1934

January...
February..
March
April
May
June
July
August....
September.

October. . .
November.
December .

7

745

1935
January...
February..
March ....
April
May
J unc
July
A ugust....
September.
October. . .
November.
December .

7
6

6
6
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
5 2,430
5 2,430
5 2,431

19
23
21
27
26
37
23
37
32
40
39
45

2,461
2,465
2,471
2,468
2,469
2,480
2,465
2,485
2,477
2,482
2,480
2,486

8,391
8,527
8,567
8,710
8,858
9,116
9,144
9,203
9,368
9,693
9,920
10,125

2,495
2,519
2,540
2,544
2,525
2,506
2,510
2,398
2,386
2,400
2,438
2,476

5,380
5,467
5,493
5,478
5,540
5,568
5,518
5,629
5,683
5,713
5,846
5,882

2,915
2,909
2,939
2,898
2,909
2,866
2,865
2,635
2,685
2,604
2,573
2,566

76
95
419
98
60
102
126
59
55
53
46
544

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
2,518
2,708
2,600
2,970
3,100
2,844

9
7
8
5

5
5
5
5
3
3
3
3
3
3
3
3

35
40
31
34
35
35
24
30
30
36
13
64

2,479
2,482
2,474
2,475
2,474
2,473
2,462
2,471
2,473
2,476
2,453
2,500

10,182
10,167
10,184
10,225
10,402
10,608
10,648
10,716
10,845
11,045
11,184
11,258

2,493
2,499
2,504
2,500
2,490
2,498
2,496
2,500
2,512
2,516
2,521
2,532

5,737
5,846
5,877
5,886
5,953
6,241
6,162
6,227
6,267
6,351
6,466
6,543

2,548
2,513
2,530
2,531
2,583
2,497
2,432
2,404
2,458
2,388
2,364
2,376

453
424

304
327
332
356

253

5,860
5,784
5,087
5,486
5,719
5,633
6,005
6,410
6,357
6,753
6,788
6,606

3,084
2,986
2,305
2,664
2,866
2,717
3,029
1,950
1,840
2,175
2,236
1,984

8
6
8
6
7
11
10
6
6

1936

January...
February..
March
April

May
June
July
August....
September.
October. . .
November.
December .

e

4
4
8
9
6
7
3

2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430

For footnotes see table 1.




1,077

682
518
690
447
104
253
77
78
244

337
262
306
287
234
205
201
259

254
259
260
256
257
253
256
262
262
261
261

66

ANNUAL REPORT OF BOARD OF GOVERNORS

No. 4.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED
ITEMS, BY WEEKS, 1934-1936 (WEDNESDAY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Treas-

Date
(Wednesday)

IT. S.
Bills
GovdisBills erncount- bought ment
ed
securities

ury
CurcurrenGold rency cy in
Other
2
stock
Reout- circuserve Total
stand- lation
ing 3
bank
cred1
it

Treasury
cash
holdings 4

Treasurv
deposits
with
F.R.
banks

Member
bank reserve
Other
balances
Nonmem- Federal
ber
ReExdeserve
posac- 6 Total cess
5
estiits
counts
mated) i

1934
Jan. 3
Jan. 10....
Jan. 17....
Jan. 24....
Jan. 3 1 . . . .
Feb.7
Feb. 14....
Feb. 2 1 . . . .
Feb. 28....

106
104
101
97
83

121
113
112
104
111

2,432
2,432
2,432
2,432
2,434

73
68
66
64

97
86
75
62

2,432
2,432
2,432
2,432

18
8

Mar. 7
Mar. 14....
Mar. 21....
Mar. 28....

59
55
51
53

46
37
33
29

2,432
2,432
2,432
2,432

8
-9
5

Apr.
Apr.
Apr.
Apr.

4
11....
18....
25....

48
43
40
40

26
17
13
10

2,432
2,432
2,430
2,430

May 2
May 9
May 16....
May 23....
May 30...
June 6 . . . .
June;i3...
June 2 0 . . .
June*27.. .
July 3
July 11....
July 18....
July 25....
Aug. 1
Aug. 8
Aug. 15 ...
Aug. 22 ...
Aug. 29 ...

38
37
34
34
34

8

2,688
2,655
2,646
—2 2,631
2 2,630

4,036
4,036
4,035
4,035
4,033

2,303
2,302
2,302
2,301
2,302

5,504
5,397
5,356
5,294
5,289

288
295
302
333
355

23
58
105
65
242

145
172
143
137
141

357
295
288
287
287

2,710
2,777
2,788
2,851
2,652

2,606
2,593
2,592
2,567

7,036
7,089
7,203
7,438

2,301
2,301
2,301
2,302

5,317
5,321
5,344
5,354

3,364
3,345
3,333
3,395

85
46
166
45

142
130
132
127

299
290
291
292

2,736
826
923
2,851
891
2,830
3,093 1,146

2,539
2,532
2,508
2,519

7,556
7,605
7,640
7,681

2,312
2,332
2,343
2,356

5,374
5,345
5,334
5,336

3,259
3,210
3,228
3,262

35
16
24
56

133
143
154
161

294
301
302
303

3,313
3,454
3,449
3,439

1,361
1,467
1,446
1,432

2,509
2,492
2,493
2,486

7,703
7,732
7,746
7,755

2,369
2,381
2,381
2,380

5,371
5,347
5,347
5,324

3,256
3,210
3,135
3,130

67
29
69
18

140
148
167
167

297
312
237
237

3,450
3,560
3,665
3,744

1,433
1,518
1,619
1,691

2,484
2,484
2,473
2,469
2,470
2,475
2,472
2,468
2,465

2,381
2,380
2,380
2,375
2,371
2,365
2,361
2,359
2,364

5,359
5,352
5,344
5,316
5,338
5,342
5,313
5,310
5,301

280
257
252
242
233

235
235
233
233
232

76
48
197
134

230
251
224
225

237
238
239
236

3,570
3,678
3,694
3,767
3,763
3,787
3,895
3,769
3,837

2,365 5,397
2,365 5,344
2,363 5,328
2,364 5,291
2,361 5,315
2,357 5,334
2,375 5,343
2,390 5,347
2,403 5,345

3,034
3,038
3,037
3,001
2,999
2,958
2,908
2,924
2,943
2,961
2,951
2,933
2,924
2,914
2,916
2,918
2,928
2,914

143
60
45
51
52

2,488
2,468
2,460
2,456
5 2,463
(8)
2,458
11 2,468
2,457
(8)
5 2,463

7,756
7,756
7,753
7,766
7,776
7,790
7,820
7,835
7,846
7,866
7,881
7,897
7,911
7,932
7,957
7,979
7,983
7,981

152
63
21
48

232
223
222
220

230
231
229
228

160
25
58
44
30

219
209
211
211
204

232
229
228
228
226

3,746
3,902
3,987
4,020
3,915
4,059
4,064
4,072
4,127

1,506
1,629
1,641
1,693
1,680
1,694
1,789
1,675
1,736
1,637
1,782
1,851
1,873
1,768
1,923
1,911
1,902
1,945

6
10
8
7

2,467
2,469
2,466
2,463

7,963
7,968
7,972
7,976

2,412 5,419 2,924
2,414 5,409 2,919
2,412 5,412 2,914
2,409 5,403 2,906

163
139
210
155

203
213
195
186

225
224
230
229

3,907 1,723
3,948 1,762
3,889 1,692
3,970 ,768

3
9
5
8

2,455
2,448
2,457
2,452
2,455

7,980
7,985
7,990
7,993
8,002

2,407
2,403
2,410
2,429
2,434

2,912
2,916
2,915
2,931
2,939

156
51
53
118
92

182
183
183
165
164

229
229
239
239
237

3,895
3,979
3,996
3,985
4,006

1,691
1,771
1,762
1,733
1,748

29
7

<
<
"
j

2

(8)
9
5

827
895
891
938
745

29
28
28
27

5
5
5

29
23
23
21

5
5
5

21
21
20
20
21

5
5
5
5
5

2,432
2,432
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,432
2,432
2,432
2,432
2,432
2,432
2,431
2,432
2,432

Sept. 5 . . . .
Sept. 12...
Sept. 19...
Sept. 26...

24
23
22
20

5
5
5
6

2,432
2,431
2,431
2,430

Oct.
Oct.
Oct.
Oct.
Oct.

3
10....
17....
24....
31....

15
12
12
11
11

6
6
6
6
6

2,431
2,430
2,430
2,430
2,430

Nov. 7
Nov. 14....
Nov.21....
Nov. 28 ...

13
25
21
15

6
6
6
6

2,430
2,430
2,430
2,430

-9
14
13
9

2,440
2,474
2,470
2,460

8,008
8,030
8,076
8,112

2,442 5,503 2,911
2,450 5,480 2,911
2,459 5,455 2,923
2,469 5,516 2,931

33
53
33
86

172
163
159
160

240
240
239
239

4,032
4,107
4,196
4,108

1,783
1,848
1,912
1,825

Dec
Dec.
Dec.
Dec.

10
\)

6
6
(i
(
>

2,430
2,430
2,430
2,430

6
17
32
25

2,452
2,462
2,477
2,470

8,161
8,180
8,198
8,228

2,478 5,545 2,962
2,486 5,532 2,962
2,505 5,587 2,989
2,504 5,628 3,013

98
98
232
168

176
184
185
188

237
239
243
244

4,073
4,112
3,943
3,961

1,786
1,813
1,646
1,678

5
12...
19....
20....

{)

9

6
5
r
5

5

s Less than $500,000.
For other footnotes see table 1.




6
9
-1
1
10
8
5
22
8
(s)
_3

(8)

5,468
5,479
5,469
5,436
5,453

67

FEDERAL RESERVE SYSTEM

No. 4.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED
ITEMS, BY WEEKS, 1934-1936 (WEDNESDAY FIGURES)—Continued
[In millions of dollars]

Reserve bank credit outstanding

Date
(Wednesday)

U.S.
GovernBills
nought ment
securities

Bills
discounted

Other
Reserve Total
bank
credit1

Gold
tock 2

Treasury
currency
outstanding s

Member
bank reserve
treas- Non- Other
balances
Cur- Treas- ury
Fedmemury
rendeeral
Recy in cash posits ber
Exdecircu- hold- with
serve
4
ac5
lation ings
F. R. its
(esti6 Total
counts
3anks
mated)?

1935
Jan.2
Jan. 9
Jan. 16....
Jan. 2 3 . . . .
Jan. 30....

7
7
17
9
7

6
6
6
6
6

2,431
2,430
2,430
2,430
2,430

17
24
15
19
16

2,461
2,467
2,468
2,463
2,460

8,243
8,258
8,273
8,308
8,387

2,514
2,508
2,504
2,500
2,497

5,534
5,420
5,382
5,347
5,358

3,038
3,014
2,952
2,945
2,951

126
80
67
49
56

190
194
215
188
194

240
242
242
241
242

4,090
4,283
4,388
4,501
4,542

1,802
1,986
2,069
2,162
2,203

Feb.6
Feb. 13....
Feb. 20....
Feb. 27....

6
7
6
6

6
6
6
6

2,430
2,430
2,430
2,430

24
8
7
7

2,466
2,450
2,448
2,450

8,421
8,456
8,489
8,524

2,503
2,525
2,522
2,520

5,407
5,430
5,442
5,442

2,895
2,923
2,894
2,907

35
72
38
99

176
182
193
211

246
245
247
246

4,633
4,580
4,645
4,588

2,284
2,240
2,272
2,201

Mar.
Mar.
Mar.
Mar.

6....
13...
20...
27...

6
6
8
8

6 2,430
6 2,430
2,430
2,430

10
18
11
9

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

2,910
2,921
2,910
2,942

88
88
310
393

237
238
243
241

246
247
254
253

4,555
4,588
4,361
4,285

2,185
2,191
1,950
1,888

Apr.
Apr.
Apr.
Apr.

3
10....
17....
24....

6
b
7
7

2,431
2,430
2,431
2,430

19
21
27
10

2,462
2,463
2,470
2,452

8,568
8,614
8,672
8,701

2,548
2,549
2,549
2,550

5,497
5,487
5,512
5,459

2,930
2,983
2,944
2,921

474
393
205
57

230
224
271
288

253
253
257
258

4,193
4,287
4,501
4,719

1,821
1,907
2,095
2,264

May
May
May
May
May

1
8 ...
15...
22...
29...

6
6
7
"
;
8

2,430
2,430
2,430
2,430
2,430

21
25
32
18
24

2,463
2,466
2,473
2,459
2,467

8,721
8,728
8,737
8,762
8,835

2,543
2,536
2,534
2,531
2,526

5,489
5,496
5,494
5,481
5,511

2,902
2,887
2,866
2,869
2,896

76
51
35
37
74

276
277
267
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
June
June
June

5...
12..
19. .
26..

8
7
1

2,430
2,430
2,430
2,430

32
29
40
30

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

2,935
2,922
2,897
2,911

95
66
126
80

196
214
301
306

257
258
264
263

4,914
5,049
4,996
5,029

2,400
2,521
2,445
2,471

July 3 . . .
July 10...
July 17...
July 24. .
July 3 1 . . .

g
7
7
1
'

2,431
2,430
2,430
2,430
2,430

24
31
30
19
23

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

? 820
2,830
2,835
2,852
2,865

182
102
251
282
126

312
302
302
265
253

258
263
258
258
257

4,900
5,052
4,924
4,945
5,100

2,320
2,456
2,340
2,335
2,513

Aug.
Aug.
Aug.
Aug.

7...
14. .
21. .
28..

6

7

2,430
2,430
2,430
2,430

34
36
26
2f

2,476
2,477
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

2,819
2,741
2,668
2,633

113
34
54
50

253
251
230
213

261
259
260
260

5,115
5,254
5,291
5,346

2,547
2,667
2,682
2,749

Sept.
Sept.
Sept.
Sept.

4...
U..
18..
25..

1
1
10
10

2,430
2,43(
2,430
2,430

25
34
27
21

2,472
2,479
2,472
2,474

9,209
9,21!
9,240
9,297

2,395
2,391
2,390
2,382

5,65(
5,038
5,632
5,62b

2,643
2,602
2,615
2,06b

103
27
224
112

193
18b
244
262

25f
248
250
250

5,228
5,388
5,136
5,236

2,643
2,790
2,527
2,592

Oct.
Oct.
Oct.
Oct.
Oct.

2....
9....
16...
23...
30...

10
10

2,430
2,430
2,430
2,430
2,430

2^
34
52
31
33

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
2,401

5,688
5,698
5,696
5,684
5,686

2,723
2,687
2,639
2,595
2,605

91
60
54
99
60

30b
313
307
292
296

251
250
254
254
260

5,224
5,330
5,534
5,575
5,653

2,569
2,694
2,878
2,900
2,981

Nov.
Nov.
Nov.
Nov.

6...
13. .
20. .
27..

2,430
2,430
2,430
2,430

2
49
31
32

2,462
2,492
2,47
2,472

9,714
9,747
9,804
9,874

2,40
2,399
2,409
2,42

5,754
5,746
5,739
5,820

2,595
2,563
2,598
2,571

60
78
50
54

236
249
262
282

260
257
253
252

5,671
5,746
5,782
5,789

2,993
3,052
3,069
3,051

Dec.
Dec.
Dec.
Dec.
Dec.

4....
11...
18...
24...
31...

2,430
2,430
2,430
2,43
2,43

29
33
41
81
45

2,470
2,474
2,483
2,523
2,486

10,009
10,068
10,098
10,115
10,125

2,442
2,447
2,458
2,464
2,476

5,843
5,841
5,902
5,991
5,882

2,583
2,534
2,528
2,542
2,56b

43
24
633
614
544

283
280
281
266
255

262
270
258
259
253

5,905
6,040
5,437
5,429
5,587

3,173
3,304
2,706
2,693
2,844

5

i

For footnotes see table 1.
Back figures.See special reprint referred to in note, table 1.




68

ANNUAL REPORT OF BOARD OF GOVERNORS

No. 4.- -MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED
ITEMS, BY WEEKS, 1934-1936 (WEDNESDAY FIGURES)—Continued
[In millions of dollars]

Rese *ve bank credit outstanding
Date
(Wednesday)

U.S.
Bills
GovBills erndiscount- bought ment
secued
rities

Treasury
CurrenGold curOther
stock ^ rency cy in
circuoutRestand- lation
serve Total
ing 3
bank
credit i

Treasury
cash
holdings 4

Member
bank reserve
Treas- Non- Other
balances
ury
Fedde- mem- eral
posits ber
ReExwith de- serve
ac- 6 Total cess
F. R. pos5
(esticounts
banks its
mated) ^

1936
Jan.
Jan.
Jan.
Jan.

8
15....
22....
29....

5
5
6
7

5
5
5
5

2,430
2,430
2,430
2,430

35
45
36
28

2,476
2,485
2,477
2,470

10,144
10,158
10,172
10,179

2,476 5,783
2,492 5,722
2,498 5,704
2,492 5,693

2,588
2,556
2,578
2,553

461
462
515
478

265
284
296
301

253
253
253
254

5,745
5,859
5,802
5,863

3,002
3,095
3,030
3,087

Feb.5
Feb. 1 2 . . .
Feb. 19....
Feb. 26....

10
8
7
7

5
5
5
5

2,430
2,430
2,430
2,430

44
65
64
33

2,489
2,508
2,505
2,475

10,168
10,155
10,160
10,163

2,491 5,742 2,518
2,496 5,763 2,511
2,499 5,771 2,506
2,502 5,775 2,516

440
482
473
433

324
364
327
323

255
254
255
254

5,869
5,784
5,832
5,839

3,089
3,007
3,045
3,062

Mar. 4
Mar. 1 1 . . .
Mar. 18.. .
Mar. 25. ..

6
5
6
6

5
5
5
5

2,431
2,430
2,430
2,430

34
33
44
45

2,475
2,473
2,485
2,485

10,167
10,170
10,173
10,177

2,506
2,503
2,503
2,502

5,848
5,840
5,841
5,837

379
2,519
391
2,518
2,520 1,067
2,520 1,147

321
337
328
340

269
274
261
261

5,813
5,786
5,144
5,059

3,043
3,008
2,388
2,315

Apr.
Apr.
Apr.
Apr.
Apr.

1
8
15...
22...
29....

7
6
6
5
5

5
5
5
5
5

2,430
2,430
2,430
2,430
2,430

34
38
35
35
32

2,477
2,479
2,477
2,475
2,472

10,185
10,190
10,200
10,209
10,221

2,504
2,505
2,502
2,501
2,501

5,884
5,906
5,877
5,860
5,859

2,528 1,086
964
2,538
830
2,544
712
2,557
079
2,529

331
346
335
355
362

259
258
260
260
259

5,077
5,161
5,333
5,442
5,506

2,338
2,384
2,548
2,640
2,680

May
May
May
May

6
13 ...
20....
27....

5
5
5
5

5
5
5
4

2,430
2,430
2,430
2,430

38
30
30
26

2,478
2,469
2,470
2,466

10,248
10,302
10,375
10,388

2,497 5,912 2,553
2,496 5,888 2,583
2,493 5,896 2,625
2,494 5,902 2,572

622
578
513
544

345
351
353
326

259 5,532 2,697
257 5,611 2,774

June 3 . . . .
June 10. ..
June 17. ..
June 2 4 . . .

6
5
7
6

3
3
3
3

2,430
2,430
2,430
2,430

50
32
40
32

2,489
2,471
2,480
2,472

10,409
10,480
10,543
10,600

2,493 5,953 2,579
505
516
2,489 5,937 2,548
2,490 6,048 2,607 1,421
929
2,500 6,173 2,648

349
306
282
252

292
299
261
261

5,713
5,833
4,894
5,308

2,844
2,948
2,043
2,438

July
July
July
July
July

1
8
15....
22....
29....

4
3
3
3
4

3
3
3
3
3

2,430
2,430
2,430
2,430
2,430

35
36
42
30
23

2,473
2,472
2,478
2,466
2,460

10,612
10,622
10,629
10,634
10,642

2,498
2,498
2,496
2,497
2,496

2,501
2,508
2,428
2,436
2,441

731
507
593
519
466

256
263
266
300
298

256
256
255
254
253

5,589
5,814
5,872
5,935
6,016

2,670
2,883
2,923
2,986
3,049

4ug 5
Aug. 1 2 . . .
Aug. 1 9 . . .
Aug. 26. ..

4
8
6

3
3
3
3

2,430
2,430
2,430
2,430

26
36
18
25

2,463
2,477
2,457
2,465

10,650
10,661
10,678
10,695

2,496 6,163 2,427
2,498 6,170 2,421
2,499 6,184 2,410
2,501 6,184 2,410

439
338
215
143

321
337
342
336

254
255
255
256

6,005
6,116
6,229
6,332

3,051
3,167
1,813
1,892

Sept. 2 . . . .
Sept. 8 . . . .
Sept. 16...
Sept. 2 3 . . .
Sept. 30...

9

3
3
3
3
3

2,430
2,430
2,430
2,430
2,430

21 2,463 10,717
41 2,482 10,736

2,502
2,508
2,507
2,509
2,512

6,225
6,276
6,255
6,239
6,267

2,375
2,365
2,371
2,399
2,458

107
55
418
388
253

280
271
251
255
234

255
288
263
263
262

6,441
6,471
6,206
6,225
6,357

1,958
1,997
,714
1,743
1,840

Oct.
Oct.
Oct.
Oct.

7
14....
21....
28....

8
8
6
6

2,430
2,430
2,430
2,430

31
43
23
23

2,509
2,512
2,514
2,514

6,305
6,316
6,311
6,302

2,440
2,421
2,403
2,390

196
135
88
100

271
249
227
220

263
261
264
263

6,479
6,617
6,693
6,732

1,954
2,072
2,127
2,158

Nov. 4 . . . .
Nov. 1 0 . . .
Nov. 1 8 . . .
Nov. 2 5 . . .

7
7
I
6

2,430
2,430
2,430
2,430

29 2,470 11,105
25 2,464 11,127
18 2,457 11,162

2,515 6,378 2,392
2,516 6,393 2,366
2,520 6,375 2,378
2,520 6,429 2,370

95
55
50
79

200
191
197
206

262
262
260
261

6,693
6,825
6.851
6,795

2,138
2,260
2,276
2,210

11,188
11,206
11,222
11,229
11,251

2,522 6,466 2,353
2,525 6,497 2,372
2,532 6,552 2,346
2,531 6,680 2,342
2,530 6,550 2,368

110
93
173
251
231

212
229
227
256
274

260
278
265
266
270

6,775
6,731
6,674
6,507
6,572

2,205
2,157
2,046
1,881
1,946

Dec.
Dec.
Dec.
Dec.
Dec.

2
9
16....
23....
30.. .

7
8
8
7
g

6
6
8
9
5

2,430
2,430
2,430
2,430
2,430

For footnotes see table 1.



54 2,495 10,762
33 2,473 10,786
30 2,473 10,845
2,472
2,485
2,463
2,462

10,971
11,003
11,008
11,031

7 2,448 11,058

28
29
42
100
46

2,467
2,468
2,483
2,542
2,484

6,250
6,242
6,190
6,153
6,123

258 5,694 2,859
256 5,747 2,901

No. 5.—MEMBEK BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS (CALL DATES), 1921-1936
[In millions of dollars]
Reserve bank credit outstanding
Call date*
Bills discounted
1921—Apr. 28
June 30
Dec. 31
1922—Mar. 10
June 30
Dec. 29
1923—Apr. 3
June 30
Sept. 14
Dec. 31
1924—Mar. 31
June 30
Oct. 10
Dec. 31
1925—Apr. 6
June 30
Sept. 28
Dec. 31
1926—Apr. 12
June 30
Dec. 31
1927—Mar. 23
June 30
Oct. 10
Dec. 31
1928—Feb. 28
June 30
Oct. 3
Dec. 31

2,062
1,751
1,144

613
461
609
723
837
864
723
518
334
226
320
402
491
608
643
525
521
637
457
443
446
582
481

1,095
1,026
1,056

Bills
bought
105
40
145
91
161
271
265
206
181
•355

228
37
180
387
305
254
259
374
262
249
381
231
211
258
392
346
217
310
489

U.S.
Government
securities
268
259
234
466
555
426
245
102
111
134
263
431
589
540
360
353
332
375
363
385
315
342
370
503
617
401
235
231
228

Other
Reserve
bank
credit*
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

Gold
stock 2
Total

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

2,869
2,988
3,373
3,445
3,498
3,645
3,683
3,763
3,832
3,957
4,077
4,201
4,216
4,212
4,047
4,073
4,094
4,112
4,165
4,160
4,205
4,313
4,300
4,286
4,092
4,075
3,822
3,838
3,854

Treasury
currency
outstanding 3

1,713
1,750
1,842
1,838
1,862
1,957
1,984
1,975
1,999
2,009
2,015
2,019
2,018
2,025
2,015
1,997
1,985
1,977
1,984
1,986
1,991
1,994
2,003
2,003
2,006
2,007
2,006
2,010
2,012

Currency Treasury
in circucash
lation
holdings 4

4,763
4,624
4,403
4,201
4,176
4,537
4,451
4,536
4,619
4,757
4,612
4,562
4,608
4,760
4,549
4,524
4,634
4,817
4,613
4,598
4,808
4,535
4,564
4,667
4,716
4,408
4,510
4,520
4,686

230
198
214
214
220
226
230
209
223
213
228
219
227
211
206
204
213
203
222
201
201
199
211
206
208
206
200
206
202

Treasury
deposits
with
Federal
Reserve
banks
46
43
96
16
33
6
78
34
44
38
100
43
42
51
27
25
31
16
48
11
17
6
31
17
18
25
24
33
23

Other
NonFederal
member5 Reserve
deposits accounts6

34
28
27
37
30
28
21
29
21
23
22
23
25
39
34
27
28
29
23
20
65
23
34
31
26
22
29
32
27

318
338
285
274
283
275
279
280
281
275
269
261
259
258
265
263
269
272
281
282
293
298
296
302
301
311
325
339
348

Member bank reserve balances
Total

1,657
1,604
1,753
1,719
1,820
1,919
1,891
1,852
1,870
1,898
1,885
1,944
2,114
2,220
2,095
2,172
2,145
2,212
2,125
2,229
2,194
2,300
2,249
2,302
2,487
2,355
2,325
2,350
2,389

Excess
(estimated) "
23
-28

99
56
31
68

w
*r
b
H

40
14

W

49
2

-8 1
25
59
17
21

#
<
HI

4

K*

3

g

-44
-43

-56

80
-64
1
63
23

Jl-20
38
-41

*Dates for which calls were issued for reports of condition of national banks by the Comptroller of the Currency and for State member banks of the Federal Reserve System by the
Board of Governors.
For other footnotes see table 1.




?
S

rjl

w
H

§

No. 5.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS (CALL DATES), 1921-1936—Continued
[In millions of dollars]
Reserve bank credit outstanding
Call date*
Bills die
countec

1929—Mar. 27
June 29
Oct. 4
Dec. 31
1930—Mar. 27
June 30
Sept. 24
Dec. 31
1931—Mar. 25
J u n e 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
1935—Mar. 4
J u n e 29
Nov. 1
Dec. 31
1936—Mar. 4
J u n e 30
Dec. 31

i

!

i

1

i

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
6
4
3

Bills
bought

208
82
297
392
279
128
198
364
83
106
423
339
67
33
33
48
7
133
52
5
6
6
6
5
5
5
5
3
3

U.S.
Government
securities

Other
Reserve
bank
credit x

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
2,431
2,430
2,430

For footnotes see preceding page and table 1.
Back figures.—See special reprint referred to in note, table 1.




Gold
stock 2

Treasury
currency
outstand-

Currency
in circulation

Treasury
cash
holdings 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
5,848
6,241
6,543

202
204
204
216
210
210
213
211
211
224
225
222
218
264
272
264
274
284
3,317
2,951
2,915
3,029
2,910
2,866
2,592
2,566
2,519
2,497
2,376

Total

1,429
1,400 i
1,414
1,583 |
1,051 |
1,018

991 I

1,373 !
858
943 i
1,532 j
1,853
2,310
2,233
2,145 !
2,220
2,526
2,688
2,565
2,472
2,457 j

2,463 I
2,456 |
2,480
2,480
2,486 |
2,475 |

2,473 I
2,500 I

3,887
4,037
4,087 I
3,997 !
4,137 !
4,248
4,219
4,306 !
4,402 |
4,669 ;
4,470 I
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
10,167
10,608
11,258

2,012
2,019
2,010
2,022
2,022
2,025
2,026
2,027
2,027
2,022
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
2,506
2,498
2,532

Treasury
deposits
with
Federal
Reserve
banks

Member bank reserve balances
Nonmember
deposits6

28

28
3
38
64
53
121
59
102 !
67
544
379
690
244

28
30
25
40
25
28
24
77
134
110
42
36
43
166
167
132
135
233
183
189
235
325
247
255
321
262
259

Other
Federal
Reserve6
accounts

363
374
389
393
400
391
391
375
384
371
364
354
345
352
355
346
357
360
293
232
239
241
248
261
258
253
269
256
261

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
2,693
2,729
3,186
3,840
3,996
4,096
4,563
4,979
5,685
5,587
5,813
5,633
6,606

Excess
(estimated) '

24
23
-18
-73
54
6
82
96
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
3,043
2,717
1,984

o

o
o

I

71

FEDERAL RESERVE SYSTEM

No. 6.—DEPOSITS, TOTAL RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGE
OF FEDERAL RESERVE BANKS, BY MONTHS, 1933-1936
[Monthly averages of daily figures. In thousands of dollars]
Reserves *

Deposits
Month

Men iber
baiik

To al

reserves

Federal i ReReserve serve
! note cir- per
culation centage

U.S.
Treasurer—
General
account

Foreign
bank

Other

Total

Excess

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

26 ,352
27 ,434
103 ,370
138 ,465
151 ,229
148 ,942
162 ,121
162 ,837
146 ,312
147 145
149 842
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

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
84.5
52.7
62.8
66 7
68.3
68.3
68.1
60.7
65.6
64.9
63.9

141
131
138
165
243
221
213
199
185
168
151
163

865
890
046
322
267
488
541
577
487
910
767
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
1,618,806
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

18, 918
13, 904
16, 940
19, 790
28, 884
26, 531
24, 819
22, 019
17, 584
19, 213
29, 519
32, 854

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

493, 757
465, 949
760, 058
844, 686
558, 727
793, 026
545, 191
275, 281
233, 102
145, 606
85, 640

41, 900
60, 082
62, 812
74, 194
79, 253
58, 066
59, 536
84, 574
59, 254
67, 641
54, 478

154, 703

73,335

238, 097
268, 623
273, 637
274, 283
268, 750
231, 273
221, 378
243, 838
201, 007
171, 113
144, 950
164, 847

7, 936,080
8, 016,502
8, 023,712
8, 022,950
8, 084,233
8, 229,897
8, 455,713
8, 537,947
8, 645,388
8, 831,162
8, 983,986
9, 076,025

4,186,366
4,237,597
4,245,829
4,242,216
4,281,979
4,378,268
4,511,022
4,565,123
4,634,304
4,751,485
4,849,171
4,896,071

3,639,915
3,669,821
3,742,342
3,770,233
3,778,695
3,883,921
4,010,628
3,995,475
4,044,123
4,093,336
4,150,760
4,274,353

77.9
78.0
78.2
78.2
78.3
78 8
79.0
79.2
79.4
79.8
80.1
80.1

1933
January
February
March
April
May
June
July
August
September
October
November....
December

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

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

2 ,763
2 ,821
3 ,361
3 ,593
3 ,694
3 ,790
3 927
4 044
3 946
3 964
4 100
4 037

1934
January
February
March
April
May
June
July
August
September
October
November
December

943
846
382
505
792
029
995
979
573
277
270
355

87 558
80 432
42 159
54 567
62 675
115 025
58 648
55, 615
138, 696
91, 278
44, 722
136, 868

4
4
6
5
6
4
5
8
11
8
12
17

430
380
245
090
104
642
817
667
238
194
945
740

1935
January
February
March
April
May
June
July
August
September
October
November
December

195
888
584
532
936
326, 077
456 544
530, 459
580, 957
830, 635
062, 199
315, 272

4 354, 901
4 601, 366
4 452 244
4 436, 321
4 777, 845
4 978, 868
4 970, 204
5 232, 191
5 242, 784
5 468, 553
5 757, 219
5 715, 582

6 553, 567
6, 602, 790
6, 516, 990
6, 493, 261
6, 545, 075
6, 565, 889
6, 686, 972
6, 784, 668
6, 838, 386
6, 978, 123
7, 070, 030
7, 057, 750

5 779, 813
5 808, 136
5 420, 483
5 300, 098
5, 638, 345
5, 483, 524
5, 860, 867
6, 180, 975
6, 345, 023
6, 593, 763
6, 784, 962
6, 664, 865

4
4
4
4
5
5
5
5
5
5
6
6

621
845
890
965
115

72, 603
55, 452

202, 016
270, 890

60, 285
81, 003

193, 107
65, 752

101, 753

55, 299
49, 434
323, 983

1936
January
February
March
April
May
June
July
August
September
October
November
December
1

Figures include certain classes of coin and currency not counted as a part of reserves prior to May 12,1933.

Bachfigures,—SeeAnnual Report for 1933 (tables 9 and 10) and similar tables in previous annual reports.




72

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 7.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL)
DECEMBER 31, 1936 *
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 and Federal Reserve bank notes
Subsidiary silver, nickels and cents

4,618,838
2,722,585
1,510,457
8,851,880
12,741
8,864,621
54,505
176,839
3,638
5,126
16,426

Total other cash

256,534

Total reserves

9,121,155

Bills discounted:
Secured by U. S. Government obligations, direct or fully guaranteed:
Discounted for member banks
For others
Total secured by U. S. Government obligations, direct or fully guaranteed
Other bills discounted:
For member banks
For others

2,185
1
2,186
425
302

Total other bills discounted

727

Total bills discounted

2,913

Bills bought—payable in foreign currencies
Industrial advances
U . S . Government securities:
Bonds
Treasury notes
Treasury bills

3,089
24,650
490,643
1,340,963
598,621

Total U. S. Government securities

2,430,227

Total bills and securities

2,460,879

Due from foreign banks
Federal Reserve notes of other Reserve banks
Uncollected items:
Transit items
Exchanges for clearing house
Other cash items
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
1

Before closing books at end of year.




220
32,603
'.

743,650
38,027
43,544
825,221
48,082
2,556
19,776
8,927
426
8,962
40,647
12,528,807

FEDERAL RESERVE SYSTEM

73

No. 7.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL)
DECEMBER 31, 1936—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 banks)
Held by issuing Federal Reserve banks and branches

4,638,197
331,769

Forwarded for redemption

22,891

Federal Reserve notes in actual circulation (including notes held by Treasury and by Federal
Reserve banks other than issuing bank)
4,283,537
Deposits:
Member bank—reserve account
U. S. Treasurer—general account
Foreign bank
Other deposits:
Nonmember clearing account
Officers' checks
Federal Reserve exchange drafts
All other

6,605,643
243,549
98,620
123,270
18,173
241
18,523

Total other deposits

160,207

Total deposits
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
Net earnings available for depreciation allowances, reserves, and surplus
Accrued dividends unpaid
Unearned discount
Discount on securities
Suspense account and miscellaneous liabilities

7,108,019
786,157
130,836
145,501
27,088
•

9,155
24,691
33,846
37,901
29,874
8,027
8,360
257
7,829
8,301
790
10
347
4,375

Total all other liabilities
Total liabilities

13,823
12,528,807

Back Figures.—See Annual Report for 1935 (table 6) and similar tables in previous annual reports.




No.

8.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH
[In thousands of dollars]
1935
Dec. 31

ASSETS

1936
Jan. 31

Feb. 29

Mar. 31

Apr. 30

May 31

June 30

July 31

Aug. 31

Sept. 30

Oct. 31

Total reserves

Dec 31

!

Gold certificates on hand and due from
U. S. Treasury
j 7,553,357 7,651,
7,669,673 7,665,346 7,703,835 7,824,035 8,106,542 3,197,527 S,299,031 8,384,683 8,650,831
Redemption fund—Federal Reserve notes. . |
14,902
17,444i
15,
14,865
12,877
13,061
12,949
12,663
12,625
12,428
11,662
Other cash
j
336,754
264,550
338,020
347,090
332,496
295,258
265,154
266,884
292,661
261,445
251,268

Bills discounted:
For member banks
For nonmember banks, etc.

Nov. I

j 7,835,351 8,005,567 8,021,3
4,316
356

8,384
359

6,570
359

!, 799,020 8,851,880
12,741
11,407
256,534
237,476

B,027,301 8,049,208 8,132,354 8,384,645 8,502,851 8,578,540 8,658,556 8,913,761 9,047,903! 9,121,155
7,654
359

5,474
10

5,437
11

4,072
10

3,941

8,043
208

6,545
2,906

5,882
503

6,146
503

2,612
301

Total bills discounted
8,743
8,013
5,484
5,448
4,082
3,950
4,672!
6,929
8,251
6,649)
2,913
9,451
6,385
Bills bought: Payable in foreign currencies.
4,674
4,684
3,076
3,077
3,092
4,671
4,673
3,095
3,0871
3,089
4,656
3,098
3,087
Industrial advances
30,409
30,346
29,073
32,
31,778
30,274
29,878
28,514
25,828
24,650
32,493
28,145
26,478
U. S. Government securities
2,430,731 2,430,247 2,430,298 2,430,250 2,430,239 2,430,403 2,430,227 2,430,227 2,430,227 2,430,227 2,430,227 2,430,227 2,430,227
Other Reserve bank credit:
Other securities
181
181
181
181
181
181
181
181
181
650
220
Due from foreign banks
650
649
631
237
221
219
221
237
217
665
220
2
294
3,518
714
39,064
Reserve bank float x
2,267
7,148
2 5,220
12,233
4,309
4,997
2,218
9,124
2 12,955
Total Reserve bank credit outstanding
Federal Reserve notes of other Reserve
banks
Uncollected items not included in float
Bank premises
All other assets
Total assets




2,485,631 2,478,848 2,481,656 2,473,883 2,475,083 2,473,928 2,472,679 2,461,524 2,471,201 2,473,356 2,475,521 2,453,057 2,500,163
27,445
591,556
47,723
38,094!

18,077
496,288
47,7
41,057

18,365
484,877
47,814
40,312

18,811
522,104
47,885
36,811

21,
552,035
48,031
38,509

18,690
550,773
48,052
41,731

18,409
607,811
48,052
42,477

25,160
545,085
48,056
46,089

24,916
454,440
48,056
44,150

22,640
620,360
48,060
39,232

23,604
554,423
48,067
41,252

26,129!
589,7061
48,0671
43,304

32,603
786,157
46,142
38,473

11,025,80011,087,63611,094,35311,126,795 11,183,955 11,265,528 11,574,073 11,628,765 11,621,303 11,862,204 12,056,628 12,208,166 12,524,693

o

O

o

w

LIABILITIES
Federal Reserve notes:
18,690
25,160
22,640
23,604
24,916
18,365
18,811
18,409
27,445i
18,077
21,1
26,129
Held by other Federal Reserve banks.
32,603
Outside Federal Reserve banks
3,681,629] 3,614,98" 3,713,858 3,744,947 3,741,017 3,775,899 4,016,073 3,953,234 3,993,192 4,026,503 4,092,270 4,172,489 4,250,934
Total Federal Reserve notes in cir3,709,074j 3,633,064 3,732,223 3,763,758 3,762,106 3,794,589 4,034,482 3,978,394 4,018,108 4,049,143 4,115,874 4,198,618 4,283,537
culation 3
Deposits:
Member bank—reserve account
U. S. Treasurer—General account.
Foreign bank
Other deposits

5,587,208 5,860,064 5,784,423 5,087,086 5,485,655 5,719,490 5,632,735
424,142 1,077,494
682,139
517,941
543,770
452,524
690,102
51,143
80,635
53,523
28,935)
48,155
54,169
275,715 269*477
275,262
283,173
225,896
256,073
207,723

Total deposits
Deferred availability items..
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies
All other liabilities
Total liabilities
Commitments

1,005,108 6,409,966 6,356,952 .,752,698 6,788,055 6,606,430
446,908
103,940
77,109
252,737
243,662
78,377
60,292
50,572
44,249
51,950
57,489
98,620
161,204
235,969
245,519
181,873
143,879
160,207

.,385,809 6,616,816 6,535,423 6,496,751 6,523,691 6,574,127 6,584,729 6,757,827
484,877 522,104
550,773
545,085
591,556
496,288
552,035
607,811
130,176
130,512|
3 0 7
130,792
130,917
130,647 130,708 130,723
130,659
145,501
145,501!
145,501
145,501 145,501 145,501
145,501
145,501
26,513
24,235i
26,513
26,406
26,513
26,419
26,513
26,513
34,105
35,C8l!
34,116
33,899
34,111
34,111
34,105
34,109
11,164
03
10,004
5,015
9,122
5,091
4,032!
7,340
9,341

»,800,447 i,843,512 7,035,260 7,067,800 7,108,919
620,360
454,440
554,423
589,706
786,157
130,155
130,162
130,250
130,227
130,836
145,501
145,501
145,501
145,501
145,854
27,088
27,088
27,088
27,088
27,190
34,299
34,236
34,241
34,239
37,200
14,904
11,328
12,197
14,016
5,000

, 11,025,800|ll,087,63611,094,35311,126,795 11,183,955 11,265,528 11,574,073 11,628,765 11,621,303 11,862,204 12,056,628 12,208,166 12,524,693

to make industrial ad- I
27,649

Ratio of total reserves to deposit and Fed- i
eral Reserve note liabilities combined ;
(percent)

77.6

26,957

78.1

25,780

78.1

25,084

25,568

78.3

25,070

78.4

1
Uncollected items in
2
Deferred availability
3

23,928

79.0

23,711

23,734

79.3

23,307

79.5

22,778

21,838

79.9

excess of deferred availability items.
items in excess of uncollected items.
Differs from figures given in table 36, by the amount of Federal Reserve notes held by (a) Federal Reserve banks other than issuing bank and by (b) the U. S. Treasury.

Backfigures.—SeeAnnual Report for 1935 (table 7) and similar tables in previous annual reports.




20,643

No. 9—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT END OF 1935 AND

1936

[In thousands of dollars]
Philad elphi a

New York

Boston

To tal

1936

1935

1936

1935

554,311 3,320,993
1,449
1,792
20,192
54,360

3,438,991
1,435
64,811

370 ,230
1 ,168
34 ,078

495 ,308
194
25 ,458

515,847
1,055
19,226

552,536

575,952

3,377,145

3,505,237

405 ,476

520 ,960

307
61

1,070

832

655

727

491

250
128

2,913
3,089
24,650

2,941

1935

1936

1935

7 553,357

8 851,880

12,741
256,534

516,822
2,995
32,719

7 835,351

9 121,155

1,541
3,131

2,186

4,672
4,656
32,493

1936

1935

Richmond

Cle\ eland

1935

1936

665 ,017
978
20 ,077

231 ,954
1,283
13 ,649

302,265
340
17,065

536,128

686 ,072

246 ,886

319,670

285
28

10
33

28

45
13

150
13

1936

ASSETS
Glold certificates on hand and due from U. S. Treasury.
Redemption fund—Federal Reserve notes
Other cash
Total reserves

17,444
.264,550

Bills discounted:
Secured by U. S. Government obligations direct
or fully guaranteed
Other bills discounted
Total bills discounted..
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds . . .
Treasury notes
Treasury bills

368
343

22

2,198

1,092

3,030
1,738
7,741

1,146
1,100
5,958

378
484
6 ,768

313
317
4 ,685

1,784

28
?94
1 ,214

58
175
4 ,460

43
444

163
121

1 ,340,963

598,621

14,420
107,636
35,615

35,167
96,116 i
42,907 j

55,908
498,307
187,668

130,269
356,035
158,939

16 848
120 ,857
39 ,415

4? 194
115 ,317
51 ,479

19,070
149,491
49,464

49 618
135 612
60 ,539

10 ,209
80 ,0?8
26 ,479

25,340
69,254
30,916

Total U. S. Government securities
Other securities

2 ,430,731

2 ,430,227

157,671

174,190 1

741,883

645,243

177 ,120

208 ,990

218,025

245 ,769

116 ,716

125,510

Total bills and securities
Due from foreign banks
Federal Reserve notes of other Reserve banks
Uncollected items .
Bank premises
All other assets

?

?

161,323

178,382 1
17 |
310 !
81,304 !
3,057 1

754,392
265
5,483
166,040
10,781
27,956

653,447

184 ,750
69

214 ,305
21

220,296

247 305
20

121 ,409

128,449

3 ,411
48 ,099
,918

2,779
62,145
2,810

Total assets




216,176
572,958
181

,472,733
665

490,643

,460,879
220

50

27,445
603,789
47,723
38,094

32,603
825,221
46,142
38,473

343
67,045
3,113

11 ,025,800

12 ,524,693

784,821

411

hi
O

2,655

225

2,875

1 ,641,597

....

3

133

84

8,799
241,482
10,134
30,576

839,155 ! 4,342,062 4,449,759

1,506
40 928

63

1,461
54,129
6,525
1,324

2 ,192
95 537

4 830
3 ,801

1,736
58 663
4 ,952
3 ,122

641 ,360

803 ,759

819,926

1,038 ,809

6 368
1 ,315

10

863

894

423 ,611

516,757

§
>

a
o

LIABILITIES
Federal Reserve notes in actual circulation 1.

3,709,074

4,283,537

316,739

361,758

807,718

921,697

271,870

312,078

352,515

418,454

181,523

208,787

Deposits:
Member bank—reserve account
U. S. Treasurer—general account
Foreign bank
Other deposits

......

5,587,208
543,770
28,935
225,896

6,606,430
243,662
98,620
160,207

326,489
46,872
2,095
3,245

353,497 2,747,431
9,718
330,925
7,327
10,542
2,830
165,156

2,942,652
108,703
35,745
96,584

274,326
10,518
2,881
10,175

381,210
6,258
9,208
2,220

334,461
39,294
2,765
3,514

451,331
26,873
9,109
12,797

165,767
13,184
1,077
2,427

215,791
7,317
4,357
4,963

Total deposits
Deferred availability items
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b) ..
Reserve for contingencies
All other liabilities

6,385,809
591,556
130,512
145,501
24,235
35,081
4,032

7,108,919
786,157
130,836
145,854
27,190
37,200
5,000

378,701
65,359
9.430
9,902
2 876
1,713
101

373,372 3,254,054
80,190
160,139
9,385
51,006
9,826
50,825
2,874
7,744
1,570
8,849
180
1,727

3,183,684
223,480
50,590
51,474
7,744
9,260
1,830

297,900
40,293
12,328
13,406
2 132
3,000
431

398,896
58,926
12,211
13,362
4,325
3,000
961

380,034
56,330
12,299
14,371
1,007
3,113
257

500,110
88,871
12,664
14,323
1,007
3,120
260

182,455
44,760
4,590
5,186
3,363
1,512
222

232,428
60,837
4,719
4,869
3,422
1,575
120

11,025,800
27,649

12,524,693
20,643

784 821
3,338

839,155 4,342,062
2,050
9,948

4,449,759
8,424

641,360

803,759

861

247

819,926
1,639

1,038,809
1,280

423,611
2,289

516,757
2,322

4,047,052
337,978

4,638,197
354,660

346,973
30,234

385,745
23,987

928,859
121,141

1,020,281
98,584

288,626
16,756

330,441
18,363

370,830
18,315

451,512
33,058

194,630
13,107

227,242
18,455

3,709,074

4,283,537

316,739

361,758

807,718

921,697

271,870

312,078

352,515

418,454

181,523

208,787

3,970,843
2,716
127,500-

4,618,838
2,237
95,000

356,617
343

406,000
1,070

938,706
1,307

1,025,706
692

290,000
343

332,000
285

376,440
10

457,000

176,000
45
19,000

228,000
150

4,101,059

4,716,075

356,960

407,070

940,013

1,026,398

290,343

332,285

376,450

457,000

195,045

228,150

. .

Total liabilities
Commitments to make industrial advances
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by Federal Reserve
agent
Held by Federal Reserve bank
In actual circulation

l

Collateral held by agent for notes issued to banks:
Gold certificates on hand and due from U. S.
Treasury.....
Eligible paper
U. S. Government securities
Total collateral held.
For footnote see end of table.




No. 9—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT END OF 1935 AND 1936—Continued
[In thousands of dollars]
Chicago

Atlanta
1 1935

1936

1935

St. Louis
193€

1935

Kansa sCity

Minneapolis

1936

1935

1936

1935

Dallas

1936

1935

San Francisco

1936

1935

1936

ASSETS
Gold certificates on h a n d a n d d u e from U . S . T r e a s u r y . . 173, 298 249,489 1,342, 261 1,664, 103 226 ,121 255,381 136 744 175,993 189,173 254 216 128 870 170 362 401 044 626 442
2,659
522
857
1,570
540
915
198
2 891
2, 869
799
849
666
681
1 480
R e d e m p t i o n fttnd—Federal Reserve notes
8 229
7,301 19,000 13 ,157
30, 597 18 ,000 16,465
12, 057 14,448
30 342
6 659
6 695 16 231 20 268
Other cash.
.
188, 224 266,596 1,373, 125 1,695, 557 244 ,920 273,416 145 513 184,211 209 022 268 039 136 210 177 255 420 166 648 190

T o t a l reserves
Bills discounted:
Secured b y U. S. G o v e r n m e n t obligations direct or
fully guaranteed
O t h e r bills discounted

*22

12

2
10

25

21

99

87
794

19
126
1, 780

19
87
1 325

95
328
1 111

91
218
1 822

25 409
445
31 001

16, 033
47,
15, 649

25
13

20
11

41

35

3
15

1
39

42

3
7

69
550

38
165
928

31
10$
400

41
577
1, 853

35
385
1, 434

18
87
392

40
86
424

49.
61
589

10
61
1,064

619
128
1 146

8, 240
64, 596
21, 373

20,025
54,731
24,432

25, 623
242, 064
88, 002

57, 324
156, 670
69, 939

9 ,420
74 ,346
24 ,434

23,381
63,901
28,527

12, 956
47, 173
15, 439

18,313
50,051
22,343

10 014
73 13?
24 198

T o t a l U. S. G o v e r n m e n t securities
O t h e r securities

94, 209

99,188

355, 689

283, 933 108 ,200 115,809

75, 568

90,707 107 344 125 855
181

78, 975 100 637 199 331 214, 396

T o t a l bills a n d securities
.
D u e from foreign b a n k s
Federal Reserve notes of other Reserve b a n k s
Uncollected items
Bank premises
All other assets

95, 340
24
1, 644
23, 283
9, 984
1, 449

99,727
8
3,564
27,364
2,237
1,191

358, 160
80
4, 978
80, 345
4, 896
405

285, 787 108 697 116,359
4
4
26
2,036
2 ,027
3, 974
101, 701 24 ,737 33,949
4, 711
9 451
2,390
207
215
183

77 960
3
1, 248
16, 071
1, 531
427

91,842 109, 418 126, 7W
3
18
6
1 760
1,740
2 030
18,536 34 088 36 350
3,
3, 360
1,488
232
190
167

80, 89S 102, 061 200, 795 216, 4f>7
17
15
6
47
1, 044
608
2, 706
2, 669
19, 607 26, 934 29, 417 41, 256
1,
580
449
761
283
292
170

T o t a l bills discounted
Bills b o u g h t i n open m a r k e t
I n d u s t r i a l advances

.
..

U. S. G o v e r n m e n t securities:
Bonds
T r e a s u r y notes
T r e a s u r y bills

T o t a l assets




..

..

20 318 17 435 43 285
55 530 136 674 118 301
24 789 45 222 52, 810

312, 248 400,687 1,821, 919 2,091, 963 383 ,051 428,337 242, 053 298,052 358, 126 436, 365 239, 620 308, 844 657, 003 912, 206

td
O

5
a
o
a
o

LIABILITIES
Federal Reserve notes in actual circulation *
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
Commitments to make industrial advances.
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by Federal Reserve
agent
Held by Federal Reserve bank
In actual circulation *
Collateral held by agent for notes issued to banks
Gold certificates on hand and due from U. S.
Treasury.
Eligible paper..
Government securities
Total collateral held
1

156,385 189,10l|

851,080

963,398 163,304 183,580 110,562 136,096 141,690 162,081

112,539 158,750
1,603
4,565
1,048
3,-"'"
6,166
4,367

790,266
52,388
3,376
2,340

935,159 159,725 182,277 96,228 120,530 168,793 218,402 123,816 168,143 287,367 478,688
8,494
36,485 14,517
6,952 3,155
4,856 4,233 24,183 18,593
5,471
2,275
11,<
2,970
2,872
698
2,376
786
757
2,872 2,037 6,832
873
1,725 8,646
8,697 7,057
208
2,234 3,819 14,044 16,551
5,446
892

121,356 171,148
21,336 27,116
4,168
4,272
5,616
5,616
754
754
2,606
2,584
27

848,370
79,603
12,048
21,350
1,391
7,576
501

984,855 183,761 200,896 107,138 133,823 172,746 229,976 131,663 179,067 327,631 520,664
99,577 25,903 33,557 15,513 18,826 33,947 34,551 21,694 27,045 26,679 33,181
3,782 2,!
3,962
3,773 3,825 10,198 10,159
12,324 3,757
2,943
3,916
4,655 3,149
3,613
3,783
3,116
21,504 4,655
3,613
3,851
9,645
9,645
545 1,003
1,142
546
1,003
1,256
1,142
1,262
1,021
1,416
1,696
1,194 1,501
936
970
2,097
1,361
841
1,828 2,039
2,037
7/""
128
104
155
148
26
231
103
166
180

91,863 279,624 334,644

312,248 400,687 1,821,919 2,091,963 383,051 428,337 242,053 298,052 358,126 436,365 239,620 308,844 657,0031 912,206
1,061
138
10 2,256
290
317
593
156
71
1,353
489
4,580| 4,082

178,5! 216,545
22,195 27,444

896,413 1,006,839 171,816 196,159 115,463 142,110 150,726 172,233
43,441 8,512 12,579 4,901
6.014
45,333
9,036 10,152

156,385 189,101

851,080

133,685 176,000
25
20
47,000 45,000

911,000 1,030,000 169,632 171,632 106,500 128,000 135,000 170,000
1
33
13
8
3
599
5,000
3,000 30,000 10,000 15,000 17,000

83,000 105,500 294,263 389,000
3
1,500
' 30^666

180,710 221,020

911,000 1,030,000 172,640 201,633 116,533 143,003 152,599 175,013

84,503 105,503 324,263 389,000

963,3

163,304 183,580 110,562 136,096 141,690 162,081

Includes Federal Reserve notes held by the U. S. Treasury or by a Federal Reserve bank other than the issuing bank.

Backfigures.—SeeAnnual Report for 1935 (table 8) and similar tables in previous annual reports.




76,064

83,687 103,272 320,449 385,818
7,623 11,409 40,825 51,174
76,064

91,863 279,624 334,644

I

80

ANNUAL REPORT OF BOARD OF GOVERNORS

No. 10.- -BILLS

DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ON
DEC. 31, 1936, BY CLASSES
[In thousands of dollars
Rediscounted bills

Federal Reserve bank

Total
(all
classes)

Secured
by U. S.
Government obligations
direct
or fully
guaranteed

Otherwise
secured
and unsecured

Member bank collateral notes
Secured
by U. S.
Government obligations
direct
or fully
guaranteed

Secured
by other
eligible
collateral

Secured
by bills
and securities not
eligible
for discount or
purchase
sec. 10 (b)

37

344

Discounts
for individuals,
partnerships,
and cor
porations '

1936
1,092
1,146
313

22
110
28

1,070
655
285

28
163
31

28
13
11

150
20

Chicago
St. Louis
Minneapolis

35
40
10

35
9
7

3

Kansas City
Dallas
San Francisco

22
12
21

22
10
21

2

2,913

316

2,185

Boston
New York
Philadelphia
Cleveland .
Richmond

Atlanta

Total

(2)

30'

37

1

374

1

1
Authorization by the Board of Governors to wake discounts under paragraph 3 of section 13 of the Federal
Reserve act expired July 31. 1936.

2 Less than $500.




81

FEDERAL RESERVE SYSTEM

No. 11.—HOLDINGS OF BILLS DISCOUNTED, BILLS BOUGHT AND INDUSTRIAL ADVANCES
BY FEDERAL RESERVE BANKS, BY MATURITIES
[In thousands of dollars]
Maturity
Total

Hills discounted:
1935—Dec. 31
198(5—Jan 29
Feb. 26
Mar. 25
Apr. 29

Within
15 days

16 to 30
clays

31 to 60
days

61 to 90
days

91 days
to 6
months

4,672

2,115

176

1,628

7,065
6,932
6,065
5,323

4,789
4,973
4,099
3,670

132
1,204
252

1,398
541
253
756

585
121
915
723

148
88
530
116

May 27
June 24
July 29
Aug. 26

4,828
6,189
3,668
7,238

2,956
4,411
2,028
5,320

718
124
31
803

226
591
673
381

588
638
278
141

338
425
658
592

Sept. 30
Oct. 28
Nov. 25
Dec. 30

9,451
6,107
6,065
5,377

7,628
4,262
4,832
4,737

114
564
542
171

601
594
504
161

865
525
144
302

242
162
43
6

698

986

2,086

4,670
4,673
4,674
4,684

651
1,452
364
394

322
2,004
750
671

1,271
714
1,410

2,426
503
2,150
3,339

May 27
June 24
July 29
Aug. 26

4,299
3,077
3,092
3,095

561
170
352
978

2,145
270
769

986
599
244
495

607
2,038
1,727
24

Sept. 30
Oct. 28
Nov. 25
Dec. 30

3,098
3,087
.3,086
3,089

481
31
163
194

716
154
99
63

198
285
204
250

Over 6
months

1,703
2,617
2,620
2,582

Bills bought:
1935—Dec. 31
1936—Jan. 29
Feb. 26...
Mar. 25
Apr. 29

Industrial advances:
1935—Dec. 31

4,656

13
5
16
30

32,493

1,674

259

980

493

1,583

27,504

1936—Jan. 29..
Feb. 26..
Mar. 25.
Apr. 29..

32,148
31,773
30,501
30,319

1,632
1,833
1,676
1,716

586
250
161
267

494
626
479
424

685
459
486
584

1,463
1,658
1,743
2,159

27,288
26,947
25,956
25,169

May 27..
June 24.
July 29..
Aug. 26..

30,462
29,936
29,448
28,554

1,526
1,631
1,550
1,493

629
663
575
750

675
599
930
711

2,055
2,297
1,924
1,900

25,353
24,474
24,290
23,403

Sept. 30.
Oct. 28..
Nov. 25. .
Dec. 30...

28,145
26,299
25,980
24,768

1,615
1,092
1,017
1,167

224
272
179
297
312
301
334
260

551
608
819
669

812
984
713
669

1,976
2,071
2,025
1,676

22,879
21,243
21,072
20,327

Backfigures.—SeeAnnual Report for 1935 (table 11) and similar tables in previous annual reports, except for
industrial advances, which are published in this form for the first time.




82

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 12.— HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERAL
RESERVE BANKS AT END OF 1935 AND 1936, BY CLASSES
{In thousands of dollars]
Dec. 31, 1935
Rate of
interest
(per cent)

Bonds:
Conversion loan of 1946-47..
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 1948-51...
Treasury bonds of 1947-52..
Treasury bonds of 1949-52..
Treasury bonds of 1949-53..
Treasury bonds of 1944-54..
Treasury bonds of 1951-54..
Treasury bonds of 1951-55..
Treasury bonds of 1946-56..
Treasury bonds of 1956-59..
Treasury bonds of 1955-60...
Total bonds
Treasury notes:
Series maturing:
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
Mar. 15, 1941
June 15, 1941
Dec. 15, 1941
Total Treasury notes.
Treasury bills:
Series maturing within:
15 days
16 to 30 days
31 to 60 days
61 to 90 days
91 days to 6 months
6 to 9 months
Total Treasury bills..,
Total holdings
1
2

Total

In System
open
market
account

44,440
2,409
7,167
22,694
33,162
3,710
12,738
40,700
1,870

44^429
2,400
4,500
21,500
33,121
3,000
11,750
40,700

525
2,810

2,015

Dec. 31.1936

In other
accounts

Total (all held
in System
open
market
account)

i 644
11
9
2,667
1,194
41
710
988

3i,034

1,324

47,173
2,432
7,178
22,831
34,081
3,834
21,288
44,036
5,906
59,123
631
7,268
81,425
6,436
52,524
1,159
4,988
53,894
34,436

216,176

194,449

21,727

490,643

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
6^852
1,250
7,374
1,750
250
8,628
14,653
10,015
362
2,400
13,900
404
14,171

1,641,597

1,524,332

117,265

1,340,963

25,070
25,425
68,343
122,169
135,803
196,148

25,070
25,300
51,505
107,728
122,, 171
172,594

125
16,838
14,441
13,632
23,554

3,240
23,499
54,426
95,839
172,405
249,212

2

525
795

4,379

4,379

533
6,037

533
6,037

88,070
96,977
81,466
113,649
85,707
94,484
89,066
100,197
86,176
138,275
129,212
104,474
54,060
27,150
52,000

572,958

504,368

68,590

598,621

2,430,731

2,223,149

207,582

2,430,227

Includes $500—3-per cent loan of 1961.
Includes $500,000 acquired under repurchase agreement.

Backfigures.—SeeAnnual Report for 1935 (table 12) and similar tables in previous annual reports.




83

FEDERAL RESERVE SYSTEM

No. 13.—INDUSTRIAL ADVANCES AND COMMITMENTS, JUNE 19, 1934, TO DECEMBER 30,

1936
[Amounts in thousands of dollars ]

Date (last
Wednesday of
each
month)

Applications
received to date,
net

Applications approved to date by Federal Reserve banks
(with and without conditions)

Applications
recommended
for approval
by Industrial
Advisory Committees to date
(with and without conditions)

Total

ExFederal
FinancFederal Reserve
pired,
ing inReserve bank
repaid,
APstitubank
comproved or withtion
admitbut not drawn particivances
by ap- pations
ments
comoutplioutpleted i
outstandcant,
standstanding
etc.
ing
ing 2

Number

Amount

Number

Amount

Number

Amount

4,635
5,053

166,433
187,696

961
1,122

46,599
54,531

828
984

42,202
49,634

9,769
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
26,591
23,552
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

7,714
7,831
7,934
8,046
8,113
8,158
8,197
8,240
8,284
8,308
8,339
8,379

311,081
315,081
319,595
323,669
329,316
331,391
331,659
333,930
336,119
336,763
339,903
342,699

2,212
2,245
2,294
2,338
2,374
2,394
2,413
2,437
2,463
2,477
2,483
2,500

134,243
135,320
138,450
140,104
141,749
142,811
143,978
145,939
147,191
148,237
148,317
149,204

2,023
2,049
2,097
2,139
2,162
2,183
2,198
2,218
2,243
2,259
2,266
2,280

125,810
126,643
129,580
131,195
132,549
133,343
134,233
135,421
137,251
138,731
138,938
139,829

32,483
32,129
30,947
30,800
30,958
30,487
30,217
29,265
28,885
27,038
26,720
25,533

27,004
25,866
25,421
25,576
25,095
24,454
23,711
23,355
23,307
22,790
22,040
20,959

10,888
10,434
11,008
9,730
9,343
9,381
8,429
9,168
8,566
8,544
7,719
8,226

46,736
50,636
54,654
57,351
59,512
61,422
64,342
66,304
69,217
72,915
75,045
77,903

8,699
7,578
7,550
7,737
7,641
7,599
7,534
7,329
7,276
7,444
7,414
7,208

1934
Nov. 28
Dec. 26
1935
Jan.30
Feb. 27
Mar. 27
Apr. 24
May 29
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31 3
1936
Jan. 29
Feb. 26
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30

1
Includes applications approved conditionally by the Federal Reserve banks and under consideration by
applicant.
2
Does not include financing institution guaranties of advances and commitments made by Federal Reserve
3
banks, which amounted to 111,360,177 on December 30, 1936.
Tuesday.

Backfigures.—SeeAnnual Report for 1935 (table 16).




84

ANNUAL REPORT OF BOARD OF GOVERNORS

No. 14.—INDUSTRIAL ADVANCES OUTSTANDING, BY FEDERAL RESERVE DISTRICTS
[Monthly averages of daily figures. In thousands of dollars]
1936
January
February
March
April
May
June
July
August
September
October
November
December

Total

Boston

32,139
31,874
30,588
30,265
30,281
30,019
29 542
28,716
28,575
26,754
26,172
25,244

2,922
2,920
2,823
2,907
2,867
2,926
2,982
3,100
3,210
2,992
2,906
2,899

New
York
7,729
7,681
7,637
7,673
7,531
7,364
7,308
7,090
7,045
6,337
6,440
6,172

Philadelphia
6,707
6,561
5,646
5,318
5,238
5,157
5,137
5,085
5,058
5,049
5,017
4,788

Cleveland
1,735
1,625
1,571
1,632
1,827
1,776
1,603
1,490
1,438
1,389
1,298
1,216

Richmond
4,145
4,130
3,903
3,834
3,805
3,706
3,566
3,606
3,673
3,091
2,833
2,705

Atlanta
916
886
867
845
808
772
724
669
579
538
504
477

MinChi- St. neap- Kansas
cago Louis olis City

San
Dal- Franlas cisco

1,991
2,085
2,117
2,145
2,124
2,119
2,083
1,801
1,743
1,620
1,552
1,462

1,771
1,736
1,714
1,725
1,718
1,656
1,621
1,565
1,541
1,470
1,412
1,367

443
476
526
525
539
561
547
533
524
515
499
464

1,543
1,508
1,479
1,466
1,456
1,354
1,293
1,172
1,175
1,150
1,112
1,076

1,130
1,136
1,156
1,096
971
1,006
988
911
900
860
814
799

1,107
1,130
1,149
1,099
1,397
1,622
1,690
1,694
1,689
1,743
1,785
1,819

Back figures.—See Annual Report for 1935 (table 17).

No.

15.—COMMITMENTS TO MAKE INDUSTRIAL ADVANCES OUTSTANDING, BY FEDERAL
RESERVE DISTRICTS
[Monthly averages of daily figures. In thousands of dollars]
1936

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

New
York

T ( tal

Boston

27 ,183
26 ,428
25 ,426
25 ,414|
25 ,509
24 644
23 ,783,
23 ,456
23 ,535
22 ,915
22 ,262
21 ,295

3,297 9,898
3,335 9,759
3,242 9,831
2,931 10,005
2,891 10,368
2,804 10,062
2,757 9,312
2,731 9,116
2,665 9,446
2,528 9,301
2,396 9,128
2,117 8,782

Philadelphia
663
476
336
360
327
302
300
289
299
280
245
248

Cleveland
1, 676
1, 719
1, 622
1, 599
1, 516
1, 460
1, 479
1, 403
1, 360
1, 400
1, 375
1, 310

Back figures.—See Annual Report for 1935 (table 18).




Richmond
2,272
2,284
2,320
2,366
2,395
2,343
2,324
2,316
2,367
2,341
2,344
2,345

Atlanta
492
389
310
304
298
293
287
321
315
304
300
294

MinChi- St. neap- Kansas
cago Louis olis City
142
107
93
80
79
78
77
68
49
49
48
41

2,162
2,023
1,913
1,965
1,887
1,825
1,780
1,755
1,591
1,410
1,276
1,139

136
115
106
105
96
94
91
89
81
74
74
72

1,351
1,179

697
620
533
437
401
397
386
366
348
336

San
Dal- Franlas cisco
592
589
586
583
574
543
537
525
508
499
494
491

4,502
4,453
4,370
4,496
4,545
4,403
4,438
4,446
4,468
4,363
4,234
4,120

85

FEDERAL RESERVE SYSTEM

VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS
No. 16.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1932-1936
[Number in thousands; amounts in thousands of dollars]
1932

1933

1935

1936

NUMBER OF PIECES HANDLED*
Bills discounted:
Applications
Notes 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 paid2
All other
Issues, redemptions, and exchanges by fiscal
agency department:
U. S. Government direct obligations
All other
Transfer of funds

178
779

81
346
.7
.3

76
2,025,552
2,654,787
734,538

79
2,013,459
2,497,928
688,933

2,067
2,565
818

1,932
2,148,485
2,590,859
885,190

1,388
2,232,980
2,665,190
1,009,264

17,710
7,468

18,099
8,371

21
7

22,633
7,119

18,806
6,968

1,956
(:!)
1,469

3,502

6,838
3,742
982

27,919
1,538
951

Bills discounted
9,632,808
18,648,306
714,361
229,546
Industrial advances:
Notes discounted
14,884
28,479
Commitments
11,443
29,223
Bills purchased in open market for own account
762,755
898,001
75,903
31,446
Currency received and counted
10,952,597 11,710,364
9,932,601
9,837,681
Coin received and counted
360,295
624,617
298,297
275,608
Checks handled
176,591,791 157,833,692 179,544,488 202,989,742
Collection items handled:
578,082
U. S. Government coupons paid2
529,086
699,325
751,916
6,742,974 7,948,641
5,427,817
5,539,659
All other
Issues, redemptions, and exchanges by fiscal
agency department:
U. S. Government direct obligations
19,444,110 24,622,726 29,941,049 30,755,611
Allother
3,346,189
(3)
(3)
(3)
116,040,041 85,059,151 73,077,156 80,483,190
Transfer of funds

167,600

1,290

AMOUNTS HANDLED

1
2 or more checks,
2
Includes coupons
3

coupons, etc., handled as a single item are counted as 1 "piece."
from obligations guaranteed by the United States.
Figures for previous years not available.

Backfigures.—SeeAnnual Report for 1935 (table 13) and similar tables in previous annual reports.




8,519
12,583
25,207
10,059,637
276,323
234,417,787
798,925
7,089,008
25,196,825
2,223,136
87,001,630

No.

17.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK,
Total

Boston

Ne^v York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

1936
Kansas
City

Dallas

San Francisco

NUMBER OF PIECES H A N D L E D i
Bills discounted:
1,566
565
99
100
70
14
64
351
3 ,293
18
124
203
119
Applications
4,247
631
122
100
119
14
66
351
245
7 ,502
96
166
1, 345
Notes discounted
Industrial advances:
370!
86
27
12
12
12
35
44
32
678
21
5
22
Notes discounted
88|
10
26
3
2
64
12;
286
10
27
4
6
34
Commitments
Bills purchased in open
2
market for own account..
1 ,388
Currency
received
and
2 ,232 ,980 ,000 215,959 ,000 642, 563,000192, 827,000 137, 880,000 122,536,000 116,913,000 341,396,000 121 ,679,000 47 ,802,000 69 ,435 ,000 61 ,308, 000 162,682,000
counted
Coin received and counted.. 2 ,665 ,190 ,000 356,607 ,000;l ,047, 007,0001294, 110,000 142, 351,000 179,232,000 65,936,000 161,864,000 110 ,825,000 19 ,499,000 59 ,461 ,000 57 ,683, 000 170,615,000
1 ,009 ,264 ,000 103,476 ,000 188, 225,000 85, 216,000 98, 644,000 69,683,000 44,687,000 145,636,000 56 ,447,000 32 ,936,000 71 ,256 ,000 46 ,517, 000 66,541,000
Checks handled
Collection items handled:
U.S. Government cou4, 921,000 1, 106,000 2, 401,000
655,000
540,000 3,713,000 1 ,189,000
421, 000 1,125,000
18 ,806 ,000
842 ,000
691,000 1 ,202 ,000
pons paid 3
...
2, 176,000
366,000
392,000
295,000
215,000
806,000
394,000
407 ,000
410 ,000
6 ,968 ,000
784,000
215, 000
Allother.....
508,000
Issues, redemptions, and
exchanges by fiscal agency department:
U. S. Government di57,000 2,208,000 5,216,000 1 ,199,000
27 ,919 ,000
5, 475,000 1, 568,000 2, 606,000
879,000 2 ,095 ,000 1 ,031, 000 3,394,000
2,191 ,000
rect obligations
816,000
53,000
78,000
47,000
16,000
279,000
45,000
38,000
53 ,000
1 ,538 ,000
35 ,000
15, 000
63,000
Allother
240,000
61,000
48,000
58,000
51,000
160,000
61,000
24 ,ooo|
951 ,000
31,000
63 ,000
58,000
96,000
Transfer of funds




1
o
o
a
o

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. Government coupons paid 3
All other
Issues, redemptions, and
exchanges by fiscal agency department.
U. S. Government direct obligations
All other
Transfer of funds

104.7

8.5
12.6

1.4
.6

25.2

13.3

2.6

3.0

2.3

6.7

5.2

4.7

2.2
4.2

.7
.5

.5

.4
.5

.2
.2

.1
.5

1.4

.1

.9
.1

9.1

167.6

2.6

1.0

.9

3.1

.4

.7

513.0
14.7
11,897.4

415.6
7.8
,687.1

605.8
18.2
602.5

448
14
12,453

2.8
5,542.8

,694.7

211.0
6.5
7,877.7

17.4
316.3

220.0

80.0
,089.8

20
460

13.9
387.5

19.7
388.0

8.2
233.3

841.4
27.5
13,776.1
29.8
379.1

301.5
18.3
.361.

164.5
171.2
16. 746.9

575
49
3,484

374.6
24.8
1,886.9

613.
41.8
,537.9

317.8
16.2
3,386.1

627.3
34.2
8,561.1

.7
2.4

10,059.6
276.3
234,417.8

959.4
29.8
15,561.0

3,024.0
107.7
69,505.0

838.2
26.
22,021.8

798.9
7,089.0

52.4
599.5

447.1
2,246.0

42.4
266.2

679.9
11.8
21,798.7
58.1
502.5

25,196.8
2,223.1
87,001.6

945.7
38.5
1,619.7

16,457.9
1,614.1
31,329.9

650.7
63.9
2,641.1

707.6
85.0
3.836.0

1
2 or more checks, coupons, etc., handled as a single item are counted
2
Purchased by Federal Reserve Bank of New York for System account.
3

459.7

65.8
4,610.1

as 1 "piece."

Includes coupons from obligations guaranteed by the United States.
Backfigures.—SeeAnnual Report for 1935 (table 14) and similar tables in previous annual reports.




224.9

297.9
8.7

1.8
1.8

1

GO
QO

No. 18.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS
Noncash collection
items handled

Federal Reserve branch and district number

Currency
Bills
received
discounted and counted

Coin
received
and counted

Checks
handled
Government
couponsl

All other

Issues, redemptions, and
exchanges by fiscal
agency department
U.S.
Government
direct
obligations

Transfer
of
funds

All other

NUMBER OF PIECES HANDLED,2 1936
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 City
Seattle
Spokane

Total




4

37,703,000
30,522,000
52,609,000
55,312,000
15,255,000
10,328,000
21,232,000
12,718,000
25,292,000
68,395,000
9,220,000
18,942,000
21,505,000
2,105,000
10,117,000
10,141,000
9,788,000
3,801,000
11,328,000
10,701,000
81,992,000
9,400,000
5,062,000
13,990,000
2,719,000

36,009,000
46,645,000
48,651,000
125,184,000
7,626,000
7,770,000
9,928,000
6,263,000
24,331,000
25,895,000
5,563,000
12,952,000
10,367,000
1,209,000
7,994,000
9,056,000
9,375,000
1,760,000
15,297,000
8,175,000
70,321,000
6,999,000
3,449,000
13,546,000
2,188,000

12,941,000
19,984,000
40,763,000
24,127,000
8,652,000
5,911,000
7,082,000
5,213,000
6,553,000
17,945,000
4,467,000
11,022,000
4,022,000
4,067,000
9,788,000
16,298,000
12,430,000
3,491,000
8,048,000
7,200,000
19,474,000
6,831,000
7,747,000
6,142,000
4,842,000

508

550,177,000

516,553,000

275,040,000

67
29

17

2
2
2
10
1
83
92
99

11
55
19
2
13

85,000
669,000
470,000
352,000
45,000
42,000
66,000
46,000
148,000
370,000
45,000
299,000
65,000
40,000
204,000
59,000
240,000
24,000
88,000
65,000
429,000
125,000
112,000
125,000
45,000
4,258,000

89,000
36,000
40,000
114,000
49,000
18,000
50,000
30,000
39,000
115,000
86,000
36,000
58,000
23,000
65,000
59,000
131,000
18,000
53,000
36,000
86,000
36,000
173,000
40,000
58,000

1,000
9,000
15,000
11,000

1,538,000

2 * 666

i ^ 666

2,000

1,000

6,000
3,000
1,000
2,000
1,000

5,000
2,000
1,000
1,000
1,000

11,000
10,000
11,000
12,000
12,000
5,000
6,000
2,000
8,000
23,000
6,000
9,000
9,000
11,000
8,000
2,000
14,000
4,000
17,000
8,000
36,000
6,000
9 000
7,000
12,000

73,000

57,000

258,000

10,000
6,000
1,000
2,000
1,000

IO^OOO'

6,000
19,000

2,000
5,000
2,000
1,000

O

w
o
f>

o
o

3

AMOUNTS HANDLED, 1936 (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—ElPaso
Houston
San A n t o n i o . . . .
No. 12—Los Angeles
Portland
Salt Lake C i t y . .
Seattle
Spokane
Total..

3,294

120

164,125
107,697
286,861
233,648
52,660
34,349
87,718
37,896
82,999
383,309
34,473
77,394
58,626
15,354
70,482
35,914
40,431
15,582
39,318
36,594
338,811
47,471
30,015
76,603
17,215

12,611

2,405,545

447
85
100
26
194
14
3,834
766
65
425
53
1,920
40
230

3,411
4,925
3,444
8,848
1,027

960
1,422
701
2,280
1,869
655 i
1,251 !
2,754 :
334 !
1,711
1,052
1,629
356
1,527
1,049
8,794
1,615
930
2,693
647 |
55,884

2,566,061
3,256,842
11,264,279
3,780,565
1,803,371
1,428,527
1,797,208
1,284,402
1,510,299
7,228,835
882,089
2,423,496
1,142,525
524,342
2,159,212
1,983,662
1,937,505
445,553
1,565,379
1,077,911
3,736,625
1,349,196
1,099,265
1,306,309 |
770,957

2,904
12,437
19,693
11,525
440
390
878
516
3,166
6,597
437
3,897
786
452
2,939
774
2,981
272
1,627
807
10,029
1,583
1,310
1,933
548

55,608
96,836
123,979
163,463
46,173
16,237
29,224
47,580
62,129
193,423
61,191
58,156
59,094
20,012
68,677
26,842
111,254
14,134
63,130
39,459
87,660
34,354
43,709
39,709
20,563

308
34,611
117,091
221,923

58,324,415

88,921

1,582,596

7,501
414
2,387

388
202
1,019

23,987
674
215
1,412
132

2,001
732
148
415
438

933,849
446,248
956,140
875,885
1,182,316
137,216
192,561
94,367
377,326
2,287,086
212,296
547,378
560,609
167,570
598,993
67,388
771,975
110,452
1,162,452
316,269
1,876,174
493,278
348,638
482,338
199,961

473,435

54,074

15,398,765

43,092 " " " 3 ,173
18,327
1,527
141
93
755
761
465
572

1

Includes coupons from obligations guaranteed by the United States.
2
2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece."
NOTE.—Currency received and counted during 1936 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, 1,232,762 pieces, amount $8,909,500; Savannah, Ga., 3,188,921 pieces, amount $8,134,500. Coin received and counted by Habana, Cuba, none; Savannah, Ga., 937,000 pieces, amount $71,300. Transfer of funds by Habana, Cuba, 53 pieces,
amount $9,441,226; Savannah, Ga., none.
Backfigures.—SeeAnnual Report for 1935 (table 15) and similar tables in previous annual reports.




GO
CO

90

ANNUAL REPORT OF BOARD OF GOVERNORS

INTERDISTRICT SETTLEMENT FUND
No. 19.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1927-1936
[In millions of dollars]

Year and month

Daily settlements
between Federal
Reserve banks

Balance
at beginning of
period

InterReserve
bank
transfers

Withdrawals

Deposits

Balance
at end of
period

Transit
clearings

Federal
Reserve
note
clearings

665.3
528.2
687 0
511.2
417.4
314.1
340.3
618 2
1,718.3
3,572.0

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
102,073.7

673.2
658.4
758.7
669.4
540.1
545.4
614.4
602.9
644.0
786.9

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
1,869.0

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
4,028.7

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
3,179.3

528.2
687.0
511 2
417^4
314.1
340.3
618.2
1,718 3
3,572^0
2,722.5

January
February
March
April

3,572.0
2,270.0
2,265.8
2,167.0

8,165.3
6,890.5
9,051.7
8,138.5

74.5
47.4
53.7
58.0

73.0
117.0
158.0
306.0

2,048.0
103.1
931.8
92.5

746.0
99.0
833.0
89.0

2,270.0
2,265.8
2,167.0
2,163.4

May
June
July
August

2,163.4
2,281.0 .
2,326.5
2,381.0

7,570.2
9,147.7
8,369.8
7,821.1

60.6
56.6
71.3
74.8

219.0
220.0
251.0
43.0

46.0
303.5
100.5
23.5

163.6
349.0
155.0
124.6

2,281 0
2,326.5
2,381.0
2,482.2

September
October
November
December

2,482.2
2,536.3
2,774.5
2,845.5

8,496.5
8,997.2
8,643.9
10,780.7

78.3
76.3
60.1
74.6

44.0
96.0
40.0
302.0

51.9
59.8
83.0
184.9

106.0
298.0
154.0
62.0

2,536.3
2,774.5
2,845.5
2,722.5

1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1936

Backfigures.—SeeAnnual Report for 1934 (table 31) and similar tables in previous annual reports.

No. 20.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1936
[In millions of dollars]
Daily settlements between Federal
Reserve banks
Federal Reserve
bank

Balance
Jan. 1

Transit clearings

Federal Reserve note
clearings

Withdrawals

Deposits

Balance
in fund
at close
of business
Dec. 31

35.0
50.0
179.0 2,207.9
94.0
72.5
11.0
106.0

13.6
924.0
87.0
44.0

148.3
913.2
163.3
208.0

Inter-Reserve
bank transfers

Payments
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Total

Receipts

Payments

Receipts

160.2
2,382.2
80.2
139.4

7,028.0
31,733.5
7,687.4
8,171.2

7,183.2
32,448.3
7,708.4
8,540.2

62.2
160.1
74.6
89.0

54.5
158.0
166.2 1,085.0
46.0
74.1
221.0
60.7

55.9
39.5
431.2
56.4

6,680.3
3,751.0
14,904.0
5,937.3

6,703.8
3,568.6
15,085.6
5,794.8

58.1
70.0
105.1
66.0

68.0
7.0
205.0
40.0

78.0
137.0
305.0
113.0

90.0
76.0
957.5
141.5

72.0
138.6
884.0
217.0

74.2
73.4
634.1
83.7

30.2
53.7
45.8
96.7

2,356.9
5,564.9
3,855.9
4,402.7

2,080.3
5,196.2
3,742.5
4,021.2

55.3
46.3
110.4
44.7
29.4
43.1
37.4
33.8

23.2
35.4
24.3
48.7

9.0

io"6"

188.0
278.0
88.0
363.0

85.4
85.5
42.5
113.7

207.0
214.0
110.0
268.0

47.9
83.7
64.8
227.4

3,572.0 102,073.7 102,073.7

786.9

Payments

Re- ceipts

20.0
786.9 1,869.0 1,869.0 4,028.7 3,179.3

Back figures.—See Annual Report for 1934 (table 32) and similar tables in previous annual reports.




2,722.5

FEDERAL RESERVE SYSTEM

91

FEDERAL RESERVE AGENTS' GOLD CERTIFICATE FUND
No. 21.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1927-1936
[In millions of dollars]
Year and month
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

Balance at
beginning
of period
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

Withdrawals

Deposits

454.2
473.6
358.5

63.3
70.5
149.9
.5
1.3
4.0
4.0
1.0
.5

Transfers Transfers Balance at
to bank from bank end of
period

. .
.
1936

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

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
1,810.3

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
1,158.2

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
3,313.8

3,965.8
3,366.3
3,388.3
2,682.8
2,724.9
2,727.5

646.0
49.0
833.0
49.0
40.6
63.0

46.5
71.0
127.5
91.0
43.2
300.0

3,366.3
3,388.3
2,682.8
2,724.9
2,727.5
2,964.5

2,964.5
3,001 0
3,001.3
3,032.8
3,060.8
3,137.8

. .

62.0
20.6
19.0
19.0
4.0
5.0

98.5
21.0
50.5
47.0
81.0
181.0

3,001.0
3,001.3
3,032.8
3,060.8
3,137.8
3,313.8

1.0

Backfigures.—SeeAnnual Report for 1934 (table 33) and similar tables in previous annual reports.
No. 22.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS,

1936

[In millions of dollars]

Federal Reserve bank

Balance
Jan. 1

Withdrawals

Deposits

Transfers Transfers
to bank from bank

Balance at
close of
business
Dec. 31

Boston
New York
Philadelphia
Cleveland

356.6
938.7
290.0
376.4

.6
573 0
29.0
23.0

50.0
160 0
71.0
103.5

406.0
525 7
332.0
457.0

Richmond
Atlanta
Chicago
St Louis

176.0
133.6
911.0
169.6

28.0
31.6
835.0
138.0

80.0
74.0
154.0
140.0

228.0
176.0
230.0
171.6

Minneapolis
Kansas Citv
Dallas
San Francisco

106.5
135.0
83.0
289.2

63.0
50.0
20.0
19.0

84.5
85.0
42.5
113.7

128.0
170.0
105.5
384.0

3,965.8

1.810.3

1.158.2

3,313.8

Total

Backfigures.—SeeAnnual Report for 1934 (table 34) and similar tables in previous annual reports.




92

ANNUAL REPORT OF BOARD OF GOVERNORS

MEMBERSHIP IN PAR COLLECTION SYSTEM
No. 23.—NUMBEK OF BANKS ON PAR LIST AND NOT ON PAR LIST, DEC. 31, 1935-1936
[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
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Member
banks

Dec. 31, 1935
Nonmember banksl
On par
Not on
list
par list

DISTRICT
365
793
656
622
404
328
702
390
501
726
550
350
6,387

Total

175
301
267
642
327
93
1,690
888
198
1,062
315
308
6,266

Dec. 31, 1936
Nonmember banks l
Not on
On par
par list
list

Member
banks

2
319
666
226
387
709
178
174
33

360
789
658
627
404
330
741
388
481
726
550
322

171
288
261
637
324
94
1,622
815
184
1,027
305
291

2
321
672
228
414
724
174
164
33

2,694

6,376

6,019

2,732

STATE

New England:
45
26
Maine
29
46
New Hampshire
12
53
12
53
42
33
Vermont
33
43
157
45
Massachusetts.
45
160
Rhode Island
14
9
14
9
60
64
Connecticut
65
60
Middle Atlantic:
194
575
New York
202
578
New Jersey
289
113
288
106
Pennsylvania
328
785
321
783
East North Central:
324
388
Ohio
321
391
Indiana
133
390
405
7'
132
Illinois
364
480
502
1
9
382
• Michigan
175
310
332
3
189
Wisconsin
121
310
165
128
330
West North Central:
211
73
392
220
Minnesota
73
144
Iowa
108
143
416
421
67
137
442
138
Missouri
497
North Dakota
7
137
61
5
66
South Dakota
75
24
100
71
19
Nebraska
159
147
131
146
134
Kansas
206
521
1
205
502
South Atlantic:
20
24
20
24
Delaware
74
109
112
73
Maryland
11
12
10
10
District of Columbia
118
156
49'
156
118
Virginia
98
6
98
82
81
West Virginia
145
52
16
54
16
North Carolina
24
5
119
24
5
South Carolina
233
80
12
82
12
Georgia
54
80
57
19
17
Florida
East South Central:
111
307
14
309
109
Kentucky
178
" 77
67
77
68
Tennessee
6
124
87
6
87
Alabama
175
28
6
28
Mississippi
7
West South Central:
60
57
121
Arkansas
69
57
104
35
10
Louisiana
12
34
12
217
174
Oklahoma
215
180
Texas
119
507
289
506
297
Mountain:
66
33
18
Montana
36
67
Idaho
30
23
27
33
35
21
3
Wyoming
22
34
3
83
67
Colorado
67
86
15
26
15
26
New Mexico
Arizona
10
0
5
5
32
27
Utah
27
32
6
5
Nevada
8
7
Pacific:
73
29
74
83
84
Washington
Oregon....
50
46
43
4
46
California.,
139
123
123
112
1
Excludes mutual savings banks; includes private banks reported as either on par list or not on par
Back figures.—See Annual Report for 1935 (table 23) and similar tables in previous annual reports.




6
23
3
116
404
111
91
135
101
158
1

48
7
143
123
246
79
14
170
125
175
124
101
12
109
21
2
1

29
4
list.

FEDERAL RESERVE SYSTEM

FEDERAL RESERVE BANK PREMISES
No.

24.—COST OF BANK PREMISES OF FEDERAL RESERVE
DECEMBER 31,

Federal Reserve
bank or branch

Cost of
land
including old
buildings
demolished,
net

BANKS AND BRANCHES TO

1936

Cost of buildings
Fixed
machinery
and
equipment

All
other

Total

Total
cost of
land and
buildings

Book
value, net

Date
occupied

$1,246, 726 $ 662, 157 $3 542, 603 $4, 204, 760 "55,451, 486 S3, 056, 681 March 1922.

Boston

5,215, 656 3 28<>, 126 12 ,183, 528 15 472, 654 20,688, 310 9, 678, 952 October 1924.
455, 100 May 1928.
465, 707
720, 707
465, 707
1255, 000

STew York
Buffalo
Philadelphia

i1,884, 357

747, 173 4 , 130, 164 4 877 337 6,761, 694 4 952, 156 December 1917.

1,295, 490 1 610, 58T fi 464 953 8 074 838 9,370,328 4 465 939 August 1923.
December 1931.
35? 719 1 049 451 1 40? 170 2,183 534 1 90?
781, 364

Pittsburgh
Richmond
Baltimore

271, 994
250, 487

Atlanta
Birmingham
Jacksonville
Nashville
New Orleans

283
124
45
M8
201

000
137
842
000
250

489 659 9 040 667 9, 593 319 2,795 243 1 56? 977 October 1921.
1 577 701 1,828 188 1 ?46 571 September 1928.
330 439 1 ?47
175, 279 1 ,358, 082 1 533 361 1,816
482
311 336
47, 448
358 784
243 286
289
217, 330
25,956
236 717
284
211 616
25,101
897 906 1,099
738 404
159,502

361 1 023
313
172
128
717
154
156
573

631
619
440
067
086

October 1918.
J a n u a r y 1927.
J u n e 1924.
December 1922.
October 1923.

Chicago
1)etroit

2,963 548 1 ,399,244 6 ,234 970 7 634 214 10,597 762 3 917 168 July 1922.
793 208 December 1927.
650 000
115,841 1 ,006 868 1 122 709 1,772 709

St. Louis
Little Rock
Louisville
Memphis

1,355
85
•131
100

374 1 ,141 449 2 .111 809 3 253 258 4,608 632 1 705 679 J u n e 1925.
226 535 March 1925.
421 694
336 ,687
007
103 608
233 079
203 204 J u n e 1919.
392 666
261 ,489
177
35 230
226 259
254 244 J u n e 1929.
378 613
233 645
906
44 062
277 ,707

Minneapolis
Helena

600 521
5 00(

628 666 2 ,316 746 2 ,945 ,412 3,545 933 1 482 514 February 1925.
172 ,399
5 000 February 1921.
177 399
156 290
16 109

Kansas City
Denver ..
Oklahoma City
Omaha

495,300
101,512
65,021
176.427

848
60
77
73

Dallas
El Paso
Houston
San Antonio

189 ,831
39 ,003
66 ,313
75 00?

352 671 1 ,172 684 1 ,525 ,355 1,715 ,186
10 824
122 ,193
161 ,196
111 369
60 001
347 ,996
414 ,309
287 995
?38
179 196
254 198
157 958

San Francisco
Los Angeles
Salt Lake City

412 ,996
453 ,458
114 ,075

784 102 3 ,144 407 3 ,928 ,509 4,341 ,505 1,893 ,349 December 1923.
988 109 1 ,270 ,807 1,724 ,265 1 ,199 ,782 April 1930.
282 698
426 ,263
341 449
84 814
540 ,338
356 ,148 February 1927.

Total

027 3 ,391 101 4 ,239 ,128 4,734 428 2 ,188 297 November 1921.
611 981
365 871 November 1925.
593
510 ,469
449 876
480
552 ,391
303 ,519 April 1923.
487 ,370
409 890
479
4?7 44? December 1925.
471 417
647 844
397 938
835 ,659
76 ,588
211 ,875
137 063

March 1921.
August 1920.
February 1922.
October 1928.

19,983 , 704 14 ,048 273 57 ,332 845 71,381 ,118 91,364 822 46 ,140 ,685

OTHER REAL ESTATE ORIGINALLY ACQUIRED FOR BANKING HOUSE PURPOSES
New York:
Annex Building
No. 10 Gold Street....
Pittsburgh
Richmond (Annex Bldg.).
Total

$592,679
45,000
297,000
80,333

$215,418 $1,451,570 $1,666,988 $2,259,667 $1,113,933
125,864
125,884
170,864
76,900
560,460
138,994
996,454
699,454
374,731
482,482
667,032
104,217
233,105
586,699

1,015,012

458,629 2,620,376 3,079,005 4,094,017 1,798,669

P u r c h a s e d buildings—"Cost of l a n d " represents appraised value, remainder of purchase price included in
"Cost of Buildings."
NOTE.—No bank buildings or sites therefor have been acquired for the following branches a n d agencies:
Branches—Charlotte, Portland, Seattle, Spokane; Agencies—Savannah, Habana. T h e Cincinnati branch
since J a n u a r y 3, 1928 has occupied quarters in the Chamber of Commerce Building, erected on t h e site leased
to the Cincinnati Chamber of Commerce by the Federal Reserve Bank of Cleveland.




EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS
No.

25.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING

Total

Boston

Philadelphia

New
York

Cleveland

Richmond

Atlanta

Chicago

1936

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

CURRENT EARNINGS
Discounted bills
Purchased bills
U.S. Government securities
Industrial advances
Commitments to make industrial advances
Allother
Total current earnings

I $70,156
$107,584
$1,780
$7,511 I $1,459
$1,495
$4,004
$7,658!
$1,649
$1,777
$1,049
29,592
10,577
2,163
2,816
1,159
3,693
798
833
3,035
1,037
561
35,181,125 2,394,450 9,909,061 2,854,961 3,365,116 1,790,550 1,442,585 4,124,552 1,804,145 1,265,519 1,743,999
140,768
374,869
84,341
211,204
1,586,688
105,086
79,125
47,995
20,385
311,519
42,368
282,079
713,571

25,649
2,865

107,077
65,290

$6,586
$2,460
832
2,088
,458,501, 3,027,686
93,293|
75,735

21,668
1,548
15,731
17,736
979
9,868
5,434:
71,799
1,625
186,948
18,658
29,795
166,605
10,059!
39,638
34,726
67,696
14,785
37,900,639 2,573,553 10,537,030 3,256,497 3,537,159 2,056,153 1,524,121 4,423,476 1,863,217 1,362,018 1,973,304 1,574,705! 3,219,406
2,965
76,506

CURRENT EXPENSES
Operating expenses:
Salaries:
Officers
Employees
Retirement System contributions for current service
Legal fees
Directors' fees and expenses
Federal Advisory Council fees
and expenses
Traveling expenses (other than
directors and members of Federal Advisory Council)
Postage and expressage
Telephone and telegraph
Printing, stationery and supplies.
Insurance on currency and security shipments
Other insurance
Taxes on bank premises
Depreciation on bank building
Light, heat, power, and water
Repairs and alterations to bank
building
Rent
Furniture and equipment
Allother
Total operating expenses




$2,628,875 $141,917
17,304,889 1,066,

$588 ,160 $158 796 $195 485 $155,642
4,461 ,410 1,405 995 1,628 741 988,167
54,988
571
6,047

$155,150 $231,609
716,8561 1,503,984

$200,848 $308,226
880,831 2,123,984

$175,278
929,865

$126,291
614,200

$191,473
983,910

112,
3,658
8,264

54,586
193
12,264

36,984
10,147
10,293

62,520
11,432
20,462

39,642j
9,215!

7,241]

83,432
10,845
13,911

1,1

1,350

1,204

1,239

1,776I

2,600

932,023
69,502
128,713

54,870
1,598
5,464

233,413
4,698
15,277

71 728
7 045
8 882

83 548
5 234
7 394

14,223

1,150

576

750

710

296,883
3,940,790
654,191
853,709

14,901
401,279
28,708
58,159

55,561
668,081
114,920
221,175

32 430
326 562
41 444
79 223

27 224
365,295
54, 689
70, 015

21,324
250,766
43,789
43,786

20,293
273,479
66,741
48,972

32,523
513,020
46,472

14,372
179,613
47,041
41,488

29,912
148,932
23,822
37,388

13,600
272,853
56,124
46,247

13,104]
187,550
41,355
43,617

21,639
353,360
89,086
77,553

276,422
259,737
1,369,378
1,207,339
393,592

37,303
17,501
143,640
55,832
26,168

56,987
37,818
396,709
227,327
73,964

29 192
21 099
69 767
126,532
35, 478

27, 967
19, 507
136, 185
156, 782
45, 259

18,102
15,936
67,080
109,233
23,459

15,206
17,264
53,187
47,293
19,345

31,217
21,871
169,742
125,834
45,522

6,173
21,169
53,050
62,623
23,311

9,378
21,077
66 817
29,233
20,067

10,005
26,204
87,303
82,806
36,262

10,461
17,269j
32,114j
72,239;
19,140;

24,431
23,022
93,784
111,605
25,617

7,827
240
23,268
30,515

49,301

24 967
070
1,
23, 328
72, 285

13, 274
81, 962
30, 523
44, 188

6,031
30,794
8,261
29,143

4,754
4,577
4,323
43,421

22,462
14,902
42,258
62,581

35,211
3,001
28,165
38,155

6,840

10,804

11,411
34,135;

4,027
40,099;

22,869
1,480
12,551
32,141

6,294
50,083
13,827
70,481

210,634
188,109'
273,7361!
990,9061

31,993,651! 2,117,286

71,794
493,762

43,726
4,
13,214
891

7,770,933 2,536,573 2,993,982 1,873,927 1,763,231 3,772,S77i 1,726,908 1,238,131 1,957,3701 1,435,7701 2,807,163

w
o
>

o
o

Less reimbursements for certain
fiscal agency and other expenses..
Net operating expenses
Assessment for expenses of Board of
Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses

277, 754
1,839, 532

1 ,679, 566

123, 479

609,979

161,061

155 ,081

73,747

58,865

193,744

49,908

39,751

2 ,011, 748
166, 371

172, 398
12, 787

444,896
35,199

138,315
13,854

221 ,401
11,921

90,270
10,192

119,591
12,880

327,433
23,623

80,095
11,210

29 ,874, 023

2,148, 196

324,475

302,939

863,797

417,436

197,977

342,237

306,463

428,639

57,826
5,458

1, 419,999

459 ,293

636,304

5 ,977, 313
26 ,016, 338

6, 350,934 2,212,098 2,534 ,689 1,570,988 1,126,927 2,908,580 1,309,472 1,040,154 1,615,133 1,129,307 2,378,524

48,391

49,148

116,412

66,735
96,677
196,111
7,403
15,071
6,773
7, 441,008 2,525,328 2,923 ,092 1,745,197 1,318,263 3,453,380 1,450,685 1,143,189 1,737,032 1,282,535 2,706,118
PROFIT AND LOSS ACCOUNT

Current earnings
Current expenses
Current net earnings
Additions to current net earnings:
Profits on sales of U. S. Government securities
All other
Total additions
Deductions from current net earnings:
Reserves for contingencies
Special reserves and charge-off s
on bank premises
Prior service contributions to
Retirement System
Assessment for building for Board
of Governors
All other

$37 ,900,639 $2,573,553 $10 ,537,030 $3 256,497 $3 537,159 $2,056, 153 $1, 524 121 $4 ,423,476 $1,863, 217 $1 ,362, 018 $1 ,973 304 $1 ,574 ,705 S3, 219, 406
29 ,874,023 2,148,196 7 ,441,008 2 525,328 2 923,092 1,745, 197 1, 318 263 3 ,453,380 1,450, 685 1 ,143, 189 1 ,737 032 1 ,282 535 2, 706, 118
292 ,170
412, 532
218, 829
513, 288
236 ,272
310, 956
970,096
8 ,026,616
425,357 3 ,096,022
731,169
614,067
205 ,858

8 ,902,507

478,125
3,106

2 ,889,122

584,301

2,288

582,301
7,797

559,635
554

296, 982
3, 296

239 ,773 1 ,150,317
22 ,976
375,743

308, 766
13, 878

689, 110
106, 871

308 ,607
20 ,205

896 ,350
4 ,073

503, 419
23, 514

9 ,486,808

481,231

2 ,891,410

590,098

560,189

300, 278

262 ,749 1 ,526,060

322, 644

795, 981

328 ,812

900 ,423

526, 933

3 ,569,550

57,500

413,101

63,120

10,000

406, 982

301, 355

689, 110

88 ,309

500 ,000

73, 748

733,594

39 ,316

927,009

?,

504,874

192 464

17 481

18 775

2 ,522,917

178,800

638,293

193,476

225,748

157, 044

93 ,840

329,958

144, 902

83, 040

170 ,760

109 ,308

197, 748

2 ,007,219
167,711

147,601
565

192,254
2,490

185,323
34,279

88, 123
21, 537

70 ,352
10 ,837

231,578
75,433

59, 653
4, 101

47, 516
14 224

57 ,837
386

58 ,743
124

9 ,000,991

384,466

729,105
2,947
2 ,288,320

451,340

455,350

673, 686

860 ,639

139, 134
788
430 193

485,817

96,765

603,090

138,758

104,839 - 3 7 3 , 408

Net earnings

8 ,512,433

522,122

3 ,699,112

869,927

718,906

Paid U. S. Treasury (sec. 13b)
Dividends paid
Transferred to surplus (sec. 13b)
Transferred to surplus (sec. 7)

7 ,829,581

227,448

34,488
563,728

3 ,036,704

Total deductions
Net additions to current net earnings. .

'102,880
352,524

r

-76,094

13,752

83,968
736,185
r
94,055
648,656 r -44,281

510 011

851 371

317 ,292

48 ,404

-37,918

- 1 8 7 367

- 5 5 390

11 ,520

39 ,784

96 740

- 6 2 , 452

254 ,262

932,178

225 165

163 439

247 ,792

331 ,954

610 028

14,431
752,931 " ' 2 8 0 , 136

254 ^262

28,354
725,553
25,030
153,241

225^724
-559

16 460
179 052

10 ,959
236 ,833

25 ,036
228 ,445
10 601
67 ,872

-48,456

—26, 947
- 3 1 6 , 341

214 ,345 1 ,563,978

- 3 2 073

610 028

NOTE.—Current expenses as shown above include the cost of furniture and equipment purchased during the year and normal depreciation on bank buildings and exclude contributions to the Retirement System on account of services rendered prior to the establishment of the Retirement System on March 1,1934. Heretofore prior service contributions have been
included in current expenses and the cost of furniture and equipment and normal depreciation on bank buildings have been shown as deductions from current net earnings. Operating
expenses now include reimbursable fiscal agency expenses which heretofore were shown separately.
r
Back figures.—See Annual Report for 1935 (table 28) and similar tables in previous annual reports.
Revised.




CO

No.

26.—TOTAL EARNINGS, CURRENT EXPENSES, AND NET EARNINGS OF FEDERAL RESERVE BANKS AND DISPOSITION MADE OF NET

EARNINGS, 1914-36
Disposition of net earnings

Earnings and expenses
Total earnings
Aggregates, years 1914-36:
Boston
New York
Philadelphia
Cleveland
Richmond..
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
Total..
All Federal Reserve banks:
1914-15
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925..
1926..
1927..
1928..
1929..




Current
expenses

Dividends
paid

Net earnings l

Transferred
to surplus
(Sec, 7)

Transferred
to surplus
(Sec. 13b)

Paid to U. S.
Treasury
(Sec. 13b)

Franchise tax
paid to U. S. 2
Government

$80,006,901
353,894,678
92,967,172
106,003,216

$38,122,009
128,160,973
40,120,152
48,525,581

$38,627,132
212,515,836
48,762,785
48,915,877

111,379,204
50,436,453
14,968,776
15,588,768

$20,056,188
94,002,939
27,982,657
28,469,653

-$3,155
-7,808
126,499
-8,156

$83,500
77,990
125,952
23,165

$7,111,395
68,006,262
5,558,901
4,842,447

56,515,286
56,637,511
169,753,958
51,635,885

28,432,127
24,594,297
70,857,291
27,486,757

23,687,442
25,412,390
85,206,285
18,269,357

6,741,405
5,567,590
18,595,941
5,767,382

10,677,709
10,887,805
41,252,119
9,747,851

1,425
-2,632
-1,292
-1,505

66,714
9,066
45,991

6,200,189
8,950,561
25,313,526
2,755,629

39,110,826
57,106,684
42,348,891
93,833,882

19,654,434
32,808,899
24,284,300
48,066,062

16,348,756
20,009,335
13,887,294
37,986,360

3,991,476
5,318,940
5,057,809
10,829,796

7,125,898
7,743,958
8,210,371
19,495,127

-4,832
-3,622
10,601
—35,904

33,314
10,959
48,464

5,202,900
6,939,100
560,049
7,697,341

1,199,814,890

531,112,882

589,628,849

154,243,540

525,115

149,138,300

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

181,296,711
122,865,866
50,498,099
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

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

-141,459 i
2,750,998 i
9,579,607 |
52,716,310 i
78,367,504 '

I
!

3

285,652,275

4

69,619

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

5,654,018
6,119,673
6,307,035
6,552,717
6,682,496

82,916,014
15,993,086
-659,904
2,545,513
-3,077,962

60,724,742
59,974,466
10,850,605
3,613,056
113,646

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
o
o

1930
1931
1932
1933
1934
1935
1936
Total...

36,424,044
29,701,279
50,018,817
49,487,318
48,902,813
42,751,959
37,900,639

28,342 ,726
27,040 ,664
26,291 ,381
29,222 ,837
29,241 396
31,577 ,443
29,874,023

7,988,182
2, 972,066
22, 314,244
957,407
15!231,409
9,437,125
8,512,433

10,268,598
10,029,760
9,282,244
8,874,262
8,781,661
8,504,974
7,829,581

-2,297,724
-7,057,694
11,020,582
-916,855
6,510,071
607,422
352,524

1,199,814,890

531,112 ,882

589, 628,849

154,243,540

3 285,652,275

17,308

!••

2,011 ,418

-60,323 ] !
27 ,062
102 ,880 i

297,667
227,448

4 69 ,619 ;

525, 115

149,138 ,300

;
Total earnings less current expenses, depreciation charges, and net losses.
2
The Banking Act of 1933 eliminated the provision in the Federal Reserve
3

Act requiring the payment of a franchise tax.
Charges direct to surplus account have been made as follows: 1927—1500,000 depreciation on bank premises; 1934—$139,299,557 representing cost of F . D . I . C. stock purchased by
the Federal Reserve banks.
4
In 1935 the Federal Reserve Bank of Boston credited $1,810 and the Federal Reserve Bank of St. Louis charged $1,176 direct to surplus (sec. 13b). Total payments received from the Secretary of the Treasury under section 13b of the Federal Reserve Act to the end of 1936 and credited to surplus (sec. 13b) amounted to $27,121,311.




ft)
>

G
O

98

ANNUAL REPORT OF BOARD OF GOVERNORS

No. 27.—EARNINGS OF FEDERAL RESERVE BANKS , BY SOURCES, 1914-1936
Earnings
Year
Total

On
discounted
bills

On
purchased
bills

On
IT. S. Government
securities

Deficient
reserve
penalties

From
miscellaneous sources l

1914-15
1916
1917
1918 .
1919

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

$1,218,516
1,025,675
6,971,479
48,348,007
80,768,144

$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

$1^57
194,526
698,991
727,844

$538,241
1,523,388
1,642,616
2,768,829
1,128,751

1920
1921
1922
1923
1924

181,296,711
122,865,866
50,498,699
50,708,566
38,340,449

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

1925
1926
1927
1928
1929

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

1930
1931
1932
1933
1934
1935
1936

36,424,044
29,701,279
50,018,817
49,487,318
48,902,813
42,751,959
37,900,639

10,672,215
9,820,546
17,881,058
9,137,038
1,231,367
156,160
107,584

6,081,187
5,009,541
2,785,213
1,238,068
141,225
35,894
29,592

17,273,331
12,428,297
26,923,568
37,529,872
46,130,941
39,796,177
35,181,125

225,748
296,960
541,432
191,051
15,249
6,560
5,932

2,171,563
2,145,935
1,887,546
1,391,289
1,384,031
2,757,168
2,576,406

1,199,814,890

664,785,240

149,374,292

339,303,169

8,856,223

37,495,966

Total

1
Include earnings on industrial advances and commitments as follows: 1934, $137,909; 1935, $1,725,620;
1936, $1,868,767.




FEDERAL RESERVE NOTES
No.

28.—FEDERAL RESERVE NOTE STATEMENT AT THE END OF EACH

MONTH

(In thousands of dollars)
1935
Dec. 31
Federal Reserve notes received from the
Comptroller
Federal Reserve notes held b y Federal
Reserve agents

1936
Jan. 31

Feb. 29

Mar. 31

Apr. 30

May 30

June 30

July 31

Aug. 31

Sept. 30

Oct. 31

Nov. 30

Dec. 31

6,761,662 6,864,994 6,954,850 6,991,580 7,015,824 7,060,738 7,198,650 7,203,985 7,217,978 7,247,108 7,277,996 7,355,398 7,481,238
2,714,610 2,914,800 2,979,684 2,972,200 3,000,481 3,011,526 2,902,340 2,917,218 2,916,612 2,900,165 2,886,310 2,877 173 9 842 041

Federal Reserve notes issued to Federal
Reserve banks:
275,812
279,607
Held b y issuing Federal Reserve bank.
297,800
354,660
337,978
283,258
317,130
308,373
255,622
261,828
242,943
254,623
253,237
Held b y other Federal Reserve banks.
23,604
26,129
22,640
32,603
27,445
24,916
18,077
25,160
18,365
18,811
18,409
21,089
18,690
Held b y U. S. Treasury
16,402
16,901
15,145
18,049
14,982
15,641
17,293
17,633
15,756
18,024
15,503
13,857
16,211
I n circulation l
4,011,358 4,075,868 4,155,588 4,232,885
3,666,647 3,597,694 3,696,225 3,726,923 3,725,514 3,759,688 4,002,216 3,937,478 3,977,551
Total notes issued

4,047,052 3,950,194 3,975,166 4,019,380 4,015,343 4,049,212 4,296,310 4,286,767 4,301,366 4,346,943 4,391,686 4,478,225 4,638,197

Collateral held as security for Federal
Reserve notes issued to Federal Reserve
banks:
Gold certificates:
In vault
5,000
505,000
505,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000
In gold fund—Board of Governors. 3,965,843 3,366,343 3,388,343 2,682,843 2,724,903 2,727,523 2,964,523 3,001,023 3,001,338 3,032,838 3,060,838 3,137,838 3,313,838
Total gold certificates
Eligible paper
U . S . Government securities
Total collateral held
Collateral required as security for Federal
Reserve notes
ReCollateral pledged in excess of Federal Reserve notes issued

3,970,843 3,871,343 3,893,343 3,987,843 4,029,903 4,032,523 4,269,523 4,306,023 4,306,338 4,337,838 4,365,838 4,442,838 4,618,838
4,618
4,937
2,237
6,540
5,306
2,716
2,623
6,855
2,605
5,216
6,155
4,078
4,087
88,000
93,000
95,000
73,000
88,000
127,500
58,000
135,400
63,000
127,000
69,000
65,000
57,000
4,101,059 4,013,598 4,025,559 4,052,998 4,090,990 4,101,601 4,335,128 4,366,646 4,385,878 4,431,144 4,463,456 4,535,775 4,716,075
4,047,052 3,950,194 3,975,166 4,091,380 4,015,343 4,049,212 4,296,310 4,286,767 4,301,366 4,346,943 4,391,686 4,478,225 4,638,197
j
71,770
57,550
84,512
54,007
79,879
84,201
77,878
63,404
38,818
43,618
50,393
52,389
75,647
I

1
This figure corresponds with that given under the same caption in table 36. It differs from that given in table 8 by the amount of Federal Reserve notes held by (a)
Federal Reserve banks other than issuing bank and by (b) the U. S. Treasury.

Backfigures.—SeeAnnual Report for 1935 (table 30) and similar tables in previous annual reports.




1

GOLD, FOREIGN EXCHANGE, AND MONEY
IN CIRCULATION




101

103

FEDERAL RESERVE SYSTEM

GOLD
No.

29.—MONETARY GOLD STOCK

l

OF THE UNITED STATES, 1914-36

[In millions of dollars; $1=25.8 grains of gold 9/10 fine, i. e., an ounce of fine gold=$20.67 through J a n . 31, 1934;
subsequently $1 = 15 5/21 grains of gold 9/10 fine, i. e., an ounce of fine gold = $35]
Enc of month figures

End of month
1914
January
February
March
April
May
June
July
August
September
October
November
December

1915

1,636
1,632
1,644
1,655
1,642
1,604
1,572
1,566
1,557
1,521
1,520
1,526

1918

1919

1920

1921

1922

1923

1924

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

1926

1934

1935

1927

1928

1929

1930

1931

1932

1933

4,277
4,299
4,310
4,323
4,321
4,300
4,293
4,301
4,284
4,254
4,164
4,092

End of month
January
February
March
April
May
June
July
August
September
October
November
December

Month

1917
2,635
2,709
2,818
2,850
2,846
2,933
2,903
2,878
2,864
2,866
2,867
2,868

1,535
1,551
1,582
1,606
1,642
1,699
1,720
1,789
1,837
1,911
1,973
2,025

1916

4,086
4,075
4,018
3,979
3,873
3,822
3,826
3,836
3,838
3,855
3,841
3,854

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

Averages of end of month
figures

4,033 8,391
7,438 8,527
7,694 8,567
7,757 8,710
7,779 8,858
7,856 9,116
7,931 9,144
7,978 9,203
7,978 9,368
8,002 9,693
8,132 9,920
8,238 10,125

4,136
4,077
4,052
4,055
4,070
4,073
4,080
4,095
4,095
4,120
4,110
4,112
1936
10,182
10,167
10,184
10,225
10,402
10,608
10,648
10,716
10,845
11,045
11,184
11,258

Averages of daily figure;

1915

1916

1917

1918

1919

1920

1921

1922

1923

1924

1,530
1,543
1,567
1,594
1,624
1,670
1,709
1,755
1,813
1,874
1,942
1,999

2,032
2,038
2,037
2,033
2,040
2,103
2,188
2,241
2,303
2,385
2,438
2,502

2,595
2,672
2,763
2,834
2,848
2,890
2,918
2
2,896
2
2,865
2
2,864
2
2,866
2
2,866

2,865
2,872
2,875
2,876
2,876
2,875
2,874
2,870
2,869
2,864
2,868
2,869

2,873
2,875
2,874
2,879
2,889
2,882
2,800
2,827
2,856
2,833
2,783
2,734

2,674
2,622
2,572
2,534
2,548
2,567
2,575
2,568
2,560
2,568
2,586
2,607

2,644
2,688
2,753
2,830
2,910
2,967
3,018
3,105
3,192
3,260
3,308
3,356

3,385
3,417
3,449
3,469
3,481
3,489
3,516
3,553
3,573
3,597
3,609
3,630

3,658
3,673
3,679
3,688
3,706
3,753
3,774
3,810
3,836
3,868
3,895
3,939

3,979
4,015
4,053
4,096
4,146
4,184
4,216
4,229
4,228
4,219
4,230
4,220

1926

1914
January....
February.. .
March
April
May
June
July
August
September .
October
November..
December...

1925

1927

1929

1930

1931

1932

1933

1934

1935

4,138
4,157
4,161
4,147
4,151
4,173
4,180
4,184
4,185
4,190
4,194

4,240
4,289
4,308
4,314
4,364
4,319
4,288
4,298
4,297
4,279
4,203
4,129

3,828
3,856
3,879
3,939
4,005
4,024
4,048
4,064
4,081
4,094
4,087
4,037

3,995
4,030
4,107
4,156
4,218
4,241
4,245
4,209
4,216
4,233
4,266
4,296

4,335
4,369
4,395
4,424
4,480
4,578
4,671
4,688
4,661
4,160
4,076
4,163

4,165
4,097
4,085
4,094
3,986
3,669
3,654
3,743
3,853
3,939
4,005
4,142

4,260
4,204
3,974
4,014
4,026
4,030
4,032
4,030
4,040
4,037
4,036
4,036

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

Averages of daily figures
Month
January
February
March
April
May
June
July
August
September
October
November
December

4,036 8,284
7,138 8,465
7,602 8,552
7,736 8,641
7,759 8,755
7,821 9,025
7,893 9,128
7,971 9,180
7,971 9,246
7,989 9,545
8,047 9,777
8,191 10,072

1936
10,158
10,163
10,172
10,202
10,324
10,514
10,629
10,674
10,764
10,983
11,116
11,220

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-December, $52,500,000; 1918, January-May, $52,500,000; June, $16,271,000; July, $11,630,000; AugustDecember, $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, $3,300,001); 1927, May, $59,548,000; June, $23,300,000;
1932, December, $72,638,000.
2
Averages of dailj' figures.

NOTE.—With respect to revaluation )f gold stock as of Jan. 31, 1934, see footnotes to table 1. For figures as of
other dates see tables 1,3, and 4.




104

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 30.—ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, 1921-36
[In millions of dollars]

Year or
month

Gold
stock
at end
of year
or
month

1921
1922
1923
1924
1925
1926
1927 . . . .
1928.
1929
1930
1931
1932
1933.
1934 3
1935
1936

3,373
3,642
3,957
4,212
4,112
4,205
4,092
3,854
3,997
4,306
4,173
4,226
4,036
8,238
10,125
11,258

Increase
in
gold
stock

Net
gold
import

734.6 667.4
268 5 238.3
315.1 294.1
255.6 258.1
- 1 0 0 . 1 -134.4
92.6
97.8
— 112 8
6 1
-237 8 -391 9
142.5 175.1
309 6 280 1
-133.4
145.3
52.9 —446 2
— 190 4 - C 173.5
4,202.5 1,133.9
1,887.2 1,739.0
1,132.5 1,116.6

[Net release
from
earmark l

Other
factors 2

18.7
48.5
33.9
—3.7
.7
20^3
—42.2
39 8
32.2
2!l
—26.3
21.1
— 160.2
41.3
34 5
119 5
-55.4
22.8
31 9
—2.4
42.1
-320.8
41.6
457.5
41 1
—58 0
82.6 2,986.1
.2
148.0
—85.9 101.7

1934

ill

January
February3....
Mnrrh

June
July
August
September
October
November....
December....

4,033 —2 1 —2.8
7,438 3,4O5!o 452.6
7,694 256.1 237 3
7,757
62.2
54.7
7,779
22 4
33 6
63.7
7,856
77.1
7,931
74.4
52.3
7,978
47.4
37.2
7,978
.4 - 1 8 . 7
8,002
23.5
10.8
8,132
129.9 120.9
8,238 106.2
92.1

12.2 - 1 1 . 6
68.7 2,883.8
0
19 6
8.6
—i!i
5 — 11.6
1.0
12.5
.6
21.4
11.2
-1.1
2.4
16.6
12.4
.3
-.1
9.1
14.1
.1

Gold
stock
at end
of
month

Month

Increase
in
gold
stock

Net
gold
import

Net release
from
earmark '

Other
factors 2

1935
January
February.
March
April
May
June .
July
August
September...
October
November
December. . .

8,391
8,527
8,567
8,710
8,858
9,116
9,144
9,203
9,368
9,693
9,920
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

-.1
-2.3
—1 5
1.0
-.4
1 8
1.0
— 1.9
6
1.3

2.8
12.3
28.1
—2.9
9 6
25 8
12.1
11 7
7.3
11.8
15 5
13.9

57.2
45.6
— 15.5 - 1 6 . 6
17.2
5.5
41.0
28.1
176 7 170 0
206.6 277.8
39.2
15 4
68.4
67.5
129.0
171.8
199.7 218.8
139.6
75.8
73.3
57.0

-1.7
-9.5
1.0
2
—3 2
-24.8
2 3
-11.9
-28.8
-11.3
3.0
— _7

13.3
10.6
10.7
13.1
10 0
-46.4
21 5
12.9
-14.0
- 7.9
60.8
17.0

1.1

1936
January
February....
March
April
May
June
July
August
September...
October
November...
December. . .

10,182
10,167
10,184
10,225
10,402
10,608
10,648
10,716
10,845
11,045
11,184
11,258

c
Corrected.
1
Gold released from earmark a t 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 29,
note 1, a n d table 31.
2
Figures are derived from preceding columns a n d indicate net result of such factors as domestic production,
movements into a n d out of nonmonetary use or unreported holdings, imports a n d exports t h a t do not affect
gold stock during the m o n t h or year, a n d increment resulting from reduction in weight of gold dollar.
3
Increase in gold stock during F e b r u a r y 1934 results principally from reduction in weight of gold dollar
on J a n . 31; see note 2 to table 1. Figures based on rate of $20.67 a fine ounce through J a n u a r y 1934 a n d $35 a
fine ounce thereafter.
Back figures.—For data b y m o n t h s in earlier years, except total monetary gold stock, see Annual Report for
1933 (table 51) and similar tables in previous annual reports; see table 29 for revised monetary gold stock figures
by months in earlier years.

No. 31,—GOLD HELD UNDER EARMARK BY FEDERAL RESERVE BANKS FOR FOREIGN
ACCOUNT, BY MONTHS, 1927-30
[In thousands of dollars1]
End of month
January
February
March
April
May
June
July
August
September
October
November
December
1

1927

1928

1929

1930

1931

1932

1933

1934

1935

1936

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
166,421
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
12,190
11,204
10,616
11,671
9,252
8,993
9,077
9,017

7,886
7,649
8,310
10,611
12,147
11,149
11,572
9,776
8,761
10,624
10,051
8,801

10,546
20,052
19,083
19,238
22,486
47,267
44,974
56,919
85,724
96,978
94,022
94,689

At $20.67 a fine ounce through J a n u a r y 1934 and at $35 a fine ounce thereafter.

See footnotes to table 1.

NOTE.—For statistics of gold earmarked abroad for account of Federal Reserve banks see table 29, note 1.
Back figures.—Eee A n n u a l Report for 1934 (table 45) and similar tables in previous annual reports.




105

FEDERAL RESERVE SYSTEM

N o . 3 2 . — G O L D MOVEMENTS TO AND FROM THE U N I T E D STATES, BY C O U N T R I E S
l

[In thousands of dollars \
1933
Imports
Belgium
Czechoslovakia
France
Germany
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
U.S.S.R
United Kingdom
Yugoslavia
Canada
Newfoundland .
Central America
Mexico
West Indies
Argentina
Bolivia
Brazil
British Guiana
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
Australia
British India
China
Hong Kong
Dutch East Indies
Palestine
Japan
New Zealand
Philippine Islands
All other countries

'30,079
1,071
i i)', 347

1934

Exports
895
6,504
246,113
3,603
24,044
11,445
6,100
602

1935
Exports

Imports

55^204 "48^826'
' 20J41

247'

850
4,859
525
14
105

6
579
1
15

49"
2,337
97
1,007
1,537
506'
3,176
25,629
5,931
6,890
801

2

1
24
864'
150

6,702
187
6,023
107
193,197

Total

2'

4,059

4

290,531
4
899
102,924
6

29,991
147
12
7,414

934,302
63
3
227,225

840
1,029
76,820.
171
16,281
7
341
4

1,186,671

Imports

59
296
41

17,180
590,851
7
1
74,773 "'3^765

15
2
6,593
10,899
5,185
2,148

24
2
7,510
11,208
179,920
907
72,706
31
3,667
40,664
1,045
12
7
6
1
7,893
11,910
3,435
2,414

620
3,498
75,267

i'

Exports

3,350

45

254
12,656
885
510,161
8,530
300
86,785
173
39
2,978
30,388 ' " ' 2 8 8 '
2,221
12
124
12
5
5,226 ' ' i,' 882'
16,952
8
1,555
1,396

493
23,280
77,892

9,431
19

7^917

968
18,099
316,302
575
795
95,245
74
89
2,814
14,583 ' " ' 9 1 5 '
1,135
19

5,826
57
700

77
15,335
198

12,038
105
366,652

Exports

12,968

7
5,002
11,631

Imports

1936

52,759

1

73
21,513
606

6

1,740,979

1,960

1,144,117

27,534

1
Figures represent customs valuations which, with some exceptions, are at rate of $20.67 a fine ounce through
J a n u a r y 1934 a n d $35 a fine ounce thereafter. See note 2 to table 1.
2
Includes all movements of unreported origin or destination.
Backfigures.—SeeAnnual Report for 1935 (table 34), and similar tables in previous annual reports. For figures
by months see Federal Reserve Bulletin.

No.

33.—GOLD MOVEMENTS TO AND FROM THE UNITED STATES, 1921-36
[In thousands of dollars *]

Year
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

Imports

.

.

. .

Exports

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
1,144,117

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
27,534

Net imports or
exports (—)
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
1,116,584

Month

Imports

Exports

45,981
7,002
7,795
28,106
169,957
277,851
16,074
67,524
171,866
218,929
75,962
57,070

338
23,637
2,315
51
5
77
695
32
42
117
127
99

Net imports or
exports (—)

1936
January
February
March
April
May
J u n e . ..
July
August
September
October
November
December

45,643
-16,635
5,480
28,055
169,952
277,775
15,379
67,493
171,824
218,812
75,836
56,970

1
Figures respresent customs valuations which, with some exceptions, are at rate of $20.67 a fine ounce through
January 1934 and $35 a fine ounce thereafter. See note 2 to table 1.
Backfigure*.—Fordata by montrtB in earlier years, see Annual Report for 1935 (table 35) and similar tables in
previous annual reports.




10G

ANNUAL REPORT OF BOARD OF GOVERNORS

FOREIGN EXCHANGE RATES
JNo. 34.—FOREIGN EXCHANGE RATES, 1922 4936
[Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Brazil (milreis)
ArgenBritish Canada
Belgium
Chile
China
tina
mark Franc
India
(yuan)
(dollar)
(peso)
(belga)
(peso)
j (rupee)
(krone) (franc)
"817817"
28.741
"207947" "872013
1922777777777777 7.
98.478 "1272159" 557807"
77683 12.9486 I . . . . . . . .
78.573
31.110
1923
98.035 12.2423 52.622 18.364 6.0811
5.219 10.2285
78.131
31.784
1924
98.732 10.5448 52.697 16.723 5.2368
4.644 10.9403
91.382
36.264
1925
99.962 11.6031 56.907 21.131 4.7671
4.758 12.1962
92.150
36.327
1926
99.989 12.0766 49.981 26.226 3.2427
3.372 14.4357
96.295
36.312
1927
99.972 12.0652 43.941 26.725 3.9240
13.916 11.8383
96.480
36.466
1928
99.909 12.1451 46.138 26.743 3.9210
13.928 11.9737
95.127
36.202
1929
99.247 12.0601 41.901 26.680 3.9161
13.912 11.8078
83.505
36.067
1930
99.842 12.0785 29.917 26.765 3.9249
13.952 10.7136
66.738
33.690
1931
96.353 12.0669 22.437 25.058 3.9200
13.929
7.0290
58.443
26.347
1932
88.090
13.914
7.9079 21.736 18.832 3.9276
7.1223
72.801
31.816
1933
91.959
17.900
7.6787 28.598 19.071 5.0313
7.9630
33.579
37.879 101.006 10.1452 34.094 22.500 6.5688
1934
23.287
8.4268
32.659
36.964
1935
99.493
18.424
5.0833 36.571 21.883 6.6013
8.2947
33.137
37.523
1936
99.913
16.917
5.1240 29.751 22.189 6.1141
8.5681
33.074
99.930
16.936
5.0950 29.659 22.153 6.6251
1936—January..
8.4167
33.329
100.114
17.042
5.0950 29.912 22.321 6.6810
February..
8.3803
33.135
99.842
16.979
5.0930 29.824 22.190 6.6338
March
8.4871
32.954
99.502
16.915
5.0853 29.734 22.064 6.5898
April
8.5564
33.111
99.806
16.938
5.0775 29.690 22.184 6.5858
May
8.5755
99.721
33.418
16.907
5.0659 29.890 22.405 6.5934
June
8.6310
99.900
16.899
5.1243 29.967 22.419 6.6202
33.489
July
8.5349
99.978
16.862
5.1725 30.048 22.434 6.5853
33.503
August
8.5222 5.8367
100.017
16.893
5.1691 29.940 22.480 6.3409
33.611
September
8.6445 5.8901
100.022
16.835
5.1727 29.331 21.866 4.6662
32.667
October
8.7011 5.8452
100.120
16.907
5.1688 29.466 21.818 4.6472
32.583
November.
8.6662 5.8631
JPOJHJ^
4.6675
16.901
5.1719 J9.52jt
32.718
December.
8.6981 5.9525
Year or month

Year or month
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1936—January...
February..
March
April
May
June
July
August
September.
October....
November.
December..

Germany
(reichsmark)
7232
.002
22.998
23.801
23.800
23.764
23.861
23.809
23.854
23.630
23.749
30.518
39.375
40.258
40.297
40.397
40.687
40.439
40.238
40.285
40.273
40.321
40.221
40.083
40.196
40.223
40.230

Italy
(lira)

Japan
(yen)

4.7559" "477804
4.6016
48.585
4.3580
41.186
3.9776
41.036
3.8894
47.116
5.1560
47.411
5.2571
46.410
5.2334
46.100
5.2374
49.390
5.2063
48.851
5.1253
28.111
6.7094
25.646
8.5617
29.715
8.2471
28.707
7.2916
29.022
8.0276
28.993
8.0373
29.130
7.9830
28.938
7.8936
28.869
7.8560
29.075
7.8645
29.392
7.8845
29.326
7.8673
29.404
7.8514
29.414
5.5299
28.609
5.2603
28.559
5.2609
28.512

Norway
(krone)

Mexico
(peso)
48.715

48.547
48.514
49.393
48.309
47.205
48.107
48.183
47.133
35.492
31.850
28.103
27.742
27.778
27.760
27.768
27.769
27.767
27.768
27.763
27.764
27.765
27.753
27.753
27.747
27.750
27.750

38.498
39.101
38.211
40.160
40.098
40.107
40.224
40.162
40.225
40.230
40.295
51.721
67.383
67.715
64.481
68.173
68.677
68.353
67.885
67.634
67.686
68.078
67.904
66.250
53.632
53.991
54.566

17.502
16.671
13.940
17.884
22.335
26.048
26.688
26.683
26.760
25.055
18.004
21.429
25.316
24.627
24.974
24.932
25.121
24.974
24.834
24.969
25.218
25.233
25.249
25.304
24.608
24.555
24.656

United
Spain
Sweden Switzer- Kingland
(peseta) (krona) (franc) dom
(pound)
15.483 26.166 19.065 "442.92
14.453 26.555 18.060 457.48
13.338 26.522 18.223 441.71
14.344 26.848 19.327 482.89
14.896 26.765 19.313 485.82
17.059 26.815 19.262 486.10
16.594 26.800 19.260 486.62
14.683 26.784 19.279 485.69
11.667 26.854 19.382 486.21
9.545 25.254 19.401 453.50
8.044 18.471 19.405 350.61
10.719 22.032 24.836 423.68
13.615 25.982 32.366 503.93
13.678 25.271 32.497 490.18
12.314 25.626 30.189 497.09
VS.727 25.583 32.662 496.27
13.841 25.778 33.033 500.05
13.745 25.626 32.821 497.07
13.654 25.482 32.580 494.27
13.645 25.619 32.391 496.97
13.659 25.877 32.425 501.92
13.714 25.893 32.724 502.25
13.643 25.910 32.599 502.59
12.347 25.965 31.418 503.63
8.954 25.253 22.993 489.84
8.798 25.196 22.984 488.80
7.727 25.300 22.985 490.78

NOTE.—Exchange quotations on various countries partly or wholly nominal as follows: Argentina, Brazil
(official rate), and Chile—since April 1933; Italy—November 23, 1935-April 1, 1936, and October 2-3, 1936; Spain
—since July 31, 1936. In September 1936 exchange quotations on all other countries, with the exception of
Canada and United Kingdom, were partly nominal; and no quotation was available on one day for Spain.
Changes have occurred in basis of quotation as follows: Argentina—Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning December 13, 1933; average for 1933 is for gold peso for
January 1-Deeember 10. Belgium—Average for franc through 1926 and for belga thereafter (belga = 5 francs).
Average for 1926 is for franc for January 1-October 25; average for belga for October 26-December 31 was 13.9095
cents. Brazil—Free market rate quoted in addition to official rate beginning August 3, 1936. Average free
market rate for 1936 is for August 3-December 31. China—Beginning April 10, 1933, new yuan, containing
23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 granvs of pure silver. Average for
1933 is for new yuan for April 10-December 31; average for old yuan for January 1-April 9 was 20.2103 cents.
Germany—Average for mark through 1923 and for 1,000,000,000,000 marks or for reichsmark thereafter. Average for 1923 is for January 1-June 30; average for July 1-December 31, 1923, is 6.285 cents per 100,000 marks.
Average for 1924 is for January 1-October 28 in cents per 1,000,000,000,000 marks, amount which subsequently
became officially exchangeable for one reichsmark; average for reichsmark October 29-December 31, 1924, is
23.8008 cents.
Blackfigures.—SeeAnnual Report for 1935 (table 36) and Federal Reserve Bulletin, which also includes data
for additional countries.




107

FEDERAL RESERVE SYSTEM

MONEY IN CIRCULATION
No. 35.—UNITED STATES MONEY IN CIRCULATION,1 BY MONTHS, 1914-36
Er id of month figures
End of
month
1914

1916

1917

1918

1919

1920

1921

1922

1923

1924

1925

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

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

4,515
4,561
4,524
4,495
4,550
4,524
4 505
4,579
4,629
4,682
4,757
4,817

1926

1927

1928

1929

1930

1931

1932

1933

1934

1935

1936

4,554
4,617
4,573
4,620
4,636
4,598
4,622
4,643
4,691
4,734
4,750
4,808

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

1915

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

5,380
5,467
5,493
5,478
5,540
5,568
5,518
5,629
5,683
5,713
5,846
5,882

5,737
5,846
5,877
5,886
5,953
6,241
6,162
6,227
6,267
6,351
6,466
6,543

End of month
January
Februarv
March
April
May
June
July
August
September
October
November
December

Averages of end of month figures

Averages of daily figures

Month
1914
January
February
March
A D ril
May
June
July
August
September
October
November
December

1915

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
2,968
2,987
3,013
3,031
3,034
3,076
3,142
3,200
3,245
3,283

1916

1917

1918

1919

1920

1921

1922

1923

1924

1925

3,304 3,691
3,311 3,768
3,321 3,860
3,330 3,897
3,316 3,938
3,330 23,874
3,366 3,733
3,410 33,714
3,492 33,774
3,562 *3,865
3,590 33,916
3,635 •M.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

4,560
4,545
4,583
4,599
4,579
4,543
4,523
4,513
4,566
4,604
4,683
4,801

4,576
4,518
4,528
4,517
4,504
4,503
4,507
4,530
4,621
4,658
4,673
4,832

1936

Averages of daily figures
Month
1926
January
February
March
April
May
J une
July
August
September
October
November
December

1927

1928

1929

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

1930

1931

1932

1933

1934

1935

4,365 4,408
4,267 4,311.
4,245 4,303
4,231 4,360
4,210 4,392
4,202 4,463
4,196 4,549
4,189 4,660
4,206 4,846
4 214 5 191
4,241 5,231
4,536 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

5,757
5,779
5,857
5,892
5,918
6,062
6,203
6,191
6,258
6 321
6,401
6,563

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 prior figures for purposes of comparison with current
figures have been reduced by $287,000,000, the estimated amount of gold coin in circulation on Jan. 31, 1934.
See also footnotes to table 1. For figures as of other dates see tables 1, 3 and 4.
-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 effect upon the figures.
3
Averages of daily figures.




108

ANNUAL
No.

REPORT OF BOARD OF

36.—KINDS OF MONEY IN CIRCULATION1

[Outside Treasury and Federal Reserve banks.

End of month or
year

Total

GOVERNORS

Gold
coin

Gold
certificates

Silver
dollars

Silver
certificates

In millions of dollars]
Federal Re- Naserve ional
bank bank
notes notes

TreasSubury
notes sidiary
silver
of 1890

Minor
coin

United
States
notes

Federal Reserve
notes

244
255
237
246
261
266
275
281
286
291
294
281
271
258

88
95
91
93
98
100
105
108
112
116
119
119
117
113

274
261
275
285
306
297
295
297
293
294
265
296
288
294

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
2,716

198
209
97
37
14
8
6
5
4
4
3
3
3
3

672
695
705
708
714
706
635
629
619
616
597
623
656
820

250
252
258
255
256
257
258
261
265
267
269
272

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
208

836
861
879
915
922
920
914
911

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

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

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
5,388

189
188
152
136
123
122
127
122
115
108
97
81
122
181

286
219
177
303
584
970
1,113
1,092
1,074
991
880
1,118
877
601

80
75
58
60
58
57
55
52
49
46
42
37
33
29

141
70
236
288
374
390
390
397
400
410
417
404
389
371

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

591
649
393
323
280
265
252
242
232
225
219
213

28
28
28
28
28
28
28
28
28
29
29
29

350
362
376
360
359
361
365
372
385
387
394
407

1
1

1934—January. . .
February...
March
April
May
June
July
August
September.
October... .
November..
December..

5,289
5,354
5,394
5,368
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

29
29
30
30
30
30
30
31
31
31
32
32

391
399
403
400
402
401
399
438
483
510
558
592

1
1
1
1
1
1
1
1
1
1
1

267
270
272
274
277
280
280
282
284
288
291
294

1935—January. . .
February...
March
April
May
June
July
August
September.
October....
November..
December..

5,380
5,467
5,493
5,478
5,540
5,568
5,518
5,629
5,683
5,713
5,846
5,882

127
126
123
121
119
117
115
114
112
111
110
109

31
31
31
32
32
32
32
33
33
33
34
34

580
599
623
653
695
701
702
739
756
773
812
828

1
1
1
1
1
1
1
1
1
1
1
1

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
68
66

827
823
810
778
747
704
654
596
553
514
487
458

1936—January.. .
February...
March
April
May
June
July
August
September.
October....
November.
December.

5,737
5,846
5,877
5,886
5,953
6,241
6,162
6,227
6,267
6,351
6,466
6,543

107
106
104
103
102
101
100
99
98
97
96
95

33
34
34
34
34
35
35
36
37
37
37
38

809
841
864
886
914
955
958
986
998
1,020
1,051
1,057

1
1
1
1
1
1
1
1
1
1
1
1

303
304
307
309
312
316
318
321
326
329
334
337

129
129
131
132
133
135
136
137
138
139
141
142

259
254
245
249
265
278
274
278
278
282
289
289

3,598
3,696
3,727
3,726
3,760
4,002
3,937
3,978
4,011
4,076
4,156
4,233

63
60
58
56
54
52
50
48
47
46
45
44

436
421
406
391
378
366
352
342
332
324
316
307

2
2
1
1
1
1
1
1
1
1
1
1
1

]

1
1
1
1
1
1
1
1
1

1

901)

903
913
918

1
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.

Backfigures.—SeeAnnual Report for 1935 (table 38) and similar tables in previous annual reports.




109

FEDERAL RESERVE SYSTEM
No.

37.—PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Paper currencyL

Coin

$50 and over
End of month
Gold Other

$5

110

$20
Total2

S50

$100

$5,000

$500 $1,000 and
10,000

1930
December
1931
December
1932
January
February
March
April
May
June
July
August
September
October
November
December
1933
January
February
March
April
May
June
July
August
September
October
November
December
1934
January
February
March
April
May
June
July
August
September
October
November
December
1935
January
February
March
April
May
June
July
August
September
October
November
December
1936
January
February
March
April
May
June
July
August
September
October
November
December

437

404

696

1,130

852

1,145

1,329

1,336

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

350
361
375
358
356
355
360
366
380
382
388
402

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

273
254
246
239
232
239
237

412
417
420
422
427
430
431
435
437
442
447
452

397
394
396
396
393
403
411
410
422
423

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

441
443
445
449
453
454
455
457
463
467
472
478

401
407
410
411
420
419
415
424
433
435
448
460

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

465
467
472
475
480
486
490
494
501
505
513
517

434
434
439
442
451
463
460
471
477
484
492
499

782
802
804
804
820
850
844
863
868
882
900
906

1,333
1,373
1,378
1,379
1,402
1,468
1,459
1,482
1,488
1,516
1,548
1,563

1,332
1,360
1,361
1,360
1,369
1,466
1,431
1,436
1,437
1,460
1,486
1,501

1,367
1,386
1,399
1,404
1,409
1,479
1,449
1,452
1,467
1,478
1,501
1,530

355
361
362
360
363
398
383
381
383
385
390
399

627
633
641
643
648
683
667
667
673
679
690
707

122
123
125
126
127
127
127
128
130
132
132
135

240
243
247
249
245
245
247
250
253
255
258
265

122

421

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

192
284
80
48
37
34
33
32
25
25
24
24

390
392
399
395
396
397
399
403
408
412
415
418

1
Includes unassorted currency held in T r e a s u r y a n d Federal Reserve b a n k s a n d $1,000,000 of currency of
u n k n o w n d e n o m i n a t i o n s reported b y t h e T r e a s u r y as destroyed.
2
Separate figures for different d e n o m i n a t i o n s n o t available prior to M a y 1933.




110

ANNUAL REPORT OF BOARD OF GOVERNORS
N o . 38.—TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation. In millions of dollars]

End of month or year

Total

Silver
dollars
xnd silver
bullion1

Subsidiary
silver

Minor
coin

United
States
notes

1927
1928
1929
1930
1931

1,707
1,709
1,842
1,958
2,009
2,025
1,977
1,991
2,006
2,012
2,022
2,027
2,035

288
270
358
442
498
512
524
535
538
540
540
540
540

249
271
273
269
277
283
289
295
301
304
311
312
308

101
101
102
106
111
115
119
123
127
127

347
347
347
347
347
347
347
347
347
347
347
347
347

1932—March
June
September
December

2,060
2,057
2,154
2,204

540
540
540
540

306
305
307
307

126
126
127
127

2,204
2,217
2,289
2,305
2,298
2,286
2,281
2,281
2,278
2,277
2,277
2,303

540
540
540
540
540
540
540
540
540
540
540
540

307
307
307
307
301
299
299
299
299
299
300
300

127
127
127
127
127
127
127
127
127
127
127
127

2,302
2,302
2,361
2,378
2,368
2,366
2,361
2,408
2,405
2,434
2,468
2,511

541
542
542
542
542
542
542
607
617
659
701
755

300
300
299
296
294
296
298
299
301
305
307
309

127
127
127
127
128
128
128
128
128
129
129
131

347
347
347
347
347
347
347
347
347
347
347
347

1935—January
February
March
April
May
June
July
August
September
October
November
December

2,495
2,519
2,540
2,544
2,525
2,506
2,510
2,398
2,386
2,400
2,438
2,476

756
768
809
841
850
859
884
905
940
997
,066
,124

310
310
309
310
313
313
315
315
317
320
322
328

131
131
131
131
132
133
134
134
134
134
135
136

347
347
347
347
347
347
347
347
347
347
347
347

1936—January
February
March
April
May
June
July
August
September
October
November
December

2,493
2,499
2,504
2,500
2,490
2,498
2,496
2,500
2,512
2,515
2,521
2,532

,172
,197
,218
,230
,236
,255
,264
,277
,194
,303
,310
1,323

328
328
329
330
330
332
335
338
341
346
351
356

137
137
137
138
138
139
140
142
143
145
146
147

2
C)

347
347
347
347
347
347
347
347
347
347
347
347

1934—January
February
March
April
May
June
July
August
September
October
November
December

National
bank
notes4

347
347
347
347

1933—January
February
March
April
May
June
July
August
September
October
November
December

Federal
Reserve
bank

347
347
347
347
347
347
347
347
347
347
347
347

1919..
1920..
1921..
1922..
1923..
1924..
1925..

1

2
65
92
95
100
106

2
Includes silver held against silver certificates.
Less than $500,000.
Includes only Federal Reserve bank notes for redemption of which issuing banks have deposited lawful
money with the Treasury; does not include notes t h a t are liabilities of issuing banks. Since March 1935 all of
these notes outstanding have been liabilities of the Treasury and in process of retirement.
4
Includes national bank notes t h a t are liabilities of issuing banks as well as those for redemption of which
issuing banks have deposited lawful money with Treasury. Since July 1935 all national bank notes outstanding
have been liabilities of the Treasury and in process of retirement.
3




111

FEDERAL RESERVE SYSTEM

N o . 3 9 . — S H I P M E N T S AND R E C E I P T S OF U N I T E D STATES P A P E R CURRENCY, BY M O N T H S ,

1923-1936
[By selected banks in New York City. In thousands of dollars]

Year and
month

ShipRements ceipts
to
from
Europe Europe

Net
shipments
(-)or
net
receipts

Month

ShipRements ceipts
from
to
Europe Europe

1923 !
1924
1925
1926
1927
1928
1929
1930
1931
1932.*
1933
1934
1935
1936

7,359 -17,939
59,053 +46,653
46,838 +37,178
33,953 +23,953
47,000 +38,612
41,377 +35,894
31 357+26,857
38,060 +25,995
40,008
-846
83,838 +83,271
91,059 +90,505
40,587 +40,242
19,966 +9,338
26,216 - 8 , 5 5 8

Month

ShipRements ceipts
to
from
Europe Europe

(+)

(+)
25,298
12,400
9,660
10,000
8,388
5,483
4,500
12,065
40,854
567
554
345
10,628
34,774

Net
shipments
(-)or
net
receipts

1927

(+)
1932

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

250
768
1,122
576
406
996
730
2,095
975
310
50
110

3,489
4,725
4,844
1,911
4,178
4,134
5,335
5,005
3,975
2,772
3,340
3,292

+3,239
+3,957
+3,722
+1,335
+3,772
+3,138
+4,605
+2,910
+3,000
+2,462
+3,290
+3,182

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

25 3,335 +3,310
0 5,221 +5,221
0 8,468 +8,468
0 4,563 +4,563
0 10,938 +10,938
12 16,265 +16,253
20 6,694 +6,674
152 6,458 +6,306
36 6,603 +6,567
7 5,294 +5,287
70 6,013 +5,943
245 3,986 +3,742

460
400
1,458
740
1,075
300
210
415
185
30
150
60

4,749
4,405
2,930
1,691
3,073
4,559
5,008
5,624
2,511
2,964
2,105
1,758

+4,289
+4,005
+1,472
+951
+1,998
+4,259
+4,798
+5,209
+2,326
+2,934
+1,955
+1,698

1933
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..

3 5,304 +5,301
105 5,589 +5,484
101 13,786 +13,685
25 8,049 +8,024
1 12,523 +12,522
0 6,866 +6,866
4 11,755 +11,751
5 6,153 +6,148
122 4,756 +4,634
89 5,905 +5,816
57 3,397 +3,340
42 6,976 +6,934

1923
January ^
February 2 . .
March ^
April 2
May
June
July
August
September..
October
November...
December...

2,696
899
2 966
1,607
7,535
2,950
3,075
3,570

481
1,692
1,122
1,146
535
577
1,462
344

-2,215
+793
— 1,844
-461
-7,000
-2,373
-1,613
-3,228

1928
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..

1924
January....
February...
March
April
May
June
July
August
September..
October
November. .
December...

5,487
5,639
485
177
172
107
61
67
72
62
69
2

317
621
1,506
2,161
4,552
6,556
8,261
6,057
6,636
7,098
6,133
9,155

-5,170
-5,018
+1,021
+1,984
+4,380
+6,449
+8,200
+5,990
+6,564
+7,036
+6,064
+9,153

1929
January...
February..
March
April
May.
June
July
August....
September.
October. . .
November.
December..

50
20
6
833
7
470
49
428
814
1,626
63
134

4,178
2,439
2,693
809
586
3,496
4,405
4,851
3,045
2,138
1,167
1,550

+4,128
+2,419
+2,687
-24
+579
+3,026
+4,356
+4,423
+2,231
+512
+1,104
+1,416

1934
January...
February..
March
April
May
June
July
August
September.
October. . .
November.
December..

0
1
0
1
10
8
63
0
23
0
199
40

1925
January....
February...
March
April
May

500
514
47

July
August
September..
October
November. .
December...

10
37
520
206
3,919
902
235
2,770

5,681
7,573
5,057
3,097
3,444
6,716
6,390
4,260
912
1,049
1,744
915

+5,181
+7,059
+5,010
+3,097
+3,434
+6,679
+51870
+4,054
-3,007
+147
+1,509
-1,855

1930
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..

5
251
0
154
1
30
30
90
4,245
6,112
872
275

3,843
6,143
4,211
3,378
4,923
3,803
4,981
3,052
1,573
244
556
1,353

+3,838
+5,892
+4,211
+3,224
+4,922
+3,773
+4,951
+2,962
-2,672
-5,868
-316
+1,078

1935
January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..

1926
January....
February...
March
April
May
June
July
August
September..
October
November. .
December...

3,567
1,340
1,429
444
735
480
450
140
220
285
310
600

1,043
824
1,816
1,822
1,009
1,427
5,059
5,507
5,987
4,064
2,917
2,478

-2,524
-516
+387
+1,378
+274
+947
+4,609
+5,367
+5,767
+3,779
+2,607
+1,878

1931
January...
470 4,051 +3,581
February..
130
960 +830
March
1,380
863 - 5 1 7
April
915 1,469
+554
May
2,570 2,103 - 4 6 7
June
8,811
779 - 8 , 0 3 2
July
10,256
394 —9,862
3,226 3,723 +497
August....
September.
8,433 3,290 - 5 , 1 4 3
October.. . 3,088 11,588 +8,500
November.
52 7,039 +6,987
December..
1,523 3,749 +2,226

1936
January...
February..
March
April
May
June
July
August....
September.
October...
November.
December.

o

i Total of eight months.
2
Figures not available.
Backfigures.—-Notavailable.
Description.See Federal Reserve Bulletin for January, 1932, pp. 7-8.




Net
shipments
(-)or
net
receipts

5,256
3,740
2,200
2,900
3,780
3,471
3,601
5,193
4,254
2,524
2,129
1,539

+5,256
+3,739
+2,200
+2,899
+3,770
+3,463
+3,538
+5,193
+4,231
+2,524
+1,930
+1,499

81
173
167
373
1,012
191
286
282
721
2,536
4,203
603

3,705
1,502
2,026
1,465
1,612
1 451
2,261
2,289
1,157
864
782
851

+3,624
+1,329
+1,859
+1,092
+600
+1,260
+1,975
+2,007
+436
-1,672
-3,421
+248

748
13
1,757
3,095
3,852
3,037
900
981
3,949
2,013
5,960
8,469

2,743
3,317
3,109
938
1,685
1,164
2,348
2,078
1,131
5,422
1,536
745

+1,995
+3,304
+1,352
-2,157
-2,167
-1,873
+1,448
+1,097
-2,818
+3,409
-4,424
-7,724

DISCOUNT RATES AND MONEY RATES




113

115

FEDERAL RESERVE SYSTEM

DOMESTIC MONEY RATES
No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]
Federal Reserve Bank
Date effective
Bos- New
ton York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

San
Dal- Franlas 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

2>2

2
13^2

m

2/2

2H

m

3

m

m

2H

""2"

2V2

2
3

3
"3"

"s"

2
""3"

...2V2

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, 1936...

2H

'"2H
2

23^

2H
,...2H

"2"

2
2
"2
2
"2"

""Hi
2 •

iy2

2

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

1934—Mar. 12
July 10
July 16
1935—Jan. 14
Jan. 31 i
Aug. 26 *
Sept. 14
Sept. 20
Sept. 23
Oct. 3
Oct. 8
Oct. 10
Oct. 19
Oct. 29
Nov. 2
,

4

4

4

5

VA

4

4H

5

5

4
4

"'2H

In effect Dec. 31, 1936...

i

..."

4
: : «

2Y2

•• —

'''23^
X

2 A
: : «
""2"

=

2H

2XA
2

2%,

2

23'2

2V*

2h

2y2

2%

1
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.




116

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued
[Percent per annum]
Federal Reserve B a n k
Date effective

Boston

New
York

Phila- Clevedeland
phia

Richmond

Atanta

MinChiSt.
necago Louis apolis

Kansas
City

Dallas

San
Francisco

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

6

6

6

6

6

6

6

6

6

6

6

5

1934—Mar 20
July 10
July 16
July 24
In effect July 31, 1936 2 ..

6

6

6

%

5

5

5H

5K

5

5

6

*A

5

6

D. Rates on advances to individuals, partnerslips, and corporations, secured by direct obligations of the United States, under the last p iragraph 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

4

4

332

4H

m

*

4

4
4
4

'"4"
4

iQ3K—Yeb 21

33^

May 10
May 11
In effect Dec. 31, 1936...

4

4

4

4

4

.4

»A

3H

4

4

E. Rates on direct advances to established industrial or commercial businesses for working
capital purposes under thefirstparagraph of sec. 13b of the Federal Reserve Act.
1934—July 10
July 12
Tuly 13
July 14
July 20

4-6

5-6

6

5-6

6

4-6

»K

6

6
5-6

6
4-6

1935—Fek 23
Mar. 22
April 9

5-6
4-6

3^2-6

In effect Dec. 31, 1936...

4H-6
4-6

4-6

434-6

6

6

5-6

«H

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—July 10
July 12
July 13
July 14
July 17
July 20

W

4-5

5-6

5-6

4M 4K-5

4
5-6

5
4-6

. .

1935—Mar. 22
Apr 9
In effect Dec. 31, 1936...

4-5
W2

4
4-5

«

4

4-6

5

5-6

4^-5

4

5-6

4-5

2
The authorization granted by the Board of Governors to the Federal Reserve banks to make loans
under the third paragraph of sec. 13 of the Federal Reserve Act expired July 31, 1936.
3
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.




117

FEDERAL RESERVE SYSTEM
No. 40.—FEDERAL RESERVE BANK DISCOUNT RATES—Continued
[Percent per annum]
F e d e r a l Reserve B a n k

Date effective

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Kansas
City

Minneapolis

Dallas

San
Francisco

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

3
"'3'

4

3H

5-6

4K-5

5-6

4
.

4

5
4-6
3-4
3
W2

In effect Dec. 31, 1936...

3

3

3

3
4-6

3

5

4M 4^-5

4

4

3-4

H. Rates on commitments under the second paragraph of sec. 13b of the Federal Reserve Act.

1934—July 10
July 13
July 14
Julv 20
July 28
Aug 24
Aug 30
Sept. 4
Sept. 6
Sept. 15
Nov 21

bl

A

1-2

1-2

;

1

1-2

"'Vi'

:

• ^ 2'
1-2

l

A~2

""i
1
1-2

H

1935—Mar. 22
Mar 29
Apr 8
Apr. 9
Apr 10
Dec. 4

V2-2
1-2
1

1

V2-2

X
1
1 sy2-2
1-2
In effect Dec. 31, 1936... H-i
1-2
V2-I
A 1-2
5
Flat charge.
Backfigures.—SeeAnnual Report for 1935 (table 40) and similar tables in previous annual reports.

1

No. 11.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES—CHANGES FROM
JAN. 1, 1932, TO DEC. 31, 1936
[Buying rates at the Federal Reserve B;m'< of New York. Percent per annum]
Date effective

1 to l
15
days

16 to 30
days

31 to 45
days

46 to 60
days

61 to 90
days

121 to 180
days

3M

In effect Jan. 1, 1932.

3

3

1932—Jan. 12..
Feb. 26..
Mar. 25.
June 24.

2%
2*A

2%
2%
2V2

1933—Feb. 16..
Feb. 27..
Mar. 1. .
Mar. 2..
Mar. 3 . .
Mar. 13..
Mar. 17.
Mar. 20.
Mar. 22.
June 29.
Oct. 20..

91 to 120
days

2%
2%

3
2%

2V2

2Y

3
2%
2XA

3

"\{A

1

\V2
2

W2
2

2

VA
3

2
1

2

3H
3
2H

&A
3
2\>2
2
1

VA
3
2y2
2
1

In effect Dec. 31, 1936
x
This rate also applies to acceptances bought under repurchase agreements, which agreements are always
for a period of 15 days or less.
NOTE.—Minimum rates on prime bankers' acceptances payable in dollars; higher rates may be charged for
other classes of bills.
Backfigures.—SeeAnnual Report for 1935 (table 41) and similar tables in previous annual reports.




118

ANNUAL REPORT OF BOARD OF GOVERNORS

N o . 4 2 . — S H O R T - T E R M O P E N - M A R K E T R A T E S I N N E W Y O R K C I T Y , B Y M O N T H S , 1933-36

[Percent per annum]

Prevailing rate o n -

Average rate on—

AverMonth

1933—January. .
February..
March....
April
May
June
July
August
September
October...
November.
December.

Prime
commercial
paper,
4-6
months

Prime
bankers'
acceptances, 90
days

1934—January...
February..
March....
April
May
June
July
August —
September.
October....
November.
December.

X
VA-

I '

1 -IX
Yr %
%-%
y8-i
HiX
l -IX

l

A

x
-134

y

1935—January...
February..
March
April
May
June
July
August
September
October...
November.
December.
1936—January...
February..
March
April
May
June
July
August
September.
October
November.
December..
1

l
l

l

New

l
l
l
i
-IX
IX
IX

A

IX
IX
IX

U. S. Treasury bills
offered within month 2

3Renewal month
bills

.00
.00
.27
.29
.00
.00
.00
.98
.75
.75
.75
.94
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
1.00
1.00
1.00
.64
.25
.25
.25
.25
.25
.29
.75
.75

.75
.75
.75
.75
.93
1.00
1.00
1.00
1.00
1.00
1.00
1 00

.75
.75
.75
.75
.93
1.00
1.00
1.00
1.00
1.00
1.00
1.00

6month
bills

9month
bills

1.00
1.00
3.32
1.37
1.00
1.00
1.00
.98
.75
.75
.75
.94

1.00
1.00
1.00
.63
.25
.25
.25
.25
.25
.29
.75
.75

32-1
23-2-3;
1 -1

2 -334
2 231

y2
IX
IX
1H

Stock-exchange
time
loans,
90 days

Stock-exchange
call loans 1

U.S.
Treasury 3-5
year
notes

2.40
2.54
3.09
2.90
2.68
2.53
2.49
2.48
2.31
2.32
2.98
3.23
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
.10
.08
.11
.10
.18
'14
.18
.16
.13
.10
.21

1.60
1.42
1.21
1.20
1.12
1.14
1.16
1.22
1.43
1.37
1.29
1.26
1.21
1.15
1.09
1.10
1.09
1.12
1.17
1.12
1.09
1.12
.99
1.04

Monthly averages of daily quotations.
When no rate is shown, no bills of the stated maturity were offered.
Backfigures.—SeeAnnual Report for 1935 (table 42) and similar tables in previous annual reports; also Federal
Reserve Bulletin for May 1936, p. 317.
2




11!)

FEDERAL RESERVE SYSTEM
No. 13.—SHORT-TERM OPEN-MARKET RATES IN NEW YORK CITY, BY WEEKS,

1936

[Percent per annum]
Prevailing rate on—

Week ending Saturday

Jan.
Jan.
Jan.
Jan.

Prime
commercial
paper,
4-6
months

Prime
bankers'
acceptances, 90
days

Average rate o u -

Stockexchange
time
loans,
90 days

U.S.

Stock-exchange
call loans i
Sew

Rei lewal

Treasury
bills
offered
within
week 2

Average
yield on

U.S.
Treasury
3-5 year
notes

4
11
18
25

1
1
1
1

.75
.75
.75
.75

.75
.75
.75
.75

.11
.10
.09
.10

1 .23
1.21
1 .18
1 .22

Feb.1
Feb.8
Feb. 15
Feb. 22
Feb. 29

1
1
1
1
1

.75
.75
.75
.75
.75

.75
.75
.75
.75
.75

.10.
.09
.08
.07
.08

1 .22
1 .19
1 .16
1 .13
1 .11

Mar.
Mar.
Mar.
Mar.

7
14
21
28

1
1
1
1

.75
.75
.75
.75

.75
.75
.75
.75

.10
.10
.12
.13

1 .05
1 .11
1 .13
1 .12

Apr.
Apr.
Apr.
Apr.

4
11
18
25

1
1
1
1

.75
.75
.75
.75

.75
.75
.75
.75

.11
.10
.09
.09

1 .12
1 .07
1 .09
1 .09

May
May
May
May
May

2
9
16
23
30

1

k

.75
.75
1.00
1.00
1.00

.75
.75
1.00
1.00
1.00

.13
.19
.18
.20
.22

1 .10
1 .11
1 .09
1 .08
1.09

June
June
June
June

6
13
20
27

IK

1.00
1.00
1.00
1.00

1.00
1.00
1.00
1.00

.23
.24
.24
.19

1.07
1 .09
1 .16
1 .18

July
July
July
July

4
11
18
25

IX
IX

1.00
1.00
1.00
1.00

1.00
1.00
1.00
1.00

.07
.07
.12
22

1 .17
1 .14
1 .18
1.20

Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29

m

IX
IX

1.00
1.00
1.00
1.00
1.00

1.00
1.00
1.00
1.00
1.00

.23
.21
.19
.17
.15

1 .16
1 .14
1 .13
1 .12
1..09

Sept.
Sept.
Sept.
Sept.

IX
X

X

1.00
1.00
1.00
1.00

1.00
1.00
1.00
1.00

.13
.15
.16
.19

1.07
1..07
1.09
1 12

IX

1.00
1.00
1.00
1.00
1.00

1.00
1.00
1.00
1.00
1.00

.16
.14
.12
.12
.12

1. 13
1 11
1. 12
1. 12
1. 13

IX

1.00
1.00
1.00
1.00

1.00
1.00
1.00
1.00

.11
.10
.08
.09

1. 07
1. 01
96
95

1.00
1.00
1.00
1.00

1.00
1.00
1.00
1.00

.09
.12
.23
.29

I! 07
I. 15

5
12
19
26

Oct.
Oct.
Oct.
Oct.
Oct.

3
10
17
24
31

Nov.
Nov.
Nov.
Nov.

7
14
21
28

Dec. 5
Dec. 12
Deo. 19
Dec. 26
1

1M

M

94
94

Weekly averages of daily quotations.
9-month bills only.
Backfigures.—SeeAnnual Report for 1935 (table 43) and similar tables in previous annual reports; also Federal
Reterve Bulletin for May 1936, p. 317.
2




120

ANNUAL REPORT OF BOARD OF GOVERNORS

No. 44.—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1924-36
[Weighted averages of prevailing r a t e s .

P e r c e n t per a n n u m ]

1924

1925

1926

1927

1928

1929

1930

1931

1932

1933

1934

1935

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

2.64
2.56
2.61
2.54
2.51
2.44
2.44
2.42
2.40
2.46
2.43
2.43

4.60

4.47

4.67

4.53

5.15

5.8

4.6

4.22

4.49

4.02

3.33

2.70

2.49

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

4.08
4.02
4.05
3.99
3.88
3.78
3.87
3.79
3.75
3.75
3.63
3.67

3.62
3.63
3.60
3.47
3.45
3.51
3.61
3.47
3.45
3.50
3.47
3.46

5.11

4.9

5.06

5.34

6.04

5.07

4.61

5.05

4.83

4.29

3.86

3.52

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

4.47
4.51
4.44
4.40
4.43
4.39
4.35
4.25
4.29
4.23
4.24
4.14

. 5.71

5.58

5.61

5.60

5.70

6.14

5.72

5.39

5.62

5.56

5.17

4.6

4.35

New York City:
January
February
March
April
May
June
July
August
September
October
November
December
Year

1936

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.

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 1935 (table 44) and similar tables in previous annual reports.
No. 45.—MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by the Board of Governors under provisions
of Regulation Q
[Percent per annum]
Nov. 1, 1933
to
Jan. 31, 1935

Feb. 1, 1935
to
Dec. 31, 1935

In effect
beginning
Jan. 1, 1936

Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days
NOT E.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit
Insurance Corporation, effective February 1, 1936, are the same as those in effect for member banks. In
some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are
superseded by lower maximum rates established by State authority.




121

FEDERAL RESERVE SYSTEM

MONEY RATES IN FOREIGN COUNTRIES
No. 46.—DISCOUNT RATES OF FOREIGN CENTRAL BANKS, 1936
[Percent per annum]
Central bank o—
f
Dale effective
England
In effect Jan. 1, 1936...

2

1936—Jan. 2
Jan. 10
Jan 16
Feb. 4
Feb.7
Mar 28
Apr. 7
May 7
May 18
May 30
June 4
Tune 24
June 25
June 26
June 30
July 7
July 10
Sept 9
Sept. 25
Oct. 2
Oct 9
Oct. 16
Oct 20
Nov. 26
Dec 3
In effect Dec. 31, 1936..

France
6

Germany

Italy
4

Japan

5

NetherSwitzerlands S woden land

3.65

2>i

5
4
3
5

3.29
6

58

K

4
4
3V2
3
3
9

5
3
2
2H
2
2

2

4

3.29

2

For additional countries see Federal Reserve Bulletin.
.Bac&figures.—SeeAnnual Report for 1935 (table 45) and similar tables in previous annual reports.




1J-2

122

ANNUAL REPORT OF BOARD OF GOVERNORS

No. 47.—OPEN-MARKET DISCOUNT RATES IN FOREIGN COUNTRIES, 1924-36
[Percent per annum]

Year or month

England France
(London)

(Paris)

Germany
(Berlin)

Italy

Japan

(Milan)

(Tokyo)

Nether- Switzerlands
land
(Amsterdam)

(Zurich)

3 46
4.13
4.45
4.24
4.16
5.26
2.57
3.60
1.87
.68
.82
.58
.60

5.69
5.66
2.91
3.02
3.47
2.35
1.56
1.30
1.63
2.03
3.24
3.68

7.65
4.92
5.49
6.51
6.86
4.42
6.35
4.93
3.86
3.78
3.15
2.96

7.15
8.44
7.72
5.47
6.69
5.91
5.91
5.79
3.87
3.10
4.16
4.69

9 06
7.89
7.66
6.87
16.39
5.60
5.50
5.48
6.12
5.44
5.19
5.11
4.88

4 20
3.10
2.84
3.67
4.23
4.82
2.08
1.47
.81
1.10
.89
3.18
1.75

3 50
2.28
2.52
3.27
3.33
3.32
2.02
1.43
1.52
1.50
1.50
2.19
2.06

1.01
.95
.95
.96
.91
.91
.87
79
.73
.77
.45
.57

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
.78
.74
75
!61
.59
.63
.60

1.50
1.50
1.50
1.50
1 50
1.50
1.50
1.50
1.50
1.50
1.50
1.50

.36
.38
.57
.59
.59
.71
.65
.60
.58
.63
.57
.71

1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

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
.58
.60
3.65
3.78
4.42
3.25
4.78
5.48
4.70
3.15
3.20

1.50
1.50
1.50
1.80
2.39
2.60
2.79
2.47
2.40
2.37
2.44
2.50

.56
.55
.56
.55
.55
.78
.58
.55
.55
.56
.56
.83

4.26
3.81
3.74
5.03
5 60
5.60
3.30
3.00
3.38
2.52
1.96
1.99

3 00
3.00
3.00
3.00
2 92
2.88
2.88
2.88
3.00
2.94
3.00
3.00

5 00
5.00
5.00
5.00
4 78
4.50
4.50
4.50
4.50
4.50
4.50
4.50

5.11
5.11
5.11
4.97
4 93
4.83
4.75
4.75
4.75
4.75
4.75
4.75

2.37
1.31
1.20
1.19
2 27
4.05
2.04
1.37
1.33
2.03
1.00
.82

2.48
2.37
2.26
2.25
2.25
2.25
2.25
2.25
1.98
1.69
1.46
1.25

1934
January
February
March
April
Mav
June

July
August
September
October
November
December

.•

1935
January
February
March
April
May
June
July
August
September
October
November
December
1936
January
February
March
April
May
June
July
August
September
October
November
December
1

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 are compiled by the Board and represent, for Germany, 1927-36, and for England, averages of daily
figures; for Germany, 1925-26, and for France, Italy, Netherlands, and Switzerland, averages of monthly averages based on daily figures; 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, 1928-36. For further explanation of table, see Federal
Reserve Bulletin for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1029, p. 736;
and May 1930, p. 318.
Bachfigures.—Fordata by months in earlier years, see Annual Report for 1934 (table 59) and similar tables
in previous annual reports.




MEMBER AND NONMEMBER
BANKS




123

124

ANNUAL REPORT OF BOARD OF GOVERNORS

ALL BANKS IN THE UNITED STATES
No.

48.—ALL BANKS1 IN THE UNITED STATES—NUMBER OF BANKS, AND DEPOSITS
EXCLUSIVE OF INTERBANK DEPOSITS, 1914-36
Deposits, other than interbank deposits
(in millions of dollars)

Number of banks

Nonmember
banks

Member banks
Date 2
Total,
all
banks

Total,
all
banks

MuTotal

NaState
tional

3

tual
savings

Nonmember
banks

Member banks

Other

MuTotal

National State

tual
savings

l
Otr er

6,678
395
8,
10 301
15 671
19 170
21 915
20 637
22 397

6,374
6,609
8,159
9,742
11,214
12 951
14 316
12 991
13 821

68
235
559
4,457
6,219
7,600
7,646
8,575

3,916
3,951
4,188
4,422
4,422
4,751
5,187
5,
575
780
5,

3

19,131
22,759
26,352
28,765
33,603
37,721
35,742
37,615

40 688
42 163
45 835
49 224
50 155
618 16,764 52 909
613 16 126 56 766

23 871
24 996
27 836
30 029
30 474
32 063
34 826

14 490 9 380
15 231 9 764
16 694 11 141
18 066 11 964
18 022 12 453
19 662 12 401
21 407 13 419

6 295
6 455
6 898
7 298
7 763
8 344
8 849

10 522
10 712
11 101

1914—June 30 3...
1915—June 23....
1916—June 30....
1917—June 20....
1918—June 29....
1919—June 30....
1920—June 30....
1921—June 30....
1922—June 30....

26,274
26,605
27,041
27,495
28,334
28 600
29,829
30,560
30 158

"7,614
7,605
7,652
8,
212
8 821
9,398
9,745
9 892

7,514
l\
597
7,571
7,599
7,699
7,779
8,
024
8 150
8 244

17
34
53
513
1,
042
1,
374
1,
595
1,
648

639
632
632
636
633
631
634
630

1923—June 30....
1923—Dec. 31
1924—Dec. 31
1925—Dec. 31
1926—Dec. 31
1927—Dec. 31
1928—Dec. 31

29 833
29 505
28 806
28 257
27 367
26 416
25 576

9 856
9 774
9 587
9 489
9 260
9 034
8 837

8 236
8 179
8 043
8 048
7 906
7 759
7 629

1,
620
1,
595
1,
544
1,
441
1,354
1,275
1,208

628
630
623
621

3

3 644 318, 116 18,566

18,352
18,804
19,211
19,486
19,146
19,800
20,181
19,636

19 349
19 101
18 596
18 147
618 17 489

3

8,276
8,502
10,176
11,630
8,673
9,682
10,618
9,529
9,439

11
11
12
13

897
918
502
091

1929 — J u n o 29.... 25 110 8 707
Dec. 31
24 630 8 522

7 530 1,177
7 403 1,119

611 15 792 53 852 32 284 19 411 12 873
609 15 499 55 289 33 865 20 290 13 575

8 983 12 584
8 916 12 508

23 852 8 315
22 769 8 052

7 247 1,
068
7 033 1,
019

606 14 931 54 954 33 690 20 556 13 134
003 14 114 53 039 32 560 20 138 12 422

9 197 12 067
9 507 10 972

1930 -June 30
Dec. 31

1931-June 30.... 21 903 7 782
Dec. 31
19 966 7 246

6 800
6 368

982
878

600 13 521 51 782 31 566
597 12 123 45 821 27 432

19 418 12 147 10 017 10 199
17 271 10 161 10 105 8 284

1932-June 30.... 19 046 0 980
Dec. 31
18,390 6 816

6 145
6 011

835
805

594 11 472 41 963 24,755
594 10 980 41 643 24,803

15,629 9 126 10 020 7 188
16,101 8 701 10 022 6,818

1933—June 30 4... 14 519 5 606
Dec. 30
15,011 6 Oil

4 897
5,154

709
857

576 8 337 37 998 23,338 14,772 8 566 9 713 4,946
579 8 421 38 505 5 23,771 15,386 8 385 9,708 5,026

1934—June 30.... 15,835
Dec. 31
16,042

6,375
6,442

5,417
5,462

958
980

578 8 882 41 870 26,615 17,097 9,518
579 9 021 44,770 28,943 18,519 10,424

9,780
9,828

5,475
6,000

1935—June 29.... 15,994
Dec. 31
15,837

6,410
6,387

5 425 985
5',386 1 001

571 9 013 45 766 29,496 19,031 10,465
570 8 880 48,964 32,159 20,886 11,273

9,920
9,963

6,350
6,842

1936—Mar. 4
15,808 6,377
June 30.... 15,752 6,400
15 628 6,376
Dec. 31

5,375 1 002
5,368 1 032
5,325 1 051

569 8,862 48,716
566 8 786 51,335
565 8 687 53,701

31,774 20,605 11,169 9,972
34,098 21,986 12,112 10,060
35,893 23,107 12,78b 10,143

6,970
7, 176
7,666

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 above figures from 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; figures for 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.
4
Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only,
with some exceptions as to nonmember banks.
5
Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated 1103,000,000 on that date.

Backfigures.—Forcall dates other than those shown see Annual Reports for 1935 (table 47) and 1933 (table 66).




No. 49.—ALL BANKS1 IN THE UNITED STATES—LOANS AND INVESTMENTS, 1914-36
[In millions of dollars]
Loans

Loans and investments
Date2

Nonmember
banks

Member banks

Totalall
banks

Total

I Na-

tional

State

Mutual
savings

Other

Totalall
banks

Investments
Nonmember
banks

Member banks
Total

Na\ tional

State

Mutual
savings

3 2,124 3 6,689
2,170
6,763
2,221
7,786
2,368
8,785
2,315
6,856
.2,336
6,974
2,591
8,714
2,810
8,060
3,003
7,584
3,382
8,265

Other

Totalall
banks

Nonmember
banks

Member banks
Total

National

State

Mutual
savings

Other

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

i<j'
32
123
1,438
2,018
1,977
2,083
2,503
2,730

3 1,855
1,870
1,999
2,132
2,174
2,492
2,716
2,889
3,007
3,200

3 1,807
1,899
2,263
2,547
1,961
2,528
2,104
2,122
2,182
2,384

1914—June 30
1915—June 23
1916—June 30
1917—June 20
1918—June 29
1919—June 30
1920—June 30
1921—June 30
1922—June 30
1923—June 30

20,788
21,466
24,586
28,286
31,813
36,570
41,684
40,001
39,956
43,737

38,313
8,764 J 8,688
10,315 1 10,086
12,453 1 11,897
18,507 13,913
22,240 15,712
25,559 17,547
24,121 15,895
24,182
15,705
26,507 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

j 3 6.443
" 6 J 2 0 " i 6,663
7,964 I 7,767
8,935
9,370
13,234 10,077
15,413 10,903
19,533 13,499
18,119 11,976
17,165 11,191
18,750 11,778

SI
197
434
3,156
4,510
6,035
6,143
5,975
6,973

1923—Dec. 31
1924—Dec. 31
1925—Dec. 31
1926—Dec. 31
1927—Dec. 31
1928—Dec. 31
1929—Dec. 31
1930—Dec. 31
1931—Dec. 31
1932—Dec. 31

44,003
47,182
50,603
52,024
55,450
58,266
58,417
56,209
49,704
44,946

26,487 \ 16,807
28,746 ' 17,840
30,884 19,153
19,267
31,642
34,247 21,535
35,684 22,407
35,934 21,584
34,860 21,426
30,575 19,094
27,469 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 4
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

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—June 29
Dec. 31

44,416
45,715

28,785
29,985

18,051
18,951

10,733
11,034

9,904
9,782
9,852
9,804

5,779
5,929

20,272
20,329

11,928
12,175

7,353
7,494

4,575
4,681

5,341
5,210

3,003
2,944

24,145
25,386

16,857
17,810

10,698
11,457

6,158
6,353

4,511
4,594

2,777
2,983

1936—Mar. 4
June 30
Dec. 31

46,115
48,458
49,524

30,288
32,259
33,000

18,988
20,208
21,013

11,300
12,051
11,986

9,795
9,961
10,060

6,032
6,238
6,464

20,267
20,679
21,449

12,099
12,542
13,360

7,421
7,748
8,257

4,678
4,793
5,103

5,202
5,105
5,027

2,966
3,032
3,062

25,847
27,779
28,075

18,189
19,717
19,640

11,567
12,459
12,756

6,622
7,258
6,884

4,592
4,856
5,034

3,066
3,206
3,402

For footnotes see table 48.




1
W
Kj

w

to

ALL MEMBER BANKS
No. 50.—ALL MEMBER BANKS—CONDITION ON DEC. 31, 1936, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All
national
member
banks

AJ]
State
member
banks

359,853
639,486
905,718
,094,627
32,999,684
179,414
981,975
367,486
,571,694
697,380
35,645
599,810
318,810
112,192
55,480
14,209
533,275
12,919
10,578
589
227,193

8,257,123
7,289,607
1,383,464
4,083,006
31,013,300
78,692
631,400
176,431
3,828,463
514,717
22,823
1,189,927
1,824,898
88,182
28,042
7,314
1,465,888
9,093
5,779
273
126,317

48,718,333

31,896,215
20,970,304
881,961
2,329,180
6,401,831
431,808
881,131

All
member
banks

Central reserve city
member banks

Reserve
city
member
banks

Country
member
banks

New York

Chicago

5,102,730
4,349,879
522,254
2,011,621
11,986,484
100,722
350,575
191,055
2,743,231
182,663
12,822
409,883
493,912
24,010
27,438
6,895
1,067,387
3,826
4,799
316
100,876

3,854,977
3,738,935
469,806
1,216,760
9,280,478
137,079
231,643
31,155
2,658,095
61,490
1,796
75,037
56,222
38
35,671
6,895
1,087,375
1,558
8,874

632,514
1,106,897
93,992
266,487
2,099,890
3,838
22,611
6,856
558,002
31,700
5,475
145,256
34,922
1,055
2,452

9,173

35,967

72,982

316,070
5,192
320
589
49,071

31,011,439

17,706,894

13,743,579

3,108,695

17,593,062

14,374,997

19,840,689
12,671,701
562,713
1,819,370
4,119,583
198,766
468,556

12,055,526
8,298,603
319,248
509,810
2,282,248
233,042
412,575

11,127,891
7,274,049
225,086
285,049
2,493,398
392,979
457,330

2,389,103
1,495,419
72,284
190,644
599,271
4,559
26,926

11,361,834
7,023,406
406,675
842,672
2,826,051
32,702
230,328

7,017,387
5,177,430
177,916
1,010,815
483,111
1,568
166,547

ASSETS
Loans (including overdrafts)
United States Government direct obligations
Securities fully guaranteed by United States 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 banks in New York City
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

159^183
224
264

4,794,299
4,425,967
697,314
1,877,119 I
11,794,699
35,326
338,437
142,000
2,108,285
284,794
23,653
803,430 i
936,177
53,182
14,071
7,314
970,647
5,945
1,120

4,078,063
2,367,687
644,606
2,734,261
9,824,617
3,171
389,284
187,475
1,247,312
319,396
3,721
576,087
1,291,489
57,917
3,286

LIABILITIES
D e m a n d deposits—Total
Individuals, partnerships, and corporations
United States 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




o

Q
C

TTime deposits—Total
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

10 989 111

7 715,167

273,944
3,

696,520

449,455

4, 403,003

5,440,133

8 991 216
765,315
647 498
25,319
104,369
296,229
153,372
5,793

6,341,837
603,178
296,863
16,210
92,281
234,066
125,919
4,813

2,649,379
162, 137
350,635
9,109
12 088
62 163
27 453
980

348 801
30 048
299 223
749

379,658
37,408
29, 737
2 637

13 244
10
4 445

10
5

3,588,483
168,729
260,341
490
8,
35 227
203 211
137 174
1 348

4,674,274
529, 130
58, 197
13,443
69, 142
79, 764
16 183

T o t a l deposits
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments

42,885 ,326
3,181 ,586
39,703 ,740

27,555,856
2,380,979
25,174,877

2,838 558 15 764 837
271 158 1 520 200
2,567 400 14 244 637

12 457 520
966 208
11 491 312

63,968
1,810
15,325
10,578
173,572
27,915
589
79,523

51,753
835
2,650
5,779
83,101
11,504
273
47,594

12 215
975
12 675
4 799
90 471
16 411
316
31 929

12 000'
8 874
132 793
21 446

264
3 809
437

1 176
15
1 120
34 447
5 330

20 878

8 394

32 970

634
3 310
320
2 523
702
589
17 281

45,431
139,117
74,432
2,379 ,408
1,936 ,370
560,324
309,817
14,828

28,640
58,830

"i,*595,040'
I,044,607
368,385
145,973
10,619

16 791
80 287
74 432
784 368
891,763
191,939
163 844
4,209

15,962
57,277
625
547,805
798,378
145,770
92,352
40

1,240
12,012
238
126,300
61,211
25,986
30,225
21

16 513
39 052
33 145
772 175
579,081
187,003
120,421
4,777

11 716
30 776
40 424
933 128
497 700
201 565
66 819
9 990

48,718 ,333

31,011,439

17,706 ,894

13 742,579

3 108,695

17,592 ,062

14,274,997

25,449 ,917
21,647 ,340
6,376

15,364,149
13,493,739
5,325

10,085 ,768
8,153 ,601
1,051

9 909,257
6 929,053
37

2 049,967
1 553,806
14

8,652 ,042
7,125 ,759
336

4,838 ,651
6,038 ,722
5,989

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 notes1and 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)
Net demand deposits
Demand deposits—adjusted2
Number of banks

15 329 470 11, 824 411
424 020
800 607
14 528 863 11 400 391
63 968

1
Represents in the case of: National banks, (1) the par value of capital stock or (2) the net book value of the entire capital account, whichever was the smaller, as reported
by individual banks; State member banks with capital notes and debentures outstanding, (1) the par value of common stock or (2) the net book value of the entire capital account
less capital notes and debentures and reserves for contingencies and for retirement of capital notes and debentures, whichever was the smaller, as reported by individual banks;
State member banks which do not have capital notes and debentures outstanding, (1) the aggregate of the retirable value of preferred stock and the par value of common stock or
(2) the net book value of the entire capital account less reserves for contingencies and for retirement of preferred stock, whichever was the smaller, as reported by individual
banks.
For par value of capital stock see page 129.
2
Demand deposits other than interbank, andU. S. Government, less cash items reported as in process of collection.

Backfigures.—SeeAnnual Report for 1935 (table 49) and similar tables in previous annual reports; for selected items see following tables in this Annual Report; see also Member
Bank Call Reports published by the Board of Governors following each official call upon member banks for statements of their condition.




G
O

No. 51.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, BORROWINGS, AND CAPITAL STOCK ON DEC. 31, 1936
BY CLASSES OF BANKS

GO

[In thousands of dollars]

Loans—Total.
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
Agricultural loans (except loans on farm land).
All other loans (including overdrafts)
Loans eligible for rediscount with Federal Reserve banks...
United States Government direct obligations—Total
Treasury bonds maturing on or be fore December 31, 1949...
Treasury bonds maturing after December 31, 1949
Other United States bonds
Treasury notes
Treasury bills
securities fully guaranteed by U- S. Government—Total .
Reconstruction Finance Corporation
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation




Central reserve city
member banks

All
national
member
banks

All
State
member
banks

New York

13,359,853

8,257,123

5,102,730

3,854,977

160,525
18,388
323,742

75,517
9,329
243,881

85,008
9,059
79,861

136,178
10,366
5,467

28,694
56,415

15,665
37,190

13,029
19,225

4,195,344

2,222,007

1,973,337

1,144,446
266,162
2,784,736

382,989
156,589
1,682,429

258,227
2,146,305
131,131
425,887
5,615,195

210,819
1,217,238
90,493
373,691
3,761,293

All
member
banks

Reserve
city

Country
member
banks

632,514

4,794,299

4,078,063

2,684
1,184
9,776

17,200
5,286
130,557

4,463
1,552
177,942

18,362
23,392

3,248
2,461

6,054
17,142

1,030
13,420

1,925,515

190,616

1,206,831

872,382

1,094,660
77,754
753,101

500
49,665
140,451

36,093
122,610
1,048,128

13,193
16,133
843,056

316
143,530
64,956
1,772
1,525,123

581 !
96,117
12,570 I 1,028,180
7,718
55,877
46,438
69,337
355,238
2,161,718

161,213
962,025
2,580
308,340
1,573,116

Chicago

2,483,604

1,789,360

694,244

619,809

162,530

861,140

840,125

11,639,486

7,289,607

4,349,879

3,738,935

1,106,897

4,425,967

2,367,687

2,394,108
3,630,520
35,696
4,526,645
1,052,517

931,104
1,463,004
2,455,704
1,174,816
30,043
5,653
2,675,202 I 1,851,443
665,654

662,337
799,618
34
1,559,143
717,803

117,251
415,953
30
375,426
198,237

989,941
1,403,247
9,582
1,903,510
119,687

624,579
1,011,702
26,050
688,566
16,790

1,905,718

1,383,464

522,254

469,806

93,992

697,314

644,606

210,328
457,388
1,238,002

142,698
341,998
898,768

67,630
115,390
339,234

98,567
28,756
342,483

81,888 |
6,355 1
5,749 !

15,930
210,274
471,110

13,943
212,003
418,660

Other securities—Total

6,094,627

Obligations 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 governments..
Other foreign securities
Bills payable and rediscounts—Total
With Federal Reserve banks:
Bills payable
Rediscounts
AUother:
Bills payable
Rediscounts
1

Par value of capital stock —Total
First preferred 2 2
Second preferred ...
Common

4,083,006

2,011,631

1,216,760

266,487

1,877,119

2,734,361

2,208,638
1,002,085
991,934
184,560
111,068
18,426
17,774
68,975
713,109

1,487,758
722,298
693,135
144,534
65,467
14,831
12,717
36,412
495,926

720,880
279,787
298,799
40,026
45,601
3,595
5,057
32,563
217,183

423,986
141,906
193,359
9,680
63,583
312
2,330
12,310
105,069

142,512
30,427
21,986
15,306
1,037
30
313
2,935
24,567

768,562
230,995
242,751
63,523
43,038
4,364
5,309
33,798
214,097

873,578
598,757
533,838
96,051
3,410
13,720
9,822
19,932
369,376

130,744
51,819
71,494
287,502

78,524
34,801
25,598
108,659

52,220
17,018
45,896
178,843

39,781
1,468
23,683
126,892

5,468
1,399
497
8,626

41,354
31,167
34,719
96,330

44,141
17,785
12,595
55,654

131,059
55,026
50,414

85,818
41,573
34,955

45,241
13,453
15,459

53,026
9,792
9,583

8,887
2,026
471

32,222
14,840
20,050

36,924
28,368
20,310

15,325

2,650

12,675

12,000

15

3,310

2 529
42

1,952
42

577
15

2,529
27

12 734
20

636
20

12 098

2,383,174

1,601,236

781,938

547,805

126,300

770,086

938,983

396,130
27,579
1,959,465

315,646
19,310
1,266,280

80,484
8,269
693,185

10,300

46,020
50
80,230

134,573
8,450
627,063

205,237
19,079
714,667

12,000

537,505

734
20
in

1
Excludes capital notes and debentures, shown on page 127. For the purposes of membership, the law provides that "capital" and "capital stock" shall include capital
notes and debentures purchased by the Reconstruction Finance Corporation.
2
Retirable value exceeds par value, as follows: National banks, First preferred stock—by $16,517,000. Second preferred stock—by $904,000; State banks, First preferred stock—by
$25,667,000. Second preferred stock—by $938,000.
Back figures.—See Annual Report for 1935 (table 50) and similar tables in previous annual reports.




to
CD

No. 52.—ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1922-36

CO

o

[In millions of dollars]
Loans and investments l

Deposits i

Investments
Call date
Total

Loans

U.S.
GovOther
ernTotal j \ ment securities
Ji direct
li obligai! tions

Reserve
with
Federal
Reserve
banks

Interbank

BalCash

All other
Demand
deposits
adjusted3

tnces
£

with
vault domes- Total
tic
banks2

Domestic
banks

Foreign
banks

U.S.
Government

Postal
Sav-

Demand

Time

Net
Bills
demand
deposits
subject and
to re- redisserve counts

1922—Mar. 10 (Fri.)
June30(Fri.)
Dec. 29 (Fri.)

23,278
24,182
25,579

17,080
17,165
17,930

6,198
2,701
7,017 i 3,205
7,649 ! 3,754

3,497
3,812
3,896

1,723
1,835
1,939

469
465
562

1,614 23 660
],647 25 547
1,806 27 288

3,142
3,124
3,453

330
156
462

43 13,526
46 15,091
58 15,728

6,620 12,220 14,498 ! 758
7,129 13,137 15,539
592
7,587 13,569 16,203 i 727

1923—Apr. 3 (Tues.)
June 30 (Sat.)
Sept, 14 (Fri.)
Dec. 31(Mon.)

26,141
26,507
26,319
26,487

18,419
18,750
18,719
18,842

7,722 I 3,849
7,757 | 3,835
7,600 | 3,685
7,645 ! 3,603

3,873
3,922
3,915
4,042

1,909
1,871
1,869
1,900

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

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

1924—Mar. 31 (Mon.)....
June30(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 ji 3,534
7,963
3,575
3,866
8,599
3,874
,813

4,084
4,387
4,733
4,939

1,893
1,965
2,121
2,228

494 1,644
504 1,940
528 2,430
597 2,339

28, 270
29, 566
30, 795
32, 384

3,447
3,820
4,453
4,504

292
179
302
242

76 15,642
94 16,363
100 16,442
17,832

8,814
9,110
9,498
9,707

13,403
13,906
14,637
15,038

1925—Apr. 6 (Mon.)
June 30 (Tues.)....
Sept. 28 (Mon.)....
Dec. 31(Thurs.)...

29,046
29,518
30,176
30,884

20,176
20,655
21,285
21,996

I 3,894
8,863 I 3,780
8,890
3,761
i 3,728

4,975
5,082
5,129
5,160

2,092
2,191
2,147
2,238

523
524
525
575

31, 249
32, 457
32, 075
34, 250

4,041
3,978
3,828
4,169

412
177
278
304

16,669 10*, 028 14,761
96 17,922 10,286 15,227
96 17,502 10,372 15,483
96 19,124 10,557 15,943

9,034
9,123
8,990

3,805
3,745
3,389

5,229
5,378
5,601

2,136
2,236
2,210

540 1,934 32, 893
534 1,980 33, 762
523 2,066 34, 528

3,802
3,935
4,003

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 1,896
538 1,968
539 2,077
523 2,210

33, 750
35, 393
'«, 476
36, 657

3,388
3,508
3,567
3,808

10,590
4,216 6,374
10,758
4,225 6,534
10,604 I 4,386 I

2,367
2,342
2,348
2,409

526 1,941
449 1,897
519 2,026
564 2,124

35, 367
36, 050
36, 146
39, 067

3,496
3,263
3,597
3,773

1926—Apr. 12 (Mon.)
30,819 21,785
June 30 (Wed.).... 31,184 22,060
Dec. 31 (Fri.)
31,642 22,652
1927—Mar. 23 (Wed.). . . .
June30(Thurs.)...
Oct. 10 (Mon.)...
Dec. 31 (Sat.)

31,949
32,756
" """
34,247

1928—Feb. 28 (Tues.).... 33,
June 30 (Sat.)
135,061
Oct. 3 (Wed.)
134,929
Dec. 31 (Mon.)
135,684




22,327 9,622
22,938 9,818
23,227 9,959
23,886 10,361
23,099
24,303
24,325
25,155

ji
|
li
||

10,529 I! 4,312 i 6,217

2,091
2,017
2,031
2,155

Capiaccount4

Number of
banks

4,185
4,214
4,364

9,816
9,892
9,859

815
944
983

4,356
4,367
4,436
4,378

9,850
9,856
9,843
9,774

16,112
16,838
17,804
18,468

614
443
325
408

4,4
4,486
4,594
4,532

9,681
9,650
9,635
9,587

17,708
18,277
18,259
19,260

559
712
733

4,669
4,690
4,6"
4,678

9,531
9,538
9,539
9,489

379
228
234

99 17,758 10,855 15,442 18,392
96 18,426 11,077 15,794 18,804
100 18,852 11,340 15,783 18,922

620
612
760

4,826
4,832
4,944

9,412
9,375
9,260

446
563
581
733

407
218
435
267

106
107
111
107

17,691
18,894
18,433
19,083

11,711
12,103
12,348
12,658

15,694
16,063
15,971
16,590

18,542
19,250
19,170
20,105

546
541
528
663

5,0!
5,147
5,295
5,341

9,144
9,099
9,087
9,034

635
604
480 |
535 I

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 19,236
16,142 9,191
15,980 18,995
16,503 9,944

581
1,209
1,154
1,162

5,404
5,625
5,842
5,899

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 10,448
25,658 10,052
26,165 9,749
26,150 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
1,885
2,005
2,168

36,774
35,866
36,644
37,981

3,184
3,172
3,264
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
18,977
18,952
19,797

1,153
1,198
1,150
879

6,174
6,345
6,675
6,709

8,755
8,707
8,616
8,522

1930—Mar. 27 (Thurs.).
June30(Mon.)..
Sept. 24 (Wed.)..
Dec. 31 (Wed.)...

35,056
35,656
35,472
34,860

25,119 9,937
25,214 10,442
24,738 10,734
23,870 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.). .
June 30 (Tues.)..
Sept. 29 (Tues.)..
Dec. 31 (Thurs.).

34,729 22,840 11,889
33,923 21,816 12,106
33,073 20,874 12,199
30,575 19,261 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
7,246

1932—June 30 (Thurs.).
Sept. 30 (Fri.). ..
Dec. 31 (Sat.)....

28,001 16,587 11,414
28,045 15,924 12,121
27,469 15,204 12,265

5,628
6,366
6,540

5,786
5,755
5,726

1,998
2,235
2,511

478
407
423

1,731 27,836
2,049 28,417
2,416 28,690

2,940
3,339
3,695

179
218
245

387
738
475

610 13,770
695 13,595
708 13,813

9,950 12,433 14,482
9,831 12,358 14,626
9,753 12,691 15,193

815
697
547

5,661
5,571
5,409

6,904
6,816

19335—June30(Fri.). ..
Oct. 25 (Wed.)...
Dec. 30 (Sat.)....

24,786 12,858 11,928
24,953 13,059 11,894
25,220 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 26,563
1,917 26,584
2,031 27,167

3,146
3,077
3,222

147
123
136

806
918
967

788 13,574
781 13,444
778 13,807

8,102 12,089 14,156
8,241 12,384 14,389
8,258 12,674 14,821

191
188
143

4,837
4,908
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

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
9,096
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

16,318 9,821
16,857 9,871
17,460 10,080
17,810 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
278
366
449

1,270
779
650
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

18,189 10,564
19,717 11,721
19,640 11,639

7,625
7,995
8,000

5,784
5,607
6,572

624
713
697

3,970 38,473
3,944 40,706
4,066 42,885

6,300
6,137
6,555

399
471
438

600
1,037
882

167 20,880 10,128 19,161 22,499
152 22,432 10,477 20,284 23,986
104 24,181 10,726 21,647 25,450

11
6
15

5,182
5,235
5,275

6,377
6,400
6,376

12,706
12,523
12,293
12,028

1935—Mar. 4(Mon.)... 28,271 11,953
June 29 (Sat.)... 28,785 11,928
29,301 11,841
N o v l (Fri.)
Dec. 31 (Tues.). . 29,985 12,175
1936—Mar. 4 (Wed.). .. 30,288 12,099
June 30(Tues.).. 32,259 12,542
Dec. 31 (Thurs.). , 33,000 13,360

13,842
14,652
15,267
16,122

1
For
2

further classification of loans and investments and deposits, see table s53 and 54.
Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
3
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 4 in process of collection
not
Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, etc.
6
Beginning June 1933, figures relate to licensed banks only.
Backfigures.—SeeAnnual Report for 1935 (table 51), and similar tables in previous annual reports.




GO
CO

No. 53.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS, ON CALL DATES, 1928-36
[In millions of dollars]
Open-market loans

Loans to customers (except banks)
Real estate
loans

Total
loans
and
investments

Total
loans

1928—Oct. 3 . .
Dec. 31.

34,929
35,684

24,325
25,155

21,240
21,460

850
975

5,796
6,373

421
412

2,668
2,711

1929—Mar. 27
J u n e 29
Oct. 4
D e c . 31

35,393
35,711
35,914
35,934

24,945
25,658
26,165
26,150

21,903
22,517
23,249
23,194

1,014
921

6,526
6,813
7,170
7,685

403
404
392

1930—Mar. 27..
J u n e 30..
Sept. 24.,
Dec. 31..

35,056
35,656
35,472
34,860

25,119
25,214
24,738
23,870

21,495
21,566
21,010
21,007

706
819
774
675

7,024
7,242
7,090
7,266

1931—Mar. 2 5 . . .
June 30...
Sept. 2 9 . . .
Dec. 3 1 . . . .

34,729
33,923
33,073
30,575

22,840
21,816
20,874
19,261

19,940
19,257
18,713
17,570

575
515
521
391

1932—June 3 0 . . .
Sept. 3 0 . . .
Dec. 3 1 . . . .

28,001
28,045
27,469

16,587
15,924
15,204

15,267
14,497
13,905

1933—June 30 3
Oct. 2 5 . . .
D e c . 30

24,786
24,953
25,220

12,858
13,059
12,833

1934—Mar.
June
Oct.
Dec.

26,548
27,175
27,559
28,150

12,706
12,523
12,293
12,028

Purchased paper

Call date

Other- Loans
Re
to
porting wise
banks' secured banks
and
own
accept- unsecured
ances

Total

11,507
10,991

548
538

2,537
3,158

109

388

2,720
2,760
2,760
2,803

11,240
11,618
11,988
11,515

548
670
640
714

2,493
2,471
2,275
2,242

146
108
93
212

394
386
387
387

2,776
2,769
2,776
2,847

10,595
10,349
9,982
9,831

527
535
466
631

3,097
3,113
3,262
2,233

175
170
205
315

6,848
6,602
6,321
5,899

386
388
376
359

2,834
2,830
2,773
2,678

()
178
130
116

9,298
8,744
8,592
8,126

457
599
790

2,454
2,103
1,563
901

283
258
241

5,009
4,828
4,608

368
356

2,531
2,517
2,505

189
158
225

6,892
6,368
5,970

573
457
444

11,337
11,523
11,315

165
178
166

3,752
3,631
3,606

308
311
318

2,064
2,052
2,041

192
257
213

4,857
5,092
4,972

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

Total

To
To
brokers others
outside
New
securiYork
ties
Cityi

On
farm
land

On
other
real
estate

Investments

Loans
to broAcceptkers in
ances
Bills
ComNew
paymercial York
Cityi
able in
paper
United abroad bought
States

TOTAL—ALL MEMBER
BANKS

5....
30...
17....
31....




101
103

457
390

1,899 10,604
2,556 10,529

4,386
4,311

6,218
6,217

376
249
228
291

1,879 10,448
2,025 10,052
1,885 9,749
1,660 9,784

4,454
4,155
4,022

5,994
5,898
5,727
5,921

71
62
55

507
523
366

2,344 9,937
2,365 10,442
2,472 10,734
1,498 10,989

4,085
4,061
4,095
4,125

5,852
6,380
6,639
6,864

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

6,886
6,763
6,635
5,996

747
970
855

313
407
375

34
34
30

122
115
93

278 11,414
414 12,121
357 12,265

5,628
6,366
6,540

5,786
5,755
5,726

330
297
287

1,191
1,238
1,231

291
303

25
24
37

87
164
132

11,928
748 11,894
840 12,386

6,887
6,801
7,254

5,041
5,093
5,132

225
153
149
155

1,387
1,566
1,361
1,363

350
264
276
256

13,842
14,652
15,267
16,122

8,667
9,137
9,186
9,906

157
200
253
232

855
1,082
802
843

181
4 276
709
989

4,995
•*5,239
5,372
5,227

C

o

28,271
28,785
29,301
29,985

1936—Mar. 4
June 30
Dec. 31

30,288
32,259
33,000

11, 953 10,420
11, 928 10,369
11, 841 :10,465
12, 175 10,548
099 10,460
542 i 10,943
360 11,628
CM CM CO

1935—Mar. 4
June 29
Nov. 1
Dec. 31

184
192
179
196

3,031
2,931
2,885
2,893

263
259
252
251

211
266
266

2,832
2,863
2,785

253 2, 048
256 2, 084
258 2, 146

1,
987 | 207 4 748
135 4 834
2, 019
159 4 963
2, 027
2, 033
169 5,006
156 4,960
117 5,355
131 6,041

133
119
94
98

1,400
1,440
1,282
1,529

235
201
154
181

34
17
27
29

875
255
975
247
841
290
272 1,047

116,318 |j 9,821

82
81
85

1,557
1,519
1,647

164
144
161

25
18

280 1,089 18,189
278 1,079 19,717
324 1,144 19,640

16,857 || 9,871
17,460 10,080
17,810 10,501
10,564
11,721
11,639

1,200 ; 5,298.
1,558
5,427
1,764
5,615
1,768 i 5,541
1,880
1,950 j
1,906 |

5,745
6,045
6,095

18

NEW YORK CITY»

2,253
2,100

287
288

1,048
1,791

50
61

55
61

63
29

148
173
175
169

(2)

2,361
2,480
2,726
2,595

251
314
302
322

1,250
1,495
],196
1,396

59
58
59
128

2,252
2,129
2,090
2,054

199
196
169
283

],655
2,091
,912
,525

1,896
155 1,627
104 1,777
77 1,735

154
150
250
374

159
154
159

138 1,216
90 1,094
148 1,066

1,044
985
989

157
149
147

CO CO CO CO

,419
,401
,243
,159

47
55
50
54

938
882
826
820

CO CO CO CO

,155
,319
,199
,434

2,198
2,146
2,185
2,196

56
58
59
60

,447 ! 2,215
,528 2,338
,855 i 2,567

64
76
78

7,197
7,951

5 254
6 018

3,920
3,940

7,726
8,160
8,150
8,774

5
6
6
6

754
341
344
683

4,253
4,532
4,846
4,964

52
63
46
55

1,
1,814
1,898
2,145

1930—Mar. 27
June 30
Sept. 24
Dec. 31

8,238
8,798
8,557
8,582

6
6
6
6

192
596
359
147

4,338
4,309
4,278
4,338

60
68
86
104

1,876
1,954
1,945
2,033

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

1932—June 30
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

1933—June 30 3
Oct. 25
Dec. 30

7,133
6,971
6,995

CO CO CO

(2
'
)

CO CO CO

1
130
132

1928—Oct. 3
Dec. 31
1929—Mar. 27
June 29
Oct. 4
Dec. 31

,424
,470
,453

2,297
2,436
2,395

38
47
45

1934—Mar. 5
June 30
Oct. 17
Dec. 31

7,351
7,666
7,545
7,761

2,321
2,202
2,294
2,202

1935—Mar. 4
June 29
Nov 1
Dec. 31

7,783
8,303
8,167
8,418

1936— Mar. 4
June 30
Dec. 31

8,802
9,556
9,280

See footnotes at end of table.




1,639

1,
942
1,
933

1,130
1,094

813
839

52
58
33
46

37 1,102
21 1,369
8 1,096
21 1,202

1,
972
1,
819
1,
807
2, 091

1,135
1,006
989
1,112

813
817
979

89
144
148
188

40
29
28
22

49 1,477
35 1,883
22 1,714
34 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

L,651
,•497
L,121
695

199
296
201
107

51
44
33
17

35 1,367
94 1,063
48
839
542
29

2, 662
2, 801
032
3,
2, 697

1,466
1,656
1,830
1,768

1,196
1,145
1,202
928

260
203
216

565
763
701

262
341
330

21
18
15

23
14
19

258
391
337

033
3,
3,508
3,789

2,008
2,429
2,603

1,025
1,079
1,186

937
120
179 1,075
130 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

155
155
150
139

171 1,009
965
144
159 1,108
164 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

105 j 1,059
U57 i * 1,056
237
1,109
278
1,078

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

298
348
405
401

1,131
1,174
1,223
1,159

792
813
753

148
146
144

99 1,112
65 1,238
65 1,527

29
28
42

1,202
1,162
1,247

141
123
136

13
8
10

4
3
5

1,043
1,028
1,095

5 355
6 028
5 425

3,602
4,196
3,739

505
567
470

1,248
1,265
1,217

1,491
1,658

2
1

::::::

150
157
157
147

C)
( )
(2)
(2)
(2)
(2)
(2)
(2)

£
a
5?
>

U

2

No.

53.—ALL MEMBER BANKS—CLASSIFICATION

OF LOANS AND INVESTMENTS, ON CALL DATES, 1928-36—Continued
[In millions of dollars]

Loans to customers (except banks)

Open-market loans

Investments

Purchased paper

U. S. Government obligations

Total
loans
and
investment!

Total
loans

1928—Oct. 3
D e c . 31

1,910
1,910

1,505
1,519

1,326
1,388

252
309

543
598

143
91

1
1

3
1

119
75

405
391

191
174

214
217

1929—Mar. 27
June 29
Oct. 4
Dec. 31

1,793
1,767
1,823
1,757

1,456
1,433
1,510
1,448

1,353
1,309
1,374
1,330

311
242
257
240

477
484
504
533

41
57
67
30

8
1
1
9

5
3
4
5|

18
48
59
11

337
334
312
309

164
159
153
116

172
176
160
193

1930—Mar. 27
J u n e 30
Sept. 24
D e c . 31

1,717
1,849
1,934
1,861

1,406
1,483
1,524
1,344

1,160
1,257
1,187
1,194

194
229
239
201

474
487
448
472

188
176
296
95

3
2
7
18

11
19
13
14

33
56
42
18

140
99
233
44

310
366
409
518

146
160
157
240

164
205
252
277

1931—Mar. 25
J u n e 30
Sept. 29
Dec. 31

1,853
1,754
1,644
1,517

1,261
1,190
1,129
1,038

1,050
1,004
987
926

159
133
157
124

452
435
421
407

1932—June 30
Sept. 30
D e c . 31

1,277
1,192
1,045

876
746
631

777
659
552

93
85
67

361
292
231

25
25

1933—June 30 »
O c t . 25
Dec. 30

1,287
1,196
1,259

677
701
604

589
608
524

48
51
33

1934—Mar. 5
J u n e 30
Oct. 17
Dec.31

1,440
1,445
1,542
1,581

587
556
560
532

514
491
474
435

36
41
23
29

Call date

Total

To
To
brokers others
outside
on
New
York securities
Cityi

Total

Loans
to broAcceptkers in
ComNew
ances
Bills
paypay- mercial York
paper
Cityi
able in able
United abroad bought
States

Total
Fully
Direct guaranteed

Other
securities

CHICAGO &




(2)

2
3
11

422
415
381
361

41
70
65
87

171
117
77
24

14
3
2
2

25
42
23
10

21
21
24
9

111
51
27
3

592
563
514
480

329
346
308

263
217
206
191

is ;

23

282
227
210

77
53
42

22
34
38

5
16
22

5
6
5

11
12
9

1
1
1

401
445
414

234
256
228

166
189
186

251
245
208

26
30
28

24
27
32

237
254
222

30
26
22

58
67
58

27
25
15

7
7
8

12
19
16

13
16
18

610
495
655

384
284
386

226
211
269

203
188
176
170

27
20
19
17

27
21
18
16

221
219
236
202

16
13
11
11 i

57
52
75
87

18
13
20
29

7
1
7
5

17
18
25
27

15
19
24
26

852
889
982
1,049

564
585
687
743

213
"228
218
22 9

2
2
2
1

16
17
24
22

1935—Mar. 4
June 29
Nov. 1
Dec. 31

1,704
1,592
1,792
1,868

537
485
456
476

462
458
433
455

30
33
25
28

171
163
154
149

1
1
1
1

16
14
14
14

12
12
11
14

232
236
227
249

8
7
6

1936—Mar. 4
June 30
Dec. 31

1,946
1,951
2,100

476
533
633

456
513
613

32
59
50

148
145
140

1
1
1

13
14
13

12
10
8

251
284
402

435
509

2,152
2,318

124
118

1,368
1,387

(2)
(2)

3,691
3,546

3
1
1
1

21
14
13
12

28
1
1
1

,167
,107
,336

877
766
973
1,061

78
87
96
88

212
254
267
243

1
1

10
10
10

1
1
1

,470
,419
1,467

1,131
1,014
1,107

89
92
94

250
312
266

5
16

27
33

178
136

522
465

3,530
3,454

1,703
1,662

1,827
1,791

6

66
20
17
15

14
4
3
1

„
0
5

14
15
14

2
3
3

179
173

732
651

6

*

2

RESERVE CITY BANKS
1928—Oct. 3
Dec.31
1929—Mar. 27
June 29
Oct. 4
Dec. 31

12,211
12,156

8,733
12,132
12,065
8,789
12,161 ! 9,085
12,029 | 9,084

',932 r
1,125 !:
1,401 {;
',418

538
511
510
425

2,415
2,480
2,598
2,775

112
113
110
110

1,376
1,366
1,360
1,428

(2)
(2)
(2)
(2)

3,492
3,654
3,823
3,679

196
241
225
258

604
423
459
408

35
16
6
43

27
22
27
24

136
83
71
102

405
302
354
239

3,400
3,276
3,075
2,944

1,732
1,607
1,519
1,368

1,668
1,670
1,557
1,576

1930—Mar. 27
June 30
Sept. 24
Dec. 31

11,858
11,852
12,038
11,897

8,752
8 533
8'
,500
8,379

',790 |j

360
431
360
312

2,576
2,663
2,586
2,671

113
110
111
120

1,411
1,394
1,398
1,491

(2)

',771 ii
,539 :
•,712 ||

(2)

3,330
3,172
3,085
3,119

205
228
193
231

758
534
768
436

55
17
47
104

24
19
17
15

209
245
295
194

253
409
123

3,105
3,319
3,537
3,517

1,516
1,525
1,628
1,486

1,590
1,794
1,909
2,031

1931~Mar. 25
June 30
Sept. 29
Dec. 31

12,113
11,814
11,372
10,598

8,028
7,627
7,325
6,852

,359
',096
i,858
.,481

231
208
205
152

2,524
2,413
2,308
2,123

122
126
120
120

1,480
1,476
1,440
1,395

19
22
23

3,002
2,854
2,762
2,668

194
177
219
260

475
354
249
111

144
87
65
33

23
26
12
12

191
168
143
53

116
73
29
14

4,085
4,186
4,047
3,746

1,984
2,062
1,993
1,844

2,101
2,125
2,054
1,902

1932—June 30
Sept. 30
Dec. 31

9,788
9,489

6,015
5,806
5,542

5,537
5,327

105
92
96

1,844
1,835
1,774

124
125
121

1,257
1,255
1,258

33
36
52

2,380
2,194
2,027

177
152
136

97
117
78

33
41
22

7
9
8

50
53
36

14
11

3,753
3,981
3,948

1,953
2,209
2,234

1,800
1,772
1,714

1933—June 30 3.,
Oct. 25....
Dec. 30...

8,492
8,756

4,482
4,605
4,553

4,257
4,304
4,273

63
66
73

1,340
1,297
1,316

123
121
120

1,008
992
1,001

46
49
48

1,678
1,779
1,714

99
94
80

125
207
200

36
43
36

6
7
9

38
72
61

45
84
94

4,011
4,151
4,344

2,483
2,605
2,823

1,528
1,546
1,522

1934—Mar. 5
June 30
Oct. 17
Dec. 31

9,376
9,609
9,826
10,028

4,466
4,394
4,385
4,312

4,154
4,096
4,088
4,024

65
97
80
90

1,262
1,200
1,142
1,124

116
116
104
102

1,014
1,008
996
988

48
41
47
49

1,650
1,634
1,720
1,671

63
40
44
55

249
259
253
234

46
21
19
13

8
6
8
9

72
97
126
108

123
135
99
105

4,911
5,214
5,441
5,715

3,390
3,516
3,553
3,809

180
279

1,521
1,679
1,708
1,628

1935—Mar. 4 . . . .
June 29...
Nov. 1 . . . .
Dec. 3 1 . . . .

10,036
10,151
10,521
10,780

4,270
4,165
4,268
4,347

3,974
3,967
4,089
4,144

83
87
82
96

1,090
1,053
1,055
1,057

104
100
97
97

972
1,005
1,006
997

48
40
44
46

1,677
1,682
1,806
1,851

48
43
34
34

249
154
145
170

12
10
13
19

9
7
12
10

122
112
111
120

106
25

5,766
5,986
6,253
6,432

3,724
3,712
3,892
4,076

376
571
655
656

1,666
1,703
1,706
1,701

1936—Mar. 4...
June 30..
Dec. 31..

10,655
11,306
11,795

4,279 4,071
4,443 4,242
4,794 1 4,582

101
115
123

1,027
1,044
1,048

97
95
96

1,000
1,006
1,028

43
40
56

1,805
1,941
2,231

31
31
23

177
170
189

18
16
17

9
7
5

120
113
131

6,375
6,863
7,000

3,958
4,349
4,426

656
651
697

1,761
1,863
1,877

8,681 j! 7,770
8,702 | 7,879
i

i

See footnotes at end of table.




|!
i;
j!
I!

5,742 !

2

()
(2)
(2)

a
F

H

h-»
CO

No. 53.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS, ON CALL DATES, 1928-36—Continued
[In millions of dollars]
Open-market loans

Call date

Total
loans
and
investments

Real estate
leans
Total
loans

Total

To
To
brokers
outside others
on
New
York securities
Cityi

On
farm
land

On
other
real
estate

Reporting
banks'
own
acceptances

Otherwise
secured
and
unsecured

Loans
to
banks

Total

Investments

Purchased paper

Loans to customers (except banks)

U. S. Government obligations

Loans
to brokers in
AcceptComNew
Bills
ances
mercial York
paypaypaper
Cityi
able in able
United abroad bought
States

Total
Direct

Fully
guaranteed

Other
securities

COUNTRY BANKS
1928—Oct. 3
D e c . 31

13,612
13,667

8,885
8,915

8,225
8,254

117
107

1,610
1,799

294
290

1,129
1,154

5,075
4,904

46
37

614
625

24
30

17
8

195
211

378
376

4,727
4,751

1,362
1,382

3,365
3,370

1929—Mar. 27
J u n e 29
Oct. 4
D e c . 31

13,741
13,719
13,780
13,375

9,001
9,096
9,226
8,936

8,364
8,551
8,627
8,481

114
105
125
83

1,942
2,034
2,170
2,231

289
287
279
276

1,176
1,199
1,206
1,186

4,843
4,925
4,847
4,705

39
49
45
45

598
496
553
408

44
33
27
33

8
7
6
5

192
140
144
163

354
316
376
208

4,740
4,623
4,554
4,439

1,424
1,384
1,361
1,267

..3,316
3,240
3,193
3,172

1930—Mar 27
J u n e 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

93
90
88
59

2,097
2,137
2,112
2 090

279
274
275
264

1,196
1,201
1,205
1 191

4,541
4,527
4,326
4,158

65
62
62
62

497
312
286
177

27
8
4
5

4
4
4
3

207
171
164
120

258
129
115
49

4,475
4,554
4,589
4,519

1 97*?
1,229
1,219
1,159

3,202
3,326
3,370
3,359

1931—Mar 9 5
J u n e 30
Sept 29
D e c . 31

12,290
12,068
11,805
10,999

7,740
7,513
7,199
6,608

7,524
7,318
7,018
6,469

64
47
43
28

2,033
1,984
1,892
1,728

261
260
254
237

1,188
1,177
1,157
1,109

2
1
4

3,978
3,847
3,672
3,362

58
60
64
69

158
135
116
71

5
2
1
4

2
2
2
2

114
101
81
48

36
30
32
16

4,550
4,555
4,606
4,392

1,224
1,279
.433
1,418

3,326
3,276
3,172
2,974

1932—June 30
Sept. 30
D e c . 31

10,240
9,954
9,607

6,014
5,767
5,493

5,892
5,663
5,405

20
17
15

1,525
1,464
1,417

238
241
234

1,090
1,084
1,070

3
4
2

3,015
2,854
2,667

59
49
50

64
55
39

13
8
1

2
o
2

36
36
28

13
9
8

4,226
4,187
4,114

1,432
1,471
1,474

2,794
2,715
2,640

1933—June 30 s
Oct. 25
D e c . 30

7,873
8,031
8,068

4,275
4,283
4,223

4,194
4,175
4,123

15
14
15

1,117
1,104
1,092

182
189
196

873
881
865

3
3
3

2,005
1,984
1,952

38
35
38

43
73
62

4
2

1
2
3

27
46
34

10
23
22

3,598
3,748
3,845

1,469
1,592
1,683

2,129
2,156
2,162

1934—Mar. 5
J u n e 30
Oct. 17
D e c . 31

8,381
8,456
8,649
8,780

4,234
4,172
4,105
4,025

4,103
4,016
3,926
3,849

16
14
15
14

1,077
1,039
1,012
996

181
170
161
158

887
886
865
867

5
3
5
2

1,937
1,903
1,868
1,810

35
33
28
27

95
124
150
149

10
5
5

2
o
3

54
72
95
92

30
45
48
50

4,148
4,283
4,545
4,756

1,946
1,982
1,992
e
U08




(2)

*

5 I

2

'"'4 25
215
355

2,202
« 2,276
2,337
2,293

1935—Mar. 4
June 29
Nov. 1
Dec. 31

j 8,749
8,739
8,821
8,919

3,991
3,959
3,919
3,918

3,786
3,798
3,758
3,754

932
902

157
158
154
153

860
862
871
882

2 1,785
2 1,831
3 1,815
2 1,810

25
21
19
17

181
139
141
147

6
3
3
3

2
2
2
2

109
116
132
135

64
18
3
7

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

8,885
9,446
9,825

3,896
4,038
4,078

3,716
3,850
3,866

865
861
843

155
160
161

888
918
962

2 1,791
2 1,891
3 1,881

17
16
14

164
173
197

3
2
4

1
1
2

145
152
178

14 4,989
16 5,407
13 5,747

1,873
2,163
2,368

630
640
645

2,486
2,605
2,734

1936—Mar. 4 . . . .
J u n e 30..
Dec. 3 1 . . .

1
Loans (secured by stocks and bonds) to brokers and dealers in securities.
2
Included in following column, prior to June 1931.
3
Beginning June 30, 1933, figures relate to licensed banks only.
4
An estimated small amount of Home Owners' Loan Corporation bonds guaranteed
5

Central reserve city banks only.

Backfigures.—Notavailable.




by theU. S. Government as to both interest and principal are included in "other securities.

No. 54.—ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-36
CO
00

[In millions of dollars]
Demand deposits
Reserves
with
Federal
Reserve
banks

Cash
in
vault

1928—Oct. 3
Dec. 31 . . .

2,348
2,409

519
564

1929—Mar. 27 . . .

2,339
2,359
2,322
2,374

1930—Mar. 27
J u n e 30
Sept. 24
Dec. 31

2,353
2,408
2,415
2,475

1931—Mar 25
J u n e 30
Sept 29
Dec 31
j Q32—June 30
Sept. 30
Dec. 31

Call date

Cash
items
Balreances ported
with
as in
domes- proctic
ess of
banks 1 collection 2

Interbank
U.S.
Government

Time deposits

Interbank
IndiCertividfied
Deuals,
and
mand
officers' part- deposits
adPublic checks, nerships, justed4
Docash
funds
Forcormesletters
eign
poratic
of
banks
banks
credit, tions,
3
etc.
etc.

Domestic
banks

Foreign
banks

480
535

159
262

1,243
1,300

1,134 16,258
2,264 17,604

15,980
16,503

Individuals, partnerships,
corporations, etc.
Postal
savings

Public
funds

117
134

405
418

Evidenced Certifby
icates
savings of depass
posit
books

Christmas
Open savings
acand
counts similar
accounts

Borrowings

TOTAL—ALL MEMBER
BANKS
K54
124

1933—June 3 0 5
Oct 25
Dec. 30
1934—Mar. 5
J u n e 30
Oct 17
Dec. 31

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

530
508
440
388

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

610
695
708

337
342
342

7,491
7,258
7,259

1,350
1,381
1,352

772
851
799

815
697
547

1
6
7

788
781
778

300
270
301

6,127
6,261
6,429

1,038
989
900

7
8
4
7

755
585
472
452

305
333
294
294

6,747
7,168
7,352
7,599

880
931
934
882

2,655
4,665

3,462
3,649

517

1,741

3,470

3,070

438

411

1,385

1,819

16,323

16,057

429

1,885
2,005
2,167

2,339
3,158
3,896

3,092
3,153
3,517

438
431
544

348
315
143

1,512
1,224
1,335

849 16,303
1,489 16,713
1,681 17,526

16,324
16,268
16,647

1] 3
<
80
111
95

116

433
497
558

78
112
154

115
120
122

477
491
595

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

1,446
1,568
1,276
1,362

1,211
1,581
846
1,294

15,633
16,494
15,562
16,139

15,889
16,043
15,787
15,869

103
112
101
107

176
224
234
238

128
134
144
189

536
571
572
509

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

1,479
1,556
1,350
1,303

693
1,074
682
797

14,860
15,066
14,177
13,652

15,488
15,208
14,666
13,658

135
114
86
63

201
155
112
26

242
279
360
463

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
1,034
1,119

566 11,890 12,433
514 12,047 12,358
422 12,273 12,691

70
70
87

7
5
1

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
1,320

657 11,830
465 11,873
378 12,109

12,089
12,384
12,674

89
87
83

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 13,066
13,349 14,261
14,449 15,312
14,951 15,686

92
122
135
134

,
J u n e 29 .
Oct. 4
Dec. 31

1,882
1,895

2,026
2,124

.

.




9,703
9,810

7
7
7
7
7

1,154
1,162

579
647
610

59
74
18

191
188
143

595
605
550
520

36
59
80
19

91
35
24
13

1935—Mar. 4
J u n e 29
Nov. 1
Dec. 31

4,518
4,933
5,662
5,573

534
537
541
665

3,386
3,396
3,760
3,776

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

15,999
17,530
18,509
18,801

145
136
132
151

399
307
227
218

290
285
310
361

7,746
7,986
8,142
8,294

884
869
821
816

533
543
63
2
548

40
65
85
22

17
9
9

1936—Mar. 4
J u n e 30
Dec. 31

5,784
5,607
6,572

624
713
697

3,970
3,944
4,066

1,718
2,147
2,533

6,148
5,986
6,402

394
465
432

600
1,037
882

2,173
2,320
2,329

9
779 17,927 1 ,161
789 19,322 20,284
881 20,970 21 647

152
151
153

167
152
104

344
378
296

8,309
8,566
8,991

834
843
765

596
613
647

45
77
25

11
6
15

722
809

53
65

82
120

1,443
3,140

950
1,213

421
470

28
52

71
133

783
1,765

20
19

1
1
10

560
588

66
77

60

127

2,386

922

375

136

90

1,488

June 29
Oct. 4
Dec. 31

784
735
827

57
58
68

157
16
9
19
7

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

1930—Mar. 27
J u n e 30
Sept. 24
Dec. 31

793
814
858

63
58
49
95

112
16
5
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
13
2
68
110

945
1,245
596
865

4
5
4
5

927
602
841
482

4
4
4
4

1931—Mar. 25..
J u n e 30..
Sept. 29..
Dec. 3 1 . . .

831
847
883
665

47
54
68
54

13
3
16
3
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

4
5
4
4

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

903

46
42
47

11
0
90
93

874
553
476

1,255
1,215
1,200

127
100
112

332
379
422

1934—Mar. 5...
June 30..
Oct. 17..
Dec. 31..

1,170
1,417
1,443
1,576

67
64
64
86

9
1
97
84
103

631
415
666
1 069

1,402
1,591
1,689
1,798

154
135
116
126

1935—Mar. 4...
J u n e 29.
Nov. 1...
Dec. 31..

1,856
1,935
2,590
2,541

58
51
54
65

86
13
3
19
0
11
1

810
447
873
1 133

2,047
1,983
2,203
2,338

2,493
2,106
1 2,658

57
65
61

108
114
13
3

829
982
1 087

2,527
2,390
2,493

14,872
16,206
17,327
18,035

NEW YORK CITY«
1928—Oct. 3 . . .
Dec. 31..
1929—Mar. 27

1932—June 30
Sept. 30
Dec. 31

1936—Mar. 4
J u n e 30
Dec. 31

See footnotes at end of table.




4,478
5,488

4f'
8
518

285
390

3 889
4 245

57

5 032

4 225

45

18

6

636

75

510

234

5 035
5 054
5 847

4 500
4 295
4 750

61
93
133

18
18
18

7
20
33

639
633
617

69
80
77

401
483
417

360
165
179

377
467
400
663

144
184
169
182

19
18
17
38

25
16
17
13

636
642
643
452

101
107
79
96

494
548
548
477

39
116
47
37

882
098
816
803

4 532
4 436
4 544
4 295

144
115
79
21

49
50
60
64

26
33
19
1
1

409
399
342
320

124
117
109
86

518
537
520
325

27
17

359
350
177

4 287
4 350
4 540

4 041
4 081
4 319

5
4
1

68
76
80

10
20
7

309
308
315

97
137
146

310
341
382

14
1
13

96
71
11
4

461
299
167

4 676
4 513
4 494

4 358
4 330
4,325

1
5

110
106
107

4
10
14

280
282
278

133
121
97

251
272
244

7
4

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

105
69
65
56

13
12
8
4

284
293
290
292

83
106
112
94

231
246
216
204

2
3
5
1

147
248
327
410

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

44
27
3
3

4
6
13
12

298
301
304
310

88
75
66
55

207
186
304
225

2
4
5
1

363
428
393

140
215
225

260
357
285

496
489
457

6,471
6,891
7,274

6,398
6,756
6,929

11
10
13

315
330
349

48
45
30

221
222
299

2
4
1

31
5

2

i
2
12

No. 54.—ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-36—Continued
[In millions of dollars]
Time deposits

Demand deposits

Call date

Reserves
with
Federal
Reserve
banks

Cash
in
vault

Cash
items
Balreances ported
with
as in
domes- proctic
ess of
banks 1 collection 2

Interbank
U.S.
Government

Public
funds

IndiInterbank
Certividfied
Deuals,
and
mand
officers' part- deposits
checks, neradships, justed 4
Docash
Forcormesletters
eign
poratic
of
banks
banks
credit, tions,
3
etc.
etc.

Individuals, partnerships,
corporations, etc.

savings

BorI Christ- rowI mas > ings
Open savingsj
and j
acsimilar
accounts

Public
funds

CHICAGO 6
1928—Oct. 3
Dec. 31

170
169

24
21

274
276

168
154

34

188

114

6
10
7

43
72
58

199
184
156

124
118
122

22
16
16
18

19
22
33
23

50
90
121
73

165
167
171
184 |

122
139
151
134

197 '
205
198
185

155
149
145
123

349
328

130
116
158

314
312
310

9
20
26

73
39
42

21
27
32

985
1,048
1,041

949
998
957

23
22
19

123
151

10
10
13 !

89
109
86
110

338
370
356
365

27
22
22
26

27
54
45
69

23
29
31
24

975
994
1,000
1,027

935
969
990
1,010

37
31

872

136
134
133

68

1929—Mar. 27
164
174
169 I

961
1,074

118
191

12 J
128

9
14

33

964
975

J u n e 29
Oct. 4
Dec. 31
1930—Mar. 27
J u n e 30
Sept. 24
Dec. 31

172
177
175
210

11

1931—Mar. 25
J u n e 30
Sept. 29
D e c . 31

166
169
182
160

9|
17
13
13

161
175
166
122

58
78
59
87

388
345
284
274

24
28
45
32

36
108
75
41

15
19
16
16

907
870
897
856

900
919
928
826

27
16
18
10

29
14
10
1

63
37
21
11

1932—June 30
Sept, 30
Dec. 31

148
214
284

42
15
18

140
201
294

56
46
50

235
285
279

3
3
4

70
38
62

14
12
13

664
729
813

692
733
838

13
13
12

2
1

9
4
2

133
136
148

49
40
42

1933—June 30 5
Oct. 25
D e c . 30

232
415
345

34
37
45

203
184
199

61
50
64

259
266
270

2
2
2

87
86 I
122

16
13
15

870
920
911

912
968
984

1
1
1

265
274
287

34
41
36

58
32
, 28

1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31

308
436
455
415

42
40
35
40

157
162
167
207

52
57
76
90

336
391
434
445

2
2
2
2 i

133 |
174 !
166 j
182 I

16 i

865
944
1,086

962
1,077
1,196

296
301
318
330

33
21
18
17

32
36
19
32




23 ' 1,073

!

101
102
105

44
66

53
48
41
2
23

1
"l
53
40

1935—Mar. 4
June 29
Nov. 1
Dec. 31

359
676
581
511

34
37 1
33
39

182
249
188
209

70
73
8li
135

505
504
527
522

3
3
4
4

41
20
62
98

184
14,8
204
208

19
24
22
27

1,047
1,208
1,274
1,301

1,179
1,357
1,416
1,401

331
348
351
362

20
45
19
19

20
73
30
30

3
3
3
3

1936—Mar. 4
June 30
Dec. 31

480
749
558

35
38
32

195
195
188

96
147
159

594
635
599

4
5
5

81
102
72

217
221
191

26
27
27

1,243
1,444
1,495

1,390
1,546
1,554

356
368
380

18
43
37

30
30
30

3
3
3

793
779
764

153
167

835
899

858
1,035

1,733
1,681

49
54

87
153

436
430

179
290

5,425
5,605

5,181
5,289

149

766

736 . 1,464

47

165

505

173 5,256

5,199

772
766
751

124
146
156

801
829
947

773
804
1,041

1,409
1,511
1,604

45
44
50

185
166
76

524
405
423

174
165
300

5,294
5,389
5,547

5,219
5,156
5,229

32
35
30

9
10
14

772
787
772
771

138
136
128
169

849
1,133
1,220
1,142

584
738
543
764

1,543
1,774
1,954
1,773

53
54
71
56

159
142
136
152

475
470
404
422

126
170
114
252

5,074
5,227
5,119
5,173

5,091
5,129
5,093
5,082

32
38
35
42

785
803
720
652

132
151
163
154

1,403
1,188
881
751

447
594
459
619

2,098
54
1,902
49
1,472 , 49
1,275
31

254
187
254
169

451
443
390
390

132
157
118
180

4,903
4,979
4,576
4,389

5,039
4,985
4,624
4,339

63
61
52
44

1932—June 30
Sept. 30
Dec 31

619
609
646

131
119
126

871
1,078
1,240

392
365
417

1,276
1,394
1,503

22
22
21

188
304
211

393
316
349

112
83
141

3,886
3,955
3,932

3,999
3,989
4,005

47
47
62

1933—June 305
Oct. 25
Dec. 30

705
739
857

122
135
153

1,002
958
969

401
338
420

1,315
1,280
1,415

15
14
15

312
375
393

349
370
435

108
85
111

3,708
3,808
3,911

3,764
3,924
4,037

59
74
72

1934—Mar. 5
June 30
Oct. 17
Dec. 31

985
1 ,197
1 ,229
1 ,268

147
154
193
207

1,176
1,397
1,422
1,543

341
411
476
537

1,653
1,785
1,996
1,984

16
16
17
17

696
635
427
620

480
526
526
585

91
117
112
169

3,958
4,361
4,785
4,919

4,188
4,593
4,947
5,136

80
105
117
117

1935—Mar. 4
June 29
Nov. 1
Dec. 31...

1 ,386
1 ,403
1 ,591
1 ,594

197
213
218
256

1,690
1,607
1,849
1,779

432
471
579
752

2,179
2,145
2,428
2,422

18
21
27
28

505
299
273
385

643
674
685
707

132
140
146
204

4,854
5,314
5,855
6,001

5,197
5,656
6,107
6,161

1936—Mar. 4
June 30
Dec. 31

1 ,794
1 ,763
2 ,108

264
289
285

1,910
1.907
1,816

607
763
971

2,594
2,551
2,826

26
30
33

285
513
407

733
733
843

151
152
230

5,961
6,419
7,023

6,238
6,542
7.126

RESERVE CITY BANKS
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

See footnotes at end of table.




31
37

43
60

234
261

3,699
3,707

465
466

3
'
302

42

257 3,689

419

337

472

40
41
41

289
258
371

3,783
3,653
3,724

399
388
411

300
326
299

360
566
292

13
18
32
32

41
42
47
59

314
320
287
295

3,745
3,773
3,771
3,907

439
478
573
546

378
378
415
321

69
61
50
75

28
26
23
4

82
100
143
202

302
313
284
260

3,869
3,787
3,533
3,283

595
602
561
429

386
393
384
234

71
23
168
337

268

224 3,048

329
338

208
230

2,971
2,962

377
392
385

258
283
241

221
170
115

388
377
366

208
171
203

2,450
2,470
2,527

265
233
211

209
265
268

18
23
5

16
21
16

345
259
196
186

206
234
198
206

2,648
2,845
2,915
3,038

210
239
229
210

261
262
265
239

11
19
26
6

8

1
1

128
119
115
134

167
118
84
79

211
203
218
266

3,123
3,221
3,302
3,355

219
201
200
198

257
227
236
237

12
21
28
7

1

1
1
1

135
135
137

1
1
1

72
65
35

251
288
203

3,339
3,432
3,588

214
202
169

286
300
260

14
25
8

1

37

i"
i'

491
376

No.

54.—ALL MEMBER BANKS—RESERVES,

DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-36—Continued
[In millions of dollars]
Demand deposits

Cash
items
Balreances ported
with
domes- as in
proctic
banks 1 ess of
collec1 tion 2

Reserves
with
Federal
Reserve
banks

Cash
in
vault

. . .

663
652

302
319

990
977

. . . .

644
639
647
627

297
241
284
321

617
629
610
595

Call date

Interbank
U.S.
Government

Time deposits

Certified
and
officers'
Public checks
funds
cash
letters
of
credit,
etc. 3

IndiInterbank
vidDeuals,
mand
part- deposits
neradships, justed 4 DoForcormeseign
poratic
banks
tions,
banks
etc.
i

Individuals, partnerships,
corporations, etc.
Postal
savings

Public
funds

52
54

Christmas
Open savings
and
accounts similar
accounts

Borrowings

Evidenced
by
savings
pass
books

Certificates
of deposit

123
116

5,169
5,240

1,288
1,278

^1
It,
98

334
330

55
55
59
61

132
139
140
133

5 215
5,214
5 133
5,095

1 264
1,230
1,219
1,199

150
172
210
95

360
426
371
367

65
71
76
88

147
145
147
128

5,080
5,096
5,046
5,047

1,217
1,214
1,226
1,170

145
167
188
95

236
259
196
244

104
117
145
179

138
125
117
106

4,972
4,926
4,695
4,346

1,154
1,122
1,065
916

121
159
175
88

183
177
261
441

231
260
279

94
110
104

4,001
3,842
3,835

826
812
779

103
126
72

527
485
418

Domestic
banks

Foreign
banks

235
298

431
427

2
2

36
50

646
684

140
171

5,395
5,437

5,946
5,993

780
792
847
908

194
247
241
291

374
350
391
405

2
4
2
3

77
64
63
39

763
771
705
742

124
143
132
169

5 069
4,989
5,222
5,091

5 762
5,656
5,819
5,711

286
280
284
317

817
921
971
975

173
250
163
258

365
376
402
387

3
3
3
2

67
51
60
53

884
921
760
762

118
137
105
152

4,657
4,670
4,602
4,458

5,485
5,478
5,303
5,114

582
578
554
498

273
297
309
302

1,094
1,017
787
685

146
222
157
221

410
405
332
295

2
3
1
2

75
67
132
61

884
853
748
692

110
118
91
122

4,168
4,119
3,888
3,604

5,016
4,868
4,569
4,197

1932—June 30
Sept 30
D e c 31 .

458
441
448

253
230
232

624
671
767

167
140
164

257
244
263

1
2
1

60

734
613
615

82
69
90

3,052
3,013
2,988

3,701
3,556
3,530

7

72

1933—June 3 0 * .
Oct. 25
Dec 30 .

452
529
573

203
232
225

702
685
769

149
118
172

228
230
254

1
1
1

116
114
111

555
579
622

72
68
85

2,576
2,633
2,793

3,054
3,162
3,328

7
12
10

285
293
300

86
87
83

3,132
3,236
3,337

605
593
556

61
77
70

34
47
10

167
136
123

685
769
848
822

230
216
258
275

951
1,105
1,257
1,296

135
174
189
207

r284

1
1
1
2

181
174
125
178

702
731
787
804

74
85
98
106

3,007
3,150
3,472
3,589

3,648
3,792
4,168
4,292

11
15
17
16

301
256
210
210

87
87
87
84

3,518
3,729
3,830
3,939

554
565
575
560

71
60
49
44

21
34
46
11

83
35
17
13

COUNTRY BANKS
1928—Oct 3
D e c 31
1929—Mar 27
J u n e 29
Oct 4
Dec 31
1930—Mar 27
J u n e 30
Sept. 24
D e c . 31
1931—Mar. 25..
J u n e 30
Sept. 29 .
Dec 31

1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31

. . . .
.

. . .

. •.




345
340

14
9
10

i!

L

6 '•

7 •

1

11
12 !
12 ;
11 i

7 1.

1

1935—Mar. 4
June 29
Nov. 1
Dec. 31

916
920
900
927

1936—Mar. 4
June 30
Dec. 31

1,017
989
1,247

1,427
1,406
1,613
1,676

163
192
221
235

364
347
399
415

152
90
95
137

845
865
895
901

268 1,757
322 1,727
319 1,929

187
256
316

433
410
483

93
207
178

965
1,008
1,011

246
236
237
305

90
104
106
127

3,642 4,414
3,761 4,538
4,095 4,875
4,254 5,047

17
16
17
16

188
162
140
136

5,136
5,440
6,039

17
16
16

95
87
69

106 4,252
121 4,567
167 5,177

75
76
78
83

3,994
4,115
4,184
4,267

557
547
537
544

49
57
54
57

23
37
49
12

82 4,299
80 4,435
80 4,674

554
553
529

60
61
58

14

25
45
13

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 but not in process of collection,
amounting on that date to $16,000,000.
3
Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935.
•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.
•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 by 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.
r Revised.




f

144

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 55.—ALL MEMBER BANKS—RESERVE POSITION, BY CLASS OF BANKS, BY
MONTHS, 1936
[Averages of daily figures. In millions of dollars]
Deposits subject to reserve
Class of bank and month

demand
deposits

Net
demand

Reserves with
Federal Reserve banks

Time

Total

'otal

Required

All member banks:
January
February
March
April
May
June
July
August x ...
September
October
November
December

27,312
27,636
27,459
27,620
28,136
28,714
29,714
29,396
29,844
30,457
30,843
31,273

22,254
22,428
22,412
22,669
23,034
23,505
24,107
24,182
24,532
24,895
24,987
25,352

10,412
10,400
10,474
10,545
10,675
10,694
10,743
10,815
10,843
10,910
10,894
10,882

32,666
32,828
32,887
33,214
33,709
34,199
34,850
34,997
35,375
35,804
35,881
36,234

5,780
5,808
5,420
5,300
5,638
5,484
5,861
6,181
6,345
6,594
6,785
6,665

2,747
2,770
2,767
2,790
2,838
2,891
2,953
3,723
4,493
4,551
4,566
4,619

3,033
3,038
2,653
2,610
2,800
2,593
2,907
2,458
1,852
2,043
2,219
2,046

New York City: 2
January
February
March
April
May
June
July
August :
September
October
November
December

9,790
9,997
9,966
9,997
10,181
10,425
10,405
10,233
10,429
10,502
10,654
10,823

9,067
9,235
9,209
9,266
9,464
9,671
9,670
9,633
9,735
9,766
9,820
9,913

620
600
607
607
645
613
622
643
642
685
653
694

9,835
9,816
9,874
10,109
10,283
10,293
10,276
10,377
10,451
10,473
10,606

2,593
2,579
2,271
2,163
2,384
2,183
2,279
2,502
2,462
2,574
2,695
2,662

1,197
1,219
1,215
1,223
1,250
1,276
1,276
1,599
1,927
1,935
1,944
1,964

1,395
1,360
1,056
940
1,134
908
1,004
903
535
639
751
697

2,148
2,166
2,115
2,042
2,174
2,251
2,389
2,345
2,361
2,414
2,409
2,417

1,879
1,916
1,861
1,778
1,889
1,952
2,093
2,061
2,072
2,112
2,107
2,105

409
407
407
441
455
481
427
434
441
431
429
438

2,289
2,322
2,268
2,219
2,344
2,433
2,520
2,495
2,513
2,543
2,536
2,543

495
487
463
506
636
682
653
576
619
637
651
605

257
261
254
244
259
268
285
353
424
431
430
430

239
226
208
262
377
414
369
223
195
205
221
175

9,617
9,692
9,565
9,689
9,806
9,961
10,520
10,441
10,554
10,890
11,013
11,160

7,338
7,311
7,332
7,486
7,470
7,576
7,928
8,002
8,154
8,382
8,409
8,567

4,274
4,290
4,320
4,339
4,406
4,398
4,414
4,419
4,428
4,432
4,429
4,374

11,612
11,601
11,652
11,826
11,876
11,974
12,342
12,421
12,582
12,814
12,838
12,941

1,714
1,745
1,708
1,675
1,657
1,664
1,886
1,954
2,046
2,153
2,185
2,157

862
860
863
879
879
890
925
1,174
1,423
1,457
1,461
1,482

852
885
846
796
778
775
961
780
624
696
724
675

5,757
5,781
5,813
5,893
5,974
6,076
6,400
6,378
6,500
6,651
6,767
6,873

3,969
3,967
4,011
4,139
4,210
4,307
4,416
4,485
4,571
4,635
4,651
4,767

5,109
5,103
5,140
5,157
5,170
5,203
5,280
5,319
5,332
5,362
5,383
5,376

9,077
9,070
9,151
9,296
9,380
9,509
9,696
9,804
9,903
9,997
10,034
10,144

978
998
978
956
961
954
1,042
1,149
1,218
1,230
1,254
1,241

431
431
435
444
450
458
467
596
720
728
731
742

547
567
543
512
511
496
575
552
498
502
523
498

Chicago 2
January
February
March
April
May
June
July
August 1
September
October
November
December
Reserve city banks:
January
February
March
April
May
June
July
August 1
September
October
November
December
Country banks:
January
February
March
April
May
June
July
August l
September
October
November
December

Effective August 16 reserve requirements on demand deposits were increased to 19% percent for central
reserve city banks, 15 percent for reserve city banks, and 10^ percent for banks outside central reserve and
reserve cities (so-called country banks) and on time deposits were increased to 4J^ percent.
2
Central reserve city banks only.
Backfigures.—SeeAnnual Report for 1935 (table 54) and similar tables in previous annual reports.




145

FEDERAL RESERVE SYSTEM

No. 56.—ALL MEMBER BANKS—RESERVE POSITION, BY FEDERAL RESERVE DISTRICTS,
BY MONTHS, 1936
I Averages of daily figures. In millions of dollars]
Deposits subject to
reserve

Deposits subject to
reserve

Reserves held

Reserves held

Month
Net
demand
1936

Total

Time

Total

Net
Excess demand

Boston district

Time

Total

Total

Excess

New York district

January
February
March
April

1,367
1,381
1,395
1,413

704
707
707
706

2,071
2,087
2,102
2,119

376
369
324
300

234
225
180
154

10,043
10,221
10,193
10,291

2,075
2,030
2,041
2,044

12,118
12,251
12,233
12,335

2,823
2,821
2,495
2,392

1,509
1,486
1,163
1,050

May
June
July
August l

1,416
1,423
1,471
1,451

706
702
696
698

2,122
2,125
2,167
2,149

283
255
299
303

137
109
149
116

10,513
10,737
10,775
10,727

2,077
2,049
2,085
2,110

12,589
12,786
12,860
12,838

2,625
2,413
2,543
2,785

1,254
1,015
1,140
1,028

September
October
November
December

1,466
1,511
1,532
1,497

696
695
690
685

2,162
2,206
2,222
2,182

320
361
389
363

131
156
135

10,856
10,886
10,935
11,059

2,116
2,169
2,133
2,169

12,972
13,054
13,068
13,228

2,759
2,863
2,985
2,952

640
736
849
793

1936

Philadelphia district

Cleveland district

January
February
March
April

1,254
1,255
1,257
1,288

1,028
1,030
1,042
1,050

2,282
2,286
2,299
2,338

294
283
295
292

149
138
149
144

1,354
1,351
1,372
1,429

1,219
1,237
1,253
1,260

2,573
2,588
2,625
2,689

339
350
356
379

177
187
191
209

May
June
July
August l

1,283
1,297
1,347
1,346

1,050
1,050
1,064
1,068

2,333
2,347
2,411
2,414

276
276
316
320

128
127
161
127

1,419
1,436
1,493
1,510

1,283
1,292
1,302
1,300

2,701
2,728
2,795
2,810

370
373
402
420

200
201
224
195

September
October
November
December

1,368
1,418
1,411
1,423

1,070
1,078
1,075
1,063

2,438
2,496
2,486
2,487

354
406
397
383

120
164
157
142

1,524
1,548
1,569
1,628

1,296
1,299
1,310
1,299

2,820
2,847
2,880
2,926

445
436
445
447

175
163
168
162

Richmond district

1936

Atlanta district

January
February
March
April

708
707
688
682

494
498
499
500

1,202
1,205
1,187
1,182

170
177
194
180

93
99
118
105

593
582
595
618

343
339
341
343

936
920
936
961

112
121
119
113

49
59
56
48

May
June
July
August*

697
718
759
779

501
508
516
519

1,197
1,225
1,276
1,297

179
170
191
204

102
92
108
97

626
634
651
658

347
350
358
357

973
984
1,009
1,015

107
108
119
130

41
42
51
43

September
October
November
December

795
821
807
831

520
523
522
522

1,314
1,344
1,329
1,353

211
212
217
214

82
80
86
81

686
715
718
740

357
357
358
358

1,043
1,073
1,075
1,098

141
146
146
152

34
35
35

Chicago district

1936

St. Louis district

January
February
March
April

2,989
3,041
3,013
2,943

1,291
1,298
1,312
1,352

4,280
4,340
4,325
4,295

794
802
774
778

390
403

693
689
680
687

357
356
361
363

1,050
1,045
1,041
1,049

158
166
150
142

83
92
77
68

May
June
July..
August 1

3,080
3,184
3,362
3,339

1,376
1,417
1,390
1,411

4,456
4,601
4,752
4,750

918
1,003
1,004
948

526
597
577
415

694
687
723
726

364
366
369
372

1,057
1,053
1,092
1,099

142
155
168
160

67
81
91
63

September
October
November
December

3,362
3,426
3,422
3,455

1,428
1,429
1,441
1,465

4,790
4,854
4,863
4,920

1,003
1,037
1,051
980

363
386
400
325

747
773
778
803

374
375
376
375

1,121
1,148
1,154
1,178

168
179
184
188

49
56
60
61

1

412
414

Reserve requirements increased by 50 percent effective August 16.

Backfigures.—SeeAnnual Report for 1935 (table 55) and similar tables in previous annual reports.



146

ANNUAL REPORT OF BOARD OF GOVERNORS

No. 56.—ALL MEMBER BANKS—RESERVE POSITION, BY FEDERAL RESERVE DISTRICTS,

BY MONTHS, 1936—Continued
[Averages of daily figures. I n millions of dollars]^
Deposits subject to
reserve

Deposits subject to
reserve

Reserves held

Reserves held

Month
Net
demand

Time

Total

Total

Net
Excess demand

Minneapolis district

1936

Time

Total

Total

Excess

Kansas City district

January
February
March
April

425
421
411
411

350
351
352
351

775
772
763
762

110
122
116
82

781
767
772
791

310
311
312
313

1,091
1,078
1,084
1,104

176
175
168
162

95
96

May
June
July
August*

410
422
434
459

348
349
353
356

758
771
787
815

86
93
116
125

807
836
872
899

313
313
315
316

1,120
1,149
1,187
1,215

173
172
190
216

90
86
101
101

September
October
November
December

467
478
487
482

360
359
361
362

827
837
847
843

125
117
126
124

910
916
915
932

317
317
318
316

1,227
1,233
1,233
1,247

223
221
225
225

84
81
85
83

Dallas district

1936

San Francisco district

January
February
March
April

587
574
583
590

196
197
196
196

783
771
779
786

128
128
129
125

1,461
1,439
1,454
1,526

2,045
2,046
2,060
2,069

3,506
3,485
3,514
3,595

299
294
300
354

97
95
99
145

May
June
July
August 1

587
603
630
644

195
197
200
200

782
800
830
844

122
125
137
143

1,502
1,528
1,589
1,644

2,117
2,104
2,096
2,107

3,619
3,632
3,685
3,751

358
341
378
428

150
131
162
149

September
October
November
December

662
688
697
708

200
201
201
201

862
889
898
909

151
156
162
166

1,688
1,715
1,715
1,795

2,110
2,109
2,109
2,067

3,798
3,823
3,824
3,862

446
459
457
470

107
117
115
119

1

Reserve requirements increased by 50 percent effective August 16.

Back figures.—See Annual Report for 1935 (table 55) and similar tables in previous annual reports.




147

FEDERAL RESERVE SYSTEM

No. 57.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES—
RESERVE POSITION, BY WEEKS, 1936
[Averages of daily figures. In millions of dollars]
Deposits subject to reserve

Reserves with Federal Reserve banks

Week ending (Friday)

NEW YORK CITY *
1936—Jan. 3
Jan.10
Jan. 17
Jan.24
Jan. 31

9,005
8,952
9,049
9,120
9,168

629
641
626
604
603

9,634
9,593
9,675
9,725
9,772

2,516
2,534
2,609
2,628
2,628

1,190
1,183
1,195
1,204
1,210

1,327
1,351
1,414
1,424
1,418

Feb.7
Feb.14
Feb. 21
Feb.28

9,227
9,211
9,245
9,250

600
598
599
602

9,827
9,809
9,844
9,852

2,590
2,524
2,590
2,608

1,217
1,215
1,220
1,221

1,372
1,309
1,870
1,387

Mar. 6....
Mar. 13...
Mar. 20...
Mar. 27...

9,295
9,306
9,237
9,016

602
609
606
614

9,897
9,915
9,843
9,629

2,530
2,394
2,194
2,084

1,226
1,228
1,219
1,190

1,304
1,166
975

April
April
April
April

3
10
17
24..

9,229
9,220
9,249
9,273

608
599

9,837
9,820
9,846
. 9,883

2,162
2,127
2,133
2,169

1,218
1,217
1,220
1,224

944
911
913
945

May
May
May
May
May

1
8
15
22
29

9,341
9,433
9,424
9,444
9,521

626
653
656
646
633

9,967
10,086
10,079
10,090
10,154

2,225
2,253
2,375
2,444
2,461

1,233
1,246
1,245
1,247
1,257

1,007
1,130
1,197
1,205

June
June
June
June

5...
12..
19..
26..

9,673
9,794
9,668
9,528

618
613
611
612

10,292
10,407
10,279
10,140

2,397
2,412
2,074
1,984

1,276
1,292
1,275
1,257

1,121
1,121
798
727

July 3...
July 10..
July 17..
July 24..
July 31..

9,684
9,632

614
614
615
626
636

10,299
10,246
10,308
10,306
10,302

2,085
2,145
2,250
2,349
2,460

1,277
1,271
1,278
1,277
1,276

874
971
1,072
1,184

Aug.
Aug.
Aug.
Aug.

9,677
9,656
9,565
9,620

646
644
638
639

10,324
10,300
10,203
10,258

2,517
2,492
2,446
2,514

1,277
1,275
1,804
1,905

1,239
1,218
642
609

9,718
9,732
9,745
9,700

649
645
638
636

10,368
10,376
10,383
10,336

2,588
2,527
2,419
2,403

1,924
1,927
1,929
1,920

663
600
490
483

9,773
9,752
9,753
9,761
9,784

656
685
686
685
684

10,429
10,437
10,439
10,446
10,468

2,434
2,515
2,555
2,607
2,636

1,935
1,932
1,933
1,934
1,939

583
622
672
697

Nov. 6..
Nov. 13.
Nov. 20.
Nov. 27.

9,759
9,819
9,822
9,872

665
642
644
664

10,424
10,461
10,466
10,536

2,650
2,689
2,707
2,729

1,933
1,944
1,944
1,955

Dec.
Dec.
Dec.
Dec.

9,865
9,872
9,953

674
687
696
696

10,539
10,559
10,649
10,644

2,666
2,687
2,643

1,954
1,956
1,972
1,971

7...
14..
21i..
28..

Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.

4...
11..
18..
25..

2
9
16
23
30

:

4...
11..
18..
25..

For footnotes, see table 55.
Backfigures.—See Annual Report for 1935 (table 57) and similar tables in previous annual reports.




717
745
762
774
744
710
715
672

148

ANNUAL REPORT OF BOARD OF GOVERNORS

No. 57.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE C I T I E S RESERVE POSITION, BY WEEKS, 1936—Continued
[Averages of daily figures. I n million of dollars]
Deposits subject to reserve

Reserves with Federal Reserve banks

Week ending (Friday)
Net demand
CHICAGO 2
1936—Jan 3
Jan. 10
J a n . 17
J a n 24
Jan. 31

Time

Total

Required

Total

Exoess

1,838
1,856
1,891
1,898
1,895

410
410
409
408
407

2,248
2,266
2,300
2,306
2,302

519
529
516
467
467

7
14
21
28

1,904
1,918
1,922
1,916

407
407
407
407

2,311
2,325
2,329
2,322

482
487
492
486

Mar 6
Mar. 13
Mar. 20
Mar 27

1,910
1,900
1,877
1,832

407
407
408
408

2,316
2,307
2,284
2,240

485
519
454
425

260
259
256
250

225
260
198
175

1,682
1,743
1,799
1,825

407
421
453
454

2,089
2,164
2,252
2,279

390
436
522
552

231
239
247
251

160
197
275
301

1
8
15
22
29

1,852
1,865
1,878
1,891
1,916

454
454
455
455
455

2,305
2,319
2,332
2,346
2,371

590
604
621
643
669

254
256
258
259
263

336
348
363
384
407

June 5
June 12
J u n e 19
J u n e 26

1,925
1,953
1,945
1,946

466
481
482
484

2,392
2,434
2,428
2,430

688
696
654
666

264
268
267
268

424
427
887
398

July
July
July
July
July

3
10
17
24
31

2,033
2,076
2,096
2,102"
2,109

464
422
427
428
428

2,497
2,497
2,523
2,530
2,537

714
689
675
622
609

278
282
285
286
287

436
407
390
336
322

Aug.
Aug.
Aug
Aug.

7
14
21 1
28

2,084
2,062
2,058
2,045

427
432
438
437

2,512
2,494
2,496
2,483

578
564
591
573

284
281
401
419

294
283
190
155

2,049
2,067
2,070
2,065

438
441
441
442

2,488
2,508
2,511
2,507

596
649
626
581

419
423
423
423

177
226
203
159

Oct. 2
Oct. 9
Oct 16
Oct. 23
Oct. 30

2,117
2,090
2,112
2,123
2,114

440
439
428
428
428

2,558
2,529
2,540
2,551
2,542

623
609
637
651
650

433
427
431
433
431

190
182
206
218
219

Nov.
Nov
Nov.
Nov.

6
13
20
27

2,106
2,102
2,112
2,113

428
429
429
429

2,534
2,531
2,541
2,542

645
646
656
660

430
429
431
431

215
217
225
229

Dec.
Dec
Dec
Dec.

4
11
18
25

2,097
2,107
2,131
2,111

429
430
440
443

2,526
2,537
2,571
2,555

633
620
632
591

428
430
435
432

205
190
197
15S

Feb.
Feb
Feb
Feb

Apr 3
Apr 10
Apr. 17
Apr 24
May
May
May
May
May

Sept.
Sept.
Sept.
Sept.

. .

. .

.

.

4
11
18
25

. . . .

For footnotes, see table 55.




251
254
258
259
259

268
275
258
208
208

260
262

222
226
230

• 262

261

149

FEDERAL RESERVE SYSTEM

No. 57—MEMBER BANKS IN NEW YORK CITY, CPIICAGO, AND OTHER RESERVE CITIESRESERVE POSITION, BY WEEKS, 1936—Continued
[Averages of daily figures. In millions of dollars]
Week ending (Friday)

Deposits subject to reserve
Net demand

RESERVE CITY BANKS
1936—Jan. 3
Jan. 10
Jan. 17
Jan. 24..
Jan.31

Time

Total

Reserves with Federal Reserve banks
Total

Required

Excess

7,332
7,331
7,345
7,348
7,343

4,243
4,263
4,273
4,278
4,286

11,575
11,594
11,617
11,626
11,629

1,601
1,672
1,732
1,741
1,759

861
861
863
863
863

741
811
870
878
896

Feb.7
Feb.14
Feb.21
Feb.28

7,303
7,322
7,318
7,304

4,284
4,292
4,289
4,294

11,587
11,615
11,607
11,598

1,749
1,753
1,738
1,741

859
861
860
859

891
892
877
882

Mar.
Mar.
Mar.
Mar.

6
13
20
27

7,268
7,309
7,337
7,374

4,311
4,323
4,324
4,320

11,579
11,632
11,661
11,694

1,772
1,830
1,681
1,604

856
861
863
867

916
970
817
737

Apr.
Apr.
Apr.
Apr.

3
10
17
24

7,400
7,440
7,501
7,524

4,310
4,318
4,327
4,349

11,710
11,758
11,828
11,873

1,614
1,649
1,670
1,720

869
874
880
883

745
775
790
837

May
May
May
May
May

1
8
15
22
29

7,497
7,455
7,497
7,469
7,470

4,387
4,404
4,409
4,407
4,405

11,884
11,859
11,905
11,877
11,875

1,685
1,653
1,670
1,654
1,660

881
878
882
879
879

804
775
788
775
781

June
June
June
June

5
12
19
26

7,425
7,468
7,562
7,666

4,397
4,394
4,387
4,405

11,822
11,862
11,949
12,071

1,662
1,713
1,569
1,635

874
879
888
899

787
834
681
736

July
July
July
July
July

3
10
17
24
31

7,795
7,875
7,940
7,975
7,967

4,427
4,416
4,413
4,411
4,407

12,222
12,291
12,353
12,386
12,374

1,783
1,868
1,913
1,899
1,893

912
920
926
930
929

871
948
987
969
965

Aug.
Aug.
Aug.
Aug.

7
14
211
28

7,929
7,998
8,045
8,053

4,418
4,418
4,419
4,421

12,348
12,416
12,463
12,474

1,859
1,930
1,988
2,013

925
932
1,339
1,407

Sept. 4
Sept. 11
Sept. 18
Sept. 25

8,065
8,119
8,166
8,170

4,422
4,430
4,426
4,425

12,486
12,549
12,591
12,595

2,026
2,068
2,032
2,031

1,409
1,417
1,424
1,425

934
997
650
606
617
651
608
606

Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30

8,229
8,289
8,378
8,425
8,457

4,425
4,428
4,431
4,435
4,436

12,654
12,717
12,809
12,860
12,893

2,065
2,086
2,160
2,185
2,203

1,433
1,443
1,456
1,463
1,468

Nov. 6
Nov. 13
Nov. 20
Nov. 27

8,412
8,412
8,433
8,376

4,435
4,431
4,434
4,435

12,847
12,843
12,867
12,811

2,170
2,192
2,199
2,177

1,461
1,461
1,464
1,456

631
643
704
721
735
708
731
735
721

Dec.
Dec.
Dec.
Dec.

8,502
8,566
8,617

4,426
4,346
4,355
4,366

12,814
12,848
12,921
12,982

2,200
2,208
2,142
2,108

1,457
1,471
1,481
1,489

742
737
661
619

4
11
18
25

For footnote, see table 55.




150

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 58.—DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures.

I n millions of dollars]

All member banks

Member banks m
larger centers
(Places over 15,000)>•

Member banks in
smaller centers
(Places under 15,000)

Month
Gross
demand

Time

Gross
demand

Time

Gross
demand

Time

1936
January
February
March
April

27,312
27,636
27,459
27,620

10,412
10,400
10,474
10,545

13,185
13,271
13,167
13,351

7,186
7,190
7,250
7,280

2,189
2,202
2,212
2,231

2,197
2,204
2,210
2,216

May
June
July
August

28,136
28,714
29,714
29,396

10,675
10,694
10,743
10,815

13,539
13,769
14,525
14,390

7,355
7,368
7,434
7,457

2,242
2,268
2,394
2,429

2,220
2,232
2,260
2,281

September
October
November
December

29,844
30,457
30,843
31,273

10,843
10,910
10,894
10,882

14,576
15,008
15,214
15,455

7,470
7,492
7,498
7,437

2,478
2,533
2,566
2,577

2,290
2,302
2,314
2,313

1

Excluding central reserve city banks, for which figures are shown in table 55.

Back figures.—Not available for gross demand deposits; for time deposits see Annual Report for 1935 (table 56)
and similar tables in previous annual reports. For discussion of changes in reported figures see Federal Reserve
Bulletin for September 1936, pages 700-701.




151

FEDERAL RESERVE SYSTEM
N o . 59.—CHANGES IN N U M B E R OF BANKS AND BRANCHES D U R I N G 1936
[Preliminary figures]
Member banks

Nonmember banks

1

Total
State

National

NUMBER OF BANKING OFFICES
On December 31, 1935 .
. . .
On December 31, 1936

...

ANALYSIS OF BANK CHANGES
Increases in number of banks:
Primary organizations (new banks) 2
Reopenings of suspended banks
Decreases in number of banks:
Suspensions
Liquidations 2
Consolidations, absorptions, etc
Inter-class bank changes:
Conversions—
State into national
National into State
Federal Reserve membership 4—
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance 5—
Admissions of State banks
Withdrawals of State banks
Total increase or decrease in number of banks..
ANALYSIS OF BRANCH CHANGES
Increases in number of branches:
De novo branches
Banks converted into branches
Decreases in number of branches:
Suspensions of parent banks
Otherwise discontinued
Inter-class branch changes:
Branches of State banks which became branches
of national banks
Federal Reserve membership 4—
By admissions of parent banks
By withdrawals of parent banks
Federal deposit insurance 5—
By admissions of parent banks
By withdrawals of parent banks
Total increase in number of branches

8,528
8,400

1,139
1,098

+11

+81

-128

-41

15,217
15,023

5,386
5,325

1,001
1,051

7,734
7,592

1,096
1,055

-61

+50

-142

-41

3,11*
3,235

NUMBER OF BRANCHES
OnDecember 31, 1935
OnDecember 31, 1936

1,953
2,034

-194

. ..

6,715
6,726

-77

Net change

Net c h a n g e . . .

Not insured

18,335
18,258

Net change
NUMBER OF BANKS (HEAD OFFICES)
On December 31, 1935
.
OnDecember 31, 1936

Insured

1,329
1,401

952
983

794
808

43
43

+117

+72

+31

+14

+69
+ 15

+6
+1

3+2

+29
+9

+32
+5

-40
-29
-99

-3
-20
-15

-44
-58
-176

-1
o

-51
+10
-18

-11
-4

-5

+1
+70

+17
-68
+6

2

+1

+39
-1

-39

+1

-194

-61

+50

-142

-41

+88
+76

+33
+43

+9
+15

+41
+18

+5

-47

-8

-16

-2i

-2

-3

-1

+25

-25

+4
2

+4
+117

+72

+31

+2
-4

+14

1
Exclusive of (a) mutual savings banks; (b) private banks not under State supervision (private banks reporting to State banking departments are included); and (c) trust companies and other financial institutions which
do2 not receive deposits but which are included in State bank abstracts.
Exclusive of cases where a going bank of a given class is succeeded by a new bank of the same class.
3
Includes a newly organized State member bank which succeeded a State member bank, a national bank,
and an insured nonmember bank.
4
Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions
do6 not affect Federal Reserve membership.
Exclu8ive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership.
NOTE.—The differences between the number of nonmember banks as shown in this table and the number

this table and the inclusion in table 48 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

table 48 are as of call dates prior to the end of the year.
the figures in


No. 60.—MEMBER BANKS—EARNINGS , EXPENSES, DIVIDENDS, AND OPERATING RATIOS, 1929-1936
Amoun ts per $100 of k)ans and investme tits

Amounts (in thousands of dollars)
1929

Earnings:
1,562, 769
Interest and discount on loans
472, 868
Interest and dividends on investments..
33, 264
Interest on balances with other banks..
61 299
Collection charges, commissions,fees,etc.
26 209
Foreign department
Trust department
77 589
Service charges on deposit accounts
[ 164 995
Rent received
3
Other current earnings
J
Total earnings from current operations 3
. .

144,789

120,302

1932

851,007
457,712
16,759
27,943
22,531
64,822
112,844

1934

1935

1936

71,961

540,014
473,791
2,425
27,810
17,975
70,994
27,619
83,245

498, 419
467, 217
1, 681
28, 825
12. 282
77, 703
35, 634
84, 888

513,399 $4.38 $3 .81 $3.21
487,101 1.32 1 .33 1.44
1,207
.09
.10
.09
31,397
.17
.15
12,165
07
07
08
09
88,297
22
.23
39,415
78,456 \ .46
.36
19,471

1933

604,297
426,391
7,705
24,487
21,791
59,658
f
20,574
\\

\

1929 i 1930 1931

1932

$2.98
1.60
.06
.10
08
.23
.40

1933

$2.42
1.71
.03
.10
09
.24
( ..08
1
U

.29

1934 ' 1935 1936

$2.01: $1.72
1.76! 1.62
.01
.01
.10
.10
07
04
.26i .27
.10; .12
.29

$1.64
1.55
"'.10
04
.28
.13
/ .25
\ .06

4.62J 4.17 4.05

1,206, 649 1 270,908

6.71 6 .10 5.51

5.45

4.95

196 490
9 298
2 695

175,164
7,137
2,175

1.25 1 .27 1.16
64
42
69
.21
.19
.16

1.06
34
.12

.93
17
.05

.or

.68
03
.01

.56
02
.01

243,363

208 483

184,476

2.13 2 .12 1.74

1.52

1.15

.90

72

.59

306,021

327,424

334 468

135,501
1 .28 1.23
216,213 Jl.30

1.25

1.22

1.22

15,178
58,028
192,082

3,637
62,278
212,687

1 230
63 680
224 654

.14
.24
.86

.06
.23
.77

1,841,424

1,553,618

1,236,864

1,243,873

450,865
225,280
72,847

387,284
140,691
52,935

301,863
97,862
34,599

231,765
42,802
13,424

227,371
12,494
3,498

748,992

580,910

434,324

287,991

451,776

412,531

356,557

22,001
113,418
268,148

19,136
86,367
236,435

38,814
67,077
246,612

\

{

6,269
613
33,970
47,175
247,897

1

.84'
05

1.16 / .43
: .69
.02

.18

.06
.32

.79

.76

.06
.26
.71

.01!
.23 ;
.79

.22 \ .15
.78
.79

1,335,379

1,143,384

859,300

849,389

832, 515

872,114

4.71 4 .53 3.99

4.01

3.44

3.15; 2.88 2.78

553,587

506,045

410,234

377,564

394,484

374, 134

398,794

2.00 1 .57 1.51

1.44

1.51

1.46

25 ,204

}

1,604,335

715 ,273

Net earnings from current operations3




1931

1,349,364 1,072,927
472,351
480,296
35,799
28,682
50,328
38,389
25,011
25,727
80,280
75,041

2,398 993 2,157,922

Expenses:
Interest on deposits:
444 636
Time
246 493
Demand...
68 ,131
Bank
Total
759 ,260
Salaries, officers
Salaries and wages, employees (other \ 463 847
than officers)
Fees paid to directors and members of
executive, discount, and advisory
committees..
64 ,265
Interest and discount on borrowed money
Real estate taxes
} 112 ,476
Other taxes
283 ,872
Other expenses
1,683 ,720
Total current expenses
Recoveries, profits on securities, etc.:
Recoveries on loans
Recoveries on investments
Profits on securities sold
All other
Total3

1930

12

23,402

95,062

83,186

24,584
60,191
28,334

28,815
80,072
15,998

44,389
185,591
23,979

71 901
277 027
27 078

113,109

124,885

253,959

376 006

16 ,448

11,641

28,000
83,619
15,053

136 ,714

118,229

126,672

{

1.29

94,247
.07
160,318
230,698 } . 2 V
22,808
.05

.07
.23
.03

.08
.25
.05

.09
.21

.12
.32

.16;
.69,;

.10

.06

.09;

508,071

.33

.38

.40

.50

.94! 1.30

.39|

1.27

.30
/ .51
I -74
.07
.09
25

.96

1.62

c

Losses and depreciation:
On loans
On investments
On banking house, furniture and fixtures
All other
Total losses and depreciation
Net profits or net loss (—)
Cash dividends declared 5
Loans2
Investments 2
Loans and investments - ..
Time deposits 2
Total deposits 226
Capital funds

139,588
95,465

194,725
109,028

295,241
264,170

403,272
304,961

425,442
344,053

451,782
320,496

252,374
198,765

206,548
131,406

33,171
27,249
295,473|

36,601
24,960

29,061
31,984

21,370
48,627

35,758
53,026

39,422
61,244

33,586
53,537

365,314

620,456

778,230

858,279

872,944

556,5141
408,628i

306,502
371,968

12,261 -254,887 -355,830 -224,501
335,792 245,074
150,804
173,666

.79

1.41
1.07

1.70
1.38

1.
1.19

38,721
64,873

.09
.10

.07
.17

.14
.21

538,262

441,548

.03 1.86

2.72

3.43

211,878
186,810

465,317
198,663

.87|

.87

.15
.23

.27

.04

.42
.12
.21

3.24
-.83

.73 1.48

i

25,614,655125,018,222|21,732,289 16,743,940 12, 916,730 12,476,572 11,985,150 12,543,829
10,112,473110,377,190 11,699,502 11,778,580 12, 069,549 14,453,885 16,913,308 18,839,010
35,727,128 35,395,412 33,431,791 28,522,520 24,986,279 26,930,457 28,898,458 31,382,839
. 113,331,644 13,611,052 12,963,420 10,775,783 9,073,494 9,616,323 10,181,426 10,660,494
^.'{37,266,248:37,021,454 34,632,007 28,913,401 26,771,634 30 ,718,669 35 ,694,475 40,129,630
. . 6,360,3061 6,722,7821 6,395,866 5,660,145 4,902,319 ,049,525 5,118,478 5,209,486
.

13
H
>1
tr

Other ratios * 2

Net profit, or net loss ( —) per $100 of capital funds 6
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 6
Loans and investments per $1 of capital funds 6

75
6.10
.54
4.
.94
3.34
5.86
5.62

$4.56 $0.19 - $ 4 .50 -$7.26
4.68
5.39
.94
5 08
3.29
.78 1.36
2 .41
3.53
4.55 4.11
3 .89
2.85
1.05 2.26
2 .59
2.55
2 .80
3.31 2.99
5.46
5.51 5.41
5 .11
5.10|
5.26| 5.23
5 .04

$4.45
4.33
3.62
3.28
2.22
2.36
6.08
5.33

$4.14
4.16
2.11
2.76
1.18
1.93
6.97
5.65

58.93
4.09
1.65
2.59
.70
1.64
7.70
6.02

1
The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. It should be borne in mind in using them that the
statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are therefore ratios of aggregates in which figures for large banks have a
statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments have been made in the underlying data for changes
during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably
affected by these changes.
2
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.
3
Figures for 1928-31 as originally published were revised in the 1935 Annual Report by transferring profits on securities sold from "Earnings" to "Recoveries, profits on securities,
etc.," putting them on the same basis as subsequent figures.
4
Not reported separately; included partly in "Salaries" and "Other expenses."
5
Includes interest on capital notes and debentures.
6
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 1935 (table 60) and similar tables in previous annual reports.




H

154

ANNUAL REPORT OF BOARD OF GOVERNORS

REPORTING MEMBER
No. 61.—WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
[Monthly averages of weekly figures. In millions of dollars]
Loans on securities

Month

TOTAL, 101 CITIES
1933—January
February
March
April
May
June
July
August
September
October
November
December
1934—January
February
March
April
May
June
July
August

Total
loans
and
investments

Investments

To brokers
and dealers
Total

In
New
York
City

Outside
New
York
City

To
others

All
other
loans

2,988
2,967
2,941
2,934
2,925
2,849
2 782
2,111
2,656
2,634
2,586
2,528
2,510

5,902
5,819
4,982
4,921
5,014
5,050
5,075
5,088
5,156
5,273
5,318
5,188
5,058
5,030
4,980
4,965
4,870
4,821
4,769
4,848

5,260
5,206
4,717
4,788
5,128
5,362
5,388
5,376
5,342
5,261
5,433
5,534
5,692
6,469
6,686
6,622
6,657
6,881
7,182
7,181

3,279
3,290
3,161
3,138
3,088
3,067
3,069
3,060
3,059
3,087
3,105
3,071
3,100
3,070
3,159
3,215
3,147
3,199
3,268
3,443

305
354
311
314
497
663
763
706
697
617
567
588
613
685
688
766
720
792
815
615

1,206
1,205
1,260
1,184
1,149
1,093
1,042
1,034
1,031
1,020
1,032
1,039
1,020
980
947
905
914
881
856
850

1,839
1,797
1,492
1,555
1,628
1,653
1,598
1,594
1,620
1,715
1,763
1,694
1,672
1,699
1,650
1,631
1,560
1,537
1,501
1,522

2,575
2,537
2,234
2,232
2,380
2,441
2,347
2,297
2,280
2,232
2,238
2,256
2,233
2,517
2,702
2,745
2,735
2,848
2,930
2,883

1,092
1,091
1,118
1,145
1,109
1,080
1,072
1,050
1,052
1,098
1,131
1,097
1,094
1,070
1,133
1,175
1,075
1,078
1.115
1,202

9
12
11
26
94
110
93
111
102
119
134
145
146
161
166
166
175
163

171 j 2,460
159 i 2,429
156
2,136
141
2,038
131
2,020
123
1,982
127
1,959
125
1,954
124
1,936
126
1,921
127
1,902
121
1 : 886
1,829
104
1,802
106
1,784
118
1,751
127
1,720
125
1,705
128
1,672
127
1,660
116

4,063
4,022
3,400
3,366
3,386
3,397
3,477
3,494
3,536
3,558
3,555
3,494
3,386
3,331
3,330
3,334
3,310
3,284
3,268
3,326

2,685
2,669
2,483
2,556
2,748
2,921
3,041
3,079
3,062
3,029
3,195
3,278
3,459
3,952
3,984
3,877
3,922
4,033
4,252
4,298

2,187
2,199
2,043
1,993
1,979
1,987
1,997
2,010
2,007
1,989
1,974
1,974
2,006
2,000
2,026
2,040
2,072
2,121
2,153
2,241

18,665
18,532
16,794
16,596
17,096
17,415
17,560
17,494
17,482
17,462
17,630
17,589
17,593
18,333
18,556
18,559
18,365
18,627
18,920
18,931

4,224
4,217
3,934
3,749
3,866
3,936
4,028
3,970
3,925
3,841
3,774
3,796
3,743
3,764
3,731
3,757
3,691
3,726
3,701
3,459

327
362
320

7,077
7,046
6,477
6,490
6,821
6,979
6,865
6,722
6,724
6,728
6,775
6,717
6,675
6,997
7,168
7,269
7,050
7,190
7,273
7,127

1,571
1,621
1,633
1,558
1,704
1,805
1,848
1,781
1,772
,683
,643
,670
,676
,711
,683
,718
,680
,727
,727
,520

11,588
11,486
10,317
10,106
10,275
10,436
10,695
10,772
10,758
10,734
10,855
10,872
10,918
11,336
11,388
11,290
11,315
11,437
11,647
11,804

2,653
2,596
2,301
2,191
2,162
2,131
2,180
2,189
2,153
2,158
2,131
2,126
2,067
2,053
2,048
2,039
2,011
1,999
1,974
1,939

326
508
689
857
816
790
728
669
707
747
830
834
927
886
958
990
778

231
221
218
201
189
172
170
166
168
172
171
164
147
152
166
174
171
182
183
171

3,666
3,634
3,396
3,222
3,169
3,075
3,001

NEW YORK CITY

1933—January
February
March
April
May
June
July
August
September
October
November
December
1934—January
February
March
April
May
June
July
August
OUTSIDE NEW YORK CITY
1933—January
February
March
April
May
June
July
August
September
October
November
December
1934—January
February
March
April
May
June
July
August

NOTE.—For monthly averages beginning September 1934, see p. 156 of this Report; for back data, see
Annual Report for 1932 (tables 78-82).




FEDERAL RESERVE SYSTEM

155

BANKS IN LEADING CITIES
CITIES—ASSETS AND LIABILITIES, BY MONTHS, 1933-1935
[Monthly averages of weekly figures. In millions of dollars]

Reserves
with
Federal
Reserve
banks

Cash
in
vault

Net
demand
deposits

Time
deposits

U.S.
Government
deposits

Due
from
banks

Due
to
banks

2,090
1,895
1,460
1,598
1,620
1,730
1,721
1,827
1,974
2,021
2,016
2,004
2,084
2,168
2,678
2,830
2,913
3,024
3,074
3,192

214
234
409
239
220
209
212
205
214
228
238
274
256
251
256
264
281
266
260
254

11,902
11,609
9,927
10,369
10,975
11,306
11,074
10,865
10,958
11,061
11,128
11,248
11,583
11,821
12,254
12,737
12,925
13,148
13,329
13,503

5,691
5,595
4,756
4,666
4,655
4,700
4,927
4,952
4,928
4,912
4,902
4,802
4,820
4,836
4,872
4,911
4,945
4,969
5,020
5,020

282
221
204
234
237
418
611
788
904
846
980
845
652
1,291
1,568
1,342
1,064
1,215
1,429
1,344

1,809
1,604
830
1,181
1,373
1,507
1,306
1,210
1,283
1,310
1,287
1,269
1,369
1,489
1,647
,737
1,730
1,770
,840
, 723

3,528
3,249
2,028
2,535
2,834
3,013
2,836
2,616
2,669
2,781
2,819
2,814
3,048
3,324
3*, 591
3,769
3,811
3,861
4,023
3,942

1,082
862
664
830
827
836
742
803
878
859
817
779
839
875
1,203
1,234
1,281
1,340
1,306
1,429

39
41
83
43
39
39
39
37
38
40
41
46
39
40
39
38
38
39
38
38

5,832
5,626
4,690
5,112
5,530
5,644
5,344
5,210
5,255
5,261
5,224
5,198
5,328
5,388
5,704
5,980
6,011
6,146
6,161
6,216

893
839
748
746
704
719
786
767
760
761
767
713
702
695
686
694
673
688
687
669

110
83
111
136
110
186
265
338
388
363
419
369
300
620
788
695
563
629
726
685

85
74
56
59
81
79
74
67
67
76
77
76
76
77
84
82
.77
85
88
63

1,596
1,446
826
1,125
1,279
1,349
1,188
1,111
1,153
1,175
1,175
1,111
1,222
1,322
1,475
1,567
1,577
1,617
1,640
1,583

1,008
1,033
796
768
793
894
979
1,024
1,096
1,162
1,199
1,225
1,245
1,293
1,475
1,596
1,632
1,684
1,768
1,763

175
193
326
196
181
170
173
168
176
188
197
228
217
211
217
226
223
227
222
216

6,070
5,983
5,237
5,257
5,445
5,662
5,730
5,655
5,703
5,800
5,904
6,050
6,255
6,433
6,550
6,757
6,914
7,002
7,168
7,287

4,798
4,756
4,008
3,920
3,951
3,981
4,141
4,185
4,168
4,151
4,135
4,089
4,118
4,141
4,186
4,217
4,272
4,281
4,333
4,351

172
138
93
98
127
232
346
450
516
483
561
476
352
671
780
647
501
586
703
659

1,724
1,530
774
1,122
1,292
1,428
1,232
1,143
1,216
1,234
1,210
1,193
1,293
1,412
1,563
1,655
1,653
1,685
1,752
1,660

1,932
1,803
1,202
1,410
1,555
1,664
1,648
1,505
1,516
1,606
1,644
1,703
1,826
2,002
2,116
2,202
2,234
2,244
2,383
2,359




Borrowings at
Federal
Reserve
banks

64
95
623
171
124
62
25
31
23
21
24
26
20
11
9
7
(
>
5
(i
5

306'
17

64
95
317
154
124
62
25
31
23
21
24
26
20
11
9
7
6
5
6
5

Month

TOTAL 101 CITIES
1933—January
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.
1934—January.
February.
March.
April.
May.
June.
July.
August.
NEW YORK CITY
1933—January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.
1934—January.
February
March.
April.
May.
June.
July.
August.
OUTSIDE NEW YORK CITY
1933—January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.
1934—January.
February.
March.
April.
May.
June.
July.
August.

156

ANNUAL REPORT OF BOARD OF GOVERNORS
N o . 6 1 . - W E E K L Y R E P O R T I N G M E M B E R BANKS IN 101

LEADING

[Monthly averages of weekly figures. In millions of dollars]
Open-market
loans

Loans to customers (except banks)

Month

Total
loans
and
investments

To
Total

Loans
to
banks

Acceptances
and
commercial
paper
bought

Loans
to
brokers
in
New
York
City*

3,319
3,373
3,323
3,269

123
120
122
127

467
480
477
457

738
707
675
747

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

brokers
and
dealers
outside
New
York
City i

To
others
on
securiles
t

Realestate
loans

Other
loans
to
customers 2

2 348
2,
311
2,286
289
2,

1,151
1,148
1,143
1,139

TOTAL—101 CITIES
1934—September
October
November
December

18,977
19,056
18,989
19,345

6,909
6,865

162
156
157
168

1935—January
February
March
April
May
June
July
August
September
October
November
December

19,489
19,514
19,761
19,856
19,814
19,887
19,909
19,825
20,187
20,355
20,510
20,769

6,744
6,752 !
6,796
6,758
6,715
6,720
6,667
6,623
6,680
6,751
6,770
6,824

172
171
183
172
177
172
173
165
163
159
11
6
174

2,242
2,
220
2 210
2,168
2 129
2,117
2,089
2,074
2,065
2,078
2!081
2,107

1,133
,126
,121
,120
,126
,151
,142
,136
,137
,146
,141
,139

3,197
3,235
3,282
3,298
3,283
3,280
3,263
3,248
3,315
3,368
3,387
3,404

* NEW YORK CITY
1934—September
October
November
December

7,120
7,105
7,050
7,281

2,173
2,193
2,186
2,171

49
49
51
53

799
784
784
794

137
135
133
133

1,188
1,225
1,218
1,191

243
242
237
225

585
563
522
586

1935—January
February
March
April
May
June
July
August
September
October
November
December

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

231
225
216
216
197
165
141
129
130
140
155
171

581
556
642
659
801
806
833
797
814
779
800
897

1934—September
October
November
December

11,857
11,951
11,939
12,064

4,807
4,795
4,723
4,694

113
107
106
115

1,
549
1,
527
1,
502
1,
495

1,014
1,013
• ,010
1
1,006

2,131
2,148
2,105
2,078

224
238
240
232

153
144
153
161

1935—January
February
March
April
May
June
July
August
September
October
November
December

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
4,626
4,638
4,597
4,573
4,607
4,655
4,678
4,729

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

218
213
212
208
198
185
173
182
186
187
183
187

162
159
169
126
43
38
36
33
30
21
20
24

OUTSIDE NEW YORK
CITY

1
2

Loans (secured by stocks and bonds) to brokers and dealers in securities.
Includes reporting banks' own acceptances.




157

FEDERAL RESERVE SYSTEM
CITIES

ASSETS ANJ> LIABILITIES, BY MONTHS, 1933-1935—Continued
|Monthly averages of weekly figures. In millions of dollars!

Investments
U. S. Government
obliga tions
Total
Direct

Fully
giiaranteed

Other
securities

Reserves
with
Federal
Reserve
banks

4 2,953
3,078
2,962
2,986

3,083
3,111
3,236
3,159

275
288
306
330

1,667
1,718
1,762
1,868

1934—September.
October.
November.
December.

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

1935—January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

4 982
1,010

1,365
1,403
1,433
1,375

39
41
49
52

58
62
62
73

1934—September.
October.
November.
December.

994

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

1935—January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

Due
from
domestic
banks 3

Cash
in
vault

Month

TOTAL—101 CITIES
10,669
10,761
10,806
11,149

7,118
7,182
7,243
7,545

4 598

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

4,055
4,043
4,036
4,226

2,820
2,801
2,827
2,995

4 253

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

501
601
618

1,024
1,094
1,114
1,138
1,131

NEW YORK CITY
232
266
271

943
960

1,005
1,050
1,066
1,034
980

1,017
1,047
1,078
1,076
1,027
1,013

OUTSIDE NEW YORK
CITY
6,614
6,718
6,770
6,923

4,298
4,381
4,416
4,550

4 345
269
335
347

1,971
2,068
2,019
2,026

,718
,708
,803
,784

236
247
257
278

1,609
1,656
1,700
1,795

1934—September.
October.
November.
December.

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

1,982
1,989
1,977
2,015
2,057
2,026
2,025
2,048
2,041
2,046
2,024
2,008

,876
,863
,813
,844
2,081
2,149
2,104
2,004
2,030
2,094
2,291
2,264

259
257
255
258
256
274
279
284
288
285
295
316

1,895
1,980
1,950
1,901
1,972
1,939
1,954
2,010
2,118
2,170
2,245
2,230

1935—January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

3

Includes dollar balances due from American branches of foreign banks.
Securities guaranteed by U. S. Government as to interest only included with fully guaranteed obligations.
NOTE.—See next page.
4




158

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 61.—WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
[Monthly averages of weekly figures. In millions of dollars]
Demand deposits
Total
assets

1

Interbank

Other
assets

Month

Total
liabilities Domestic

Foreign

United
States
Government

Certified
checks,
etc.

Other

TOTAL—101 CITIES
1934—September
October
November
December

984
1,041
1,119
1,097

1,646
1,690
1,693
1,676

26,632
26,904
27,105
27,475

3,960
4,091
4,181
4,257

130
126
126
134

1,171
1,037
857
1,131

378
386
391
453

11,528
11,806
12,087
12,115

1935—January
February
March
April
May
June
July
August
September
October
November
December

1,185
1,151
1,167
1,177
1,270
1,132
1,153
1,051
1,169
1,218
1,343
1,429

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
5,268

141

172
159
184
213
269
257
266
270
351
385
438

1,397
1,197
1,094
1,094
891
754
483
558
628
633
519
609

502
460
505
530
553
467
467
425
460
453
484
556

12,224
12,355
12,461
12,563
13,090
13,478
13,724
13,756
13,992
14,124
14,638
14,776

1934—September
October
November
December

486
520
565
571

772
807
792
756

9,840
9,938
9,951
10,108

1,570
1,633
1,652
1,720

112
109
108
115

598
532
446
580

244
245
244
292

4,859
4,969
5,056
4,998

1935—January
February
March
April
May
June
July
August
September
October
November
December

657
616
645
643
708
583
604
533
591
606

735
637
622
586
580
533
510
508
498
478
488
483

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
1,948
1,938
1,893
1,913
1,898
1,953
2,023
2,132
2,133
2,203
2,210

122
152
1S8
162
189
245
231
239
243
322
354
403

718
601
527
527
435
375
223
248
264
247
184
182

346
315
357
371
383
311
304
280
310
294
308
355

5,102
5,161
5,287
5,333
5,537
5,730
5,827
5,847
5,927
5,941
6,146
6,217

1934—September
October
November
December

498
521
554
526

874
883
901
920

16,792
16,966
17,154
17,367

2,390
2,458
2,529
2,537

573
505
411
551

134
141
147
161

6,669
6,837
7,031
7,117

1935—January
February
March
April
May
June
July
August
September
October
November
December

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

2,713
2,726
2,689
2,715
2,729
2,768
2,755
2,865
2,992
3,079
3,058

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

NEW YORK CITY

OUTSIDE NEW YORK CITY

N O T E . — F o r monthly averages for J a n u a r y 1933-August 1934 see page 154 of this report, and for 1936
ee tables 62, 63, and 64.




159

FEDERAL RESERVE SYSTEM
CITIES—ASSETS AND LIABILITIES, BY MONTHS—Continued
[Monthly averages of weekly figures. In millions of dollars]
Time deposits
Demand
deposits—
adjusted l

Interbank

Borrowings
Other

Domestic

Other
liabilities

Capital
account

Month

Foreign

TOTAL—101 CITIES
10,922
11,150
11,360
11,471

120
121
121
121

5
4
4
4

4,882
4,869
4,833
4,761

12
2
4
5

932
944
979
975

3,514
3,518
3,522
3,519

1934—September.
October.
November.
December.

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

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

1935—January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

4,617
4,693
4,735
4,719

1
1
1
1

4
3
3
3

655
652
630
596

1
1
2
3

332
330
344
332

1,464
1,463
1,465
1,468

1934—Sept ember.
October.
November.
December.

4,791
4,861
4,999
5,061
5,211
5,459
5,526
5,594
5,646
5 629
5,766
5 818

1
1
1

6
7
6
7
7
3
3
4
4
3
4
3

604
611
606
619
618
555
566
600
589
619
586
569

1
1
6
4
3
4
11
2
9

300
281
292
277
271
257
248
256
267
287
325
332

1,463
1,458
1,457
1,463
1,469
1,456
1,453
1,451
1,450
1,450
1,458
1,459

1935—January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

6,305
6,457
6,625
6,752

119
120
120
120

1
1
1

4,227
4,217
4,203
4,165

11
1

600
614
635
643

2,050
2,055
2,057
2,051

1934—September.
October.
November.
December.

6,751
6,805
6,801
6,855
7,162
7,355
7,512
7,537
7,637
7,730
8,013
8,086

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

4
8
4
1
3
2
3
2
1
1
1
2

605
601
577
462
448
448
409
407
451
463
482
489

2,016
2,024
2,026
2,027
2,037
2,043
2,029
2,038
2,042
2,046
2,056
2,059

1935—Januarv.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

NEW YORK CITY

OUTSIDE NEW YORK CITY

1
1
2
2
1
2

x
Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in
process of collection.




160

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 62.—WEEKLY REPORTING MEMBER BANKS IN 101
[In millions of dollars]
Loans to customers (except banks)

Date or month

Total
loans
and
investments

Total

To brokers
outside
New

York
City l

Open-market loans

To
others
on securities

Real
estate
loans

Other
loans
to
customers 2

Loans
to
banks

Acceptances
and
commercial
paper
bought

Loans
to brokers in
New
York
Cityi

1936
Jan. 8
Jan. 15
Jan 22
Jan. 29..
Feb 5
Feb. 12
Feb 19
Feb. 26
Mar. 4
Mar. 11
Mar. 18
Mar. 25

20,834
20,913
20,969
20,995
21,023
21,082
21,100
21,006
21,206
21,341
21,637
21,611

6,743
6,749 1
6,716 1
6,681 1
6,666
6,663
6,662
6,646
6,758
6,803
6,842
6,850

175
180
178
171
174
175
178
171
195
207
200
189

2,079
2,074
2,066
2,064
2,064
2,054
2,057
2,048
2,060
2,068
2,090
2,087

1,137
1,145
1,143
1,142
1,140
1,138
1,146
1,146
1,148
1,146
1,146
1,150

3,352
3,350
3,329
3,304
3,288
3,296
3,281
3,281
3,355
3,382
3,406
3,424

78
71
67
65
70
70
69
66
64
67
83
77

366
366
367
360
353
354
351
349
341
349
346
343

Apr. 1
Apr 8
Apr. 15
Apr 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24

21,621
21,731
21,796
21,783
21,795
21,897
21,820
21,799
21,814
22,148
22,163
22,659
22,520

6,962
6,962
6,929
6,910
6,898
6,950
6,953
6,995
6,972
7,065
7,059
7,062
7,011

220
213
219
214
209
212
208
213
214
238
232
244
237

2,103
2,098
2,062
2,059
2,063
2,083
2,080
2,079
2,070
2,094
2,096
2,100
2,094

1,144
1,143
1,140
1,140
1,141
1,146
1,146
1,147
1,146
1,147
1,148
1,150
1,149

3,495
3,508
3,508
3,497
3,485
3,509
3,519
3,556
3,542
3,586
3,583
3,568
3,531

88
70
66
62
67
101
100
62
65
92
107
106
65

352
353
352
351
346
341
336
332
322
315
318
319
324

July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept 23
Sept. 30

22,619
22,462
22,514
22,446
22,378
22,345
22,324
22,256
22,264
22,263
22,433
22,614
22,610
22,682

7,110
7,064
7,105
7,035
7,010
7,021
7,058
7,080
7,103
7,113
7,196
7,257
7,268
7,358

253
238
236
227
220
214
210
205
208
205
213
214
207
222

2,093
2,082
2,083
2,054
2,046
2,020
2,019
2,024
2,027
2,014
2,039
2,038
2,038
2,048

1,145
1,147
1,145
1,145
1,144
1,147
1,146
1,146
,147
,145
,146
,143
,144
,139

3,619
3,597
3,641
3,609
3,600
3,640
3,683
3,705
3,721
3,749
3,798
3,862
3,879
3,949

62
58
58
56
58
59
64
63
66
65
88
97
95
112

315
313
310
319
319
321
321
323
317
318
315
316
317
311

Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 10
Nov 18
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec 30

22,607
22,568
22,571
22,517 .
22,446
22,488
22,442
22,401
22,459
22,594
22,875
22,941
22,931 !

7,379
7,397
7,414
7,422
7,411
7,430
7,450
7,424
7,456
7,498
7,648
7,707
7,725

221
218
213
220
225
216
209
210
212
222
228
233
242

2,041
2,019
2,014
2,026
2,024
2,025
2,029
2,019
2,024
2,022
2,048
2,040
2,035

,142
,142
,143
,143
,143
,144
.150
1^154
1,152
1,154
1,153
1,155
1,156

3,975
4,018
4,044
4,033
4,019
4,045
4,062
4,041
4,068
4,100
4,219
4,279
4,292

56
54
56
53
54
70
58
64
63
56
57
78
66

315
315
316
313
317
326
329
321
324
330
341
346
351

2,071
1,142
3,334
2,056
1,143
3,286
2,076
1,147
3,392
2,077
1,141
3,499
2,078
1,146
3,531
238 2,096
1,149
3,567
235 2,072
1,145
3,613
209
2,023
1,147
3,687
212
2,035
,143
3,848
218
2,025
1,142
4,018
215 2,024
1,148
4,042
227 2,034
1,154
4.192
and dealers in securities,

70
69
73
70
82
92
58
03
92
55
62
64

364
352
345
351
333
319
315
320
315
315
323
338

Monthly Averages:
20,928 1 6,723 '
January
6,659 j
21,053
February
March
21,449 I 6,813
April
21,745 i 6,932
6,967
May
21,832
7,050 !
June
22,373
7,065 !
July
22,484
August
22,297 i 7,066 i
7,238
September
22,520
7,403
October
:
22,566
7,429 !
November
22,444
December
22,760 i 7,607 1
1
Loans (secured by stocks and bonds) to brokers
2

Includes reporting banks' own acceptances.



176
174

198
215
212

937
939
923
893
888
908
909
898

1,003
1,064

979
934
990
984

1,023
1,009
1,032
1,020

969
964
940

1,154
1,093
1,051

996
973
922
939
938
907
915
909
903
939
958

1,028
989
968
972
953
929
965
933
943
938
915
970
969

1,028
1,023
1,039
1,047

923
901
995

1,008

973

1,074

936
916
983
945
941

1,021

161

FEDERAL RESERVE SYSTEM
LEADING CITIES—ASSETS AND LIABILITIES, 1936
[In millions of dollars]
Investments
U. S. Government
obligations
Total
Direct

Fully
guaranteed

Other
securities

Reserves
with
Federal
Reserve
banks

Cash in
vault

Balances
with domestic
banks 3

Date or month

1936
12,710
12,788
12,896
12,996
13,046
13,087
13,109
13,047
13,040
13,058
13,387
13,407

1,135
1,149
1,162
1,172
1,179
1,197
1,197
1,201
1,224
1,244
1,257
1,265

3,059
3,063
3,083
3,169
3,166
3,173
3,186
3,156
3,182
3,223
3,265
3,283

4,707
4,778
4,764
4,843
4,825
4,741
4,772
4,788
4,723
4,626
4,089
4,008

370
346
347
353
339
357
359
371
360
372
362
366

2,284
2,366
2,328
2,366
2,332
2,306
2,334
2,368
2,401
2,418
2,287
2,230

Jan. 8.
Jan. 15.
Jan. 22.
Jan. 29.
Feb. 5.
Feb. 12.
Feb. 19.
Feb. 26.
Mar. 4.
Mar. 11.
Mar. 18.
Mar. 25.

13,229
13,362
13,426
13,451
13,452
13,485
13,462
13,446
13,515
13,522
13,586
14,121
14,124

8,643
8,791
8,796
8,805
8,802
8,847
8,872
8,868
8,920
8,909
8,975
9,449
9,474

1,265
1,267
1,276
1,277
1,281
1,278
1,289
1,285
1,290
1,305
1,303
1,302
1,302

3,321
3,304
3,354
3,369
3,369
3,360
3,301
3,293
3,305
3,308
3,308
3,370
3,348

3,866
4,052
4,216
4,348
4,416
4,458
4,537
4,623
4,690
4,594
4,744
3,937
4,282

356
375
365
372
382
370
383
369
389
369
386
389
403

2,198
2,234
2,316
2,310
2,252
2,242
2,250
2,319
2,319
2,363
2,359
2,201
2,235

Apr. 1.
Apr. 8.
Apr. 15.
Apr. 22.
Apr. 29.
May 6.
May 13.
May 20.
May 27.
June 3.
June 10.
June 17.
June 24.

14,159
14,105
14,102
14,098
14,084
14,029
13,972
13,887
13,839
13,809
13,806
13,955
13,962
13,929

9,510
9,493
9,488
9,471
9,456
9,442
9,380
9,332
9,274
9,263
9,250
9,376
9,377
9,336

1,289
1,277
1,276
1,277
1,272
1,271
1,277
1,232
1,233
1,236
1,237
1,247
1,252
1,256

3,360
3,335
3,338
3,350
3,356
3,316
3,315
3,323
3,332
3,310
3,319
3,332
3,333
3,337

4,487
4,672
4,717
4,816
4,859
4,786
4,855
4,884
4,976
5,082
5,109
4,869
4,891
5,023

388
398
380
380
385
368
383
373
379
371
394
379
391
378

2,470
2,487
2,557
2,508
2,443
2,443
2,408
2,288
2,276
2,272
2,275
2,342
2,302
2,363

July 1.
July 8.
July 15.
July 22.
July 29.
Aug. 5.
Aug. 12.
Aug. 19.
Aug. 26.
Sept. 2.
Sepc. 9.
Sept. 16.
Sept. 23.
Sept. 30.

13,904
13,873
13,820
13,796
13,721
13,724
13,690
13,622
13,647
13,682
13,806
13,771
13,742

9,359
9,323
9,286
9,274
9,250
9,267
9,234
9,178
9,173
9,192
9,310
9,290
9,241

1,250
1,258
1,254
1,257
1,253
1,258
1,261
1,247
1,246
1,246
1,239
1,240
1,238

3,295
3,292
3,280
3,265
3,218
3,199
3,195
3,197
3,228
3,244
3,257
3,241
3,263

5,117
5,248
5,350
5,390
5,324
5,462
5,471
5,431
5,371
5,317
5,307
5,161
5,163

390
410
393
405
402
403
404
407
401
436
429
437
433

2,346
2,433
2,389
2,371
2,435
2,440
2,505
2,475
2,512
2,457
2,498
2,386
2,345

Oct. 7.
Oct. 14.
Oct. 21.
Oct. 28.
Nov. 4
Nov. 10.
Nov. 18.
Nov. 25.
Dec. 2.
Dec. 9.
Dec. 16.
Dec. 23.
Dec. 30.

12,848
13,072
13,223
13,384
13,477
13,838
14,110
13,932
13,892
13,848
13,689
13,730
3

8,516
8,576
8,651
8,655
8,701
8,717
8,726
8,690
8,634
8,591
8,865
8,859

8,599
8,708
8,737
8,767
8,877
9,202
9,484
9,357
9,320
9,310
9,232
9,241

1,155
1,194
1,248
1,273
1,286
1,303
1,278
1,254
1,240
1,255
1,255
1,242

3,094
3,170
3,238
3,344
3,314
3,333
3,348
3,321
3,326
3,283
3,202
3,247

4,773
4,782
4,361
4,180
4,577
4,389
4,710
4,875
4,995
5,276
5,422
5,264

354
356
365
370
378
387
386
376
383
399
404
427

2,336
2,335
2,334
2,262
2,283
2,290
2,493
2,354
2,311
2,385
2,463
2,439

Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

Figures reported prior to 1936 excluded a certain a m o u n t of time balances and balances with private banks;
$38,000,000 at all weekly reporting member banks.

the amount excluded onDecember 31,1935, was approximately



162

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 62.—WEEKLY REPORTING MEMBER BANKS IN 101
[In millions of dollars]
Cash
items
reported
as on
hand or
in process
of
collection

Date or month

Demand deposits
Total
assets
Other
assets

Interbank
Total
Domestic
liabilities
banks

Foreign
banks

U.S.
Government

Certified
checks,
etc.

Other

1936
Jan. 8
J a n . 15
J a n . 22
J a n . 29
Feb. 5
Feb. 12
Feb.19
Feb.26
Mar. 4
Mar 11
Mar. 18
Mar. 25

1,271
1,536
1,331
1,203
1,156
1,398
l,2hO
1,295
1,437
1,545
1,369
1,300

1.316
1,337
1.331
,336
,327
,337
,333
,351
,342
,348
,318
,329

30,782
31,276
31,070
31,096
31,002
31,221
31,158
31,179
31,469
31,650
31,062
30 844

5,409
5,518
5,526
5,486
5,516
5,480
5,524
5,527
5,739
5,702
5,375
5,252

424
432
427
424
406
398
393
391
387
380
373
366

702
699
611
604
598
547
524
510
511
510
785
111

553
594
532
471
435
535
519
482
620
663
527
508

14,391
14,712
14,635
14,749
14,712
14,924
14,853
14,903
14,783
14,925
14,613
14,539

Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
M a y 13
M a y 20
M a y 27
June 3
J u n e 10
J u n e 17
J u n e 24

1,744
1,263
1,850
1,346
1,428
1,283
1,341
1,241
1,210
1,479
1,255
1,535
1,272

,353
,335
,344
,345
,393
] ,383
1 . 379
1,363
1,379
1,389
1,395
1,358
1,344

31,138
30,990
31,887
31,504
31,666
31,633
31,710
31,714
31,801
32,342
32,302
32,079
32,056

5,297
5,292
5,487
5,379
5,299
5,361
5,360
5,344
5,317
5,453
5,500
5,217
5,315

370
359
351
350
348
374
377
377
374
404
456
476
452

774
760
755
751
752
754
752
754
747
746
742
852
846

699
486
692
474
528
479
392
415
393
577
465
544
408

14,623
14,667
15,154
15,059
15,158
15,064
15,221
15,216
15,379
15,482
15,467
15,422
15,427

2 222
1^294
1,611
1,268
1,365
1,186
1,352
1,218
1,494
1,322
1,380
1,614
1,285
1,620

1,348
1,302
1,312
1,324
1,329
1,300
1,308
1,296
1,301
1,307
1,311
1,282
1,300
1,341

33,534
32,615
33,091
32,742
32,759
32,428
32,630
32,315
32,690
32,617
32,902
33,100
32,779
33,407

5,878
5,941
6,019
5,876
5,805
5,870
5,827
5,621
5,598
5,731
5,773
5,801
5,706
5,792

430
432
427
428
417
412
408
406
408
403
402
408
423
480

839
836
823
823
823
822
821
820
820
820
821
849
849
847

853
441
495
421
513
390
399
379
587
449
551
509
388
525

16,048
15,483
15,862
15,704
15,702
15,477
15,705
15,633
15,818
15,740
15,747
16,015
15,896
16,211

1,338
1,743
1,465
1,400
1,613
1,713
1,670
1,656
1,674
1,477
2,014
1,805
1,963

1,305
1,299
1,284
1,303
1,302
1,299
1,313
1,356
1,372
1,371
1,352
1,376
1,378

33,103
33,701
33,452
33,386
33,522
33,805
33,805
33,726
33,789
33,652
34,475
34,106
34,213

5,903
6,032
5,954
5,909
6,057
6,104
6,167
6,098
6,153
6,087
6,059
5,945
5,879

466
480
462
462
448
451
444
450
443
443
445
419
423

849
848
772
704
626
596
521
449
449
450
700
702
702

450
433
448
454
477
704
556
600
594
559
633
608
691

15,877
16,362
16,245
16,286
16,342
16,388
16,513
16,520
16,544
16,406
17,006
16,771
16,843

1,335
1,277
1,413
1,526
1,269
1,385
1,552
1,313
1,444
1,487
1,663
1,787

1,330
1,337
1,334
1,354
1,376
1,371
1,323
1,301
1,308
1,298
1,318
1,370

31,056
31,140
31,256
31,437
31,715
32,195
32,948
32,516
32,961
33,411
33,714
34,047

5,485
5,512
5,517
5,351
5,346
5,371
5,904
5,729
5,761
5,950
6,106
6,025

427
397
376
356
375
447
427
409
423
467
448
435

654
545
646
758
752
797
829
821
837
793
548
601

537
493
579
576
420
499
545
439
484
446
584
617

14,622
14,848
14,715
14,932
15,220
15,449
15,760
15,658
15,922
16,193
16,441
16,714

July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug 26
Sept 2
Sept. 9
Sept. 16
Sept 23
Sept 30

.

....

...

Oct 7
Oct. 14
Oct 21
Oct. 28
Nov. 4
Nov. 10
Nov 18
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
M o n t h l y averages:
January
February
March
April
M^ay
June
July
August
September
October
November
December

. ..

Bark figures.—¥or weekly figures see Annual Report for 1935 (table 61); for monthly figures see table 61 of this report.




1G3

FEDERAL RESERVE SYSTEM
LEADING CITIES—ASSETS AND LIABILITIES, 1936—Continued
[In millions of dollars]
Time deposits
Demand
deposits—
adjusted 4

Borrowings

Inter sank

Other
liabilities

Capital
account

Date or month

Other
Domestic
banks

Foreign
banks
1936

13,673
13,770
13,836
14,017
13,991
14,061
14,112
14,090
13,966
14,043
13,771
13,747

135
135
134
135
135
135
135
135
134
133
134
133

4
3
3
3
3
4
4
4
3
5
4
3

4,889
4,898
4,892
4,888
4,892
4,889
4,889
4,900
4,911
4,931
4,922
4,921

1
2
5
2
3
2
2
3
3
13
21
17

773
783
799
829
799
803
808
820
866
877
795
815

3,501
3,500
3,506
3,505
3,503
3,504
3,507
3,504
3,512
3,511
3,513
3,513

Jan. 8.
Jan. 15.
Jan. 22.
Jan. 29.
Feb. 5.
Feb. 12.
Feb. 19.
Feb. 26.
Mar. 4.
Mar. 11.
Mar. 18.
Mar. 25.

13,578
13,890
13,996
14,187
14,258
14,260
14,272
14,390
14,562
14,580
14,677
14,431
14,563

133
135
133
133
132
130
132
131
132
131
133
131
132

4
3
3
5
5
5
5
4
4
4
4
4
5

4,909
4,956
4,958
4,985
5,047
5,076
5,056
5,043
5,028
5,035
5,033
5,021
5,059

22
6
6
2

789
803
821
833
865
850
871
892
884
959
956
861
875

3,518
3,523
3,527
3,533
3,532
3,540
3,544
3,538
3,543
3,551
3,546
3,539
3,537

Apr. 1.
Apr. 8.
Apr. 15.
Apr. 22.
Apr. 29.
May 6.
May 13.
May 20.
May 27.
June 3.
June 10.
June 17.
June 24.

14,679
14,630
14,746
14,857
14,850
14,681
14,752
14,794
14,911
14,867
14,918
14,910
14,999
15,116

132
133
135
134
133
131
131
129
128
129
128
130
129
127

5
4
4
4
5
5
6
5
4
4
4
4
4

5,011
4,999
4,999
5,014
5,015
5,015
5,021
5,014
5,028
5,032
5,036
5,031
5,018
5,063

847
857
838
851
861
825
824
813
803
805
920
820
842
848

3,491
3,489
3,489
3,487
3,485
3,481
3,485
3,491
3,493
3,500
3,498
3.502
3,506
3,510

July 1.
July 8.
July 15.
July 22.
July 29.
Aug. 5.
Aug. 12.
Aug.19.
Aug. 26.
Sept. 2.
Sept. 9.
Sept. 16.
Sept. 23.
Sept. 30.

14,989
15,052
15,228
15,340
15,206
15,379
15,399
15,464
15,464
15,488
15,625
15,574
15,571

129
130
130
132
130
130
130
130
128
131
131
132
130

4
4
4
5
5
5
5
4
7
4
5
4
4

5,073
5,068
5,072
5,065
5,042
5,022
5,029
5,034
5,037
5,050
5,031
5,043
5,057

836
829
847
849
865
868
893
894
879
963
904
900
901

3,515
3,513
3,518
3,520
3,530
3,537
3,544
3,545
3,555
3,559
3,558
3,553
3,550

Oct. 7.
Oct. 14.
Oct.21.
Oct. 28.
Nov. 4.
Nov. 10.
Nov. 18.
Nov. 25.
Dec. 2.
Dec. 9.
Dec. 16.
Dee. 23.
Dec. 30.

13,824
14,064
13,882
13,982
14,371
14,563
14,752
14,785
14,962
15,152
15,362
15,544

135
135
133
133
131
132
133
130
129
130
130
130

3
3
4
4
5
4
4
5
4
4
5
5

4,892
4,893
4,923
4,971
5,051
5,037
5,007
5,019
5,036
5,070
5,032
5,045

796
807
838
822
874
913
851
816
847
840
880
909

3,503
3,505
3,512
3,527
3,541
3,543
3,488
3,488
3,503
3,517
3,539
3,555

Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

12

3'
4
3
4
22
31
17
1
2

3
2
3'
29
23
2
2
13
7
3
2
15
1
1
11

4
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 BOARD OF GOVERNORS
No.

6 3 . — W E E K L Y R E P O R T I N G M E M B E R B A N K S IN N E W
[In millions of dollars]
Loans to customers (except banks)

Date or month

Total
loans
and
investments

Total

To brokers
outside
New
York1
City

To
others
on securities

Real
estate
loans

Open-market loans

Other
loans
to
customers 2

Loans
to
banks

Acceptances
and
commercial
paper
bought

Loans
to brokers in
New
York
City 1

1936
Jan. 8
J a n . 15
J a n . 22
J a n . 29
Feb.5
Feb. 12
Feb. 19
Feb.26
Mar. 4
Mar. 11
Mar. 18
Mar. 25

7,900
7,906
7,940
8,000
8,028
8,072
8,094
8,048
8,296
8,457
8,410
8,400

2,041
2,044
2,035
2,025
2,020
2,020
2,029
2,031
2,097
2,069
2,095
2,096

735
730
728
729
731
731
738
736
742
744
758
755

127
128
128
127
127
127
134
134
135
135
135
136

1,121
.1,127
1,118
1,111
1,102
1,101
1,095
1,100
1,158
1,128
1,138
1,141

42
36
31
28
• 33
33
33
31
29
33
49
45

175
174
173
168
162
163
160
160
155
159
160
158

909
912
893
866
860
882
882
869
969
1,027
946
898

Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
M a y 13
M a y 20
M a y 27
June 3
J u n e 10
J u n e 17
J u n e 24

8,533
8,514
8,556
8,561
8,571
8,635
8,550
8,561
8,595
8,959
8,917
9,075

2,120
2,148
2,118
2,117
2,101
2,134
2,133
2,159
2,140
2,184
2,179
2,182
2,169

758
763
737
740
739
754
750
750
748
756
761
767
765

134
134
131
131
130
133
133
133
133
133
133
133
133

1,105
1,184
1,183
1,179
1,164
1,177
1,179
1,204
1,185
1,222
1,212
1,206
1,196

52
35
31
28
34
68
67
29
31
57
74
72
31

168
165
163
163
159
153
146
141
134
128
132
130
139

956
944
980
969
988
978
922
918
894
1,103
1,042
1,008
955

July 1
July 8
J u l y 15
July 22
J u l y 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept.16
Sept. 23
Sept. 30

9,063
8,906
8,884
8,754
8,694
8,627
8,621
8,596
8,585
8,615
8,758
8,803
8,786
8,803

2,228
2,223
2,216
2,148
2,142
2,130
2,138
2,155
2,170
2,166
2,207
2,238
2,242
2,293

765
760
753
727
722
698
702
691
709
709
710
715

133
133
132
133
133
133
133
132
132
132
132
133
133
130

1,259
1,256
1,257
1,215
1,215
1,226
1,238
1,253
1,262
1,268
1,291
1,321
1,326
1,372

27
27
26
25
27
29
33
32
33
33
56
65
64
82

136
134
133
128
126
122
121
116
113
112
111
114
118
116

933
886
904
897
866
872
868
862
897
909
977
938
924
932

Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Nov. 25
Dec. 5
Dec. 9
Dec. 16
Dec. 23
Dec. 30

8,716
8,687
8,692
8,653
8,608
8,642
8,611
8,625
8,680
8,745
8,777
8,800
8,749

2,305
2,328
2,334
2,340
2,331
2,350
2,378
2,358
2,361
2,370
2,461
2,483
2,469

709
705
702
705
707
712
713
707
706
701
726
719
708

131
131
131
131
131
130
130
131
130
130
130
130
129

1,386
1,412
1,424
1,426
1,415
1,430
1,458
1,444
1,451
1,464
1,529
1,559
1,556

25
23
24
23
24
39
26
32
32
25
27
49
38

120
121
125
127
131
136
137
135
135
136
141
142
145

914
891
924
894
903
895
874
930
928
984
980
992
1,004

Monthly averages:
January
February
March
April
May
June
July
August
September
October
November
December

7,937
8,061
8,391
8,547
8,585
8,987
8,860
8,607
8,753
8,687
8,622
8,750

2,036
2,025
2,089
2,121
2,141
2,178
2,192
2,148
2,229
2,326
2,354
2,429

730
734
750
747
750
762
745
697
707
705
710
712

128
130
135
132
133
133
133
132
132
131
130
130

1,119
1,100
1,141
1,175
1,186
1,209
1,241
1,245
1,315
1,412
1,437
1,512

34
33
39
36
48
59
26
32
60
24
30
34

173
161
158
164
144
132
131
118
114
123
135
140

895
873
960
967
928
1,027
897
875
936
906
901
978

1

Loans (secured by stocks and bonds) to brokers and dealers in securities.
- Includes reporting banks' own acceptances.




165

FEDERAL RESERVE SYSTEM
YORK CITY—ASSETS AND LIABILITIES, 1936
[In millions o I'dollars]
Invest nents
U. S. Government
obligations
Total
Direct

Fully
guaranteed

Other
securities

Reserves
with
Federal
Reserve
bank

Cash in
vault

Balances
with domestic
banks 3

Date or month

1936
4,733
4,740
4,808
4,913
4,953
4,974
4,990
4,957
5,046
5,169
5,160
5,203

3,315
3,311
3,368
3,391
3,422
3,430
3,438
3,431
3,451
3,522
3,466
3,476

387
395
401
413
420
434
436
444
479
511
537
549

1,031
1,034
1,039
1,109
1,111
1,110
1,116
1,082
1,116
1,136
1,157
1,178

2,431
2,490
2,509
2,561
2,487
2,418
2,498
2,533
2,390
2,225
1,989
1,949

56
53
52
53
50
52
50
54
49
52
49
51

77
78
75
75
81
80
80
77
75
79
78
78

Jan. 8.
Jan. 15.
Jan. 22.
Jan. 29.
Feb. 5.
Feb. 12.
Feb. 19.
Feb. 26.
Mar. 4.
Mar. 11.
Mar. 18.
Mar. 25.

5,237
5,222
5,264
5,284
5,289
5,302
5,282
5,314
5,396
5,487
5,490
5,683
5,704

3,485
3,499
3,506
3,523
3,545
3,581
3,618
3,655
3,734
3,809
3,814
3,954
4,007

550
549
559
549
548
542
548
543
546
557
563
564
559

1,202
1,174
1,199
1,212
1,196
1,179
1,116
1,116
1,116
1,121
1,113
1,165
1,138

1,892
1,910
1,972
2,009
2,056
2,119
2,212
2,294
2,313
2,163
2,335
1,791
1,906

48
51
50
51
55
50
53
51
55
51
52
52
55

86
77
83
76
74
81
71
71
73
76
74
78
76

Apr. 1.
Apr. 8.
Apr. 15.
Apr. 22.
Apr. 29.
May 6.
May 13.
May 20.
May 27.
June 3.
June 10.
June 17.
June 24.

5,739
5,636
5,605
5,556
5,533
5,474
5,461
5,431
5,372
5,395
5,407
5,448
5,438
5,380

4,036
3,976
3,945
3,894
3,880
3,863
3,853
3,856
3,800
3,826
3,832
3,863
3,843
3,784

546
521
519
516
505
491
488
446
440
447
450
454
463
467

1,157
1,139
1,141
1,146
1,148
1,120
1,120
1,129
1,132
1,122
1,125
1,131
1,132
1,129

2,004
2,076
2,173
2,289
2,350
2,369
2,355
2,290
2,412
2,457
2,388
2,265
2,303
2,354

54
54
50
51
53
50
54
50

82
78
81
78
78
74
75
71

51

71
69
70
74
71
76

July 1.
July 8.
July 15.
July 22.
July 29.
Aug. 5.
Aug. 12.
Aug. 19.
Aug. 26.
Sept. 2
Sept. 9
Sept. 16.
Sept. 23.
Sept. 30.

5,352
5,324
5,285
5,269
5,219
5,222
5,196
5,170
5,224
5,230
5,168
5,134
5,093

3,794
3,768
3,742
3,738
3,722
3,742
3,722
3,699
3,722
3,722
3,661
3,647
3,579

460
462
459
464
464
462
463
454
453
454
447
452
451

1,098
1,094
1,084
1,067
1,033
1,018
1,011
1,017
1,049
1,054
1,060
1,035
1,063

2,411
2,429
2,495
2,509
2,496
2*592
2,602
2,547
2,486
2,582
2,465
2,467

53
58
53
56
59
55
56
60
56
61
61
69
66

72
73
76
77
70
78
79
81
84
79
87
88
90

Oct. 7.
Oct. 14.
Oct. 21.
Oct. 28.
Nov. 4.
Nov. 10.
Nov. 18.
Nov. 25.
Dec. 2.
Dec. 9.
Dec. 16.
Dec. 23.
Dec. 30.

4,799
4,969
5,145
5,259
5,324
5,591
5,614
5,434
5,414
5,308
5,202
5,169

3,346
3,430
3,479
3,511
3,647
3,896
3,946
3,843
3,830
3,761
3,721
3,666

399
434
519
551
545
561
522
466
456
461
461
451

1,054
1,105
1,147
1,197
1,132
1,134
1,146
1,125
1,128
1,086
1,020
1,052

2,498
2,484
2,138
1,968
2,234
2,049
2,178
2,357
2,354
2,461
2,575
2,509

53
51
51
51
52
53
52
51
52
55
58
63

76
79
77
79
74
76
80
73
72
74
78
86

Monthly averages:
January.
February.
March.
April.
May.
June.
July.
August.
September.
October.
November.
December.

50
53
51
53
52

s
Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks;
the amount excluded on December 31,1935,was approximately $38,000,000 at all weekly reporting member banks.




166

ANNUAL REPORT OF BOARD OF GOVERNORS
N o . 6 3 . — W E E K L Y REPORTING M E M B E R BANKS IN N E W

[In millions of dollars]
Cash
Total
assets

items
reported

as on
hand or

Date or month

Other
assets

Demand deposits
Interbank

U.S.

in process

Certified

Govern-

Total Domestic
liabilities banks

of
collection

Foreign
banks

checks,

ment

Other

etc.

1936
635
794
655
598
545
722
629
612
753
848
688
660

463
478
473
473
469
472
471
475
471
468
457
463

11,562
11,799
11,704
11,760
11,660
11,816
11,822
11,799
12,034
12,129
11,671
11,601

2,314
2,370
2,383
2,368
2,340
2,320
2,345
2,339
2,466
2,451
2,270
2,187

Apr. 1
Apr. 8
Apr 15
Apr 22
Apr 29
May 8
May 13
May 20
May 27
June 3
June 10
June 17 .
June 24

978
567
1 036
623
741
608
573
550
528
716
570
744
571

485
467
472
471
495
505
502
482
485
504
510
495
476

12,022
11,586
12,169
11,791
11,992
11,998
11,961
12,009
12,049
12,469
12,458
12,235
12,082

July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug 12
Aug. 19
Aug 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30

1,244
546
759
524
652
474
544
507
803
591
647
708
536
784

481
460
456
465
470
451
459
451
454
459
465
453
466
499

Oct. 7
Oct 14
Oct. 21
Oct 28
Nov 4
Nov. 10
Nov 18
Nov. 25
Dec. 2
Dec 9
Dec 16
Dec. 23
Dec. 30

597
718
623
637
706
886
795
793
811
724
972
867
1,016
670
627
737
789
565
650
745
582
653
644
795
878

Jan.8
Jan. 15
J a n 22
Jan. 29
Feb 5
Feb 12
Feb.19
Feb 26
Mar. 4

.

. . .

Mar 11

Mar 18
Mar. 25

. .

Monthly averages:
January
February
March
April
May

June . . .
July
August
September
October
November
December

376
370
364
361
357
349
343
337

197
197
162
162
161
144
137
131
131
131
198
197

271
339
345
314
438
486
361
352

5,980
6,115
6 099
6,211
6,209
6,340
6,312
6,318
6,265
6,315
6,158
6,177

2,233
2,240
2,376
2,317
2,293
2,291
2,318
2,323
2,278
2,326
2,408
2,242
2,263

339
329
319
318
318
343
347
347
344
374
425
444
419

198
198
198
196
196
196
196
198
194
195
194
196
192

489
286
520
301
356
313
236
256
241
384
286
378
257

6,416
6,225
6,437
6,316
6,437
6,421
6,440
6,456
6,596
6,717
6,671
6,587
6,565

12,928
12,120
12,403
12,161
12,297
12,045
12,108
11,965
12,376
12,241
12,381
12,354
12,215
12,568

2,535
2,464
2,521
2,437
2,429
2,460
2,425
2,314
2,321
2,403
2,387
2,405
2,365
2,431

394
397
390
393
379
377
372
369
370
368
366
372
385
444

192
193
191
191
191
191
191
191
191
191
190
193
193
193

615
273
312
254
352
225
236
227
437
292
370
328
232
346

6,844
6,443
6,641
6,525
6,569
6,444
6,537
6,520
6,714
6,640
6,611
6,687
6,675
6,758

475
457
452
463
465
456
462
489
496
487
480
503
496

12,324
12,422
12,391
12,395
12,410
12,727
12,59512,650
12,674
12,582
12,959
12,792
12,884

2,445
2,463
2,446
2,423
2,496
2,545
2,534
2,541
2,536
2,501
2,498
2,428
2,380

429
439
421
418

193
193
164
137
117
111
97
82
83
83
203
203
203

286
257
272
292

6,577
6,678
6,685
6,730
6,696
6,766
6,774
6,788
6,835
6,750
6,990
6,909
6,981

472
472
465
478
494
496
466
454
468
462
468
492

11,706
11,774
11,859
11,912
12,004
12,311
12,381
12,124
12,352
12,383
12,596
12,778

2,359
2,336
2,343
2,292
2,303
2,310
2,477
2,380
2,399
2,444
2,529
2,468

180
143
164
197
196
194
192
191
192
172
102
155

348

Back figures— See Annual Report for 1935 (table 62).




395

403
397
397

405
414
404

411
404
405
407
383

386
398
368
347

325
345
416
391
372

387
427
408
397

359

398
341
294

299
516
381

410
393
361
427
410

483

317
409

390
261
326
361
281

313
277
402
415

6,101
6,295
6,229
6,366
6,478
6,635
6,604
6,554
6,674
6,667
6,756
6,893

167

FEDERAL RESERVE SYSTEM
YORK CITY—ASSETS AND LIABILITIES, 1936—Continued
[In millions of dollars]
Time deposits
Demand
deposits—•
adjusted 4

Borrow-

Interbank

Other
liabilities

Capital
account

Date or month

Other
Domestic
banks

Foreign
banks
1936

5,704
5,719
5,785
5,907
5,935
5,957
6,028
6,020
5,950
5,953
5,831
5,869

544
543
541
535
537
532
537
542
537
543
541
546

310
309
313
326
301
305
315
327
370
377
318
326

1,460
1,461
1,463
1,464
1,462
1,463
1,464
1,464
1,467
1,461
1,461
1,462

Jan. 8.
Jan. 15.
Jan. 22.
Jan. 29.
Feb. 5
Feb. 12.
Feb. 19.
Feb. 26.
Mar. 4
Mar. 11.
Mar. 18.
Mar. 25.

5,927
5,944
5,921
5,994
6,052
6,126
6,103
6,162
6,309
6,385
6,387
6,221
6,251

546
533
532
545
576
602
583
578
561
549
550
542
547

314
301
318
326
345
356
364
379
363
447
448
365
367

1,464
1,465
1,466
1,468
1,467
1,472
1,473
1,468
1,468
1,473
1,472
1,467
1,468

Apr. 1.
Apr. 8.
Apr. 15.
Apr. 22.
Apr. 29.
May 6.
May 13.
May 20.
May 27.
June 3.
June 10.
June 17.
June 24.

6,215
6,170
6,194
6,255
6,269
6,195
6,229
6,240
6,348
6,341
6,334
6,307
6,371
6,320

550
549
551
561
570
573
571
562
569
577
571
567
561

363
368
364
367
375
344
345
348
341
331
434
344
359
366

1,431
1,429
1,429
1,429
1,428
1,427
1,427
1,428
1,427
1,432
1,427
1,425
1,425
1,428

July 1.
July 8.
July 15.
July 22.
July 29.
A\ig. 5.
Aug. 12.
Aug. 19.
Aug. 26.
Sept. 2.
Sept. 9.
Sept. 16.
Sept. 23.
Sept. 30.

6,266
6,217
6,334
6,385
6,289
6,396
6,360
6,405
6,417
6,387
6,445
6,452
6,448

605
613
611
609
591
567
580
592
613
605
614
614
621

354
345
355
350
362
363
377
376
356
421
364
364
353

1,431
1,430
1,433
1,432
1,440
1,441
1,442
1,444
1,450
1,452
1,452
1,451
1,451

Oct. 7.
Oc5. 7.
Oct. 21.
Oct. 28.
Nov. 4.
Nov. 10.
Nov. 18.
Nov. 25.
Dec. 2.
Dec. 9.
Dec. 16.
Dec. 23.
Dec. 30.

5,779
5,985
5,901
5,968
6,175
6,311
6,221
6,253
6,335
6,301
6,363
6,430

540
537
542
547
581
547
556
569
575
610
583
613

314
312
348
321
366
407
367
345
367
351
369
372

1,462
1,463
1,463
1,466
1,470
1,470
1,429
1,427
1,427
1,431
1,442
1,451

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

10

4
Demand deposits other than interbank a n d U . S. Government, less cash items reported as on hand or in
process of collection.




168

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 64.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE
[In millions of dollars]
tomers (except banl a)
Loans to cus

Date or month

Total
loans
and
investments

Total

To brokers
outside
New
York

Open-market loans

To
others
on securities

Real
estate
loans

Other
loans
to
customers 2

Loans
to

Cityi

D&I1K.S

Accept- Loans
ances to broand
kers in
comNew
mercial York
paper
Cityi
bought

1936
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb.5
Feb. 12
Feb.19
Feb.26
Mar. 4
Mar. 11
Mar. 18
Mar. 25

12,934
13,007
13,029
12,995
12,995
13,010
13,006 •
12,958
12,910
12,884
13,227
13,211

4,702
4,705
4,681
4,656
4,646
4,643
4,633
4,615
4,661
4,734
4,747
4,754

117
121
117
113
114
114
116
110
133
145
136
125

1,344
1,344
1,338
1,335
1,333
1,323
1,319
1,312
1,318
1,324
1,332
1,332

1,010
1,017
1,015
1,015
1,013
1,011
1,012
1,012
1,013
1,011
1,011
1,014

2,231
2,223
2,211
2,193
2,186
2,195
2,186
2,181
2,197
2,254
2,268
2,283

36
35
36
37
37
37
36
35
35
34
34
32

191
192
194
192
191
191
191
189
186
190
186
185

28
27
30
27
28
26
27
29
34
37
33
36

Apr.l
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24

13,088
13,217
13,240
13,222
13,224
13,262
13,270
13,238
13,219
13,189
13,246
13,584
13,522

4,842
4,814
4,811
4,793
4,797
4,816
4,820
4,836
4,832
4,881
4,880
4,880
4,842

157
146
152
147
141
142
137
141
140
165
159
168
162

1,345
1,335
1,325
1,319
1,324
1,329
1,330
1,329
1,322
1,338
1,335
1,333
1,329

1,010
1,009
1,009
1,009
1,011
1,013
1,013
1,014
1,013
1,014
1,015
1,017
1,016

2,330
2,324
2,325
2,318
2,321
2,332
2,340
2,352
2,357
2,364
2,371
2,362
2,335

36
35
35
34
33
33
33
33
34
35
33
34
34

184
188
189
188
187
188
190
191
188
187
186
189
185

34
40
43
40
44
42
47
46
46
51
51
43
41

July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30

13,556
13,556
13,630
13,692
13,684
13,718
13,703
13,660
13,679
13,648
13,675
13,811
13,824
13,879

4,882
4,841
4,889
4,887
4,868
4,891
4,920
4,925
4,933
4,947
4,989
5,019
5,026
5,065

182
164
162
154
148
141
135
131
134
130
138
139
134
146

1,328
1,322
1,330
1,327
1,324
1,322
1,327
1,328
1,325
1,323
1,330
1,329
1,328
1,333

1,012
1,014
1,013
1,012
1,011
1,014
1,013
1,014
1,015
1,013
1,014
1,010
1,011
1,009

2,360
2,341
2,384
2,394
2,385
2,414
2,445
2,452
2,459
2,481
2,507
2,541
2,553
2,577

35
31
32
31
31
30
31
31
33
32
32
32
31
30

179
179
177
191
193
199
200
207
204
206
204
202
199
195

40
36
35
41
41
43
41
41
42
49
51
51
44
40

Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30

13,891
13,881
13,879
13,864
13,838
13,846
13,831
13,776
13,779
13,849
14,098
14,141
14,182

5,074
5,069
5,080
5,082
5,080
5,080
5,072
5,066
5,095
5,128
5,187
5,224
5,256

142
138
136
142
147
138
132
134
138
147
152
158
166

1,332
1,314
1,312
1,321
1,317
1,313
1,316
1,312
1,318
1,321
1,322
1,321
1,327

1,011
1,011
1,012
1,012
1,012
1,014
1,020
1,023
1,022
1,024
1,023
1,025
1,027

2,589
2,606
2,620
2,607
2,604
2,615
2,604
2,597
2,617
2,636
2,690
2,720
2,736

31
31
32
30
30
31
32
32
31
31
30
29
28

195
194
191
186
186
190
192
186
189
194
200
204
206

39
38
41
39
40
43
41
40
41
44
43
47
43

1,014
1,013
1,012
1,009
1,013
1,016
1,012
1,015
1,011
1,011
J,0I8
1,024

2,215
2,186
2,251
2,324
2,345
2,358
2,372
2,442
2,533
2,606
2,605
2,680

36
36
34
34
34
33
32
31
32
31
32
30

191
191
187
187
189
187
184
202
201
192
188
198

28
28
35
41
45
47
39
41
47
39
40
43

Monthly averages:
1,341
12,991
4,687
117
January
113
1,322
February
12,992
4,634
135
March
1,326
13,058
4,724
148
April
1,330
13,198
4,811
140
1,328
May
13,247
4,826
164
1,334
June
13,386
4,872
162
1,327
July
13,624
4,873
135
1,326
August
13,690
4,918
137
1,328
September
13,767
5,009
140
1,320
October
13,879
5,077
138
November
,314
13,822
5,075
152
1,322
December
14,010
5,178
1
Loans (secured by stocks and bonds) to brokers and dealers i
2
Includes reporting banks' own acceptances.




169

FEDERAL RESERVE SYSTEM
NEW YORK CITY—ASSETS AND LIABILITIES, 1936
[In millions of dollars]
Investments
U. S. Government
obligations
Total
Direct

Fully
guaranteed

Other
securities

Reserves
with
Federal
Reserve
banks

Cash in
vault

Balances
with domestic
banks 3

Date or month

1936
7,977
8,048
8,088
8,083
8,093
8,113
8,119
8,090
7,994
7,889
8,227
8,204

5,201
5,265
5,283
5,264
5,279
5,287
5,288
5,259
5,183
5,069
5,399
5,383

748
754
761
759
759
763
761
757
745
733
720
716

2,028
2,029
2,044
2,060
2,055
2,063
2,070
2,074
2,066
2,087
2,108
2,105

2,276
2,288
2,255
2,282
2,338
2,323
2,274
2,255
2,333
2,401
2,100
2,059

314
293
295
300
289
305
309
317
311
320
313
315

2,207
2,288
2,253
2,291
2,251
2,226
2,254
2,291
2,326
2,339
2,209
2,152

Jan. 8.
Jan. 15.
Jan. 22.
Jan. 29.
Feb. 5.
Feb. 12.
Feb. 19.
Feb. 26.
Mar. 4.
Mar. 11.
Mar. 18.
Mar. 25.

7,992
8,140
8,162
8,167
8,163
8,183
8,180
8,132
8,119
8,035
8,096
8,438
8,420

5,158
5,292
5,290
5,282
5,257
5,266
5,254
5,213
5,186
5,100
5,161
5,495
5,467

715
718
717
728
733
736
741
742
744
748
740
738
743

2,119
2,130
2,155
2,157
2,173
2,181
2,185
2,177
2,189
2,187
2,195
2,205
2,210

1,974
2,142
2,244
2,339
2,360
2,339
2,325
2,329
2,377
2,431
2,409
2,146
2,376

308
324
315
321
327
320
330
318
334
318
334
337
348

2,112
2,157
2,233
2,234
2,178
2,161
2,179
2,248
2,246
2,287
2,285
2,123
2,159

Apr. 1.
Apr. 8.
Apr. 15.
Apr. 22.
Apr. 29.
May 6.
May 13.
May 20.
May 27.
J u n e 3.
June 10.
June 17.
June 24.

8,420
8,469
8,497
8,542
8,551
8,555
8,511
8,456
8,467
8,414
8,399
8,507
8,524
8,549

5,474
* 5,517
5,543
5,577
5,576
5,579
5,527
5,476
5,474
5,437
5,418
5,513
5,534
5,552

743
756
757
761
767
780
789
786
793
• 789
787
793
789
789

2,203
2,196
2,197
2,204
2,208
2,196
2,195
2,194
2,200
2,188
2,194
2,201
2,201
2,208

2,483
2,596
2,544
2,527
2,509
2,417
2,500
2,594
2,564
2,625
2,721
2,604
2,588
2,669

334
344
330
329
332
318
329
323
328
321
341
328
338
326

2,388
2,409
2,476
2,430
2,365
2,369
2,333
2,217
2,205
2,203
2,205
2,268
2,231
2,287

July 1.
July 8.
July 15.
July 22.
July 29.
Aug. 5.
Aug. 12.
Aug. 19.
Aug. 26.
Sept. 2.
Sept. 9.
Sept. 16.
Sept. 23.
Sept. 30.

8,552
8,549
8,535
8,527
8,502
8,502
8,494
8,452
8,423
8,452
8,638
8,637
8,649

5,565
5,555
5,544
5,536
5,528
5,525
5,512
5,479
5,451
5,470
5,649
5,643
5,662

790
796
795
793
789
796
798
793
793
792
792
788
787

2,197
2,198
2,196
2,198
2,185
2,181
2,184
2,180
2,179
2,190
2,197
2,206
2,200

2,706
2,819
2,855
2,881
2,828
2,852
2,879
2,829
2,824
2,831
2,725
2,696
2,696

337
352
340
349
343
348
348
347
345
375
368
368
367

2,274
2,360
2,313
2,294
2,359
2,362
2,426
2,394
2,428
2,378
2,411
2,298
2,255

Oct. 7.
Oct. 14.
Oct. 21.
Oct. 28.
Nov. 4.
Nov. 10.
Nov. 18.
Nov. 25.
Dec. 2.
Dec. 9.
Dec. 16.
Dec. 23.
Dec. 30.

8,049
8,103
8,078
8,125
8,153
8,247
8,496
8,498
8,478
8,540
8,487
8,561

5,253
5,278
5,258
5,256
5,230
5,306
5,538
5,514
5,490
5,549
5,511
5,575

756
760
729
722
741
742
756
788
790
794
794
791

2,040
2,065
2,091
2,147
2,182
2,199
2,202
2,196
2,198
2,197
2,182
2,195

2,275
2,298
2,223
2,212
2,343
2,340
2,532
2,518
2,641
2,815
2,847
2,755

301
305
314
319
326
334
334
325
331
344
346
364

2,260
2,256
2,257
2,183
2,209
2,214
2,413
2,281
2,239
2,311
2,385
2,353

Monthly averages:
January.
February.
March.
April.
May.

June.

July.
August.
September.
October.
November.
December.
3
Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks;
the amount excluded on December 31,1935, was approximately $38,000,000 at all weekly reporting member banks.




170

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 64.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE
[In millions of dollars]

Date or month

Cash
items
reported
as on
hand or
in process
of
collection

Other
assets

Total
assets

Demand deposits
Interbank

Total Domestic
liabilities banks

Foreign
banks

Certified
U.S.
Govern- checks,
etc.
ment

Other

1936

Jan. 8

Jan. 15
Jan. 22
Jan. 29
Feb.5
Feb.12
Feb.19
Feb.26
Mar. 4
Mar. 11
Mar. 18
Mar. 25

636
742
676
605
611
676
631
683
684
697
681
640

Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24

766
696
814
723
687
675
768
691
682
763
685
791
701

Julyl
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30

978
748
852
744
713
712
808
711
691
731
733

Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 10
Nov. 18
Nov.25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
Monthly averages:
January
February
March
April
May
June
July
August
September
October
November
December

19,220
19,477
19,366
19,336
19,342
19,405
19,336
19,380
19,435
19,521
19,391
19,243

3,095
3,148
3,143
3,118
3,176
3,160
3,179
3,188
3,273
3,251
3,105
3,065

505
502
449
442
437
403
387
379
380
379
587
580

194
196
191
177
164
196
174
168
182
177
166
156

8,411
8,597
8,536
8,538
8,503
8,584
8,541
8,585
8,518
8,610
8,455
8,362

19,116
19,404
19,718
19,713
19,674
19,635
19,749
19,705
19,752
19,873
19,844
19,844
19,974

3,064
3,052
3,111
3,062
3,006
3,070
3,042
3,021
3,039
3,127
3,092
2,975
3,052

576
562
557
555
556
558
556
556
553
551
548
656
654

210
200
172
173
172
166
156
159
152
193
179
166
151

8,207
8,442
8,717
8,743
8,721
8,643
8,781
8,760
8,783
8,765
8,796
8,835
8,862

867
842
856
859
859
849
849
845
847
848
846
829
834
842

20,606
20,495
20,688
20,581
20,462
20,383
20,522
20,350
20,314
20,376
20,521
20,746
20,564
20,839

3,343
3,477
3,498
3,439
3,376
3,410
3,402
3,307
3,277
3,328
3,386
3,396
3,341
3,361

647
643
632
632
632
631
630
629
629
629
631
656
656
654

238
168
183
167
161
165
163
152
150
157
181
181
156
179

9,204
9,040
9,221
9,179
9,133
9,033
9,168
9,113
9,104
9,100
9,136
9,328
9,221
9,453

741
1,025
842
763
907
827
875
863
863
753
1,042
938
947

830
842
832
840
837
843
851
867
876
884
872
873

20,779
21,279
21,061
20,991
21,112
21,078
21,210
21,076
21,115
21,070
21,516
21,314
21,329

3,458
3,569
3,508
3,486
3,561
3,559
3,633
3,557
3,617
3,586
3,561
3,517
3,499

567
509
485
424
367
366
367
497
499
499

164
176
176
162
178
188
175
190
201
198
206
198
208

9,300
9,684
9,560
9,556
9,646
9,622
9,739
9,732
9,709
9,656
10,016
9,862

665
650
676
737
704
735
807
731
791
843

858
865
869
876
882
875
857
847
840
836
850
878

19,350
19,366
19,397
19,525
19,711
19,884
20,567
20,392
20,609
21,028
21,118
21,269

3,126
3,176
3,174
3,059
3,043
3,061
3,427
3,349
3,362
3,506
3,577
3,557

474
402
482
561
556
603
637
630
645
621
446
446

189
176
170
186
159
173
184
158
171
169
182
202

8,521
8,553
8,486
8,566
8,742
8,814
9,156
9,104
9,248
9,526
9,685
9,821

853
859
858
863
858
865
862
876
871
880
861

872
874
898
878
877
881
894
863

Backfigures—See Annual Report for 1935 (table 63).




171

FEDERAL RESERVE SYSTEM
NEW YORK CITY—ASSETS AND LIABILITIES, 1936—Continued
[In millions of dollars]
Time deposits
Demand
deposits—
adjusted 4

Borrowings

Interbank

Other
liabilities

1
2
3
2
3
2
2
3
3
1
3
3

463
474
486
503
498
498
493
493
496
500
477
489

2,041
2,039
2,043
2,041
2,041
2,041
2,043
2,040
2,045
2,050
2,052
2,051

Jan. 8.
Jan. 15.
Jan. 22.
Jan. 29.
Feb. 5.
Feb. 12.
Feb. 19.
Feb. 26.
Mar. 4.
Mar. 11.
Mar. 18.
Mar. 29.

475
502
503
507
520
494
507
513
521
512
508
496
508

2,054
2,058
2,061
2,065
2,065
2,068
2,071
2,070
2,075
2,078
2,074
2,072
2,069

Apr. 1.
Apr. 8.
Apr. 15.
Apr. 22.
Apr. 29.
May. 6.
May 13.
May 20.
May 27.
June 3.
June 10.
June 17.
June 24.

484
489
474
484
486
481
479
465
462
474
486
476
483
482

2,060
2,060
2,060
2,058
2,057
2,054
2,058
2,063
2,066
2,068
2,071
2,077
2,081
2,082

July 1.
July 8.
July 15.
July 22.
July 29.
Aug. 5.
Aug. 12.
Aug. 19.
Aug. 26.
Sept. 2
Sept. 9.
Sept. 16.
Sept. 23.
Sept. 30.

482
484
492
499
503
505
516
518
523
542
540
536
548

2,084
2,083
2,085
2,088
2,090
2,096
2,102
2,101
2,105
2,107
2,106
2,102
2,099

Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.

482
495
490
501
508
506
484
471
480
489
511
537

2,041
2,042
2,049
2,061
2,071
2,073
2,059
2,061
2,076
2,086
2,097
2,104

Capital
account

Date or month

Other
Domestic
banks

Foreign
banks
1936

7,969
8,051
8,051
8,110
8,056
8,104
8,084
8,070
8,016
8,090
7,940
7,878

135
135
134
135
135
135
135
135
134
133
134
133

7,651
7,946
8,075
8,193
8,206
8,184
8,169
8.228
8,253
8,195
8,290
8,210
8,312

133
135
133
133
132
130
132
131
132
131
133
131
132

8,464
8,460
8,552
8,602
8,581
8,486
8,523
8,554
8,563
8,526
8,584
8,603
8,628
8,796

132
133
135
134
133
131
131
129
128
129
128
130
129
127

8,723
8,835
8,894
8,955
8,917
8,983
9,039
9,059
9,047
9,101
9,180
9,122
9,123

129
130
130
132
130
130
130
130
128
131
131
132
130

8,045
8,079
7,981
8,014
8,196
8,252
8,531
8,532
8,627
8,851
8,999
9,114

135
135
133
133
131
132
133
130
129
130
130
130

1

i'
l
l
l
l
i
i
i
i
i

r
r
2
1

r
j
3'
1

4,345
4,355
4,351
4,353
4,355
4,357
4,352
4,358
4,374
4,388
4,381
4,375
4,363
4,423
4,426
4,440
4,471
4,474
4,473
4,465
4,467
4,486
4,483
4,479
4,512
4,461
4,450
4,448
4,453
4,445
4,442
4,450
4,452
4,459
4,455
4,465
4,464
4,457
4,465
4,468
4,455
4,461
4,456
4,451
4,455
4,449
4,442
4,424
4 445
4,417
4,429
4,446

6
2

2

3'
2
1
1
1
2
1
1
2

i'
3
3
1

7.
14.
21.
28.
4.
10.
18.
25.
2.
9.
16.
23.
30.

Monthly averages:

4

r
r
i
1

4,352
4,356
4,381
4,424
4,470
4,490
4,451
4,450
4,461
4,460
4,449
4,432

1
2
2
2
1

r
1
1

r

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

D e m a n d deposits o t h e r t h a n i n t e r b a n k a n d U . S. G o v e r n m e n t , less cash i t e m s reported as o n h a n d or i n
process of collection.




172

ANNUAL REPORT OF BOARD OF GOVERNORS

BROKERS' BALANCES
No. 65.—CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED
ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balanc 3s in millions of dollars]
Debit balances

End of month

Debit
balances
Cusin
tomers' partners'
debit
investbalances
ment
and
(net) !
trading
accounts

Credit balances
Customers'
credit balances 1

Debit
balances
Cash
in firm
invest- on hand
ment
banks
and
trading
accounts

Money
borrowed 2
Free

Other
(net)

Other credit bala nces

In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading
trading
(net)
accounts accounts

1935—September.
October
November..
December..

1,098
1,147
1,212
1,258

65
68
73
75

119
119
134
135

182
187
189
179

771
806
859
930

257
277
294
286

89
93
92
79

23
22
22
24

12
10
13
10

396
405
415
410

1936—January...
February. .
March
April
May
June...
July
August
September.
October
November.
December..

1,297
1,290
1,351
1,295
1,257
1,267
1,295
1,287
1,317
1,333
1,364
1,395

63
64
67
65
65
67
68
69
72
69
65
64

139
147
168
173
159
164
158
142
141
151
150
164

193
208
181
268
229
219
221
213
227
235
260
249

922
908
995
1,033
970
985
981
967
995
| 989
f 986
1,048

319
328
303
301
282
276
287
283
289
318
346
342

91
98
89
88
83
86
96
92
99
99
110
103

26
26
23
28
25
24
24
25
24
25
24
30

17
15
15
13
14
14
14
12
14
17
17
12

416
425
429
426
422
420
422
423
423
428
435
424

1
Excluding balances with reporting firms (1) of member firms of New York StockExchange and other national
securities exchanges and (2) of firms' own partners.
2
Includes both money borrowed from banks and trust companies in New York City and elsewhere in the
United States and also money borrowed from other lenders (not including member firms of national securities
exchanges).

NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in Bulletin for September
1936. The article describes the methods by which the figures are derived and reported, distinguishes the table
from a "statement of financial condition," and explains that the last column is not to be taken a? representing
the actual net capital of the reporting firms.




173

FEDERAL RESERVE SYSTEM

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES
No. 66.—COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar a cceptances outstanding
By classes

By holders

End of month

1924—December
1925—December....
1926—December
1927—December....
1928—December
1929—December....
1930—December
1931—December....
1932—December....
1933—December....

Commercial
paper Total
outoutstand- standing
ing 1

Based on
goods stored
in or shipped
between
points in

Held by
accepting
banks

Held by
Federal Reserve banks

For
acFor count
own of foreign Total
account correspondents

Baseci
Held on imports
by
others into
U.S.

Based
on ex- Dolports lar exfrom change
U.S.

Own Bills
bills bought

U.S.

Foreign
countries

821
774
755
1,081
1,284
1,732
1,556
974
710
764

387
372
378
390
488
391
328
305
4
127

43
70
59
229
325
548
439
251
41
4

108
117
133
139
142
151
168
188
192
188
178
166

771
750
685
613
569
534
516
520
539
562
561
543

105
56
23
3

4
5
5
4
3
2
1
1
1

171
177
182
173
173
159
164
177
183
180
178
172

516
493
466
413
375
343
321
322
328
363
387
397

178
176
180
174
184
169
188
205
197
199
191
215

384
377
359
344
331
316
316
308
315
330
349
373

(3)

(3)

(3)

105
76
191
371
262
604
442

38
35
58
27
59
90
131
224
223

55
42
47
49
132
282
131
380
219

239
241
356
396
603
417
156
62
190

292
311
284
313
316
383
221
159
79
94

305
297
261
391
497
524
415
222
164
207

23
19
26
28
39
76
52
31
10
4

200
129
145
218
190
308
306
267
230
277

17
40
131
243
441
561
296
228
182

567
581
576
536
507
480
472
483
503
516
517
497

255
266
252
236
226
220
222
222
223
245
252
243

312
315
324
299
281
260
250
261
280
271
265
254

95
108
81
70
59
53
42
37
35
45
44
46

89
98
103
103
100
97
94
89
94
93
89
89

225
203
186
164
150
145
135
140
138
147
148
140

5
4
3
3
3
4
4
4
4
4
2
2

277
261
226
186
164
141
138
147
166
184
195
193

175
184
168
158
152
148
144
141
137
133
127
119

485
452
423
391
356
317
296
292
301
339
358
368

238
217
197
178
162
154
148
145
148
178
182
183

247
235
226
214
193
163
148
147
154
161
175
185

30
41
43
22
19
26
24
30
27
24
29
29

86
92
101
103
107
102
99
102
102
106
105
107

133
123
122
114
100
94
86
81
77
75
84
94

3
3
2
2
2
2
3
4
4
4
3
2

179
166
134
96
76
57
47
52
66
98
111
110

114
109
106
99
91
89
86
83
79
82
84
84

353
340
321
310
297
276
278
279
276
296
309
315

798
621
526
555
383
334
358
118
81
109

181
172
150
143
155
129
131
140
139
150
157
151

172
168
171
167
142
147
147
139
137
147
152
164

31
37
38
34
34
41
37
29
39
34
40
57

108
114
113
111
110
107
105
104
107
110
112
126

94
94
91
86
81
74
68
63
64
67
77
86

3
2
2
2
1
2
2
2
2
2
1
2

96
81
66
57
55
49
57
60
66
75
83
83

84
86
87
89
82
85
84
79
76
77
76
76

(3)

93

77

1934
January
February
March
April
May
June
.
July
August
September
October
November
December

. .

. . .

(2)
(2)
(2)

00
00

(2)

(2)

00

1

1935
January
February
March
April
May
June
July
August
September
October
November
December

(2)
(2)

1936
January
February
March
April
May.
June
July
August.
September
October
November
December

. .

1
As
2
3

reported by dealers; includes some finance company paper sold in open market.
Less than $500,000.

Figures not available.

Digitized for Back figures.—See Annual Report
FRASER


for 1935 (tables 66-67) and similar tables in previous annual reports.

174

ANNUAL REPORT OF BOARD OF GOVERNORS

BANK DEBITS
No. 67.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN PRINCIPAL CITIES, 1927-36
[Amounts in millions of dollars]
Month

1927

1928

58,200
51,110
61,921
59,054
57,386
60,211
57,026
56,850
60,046
62,793
60,478
69,292

66,572
57,746
74,287
70,550"
75,244
76,395
62,560
61,875
66,656
76,917
75,048
86,672

1930

1931

1932

64,291
55,751
69,275
66,535
65,322
65,948
56,208
49,024
51,773
57,941
45,125
55,767

49,578
40,626
49,998
49,459
46,784
48,331
42,339
36,549
39,369
41,694
31,433
39,160

36,086
29,370
32,092
32,188
27,446
29,234
27,297
27,005
27,782
27,291
22,532
28,941

1933

1934

1935

29,257
26,815
31,783
33,290
30,820
32,416
29,849
27,666
25,986
29,004
26,854
33,304

32,196
27,619
33,948
33,870
32,436
33,871
35,693
32,586
31,339
35,209
34,780
39,170

38,097
33,887
40,036
37,393
35,810
40,381
37,698
34,080
36,021
40,415
38,683

Total for year.. 714,367 850,522 982,531 702,960 515,320 347,264 3 303,215 357,044 402,718

461,889

Total, all reporting
centers:
January
February
March
April
May
June

July
August
September
October
November
December

New York City:
January
February
March
April
May
June
July
August
September
October
November
December

31,258
27,439
34,492
32,007
31,270
33,008
30,750
31,654
33,369
34,090
33,282
38,938

37,884
32,740
44,786
41,778
45,270
45,456
35,084
35,103
38,726
45,189
45,469
52,727

86,826
74,185
87,393
78,682
80,347
73,623
81,714
81,187
81,666
100,042
86,116
70,750

54,719
46,288
55,425
47,980
50,043
43,262
49,215
49,034
50,343
63,325
53,604
39,850

34,732
31,117
40,740
38,631
37,423
37,691
29,599
25,052
27,383
30,781
22,490
29,000

24,556
20,947
27,590
26,820
25,072
25,893
21,007
17,501
20,073
20,677
14,464
19,233

26,386
24,131
(2)
24,276
27,232
31,745
33,217
27,222
26,395
28,254
25,964
28,395

17,676
14,381
16,160
15,557
12,913
14,202
12,728
13,459
14,164
12,944
9,815
13,967

12,413
12,036
(2)
12,012
13,977
16,742
17,354
13,075
12,340
13,280
12,204
13,014

14,023
13,231
15,608
16,953
14,652
15,388
13,842
12,285
11,121
12,285
11,343
15,215

14,997
12,549
15,895
15,905
14,551
15,667
16,737
14,732
14,014
15,733
15,542
17,684

1936

17,925
15,806
19,629
17,285
16,227
18,623
16,199
14,362
15,656
17,171
17,394
22,658

Total for year.. 391,558 500,212 603,089 384,639 263,834 167,965 3148,449 165,948 184,006
140 other cities *:
January
February
March
April
May
June
July
August
September
October
November
December

23,456
20,781
24,026
23,576
22,873
23,812
22,932
22,048
23,381
25,111
23,803
26,503

25,001
21,753
25,847
25,225
26,346
27,029
23,897
23,401
24,450
27,705
25,880
29,659

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

15,893
12,870
13,729
14,366
12,498
12,901
12,511
11,756
11,767
12,354
10,935
12,820

Total for year.. 282,303 306,193 331,938 277,317 217,523 154,401
Other reporting
cities: i
January
February
March
April
May
June
July
August
September
October
November
December

3,486
2,890
3,403
3,471
3,243
3,391
3,344
3,148
3,296
3,592
3,393
3,851

3,687
3,253
3,654
3,547
3,628
3,910
3,579
3,371
3,480
4,023
3,699
4,286

4,012
3,408
3,869
3,932
3,812
3,957
4,083
3,843
4,049
4,515
4,026
3,998

3,868
3,125
3,552
3,589
3,511
3,636
3,464
3,031
3,137
3,481
2,949
3,660

3,325
2,595
2,987
3,019
2,854
3,032
2,888
2,522
2,669
2,892
2,364
2,815

44,117

47,504

41,003

33,963

24,898

13,198
11,784
14,077
14,278
14,105
14,754
13,910
13,421
12,888
14,465
13,409
15,700

> 134,257 165,9

2,517
2,119
2,203
2,265
2,035
2,131
2,058
•1,790
1,851
1,993
1,782
2,154

Total for year . 40,506

12,053
10,401
(2)
10,616
11,509
12,969
13,878
12,376
12,215
13,027
11,927
13,287

14,983
13,111
15,754
15,645
15,557
15,808
16,550
15,536
15,016
16,844
16,685
18,676

17,499
15,766
17,866
17,497
16,998
18,880
18,617
17,106
17,586
20,142
18,475
23,238

190,165

219,670

1,920
1,694
(2)
1,648
1,746
2,034
1,985
1,771
1,840
1,947
1,833
2,094
3

2,036
1,800
2,098
2,059
2,063
2,274
2,097
1,960
1,977
2,254
2,102
2,389

2,216
1,960
2,299
2,320
2,328
2,396
2,406
2,318
2,309
2,632
2,553
2,810

2,673
2,315
2,540
2,610
2,585
2,878
2,882
2,611
2,779
3,102
2,814
3,492

20,509

25,107

28,547

33,283

125
128
125
123
120
131
129
123
133
127
Number of cities*..
1
Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one in 1928.
2
Complete data not available on account of bank holiday.
3
Total for 11 months.
4
Cities (other than the 141 cities) for which bank 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, 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.



175

FEDERAL RESERVE SYSTEM

BANK SUSPENSIONS
No. 68.—BANK SUSPENSIONS, 1921-1936
[Banks closed either permanently or temporarily, on account of financial difficulties, b y order of supervisory
authorities or b y the directors of the bank. See also footnotes below table 69]
Deposits l (in thousands of dollars)

Number of banks
Year
Total

Banks suspended:
1921
1922
.
. .
1923

National

State
member

Nonmember

Total

National

State
member

Nonmember

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

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

1930
1931
1932

1,352
2,294
1,456

161
409
276

27
107
55

1,164
1,778
1,125

853,363
1,690,669
715,626

170,446
439,171
214,150

202,399
293,957
55,153

480,518
957,541
446,323

1933 2

4,004

1,101

174

2,729

3,598,975

1,610,549

783,399

1,205,027

57
34
44

1
4
1

56
30
43

36,937

40
5,313

14,955

2,719

1924
1925
1926

. .

1934
1935
1936
Total

592

11,644

no,015
11,306

507

8,542,359 2,803,500 1,463,585

36,897
r 4,702
10,799
4,275,274

r

Revised.
iDeposits of suspended member banks 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, except as indicated by the
footnotes below table 69 with respect to the figures for 1933.
2
Revised figures. For basis of compilation see footnotes below table 69.
NOTE.—Corresponding data by classes of banks, by Federal Reserve districts, by States, and by years appear
in Annual Reports as follows: for 1921-1932, in tables 103 and 104 of the report for 1933; for 1933, in table 69 of
this report; for 1934-1936, in table 71 of this report.




176

ANNUAL REPORT OF BOARD OF GOVERNORS

N o . 6 9 . — B A N K S SUSPENDED IN 1933, BY DISTRICTS AND BY STATES ( R E V I S E D F I G U R E S ) X
Deposits 2 (In thousands of dollars)

Number of banks
Federal Reserve district
and State
Total

80
155
140
331
269
171
1,347
448
319
467
101
176
4,004

DISTRICT
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.

National

State

Nonmember

Total

50
117
96
142
80
44
246
72
70
91
36
57

24
32
37
176
182
120
1,037
347
242
375
58
99

188 783
247,417
228,339
648,663
333,379
218,523
1,206,605
175,689
80,118
118,805
31,599
121,055

85 442
166,736
142,863
149,576
101,126
42,616
705,858
48,526
35,007
53,504
9,712
69,583

37 781
24,634
23,904
358,910
56,846
126,267
88,630
55,543
2,374
112
560
7,838

65,560
56,047
61,572
140,177
175,407
49,640
412,117
71,620
42,737
65,189
21,327
43,634

1,101

2,729

3,598,975

1,610,549

783,399

1,205,027

93,981
7,071
23,433
59,631
2,491
9,122

40,023
5,373
16,691
23,355

2,728

51,230
1,698
6,742
4,901

National

State
member

Nonmember

STATE
New E n g l a n d :
Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
E a s t N o r t h Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
NorthDakota
South Sakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
N o r t h Carolina
South Carolina
Georgia
»
Florida
E a s t South Central:
Kentucky
Tennessee
Alabama..
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas

33
6
18
20
1
5
107
70
219

84
53
145

20
12
68

161,384
117,869
328,111

122,261
65,772
210,125

5,834
31,514
12,938

33,289
20,583
105,048

197
209
245
321
368

58
44
107
54
38

127
160
132
217
328

493,027
111,918
158,274
787,801
121,420

50,882
55,931
73,666
569,309
28,433

357,162
10,899
5,054
74,615
839

84,983
45,088
79,554
143,877
92,148

122
416
255
44
27
203
77

27
67
13
10
7
25
21

94
343
224
34
20
177
56

23,921
115,882
117,113
9,897
4,402
31,160
16,111

8,671
23,559
31,780
5,902
1,934
7,336
6,707

118
2,606
31,646

15,132
89,717
53,687
3,995
2,468
23,712
9,404

3
71
14
43
49
31
18
30

1
24
4
17
21
10
6
9
4

2
45
10
24
26
57
25
7
25

585
152,839
43,281
36,529
34,061
44,584
27,142
7,123
8,307

199
19,674
28,519
10,894
16,060
9,035
17,994
2,168
2,987

579

386
96,714
14,762
8,010
17,612
33,168
9,148
2,907
4,741

39
43
38
32

20
14
11
3

19
28
26
28

18,653
29,342
11,591
14,949

13,791
24,381
3,827
3,598

507
626

4,862
4,753
7,257
10,725

65
48
68
35

28,947
164,799
15,753
19,169

1,684
6,843
7,348
9,010

18,851
123,133
115
445

8,412
34,823
8,290
9,714

I

For footnotes see following page.




31,375
2,491
1,187

79
59
84
73

18

36,451

'til 625
389
2,381

177

FEDERAL RESERVE SYSTEM
No. 69.—BANKS SUSPENDED IN 1933,

BY DISTRICTS AND BY STATES (REVISED FIG-

URES) 1—Continued

Deposits 2 (In thousands of dollars)

Number of banks
Federal Reserve district
and State

Total

State NonNational member member

Total

National

State
member

Nonmember

STATE—continued
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona.. .
Utah
Nevada
Pacific:
Washington
Oregon
California..

21
16
3

5
3

59
7

4
1

26
3

12
12
3
33
4

1
1
1

i

3
4
1

62
38

18
11
22

9
7

35
20

49

4
6
2

2

25

5,658
3,102
* 293
12,787
7,067
934
2,251
901

9,085
4,712
311
386
718

29,230
13,193
71,886

19,561
6,909
40,078

1,447
1,620

1,085
357

3,126
1,125
293
3,702
2,355
623
1,594
183

27i

6,350
3,651
30,550

3,319
2,633
1,258

1
Comprises banks suspended before the banking holiday, licensed banks suspended or placed on restricted
basis following the banking holiday, unlicensed banks placed in liquidation or receivership, and unlicensed
banks granted licenses after June 30, 1933. At the close of the banking holiday (March 15, 1933) 1,400 national
banks with deposits (on December 31, 1932) of $1,942,574,000, and 225 State bank members with deposits of
$925,777,000 had not been licensed to reopen. On April 12, 1933, the first date following the banking holiday
for which corresponding data are available with respect to nonmember banks, there were 1,108 unlicensed
national banks with deposits of $1,818,541,000, 152 unlicensed State member banks with deposits of $842,982,000,
and 2,938 unlicensed nonmember banks with deposits of $1,317,607,000. By the end of June, 1933, supervisory
authorities had completed their examination of all or nearly all the banks not granted licenses immediately
following the banking holiday and had authorized such of the banks to reopen as could then qualify for
licenses. On June 30, 1933, there remained 985 unlicensed national banks with deposits of $1,028,347,000,
114 unlicensed State member banks with deposits of $239,268,000, and 1,983 unlicensed nonmember banks with
deposits of $1,063,984,000 to be rehabilitated and reopened or to be placed in liquidation or receivership. All
such banks (not licensed by June 30, 1933) are treated as suspensions. A summary classification of suspensions
before and after the banking holiday is shown in table 70.
2
Deposits of member banks suspended are as of dates of suspension, and deposits of nonmember banks
suspended are as of dates of suspension or latest available call dates prior thereto. Deposits of unlicensed
national banks are as of dates of conservatorship; deposits of unlicensed State member banks are as of June 30,
1933 or the nearest call date prior to liquidation or receivership; and deposits of unlicensed nonmember banks
are based on the latest data available at the time the banks were reported as having been placed in liquidation
or receivership' or, in the case of those later reopened, as of the dates they were granted licenses to reopen.

No. 70.—BANKS SUSPENDED IN 1933, BEFORE AND AFTER THE BANKING HOLIDAY
Deposits (in thousands of dollars)

Number of banks

Total
410
Banks suspended Jan. 1-Mar. 4.
Banks placed in receivership
during the banking holiday
39
(Mar. 6 to Mar. 15)
Licensed banks suspended Mar.
16 to Dec. 31
179
Banks not licensed following
the banking holiday and
later placed in liquidation or
receivership (Mar. 16, 1933,
2,124
to Dec. 31, 1936)
Banks granted licenses (July 1,
1933, to Dec. 31, 1936)
1,242
Banks neither granted licenses
to reopen nor placed in
liquidation or receivership
by Dec. 31, 1936
10

Total
1
2

4,004

NonState
National member member
64

22

324

Total
200,261

National

State
member

71,802

21,633

Nonmember
106,826

1

36

15,080

1,381

109

13,590

2

168

145,072

17,322

1,927

125,823

865

74

1,185

2,520,391

1,361,607

672,260

486,524

161

72

1,009

716,423

158,437

86,988

470,998

3

7

1,748

1,101

2 174

2,729

3,598,975

2
9

482
1,610,549

2

1,266

783,399

1,205,027

See footnotes appended to table 69.
Includes 56 banks with deposits of $118,479,000 which did not receive licenses (as member banks) following
the banking holiday and later withdrew from the Federal Reserve System. Of these, 28 were subsequently
granted licenses as nonmembers.




178

ANNUAL REPORT OF BOARD OF GOVERNORS
No.

7 1 . — B A N K SUSPENSIONS, BY

DISTRICTS AND BY STATES, 1934-1936
Deposits 2 of suspended 1 >anks
(in thousands of dollai s)

Number of banks suspended
Federal Reserve district
and State 1

Insured (member
and nonmember)

Not insured
(nonmember)

1934 3 1935 4 1936B

1934

1935

Insured (member
and nonmember)

1936

1934 3

1935 4

Not insured
(nonmember)

1936 6

1934

1935

1936

DISTRICTS

1
1
3
2

2
•••

Total

2
1
1
2

3
5
2

•y
3

1
1
1
4
5
17
4
4
4

8
3
eocoi-

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
IVIinneaDolis
Kansas City
Dallas
San Francisco

649
4,545
261
449
285
1,211
265

1,062

3
14
1
9
2
5 " " 3 " ""2

202
438
137
113

1,126
r
285

1

1,050
1,120
1,875
"

i54
1,309
2,552
687
277
1,690

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

1

9

26

41

48

8

250
205

* 3oi"

164
428

183

3

1,952

r

9,076

10,714 34,985

939

592

STATE
New England:
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio *
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Iowa
Minnesota
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Virginia
South Carolina
Georgia
East South Central:
Kentucky
Tennessee
Mississippi . . . .
West South Central:
Louisiana
Oklahoma
Texas
Mountain:
IVTontana
Pacific:
California

1
2
1

1

1

i

1
7

l
2

1
4

1 050
2
8
1
3
13
1
1
3

1
1

"262

1,875
2,149

59
1,152

7

3

1

419

1
3
1 ......
2

3
1

1

1

194
183

i

1
1
3

2
1
1

l

1

203

202
68

2
4
2

36

1,498
46
641

1,311

463

49

'"'55'

""275'
72

43

115

313
136
285

2
3
3

722
1,968
113
48
512

18
29

73

i3

2

7,059
22,114
110

155

1

1

1,120

69
236

i

649
4,545
261

1,062

467
169
34
128
154
153
1,406

1
r

1

2

559
285

11
284

428

40

l

1

183

1
States listed only in cases where suspensions occurred.
2
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 the suspensions were reported.
3
All were nonmember banks except 1 national bank in Montana with deposits of $40,000.
4
All were nonmember banks except the following national banks: 1 in Pennsylvania with deposits of
$4,545,000; 1 in Ohio with deposits of $261,000; 1 inNebraska with deposits of $194,000; and 1 in Virginia with
deposits of $313,000.
5
All were nonmember banks except 1 national bank in South Dakota with deposits of $507,000.
'Revised.

Back figures—See table 69 of this report and tables 103-104 of the Annual Report for 1933.







BUSINESS CONDITIONS

179

180

ANNUAL REPORT OF BOARD OF GOVERNORS

BUSINESS CONDITIONS
No. 72.—CAPITAL ISSUES
[In millions of dollars]
Domestic

Year

Total
(new
and
refunding)

Total
(domestic and
foreign)

Corporate
Total

State
and
municipal

Federal
agencies 2

Total

Bonds
and
notes

Foreign i
Stocks

Preferred Common

For new capital
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

'4,440
4,074
'4,292
* 4,296
5,119
6,316
7,126
7,359
9,774
9,898
11,513
7,619
4,038
1,751
1,063
2,160
4,699
6,214

3,626
'3,733
^3,645
r4,390
4,437
5,557
••6,202
6,314
'7,555
8,040
10,091
6,909
3,089
1,194
720
1,386
'1,457
1,972

'3,235
3,235
* 3,022
3,627
4,016
4,588
5,125
5,189
6,219
6,789
9,420
6,004
2,860
1,165
708
1,386
r
1,409
1,949

678
672
1,199
1,071
1,043
1,380
1,352
1,344
1,475
1,379
1,418
1,434
1,235
762
483
803
'855
735

Year
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

310
0
122
344
337
19
7
19
6
91
87
64
0
87
75
77
64
405
150
22

2,246
2,563
'1,701
'2,212
2,635
3,029
3,605
3,754
'4,657
5,346
8,002
4,483
1,551
325
11
6
18
7
404
1,192

810
1,561
1,435
r1,642
1,976
2,200
2,452
2,667
'•3,183
2,385
2,078
2,980
1,239
305
40
144
334
839

726
462
7
1
293
335
318
594
509
874
1,149
1,517
412
16
1
10
1
5
3
54
90

710
540
194
277
324
511
558
578
600
1,812
4,407
1,091
195
10
15
0
31
1
5
262

392
497
623
764
421
969
1,076
1,125
1,337
251
671
905
229
29
12
0
48

'311
19
8
558
684
454
455
523
687
1,586
1,054
542
451
79
8
315
187
312
1,782
3,187

67
21
4
40
72
28
43
34
10
8
248
18
7
9
32
(3)
0
0
69
11
8

43
1
5
6
1
1
5
8
52
99
84
282
655
14
0
3
32
0
12
20

379
106
69
99
77
248
240
163
241
238
35
182
56
59
60
9
26
119

r

For refunding
'814
342
646
906
682
759
924
1,044
2,218
1,858
1,422
709
949
557
343
774
3,242
4,242

r434
236
577
806
605
51
1
685
81
8
1,978
1,620
1,387
527
893
498
283
765
'3,216
4,123

1
3
1
1
9
30
20
1
9
48
22
35
36
1
3
5
3
2
1
87
37
16
3
'365
382

0
0
0
42
55
0
20
40
93
0
0
0
51
93
26
317
987
353

'421
225
568
734
530
492
618
820
1,850
1,584
1,374
474
81
2
319
219
312
1,864
3,387

'Revised.
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm
Mortgage Corporation, and Home Owners' Loan Corporation; excludes direct obligations of U. S. Treasury.
s Less than $500,000.
1

2

Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of
Commerce.




181

FEDERAL RESERVE SYSTEM
No. 72.—CAPITAL ISSUES—Continued
[In millions of dollars]
For new capita
Domesti c

State
and
municipal

Domesti D

Corporate
Federal
agen- Bonds
cies 2 and Stocks
notes

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

19
1
0
16
1
3
0
0
0
0

1934
January
February
March
April
May
June
July
August
September
October
November
December

91
89
149
242
144
307
376
210
71
157
137
187

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

June
July
August
September
October
November
December

141
96
507
473
513
640
426
437
368
384
422

92
50
'105
90
'83
'55
'127
'194
'173
'149
'118
'221

92
50
'105
90
'82
'55
'127
'148
'173
'147
'118
'221

'81
44
'97
64
'37
'42
'72
'33
'128
'59
'85
'114

1936
January
February
March
April
May
June
July
August
September
October
November
December

401
303
763
986
420
734
339
297
409
464
372
726

123
107
128
176
112
218
104
217
178
186
158
266

116
107
128
176
112
217
103
217
177
173
158
266

51
90
58
48
68
64
33
46
103
78
49
48

II

1935
January
February
March .

0
0
0
0
12
0
0
14

o
17
12
48
13
0
18
0
0
1

97
44
189
162
29
32
35
28
48

18
4
15
9
21
17
6
8
9
4
6
17

23
2
22
30
20
147
30
11
13
0
0
18

2
2
13
58
3
24
126
10
10
31
22
12

49
46
185
418
391
457
513
213
265
216
262
201

16
10
53
92
42
23
16
33
21
13
28
19

30
13
20
192
267
319
11

3
19

49
46
'185
'418
'391
,'457
'513
'231
'265
'220
'266
'201

13
24
17
81

2
23
112
115
82
115
482
156
230
164
216
85

0
19
0
0
5
24
1
16
1
16

4
10
13
26
24
29
31
25
26
35
12
118

278
196
635
810
308
516
236
80
231
278
214
459

240
196
616
765
308
514
236
80
231
278
199
459

38
8
71
37
37
45
9
11
56
5
16
49

6
9
199
4
93
2
8
0
1
28
3

201
170
525
492
252
325
222
55
156
249
145
395

11
11
38
16
50
3
6
19
22
10
13

3
1
1
2
5
6
2
10
1
1
2
4

0
12
9
24
26
0
19
8
5
0
8
34

6
1
5
5
3
9
2
0
2

43
8
50
101
44
189
162
29
32
35
33
48

43

6
0
0
4
0
0
0
85
0
15
0
40

3
7
8
17
39
14
27
29
42
70
30
48

2
0
0
5
6

0
4
11
0
6
1
0
0
0
0
0
0

61
4
46
102
13
123
39
146
48
60
97
100

0
1

CO CO




42
36

45
37
3
19
17
54
45
10
31
1
2
19

Monthly figures for foreign issues are not shown separately.

For other footnotes see page 180.

0
0

45
37
3
19
23
108
45
10
31
1
2
19

OOO

4

290

notes

o
0

3
0
3
1
3
9
53
14
9
3
6
16

0

Corporate

Federal
agen- Bonds
cies 2
and Stocks

0
0
2
0
0

c

110
57
19
45
67
224
167
56
95
59
89
76

Total

State
and
municipal

oooooo

1933
January • •
February
March
April
May
June
July
August
September
October
November
December

Total
(domestic
and
foreign) 4

0
0
0
0
0
0
0
0
0

OO

Total
(domestic
and Total
for- 4
eign)

OO

Total
(new
and
refunding)

OOO

Month

For refunding

182

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 73.—SECURITY PRICES l
Bonds

Year and month

Number of issues

MuU.S.
nicGov- ipal 3
ern- 2 (high
ment grade)
2-12

15

Common stocks (1926= 100)

Corporate
Total

Industrial

Railroad

60

20

20

20

93 6
95.9
95 8
93.2
92 6
81.8
63.2
69.2
81.9
88.2
92 2

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

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

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
107.6107.9
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

1936
January
February
March
April
Mav
June
July
August
September
October
Nove mber
December

105.8
106 3
106 6
107.0
107 1
106 6
106 6
107.2
107 2
106.9
108 2
108.0

113.2
114 4
116 0
116.2
116 2
116 9
117 4
117.8
118 8
119.5
122 1
124.8

95.3
97 2
96 6
95.9
95 5
96 2
97 1
97.7
98 6
99.6
99 8
99.9

92.5
93 0
92.1
91.2
90 6
90 6
91.1
91.6
92 2
93.1
94 2
94.5

.

. .
....

Total

Utility

94.3
90.1
88.4
83.7
89.4
82.5
99.2
93.2
(5)
98.6
92 9
102.2
93.7
103.6
95.2
105.0
95 3
97 6
108.2
96.7 100.7
106 4 95 6 100 8
98.0
102.0
92.7
105 7 95 4 99 3
96.4
90.9
103.6
87.8
69.5
98.5
87.1
73.4
102.5
97.3
84.5
103.5
88.6
106.0 109.4
97 5
107 0 117 8

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

Preferred
stocks 4

3

(5)

20

419

Industrial

347

Railroad

32

Public
utility

40

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
138 9

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
111 1

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
127 3

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
51 2

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
104 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
69.6

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

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
76.2
78.9
85 7
87.4
91.2
95.0
97.5
98.5
107.4
109.2

35.0
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

88.7
93 6
92.7
91.6
90 8
92.5
94.2
95.8
97 9
99.7
99 2
99.6

104.7
105 1
105.1
104.8
105 0
105.5
106.0
105.7
105.8
105.9
106 0
105.6

137.3
138 7
139.6
138.8
138 6
138.8
139.1
139.3
139 0
138.3
139 0 '
140.1

100.1
106 1
108.7
108.9
101 0
105 6
109.2
113.0
114 1
118.7
124 2
123.1

114.5
120 9
124.6
125.3
116 2
120 6
124.3
128.4
130 2
136.0
144 3
143.0

43.8
49 1
49.2
48.9
45 0
47 7
50.7
53.9
55.4
58.4
57 9
54.4

97.0
102 8
102 8
101.5
94 7
102 0
105.8
108.8
107 7
109.1
108 9
110.6

(5)

(5)

101 7 97 3
99.2
107.0
106 7 100 0
97.7
103.3
99 4
106 0
97.2
93.9
80.5
64.8
80.6
70.5
87.8
83.8
98.2
79.4
94 7 105 4

1934
January
February
March
April
.
...
May
June
July
August
September .. .
October
Nove mber
December
1935
oo Q

1
Prices of stocks and of municipal bonds are averages of Wednesday figures; prices of other bonds are averages
of daily figures.
-Average price of outstanding issues due or callable after 8 years.
3
Price indexes derived from average yields.
4
Average of prices adjusted to a $7 annual dividend basis.
5
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 1935 (table 73) and similar tables in previous annual reports and for
U. S. Government bonds, see Federal Reserve Bulletin for May 1936, p . 319




183

FEDERAL RESERVE SYSTEM
No. 74.—BOND YIELDS l
[Percent per annum]
Corporate 4

Year and month

U.S.
Government 2

Municipal 3
(high
grade)

By ratings

iy groups

Total
Aaa

Aa

A

Baa

Industrial

Railroad

Public
utility

dumber of issues

2-12

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
1936

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
2.47

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
2.68

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
4.46
3.87

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
3.60
3.24

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
3.95
3.47

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
4.55
4.02

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
5.75
4.77

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
4.02
3.50

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
4.24

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
4.43
3.88

1934
January
February
March
April
May
June
July
August
September
October
November.
Decembe*

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

1935
January
February
March
April
May
June
July
August
September
October
November
December

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

4.68
4.60
4.66
4.64
4 55
4.47
4 40
4.39
4.36
4.34
4.27
4.19

3.77
3.69
3.67
3.66
3 65
3.61
3 56
3.60
3.59
3.52
3.47
3.44

4.21
4.13
4.11
4.08
4 03
3.99
3 89
3.87
3.85
3.82
3.73
3.65

4.74
4.63
4.67
4.69
4 59
4.52
4 46
4.49
4.48
4.49
4.45
4.35

5.98
5.95
6.20
6.13
5 94
5.77
5 67
5.58
5.53
5.54
5.43
5.30

4.31
4.24
4.20
4.18
4 11
4.07
3 95
3.94
3.91
3.83
3.73
3.71

4.75
4.81
5.14
5.14
5 12
4.99
4 97
4.95
4.91
4.97
4.90
4.73

4.97
4.76
4.65
4.60
4 43
4.37
4 26
4.28
4.27
4.24
4.17
4.12

1936
January
February
March
April
May
June
July
August
September.
October
November
December

2 68
2.62
2 54
" 2.51
2 50
2 50
2.50
2.43
2.41
2.42
2.29
2.27

2 93
2.86
2 78
2.76
2 76
2 72
2.70
2.68
2.62
2.58
2.45
2.31

4 04
3.95
3 95
3.97
3 96
3 94
3.90
3.85
3.79
3.75
3.71
3.67

3 37
3.32
3 29
3.29
3 27
3.24
3.23
3.21
3.18
3.18
3.15
3.10

3 57
3.55
3 55
3.57
3 53
3 51
3.48
3.44
3.41
3.38
3.31
3.28

4 21
4.12
4 10
4.12
4 11
4 09
4.05
3.99
3.94
3.90
3.85
3.78

5 00
4.80
4 86
4.91
4 94
4 90
4.84
4.74
4.62
4.54
4.52
4.53

3 59
3.57
3 56
3.57
3 55
3 54
3.52
3.48
3.44
3.42
3.38
3.37

4 50
4.31
4 32
4.38
4 40
4 35
4.31
4.22
4.09
4.02
4.00
3.96

4 02
3.98
3 9S
3.97
3 9E
3 91

....

3.8e
3.85
3.83
3.8(
3.74
3.6c

1
Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday
figures.
2
Average of yields of all outstanding bonds due or callable after 8 years.
3
Standard Statistics Co.
4
Moody's Investors' Service, revised series. Lists of industrial and public utility bonds revised back to J a n u ary 1, 1935, and of railroad bonds back to J a n u a r y 1, 1936. Because of limited number of suitable issues, less
than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial
Aa group from 10 to 4.
Back figures.—See Annual Report for 1935 (table 74) and similar tables in previous a n n u a l reports, and for
U. S. Government bonds, Federal Reserve Bulletin for June 1934, p. 322, and August 1935, p . 500.




No. 75.—PRODUCTION, EMPLOYMENT, TRADE, AND PRICES »
[Index number3,1923-25 average=100]
Construction contracts awarded (value)2

Industrial production
Year and month

Manufactures

Total
Unad- Adjusted justed

1919
1920 . .
1921
1922
1923
1924
.
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1919
January
February
March
April .
May
June.
July
August
September
October
"November
December

.

...

81
78
76
77
80
84
87
89
89
89
87
81




82
79
76
78
78
83
87
89
87
86
85
86

Total

77
89
70
74
105
96
99
108
107
106
115
9984
71
82
86
91
104

82
80
78
80
80
84
87
90
89
88
91
83

82
80
78
79
78
84
89
91
88
86
89
88

74
63
61
65
75
82
88
83
94
95
63
70

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
79
70
66
71
74
76
81
78
85
87
63
77

21
27
40
53
69
82
88
82
81
74
74
66

All other

Factory
pay
rolls 3

Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed

Unadjusted

Residential

Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90
105

83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
105

Minerals

Factory
employment3

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
30
32
39
44
55
70
78
78
78
78
88
90

9
15
25
39
52
61
63
59
60
54
49
37

11
18
24
32
42
58
63
61
59
55
51
43

30
37
52
64
83
99
108
101
99
90
94
90

107
108
82
90
104
96
100
101
99
99
105
91
77
66
72
83
86
92
45
44
51
54
66
80
90
92
94
97
117
128

105
102
102
102
103
104
107
109
111
111
112
114

Freight-car
loadings3

Unad- Ad- Unad- Adjusted justed justed justed

98
118
77
82
103
96
101
104
102
102
109
89
67
46
49
63
71
82
107
103
102
102
103
104
107
108
109
109
111
114

Department3
store sales
(value)

84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75

96
90
91
90
91
93
96
101
106
103
108
115

76
73
72
73
79
82
94
92
101
99
86
83

78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
81
80
76
80
81
81
92
89
93
89
83
90

60
59
65
77
73
76
59
60
76
89
101
137

Wholesale commodity
prices
Unadjusted
139
154
98
97
101
98
104
100
95
97
95
86
73
65
66
75
80
81

66
71
72
72
69
76
80
80
83
81
86
86

134
130
131
133
135
136
141
144
141
142
145
151

1920
January
February
March
April
May
June
July
August
September
October
November
December

92
93
94
87
92
92
88
89
88
86
78
68

95
95
93
88
90
91
89
89
86
83
76
72

94
96
96
90
93
92
87
88
87
83
74
65

96
96
95
89
91
91
89
89
86
82
73
68

82
78
80
73
86
95
94
98
94
100
97
87

86
84
87
82
85
88
88
91
85
91
94
94

91
86
78
71
65
60
57
54
54
52
49
46

31
31
40
45
41
31
26
24
25
24
21
19

38
36
37
36
33
30
27
26
25
24
22
21

93
106
113
119
114
105
98
86
80
69
56
46

134
127
110
99
91
85
82
78
77
74
70
66

114
113
116
114
112
111
108
108
107
103
97
90

117
115
115
114
112
111
108
107
105
102
96
89

118
117
125
122
124
125
120
123
121
117
108
99

86
83
88
77
87
92
98
100
103
104
95
83

91
90
93
83
89
90
95
95
93
91
91
90

82
74
90
91
101
96
73
73
88
102
112
144

90
89
95
91
96
96
98
97
95
92
96
90

158
157
159
166
167
167
166
161
155
144
133
121

1921
January
February
March
April
May
June
July
August
September
October
November
December

66
65
64
64
67
66
64
67
69
73
72
66

67
66
64
64
66
65
65
67
68
71
71
70

64
64
63
64
66
65
63
66
68
73
72
66

64
64
63
63
64
65
64
67
68
71
71
70

77
72
67
65
73
73
70
71
72
78
71
64

81
77
72
72
73
71
68
69
67
71
68
69

43
43
46
50
53
55
57
61
64
65
66
66

19
27
36
45
48
44
44
48
54
56
57
54

24
32
34
36
38
42
46
51
55
57
59
59

40
45
57
73
81
80
77
77
74
67
58
50

58
53
56
61
64
65
65
70
71
72
72
72

81
82
83
82
82
81
80
81
83
84
84
83

82
83
83
82
82
81
80
81
82
82
83
83

84
82
82
80
78
76
72
75
74
73
73
74

72
71
69
70
76
78
79
83
89
96
80
69

77
77
73
76
78
77
77
79
81
85
76
75

83
76
88
87
91
86
64
63
75
95
97
135

92
92
90
89
87.
87
87
84
82
86
83
84

114
105
102

1922
January
February
March
April
May
June
July
August
September
October
November
December

72
76
81
78
82
86
84
83
89
96
99
95

73
76
80
77
81
85
85
83
88
93
97
100

72
75
80
83
87
90
88
86
89
95
99
95

73
74
78
81
86
90
90
87
89
94
97
100

73
81
88
48
53
63
61
67
88
98
98
94

77
85
92
53
54
59
57
62
81
90
94
100

50
59
77
95
100
99
96
89
80
72
67
63

67
68
75
78
80
85
88
86
80
76
76
79

50
55
66
80
83
78
70
63
64
68
71
72

61
61
62
65
68
75
74
89
67
69
74
76

50
63
86
107
113
117
117
110
93
76
63
56

72
75
84
89
90
94
99
100
90
81
78
81

83
85
86
86
88
90
88
91
94
97
98
100

84
85
86
86
88
90
88
90
92
95
98
100

70
73
75
74
78
81
79
83
87
90
93
96

73
79
83
71
77
83
84
86
98
101
100
91

77
84
87
75
79
82
81
82
89
90
95
98

73
69
77
90
89
85
64
66
85
102
108
152

83
83
85
86
87
86
86
88
91
93
92
93

91
93
93
93

99
100
103
106
106
106
104
103
100
99
98
97

99
103
106
109
108
104
98
98
100
100
98
92

99
100
103
105
106
105
103
101
101
98
97
97

97
94
97
99
107
112
115
116
106
113
108
93

101
99
103
111
108
108
111
110
97
104
106
99

64
76
89
102
102
94
83
76
80
81
82
77

83
85
85
84
84
84
78
76
81
85
91
92

68
77
87
97
89
80
72
68
77
83
89
89

80
82
80
78
77
78
77
75
81
84
90
94

61
75
91
106
112
106
91
83
82
80
76
68

86
88
89
89
89
88
79
76
80
86
91
90

101
103
105
105
105
106
105
105
106
104
103
101

102
103
104
105
106
107
106
105
104
103
103
102

95
98
103
104
108
108
103
104
104
107
104
103

91
90
95
97
100
102
103
106
110
110
104
88

98
97
100
105
102
102
101
101
99
98
99
96

79
77
93
97
100
99
73
75
94
111
117
164

91
93
95
100
98
101
98
101
100
101
100
99

1923
99
January
February
101
March
105
April
107
May
108
June
105
July
101
August
100
September
101
October
102
November
99
December
92
See footnotes at end of table.




93
93
94
93
94
94
93

100
101
101
102
103
105
104
102
100
98
98
100
99
98

No. 75.—PRODUCTION, EMPLOYMENT, TRADE, AND PRICES1—Continued
[Index numbers, 1923-25 average «100]
Construction contracts awarded (value) *

Industrial production
Year and month

Total

Manufactures

Unad- Adjusted justed

Unad- Adjusted justed

1924
January
February
March
April
May
June
July
August
September
October
November
December

104
103
96
90
84
81
87
95
98

1925
January
February
March
April
May
June
July
August
September
October
November
December

105
107
107
104
103
100
99
101
102
107
108
103

1926
January
February
March
April
May
June
July
August
September
October
November
December

105
108
110
108
107
106
103
109
113
115
110
101




100
102
100
95
89
85
84
89
94
95

Minerals
Unadjusted

Residential

Total

Ad-

76
87
102
113
111
99
92
88
93
95
93
84

Unad- Ad- Unad- Adjusted justed justed justed
101
107
102

99
105
105
98
89
82
78
86
93
97
99
98

99
101
100
95
88
84
83
89
93
95
97
102

100
100

105
104
103
102
102
102
103
103
101
104
107
109

106
109
109
106
103
100
97
99
103
108
110
106

105
105
104
103
102
102
103
102
103
106
109
112

101
95
90
89
105
104
107
112
97
98
98

105
100
96
100
104
101
104
107
89
90
95
93

78
90
111
127
133
131
140
140
139
128
125
119

97
103
107
111
118
123
131
137
133
131
131
136

90
114
131
130
124
131
137
144
140
139
125

99
106
112
117
126
135
145
141
138
137
134

106
105
106
107
106
108
108
110
111
111
110
107

108
111
112
110
108
106
102
108
112
113
108
99

109
107
106
106
106
108
108
110
111
111
109
105

90
92
98
96
103
109
110
115
119
124
123
113

91
95
106
108
104
107
108
109
110
113
118
119

113
121
130
142
135
131
136
137
137
127
125
114

139
139
127
126
120
122
126
132
130
130
132
131

113
114
128
140
135
120
116
115
122
123
120
109

135
127
121
121
120
119
119
119
120
122
118
117

95
96
103
104
100
95

103
105

Unad- Adjusted justed

97

All other

101
110
119
107
90
82
78
85
93
97
90

67
76
96
108
113
106
101
95

Factory
employment3

Factory
pay
rolls 3

Unad- Adjusted justed

Unad- Unad- Ad- Unad- Adjusted justed justed justed justed

91
89
94
94
94
92
88
87
96
103
103
101

100
102
102
100
97
94
91
92
94
95
95
96

101
102
101
100
97
94
92
92
93
94
94
96

99
104
104
102
98
92
85
89
92
95

76
90
109
124
136
137
147
142
134
118
113
113

99
106
108
110
118
120
128
130
127
125
126
138

97

98

100
102
102
102
102

99
99
100
100
101
102
102

96
101
103
100
101
99
97
100
99
105
105
105

113
126
132
143
136
140
151
155
149
130
130
119

141
149
132
130
120
125
133
142
139
137
142
142

101
102
102
102
100
100
99
101
104
103
101
100

102
102
102
101
101
101
101
101
102
101
101
101

101
105
107
104
103
103
99
103
104
107
104
103

Freight-car
loadings3

Department
store sales3
(value)

Unadjusted

101
96
100
99

100
100
99
97
96
95
96
97
97
98
99
102

84
85
94
105
103
98
74
76
97
122
122
176

99
103
102
103
102
102
100
10L
101
111
104
104

103
104
104
102
102
103
104
104
103
104
105
103

90
87
97
102
109
100
77
82
104
120
124
181

106
105
103
103
109
105
106
108
106
109
106
107

103
102
101
100
101
100
100
99
100
99
98
98

103
98
95
93
92
92
95
100
102
101
101

84
88
103
98
97
71
72
96
105
117
166

95
95
95
96
99
100
104
111
116
114
110

103
102
99
102
101
102
103
106
102
101
105
108

94
96
99
99
105
106
110
113
122
124
115

103
104
104
105
107
108
109
106
107
109
110
109

91
91
93
100
112
114
106
93

99
101

Wholesale commodity
prices

97
100

1927
January
February
March
April
May
June
July
August
September
October
November
December
1928
January
February
March
April
May
June
July
August
September
October
November
December

106
111
113
110
112
107
102
105
106
105
101
96

107
108
110
108
109
107
106
106
104
102
101
102

105
110
114
112
112
106
102
104
105
104
100
95

106
107
108
108
110
108
107
106
104
102
101
102

112
113
111
96
108
108
103
111
11
1
112
105
97

115
117
120
106
109
106
101
106
104
103
102
102

107
114
132
144
145
140
140
131
133
126
122
111

132
131
128
128
128
128
128
126
128
128
129
131

97
105
123
133
132
117
115
108
119
120
120
111

117
117
116
115
115
114
114
113
118
119
121
125

115
121
138
153
157
158
160
149
145
131
124
111

144
142
138
139
139
140
140
136
136
135
136
136

98
100
100
100
99
99
98
99
100
100
97
96

100
100
100
100
99
100
99
99
98
98
97
97

98
104
106
104
104
102
98
102
101
102
98
99

97
101
104
100
104
103
104
110
118
116
102
88

107
108
108
106
105
104
103
104
104
101
99
98

91
89
95
109
105
101
76
86
103
117
126
182

107
108
107
105
105
106
105
111
104
107
108
106

9?
96
95
94
94
94
94
95
96
97
96
96

105
111
112
110

106
113
114
113
111
108
105
110
116
117
115
110

107
110
109
109
108
109
110
111
114
116
118
120

100
99
98
95
104
104
104
111
115
123
118
106

103
102
105
105
106
102
102
105
107
111
114
111

111
121
138
155
159
154
142
137
138
134
122
107

137
138
137
137
137
139
132
131
134
136
132
127

116
128
143
152
149
140
127
116
118
115
112
93

139
142
136
130
130
133
126
119
118
115
H4
106

108
115
134
157
168
166
155
154
154
150
130
117

135
135
137
142
143
144
137
11
4
147
152
148
145

95
96
97
G7
97
98
98
100
102
102
102
101

97
97
97
97
97
98
98
99
100
100
101
102

96
101
103
101
101
102
99
103
105
108
105
106

93
95
98
97
103
101
106
111
121
122
111
95

103
102
103
101
104
101
104
105
106
107
109
107

91
88
97
105
107
102
80
81
113
118
125
192

108
106
107
106
107
107

105
110
116
118
115
109

107
109
108
108
108
108
109
110
113
115
117
118

96
96
96
97
98
97
97

117
121
124
124
126
125
120
122
123
121
108
96

119
118
118
121
122
125
124
121
121
118
110
103

117
122
126
128
128
127
120
122
123
119
107
93

120
118
120
122
123
127
125
122
121
118
110
101

114
116
101
103
116
116
118
121
127
127
114

98
102
121
139
143
144
136
129
112
104
94
84

120
118
121
123
121
126
124
122
103
102

81
84
106
117
113
102
94
84
73
67
66
53

97
94
101
100
97
95
93
86
73
67
67
61

111
110
133
158
168
178
170
166
144
135
116
109

139
137
137
142
141
152
149
152
140
139
132
136

101
103
104
105
105
105
106
108
109
108
103
100

103
104
104
105
105
106
107
107
106
105
103
101

102
109
112
113
113
111
107
112
113
112
104
101

97
101
100
103
107
110
112
116
123
120
103
90

108
109
106
108
107
109
108

no

116
119
109
114
117
111
116
115
118
116
110
116

105
102
101

90
91
107
103
109
108
79
84
117
122
125
191

110
110
113
109
109
113
109
111
113
111
108
110

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

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
89
89
90
88
84
82

99
98
97
98
94
93
90
88
87
86
84
83

96
99
99
98
95
92
84
83
84
82
77
75

90
93
91
94
95
94
95
96
100
98
86
74

100
100
96
97
95
94
91
91
88
86
84
82

88
89
93
110
105
98
71
77
103
112
113
165

107
108
107
105
105
103
100
102
99
101
99
96

no
108

1929
January
February
March
Anril
May
June
July
August
September
October
November
December

1930
January
103
February
109
March.;
106
April
107
May
105
June
99
July
90
August
90
September
92
October
90
November
84
December
...
76
See footnoi
>tes a t e n d of t a b l e .




no
107

56
49
52
53 |
52 !

IS I

4/ i
49
52
52
48
43

no
108

no

107
112
108
108
111

96

95
95
97
96
96
95
94

93
91
90
90
89
87
84
84
84
83
81

No. 75.—PRODUCTION, EMPLOYMENT, TRADE, AND PRICES 1 —Continued

GO
GO

[Index numbers, 1923-25 = 100]
Construction contracts awarded (value) 2

Industrial production

Factory
employment3
Year and month

Total
Unadjusted

Manufactures

Adjusted

1931
January
February
March
April
May
June
July
August
September
October
November
December

Unadjusted

Adjusted

Minerals
Unadjusted

Adjusted

Total
Unadjusted

Adjusted

Residential
Unadjusted

Adjusted

Factory
pay
rolls 3

Ad- Unad- Adjusted justed justed

Unadjusted

All other
Unadjusted

83
98
107
104
101
94
87
81
71
57
39

Freight-car
loadings 3

Unadjusted

Adjusted

Department
store sales3
(value)

Unadjusted

81
81
92
101
97
92
66

93
104
100
96
85
84
82
81
80
76
67
50

68
58

94
97
143

Adjusted

99
100
100
97
95
94
89
85
85
86
83

Wholesale commodity
prices.
Unadjusted

71
70
70
(39

1932
January
February
March
April
May
June
July
August
September
October
November
December
1933
January
February
March
April
May
June
July
August
September
October
November
December




70

65
63
59
66
78
91
100
91
84
76
72
75

63
61
56
65
77
93
102
91
83
76
70
73

69
73
72
66
46
49
71
75
73
106
49
49
50
68
67
64
48
59
73
77
75
121

67
66
66
66
64
64
65
65
64
64
63
61
60
60
60
63
70
71
71
71
71

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
1936
January
February
March
April
May
June
July
August
September
October
November
December

77
83
87
88
89
84
73
73
73
75
74
78

78
81
84
86
86
84
76
73
71
74
75
86

75
82
86
89
89
84
71
71
70
73
73
76

76
80
82
85
86
83
74
72
69
72
74
85

86
89
91
81
86
86
84
83
87
87
84
85

88
92
100
90
88
87
84
80
82
81
81
90

40
38
33
36
32
31
30
28
30
29
28
25

49
44
33
32
26
26
27
27
29
31
31
31

10
10
12
14
13
13
12
10
11
12
11
10

12
12
11
12
11
12
12
10
11
12
11
12

64
60
50
54
47
46
44
43
45
43
41
36

80
70
51
48
38
38
39
40
44
46
48
47

88
91
91
89
87
86
83
87
90
97
98
96

90
90
88
86
85
87
86
88
91
95
96
101

87
91
91
91
87
84
83
87
89
96
98
95

90
88
87
86
84
85
87
89
92
95
97
101

92
93
90
79
88
97
85
86
93
101
96
97

95
97
97
88
90
99
85
83
87
93
93
102

22
24
26
30
32
35
39
40
44
45
53
54

27
28
26
27
27
30
35
38
43
48
60
68

10
13
16
22
25
26
25
24
25
25
25
22

12
14
16
18
21
24
25
24
25
25
26
26

32
33
34
38
39
43
50
54
59
62
76
80

95
95
96
104
105
104
105
106
107
111
115
114

97
U
93
101
101
104
108
108
109
110
114
121

95
93
97
105
105
105
105
106
107
110
115
114

96
92
93
100
101
105
109
110
110
11
1
115
121

100
107
90
95
101
101
102
104
110
115
115
111

104
111
97
106
102
100
101
99
102
105
112
117

50
45
47
53
56
60
65
65
60
54
51
53

62
52
47
47
46
52
59
62
59
57
58
66

21
22
28
35
38
39
45
46
47
41
39
38

25
25
26
30
32
36
44
46
47
43
40
45

75
63
62
67
70
78
82
81
70
65
62
65

80
82

78
81
84
85
86
85
83
83
78
81
81
82

55
61
66
68
68
66
61
63
59
62
61
64

58
62
64
60
63
64
62
62
67
65
60
57

62
65
65
63
64
64
62
61
60
59
59
60

57
59
73
73
77
70
51
60
79
82
83
135

39
39
35
33
32
36
43
50
58
66
88
103

82
85
86
86
85
83
84
86
88
89
89
88

84
85
86
86
85
84
85
86
86
87
88
89

65
70
72
72
69
67
67
71
74
76
76
78

59
62
63
59
60
63
59
64
71
75
69
64

63
66
65
62
61
64
59
63
64
68
68
68

59
61
71
79
76
76
55
61
86
86
91
145

79
80
79
80
80
80
79
81
81
81
81
81

92
75
63
60
57
65
71
75
69
69
72
83

87
87
88
89
90
90
91
94
96
97
97
98

89
87
88
89
90
90
93
93
94
94
96
99

74
74
78
79
81
81
80
84
84
89
91
95

65
68
64
68
71
73
77
77
84
86
84
77

70
71
66
71
72
73
76
76
75
77
82
83

63
66
77
85
89
84
63
68
94
100
105
161

81
81

77
81
84
86
86
85
83
84
80

74
74
73
74
75

79
81
82
82
82
82
84

1
Indexes compiled by the Board of Governors of the Federal Reserve System, except for indexes of wholesale commodity prices and indexes of factory employment and pay rolls
without seasonal adjustment, 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, September 1933, and November 1936); indexes of
factory employment and pay rolls December 1936 (certain revisions March 1937); index of construction contracts awarded, July 1931; index of freight-car loadings, June 1937; index of
department store sales, February 1928 (certain revisions November 1930, April 1935 and August 1936).
2
3Based on 3-month moving average of F. W. Dodge data centered at second month.
Revised series.




190

ANNUAL REPORT OF BOARD OF GOVERNORS
No. 76.—MANUFACTURING PRODUCTION, BY GROUPS
[Index numbers, 1923-25 average = 100.
All

industries

Year and month

Iron
and
steel

Textiles

Monthly series adjusted for seasonal variation]
Food
products

Automobiles

Leather NonPetro- Rubber Tobaeco
and
tires
leum
prodand
prod- ferrous refining
metals
ucts
tubes
ucts

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

82
99
46
82
105
89
106
113
104
119
130
94
60
31
53
60
79
110

92
84
87
99
105
91
104
104
113
107
115
91
94
83
97
85
104
111

94
84
83
94
99
103
98
97
96
98
97
93
90
87
92
99
79
90

50
58
41
66
102
91
107
108
86
110
135
85
60
35
48
69
99
112

104
97
90
102
108
95
97
99
103
102
104
92
90
85
97
100
109
115

63
61
56
65
77
93
102
91
83
76
70
73

29
31
22
35
48
71
99
80
65
60
47
60

87
83
76
85
108
133
130
114
99
91
89
78

88
84
84
101
99
100
100
95
105
85
91
86

48
32
27
43
50
65
69
60
55
45
30
45

76
80
82
85
86
83
74
72
69
72
74
85

56
64
67
77
85
86
48
39
38
41
49
65

87
91
94
90
88
77
78
80
63
89
87
97

96
91
84
93
98
96
102
106
120
107
102
102

1935
January
February
March
April
May
June
July
August
September
October
November
December

90
88
87
86
84
85
87
89
92
95
97
101

80
80
72
67
66
66
69
81
83
88
96
103

103
100
99
98
102
100
104
104
106
112
107
111

1936
January
February
March
April
May
June
July
August
September
October
November
December

96
92
93
100
101
105
109
110
110
111
115
121

86
83
83
100
105
112
119
120
119
127
137
143

105
102
100
99
100
107
116
119
120
114
121
139

1919
1920
1921
1922
1923
1924...
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

.

..

1933
January
February
March
..
April

.

.

May
June
July
August
September .
October
November .
December
1934
January
February
March
April

May
June
July
August
September .
October
November
December

...

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
182

55
77
86
98
116
116
120
144
135
100
96
78
88
92
97
115

82
87
85
89
96
99
105
112
118
124
134
131
123
111
116
128
135
152

87
92
84
93
110
114
117
102
92
93
92
94

132
131
135
140
146
153
155
153
158
152
146
137

59
54
41
65
94
115
143
111
103
90
97
108

113
115
99
116
143
135
117
123
115
108
95
123

56
71
80
85
78
81
78
61
51
41
40
88

98
108
107
117
118
101
99
97
88
85
92
104

142
144
143
152
153
154
156
157
152
153
155
154

97
100
106
97
81
84
83
79
79
82
107
133

138
132
119
128
128
132
128
126
125
120
125
143

92
81
77
80
78
74
74
76
78
83
82
83

103
102
105
104
85
99
94
92
91
96
105
107

108
110
110
115
114
104
109
105
104
105
109
124

151
155
153
153
160
166
168
169
172
176
176
173

106
110
102
103
96
95
81
91
97
91
99
99

136
133
130
138
134
138
140
13C
129
138
137
147

92
84
87
90
84
88
92
91
90
93
98
99

108
93
107
122
117
118
124
111
107
93
105
122

120
113
108
112
113
103
114
115
112
112
116
134

169
172
168
178
180
181
183
186
189
191
188
191

107
89
85
113
121
130
124
119
122
118
126
123

14?
148
14(
155
Ul
14'
154
14'
15'
1(
4
1(
5
11
8

NOTE.—Indexes for paper and printing group and lumber being revised; nonferrous metals group index not
computed from 1932 to 1936, inclusive; comparable copper figures not available. Rubber tire and tube figures
not adjusted for seasonal variation since 1934.




191

FEDERAL RESERVE SYSTEM
No. 77.—MINERAL PRODUCTION, BY INDUSTRIES
[Index numbers, 1923-25 average = 100. Monthly series adjusted for seasonal variation]
Year and
month

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

All industries

Bituminous
coal

77
89
70
74
105
96
99
108
107
108
115
99
84
71
82
86
91
104

1933
January...
February..
March
April
May
June
July
August....
September.
October
November .
December..

88
92
100
90
88
87
84
80
82
81
81
90

1935
January...
February..
March
April
May
June
July
August....
September.
October....
November.
December..

95
97
97
88
90
99
85
83
87
93
93
102

1936
J a n u a r y . ..
February..
March
April
May
June
July
August. . . .
September.
October....
November.
December..

104
111
97
106
102
100
101
99
102
105
112
117

109
110
112
65
115
109
76
104
99
93
91
86
74
62
61
71
64

75
80
81
73
79
85
91
91
87
81
82
86

1934
January...
February..
March
April
May
June
July
August....
September.
October....
November .
December..

109
79
78
108
93
99
110
99
96
102
89
73
59
64
69
71
83

Anthracite

Petroleum, Iron-ore
crude
shipments

52
61
64
75
99
97
104
105
122
122
137
122
116
107
123
123
135
149
109
111
121
109
137
137
134
134
126
121
117
119

108
73
76
69
63
50
61
53
63
72

120
118
122
125
127
129
128
124
122
121
121
123
131
132
132
130
131
134
134
133
136
140
145
147

71
100
54
69
77
72
69
51
58
52
69
73

148
143
146
150
149
146
144
149
146
152
152
161

91
113
36
82
114
82
104
113
98
104
126
90
45
7
42
43
54
86

Copper

81
85
30
62
93
100
107
110
105
115
127
87
66

Zinc

87
39
68
96
97
107
116
111
112
114
91
54
38
58
66
78
94

Lead

Silver

66
77
88
102
110
116
112
106
113
97

68
45
49

57
59
68

14
15
40
57
68
63
23

40
54
52
47
44
35
14

53
53
50
54
62
62
44

80'
80
81
87
93
98
110

77
85
91
94
103
104
99
97
101
100

NOTE.—Comparable copper figures not available from 1932 to 1936, inclusive.
Back figures of monthly series.—For indexes of manufactures and of minerals (all industries), 1919-36, see table
75. Tables showing indexes, both adjusted and unadjusted, by groups and industries, 1923-36, may be obtained
from the Division of Research and Statistics.




No. 78.—FACTORY PAYROLLS, BY GROUPS (WITHOUT SEASONAL ADJUSTMENT)
[Index numbers, 1923-25 average = 100. Adjusted to Census of Manufactures through 1933]

Year and
month

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931

All
manufacturing
industries

Transportation
equipment
Machinery
Group

Nonferrous
metals
and
products

Lumber
and
products

109.6
95.6
94.8
96.1
92.0
87.2
90.4
76.1
61.7
42.0
40.3
46.5
48.8
59.4

103.7
95.9
100.4

110.4
69.7
82.3
100.0
98.5
101.5
102.4
96.6
94.1
97.3

' 63! i
40.3
43.8
58.8
70.9
85.2

26.6
30.3
36.9
44.6
55.3

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
30.6
30.8
39.5
44.2
54.2

Railroad
repair

Auto-

products

Nondurable
goods

Tex- Leather
tiles
Food
and
and
prodprod- products
ucts

Tobacco
products

ChemPaper
icals
and and peprint- troleum
proding

Chemicals
except
petroleum

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
57.6
61.2
71.7
74.1
72.8

103.1
113.7
93.6
91.6
99.8
99.3
100.9
102.0
103.0
106.3
112.9
108.0
92.0
75.0
78.7
95.1
94.4
101.3

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
48.2
44.1
48.8
47.7
50.0

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
68.3
78.5
84.2
91.6

102.2
96.4
101.4
108.7
107.8
108.0
120.9
112.2
92.0
71.7
76.2
91.6
98.9
107.8

102.1
97.0
100.9
107.4
106.8
108.0
118.4
106.6
87.7
66.9
72.5
89.0
96.9
106.4

101.0
92.9
106.1
107.0
110.0
117.5
115.1
84.7
62.5
47.4
55.0
68.8
74.2
87.6

Rubber
products

103.3
134.8

104.1
95.7
100.2
103.8
97.9
100.4
108.8
83.0
56.3
34.4
37.2
51.7
62.6
78.0

104.1
94.9
101.0
111.1
106.2
111.3
134.3
102.7
64.2
37.3
40.5
60.4
74.4

107.7
90.8
101.5
99.5
89.8
101.6
105.4
70.2
52.3
37.8
35 6
61.8
79.2
94.2

40.1
41.0
37.9
39.8
43.7
48.1
51.7
57.7
60.6
60.4
56.5
55.5

28.6
28.8
26.7
28.1
32.3
36.2
39.4
45.2
46 7
46.8
43.9
43.7

25.0
26.9
25.0
27.0
32.3
38.8
44.0
52.6
53.5
50.4
45.9
46.3

30.2
30.9
28.6
29.4
33.4
38.3
41.7
46.2
49.3
52.9
53.0
51.9

32.3
29.0
25.0
28.6
34.8
36.4
39.1
44.8
43.4
39.1
34.8
39.6

35
31
26
31
38
41
44
50
48
41
35
41

37.9
37.9
36.7
34.9
37.4
36.5
38.5
44.5
43.8
47.4
44.6
43.1

33.6
34.1
31.4
33.0
37.8
42.4
45.5
50.7
54.0
56.0
54.7
52.5

21.9
22.2
20.1
21.9
24.7
29.0
31.8
36.4
41.2
41.8
37.5
34.9

23.2
24.0
24.1
24.6
27.6
32.0
33.3
37.2
36.7
36.9
35.1
34.4

47.9
55.1
51.6
50.0
55.5
62.9
70.7
76.5
75.8
70.6
58.1
59.2

66.7
65.3
63.2
69.9
72.9
76.2
79.4
84.7
97.3
93.6
87.9
87.0

36.9
38.5
34.8
34.9
43.7
45.4
45.3
46.2
49.9
52.9
51.9
48.3

66.0
64.8
62.3
61.3
63.7
65.4
66.7
69.9
73.7
75.0
74.5
76.2

68.1
68.2
67.1
67.0
69.7
73.4
76.0
80.0
83.7
87.6
86.8
87.0

63.3
63.5
61.9
61.8
64.8
69.1
72.5
77.6
81.2
85.3
84.2
84.5

40.4
41.0
36.7
39.8
49.0
58.8
66.1
67.1
66.4
67.8
62.9
63.7

54.6
61.3
65.6
68.1
68.1
66.0
61.4
63.2

42.7
48.9
53.9
58.6
60.1
58.6
51.4
51.4

43.8
48.7
54.6
60.7
65.5
66.9
51.1
48.7

50.3
54.6
58.7
63.5
65.5
65.1
61.8
61.6

47.6
64.7
76.2
83.2
79.4
70.5
59.4
63.4

52
74
88
96
90
77
63
69

40.7
44.1
47.0
51.3
51.9
52.0
49.4
46.9

49.3
54.7
59.7
62.1
63.8
61.0
56.2
55.6

30.5
34.1
36.0
37.8
39.6
38.6
35.7
37.9

33.0
36.5
38.3
43.0
44.3
43.7
40.5
39.1

65.4
79.2
81.9
79.7
76.6
70.7
75.0
76.5

83.1
83.4
84.5
85.5
89.8
94.7
98.5
108.1

41.0
47.0
47.3
47.8
48.0
49.3
49.0
51.2

73.3
75.0
76.8
78.6
79.5
77.9
76.3
77.5

86.7
89.3
91.1
94.2
90.6
90.7
91.1
92.4

84.0
87.1
89.1
93.1
88.2
88.2
87.8
89.0

63.0
70.8
76.4
80.1
77.7
73.4
67.0
62.8

1933—January....
February...
March
April
May
June
July
August
September.
October....
November..
December..
1934—January....
February...
March
April
May
June
July
August

1932

Iron
and
steel
and
products
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
30.4
39.0
52.3
64.4
84.1

98.3
118.2
76.9
81.6
103.3
96.0
100.7
103.7
101.7
102.4
109.1
88.5
67.4
46.4
49.4
62.9
71.3
82.4

1933
1934
1935
1936

Durable




74.8
90.3
48.7
65.7
100.6
90.6
108.8
104.8
93.3
113.9
111.6
65.7
53.4
38.8
38.3
68.2
89.5
102.0

ibo.5

89.8
107.7
89.3
91.4
105.8
93.8
100.4
100.2
106.8
101.7
105.2
85.6
75.2
53.6
61.8
72.4
81.0
83.6

September..
October....
November..
December..

59.1
62.2
60.7
64.2

47.0
48.1
47.8
51.9

43.7
45.6
47.2
51.1

58.8
60.4
60.5
63.8

47.3
45.1
43.9
61.1

49
47
46
68

44.1
45.3
42.9
42.9

56.4
60.2
61.7
64.7

38.3
39.8
37.8
37.1

38.9
39.6
39.5
37.9

1935—January....
February...
March
April
May
June
July
August.... .
September..
October....
November..
December..

65.0
70.0
71.7
71.7
69.4
67.4
66.5
71.0
73.7
76.4
75.6
77.6

53.8
60.1
62.0
63.2
61.4
59.1
57.3
61.0
62.9
68.4
69.9
71.5

55.9
63.9
64.1
64.0
62.8
60.0
56.5
63.8
67.4
70.4
70.1
74.3

64.2
67.8
70.8
71.5
71.7
70.8
71.2
75.2
79.2
82.7
83.1
85.1

71.8
85.4
88.5
92.2
84.6
74.2
67.6
64.8
59.6
78.0
91.4
92.1

83
99
101
105
94
84
77
72
65
88
105
104

42.3
46.4
47.9
49.0
50.7
49.3
46.6
47.3
47.5
51.3
52.6
55.2

61.7
67.1
68.6
68.3
66.9
65.9
62.7
67.9
74.3
82.1
82.3
83.0

35.2
38.9
40.8
42.1
38.3
40.0
42.7
49.9
53.3
54.4
50.1
49.0

34.5
38.1
40.9
43.4
44.8
45.1
43.7
45.6
47.1
49.5
48.7
49.3

1936—January....
February...
March
April
.
May
June
July
August
September..
October....
November..
December..

73.8
73.7
77.6
79.3
80.8
81.1
80.2
83.5
83.6
89.0
90.7
95.2

66.9
66.6
71.8
76.0
78.5
79.0
75.9
77.0
77.2
85.3
88.9
93.4

69.6
70.3
75.4
79.7
83.0
84.6
81.8
86:8
87.1
93.2
95.8
103.2

82.5
83.5
86.8
91.2
94.7
95.8
92.8
93.9
94.7
102.7
105.6
113.6

85.7
77.1
87.0
99.9
101.6
98.7
92.6
81.0
76.3
95.8
113.4
120.9

96
84
94
109
111
107
100
83
77
102
126
136

50.5
55.9
60.9
58.6
59.5
60.1
56.0
57.7
59.2
63.9
65.2
65.5

76.1
76.0
77.6
77.8
79.0
79.9
77.4
82.9
88.0
99.7
102.0
105.5

45.9
45.8
50.3
52.3
54.4
55.8
54.5
58.9
60.3
63.5
60.8
60.5

41.9
42.4
48.2
52.4
55.6
55.8
55.3
58.3
58.2
62.5
61.1
59.1

74.5
59.3
80.0 | 76.3
77.0
72.2
79.8
76.3

|
1
!
i
|
!
|
!
|
1
!
!
!
!
!

67.2
62.5
59.1
66.9

112.2
106.2
99.1
95.6

52.1
50.9
50.7
51.8

79.3
81.6
81.6
85.1

92.1
93.8
93.3
94.0

88.9
90.7
90.3
91.0

59.6
61.9
61.9
70.7

79.3
82.6
84.0
82.5
79.5
77.9
78.2
83.7
87.3
86.5
82.8
85.3

79.5
85.9
88.4
84.2
76.6
71.7
69.2
80.3
86.1
86.0
80.7
83.0

74.1
80.0
81.5
76.8
70.0
68.7
75.2
79.2
74.5
71.4
64.4
72.9

86.0
86.2
85.9
88.5
90.0
93.8
99.9
104.1
108.9
101.2
95.0
93.3

42.8
42.1
45.7
44.6
45.3
48.5
49.3
48.3
51.3
52.5
50.8
51.5

82.2
83.0
83.4
83.5
83.7
82.3
80.4
81.9
85.1
87.1
86.8
90.6

93.9
95.5
98.1
98.2
97.3
97.6
98.0
99.5
101.4
103.0
101.5
103.3

91.6
93.7
96.7
96.7
95.6
95.2
95.3
96.6
99.0
101.3
100.4
101.1

74.1
78.1
75.9
76.8
71.5
69.9
65.9
69.1
73.7
75.7
77.2
81.9

82.5
82.7
84.9
83.5
83.8 |
83.9 !
85.6 !
91.8 i
91.6
93.7
92.9
97.5

80.2
82.3
85.7
81.3
78.2
76.8
77.3
87.4
83.9
88.5
87.2
94.6

76.7
77.4
73.1
67.7
63.8
64.6
74.2
80.3
75.7
74.0
67.3
78.3

89.8
87.4
90.2
90.3
95.7
98.9
107.0
114.0
116.5
111.5
108.3
105.7

43.0
44.9
46.5
44.0
48.5
50.1
51.0
53.5
53.3
54.7
54.8
55.4

86.9
87.7
89.3
89.8
90.7
89.2
86.6
89.4
92.0
96.5
98.6
102.6

100.4
99.9
104.5
103.8
105.4
105.4
106.4
108.1
112.0
114.4
114.7
118.3

98.8
98.5
103.0
102.5
104.0
103.3
103.8
106.8
110.6
113.9
113.3
118.0

78.0
74.9
66.7
82.8
86.4
89.0
87.1
90.8
92.2
96.8
101.2
104.8

a

CO

NOTE.—Indexes compiled by the Bureau of Labor Statistics. Back figures for these groups and indexes for individual industries may be obtained from the Bureau. Underlying
figures are for pay-roll period ending nearest middle of month.




H

No. 79.—FACTORY EMPLOYMENT, BY GROUPS
[Index numbers, 1923-25 average =* 100. Adjusted to Census of Manufactures through 1933]
All

Year and
month

1919
1920
1921
1922
1923.:
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936

manufactur, ing
industries
106.7
107.8
82.2
90 3
104.1
96.4
99.5
101.3
98.9
98.7
104.7
91.3
77.3
65.5
72.0
82.5
86.0
91.9

Durable
goods

104.6
96.4
99.0
101.7
95.6
96.1
103.7
86.1
67.3
52.8
56.7
69.7
75.5
84.7

Iron
and
steel
and
products
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
56.5
64.6
76*. 2
81.1
92.3

Machinery

Transportation
equipment
Group

116.6
128.6
77.5
81.7
105.8
94.9
99.3
107.4
102.4
104.9
125.9
104.9
78.3
57.0
60.8
80.0
89.7
103.7

107.6
93.1
99.3
99.1
87.9
96.2
103.5
80.2
66.3
55.5
54.5
83.5
95.7
103.4

Railroad
repair

Auto-

85.1
88.1
52.9
71
100.6
93.6
105.8
104.8
91.9
108.1
111.3
80.3
71.0
60.5
60.6
94.5
110.4
114.1

I

108.6
96.4
95.0
95.5
89.0
83.8
82.6
73.4
64.1
52.5
50.2
53.5
51.7
58.3

Nonferrous Lumber
metals
and
and
prodproducts
ucts

105.4
96.7
97.9

111.4

60.4
66.7
81.1
90.2
99.6

94
89
76
97
101
98
100
100
93
92
95
75
56
43
49
54
58
64

Stone,
clay,
and
glass
products

Nondurable

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
46.7
49.4
57.6
58.6
64.2

103.5
96.4
100.1
100.9
102.4
101.6
105.8
96.9
87.9
79.2
88.4
96.2
97.3
99.5

Tex- Leather
tiles
Food
and
and
prodprod- prod- ucts
ucts
ucts

Tobacco
products

ChemPaper icals
and and peprint- troleum
proding
ucts

Chem- Rubicals
ber
except prodpetro- ucts
leum

97.3
106.6
96.3
97.1
96.6
97.7
95.6
98.5
91.2
84.3
81.2
87.2
92.4
92.5
91.9

114.5
109.6
93.3
96.5
101.4
98.3
100.3
99.7
100.2
103.8
111.1
107.8
95.6
88.6
100.3
114.5
109.4
111.1

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
65.6
63.1
66.2
61.3
61.0

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
85.5
86.7
95.4
97.6
100.8

102.9
96.8
100.3
106.5
104.2
103.0
115.7
109.4
95.4
85.5
97.5
110.7
111.9
114.6

102.9
96.9
100.2
105.4
102.8
102.5
113.6
105.6
92.7
82.2
95.4
108.8
110.7
113.8

102.6
91.8
105.6
105.1
105.7
111.1
111.0
85.9
73.9
67.6
79.1
88.4
85.6
90.8

79.9
84.4
83.8
82.2
83.9
87.5
93.5
97.0
94.8
92.9
83.1
82.8

83.8
83.2
82.5
88.6
91.3
96.0
100.8
111.7
127.1
122.0
110.9
105.3

58.5
61.6
56.4
55.3
62.6
64.7
63.9
65.7
65.3
68.2
69.7
65.6

82.1
81.9
80.5
80.2
81.2
82.7
84.4
89.1
93.2
94.9
94.6
95.0

85.9
87.3
89.8
88.4
87.6
89.8
97.7
100.9
111.1
111.4
110.7
109.8

83.0
84.4
87.3
85.5
84.1
86.4
96.1
99.6
110.9
110.2
109.1
107.7

65.0
65.8
63.7
63.9
67.8
75.2
83.6
92.8
94.7
94.7
92.4
89.5

99.0
92.6
97.3
105.2
94.9
99.9
99.9
104.0
101.3
104.8
92.9
87.2
77.9
90.5
94.4
98.4
100.7

108.1

Without seasonal adjustment
1933—January...
February..
March
April
May
June
July
August—
September.
October...
November.
December.

62.6
63.7
61.5
62.9
65.8
70.2
74.9
79.6
83.2
82.8
79.5
77.6




48.1
48.7
46.9
47.6
50.4
54.2
58.8
63.6
66.9
66.7
64.8
64.1

51.7
54.1
52.2
53.8
57.0
62.2
68.3
74.9
77.9
76.4
74.3
72.9

49.6
50.4
49.0
49.6
52.1
56.3
60.2
66.6
71.7
75.0
75.5
73.8

51.4
50.5
45.5
45.7
49.1
52.0
58.7
61.8
64.6
59.5
53.8
61.4

57
57
50
51
55
59
67
70
73
65
58
67

50.2
49.2
48.9
46.5
47.9
46.5
49.8
52.2
53.1
53.0
52.9
51.6

56.1
57.2
54.8
56.2
58.8
63.1
66.4
73.9
78.9
80.4
78.7
76.0

41.0
41.1
39.6
40.9
43.9
48.9
52.8
56.6
60.4
61.0
58.0
55.1

38.8
40.4
40.9
42.6
45.6
50.6
53.9
57.4
57.5
56.1
54.9
53.5

1

78.2
79.9
77.1
79.3
82.2
87.3
92.2
96.8
100.7
100.1
95.3
92.0

80.0
83.1
78.3
80.8
85.0
92.5
98.2
100.5
100.9
100.4
95.6
90.7

1934—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.

76.5
81.1
84.4
86.0
86.2
84.9
82.5
83.6
80.1
82.2
80.4
81.5

63.2
67.0
70.9
73.9
75.6
74.8
71.4
70.0
68.1
66.7
66.1
68.1

70.0
73.3
76.9
79.8
82.7
84.1
78.1
76.2
73.0
72.9
73.2
73.9

72.1
75.1
79.0
82.5
83.5
83.1
81.4
81.4
80.5
80.4
80.4
80.9

71.6
85.2
94.4
100.2
100.4
96.1
88.8
84.2
74.5
64.5
62.6
78.9

81
99
110
117
116
108
100
94
82
70
68
90

50.9
51.5
53.5
55.7
57.5
57.7
56.2
53.2
53.7
52.0
49.7
50.2

73.1
77.1
81.9
84.2
85.1
82.9
79.8
79.8
80.2
82.0
83.0
84.2

50.6
52.2
54.0
55.2
57.3
56.2
54.8
54.9
55.4
55.9
54.4
53.3

51.6
54.0
56.6
60.2
63.0
62.5
59.2
58.0
57.8
56.7
56.9
54.4

90.8 i 90.9
96.1 ! 100.0
98.8 103.5
99.0 102.5
99.3
97.5
94.0
95.7
88.8
94.3
91.3
98.2
76.9
92.9
95.7
98.9
93.9
95.7
95.7
95.9

87.2
95.1
97.5
97.1
96.3
92.3
94.2
96.0
90.2
87.7
85.9
89.2

99.6
99.4
102.4
103.6
106.0
112.6
119.1
134.8
140.2
129.5
116.5
110.5

57.3
65.5
68.0
68.3
64.7
66.1
64.6
68.9
68.5
69.1
67.7
65.4

92.9
93.7
94.2
95.7
96.4
95.2
93.9
94.4
95.8
97.0
97.4
98.1

UO.O
112.6
114.5
114.8
108.3
106.8
107.5
109.1
111.0
111.8
110.9
110.9

108.1
111.4
113.8
114.7
106.2
103.9
104.7
106.3
108.8
109.8
108.9

109.2 I

87.4
90.0
93.0
96.3
96.6
92.8
89.3
85.8
83.2
81.9
81.2
83.6

1935—January...
February..
March
April
May
June
July
August....
September,
October...
November.
December.

82.2
85.1
86.2
86.3
84.8
83.2
83.5
86.3
88.1
89.4
88.8
88.3

70.0
73.4
75.1
75.9
75.4
73.5
73.4
74.7
75.4
79.2
80.3
80.0

75.4
78.9
80.1
80.3
80.4
79.7
79.0
81.1
82.7
84.7
85.1
85.2

82.3
84.7
86.8
88.0
87.4
87.2
88.4
90.0
93.7
95.6
96.5
95.9

93.2
101.6
104.2
105.3
103.1
94.1
87.8
84.0
76.2
92.9
101.7
104.0

110
119
121
122
118
109
102
96
85
106
117
120

49.8
51.0
51.7
51.0
51.7
51.9
51.6
50.9
50.7
53.1
53.7
53.8

83.3
87.0
88.5
89.0
88.2
86.9
85.2
87.2
92.3
97.7
99.0
98.2

52.2
55.1
56.5
57.8
56.7
54.0
57.8
62.0
63.9
64.5
62.5
60.8

51.2
53.6
55.8
57.7
59.7
60.5
59*7
60.9
60.8
61.9
61.4
60.1

95.4
97.5
98.1
97.4
94.9
93.6
94.4
98.7
101.7
100.3
97.8
97.2

98.2
101.8
102.7
100.6
96.6
93.1
90.5
96.1
99.4
101.2
100.1
100.0

93.0
96.5
97.5
96.3
91.3
87.3
91.8
94.9
93.4
91.0
86.5
90.7

100.9
100.3
99.0
102.1
102.3
106.2
115.9
124.3
132.4
118.4
107.8
103.1

59.6
60.5
61.0
60.1
59.9
61.2
61.0
61.3
62.5
63.6
63.2
61.6

96.2
97.3
97.4
97.5
97.1
96.1
96.0
96.5
97.9
99.0
99.4
100.3

110.3
111.2
114.1
113.0
109.8
109.2
108.9
110.1
112.9
115.5
114.5
113.2

108.8
110.4
113.9
112.5 j
108.5
107.1
106.6
107.8
111.8
114.8
113.8
112.3

80.4
87.8
87.9
86.8
85.7
84.2
81.7
82.7
84.6
86.3
86.2
86.4

1936—January...
February..
March
April
May
June
July
August....
September
October...
November.
December.

86.8
86.9
87.9
89.1
89.8
90.1
91.2
93.5
95.5
96.7
96.9
98.1

78.7
78.6
80.2
82.3
84.0
84.7
84.6
84.7
85.7
89.2
91.0
92.7

84.4
84.4
85.6
87.8
90.1
91.4
93.0
95.3
97.2
98.9
99.3
100.4

95.3
95.5
96.9
99.6
102.4
103.6
104.0
104.4
107.5
109.6
111.4
114.1

102.6
99.8
100.9
104.9
106.3
105.3
101.9
93.0
87.3
102.1
115.0
122.1

118
114
113
116
117
116
111
98
90
110
128
139

54.0
56.1
58.0
57.8
58.0
58.5
56.9
58.4
59.3
60.4
60.6
61.2

95.0
94.9
94.6
94.4
94.7
95.5
94.5
98.4
102.9
108.3
110.0
111.6

59.2
59.2
61.3
62.8
64.1
64.8
65.6
66.6
68.2
69.2
67.8
67.1

55.2
55.3
58.9
63.0
65.3
66.4
67.0
68.0
68.2
69.1
67.3
67.1

95.4
95.8
96.1
96.3
96.0
95.9
98.2
102.8
105.9
104.7
103.3
104.0

98.2
99.2
100.5
99.5
97.4
96.2
96.3
101.8
103.4
104.3
104.8
106.4

92.9
94.4
93.6
90.8
88.2
86.8
91.4
94.4
94.1
92.8
89.0
94.0

98.4
96.7
97.7
100.3
102.7
107.9
116.9
127.9
135.9
124.2
114.1
110.6

54.9
58.7
59.2
58.6
60.0
60.2
60.6
63.0
63.6
64.5
65.9
63.3

98.0

111.8
110.8
113.8
112.3
111.8
110.3
112.7
113.4
119.5
120.3
119.7
119.3

110.8
109.8
113.6
111 3
110.7
108.5
110.5
112.2
118.8
120.2
119.4
119.3

85.6
85.1
75.4
87.9
88.9
89.8

1933—January
February
March
April
May
June
July
August
September
October
November
December
See end of table fo:

64.2
64.1
61.4
62.7
65.9
70.7
76.1
79.4
81.2
81.2
79.5
78.2

49.4
49.0
46.9
47.0
49.4
53.5
58.8
63.6
66.7
66.8
65.3
64.8

53.0
54.2
51.9
53.4
56.3
61.8
68.8
75.0
77.8
75.8
74.4
73.3

50.0
50.4
49.0
49.5
52.1
56.5
60.9
67.1
71.1
73.6
74.3
73.4

50.1
48.0
42.8
42.3
44.7
48.9
56.3
62.9
69.3
70.2
63.4
64.2

55
53
46
47
49
55
64
71
79
79
70
71

51.2
49.4
48.9
45.8
47.1
46.3
50.2
52.4
52.9
52.7
52.9
52.0

43.8 1 80.1 80.9
44.2
80.3
80.9
42.7
77.1
75.3
42.0
79.4
79.3
43.7
83.6
85.2
48.0
89.0
94.4
52.5
94.7 104.3
55.7
96.4 103.4
55.5
96.8
99.9
54.4
96.6
98.0
54.1
94.8
95.2
54.9
92.6 I 90.9

81.8
82.9
81.0
80.9
84.7
89.9
92.4
92.7
91.7
92.0
88.0
87.6

90.7
92.1
91.3
95.3
97.6
98.4
98.4
102.7
108.7
110.6
109.2
108.0

63.3
62.2
57.0
56.2
63.9
64.8
64.4
64.9
63.4
64.7
66.0
65.0

99.1
99.5
98.8
98.5
100.1
102.6
104.0
105.0
106.0

90.8
92.2
94.3
97.9
100.0
101.9

Adjusted for seasonal variation




57.7
57.3
54.2
55.7
58.8
63.7
68.7
75.8
78.4
78.1
76.4
75.4

43.4
42.6
40.8
41.4
43.9
48.4
52.8
55.3
58.2
58.3
56.4
55.8

81.8 86.0
81.7 86.8
80.8 85.9
80.4 85.8
81.5
89.5
83.7
93.6
85.4 101.3
90.0 103.1
93.3 106.9
94.1 108.4
93.4 108.9
93.2 108.7

82.9
83.4
82.2
82.1
86.2
91.2
100.9 :
102.7 i
106.1 ;
106.8 j
106.8 i
106.2 I

65.6
65.9
63.7
63.6
66.6
73.9
83.8
94.0
95.9
94.9
91.6

5
>

Pi

No. 79.—FACTORY EMPLOYMENT, BY GROUPS—Continued
[Index numbers, 1923-25 average =100. Adjusted to Census of Manufactures through 1933]

Year and
month

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..
1936—January....
February...
March
April
May
June
July
August
September..
October....
November..
December..

All
manufacturing
industries
78.3
81.4
84.0
85.4
85.9
85.2
83.4
83.0
78.1
80.8
80.8
82.3
84.1
85.3
85.7
85.6
84.6
83.7
85.0
86.1
86.3
87.3
88.1
88.7
88.8
87.4
87.7
88.6
89.8
90.4
92.8
93.4
93.8
94.4
96.2
98.6

Durable

64.8
67.3
70.4
72.6
73.8
73.7
71.4
70.1
68.2
67.1
67.0
68.9
71.4
73.4
74.4
74.4
73.7
72.8
74.3
75.7
76.2
78.3
79.3
80.0
80.4
79.2
80.1
81.2
82.7
83.8
85.6
85.7
86.6
88.2
89.9
92.7

Iron
and
steel
and
products
71.7
73.4
76.6
79.2
81.6
83.5
78.6
76.2
72.6
72.4
73.4
74.4
77.2
79.1
79.8
79.7
79.4
79.2
79.4
81.1
82.3
84.2
85.3
85.7
86.4
84.7
85.3
87.1
89.0
90.8
93.5
95.3
96.8
98.4
99.6
101.0

Machinery

Transportation
equipment
Group

72.9
75.5
79.3
82.6
83.4
83.3
82.5
82.0
79.8
79.3
79.6
80.5
83.1
85.1
87.0
87.9
87.2
87.4
89.6
90.8
93.0
94.3
95.5
95.5
96.3
95.8
96.9
99.3
102.2
103.9
105.3
105.3
106.8
108.4
110.4
114.0

69.8
80.1
87.7
91.8
91.2
90.4
85.1
85.5
81.1
75.9
74.8
82.6
89.9
94.7
96.1
95.7
93.7
91.3
90.9
91.9
89.0
95.6
99.0
101.0
100.0
97.0
97.7
99.2
101.3
102.2
105.1
100.9
100.8
105.0
112.3
118.7

Automobiles
78
91
101
106
105
101
95
96
91
85
84
95
104
109
110
109
106
106
106
107
103
110
113
115
113
109
108
109
112
112
116
109
109
113
123
133

Railroad
repair
shops

51.8
51.7
53.4
55.0
56.4
57.4
56.7
53.4
53.4
51.8
49.7
50.6
50.7
51.2
51.7
50.3
50.8
51.6
52.0
51.1
50.4
52.8
53.7
54.3
55.0
56.4
58.0
57.0
57.0
58.2
57.4
58.7
59.1
60.1
60.6
61.7

Nonferrous Lumber
metals
and
and
prodproducts
ucts
Adjusted
75.1
77.2
80.9
83.3
85.0
83.7
82.6
81.9
79.8
79.5
80.4
83.4
85.5
87.1
87.4
88.1
88.1
87.7
88.3
89.5
91.9
94.9
96.1
97.4
97.4
95.0
93.4
93.4
94.6
96.4
97.8
101.1
102.5
105.2
106.7
110.7

Stone,
clay,
and
glass
products

Nondurable

for seasonal variation
57.4
92.9
53.7
58.2
96.4
54.1
58.5
98.7
55.3
59.2
99.1
55.8
60.4
98.9
57.2
59.4
97.4
55.6
58.1
96.4
54.8
56.7 |: 96.8
53.6
88.7
56.1
53.4
55.1 j 95.6
53.4
56.1 I 95.5
53.2
55.9 | 96.7
54.0
56.8 j
55.4
97.7
57.7 |
98.1
57.1
57.4 ! 97.8
57.9
56.6 i 97.6
58.4
57.2 ; 96.4
56.7
57.6 |
95.3
53.6
58.6
96.4
57.8
59.6
97.3
60.6
59.1
97.2
61.6
60.2
96.9
61.7
60.5
97.4
61.1
61.8
98.1
61.6
61.4
97.8
62.8
59.7
96.3
61.4
60.8
95.8
62.8
61.9
96.5
63.5
62.5
97.3
64.1
63.0
97.6
64.2
65.7
100.4
65.6
66.4
101.8
65.1
66.1
101.6
65.8
67.2
101.2
66.2
66.3
102.9
66.2
69.0
104.9
67.9

Tex- Leather
Food
tiles
and
and
prodprod- products
ucts
ucts
91.8
97.3
99.6
100.5
9.9.6
95.9
94.4
94.1
75.8
93.4
93.6
95.9
99.1
99.0
98.8
98.7
96.9
94.9
96.3
98.9
98.5
98.7
99.8
100.4
99.2
96.5
96.7
97.6
97.6
98.1
102.6
104.9
102.6
101.7
104.4
106.8

88.8
93.4
94.2
95.3
97.2
94.6
93.1
92.0
87.6
87.0
91.4
94.2
94.5
94.8
94.2
94.6
92.1
89.4
90.7
91.4
90.7
90.2
92.1
95.3
94.4
92.7
90.4
89.2
89.0
89.0
90.3
90.9
91.4
92.0
94.9
98.8

108.1
109.2
113.9
111.3
112.7
115.1
115.2
119.2
119.1
118.4
116.1
114.8
110.4
111.3
109.4
110.2
109.6
108.7
110.9
108.7
109.1
107.2
107.1
107.3
107.4
106.8
107.8
107.7
109.3
110.3
112.4
113.2
113.3
112.7
113.4
115.0

Tobacco
products

62.0
66.7
69.0
69.4
66.2
66.1
65.3
67.8
66.4
65.5
64.1
64.4
64.6
61.8
62.0
61.0
61.2
61.3
61.7
60.3
60.5
60.3
59.9
60.4
59.6
60.0
60.1
59.4
61.3
60.3
61.2
61.9
61.7
61.1
62.4
62.0

ChemPaper icals
and and peprint- troleum
ing
products
92.6
93.5
94.5
96.0
96.7
96.3
95.1
95.4
95.9
96.2
96.1
96.2
95.9
97.1
97.7
97.8
97.4
97.2
97.2
97.4
98.0
98.2
98.1
98.4
97.7
98.6
99.0
99.4
99.8
100.0
99.8
101.1
102.7
103.1
103.6
104.0

110.2
112.0
112.2
112.4
110.1
110.3
110.9
111.3
110.0
109.3
109.4
110.2
110.6
110.8
111.4
111.3
111.2
112.6
112.1
112.2
111.9
112.9
112.9
112.4
112.2
110.6
111.6
110.8
113.1
113.2
115.7
115.4
118.5
117.9
118.1
118.6

•Sri
108.3
110.3
110.7
111.6
108.2 I
108.4
109.2
109.4 :
107.9
106.9
107.1
108.2
109.2
109.7
110.3
110.0
109.9

I
i
i

••

in.4 :
110.9
110.7 '
111.0 : i
111.9
111.8 !
111.2 :
111.2
109.2
110.6
109.1
112.0
112.2
114.6
114.9
118.1
117.4
117.4
118.3

88.1
90.1
92.6
95.4
94.9
91.4
89.9
87.2
84.4
82.2
80.8
84.1
87.3
87.9
87.3
85.9
84.1
83.2
82.2
84.2
85.9
86.6
85.7
86.6
86.4
85.2
74.9
87.1
87.4
88.8
91.4
93.9
95.8
98.3
99.4
102.2

NOTE.—Indexes without seasonal adjustment compiled by the Bureau of Labor Statistics. Backfiguresfor these groups and indexes for individual industries may be obtained
from the Bureau. Seasonally adjusted indexes compiled by Board of Governors. For description, see pages 950-953 of Bulletin for December 1936. For back figures for these groups
and indexes for individual industries, see Bulletin for December 1936, pages 953-978 and March 1937, page 259. Underlying figures are for pay-roll period ending nearest middle of month.




o
O

o
O

o

197

FEDERAL RESERVE SYSTEM
No. 80.—WHOLESALE COMMODITY PRICES, BY GROUPS l
[Index numbers of Bureau of Labor Statistics,

1926 = 100]

Other commodities
All
commodities

Farm
products

Foods

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
80.8

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
80.9

1934
January
February
March
April
May
June
July
August
September....
October
November
December

72.2
73.6
73 7
73.3
73.7
74.6
74.8
76.4
77.6
76.5
76.5
76.9

1935
January
February
March
April
May
June
July
August
September....
October
Movember
December
1936
January
February
March
April
May
June
July
August
September....
October
Movember
December

Year and
month

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926 (base)
1927
1928
1929 .
1930
1931
1932
1933
1934
1935
1936

Total

Hides
and
leather
products

Textile
products

Fuel
and
lighting
materials

Metals
Buildand
ing
metal
prod- materials
ucts

Chem- Housefuricals
nishand
ing
drugs
goods

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
82.1

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
79.6

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
86.1
72.9
80.9
86.6
89.6
95.4

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
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5

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
76.2

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
87.0

56.7
52.7
53.5
67.6
88.2
98.6
115.6
150.1
97 4
97.3
108.7
102.3
101.7
100.0
94.7
94.1
95 4
89.9
79.2
71.4
77.0
86.2
85.3
86.7

80.2
81.4
112.0
160.7
165.0
182.3
157 0
164.7
115 0
100.3
101.1
98.9
101.8
100.0
96.8
95.6
94 2
89.1
79.3
73 5
72.6
75 9
80.5
80.4

56.3
56.8
56.0
61.4
74.2
93.3
105 9
141.8
113 0
103.5
108.9
104.9
103.1
100.0
97.5
95.1
94 3 '
92.7
84.9
75 1
75.8
81 5
80.6
81.7

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
70.5

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

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

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
80.4
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

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

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

85.8
85.8
85.7
85.9
86.6
86.9
86.4
86.6
88.6
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
80.4
81.5
81.0
81.2
80.7
78.7
78.6
80.2
81.1
81.2
80.6

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

80.6
80.6
79.6
79.7
78.6
79.2
80.5
81.6
81.6
81 5
82.4
84.2

78.2
79.5
76.5
76.9
75.2
78.1
81.3
83.8
84.0
84.0
85.1
88.5

83.5
83.2
80.1
80.2
78.0
79.9
81.4
83.1
83.3
82.6
83.9
85.5

78.8
79.0
78.9
78.8
78.8
78.8
79.5
79.7
79.6
80.1
81.0
82.2

97.1
96.1
94.9
94.6
94.0
93.8
93.4
93.6
94.6
95.6
97.0
99.7

71.7
71.0
70.8
70.2
69.8
69.7
70.5
70.9
70.9
71.6
73.5
76.3

75.1
76.1
76.2
76.4
76.0
76.1
76.2
76.3
76.1
76.8
76.8
76.5

86.7
86.7
86.6
86.6
86.3
86.2
86.9
87.1
86.8
86.9
87.9
89.6

85.7
85.5
85.3
85.7
85.8
8.5.8
86.7
86.9
87.1
87.3
87.7
89.5

80.5
80.1
79.3
78.5
77.7
78.0
79.4
79.8
81.7
82 2
82.5
85.3

81.4
81.5
81.4
81.5
81.5
81.4
81.2
81.4
81.7
82 0
82.3
83.2

67.8
68.1
68.3
68.6
69.2
69.7
71.0
71.5
71.3
71 5
73.4

Miscellaneous

74.5

1
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 1935 (table 80) and similar tables in previous a n n u a l reports.
For weekly figures covering 1936, see Federal Reserve Bulletin for J u n e 1936, November 1936, and February
1937.




198

ANNUAL REPORT OF BOARD OF GOVERNORS

No. 81.—WHOLESALE COMMODITY PRICES, BY SUBGROUPS, 1936
[Index numbers of Bureau of Labor Statistics.

Subgroups

Farm products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and leather products:
Shoes
Hides and skins
Leather
Other leather products
Textile products:
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods...
Other textile products
Fuel and lighting materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Metals and metal products:
Agricultural implements....
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building materials:
Brick and tile
Cement
Lumber
Paint and paint materials...
Plumbing and heating
Structural steel
Other building materials....
Chemicals and drugs:
Chemicals
Drugs and Pharmaceuticals..
Fertilizer materials
Mixed fertilizers
Housefurnishing goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous

Jan. Feb.

1926 = 100]

Mar. Apr. May June July Aug. Sept. Oct.

Nov. Dec.

78.9 78.3 75.6 73.9 70.6 73.0 88.9 102.4 102.0 102.1 102.9
89.1 90.3 88.3 88.3 82.5 83.2 82.0 84.5 83.8 81.2 79.7
70.8 72.7 69.1 70.4 71.4 75.8 78.2 77.8 78.6 80.2 82.9

Annual
Average

109.0
85.0
84.4

88.3
84.7
76.0

84.2
92.1
62.2
94.9
75.5

85.7
88.5
62.4
92.1
78.1

80.3
85.8
65.1
89.7
72.4

78.8
84.2
67.8
91.0
72.4

75.0
82.2
72.3
85.1
71.5

77.6
81.6
82.0
85.1
72.3

83.8
84.4
79.7
84.9
73.4

87.6
87.5
76.1
86.4
75.6

89.5
87.6
71.5
87.3
76.7

87.4
87.5
73.8
84.4
77.4

88.2
85.9
74.8
85.2
81.4

88.9
87.1
75.4
87.2
84.0

86.2
71.9
87.8
75.9

100.5
100.5
87.3
95.3

100.5
96.7
86.0
95.4

100.4
91.0
85.0
95.4

100.3
90.1
84.5
95.4

100.2
87.3
84.4
95.4

99.7
89.0
83.2
95.4

99.3
87.8
83.0
95.4

99.3
90.0
82.4
95.4

99.3
93.3
84.2
95.4

99.3
97.2
85.4
95.4

99.3
101.2
88.4
95.9

99.4
110.4
92.6
96.3

90.8
94.6
85.6
95.5

80.8
80.4
61.8
33.5
81.4
67.8

80.7
78.1
62.0
31.6
82.8
67.2

80.7
77.1
62.1
30.9
83.8
67.2

80.8
76.2
62.0
30.1
82.2
67.5

81.1
75.5
60.6
29.1
82.2
67.5

80.9
75.4
60.3
29.3
82.6
66.9

80.7
78.7
59.3
30.7
82.0
66.8

80.8
79.5
60.3
31.6
81.2
67.0

80.8
80.0
60.8
30.2
80.9
67.1

81.2
82.0
61.1
31.1
80.5
67.0

81.5
85.5
61.2
33.4
84.3
66.5

83.1
90.3
63.0
33.8
90.5
65.3

81.1
80.3
61.2
31.2
82.9
67.0

82.3
98.7
92.7
83.1
83.2
54.4

82.6
100.1
93.7
86.2
82.1
55.7

82.5
99.4
93.7
84.4
84.4
56.0

80.0
96.8
93.7
82.8
84.8
57.9

76.6
96.5
93.7
84.2
87.3
58.2

77.0
96.5
93.7
83.4
88.0
57.7

78.5
96.0
93.7
83.4
87.9
58.1

79.1
96.4
93.7
82.6
86.1
57.9

80.6
97.0
93.9
83.2
87.2
57.5

81.8
97.3
97.8
82.8
86.0
57.9

82.4
97.2
97.8
82.7
81.9
58.1

82.3
97.3
97.8
82.7
83.1
58.0

80.5
97.4
94.7
83.4
85.2
57.3

94.6
87.1
93 6
69.7
71.7

94.9
86.9
93 6
69.7
73.8

94.2
86.3
94 0
69.9
73.8

94.2
86.3
94 0
70.4
73.8

94.2
86.3
93 0
70.7
73.8

94.2
86.3
92 9
70.0
73.8

94.2
87.6
92 9
70.4
76.5

94.2
87.9
92 9
70.8
76.5

94.2
88.1
91 5
71.4
76.5

93.9
88.8
P0 8
71.7
76.6

92.9
88.9
92 0
75.4
76.7

93.0
90.9
93 0
78.6
76.7

94.2
87.6
92.7
71.6
75.0

88.4
95.5
82.2
79.6
71.7
92.0
90.2

88.4
95.5
82.3
79.5
73.8
92.0
89.5

88.9
95.5
82.6
79.2
73.8
92.0
88.5

89.0
95.5
83.2
79.3
73.8
92.0
89.1

88.8
95.5
83.0
78.8
73.8
92.0
89.9

89.2
95.5
82.1
79.5
73.8
92.5
90.1

89.2
95.5
83.7
80.4
76.5
97.1
90.2

89.1
95.5
83.8
81.0
76.5
97.1
90.3

89.0
95.5
84.9
80.6
76.5
97.1
90.3

88.3
95.5
86.1
80.2
76.6
97.1
90.4

88.8
95.5
86.6
80.5
76.7
97.1
90.9

88.5
95.5
89.6
82.4
76.7
101.7
92.6

95.5
84.5
80.1
75.0
95.0
90.2

87.6
74.0
64.4
68.8

87.0
73.2
64.5
68.8

85.9
73.0
64.8
68.3

85.5
73.2
64.6
64.5

84.1
73.2
64.7
65.3

84.3
73.2
64.0
66.0

85.9
73.0
65.2
68.7

86.2
73.3
66.7
69.3

88.6
75.3
67.6
69.4

89.0
76.5
67.4
69.7

89.2
77.9
68.0
69.6

93.3
77.4
68.6
71.4
86.9
79.4
50.1
130.7
82.9
41.9
82.2

84.8 85.0 84.9 85.0 85.0 85.2 85.1 85.2 85.4 85.6 85.7
77.9 77.9 77.9 78.0 77.9 77.5 77.2 77.6 78.0 78.3 78.8
45.0
68.6
79.8
29.8
80.4

45.0
68.1
79.9
32.0
80.6

45.0
67.9
80.3
32.9
80.6

45.0
74.0
80.5
33.0
80.6

47.5
71.2
80.5
32.3
80.7

47.5
80.7
80.6
33.0
80.8

47.5
107.9
80.b
34.3
80.8

47.5
114.2
80.6
33.7
81.3

47.5
107.5
80.7
34.2
81.5

47.5
111.8
80.8
34.4
81.5

50.1
126.0
81.5
37.1
81.7

87.2
74.4
65.9
68.4
85.3
78.0
47.2
94.4
80.7
34.2
81.1

Backfigures.—Indexesfor these subgroups and indexes for individual commodities, 1913-35, may be obtained
from Bureau of Labor Statistics.







APPENDIX

199

RECORD OF POLICY ACTIONS—BOARD OF GOVERNORS
Following is a copy of the record of actions by the Board of Governors
of the Federal Reserve System during the year 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 THURSDAY, JANUARY 2, 1936

Members present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak, Mr. O'Connor.
Selection by Federal Reserve Banks of Representatives on Federal Open Market
Committee.

The Board voted unanimously to address the following
letter to the Chairman of the Federal Reserve Bank of
Chicago, and to send copies thereof to all other Federal
reserve banks. The reasons for the Board's action are
stated in the letter:
"Your letter of December 16 in which you quoted a resolution of a
clearing house association recommending that the Federal Reserve
Banks of St. Louis and Chicago select as their member of the Open
Market Committee a man of wide experience in business and financial affairs who is not an officer of either bank was brought to the
attention of the members of the Board. In this connection several
informal inquiries which have come to the attention of the members
of the Board of Governors indicated that there was doubt at some
of the Federal reserve banks as to what course should be followed
with respect to the selection of their representatives to serve after
March 1, 1936, as members of the Federal Open Market Committee.
"The law is silent as to the procedure which shall be followed by
the boards of directors in the selection of such representatives and
it does not place upon the Board of Governors of the Federal Reserve
System any duty or responsibility with respect to the determination
of such procedure. However, since the question has arisen the Board
feels that it may be of some assistance to the directors of the Federal
reserve banks by giving them its views and suggestions regarding
these matters.
"Without reviewing in detail the history of the legislation, it is
clear that throughout the discussions the persons whom the proponents of representation of the Federal reserve banks on the Open
Market Committee had in mind were the Governors of the Federal
reserve banks, as shown for example by the recommendations of the
American Bankers' Association, the Reserve City Bankers' Association, and the Federal Advisory Council. When, in addition to this,
the fact is taken into consideration that the amendment took away
from the Federal reserve banks the power of declining to participate
in open market operations recommended by the Federal Open Market
Committee and instead made the decisions of the committee binding




201

202

ANNUAL REPORT OF BOARD OF GOVERNORS

upon the banks, it becomes especially significant that the members
of the committee to be selected by the banks are referred, to in the
amendment as 'representatives of the Federal reserve banks.' The
Board therefore believes that it is clear that the Congress intended
that these members should be persons in position to present adequately the views of the Federal reserve banks and to speak authoritatively for them.
"Aside from these considerations it is evident that any person having otherwise satisfactory individual qualifications who might be
selected from outside the official personnel of the Federal reserve
banks would almost certainly have or represent interests of a business or investment character which might affect his action as a
member of the committee. Even though not influenced by his personal interests, their existence might affect the public interpretation
of the actions of the Federal Open Market Committee in which he
participated. Moreover, he could not be intimately acquainted with
the affairs of the member banks and the Federal reserve banks, the
financial policies of the Government, and other phases of monetary
matters to the extent that would be desirable and as fully as would
be possible in the case of representatives who served only the Federal reserve banks. Although he would have a vote, his contribution
to the deliberations of the committee would be more likely that of a
consultant or adviser called in at the meetings than that of a true
spokesman for the Federal reserve banks.
"It is apparent that the situation also presents the question of an
appropriate method by which the directors of the banks may contact
each other and determine their selections in a mutually satisfactory
manner and it seems to the Board that this might be accomplished
by preliminary meetings between committees of directors of the
banks who could be authorized to formulate procedure and make
recommendations for the consideration of the full board of directors
of each Federal reserve bank concerned.
"The Board will be glad to be advised as to the views of the directors of your bank regarding these suggestions."
MEETING ON SATURDAY, JANUARY 4, 1936

Members present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak.
Regulation L, Interlocking Bank Directorates under the Clayton Act.

By unanimous vote, Regulation L, Interlocking Bank
Directorates Under the Clayton Act, was approved and
adopted in a revised form to become effective January 4,
1936.
The revised regulation was prepared as a result of amendments to
existing law made by the Banking Act of 1935. The law as amended was
interpreted by the Board as evidencing the general purpose of Congress
to prevent interlocking directorate relations between banking institutions
in competitive situations and to define more clearly the classes of cases
in which such relations would be permitted. Since the law specified in
some detail the classes of cases exempted from the prohibitions of the law
and left to the Board only a power to permit exceptions by regulation,
the Board decided that exceptions should be allowed only in certain




FEDERAL RESERVE SYSTEM

203

classes of cases which appeared to be clearly in harmony with the general
purpose and structure of the amended law. For these reasons, the
revised regulation was confined, except for two relatively unimportant
classes of cases involving relations for a limited period, to permitting any
private banker or director, officer or employee of a member bank to
serve not more than one Morris Plan bank, cooperative bank, credit
union or other similar institution, and any private banker to serve not
more than one nonmember bank or one member bank in certain cases
similar to those excepted by the statute in the case of an officer, director
or employee of a member bank.
Regulation R, Relationships with Dealers in Securities under Section 32 of
the Banking Act of 1933.

Regulation R, Relationships with Dealers in Securities
under Section 32 of the Banking Act of 1933, was approved
and adopted in a revised form to become effective January
4, 1936, Mr. Thomas voting "no".
Section 32 of the Banking Act of 1933 was amended by the Banking Act
of 1935 to define more clearly the classes of relationships which were
prohibited by the section, and granted to the Board only the power to
allow interlocking relationships between banking institutions and dealers
in securities by general regulation, when, in the judgment of the Board,
such relationships would not unduly influence the investment policies of
member banks or the advice given their customers regarding investments.
In these circumstances, the Board decided that Regulation R should be
revised to exempt only officers, directors or employees of any corporation
or any unincorporated association, partners or employees of any partnership, or individuals not engaged in the issue, flotation, underwriting, public
sale, or distribution, at wholesale or retail, or through syndicate participation, of any stocks, bonds, or other similar securities except bonds,
notes, certificates of indebtedness, and Treasury bills of the United States,
obligations fully guaranteed both as to principal and interest by the
United States, debentures issued by Federal Intermediate Credit banks,
bonds issued by Federal Land banks, and general obligations of territories, dependencies and insular possessions of the United States.
Industrial Loans Under Section 13b of the Federal Reserve Act.

The following letter to the governors of all Federal reserve banks, was approved by unanimous vote; the reasons
for the Board's action being set forth in the letter:
"In the last few weeks the amount of industrial loan applications
received by the Federal Reserve banks, and particularly the amount
of such applications approved, has increased relatively little. Recent
studies which have been made, particularly one by the Committee on
Direct Loans of the Associated Business Papers, indicate the existence of some feeling that the Federal Reserve System would have
many more applications if a more intensive effort were made to
acquaint prospective borrowers with the facilities open to them and
to bring to the attention of member banks the desirability of making industrial loans under cover of Federal Reserve bank commitments.
"As you know, the Board feels that it is important that each Federal Reserve bank have some qualified person available at all times




204

ANNUAL REPORT OF BOARD OF GOVERNORS

to explain to prospective applicants for industrial advances what the
Federal Reserve bank is prepared to do and how they should proceed in order to obtain an advance. It is, of course, appreciated that
the person having this responsibility should be fully familiar wTith
the Federal Reserve bank's policies and able to appraise fairly accurately the financial problems of prospective applicants. He should
also be able to convince applicants of the Reserve bank's desire to do
whatever it can, consistently with the terms of section 13b, to make
credit available to them.
"In view of the expressed feeling that the System has not done all
that it should to implement the provisions of Section 13b, it will be
appreciated if you will address a letter to each bank in your district,
requesting its assistance in furthering the industrial loan program.
A draft of a letter which it is suggested you use in this connection
is attached."
The draft of letter to member and nonmember banks referred to above read as follows:
"Information which has recently come to the attention of the
Board of Governors of the Federal Reserve System indicates the
existence of some feeling that the Federal Reserve System has not
done all that it could to make a success of the industrial loan program authorized by Section 13b of the Federal Reserve Act. This
section was adopted June 19, 1934, and as you recall, authorizes the
Federal Reserve banks to make credit available to established industrial and commercial enterprises for the purpose of replenishing
working capital, for periods not exceeding five years.
"It has been the aim of the Board, the Federal Reserve banks,
and the Industrial Advisory Committees to make such credit available to all borrowers who are in need of working capital and to
whom advances could be made on a reasonable and sound basis. To
that end special efforts have been made to bring the provisions of the
section to the attention of member and nonmember banks and industry in general, and applications for such credit have been approved whenever possible. It may be that there are now no enterprises in your community which are unable to obtain needed working
capital from the usual sources and to which loans for this purpose
could be made on a reasonable and sound basis. This bank desires
particularly, however, to do what it can for industry in its district,
and if you know of any instances, or hear of any instances, where
worthy enterprises in need of working capital have been unable to
obtain it, we shall appreciate your bringing them to our attention.
"Under the provisions of the Act the Federal Reserve banks are
authorized to make these loans either direct to borrowers or in participation with financing institutions.
"If you are interested in participating in any loans, the liquidity
of which may be guaranteed by the Federal Reserve bank and your
loss limited to a maximum of 20 percent, this bank will be glad to
cooperate with you in any way it can within the law."



FEDERAL RESERVE SYSTEM

205

MEETING ON MONDAY, JANUARY 20, 1936

Members present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman, Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak.
Action on Resolution of the Federal Open Market Committee.

The Board voted unanimously to advise the Chairman of
the Federal Open Market Committee that the Board had
noted with approval the resolution adopted by the Federal
Open Market Committee at its meeting on December 17-18,
1935, which authorized the executive committee of the Federal Open Market Committee to make shifts between maturities of Government securities held in the System account
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
$300,000,000.
This action was taken by the Board in order that the executive committee of the Federal Open Market Committee might be enabled, for the
proper administration of the System open market account, to meet changing market conditions.
MEETING ON FRIDAY, JANUARY 24, 1936

Members present: Mr. Eccles, Chairman; Mr. Hamlin, Mr. Miller,
Mr. Szymczak, Mr. O'Connor.
Increase in Margin Requirements on Loans by Brokers, Dealers, and Members
of National Securities Exchanges for the Purpose of Purchasing or Carrying Securities.

By unanimous vote, Regulation T, Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges, was amended, effective February 1, 1936, to provide that the maximum loan value of a
registered security (other than an exempted security) shall
be the maximum loan value which the Board shall prescribe
from time to time in supplements to the regulation, and a
supplement to the regulation was approved and adopted to
become effective on February 1, 1936, which provided that
the maximum loan value of a registered security (other than
an exempted security) shall be whichever is the higher of:
(a) 45 percent of the current market value of the security;
or (b) 100 percent of the lowest market value of the security
computed at the lowest market price therefor during the
period of 36 calendar months immediately prior to the first
day of the current month, but not more than 75 percent of
the current market value: Provided, That until July 1,1936,
for the purpose of this regulation, the lowest price at which
a security has sold on or after July 1, 1933, but prior to the
first day of the current month, shall be considered as the
lowest market price of such security during the preceding
36 calendar months; and Provided, That the lowest market
price which could be used under the provisions of this regu


206

ANNUAL REPORT OF BOARD OF GOVERNORS

lation during any calendar month may be used during the
first 7 calendar days of the succeeding calendar month. The
maximum loan value of a registered security (other than an
exempted security) held in a special account with another
member, broker or dealer, or with a distributor, syndicate,
etc., was continued unchanged in the supplement at 80 percent of the current market value of the security.
The principal effect of the action was to increase the amount of margin
required on about three-fifths of the active stocks from 45 percent of
their market value to 55 percent; and to raise the upper limit of the
"anti-pyramiding zone" from 182 percent of the lowest market price to
222 percent of the lowest market price, thus restoring some stocks (representing about 15 percent of the trading) to that zone; without increasing margin requirements on securities which had risen by less than 82
percent of their official lows.
The volume of credit extended to customers by member firms of the
New York Stock Exchange who carry margin accounts, which began to
increase about the middle of 1935, had increased since that time by about
$213,000,000, or approximately 20 percent. The borrowings of these
firms at banks had increased by about $150,000,000, and bank loans on
securities to borrowers other than brokers, after declining to September,
1935, had subsequently shown a slight increase. These increases in
brokers' borrowings from banks and of customers' borrowings from
brokers had lasted for several months and had continued until this date,
and it appeared that, on the basis of past experience, a further advance
in securities prices would be likely to be accompanied by a further growth
in the use of credit in the stock market. The advance in stock prices,
which began in March, 1935, and continued until the middle of November,
had been resumed during recent weeks and during the last few days stock
prices had risen to a new high level distinctly above that reached in
November and above the level of 1926, and at the same time the volume
of trading had increased again to about 3,000,000 shares per day. While
the existing amount of borrowing was low as compared with some past
years and much of the current trading was on a cash basis, the amount
of borrowing was at about the level from which the great increase that
accompanied the stock market boom of the 1920's commenced, and it was
believed that the restraining influence of any increase in margin requirements, in order to be effective in forestalling an excessive growth in the
use of credit for the purpose of purchasing or carrying securities by
means of increased borrowing of brokers' customers and to some extent of
brokers themselves, should be applied before an unhealthy development
of credit in the stock market gets under way. In addition, there continued to exist a large volume of excess reserves of member banks,
amounting to over $3,000,000,000, which might be drawn upon in part
to finance operations in the securities markets.
For these reasons and the further fact that the Board had been entrusted with the specific power under the Securities Exchange Act of
1934 to increase margin requirements for the purpose of preventing the
excessive use of credit for the purchase or carrying of securities, the
action referred to above was taken.



FEDERAL RESERVE SYSTEM

207

MEETING ON MONDAY, JANUARY 27, 1936

Members present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak.
Effective Date of Subsection 1 (f) of Regulation Q Relating to Payment of Interest
on Deposits.

By unanimous vote, it was decided that, pending further
consideration of the matter by the Board, a date upon which
subsection l(f) of Regulation Q, Payment of Interest on
Deposits, would become effective should not be fixed and
that the status of the definition of "interest" in the regulation should remain unchanged for the present.
On December 28, 1935, pending action by the Federal Deposit Insurance Corporation on its regulation with respect to the payment of interest
on deposits by insured nonmember banks, the Board deferred the effective date of subsection l(f) of its Regulation Q entitled "Interest," which
prohibited the absorption by member banks of exchange and collection
charges as an indirect payment of interest.
Under date of January 20, 1936, a letter was received from the Chairman of the Federal Deposit Insurance Corporation in which he stated
that after a thorough study and consideration of the definition of "interest" as contained in subsection 1 (f) of the Board's Regulation Q, the
Corporation proposed to adopt in its regulation a definition of "interest"
which did not in specific terms prohibit the absorption of exchange and
collection charges as an indirect payment of interest. The Corporation's
regulation was issued to become rfjtective February 1, 1936, and, in view
of these circumstances, the BoarcFfelt that further consideration should
be given to the action to be taken with regard to the definition of "interest" contained in Regulation Q and action deferring the effective date
of the subsection was taken to afford time for such consideration.
MEETING ON FRIDAY, JANUARY 31, 1936

Members present: Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr.
Miller, Mr. James, Mr. Szymczak.
Resolutions Adopted by the Federal Open Market Committee at its Meeting
on January 21, 1936.

The following letter to the Chairman of the Federal Open
Market Committee was approved unanimously for the reasons stated therein:
"The Board of Governors of the Federal Reserve System has received and considered your letter of January 23, 1936, in which you
quote three resolutions adopted by the Federal Open Market Committee at its meeting in Washington on January 21, 1936, one of
which reads as follows:
" 'The Committee has considered the preliminary memorandum
and has reviewed the credit situation. It is the sense of the Committee that, so far as business, credit, and banking conditions are
concerned, there is nothing in the present situation to prompt the
Committee to change its views as expressed in its resolution
adopted on December 18th, which the Committee respectfully
renews.



208

ANNUAL REPORT OF BOARD OF GOVERNORS

" 'The Committee recognizes that the risks of action are somewhat increased by the present budgetary situation, but it recognizes also that the longer action is delayed, the greater are the
dangers resulting from the combination of inordinately large excess
reserves and an unbalanced budgetary position, and the greater
will be the difficulty of taking remedial action.
" 'Viewing the situation as a w7hole, the Committee strongly believes that action looking toward a substantial reduction in excess
reserves should be taken as soon as this may be feasible, in the
judgment of the Board of Governors of the Federal Reserve System, having in mind the advantages of a coordinated program of
recovery.'
"At the meeting of the Federal Open Market Committee with the
Board of Governors on December 18, 1935, there was approved by a
unanimous vote of the members of the Board and the Committee
present, a joint statement which wras issued to the press and which
expressed the opinion (1) that continued improvement had been
made in business and financial conditions but that the country was
still short of a full recovery; (2) that the primary objective of the
System at that time was still to lend its efforts to a furtherance of
recovery; (3) that there was at that time no evidence of overexpansion of business activity or of the use of business credit;
(4) that the then existing volume of member bank reserves, which
had been greatly increased by imports of gold from abroad, continued to be excessive, far beyond the present or prospective requirements of credit for sound business expansion, and that, therefore,
the special problem created by the continuing excess of reserves had
had and would continue to have the unremitting study and attention
of those charged with the responsibility for credit policy in order that
appropriate action might be taken as soon as it appeared to be in the
public interest.
"Since the issuance of that statement the Board has given constant
attention to current developments. As you know, on January 24,
1936 the Board increased from 45 percent to 55 percent, effective
February 1, 1936, the highest margins required on security loans by
brokers and dealers. This action was taken in the light of recent
trends in the securities markets and for the purpose of preventing
the excessive use of credit to finance transactions in securities.
"Aside from this element in the general credit situation, however,
with which the Board is endeavoring to deal by specific action under
authority of the Securities Exchange Act of 1934, there appears to be
no material change in the situation as it existed on December 18,
1935, which would require further action by the Board at this time.
The Board will, however, continue to give its close attention to the
situation and will act whenever in its judgment it is advisable for
it to do so.
"The Board has noted with approval the resolution which authorizes the executive committee of the Federal Open Market Committee
to make shifts between maturities of Government securities in the
System account 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 $300,000000; this authority being necessary to enable the executive commit-




FEDERAL RESERVE SYSTEM

209

tee, in the proper administration of the account, to meet changing
market conditions.
"Inasmuch as any action proposed under the third resolution
adopted by the Committee (which authorized the Executive Committee 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) is made subject to the approval of the
Board, no action by the Board is required with respect thereto at
this time.
U
A copy of this letter is being sent to the chairman of the board of
directors of each Federal Reserve bank."
The three resolutions of the Federal Open Market Committee to which
reference is made in the foregoing letter are set forth in the separate
record of actions taken on questions of policy by the Federal Open
Market Committee.
MEETING ON FRIDAY, FEBRUARY 14, 1936

Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Morrison.
Policy With Respect to Appointments of Presidents and First Vice Presidents
of Federal Reserve Banks.

By unanimous vote, the Board decided, for the reasons
stated below, that it should be guided in its consideration
of appointments of presidents and first vice presidents of
the Federal reserve banks, when submitted to it for approval, by the general policy of not approving appointments of persons as presidents or first vice presidents who
were 70 years or more of age at the time of appointment, or
who, before the end of the five year term provided by law
for such appointments, would have reached that age.
Consideration had been given by the Board on various occasions to the
questions involved in determining upon a general policy which the Board
should adopt in acting upon appointments of presidents and first vice
presidents of the Federal reserve banks. The Federal reserve banks had
proposed and adopted voluntarily a retirement system, approved by the
governors of the banks, which established the principle in the permanent
operation of the system, after the first five years, of mandatory retirement of officers and employees of Federal reserve banks at a maximum
age of 70 years. However, the Federal Reserve Act provided that the
presidents and first vice presidents be appointed for terms of five years
and the Board had no authority to approve such appointments for a
shorter term, even though under the rules and regulations of the retirement system an appointee might be subject to mandatory retirement
before the end of the five year period. It was the unanimous opinion of
the members of the Board that, for these reasons and as the law specifically provides that these appointees are to be the chief executive officers
of the Federal reserve banks, they should be younger men who could be
expected not only to develop but also to continue, at least during the
entire term for which they would be appointed, an active, constructive
and vigorous administration of the affairs of the bank with a high degree




210

ANNUAL REPORT OF BOARD OF GOVERNORS

of efficiency, and who would be able to make such changes in the banks'
organizations as would enable them to meet new conditions in the most
effective manner.
MEETING ON THURSDAY, FEBRUARY 20, 1936

Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom.
Reports by Member Firms of National Securities Exchanges.

By unanimous vote, the Board decided to (1) exempt
from the requirement of filing monthly reports banks which
are members of national securities exchanges, except banks
which carry margin accounts for customers, and (2) require
semi-annual reports instead of monthly reports from all
member firms, except banks, in the following classes:
(a) member firms (other than member firms of the New
York Stock Exchange) who do not carry any margin
accounts for customers; and
(b) firms, even though carrying margin accounts, that'
are not members of one or more of the following
stock exchanges:
New York Stock Exchange
Baltimore Stock Exchange
Boston Stock Exchange
Chicago Stock Exchange
Cincinnati Stock Exchange
Cleveland Stock Exchange
Detroit Stock Exchange
Los Angeles Stock Exchange
New York Curb Exchange
Philadelphia Stock Exchange
Pittsburgh Stock Exchange
San Francisco Curb Exchange
San Francisco Stock Exchange
The action referred to above was taken for the reasons that: (1) the
form of report being obtained was devised primarily with reference to the
operations of brokers and was not well adapted to reports by banks, and,
in addition, any bank which was a member firm might properly be included with other banks in whatever reporting system might in due time
be applied to banks under the Securities Exchange Act of 1934, and (2)
while the approximately 170 firms that would be required to report only
at semi-annual intervals constituted about 20 percent of the total number
of reporting firms, they accounted for only about 1 percent of the total
bank borrowings of all reporting firms and less than 1 percent of the total
amount of credit extended to customers by all reporting firms.
MEETING ON FRIDAY, FEBRUARY 28, 1936

Members present: Mr. Szymczak, Chairman pro tern; Mr. Broderick,
Mr. McKee, Mr. Morrison, Mr. Ransom.
Changes in Maturities of Securities in the System Open Market Account.

By unanimous vote, approval was given to a letter to the
Chairman of the Federal Open Market Committee advising




FEDERAL RESERVE SYSTEM

211

that if, in connection with March financing, the Treasury
offered securities in exchange for Treasury notes maturing
April 15, 1936, the Board approved the sale in the market
of the $132,386,000 of these notes held in the System account and their replacement with not to exceed $50,000,000
of Treasury bonds and the balance with Treasury notes or
bills.
The Board had given consideration at a previous meeting to an extract
from the minutes of a meeting of the executive committee of the Federal
Open Market Committee held on February 26, 1936, in which the opinion
was expressed that if, in connection with March financing, the Treasury
offered securities in exchange for Treasury notes maturing on April 15,
the $132,386,000 of these notes in the System account should be sold in
the market and replaced to the extent of about $50,000,000 with Treasury
bonds and the balance with Treasury notes or bills. While the executive
committee had been authorized by the Federal Open Market Committee,
with the approval of the Board, to make shifts in maturities of Government securities in the System open market account up to $300,000,000,
provided that the amount of maturities within two years be maintained
at not less than $1,000,000,000 and that the amount of bonds be not over
$300,000,000, the transaction referred to above would not be carried into
effect until after March 1 when the Federal Open Market Committee as
constituted pursuant to the Banking Act of 1935 would have come into
existence, and the new Committee would not be organized in time to
consider the transaction.
It appeared to the Board that the transaction would tend to improve
the distribution of maturities of the Government securities held and
would be desirable from the standpoint of the practical administration of
the account.
MEETING ON TUESDAY, MARCH 24, 1936

Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom.
Regulation U—Loans by Banks for the Purpose of Purchasing or Carrying
Stocks Registered on a National Securities Exchange, and Revised Supplement to Regulation T, Extension and Maintenance of Credit by Brokers,
Dealers, and Members of National Securities Exchanges.

By unanimous vote, the Board adopted Regulation U,
and a supplement thereto, to become effective on May 1?
1936. The supplement provided that for the purposes of
the regulation the maximum loan value of any stock,
whether or not registered on a national securities exchange,
should be 45 percent of its current market value as determined by any reasonable method. The supplement also
provided that a stock registered on a national securities
exchange and carried for the account of a customer of a
broker or dealer, when pledged as security for a loan by
such broker or dealer from a bank, should have, under
specified conditions, a special maximum loan value of 60
percent of its current market value.
By unanimous vote, the Board also adopted, effective
March 30, 1936, a revised supplement to Regulation T
which provided that the maximum loan value of a registered




212

ANNUAL REPORT OF BOARD OF GOVERNORS

security (other than an exempted security) should be 45
percent of the current market value of the security. The
supplement also provided that the maximum loan value of
a registered security (other than an exempted security),
on which credit is extended in a special account with
another member, broker, or dealer for the purpose of carrying accounts for customers, should be 60 percent of the current market value of the security.
The Securities Exchange Act of 1934, in addition to requiring the Board
to issue regulations with respect to loans on registered securities by
brokers and dealers in securities, authorized the Board, in order to prevent circumvention of the provisions of that Act, to issue regulations
relating to loans made by other lenders for the purpose of purchasing or
carrying securities registered on a national securities exchange.
Since the passage of the Securities Exchange Act on June 6, 1934, the
Board had had before it the question of the advisability of issuing a
regulation relating to loans by banks for the purpose of purchasing or
carrying securities registered on national securities exchanges. The
matter had been considered from time to time and it had been felt by the
Board until recently that the issuance of such a regulation might well be
deferred until there should be appreciable evidence of need for it to prevent excessive use of bank credit in circumvention of the Act for the purpose of purchasing or carrying securities.
Evidence of a growing need for the regulation had been accumulating.
Beginning in March, 1935, there had been a substantial increase in prices
of securities in the organized securities markets which had been sustained
with little interruption during the year ended March 15, 1936. This increase had been accompanied by an upward trend since July, 1935, in
the amount of credit extended and maintained by brokers and in the
amount of brokers' borrowings at banks. During recent months, the
aggregate security loans by banks to borrowers other than brokers and
dealers, after having followed a downward trend for several years, had
remained practically unchanged, notwithstanding continued liquidation
of security loans of long standing, which indicated that banks had been
making new security loans in appreciable volume. Many banks were
possessed of substantial unused lending power and could not reasonably
be expected to look with disfavor on new applications for security loans
which they might receive from customers able and willing to pledge as
security stock collateral in customary or conventional amounts, notwithstanding the fact that a growing volume of security loans for speculative
purposes might lead in the aggregate to the use of more credit for such
purposes than would be in the public interest.
The operation of Regulation T relating to the extension and maintenance of credit by brokers, dealers, and members of national securities
exchanges, which was issued by the Board, effective October 1, 1934, had
required brokers to obtain as margin on their security loans to customers
an amount of collateral much larger than that commonly required by
banks on corresponding loans to customers. In these circumstances it
was possible for a borrower to obtain credit at a bank by providing a
margin much smaller than that required by a broker. This differential
would naturally increase in the future if brokers' requirements, either
through the automatic operation of Regulation T or by action of the
Board increasing the margin requirements prescribed by that regulation,



FEDERAL RESERVE SYSTEM

218

should increase/and if banks were meanwhile left free to fix their own
margin requirements. Accordingly, the adoption of regulations designed
to reduce or eliminate this differential seemed to be a necessary step to
the effective operation hereafter of this method of credit control.
The Board adopted in the regulations a margin formula based on a
percentage of the current market value for the reason that such a formula
is the simplest, most easily understood, and the most commonly used by
banks in determining margin requirements on security loans. The statutory formula, stated as a standard but not prescribed in the Securities
Exchange Act of 1934, would be burdensome for most banks since few
banks have a large volume of security loans and most of them are not
under the necessity of being familiar with market quotations or the
details of the securities loan business, and a flat percentage of market
value, therefore, would be better adapted to the existing banking situation. The statutory formula had been found by experience to be involved
and difficult to understand, both in respect to its provisions and in respect
to its purposes.
Furthermore, it was agreed that in Regulation U a loan value should
be given to unregistered stocks. The use of the statutory formula as a
basis for fixing the loan value of an unregistered stock would be impracticable as would any other formula based in whole or in part on the
lowest value of an unregistered stock during an antecedent period, and
it would be undesirable to have the loan value of unregistered stocks fixed
on a different basis from that of registered stocks. It was also agreed
that the only alternative to a formula based on current market value was
the statutory formula or a variant thereof; that the principal purpose
underlying the statutory formula when the Securities Exchange Act of
1934 was passed had been largely accomplished in that margin requirements, which were very low when the formula first became effective, had
increased automatically under the formula to a much higher average
level; and that a margin requirement based on a flat percentage of the
current market price, if the margin requirement were sufficiently high,
could be justified in existing circumstances o$ the ground that a large
majority of stocks listed on national securities exchanges had increased
to a point where they were no longer subject to the antipynamiding restrictions contained in the statutory formula.
The reason for fixing a loan value of 45 percent was that such a loan
value was currently prescribed in Regulation T for stocks in which about
three-fourths of the trading on the exchanges was taking place, and that
to prescribe a higher loan value would lower the margin requirement on
these securities and a lower loan value would raise the margin requirement on them, neither of which results the Board wished to bring about
at this time. While a margin requirement of 55 percent would result in
raising the average margin requirement, because some stocks had a lower
margin requirement under the statutory formula, such an increase of
margins required on relatively inactive stocks was preferable in existing
circumstances to a reduction of margins on active stocks, and a choice
had to be made between these results in the adoption of a formula based
on a flat percentage.
The special loan values of 60 percent, fixed in the supplement to Regulation U in connection with loans by banks to brokers and dealers on
registered stocks which such brokers and dealers were carrying for the
account of customers and in the supplement to Regulation T in connection




214

ANNUAL REPORT OF BOARD OF GOVERNORS

with loans by brokers and dealers to other brokers and dealers, were
deemed to be desirable for the reason that brokers and dealers frequently
find it necessary to make payments and to deliver securities in connection
with purchases and sales for their customers prior to the receipt of payments or of securities and that they should have in their possession sufficient securities to enable them to make deliveries and transfers in an
efficient and orderly manner.
At the meeting of the Board on March 25, 1936, at which
Messrs. Eccles, Broderick, McKee and Ransom were present, it was voted unanimously to postpone the effective date
of the revised supplement to Regulation T to April 1, 1936.
This action was taken for the reason that it was ordinarily desirable
to make changes in margin requirements effective on the first day of a
month for accounting and administrative reasons, and that, if the supplement to Regulation T were made effective on April 1, brokers, dealers
and members of national securities exchanges would have additional time
in which to acquaint themselves with the new margin formula and to
apply it to the accounts on their books at the time of the usual end-ofthe-month review of such accounts.
MEETING ON SATURDAY, APRIL 4, 1936

Members present: Mr. Broderick, Chairman pro tern; Mr. Szymczak,
Mr. McKee, Mr. Ransom.
Modification of Standard Form of Agreement Required to be Executed by
Holding Company Affiliates as a Condition Precedent to the Granting of
General Voting Permits.

By unanimous vote, the Board decided that, in authorizing the issuance in the future of general voting permits to
national banks which are holding company affiliates, the
following provision should be eliminated from the agreement required to be executed by holding company affiliates
of member banks as a condition precedent to the issuance
of general voting permits, and that appropriate action
should be taken by the Board to modify in a similar manner
the agreements previously executed by national banks:
"except with the permission of the Board of Governors
of the Federal Reserve System, it (the holding company
affiliate) shall not cause or permit any change to be made
in the general character of its business or investments."
The reason for this action was that, in view of the restrictions and
limitations imposed upon national banks by law, it was felt that this provision was not necessary in cases where the holding company affiliate
was a national bank.
MEETING ON FRIDAY, APRIL 24, 1936

Members present:
Kee, Mr. Ransom.

Mr. Eccles, Chairman; Mr. Broderick, Mr. Mc-

Adoption of Regulation F, Trust Powers of National Banks.

A revision of Regulation F, Trust Powers of National
Banks, was approved and adopted by unanimous vote, to
become effective June I, 1936,



FEDERAL RESERVE SYSTEM

215

The principal changes in the regulation were made by the Board with
the view to achieving more effective supervision of trust departments of
national banks and the investment of trust funds by such banks, and to
improve the practices followed by the banks in the administration of
trust accounts.
MEETING ON THURSDAY, JUNE 25, 1936

Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis.
Amendments to Regulation T, Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges, and Regulation U, Loans by Banks for the Purpose of Purchasing or Carrying Stocks
Registered on a National Securities Exchange.

The Board voted to amend Regulation U, Loans by
Banks for the Purpose of Purchasing or Carrying Stocks
Registered on a National Securities Exchange, effective on
July 1, 1936, so as (1) to amend section 2 to exempt from
the margin requirements prescribed by the regulation loans
made to members of national securities exchanges who are
arbitrageurs or odd-lot dealers to enable them to perform
their functions as such and (2) to amend subsection 3(e) so
as to limit the right of a bank to accept the transfer of an
under-margined loan, without requiring additional collateral, to cases in which the loan is transferred from another
bank, and to allow (a) a bank which has a loan to a brokerage firm which was made prior to May 1, 1936, to continue that loan to a successor partnership without having
to subject the loan thereafter to the restrictions of the
regulation as to withdrawals and substitutions, (b) the free
transfer of security loans by assignment from a bank to its
out-of-town correspondents and vice versa, and (c) one
bank to take over from another a loan made prior to May
1, 1936, without having to subject the loan thereafter to
such restrictions.
The Board also voted to amend, effective July 1, 1936,
subsection 3(b) of Regulation T, Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges, so that a broker carrying an
"omnibus account" for a correspondent broker, to which a
special margin requirement is applicable, may permit the
correspondent to make a "net withdrawal" from such account if the account is a restricted account.
As Mr. Davis, who had been sworn in as a member of the
Board on June 25, 1936, was attending a meeting of the
Board for the first time, he did not participate in these
actions.
These amendments were adopted for the purpose of clarifying the
regulations.
MEETING ON TUESDAY, JULY 14, 1936

Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Davis.




216

ANNUAL REPORT OF BOARD OF GOVERNORS

Increase i n Reserve R e q u i r e m e n t s of M e m b e r B a n k s .

Effective after the close of business on August 15, 1936,
the Board increased by 50 percent the requirements as to
the reserves to be maintained against demand and time
deposits by all member banks. Messrs. Eccles, Broderick,
Szymczak and Ransom voted "aye," and Messrs. McKee
and Davis voted "no."
This action was taken pursuant to the authority granted by Section 19
of the Federal Reserve Act as amended, in order to prevent injurious
credit expansion, for the reasons set forth in the following press statement:
"The Board of Governors of the Federal Reserve System today
increased the reserve requirements for member banks as follows: on
demand deposits at banks in central reserve cities, from 13 percent
to 19% percent; at banks in reserve cities, from 10 percent to 15 percent; and at 'country' banks, from 7 percent to 10% percent; on time
deposits at all banks, from 3 percent to 4^2 percent. These increases,
which amount to 50 percent of present reserve requirements, will
become effective after the close of business on August 15, 1936.
"This action eliminates as a basis of possible injurious credit
expansion a part of the excess reserves, amounting at present to approximately $3,000,000,000 and expected to increase to nearly three
and a half billions by the time this action takes effect. These excess
reserves have resulted almost entirely from the inflow of gold from
abroad and not from the System's policy of encouraging full recovery
through the creation and maintenance of easy money conditions.
This easy money policy remains unchanged and will be continued.
"The part of the excess reserves thus eliminated is superfluous
for all present or prospective needs of commerce, industry, and agriculture and can be absorbed at this time without affecting money
rates and without restrictive influence upon member banks, practically all of which now have far more than sufficient reserves and
balances with other banks to meet the increase. Furthermore, by
this action the remaining volume of excess reserves, which will still
be larger than at any time in the System's history prior to the recent
large inflow of gold, is brought within the scope of control by the
Federal Open Market Committee which, as constituted by the Banking Act of 1935, consists of the members of the Board of Governors
and five representatives elected regionally by the Federal reserve
banks.
"Excess reserves are the funds held by member banks on deposit
with the Federal Reserve banks in excess of the amounts required by
law. Total reserve deposits of member banks at the present time are
$5,900,000,000, of which $2,900,000,000 are required reserves and
$3,000,000,000, excess reserves. According to present indications it
is estimated that total reserves are likely to increase by as much as
$400,000,000 before the increase in reserve requirements goes into
effect on August 15, bringing the estimated total of reserves at that
time to approximately $6,300,000,000. By the present action required
reserves will be increased by $1,450,000,000, or from $2,900,000,000
to $4,350,000,000. This will leave excess reserves of approximately
$1,900,000,000. Therefore, even after the increase in reserve requirements has gone into effect, member banks will still have a larger




FEDERAL RESERVE SYSTEM

217

volume of excess reserves than at any time prior to the recent large
gold imports.
"Present excess reserves of approximately $3,000,000,000 are likely
to increase to a new peak of nearly three and a half billions by the
time the increase in reserve requirements becomes effective because
of an expected reduction in Treasury balances and a decrease in
money in circulation, which at the present time is exceptionally high
owing to the large disbursements in connection with the cashing of
veterans' service bonds.
"The portion of existing excess reserves, which will be absorbed
by the Board's action, if permitted to become the basis of a tenfold
or even larger expansion of bank credit, would create an injurious
credit expansion. It is for this reason that the Board decided to lock
up this part of the present volume of member bank reserves as a
measure of prevention on the one hand and of further encouragement to sound business recovery and confidence in the long-term
investment market on the other hand.
"The present is an opportune time for the adoption of such a
measure. While there is now no excessive credit expansion, since
the excess reserves have not been utilized, later action when some
member banks may have expanded their loans and investments and
utilized their excess reserves might involve the risk of bringing about
a severe liquidation and of starting a deflationary cycle. It is far
better to sterilize a part of these superfluous reserves while they are
still unused than to permit a credit structure to be erected upon them
and then to withdraw the foundation of the structure.
"Thorough surveys made by the Board show that the reserves are
so well distributed that practically all member banks are in a position to meet the increased requirements either by utilizing their
excess balances with the Reserve banks or by drawing upon their
excess balances with correspondent banks.
"In the light of recent experience and in view of the fact that after
the increase in requirements goes into effect member banks will still
have approximately $1,900,000,000 of excess reserves, the Board is
convinced that this action will not affect easy money conditions now
prevailing. It does not constitute a reversal of the easy money policy
which has been pursued by the System since the beginning of the
depression. Rather it is an adjustment to a changed reserve situation brought about through the extraordinary inflow of gold from
abroad.
"The prevailing level of long-time interest rates, which has been
an important factor in the revival of the capital market, has been
due principally to the large accumulations of idle funds in the hands
of individual and institutional investors. The supply of investment
funds is in excess of the demand. The increase in reserve requirements of member banks will not diminish the volume of deposits held
by these banks for their customers and will, therefore, not diminish
the volume of funds available for investment. The maintenance of
an adequate supply of funds at favorable rates for capital purposes,
including mortgages, is an important factor in bringing about and
sustaining a lasting recovery.
"The reduction of excess reserves to an estimated level of approximately $1,900,000,000 brings them within the scope of control




218

ANNUAL REPORT OF BOARD OF GOVERNORS

through the System's open-market portfolio which consists of
$2,430,000,000 of United States Government securities. Frequent
changes in reserve requirements of member banks should be avoided
because they affect all banks regardless of their reserve position.
At this time an increase can be made equitably because reserves are
widely distributed. Unless large additional increases in reserves
occur through gold imports or otherwise, no occasion for further
adjustments in reserve requirements is likely to arise in the" near
future.
"For current adjustments of the reserve position of member banks
to changes in the credit situation the Reserve System should continue to rely on the traditional methods of credit control through
discount policy and particularly through open-market operations.
By the present action excess reserves will be reduced to within the
amount that could be absorbed through open-market operations,
should such action become desirable. Conversely, should conditions
develop requiring expansion of reserves, they could be increased
through open-market operations.
"The Board of Governors believes that the action taken at this
time will give assurance for the continued encouragement of full
recovery.
"The following table gives estimates as of August 15 of the
reserves of member banks by classes before and after the increase
in reserve requirements:
ESTIMATED RESERVE POSITION OF MEMBER BANKS ON AUGUST 15, 1936
[In millions of dollars
Before increase in
requirements

After increase in
requirements

Total
reserves
Required
reserves
Central reserve city banks
Reserve city banks
. ...
" C o u n t r y " banks
All member banks

..

Excess
reserves

Required
reserves

3,000
2,200
1,100

1,500
950
450

1,500
1,250
650

2,250
1,400
700

750
800
400

6,300

2,900

3,400

4,350

1,950

Excess
reserves

In order to carry into effect the Board's action, the following supplement to Regulation D, Reserves of Member
Banks, was approved and adopted, Messrs. Eccles, Broderick, Szymczak and Ransom voting "aye," and Messrs.
McKee and Davis voting "no":
"SUPPLEMENT TO REGULATION D

"Effective as to each member bank after the close
of business August 15, 1936.
"Reserves required to be maintained by member banks with
Federal Reserve banks.
"Pursuant to the provisions of section 19 of the Federal Reserve
Act and section 2(a) of its Regulation D, the Board of Governors
of the Federal Reserve System hereby increases by 50 percent the
percentages of time deposits and net demand deposits set forth in
paragraphs (a), (b), and (c) of section 19 of the Federal Reserve



FEDERAL RESERVE SYSTEM

219

Act and section 2 (a) of Regulation D which each member bank is
required to maintain on deposit with the Federal Reserve bank of its
district,"
MEETING ON FRIDAY, DECEMBER 4, 1936

Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis.
Amendment of Standard Form of Agreement Required as a Condition Precedent to the Issuance of General Voting Permits.

By unanimous vote, the standard form of agreement required by the Board to be executed as a condition precedent to the issuance of a general voting permit was amended
to read as set forth below.
This action was taken for the reason that under the regulations of the
Bureau of Internal Revenue credit for tax purposes for readily marketable assets acquired in compliance with the provisions of Section 5144
of the Revised Statutes is allowed only to holding company affiliates
which hold general voting permits at the end of the taxable year, and it
was deemed to be in the public interest for all holding company affiliates
to acquire such assets, inasmuch as they constitute reserve funds for additional protection of subsidiary banks. It was also agreed that, without
interfering with the discharge of the Board's responsibilities under the law
with regard to the granting of voting permits, the standard form of agreement could be amended in such a manner as would facilitate the issuance
of such permits to holding company affiliates whose financial condition,
character of management, and relations with subsidiary banks warrant
the issuance of general voting permits, and that in view of all the circumstances such an amendment would be desirable.
AMENDED FORM OF AGREEMENT

"In consideration of the granting by the Board of Governors of
the Federal Reserve System, under authority of section 5144 of the
Revised Statutes of the United States and pursuant to an application
heretofore filed with the Board of Governors of the Federal Reserve
System by the undersigned, of a general voting permit entitling the
undersigned to vote the stock which it owns or controls of the member bank or banks specified in such permit at all meetings of shareholders of such bank or banks, the undersigned hereby represents,
undertakes and agrees 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 avail-




220

ANNUAL REPORT OF BOARD OF GOVERNORS

able 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, (ii) 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, (iii) 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,
(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 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, (b) 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 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
from, 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 affiliated, except within the same limitations and


FEDERAL RESERVE SYSTEM

221

subject to the same conditions and provisions as are applicable
under section 23A of the Federal Reserve Act to such transactions involving member banks and their affiliates;
5. 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
Reserve System, it shall not cause or permit any change to be
made in the general character of its business or investments.
"The foregoing representations, undertakings and agreements are
subject to the following understandings:
"(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.
a
(B) Whenever, under the terms of this agreement, any amounts
are required to 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."
MEETING ON FRIDAY, DECEMBER 11, 1936

Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman, Mr. Szymczak, Mr. McKee.
Effective Date of Subsection l(f), Entitled "Interest", of Regulation Q, Payment of Interest on Deposits.
By unanimous vote, subsection l ( f ) , entitled "Interest,"
of Regulation Q was made effective as of February 1, 1937.



222

ANNUAL REPORT OF BOARD OF GOVERNORS

On December 28, 1935, for reasons stated at the time, the Board deferred the effective date of subsection l(f), entitled "Interest" of Regulation Q, Payment of Interest on Deposits, pending action by the Federal
Deposit Insurance Corporation on its regulation with respect to the
payment of interest on deposits by insured nonmember banks. Since that
time the question whether the definitions of "interest" as contained in the
regulations of the Board and the Federal Deposit Insurance Corporation
should prohibit the absorption of out-of-pocket expenses including exchange and collection charges had been studied very thoroughly by the
members of the Board and its staff and had been discussed with representatives of the Federal Deposit Insurance Corporation.
At this meeting the question of the action to be taken by the Board
with respect to the definition of "interest" as contained in its regulation
was given further consideration, particularly in the light of the fact that
the Federal Deposit Insurance Corporation had not been disposed to
adopt a similar definition in its regulation, and it was felt that inasmuch
as section 19 of the Federal Reserve Act expressly provides that "no
member bank shall, directly or indirectly, by any device whatsoever, pay
any interest on any deposit which is payable on demand," except as provided in the statute, the Board should put into effect a definition of
"interest" under which the absorption of out-of-pocket charges as compensation for the use of funds constituting a deposit would be considered
as interest.




RECORD OF POLICY ACTIONS—FEDERAL OPEN
MARKET COMMITTEE
Following is a copy of the record of actions by the Federal Open
Market Committee during the year 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:
MEETING ON JANUARY 21, 1936

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, 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 review of a preliminary memorandum on credit conditions
submitted by the chairman, and the usual report of operations, and
after an extended discussion of business and credit conditions and the
various courses which the Federal Reserve System might follow in its
policy, the Committee, by a vote of nine to three, adopted the following
resolution:
The Committee has considered the preliminary memorandum and has reviewed the credit situation. It is the sense
of the Committee that, so far as business, credit, and banking conditions are concerned, there is nothing in the present
situation to prompt the Committee to change its views as
expressed in its resolution adopted on December 18, which
the Committee respectfully renews.
The Committee recognizes that the risks of action are
somewhat increased by the present budgetary situation, but
it recognizes also that the longer action is delayed, the
greater are the dangers resulting from the combination of
inordinately large excess reserves and an unbalanced budgetary position, and the greater will be the difficulty of taking remedial action.
Viewing the situation as a whole, the Committee strongly
believes that action looking toward a substantial reduction
in excess reserves should be taken as soon as this may be
feasible, in the judgment of the Board of Governors of the
Federal Reserve System, having in mind the advantages of
a coordinated program of recovery.




223

224

ANNUAL REPORT OF BOARD OF GOVERNORS

The vote on this resolution was as follows:
Yes: Governors Harrison, Norris, Fleming, Seay, Schaller, Geery,
Hamilton, McKinney, Calkins.
No: Governors Young, Newton, Martin.
After discussion it was agreed that authority voted to the executive
committee of the Federal Open Market Committee at three 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 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.
MEETING ON MARCH 19, 1936

Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr.
Fleming, Mr. McKinney, Mr. Hamilton.
1. Adoption of Regulation Relating to Open Market Operations of the Federal
Reserve Banks.

The Committee, by unanimous vote, adopted a regulation
relating to open market operations of the Federal Reserve
banks. The regulation states the principles governing purchases and sales in the open market by Federal Reserve
banks, and contains provisions concerning the conduct of
open market operations by the Federal Reserve banks, including transactions for the System open market account,
the functions of the Committee, and the organization and
functions of its executive committee. The regulation was
published in the Federal Reserve Bulletin for April, 1936,
beginning on page 254f



FEDERAL RESERVE SYSTEM

225

Since the Federal Open Market Committee as constituted by the Banking Act of 1935 was meeting for the first time, it was necessary for it
to consider and adopt a regulation for the reason that section 12A(b)
of the Federal Reserve Act as amended by the Banking Act of 1935
provides that no Federal Reserve bank shall engage or decline to engage
in open market operations except in accordance with the direction of
and regulations adopted by the Federal Open Market Committee, which
is required to consider, adopt and transmit to the several Federal Reserve
banks regulations relating to the open market transactions of such
banks.
2. Authority to Make Shifts in System Open Market Account.

By unanimous vote, the executive committee was instructed to direct the replacement of maturing securities in
the System account with other Government securities and
to make such shifts between maturities in the account as
may be necessary in the proper administration of the account, 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
$350,000,000.
This authority was granted for the reason that it was felt that the
executive committee should have such authority as might be necessary,
in the proper administration of the System open market account and
the maintenance of the existing portfolio, to enable it to replace maturing securities and to make shifts in maturities to meet changing market
conditions, including a limited authority for shifts in the account from
shorter maturities to Government bonds.
3. Authority to Increase or Decrease System Account.

By unanimous vote, the executive committee was authorized, subject to telegraphic or written approval by a majority of the members of the Federal Open Market Committee,
to direct the purchase or sale of Government securities for
the System open market account up to an aggregate amount
of $250,000,000.
It was the consensus of the members of the Federal Open Market
Committee that the executive committee should have authority to buy
or sell (which would include authority to allow maturities to run off)
securities for the System open market account within reasonable limits
as to amount, in order that the Committee might be in a position to
act promptly if circumstances not foreseen at this meeting should make
such action desirable before another meeting of the full Committee.
4. Authority to Federal Reserve Banks to Effect Transactions in Their Own
Investment Accounts.

By unanimous vote, the Committee authorized each
individual Federal Reserve bank holding Government
securities in its own portfolio to replace maturing securities
in its account and, with the approval of the executive committee, to make shifts between maturities in the account,
provided that no change in the total amount of Government securities held by the Federal Reserve bank was
effected by such transactions,




226

ANNUAL REPORT OF BOARD OF GOVERNORS

The authority granted to the Federal Reserve banks by this action
corresponded to that granted to the executive committee in connection
with the administration of the System open market account and was
deemed necessary for similar reasons.
5. Authority to Federal Reserve Bank of New York to Direct Purchases of Bills
Payable in Foreign Currencies.

By unanimous vote, the Committee authorized the Federal Reserve Bank of New York to direct the purchase of
bills payable in foreign currencies in such amounts as might
be necessary to replace maturing bills, held for the account
of Federal Reserve banks by foreign central banks, including the Bank for International Settlements.
For many years the Federal Reserve Bank of New York, with the
approval of the Federal Reserve Board, had held for the account of
the Federal Reserve banks balances with certain foreign central banks
which had been invested to some extent in bills payable in foreign
currencies. Since the regulation adopted by the Federal Open Market
Committee contains a provision that no obligations payable in foreign
currencies shall be purchased except in accordance with directions of the
Federal Open Market Committee, it was necessary that authority be
granted by the Committee to enable the reserve banks to purchase bills
payable in foreign currencies to replace maturing bills held by foreign
central banks for the account of the Federal Reserve banks.
MEETING ON MAY 25, 1936

Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Fleming, Mr.
McKinney, Mr. Schaller, Mr. Hamilton.
1. Transfer to System Open Market Account of United States Government
Securities Held in Individual Investment Accounts of Federal Reserve
Banks.

By unanimous vote, the Committee directed that the
Federal Reserve banks transfer on June 15, 1936, to the
System open market account, at the market prices prevailing on that date, all the United States Government securities held in the individual investment accounts of such
Federal Reserve banks, including Government securities
held as investments of self-insurance funds.
(SECRETARY'S NOTE: Subsequently, with the unanimous
approval of the members of the Committee, the date of the
transfer to the System open market account of the securities
held individually by the banks, and the reallotment of the
total securities held in the System account, was changed to
June 30, 1936, because of the necessity for the allowance
of additional time in which to work out the details of such
transfer and reallotment.)
In view of the fact that the Banking Act of 1935 transferred to and
lodged in the Federal Open Market Committee the final authority over,
as well as the responsibility for, the determination of policy with respect
to the conduct of open market operations, and provided that no Federal
Reserve bank should engage in or decline to engage in such operations




FEDERAL RESERVE SYSTEM

227

except in accordance with the direction or regulation of the Committee,
it was the opinion of the Committee that the separate investments in
Government securities held by the reserve banks should be transferred
to the System account.
2. Authority to Make Shifts in System Open Market Account.

By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing
securities in the System open market account with other
Government securities, and to make such shifts between
maturities in the account as may be necessary in the proper
administration of the account, 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.
This action was taken to enable the executive committee to make
shifts and replacements in order that there might be no change in the
total amount of securities in the System account and for the proper
administration of the account, as well as to make shifts from short to
long-term securities, to meet changing market conditions and to improve
the distribution of maturities in the account.
3. Authority to Increase or Decrease the System Account.

By unanimous vote, the Committee authorized the executive committee, subject to telegraphic or written approval
by a majority of members of the Federal Open Market
Committee, to direct the purchase or sale of Government
securities for the System open market account up to an
aggregate amount of $250,000,000.
This action constituted a renewal of authority previously given to
buy or sell (which included authority to allow maturities to run off)
securities for the System open market account in order that the executive committee might be in a position to act promptly if unforeseen
circumstances should make such action desirable before another meeting
of the full Committee.
4. Authority to Federal Reserve Bank of New York to Direct Purchases of Bills
Payable in Foreign Currencies.

By unanimous vote, the Committee authorized the Federal Reserve Bank of New York to direct the purchase of
bills payable in foreign currencies in such amounts as might
be necessary to replace maturing bills now held for the
account of the Federal Reserve banks by foreign central
banks, including the Bank for International Settlements.
It was understood, however, that the bank might permit
the payment of such maturing bills without replacement
thereof to such extent as might be found advisable in the
interest of the Federal Reserve banks.
This action was a renewal of the authority given at the meeting of
the Committee on March 19, 1936, and was taken for the same reasons.




228

ANNUAL REPORT OF BOARD OF GOVERNORS
MEETING ON NOVEMBER 20, 1936

Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr.
Davis, Mr. Fleming, Mr. McKinney, Mr. Schaller, Mr. Hamilton.
1. Authority to Make Shifts in System Open Market Account.

The Committee, by unanimous vote, instructed the executive committee to direct the replacement of maturing
securities in the System open market account with other
Government securities and to make such shifts between
maturities in the account as may be necessary in the proper
administration of the account, 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
having maturities in excess of five years be not over $600,000,000 nor less than $300,000,000.
This action continued the previous authority of the executive committee to make shifts and replacements necessary for the proper administration of the System account and granted additional authority to
increase the holdings of bonds with maturities in excess of five years,
as well as authority to reduce such holdings, to meet changing market
conditions and to improve the distribution of maturities in- the account.
2. Authority to Increase or Decrease System Account.

The Committee, by unanimous vote, authorized the executive committee, subject to telegraphic or written approval by a majority of the members of the Federal Open
Market Committee, to direct that the amount of Government securities then in the System open market account be
increased or decreased by not more than $250,000,000.
The purpose of this action was to continue previous authority so
that the executive committee would be in a position to act in the open
market promptly if circumstances not foreseen at this meeting should
make such action desirable before another meeting of the full Committee.
3. Transactions in Accounts with Foreign Central Banks.

The Committee, by unanimous vote, adopted the following resolution:
RESOLVED that, unless and until the Federal Open.Market
Committee hereafter directs otherwise, each Federal Reserve bank, subject to the provisions of Section 14 of the
Federal Reserve Act as amended and the regulations, conditions, and limitations of the Board of Governors prescribed thereunder, may without further directions or authorization of the Committee purchase and sell, at home or
abroad, cable transfers, and bills of exchange and bankers'
acceptances payable in foreign currencies, to the extent that
such purchases and sales may be deemed to be necessary or
advisable in connection with the establishment, maintenance, operation, increase, reduction or discontinuance of
accounts of Federal Reserve banks in foreign countries.




FEDERAL RESERVE SYSTEM

229

The purpose of this action was to simplify the procedure in connection
with the handling of accounts with foreign central banks which are
subject to special supervision by the Board of Governors of the Federal
Reserve System under Section 14 of the Federal Reserve Act.
4. Consideration of Excess Reserves of Member Banks.

The Committee took the position that, in the circumstances, it was not then advisable to make any change in
the System's existing credit policy; that the Committee was
concerned, however, over the current and potential effects
on both the credit and banking situation of the continued
increase in the excess reserves of member banks; and that,
therefore, it was the sense of the Committee that a meeting of the Committee should be held in January, when the
situation would have been further clarified by such events
as the return flow of currency and the President's budget
message, to consider whether it might not then be advisable
to take some action in the open market in the light of the
reserve position of member banks at that time. This position was approved by all of the members present (Messrs.
Schaller and Hamilton having departed prior to this action)
with the exception of Mr. McKee who, in the light of a
previous discussion with respect to the desirability of issuing a statement to the press, stated that he believed that,
prior to the issuance of any public statement by either the
Board or the Federal Open Market Committee that would
refer to the possibility of a further increase in member bank
reserve requirements, action should be taken by the Federal Open Market Committee to reduce its portfolio by
allowing maturities to run off or by direct liquidation.
The reason for this position, which was taken after consideration of
the question whether, if action were taken to reduce excess reserves,
it would be preferable for the Board of Governors to use its power
further to increase reserve requirements or for the Federal Open Market
Committee to reduce the holdings of Governmnt securities in the System
open market account, was that most of the members of the Committee
were of the opinion that the continued large amount of unemployment,
unused productive capacity, and relatively low aggregate of national
income and the fact that there was no general indication of unhealthy
growth in the use of bank credit, indicated that the time for a reversal
of the existing easy money policy had not arrived. As pointed out in
the statement of position, in January the President's budget message
would be sent to Congress, the results of the year-end return flow of
currency would be known, the reserve position of member banks would
be subject to closer analysis and the general credit and monetary situation might be further clarified.
Upon taking this position, it was voted unanimously to authorize the
Chairman to issue a statement to the press, for the reason that it was
felt that the investing public should be reminded that the System was
considering the problem created by the existing large amount of excess
reserves with the view to taking action at such time as it appeared
to be necessary in the public interest.




230

ANNUAL REPORT OF BOARD OF GOVERNORS

After the meeting, under the authority thus granted to him, the
Chairman prepared and gave out the following statement:
The Board of Governors of the Federal Reserve System met
during the week with the Federal Advisory Council and later with
the Presidents of the Federal Reserve banks. In addition, there
was a meeting of the Federal Open Market Committee.
In the course of these meetings, the business and credit situation
was fully reviewed. Particular attention was given to the fact that
since the Board's action last July in raising reserve requirements,
there has been a continued and substantial increase of member bank
reserves, resulting principally from a further large inflow of gold
from abroad, so that member bank reserves are once more far in
excess of legal requirements and of present or prospective needs
of commerce, industry and agriculture.
Those charged with responsibility for credit and reserve policy
are now giving careful consideration to the various problems raised
by the effects of these reserves with a view to taking such action
at such time as it appears to be necessary in the public interest.




DIRECTORY OF THE FEDERAL ADVISORY COUNCIL
(December 31, 1936)
OFFICERS
President, WALTER W. SMITH
Vice President, HOWARD A. LOEB
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, 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.—EDWARD E. BROWN, president, The First National Bank of Chicago,
Chicago, 111.
District No. 8.—WALTER W. SMITH, president, First National Bank in St. Louis,
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, Seattle,
Wash.
RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEBRUARY 12, 1936

1.—Excess reserves.
RECOMMENDATION.—The Federal Advisory Council wishes to direct the
attention of the Board of Governors of the Federal Reserve System and,
through it that of the Open Market Committee of the System, to the
communication made by the Council to the Board at its meeting of September 24, 1935, concerning the amount of Government securities held
by the System, and to its unanimous recommendation made to the Board
at its meeting of November 21, 1935, referring to the same subject and
further making recommendations with regard to the amount of excess
reserves of member banks now carried with the System.
The Council has taken cognizance of a joint statement issued by the
Board of Governors and the Open Market Committee under date of
231
TOPIC NO.




232

ANNUAL REPORT OF BOARD OF GOVERNORS

December 18, 1935, which seemed to recognize fully that "the special
problem created by the continuing excess of reserves" was of such importance as to justify a continuance of 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."
In view of the fact that, since the above statement was made, a great
change has taken place in the membership of the Board of Governors and
an entirely new arrangement of the composition of the Open Market Committee is about to be consummated, the Council feels that it would be in
every way desirable and proper for it at this time to refer to the communications mentioned and to make known its present views.
Of the slightly less than six billion dollars of reserves, approximately
three billion dollars of which are required, no less than two billion four
hundred million dollars were created by purchases of Government securities in the open market by the issuance of reserve bank credit. A very
large percentage of the remainder of the reserve structure is the result of
gold imports which have come into the country in the last two years, not
as the result of a settlement of trade balances but largely for protection
against unsettled conditions in other countries, and partly for speculative purposes. The gold holdings thus acquired may be largely transitory
and temporary.
The Council is of the opinion that it would be unwise and unsound to
permit a credit structure to be built on the base of reserves so created.
The Council recognizes and has taken into the most careful consideration the fact that there have been various groups representing very important elements in the business and financial structure of the country
who have firmly expressed the opinion that the present huge volume of
excess reserves is a most serious menace, but that the first step for the
proper correction of the situation would be an increase of reserve requirements, control over which has been granted to the Board of Governors
of the Federal Reserve System by the terms of the Banking Act of 1935.
The Council is so deeply impressed with the necessity for prompt preventive action in order to avoid the possibility of the building of a credit
structure on the reserves as at present constituted, that it recommends
to the Board at this time a substantial increase in the reserve requirements for member banks. This increase should be at least large enough
to prevent a credit structure being built on that part of the gold holdings
which may be deemed to be transitory or temporary.
In making this recommendation in respect to the raising of reserve
requirements, the Council wishes to make it clear that it does not believe
that reserve requirements should be varied at frequent intervals or except
for grave reasons. It is of the opinion that frequent changes in reserve
requirements would destroy confidence both on the part of the borrower
and the banker and restrict employment of bank credit needed for continued business recovery.
TOPIC NO. 2.—Regulations in respect to margin requirements on collateral loans of banks (Regulation U).
RECOMMENDATION .—The Federal Advisory Council is still strongly of
the opinion expressed in a recommendation made to the Board of Governors of the Federal Reserve System on November 21, 1935 that there is
no need at this time to put into force regulations affecting collateral loans



FEDERAL RESERVE SYSTEM

233

made by banks. The Council believes that the nature of the lending
operations carried on by banks is essentially different from that by
brokers. Regulations governing collateral loans by banks may affect
forms of credit which it is not at all intended to regulate, while the business of brokers is confined almost entirely to loans on registered securities
made for the express purpose of purchasing and carrying these.
NOVEMBER 17, 1936
TOPIC NO. 1.—Regarding subsection (E) of section 1 of Regulation Q.
RECOMMENDATION.—The Federal Advisory Council would prefer that
the regulation governing savings accounts stand as it is now since most
American banks have become adjusted to it. If, however, there is to be
a change, the Council prefers that it be in the direction of greater liberality, and in that case recommends the adoption of the more liberal
interpretation omitting, however, the third clause reading as follows:
"a corporation, association or other organization which is organized
and operated for the mutual benefit of its members and transacts
more than half of its business with or for its members, and in respect
to which deposit . . . ."
TOPIC NO. 2.—Regarding subsection (F) of section 1 of Regulation Q.
RECOMMENDATION.—The Federal Advisory Council recommends to the
Board of Governors of the Federal Reserve System that it put into effect
subsection (F) of section 1 of Regulation Q as proposed by the Board in
the memorandum submitted to the Federal Advisory Council under date
of October 27, 1936.
The Federal Advisory Council answering the queries of the Board in its
memorandum of October 27, 1936, addressed to the Council, states the
following:
1. If made operative, what effect, if any, would the Board's definition
of interest have on:
(a). Membership in the Federal Reserve System?
The Federal Advisory Council is of the opinion there would be no
material effect; there might be a temporary one resulting in the withdrawal of some banks from the System but it is the belief of the Council
that in the long run the Federal Reserve System would be strengthened
by putting into effect the proposed regulation.
(b) Correspondent bank relationships?
The Federal Advisory Council believes there would be no permanent
adverse effect.
2. Assuming for the purpose of the question in this paragraph that the
prohibition against the payment of interest on demand deposits is
in the interest of sound banking practice, does the Council feel that
the Board's definition of interest would effectuate the purposes of
the statutory provision that such interest shall not be paid, directly
or indirectly, by any device whatsoever?
The Federal Advisory Council replies in the affirmative.
3. Two opposing views have been presented to the Board on one question connected with this definition. It has been stated that making




234

ANNUAL REPORT OF BOARD OF GOVERNORS

the definition effective will cause nonmember banks now remitting
at par to leave the par list, thus increasing the cost of banking
service to the public. It has also been stated that it will have
exactly the opposite effect, and that non-par banks would be forced
to remit at par and such banks would be deprived of an important
source of revenue. The views of the Council are asked as to which,
if either, of these suggested consequences they would anticipate if
the definition were made effective.
The members of the Federal Advisory Council are divided in their
opinion. Some members of the Council believe that the regulation would
drive nonmember banks on to the par list while some are of the contrary
opinion.
4. It has come to the attention of the Board that some nonmember
banks have withdrawn or are contemplating withdrawal from the
par list in order to obtain additional revenue from exchange and
collection charges. The Board would appreciate the Council's comments as to the extent to which member banks are bidding competitively for accounts of banks or others on the basis of the absorption
of exchange and collection charges and its opinion on the question
whether the making effective of the definition of interest contained
in Regulation Q would correct this situation or whether the Board
should take some additional action.
In a very few of the Federal reserve districts some banks are bidding
for accounts on the basis of absorbing exchange and collection charges;
in most of the districts, however, there is no such competition. The Federal Advisory Council believes the proposed regulation will put a stop to
the practice of competitive bidding for accounts of banks or others on the
basis of the absorption of exchange and collection charges.




DIRECTORY OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
(December 31, 1936)
MARRINER S. ECCLES, of Utah, Chairman.

RONALD RANSOM, of Georgia, Vice Chairman.
JOSEPH A. BRODERICK, of New York.

M. S. SZYMCZAK, of Illinois.
JOHN K. MCKEE, of Ohio.
CHESTER C. DAVIS, of Maryland.

CHARLES S. HAMLIN, Special Counsel.
LAWRENCE CLAYTON, Assistant to the Chairman.

ELLIOTT THURSTON, Special Assista7it to the Chairman.
CHESTER MORRILL, Secretary.

LISTON P. BETHEA, Assistant Secretary.

8. R. CARPENTER, Assistant Secretary.
J. C. NOELL, Assistant Secretary.
WALTER WYATT, General Counsel.

J. P. DREIBELBIS, Assistant 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.
E. A. GOLDENWEISER, Director, Division of Research and Statistics.
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics.
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics.
GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics.
E. L. SMEAD, Chief, Division of Bank Operations.
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations.
J. E. HORBETT, Assistant Chief, Division of Bank Operations.
CARL E. PARRY, Chief, Division of Security Loans.
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans.
0. E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.




235

SALARIES OF OFFICERS AND EMPLOYEES OF THE BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
(December 31, 1936)
$12,000.00

C. S. Hamlin, special counsel to the Board
OFFICES OF MEMBERS OF THE BOARD

12,000.00
12,000.00
9,000.00
4,200.00
3,300.00
9,000.00
2,800.00
2,000.00
1,980.00
1,800.00
1,740.00
1,600.00
1,320.00

Lawrence Clayton, assistant to the Chairman
Elliott Thurston, special assistant to the Chairman
J. M. Daiger, special assistant to the Chairman
1 at $4,200
1 at $3,300
3 at $3,000
1 at $2,800
1 at $2,000
1 at $1,980
1 at $1,800
1 at $1,740
1 at $1,600
1 at $1,320.
Total

62,740.00
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
2 at $2,600
2 at $2,500
3 at $2,400
1 at $2,200.
at $2,100.
1 at $2,000. . .
1 at $1,900. . .
3 at $1,800. . .
1 at $1,740..
1 at $1,720...
2 at $1,660...
3 at $1,620. .
1 at $1,600. .
3 at $1,560. .
3 at $1,500..
3 at $1,380..
7 at $1,320..
1 at $1,260. .
1 at $1,080. .
1 at $1,020. .
1 at $960 ..
2 at $840 ..
Telegraph Office:
1 at $3,600..
2 at $2,400. .
5 at $2,160. .
236




15,000.00
7,500.00
7,300.00
5,000.00
3,100.00
2,900.00
2,800.00
5,200.00
5,000.00
7,200.00
2,200.00
2,100.00
2,000.00
1,900.00
5,400.00
1,740.00
1,720.00
3,320.00
4,860.00
1,600.00
4,680.00
4,500.00
4,140.00
9,240.00
1,260.00
1,080.00
1,020.00
960.00
1,680.00
$3,600.00
4,800.00
10,800.00

FEDERAL RESERVE SYSTEM

237

OFFICE OF THE SECRETARY—continued

4 at $2,100
1 at $1,200

$8,400.00
1,200.00

Total

28,800.00

The salaries of operators in the telegraph office are regarded as
an expense of the Federal Reserve Leased Wire System and as such are
prorated among the Federal Reserve banks and the Board with the other
expenses of the Leased Wire System.
Total

$116,400.00
OFFICE OF GENERAL COUNSEL

Walter Wyatt, general counsel
George B. Vest, assistant general counsel
B. M. Wingfield, assistant general counsel
J. P.^Dreibelbis, assistant general counsel
G. Howland Chase, assistant counsel
Alfred K. Cherry, assistant counsel
John C. Baumann, assistant counsel
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
2 at $1,900
2 at $1,800
2 at $1,680
4 at $1,620
1 at $1,560
1 at $1,440
1 at $1,320
Total

15,000.00
10,000.00
9,000.00
8,500.00
5,750.00
5,750.00
5,500.00
5,500.00
3,800.00
3,600.00
6,000.00
2,800.00
2,700.00
8,000.00
3,800.00
3,600.00
3,360.00
6,480.00
1,560.00
1,440.00
1,320.00
113,460.00

DIVISION OF RESEARCH AND STATISTICS

E. A. Goldenweiser, director of division
Woodlief Thomas, assistant director
L. B. Currie, assistant director
George W. Blattner, assistant director
Walter R. Gardner, senior economist
Malcolm H. Bryan, senior economist
Frank R. Garfield, senior economist
George Terborgh, senior economist
Susan Burr Litchfield, senior economist
1 at $4,200
1 at $4,000
1 at $3,700
3 at $3,600
2 at $3,500
3 at $3,400
3 at $3,100
1 at $3,000
1 at $2,900
2 at $2,800
5 at $2,600
1 at $2,300
3 at $2,200
4 at $2,100
3 at $2,000
2 at $1,900
6 at $1,800




15,000.00
8,500.00
8,500.00
7,000.00
7,000.00
5,600.00
5,600.00
5,600.00
5,200.00
4,200.00
4,000.00
3,700.00
10,800.00
7,000.00
10,200.00
9,300.00
3,000.00
2,900.00
5,600.00
13,000.00
2,300.00
6,600.00
8,400.00
6,000.00
3,800.00
10,800.00

238

ANNUAL REPORT OF BOARD OF GOVERNORS
DIVISION OF RESEARCH AND STATISTICS—continued

8
2
5
9
2
1
2

$13,440.00
3.240.C0
7.800.00
12,960.00
2,640.00
960.00
1,200.00
221,840.00

at $1,680.
at SI,620.
at $1,560.
at $1,440
at $1,320.
at $960 .
at $600 .
Total . . .
DIVISION OF BANK OPERATIONS

Edward L. Smead, chief of division
John R. Van Fossen, assistant chief
J. E. Horbett, assistant chief
L. S. Myrick, technical assistant
Bray Hammond, technical assistant
1 at $4,800
1 at $3,900
2 at $3,800
.'
2 at $3,200
1 at $3,100
2 at $2,900
1 at $2,800
2 at $2,700
1 at $2,600
1 at $2,500
2 at $2,400
•
3 at $2,000
1 at $1,860
4 at $1,800
1 at Sl,700
3 at $1,680
5 at $1,620
3 at $1,600
1 at $1,560
2 at $1,440
2 at $1,320
1 at $960

:

15,000.00
8,000.00
6,800.00
5,600.00
5,000.00
4,800.00
3,900.00
7,600.00
6.400.00
3,100.00
5,800.00
2,800.00
5,400.00
2,600.00
2,500.00
4,800.00
6,000.00
1,860.00
7,200.00
1,700.00
5,040.00
8,100.00
4,800.00
1,560.00
2,880.00
2,640.00
960.00
132,840.00

Total
DIVISION OF EXAMINATIONS

Leo H. Paulger, chief of division
R. F. Leonard, assistant chief
C. E. Cagle, assistant chief
L. A. A. Siems. Federal reserve examiner
M. R. Wilkes, Federal reserve examiner
Geo. S. Sloan, Federal reserve examiner
R. B. Chamberlin, Federal reserve examiner
H. O. Koppang, Federal reserve* examiner
Edwin R. Millard, Federal reserve examiner
Dwight L. Grays, Federal reserve examiner
William B. Pollard, Federal reserve examiner
C. S. Barker, assistant Federal reserve examiner
J. B. Crosby, Federal reserve examiner
Fred A. Nelson, Federal reserve examiner
Roger M. Calloway, Federal reserve examiner
Clarence C. Hostrup, Federal reserve examiner
4 at $4,800
4 at $4,500
2 at $4,300
1 at $4,200
3 at $4,000
1 at $3,900




15,000.00
9,500.00
8,000.00
7,500.00
6,600.00
6,000.00
5,800.00
5,800.00
5,500.00
5,400.00
5,400.00
5,200.00
5,200.00
5,200.00
5,000.00
5,000.00
19,200.00
18,000.00
8,600.00
4,200.00
12,000.00
3,900.00

239

FEDERAL RESERVE SYSTEM
DIVISION OF EXAMINATIONS—continued
4
2
1
2
2
3
2
1
3
2
2
1
2
1
3
2
1
1
2
1
1
1
2

at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at

$3,600
$3,300
$3,200
$3,000
$2,700
$2,600
$2,500
$2,300
$2,200
$2,100
$2,000
$1,900
$1,800
$1,740
$1,700
$1,680
$1,660
$1,620
$1,600
$1,500
$1,460
$1,320
$1,200

*

'

Total

$14,400.00
6,600.00
3,200.00
6,000.00
5,400.00
7,800.00
5,000.00
2,300.00
6,600.00
4,200.00
4,000.00
1,900.00
3,600.00
1,740.00
5,100.00
3,360.00
1,660.00
1,620.00
3,200.00
1,500.00
1,460.00
1,320.00
2,400.00
266,360.00

DIVISION OF SECURITY LOANS
Carl E. Parry, chief of division
Philip E . Bradley, assistant chief
Earle W. English, special assistant
1 at $3,000
1 at $2,100
1 at $2,000
1 at $1,900
1 at $1,560
1 at $1,020.
:
Total

10,000.00
7,000.00
5,000.00
3,000.00
2,100.00
2,000.00
1,900.00
1,560.00
1,020.00
33,580.00

OFFICE OF FISCAL AGENT
Oliver E. Foulk, fiscal agent
Josephine E. Lally, deputy fiscal agent. . .
Total

4,200.00
2,400.00
6,600.00

GENERAL
1 at $3,300.
Grand Total.

3,300.00
969,120.00

In addition to the above there was also one temporary employee paid on a daily
basis and whose appointment expired on December 31, 1936.




RECEIPTS AND DISBURSEMENTS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FOR THE YEAR 1936
Special fund account:
Raiance January 1, 1936:
Available for general expenses of the Board
Available for expenses chargeable to Federal Reserve banks...

$ 88,780.95
147,617.10
$236,398.05

Total
R BCD I I T S

Available for general expenses of the Board:
Assessments on Federal Reserve banks for estimated
general expenses of the Board
$1,679,565.37
Subscriptions to Federal Reserve Bulletin
4,842.85
Reimbursements for leased wire service
40,201.67
Reimbursement on account of bank examinations
346.63
Miscellaneous receipts, refunds, and reimbursements
787.10
Total receipts available for general expenses of the Board
$1,725,743.62
Available for expenses chargeable to Federal Reserve banks:
Assessments on Federal Reserve banks for:
Cost of printing Federal Reserve notes
$1,521,694.78
Expenses of leased wire system
144,259.91
Expenses of private telephone lines
27,048.22
Expenses of Federal Reserve Issue and Redemption
Division (office of Comptroller of the Currency)....
3,892.48
Miscellaneous expenses
4,672.79
Total receipts available for expenses chargeable to
Federal Reserve banks. . ."
Total receipts
-.

1,701,568.18

Total available for disbursement

3,427,311.80

. .. $3,663,709.85

DISBURSEMENTS

For general expenses of the Board:
Expenses of 1935 paid in 1936
Expenses of 1936 (per detailed statement) . $1,582,447.05
Less accounts unpaid December 31, 1936
(estimated)
15,106.49
Expenses of 1936 paid during the year
Expenses of leased wire service, reimbursable
Refunds of subscriptions to Federal Reserve Bulletin ...

$33,264.47

1,567,340.56
41,071.22
4.38

Total disbursements for general expenses of the Board
$1,641,680.63
For expenses chargeable to Federal Reserve banks:
Cost of printing Federal Reserve notes
$1,583,606.08
Expenses of leased wire system
134,066.00
Expenses of private telephone lines
28,398.22
Expenses of Federal Reserve Issue and Redemption
Division (office of Comptroller of the Currency)....
3,892.48
Miscellaneous expenses
5,376.30
Total disbursements for expenses chargeable to Federal
Reserve banks

1,755,339.08

Total disbursements

3,397,019.71

Balance in special fund account December 31, 1936:
Available for general expenses of the Board
Available for expenses chargeable to Federal Reserve banks.
Building account:
Balance January 1, 1936
Received from assessments on Federal Reserve banks
Miscellaneous receipts
Total
Disbursements
Balance in building account

240




$172,843.94
93,846.20
266,690.14
$175,147.84
2,007,218.35
21,055.99
$2,203,422.18
1,507,015.00
696,407.18

FEDERAL RESERVE SYSTEM

241

STATEMENT OF EXPENSES OF T H E BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM, 1936
Personal services
Transportation and subsistence
Communication service
Printing, binding, etc
Repairs
Heat, light, and power
Miscellaneous, unclassified
Equipment rental
Supplies, stationery, and office
Equipment, furniture, and office
Books and periodicals
Rent
Retirement contributions
Total




$1,103,094.54
84,220.08
59,309.02
44,770.70
1,156.85
100.00
9,924.62
33.00
10,109.06
14,690.68
4,055.22
97,692.63
153,290.65
$1,582,447.05

242

ANNUAL REPORT OF BOARD OF GOVERNORS

CHAIRMEN, DIRECTORS, AND PRESIDENTS OF FEDERAL
RESERVE BANKS
(December 31, 1936)
DISTRICT INO. 1 BOSTON

I

F . H. CURTISS, chairman and Federal Reserve
agent. ALLEN HOLLIS, deputy chairman. R. A.
YOUNG, president
Term
expires
Dec. 31

Directors

Class A:
Arthur Sewall, Bath, Me
L. S. Reed, Waterbury, Conn
A. L. Ripley, Boston, Mass
Class B :
E . J. Frost, Boston, Mass
E . S. French, Boston, Mass
P. R. Allen, E.Walpole, Mass
Class C :
Allen Hollis, Concord, N . H
C. H . Merriman, Providence, R. 1
F . H . Curtiss, Boston, Mass

j
| 1936
I 1937
j 1938
|
1936
1937
1938
1936
1937
1938

DISTRICT NO. 4—CLEVELAND
E. S. BURKE, JR., chairman and Federal Reserve
agent.
, deputy chairman. M. J.
PYKMING, president

Directors
Class A:
B. R. Conner, Ada, Ohio
Ches Lamberton, Franklin, Pa
R. A. Wardrop, Pittsburgh, Pa..
Class B:
J. E. Galvin, Lima, Ohio
R. P. Wright, Erie, Pa
G.D. Crabbs, Cincinnati, Ohio. . .
Class C:
W. W. Knight, Toledo, Ohio
G. C. Brainard, Youngstown, Ohio
E. S. Burke, Jr., Cleveland, Ohio...

, chairman and Federal Reserve
agent. O. D. YOUNG, deputy chairman. G. L. B. J. Lazar, Cincinnati, Ohio
11ARRISON , president
G. M. Verity, Middletown, Ohio
Vacancy
S. B. Sutphin, Cincinnati, Ohio
W. H. Courtney, Lexington, Ky
Class A:
J. J. Rowe, Cincinnati, Ohio
C. R. Berry, Waverly, N. Y
1936
Vacancy
G. W. Davison, New York, N. Y
1937
E. K. Mills, Morristown, N. J
1938
Class B:
P1 TTSB URGII BRANCH
R. T. Stevens, New York, N. Y
1936
T. C. GRIGGS, managing director
1937
T. J. Watson, New York, N. Y
1938
W. C. Teagle, New York, N. Y
Class C:
T. C. Griggs, Pittsburgh, Pa...
C. M. Woolley, New York, N. Y
1936
J. S. Jones,Wheeling, W.Va...
O. D. Young, New York, N. Y
1937
L. W. Smith, Pittsburgh, Pa...
Vacancy
1938
A. E. Braun, Pittsburgh, Pa....
H. S. Wherrett, Pittsburgh, Pa
H. B. McDowell, Sharon, Pa...
Vacancy
BUFFALO BRANCH
R. M. O'HARA, managing director
R. M. O'Hara, Buffalo, N. Y
E. G. Miner, Rochester, N. Y
G. F. Rand, Buffalo, N. Y
W. A. Dusenbury, Olean, N. Y
Howard Kellogg, Buffalo, N. Y
F. F. Henry, Buffalo, N. Y
Vacancy

1936
1937
1938

1936
1936
1936
1937
1937
1938
1938

1936
1936
1936
1937
1937
1938
1938

1936
1936
1936
1937
1937
1938
1938

DISTRICT NO. 5—RICHMOND
I1'. A. DELANO, chairman and Federal Reserve
agent.
, deputy chairman. HUGH
LKACK, president

Class A:
C.E. Rieman, Baltimore, Md
J. C. Braswell, Rocky Mount, N. C
L. E. Johnson, Alderson, W. Va
Class B:
C. C. Reed, Richmond, Va
DISTRICT NO. 3—PHILADELPHIA
J. H. Hanna, Washington, D. C
Edwin Malloy, Cheraw, S. C
R. L. AUSTIN, chairman and Federal Reserve
agent.
, deputy chairman. J.' S. Class C:
F. A. Delano, Washington, D. C
SINCLAIR, president
Robert Lassiter, Mooresville, N. C
Vacancy
Class A:
G. W. Reily, Harrisburg, Pa
BALTIMORE BRANCH
J. B. Henning, Tunkhannock, Pa
W. R. MILFOBD, managing director
Joseph Wayne, Jr., Philadelphia, Pa
Class B:
W. R. Milford, Baltimore, Md
J. C.DeLaCour, Camden, N. J
Norman James, Baltimore, Md
C. F. C. Stout, Camden, N. J
M. M. Prentiss, Baltimore, Md
,
A. W. Sewall, Philadelphia, Pa
L. B. Phillips, Cambridge, Md
,
Class C:
Vacancy
,
Vacancy
L. S. Zimmerman, Baltimore, Md
,
H. L. Cannon, Bridgeville, Del
Vacancy
R. L. Austin, Philadelphia, Pa




1936
1937
1938

CINCINNATI BRANCH
B. J. LAZAR, managing director

D I S T R I C T N O . 2—NEW YORK

r

Term
expires
Dec. 31

1936
1937
1938
1936
1937
1938
1936
1937
1938

1936
1936
1936
1937
1937
1938
1938

243

FEDERAL RESERVE SYSTEM

CHARLOTTE BRANCH

DISTRICT NO. 6—ATLANTA—Continued
NEW ORLEANS BRANCH

W. T. CLEMENTS, managing director

MARCUS WALKER, managing director

DISTRICT NO. 5—RICHMOND—Continued

Term
expires
Dec. 31

Directors
W. T. Clements, Charlotte, N. C
R.E. Henry, Greenville, S. C. ..
Robert Gage, Chester, S. C
W. H. Wood, Charlotte, N. C....
Vacancy
C. L. Cobb, Rock Hill, S. C
Vacancy

1936
1936
1936
1937
1937
1938
1938

Directors

expires
Dec. 31

Marcus Walker, New Orleans, La...
A. P. Bush, Birmingham, Ala
J. D. O'Keefe, New Orleans, La
Ernest T. George, New Orleans, La.
R. S. Hecht, New Orleans, La
H. Holmes, Yazoo City, Miss
Vacancy

1936
1936
1936
1937
1937
1938
1938

D I S T R I C T N O . 7—CHICAGO

DISTRICT NO. 6—ATLANTA
II. W. MARTIN, chairman and Federal Reserve
agent. W. H. KETTIG, deputy chairman.
NEWTON , president

Class A:
R. G. Clay, Atlanta, Ga
W. D. Cook, Meridian, Miss
G. J. White, Mount Dora, Fla
Class B:
J. A. McCrary, Decatur, Ga
Fitzgerald Hall, Nashville, Tenn
E. T. George, New Orleans, La
Class C:
J. P. Allen, Atlanta, Ga
W. H. Kettig, Birmingham, Ala
H. W. Martin, Atlanta, Ga

OSCAR

1936
1937
1938
1936
1937
1938
1936
1937
1938

chairman and Federal
Reserve
agent. R. E . WOOD, deputy chairman.
G. J.
SCHALLER, president
Class A:
J. R. Leavell, Chicago, 111
E . R.Estberg, Waukesha, Wis
F. D . Williams, Iowa Citv, Iowa
Class B :
M . W . Babb, Milwaukee, Wis
S. T . Crapo, Detroit, Mich
N . H . Noyes, Indianapolis, I n d
Class C:
Vacancy
F. J. Lewis, Chicago, 111
R . E . Wood, Chicago, 111
DETROIT

1936
1937
1938
1936
1937
1938
1936
1937
1938

BRANCH

R. H . B u s s , managing director

BIRMINGHAM

BRANCH

J. H. FRYE, managing director
J. H. Frye, Birmingham, Ala
E. F. Allison, Bellamy, Ala
W. E. Henley, Birmingham, Ala
J. G. Farley, Birmingham, Ala
Vacancy
F. M. Moody, Tuscaloosa, Ala
Vacancy

I

1936
1936
I 1936
1937
1937
1938
1938

G. S. VARDEMAN, Jr., managing director
1936
1936
1936
1937
1937
1938
1938

NASHVILLE BRANCH




DISTRICT NO. 8—ST. LOUIS
chairman and Federal Reserve
1
chairman.

Class A:
M. B. Nahm, Bowling Green, Ky
F. G.Hitt, Zeigler, 111
J. G. Lonsdale, St. Louis, Mo
Class B:
J. W. Harris, St. Louis, Mo
W. B. Plunkett, Little Rock, Ark
M. P. Sturdivant, Glendora, Miss
Class C:
Vacancy
PaulDillard, Memphis, Tenn
J. R. Stanley, Evansville, Ind

W.

1936
1937
1938
1936
1937
1938
1936
1937
1938

LITTLE ROCK BRANCH
A. F. BAILEY, managing director

J. B. FORT, Jr., managing director
J. B. Fort, Jr., Nashville, Tenn
W. P. Ridley, Columbia, Tenn
C. A. Craig, Nashville, Tenn
F. J. Harle, Cleveland, Tenn
Fitzgerald Hall, Nashville, Tenn
C. W. Bailey, Clarksville, Tenn
Vacancy

1936
1936
1936
1937
1937
1938
1938

Vacancy.

agent.
PAUL DILLARU, deputy
McC. MARTIN, president

JACKSONVILLE BRANCH

G. S. Vardeman, Jr., Jacksonville, Fla
S. 0 . Chase, Sanford, Fla
G. J.Avent, Jacksonville, Fla
B. W. Haynes, Jacksonville, Fla
G. G. Ware, Leesburg, Fla
W. R. McQuaid, Jacksonville, Fla
Vacancy

R. H . Buss, Detroit, Mich
David McMorran, Port Huron, Mich
J . E . D a v i d s o n , Bay City, Mich
A. C. Marshall, Detroit.'Mich
James Inglis, Detroit, Mich
John Ballantyne, Detroit, Mich

1936
1936
1936
1937
1937
1938
1938

A. F. Bailey, Little Rock, Ark
F. K. Darragh, Little Rock, Ark...
W. A. Hicks, Little Rock, Ark
Jo Nichol, Pine Bluff, Ark
Vacancy
Vacancy...
Vacancy

1936
1936
1936
1937
1937
1938
1938

244

ANNUAL

REPORT

OF BOARD OF

DISTRICT NO. 8—ST. LOUIS—Continued
LOUISVILLE

BRANCH

J. E. OLSON, managing director

J. T. MOORE, managing director
Term
expires
Dec. 31

J . T . Moore, Louisville, Ky
W. P . Paxton, Paducah, Ky
Vacancy
W . W. Crawford, Louisville, Ky
A. H . Eckles, Hopkinsville, K y
J. B . Hill, Louisville, K y
W. R. Cobb, Louisville, K y

MEMPHIS

D I S T R I C T NO. 10—KANSAS CITY—Continued
DENVER

BRANCH

Directors

GOVERNORS

1936
1936
1936
1937
1937
1938
1938

BRANCH

Term
expires
Dec. 31

Directors

1936
1936
1936
1937
1937
1938
1938

J. E . Olson, Denver, Colo
M. W. Gano, Denver, Colo
Harold Kountze, Denver, Colo
H. W. Farr, Greeley, Colo
Vacancy
T. A. Dines, Denver, Colo
Vacancy

OKLAHOMA C I T Y

BRANCH

W. H. GLASGOW, managing director
C. E. DANIEL, managing director
W. H. Glasgow, Memphis, Tenn
E . L. Anderson, Clarksdale, Miss
W. R. King, Memphis, Tenn
J. W. Alderson, Forrest City, Ark
Vacancy
Willis Pope, Columbus, Miss
Vacancy

1936
1936
1936
1937
1937
1938
1938

C. E . Daniel, Oklahoma City, Okla
J. B. Doolin, Alva, Okla
F. T. Chandler, Chickasha, Okla
Lee Clinton, Tulsa, Okla
NedHolman, Oklahoma City, Okla
L. D . Edgington, Ponca City, Okla
Vacancy

1936
1936
1936
1937
1937
1938
1938

DISTRICT NO. 9—MINNEAPOLIS
W. B. GEEKY, chairman and Federal Reserve
agent. H. P . CLARK, deputy chairman. J. N.
1}KYTON , p resident

Class A:
H . C. Hansen, Churchs Ferry, N . D a k . . .
M. O. Grangaard, Minneapolis, M i n n . . .
H . R. Kibbee, Mitchell, S. Dak
Class B :
A. P . Funk, La Crosse, Wis
W . O. W&shburn, St. Paul, Minn
J. E . O'Connell, Helena, Mont
Class C:
H . P . Clark, St. Paul, Minn
G. W. McCormick, Menominee, Mich...
W. B . Geery, Minneapolis, Minn

HELENA

1936
1937
1938
1936
1937
1938
1936
1937
1938

OMAHA

BRANCH

L. H. EARHART, managing director

L. H.Earhart, Omaha, Neb
D. M. Hildebrand, Seward, Neb
W. D. Clark, Omaha, Neb
A. H. Marble, Cheyenne, Wyo
Vacancy
R. E. Campbell, Lincoln, Neb
G. H. Yates, Omaha, Neb

1936
1936
1936
1937
1937
1938
1938

DISTRICT NO. 11—DALLAS
C. C. WALSH, chairman and Federal Reserve
B. A
agent. S. B. PERKINS, deputy chairman
MCKINNEY, president

BRANCH

R. E. TOWLE, managing director
Class A:
R . E . Harding, Fort Worth, Tex
P. E. Hooks, Itasca, Tex
Alf Morris, Winnsboro, Tex
Class B:
J. R. Milam, Waco, Tex
A. S. Cleveland, Houston, Tex
J. D. Middleton, Greenville, Tex
Class C:
DISTRICT NO. 10—KANSAS CITY
S. B. Perkins, Dallas, Tex
C.C.Walsh, Dallas, Tex
.1. J. THOMAS, chairman and Federal Reserve
Vacancy
agent. E. P. BROWN, deputy chairman. G. H.
HAMILTON, president

R. E . Towle, Helena, Mont
A. R. McDermott, Billings, Mont.
J . E . O'Connell, Helena, M o n t . . . .
Peter Pauly, Deer Lodge, M o n t . . .
Vacancy

Class A:
C. C. Parks, Denver, Colo
F. W. Sponable, Paola, Kans
E . E . Mullaney, Hill City, Kans
Class B:
W. D. Hosford, Omaha, Neb
J. M. Bernardin, Kansas City, Mo
L . E . Philips, Bartlesville, Okla
Class C:
E. P . Brown, Davey, Neb
J. B. Doolin, Alva, Okla.
J. J. Thomas, Kansas City, Mo




1936
1936
1936
1937
1937

EL PASO
1936
1937
1938
1936
1937
1938
1936
1937
1938

193!i
19-37
1938
1936
1937
1938
1936
1937
1938

BRANCH

J. L. HERMANN, managing director

J. L. Hermann, El Paso, Tex
S. P. Applewhite, Douglas, Ariz
S.D. Young, El Paso, Tex
C. N. Bassett, El Paso, Tex
Vacancy
F. R. Coon, Deming, N. M
Vacancy

1936
1936
1936
1937
1937
1938
1938

245

FEDERAL RESERVE SYSTEM
DISTRICT NO. 11—DALLAS—Continued

DISTRICT NO. 12—SAN FRANCISCO—Con.

HOUSTON BRANCH

PORTLAND BRANCH

W. D. GENTRY, managing director

R. B. WEST, managing director

Directors
W. D. Gentry, Houston, Tex
A. A. Home, Galveston, Tex
Sam Taub, Houston, Tex
J. A. Wilkins, Houston, Tex
Vacancy
S. R. Lawder, Houston, Tex
Vacancy

Term
expires
Dec. 31
1936
1936
1936
1937
1937
1938
1938

R. B . West, Portland, Oreg
R. S. Smith, Eugene, Oreg
Vacancy
H. M. Haller, Portland, Oreg
E . B . MacNaughton, Portland, Oreg,

SALT L A K E

SAN ANTONIO BRANCH

Term
expires
Dec. 31

Directors

CITY

1936
1936
1936
1937
1937

BRANCH

W. L. PARTNER , managing director

M. CRUMP, managing director
W. L. Partner, Salt Lake City, U t a h
E . O. Howard, Salt Lake City, Utah
Vacancy
J. E . Halverson, Brigham City, U t a h
Vacancy

M. Crump, 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....
J. K. Beretta, San Antonio, Tex
Vacancy

SEATTLE

DISTRICT NO. 12—SAN FRANCISCO
W. N. MOORE, chairman and Federal Reserve
agent. A. O. Stewart, deputy chairman. W. A.
DAY, president

Class A:
Keith Powell, Salem, Oreg
C. K. Mclntosh, San Francisco, Calif
T. H . Ramsay, San Francisco, Calif
Class B :
Malcolm McNaghten, Los Angeles, Calif.
E . H . Cox, Madera, Calif
Vacancy
Class C:
W. N . Moore, San Francisco, Calif
A. P . Welch, San Francisco, Calif
A. 0 . Stewart, San Francisco, Calif

1936
1937
1938
1936
1937
1938
1936
1937
1938

LOS A N G E L E S B R A N C H
W. N . AMBROSE, managing director

W. N . Ambrose, Los Angeles, Calif
V. H . Rossetti, Los Angeles, Calif
Vacancy
C . E . Brouse, Riverside, Calif
Vacancy




1936
1936
1936
1937
1937

1936
1936
1936
1937
1937

BRANCH

C. R. SHAW, managing director

C. R. Shaw, Seattle, Wash
J. W. Maxwell, Seattle, W a s h . . .
Vacancy
G. H. Greenwood, Seattle, Wash
Vacancy

1936
1936
1936
1937
1937

SPOKANE BRANCH
D. L. DAVIS, managing director

D. L. Davis, Spokane, Wash
R. M. Hardy, Yakima, Wash
Vacancy
S. A.Easton, Kellogg, Idaho
N. A. Telyea, Spokane, Wash

1936
1936
1936
1937
1937

246

ANNUAL REPORT OF BOARD OF GOVERNORS

NUMBER AND SALARIES OF OFFICERS AND EMPLOYEES OF
FEDERAL RESERVE BANKS
(December 31, 1, 36)
Annual salary
of—
Federal E,eserve banks
(including
branches)

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis

Minneapolis
Kansas City
Dallas
San Francisco
Total

Chairman and
Federal
Reserve
agent

President

Other officers

Number

Annual
salaries

Employees
except those
whose salaries
are reimbursed
to bank

Number

Employees
whose salaries
are reimbursed
to bank

Total

Annual
salaries

Num-

Annual
salaries

Num-

ber

ber

Annual
salaries

$30,000
50,000
22,000
25,000
$3,000

20,000
20,000

10
42
10
19

608
$95,250
502,800 1,994
696
92,200
782
163,400

$901,630
3,605,078
1,106,935
1,308,816

110
371
104
111

$151,400
594,632
156,449
191,374

2,408

18,000
25,000
35,000
25,000

17
28
23
20

128,100
165,840
207,200
148,200

507
350
866
493

743,841
455,709
1,314,561
673,094

164
203
403
133

211,871
242,793
584,411
185,356

1,293

647

1,101,812
892,342
2,141,172
1,031,650

25,000
25,000
30,000
23,000

12
18
14
28

82,100
138,100
100,200
193,800

256
467
323
730

431,109
727,405
517,005
1,227,296

70
149
106
138

109,447
214,401
161,515
206,884

340
636
444
897

667,656
1,124,906
808,720
1,650,980

43,000 333,000




811
913
689
583

$1,178,280
4,752,510
1,377,584
1,688,590

241 2,017,190 8,072 13,012,479 2,062 3,010,533 10,390 18,416,202

247

FEDERAL RESERVE SYSTEM

STATE BANK AND TRUST COMPANY MEMBERS
Following is a list of the 1,051 State bank and trust company members of the Federal Reserve System on December 31, 1936, with their
loans, investments, deposits, capital, and surplus.
[In thousands of dollars]
Investments

Total
deposits

Surplus

DISTRICT NO. 1
CONNECTICUT
Hartford: Phoenix State Bank & Trust Co_
New Haven: Union andNewHavenTrust Co
Southington: Southington Bank & Trust Co
Torrington: Brooks Bank & Trust Co
Waterbury:
Colonial Trust Co
Waterbury Trust Co
MAINE

14,864
6,809
528

12,003
2,844
512
607

34,687
15,065
1,372
1,849

1,600
1,459
150
100

1,600
550
75
100

3,040
2,011

6,371
813

8,715
3,655

1,000
300

2,000
100

Augusta: Depositors Trust Co
Bangor: Merrill Trust Co
Bar Harbor: Bar Harbor Banking & Trust Co.
Ellsworth: Union Trust Co
Sanford: Sanford Trust Co

3,430
6,481
2,060
656
673

4,345
6,596
1,869
1,126
2,444

8,230
14,215
4,076
1,974
3,432

611
1,350
250
300
250

306
370
253
50
100

MASSACHUSETTS

Arlington: Menotomy Trust Co
Boston:
NewEngland Trust Co
Old Colony Trust Co
Pilgrim Trust Co
State Street Trust Co
United States Trust Co
Bridgewater: Bridgewater Trust Co
Brookline: Norfolk County Trust Co
Cambridge:
County Bank & Trust Co
Harvard Trust Co
Fall River:
B. M. C. Durfee Trust Co
Fall River Trust Co
Gloucester: Gloucester Safe Deposit & Trust Co
Greenfield: Franklin County Trust Co
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 Co
Somerville: Somerville Trust Co
Springfield:
Springfield Safe Deposit & Trust Co
Union Trust Co
Taunton: Bristol County Trust Co
Wellesley Hills: Wellesley Trust Co
Winchester: Winchester Trust Co
Worcester: Worcester County Trust Co

2,380

641

3,137

300

150

7,692
513
4,086
41,251
6,240
158
5,093

16,753
9,496
411
36,003
5,99*
528
7,674

43,026
' 6^997
93,659
12,744
691
15,045

1,000
5,000
300
3,890
1,700
100
1,000

2,000
5,000
250
4,585
350
100
500

2,552
7,942

1,693
10,035

4,674
19,965

300
1,000

300
1,050

2,483
1,712
2,387
3,512
5,242
2,073
5,275
468
8,321
1,633
2,698
1,744
3,940

4,258
1,453
1,091
1,769
2,999
1,237
2,763
1,835
10,629
3,874
1,674
4,131
873

8,331
3,314
3,697
5,274
9,952
3,455
9,375
2,669
19,467
5,715
5,195
6,718
6,096

428
300
350
400
1,400
250
400
100
1,080
300
550
650
450

428
71
78
200
100
125
300
150
1,000
300
53
71
159

4,166
8,183
1,513
755
948
10,538

5,239
3,482
2,467
959
1,066
17,545

13,097
14,410
4,390
2,177
2,214
37,944

1,000
1,000
300
200
100
3,000

1,000
1,250
150
100
100
1,000

688

568

1,370

150

44,355
10,304

55,904
9,956

120,743
23,364

4,000
1,000

NEW HAMPSHIRE
Conway: Carroll County Trust Co
RHODE ISLAND
Providence:

Industrial Trust Co.
Union Trust Co

7,500
800

1
Includes capital notes and debentures and par value of preferred and common stock. For the purposes
of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation.




248

ANNUAL REPORT OF BOARD OF GOVERNORS
[Tn thousands of dollars]
Loans

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: BoontonTrust Co
Carteret: Carteret Bank & Trust Co
Cranford: Cranford Trust Co
Dover: Dover Trust Co
Duellen: 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 Ridge: Glen Ridge Trust Co
Glen Rock: Glen Rock Bank
Hackensack:
Hackensack Trust Co
Peoples Trust Co. of Bergen County
Jersey City:
Commercial Trust Co. of New Jersey
New Jersey Title Guarantee & Trust Co
Linden: LindenTrustCo
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: Rochelle 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

Investments

Total
deposits

Capital

Surplus

2,013

6,134

10,364

400

300

5,513
762
382
772
457
1,272
1,333
277
9,254

7,009
187
846
638
727
1,027
2,315
315
7,190

15,090
1,037
1,414
1,839
1,358
2,787
4,429
757
19,622

1,450
100
100
100
100
200
200
100
3,175

300
30
25
100
35
100
250
30
200

1,792
2,889
468
870
828
64

1,563
2,556
912
1,628
2,153
257

3,754
6,362
1,594
2,570
3,304
628

500
400
100
150
200
50

31
150
50
100
75
40

3,515
4,791

4,115
5,690

11,445
13,640

723
750

177
850

18,503
21,617
1,855

34,777
5,328
1,135

71,484
24,772
3,558

3,400
3,018
200

4,000
618
50

2,039
4,718
2,472

3,874
7,313
5,571

7,163
14,135
10,230

600
1,040
600

120
208
200

1,802
700
16,033
51,592
2,232
7,955
2,005
3,558
984

594
751
9,692
70,809
2,117
12,652
1,184
4,877
1,500

2,543
2,283
34,738
148,086
6,228
22,019
5,874
9,766
3,003

1,227
400
1,623
9,000
884
2,500
600
1,075
275

3
53
500
4,500
50
1,500
500
250
10

1,350
1,652
2,004

1,376
3,259
1,735

2,908
5,180
4,517

265
1,000
1,325

95
200

2,669
482

523
52

2,838
427

671
250

391
6,912
1,981
397
1,063
280
2,447
844
3,241

634
8,308
1,151
821
1,618
151
1,569
770
4,443

1,289
17,642
4,073
1,365
3,242
414
4,160
1,910
8,962

100
1,150
258
100
325
50
250
163
600

15
500
60
50
23
35
350
50
200

2,132
2,542
230

1,873
1,989
373

6,203
4,921
753

200
810
100

300
27
10

1,247
10,494
467
1,960
966
179
701
283
4,019
183

867
9,142
704
2,661
718
287
1,170
121
2,656
163

2,162
22,755
1,454
5,339
1,644
453
2,012
518
7,717
367

200
3,000
100
200
168
80
250
50
500
30

60
100
35
400
15
15
20
85
400

22,499

16,992

53,244

5,100

1,500

NEW YORK

Adams: Citizens & Farmers Trust Co
Albany: First Trust Co
Amityville: The Bank of Amityville
Amsterdam: Montgomery County Trust Co.
Arcade: Citizens Bank
Avoca: Bank of Avoca
Batavia: Genesee Trust Co
Belmont: State Bank:
Binghamton: Marine; Midland Trust Co
Blasdell: Bank of Blasdell
Brooklyn. (See New York.)
Buffalo:
Liberty Bank



249

FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 2—Continued
NEW YORK—continued
Buffalo—Continued.
Manufacturers & Traders Trust Co
Marine Trust Co
Canandaigua: Ontario County Trust Co
Canisteo: First State Bank
Cattaraugus: Bank of Cattaraugus
Center Moriches: Center Moriches Bank
Chatham: State Bank of Chatham
Clymer: Clymer State Bank
Cohocton: Cohocton State Bank
De Ruyter: De Ruyter State Bank
Dunkirk: Dunkirk Trust Co
Ellenburg Depot: State Bank of Ellenburg
Elmira: Chemung Canal Trust Co
Endicott:
Endicott Trust Co
Union Trust Co
Evans Mills: Peoples Bank
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
Green Island: Green Island Bank
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: Citizens Bank
Lowville: Lewis County Trust Co
Malone: Peoples Trust Co
Massena: Massena Banking & Trust Co
Mayville: State Bank of Mayville
Middletown: Orange County Trust Co
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
Irving Trust Co
J. Henry Schroeder Trust Co
Lawyers Trust Co
Manufacturers Trust Co
Marine Midland Trust Co
Merchants Bank
New York Trust Co
Pan American Trust Co
Pennsylvania Exchange Bank
Trade Bank
United States Trust Co
Niagara Falls: Power City Trust Co
North Collins: Bank of North Collins




43,518
76,056
1,108
339
368
381
773
99
136
239
572
321
3,507

50,093
67,964
1,276
127
837
267
1,772
193
247
114
2,625
270
7,318

97,255
167,683
2,514
567
1,112
787
2,500
339
392
301
3,051
640
11,493

5,000
10,000
300
50
100
145
150
30
50
63
250
50
800

2,059
446
185
436
1,716
670
1.538
1,674
1,400
412
822
333
1,051
4,419
6,795
1,981
426
3,123
368
1,216
120
660
1,239
365
297
2,225
473
1,263
214

2,517
905
54
591
693
1,000
1,856
2,079
961
1,069
834
273
1,102
4,642
4,730
2,798
990
3,681
770
3,142
85
1,330
1,094
470
546
4,139
277
2,696
168

4,708
1,361
223
1,261
2,223
1,837
4,104
4,081
2,642
1,544
1,793
751
2,580
9,449
13,116
5,134
1,547
6,648
1,520
4,450
230
2,319
2,425

776
1,004
6,714
2,157
5,072
759

300
100
53
110
210
175
150
460
350
150
175
65
100
560
1,800
200
100
750
100
350
25
300
200
150
100
650
100
400
100

180
30
85
27
250
325
200
200
53
200
25
250
25
50
130
76
10
65
150
152
21

850
3,087

2,343
2,055

3,458
0,877

275
3,000

100
500

1,825
220,087
248,962
55,014
4,134
41,866
262,545
217,172
11,402
2,491
3,610
31,880
48,490
4,774
23,762
3,348
617,344
202,369
239
9,799
223,840
59,647
2,354
124,577
169
1,399
2,421
39,423
12,493
156

1,352
497,431
102,102
79,752
1,536
54,437
394,400
242,094
64,729
3,946
2,096
24,329
157,379
4,775
17,177
17,718
654,206
245,806
14,392
19,484
317,158
30,811
1,540
200,743
1,868
1,152
1,939
27,968
11,983
212

7,067
901,422
508,152
182,124
7,739
124,458
879,465
590,001
105,684
7,291
7,358
80,138
324,556
11,420
53,427
24,026
,650,283
595,667
16,360
41,246
623,967
109,217
5,375
374,560
2,369
3,780
6,658
77,610
24,971
367

650
25,000
20,000
6,000
1,000
8,200
21,000
20,000
10,000
800
1,000
4,000
15,000
825
500
2,000
90,000
50,000
1,000
2,000
42,935
5,000
400
12,500
600
530
431
2,000
2,000
50

7,500
7,000
100
15
100
30
100
10
16
"'250
33
1,300
100
100
10
25
25
35
150

50,^ 666
20,, 000
9,000
500
4,200
60,000
45, 000
10,000
400
500
3,
000
15,000
825
2,000
2 000
170!000
55, 000
400
1,
500
33, 000
5,
000
308
25,000
125
100
170
26, 000
2 000
25

250

ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Loans

Investments

Total

Capital

Surplus

DISTRICT NO. 2—Continued
NEW YORK—continued
Ogdensburg: Ogdensburg Trust Co
Clean: Olean Trust Co
Oneida: Madison County Trust & Deposit Co
Ontario: State Bank..
Orchard Park: Bank of Orchard Park
Oriskany Falls: First Trust & Deposit Co
Ossining: Ossining Trust Co
Pearl River: State Bank
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: Peconic Bank
Salamanca: Salamanca Trust Co
Saratoga Springs: Adirondack Trust Co
Sayville: Oyster man's Bank & Trust Co
Schenectady: Schenectady Trust Co
Sea Cliff: State Bank
Smith town Branch: Bank of Smith town
Southampton: Southampton Bank
Spring Valley: Ramapo Trust Co
Stony Brook: Bank of Suffolk County
Syracuse:
First Trust & Deposit Co
Syracuse Trust Co
Tarry town: 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 TrustCo
Westhampton Beach: Seaside Bank
West New Brighton: West New Brighton Bank
White Plains:
Citizens Bank
County Trust Co

2,779
468
949
934
501
294
1,174
103
464
1,318
1,235

1,087
672
1,084
328
350
634
1,121
302
353
819
1,161

6,254
1,286
2,292
1,449
795
888
2,484
486
1,015
2,765
3,309

600
100
350
70
115
130
400
100
100
300
345

101
60
25
30
40
10
75
10
20
45
15

8,863
32,609
2,097
87
1,235
2,277
816
4,421
239
559
876
618
199

5,374
26,900
2,810
147
2,040
5,729
1,360
10,101
163
669
446
461
269

16,508
74,363
5,506
250
3,759
8,290
2,432
16,456
563
1,375
1,524
1,055
533

1,800
5,300
300
25
200
250
200
750
100
125
200
250
75

1,300
300
25
400
250
65
1,000
25
25
25
24
5

30,455
11,824
1,264
20,636
3,778
283
602
285
910

16,756
18,519
533
14,683
6,377
220
1,349
528
1,049

53,015
31,160
1,815
35,946
10,731
604
2,142
853
2,443

8,820
2,400
100
7,000
820
50
200
100
100

500
600
100
250
175
50
30
40
100

1,754
4,663

4,067
7,338

7,582
13,187

800
580

100
1,000

6,620
2,117
4,234
20,972

6,269
1,271
3,994
35,698

17,217
2,323
9,472
75,158

1,500
625
673
4,000

2,100
775
450
10,000

13,163
335
1,319
446
349

625
3,341
712
368

25,320
1,045
5,573
1,668
952

3,288
145
401
100
125

246
22
200
80
23

2,710
1,422
8,247
2,866
625
2,135
8,577
256
724

225
310
1,050
200
125
250
500
50
60

'"550
300
13
250
500
9
60

DISTRICT INO. 3
DELAWARE
Wilmington :
Equitable Trust Co
Industrial Trust Co
Security Trust Co
Wilmington Trust Co
NEW JERSEY
(See also District No. 2)
Camden: Camden SafeDeposit &TrustCo
Hightstown: Hightstown Trust Co.
Princeton: Princeton Bank & Trust Co
Riverside: Riverside Trust Co

-$S$...

Swedesboro: Swedesboro Trust Co
PENNSYLVANIA
(See also District No. 4)
Bloomsburg: BloomsburgBank-ColumbiaTrustCo
Carlisle: Carlisle Trust Co
Chester: Chester-Cambridge Bank & TrustCo
Clearfield: Clearfield Trust Co
Danville: Montour County Trust Co
Du Bois: Union Banking & Trust Co
Easton: Easton Trust Co
East Petersburg: East Petersburg State Bank
Egypt: Farmers Bank
Harrisburg:
Central Trust Co
Dauphin Deposit Trust Co
Hazleton :
Markle Banking & Trust Co
Peoples
Savings & Trust Co
Traders Bank & TrustCo



1,066
1,316
3,436
1,170
158
1,125
3,597
132
281

916
526
3,563
1,376
423
1,055
3,284

3,673
2,772

1,585
7,863

.'5,987
12,721

400
400

800
800

2,464
1,643
1.217

4,910
3,265
1,100

7,821
.5,025
2,282

600
450
350

1,400
360
190

225

251

FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 3—Continued
PENNSYLVANIA—continued
Honesdale: Wayne County Savings Bank
Houtzale: Houtzale Trust Co
Huntington: Grange Trust Co
Jenkintown: Jenkintown Bank & Trust Co
Lancaster:
Farmers Bank & Trust Co
Northern Bank & Trust Co
LeMoyne: Lemoyne Trust Co
Lewistown: Lewistown Trust Co
Littlestown: Littlestown State Bank
Lock Haven: Lock Haven Trust Co
Lykens: Miners Bank & Trust Co
MahanoyCity: 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 Company of Philadelphia
GimbelBros. Bank & Trust Co
Girard Trust Co
Integrity Trust Co
Ninth Bank & Trust Co
Pennsylvania Co. for Insurance on Lives and Grant
ing 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-BarreDeposit & Savings Bank..
Williamsport: West Branch Bank & Trust Co
Wyomissing: Peoples Trust Co
York:
Guardian Trust Co
York Trust Co

1,232
208
415
2,228

3,070
666
531
5,338

4,047

1,906
618
1,525
466
284
1,962
140
553
608
635
484
265
204

3,195
1,136
688
303
231
2,243
406
522
345
498
435
250
327

1,658
4,224
157
267

8,839

719
125
125
375

1,000

6,310
1,892
1,421
770
535
4,263
448
1,045
676
1,128
833
579
523

500
300
200
125
50
375
150
300
125
150
150
100
107

268
167
200
51
27
525
80
100
69
128
97
12
10

4,674
3,114
133
164

6,307
9,171
285
478

1,000
1,000
35
125

674
1,000
50
30

32,008
137
152
13,902
14,568
7,435

58,265
223
1,229
79,378
12,705
9,877

120,076
121,777
37,908
19,962

6,700
200
200
4,000
5,996
2,343

15,000
120
32
9,000

81 025
10,839
518
469
7 221
41
855
1 371
700
417
1 432
1 284
2 624

78,638
38,042
730
4,111
158
1,181
877
590
196
1,908
3,470
2,161

246,019
48,518
1,395
1,359
15,906
263
2,051
2,324
1,403
699
3,930
5,432
4,631

8,400
3,200
163
150
1,170
25
150
350
150
88
500
225
500

12,000
12,260
39
150
2,180
17
225
250
4
1
500
300
8

1 446
3 728

2,341
2,890

4,278
7,189

500
750

650
1,000

3 948

1,648

6,902

550

1 470
707
994
904

574
3,410
691
209

2,840
4,587
1,687
1,513

400
500
200
150

165
175
200
58

4,553
8,062
186
204
749
993
194
75
192
5,049
77
628
90

6,494
8,888
135
145
878
844
242
209
369
3,932
62
663
51

15,285
22,212
367
473
1,802
2,069
467
314
608
10,980
138
1,762
141

900

150
300
25
25
25
1,300
30
100
25

350
383
13
11
150
50
40
10
50
250
11

21, 230
40, 402

33,121
38,010

70,635
100,517

5,500
8,000

15
44
55

1,000

160

DISTRICT NO. 4
KENTUCKY
(See also District No. 8)
Covington: Peoples-Liberty Bank &TrustCo
Lexington:
Bank of Commerce
Security Trust Co
Paris: Bourbon-Agricultural Bank & Trust Co
Richmond: State Bank & Trust Co
OHIO
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
Belleyue: Union Bank & Savings Co
Bellville: Farmers Bank
Brecksville: Brecksville Bank Co
Canal Winchester: Peoples Bank Co
Canton: Geo. D. HarterBank
Castalia: Castalia Banking Co
Celina: Commercial Bank Co
Christiansburg: Farmers & Merchants Bank Co.
Cincinnati:
Central Trust Co
Fifth-Third Union Trust Co




1,242
25
40

1,250
2. OOP

252

ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Loans

investments

Total
deposits

apital

Surplus

DISTRICT NO. 4—Continued
OHIO—continued
Ci nci nnati—Continued.
Peoples Bank & Savings Co
Provident Sayings Bank & T r u s t Co
Southern Ohio Savings Bank & T r u s t Co
Western Bank & T r u s t Co
Cleveland:
Cleveland T r u s t Co
Lorain Street Bank
Columbiana: Union Banking Co
Columbus: Fifth Avenue Savings Bank Co
Conneaut:
Citizens Banking & Savings Co
Conneaut Banking & T r u s t Co
Cortland: Cortland Savings & Banking Co
Coshocton: Peoples Bank & T r u s t Co
Danville: Commercial & Savings Bank Co
Delphos:
Commercial Bank
Peoples Bank
Delta: Peoples Savings Bank Co
East Liverpool: Potters Bank & Trust Co
Elryia:
Elyria Ss/vings & Trust Co
Savings Deposit Bank & Trust Co
F a y e t t e : Fayette State Savings Bank Co
Geneva: Geneva Savings & T r u s t Co
Gibsonburg: Home Banking Co
Hillsboro: Hillsboro Bank & Savings Co
H u b b a r d : Hubbard Banking Co
Leesburg: Citizens Bank & Savings Co
Lyons: Farmers State Bank
Madison: Citizens Bank
Mansfield: Farmers Savings & T r u s t Co
Marengo: Marengo Banking Co
Martins Ferry: Peoples Savings Bank Co
Mason: First-Mason Bank
Massillon: Ohio-Merchants T r u s t Co
Middletown: First American Bank & Trust Co
Minster: Minster State Bank
M o u n t Blanchard: Citizens Bank
M o u n t Vernon: Knox County Savings Bank
Napoleon: C o m m u n i t y Bank
Newark:
war:

Licking County Bank
Ne
Newark T
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 Co
St. Marys: Home Banking Co
Sandusky: Western Security Bank
Shelby: Citizens Bank
Shiloh: Shiloh Savings Bank Co
Toledo:
Commerce Guardian Bank
Ohio Citi zens Trust Co
Toledo Trust Co
Utica: 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
Youngstown: Dollar Savings & Trust Co

686
21,437
3,920
4,662

3,245
49,328
5,668
11,715

675
1,800
500
2,250

100
2,700
250
250

142,
1, 048
312
603

106,215
2,551
523
1,586

344,017
4,027
1,096
2,503

28,800
500
50
200

2,770
125
50
69

206
299
310
586
285

486
1,112
206
589
87

737
1,466
527
2,566
394

100
125
35
150
25

26
37
18
75
25

468
227
216

324
465
338
2,011

1,086
851
626
4,557

75
50
50
580

50
16
10
300

1,367
1,217
128
903
190
251
141
179
160
165
1,271
38
1,097
247
1,411
2,690
156
97
921
617

2,795
1,826
342
1,986
654
493
747
358
423
227
2,151
157
2,495
585
3,305
13,846
898
209
1,984
1,283

300
250
50
125
74
50
50
25
25
50
150
25
200
35
250
550
25
25
150
100

' 0
50
10
115
13
40
40
5
13
15
75
9
200
27
90
162
65
15
80
35

1,066
775
446
697
349
451
323
176
248
792
921
892
61

2,317
3,225
759
1,817
945
1,000
680
723
538
1,787
1,797
1,587
275

200
400
75
250
60
80
50
60
25
150
100
110
35

75
100
20
10
15
25
18
25
25
16
50
50
11

7,759
4,844
46,187
140
448
173
239
325
189
4,511

15,493
12,266
92,526
545
1,736
387
1,264
1,202
536
13,094

1,000
550
5,000
35
100
40
100
150
50
3,750

500
350
2,100
15
100
14
75
15
50
350

1,113
798
697
789
5,013
2,844
1,494

3,223
1,235
1,483
2,378
12,178
7,419
2,985

125
100
150
125
1,150
500
300

150
55
200
80
110
1,000
70

2,
13,
2,
5,

137
615
401
103
389
95
160
37
450

62
,235
207
,157
!,544
268
103
600
450
921
.,948
170
687
192
473
159
421
210
477
458
463

PENNSYLVANIA
(See also District No. 3)
Aliquippa: Woodlawn Trust Co
Ambridge: Economy Bank
Beaver: Beaver T r u s t Co
D o r m o n t : Dormont Savings & T r u s t Co
Erie: Security-Peoples T r u s t Co
McKeesport: Peoples City Bank
Meadville: Crawford County T r u s t Co




1,279
241
713
983
5,027
2,828
826

253

FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loa ns

Investments

Total
deposits

^t i
ia

Surplus

DISTRICT NO. 4—Continued
PENNSYLVANIA—continued
New Brighton: Beaver County Trust Co
New Castle: Lawrence Savings & Trust Co
Paint Borough (Scalp Level P. O.) Merchants & Miners
Bank
Pittsburgh:
Allegheny Trust Co
Allegheny Valley Bank
Colonial Trust Co
Commonwealth Trust Co
Homewood Bank
Peoples-Pittsburgh Trust Co
Potter Title & Trust Co
Union Trust Co
Turtle Creek: Turtle Creek Bank & Trust Co
Warren: Warren Bank & Trust Co
Windber: Windber Trust Co

590
1 366

829
1,977

1,296
4,477

300
300

350
300

74

241

309

30

32

1 866
1 680
13 467
4 788
476
24 999
2 826
98 604
440
1 645
659

4,678
393
11,961
12,922
1,102
49,183
3,186
212,151
1,064
1,269
2,222

7,451
2,967
32,393
19,714
1,751
94,549
6,053
295,509
1,694
3,159
2,901

700
200
3,938
1,
500
100
6,000
875
1,
500
200
300
250

700
200
790
1,700
100
7,000
130
75,000
125
185
350

WEST VIRGINIA
(See also District No. 5)
Sisterville: First-Tyler Bank & Trust Co
Wheeling:
Citizens Mutual Trust Co
Security Trust Co
Wheeling Dollar Savings & Trust Co

1 090

127

2,211

200

100

2 009
2 222
6 816

955
2,029
6,839

5,949
4,798
19,246

600
300
1,
800

300
300
1,800

Washington:
American Security &TrustCo
Union Trust Co
Washington Loan & Trust Co
MARYLAND

13,315
2,813
7,867

29,044
4,232
9,228

52,130
10,412
24,727

3 400
2,000
1,
000

3,400
500
1,900

Baltimore:
Baltimore-Commercial Bank
Calvert Bank
Commonwealth Bank
Fidelity Trust Co
Maryland Trust Co
Union Trust Co
Cambridge: County Trust Co
Ellicott City: Commercial & Farmers Bank
Forest Hill: Forest Hill State Bank
Hagerstown: Hagerstown Trust Co
Salisbury: Farmers & Merchants Bank

1,843
2,644
332
2,013
10,021
11,071
4,605
54
250
359
1,192

1,909
5,140
889
13,628
15,948
16,602
1,739
147
186
618
402

5,694
8,821
1,115
19,133
38,581
37,481
7,849
223
479
1,619
2,395

500
400
300
1 000
2 800
2 500
1 161
50
50
150
175

250
200
150
500
650
1,500
250
10
10
30
35

16,759
445
852
371
11
6
454

23,828
607
330
121
301
716

59,692
1,573
1,259
649
522
1,987

1 200
100
200
50
25
100

1,000
75
41
35
35
26

975
5,615
22,846

883
867
36,010

2,663
8,040
79,598

188
300
4 000

70
450
1,250

37
1,057
383
335

55
3,733
545
519

717
6,241
1,371
1,653

25
200
100
75

50
100
100
38

318
176
346
478
399
253

210
257
210
271
586
143

750
521
728
1,100
1,185
422

50
50
75
100
50
50

10
25
25
30
80
50

DISTRICT NO. 5
DISTRICT OF COLUMBIA

NORTH CAROLINA
Charlotte: AmericanTrustCo
Concord: Citizens Bank & Trust Co
Edenton: Bank ofEdenton
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 Bank
Chester: 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




254

ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 5—Continued
VIRGINIA—continued
Halifax: Bank of Halifax
Kenbridge: Bank of Lunenburg, Inc
Lacrosse: Bank of Lacrosse
Lawrenceville: Farmers & Merchants Bank
Lynchburg: Lynchburg Trust & Savings Bank
Montross: Peoples Bank
Petersburg: Petersburg Savings & American Trust Co..
Powhatan: Bank of Powhatan, Inc
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: Farmers Bank of Nansemond
Tazewell: Farmers Bank of Clinch Valley
Williamsburg: Peninsula Bank & Trust Co
sburg:
& lrustC<
\Vinches1ter: Union Bank of Winchester...

207
352
222
481
2,015
193
1)17
558

595
563
169
228
1,151
65
1,052
153

1,251
1,083
470
992
3,482
287
2,541
735

50
65
50
50
300
25
276
25

80
50
45
300
20
50
33

6,152
1,192
17,976
206
293
223
2,738
875
860
315

2,370
641
18,565
104
86
278
1,510
204
491
363

10,721
2,054
51,247
450
419
843
4,254
1,454
1,735
735

600
200
3,205
35
50
50
500
200
100
100

400
40
545
35
34
25
500
50
75
30

475
110

691
63

1,342
201

100
25

100
20

2,342
6,761
135
363
1,285
133
165
17
558
236
314
546
344

1,641
6,303
27
118
148
113
103
221
167
184
93
161
116

5,477
19,244
268
872
1,502
304
340
297
749
667
427
924
783

690
1,000
50
75
500
25
50
25
100
50
75
80
60

161
1,200
7
38
130
5
7
25
50
85
15
16
26

153
,228
204
101
168
262
231
194
69
22
111
36
82
94
595
81
39
118

343
15,494
383
26
30
289
944
437
142
9
76
1
21
86
569
22
36
330

679
27,013
909
286
373
1,141
1,725
795
181
145
386
56
221
272
1,448
247
201
594

40
2,370
50
50
35
90
60
55
50
25
25
25
25
25
120
25
25
25

20
102
25
8
7
42
90
65
35
2
40
15
6
10
30
5
3

273
216
1,468
1,366

117
539
1,457
1,970

652
992
5,446
4,895

30
100
300
250

6
27
103
200

42
10,612
4,105
393
231

45
5,184
3,083
58
255

160
22,761
10,435
822
516

25
2,000
1,000
150
50

5
2,000
250
11
25

WEST VIRGINIA
(See also District No. 4)
Rerwimi. 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: 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
DISTRICT NO. 6
ALABAMA
Aliceyille: Alicey iile Bank & Trust Co
Birmingham: BirminghamTrust & 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: Citizens Bank
Pine Apple: Bank of Pine Apple
Selma: Peoples Bank & Trust Co
Thomaston: Planters Bank & Trust Co
Winfield: Winfield State Bank
York: Bank of York
FLORIDA
Marianna: Citizens State Bank
Ocala: Commercial Bank & Trust Co
St. Petersburg: Union Trust Co
West Palm Beach: Central Farmers Trust Co..
GEORGIA
Adairsville: Bank ofAdairsville
Atlanta: Trust Co. of Georgia
Augusta: Georgia Railroad Bank & Trust Co..
Bainbridge: Citizens Bank & Trust Co
Blackshear: Blackshear Bank




255

FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 6—Continued
GEORGI A—continued
Brunswick: Brunswick Bank & Trust Co
Canton: Bank of Canton
Cochran: State Bank
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
Sasser: Bank of Sasser
Savannah:
Citizens Bank & Trust Co
Savannah Bank & Trust Co
Soperton: Bank of Soperton
Swainsboro: Central Bank
Tifton: Bank of Tifton

534
393

997
408
112

3,554
1,515
208
343
103
133
70
82
157
231
78

1,071
309
25
44
75
256
66
268
302

919
3,240
109
145
708

540
206
56
19

1,679
947
284

230
150
25

70
150

6,617
2,796
405
687
337
560
' 214
737
547
343
122

850
200
50
100
75
50
25
50
100
100
25

650
200
25
20
"50
15
50
30
27
33

329

1,725
4,330
319
305
1,695

350
700
50
25
100

50
100
10
18
150

1,317
19,562
214

2,712
32,160
532

600
2,250
50

31
409

281
465

201
617

321
3,222
318
73
1,226

629
10,436
1,838
383
2,509

25
625
200
25
200

5
750
25
40

139
475

231
1,360

25
100

20
100

183

500
2,220
2,664
7,894
1,443
597

200
200
50
50

40
400
100
20

4,041
3,723
1,023
132,315
1,292
4,531
13,042
2,583
8,434
7,603
2,026
201,090
75
4,274
1,955
954
3,803
110
209
384

7,171
6,429
1,774
219,366
2,049
11,824
22,904
5,314
16,504
16,566
2,793
333,999
4,362
8,254
2,448
2,318
6,820
259
644
839

438
450
200
6,000
200
800
500
200
600
500
200
3,000
2,000
200
200
120
300
25
50
50

75
25
7,000
15
20
500
100
300
400
50
6,000
500
50
40
15
100
10
20
20

49
34

LOUISIANA
(See also District No. 11)
Alexandria: RapidesBank &TrustCo
NewOrleans: AmericanBank &TrustCo

1,127

7,968
223

Slidell: Bank of Slidell
MISSISSIPPI
(See also District No. 8)
Crystal Springs: TruckersExchangeBank

7
17

Forest: Bank of Forest
135
3,144

TENNESSEE
Carthage: Citizens Bank & Trust Co
Chattanooga: American Trust & Banking Co
Greeneyille: Greene County Bank
Hartsville: Bank of Hartsville
Knoxville: Commercial Bank & Trust Co
DISTRICT NO. 7
ILLINOIS
(See also District No. 8)
Argenta: G e r b e r S t a t e B a n k
Belvidere: Farmers State Bank
Bloomington:
Corn Belt Bank
Peoples Bank
Bushnell: Farmers & Merchants State Bank
Byron: Rock River C o m m u n i t y Bank
Chicago:
Amalgamated T r u s t & Savings Bank
Drexel State Bank
Hamilton State Bank.
Harris T r u s t & Savings Bank
I-C Bank & T r u s t Co
Lake Shore T r u s t & Sayings Bank
Lake View T r u s t & Savings Bank
Main State Bank
Mercantile T r u s t & Savings Bank
Merchandise Bank & T r u s t Co
Metropolitan State Bank
Northern T r u s t Co
Personal Loan & Savings Bank
Sears-Community State Bank
Skala State Bank
State Bank of Clearing
Uptown State Bank
Cowden:
Digitized for u r n : KStateCBankt y Bank & T r u s t Co
E l b FRASER o u n
ane
E u r e k a : Farmers State
http://fraser.stlouisfed.org/ Bank

Federal Reserve Bank of St. Louis

917
,336
672
113
939
648
86
1,484
172
,937
755
676
348

j

256

ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Total
deposits

Capital

Surplus

DISTRICT NO. 7—Continued
ILLINOIS—continued
Evanston:
Evanston Trust & Savings Bank
State Bank & Trust Co
Fairbury: Fairbury State Bank
Fulton: Fulton State Bank.
Galesburg: Farmers & Mechanics Bank
Geneva: Si;ateBank
Joy: Joy State Bank
Kewanee: Peoples State Savings Bank
London Mills: State Bank
Lostant: Farmers State Bank
Matte-son: First State Bank
Mattoon: Central Illinois Trust & Savings Bank.
Metamora: Metamora State Bank
Milford: Citizens State Bank
Momence: Parish. Bank & Trust Co
Morrison: Smith Trust & Savings Bank
Niantic: State Bank
Niles Center: Niles Center State Bank
Oak Park: Oak Park Trust & Savings Bank
Petersburg: Schirding State Bank
Rochester: Rochester State Bank
Shannon: First State Bank
Springfield: Springfield Marine Bank
Stockland: Sumner State Bank
Thomson: Thomson State Bank
Tolono:
Bank o f Tolono
Citizen .a Bank
Tuscola: Tuscola State Bank
Walnut: Citizens State Bank
Washington: Danforth Banking Co
Wenona: First State Bank
Wrheaton:
Gary-Wheaton Bank
Wheaton Trust & Savings Bank
Wilmette: Wilmette State Bank

423
1,839
94
132
879
492
239
456
60
184
30
243
111
242
213
474
177
457
1,845
435
133
141
2,803
176
83

2,091
7,892
417
515
1,076
337
215
2,324
51
285
65
558
93
81
271
285
314
1,044
4,184
258
41
290
6,093
33
205

3,249
14,738
670
639
2,962
1,153
740
3,425
210
559
158
886
470
760
565
1,639
574
1,581
7,474
882
323
706
11,340
443
330

325
1,100
50
50
200
100
30
100
40
35
25
100
50
50
50
100
50
180
500
50
25
60
500
50
25

23
15
40
50
6
50
15
15
10
20
11
10
12
50
15
85
100
20
5
12
200
10
9

59
75
156
113
109
137

26
69
314
88
870
729

201
207
682
377
1,050
1,042

25
25
70
25
50
65

5
7
70
5
50
30

224
158
501

663
707
2,167

1,099
1,322
3,600

100
100
170

50
25
55

717
70
6,227
163
80
913
391
394

1,451
71
23,136
28
55
1,093
452
690

2,488
213
37,589
454
162
3,173
1,036
1,333

380
25
2,470
40
25
225
100
150

7
530
5
7
100
13

214

INDIANA
Connersville: FayetteBank & 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
IOWA
Afton: Commercial State Bank
Algona:
Iowa State Bank
Security State Bank
Blencoe: Biencoe State Bank
Cherokee: Cherokee State Bank
Davenport: Dave nport Bank & Trust Co
Des Moines: Bankers Trust Co
Fairneld: Iowa State Bank & Trust Co
Fontanelle: State Savings Bank
'
Fort Dodge: State Bank
Fort Madison: Fort Madison Savings Bank
Glenwood: Glenwood State Bank
Holstein: Holstein State Bank
Ida Grove: Ida County State Bank
Lineville: Lineville State Bank
,
Mason City: United Home Bank & Trust Co...
Monticelic: Monticello State Bank
Moor head: Moorhead State Bank
Muscatine:
Central State Bank
Muscatine Bank & Trust Co
Newton: Jasper County Savings Bank
Osage: Home Trust & Savings Bank
Ottumwa: Union Bank & Trust Co
Riceville: Rieeville State Bank
Royal: Home State Bank
Shenandoah: Security Trust & Savings Bank..




80

397

25

23

640
113
80
684
6,251
4,189
340
196
854
833
445
335
175
79
277
2,915
100

21
117
494
13,316
11,063
175
117
344
1,589
229
487
432
38
27
920
99

1,799
267
337
1,634
24,540
18,920
863
492
2,014
2,784
1,197
1,035
880
139
535
3,940
279

50
50
25
120
600
1,000
100
40
100
205
50
50
40
25
100
400
30

50
9
15
30
600
250
20
18
60
20
50
33
20
6
37
80
15

605
1,134
1,582
439
1,805
72
153
242

1,071
1,980
1,144
377
2,359
29
78
369

2,107
5,191
3,806
969
5,302
150
335
1,109

125
125
100
50
300
25
25
60

25
175
75
35
150
•

7

13
30

257

FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Investments

DISTRICT NO. 7

Total
deposits

pita!

Surplus

Continual

IOWA-continued
Storm Lake: Security Trust & Savings Bank
Templeton: Templeton Savings Bank
Washington: Washington State Bank

274
270
532
399

329
126
560
76

879
478
1,555
652

50
25
50
25

263
545
442
306
73
460
44

449
1,463
869
469
204
958
118

1,004
2,343
1,653
921
426
2,429
217

101
110
110
100

6,420
3,636
315

12,790
6,755
557

950
600
25

1,509
7,244
198
90
36
354
147
171

2,445
9,690
463
340
152
972
550
347

300
1,000

187
292
168
206
480
642
491
211
349
418
617
248

451
574
475
425
948
1,183
782
448
611
831
872

40
50
40
25
54
55
64
45
40
40
72

67,723
9,572
51
383
144
379

133,045
18,299
328
743
548
974

5,300
1.500
40
50
50
80

1,050
500

124
285
176
368
'.932
!,044
54
664

8,487
4,697
55
911

22,803
9,210
121
1,731

1,000
700,
25
117

350
100
3
33

236
326
66

272
249
72

603
636
215

50
62
35

10
13
4

,029
901
5,316

861
550
22,498

2,281
1,501
41,344

100
105
3,000

80
45
1,000

480
147
448

478
158
1,403

1,074
406
2,862

50
165

5
13
48

,643
839
167
161
68
!,874
108
33

1,412
703
324
216
185
4,302
187
38
117

2,912
1,995
597
468
363
8,904
406
151
304

250
150
60
62
25
800
35
25
30

3
13
5
150
5

3,845
2,268

7,942
4,373

650
350

25

25
13
50
15

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: Algonac Savings Bank
_
Alpena: Alpena Savings Bank
Alto: Farmers State Bank
A nn Arbor:
Ann Arbor Savings & Commercial Bank
State Savings Bank
Armada: Armada State Bank
Bay City:
Bay City Bank
Peoples Commercial & Savings Bank
Belleville: Peoples State Bank
Big Rapids: Big Rapids Savings Bank
Blanchard: Blanchard State Bank
Blissfield: Blissfield State Bank
Bronson: Peoples State Bank
Brown City: Brown City Savings Bank
Cass City:
Cass City State Bank
Pinney State Bank
Cassopolis: Cass County State Bank
Charlevoix: Charlevoix County State Bank
Charlotte: Eaton County Savings Bank
Chelsea: Chelsea State Bank
Chesaning: Chesaning State Bank
Coloma: State Bank
Coopersville: Coopersville State Bank
Corunna: Old Corunna State Bank
Crosswell: State Bank of Croswell
Davison: Davison State Bank
Detroit:
Detroit Bank
I rnited Savings Bank
Dundee: Monroe County Bank
Farmington: Farmington State Bank
Pennville: (>1<I State Bank
i("enton: State Savings Bank
Flint:
Citizens Commercial & Savings Bank
Genesee County Savings Bank
Fountain: Fountain State Bank
Frankenmuth: Frankenmuth State Bank
Fremont:
Fremont State Bank
Old State Bank
Gagetown: State Savings Bank
Grand Haven:
Grand Haven State Bank
Peoples Savings Bank
GrandRapids: Old Kent Bank
Greenville:
Commercial State Savings Bank
First State Bank
Hillsdale: Hillsdale State Savings Bank
Holland:
Holland State Bank
Peoples State Bank
Holly: First State & Savings Bank
Howell: First State & Savings Bank
Imlay City: Imlay City State Bank
Jackson: Jackson City Bank & Trust Co
Jqnesville: Grosvenor Savings Bank
Kingston: Kingston State Bank
Lakeyiew: Bank of Lakeview
Lansing:
 State Savings Bank
American
Bank of Lansing
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

609
, 570
197
50
411
132
70
222
177
147
146
147
402
186
54
186
254
66

:
24,
8,

305

28
200

25

40
50
25
98
50
25

io

10
150
1
236
150

ioo

15
10
25
10
15
10
18

7

15
55
21
30

50

10
10

50

258

ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Investments

Total
deposits

Capital

196
71
246

146
177
396

381
290
688

61
25
50

53
181
826
354
336
298
1,096
198
222
548

215
435
2,540
64
1,076
257
1,075
168
1,001
786

292
653
3,963
805
1,635
762
3,982
450
1,384
1,832

25
75
225
40
100
50
200
50
213
250

301
736
100
22
65
163
448
197
133
360
1,901
144
559
259
199
217

462
1,009
174
194
182
87
548
141
315
1,472
1,933
205
1,460
601
299
499

1,166
2,207
321
241
264
308
1,208
462
614
2,969
4,614
520
2,450
1,009
524
963

50
120
25
25
50
25
100
25
55
100
389
25
175
100
60
50

427
191
202
330
487
186
146

539
249
213
159
1,484
721
272

1,522
761
555
607
2,558
1,110
510

100
75
30
40
200
50
40

121
97
715

218
159
955

429
301
1,947

50
50
100

(371
549
297
2,158
439
445

1,500
834
519
2,860
742

473

2,295
1,505
909
6,069
1,221
971

180
125
50
500
60
145

879
1,597
14,698
1,382
217
144

569
3,432
18,872
1,784
83
765

1,920
6,007
43,595
4,422
676
1,048

200
500
3,000
400
100
60

2,285
2,611
443
704
370
140
490
498

77

1,921
4,493
162
794
121
480
756
1,656
1,241

4,649
8,806
1,422
1,941
264
1,056
1,017
2,243
1,802

550
500
100
150
50
80
50
300
145

251
170
131

199
213
172

1,010
2,480
536

60
150
50

Loans
DISTRICT NO. 7—Continued
MICHIGAN—continued
Lapeer: Lap>eer Savings Bank
Lawrence: Home State Bank
Lowell: Staije Savings Bank
Manchester:
Peoples Bank
Union Savings Bank
Manistee: Manistee County Savings Bank
Marvellus: G. W. Jones Exchange Bank
Marshall: Commercial Savings Bank
Mason: Farmers Bank
Midland: Chemical State Savings Bank
Milan: Peoples State Bank
Monroe: Dansard State Bank
Mount Clemens: Mount Clemens Savings Bank.
Mount Pleasant:
Exchange Savings Bank
Isabella County State Bank
New Baltimore: Citizens State Savings Bank
New Haven: New Haven Savings Bank
North Branch: Pioneer Bank
Onsted: Onsted State Bank
Petoskey: First State Bank
Pigeon: Pigeon State Bank
Romeo: Romeo Sayings Bank
Royal Oak: Guardian Bank
Saginaw: Saginaw State Bank
St. Charles: St. Charles State Bank
St. Clair: Commercial & Savings Bank
St. Johns: State Bank of St. Johns
Saugatuck: Fruit Growers State Bank
Sebewaing: Farmers & Merchants State Bank...
South Haven:
Citizens State Bank
First 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
Williamston:
Crossman & Williams State Bank
Williamston State Bank
Zeeland: Zeeland State Bank
WISCONSIN
(See also District No. (.))
Antigo: Fidelity SavingsBank
Burlington: Bank of Burlington
Edgerton: Tobacco Exchange Bank
Manitowoc: Manitowoc Savings Bank
Markesan: Markeean State Bank
Mayville: State Bank
Milwaukee:
American State Bank
Badger State Bank
Marshall & Ilsley Bank
West Side Bank
Platteville: State Bank
Sauk City: Farmers & Citizens Bank
Sheboygan:
Bank of Sheboygan
Citizens State Bank
South Milwaukee: Home State Bank
Sturgeon Bay: Bank of Sturgeon Bay
Viroqua: State Bank
Waupaca: Farmers State Bank
Waupun: State Bank
Wausau: Citizens State Bank
Whitewater: First Citizens State Bank
DISTRICT NO. 8
ARKANSAS
Batesville: Citizens Bank & Trust Co...
Blytheville: Farmers Bank & Trust Co.,
Fordyce: Fordyce Bank & Trust Co




Surplus

259

FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

DISTRICT NO. 8—Continued
ARKANSAS—conti nue i
3,103

7,445

14,982

675

164
148
146

455
98
168

556
401

100
100
50

251
576
738
481
664
137
436
485
294
138
859
202
112
66
250

369
394
1,904
1,103
437
767
317
536
457
158
1,726
446
50
37
243

762
1,121
3,417
1,909
1,465
1,179
967
1,395
893
357
3,972
764
206
109
617

50
50
600
150
130
100
150
150
80
25
200
100
25
25
25

589
42
434

384
179
1,159

1,195
270
2,128

100
25
100

2,081
3,865
s 3,828

4,140
13,490
15,040

1,000
750
2,000

231

Little Rock: W. B. Worthen Co., Bankers
Russellville:
Bank of Russellville
Peoples Exchange Bank

738

25

85
226
624
284
369
115
189
417
154
776
148
136
133
283
153
541

83
465
586
319
764
364
172
239
302
178
178
1,663
318
255
258
129

258
999
1,328
705
1,345
617
438
874
567
1,854
412
3,326
600
528
471
857

25
50
120
75
100
50
25
100
100
100
25
200
50
50
45
100

667
644
1,672
2,003
601
1,336
1,591
1,582
2,571
2,393
31,972
33,148
1,006

1,654
4,505
3,391
291
1,207
1,140
3,298
2,766
2,358
5,387
96,875
40,683
613
2,849

2,471
5,573
6,177
2,860
2,627
2,862
5,871
4,865
4,988
10,435
159,455
95,908
2,137
3,975

415
400
600
340
250
444
900
300
1,000
600
10,000
6,000
350
300

Waldron: Bank ofWaldron
ILLINOIS
(See also District No. 7)
Breese: StateBank
Chester: First State Bank
East St. Louis: Union Trust Co
Edwardsville: Bank ofEdwardsville
Effingham: Effingham State Bank
Eldorado: C. P. Burnett & Sons, Bankers
Greenville: State Bank of Hoiles & Sons
Harrisburg: First Trust & Savings Bank
Hillsboro: Montgomery County Loan & Trust Co..
Hoyleton: Hoyleton State & Savings Bank
Jacksonville: Elliott State Bank
Litchfield: Litchfield Bank & Trust Co
O'Fallon: First State Bank
Richview: Richview State Bank
Steeleville: StateBank
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

0,41b
5,288
9,920

Louisville Trust Co
MISSISSIPPI
(See also District No. 6)
Indianola: PeoplesBank
MISSOURI
(See also District No. 10)
Camdenton: Camden County Bank
Clinton: Union State Bank
Farmington: United Bank
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
Mercantile-Commerce Bank & Trust Co
Mississippi
 Valley Trust Co
Mound City Trust Co
North St. Louis Trust Co
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

Surplus

260

ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 8—Continued
MISSOURI—continued
St. Louis—'Continued.
Northwestern Trust Co
Plaza Bank
SouthernCommercial & Savings Bank
Southwest Bank
Tower Grove Bank & Trust Co
United Bank & Trust Co
St. Louis County: Gravois Bank
Vandalia: Vandalia State Bank
Versailles: Bank ofVersailles
Washington: Franklin County Bank
Webster Groves: Webster Groves Trust Co

2,201
1,150
1,554
2,259
5,011
2,448
416
136
143
345
733

4,520
1,538
1,462
692
8,204
4,574
261
126
103
534
1,474

7,061
3,770
3,260
2,991
14,358
8,715
1,014
282
358
908
2,624

800
200
425
425
800
1,000
110
25
40
80
100

200
80
30

456
149
355
618
603

1,206
78
556
1,118
322

1,894
291
1,026
2,113
1,385

130
50
112
200
115

20

307
330

805
1,071

1,385
1,714

130
144

20
28

29
285
161
97
160
124
497
83
lit)
146

215
616
110
217
24
468
1,452
292
140
69

362
1,015
309
350
199
680
2,306
420
368
287

35
60
25
25
25
47
100
25
30
35

6
40
5
10

270
180
159
99

334
403
416
145

696
731
632
270

40
50
30
25

20
10
10
5

787
373

1,880
180
1,394

3,571
911
3,153

280
124
100

42
15
100

115
269
2,411
151
488
86
80
49
319
1,718
229
216
123
166
190
131
141
25

300
200
5,398
189
1,119
48
6
105
1,206
3,128
111
227
35
73
110
299
98
31

806
733
12,402
477
2,106
187
126
586
2,238
7,198
572
616
179
454
717
472
400
164

125
100
600
25
100
25
25
35
100
500
35
25
25
25
40
50
25
25

10
10
400
13
50
7
7
20
75
50
1
(
13
17
4
40
12
20
7

182
57
98
447
95
141

169
16
63
144
63
86

449
90
201
1,664
296
435

25
30
25
75
25
25

15
3
8
25
5
25

300
200
5
13
10
23
100

DISTRICT NO. 9
MICHIGAN
(See also District No. 7)
Escanaba: StateSavingsBank
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

15

MINNESOTA
Aurora: State Bank
Caledonia: Sprague State Bank
Cannon Falls: Security State Bank
Chatneld: Root River State Bank
Clinton: Clinton State Bank
Houston: Security State Bank
Owatonna: Security Bank & Trust Co
Plainview: Peoples State Bank
Rushmore: First State Bank
Sacred Heart: Farmers & Merchants State Bank
Springfield:
Farmers & Merchants State Bank
State Bank
Wadena: Wadena County State Bank
Wycoff: First State Bank

15
80
5
7

MONTANA
Anaconda: Daly Bank & Trust Co
Big Timber: Citizens Bank & Trust Co
Billings: Security Trust & SavingsBank..
Bozeman:
Gallat in Trust & SavingsBank
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-StockgrowersBank_
Great Falls: Montana Bank & Trust Co....
Helena: Union Bank & Trust Co
Laurel: Yellowstone Bank
Libby: First State Bank
Richey: First State Bank
Ronan: Ronan State Bank
Terry: State Bank
Townsend: State Bank
Victor: Farmers State Bank
Worden: Farmers State Bank
SOUTH DAKOTA
Alcester: State Bank
Alpena: Bank of Alpena
Arlington: Citizens State Bank
Belle Fourche: Butte County Bank.
Belvidere: Belvidere State Bank
Buffalo: First State Bank




261

FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 9—Continued
SOUTH DAKOTA—continued
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
Preeho: Farmers & Merchants State Bank....
Sioux Falls: Corn Exchange Savings Bank
Sturgis: Bear Butte Valley Bank
Toronto: Bank of Toronto
Wessington Springs: Jerauld County Bank

77
50
204
129
100
378
17
105
559
28
273
64
414
146
102
185
126

22
61
128
37
775
78
123
36
1,055
133
52
29
506
69
147
34
75

168
371
845
232
1,074
708
229
309
1,840
214
578
224
1,420
549
290
294
338

74
103

218
174

302
342

Woonsocket: Sanborn County Bank

25
25
50
40
100
75
30
25
200
50
25
25
100
25
25
25
25

5
5
10
8
15
10
6
5
25
10
15
5
68
15
5
5
10

WISCONSIN
(See also District No. 7)
Boyceville: Bank of Boyceville
Glenwood 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

298

165

1,192

50

46

1,742
5,444
436
414

1,979
6,327
167
333

4,958
15,822
971
1,262

350
500
75
100

50
1,000
25
24

345
378
487
952
80
126
154
37
179
528
197
195
175
68
541
107
331

199
245
444
2,873
85
15
48
46
130
489
53
186
94
84
961
85
285

1,110
945
1,956
4,662
347
193
474
87
509
2,156
386
452
425
186
2,813
289
913

50
100
150
100
50
25
25
25
25
100
40
25
25
25
200
25
110

50
22
60
200
15
6
7
3
15
37
13
5
50
5
43

225
790
118

338
375
64

1,854
340

50
150
25

25
60
15

31,771
1,417
194
204
197
819
613

75,651
1,061
66

175,886
3,514
474
470
262
2,274
4,236

6,000
200
30
25
25
200
250

2,200
100
6
10
10
52
52

232
83
230
142
149

59
9
267
60
46

KANSAS
Abilene: Citizens Bank
Hiawatha: Morrill & Janes Bank
Hutchinson: Hutchinson State Bank
Kansas City: Riverview State Bank
Liberal: Citizens State Bank
Luray: Peoples State Bank
Ness City: First State Bank
Onaga: Onaga State Bank
Osage City: Citizens State Bank
Pratt: Peoples Bank
Sedan: Sedan State Bank
St. Marys: St. Marys State Bank
Sylvan Grove: Sylvan State Bank
Tonganoxie: First State Bank
Topeka: Fidelity Savings State Bank
Wakefield: Farmers & Merchants State Bank
Winfield: 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
King City: First State Bank
Lamar: Barton County State Bank
Rich Hill: Security Bank
St. Joseph: Empire Trust Co
South St. Joseph: First St. Joseph Stock Yards Bank..

39

50
860
1,964

NEBRASKA
Alma: Harlan County Bank
Bancroft: Citizens Bank
Blair: Washington County Bank
Chappell: Deuel County State Bank
Hartington: Bank of Hartington




490
201
251
368

14
10
20
5
5

262

ANNUAL REPORT OF BOARD OP GOVERNORS
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

DISTRICT NO. 10—Continued
NEBRASKA—continued
North Platte: McDonald State Bank
Pawnee City: Citizens State Bank
Rushville: Union State Bank
Scribner: Farmers State Bank
Stromsburg: StromsburgBank
Valley: Bank of Valley

,

379
104
142
80
143
65
176

247
71
114
333
211
34
115

1,009
268
262
526
408
283
446

100
25
30
40
30
25
40

138

77

317

30

76
107
157

66
92
111

269
426
372

25
50
25

296
156
80
201
146
210

81
56
18
92
49
63

475
424
128
540
299
490

50
25
25
38
40
43

367
160
358

136
130
84

708
453
702

40
-40
25

2,255

2,961

8,107

250

226
2,393

44
2,002

845
9,335

60
700

167
201
67

291
82
26

696
753
93

50
50
25

434
65
77
130
443
50
115
192
292
3,533
238
81
185
210
133
67
97
147
203
518
397

1,023
73
62
58
332
105
79
162
74
10,969
110
31
6
2
97
5
46
170
322
744
707

2,397
320
278
656
1,269
239
233
519
477
23,507
593
105
303
271
349
136
145
460
889
1,719
1,546

200
50
60
50
100
25
75
50
50
1,000
150
25
60
50
50
40
45
50
70
90
100

Wahoo: Wahoo State Bank
NEW MEXICO
(See also District No. 11)
Aztec: Citizens Bank
OKLAHOMA
Garber: Bank of Garber
Okarche: First Bank of Okarche
Purcell: First State Bank
WYOMING
Evanston: Stockgrowers Bank
Lusk: Lusk State Bank
Mountain View: Uinta County State Bank
Newcastle: First State Bank
Saratoga: Saratoga State Bank
Sundance: Sundance State Bank
Wheatland:
State Bank
Stock Growers Bank
Worland: Farmers State Bank
DISTRICT NO. 1J
ARIZONA
(See also District No. 12)
Tucson: SouthernArizonaBank & Trust Co
LOUISIANA
(See also District No. 6)
Minden: MindenBank &TrustCo
Shreveport: Continental-American Bank & Trust Co..
NEW MEXICO
(See also District No. 10)
Carlsbad: American Bank
Deming: Mirnbres Valley Bank
Logan: McFarlandBros. 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
 State Bank
Franklin: First
Gatesville: Guaranty Bank & Trust Co
http://fraser.stlouisfed.org/ State Bank
Gonzales: Gonzales
Goose Bank of St. State
Federal ReserveCreek: CitizensLouis Bank & Trust Co

Surplus

263

FEDERAL RESERVE SYSTEM
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

Surplus

DISTRICT NO. 11—Continued
TEXAS—continued
Hamilton: Hamilton Bank & Trust Co
Iola: Iola State Bank
Kirkland: First State Bank
Kosse: First State Bank
Ladonia: Farmers & Merchants State Bank
Llano: Moore State Bank
Loraine: First State Bank
Madisonville: Farmers State Bank
Matador: First State Bank
Mathis: First State Bank
Maypearl: First State Bank
McAllen: City State Bank & Trust Co
Mount Pleasant: Guaranty Bond State Bank
Naeogdoches: Commercial State Bank
Pearsall: Security State Bank
Rails: Security State Bank & Trust Co
Richardson: Citizens State Bank
Roscoe: Roscoe State Bank
Rusk: Farmers & Merchants State Bank & Trust Co.
Shamrock: Farmers & Merchants State Bank
Shiro: Farmers State Bank
Silsbee: Silsbee State Bank
Sinton: Commercial State Bank
Spearman: First State Bank
Thorndale: Thorndale State Bank
Tomball: Guaranty Bond State Bank
Turkey: Farmers & Merchants State Bank
Wellington: Wellington State Bank
Wharton:
Security Bank & Trust Co
Wharton Bank & Trust Co

67
33
44
35
29
254
35
74
198
85
40
310
216
486
203
148
106
63
86
150
60
156
183
124
78
180
131
252

63
16
9
13
178
71
35
61
15
54
23
424
53
435
47
13
27
112
139
45
7
293
91
109
78
227
12
17

227
55
71
124
245
617
124
227
448
203
108
1,277
486
1,442
310
375
135
447
384
321
81
684
731
428
237
575
166
281

50
25
25
30
25
50
60
25
38
45
30
100
65
100
25
50
35
30
70
50
25
40
50
25
30
35
25
50

'"2
15
2
14
10
25
25
10
17
20
5
20

149
360

158
356

709
990

75
100

18
100

75

79

263

25

762
549
154
7,335

188
602
465
2,552

1,207
1,469
644
15,155

50
75
75
1,000

75
75
25
250

37,685
17,444
667
17,909

37,595
14,093
658
12,011

100,413
39,503
1,488
40,011

6,000
2,500
150
3,800

1,500
1,500
80
1,700

1,121
6,127
5,027

3,792
5,943
2,419

5,571
15,881
9,062

300
1,000
660

200
500
245

115,381
57,973
2,239
636

101,719
144,314
1,188
48

270,615
250,773
3,187
814

15,000
9,000
100
100

4,000
5,000
120
60

83
106
7,956
59
179
148
137
64
140
1,261

92
163
10,478
97
329
237
385
32
155
931

309
454
28,206
258
629
562
612
167
629
3,352

25
35
,165
25
50
40
25
25
25
100

5
7
335
8
10
14
25
10
13

240
78
221

339
71
248

1,007
396

21
3
9
1
8
29
25
14
5
60
16

DISTRICT NO. 12
ARIZONA
(See also District No. 11)
Buckeye: Buckeye Valley Bank
CALIFORNIA
Carmel: Bank of Carmel
Downey: Los Nietos Valley Bank
Fairfield: Solano County Bank
Long Beach: Farmers & Merchants Bank
Los Angeles:
California Bank
Union Bank & Trust Co
Newman: Bank of Newman
Oakland: Central Bank
Pasadena:
Citizens Commercial Trust & Savings Bank
First Trust & Savings Bank
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
IDAHO
Aberdeen: Bank of Aberdeen
Arco: Butte County Bank
Boise: First Security Bank of Idaho
Hazelton: Hazelton State Bank
Kellogg: First State Bank
MaladCity: 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
OREGON
Albany: Bank of Albany
Beaverton: First Security Bank
Dallas: Dallas City Bank




15
5
20

264

ANNUAL REPORT OF BOARD OF GOVERNORS
[In thousands of dollars]
Loans

Investments

Total
deposits

Capital

DISTRICT NO. 12—Continued
OREGON—continued
Myrtle Point: Security Bank

185
134

271
127

839
342

382
491
408
158
340
345
821
2,786
677
567
1,160

418
140
41
15
278
67
510
1,935
450
376

1,259
687
513
255
1,039
386
1,821
6,276
1,795
1,148
1,283

115
100
75
50
50
50
150
550
100
125
25

1,065
632
7,137

685
1,438
12,638

1,255
2,772
26,447

250
300
2,050

328
524
605

50
25
215

552
681
957

50
75
75

218
350

32
132

283
711

90
50

112
302
980
41
812
698
59
183
172
149
461

83
243
512
34
474
389
263
467
45
34
197

294
703
2,561
143
1,593
l!,475
358
773
493
1,342
1,045

50
50
285
25
100
150
48
65
60
50
50

345
279
88
132
140

319
268
332
16
331

795
743
560
221
617

50
30
25
25

9,297
3,382
215
154
3,460
157
183
56
737
234
781

4,749
1,747
142
425
1,208
253
140
28
347
50
460

20,247
5,011
458
661
7,791
670
625
153
1,610
512
1,731

1,000
550
30
60
200
45
53
25
200
50
250

Oakland: E. G. Young & Co. Bank
UTAH
Brigham: State Security Bank
Cedar City: Bank of Southern Utah
Ephraim: Bank of Ephraim
Gunnison: Gunnison Valley Bank
Helper: Helper State Bank
Kaysville: Barnes Banking Co
Logan: Cache Valley Banking Co
Ogden: Commercial Security Bank
Price: CarbonEmery Bank
Provo: Farmers & Merchants Bank
Salina: First State Bank
Salt Lake City:
Tracy Loan & Trust Co
Utah Savings & Trust Co
Walker Bank & Trust Co
Spanish Fork:
Bank of Spanish Fork
Commercial Bank
Springville: Springville Banking Co
Vernal:
Bank of Vernal
Uintah State Bank
WASHINGTON
Almira: Almira State Bank
Cashmere: Cashmere Valley Bank
Chehalis: Coff man-Dobson Bank & Trust Co
Coulee City: Security State Bank
Ellensburg: Farmers Bank
Hoquiam: Bank of Hoquiam
Kalama: Kalama State Bank
Kelso: Cowlitis Valley Bank
Lacrosse: First State Bank
Pomeroy: Pomeroy State Bank
Pullman: Pullman State Bank
Puyallup:
Citizens State Bank
Puyallup iState Bank
Ritzville: Ritzville State Bank
Rockford: Farmers & Merchants Bank
Rosalia: Bank of Rosalia
Seattle:
Peoples Bank & Trust Co
Seattle Trust & Savings Bank
Selah: Selah State Bank
South Bend: Pacific State Bank
Spokane: Washington Trust Co
Tekoa: Tekoa State Bank
Toppenish: Traders Bank
Uniontown: Farmers State Bank
Wenatchee: Columbia Valley Bank
Wilbur: State Bank
Yakima: Yakima Valley Bank & Trust Co




Surplus

265

FEDERAL RESERVE SYSTEM

NUMBER OF STATE MEMBER B A N K S , CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK, 1
DECEMBER 31, 1936
Number of banks with a capital stock of—
States
OOJ

si'
New England:
Maine
New Hampshire
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania

120
55
77

East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin

75
106
23

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
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Pacific:
Washington
Oregon
California
Total

1,051

149

131

79

109

95

174

92

1
Includes capital notes and debentures and par value of preferred and common stock. For the purposes
of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation.




266

ANNUAL REPORT OF BOARD OF GOVERNORS

CAPITAL STOOK OF STATE MEMBER BAN;KS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL
STOCK, 1 DECEMBER 31, 1936
[In thousands of dollars]
Aggregate capital stock of banks with a capital stock of—

States

86
o c

New England:
Maine
New Hampshire
Massachusetts
Rhode Island
Connecticut

2,761
150
26,848
5,000
4,609

300
100

150

Middle Atlantic:
New York
New Jersey.
Pennsylvania...

416,799
46,915
65,508

1,600
1,000
300

1,743
583
2,319

8,071 10,715
4,224 6,738
6,960 6,644

27,000 169,855
9,000
25,270
21,851 27,096

East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin

68,531
3,415
22,993
23,730
7,340

300
50
300
375

600
100
900
800
200

1,260
150
1,050
1,784
745

2,350
605
3,513
2,777
900

4,255
3,700
2,050

11,342
2,470
6,100
6,500
3,000

West North Central:
Minnesota
Iowa
Missouri
South Dakota...
Nebraska
Kansas

552
3,970
34,074
1,075
435
1,100

125
175
175
325
100
200

100
400
600
200
100
300

370
380

905
4,699
200

600
3,700

1,000
2,000

260

200
1,298
500

5,500
7,461

976
500
500
200
780
550

1,100
1,790

6,400
3,205
2,800
5,200

1,550

3,000

600
400

1,800
625

3,000

South Atlantic:
Delaware
Maryland
District of Columbia
Virginia—
West Virginia
North Carolina...
South Carolina...
Georgia....
Florida

800
150

6,79
9,086
,400
6,256
5,805
6,163
400
6,480

100
50
75
25
25
125

30

East South Central:
Kentucky
Tennessee
Alabama
Mississippi

5,775
1,075
3,120
75

West South Central:
Arkansas
Louisiana
Oklahoma
Texas

1,185
3,660
100
3,773

Mountain:
Montana
Idaho
Wyoming....
Colorado.....
New Mexico.,
Arizona..
Utah

2,389
1,515
325
1,07,
155
275
4,330

Pacific:
Washington.,
Oregon... ...
California

3,616
245
39,810

Total.

300
200
200
100
400
100

25
50
200
75

200
75

150

100
50
50
398

300

5,000
4,059

188

'366
150

200
625

675
1,300
150

400
100

110

500

249

280

153

856,371 3,725 3,111

6 i 666
5,300

22,000

2,250

1,100

350

500

1,165

75

100

47,300

1,000

200
100

315

200

390

250
550

550

328
70
150

250

5,000

2^370

120

205

1,350

i * 266 16,070

325

35

611

4,'278"

100

150

935

550

'200

150

36
6

2,050
1,000
8,300

30,000

550 5,491 10,900 13,266 48,853 58,211 187,713 518,551

1
Includes capital notes and debentures and par value of preferred and common stock. For the purposes
of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation.




267

FEDERAL RESERVE SYSTEM

DEPOSITS OF STATE MEMBER B A N K S , CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK, 1
DECEMBER 31, 1936
[In thousands of dollars]
Total deposits of banks with a capital stock of—

States
O

Total

Oi

§5
~O3

New England:
Maine
New Hampshire
Massachusetts...
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania

8,150,933
573,243
1,263,573

8,230

14,215

66,632 11,913

279,310
144,107
58,467

9,482

31,927
1,370
363,429
144,107
65,343

1,370
5,574
1,849
480
'263

1,372

3,655

706 3,088 3,711 21,953 19,302 99,179 181,585
13,074 6,478 62,679 75,056
1,042
3,565 20,519 80,479 67,705
792

'594

EastNorth Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin

849,440 4,874 2,930 5,5 5,167 8,579 16,530 22,351 52,894
1,036 1,333 5,661
375
454
46,448
773,142 3,643 1,509 11,458 3,323 13,688 13,234 63,793 90 ^029
""
""
376,240 4,764 7,435 10,575 11,439 13,492 25,148 32,605 45,601
342 2,190 3,627 2,098 8,514 8,584 25,531
94,481

WestNorthCentral
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas

8,624
84,587
560,925
12,817
5,193
17,902

South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia....
North Carolina..
South Carolina..
Georgia
Florida

731 1,015
1,547 3,025
1,650 7,703 1,109
2^460 1,303 2,638 2,612
4,502
551 1,059 2,372
1,171 3,013
2,616
386 1,456

104,170
123,387
87,269
89,459
65,601
155,982
9,982
59,342
11,985

2,306
7,219
8,120
2,493
1,009
7,763

702
1,022
803
522
717
1,084

4,013

3,570
2,091
3,560
1 * 653 1,371
2,537
337 3,271

East South Central:
Kentucky
Tennessee
Alabama
Mississippi

270
53,7
15,795 1,012
36,671 2,122 1,051 1,376 3,661
1,484 1,484

3,322

West South
Central:
Arkansas
Louisiana
Oklahoma
Texas

20,791
45,584
1,067
48,91

937 1,010
532
845
641
426
1,927 3,240 5,603 5,125

1,382

Mountain:
Montana
Idaho
Wyoming. . .
Colorado
New Mexico.
Arizona
Utah

38,069
35,178
4,220
24,205
1,859
8,370
50,119

2,603 1,8
1,975 1,016
1,255 2,490

Pacific:
Washington.
Oregon
California...

53,185
3,467
755,793

Total..

si?

4721
6291
475|
l,192l
1,449

18,920
13,703

607,695
219^366
133,045

431,249

2,663

9,935

11,795
5,694

9,531 14,975
7,009 12,928
9,299
6,241

92,375
103,043
87,269
51,247
38,490
139,289

1,769

6,200 10,947
10,341

33,197

1,513

4,526 24,980
4,347 10,436

19,179

14,982
12,047

32,160

1,448

6,525
1,230
3,352

2,480
593 2,397
1,717

3^507

3,571 19,600
28,206
4,958 15,822

971 1^262

2,943 2,433

122,822
37,589
353,099
92,136
43,595

2,813

450 6,852 1,812
1,275 3,005

652

"'93
263
1,283

8,932 12,025 24,540
4,196 50,742 43,902
1,840

369,864 7,451,065
266,828
148,086
589,681
498,552

2,482

4,228

1,135 2,046 4,639 3,347
342
1,235 1,890

1,593

1,475

1,207 2,113

4,001

1,4

8,107
4,027 'o\276

26,447

13,692

5,011

20,247

5,571

9,062

110,550

621,801

15,329,465 49,395 38,271 84,115 62,452 160,822 153,183 632,272 801,541 3,236,555 10,110,859

1

Includes capital notes and debentures and par value of preferred and common stock. For the purposes
of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation.




268

ANNUAL REPORT OF BOARD OF GOVERNORS

NUMBER OF STATE MEMBER B A N K S , CLASSIFIED ACCORDING TO SIZE OF TOTAL DEPOSITS,
DECEMBER 31, 1936

Number of banks with total deposits of—
States
Total

II

SB
Si

8.8'

8.8

New England:
Maine
New Hampshire
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania.

120
55
77

East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin

75
8
75
106
23

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
Louisiana. „
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado....
New Mexico.
Arizona
Utah
Pacific:
Washington.
Oregon
California...
Total.
1

1,051

67

178

131

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




177

174

191.

269

FEDERAL RESERVE SYSTEM

TOTAL DEPOSITS OF STATE MEMBER B A N K S , CLASSIFIED ACCORDING TO SIZE OF TOTAL
DEPOSITS, DECEMBER 31. 1936
Sin thousands of dollars]
Aggregate deposits of banks with total deposits of—

,
1

States
go

§3

Sc
f
NewEngland:
Maine
New Hampshire
Massachusetts
Rhode Island
Connecticut

31,927
1,370
363,429
144,107
05,343

Middle Atlantic:
New York
New Jersey
Pennsylvania

1,974
I 1,370

691
3.221

8,150.931
573,245
1.203,5721
I

453

i

East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
W est North Central:
Minnesota
Iowa
Missouri
youth Dakota
Nebraska
Kansas

8,625,
84,587
560,92o!
12,817
5,192i

South Atlantic:
Delaware
Maryland
District of Columbia.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida

104,170
123,389
87,269'
89,458
65,599!
155,982
9,982
59,344
11,985

17,901

3,655!

1,056 3.425 5,609 25,595 75,15'
6281 2,462 14,519 54,895
841
1,040 4,362 3,347 18,524 64,230

873 4.2921 7,507 3,452126,481
J 2,370
375
454
1,091 2,558 7,'493 6,754 19.171
1,096 9.824 10,089 9,593)30,356
676 1,879 12,932'
9081

841), 4411
46,449
773,143
376,241
94,482I

7,508!
29,727i

2,365:
2,586
3,763
90 1,288| 2,781
201 2,776
379! 2,372

35,254
5,661
39,479]

44,501

13,610]

2,740
1,015: 2,3061
1,188 3,591 8,330 14,651
3,017 4,530! 7,394! 52,781
1,835
845 5,998!
1,2061
1,009]
509
3,065' 9,631

2,733

2231

2,323
2,395

i 2,331
2,048 2,718 2,585
201 1,636| 1,416 2,578i 2,844 7,009
1,171
4,819 2,663
717
3,024
1,994 3,047 1,769 5,099 7,126
6521 992
4,895

East South Central:
Kentucky
Tennessee
Alabama
Mississippi

53,790
15,795
36,672
1,484

4.394 13,694
270|
629'
1,838) 2,509
383
'561 "9" 95 1,317 1,273 1,704 4,314
7461 7381

West South Central:
Arkansas
Louisiana
Oklahoma
Texas

20,790|
45,584
1,068
48,917

8261 1,010
401 1,091
532
845
1,068
207 2,653 5,937 5,083 U879 7,254

Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah

38,069i
35,179
4,220!
24,205
1,859
8,370
50.120

Pacific:
Washington
Oregon
California

53,185
3,469
755,793

Total

i15,329,477I




22,445
239,352
23,364
58,467

411,446 7,626,293
280,330
219,570
293,139
877,930
163,887
37,589
143,232
137,737
64,477

53,952
58,191,

26,689
117,559
35,139
10,721
49,915
8,040
6,241
39,814
5,446

607,695
553,365
133,045

431,249

75,158
"52J30
51,247
139/289

35,432
10,436
27,013

2,480
2,712!

14,982
41,495

2^397

'23*; 507

6561 l,803j 3,224 1,717
167 1,021 2,433
1281 2,141 1,951
93

93,659
120,743

11,069
3,352

19,600
28,206]

971
753

4^958

15,822

2,772

8,107
32,723

"317 '"696
263!
924 3,144

9,600

518 1,603 5,090 1,568 8,796
1,723 1,007'
739
814 4,164!
"644

2,561

33,049

3,187

125', 183

621,801

533 12,260 65,606 81,615 65,601 254.4821543,479 2,702,727 11,603,174

270

ANNUAL REPORT OF BOARD OF GOVERNORS

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
DISTRICT NO. 1

Powers
granted
DISTRICT INO. 1—Continued

CONNECTICUT

MAINE

(See also District No. 2)

Augusta: First National GraniteBank..
Bangor: Merchants National Bank
Bar Harbor: First National Bank
Bath:
Bath National Bank
First National Bank
Belfast: First National Bank
Biddeford: First National Bank
Camden: Camdon National Bank
Damariscotta: First National Bank....

Ansonia: Ansonia, National Bank
Canaan: Canaan National Bank
Danielson: Windham County National Bank.
Derby: Birmingham National Bank...
Hartford:
Capitol National Bank & Trust
Co.
First National Bank
Hartford National Bank & Trust
Co.
Meriden: Home National Bank
Middletown:
CentreJ National Bank
Middletown National Bank
Mystic: Mystic River National Bank..
Naugutuck: Naugatuck N a t i o n a l
Bank.
New Britain: New Britain National
Bank.
New Haven:
First National Bank & Trust Co...
New Haven Bank, N. B. A
Second National Bank
Tradesmens National Bank
New London:
National Bank of Commerce
National Whaling Bank
New London City National Bank.
NewMilford: First National Bank
Norwich: Uncas-Merchants National
Bank.
Putnam: Citizens National Bank
Torrington: TorringtonNational Bank
& Trust Co.
Wallingford: First National Bank
Waterbury:
Citizens and Manufacturers Na. tionalBank.
Waterbury National Bank
Willimantic: Windham National Bank
Winsted: Hurlbut National Bank




1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

Ellsworth: Liberty National Bank in
Ellsworth.
Farmington:
First National Bank
Peoples National Bank
Ito9.
Houlton: FirstNationalBank
1 to 9.
Lewiston:
1 to 9.
First National Bank
1 to 9.
Manufacturers National Bank
Norway: Norway National Bank
Ito9.
Pittsfield: FirstNationalBank
Portland:
CanalNational Bank
1 to 8. •
First National Bank at Portland...
1 to 9.
1 to 9.
National Bank of Commerce
1 to 9.
Portland National Bank
Presquelsle: NorthernNationalBank..
Rockland: FirstNationalBank
1 to 9.
Rumford: Rum ford National Bank
1 to 9.
1, 2, 3, 5, 7, Saco: York National Bank
Skowhegan: FirstNationalBank
and 8.
Springvale: Springvale National Bank .
1 to 9.
Thomaston:ThomastonNationalBank.
Ito8.
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 4.
1 to 8.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1, 2, 3, 5,
and 6.
1 to 9.
1 to 9.
. to 3, and 5.
1
I to 5, and 9.
1 to 9.
I to 5, and 9.
I, 2, and 3.
1 to 9.

L to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1,2 and 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5, 8,
and 9.
Waldoboro: MedomabNational Bank.. 1 to 3, 5 to 7,
and 9.
Ito9.
Waterville: FirstNationalBank
MASSACHUSETTS
Abington: Abington National Bank
Adams:
First National Bank
Graylock National Bank

1 to 8.
1 to 7 and 9.

271

FEDERAL RESERVE SYSTEM
Powers
granted
DISTRICT NO. 1—Continued

DISTRICT NO. 1—Continued
MASSACHUSETTS—continued
Amherst: FirstNationalBank
Andover: Andover National Bank
Athol: First National Bank
Attleboro: First National Bank
Beverly: Beverly National Bank
Boston:
FirstNational 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: FirstNationalBank
Gloucester:
Cape Ann National Bank
Gloucester National Bank
Great Barrington: National Mahaiwe
Bank.
Greenfield: First National Bank &
Trust Co.
Haverhill:
Haverhill National Bank
Merrimack National Bank
Holyoke: Holyoke National Bank
Hudson: Hudson National Bank.
Hyannis: Barnstable County National
Bank.
Ipswich: FirstNationalBank
Lawrence: Bay State Merchants 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:
FirstNational Bank
Marblehead: National Grand Bank
Marlboro:
First National Bank
Peoples National Bank
Medford: FirstNational Bank
Methuen: Methuen National Bank
Milford:
Home National Bank
MilfordNationalBank &TrustCo..
Nantucket: Pacific National Bank
Needham: Needham National Bank....
New Bedford:
FirstNational Bank
Merchants National Bank
Safe Deposit National Bank
Mewburyport:
First and OceanNationalBank
Merchants National Bank
Newton: Newton National Bank
North Adams: North Adams National
Bank.
North Attleboro: Manufacturers National Bank.
Northampton:
FirstNationalBank
Northampton National Bank &
Trust Co.




Powers
granted

MASSACHUSETTS-continued
1
1
1
1
1

to 9.
to 9.
to 9.
to 9.
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.
1 to 9.
1 to 3.
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.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 5 and 7.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1,2, 3 and 5.
Ito8.
1 to 4.
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 to 9.
1 to 9.
1 to 9.
1 to 9.

Orange: Orange National Bank
Palmer: Palmer National Bank
Peabody: Warren National Bank
Pittsfield:
Agricultural National Bank
Pittsfield-Third National Bank &
Trust Co.
Plymouth: Plymouth National Bank..
Provincetown: FirstNationalBank
Rockport: Rockport National Bank
Salem: Merchants National Bank
Shelburne Falls: Shelburne Falls National Bank.
Somerville: SomervilleNationalBank..
Southbridge: Southbridge National
Bank.
Springfield:
Springfield National Bank
Third National Bank & Trust C o . . .
Tisbury: Martha's Vineyard National
Bank.
Townsend: Townsend National Bank..
Uxbridge: Blackstone National Bank...
Waltham: Waltham National Bank....
Wareham: National Bank ofWareham.
Watertown: Union Market National
Bank.
Webster: FirstNational Bank
Wellesley: Wellesley National Bank....
Westfield:
FirstNational Bank
Hampden National Bank & Trust
Co.

Williamstown: Williamstown National
Bank.
Winchendon: FirstNational Bank
Winchester: WinchesterNationalBank.
Woburn: WoburnNationalBank

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to
1 to
1 to
1 to
1 to

5.
9.
4.
9.
7 and 9.

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 3.
1 to 4.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 7 and 9.
1 to 9.

1 to 9.
1 to 9.
1 to 3, 6, 7,
and 9.
Worcester: MechanicsNationalBank... 1 to 9.
Yarmouthport: First National Bank 1 to 9.
of Yarmouth.
NEW HAMPSHIRE
Berlin: Berlin City National Bank
Charlestown: Connecticut River NationalBank.
Claremont:
Claremont National Bank

1.

Peoples National Bank
Concord:
FirstNationalBank
Mechanicks National Bank

1.

National State Capital Bank
Dover:
Merchants National Bank
Straff ord National Bank
Exeter: RockinghamNational 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: NationalBank of Lebanon...
Manchester:
Amoskeag National Bank
Manchester National Bank
Merchants National Bank
Milford: SouheganNational Bank
Nashua:
IndianHeadNationalBank
SecondNationalBank

1 and 4.
1, 2, 4, 6, 7,
and 9.

1 to 9.
1, 2, 4, 6, 7,
and 9.
1, 2, and 4.
1 to 3.
1 to 4.
1, 2, and 4.
1, 2, and 9.
1,2,4, and 9.
1 and 4.
1 to 4.
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 4f 6, 7,
and 9.
1,2, and 4.

272

ANNUAL REPORT OF BOARD OF GOVERNORS

Powers
granted

DISTRICT NO. 1—Continued

Powers
granted

DISTRICT NO. 2 -Continued

NEW HAMPSHIRE—continued
Newport: CitizensNationalBank
Peterborc: First National Bank
Plymouth:
Pemigewasset National
Bank.
Portsmouth:
First National Bank

CONNECTICUT-continued
1, 2, 4, 6, 7,
and 9.
1, 4, and 9.
1 and 4.

1, 2, 4, 6, 7,
and 9.
1 and 9.
1 and 2.
1, 2, 4, 0, 7,
and 9.
Wolfeboro: WolfehoroNationalBank... 1 and 4.
RHODE ISLAND
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.

VERMONT
Barre: Peoples National Bank
Bennington:
County National Bank
First National Bank
Brandon: First National Bank
Brattleboro: VermontPeoplesNational
Bank.
Burlington: Howard National Bank &
Trust Co.
Chester: National Bank of Chester
Danville: CaledoniaNationalBank
Derby Line: National Bank of Derby
Line.
Enosburg Falls: Enosburg Falls National iBank.
Manchester Center: Factory Point National Bank.
Middlebury: National Bank of Middlebury.
Montpelier:
FirstNationalBank
Montpelier National Bank
Newport: National Bank of Newport
Northfield: Northfield National Bank...
Rutland:
Clement National Bank
Rutland County National Bank....
St. Albans: Welden National Bank in
St. Albans.
St. Johnsbury:
FirstNational Bank
Merchants National Bank
Springfield: FirstNationalBank
Windsor: Windsor County National
Bank.

1 to 9.
1
1
1
1

to 9.
to 9.
to 4.
to 9.

1 to 8.
1,2, 3, and 5.
1 to 9.
1 to 3, 5, and
9.

1, 2, 3, 5, 6,
and 7.
1 to 9.
1 to 9.
1
1
1
1

to 4.
to 9.
to 7 and 9.
to 9.

1 to 3, 5 to 7.
1 to 9.
1 to 9.
1
1
1
1

to 6 and 9.
to 8.
to 5.
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: FirstNationalBank in....
New Canaan: First National Bank &
Trust Co.
Norwalk: National Bank of Norwalk...
Ridgefield: First National Bank &

National

1 to 9.

NEW JERSEY
(See also District No. 3)

New Hampshire National Bank
Tilton: CitizensNationalBank
Wilton: Wilton National Bank

Newport:
Aquidneck National Bank
Newport National Bank
Providence:
Blackstone Canal National Bank...
National Bank of Commerce &
Trust Co.
Providence National Bank

Stamford: First Stamford
Bank & Trust Co.

1 to 9.
1
1
1
1

to 9.
to 9.
to 9.
to 9.

1 to 9.
1 to 9.

Trust Co.
SouthNorwalk: CityNationalBank... 1 to 9.



Allendale: FirstNationalBank
Allenhurst: Allenhurst National Bank
& Trust Co.
Allentown: Farmers National Bank
Asbury Park: Asbury Park National
Bank & Trust Co.
Atlantic Highlands: Atlantic Highlands National Bank.
Bayonne: Broadway National Bank... .
Belleville: Peoples National Bank &
Trust Co.
Bergenfield: Bergenfield National Bank
& Trust Co.
Bernardsville: Bernardsville National
Bank.
Boonton: Boonton National Bank
Boundbrook: FirstNationalBank
Butler: FirstNational Rank
Caldwell:
Caldwell National Bahk
Citizens National Bank & Trust
Co.
CliffsidePark: United National Bank...
Clifton:
CliftonNationalBank
FirstNationalBank
Closter: ClosterNationalBank & Trust

1 to 9.
1 to 9.

Cranbury: FirstNational Bank
C ran ford: FirstNationalBank
Dover: National Union Bank
Dunellen: FirstNational Bank
Elizabeth: National State Bank
Englewood: CitizensNationalBank &
Trust Co.
Flemington:
Flemington National
Bank & Trust Co.
Freehold:
Central National Bank
FirstNationalBank
FrenchtowTn: UnionNationalBank
Hacksensack:
Bergen County National Bank
CityNationalBank & Trust C o . . . .
Hackettstown:
HackettstownNationalBank
Peoples National Bank
Hamburg: HardystonNational Bank...
Highland Park: FirstNationalBank....
Hillside: Hillside National Bank
Irvington:
Irvington National Bank
Peoples National Bank & Trust

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9
1 to 9.

Co.

Co.

Jersey City:
First National Bank
Franklin National Bank
Hudson County National Bank
Kearny: FirstNationalBank & Trust
Uo.
Lambertville:
Amwell National Bank
Lambertville National Bank
Little Falls: Little Falls N ational Bank.
Madison: FirstNationalBank
Manasquan: Manasquan National
Bank.
Millburn: FirstNationalBank
Mill town: FirstNationalBank
Montclair: First National Bank &
Trust Co.
Morristown:
First National Bank
1
National Iron Bank

1 to 9.
to 9.
to 8.
i to y.
1 to 9.
to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
Ito9.
Ho 9.
I to 9.
1 to 9.

1 to 9.
1 to 9.
1 to 9.
1 and 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9
1 to 9.
1 to 9.
1
1
1
1
1

to 9.
to 9.
to 9.
to 9.
to 9.

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

273

FEDERAL RESERVE SYSTEM

Powers
granted

Powers
granted
DISTRICT NO. 2

DISTRICT NO. 2 -

Continued

NEW JERSEY—continued

ontinucrf

NEW YORK—continued

Baldwin: Baldwin National Bank &
Trust Co.
Baldwinsville: First National Bank &
Trust Co.
Ballston Spa: Ballston Spa National
Bank.
1 to 9.
Batavia: First National Bank
1 to 9.
Bath: Bath National Bank
Bay Shore: First National Bank &
1 to 9.
Trust Co.
1 to 9.
Beacon:
I to 9.
Fishkill National Bank
Matteawan National Bunk of
Beacon.
1 to 9.
Ringhamton:
1 to 9.
CityN ational Bank
First National Bank
1 to 9.
Bridgehampton: Bridgehampton Na1 to 9.
tional Bank.
1 to 9.
Bronxville: Gramatan National Bank
& Trust Co.
Camden: First National Bank & Trust
1 to 9.
Co.
1 to 9.
Canajoharie: Canajoharie National
Bank.
1 to 9.
Canandaigua: Canandaigua National
I to 9.
Bank & Trust Co.
Canton:
1 to 9.
First National Bank
1 to 9.
St. Lawrence County National
Bank.
1 to 8.
Carmel: Putnam County National
Bank.
1 to 9.
Carthage: CarthageNationalExchange
Bank.
1 to 9.
Catskill: Catskill National Bank &
1 to 9.
Trust Co.
1 to 8.
Cazenovia: Cazenovia National Bank..
Cedarhurst: PeninsulaNationalBank..
Central Square: First National Bank...
Central Valley: Central Valley National
1 to 9.
Bank.
1 to 9.
Clayton: FirstNationalExchangeBank.
Clyde: Briggs National Bank & Trust
1 to 9.
Co.
Cohoes: National Bank of Cohoes
Cooperstown:
1 to 9.
First National Bank
1 to 9.
Second National Bank
Corning: First National Bank & Trust
1 to 8.
Co.
1 to 4.
Cortland: First National Bank of Cort1 to 9.
land.
1 to 9.
Cuba:
1 to 9.
Cuba National Bank
First National Bank
1 to 5.
Delhi: Delaware National Bank
1 to 9.
Dolgeville: First National Bank
Dover Plains: Dover Plains National
1 to 9.
Bank.
1 to 9.
Dunkirk:
1 to 9.
Lake Shore National Bank
1 to 9.
Merchants National Bank
1 to 9.
East Rockaway: East Rockaway Na1 to 9.
tional Bank & Trust Co.
Edwards: EdwardsNational Bank
NEW YORK
Ellenville: FirstlNationalBank & Trust
Co.
Albany:
Elmira: First National Bank & Trust
National Commercial Bank & 1 to 8.
Co.
Trust Co.
Fairport: Fairport National Bank &
New York State National Bank
Trust Co.
1 to 9.
Amityville: First National Bank & 1 to 9.
Farmingdale: First National Bank
Trust Co.
Far Rockaway: National Bank of Far
Amsterdam:
Rockaway.
Amsterdam City National Bank
1 to 3, 5 to 8. Floral Park: First National Bank &
Farmers National Bank
1 to 9.
Trust Co.
First National Bank
1 to 9.
Fonda: National Mohawk River Bank..
Auburn: TheN ational Bank of Auburn. 1 to 9.
Fort Plain: Fort Plain National Bank..
Babylon: Babylon National Bank & 1 to 9.
Frankfort: Citizens FirstN ational Bank
Trust Co.
Fredonia: National Bank of Fredonia..

Newark:
Lincoln National Bank
Mount Prospect National Bank
J ational Newark & Essex Banking
N
Co.
National State Bank
Union National Bank
New Brunswick:
National Bank of New Jersey
Peoples National Bank
Newton: Sussex ArMerchantsNational
Bank.
N utley:
First National Bank
Franklin National Bank
Orange:
Orange-First National Bank
Second National Bank
Passaic: PassaiclN ational 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
Poinpton Lakes: First National Bank
& Trust Co.
Prospect Park: Prospect Park National
Bank.
Rahway: Rahway 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 N a t i o n a l
Bank.
Sayreville; First National Bank
Somerviile: Second N ational Bank
South Amboy: First National Bank....
South River: First National Bank
Summit: First National Bank & Trust
Co.
Sussex: Farmers National Bank
Tenafly: Northern Valley National
Bank.
Union City: First National Bank
Washington: First National Bank
Weehawken: Hamilton National Bank.
Westfield: National Bank ofWestfield..
W est Orange: First N ational Bank
Westwood: First National Bank




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.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ho 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 8.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 8.

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
4.
1 to 9.
Ito8.
1 to 9.
Ito9.
1 to 9.

274

ANNUAL REPORT OF BOARD OF GOVERNORS

Powers
granted
DISTRICT NO. 2—Continued

Powers
granted
DISTRICT NO. 2—Continued

NEW YORK—continued

NEW YORK—continued

Freeport:
Citizens National Bank
First National Bank & Trust Co....
Fulton: Citizens National Bank &
Trust Co.
Geneseo: GeneseeVailevNationalBank
& Trust Co.
Glens Falls:
FirstNational Bank
Glens Falls National Bank & Trust

NewRochelle: First National Bank
New York:
Chase National Bank
CommercialNationalBank & Trust
Co.
Dunbar National Bank
First National Bank
Fort Greene National Bank
Grace National Bank
Kingsboro: NationalBank of Brooklyn in New York.
Lafayette: NationalBank of Brooklyn in New York.
National City Bank
National Safety Bank & Trust Co.
Peoples National Bank of Brooklyn in New York.
PublicNationalBank &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.
Olean:
Exchange National Bank
First National Bank
Oneida: Oneida Valley National Bank..
Oneonta:
CitizensNationalBank & Trust Co.
Wilbur National Bank
Ossining: First National Bank & Trust
Co.
Oswego: First & SecondNational 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

Co.

G lover sville:
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: NationalBank &TrustCo.
Hempstead: SecondNationalBank
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.
Ilion:
Ilion National Bank & Trust Co
Manufacturers National Bank
Irvington: Irvington National Bank &
Trust Co.
Islip: FirstNational Bank
Ithaca: FirstNational Bank
Jamestown: National Chautauqua
County Bank.
Kingston:
FirstNational Bank of Rondout
National Ulster County Bank
Rondout National Bank
State of New York National Bank..
Liberty: Sullivan County National
Bank.
Little Falls: Little FallsNational Bank.
Lockport: Niagara County National
Bank & Trust Co.
Lowville: Black River National Bank...
Lynbrook:
Lynbrobk National Bank & Trust
Co.
PeoplesNationalBank &TrustCo..
Malone: FarmersNationalBank
Manhasset: First National Bank &
Trust Co.
Massena: First National Bank & Trust
Co.
Mattituck: Mattituck NationalBank
& Trust Co.
Merrick: FirstNational Bank
Middletown:
First Merchants National Bank &
Trust Co.
NationalBank of Middletown
Mineola: FirstNational Bank
Monti cello: National Union Bank of
Monti cello.
Morristown: FrontierNationalBank
Mount Kisco: Mount Kisco National
Bank & Trust Co.
Mount Verno.n: FirstNational Bank
Newburgh:
Highland QuassaickNationalBank
& Trust
 Co. of Newburgh
National Bank



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.
1 to 5.
2 and 3.
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.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to8.
Ito9.
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.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
4.

1 to 9.
Ito8.
1 to 9.
Ito9.

Co.

Westchester County National Bank.
Perry: FirstNational Bank
Plattsburg:
MerchantsNationalBank in Plattsburg.
Plattsburg National Bank & Trust
Co.
Pleasantville: First National Bank
Port Chester: First National Bank &
Trust Co.
Port Henry: CitizensNationalBank....
Port Jervis:
FirstNational Bank
NationalBank & Trust Co. of Port
Jervis.
Port Richmond: Staten IslandNational
Bank & Trust Co.
Port Washington: Port Washington
NationalBank & Trust Co.
Potsdam: CitizensNationalBank
Poughkeepsie:
Fallkill National Bank & Trust Co..
Farmers &ManufacturersNational
Bank.
FirstNational Bank
Merchants National Bank & Trust
Co.
Red Hook: FirstNational Bank
Richfield Springs: First Na tional Bank.
Riverhead: Suffolk County National
Bank.
Rockville Center: Nassau County National Bank.
Rome: FarmersNationalBank & Trust
Co.

1 to 9.
1 to 9.
1 t o ft.

1 to 9.
i to e.
1 to 9.
1 to 9.
1 to 9.
1 to 4i.
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 to 9.
1 to 9.
1 to \).
1 to y.
1 to 1).
1 to H.
1 to !}.
1 to 9.
4.

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 5, 7 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.
Ito9.
1 to 9.
1 to 9.
1, 2, and 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

275

FEDEEAL RESERVE SYSTEM

Powers
granted
DISTRICT NO. 2—Continued

DISTRICT NO. 3—Continued
DELAWARE—continued

NEW YORK—continued
Roscoe: FirstNationalBank & Trust
Co.
Roslyn: RoslynNationalBank & Trust
Co.
Rye: Rye National Bank
St. Johnsville: FirstNationalBank
Saranac Lake: Adirondack National
Bank & Trust Co.
Saratoga Springs: Saratoga National
Bank.
Saugerties: FirstNationalBank & Trust
Co.
Scarsdale: Scarsdale National Bank &
Trust Co.
Schenectady:
Mohawk National Bank
Union National Bank
Sidney: FirstNationalBank in Sidney
Silver Creek: Silver Creek National
Bank.
Skaneateles: National Bank & Trust
Co.
Southampton: FirstNationalBank....
Spring Valley: FirstNationalBank
Springville: Citizens National Bank
Stamford: NationalBank of Stamford..
Suffern: Suffern National Bank &
Trust Co.
Syracuse:
LincolnNationalBank &TrustCo..
Merchants National Bank & Trust
Co.
Tarry town: Tarry town National Bank
& Trust Co.
Ticonderoga: Ticonderoga National
Bank.
Troy:
Manufacturers National Bank
National City Bank
Union National Bank
Tuckahoe: First National Bank &
Trust Co.
Utica: Oneida National Bank & Trust
Co.
Valley Stream: Valley StreamNational
Bank & Trust Co.
Walden: FirstNationalBank & Trust
Co.
Walton: First National Bank & Trust
Co.
Warrensburg: Emerson National Bank.
Warsaw: Wyoming County National
Bank.
Warwick: First National Bank
Watertown:
Jefferson County National Bank
Watertown National Bank
Watervliet: National Bank of Watervliet.
Waverly: Citizens National Bank
Wellsville: Citizens National Bank
Westbury: Wheatley Hills National
Bank.
Westfield: NationalBank ofWestfield..
Whitehall: Merchants National Bank..
White Plains: PeoplesNationalBank &
Trust Co.
Yonkers:
CentralNationalBank
YonkersNationalBank & Trust Co.

Ito9.
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 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5
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 8.
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.

DISTRICT NO. 3
DELAWARE
Delmar: First National Bank
Dover: FirstNationalBank
Harrington: FirstNationalBank
Laurel: PeoplesNationalBank
Milford: FirstNationalBank & Trust
Co.




Powers
granted

1 to 8.
1 to 9.
1 to 9.
1 to 8.
1 to 9.

Seaford: First National Bank
Smyrna:
Fruit Growers National Bank &
Trust Co.
NationalBank of Smyrna
Wilmington:
CentralNationalBank
Union National Bank

1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

NEW JERSEY
(See also District No. 2)
Abescon: FirstNationalBank
Atlantic City: Boardwalk National
Bank.
Audubon: Audubon National Bank
Barnegat: First National Bank
Beach Haven: Beach Haven National
Bank & Trust Co.
Beverly: FirstNationalBank & Trust
Co.
Blackwood: First National Bank &
Trust Co
Bordentown: First National Bank
Bridgeton:
Bridge ton National Bank
Cumberland National Bank
Farmers and Merchants National
Bank.
Burlington: MechanicsNationalBank..
Camden:
American National Bank
to 9.
First Camden National Bank &
Trust Co.
Third National Bank & Trust Co...
Cape May: Merchants National Bank..
Collingswood: CitizensNationalBank..
Elmer: First National Bank
Glassboro: FirstNationalBank
Haddonfield: Haddonfield National
Bank.
Hightstown: First National Bank
Hopewell: Hopewell National Bank
Lake wood: Peoples National Bank in
Lake wood.
Medford: Burlington County National
Bank.
Merchantville: MerchantvilleNational
Bank & Trust Co.
Millville: Millville National Bank
Mount Holly: Union National Bank
& Trust Co.
Paulsboro: First National Bank &
Trust Co.
Pemberton: PeoplesNationalBank &
Trust Co.
Penns Grove: Penns Grove National
Bank & Trust Co.
Pitman: Pitman National Bank &
Trust Co.
Point Pleasant Beach: Ocean County
1\ clXlt)Il<Al .Del UK..

Princeton:First National Bank & Trust
Roebling: FirstNationalBank
Co.
City National Bank & Trust C o . . . .
Salem National Bank & Trust Co..
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: MarineNationalBank

Ito9.
1 to 9.
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 9.
1 to 9.
4.
1 to 9.
Ito9.
Ito9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1
1
1
1

to 9.
to 9.
to 9.
to 9.

1 to 9.
1 to 9.
Ito8.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.

276

ANNUAL REPORT OF BOARD OF GOVERNORS

Powers
granted
DISTRICT NO. 3—Continued

DISTRICT NO. 3 - Continued

NEW JERSEY—continued
Woodbury: First National Bank &
Trust Co.
Woodstown:
Fir stNational Bank
WoodstownNationalBank & Trust
Co.

PENNSYLVANIA—continued

1 to 9.
1 to 9.
1 to 9.

PENNSYLVANIA
(See also District No. 4)
Allentown:
AUentown National Bank
Merchants National Bank
Second National Bank
Altoona: First National Bank
Annville: Aimville National Bank
Ashland: Ashland National Park
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: BridgeportNationalBank..
Bristol: Farmers National Bank of
Bucks County.
Catasauqua:
Lehigh National Bank
National Bank of Catasauqua
Chambersbnrg:
National Bank of Chambersburg...
Valley National Bank
Chester: Delaware County National
Bank.
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: Fir stNational Bank....
Dallastown: First National Bank &
Trust Co.
Danville:
Danville National Bank
First National Bank
Doylestown:
Doylestown National
Bank & Trust Co.
DuBois:
Deposit National Bank
Du Boia National Bank
East Stroudsburg: Monroe County National Bank.
Easton:
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
 National Bank
Gettysburg



Powers
granted

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
I to 9.
1 to 9.
1 to 3.
1 to 9.
I 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.
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.
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.
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.

Greencastle: First National Bank
Harleysville:
Iiarleysville National
Bank.
Harrisburg: Harrisburg National Bank.
Hatsboro: Hatsboro National Bank
Hatfield: Hatfield National Bank
Hazleton:
First National Bank
Hazleton National Bank
Honesdale: Honesdale National Bank..
Honeybrook: First National Bank
Hummelstown:
Hummelstown National Bank.
Huntingdon:
First National Bank
UnionNationalBank & Trust C o . . .
Johnstown:
Moxham National Bank
United States National Bank in
Johnstown.
Kane: First National Bank
Kermett Square: National Bank &
Trust Co. of Kennett Square.
Kingston: Kingston Natioral Bank
Kutztown: KutztownNationalBank.. .
Lancaster:
ConestogaNational Bank
Fulton National Bank
Lancaster County National Bank
Langhorne: Peoples National Bank &
Trust Co.
Lansdale: First National Bank
Lansdowne: National Bank of Lansdowne.
Lebanon:
First National Bank
Lebanon National Bank
Peoples National Bank
Lehighton:
Citizens National Bank & Trust Co.
First National Bank
Lewisburg:
Lewisburg National Bank
Union National Bank
Lewistqwn:
Citizens National Bank
Mifrlin County National Bank
Russell National Bank
Lititz: Farmers National Bank
Littlestown: LittlestownNationalBank.
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
MauchChunk: MauchChunkNational
Bank.
Mechanicsburg: SecondNationalBank.
Media: First National Bank
Millheim: Farmers National Bank &
Trust Co.
Milton; First Milton National Bank....
Montoursville: FirstNationalBank
Montrose: First and Farmers National
Bank & Trust Co.
Mount Carmel:
FirstNationalBank
Union National Bank
Mount Joy:
First National Bank & Trust Co
Union National Mount Joy Bank...
Mountville: MountvilleNational Bank.
Myer fit-own: My era town N a t i o n a l
Bank.
Nanticoke:
FirstNationalBank
Miners National Bank
Nanticoke National Bank

1 to 9.
l t o 0.
1 to 9.
1 to 9.
1 to 9.
1 to
1 to
1 to
1 to
1 to

9.
9.
9.
9.
9.

1 to 9.
1 to 8.
I to 9.
1 to 9.
I to 9.
1 te 9.
1 to 9.
1 to 9.
I to 9.
1 to 9.
1 to 9.
1 to 9.

1 to 9.
1 to '.).
1 to 9.
1 to !!.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 91 i:,o 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 so 9.
1 D 9.
O
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
i to y.
1 to 9.
1 to 9.
l t o 4.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

277

FEDERAL RESERVE SYSTEM

Powers
granted

Powers
granted
DISTRICT NO. 3 -Continued

DISTRICT NO. 3 - C o n t i n u e d
PENNSYLVANIA—continued
Mazareth: Nazareth National Bank &
Trust Co.
New Holland: Farmers National Bank
& Trust Co.
Newtown: FirstNationalBank & Trust

PENNSYLVANIA—continued

Smethport: Grange National Bank of
McKean County.
Souderton: Union National Bank &
1 to 9.
Trust Co.
1 to 7 and 9. Spring City: NationalBank & Trust Co.
Co.
State College:
Newville: FirstNationalBank
First National Bank
1 to 9.
Norristown:
Peoples National Bank
Montgomery National Bank
Stroudsburg: First Stroudsburg Na1 to 9.
Peoples National Bank
tionalBank.
1 to 9.
Northampton: Cement National Bank I t o 8 .
Sunbury: FirstNationalBank
of Siegfried.
Swarthmore: Swarthmore National
Northumberland:
Northumberland 1 to 9.
Bank & Trust Co.
NationalBank.
Tamaqua:
Oley: FirstNationalBank
First National Bank
Ito9.
Orwigsburg: First National Bank & 1 to 9.
Tamaqua National Bank
Trust Co.
Topton: National Bank of Topton
Oxford: National Bank of Oxford
Towanda: CitizensNationalBank
1 to 9.
Palmerton: First National Bank
Tyrone: First Blair County National
1 to 9.
Pen Argyl: First National Bank
Bank.
1 to 9.
Philadelphia:
Watsontown: Farmers National Bank..
Central Penn National Bank
Way nesboro:
1 to 9.
City National Bank
Citizens National Bank & Trust Co.
1 to 9.
FirstNationalBank &TrustCo.in
Corn Exchange National Bank & 1 to 9.
Way nesboro.
Trust Co.
Weatherly: FirstNationalBank
Erie National Bank
1 to 9.
First National Bank
Wernersville: Wernersville National
1 to 9.
Kensington National Bank
Bank & Trust Co.
1 to 3, 5 to 9.
Market Street National Bank
West Chester:
1 to 9.
National Bank of Germantown & 1 to 8.
First National Bank
Trust Co.
National Bank of Chester County
North BroadNational Bank
& Trust Co.
1 to 9.
Northeast National Bank
West Grove: National Bank & Trust
Ito9.
Co.
Northwestern National Bank in 1 to 9.
Philadelphia.
Wilkes-Barre:
Philadelphia National Bank
Miners National Bank
Ito9.
Second National Bank
Second National Bank
1 to 9.
Tioga National Bank & Trust Co.. 1 to 9.
Wyoming National Bank
TradesmensNationalBank & Trust 1 to 9.
Williamsport:
Co.
First National Bank
Philipsburg: FirstNationalBank
Williamsport National Bank
1 to 9.
Phoenixville: Farmers and Mechanics 1 to 9.
Wrightsville: FirstNationalBank
NationalBank.
York:
Pine Grove: Pine Grove National Bank 1 to 9.
CentralNationalBank & Trust Co..
& Trust Co.
Drovers and Mechanics National
Pittston:
Bank.
FirstNationalBank
First National Bank
1 to 9.
Liberty National Bank
Industrial National Bank of West
1 to 9.
Plymouth: FirstNationalBank
York.
1 to 9.
Port Allegany: First National Bank.... 1 to 9.
Western National Bank
Pottstown:
York County National Bank
CitizensNationalBank &TrustCo. 1 to 9.
York National Bank & Trust Co...
NationalBank of Pottstown
1 to 9.
National Iron Bank
DISTRICT NO. 4
1 to 9.
Pottsville:
Miners National Bank
KENTUCKY
1 to 9.
Pennsylvania National Bank & 1 to 9.
Trust Co.
(See also District No. 8)
Red Lion:
Ashland:
Farmers & Merchants National 1 to 9.
Bank.
Second National Bank
FirstNationalBank & Trust Co.... 1 to 9.
Third National Bank
Ridgway: Ridgway National Bank
Brooksville: FirstNationalBank
Ito9.
Sayre: FirstNationalBank
Covington: First National Bank &
Ito9.
Schuykill Haven: First National Bank 1 to 9.
Trust Co.
& Trust Co.
Cynthiana:
Schwenksville: NationalBank & Trust 1 to 9.
Farmers National Bank
Co.
NationalBank of Cynthiana
Scranton:
Georgetown:
First National Bank
FirstNationalBank
•
Ito9.
Third National Bank & Trust Co... 1 to 9.
Georgetown National Bank
Shamokin:
Harlan: Harlan National B a n k . . . . . . . . .
Market Street National Bank
Lexington: FirstNationalBank & Trust
Ito9.
Co.
NationalDimeBank of Shamokin.. 1 to 9.
Shenandoah:
Ludlow: FirstNationalBank
Merchants National Bank
1 to 9.
Middlesboro: National Bank of MidMiners National Bank
1 to 9.
dlesboro.
Shickshinny: FirstNationalBank
1 to 3, 5 to 8. Mount Sterling:
Shippensburg:
Montgomery National Bank
FirstNationalBank
Mount Sterling National Bank
1 to 9.
Peoples National Bank
Traders National Bank
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.
1 to 4.
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.
Ito9.
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.
1 to 9.
1 to 9.
1 to 9.

1 to 5, 7 to 9.
1 to 5, 7 to 9.
1 to 5 and 8.
1 to 9.
1 to 9.
1 to 5, 7 to 9.
1 to 9.
1 to 5, 7 to 9.
1 to 5, 7 to 9.
1 to 9.
1 to 9.
1 to 5, 7 to 9.
Ito8.
1 to 9.
1 to 5, 7 to 9.

278

ANNUAL REPORT OF BOARD OP GOVERNORS
Powers
granted

DISTRICT NO. 4—Continued
KENTUCKY—continued
Newport:
AmericanNationalBank
Newport National Bank
Paintsville: SecondNationalBank
Paris: National Bank & Trust Co
Pikeville:
First National Bank
PikevilleNationalBank & Trust Co
Richmond: Madison SouthernNationalBank & Trust Co.
Salyersville: Salyersville National
Bank.
Somerset:
Farmers National Bank
First National Bank
Williamsburg: First National Bank
Winchester: Clark County National
Bank.
OHIO
Alliance: AllianceFirstNational
Ashtabula:
FarmersNational Bank & Tr ust Co.
National Bank of Ashtabula
Athens:
AthensNationalBank
Bank of Athens, N. B. A
Canton: First National Bank
Cincinnati:
Atlas National Bank
First National Bank
Lincoln National Bank
Second National Bank
Circleville: FirstNational Bank
Cleveland:
Central National Bank
National City Bank
Columbus:
City National Bank & Trust Co
Huntington National Bank
Ohio National Bank
Coshocton: CommercialNationalBank.
Dayton:
Merchants National Bank & Trust
Co.
ThirdNationalBank & Trust Co...
WintersNationalBank &TrustCo..
East Liverpool: First National Bank —
Findlay: FirstNationalBank
Greenville: SecondNationalBank
Hamilton:
FirstNationalBank & Trust Co
Second National Bank
Lima: National Bank of Lima
Mansfield:
CitizensNationalBank &TrustCo.
Mansfield Savings Trust National
Bank.
Marietta: CitizensNationalBank
Marion: Nationality Bank & Trust Co.
Massillon: FirstNationalBank inMassillon.
Mount Vernon: The Knox National
Bank.
Newark: Park National Bank
New Philadelphia: Citizens National
Bank.
Piqua:
CitizensNationalBank &TrustCo.
Piqua National Bank & Trust Co.
Portsmouth: Security CentralNational
Bank.
Ravenna: SecondNationalBank
Sandusky: Third National Exchange
Bank.
Springfield: First National Bank &
Trust Co.
Steubenville:
National Exchange Bank & Trust
Co.

Peoples National Bank


Powers
granted
DISTRICT NO. 4—Continued

1 to 5, 7 to 9.
1 to 5, 7 to 9.
1 to 8.
1 to 9.
.1 to 8.
1 to 3, 5 to 9.
1 to 9.
2 to 8.
1 to 5, 7 to 9.
1 to 9.
1 to 4.
1 to 5, 7 to 9.

1 to 9.
1 to 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 9.
1 to 7 and 9.
1 to 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.
1 to 7 and 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 7 and 9.
1 to 9.
1 to 7 and 9.

OHIO—continued
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
PENNSYLVANIA
(See also District No. 3)
Arnold: National Deposit Bank of
Arnold.
Braddock: Braddock National Bank
Butler: Butler County National Bank
& Trust Co.
Charleroi: National Bank of Charleroi
& Trust Co.
Connellsville: National Bank & Trust
Co. of Connellsville.
East Pittsburgh: FirstNationalBank &
Trust Co.
Erie:
FirstNational Bank
Marine National Bank
National Bank & Trust Co
Franklin: LambertonNational Bank...
Greensburg: First National Bank in
Greensburg.
Greenville:
FirstNational Bank
Greenville National Bank
Grove City:
First National Bank
Grove City National Bank
Knox: Clarion County N a t i o n a l
Bank.
Leechburg: First National Bank
McKeesport: FirstNationalBank
Meadville:
FirstNational Bank
Merchants National Bank & Trust
Co.

Meyersdale: CitizensNationalBank
1 to 4 and 9. Monessen: Peoples National Bank &
1 to 7 and 9. Trust Co.
Monongahela City: First National
1 to 7 and 9. Bank.
1 to 7 and 9. New Bethlehem: FirstNationalBank...
4.
New Brighton: Union National Bank...
Newcastle:
1 to 7 and 9.
Citizens National Bank
First National Bank of Lawrence
1 to 7 and 9.
County.
1 to 7 and 9. New Kensington:
FirstNational Bank
Logan National Bank & Trust
Co.
1 to 9.
1 to 7 and 9. Oil City:
1 to 7 and 9.
FirstNational Bank
Oil City National Bank
1, 4, and 9. Pittsburgh:
Farmers'Deposit National Bank
Ito9.
First National Bank
1 to 9.
Forbes National Bank
Mellon National Bank
UnionNational Bank
1 to 7 and 9. Punxsutawney: Punxsutawney National Bank.
1 to 7 and 9. Reynoldsville: First National Bank

1 to 7 and 9
1 to 7 and 9
1 to 7 and 9
1 to 7 and 9
1 to 9.
1 to 7 and 9
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 7 and 9.
1, 4 and 9.

1 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 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 5, 7 to 9.
1 to 9.
Ito9.
1 to 8.
1 to 3, 5 to 8.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to8.
Ito7.
Ito9.
Ito9.
4 and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

279

FEDERAL RESERVE SYSTEM

Powers
granted

Powers
granted

DISTRICT NO. 4—Continued

DISTRICT NO. 5—Continued

PENNSYLVANIA—continued

NORTH CAROLINA—continued

Greensboro: S e c u r i t y N a t i o n a l
1 to 9.
Bank.
1 to 8.
Lenoir: Union National Bank
Lumberton: National Bank of LuraIto9.
berton.
Mooresville: FirstNational Bank
1 to 9.
1 to 9.
Morganton: FirstNationalBank
1 to 9.
Mount Airy: FirstNationalBank
1 to 3, 5 to Reidsville: FirstNational Bank
7, and 9.
Rocky Mount: Planters National Bank
Waynesburg:
& Trust Co.
FirstNationalBank & Trust Co.... .1 to 5, 7 to 9. Salisbury: FirstNational Bank
1 to 9.
Union National Bank
Thomasville: FirstNational Bank
Wadesboro: FirstNational Bank
WEST VIRGINIA
SOUTH CAROLINA
(See also District No. 5)
Anderson: Carolina National Bank
1 to 9.
Elm Grove: First National Bank
Camden: FirstNationalBank
1 to 9.
Sistersville: Union National Bank
Charleston: South Carolina National
Wheeling:
Bank.
1 to 9.
NationalBank of West Virginia
Chester: Peoples National Bank
Gaffney: Merchants & Planters Na1 to 9.
National Exchange Bank
tional Bank.
Greenville:
DISTRICT NO. 5
FirstNational Bank
Peoples National Bank
DISTRICT OF COLUMBIA
Holly Hill: FirstNationalBank
Rock Hill: Peoples National Bank
Washington:
1 to 8.
Spartanburg: Commercial National
HamiltonNationalBank
1 to 8.
Bank.
Liberty National Bank
Ito8.
Sumter: NationalBank of South CaroLincoln National Bank
1 to 8.
lina.
National Bank of Washington
1 to 8.
VIRGINIA
National Metropolitan Bank
1 to 8.
Riggs National Bank
1 to 8.
Alexandria:
Second National Bank
Alexandria National Bank
Citizens National Bank
MARYLAND
FirstNational Bank
Appalachia: FirstNationalBank
Baltimore:
Ito9.
Bedford: Peoples National Bank
BaltimoreNationalBank
Ito9.
Blackstone: FirstNationalBank
FirstNationalBank
1 to 9.
Bristol: Dominion National Bank
WesternN ational Bank
Charlottesville:
Cumberland:
1 to 9.
National Bank & Trust Co. at
FirstNationalBank
1 to 9.
Charlottesville.
Second National Bank
1 to 9.
Peoples I ational Bank
N
Denton: Denton National Bank
1 to 9.
Christiansburg: FirstNationalBank
Easton: Easton National Bank
Clifton Forge: FirstNationalBank
Frederick: Farmers & Mechanics Na- 1 to 9.
Covington:
tional Bank.
Citizens National Bank
Hagerstown:
1 to 9.
Covington National Bank
Nicodemus National Bank
1 to 9.
Culpeper: Second National Bank
Second National Bank
Danville:
Rising Sun: National Bank of Rising I t o 9 .
American National Bank & Trust
Sun.
Rockville: Montgomery County Na- 1 to 3.
FirstNationalBank
tional Bank.
Emporia:
Salisbury: Salisbury NationalBank
Citizens National Bank
1 to 9.
1 to 9.
FirstNational Bank
Snow Hill: FirstNational Bank
1 to 9.
Fairfax: NationalBank of Fairfax
Towson: Towson National Bank
Farmville:
Westminster:
FirstNational Bank
Farmers & Mechanics National 1 to 9.
Peoples National Bank
Bank.
1 to 9.
Fredericksburg:
Planters National
FirstNationalBank
Bank in Fredericksburg.
Williamsport: Washington County Ito9.
Hampton:
NationalBank.
Merchants National Bank
Citizens National Bank
NORTH CAROLINA
Harrisonburg:
FirstNational Bank
Asheboro: FirstNationalBank
1 to 9.
NationalBank of Harrisonburg
Asheville: FirstNationalBank &Trust I t o 9 .
Rockingham National Bank
Co. in Asheville.
Charlotte:
Leesburg:
Charlotte National Bank
Loudoun National Bank
1 to 9.
Commercial National Bank
1 to 9.
Peoples National Bank
Union National Bank
1 to 9.
Lexington:
Concord: Concord National Bank
Ito9.
FirstNational Bank
Durham: Depositors N ational Bank
1 to 9.
Peoples National Bank
Elizabeth City: First & Citizens Na- 1 to 9.
Rockbridge National Bank
tionalBank.
Lovingston: First National Bank of
Graham: NationalBank of Alamance... 1 to 9.
Nelson County.
Sharon:
First National Bank in Sharon
McDowellNationalBank
Merchants and Manufacturers National Bank.
Titusville: Second National Bank
Uniontown: Second National Bank
Warren: Warren National Bank
Washington: Citizens N ational Bank..




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.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 9.
1 to 9.
1 and 4.
1 to 9.

1 to 9.
1 to 9.
1 to 9.
1.
1 to 9.
1 to 9.
Ito9.
1 to 9
1 to 9.
1-3,5 & 8.
1 to 6 and 9.
Ito9.
1 to 4.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
Ito9.
1 to 9.
Ito9.
Ito9.
1 to 9.

280

ANNUAL REPORT OF BOARD OF GOVERNORS

Powers
granted
DISTRICT NO. 5—Continued

DISTRICT NO. 5—Continued

VIRGINIA—continued
Lynchburg:
First National Bank
LynchburgNationalBank & Trust
Co.
Marion: MarionNationalBank
Marshall: M shall National Bank &
Trust Co.
Martinsville: First National Bank
Narrows: First National Bank
Newport News: First National Bank...
Norfolk:
National Bank of Commerce
Seaboard Citizens N ational Bank...
Norton: First National Bank
Orange;
Citizens National Bank
National Bank of Orange
Petersburg: Citizens National Bank....
Phoebui3: Old Point National Bank
Portsmouth: American National Bank.
Pulaski:
PeoplesNationalBank
Pulaski National Bank
Radford: First andMerchantsNational
Bank,
Richmond:
Central National Bank
First & Merchants National Bank..
Roanoke:
Colonial American National Bank..
First National Exchange Bank
Rocky Mount* PeoplesNationalBank.
Salem: Farmers National Bank
Stanley: Farmers & Merchants National Bank.
Staunton:
Augusta National Bank
National Valley Bank
Staunton National Bank
Strasburg:
Firat National Bank
Suffolk: National Bank of Suffolk
Warren ton: Fauquier National Bank..
Waynesboro: First National Bank
Winchester:
Farmers & Merchants National
Bank & Trust Co.
Shenandoah Valley National Bank
Wytheville: First National Farmers
Bank.
WEST VIRGINIA
(See also District No. 4)
Becklev: Beckley National Exchange
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
Grafton: First National Bank
Huntington: First Huntington National Bank.
. Logan: National Bank of Logan
Madison: Boone National Bank
Martinsburg: Old National Bank
Montgomery: Montgomery National
Bank.
Moorefield: South Branch Valley National Bank.
Parkersburg: Parkersburg National
Bank.
St. Marys: First National Bank
Welch: McDowell County National
Digitized for Bank in Welch.
FRASER



WEST VIRGINIA—continued
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 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1
1
1
1
1

to
to
to
to
to

9.
9.
9.
9.
9.

1 to 9.
1 to 9.
1 to 9.
1
1
1
1

to
to
to
to

9.
9.
9.
9.

1 to 9.
1 to 9.
1 to 9.

Williamson:
First National Bank

1 to 9.
1 to 9.

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: FirstNationalBank
Fayette: FirstNationalBank
Florence: FirstNationalBank
Fort Payne: First National Bank in
Fort Payne.
Greenville: FirstNationalBank
Mobile:
American National Bank & Trust
Co.
FirstNationalBank
Merchants National Bank
Montgomery:
Alabama National Bank
FirstNationalBank
Oneonta: FirstNationalBank
Opelika:
Farmers National Bank
FirstNational Bank
Opp: First National Bank
Piedmont: FirstNational Bank
Selma: City National Bank
Sylacauga: Merchants & Planters National Bank.
Talladega:
Isbell National Bank
TalladegaNationalBank
Troy: First Farmers & Merchants National Bank.
Tuscaloosa:
City National Bank
First National Bank
Wetumpka: FirstNationalBank

1 to 9.
1 to 7 and 9.
1 to 5, 7, and
9.
1 to 8.
1 to 9.
1 to 4.
1,2,3, and 5.
Ito8.
1 to 9.
1 to 8.
1.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 9.
1
1
1
1
1
1

to 9.
to 7.
to 9.
to 3.
to 8.
to 9.

1 to 3, 5 to 7.
1 to 9.
1 to 7 and 9.
1 to 8.
1 to 8.
1 to 9.

FLORIDA
Bradenton: FirstNational Bank.
1 to 9.
DaytonaBeach: FirstAtlanticNational
Bank.
•
De Funiak Springs: First National
1 to 9.
Bank.
1 to 9.
Jacksonville:
Atlantic National Bank
1 to 9.
Barnett National Bank
1 to 9.
Florida National Bank
Lake City: First National Bank
1 to 9.
Miami:
Ito9.
FirstNationalBank
Florida National Bank & Trust Co.
1 to 9.
at Miami.
1 to 9.
Miami Beach: Miami Beach First Na1 to 9.
tional Bank.
Ocala: Munroe & Chambliss National
1.
Bank.
1 to 4.
Orlando: First National Bank at Or1 to 9.
lando.
1 to 9.
Palm Beach: First National Bank in
1 to 3, 5 to 9. Palm Beach.
Pensacola: Citizens & PeoplesNational
Bank.
1 to 9.
St. Augustine: St. Augustine National
Bank.
1 to 9.
Sanford: Sanford Atlantic National
Ito9.
Bank.

1 to 4.
1 to 9.
1 to 8.
1
1
1
1

to
to
to
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.
Ito9.
Ito9.

281

FEDERAL RESERVE SYSTEM

Powers
granted

Powers
granted
DISTRICT NO. 6 -Continued

DISTRICT NO. 6—Continued

TENNESSEE—Continued

FLORIDA—continued
Sarasota: Palmer National Bank &
Trust Co.
Tampa:
Exchange National Bank
First National Bank
Winter Haven: Exchange National
Bank.
GEORGIA

1 to 3, 5 to 7
and 9.

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:
FirstNational Bank
Fourth National Bank
Dalton: FirstNational Bank
La Grange: La Grange National Bank.
Louisville: First National Bank
Macon: First National Bank & Trust
Co. in Macon.
Moultrie: MoultrieNationalBank
Rome:
First National Bank
National City Bank
Savannah:
Citizens & Southern National
Bank.
Liberty National Bank &TrustCo.

Ito9.
Ito4.

1 to 9.
1 to 8.
1 to 9.

Ito9.
1 to9.
1 to 9.
Ito8.
1 to 9.
1 to 9.
1
1
1
1
1
1

to
to
to
to
to
to

9.
9.
5.
8.
9.
9.

1 to 3, 5 to 8.
1, 3 to 9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 3, 5 to 9.
Ito9.
2, 3, 5 to 7,
and 9.
1 to 9.
1 to 3, 5 to 9.

DISTRICT ISO. 7
ILLINOIS

Ito9.
Ito9.
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.

MISSISSIPPI
(See also District No. 8)
1 to 5.
1 to 4.
1 to 9.
Ito9.
1 to 7 and 9.
Ito9.
1
1
1
1

to
to
to
to

9.
3 and 5.
9.
9.

1 to 9.
Ito9.
1 to 9.

TENNESSEE
(See also District No. 8)
Chattanooga:

Commercial
 National Bank.
Hamilton National Bank


1.

(See also District No. 8)

(See also District No. 11)

Biloxi: FirstNational 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
McCombCity: First National Bank...
Meridian:
Citizens National Bank
FirstNational Bank inMeridian...
Vicksburg:
FirstNationalBank & Trust Co....
Merchants National Bank & Trust
Co.
YazooCity: DeltaNationalBank

Tullahoma: TradersNationalBank
Winchester: FarmersNationalBank....

1 to 9.

LOUISIANA

Baton Rouge:
City National Bank
Louisiana National Bank
Gretna: First National Bank of Jefferson Parish at Gretna.
La Fayette: First National Bank
New Orleans:
Hibernia National Bank in New
Orleans.
National Bank of Commerce
Whitney National Bank

Clarksville: FirstNational Bank
Copperhill: FirstNationalBank of Polk
County at Copperhill.
Decherd: FirstNational Bank of Franklin County at Decherd.
Gallatin: First & Peoples National
Bank.
Greeneville: First National Bank
Kingsport: FirstNationalBank
Knoxville:
Hamilton National Bank
Park National Bank
Lewisburg: First National Bank
Nashville:
American National Bank
Broadway National Bank
Third National Bank in Nashville..
Shelbyville: Peoples National Bank....
South Pittsburg: FirstNationalBank..
Springfield: First National Bank

1 to 9.
1 to 9.

Aurora:
MerchantsNationalBank
Old SecondNationalBank
Batavia:
Batayia National Bank
First National Bank
Belvidere: Second National Bank
Blue Island: FirstNationalBank
Charleston: Charleston N ational Bank
Chicago:
American National Bank & Trust
Co.
City National Bank &TrustCo
Continental Illinois National Bank
& Trust Co.
ContinentalN ational Ba 1 k *e Trust
1 f
CoFirst National Bank
FirstNationalBank of Englewood..
Law ndale N ational Bank
Liberty National Bank
Live Stock National Bank
Mutual National Bank
National Builders Bank
Terminal N ational Bank
Chillicothe: FirstNationalBank
Cicero: FirstNationalBank
Danville:
FirstNationalBank
Palmer American National Bank...
SecondNationalBank
Decatur:
Citizens National Bank
National Bank of Decatur
Des Plaines: First National Bank
Dixon: Dixon National Bank
Dundee: FirstNationalBank
Elgin: FirstNationalBank
El Paso: Woodford County National
Bank.
Evanston: First National Bank &
Trust Co.
Galesburg: First Galesburg National
Bank & Trust Co.
Havana: Havana National Bank
Kankakee: City National Bank
Knoxville: FarmersNationalBank
Lake Forest: FirstNationalBank
La Salle: La Salle National Bank &
Trust Co.
Macomb: Union National Bank

Ito9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
Ito9.
1, 2, 3, 5
and 8.
1 to 9.
1 to 9.
1 to !).
1 to !).
1 to !».
1 to 4.
1 to «.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1, 2, 3, 5
and 8.
1 to 9.
Ito9.
Ito8.
1
1
1
1
1
1
1

to
to
to
to
to
to
to

9.
9.
9.
9.
9.
9.
9.

1 to 9.
1 to U.
1
1
1
1
1

to
to
to
to
to

9.
4.
9.
9.
9.

1 to 9.

282

ANNUAL REPORT OF BOARD OF GOVERNORS

Powers
granted
DISTRICT NO. 7—Continued

Powers
granted
DISTRICT NO. 7—Continued

ILLINOIS—continued
Mattoon: National Bank of Mattoon...
Moline: MolineNational Bank
Monticello: National Bank of Monticello.
Ottawa: FirstNationalBank
Paris:
Citizens National Bank
Edgar County National Bank
Pekin: American National Bank
Peoria:
CentralNationalBank &TrustCo..
Commercial Merchants National
Bank & Trust Co.
FirstNational Bank
Princeton: Citizens National Bank
Rockford:
Illinois National Bank & Trust Co..
Swedish-AmericanN ational Bank..
Third National Bank
St. Charles: St. Charles National Bank.
Springheld:

FirstNationalBank

Illinois N ational Bank
Streator: Union National Bank
Sycamore: National Bank & Trust Co..
Waukegan: FirstNationalBank

INDIANA—continued

1 to 9.
Liberty: Union County National Bank.
1 to 9.
Logansport: National Bank of Logans1 to 3, 5 and
port.
8.
Lowell: Lowell National Bank
1 to 9.
Marion:
FirstNationalBank in Marion
1 to 9.
Marion National Bank
1 to 9.
Michigan City:
1 to 9.
FirstNationalBank
Merchants National Bank
1 to 9.
Mishawaka: I irst National Bank
1 to 9.
Monterey: FirstNationalBank
New Carlisle: FirstNationalBank
1 to 9.
Noblesville: American National Bank..
1 to 3, 5 to 8. Plainfield: FirstN ational Bank & Trust
Co.

1
1
1
1

to 9.
to 9.
to 9.
to 9.

1 to 9.
1 to 9.
1 to 9.
Ito9.
Ito9.

INDIANA
(See also District No. 8)
Albion: Albion National Bank
Attica: CentralNationalBank & Trust
Co.
Auburn: City National Bank
Aurora: FirstNationalBank
Batesville:: FirstNationalBank
Bloomington:
Bloomington National Bank
FirstNationalBank.
Bluffton: Old First National Bank in
Blufiton.
Brazil: RiddellNationalBank
Brookville:
Franklin County National Bank
National. Brookville Bank
Butler: Knisely National Bank
Cloverdate: First National Bank
Columbus: FirstNationalBank
Crawfordsville:
Citizens National Bank
FirstNationalBank
Dana: 1b irst National Bank
Danville: I irst National Bank
B
Dyer: First National Bank
East Chicago:
FirstN ationalBank inEastChicago
Union National Bank of Indiana
Harbor at East Chicago.
Elkhart: FirstNational Bank
Elwood: FirstNationalBank
Fort Wayne:
Fort Wrayne National Bank
LincolnN ationalBank & Trust Co..
Franklin: Johnson County National
Bank.
Goshen: FirstNationalBank

2,3,5, and 8.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 7 and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
2, 3, and 5
1 to 9
1 to 9.
1 to 4.
1 to 9.
to 3.
to 9.
to 4.
to 9.
to 9.
to 9.
to 8.

Remington: FarmersNationalBank
Richmond:
FirstNational Bank
Second National Bank
Rochester: FirstNationalBank

1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
I to 9.
U o 3 , 5 to 9.
I to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 8.
I to 9.
1 to 9.
1 to 5, 7, and
9.
1 to 9.

Rockville: RockvilleNationalBank
Rushville:
Rush County National Bank
to 4.
Rushville National Bank
:i. to 4.
Shelbyville:
Farmers National Bank
: to 9.
Shelby N ational Bank
to 9.
South Bend: MerchantsN ationalBank. :i. to 9.
Terre Haute:
1,2,3,5, and
Merchants National Bank
8.

TerreHauteFirstNationalBank

Thorntown: Home National Bank
Tipton: Citizens National Bank
Wabash: First National Bank in Wabash.

1 to 9.
1 to 8.
1 to 9.
1 to 9.

IOWA
Akron: FirstNationalBank
Arlington: American National Bank
Boone: Citizens National Bank
Cedar Rapids: Merchants National
Bank.
Charles City:
Citizens National Bank
Commercial National Bank
Clinton: City National Bank
Columbus Junction: Louisa County
National Bank.
CouncilBlufis: CityNationalBank
Creston: I1 irst N ational Bank
DesMoines:
CentralNationalBank &TrustCo.
Iowa-LesMoinesNationalBank &
TrustCo.
Dubuque: FirstNationalBank
Dysart: Dysart National Bank
Eldon: FirstNationalBank
Fairheld: FirstNationalBank in Fairheld.

Ito9.
1 to 9.
Fonda: FirstNationalBank
1, 2, 3, 5, FortDodge:FortDodgeN ationalBank..
Grinnell: Poweshiek County National
and 8.
Bank.
1 to 3, 5, and
8.
Harlan: HarlanNational Bank
Greensburg: Decatur County National 2, 3, and 5.
Iowa City: First CapitalN ational Bank.
Bank.
Knoxville: Community National Bank
Greencastle: CentralNationalBank.... 1 to 9.
& Trust Co.
Indianapolis:
Le Mars: First National Bank in Le
American National Bank
1 to 9.
Mars.
Indiana National Bank
1 to 9.
Mason City: First National Bank
Merchants National Bank
1 to 9.
N ewell: FirstNational Bank
Knightstown: CitizensN ational Bank.. 1 to 3, 5 to 7, Newton: Newton National Bank
and 9.
Oelwein: FirstNationalBank
La Fayette:
Paullina: First National Bank
First-MerchantsNationalBank
1 to 8.
Perry: FirstNationalBank
La Fayette
 National Bank & Trust 1 to 3, and 5. Peterson: First N ational Bank
La Porte: FirstNationalBank
1 to 9.
Primghar: FirstNationalBank
Co.
Red Oak: FirstNationalBank
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

I to 3.
1 to 9.

1
1
1
1

to 9.
to 3.
to 3 and 8.
to 4.

1 to 9.
1 to 9.
1 to 9.
1, 2, 3, and 5
to 8.
to 9.

to 9.
to 9.
t o 9.
I t o 9.
to 9.
t to 9.
I t o 4.
L to 8.
L to 9.
I to 8.
L to 9.

1 to 9.
1 to 3, 5, and
8.

1 to 9.
1 to 9.
1 to 9.
Ito7.
1 to 7 and 9.
Ito9.
1 to 4.
1 to 9.
L t o 9.

283

FEDERAL RESERVE SYSTEM

Powers
granted

Powers
granted

DISTRICT NO. 7—Continued

DISTRICT NO. 7—Continued

IOWA—continued
Remsen: First National Bank
Rippey: First National Bank
Sibley: First National Bank
Sioux City:
First National Bank in Sioux City..
Live Stock National Bank
Security National Bank
Toy National Bank
Spencer: Clay County National Bank..
Storm Lake: Citizens First National
Bank.
Thornton: First National Bank
Waveriy: First National Bank
Webster City: FarmersNationalBank..

MICHIGAN
(See also District No. 9)
Battle Creek:
CityNationalBank &TrustCo
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: iNationalBank of Flint
Jackson: NationalBank 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:FirstiNationalBank
St. Johns: St. Johns National B a n k . . . .
Saginaw: Second National Bank &
Trust Co.
U nion City: U nion City National Bank.

WISCONSIN—continued

Ito8.
1,2, 3, 5 to 8.
1 to 3.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 9.
1 to 4.
1 to 9.

Sparta: FarmersNationalBank
Stevens Point:
Citizens National Bank
FirstNationalBank
Waukesha: Waukesha National Bank...
Waupun: NationalBank of Waupun...
West Bend: FirstNationalBank
Wisconsin Rapids: First N a t i o n a l
Bank.

9.
8.
8.
9.
9.
9.

ARKANSAS
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to
1 to
1 to
1 to

9.
9.
9.
9.

1 to 9.
1 to 9.
Ito9.
1 to 8.
1 to 9.
1 to 9.

ILLINOIS
(See also District No. 7)

2,3,5, and 8.
1 to 9.
Ito9.

Alton: FirstNationalBank &TrustCo.
in Alton
Belleville:
1 to 4.
Belleville National Bank
FirstNational Bank
1 to 9.
St. Clair National Bank
Benld: FirstNationalBank of Benld....
2,3,5, and 8.
2,3,5, and 8. Bridgeport: FirstNationalBank
BunKerHill: FirstNationalBank
Ito8.
Carlinville: CarlinvilleNationalBank..
2, 3, 5, and 8. Carmi: NationalBank of Carmi
Centralia: Old National Bank
WISCONSIN
East St. Louis: Southern Illinois National Bank.
(See also District No. 9)
Edwardsville: Edwardsville National
Bank & Trust Co.
Beaver Dam:
Effingham: FirstNationalBank
American National Bank
Highland: FirstNationalBank
1 to 9.
Old JNational Bank
Jonesboro: FirstNationalBank
Ito9.
Beloit: Second iNationalBank
Lebanon: FirstNationalBank
1 to 9.
Berlin: First National Bank
Mascoutah: First National Bank in
Ito9.
Fond du Lac:
Masco utah.
First Fond du Lac National B a n k . . . 1 to 8.
Metropolis: City National Bank
NationalUlxchange Bank
1,2,3,5, and Millstadt: First National Bank
8.
Murphysboro: First National B a n k . . . .
Green Bay: Kellogg Citizens National 1 to 9.
Nashville:
Bank.
Farmers & Merchants National
Hartford: FirstNationalBank
Bank.
1 to 7 and 9.
Janesville: First National Bank
First National Bank
1 to 9.
Lake Geneva: FirstNationalBank
National Stock Yards: National Stock
1 to 9.
Manitowoc: First National Bank in 1 to 9.
Yards National Bank of National
Manitowoc.
City.
Marinette: FirstNationalBank
O'Fallon: First National Bank
1 to 9.
Menasha: FirstNationalBank
Pittsfield: First National Bank
1 and 4.
Milwaukee: MarineN ationalExchange I t o 9 .
Sparta: First National Bank
Bank.
Vandalia: First National Bank
Monroe: FirstNationalBank
1 to 9.
Neenah:
INDIANA
FirstNationalBank
1 to 9.
National Manufacturers Bank
1 to 3.
(See also District No. 7)
Platteville: First iNationalBank
Ito9.
Racine: FirstNationalBank & Trust 1 to 9.
Bedford: Bedford National Bank
Co.
Bicknell: First National Bank
Ripon: FirstNationalBank
Brownstown: First National Bank
1 to 9.
Sheboygan: Security National Bank
1 to 9.




to
to
to
to
to
to

DISTRICT NO. 8

El Dorado: FirstNationalBank
Fayetteville: FirstNationalBank
Fordyce: FirstNationalBank
Forrest City: NationalBank of Eastern
Arkansas.
Fort Smith:
CityNationalBank
1 to 8.
FirstNationalBank
1 to 3, 5 to 8.
Merchants National Bank
1 to 3, 5 to 8. Hot Springs: Arkansas National Bank..
2,3,5, and 8. Little Rock:
Commercial National Bank
1 to 9.
Peoples National Bank
Union National Bank
Newport: FirstNationalBank
1 to 9.
Pine Bluff: SimmonsNationalBank
1 to 9.
1,2,3, 5, and Texarkana: StateNationalBank.

1 to 9.
1 to 9.

1 to 9.
1
1
1
1
1
1

1 to 9.
1 to 9.
Ito9.

Ito9.
1 to 3, 5 to 8.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5 to 7.
and 9.
Ito9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 3, 5 to 7.
1 to 8.

1 to 3, 5 to 9.
1 to 9.
1 to 3, 5 to 7
and 9.

284

ANNUAL REPORT OF BOARD OF GOVERNORS

Powers
granted

Powers
granted

DISTRICT NO. 8—Continued

DISTRICT NO. 8—Continued

INDIANA—continued

MISSOURI-contimied

Cannelton: First Cannelton National
Bank.
Evansville:
National City Bank
Old National Bank in Evansville..
Fort Branch: Farmers & Merchants
National Bank.
Madison: First National Bank
Mitchell: First National Bank
New Albany: Union National Bank
Petersburg: First National Bank
Princeton: Farmers National Bank....

1 to 3, 5 to 8 Hannibal: Hannibal National Bank
Jefferson: City: Exchange National
Bank.
1 to 9.
Kirksville: Citizens N ational Bank....
1 to 9.
Luxemburg: Lafayette National Bank
1 to 9.
& Trust Co.
Monett: First National Bank
1 to 9.
Pierce City: First National Bank
1 to 5.
St. Charles: First National Bank
1 to 9.
St. Louis:
2, 3, and 5.
Boatmen's National Bank
1 to 3, 5 to 7,
First National Bank in St. Louis..
and 9.
Mercantile Commerce National
Seymour: Seymour National Bank.... 1 to 9.
Bank in St. Louis.
Tell City:
Security National Bank, Savings
Citizens National Bank
1 to 7 and 9.
& Trust Co.
Tell City National Bank
1 to 9.
South Side National Bank in St.
Vevay: First National Bank
1 to 9.
Louis.
Vincennes: American National Bank.. 1 to 9.
Sedalia: Third National Bank
Wadesville: Farmers National Bank... 1 to 9.
Springfield: Union National Bank
Washington:
Trenton: Trenton National Bank
Peoples National Bank & Trust 1 to 9.
Unionville: Marshall National Bank...
Co.
Warrensburg: Peoples National Bank.
Washington National Bank
1 to 9.
TENNESSEE
KENTUCKY
(See also District No. 6)
(See also District No, 4)
Dyersburg: First-Citizens National
Bowling Green: American National
l a n d 4.
Bank.
Bank.
Jackson:
Carrollton: First National Bank
1 to 9.
First National Bank
Clay: Farmers National Bank
1 to 9.
National Bank of Commerce
Columbia: First National Bank & 1 to 3, 5 to 8.
Second National Bank
Trust Co.
Memphis:
Danville::
First National Bank
Citizens National Bank
National Bank of Commerce in
1 to 9.
Farmers National Bank
Memphis.
1 to 8.
Elizabethtown: First-Hardin National 1 to it.
Union-Planters National Bank &
Bank.
Trust Co.
Frankfort: State National Bank
Union City: Old National Bank
1 to 9.
Henderson: First National Bank
1 to 9.
Lawreneeburg:
DISTRICT NO. 9
Anderson National Bank
1 to 3, 5 to 9.
Lawreneeburg National Bank
MICHIGAN
1 to 8.
Lebanon:
(See also District No. 7)
Citizens National Bank
1 to 9.
Farmers National Bank
1 to 9.
Marion National Bank
1 to 6 and 8. Hancock: National Metals Bank
Louisville:
Houghton: Houghton National Bank..
Citizens Union National Bank
1 to 9.
Ironwqod: Gogebic National Bank
First National Bank
1 to 9.
Lake Linden: First National Bank
Libertv National Bank and Trust 1 to 9.
Marquette:
Co. " _
First National Bank & Trust Co..
Madisonville: Farmers National Bank. 1 to 9.
Union National B>ank
v
Mayfield: First National Bank
1 to 9.
Alenominee:
MorganBeld: Morganneld National 1 to 9.
First National Bank
Bank.
Lumbermen's National Bank
Owensboro: National Deposit Bank in 1 to 9.
Munising: First National Bank of
Owensboro.
Alger County.
Paducah: Peoples National Bank
Ito9.
Negaunee: First National Bank
Princeton:
MINNESOTA
Farmers National Bank
1 to 9.
First National Bank
1 to 3, 5 to 9. Bemidji: First National Bank
Chatfield: First National Bank.
MISSISSIPPI
Duluth:
City National Bank
(See also District No. (i)
First & American National Bank.
Minnesota National Bank
Columbus: First Columbus National 1 to 9.
Northern National Bank
Bank.
Eveleth: First National Bank
Greenville: First National Bank
Ito4.
Fairmont:
West Point: First National Bank
1 to 9.
First National Bank
Martin Country National Bank..
MISSOURI
Faribault: Security National Bank &
Trust Co.
(See also District No. 10)
Fergus Falls:
Fergus Falls National Bank &
Carrollton: First National Bank
1 to 8.
Trust Co.
Columbia:
First National Bank
1 to 9.
Boone County National Bank
 National Bank
Hastings: First National Bank
Exchange
1 to 8.



1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
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.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

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,and8.
2,3, 5, and8.
2,3, 5, and 8.

1 to 9.
1 to 5.
1 to 9.
1 to 9
1 to 9.
1 to 9.
1 to 3, 5 to £
Ito9.
Ito9.
Ito9.

1 to 9.
1 to 9.

285

FEDERAL RESERVE SYSTEM

Powers
granted

Powers
granted
DISTRICT NO. 9—Continued

DISTRICT NO. 9—Continued

SOUTH DAKOTA—continued

MINNESOTA—continued
Little Falls: First National Bank
Minneapolis:
First National Bank & Trust Co
Marquette National Bank
Midland National Bank & Trust
Co.
Northwestern National Bank &
Trust Co.
Northfield: Northfield National Bank
& Trust Co.
Owatonna: First National Bank
Proctor: First National Bank
Red Wing:
First National Bank
Goodhue County National Bank..
St. Paul:
American National Bank
Empire National Bank & Trust
Co.
First National Bank
Midway National Bank
St. Peter: First National Bank
Stillwater: First National Bank
Truman: Truman National Bank
Virginia: American Exchange National Bank.
Windom: First National Bank
Winona:
First National Bank
Winona National & Savings Bank.

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.
Ito9.
1 to 9.

Brookings: Security National Bank..
Clear Lake: Deuel County National
Bank.
Lake Norden: First National Bank &
Trust Co.
Lead: First National Bank
Miller: First National Bank
Rapid City: First National Bank
Sioux Falls:
Citizens National Bank & Trust
Co.
First National Bank & Trust Co.
in Sioux Falls.
Northwest Security National Bank.
Watertown: First Citizens National
Bank.
Yankton: First Dakota National
Bank & Trust Co.

WISCONSIN
1 to 9.
1 to 9.
(See also District No. 7)
1 to 8.
1 to 9.
Barron: First National Bank
1 to 9.
Chippewa Falls:
1 to 3, 5 to 8.
First National Bank
Lumbermens National Bank
1 to 9.
Eau Claire:
American National Bank & Trust
1 to 9.
Co.
1 to 9.
Union National Bank
Menomonie: First National Bank
MONTANA
S uperior:
Billings:
First National Bank
Midland National Bank
1 to 9.
National Bank of Commerce
Montana National Bank
1 to 9.
Bozeman: Commercial National Bank 1 to 4.
Butte: Miners National Bank
1 to 9.
JHSTKICT NO. JO
Dillon: First National Hank
1 to 7 ami 9.
COLORADO
(ireat Falls:
First National Bunk
1 to 9.
Boulder: National State Bank
Great Fails National Bank
1 to 4.
Helena: First National Bank <t Trust 1 to 7 and 9. Brush: First National Bank
!
Canon City:
Co.
First N ational Bank
Kalispell: First National Bank
1 to 4.
Fremont County National Bank..
Lewistown: National Bank of Lewis1 to 9.
Center: First N ational Bank
town.
Livingston: National Park Bank in
Colorado Springs;
1 to 9.
Colorado Springs National Bank..
Livingston.
Exchange National Bank
Miles Citv: First National Bank in
1 to 9.
First N ational Bank
Miles City.
Denver:
Missoula:
First National Bank
American National Bank
1 to 7 and 9.
Western Montana National Bank 1 to 8.
Colorado National Bank
Denver National Bank
NORTH DAKOTA
First National Bank
United States National Bank
Bismarck:
Durango: Burns National Bank
Dakota National Bank & Trust
Eagle: First National Bank of Eagle
Co.
County.
First National Bank
1 and 9.
Florence: First National Bank
Dickinson: First National Bank
I to 9.
Fort Collins: Poudre Valley National
Ellendale: First National Bank
1 to 4.
Bank.
Fargo:
Fort Morgan: First National Bank.
First National Bank & Trust Co. 1 to 9.
Glenwood Springs: First National
Bank.
Merchants N ational Bank »e Tr list 1 to 9.
f
Grand Junction: First National Bank
Co.
Graf ton: Grafton National Bank
in Grand Junction.
1 to 9.
Greeley :
Grand Forks: First National Bank in 1 to 9.
Grand Forks.
First National Bank
Jamestown: National Bank
1 to 9.
Greeley National Bank
Valley City: First National Bank
1 to 9.
Gunnison: First National Bank
Hugo: First National Bank
SOUTH DAKOTA
Las Animas: First National Bank
Longmont:
Aberdeen:
First National Bank
Aberdeen National Bank & Trust 1 to 9.
Longmont National Bank
Co.
Montrose: Montrose N ational Bank....
First National Bank
1 to 9.
Ordw7ay: First National Bank
Arlington: First National Bank in Ar- 1 to 4.
Walsenburg: First National Bank
lington.
Windsor: First National Bank




1 to 9.
1 to 9.
1 to 3, 5 to 8.
1 to 9.
1 to 9.
I to 7 and 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

1 to 3.
1 to 9.
1 to 9.
1 to 9,
1 to 9.
1 to 9.
1 to 7.
1 to 9.

i to 9.
1 to 3, 5 to 8.
1 to 9.
1 to 4.
1 to 4.
1 to 9.
1 to 9.
1 to 9.
1 to 7.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito7.
1 to 4.
1 to 9.
1 to 7 and 9.
1 to 4.
1 to 3, 5 to 7.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
Ito3.
1 to 9.
Ito9.
1 to 9.
1 to 9.
1.
Ito9.
1 to 4.

286

ANNUAL REPORT OF BOARD OF GOVERNORS

Powers
granted

Powers
granted
DISTRICTING). 10—Continued

DISTRICT NO. 10—Continued

KANSAS
Anthony:
Citizens National Bank
First National Bank
Arkansas City: Home National Bank.
Atchison: City National Bank
Chanute: First National Bank
Coffeyville:
Condon National Bank
FirstNationalBank
Dodge City: First National Bank in
Dodge City.
Emporia:
Citizens National Bank
Commercial National Bank &
Trust Co.
Fort Scott: CitizensNationalBank
Horton: First National Bank
Hutchinson:
American National Bank
Exchange National Bank
FirstNational Bank
Jewel City: FirstNational Bank
Kansas City: Security National Bank..
Larned:
First National Bank in
Larned.
Lawrence:
First National Bank
Lawrence National Bank
Leavenworth: FirstNationalBank
Manhattan:
First National Bank
Union National Bank
Ottawa: Peoples National Bank
Paola: Miami County National Bank.
Pratt: FirstNational Bank in Pratt...
Salina:
Farmeri3 National Bank
NationalBankof America at Salina.
Topeka: National Bank of Topeka
Troy: FirstNationalBank
Wellington: First National Bank in
Wellington.
Wichita:
FirstNationalBank in Wichita....
Fourth National Bank in Wichita
Southwest National Bank
Union National Bank
Winfield:
First National Bank
Winfield National Bank
MISSOURI
(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
Traderi3 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
NEBRASKA
Belden: First National Bank
Butte: First National Bank
David City: First National Bank
Emerson: First National Bank




NEBRASKA—continued
1 to 8.
1 to 4.
1 to 9.
1 to 9.
Ito9.

Genoa: Genoa National Bank
Grand Island:
First National Bank.
Overland National Bank
Holdredge: First National Bank
Lincoln:
1 to 3, 5 to 9.
Continental National Bank
1 to 3 and 5.
First National Bank
1 to 9.
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
1 to 8.
Bank.
1 to 4.
Utica: First National Bank
1 to 3.
Wahoo: First N ational Bank
1 to 9.
Wayne: First National Bank
1 to 3 and 5.
NEW MEXICO
Ito8.
1 to 8.

1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 3.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1, 2, and 5.

4.

2 and 3.
1 to 3, 5 to 9.
1 to 9.

(See also District No. 11)

1.

Albuquerque:
Albuquerque National Trust &
1 to 9.
Savings Bank.
1 to 9.
First National Bank in Albu1 to 4.
querque.
1 to 9.
Farmington: First National Bank
1 to 9.
Raton: First National Bank in
Raton.
1 to 5 and 8. Santa Fe: First National Bank
1 to 9.
1 to 9.
OKLAHOMA
1 to 3.
1 to 9.
Ada: First National Bank in Ada
Anadarko: First National Bank
Bartlesville:
1 to 9.
First National Bank in Bartles:
Ito9.
ville.
1 to 9.
Union National Bank
1 to 9.
Bristow: American National Bank
Broken Arrow: First National Bank..
Cleveland: First National Bank
1 to 9.
Dewey: First National Bank
1 to 9.
Enid:
Central National Bank
First National Bank
Guthrie: First National Bank
Holdenville: First National Bank
1 to 3.
Hominy: First National Bank in
1 to 3.
Hominy.
Hooker: First National Bank
1 to 9.
Lawton: City National Bank
1 to 9.
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
1 to 9.
Okenah:
1 to 9.
First National Bank
Okemah National Bank
1 to 9.
Oklahoma City:
1 to 4.
City National Bank & Trust Co.
Fidelity National Bank
1 to 8.
First National Bant; & Trust Co.
Liberty National Bank
Tradesmens National Bank
1 to 3, 5 to 9. Okmulgee: Central National Bank...
Ponca City: First National Bank at
1 to 3.
1 to 9.
PoncaCity.
1 to 8.
Shawnee: Federal National Bank

1 to 9.
1 to 4 and 9
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.

1 to 9.
1 to 9.
2 and 3.
1 to 7.
1 to 9.

1 to 9.
1 to 9.
1 to 9.
4.

1 to 9.
1 to 4, 6 to 9
1 to 9.
1 to 9.
1 to 9.
Ito9.
1 to 8.
Ito9.
1 to 9.
1 to 3 and 5
1 to 3, 5 to 7
and 9.
1 to 3, 5'to 7
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 8.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 9.
1 to 7 and 9
1 to 9.
1 to 9.
1 to 9.

287

FEDERAL RESERVE SYSTEM
Powers
granted
DISTRICT NO. 10—Continued

DISTRICT NO. 11—Continued
TEXAS—continued

OKLAHOMA—continued
S till water:
First National Bank
Stillwater National Bank
Tulsa:
First National Bank & Trust Co.
National Bank of Commerce
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
Shreveport.
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.




Powers
granted

1
1
1
1

Corsicana: First National Bank
Dallas:
to 9.
First National Bank in Dallas
to 9.
Mercantile National B a n k a t
Dallas.
to 9.
National Bank of Commerce
to 3, 5 to 9.
Republic National Bank & Trust

1 to 4.
1 to 5.
1 to 9.
1 to 9.
1 to 9.
1 to9.
1 and 4.
1 to 3.
1 to 5.
1 to 3.
1 to 8.
to 9.
to 9.
to 9.
to 9.
to 9.

1 to 8.
1 to 4.

1 to 8.

Del Rio: Del Rio National Bank
Denison:
Citizens National Bank
State National Bank
El Paso:
El Paso National Bank
State National Bank
Floresville: First City National Bank.
Fort Worth:
Continental National Bank
First National Bank
Forth Worth National Bank
Galveston:
City National Bank
.
"
First National Bank
Hutchings-Sealy National Bank...
United States National Bank
Granger: First National Bank
Greenville: Greenville National Exchange Bank.
Houston:
City National Bank
First National Bank in Houston..
National Bank of Commerce
San Jacinto National Bank
Second National Bank
South Texas Commercial National Bank.
State National Bank
Union National Bank
Italy: First National Bank
Kingsville: First National Bank
La Grange: First National Bank
Longview: First National Bank.

McKinney: Collin County National
Bank.
1 to 9.
Mar fa: Marfa National Bank
Marshall:
1 to 9.
First National Bank
Marshall National Bank
Midland: Midland National Bank
Orange:
First National Bank in Orange
1 to 3.
Orange National Bank
2 and 3.
Palestine: Royall National Bank
Paris: First National Bank
Port Arthur:
First National Bank
1 to 3, 5 to 8.
Merchants National Bank
San Angelo:
Central National Bank
First National Bank
San Angelo National Bank
San Antonio:
4.
Alamo National Bank
1 to 9.
Frost National Bank
Groos National Bank
1 to 9.
Nationsl Bank of Commerce
1 to 9.
Seguin: First National Bank
1 and 4.
Sherman: Merchants & Planters National Bank.
1 to 9.
Stanton: First National Bank
1 to 9.
1 to 3, 5 to 7. Stephenville: Farmers-First National
Bank.
1 to 3 and 5.
1 to 7 and 9. Teague: Teague National Bank
Terrell: American National Bank
1 to 9.
Texarkana: Texarkana National Bank.
1 to 9.
Troup: First National Bank
1 to 9.
Tyler:
Ito4.
Citizens National Bank
Peoples National Bank
1 to 7.
Victoria: Victoria National Bank

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.
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 and 2.
1 to 4.
1
1
1
1
1
1

to 9.
to 9.
to 7 and 9.
to 9.
to 7 and 9.
to 9.

1 to 9.
to 9.
to 9.
to 9.
to 3, 5
and 8.
l t d 9.
1 to 3 and 5.
1 to 5.
Ito9.
1
1
1
1

to 9.
to 9.
to 9.
to 9.

1 to 5.
1 to 9.
1 to 4.
1 to 9.
1 to 9.
1
1
1
1
1
1

to 9.
to 9.
to 9.
to 9.
to 9.
to 9.

1 to 3.
1 to 9.
1 to 9.
1 to 8.

Ito9.
1.
1 to 9.
Ito9.
1 to 4.

288

ANNUAL REPORT OF BOARD OF GOVERNORS

Powers
granted

DISTRICT NO. 11—Continued

DISTRICT NO. 12 —Continued

TEXAS—continued
Waco:
Citizens National Bank
First National Bank
Wichita Falls:
City National Bank in Wichita
Falls.
First National Bank

IDAHO

1 to 9.
1 to 8.
1 to 9.
1 to 9.

1 to 9.

ARIZONA
1 to 9.
1 to 9.
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 Nations! Bank..
Salinas: Salinas National Bank
San Bernardino: Amorican National
Bank.
San Diego:
First National Trust & Savings
Bank.
San Francisco:
Anglo California National Batik.
Bank of America National Trust &
Savings Association.
Bank ol California, N. A
Crocker First National Bank
Pacific National Bank
Santa Ana: 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 <c
f
Savings Bank,
A oodland: Bank of Woodland, N. A ..
V
HAWAIIAN ISLANDS
ishop Nat
onolulu.
Hawaii at H<

I to V.
'
1 to 2.
1 to II.

NEVADA
l t o 7, and 9

OREGON

ALASKA

Phoenix:
First National Bank of Arizona at
Phoenix.
Valley National Bank
Winslow: First National Bank

Boise: Idaho First National .Bank
Hailey: Hailey National Bank
Idaho Falls: American N a t i o n a 1
Bank.

Reno: First National Bank in Reno. . . .

DISTRICT NO. 12

Fairbanks: First National Bank

Povers
grafted

1 to 9.
1 to 9.
1 to 9.

Ashland: First National Bank..
Athena: First National Bank...
Baker: First National Bank
Corvallis: First National Bank.
Eugene: First National Bank. ..
Grants Pass: First National Ban k of
Southern Oregon.
Harrisburg: First National Bank..
Hood River: First National Bank
Klamath Falls:
American National Bank
First National Bank
Marshfield:
Coos Bay National Bank
First National Bank of Coos .
1
Portland:
First National Bank
United States National Bank.

1 to
1 to • ).
1 to 9.
1 to 9.
1 to 9.
l t o 3, 5 to 7
a r i.d 9.
1 to 3.
1 to 9.
1 to 8.
1 to u.
1 to 9.
[ to 9.
1 to 9.
1 to 9.

UTAH

1 to 9.
1 to 9.
Ito9.
1 to 9.
4.
1 to 9.
1 to 9.
1 to 9.
1 to 3, 5, 7,
8 and 9.
1 to 9.
1 to 9.
4.
1 to 9.

1 to 9.
1 to 9.
1 to
1 to
1 to
1 to

9.
9.
9.
9.

1 to 9.
1 to 9.
1 to 9.
1 to 5.
1 to 9.

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

1 tc: 9.
1 to 9.
2•

s.5 to

8.

1 to 7 and 9
1 to 4.

WASHINGTON
Bellingham:
American National Bank
Bellingham National Bank
First National Bank
Northwestern National Bank
Burlington: First National Bank
Col fax: Farmers National Bank
Ellensburg:
Washington National
Bank.
Everett: First National Bank.
Longview: First National Bank
Mount Vernon: First National Bank. .
Okanogan: First National Bank
Port Angeles: First National B a n k . . . .
Pullman: First National Bank
Seattle:
National Bank of Commerce
Pacific National Bank
Seattle-First National Bank
University National Bank
Spokane:
First National Bank in Spokane. ..
Old National Bank &; Union Trust
Co.
Tacoina:
National Bank of Tacorua
Puget Sound National Bank
Waitsburg: First National Bank
Walla Walla:
Baker-Boyer National Bank
First National Bank
Wenatchee: First National Bank
Yakirna: West Side National B a n k . . . .

nil 9.
n< I 9.
nd 9.

(o 9.
i 1o 9.
L to 9.
L i,o 9.
;o 9.
:o 9.
•DO

9.

to 9.
to 9.
to 9.
to 9.
to 9.
to 9.
to 9.
to 9.
to
to
to
to

9.
9.
9.
9.

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.




289

FEDERAL RESERVE SYSTEM

DESCRIPTION OF FEDERAL RESERVE DISTRICTS
Land area
(nquare
miles)

Federal Reserve District

No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

Population
July 1, 1936
(estimated)

61 ,345
51 ,890
36 ,842
73 ,424
152 ,316
248 .226
190 ;5i3
194 ,810
414 ,004
480 ,438
38G ,116
683 ,852

Total...

8 ,164 ,000
16 ,718 ,000
7 ,978 ,000
11 ,682 ,000
11 ,899 ,000
11 ,966 ,000
18 ,756 ,000
10 ,321 ,000
5 ,417 ,000
8 ,144 ,000
7 ,276 ,000
10 ,108 ,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.

128 ,429 ,000

FEDERAL RESERVE D 1ST EIC1 £
61,345 i

Connecticut (Fairfield
New Jersey
Counties of—
Bergen
Essex
Hudson
New York

Hunterdon
Middlesex
Monmouth




7 ,978 ,000

1,965
3,909

259 ,000
962 ,000

30,968

6,757,000

Sussex
Union
Warren

DISTRICT NO. 3—PHILADELPHIA.
Delaware
New Jersey
Counties of
Atlantic
Cape May
Burlington
Cumberland
Camden
Pennsylvania (easter.n part)
Counties of
Clinton
Adams
Bedford
Columbia
Berks
Cumberland
Blair
Dauphin
Bradford
Delaware
Bucks
Elk
Cambria
Franklin
Cameron
Fulton
Carbon
Huntingdon
Center
Juniata
Chester
Lackawanna
Clearfield
Lancaster

12 ,935 ,000

36,842

Morris
Passaic
Somerset

417,000
3,366,000

47,654

County)

16,718,000

631
3,605

DISTRICT NO. 2—NEW YORK...

1,317,000
853,000
4,425,000
508,000
681,000
380,000

51,890

Connecticut (excluding Fail-field County)
Maine.
Massachusetts
New Hampshire
Rhode Island
Vermont

8,164,000

4,189
29,895
8,039
9,031
1,067
9,124

DISTRICT NO. 1—BOSTON

Gloucester
Mercer

Ocean
Salon i

Lebanon
Lehigh
Luzerne
Lycoming
McKean
Mifflin
Monroe
Montgomery
Montour
Northampton
Northumberland
Perry

.Philadelphia
Pike
Potter
SchuylkiJl
Snyder
Sullivan
Susquehanna
Tioga
Union
Wayne
Wyoming
York

290

ANNUAL REPORT OF BOARD OF GOVERNORS
FEDERAL RESERVE DISTRICTS—Continued
Land area
(square
miles)

Federal Reserve district
DISTRICT NO. 4-CLEVELAND
Kentucky (eastern pa rt)
Counties of—
Bath
Fleming
Bell
Floyd
Boone
Garrard
Bourbon
Grant
Boyci
Greenup
Bracken
Harlan
Breathitt
Harrison
Campbell
Jackson
Carter
Jessamine
Clark
Johnson
Clay
Kenton
Knott
Elliott
Knox
Estill
Fayette
Laurel
Ohio
Pennsylvania (westerii part)

Population
July 1, 1936
(estimated)

73,424
17,614

1,206

11,899,000
619,000
1,674,000
3,457,000
1,860,000
2,671,000
1,618,000

11,966,000
2,864,000
1,642,000
3,060,000
1,437,000

25,519

Nicholas
Oweley
Pendieton
Perry
Pike
Powell
Puiaski
Robertson
Rockcastle
Rowan
Scott
Whitley
Wolfe
Woodford

212,000

248,226
51,279
54,861
58,725
26,891

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

6,713,000
3,379,000

9,941
48,740
30,495
40,262
22,816

Lee

40,740
13,864

152,316

Lawrence

11,682,000
1,378,000

962,000

l^lmmfiPR o - •
f—

Allegheny
Crawford
Armstrong
Erie
Beaver
Fayette
Butler
Forest
Clarion
Greene
^^est " irginia (northe rn rmrf")
V
Counties of—
Brooke
Marshall
Hancock
Ohio
DISTRICT NO. 5—RICHMOND
District of Columbia
Maryland
North Carolina
South Carolina
Virginia
West Virginia (southe rn part)
Counties of—
Hardy
Barbour
Harrison
Berkeley
Jackson
Boone
Jefferson
Braxton
Kanawha
Cabell
Lewis
Calhoun
Lincoln
Clay
Logan
Doddridge
McDowell
Fayette
Marion
Gilmer
Mason
Grant
Mercer
Greenbrier
Mineral
Hampshire
DISTRICT NO. 6—ATLANTA

art)
Parishes of—
Acadia
Evangeline
Allen
Iberia
Ascension
Iberville
Assumption
Jefferson
Jefferson Davis
Avoyelles
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
Hinds
Amite
Issaquena
Claiborne
Clarke
Jackson
Jasper
Copiah
Jefferson
Covington
Forrest
Jefferson Davis
Franklin
Jones
George
Kemper
Greene
La mar
Hancock
Lauderdale
JLJVJ LiADXCbXXCv yOV-/ClUXA^X IX

Indiana
Jefferson
Lawrence
Mercer
Somerset

Venango
Warren
Washington
Westmoreland

Tyler
Wetzel
62

Mingo
Monongalia
Monroe
Morgan
Nicholas
Pendieton
Pleasants
Pocahontas
Preston
Putnam
Raleigh
Randolph
Ritchie

Roane
Summers
Taylor
Tucker
Upshur
Wayne
Webster
Wirt
Wood
Wyoming

yj




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

Tangipahoa
Terrebonne
Vermilion
Vernon
Washington
WestBaton
Rouge
West Feliciana

Lawrence
Leake
Lincoln
Madison
Marion
Neshoba
Newton
Pearl River
Perry
Pike
Rankin

Scott
Sharkey
Simpson
Smith
Stone
Walthall
Warren
Wayne
Wilkinson
Yazoo

291

FEDERAL RESERVE SYSTEM
FEDERAL RESERVE DISTRICTS—Continued
Land area
(square
miles)

Federal Reserve district
DISTRICT NO. 6—ATLANTA—Continued.
Tpnnessee (eastern Da ft)
Counties of—
Anderson
Giles
Bedford
Grainger
Bledsoe
Greene
Grundy
Blount
Hamblen
Bradley
Campbell
Hamilton
Cannon
Hancock
Carter
Hawkins
Cheatham
Hickman
Claiborne
Houston
Clay
Humphreys
Cocke
Jackson
Coffee
Jefferson
Cumberland
Johnson
Davidson
Knox
De Kalb
Lawrence
Dickson
Lewis
Fentress
Lincoln
Franklin
Loudon

30,951




2,001,000

190,513

18,756,000

35,448

6,569,000

26,707

2,809,000

55,586
40^789

McMinn
Macon
Marion
Marshall
Maury
Meigs
Monroe
Montgomery
Moore
Morgan
Overton
Perry
Pickett
Polk
Putnam
Rhea
Roane
Robertson
Rutherford

2 543 000
4,468,000

Scott
Sequatchie
Sevier
Smith
Stewart
Sullivan
Sumner
Trousdale
Unicoi
Union
Van Buren
Warren
Washington
Wayne
White
Williamson
Wilson

DISTRICT NO. 7—CHICAGO
Illinois (northern part^
Counties of—
Boone
Ford
Bureau
Fulton
Carroll
Grundy
Cass
Hancock
Champaign
Henderson
Christian
Henry
Clark
Iroquois
Coles
Jo Daviess
Cook
Kane
Cumberland
Kankakee
DeKalb
Kendall
DeWitt
Knox
Douglas
Lake
Du Page
La Salle
Lee
Edgar
Indiana (northern part")
Counties of—
Adams
Fountain
Allen
Franklin
Bartholomew
Fulton
Benton
Grant
Blackford
Hamilton
Boone
Hancock
Brown
Hendricks
Carroll
Henry
Cass
Howard
Clay
Huntington
Clinton
Jasper
Jay
Dearborn
Decatur
Jennings
DeKalb
Johnson
Delaware
Kosciusko
Elkhart
Lagrange
Fayette
Lake
Iowa
Michigan (southern part^
Counties of—
Alcona
Eaton
Allegan
Emmet
Alpena
Genesee
Antrim
Gladwin
Arenac
Grand Traverse
Barry
Gratiot
Bay
Hillsdale
Benzie
Huron
Berrien
Ingham
Branch
Ionia
Calhoun
Iosco
Cass
Isabella
Charlevoix
Jackson
Cheboygan
Kalamazoo
Claire
Kalkaska
Clinton
Kent
Lake
Crawford

Population
July 1, 1936
(estimated)

Livingston
Logan
McDonough
McHenry
MaLean
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

Ripley
Rush
St. Joseph
Shelby
Starke
Steuben
Tippecanoe
Tipton
Union
Vermillion
Vigo
Wabash
Warren
Wayne
Wells
White
Whitley

Lapeer
Leelanau
Lenawee
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

ANNUAL REPORT OF BOARD OF GOVERNORS
FEDERAL RESERVE DISTRICTS Continued
Federal Reserve district
DISTRICT NO. 7.—CHICAGO—Continued
Wieconssin (southern part)
Counties o—
f
Green Lake
Ada,ms
Iowa
Brown
Jackson
Calumet
Jefferson
Clark
Juneau
Columbia
Kenosha
Crawford
Kewaunee
Dane
Lafayette
Dodge
Door
Langlade
Fond du Lac
Manitowoc
Marathon
Grant
Green
Marinette

31,983




10,321,000

52,525
20,595

2,023,000
1,276,000

9,338

650,000

Sheboygan
Vernon
Walworth
Washington
Waukesha
Waupaca
Waushara
Winnebago
Wood

DISTRICT NO. 8.—ST. LOUIS
Arkansas.
Illinois (southern part")
Counties of—
Adams
Franklin
Alexander
Gallatin
Bond
Greene
Brown
Hamilton
Calhoun
Hardin
Clay
Jackson
Jasper
Clinton
Jefferson
Crawford
Edwards
Jersey
Effmgham
Johnson
Fayette
Lawrence
Indiana (southern part)
Counties of—
Clark
Greene
Crawford
Harrison
Daviess
Jackson
Dubois
Jefferson
Floyd
Knox
Gibson
Lawrence
Kentucky (western part)
Counties of—
Ad air
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
Case
Henderson
Christian
Henry
Clinton
Hickman
Mississippi (northern
Counties of—
Alcorn
De Soto
Attala
Grenada
Benton
Holmes
Humphreys
Bolivar
Calhoun
Itawamba
Carroll
Lafayette
Lee
Chickasaw
Leflore
Choctaw
Lowndes
Clay
Coahoma
Marshall

2,367,000

194,810

Marquette
Milwaukee
Monroe
Oconto
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
Oldhain
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

22,567 |

1,505,000

20,843

1,046,000

FEDERAL RESERVE

293

SYSTEM!

FEDERAL RESKRVE DISTRICTS—Continued
Land area
(square
miles)

Federal Reserve district

DISTRICT NO. 8.—ST. LOUIS—Continue I.
Missouri (eastern part)
Counties o—
f
Adair
Douglas
Audrain
Dimkliu
Barry
Franklin
Benton
Gasconade
Bollinger
Greene
Boone
Grundy
Butler
Harrison
Caldwell
Henry
Callaway
Hickory
Camden
Howard
Cape Girardeau 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
Hay wood
Dyer
Henderson

I
{
j
j
j
|
j
|
I
j
j
I
;
!
i
j
I
I
I

863,003

5,417,000

16,691

315,000

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

Henry
Lake
Lauderdale
McNairy.
Madison
Obioti

2,958,000

414,004

Reynolds
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

58,206

10,736

Maries
Marion
Mercer
Miller
Mississippi
Moniteavi
Monroe
Montgomery
Morgan
New Madrid
Oregon
Osage
Ozark
Pemiseot
Perry
Petti s
Phelps
Pike
Polk
Pulaski
Putnam
Rails
Randolph
Ray

2,635,000
531,000
703,000
692,000
541,000

Shelby
Tipton
Weakley

DISTRICT NO. 0.- MINNEAPOLIS
Michigan (northern part)
Counties of •
Alger
Dickinson
Baraga
(J oge b i < •
Chippewa
Hough (on
Delta
Iron
Minnesota
Montana
North Dakota
South Dakota
Wisconsin (northern part)
Counties o—
f
Ashland
Dunn
Barron
Eau Claire
Rayfield
Florence
Buffalo
Forest
Burnett
Iron
Chippewa
La Crosse
Douglas
Lincoln

Population
July 1, 1936
(estimated

Keweenaw
L uce
'Mackinac
Marqm-tte

Oneida
Pepin
Pierce
Polk
Price
Rusk
St. Croix

Menoinince
(> n ton ago i \
S.-hoo]craft

Sawyer
Taylor
Trempealeau
Vilas
Washburn

DISTRICT NO. 10—KANSAS CITY

j

480,438

8,144,000

Colorado
Kansas
Missouri (western part)
Counties o—
f
Andrew
Cass
Atchison
Clay
Barton
Clinton
Bates
DftKalb
Buchanan
Gentry
Nebraska
*
New Mexico (northern part)
Counties o—
f
Bernalillo
Mora
Colfax
RioArriba
Harding
Sandoval
McKinley
San Juan

j

103,658
81,774
10,52

1,066,000
1,886,000
1,001,000

76,808
48,359

1,364,000
231,000




Holt
Jackson
Jasper
McDonald
Newton

San Miguel
Santa Fe
Taos
Union

Nodaway
Platte
Vernon
Worth

Valencia

j
I
I
I
|
i
I

294

ANNUAL REPORT OF BOARD OF GOVERNORS
FEDERAL RESERVE DISTRICTS—Continued
Land area
(square
miles)

DISTRICT NO. 10.—KANSAS CITY—Continued.
Oklahoma (northwestern narti
Counties of—
Adair
Ellis
Logan
Alfalfa
Garfield
Love
Beaver
Garvin
McClain
Beckham
Grady
Mclntosh
Blaine
Grant
Major
Caddo
Greer
Mayes
Canadian
Harmon
Murray
Carter
Harper
Muskogee
Cherokee
Haskell
Noble
Hughes
Cimarron
Nowata
Jackson
Cleveland
Okfuskee
Jefferson
Comanche
Oklahoma
Kay
Cotton
Okmulgee
Kingfisher
Craig
Osage
Kiowa
Creek
Ottawa
Latimer
Custer
Pawnee
Le Flore
Dels/ware
Payne
Lincoln
Dewey
Pittsburg
Wyoming

97,548

18,518

74,144

7,644
Marshall
Pushmataha




191,000

165,000

Sierra
Socorro
Torrence

Johnston
McCurtain

685,000

Tensas
Union
Webster
West Carroll
Winn

Lincoln
Luna
Otero
Quay
Roosevelt

118,000

Santa Cruz

Madison
Morehouse
Natchitoches
Ouachita
Red River
Richland
Sabine

7,276,000

23,412
Pima

233,000

386,116

6,117,000
10,108,000

90,398
Navajo
Pinal

262,398
683,852

DISTRICT NO. 12—SAN FRANCISCO
Arizona, (northwestern r»n.rtA
Counties of—
Apache
Maricopa
Cooonino
Mohave
Gila
Califoriiia
Idaho
Nevada
Oregon
Utah
Washington

2,363,000

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

DISTRICT NO. 11.—DALLAS
Arizona (southeastern nartl
Counties of—
Cochise
Greenlee
Graham
Louisiana (northern partA
Parishes of—
De Soto
Bienville
Bossier
East Carroll
Caddo
Franklin
Caldwell
Grant
Catahoula
Jackson
Clai.t)orne
La Salle
Concordia
Lincoln
New Mexico (southern narfi
Counties of—
Cat r on
Eddy
Chsives
Grant
Curry
Guadalupe
De Baca
Hidalgo
Dona Ana
Lea
rr
Oklahoma (so\itheaste > nn-T^
Counties of—
Atoka
Choctaw
Bryan
Coal
Texas

Population
July 1, 1936
(jjstimated)

61,770

Federal Reserve district

288,000

155,652
83,354
109,821
95,607
82,184
66,836

6,059,000
485,000
100,000
1,017,000
516,000
1,643,000

Yavapai
Yuma

FEDERAL RESERVE BRANCH TERRITORIES
(December 31, 1936)
PALO
BUFFALO

BRANCH (District No. 2).—The 10 most westerly counties of New York State, as follows:
Monroe
Orleans
Allegany
Wyoming
Chautauqua
M
Geneseo
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
Spartanbmg
Anderson
Greenville
Lexington
Pickens
Union
Cherokee
Greenwood
McCormick
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.
NEW 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).—The following 19 counties in the State of Michigan:
Bay
Tngham
Livingston
Saginaw
Tuscola
Genesec
Jackson
Macomb
Sanilac
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. (Foi 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 System 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.)
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.




295

296

ANNUAL REPORT OF BOARD OF GOVERNORS

OKLAHOMA CITY BRANCH (District No. 10).—Thai part, of the Shite of Oklahoma located in Federal
Reserve District No. 10.
OMAHA BRANCH (District No. 10).—The entire States of Nebraska and Wyoming.
EL PASO BRANCH (District No. 11).—Thist part of the States of Arizona, and New Mexico k rated in
Federal Reserve District No. 11, and the following 14 counties in the State of Texas:
Andrews
Fetor
Jeff Davis
Midland
Ward
Crane
El Paso
Loving
Pecos
Winkler
Culberson
Hudspeth
Martin
Reeves
HOUSTON BRANCH (District No. 11).—The following 41 counties in the southeastern part of the State of
Texas:
Anderson
Colorado
Jackson
Montgomery
Shelby
Angelina
Fayette
Jasper
Nacogdoches
Trinity
Austin
Fort Bend
Jefferson
Newton
Tyler
Bastrop
Galveston
Lavaca
Orange
Victoria
Brazoria
Grimes
Lee
Polk
Walker
Brazos
Hardin
Liberty
Sabine
Waller
Burleson
Harris
Madison
San Augustine
Washington
Chambers
Houston
Matagorda
San Jacinto
Wharton
Cherokee
SAN ANTONIO BRANCH (District No. 11).—The following 54 counties in the State of Texas:
Aransas
Comal
Hidalgo
Llano
Starr
Atascosa
De Witt
Jim Hogg
Live Oak
Terrell
Bandera
Dimmit
Jim Wells
Mason
Travis
Bee
Duval
Karnes
Maverick
Uvaldo
Bexar
Edwards
Kendall
McMullen
Val Verde
Blanco
Frio
Kenedy
Medina
Webb
Brewsier
Gillespie
Kerr
Nueces
Willacy
Brooks
Goliad
Kimblo
Presidio
Wilsori
Caldweli
Gonzales
Kmney
Rpal
Zapata
Cnlhoim
Quadalupe
Kloburg
Refugio
Zavalla
Cameron
ITays
La Salle
S.in Patrieio
Los ANCJELKS 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
1
PORTLAND BRANCH (District No. 12).—The entire State of Oregon, and the town of Ilwaco and the
following five counties in the State of Washington:
Clark
Cowlitz
Klickitat
Skamania
Wahkliakum
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
Bingharn
Blainc
Boise

Bonneviile
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

Clark
EJko
Miicolu
White Pine
SKATILB BRANCH.1 (District No. 12).--The entire State of Washington except the city of Spokane, which
is affiliated with the Spokane Branch, and the town of Ilwaco and ihe following live counties which
arc affiliated with the Portland Branch:
Klickitat
Clark
Cowlitz
Also, the following counties in the State of Idaho:
Idaho
Boundary
Benewah
Kootenai
Bonner
Clearwater
SPOKANE BRANCH 1 (District No. 12).—The city of Spokane.
1

Branch territory effective January 18, 1937.




Skamania

Wahkiakum

Latah
Lewis

Nez Perce
Shoshone

DISTRICTS

• ••••
- « ®
•
O

B O U N D A R I E S OF FEDERAL RESERVE DISTRICTS
B O U N D A R I E S O F FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE B A N K CITIES
FEDERAL RESERVE B R A N C H CITIES
FEDERAL RESERVE B A N K A G E N C Y

LOUISVILLE, LITTLE R O C K , A N D MEMPHIS BRANCHES SERVE CERTAIN D E S I G N A T E D
CITIES RATHER T H A N Z O N E S DETERMINED BY STATE OR C O U N T Y LINES
S P O K A N E B R A N C H SERVES CITY OF S P O K A N E O N L Y




INDEX
Pa e
Acceptances:
s
Dollar bankers' acceptances
173
Held by member banks
132, 154,156,158,160,173
Maturity of bills held by Federal Reserve banks
81
Outstanding
173
Payable in foreign currencies
72, 74
Rates, discount and open-market:
Buying rates of Federal Reserve banks
117
Open-market rates:
In New York City
29,118,119
In foreign countries
122
Additions and withdrawals, banks in Federal Reserve System
41, 42,151
Administrator, list of national banks authorized to act as
270
Advances to industries by Federal Reserve banks. (See Industrial advances.)
Advances to member banks under section 10 (b) of Federal Reserve Act:
Rates on
115
Advisory Council, Federal:
Meetings of
58
Expenses of
94
Members of
231
Recommendations of, to Board of Governors
231-234
Affiliates:
Standard form of agreement required in granting general voting permits;
policy action of Board
58, 214, 219
Voting permits issued by Board, number of
58
Agencies of Federal Reserve banks. (See Branches and agencies.)
Agricultural income
39
Agricultural production
37
Amendment to Federal Reserve Act
51
Area of Federal Reserve districts
289
Assessment for expenses of Board
47, 48, 59, 94, 240
Assets and liabilities:
Federal Reserve banks:
At the end of each month
84
At the end of 1935 and 1936
76-79
Member banks:
By classes of banks
126
On call dates
130
Reporting banks:
In leading cities
154
In New York City
164
Outside New York City
168
National banks
126
Reserve city member banks
126
State bank members
126
Assignee, list of national banks authorized to act as
270
Auditing of accounts of Board of Governors
59
Automobiles:
Factory employment index
194
Factory pay-roll index
192
Production
36,190
Balance sheets. (See Condition of banks.)
Bank consolidations
42,151
Bank examinations
56
Bank debits
26,174
Bank failures
41, 42,175-178
Bank for International Settlements, credit agreements with Federal Reserve banks.
55
Bank mergers
42,151
Bank premises, Federal Reserve
49, 72, 74, 76, 93
Book value
93
Cost of
93
Date occupied
93
Depreciation charges
95
Repairs, cost of
94

299
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

300

INDEX
Page

Bank suspensions
41, 42, 175-178
Bankers' acceptances. (See Acceptances.)
Bankers' balances of member banks
13, 126, 130, 138, 155, 165, 169
Banking corporations engaged in foreign banking business, examination of
57
Bills bought by Federal Reserve banks
63-71, 72, 74, 76, 78
Authority granted to Federal Reserve Bank of New York by Federal Open
Market Committee to direct purchases in foreign countries.
226, 227
Earnings on
.'
48, 94, 98
Rates of
48
Maturities
81
On call dates
69
Payable in foreign currencies
72, 74
Volume of
49, 85, 86
Bills discounted by Federal Reserve banks
63-70, 72, 74, 76, 78
Earnings on
48, 94, 98
Rates of
48
Holdings:
By classes
80
By maturities
81
On call dates
69, 70
Secured by United States Government obligai ions
72, 76, 78, 80
Volume of
49, 85, 86
Blattner, George W., appointed assistant director of Division of Research and
Statistics
58
Board of Governors of the Federal Reserve System:
Approval by, of policy actions of Federal Open Market Committee relative
to shifts between maturities of Government securities
205, 208, 211
Auditing of accounts of
59
Blattner, George W., appointed assistant director of Division of Research
and Statistics
58
Assessment for expenses of
48, 59, 95, 240
Building account
240
Directory
235
Dreibelbis, J. P., appointed assistant general counsel
58
Drinnen, Frank J., resignation as Federal Reserve, examiner
58
Employees, number and salaries
230
Expenses of
59, 240
Hamlin, Charles S., appointed special counsel
58
Members appointed for terms beginning February 1, 1936
44
Members of
'.
'.
43, 44, 235
Number of members
43
Policy actions, record of, under section 10 of Banking Act of 1935. {See
Policy actions.)
Receipts and disbursements
240
Reconstitution of
1, 43
Salaries of officers and employees
236
Term of office of members
43, 44
Bonds:
Capital issues
34,180
Prices of
30,182
United States. {See United States Government securities.)
Yield on
30,183
Borrowings of member banks at Federal Reserve banks
128,138
Branch banks, number of
40,151
Branches and agencies of Federal Reserve banks:
Bank premises:
Cost of
93
Date occupied
93
Book value
• • 93
Counties comprising territory
295, 296
Directors of
\
242-245
Expenses of
49
Managers of
242-245
Number of
49




INDEX

301

Branches and agencies of Federal Reserve banks—Continued.
Page
Territory
295-296
Volume of operations
50, 88
Broderick, Joseph A., appointed member of Board of Governors
44
Brokers and dealers in securities:
Balances
172
Loans by member banks:
Classes of banks
128
Discussion of
23, 31, 32
In leading cities
154
In New York City
164
On call dates. . . ."
132
Outside New York City
168
Margin requirements. (See Margin.)
Regulation R, revision of
51, 203
Regulation T, revision of
31, 52, 205, 211, 215
Building:
Contracts awarded
•
37, 184
For Board of Governors, account
240
Materials, wholesale prices
197
Buildings, Federal Reserve banks
49, 93
Book value
93
Cost of bank premises
93
Date occupied
93
Depreciation charges
94
Repairs, cost of
94
Business and credit conditions:
Discussion of
3, 35
Resolutions of Open Market Committee regarding
223
Action on, by Board of Governors
207
Call loans:
In New York City
29
Money rates in New York City
29,118,119
Capital:
Federal Reserve banks
73, 75, 79
Member banks
127,129,130
Movement from abroad
4
State bank members of System
247
Capital issues
33, 34, 180
Capital stock:
Investment in, by Reconstruction Finance Corporation
43
State member banks, number of, classified according to size of
265, 266
Car loadings, index of
184
Cash in vault, member banks
126,130,155,165,169
Cash reserves of Federal Reserve banks
72, 74, 76
Central banks, foreign:
Credit agreements with Federal Reserve banks
55
Discount rates
121
Open-market rates
122
Central reserve city banks:
Condition of
126
Deposits, reserves, and borrowings at Federal Reserve banks
138, 144, 147
Loans and investments
128,132
Changes in discount rates of Federal Reserve banks
115
Changes in membership in Federal Reserve System
41,151
Charts:
Deposits of all banks in the United States
26
Excess reserves, sources of
11
Manufacturing production
36
Loans and investments of member banks
21
Member bank reserve balances
9
Member bank reserves and related items
9
Money rates
,
. ; 29
Reserves of member banks and related items
9
Reserve bank credit
9
Security loans
21
Wholesale commodity prices
38



302

INDEX

Check clearing and collection:
Page
Checks against deposits, volume of
26
Gold certificate fund transactions
90
Operations, volume of:
Federal Reserve banks
49, 85, 86
Federal Reserve branch banks
50, 88
Par list, number of banks on
50, 92
Chemicals:
Factory employment index
194
Factory pay-roll index
192
Prices, wholesale, index of
197,198
Circulation, money. (See Currency; Federal Reserve notes; Money.)
Classification of loans, investments, borrowings, and capital stock of member banks 128
Classification of loans and investments of member banks
132
Clayton Antitrust Act, revision of Regulation L relating to
51, 202
Coal, index of production
191
Coin:
Circulation
28,108, 109
Held by Federal Reserve banks
72, 74, 76
Received and counted:
At Federal Reserve banks
49, 85, 86
At Federal Reserve branch banks
50, 88
Collateral held by Federal Reserve banks as security for Federal Reserve notes,
77, 79, 99
Collateral notes of member banks held by Federal Reserve banks
80
Collection of checks. (See Check clearing and collection.)
Commercial paper:
Money rates in New York City
30, 118, 119
Outstanding
173
Purchased by member banks
132,154,164,168
Commodity prices, wholesale
38,197-198
Condition of banks:
All banks in the United States
124,125
Federal Reserve banks:
Assets and liabilities:
At the end of each month
74
At the end of 1935 and 1936
76-79
Weekly statement and balance-sheet items
72
Bills bought. (See Bills bought.)
Bills discounted. (See Bills discounted.)
Deposits, reserves, note circulation, and reserve percentages
71
United States securities, holdings of. (See United States Govt. securities.)
Member banks:
All banks:
Assets and liabilities:
On Dec. 31, 1936, by classes of banks
126
On call dates
130
Changes in membership during 1936
41,151
Classification of loans and investments on call dates
132
Classification of loans, investments, borrowings, and capital stock
by classes of banks
128
Deposits subject to reserve, reserves required, and reserves held
144,147,149
Net demand and time deposits:
By months
. 145,146
In larger and smaller centers
150
Reserve position
144,145
Reserves, deposits, and borrowings on call dates
138
Reporting banks:
In leading cities
154
In New York City
164
Outside New York City
168
Congress, joint resolution of, extending period in which the Federal Deposit
Insurance Corporation may make loans under certain conditions
51
Consolidations, bank
•
42,151
Construction contracts awarded
37,184
Copper, index of production
191



INDEX

303
Page

Cost of Federal Reserve bank premises
93
Counties in Federal Reserve districts
289-294
Counties in Federal Reserve branch territories
295-296
Country member banks:
Condition of
126
Deposits, reserves, and borrowings on call dates
142
Deposits subject to reserve, reserves required, and reserves held
144
Excess reserves held by
13
Loans and investments
128,136
" Other " loans to customers
22
Reserve requirements
17
Credit:
Federal Reserve bank. (See Federal Reserve bank credit.)
Member bank
2, 21
Credit agreements, Federal Reserve banks with foreign central banks
55
Credit conditions, resolutions of Federal Open Market Committee regarding.. . 223, 230
Action on, by Board of Governors
207
Currency:
Amounts received and counted:
At Federal Reserve banks
49, 85, 86
At Federal Reserve branch banks
50, 88
Circulation
27, 63-71,107-111
By denominations
28
By kinds
108
By months
107
Chart
9
Paper
28,109
Federal Reserve, cost of
95, 240, 244
Shipments and receipts
Ill
Treasury currency outstanding
110
Davis, Chester C , appointed member of Board of Governors
44
Debits to individual accounts
26,174
Deferred availability items of Federal Reserve banks
73, 75, 79
Deficient reserve penalties imposed by Federal Reserve banks
98
Demand deposits. (See Deposits.)
Department-store sales
184
Deposits:
All banks in the United States
2, 25, 26,124
Chart showing
26
Banks suspended
42,175-178
Banks admitted to membership in System
42
Checks drawn against, volume of
26
Federal Reserve bank
71, 73, 75, 77, 79
Foreign bank
71, 73, 75, 77, 79,130,138
Government:
Held by Federal Reserve banks
63-71, 73, 75, 79
Held by member banks
126, 128, 130,138, 155,165,169
In leading cities
155
In New York City
165
On call dates
130
Outside New York City
169
Member bank:
All banks
2, 24,126,130,138,144,145,146,150
Net demand and time
145,146,147
By months
145,146
In larger and smaller centers
150
On call dates
138
Subject to reserve, reserves required, and reserves held
144,147-149
Reporting banks:
In leading cities
155
In New York City
165
Outside New York City
169
Maximum rates on time deposits
120
Nonmember bank
63-71,124



304

INDEX

Deposits—Continued.
Payment of interest on:
Regulation Q:
Page
Effective date of definition of interest; action of Board and Federal
Deposit Insurance Corporation
53, 207, 221
Revision of
53, 207, 221
Postal savings. .
140, 146
State bank members of Federal Reserve System
247-264
Classified according to size of capital stock.
265-269
Deputy chairmen of board of directors of Federal Reserve banks, list of
242-245
Directors of Federal Reserve banks:
Changes in, made by Banking Act of 1935
45
List of
242 245
Meetings, expenses of
94
Discount and open-market operations of Federal Reserve banks:
Acceptances. (See Acceptances.)
Bills bought
63-71, 72, 74, 76, 78
Earnings on
48, 94
Rates of
48
Maturities
81
On call dates
69
Payable in foreign currencies
72, 74
Volume of:
Federal Reserve banks
49, 85, 86
Federal Reserve branch banks
50, 88
Bills discounted
63-71, 72, 74, 76, 80, 81
Earnings on
48, 94, 96, 98
Rates of
48
Holdings:
By classes
80
By maturities
81
On call dates
69, 70
Secured by United States Government obligations
72, 74, 76, 78
Volume of
49, 85, 86
Collateral notes of member banks discounted and held
80
Discounts for individuals, partnerships, and corporations
80
Dollar exchange bills discounted or purchased
74
Industrial advances and commitments to make industrial advances
81, 83, 84
Maturity of bills purchased or held
81
Loans to industries. (See Industries, loans to.)
Number of pieces handled
49, 85, 86, 88
Rates charged and rates of earnings on bills discounted
48
United States Government securities:
Earnings and rates of earnings
48, 94, 98
Paper secured by, purchased and held
72, 74, 76
Purchased and held
63-71, 72, 74, 76, 80, 82
By classes
82
Volume of operations
49, 85, 86, 88
Discount and open-market rates:
Advances to member banks under section 10 (b) of act
115
Average rates earned by Federal Reserve banks on:
Bills discounted
48
United States Government securities
48
Buying rates on acceptances
117
Central banks in foreign countries:
Changes in
121
Open-market rates
122
Changes in Federal Reserve bank rates
115-117
Open-market rates in New York City
29,118,119
Rates charged customers
120
Discounts for individuals, partnerships, and corporations
80
Rates
116
Districts, Federal Reserve. (See Federal Reserve districts.)
Dividends:
Corporate
39
Federal Reserve banks
47, 95, 96
Member banks
152




INDEX

305
Page

Dollar bankers' acceptances held by group of accepting banks
173
Dreibelbis, J. P., appointed assistant general counsel to Board of Governors.......
58
Drinnen, Frank J.:
Appointed first vice president of Federal Reserve Bank of Philadelphia
58
Resignation as Federal Reserve examiner
58
Due from foreign banks to Federal Reserve banks
72, 74, 76, 78
Due to and from banks (bankers' balances)
126,130,138, 155, 165, 169,171
Earmarked gold for foreign account
103, 104
Earnings, corporate
39
Earnings and expenses:
Federal Reserve banks
46, 94-98
Amounts paid to United States Treasurer out of earnings
47, 94, 96
Rates of earnings
48
Member banks
27,152
Eccles, Marriner S.:
Appointed member of Board of Governors
44
Designated chairman of Board of Governors
43
Eligible paper held by Federal Reserve agent as security for Federal Reserve notes..
99
Employees:
Board of Governors, number and salaries.
236
Federal Reserve banks, number and salaries
48, 94, 246
Employment, factory
37,184, 194
England:
Discount rates of Bank of
121
Open-market money rates
122
Examinations, bank:
Corporation engaged in foreign banking
57
Federal Reserve banks
56
State member banks
56
Excess reserves of member banks
1, 10, 63-71,144, 145,147,149
Chart showing
11
Discussion of
1,10
Recommendations of Federal Advisory Council relative to
231
Resolutions of Federal Open Market Committee regarding
223, 229
Action on, by Board of Governors
208, 216
Exchange rates, foreign
106
Executor, list of national banks authorized to act as
270
Expenses:
Board of Governors
59, 240
Branches and agencies of Federal Reserve banks
49
Federal Reserve banks
48,94-98
Fiscal agency departments of Federal Reserve banks
95
Member banks
152
Exports and imports:
Acceptances based on, held by Federal Reserve banks
173
Gold
4, 105
Merchandise exports, discussion of
4
Expressage, cost of, at Federal Reserve banks
94
Factory employment and pay rolls
37,184,192,194
Failures, bank
41, 42, 175-178
Farm products, prices of, index of
197
Federal Advisory Council:
Meetings of
58
Expenses of
94
Members of
231
Recommendations of, to Board of Governors
231-234
Federal Deposit Insurance Corporation:
Interest, definition of, eliminated from Regulation IV
55
Joint resolution of Congress extending certain loans by
51
Federal Open Market Committee:
List of members, with alternates
44
Meetings of
44, 223-230
Policy actions, record of. (See Policy actions.)
Regulation governing open-market operations
53
Reorganization of. •
44
Selection by Federal Reserve banks of representatives on; action by Board of
Governors
201




306

INDEX

Federal Reserve Act:
Page
Amendment to, extending period in which the Federal Deposit Insurance
Corporation may make certain loans
51
Reserve requirements under
17
Federal Reserve agents:
Federal Reserve note accounts
99
Gold certificate fund, summary of transactions
91
List of
*
.
46, 242-245
Placed on honorarium basis
45
Federal Reserve bank credit:
Annual averages
63
By weeks (Wednesday
figures)
66-68
Chart showing
9
Discussion of
•. .
2
End of month
figures
65
Monthly averages
64
On call dates
69-70
Federal Reserve bank
float
74
Federal Reserve bank note circulation
108
Federal Reserve banks:
Agreements with foreign banks to purchase commercial bills
55
Bankpremises
49, 72, 74, 76, 78, 93
Cost of
93
Bills bought by. (See Bills bought.)
Bills discounted by. (See Bills discounted.)
Branches and agencies of:
Bank premises
93
Clearing operations
88
Counties comprising territory
295
Directors of
242-245
Expenses of
49
Managers of
242-245
Number of
49
Territory
295-296
Volume of operations
50, 88
Building operations
49, 93
Capital
73, 75, 77, 79
Chairmen of boards of directors, list of
242-245
Clearing operations
50, 85, 86
Condition of. (See Condition of banks.)
Deposits. (See Deposits.)
Directors, list of
242-245
Discount rates. (See Discount and open-market rates.)
Discounts. (See Discount and open-market operations.)
Dividends paid
47, 95, 96
Earnings and expenses
46, 94-98
Rates of earnings
48
Employees, number and salaries
48, 94, 246
Examinations of
57
Fiscal agency operations
49, 95
Franchise tax paid to Government
96
Gold certificate fund
90
Governors:
Listof
242-245
Salaries of
246
Officers:
Changes in, made by Banking Act of 1935
45
Salariesof
48, 94, 246
Officers and directors, list of
242-245
President as chief executive officer
45
Profit and loss account
95
Reserves. (See Reserves.)
Resources and liabilities. (See Assets and liabilities.)
Salaries of officers and employees
48, 94, 246
Tax, franchise, paid to Government
96
Volume of operations
49, 85, 86, 88
All banks
49,85
Branches
50, 88

Each bank
86


INDEX

307
Page

Federal Reserve Board. (See Board of Governors of the Federal Reserve System.)
Federal Reserve branch banks:
Bank premises
93
Counties comprising territory
295-296
Directors of
242-245
Expenses of
49
Managers of
242-245
Number of
49
Territory
295-296
Volume of operations
50, 88
Federal Reserve districts:
Area, square miles
289-294
Counties comprising branch territory
295-296
Counties in divided States
289-294
Map showing outline
297
Population
289-294
Federal Reserve interdistrict collection system. (See Check clearing and collection.)
Federal Reserve notes:
Circulation
28, 71, 73, 75, 77, 79, 99,108
Cost of
95, 240
Eligible paper held as collateral against
99
Federal Reserve agents' accounts
99
Gold certificates held as collateral against
77, 79, 99
Held by Federal Reserve banks
72, 74, 76, 78
Fiduciary powers of national banks:
List of national banks authorized to exercise
270-278
Number of permits issued
57
Regulation F, revision of
51, 214
Fiscal agency operations of Federal Reserve banks
49, 95
Float, Reserve bank
74
Food products:
Factory employment index
194
Factory pay-roll index
192
Production index
190
Food prices, wholesale, index of
197
Foreign bank deposits
71, 73, 75, 79,130,138
Foreign banking, corporation engaged in, examination of
57
Foreign banks:
Deposits
71, 73, 75, 79,130,138
Due to Federal Reserve banks from
72, 74, 76, 78
Foreign capital issues
180
Foreign central banks:
Credit agreement with Reserve banks
55
Money rates:
Changes in
121
Open-market rates
122
Transactions in accounts with; policy action of Federal Open Market Committee
228
Foreign currency, bills payable in:
Authority granted to Federal Reserve Bank of New York by Federal Open
Market Committee to direct purchases of
226, 227
Holdings of Reserve banks
72, 74
Foreign deposits, member banks
138
Foreign exchange rates
106
Foreign investments in American securities
3, 7
Foreign trade
40
France:
Capital movements from
5
Discount rates of Bank of
121
Open-market money rates
122
Franchise tax paid by Federal Reserve banks to Government
96
Freight-car loadings, index of. .
184
Germany:
Discount rates of Reichsbank
121
Open-market money rates
122



308

INDEX

Gold:
Page
Certificate fund
90
Certificates:
Held as collateral against Federal Reserve notes
77, 79, 99
Held by Federal Reserve banks
72, 74, 76, 78
Circulation
108
Earmarked for foreign account
103, 104
Federal Reserve agents' fund
91
Imports and exports
2, 4,105
Purchases
1, 4
Redemption of notes suspended in France, Italy, and Netherlands
6
Reserves of Federal Reserve banks
1, 4, 72, 74, 76, 78
Stock, monetary, in United States
2, 4, 63-70,103,104
Analysis of changes in
104
Chart showing
9
Years 1914-36
103
Treasury policy relative to
1,8
Government bonds. (See United States Government securities.)
Governors of Federal Reserve banks, title changed to president
45
Great Britain. (See England.)
Guardian of estates, national banks authorized to act as
270
Hamlin,C.S.:
Appointed special counsel to Board of Governors
58
Retirement as member of Federal Reserve Board
44
Imports and exports:
Bankers' acceptances based on, held by Federal Reserve banks
173
Gold
2, 4, 105
Merchandise exports
4, 40
Income, national
4
Index numbers:
Factory employment
194
Factory pay rolls
192
Manufactures and minerals
:
190
Production, employment, and trade
184
Security prices
182
Individuals, partnerships, and corporations:
Discounts for
80
Rates of discount
116
Industrial advances by Federal Reserve banks
49, 72, 74, 76, 78, 81, 83, 84
Action by Board of Governors relative to System program
203
Applications received and approved
84
By Federal Reserve districts
84
Commitments
84
Discount rates
116
Earnings on
94
Volume of
49, 85, 86
Insured banks, number of
41,151
Interdistrict collection system
50
Interdistrict settlement fund
90
Interest, definition of, eliminated from Regulation Q
53, 207, 221
Interest earned by member banks
152
Interest rates, open market, in New York City
29,118, 119
Interlocking directorates under Clayton Act, revision of Regulation L relating
to
51, 202
Interlocking relationships between member banks and securities companies, revision of Regulation R
52, 203
International capital movements
4
Investments and loans. (See Loans and investments.)
Iron and steel:
Factory employment index
194
Factory pay-roll index
192
Production index
190
Iron-ore shipments
191
Italy:
Discount rates of Bank of
121
Open-market money rates
122
James, George R., retirement as member of Federal Reserve Board
44




INDEX

309

Japan:
Page
Discount rates of Bank of
121
Open-market money rates
122
Joint resolution of Congress extending time for loans by Federal Deposit Insurance Corporation
51
Land area of Federal Reserve districts
289-294
Lead production, index of
191
Leased-wire system, cost of
240
Leather:
Factory employment index
194
Factory pay-roll index
192
Production index
190
Products, wholesale prices
197
Loans:
On securities, by member banks
23,132,154,164,168
Chart showing
21
To brokers:
By member banks:
In leading cities
154
In New York City
164
On call dates
132
Outside New York City
168
To individuals, partnerships, and corporations
80
Discount rates on
116
To industries, by Reserve banks
49, 72, 74, 76, 78, 81, 83, 84
Action by Board of Governors relative to System program
203
By Federal Reserve districts
84
Commitments
81, 84
Discount rates
116
Earnings on
>
94
Volume of
49, 85, 86
To member banks under sec. 10 (b) of Federal Reserve Act
80
Discount rates
115
Loans and investments:
All banks in the United States
125
Member banks:
All banks
21, 126,128,130, 132,134
By classes of banks
128
Chart showing
21
On call dates
132
Reporting banks:
In leading cities
154
In New York City
164
Outside New York City
168
State bank members of Federal Reserve System
247-264
Lumber:
Factory employment index
194
Factory pay-roll index
192
Production index
191
Machinery:
Factory employment index
,
194
Factory pay-roll index
192
Managers of branches of Federal Reserve banks, list of
242-245
Manufacturing production:
Chart showing
36
Discussion of
35
Index of
186,190
Map outlining Federal Reserve districts
297
Margin requirements, stock exchange:
Brokers' balances
172
Increase in
3, 31, 33
Recommendations of Federal Advisory Council relative to
232
Regulation T:
Action of Board of Governors relative to revision of
31, 205, 211/215
Supplement to
52
Regulation U
32
Maturities:
Bills discounted and bought by Reserve banks
81



310

INDEX
Page

McKee, John K., appointed member of Board of Governors
44
Member banks:
Assets and liabilities:
All banks
126,130
Reporting banks
154-171
Bank suspensions
41, 42,175-178
Bankers' balances
13,126,130,138,155,165,169
Borrowings at Federal Reserve banks
128, 138
Branches, number of
40, 151
Capital
127,129,130
Changes in membership
41, 42,151
Deposits:
All banks
2, 24,126,129,130,138,144,145,146,150
Net demand and time
145,146,150
Subject to reserve, reserves required, and reserves held
144,147-149
Reporting banks
155,165,169
Dividends declared
152
Dividends paid to, by Federal Reserve banks
47, 95, 96
Earnings, expenses, and dividends
27,152
Examination of
56
Excess reserves
1,10,144,145,147, 149
Failures
41, 42,175-178
Interlocking relationships between securities companies and
52, 203
List of, with loans, investments, deposits, capital, and surplus
247-264
Loans and investments:
All banks
21,126,128, 130,132,134
By classes of banks
128
Chart showing
21
On call dates.
132
Reporting banks. . . .
154, 164, 168
Loans to brokers and dealers in securities
23, 31, 32,132,154,164,168
Mergers
42,151
National banks:
Additions to and withdrawals from System
42,151
Condition of
126
Loans and investments
125
Number
41,124, 151
Suspensions
41, 42,175,178
Trust powers:
List of banks authorized to exercise
270-288
Number of permits issued
57
Number of
41,124,151
Number of, on par list
50, 92
Reserve balances
1,9, 63-71, 75, 77,130, 155,165,169
All banks
126,130,144
Chart showing
9
On call dates
130
Reporting banks
155,165,169
Reserves required, reserves held, and deposits subject to reserve
144,147-149
State banks:
Affiliates. (See Affiliates.)
Branches, number of
41,151
Capital
247
Changes in membership
41,151
Condition of
126
Deposits
124
List of, with loans, investments, deposits, capital, and surplus
247-264
Loans and investments
125,126,128
Number of
41,124,127,151, 247
Classified according to size of capital stock and size of deposits.. . 265-269
Suspensions
42,175-178
Withdrawals from System
42,151
Membership in Federal Reserve System:
Changesin
^
41, 42,151
State banks and trust companies, list of
247-264




INDEX

311
Page

Membership in par collection system
50, 92
Merchandise exports, discussion of
4, 40
Mergers, bank
42,151
Metals, wholesale price index of
197,198
Miller, Adolph C., retirement as member of Federal Reserve Board
44
Mineral production, index of
184,191
Monetary gold stock of United States
2,4, 63-70,103,104
Analysis of changes in
104
Years 1914-36
103
Money in circulation
27, 63-70,107-111
By denominations
28
By kinds
108
By months
107
Chart
9
Paper
28,109
(See also Currency.)
Money rates:
Chart
29
In foreign countries
121
InNew York City
29,118,119
In principal cities
29,120
Morrison, Ralph W.:
Appointed member of Board of Governors
44
Resignation as member of Board of Governors
44
Mutual-savings banks:
Deposits
124
Chart showing
26
Loans and investments
125
Number of
124
National Bank Act; reserve requirements under
17
National bank notes:
Circulation
108
Held by Federal Reserve banks
72
National Bank of Hungary, credit to, by Federal Reserve banks
55
National banks:
Additions to and withdrawals from System
41,151
Branch offices, number of
41,151
Condition of
126
Deposits
124
Loans and investments
125, 126, 128
Number
41, 42,124,151
Suspensions
42,175-178
Trust powers:
List of banks authorized to exercise
270-288
Number of permits issued
57
Regulation F, revision of, action by Board of Governors regarding
214
National income
4, 39
National securities exchanges:
Margin requirements:
Increase in
3, 31, 33
Recommendations of Federal Advisory Council relative to
232
Regulation T:
Action of Board of Governors relative to revision of
205, 211, 215
Supplement to
52
Regulation U
32
Monthly reports from member firms of; policy action by Board
210
Netherlands:
Discount rates of Bank of
121
Open-market money rates
122
New York Stock Exchange:
Regulation T, amendments to
,52
Nonferrous metals:
Factory employment index
194
Factory pay-roll index
192
Production index
190



312

INDEX

Nonmenber banks:
Page
Bills discounted for
72, 74
Branch offices, number of
41,151
Deposits
63-70,124
Loans and investments
125
Number of
41,124,151
Number on par list
50, 92
Suspensions
42,175-178
Number of bank suspensions
42, 175-178
Number of banks in the United States
40, 42,124,151
Number of banks on par list
50, 92
Number of branch banks
40,151
Number of insured banks
41, 151
Number of member banks
41, 42, 124, 151
Number of national banks
41, 42
Number of nonmember banks
41,124, 151
Number of State member banks
41, 42, 151, 247-264
Officers and directors of Federal Reserve banks, list of
242-245
Officers and employees:
Board of Governors, number and salaries
236-239
Federal Reserve banks:
Changes in officers made by Banking Act of 1935
45
Number and salaries
48, 246
Open Market Committee, Federal. (See Federal Open Market Committee.)
Open-market operations:
Policy actions of Board of Governors and Federal Open Market Committee
in making shifts in accounts
205, 208, 210, 224, 225, 227, 228
Transactions with foreign central banks; policy action of Federal Open Market
Committee
228
Regulation of Open Market Committee governing
224
Open-market rates. (See Discount and open-market rates.)
Par collections. (See Check clearing and collection.)
Par list, number of banks on
50, 92
Pay rolls, factory, index of
39, 192
Penalties for deficient reserves
"9%
Permits, voting, by holding company affiliates:
Number granted
58
Standard form of agreement; action of Board relative to
214, 219
Petroleum refining:
Factory employment index
194
Factory pay-roll index
192
Production index
190
Policy actions:
Board of Governors:
Appointments of presidents and vice presidents of Federal Reserve banks. 209
Changes in maturities of securities in System open-market account
210
Effective date of subsection 1 (f) of Regulation Q relating to payment of
interest on deposits
207, 221
Increase in margin requirements on loans by brokers, dealers, and members of national securities exchanges for purposes of purchasing or
carrying securities—Regulation T
205
Industrial loans under section 13b of Federal Reserve Act
203
Regulation D, reserves of member banks, supplement to
218
Regulation F, trust powers of national banks
214
Regulation L, interlocking bank directorates under the Clayton Act
202
Regulation R, relationships with dealers in securities under section 32 of
Banking Act of 1933
203
Regulation T, extension and maintenance of credit by brokers, dealers,
and members of national securities exchanges:
Amendment to
215
Supplement to
211
Regulation U, loans by banks for purpose of purchasing or carrying
stocks registered on a national securities exchange
211
Amendment to
215
Reports by member firms of national securities exchanges
210
Reserve requirements of member banks
216




INDEX

313

Policy actions—Continued.
Board of Governors—Continued.
Resolutions adopted by Federal Open Market Commit tee:
Page
Credit situation
207
Shifts between maturities of Government securities
205
Selection by Federal Reserve banks of representatives on Federal Open
Market Committee
201
Standard form of agreement required to be executed by holding company
affiliates as a condition precedent to the granting of general voting
permits
214, 219
Policy actions, Federal Open Market Committee:
Adoption of regulation relating to open-market operations of Federal Reserve
banks
224
Authority to Federal Reserve Bank of New York to direct purchases of bills
payable in foreign currencies
226, 227
Authority to Federal Reserve banks to effect transactions in their own investment accounts
225
Authority to increase or decrease System account
225, 227, 228
Authority to make shifts in System open-market account
224, 225, 227, 228
Excess reserves of member banks
229
Transactions in accounts with foreign central banks
228
Transfer to System open-market account of United States Government securities held in individual investment accounts of Federal Reserve banks.... 226
Population of Federal Reserve districts
289-294
Postage, Federal Reserve banks, cost of
94
Postal savings deposits:
Chart showing
26
On call dates.
130,138
Premises, Federal Reserve banks
49, 72, 74, 76, 78, 93, 106
Book value
93
Cost of
93
Date occupied
93
Depreciation charges. . •.
93
Repairs, cost of
94
Presidents of Federal Reserve banks:
As chief executive officer
45
List of
46
Policy action of Board of Governors relative to appointment of
209
Salaries of
246
Term of office
45
Prices:
Security
182
Wholesale commodity
38, 197, 198
Chart showing. *
38
Printing and stationery, Federal Reserve banks, cost of
94
Production, industrial:
Chart showing
36
Index of
3, 35,184
Profit and loss account of Federal Reserve banks
95
Public-utility stocks, prices of
182
Railroad car loadings, index of
184
Railroad stocks, prices of
182
Ransom, Ronald, appointed member of Board of Governors
44
Rates, discount. (See Discount rates.)
Real estate, loans on; held by member banks
21,132,164,168
Receipts and disbursements, Board of Governors
240
Receiver, list of national banks authorized to act as
270
Receiverships, bank
42,175-178
Recommendations of Federal Advisory Council
231-234
Reconstruction Finance Corporation, investment of in preferred stock, capital
notes, and debentures of banks
43
Redemption fund, Federal Reserve notes
72, 74, 76, 78
Registrar of stocks and bonds, list of national banks authorized to act as
270
Regulation of Federal Open Marker, Committee relative to open-market operations, superseding Regulation M of Board of Governors
53, 224



314

INDEX

Regulations of the Board of Governors, revisions of:
Page
Regulation D, reserves of member banks
51, 218
Regulation F, trust powers of national banks
51, 214
Regulation L, interlocking bank directorates under Clayton Act
51, 202
Regulation M, open-market operations, superseded by regulation of Open
Market Committee
53
Regulation Q, payment of interest on deposits
53, 207, 221
Recommendation of Federal Advisory Council relative to
233
Regulation R, relationships with dealers in securities
51, 203
Regulation T, extension of credit by brokers, dealers, and members of securities exchanges
31, 52, 205, 211, 215
Regulation U, loans by banks for purpose of purchasing or carrying stocks. . 32, 52,
211,215
Recommendations of Federal Advisory Council relative to
232
Rent paid by Federal Reserve banks
94
Reorganization of Federal Open Market Committee
44
Reorganization of System under Banking Act of 1935
43-46
Reporting member banks. (See Member banks.)
Reports, monthly, from member firms of national securities exchanges; policyaction of Board
210
Reserve balances of member banks
1,9, 63-71, 75, 77,130,155,165,169
All banks
126,130,144
Chart showing
9
On call dates
130
Reporting banks
155,165,169
In leading cities
155
In New York City
165
Outside New York City
169
Reserve bank
float
74
Reserve city member banks:
Condition of
126
Deposits, reserves, and borrowings
141
Loans and investments
:
126,128,135
Reserve requirements of member banks, increase in
1,10,14,16,17
Policy action of Board relative to
216, 230
Recommendation of Federal Advisory Council relative to
232
Reserves:
Deficiencies in, penalties for
98
Federal Reserve banks
71, 72, 74, 76, 78
Cash
72, 74, 76, 78
Excess
63-71
Member banks:
All banks
1, 9-16,144,145,147-149
Chart showing
9
Discussion of
1, 9-20
Deposits subject to reserve, reserves required, and reserves held. 144,147-149
Excess
1, 9-16,144,145,147-149
Chart showing
9,11
Discussion of
1, 9-16
Recommendations of Federal Advisory Council relative to
231
Resolutions of Federal Open Market Committee regarding
223, 229
Action on, by Board of Governors
208, 216
On call dates
130
Regulation D, revision of
51, 218
Reporting banks
154,164,168
Resolutions of Federal Open Market Committee relative to business and credit
conditions
223
Action on, by Board of Governors
207
Resources and liabilities:
Federal Reserve banks:
At the end of each month
74
At theendof 1935 and 1936
76-79
Weekly statement and balance-sheet items
72
Member banks:
Country banks
126
National and State banks
126
On call dates
130




INDEX

315

Resources and liabilities—Continued.
Member banks—Continued.
Reporting banks:
Page
In leading cities
154
In New York City
164
Outside New York City
168
National banks
126
Reserve city banks
126
State member banks
126
Retirement system, contributions to
47, 48
Rubber products:
Factory employment index
194
Factory pay-roll index
192
Production index
190
Salaries:
Board of Governors, officers and employees
236-239
Federal Reserve banks
48, 94, 246
Securities:
Dealers in. (See Brokers and dealers in securities.)
Foreign buying of American
3, 4, 7
Loans on, by member banks:
Chart showing
21
Discussion of
21, 30
Securities companies, interlocking relationships between member banks and,
revision of Regulation R
52
Security prices
182
Silver:
Circulation
108
Held by Federal Reserve banks
72
Purchase of, under Silver Purchase Act
4
State banks:
Affiliates of member banks. (See Affiliates.)
Branches, number of
41,151
Capital
247
Changes in membership
41,151
Condition of
126
Deposits
124
Examination of members
56
List of members, with loans, investments, deposits, capital, and surplus.. . 247-264
Loans and investments
125,126,128
Number of
41, 42, 124, 151, 247
Classified according to size of capital stock and size of deposits
265-269
Suspensions
42,175-178
Stock exchange:
M argin requirements. (See M a rgin.)
RegulationT
31, 52, 205, 211, 215
RegulationU
32, 52, 211, 215
Stocks:
Foreign investments in
3, 4, 7
Margin. (See Margin requirements.)
Prices
3, 30
Stocks and bonds:
Issues of
180
Loans secured by, made by member banks
132,154,156,160,164,168
On call dates
132
Money rates on loans secured by
118,119
Prices of
182
Surplus:
Federal Reserve banks
47, 73, 75, 77, 79, 95
Member banks
126
State bank members of Federal Reserve System
247
Suspensions, bank
41, 42,175-178
Sweden, Bank of, discount rates
12
Switzerland:
Discount rates of Bank of
121
-> Open-market money rates
122
Szymczak, M.S., appointed member of Board of Governors
44
Tax, franchise, paid by Federal Reserve banks to Government
96



'">!(>

INDEX
Page

Tax on premises, Federal Reserve banks
94
Telegraph, leased-wire system, cost of
240
Telephone and telegraph expenses:
Board of Governors
240
Federal Reserve banks
94
Term of office:
Members of Board of Governors
43
President of Federal Reserve banks
45
Textiles:
Factory employment index
194
Factory pay-roll index
192
Prices, wholesale
197,198
Production index
190'
Thomas, J. J., retirement as member of Federal Reserve Board
44
Time and demand deposits. (See Deposits.)
Tobacco manufactures:
Factory employment index
194
Factory pay-roll index
192
Production index
190
Trade, foreign
40
Trade, wholesale
3, 184
Traveling expenses, Federal Reserve banks
94
Treasury bills:
Held by Federal Reserve banks
72, 76, 78, 82
Rates
29
Yield on
29
Treasury bonds:
Held by Federal Reserve banks
72, 74, 76, 82
Yieldon
29,118
Treasury notes:
Circulation
108
Held by Federal Reserve banks
72, 74, 76, 82
Yieldon
29, 118
Treasury policy relating to gold
\, 8
Trust companies. {See State banks.)
Trust powers of national banks:
List of banks authorized to exercise
270 288
Number of permits issued
57
Regulation F, revision of
51
United States Government deposits:
Held by Federal Reserve banks
71, 73, 75, 77, 79
Held by member banks
126,128,130,132,138,155,165,169
In leading cities
155
InNewYorkCity
165
On call dates
138
Outside New York City
169
United States Government securities:
As collateral against Federal Reserve notes
99
Average yield on
118,119,183
Bills discounted secured by, held by Federal Reserve banks
72, 74, 76, 80
Bonds:
Held by Federal Reserve banks
72, 76, 82
Prices of
182
Yieldon
30,183
Earnings and rates of earnings on purchases by Reserve banks
48, 94, 98
Held by Federal Reserve banks
63-70, 72-79, 82
By classes
82
Chart showing
11
Held by member banks
126,128,130,132,154,164,168
Chart showing
21
Discussion of
21, 24
Held in System account, shifts in maturities of; policy action of Board and
Open Market Committee regarding
205, 208, 210, 224, 225, 227, 228
Paper secured by, held by Federal Reserve banks
72, 76, 78, 80
Policy actions of Board of Governors and Federal Open Market Committee
relative to purchase of
205, 208, 210, 224, 225, 227, 228



INDEX
United States Government securities—Continued.
Rates of earnings on purchases by Federal Reserve banks
Treasury bills held by Federal Reserve banks
Treasury bonds:
Held by Federal Reserve banks
Yield on
Treasury notes:
Held by Federal Reserve banks
Yield on
Volume handled by Federal Reserve banks
United States notes:
Circulation
Vice presidents of Federal Reserve banks:
list of, appointed for 5-year term
Policy action of Board relative to appointment of
Volume of operations of Federal Reserve banks:
All banks
Branches
Each bank
Wholesale trade, index of
Withdrawals from Federal Reserve System
Yields on bonds




317
p

age
48
72, 76, 78, 82
72, 76, 78, 82
29,118
72, 76, 78, 92
29,118
49, 85, 86, 88
108
46
209
49, 83, 84
50, 88
86
184
42,151
29,183

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