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MONTHLY REVIEW
o Ce it a dB s e sCn itio s
f r d n uin s o d n
Second Federal Reserve District

F d ra Rs rv A e t
e e l ee e g n

F d ra Rs rv B n , N wY rk
e e l ee e a k e o

Ja u ry 1 13
n a , 96

pne t bns inohrprs o t ecut ys o e a
o dn ak t e at f h o nr hwd
fa ly s ale dc e int ewe e ddDcme 1.
ir izb elin h ek ne ee br 8
Ecs rsre o m brbns a e r in t nw It hsbe a prn fo smt et a alag pr o
xes eevs f e e ak, ft r is g o e
m
a en pae t r o e im ht r e at f
h hlee int ef s hlf o Dcme, s beunly t eecs rsre hldb t eNw okC ybnsin
ig vls h irt a f ee br usqe t h xes eevs e y h e Yr it ak
s o e as apdc ebt inNwYr Cya din r a yrpee t did fud blo g gt t e cre­
hwd hr elin oh e ok it n
e lit e rsne le ns e nin o hir ors
t e cut ya awo , a t e acma y gd ga pne t bns in ohr loa ie. Bla cs o s c
h o nr s hle s h co pnin iar m o dn ak
t e clit s a ne f uh
s o s I NwYr C y ecs rsre wic hd bnswht eNwYr C ybnsint eer pr
hw n e ok it xes eevs h h a ak it h e ok it ak h aly at
.
r e aoe $ ,5 0 0 ,0 0 wr rdcd t ao n o Dcme wr c s t $ ,0 0 0 ,0 0 a cmae
isn bv 1 0 ,0 0 0 ee e ue o r ud f ee br ee loe o 2 0 ,0 0 0 , s o prd
$ ,1 0 0 ,0 0 int elat r pr o Dcme, adfo whblacso ao n $ 0 ,0 0 0 t $ 0 ,0 0 0 in
1 5 ,0 0 0 h te at f ee br n r it a ne f r ud 6 0 0 ,0 0 o 7 0 0 ,0 0
t e cut y a a wo mme bn ecs rsre 12 a d12, bt int elat rpr o t emnhd­
h o nr s hle e br ak xes eevs 98 n 99 u h te at f h ot e
wr rdcdfr mmr t a $ ,3 0 0 ,0 0t ao ^ c e t bl'V 8 0 0,00
ee e ue o oe hn 3 0 ,0 0 0 o r m lind o e H 5,00 0.
r
$,7 0 0 ,0 0 Tii rdcio d nt hv a yet
2 0 ,0 0 0 . h e ut n id o ae n f
r
Cre c . . x a fr ma Rsre Bns t
urny
wls o ll eev a k o
o mnycnit n o r t s
n oe od ios r ae.
f ac C r tm t ae crepne c s ly m,jta
inne his ^ r d ors odd loe
i
at er ,
Te pinipl fat r int is s de rvra o t e a o n wh t e aeae mvmn in ps yan
h r c a co h udn ees l f h mut it h vr g oe e t
mvm t o ecs bn rsre ws a uuully a o nin bt enNvme 2 adDcme 2 t
oe e f xes ak eevs a n ns a mut g ewe oe br 0 n ee br 4 o
n
lag vlu e o cs py e t fo nwGvr mn aot $5 ,0 0 0 . Te i ces int e gldsoko
r e o m f ah amns r e oen e t bu 2 0 0 ,0 0 h nrae h o t c f
sc r ie s ldo t eDcme t xdt . I ps yas t e Uit d Sae dr g t a pr d a one t
euit s o n h ee br a ae n at er, h n e t t s uin ht eio mut d o
t enw r auyi s e hv be pidfo vr lagly $ 1 ,0 0 0 .
h e Tes r sus ae en a r ey r e 3 0 0 ,0 0
m
whdps s ce it dt t e Gvr mn, wic wr A huht erdcio inm brbn rsre a e
it e oit rd e o h oen e t h h ee lt o g h e ut n e e ak eevs ft r
da nuo o ly we rqirdt m t Gvr mn t em d o Dcme ws t e s aps t a hs o­
r w pn n hn e u e o e oen e t h idle f ee br a h hr et ht a c
e
epnit rs TisDcme, hwvr det t elag c re s fa, itle s lag avlu eo ecs rsre
xe d ue. h ee br o ee, u o h r e urd o r ft o r e o m f xes eevs
vlu eo id fud hldb t ebns o lyaotoe t a t eewsn pre t leef c o mnyrt s A
o m f le ns e y h ak, n bu n- ht hr a o ecpib fet n oe ae. s
t ir o t e nwsc r ie wr pid fo wh bo t efo w gt b inict s mnyrt sa t ee do
h d f h e euit s ee a r it ok h llo in ale d ae, o e ae t h n f
ee br ee r cic lly h s e t e d f
ce it a huhalag vlu e o nwsc r ie ws Ncme,wr, pat h at eemes a tntn fo
rd , lt o g r e o m f e euit s a Dvme ad it m a ls ba o a, d hoed e
oe br n
ig t o nt d id
if r
s ld a dt ers wr pidfo incs . A t ea on
o , n h et ee a r ah s h mut
o nwsc r ie isudinad io t t oeec agd
f e euit s s e dit n o hs xhne
fo mt r g sc r ie ws naly $ 7 ,0 0 0 , py
r auin euit s a e r 9 5 0 ,0 0 a ­
m t fo t ee sc r ie rs lt d int e t a s r o
e s r hs euit s eu e h r nfe f
n
m et a $ 0 ,0 0 0 fr mm brbn rsrebl­
o hn 6 0 0 ,0 0 o e e ak eev a
r
m
acst Tes r blacsint eRsr eBnsdr g
ne o r auy a ne h eev a k uin
t ewe e ddDcme 1. O e Tes r rcips
h ek ne ee br 8 t r r auy ee t
h
adepnit rswr aot inblac, ino et xcl­
n xe d ue ee bu a ne cm a o
let n a dohrGvr mn rvne bin s fic n
cios n t e oen e t ee us e g uf iet
t m tineetpy e t o Gvr mn db a dohr
o e t rs amns n oen e t et n t e
e
d bre e t.
is usm s
n
Mr t a hlf o t ecs py e t fo nwTes
oe hn a f h ah amns r e r a­
uysc r ie wr md inNwYr , bt a pr nly
r euit s ee ae e ok u pae t
acnidr b pr o t eepy e t wr fo t ea­
os eale at f hs amns ee r h c
cut o ot o t w bns a t ehld g o Gvr ­
on f u f o n ak, s h o ins f oen
mn sc r ie b t eNwYr Cybns fo t e
e t euit s y h e ok it ak r hir
o nacuts o e a i ces o cnidr b s a r
w con hwd n nrae f o s ealy mlle
a o n t a t e py e t t t eGvr mn, a da Excess Reserves of New York City Member Banks and of All Member
mut hn hir amns o h oen e t n t
t esm t et ea o n o blacs hldfo cre* Banks in the United States (Latest figures are for December 24)
h a e im h mut f a ne e r ors
M on ey

M a r k e t in D e c e m b e r




1933

1934

1935

2

MONTHLY REVIEW, JANUARY 1. 1936

ge t fr maya ao we t evlu e o m br adbnswic rpee t da ad io t t epb
r aly o er g, hn h o m f e e n od h h e rsne n dit n o h ulic
m
bn rsre wsmc s a r
ak eevs a uh mlle.
db. Qoaio s o t e nwi s e ime iae a­
et ut t n n h e sus md t ly d
vne t ape iu int emr e, adt wr t ec s
acd o rm m h akt n o ad h loe
o t emnht ebns wr s llin a aot 11 ad
f h o t h od ee e g t bu 0 n
t ent s a aot 1 0 . Pics o ohr Gvr mn
h oe t bu 0 % r e f t e oen e t
sc r ie wr gnr lly f mdr g Dcme, ad
euit s ee e ea ir uin ee br n
aeaey ld o o t t nin bns a dnt s s o e
vr g ie s n usa d g od n oe hwd
mdr t rcsi n. Tes r b isusptotdr g
oeae eesos r auy ill s e u u uin
Dcme ageae $ 5 ,0 0 0 ad rp cd fv
ee br grgt d 2 0 0 ,0 0 n e lae i e
$0 0 ,0 0 b mt r ie. Te aeaer t o t ee
5 ,0 0 0 ill auit s h vr g ae n hs
b o a poimt ly9mnh mt r y cnine t
ills f pr x ae
ot s auit o t ud o
dc e t e i s e dt dDcme 3 bin p cd a
elin, h su ae ee br 1 e g lae t
0 8prcn, a cmae wh0 3prcn o t elat
.0 e e t s o prd it .1 e et n h s
Nvme f t t n
oe br loaio .
I v wo t e lag i ces in t e Nt nl db
n ie f h r e nrae h aio a et
sne13, adt eacma y ginraeinbn hld
i c 90 n h co pnin ces ak o ­
ins o Gvr mn sc r ie, dt fr mNvme 1
g f oen e t euit s aa o oe br ,
13 cnit nsae e t aeo ineetins o in t e
95 o d io t t mns r f t rs hw g h
t ps o sc r ie t a hv be aqirdb m br
y e f euit s ht ae en c u e y e e
m
bns I t e pr dbt ent e e do 13, we
ak. n h eio ewe h n f 90 hn
t e db rahd it ps-wr lo , ad Nvme 1
h et ec e s ot a w n oe br ,
13, m brbn hld g o d et Gvr mn oli­
95 e e ak o ins f irc oen e t b
m
gt n rs $ ,9 5 0 ,0 0 t $ 0 8 ,0 0 0 , o cn
aios oe 5 5 ,0 0 0 o 1 ,0 0 0 ,0 0 r o­
s ealym et a dulet e13 hld g, wilet e
idr b o hn ob h 90 o ins h h
r
ineet bain db o t e Gvr mn rs $ 2 0 ,t rs er g et f h oen e t oe 1 ,6 0
00 0 t $ 8 8 ,0 0 0 . M brbnso Nvme
0.00 o 2 ,3 0 0 ,0 0 e e ak n oe br
m
Mme Bn Ceit
e br a k rd
1 13 t u hld3 pr cn o t e ineet bain
, 95 hs e 6 e e t f h t rs er g
Delaglyt prhss o nwGvr mn sc r
u r e o uc ae f e oen e t eui­ t nl db o p e it 6 e
t
9.
3
t so Dcme 1, t et t l lon a dinet e t o f aio aoeocmaedwD2 mecn5 f1a0inhs
ie n ee br 6 h oa as n vsmns f Nue d nt inlur t e hc pr e tininn Tee
igrs
c d h ee br 13
9
c
we lyr prin m brbnsinNwYr C yrs A t eacma y gd ga inict s ms o.t e
ek e ot g e e ak e ok it oe s h co pnin iar m d ae, ot g h
m
o Dcme 1 t anwh hlee sneMrh13, i ces inbn hld g sne13 hsbe inTes
n ee br 8 o e ig vl i c ac 91 nrae ak o ins i c 90 a en f a­
ad fo t e cut y a a wo rahd t e h hs uynt s t a i , insc r ie o 1t 5ya mtrit ,
n r h o nr s hle ec e h iget r e t s eu s f o
u
lee s c Nvme 13. Tei ces inhld g o wic oh,vhr e nalyit 4 0 ,0 0 0 .er eawile
vl ine oe br 91 h nrae o ins f h h ae isn er $ ,8 0 0 ,0 0 M n r y
a h,
Gvr mn sc r ie bt enNvme 2 a dD­ hld g f crif t s o dbe es adb , wic
oen e t euit s ewe oe br 0 n e
f e
n
cme 1 a o ne t a poimt ly $ 0 0 ,0 0 fo mtins o in1yaehvincesnsbu $ills 0h0
e br 8 mut d o pr x ae 7 ,0 0 0 r o uewhet icr aeinrt ddaot 7 0 0 h
a r it
e,
a
ae
6 ,0
t eNw okC ym brbns a dws$ 1 ,0 0 0 adt e bns prfo s o Gvr mn bns hv
h e Yr it e e ak, n a 3 0 0 ,0 0 n h a k’ ot lio f oen e t od ,0 0
m
a
fo a r prin bns a cmae wha ecs o a ogo nb $ 0 ,0 0 0 . Tefo w gt b s o e
r ll e ot g ak, s o prd it n xes f ls r w y 4 0 0 ,0 0 h llo in ale hw
nwTes r isus oe mt r ie o $7 ,0 0 0 . ac sif aio o mme bn hld g o Gvr mn
e r auy s e vr auit s f 9 2 0 ,0 0 las ict n f e br ak o ins f oen es
O e sc r ie s o e as a nt rdcio fo t e sc r ie a t ee do 13 ado Nvme 1 13t
t r euit s hwd mll e e ut n r h euit
h
h n 9
,
mnhb tt evlu eo lon inrae s m ht I a dt esete t gsoft evrn st poo Gvr mn
ot , u h o m f as cesd o e a. n n h pr nae f h 0 io n e e bre,n95
w
c
a u y s f o et
NwYr C y s c r ylon inrae $1 ,0 0 0 oligt n o t t nin t a aehldb m brbns
e ok it , euit a s cesd 1 5 0 ,0 0
m
dr gt efo rwes a dfo t ecut ya awo b aios usa d g ht r e y e e ak.
uin h u ek, n r h o nr s hle
t e inrae ws naly $ 5 ,0 0 0 . A cnidrb
h ces a e r 1 0 0 ,0 0
os eale
pr o t isi ces rf ce bro inso Gvr mn
at f h nrae elet d or w g f oen e t
s c r yda r t f ac t e oeaiosincnet n
euit eles o inne hir pr t n oncio
whDcme Tes r finnin, b t as a r pr
it ee br r auy a c g u mlle at
a pr nlyrf ce amdr t inraeint ebro ­
pae t elet d oeae ces h or w
inso s c r yboes A ohrlon, a e s o in
g f euit rkr. ll t e a s ft r hw g
as bt nia inraeint elat r pr o Nvme,
usa t l ces h te at f oe br
laglyincnet nwht ef a c go gldimot ,
r e oncio it h innin f o prs
dc e dr gt ef s t rewes o Dcme ad
elind uin h irt he ek f ee br n
s o e pat a n nt c ag bt enNvme 2 Alag dc eint ebns hld g o Gvr mn
hwd r cic lly o e hne ewe oe br 0
r e elin h a k’ o ins f oen e t
a dDcme 1 fo t e NwYr C y bns bt bns oc re bt ent eJn 2, 13 a dNvm
n ee br 8 r h e ok it ak, u od curd ewe h ue 9 95 n oe ­
s o e ant inraeo $ 8 0 ,0 0 fo a we lyr­ br 1 13 c ll dt s rf cin t erdmt no th
hwd e ces f 3 ,0 0 0 r ll ek e e , 95 a ae, elet g h e e pio f e
prin m brbns
ot g e e ak.
m
Cno a dPnm bnsbain t ec c laio piv
os ls n a a a od er g h iru t n r i­
leea da ot ert e e t o t ermin gprio o
g n ls h eirmn f h e a in ot n f
Gvr mn Sc r s
o en e t e uitie
h rh ib o
h a b
p
Dcme q at r f a c gb t e Tes r cm tnlyoat beetpLen adt inm deod kpor
ee br urely innin y h rauy o ­ eeFue Lnryla a ,lanlyecllebrns apa­
t hv e r cd r e
e
g
e bn r­
m a
t
pis dt es leo $ 3 ,0 0 0 o 1 prcn nt sde o sb Te uy oe. lt u m brbn hld
r e h a f 7 7 0 ,0 0 f y2 e e t oe u
t
­
in14 a d$ 4 ,0 0 0 o 2 prcn bns dein f lioo yorrs rnnossAoochpe telylitleoe
90 n 6 6 0 ,0 0 f % e e t od u ins f Gv am tbn s h g am e ak nt
g
en e d hw o r iv t
m a
1 4 -4 . O t enwnt s $ 4 ,0 0 0 wr isudin inraeoe fv yasao it s o ldb nt dt a t e
9 5 7 f h e oe, 2 9 0 ,0 0 ee s e
i
oe h
ec ag fo nt s wic mt rd Dcme 1, a d acr g mt r yo bngnwhldi lo grt a tht
xhne r oe h h aue ee br 6 n v es vr ite er d ,o hu s ene hnth
ae
$ 6 ,0 0 0 o t ebnswr a oisudinec ag oeod hldin13,wic t e inlue lag a ons
1 1 0 ,0 0 f h od ee ls s e xhne fbns au 9f o s hnec dd r e mua
e
0 hh
t
fo t emt r gnt s lev g$ 7 ,0 0 0 o nw oe
r h auin oe, ain 9 2 0 ,0 0 f e nt s
M o ne y Rates a t New Y o rk

Dec. 31, 1934 N o v. 29, 1935 Dec. 30, 1935

Stock Exchange call loans......................
Stock Exchange 90 day loans................
P rim e com m ercial paper— 4 to 6
m o nth s.....................................................
B ill— 90 day unindorsed..........................
Custom ers’ rates on commercial loans.
(Average rate of leading banks a t
m iddle of m o nth )
Treasury securities:
M a tu rin g June (y ie ld ).........................
M a tu rin g A p ril 1937 (y ie ld )..............
Average y ie ld on T re a sury notes (1-5
ye ars).......................................................
Average y ie ld on T re a sury bonds
(more th a n 5 years to earliest ca ll
d a te ).........................................................
A verage ra te on la test T re a sury b ill
sales 273-274 day issue........................
Federal Reserve B a n k of N ew Y o rk
rediscount ra te .......................................
Federal Reserve B a n k of N ew Y o rk
b u yin g rate fo r 90 day indorsed b ills .

1

*H -1

X
*1

*1

Hr1
X

H
Vs

*A
X

%
A

1 .96

1.6 7

1.7 5

N o yie ld

N o yield
0 .1 0

N o y ie ld
0 .0 4

1.13

0 .7 3

JO. 74

2 .8 3

2.5 8

2.51

0 .1 3

0 .0 8

IX

IX

IX

X

X

X

♦N o m in a l.
%
Average ra ise d 0 .1 1 b y s u b s titu tio n of new issue fo r an issue
m a tu rin g w ith in one year.

Excess Reserves of M em ber Banks (A p pro xim a te am ounts in m illion s of dollars)

Dec. 26, 1934 N o v. 27, 1935 Dec. 24, 1935

N ew Y o rk C it y ..........................................
A ll M em ber B a n ks...................................




583
1,678

1,311
3,060

1,165
2,700

A m ounts in
m illio n s of dollars

Per cent of to ta l
outstanding

Dec. 31,
1930

Treasury b ills and certificates. . . .
Treasury notes..................................
G overnm ent bonds...........................

N ov. 1,
1935

Dec. 31,
1930

N ov. 1,
1935

369
485
3,271

1,131
5,281
3,668

28
21
27

46
44
26

4,125

10,080

26

36

FEDERAL RESERVE AGENT AT NEW YORK

wile fo Aa bns wic hda ed avne t
h r a od, h h a lray dacd o
s c a et n t a y ld hddo pdt t e lo et
uh n xe t ht ie s a r pe o h ws
lee fo mn yas t ey lddc e o lyaot 0 8
vl r a y er, h ie elind n bu .0
prcn fut e.
e e t rhr
Sokpicsflut ae whu df it t ne c dr
t c r e cut d it o t eine e dny u­
in Dcme a dt evlu eo t a in wslest a
g ee br n h o m f r d g a s hn
inNvme. A avneint ef s we o t emnh
oe br n dac h irt ek f h ot
laglyofe t ercsio o t ec s gdy o Nvm
r e fst h ees n f h loin as f oe ­
br bt t is avnews fo wdb a ireu r d­
e, u h dac a llo e y n r g la e
c ewic cnine t r uht em d o t emnh
lin h h ot ud ho g h idle f h ot .
Sbe unly pics hldwh anro r ne ut
us qe t , r e e it in ar w a g, nil
t ec s gdy o t emnhwe qoaiosavne
h loin as f h ot hn ut t n da cd
s hlyt lee s m ht h hrt a t oepe a g
lig t o vls o e a ig e hn hs r vilin
w
a t ec s o Nvme.
t h loe f oe br
1929
1930
1931
1932
1933
1934
1936
Member Bank Holdings of Direct United States Government Securities
On Call Dates

N ew

F in a n c in g

Te vlu e o nws c r y of r g cnine in
h o m f e euit feins o t ud
fa lylag a o n dr gDcme laglybcueo
ir r e mut uin ee br r e eas f
o L et La bns s beunly rt e . Frhr t esleo $ 0 ,0 0 0 Fdr l Ln Bn bns Tis
f ibry on od usqe t eird ut e­ h a f 1 0 0 ,0 0 e ea a d a k od. h
mr, m br bns hv aqird $ ,7 4 0 ,0 0 o ws a3 pr cn cno ae isu de in 15 ad
oe e e ak ae c u e 1 6 ,0 0 0 f
m
Gvr mn g aa t e sc r ie dr gt eps t o ca b be n g ins9 6tpics etu8 t 96on
oen e t ur ned euit s uin h at w a le eine t o 1lid d e a 9 % h bns
lla g in
4; r d
e d
yas wic aentinlue int et b aoe
er, h h r o c dd h ale bv.
y ld3 8prcn. O t epoed, $ 2 0 ,0 0ist b
ie .0 e e t f h r ce s 6 ,7 0 0 o e
ue fo t ert e e t o Jnay2 13 o 4 pr
sd r h eirmn n a ur , 96 f % e
Blsa dCme ca Ppr
i l n o mri l ae
Cnit n int eb mr e cnine v t a u­ cn bns o t e iniv ul Ln Bns a dt e r­
o d ios h ill akt o t ud irully n e t od f h d id a a d a k n h e
a dr o e sd r a in n e ea opr t
c agddr gDcme. I cess o $ 3 0 ,0 0in mine ist b ue fo lon ga dgnr l cr oae
hne uin ee br nrae f 1 ,0 0 0
r ss h e a o
p
s
su o t e r e
e f
r g
dmt wrhuece it a do $ ,0 0 0 inepr su—e.,0Te0Suh ntohrllse poaho lan
o e ic ae os rd s n f 9 0 ,0 0 xot pe o4 0 ,0r wt weet eei Tle hreCma y
s
s n
n p
b wr c ielyrs os lefo a$ 4 0 ,0 0r edr i $ 5 0 0 o e r B
ills ee h f epnib r 2 ,0 0 0 is u­ z
n
a r nin r o s hr is, h
s
in Nvme int t l b o t t nin. Wilet et t l bd swicswsfobelyof rpdr e.tOmnhwr
g oe br oa ills usa d g h h oa od h hu ur fu d g upin t ewe t e
ida s
f
g
o $ 8 ,0 0 0 o Nvme 3 rmindcnidr b iniv ulmdsae lic o eeit umll,h ltouh t e
f 3 7 0 ,0 0 n oe br 0 e a e os ealy e hr o ioe p sz r qde s a e h t ee
s a r t a aya peio s t e Nvme inrae nme o isur ts eia Saea dmn iplg ah
mlle hn er rv u, h oe br ces, it e rff s e, epi elly tu n ua o f n­
s c
a in c
t gt e wht a o Ot br t t le $ 9 0 ,0 0 o in, ba c me aivly lag. tRilr a ficnin ws
oehr it ht f coe, oa d 5 ,0 0 0 , r u w
g
a
nalyt ret e t ei ces dr gt ecrepnin rpeeseoint e mnh eoaay td in cfg 1a
er he im h nrae uin h ors o d g e rsn d pr t eo t r t t l boh sa o $8
s
h
e le
mnh o 13, adrpee t dt elags i ces fo 4 0 0 o Pns lvn Rilr a e u mn t ut cr
ot s f 94 n e rsne h r et nrae r 0 ,0 0 tf e ny a ia ’s od qip ea r s e,a
t
­
t ecmaalepr do a yya sne13.
h o prb eio f n er i c 90
if ae, n
ic
h ie s a
m t .0 e
0
Tecmec lpprmr e inDcme a os o e te ttvraph htf 1t ld regsfr er .5oo3illpe
h o m ia ae akt ee br ls hwd cn os o wic oeyo1 yne; to 0 0a w ur
r
eio
d
5 r
ilr
litlec ag fr mh dllns o peio smnh. Sle t efuesrare fo nw eat chcasr dio . s
t hne o t e u es f rv u ot s a s
d
h r n c
o cmec lpprb da r cnine t b rsr t d h n elizd r e fr ig a o t ut n
f o m ia a e y eles o t ud o e et ice
r
b t elime s ply ds it a at edmn fo bs
y h it d up , ep e n civ e ad r ui­
ns nt sb inet gbns Ter t o %prcn
es oe y vsin ak. h ae f e e t
h r c a ee p e t h uo en urnie
fo pim ppr peio s qoe rmindinef c. Tepinipl dvlomn int eEr pa c re c s
r r e a e rv uly ut d e a e
fet
Cmec l ppr da r hdo t t nin a t t l o er inDcme wst ercvr int eFe c fr n.
o mria a e eles a usa d g oa f aly ee br a h eoey h r nh a c
$ 7 ,4 0 0 o ppra t ee do Nvme, a aa s Tes bidneo pes r aa s fr n ec ag ad
1 8 0 ,0 0 f a e t h n f oe br s gint h us e c f rsue gint a c xhne n
$ 8 ,4 0 0 in Ot br a d $ 7 ,9 0 0 a ya t ercvr o t er t o Dcme 6t alee aoe
1 0 0 ,0 0
coe, n 1 7 0 ,0 0 er h eoey f h ae n ee br o vl bv
t egldimot pin a NwYr wr t ers lt o a
h o pr o t t e ok ee h eu f
peios
rv u.
hlt go t eotlo o c p a fr mFa c, o in t
a in f h uf w f a it l o r ne w g o
a c ag in t e ime iae plit a s ut n wh
hne h md t o ic l it aio it
Dmsiccr oaio bn picso t ewo s o e wic t e qet n o t e fuue o t e fr n i
o et opr t n od r e n h hle hwd h h h usio f h t r f h a c s
fut e mdr t avne dr g Dcme. Rpe p b lyas c t d Teqoaio rmindaoet e
rhr oeae dacs uin ee br e r ­ ulic soiae . h ut t n e a e bv h
snaiv pic aeae rs aot % pin, whr il­ glds ipin pin t Nw okut t elat rpr o
e t t e r e vr gs oe bu o t it a o h p g o t o e Yr nil h te at f
r a bns epc llyt elesh hgaei s e, s o in Dcme, we abie rc re c o dut cnen g
od od, s eia h s ig r d sus hw g ee br hn r f eurne f obs ocr in
t e lags avne. Dr gt e ps ya t ee hs t e ailit o t e Lv l Gvr mn t mina it
h r et dacs uin h at er hr a h b y f h a a oen e t o a t in s
be afut e ga ul nro in o t es a bt en Pr mnaymjoit cue at moayrat nin
en rhr r da ar w g f h pn ewe alia e t r a r y asd e pr r ecio
y ld o h hgae cr oaio bns a dy ld o t er t t t ev in yo t egldimot pin. Te
ie s n ig r d opr t n od n ie s n h ae o h ic it f h o pr o t h
ais id o ec
lo e gaei s e. Twr t e e do Dcme, t e dmn fo foe nc re c s inPr d nt rah
wr r d sus o ad h n f ee br h e ad r r ig urnie
y ldo Aabnsaeae 3 2prcn a dt ey ld ecpio a po ot n a t a t e hwvr wholy
ie n a od vr gd .7 e e t n h ie xe t nl r prio s t ht im, o ee, it n
o Babns 5 6 pr cn, acr in t Mo y I ­ as a a o n o glde ggdinFa c fo s ip e t
n a od .3 e e t cod g o o d’s n mll mut f o nae r ne r h mn
vsos Sric dt , mk gt es ra 1 4pr cn, t t is c ut y ada e t e Lvl Gvr mn hd
et r’ ev e aa a in h ped .6 e e t o h o nr , n ft r h aa oen e t a
gin ba e oe f ofdne h a c oe bv
a cmae wh2 2prcn aya aoa dwha aa ot indavt o cni ec t efr n rs aoe
s o prd it .4 e e t er g n it
mx u s ra o aot 6 prcn dr gt ef s t egldimot pin o Dcme 3.
aimm ped f bu % e e t uin h irt h o pr o t n ee br 0
mn h t e o lo xhne, h ws a c
hlf o 13. I poe e t inbs es cnit n hs A o gt eohrgldb cec ags t eS is fr n
a f 92 mr vmn uins od ios a
be acmaie b afut e do o nalyoepr ws qit wa int eer pr o Dcme, bt r­
en co pn d y rhr r p f er n e a ue ek h aly at f ee br u e
cn int e y ldo Babns dr gt e ps ya, cvrdt eeft r wile t e Dt h g ildr rmind
e t h ie n a od uin h at er oee hr a e, h h uc u e e a e
F o r e ig n E x c h a n g e s

S e c u r ity M a r k e ts




4

MONTHLY REVIEW. JANUARY 1, 1936

aoeit lo e gldpin t r uhu t emnh Te n a B n R a h n s
bv s wr o o t ho g o t h ot . h
selin-dlla rt ws qoe int ev in yo $.9, C eEt rcliv aJk urt e2C1a 6g eh Bn o Fa c hs
t r g o r ae a ut d h ic it f 4 3
ffe e a ay 9 t a f ne
dyt dyf cut n bin cnindt a ece inly w et it dnon ,ae3,o e t k prre t ta
a o a lut aio s e g of e o n xed g
c
h
e
nro r ne adc re c so t eselin ae s o e loerdasaissutsruitfr mmoo6prcn, a d
ar w a g, n urnie f h t r g ra hwd rte r d ne o e t ie fr 6 7t5 e cn, n
a fo v c n c r s o
e et
s ila sa ilit .
im r t b y
fd c f 0
TeCins ec agswr af ce bt b dvlo­ t er t o avneein3 d y’ mx u o Gvr ­
h h ee xhne ee fet d oh y ee p hnae r ie af s o e a s aimm n oen
e
m t int ewr s e mr e adb dvlomnsin yer,scm6s o prcn.mt r y nt ece in t o
e s h old ilvr akt n y ee p e t m t fruit t 5 df it t auit o xed g w
n
o
NrhCin, wic le t arnwdotlo o fud, e h Nt nloa ko ezc oloaiahsa nucda
ot h a h h d o e e e uf w f ns as a Bne f eh v
Te
fo w g t e bie in admvmn wic bgnin rdcio io as d cuCr t s o k3 aononen
llo in h r f wr oe e t h h ea
in
n
re
Nvme a e t e anucmn o t e nwCins ef uivnnJn iso. t ae fr m y2e apen t
oe br ft r h none e t f h e h ee e cte o it ur 1 h ig e at 3 e c
f
mnt r a dbnin por m Te Sa g a dlla efet sneJauay 5 1Te h hr r t hs be in
o eay n a k g r ga . h hnhi o r fet i c a ay2, 93
nr
3.
rmindfa ly sale bin qoe a 2 % cns o
e a e ir t b , e g ut d t 9 et n c
Dcme 2ad2 %cnso Dcme 3. Et niv
ee br n 9 et n ee br 0 xe s e
nros s llin o Cins ec ag ws rpre , ad Tevlu eo po ut na dt ae in13 age
evu e g f h ee xhne a e ot d n
f
r
t e sailit o t e Sa g a rt i bliee t hv gth aorm aer dpio e n oet a in13ga­
h t b y f h hnhi ae s e vd o ae ae p oimt ly8 crcn mrdhn 95 4 r ­
d px
e t
9, c
be t ers lt o s bt nia s pot goeaios o cr in t ape inr et ae md b t is bn.
en h eu f usa t l uprin pr t n n
y
t epr o t eCi eea t oit s TeHnkn dl­ It wu oper lim aytsima aae hlet eak
h at f h hns uhr ie. h o g o g o od g apa t a fo h ytr sawo hh pr
r
r e
la, a e dc in fr m5 %cnsa t ee do Sp cnae inrae oe 13 ea o a poimt ly t e
r ft r elin g o 0 e t t h n f e ­ e to ld ces ht 94 ws f pr x ae e­
g
vr
t me t a lo o 3 % cns o Nvme 9 ad s m d e s n a t er efo t eya 13 oe 1h
e br o w f 4 e t n oe br , n a e imnios s h is r h er 3 vr 92
3
rcvr gt 3 %cnso Nvme 3, hdarnwd a dcnidr b inecs o t einrae9ewe 13
eoein o 6 et n oe br 0 a e e e n o s ealy xes f h ces bt en 93
dc eint eer pr o Dcme, et b hdanw n 94 ncmais nw 99 vlu e h 13
elin h aly at f ee br salis e e
2 m
lo o 3 %cns o Dcme 1, adws qoe a alu13is Isimtprtohvh1n aor x, tt ly95
w f 1 e t n ee br 2 n a ut d t v dm . et o e o ait be p oim e 3
o e
ad
e e p ae 0
3 %cnso Dcme 3.
2 et n ee br 0
prcn les
e e t s.
Tercvr o t eps t reyas rlaiv t t e
h eoey f h at he er e t e o h
dc ebt en12 a d13 is s o nint eacm
elin ewe 99 n 92 hw h co ­
pnin d ga wic i bsdo t is bn ’s f a
a y g iar m h h s ae n h a k inl
et ae o t e vlu e o po ut n a d t a e fo
simt s f h o m f r dcio n r d r
ec ya bt en11 a d 13, a cmue fr m
ah er ewe 99 n 94 s o pt d o
dt o oe 20bs essr s a do t epe inr
aa n vr 0 uins eie, n n h r lim ay
et aefo 13 cmue fr migrsfo t oepin
simt r 95 o pt d o f ue r hs r ­
c a go p o dt wic aeaa b fa lypo ply
ipl r us f aa h h r vilale ir r mt ,
a dhv int eps g e rao alyc s inict n
n ae h at ivn es nb loe d aio
o t e mvmns int e cmlee dt . I c dd in
f h oe e t h o p t aa nlue
t e pe inr et ae ae sr s o t e po ut n
h r lim ay simt r eie n h r dcio
o mnfat rs a dm ea , ar u ua po ut n
f a u cue n inr ls gic lt r l r dcio ,
cr lod g o m c ad e a dmcllaeu fr ig t
a a ins f e hnis n ise nos e h
r
oe t e r ilr as a d cnt ut n cnr cs Dt
vr h a od, n o sr cio ot at. aa
fo a les t e f s 1 mnh o 13 wr ue in
r t at h irt 1 ot s f 95 ee s d
cmint nwhet ae fo t e r min g prio
o b aio it simt s r h e a in ot n
o t eya.
f h er
h o pto mnfa u s o ine uin 13 o
eu
au c r n d r g
Temvmn o gldt t iscut ywic bgnin leTint t ucfey 13tae cyt uisdo ps 95t
h oe e t f o o h o nr h h ea
t it h r
o in
Spe br cnine inlag vlu eu t t em d a h r o r , 95 civ int g u hw g
e t me o t ud r e o m nil h idle d e e v
o Dcme. A r t e 1t t ee wr n rcips
f ee br fte h 4h hr ee o ee t
fr mFa c, b t sm gldcnine t ar e fr m
o r ne u o e o o t ud o riv o
Eg n a dI d .
nla d n nia
Tt l imot o glda NwYr fo t emnho
oa prs f o t e ok r h ot f
Dcme a o ne t $ 7 ,0 0 0 o wic $ 4 ,ee br mut d o 1 6 0 ,0 0 f h h 1 3
80 0 cm fr mFa c, $ 0 0 ,0 0 fr mI d ,
0,00 a e o r ne 1 ,8 0 0 o nia
$ ,6 0 0 fr m Cnd, $ ,8 0 0 fr m Eg n,
8 0 ,0 0 o a aa 7 0 ,0 0 o nla d
$ ,7 0 0 fr m o n, ad$0 ,0 0fr m us . O
4 0 ,0 0 o Hlla d n 30 0 o Rsia n
t e Pc ic Cat $ ,9 0 0 ws rcivdfr mCin
h aif os 1 0 ,0 0 a ee e o h a
a d$ ,4 0 0 fr m ut a adNwZa n.
n 1 0 ,0 0 o Asr lia n e ela d
I prs t gt e wh t e rles o $ ,7 0 0 o
mot , oehr it h e ae f 1 0 ,0 0 f
gldhldudrer akfo foe nacuta t eNw
o e ne amr r r ig con t h e
Yr Rsr e Bn, a dt e aqis io b t e m t
ok eev a k n h c u it n y h ins
a das yofcso nw m e a dsr pgld risd
n sa fi e f e ly ind n ca o , a e
t et t lmnt r gldo t ecut yb a poimt ly
h oa o eay o f h o nr y pr x ae
$ 0 ,0 0 0 dr gDcme. A a d io a $ 0 ,0 0
2 0 0 ,0 0 uin ee br n dit nl 5 0 0
o gldwic ws imot d fr mCnr l ad Suh
f o h h a pre o e t a n o t
A eic ncut ie ws p cdudr er ak a t e
mr a onr s a lae ne amr t h
Fdr l Rsr eBn o NwYr a dt eeoehd
e ea eev a k f e ok n hrf r a
n ef c o t egldsok
o fet n h o t c .
P r o d u c tio n

a n d T r a d e in

1935

Closing Cable Rates a t N ew Y o rk

Exchange on

B e lg iu m .......................................................
D e n m a rk.....................................................
E n g la n d .......................................................
Fra n ce.........................................................
G e rm a ny.....................................................
H o lla n d .......................................................

Dec. 31. 1934 N ov. 30, 1935 Dec. 30, 1935

$ .2352

$ .1691
.2203
4.9350
.06588
.4023
.6770
.0810
.2481
.1365
.2543
.3233

$ .1687
.2202
4.9313
.06616
.4025
.6790
.0806
.2478
.1371
.2543
.3256

N o rw a y .......................................................
S pain...........................................................
Sweden........................................................
S w itzerla n d .................................................

.2207
4.9425
.06618
.4032
.6782
.0857
.2485
.1373
.2550
.3250

C anada........................................................
A rg e n tin a ....................................................
B ra z il...........................................................
U ru g u a y ......................................................

1.0075
.3294
.0819
.8000

.9888
.3288
.0855
.8050

.9938
.3288
.0860
.8050

Japan...........................................................
I n d i a ...........................................................
S hanghai.....................................................

.2880
.3725
.3475

.2876
.3725
.2994

.2881
.3727
.2975

G o ld

M ovem ent




IndeX'of General Production and Trade in the United States (Pre­
liminary estimate for 1935 based on principal series— ratio scale
used to show proportionate changes; 1923-25 average =
100 per cent)

5

FEDERAL RESERVE AGENT AT NEW YORK

a inraeo aot1 prcn oe 13, adarsoa
n ces f bu 4 e e t vr 94 n et r ­
t no aot 4 pr cn o t e go n lot bt en
io f bu 6 e e t f h r ud s ewe
12 ad13. M ea po ut ninrae aot 6
99 n 92 inr l r dcio cesd bu
prcn in13, a dhs rcvrdt aot t esm
e e t 95 n a eoee o bu h a e
et n a mnfat r gat it s c 13. I gnrl
xe t s a u cuin civ y ine 92 n e ea
t ae hwvr t e rcvr t r uh13 apas t
r d, o ee, h eoey ho g 95 per o
hv be cnidr b les t a inbs pout n
ae en os ealy s hn aic r dcio .
I t e cs o r ilr a lod g o m c ad e ad
n h ae f a od a ins f e hnis n
r
mcllaeu fr ig t t e i ces ws o ly 3pr cn
ise nos e h h nrae a n e e t
fr m 94t 13, adt ercvr fr m 92acut d
o 13 o 95 n h eoey o 13 cone
fo les t a o e inho t e 1 2-13 do. A in
r s hn n-n t f h 99 92 r p n ­
ces o aot9prcn oc re int t l b ild gad
rae f bu e e t curd oa u in n
e g er g cnt ut n rf cin pimr rcvr
ninein osr cio , elet g r aily eoey
i rs e t l b ild g bt int is cs a ot e 13
n eidnia u in, u h ae ls h 95
lee inict dt a o lyo e inho t e12-13 los
vl d ae ht n n-n t f h 99 93 s
hdbe rgind
a en ea e .
Teo t u o ar u ua po ut fo s leo cn
h upt f gic lt r l r dcs r a r o­
s mt no fam iset ae t hv be aot t e
u pio n r s simt d o ae en bu h
smin13 a in1 3 ; f lda dt ukcoswr cn
a e 95 s 9 4 ie n r c rp ee o­
s ealylagrt a in13 we o t u wssvrly
idr b r e hn 94 hn upt a eee
c t b do g t bt t is i ces wsof e b as ap
u y r uh, u h nrae a fst y hr
do inpout no livsokadlivsokpout
rp r dcio f et c n et c r dcs
wic wsinlune mr b t edo g tin13 t a
h h a f e cd oe y h r uh 95 hn
in13. Tt l ar u ua o t u, t eeoe rmind
94 oa gic lt r l upt hrf r, e a e
a t elo etlee inanme o yas
t h ws vl
u br f er.
E m p lo y m e n t a n d P a y r o lls

wsagino m et a 60 0 int enme o wr ­
a a f o hn 0,00 h u br f ok
r
es e p yd o cnt ut n po cs f acd udr
r mloe n osr cio r jet inne ne
t e E egny Rlie At o 13, binin t e t t l
h mr e c e f c f 95 r g g h oa
nme e p ydo t is por ma o Nvme 1
u br mloe n h r ga s f oe br 5
t a poimt lyoeadoeqat r m npros
o pr x ae n n n ure illio es n,
a das bt nia fut e inrae i rpre t hv
n usa t l rhr ces s e ot d o ae
oc re s beunly
curd usqe t .
P r o d u c tio n

Pe inr dt inict t a t evlu e o inu­
r lim ay aa d ae ht h o m f ds
t ia po ut n ws mina e in Dcme a t e
r l r dcio a a t ind ee br t h
lee rahdint epee in mnh o ee i cesd
vls ec e h rcd g ot , r vn nrae
fut e a e a wnefo uul saoa vr t n. I
rhr ft r llo ac r s a es nl aiaio s t
i et ae t a fo rm nmt rcr wr poue
s simt d ht u illio oo as ee r dcd
dr gt eya 13, af ueecee ino lyf epe
uin h er 95 igr xedd n iv r ­
v u yas a dt eo t u dr gDcme isrpre
ios er, n h upt uin ee br e ot d
t hv be t elags o rcr fo t a mnh I
o ae en h r et n eod r ht o t . n
ms yas pee in 13, Dcme ws t e lo et
ot er rcd g 90 ee br a h ws
mnhfo at mb o t u a dint e pr dfr m
ot r uo oile upt n h eio o
13 t r uh13 Ot bro Nvme wst elo et
90 ho g 94 coe r oe br a h ws
mnh bt in13 po ut nrahdit lo ebin
o t , u 95 r dcio ec e s w b
Spe bra dt es beun s api ces ino t u
e t me n h usqe t hr nrae upt
t o p c a at ewe oeaiosinohryaswr
ok lae t im hn pr t n t e er ee
dc in. Te acma y g d ga inict s t e
elin g h co pnin iar m d ae h
et n t wic at mb po ut nhsdf rdt is
xe t o h h uo oile r dcio a ifee h
ya fr mh svr lohrrcn yas As c t dwh
er o t e eea t e ee t er. soiae it
t e i ces inat mb o t u, bt a o whwll
h nrae uo oile upt u ls it e
mina e dmn inohrsel cnu in lins sel
a t ind e ad t e t e o s m g e, t e
m oeaios cnine t r e int e f s we o
ill pr t n o t ud o is h irt ek f
Dcme, a d t e s beun m eae c ra e t
ee br n h usqe t o rt^ ut ilmn
d
poalyd nt rdc t eaeaeo eain r t fo
r bb id o e ue h vr g pr t g aio r
Dcme mt r llyblo t e5 pr cn o cpc y
ee br aeia e wh 5 e e t f aait
aeaefo Nvme. E cr pwro t u inrae
vr g r oe br let ic o e upt cesd
s aoa dr gDcme t nwh hlee , adct
es nlly uin ee br o e ig vls n o­
t nt xileoeaiosa db u inu ca o t u dr g
o et pr t n n it m o s ol upt uin
t ef s pr o Dcme wr rpre t hv be
h irt at f ee br ee e ot d o ae en
pat a uc a gdfr mt elee o t epee in
r cic lly nhne o h vls f h rcd g
mnh
ot .
Dr gNvme t eewsa epnio int egn
uin oe br hr a n xa s n h e ­
ea vlu eo inut ia po ut nfo t efo rhcn
r l o m f dsr l r dcio r h ut o­
euiv ot , n h es nlly d se dx f
sc t e mnh a d t e saoa a jut d ine o
t eBado Gvr os o t eFdr l Rsr eSse
h or f oenr f h e ea eev yt m
rs t 9 prcn o t e12-2 aeae a cmae
oe o 7 e et f h 93 5 vr g, s o prd
50 --------------------------------------0

Fo t em d o Ot brt t em d o Nvm
r mh idle f coe o h idle f oe ­
bre p y e t inrpee t t eNwYr Saefa­
e mlomn e rsnaiv e ok t t c
t r s dcesd b s m ht mr t a t e uul
oie erae y o e a oe hn h s a
w
saoa poot n, fo w gi cessint epee in
es nl r prio s llo in nrae h rcd g
t remnh wic wr lagrt a t eaeaer ein
he ot s h h ee r e hn h vr g is
t ecrepnin pr do peiosyas Fcoypy
h ors o d g eio f rv u er. at r a ­
r lls a odc e mr t a sao a , deinpr t
o ls elind oe hn es nlly u at o
t e c s g o anme o p ns o Amt e Dy
h loin f u br f la t n r isic a
wic fe int em -Nvme pypr d Rdcio s
h h ll h id oe br a eio. e ut n
inwr in f re int ec t in inut ie wr s m
ok g ocs h loh g dsr s ee o e
­
wa lagr t a uul, poaly de t ar t e u­
ht r e hn s a r bb u o ahr n
f vr b sao fo rt il sle o aprl. Dcess
aoale esn r ea a s f pae erae
oc re a oint elet e pout a dfodinut ie,
curd ls h ahr r dcs n o dsr s
bt t ee wr gin in t e t xile ad mt ls ad
u hr ee a s h et n ea n
mc inr go p.
ah ey r us
Fr t e Uit d Sae a awo , e p y e t a d
o h n e t t s s hle mlomn n
pyo inmnfat r ginut ie s o e t es a
ar lls a u cuin dsr s hwd h mll­
etdcessfr mh m d o Ot brt t em d o
s erae o t e idle f coe o h idle f
Nvme fo a ys ila pr dint eps t nyas
oe br r n im r eio h at e er.
A s ap i ces in e p y e t a d pyo in t e
hr nrae mlomn n ar lls h
at mb inut y wi h avne it po ut n
uo oile d sr , h , da cd s r dcio
c
shdle t omnh t isya, wsa imot n fat r
c eu s w ot s h er a n pra t co
t a pee t dt e uul saoa dc e int t l in
ht rvne h s a es nl elins oa ­
dsr l e p y e t E p y e t gin wr a oini­
ut ia mlomn. mlomn a s ee ls d
ct d hwvr inmr t a hlf o t e8 inut ie
ae , o ee, oe hn a f h 9 dsr s
r prin t t e Br a o Lbr Saisic, inluin
e ot g o h ue u f a o t t t s c d g
s c go p o mjo imot nea ir nadsel po ­
uh r us f a r pra c s o n t e r d
ut, cto ad wo n gos ma pc in, ad 20
cs ot n n ole od, et ak g n 0
mc inr . Saoa dc e oc re int efodpo ­
ah ey es nl elins curd h o r d
ut, wain aprl, let e pout, a d b ild g
cs er g pae ahr r dcs n u in
cnt ut nmt r lsinut ie.
o sr cio aeia dsr s
10
0
A o gt enn a u cuin inut ie, e p y e t
mn h o mnfat r g dsr s mlomn
adpyo wr s ap c ra dina t r c e ca
n ar lls ee hr ly ut ile
nhait ol
m in a dinpivt b ild gcnt ut n bt t ee 0
in g n r ae u in o sr cio , u hs
dc e wr ofe in pr b saoa inrae in
elins ee fst at y es nl cess
Passenger Automobiles and
During July
rt il adwo s let a e I pb e p y e t t ee Production of1935, Compared with Output inTrucks Recent Years to
ea n hlea r d. n ulic mlomn hr
November
Three




J

f 2 u s sn d s
h a ra

400

300

J

A

S

O N

O

J

F

M

A

M

J

MONTHLY REVIEW. JANUARY 1, 1936

6

wh 9 in Ot br ad 9 in Spe br W t e
it 5 coe n 0 e t me. ith h
ecpio o oemnhdr gt es ut int es me
xe t n f n ot uin h pr h u m
r
o 13, t eine rahdt eh hs pin snet e
f 93 h dx ec e h iget o t i c h
f s hlf o 13. Teepnio inNvme rf ce
irt a f 90 h xa s n oe br elet d
gin inavr t o mnfat r ginut ie, b t e­
as
aiey f a u cuin dsr s u s
pc lly t e uuul r e in oeaios a at mb
eia h ns a is
pr t n t uo oile
p ns Sel po ut ninrae inNvme, cn
la t . t e r dcio cesd oe br o­
t ayt t et ne c inohryas t a aeaelee
r r o h e dny t e er, o n vr g vl
4pr cn aoet a o Ot br t er t o p ir n
e e t bv ht f co e; h ae f ig o
o t u inNvme ws t elags infv yas t e
upt oe br a h r et i e e r; h
r eine cr pwrpo ut nws get rt a t a
is letic o e r dcio a rae hn ht
uully epr ne bt en Ot br a d Nvme ;
s a xeie cd ewe coe n oe br
oeaios a cto a dwo m avne futhr
pr t n t ot n n ol ills da cd r e;
a d cm t po ut n wic od aily dc e
n e e r dcio , h h r inr elins
n
s ap wht e apoc o cldwahr rmind
hr ly it h pr ah f o et e, e a e
c s t t e Ot br lee Teews litle c ag in
loe o h coe vl. hr a t hne
oeaios a m t pc in p ns a maue b t e
pr t n t e ak g la t , s es rd y h
a
r t o livsoks uhein, bt mdr t rdcio s
ae f et c la g t r g u oeae e ut n
wr rpre inb u inu ca m in, inledo t u,
ee e ot d it m o s ol in g a upt
inwet f u po ut n a dindlivr s o r yn A o gt eNvme eprs s ip e t o at m­
ha lor r dcio , n
e eie f ao .
mn h oe br xot, h mns f uo o
b s r wcto, a dsvr l ohr imot n pout
ile, a ot n n eea t e pra t r dcs
s o e lag inrae, bt a cmae wht epe
hwd r e cess oh s o prd it h r­
v u mnha dwhaya ao Eprso pse gr
ios o t n it e r g. x ot f asne
cr, a e s c ns inrcn mnh, rs o d gt t e
as ft r lakes ee t o t s epnin o h
er inr dcio o nw oe w enalyt oa da
aly t o ut n f e mdls e er w n
r
hlf t e t e nme s ipe in Nvme 13.
a ims h u br h pd
oe br 94
Eprs o r wcto , a t e acma y g d ga
x ot f a ot n s h co pnin iar m
inict s wr ao tt ic a lag invlu eadvlu
d ae, ee bu we s r e o m n a e
a inNvme 13. Tevlu eo cto epre in
s oe br 94 h o m f ot n xot d
Nvme cmae faoa lywht eaeaea on
oe br o prd vr b it h vr g mut
s ipe int ecrepnin mnho 12-2, bt t e
h pd h ors o d g o t f 96 8 u h
vlu rmindaot4 prcn les det t elo e
a e e a e bu 0 e e t s, u o h wr
pic o cto. Cto eprst Gr a y Fa c, ad
r e f ot n ot n xot o emn, r ne n
t eUit dK g o wr svr l t e a lag a in
h n e indm ee eea im s r e s
s
Nvme 1 3 ; infat a o t emjo cto cnu ­
oe br 9 4 c ll f h a r ot n os m
in cut ie ecp Ia , Cnd, adt eFrEsen
g onr s xe t t ly a aa n h a at r
cut ie hv rcnlybe t k glagr a ons o
onr s ae ee t en a in r e mut f
A eic ncto t a in13, wic myb at ibt d
mr a ot n hn 94 h h a e tr ue
inpr t ardcio int epic d ee t l bt en
at o e ut n h r e iff rnia ewe
A eic na dohrctos
mr a n t e ot n.
I prs o umnfat r dwo dr g Nvme
mot f n a u cue ol uin oe br
cnine t s o a ecpio a inrae oe aya
o t ud o hw n xe t nl ces vr er
ao bt inq a t ya dvlu. Teewr a omdr
g, oh unit n a e hr ee ls oe­
aegin inrcipso b r p nwpin ppr t , ad
t a s ee t f ula , e s r t a e, in n
cpe. O t eohrhn, imot o s gra dr be
opr n h t e a d prs f ua n ubr
wr s bt nia rdcdinq a t ya dvlu fr m
ee usa t lly e ue unit n a e o
t oe o Nvme 13. S imot wr s m ht
hs f oe br 94 ilk prs ee o e a
w
s a rinvlu e b t det a i ces inpic, wr
mlle o m, u u o n nrae r e ee
2 prcn lagrinvlu t a aya ao
6 e e t r e a e hn er g.
In e e o B s e s A tiv
d x s f uin s c ity
F r ig T d
o e n ra e
Gnr llyfaoalert il t aeinDcme wsin
e ea vr b ea r d ee br a ­
M c a d eeprsfr mh cut ys o e alag d ae b rprs isudd r gt emnh Sle in
e hnis x ot o t is o nr hwd r e ict d y e ot s e uin h ot . a s
r
i ces fr m coe t Nvme wic isc nr r t t eMt o o a ae o Nw okint epr du t
nrae o Ot br o oe br h h o t ay o h er plit n ra f e Yr h eio p o
t e uul saoa mvmn, wile imot dc e Cr t a s o e s hlymr t a t euul saoa
h s a es nl oe e t h prs elind hisms hwd lig t oe hn h s a es nl
aot inacr wht e saoa t ne c. Eprs i ces fr m oe brt Dcme, a dinohrprs
bu cod it h es nl e dny x ot nrae o Nvme o ee br n t e at
wr vluda $ 6 ,0 0 0 , a inraeo 3 prcn o t e c ut y Cr t a t ae i rpre t hv
ee a e t 2 9 0 ,0 0 n ces f 8 e e t f h o nr hisms r d s e ot d o ae
oe Nvme 13, wileimot a $ 6 ,0 0 0 wr s o n cnidr b lagr gin oe lat ya t a
vr oe br 94 h prs t 1 9 0 ,0 0 ee hw o s ealy r e a s vr s er hn
1 prcn lagr Bt eprsa dimot cnine NwYr a dv in y La ins o r ilwy fr ig t
2 e e t r e. oh xot n prs o t ud e ok n ic it . od g f a a e h
t b lagrt a int ecrepnin mnho a yya cr dr gt ef s t rewes o t emnhrcdd
o e r e hn h ors o d g o t f n er as uin h irt he ek f h ot eee
sne13. Frt ef s e vnmnh o 13 eprs lest a inms rcn yas bt int ecs o mr
i c 90 o h irt lee ot s f 95 xot s hn ot ee t er, oh h ae f e­
s o e a inraeo 5prcn adimot a i ces c ad e a d mcllaeu fr ig t a d inblk s ip
hwd n ces f e e t n prs nnrae hnis n ise nos e h n
u h­
o 2 prcn oe 13.
f 2 e e t vr 94
mns
e t.
Value and Quantity of Exports of Raw Cotton from the United States,
Current Year Compared with Last Year and with 1926-29 Average

(Adjusted fo r seasonal variations and usual year to year grow th)
1935

1934

N ov.

Metals

Zinc

Automobiles

Passenger ca rs*...............................................
M o to r tru cks A.................................................

Fuels

B itum inous coal..............................................
A n th ra cite co a l...............................................
Petroleum crude............................................
Petroleum products. ................. ....................
E lectric pow er.................................................

Sept.

Oct.

N ov.

32
42
46
67

56
72
48
68

62
72r
56
66

69
81
54
72

25
77

15
53

67
71
65
66
70

61
78
69
70
74

78
73
64
74
94

79
114
71
114
95

Textiles and Leather Products

C otto n consum ption......................................
W ool m ill a c tiv ity ..........................................
S ilk m ill a c tiv ity ............................................
R ayon deliveries*...........................................
Shoes.................................................................

Foods and Tobacco Products

80
101

76
57
71
70
74p

83
124
70
104
99

171p
133p

73 p
55 p
70 p

76p

86
131p
63
99p
99p

M e at p ackingr................................................

lllr

Refined sugar deliveries................................
Tobacco p ro d u cts..........................................

73
82

73r
86
82
80

80r
91
78
86

81r
87
89p
85

41
69
46

39
73
73

43
72
83r

49
74p
83

Miscellaneous

Cem ent.............................................................
N ew sprint paper.............................................
Machine to o ls .................................................

p P re lim in a ry
r Revised
* F o r q ua rter ended
A These indexes measure the changes in p roduction in comparison w ith the
average seasonal m ovem ent of past years. The low September index and the
large rise in the indexes fo r O ctober and N ovem ber therefore reflect the early
in tro d u c tio n of new models




FEDERAL RESERVE AGENT AT NEW YORK

7

I Nvme t evlu eo bs esat it ingnrl Fdr l epnit rso cnt ut npo cs Pb ly
n oe br h o m f uins civ y e ea e ea xe d ue n o sr cio r jet . ulic
cmae faoa ly wh t e pee in mnh Te f acdcnt ut ncvr ga t ps o po cs in
o prd vr b it h rcd g ot . h inne o sr cio oein ll y e f r jet ­
vlu eo c ekt a s cio sa dt ea o n o a vr cesd oe t e pee in mnh fo t e s t cn
o m f hc r nat n n h mut f de­ rae vr h rcd g o t r h ixh o­
t in rs a e a wne fo saoa c ags a d sc t e t e Cnr cs fo pb ly f acde ua
is g oe ft r llo ac r es nl hne, n euiv im. o t at r ulic inne dc­
at u r hwd
get rt a saoa gin oc re ins le o dpr­ t nl a d hs it l b ild g in pric la s o e
rae hn es nl a s curd a s f e at io a n op a u ins
m t soe a do c a soe s se s otid o t e mr e i cess dr gNvme. A r a jut e t
e t rs n f hin t r yt m us e f h akd nrae uin oe br fte d smn
n
goey f ld Rflet g t e e r s o in o nw o t edt fo t euul saoa c ags t is bn’s
r cr ie . e cin h aly hw g f e f h aa r h s a es nl hne, h a k
mdls rg t aio so nw as ne cr rs s ap ine o t t l cnt ut ncnr csavne 7pins
oe , eisr t n f e pse gr as oe hr ly dx f oa o sr cio o t at da cd o t
a at e we t ee is od aily adc e a da­ inNvme t 4 prcn o t elo gt r t e d Fr
t im hn hr r inr
elin, n t
oe br o 0 e e t f h n emrn. o
t indalee a poimt lya h ha t a rahdin t ef s e vnmnh o 13, t et t l o cnt ut n
a e vl pr x ae s ig s ht ec e
h irt lee ot s f 95 h oa f osr cio
aypeio sNvme. Sip e t o m c ad ea d cnr csws 9prcn lagrt a aya ao Rs
n rv u oe br h mns f e hnis n o t at a e e t r e hn er g. ei­
r
mcllaeu fr ig t oe t e r ilr a s dc e les dnia b ild gs o e a inraeo 8 prcn ad
ise nos e h vr h a od elind s e t l u in hwd n ces f 5 e e t n
t a inmn ohryas b tt t l crlod g o blk nneidnia cnt ut nohrt a pb wr sad
hn a y t e er, u oa a a ins f u o rs e t l o sr cio , t e hn ulic ok n
fr ig t s c a ca ck, oe ga , livsok a d uilit s ar e o 7 pr cn, wile pb wr s ad
e h, uh s ol, oe r, r in et c , n t ie, is f e e t h ulic ok n
lu br dcesdmr t a uully
me, erae oe hn s a .
uilit po css o e ardcio o 1 prcn fo t e
t y r jet hwd e ut n f 5 e e t r h
pr da awo .
eio s hle
Dt fo t e f s hlf o Dcme inict s ap
aa r h irt a f ee br d ae hr
i cess in a mjo c sif aios o b ild g ad
nrae
ll a r las ict n f u in n
e g er gcnr cs A inNvme, t ems po
ninein ot at. s oe br h ot r ­
nucdginws rg t rdinnneidnia bild g
one a a eisee
o rs e t l u in
wic rf ce t efinl a ad o po csf acdb
h h elet d h a wr s n r jet inne y
Fdr l fud udrt e13 a t e tbf r t eda­
e ea ns ne h 95 llomn eoe h ed
lin o Dcme 1.
e n ee br 5
C m o ityPic s
o md r e
Rdcio s inwo s le pics o anme o t e
e ut n
hlea r e f u br f h
pinipl cmoit s oc re dr g Dcme, ad
r c a o md ie curd uin ee br n
t eine o 1 r wpo ut cmile b Mo y I ­
h dx f 5 a r dcs o p d y o d’s n
vsos Sr ic dc e t a lee ao t 5 pr cn
et r’ ev e elind o vl bu e et
blo t eh hpin rahdinOt br Ds it t is
e wh ig o t ec e
coe. ep e h
dc e hwvr t eine rmind6prcn h hr
elin, o ee, h dx e a e e e t ige
t a a t ee do 13.
hn t h n f 94
Te ms po o ne pic mvmn dr g t e
h ot r nucd r e oe e t uin h
mnhwst es apbekins e pics wic bgn
ot a h hr ra ilvr r e, h h ea
o Dcme 9 A a r s lt o s bt nia dc e
n ee br . s eu f usa t l elins
t r uht e2t o t emnh t es o pic a Nw
ho g h 4h f h o t , h pt r e t e
Yr rahd4 %cnsafn onewic i 1 %cns
ok ec e 9 e t i e uc h h s 5 et
blo t ee do Nvme pic, a di t elo etpic
e wh n f oe br r e n s h ws r e
s c Spe br13. TeNwYr mr e f llo e
ine e t me 94 h e ok akt o wd
ohrpinipl s e mr es weelag dc e a o
t e r c a ilvr akt, hr r e elins ls
oc re . A Mnr a t e Mrhcnr c s o e a
curd t o t el h ac ot at hwd
ntdc eo 1.7 cnsfo t emnh ada Lno
e elin f 5 5 e t r h o t , n t o dn
B ild g
u in
t e s o qoaio rcddb t e e u a n o 1.8
h pt ut t n ee e y h qivle t f 4 7
Tet t l o b ild ga de g er gcnr csint e cnst 4 .9 cnsafn one A o gpicso ohr
h oa f u in n ninein ot at h e t o 9 2 e t i e uc. mn r e f t e
Mt o o a NwYr adu-SaeNwYr ae in at e t a e mt ls loss wr s o nin t ad
er plit n e ok n p t t e ok ra civly r dd ea , se ee hw in n
Nvme wsa poimt ly1 prcn get rt a in cpe fuue, wilesr psel a Pt b r hrs 5
oe br a pr x ae 6 e et rae hn opr t r s h ca t e t its ug oe 0
Ot brdet gin innneidnia t pso b ild g cns t $4 5 a t n t e h hs s c A r 13.
coe u o a s o rs e t l y e f u in. et o 1.2 o , h ig et ine pil 94
Tevlu o cnr csfo rs e t l b ild g a huh We t pics in t e Uit d Sae, in rs os t
h a e f ot at r eidnia u in, lt og
ha r e h n e t t s epne o
s m htlo e t a inOt br wsnalydulet a c ags int eL epo mr e, mvdlo e iner
o e a wr hn coe, a er ob ht hne h ivr ol akt oe wr aly
w
o Nvme 13. Frt ef s e vnmnh o 13 Dcme, cne gt egin s o nint elat rpr
f oe br 94 o h irt lee ot s f 95 ee br a clin h a s hw h te at
t evlu o a cnr cs ws mr t a 2 pr cn o Nvme, b t fo w g t e anucmn o t e
h a e f ll ot at a oe hn 5 e e t f oe br u llo in h none e t f h
h hr t a int e s ila pr do 1 3 ; gin wr Agnin Gvr mn et b h gam imm r eo
ige hn h im r eio f 9 4 a s ee r e t e oen e t salis in in u pic n
rg t rdinec o t emjo c sif aios rs e ­ prhsso nwrpwetmd b it Nt nl Ga
eisee ah f h a r las ict n—eidn uc ae f e co ha ae y s aio a r in
t l, pb wr sa duilit s adohrnneidnia Bad a da avneo naly2 cns abs e i
ia ulic ok n t ie, n t e o rs e t l or , n n dac f e r 0 et uhl n
t eBe o A e mr e o Dcme 1, wetfuue
h uns ir s akt n ee br 3 ha t r s
b ild g
u in.
I t e3 Sae cvrdb t eF W Dde Cr o a Cicg avne t elim o 5cnsa wdfo oe
n h 7 t t s oee y h . . o g op­ t h ao da cd h it f e t llo e r n
r
r t nrpr t t l cnr cs wr a poimt ly 6pr d y t a in adcs wet a M na o rs m e
aio e ot oa ot at ee pr x ae e a ’s r d g n ah ha t ineplis oe o
cn lo e inNvme t a inOt br t e dces t a 4 cns t $ .3 5 6 abs e Dr gt er­
et wr oe br hn coe, h erae hn y2 e t o 1 0 /1 uhl. uin h e
bin delaglyt adc e o s m ht mr t a mine o t emnhwet picswr r t e sed,
e g u r e o elin f o e a oe hn a dr f h o t ha r e ee ahr t ay
w
saoa poot n incnr cs fo rs e t l b ild a dM na o cs wet c sdDcme a $ .3 %
es nl r prio s ot at r eidnia u ­ n ineplis ah ha loe ee br t 1 1
in. Nneidnia cnr cs ohr t a pb wr s abs e litlec agdfo t emnha awo .
g o rs e t l ot at t e hn ulic ok uhl, t hne r h o t s hle
aduilit s o t e ohrhn, s o e a usaoa Te po o ne dc e wic oc re in t e
n t ie, n h t e a d hwd n nes nl
h r nucd elin h h curd
h
avneo 1 prcn oe Ot br det inrain pic o cr dr gpeio s mnh ws arse in
dac f 5 e et vr coe, u o ces g r e f on uin rv u ot s a ret d
(A d ju ste d fo r seasonal va ria tio n s, fo r usual year to year g ro w th ,
and where necessary fo r price changes)
1935

1934

N ov.

Sept.

Oct.

56
54
47
64

59
60
53
68

61
63
51
72

63
58
64p
71p

70
71
63
79
75
60
49
89r

78
74
61
83
76
58
48
80r

73
70
59
79
80
60
49
92r

76p
72
59
86
80
64
92 p

61r
38

65
45

64
42

70p
44

Primary Distribution

Car loadings, merchandise and m isc..........
C ar loadings, o th e r........................................
E xp o rts.............................................................
Im p o rts ............................................................

Distribution to Consumer

D ep a rtm e n t store sales, U. S ......................
D epartm ent store sales, 2nd D is t...............
C hain grocery sales........................................
O ther chain store sales..................................
M a il order house sales..................................
A d ve rtisin g ......................................................
New passenger car registrations.................
Gasoline consum ptionr.................................

General Business Activity

B ank debits, outside New Y o rk C it y ........
B a n k debits, New Y o rk C it y ......................
V elocity of demand deposits, outside New
Y o rk C it y ....................................................
V elo city of demand deposits, New Y o rk
C it y . .............................................................
New life insurance sales................................
Factory em ploym ent, U nited States..........
Business failures.............................................
B u ild in g contracts..........................................
New corporations formed in N . Y . S ta te ..
General price le v e l*.......................................
Composite index of wages*..........................
Cost of liv in g * .................................................
p P re lim ina ry

r Revised




N ov.

64

68p

65p

72 p

40
60
78
43
26
60

44p
57
83
41
29
63

42p
60
85
46
33
58

43p
58
86p
42
40p
56

140
181
139

147
188
142r

148
189
14 l r

149p
190p
141

* 1913 average=100

MONTHLY REVIEW, JANUARY 1, 1936

8

Dcme, a pr nlya ars lt o t elae eso t e mn soe rpre amdr t lylagrvlu eo sle
ee br pae t s eu f h t ns f h e t t rs e ot d oeae r e o m f a s
co a d ufaoale hr et g wahr cnit n, t a aya peio s Sle o t eled gaprl soe
rp n n vr b avsin et e od io s hn er rv u. a s f h a in pae t rs
a ds o cr s o e litlentc ag dr gt emnh int isd t ic wr 1.8prcn h hrt a latya,
n pt on hwd t e hne uin h ot .
h isr t ee 8 e e t ig e hn s er
Cto picss o e smntdc edr gDcme, oeo t elags i cessee rpre .
ot n r e hwd o e e elin uin ee br n f h r et nrae vr e ot d
ds it t eDcme Gvr mn co et aewic Dprmn soesok o mrhnis o hn, a
ep e h ee br oen e t rp simt h h e at e t t r t c s f ec ad e n a d t
inic t d a co 4 7 0 ble blo t e Nvme rt il vlut nwr s hlylo e t a int epeio s
d ae
r p 0 ,0 0 a s e w h oe br ea a aio , ee lig t wr hn h rv u
ya, fo w gas a i ces inOt br Ter t o
er llo in mll nrae coe. h ae f
et ae
simt .
Mdr t losswr s o na oint epicso s gr cllet n cnine t aeae h hr t is ya t a
o eae se ee hw ls h r e f ua o cios o t ud o vr g ig e h er hn
a ds . Wo pics o t eohrhn, rs fut e lat bt indprmn ada prl soe.
n ilk o l r e, n h t e a d oe rhr s oh e at e t n pae t rs
d r gt emnht t eh hs lee s c My 13,
uin h o t o h ig et vl ine a 94
adt eaeaepic o r yns o e a6prcn gin
n h vr g r e f ao hwd e e t a .
Dp r e t S r T d
e a tmn to e ra e
Fr t ee t e Cr t a s o p gpr d Dcme
o h nir hisms hpin eio, ee br
1 4 inluiv, t t l s le o t e rprin dprmn
-2 c s e oa a s f h e ot g e at e t
soe int eMt o o a ae o NwYr wr 2
t rs h er plit n ra f e ok ee .8
pr cn h hr t a in t e crepnin pr d o
e e t ig e hn h ors o d g eio f
13, wees int ef s 1 s o p gdy s le wr
94 hra h irt 2 hpin as a s ee
2 prcn lo e t a latya, deinpr t t efat
.8 e e t wr hn s er u at o h c
t a int eer pr o Dcme latya hayb y
ht h aly at f ee br s er ev u­
in oc re in a t ipt n o t e s le t x inNw
g curd nic aio f h a s a
e
Yr C y O t ebs o t ef ue fo t ef s 2
ok it . n h ais f h igrs r h irt 4
dy o t emnhitapast a Dcme s le int e
as f h o t , per ht ee br a s h
Scn Fdr l Rsr e D t ic hv s o n a litle
eod e ea eev isr t ae hw
t
mr t a t e uul saoa i ces oe Nvme,
oe hn h s a es nl nrae vr oe br
a d a t eacma y gd ga inict s t edlla
n, s h co pnin iar m d ae, h o r
vlu eo s le wst elags fo a yDcme sne
o m f a s a h r et r n ee br i c
13. Tt l s le fo t eya 13 a pa t hv be
91 oa a s r h er 95 per o ae en
a poimt ly 1 pr cn h hr t a fo 13, a
pr x ae % e e t ig e hn r 94 s
cmae wha inraeo 6 prcn bt en13 W o s le T a e
o prd it n ces f .4 e e t ewe 93 h le a r d
ad13.
n 94
Nvme s le o t erprin dprmn soe in I Nvme t t l s le o t e r prin wo s le
oe br a s f h e ot g e at e t t rs
n oe br oa a s f h e ot g hlea
t isd t ic wr 6 prcn h hrt a latya, fo f mint isd t ic aeae 5prcn h hrt a in
h isr t ee .6 e e t ig e hn s er l­ ir s h isr t vr gd e e t ig e hn
lo in as h dces inOt br TeBffa dpr­ 13, a s a r i ces t a in t e pee in t o
w g lig t erae coe. h u lo e at 94 mlle nrae hn h rcd g w
mn soe r pre as aleinraeinsle oe lat mnh. I d id a lins r prin s a r gin t a
e t t rs e ot d izb ces a s vr s ot s niv ul e e ot g mlle a s hn
ya, t elags s c Mrh13, a dt eBide ot in Spe br a d Ot br inlue goeie, cto
er h r et ine ac 94 n h r gpr
e t me n coe c dd rcr s ot n
adHdo R e Vlle D t ic soe rcr e t e gos saio ey a d je e y a o mn c t in,
n us n ivr a y isr t t rs eodd hir od, t t nr , n wlr ; ls e ’s loh g
lags gin in s le s c Jn 13. Sle o t e dus ppr a dr ynads gos s le o wic
r et a s a s ine ue 94 a s f h r g, a e, n ao n ilk od, a s f h h
r prin soe inNrhr Nw es y Nrhr Nw s o e t es a s avne in5o 6mnh. Sle o
e ot g t rs ot en e Jre, ot en e hwd h mllet dacs
r ot s a s f
Yr Sae a dWsc et r a dSa foda omd t e s o f m wr s m ht h hr t a lat ya
ok t t , n et hse n t m r ls ae h he ir s ee o e a ig e hn s er
w
t e ms faoale cmais n wh a ya ao in fo w galag i ces inOt br d mn s le wr
h ot vr b o pr os it
er g
llo in r e nrae coe, ia od a s ee
svrl mnh, ad NwYr , Rc et r Sr c s , aa wll aoelaty a’svlu e adt es le o t e
eea ot s n e ok ohse, yaue gin e bv s e r o m, n h a s f h
Suhr NwYr Sae adCp a D t ic dpr- r prin hr wr cnen wr s hlyh hr t a
o t en e ok t t , n a it l isr t e at e ot g ad ae ocr s ee lig t ig e hn
latya, a cmae whas a dces inOt br
s er s o prd it mll erae coe.
Per cent of
accounts
o utstanding
October 31
collected in
N ovem ber

Percentage
change
N ovem ber 1935
compared w ith
N ovem ber 1934

L o c a lity

Stock
on hand
end of
m o nth

1934

1935

— 1.2
+ 4 .6
+ 1 .2
— 5 .9
+ 3 .0
+ 1 .5
— 5 .0

5 0.6
4 7.9
4 7 .6
3 8.7
4 3.2
37.9
2 9.4

N orth e rn N ew Y o rk S ta te ........
Southern N ew Y o rk S ta te .........
Hudson R iv e r V alley D is t r ic t. .
C a p ita l D is tr ic t............................
W estchester and S ta m fo rd ........

+ 4 .9
+ 2 2 .7
+ 9 .6
+ 1 6 .6
+ 8 .4
+ 1 2 .8
+ 9 .4
+ 3 .7
+ 5 .0
+ 7 .7
+ 6 .7
+ 2 2 .9

53.7
5 1.6
48.2
4 4.2
4 4.8
4 2.4
34.4

A ll departm ent stores.............

+ 6 .6

— 0 .6

4 6.6

4 9.6

A pparel stores...........................

+ 1 8 .8

+ 4 .8

4 6 .4

4 9 .0

N et
sales

N o rth e rn New Jersey......................

PER CENT
1 0 Q

-------------------------------------------- ---------------------------------------------—

----------------------------------------------------

80
C om m o d ity

60
N et
sales
M e n ’s c lo th in g ...................................
C o tto n goods.....................................
R ayon and s ilk goods......................

40

2
0
0

H a rd w are ............................................
S ta tio n e ry ...........................................
Paper...................................................

19 2 9

1930

1931

1932

^

1933

1934

1935

December Department Store Sales in the Second Federal Reserve
District (December 1929 = 100 per cent; December 1935 partly
estimated)




W eighted average.....................

Per cent of
accounts
outstanding
October 31
collected in
N ovem ber

Percentage
change
Novem ber 1935
compared w ith
Novem ber 1934

+ 0 .6
+ 8 .0
+ 8 .1
+ 0 .7 *
+ 6 .8
+ 6 .0
+ 1.0
+ 6 .1
+ 3 .4
+ 1 9 .7
+ 8 .0
+ 5 .0

Stock
end of
m onth

1934

— 15.9
+ i 2 .3 *
— 5 .0
— 11.2
+ i8 . 5
— 9 .4

|

1935

8 9.3
36.8
41.1
67.9
40.1
33.5
47.3
48.0
4 7.0
18.5

8 7.2
36.1
3 6.2
61.8
3 4.4
3 0.5
4 7.4
5 3.3
47.1

5 5.2

}

17.3
52.9

^Quantity figures reported by the National Federation of Textiles, Incorporated,
not included in w
eighted average for total w
holesale trade.

FED ERAL RESERVE
M O N TH LY

BANK

OF N E W

R E V IE W , J A N U A R Y

YORK

1, 1936

Bs esCnit n int eUit dSae
uins o d io s h n e t t s
( S u m m a r iz e d b y th e B o a r d o f G o v e r n o r s o f th e F e d e r a l R e s e rv e S y s te m )

I N D U S T R IA L

p r o d u c t io n a n d e m p lo y m e n t , w h ic h u s u a lly
se a s o n , s h o w e d l i t t l e c h a n g e f r o m O c to b e r t o N o v e m b e r .
c o m m o d itie s t o c o n s u m e rs in c r e a s e d m o r e t h a n s e a s o n a lly .

P r o d u c t io n

1929

1930

1931

1932

1933

1934

1935

Index Number of Production of Manufactures
and Minerals Combinedy Adjusted for Sea­
sonal Variation (1 9 23 -2 5 average =
100 per cent)

and

d e c lin e a t t h i s
D is t r ib u t io n o f

E m ploym ent

T h e B o a r d ’ s s e a s o n a lly a d ju s t e d in d e x o f i n d u s t r i a l p r o d u c t io n a d v a n c e d
f r o m 9 5 p e r c e n t o f th e 1 9 2 3 -1 9 2 5 a v e r a g e i n O c to b e r t o 97 p e r c e n t i n
N o v e m b e r . O u t p u t o f in d u s t r ie s p r o d u c in g d u r a b le g o o d s c o n t in u e d t o in c r e a s e
s u b s t a n t ia l ly i n N o v e m b e r , w h ile a c t i v i t y i n m o s t o th e r i n d u s t r ie s d e c lin e d
s o m e w h a t.
O u t p u t o f s te e l in c r e a s e d f u r t h e r d u r i n g N o v e m b e r t o a h ig h e r
r a t e t h a n i n a n y p r e v io u s m o n t h t h i s y e a r a n d t h i s h ig h le v e l w a s m a in t a in e d
d u r i n g th e f i r s t th r e e w e e k s o f D e c e m b e r. A u t o m o b ile p r o d u c t io n i n N o v e m b e r
c o n t in u e d th e s h a r p in c r e a s e w h ic h b e g a n a f t e r th e c h a n g e t o n e w m o d e ls i n
S e p te m b e r . A c t i v i t y a t s i l k m i ll s a n d a t w o o le n m i ll s d e c lin e d .
F a c t o r y e m p lo y m e n t a n d p a y r o lls , w h ic h u s u a lly d e c lin e f r o m th e m id d le
o f O c t o b e r t o th e m id d le o f N o v e m b e r , s h o w e d l i t t l e c h a n g e f o r t h a t p e r io d
th is y e a r.
In c r e a s e s i n e m p lo y m e n t w e re r e p o r te d f o r th e a u t o m o b ile , i r o n
a n d s te e l, m a c h in e r y , r a il r o a d c a r , a n d c o t t o n t e x t i l e i n d u s t r ie s a n d a t r a il r o a d
r e p a ir shops.
T h e r e w e re l a r g e r t h a n s e a s o n a l d e c lin e s a t s a w m ills , shoe
f a c t o r ie s , s i l k a n d r a y o n m i ll s , a n d e s ta b lis h m e n ts p r o d u c in g w e a r in g a p p a r e l.
V a lu e o f c o n s t r u c t io n c o n t r a c ts a w a r d e d , as r e p o r te d b y th e F . W . D o d g e
C o r p o r a tio n , c o n t in u e d t o in c r e a s e i n N o v e m b e r a n d th e f i r s t h a l f o f D e c e m b e r.
T h e r e w a s a d e c lin e , l a r g e ly s e a s o n a l, i n r e s id e n t i a l b u i l d in g , w h ile o th e r ty p e s
o f c o n s t r u c t io n s h o w e d a n in c re a s e .
A

Index of Factory Employment with Adjustment
for Seasonal Variation (1 9 23 -2 5 average =
100 per cent)

o

-

g r ic u l t u r e

C r o p p r o d u c t io n i n 1 9 3 5 , a c c o r d in g t o f i n a l e s tim a te s b y t h e D e p a r t m e n t
o f A g r ic u l t u r e , s h o w e d a n in c r e a s e o f a b o u t 2 0 p e r c e n t i n v o lu m e o v e r
t h e d r o u g h t y e a r o f 1 9 3 4 , a n d t h e f a r m v a lu e o f 6 4 c r o p s a m o u n te d t o
$ 5 ,1 2 0 ,0 0 0 ,0 0 0 c o m p a r e d w i t h $ 4 ,7 8 0 ,0 0 0 ,0 0 0 l a s t se a s o n .
T h e c o tto n c ro p ,
w h ic h h a s b e e n r e d u c e d i n r e c e n t m o n th s b y b a d w e a th e r , is n o w e s tim a t e d
a t 1 0 ,7 3 4 ,0 0 0 b a le s c o m p a r e d w i t h t h e e x c e p t io n a lly s m a ll o u t p u t o f 9 ,6 3 6 ,0 0 0
b a le s i n 1 9 3 4 .
C a s h f a r m in c o m e f r o m m a r k e t in g s o f c r o p s a n d liv e s t o c k
a n d f r o m G o v e r n m e n t r e n t a l a n d b e n e fit p a y m e n ts is e s tim a t e d a t a b o u t
$ 6 ,8 0 0 ,0 0 0 ,0 0 0 f o r th e c a le n d a r y e a r 1 9 3 5 , a s c o m p a r e d w i t h $ 6 ,3 8 7 ,0 0 0 ,0 0 0
la s t y e a r.
D is t r i b u t io n

\

k . .. .
\MERC HANDISE
V
\

V

TOT

-y —

\ T
>\v

F r e i g h t c a r lo a d in g s d e c re a s e d b y le s s t h a n th e u s u a l
d u r i n g N o v e m b e r , r e f l e c t in g p r i n c i p a l l y a s m a lle r d e c lin e
m is c e lla n e o u s f r e i g h t t h a n is c u s to m a r y a t t h i s t i m e o f
d e p a r t m e n t s to r e s a le s , o n a d a i l y a v e r a g e b a s is , in c r e a s e d
N o v e m b e r.

seasonal a m o u n t
i n s h ip m e n ts o f
y e a r.
V a lu e o f
f r o m O c to b e r t o

C o m m o d i t y P r ic e s
—rrrryv*

Indexes of Freight Car Loadings, Daily Average
Figures Adjusted for Seasonal Variation
(1 9 2 3 -2 5 average = 100 per cent)

T h e g e n e r a l le v e l o f w h o le s a le c o m m o d ity p r ic e s , a f t e r a d e c lin e d u r i n g
O c to b e r , in c r e a s e d d u r i n g N o v e m b e r a n d s h o w e d l i t t l e c h a n g e d u r i n g th e f i r s t
t w o w e e k s o f D e c e m b e r.
B a n k Cr e d it
E x c e s s re s e rv e s o f m e m b e r b a n k s , w h ic h h a d in c r e a s e d t o a n e w h ig h le v e l
o f $ 3 ,3 1 0 ,0 0 0 ,0 0 0 o n D e c e m b e r 1 1 , l a r g e ly a s th e r e s u lt o f c o n t in u e d g o ld
i m p o r t s , d e c lin e d c o n s id e r a b ly d u r i n g th e w e e k e n d e d D e c e m b e r 1 8 , as a
c o n s e q u e n c e o f s e a s o n a l d e m a n d s f o r c u r r e n c y a n d a la r g e in c r e a s e i n T r e a s u r y
b a la n c e s w i t h th e F e d e r a l R e s e rv e B a n k s , i n c o n n e c tio n w i t h m id - D e c e m b e r
fis c a l o p e r a tio n s .

Wholesale Price Index of United States Bureau
of Labor Statistics (1926 average = 100
per cent)




C h a n g e s i n c o n d it io n o f r e p o r t i n g b a n k s i n 1 0 1 l e a d in g c it ie s d u r i n g th e
f o u r w e e k s e n d e d D e c e m b e r 18 r e fle c t e d p r i n c i p a l l y th e in f lu e n c e o f n e w
G o v e r n m e n t f in a n c in g .
T h e s e b a n k s s h o w e d in c re a s e s o f $ 3 1 0 ,0 0 0 ,0 0 0 i n
h o ld in g s o f U n i t e d S ta te s G o v e r n m e n t s e c u r itie s , o f $ 1 1 0 ,0 0 0 ,0 0 0 i n lo a n s to
b r o k e r s a n d d e a le r s i n s e c u r itie s , a n d o f $ 2 0 0 ,0 0 0 ,0 0 0 i n U n i t e d S ta te s
G o v e r n m e n t d e p o s its .
A d ju s t e d d e m a n d d e p o s its s h o w e d a f u r t h e r g r o w t h
o f $ 2 7 0 ,0 0 0 ,0 0 0 i n th e t h r e e w e e k s e n d e d D e c e m b e r 11 a n d d e c lin e d b y
$ 2 5 0 ,0 0 0 ,0 0 0 i n th e f o l l o w i n g w e e k , a s a r e s u l t o f w it h d r a w a ls f o r h o l i d a y
c u r r e n c y d e m a n d s , in c o m e t a x p a y m e n ts , a n d t h e p u r c h a s e o f n e w G o v e r n m e n t
s e c u r itie s .