Full text of Federal Reserve Bulletin : August 1935
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FEDERAL RESERVE
BULLETIN
AUGUST 1935
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Changes in Member Bank Reserves
Physical Volume of Manufactures
Deposits and Assets of Postal Savings System
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1935
FEDERAL RESERVE BOARD
MARRINER S. ECCLES, Governor,
Ex-officio members:
J. J. THOMAS, Vice Governor.
HENRY MORGENTHAU, Jr.,
CHARLES S. HAMLIN.
Secretary of the Treasury, Chairman.
ADOLPH C. MILLER.
J. F . T. O'CONNOR,
GEORGE K. JAMES.
Comptroller of the Currency.
M. S. SZYMCZAK.
E. A. GOLDENWEISER, Director, Division of Research
LAWRENCE CLAYTON, Assistant to the Governor,
and Statistics.
ELLIOTT L. THXJRSTON, Special Assistant to the
LAUCHLIN CTJRRIE, Assistant Director, Division of
Research and Statistics.
CHESTER MORRILL, Secretary.
WOODLIEP THOMAS, Assistant Director, Division of
J. C. NOELL, Assistant Secretary.
Research and Statistics.
LISTON P. BETHEA, Assistant Secretary.
E. L. SMEAD, Chief', Division of Bank Operations.
S. R. CARPENTER, Assistant Secretary.
J. R. VAN FOSSEN, Assistant Chief, Division of Bank
WALTER WYATT, General Counsel.
Operations.
GEORGE B. VEST, Assistant General Counsel.
J. E. HORBETT, Assistant Chief, Division of Bank
B. MAGRUDER WINGPIELD, Assistant General Counsel.
Operations.
LEO H. PAULGER, Chief, Division of Examinations*
CARL E. PARRY, Chief, Division of Security Loans.
R. F. LEONARD, Assistant Chieft Division of Examina- PHILIP E. BRADLEY, Assistant Chief, Division of Secutions.
rity Loans.
C. E. CAGLE, Assistant Chief\ Division of Examinations. 0. E. FOTJLK, Fiscal Agent.
FRANK J. DRINNEN, Federal Reserve Examiner.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.
Governor.
FEDERAL ADVISORY COUNCIL
District no. 1 (BOSTON).
District no. 2 (NEW YORK)
THOMAS M. STEELE.
JAMES H. PERKINS.
_
District no. 3 (PHILADELPHIA)
District
District
District
District
no.
no.
no.
no.
4
5
6
7
__ HOWARD A. LOEB, Vice President.
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
•
ARTHUR E. BRAUN.
CHARLES M. GOHEN.
H. LANE YOUNG.
SOLOMON A. SMITH.
District no. 8 (ST. LOUIS)
WALTER W. SMITH, President.
District
District
District
District
THEODORE WOLD.
W. T. KEMPER.
JOSEPH H. FROST.
M. A. ARNOLD.
no.
no.
no.
no.
9 (MINNEAPOLIS)
10 (KANSAS CITY)
11 (DALLAS)
__
12 (SAN FRANCISCO)
WALTER LICHTENSTEIN, Secretary
OFFICERS OF FEDERAL RESERVE BANES
Federal Reserve Bank Chairman and Federal
ofReserve agent
Governor
Deputy governor
Boston
New York
F. H. Curtiss
J. H. Case
R. A. Young.
G. L. Harrison
W. W. Paddock
W. R. Burgess
W.S.Logan
L. R. Rounds
L. F. Sailer.
C. H. Coe
Philadelphia
R. L. Austin
G. W. Norris
W. H. Hutt
J. S. Sinclair
C. A. Mcllhenny
Cleveland
E. S. Burke, Jr.*
M. J. Fleming
Richmond...
W. W. Hoxton
G.J. Seay
Chicago
E. M. Stevens
G. J. Schaller.
F. J. Zurlinden
H. F. Strater
C. A. Peple
R. H. Broaddus..
H. W. Martin
H. F. Conniff.
H. P. Preston
C. R. McKay.
J. H. Dillard
St. Louis
J. S. Wood
W. McC. Martin
0. M. Attebery
J. G. McConkey
Minneapolis __
J. N. Peyton
W. B. Geery
Harry Yaeger
G. H. Hamilton.. - ..
C. A. Worthineton
J. W. Helm
R. R. Gilbert
R. B. Coleman
W. A, Day
Ira Clerk
Atlanta
Oscar Newton
Kansas City
Dallas
C. C. Walsh
San Francisco
B. A. McKinney
J, TT, Calkins..„
i Assistant deputy governor.
»Controller.
TT T 7lflmm>
Cashier
W. Wfllett.
J. W. Jones.*
W. B. Matteson.1
J. M. Rice.*
Allan Sproul.*
H. H. KimbalM
L. W. Knoke.*
w ! O. McCreedy.i
L. E. Donaldson.*
W. F. Taylor.
C. W. Arnold.*
G. H. Keesee.
J. S. Walden, Jr.*
M W Bell
W. S. McLarin, Jr.*
W. H. Snyder.»
W. C. Bachman.*
0. J. Netterstrom.i
A. T. Sihler.t
E. A. Delaney.t
A. L. Olson.*
S. F. Gilmore.'
A. H. Haill.«
F. N. HalU
G. 0. Hollocner.*
0. C. Phillips.*
H. I. Ziemer.
J. W. Helm.
R. B. Coleman.
W. 0. Ford.*
W. M. Hale.
* Assistant to the governor.
* Acting chairman; W. H. Fletcher, acting Federal Reserve agent.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
Managing director
New York:
R. M. O'Hara.
Buffalo branch
Cleveland:
B. J. Lazar.
Cincinnati branch
Pittsburgh branch
T. C. Griggs.
Richmond:
Hugh Leach.
Baltimore branch,.
W. T. Clements.
Charlotte branch
Atlanta:
J. H. Frye.
Birmingham branch.
G. S. Vardeman, Jr.
Jacksonville branch
J. B. Fort, Jr.
Nashville branch.......
Marcus Walker.
New Orleans branch
Chicago:
Detroit branch
— R. H. Buss.
St. Louis:
A. F. Bailey.
Little Rock branch
J. T. Moore.
Louisville branch
W. H. Glasgow.
Memphis branch
• Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Denver branch
Oklahoma City branch
Omaha branch
Dallas:
El Paso branch
Houston branch
San Francisco:
Los Angeles branch
Portland branch..
Salt Lake City branch
Seattle branch
Spokane branch
Managing director
R. E. Towle
J. E. Olson.
C. E. Daniel.
L. H. Earhart.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw,
D. L. Davis.
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TABLE OF CONTENTS
Page
Review of the month—Recent changes in member bank reserves
---493
Member bank excess reserves
--enn
suu
Averages of United States Government bond yields, 191&-25
Physical volume of manufactures in the United States, 1919-34
_
500
501
Deposits and assets of the Postal Savings System
~Knq
Balance of international payments of the United States
50d
Earnings and expenses of member banks
KA!L
504
National summary of business conditions—.:-_
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
_
505-509
Member and nonmember bank credit:
All banks in the United States
512
All member banks
510, 511, 539, 550
Weekly reporting member banks in leading cities.
513, 547
5lZ
Brokers'loans
-Acceptances and commercial paper
-__..514
Discount rates and money rates515
Security prices, bond yields, and security issues
516
517 5 5 0
Treasury
finance
>
Assets and liabilities of governmental credit agencies
518
Reconstruction Finance Corporation—Loans, subscriptions, and allocations
519
Farm Credit Administration—Loans and discounts outstanding, by institutions
-—
520
Federal Home Loan Bank Board—Loans outstanding, by institutions
520
Obligations fully guaranteed by the United States—Amounts outstanding, by agencies
520
Production, employment, car loadings, and commodity prices.--521
Merchandise exports and imports
_
_
522
Department stores—Indexes of sales and stocks
52*
Freight-car loadings, by classes
__
522
Financial statistics for foreign countries:
Gold reserves of central banks and governments
523
Gold production-.
...
524
Gold movements.,....
_
524-526
Central banks
._
_„„
527-530
Bank for International Settlements
_,
530
Commercial banks
531
Discount rates of central banks
,
532
Money rates
_
532
Foreign exchange rates
_
___
533
Price movements:
Wholesale prices
_
534
Retail food prices and cost of living
-- 535
5
Security prices
__
"_"."_"-Law department:
Rulings of the Federal Reserve Board:
Ruling no. 46 interpreting regulation T
_
536
Amendment no. 5 of regulation T
536
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
_
_
537-539, 547-550
Industrial and commercial statistics
551-556
July crop report
557
IV
FEDERAL RESERVE BULLETIN
VOL. 21
AUGUST 1935
REVIEW OF THE MONTH
Member bank reserve balances, which rose
above $5,000,000,000 in the first half of June,
showed
wide temporary flue*uatiolls a r o u n d t h a t level dur"
ing the remainder of June and
in July. On July 31 total reserve balances
amounted to $5,100,000,000, and excess reserves to about $2,510,000,000, only slightly
less than the June maximum. The fluctuations in recent weeks reflected in part the increase and subsequent decrease in the demand
for currency around the July 4 holiday and in
part changes in Treasury cash and balances at
the Reserve banks. Gold imports, which accounted for much of the increase in May and
the early part of June, were small in subsequent
weeks.
From the end of January 1934, when the
Gold Reserve Act was passed, to July 31, 1935,
reserve balances of member
b a n k s i n c r e a s e d by
$2,450,000,000 and excess reserves by $1,770,000,000. The difference of
$680,000,000 represented a growth in reserve
requirements due to expansion in the deposits
of member banks. Weekly fluctuations in
reserve balances and in the principal factors
that influence the amount of these balances
since January 31, 1934, are shown on the chart
on the following page. A description of these
factors, together with a discussion of the significance of each and their interrelationships, was
published in the BULLETIN for July. The chart
is arranged to show on the left-hand side those
items increases in which have the effect of
increasing member bank reserve balances, i. e.,
the factors that supply reserve funds, and on
the right-hand side, in addition to reserve
balances, those items increases in which reduce
No. 8
reserves, i. e., those that use reserve funds.
Current figures for these various items and a
chart covering a number of years are regularly
published in the BULLETIN. (See pp. 505-507.)
It will be seen from the chart that the large
increase in member bank reserve balances during the year and a half covered was not a
steady growth. In the first 6 months of the
period balances increased from $2,650,000,000
to over $4,000,000,000, and during the remainder of 1934 they fluctuated around
$4,000,000,000. The increase from January to
August 1934 resulted principally from large
imports of gold following revaluation of the dollar and in smaller part from the disbursement by
the Treasury of funds previously held as cash or
on deposit with Reserve banks. A part of the
reserve funds obtained by member banks was
used to reduce their borrowings at the Federal
Reserve banks and to pay off maturing acceptances held by the Reserve banks. As a consequence the Reserve banks' holdings of bills
discounted and bills bought were reduced to
small amounts. The reduction in Treasury
cash and deposits with Reserve banks reflected
expenditures made from an unusually large
balance held in January 1934, increased by proceeds from sales of securities, and by inclusion
in Treasury cash of gold previously purchased
and not reported, as well as by the increment
arising from the reduction in the gold content
of the dollar.
Reserve balances showed no further increase
in the latter part of 1934. Gold movements
were small from August to October but imports
were substantial in November and December.
In this period the available supply of reserve
funds was also increased by the issuance of over
$200,000,000 of silver certificates, offset in part
by the retirement of about $50,000,000 of na493
494
FEDERAL RESERVE BULLETIN
tional bank notes. The reserve funds thus
made available were used to meet a seasonal
increase in money in circulation during the
autumn and a substantial increase in December
of Treasury cash and deposits with Reserve
banks.
From the latter part of December until early
in February 1935, the post-holiday return flow
of currency, a substantial reduction in Treasury
SUPPLY AND USE OF MEMBER BANK RESERVE FUNDS
BILLIONS OF DOLLARS
10
Jonuory31,t934 to July 31,1935.
Wednesday figures
BILUONS OF DOLLARS'
f
6
Treosury Cash and
Deposits with FR. Banks
0 rT~JTT"TTrT^^r"*r"*'r^=^
F.M.A.MJ J A.S.aM.a J.rKA.M.J-0.
F.'RA.M.J.J.V'*.*aR'aJ.'r.'KA.'M.'j.'j
cash and deposits at Reserve banks, and further
gold imports resulted in an increase of over
$600,000,000 in member bank reserve balances
to a total of about $4,600,000,000.
In March and April there was a decrease of
about $400,000,000 in reserve balances and a
subsequent increase of $500,000,000, resulting
almost entirely from operations of the Treasury.
Early in March the Treasury called for redemption in July and August its outstanding bonds
AUGUST 1935
bearing a permanent circulation privilege.
Shortly afterwards national banks began to
make deposits with the Treasury for redemption of their outstanding notes. These deposits increased Treasury holdings of cash and
deposits with Reserve banks and decreased
member bank reserve balances. The Treasury
also received in March large income and gift tax
payments and sold securities on an immediate
payment basis in an amount larger than cash
redemptions of maturing issues. In April interest payments on public debt, cash redemptions of Fourth Liberty bonds called for retirement on April 15, and maturities of Treasury
bills in excess of sales decreased Treasury cash
and deposits with Reserve banks and, together
with gold imports, increased member bank
reserve balances.
In May and the first half of June substantial
gold imports, reflecting currency uncertainty in
the European gold-bloc countries, again resulted in a rapid growth of member bank reserve balances, which rose to over $5,000,000,000 for the first time in the history of the
Federal Reserve System. Since the middle of
June, as previously explained, fluctuations in
reserve balances have largely reflected changes
in currency in circulation and in Treasury
cash and deposits at the Reserve banks. Treasury operations during recent weeks are described in a later section.
Changes in member bank reserve balances
and related items for the period as a whole
since January 31, 1934, and for the shorter
period of 6 months since January 31, 1935, are
shown in the following table. This summary
shows the items that over a more extended
period have caused the increase in reserves.
Comparisons are made with the end of January
in part because the revaluation of the dollar
occurred on that date in 1934 and in part because at that time, as at the end of July, the
Volume of money in circulation is ordinarily at
a seasonally low level.
AUGUST
495
FEDERAL. RESERVE BULLETIN
1935
SUPPLY AND USE OF MEMBER BANK RESERVE FUNDS
tin millions of dollars]
18 months ending 6 months ending
July 31, 1935
July 31, 1935
Changes Changes Changes Changes
that
that
that
that
added to reduced added to reduced
reserves reserves reserves reserves
Items increases in which add to
reserves;
Reserve bank credit
i-j-2 304
Monetary gold stock
Treasury and national bank
currency
+209
Items increases In which reduce
reserves;
Money in circulation
Treasury cash and deposits
with Federal Reserve
l
banks * ^
—412
Nonmember deposits
Other Federal Reserve accounts.-.
Total
Net chango in member bank
reserve balances held.__
__
Net change in estimated
required reserves
Net chango in estimated excess
reserves
2,955
-165
+4
+752
+16
+230
+139
+112
+62
tions to gold stock, amounting to $750,000,000.
Most of the increase in money in circulation
and in nonmember deposits, previously mentioned, occurred in this period and absorbed a
substantial amount of the reserves supplied by
the increase in gold stock. Treasury cash and
deposits with Reserve banks, which fluctuated
widely during these months, showed no change
for the 6 months as a whole.
There has been a substantial and continuous
growth since 1933 in the amount of deposits
conseExcess reserves at member
_
, banks, and
_
quently,asshownon the accompanying chart, an increase in the amount of
MEMBER BANK RESERVE BALANCES
+14
.107
772
+2,4-18
+557
+6S0
+250
+1,768
+307
215
BILLIONS OF DOLLARS
6
Wednesday figures
J After adjustment of $2,806,000,000, representing increment resulting
from reduction in the weight of the gold dollar, added after close of business Jan. 31, 1934.
By far the largest single factor in the growth
of $2,450,000,000 in member bank reserves
during the past 18 months has been the increase
of $2,300,000,000 in the monetary gold stock.
Additions to the supply of reserve funds resulted also from the following sources: (1) An
increase of $210,000,000 in Treasury and national bank currency, reflecting principally the
issuance of silver certificates and the transfer
to the Treasury of liability for retirement of
Federal Keserve bank notes in excess of the
amount of national bank notes and Federal
Reserve bank notes retired; and (2) a decrease
of $410,000,000 in Treasury cash and deposits
with Federal Reserve banks. Some of these
funds were absorbed, however, in a reduction
of $165,000,000 in the amount of Reserve
bank credit, an increase of $230,000,000 in the
demand for currency and an increase of $110,000,000 in nonmember deposits.
In the 6 months since January 31, 1935, the
increase of $560,000,000 in member bankreserve
balances was, as in the entire year-and-a-half
period, accounted for largely by further addi-
1932
1933
1934
reserve balances that these banks are required
to hold with the Federal Reserve banks, but
the increase in required reserves has been
considerably less than the increase in total
balances actually held. As a consequence
excess reserves have continued to increase,
showing about the same short-time fluctuations
as total reserves. Sinco excess reserves may
become the basis of an expansion in member
496
FEDEBAL RESERVE BULLETIN
bank credit and since they reflect changes in the
various factors that influence the supply and use
of reserve funds as well as changes in reserve requirements,figuresfor excess reserves are among
the most important financial indicators. Eecently the Federal Reserve Board has begun in
connection with the weekly statement of condition of Federal Keserve banks to release for publication a weekly estimated figure for excess
reserves. Correspondingfiguresfor recent years
are published in this issue of the BULLETIN, on
pages 499-500, and current figures will in the
future be regularly published in the BULLETIN.
As was mentioned in a previous paragraph
there has been in recent months an increase in
the amount of money in circuChanges in
lation, which has absorbed a
money in
circulation
'
part of available reserve funds.
During the 6 months from January 31 to July 31 of this year the increase
amounted to $140,000,000. In past years
the amount of money in circulation at the end
of July has generally been about the same as
at the end of January.
The decline in money in circulation that resulted from the return of notes from hoarding
after the banking holiday in 1933 apparently
ended in the autumn of 1933. Since that time
increased trade requirements for currency,
service charges on checking accounts, and
other factors have resulted in a substantial
growth in the demand for currency. In July
the amount of money in circulation was about
$200,000,000 larger than in July 1934 and also
larger than in the same month of any previous
year. As compared with earlier years some
of the increase no doubt reflects savings withdrawn from banks from the latter part of 1930
until the banking holiday and still being held
in the form of currency. Notes of denominations of $50 and over reported as in circulation
on June 30,1935, although $200,000,000 smaller
in amount than on the same date in 1932 and
1933, were still $1,300,000,000, or double the
amount reported as in circulation on October
31, 1930, the earliest date for which circulation
figures by denominations are available. The
amount of notes of these denominations in
AUGUST 1935
circulation declined until the latter part of
1934. More recently there has been an increase, reflecting in part the holding of public
funds by States and municipalities in the
form of currency instead of bank deposits,
owing to the unwillingness of banks to pay
rates of interest required by law for the acceptance of such deposits. During the past 2
years there has been a steady increase in circulation of notes of denominations of $20 and
less. A part of this increase in small denominations reflects the increased use of currency in
lieu of checking accounts with banks, and a
part an increase in retail prices and pay rolls.
Since January 1934 there has been a considerable change in the kinds of money in
circulation. Circulation of gold certificates
and Federal Reserve bank notes, which are no
longer issued and are retired as they return
from circulation, decreased in the past 18
months by $60,000,000 and $120,000,000, respectively, and national-bank notes, the issuance of which has also been discontinued, have
been retired from circulation in the amount of
$270,000,000 in the period. Silver certificates,
which have been issued in connection with the
silver-buying program of the Government,
have increased by $310,000,000. Federal Reserve notes have supplied the larger part of the
remainder of the increased demand for currency, increasing by $340,000,000. There was
also an increase of $40,000,000 in the circulation of coins, reflecting a growth in demand
for small change.
Retirement of national-bank notes from circulation has been in process since early in 1934,
reflecting in part anticipation
Retirement of
by issuing banks of the expiranational-bank
tion in July 1935 of the circunotes
lation privilege on certain
Treasury bonds, which were granted that privilege for a 3-year period by a provision in
the Home Loan Bank Act in 1932, and in part
the fact that the issuance of notes was no longer
profitable to national banks. Retirement of
the notes was expedited in March of this year
by the calling of bonds bearing the permanent
circulation privilege; for redemption in July
FEDERAL RESERVE BULLETIN
AUGUST 1935
and August. As previously stated, many
banks in March and April made deposits with
the Treasury for retirement of their notes and
withdrew their bonds. Others authorized the
Treasury to utilize the proceeds from the redemption of their bonds as deposits for retirement of their notes.
Redemption of the $600,000,000 outstanding
consols called for retirement on July 1 proceeded throughout the month. On July 1
checks were issued for redemption of about
$320,000,000 of these bonds. Most of the remaining $280,000,000 had been redeemed by
the end of July. About $200,000,000 of the proceeds from redemption of the bonds was transferred to the credit of national banks owning
the bonds to provide for the retirement of their
outstanding notes.
Retirement of national-bank notes continued
in July at a gradual pace as they were returned
by the Reserve banks for cancellation and during the month $20,000,000 were retired, reducing the amount outstanding by July 31 to
$750,000,000, of which $650,000,000 was in
circulation outside the Treasury and the Federal Reserve banks. The total of retirements
made since March 11 amounted to $120,000,000.
The Treasury set aside $646,000,000 from the
gold increment fund to provide for redemption
of consols and retirement of national bank
notes. By the end of July $90,000,000 of this
amount had been transferred to the Treasury
balance at the Reserve banks, leaving $556,000,000 available on July 31 to be used as the
notes are gradually retired. The Reserve
banks received gold-certificate credits for the
portion so transferred. By transferring goldcertificate credits and thus building up its
balance at the Reserve banks as national bank
notes are retired, the Treasury will effect retirement of the notes without causing a decrease
in its deposit balance or in member bank reserve balances.
5812—35
2
497
Treasury operations in connection with retirement of consols and national bank notes and in
connection with sales of new
Sehratt^seinUJuly securities during July, as previously mentioned, caused wide
fluctuations in member bank reserve balances.
Late in June and early in July, $90,000,000 of
gold-certificate credits and $350,000,000 from
balances with depositary banks were transferred to the Treasury balance with Federal
Reserve banks, and in addition the proceeds of
a sale of about $110,000,000 of bonds were
added to these deposits. Large expenditures,
however, for retirement of consols, for cotton
loans taken over by the Commodity Credit
Corporation, and for other purposes quickly
diminished Treasury deposits at Reserve banks.
In order to build up its balances at the Reserve banks and at depositary banks, the
Treasury during July sold new securities.
There was an issue of $526,000,000 of 1% percent 4K-year Treasury notes and a sale on a
competitive-bid basis of $100,000,000 of 2% percent Treasury bonds of 1955-60 at an average
price of 101%, representing a yield to the earliest call date of 2.77 percent. Toward the end
of the month there was a similar offering of
bonds. In the early part of the month Treasury bill sales, amounting to $100,000,000 a
week, exceeded maturities of $75,000,000, but
later in the month bill offerings were reduced
to $50,000,000 a week.
The bonds and bills were sold on a directpayment basis and the proceeds were added to
the Treasury account at the Reserve banks.
About $275,000,000 of the notes were paid for
by the establishment of deposits to the credit
of the Treasury on the books of purchasing
banks, while $250,000,000, an unusually large
amount, were purchased on a direct-payment
basis. The proceeds of the latter served to
increase the Treasury balance at the Reserve
banks, which increased around the middle of
July to over $300,000,000. Toward the end of
498
FEDERAL RESERVE BULLETIN
the month, however, this balance was again
considerably reduced, as a result of various
Treasury operations, and on July 31 the total
of Treasury cash and deposits with the Reserve banks was about the same as at the end
of June.
During the past year there has been some increase in loans made by the various Government credit agencies. Most of
Loans by
fofe
inCrease has occurred in
Government
,
. .
. .
_.,
credit agencies loans of farm and home credit
agencies. The demand for
loans to relieve financial institutions lessened
and the amount of such loans outstanding declined, reflecting repayments in excess of new
loans made. Figures covering the activities of
Government credit agencies are shown in the
tables on pages 519-520 of this BULLETIN.
New tables on page 520 of this BULLETIN give
more complete monthly figures on the outstanding loans of institutions under the supervision of the Federal Home Loan Bank Board
than have appeared in earlier issues and show
for the first time monthly figures of outstanding obligations that are guaranteed as to
interest and principal by the United States.
Similar figures will hereafter be published
regularly in the BULLETIN.
Home mortgage loans made by the Home
Owners1 Loan Corporation, which became
most active early in 1934, increased from about
$1,000,000,000 on June 30,1934, to $2,700,000,000 a year later. In contrast to the emergency
activities of the Home Owners' Loan Corporation, the Federal Home Loan banks and the
Federal Savings and Loan Association represent the development of a permanent home
mortgage credit system under Federal supervision. Total loans by these agencies are small
as compared with those of the Home Owners'
Loan Corporation. Federal Home Loan bank
loans amounted to $80,000,000 on June 30,
1935, or $7,000,000 less than a year earlier.
There was a steady growth during the year
in the number of Federal savings and loan
associations, which are the local credit institutions for making home mortgage loans.
AUGUST 1935
Home mortgage loans of these associations,
as shown in monthly reports made by nearly
75 percent of the associations, totaled $150,000,000 on June 30, 1935, as compared with
reports by about 60 percent of the associations
of loans of $30,000,000 at the end of September
1934 when the monthly reporting was inaugurated. About 80 percent of the loans reported
at the end of June represented loans by
converted associations, that is, associations
organized under State laws which have been
granted Federal charters.
The farm mortgage loans of the Farm Credit
Administration increased in the past year by
about $720,000,000. Emergency loans by the
Farm Credit Administration to farmers and
livestock raisers more than doubled in the year
as a result of last summer's drought and on
June 30 amounted to $200,000,000. Shortterm loans by the production credit associations
increased by about $70,000,000, more than
offsetting a decrease in loans by the regional
agricultural credit corporations, which are
being replaced by the production credit associations.
Crop loans by the Commodity Credit Corporation, which are made from funds borrowed
from the Reconstruction Finance Corporation,
declined considerably in the last half of 1934
and continued relatively small until June 1935.
Loans on 1934 crops were largely carried by
banks and other private credit agencies until
June, but in that month and in July under
the purchase guarantee carried in the notes the
Commodity Credit Corporation took over a
large quantity of them. As a consequence
advances by the Eeconstruction Finance Corporation to the Commodity Credit Corporation
at the end of July amounted to $230,000,000,
as compared with about $60,000,000 at the
end. of May and $160,000,000 on July 31, 1934.
Total loans and investments of the Reconstruction Finance Corporation, excluding
allocations of funds to other Government
agencies, showed a decrease of about $100,000,000 in the 12 months ended June 30, 1935.
Loans to banks and trust companies, building
499
FEDERAL RESERVE BULLETIN
AUGUST 1935
and loan associations, insurance companies, and
mortgage companies declined by $200,000,000,
and there was also a decrease of $130,000,000
in loans to Federal Land banks. Holdings of
preferred stock and capital notes and debentures of banks, however, showed an increase
of $90,000,000. Loans to railroads, to drainage, levee, and irrigation districts, to industrial
and commercial enterprises, and for selfliquidating projects also increased by a total
of $160,000,000.
Changes in Foreign Central Bank Discount Rates
The following changes in discount rates
during the period July 7 to August 9 have been
reported by central banks in foreign countries:
Austrian National Bank, July 10, from 4 to
3K percent: Bank of Spain, July 15, from
5K to 5 percent; Netherlands Bank, July 18,
from 3K to 3 percent; July 25, from 3 to 5
percent; July 26, from 5 to 6 percent; and
August 3, from 6 to 5 percent; Bank of France,
July 19, from4 to 3J4 percent; and August 9, from
Z}{ to 3 percent.
MEMBER BANK EXCESS RESERVES
This issue of the BULLETIN includes for the
first time current estimates of excess reserves
of member banks. These figures for recent
months and weeks are shown in the tables on
Federal Reserve bank credit and related items
regularly published in the BULLETIN; see pages
506-507. Available figures for earlier periods
are given in the following table. Monthly averages of daily figures, which begin in January
1929, are derived from computations of required reserves based upon periodic reports
received from member banks; for the latest
month, however, these figures are partially
estimated because of delay m receiving reports.
Required reserves are not computed every day
but figures are available daily for member
banks in New York City and weekly for reporting banks in other leading cities, and these
figures are used in estimating excess reserves
for end-of-month and Wednesday dates. These
estimates are available only since the beginning
of September 1931.
MEMBER BANK EXCESS RESERVES, 1929-34
[In millions of dollars]
Monthlyaverages:
1929—Jan....
Feb
Mar.
Apr
May
June..
July
A
g
Aug
Sept
St
Oct
Nov —_
Dec
1930-Jan
Feb
Mar
Apr
June.!.."
July
Aug
_
Sept
Oct
Nov
Dec
I
63.4
46.1
40.9
36.5
33.0
41.7
42.2
35.5
34.2
42.4
65.4
48.3
44.5
53.2
56.0
42.4
45.1
53.9
74.0
52.3
59.2
59.1
51.7
72.8
1931—Jan
Feb
Mar
Apr
Monthly
averages— Contd.
1932—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1933-^an
Feb
Mar.*
Apr.*
May
June
July
Aug__
Sept
Oct
Nov
Dec
35.4
43.8
59.0
152.1
277.1
234.4
204.4
345.5
435.9
482.2
525.8
583.8
417.3
379.1
319.1
363.1
435.7
565.5
674.5
758.4
794.1
. . 765.7
104.7
1934-^Tan
865.7
56.6
Feb
890.8
66.5
Mar
1,375.1
55.6
Apr
1,541.0
66.8
May
1,623.5
June
128.9
June
1,684.6
July
124.4
July
1,789.4
Aug
100.6
Aug
1,883.6
Sept
120.3
Sept
1,754.1
Oct
129.I
Oct
1,730.7
Nov
57.O
Nov
1,834.5
Dec
59.5
Dec
1,747.8
J March data not available.
'Beginning with April, figures are for licensed banks.
Endof-month figures (estimat1931—Sept
159
Oct
74
Nov
-3
Dec—*— - 3 3
1932—Jan
Feb.
Mar
40
-3
87
263
262
M?yII—I
162
June
259
July
330
Aug
375
Sept
499
Oct
498
Nov
576
Dec
1933—Jan
Feb
Mar.
Apr.*
May
June
July
Aug
Sept
Oct
Nov
Dec
507
317
249
366
9
475
468
595
713
842
727
859
Wednesday figures (estimated):
1931—Sept 2
130
Sept 9
70
Sept. 16— 203
Wednesday figures—Contd.
1931—Sept. 2 3 . . .
Sept. 3 0 . . .
Oct. 7
Oct. 14.
Oct. 21.
Oct. 28..-Nov.4_—
Nov. 1 1 . . .
Nov. 1 8 . . .
Nov. 2 5 . . .
Dec. 2
Dec. 9
Dec. 10.—
Dec. 2 3 . . . .
Dec. 30
86
159
129
105
166
136
43
43
60
65
25
64
120
35
339
62
1932—Jan. 6
Jan. 1 3 . . . . 47
Jan. 2 0 . . . . 48
Jan. 2 7 . . . - 34
56
Feb. 3
Feb. 10—. 35
Feb. 1 7 — 43
Feb. 24.— 27
Mar. 2 - . - 52
69
Mar. 9.
Mar. 1 6 . . . 58
Mar. 2 3 . . . 84
Mar. 3 0 . . . 81
110
Apr. 6
Apr. 13
175
Apr. 20
128
. Apr. 27.— 259
May 4 _ . . . 2S9
May 1 1 . . . 281
May I S . . . 331
M a y 2 5 . . . 354
270
June 1
Wednesday figures—Contd.
1932—June 8
June 15_
June 22.
June 29....
July 6
July 13....
July 20—.
July 27
Aug, 3
Aug. 10—
Aug. 17...
Aug. 2 4 - .
Aug. 3 1 . . .
Sept. 7—Sept. 14...
Sept. 2 1 . . .
Sept. 28—
Oct. 5
Oct. 12....
Oct. 19—.
Oct. 2 6 —
Nov. 2 —
Nov. 9 . - .
Nov. 16...
Nov. 2 3 . . .
Nov. 30.._
Dec. 7
Dec. 14
Dec. 21
Dec. 28
279
274
249
220
162
216
247
282
213
267
277
337
330
323
403
374
428
437
390
461
537
494
455
502
493
498
485
517
525
554
1933—Jan. 4
Jan. 11.—
Jan. 18....
Jan. 25.
Feb. 1
Feb. 8
Feb. 15™
582
627
609
573
499
501
340
500
FEDERAL RESERVE BULLETIN
AUGUST 1935
MEMBER BANK EXCESS RESERVES, 1929-34r1-Continued
[In millions of dollars]
Wednesday figures—Contd.
1933—Feb. 22
Mar. 1...
Mar. 8....
Mar. 15....
Mar. 22....
Mar. 29....
Apr. 5 >-. .
Apr. 12 .
Apr. 19... .
Apr. 26... .
May 3 . . .
May 10.. .
May 17.. .
May 24.. .
May 31.. .
June 7... .
June 14...
June 21...
June 28-..
Julys....
•
401
272
129
309
238
293
288
388
435
377
262
299
311
377
339
363
421
384
486
393
Wednesday figures—Contd.
1933—July 12_._.
July 19.™
July 26....
Aug. 2 _ _ .
Aug. 9
Aug. 16. _.
Aug. 23__.
Aug. 3 0 . . .
Sept. 6 . . . .
Sept. 1 3 . . .
Sept. 20...
Sept. 27...
Oct. 4
Oct. 11-—
Oct. 18....
Oct. 2 5 . . . .
Nov. 1
Nov. 8
Nov. 1 5 . . .
Nov. 2 2 . . .
Wednesday figures—Contd.
446
466
473
491
553
562
631
613
637
720
716
774
708
748
815
847
743
747
814
840
1933—Nov. 2 9 - . .
Dec.
Dec.
Dec.
Dec.
6
13....
20....
27....
827
1934—Jan. 3
895
Jan.10
Jan. 17.... 891
Jan. 24.... 938
Jan. 3 1 . . . . 745
826
Feb. 7
923
Feb. 14
Feb. 21.... 891
Feb. 28.... 1,146
Mar.7_... 1,361
Mar. 14... 1,467
Mar. 2 1 . . . 1,446
Mar. 28...1,432
Apr. 4
Wednesday fig
ures—Contd.
1934—Aug. 22- ..1,902
Aug. 29_ ..1,945
Sept. 5 . . ..1,723
Sept. 12. .-1,762
Sept. 19. ..1,692
Sept. 26. ..1,768
Oct. 3 . . . ..1,691
Oct. 10.. ..1,771
Oct. 17.. ..1,762
Oct. 24.. ..1,733
Oct. 31.. ..1,748
Nov. 7__ ..1,783
Nov. 14. ..1,848
Nov. 21. ..1,912
Nov. 28. ..1,825
Dec. 5... ..1,786
Dec. 12__ ..1,813
Dec. 19.. ..1,646
Dec. 26,. L.I, 678
Wednesday figures—Contd.
1934—Apr. 11— -1,518
Apr, 18....1,619
Apr. 25....1,691
May2-._ .1,506
May
9... .1,629
May 16.. .1,641
May 23. . .1,693
727
719
798
788
815
May 30.. .1,680
June 6— -1,694
June 13. _.1,789
June 20 _„.1,675
June27__ .1,736
July 3.... .1,637
July U... -1,782
July 18....1,851
July 25... .1,873
Aug. 1 . . . .1,768
Aug. 8 . . . .1,923
Aug. 1 5 . . -1.911
1,433
i Beginning with April, figures are for licensed banks.
AVERAGES OF UNITED STATES GOVERNMENT
BOND YIELDS, 1919-25
There are given below monthly averages of
daily yields on United States Government
bonds for the period 1919-25. These averages, which have been prepared by the Division of Research and Statistics of the Treasury
Department, are calculated on the same basis
as yields in the regular BULLETIN table on
bond yields described in the BULLETIN for
June 1934 (p. 322). In that issue monthly
figures were given for the period beginning
1926.
The yields are based on all outstanding
partially tax-exempt Government bonds due
or callable after 8 years. During the period
January 1, 1919-October 15, 1925, these bonds
included certain Liberty Loan issues whereas
after October 15, 1925, they included only
Treasury bonds. The following issues of Government bonds were included in the average
from 1919 to 1925:
Amount
issued Date bond is Date bond is
(in mil- first included
excluded
lions of
in index
from index
dollars)
First Liberty Loan 4's of 1932First Liberty Loan 4H's of
Second Liberty Loan 4's of
Second Liberty Loan 4H's of
Third Liberty Loan 4tf's of
Fourth Liberty Loan 4H's of
668
Jan.
555
do
June 15,1924
3,808
do
Nov. 15,1919
3,708
do
Do.
4,176
do
- Sept. 15,1920
do
6,965
Treasury bonds of 1947-52,4 Ws
Treasury bonds of 1944-64,4's—
'Excluded because of conversion.
l r 1919 i Dec. 31,1919
764
1,047
Jan.
Jan.
Oct. 15,1925
1,1923
1,1925
For bonds selling above par and callable at
par before maturity, the yields included in the
average are those computed on the basis of
redemption at first call date, while, for bonds
selling below par, yields to maturity are used.
Monthly averages are averages of daily figures.
Each daily figure is an unweighted average
of the yields of the issues used based on the day's
closing price, except that in some instances the
mean of closing prices for the period is used.
AVERAGE YIELD
ON UNITED
STATES
GOVERNMENT
BONDS, BY MONTHS, 1919-25
[Averages of daily figures. Percent per annum]
Month
January
February....
March
April
May
June
__
July
August
September...
October
November
December...
Year...
1919 1920 1921 1922 1923 1924
4.57
4.62
4.62
4.60
4.55
4.53
4.62
4.66
4.61
4.60
4.69
4.77
1925
4.93
5.05
5.09
5.2S
5.58
5.53
5.57
5.67
5,44
5.08
5.21
5.40
5.23
5.28
5.27
5.24
5.25
5.27
5.26
5.22
5.12
4.83
4.64
4.47
4.45
4.50
4.42
4.28
4.26
4.24
4.14
4.12
4.19
4.30
4.36
4.35
4.32
4.33
4.38
4.39
4.37
4.34
4.34
4.35
4.36
4.40
4.37
4.35
4.30
4.28
4.28
4.23
4.15
3.98
3.94
3.91
3.92
3.87
3.90
3.96
3.96
3.95
3.96
3.93
3.87
3.79
3.79
3.85
3.85
3.82
3.79
3.80
5.32
5.09
4.30
4.36
4.06
3.86
PHYSICAL VOLUME OF MANUFACTURES IN
THE UNITED STATES, 1919-34
A comprehensive index of phjsical volume
of production of manufactures in the United
States based upon data from the Census of
Manufactures
has recently been computed for
1933,1 and at the same time similar indexes
previously published for earlier years have
i The index was compiled for the Central Statistical Board by V. S.
Kolesnikofl. Indexes for the census years 1914-25 were originally compiled
by E, E. Day and Woodlief Thomas, and for 1927-31 by Aryness Joy.
AUGUST
FEDERAL RESERVE BULLETIN
1935
501
been revised.2 The combined indexes, together nearly accurate annual measure of changes in
with indexes of the 13 industrial groups, are manufacturing production and to facilitate
shown in the accompanying table by census comparison with annual indexes of other series
of economic importance, the census index of
INDEXES OP PHYSICAL VOLTTME OF MANUFACTURES, manufactures has been estimated annually on
BY M^JOR INDUSTRIAL GROUPS
a 1923-25 average base. Figures for non[Based on Census data, 1919=100]
census years were computed by a process of
interpolation based upon annual averages of
1921 1923 1925 1927 1929 1931 1933
the Federal Reserve Board's index. The
census index thus estimated annually and the
' 7 9 . 2 ' 122.7 '128.2 '127.9 145.1 '96.4 89.2
All industriesBoard's annual index are shown on a 1923-25
Food and kindred prodbase in the accompanying table.
ucts
'92.6 113.2 118.5 120.8 ' 131.5 121.7 118.1
Textiles and their products
••96.6 122.7
Iron and steel and their
products
56.6 131.
Lumber and its remanufactures
_
79.9 110.1
Leather and its finished
products
_
85.2 105.6
Paper and printing
93.4 137.1
Chemicals and
allied
products
94.5 125.1
Stone, clay, and glass
products
'93.7 1157.5
Nonferrous metals
_. 66.5 125.
Tobacco manufactures
. 95.3 109.8
Vehicles for land transportation
73.7 195.
Ship and boat building... 30.7
7.9
Rubber p r o d u c t s . .
80.0 130.8
r
118.5 124.7 130.2 '107.9 115.5
131.5 127.0 157.5
70.9
62.2
113.6 102.4 108.4
48.0
40.5
93.4
152.5 165.
103.0 86.4 95.4
181.3 152. 136.1
141.2 157.8 186.
146.8 140.6
'180.5 176.8 1176.8 106, 74.8
129.8 129.7 158.5 90.5 69.6
126.5 148.5 155.0 149.0 125.1
218. 145.8 210.3 83.9 73.8
1.6
7.0 8.8 8.2 7.9
158.8 171. ISO. 4 121.8 124.0
Revised.
years from 1919 to 1933. The value added by
manufacture of the industries covered in the
index represents more than half the value
added by all manufacturing establishments
reporting to the Bureau of the Census.
INDEXES OF THE PHYSICAL VOLUME OF MANUFACTURES
[1923-25 average^ 100]
1919
1920
"II"
1921..
" '
1922,.""!
1923
;."""
1924. .
19251926..::::::*'
1
Census
index
Federal
Reserve
Board
index
182.0
85.1
»64.9
85.0
U00.6
94.3
1
105.1
107.9
84.5
87.4
66.6
86.3
101.0
94.3
104.6
107.9
Census
index
1927,
1928
9_
1930
19311932
1933
1934
1104.9
110.9
1119.0
94.3
179.0
61.7
173.1
76.7
Federal
Reserve
Board
index
105.7
111.5
119.3
95.3
SO. 2
62.9
75.4
78.4
Index computed from census data1.
Annual averages of the Federal Reserve
board's monthly index of the volume of manufactures, which is less comprehensive than the
index based upon census data, have shown
movements closely similar to those of the
census index. There have been slight differences in the movements of the two indexes at
gmes, however, and in order to provide a more
leeted in v?wu&i> a n a l l m e ^ «>r which quantity figures v
»euea in 1933 were excluded from the index in earlier years.
DEPOSITS AND ASSETS OF THE POSTAL
SAVINGS SYSTEM
Detailed statistics covering the operations of
the Postal Savings System since its inauguration are published in this issue of the BULLETIN,
and will be shown currently in future issues.
Table 1 shows the balances to the credit of
depositors at the end of each month from 1912
to 1933. These balances, which at the end of
November 1930 amounted to about $200,000,000, increased during the subsequent period
of banking unsettlement to a total of $1,200,000,000 in 1933. Since 1933, as shown in table
2, there has been no further growth in postal
savings deposits.
Table 2 shows the distribution of assets of
the Postal Savings System, as well as depositors'
balances, for selected dates since 1911. The
Postal Savings Act provides that postal savings
deposits, aside from a 5 percent reserve fund,
shall be offered for deposit in qualifying local
banks, and amounts not redeposited shall be
invested in United States Government obligations. During most of the history of the
Postal Savings System the larger part of these
deposits has been redeposited with banks.
During two periods, however, substantial portions of the postal savings fund were invested
in United States Government obligations. The
first of these periods was between December
1918 and December 1921, when investments in
United States Government securities were increased to about $100,000,000. The major
part of these funds was later returned to depository banks, and in June 1930, balances
with banks totaled $148,000,000, while investments in Government securities amounted to
$26,000,000.
The large increase in postal savings deposits
from 1930 to 1933 was mostly deposited in
banks, and in June 1933 these redeposits
amounted to $977,000,000, while investments
in Government securities were $131,000,000.
This period marked the peak in redeposits of
^postal savings funds. Recently many banks
502
FEDERAL RESERVE BULLETIN
have found it unprofitable to accept postal
savings money in view of the 2% percent
interest required to be paid on these deposits,
the low rate of return obtainable on investments, and the diminished demand for loans.
AUGUST 1935
Between June 1933 and April 1935 balances
with depository banks declined by more than
$500,000,000, while investments in United
States Government direct and guaranteed
obligations increased by a similar amount.
TABLE 1.—DEPOSITORS7 BALANCES IN POSTAL SAVINGS SYSTEM, MONTHLY, 1912-33
[In millions of dollars]
End of month
1912
1913
1914
1915
1916
1917
1918
1919
1920
75
77
79
SO
82
86
90
95
100
104
109
112
116
121
125
128
131
132
136
140
143
142
143
143
144
146
148
147
147
148
152
156
158
160
163
168
172
176
177
175
170
167
165
165
163
161
161
161
160
160
159
158
158
157
158
160
161
163
162
163
January
February.
March
fc:
June
July
August
September.
October
November.
December..
40
End of month
1923
January
February...
March
April
May
June
July
August
September.
October
November.,
December..
1924
131
132
132
132
132
132
132
133
133
133
133
131
1925
130
132
133
133
133
133
133
134
134
134
134
133
134
134
134
133
133
132
132
132
132
133
133
134
1926
1927
134
135
135
135
134
134
135
136
136
137
138
139
1923
1929
149
151
152
152
152
152
152
152
152
153
154
154
141
144
146
147
147
147
147
148
148
149
149
149
1930
154
155
155
154
154
154
158
160
160
162
164
164
1921
1931
165
168
170
170
171
175
181
187
190
193
201
245
1922
164
163
161
158
155
152
152
152
150
149
147
146
145
145
144
142
140
138
136
135
134
133
133
132
1932
278
292
303
314
325
347
372
423
470
538
666
606
666
693
706
723
743
785
830
848
859
872
885
902
943
[,007
1,114
[,160
1,180
1,187
1,178
1,179
\, 182
_,189
1,199
1,209
TABLE 2.—DEPOSITORS' BALANCES AND ASSETS OF THE POSTAL SAVINGS SYSTEM, 1911-35
[In millions of dollars]
Assets
Assets
U. S. Government
securities
End of month
U. S. Government
securities
End of month
1911—December.1912—December..
1913—December..
1914—December..
1915—December..
1916—December-.
1917—December..
1918—December..
1919—December..
1920—December..
1921—December..
1922—December..
1923—December..
1924—December..
1925—December..
1926—December..
1927—December..
1928—December..
II
28
40
59
74
112
145
168
161
163
146
132
131
133
134
139
149
154
11
28
40
60
76
115
148
172
168
171
154
141
142
139
141
148
158
163
10
26
37
56
69
107
139
146
130
55
44
56
63
93
100
106
116
129
1929—June
December,.
1930—June
December..
1931—June
December..
154
164
175
245
347
606
163
174
185
253
356
616
127
138
148
209
307
511
()
1
2
3
18
30
1932—June
December
1933—June
December
105
103
77
72
33
33
33
34
25
2
3
18
30
105
103
77
72
33
33
33
34
25
26
26
26
27
27
70
26
26
26
27
27
70
1934—January
February
March
April
May
June
July
August
September
October
November
December
801
920
1,207
1,235
793
977
914
71
71
131
200
48
56
99
121
1,201 1,228
1,200 1,228
1,200 1,225
1,197 1,224
1,197 1,224
1,198 1,225
1,190 1,218
1,192 1,221
1,193 1,222
1,199 1,229
1,204 1,236
1,207 1,237
903
884
856
807
731
695
644
598
574
501
551
540
220
232
240
309
318
453
478
519
565
571
581
597
35
60
101
114
114
114
130
105
112
129
108
175
77
96
104
83
97
104
100
1,232
1,237
1,232
1,231
509
491
478
452
614
633
691
685
147
166
183
146
109
113
63
94
785
902
1,187
1,209
„
_
1935—January
February
March,
A' ""
April....
Mday.,
ay....,
June..
1,201
1,205
1,203
1,200
'1,205
»l,205
» Preliminary.
i•Less
S £than
8 S$500,000.
rtS^
workfa
S
tods
« « h the Treasurer of the TTnHad States,
503
FEDERAL RESERVE BULLETIN
AUGUST 1935
BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES
The Department of Commerce has published
a final summary of the international transactions of the United States in 1934, which differs
somewhat from the preliminary summary
published on page 264 of the FEDERAL RESERVE
BULLETIN for May 1935. The chief difference
lies in an increase of $63,000,000 in the estimate of interest and dividends received from
American investments abroad. The summary
is given below in substantially the same form
as that employed by the Department of
Commerce.
Balance
Dollar
receipts
1. Merchandise:
We sold goods in the amount of.
and bought goods in the amount of
_„-__-
_
$2,133,000,000
1,655, 000,000
Net receipts from merchandise..
$478,000,000
478,000,000
2. Service items:
We received for shipping and freight services
and made payments for shipping and freight services amounting to.
We received from foreign tourists
and our tourists spent abroad
We received interest and dividends on our investments abroad..
61,000,000
96,000,000
94,000,000
314,000,000
453,000,000
and remitted interest and dividend payments to foreign investors
126,000,000
$35,000,000
220,000,000
327,000,000
121,000,000
Our immigrant remittances and contributions for various causes amounted net to
We received from miscellaneous trade and service transactions t
231,000,000
and made payments for miscellaneous trade and service imports K--
191,000,000
Net payments on service items
40,000,000
12,000,000
-
3. Gold and silver:
We received payment for gold exported in the amount of
1,134,000,000
53,000,000
and we paid for gold imported in the amount of
83,000,000
1,187,000,000
86,000,000
We paid net for gold released from earmark for account of foreigners
Net
payments
on gold
silver.
We
received
payment
forand
silver
exported in the amount of
and items
we paid
for silver
imported
in the amount of
4. Capital
(based
on reported
data):
We sold stocks and bonds in the amount of
and bought stocks and bonds in the amount of
^
-
-
1,303,000,000
17,000,000
103,000,000
990,000,000
885,000,000
105,000,000
We received net on account of sinking fund and bond redemption, direct investments, net Inflow of funds from
arbitrage transactions, etc
-
07,000,000
The year's estimated net inflow of short-term banking funds resulting from (a) changes In foreigners' banking
funds in the United States and (6) change In United States banking funds in foreign countries amounted to.
192,000,000
8,000,000
Miscellaneous net short-term credits amounted to
48,000,000
We paid net for paper currency returned from abroad...
Net receipts from capital items.
5. Residual item (largely unestimated capital transactions)«..
Total of summary items
Dollar
payments
*33S, 000,000
499,000,000
1,315,000,000
1,315,000,000
\ These miscellaneous items include merchandise adjustments, war debt receipts, governmental receipts and expenditures, and miscellaneous
service
items.
1
Differs from the Department of Commerce total because of transfer of $48,000,000 net movement of currency from section 3 to section 4. Foreign
holdings
of dollar currency are regarded as similar to foreign holdings of dollar deposits.
.
3
This item consists largely of (a) special transactions (such as the inflow of unreported private, commercial, and other funds, and miscellaneous
foreign exchange operations) following the devaluation of the dollar on January 31, and (b) unreported international security transactions.
504
FEDERAL RESERVE BULLETIN
AUGUST 1935
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled July 24 and released for publication July 26]
Factory production declined seasonally in
June, while output of mines increased. Employment and pay rolls at factories showed
more than seasonal declines. There was little
change in the average level of wholesale prices,
and a decrease in retail food prices.
Production and employment.—Daily average
output at factories, according to the Federal
Reserve Board's production index, declined by
about the usual seasonal amount during June.
Output of mines increased, and the Board's
combined index of industrial production, which
is adjusted for usual seasonal changes, advanced
from 85 percent of the 1923-25 average in May
to 86 percent in June. Daily average output of
automobiles and lumber increased in June,
while activity at cotton mills, shoe factories,
and meat-packing establishments declined.
Activity at steel mills declined seasonally during June, but, according to trade reports, increased after the first week of July. There were
sharp increases in the production of anthracite
and bituminous coal during June, and output
of crude petroleum was also larger than in May.
Factory employment and pay rolls decreased
between the middle of May and the middle of
June. More than seasonal declines in employment were reported by producers of automobiles, clothing, shoes, and cotton fabrics, and
employment at lumber mills also decreased,
while the number of workers at woolen mills
increased. In most other manufacturing industries changes in employment from May to
June were largely seasonal in character.
Employment and pay rolls at mines increased
considerably.
Daily average c o n s t r u c t i o n contracts
awarded, according to reports of the F. W.
Dodge Corporation, were larger in value in
June and the first half of July than in May.
Awards of residential building contracts were
twice as large as a year ago, while contracts for
public projects continued smaller than last year.
The Department of Agriculture July 1 estimates forecast corn and wheat crops larger than
a year ago, but smaller than the 5-year average
for 1928-32. Acreage of cotton in cultivation
on July 1 was reported as about 5 percent larger
than at the same time last year.
Distribution.—Daily average loadings of
freight on railroads increased during June, reflecting larger shipments of coal. Daily average
value of department-store sales showed little
change from May to June, when a decline is
usual, and the Board's seasonally adjusted
index advanced from 76 percent of the 1923-25
average to 80 percent.
Commodity prices.—Wholesale prices of farm
products and foods declined during June, while
the prices of other commodities as a group
showed little change. Retail prices of food,
which had increased sharply in the 2 years ending last April, according to the index of the
Bureau of Labor Statistics, declined somewhat
m May and June.
Bank credit.—Member bank reserve balances
with the. Federal Reserve banks and excess reserves stowed declines for the 4 weeks ending
July 17, reflecting in large measure an increase
in the balance of the Treasury with the Federal
Reserve banks following a sale of Treasury
notes.
Total loans and investments of reporting
banks in leading cities increased by $260,000,000
during the 5-week period ended July 17. Subscriptions by reporting banks to new security
offerings by the Treasury exceeded retirement
of bonds held by these banks, and consequently
their holdings of direct obligations of the United
States increased by $200,000,000. Holdings of
other securities increased by $125,000,000, while
loans declined by $60,000,000. Government
deposits with these banks were reduced by over
$200,000,000, while other deposits, exclusive of
interbank balances, showed an increase of a
similar amount.
Yields on Government securities declined
slightly during this period, while other shortterm open-market money rates remained at low
levels.
505
FE0ERAL RESERVE BULLETIN
AUGUST 1935
RESERVE BANK CREDIT AND RELATED ITEMS
WeekIy bosls: W e d n e s d
°y
fi res
^ )
M1LU0MS_
toooo
9000
8000
7000
6000
5000
4000
3000
MEMBER BANK
RESERVE BALANCES
2000
2000
1000
1000
TREASURY CASH
& DEPOSITS WITH F.R. BANKS
1930
1931
1932
1933
Based on Wednesday figures; latest figures for July 31.
5812—35
3
1934
See table on page 506.
1935
506
FEDERAL RESERVE BULLETIN
AUGUst 1935
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY FIGURES)
[In millions of dollars]
Reserve bant credit outstanding
Date (Wednesday)
U.S.
Other
Bills Bills Govern- Reserve
disment bank Total
counts bought securicredit
ties
1934—June 6 . .
June 13.
June 20.
June 27-
2,430
2,430
2,430
2,430
July 3__.
July 1 1 July 1 8 July 25..
2,432
2,432
2,432
2,432
Aug.
Aug.
Aug.
Aug.
Aug.
2.432
2,432
2,431
2,432
2,432
1.8,..
15_.
22..
29-.
10
11
0)
Member bank
reserve balances
Treasury
TreasOther
ury Money cash and NonMone- and
Fedtary nation- in cir- deposits
memeral
with
gold al bank cula- Federal
ber de- Reserve
Excess
stock
tion
posits
acReserve
cur(esticounts Total mated)
banks
rency
2,475
2,472
2.468
2,465
7,790
7,820
7,835
7,846
2,365
2,361
2,359
2,364
5,342
5,313
5,310
5,301
3,034
2,956
3,121
3,077
230
251
224
225
237
238
239
236
3,787
3,895
3,769
3,837
1,694
1,789
1,675
1,736
2,488
2,468
2,460
2,456
7,866
7,881
7,897
7,911
2,365
2,365
2,363
2,364
5.397
5,344
5,328
5,291
3,113
3,014
2,954
2,972
232
223
222
220
230
231
229
228
3,746
3,902
3,987
4,020
1,637
1,782
1,851
1,873
2.463
2,458
2,468
2,457
2,463
7,932
7,957
7,979
7,983
7,981
2,361
2,357
2,375
2,390
2,403
5,315
5,334
5,343
5,347
5,345
3,074
2,941
2.976
2,972
2,944
219
209
211
211
204
232
229
228
228
226
3,915
4,059
4,064
4,072
4,127
1,768
1,923
1,911
1,902
1,945
3,907
3,948
Sept. 5-.
Sept. 12..
Sept. 19..
Sept. 26..
2,432
2,431
2,431
2,430
2,467
2,469
2,466
2,463
7,963
7,968
7,972
7,976
2,412
2,414
2,412
2,409
5,419
5,409
5,412
5,403
3,087
3,053
3,124
3,061
203
213
195
186
225
224
230
3,970
1,723
1,762
1,692
1,768
Oct. 3 — .
Oct. 10...
Oct. 17—
Oct. 24—
Oct. 31...
2,431
2,430
2,430
2,430
2,430
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
5,468
5,479
5,469
5,436
5,453
3,068
2,967
2,968
3,049
3,031
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
Nov.
Nov.
Nov.
Nov.
7—.
14..
2128..
2,430
2,430
2,430
2,430
2,440
2,474
2,470
2,460
8,008
8,030
8,076
8,112
2,442
2,450
2,459
2,469
5,503
5,480
5,455
5,516
2,944
2,964
2,956
3,017
172
163
159
160
240
239
4,032
4,107
4,196
4,108
1,783
1,848
1,912
1,825
Dec.
Dec.
Dec.
Dec.
5...
12..
19..
26..
2,430
2,430
2,430
2,430
2,452
2,462
2,477
2,470
8,161
8.180
8,198
2,478
2,486
2,505
2,504
5,545
5,532
5,587
5,628
3,060
3,060
3,221
3,181
176
184
185
138
237
239
243
244
4,073
4,112
3,943
3,961
1,786
1,813
1,646
1,678
1935—Jan. 2 . . .
Jan. 9—
Jan. 16..
Jan. 23.Jan. 30..
2,431
2,430
2,430
2,430
2,430
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
3,164
3,094
3,019
2,994
3,007
190
194
215
188
194
242
242
241
242
4,090
4,283
4,388
4,501
4,542
1,802
1,986
2,069
2,162
Feb.
Feb.
Feb.
Feb.
6..
13.
20.
27.
2,430
2,430
2,430
2,430
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
2,930
2,995
2,932
3,006
176
182
193
211
246
245
247
246
4,633
4,580
4,645
4f58S
2,284
2,240
2,272
2,201
Mar. 6_Mar. 13.
Mar. 20.
Mar. 27-
2,430
2,430
2,430
2,430
2,452
2,460
2,455
2,452
8,546
8,551
8,554
8,563
2,517
2,525
2,521
2,535
5,478
5,454
5,453
5,436
2,998
3,009
3,220
3,335
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. 3 . . .
Apr. 1 0 . .
Apr. 17. _
Apr. 2 4 . .
2,431
2,430
2,431
2,430
2,462
2,463
2.470
2,452
8,568
8,614
8,672
8,701
2,548
2,5*9
2,549
2,550
5,497
5,487
5,512
5,459
3,404
3,376
3,149
2,978
230
224
271
283
253
253
257
258
4.193
4,287
4,501
4,719
1,821
1,907
2,095
2,264
Mayl_
May 8. >
May 15.
M a2y22 2 .
May 29.
2,430
2,430
2,430
2,430
2,430
2,463
2,466
2,473
2,459
2,467
8,721
8,728
8,737
8,762
8,835
2,543
2,536
2,534
2,531
2,526
5,489.
5,496
5,494
5,481
5,511
2,978
2,938
2,901
2,906
2,970
276
277
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
Junes...
June 12..
June 19..
June26..
2,430
2,430
2,430
2,430
2,475
2,472
2,482
2,472
8,916
9,016
9,109
2,521
2,514
2,510
2,508
5,514
5,493
5,493
5,498
3,030
2,988
3,023
2,991
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 31...
2,431
2,430
2,430
2,430
2,430
2,468
2,473
2,472
2,460
2,465
9,119
9,123
9,127
9,135
9,143
2,504
2,503
2,501
2,503
2,510
5,619
5,551
5,530
5,496
5,518
3,002
2,932
3,086
3,134
2,991
196
214
301
306
312
302
302
265
253
258
263
258
258
257
4,900
5,052
4,924
4,945
5,100
2,320
2,45fi
2,340
2,335
2.513
* Less than $500,000.
Back figures.—See Annual Report for 1934 (table 4) and for excess reserves pp. 499—500 of this BULLETIN.
507
FEDERAL RESERVE BULLETIN
AUGUST 1935
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH FIGURES)
_____
[In millions of dollars]
Reserve bank credit outstanding
End of month
U.S.
Other
Bills
Bills Govern|
. dis- bought
ment Reserve
bank Total
counted
securi- credit
ties
1934—JanuaryFebruary.
March
April
May
June
July
August
September.
October..-,
November.
December.
Ill
62
29
9
5
5
5
5
6
6
6
6
1935—January.._,
February..
March
April
May
,
June
July
2,434
2,432
2,447
2,431
2,430
2,432
2,432
2,432
2,431
2,430
2,430
2,430
2,430
2,430
2,437
2,430
2,430
2,433
2,430
11
TreasTreasury
ury
and NonMone- and Money cash
nataryin cir- deposits
memwith
gold tional- cula- Federal ber destock bank
tion
Reserve posits
cur*
banks
rency
Member bank
reserve balances
Other
Federal
Reserve'
acExcess
counts Total (estimatedi
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 t 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
597
3,440
3,292
3,148
3,052
3,015
2,971
2,968
3,051
3,031
3,022
3,150
141
127
157
268
222
233
207
208
178
164
161
189
287
292
299
230
232
232
229
22f,
22S
237
239
241
2,652
30M
3. 5W
3, 74 fi
3, £40
4.020
4,052
3,934
4,006
4,081
4,090
745
1,146
1,444
1,534
1,662
1,732
1,875
1,867
1,727
1,748
1,801
1,814
2,461
2,465
2,471
2,468
2.469
2,480
2,465
8,391
8,527
8,567
8,710
8,858
9,116
* 9,143
2,495
2,519
2,540
2,544
2,525
2,508
2,510
5,380
5,467
5,493
5,478
5,540
5,568
> 5.518
2,991
3,004
3,358
2,996
2,969
2,968
P 2,991
191
2(7
226
271
254
325
253
243
246
253
263
257
261
257
4,543
4,687
4,247
4,715
4,832
4,979
6,100
2,200
2,11*9
l,*4i
2. M3
2.318
2,414
2,513
* Preliminary,
Backfigures.—SeeAnnual Report for 1934 (table 5) and for excess reserves pp. 499-500 of this BULLETIN.
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Year or month
U.S.
Gov- Other
Bills
Bills
ern- Reserve Total
. dis- bought ment
bank
counted
securi- credit
ties
TreasMone- u r y a n d M ( oney
tary nation- in cirgold al-bank culation
stock
currency
Member bank
reserve balances
Treasury
cash and Non- Other
deposits mem- Federal
Reserve!
with
Federal ber de*
acReserve posits counts Total Excess
banks
1929—Average
^Average
1931—Average
1932-Average
1933—Average
1934-Average
952
272
327
521
283
36
241
213
245
71
208
564
669
1,461
2,052
2,432
1,459
1,087
1,274
2,077
2,429
2,502
4,173
4,417
3,952
4,059
7,512
2,015
2,025
2,025
2,096
2,271
2,381
4,476
4,245
4,672
5,328
5,576
5,403
229
239
251
275
343
2,879
28
97
56
147
185
376
393
373
351
350
253
2,358
2,379
2,323
2,114
2,343
3,676
43
55
89
256
528
1,564
1934—January
February
March
1*01
70
55
43
113
87
40
16
6
5
5
5
5
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
2,656
2,597
2,535
2,507
2,479
2,464
2,469
2,463
2,469
2,457
2,466
2,472
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
5,363
5,366
5,355
5,341
5,350
5,355
5,427
5,473
5,494
5,577
397
3,448
3,298
3,222
3,083
3,054
2,999
2,976
3,054
3,011
2,970
3,120
146
136
144
170
249
226
219
208
197
177
165
181
304
293
298
268
234
237
230
228
227
234
238
242
2,764
2,822
3,361
3,594
3,695
3,790
3,928
4,045
3,947
3^964
4,100
4,037
866
891
1,375
1,541
1,623
1,685
1,789
1,884
1,754
1,731
1,834
1,748
2,430
2,430
2,431
2,431
2,434
2,431
2,430
2,465
2,462
2,461
2,471
2,476
2,479
2,473
8,284
8,465
8,552
8,641
8,755
9,025
9,128
2,504
2,513
2,526
2,548
2,534
2,513
2,504
5,411
5,439
5,477
5,500
5,507
5,522
5,550
3,053
2,965
3,122
3,209
2,942
2,989
3,032
194
189
236
259
278
266
293
242
246
250
256
259
261
259
4,355
4,601
4,452
4,436
4,778
4,979
4,970
2,035
2,237
2,065
2,026
2,297
2,433
v 2,37S
$2—
June
July
August
September
October
November.
December.
1935—January.
February..
March
April
May
June
83
ji
p
Preliminary.
Backfigures.—SeeAnnual Report for 1934 (table 2) and for excess reserves pp. 499-500 of this BULLETIN.
508
FEDERAL RESERVE BULLETIN
AUGUST 1935
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE
NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS
[In thousands of dollars]
July 31, 1935 June 29,1935 July 31,1934
ASSETS
Gold certificates on hand and due from U. S. Treasury- • Eedemption fund—Federal Reserve notes
Other cash
Total reserves.
6,224,116
21,829
269,230
6,180,183
22,882
222,979
4,906,012
24,056
223,655
6,515,175
6,426,049
5,153,723
6,563
5,740
29
21,960
373
6,570
6,769
4,687
4,689
148
5,081
4,687
28,354
4,689
27,638
5,229
2,430,209
2,432,246
500
2,430,159
1,600
2,430,209
2,432,746
2,431,759
2,105
Kedemption fund—Federal Reserve bank notes.
Bills discounted:
For member banks
For nonmember banks, etc
Total bills discounted.
Billss bought:
Payable iin dollars—Bought outright—
Payable
Pbl
I
Payable In foreign currencies
Total bills bought
Industrial advances
TJ. S. Government securities:
Bought outright
Under resale agreement
Total U. S. Government securities
Other Reserve bank credit:
Municipal warrants
Due from foreign banks
Reserve bank float (uncollected Items In excess of deferred availability items)..
635
15,438
2,465,017
17,127
460,873
49,904
47,516
633
8,548
465
3,124
U.053
2,480,023
18,951
511,095
49,826
43,197
2,461,857
16,653
420,325
52,727
53,158
9,555,612
9,529,141
8,160,548
17,127
3,244,495
18,951
3,238,889
16,653
3,060,364
3,261,622
3,257,840
3,077,017
33,812
5,099,616
125,981
23,288
229,553
5,478,438
460,873
146,647
144,893
21,572
30,781
10,786
9,555,612
4,978,770
102,235
23,772
301,218
5,405,995
511,095
146,575
144,893
20,870
30,777
11,096
9,529,141
4,028,523
58,570
7,159
200,323
4,294,575
420,325
146,546
138,383
23,"022
20,"798
Notes Issued to Federal Reserve banks by Federal Reserve agents.
3,532,140
3,492,851
3,367,502
Collateral held by agents as security for notes Issued to banks:
Gold certificates on hand and due from U. S. Treasury
Eligible paper
U. a. Government securities
Total collateral.
3,389,839
5,090
205,000
3,599,929
3,294,639
4,276
231,000
3,529,915
3,097,156
11,803
298,400
3,407,359
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.,
LIABILITIES
Federal'Reserve notes:
Held by other Federal Reserve banks...
Outside Federal Reserve banks
•
Total notes in circulation
Federal Reserve bank note circulation—net
Deposits:
Member bank—reserve account-—*——.
United States Treasurer—general account
Foreign bank
Other deposits
Total deposits
Deferred availability items
Capital paid i n .
Surplus (sec. 7)
Surplus (sec. 13b)
,
Reserve for contingencies...
All other liabilities
Total liabilities
Contingent liability on bills purchased for foreign correspondents..
Commitments to make industrial advances
,
"22,540
27,350
8.X60.548
FEDERAL RESERVE NOTE STATEMENT
.„
FEDERAL RESERVE BANK NOTE STATEMENT
Notes Issued to Federal Reserve banks (outstanding)
45,718
Collateral pledged against outstanding notes:
U. S. Government securities
51,974
i Excess of deferred availability items over uncollected items*
509
FEDERAL RESERVE BULLETIN
AUQUST 1935
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks. In millions of dollars]
End or month
Standard
silver
dollars
Gold
certificates
Total
Silver
certificates
Treasury
notes
Of 1890
Subsidiary
silver
Minor
coin
Federal
United Federal Reserve
States Reserve bank
note?
notes
notes
National
bank
notes
1934—January...
FebruaryMarch -.
April. _.~...
May
June
July
August
September.
October...
November.
December.
5,239
5,354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
8,549
5,536
178
167
161
157
153
150
146
143
139
136
133
130
391
399
403
400
402
401
399
438
483
510
558
592
267
270
272
274
277
280
280
282
284
288
291
294
116
117
118
113
120
119
121
122
122
123
124
125
2S3
289
2S9
282
279
230
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
933
936
918
906
002
885
873
870
856
853
820
1935—January...
February..
March
April
May
June.,
July P
5,380
5,467
5,493
5,478
5,540
5.563
5,518
127
126
123
121
119
117
116
580
599
623
653
C95
701
702
287
289
290
294
296
297
298
123
123
123
124
125
125
125
259
263
264
263
2S1
235
230
3,018
3,119
3,135
3,120
3,159
3,223
3,232
97
94
92
33
85
81
78
827
823
810
778
747
704
654
I
p Preliminary figures.
NOTE.—For figures of paper currency of each denomination In circulation see p. 549.
Back figures.—See Annual Report for 1933 (table 5G).
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO AND FROM
UNITED STATES i
[In millions of dollars]
[In thousands of dollars]
Year or month
Gold
stock
Net
at end Increase
gold
in gold
of
import
stock
year or
month
Net
release
from
earmark 1
$l*=£5Ho grains of gold Mo fine; *.«., on
ounce of fine ffold**$£0.67
1932
1933
4,226 ||
52.9 | -446.2 | 457.5 |
4,036 II -190.4 | -173.5 | -58.0 I
41.6
41.1
i grains of gold Mo fine; f. e.t an
ounce of fine gold*=$S5
1934—April
May
June
July
August
September,
OctoberNovember.
December.
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
8,238
62.2
22.4
77.1
74.4
47.4
.4
23.5
129.9
106.2
54.7
33.6
63.7
52.3
37.2
-18.7
10.8
120.9
92.1
1.1
.5
1.0
.6
-1.1
2.4
.3
-.1
.1
8.6
-11.6
12.5
21.4
11.2
16.6
12.4
9.1
14.1
Year....
8,233
4,202.5
1,133.9
82.6
2,986.1
149.4
122.8
13.0
148.6
140.0
230.4
16.2
1.1
.2
-.7
-2.3
-1.5
1.0
-.4
2.8
12.3
28.1
-3.0
9.6
25.8
11.7
1935—January
February..
March
April
May
June
July 9
8,391
8,527
8,567
8,710
8,858
9,116
0,143
153.3
135.3
40.4
143.4
148.1
257.1
27.5
» Preliminary.
Gold released from earmark at Federal Reserve banks less gold
placed under earmark (with allowance when necessary for changes in
gold earmarked abroad for account of Federal Reserve banks).
1
of such factors as domestic production, movements Into and out of
nonmonetary use, imports and exports that do not affect gold stock
during the month or year, and increment resulting from reduction in
weight of gold dollar.
Back figures.—See Annual Report for 1933 (table 51).
From or to—
Imports
Belgium
31
England
France
Germany
975
Netherlands
Switzerland
6,770
Canada
191
Central America...
781
Mexico
...
Argentina
Colombia
I 1,750
710
Ecuador
213
Peru
Uruguay
46
Venezuela
307
Australia
28
British India
China and Hong
438
Kong
*.
Dutch East Indies.
Japan
Philippine Islands. 1,803
All other countries'. 3,244
Total
16,287
January-June
June
July
Other
factors J
Exports
Imports
939
194,293
22,061
8,734
210
844
177
59
Exports
Imports
1
153,38*
1411,288
33
135,154
339
44,697
1,469
9,457
165
11
Exports
466
14
56
"352
7,375
2,771
944
335
596
16,367
448
3,4S9
1,122
1,581
6 t fi0i
11,076
59 230,538
166 505,389
1,226
* With some exo
$35 a fine ounce.
* Includes all movements of unreported origin or destination.
Backfii,i£ttr«.—See table of gold movements, United States, p. 460, and
Annual Report for 1933 (tab) s 53 and 54).
FEDEKAL RESERVE BULLETIN
510
AUGUST 1935
MEMBER BANK RESERVE BALANCES
[Averages of daily figures. In millions of dollars]
Excess reserves
Reserves held
Other
Reserve
cities
Total—all
member
banks
New York
• City i
1934—June
July
August
September
October
November...-.—
December
1935—January
February
March
—
April
May
June
3,790
3,928
4,045
3,947
3,964
4,100
4,037
4,355
4,601
4,452
4,430
4,778
4,979
1,391
1,393
1,509
1,440
1,461
1,506
1,468
1,651
1,864
1,760
1,715
1,813
1,969
1,632
1,725
1,719
1,692
1,667
1,745
1,727
1,837
1,826
1,787
1,831
2,031
2,092
Week ending (Friday):
1035—Apr. 5
Apr. 12
Apr. 19
Apr. 26
May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
June 28
4,202
4,230
4,410
4,670
4,719
4,734
4,805
4,805
4,810
4,879
5,001
5,025
5,011
1,684
1,648
1,701
1,779
1,778
lf757
1,820
1,844
1,863
1,912
1,994
1,998
1,981
1,652
1,717
1,815
1,985
2,005
2,013
2,037
2,039
2,047
2,047
2,093
2,109
2,116
Month or week
"Country"
banks
Total—all
member
banks *
767
810
817
814
837
849
843
867
911
905
890
935
918
895
905
936
964
948
922
900
920
913
919
914
1,789.4
1,883.6
1,754.1
1,730.6
1,834.5
1,747.8
2.035.2
2,236.6
2,064.7
2,025.6
2,296.9
2,437.6
1,817.0
1,857.0
2,008.0
2,224,0
2,255.0
2,281.0
2,340.0
2,317.0
2,303.0
2,364.0
2,476.0
2,477.0
2,455.0
New York
City i
532.2
625.7
638.2
562.0
568.1
603.8
555.8
715.9
Other
Reserve
cities
'Country"
banks *
779.0
723.0
797.5
915.3
799.6
874.0
852.2
808.7
766.4
829.3
799.9
907.7
886.7
842.3
878.4
1,038.4
1,079.0
699.6
673.6
712.5
773.1
759.1
754.4
813.8
826.0
834.0
873.9
948.8
938.7
914.7
731.7
777.6
855.8
1,016.1
1,030.0
1,030.2
1,043.5
1,042.8
1,046.3
1,050.8
1,083.8
1,087.3
1,095.7
352.8
(9.7
383.4
396.1
401.4
392.2
411.6
451.0
443.5
424.3
461 0
443.4
406.0
440.0
435.0
466.0
496.0
483.0
448.0
423.0
439.0
443.0
451.0
445.0
1
Central Reserve city banks only.
* Weekly figures of excess reserves of all member banks and of country banks are estimates.
Back figures.SM Annual Report for 1933 (table 73).
MEMBER BANK DEPOSITS
[Averages of daily figures. In millions of dollars]
Net demand and time deposits
Month or week
1934—June
,
July
August
September
October
November
December
1935—January
February
,
March
April
May
June
Week ending (Friday):
1935—Apr. 5
Apr. 12
Apr. 19
Apr. 26
May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
June 28
Totalall
member
banks*
27,073
27,310
27,615
28,034
28,364
28,538
28,907
29,357
29,586
29,882
30,571
31.003
New
York
City*
talOther "Coun- T oall
Reserve try" member
cities banksi banks l
7,168
7,236
7,252
7,300
7,409
7,465
7,512
7,694
7,926
8,050
8,145
8,318
8,565
10,929
11,127
11,280
11,436
11,587
11,744
11,828
11,933
12,063
12,148
12,260
12,647
12.814
8,080
8,010
8,112
8,251
8,353
8,223
8,256
8,343
8,423
8,454
8,498
8,605
8,655
11,982
12,138
12,317
12,414
12,478
12,566
12,668
12,687
12,714
12,655
12,773
12,886
12,900
> Weekly figures are not reported.
Bach Agutes.—See Annual Report for 1933 (table 73).
8,601
8,710
8,777
8,878
9,154
9,197
9,280
9,368
9,387
9,477
9,606
9,624
Time deposits
Net demand deposits
New
York
City*
talOther "Coun- T oall
try" member
Reserve
cities banks* banks 1
6,433
6,500
6,534
6,591
6,704
6,780
6,865
7,043
7,268
7,399
7,481
7,655
7,967
6,645
6,807
6,940
7,103
7,269
7,418
7,527
7,527
7,606
7,662
7,745
8,085
8,275
7,419
7,346
7,448
7,586
7,686
7,559
7,590
7,680
7,765
7,848
7,902
8,010
8,063
7,480
7,640
7,808
7,884
7,925
7,999
8,097
8,126
8,168
8,133
8,253
8,350
8,335
3,909
3,969
4,016
4,111
4,235
4,326
4,376
4,422
4,487
4,493
4,542
4,638
4,657
9,711
9,796
9,819
9,809
9,826
9,840
9,769
9,914
9,996
10,031
10,114
10,194
10,103
»Central Reserve city banks only.
New
York
City'
Other "CounReserve try"
cities banks*
735
736
719
709
705
685
647
651
653
651
664
663
597
4,284
4,319
4,340
4,333
4,319
4,326
4,301
4,406
4,457
4,486
4,515
4,562
4,539
661
663
663
665
4,502
4,498
4,510
4,530
4,553
4,567
4,570
4,561
4,546
4,522
4,515
4,536
4,564
667
664
666
663
653
606
596
595
592
4,691
4,741
4,761
4,767
4,802
4,829
4,821
4,857
4,881
4,895
4,935
4,969
4.967
511
FEDERAL RESERVE UULLET1N
AUGUST 1U35
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars)
Loans to other customers
Total
loans
and
investments
Call date
Open-market loans
Investment*
Total
l
w
Purchased paper
Loans
to
banks
Total
Secured
Secured
by
stocks by rc:il]
estate
and
bonds
Other
wise
secured
Total
and
unsecured
Loam
to
Accept-] Acbroa not* cept- Com* kers
ToUl
payable ances mcrin
PaycUI
New
in
United able paper York «.
Stales abroad
U.S.
Govern*
ttinnl
Other
ft, WO
A, 780
ft, 7Wi
A, 720
6,041
A.0U3
A, 132
A, 176
A, MA
0,0M
0,210
0,407
0,045
by
•lock |
rHtai
TOTAL—ALL MEMBER
BANK3
1031-Sept. 29
Doc. 31
1032-Juno3O
Sept. 30
Dec. 31
1033-June30»
Oct. 25
Dec. 30
1031—Mar. 5
Juno 30
Oct. 17
Doc. 31
1035-Mar.4
June 29*
33,073
30,575
28,001
28,045
27,4G9
24,786
24,953
25,220
26,548
27,175
27,559
28,150
28,271
28,794
599
790
573
457
444
330
297
287
225
153
149
165
133
120
18,713
17,570
15,207
14,497
13,905
11,337
11,523
11,315
11,093
10,804
10,782
10,509
10,420
10,420
6,842
6,290
5,292
5S
4,848
3,916
3,809
3,772
3,644
3,516
3,325
3,296
3,215
3,121
3,149
3,033
2,894
2,885
2,862
2,372
2,304
2,359
2,382
2,357
2,297
2,273
2,250
2,278
8,722
8,242
7,081
6,527
6,195
5,049
5,350
&.184
6,067
4,931
6,161
4,940
4.955
5,020
1,663
901
747
970
855
1,1U1
1,233
1,231
1,387
1,566
1,301
1,363
1,400
1,439
268
140
313
407
375
291
303
223
350
2G4
276
250
235
201
8,253
7,460
6,715
7,112
7,327
7,133
6,971
6,995
7,351
7,666
7,543
7,761
7,783
8,361
250
374
260
203
216
162
143
146
112
68
66
63
62
43
3,850
3,694
2,856
2,633
2,621
2,297
2,436
2,395
2,321
2,202
2,294
2,202
2,198
2,214
1,816
1,728
1.343
1,300
1,247
1,082
1,032
1,034
985
937
876
874
861
841
152
153
160
154
160
157
149
148
156
156
150
139
139
138
1,881
1,813
1,353
1,184
1,214
1,057
1,254
1,213
1,180
1,109
1,267
1,188
1,199
1,235
1,121
695
665
763
701
964
891
012
0S6
1,131
883
894
904
1,120
201
107
262
341
330
224
233
170
270
225
232
210
203
183
13,016
12,115
11,045
10,979
10,535
9,780
9,951
10,157
10,816
11,054
11,367
11,609
11,739
11,721
234
347
254
205
178
129
120
103
79
63
55
65
56
60
7,845
7,407
6,519
6,196
ft, 879
4,846
4,912
4,797
4,669
4,586
4,562
4.459
4,436
4,418
3.092
2,806
2,403
2,304
2,169
1,702
1,660
1,630
1,566
1,526
1,421
1,412
1,373
1,337
,685
,533
,407
,406
,398
,160
,144
,151
,158
,145
,120
,108
,093
,119
3,168
3,063
2,709
2.4S6
2,312
1,984
2,108
2,016
l t 945
1,915
2,021
1,939
1,970
1,962
326
135
118
151
115
184
274
258
306
311
328
320
315
175
167
62
62
65
46
51
91
78
89
115
151
135
142
120
7,018
6,469
5,892
5,663
5,405
4,194
4,175
4,123
4,103
4,016
3,926
3,849
3,786
3,787
1,935
1,756
1,546
1,481
1,432
1,132
1,118
1,108
1,093
1,053
1,027
1,010
981
913
[,411
,346
,328
,324
,304
,055
1,070
1,061
[,068
1,056
[,026
[,026
1,018
1,021
3,673
3,367
3,018
2,857
2,669
2,007
1.987
1,955
1,942
1,906
1,873
1,813
1,786
1,823
116
71
64
55
39
43
73
62
95
124
150
149
131
139
81
48
36
36
28
27
46
34
54
72
95
92
109
115
140
122
116
03
67
164
132
1L7
300
253
232
255
240
028
A7A
278
411
3J7
788
718
840
MA
1,0*2
802
613
875
070
12,199
11,314
11,414
12,121
12.20A
1I,W2H
11,801
12,3*0
13,842
I4.CA2
I A, 207
1ft,122
1ft, 31*
10, hit
A, M l
A3
A.C2H
0^00
0, M0
0,8*7
0, K)l
7, ISM
8,007
0,137
0,180
9, &00
0,821
0,870
839
M2
258
Z'A
537
720
624
700
CS7
883
C31
602
078
930
3,032
2,007
S, 033
3W»
3,7KV
3,709
2,A0l
3,542
S, W32
4,205
4,300
4,002
4,028
4,073
1,830
1,708
2,00*
2,429
66
16
7
14
12
68
100
112
138
154
123
131
134
20
4,601
4,220
4,154
4,427
4,302
4,021
4,045
6,000
6,7G3
0,104
6,423
6,704
A, 033
7,07&
4,000
4,332
4,220
4,187
4,111
3,608
B,74S
3,845
4,148
4.2R3
4,M5
4,750
4,757
4,763
H.OH1
7,»30
A, 016
A, 770
A, 447
4,hK4
4,713
<70tf
4,051
4.17*
4*101
4,132
4,134
NEW YORK CITY »
1031—Sept. 29
Dec. 31
1032—Juno 30
Sept. 30
Doc. 31
1033—Juno 30 *
Oct. 25
Dec. 30
1034-Mar.5
Juno 30
Oct. 17
Dec. 31
1035-Mar. 4
Juno 29*
1,202
V28
I, (125
1,070
MM
I.1A8
1,181
1,170
MM
1,212
1,34^
I.3&4
1,429
1,612
2.7H0
2,471
1,767
1,811
1,000
t,KKH
1,728
1,821
1,721
1,810
1A11
2,801
2,133
2,187
1,061
2,402
2,807
2,889
3,209
3,&M
4,102
4,240
4,551
4<G01
0
2,200
2.W3
100fl
1,317
80M)
1,433
1,418
1,432
1,471
1,474
1.409
3,172
2,074
2,704
2,715
2,040
2,120
2.1&6
2,102
2,202
3.301
2.M2
2,047
2,737
2,835
%m
2, AM
2,320
2.3C2
2,708
3,af>3
2.9M
3,240
3,200
3,462
OTHER RESERVE CITIES
1031-Sept. 29
Dec. 31
1032—June 30
Sept. 30
Dec. 31
1933—June 30»
Oct. 25
Dec. 30
1034~Mar.5
June 30
Oct. 17
Dec. 31
-Mar. 4
June 29*
Ill
2.46*
,7M
,757
!,7W
1,803
2.002
2,1*3
2,233
2,741
2,2W
I, MC
I, KM
I. WO
1,7 A3
..AM
3O
"COUNTRY" BANES
1031—Sept. 29
1032—June 3 0 ™
Sept. 30
II
1933—June 30*»"III
Oct. 25
II"
Dec. 30
-Mar. 5
" "
June 30
Oct. 17
pec. 31
1
-Mar. 4
June 29 »
I
11,805
10,999
10,240
9,954
9,607
7,873
8,031
8,068
8,381
8,456
8,649
8,780
8.749
8,712
htm
1,083
1.940
1,0*2
l,t#2
2,108
2,020
1,029
.WO
1,480
1,160
1,118
I.13A
1,120
,102
,078
1,002
1,017
001
Preliminary.
fe°an (secured b y stocks and bonds) to brokers and dealers In securities at N e w York City,
i ^ J u n e ^ 1 9 3 3 ' fleures relat« to Mcensed banks only.
^ffifcr^^^
JoMWS* (table 5)7 tor teptr»ui fl'furaiTof
512
FEDERAL RESERVE BULLETIN
AUGUST 1936
ALL BANKS IN THE UNITED STATES
f 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, beginning with June
1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller
of the Currency or a Federal Reserve bank]
LOANS AND INVESTMENTS
[In millions of dollars]
Nonmember banks
Member banks
All banks
Mutual savings banks
Date
Total
Loans
Investments
Total
Loans
Investments
Investments
Loans
Total
Other nonmember banks
Total
Loans
Investments
1930—Dec. 31—
56,209
38,135
18,074
34,860
23,870
10,989
9,987
6,068
3,920
11,362
8,196
3,165
1031-Mar. 2 5 June 30...
Sept. 29.,
Dec. 31—
65,924
55,021
53,365
49,704
36,813
35,384
33,750
31,305
19,111
19,637
19,615
18,399
34,729
33,923
33,073
30,575
22,840
21,816
20,874
19,261
11,889 19,987
12,106 10,506
12,199 110,506
11,314 10,488
16,068
6,169
t 6,169
6,218
13,920
4,337
14,337
4,270
11,208
10,593
9,786
8,641
7,906
7,399
6,707
fi,827
3,302
3,194
3,079
2,814
1032—June 30...
Sept. 30..
Dec. 31—
46,071
45,852
44,946
27,834
26,985
26,063
18,237
18,867
18,883
23,001
28,045
27,469
16,587
15,524
15,204
11,414 10,316
12,121 U0.316
12,265 10,182
4.186
i 4,186
7,755
7,491
7,295
5,117
4,931
4,780
2,637
2,560
2,515
40,076
22,203
17,872
21,977
18,342
12,858
13,059
12,833
11,928
11,894
12,386
10,044
40,319
24,786
24,953
25,220
6,130
16,130
6,079
5,941
9,985
5,906
42,502
21,278
21,224
4,256
*5,423
3,108
2,315
22,984
13,842
14,652
15,267
16,122
5,648
20,474
12,706
12,523
12,293
12,028
9,904
43,458
26,548
27,175
27,659
28,150
5,491
4,291
"5,"526
*2,~955"
~2,*571
28,271
28,794
11,953
11,979
16,318
16,815
June 30*.—
Oct. 25 K...
Dec. 30
1934—Mar. 5 K.
June 30...
Oct. 17»Dec. 31...
1935—Mar. 4 * . .
June 29 > »
4,103
4,103
5,246
3,404
1,841
5,115
"3,"238"
"It"§77
"4,"679"
9 Preliminary.
1 Figures of preceding call carried forward.
> Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
»Nonmember bank figures not available.
* In connection with the increase over December, see the headnote; also BULLETIN for February 1935, p. 127.
Back figures.—See Annual Report for 1933 (tables 67-69).
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
NUMBER OF BANKS
Member banks
Nonmember
banks
Total
National
Other
Mutual nonmemsavings
ber
banks
banks
[In millions of dollars]
Nonmember banks
Date
All banks
1930 SeDt 24
Dec. 31
1931 Mar. 25 June 30 „__Sept. 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31
1933—June 30»
Oct. 25*
Dec. 301934—Mar. 5 *
June 30
Oct. 17>_...
Dec. 31 . . .
1935—Mar. 4 »
52,784
53,039
51,427
51,782
49,152
45,821
41,963
41,942
41,643
37,998
38,505
41t870
44,771
Member
banks
31,839
32,560
31,153
31,566
29,469
27,432
24,755
24,903
24,803
23,338
23,453
23,771
25,293
26,615
27.484
28,943
28,589
Date
Mutual
savings
banks
1 9,197
9,507
»9,507
10,017
U0,0l7
10,105
10,020
'10,020
10,022
9,713
11,748
10,972
10,767
10,199
9,666
8,284
7.188
7,020
6,818
4,946
9,708
5,026
9,780
<5,475
9,828
6,000
For footnotes see table above.
NOTE.—Prior to Dec. 30,1933, member-bank figures Include interbank
deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date.
Back figure*.—See Annual Report for 1933 (table 70).
Total
Other
nonmember banks
State
1930-Sept. 24
Dec. 31
23,590
22,769
8,246
8,052
7,192
7,033
1,054
1,019
1606
603
14,738
14,114
1931—Mar. 25
June 30
Sept. 29
Dec. 31
22,372
21,903
21,294
19,966
7,928
7,782
7,599
7,246
6,930
6,800
6,653
6,368
998
982
946
878
1603
600
1600
597
13,841
13,521
13,095
12,123
1932—June 30
Sept. 30
Dec. 31
19,046
18,794
18,390
6,980
6,904
6,816
6,145
6,080
6,011
835
824
805
594
1594
594
11,472
11,296
10,980
1933—June 30«
Oct. 25»
Dec. 30
14,519
5,606
5,818
6,011
4,897
5,052
5,154
709
766
857
576
8,337
15,011
579
8,421
6,206
6,375
6,433
6,442
5,288
5,417
5,461
5,462
918
958
972
980
578
8,882
579
9,021
6,422
5.446
976
1934—Mar. 5»
June 30
Oct. 17 *
Dec. 31
_
1935—Mar. 4«
.
15,835
16,042
For footnotes see table above.
Back figures.—See Annual Report for 1933 (table 66).
AUGUST
FEDERAL RESERVE BULLETIN
1935
513
REPORTING MEMBER BANKS IN LEADING CITIES »
(Monthly data are averages of weekly ngures. In millions of dollars]
Total—all weekly reporting member banks
Loans and investments
Month or date
Loans
on securities
Total
1934-July
August
September
October
- November
December
17,749
17,721
17,770
17,835
17,762
18,102
1935—January
February
March
April
May
June
July
1935—May
May
May
May
May
3,531
3,295
3,137
All
other
loans
Other leading
cities
New York City
Loans and investments
BorrowInvestments
ings
at
F. R.
banks
U.S.
seTotal curities
Borrowings
at
F. R.
banks
seTotal U.S.
curities
Investments
Total
loans
and investments
Total
Loans
on securities
All
other
loans
1,727
1,520
1,455
1,413
1,381
1,459
1,501
1,522
1,610
1,644
1,633
1,596
4,045
4,085
4,055
4,043
4,036
4,226
2,930
2,883
2,820
2,801
2,827
2,995
10,476
10,594
10,650
10,730
10,712
10,821
9,763
9,893
9,936
10,016
10,049
10,374
6,676
6,650
6,589
6,647
3,008
3,096
4,455
4,533
4,697
4,757
4,705
4,632
6,981
7,273
7,127
7,120
7,105
7,050
7,281
18,229
18,247
18,486
18,576
18,520
18,550
18,582
3,049
2,996
3,081
3,008
3,043
3,028
3,023
4,548
4,564
4,587
4,611
4,569
4,506
4,433
10,632
10,687
10,818
10,957
10,903
11,016
11,126
7,218
7,217
7,278
7,327
7,267
7,345
7,375
7,410
7,366
7,564
7,693
7,682
7,703
7,694
1,445
1,422
1,493
1,487
1,619
1,617
1,639
,546
,548
,554
,573
,543
,496
1,457
4,419
4,396
4,517
4,633
4,520
4,590
4,598
3,154
3,111
3,189
3,295
3,227
3,299
3,253
10,819
10,881
10,922
10,883
10,833
10,847
10,888
1
8
15
22
29
18,689
18,518
18,442
18,479
18,471
3,112
3,015
3,015
3,043
3,054
4,584
4,563
4,583
4,556
4,558
10,993
10,940
10,844
10,880
10,859
7,324
7,299
7,250
7,249
7,211
7,830
7,630
7,605
7,656
7,690
1,655
1,584
1,591
1,623
1,639
7546
,526
,547
,540
,554
4,629
4,520
4,467
4,438
4,497
3,290
3,221
3,198
3,199
3,225
10,859
10,883
10,837
10,823
10,781
JuneS
June 12
June 19
June 26
18,414
18,500
18,620
18,668
2,992
3,040
3,020
3,061
4,503
4,527
4,507
4,483
10,919
10,933
11,093
11,119
7,293
7,294
7,388
7.407
7,631
7,674
7,730
7,775
1,583
1,620
1,609
1,655
,494
,508
,495
1,486
4,554
4,546
4,626
4,634
3,285
3,274
3,314
3,324
10,783
10,826
10,890
10,893
July
July
July
July
July
18,508
18,414
18,762
18,718
18,507
3,099
3,019
3,034
2,997
2,967
4,449
4,435
4,471
4,449
4,360
10,960
10,960
11,257
11,272
11,180
7,279
7,219
7,492
7,507
7,380
7,718
7,612
7,805
7,785
7,548
1,700
1,628
1,650
1,623
1,590
1,473
1,459
1,480
1,466
1,406
4,545
4,525
4,675
4,691
4,552
3,245
3,187
3,327
3,330
3,174
10,790
10,802
10,957
10,933
10,959
3
10
17
24
31
Borrowings
at
F. R.
banks
1
For additional data see p. 547.
Backfigum.See
Annual Report for 1933 (tables 88-90).
BROKERS' LOANS
MADE BY REPORTING
REPORTED BY THE NEW YORK STOCK EXCHANGE
From private
From New
banks, brokers,
York banks
and trust com- foreign banking
agencies, etc.
panies
Total
End of month
1934
January
February..
March..
April
May
—
June
"
July.
August...I
September.'."!""
1935
1934
1935
1934
1935
903
938
931
825
816
773
839
862
873
758
750
706
64
76
108
67
66
67
1,088
1,016
1,082
805
793
808
973
912
980
762
759
776
116
104
102
43
34
32
923
874
832
769
849
803
769
741
74
71
62
23
October
November."
December
827
831
880
761
765
813
Report for 1933 (table 93).
66
66
67
MEMBER BANKS IN N. Y. CITY
[Monthly data are averages of weekly figures. In millions of dollars]
[Net borrowings on demand and on time. In millions of dollars]
Month or date
Total
For account of For acFor
own ac- out-of- count of
count
others
town
banks*
1934—July
August
September
October
November
December
1,042
827
776
746
713
784
871
670
633
612
573
639
16S
156
142
133
139
144
1935—January.*.
Februarv.
March
April
May
June
July
777
756
839
803
878
883
903
635
614
696
714
858
865
893
140
140
141
86
19
IS
15
July
July
July
July
July
967
899
915
895
865
952
833
900
880
850
3...
10.
17.
24.
31.
i Member and nonmember banks outside New York City (domestic
banks only).
Backfigures,—SeeAnnual Report for 1933 (table 92).
5812—35
4
514
FEDERAL RESERVE BULLETIN
AUGUST
1935
ACCEPTANCES AND COMMERCIAL PAPER
I
BANKERS'ACCEPTANCES, BY HOLDERS (DOLLAR
ACCEPTANCES)
BANKERS' ACCEPTANCES, B"Y CLASSES (DOLLAR
ACCEPTANCES)
[In millions of dollars)
{In millions of dollars]
Held by Fed- Held by accepting
eral Reserve
banks
banks
End of month
Total
outstand
ing
Held
For
by
acothers
For count
own of for- Total Own Bills
eign
bills bought
account correspondents
June
July
August
September.
October
November.
December..
704
671
697
669
687
738
694
715
737
758
764
325
201
404
505
487
552
499
517
592
599
442
201
153
206
229
201
248
252
236
271
273
223
124
108
199
276
287
304
247
282
321
326
219
42
85
86
115
123
147
154
156
112
138
190
1934—January
February. .
March
April.
May
June
July
August
September.
October
November.
December..
771
760
6S5
613
£69
634
616
520
539
562
561
543
567
581
576
536
507
480
472
483
503
516
617
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
1935—January
February..
March
April.
May
June
516
493
466
413
375
343
485
452
423
391
356
317
217
197
178
162
154
247
235
226
214
193
163
30
41
43
22
19
1933—February ~
March
ft
i Less than $500,000.
Source: For acceptances outstanding (and held by accepting banks),
American Acceptance Council.
Back figures.—See Annual Report for 1932 (table 91).
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES—
HOLDINGS OF FEDERAL RESERVE BANKS
January
February
March
April
May
June.
July
August
,
September
October
November...
December
1932
1933
33,444
33,478
30,778
30,736
30,837
30,762
30,645
30,834
30,849
30,659
30,652
29,489
29,036
28,997
24,788
7,181
6,981
7,089
6,821
6,199
6,068
5,686
5,841
1934
Back figures.—See Annual Report for 1933 (table 26).
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*.
_.
„
6,977
5,887
5,275
5,070
5,076
5,075
5,081
5,079
5,691
5,495
6,499
5,501
1935
5,502
5,504
5,305
4,696
4,700
4,689
4,687
707
704
671
697
669
687
738
694
715
737
758
764
771
750
685
613
569
534
516
520
539
562
561
543
516
493
466
413
375
343
Based
on
Im- on exports ports
into from
U.S. XJ.&.
166
174
175
176
174
168
168
160
171
185
200
207
222
219
184
199
185
217
255
229
237
253
278
277
103
103
100
97
94
89
94
93
225
203
186
164
150
145
135
140
138
147
148
140
277
261
226
186
164
141
138
147
166
184
195
193
86
92
101
103
107
102
133
123
122
114
100
94
179
166
134
96
76
57
71
71
73
77
77
80
86
95
103
94
Based
on
goods
stored
in
foreign
countries or
shipped
between
foreign
points
237
231*
230
234
225
213
219
206
199
195
180
182
175
184
168
158
152
148
144
141
137
133
127
119
114
109
106
99
91
89
Source: American Acceptance Council.
Back figures.-Bee Annual Report for 1933 (table 97).
COMMERCIAL PAPER OUTSTANDING
lAs reported b y dealers.
E n d of m o n t h
(In thousands of dollars]
End of month
Total
End of month
on goods
stored in
United
States
(ware- D o l l a r
bouse
excredits) change
or
shipped
between
domestic
points
January
February
March...
.,
April
May
June
July
August
September....
October.
November
December....
I n millions of dollars]
1932
108
103
106
108
111
103
100
108
110
113
110
81
1933
85
84
72
64
60
73
97
107
123
130
133
109
1934
1935
108
117
133
139
142
151
168
188
192
188
178
166
i Includes some finance company paper sold in the open market.
Back figured—See Annual Report for 1933 (table 96).
171
177
182
173
473
159
515
FEDERAL RESERVE BULLETIN
AUOUST 1935
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
BATES ON REDISCOUNTS FOB AND ADVANCES TO
MEMBEB BANKS
SHORT-TERM BATES IN NEW YORE CITY
[Percent per annum]
Rediscounts and advances under
sees. 13 and 13a of the Federal
Reserve Act
Prevailing rate o n -
Federal Reserve bank
Rate in
effect on
Aug. 1
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco-
Date established
Feb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.
Previous
rate
8,1934
2.1934
17,1935
11,1935
9.1935
14,1935
19,1935
3,1935
14,1935
10,1935
2
m
8,1935
16,1934
Federal Reserve
bank
Rate in
effect on
Aug. 1
Boston. . .
New York. .
Philadelphia
Cleveland. . .
Richmond..
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City..
Dallas
San Francisco
6
6
6
5
5H
5
6
5H
6
5
6
6
Date established
Date established
Oct.
Feb.
4 Oct.
May
Feb.
4
Mar.
4
Oct.
4
Feb.
4
Apr.
*M May
Mar.
Oct.
4
Aug. 11,1932
Aug. 10,1932
Aug. 12,1932
July 24,1934
July 16,1934
Mar. 20,1934
Aug. 13,1932
July 10,1934
Aug. 10,1932
July 10,1934
Sept. 8,1932
Sept. 2,1932
m
I-
c
H-l
H-l
H-l
H-l
M-H
H
H
H-l
H-l
H-l
H-l
H-l
H-l
1.00
1.00
1.00
1.00
1.00
1.00
H-l
H-l
H-l
H-l
1.00
LOO
1.00
.63
.25
.25
.25
0.08
.20
.27
.21
.22
.15
1.00
1.00
1.00
1.00
1,00
1.00
1935
Advances secured by
direct obligations of
the United States
Oast paragraph of sec.
13 of the Federal Reserve Act)
Rate in
effect on
Aug. 1
Stock exPrime Stock
Treasury
change call U. S.bills
bankex»
loans
ere* change
accept* time
ances, loans,
90
90
Re- 182-day 273-day
days
days New newal bills
bills
1934
July.
August
September
2H October
November
December
RATES ON DISCOUNTS FOB AND ADVANCES TO INDIVIDUALS, PARTNERSHIPS. AND CORPORATIONS
Discounts and advances
under par. 3 of sec. 13
of the Federal Reserve Act
Month or week Prime
commercial
paper,
4 to 6
months
Average rate Average yield
on-
January
February
March.
April
May
June.~
July
Week endingJune 1
June 8
June 15
June 22
June 29—
July 6 . . . .
July 13
July 20
July 27
.14
.12
.10
U0
*.O8
*.O7
.25
.25
.25
.25
.25
.25
.25
.25
.25
U0
».08
».07
».Q7
0.17
.16
.17
.15
.13
.07
.16
.15
.13
.12
.11
.08
.05
.06
.07
20,1933
8,1934
20,1933
11,1935
19,1934
i Average rate of discount on issues offered by U. 8. Treasury within
17,1934
period. When no rate is shown no biUs of the stated maturity were
16,1933 offered.
21,1935
J Rate on 133-day bills.
15,1933
Backfigures— See Annual Report for 1933 (tables 60 and 61).
10,1935
12,1934 RATES CHARGED CUSTOMERS BY BANKS IN
19,1933
PRINCIPAL CITIES
[Weighted averages of prevailing rates]
NoiE.-For rates on Industrial advances see p. 550.
New York City
BUYING BATES ON ACCEPTANCES
1-15 days
Date established
Oct. 20,1933
do
do
I.IIIdo
?d^:;::
1-180 days...
do
.....do
do
„..
Previous
rate
1
1
1
1
1
IK
January.—
February-_
March
April
May
July
August..September.
October
November*
December-
1935
1934
1935
1933
1934
4.12 3.58
4.11 3.43
4.88 3.31
4.33 3.39
4.24 3.42
4.10 3.30
3.93 3.30
3.97 3.33
3.79 3.26
3.76 3.28
3.52 3.22
3.48 3.18
2.83
2.90
2.64
2.61
2.69
2.66
2.61
4.89
4,84
5.39
5.09
4.99
4.97
4.82
4.63
4.65
4.51
4.54
4.59
4.65 4. OS
4.49 4.02
4.52 4.05
4.52 3.99
4.39 3.88
4.30 3.78
4.15 3.87
4.12
4.11
4.13
4.08
3.98
1933
Maturity
27 southern and
western cities
Month
[Buying rates at the Federal Reserve Bank of New York]
Rate in
effect on
Aug. 1
8 other northern
and eastern cities
1933
1934
5.60 5.40
5.56 5.39
5.66 5.40
5.68 5.34
5.66 5.28
5.62 5.19
5.54 5.07
5.53 5.05
5.55 6.04
5.50 5.05
5.42 4.93
5.43 4.92
acceptances. Higher rates may be
BackfiQUTes.-See Annual Report for 1933 (table 63).
1935
4.95
4.84
4.85
4.80
4.79
4.76
4.53
FEDERAL RESERVE BULLETIN
516
A U G U S T 1935
STOCK PRICES *
BOND PRICES l
Preferred Common stocks (index, 1926=100)
stocks
(indusIndus- Rail- Utility
trial highroad
trial
grade)8 Total
Other bonds *
United
States CorpoYear, month, or date Govern- rate and
ment
municbonds
ipal
(high- Total
grade)
Year, month, or date
Corporate
Indus- Rail- Utility
trial road
*14
*60
60
20
20
20
1932 average
1933 average
99.2
10Z2
103.4
81.1
84.0
96.7
69.4
73.4
84.5
63.2
69.2
81.9
64.8
70.5
83.8
80.5
80.6
87.8
1934—July
August
September
October
November
December
105.2
104.1
102.3
103.4
103.5
104.1
99.3
97.8
96.7
98.4
93.8
100.0
86.1
83.9
83.0
84.1
84.3
85.8
83.2
82.6
82.2
82.5
83.4
85.4
85.8
81.3
79.3
81.6
81.0
83.3
89.4
87.9
87.6
88.1
88.6
88.8
1935—January
February
March
April
Alay
June
July -
105.1
105.8
106.6
107.0
107.1
107.2
107.5
101.3
101.3
99.9
100.0
101.2
102.2
104.2
87.6
87.4
84.5
85.5
87.1
88.3
89.2
86.7
86.7
85.2
85.9
87.3
87.3
88.5
85.0
82.0
74.7
75.0
76.5
79.3
73.8
91.2
93.4
93.6
95.5
97.4
93.4
100.2
July
July
July
July
July
107.4
107.5
107. G
107.5
107.5
103.2
103.9
104.5
104.5
104.8
89.2
89.2
89.2
89.1
89.8
* 87.8
88.3
88.6
88.9
89 2
79.6
78.9
78.7
78.2
79.8
100.0
100.5
100.3
100.0
100.4
Number of issues—.
3
10
17
24
31
L * Average prices. Monthly data are averages of daily or weekly figures.
* Prices derived from average yields.
* Now 14 Treasury bonds. New Treasury issues were added Aug. 15,
1933, Nov. 1,1933, Apr. 16,1934, June 15,1934, Dec. 15,1934, and Mar. 15,
1935. The 3 Liberties were omitted beginning March 1935.
* 45 corporate and 15 municipal.
Source,—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds, Standard Statistics Co.
N u m b e r of issues
1932 average
1934—July
August
October
November
December
1935—January
February
April
May
June
July
July
July
July
July
July
3
10
17. .
24.
31 1.
United MunicStates ipal »
Treas- (highury* grade)
Aaa
Aa
A
Baa
7-11
15
30
30
30
30
1932 average
1933 average
1934 average
3.66
3.31
3.10
4.65
4.71
3.95
5.01
4.49
4.00
5.97
5.23
4.44
7.20
6.09
5.08
9.30
7.76
6.32
1934-July
August
September...
October
November...
December
2.85
2.99
3.20
3.08
3.05
2.97
3.75
3.81
3.84
3.69
3.57
3.52
3.89
3.93
3.96
3.90
3.86
4.23
4.34
4.42
4.36
4.27
4.27
4.93
5.09
5.17
5.00
4.93
4.86
6.13
6.49
6.57
6.40
6.37
6.23
1935—January
February.
March..
April
May
June
July
2.83
2.73
2.69
2.64
2.61
2.61
2.59
3.45
3.39
3.27
3.25
3.27
3.25
2.95
3.78
3.72
3.71
3.72
3.74
3.72
3.70
4.21
4.14
4.15
4.19
4.18
4.18
4.15
4.77
4.69
4.72
4.75
4.66
4.62
4.54
5.99
5.97
6.22
6.14
5.99
5.86
5.77
2.60
2.59
2.58
2.59
2.59
3.17
3.08
2.86
2.82
2.81
3.69
3.69
3.69
3.72
3.73
4.16
4.15
4.14
4.15
4.16
4.53
4.54
4.55
4.55
4.54
5.74
5.75
5.76
5.79
5.72
a si
* Monthly data are averages of daily or weekly figures.
1
Average, computed by Treasury Department, of yields of all outstanding
Treasury bonds except those due or callable within 8 years
1
Standard Statistics Co.
* Moody's Investors' Service.
421
351
33
37
48
63
73
71
68
67
46
66
81
80
77
76
26
38
42
41
36
35
79
78
69
134.3
134.3
134.6
135 1
135.8
76
36
69
69
80
80
35
36
70
81
35
67
68
64
30
75
68
73
76
79
79
86
8S
91
77
79
79
80
82
89
91
92
93
94
32
28
29
31
33
34
33
33
34
35
36
69
65
64
63
61
58
57
55
53
59
65
70
74
74
74
73
72
7«
* Monthly data are average of daily or weekly figures.
Average derived prices.
Source.—Standard Statistics Co.
CAPITAL ISSUES
[Long-term; I. e.t 1 year or more. In millions of dollars]
New Issues
Refunding
Total
issues
(do(doCorporate
mestic
State
For- mestic
and
and
eign and
forTotal i mu- Bonds
foreign)
nici- and Stocks
eign)
pal
notes
Domestic
Year or month
Corporate, by ratings *
Number of issues..-
July 3
July 10
July 17
July 24
July 31
20
96Tl
104.8
120.7
123.5
122.6
121.0
120.9
124.1
127.8
129.1
130.2
131.3
132.2
134 8
134 0
134.8
1
BOND YIELDS *
Year, month, or
date
- -
1925
1926..
1927
1928
1929
1930
1931
1932
1933
1934
1934-July
August
September..
October
November...
December..
1935—January
February..,
March
April
May
June
6,201 5,125
6,314 5,189
7,556 6,219
8,040 6,789
10,091 9,420
6,909 6,004
3,089 2,860
'1,194 '1.165
'720
'708
1,402 1,402
217
*217
180
•180
43
43
122
»122
107
107
141
141
92
92
50
50
108
108
90
90
86
86
53
53
1,352 2,452
1,344 2,667
1,475 3,183
1,379 2,385
1,418 2,078
1,434 2,980
1,235 1,240
305
762
40
'483
144
819
19
91
8
18
5
36
0
39
8
89
34
106
3
30
7
44
8
100
64 . 17
39
41
14
44
1,153
1,087
1,474
2,961
5,924
1,503
311
20
120
35
2
0
2
0
0
1
2
0
0
5
6
0
1,076
1,125
1,337
1,251
671
905
229
29
12
0
0
0
0
0
0
0
0
0
0
0
0
0
925
1,046
2,220
1,858
1,422
711
949
533
314
792
167
79
26
36
35
45
49
46
180
413
384
454
' Revised.
i Includes issues of Federal land b a n k s a n d Federal intermediate credit
banks, n o t shown separately.
iT „
»Includes $100,260,300 bonds of Federal F a r m Mortgage Corporation
sold
b y public offering during m o n t h .
.,,
1
uD11
Includes bonds of H o m e Owners' Loan Corporation sold b y P
°
offering amounting t o $149,111,100 i n August a n d $53,000,000 in October.
Sources.—For domestic issues, Commercial a n d Financial Chronicle;
for foreign issues (issues publicly offered) annual totals are as fina"?
reported b y D e p a r t m e n t of Commerce, while m o n t h l y figures are as
compiled currently a n d are subject t o revision,
,_,
Back figures.See (for figures of n e w issues—annual a n d quarterly
basis) Annual Report for 1933 (table 112).
AUGUST
517
FEDERAL RESERVE BULLETIN
1935
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
MATURITIES
[In millions of dollarsl
[In millions of dollars]
Interest bearing
End of period
Notes Certificates
Bills
Noninterest
bearing
1,465
4,780
6,932
2,831
2,200
1,635
616
954
1,404
326
381
573
16,516
16,513
15,922
15,808
15,768
16,245
6,951
6,921
8,020
8,027
8,036
9,586
1,683
1,682
1,156
1,154
1,153
158
1,454
1,379
1,529
1,654
1,804
1,954
585
585
564
545
538
535
16,250
16,247
16,238
15,394
15,157
14,936
14,576
9,585
9,582
9,567
10,236
10,471
10,501
11,065
163
161
160
158
157
166
254
Total
(gross
debt)
Total
Bonds
19,487
22,539
27,053
19,161
22,158
26,480
14,250
14,223
16,510
27,189
27,080
27,190
27,188
27,299
28,479
26,605
26,495
26,626
26,643
26,761
27,944
28,476
28,526
28,817
28,668
28,638
28,701
29,120
27,952
27,969
28,043
27,766
27,738
27,645
27,923
Interest-bearing debt outstanding July
31, 1935
Total
Total
June 1932
June 1933
June 1934
1934
July
August
September.^.
October
November. _ _
December....
1935
January
February
March
*
ifc
June.
July
524
1,954
557
1,979
775
2,079
902
1,978
901
1,953
2,053 1,056
2,028 U,196
includes $815,000,000 of Government liability for retirement of
national bank and Federal Eeserve bank notes, as a result of deposit
of funds by banks; this compares with $309,000,000 on Feb. 28,1935.
Bonds » Notes
. - 27,923
H 576
U, 065
646
2,365
601
1,496
878
358
1,749
1,946
1,820
2,117
834
898
1,401
9,844
971
M52
'1,246
18
418
Obligations maturing:
Before Oct. 1,1935
Oct. l-Dec.31, 1935....
Jan. 1-Mar. 31,1935....
Apr. 1-June 30,1936....
July 1-Sept. 30,1936....
Oct. 1-Dec. 31, 1936....
1937
1938
1939
1940
1941
1943
1945
After 1945
Other obligations *
Certificates
254
516
2,023
476
701
601
250
1 245
878
358
1,749
1,946
1,820
2,117
834
893
1,401
9,844
201
Bills
254
i Issues classified as of date of final maturity; most issues callable at
earlier dates; postal-savings bonds only issues callable before 1940.
«Includes $77,000,000 of Fourth Liberties called for redemption Apr. 15,
1934, Oct. 15,1934, and Apr. 15,1935, and not yet redeemed; and $75,000,000 of Panama Canal loan bonds called for redemption on Aug. 1, 1935.
* Fourth Liberties called for redemption on Oct. 15,1935,
1
Includes United States savings bonds and such issues as postalsavings bonds, retirement-fund notes, and adjusted-service-certificate
series, in which special funds are invested.
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statement of United States Treasury. In millions of dollars]
General and special funds
Period
General >
Total
Income
taxes
Trust
acIncrease or decounts, crease during
etc.i
period
Excess excess
of reof reRecovery and relief *
ceipts ceipts
<+)o (+)or
exexpendi' pendiGeneral Gross
tures
Public
All
tures
Total Relief
fund
works other *
()
balance debt
Expenditures *
Receipts
Miscellaneous All
internal other
revenue
Total
Interest on
All
public other
debt
Fiscal
II
1934.
1935,
2,080
3,116
3,800
746
818
858
1,470
1,657
475
828
1,044
4,681
6,745
6,802
1934-July
August
September
October
November
December
218
286
449
260
247
18
25
173
19
21
164
132
145
176
151
119
131
68
116
100
90
107
514
516
1935—January
February
March
April
May
June
July
203
214
601
228
246
464
279
19
28
326
29
23
254
23
114
109
189
116
137
138
165
1
1
83
757
821
2,715 • 1,277
1,984 4,004
2,327 3,655
1,844
2,342
645
1,020
—2,602
1,515 -3,630
-3,002
292
641
14
35
60
160
15
129
216
169
172
225
195
191
236
310
2S3
284
390
321
201
140
155
205
199
208
121
129
112
99
100
80
41
17
•21
91
33
462
496
546
611
542
740
673
22
34
90
118
24
119
S
188
209
169
213
181
197
372
252
252
288
279
336
425
347
189
214
203
192
178
258
114
55
46
75
45
78
82
88
8
eg
10
43
81
85
146
-248
-227
-66
-409
-353
-256
-260
-281
+55
-383
-296
-277
-394
+445
-5
+835 +1,720
-741
+613
+2
+2
+13
+29
«
t1!
+19
+21
+348
±S?
-110
-335
+3,052
+4,514
+1,648
-3S1
-214
+966
+136
-109
+110
-2
+111
+1,180
-244
—239
+365
-511
+22
-115
-52
-3
+50
+291
-149
-30
+63
+419
+56
Includes processing taxes, customs, and miscellaneous receipts.
* Excludes public-debt retirement.
Prior to July 1933, recovery and relief expenditures included only net expenditures of the Reconstruction Finance Corporation; other items
subsequently classified as recovery and relief expenditures were included in general expenditures.
• includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loacs and
expenditures of the Reconstruction Finance Corporation.
• Includes also Increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeablcagainst
increment on gold (other than for retirement of national-bank notes), and, beginning June 1935, transactions in checking accounts of certain special
governmental agencies whose balances were transferred on May 31 to these accounts.
• Excess of credits.
'
»Less than $500,000.
NOTE.™Monthly figures for the fiscal year 1934 are shown on p . 550.
518
FEDERAL RESERVE BULLETIN
ATOUST 1935
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JUNE 30, 1935
[Compiled by U. 8. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
Total
Total
Reconstruction
Finance
iorporation
U.S.
Regional Produc- Shipping
ComBoard
AgriculPublic
modity Export- Works
tion
Mertural
Credit import Adminis* Credit
Credit
chant Other i
CorporaCorporaFleet
Corporatration
tions Corporatlon
tions
tion
ASSETS
Loans—total
Preferred stock, capital notes, and debentures—.
Cash—total
Investments:
United States securities
Obligations guaranteed by United States....
Other investments
-.
Accounts and other receivables
Real estate and other business properties..
Other asset3
Total assets other than Interagency.
8,019
876
453
2,221
876
121
444
220
842
175
156
194
11.379
25
21
122
58
147
1,380
873
4
3,658
2,299
4,168
2,211
219
6,598
250
45
41
250
4,781
352
3,322
4,428
3,322
324
-2,831
5,851
234
-2,762
152
<•>
154
14
O
312
"ii"
212
3
83
195
'""4
7
97
57
485
100
304
14
8
2
21
97
• 1
78
121
22
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
Allother
Other liabilities (including reserves)
Total liabilities other than interagency—
Excess of assets over liabilities, exclusive of interagency transactions
Privately owned interests
U. S. Government interests.—
Distribution of Government interests:
Capital stock
Surplus
...
Interagency interest ( n e t ) . . .
15
265
336
—
45
13
53
13
(*)
2,035
153
2,035
153
14
312
428
77
121
182
428
120
1
50
132
*4,653
12
-4,237
5
=•-•-.
500
75
1,460
3
2
149
Financed partly from Government funds
Total*
Federal Federal
Farm
Banks
Federal interfor
land mediate Mort- cooperbanks
credit
atives
'orpo*
banks
ration
Home
loan
banks
Federal
Federal Federal
Home Savings
savings Deposit
and
Owners' Loan
Insurand
Loan
ance
loan
InsurCorpoCorpoassoance
ration Corpo- ciations ration
ration
ASSETS
Loans—total
Cash—total
Investments:
United States securities
,
Obligations guaranteed by United States...
Other investments
,
Accounts and other receivables
Real estate and other business properties
Other assets
,
Total assets other than interagency,
5,798
332
419
199
720
116
10
127
2,126
178
10
733
11
79
2,658
191
17
315
100
7,720
90
2,378
266
3,918
2,166
178
6,262
1,910
72
1,982
178
3
182
1,458
352
1,106
396
145
251
84
1,463
130
I
112
2,901
102
32
3
32
337
32
331
181
150
—
150
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States....
Allother
Other liabilities (including reserves)
Total liabilities other than interagency....
Excess of assets over liabilities, exclusive of interagency transaction
Privately owned interests
U. S. Government interests
Distribution of Government Interests:
Capital stock
Surplus
Interagency interest (net)
-
>2,692
78
61
2,831
31
1,257
206
130
1
129
107
26
<*>
70
102
70
102
200
-30
-100
100
2
•
1,084
90
125
i Includes Interagency Interests held by the Treasury Department.
» Less than $500,000.
* Nonstock (or includes nonstock proprietary interests).
84
1,226
70
35
-21
125
4
* Includes also War Finance Corporation not shown separately.
i Includes unissued bonds covering loans in process.
519
FEDERAL RESERVE BULLETIN
AUGUST 1935
RECONSTRUCTION FINANCE CORPORATION
LOANS, SUBSCRIPTIONS, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds not yet
disbursed
Proceeds disbursed, less repayments
June 30,
Feb. 28,
1935
1934 r
Mar. 31, Apr. 30,
1935
1935
M a y 31,
1935
June 30,
1935
July 31,
1935'
M a y 31,
1935
112,256
21,783
200
85,598
1
113,070
958
200
90,225
550
550
2,128
2,400
37
630
June 30,
1935
LOANS AND PURCHASES
Loans under sec. 5 of the Reconstruction Finance
Corporation Act, as amended:
Banks and trust companies (including receivers, liquidating agents, and conservators)... 590,169
39,872
Building and loan associations
34,563
Insurance companies
... - .
191,531
Mortgage-loan companies
......
Federal land banks -
.....
429
193,618
9,140
800
6,631
1,707
353,637
3,473
Agricultural credit corporations
Regional agricultural credit corporations
Livestock credit corporations *.... .
...
Railroads (including receivers)
State funds for insurance of public moneys
Fishing industry
.....
Processors or distributors for payment of
9
processing taxes.*
, 425,579
Total
Other loans:
For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by
93,004
earthquakes, etc.)
..,.*.
For financing exports of agricultural surpluses,
13,947
sec 201 (c)
3,433
Forfinancingagricultural products, sec. 201 (d)
202,559
To commodity credit corporation
17,362
On preferred stock of banks
»-15,875
On preferred stock of insurance companies
4,636
To drainage, levee, and irrigation districts
To industrial and commercial businesses
To tnininc milling find sm<inz businoss&s
568,814
13,567
22,664
155,367
361
74,670
5,031
863
538,431
12,281
22,035
151,796
343
72,318
4,078
861
522,471
11,303
21,184
149,128
335
70,527
3,720
861
503,000
10,385
20,060
146,426
341
66,549
3,167
887
480,404
9,803
19,231
145,551
336
59,979
3,095
874
455,928
10,307
18,052
139,972
332
58,330
2,806
874
1,272
379,713
1,256
380,199
1,255
386,617
1,344
413,438
53
53
76
76
1,315
414,344
2,146
79
1,225
413,338
1,606
79
1
1
1
1
1
1
,222,374
,183,651
,167,476
,165,674
, 137,162
,102,849
224,953
206,167
127,839
132,908
134,509
137,560
146,696
148,760
85,713
112,554
15,164
4,719
35,905
19,674
29,933
16,978
14,953
5,332
39,552
20,304
29,933
21,292
14,963
6,505
49,156
20,295
29,933
23,507
14,926
7,227
55,530
20,151
29,93,3
25,815
14,532
7,885
148,181
20,283
29,933
27,596
14,517
8,463
231,166
20,176
29,933
29,181
2,492
353,383
333
1,878
265,615
217
69,968
71,361
10,649
12,740
14,693
79
150
235
17,759
8
331
21,761
280
420
30,427
4,200
268
33,334
4,469
11,393
534
1,356
17,490
15,282
16,167
1,345
1,345
262,296
294,654
309,077
15,753
324,994
25,932
345
10,869
16,190
535,532
433,733
639,015
538,178
502,166
621,055
256,316
100
627,876
254,666
100
634,490
247,718
100
10,000
639,977
245,003
100
10,000
244,317
100
10,000
893,432
17,035
60,167
Capital stock of the R. F. C. Mortgage C o , . .
797,317
Total
632,144
248,103
100
10,000
19,465
62,951
PrefpfTfid <;to(*lc of in^iiratifip efttntianie^
877,472
882,642
890,346
892,307
To Public Works Administration on security
transactions
350,816
Total
—.-':
^=
Purchases:
Capital notes and debentures of banks
Total loans and purchases
For relief:
502,106
295,211
2,573,711
2,362,141
2,360,946
298,542
493,458
297,718
499,991
500,000
297,711
499,994
500,000
895,079 12,531,813
82,415
77,201
2,366,900 ^382,974
2,465,975
297,688
845,547
785,535
297,690
499,998
500,000
297,689
500,000
500,000
499,998
500,000
15
2
15
500,000
500,017
500,000
500,015
43,095
43,095
97,400
97,400
140,495
ALLOCATIONS
Federal Emergency Relief Act of 1932
Federal Emergency Relief Act of 1933
Emergency Appropriations Act of 1935
297,711
499,997
500,000
EmsrffAncv Rplipf A onrnririatinn Apt of 1QT>
Total._._._.— 792,001 U297,709 1,297,704 1,297,703 1,297,688 1,297,689 1,297,686
To other Government agencies:
To Secretary of the Treasury for:
Purchase of stock of Federal Home Loan
81,646
81,646
81,643
81,646
81,646
81,646
81,446
banks
Purchase of stock of Home Owners' Loan
200,000
200,000
200,000
200,000
200,000
200,000
154,000
Cornoratioti
147,600
147,600
147,600
147,600
147,600
147,600
147,600
To Land Bank Commissioner
55,000
55,000
55,000
55,000
55,000
55,000
To Federal Farm Mortgage Corporation...^.. 55,000
34,000
34,000
34,000
34,000
25,000
25,000
T o Fftdor&l TTnn<5?TifT A dmir»i<?tratnr
To Secretary of Agriculture for:
115,000
115,000
115,000
115,000
115,000
115,000
115,000
Crop loans
Reallocated as capital regional agricultural
44,500
44,500
44,500
44,500
44,500
44,500
44,500
40,500
40,500
40,500
40,500
40,500
40,500
40,500
638,046
709,246
709,246
718,246
718,246
718,246
718,246
140,495
Total allocations
1,430,046 2,006,955 2.006,950 2,015,953 2,015,934 2,015,934 2,015,932
640,512
—
Total loans, purchases, and allocations
4,003,758 4.369,095 4,367,896 4,382,854 4,393,903 4,481,909 4,547,745 1,436,059
Reallocated to Governor of Farm Credit
Administration..-..-...———
Total
* Revised.
» Preliminary.
t Includes $311,000,000 of loans for distribution to depositors of closed banks.
Back figures^See BULLETINS for December 1933, pp. 738-739, and February 1934, pp. 103 and 132.
640,511
—
•
•
—
—
—
.
1,426,045
520
FEDERAL RESERVE BULLETIN
A U G U S T 1935
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by»—
Federal intermediate
credit bank loans to
and discounts for—
Loans to cooperatives b y -
EmerProduc- Regional
Regional
gency
Other
agricultion credit tural
agricultural financing
crop
and
credassociacredit cor- instituLand
drought
it
corpotions »
porations
Federal
Bank
loans
tions
rations
land banks Commis- and proexcept
duction
sioner
credit as-J cooperatives
sociations
End of month
1932—December.
1933—December..
Iy34—January....
February..
March
April
May
June
July
August
September.
October
November.
December..
1935—January....
February..
March
April
May
June
1,128,564
1,232,707
1,307,116
1,390,743
1,478,373
1,503,155
1,568,097
1,650,779
1,710,977
1,766,361
1,810,559
1, S48,727
1,886,335
1,915,792
1,942,916
1,961,275
1,974,952
1,975,737
1,998,228
2,016,825
82,518
70,738
120,403
174,308
237,858
258,730
311,375
378,526
429,830
477,822
516,276
551,873
587,260
616,825
643,291
664,886
696,834
716,243
733,489
73,263
75,432
76,515
86,081
102, 781
120,282
127,470
128,090
125,270
118,402
104,909
100,992
99,675
99,776
103,360
115,281
124,315
129,954
130,559
59,916
58,199
59,073
61,830
62,092
63,392
64,203
63,002
56,058
55,672
53,509
53,17254,442
55,832
56,897
57,759
27
158
665
4,409
14,392
28,117
38,518
49,826
58,074
60,887
58,128
58,328
61,024
64,637
71,192
.85,819
97,400
105.096
109,890
24,373
144,636
145,198
145,760
144,905
144,671
143,127
138,485
128,830
117,664
106, 724
96,914
90,559
87,102
84,726
82,342
79,988
78,351
76.508
72,765
89,301
89,811
81,164
72,727
68,310
84,138
90,147
90,517
94,411
100,209
105,446
104,470
104,994
110,186
116,846
125,124
134,597
162,000
193.969
197,188
Federal
intermediate
credit
banks
15,211
14,671
13,297
11,189
9,997
8,528
8,123
10,106
9,969
9,987
24,207
32,330
33.969
34,445
34,132
31,873
30,050
26,420
10,028
Banks for Agriculcoopertural
atives,
Marketincluding Act
ing
revolving
Central
fund
Bank
18,697
15,386
14,835
15,824
17,144
19,243
20,539
21,493
23,019
23,057
24,561
24,710
27,851
28,498
29,445
28,025
30,119
31,741
23,937
158,885
157,752
69,508
69,214
68,353
67,257
54,642
54,877
55,437
55,250
54,870
57,310
56,764
54,863
53,721
49,687
49,880
49,761
47 t 456
49,422
i Does not Include loans by joint-stock land banks, which are now in liquidation.
»Some of the loans made by the regional agricultural credit corporations and most of the loans made by the production credit associations are
discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the 2 columns under those headings.
»Amounts shown are outstanding loans to and discounts for production credit associations by the Federal Intermediate credit banks.
FEDERAL HOME LOAN BANK BOARD
LOANS OUTSTANDING, BY INSTITUTIONS
(Loans in thousands of dolto]
OBLIGATIONS FULLY GUARANTEED BY
THE UNITED STATES l
AMOUNTS OUTSTANDING, BY AGENCIES
[In millions of dollars]
Home mortgage loans by—
End of month
1932—December.. „
1933—December....
1934—January
February
March
April
May
June
July
August
September...
October
November*..
December....
1935—January
February
March
April
May
June
Federal
Federal savings and loan
home
associations *
loan
bank
Home
Number of Loans reported loans to
Owners' associations
member
Loan Corinstituporation i
New Convert- tions)
ReTotal port- associ- ed assoing ations ciations
105,920
192,064
285,564
435,778
607,269
815,562
1,039,003
1,274,470
1,476,913
1,656,213
1,857,424
2,027,969
2,196,988
2,363,824
2,468,744
2,539,408
2,578,883
2,620,119
2,660,677
59
82
130
190
250
286
369
441
480
534
577
601
639
688
727
752
778
803
651
332
5,437
26,684
332
6,934
26,944
438
8,843
55,606
455 10,758
58,976
545 13,706
79,014
565 15,967
92,013
572 18,699
93,910
613 20,800 112,847
623 24,081 123,741
*623 "27,553 "126,156
838
88,442
92,497
94,040
93,125
88,922
86,842
86,248
85,723
85,519
86,647
87,446
87,714
87,258
82,585
77,170
72,637
74,011
75,836
79,233
p1 Preliminary.
Loans closed.
' No monthly reports prior to September 1934; they now exclude largely
new associations recently chartered and inactive associations.
* Includes loans to Federal savings and loan associations, all of which
are members, and a negligible amount to others than member instituioiis.
End of month
1933—October
NovemberDecember.,
Total
ReconHome
Federal
Owners' struction
Farm
Finance
Loan
Mortgage
Corpora- Corpora- Corporation'
tion J
tion
2
18
180
2
18
180
1934—January
February
March
April
May
June
July
August
September
October
November
December
310
183
295
325
423
681
1,064
1,614
1,875
2,596
2,823
3,063
68
98
168
312
551
672
733
805
878
1935—January...
February..
March
April
May
June
3,300
3,480
3,590
3,660
3,728
4,123
1,041
1,089
1,124
1,154
1,188
1,226
28
134
284
702
896
1,543
1,695
1,834
310
183
227
227
227
235
230
241
246
248
249
249
2,009
2,140
2,215
2,256
2,290
2,647
250
251
251
250
250
250
^ principal amount of obligations guaranteed as to Interest and prin* Excludes obligations guaranteed as to interest only,
t _.
•Excludes obligations held by U. S. Treasury and reflected In the
public debt; includes in 1933 and in January 1934 notes given in purchase of gold which were retired In February 1934.
AUGUST
521
FEDERAL RESERVE BULLETIN
1935
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-25 average=100. The terms "adjusted" and " unadjusted" refer to adjustment for seasonal variation]
Industrial production > *
Year
and
month
Total
Manufactures
Construction contracts awarded (value)»
Minerals
Total
Residential
AH other
Factory em*
ployment *
Factory
pay
rolls'
Freieht-car
loadings * * Commodity
prices*
Unad Ad- Unad Ad- Unad Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed Justed justed justed usted
1919.
1920.
1921. .
1922.
1923.
1924
1925
1926
1927.
1928
1929
1930
1931
1932
1933
1934
1932
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
Apr....
May...
June...
July....
Aug....
64
61
59
56
69
67
68
65
60
Sept
Oct
Nov
Dec—.
1933
Jan . .
Feb....
Mar....
Apr
May...
June...
July....
64
64
60
67
79
91
96
90
85
78
72
69
Aug
Sept....
Oct
Nov....
Dec
Jan
Feb....
Mar
tfify"
June...
July....
Aug
Sept....
Oct . . .
Nov
Dec...
77
33
••87
, 88
89
84
73
73
73
75
74
'78
77
84
87
67
86
101
94
105
108
108
112
119
95
80
63
75
78
-
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
31
63
60
59
53
60
66
67
65
66
63
60
53
55
58
66
67
63
53
61
59
53
57
59
65
66
63
64
72
65
62
63
66
74
80
78
73
80
67
64
65
65
71
74
75
77
31
32
31
32
30
23
24
65
63
59
66
78
91
100
91
84
76
72
63
62
53
63
80
92
97
£9
84
76
70
67
63
61
56
65
77
93
102
91
83
76
70
73
72
77
74
65
77
*83
90
95
94
89
85
81
75
82
86
89
89
76
80
82
85
86
83
74
72
69
72
'74
35
86
39
91
81
86
87
84
83
87
87
84
85
75
78
81
84
'86
8G
'84
76
73
71
'74
75
86
'84
71
71
70
73
73
76
44
30
44
63
81
95
124
121
117
126
87
50
37
13
11
12
79
90
65
83
86
94
120
135
139
142
142
125
84
40
37
48
16
14
12
12
11
12
12
10
8
14
12
11
11
22
27
26
27
27
30
30
29
27
•28
75
80
81
73
79
85
91
91
87
81
82
86
18
16
14
16
19
21
24
25
30
35
42
45
22
19
14
14
16
18
21
24
30
37
48
57
7
7
8
11
13
14
13
12
12
12
12
11
88
92
100
90
S3
87
85
80
82
81
81
90
40
33
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
107
108
82
91
104
97
99
101
99
99
105
92
77
64
69
79
_-.__
IRQ
154
.....
.....
.....
.....
.....
.. .
.....
.....
Q7
101
93
104
inn
95
97
95
86
QO
73
65
66
75
62
60
47
43
40
41
43
45
43
42
57
53
62
51
63
61
65
68
52
59
64
62
51
51
54
67
67
63
66
64
64
65
65
65
64
64
43
66
64
62
60
60
62
63
63
62
60
61
69
60
63
67
72
76
80
80
76
74
61
62
59
60
63
67
73
76
78
40
40
37
39
43
47
51
57
59
59
56
55
61
51
43
51
55
61
66
65
63
66
60
56
56
54
60
53
55
62
65
61
60
68
59
63
61
6C
6C
6C
62
65
69
70
.71
71
71
73
33
27
18
17
20
23
28
33
45
57
76
93
64
60
50
54
47
46
44
43
45
43
41
36
80
70
51
43
33
33
39
40
44
46
43
47
73
78
81
82
83
81
79
80
75
78
81
82
S3
82
80
79
74
77
77
54
61
65
67
67
65
61
62
58
61
60
63
58
61
63
60
63
64
63
63
67
64
60
56
64
64
66
62
63
64
61
59
59
57
59
64
72
74
,74
64
69
71
71
69
67
53
61
62
59
61
63
64
65
65
61
61
63
79
80
79
80
80
80
38
37
39
40
45
44
43
41
8
8
8
10
11
13
13
12
12
12
13
13
27
12
12
11
12
11
12
12
10
11
12
11
12
12
12
10
9
84
91
79
87
100
97
103
106
103
103
106
92
75
66
68
66
63
61
59
60
63
64
63
62
43
45
47
46
43
45
41
35
33
12
97
117
76
81
103
96
101
104
102
102
109
89
63
46
49
62
23
18
19
24
27
32
36
45
53
66
76
78
77
78
78
76
75
79
63
71
73
74
75
75
76
78
77
77
77
1935
Jan
Feb....
Mar...
May
June-..
r
88
91
91
89
87
'91
89
88
36
85
P86
87
91
91
91
87
P85
90
88
86
86
84
91
92
90
79
33
97
94
96
97
87
89
98
22
24
26
30
32
35
27
28
26
27
27
30
10
13
16
22
25
26
12
14
16
IS
21
24
32
33
34
33
39
43
39
39
35
33
32
36
79
81
82
82
81
80
81
82
82
82
81
80
* Preliminary
* Revised.
*Average per working day.
1
For Indexes of groups and separate industries see pp. 552-553; for desclption see BULLETIN for February and March 1927; for revised figures
back to 1919 see BULLETIN for September 1933, pp. 5S4-5S5.
. TMIWKMI « <*« ir«r
s
3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 368. For
back figures see Annual Report for 1933 (table 115).
,
, AW
.. , . .. „
, T , . . „ B».*I«M,.. T?,».
» The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. * or
description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory
employment compiled by the Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current Indexes of groups and separate industries
860
^ o ? i n a e x e s of groups see p. 522; for' back figures for total see Annual Report for 1933 (table 115) and for groups see BULLETIN for February
• Index of Bureau of Labor Statistics; 1926-100. Indexnumbers for groups of commodities (also data by weeks) are given on p. 551. For back
figures soe Annual Report for 1933 (table 120).
5812—35
5
522
FEDERAL RESERVE BULLETIN
AUGUST 1935
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports l
Excess of exports
Merchandise Imports *
Month
1931
March
April
May
July
August
September..
—
...
December
Year
1932
1932
1931
1935
1934
1933
1934
1933
1935
1931
1932
1933
1934
1935
176
163
185
183
175
210
136
131
131
96
84
95
136
133
158
167
152
177
66
49
2G
15
23
24
25
18
13
37
30
33
9
11
8
164
165
186
180
173
127
112
110
88
107
122
147
171
171
J»157
29
9
20
4
17
7
-2
33
6
34
P13
162
172
191
174
167
170
79
91
98
143
155
147
127
120
132
6
-2
10
27
17
34
1
-23
13
34
52
60
193
1S4
193
208
195
171
169
149
154
105
104
97
151
129
134
130
151
132
36
44
30
48
34
35
42
56
59
77
44
38
1,675
2,133
2,091
1,323
1,450
1,655
334
288
225
478
250
224
230
150
154
155
121
102
108
172
163
191
215
201
187
135
132
114
105
114
120
160
171
181
165
ISO
107
109
132
144
131
160
205
194
184
153
139
132
2,424
1,611
179
P170
155
136
24
14
—6
-5
9 Preliminary.
i Including both domestic and foreign merchandise.
> General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures—See BULLS TIN for January 1931, p . 18, and for March 1931, p . 136.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers based on value figures; 1923-25 average** 100]
[Index numbers; 1923-25 average=100]
Index of stocks (end of
month)
Index of sales'
Month
1934
June Feb. Mar. Apr. M a y June
Adjusted
Without
Adjusted
Without
for seasonal seasonal ad- for seasonal seasonal advariation
variation
justment
justment
1934
1935
January..
February.
March
73
59
61
71
April.,
May..
J une...
73
77
70
79
76
76
July
August
September
51
60
P55
October—
November
December..
83
135
1934
Year....
1935
79
75
1934
1935
1934
64
63
64
69
63
67
57
61
65
64
64
63
68
68
63
66
66
61
...
—
59
61
67
...
--_
71
74
1935
65
* Preliminary.
* Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and Sundays and for 6 holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance In March and April for the
effects upon sales of changes in the date of Easter.
Back figures^See BULLETIN for April 1935, p p . 254-255.
1935
Adjusted for seasonal variation
Total
Coal
Coke....,
Grain and grain products. Livestock
Forest products
Ore.__
Miscellaneous1
Merchandise —
...
64
66
til
90
54
33
48
68
65
65
75
62
59
39
35
34
73
65
65
82
52
67
39
33
40
70
64
61
63
49
74
41
33
49
67
63
61
67
50
68
41
33
47
64
63
63
83
54
64
35
35
46
64
64
Without seasonal adjustment
Total
Coal
coke
_...:
Grain and grain products
Livestock
Forest products
Ore
,
Miscellaneous
..
Merchandise'
1
64
58
56
78
46
34
87
71
65
61
81
70
57
37
36
8
62
63
62
77
52
57
34
34
10
67
65
59
53
46
57
38
35
25
69
65
61
60
50
55
38
35
71
67
65
72
49
66
30
37
83
67
64
I n less-than-carload lots.
Based on daily avei
. Source of basic data: Association
of American Raih
Back figures.—See BULLETIN for February 1931, p p . 108-110.
523
FEDERAL EESERVE BULLETIN
AVQVST 1935
INTERNATIONAL FINANCIAL STATISTICS
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars. $l=15%i grains of gold ?io fine; 1. e., an ounce of fine gold*$35]
Europe
End of month
Total
(60 countries)
1934—May
20,957
June.-.
21,166
July
21 302
August
2lU87
21,528
September.
21,584
October...
21,646
November.
21,771
December.
1935—January...
21,879
22,022
February.
22,099
March
Ar>ril
May.::::: p 2l)456
June
P 21,667
July."."..
United
States
Canada
Total (27
countries)
Austria
Czecho- Denmark England
Belgium Bulgaria slovakia
France
Germany
1,577
1 578
1579
l,'5S0
1,581
1,532
1,583
1,684
5,136
6 274
5 321
5,' 439
5,455
5,463
5,443
5,445
52
28
30
30
30
33
32
1,536
1,586
1,686
1,587
1,687
1,588
* 1.588
6,438
5,439
5,479
5,366
4^759
4. 7ftS
M;726
32
32
33
33
33
«35
»3S
7,779
7,' 856
7 931
7| 978
7,978
8,002
8,132
8,238
130
132
133
131
131
132
133
134
11. 426
11. 548
i i
592
*t
11. 747
11, 787
11, 813
11,730
11, 751
45
45
45
45
45
45
45
45
635
625
613
623
626
609
589
590
19
19
19
19
19
19
19
19
112
112
112
60
60
60
60
60
60
60
60
8,391
8,527
8,567
8,710
8,'858
9! 116
v 9,143
132
135
1190
187
189
188
181
11. 697
11, 679
11, 633
11 9 7 Q
45
45
45
45
45
45
599
596
532
518
605
634
19
19
19
19
19
19
112
112
112
112
112
113
60
60
60
60
60
60
i
1 oi7l4
* 10,' fi7n
P624
111
111
111
111
in
.
32
Europe—Continued
End of month
Greece Ilungary
Nether- Norway Poland
lands
]Etaly
Portu- Rumania
gal
other
U.S. 8. Yugo- 6counSpain Sweden Switzerslavia
R.»
land
tries
June
July
August....
September.
October.._
November
December.
43
43
34
36
36
37
40
40
23
23
23
23
23
23
23
23
594
i76
•67
565
554
541
520
513
551
573
688
588
583
601
582
573
61
61
61
61
61
61
Gl
61
92
93
93
94
94
94
95
96
66
67
67
67
67
67
67
63
102
102
102
103
103
103
103
104
739
739
740
740
740
740
740
740
167
168
168
169
170
163
160
159
635
635
637
667
591
621
624
624
1935—January...
February.
March
April
May . . .
June.,. . :
July
39
39
38
37
37
36
23
23
23
23
23
23
519
519
519
519
•19
(93
555
552
553
439
440
427
» i&n
61
61
61
61
66
75
96
96
96
97
97
97
68
63
68
68
68
63
104
105
106
106
106
740
740
741
741
741
741
159
159
160
160
161
161
600
636
660
446
390
391
>421
1934—May
1934—May...
June...
July...
Aug..
Sept...
Oct
Nov..
Dec
1935—Jan.
Feb....
Mar...
Apr
May...
June...
V
p
V
594
593
597
603
602
597
599
595
592
i93
596
597
5S9
300
•ri6
716
ne
716
744
744
744
743
748
748
"748
53
63
53
63
54
64
64
63
68
68
S3
63
61
61
61
60
37
33
36
33
40
59
58
69
66
67
»57
40
Mrica
Asia and Oceania
Latin America
End of month Total
(10
countries)
»106
706
716
716
2
Total
Total
4
New
CoArSouth other
(4
other
(7
Uru- other
Egypt Africa
Java Zea- TurJapan
India
Peru
gen- Chile lom- Mexcouncouncounkey
guay coun- counico
land
tina
bia
tries
tries tries)
tries tries)
2
405
405
405
403
403
403
403
403
403
403
403
403
M03
M03
20
20
24
28
28
29
29
29
29
29
29
29
29
*29
,24
'.25
',26
\ '6
24
I22
\ 11
]9
5
4
'4
]4
]4
4
23
26
27
29
28
25
26
23
21
23
26
P26
*26
P2G
19
19
19
19
19
19
19
19
19
19
19
20
20
*20
87
84
82
82
82
82
82
82
82
81
82
82
82
*>82
P
p
V
16
14
15
16
17
18
19
20
21
22
23
23
25
26
303
804
806
807
803
795
796
798
800
804
805
801
800
802
275
275
275
275
275
275
275
275
275
275
275
*275
275
275
382
384
386
337
388
390
392
394
395
397
398
400
403
407
79
77
77
77
77
77
77
77
78
so
80
56
71
68
42
42
42
41
36
26
25
26
25
25
25
23
23
23
20
21
21
21
22
22
22
22
22
22
22
22
23
23
6
5
6
6
6
5
5
6
5
6
5
6
5
6
226
233
244
220
226
245
265
255
267
285
303
55
55
55
55
56
56
55
55
66
56
P286
DO
»295
*291
65
J5
164
161
172
149
153
173
184
184
196
214
236
214
223
220
17
17
17
17
17
17
17
17
17
17
17
9 17
*17
»17
* Corrected.
* Preliminary.
gold reserves of Bank of Canada acquired as
1 Beginning March 1935, Includes, in addition to 6 W « **«,»«- ~, ™
follows (round figures, In Canadian dollars); from Canadian Minister of Finance, $69,000,000; from < lartered banks. $38,000,000, of which $5,000,000
was held m central gold reserves.
.
.
» Figures for March 1934, June 1934, December 1934, or March 1935 carried forward for subsequent months, for which no figures have been reported.
»Beginning April 1935, represents gold held by Reserve Bank of India, which acquired the gold previously held in gold standard reserve and
currency notes reserve accounts.
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, andLIthuania; in
Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam; and In Africa: Algeria and Belgian Congo.
For back figures and for full description of this table, see BUIXETIN for May 1932, pp. 311-318, June 1933, pp. 368-372; and December 1934, p. 801
524
FEDERAL RESERVE BULLETIN
AUGUST 193S
GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month
Estimated
world
production
South
Africa
Rhodesia
Far East
North and South America
Africa
Total
Colom- Chile
United
West Belgian
Africa Congo Canada States Mexico bia
Austra- Japan
lia
India
=£5$io grains of gold <Ko fine; I e.t an ounce offinegotd=$20.67
1929..
193019311932..
1933-
404,969 359,347
430,725 373,154
461,592 394,399
499,241 421,656
522,555 420,093
215,242
221,526
224,863
238,931
227,673
11,607
11,476
11,193
12,000
13,335
1934—
941,852 722,716
366,795
24.264
12,153
6,649
103,769 107,632
58,250
61,476
69,429
60,786
61,627
60,493
63,725
60,765
62,176
30,173
31,324
30,138
30,773
31,015
29,951
30,994
941
951
30,356
2,014
2,055
2,048
2,015
2,085
2,061
2,054
1,932
2,031
609
566
647
521
542
544
582
590
534
7,975 8,059
9,090
8,495 8,724
8,593 9,214
9,270 8,829
8,546 10,404
9,278 10,824
8,760 8,759
9,148 10,124
80/526 60,252
75.999 55,725
[80,919 60.645
f 81,033 '60.760
»84,450 "64,177
31,202
28,717
31,015
30,301
32,072
2,024
1,920
2,009
2,052
2,177
4,297
4,995
5,524
5,992
6,623
2,390
2,699
3,224
3,642
3,631
39,862
43,454
55,687
62,933
60,968
45,835 13,463
47,123 13,813
49,524 12,866
50,626 12,070
62,842 13,169
2,823
3,281
4,016
5,132
6,165
683 8,712
428 9,553
442 12,134
788 14,563
3,009 16,790
6,927
8,021
8,109
8,198
8,968
7,608
6,785
6,815
6,782
6,919
$l=*15%i grains of gold Hofine;i. e.t an ounce offinegold**$35
April
May
June
July
August
September
October
November
December
1935—January
February.
March
76,524
79,760
77,702
79,060
79,900
78,766
81,999
79,039
80,450
946
1,072
1,022
1,072
1,117
1,080
1,135
1,075
1,097
1,078
1,330
1,400
599
557
587
*687
>587
8,353
8,027
8,732
8,599
* 9,135
23,135
12,045
2,431
1,941
1,861
2,078
1,396
2,166
2,006
2,093
843
991
1,003
1,037
1,148
940
1,143
831
922
2,410
8,610
7,700 2,280
9,415
1,836
8,785 "2,275
»2,100
11,223
8,350
830
091
925
1,015
945
954
* Preliminary.
NOTB.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p1.108,
.1
November 1934, p. 737, and March 1935, p. 170. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for
1934, p. 104. Figures for Canada since 1933 are subject to official revision.
GOLD MOVEMENTS
[In thousands of dollars]
United States
Year or month
Total
net
Imports
or net
1932.,
2933..
-446,21311
-173 ( 455j|
1934 i.
1,131,994
April
May.
June
July
August
September
October
November
December
1935—January
February
March
April
May
June
July
54,748
33,583
63,705
52,346
37,225
-18,670
10,837
120,889
92,109
149,392
122,772
13,003
148,608
140,061
230,373
16,229
Net imports from or net exports (—) to—
England
Switzer- Canada Mexico
France Belgium Netherlands
land
Colombia
British
India
Customs valuations; with some exceptions at rate of $20.67 afineounce
53,5851- -441,6491 -82,5711 -96,5861-118,2731 64,5741 20,0871
3,2401 26,5971
6,375|- •216,035|
-«w|
7,90l| - l l , 6 3 l | 19,89e|
4,28o|
9s| 25,629|
Customs valuations; with some exceptions at rate of $36 a fine ounce
499,870 260,223
8,902 94,348 12,402 86,829
30,270
16,944
76,820
24,054
1,786
5,927
233
31,288
10,750
22,978
2,212
22,872 -5,238
-950 -17,748
-1,118
26
3,687 70,351
19,649 22,430
85,577
14,592
63,424
45,766
-187
56
1,481
32,510
1,689 124,052
938 194,298
31
7,234
10
-1,943
-2,094
12,814
g
212
-500
9,906
17,790
12,812
1,466
94,890
3,885
22,061
975
-254
339
9,069
8,673
6,989
8,982
8,200
539
3,775
9,609
8,077
12,091
5,346
4,449
10,968
3,053
8,734
5,770
640
2,086
2,837
2,664
516
399
3,265
880
6,076
4,991
729
833
923
948
679
722
2,495
2,654
37
8
2,484
-8
3,112
4,613
10,240
12,191
8,948
5,489
2,111
2,101
2,112
1,407
2
1,752
11,300
12,574
10,616
522
2,139
2,924
167
1,750
28
China
and
Hong
Kong
All
other
countries
39,0431 85,737
12f82l| -21,898
16,452
28,935
3,067
1,865
2,286
1,790
1,987
2,190
3,316
3,960
1180
1729
1,896
2,874
*5S
5
- 613
50
700
529
1,528
359
334
313
507
448
438
2,711
3,972
3,962
3,215
6,615
i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximate rate of $20.67 s fine ounce.
525
FEDERAL RESERVE BULLETIN
AUGUST 1935
GOLD MOVEMENTS—Continued
Great Britain
Net imports from or net exports ( - ) to:
Total
net imports
or net
exports
Year or month
United
States
France
Germany
Belgium
South
South
Straits Austra- Africa,
Nether- Switzer- AmerBritish
RhoCanada India Settlelands land »
lia
desia,
ica
ments
West
Africa
All
other
countries
Official figures converted at rate of$20.67 an ounce
1932
1933
„
__
84,5851! -50,6421 -297,050|
3331-13,4341-71,3781-14,0191
7,939) 97,016| 41,036|
677,4061,
-80S| -7,065| -4,299|
5,7461
1 220,3941 10,7811 20,3641255,3101 18,279
9,6101 43,374| 118,817| 8,682| 60,8121 256,177) 46,110
Official figures converted at rate of $3$ an ounce
1934
716,269 -497,166
348,190 121,017 -13,685
32,575 - 9 , 1 2 3
17,568
26,316 206,711
4,863
-216
-252
-71
-102
-4,563
-1,849
-1,118
-60
-109
343
284
144
1,794
1,749
2,052
655
670
241
13,033
14,147
17,330
12,213
25,146
962
4,992
18,791
17,882
485
441
70
66
151
245
190
128
3,172
3,234
4,673
3,507
3,438
2,686
4,126
31,929
42,935
30.505
32,312
22,371
11,315
24,420
18,495
23,469[
-53
8,780
-305
2,145
-67
51
-202
33,237
-54
5,780
-593 -3,646
17,399
381
2,057
1,195
152
410
292
-940
12
88
296
693
484
429
369
4,066
3,067
2,685
1,920
2,838
1,
3,579
37,231 - 3 , 0 7 1
18,669 11,410
12,661
6,570
17,658 21,025
55,847 11,197
42,473 10,679
32,563 - 3 , 6 4 3
April
May
June
July
August
September
October
...
November
December
-7,038
-30,856
6,622
-121
-15,420 -6,797
6,251 - 8 , 1 8 8
-339
950
27,026
-17,284
1,769
-22,489
3,524
8,243
17,495
4,099
45
2,890
105
152
44
-34
218
-2,161
-6,034
-2,157
-1,291
-5,198
-1,087
1935—January
February
March.........
April
May
June
July P
4,270
-79,628
-74,127 -17,739
26,612
66
-20,533
69,128
-3,247
86,926
-18,547
-3,940
-31
36
28
63
266
209
-943
-206
-349
-951
-1,992
-1,013
-1,962
-11,601
103
-19,851
-5,197
-35,375
319
-659
-46
-203
482
-550
310
7,266
4,669
1,697
24,046
2,970
424
2,696
3,570
1,317
15,457
16,249
2,962
7,159
4,070
Total
net
imports
or net
exports
Net imports from or net exports (—) to:
United
States
EngEn
l
land
Germany
3,824
Germany
France
Year or month
41,790 335,253 101,860
Belgium
Netherlands
Switzerland
All
other
countries
Total
net
imports
or net
exports
Net Imports from or net exports (—) to:
France
Netherlands
U.S.
S.R.
All
other
countries
Official figures converted at rate ofttO.67 an ounce
1932..
1933..
828,1781
243,944|
468,0521 309,9841 37,8891 - 3 5 , 0 1 0 | 37,5471-17,6681-27,3821 -27,282)1
-2501-38,1701-24,4
223,894| —87,2071 73,00l| —28,9791 44,69l| 10,49l| 8,0531-102,8561| - 3 7 , 0 4 4 | - 6 4 , 9 2 2 | - 4 0 , »
I 46,6561- •11,063
[ 40.317| -260
Official figure* converted at rate of $55 an ounce
1934.,
-406,949 - 2 4 0 , 3 6 1 - 3 5 1 , 7 2 9
June—"IIII
July
August
September..
October
NovemberDecember
1935—January
February, TI
March
April.;::::;
May*
June*
-1,373
30,915
6,437
-2,895
-15,105
964
22,710
-65,568
37,733
31,036 -17,669 74,995
78
997 -37,010
1
33,581
124
- 9 , 7 7 9 - 1 1 , 4 1 1 18,191
926
-3,003
145
264
-7,290
-3
9,606
5,987
2
3,706
26,296
86
-64,337 -17,936
-19,918 -8,738
7,796 - 1 5 , 3 7 6 - 2 , 9 3 1
-32,479 -50,314
8,670
19,118
14,676
648
97,511 - 2 8 , 5 6 6
32,730
-190,274 - 7 7 . 8 0 3 - 4 7 , 6 8 1
-393,551 -223,070 -110,834
23,657
73,123 -90,920 -109,386-42,907 -28,114 85,390
2S6 - 5 , 6 5 5
- 2 1 3 1,995 32,492
427 -29.040
5,405
676
-9,299
-20,312
-1,400 -1."
19,168
4,469
-320
- 1 0 4 -1,038
5,327
1,163
-9,226
-122
-39
61
898
-44
10 -15,492
7,873
3
6
,
9
7
2
-464
139
2,954
1,786 »18, 251
-786
1,206
-3,114
4,220 * 65,517
-232
-96
1,231 >25,849
-994
-565
-2,497
249 11,975
-147
7,989
-201
3 -3,851
5,015
111,292
- 4 7 4 - 2 6 , 3 9 5 3,907
1,263
- 5 9 4 -109,195 - 8 8 5 44,621
1,341
- 1 9 0 - 1 , 1 0 1 -3,431 -56,265
115
287
295
112
735
2,876
-3,515 -8,073 -8,189 13,971
-13,382 -10,083 -12,363 6,761
-12,286 -8,155
-16 8,457
-4,090
-52 7,828
2
-2,604
52
6
-269
5,760
4
-59
V
313
7
-167
238 1,162
-1
-85
-99
144
4
84
67
5
75
-49
6
-107
-19
44
745
87
-50
418
237 6,100
-206
275
1,014
1,057
4,097
153
27>
123
117
153
274
257
2,562
227
-10
263
232
-91
117
530
i Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately
in the official monthly statistics
1
$19,218,000 imported by France from Italy in November 1934; $65,437,000 in December 1934; $25,755,000 in January 1935.
f f **0™--Gr€at Britain and Germany.-In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official
totals published for the year as a whole.
526
FEDERAL RESERVE BULLETIN
AUGUST
1935
GOLD MOVEMENTS—Continued
Netherlands
Year or month
Net imports from or net exports (—) to:
Total net
Imports
or net
exports
United
States
England
France
Germany
Switzerland
Poland
Belgium
All other
countries
British
India
Official figures converted at rate of $20.67 an ounce
1932
1933
116,149 I
-67,510 I
-
106,623 I
-3,839 |
50,070 J -34,009 I
-1,624 | -72,183 |
26,886 1 -12,727 1 - 1 3 , 6 3 0 !
40,818 | -17,873 |
-6,030 |
-16,137 1
-16,974 |
16,423 1
9,632 j
-7,346
567
Official figures converted at rate of $35 an ounce
2,171
-4,784
....
-122,664
-46.010
-31,038
-78,610
April
May
June
July
August
September.
October
NovemberDecember.
3,063
13,859
9,570
9,170
-2,737
-326
-2,386
-16,849
-9,431
-4,439
-287
-158
5
311
451
3
7
166
830
62
168
-17*770*
-9,270
-418
-115
277
75
-23
-327
-637
615
-312
1935—JanuaryFebruary, .
March
April
May
June.
-18,300
-2,899
510
-120,492
-5,080
-14,797
-15,605
-2,495
, 37
-97,632
-2,810
-19,259
-3,221
-352
-1,299
-20,890
-1,562
1,375
110
64
617
476
1934....
-225
8,8S0
-194
498
25,716
9,285
-1,253
Total
net
imports
or net
exports
141
British India
Net imports from or net exports ( - ) to:
United
States
England
France
171
171
181
26
156
-103
277
667
Switzerland
Year or month
164
359
133
322
1
130
126
154
165
Belgium
Total
net
imports
AH
or net
Neth- other
exports
erlands countries
Italy
Net imports from or net
Change in—
exports (—) toGold
producRe- Private
All
holdUnited
other tion
in serves
in 1 ings in
States
coun- India
India
*
India
tries
Official figures converted at rate of$£O 67 an ounce
1932
1933
169,78611 124,3541 15,3421
7,4181
4112l|| 10,983J-24,536| - 2 6 , 7 8 l |
-581 -2,954114,9961 10,6881-195,66211-38,0941-151,0591 - 6 , 5 0 8 | 6r7821
735|-15,330113,168|
6351-126,04811-30,3401 ~85,463|-10,244| 6,9161
1271-189,008
-51-119,124
Official figures concerted at rate of $35 an ounce
-46,065 -12,784 -45,955 -29,235 18,397
1934.,
April
May
_
June
July....
August
September
October...
November.
December.
1935—January...
February..
March
April
May
June
-817
69
2
291
-4,125
-15,025
-17,830
-139,633
-63,229
-5,640
-4,682
-5,350
-5,648
-1,171
4,007
2,367
-195
-771
-417
-17
-51
-216
-2,108
-6,839
324 -31,619
-17,878
"49
549
19,431
2,580
1,392 -2,132
113 -222
166 -186
387 -41
1,105 2,566
2,304 1,105
3,987 -305
6,001 -275
114
2,280
-4,344
^-16.117
225
-16,148
415
7
-107,021
-38,514 -5,972
2,634 -8,651
472
2,689
4,734
2,110
303
-74
1,500-230,720
-238
364
208
214
7,056
-105
7
-102
-15
-67,962 '-159,063 ' - 3 , 6 9 6 11,222
-2,234
r—222
213
211
208
109
120
146
162
914
946
930
938
207
-1,667 -14,874
-2,406 -14,133 - 1 , 2 0 7
-18.225
-214
-3.831
155
-6,558
653
946
903
955
938
954
>954
-20,733 -11,335 -7,165
-20,344 -11,090 ' - 9 , 0 3 2
-19,105 -7,464 -11,854
-22,130 - 8 , 7 4 0 -13,601
-3,565 -1,577 -2,196
-2,643
-2,534
-14,431 - 1 , 6 5 0 -12,901
-20,700 - 2 , 2 2 9 -18,617
-23,255 - 3 , 2 0 1 -20,216
-218
198 -16,334
-90
428 -17,740
207 -18,439
-202
1,041 -4,475 -3.675
-409 -760
153 -352 "-5,035
932
944
929
995
173-219,671
186
-2
-12
4
1
-20,005
-19,396
-18,163
-21,196
-2
-15,386
-16,844
-17,479
-2,737
-5,650
»-4,031
-1,602
-13,491
-19,771
- 3 -22,257
-5
» Preliminary.
r Revised
J Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred.
* Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.
^ f
s o m e cases t h e a n n u a l
aggregates of the official monthly figures differ somewhat from the revised
527
FEDERAL RESERVE BULLETIN
AuonsT 1935
CENTRAL BANKS
Assets of banking department
Gold
(in issue
depart(Figures in millions of pounds sterling) ment) *
Liabilities of banking department
Bank of England
Cash reserves
Coin
Notes
Note
circulation
Discounts
Securiand
ties
advances
Deposits
Bankers'
Public
Other
Other
liablli.
ties
1934—June 27._.
July 25.^.
Aug. 2 9 . . .
Sept. 26...
Oct. 3 h . _ .
Nov. 28...
r>ec.26__
191.5
191.6
191.8
191.9
192.0
192.1
192.3
67.6
72.5
74.9
73.6
72.4
47.1
6*1
7.5
5.6
7.2
8.9
9.2
7.6
91.9
94.2
92.5
92.2
91.6
90.6
93.2
331.7
383.9
379.3
377.0
378.4
379.7
405.2
96.3
104.8
83.7
82.0
100.4
89.1
89.1
17.8
10.9
34.0
37.9
16.9
27.7
9.9
36.5
30.1
35.2
36.8
39.8
38.1
36.4
18.0
18.1
18.2
18.3
17.7
17.8
18.0
1935—Jan. 3 0 . . . .
Feb. 27....
Mar. 27...
Apr. 2 4 . . .
May 2 9 . . .
June 26....
July 31 P_.
192.4
192.5
192.5
192.6
192.6
192.7
192.8
77.5
75.1
71.1
59.4
62.2
55.9
44.5
9.3
6.2
5.6
5.8
5.3
10.2
10.8
92.7
92.0
99.0
97.4
96.7
108.6
100.7
374.9
377.4
381.4
99.0
95.5
96.6
93.1
88.0
102.4
75.7
20.9
19.4
20.1
7.G
23.1
lfi.2
24.4
42.1
40.7
41.2
39.6
30.0
38.8
38.5
18.2
18.2
18.3
17.7
17.8
18.0
18.1
390.4
396.9
408.3
Liabilities
Assets
Bank of France
(Figures in millions of francs)
1934—June 29
July 27
Aug. 31
Sept. 28
Oct. 26
Nov. 30
Dec. 28
,
1935—Jan. 2 5 . .
Feb. 22..
Mar. 29.
Apr. 26..
May 31.
June 28..
July 26 ^
Deposits
Loans o n Gold
Foreign Domestic Short-term
Governexchange
bills
ment
securities
79,548
80,252
82,037
82,231
82,476
82,097
82,124
1,157
1,155
1,082
962
931
960
963
4,386
82,014
82,040
82,635
80,933
71,779
71,017
71,276
962
961
1,017
1,066
2,150
1,210
1,239
4,003
3,998
4t170
4,280
7,137
8,021
7,301
Other
securities
Negotiable
securities
20
10
937
735
, 693
Government
3,211
82,058
80,809
81,732
81,479
79,467
81,879
83,412
3,291
3,515
3,884
3,674
5,287
4,829
3,718
15,188
16,547
16,£80
17,673
17.966
15,522
15,359
1,837
1,901
1,853
1,850
1,942
1,869
1,907
3,149
3,080
3,119
3,094
3,371
3,277
3,171
5,837
5,833
6,833
5,805
5,805
5,805
5,805
7,970
7,914
8,074
7,967
8,691
7,999
(*)
81,686
81.917
83,044
82.352
82,776
82,099
81,127
3,751
3,619
3,068
3,703
2,771
2,983
3,239
16,473
16,323
16,213
16.145
12,315
10,969
13,091
2,024
1.962
1,943
1,954
2.008
2.013
(')
Liabilities
Gold
1934—June 30.....
July 31
Aug. 31.....
Sept. 2 9 . . . ,
Oct. 31
Nov. 30. _ .
Dec. 31
1935~Jan.31
Feb. 28
Mar. 3 0 . . . .
Apr. 30-..-.
May 31
June 29
July 31 P
Securities
Other
Treasury bills Security Eligible
loans
(and
bills
Foreign
as note . Other
checks)
exchange
cover
Reserves
(Figures in millions of reichsmarks)
3,392
3,403
3,540
3.811
3,726
3,848
4,021
3,620
3,656
3,799
3,861
3.732
3,879
3,833
Other
liabilities
8,278
8,150
9,060
8,254
8,264
8,849
8,288
Assets
Relchsbank
Other
5,929
5,913
5,913
5,898
5,898
5,898
6,837
3,076
3,054
3,140
3,134
3,101
3,116
4,146
3,996
3,058
3,971
Note
circulation
Other
assets
171
109
128
148
91
119
146
81
188
66
87
86
89
52
361
390
413
431
435
436
445
441
437
427
373
338
337
337
Other
assets
Note
circulation
Deposits
623
649
717
843
856
961
984
822
928
922
952
770
819
743
325
324
324
324
316
316
319
780
886
867
806
890
881
827
3,777
3,768
3,824
3,919
3,823
3,810
3,901
319
328
330
323
324
324
324
837
697
701
739
775
781
814
3,617
3,664
3,711
3,810
3.805
3,873
Other
liabilities
775
800
813
851
868
920
1,001
900
866
830
837
824
. 833
845
, * In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which isfixedby
law at £260,000,000.
* Figures not yet available.
NotE.-For explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
528
FEDERAL RESEBVE BULLETIN
AUGUST 1935
CENTRAL BANKS-Continued
[Figures are for last report date of month]
1935
1934
Central bank
1935
1934
Central bank
June
National Bank of Albania (thousands
of francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
___
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English s t e r l i n g - 15,994
Securities
34,634
Banking department:
Coin, bullion, and cash
871
London balances
20,592
Loans and discounts
12,215
Securities
___ 36,130
Deposits...^
72,925
Note circulation—
47,050
Austrian National Bank (millions of
schillings):
Gold
242
Foreign bills.—
82
Domestic bills
232
Government debts
624
Note circulation
_
037
Deposits
___
237
National Bank of Belgium (millions
of belgas):
Gold i»
3,590
Domestic and foreign bills *
1,446
Loans to State
166
Note circulation
4,031
Deposits
1,374
Central Bank of Bolivia (thousands 01
bolivianos):
Gold at home and abroad
14,154
Foreign exchange
6,787
Loans and discounts
13,360
Securities:
National Government«_
326,477
Other«
3,342
Note circulation «.
120,000
Deposits^
95,806
Bank of Brazil (millions of milrels):"
Currency
264
Correspondents a b r o a d . . . . . . . . „ ,
171
Loans and discounts...
3,085
Note circulation
20
Deposits
2,870
National Bank of Bulgaria (millions
of leva):
Gold
1,583
Net foreign exchange In reserve.. -116
Total foreign exchange
301
Loans and discounts
951
Government obligations
2,698
Note circulation
2,152
Other sight liabilities
]
2,204
Bank of Canada (thousands of Canadian dollars):
Gold
06,671
Sterling exchange
67
United States exchange
12,646
Advances to Government
4,202
Government securities:
2 years or less
30,521
* Over 2 years.
.19,903
Other assets
4,763
Note circulation
75,718
Total deposits
192,979
Chartered banks
[72,902
Government
19,715
Other liabilities
10,079
May
April
7,560
21,820
2,449
3,303
14,118
10,396
10,616
7,121
22,448
2,398
3,232
14,022
15,994
32,765
15,994
32,802
32,358
13,232
35,873
84,673
47,050
846
32,664
11,970
35,873
83,533
48,550
242
61
232
624
926
233
242
43
234
624
925
209
3,428
1,403
166
4,031
1,172
2,931
1,115
166
3,813
666
13,047
7,801
14,079
12,098
9,581
14,338
10,507
328,054 128,054
3,342
3,346
114,486 107,954
200,365 208,467
292
124
3,077
20
2,878
331
146
2,858
20
2,717
1,583
-114
437
884
2,693
2,123
2,309
2,173
1*958
.06,936
191
10,257
06,936
557
13,212
-72
428
624
22,090 28,373
.17,860 .15,014
5,517
5,135
74,738 93,692
:81,588 69,379
66,971 :56,833
4,333 11,907
6,525
6,156
June
Central Bank of Chile (millions of
pesos):
Gold and foreign exchange in reserve
Loans and discounts.
Government debt
Note circulation
Deposits
Central Bank of China > (millions of
yuan):
Gold
Silver
15,508
Due from banks abroad
28,375
Due from domestic banks
Loans and discounts.—
934
Securities
28,134
Other assets
11,689
Note circulation
36,318
Deposits—Government
83,253
Bank
46,301
Other
.,
Other liabilitiesBank of the Republic of Colombia
241
(thousands of pesos):
30
Gold at home and abroad»
254
Foreign exchange •
624
Loans to member banks
955
Note circulation
156
Deposits
National Bank of Czechoslovakia
(millions of koruny):
2,653
Gold
657
Foreign balances and currency . . .
347
Loans and advances
3.4S2
Note circulation
317
Deposits
Danish National Bank (millions of
kroner):
8,810
Gold.
3,028
Foreign bills, etc
26,892
Loans and discounts
Note circulation
173,482
Deposits
4.509
Bank of Danzig (thousands of
64,061
gulden):
20,994
Gold*Foreign exchange of the reserve *_.
437
Other foreign exchange
2S0
Loans and discounts
2,555
Note circulation
20
Deposits
_
2,871
Central Bank of Ecuador (thousands
of sucres):
Gold at home and abroad
1,547
Foreign exchange
45
Loans and discounts
80
Note circulation
1,060
Deposits.
2.7S3
National Bank of Egypt > (thousands
2,605
of pounds):
1,645
Gold
„
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
_. .
Central Reserve Bank of El Salvador »(thousands of colones):
Gold
Foreign exchange
Loans and discounts
IHIII"
Government securittes--~II"II
June
7,123
23,311
2,973
2,928
11,355
14,597
10,382
May
April
June
142
101
713
537
354
142
91
713
540
347
170
80
717
500
372
29
116
10
55
103
181
60
94
246
54
17
142
24
115
14
53
89
184
61
93
237
51
16
144
24
123
14
71
130
15
38
72
209
42
13
78
26,301
4,009
6,489
36,509
25,889
24,130
3,352
6,521
35,528
24,306
17,706
2,410
3,782
39,644
27,412
2,691
325
1,138
5,780
742
2,687
303
982
5,567
782
2,687
307
1,069
5,500
865
2,663
13
1,449
5,524
133
16
78
378
118
133
18
76
375
133
19
73
370
98
133
10
79
380
136
15,847
7,529
363
27,164
31,810
3,610
22,994
1,476
136
27,422
31,917
4,812
13,204
253
83
31,098
38,563
639
26,984
17,573
2,976
16,962
41,675
14,332
16,286
10,335
54,186
42,161
20,565
15,156
12,852
53,731
42,490
22,678
15,229
6,794
49,353
41,126
20,244
6,545
2,101
3,526
6,545
2,500
4,148
6,546
2,100
4,209
35,083
3,355
18,551
7,587
16,543
7,930
35,069
3,213
18,982
8,055
16,608
7,831
33,154
3,111
18,574
5,514
17,097
7,935
11,978
1,582
467
7f478
11,921
2,719
152
7,531
12,260
2,251
423
7,383
ii&n£7*
[fofisln. p"329lg°ld a Q d b r e i g a * e s c t l a n g e h*™*& « of Mar. 29 revalued on basis of 75 percent of former gold parity of belga (see
* Items for issue and banking departments consolidated.
i Beginning Apr. 6,1935, gold and foreign exchange valued on basis of peso price of geold In wNe W
Yorkw York#
fro $0.3296 to $0 ISflO
« Parity of gulden reduced May 2,
% 1935. from
»Bank commenced operations July 5,1934.
529
FEDERAL KESERVE BULLETIN
A V O U S T 1935
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1935
1035
1934
1034
Central bank
Central bank
June
Central Reserve Bank of £1 Salva
dor—Continued.
1(187
Other assets
13,907
Note circulation
6,135
Other sight liabilities
3,462
Other liabilities
Bank of Estonia (thousands of
krooni):
32,796
Gold...1,618
Net foreign exchange
10,767
Loans and discounts
35,993
Note circulation
D eposits— Government
- 10,588
8,900
Bank
2,577
Other
Bank of Finland (millions of markaa):
324
Gold
Balances abroad and foreign
credits
- 1,334
87
Foreign bills
749
Domestic bills
1,328
Note circulation
549
Other sight liabilities
Bank of Greece (millions of drachmas):
3,527
Gold and foreign exchange
2,840
Loans and discounts
€,289
Government obligations
5,417
Note circulation.
Other sight liabilities
_.. 3,920
H4
Liabilities in foreign exchange—
National Bank of Hungary (millions of pengos):
79
Gold
.
21
Foreign bills, etc.
537
Loans and discounts
60
Advances to Treasury.
68
Other assets
.
375
Note circulation
100
Deposits
100
Certificates of indebtedness
154
Miscellaneous liabilities
Reserve Bank of India 1 (millions
of rupees):
Issue Department:
444
Gold at home and abroadSterling securities
532
Indian Government securi385
ties
519
Rupee coin
1,624
Note circulation
Banking Department:
256
Notes of issue department183
Balances abroad
60
Investments
........
5
Other assets
___
223
Deposits—Government
171
Bank
110
Other liabilities—„„..
Bank of Italy (millions of lire):
5,589
Gold at home
295
Credits and balances abroad—
5,565
Loans and discounts
—
13,029
Note circulation
300
Public deposits
835
Other deposits
Bank of Japan (millions of yen):
482
Gold
_
694
Advances and discounts
579
Government bonds
1,376
Notes issued
Total deposits
Bank of Java (millions of florins):
100
Gold
Foreign bills
Loans and discounts
1
Bank commenced operations Apr. 1,1935.
May
April
1,450 1,415
14,180 14,799
5,434 5,675
3,341 3,265
31,552 28,809 20,473
2,721 5,126 7,5S1
11,361 13,601 16,162
37,184 38,576 32,183
9,174 9,920 4,720
9,388 8,408
2,105 2,108 3,591
323
322
1,416
87
784
1,369
543
3,604
2,456
5,319
3,774
114
79
20
533
60
109
170
444
506
1,386
85
797
1,431
934
318
799
1,234
3S2
2,763
3,284
5,664
3,761
119
4,212
4,154
3,355
5,131
7,110
56
79
22
527
58
68
369
78
109
172
79
11
581
48
29
364
69
118
171
411
503
444
486
431
502
221
175
55
3
200
144
110
193
123
51
5
184
87
102
5,829
54
4,834
12,878
300
6,468
34
4,044 5,303
12,891 12,888
300
300
973
811
477
644
521
1,170
420
474
709
659
1,332
439
104
111
1
62
June
June
456
751
498
1,295
112
1
G2
Bank of Java—Continued.
Note circulation..
Deposits
Bank of Latvia (millionsoflats):
Gold
Foreign-exchange reserve
Bills
Loans
Note circulationGovernment deposits.'.
Other deposits
Bank of Lithuania (millions of litu):
Gold
Foreign currency
Loans and discounts
Note circulation
Deposits.
Netherlands Bank (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
Reserve Bank of New Zealand (thousands of pounds);
Gold..1
Sterling exchange.
Other assets
Note circulation
Demand deposits
Bank
Government
*. Other liabilities
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
Note circulation
Foreign deposits
Total deposits
Central Reserve Bank of Pern (thousands of soles):
Gold and foreign exchange
Bills
Note circulation.
Deposits.
Bank of Poland (millions of rlote):
Gold
Foreign exchange
•
Loans and discounts
Note circulation ,.
Other sight liabilities
Bank of Portugal (millions of escudos):
Gold
Other reserves
Discounts and advances
Government obligations
Note circulation
Other sight liabilities
National Bank of Rumania (millions
of lei):
Gold
•
Foreign exchange of the reserve..
Loans and discounts
Special loans *
.._...—,
State debt *
•
Other assets
Note circulation
.Demand deposits
Other liabilities
Sooth African Reserve Bank (thousands of pounds):
Gold
-•
Foreign bills
Domestic bills
May
April
June
172
32
172
30
172
33
185
27
46
4
£6
67
36
-16
109
46
3
59
71
37
49
109
46
5
59
* 74
39
49
106
44
4
65
63
32
57
109
44
6
101
97
50
46
6
104
99
53
55
9
83
84
627
1
183
808
4S
646
1
186
837
49
645
1
246
871
63
842
2,802
22,813
2,276
9,111
17,226
3,915
13,288
1,554
2,802
22,789
2,284
9,302
16,985
4,206
12,767
1,588
2,802
22,089
2,314
9,434
16,183
3,833
12,342
1,588
165
41
207
332
6
71
145
48
212
322
7
68
135
55
221
322
6
79
135
6
282
325
2
43,293
62,176
74,349
26,839
43,099
59,993
72,349
26,395
42,378
56,976
66,802
24,944
510
16
762
948
211
509
15
742
952
219
508
19
688
946
228
490
43
731
933
191
909
439
315
1,048
2,026
879
907
439
311
1.048
2,020
906
463
10,531
91
5,244
2,787
10,006
10,736
20,937
8,804
9,654
26,672
5,688
117
27,100
6,034
295
1,048
2,032
881
10,502
91
5,802
2,880
178
882
173
350
315
1,051
1,932
9,548
21,786
7,860
9,549
10,097
93
6,580
5,272
5,668
8,742
20,960
7,611
7,385
25,976
6,313
148
19,596
20,996
13
with loss* on agrletftural and urban loan, and reported
separately from "other assets" beginning with Dec. 31,1934.
530
FEDERAL RESERVE BULLETIN
CENTRAL
AUGUST 1935
BANKS—Continued
[Figures are for last report date of month]
1934
1935
1934
1935
Central bank
Central bank
June
May
April
South African Reserve Bank—Con.
13,428 13,539 12,317
Note circulation
1,517 2,677 3,051
Deposits—Government
27,171 25,063 24,656
Bank
4,370 4,736 3,765
Other
Bank of Spain (millions of pesetas):
2,270 2,270 2,269
Gold
698
705
700
Silver
284
285
281
Balances abroad
2,331 2,354 2,605
Loans and discounts
4,541 4,560 4,577
Note circulation
923
959
Deposits
Bank of Sweden (millions of kronor):
352
355
354
Gold
612
623
627
Foreign bills, etc
46
62
55
Loans and discounts
676
718
Note circulation
683
485
462
505
Deposits
Swiss National Bank (millions of
francs):
1,195 1,193 1,365
Gold
31
31
41
Foreign balances and bills
195
281
Loans and discounts
•
307
Note circulation.,
1,307 1,302 1,319
244
289
Demand deposits
313
Central Bank of the Republic of
Turkey (millions of pounds):
June
June
12,363
2,398
5,848
2,263
685
283
2,372
4,533
948
370
449
60
653
400
1,637
10
167
1,376
455
Central Bank of the Republic of
Turkey— Continued.
Government securities
Other securities
Other assets
Note circulation
...
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
...
Other assets
Note circulation.
Deposits—Demand
__.
Time.
Judicial and administrative
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
~
Foreign exchange
Loans and discounts
Advances to State
Note circulation
Other sight liabilities.
:
-
May
151
35
43
158
29
72
1,316
206
1,786
2,291
4,473
1,200
April
June
151
35
34
158
23
79
152
35
30
159
31
153
31
35
158
33
59
46,840
98,757
47,424
75,847
31,736
39,753
46,840
97,055
47,815
73,978
33,023
39,407
48,043
99,182
43,434
73,637
32,365
42,483
2,818
42,868
2,793
42,509
2,809
1,332
220
1,789
2,291
4,446
1,239
1,282
239
1,787
2,290
4,435
1,236
1,781
115
1,812
2,319
4,142
1,098
Foreign exchange. . .
BANK FOR INTERNATIONAL
SETTLEMENTS
[In thousands of Swiss francs]
1935
Gold in bars
Cash on hand and on current account
with banks
*
Demand funds at interest
Liabilities
Total
Time funds at interest—Not exceeding 3
months
„*
.
.......
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
_•
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments
Total
Other assets:
Guaranty of central banks on bills
sold
Sundry items
June 30 May 31 June 30
June 30 May 31
June 30
28,525
16,210
15,975
Demand deposits (gold)
21,717
14,930
15,627
5,259
15,297
2,514
14,903
5,551
10,216
Short-term deposits (various currencies):
Central banks for own account:
Demand
27,100
Time—Not exceeding 3 months. __ 103,689
22,722
104,228
136,198
212,776
131,020
219,974
31,349
106,972
138,320
150,035
185,631
348,974
350,994
335,666
34,595
33,881
37,659
26,471
33,201
36,535
44,513
42,763
31,985
29,908
63,576
32,269
53,313
38,225
69,935
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' acTreasury bills
1935
1935
1934
Assets
29,639
35,395
18,857
35,402
9,625
36,255
218,189
220,889
228,788
6,102
4,075
6,137
4,548
4,269
5,862
661,015
650,075
643,987
Total
130,789
Central banks for account of others:
Demand
10,808
Time—Not exceeding 3 m o n t h s 2,955
Other depositors:
Demand
1,248
2,122
Time—Not exceeding 3 months—
Long-term deposits:
154,670
Annuity trust account
77t 335
German Government deposit
61,930
French Government guaranty fund
2,031
French Government deposit (Saar)...
Total
295,960
Capital paid in
125,000
Reserves:
Legal reserve fund
3,324
Dividend reserve fund
5,845
11,690
General reserve fund
Profits allocated for distribution on July 1,
1935:
Dividend to shareholders (6 percent). 7,500
Participation of long-term depositors
1,957
per article 53 (e) of statutes
Other liabilities:
Guaranty on commercial bills sold
0,177
Sundry items
. „_ 33,915
Total liabilities
661,015
126,950
9,838
2,953
6 468
1,577
2,120
986
155,428
77,714
61,930
2,031
153,640
76.S20
40,771
297,102
271,231
125,000
125,000
3,324
6,845
11,690
2,672
4 866
9,732
7,500
7,500
1,957
1,943
6,252
33,036
4,269
55,372
650,075
643,987
531
FEDERAL RESERVE BULLETIN
AUGUST 1935
COMMERCIAL BANKS
[Figures are as of end of month, except those for England, which are averages of weekly figures]
Liabilities
England
at
10 clearing banks. Figures in millions Cash Money
call and Bills disof pounds sterling)
reserves
short
counted
notice
1934—September
October...
November.
December.
207
213
210
216
137
136
135
151
213
216
233
255
1935—JanuaryFebruary..
March
April
May
June
225
213
214
217
219
217
137
127
133
137
142
143
284
265
207
199
218
244
Securi*
ties
Loans to
custom-
Deposits
Other
Total
563
576
594
757
760
759
759
222
236
236
247
1,858
1,891
1.911
1,971
606
614
618
620
624
756
759
771
779
774
780
237
231
231
240
233
235
1,982
1,954
1,923
1,940
1.962
2,004
Assets
Demand*
Time*
948
960
975
1,044
1,034
1,009
994
1,004
873
885
900
910
240
245
250
251
899
251
248
248
250
244
239
895
897
907
'1,015
1,072
Other
liabilities
Liabilities
France
(4 large banks. Figures In millions of
francs)
Cash
Due from Bills discounted
banks
Loans
Deposits
Other
Total
Demand
Own
acceptTime
Other
liabilities
1934—September.
October. ~
November.
December.
7,450
6,485
5,836
1,419
1,508
1,473
1,421
18,384
17,972
17,363
18,304
8,511
8,124
8,003
8,159
1,395
1,488
1,562
1,717
32,460
32,239
30,542
30,943
31,547
31,332
29,582
30,039
913
908
960
904
179
183
192
193
4,016
4,119
4,152
4,301
1935—^January...
FebruaryMarch
April
May
5,864
5,607
6,066
5,196
4,648
1,662
1,603
1,586
1,642
18,024
18,300
19,042
18,302
17,181
8,052
7,840
7,713
7,802
8,544
992
1,010
1,090
1,141
1,276
30,342
31,449
29,999
29,958
29,830
29,591
30.635
29,218
29,129
763
751
765
781
220
228
237
251
312
3,779
3,789
3,810
3,833
3.835
Liabilities
Assets
Germany
(5 large Berlin banks. Figures In millions of reichsmarks)
2,506
Cash
Due from Bills discounted
banks
Loans
Securities
Other
assets
Deposits
Total
Demand
Time
Credits
Other
obtained
from
liabilities
banks
1934—September....
October
November
172
134
115
415
400
393
1,918
2,017
2,037
3,387
3,357
3,331
853
359
874
976
5,777
5,820
5,816
2,711
2,726
2,731
3,066
3,093
3,035
529
500
485
1,416
1,430
1,432
1935—February *„__
March
,
127
185
163
145
382
371
346
340
2,082
2,108
2,234
2,234
3,149
3,030
2,990
909
930
933
968
1,047
1,047
1,038
1,020
5,351
5,457
5,495
5,466
2,159
2,319
2,450
2,511
3,192
3,137
3,046
2,955
363
7S9
768
774
1,483
1,491
1,481
1,457
fc:::::
Liabilities *
Canada
(10 chartered banks. Figures in millions of Canadian dollars)
Security
loans
Entirely in Canada
abroad
and
net
Other due from
Cash
Security loans
and foreign
loans discounts
reserves
banks
1934—September.
October...
November.
December.
219
224
232
1935—January...
February..
March
230
230
207
214
204
207
1
101
103
103
91
35
Securities
1,010
1,029
1,003
977
178
162
185
155
911
920
967
958
957
965
931
971
955
147
973
149
152
142
155
127
984
970
1,000
1,005
l f 0l8
Other
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Other
liabilities
434
450
445
449
136
130
132
124
1,971
2,038
2,035
2,035
594
663
624
628
1,377
1,370
1,411
1,407
724
715
715
718
441
434
431
472
459
117
119
118
114
117
122
2,014
2,003
2,006
2,036
2.064
2,039
602
575
560
634
617
613
1,412
1,428
1,447
1,452
1,447
1,426
710
717
681
Excluding deposits of the National Bank relating to offices outside England, which are included in the total.
Combined monthly balance sheets not published for December and January.
N o r E . - F o r back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390.
1
Time
699
532
FEDEBAL RESEKVE BULLETIN
AUGUST ]
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
Eng- France Ger.
land
many
SwitzerItaly Netherland
lands
Bate
Aug. Date effective
Central
bank of—
Albania
Austria
Belgium
Bolivia
Bulgaria
Canada
Chile-.—
Colombia...
Czechoslovakia
Danzig
Denmark..
Ecuador
El Salvador.
Estonia
Finland
Greece
Hungary.
In effect Oct, 1,1933.
Dec. 11
Feb. 9, 1934
June 1
Nov. 26
Mar. 25, 1935....
Apr. 5
Apr. 10
May 3
May 16
May 24
May 27
May 29
June 1
June 21
June 27
July 5
July 6
July 18
July 19
July 25
July 26
Aug. 3
Aug. 9
in effect Aug. 9,1936.
3H
2
6
V
Nov.
July
May
July
Jan.
Mar.
Jan.
July
16,1933
10,1935
16,1935
5,1932
2,1934
11,1935
23,1935
18,1933
Jan.
May
Nov.
Nov.
July
uy
O
t
Oct.
Dec.
Oct.
Oct.
25,1933
2,1935
30,1933
30,1932
5, 1934
1,1934
3,1934
14,1933
18,1932
Central
bank of—
Rate
Aug. Date effective
9
India
3.65
Japan
Java
Latvia
Lithuania
New Zealand,
Norway
Peru
Poland
Portugal
Rumania
South Africa.
Spain
_.
Sweden
Turkey
U. S. S. R
Yugoslavia
f
Feb.
July
July
Jan.
Apr.
Aug.
May
May
Oct.
Dec.
Dec.
May
July
Dec.
Mar.
Mar.
Feb.
16,1933
3,1933
1,1935
1,1933
1,1930
1,1934
24,1933
20,1932
26,1933
13,1934
15,1934
16,1633
15,1935
1,1933
2,1933
22,1927
1,1935
Changes since July 6: Austria—July 10, 1935, down from 4 to 3H percent; Spain—July 15, down from 5H to 5 percent; Netherlands—July 18,
down from 3H to 3 percent; July 25, u p from 3 to 5 percent; July 26, up
from 5 to 6 percent; and Aug. 3, down from 6 to 5 percent; France—July
19, down from 4 to 3H percent; Aug. 9, down from 3 ^ to 3 percent.
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
England (London)
Month
Bankers'
Treasury
Bankers'
acceptances, bills, 3 Day-to-day allowance
money
3 months
months
on deposits
0.91
.91
.87
.79
.73
.77
.45
.57
.36
.38
.57
1934—May.
June
July
August
,
September—.
October
,
November.—.
December....
1935—January
,
February
March
April
May
-..
June
Month
.71
and M°aTy 5 3 0 O p e 3 ? 8 l a i i a t l 0 n ° f ^
.72
.75
.75
.75
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
1.50
1.50
1.60
1.50
1.50
1.50
L50
i.50
.60
.50
1.50
1.80
Z39
2.60
^
1.93
2.11
2.20
2.31
2.15
2.10
2.35
2.38
2.38
2.38
2.38
2.38
2.12
1.
B U L L E T m for N o v e m l
Z60
2.03
1.78
1.75
1.50
1.45
1.44
1.50
1.79
2.12
2.12
2.14
2.56
5.72
Money for Day-to-day
1 month
money
3.87
3.76
3.75
3.75
3.81
3.81
3.63
3.50
3.51
3.41
3.38
3.38
3.09
3.00
Switzerland
1934—May.
June
July
August
,
September..-.
October
November.
December
1935—January
February
March
April
May.
June..
Private
discount
rate
0.85
.92
.85
.81
.78
.75
.68
.70
0.85
.85
.76
.74
.61
.63
.29
.47
.26
.28
.50
.51
.51
.64
Netherlands
(Amsterdam)
Germany (Berlin)
3.00
3.00
3.00
3.00
3.00
3.00
3.19
4.00
4.00
4.00
3.89
3.50
3.50
3.50
*" *"•
5.13
4.67
4.44
5.02
5.13
5.13
4.37
3.56
3.93
3.77
3.60
3.60
3.10
2.93
Hungary
4.72
4.57
4.67
4.72
4.71
4.63
4.21
4.28
3.82
3.83
3.94
3.64
3.17
3.16
Sweden
(Stockholm)
Private
discount
rate
Money for
1 month
1.22
1.00
1.00
LOO
1.00
1.00
1.00
1.00
LOO
1.00
1.00
3.26
2.96
3.83
1.33
.78
.74
.75
.61
.59
.63
.60
.59
.58
.60
3.65
3.78
4.42
Japan (Tokyo)
Call
Prime
Loans u p Discounted
money
commer- Day-to-day
to 3
bills
money
overnight
cial paper
months
2.43
2.44
2.57
2.79
2.63
2.52
2.56
2.74
2.59
2.62
2,70
2.54
2.40
5.29
5.26
5.20
6.11
5.11
5.11
5.11
5.11
5.11
6.11
5.11
5.11
5.11
*7*
• /if
- - - . - _ _ _ . . - . .
_ - _ _ _ - . . _ _ _ .
- . . . - - - - - - - -
-»--
^ ^ ^ ^
* r " * . PP- 794-796; April 1927, p . 289; July 1929, p . 603; November 1929, p . 735
533
FEDERAL RESERVE BULLETIN
AtTQUST 1935
FOREIGN EXCHANGE RATES
[Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency.]
Argentina
(peso)*
(schilling)*
(lev)*
Canada
(dollar)
China
(belga)
Brazil
(mil*
reis)i
Chile
(pound)'
(peso)*
(yuan)
Colombia
(peso)i
95.1274
83.5050
66.7375
58.4433
»72.8009
33.5793
33.6077
July
33.7661
August
September- 33.2904
32.9458
October
November.. 33.2625
32.9513
December
32.6038
1935—January
February... 32.4607
31.8033
March
32.2220
April
32.5572
May
32.8687
June
33.0262
July
480.83
463.60
351.50
279.93
337.07
400.95
401.70
403. 52
396.50
391.62
395.73
392.27
387.92
386.37
378.56
383.52
. 387.55
391.28
393.31
14.0575
14.0891
14.0227
13.9599
15.4478
18.7930
18.8786
18.9981
19.0185
18.9242
18.7966
18.7711
18.7725
18.7900
18.8827
18.7898
18. 7680
18.8821
18.9148
13.9124
13.9524
13.9285
13.9137
17.8996
23.2867
23.3606
23.7056
23.7332
23.4579
23.3212
23.3939
23.3150
23.3293
22.7564
16.9430
16.9461
16.9393
16.9117
11.8078
10.7136
7.0290
7.1223
7.9630
8.4263
8.4384
8.489S
8.3096
8.1899
8.2176
8.1904
8.1451
8.1282
3.2363
8.2578
8.2797
8.3122
8.3146
0.7216
.7209
.7163
.7193
1.0039
1.2852
1.2608
1.2881
1.2814
1.2428
1.2134
1.2110
1.1955
1.2665
1.2878
1.2725
1.2756
1.3070
1.3149
99.2472
99.8424
96.3258
88.0896
91.9587
101.0060
101.2034
102.3779
102.9387
102.1226
102.4719
101.3090
100.1825
99.8852
99.0647
99.5277
99.8977
99.9078
99.8322
12.0601 41.9007
12.0785 29.9166
12.0669 22.4369
7.9079 21.7357
7.6787 * 28.5979
10.1452 34.0937
10.2705 33.9113
10.3266 318553
10.2974 35.5827
10.3090 34.5881
10.3496 33.3947
10.2367 34.2164
6.0630 34.9924
6.0761 36.6369
5.0885 38.2960
6.1000 33.7908
5.1000 41.0979
5.0996 40.4002
5.0990 38.6791
96.6512
96.4930
96.6697
95.2750
81.6966
61.7799
56.1052
55.1596
67.6496
60.2012
65.0391
64.5284
64.1450
58.9577
54.1613
52.8846
55.0634
64.4063
52.9692
99.9647
99.9515
99.9295
99.9409
99.9464
99.9362
99.9404
99.9165
99.9150
99.9165
99.9193
99.9194
99.9215
99.9205
99.9200
99.9194
99.9204
99.9182
99.9194
Italy
Japan
(lira)
(yen)
Year or month
1929
1931
1932
1933
1934 .
Egypt
STear or month
1929
1930
1931
1932
1933
1934
(pound)
„
'
July
^_
August
September..
October
November.
,n,* December...
1935—January
February..I
March
April
May.... ' '
June
July...
Year or month
1929....
1930
1931
1932
1933
1934....
July
August
September. I
October
November.
December 11
1935—January
February
March
April
May
June
July
"'
498.0689
493.6002
465.1111
359.5406
434.3908
516.8549
516.9506
519.5273
512.2619
606.6711
511.6889
507.2709
501.7925
499.7457
489.7472
495.9246
501.1845
Australia
Austria Belgium
England Finland France
(pound) (markka) (franc)
485.6879
436.2126
453.4990
350.6067
423.6821
503.9302
504.0705
506.6076
499.4056
494.0809
498.9022
494.5793
489.2457
487.3466
477.6211
483.6812
438.7755
493.4922
495.7659
2.5160
2.5169
2.3875
1.6547
1.8708
2.2277
2.2302
2.2403
2.2101
2.1826
2.2019
2.1859
2.1636
2.1536
2.1099
2.1315
2.1543
2.1782
2.1859
New
Zealand
(pound) 1
Norway
(krone)
Poland
(zloty)
483.21
468.22
415.29
320.19
340.00
402.46
402.81
405.09
398.77
393.67
398.07
394.63
390.25
388.69
380.91
385.85
389.90
393.54
395.65
26.6827
26.7598
25.0546
18.0039
21.4292
25.3161
25.3246
25.4604
25.0928
24.8258
25.0655
24.8478
24.6315
24.4880
24.0265
24.2975
24.5563
24.7910
24.9062
11.1940
11.2051
11.1970
11.1823
14.4135
18.8460
18.8917
19.0824
19.1413
19.0071
18.8976
18.8941
18.8535
18.8721
18.9611
18.8617
18.8426
18.9146
18.9574
3.9161
3.9249
3.9200
3.9276
5.0313
6.6688
6.5939
6.6592
6.6714
6.6247
6.6886
6.5971
6.5820
6.5936
6.6232
6.5970
6.5883
6.6121
6.6242
Germany
Bulgaria
(reichsmark)
Greece
(drachma)
Hong
Kong
(dollar)
HunIndia
gary
(pengoji (rupee)
23.8086
23.8541
23.6302
23.7492
30.5179
39.3751
38.4938
39.4786
40.2760
40.4507
40.2054
40.1910
40.0614
40.1178
40.3722
40.2638
40.2472
40.4072
40.3538
1.2934
1.2959
1.2926
.8320
.7233
.9402
.9453
.9565
.9562
.9476
.9392
.9375
.9341
.9339
.9399
.9354
.9340
.9423
.9442
47.1669
33.8630
24.3305
23.4604
29.4516
38.7156
37.6231
38.6140
39.3324
40.4695
41.2418
42.2908
43.1695
44.3362
47.9147
52.6702
59.3095
57.5162
53.0310
17.4414
17.4939
17.4522
17.4460
22.3598
29.5746
29.7112
29.3832
30.0219
29.8995
29.7126
29.5993
29.5828
29.6955
29.6405
29.4937
29.4356
29.5062
29.6809
36.2020
36.0672
33.6895
26.3468
31.8159
37.8793
37.8774
38.0616
37.5481
37.1426
37.4866
37.1835
36.8611
36.7994
36.0210
36.4393
36. S602
37.1944
37.3467
Ruma- South
Spain
Africa 1
nia
(escudo) (leu) (pound) (peseta)
Straits
Settlements
Sweden
(dollar)
14.6833
11.6670
9.5453
8.0433
10.7189
13.6150
13.6668
13.8002
13.3269
13.7272
13.6532
13.6719
13.6403
13.6626
13.7232
13.6693
13.6522
13.6982
13.7259
66.0117
55.9639
52.4451
40.3970
49.2320
59.0052
59.0562
59.3488
58.5164
67.9172
68.4533
57.9717
57.2421
57.0057
66.6346
56.3329
66.8942
57.3762
57.5466
26.7839
26.8543
25.2540
18.4710
22.0324
25.9315
25.9880
26.1182
25.7483
25.4756
25.7220
25.4975
25.2267
25.1256
24.6264
24.9325
25.1988
25.4403
25.5583
Portugal
4.4714
4.4940
4.2435
3.1960
3.9165
4.6089
4.6129
4.6274
4.5593
4.5043
4.6384
4.4977
4.4500
4.4323
4.3430
4.3930
4.4407
4.4856
4.5095
0.5961
.6953
.5946
.6968
.7795
1.0006
1.0045
1.0126
1.0144
1.0069
.9998
1.0025
1.0027
.9592
1.0093
1.0074
1.0057
1.0078
1.0004
483.27
483.79
480.76
476.56
414.93
493.29
493.44
601.27
494.23
488.43*
493.42
489.24
433.99
482.30
472.31
478.27
483.34
488.06
490.61
(krona)
5.2334
5.2374
5.2063
5.1253
6.7094
8.5617
8.5750
8.6632
8.6794
8.6056
8.5386
8.5427
8.5209
8.4730
3.3363
8.2821
8.2263
8.2566
8.2259
Czecho- DenCuba slovakia
mark
(peso) (koruna)
(krone)
19.2792
19.3820
19.4009
19.4049
24.8355
32.3663
32.5771
32.9542
33.0237
32.7745
32.4713
32.4053
32.3055
32.3525
32.5301
32.3645
32.3230
32.6800
32.7474
Uruguay
(pound) (peso)i
43.4105
47.0608
47.1814
47.2854
60.4396
79.0472
79.2912
79.9969
80.2671
79.6869
79.1991
79.2964
79.3381
79.5018
80.6676
80.6065
80.5269
26.6802
26.7650
25.0581
18.8317
19.0709
22.4993
22.5103
22.6215
22.2981
22.0615
22.2724
22.0793
21.8447
21.7594
21.3244
21.5902
21.8175
22.0458
22.1303
Mexico Netherlands
(peso) (florin)
46.0997 48.1830
49.3898 47.1331
43.3509 » 35.4919
28.1112 31.8500
25.6457 28.1025
29.7153 27.7423
29.8434 27.7481
29.9933 27.7298
29.7693 27.7458
28.6843 27.7514
29.0554 27.7620
28.8232 27.7615
28.4725 27.7641
28.3913 27.7515
27.9S37 27.7500
28.3679 27.9350
23.7295 27.7882
28.9931 27.7781
29.1510 27.7660
SwitzerTurkey
land
(franc)
2.9609
2.9640
2.9619
2.9618
3.8232
4.2424
4.1540
4.1944
4.2141
4.1996
4.1777
4.1803
4.1711
4.1784
4.1982
4.1814
4.1683
4.1828
4.1729
98.6294
85.8650
55.3572
47.0639
60.3360
79.9562
80.1433
80.9961
81.1496
80.5520
80.1486
80.2310
80.0194
SO. 1306
80.4779
80.2015
80.0946
80.3547
30.4341
40.1622
40.2251
40.2293
40.2949
51.7209
67.3831
67.7146
68.3803
68.5744
68.0869
67.5988
67.6382
67.4562
67.5602
67.9506
67.4576
67.6195
67.8743
67.9862
Yugoslavia
(dinar)
1.7591
1.7681
1.7680
1.6411
1.7607
2.2719
2.2773
2.3075
2.3156
2.2993
2.2785
2.2756
2.2716
2.2717
2.2852
2.2757
2.2737
2.2913
2.2965
2 P X H I S H°\}7 n o m J n a ! sjnce April 1933.
=
j
pesOf
quoted in place of latter beginning Dec. 13,1933
Average for 1933 Is for gold peso for
* beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver.
Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents.
' Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso
or Jan. 2-July 29 was 47.6510 cents.
Av
FEDERAL KESERVE BULLETIN
534
AUGUST 1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
Italy
Germany
France
England
Canada
States
(1930-100) (1913-100) (1913=100) (1913-100)
(1926-100) (1926-100)
Japan
(October
1900=100)
100
88
86
86
88
695
642
645
627
554
502
427
398
376
134
138
140
137
125
111
97
93
98
602
495
462
445
383
328
304
280
273
237
225
226
220
181
153
161
180
178
71
72
72
71
71
72
72
72
72
71
71
71
89
89
88
88
87
88
87
89
88
88
88
88
405
400
394
387
381
379
374
371
365
357
356
344
96
96
96
96
96
97
99
100
100
101
101
101
276
275
275
273
273
272
270
271
270
272
274
276
176
178
177
177
176
175
174
177
179
182
181
181
145
14S
149
142
117
97
79
74
78
79
SC
79
79
77
76
77
78
77
77
77
78
71
72
72
73
72
72
88
88
87
88
88
88
350
343
335
336
340
330
101
101
101
101
101
101
277
278
288
296
302
30S
182
184
184
182
182
180
78
77
75
76
75
75
100
95
97
95
86
73
65
66
75
100
98
96
96
87
72
67
67
72
1034—January.....
....
...
February*......*.
. ..... ...
March
April
May
June... * . . . . .
.
...
July
August
,...
..
September
October
November..
December..................
72
74
74
73
74
75
75
76
78
77
77
77
1935—January....
February
March
April
May
June....* . . . . . . *
79
80
79
80
SO
80
1926
1027
1028
1929
1930
1931
1032
1933
1034
.
.
.
.....
... ...
Nether,
lands
(1913=100)
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included In total Index above]
United State* (1926-100)
Year or month
Farm
products
Foods
Other
commoditles
England (1930=100) | Prance (1913-100)
Foods
1926.,
1927.,
1928.,
1929..
1930*.
1931.,
1932..
1033..
1034.-
100
99
106
105
88
65
48
51
65
100
97
101
100
91
75
61
61
71
100
94
93
92
85
75
70
71
78
100
89
88
83
85
1934-January....
February...
March
April
May
June
July
August
September.,
October
November.,
December..
.59
61
61
60
60
63
65
70
73
71
71
72
64
67
67
66
67
70
71
74
76
75
75
75
78
79
79
79
79
78
78
78
78
78
78
78
84
84
82
82
* 82
84
84
90
88
87
86
87
1935—January..^
February.,
March....
April
78
79
78
80
81
78
78
77
77
77
78
78
87
87
85
85
May
June
Sourcts.-Si*
IndusFarm
Indus- Agricultrial
and food
trial
tural
products products products products
BULLETIN for March 1931, p. 159, and March 1935, p. 180.
Germany (1913=100)
Provisions
Industrial raw Indusfinand semi- trial
ished
finished products
products
100
87
85
87
90
581
599
584
579
526
542
482
420
410
793
67S
697
669
579
464
380
380
361
129
138
134
130
113
104
91
87
96
132
129
133
125
113
96
86
75
76
130
132
134
132
120
103
89
88
91
150
147
159
157
150
136
118
113
116
91
92
91
91
90
90
424
416
413
404
405
406
387
3S6
378
372
360
356
354
351
350
347
347
93
92
91
91
92
94
98
100
100
101
101
101
73
73
73
74
74
76
76
78
78
78
79
79
90
91
91
91
90
91
92
92
92
92
92
114
115
115
115
115
115
115
116
117
118
119
119
350
346
341
345
353
351
100
100
99
100
101
102
81
81
83
84
84
86
368
366
344
351
339
329
325
324
307
119
120
120
120
119
119
535
FEDERAL RESERVE BULLETIN
AUGUST 1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United
England
States
(July
(1913 -100)1 1914-100)
France
(July
1914=100)»
161
155
154
157
147
121
102
100
161
156
157
154
145
131
126
120
122
213
113
112
124
125
124
109
100
1934—April
May
June
July
August
September.
October...
NovemberDecember..
107
103
109
110
112
117
116
115
114
118
116
117
122
123
126
125
127
127
120
121
119
119
120
119
1934-AprU
May
June
July
August
September
October
November
December.
1935—January....
FebruaryMarch
April
May
June
119
122
122
124
124
123
125
124
122
119
118
120
119
120
119
119
120
121
1935—January
February..
March
April
May
June
Year or month
1926
1927
1928
1929
,
1930
1931
1932
1933
1934
Germany
(191314=100)
153
156
146
131
116
113
118
116
116
US
Year or month
United
States
(1913=100)
England
(July
1914-100)
(Jan.-June
175
173
171
171
164
148
134
132
138
170
164
166
164
158
148
144
140
141
103
104
105
113
118
116
107
106
105
1926..
1927..
1928...
1929...
1930...
1931...
1932...
1933...
1934...
136
139
139
137
138
141
142
143
143
144
144
143
142
141
139
139
140
<*)
France
1914-100)*
Germany
(191314-100)
152
154
148
136
121
118
121
120
120
121
122
122
122
122
122
122
106
104
102
122
123
122
122
123
123
100
i Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month.
1
Index represents prices converted to gold basis of 1914.
* Revised series 140.3 for March 1935 and 137.8 for November 1934; other back figures not yet available.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Germanp—Statisttsches Reichsamt; France—For retail food prices, Statistique Generate, and for cost of living, Commission d'fitudes
relatives au coiit de la vie a Paris.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average=100)
Bonds
United
States
(average
price)
Year or month
Number of issues
60
1926...
1927.
1928
1929
1930
1931
1932
1933
1934
1934-April
May
June
July
August
September toM_
October
November
December
_
1935—January
February
March
.
«.
April
May
June
:::.:":::::
„
::::::
97 0
93 9
98.7
95.7
98.3
96.1
81.1
84.0
96 7
97.0
97.6
99.0
99.3
97.8
96.7
98.4
98.8
100.0
101.3
101.3
99.9
100.0
101.2
102.2
France
England
(December (1913 aver1921=100)» age-100)
Germany
(average
price)*
87
36
139
421
278
300
329
110.0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
126.9
125.8
125.3
127.1
127.4
128.3
128.9
133.2
132.7
134.6
131.6
130.3
131.3
131.3
130.3
57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
81.9
84.7
85.6
82.7
81.8
81.3
82.7
85.0
85.8
8S.9
89.5
84.1
84.8
82. A
82.8
85.5
81.4
83.3
»83.4
»67.1
82.5
90.7
91.3
90.7
88.9
87.8
87.9
89.0
91.6
92.2
93.8
96.0
95.5
96.1
95.1
95.3
95.3
100.0
118.3
149.9
190.3
149.8
94.2
48.4
63.4
72.5
79.6
71.8
73.5
71.4
67.8
67.0
67.3
69.4
69.2
69.7
67.8
63.9
67.5
73.1
76.0
100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
88.1
87.1
86.0
84.8
83.8
83.6
84.5
85.6
85.3
86.9
85.4
82.6
83.8
86.0
86.9
100.0
123.2
178.1
217.6
187.6
132.2
105,2
99.6
83.3
88.8
90.1
87.6
100.0
145.0
136.1
122.8
100.2
*78.0
150.3
61.7
71.1
68.8
67.2
69.9
71 t
73.4
76.2
76.3
73.7
73.2
United
States
England *
France
81.1
77.3
74.7
73.0
74.7
83.7
80.3
7S.1
79.8
88.0
82.4
Germany
76.6
79.3
80.6
81.9
83.5
86.0
1
, to Apr. « , i n Index for 1»1 presents averase of month, January
Exchange closed from July 13 to Sept. 2,1931, and from Sept.
June; index for 1932 represents average of months May-December.
Sources—See BULLETIN for February 1932, p. 121, and June 1935, p. 394,
536
FEDERAL RESERVE BULLETIN
AUGUST 1935
LAW DEPARTMENT
Transfer of transactions from cash accounts after bona fide cash transaction, that the creditor is
extension of time
acting in good faith in making the application,
Ruling no, 46 interpreting Regulation T.—In and that the circumstances warrant such action.
reply to an inquiry of a business conduct committee of a national securities exchange regarding the provisions of the fourth paragraph of Amendment no. 5 of Regulation T—Effective August
section 6 of Regulation T, the Federal Reserve 8, 1935
Board rules that such a committee, having, on
Subsection (e) of section 8 of Regulation T
proper application, granted to a "creditor", as is hereby amended by adding at the end thereof
defined in Regulation T, an extension of time a new paragaph reading as follows:
in which to receive payment from a customer In the event of the transfer of an account from one
who has purchased registered securities in a customer to another, such account may be treated by
bona fide cash transaction, may, on further the creditor for the purposes of this regulation as if
application of the creditor and before the ex- it had been maintained for the transferee from the
piration of the extension, authorize the cred- date of its origin: Provided, That, if the account be a
restricted account, the creditor shall have filed a
itor to transfer the transaction from the cus- report with any regularly constituted committee of a
tomer's special cash account to his margin national securities exchange having jurisdiction over
account, making appropriate entries in both the business conduct of its members, of which exaccounts, and to extend credit on such securities change the creditor is a member or through which his
in the margin account subject to the provisions transactions are effected, reciting the circumstances of
the transfer and stating, as of the time of the transfer,
of Regulation T: Provided, That the committee the adjusted debit balance of the account and the
shall be satisfied that the transaction was a maximum loan value of the securities in the account.
537
FEDERAL BESERVE BULLETIN
AUGUST 1935
FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS BY MONTHS
DISCOUNTS BY WEEKS
[Averages of daily figures. In thousands of dollars]
[In thousands of dollars]
1935
1934
Wednesday figures (1935)
Federal Reserve bank
Federal Reserve bank
July
Boston.
New York
Philadelphia
July 3 July 10 July 17 July 24 July 31
937
4,232
576
332
12,729
6,193
Boston
New York
Philadelphia
6,163
313
779
1,062
4,469
277
4,451
342
3,767
512
3,523
623
153
143
53
247
368
201
616
747
202
Cleveland...
Richmond
Atlanta
210
145
150
120
137
206
33
120
57
106
120
150
90
69
33
4
76
59
43
43
156
184
369
St. Louis .
Minneapolis
113
15
115
66
63
94
395
251
117
444
241
179
423
1,141
Kansas City
Dallas
7,256
7,518
23,221
.
Kansas City..
Dallas
3an Francisco
Total
July
930
4,642
494
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
June
4
79
748
27
4
4
834
4
81
65
64
83
116
308
195
373
190
402
125
437
150
607
233
8,371
6,841
6,665
6,109
6,570
...... ...
Total
4
74
815
Backfigures.—SeeAnnual Report for 1933 (table 15).
Back figures.—See Annual Report for 1933 (table 11).
TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO
LIABILITIES
[Averages of daily figures. Amounts in thousands of dollars]
Federal Reserve notes in
circulation *
Total deposits
Total reserves
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
Federal Reserve bank
1934
1935
July
Boston
New York....I"'
Philadelphia.....
Cleveland
Richmond
Atlanta
,
,
Chicago
St. Louis
Minneapolis.1.
Kansas City...
Dallas
San Francisco.
TotaL.
1
June
July
July
June
July
1934
1935
1934
1935
July
June
July
July
68.5
62.2
66.6
63.0
60.8
81.0
67.3
68.9
81.0
64.8
63.5
73.0
66.8
65.7
66.3
61.4
66.0
65.8
60.4
64.3
65.3
60.4
67.2
74.4
73.8
69.6
271,216
681,313
236,581
244,082
653,999
250,315
76.6
78.6
66.6
318,3^3
149,485
127,435
314,728
149,045
125,825
311,307
141,913
134,388
63.5
63.6
797,759
140,742
100,180
791,480
139,100
101,924
770,315
132,835
96,864
153,758
119,076
254,168
122,360
54,308
227,432
120,893
50,720
218,273
110,527
41,110
209,539
172,661
96,680
311,603
187,370
122,963
312,818
188,068
113,685
296,850
331,469
6,491,466 6,290,914 5,081,265 5,456,544 5,326,077 4,206,001 3,268,471 3,201,103 3,097,194
July
75.1
70.8
63.3
284,557
706,950
238,900
203,168
June
75.3
77.8
67.4
462,222 429,123 425,481 318,543 298,528
2,498,114 2,390,035 1,676,224 2,471,296 2,388,897 1,712,733
317,070 320,573 327,812 237,478 239,384 229,711
442,015 429,082 384,927 322,068 311,347 266,628
171,361 161.567 151,900 130,091
187,119
197,469
86,819
152,411 134,560 134,533 112,247
96,093
716,685
966,754
1,383,588 1,423,876 1,085,979 910,137
151,443 130,345
175,714 170,069
188,323
209,043
83,291
154,250 118,290 129,938 123,128
158,604
205,458
108,802
356,670
1934
1935
Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $19,981,000; month ago, $18,172,000; year ago, $18,132,000.
Back figures.—See Annual Report for 1933 (table 9) and 1932 (table 8).
538
FEDERAL RESERVE BULLETIN
AUGUST 1935
ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE
STATEMENT, JULY 31, 1935
[In thousands of dollars]
Total
Boston
New
York
MinPhila- Cleve- Rich- AtSt.
neapChicago Louis
delolis
phia land mond lanta
Kansas
City
Dal-
San
Francisco
L36,299
128,718
307
3,565
17,667
ASSETS
Gold certificates on hand and due from
6,224,116 395,943 2,576,220 267,677 440,191 .78,754 26,065
U. S. Treasury
Redemption fund—Federal Reserve
1,537 2,146 1,554 1,793 3,276
21,829 3,675
notes
72,410 32,316 11,018 10,967 10,573
269,230 30,533
Other cash
Total reserves..
6,515,175 430,151 2,650,167 302,139 452,763|
Bills discounted:
Secured by U. S. Government
obligations direct and/or fully
guaranteed
Other bills discounted
3,432
3,138
6,570
Total bills discounted..
4,687
28,354
Bills bought in open market.
Industrial advances
IT. S. Government securities:
Bonds
Treasury notes_
Certificates and bills
L91,514
.39,914
120
30
21
266,770
304,457 202,193 152,423 93,950 .45,554 349,950
100
15
764
70
1,332
2,196
504
124
•27
834
3,528]
628
137
115
445
1,640
557,
1,842
345
2,254
1,801
475
6,9291 3,697
110
174
4,590
169
1,075
292,212 17,419
99,496 20,160 23,227 12,434 10,070
1,569,963 102,754 480,777 115,454
,15,454 142,710
[42,710 76,397 61,664
568,034 37,504 164,045 41,506 52,088 27,884 22,507
,88,497 138,431 .80,551
6321
1,744 1,103
497
35,943 12,593 13,495 12,767
25
338
116
80
449
140
148
607,
122
1,837
64
2,076
11,474 14,260 11,548 17,081 21,235
230,353 70,996 45,056 69,815 43,513 [30,474
91,528 25,730 16,258 25,481 15,881 47,622
Total U. S. Government secur2,430,209 157,677 744,318 177,120 218,025' 116,715 94,241
iti
ities
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
TJncollected items
Bank premises
All other assets
Total assets
108,200 75,574 106,844 76,475 L99,331
358,203 08,733 77,808 ,08,244 79,041(200,755
17
77
3
3|
263 1,319
599 1,317
2,670
2,345
791 12,120
28,366 15,145 23,962
64,706 19,171
36,663
4,958 2,628 1,580 3,449 1,685 3,869
3,028
475
882
533
317
1,200
241
|9,555,612| |643,86o|3,571,975(632,317| '24,058 356,402 253,802 735,751 333,760 M5.066 335,660 242,587 580,374
2,469,820 161,110 756,576 181,920 220,247
635
255
60
65
381
17,127
4,415
732 1,132
455,435 48,451 114,323 37,768 41,603
49,904 3,168 11,937 4,642 6,632
47,516
555 34,302 5,051 1,621
1
95,554
23
1,163
13,157
2,328
1,663
LIABILITIES
Federal Reserve notes in actual circu- 3,261,622 283,668 707,052 236,742 31?, 645147,175
lation
Deposits:
Member bank—reserve account.,. 5,099,616 273,133 2,411,308 216,922 318,384 .44,575
U. S. Treasurer—general account125,981 9,095
16,266 3,067 10,296 9,642
Foreign bank,,
23,288 1,671
8,620 2,298 2,205
859
229,553 2,990] 185,605 1,842 2,440 2,193
Other deposits
Total deposits
;5,478,438 286,889J2,621,799|224,129J333,325J157,269]
Deferred availability items..
460,873 48,609 •113,536 36,907 41,376 36,817
Capital paid in
146,647 10,754
59,469 15,120 13,110 5,040
Surplus (sec. 7)
144,893 9.902 49,964 13,470 14,371 5,ise
Surplus (sec. 13b)
21,572 2,165
6,863 2,098 1,007 3,335
Reserve for contingencies..,.
30,781 1,648
7,500 2,995 3,000 1,416
All other liabilities
10,786
856
225
5,792
224
164
58,768 228,265
27,388
794,263 40,527 97,675
95,929
1,799
836
767,498 51,013 11,979 .70, 530 152,991285,354
1,756
59,801 3,044| 6,479 2,843
'604 1,625
557
624
6,597
446 1,329 14,377
7,251
833,075 162,004 25, 612 74,443 156,817 303,112
65,444 20,824 12,856f 29,270 16,722 25,618
12,806 3,960 3,l34 4,035 4,008 10,759
21,350 4,655 3,420, 3,613 3,777 9,645
695
939
l,39lf
547 1,003
775
5,325,
891 1,171
827 1,363 2,041
239
193
195
352
2,097
243
1,400
99,964
12,894
4,452
5,540
754
2,604
206
.22,454
Total liabilities
, •9,555,612 643,860|3,571,975|532,317J724,058|356,402|253,802] 1,735,751333,760 245,066 335,660 242,587 580,374
Ratio of total reserves to deposit and
Federal Reserve note liabilities
combined (percent).
74.5
75.4
79.6 65.6
67.5 65.9
62.9
69.6
65.3
68.3
61.5
80.:
66.8
Commitments to make industrial ad*
vances,..
23,022
2,978
448!
8,863
742 1,852 1,857
5141 1,895
645
149
243
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by
3,532,140 309,733 801,605 251,307 335,217 157,084 143,006 823,112 146,492 103,756 130,790 63,945 266,093
Federal Reserve agentHeld by Federal Reserve bank
" —' 17,572 ' 9,909 15,618 28,849| 5,965 6,081 8,336 5,177 37,828
270,518 26,065 94,553 14,565
In circulation3,261,622 283,668 707,052 236,74: 317,645147,175127,388
794,263 140,527 97,675 122,454 58,768 228,265
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury
3,389,839 316,61' 818,706 216,000 316,715 131,000 92,685 847,546 133,632|1O4,5OC 122,000
5,090
Eligible paper
833
2,055
628]
~~
150
69
137,
115
1W
44,000
205,000
U. S. Government securities
35,000 20,000 27,000 55,00C
14,00C
10.00C
Total collateral3,599,929 317,450 820,761 251,628 336,852 158,150 147,754 847,66: 147,636 104,594 132,11 64.782 270,546
539
FEDERAL RESERVE BULLETIN
AUGUST 1935
MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[Averages of daily figures. In millions of dollars]
Reserves held
Federal Eeserve district
Boston...
New York
Philadelphia
Cleveland
Richmond
Atlanta
„ „
_.
Total
-^
.
Chicago
St. Louis
Minneapolis
*
Kansas City
Dallas
San Francisco
*
Total
Borrowings at Fed eral Reserve bantu
Excess
June
May
April
291.3
2,169.7
226.6
296.6
2,031.0
221.3
295.7
1,920.8
221.5
154.4
997.0
91.4
161.2
896.3
89.8
161.8
810.5
92.4
299 8
144.3
86.5
950.1
137.9
113.0
320.3
149.6
84.2
308.6
142.4
85.6
139.0
70.5
29.0
162 3
76.2
26.4
167.4
70.5
27.7
893.3
111.9
101.6
685.4
124.9
96.3
£96.5
67.8
63.6
549.8
41.5
54.1
181.9
109.0
268.7
186.4
107.6
274.0
175.1
113.2
266.9
93.2
51.6
83.6
4,978.9
4,777.8
4,436.3
2,437.6
May
June
April
June
May
April
0.6
3.9
.5
0.6
3.8
.5
,1
.2
.3
.1
.2
.2
368.4
56.4
48.2
.2
.3
.2
.1
.04
.05
.1
.02
.05
.04
.003
.05
100.3
50.6
88.6
92.1
56.0
84.1
.1
.4
.2
.1
.5
.2
.1
.4
2,296.9
2,025.6
7.5
6,7
6.2
0.9
4.2
.6
NET DEMAND^AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers (places over 15,000)
Federal Reserve district
May
April
June
May
Time
Net demand
Time
Net demand
June
Member banks in smaller centers (places under 15,000)
April
June
May
April
June
Boston.
New York
Philadelphia
1,235
8,775
1,011
1,221
8,469
963
1,203
8,281
943
589
1,590
610
591
1,664
633
591
lf663
639
89
216
162
88
215
160
86
208
158
122
443
399
Cleveland-^—
Richmond
Atlanta....
1,219
561
457
1,190
557
454
1,127
544
458
920
324
273
916
324
270
911
324
267
162
122
93
Chicago
St. Louis
Minneapolis
2,614
526
314
2,538
530
295
2,341
513
302
1,081
258
168
1,071
258
172
1,010
257
174
642
421
1,243
615
415
1,250
587
416
1,222
199
159
1,824
207
159
1,817
19,019
18,503
17,936
7,993
8,081
206
158
1,822
8,022
204
138
144
252
188
110
1,881
162
122
102
204
137
140
156
119
102
196
133
136
244
190
107
1,833
234
164
70
177
91
171
109
35
91
2,110
Kansas City
Dallas
:
San Francisco
I
Total
249
189
107
1,874
May
122
446
398
236
167
73
174
91
171
109
35
91
2,113
April
121
444
396
229
165
70
170
90
171
109
36
91
2,092
FEDERAL RESERVE BULLETIN
540
AUGUST 1935
EARNINGS AND EXPENSES OF MEMBER BANKS
ALL LICENSED MEMBER BANKS, BY CLASSES OF BANKS, YEARS ENDED DEC. 31,1933, AND 1934
Amounts per $100 of loans and investments *
Amounts (in thousands of dollars)
All member banks
Earnings:
Interest and discount on loans
Interest and dividends on Investments
Interest on balances with other
banks
Collection charges, commissions,
fees, etc
Foreign department
Trust department
Service charges on deposit accounts
——
Other current earnings
Total earnings from current
operations
Expenses:
Interest on deposits:
Time
Demand
Bank
Total
Salaries and wapes
Interest and discount on borrowed money.
Taxes..
Other expenses
Total current expenses....
National member
banks
member
State member banks Allbanks
1034
1933
1934
1933
1934
1933
540,014
604,297
362,740
408,948
177,274
195,349
473,791
2,425
314,217
426,391
1,375
7,705
272,043
5,585
159,574
154,348
.01
.03
.10
.07
.26
.10
.09
.24
2.13
2.60
1.79
2,11
1.85
1.73
1.61
1.66
.01
.04
.01
.02
.10
.09
.14
.10
.07
.46
.10
.09
.41
.09
.30
.08
.29
.07
.25
15,495
13,768
21,840
9,460
7,225
45,449
19,284
54,521
13,854
48,066
8,335
28,724
6,720
.10
.31
.08
.29
.11
.06
.15
.11
.3!
1,243,873 1,236,864
806,782
799,599
437,091
437,265
4.62
4.95
4.74
5.09
4.41
4.71
.93
!05
.96
.05
.01
1.06
.16
.06
.65
.04
.01
.71
.18
.05
27,619
83,245
227,371
12,494
3,498
231,765
42,802
13,424
162,908
8,787
2,074
165,923
26,166
8,780
64,463
3,707
1,424
65,842
16,636
4,64-
243,363
327,424
287,991
306,021
173,769
206,015
200,869
193,97'
69,594
121,409
87,122
112,04"
.90
1.22
1.15
1.22
1.02
1.21
1.28
1.23
.70
1.22
.94
1.21
3,637
62,278
212,687
15,178
58,028
192,082
1,577
42,293
132,567
9,373
40,31:
119,19;
2,060
19,985
80,120
5,805
17,7172,89:
.01
.23
.79
.06
.23
.77
.01
.25
.78
.06
.26
.76
.02
.20
.06
.19
.79
563,718
=
235,881
3.15
3.44
3.27
3.5S
2.96
3.19
1.5:
1.47
1.5C
556,221
250,561
Recoveries, profits on securities, e t c
On loans
On investments
All other
44,389
185,591
23,979
28,815
80,072
15,998
31,999
119,5S9
15,224
18,830
61,030
9,904
253,959
124,885
166,812
79,764
87,14!
45,12:
451,782
320,496
425,442
344,053
299,085
206,332
304,568
244,507
152,697
114,164
120,87'
99,541
39,422
61,244
35,758
53,026
29,414
36,53
20,21:
31,903
10,008
24,713
15,546
21,123
872,944
858,279
571,362
601,19C
301,582
257.08S
224,501
173,666
355,830
150,804
153,989
91,698
285,645
71,403
70.51
81,968
70,28^
79,401
Time deposits > „ .
Total deposits
Capital funds * *..
1934 1933
18,350
10,750
25,545
377,564
Loans*
Investments *..
Loans and Investments *
1934 1933
24,487
21,791
59,658
20,674
71,961
27,810
17,975
70,994
859,300
Total losses and depreciation.
1.71
State
member
banks
8,992
8,023
37,818
394,484
Net deduction from profits.
Cash dividends declared
1.76
2.42
2,120
849,389
Total..
2.01
1,050
Net earnings-
Losses and depreciation*
On loans
On investments
On banking house, furniture.
and fixtures
All other
1934 1933
National
member
banks
12,476,572 12,916,730
14,453,885 12,069,549
7,749,869 8,143,91
9,268,115 7,563,906
:•
1.46
1.68
1.19
3.24
—
.83
=S
•••
1.45
1.53
.12
.32
.06
.1
.32
.07
.11
.31
.07
.5C
.5:
.49
1.70
1.38
1.21
1.94
1.56
1.54
1.15
1.30
1.07
.13
.20
.10
.25
.17
3.04
3.36
3.4;
1.42
"Tic
1.8!
2.77
—
.76
4,726,703 4,772,81!
5,185,77C 4,505,64;
26,930,457 24,986,279 17,017,984 15,707,81"
9,912,473 9,278,462
„..„,
____
9,616,323 9,0 73.49 6,741,268 6,297,135 2,875,055 2,776,35,
30,718,669 26,771,634 19,725.908 17,106,220 10,992,761 9,665,414
5,049,525 4,902,31 2,976,272 2,887,898 2,073,253 2,014,421
Other ratios *
Net loss per $100 of capital funds
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 $1CO of investments
Interest on time deposits per $100 of time deposits
Total deposits per $1 of capital funds
Loans and investments per $1 of capital funds .
For footnotes see p. 541.
$4.45
4.33
3.62
3,28
2.22
2.36
6.08
5.33
$7.26
4.68
3.29
3.53
2.85
2.55
5.46
5.10
$5.17
4.68
3.86
3.30
2.23
2.42
6.63
5.72
$9.89
5.02
3.74
3.60
3.23
2.63
5.92
5.44
$3.40
3.75
3.23
3.08
2.20
2.24
5.30
4.78
$3.49
4.09
2,53
3.43
2.21
2.37
4.80
4.61
541
FEDERAL RESERVE BULLETIN
A U G U S T 1935
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
ALL LICENSED MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1933 AND 1934—Con.
[In thousands of dollars]
Federal Reserve district
Boston
Earnings:
Interest and discount on loans.
Interest and dividends on investments
Interest on balances with other
banks
Collection charges, commissions, fees, etc
Foreign department.
Trust department
Service charges on deposit
accounts
,
Other current earnings
Total earnings from current
operations
Expenses:
Interest on deposits:
Time
Demand
,
Bank
„.„!.
Total
Salaries and wages
Interest and discount on borrowed money.
Taxes
.„
Other expenses
Total current expenses
Net earnings
New York
1933
1934
1933
Cleveland
Philadelphia
1934
1933
1934
Richmond
1933
1934
Atlanta
1933
1934
1933
43,971
47,131
149,944
179,101
48,277
52,290
52,049
57,433
25,222 26,122| 21,110 21,496
30,751
29,134
159,932
165,515
43,062
39,643
46,370
39,313
18,079 14,371 13,666 10,673
47
482
1,292
206
736
93
576
76
343
102
460
1,287
5,237
657
1,559
4,737
7,285
12,688
33,956
9,244
16,596
27,257
439
6,361
1,432
321
2,170
5,013
6,212
24,210
5,311
21,837
1,2341
5,403
1,494.
7,616
766
338
3,945
1,162
6,479
1,163
62
1,699
2,474
5,046
451
462
6,535
675
4,614
912
41
1,475
653
2,490
2,164
232
1,162
1,231
3,472
1,623
223
1,040
956
2,954
89,642
90,883
395,195
426,153
105,593
105,406
114,288
110,012
17,258
210
345
19,2120
2,418
7;t3
46,051
2,569
1,031
50,346]
14,416;
4,875
24,837
1,018
729
24,398
4.106
1,4071
27,219
1,985
361
25,515
5,954
1,294
11,686 11,706
1,238
370
17,813
22,695
22,351)
21,331
49,651
111,001
106,552
26,584,
24,745
29,911
23,940
29,565
25,422
32,763
22,814
12,0751 13,314 8,745 10,001
12,284 10,657 11,216 9,997
165
4,322
14,001
455
3,971
12,489|
1,
17,441
73,4691
4,470
15,718
70,173
1,8211
4,777
16,092
H6841
159
6,229
16,025
1,494
6,883
14,246
60,597
30,286
1,254
2,8071
50,362 46,407 43,139 39,430
124
2,793
7,601
800
2,593
6,305
8,194
432
119
184
2,832
7,834
8,262
1,274
465
985
2,492
6,887
252,658
72,637
74,563
77,400
77,200
34,877 33,669 30,811 30,362
142,537
32,956
30,843
36,888
32,812
15,485 12,7381 12,328
9,063
Recoveries, profits on securities,
etc.:
On loans
On investments.
All other.
TotalLosses and depreciation:
On loans...
On investments...
*
On banking house, furniture
and fixtures....
All other.
Net deduction from profits.
Cash dividends declared.
Loans*
InvestmentsK.
Loans and investments 3
9,902,205|9,454,648|2,137,600|2,064
Time deposits
Total deposits
Capital funds»*
d of earnings and dividends. It should be borne
Pon
data taken from the customary abstracts of reports of conditi
ne
there
ting on thee various dates, and the ratios are therestatistics employed represent aggregates for all member banks
ate to their number in comparison with
roportionate
fore ratios0 of aggregates
in which
hich figures for large banks have a statistical influence somewhat disp
mber o( banks whose
a given year in th
the number
S SS^ !^? ^!] ?*], ?,1 1?1 1?? b a n k s * NN oo adjustments
adjustments have
have been
been made
made in
in
underlying
data for
for changes
chang d
S
adjustments
have
been
made
n the
tthe
e underlying
yg data
ts appear not to be appreciably affected by
toesecha
statistics, since
since the
the figures
figures presented
presented are
are for
for sufficiently
sufficiently large
large groups
groups that
that the
toesecha
statistics,
the results appear not
For
«f Qa ml
1934*these figures are averages of amounts from reports of condition for 5 call dates (December to December). For 1933, they are averages
ounts
from reports off condition for 3 call dates (June 30,, Oct.
Oct 25, and Dec. 30,1933).
™= ftro « frtr
y
c H
^^P 1 ^ 1 f u n d s " is
stock,
is meant
meant
theaggregate
aggregate book
book value
value of
ofcapital
ca
conHn
ntthe
capital
stock, capital
capital notes
notes and
anddebentures,
debentures, surplus,
surplus, uundivided profits, reserves for
t k dividends
di
stock and
d retirement fund for preferred stock and/or capital notes and debentures. Prior
S f r W ' reserves for stock
on common stock,
l d d iin capital funds.
w July 1932, reserves for dividends were also iincluded
BULLETIN for
^ ? 8 6
February 1935, p. 112, and footnote on p. 113. For summary figures for the country as a whole, see Annual
542
FEDERAL RESERVE BULLETIN
A U G U S T 1935
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
ALL LICENSED MEMBER BANK£, BY DISTRICTS, YEARS ENDED DEC. 31, 1933 AND 1934—Con.
[In thousands of dollars]
Federal Reserve district
Chicago
1934
Earnings:
Interest and discount on loans.
Interest and dividends on investments
Interest on balances with other
banks
Collection charges, commissions, fees, etc
Foreign department
Trust department..
„<
Service charges on deposit accounts
Other current earnings
Total earnings from current
operations
,
Expenses:
Interest on deposits:
Time . . . „
Demand
Bank
Total
Salaries and wages
Interest and discount on borrowed money
Texas
Other expenses
Total..
Total losses and depreciation
Net deduction from profits..
Cash dividends declared
Loans *
Investments >..
Loans and investments *
T i m e deposits *._.
T o t a l deposits *_..
Capital funds * >..
F o r footnotes see p . 641*
1934
1933
Kansas City
1934
1934
1933
San Francisco
Dallas
1933
1934
1933
1934
1933
83,459
54,626
18,485
19,622
14,280
16,789
21,536
23,442
21,278| 22,786
60,292]
33,347
16,354
13,833
14,647
13,156
18,680
15,686
11,771
9,028
50,187
151
798
315
163
429
246
749
38|
497
286
1,028
1,534
64
1,102
1,101
102
2,629
73
926
1,847
112
532
960
14
31
430
1,224
43
326
1,288
4,931
2,116
1,334
4,505
1,164
3,832
1,452
3,428
767
2,819
3,587
10,679
3,3^6
9,2*1
!9,867 37,490
150,305
147,741
43,165
2,204
144
42,492
3,817
1,294
47,603
36,615
4,229
1,474
9,183
1,
42,692
4,664
10,725
3,051
966
2,907
600
2,192
957
2,579
739
1,854
1,486
16
1,094
2,094
4,373
128,242
112,336
41,461
38,718
36,254
35,458
49,525
46,830
21,081
1,5501
75
19,754
3,920
8,056
302
141
8,365
&49
402
8,250
373
194
8,725
941
479
7,021
1,026
244
8,132
2,227
775
4,553
525
26
22,706
35,991
24,672
31; 574
8,499
10,566
9,716
9,615
8,817
9,738
10,145
9,251
8,291
14,124
11,134
13,281
5,104
11,006
6,744
10,394
45,513
38,636
7,190
21,964
802
7,579
18,260
903
2,449
6,902
905
2,489
5,770
33
2,185
7,435
259
2,064
5,873
42
2,560
9,634
27li
2,477i
8,405
90
3,249
7,020
307
3,253
6,092
6,251
24,710
82.887J
29,319
28,495
28,208
27,592
34,651
35,568
26,469
26,790
115,279
29,449|
12,142
10,223
8,046
14,874
11,262
13,398
10,700
35,026
7,889
17,376
8,132
l|349
1,481
6,965
1,177
944
2,210
626
2,475
5,327
747
1,177
2,251
676
2,908
7,042
1,743
1,883
521
2,946
4,671
4571
2,419
1,422
376
3,651!
16,624'
1466
1,201
5,547
1,180
33,397
8,210
3,780
8,549
4,104
10,632
4,147
8,074
4,217
21,741
7,928
46,832!
80,812
34,071'
11,441
12,175
13,050
11,709
14,553
12,650
9,723
12,351
14,096]
9,407
14,183
6,702
14,2151
3,831
17,249
2,923
37,004.
24,046]
29,327
13,040
3,351
5,654
2,462
5,3751
828
2,348
705
2,387
1,577
1,838
328
968
2,301
2,580
1,194
1,815
2,772
2,624
1,242
1,958
5,721,
8,958
4,035
122,720
26,792
27,851
30,618]
23,370
28,384
23,894
23,442
23,372
75,729
53,222
85,061
2,783|
5,027.
3,072
13,848
1,734
14,023
2,346
11,400
1,465!
2,878
4,226
8,485
1,611
1,970
4,413
1,138,3811,259,429
1.729,588 1,128,814
373,583 376,281 283,810 306,862
493,758 394,061 389,0181 325,145
360,539
553,695
371,554 336,7451
461,657 357,829
2,867,969 2,388,243
867,341 770,342 672,828 632,007
914,234
833,211 694,574
Total current expenses
Losses and depreciation:
On loans
On investments
On banking house, furniture
and fixtures
All other
1933
Minneapolis
47,524
Net earnings
Recoveries, profits on securities,
etc.:
On loans
On investments
,
All other
St. Louis
7,370
2,609
5,302
6>0
8,455
1,947
353,208 1,471,816 1,479,487
1,016,616 896,576 326,543 305,045 337.349 329,873 309,4081 298,112 194,627 189,937 1,
3,687,485 2,994;
994,334 1,
,030,590 862,207 819.350 725,314 1,267,545
5451,[,043,279 941,461 768,551"
452,486 408,159
—
141,980 131,023 107,743
149,027 141,207 135,814 130,188:
1,585,077
814,079
392,691
AUGUST
543
FEDERAL RESERVE BULLETIN
1935
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
ALL LICENSED MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1933 AND 1934—Con.
Federal Reserve district
New York
Boston
Amounts per $100 of loans and investments: *
Interest earned
Other earnings
Total current earnings
Philadelphia
Cleveland
Richmond
Atlanta
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
$3.06
,79
4.75
$4.18
.77
4.95
$3.14
.85
3.99
$3.66
.85
4.51
$4.28
.66
4.94
$4.49
.62
5.11
$4.36
.70
5.06
$4.68
.61
5.29
$4.34
.70
5.04
$4.60
.63
5.23
$4.25
1.01
5.26
1933
$4.39
.92
5.31
Interest on deposits
Interest and discount on borrowed
money
Salaries and wages
Taxes
_
All other expenses
Total expenses
.94
1.22
.50
.74
1.24
1.45
1.30
1.58
1.21
1.50
1 06
X 35
.01
1.20
.23
.74
3.12
.02
1.16
.22
.68
3.30
.01
1.12
.18
.74
2.55
.05
1.13
.17
.73
2.82
.02
1.16
.22
.75
3.39
.09
1.16
.20
.71
3.61
.01
1.13
.28
.71
3.43
.07
1.10
.28
.68
3.71
.01
1.23
.27
.76
3.48
.09
1.20
.29
.71
3.79
02
1.37
.34
.95
3.74
13
1.35
.34
.92
4.09
Net earnings
Recoveries, profits on securities, etc
Total losses and depreciation
1 63
.91
3.03
1.65
.56
3.69
1.44
.99
3.69
1.69
.59
3.60
1.55
.68
3.12
1.49
.38
2.99
L63~
.58
2.93
1.58
.45
2.53
1.55
1.22
3.00
1.43
.68
4.14
1.50
.85
2.81
1.22
.52
3.32
.51
1.49
1.26
1.33
.90
1.11
.71
.51
.23
2.03
.45
1.58
Net deduction from profits
Other ratios: i
Net loss per $100 of capital funds *
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._
Loans and investments per $1 of
capital funds»*
Total deposits per $1 of capital fiinds..
2.60
7.69
6.16
6.19
4.04
4.86
3.47
2.44
1.29
11.01
2.41
7.84
4 30
3.04
4.57
3.49
Z.2T
4.01
3.78
2.95
4.61
3.20
4.89
2.71
5.23
3.64
5.49
2.66
5.30
3.36
5.51
3.22
5.09
3.41
5.30
3.27
3 55
3 61
2.99
3.51
3.95
3.98
3.67
3.81
3.45
3.48
3.36
3.17
2.24
3.34
2.79
3.53
2.52
2.61
1.79
1.9S
2.05
3.94
1.26
2.13
2.40
2.66
2 18
2.36
2.52
2.65
2.63
2.65
2.65
2.84
2.50
2.61
5.12
5.74
5.17
5.48
4.90
5.38
4.67
4.83
4.49
4.66
4.36
4.20
4.86
5.17
4.80
4.76
5.70
6.80
5.43
5.99
5.33
6.28
4.97
5.43
Federal Reserve district
Chicago
Amounts per $100 of loans and invest
ments: i
Interest earned
Other earnings
Total current earnings
•
St. Louis
Minneapolis
Kansas City
San Francisco
Dallas
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
$3.41
1.06
4.47
$3.72
.98
4.70
$4.02
.76
4.78
$4.38
.65
5.03
$4.32
1.06
5.38
$4.81
.80
5.61
$4.43
.99
5.42
$4.79
.83
5.62
$4.76
.98
5.74
$5.13
.83
5.96
$4.37
.81
5.18
$4.77
.77
5.54
Interest on deposits
Interest and discount on borrowed
money
Salaries and wages
Taxes
All other expenses
Total expenses
.79
1.03
.98
1.26
1.31
1.61
1.07
1.56
1.78
.01
1.25
.25
.77
3.07
.03
1.32
.32
.77
3.47
.10
1.22
.28
.80
3.38
.12
3.25
.32
.75
3.70
.01
1.45
.32
1.10
4.19
.04
1.46
.33
.93
4.37
.01
1.54
.28
1.05
3.79
.03
1.59
.30
1.01
4.27
.01
1.58
.47
1.01
3.81
.05
1.65
.52
.97
4.26
.01
1.33
.22
.85
3.97
.10
1.37
.20
.86
4.31
Net earnings,..
Recoveries, profits on securities, etc...
Total losses and depreciation
1 40
1.16
2.78
1.23
.34
5.14
1.40
1.11
3.09
1.33
.49
3.62
1.20
1.27
4.55
1.24
.65
3.70
1.63
1.16
3.10
1.35
.50
2.87
1.93
1.16
3.38
1.70
.67
3.71
1.21
.75
2.61
1.23
.30
2.00
.21
3.56
.58
1.80
2.08
1.80
.31
1.02
.28
1.34
.65
.47
1.35
20.84
3.54
10.57
13.02
11.59
1.93
6.01
1.45
6.49
4.73
3.20
4 17
4.11
4.34
6.42
4.95
3.06
5.21
3.47
5.03
5.13
5.47
3.17
5.97
3.91
6.31
3.82
6.32
4.22
6.45
4.SS
5.19
2.51
5.64
1.98
2.91
2.95
3.31
3.51
3.77
4,05
3.37
3.40
3.29
3.27
3.50
3.59
1.38
3.02
2,47
2.97
3.25
3.80
1.70
1.45
1.07
1.06
1.68
1.10
2.07
2.20
2.47
2.74
2,45
2.64
2.27
2,73
2.34
2.55
2.47
2.68
6.34
8.15
5.85
6.11
7.26
5.88
6.58
&24
7.60
6.42
6.13
8.51
5.90
7.39
5.11
6.93
4.83
5.90
7.24
, 7.96
6.79
7.17
Net deduction from profits Other ratios: i
Net loss per $100 of capital funds >. _..
Interest and discount on loans p^r $100
of loans
Losses on loans per$I66 of loans
Interest and dividends on investments
per $100 of investments
Losses on investments per $100 of
investments...
ttafde""
deP SitS
°
"* $10 ° °'
Total deposits per$l of capital funds..
For footnotes see p. 641.
7.34
7.37
1.34
544
FEDERAL RESERVE BULLETIN
AUGUST 1935
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
LICENSED NATIONAL BANKS, BY DISTRICTS, LAST 6 MONTHS OF 1934*
NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national banks
[In thousands of dollars]
Federal Reserve district
Total
Earnings:
Interest &nd discount on lo£Uis
Interest and dividends on investments.
Interest on balances with other banks...
Collection charges, commissions, fees,
etc
Foreizn deDartment
Trust department . . .
Service charges on deposit accounts
Other current earnings
Total earnings from current operations
New PhilaBoston York
del- Cleve- Rich- Atphia land mond lanta
San
Min- KanSt.
sas Dallas FranneLouis apolis
City
cisco
8,984 17,734
6,243 20.027
44
6,031
6.643
6,504
6,991
77
9,647
8,404
113
9,664 30,132
5,588 21,407
21
170
223
293 1,252
401
403
971 1,594
541
176
512 2 293
105
108
10
576
1,003 3,218
483 3,501
830
506
984 1,549
470
439
566 1,853
530
2,059 5,771 1,542 1,928 1,008 1,438 3,824
542
16
196
348
888
1,335
58
488
457
1,404
751
4
438
1,098
1,781
754
12
234
739
1,500
177,207 15,403 32,467 17,477 14,112
162,161 11,197 38,351 15,932 15,289
34
753
47
89
20
9,567
4,345
13,477
10,497
26,998
Chicago
9,052
7f089
40
1,048
51C
2,004
1,464
3,855
405,005 31,471 84,990 36,430 33,151 18,638 18,837 49,158 13,678 17,314 22,236 18,512 60,590
—
•
Expenses:
Interest on deposits:
Time
Demand.. --..— - .
Bank
Total
Salaries and wages
Interest and discount on borrowed
money.... . . .
....
Taxes
Other expenses
Total current expenses
Net earnings from current operations
Eecoveries, profits on securities, etc.:
On loans
»
On investments . . . .
All other
5,796 12,829 10,111 7,871 4,554 3,590
37
663
162
65
184 - 654
123
134
126
162
67
58
7,120
624
29
85,705
5,959 13,626 10,418
8,687
4,677
3,819
103,833
7,967 23,000 7,604
7,289
4,342
80,590
4,112
1,003
2,108 17,366
822
230
48
12
3,505
139
98
7,773
2,783
3,742
3,635
2,350 18,236
5,060 13,886
3,481
7
784
2,147
4,512
6
940
3,689
6,414
5,257 15,021
388
20,837
66,425
49
49
71
61
24
41
21
1,596 3,895 1,859 2,046 1,031 1,256 2,450
4,871 15,023 4,595 4,878 2,685 3,409 8,504
277,188 20,442 55,615 24,525 22,924 12,756 13,585 32,674
127,817 11,029 29,375 11,905 10,227
3,124
418
93
2,616
114
53
5,882
5,252 16,484
17
32
10
1,275 1,446 2,259
9,276
4,182 3,166
9,202 12,889 15,516 12,251 44,809
4,476 4,425 6,720 6,261 15,781
1,388
6,487
468
16,259
50,942
4,953
827 4,553
4,214 12,608
644
456
467
678
3,144 3,291
142
237
661
3,825
216
407
2,405
235
2,736
4,985
1,317
405
2,358
305
1,343
3,054
423
1,414
2,897
282
1,380
1,674
228
72,154
5,685 17,617
3,753 4,206
4,702
3,047
9,038
3,068
4,820
4,593
3,282 8,343
106,816
68,651
9,675 27,629
7,061 19,074
8,267
6,595
9,498
5,603
5,095
3,661
4,064 17,860
2,104 8,307
2,288
2,314
3,219
4,112
4,750
2,843
4,562
1,566
840
1,375
644
1,184
780
975
499
554
1,023
1,674
343
479
937
831
839 3,098
1,031 2,325
Total losses and depreciation
205,217 18,951 54,673 16,690 16,856
9,809
7,709 28,864
280
528
5,410
8,153
9,361
7,998 20,743
Net addition to profits
-5,246 -2,237 -7,681 -1,032 -2,423
775
590 -3,342
2,134
1,092
1,952
Total
Losses and depreciation:
On loans
....
On investments
On banking house, "furniture, and fixtures ..
All other
"""
Cash dividends declared..
Capital funds, Dec. 31,1934.
Number of banks, Dec. 31,1934
12,684
17,066
2,965
5,005
436
1,105
9,909
5,411
1,545 3,381
6,678
4,826 14,159 5,327 2,292 2,523 2,055 3,618 1,134 1,679 2^389
,024,112 279,661 57,057 322,013 252,375 129,059 133,140 365,595 93,980 105,965 134,886 131,807 318,574
299
5,462
495
322
627
686
595
455
339
320
519
277
528
2,464
49,144
'for
M 8 y im>
p 3 1 S : f o r flBUies f o r s t a t e b a n k m e m b e r s f o r
-
"* **b8lf
545
FEDERAL RESERVE BULLETIN
AUGUST 1936
EARNINGS, EXPENSES, AND DIVIDENDS OF STATE BANK MEMBERS, YEAR ENDED DECEMBER 31,
1934, BY SIZE OF BANKS
[Amounts in thousands of dollars]
Banks operating throughout entire year with deposits on Dec. 31,1934 of—
Banks
Total all
operatState
$5,000,$2,000,$1,000,750,001
ngless
bank
$100,000 $100,001 1250,001 $500,001
001 to 001 to 001 to $50,000,to
than
to
to
members * and
to
001 and
50,000,5,000,2,000,1,000,lyear
under 250,000 500,000 750,000
over
000
000
000
000
Earnings:
Interest and discount on loans
Interest and dividends on investments..
Interest on balances with other banks. _Collection charges, commissions, fees, etc.
Foreign department-.
Trust department
Service charges on deposit accounts
Other current earnings
177,369
159,431
1,047
9,465
7,224
45,445
8,341
28,727
78
15
Total earnings from current operations.
Expenses:
Interest on deposits:
Time
Demand
Bank
_
Total
Salaries and wages
Interest and discount on borrowed
money.. __
Taxes
Other expenses
Total current expenses
13,735
8,058
54
744
48
913
1,027
1,521
47,521
30,269
95
2,025
204
12,462
2,496
8,851
103,309
113,988
876
5,731
6,926
30,201
3,957
16,929
1,037
601
112
1
45
108
185
5,546
3,659
7
362
16
1,758
366
679
3,059
2,953
12,393
26,100
03,923
281,917
1,980
817
38
5
710
45
3
769
52
1
2,763
139
16
6,868
255
20
21,977
1,147
484
29,894
1,979
896
394
70
2
169
346
860
1,054
758
821
822
748
2,918
3,697
7,143
6,304
23,608
29,803
32,769
77,959
466
626
10
25
6
63
213
37
211
676
20
169
552
41
136
527
81
574
2,180
895
1,310
4,588
912
5,100
21,119
65
12,278
49,818
8
136
462
2,838
2,320
2,274
1,674
824
38
56
7
111
209
1,693
894
2
137
24
19
108
182
110
999
3,615
64,357
3,736
1,428
8
157
11
1
69,521
121,402
8
44
2,055
19,987
80,160
649
175
1
80
2,127
948
7
206
2
6
437,049
9"
59
5
40
128
109
293,125
87
797
9,450
20,240
80,542
172,879
1,693
Net earnings from current operations
143,924
23
202~
777"
739
679~
2,943
6,860
23,381
109,038
~2S2
Eecoveries, profits on securities, etc.:
On loans
„
.
On investments
All other
_
12,381
66,008
8,670
14
1
37
31
20
250
271
66
81
179
77
80
183
26
314
1,095
242
579
2,937
415
1,775
13,080
3,363
9,172
47,989
4,411
242
50
87,059
15
88
587
337
2S9
1,651
3,931
18,218
61,572
371
162,706
114,169
38
3
214
139
884
585
713
686
1,543
1,234
3,323
4,082
9,688
9,176
41,947
36,798
93,900
61,175
456
291
10,007
24,725
4
5
41
46
133
171
70
132
216
356
284
1,392
965
1,445
3,250
9,543
4,958
11,523
86
112
301,607
50
440
1,773
1,601
3,349
9,081
21,274
91,538
171,556
945
525
2,381
4,487
11,483
49,939
946
292
1,580
8,371
70,902
78
94,838 400,502 1,430,047
40
143
150
< 29,371
46
Total
Losses and depreciation:
On loans
^__
On investments...
_.
.__
On banking house, furniture and fixtures —
Allother
_
Total losses and depreciation
150~ ' 4 0 9
Net deduction from profits.
70,624
Cash dividends declared«
82,480
8
44
213
158
177
949
» 2,043,583
980
606
17
4,330
95
13,298
182
11,240
93
10,979
66
48,372
143
Capital funds Dec. 31,1934
Number of banks
79
1
Minor differences between the figures shown in this column and those shown in the table on p. 540 are due to corrections in reports received
after1 the reports were tabulated by Federal Reserve districts but before they were retabulated by size of banks.
Includes reserves for dividends, reported by a few banks but not separately tabulated.
i • « * * > , i i »™
» The difference of $13,200,000 between the above figure and that shown on p. 314 of the BULLETIN for May 1935 is due principal y to the inclusion
in the above figure of capital funds of banks which were members on June 30,1934, but not on Dec. 31,1934, and partly to the fact that the
above figure is based on par value of capital stock, instead of book value.
* For banks which were members on June 30 but not on Dec. 31, the figures are as of the former date.
546
FEDERAL RESERVE BULLETIN
AUGUST 1935
EARNINGS, EXPENSES AND DIVIDENDS OF INSURED COMMERCIAL STATE BANKS (INCLUDING
MEMBERS OF THE FEDERAL RESERVE SYSTEM), YEAR ENDED DEC. 31, 1934, BY SIZE OF
BANKS
[Compiled by Federal Deposit Insurance Corporation]
[Amounts In thousands of dollars]
Banks operating throughout the entire year
Banks
operatAll
ing less
banks than 1
year
Banks having deposits on Dec. 31,1934, of—
Total
$100,000|$100,00l|$250,00l|$500,00l[$750,00l|$lf000,00l|$2,000,00l|$5)000,001 $50,000,001
ard
and
to
to
to
to
to
to
to
under 250,000 500,000 750,000 1,000,000 2,000,000 5,000,000 50,000,000 over
8,313
1,203
2,587
1,902
739
446
728
405
259
44
326,493
2,528 323,970
4,201
16,717
22,503
13,964
11,623
28,580
35,057
79,597
111,728
235,144
1,276 233,868
650
4,460
8,295
6,246
5,453
16,214
19,807
52,614
120,129
2,114
7,738
52,342
9
1
22
160
1,017
50
3
84
685
3,742
62
18
91
50
71
112
714
2,656
133
70
2,536
1,754
5,197
156
202
1,811
2,182
6,100
878
6,933
30,613
1,005
4,735
59
9
136
650
1,934
717
431
16,937
15,224
69,644
10
5
65
207
556
20,500
4,038
23,207
Total earnings from current
708,784
operations.
4,647
704,137
6,060
25,741
36,709
23,813
19,864
54,484
65,315
174,625
297,526
190,870
189,271
2,150
7,873
10,139
6,102
4,891
13,988
15,527
48,323
80,278
1,873
1,865
5
37
32
64
51
711
901
8,246
139,068
108 8,138
971 138,097
67
846
391
5,030
612
8,877
461
6,118
348
5,650
957
14,479
987
17,997
2,175
37,674
6,737
34,543
130,632
5,675
261 34,282
1,381 129,251
104
433
1,602
346
1,578
5,803
528
2,044
7,488
379
1,299
4,502
320
1,001
3,626
784
2,846
9,934
1,691
3,378
11,356
2,140
41,426
1,398
8,937
33,497
125
12,761
51,443
4,390 506,579
5,212
1,428
4,369
1,025
2,013
6,104
900
3,561
19,537
4,501
9,273
49,763
7,646
Number of b a n k s . .
—
Earnings:
Interest and discount on loans.^
Interest and dividends on securities
Interest on balances with other
banks
•
Foreign department
Trust department-.
Service charges on deposit accounts
Other current earnings.-
Expenses:
Salaries and wages
_
Interest on deposits of other
banks
Interest on other demand deposits
Interest on other time deposits..
Interest and discount on borrowed money
Taxes
Other expenses
8,662
2,124
7,743
52,407
Total current expenses*.
Net earnings from current operations™
Recoveries, profits on securities,
etc.:
On loans
On securities
All other
15,017
38
18,887
257 197,558
20,762
86,537
17,446
Total recoveries, profits on
securities, etc
124,745
Net earnings and recoveries
349
322,560
Losses and depreciation:
On loans
252,568
On securities
184,939
On banking house, furniture,
and fixtures
18,295
Other losses and depreciation
52,100
128 20,634
569 85,968
97 17,349
4,926]
296
148
208
1,274
1,027
865
1,564
2,155
932
756
1,567
418
854
4,651
2,741
2,621
6,822
9,017
27,599
7,667
6,617
18,254
23,345
65,792
12,445
7,930
1,349
2,597
6,196
5,688
8,299
5,708
19,447
15,891
22,999
21,976
54,677
101,158
67,307
1,553
683
2,091
1,505
5,277
2,312
5,496
4,779
17,671
5,115
14,231
17,972 24,321
14,275
16,781
42,120
62,783
145,821
187,811
794 123,951
1,051 321,509
251,871
485 184,454
167
277
18,128
61,823
2,619
931
340
502
10,014
4,346
1,207
2,405
Total losses and depredation,. 507,902
1,626 506,276
Net deduction from profits for cur*
rent period
185,342
Cash dividends declared—
96,411
575 184,767
128
2,892
140
10,123
843
12,687
1,288
6,608
1,040
10,164
746
23,866
2,802
29,438
3,452
80,029
14,255
8,960
71,717
Net deduction from profits after cash
dividends
281,753
703 281,050
3,032
10,966
13,975
7,648
10,910
26,668
32,890
94,284
80,677
547
FEDERAL RESERVE BULLETIN
AUGUST 1935
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
Federal Reserve district
Total
Loans and investments, total:
July 3
July 10
July 17
July 24
July 31
Loans on securities, total:
July 3
July 10
July 17 —
July 24
July 31
To brokers and dealers in
New York:
July 3
July 10
July 17
July 24
July 31
To brokers and dealers
outside New York:
July 3 July 10
July 17
July 24
July 31
Toothers:
July 3
July 10 .
July 17
July 24... .
July 31
Acceptances and commercial
paper bought:
July 3,
July 10 . .
July 17
July 24
.
July 31
Loans on real estate:
July 3
July 10
July 17
July 24
July 31
Other loans:
July 3
July 10
..
July 17
July 24
July 31
TJ. S. Government direct obligations:
July 3 July 10
July 17 ,
July 24July 31
_
Obligations fully guaranteed
by U. S. Government:
July 3
.
July 10.
July 17
July 24 „
July 31
Other securities:
July 3 „ „
July 10.
July 17
July 24..
July 31
Reserve with Federal Heserve bank:
July 3
July 10
July 17... .
July 24
July 31
City
Min- KanSt.
sas
Louis neapCity
olis
Dallas
345
345
347
347
3-16
589
588
592
581
5S3
405
405
409
410
410
1,905
1,901
1,920
1,921
1,919
7,718
7,612
7,805
7,785
7,518
1,624
1,639
1,687
1,690
1,735
32
33
32
32
32
47
47
47
43
47
41
42
42
41
42
182
182
175
172
171
1,700
1,628
1,650
1,628
1,590
200
196
194
193
196
886
823
841
822
793
1
Boston
New PhilaCleve- Rich- AtdelYork phia
land mond lanta
Chicago
18,508
18 414
18 762
18,718
18,507
1,151
1 153
1 177
1,166
1, If 2
8,568
8,469
8 667
8,638
8,403
1,085
1 0S3
1 097
1,093
1,093
1,219
1 218
1 230
1,233
1,232
348
349
353
349
350
331
330
335
338
333
2,035
2,042
2,093
2,096
2,141
627
531
542
546
545
3,099
3 019
3 034
2 997
2 967
191
190
189
187
187
1,877
1 808
1,833
1,803
1,767
182
179
179
179
179
164
162
162
162
163
49
49
49
49
49
43
42
42
42
42
234
230
228
227
231
57
55
56
55
57
921
Rfirt
881
855
3
898
838
859
833
804
13
13
13
13
13
176
168
164
160
163
28
28
28
27
28
68
62
61
60
60
11
11
12
2 002
1,991
1,989
1,982
1,979
155
155
154
153
153
011
90S
913
910
903
307
301
297
301
291
38
37
37
37
37
957
95S
950
951
949
<j
1
7
82 ri
1
1
1
1
1
1
1
1
•
1
1
Chicago
1
1
1
1
1
2
1
1
1
16
17
14
12
11
66
60
59
53
57
31
28
23
27
30
40
40
41
40
41
166
165
161
160
160
748
745
750
748
740
163
167
165
165
165
2
2
2
2
2
18
18
19
19
19
149
144
138
141
133
19
IS
13
345
345
343
343
343
125
124
123
123
122
16
13
13
25
25
24
24
24
102
101
103
106
106
112
112
110
110
112
106
107
107
107
107
323
322
327
329
328
1,199
1,191
1,219
1,202
1,151
246
244
251
244
238
198
203
215
219
217
137
138
139
139
137
233
231
237
226
227
151
150
149
152
153
608
593
616
616
612
3,245
3,187
3,327
3,330
3,174
811
830
863
879
923
92
92
92
92
02
41
41
40
41
41
17
17
17
16
16
44
45
45
44
44
38
37
44
43
41
98
102
107
112
112
320
319
323
336
342
30
81
81
91
92
01
90
91
45
44
44
43
44
120
120
120
120
120
42
42
41
41
41
331
334
333
330
334
930
1,019
1,025
1,025
1,036
252
254
260
257
261
105
105
109
108
101
71
88
73
71
58
111
115
102
101
97
72
76
70
73
107
175
177
173
178
167
1,689
1,906
1,756
1,853
2,122
648
603
566
553
490
12
6
5
5
6
6
1
1
1
1
1
3
3
3
3
3
33
30
30
29
32
5
4
5
5
5
1
2
1
1
1
3
3
3
3
3
158
155
154
154
154
158
157
157
156
157
48
48
48
48
48
40
39
39
39
39
200
199
107
197
198
52
51
51
50
52
31
31
31
31
31
43
43
43
44
43
151
146
140
143
136
24
24
25
23
22
2
2
2
3
2
7
7
7
7
23
28
28
30
29
8
8
8
9
9
8
6
6
6
6
20
20
20
20
6
3
3
3
2
3
88
89
88
88
88
241
241
239
239
238
71
70
70
71
71
72
73
72
73
72
16
16
16
16
16
12
12
12
12
12
31
31
30
30
30
37
37
37
37
37
6
6
6
5
5
13
3,185
3,176
3,224
3,197
3,120
272
274
286
282
272
1,338
1,329
1,355
1,337
1.2S5
179
180
181
180
178
151
151
151
150
149
76
75
75
75
75
113
114
113
111
10S
318
316
321
315
307
95
95
95
95
93
7,279
7,219
7,492
7,507
7,3S0
368
369
382
383
378
3,447
3,386
3,531
3,535
3,377
281
279
292
291
291
616
615
628
628
628
120
119
123
120
121
89
89
95
100
96
1,031
1,042
1,085
1,098
1,143
846
851
869
887
892
16
16
17
17
17
357
355
360
372
377
74
75
75
76
77
25
26
27
29
29
24
26
26
26
26
20
19
19
19
20
12
San New
Fran- York
cisco
2,835
2,890
2,896
2,878
2,908
178
178
178
172
173
1,157
1,204
1,209
1,209
1,223
274
276
275
273
275
189
189
188
188
189
56
57
57
56
57
51
51
51
52
52
301
303
309
304
309
3,632
3,842
3,697
3,697
3.S63
243
235
277
236
212
1,790
1,978
1,846
1,915
2,183
145
143
160
149
143
163
163
169
161
163
66
64
60
65
58
44
44
39
38
35
697
654
619
602
539
.
20
15
82
548
FEDERAL RESERVE BULLETIN
AUGUST
1035
REPORTING MEMBER BANKS IN LEADING CITIES—Continued
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY
AND CHICAGO—Continued
Federal Reserve district
Total
Cash In vault:
July 3
July 10
July 17
July 24
July 31
Net demand deposits:
July 3
July 10
July 17
July 24
July 31
Time deposits:
July 3
July 10
July 17
July 24
July 31
Government deposits:
July3
July 10
July 17
July 24
July 31
Due from banks:
July 3
July 10
July 17
July 24
___
July 31
Due to banks:
July 3
July 10
July 17
July 24
July 31
Borrowings from Federal
Reserve banks:
July 3
July 10
July 17
July 24
July 31
295
306
292
297
294
Boston
New FhilaRich- Atdel- CleveYork phia
land mond lanta
City
MinChiSt.
cago Louis neapolis
Kansas
City
37
37
331
333
332
332
359
805
802
806
802
804
7,503
7,622
7,591
7,668
7,701
1,731
1,703
1,698
1,684
1,652
156
157
156
157
157
123
123
123
123
122
957
955
950
951
664
571
574
414
414
414
414
414
8
7
11
11
11
15
14
19
19
19
30
50
50
50
201
182
245
244
244
11
10
29
29
29
117
104
99
89
90
224
230
244
244
244
133
134
143
138
142
210
203
214
191
185
112
109
96
96
95
215
209
213
205
206
123
123
106
95
89
295
298
298
292
292
132
136
135
132
145
217
219
215
209
205
1,970
1,951
1,913
1,893
2,040
621
520
515
511
510
10
12
11
11
11
2,020
1,988
1,981
1,964
1,929
416
421
428
430
424
277
296
284
278
265
542
550
543
521
518
135
134
134
134
133
563
563
663
563
563
169
169
169
122
123
120
123
123
11
10
15
16
15
16
14
8
7
14
14
14
306
309
315
305
303
107
113
100
97
191
191
188
186
• 184
14
15
13
13
13
19
22
20
22
20
11
12
11
11
11
6
7
6
7
6
15,514
15,680
15,618
15,544
15,517
1,032
1,022
1,081
1,031
8,014
8,107
8,080
8,120
8,105
830
819
841
827
825
780
775
784
776
782
251
250
245
248
245
216
217
213
215
210
4,385
4,390
4,380
4,394
4,398
310
310
310
310
313
972
974
968
974
976
277
281
281
284
281
462
468
467
468
470
139
139
139
138
138
372
337
511
511
513
25
22
31
31
32
212
192
264
263
22
20
34
34
35
16
14
25
25
25
,886
,873
1,860
i,816
1,814
117
115
104
107
112
204
195
174
178
181
159
152
148
153
145
122
123
123
127
129
98
102
102
1,564
i,531
4,444
4,387
4,503
229
231
219
222
207
2,043
2,020
1,981
1,960
2,106
271
259
259
261
255
205
200
199
198
197
116
113
111
108
106
103
104
102
100
98
637
631
624
619
Chicago
48
45
42
42
44
5
4
5
6
61
58
54
54
55
San
Fran- New
cisco York
17
18
17
17
17
10
9
9
9
91
93
93
93
Dallas
36
549
FEDERAL RESERVE BULLETIN
AUGUST 1935
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS AND
CURRENCY TO AND FROM EUROPE
SECURITIES HELD BY FEDERAL RESERVE
BANES
BY SELECTED BANES IN NEW YORK CITY
[In thousands of dollars]
[Paper currency only. In thousands of dollars]
1934
Month
ShipShipReRements ceipts
ments ceipts
Net
Net
from receipts
to
to
from receipts
Europe Europe
Europe Europe
January
February
March
April
May....
June.-July
August
September
October
November. December
Total
0
1
0
1
10
8
63
0
23
0
199
40
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
345
40,587
40,242
81
173
167
373
1,012
191
3,705
1,502
2,026
1,465
1,612
1,451
3,624
1,329
1,859
1,092
600
1,260
For description and back figures see BULLETIN for January 1932,
pp. 7-9, and for January 1934, p . 51.
PAPER CURRENCY OF EACH DENOMINATION
IN CIRCULATION
91
days
to 6
mos.
With- 16 to 31 to 61 to
in 15 30
90
60
days days days days
Total
1935
Bills discounted:
July 3
8,371
6,841
July 10
6,665
July 17.
6,109
July 24
6,570
July 31
Bills bought in
open market:
4,687
July 3
4,687
July 10.
4,679
July 17
4,676
July 24.
4,687
July 31
Industrial advances:
27,904
July 3
28,175
July 10
28,268
July 17
28,358
July 24
28,354
July 31
U. S. Government securities:
2,430,759
July 3
2,430,413
July 10
2,430,247
July 17
2,430,235
July 24
2,430,209
July 31.
6,401
5,055
4,796
4,071
4,386
255 638
92 604
98 594
55 1,301
617 876
906
667
2,356
2,502
463
495 960 2,326
373 891 2,756
633 638 1,052
975
632 667
566 1,360 2,308
1,207
1,250
1,288
1,178
1,259
200
125
104
184
110
191
210
190
196
218
15
14
16
2,658
2,813
1,763
1,740
1,707
22,821
22,890
23,012
23,025
23,038
871
866
971
479
468
791
227
728
369
492 1,609
469 1,762
461 1,779
Over 6
mos.
5
46,050 44,853 82,679 52,393 324,273 1,,880,511
51,255 43,023 72,484 50,963 341,454 1, 871 234
44i 853 56; 419 $7>190 105; 834 295i 737 1,876,214
43,023 40,614 52,033 109,072 306,859 1,878,634
52,407 32,260 52,393 116,312 277,720 1,899,117
[Outside Treasury and Federal Reserve banks. In millions of dollars]
1934
BANK DEBITS
1935
Denomination
[Debits to individual accounts. Amounts in millions of dollars]
June 30 Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30
ft
$5
$10...
"
$20.
$50
'
$100....
$500.
$1,000
$5,000
$10,000.
Total..
396
33
724
1,231
1,293
342
579
117
225
6
7
401
32
740
1,240
1,293
336
571
111
214
5
7
407
31
755
1,275
1,314
340
575
112
217
6
8
410
32
764
1,285
1,309
341
578
113
221
6
8
411
32
749
1,266
1,300
340
6S0
116
230
5
8
420
32
760
1,290
1,309
343
588
115
225
6
9
419
32
760
1,296
1,309
349
598
116
225
6
8
4,952
4,953
5,039
5,057
5,036
5,098
5,119
E
-—figures
include, in addition to currency outside the Treasury
ana Federal Reserve banks, unassorted currency held by these institutions amounting to $4,000t000-$14,000,000, and also $1,000,000 of currency
oi unknown denominations reported by the Treasury as destroyed.
ft^°'
Number
of centers
Outside New York*Cityl
1
140
Federal Reserve districts:
Boston
•
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TotaL
141
1934
1935
June
June
May
15,667
15,914
14,551
15,655
15,388
14,754
1,586
16,296
1,558
1,646
568
660
4,116
883
525
916
476
2,352
1,630
15,201
1,591
651
702
4,042
827
541
879
488
2,281
1,569
16,001
1,509
1,518
542
633
3,729
766
510
884
472
2,005
30,206
30,142
31,581
.1,473
550
FEDERAL RESERVE BULLETIN
AUGUST 1936
BANES SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP
DURING 1934 AND JANUARY-JULY 1935
[Preliminary figures]
Nonlicensed banks placed in liquidation
or receivership *
Licensed banks suspended »
Deposits * (in thousands of dollars)
Number of banks
Number of banks
Deposits»(in thousands of dollars)
Year 1934 Jan.-July
Year 1934 Jan.-July
Year 1934 Jan.-July
Year 1934 Jan.-July
1935
1935*
1935
1935
National banks
—
—.
State bank members
Nonmember insured banks
Other nonmember banks
.—
._..-._..
Total
1
3
40
776
8
48
13
5
67
21
1,912
34,935
36,937
2,852
557
4,185
506
38
195,211
6,499
*6t284
13,075
927
47
624,921
25,858
4
<5
393
*23
390,218
< 39,492
* In the corresponding column of the BULLETIN for July (p. 480) the figures of State bank members and nonmembers should have been shown
as 5 and 37, respectively.
i Includes banks placed on a restricted basis.
* Tncludes nonlicensed banks absorbed or succeeded by other banks.
* Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or
receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest
call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported
closing of the banks.
* Includes 14 banks with deposits of $12,504,000 in 1934 and 4 banks with deposits of $5,066,000 during January-July 1935, which did not receive
licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation.
RATES ON INDUSTRIAL ADVANCES
IApproved by the Federal Reserve Board, under sec. 13b of Federal Reserve Act as amended June 19,1934. Percent per annum except as other
wise specified. In effect on Aug. 1,19351
Boston
Advances direct to industrial or commercial organizations.
... . > 3^-6
Advances to financing institutions:
On portion for which institution is obligated..
.
3
On remaining portion
Commitments to make advances
New
York
Phila- Cleve- Richdelphia land
mond
4-6
4-6
3
4-5
1-2
4M-6
13
0)
1-2
Atlanta
Chicago
6
6
6-6
4^6
4-6
1-2
5
5
H
Minne- Kansas Dallas
St.
City
Louis apolis
BH
13
6-6
1-2
San
Francisco
6
4-6
5-6
5-6
4^-5
4K-5
4
4
4
5-6
1
3-1
4-5
i Authorized rate 1 percent above prevailing discount rate.
* Same as to borrower but not less than 4 percent.
' Flat charge.
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statement of United States Treasury. I n millions of dollarsl
General and special funds
Receipts
General»
Period
1933—July
August
September
October
November
December
1934—January.„
February
March
April
May
June
Total
Income
taxes
163
188
321
256
209
332
211
206
420
182
237
391
13
14
136
10
19
133
10
23
232
15
25
188
Miscellaneous AH
internal other i Total
revenue
113
126
123
170
93
112
128
116
130
105
119
130
Trust
acor
counts, Increase
crease during
Excess etc.,*
period
of re- excess
Recovery and relief«
ceipts of receipts
(+)or <+for
exex- General Gross
pendipendi- fund
Total Relief Public All
works other* tures
tures balance debt
)
()
Expenditures *
271
310
329
500
494
690
956
635
610
674
542
733
Interest on All
public other
debt
14
26
44
152
11
107
22
32
46
164
18
121
182
145
204
244
190
121
126
156
114
141
173
189
75
139
81
104
294
463
808
447
450
370
350
423
61
70
63
68
93
143
344
221
260
222
149
151
24
23
19
28
37
85
59
53
56
68
75
119
• 10
46
•1
8
164
235
406
174
134
79
127
154
NOTB.-For months beginning July 1934, totals for the fiscal years 1933-35 and footnotes, see table on page 617.
-108
-122
-8
+2
-244
+9
-285
-358
+2
-745
-430
-190
- 4 9 2 -1,993
-305
+4
-342
±f
-28
+71
-236
+198
-81
+511
+280
nr4
+105
-39
+37
+560
551
FEDERAL RESERVE BULLETIN
AUGUST 1035
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics. 1926* 100]
Other commodities
All
commodities
Farm
products
Foods
1029
1930
1931
1932
1933
1934
95.3
86.4
73.0
64.8
65.9
74.9
104.9
88.3
64.8
48.2
51.4
65.3
99.9
90.5
74.6
61.0
60.5
70.5
91.6
85.2
75.0
70.2
71.2
78.4
109.1
100.0
86.1
72.9
80.9
86.6
90.4
80.3
66.3
54.9
64.8
72.9
83.0
78.5
67.5
70.3
66.3
73.3
100.5
9Z1
84.5
80.2
79.8
86.9
95.4
89.9
79.2
71.4
77.0
80.2
94.2
89.1
79.3
73.5
72.6
75.9
94.3
92.7
84.9
75.1
76.8
81.5
62.0
77.7
69.8
64.4
62.5
69.7
1934-June
July.
August
September
October
November
December
74.6
74.8
76.4
77.6
76.5
76.5
76.9
63.3
64.5
69.8
73.4
70.6
70.8
72.0
70.6
73.9
76.1
74.8
75.1
75.3
78.2
78.4
78.3
78.3
78.0
78.0
78.0
87.1
86.3
83.8
84.1
83.8
84.2
85.1
72.7
71.6
70.8
71.1
70.3
69.7
70.0
72.8
73.9
74.6
74.6
74.6
74.4
73.7
87.7
86.8
86.7
86.6
86.3
86.2
85.9
87.8
87.0
85.8
85.6
85.2
85.0
85.1
76.6
75.4
75.7
76.5
77.1
76.9
78.1
82.0
81.6
81.8
81.8
81.7
81.3
81.2
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
77.6
79.1
78.3
80.4
80.6
78.3
79.9
82.7
81.0
84.5
84.1
82.8
77.7
77.4
77.3
77.2
77.6
78.0
86.2
86.0
85.4
86.3
88.3
88.9
70.3
70.1
69.4
69.2
69.4
70.1
72.9
72.5
73.0
72.8
73.1
74.2
85.8
85.8
85.7
85.9
86.6
86.9
84.9
85.0
84.9
84.6
84.8
85.3
79.3
80.4
81.5
81.0
81.2
80.7
81.2
80.7
80.7
80.7
80.6
80.5
70.7
70.1
69.2
68.7
68.7
68.4
79.2
79.9
80.3
80.3
80.1
79.9
80.0
80.3
80.2
79.9
79.8
79.3
78.9
79.1
79.2
79.1
79.2
78.6
81.0
81.8
81.7
81.1
80.8
80.9
81.5
80.7
79.9
79.9
78.0
77.1
78.0
77.7
77.2
77.1
82.9
84.5
85.3
85.4
84.9
84.1
83.8
84.3
84.4
83.7
83.4
82.5
81.6
81.9
82.0
82.0
82.2
77.2
77.2
77.3
77.5
77.5
77.5
77.6
77.8
77.8
77.8
77.9
77.9
77.9
77.8
78.0
77.9
77.9
85.6
85.9
86.5
87.9
88.0
88.1
83.4
89.6
89.9
89.1
89.4
89.3
89.6
89.8
89.8
89.8
90.1
68.7
68.8
69.0
68.8
68.7
68.7
68.8
69.4
69.3
69.3
69.1
69.7
69.7
69.7
69.9
69.8
69.0
74.1
74.0
74.0
74.3
74.4
74.4
74.2
74-1
74.4
74.7
74.9
74.7
74.8
74.9
75.3
75.3
75.2
85.0
85.0
85.1
85.2
85.2
85.2
85.3
85.6
85.6
85.6
85.9
85.9
86.1
85.7
85.7
85.7
85.7
84.3
84.5
84.3
84.4
84.9
84.7
84.8
84.9
84.9
85.1
85.3
85.1
84.9
84.8
85.0
84.9
85.1
80.2
80.5
80.7
80.8
80.8
80.7
80.8
81.0
80.8
80.7
80.4
80.0
79.5
79.5
79.5
79.5
78.4
81.9
81.9
81.9
82.0
82.0
82.0
82.0
82.0
82.0
81.8
81.7
81.7
81.8
81.8
81.8
81.8
81.9
68.4
68.4
68.7
68.9
68.9
68.9
Year, month, and week
1936—January
February
March
April
May
June
,
Week ending—
1935-Apr. 6
Apr. 13
Apr. 20
Apr. 27
.„_
May 4.
May 11_
May 18
May 25.
June 1
JuneS
June 15_.
June 22
June 29
July 6
July 13
July 20
July 27
Total
Hides and Textile Fuel and Metals
Chemi- Houseleather
lighting and metal Building cals and furnlsh- Miscelproducts products materials products .materials drugs lng goods laneous
Subgroups
Subgroups
June Mar. Apr. M a y June
June M a r . A p r . M a y June
M E T A L S AND M E T A L PRODUCTS:
FARM PRODUCTS:
Grains
_„
Livestock and poultry
Other farm products
FOODS:
Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats
Other foods__!!I!!!II!II!I""
HIDES AND LEATHER PRODUCTS:
Boots and shoes,..
Hides and skins
Leather
Other leather products
72.4
48.3
60.4
82.8
85.8
72.1
87.9
85.9
74.5
83.2
87.6
75.0
76.9
84.8
74.3
73.0
89.2
70.1
62.2
62.8
82.9
92.1
63.2
91.6
73.4
84.9
93.3
67.3
94.3
76.2
77.7
92.3
66.3
07.0
77.7
74.6
90.5
68.7
94.5
77.2
98.4
70.1
75.3
86.8
97.2
66.6
74.2
84.6
97.2
71.2
74.9
84.6
97.2
76.1
79.6
84.4
97.3
78.0
80.5
84.4
82.6
86.0
62.8
25.0
80.8
74.8
78.5
82.4
62.5
27.3
73.1
67.7
78.5
81.8
61.6
27.6
73.1
67.5
78.5
82.7
60.4
27.6
73.5
68.2
SO. 7
82.5
59.5
27.2
75.6
63.9
76.9
95.0
85.0
90.6
97.5
50.6
81.1
96.3
88.8
88.3
88.6
49.8
75.5
95.4
88.7
87.8
88.0
51.0
73.0
95.7
88.7
88.7
92.0
52.2
74.0
96.1
88.7
TEXTILE PRODUCTS:
Clothing
Cotton goods."I"I
Knit goods..
I.
"II
Silk and rayon
Woolen and worsted goods
*TT»Other t e x t i l e Products
tfUEi. AND LIGHTING MATERIALS:
Anthracite
Bituminous coal™!!!!""!!!!
lect
Coke
Gas
ElectrlitVTIIIIIIIIIIIIIIIII
Petroleum products!,
1935
1934
1935
1934
68.9
68.4
68.4
68.0
68.0
67.8
67.6
67.5
53.2
91.1
88.6
95.0
68.5
93.6
86.0
93.6
67.1
86.0
93.6
68.2
93.6
86.6
94.4
69.2
93.6
87.1
94.7
69.1
91.1
93.9
86.3
80.3
75.1
94.5
92.0
90.2
94.4
79.9
79.4
67.2
92.0
90.1
89.7
94.9
79.9
79.2
67.1
92.0
89.4
80.3
94.9
79.8
79.9
67.1
92.0
SO. 8
S9.2
94.9
81.6
79.8
66.0
92.2
90.0
Chemicals .
Drugs and Pharmaceuticals
Fertilizer materials.
Mixed fertilizers
HOUSEFURNISHING GOODS:
Furnishings
Furniture..--..'.
78.6
73.1
67.9
73.4
88.1
73.0
66.3
72.8
87.2
73.8
66.0
72.9
87.5
74.2
65.9
73.1
86.3
74.3
05.7
74.5
85.1
79.0
84.1
77.3
84.2
77.1
84.1
77.1
83.9
77.1
MISCELLANEOUS:
44.fi 46.6 46.3 45.0
86.9 102.2 104.9 107.0
83.5 80.6 80.4 80.0
27.7 23.5 23.7 24.9
83.1 80.1 79.0 79.4
45.0
92.2
79.7
26.0
S0.1
Agricultural implements
Iron and steel
..
Motor vehicles
Nonferrous m e t a l s . * . . . . . . . .
BUILDING M A T E R I A L S :
Brick and tile
Cement...
Lumber
Paint materials
Plumbing and heating
Structural steel
Other building materials
CHEMICALS AND D R U G S :
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
552
FEDERAL RESERVE BULLETIN
AUGUST 1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average^ 100]
1935
1034
Industry
June
Manufacture*—Total
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan*
Feb.
Mar.
Apr.
May
June
83
74
72
'74
85
90
88
86
IfiON AND STEEL
'86
66
'48
42
48
'39
36
'49
32
'51
'65
34
'68
'80
49
'83
'80
67
'72
55
'73
'67
53
66
56
67
66
£3
67
TEXTILES
77
74
63
61
63
62
109
78
79
61
62
67
44
101
87
90
69
82
103
98
102
116
110
52
119
100
95
97
97
116
65
122
90
95
102
99
71
135
98
84
110
131
92
80
117
102
85
124
153
99
80
111
100
82
122
148
107
71
116
96
103
87
123
139
128
90
80
102
120
92
155
198
134
81
106
128
79
192
244
145
79
64
64
118
116
81
2
38
101
87
85
82
99
110
Pig iron
Bteel Ingots
Cotton consumption
Wool
Consumption
Machinery activity»
Carpet and rug loom activity»
Silk deliveries
FOOD PRODUCTS
-
Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
31
94
59
63
61
46
135
111
97
92
85
97
92
41
140
120
142
89
216
225
162
85
94
107
119
95
144
145
223
83
101
102
110
90
138
121
143
84
102
102
107
79
146
130
139
87
108
91
83
54
120
132
133
86
130
81
70
56
101
109
131
90
86
77
73
51
98
112
151
83
75
80
77
53
96
113
157
88
80
78
74
54
94
103
161
74
67
44
92
106
151
91
75
117
65
121
116
115
66
118
61
121
61
122
59
123
59
119
64
121
63
124
78
3
28
61
5
95
51
7
133
88
9
13
104
8
27
103
8
106
8
110
9
91
36
14
56
100
10
99
86
81
74
114
103
97
83
82
67
101
106
83
80
79
67
97
94
104
93
92
96
90
112
107
96
93
97
105
114
108
97
93
91
112
116
108
96
91
90
112
117
113
97
03
88
120
123
'113
100
98
87
119
rl2l
106
45
140
42
174
45
166
47
183
51
185
55
155
58
162
78
73
81
97
84
73
155
196
105
102
94
95
153
191
108
101
94
90
153
194
91
96
100
87
160
204
94
104
100
166
214
99
105
97
87
83
91
75
78
56
134
66
186
138
67
193
71
131
53
73
79
97
133
53
79
55
47
60
65
47
96
PAPER AND PRINTING:
Newsprint production
Newsprint consumption
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
CEUENT AND GLASS:
Cement
Glass, plate
48
77
NONFERR0U3 METALS! >
Tin deliveries *
64
65
58
67
FUELS, MANUTACTURED:
Petroleum refining
Gasoline*
Kerosene
Fuel oil i
Lubricating oil *
Coke, byproduct
154
195
94
103
95
100
156
201
92
100
02
78
157
202
91
103
90
74
152
193
85
102
91
73
153
196
02
93
90
73
155
199
91
101
89
73
154
194
89
103
98
76
151
191
RUBBER TIRES AND TUBES
84
87
62
83
85
68
79
82
56
79
82
61
82
85
60
107
110
80
133
139
91
115
119
82
101
104
76
68
132
65
183
123
63
177
126
66
172
125
66
171
120
66
161
125
69
168
143
76
196
136
72
136
133
69
133
130
67
180
138
67
193
87
85
80
82
81
81
80
94
96
97
87
130
54
58
56
45
64
63
128
52
57
53
40
61
50
124
47
60
44
64
62
122
44
61
55
36
65
53
122
35
76
56
39
65
64
121
14
77
55
35
72
72
124
74
76
131
81
67
132
87
54
132
60
69
130
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
Cigarettes
MinenU#-TotaL
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver
„__
Ill"
91
i Without seasonal adjustment.
'Includes also lead and zinc; see "Minerals."
' Revised.
P Preliminary.
nary.
TINS for
for February
February and
and March
March 1927
1927 For
For latest
latest revising
revising <JAA
<JAA TITTTTTETTN**
TITTTTTETT fnr March 1932 pp. 104-106, and
NOTE.—For description see BULLETINS
553
FEDERAL RESERVE BULLETIN
AUGUST 1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average"* 100]
1934
1935
Industry
June I July I Aug. | Sept. | Oct. | Nov. | Dec.
Manufactures—Total...
'84
71
71
70
73
76
87
91
91
87
'88
44
40
'45
38
35
38
37
30
38
40
31
41
'57
34
•-59
'77
49
'80
'84
68
'87
74
66
'76
73
71
60
55
68
62
97
73
72
57
55
67
44
96
76
77
57
56
65
47
100
63
62
39
38
40
41
104
92
97
62
69
61
46
135
92
84
86
98
92
41
125
108
102
104
119
110
52
136
105
101
101
105
116
65
130
100
94
96
104
99
71
130
100
90
108
127
92
80
116
72
57
73
101
88
117
141
99
80
110
102
89
116
144
126
80
95
100
113
82
154
192
134
78
84
100
115
60
188
224
146
85
72
122
138
67
240
216
188
100
100
110
120
81
163
152
251
93
96
108
123
99
159
124
142
90
103
123
104
153
124
136
83
61
90
94
72
121
123
134
84
86
79
75
62
89
101
123
87
84
75
69
51
86
114
137
76
69
52
85
123
148
117
61
103
61
104
64
118
62
123
GO
123
121
62
116
61
121
128
92
2
47
82
3
41
67
5
140
7
133
7
19
111
8
48
97
86
83
79
99
104
98
86
79
86
105
106
107
85
80
81
99
122
102
85
82
77
102
112
99
92
94
80
100
103
35
105
67
IRON AND STEEL..
Pig Iron
,
Steel ingots...
TEXTILES
-
Cotton consumption
Wool
Consumption
Machinery activity
Carpet and rug loom activity
Silk deliveries
FOOD PRODUCTS.
Slai
Hogs..
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
Jan. I Feb. I Mar. I Apr. I M a y I June
32
115
66
53
67
95
79
114
133
107
71
103
78
72
52
91
122
158
78
99
73
06
45
86
110
147
80
127
C5
124
64
123
130
8
141
8
88
103
13
71
114
10
110
100
100
84
116
117
111
94
92
80
115
122
111
96
93
79
119
121
'104
95
94
83
110
'110
M00
25
155
27
179
34
199
60
205
65
169
71
165
80
78
73
81
97
84
73
166
214
92
105
97
85
PAPER AND PRINTING:
Newsprint production
Newsprint consumption
TRANSPORTATION EQUIPMENT:
Automobiles—
Locomotives
Shipbuilding
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers"!!
Calf and kip leathers—.
^ Goat and kid leathers—
Boots and shoes
87
101
CEMENT AND GLASS:
Cement
Glass, plate....llY.ll
'
NONFEEROUS METALS: *
Tin deliveries
64
65
154
195
87
103
95
98
156
201
86
100
92
75
157
202
87
103
90
72
152
193
87
102
91
71
154
196
97
93
90
73
156
199
99
101
89
74
155
194
96
103
98
77
151
191
101
99
91
89
166
196
107
102
94
153
191
105
101
94
92
153
194
90
96
100
87
160
204
90
104
100
89
102
105
74
78
81
62
76
78
61
73
75
54
83
92
96
66
106
110
75
110
114
80
102
105
74
103
107
75
96
99
144
70
202
81
83
65
139
67
194
135
69
186
139
76
188
129
81
169
128
82
166
115
57
161
128
55
182
121
60
166
124
61
171
127
63
175
136
68
1S8
87
84
87
87
84
85
91
92
90
79
53
60
132
106
55
67
44
58
52
131
105
53
51
34
71
68
123
60
73
58
73
65
120
11
77
67
33
76
71
120
82
82
126
85
72
129
87
45
130
51
72
130
FUELS, MANUFACTURED:
Petroleum refining
Gasoline
""
Fuel oil
"
Lubricating oil._._,
Coke, byproduct
RUBBER TIRES AND TUBE:
Tires, pneumatic
Inner tubes
~
TOBACCO PRODUCTS
Cigars
J
Cigarettes....
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Zinc
£Lead
°nore";
Sil
;
1
'
Includes also lead and zinc; see " Minerals."
50
126
95
56
43
39
62
125
85
58
52
34
p
Preliminary.
ical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
t Revised.
150
73
212
97
71
132
SO
73
62
50
71
S5
136
105
76
5G
46
554
FEDERAL RESERVE BULLETIN
AUGUST U35
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory employment
Without seasonal adjustment
Industry and group
1935
June
Total.
I R O N AND STEEL AND PRODUCTS
Blast furnaces and steel works
Cast-iron pipe
Cutlery and edge tools
Hardware
Steam, hot-water heating apparatus, etc
Stoves
Structural metal work
Tin cans, etc.WIrework
Agricultural implements
Electrical machinery, etc
Engines, turbines, etc.Foundry and machine-shop products..
Machine tools.
Radios and i
Textile machinery..
TRANSPORTATION EQUIPMENT
Automobiles
Cars, electric and steam railroad..
Locomotives
Shipbuilding
BAILROAD REPAIR SHOPS...
Electric railroads
Steam railroads
NONFERROUS METALS AND PRODUCTS.,
-
LUMBER AND PRODUCTS
Furniture
Lumber, millwork
Lumber, sawmills
STONE, CLAY, AND GLASS PRODUCTS
Brick, tile, and terra cotta
Cement
Glass...-.
Pottery
TEXTILES AND PRODUCTS
A. Fabrics
Carpets and rugs
Cotton goods
Dyeing and finishing —
Knit goods
Silk and rayon goods
Woolen and worsted goods.
B. Wearing apparel.,
Clothing, men's
Clothing, women's—
Millinery
Shirts and collars
LEATHER AND PRODUCTS..
Boots and shoes
Leather.
'Revised.
June
1935
1934
1935
June
Without seasonal adjustment
May
June
June
1934
May
June
79.7
'81.1
'81.1
80.0
'81.2
'81.5
66.5
68.5
'64.9
71.7
72.4
50.8
77.4
61.4
98.4
56.0
95.6
122.2
'72.4
'73.6
49.1
78.3
53.2
51.4
99.1
'56.0
90.4
127.4
76.4
79.1
53.6
79.7
73.0
49.2
94.2
69.7
96.7
131.4
71.6
72.6
49.6
78.6
51.0
51.1
97.9
55.7
92.4
122.6
'71.6
'72.5
48.1
77.9
52.8
51.1
97.2
'56.3
89.5
127.8
76.3
79.3
52.3
80.9
72.4
48.9
93.7
59.4
93.4
131.8
55.5
66.4
28.9
59.2
42.9
34.5
73.4
40.6
93.5
109.1
'58.5
'61.1
27.4
59.6
42.3
34.5
74.2
'40.9
87.0
115.9
68.9
28.9
56.5
52.6
31.8
66.2
42.7
94.1
119.3
84.2
110.6
69.6
102.8
72.8
85.1
165.5
64.0
84.5
97.0
70.7
101.4
73.8
83.0
168.0
63.6
80.8
73.3
66.2
72.6
73.1
70.9
206.0
73.2
84.4
111.4
69.6
101.7
72.0
84.4
182.7
64.4
84.9
94.1
70.7
99.9
72.7
81.8
200.0
62.6
81.2
73.8
66.2
71.8
7Z3
70.3
227.4
73.6
66.9
127.5
56.1
74.6
66.2
71.7
100.9
62.2
67.8
110.5
58.2
74.2
57.9
70.1
101.5
51.6
95.3
10S.8
47.8
28.4
72.4
102.7
116.4
60.3
30.1
'76.4
'95.6
106.8
'57.8
32.5
76.6
90.3
103.0
44.0
27.2
71.5
94.0
105.9
54.9
29.4
'74.1
'90.6
101.1
'53.2
31.1
75.7
83.7
94.4
46.2
12.6
61.8
94.2
105.1
65.8
13.8
'65.7
61.6
76.1
51.8
49.6
55.5
57.0
117.4
59.6
'78.5
85.8
'56.7
14.6
60.2
53.8
65.6
52.9
53.6
65.7
52.7
59.8
66.7
59.3
53.4
65.6
52.4
53.3
65.7
52.3
69.4
66.7
58.8
61.0
59.0
50.5
52.5
60.2
52.0
63.8
59.6
53.6
79.7
78.9
69.2
73.4
81.8
93.0
80.4
80.8
69.2
73.9
79.5
95.6
75.9
78.2
61.9
69.3
67.4
93.0
80.7
79.4
70.3
74.6
82.6
92.9
80.8
80.3
70.4
74.4
80.1
94.3
76.8
78.7
62.9
70.4
68.1
92.9
62.8
60.0
60.3
67.1
53.2
80.1
63.3
61.5
68.2
57.0
61.1
84.8
57.9
58.4
49.8
49.8
43.5
ai
48.9
67.1
42.4
30.9
50.9
67.0
40.7
34.0
50.0
62.4
37.9
35.1
48.8
69.6
41.9
30.1
51.3
70.5
40.2
33.4
49.8
64.7
37.4
34.2
36.3
48.5
31.7
20.9
55.6
32.1
59.9
95.2
66.8
55.0
29.6
57.0
94. S
7L5
57.1
34.4
59.1
93.6
69.4
53.4
29.9
56.2
92.1
66.7
53.6
28.0
55.3
93.1
70.9
54.9
32.0
55.4
90.5
69.3
40.6
19.3
40.0
82.0
46.1
'34.8
47.1
29.1
'20.1
40.3
17.7
36.8
81.6
60.3
90.3
89.4
81.4
85.1
107.3
108.1
63.1
96.7
88.3
85.5
10S.9
55.1
98.3
93.5
01.0
79.7
88.0
110.0
112.0
65.0
91.1
95.3
87.6
123.9
61.6
106.5
90.9
89.9
68.5
94.2
105.6
110.6
75.4
81.6
113.4
64.6
104.6
91.6
90.6
83.4
86.0
111.3
108.4
63.9
98.4
89.7
85.2
112.3
58.4
100.9
93.6
91.0
78.9
87.3
110.0
111.3
65.6
93.1
95.6
92.1
118.0
61.7
107.0
92.2
91.1
70.2
95.2
109.5
110.9
76.4
70.1
90.8
81.4
116.9
68.6
107.4
70.7
72.0
76.8
65.6
78.9
93.6
51.5
76.9
64.1
62.8
71.2
46.7
94.5
75.5
74.9
73.7
70.7
86.2
102.0
54.5
71.2
72.1
64.4
89.4
48.6
103.9
66.4
66.9
56.6
65.3
72.9
100.0
59.0
49.1
61.7
64.6
72.6
51.6
94.1
82.6
80.1
92.8
'86.7
'85.2
93.2
87.7
86.8
91.5
86.1
83.9
95.1
'89.1
'87.9
94.5
91.4
90.9
93.8
70.6
64.3
91.1
r72.3
'66.7
90.0
72.9
70.6
79.8
• 51.5
,
MACHINERY
Brass, bronze, and copper..
Lighting equipment
Silverware and plated ware
Smelting and refining
Stamped and enameled ware
*.
—
-
Adjusted for seasonal
variation
1934
May
Factory pay rolls
41.2
24.1
23.2
38.8
19.3
39.9
73.4
43.7
555
FEDERAL RESERVE BULLETIN
AUGUST 1936
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
[Adjusted to Census of Manufactures through 1931. 1923-25 average»100]
Factory employment
Without seasonal adjustment
Factory p a y rolls
Adjusted for seasonal
variation
W i t h o u t seasonal adjustment
Industry and group
1934
1935
June
May
June
1934
1935
June
May
June
107.3
113.4
1934
1935
June
May
June
93.0
114.2
77.3
82.8
72.4
73.8
84.6
81.4
83.3
95.1
112.7
73.2
69.1
74.3
73.5
77.7
80.6
83.6
105.1
114.6
83 8
90.7
68.9
74.8
86.7
101.4
89.5
100.1
113.0
72.6
96.3
80.6
75.8
73.8
81.8
83.7
102.0
112.7
72.3
108.0
82.6
74.8
74.2
81.6
83.1
• 83.4
105.4
76.7
76.8
75.6
101.9
. 89.9
90.3
99.6
60.7
96.4
63.3
62.9
68.4
74.8
73.6
86.9
97.3
57.4
78.7
63.4
62.3
62.2
74.0
75.7
91.9
96.5
6S.0
84.2
58.0
62.7
68.9
87.2
77.3
57.9
66.6
56.8
56.6
66.3
55.3
62.4
73.2
61.0
58.2
68.0
57.0
56.8
67.9
55.4
62.7
74.7
61.2
46.8
67.3
44.2
43.8
64.5
4L2
47.5
66.6
45.1
PAPER AND PRINTING
95.6
83.1
109.2
85.1
99.0
96.5
84.5
109.9
86.2
99.6
94.7
83.9
106.0
84.8
98.8
96.4
86.3
109.2
86.2
99.3
97.1
87.8
109.9
87.2
99.3
95.5
87.1
106.0
85.9
99.1
83.5
74.5
87.5
75.6
89.4
84.8
75.5
86.9
78.8
90.4
78.9
73.8
78.5
71.0
87.5
CHEMICALS AND PETROLEUM PRODUCTS
107.3
106.4
108.1
95 8
86.5
79 2
112.5
325.9
99 5
111.0
108.0
108.0
107.1
96.8
87.3
110 1
112.6
326.9
98.2
108.3
104.5
102.9
111.7
96.9
95.7
74.4
106.1
273.8
99.9
111.4
111.3
111.7
110.2
100.3
89.8
115.4
108.4
325.9
101.9
110.0
109.3
109.5
109.0
100.4
90.6
103.7
108.6
326.9
98.9
10S.5
108.9
108.4
113.9
101.4
99.4
108.4
102.2
273.8
102.4
110.4
94.6
93.6
98.0
93.7
72.6
69.2
94.0
240.5
95.8
98.2
'94.8
'94.1
97.8
93.9
74.4
91.7
95.1
'237.8
93.8
'96.8
88.1
86.6
96.1
90.3
73.5
57.5
86.3
200. C
86. C
93.1
79.7
46.5
72.9
'81.3
47.2
••73.6
85.6
46.6
81.7
77.6
48.9
68.4
79.9
49.7
'70.2
83.2
49.1
76.7
64.8
41.5
58.9
'66.5
43.2
'58.7
66.5
41.1
61.1
POOD PRODUCTS
Baking.
Butter
Canning and preserving
Confectionery...
Flour
Ice cream
Slaughtering and meat packing
Sugar refining, cane
TOBACCO PRODUCTS
Chewing and smoking tobacco and snuff
Cigars and cigarettes
Boxes, paper
Paper and pulp
. ._
Book and job printing
Printing, newspapers and periodicals
A. Chemical group, except petroleum.Chemicals..
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Eayon and allied products
Soap
euproaucis
B. Petroleum refining
RUBBER PRODUCTS
Rubber boots and shoes
Rubber tires and inner tubes
r
.
.._
*-
Revised.
N O T E . — T h e indexes for factory e m p l o y m e n t a n d p a y rolls u n a d j u s t e d for seasonal variation are compiled b y t h e B u r e a u of Labor Statistics,
-por description a n d back figures see B U L L E T I N for M a y 1934, p p . 270-271. For description a n d back figures for t h e seasonally adjusted index of
iactory employment compiled b y t h e Federal Reserve Board, see B U L L E T I N for J u n e 1934, p p . 324-343.
556
FEDERAL RESERVE BULLETIN
AUGUST 1935
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F . W . Dodge Corporation. Value of contracts in millions of dollars]
Residential
Total
Commercial
Factories
Month
January- - *
February
March..
._
April
May
June..
July
August
- September
.
...
October
„
November...
December.... „ J . .
Year
1934
1935
186.5
96.7
178.3
131.2
134.4
127.1
119 7
119.6
110.2
135.2
111.7
92.7
99.8
75.0
122.9
124.0
126,7
148.0
1,543.1
1934
15.1
14.5
28.1
22.6
24.8
26.6
19 8
18.6
17.9
26.3
19.9
14.6
1935
22.4
16.6
32.2
42.2
44.9
49.8
248.8
1934
1935
10.7
4.2
15 9
8.3
8.3
8.7
25 7
10.0
61
8 5
4.6
5.1
116.1
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by
the F. W. Dodge Corporation. Value of contracts in thousands of
dollars]
1935
1934
Federal Reserve district
Boston
.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis^^
Kansas City
Dallas
Total (11 districts)
' Revised.
June
May
June
15,364
27,012
5,947
15,452
21,182
12,705
23,074
9,908
4,946
7,209
5,206
13,104
26,657
5,214
9,555
13,041
10,493
22,687
8,106
4,712
5,772
7,377
15,094
'23,396
'7,455
11,444
18,627
'9,001
'20,606
9,178
4,532
3,855
148,005
126,720
7.1
7.8
65
6.3
9.8
9.5
1934
1935
9.4
7.6
13.0
11.9
24.6
11.9
12 9
13.5
13 1
13 6
11.0
8.2
10.8
9.2
12.2
15.2
13.9
15.0
150.6
Public works
and public
utilities
1935
1934
44.4
27.8
46.3
40.5
31.4
39.1
113.7
53.2
92.9
69.9
56.8
57.4
39 1
50.6
50 0
65 2
52.3
50.1
All other
Educational
1934
19.6
5.4
8.8
8.5
10.4
9.7
7.8
12.2
12 5
9 0
8.6
5.0
1934
1935
11.4
7.9
15.4
11.5
17.7
16.8
17.9
11.8
19.6
9.8
9.5
12.8
14.4
14.7
10.6
12.7
15.3
9.8
3.7
5.8
10.4
8.3
9.0
17.7
158.9
117.5
751.2
1935
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Liabilities In thousands of
dollars]
Liabilities
Number
Federal Reserve
district
Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
' 127,055
Total...
1934
1935
June
May
June
97
309
65
68
43
32
100
29
21
48
21
128
114
336
43
88
27
39
110
45
92
317
53
74
46
30
149
22
29
40
17
164
30
134
961 1,027
1934
1935
June
May
1,058
12,510
1,012
1,364
272
252
1,675
6,126
900
1,441
503
319
1,733
224
261
216
320
1,992
272
208
394
335
1,240
1,033. 20,463
1,500
15,670
June
904
7,810
1,742
B
586
5,309
221
256
937
289
2,208
23.868
557
FEDERAL RESERVE BULLETIN
AUGUST 1935
JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates, by States, for July 1,1035, as reported by the Department of Agriculture]
[In thousands of units]
Corn
Federal Reserve district
Total wheat
Bushels
7,703
25,132
48,105
128,893
132,408
160,725
482,653
167,923
107,474
53,194
54,929
7,982
Bushels
7,565
25t828
43,837
143,489
130,744
151,282
668,964
237,897
196, 150
308,726
121,397
8,722
Total....
1,377,126
2,044,601
Total
Bushels
168
5,171
13,866
37,550
22,908
3,841
50,925
47,237
63,272
144,213
26,141
81,637
496,929
Bushels
205
6,729
16,230
46,592
25,898
3,602
64,925
49,209
246,421
Bushels
Bushels
163
132
85
71
Bushels
205
158
102
84
3,014
79
227,925
66,685
1,632
40
53,228
3,542
51
32,428
458,091
91,377
272,954
Bushels
10,504
94,302
5,039
13,781
37,479
22,908
3,841
49,293
47,197
10,044
140,671
26,090
49,209
6,571
16,123
46,503
25,898
3,602
61,911
49,130
18,496
152,764
731,015
405,552
166,428
13,664
106
27,617
White potatoes
Tobacco
Tame hay
Oats
Boston
New York
Philadelphia..,
Cleveland
Richmond
Atlanta
,
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco..
Spring wheat
Production Estimate Production Estimate Production Estimate Production Estimate
July 1,1935
1934
1934
1934
July 1,1935
1934
July 1,1935
July 1,1935
Boston
New York....
Philadelphia..
Cleveland
HIchmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City._
Dallas
San Francisco,
Federal Reserve district
Winter wheat
Production Estimate Production Estimate Production Estimate Production Estimate
1934
July 1,1935
19341
July 1,1935
1934
July 1,1935
July 1,1935
1934
206,861
828
2,172
506
23,277
95,155
680,746
138,234
16,340
213,295
1,168
3,167
Bushels
65,226
37,212
31,787
22,036
32,805
15,109
66,027
9,681
43,361
14,816
4,005
42,646
Bushels
47,129
30,665
24,040
20,294
28,463
13,251
55,353
13,219
52.024
34,753
4,082
44,316
1,045,660
1,192,626
385,421
367,589
Tons
2,867
3,812
1,947
3,365
2,898
2,067
9,856
4,151
5,214
4,994
724
10,374
Tons
3,115
5,315
2,256
4,737
3,166
2,235
16,846
5,931
8,805
9,305
994
11,833
Pounds
19,096
447
18,255
94,419
580,183
110,635
109,517
50,782
33,976
20,612
28,693
16,179
57,811
20,831
10,960
506,524
46,523
330,271
174,156
42,855
24,472
525,889
1,266,243
52,269
74,538
Bushels
7,015
24,745
15,724
36,450
15,475
10,091
183,381
18,141
Bushels
12,764
Pounds
20,738
* Revised production of tobacco for 1934 is exclusive of 28,500,000 pounds estimated to have been harvested and rendered unmarketable by growers
operating under contract with the Agricultural Adjustment Administration.
NoTE.-Figures for 1934 are as revised in July 1935.
FEDERAL RESERVE DISTRICTS
I0WA
OKLA.
OklahSmaCily
DALLAS®
TEXAS
—BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—BOUNDARIES OP FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
>
1
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@FedFRASER