Full text of Federal Reserve Bulletin : February 1936
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FEDERAL RESERVE
BULLETIN
FEBRUARY 1936
ISSUED BY THE
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
AT WASHINGTON
Appointment of New Board
Increase in Margin Requirements
Money Markets Abroad
Loans of Federal Credit Agencies
«#
©?<§©&?§•
#
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1936
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
JOSEPH A. BRODERICK
M. S. SZYMCZAK
JOHN K. M C K E E
RONALD RANSOM
RALPH W. MORRISON
CHARLES S. HAMLIN, Special Counsel
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
J. P. DREIBELBIS, Assistant General Counsel
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
FRANK J. DRINNEN, Federal Reserve Examiner
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CTJRRIE, Assistant Director, Division of Research and Statistics
E. L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL ADVISORY COUNCIL
District no. 1 (BOSTON)
District no. 2 ( N E W YOBK)
THOMAS M. STEELE.
JAMES H. PERKINS.
District no. 3 (PHILADELPHIA)
HOWARD A. LOEB, Vice President.
District
District
District
District
ARTHUR E. BRAUN.
CHARLES M. GOHEN.
H. LANE YOUNG.
EDWARD E. BROWN.
no.
no.
no.
no.
4
5
6
7
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
District no. 8 (ST. LOUIS)
District
District
District
District
no.
no.
no.
no.
n
WALTER W. SMITH, President.
9 (MINNEAPOLIS)
10 (KANSAS CITY)
11 (DALLAS)
12 (SAN FRANCISCO)
- - THEODORE WOLD.
W. T. KEMPER.
JOSEPH H. FROST.
M. A. ARNOLD.
WALTER LICHTENSTEIN, Secretary
OFFICERS OF FEDERAL RESERVE BANES
Federal Reserve
Bank of-
Chairman and Federal
Reserve agent
Governor
Boston
New York
F. H. Curtiss
J.H. Case
R. A. Young
G. L. Harrison
Philadelphia
R. L. Austin
G. W. Norrls
Cleveland
E. 8. Burke, Jr.s
M. J. Fleming
Richmond
W. W. Paddock
W. R. Burgess
L. R. Rounds
L. F. Sailer
W. 8. Logan
J. H. Williams.
Allan SprouL—
0. H. Coe
W. H. Hutt
0. A. Mcllhenny
G. J. Seay_
Atlanta
Oscar Newton _
Chicago..
St. Louis
E. M. Stevens
_. J. 8. Wood
G.J. Schaller
F. J. Zurlinden
H. F. Strater
R. H. Broaddus
J. S. Walden, Jr.
H. W. Martin . .
H. F. Conniff
H. P. Preston
C. R. McKay
J. H. Dillard
W. McO. Martin
0. M. Attebery
J. G. McConkey
Harry Yaeger
Minneapolis
Kansas City
J. N. Peyton
J. J. Thomas...
W. B. Geery
G. H. Hamilton
Dallas
O.O.Walsh
B. A. McKlnney
San Francisco
Deputy Governor
J. IT. Calkins
^Assistant Deputy Governor.
»Controller.
H T Ziemfir
0. A. Worthington
T w
TTftim
R. R.Gilbert
R. B. Coleman.W. A. Day
Ira Clerk
Cashier
W. Willett.
J. W. Jones.*
W. B. Matteson.i
J. M. Rice.i
H. H. Kimball.i
L. W. Knoke.i
Valentine Willis, i
A. Phelan. i
0. A. Mcllhenny.
W J T>ft\ri<i 1
W. G. McCreedy.*
L. E. Donaldson.1
W. F. Taylor.
0. W. Arnold.*
G. H. Keesee.
M. W. Bell.
W. S. McLarin, Jr.*
W. H. Snyder.«
W. 0. Bachman.* 1
0. J. Netterstrom.
A. T. Sihler.i
E. A. Delaney.*
A. L. Olson.*
S. F. Gilmore.*
A. H. HallU
F. N. Hall.«
G. 0. Hollocher.*
0. 0. Phillips.*
H. I. Ziemer.
F. C. Dunlop.*
J. W. Helm.
R. B. Coleman.
W. 0. Ford.i
W. M. Hale.
3 Acting chairman; W. H. Fletcher, acting Federal Reserve agent.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch._
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
Birmingham branch
Jacksonville branch
Nashville branch
New Orleans branch
Chicago:
Detroit branch
St. Louis:
Little Rock branch
Louisville branch
Memphis branch
Managing director
_ R. M. O'Hara.
B. J. Lazar.
T. 0. Griggs.
Hugh Leach.
W. T. Clements.
J. H. Frye.
G. 8. Vardeman, Jr.
J. B. Fort, Jr.
Marcus Walker.
R. H. Buss.
A. F. Bailey.
J. T. Moore.
W. H. Glasgow.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Denver branch
Oklahoma City branch
Omaha branch
Dallas:
El Paso branch
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch..
Salt Lake City branch
Seattle branch
Spokane branch
Managing director
R. E. Towle.
_ J. E. Olson.
0. E. Daniel.
L. H. Earhart.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
0. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;,
single copies, 25 cents.
m
TABLE OF CONTENTS
Page
Review of the month—Appointment of new Board—Increase in margin requirements—Money markets
abroad
71
Membership of the Federal Reserve Board, 1913-1936
84
Retiring Board Members
77
Loans and investments of all member banks
77
Loans of United States Government corporations and credit agencies
78
Proclamation of President extending powers conferred by Gold Reserve Act
82
Earnings and expenses of Federal Reserve banks for year 1935
128-129
National summary of business conditions
85
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
86-90
Member and nonmember bank credit:
All banks in the United States
92
All member banks
._
91, 93, 94, 130
Weekly reporting member banks in leading cities
95, 96,131, 132
Acceptances, commercial paper, and brokers' borrowings
97
Discount rates and money rates
:
98
Security prices, bond yields, and security issues
99
Treasury
finance
100
Assets and liabilities of governmental credit agencies
101
Reconstruction Finance Corporation—Loans, purchases, and allocations
102
Farm Credit Administration—Loans and discounts outstanding, by institutions
103
Federal Home Loan Bank Board—Loans outstanding, by institutions
103
Obligations fully guaranteed by the United States—Amounts outstanding, by agencies—
103
Production, employment, car loadings, and commodity prices—
104
Merchandise exports and imports
105
Department stores—Indexes of sales and stocks
105
Freight-car loadings, by classes
105
International financial statistics:
Gold reserves of central banks and governments
106
Gold production
107
Gold movements
107-109
Central banks
110-113
Bank for International Settlements
113
Commercial banks
114
Discount rates of central banks
115
Money rates._,
115
Foreign exchange rates
116
Price movements:
Wholesale prices
117
Retail food prices and cost of living
118
Security prices
118
Law department:
Rulings of Board:
Classification of various types of deposits as savings deposits
119
Deposits of credit unions and citrus growers' associations not classified as savings deposits
120
Classification as savings deposit of funds of an individual used in his business
120
Christmas Club accounts not within classification of savings deposits
120
Appointment as executive officer of member bank of person indebted to such bank
121
Granting of overdrafts or carrying of cash items for executive officers of member banks
121
Amendment no. 7 of regulation T
122
Supplement to regulation T
122
Ruling No. 48 interpreting regulation T
122
Discounts for individuals, partnerships, and corporations—Extension of time limit
123
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
125-134
Industrial and commercial statistics
135-140
IV
FEDERAL RESERVE BULLETIN
VOL. 22
FEBRUARY 1936
REVIEW OF THE MONTH
On January 27, 1936, the President sent to
the Senate the nominations of six members of
the Board of Governors of the
f
Federal Keserve System, appointed under the provisions
of the Banking Act of 1935, for terms beginning
February 1, 1936. These appointments were
approved by the Senate on January 30.
The initial terms of office of the newly appointed members of the Board are so arranged
as to provide for the expiration of terms at
2-year intervals and vary from 2 to 14 years.
Members holding office subsequent to the
expiration of these terms will be appointed for
terms of 14 years each.
The newly appointed members of the Board,
the Federal Reserve districts from which they
are appointed, and their terms are as follows:
Marriner S. Eccles, San Francisco district,
4 years.
Joseph A. Broderick, New York district, 14
years.
M. S. Szymczak, Chicago district, 12 years.
John K. McKee, Cleveland district, 10 years.
Ronald Ransom, Atlanta district, 6 years.
Ralph W. Morrison, Dallas district, 2 years.
A seventh member with an 8-year term is
still to be appointed. The President has
designated Marriner S. Eccles to be Chairman
of the Board for a term of 4 years.
On page 84 of this BULLETIN is a table which
gives a list of all members of the Federal
Reserve Board from the beginning of the
Federal Reserve System, with information
regarding the districts from which they were
appointed and their terms of office.
The Board as constituted prior to February 1,
1936, consisted of eight members, including
the Secretary of the Treasury and the Comptroller of the Currency as ex officio members.
No. 2
Under the terms of the Banking Act of 1935,
on August 23, the name of the Federal Reserve
Board was changed to the Board of Governors
of the Federal Reserve System, and the Governor and Vice Governor became Chairman and
Vice Chairman, respectively, but the membership of the Board remained unchanged until
February 3, 1936.
Mr. Eccles was appointed to the Federal
Reserve Board and designated as Governor
effective November 15, 1934,
Members of new r
•
r>n •
A
Board.
J.
becoming Chairman on August
23, 1935, upon passage of the
Banking Act of 1935. He came to Washington
in January 1934 as an assistant to the Secretary
of the Treasury. He was born in Logan, Utah,
September 9, 1890. Prior to coming to Washington he had been engaged in banking and
industry in the West for more than 20 years.
Mr. Broderick was born in New York City
in December 1881. He began his banking
career in New York City. After being chief
clerk and auditor in a trust company, he became
an examiner in the New York State Banking
Department. He was a member of the committee appointed by the Secretary of the
Treasury to work out technical organization
of the Federal Reserve banks. He was the
first Chief Examiner of the Federal Reserve
Board, and in 1918 he became the Secretary
of the Board. He resigned in 1919 to become a
vice president in the foreign department of the
National Bank of Commerce in New York.
Ten years later he was appointed superintendent of banks for the State of New York,
serving throughout the most difficult period in
banking history.
Mr. Szymczak was appointed a member of
the Federal Reserve Board effective June 14,
1933. He was born in Chicago, August 15,
1894, received his A. B. and A. M. degrees at St.
71
72
FEDERAL RESERVE BULLETIN
Mary's College, Kentucky, and De Paul
University, Chicago, and pursued further
studies at other schools. He spent some
years in business and also taught business
administration, economics, and allied subjects
in the College of Commerce at De Paul University and in other schools for many years.
At the time of his appointment to the Board
he was comptroller of the city of Chicago.
Mr. McKee was born in Pittsburgh, November 19, 1891, and received his education in
the public schools there, Allegheny Preparatory School, and the University of Pittsburgh,
specializing in banking and commercial law.
He has had a wide general experience in business and banking. In 1931-32 he represented
the Comptroller of the Currency as receiver for
insolvent national banks in Ohio and Pennsylvania, and subsequently became examiner for
the Keconstruction Finance Corporation in
charge of bank reorganizations. Since 1933
he has been Chief of the Examining Division
of the Reconstruction Finance Corporation.
Mr. Ransom was born in Columbia, S. C ,
January 21, 1882, received his LL. B. degree
at the University of Georgia in 1903 and was
admitted to the bar the same year. He engaged in the general practice of law in Atlanta
until 1922, when he became vice president of
the Fulton National Bank. At the time of his
appointment to the Board he was executive
vice president of that bank and in charge of its
trust department. He has been a director in
several corporations, president of the Atlanta
Clearing House Association, president of the
Georgia Bankers' Association, and for many
years has been active in the American Bankers'
Association and the Reserve City Bankers'
Association.
Mr. Morrison was born in Howell County,
Mo., September 7, 1882, and educated in
public schools and college at West Plains, Mo.
He began his business career in the operating
department of a railroad and then engaged in
the sale of railroad equipment in the United
States and various foreign countries. He
afterward became interested in development
of water power and the operation of electric
FEBRUARY 1936
power plants which in 1916 were incorporated
into the Central Power & Light Co., and
operated until sold in 1925. Since then he has
been in business in San Antonio and engaged
in the development of a large ranch. In 1933
Mr. Morrison served as a member of the
American delegation to the World Monetary
and Economic Conference at London.
On January 24 the Board of Governors,
acting under the powers granted it by the
Securities Exchange Act of
1934
> announced an increase
effective February 1 in margin
requirements on loans made by brokers and
dealers in securities. Under the new rule,
the minimum required margin on a loan collateraled by a security that has advanced in
price by less than 33 percent above its lowest
price since July 1, 1933, will continue to be 25
percent of current market price, while the
margin on loans on securities that have had the
largest increases in price will be 55 percent,
rather than 45 percent as heretofore. Margins
required on other securities will vary between
25 percent and 55 percent of current market
price, depending upon the degree of their price
advance. An amendment to Regulation T
adopted by the Board and a supplement prescribing the new margin requirements are
printed on page 122.
Since March of last year the stock market
has shown increasing activity at advancing
prices. Beginning in March
a n d A r i l 1935
prices1!1 S t ° C k
P
> P r i c e s advanced
with little interruption for a
period of nearly 8 months and the volume
of transactions increased. Average prices of
common stocks, as measured by the index of the
Standard Statistics Co. for more than 400
stocks, increased by about 50 percent in this
period. For the most part the increase in
prices reflected cash purchases and was not
accompanied by a corresponding increase in
bank loans on securities. The absence of
flotation of new issues, other than for refunding
outstanding issues, contributed in an important
degree to the rise in prices of existing securities.
FEBRUARY
The rise in prices from March to November
was the most sustained advance in the stock
market since 1929. After the middle of
November the upward movement was interrupted but was resumed late in December and
continued in January. In the third week of
January the average level of prices of common stocks, as measured by the Standard
Statistics Co. index, was again at a new high
level. The advance was accompanied by an
increasing volume of trading on the New York
Stock Exchange and other securities exchanges.
The chart shows by weeks for the past 5
years the course of prices for common stocks
on the New York Stock Exchange. It indicates that the lowest level of stock prices after
the collapse of 1929 was reached in 1932, that
STOCK PRICES
421 Common Stocks, 1926=100
PER CENT
PER CENT
140
140
f
A
80
60
73
FEDERAL RESERVE BULLETIN
1936
. //V
U
40
\ —
80
60
V
0
.. . , ...I.. ..
0
the advance in stock prices since that time
has approximated 200 percent, that there has
been a sustained and substantial advance
since the spring of 1935, and that in January 1936 the advance was proceeding at
an accelerated rate. The level reached in
January was the highest in more than 4 years
and was somewhat above the level of 1926.
The accompanying table gives separate figures
for industrial, railroad, and utility issues for
1926, the middle of 1932, the spring of 1935,
and January 1936. It brings out the fact
that as compared with the levels of 10 years
ago the industrial issues in the third week of
January were about 16 percent higher, while
the railroad issues were about 55 percent
lower and the utilities at about the 1926 level.
INDEX OF PKICBS OF 421 COMMON STOCKS
[Standard Statistics Co.]
Year, month, or date
1926 average
June 1932
March 1935
Jan. 22,1936
Total
100.0
34.0
63.9
101.5
Industrial
100.0
33.5
75.4
115.9
Railroad
100.0
14.1
27.8
44.9
Utility
100.0
55.0
53.2
98.7
Loans^by member banks in leading cities to
brokers and dealers in securities to finance
customers' transactions and
dealerS> h 0 l d i n
Ss s h ° W e d Kttle
increase in the first three quarters of 1935, and most of the fluctuations during
the year reflected principally borrowings by
dealers in Government securities in connection
with public-debt operations and seasonal and
other temporary influences. In the last 2
months of the year there was a substantial increase, which was also partly seasonal, but on
January 29, 1936, brokers' loans by reporting
banks were about $130,000,000 larger than on
October 30, 1935.
Customers' borrowings from brokers showed
a continuous increase after the^ middle of the
year. Since late summer, figures as of the end
of each month have been reported currently to
the Board by member firms of the New York
Stock Exchange showing total debit balances
in customers' accounts with the reporting firms,
representing extensions of credit by brokers to
customers, and the amount of the firms' borrowings from banks. About 400 of these firms
carry margin accounts for customers, and for
this group of firms customers' borrowings from
them and their own borrowings from the banks
during the last 4 months of 1935 increased.
In this period customers' borrowings from
these brokers increased by about $200,000,000,
and the brokers' borrowings from banks increased by approximately $150,000,000, or
about 20 percent. The funds making it possible for brokers to increase their extensions
of credit to customers more rapidly than
their borrowings arose chiefly from an increase
74
FEDERAL RESERVE BULLETIN
in the credit balances held with brokers by such
of their customers as were not indebted to
them.
The course of bank loans on securities to
borrowers other than brokers and dealers in
securities is indicated by the weekly figures reported to the Board by member banks in leading cities. These figures, after decreasing continuously over a period of years, increased from
September 18 to December 31, 1935, by approximately $50,000,000, which represented a
temporary increase arising partly from end-ofyear needs for cash. In January they again
declined.
It is an unusual development for a rise of 50
percent in stock prices in a short period of time
not to be accompanied by a subMargins as an stantial increase in the amount
instrument of
credit control.
oi bank credit used lor carrying
securities. The abundance of
funds in the hands of investors is in large part
responsible for this unusual turn of events in
1935, and the margin requirements appear also
to have been a factor, in that they limited withdrawals of cash from margin accounts for the
purpose of realizing profits from a rise in stock
prices and thereby reduced the need of borrowing by brokers.
By the latter part of 1935, however, most
stocks had advanced in price to a point at
which, by reason of the mechanical effect of
the price advance on margin requirements,
withdrawal of profits or their use as margin for
further commitments was again possible.
There were evidences of increased borrowing
by brokers' customers, and to some extent by
the brokers themselves, for the purpose of
purchasing and carrying securities. In order
to forestall an excessive growth in the use of
credit for these purposes, the Board increased
the margin requirements on the stocks that
have risen most in price.
The power of the Board to raise margin requirements provides an instrument for controlling the demand for credit from speculators in
the stock market without restricting the supply
available for other borrowers. It differs from
other means of credit control in that it affects
FEBRUARY 193G
directly the demand for credit rather than the
available supply or cost. Through the use of
this instrument it may be possible for the Board
to exert a restraining influence on the use of
credit for speculation in the stock market
before it has reached a stage at which the
general business and credit situation is unfavorably affected. The use of the instrument
exercises a restraint on speculation without
limiting the supply or raising the cost of credit
to agriculture, trade, and industry.
It will be recalled that the Securities Exchange Act contains a formula on which margin
requirements shall be based but
Effect of margin p r o v ides that the Board may
J
requirements on ^
loans.
..
1
_. _
prescribe lower or higher requirements, if conditions make
it desirable to do so. The statutory formula
was adopted by the Board on October 1, 1934,,
and continues in effect, except that the highest
required margin has been increased by the
Board's recent action. The statutory formula
provides in effect that a loan on a security
must not be greater than whichever is the
higher of:
(1) Fifty-five per centum of the current
market price of the security, or
(2) One hundred per centum of the lowest
market price of the security since July 1, 1933,
but not more than 75 per centum of the current
market price.
The theory on which the statutory margin
formula was based was to provide for a constant increase of restraining influences as the
prices of stocks advanced above their lows.
So long as the price of a stock is less than 133
percent of the low price in the period prescribed
a customer may borrow from a broker as much
as 75 percent of its market price, because up to
that point 75 percent of the market price would
not exceed 100 percent of the low price. When
the price of a security advances above 133
percent of its low price, the amount that can
be borrowed on it does not increase and the
percentage margin requirement, therefore, increases as the price advances. Under the
statutory formula this condition continued
until the price rose above 182 percent of its
FEDERAL RESERVE BULLETIN
FEBBUARY 1936
low, when a constant 45-percent margin requirement became effective. The reason that
the situation changed at the 182-percent line
was that 55 percent of 182 is 100, so that at
prices above 182 percent of the low a loan of
55 percent of the market price would be more
than a loan of 100 percent of the low price
and would, therefore, be the alternative chosen
as the basis of calculating margin requirements
and loan values.
One effect of this formula has been that, during the rise of the price of a security from 133 to
182 percent of the low price, no additional
amount could be borrowed on the security, and
consequently the profits arising out of the rise
could not be withdrawn or used as margin for
additional borrowing. In other words profits
could not be pyramided, and the stretch of value
between 133 and 182 percent of the low price of
a stock has come to be known as the "antipyramiding zone." When a rise in the price
of a stock carried it above 182 percent of its
low, however, each additional advance of $1
enabled the borrower to withdraw 55 cents of
his profits or to use that amount as margin
for additional borrowing. Profits could once
more be pyramided.
In recent months stocks in which threefourths of the trading has been done, including
most of the more active and important stocks,
were subject to the 45-percent margin requirement; less than 8 percent required a margin of
25 percent, the lowest permitted under the
regulation; and on the remainder required margins ranged from 25 percent to 45 percent of
their current market prices.
It is estimated that at the end of 1935 margins
required on active issues averaged about 40
percent of current market prices, as compared with about 30 percent at the time the
Board's regulation was put into effect in October 1934. This automatic increase in margin
requirements as stock prices advanced represents the effects of the operation of the statutory formula. During a part of the advance
pyramiding of profits was not possible for most
45-347—36
2
75
stocks, but the rise in prices brought an increasing number of stocks to the level at which
pyramiding (with a 45-percent margin) was
again possible. Thus the statutory formula had
ceased to operate as a prevention of pyramiding
on the majority of active stocks.
The recent action of the Board in raising
from 45 to 55 percent of market price the
margin required for the securities that have
risen most in price has the effect of raising from
182 to 222 percent of the low price, the level to
which the price must have advanced before
pyramiding of profits again becomes possible,
because not until the price rises above 222
percent is 45 percent of the market price more
than 100 percent of the low price.
It is estimated that after this change is in
effect there will be in the so-called antipyramiding zone stocks with a volume of trading
amounting to about one-third of the total
dollar volume of trading in stocks on the New
York Stock Exchange. Stocks in which nearly
two-thirds of the trading is done will be subject to the maximum margin requirement of
55 percent. On this group of stocks, pyramiding of profits will still be possible, since for
each dollar of price advance 45 cents will
become available to margin additional borrowing.
Reserve balances of member banks in excess
of legal requirements amounted to approximately $3,080,000,000 on JanExcess reserves.
uary 31, as compared with a
peak of about $3,300,000,000 on December 11
and a subsequent low level of $2,690,000,000 on
December 24. There was an increase of
$240,000,000 in January. The contributing
factors in this increase were a return of $140,000,000 of currency to the banks from holiday
circulation and net disbursements by the
Treasury from its cash holdings and deposits
with the Federal Reserve banks. Gold imports, which averaged about $63,000,000 a week
from September 18 to December 18, 1935, were
in relatively small volume during the last half
of December and in January.
76
FEDEKAL RESERVE BULLETIN
FEBRUARY 1936
With the cessation of the gold outflow from governed market rates. In the Netherlands,
France early in December the movement of gold the commercial banks have also borrowed
from Europe to the United heavily at those periods when the outward
maFketS S t a t e s t h a t h a d b e u n 3
£bX
^
months movement of gold has been severe, and prompt
earlier subsided. On January action by the Netherlands Bank has been
2 the Bank of France reduced its discount rate followed by sharp advances in open-market
to 5 percent, and a week later to 4 percent. rates. Subsequently, however, most of the
The lower rate was retained in the face of the borrowings have been repaid, leaving the marrenewed loss of gold accompanying the over- ket relatively independent of the central bank.
turn of the Laval government, and open- This is reflected at the present time in the
market discount rates remained close to the 4 spread between central bank and open-market
percent level to which they had become rates in Amsterdam.
In the table the outward movement of funds
adjusted.
is
reflected in the decline in central gold reA similar process of reduction of central
serves,
and the accompanying shifts in combank and open-market discount rates had
mercial
bank reserve balances and borrowing
begun in October in the Netherlands, and by
are
indicated
by the changes in deposits and
the end of January open-market rates in
loans
of
the
central
banks, although both of
Amsterdam had fallen substantially below the
these
items
also
include
central bank transac3 percent rate established in the middle of the
tions
with
the
general
public.
month by the Netherlands Bank. Notwithstanding these recent declines, however, the
level of rates in the three gold-bloc countries M O N E Y M A R K E T FACTORS I N G O L D - B L O C C O U N T R I E S
—France, Netherlands, and Switzerland—
[Figures for last report date of month]
remained considerably higher than rates in
London and New York.
Central bank accounts
Discount rates
(in millions of national
(percent per
This higher level of rates in the gold-bloc
annum)
currency)
countries began to develop, somewhat irreguLoans Central
Depos- and
Open
larly, early in 1933 but did not become prodis- bank
Gold
its i
market
counts
nounced until the spring of 1935. The unusually easy conditions that prevailed in world France:
83,342
2H
November 1932
22, 969
5,766
money markets in the last half of 1932, except
65, 223
4
January 1936
13,529
8,088
in Berlin, where the crisis of 1931 had seriously Switzerland:
2,553
2
November 1932
1,157
59
impaired the lending power of the commercial
1,389
2H
222
January 1936
405
banks, arose from the large volume of bank Netherlands:
112
1,033
November 1932
301
2\b
%
funds seeking short-term investment and the
January 1936
_
669
3
69
157
m
low volume of business activity. Subsequent 1
Government deposits excluded, except in Switzerland, where they
developments have reflected chiefly the altered are not
reported separately.
reserve position of the commercial banks and
Borrowing operations in the gold-bloc councentral bank discount policies.
In the past 3 years reserves of commercial tries have only partially offset the heavy withbanks in the gold-bloc countries have re- drawal of funds. In January 1936 commerpeatedly been reduced by outward movements cial bank reserves in these countries appear to
of capital. To some extent commercial banks have been little more than a third as large as
have met the withdrawal of funds by borrowing in the autumn of 1932. Commercial bank
at the central bank. This has been particu- reserves in the United States and England, on
larly marked since the spring of 1935 in Swit- the other hand, were at a high level, and openzerland and France, and as a result central market rates in New York and London were
bank rates in those countries have largely well below 1 percent.
FEBRUARY 1936
FEDERAL RESERVE BULLETIN
Except for temporary variations, cash reserves of the English commercial b a n k s durin
g t h e Past 3
years have been maintained at
the high figure reached at the end of 1932, and
short-term money rates have shown only
minor fluctuations. Early in 1932 the Bank of
England began to increase its holdings of securities and gold, and this contributed to further
ease in the money market and facilitated the
Government's program of converting the public
debt to a lower interest basis. Between April
and December 1932 the cash reserves of the
London clearing banks increased nearly 20
percent; and largely on the basis of these added
reserves the banks expanded by two-thirds
their holdings of bills and securities, the bulk
of which consists of Government obligations.
In part the increase represented the employment of resources released by the continued
contraction of commercial loans. At the end
of 1932 both short-term money rates and highgrade bond yields were substantially lower than
they had been earlier in the year.
Since the end of 1932 high-grade bond yields
have declined further. There has been little
further increase in commercial bank reserves,
but the banks have continued to purchase
securities with resources released by the reduction in their holdings of Treasury bills that
accompanied refunding operations of the Government. At the end of 1935 long-term investments constituted about a third of the earning
assets of the London clearing banks, which is
more than double the portfolio maintained in
the years immediately preceding the depression.
At the present time the London clearing
banks, in contrast with member banks in the
United States, have no reserves in excess of the
customary ratio to deposits. The inflow of
funds since the abandonment of the gold
standard in 1931 has gone only in small part
into bank reserves. Much private foreign
capital transferred to England has been utilized
to purchase gold, which has thus been temporarily withdrawn from monetary use. Gold
operations of the Exchange Equalization Account have also been without effect. When, as
77
the result of an excess of payments due to
Great Britain from abroad, the account buys
gold, the funds so placed in the market are
automatically withdrawn by the sale of securities
to finance the gold purchase. Similarly, when
the account sells gold, the proceeds are invested
in securities and so returned to the market. The
Bank of England has purchased gold only at its
own discretion and in conformity with its other
operations. Consequently neither inward nor
outward movements of gold since 1931 have
materially influenced the available volume of
money market resources in England.
Retiring Board Members
At the request of the Board of Governors of
the Federal Reserve System, Mr. Adolph C.
Miller, who was a member of the Federal Reserve Board from the time it was established
in 1914, will continue, in an advisory capacity,
the supervision he has exercised over the plans
for and construction of the Board's new building since its inception.
Mr. Charles S. Hamlin, another member of
the original Board, who was also its first governor, has accepted appointment as a special
counsel to the Board, acting in an advisory
capacity.
Mr. J. J. Thomas has been appointed a class
C director of the Federal Reserve Bank of
Kansas City and designated as chairman and
Federal Reserve agent to fill the vacancy which
has existed since the death of Mr. M. L. McClure. Judge Thomas' appointment as a class
C director is for the unexpired term ending
December 31, 1938, and his designation as
chairman and Federal Reserve agent is for the
remainder of the current year.
Mr. George R. James, who had accepted reappointment in 1931 for the emergency period,
will resume his business connections in Memphis, Tenn.
LOANS AND INVESTMENTS OF ALL MEMBER
BANKS
According to preliminary figures tabulated
from December 31 call reports, total loans and
investments of all member banks inci eased by
an additional $630,000,000 during the period
from November 1 1935, to December 31, 1935,
making a total increase of $1,780,000,000 for
78
FEDERAL RESERVE BULLETIN
the entire year. Detailed figures are shown in
the table on page 93 of this BULLETIN.
The largest increase during the last 2 months
of 1935 occurred in the banks' holdings of
direct obligations of the United States Government, which rose by $420,000,000, compared
with an increase of $170,000,000 for the preceding 10 months. Holdings of obligations
fully guaranteed by the Government remained
practically unchanged in the last 2 months,
after a substantial increase during the preceding year and a half. Holdings of other
securities declined somewhat at the end of the
year but showed an increase for 1935 as a
whole. Loans to customers on securities,
which had decreased steadily since 1930,
showed little change in November and December 1935, while other loans to customers
continued the increase which characterized
the entire year. Loans to security biokers
and dealers, which showed little change in the
first 10 months of 1935, increased by $230,000,-
FEBRUARY 1936
000 in the last 2 months, reflecting in part
seasonal influences.
The largest expansion in loans and investments in the last 2 months of 1935, as well as
for the year as a whole, occurred at central
reserve and reserve city banks. Holdings of
direct Government obligations increased during November and December by $170,000,000
at central reserve city banks, by $190,000,000
at reserve city banks, and by $60,000,000 at
country banks. For the year as a whole
holdings of direct obligations of the Government by country banks decreased somewhat,
reflecting the retirement of bonds held as
collateral for national bank notes, while their
holdings of guaranteed obligations and of other
securities
showed substantial increases. Customers7 loans increased during the year at
reserve city banks and declined at country
banks. The increase in brokers' loans occurred
almost entirely at New York City banks,
which now make the bulk of these loans.
LOANS OF UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
On December 31, 1935, the outstanding
loans of United States Government corporations and credit agencies totaled $8,300,000,000,
an increase of $1,000,000,000 from December
31, 1934. The growth reflected principally
increases in farm and home mortgage loans
made by agencies of the Farm Credit Administration and by the Home Owners' Loan
Corporation and in crop loans made by the
Commodity Credit Corporation. Investments
of Government corporations and credit agencies
in preferred stock and capital notes and
debentures of private companies, chiefly investments by the Reconstruction Finance Corporation in banks and trust companies, totaled
about $880,000,000 on December 31, 1935, an
increase of $40,000,000 during the year.
Loans and investments of the various
agencies on December 31, 1935, as shown in a
statement published by the Treasury Department, appear in the table on page 101, which is
regularly published in the BULLETIN. Figures
for the Reconstruction Finance Corporation
and the credit agencies under the Farm Credit
Administration and the Home Loan Bank Board
appear in more detail on pages 102 and 103.
As shown in the following table, the increase
in loans of Government corporations and credit
agencies during 1935 was largely in loans of
agencies which derived nearly all of their funds
from issuing their own securities, some of which
are fully guaranteed by the United States as
to payment of interest and principal. Loans
by corporations and agencies thus financed
partly from Government funds and partly
from private funds amounted to $6,100,000,000
on December 31, 1935, an increase of about
$900,000,000 during the year.
Loans of the corporations and agencies which
are financed wholly from Government funds
increased by about $100,000,000 during 1935,
to a total of $2,200,000,000 at the end of the
year, and their holdings of preferred stock and
capital notes and debentures increased by
$40,000,000, to a total of about $880,000,000.
Most of the loans were made directly by the
Reconstruction Finance Corporation, which
sells its obligations to the United States
Treasury, or by other agencies from funds
advanced by the Reconstruction Finance Corporation. The increase during 1935 reflected
chiefly an increase of more than $250,000,000
in loans on crops, livestock, and commodities
and was principally in loans of the Commodity
Credit Corporation, which is financed through
the Reconstruction Finance Corporation. It
also included an increase in such loans made by
the Farm Credit Administration from Government funds. A more detailed discussion of
the changes in the loans and investments of the
Reconstruction Finance Corporation and in
crop loans appears in subsequent paragraphs.
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES, D E C . 31, 1935
[In millions of dollars]
Financed
partly from
Government
funds
Financed
wholly from
Government
funds
Dec. 31,
1935
Change
from
Dec. 31,
1934
Dec. 31,
1935
Change
from
Dec. 31,
1934
ASSETS
Loans:
Mortgage loans
Crop, livestock, and commodity
loans _
All other
_
_
Total loans
__
Preferred stock, capital notes, etc
Investments:
United States direct obligations._
Securities of Government credit
agencies:
Fully guaranteed by United
StatesAll other
.__ - .__
Other
Cash
Other assets..
_
Total assets, excluding interagency
6
+6
5,821
+830
449
1,721
+255
-152
143
158
+2G
+9
2,175
+108
6,122
+865
875
+38
2
+2
25
+2
424
-22
20
100
21
105
241
+16
195
759
+180
3,564
-7
-2
-10
2-48
2
(i)
-31
—4
213
390
+6
+220
+97
8,106
+1,215
+3
LIABILITIES
Bonds, notes, and debentures:
Fully guaranteed by United
States
All other .
Other liabilities
_
Total liabilities, excluding interagencv
Excess of assets over liabilities, excluding interagency transactions...
Privately o"wned interests
United States Government interests-
q
4, 293
2,089
226
+1.231
50
312
-88
6,609
+1,102
1,497
340
1,157
+113
+69
+44
252
W
-88
3,252
2 +186
3,252
2+186
-193
+64
12 Less than $500,000.
Previously published figures for Dec. 31, 1934, adjusted for revision in tabulation during 1935.
Investments of Government corporations and
credit agencies, other than holdings of preferred
stock and capital notes and debentures, consist
chiefly of direct obligations of the United States
79
Government and securities of Government credit
agencies. Of the total of $450,000,000 of
direct obligations of the Government held by
these agencies on December 31, 1935, nearly
$300,000,000 represented investment by the
Federal Deposit Insurance Corporation of the
capital stock of that corporation subscribed by
the United States Treasury and by the Federal
Reserve banks. Investment in obligations
of other Government credit agencies included about $200,000,000 of obligations fully
guaranteed by the United States and about
$850,000,000 of other obligations of these
agencies. Fully guaranteed Federal Farm
Mortgage Corporation bonds are held by
agencies under the Farm Credit Administration, principally the banks for cooperatives,
the production credit corporations, and the
Federal intermediate credit banks, while practically all the investment in guaranteed bonds
of the Home Owners7 Loan Corporation is held
by the Federal home loan banks and the Federal Savings and Loan Insurance Corporation.
About $750,000,000 of the investment in other
securities of Government credit agencies are
Federal land bank bonds held by the Federal
Farm Mortgage Corporation, which has taken
the bonds in exchange for its fully guaranteed
obligations. The latter have been used by the
land banks largely in exchange for mortgage
loans.
Liabilities of Government corporations and
agencies on December 31, 1935, included about
$4,500,000,000 of obligations fully guaranteed
by the United States as to principal and interest,
issued by the Reconstruction Finance Corporation, the Federal Farm Mortgage Corporation,
and the Home Owners' Loan Corporation,
$1,900,000,000 of Federal land bank bonds and
$130,000,000 of Federal intermediate credit
bank debentures. Increases during the year
reflected largely issues of fully guaranteed
bonds, part of which w^ere used to retire
partially guaranteed bonds.
80
Reconstruction
FEDERAL RESERVE BULLETIN
Finance
Corporation.—Al-
though total loans and investments of the
Reconstruction Finance Corporation, excluding funds advanced to the Commodity Credit
Corporation, showed little change in 1935,
there were substantial changes in various types
of loans, as shown in the following table. In
general, loans to credit agencies decreased,
while other loans increased.
The principal increase was $152,000,000 in
holdings of securities purchased from the
Public Works Administration, representing
loans to railroads and State and local governments for public works. During the year the
Corporation paid $264,000,000 to the Public
Works Administration on account of securities
taken over and received $112,000,000 from
public sales of part of these securities. There
were also further increases during 1935 in outstanding loans made to business enterprises
and public bodies other than credit agencies
largely for productive purposes, amounting to
about $60,000,000 in loans for self-liquidating
projects and to drainage, levee, and irrigation
districts, more than $30,000,000 in loans to
industrial and commercial enterprises, and
$20,000,000 in loans to railroads.
Repayments by banks and other private
credit agencies continued in 1935, as in 1934, to
be substantially larger than new loans made.
In 1935 they included large repayments of loans
made to aid distributions to depositors of closed
banks. The amount of such loans repaid during the year totaled $312,000,000 as compared
with new loans of $114,000,000, and outstanding loans for such purposes were nearly $200,000,000 smaller on December 31, 1935, than a
year earlier. Other loans to banks declined by
about $60,000,000 to $185,000,000, while holdings of preferred stock and capital notes and
debentures of banks increased by less than
$40,000,000, as compared with an increase of
$600,000,000 in 1934. Only a small amount of
new loans were made in 1935 to mortgage companies for purposes other than payments to
depositors of closed banks, and there were
practically no loans to insurance companies and
building and loan associations, while repayments were substantial. As a consequence the
total of loans to these private credit agencies
declined by more than $50,000,000 during the
year.
FBBEUABY 1936
LOANS AND INVESTMENTS OF THE RECONSTRUCTION
FINANCE CORPORATION DURING 1935
[In millions of dollars]
Disbursed
Loans:
For distribution to depositors in
closed banks
Other loans to banks.
Other loans to mortgage companies.
Building and loan associations
Insurance companies
Railroads
For self-liquidating projects
To drainage, levee, and irrigation
districts
To industrial, commercial, mining,
etc., businesses
To Public Works Administration
on security transactions
All other 2
. > ._
Total loans 3
._
Investments:
Preferred stock, capital notes, and
debentures of banks
All other
114
10
17
61
38
Repaid
312
67
40
14
18
21
36
Outstanding Dec.
31, 1935
246
185
98
7
37
396
148
50
0)
37
2
41
264
9
112
43
154
73
591
665
1,434
103
10
66
882
10
Total investments
113
66
892
Total loans and investments 3
704~
731
2,326
1 Less than $500,000.
2 Largely to Federal land banks.
Excluding advances to Commodity Credit Corporation.
3
Mortgage loans.—Farm-mortgage and homemortgage loans made in 1935 were considerably
smaller than in 1934, reflecting a marked lessening in the pressure for loans to assist distressed
mortgagors. Farm-mortgage loans by Federal
agencies are made by the Land Bank Commissioner with funds obtained from the Federal
Farm Mortgage Corporation and by the Federal land banks. Home-mortgage loans, which
have been largely emergency loans, have been
made by the Home Owners' Loan Corporation.
The United States Treasury owns a large part
of the capital stock of the Federal land banks
and all of the capital stock of the Federal Farm
Mortgage Corporation and the Home Owners'
Loan Corporation.
On December 31,1935, the outstanding farmmortgage loans of the Federal land banks and
the Land Bank Commissioner totaled $2,870,000,000, which was $330,000,000 larger than at
the end of 1934. The increase during 1935
compares with an increase of $1,230,000,000
during 1934, when lending activities were
directed largely toward relieving emergency
FEBRUARY 1936
situations. By December 31, 1935, the Home
Owners' Loan Corporation had made homemortgage loans in an aggregate amount of
$2,940,000,000. Of this amount $740,000,000
was advanced during 1935 and practically the
entire balance during the calendar year 1934.
In 1935, as in 1934, the majority of loans were
made by giving obligations fully guaranteed by
the United States in exchange for mortgages.
During 1935, however, conditions became more
favorable for financing of mortgage obligations
through publicly offered issues. The practice
of disbursing Federal Farm Mortgage Corporation bonds, rather than cash, in connection with
farm-mortgage loans was discontinued for loans
closed during the latter part of the year. The
Federal land banks refunded about $500,000,000
of their bonds, bearing interest rates of A.% and
5 percent, into 3 and 3% percent bonds. In December, for the first time since 1930, a substantial amount of Federal land bank bonds
was issued to obtain funds for other than refunding purposes, An issue of $100,000,000 of
3-percent bonds was sold at 98% to provide
$37,000,000 for new mortgage loans and the
remainder for refunding called bonds.
Repayments of principal on mortgage loans
of the Home Owners7 Loan Corporation are
required by law to be applied to retirement of
bonds and by December 31, 1935, about
$60,000,000 of the various issues of Home
Owners' Loan Corporation bonds had been
retired in this manner.
Institutions under the Home Loan Bank
Board, with the exception of the Home Owners'
Loan Corporation, are permanent home mortgage financing agencies. The Home Loan
banks are organized with capital stock subscribed largely by the United States Treasury.
They supply funds to member institutions,
including Federal savings and loan associations
and other building and loan associations, which
make home-mortgage loans directly to the
public. During the first 3 months of 1935,
loans of the home loan banks declined by about
$15,000,000, but from March to the end of the
year they increased by about $30,000,000 and
on December 31, 1935, exceeded $100,000,000.
This increase occurred in a period when residential building activity and the number of
associations eligible to borrow were increasing.
There was a steady increase during 1935 in
the number of Federal savings and loan associations chartered. These are local organizations for making home-mortgage loans which
are organized under Federal charter and receive
a part of their operating capital from the United
81
FEDERAL RESERVE BULLETIN
States Treasury. At the end of the year over
1,000 associations had been chartered, including
600 new associations and 400 associations
which, originally organized under State laws,
have taken out Federal charters. Reports by
about 750 of these associations showed mortgage loans on December 31, 1935, aggregating
about $270,000,000, about one-fifth of which
were made by the new associations formed
under Federal charter and the remainder by
converted associations.
The growth in number of Federal savings and
loan associations was accompanied by an increase of nearly $40,000,000 m the capital stock
subscribed by the United States. In September the Home Owners' Loan Corporation began
to use an allotment of $300,000,000 of Home
Owners' Loan Corporation bonds provided by
law to make funds available to private home
loan institutions through the purchase of their
stock. By the end of the year it had invested
nearly $20,000,000 in this manner, the major
part in shares of Federal savings and loan
associations.
Short-term agricultural loans.—The principal
changes during 1935 in short-term agricultural
loans of Federal agencies, as shown in the following table, were increases in the crop loans
of the Commodity Credit Corporation and in
emergency crop and drought relief loans under
the Farm Credit Administration. There were
seasonal changes in other crop loans and an
increase in the lending activity of the banks for
cooperatives.
SHORT-TERM AGRICULTURAL LOANS OF FEDERAL
CREDIT AGENCIES X
[In millions of dollars]
Commodity Credit Corporation
.-.
Agencies under the Farm Credit Administration:
Emergency crop and drought loansProduction credit associations
Regional agricultural credit associations . -. _ -_ _
Loans to cooperatives:
Banks for cooperatives, including central bank
Other
Federal intermediate credit banks 3_
Dec. 31,
1934
June 30,
1935
Dec. 31,
1935
37
»59
271
110
61
197
110
172
97
87
73
43
28
89
56
24
59
58
50
47
46
i Other than by Reconstruction Finance Corporation,
a May 31, 1935.
3 Other than loans and discounts for agencies under the Farm Credit
Administration and loans direct to cooperatives.
Emergency crop and drought loans on December 31, 1935, were $60,000,000 larger than
a year earlier. These loans increased by about
$90,000,000 during the spring months, largely
82
FEDERAL RESERVE BULLETIN
as a result of an appropriation in March of
$60,000,000 of Federal funds to provide for the
needs of farmers unable to obtain credit elsewhere for feed, seed, and fertilizer. In the
autumn months loans were partially repaid as
crops were harvested. Aggregate loans of
production credit associations and of regional
agricultural credit corporations, which are being
replaced by the production credit associations,
showed a seasonal increase of about $30,000,000
during the spring for crop and livestock
financing, as well as for general agricultural
purposes. In the latter part of the year these
loans declined by $40,000,000.
Loans are made to cooperatives by several
lending agencies and for a variety of purposes,
including processing and marketing of farm
products, purchase and distribution of farm
supplies, and furnishing farm business services.
These loans may run for longer periods than
the usual crop loan depending on the credit
needs of the borrowing association. After
declining slightly through June, outstanding
loans to cooperatives by the banks for cooperatives, including the central bank, increased
$26,000,000 between June^ and the end of the
year. Greater lending activity resulted in part
from the Farm Credit Act of 1935, approved in
June, which broadened the lending powers of
these banks, reduced the interest rates, and
provided for rediscount of loans with the
Federal intermediate credit banks. The increase in loans by the banks for cooperatives
was more than offset by a decline in other
loans to cooperatives made under the Farm
Credit Administration, chiefly direct loans by
the Federal intermediate credit banks.
The Commodity Credit Corporation has
used funds advanced by the Reconstruction
Finance Corporation to finance loans on commodities connected with the adjustment and
marketing programs of the Agricultural Adjustment Administration. It has made crop loans
directly to producers and has also taken over
loans made by banks and other private lending
agencies with a purchase guarantee by the
Corporation. Lending activities of the Corporation during 1935 comprised chiefly the
purchase of producers' notes for 12-cent loans
on the 1934 cotton crop. The greater part of
the increase took place in the summer, when
the maturity date on these loans was extended
to February 1, 1936, and the Corporation took
over from private lending agencies a substantial
portion of their holdings of producers' notes.
FEBRUARY 193$
On December 31, 1935, the Corporation had
outstanding loans of about $270,000,000, as
compared with less than $40,000,000 a year
earlier.
The loans included more than
$250,000,000 on 1934 cotton at 12 cents a
pound and small amounts on 1935 cotton at
10 cents a pound, on the 1935 corn crop, and
on gum, turpentine, and rosin.
EXTENDING POWERS CONFERRED BY SECTION
10 OF THE GOLD RESERVE ACT OF 1934 AND
SECTION 43 OF THE ACT APPROVED MAY
12, 1933
BY THE PRESIDENT OF T H E UNITED STATES OF
AMERICA
A PROCLAMATION
Whereas, section 10 of the Gold Reserve Act
of 1934, approved January 30, 1934 (Public,
Numbered 87, Seventy-third Congress), provides among other things:
10. * * *
(c) All the powers conferred by this section shall
expire two years after the date of enactment of this
Act, unless the President shall sooner declare the
existing emergency ended and the operation of the
stabilization fund terminated; but the President may
extend such period for not more than one additional
year after such date by proclamation recognizing the
continuance of such emergency.
SEC.
and whereas, paragraph (b) (2), of section 43,.
Title III, of the Act approved May 12, 1933
(Public, Numbered 10, Seventy-third Congress)
as amended, provides among other things:
(2) * * * The powers of the President specified
in this paragraph shall be deemed to be separate,,
distinct, and continuing powers, and may be exercised
by him, from time to time, severally or together, whenever and as the expressed objects of this section in his
judgment may require; except that such powers shall
expire two years after the date of enactment of the
Gold Reserve Act of 1934 unless the President shall
sooner declare the existing emergency ended, but the
President may extend such period for not more than
one additional year after such date by proclamation
recognizing the continuance of such emergency.
and whereas, such emergency which existed on
January 30, 1934, the date of approval of said
Gold Reserve Act of 1934, has not been terminated by international monetary agreement or
otherwise, but, on the contrary, continues and
has been intensified in divers respects by unsettled conditions in international commerce
and finance and m foreign exchange; and
FEBRUARY 1936
Whereas, by virtue of the continuance of
such emergency, it is necessary to extend the
period during which the powers conferred by
said Section 10 of said Gold Reserve Act of
1934 and the powers specified in said paragraph
(b) (2), of Section 43, Title III, of said Act
approved May 12, 1933, as amended, may be
exercised,
Now, therefore, be it known that I, Franklin
D. Roosevelt, President of the United States
of America, by virtue of the authority vested
in me by the Acts of Congress above set forth,
and by virtue of all other authority in me
vested, recognizing the continuance of the
emergency existing on January 30, 1934, do
hereby proclaim, order, direct and declare:
That the period of two years within which the
powers conferred by Section 10 of the Gold
Reserve Act of 1934, and the powers specified
in paragraph (b) (2), of Section 43, Title III,
83
FEDERAL RESERVE BULLETIN
of the Act approved May 12, 1933, as amended,
may be exercised be, and it hereby is, extended
for one additional year from January 30, 1936.
In witness whereof I have hereunto set my
hand and have caused the seal of the United
States of America to be affixed.
Done at the City of Washington this 10 day
of January, in the year of our Lord nineteen
hundred and thirty-six, and of the independence
of the United States of America the one
hundred and sixtieth.
[SEAL]
FRANKLIN D ROOSEVELT.
By the President:
CORDELL HULL,
Secretary of State,
84
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
MEMBERSHIP OF THE FEDERAL RESERVE BOARD,1 1913-1936
APPOINTIVE MEMBERS
Federal Reserve
District
Charles S. Hamlin
Effective date of
appointment
Boston.
New York
Chicago
Atlanta
._ San Francisco.
Paul M. Warburg
Frederic A. Delano
W. P. G. Harding
Adolph C. Miller..
Albert Strauss
Henry A. Moehlenpah
Edmund Platt
David C. Wills
John It. Mitchell
Milo D. Campbell
Daniel R. Crissinger
George R. James
New York...
Chicago
New York__.
Cleveland
Minneapolis _
Chicago
Cleveland
St. Louis
Edward H. Cunningham
Roy A. Young
Eugene Meyer
Wayland W. Magee
Eugene R. Black
M. S. Szymczak
J. J. Thomas
Chicago
Minneapolis
New York
Kansas City
Atlanta
Chicago
Kansas City
Marriner S. Eccles
San Francisco
Aug. 10, 1914 Reappointed 1916 and 1926. Served until
Feb. 3, 1936, on which date his successor
took office.
-do.
Term expired Aug. 9, 1918.
Resigned July 22, 1918.
-do.
Term expired Aug. 9, 1922.
-do.
Reappointed in 1924. Reappointed in 1934
-do.
from the Richmond district. Served until
Feb. 3, 1936, on which date his successor
took office.
Oct. 26,1918 Resigned Mar. 15, 1920.
Nov. 10,1919 Term expired Aug. 9, 1920.
June 8, 1920 Reappointed in 1928. Resigned Sept. 15,1930.
Sept. 29,1920 Term expired Mar. 4, 1921.
May 12, 1921 Resigned May 12, 1923.
Mar. 14,1923 Died Mar. 22, 1923.
May 1,1923 Resigned Sept. 15, 1927.
May 14, 1923 Reappointed in 1931. Served until Feb. 3,
1936, on which date his successor took
office.
do
Died Nov. 28, 1930.
Oct. 4, 1927 Resigned Sept. 1, 1930.
Sept. 16, 1930 Resigned May 10, 1933.
May 18, 1931 Term expired Jan. 24, 1933.
May 19, 1933 Resigned Aug. 15, 1934.
June 14, 1933 Reappointed effective Feb. 3, 1936.
do
Served until Feb. 10, 1936, on which date his
successor took office.
Nov. 15, 1934 Reappointed effective Feb. 3, 1936.
GOVERNORS 1
Charles S. Hamlin
W. P. G. Harding
D. R. Crissinger
Roy A Young
Eugene Meyer_
Eugene R. Black
Marriner S. Eccles
VICE GOVERNORS »
Aug. 10, 1914-Aug. 9, 1916.
Aug. 10, 1916-Aug. 9, 1922.
May 1, 1923-Sept. 15, 1927.
Oct. 4, 1927-Sept. 1, 1930.
Sept. 16, 1930-May 10, 1933.
May 19, 1933-Aug. 15, 1934.
Nov. 15, 1934
F. A. Delano
Paul M. Warburg
Albert Strauss
Edmund Platt
J. J. Thomas
Aug. 10, 1914-Aug. 9, 1916.
Aug. 10, 1916-Aug. 9, 1918.
Oct. 26, 1918-Mar. 15, 1920.
July 23, 1920-Sept. 15, 1930.
Aug. 21, 1934-Feb. 10, 1936.
EX-OFFICIO MEMBERS
SECRETARIES OF THE TREASURY
W. G. McAdoo
Carter Glass
David F. Houston
Andrew W. Mellon
Ogden L. Mills
William H. Woodin
Henry Morgenthau,
COMPTROLLERS OF THE CURRENCY
Dec. 23,1913-Dec. 15, 1918. John Skelton Williams..
Dec. 16, 1918-Feb. 1, 1920. D. R. Crissinger
Feb. 2, 1920-Mar. 3, 1921. Henry M. Dawes
Mar. 4, 1921-Feb. 12,1932. Joseph W. Mclntosh....
Feb. 12, 1932-Mar. 4, 1933. J. W. Pole
Mar. 4, 1933-Dec. 31, 1933. J. F. T. O'Connor
Jr_- Jan. 1, 1934-Feb. 1, 1936.
Feb. 2, 1914-Mar. 2, 1921.
Mar. 17, 1921-Apr. 30, 1923.
May 1, 1923-Dec. 17, 1924.
Dec. 20,1924-Nov. 20, 1928.
Nov. 21, 1928-Sept. 20, 1932
May 11, 1933-Feb. 1, 1936.
i Under the provisions of the original Federal Reserve Act the Federal Reserve Board was composed of seven members, including five appointive members, the Secretary of the Treasury, who was ex-officio chairman of the Board, and the Comptroller of the Currency. The original
term of office was 10 years, and the five original appointive members had terms of 2, 4, 6, 8, and 10 years, respectively. In 1922 the number of
appointive members was increased to six, and in 1933 the term of office was increased to 12 years.
The Banking Act of 1935, approved August 23,1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal
Reserve System and provided that thereafter the Board should be composed of seven members; that the appointive members in office on that date
should continue to serve until February 1,1936, or until their successors were appointed and had qualified; and that the Secretary of the Treas ury
and the Comptroller of the Currency should continue to serve as members until February 1,1936. The Act also provided that the Governor and
Vice Governor of the Board should be known as the Chairman and Vice Chairman, respectively, and that the designation of Chairman and Vice
Chairman should be for a term of 4 years.
FEDERAL RESERVE BULLETIN
85
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Jan. 25 and released for publication Jan. 27]
Industrial production and emplovment
showed a further increase in December, when
allowance is made for the usual seasonal
changes, and distribution of commodities to
consumers was in increased volume.
Production and employment.—The Board's
seasonally adjusted index of industrial production, which takes account of the considerable
decline that usually occurs in December,
advanced from 98 percent of the 1923-25 average in November to 103 percent in December,
the highest level reached by this index since the
spring of 1930. As in other months during the
last half of 1935, the rise in the index was due
in large part to increases in output of durable
manufactures, particularly iron and steel and
automobiles. During the first half of January
production of steel and automobiles increased
somewhat, following declines in the holiday
period. Output at mines was also larger in
December than in November. Activity at
cotton and silk textile mills declined less than
is usual in December, while at woolen mills
there was a more than seasonal decrease in
operation. Output at shoe factories increased.
Factory employment showed little change
between the middle of November and the middle of December, when a slight decline is customary. The number employed continued to
increase at steel mills, automobile factories,
foundries and machine shops, and at railroad
car-building plants. There was also an increase
in employment at shoe factories. Seasonal
declines were reported by many other important industries. Factory pay rolls were larger in
the middle of December than a month earlier.
The value of construction contracts awarded
increased sharply in December, according to
figures of the F. W. Dodge Corporation, although a decline is usual in that month.
There was a further substantial growth in the
volume of awards for publicly financed projects, and residential building also increased.
Distribution.—Sales at department stores
and variety stores, as well as sales by chain
stores and mail-order houses serving rural
areas, showed larger increases than are usual
in December. Freight-car loadings decreased
by less than the usual seasonal amount in
December, and the Board's adjusted index
increased from 66 percent of the 1923-25 average in November to 71 percent, continuing the
advance begun last August.
Commodity prices.—The general level of
wholesale prices showed little change during
December. In the first 3 weeks of January
there was some decline in the general index,
reflecting in part lower prices for cotton gray
goods, flour, pork, and silk. Prices of hogs,
rubber, and petroleum increased.
Bank credit.—Excess reserves of member
banks, which declined by $600,000,000 in the
third week of December, increased by $320,000,000 dunng the following 5 weeks, reflecting
the usual seasonal return flow of currency from
circulation, a decline in Treasury balances with
the Federal Reserve banks, and a small increase
in monetary gold stock. On January 22 excess
reserves totaled $3,030,000,000, as compared
with the peak of $3,300,000,000 on December
11, 1935.
Changes in the condition of reporting member
banks in leading cities between December 18
and January 15 reflected largely the influences
of seasonal factors.
86
FEDERAL RESERVE BULLETIN
FEBEUAET 1936
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
~( Wednesday figures)
11
11
10
8
MONEY IN CIRCULATION
1
-5
TREASURY CASH 8.
DEPOSITS WITH F. R. BANKS
1930
1931
1932
1933
1934
1935
Based on Wednesdayfigures;latestfiguresfor January 29, See table on page 87.
1936
87
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY FIGURES)
[In millions of dollars]
!
Reserve bank credit outstanding
Date (Wednesday)
U.S.
Gov- Other
Bills
ern- Reserve Total
Bills
disbought
ment
bank
counted
securi- credit
ties
Member bank
reserve balances
Treasury
TreasOther
ury
MoneMoney cash and NonFedand
tary nation- in cir- deposits
eral
with
memgold al-bank culaFederal ber de- Reserve
Excess
stock
tion
ac(esticurReserve posits
Total
counts
mated)
rency
banks
1934—Dec. 5 . .
Dec. 12.
Dec. 19.
Dec. 26.
2,430
2,430
2,430
2,430
2,452
2,462
2,477
2,470
8,161
8,180
8,198
8,228
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
188
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
17 2,461
24
2,467
15 ! 2,468
19 i 2,463
16 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
240
242
242
241
242
4,090
4,283
4,388
4,501
4,542
1,802
1,986
2,069
2,162
2,203
Feb.
Feb.
Feb.
Feb.
6-_.
13..
20..
27..
2,430
2,430
2,430
2,430
24
8
7
7
2,466
2,450
2,448
2,450
8,421
8,456
8,489
8,524
2,503
2,525
2,522
2,520
5,407 i
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
4,588
2,284
2,240
2,272
2,201
Mar.
Mar.
Mar.
Mar.
6...
13..
20..
27-.
2,430
6
2,430
5
2,430
5 i 2,430
10
18
11
9
2,452
2,460
2,455
2,452
8,546
8,551
8,554
8,563
2,517
2,525
2,521
2,535
5,478
5,454
5,453
5,436
2,998
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. 10..
Apr. 17_.
Apr. 24 _
2,431
2,430
2,431
2,430
19
21
27
10
2,462
2,463
2,470
2,452
8,568
8,614
8,672
8,701
2,548
2,549
2,549
2,550
5,497
5,487
5,512
5,459
3,404
3,376
3,149
2,978
230
224
271
253
253
257
258
4,193
4,287
4,501
4,719
1,821
1,907
2,096
2,264
2,430
2,430
2,430
2,430
2,430
21
25
32
18
24
2,463
2,466
2,473
2,459
2,467
8,721
8,728
8,737
8,762
8,835
2,543
2,536
2,534
2,531
2,526
5,489
5,496
5,494
5,481
5,511
2,978
2,938
2,901
2,906
2,970
32
29
40
30
2,475
2,472
2,482
2,472
8,916
9,016
9,089
9,109
5,514
5,493
5,498
5,498
3,023
2,991
4,721
4,758
4,822
4,821
4,827
4,914
5,049
4,996
6,029
2,431
2,430
2,430
2,430
2,430
24
31
30
19
23
2,468
2,473
2,472
2,460
2,465
9,119
9,123
9,127
9,135
9,144
2,521
2,514
2,510
2,508
2,504
2,503
2,501
2,503
2,510
5,819
5,551
5,530
5,496
5,518
3,002
2,932
3,086
3,134
2,991
4,900
5,052
4,924
4,945
5,100
2,320
2,456
2,340
2,336
2,513
2,430
2,430
2,430
2,430
34
36
26
26
2,476
2,477
2,468
2,471
9,158
9,184
9,189
9,197
2,477
2,437
2.421
2,408
5,550
5,558
5,574 !
5,573
2,932
2,775
2,722
2,683
2,430
2,430
2,430
5 ; 2,430
25
34
27
29
24
34
52
31
33
2,472
2,479
2,472
2,474
9,209
9,219
9,240
9,297
2,395
2,391
2,390
2,382
5,650
5,638
5,632
5,626
5,115
5,254
6,291
5,346
6,228
6,388
5,136
5,236
2,547
2,667
2,682
2,749
2,643
2,790
2,527
2,502
2,470
2,478
2,496
2,472
2,474
9,414
9,463
9,584
9,629
9,686
2,399
2,396
2,404
2,397
2,401
5,224
5,330
5, 534
5,575
5,853
2,569
2,694
2,878
2,900
2,981
21
49
31
32
2,462
2,492
2,471
2,472
9,714
9,747
9,804
9,874
2,401
2,399
2,409
2,421
5,698
5,696
5,684
5,686
5,754
5,746
5,739
5,820
2,746
2,629
2,839
2,778
2,814
2,747
2,693
2,694
2,665
2,430
2,430
2,430
2,431
2,431
29
33
41
81
45
2,470
2,474
2,483
2,523
2,486
10, 009
10,068
10, 098
10,115
10,125
2,442
2,447
2,458
2,464
2,476
5,843
5.841
5,902
5,991
5,882
2,626
2,558
3,161
3,156
3,110
2,430
2,430
2,430
2,430
35
45
36
28
2,476
2,485
2,477
2,470
10,144
10,158
10,172
10,179
2,476
2,492
2,498
2,492
5,783
5,722
5, 704
5,693
3,049
3,018
3,093
3,031
263
261
259
259
258
257
258
264
263
258
263
258
258
257
261
259
260
260
259
248
250
250
251
250
254
254
260
260
257
253
252
262
270
258
259
253
253
253
253
254
2,252
2,304
2,350
2,328
2,322
2,430
2,430
2,430
2,430
276
277
267
285
262
196
214
301
306
312
302
302
265
253
253
251
230
213
193
188
244
262
306
313
307
292
296
236
249
262
282
283
280
281
266
255
265
284
296
301
May 1 . .
May 8 . .
May 15.
May 22May 29.
June 5._
June 12.
June 19_.
June 26.
July 3
July 10—.
July 17____
July 24....
July 31....
Aug. 7
Aug. 14...
Aug. 21-..
Aug.28_Sept. 4.._.
Sept. 11...
Sept. 1 8 —
Sept. 25...
Oct. 2
Oct. 9
Oct. 16..-.
Oct. 23....
Oct. 3 0 . —
Nov. 6_ —
Nov. 13...
Nov. 20-.
Nov. 27. __
Dec. 4
Dec. 11--.
Dec. 18....
Dec. 24....
Dec. 31...
1936—Jan. 8...
Jan. 15..
Jan. 22..
Jan. 29..
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
5
5
2,655
2,641
2,648
2,625
5,671
5,746
5,782
5,789
2,400
2,521
2,445
2,471
5 905
6,040
5,437
5,429
5,587
3,052
3,069
'3,051
'3,173
'3,304
'2,706
'2,693
'2,844
5, 745
5,859
5,802
5,1
3,002
3,095
3,030
3,087
' Revised.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of articles,
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1934 (table 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500.
88
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
End of month
U.S.
GovBills
ernBills
dis- bought
ment
counted
securities
Other
bank
credit
Total
Member bank
reserve balances
Treasury
Treasury Money cash and Non- Other
Mone- and
na- in cir- deposits mem* Fedtary
eral
with
tionalgold
cula- Federal
ber de- Reserve
bank
Excess
stock
tion
acReserve posits counts
cur(estiTotal
banks
rency
mated)
1934—August
September.
October..-.
November.
December.
2,432
2,431
2,430
2,430
2,430
2,464
2,464
2,455
2,453
2,463
7,978
7,978
8,002
8,132
8,238
2,408
2,405
2,434
2,468
2,511
5,396
5,456
5,453
5,549
5,536
2,968
3,051
3,031
3,022
3,150
208
173
164
161
189
226
228
237
239
241
4,052
3,934
4,006
4,081
4,096
1,867
1,727
1,748
1,801
1,814
1935—January....
February..
March
April
May
June
July
August
September.
OctoberNovember.
December.
2,430
2,430
2,437
2,430
2,430
2,433
2,430
2,432
2,430
2,430
2,430
2,431
2,461
2,465
2,471
2,468
2,469
2,480
2,465
2,485
2,477
2,482
2,480
2,486
8,391
8,527
8,567
8,710
8.858
9,116
9,144
9,203
9,368
9,693
9,920
10,125
2,495
2,519
2,540
2,544
2,525
2,506
2,510
2,898
2,991
3,004
3,358
2,996
2,400
2,438
2,476
5,380
5,467
5,493
5,478
5,540
5,568
5,518
5,629
5,683
5,713
5,846
5,882
2,968
2,991
2,694
2,740
2,657
2, 619
3,110
191
207
226
271
254
325
253
198
304
299
284
255
243
246
253
263
257
261
257
260
250
258
253
253
4,543
4,587
4,247
4,715
4,832
4,979
5,100
5,305
5,254
5,648
5,835
5,587
2,206
2,199
1,846
2,253
2,318
2,414
2,513
2,708
2,600
2,970
'3,100
'2,844
1936—January
2,430
2,479 P10, 182
2,493
"5,737
»3,001
304
253
5,860
3,084
» Preliminary.
r Revised.
Back figures.—See Annual Report for 1934 (table 5), and for excess reserves sea BULLETIN for August 1935, pp. 499-500. See also note on p . 87
of this BULLETIN.
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Year or month
1929—Average
1930—Average
1931—Average
1932—Average
1933—Average
1934—Average
1935—Average
U.S.
Gov- Other
Bills
ern- Reserve
Bills
dis- bought ment
bank Total
counted
securi- credit
ties
952
272
327
521
283
36
7
241
213
245
71
83
25
Member bank
reserve balance!
Treasury
Treasury Money cash and Non- Other
FedMone- and
eral
tary nation- in cir- deposits
memwith
gold al-bank cula- Federal
ber de- Reserve
tion
stock
acposits
curcounts Total Excess
rency
banks
564
669
1,461
2,052
2,432
2,431
1,459
1,087
1,274
2,077
2,429
2.502
2,475
3,996
4,173
4,417
3,952
4,059
7,512
9,059
2,015
2,025
2,025
2,096
2,271
2,381
2,478
4,476
4,245
4,672
5,328
5,576
5,403
5,585
229
239
251
275
343
2,879
2,919
30
28
97
56
147
185
252
376
393
373
351
350
253
255
2,358
2,379
2,323
2,114
2,343
3.676
5,001
43
55
89
256
528
1,664
2,469
1934—August
SeptemberOctober
NovemberDecember
21
22
12
18
10
2,432
2,431
2,430
2,430
2,430
2,463
2,469
2,457
2,466
2,472
7,971
7,971
7,989
8,047
8,191
2,378
2,411
2,415
2,455
2,494
5,355
5,427
5,473
5,494
5,577
2,976
3,054
3,011
2,970
3,120
208
197
177
165
181
228
227
234
238
242
4,045
3,947
3,964
4,100
4,037
1,884
1,754
1,731
1,834
1,748
1935—January
February...
March
,
April
May
,
June
July
August
September...
October
November—.
December—
8
6
7
6
7
8
7
7
10
8
7
2,430
2,430
2,431
2,431
2,434
2,431
2,430
2,431
2,430
2,430
2,430
2,430
2,465
2,462
2,461
2,471
2,476
2,479
2,473
2,476
2,480
2,482
2,482
2,494
8,284
8,465
8,552
8,641
8,755
9,025
9,128
9,180
9,246
9,545
9,777
10,072
2,504
2,513
2,526
2,548
2,534
2,513
2,504
2,441
2,389
2,398
2,410
2,454
5,411
5,439
5,477
5,500
5,507
5,522
5,550
5,576
5,651
5,704
5,770
5,897
3,053
2,965
3,122
3,209
2,942
2,989
3,032
2,795
2,734
2,630
2,869
194
189
236
258
278
266
293
233
236
307
256
276
242
246
250
256
259
261
259
261
252
253
256
263
4,355
4,601
4,452
4,436
4,778
4,979
4,970
5,232
5,243
5,469
5,757
5,716
2,030
2,237
2,065
2,026
2,297
2,438
2,385
2,63a
2,628
2,820
3,061
2,983
2,430
2,484
10,158
2,486
5,757
3,058
280
253
5,780
*3,021
1936—January
» Preliminary.
Back figures.—See Annual Report for 1934 (table 2) and for excess reserves see BULLETIN for August 1935, pp. 499-500. See also note on p. 87 of
this BULLETIN.
89
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE
NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS
[In thousands of dollars]
Jan. 31,1936
Dec. 31,1935 Jan. 31,1935
ASSETS
Gold certificates on hand and due from U. S. Treasury.
Redemption fund—Federal Reserve notes
Other cash
Total reserves
Redemption fund—Federal Reserve bank notesBills discounted:
For member banks
For
nonmember
banks, etc
Total
bills discounted..
Bills bought:
Payable in dollars—bought outright.
Payable in foreign currencies
Total bills bought.
Industrial advances
U. S. Government securities:
Bought outright
Under resale agreement...
Total U. S. Government securities
Other Reserve bank credit:
Other securities
Due from foreign banks
_
Reserve bank float (uncollected items in excess of deferred availability items)..
Total Reserve bank credit outstanding
..
Federal Reserve notes of other Reserve banks
Uncollected items not included in
float
_
Bank premises.
All other assets
_
Total assetsFederal 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 in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies.._
All other liabilities
Total liabilities
Contingent liability on bills purchased for foreign correspondents.
Commitments to make industrial advances
7,651,863
15,684
338,020
7,553,357
17,444
264,550
8,005,567
7,835,351
5,389,056
1
f
*
15,875
276,346
5,680,277
1,841
8,384
4,316
356
65
8,743
4,672
6,660
4,671
4,656
5,502
4,671
4,656
32,493
5,538
17,545
2,430,247
2,430,231
500
2,430,309
2, 430,247
2,430,731
2,430,309
181
650
2,267
181
665
12,233
805
206
2,478,848
18,077
496,288
47,799
41,057
2,485,631
27,445
591,556
47,723
38,094
2,461,063
19,145
459,125
49,307
48,657
11,087,636
11,025,800
8,719,415
18,077
3,614,987
27,445
3,681,629
19,145
3,065,377
3, 633,064
3,709,074
~~3,084,522
5,860,064
452,524
48,155
256,073
5,587, 208
543,770
28,935
225,896
4,543,331
75,588
14,184'
176,475
6, 616,816
496,288
130, 647
145,501
26, 406
33,899
5,015
6,385,809
591,556
130, 512
' 145,501
24,235
r 35,081
' 4,032
4,809,578
459,125
146,896
144,893
11,560
30,820
26~412
11,087,636
26," 957
11,025,800
27," 649"
8,719,415
317
11,738
FEDERAL RESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks by Federal Reserve agents
Collateral held by agents as security for notes issued to banks:
Gold certificates on hand and due from U. S. Treasury
Eligible paper
U. S. Government securities
Total collateral.
3, 950,194
4,047,052
3,369,781
3,871,343
6,855
135,400
3,970,843
2,716
127,500
3,256,350
5,190
186,000
4, 013, 598
4,101,059
3,447,540
FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding)
_
Collateral pledged against outstanding notes: U. S. Government securities..
Revised.
36,354
42,074
90
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Total
Gold
certificates
Standard
silver
dollars
Silver
certifi-
Treasury
notes
of 1890
Federal Federal
Reserve Reserve
bank
notes
notes
Subsidiary
silver
Minor
coin
United
States
notes
280
282
284
288
291
294
121
122
122
123
124
125
277
274
274
273
273
265
3,044
3,103
3,131
3,124
3,176
3,176
133
125
119
112
107
101
National
bank
notes
1934—July
August
September.
October. _.
November.
December.
6,317
5,396
5,456
5,453
5,549
5,536
146
143
139
136
133
130
30
31
31
31
32
32
399
438
483
510
558
1935—January...
February. ,
March
April
May
June
July
August
September.
October
November.
December.
5,380
5,467
5,493
5,478
5,540
5,568
5,518
5,629
5,683
5,713
6,846
5,882
127
126
123
121
119
117
115
114
112
111
110
109
31
31
31
32
32
32
32
33
33
33
34
34
580
599
623
653
695
701
702
739
756
773
812
828
1
1
1
1
1
1
1
1
1
1
1
287
289
290
294
296
297
298
298
302
306
309
312
123
123
123
124
125
125
125
126
127
128
130
131
259
263
264
268
281
285
280
283
286
281
284
275
3,048
3,119
3,135
3,120
3,159
3,223
3,232
3,362
3,439
3,495
3,612
3, 667
97
94
92
88
85
81
78
73
70
68
66
827
823
810
778
747
704
654
596
553
514
487
458
1936—January *>_.
5, 737
107
33
809
1
303
129
258
3,598
63
436
*\
l S
878
870
856
853
820
76
» Preliminary figures.
NOTE.—For figures of paper currency of each denomination in circulation see p. 133.
Back figures.See Annual Report for 1934 (table 49).
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO1 AND FROM
UNITED STATES
[In thousands of dollars}
[In millions of dollars]
Year or month
1932...
1933..1934
1935—January
February
March
April
May
June
July
August
September
October
November
December
Gold
stock
at end
of
year or
month
1936
Net
Increase
gold
in gold
stock
import
Net
release
from
earmark i
Other
factors >
January
4,226
4,036
8,238
52.9
-190.4
4, 202. 5
-446.2
-173.5
1,133.9
457.5
-58.0
82.6
41.6
41.1
2,986.1
8,391
8,527
8,567
8,710
8,858
9,116
9,144
9,203
9,368
9,693
9,920
10,125
153.3
135.3
40.4
143.4
148.1
257.1
27.9
59.5
165.0
325.2
226.7
205.2
149.4
122.8
13.0
148.6
140.0
230.4
16.2
46.0
156.7
315.3
210.6
190.0
1.1
.2
-.7
-2.3
-1.5
1.0
-.4
1.8
1.0
-1.9
.6
1.3
2.8
12.3
28.1
-2.9
9.6
25.8
12.1
11.7
7.3
11.8
16.6
13.9
Year
1,887.2
1936—January.
v Preliminary.
1
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).
'Figures are derived from preceding columns and indicate net result
of such factors as domestic production, movements into and out of
nonmonetary use, imports and exports that do not affect gold stock
during the month or year, and increment resulting from reduction in
weight of gold dollar.
Back figures—See Annual Report for 1934 (table 44).
1935
December
From or to—
Imports
1
Belgium
6,039
England
France
- . 3,514
Germany
0
Netherlands
0
Switzerland
Union of Soviet
Socialist Re1,739
publics
10,748
Canada
358
Central America.
845
Mexico
3
Argentina
666
Chile
1,743
Colombia
553
Ecuador
168
Peru
Uruguay
44
Venezuela
5,196
Australia
British India
11,744
China and Hong
Kong
1,176
Dutch East Indies
Japan
Philippine Islands
1,236
All other countries*
206
Total
45,981
Exports
253
Imports
Exports
Imports
4
316,302
934, 302
63
227,225
968
8,600
145,388
29
4,727
2,846
9,060
204
918
2
986
JanuaryDecember
451
304
18,099
95,245
2,814
14,583
19
6,593
10,899
5,185
2,148
37
1,851
11,108
620
3,498
75, 267
1,605
9,431
19
19
1,820
15, 335
226
2,359
338 190,180
170 1, 740,979
3
82
170
Exports
bib
59
296
41
74
915
1
1,960
i With some exceptionsfiguresrepresent customs valuations at rate of
$352 afineounce.
Includes all movements of unreported origin or destination.
Backfigures.—Seetable, p. 107, and Annual Report for 1934 (tables 46
and 47).
91
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
MEMBER BANK RESERVE BALANCES
[Average of daily figures. In millions of dollars]
Reserves held
Month or week
Total—all
member
banks
New York
City*
Excess reserves
Other
reserve
cities
'Country" Total-all
member
banks
banks J
New York
City i
1934—December
1935—January
February
March
April
May
June
July
August
September
October
November
December*
4,355
4,601
4,452
4,436
4,778
4,979
4,970
5,232
5,243
5,469
5,757
5,716
1,468
1,651
1,864
1,760
1,715
1,813
1,969
1,938
2,306
2,320
2,460
2,563
2,541
1,727
1,837
1,826
1,787
1,831
2,031
2,092
2,072
1,989
2,023
2,101
2,253
2,239
867
911
905
890
935
918
960
937
900
908
941
935
1,747.8
2,035.2
2, 236.6
2,064.7
2,025.6
2,296.9
2,437.8
2,385.2
2,635.8
2, 628.0
2,819.7
3,061. 2
2,982. 7
779.0
723.0
797.5
915.3
867.6
1,214.2
1,177.3
1,308.8
1,392.7
1,350.4
Week ending (Friday)
1935—Oct. 4.
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
Dec. 6_
Dec. 13
Dec. 20
Dec. 27
5,246
5,330
5,462
5,586
5,654
5,693
5,740
5,783
5,812
5,873
6,016
5,625
5,448
2,396
2,370
2,426
2,536
2,565
2,535
2,540
2,572
2,593
2,647
2,693
2,480
2,376
1,966
2,044
2,115
2,147
2,188
2,217
2, 253
2, 275
2,287
2,279
2,334
2,234
2,167
884
916
922
903
901
941
947
936
931
947
990
911
905
2, 594. 0
2,696. 0
2,814.0
2,927.0
2,985. 0
3,014.0
3,054.0
3, 074.0
* 3,083. 0
3,135.0
3,281.0
2,881.0
2,715.0
1,232.9
1,222.1
1, 275. 8
1,387. 0
1,414.1
1,378.9
1,380. 3
1,399.8
1,403. 2
1,446.9
1,493.8
1,286. 9
1,202. 3
4,037
843
Other
reserve
cities
555.8
715.9
'Country"
banks'
799.9
907.7
886.7
842.3
878.4
1,038.4
1,079.0
1,037.5
956.4
979.5
1,035.2
1,162.1
1,133.1
392.2
411.6
451.0
443.5
424.3
461.0
443.4
480.1
465.3
471.2
475.7
506.4
499.2
916.7
988.0
1.049.4
1.075.5
1,106.1
1,130.8
1,162. 3
1,183.0
444.0
486.0
489.0
465.0
465.0
504.0
511.0
491.0
r 489.0
504.0
552.0
470.0
461.0
1,191.0
1,184.0
1, 235. 7
1.124.6
1, 051. 5
* Revised.
* Central Reserve city banks only.
* Weekly figures of excess reserves of all member banks and of country banks are estimates.
' F o r total reserves and estimated excess reserves of all member banks during ths following month, see tables on pages 87 and 88.
Backfigures.—SeeAnnual Report for 1934 (table 67).
MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS
[Averages of daily figures. In millions of dollars]
Total deposits subject to reserve
Month or week
1934—D ecember
1935—January
February
March
April
May
June
July
August
September
October
_
"NTnvflTnfafir
December
_
_.
Totalall
memberl
banks
New
York
City *
Other
reserve
cities
28, 538
28,907
29,357
29,686
29,882
30,571
31,003
31,401
31,463
31, 336
31,753
32,161
32,480
7,512
7,694
7,926
8,050
8,145
8,318
8,565
8,702
8,896
9,272
9,382
9,508
9,644
11,828
11,933
12,063
12,148
12, 260
12,647
12,814
12,979
12,968
13,072
13,311
13, 559
13, 719
9,443
9,362
9,374
9,379
9,382
9,403
9,428
9,522
9,656
9,723
9,711
9,660
9,510
13,154
13, 215
13,307
13,373
13,470
13,518
13,559
13,565
13, 597
13, 586
13, 630
13, 746
13, 830
Week ending (Friday):
1935—Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov 1
Nov. 8 „
Nov. 15
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20 . . „
Dec 27
Net demand deposits
tal"Coun- T oall
try" member
banks* banks 1
9,197
9,280
9,368
9,387
9,477
9,606
9,624
9,720
9,599
8,992
9,061
9,095
9,117
18,769
18,993
19,361
19,554
19,768
20, 377
20,899
21, 295
21, 311
21,179
21, 464
21,872
22, 200
New
York
City*
Time deposits
talOther "Coun- T oall
reserve
try" l member
cities
banks banks *
6,865
7,043
7,268
7,399
7,481
7,655
7,967
8,095
8,253
8,642
8,693
8,850
9,013
7,527
7,527
7,606
7,662
7,745
8,085
8,275
8,481
8,474
8,561
8,755
8,977
9,119
8,803
8,674
8,685
8,672
8,692
8,739
8,770
8,863
9,006
9,079
9,074
9,034
8,884
8,610
8,675
8,757
8,806
8,892
8,934
8,973
8,986
9,022
9,024
9,048
9,143
9, 208
4,376
4,422
4,487
4,493
4,542
4,638
4, 657
4,719
4,584
3,975
4,016
4,045
4,069
9,769
9,914
9,996
10,031
10,114
10,194
10,103
10,107
10,152
10,157
10, 289
10, 289
10, 280
New
York
City a
Other
reserve
cities
647
651
658
651
664
663
597
607
643
630
688
657
632
4,301
4,406
4,457
4,486
4,515
4,562
4,539
4,498
4,494
4,510
4,556
4,581
4,600
640
688
689
707
690
664
658
659
650
644
637
626
626
4,544
4,540
4,550
4,567
4,579
4,584
4,586
4,579
4,575
4,563
4,583
4,603
4,622
"Country"
banks i
4,821
4,857
4,881
4,895
4,935
4,969
4,967
5,002
5,015
5,017
5,045
5,050
5,049
J
i Weekly figures are not reported.
Central Reserve city banks only.
NOTE.—The method of computing net demand deposits subject to reserve was changed by the Banking Act of 1935 approved Aug. 23, 1935.
See BULLETIN for October 1935, p. 644.
Back figures.—See Annual Report for 1934 (table 67).
45347—36
4
92
FEDERAL RESERVE BULLETIN
FEBRUARY 1935
ALL BANKS IN THE UNITED STATES
[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]
All banks
Member banks
Nonmember banks
Mutual savings banks
Date
Total
1931—Mar. 25
June 30 . .
Sept 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31
1933—June 30 >
Oct. 25»
Dec. 30
1934—Mar. 5»
June 30
Oct. 17 »
Dec. 31
1935—Mar. 4
June 29
Nov. 1*
Dec. 31»
Loans
Investments
Total
55,924
55,021
53,365
49,704
46,071
45,852
44,946
40,076
36,813
35,384
33,750
31,305
27,83.4
26,985
26,063
22,203
19, 111
19, 637
19,615
18,399
18,237
18,867
18,883
17,872
40,319
21,977
18,342
42,502
21,278
21,224
43,458
43,747
44,416
20,474
20,394
20,272
22,984
23,353
24,145
Loans
34,729
33,923
33,073
30,575
28,001
28,045
27,469
24,786
24,953
25,220
26, 548
27,175
27,559
28,150
28,271
28, 785
29,301
* 29,934
Investments
Total
Investments
Loans
11,889
i 9,987
22,840
12,106
10,506
21,816
12,199 i 10,506
20,874
11,314
10,488
19,261
11,414
10,316
16,587
15,924
12,121 U0,316
15,204
10,182
12,265
10,044
12,858
11,928
11,894
13,059
12,386
9,985
12,833
12,706
13,842
9,904
12,523
14,652
12,293
15,267
12,028
16,122
9,782
9,775
11,953
16,318
11,928
16,857
9,852
11,841
17,460
p 12,159 v 17,775
Other nonmember banks
Total
Loans
Investments
i 6,068
6,169
i 6,169
6,218
6,130
i 6,130
6,079
5,941
» 3,920
4,337
i 4,337
4,270
4,186
i 4,186
4,103
4,103
11,208
10,593
9,786
8,641
7,755
7,491
7,295
5,246
7,906
7,399
6,707
5,827
5,117
4,931
4,780
3,404
5,906
4,079
5,115
3,238
1,877
5,648
4,256
«5,423
3,108
2,315
5,491
5,478
5,341
4,291
4,297
4,511
5,526
5,701
5,779
2,955
2,963
3,003
2,571
2,738
2,777
3,302
3,194
3,079
2,814
2,637
2,560
2,515
1,841
v Preliminary.
i 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 1933, see the headnote regarding private banks; also BULLETIN for July 1935, p. 485.
Back figures.—See Annual Report for 1934 (table 61).
NUMBER OF BANES
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
[In millions of dollars]
Nonmember
banks
Member banks
Nonmember banks
Date
1930—Dec. 31
1931—Mar. 25
June 30..
Sept. 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31
1933—June 30»
Oct. 25 * . .
Dec. 30
1934—Mar. 5 >
June 30
Oct. 17*
Dec. 31
1935—Mar. 4
June 29
Nov. 1»
All banks Member
banks
53,039
51,427
51,782
49,152
45,821
41,963
41,942
41,643
37,998
38,505
41,870
44,771
44,455
45,766
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
29,496
31,072
Date
9,507
i 9,507
10,017
i 10,017
10,105
10,020
i 10,020
10,022
9,713
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
9,837
9,920
6,000
6,029
6,350
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 1934 (table 60).
Total
Mutual
Other
savings nonmembanks ber banks
Total
1930—Dec. 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31
1933—June 30».—
Oct. 25 *
Dec. 30
1934—Mar 5 *
June 30
Oct. 17» . .
Dec. 31
1935—Mar. 4
June 29
Nov. 1». .
22,769
22,372
21,903
21,294
19,966
19,046
18,794
18,390
14,519
15,011
15,835
16,042
16,024
15,994
8,052
7,928
7,782
7,599
7,246
6,980
6,904
6,816
5,606
5,818
6,011
6 206
6,375
6,433
6,442
6,422
6,410
6,400
National
7,033
6,930
6,800
6,653
6,368
6,145
6,080
6,011
4,897
5,052
5,154
5,288
5,417
5,461
5.462
5,446
5,425
5,403
Other
Mutual nonState savings membanks
ber
banks
576
14,114
13,841
13,521
13,095
12,123
11,472
11,296
10,980
8,337
579
8,421
578
8,882
579
9,021
9,023
9,013
1,019
603
998
982
946
878
1603
835
824
805
709
766
857
918
958
972
980
976
985
997
For footnotes see table above.
Back figures.—See Annual Report for 1934 (table 60).
600
1600
597
594
1594
594
579
571
FEDERAL RESERVE
FEBBTJARY 1936
93
BULLETIN
ALL MEMBER BANKS-LOANS AND INVESTMENTS
[In millions of dollars]
Loans to customers (except banks)
Total
Call date
and
investments
Total
Open-market loans
Purchased paper
To
Re- Other- Loans
broport- wise
To
kers others
to
Real
ing
seoutAcestate banks' cured banks cept^
on
side securiloans own
and
Bills ComNew
ances
accept- unseties
pay- merYork
cial
payances cured
able paper
Cityi
able in abroad
bought
United
States
Investments
Loans
to
brokers in Total
New
York
Cityi
U. S. Government obligations
Other
securities
Fully
Direct guaranteed
TOTAL—ALL MEMBER BANKS
1932—June 30
Sept. 30
Dec. 31
1933—June 30»
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
1935—Mar.
- * * - A4
June 29
Nov. 1
Dec. 31 p
28,271
28,785
29,301
29, 934
15,267
14,497
13,905
11,337
11,523
11,315
11,093
10,804
10,782
10,509
10,420
10, 369
10.465
10, 531
6,715
7,112
7,327
7,133
6,971
6,995
7,351
7,666
7,545
7,761
7,783
8,303
8,167
8,400
2,856
2,638
2,621
2,297
2,436
2,395
2,321
2,202
2,294
2,202
2,198
2,146
2,185
2,191
11,045
10,979
10,535
9,780
9,951
10,157
10,816
11,054
11,367
11,609
11,739
11,743
12.313
12,632
6,519
6,196
5,879
4,846
4,912
4,797
4,669
4,586
4,562
4.459
4,436
4,425
4,522
4,594
10,240
9,954
9,607
7,873
8,031
8,068
8,381
8,456
8,649
8,780
8,749
8,739
8,821
8,901
5,892
5,663
5,405
4,194
4,175
4,123
4,103
4,016
3,926
3,849
3,786
3,798
3,758
3,746
28,001
28,045
27,469
24,786
24,953
25,220
26,548
27,175
27,559
1 28,150
283
258
241
165
178
166
164
208
167
187
184
192
179
206
5,009
4,828
4,608
3,752
3,631
3,606
3,480
3,309
3,158
3, llO
3,031
2,931
2,885
2,881
2,894
2,885
2,862
2,372
2,364
2,359
2,382
2,357
2,297
2,273
2,250
2,277
2,279
2,284
225
192
257
213
250
210
229
232
207
135
159
169
6,368
5,970
4,857
5,092
4,972
4,817
4,721
4,932
4,708
4,748
4,834
4.963
4,991
1,279
1,237
1,186
1,044
985
989
938
882
826
820
805
783
775
791
160
154
160
157
149
148
156
156
150
139
139
138
136
140
138
90
148
120
179
130
171
144
159
164
145
82
101
107
573
457
444
330
297
287
225
153
149
155
133
119
94
313
407
375
291
303
223
350
264
276
256
235
201
154
181
34
34
30
25
24
37
26
20
30
31
34
17
27
29
122
115
93
87
164
132
157
200
253
232
255
247
260
272
1,216
1,094
1,066
937
1,075
1,084
1,009
965
1,108
1,024
1,054
1,085
1,114
1,091
260
203
216
162
143
146
112
68
66
63
52
48
35
42
262
341
330
224
233
170
276
225
232
210
203
183
135
158
21
18
15
10
8
17
8
10
12
16
19
7
12
16
1,407
1,406
1,398
1,160
1,144
1,151
1,158
1,145
1,120
1,108
1,093
1,120
1,117
1,109
2,661
2,421
2,237
1,915
2,033
1,937
1,870
1,853
1,956
1,873
1,909
1,917
2,034
2,096
254
205
178
129
120
103
79
53
55
65
56
50
40
40
38
58
44
63
68
50
64
34
39
42
26
14
lfi
20
11
14
13
13
14
17
15
8
15
14
13
8
13
11
62
65
46
51
91
78
89
115
151
135
142
126
124
131
1,328
1,324
1,304
1,055
1,070
1,061
1,068
1,056
1,026
1,026
1,018
1,020
1,026
1,035
3,015
2,854
2,667
2,005
, 984
,952
,937
13
2
2
2
1
2
3
2
2
3
2
2
2
2
2
36
36
28
27
46
34
54
72
95
92
109
116
132
135
278
414
357
788
748
840
855
1,082
802
843
875
975
841
1,048
11,414 5,628
12.121 6,366
12,265 6,540
11,928 6,887
11,894 6,801
12,386 7,254
13,842 8,667
14,652 9,137
15,267 9,186
16.122 9,906
16,318 9,821
16,857 9,871
17,460 10,080
17,775 10,500
181
»276
709
989
1,200
1,558
1,764
1,768
5,786
5,755
5,726
5,041
5,093
5,132
4,995
»5,239
5,372
5,227
5,298
5,427
5,615
5,506
105
«157
237
278
298
348
405
401
1,025
1,079
1,186
1,168
1,181
1,179
1,059
* 1,056
1,100
1,078
1,131
1,174
1,223
1,146
75
*94
257
356
453
658
751
744
1,966
1,961
1,900
1,754
1,757
1,790
1,734
3 1,908
1,926
1,857
1,878
1,957
1,973
1,931
3 25
215
355
448
553
609
623
2,794
2,715
2,640
2,129
2,156
2,162
2,202
3 2,276
2,337
2,293
2,289
2,296
2,419
2,42»
NSW YORK CITY «
1932-June 30
Sept. 30
Dec. 31
1933-June30*
Oct. 25
Dec. 30
1934-Mar. 5June 30
Oct. 17
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31 v
OTHER RESERVE
CITIES
1032—June 30
Sept. 30
Dec. 31
1933—June 30 *
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31 p
COUNTRY BANKS
1932—June 30
Sept. 30
Dec. 31
1933-June30»
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
,
Dec. 31
1935-Mar. 4
June 29
Nov. 1
Dec. 31 p
178
164
111
117
106
101
138
102
118
113
120
107
126
2,205
2,127
2,005
1,590
1,542
, 524
,465
,388
,319
294
261
216
209
1,204
932
902
,810
,785
1,831
1,815
1,804
8
1
4
2
3
10
5
5
5
6
3
3
3
258 3,033
391 3,508
337 3,789
720 3,709
624 3,501
706 3,542
687 3,932
883 4,265
631 4,300
662 4,602
678 4,628
930 4,983
828 4,968
1,018 4,972
2,008
2,429
2,603
2,551
2,320
2,362
2,768
3,053
2,954
3,246
3t200
3,462
4,154
4,427
4,362
4,621
4,645
5,000
5,763
6,104
6,423
6,764
6,933
7,093
7,589
7,813
2,18/
2,465
2,462
2,867
2,889
3,209
3,954
4,102
4,240
4,551
4,601
4,478
4,865
5,138
4,226
4,187
4,114
3,598
3,748
3,845
4,148
4,283
4,545
4,756
4,757
4,780
4,903
4,989
1,432
1,471
1,474
1,469
1,592
1,683
1,946
1,982
1,992
2,108
2,020
1,931
1,874
1,937
7
14
12
58
100
112
138
154
123
131
134
26
10
22
3,425
p Preliminary.
* Loans (secured by stocks and bonds) to brokers and dealers in securities.
»Beginning June 30, 1933, figures relate to licensed banks only.
«An estimated small amount of Home Owners' Loan Corporation bonds guaranteed by the United States Government as to both interest and
principal are included in "Other securities."
* Central reserve city banks.
Back figures.—See BULLETIN for November 1935, pp, 722 and 723.
94
FEDERAL RESERVE BULLETIN
FEBRUARY
1936
ALL MEMBER BANKS-RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
Demand deposits
Cash
items
Certi
Interbank
ReIndiBal- reportfied
ed as
serves
vidances
and
on
with
uals,
UnitCash
with
offiFedhand
parted
in
docers'
Puberal
or in
States lic checks, nervault mesReproc- DoFor- Gov- funds
tic
serve
ess
mescash
eign
erncorb
a
n
k
s
i
banks
letters poraof col- tic
of
lec- 2 banks banks ment
tions,
credit, etc.
tion
etc.'
Call date
Time deposits
Interbank
IndiDevidmand
uals,
Pos- partdeposPubtal
nerits ad- Dolic Savships,
For- funds
justed * mesings
coreign
tic
pora>anks 3anks
tions,
etc.
Borrowings
TOTAL—ALL MEMBER BANKS
1,998
2,235
2,511
2,235
2,651
2,678
3,148
3,819
3,976
4,082
4,518
4,933
5,662
1932—June 30
Sept. 30
Dec. 31
1933—June 30 »
Oct. 25
Dec. 30
1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31
1935-Mar. 4
J u n e 29
Nov. 1
478
407
423
405
447
471
486
473
550
609
534
537
541
1,731
2,049
2,416
2,008
1,848
1,969
2,303
2,666
2,823
3,036
3,266
3,285
3,646
1,337
1,237
1,122
1,485
1,060
1,132
1,159
1,057
1,407
1,903
1,475
1,183
1,756
2,870
3,269
3,609
3,057
2,990
3,139
3,676
4,070
4,466
4,569
5,095
4,978
5,558
172
213
243
145
117
129
173
155
136
147
169
273
361
387
738
475
806
918
967
1,790
1,658
1,143
1,636
1,270
779
650
1,314
1,034
1,119
1,087
1,106
1,320
1,425
1,598
1,680
1,799
1,861
2,091
2,251
566
514
422
657
465
378
549
372
590
838
741
417
11,890
12,047
12,273
11,830
11,873
12,109
12,252
13,349
14,449
14,951
14,872
16, 206
17,327
12, 433
12,358
12,691
12,089
12, 384
12,674
13,066
14,261
15,312
15,686
15,999
17,530
18,509
70
70
87
89
87
83
92
122
135
134
145
136
132
7
5
1
1
722
687
491
874
553
476
631
415
666
1,069
810
447
873
1,103
1,346
1,562
1,255
1,215
1,200
1,402
1, 591
1,689
1,798
2,047
1,983
2,203
146
187
216
127
100
112
154
135
116
126
147
248
327
118
306
173
332
379
422
843
802
559
792
572
369
219
117
67
115
101
90
93
91
97
84
103
86
133
109
359
350
177
461
299
167
368
154
360
540
500
149
413
4,287
4,350
4,540
4,676
4,513
4,494
4,422
4,894
5,107
5,370
5,329
5,924
6,104
4,041
4,081
4,319
4,358
4,330
4,325
4,268
4,800
5,001
5,069
5,209
5,979
6,132
3
4
6
22
1
1
4,550
4,684
4,745
4,578
4,727
4,822
4,823
5,305
5,871
5,992
5,901
6,522
7,128
4,690
4,722
4,843
4,677
4,892
5,021
5,150
5,670
6,143
6,324
6,376
7,013
7,523
60
59
74
59
74
72
80
106
117
117
128
119
115
3,052
3,013
3,701
3,556
3,530
3,054
3,162
3,328
3,648
3,792
4,168
4,292
4,414
4,538
4, 875
337
342
342
300
270
301
305
333
294
294
290
285
310
610
695
708
788
781
778
755
585
472
452
399
307
227
9,613
9,490
9,411
7,803
7,971
7,957
8,258
8,763
8,916
9,020
9,203
9,462
9,671
815
697
547
191
188
143
91
35
24
13
17
9
9
5
4
10
20
7
4
10
14
13
12
8
4
4
6
13
68
76
80
110
106
107
105
69
65
56
44
27
3
715
786
843
671
680
620
600
649
623
591
595
567
680
14
1
13
2
1
233
211
232
209
172
204
206
234
199
206
211
203
218
310
359
349
394
382
371
349
260
197
187
167
118
84
3,967
3,924
3,882
3,299
3,339
3,364
3,495
3,727
3,793
3,875
3,985
4,139
4,168
274
210
llfi
16
21
16
8
94
110
104
86
87
83
87
87
87
84
75
76
78
231
260
279
285
293
300
301
256
4,931
4,780
4,686
3,833
3,953
3,973
4,163
4,388
4,500
4,554
4,623
4,756
4,824
527
488
418
167
136
123
83
35
17
13
14
9
8
0
7
7
8
4
7
8
5
6
MEW YORK CITY «
1932—June 30
Sept. 30
Dec. 31
1933—June 30*
Oct. 25
Dec. 30
1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31
1935—Mar. 4
J u n e 29
Nov. 1
772
971
1,132
846
968
903
1,170
1,417
1,443
_
1,576
1,856
1,935
2,590
71
141
109
167
201
229
190
354
4GS
1
1
1
1
1
1
5
6
7
7
3
7
7
4
4
OTHER RESERVE
CITIES
1932—June 30
Sept. 30
Dec. 31
1933—June 30«
Oct. 25
Dec. 30
1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31
1935—Mar. 4
J u n e 29Nov. 1
767
823
931
937
1,154
1,202
1,293
1,633
1,685
1,683
1,746
2,079
2,172
173
134
144
156
172
198
189
194
228
247
231
250
251
1,011
1,280
1,534
1,205
1,101
1,134
1,295
1,513
1,536
1,694
1,814
1,801
1,982
448
411
467
462
389
484
393
468
552
627
502
544
662
1,511
1,678
1,782
1,575
1,545
1,685
1,993
2,178
2,431
2,430
2,684
2,649
2,955
209
336
229
356
425
434
766
682
458
666
546
319
335
462
364
411
437
455
557
613
700
872
889
126
95
154
124
98
126
107
132
132
193
151
164
167
458
441
448
452
529
573
685
769
848
822
916
920
900
253
230
232
203
232
225
230
216
258
275
246
236
237
624
671
767
702
657
742
917
1,057
1,204
1,239
1,366
1,351
1,555
167
140
164
149
118
172
135
174
189
207
163
HJ2
221
257
244
263
228
230
254
281
300
345
340
364
347
3G9
60
96
72
116
114
ill
181
174
125
178
152
90
95
734
613
615
555
579
622
702
731
787
804
845
865
895
82
69
90
72
68
85
74
85
98
106
90
104
106
1
1
1
1
1
1
COUNTRY BANKS
1932—June 30
Sept. 30
Dec. 31
1933—June 30«
Oct. 25
Dec. 30.
1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31
1935—Mar. 4
J u n e 29
Nov. 1
2,576
2,633
2,793
3,007
3,150
3,472
3,589
3,642
3,761
4, 095
7
7
7
7
12
10
11
15
17
16
17
16
17
2-10
210
188
162
140
i Including dollar balances due from American branches of foreign banks.
* Does not include cash items in process of collection reported in balances with domestic banks.
>4 Includes " D u e to Federal Reserve banks (deferred credits)."
Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection.
* Beginning June 1933, figures relate to licensed banks only.
•..Central reserve city banks.
Backfigures.-—SeeBULLETIN for November 1935, pp. 724-726.
95
FEDERAL RESERVE BULLETIN
FEBEVARY 1936
REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars)
Open-market
loans
Loans to customers (except banks)
Date or month
Investments
To
Loans AcLoans
brokers To
ceptto
Other
to
and others Real- loans banks
brokers
and
in
Total
Total dealers on
estate
to
outside securi- loans custocom- New
New
2
mercial
York
mers
York
paper City i
City i
bought
Reserves
Balwith Cash ances
Fedwith
in domeseral vault
Other Retic
securi- serve
banks 8
ties banks
Fully
Direct guaranteed
19, 489
20,187
20,355
20,510
20,769
20,928
20,426
20,490
20,490
20,632
20, 518
20, 521
20, 970
20,939
20,895
20,834
20,913
20,969
20,995
6,744
6,680
6,751
6.770
6,824
6,723
6,759
6,765
6,757
6,799
6,820
6,815
6,843
6,814
6,831
6,743
6,749
6,716
6,681
172
163
159
161
174
176
156
159
155
173
170
169
177
171
183
175
180
178
171
2,242
2,065
2,078
2,081
2,107
2,071
2,081
2,078
2,082
2,085
2,094
2,102
2,118
2,111
2,111
2,079
2,074
2,066
2,064
1,133
1,137
1,146
1,141
1,139
1,142
1,142
1,140
1,141
1,140
1,141
1,140
1,138
1,140
1,136
1,137
1,145
1,143
1,142
3,197
3,315
3,368
3,387
3,404
3,334
3,380
3,388
3,379
3,401
3,415
3,404
3,410
3,392
3,401
3,352
3,350
3,329
3,304
125
89
85
102
81
70
87
84
86
150
98
74 |
79 i
76
76
78
71
67
65
449
316
327
338
358
364
326
333
340
353
356
357
357
356
7,410
7,743
7,734
7,828
7,921
7,937
7,734
7,812
7,817
7,949
7,856
7,883
7,993
7,955
7,917
7,900
7,906
7,940
8,000
2,115
2 t 073
2,096
2,092
2,095
2,036
55
56
58
59
59
59
58
780
709
721
727
745
730
723
723
731
732
734
744
757
746
743
735
730
728
729
130
123
123
123
125
128
123
123
123
123
124
124
124
128
127
127
128
128
127
1,150
1,185
1,194
1,183
1,166
1,119
1,182
1,187
1,177
1,187
1,180
1,172
1,167
1,150
1,161
1,121
1,127
1.118
1,131
64
50
43
63
46
34
44
45
48
114
62
39
45
42
42
42
36
31
28
12,079
12,444
12, 621
12.682
12,848
12,991
12, 692
12, 678
12,673
12.683
12,662
12,638
12, 977
12,984
12,978
12, 934
13,007
13,029
12, 995
4,629
4,607
4,655
4,678
4,729
4,687
4,673
4,672
4,667
4,697
4, 723
4,716
4,736
4,731
4,741
4,702
4,705
4,681
4,656
1,462
1,356
1,357
1,354
1,362
1,341
1,358
1,355
1,351
1,353
1,360
1, 358
1,361
1,365
1,368
1,344
1,344
1,338
1,335
1,003
1,014
1,023
1,018
1,014
1,014
1,019
1,017
1,018
1,017
1,017
1,016
1,014
1,012
1,009
1,010
1,017
1,015
1,015
2,047
2,130
2,174
2,204
2,238
2,215
2,198
2,201
2,202
2,214
2,235
2,232
2,243
2,242
2,240
2,231
2,223
2,211
2,193
Total
loans
and
investments
U. S. Government obligations
JOTAL—101 CITIES
1935—-January
September. _.
October
November.—.
December...
1936—January
1935—Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4.
Dec. 11
Dec. 18
Dec. 24
Dec. 31
1936-Jan. 8..
Jan. 15
Jan. 22
Jan. 29
11,428
12, 258
12,392
12,480
12,585
12,848
12,458
12,493
12,488
12,480
12,362
12, 360
12, 782
12,775
12,646
12,710
12,788
12,896
12,996
7,795
8,045
8,156
8,291
8,433
8,599
8,236
8,295
8,333
8,301
8,221
8,216
8,643
8,616
8,468
8,516
8,576
8,651
8,655
657
1,094
1,114
1,138
1,131
1,155
1,138
1,141
1,135
1,137
1,134
1,136
1,129
1,131
1,126
1,135
1,149
],162
1,172
2,976
3,119
3,122
3,051
3,021
3,094
3,084
3,057
3,020
3,042
3,007
3,008
3,010
3,028
3,052
3,059
3,063
367
360
743
844
800
820
921
923
796
815
819
850
882
915
909
918
980
937
939
923
893
231
130
140
155
171
173
145
150
156
169
170
170
169
170
174
175
174
173
168
581
814
779
800
897
895
781
795
797
827
860
891
886
895
955
909
912
893
866
4,419
4,676
4,676
4,718
4,712
4,799
4,678
4,729
4,726
4,737
4,667
4,684
4,786
4,765
4,656
4,733
4,740
4,808
4,913
3,154
3,228
3,225
3,313
3,320
3,346
3,258
3,317
3,346
3,332
3,276
3,289
3,415
3,378
3,243
3,315
3,311
271
370
375
378
379
399
382
381
373
373
374
377
376
382
383
387
395
401
413
994
1,078
1,076
1,027
1,013
1,054
1,038
1,031
1,007
1,032
1,017
1.018
218
186
187
183
187
191
181
183
184
184
186
187
188
186
188
191
192
194
192
162
30
21
20
24
28
15
20
22
23
22
24
23
23
25
28
27
30
27
7,009
7,582
7,716
7,762
7,873
8,049
7,780
7,764
7,762
7,743
7,695
7,676
7, 996
8,010
7,990
7,977
8,048
4,641
4,817
4,931
4,978
5,113
5,253
4,978
4,978
4,987
4,969
4, 945
4,927
5, 228
5,238
5, 225
5, 201
5,265
5,283
5,264
386
724
739
760
752
756
756
760
762
764
760
759
753
749
743
748
754
761
759
3,169
3,455
4,251
4,435
4,715
4,694
4,773
4,641
4,708
4,754
4,759
4,894
5,024
4,492
4,466
4,597
4,707
4,778
4,764
4,843
304
336
339
354
376
354
349
363
346
358
361
379
387
386
369
370
346
347
1,970
2,212
2,25a
2,326
2,312
2,336
2,263
2,368
2,350
2,323
2,370
2,342
2,293
2,246
'2,308
2,284'
2,366
2,328
NEW YORK CITY
1935—January
September.,.
October
November, _.
December...
1936—January
1935—Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31
1936—Jan. 8
Jan.15
Jan. 22
Jan. 29
2,093
2,090
2,102
2,097
2,099
2,107
2. 083
2,090
2,041
2,044
2,035
2,025
3,391
OUTSIDE NEW YORK
CITY
1935—January
September. _.
October
November
December
1936—January
_
1935—Nov. 6
_.
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31
1936—Jan. 8
Jan. 15
Jan. 22
Jan. 29
75
94
83
81
82
768382?
7981
87
995
1,005
1,030
1,031
1,034
1,039
1,109
1,579
2,221
2,341
2,424
2,430
2,498
2,388
2,415
2,460
2,435
2,565
2,610
2,265
2,264
2,446
2,431
2,490
2,509
2,561
1,982
2,041
2,046
2,024
2,008
2,040
2,046
2,026
2,013
2,010
1,990
1,990
2,015
2,023
2,022
2,028
2, 029
2,044
2,060
1,876
2,030
2,094
2,291
2,264
2.275
2,253
2, 293
2,294
2,324
2,329
2.414
2; 227
2,202
2,151
2,276
2,288
2,255
2,282
259
1,895
2,118
288
2,170
285
2,245
295
2,230
316
2,260
301
2,180
289
2,286
305
2,271
291
2,242
297
2,283
304
2,262
320
2,205
326
2,167
323
312 ' 2 , 2 3 1
2,207
314
2,288
293
2,253
295
300 2,291
sa
88
79
77
77
78
75
75
i
r
1
2
3
117
107
101
102
115
117
98
99
96
113
111
110
118
112
124
117
121
117
113
8,083
Revised.
Loans (secured by stocks and bonds) to brokers and dealers in securities.
Includes reporting banks' own acceptances.
Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on De*.
193.% was approximately $38,000,000 at all weekly reporting member banks.
For other figures and note, see next page.
96
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of weekly figures. In millions of dollars}
Date or month
Cash
items
reported
as on
Other
hand
assets
or in
process
of collection
Demand deposits
Time deposits
Total
Interbank
United CertiStates
fied
Total DomesGovern- checks,
Foreign
etc.
liabilment
tic
ities
Demand
deposits—ad*
Other Justed i
Interbank
Domestic
Foreign
Other
Borrowings
Other Capiliabil- tal acities count
TOTAL—101 CITIES
1935—January
September
October
November
December
1936—January
1,185
1,169
1,218
1,343
1,429
1,335
1,637
1,389
1,374
1,387
1,403
1,330
1935-Nov. 6...
Novl3_.
Nov. 20..
Nov. 27..
Dec. 4 . . .
Dec. 1 1 Dec. 18..
Dec. 24..
Dec. 31..
1936—Jan. 8—.
Jan. 15...
Jan. 22...
Jan. 29..
1,315
1,420
1,286
1,350
1,223
1,295
1,439
1,317
1, 872
1,271
1,536
1,331
1,203
1,361 30,355
1,375 30,724
1,381 30,607
1,433 30,855
1,421 30,787
1,422
1,386 30,967
1,390 30,744
1,395 31,436
1,316 30,782
1,337 31,276
1,331 31,070
1,336 31,096
5,338
5,219
5,171
5,222
5,409
5,518
5,526
5,486
1,838
2,132
2,133
2,203
2,210
2,359
28,040
29,544
29,974
30,635
31,056
4,426
4,997
5,125
5,282
5,268
5,485
5,246
5,355
5,313
5,217
141
270
351
385
438
427
1,397
628
633
519
609
654
502
460
453
484
556
537
12, 224
13,992
14,124
14,638
14,776
14,622
11,542
13,283
13,359
13,779
13,904
13,824
122
119
119
118
120
135
4,833
4,853
4,917
4,883
4,872
4,892
905
718
750
807
821
796
3,479
3,402
3,496
3,514
3,518
3,503
546
526
502
504
482
452
705
705
701
702
699
611
604
493
439
476
526
522
476
562
493
727
553
594
532
471
14,380
14,701
14,629
14,842
14,612
14,911
14,720
14,609
15,032
14,391
14,712
14,635
14, 749
13,558
13,720
13,819
14,018
13,911
14,092
13,843
13,785
13,887
13,673
13,770
13,836
14,017
116
119
117
119
116
120
117
118
128
135
135
134
135
4,895
4,892
4,872
4,872
4,843
4,856
4,868
4,883
4,911
793
363
377
434
440
438
436
436
440
424
432
427
424
825
852
866
818
804
765
773
783
799
829
3,514
3,515
3,514
3,513
3,527
3,522
3,519
3,518
3,506
3,501
3,500
3.506
3,505
718
264
247
184
182
180
346
310
294
308
355
348
5,102
6,927
5,941
6,146
6,217
6,101
4,791
5,646
5,629
5,766
5,818
5,779
604
589
619
586
669
540
300
267
287
325
332
314
1,463
1,450
1,450
1,458
1,459
1,462
196
189
176
176
167
152
196
197
198
197
197
162
162
316
271
299
346
321
289
6,058
6,128
6,138
6,258
6,113
6,293
6,177
6,108
6,394
5,661
5,726
5,777
359
398
341
294
5,812
5,920
5,767
5,769
5,822
>5,704
6,115
5,719
6,099
5,785
6,211
5,907
585
591
585
583
575
572
563
568
566
544
543
541
535
321
330
320
330
356
354
325
313
313
310
309
313
326
1,458
1,459
1,450
1,457
1,462
1,458
1,458
1,458
1,458
1,460
1,461
1,463
1,464
679
364
156
150
159
176
201
189
7,122
8,065
8,183
8,492
8,559
8,521
6,751
7,637
7,730
8,013
4,229
4,264
4,298
4,297
8,045
121
119
119
118
120
135
4,352
605
451
463
482
489
482
2,016
2,042
2,046
2,056
2,059
2,041
177
168
177
180
201
187
193
178
244
194
196
191
177
8,322
8,573
8,491
8,584
7,897
7,994
8,042
8,120
8,099
8,172
8,076
8,016
'8,065
7,969
8,051
8,051
8,110
116
119
117
119
116
120
117
118
128
135
135
134
135
4,310
4,301
4,287
4,289
4,268
4,284
4,305
4,315
4,345
4,345
4,355
4,351
4,353
472
478
483
495
496
512
493
491
452
463
474
486
503
2,056
2,056
2,055
2,056
2,065
2,064
2,061
2,060
2,048
2,041
2,039
2,043
2,041
NEW YORK CITY
1935—January
SeptemberOctober
NovemberDecember..
1936—January
1935—Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31
1936—Jan. 8
Jan. 15
Jan. 22
Jan. 29
657
691
606
688
754
670
735
498
478
488
483
472
10,501
11,195
11,296
11,568
11,730
11,706
713
673
660
706
622
662
779
654
1,055
635
794
655
470
478
483
519
503
493
476
472
471
463
478
473
473
11,448 2,173
11,518 2,214
11,554 2,220
11,751 2,197
11,690 2,286
11,787 2,265
11,662 2,173
11,487 2,125
12,023 2,200
11,562 » 2,314
11, 799 2,370
11,704 2,383
11, 760 2,368
528
578
612
655
675
665
902
891
896
899
920
858
17, 539
18.349
18,678
19,067
19,253
19.350
2,588
2,865
2,992
3,079
3,058
3,126
602
747
626
644
601
633
660
663
'817
636
742
676
605
891
897
898
914
918
929
910
918
924
853
859
858
863
18,907
19,206
19,053
19,104
19,097
19,196
19,305
19,257
19,413
19, 220
19,477
19,366
19,336
3,073
3,141
3,084
3,020
3,103
3,073
3,046
3,046
3,022
3,095
3,148
3,143
3,118
122
243
354
403
338
332
345
401
407
401
399
401
408
395
403
397
397
OUTSIDE NEW YORK
CITY
1935—January
SeptemberOctober
November..
December..
1936—January
1935-Nov. 6....
Nov. 13...
Nov. 20...
Nov. 27..
Dec.4—.
Dec. 11...
Dec. 18...
Dec. 24..
Dec. 3 1 . .
1936—Jan. 8.....
Jan. 15...
Jan. 22...
Jan. 29...
427
474
350
337
326
328
315
300
509
508
503
505
502
449
442
8,618
8,543
8,501
8,411
8,597
8,536
8,538
»• Revised.
1 Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection.
2 See footnote 2 on page 132.
NOTE.—For description of figures and earlier figures for some of the items, see B ULLETIN for November 1935, pp. 711-738. Reprints of this article
may be obtained upon request from the Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for
1932 (tables 78-82).
97
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS9 BORROWINGS
B A N K E R S ' ACCEPTANCES, BY H O L D E R S (DOLLAR
ACCEPTANCES)
BANKERS' ACCEPTANCES, BY 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
outstanding
For
Held
acby
others
For count
own of for- Total Own Bills
acbills bought
eign
count correspondents
Based
Based
on goods
on
stored in
goods
stored
Based Based United
States
in
j
on ex- (ware- Dollar foreign
Total
ports house
excoun*
change tries or
into from credits)
or
shipped
U S U.S.
shipped
bebetween
tween
domestic
foreign
points
points
m
End of month
1933—August
September..
October
November. .
December
694
715
737
768
764
1
1
1
18
• 127
40
41
31
3
4
499
517
592
599
442
252
236
271
273
223
247
282
321
326
219
154
156
112
138
190
1933—August- .
September..
October
November.
December...-
694
715
737
758
764
95
103
99
98
94
160
171
185
200
207
229
237
253
278
277
4
4
5
4
4
206
199
195
180
182
1934—January
February. . .
March
April
May
June
July
August
September. .
October
November-December
771
750
685
613
569
534
516
520
539
562
561
543
105
56
23
3
4
5
5
4
3
2
1
1
1
O)1
(*)
567
581
576
536
507
480
472
483
603
616
517
497
255
266
252
236
226
220
222
222
223
245
252
243
312
315
824
299
281
260
250
261
280
271
265
254
95
108
81
70
59
53
42
37
35
45
44
46
1934—January.. . .
February.
March. I
April
May
June
July
August
.
September
October
November.. .
December
771
750
685
613
569
534
616
520
539
562
561
543
89
98
103
103
100
97
94
89
94
93
89
89
225
203
186
164
150
145
135
140
138
147
148
140
111
261
226
186
164
141
138
147
166
184
195
193
5
4
3
3
3
4
4
4
4
4
2
2
175
184
168
158
152
148
144
141
137
133
127
119
1935—January
February
March
April
May
June
July
August
September. .
October
November __
December...
516
493
466
413
375
343
321
322
328
363
387
397
485
452
423
391
856
317
296
292
301
339
358
368
238
217
197
178
162
154
148
145
148
178
182
183
247
235
226
214
193
163
148
147
154
161
175
185
30
41
43
22
19
26
24
30
27
24
29
29
516
493
466
413
375
343
821
322
328
363
387
397
88
92
101
103
107
102
99
102
102
106
105
107
133
123
122
114
100
94
86
81
77
75
84
94
179
166
134
96
76
57
47
52
66
98
111
110
8
3
2
2
2
2
3
4
4
4
3
2
• 114
109
106
99
91
89
86
83
7fl
82
84
84
8
0)
»Less than $500,000.
Source: For acceptances outstanding (and held by accepting banks),
American Acceptance Council.
Back figures.—See Annual Report for 1933 (table 100).
1935—January
....
February
March..... . . . . .
April
May...
June.....
July
August
September
October
November.....
December
_
Source: American Acceptance Council.
Back figures.—See Annual Report for 1933 (table 97).
COMMERCIAL P A P E R OUTSTANDING *
BROKERS' BORROWINGS
(Net borrowings on demand and on time in New York City reported b y
members of the New York Stock Exchange. In millions of dollars]
From private
From banks
banks, brokers,
and trust com- foreign
banking
panies
agencies, etc.
Total
End of month
1935
1936
1935
January. _.
February..
March
825
816
773
April
May
June
805
793
808
762
759
776
July
August
September.
769
772
781
741
750
759
October...
November.
December-
792
846
772
821
907
925
758
750
706
1936
891
Back figures.—See Annual Report for 1931 (table 75).
..
1935
1936
34
[As reported by dealers. In millions of dollars!
End of month
1932
1933
1934
1935
January
February-..
March
108
103
106
85
84
72
108
117
133
171
177
182
AprilMay..
June..
108
111
103
U
60
73
139
142
151
173
173
159
July
August
September.
100
108
110
97
107
123
168
188
192
164
177
183
October
November
December
113
110
81
130
133
109
188
178
166
180
178
172
1
Includes some finance company paper sold in the open market.
Back figures.—See Annual Report for 1934 (table 76).
98
FEDERAL KESERVE BULLETIN
FEBRUARY 1936
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
R A T E S ON R E D I S C O U N T S FOR AND ADVANCES T O
M E M B E R BANES
S H O R T - T E R M R A T E S IN N E W YORK CITY
[Percent per annum]
Advances under sec.
10 (b) of the Federal Reserve Act
Rediscounts and advances under sees. 13 and 13a of the
Federal Reserve Act
Federal Reserve bank
Rate in
effect on
Feb. 1
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. ~
Kansas C i t y Dallas
San Francisco-
2
IX
2
VA
2
2
2
2
2
2
2
2
Previ- Rate in In effect beous effect on g i n n i n g Feb. 1
rate
In effect beginning—
Feb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.
8,1934
2,1934
17,1935
11,1935
9,1935
14,1935
19,1935
3,1935
14,1935
10,1935
8,1935
16,1934
2M
2
2y2
2
VA
2H
VA
VA
2M
2H
2H
2H
Sept.
Oct.
Nov.
Oct.
Sept.
Sept.
Sept.
Oct.
Oct.
2V2 Aug.
2lA Oct.
Sept.
%
2H
2
2^
2
2M
2H
2H
VA
20,1935
10,1935
2,1935
19,1935
23,1935
14,1935
20,1935
3,1935
29,1935
26,1935
8,1935
20,1935
R A T E S ON D I S C O U N T S FOR AND ADVANCESSTO INDIVIDUALS, P A R T N E R S H I P S , AND C O R P O R A T I O N S
Discounts and advances
under par. 3 of sec. 13
of the Federal Reserve Act
Federal Reserve
bank
Rate in
effect on
Feb. 1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
6
6
6
6
5H
5
6
5H
6
5
6
6
In effect beginning—
Aug.
Aug.
Aug.
July
July
Mar.
Aug.
July
Aug.
July
Sept.
Sept.
Advances secured by
direct obligations of
the United States
(last paragraph of sec.
13 of the Federal Reserve Act)
Rate in
effect on
Feb. 1
4
3M
4
3H
4
4
4
4
4M
3H
4
4
11,1932
10,1932
12,1932
24,1934
16,1934
20,1934
13,1932
10,1934
10,1932
10,1934
8,1932
2,1932
In effect beginning—
Oct.
Feb.
Oct.
May
Feb.
Mar.
Oct.
Feb.
Apr.
May
Mar.
Oct.
20,1933
8.1934
20,1933
11,1935
19,1934
17,1934
16,1933
21,1935
15,1933
10,1935
12,1934
19,1933
Prevailing rate o n -
Month or week Prime
commercial
paper,
4 to 6
months
1935
January
February
March
April
May
June
July
August
September
October
November....
December
1-15 days
16-30 days
31-45 days
46-60 days
61-90 days
91-120 days....
121-180 d a y s -
Rate in
effect on
Feb. 1
In effect beginning—
H
H
H
H
X
H
H
H
y%
Previous
rate
3/4-1
H-l
H-l
H-l
1.00
1.00
1.00
.63
.25
.25
.25
.25
.25
.29
.75
.75
1.00
1.00
1.00
.64
.25
.25
.25
.25
.25
.29
.75
.75
.75
.75
.10
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.13
.12
.11
.09
.08
.08
.11
.10
.09
.10
Week ending:
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Jan.4
Jan. 11
Jan.18
Jan.25
.14
.12
.10
0.17
.16
.17
.15
.13
.07
.10
.22
.20
.14
.09
» When no rate is shown no bills of the stated maturity were offered.
Back figures—Sen Annual Report for 1934 (tables 54 and 55).
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates]
New York^City
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
H
Month
Oct. 20,1933
do
do
do
do
do
do
Back figures.—Bee Annual Report for 1934 (table 51).
4-1
1936
[Buying rates at the Federal Reserve Bank of New York]
Maturity
Stock-ex- U. S. Treasury
Prime Stockchange call
bills offered
bankexloans
within period»
ers'
change
accept- time
ances, loans,
90
90
Re- 182-day 273-day
New newal
days
bills
bills
January
NOTE.—For rates on industrial advances see p . 127.
BUYING R A T E S ON ACCEPTANCES
Average rate Average rate of
discount on—
January
February. _
March
April . .
May
June
July
August
September.
October
November.
December..
8 other northern
and eastern cities
27 southern and
western cities
1934
1935
1936} 1934
1935
1936
1934
1935
3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18
2.83
2.90
2.64
2.61
2.69
2,66
2.61
2.67
2.72
2.72
2.77
2.61
2.64
4.08
4.02
4.05
3.99
3.88
3.78
3.87
3.79
3.75
3.75
3.63
3.67
3.62
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92
4.95
4.84
4.85
4.80
4.79
4.76
158
4.63
4.51
4.55
4.51
4.55
4.65
4.49
4.52
4.52
4.39
4.30
4.15
4.12
4.11
4.13
4.08
3.98
Back figures.—See;Annual Report for 1934 (table 57).
1936
4.47
"II"
99
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
BOND PRICES 1
STOCK PRICES 1
Other bonds«
Year, month, or date
United
States
Corpo-
Corporate
Year, month, or date Govern- rate and
ment municbonds 2 ipal
(high- Total
grade)
Number of issues
1933 average
1P34 average
1935 average
1935—January
February
March
April
May
June
July
August
September
October
November
December
1936—January
Jan. 8
_
_.
Jan. 15
Jan. 22
Jan. 29
Indus- Rail- Utility
trial road
8-14
102.2
103.4
106.3
<60
60
20
20
20
84.0
96.7
102.3
73.4
84.5
88.6
69.2
81.9
88.2
70.5
83.8
79.4
80.6
87.8
98.2
105.1
105.8
106.6
107.0
107.1
107.2
107.5
106.8
105. 3
105.3
105.7
105.8
101.3
101.3
99.9
100.0
101.2
102.2
104.2
104.2
103.1
101.9
103.5
104.5
87.6
87.4
84.5
85.5
87.1
88.3
89.2
89.9
90.4
89.8
91.1
92.5
86.7
86.7
85.2
85.9
87.3
87.3
88.5
89.0
89.4
89.8
90.8
91.0
85.0
82.0
74.7
75.0
76.5
79.3
78.8
79.6
80.6
78.4
79.8
83.1
91.2
93.4
93.6
95.6
97.4
98.4
100.2
100.9
101.0
101.0
102.7
103.1
106.3
106.2
106.3
106.3
106.3
106.5
106.0
106.4
106.8
106.9
95.3
94.3
95.6
95.9
96.4
92.5
92.0
92.8
92.7
92.8
88.6
86.5
89.0
89.9
91.1
104.7
104.3
104.8
105.0
105.1
Number of issues..
1935—January
February. _.
March
April
May
June
July
August
September..
October
November. _
December...
1936—January
Jan.
Jan.
Jan.
Jan.
Year, month, or
date
Baa
A
Numbor of issue3—
1933 average
1934 average
1935 average
7-11
3.31
3.10
2.70
15
30
30
30
30
4.71
3.95
3.16
4.49
4.00
3.74
5.23
4.44
4.13
6.09
5.08
4.62
7.76
6.32
5.81
1935—January
February
March
April
May
June
July...
August
September. _.
October
November,..
December
2.83
2.73
2.69
2.64
2.61
2.61
2.59
2.66
2.78
2.77
2.73
2.73
3.45
3.39
3.27
3.25
3.27
3.25
2.95
2.87
3.08
3.16
3.02
2.97
3.78
3.72
3.71
3.72
3.74
3.72
3.70
3.77
3.80
3.79
3.75
3.72
4.21
4.14
4.15
4.19
4.18
4.18
4.15
4.15
4.11
4.10
4.03
3.97
4.77
4.69
4.72
4.75
4.66
4.62
4.54
4.67
4.56
4.57
4.53
4.44
5.99
5.97
6.22
6.14
5.99
5.86
5.77
5.69
5.62
5.63
5.50
5.37
1936—January
2.68
2.69
2.67
2.67
2.67
2.93
2.99
2.92
2.91
2.90
3.66
3.67
3.65
3.64
3.63
3.85
3.89
3.84
3.83
3.82
4.31
4.34
4.31
4.28
4.28
5.10
5.17
5.09
5.05
5.02
Jan.
Jan.
Jan.
Jan.
8
15-22,29
351
37
~78
78
66
81
91
70
68
64
68
73
76
79
83
85
86
94
96
81
80
75
79
86
88
92
95
98
100
108
110
57
55
53
59
65
70
74
82
82
82
91
92
137.3
136.8
136.5
137.6
138.2
100
101
102
104
72
116
99
114
115
116
118
"98
102
Monthly data are averages of daily or weekly figures.
* Average derived prices.
Source.—Standard Statistics Co.
Backfigures.—SeeAnnual Report for 1934 (table 93).
CAPITAL ISSUES
[Long-term; i. e., 1 year or more. In millions of dollars]
New issues
Year or month
Aa
129.1
130.2
131.3
132.2
134.8
134.0
134.8
135.4
135.0
134.8
136.0
137.0
8
15
22
29
Corporate, by ratings *
Aaa
421
—w
73
1
Average prices. Monthly data are averages of daily or weekly figures.
» Average price of principal outstanding issues of Liberty and Treasury
bonds; now 14 Treasury bonds.
' Prices derived from average yields.
* 45 corporate and 15 municipal.
Source.—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds, Standard Statistics Co.
Back figures.—See Annual Report for 1934 (table 93).
United MunicStates ipal 3
Treas- (highury * grade)
20
1933 average
1934 average
1935 average
1
BOND YIELDS *
Preferred Common stocks (index, 1926 •» 100)
stocks
(industrial high- T o t a l
grade) »
trial' rod mm*
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
Total i
5,189
6,219
6,789
9,420
6,004
2,860
1,165
708
1,386
1,438
1,344
1,475
1,379
1,418
1,434
1,235
762
483
803
884
2,667
3,183
2,385
2,078
2,980
1,240
305
40
144
334
1,087
1,474
2,961
5,924
1,503
311
20
120
35
69
1,125
1,337
1,251
671
905
229
29
12
0
0
1,048
2,220
1,858
1,422
711
949
538
344
826
3,284
92
50
108
90
86
58
134
152
177
144
116
231
92
50
108
90
86
58
134
152
177
144
116
231
80
44
100
64
41
44
79
36
132
56
82
124
3
7
8
17
39
14
27
29
42
70
30
48
2
0
0
5
6
0
28
0
0
0
0
0
0
0
0
0
0
0
0
49
46
180
413
384
454
610
284
259
217
261
22«
122
115
50
61
7
287
6,314
. - 7,556
8,040
10,091
6,909
3,089
1,194
720
1,386
1,438
1935—January--.
February._
March
April
May
June
July
August
SeptemberOctober—November.
December..
1936—January...
1
Total
(domestic
and
foreign)
Re
funding
issues
(doFor- mestic
State Corporate
eign and
and
formu- Bonds
eign)
nici- and Stocks
pal notes
Domestic
(
\
3
3
19
4
Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and
Home Owners' Loan Corporation, not shown separately.
«Less than $500,000.
1
Monthly data are averages of daily or weekly figures.
Sources.—YOT domestic issues, Commercial and Financial Chronicle;
* Average, computed by Treasury Department, oi yields of all out- for foreign issues (issues publicly offered) annual totals are as finally
standing Treasury bonds except those due or callable within 8 years.
reported by Department of Commerce, while monthly figures are as
8 Standard Statistics Co.
compiled currently and are subject to revision.
* Moody's Investors' Service.
Backfigures.—See(for figures of new issues—annual and quarterly
basis) Annual Report for 1934 (table 92).
Backfigures.—SeeAnnual Report for 1934 (table 94).
45347—36
5
100
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
[In millions of dollars]
MATURITIES
[In millions of dollars]
Interest bearing
Total
End of period (gross
debt)
June 1932
June 1933
June 1934
1935
January
February
March.
AprilMay...
June.—
July....
August.
September. __
October
NovemberDecember
1936
January
19,487
22,539
27,053
Total
Noninterest
CertifBonds Notes icates Bills bearing
19,161
22,158
26,480
14,250
14,223
16,510
1,465
4,780
6,932
2,831
2,200
1,635
616
954
1,404
326
381
573
28,476
28,526
28,824
28,669
28,639
28,701
29,123
29,033
29,421
29,462
29,634
30,557
27,952
27,969
28,043
27,766
27, 738
27,645
27,923
27,956
28,432
28,380
28,617
29,596
16,250
16,247
16,238
15,394
15,157
14,936
14,576
14,715
14,300
13,998
14,008
14,672
9,685
9,582
9,567
10,236
10,471
10,501
11,065
11,036
11,929
11,929
11,957
12,274
163
161
160
158
157
156
254
252
251
250
249
247
1,954
1,979
2,079
1,978
1,953
2,053
2,028
1,952
1,952
2,204
2,404
2,404
524
557
782
904
901
1,056
1,200
1,076
989
1,081
1,017
961
30,516
29,618
14,688
12, 272
254
2,404
1899
Interest-bearing debt outstanding Jan. 31,
1936
Total Bonds1 Notes
Total
Obligations maturing:
29,618
Before Apr. 1, 1936
Apr. 1-June 30,1936
J u l y 1-Sept. 30,1936
Oct. 1-Dec. 31,1936
J a n . 1-Mar. 31,1937
Apr. 1-Dec. 31,1937
1938
1939
1940
1941
1943
1945
1946
1947
1948
After 1948
Other obligations 2
_..
14, 688
853
1,896
1,579
558
429
1,320
1,946
2,762
2,854
834
898
1,401
1,519
1,697
1,036
7,011
1,025
12,272
Certifi- Bills
cates
254
853
651
701
200
1,245
878
358
429
1, 320
1,946
2,762
2,854
834
898
1,401
1,519
1,697
1,036
7,011
292
480
2,404
254
i Issues classified as of date of final maturity; most issues callable at
i Includes $510,000,000 of Government liability for retirement of
national bank and Federal Reserve bank notes, as a result of deposit earlier dates; postal-savings bonds only issues callable before 1940.
of funds by banks; this compares with $815,000,000 on July 31, 1935, * Includes United States savings bonds and such issues as postalsavings bonds, retirement-fund notes, and adjusted-service-certificate
and $309,000,000 on Feb. 28, 1935.
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
Expenditures >
Receipts
General«
Period
Total
Income
taxes
2,080
3,116
3,800
746
818
1,099
Miscellaneous All
Interinternal other » Total est on All Total
revenue
public other
debt
Fiscal year ending June:
1933
1934
1935
.
..
Recovery and relief •
858
1,470
1,657
475
828
1,044
4,681
6,745
6,802
689
757
821
2,715 «1,277
4,004
1,984
2,327 3,855
Excess
of receipts
(+) or
expendiAll
Public
Relief works other * tures
. (-)
1,844
2,342
645
1,020
-2.602
1,515 - 3 , 630
292 - 3 , 0 0 2
Trust
accounts, Increase or decrease during
etc.*
excess
period
of receipts
<+) or
ex- General
pendi- fund Gross
tures balance debt
(-)
-5
+445
+835 +1,720
+613 - 7 4 1
+3,052
+4,514
+1,648
+675 +2,529
-263
+1,423
+163 +1,816
-244
-3
—239
+50
+365
+291
—149
-511
-30
+22
7 months ending:
+16
1,964
842
275
847 - 1 , 8 7 0
474 3,550
1,680
335
375 1,211
870
January 1934
+134
1,297
695
640 3,867
77 - 1 , 8 1 9
2,048
439
436 1,362 2,069
969
January 1935
+120
1,916
846
792
427 3,902
2,130
590
377 1,610
278 - 1 , 7 7 3
1,112
January 1936
+18
252
189
55
-260
70
188
203
19
462
22
114
1935—January
8
-8
252
214
46
-281
209
214
28
496
34
109
February
77
69
+19
75
169
86
288
10
601
326
189
203
546
90
March .
+55
29
213
192
45
3
8
3
+21
43
116
83
611
279
228
118
April
181
81
-296
78
246
23
542
336
178
86
24
137
May
+348
85
+63
254
119
197
425
464
138
740
258
82
-277
72
June __
+99 - 1 1 5
8
88
-52
146
-394
279
91
673
318
347
114
-77
23
165
July
+419
1
7
3
1
4
•
9
139
299
24
219
193
289
158
2
1
0
-87
56
508
27
August
+389
421
231
563
101
217
245
142
-143
16
143
47
87
SeptPmber
+78 +324
+23
123
3
2
5
+40
234
53
624
104
286
145
19
3
8
9
235
30
153
October _ .
-39
+42
74
21fi
130
4
-253
+172
234
142
10
262
127
November
19
487
52
2
+8 +774
148
—157
+923
434
153
237
228
591
107
247
97
December
197
64
225
35
55
•49
-228
-41
138
241
228
456
19
1936—January
+64 - 2 0 5
* 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 loans and
expenditures of the Reconstruction Finance Corporation.
»Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against
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 31,1935, to these accounts.
° Excess of credits.
101
FEDERAL RESERVE BULLETIN
FEBRUARY]
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31, 1935
(Compiled by U. 8. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
u. s.
Regional
Shipping
ComReconPublic Agricul- ProducBoard
tion
struction modity Export- Works
Other i
tural
MerCredit
Finance Credit import
Credit Corporachant
Corpora- Corpora- banks Administration
CorporaFleet
tion
tions
tion
tions
Corporation
Total
Total
ASSETS
271
94
3
18
8,298
877
319
2,175
875
105
449
215
881
243
165
223
25
20
121
61
155
25
39
1
3
7
Total assets other than Interagency
11, 670
3,564
2,327
279
Bonds, notes, and debentures:
Obligations guaranteed by United States...
All other
Other liabilities (including reserves)
4,546
2,089
286
252
252
59
26
(2)
(2)
3
Total liabilities other than interageucy...
6,920
312
278
(2)
(2)
3
4,749
3,252
2,049
279
11
177
46
4,409
3, 252
2,049
279
11
177
6,634
353
- 2 , 578
5, 496
249
- 2 , 493
500
116
1,433
3
4
272
11
3 293
1,401
872
12
4
43
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 assets
165
7
197
3
64
23
98
19
6
36
1
4
6
118
8
121
173
425
13
16
2
13
12
177
49
LIABILITIES
Excess of assets over liabilities, exclusive of interagency transactions..
Privately owned interests
U. S. Government interests
Distribution of Government interests:
Capital stock . . . .
Surplus
IntarflRenov interest (net)
(2)
13
16
121
160
409
46
121
160
409
35
11
120
1
50
110
(2)
•
340
-116
3 4, 483
7
-4,082
Financed partly from Government funds
Total *
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 assets
_
_
Total assets other than Interagency
Federal Federal
Farm
Federal interland
mediate Mortgage
banks
credit
banks Corporation
Banks
for
cooperatives
Home
loan
banks
Federal
Federal Federal
Home Savings
savings Deposit
and
Owners' Loan
and
InsurLoan
loan
ance
Corpo- Insurassoance
Corporation
Corpo- ciations ration
ration
6,122
2
213
2,129
146
795
50
103
39
10
49
12
7
424
195
760
182
10
199
39
2
36
38
6
88
6
98
3
38
43
5
1
8
11
755
25
1
62
4
26
8,106
2,401
232
Bonds, notes, and debentures:
Obligations guaranteed by United States
Allother
Other liabilities (including reserves)
Total liabilities other than interagency-
4,293
2,089
226
1,938
76
131
3
32
6,609
2,015
134
1,419
Excess of assets over liabilities, exclusive of interagency transaction
Privately owned interests
U. S. Government interests
.- . . . .
1,497
340
386
141
95
205
1,157
246
98
70
36
-8
1,624
2,897
2
63
3
33
297
101
1
(2)
7
341
129
3,060
(2)
8
5 2,906
20
86
(2)
22
(2)
8
3,011
(2)
22
150
3
121
27
49
102
67
320
170
205
147
94
49
102
67
150
200
134
5
8
94
200
-33
-118
100
2
67
150
150
102
1
67
67
LIABILITIES
1,387
Distribution of Government Interests:
Capital stock
_
123
1,138
94
104
Surplus
-85
28
Interagency Interest (net)
.._ ._
1
Includes Interagency interests held by the Treasury Department.
* Less than $500,000.
' Nonstock (or Includes nonstock proprietary interests).
5
* Includes also War Finance Corporation not shown separately.
B Includes unissued bonds covering loans in process.
102
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
RECONSTRUCTION FINANCE CORPORATION
LOANS, PURCHASES, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds not yet
disbursed
Proceeds disbursed, less repayments
Dec. 31,
1934 r
Aug. 31,
1935
Sept. 30,
1935
Oct 31,
1935
N o v . 30,
1935
Dec. 31,
1935
J a n . 31,
1936 P
Nov. 30,
441,825
9,494
17,628
136,396
331
57,975
2,407
872
427,657
8,954
17,163
132,346
330
56,340
2,381
866
411,729
8,359
10,011
131,771
330
52,156
2,329
853
387, 288
7,866
9,372
131,394
329
50, 2Z9
2,230
768
381,206
7,359
6,460
128,215
328
45,074
2,297
760
357,775
6,743
6,075
126,826
315
35, 819
2,123
760
123,218
121
40
106,240
987
396,250
779
572
979
393, 712
393
578
89
285
191
548
76
970, 288
932, 097
230,562
211,347
147,563
154, 947
79,705
76,647
14,027
8,219
267,541
17,726
30,083
50,025
40,055
932
1,235
14,027
7,967
297, 091
17, 590
29, 983
51, 790
43,686
887
1,217
682
251,032
219
5,733
249,352
141
70,905
38,827
5,877
911
66,987
39,423
5,813
116
1935
Dec. 31 r
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)... 626,390
Building and loan associations
19,951
24,745
159,736
385
78,455
6,487
863
Mortg&gA-loan companies
Credit unions
Federal land banks
Joint stock land banks _ _
Agricultural credit corporations
-Regional agricultural credit corporations
1,108
931
1,333
1,024
901
Livestock credit corporations
413,350
412, 795
376,894
412,903
412,810
Railroads (including receivers) __
1,513
1,029
479
1,407
1,047
State funds for insurance of public moneys
79
92
25
92
92
Fishing industry
Processors or distributors for payment of
1
1
1
1
processing taxes-1,295, 745 1,082,977 1,061, 465 1,032,390 1,004,374
Total
Other loans:
For self-liquidating projects, sec. 201 (a) (Including repairs to property damaged by
155,174
169,493
122, 696
169,499
174,375
earthquakes, etc.)
Forfinancingexports of agricultural surpluses,
14,517
14,300
14,300
14,300
15,176
sec. 201 (c)
8,413
8,402
8,372
8,239
4,190
Forfinancingagricultural products, sec. 201 (d)
249,556
258, 739
263,746
265,994
33,362
To commodity credit corporation
20,031
19,988
19,887
19, 753
19,120
On preferred stock of banks
30,083
30,083
30,083
30,083
30,033
On preferred stock of insurance companies
32,790
34,176
43,086
45,488
12, 298
To drainage, levee, and irrigation districts
29,519
32,325
34,633
37,374
6,626
To industrial and commercial businesses
664
775
833
845
To mining, milling, and smelting businesses
8,317
7,888
580
595
22
On assets of closed banks .
To Public Works Administration on security
112,849
102,562
1,529
105, 225
115,238
transactions
661,913
687,581
712, 284
245,052
681,394
Total
Purchases:
640,983
584,883
645,271
647,152
841,991
Preferred stock of banks.
241,615
259,982
241,742
240,364
242,362
Capital notes and debentures of banks
100
100
100
100
100
Preferred stock of insurance companies-10,000
10,000
10, 000
10,000
Capital stock of the R. F. C. Mortgage Co.—
892, 698
844.965
894,453
897. 616
897,113
Total
—
2,385, 763 2, 637, 588 2,637,312 2,617,084 2,614,274
Total loans and purchases
106,812
111
40
104,118
21
154,001
124,689
1,893
1,605
731,408
743,874
450,050
445,818
643,268
238,492
100
10,000
652,328
235, 251
100
10,000
37,508
59, 294
42,851
59,099
2,000
891,860
897,679
98, 802
2,000
103,950
2,593,555 12,573,649
779,413
761,115
ALLOCATIONS
For relief:
297,621
296,803
296,627
296,626
297,099
297, 774
296,701
15
Federal Emergency Relief Act of 1932
499,988
499,998
499,987
499,990
499,588
499,999
499,988
12
Federal Emergency Relief Act of 1933
500,000
470, 000
500,000
500,000
500,000
500,000
Emergency Appropriations Act of 1935500,000
300,000
300,000
Emergency Relief Appropriation Act of 1935
200,000
400,000
1,267,362 1,297,620 1,297,098 1,296,790 1, 596,687 1,596,615 1, 696, 615
200,027
Total
_
To other Government agencies:
To Secretary of the Treasury for—
Purchase of stock of Federal Home Loan
88,796
94,396
81, 646
82,346
85,246
90, 696
97, 396
34,045
banks
Purchase of stock of Home Owners' Loan
200,000
200,000
200,000
200,000
200,000
200,000
Corporation .
200,000
To Land Bank Commissioner
_ 147,600
147,600
147,600
147,600
147,600
147,600
147,600
97,400
55,000
55,000
55,000
55,000
To Federal Farm Mortgage Corporation
55,000
55,000
55,000
25,000
34,000
39,000
39, 000
34,000
To Federal Housing Administrator.
39,000
34,000
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
credit corporations
Reallocated to Governor of Farm Credit
40,500
40,500
40,500
40,500
40,500
40,500
40, 500
Administration
718,946
732, 296
735,996
709, 246
721,846
725,396
738,996
Total
—
131,445
1,976, 608 2,016, 566 2,018,944 2,022,186 2, 328, 984 2, 332, Gil 2,435,611
331, 473
Total allocations.—
Total loans, purchases, and alloca4,362, 370 4, 654,154 4,656,256 4,639,270 4,943,258 4,926,166 5, 009, 260 1,110,886
tions
* Revised.
* Preliminary.
»Includes $225,000,000 of loans for distribution to depositors of closed bank*.
Backfigures.—QeeBULLETINS for December 1933,"pp. 738-739, and February 1934, pp. 103 and 132.
15
12
200,000
200,027
30,345
97,400
127, 745
327, 772
1, 088, 887
FEBRUARY
103
FEDERAL RESERVE BULLETIN
1936
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—
Regional
agricultural
Other
credit
cor- financing
Land
porations,
instituFederal
Bank
tions,
land banks Commis- production
credit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives J
End of month
1932—December.
1933—December.
1934—December.
1935—January. _.
February..
March
1,128,564
1,232,707
1,915,792
1,942,916
1,961,275
1,974,952
1,975,737
1,998,228
2,016,825
2,023,859
2,036,067
2,047,390
2,058,693
2,065, 620
2, 071, 925
April
May
June.
July
August
September.
October
November.
December.
70,738
616,825
643, 291
664,886
686,606
696,834
716,243
733,489
742,897
754,602
765,319
777, 214
785,898
794,726
73, 263
99, 675
99, 776
103, 360
115,281
124,315
129,954
130. 559
128,851
125,137
115,426
100.634
100, 343
104, 706
82, 518
60,989
55, 672
53, 509
53,172
54,442
55,832
56,897
57, 759
58,864
58, 761
55,661
49,114
46,867
46,490
Loans to cooperatives by—
EmerProduc- Regional
agriculgency
tion credit tural
credcrop
and
associait
corpodrought
tions »
rations
loans
27
61.024
64, 637
71,192
86,819
97.400
105,096
109,890
113,017
112,104
104,712
9.\ 930
94, 397
96, 660
24,373
144,636
87,102
84,726
82, 342
79,988
78, 351
76,508
72,7R5
68,670
64,582
59, 225
51,656
46,220
43, 400
89,301
89,811
110,186
116,846
125,124
134,597
162,000
193,969
197,188
197,821
195,943
192,182
182,678
175,438
172,489
Federal
intermediate
credit
banks
9,866
15,211
33,969
34,445
34,132
31,873
30,050
26,420
10,028
5,023
5,539
4,755
4,084
3, 221
2, 731
Banks for
cooperatives,
including
Central
Bank
18,697
27,851
28,498
29,445
28,025
30,119
31,741
23,937
25,037
31,455
43,140
48,179
51,246
50,013
Agricultural
Marketing Act
revolving
fund
158,885
157,752
54,863
53,721
49.687
49,880
49,761
47,456
49,432
49,196
46,497
46,714
46,074
44.688
44, 433
*1 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 the banks for cooperatives 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
3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.
> Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks.
FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY
LOANS OUTSTANDING, BY INSTITUTIONS
THE UNITED STATES l
[Loans in thousands of dollars]
AMOUNTS OUTSTANDING, BY AGENCIES
Home mortgage loans b y -
[In millions of dollars]
Federal savings and loan
associations *
End of month
Home
Number of
Owners' associations
Loan Corporation 1
Federal
home
loan
I93lh-January
February
March
April
May
June
July
August
September...
October
November...
December
59
639
2,363,824
688
2,468,744
727
752
2,539,408
2,578,883
778
2,620,119
808
2,660,677
851
2,702,247
894
2,747,022
922
2, 788,203
949
2,838,066
979
2,886,013 1,002
2,940,029 1,023
bank
ReconFederal
Home
Farm
Owners' struction
Finance
Mortgage Loan
Corpora*
Corpora- Corporation 1
tion
tion 1
institutions *
1933—December.
180
58,976
838
'85,442
'86,658
1934—May
June
July
August
September.
October—
November.
December.
423
681
1,064
1,614
1,875
2,596
2,823
3,063
168
312
551
672
733
805
878
980
28
134
284
702
896
1,543
1,695
1,834
227
235
230
241
246
248
249
249
545 13,706
79,014
565 15,967
92,013
672 18,699
93,910
613 20.800 112,847
623 24, 081 123,741
655 27, 070 138,129
691 32,850 146, 161
758 37,345 192,959
828 44,072 219,980
851 53,362 239, 263
851 54, 703 240, 777
*746 *49, 527 *217,690
'81,985
'76,570
72,637
74,011
75,836
79,233
80,877
86, 025
90,432
95,595
97,089
102,795
1935—January. . .
February..
March
April
May
June
July
August
September.
October.
November.
December.
3,300
3,480
3,590
3,660
3,728
4,123
4,205
4,248
'4,369
4,419
4,460
4,546
1,041
1,089
1,124
1,154
1,188
1,226
1,274
1,282
1,368
1,382
1,387
1,387
2,009
2,140
2,215
2,256
2,290
2,647
2,682
2,716
'2,748
2,783
2,819
2,906
250
251
251
250
250
250
249
250
253
253
253
252
455
10,758
'Revised.
91 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 institutions.
Total
loans to
Loans reported member
New ConvertReTotal port- associ- ed assoing ations ciations
1932—December
1933—December
105,920
1934—December.... 2,196,988
End of month
180
* Revised.
* Principal amount of obligations guaranteed as to interest and principal.
' Excludes obligations guaranteed as to interest only.
1
Excludes obligations held by U. S. Treasury and reflected in the
public debt; includes notes given in purchase of gold which were
retired in February 1934.
104
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-25 average=lOO. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Factory Freight-car Wholepay.1 loadings«* sale
Year
comResidential
rolls
All
other
Total
Minerals
Manufactures
Total
and
modmonth
ity
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- prices'
justed justed justed justed justed justed justed lusted justed justed justed justed justed justed justed justed justed
Industrial production * •
Construction contracts awarded (value) *
Factory employment «
84
87
67
S6
101
94
105
108
100
U2
119
95
80
63
75
78
p 90
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
97
117
76
81
103
96
1C1
104
102
102
109
89
68
46
49
62
70
84
91
79
87
100
97
103
106
103
103
106
92
75
56
68
62
63
63
63
62
45
43
42
65
58
52
57
57
58
64
64
63
60
61
59
60
63
67
72
76
80
80
76
75
61
62
59
60
63
67
73
77
78
78
76
75
40
40
37
39
43
47
51
57
59
59
56
55
51
51
48
51
55
61
66
65
68
66
60
56
56
54
50
53
55
62
65
61
60
58
59
63
61
60
90
63
66
69
70
71
71
71
71
80
70
51
48
38
38
39
40
44
46
48
47
73
78
81
82
83
81
79
80
76
78
77
78
75
78
81
82
83
82
80
79
74
77
77
79
54
61
65
67
67
65
61
62
58
61
60
63
58
61
63
63
64
63
63
67
64
RO
56
64
84
66
62
63
64
61
59
59
57
59
64
72
74
74
73
74
76
75
76
7j
77
77
77
39
39
35
33
32
36
43
50
58
66
88
101
79
81
83
83
81
80
80
82
84
85
85
85
81
82
83
82
81
80
8C
82
82
84
85
86
64
69
71
71
69
66
65
70
72
75
75
77
58
61
62
59
61
63
60
64
70
73
67
62
64
65
65
61
61
63
58
60
62
64
66
71
79
80
79
80
80
80
79
81
81
81
81
81
79
90
65
S8
86
94
120
135
139
142
142
125
84
40
37
48
50
107
108
82
91
104
97
99
101
99
99
105
92
77
64
69
79
82
19'9
1920
1921 —
1922
1923 .
1924
1925-—
1926
1927 . .
1928
1929
1930
1931
1932. . .
1933
1S34 „
1935
83
87
67
85
101
95
104
108
106
111
119
96
81
64
7fi
70
1932
Oct
Nov
Dec—
68
65
60
67
65
66
67
63
58
66
63
64
80
78
73
74
75
77
28
24
22
29
27
28
12
10
8
12
10
9
41
35
33
43
41
43
64
63
62
64
64
60
67
79
91
96
90
86
78
72
69
65
63
59
66
78
91
100
91
84
76
72
75
63
62
58
68
80
92
97
89
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
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
8
8
8
10
11
13
13
12
12
12
13
13
27
23
18
> 19
24
27
32
36
45
63
66
73
33
27
18
17
20
23
28
33
45
57
76
93
77
83
87
88
89
84
73
73
73
75
74
78
78
81
84
86
86
84
76
73
71
74
75
86
75
82
86
89
89
84
71
71
70
73
73
76
76
80
82
85
gg
83
74
72
69
72
74
85
86
89
91
81
86
86
84
83
87
87
84
85
88
92
100
90
88
87
84
80
82
81
81
90
40
38
33
36
32
31
30
28
30
29
28
25
49
44
33
32
26
26
27
27
29
31
31
31
10
10
12
14
13
13
12
10
11
12
11
10
12
12
11
12
11
12
12
10
11
12
11
12
64
60
5C
54
47
46
44
43
45
43
41
36
88
91
91
89
87
86
83
87
90
97
97
»95
91
89
88
86
85
8G
86
87
90
95
98
»104
87
91
91
91
87
84
S3
87
89
96
98
90
88
86
86
84
84
86
88
91
95
98
91
92
90
79
88
97
84
S5
92
100
95
96
94
96
97
87
89
98
84
81
87
Q3
92
101
22
24
26
30
32
35
39
40
44
45
53
53
27
28
26
27
27
30
35
38
43
48
60
67
10
13
16
22
25
26
25
24
25
25
25
22
12
14
16
18
21
24
25
24
25
25
26
26
32
33
34
38
39
43
50
54
59
62
76
79
1933
Jan
Feb.—
Mar-._.
Apr
May
June...
July....
Aug
Sept--Oet
Nov....
Dec—
1934
Jan....
Feb....
Mar
Apr
May...
June...
July....
Aug
Sept...
Oct-_Nov.__.
Dee—1935
Jan
Feb....
Mar....
Apr
May
June...
July....
Aug....
Sept.-.
Oct
Nov
Dec
77
89
70
74
105
96
99
108
107
IOC
115
99
84
71
82
91
eo
» Preliminary.
* Average per working day.
1
1 For indexes of groups and separate industries see pp. 136-137; for description see BULLETIN for February and March 1927.
1 3 month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July
139
154
98
97
101
98
1C4
100
95
97
95
86
73
65
66
75
80
m
1931, p. 358.
The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description and backfiguressee BULLETIN for May 1934, pp. 270-271. For description and backfiguresfor the seasonally adjusted index of factory
employment compiled by F. R. Board of Governors see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888. For current indexes of
groups and separate industries see pp. 138-139. Underlyingfiguresare for pay-roll period ending nearest middle of month.
*1 For indexes of groups see p. 105.
Index of Bureau of Labor Statistics: 1926*100. Index numbers for groups of commodities (also data by weeks) are given on p. 135.
Bach figure*.—See Annual Report tor 1934 (tables 95 and 100).
105
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise imports *
Excess of exports
Month
1935
1931
1932
1933
1934
1935
1931
1932
1933
1934
172
163
191
176
163
185
183
175
210
136
131
131
96
84
95
136
133
158
167
152
177
66
49
26
15
23
24
25
18
13
37
30
33
9
11
8
105
114
120
179
160
171
164
165
170
186
180
173
127
112
110
88
107
122
147
155
136
171
171
157
29
24
14
9
20
4
17
7
-2
33
6
34
—6
-5
13
107
109
132
144
131
160
162
172
191
173
172
198
174
167
170
79
01
98
143
155
147
127
120
132
'177
169
162
6
-2
10
27
17
34
1
-23
13
34
52
60
-4
3
37
205
194
184
153
139
132
193
184
193
206
195
171
221
269
*224
169
149
154
105
104
97
151
129
134
130
151
132
189
169
»187
36
44
30
48
35
42
56
59
77
44
38
32
100
2,424
1,611
1,675
2,133 *2,282
2,091
1,323
1,450
1,655
*2,048
334
288
225
478
»234
1931
1932
1933
-_
250
224
236
150
154
155
121
102
108
. : .
215
204
187
135
132
114
July
August
September
181
165
180
October
November
December _.
January
February
March
April
May _
June
Year
1934
1935
r
» Preliminary.
Revised.
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 BULLETIN 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 l
Month
1934
Dec. Aug. Sept. Oct. Nov. Dec.
Adjusted
Without
Adjusted
Without
for seasonal seasonal ad- for seasonal seasonal advariation
justment
variation
justment
1934'
1935
1934
1935
1934
1935
1934
57
59
73
59
63
67
57
61
65
April.
MayJune.-
73
77
70
68
68
63
66
66
61
July
August
September-
51
60
79
October
November..
December..
82
83
135
91
145
75
79
Total
Coal
Coke .
Grain and grain products._
Livestock
Forest products _.
Ore
Miscellaneous.
Merchandise »
64
71
51
58
51
32
34
71
66
60
58
48
75
44
40
51
62
64
62
61
57
74
45
42
55
65
65
64
67
60
70
47
42
56
70
64
66
67
61
65
44
40
46
77
64
71
74
68
62
39
45
58
86
60
Without seasonal adjustment
65
64
*1 Revised.
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.
NOTE.—Preliminary figures for sales in January 1936: Index adjusted
for seasonal variation, 79; index without seasonal adjustment, 63.
Back figures.—See BULLETIN for April 1935, pp. 254-255, and Annual
Report for 1934 (table 95).
Adjusted for seasonal variation
1935
January. _
February.
March
Year—
1935
Total
Coal
Coke
_
Grain and grain products _ _
Livestock
Forest products
Ore
Miscellaneous
Merchandise *
56
76
54
57
51
26
s
55
62
64
56
43
90
39
42
87
68
64
70
66
56
90
54
44
90
77
67
73
76
61
78
63
43
79
82
67
67
74
62
69
50
39
32
76
66
62
79
73
61
39
37
14
67
62
i In less-than-carload lots.
Based on daily average loadings. Source of basic data: Association of
American Railroads.
Back figures.—See BULLETIN for February 1931, pp. 108-110.
106
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
INTERNATIONAL FINANCIAL STATISTICS
GOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS
[In millions of dollars]
Europe
Total
(50 countries)
End of month
United
States
Canada
Total (27
countries)
Austria
Czecho- Denmark England
Belgium Bulgaria slovakia
France
Germany
21,771
8,238
134
11,751
45
590
19
112
60
1,584
5,445
32
21,879
1935—January...
22,022
February.
22,099
March
21,861
April...
21.473
May
21,678
June
21,675
July
21, 759
August—
21,926
September.
October. __ P 22,313
p
22,225
NovemberDecember. P 22,472
8,391
8,527
8,567
8,710
8,858
9,116
9,144
9,203
9,368
9,693
9,920
10,125
132
135
190
187
189
188
188
193
186
186
188
189
11,697
11,679
11,633
11,279
10,714
10,670
10,636
10, 664
10, 678
10.714
10,394
P 10, 429
45
45
45
45
45
45
45
45
45
45
45
45
599
596
532
518
605
634
624
612
604
609
615
611
19
19
19
19
19
19
19
19
19
19
19
19
112
112
112
112
112
113
113
113
113
113
113
112
60
60
60
60
60
60
60
54
54
54
54
54
1,586
1,586
; ,586
; ,587
,587
,588
,588
,593
,595
,604
,628
,648
5,438
5,439
5,479
5,366
4,759
4,708
4,726
4,756
4,770
4.773
4,388
4,395
32
32
33
33
33
35
38
38
38
35
36
33
p 10,182
186
4,324
31
1934—December.
1936—January.
•
:
:
] ,652
600
p
E urope—C ontinued
End of month
Greece Ilungary
Nether- Norway Poland
lands
Italy
Portu- Rumagal
nia
U. S. S.
Spain Sweden Switzerland
1934—December.
40
23
I518
573
61
96
68
104
r40
159
624
1935—January...
February.
March
April
May
June
July
August....
SeptemberOctober. ._
NovemberDecember.
39
39
38
37
37
36
36
35
36
36
35
34
23
23
23
23
23
23
23
23
23
23
23
23
i519
i519
i519
555
552
553
439
440
427
380
402
365
401
427
438
61
61
61
61
66
75
75
84
84
84
84
84
96
96
96
97
97
97
97
97
89
86
84
68
68
68
68
68
68
68
68
63
68
68
"68
104
105
106
106
106
107
107
108
108
108
109
*109
?40
r40
*41
r4i
159
159
160
160
161
161
162
162
165
174
180
185
600
586
560
446
390
391
421
446
44S
453
519
519
m
168
i
119
$79
351
551
551
1936—January
84
741
741
741
-741
734
734
735
735
735
P455
Latin America
End of month Total
(10
countries)
other
Yugo- 6counslavia
tries
744
•744
744
748
748
748
748
748
748
i539
339
339
'839
455
454
53
37
38
36
38
40
40
40
40
40
41
43
43
60
59
58
59
56
57
57
57
59
62
63
63
*63
454
Asia and Oceania
Africa
2
Total
4
Total
2
New
ArCoother
(7
Uru- other
South other
(4
India Japan Java Zea- Turgen- Chile lom- MexPeru guay
Egypt Africa
councouncouncounico
key
countina
land
bia
tries tries)
tries tries)
tries
1934—Nov...
Dec...
599
595
403
403
29
29
21
19
26
23
19
19
82
82
19
20
796
798
275
275
392
394
77
77
25
25
22
22
5
C
255
255
I55
I>5
184
184
17
17
1935—Jan....
Feb....
Mar...
Apr....
May...
June...
July...
Aug
Sept...
Oct....
Nov...
Dec
592
593
596
597
616
611
609
611
613
v 536
p
636
V 639
403
403
403
29
29
29
29
29
29
29
29
29
29
29
.29
15
14
14
14
14
14
14
14
14
15
16
16
21
23
26
126
26
26
26
26
26
26
26
26
19
19
19
20
20
20
20
20
20
20
20
82
81
82
82
82
76
74
74
74
21
22
23
23
25
26
26
27
28
30
29
30
800
804
805
801
800
802
797
798
797
800
803
807
275
275
275
275
275
275
275
275
275
275
275
275
395
397
398
400
403
407
410
413
416
418
422
425
78
80
80
76
71
68
61
58
55
55
54
54
25
25
25
23
23
23
23
23
23
23
23
23
22
22
22
22
23
5
5
5
5
5
6
5
5
6
5
5
6
267
285
308
286
295
291
301
290
284
284
284
55
55
i55
55
I55
55
55
55
55
55
55
p 55
196
214
236
214
223
220
230
219
212
212
212
212
17
17
17
17
17
17
17
17
17
17
17
17
403
420
420
420
420
420
441
441
J»444
J»20
v 74
v 74
,74
p
23
23
23
23
23
24
24
P284
p
Preliminary.
1
Bank of Italy suspended publication of its statement after Oct. 20, 1935. Figure as of that date is given for October 1935 and carried forward
for subsequent
months.
3
Figures for December 1934, March 1935, or September 1935. carried forward for subsequent months for which no figures have been reported.
3
Figure for March 1935 carried forward for subsequent months for which no figures have been reported.
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania.
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 BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372; December 1934, p. 801; and
November 1935, p. 758.
107
FEDERAL RESERVE BULLETIN
FBBBDAKT 1936
GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month
Estimated
world
production'
Africa
Total'
North and South America
Far East
South
Africa
Rhodesia
West Belgian
Colom- Chile Austra- Japan
United
Africa Congo Canada States' Mexico bia
lia
215, 242
221,526
224,863
238,931
227,673
11, 607
11,476
11,193
12,000
13,335
4,297
2,390
39,862
4,995
2,699
43,454
5,524
3,224
55,687
5,992
3,642
62,933
6,623
3,631
60,968
i grains of gold 94 o fine; i.
India
of gold Ho fine; i. e.t an ounce of fine gold=$20 67
1929
1930
1931
1932
1933
404,969
430,725
461,592
499,241
522,665
1933
1934
1935
359,347
373,154
394,399
421, 656
420,093
711,260
722,970
v 767,824
385, 474 22,578 1 1,214
366, 795 24, 264 12,153
377,090 p 25,411 p 14,070
1934—November
December
60,786
62,196
30, 633
30,356
1,932
2,031
L,080
1,135
1935—January
February
March
April
May
June
July—
August
September
October
November
December
60,040
55,513
60,433
60,028
62,932
63,002
67,030
67,178
v 68,069
v 68,923
* 65,253
p69,423
31, 202
28, 717
31,015
30,301
32,072
31,089
32,458
32,667
31,472
32, 596
31,671
31,829
2,024
1,920
2,009
2,052
2,177
2,101
2,150
2,155
2,009
2,403
2,205
»2,205
1L,075
L,097
1,078
:1,106
L, 162
:L,095
]1,095
]L, 162
1,160
1,249
p 1,400
p 1,400
45,835 13,463
47,123 13,813
49,524 12,866
50, 626 12,070
52,842 13,169
e., an ounce of fine
6,148 103,224 89,467 22, 297
6,549 104,023 107,632 23,135
J>7,231 v 114,735 124,116 p 23,882
590~
534
599
557
587
594
627
588
615
631
590
614
614
J>614
9,168
8,759
10,124
8,353
8,027
8,732
8,599
9,423
10,002
9,988
10,303
9,813
10.560
10,261
* 10, 675
8,398
7,488
9,203
8,573
9,623
9,588
11,793
10,603
12,108
12, 703
10,883
13,158
2,006
2.093
2,823
683
3,281
428
4,016
442
5,132
788
6,165
3,009
gold=$S5
10,438
12,045
11,517
8,712
9,553
12,134
14, 563
16, 790
6,927
8,021
8,109
8,198
8,968
7,508
6,786
6,818
6,782
6,919
5,094 28,428 15,183
8.350 30.447 16.354
*8,428 * 30,260 p19,661
831
922
1,227
681
2,650
2,722
2,374
366
1, 439
708
1,005
1,468
895
2,637
651
2,533
1,113
2,623
546
2,635
536
2,844
' 1,088
2,939
506
2,923
v 506 p 2,923
P506
v 2,923
830
2,410
2,280
991
1,836 - 925
1,750
1,015
945
1,048
857
1,166
1,001
2,181
2,532
1,125
»3,290
978
»1.680
1,035
P 1,120
981
v 2,590
834
1,377
1,435
L, 463
1,386
L,619
L, 568
1,717
,844
1,610
,669
1,674
V 1,680
V 1,715
P I , 715
946
903
955
938
954
937
958
961
949
974
*974
*974
p Preliminary.
' Revised. Monthly figures for United States (including Philippine Islands) for 1935 represent estimates of American Bureau of Metal Statistics revised by subtracting from each monthly figure a constant amount so that the aggregate for 1935 is equal to the annual estimate compiled
by Bureau of Mint in cooperation with Bureau of Mines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
November 1934, p. 737, March 1935, p. 170, and October 1935, p. 668. For annual figures of world production back to 1873 see Annual Report of
Director of the Mint for 1934, p. 104. Figures for Canada beginning January 1935 are subject to official revision.
GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Year or month
Total
net
imports
or net
exports
Net imports from or net exports (—) to:
England
France
SwitzerColom- British
Belgium Netherland Canada Mexico
India
lands
bia
1,131,994
1,739,019
499,870
315,727
260,223
934,243
8,902
3
94,348
227,185
12,402
.__..
1934—October
November. . .
December....
10,837
120,889
92,109
-1,118
3,687
19,649
26
70,351
22, 430
12,814
9,906
17,790
-254
1936—January
February
March
,
April
May
June
July.
August
September. _.
October
November....
December...
149,392
122.772
13,003
148,608
o 140,016
230,373
16,229
45,983
156,719
315,347
210 567
190,010
85,577
63,424
-187
1,481
1,689
938
31
5
37,114
109,954
7.101
8.600
14,592
45,766
56
32,510
124,052
194,298
45,643
5,786
3,514
1934 1
1935
1936—January
40
40, 423
156,977
180.141
145,388
12,812
1,466
94,890
3,885
22,061
975
28,277
37,811
17,605
2,676
4,727
629
China
and
Hong
Kong
86,829
95,171
30,270
13,667
16,944
10,899
76,820
75,268
16,452
9,431
3,775
9,609
8,077
3,265
880
6,076
3,112
1
2,111
11,300
12,574
50
700
529
12,091
5,346
4,449
10,968
3,053
8,734
5,770
5,398
15,069
9,368
5,86>e
9,060
4,991
729
833
923
948
679
722
753
699
762
880
748
2,101
2,112
1,407
2
1,752
10,616
522
2,139
2,924
167
1,750
28
6,671
19,821
12,359
8.913
11,108
764
1,743
10,741
1
1,746
11,744
All
other
countries
28,935
56,453
1,729
1,896
2,874
1, fX)7
1,605
5,083
2,711
3,972
4,596
3,962
3,215
6,515
3,711
5,141
4,817
3.956
8,774
1,176
10,170
1,528
359
334
313
507
448
438
1,127
640
1,125
• Corrected.
p Preliminary.
* Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 afineounce.
108
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
England
Net imports from or net exports (—) to:
Total
net imports
or net
exports
Year or month
()
1934
1935
•
1934—October.—.
November.
December-.
716,269
369, 747
1935—January—.
February..
March
April
May
June
July
August
September.
October....
November.
December..
-4,279
United
States
-497,166
-435, 502
France
Germany
Belgium
Nether- South
British
lands Amer- Canada India
ica
348,190 121,017 -13, 585
142,137 - 4 , 726; -17,476
32, 575
10, 796
•--•
49,999
49, 585
27,215
-339
27,026
1,769
105 - 1 , 2 9 1
152 - 5 , 1 9 8
69 - 1 , 0 8 7
36
4,270
28
- 1 7 , 739
53
26, 612
266
- 3 3 , 348
209
69,128
-943
86,926
-5,719 -4,416
-26
- 6 , 697
23
-5,663
68
- 2 , 739
50
25,198
114
910
66, 557
36, 529
146, 289
118,067
16, 289
39, 016
-36,086
-36,158
18,286
40,811
17,568
8,832
26,318 206,711
16, 565 181,627
Year or month
()
-408,877
1934
-817,309
1935 v
'22,694
1934—October
November.. > -67,128
37,733
December _-
England
Germany
-240,361 '-353,832 31,036
-909, 665 -120,053 -13,592
26,296
-64,337
-19,918
115
-2,931
7,796 -15,376
1935—January
1
8,670
-32, 479 -50,314
February.—
3
648
14,676
19.118
March
-474
-28,
566
38,332
99,395
April..-.
-195,876 -77,803 -53,283 -594
May
-393,551 -223,070 -110,834 -190
June
414 -13,150
-1
-12,206
July
14
4,905 -1,990
50,770
August
8,811 -700
26,482 -23,688
September-72 -9,178
-68,693 -157.153
October
11
November'. -246,615 -258.554 -15,060
-117 -595
December *>. -71,450 -76, 217
Belgium
AH
other
u
tries »
41,790 335,253
37,981 404, 295
•••• • l . V . l i U
482
-550
310
655
670
241
-349
8,780
-951
2,145
-1,992
51
- 1 , 0 1 3 33, 237
5,780
-1,962
-593
-11,601
118 -11,888
82
1,642
2
-36
217 - 1 , 1 3 6
- 2 0 , 201
-27 -6,982
2,057
1,195
152
410
292
261
287
322
2,535
461
480
Net imports from or net exports (—) to:
United
States
4,863
3,198
—
4,
1,697
2,970
424
3,570
2,831
449
28
1,798
1,7"
4,992
18, 79J
17,882
245
190
128
3,438
2,686
4,126
24,420 11, 672
18, 495 2,910
23, 469 2,797
24,046
19,093
15,457
16, 249
2,962
7,159
5,663
26,102
25,301
11,900
12,857
14,838
12
88
296
693
484
429
405
420
70
134
56
54
4,066
3,067
2,685
1,920
2,838
1,969
5,375
4,148
3,662
3,414
2,842
1,995
37, 231 - 3 , 1 2 4
18,669 11,105
12,661
6,503
17, 658 20,823
55,847 11,143
42,473
6,933
33, 532 - 8 , 7 3 1
35, 512 -11,032
29,949 - 8 , 6 8 3
44,995 —7,644
33, 325 - 4 , 353
42, 442 7,265
Germany
France
Total
net
imports
or net
exports
South
Straits Austra- Africa,
RhoSettlelia
desia,
ments
West
Africa
Total
net
imports
or net
exports
Net imports from or net exports
(-)to:
All
Neth- U.S. other
ercounS.
R.
lands
tries r
-90. 920 -109, 38(i -28,114 85,390 -38,810
42,971
6,296 6,376 25, 207
5,093
7,873
2,954
1,206
287
295
112
735
6,666
2,876
9,525
4,769
4,355
10,567
780
2,005
1,8
-167
—85
67
-49
-19
-50
-206
1,05'
4,483
30
-41
-49
-45
84
75
-107
87
237
1,014
697
345
479
2,177
604
605
5,760
313
1,162
261
2,569
226
144
44
6,100
238
654
534
805
4,345
4,394
3,917
8,439
221
1,398
» Preliminary.
* Revised. France.—"All other countries" revised to exclude Italy, now given separately. Germany.—"All other countries" revised to include
France, heretofore given separately.
* $9,481,000 imported by France from South Africa in September and $7,625,000 imported from Poland in November 1935.
* Figures for France preliminary.
NOTE.—Great 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. German gold movements by individual countries, beginning with June 1935, are subject to official revision.
109
FEDERAL RESERVE BULLETIN
FlBBUAKY 1936
GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
Netherlands
Year or month
Net imports from or net exports (—) to:
Total net
imports
or net
exports
United
States
England
1934..
1935..
-122,664
-198, 549
-46,040
-221,245
-31,038
18, 397
1934—October
November. _
December...
-2,386
-16,849
-9,431
-17,770
-9,270
645
-312
1935—January
February—
March
April
May
June
July
August
September..
October
November...
December...
-18,300
-2,899
510
-120,492
-5,080
-14,797
-26,102
-4,514
- 3 7 , 290
-13,080
38,746
4,749
-15,605
-2,495
37
-97,632
- 2 , 810
- 1 9 , 259
-29,215
-3,221
-352
-1,299
-20,890
-1,562
1,375
15, 702
-152
2,861
514
20,084
5,334
-40,868
-10,373
-3,026
1934.
1935.
Total
net
imports
or net
exports
-78,610
-41, 260
25,716
-5,142
9,285
48,004
- 1 , 253
-2, 043
-4,784
-1,257
1,891
3,942
2,171
2,057
166
830
-1,864
-6
78
-178
-587
-95
-65
-65
-34
-4
-106
70
56
126
154
165
110
64
617
—20,966
277
667
-21,909
-9,436
249
-1,339
10,564
-149
-66
77
-93
-210
162
-862
-462
-86
-160
-2,046
-239
-561
-161
-159
1,066
20,081
-289
3,379
9,563
2,900
133
275
11,248
-30
-8
-3
-41
-1,084
-107
51
-253
-317
-204
—11
-35
27
-197
-136
476
171
171
181
26
156
-103
118
180
33
66
210
217
Poland
England
France
141
71
113
-8
-23
9
-114
-86
58
2,356
772
140
-52
British India
Net imports from or net exports (—) to:
United
States
All other
countries
British
India
Belgium
Switzerland
Year or month
Switzerland
Germany
France
Belgium
Italy
-46,065 -12,784 -45,955 -29,235
18,397 19,431
-230,788
647 -54,858 -181,725 -13,940 25, 542
Netherlands
Total
net
imports
All
or net
other exports
coun()
tries
Net imports from or net
exports (~) to:
Change i n Gold
rouction Re- i Private
All
other
in serves holdcoun- India in
ings in
tries
IndiaV India»
S
United
States
England
2,580 1,500 -230, 720 •"-77,928 '-148,824 '-3,968 11, 222
342 - 6 , 7 9 5 f-161,857
*11,423
173 -219,671
- 6 -150, 428
••-
1934—October. .
November
December
12,853
12,397
-1,950
1935—JanuaryFebruary
March. _.
April
May
June
July
August...
September
October _
November
December
-4,125
-15,025
-17,830
-139,633
-63,229
-5,640
1,417
9,328
5,845
1, 367
-934
-2,330
291
-195
-771
-417
-216
-2,108
-6,839
324 -31,619
-17,878
549
1,610
64
-38
107
3,01
1,085
163
-332
-2,088
-17
-51
5,821
-6,273
-4,143
—4,344
-16,117
-16,148
-107,021
-38,514
2,684
2,998
1,273
-24
881
—3,227
-4,166
3,538
13r 526
226
3,987
6,001
2,280
472
225
415
-5,972
-8,65
4,734
2,110
303
-74
4,080
3,312
1,343
1,849
4,724
-305
-275
114
-14,431 - 4 , 4 4 1 -10,149
-102 -20,700 ' - 6 , 6 0 1 —14,264
- 1 5 -23, 255 - 3 , 201 -20,216
159
165
162
944
929
995
-14,874
-218
198 -16,334
207
946
903
-90
428 -17,746 -2,406 -14,133 - 1 , 207
-18,225
955
-202
207 -18,439
-214
-3,831
938
1,041 -4,475 -3,675
155
- 6 , 558
954
-409 -760 -6,604
653
-4,078
937
153 -352 -3,824
254
958
262 -3,455 -22, 383
-818
10 -21,575
-18,922
961
-233
519 3,430 -25, 464 -6,
949
-766
184 -11,400 -2,648 -9,117
202
241 -2, 344 -11,160 -1,330 -10,032
825 -14,540 -1,573 -13,199
-49
23:
*974
-139 -682 v-10, 288
-3
-5
-13,491
-19,771
-22,257
- 1 5 , 386
-16,844
- 1 7 , 479
- 2 , 737
-5,650
-2,887
- 2 1 , 425
- 2 4 , 503
-10,451
=-10,186
v-13,565
- 9 , 314
v Preliminary.
»• Revised.
«Corrected.
i 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 reserves in India.
NOTE.—Netherlands and Switzerland.—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.
110
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
CENTRAL BANES
Assets of banking department
Bank of England
(Figures in millions of pounds sterling)
Gold
(in issue
department) *
Cash reserves
Coin
Notes
Discounts
and advances
Liabilities of banking department
Note
circulation
Securities
Deposits
Bankers'
Public
Other
Other
liabilities
1934—Nov. 28Dec. 26..
192.1
192.3
72.4
47.1
9.2
7.6
90.6
98.2
379.7
405.2
89.1
89.1
27.7
99
38.1
36.4
17.8
18.0
1935—Jan. 30—
Feb. 27..
Mar. 27.
Apr.24-.
May 29..
June 26-.
July 3 1 Aug. 28.
8ept. 25Oct. 3 0 Nov. 27..
Dec. 25-
192.4
192.5
192.5
192.6
192.6
192.7
192.8
193.4
193.6
1W.7
197.6
200.1
77.5
75.1
71.1
59.4
62.2
55.9
44.5
53.8
55.4
54.8
56.3
35.5
9.3
6.2
5.6
5.8
5.3
10.2
10.8
12.9
12.4
11.2
9.5
8.5
92.7
92.0
99.0
97.4
96.7
108.6
100.7
93.5
95.4
98.2
98.4
94.7
374.9
377.4
381.4
393.2
390.4
396.9
408.3
399.6
398.2
399.9
401.3
424.5
99.0
95.5
96.6
98.1
88.0
102.4
75.7
96.9
87.2
82.5
90.9
72.1
20.9
19.4
20.1
7.6
23.1
16.2
24.4
9.4
19.5
26.2
19.7
12.1
42.1
40.7
41.2
39.6
36.0
38.8
38.5
36.5
39.0
38.6
36.5
37.1
18.2
18.2
18.3
17.7
17.8
18.0
18.1
18 2
18 3
17 7
17.8
18.0
1936—Jan. 29 „
200.5
18.8
94.0
397.1
106.0
15.9
36.7
18.2
Liabilities
Assets
Loans o n -
Bank of France
(Figures in millions of francs)
Gold
Foreign Domestic Short-term
Governbills
exchange
ment securities
1934—Nov. 30..
Dec. 2 8 -
82.097
82,124
960
963
3,068
3,971
1935—Jan. 25...
Feb. 22—
Mar. 29..
Apr. 26...
May 3 1 June 28...
July 26—
A.ug. 3 0 Sept. 27..
Oct. 30.,.
Nov. 29Dec. 27—
82,014
82,040
82,635
80,933
71,779
71,017
71,277
71,742
71,952
71,990
66.191
66,296
962
961
1,017
1,066
2,150
1,210
1,240
1,236
1,232
1,262
1,385
1,328
4,003
3,998
4,170
4,280
7,137
8,021
7,301
7,575
8,060
8,373
11,005
9,712
1936—Jan. 31 P.
65,223
1,323
9,210
Other
securities
20
10
937
735
692
643
192
371
1,090
573
Deposits
Negotiable securities
Note
circulation
Other
Government
3,228
3,211
5,898
5,837
8,849
8,288
81,879
83, 412
4,829
3,718
3,149
3,080
3,119
3,094
3,371
3,277
3,171
3,103
3,098
3,141
3.267
3,253
5,837
5,833
5,833
5,805
5,805
5,805
5,805
5,800
5,800
5,800
5.800
5,800
7,970
7,914
8,074
7,967
8,691
7,999
8,077
8,212
8.023
7,939
8,032
7,879
81, 686
81,917
83,044
82, 352
82,776
82,099
81,128
82,240
82,399
83,306
82, 447
81,150
3,751
3,619
3,668
3,703
2,771
2,983
3,241
3,244
3,051
2,862
2,826
2,862
15, 522
15, 359
16,473
16,328
16, 213
15,145
12, 315
10,969
11,090
10, 666
10, 848
10,647
9,361
8,716
3,350
5,707
(•)
81,503
2,797
8,088
Other
liabilities
1,869
1,907
2,024
1,962
1,943
1,954
2,008
2,013
2,105
2,062
2,0fi0
2,059
2,136
2,113
Liabilities
Assets
Reichsbank
Other
Reserves
(Figures in millions of reichsmarks)
Gold
Securities
Other
Treasury bills Security Eligible
Foreign
(and
bills
as note Other
loans
checks)
exchange
cover
Other
assets
Note
Other
circula- Deposits liabili
tion
ties
1934—Nov. 30.
Dec. 31—
3,848
4,021
119
146
436
445
316
819
827
3,810
3,901
961
984
1,001
1935-Jan.31.
Feb. 28—
Mar. 30.
Apr. 30
May 31
June 29
July 3 1 —
Aug. 31
Sept. 30.
Oct. 31—
Nov. 30
Dec. 3 1 . .
3,620
3,656
3,799
3,861
3,732
3,879
3,833
4,000
4,144
4,058
4,096
4,498
81
188
66
87
86
89
52
54
73
66
78
84
441
437
427
373
338
337
337
340
346
345
346
349
319
328
330
328
324
324
324
324
324
316
315
315
837
697
701
739
775
781
814
781
770
868
922
853
3,660
3,617
3,664
3,711
3,810
3,895
3,878
4,032
4,143
4,159
4,186
4,285
822
928
922
952
770
819
743
743
774
728
806
1,032
900
866
830
837
824
838
845
860
879
911
913
923
1936—Jan. 3 1 . .
3,884
72
4,098
679
315
9 Preliminary
i Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixod by 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.
891
111
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
CENTRAL BANKS—Continued,
[Figures as of last report date of month]
1935
Central bank
December
ber
1935
1934
October
December
Central bank
1934
Decem- Novem- Octo- December
ber
ber
ber
Bank of Canada* (thousands of CaNational Bank of Albania (thounadian dollars):
sands of francs):
Gold
7,122
180,509 181, 394 181,493
Gold
7,556 7,556
245
314
Sterling exchange
219
Foreign exchange
16,855 20,017 22,629
United States exchange
2,723
4,004 8,659 3,285
3,172 3,115
Loans and discounts
3,040
Advances to Government
3,466 2,223 15,725
Other assets
5,537 5,514
11,019
Government securities:
Note circulation
12, 585 13,139
25,904
30,873
13,372
2 years or less
—
Demand deposits
9,336 11,814
83,410 84,193 80,887
11,123
Over 2 years
Other liabilities
11,199 11,248
5,045 4,469 4,315
Other assets
Central Bank
of
(he
Argentine
99,677 95,260 96,058
Note circulation
Republic l (millions of pesos):
200,319 215,894 209, 601
Total deposits
Gold at home
1,224
1,224
181,636 186,723 190,854
Chartered banks
Gold abroad and foreign ex17,917 28,151 18,255
Government
change
142
125
7,659 6,483 6,195
Other liabilities
217
238
Negotiable Government bonds—
149
153
Central
Bank
of
Chile
(millions
of
Other assets
939
940
Note circulation
Gold and foreign exchange in reDeposits:
142
142
142
Member bank
204
serve
216
82
'77
49
Government
187
199
Loans and discounts
710
714
710
Liquidation Institute
174
174
Government debt
544
516
196
Other
162
Note circulation
r 531
335
346
40
Other liabilities
42
Deposits
'336
Commonwealth Bank of Australia
Central Bank of China < (millions of
(thousands of pounds):
yuan):
Issue department:
21
49
20
Gold
Gold and English sterling... 15,994 15,994 15,994 15,708
145
104
160
Silver
Securities
39,182 34,634 34,634 32,369
8
10
Due from banks abroad
Banking department:
31
38
Due from domestic banks
657
843
Coin, bullion, and cash
927
208
85
233
Loans and discounts
17,497
London balances
12,938 17,182 17,318
176
206
174
Securities
Loans and discounts
13,428 15,126 14,953 19,733
45
49
47
Other assets
35,764 35,495 35,755 35,898
Securities
134
152
86
Note circulation
61,997 69,302 69,595 75,941
223
Deposits
240
197
Deposits—Government
51,295 47,045 47,045 50,300
94
Note circulation.
171
39
Bank
54
Austrian National Bank (millions of
104
14
Other
130
schillings):
134
143
liabilities
242 BankOther
242
242
242
Gold
of the Republic of Colombia
124
112
137
35
Foreign bills
(thousands of pesos):
228
225
236
230
Domestic bills..
27,896 26,905
Gold at home and abroad «
14,251
624
624
624
624
Government debts
4,066
1,892
Foreign exchange'
953
976
964
963
Note circulation
3,048
2,763
8,078
Loans to member banks
254
216
254
154
Deposits
__
38,685 39,078 40,137
Note
circulation
National Bank of Belgium (millions
31,624
24,819
Deposits
of belgas):
2,505 National Bank of Czechoslovakia
3,449
3,457
Gold*
J
(millions of koruny):
1,364 1,363
1,293
Domestic and foreign bills
673
2,691
2,691
Gold
2,680
2,690
162
162
162
344
Loans to State
105
80
229
Foreign balances and currency. .
81
4,117 4,158 4,207
3,530
Note circulation
1,292
1,084
1,379
Loans and advances ._
1,345
1,054
981
969
234
Deposits
5,599 5,716
5,640
5,761
Note circulation
Central Bank of Bolivia (thousands
477
320
766
411
Deposits
of bolivianos):
9,509
17,105
Danish National Bank (millions of
Gold at home and abroad
5,160
9,904
kroner):
Foreign exchange
9,200 43, 881
133
118
118
Loans and discounts
Gold
118
14
16
14
Securities:
14
Foreign bills, etc
75
78
75
397,163 207, 285
National Government
75
Loans and discounts
386
3,076
3,848
384
384
387
Other
Note circulation
123
145,046 83,597
65
46
Note circulation
Deposits
243, 516 139,917 Bank of Danzig (thousands of
Deposits
Bank of Brazil (millions of milreis):
gulden):
223
312
206
277
Cash
20, 744 20,730 17,120 23,577
Gold«
282
311
280
173
Correspondents abroad,
2,899
364 6,130
Foreign exchange of the reserved- 2,052
3,118
3,113
3,146
2,721
Loans and discounts
38
7,264 8,105 8,007
Other
foreign
exchange
20
20
20
20
Note circulation
16,945 17, 225 16,458 22,265
Loans and discounts
3,142
3,129
3,023
3,
299
Deposits
29,208 29,897 29,638 38,920
Note circulation
National Bank of Bulgaria (millions
3,824
3,293
995
2,412
Deposits
„
of leva):
1,547 Central Bank of Ecuador (thousands
1,583
1,583
1,591
Gold
of sucres):
-122
-126
-52
Net foreign exchange in reserve. -118
15,824
13,278 17,566
Gold at home and abroad
509
583
246
200
Total foreign exchange
10,670
12, 220 12,054
Foreign exchange
1,309
1,360
1,025
1,520
Loans and discounts
60,342 59, 709 51,142
Loans and discounts
2,671 2,671
2,671
2,755
Government obligations
46,
922
46,562
47,878
Note
circulation
2,303
2,497
2,413
2,449
Note circulation—
22,190 21, 505 27,548
Deposits
1,907 2,030
1,916
1,758
Other sight liabilities
* Revised
i Bank commenced operations May 31,1935.
,,
,,
,, . ,
» By law of Mar. 30,1935, gold and foreign-exchange holdings as of Mar. 29 revalued on basis of 75 percent of former gold parity of bolga Ceee
BULLETIN for May 1935, p. 291).
• Bank commenced operations Mar. 11,1935.
«Items for issue and banking departments consolidated.
« Beginning Apr. 6,1935, gold and foreign exchange valued on basis of peso price of gold in New York.
«Parity of gulden reduced May 2,1935, from $0.3296 to $0.1899.
112
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
CENTRAL BANKS—Continued
[Figures as of last report date of month)
1935
1935
Central bank
National Bank of Egypt * (thousands
of pounds):
Central bank
DecemNober
vember
October
December
1934
Decem- NoOcto- December
vember ber
ber
Bank of Japan (millions of yen):
Gold._
504
500
Advances and discounts
—
893
920
Government bonds746
570
Notes issued
1,443
1,767
Total deposits
580
404
Bank of Java (millions of florins):
Gold
80
Foreign bills
2
3
Loans and discounts
71
66
Note circulation
157
157
Deposits
25
21
Bank of Latvia (millions of lats):
Gold.
_
46
46
6
6
Foreign-exchange reserve
52
52
Bills
59
Loans
38
Note circulation
30
31
Government deposits
112
Other deposits
110
Bank of Lithuania (millions of litu):
Gold
Foreign exchange *
18
18
95
Loans and discounts'
92
104
Note circulation
104
46
Deposits
42
Netherlands Bank (millions of florins):
643
Gold
628
2
Foreign bills
1
173
Loans and discounts
177
809
787
Note circulation
75
Deposits
50
Reserve Bank of New Zealand
(thousands of pounds):
Gold
2,802 2,802
Sterling exchange
21,399 17,459
Other assets
1,871
1,778
Note circulation
10,721 9,124
Demand deposits
13,737 11,315
Bank
9,679 6,257
Government
3,696
6,717
Other liabilities
1,614
1,599
Bank of Norway (millions of kroner):
185
185
Gold._
36
34
Foreign balances and bills—
223
203
Domestic credits
348
331
Note circulation
3
3
Foreign deposits
80
76
Total deposits—
Central Reserve Bank of Pern
(thousands of soles):
46.614
Gold and foreign exchange
56,315
Bills
82.615
Note circulation
16,804
Deposits
Bank of Poland (millions of zlotys):
444
443
Gold
19
27
Foreign exchange. _
866
859
Loans and discounts
1,007 1,034
Note circulation
210
133
Other sight liabilities
Bank of Portugal (millions of escudos):
910
Gold
455
Other reserves
336
Discounts and advances
1,047
Government obligations
2,077
Note circulation
873
Other sight liabilities
National Bank of Rumania (millions
of lei):
10,757
Gold
91
Foreign exchange of the reserve .
5,272
Loans and discounts
2,740
Special loans *
10,678
State debt«
_
466
495
987
856
647
452
Foreign exchange
.,660
1,295
5,542
Loans and discounts
341
481
British, Egyptian, and other
39,381 38,914 32,177
Government securities
114
3,352
80
4,038 4,062
Other assets
1
2
24,603 24, 381 19,803
Note circulation
*
62
7,043
9,082 6,526
67
Deposits—Government
177
18,712 18,177 16, 515
160
Other
8,118
36
8,288 8,317
20
Other liabilities
Central Reserve Bank of El Salva46
46
dor (thousands of colones):
3
6
12,740 12,499 12,465 11,919
Gold
62
62
1,237
722
1,076
Foreign exchange. 1,201
75
54
1,107 1,088
369
Loans and discounts
947
36
37
7,025 7,039 7,065
8,156
Government securities
45
28
656
1,315
1,019
1,132
Other assets
113
112
13,396 13,196 13,037 15,163
Note circulation
6,028 6,157 6,157
3,523
Other sight liabilities
52
35
3,342 3,664 3,616
3,498
Other liabilities
19
8
Bank of Estonia (thousands of
89
101
krooni):
104
34,118 34,180 34,191 27,673
Gold
39
405
1,563
4,389
Net foreign exchange
710
22,896 14,248 11,433 16,587
Loans and discounts
39,955 39,945 40,124 36,676
Note circulation
842
15,787 15,440 13,818
7,748
Deposits—Government
1
1
11,521 6,979 6,451
9,603
Bank
192
174
2,689 2,100
2,757
Other
1,946
789
912
Bank of Finland (millions of mark55
146
kaa):
467
472
323
Gold
Balances abroad and foreign
2,802
3,002
1,267 1,240 1,281
1,328
credits
16,831 22,092
76
76
82
119
Foreign bills
1,789
1,989
684
687
669
543
Domestic bills..
8,951
9,772
1,302
1,381 1,319
1,277
Note circulation
10,876
15,771
604
623
370
Other sight liabilities
4,496
9,072
Bank of Greece (millions of drach5,691
6,693
mas):
1,597
1,640
3,661
4,105
3,490 T3,559
Gold and foreign exchange
4,153
2,573
4,834 14,246
Loans and discounts
185
136
3,281
3,353
3,281 13,281
Government obligations
35
40
.5,910
6,215
5,686
Note circulation
203
4,081
4,165
4,784 14,319
Other sight liabilities
329
205
161
93
Liabilities in foreign exchange . .
3
7
National Bank of Hungary (mil79
82
lions of pengost):
79
79
79
79
Gold
28
23
33
20
Foreign bills, etc
46,092
44,112
560
566
587
631
Loans and discounts
57,423 61,782
74
72
77
50
Advances to Treasury
83,377
73,675
81
96
34
Other assets
16,529
28,310
412
417
381
Note circulation
102
130
147
106
Deposits.-,
454
503
104
104
104
115
Certificates of indebtedness
17
28
171
176
174
184
Miscellaneous liabilities
868
757
1,047
Reserve Bank of India > (millions
981
of rupees):
241
Issue department:
444
444
444
Gold at home and abroad_._
662
662
662
Sterling securities
909
255
255
255
Indian Gov't. securities
451
437
571
588
586
Rupee coin
344
316
1,721
1,604 1,602
Note circulation
1,047
1,049
Banking department:
2,070
2,121
345
346
2X2
Notes of issue department—_
901
758
180
113
Balances abroad
103
20
Loans to Government
54
52
52
Investments
10,721
10,285
7
6
7
Other assets
91
91
71
102
119
Deposits—Government
5,450
6,729
282
295
282
Bank
2,724
2,946
120
113
117
Other liabilities
10,372
9,668
1 Items for issue and banking departments consolidated.
2 Bank commenced operations Apr. 1,1935.
3 Beginning with July 1935, foreign exchange includes foreign bills previously reported with loans and discounts
<
Agricultural and urban loans in process of liquidation. (See note 2.)
8
Includes Treasury obligations received from Government in connection with losses on agricultural and urban loans and reported separately
from "Other assets" beginning with Dec. 31,1934.
Sold—-
6,545
3,999
6,721
6,545
1,909
5,971
6,545
113
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
CENTRAL BANKS—Continued
[Figures as of last report date of month]
Central bank
National Bank of Rumania—Con.
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Domestic bills
Note circulation
Deposits—Government
Bank
Other
_._
Bank of Spain (millions of pesetas):
Gold
Silver
Balances abroad
Loans and discounts
Note circulation
Deposits.
Bank of Sweden (millions of
kronor):
Gold
Foreign assets
Domestic discounts and advances
Government securities
Other assets
Note circulation
__
Total deposits
_
Bank
Government
Other liabilities
Swiss National Bank (millions of
francs):
Gold
Foreign balances and bills
1935
Decem- Novem- October
ber
ber
1934
December
12,717
22,329
8,611
11,315
12,546
22,430
8,417
11,056
9,202
22,307
7,232
9,383
25,723
11,871
321
14,133
2,436
28,435
4,474
25, 735
10,117
256
13,961
2,263
28,146
4,463
25,742
6,676
22
12,247
2,655
26,238
3,378
22,287
10,517
51
13,007
1,882
21,471
5,216
2,255
689
280
2,183
4,800
1,294
2,255
696
281
2,209
4,734
1,289
2,258
692
281
2,198
4,740
1,255
2,268
677
281
2,525
4,696
408
641
51
29
150
786
394
181
180
97
630
52
79
144
733
472
176
265
96
384
649
44
79
135
743
444
311
104
104
351
555
57
149
110
708
407
1,392
5
1,387
22
i Liabilities of banking department.
108
1,910
Central bank
1035
1934
Decem- Novem- Octo- December
ber
ber
ber
Swiss National Bank—Continued
Loans and discounts
Note circulation
Demand deposits
Central Bank of the Republic of
Turkey (millions of pounds):
Gold.
Foreign exchange
Loans and discounts
Investments
Other assets
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking department:
Cash reserves
Loans and discounts
Other assets
Deposits—Demand
Time
Ministry of Finance.
Others
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
144
295
1,366
401
208
1,323
337
1,325
327
1,440
624
29
10
29
187
22
170
30
79
29
6
28
186
26
162
29
85
29
3
26
186
28
159
28
85
27
13
10
185
22
165
32
62
41,091 41,091
76,602 73,752
79,606
42,376 43,018
99.467 99,050
47,011 46,384
27,733 27,105
40,271 40,223
50,818
104,849
38,220
32,042
39,242
1,432
364
1,781
2,271
4,890
1,386
25,652
20,058
75,141
27,652
19,373
74, 098
1,426
314
1,810
2,281
4,838
1,375
1,379
315
1,822
2,280
4,916
1,267
0)
2,702
40,295
1,785
225
1,764
2,287
4,384
(See Bulletin for December 1935.)
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs}
Assets
Gold in bars
Cash on hand and on current account
with banks
Demand funds at interest
Rediscountable bills and acceptances
(at cost):
Commercial bills and bankers' acceptances
Treasury bills
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
—
Total assets
1935
1934
Dec. 31
Nov. 30
Dec. 31
24,285
27,647
11,008
3,248
15,422
2,688
15, 647
2,354
4,988
131, 695
205, 654
337, 350
131,389
201,252
332, 641
175,391
179,384
354, 775
33,933
36,265
40,638
45,252
32,482
33,762
43,426
34, 431
32,823
21,366
63, 379
27,550
53,064
45,878
63,472
33,442
34, 391
230,311
30, 604
34,384
222,791
18,895
36,182
231, 681
6,144
5,712
656, 405
6,174
5,336
649,188
6,135
2,805
654,384
Liabilities
Demand deposits (gold)
Short-term deposits (various currencies):
Central banks for own account:
Demand
Time—Not exceeding 3 monthsTotal
Central banks for account of others:
Demand
Time—Not exceeding 3 months.
Other depositors:
Demand.
Time—Not exceeding 3 months.
Long-term deposits:
Annuity trust account
German Government depositFrench Government guaranty fundFrench Government deposit (Saar).
Total
Capital paid In
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund
Other liabilities:
Guaranty on commercial bills sold.
Sundry items
_
Total liabilities...
_
1934
1935
Dec. 31
Dec. 31
Nov. 30
19,912
21, 687
10,921
28, 286
108,156
136, 442
22,089
103,704
125, 793
36,472
110,662
147,134
8,135
2,972
9,869
2,969
12,342
702
40
462
299
1,232
154, 388
77,194
61,930
2,031
295, 542
125, 000
154,905
77, 452
61,930
2,031
296,318 •
125,000
3,324
5,845
11, 690
3,324
5,845
11,690
2,672
4,866
9,732
6,162
40,638
656, 405
6,221
39, 711
649,188
6,135
61,878
654,384
154, 529
77,264
40,678
272, 471
125,000
114
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
COMMERCIAL BANKS
{Figures are as of end of month, except those for England, which are averages of weekly figures]
Liabilities
Assets
England
(10 clearing banks. Figures in millions
of pounds sterling)
1935—February-.
March
Cash
reserves
213
214
217
219
217
219
213
208
204
214
221
April
May
June
July
August
September
October.._
November.
December.
Money at
call and Bills dis
short
counted
notice
127
133
137
142
143
145
149
147
141
147
159
265
207
199
218
244
274
287
299
297
293
322
Securities
Loans to
customers
606
614
618
620
624
615
615
619
626
621
605
759
771
779
774
780
778
768
766
777
778
784
Deposits
Other
assets
231
231
240
233
235
215
205
205
213
214
231
Other
Total
Demand l Time »
1,954
1,923
1,940
1,962
2,004
2,019
2,013
2,024
2,036
2,040
2,091
Assets
1,009
994
1,004
1,015
1,072
1,084
1,068
1,080
1,064
1,080
liabilities
898
886
895
897
907
899
899
903
921
918
248
248
250
244
239
227
224
221
224
227
231
Own
acceptances
Other
liabilities
Liabilities
France
(4 large banks. Figures in millions of
francs)
1935—February..
March
April
May
June
July
August
September
October...
November.
Cash Due from Bills disreserves banks counted
5,607
6,066
5,196
4,648
4,151
4,348
4,211
4,075
3,996
3,909
1,603
1,586
1,642
2,506
2,308
2,151
2,399
2,364
2,413
2,759
18,300
19,042
18,302
17,181
17,949
17,464
17.226
17,585
17, 692
16, 529
Canada
(10 chartered banks. Figures in millions of Canadian dollars)
1935—February
March
April
May
June
July.
August
SeptemberOctober
November...
December...
185
163
145
194
185
151
195
156
139
371
346
340
363
360
341
341
314
316
2,108
2,234
2,234
2,264
2,284
2,221
2,035
2,167
2,162
Securities
3,096
3,030
2,990
2,953
2,886
2,899
2,918
2,889
2,884
Assets
Security
Entirely in Canada
loans
abroad
and
net
Other due from
Cash Security loam
and foreign
reserves
loans discounts
banks
230
207
214
204
207
209
228
223
235
229
228
957
965
981
971
955
938
955
965
982
980
945
7,840
7,713
7,802
8,544
7,902
7,702
7,592
7,450
7,505
7,718
1,010
1,090
1,141
1,276
1,313
1,383
1,414
1,489
1,620
1,751
Deposits
Total
30,342
31,449
29,999
29,958
29,521
28,649
28,589
28, 800
28,110
Demand
Time
29,591
30,685
29,218
29,129
28,756
27,932
27,916
28,016
28,101
27,406
751
765
781
830
766
718
673
7G4
149
152
142
155
127
134
142
157
132
151
141
930
933
968
991
990
1,019
1,061
1,033
1,027
Other
assets
1,047
1,038
1,020
996
991
992
996
993
983
Deposits
Total
6,457
5,495
5,466
5,5G7
5,525
5,464
5,382
5,408
5,376
Demand
Time
2,319
2,450
2,511
2,546
2,482
2,419
2,436
2,451
2,435
3,137
3,046
2,955
3,021
3,043
3,045
2.947
2,957
2,941
3,789
3,810
3,833
3,885
3,790
4,106
3,995
4,043
4,158
4,226
Credits
obtained
Other
from
; liabilities
banks :
768
774
758
716
705
701
682
1,491
1,481
1,457
1,436
1,455
l f 454
1.463
1,463
1,449
Liabilities
Securities
984
970
1,000
1,005
1,018
1,031
1,041
1,103
1,116
1,137
1,155
Other
assets
434
431
472
459
468
460
473
464
476
453
485
Note
circula-
119
118
114
117
122
114
123
123
121
124
111
Deposits payable In Canada
excluding interbank deposits
Total
2,003
2,006
2,086
2,064
2,039
2,032
2,065
2,131
2,151
2,174
2,180
Demand
575
560
634
617
613
604
631
687
685
699
694
* Excluding deposits of the National Bank relating to offices outside England, which are included in the total.
NOTE.—For backfiguresand explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390.
228
237
251
312
312
293
257
236
268
329
Liabilities
Assets
Germany
(5 large Berlin banks. FigCash Due from Bills disures in millions of reichsmnrks)
reserves banks counted
1935—March
April
May
June
July
August
September.
October.,.
November.
Other
assets
Time
1,428
1,447
1,452
1,447
1,426
1,428
1,434
1,444
1,465
1,474
1,486
Other
liabilities
717
681
690
702
728
734
744
748
745
115
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
Eng- France Gerland
many
_
Ttfl1
italy
Nether- Switzerlands
land
In effect July 1,1935July5
July 6
July 18
July 19
July 25
July 26
Aug. 3
Aug. 9.
Aug. 12
Sept. 9
_.
Sept. 17
Oct. 17
Oct. 22
Nov. 5.
Nov. 14
Nov. 15
Nov. 22
Nov. 26
Jan. 2, 1936
Jan. 10
Jan. 16
Feb. 4
Feb. 7
In effect Feb. 7,1936-
Rate
Feb. Date effective
7
Central
bank of—
Rate
Feb. Date effective
7
Central
bank of—
Albania
Austria
Belgium
Bolivia
Bulgaria
Canada
Chile
Colombia—
Czechoslovakia
Danzig
DenmarkEcuador
El Salvador.
Estonia
Finland
Greece
Hungary...
Nov.
July
May
July
Aug.
Mar.
June
July
16,1933
10,1935
16,1935
5,1932
15,1935
11,1935
12,1935
18,1933
Jan.
Oct.
Aug.
Nov.
July
Oct.
Dec.
Oct.
Aug.
1,1936
21,1935
22,1935
30,1932
5,1934
1,1935
3,1934
14,1933
29,1935
India
Japan
Java
Latvia
Lithuania. ~
New Zealand
Norway
Peru
Poland
Portugal
Rumania
South Africa
Spain
Sweden
Turkey
U. S. S. R—
Yugoslavia—
Nov.
3.65 July
July
4
Jan.
Apr.
28,1935
3,1933
1,1935
1,1933
1,1930
Aug.
May
May
Oct.
Dec.
Dec.
May
July
Dec.
Mar.
Mar.
Feb.
1.1934
24,1933
20.1932
26.1933
13.1934
15.1934
15,1933
15.1935
1,1933
2,1933
22,1927
1.1935
e
Corrected.
Changes since Jan. 10: Netherlands—Jan. 16, down from 3 ^ to 3 per
cent and on Feb. 4, down from 3 to 2lA percent; France— Feb. 7, down
from 4 to ZH percent.
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
Month
Bankers'
Treasury
acceptances,
bills, 3
3 months
months
Netherlands
(Amsterdam)
Germany (Berlin)
England (London)
Bankers'
Day-to-day allowance
money
on deposits
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
Money for
1 month
1934—November.
December.
.45
.57
3.63
3.50
4.37
3.56
4.21
4.28
.63
.60
1.00
1.00
1935—January...
February..
March
April
May
June
July.
August
September.
October...
November.
December.
.36
.38
.57
.59
.59
.71
.65
.60
.58
.63
.57
.71
3.51
3.41
3.38
3.38
3.09
3.00
3.00
3.00
3.02
3.04
3.01
3.00
3.93
3.77
3.60
3.60
3.10
2.93
2.97
3.00
3.07
3.26
3.10
3.23
3.82
3.83
3.94
3.64
3.17
3.16
3.10
3.06
3.21
3.13
3.07
3.15
.59
.58
.60
3.65
3.78
4.42
3.25
4.78
5.48
4.70
3.15
3.20
1.00
1.00
1.00
3.26
2.96
3.83
2.77
4.72
5.65
5.00
3.00
3.08
Month
Switzer.
land
Belginm
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
1934—November.
December .
1935—January...
February..
March
April
May
June
July
August
September
October-..
November.
December.
NOTK.—For explanation of table ;
and May 1930, p. 318.
1.50
1.50
1.50
1.50
1.50
1.80
2.39
2.60
2.79
2.47
2.40
2.37
2.44
2.50
2.35
2.38
2.38
2.38
2.38
2.38
2.12
1.88
1.88
1.88
1.88
1.88
1.88
1.88
1.44
1.50
1.79
2.12
2.12
2.14
2.56
5.72
4.06
3.06
2.85
2.71
3.89
5.89
3.19
4.00
4.00
4.00
3.89
3.50
3.50
3.50
3.50
4.17
4.87
5.00
5.00
5.00
Hungary'
Prime
commercial paper
Sweden
(Stockholm)
up
Day-to-day Loans
to 3
money
months
Japan (Tokyo)
Call
Discounted
money
bills
overnight
5.11
5.11
5.11
5.11
5.11
5.11
5.11
6.11
5.11
5.11
5.11
5.11
5.11
2.56
2.74
2.59
2.62
2.70
2.54
2.40
2.45
2.45
2.60
2.62
2.69
2.78
T
BULLETIN for November 1926, pp. 794-7S6; April 1927, p. 289; July 1929, p. 503; November 1929 ,p. 736
116
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
FOREIGN EXCHANGE RATES
[Averages of noon buying rates for cable transfers in New York.
Year or month
Australia
(pound) s
Austria
(schilling)!
Belgium
(belga)
Brazil
(milreis)i
Bulgaria
(lev)i
480.83
458.60
351.50
279.93
337.07
400.95
388.86
387.92
386.37
378. 56
383.52
387. 55
391.28
393.31
394.52
391.52
389.61
390.90
391. 28
394.50
14. 0575
14.0891
14.0227
13.9599
15. 4478
18. 7930
18.8309
18.7725
18. 7900
18.8827
18. 7898
18. 7680
18.8821
18.9148
18.9405
18.8453
18.8117
18. 7753
18. 7828
18.8320
13.9124
13.9524
13.9285
13.9137
17.8996
23.2867
18.4241
23.3150
23. 3293
22. 7564
16.9430
16.9461
16.9393
16.9117
16.8878
16.8618
16.8468
16.8946
16.8565
16. 9355
11.8078
1U. 7136
7.0290
7.1223
7.9630
8.4268
8. 2947
8.1451
8.1282
8. 2363
8. 2578
8. 2797
8.3122
8.3146
8.3657
8.3378
8.3791
8. 3792
8.3902
8.4167
0. 7216 99. 2472
.7209 99.8424
.7163 96. 3258
.7193 88. 0896
L. 0039 91.9587
L. 2852 101.0060
L 2951 99. 4933
L. 1955 100.1825
L. 2665 99. 8852
L 2878 99.0647
L. 2725 99. 5277
L. 2756 99.8977
L.3070 99.9078
L. 3149 99.8322
:1.3332 99. 7799
1.2935 99. 2563
L. 3239 98. 5800
]L. 3404 98.9236
] .3309 99.0453
L. 3446 99.9297
Egypt
(pound)
England F i n l a n d
(pound) markka)
France
(franc)
Germany
(reichsinark)
Greece
(drachma)
Hong
Kong
(dollar)
Hungary
(pengo)i
498.0689
498.6002
465.1111
359.5406
434.3908
516. 8549
502.6007
501.7925
499. 7457
489.7472
495.9246
501.1845
505.9839
508.3151
509.5780
505.5597
503.2065
504.9614
505.3533
485.6879
486.2126
453.4990
350.6067
423.6821
503.9302
490.1761
489. 2457
487.3466
477.6211
483.6812
488. 7755
493.4922
495. 7659
496.9880
493.0654
490.7834
492.4950
492. 8772
496.2696
2.5160
2.5169
2.3875
1.5547
1.8708
2.2277
2.1627
2.1636
2.1536
2.1099
2.1315
2.1543
2.1782
2.1859
2.1907
2.1742
2.1645
2.1719
2.1745
2.1890
3.9161
3.9249
3.9200
3.9276
5.0313
6.5688
6.6013
6. 5820
6.5936
6.6232
6.5970
6.5883
6. 6121
6. 6242
6. 6262
6.5908
6.5892
6.5862
6.5986
6.6251
23.8088
23.8541
23.6302
23.7492
30.5179
39.3751
40.2575
40.0614
40.1178
40.3722
40. 2638
40. 2472
40. 4072
40. 3538
40.3456
40. 2278
40.2251
40.2251
40. 2167
40.3966
1.2934
1.2959
1. 2926
.8320
.7233
.9402
.9386
.9341
.9339
.9399
.9354
.9340
.9423
.9442
.9437
.9384
.9391
.9390
.9383
.9424
47.1669
33.8530
24.3305
23.4604
29.4516
38.7156
48. 2173
43.1695
44. 3362
47.9147
52.6702
59.3095
57.5162
53.0310
50.3262
50.0547
48.9702
36.4772
32. 7016
32.2051
New
Zealand
(pound) 1
Norway
(krone)
Poland
(zloty)
Portugal
(escudo)
Rumania
(leu)
11.1940
11.2051
11.1970
11.1823
14.4135
18.8460
18.8824
18.8535
18.8721
18.9611
18.8617
18.8426
18.9146
18.9574
18.9567
18.8450
18.8361
18.8249
18. 8486
18.9311
4.4714
4.4940
4.2435
3.1960
3.9165
4. 6089
4.4575
4.4500
4.4328
4.3430
4.3930
4.4407
4.4856
4.5095
4.5153
4.4868
4.4703
4.4787
4. 4854
4.5120
Argentina
(peso) 1
95.1274
1929
.
83.5050
1930
66. 7375
1931
58. 4433
1932
3 72.8009
1933
33.5793
1934
32. 6585
1935
32. 6038
1935-January
F e b r u a r y . . . 32.4607
31.8033
March
32.2220
April
32. 5572
May
32.8687
June
33.0262
July
33.1204
August,.
32.8563
September32.7140
October
32.8152
November..
32.8542
December..
33.0742
1936—January
Year or month
1929
1930
1931
1932.
1933
1934
1935
.
1935—January
February. _.
March
April
May
June
July
August
September—
October
November. _
December _ _
1936—January
Year or month
1929
1930
1931
1932
1933
1934
1935
1935—January
February...
March
April
May
June
July
August
September. .
October
November..
December _ .
1936—January
In cents per unit of foreign currency]
483.21
468.22
415.29
320.19
340.00
402.46
391. 26
390.25
388.69
380.91
385.85
389.90
393.54
395.65
396.86
393. 69
391.86
393.74
394.32
397.53
26.6827
26.7598
25.0546
18.0039
21.4292
25.3161
24.6268
24.5815
24. 4880
24.0265
24. 2975
24. 5563
24. 7910
24.9062
24.9482
24. 7710
24.6570
24. 7399
24. 7605
24. 9316
0.5961
.5953
.5946
.5968
.7795
1.0006
.9277
1.0027
.9592
1.0093
1.0074
1.0057
1.0078
1.0004
.9351
.8077
.7965
.7899
.7879
.7879
China
(yuan)
Colombia
(peso)i
Cuba
(peso)
Czechoslovakia
(koruna)
12.0601 41.9007
12.0785 29.9166
12. 0669 22. 4369
7.9079 21. 7357
7. 6787 •28.5979
10.1452 34.0937
5.0833 36. 5707
5. 0630 34.9924
5.0761 36. 5369
5. 0885 38. 2960
5.1000 38. 7908
5.1000 41. 0979
5.0996 40. 4002
5.0990 38. 6791
5.0633 36.8645
5.0515 37. 6226
5.0694 35. 6091
5.0950 29. 6485
5.0937 29.4496
5.0950 29.6594
96. 5512
96. 4930
96. 5697
95. 2750
81. 6966
61. 7799
56.0110
64.1450
58.9577
54.1613
52.8846
55.0634
54. 4068
52.9692
53.2263
55.9846
57.3115
56. 5948
57.0300
57.3900
99.9647
99.9515
99.9295
99.9409
99.9464
99.9362
99.9198
99.9215
99. 9205
99.9200
99.9194
99.9204
99.9182
99.9194
99.9185
99.9200
99.9200
99.9200
99.9200
99.9231
2.9609
2.9640
2.9619
2.9618
3.8232
4. 2424
4.1642
4.1711
4.1784
4.1982
4.1814
4.1683
4.1828
4.1729
4.1571
4.1363
4.1411
4.1363
4.1433
4.1602
26.6802
26. 7650
25.0581
18.8317
19.0709
22.4998
21.8834
21.8447
21.7594
21.3244
21. 5902
21.8175
22.0458
22.1303
22.1848
22.0113
21.9092
21.9834
22.0012
22.1526
India
(rupee)
Italy
(lira)
Japan
(yen)
Mexico
(peso)
Netherlands
(florin)
17.4414
17.4939
17.4522
17.4460
22.3598
29. 5746
29. 6023
29. 5828
29.6955
29. 6405
29. 4937
29.4356
29.5062
29. 6809
29. 7010
29. 6240
29.6367
29. 6242
29. 6185
29.6778
36.2020
36.0672
33.6895
26.3468
31.8159
37.8793
36. 9640
36.8611
36.7994
36.0210
36. 4393
36.8602
37.1944
37.3467
37. 4849
37.2082
37.0217
37.1419
37.2008
37. 4606
5.2334
5.2374
5.2063
5.1253
6.7094
8.5617
8 8.2471
8. 5209
8.4730
8.3368
8.2821
8.2253
8.2566
8.2259
8.2074
8.1409
8.1243
• 8.1024
8 8.0750
8.0276
46.0997 48.1830
49.3898 47.1331
48.8509 «35.4919
28.1112 31.8500
25.6457 28.1025
29.7153 27.7423
28.7067 27. 7779
28.4725 27.7541
28.3913 27. 7515
27.9837 27. 7500
28.3679 27.9350
28.7295 27.7882
28.9931 27. 7781
29.1510 27. 7660
29.3192 27. 7521
28.9378 27. 7558
28.6687 27.7631
28. 6828 27. 7673
28. 7386 27. 7675
28.9932 27.7677
40.1622
40.2251
40.2298
40.2949
51.7209
67.3831
67.7147
67.4562
67.5602
67.9506
67.4576
67.6195
67.8743
67.9862
67.7819
67.5556
67.7416
67.8024
67.7696
68.1734
South
Spain
Africa
(pound) 1 (peseta)
Straits
Settlements
(dollar)
Sweden
(krona)
Switzer- Turkey
land
(franc) (pound)
Uruguay
(peso)*
14.6833
11.6670
9.5453
8.0438
10.7189
13.6150
13. 6783
13. 6408
13. 6626
13.7232
13. 6693
13. 6522
13. 6982
13. 7259
13. 7296
13. 6569
13.6537
13.6477
13.6704
13.7274
56.0117
55.9639
52.4451
40. 3970
49. 2320
59.0052
57.1733
57. 2421
57.0057
55. 6346
56.3329
56. 8942
57.3762
57. 5466
57.8282
57. 6180
57.4404
57.6071
57. 6112
58.0574
26.7839
26.8543
25.2540
18.4710
22.0324
25.9815
25.2710
25. 2267
25.1256
24. 6264
24.9325
25.1988
25. 4408
25. 5583
25. 6227
25. 4219
25.3030
25. 3877
25.4092
25.5829
19.2792
19.3820
19.4009
19.4049
24.8355
32.3663
32.4972
32.3055
32.3525
32.5301
32.3645
32.3230
32.6800
32. 7474
32.7180
32.5042
32.5326
32. 4449
32. 4324
32.6622
98.6294
85.8650
55.3572
47.0639
60.3360
79.9562
80.2513
80.1094
80.1306
80. 4779
80.2015
80.0946
80.3547
80. 4841
80.5377
80.1204
80.1885
80.1500
80.2075
79.9466
483.27
483.79
480.76
476. 56
414.98
498. 29
484. 66
483.99
482.30
472.31
478.27
483.34
488.06
490.61
488. 74
488. 42
485.63
487.08
487. 44
490.83
Canada
(dollar)
Chile
(peso) 1
48.4105
47.0608
47.1814
47.2854
60.4396
79.0472
80.3123
79.3381
79.5018
80.6676
80.5065
80.5269
80.6688
80.6550
80.8063
80.2667
80. 2442
80. 2674
80.1536
Denmark
(krone)
Yugoslavia
(dinar)
1.7591
1.7681
1.7680
1.6411
1.7607
2.2719
2.2837
2.2716
2.2717
2.2852
2.2757
2.2737
2.2913
2.2965
2.2973
2.2823
2.2834
2.2858
2.2886
2.2991
» Partly or wholly nominal since April 1933.
» Partly or wholly nominal since April 1934.
* Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for
J a n . 1-Dec. 10.
* 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. Averape for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso
for J a n . 2-July 29 was 47.6510 cents.
*Nominal beginning Nov. 23.
117
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
Canada
England
France
Germany
Italy
States
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1913=100)
Year or month
1926
1927
1928
1929
1930
1931
1932
1933
1934
1934—July
August
September
October
November
.
.
..
. .
.
.. .
...
._
_
100
98
96
96
87
72
67
67
72
100
88
86
86
88
695
642
645
627
564
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
75
76
78
77
V,
72
72
72
71
71
71
87
89
88
88
88
88
374
371
365
357
356
344
99
100
100
101
101
101
270
271
270
272
274
276
174
177
179
182
181
181
79
80
79
80
80
80
79
81
81
81
81
81
71
72
72
73
72
72
72
72
72
73
73
73
88
88
87
88
88
88
88
88
90
91
91
91
350
343
335
336
340
330
322
330
332
342
348
354
101
101
277
278
288
296
302
308
310
323
330
182
184
184
182
182
180
180
183
189
194
194
192
oooc
1935—January.
February
March
April
May
June..
.
July
August
September..
October
November _
December
.—
100
95
97
95
86
73
65
66
75
Netherlands
(1926-30=
100)
Japan
(October
1900=100)
102
102
102
103
103
103
106
103
102
100
90
76
65
63
63
62
62
61
61
61
61
61
61
62
63
63
63
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year or month
Farm
products
Foods
„
100
99
106
105
88
65
48
51
65
100
97
101
100
91
75
61
61
71
1934—July ....
August
September
October
November
December
65
70
73
71
71
72
78
79
78
80
81
78
77
79
80
78
78
78
1926
1927
Ifl28
1929
1930
1931
1932
1933
1934
.
.
1935—January
February
March
April
May
June
July
. .
August
September.....
October
November
. __
December
Other
commodities
Foods
71
74
76
75
75
75
100
94
93
92
85
75
70
71
78
78
78
78
78
78
78
100
89
83
83
85
84
90
88
87
86
87
80
83
82
85
84
83
82
85
86
85
85
86
78
77
77
77
78
78
78
78
78
78
79
79
87
87
85
85
86
86
85
86
88
89
88
89
Farm
IndusIndus* Agriculend food
tural
trial
trial
products products products products
Provisions
Industrial raw Indusfinand semi- trial
ished
finished
products products
130
132
134
132
120
103
89
88
91
ISO
147
159
157
150
136
118
113
116
98
100
100
101
101
101
132
129
133
125
113
96
86
75
76
76
78
78
78
79
79
92
92
92
92
92
92
115
116
117
118
119
119
100
100
99
100
101
102
103
104
104
104
105
105
81
81
83
84
84
86
85
85
84
84
84
84
92
92
91
91
91
91
91
91
92
93
93
93
119
120
120
120
119
119
119
119
119
119
119
119
100
87
85
87
90
581
599
584
579
526
542
482
420
410
793
678
697
669
579
464
380
380
361
129
138
134
136
113
104
91
87
96
89
89
89
88
88
89
396
393
383
368
366
344
354
351
350
347
347
343
89
89
88
89
90
89
90
90
90
92
93
93
351
339
329
325
324
307
292
311
322
331
338
350
350
346
341
345
353
351
347
347
341
351
357
356
Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, and October 1935, p. 678.
Germany (1913=100)
England (1930=100) France (1913=100)
118
FEDEKAL RESERVE BULLETIN
FEBRUARY 1936
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United
England
States
(July
(1913=100)* 1914=100)
Year or month
France
Germany
(July
(19131914 -100) » 14=100)
United
States
(1923—
25=100)
Year or month
1926
1927. .
1928
1929
1930..
1931
1932
1933
1934
161
155
154
157
147
121
102
100
111
161
156
157
154
145
131
126
120
122
113
113
112
124
125
124
109
100
98
146
153
153
156
146
131
116
113
118
1926
1927
1928
1929
1930
1931.. 1932
1933
1934
1934—October
November
December
116
125
95
119
115
114
1934—October
November
December.. -.
1935—January
February
March
April
M a y . . _.
June
July
August.
September
October
119
122
122
124
124
123
122
122
124
124
TsJovflTnbQi*.,
December
127
127
94
94
125
124
122
119
118
120
126
126
125
128
131
131
92
90
88
85
86
86
83
81
81
85
87
88
120
119
119
120
119
119
120
121
123
123
121
120
120
121
103
102
100
99
97
89
80
76
78
1935—January
February
March.... April
May
June
July
August..
September
October
November
December
England
France
(July
(Jan.-June
1914-= 100) 1914=100)"
170
164
166
164
158
148
144
140
141
Germany
(191314=100)
103
104
105
113
118
116
107
106
105
142
148
152
154
148
136
121
118
121
122
143
79
81
80
81
144
144
143
142
141
139
139
140
143
143
143
145
122
122
102
122
123
122
122
123
123
124
125
123
123
123
123
100
99
95
147
147
1
Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. Indexes3 for revised series, 1923—25=100, are 80 for October, 82 for November, and 82 for December.
Index represents prices converted to gold basis of 1914.
Sources.-—For both retail food prices and cost of living: United States—Bureau, of Labor Statistics, Department of Labor;
England—Ministry
of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique^Q6n6rale, and for cost of living, Commission d'fitudes
relatives au cout de la vie a Paris.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
(average
price)
Year or month
Number of issues
1926
1927
1928
1929
1930.-.
1931
1932..
1933 _..
1934
1934—October
November
December
1935—January
February
March
April
May
June
July
August
September
October
November
December
60
.
.
._
.-
97.0
98.9
98.7
95.7
98.3
96.1
81.1
84.0
96.7
98.4
98.8
100.0
101.3
101.3
99.9
100.0
101.2
102.2
104.2
104.2
103.1
101.9
103.5
104.5
Common stocks (1926 average== 100)
England
France
(December (1913 aver1921=100) » age =100)
Germany
(average
price) i
36
139
421
278
300
85.5
81.4
83.3
»83.4
«67.1
82.5
90.7
91.6
92.2
93.8
96.0
95.5
96.1
95.1
95.3
95.3
95.3
95.4
95.1
94.9
94.9
94.9
100.0
118.3
149.9
190.3
149.8
94.2
48.4
63.4
72.5
67.3
69.4
69.2
69.7
67.8
63.9
67.5
73.1
76.0
79.4
83.3
85.0
86.1
94.2
95.7
100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
84.5
85.6
85.3
86.9
85.4
82.6
83.8
86.0
86.9
86 9
88.3
84.7
84.6
88.9
90.2
100. 0
123.2
178.1
217.6
187.6
132 2
105.2
99 6
83.3
74.7
73.0
74.7
83.7
80.3
78.1
79.8
88.0
82.4
77 7
79.0
76.4
77 3
76.8
77.3
87
110.0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
128.9
133.2
132.7
134.6
131.6
130.3
131.3
131.3
130. 3
131.5
129.8
124.3
125.5
128.9
129.5
57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
82.7
85.0
85.8
88.9
89.5
84.1
84.8
82.4
82.8
82.4
83.9
82.7
82.1
78.8
79.1
i Annual indexes are unweighted averages of monthly indexes.
* Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11, 1932
June; index for 1932 represents average of months May-December.
Sources.—See BULLETIN for February 1932, p. 121, and June 1935, p. 394.
United
States
England 1
France
Germany
329
100.0
145,0
136.1
122.8
100.2
> 78 0
»50.3
61 7
71.1
76.3
73.7
73.2
76.6
79.3
80.6
81.9
83.5
86.0
86 8
87.6
85.0
83 5
82 1
81.9
Index for 1931 represents average of months January-
FEBEUAKY 1936
FEDERAL RESERVE BULLETIN
119
LAW DEPARTMENT
Classification of various types of deposits as savings as college fraternities and sororities, may be
deposits.
considered as organizations operated primarily
The Board has recently ruled upon a number
of questions relating to the classification of
deposits as savings deposits within the definition contained in section 1 (e) of Kegulation Q.
The first question was whether accounts in
the following names may be classified as savings
deposits: "Richard Roe by John Doe"; "John
Doe and Richard Roe"; "John Doe, Trustee";
"John Doe, Attorney"; "John Doe, Executor or
Administrator of Richard Roe's Estate"; "John
Doe, Trustee, Equity Cause No. —"; "John
Doe, Committee for
(Insane)"; "
,
Trustee"; "
, Executor"; "
, Receiver"; "
, Guardian"; "
, Administrator"; and "
, Agent."
In answer to this question the Board stated
that, assuming that such deposits comply with
all of the other requirements of the definition
of savings deposits contained in section 1 (e) of
Regulation Q, such deposits would be savings
deposits if the beneficial interest therein w^ere
held by one or more individuals or by a corporation, association or other organization
operated primarily for religious, philanthropic,
charitable, educational, fraternal, or other
similar purposes and not operated for profit,
and that it is the duty of a member bank to
ascertain the facts with regard to the beneficiaries of such accounts and to classify as savings
deposits only the accounts in which the beneficial interest is held by one or more individuals or
by an organization of the type described above.
The second question was whether deposits of
the following organizations may be classified
as savings deposits: Mutual fire and life insurance companies, Federal credit unions, and
national trade associations, such as the United
States Chamber of Commerce and National
Lime Association. The Board expressed the
opinion that deposits of these organizations
may not be considered as savings deposits because such organizations are not operated
primarily for religious, philanthropic, charitable, educational, fraternal, or other similar
purposes.
In answer to the question whether deposits
of social clubs may be classified as savings deposits, the Board stated, that the term "social
clubs" is so general that it is impossible to make
a ruling applicable to all such clubs. However,
the Board stated that small social clubs, such
for fraternal purposes and not operated for
profit and, accordingly, deposits of such organizations may be classified as savings deposits if
they meet the other requirements of the
definition.
4
The Board also stated that an account in the
name of a parent as trustee or agent for a child
may be classified as a savings deposit if it meets
the other requirements contained in section
1 (e) of Regulation Q.
Another question presented was whether
deposits of "publications of nonprofit organizations" may be classified as savings deposits.
The Board stated that, if such nonprofit organizations are operated primarily for religious,
philanthropic, charitable, educational, fraternal, or other similar purposes, and if the publications of such organizations are issued only as
an incident to the fulfillment of their purposes
and not for profit, deposits of such publications
may be classified as savings deposits, if such
deposits meet the other requirements of the
definition.
The Board expressed the opinion that foreign government accounts and the accounts
of their embassies or legations, and quasigoyernment accounts, such as deposits of
Philippine funds and Shipping Board funds,
may not be classified as savings deposits because such organizations are not operated
primarily for the purposes stated in section
1 (e) of Regulation Q. The Board said that it
was unable to express an opinion at the time
with regard to a deposit of the Pan-American
Union since it did not have before it necessary
information relating to such organization.
A question was also presented as to the
penalties, if any, under Regulation Q. The
Board stated that no specific penalties are
provided for violations of such regulation, but
attention was invited to the provisions of law
relating to forfeiture of the charters of national banks and forfeiture of membership in
the Federal Reserve System of State member
banks and, in addition to such provisions, to
section 30 of the Banking Act of 1933 which
provides that the Board may remove directors
and officers of member banks for continued
violations of law or for continued unsafe or
unsound practices in conducting the business
of such banks.
120
FEDERAL RESERVE BULLETIN
FEBRUABY 1936
Deposits of credit unions and citrus growers associa- Christmas Club accounts not within classification of
tions not classified as savings deposits.
savings deposits.
The Board has recently been requested to
rule upon the question whether deposits of
credit unions or of citrus growers associations
may be classified as savings deposits within
the definition contained in section 1 (e) of
Regulation Q.
The letter of inquiry stated that credit unions
are formed, usually within an industry or business, primarily for the purpose of affording
their members a place where they can borrow
money in small amounts at a reasonable rate
of interest and that citrus growers associations
usually own a packing house and pick and
pack the fruit from the crops of their members
for a charge fixed at the beginning of the season.
The Board stated that, without regard to
the question whether credit unions or citrus
growers associations are operated for profit,
it w^as of the opinion that such organizations
are not operated primarily for religious, philanthropic, charitable, educational, fraternal,
or other similar purposes, and, therefore,
deposits maintained by them may not be classified as savings deposits within the definition
contained in section 1 (e) of Regulation Q.
Classification as savings deposit of funds of an individual used in his business.
In response to an inquiry, the Board recently
ruled that a deposit in a member bank consisting of funds of an individual used in his business,
as for example, the funds bf John Smith doing
business as Smith & Co., may be classified as a
savings deposit within the definition contained
in section 1 (e) of Regulation Q.
The Board stated that, prior to the issuance
of the regulation, careful thought was given to
this question and it was decided that it would
be impracticable to attempt to distinguish
between funds of an individual which are used
in his business and other funds of the individual.
It was thought, however, that a distinction
could properly be made between funds of an
individual and funds of a partnership in which
he is a partner. Accordingly, footnote 4 of
Regulation Q provides that a deposit of a partnership operated for profit may not be classified
as a savings depos t.
The Board has recently had occasion to rule
upon the question whether a Christmas Club
account could be classified as a savings deposit within the meaning of section 1 (e) of
Regulation Q.
The first paragraph of section l(e) states
that "the term 'savings deposit' means a deposit, evidenced by a passbook, * * *."
The last paragraph of such section reads as
follows:
Every withdrawal made upon presentation of a passbook shall be entered in the passbook at the time of the
withdrawal, and every other withdraw^al, shall be
entered in the passbook as soon as practicable after
the withdrawal is made.
In view of the above provisions, the Board
expressed the opinion that the term "passbook"
as used in such definition means an account
book in which deposits and withdrawals are
entered.
In the case presented, it appeared that the
Christmas Club book used in connection with
the account was a book containing coupons
which are stamped "Paid" at the time the
deposits are made and are torn out by the bank
and retained for its records as evidence of each
of the 50 weekly deposits or "payments" made
by the depositor. The book also contained a
stub for each coupon which is stamped to show
that a deposit has been made, such stub being
retained by the depositor. It appeared, however, that such book contained no provision
for entries of withdrawals and, accordingly, the
Board expressed the view that it was not a
"passbook" within the meaning of such term
as used in section 1 (e) of Regulation Q.
The Board stated that, since the Christmas
Club book did not constitute a "passbook"
within the meaning of such section, the deposit
was not a savings deposit even though it might
have some of the other characteristics of a savings deposit. The Board also stated that, as
indicated in footnote 2 of Regulation Q, such a
Christmas Club account might constitute a time
deposit, open account, if it met the other requirements of the definition contained in section 1 (d) of such regulation.
FEBRUAKY 1936
FEDERAL RESERVE BULLETIN
Appointment as executive officer of member bank of
person indebted to such bank.
The Board has recently had occasion to rule
upon the question whether it would be a violation of section 22 (g) of the Federal Reserve
Act for a person to be appointed as an executive
officer of a national bank while he is indebted
to such bank upon a note executed by him at
a time when he was not an executive officer
thereof. The Board observed that the applicable provision of section 22(g) provides that:—
No executive officer of any member bank shall borrow
from or otherwise become indebted to any member bank
of which he is an executive officer, and no member bank
shall make any loan or extend credit in any other manner to any of its own executive officers * * *.
and stated that such provision refers to an executive officer of a member bank who is an executive officer thereof at the time he borrows
from or otherwise becomes indebted to the
member bank.
The Board expressed the opinion that when
a loan is made in good faith by a member bank
to an individual who is not at that time an executive officer thereof and the loan is not made
in contemplation of his becoming an executive
officer of the bank, there is nothing in the statute which would prohibit such person from becoming an executive officer of the bank. It
was observed, however, that there may be circumstances in a particular case which would involve an attempted evasion of the provision of
law, in which case the above ruling would not
be applicable. Since it did not appear from
the facts presented that the loan in question
was made with a view to evading the provision
of law in question, the Board held that the election of such person as an executive officer of
the national bank would not constitute a violation of the provisions of section 22 (g) of the
Federal Reserve Act.
Granting of overdrafts or carrying of cash items for
executive officers of member banks.
The Board was recently requested to construe the applicable provisions of section 22 (g)
of the Federal Reserve Act and Regulation O
with regard to a situation where a member
bank holds a cash item in the form of a check
which, if put through the books of the bank,
would cause an overdraft in the account of an
executive officer thereof in an amount not in
excess of 30 days' advance pay, or not in excess
of the salary which has accrued to the executive officer. The question was also asked as to
whether it would be a violation of section 22 (g)
121
or the Board's Regulation O if an actual overdraft had been created in the executive officer's
account, or if the executive officer in question
had substituted his personal note for the
amount of the overdraft. It did not appear
that the granting of the overdraft to or the
carrying of the cash item for the executive
officer had been previously approved by a
majority of the entire board of directors of the
bank, thereby bringing the transaction within
the $2,500 exemption as provided in section
3 (a) (1) of the Board's Regulation O, or that the
executive officer had been advanced any salary, accrued or unaccrued, as such.
In section 1 (c)(l) of the Board's Regulation
O, the terms "loan", "loaning", "extension of
credit", and "extend credit" are defined to include "any advance by means of an overdraft,
cash item, or otherwise;" and, under the second
clause of the unnumbered paragraph of section
1 (c) it is provided that such terms do not include—
the acquisition by a bank of any check deposited in or
delivered to the bank in the usual course of business
unless it results in the granting of an overdraft to or the
carrying of a cash item for an executive officer.
On the other hand, it is provided in such subsection that advances of unearned salary or
other unearned compensation for periods not in
excess of 30 days and advances against accrued
salary or other accrued compensation are not
included within the definition of such terms.
On the basis of the above facts, the Board
expressed the opinion that if the bank carries a
cash item in the form of a check which, if put
through the books of the bank, would cause an
overdraft in the account of the executive
officer, the carrying of such cash item or the
granting of such overdraft, as the case may be,
would be a loan or extension of credit as defined
in the Board's Regulation O. Likewise the
substitution of the personal note of the executive officer for the amount of the cash item or
overdraft would be a loan or extension of credit
as defined in such regulation. The fact that
the executive officer is entitled to compensation
which has been earned or accrued or may
obtain an advance of unearned salary for a
period not in excess of 30 days, the amount of
which would be equal to or in excess of the cash
item, overdraft, or personal note, would not be
sufficient to remove the transaction from the
classification of a loan or extension of credit.
In other words, the existence of an offset,
under the circumstances described above,
would not render legitimate a loan or extension
of credit which is prohibited.
122
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
Amendment No. 7 of Regulation T—Effective February Supplement to Regulation T—Effective February 1,
1936.
1, 1936.
Subsections (a), (b), and (c) of section 3 of MAXIMUM LOAN VALUES OF REGISTERED SECURITIES (OTHER THAN EXEMPTED SECURITIES)
Kegulation T are hereby amended to read as
FOR PURPOSES OF REGULATION T
follows:
(a) General rule.—No creditor shall make any initial
Pursuant to the provisions of section 7 of the
extension of credit to any customer on any registered
security (other than an exempted security) for the Securities Exchange Act of 1934 and section 3
purpose of purchasing or carrying any security, in an of its Regulation T, as amended, the Board of
amount which causes the total credit extended on such Governors of the Federal Reserve System hereregistered security to exceed the maximum loan value of by prescribes the following maximum loan
such registered security. Except as specifically provided elsewhere in this regulation, the maximum loan values of registered securities (other than
value of a registered security (other than an exempted exempted securities) for the purposes of Regulasecurity) shall be the maximum loan value which the tion T:
Board of Governors of the Federal Reserve System
shall prescribe as of general application under this
regulation from time to time in supplements to this
regulation, which will be issued in advance of the date
upon which such maximum loan value becomes
effective.
(b) Extension of credit to other members, brokers,
and dealers.—In a special account recorded separately,
any creditor may extend credit on any registered
security to any other member, broker or dealer in an
amount not greater than the maximum loan value of
such security, which (except in the case of an exempted
security) shall be such special maximum loan value as
the Board of Governors of the Federal Reserve System
shall prescribe for the purposes of this subsection (b)
from time to time in supplements to this regulation,
which will be issued in advance of the date on which
such maximum loan value becomes effective: Provided,
That (1) such other member, broker, or dealer is
subject to the provisions of this regulation or has places
of business only in foreign countries, (2) such credit
is extended or maintained solely for the purpose of
enabling such member, broker, or dealer to carry
accounts for his customers other than his partners, and
(3) any credit extended or maintained by such creditor
to or for such other member, broker, or dealer for the
purpose of purchasing or carrying securities for his
own account or for the account of his firm or any of his
partners shall not be included in such special account
and shall be subject to the other provisions of this
section.
(c) Extension of credit to distributors, syndicates,
etc.—In a special account recorded separately, any
creditor may extend credit on any registered security
to the persons and for the purposes specified below in
an amount not greater than the maximum loan value
of such security, which (except in the case of an exempted security) shall be such special maximum loan
value as the Board of Governors of the Federal Reserve
System shall prescribe for the purposes of this subsection (c) from time to time in supplements to this
regulation, which will be issued in advance of the date
upon which such maximum loan value becomes effective: Provided, That such credit is extended:
(1) To any dealer, for the purpose of financing the
distribution of an issue of securities at wholesale or
retail; or
(2) To any group, joint account or syndicate, for the
purpose of underwriting or distributing an issue of
securities.
(1) General rule.—Except as provided in paragraphs (2) and (3) of tnis supplement, the maximum
loan value of a registered security (other than an
exempted security) shall be whichever is the higher of:
(A) 45 percent of the current market value of
the security; or
(B) 100 percent of the lowest market value of
the security computed at the lowest market price
therefor during the period of 36 calendar months
immediately prior to the first day of the current
month, but not more than 75 percent of the current market value: Provided, That until July 1,
1936, for the purpose of this regulation, the lowest
price at which a security has sold on or after July 1,.
1933, but prior to the first day of the current
month, shall be considered as the lowest market
price of such security during the preceding 36
calendar months; And provided, That the lowest
market price which could be used under the provisions of this regulation during any calendar
month may be used during the first *7 calendar
days of the succeeding calendar month.
(2) Extension of credit to other members, brokers,
and dealers.—The maximum loan value of a registered
security (other than an exempted security) in a special
account with another member, broker or dealer, which
special account complies with subsection (b) of section 3
of Regulation T, as amended, shall be 80 percent of the
current market value of the security.
(3) Extension of credit to distributors, syndicates,,
etc.—The maximum loan value of a registered security
(other than an exempted security) in a special account
with a distributor, syndicate, etc., which special account
complies with subsection (c) of section 3 of Regulation
T, as amended, shall be 80 percent of the cuirent
market value of the securitv.
Interpretation of provision in section 6 of Regulation
T regarding the 7-day period.
Ruling No. 48 interpreting Regulation T.—
In reply to an inquiry regarding the provisions
of section 6 of Regulation T, as amended May
10, 1935, the Board of Governors of the Federal
Reserve System rules that the 7-day period
referred to in that section, which deals with
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
123
"cash transactions'', ends at midnight of the banking institutions. All such discounts for individuals, partnerships, or corporations shall be subject to
seventh day following the date on which the such
limitations, restrictions, and regulations as the
period commences to run.
Board of Governors of the Federal Reserve System
may prescribe/ 7
In view of the fact that the power conferred by this
Discounts for individuals, partnerships, and corpora- provision can be exercised only in "unusual and exigent
circumstances", the Board of Governors of the Federal
tions.
Reserve System has not prescribed any formal regulaThe authority granted by the Board to all tions governing the exercise of this power; but the
Federal Reserve banks in its circular of July requirements of the law and the procedure which the
Board will expect to be followed are outlined below for
26, 1932, to discount eligible notes, drafts, and the
information of the Federal Reserve banks and any
bills of exchange for individuals, partnerships, individuals, partnerships, or corporations that may
and corporations subject to the provisions of contemplate applying to them for discounts.
law, the Board's regulations, and that circular
has been extended from time to time and has
recently been again extended by the Board
for an additional 6-months' period ending at
the close of business on July 31, 1936. The
law on this subject, which is contained in the
third paragraph of section 13 of the Federal
Reserve Act, was amended by the Banking
Act of 1935 so that it is no longer necessary
that paper discounted for individuals, partnerships, and corporations under this authority
be both indorsed and secured and it is now
necessary only that such paper be either
indorsed or secured to the satisfaction of the
Federal Reserve bank. Accordingly, in order
to conform to the law, the provisions of the
Board's circular on this subject have been
amended in certain respects, effective February
1, 1936, and the circular in its revised form is
set forth below:
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM,
WASHINGTON, February 1, 1936.
DISCOUNTS FOR
INDIVIDUALS, PARTNERSHIPS,
CORPORATIONS
AND
To all Federal Reserve banks:
The third paragraph of section 13 of the Federal
Reserve Act, as amended by the acts of July 21, 1932,
and August 23, 1935, provides as follows:
"In unusual and exigent circumstances, the Board of
Governors of the Federal Reserve System, by the
affirmative vote of not less than five members, may
authorize any Federal reserve bank, during such periods as the said board may determine, at rates established in accordance with the provisions of section 14,
subdivision (d), of this Act, to discount for any individual, partnership, or corporation, notes, drafts, and
bills of exchange of the kinds and maturities made
eligible for discount for member banks under other provisions of this Act when such notes, drafts, and bills
of exchange are indorsed or otherwise secured to the
satisfaction of the Federal reserve bank: Provided, That
before discounting any such note, draft, or bill of exchange for an individual or a partnership or corporation
the Federal reserve bank shall obtain evidence that such
individual, partnership, or corporation is unable to
secure adequate credit accommodations from other
1. LEGAL REQUIREMENTS
Ifc will be observed that, by the express terms of the
law:
(a) The power conferred upon the Board of Governors of the Federal Reserve System to authorize
Federal Reserve banks to discount eligible paper for
individuals, partnerships, or corporations may be
exercised only:
(1) In unusual and exigent circumstances,
(2) By the affirmative vote of not less than
five members of the Board of Governors, and
(3) For such periods as the Board of Governors may determine.
(6) When so authorized, a Federal Reserve bank
may discount for individuals, partnerships, or corporations only notes, drafts, and bills of exchange of
the kinds and maturities made eligible for discount
for member banks, under other provisions (sees. 13,
13a, and 24) of the Federal Reserve Act. (Such paper
must, therefore, comply with the applicable requirements of the regulations of the Board of Governors of
the Federal Reserve System.)
(c) Paper discounted for individuals, partnerships,
or corporations must be either (1) indorsed or (2)
otherwise secured to the satisfaction of the Federal
Reserve bank.
(d) Before discounting paper for any individual,
partnership, or corporation, a Federal Reserve bank
must obtain evidence that such individual, partnership, or corporation is unable to secure adequate
credit accommodations from other banking institutions.
(e) Such discounts may be made only at rates established by the Federal Reserve banks, subject to review
and determination by the Board of Governors of the
Federal Reserve System.
(/) All discounts for individuals, partnerships, or
corporations are subject to such limitations, restrictions, and regulations as the Board of Governors of the
Federal Reserve System may prescribe.
2. AUTHORIZATION BY THE BOARD OF GOVERNORS
The Board of Governors of the Federal Reserve
System, pursuant to the power conferred upon it by
the amendment hereinbefore quoted, hereby authorizes
all Federal Reserve banks, for a period ending at the
close of business on July 31, 1936, to discount eligible
notes, drafts, and bills of exchange for individuals,
partnerships, and corporations, subject to the provisions of the law, the Board's regulations, and this
circular.
124
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
and (3) to furnish additional security whenever re3. FOR WHOM PAPER MAY BE DISCOUNTED
quested to do so by the Federal Reserve bank.
A Federal Reserve bank may discount for individuals,
partnerships, or corporations notes, drafts, or bills of
5. GRANT OR REFUSAL OF APPLICATION
exchange, which are the obligations of such individuals,
Before
discounting notes, drafts, or bills of exchange
partnerships, or corporations or which are the obligations of other parties actually owned by such individ- for any individual, partnership, or corporation, the
Federal Reserve bank shall ascertain to its satisfaction
uals, partnerships, or corporations.
such means as it may deem appropriate:
Within the meaning of this circular, the term by (a)
That the financial condition and credit standing of
"corporations" does not include banks.
the applicant justify the granting of such credit
accommodations;
4. APPLICATIONS FOR DISCOUNT
(b) That the paper offered for discount is acceptable
Each application of an individual, partnership, or from a credit standpoint and eligible from a legal
corporation for the discount of eligible paper by the standpoint;
(c) That the indorsement or the security offered is
Federal Reserve bank must be addressed to the Federal
Reserve bank of the district in which the principal adequate to protect the Federal Reserve bank against
place of business of the applicant is located, must be loss;
(d) That there is a reasonable need for such credit
made in writing on a form furnished for that purpose
by the Federal Reserve bank, and must contain, or be accommodations; and
(e) That the applicant is unable to obtain adequate
accompanied by, the following:
(a) A statement of the circumstances giving rise credit accommodations from other banking instituto the application and of the purposes for which the tions.
A special effort should be made to determine whether
proceeds of the discount are to be used;
banking institution with which the applicant ordi(b) Evidence sufficient to satisfy the Federal Reserve the
transacts his banking business or any other
bank as to (1) the legal eligibility of the paper offered narily
institution to which the applicant ordinarily
for discount under the provisions of the Federal banking
would have access is willing to grant such credit
Reserve Act and the regulations of the Board of accommodations.
Governors of the Federal Reserve System and (2) its
A Federal Reserve bank should not discount such
acceptability from a credit standpoint;
unless it appears that the proceeds of such dis(c) A statement of the efforts made by the applicant paper
counts will be used to finance current business operato obtain adequate credit accommodations from other tions
and not for speculative purposes, for permanent
banking institutions, including the names and addresses or fixed
investments, or for any other capital purposes.
of all other banking institutions to which applications Except with
the permission of the Board of Governors
for such credit accommodations were made, the dates of the Federal
System, no such paper should
upon which such applications were made, whether such be discounted ifReserve
it appears that the proceeds will be
applications were definitely refused and the reasons,, used for the purpose
of paying off existing indebtedness
if any, given for such refusal;
to
other
banking
institutions.
(d) A list showing each bank with which the appliIn discounting paper for individuals, partnerships, or
cant has had banking relations, either as a depositor
or as a borrower, during the preceding year, with the corporations, a Federal Reserve bank should not make
approximate date upon which such banking relations any commitment to renew or extend such paper or to
commenced and, if such banking relations have been grant further or additional discounts.
terminated, the approximate date of their termination;
6. LIMITATIONS
(e) Complete credit data regarding the financial
Except with the permission of the Board of Governors
condition of the principal obligors and indorsers, if
of the Federal Reserve System, no Federal Reserve
any, on the paper offered for discount;
(/) A list and description of any collateral or other bank shall discount for any one individual, partnership
or corporation paper amounting in the aggregate to
security offered by the applicant;
(g) A waiver by the applicant of demand, notice, more than 1 percent of the paid-in capital stock and
and protest as to applicant's obligation on all paper surplus of such Federal Reserve bank.
discounted by the Federal Reserve bank or held by
7. ADDITIONAL REQUIREMENTS
the Federal Reserve bank as security; and
Any
Federal
Reserve bank may prescribe such addi(h) An agreement by the applicant, in form satisfactory to the Federal Reserve bank, (1) to furnish addi- tional requirements and procedure respecting discounts
tional credit information to the Federal Reserve bank, hereunder as it may deem necessary or advisable; prowhen requested, (2) to submit to audits, credit investi- vided that such requirements and procedure are congations or examinations by representatives of the sistent with the provisions of the law, the Board's
Federal Reserve bank at the expense of the applicant, regulations and the terms of this circular.
whenever requested by the Federal Reserve bank,
CHESTER MORRILL, Secretary.
125
FEDERAL RESERVE BULLETIN
FEBRUABY 1936
FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS BY MONTHS
DISCOUNTS BY WEEKS
[Averages of daily figures. In thousands of dollars]
[In thousands of dollars]
1936
1935
Federal Reserve bank
January
Boston
New York
Philadelphia
Cleveland..
Richmond
Atlanta —
Chicago
St. Louis.
Minneapolis
.
..
-
Wednesday figures (1936)
Federal Reserve bank
December
3 971
491
568
4 146
421
4 833
946
Boston
New York—.
Philadelphia.
49
49
441
84
87
89
87
211
105
20
63
244
70
63
299
55
532
80
56
637
59
27
111
21
208
5,924
6,310
7,845
279
- .
._._
.
Kansas City
Dallas
San Francisco
Total
Jan.8
January
525
152
Jan.15 Jan.22 Jan.29
272
3,785
394
280
3,773
324
195
4,374
360
356
5,063
479
Cleveland.,.
RichmondAtlanta
33
58
33
58
87
118
95
48
138
119
Chicago
St. Louis
Minneapolis
41
18
42
41
18
80
541
18
41
18
75
571
54
25
539
94
25
502
54
35
467
156
105
5,381
5,352
6,420
7,065
Kansas City...
Dallas
San Francisco.
Total-
Back figures.—See Annual Report for 1934 (table 10).
TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO
LIABILITIES
[Averages of daily figures. Amounts in thousands of dollars]
Total reserves
Total deposits
1935
1035
Federal Reserve bank
1936
Boston
New York....
Philadelphia..
1935
1936
1935
Decem- Januber
ary
January
December
January
January
579,598 546,916 429,379 412,095 370,998 308,708
3,446,474 3,253,459 1,952,832 3,340,460 3,133,127 1,993,704
431,603
307,063 329,317 289,372 225,417
309,419
787,740
265,505
317,381
799,557
273,121
261,717
655,020
231,653
80.3
83.5
72.6
79.4
82.7
70.5
75.3
73.7
67.2
December
January
January
390,819
195,379
131,263
377,844
180.495
120.496
364,366
183,037
118,827
285,051
137,071
90,499
348,209
176,019
153,098
352,449
185, 386
155,912
299,517
160,494
128,966
72.5
67.8
67.7
72.1
68.7
67.9
66.9
65.7
59.8
1,382,088 1,436,479 1,085,859
218,089 243,067 217,555
158,684 153,664 153,824
852,412
174,087
121,302
917,667
184,465
114,247
710,912
165,930
111, 774
842,189
160,796
108,912
844,044
161,484
111, 071
772,196
138, 743
103,835
81.6
65.1
68.9
73.2
71.4
71.3
182,010
138,209
324,840
178,010
128,446
332,710
174,454
130,647
287,028
139, 483
73,162
275,383
141,339
75, 056
280,259
114,633
50,555
201,289
67.3
63.9
69.1
81.5
70.3
68.2
67.1
64.6
69.7
7,759,832 5,516,280 6,553,567 6,315,272 4,621,195 3,639,915 3,697,059 3,118,618
77.9
77.5
71.3
Cleveland..
RichmondAtlanta
Chicago
St. Louis
Minneapolis..
1936
Ratio of total reserves
to deposit and Federal
Reserve note liabilities combined
January
January
December
Federal Reserve notes in
circulation i
526,543
241,642
185,102
Kansas City
Dallas
San Francisco.
216,362
135,063
414,832
Total.—
7,936,080
516,837
253,073
186,594
214,282
131,367
427,495
199, 752
117,229
r
69.1
64.7
68.7
i Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $26,214,000; month ago, $21,103,000; 3 ear ago, $24,313,000.
Back figure?.—See annual report for 1934 (table 9).
126
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE
STATEMENT JAN. 31, 1936
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve- Richdelphia land mond
Atlanta
MinSt.
Chicago Louis neapolis
Kansas
City
Dal-
San
Francisco
ASSETS
Gold certificates on hand and due from
U. S. Treasury
Redemption fund—Federal Reserve
notes—Other cash
Total reserves
7, 651, 863 524,903 3,497,716 371, 561 486,099 225, 456 173, 602 1, 326,090 196,924 153,875
192, 538 128,964 374,135
15, 684 2,882
338,020 40,370
938
821 1,301 2,658
1,050
75,185 39,654 27,970 17,559 13,995
673
733
765
501
44,428 20, 524 9,900 21,988
617 2,745
6,368 20,079
8,005, 567 568,155 3, 573, 951 412,153 514,890 244,316 190,255 1,371,191 218,181164,276 215, 291 135,949 396f 959
Bills discounted:
Secured by U. S. Government obligations direct and/or fully
guaranteed
-.
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
5,727
3,016
479
57
8,743
4,671
32,089
536
343
2,931
4,152
534
2, 228j
85
619
6,380
484
1,753
7,704 6,673
15
33
120
13
153
44
41
48
444
1,648
133
175
4,135
197
165
41
577
2,138
18
87
475
75
44
391
75
61
1,505
435
128
1,117
u
l
80
25
105
156
328
126
1, 761 1,104
U. S. Government securities:
Bonds
Treasury notes
Treasury bills
215,680 14,420
24, 529 10, 732 12,962 9,514 16,470 17,435
55,252 16,848 19,070 10,208 8,240
1, 616, 559 107,707 493,439 120,
"1,935 149, 590 SO, 080 64,638 207, 571 84,686 47, 214 73,180 50,751 136, 764
598,008 35, 544 185,692 39,337 49, 365 26,427 21, 331 in, r"" 27,782 15,409 24,150 16,750 45,132
Total U. S. Government securities
Other securities
2,430, 247 157,671
181
Total bills and securities
2,475,931 161,481
Due from foreign banks
650
50
Federal Reserve notes of other banks..
18,077
366
Uncollected items
498,555 51,135
Bank premises
47, 799 3,113
All other assets
41,057
137
Total assets
734,383 177,120 218,025 116,715 94,209
343,189 123,200 75, 585 106,844 83,975 199,331
181
750,220 184,896 220,165 121,158 95,469 345,945 123,780 77,226 108,705 86,018 200,868
4
18
24
3
250
69
63
25
1,485
2,564 1,095
5,319
718 1,168 1,3591,511
733 1,
23,163
158,716 33,607 40,678 36,324 16, 943 61,448 20, 202 11,871 26, 247
3,580
4,826 2,452 1, 531 3,360
10,810 4,875 6,525 2,919 2,284
133
292
259
187
31,051 4,258 1,418 978 1,102
466
_ 11,087, 636 784,437 4, 530, 317 640, 576 784,907 407,079 307,5881, 786, 346J365, 901 256,106 355,249 242,895 626, 235
LIABILITIES
Federal Reserve notes in actual circulation
_
3,633,064 310,306
784,888 265,633 347, 525 176,446 151,591 845,100 160,567 108,214 139,257 72,088 271,449
Deposits:
Member bank—reserve account
5,860,064 375, 292 2,904,764 285,659 353, 508 172,416 120,391 778,922 161,842 117,781 175,355 128,249 287,885
3,576 2,240 44 33 22 77
452, 524 17,241 352,501 7,677 5,052 4,030 1,870
47,103 3,919
U. S. Treasurer—general account..
48,155 3,427
Foreign bank
18,078 4,711 4,521 1,761 1,713 5,521 1,428 1,142 1,285 1,237 3,331
256,073 3,797 192,760 10,471 3,129 2,315 2,697
11,228 13,386
2,426 7,892 5,110
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus (sec. 7).
Surplus (sec. 13 b)
Reserve for contingencies
All other liabilities
180,522 126,671 833,972 175,081 127,021 181,078 140,954 308,929
-- 6, 616,816 399, 757 3, 468, 103 308, 518 366,210
50,599 157,435 32,549 40,045 35,537 16, 351 64,000 20,187 12,004 25,247 19,366 22,968
130, 647 9,409
11,992 3,758 3,053 3,922 3,791 10,152
51,024 12,322 12,424 4,595 4,205
145, 501 9,902
21,350 4,655 3,149 3,613 3,783 9,645
50,825 13,406 14,371 5,186 5,616
26,406 2,876
546 1,003 1,142 1,256 1,021
3,435
754
1, 391
7,744 4,231 1,007
33,899
843 1,328 1,849
892 1,492
7,573
1,413
8,849 3,000 3,111 1,261 2,288
329
5,015
147
215
97
170
222
112
175
1,449 917 214
_
Total liabilities
11,087,636 784,437 4, 530,317 640,576 784,907 407,079 307, 588 1,786, 346 365,901 256,106 355, 249 242,895 626,235
Ratio of total reserves to deposit and
Federal Reserve note liabilities combined (percent)
63.8
8.4
81.7
78.1
84.0
65.0
69.8
67.2
71.8
72.1
68.4
68.4
80.0
Commitments to make industrial advances
_
_
26, 957 3,254
590
109 2,095
9,871
135 1,351
652 1,712 2,260
468
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by
Federal Reserve agent.
Held by Federal Reserve bank
In circulation
_
3,950,194 335,846
317,130 25,540
919,179 282,230 363, 286 184,958 172,162 875,917 166,196 112,070 147,437 78,609 312,304
134, 291 16, 597 15, 761 8,512 20,571
30,817 5,629 3,856 8,180 6,521 40,855
3,633,064 310,306
784,888 265,633 347, 525 176,446 151, 591 845,100 160, 567 108, 214 139, 25772,088 271,449
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury
_. 3,871, 343 356, 61
Eligible paper
6,855
510
U. S. Government securities
135,400
Total collateral
4,013,598 357,127
938,706 283,000 366,440 171,000 1301,685
4,734
584
184
120
15
16,000 42,000
876,000 144, 632 111, 000 138,000 80,000 275,263
80
407
66
147
40,000
24,000 2,400 11,000
943, 440 283, 584 366,455 187,120172, 869 876,000 168, 640 113,466149,407 80,147 315,343
127
FEDEKAL KESERVE BULLETIN
FEBRUARY 1936
RATES ON INDUSTRIAL ADVANCES
[Approved by the Board of Governors of the Federal Reserve System, under sec. 13b of Federal Reserve Act as amended June 10,1934. Percent
per annum except as otherwise specified. In effect on Feb. 1,1936]
Boston
Advances direct to industrial or commercial organizations
Advances to financing institutions:
On portion for which institution is obligated
On remaining portion
Commitments to make advances
New Phila- CleveYork delphia land
4-6
4-6
3
4-5
1-2
Richmond
4H-6
4-6
4-6
1-2
3
fc2
1
Chicago
St. Minne- Kansas Dallas
Louis apolis
City
4-6
5-6
(*)
* Authorized rate 1 percent above prevailing discount rate.
Atlanta
13
1-2
Same as to borrower but not less than 4 percent.
San
Francisco
5-6
5-6
4
5-6
1
3-4
4-5
• Flat charge.
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT JUNE 19, 1934, TO JAN. 29, 1936
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received to date
| Number
Applications recommended for
approval by Industrial Advisory
Committees to d a t e
(with and without conditions)
Amount Number
Applications approved to date by Federal Reserve banks (with and
without conditions)
Expired,
Federal Federal
repaid,
Reserve Reserve
bank Approved
but not or withbank
commitcom- drawn by
advances ments
pleted i
applioutoutcant
Amount standing standing
Total
Amount Number
Financing institution
participations
outstanding*
1934—Nov. 28...
Deo. 26
1035—Jan. 30
Feb. 27
Mar. 27
Apr. 24
May 29
June 26
July 31
Aug. 28
Sept 25
Oct. 30
Nov. 27
Dec. 31 (Tuesday)
4,635
5,053
166,433
187,696
961
1,122
46,599
54,531
828
42,202
49, 634
9,769
13,589
6,657
8,225
20,390
20,966
4,398
5,558
1,296
5,283
5,595
6,897
6,130
6,428
6,618
6,863
7,029
7,195
7,388
7,500
7,615
195,710
205,581
217,756
225,900
245,078
263,482
271, 768
278,022
292, 747
299,927
302,331
306,708
1,341
1,432
1,521
1,633
1,734
1,815
1,907
1,970
2,009
2,083
2,134
2,176
73,470
76,575
79,490
86,374
90,799
102,331
iO9,603
112,629
121,837
126,192
130,502
132,460
1,168
1,268
1,364
1,467
1,571
1,646
1,739
1,786
1,834
1,901
1,948
1,993
64,518
72, 525
76,441
81,134
86,282
88,778
103,633
107,244
115,350
118,378
121,947
124,493
17,493
19,163
20,785
26,206
26,977
27,518
28,354
29,447
30,132
32,719
32,634
32,493
11,739
13,963
15,732
16,908
19,425
20,579
23,022
26,314
26,892
27,057
28,002
27,649
26,362
26,591
23,552
16,956
13,850
11,248
19,735
15,319
18,791
13,357
13,466
11,548
7,160
10,727
13,900
17,185
21,802
24,900
26,911
29,556
32,475
36,565
38,952
44,025
1,764
2,081
2,472
3,879
4,228
4,533
5,611
6,608
7,060
8,680
8,893
8,778
1936—Jan. 29
7,714
311,081
2,212
134,243
2,023
125,810
32,483
27,004
10,888
46,736
_._.
i Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
* Does not include financing institution guarantees of advances and commitments made by Federal Reserve banks.
NOTE.—On Jan. 29, 1936, there were 118 applications amounting to $8,065,000 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.
EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1935
to
EARNINGS
Discounted bills
Purchased bills
Industrial advances
United States Government securities.
Commitments to make industrial
advances -_ .
Deficient reserve penalties
Miscellaneous
Total earnings - - . _ _.
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
$3,036
1,323
63,007
1,524, 200
$1,879
4,240
99,107
5, 837, 040
$992
734
25,016
1, 728, 739
$1,039
587
116,167
1,292, 200
$8,762
969
44,482
1,683,344
$6,651
934
97,425
1,382,121
$7,248
2,511
44,784
3,074,175
18, 939
329
132, 563
3,275
1,118
76, 647
8,501
824
226,024
20, 623
543
73,948
934
394
44,556
16,842
241
192,262
3,178
819
16,116
39,934
217
82,985
2,231,854
1, 672, 606
6,177,615
1,850,595
1,455,877
1,946,902
1,507,244
3> 251,854
$165,661
535,254
168,630
187,920
5C6
1,350
13,460
621
8,642
$119,679
421,027
139,682
119,2C2
619
1,617
11,301
3,315
27,022
$154,453
592,923
224,829
222,849
585
1,350
21, 722
1,092
8,487
$153,455
424,073
114,285
144,029
1,114
2,055
6,005
540
10,105
1,033,817
336,625
277,412
797
2,600
16,294
1,367
25,545
Total
Boston
New York
Philadelphia
Cleveland Richmond Atlanta
$156,160
35,894
1,484,040
39,796,177
$13,145
2,626
120,032
2,559,709
$87,069
13, 619
294,132
12,569, 700
$12,324
3,615
255,211
2,820,465
$7,584
3,407
88,456
3,488,442
$6,431
1,329
236,221
1,836,042
241,580
6,560
1,031,548
23,598
463
7,669
85,163
722
80, 981
2,258
473
29, 572
18,335
417
68,225
42,751,959
2,727,242
13,131, 386
3,123,918
3, 674,866
San Francisco
CURRENT EXPENSES
Salaries:
Officers
Clerical employees
Other employees
Contributions-—Retirement system..
Governors' conferences
Federal Advisory Council
Directors' meetings
Industrial Advisory Committee
Traveling expenses »
Assessments for Federal Reserve
Board's expenses
Legal fees
_
Insurance on currency and security
shipments
_
Other insurance
_
Taxes on banking house
Light, heat, power, and water
Repairs and alterations, banking
house
Rent
_
_
Office and other supplies.._
Printing and stationery
Telephone
_
Telegraph
_
_
Postage
Expressage
M iscellaneous expenses
Total, exclusive of cost of currency
Federal Reserve currency:
Original cost
Cost of redemption
Taxes on Federal Reserve banknote circulation
_
Total current expenses..
$2,612,490
11,464,499
3,277,351
3,452,174
6,407
16,271
142,769
12,310
263,007
$149,650
764,940
163,625
227,980
363
1,392
5,297
1,349
6,516
$583,340
3,267,462
847, 615
803,109
616
955
20,035
1,231
49,813
1,405,898
80,027
101,948
2,507
519,674
2,842
247,267
273,923
1,401,641
370,299
33,362
15,986
174,920
24,876
54,795
48,970
194,649
178,699
344,615
351,518
225,065
317,911
2,324,990
530,042
607,141
6,136
240
18,914
34,736
18,210
6,196
269,552
53,850
30,932
88,222
82,793
68,959
73,562
39, 518
395,771
125,723
122,243
30,100,863
2,113,487
7, 768,542
1,315,924
144,840
108,446
12,667
389,336
27,918
72,467
15,816
1,083
14,733
31,577,443
2,235,683
8,200,529
$152,910 $192,012
1,034,042 1,040,425
441,731
179, 630
282, 323
258,275
683
90
823
750
9,420
7,407
657
384
28,216
33,398
$184, 597
618,194
185, 408
215,652
231
1,247
6,475
552
19, 244
138,641
7,582
ISO, 700
5,782
55,529
5,480
49,191
11,070
26,023
19, 8£0
71,016
32,336
23,014
17,355
131,574
42,189
15, £64
15,716
65,215
17,3^8
6, 77C
1,158
37,262
29,047
30,837
11,992
215,660
52,898
63,861
13,462
85,098
34,088
35,086
16,700
20,752
189,872
43,201
49,051
2,412,099
105,089
14,224
2,531,422
2,954,884
$327,816
$2C0,351
4G5,842 1,326,400
97,014
378,277
128, 013
475,4C0
1£6
CC7
897
1,135
17, 240
8,113
382
820
18,1C6
27,853
42,120
31
34,118
11, 878
37,655
12,716
37,974
9,511
96,761
10,116
12,892
18, 936
57,081
18,448
161, 587
502
28,612
20,800
154,354
40,107
5,070
21,783
52,936
22,487
7,775
20,507
82,079
19,994
8,306
31,714
86,428
33,860
9,323
17,763
32,217
18,830
22,131
24,533
94,914
27,387
4,461
15, 739
18, 917
21,891
8,808
23,042
171,148
52, 614
33,426
25,012
4,573
17,852
23,3,57
7,338
43,941
134,877
35,8C4
30, 582
14,388
15,338
27, 539
38,316
15,106
24,610
276,222
60,439
66, 564
7,855
3,000
6,977
11,066
16,117
20,640
11,948
26,377
88,879
18,186
37,282
14,086
18,232
7,302
12,480
106, 726
9,871
40,980
24,025
17,986
7,204
42,824
160,736
26,198
35,787
2,710
1,280
16,511
13,972
9,027
21,722
113,296
23,036
27,317
7,580
52,173
36,411
29,186
18,923
44,447
192,251
28,122
69,016
2,854,244
1,757,078
1,359,345
3,480,915
1,456,755
1,236,479
1,764,795
1,210,150
2,676,974
89, 663
10, 977
74,097
8,808
69,955
7,885
184,182
22,433
97,754
10,429
51,147
5,424
42,375
5,592
14,280
4,738
89,580
13,645
3, 697, 540 1, 564, 938 1, 293,050 1,812,762
1,229,168
2,780,199
1,840, CS3 1,437,185
'Other than those connected with governors' and agents' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committee.
g
w
d
PROFIT AND LOSS ACCOUNT
Total
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
$42,751,959 $2,727,242 $13,131,386 $3,123,918 $3, 674,866 $2,231,854 $1,672,606 $6,177,615 $1,860,595 $1,455,877 $1,946,902 $1,507,244
31,577,443 2,235,683 8,200,529 2,531,422 2, 954,884 1,840,083 1,437,185 3, 697, 540 1,564,938 1,293,050 1,812,762 1,229,168
Earnings
Current expenses
Current net earnings
Additions to current net earnings:
Profit on U. S. Government
securities sold
Withdrawn from reserves for
losses
Foreign exchange profit
Allother
^
Boston
Total additions
Deductions from current net earnings:
Bank pi emises—depreciation
Furniture and equipment
Reserve for losses
Reserve for self-insurance
Assessment for building for
Board of Governors
Allother
_
$3,251,854
2,780,199
11.174,516
491,559
4,930,857
592, 496
719,982
391, 771
235,421
2, 480,075
285,657
162.827
134,140
278,076
471,655
6,518,931
355,512
2,678,196
389,903
488,850
257, 648
213,954
901,875
244,755
148,210
235,400
172,443
432,185
5,971
6,174
1,983
5,750
3,834
684
15,481
55,279
3 057
221,155
170,903
15,923
15,896
81,384
412
21,894
118
21, 010
504
8,183
8,939
7,962
11, 295
25, 654
23, 775
6,635
7,185
390
5,308
37,492
6,914,046
387,331
2,759,992
411,915
510,364
274,770
233, 211
951,304
258,575
191,400
247,545
184,010
503,629
2,675,700
235,775
2,567,203
63,402
55,832
9,783
64,932
1,394,688
51, 659
1,290,413
58,843
32,386
4,601
156, 776
23, 634
112, 593
109, 688
21, 670
101,147
47,293
13, 334
1,443
140,624
26, 516
902,868
176,917
20, 833
79, 337
48,917
15,095
93,327
3,776
162,465
6,438
289,173
10,651
1,001,187
2,108,170
72,083
5,695
368,635
190,347
99,052
609
94,675
61,807
35, 618
25, 276
116,194
1,473,957
30, 485
1,372
24,403
334,991
136,648
449, 485
122,964
2, 660,159
308,944
423,406
26,637
3,658
141,826
26,143
183
3,354, 585
37,141
8,567
278, 213
594, 593 +275, 267
8,651,437
208,325
Net deductions from current net
earnings
_
1,737,391
+179,006
+60,879
3,443
+110, 247
1, 708,855
50, 369
232,006
Net earnings
9,437,125
670, 565
4,336,264
867, 763
780,861
388, 328
345, 668
771,220
235,288
-69,179
Dividends paid
Paid United States Treasurer (sec.
13-b)
Transferred to surplus (sec. 13-b)
Transferred to surplus (sec. 7)
8,504,974
621, 553
3,411,268
856, 286
772,127
293, 644
260, 538
753, 583
236,187
185,448
290,850
33,993
607,308
46, 503
2,509
64,238
41,984
33,340
-63,847
8,734
66,714
27, 970
9,066
17, 637
Total deductions.-
San Francisco
860,758
9,869
4,559
70,121
1,708
195, 229
371,653
+105, 719
11, 219
+131,976
239,859
266,857
603,631
239,859
237, 615
636,866
19,120
4,308
5,8t4
-33,235
16,854
—899
76,064
.
-271,481
REIMBURSABLE EXPENDITURES OF FEDERAL RESERVE BANKS DURING 1935
[Expenditures as fiscal agents and custodians for the Treasury Department and U. S. Government agencies. Not included in "current expenses" as shown in preceding table]
Treasury Department
$1,469,660
Reconstruction Finance Corporation. 2,103,845
Other U. S. Government agencies
687,669
Total
4,261,174
$62, 570
35,516
20,843
$484,839
163,081
148,985
$64,059
102, 492
13, 355
$160, 806
191,005
48,611
$65.199
210. 751
29, 530
$30, 441
367, 751
44, 877
$208,658
445, 322
65, 580
C56,815
219,139
60,935
$64, 501
63,913
54,162
$151, 844
74, 301
99,381
$47,980
140, 215
39, 766
$71,948
90,359
55,644
124,929
796,905
179,906
400,422
305, 480
443,069
719, 560
336.889
182, 576
325, 526
227,961
217,951
i
-
130
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
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
Total
Federal Reserve district
Boston
New York
Philadelphia
_ __
_.
Cleveland
Richmond
Atlanta
-- _. T_ _
_
Chicago
.
St Louis
Minneapolis
-
-_
-
Kansas City
Dallas
San Francisco...
Total
Borrowings at Federal
Reserve banks
Excess
December
November
October
December
November
October
336.5
2, 756. 4
266.3
318.8
2, 769. 5
268.6
303.5
2,655. 7
262.1
196.0
1,448.9
124.1
179.9
1,483.0
128.7
164.7
1,389.1
123.2
335.8
170.0
108.3
358.8
169.1
109.1
327.8
163.2
104.7
172.9
93.6
45.9
198.3
94.0
48.9
170.4
89.1
45.9
.03
. l
.1
.03
. l
.1
.1
.2
.1
880.4
165.0
104.2
880.0
168.9
108.2
784.0
163.8
106.0
502.9
90.9
55.8
504.7
95.8
60.3
423.0
92.4
59.0
.2
.1
.1
.1
.03
.1
.003:
.04
.1
171.8
119.5
301.4
171 0
116.5
318.7
170.5
107.3
319.9
89.6
62.4
99.8
88.1
59.4
120.0
87.4
51.0
124.3
.6
.1
.008
.8
.05
.1
.6
.4
.1
5, 715. 6
5, 757. 2
5, 468. 6
2,982. 7
3, 061. 2
2,819. 7
December
0.5
3.9
.5
November
0.4
4.6
.3
6.0
6.5
October
0.5
6.1
.2
8.5
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)
Net demand
Federal Reserve district
Decem- November
ber
Boston
New York
Philadelphia
Time
October
Decem- November
ber
Member banks in smaller centers (places under 15,000)
Net demand
October
Decem- November
ber
Time
October
Decem- November
ber
October
1,277
9,814
1,087
1,256
9,633
1,058
1,251
9,467
1,046
575
1, 619
599
580
1,652
605
585
1,689
610
78
183
150
85
189
150
86
188
150
125
457
410
126
459
411
126
460
409
Cleveland
Richmond
Atlanta
1,242
599
511
1,216
583
488
1,189
572
475
942
321
270
049
322
271
944
323
271
124
105
79
122
105
78
123
104
75
247
167
72
244
167
71
242
165
72
Chicago
St. Louis
Minneapolis.
2,796
572
320
2,774
560
313
2,660
544
303
1,073
262
171
1,070
264
171
1,062
262
171
164
123
114
164
124
115
163
124
116
191
93
173
189
93
172
186
92
171
Kansas City
Dallas
San Francisco
615
439
1,391
615
427
1,370
616
417
1,345
199
159
1,922
200
159
1,878
199
158
1,859
192
147
80
200
162
83
202
164
82
107
36
92
108
35
94
108
36
93
20, 662
20,293
19,887
8,110
8,121
8,132
1,539
1,579
1,578
2,170
2,169
2,157
Total
J
131
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
REPORTING MEMBER BANKS IN 101 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:
Jan 8
Jan. 15
Jan 22
Jan. 29
Loans to brokers and dealers
in New York:
Jan 8
Jan 15
Jan 22
Jan 29
Loans to brokers and dealers
outside New York:
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Loans on securities to others
(except banks):
Jan.8
Jan. 15
Jan. 22
Jan. 29
Acceptances and commercial
paper bought:
Jan. 8
_
Jan.15
Jan. 22
Jan. 29
Loans on real estate:
Jan. 8
Jan. 15
Jan. 22
Jan 29
Loans to banks:
Jan 8
Jan 15
Jan 22
Jan 29
Other loans:
Jan. 8 .
.
Jan. 15
Jan. 22
Jan. 29__
U. S. Government direct obligations:
Jan. 8_
__
Jan.15 - .
Jan. 22
Jan. 29- . .
Obligations fully guaranteed
by U. S. Government:
Jan. 8
Jan. 15
Jan. 22.
Jan. 29
Other securities:
Jan. 8
Jan 15
Jan. 22
Jan. 29
Reserve with Federal Reserve bank:
Jan. 8._
Jan. 15
Jan. 22
Jan. 29
Cash in vault:
Jan. 8
Jan.15
Jan. 22
Jan. 29
r
Revised.
City
St. Min- Kansas
Louis neapolis City
Boston
Rich- AtNew Philadel- CleveYork phia
land mond lanta
Chicago
20,834
20,913
20,969
20,995
1,118
1,127
1,130
1,123
8,762
8,770
8,791
8,851
1,119
1,121
1,126
1,142
1,739
1,737
1,737
1,734
2,760
2,837
2,876
2,874
937
939
923
893
5
4
6
5
918
921
903
874
9
9
9
9
175
180
178
171
25
25
27
24
61
61
63
60
15
14
14
14
13
12
11
11
3
3
2
2
6
5
6
5
29
39
36
36
5
4
5
5
2
1
1
1
3
3
2
2
2,079
2,074
2,0G6
2,064
149
148
148
148
889
884
879
880
146
146
145
147
219
218
218
218
69
68
67
67
48
48
49
48
219
219
216
213
60
62
62
62
32
32
32
32
366
366
367
360
43
45
44
44
178
178
177
171
21
21
21
21
5
3
3
3
7
7
7
7
5
5
5
5
30
30
31
31
12
12
12
11
1,137
1,145
1,143
1,142
85
85
85
85
243
245
245
241
67
67
67
67
186
190
190
190
21
21
21
21
21
21
21
21
65
65
65
65
38
38
38
38
78
71
67
65
4
3
3
3
42
36
31
29
3
3
3
3
5
5
5
5
1
1
1
1
10
10
10
10
7
7
7
3,352
3,350
3,329
3,304
278
283
284
286
1,259
1,266
1,257
1,251
171
172
171
167
175
174
174
174
105
105
102
102
145
144
141
140
354
357
356
351
116
113
112
111
8,516
8,576
8,651
8,655
360
357
355
349
3,545
3,541
3,587
3,606
297
297
295
305
811
817
814
285
294
297
296
181
180
180
182
1,570
1,635
1,670
1,070
1,135
1,149
1,162
1,172
18
19
18
18
415
423
430
443
100
103
109
112
74
'73
72
71
38
40
42
42
38
37
38
38
3,059
3,063
3,083
3,169
151
158
160
161
1,212
1,215
1,219
1,293
290
289
292
297
251
246
247
248
73
74
74
73
4,707
4,778
4,764
4,843
310
316
318
319
2,518
2,575
2,598
2,653
210
213
222
215
249
255
256
261
370
346
347
353
103
100
99
100
71
66
65
66
15
14
14
14
33
30
r
r
31
32
Chicago
2,137
2,133
2,128
2,119
7,900
7,906
7,940
8,000
2
2
2
2
909
912
893
866
2
2
2
2
11
11
9
9
58
59
61
58
24
34
31
31
43
43
44
44
41
40
40
40
164
166
166
165
735
730
728
729
150
150
149
148
10
10
10
10
28
28
29
29
2
2
2
2
25
25
26
26
175
174
173
168
15
15
15
15
5
6
6
6
15
15
15
15
22
22
21
21
369
370
369
369
127
128
128
127
16
16
15
16
5
5
5
5
I
1
1
2
1
42
36
31
28
6
6
6
6
126
125
124
123
130
128
128
126
129
126
125
123
364
357
355
350
1,121
1,127
1,118
1,111
258
261
260
256
231
233
234
227
150
150
151
144
229
218
217
216
150
151
148
146
707
704
700
700
3,315
3, 311
3, 368
3, 391
1,083
1,136
1,173
1,174
144
144
145
144
57
57
57
58
14
15
14
14
47
46
45
43
52
52
52
52
138
140
140
137
387
395
401
413
89
89
9C
90
77
77
76
74
338
337
346
353
100
99
98
98
43
43
44
44
120
120
119
120
48
48
49
48
356
357
359
360
1,031
1,034
1,039
1,109
239
238
246
250
110
109
116
116
60
63
63
68
691
667
627
647
102
110
112
124
67
68
70
68
113
115
113
113
85
86
82
79
192
201
187
180
2,431
2,490
2,509
2,561
534
508
463
479
17
15
16
17
10
9
9
10
62
58
58
59
12
11
11
11
5
5
5
5
12
11
12
12
10
9
10
9
20
18
17
18
56
53
52
53
37
36
36
36
601
612
612
610
522
518
517
514
626
625
625
617
382
382
382
374
1
1
1
1
••816
San New
Dal- Franlas
cisco York
622
608
606
602
446
443
439
435
2
2
2
2
1,880
1,945
1,985
1,986
132
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO—
Continued
[In millions of dollars]
City
Federal Reserve District
Total
Balances with
banks i:
Jan.8
Jan. 15
Jan. 22
Jan. 29
Boston
Rich- AtNew Philadel- CleveYork phia
land mond lanta
Min- KanChi- St. neapsas
cago Louis olis City
Dallas
San
Francisco
New
York
Chicago
domestic
Other assets—net:
Jan. 8
'2,284
2,366
2,328
2,366
142
139
134
131
167
174
175
168
218
173
172
170
205
214
210
216
144
144
141
134
147
154
155
148
424
412
411
399
120
124
121
118
'96
97
94
100
276
311
302
300
165
178
184
182
224
245
236
250
77
78
75
75
190183
183
173
1,316
80
82
81
81
531
547
542
543
85
85
86
83
111
111
111
111
38
37
38
38
41
41
41
41
110
111
111
115
25
24
25
25
19
18
18
19
25
24
24
24
28
28
28
28
223
229
226
228
463
478
473
473
77
77
77
80
927 '6,177
938 6,192
945 6,250
939 6,433
759
761
780
781
950
949
953
957
363
371
372
371
294
293
295
297
2,045
2,071
2,071
2,071
366
369
370
377
'265
262
258
257
432
447
443
440
322
329
328
326
773 '2 5,704
788 5,719
771 5,785
768 5,907
1,4091,416
1,417
1,416
300
300
299
300
'946
949
947
941
256
256
257
258
678
685
687
688
191
192
192
193
170
170
169
170
759
758
758
757
172
172
172
172
120
121
121
121
146
144
144
144
120
119
119
119
1,031
1,032
1,027
1,025
'544
543
541
535
416
415
414
15
14
10
10
227
227
187
187
44
43
38
38
55
55
49
49
33
33
29
27
33
33
30
30
130
129
120
118
11
11
8
8
8
8
7
16
16
14
14
27
27
24
23
103
103
94
94
197
197
162
162
9&
98
91
91
249
249
245
243
2,379
2,436
2,450
2, 433
300
305
302
304
312
317
312
316
207
205
211
208
192
197
200
193
740
750
757
761
245
251
253
248
114
117
119
117
364
373
366
363
184
188
191
184
258 2 2,314
265 2,370
254 2,383
251 2,368
538
559563
565
87
8
7
399
3
407
401
401
2
3
2
1
1
1
1
1
1
1
1
5
5
5
5
1,337
Jan. 15
1,331
Jan. 22
1,336
Jan. 29
Demand deposits—adjusted:
Jan. 8
'13,673
13,770
Jan 15
13,836
Jan. 22
14,017
Jan. 29
Time deposits:
'
4, 889
Jan. 8
.
4,898
Jan. 15
_
4,892
Jan. 22
_
4,888
Jan. 29
U. S. Government deposits:
702
Jan. 8
699
Jan. 15
611
Jan. 22
604
Jan. 29
Interbank deposits, domestic:
5,544
Jan. 8
5,653
Jan. 15
5,660
Jan. 22
5,621
Jan. 29
Interbank deposits, foreign:
428
Jan. 8
435
Jan. 15
430
Jan. 22
427
Jan. 29
Borrowings:
1
Jan. 8
2
Jan. 15
_
5
Jan. 22
2
Jan 29
Other liabilities:
773
Jan. 8
783
Jan.15
799
Jan. 22
829
Jan 29
Capital account:
Jan. 8
3,501
3,500
Jan. 15
3,506
Jan. 22
3,505
Jan. 29
1
2
4
2
1
1
1
1
1
1
9
10
10
9
1
398
406
400
400
4
4
4
4
2
25
26
26
25
322
321
326
338
19
17
17
18
13
12
15
14
29
29
31
29
7
8
7
7
31
37
35
45
9
9
9
9
5
5
5
6
2
2
2
2
5
5
5
5
306
312
321
331
310
309
313
326
27
34
31
41
229
230
229
230
1,598
1,599
1,599
1,596
222
222
223
328
328
328
329
87
87
88
87
83
83
83
83
337
335
336
337
82
82
82
82
56
56
57
57
88
87
88
88
75
75
76
76
316
316
317
317
1,460
1,461
1 463
1,464
224
222
223
223
' Revised.
i Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on Dec. 31,.
1935, was approximately $38,000,000 at all weekly reporting member banks.
« Prior to January 8, deposits standing to the credit of private banks were included by some banks in demand deposits, rather than in interbank
deposits; the amount so included on Dec. 31,1935, was approximately $80,000,000.
133
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
OTHER BANKING AND FINANCIAL STATISTICS
PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Total in
circulation i
End of month
$2
$1
$10
$20
$50
$100
$500
$1,000
Unassorted in
Treasury*
$10,000
and
Federal
Reserve
banks *
$5,000
W34—OctoberNovember.
December.
5,012
5,102
5,084
410
422
423
752
776
771
1,265
1,300
1,288
1,314
1,332
1,326
335
337
337
571
571
577
112
111
112
221
214
216
13
g
11
1935—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
4,940
5,024
5,048
5,028
5,087
5,114
5,063
5,172
5,220
5,245
5,374
5,404
401
407
410
411
420
419
415
424
433
435
448
460
740
755
754
749
760
760
755
778
788
787
815
815
1,240
1,275
1,285
1,266
1,290
1,296
1,273
1,324
1,334
1,337
1,380
1,373
1,293
1,314
1,309
1,300
1,309
1,309
1,289
1,313
1,321
1,329
1,354
1,359
340
341
340
343
349
344
347
349
354
356
358
571
575
578
580
588
598
596
598
603
610
617
627
111
112
113
116
115
116
116
116
118
119
120
122
214
217
221
230
225
225
231
233
232
233
234
239
13
15
9
8
11
5
4
11
12
11
5
&
i Total of amounts shown by denominations less unassorted amounts in Treasury and Federal Reserve banks
* Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed.
Back figures—Sea Annual Report for 1934 (table 50).
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
BANK DEBITS
[Debits to individual accounts. Amounts in millions of dollars]
BY SELECTED BANES IN NEW YORK CITY
[In thousands of dollars]
1935
1934
Month
January
February..
March
April
May
June
July
August
September.
October
November.
DecemberTotal
Shipments
to
Europe
Number
of centers December
1935
ShipReRements
ceipts
Net
ceipts
Net
to
from receipts
from receipts
Europe Europe
Europe
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
81
173
167
373
1,012
191
286
282
721
2,536
4,203
603
3,705
1,502
2,026
1,465
1,612
1,451
2,261
2,289
1,157
804
782
851
3,624
1,329
1,859
1,092
600
1,260
1,975
2,007
436
»~1,672
1-3,421
248
345
40,587
40,242
10,628
19,965
9,337
* Net shipments.
For description and back figures see BULLETIN for January 1932.
pp. 7-9, and for January 1934, p. 51.
New York City
Outside New York CityFederal Reserve districts:
Boston
New York
Philadelphia-Cleveland
Richmond
Atlanta
Chicago
St. Louis.,.
Minneapolis.
Kansas City
Dallas
•
San Francisco
Total
1
140
1934
November
December
17,684
15,542
' 16, 696
15,214
•• 15,597
2,005
18,337
1,687
1,900
665
841
5,115
918
602
1,021
641
2,640
1,947
16,110
1,460
1,656
618
737
1,728
15,780
1,497
1,661
598
781
4,329
885
567
931
553
' 2,446
3,903
796
537
884
529' 2,117
36,373
r 32,238
r 30, 811
' Revised.
Back figures—See Annual Report for 1934 (table 78).
134
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
BANES SUSPENDED AND NONLICENSED BANES PLACED IN LIQUIDATION OR RECEIVERSHIP
DURING 1935 AND JANUARY 1936
[Preliminary figures]
Nonlicensed banks placed in liquidation
or receivership»
Licensed banks suspended i
Number of banks
Year 1935
National banks
State bank members Nonmember insured banks
Other noniriernber bftpfrs.
Total
Year 1935
Deposits * (in thousands of dollars)
Number of banks
January
1936
Year 1935
January
1936
Year 1935
January
1936
22
8
None
None
None
None
3,847
998
None
None
None
None
<e
48
9
14,306
16,614
34
None
10,158
None
58
9
29,418
16,614
4
. -
-
January
1936
Deposits * (in thousands of dollars)
5,313
4
6,499
« 8,613
1
Includes banks placed on a restricted basis.
1
Includes 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 conservator3hip; 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 5 banks with deposits of $7,395,000 in 1935, which did not receive licenses following the banking holiday and withdrew from the Federal
Reserve System before being placed in liquidation.
Back figures.—See Annual Report for 1934 (tables 79-84).
POSTAL SAVINGS SYSTEM
[In millions of dollars]
MATURITY DISTRIBUTION OF BILLS AND
SECURITIES HELD BY RESERVE BANKS
[In thousands of dollars]
Assets
Total
U. S. Government
securities
End of month
B i l l s
26 to 31 to 60 61 to 90 91 days Over 6
30
to 6
days days days mos. months
d i s -
counted:
Jan. 8
Jan.15
Jan. 22
Jan. 29
Bills bought in
o p e n market:
1934—September
83
114
574
451
1,193
565
1,222
Jan. 8
October
97
114
561
571
457
1,199
1,229
Jan.15
November
104
114
551
581
467
1,204
1,236
Jan.22
December
100
130
540
597
467
1,237
1,207
Jan. 29__~__
1935—January
109 Industrial ad147
509
614
467
1,201
1,232
February
113
vances:
166
491
467
1,205
1,237
March
Jan. 8
63
508
183
478
1,232
1,203
Jan. 15
April
_ 1,200 1,231
539
94
146
452
685
Jan. 22
May
562
1,237
116
147
412
709
1,205
Jan. 29
630
June
1,236
74
147
385
777
1,205
630
1,221
July____
80 U. S. Govern147
364
777
1,189
ment securi633
1,224
August
96
147
348
780
1,192
ties:
658
1,224
September
100
147
319
805
1,192
Jan. 8
677
1,230
October
100
147
306
824
1,196
Jan.15
November
»1,199
Jan. 22
December
1,201
Jan. 29
Other securities:
v Preliminary.
Jan. 8
* Includes working cash with postmasters, 5-percent reserve fund and
Jan. 15-_
miscellaneous working funds with the Treasurer of the United States,
Jan. 22
accrued interest on bond investments, and accounts due from late postJan. 29.11masters.
Back figuret.See BULLETIN for August 1935,p. 50&
Within 15
days
5,381
5,352
6,420
7,065
3,028
3,094
4,049
4,789
27
55
71
132
203
174
927
1,398
1,858
1,795
1,221
585
4,656
4,657
4,657
4,670
656 1,151
2,376
671
552
2,699
322
651
597
681
444
1, 271
2,252
929
962
2,426
382
253
277
586
886
914
774
494
29,675 27,605
25, 425 37,318
27,605 36,013
37, 317 31, 025
71, 643
70,320
108,925
110, 710
32,014
32, 239
32, 210
32,148
2,430, 239
2,430, 243
2, 430, 264
2, 430,263
181
181
181
181
1,582
1,620
1,759
1,632
257
224
142
148
8
10
10
13
788
699
717
685
1,327
1,434
1,433
1,463
27,049
27,319
27,250
27,288
104,069
78, 579
183, 785
178,275
372,937
391,421
238,041
245, 316
1,824,310
1,827,180
1,835,895
1, 827,620
181
181
181
181
135
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics. 1926=100]
Other commodities
Year, month, or week
AH
commodi-
Farm
products
Foods
Total
Hides and Textile Fuel and Metals Building Chemi- Houseleather
cals and furnishlighting and metal
products products materials products materials drags ing goods
Miscellaneous
1929
1930
1931
1932
1933
1934
1935
95.3
86.4
73.0
64.8
65.9
74.9
80.0
104.9
88.3
64.8
48.2
51.4
65.3
78.8
90.5
74.6
61.0
60.5
70.5
83.7
91.6
85.2
75.0
70.2
71.2
78.4
77.9
109.1
100.0
86.1
72.9
80.9
86.6
89.6
90.4
80.3
66.3
54.9
64.8
72.9
70.9
83.0
78.5
67.5
70.3
66.3
73.3
73.5
100.5
92.1
84.5
80.2
79.8
86.9
86.4
95.4
89.9
79.2
71.4
77.0
86.2
85.3
94.2
89.1
79.3
73.5
72.6
75.9
80.5
94.3
92.7
84.9
75.1
75.8
81.5
80.6
82.6
77.7
69.8
64.4
62.5
69.7
1035—January
February
March
April
May
June
July..
August
September.
October
November.
December. _
78.8
79.5
79.4
80.1
80.2
79.8
79.4
80.5
80.7
80.5
80.6
80.9
77.6
79.1
78.3
80.4
80.6
78.3
77.1
79.3
79.5
78.2
77.5
78.3
79.9
82.7
81.9
84.5
84.1
82.8
82.1
84.9
86.1
85.0
85.1
85.7
77.7
77.4
77.3
77.2
77.6
78.0
78.0
77.9
77.8
78.3
78.8
78.7
86.2
86.0
85.4
86.3
88.3
88.9
89.3
89.6
90.9
93.6
95.0
95.4
70.3
70.1
69.4
69.2
69.4
70.1
70.2
70.9
71.8
72.9
73.4
73.2
72.9
72.6
73.0
72.8
73.1
74.2
74.7
74.1
73.0
73.4
74.5
74.6
85.8
85.8
85.7
85.9
86.6
86.9
86.4
86.6
86.6
86.5
86.9
86.8
84.9
85.0
84.9
84.6
84.8
85.3
85.2
85.4
85.9
86.1
85.8
85.5
79.3
80.4
81.5
81.0
81.2
80.7
78.7
78.6
80.2
81.1
81.2
80.6
81.2
80.7
80.7
80.7
80.6
80.5
80.4
80.5
80.5
80.6
81.0
81.0
70.7
70.1
69.2
68.7
68.7
68.4
67.7
67.3
67.1
67.5
67.4
67.5
Week ending—
1935—Oct. 5 Oct. 12.
Oct. 19.
Oct. 26.
Nov. 2.
Nov. 9.
Nov. 16
Nov. 23
Nov. 30
Dec. 7__
Dec. 14.
Dec. 21.
Dec. 28.
80.5
80.7
80.7
80.3
79.8
80.1
80.4
80.6
80.8
80.9
80.8
80.4
80.6
79.5
80.1
79.5
78.6
77.4
77.5
77.8
78.2
78.5
79.1
79.2
77.3
78.4
85.3
85.7
85.6
84.8
83.8
84.1
84.9
85.8
85.9
86.4
85.8
85.3
85.3
78.3
78.2
78.4
78.4
78.4
78.9
79.0
79.0
79.0
78.9
78.9
78.8
78.8
92.5
93.8
94.4
95.1
95.1
95.6
95.8
95.7
95.5
94.8
95.4
96.2
96.4
71.7
72.1
72.5
72.8
72.7
72.8
73.0
73.1
72.9
72.9
72.8
72.7
72.8
74.6
74.1
74.2
74.3
74.3
75.5
75.6
75.7
75.9
75.9
75.7
75.7
75.6
86.3
85.8
85.9
85.9
85.9
86.2
86.3
86.4
86.3
86.4
86.3
86.2
85.9
86.1
86.1
86.2
85.9
85.6
85.7
86.0
85.8
85.4
85.4
85.3
85.2
85.1
80.2
80.7
81.1
81.3
81.1
81.1
81.1
80.9
81.0
80.7
80.5
80.2
80.0
81.8
81.8
81.8
81.9
82.0
82.1
82.1
82.1
82.1
82.2
82.2
82.2
82.2
67.2
67.5
67.6
67.4
67.5
67.4
67.4
67.4
67.5
67.4
67.4
67.5
67.5
1936—Jan. 4 . .
Jan. 11.
Jan.18.
Jan. 25.
80.5
80.2
80.2
79.3
78.3
78.1
78.1
85.8
84.6
82.9
82.7
78.8
78.8
78.9
79.0
96.6
97.7
97.8
97.7
72.9
72.4
71.0
70.8
75.5
75.4
7fi.4
77.0
85.9
86.0
86.0
86.1
85.2
85.2
85.2
85.3
80.1
80.2
80.3
80.6
82.2
82.4
82.2
82.3
67.5
67.8
67.8
67.8
Annual
index
1934
FOODS:
Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats
_
Other foods
HIDES AND LEATHER PRODUCTS:
Boots and shoes
_
Hides and skins
Leather
Other leather products
TEXTILE PRODUCTS:
Clothing
Cotton goods
Knit goods...
Silk and rayon
Woolen and worsted goods
Other textile products
F E U L AND LIGHTING MATERIALS:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
1934
1935
Subgroups
1934
1935
Dec. Nov. Dec,
74.5
51.5
70.5
82.5
85.1
73.4
91.5
57.2
75.1
77.9
83.1
73 5
76.6
87.4
72.8
72.7
88.7
67.5
62.9
66.6
79.6
94.1 92.2
63. 6 62.4
94.5 69.0
77.7 74.3
83.7
97.2
63.7
97.5
77.5
98.1
68.6
75.0
86.6
98.0
80.8
80.1
85.0
97.2
67.4
71.8
85.7
81.1
97.2
63.2
94.3
80.8
99.6
96.0
88.1
86.3
100.1
96.5
87.6
87.1
82.5
86.5
63.2
26.7
79.7
73.1
79.8
83.4
61.8
30.2
76.1
68.5
78.4
84.3
61.9
27.1
74.0
68.6
80.7
85.8
63.2
35.0
80.7
68.5
81.0
86.0
62.2
33.7
81.0
68.1
80.1
94.5
84.8
91.8
93.4
50.5
79.7
96.7
82.3
96.5
85.6
93.1
89.3
49.8
830
98.5
88.9
86.2
86.6
52.5
82.9
98.7
89.6
FARM PRODUCTS:
Grains
_
Livestock and poultry
Other farm products-.
Annual
index
J935
Subgroups
1934
1935
Dec. Nov. Dec.
86.7
95.9
67.7
93.7
86.7
63.9
68.6
92.7
85.6
94.6
67.5
94.6
87.0
93.8
71.3
93.6
70.6
90.2
93.2
84.5
79.5
72.6
90.8
90.3
89.4
95.3
81.1
79.8
68.9
92.0
90.1
91.2
93.9
81.2
78.8
68.8
92.0
89.8
88.3
95.5
81.8
80.3
71.1
92.0
90.6
95.5
81.5
80.0
71.1
92.0
90.0
79.6
72.1
67.1
72.5
86.9
73.9
66.3
70.6
82.2
73.4
65.3
73.7
88.4
74.7
67.5
67.6
87.7
74.7
64.5
67.7
84.1
79.0
84.2
77.0
84.2
78.2
84.2
77.1
84.7
77.1
44.9
89.4
82.7
26.5
82.1
45.7 47.5
88.3 123.1
80.0 81.5
25.4 26.4
80.0 80.7
45.0
69.1
79.4
27.1
80.2
45.0
70.8
79.2
27.2
80.2
METALS AND METAL PRODUCTS:
51.3
Agricultural implements
Iron and steel.
Motor vehicles
Nonferrous metals
BUILDING MATERIALS:
Brick and tile
Cement
Lumber
Paint materials
Plumbing and heating
Structural steel
Other building materials
CHEMICALS AND DRUGS:
Chemicals
_
Drugs and Pharmaceuticals.
Fertilizer materials
Mixed fertilizers
HOUSEFURNISHING GOODS:
Furnishings
Furniture
MISCELLANEOUS:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
_.
52.8
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1934 (table 100); indexes of subgroups available at Bureau
of Labor Statistics. For weekly indexes covering 1934, see Annual Report for 1934 (table 101).
136
FEDEKAL RESEBVE BULLETIN
FEBRUARY 1936
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average -1001
1935
1934
Industry
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
85
90
88
86
86
84
84
86
88
91
95
98
»104
65
34
68
80
72
55
73
67
66
56
67
66
53
67
69
53
70
81
49
83
80
57
83
60
83
84
02
86
88
65
90
96
69
99
103
71
106
97
92
85
97
92
41
140
103
98
102
116
110
52
119
100
95
97
97
116
65
122
98
90
95
102
99
71
135
102
85
124
153
99
80
111
100
82
122
148
107
71
116
105
82
128
156
108
76
133
104
85
132
160
110
83
113
106
95
112
127
108
74
134
113
99
126
146
121
78
132
106
98
118
134
118
72
112
111
110
131
92
80
117
102
107
79
146
130
139
87
'106
'92
83
54
120
132
133
86
'136
81
76
56
101
109
131
90
86
77
73
51
98
112
151
88
75
80
77
58
96
113
157
88
80
78
74
54
94
108
161
83
88
74
67
44
92
106
151
91
75
74
69
46
93
115
154
80
83
76
76
50
107
119
159
73
78
78
76
50
107
124
144
82
81
83
82
57
111
117
154
88
78
82
79
'54
107
118
148
86
86
80
54
110
126
145
84
66
118
61
121
61
122
59
123
59
119
64
121
63
124
60
118
58
120
62
127
61
124
64
125
63
88
9
18
104
8
27
103
8
68
106
8
89
110
9
91
86
14
56
100
10
21
95
3
15
78
2
35
71
1
64
94
1
48
115
3
119
126
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
93
88
120
123
113
100
98
87
119
121
103
97
90
104
106
107
107
95
'88
86
121
115
104
93
91
114
111
103
94
90
83
115
109
104
97
'98
'74
119
109
109
105
106
84
124
r
Ul
124
104
103
95
118
137
45
140
42
174
45
166
47
183
51
185
55
155
58
162
52
169
44
167
47
179
52
193
'59
200
59
269
80
78
73
81
97
84
73
85
91
92
92
80
81
Petroleum refining..
Gasoline l .
Kerosene
Fuel oil i
Lubricating oil 1
Coke, byproduct
154
194
89
103
98
76
151
191
99
99
91
88
155
196
105
102
94
95
153
191
108
101
94
90
153
194
91
96
100
87
160
204
94
104
100
89
166
214
99
105
97
87
168
220
91
100
92
84
169
219
93
103
100
91
172
223
92
110
102
95
176
227
95
110
103
97
176
225
94
115
106
100
173
220
86
121
104
106
RUBBER TIRES AND TUBES
133
139
91
115
119
82
101
104
76
93
96
68
88
91
66
75
78
56
79
82
55
83
86
60
92
96
62
102
105
80
104
106
84
133
137
102
TOBACCO PRODUCTS..
143
76
196
136
72
186
133
69
183
130
67
180
138
67
193
134
66
186
138
67
193
140
70
196
130
67
178
129
69
175
138
70
190
137
69
191
147
73
205
Minerals—Total
90
94
96
97
89
98
84
81
87
93
92
101
72
72
123
74
76
131
81
67
132
87
54
132
60
69
130
70
48
50
73
74
55
50
75
58
49
79
97
133
53
79
55
55
62
134
50
80
59
73
58
36
133
54
81
60
59
58
65
135
62
84
59
71
74
48
140
62
80
68
75
71
48
144
44
82
67
68
77
71
146
74
69
71
131
53
73
63
51
Manufactures—Total
IRON AND STEEL
Pig iron
Steel ingots...
..
_ .
._
TEXTILES
Cotton consumption
.
Wool
Consumption
1
Machinery activity
.
Carpet and rug loom activity l
Silk deliveries
*.
.
.
.
FOOD PRODUCTS..
Slaughtering and meat packing
Hogs
Cattle. . . .
Calves
Sheep
Wheat flour
Sugar meltings . . .
—
. . .
53
69
98
84
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
CEMENT AND GLASS:
Cement
Glass, plate.
.
. .
.
.....
'77
108
113
125
122
65
119
83
92
NONFERROUS METALS: *
Tin deliveries i
FUELS, MANUFACTURED:
Tires, pneumatic
Inner tubes
._
_
Cigars
Cigarettes- '
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver
. . .
60
53
50
65
87-
47
84
70
.68
* Without seasonal adjustment.
Preliminary.
i Includes also lead and zinc; see "Minerals."
'Revised
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical
wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
137
FEDERAL KESERVE BULLETIN
FEBRUARY 1936
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average-100]
Annual index
1934
1935
Industry
1935
Dec,
76
87
60
44
62
79
59
81
57
34
59
77
49
80
85
88
65
67
71
104
91
114
131
109
92
84
86
98
92
48
113
72
122
41
125
99
79
103
110
88
139
150
146
87
79
76
52
103
116
149
85
84
123
104
153
124
136
83
'60
64
116
61
*»123
69
5
50
Apr.
May
June
July
Aug.
Sept.
Oct.
Manufactures—Total_._
IEON AND STEEL.
91
91
01
87
84
83
87
89
96
98
84
58
87
SI
58
83
74
56
76
72
57
73
66
53
87
64
50
66
79
58
81
83
60
85
85
65
87
Pig iron
Steel ingots
89
70
91
TEXTILES
Cotton consumption
Wool
Consumption
Machinery activity
Carpet and rug loom
activity
._
Silk deliveries
108
102
104
119
110
105
101
101
105
116
100
94
96
104
99
100
90
108
127
92
101
88
117
141
99
95
79
114
133
107
97
75
119
139
108
99
126
149
110
106
92
115
133
108
116
102
134
161
121
111
101
124
146
118
52
136
65
130
71
130
80
116
80
110
71
103
76
126
83
117
74
141
78
132
72
116
65
106
FOOD PRODUCTS
Slaughtering and meat
packing
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings >. >. . . .
91
79
75
76
78
73
74
74
81
86
86
82
94
72
121
123
134
84
'89
75
62
89
101
123
87
84
69
51
86
114
137
83
88
69
52
85
123
148
80
93
72
52
91
122
158
78
99
66
45
86
110
147
80
89
66
41
92
111
154
77
102
68
38
104
109
160
78
88
74
37
119
119
168
97
86
84
49
129
123
170
99
74
87
60
123
120
146
93
67
91
71
115
120
142
81
52
66
121
62
116
61
121
59
128
60
127
65
124
64
123
58
105
56
107
62
125
61
132
63
134
63
101
6
58
48
10
14
86
7
19
111
g
48
130
g
69
141
108
71
100
3
22
69
2
51
29
1
64
78
1
35
125
4
105
126
88
114
10
27
100
88
85
76
107
108
109
97
94
87
115
117
89
90
90
82
97
88
99
100
103
110
100
100
84
116
117
111
94
92
80
115
122
111
96
93
79
119
121
104
95
93
83
110
110
99
95
89
100
106
102
106
95
86
100
113
113
115
95
90
3
111
128
118
100
94
96
121
130
114
103
'101
'87
124
121
105
103
104
80
122
'105
105
102
100
81
127
108
52
94
51
181
35
105
25
155
27
179
34
199
50
205
65
169
71
165
63
168
57
169
59
181
59
193
58
192
202
66
84
80
78
73
81
97
84
73
85
91
92
92
80
81
151
191
91
100
93
83
164
210
95
105
98
92
155
194
96
103
98
77
151
191
101
99
91
89
156
196
107
102
94
98
153
191
105
101
94
92
153
194
90
96
100
87
160
204
90
104
100
89
166
214
92
105
97
85
167
220
85
100
92
81
169
219
88
103
100
88
173
223
94
110
102
93
176
227
100
110
103
97
176
225
101
115
106
102
174
220
93
121
104
107
92
96
66
106
110
75
110
114
80
102
105
74
103
107
76
96
99
68
95
99
65
81
84
57
91
94
68
97
99
80
91
93
76
99
103
75
115
57
161
128
55
182
121
60
166
124
61
171
127
63
175
136
68
188
150
73
212
152
73
215
139
70
192
143
79
193
148
85
200
140
82
189
119
55
168
85
91
92
90
79
88
97
84
85
92
100
95
96
76
82
82
126
85
72
129
87
45
130
51
50
51
137
102
78
56
55
78
57
49
80
50
143
37
82
70
73
82
69
142
79
52
70
57
36
136
109
75
67
59
82
62
141
75
49
50
71
85
136
105
76
56
46
61
72
130
60
71
132
80
73
62
60
78
Jan.
r
Feb.
Nov. Dec.
Mar.
1934
77
90
69
92
105
100
114
126
122
PAPER AND PRINTING:
Newsprint production
Newsprint consumption
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shinbuildin0"
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers..
Goat and kid leathers__
Boots and shoes
92
94
80
g
13
CEMENT AND GLASS:
Cement .
Glass, plate...
46
NONFERROUS METALS: [
Tin deliveries
FUELS, MANUFACTURED:
Petroleum refining
Gasoline..
Kerosene
Fuel oil..
Lubricating oil
Coke, byproduct
_
RUBBER TIRES AND T U B E S . . . .
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
„
Cigarettes
.
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver.. ._
_
92
96
69
128
67
175
86
69
71
123
43
66
57
42
135
69
187
91
70
63
135
54
78
59
60
'70
120
70
60
54
75
57
62
65
139
119
79
56
68
105
78
70
74
86
70
68
9 Preliminary.
'Revised.
i Includes also lead and zinc; see "Minerals."
NOTB.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-537. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical
wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
138
FEDERAL RESERVE BULLETIN
FEBRUARY 1936
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory employment
Factory pay rolls
Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry and group
1934
1935
1935
1934
1935
Decem- I Novem-
December
November
December
December
November
December
ber
1934
ber
December
84.6
84.9
'78.1
85.6
84.8
'79.0
76.6
74.5
63.2
76.6
77.0
52.8
80.9
57.6
57.0
99.8
56.6
92.9
144.4
76.8
76.2
51.2
80.9
56.8
'58.7
108.5
58.6
95.3
138.4
66.6
66.9
48.5
76.6
50.4
48.6
86.1
57.6
85.5
126.1
77.9
78.3
54.1
80.3
57.1
59.3
102.0
57.1
96.6
145.7
77.1
77.1
52.1
79.0
56.6
59.3
102.4
58.4
99.6
138.1
67.7
68.0
49.7
76.1
50.0
50.6
88.0
58.1
88.9
127.2
68.8
72.0
34.1
71.2
57.4
40.7
80.7
45.0
91.5
145.7
65.1
66.4
30.4
67.9
55.7
41.4
86.0
44.7
91.5
135.5
47.6
46.5
27.4
57.6
41.1
31.4
61.1
39.2
79.6
107.2
MACHINERYI
93.1
128.9
74.0
105.3
79.0
101. 5
230.0
68.0
93.8
123.8
75.4
103.0
77.6
100.1
271.6
66.0
78.5
83.8
65.6
76.7
66.8
72.2
207.9
62.5
93.9
129.3
74.0
107.7
80.9
100.4
225.4
67.7
93.0
127.8
75.4
105.2
79.1
100.7
222.3
67.3
79.2
84.1
65.6
78.4
68.4
71.4
203.8
62.3
80.7
155.2
65.1
79.0
68.5
96.0
143.7
61.1
78.9
145.0
64.6
76.1
65.3
90.2
179.8
54.4
60.2
91.2
52.2
52.7
49.7
56.4
132.0
50.9
TRANSPORTATION EQUIPMENT 1
103.4
118.2
50.1
22.8
82.9
101.0
115.5
45.9
22.8
82.3
78.4
88.9
34.0
36.5
68.5
111.1
128.1
54.6
23.0
82.9
109.0
125.1
50.9
23.7
85.6
84.4
96.6
37.0
36.9
68.5
104.4
118.8
55.2
10.6
77.2
101.5
116.7
47.4
10.1
72.5
67. G
76.4
31.5
16.6
55. a
55.8
64.8
55.1
55.7
65.1
55.0
52.0
65.5
51.0
55.9
64.8
55.2
55.8
65.1
55.2
52.1
65.5
51.1
57.1
61.8
56.9
54.5
59.3
54.2
44.4
58.4
43.5
92.3
88.5
86.9
71.3
89.7
117.0
93.1
89.0
86.9
73.0
88.0
116.2
'79.2
74.0
69.8
70.7
74.7
'97.8
91.4
89.1
84.8
68.1
89.0
118.3
'91.9
90.0
83.2
69.5
88.8
116.3
'78.4
74.5
68.1
67.5
74.1
79.4
73.4
84.7
58.7
65.9
102.8
78.5
72.9
83.5
60.5
61.9
101.0
'61.8
55.6
60.1
55.6
46. &
'77.6
LUMBER AND PRODUCTS »_.
54.5
74.8
46.9
35.1
56.0
77.0
48.7
36.0
47.8
65.0
36.7
31.6
54.5
72.4
47.6
35.8
54.4
71.6
48.7
'35.7
47.8
62.9
37.3
32.2
44.3
68.4
39.0
25.9
45.0
59.3
39.6
26.5
33.3
45.9
24.6
20.0
STONE, CLAY, AND GLASS PRODUCTS I .
Brick, tile, and terra cotta__
Cement
Glass..
Pottery.
55.2
33.9
45.0
97.8
69.1
56.4
34.6
49.6
98.4
70.0
50.1
28.0
41.6
87.4
70.6
56.4
35.8
47.4
98.2
68.9
56.1
34.7
49.2
97.2
69.9
51.2
29.5
43.9
87.8
70.4
44.6
23.3
31.1
94.2
55.9
43.9
23.4
33.3
91.2
54.6
34.4
15. a
24.1
71.9
50.0
TEXTILES AND PRODUCTS 1
96.9
96.4
82.3
92.2
111.0
115.2
74.0
102.4
93.8
89.4
120.4
49.3
105.6
97.0
96.1
82.6
90.6
111.7
117.6
72.5
103.1
94.8
88.9
121.9
50.1
109.8
92.8
94.0
63.8
96.0
114.8
110.4
76.3
85.6
86.0
79.1
111.6
55.9
90.5
96.2
94.7
80.6
90.7
109.1
113.1
73.9
99.0
95.3
91.7
123.7
52.3
102.6
96.2
94.4
81.5
89.3
110.4
115.0
72.6
99.2
96.0
90.8
125.7
53.9
104.4
92.1
92.4
62.4
94.4
112.9
108.3
76.1
82.8
87.4
80.9
114.7
59.3
87.9
81.9
85.3
73.5
81.2
93.5
113.0
63.9
84.3
70.5
67.1
84.0
36.3
103.7
79.7
82.6
70.5
76.8
88.2
120.0
60.9
79.4
69.2
64.4
81.3
34.9
111.3
75.3
80.2
51.0
81.2
99.6
109.2
64.9
66.6
61.3
52.6
77.6
44.1
79.7
LEATHER AND PRODUCTS.
86.3
82.3
84.8
90.3
88.0
100.0
84.1
80.2
99.6
88.9
88.1
92.3
75.4
66.7
103.7
66.6
56.1
101.4
69.1
63.7
86.5
Total.
IRON AND STEEL AND PRODUCTS l
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 productsMachine tools
Radios and phonographs
Textile machinery
_
Automobiles
_
Cars, electric and steam railroad..
Locomotives
Shipbuilding
_
RAILROAD REPAIR SHOPS..
Electric railroads
Steam railroads
NONFERROUS METALS AND PRODUCTS »..
Brass, bronze, and copper
Lighting equipment
Silverware and plated ware.
Smelting and refining
Stamped and enameled ware
Furniture
Lumber, millwork
Lumber, sawmills
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
._.
Boots and shoes
82.8
77.8
82.9
Leather
100.4
92.7
100.3
1
r Includes current statistics for one or more industries not shown separately.
Revised.
139
FEDERAL RESERVE BULLETIN
FlBBUAB? 1936
FACTORY EMPLOYMENT AND PAY ROLLS BY INDUSTRIES—Continued
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory employment
Factory pay rolls
Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry and group
1934
1935
FOOD PRODUCTS 1
.
_
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 _ . _
P A P E R AND P R I N T I N G . . .
Boxes, paper
Paper and pulp
Book and job printing
._
Printing, newspapers and periodicals
CHEMICALS AND PETROLEUM PRODUCTS
1
A. Chemical group, except petroleum *
Chemicals
Druggists' preparations
Explosives _ _ _
__
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
B. Petroleum refining
R U B B E R PRODUCTS
l
Rubber boots and shoes
Rubber tires and inner tubes
1
1934
1935
1934
1935
December
November
December
December
November
December
December
November
96.2
112.4
68.5
61.7
86.6
73.2
59.8
84.3
77.6
99.7
113.6
70.1
76.1
85.2
75.8
61.5
82.8
76.8
99.6
112.4
71.1
102.8
' 78.5
73.4
68.4
80.7
80.7
97.4
111.8
70.7
86.4
74.1
74.5
68.2
82.0
75.6
107.9
115.4
75.1
115.0
82.8
77.5
69.9
101.1
91.2
90.1
99.4
55.0
73.0
81.3
64.5
51.1
79.7
70.7
91.5
99 7
54.4
84.3
73.7
67.7
51.2
77.7
62.4
92.9
98 7
53.0
72.5
82.8
63.6
49.1
98.4
72.5
58.2
66.8
57.1
58.0
65.6
57.0
57.0
66.0
55.8
61.6
70.2
60.4
49.9
67.4
47.7
97.5
88.5
107.4
89.3
100.4
98.0
86.8
110.0
89.0
100.6
97.4
87 0
109.0
88.6
99.9
95.8
84 9
107.4
87.1
98.6
49. 6
66.9
47.4
91.8
87.6
94.4
84.7
96.8
48.9
63.7
47.0
99.7
90.4
110.0
91.2
102.4
59.7
66.2
58.8
98.7
92.9
109.0
89.1
101.2
103.8
115.4
72.3
69.0
91.3
77.2
61.0
105.5
87.7
61.9
71.5
60.6
88.0
89 1
91.7
78.4
93.1
86.3
82 7
83.5
80.1
94.2
111.1
111.4
108.8
98.8
86.7
84.5
107.9
357.9
97.3
109.6
' 112.4
' 112. 9
109.5
100.3
89.9
83.9
109.3
356.1
103.7
' 110.3
108.8
108.3
103.9
102.8
90. 6
99.5
99.5
329.5
99.6
110.8
110.3
110.1
106. 6
97.3
84.3
94.2
109.7
357.9
96.6
110.9
' 110.8
110. 6
107.2
96.8
87.3
92.6
110.2
356.1
101.0
'111.4
108.1
107.1
101.8
101.3
88.0
110.9
101.1
329. 5
98.9
112.1
100.8
99.8
102.1
97.2
76.2
75.2
93.7
268.0
94.6
104.0
'99.1
'99.2
101.9
94.7
80. 2
72.5
94.0
263.3
98.3
'98.8
91.7
89.9
90.0
94.8
70.7
75.5
78.1
240.1
90.7
97.8
83.0
60.1
70.5
'82.7
58.5
'69.8
'80.2
'59.3
71.9
83.4
55.9
72.9
83.0
53.9
'72.1
'80 7
'55.2
74.4
74.5
56.6
63.8
' 70.3
50.1
'59.9
66.0
52.1
60.0
December
Includes current statistics for one or more industries not shown separately.
' Revised.
NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics.
For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted indjsx of factory
employment compiled by the F. R. Board of Governors, see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888. Underlying figures
are for pay-roll period ending nearest middle of month. December 1935 figures are preliminary, subject to revision.
140
FEDERAL RESERVE BULLETIN
FEBRUARY 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
Factories
Commercial
Public works
and public
utilities
Educational
1934
1934
1934
Month
January.....
February.
March
.
April
May
Juno
July
August
September
October
November
1935
1934
1935
1935
1935
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
159.3
168.6
167.4
200.6
188.1
264.1
15.1
14.5
28.1
22.6
24.8
26.6
19.8
18.6
17.9
26.3
19.9
14.6
22.4
16.6
32.2
42.2
44.9
49.8
48.4
40.5
41.8
55.1
39.7
45.1
10.7
7.1
7.8
6.5
6.3
9.8
9.5
14.6
10.6
6.0
12.0
8.9
9.9
9.4
7.6
10.8
13.0
11.9
24.6
11.9
12.9
13.5
13.1
13.5
11.0
8.2
12.2
15.2
13.9
16.0
15.8
17.3
13.6
16.6
12.8
12.0
113.7
63.2
92.9
69.9
56.8
57.4
39.1
50.6
50.0
65.2
52.3
50.1
44.4
27.8
46.3
40.5
31.4
39.1
63.9
69.5
76.1
86.3
80.3
94.5
19.6
15.9
8.3
8.3
8.7
25.7
10.0
6.1
8.5
4.6
5.1
1,543.1
1,844.5
248.8
478.8
116.1
108.9
150.6
164.5
751.2
690.2
- -
Year
1934
1934
4.2
CONSTRUCTION CONTRACTS AWARDED,
BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the
F . \V. Dodge Corporation. Value of contracts in thousands of dollars]
9.2
All other
1934
1935
8.5
10.4
9.7
7.8
12.2
12.5
9.0
8.6
5.0
10.4
8.3
9.0
17.7
9.2
8.7
4.3
9.2
24.7
62.6
17.9
11.8
19.6
9.8
9.5
12.8
14.4
14.7
10.6
12.7
15.3
9.8
117.5
173.5
158.9
5.4
8.8
3.7
5.8
Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis__
Minneapolis
Kansas City
Dallas
_
_
Total (11 districts)
' Revised.
23, 323
45,700
17, 772
21, 322
29, 285
20, 394
53,155
19,484
10, 702
15, 072
7,928
264,137
7.9
[Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars]
Liabilities
1934
Federal Reserve district
December
11.4
15.4
11.5
17.7
16.8
17.4
21.9
25.6
21.3
21.7
40.1
228.7
COMMERCIAL FAILURES, BY DISTRICTS
Number
1935
1935
November
December
13, 964
42, 036
9,783
14,265
16,417
19, 051
29, 211
' 15, 722
6,538
' 11, 066
r 10, 062
7,928
15,286
6,009
6,671
13, 699
5,709
17, 616
5,088
4,018
5,458
5,203
188,115
92, 685
Federal Reserve
district
1935
1934
1935
1934
DeDeNoNoDeDecember vember cember cember vember cember
Boston
New York
Philadelphia
Cleveland
..
Richmond
Atlanta
_ _ __
Chicago
St. Louis
Minneapolis
Kansas City
Dallas .
__ _
San Francisco
Total
103
87
120
353
54
59
44
29
86
33
20
44
15
100
358
46
70
34
33
87
34
11
21
30
116
297
39
61
45
32
115
45
23
51
21
114
940
927
963
1 225 1,709
7,564 11,861
731
903
888
1,069
547
261
192
1,198
1,745
2,021
341
403
370
687
114
362
314
193
1,212
1,557
1,612
5,615
769
729
667
1,072
4,213
506
181
755
554
3,240
20, 023
19,911
17,443
FEDERAL RESERVE DISTRICTS
"MINNEAPOLISJ
— BOUNDARIES OF FEDERAL RESERVE DISTRICTS
-—BOUNDARIES OF FEDERAL RESERVE. BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
O
@FedFRASER