Full text of Federal Reserve Bulletin : January 1935
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FEDERAL RESERVE
BULLETIN
JANUARY 1935
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banking Developments
National Summary of Business Conditions
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1935
FEDERAL RESERVE BOARD
Ex officio members:
MARRINER S. ECCLES, Governor.
J. J. THOMAS, Vice Governor.
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury, Chairman.
J. F. T. O'CONNOR,
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
Comptroller of the Currency.
GEORGE R. JAMES.
M . S. SZYMCZAK.
LAWRENCE CLAYTON, Assistant to the Governor.
CHESTER MORRILL, Secretary.
J. C. NOELL, Assistant Secretary.
L. P. BETHEA, Assistant Secretary.
S. R. CARPENTER, Assistant Secretary.
WALTER WYATT, General Counsel.
GEORGE B. VEST, Assistant Counsel.
LEO H. PAULGER, ChiefJ Division of Examinations.
FRANK J. DRINNEN, Federal Reserve Examiner,
E. A. GOLDENWEISER, Directory Division of Research
and Statistics.
LAUCHLIN CURRIE, Assistant Directory Division of
Research and Statistics.
WOODLIEF THOMAS, Assistant Directory Division of
Research and Statistics.
CARL E. PARRY, Chieff Division of Security Loans.
PHILIP E. BRADLEY, Assistant Chiefy Division of Security
Loans.
E. L. SMEAD, ChiefJ Division of Bank Operations.
J. R. VAN FOSSEN, Assistant Chief', Division of Bank
Operations.
0. E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.
FEDERAL ADVISORY COUNCIL
District no. 1 (BOSTON)
District no. 2 ( N E W YORK)
THOMAS M. STEELE.
JAMES H. PERKINS.
District no. 3 (PHILADELPHIA)
HOWARD A. LOEB, Vice President.
District
District
District
District
District
District
District
District
District
ARTHUR E. BRAUN.
CHARLES M. GOHEN.
H. LANE YOUNG.
SOLOMON A. SMITH.
WALTER W. SMITH, President.
THEODORE WOLD.
W. T. KEMPER.
JOSEPH H. FROST.
M. A. ARNOLD.
no.
no.
no.
no.
no.
no.
no.
no.
no.
4 (CLEVELAND)
5 (RICHMOND)
6 (ATLANTA)
7 (CHICAGO)
8 (ST. LOUIS)
9 (MINNEAPOLIS)
10 (KANSAS CITY)
11 (DALLAS)
12 (SAN FRANCISCO)
n
WALTER LICHTENSTEIN, Secretary
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank Chainnan and Federal
ofReserve agent
Boston
New York
R. L. Austin
G. W.Norris
Cleveland
E. S. Burke, Jr.*
E. R. Fancher
Richmond
W. W. Hoxton
G. J. Seay
Atlanta
Oscar Newton
Chicago
E. M. Stevens
Minneapolis.. .
G. J. Schaller
W. McC. Martin..
._! J. S. Wood
J. N. Peyton....
_ W. B. Geery
Kansas City—
Dallas
G. H. Hamilton.—
B. A. McKinney—
C. C. Walsh.
J. U. Calkins_
San Francisco.
1
3
Cashier
W. W. Paddock....
W. R. Burgess
J. E. Crane
W. S. Logan
|
L. R. Rounds
I
L. F. Sailer
|
C. H. Coe
i
W. H. Hutt
—I
J. S. Sinclair...
C. A. Mcllhenny
|
R. A. Young
G. L. Harrison
! F. H. Curtiss
\ J. H. Case
Philadelphia
St. Louis
Deputy governor
Governor
W. Willett.
J. W. Jones.i
W. B. Matteson.J
J. M. Rice.1
Allan Sproul.a
H. H. Kimball.i
L. W. Knoke.i
C. A. Mcllhenny.
W. J. Davis.*
L. E. Donaldson.1
W. G. McCreedy»
M. J. Fleming
j H. F. Strater.
F. J. Zurlinden
J
C. A. Peple..-- | G. H. Keesee.
R. H. Broaddus
! J. S. Walden, Jr.2
H. W. Martin
! M. W. Bell.
H. F. Conniff
j W. S. McLarin, Jr.*
C. R. McKay
] W. H. Snyder.a
H. P. Preston
! W. C. Bachman.i
J. H. Dillard.
j 0. J. Netterstrom.i
A. T. Sihler.i 1
E. A. Delaney.
A. L. Olson.1
O. M. Attebery
J S. F. Gilmore.3
J. G. McConkey
_j A. H. Haill.2
F. N. Hall.a
G. 0 . Hollocher.2
O. C. Phillips.?
Harry Yaeger
j H. I. Ziemer. 2
H. I. Ziemer
j F. C. Dunlop.
C. A. Worthington—j J. W. Helm.
J. W. Helm
|
R.R.Gilbert
j Fred Harris.
R. B. Coleman
! W. O. Ford.i
W. A. D a y . . ...I W. M. Hale.
Ira Clerk
2
Controller.
* Acting chairman; W. H. Fletcher, acting Federal Reserve agent.
Assistant deputy governor.
Assistant to the governor.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
C incinnati 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.
C. F. McCombs.
T. C. Griggs.
Hugh Leach.
W. T. Clements.
J H. Frye.
G. S. 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.
C. E. Daniel.
L. H. Earhart.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
__ C. R. Shaw.
D. L. Davis.
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—Recent banking developments
1
Report on the availability of bank credit in the seventh Federal Reserve district
7
German Credit Act
30
Condition of all member banks on October 17, 1934 (from Member Bank Call Report No. 63)
55-56
National summary of business conditions
10
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
11-15
Member and nonmember bank credit:
All banks in the United States
18
All member banks
16, 17, 56, 62
Weekly reporting member banks in leading cities
19, 59
Brokers' loans
19
Acceptances and commercial paper
20
Discount rates and money rates
• 21
Treasury finance
22
Assets and liabilities of governmental credit agencies
23, 24
Reconstruction Finance Corporation—Loans, subscriptions, and allocations
25
Farm Credit Administration—Loans and discounts outstanding, by institutions
26
Home Owners7 Loan Corporation—Summary of operations
26
Federal home loan banks—Assets and liabilities
26
Security prices, bond yields, and security issues
27
Production, employment, car loadings, and commodity prices
28
Merchandise exports and imports
29
Department stores—Indexes of sales and stocks
29
Freight-car loadings, by classes
29
Financial statistics for foreign countries:
Gold reserves of central banks and governments
39
Gold production
40
Gold movements
40-42
Government note issues and reserves
43
Bank for International Settlements
43
Central banks
44-46
Commercial banks
47
Discount rates of central banks
48
Money rates
48
Foreign exchange rates
49
Price movements:
Wholesale prices
50
Retail food prices and cost of living
51
Security prices
51
Law department:
Revised rules and regulations for selection of directors of branches of Federal Reserve banks
52
Regulations of the Comptroller of the Currency further defining the term "investment securities"-.
52
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
54-62
Industrial and commercial statistics
63-67
December crop report
68
IV
FEDERAL RESERVE BULLETIN
VOL.
21
JANUARY 1935
REVIEW OF THE MONTH
Excess reserves of member banks declined
during the first 3 weeks of December but increased in the latter part of
S r e b a C c e s ^ e month and at the end of
the year amounted to about
$1,800,000,000. Changes during the month
reflected principally the seasonal increase and
subsequent decrease in the volume of currency
in circulation and also an increase, followed by
a decrease, in Treasury deposits with the
Federal Reserve banks in connection with December 15 fiscal operations. There was a
continued inflow of gold during December,
amounting to $92,000,000, bringing up to
about $210,000,000 the amount received in the
last 2 months of the year.
Increased demand for currency during the
5 weeks of most active holiday trade ending
December 26 totaled $173,000,00
° a n d w a s followed by a return flow of $94,000,000 in the
following week. The increase compares with
a usual seasonal growth of about $260,000,000
for this period of the year, on the basis of experience from 1917 to 1930. The smaller increase this year than in earlier years was due to
several factors. Although reports indicate that
Christmas trade this year was unusually active,
the dollar value of sales was somewhat lower
than the average for the base period, owing to
a lower level of prices, and consequently required a smaller amount of currency. Another
factor in reducing the seasonal increase in
currency was the large volume of currency outstanding. There may have been also a tendency
to reduce bank accounts and to use more cash in
daily personal transactions as a consequence of
a more general use of service charges by banks.
No. 1
There is also a large volume of currency still
held in hoards which may have been drawn
upon for Christmas purchases.
Loans and investments of reporting member
banks in leading cities, which declined somewhat from the middle of OctoMember bank b e r t o t h e t n i r d w e e ^ i n Novemloans and in-
vestments
.
_
.. .
_
_
ber, subsequently increased, and
on December 19 were in larger
volume than at any time in 2 years. The
growth in recent weeks reflected increases in
loans to brokers and in holdings of direct
obligations of the United States Government.
Of the increase in the latter $367,000,000
occurred in the week ending December 19, and
reflected purchases of new Government securities issued on December 15. Loans, other
than security loans, which had increased considerably in the late summer and early autumn,
showed a decline of about $200,000,000 between
the middle of October and the beginning of
January.
Figures of deposits of all member banks as of
October 17, the date of the latest call report,
have become available. On
memberbLts that date total deposits (including interbank balances) of all
member banks amounted to $32,285,000,000,
representing a growth of 21 percent, or $5,701,000,000, in a 12-month period, and of $1,273,000,000 since June 30 of this }^ear. A small
part of this increase was due to additions of
banks to the Federal Reserve System. All
classes of deposits except United States Government and postal savings deposits showed
increases in the year, as the tabulation indicates. Demand deposits, as shown in the
following table, increased by $2,576,000,000
and amounts due to other banks by
$1,665,000,000.
1
FEDERAL RESERVE BULLETIN
:
The growth of total deposits was somewhat
less proportionately at New York City banks
than at banks in other localities. The largest
proportional increase in demand deposits, as
shown in the following table, occurred among
country banks, while time deposits showed the
largest proportional increase in reserve cities,
exclusive of New York. Amounts due to
banks at $2,170,000,000 in New York City
were nearly a third larger than a year ago and at
other reserve city banks they increased by over
55 percent to $2,698,000,000. This growth in
bankers' balances, which draw no interest,
represents chiefly an increase in idle funds of
country banks held with city correspondents,
and constitutes an addition to the excess
reserves of these banks held with their Federal
Reserve banks.
DEPOSITS AT ALL MEMBER
BANKS
[In millions of dollars]
Changes since
Total
deposits
New
Oct. 17, All
York
1934
banks
City
banks
Demand 1
___ 14,449 +2,576
Time 2
_.. 8,916
+945
Public funds of States, etc. 1,975
+599
U. S. Government and
:
postal savings
Deposits of other banks,
-84
1,615
banks, certified and
officers' checks outstanding
5,331 +1,665
Total
32, 285 +5, 701
Oct. 25, 1933
Other
reserve
city
banks
Country
banks
+594
-57
+128
+1,144
+454
+263
+839
+547
+207
+140
-152
-71
+550
+1, 355
+964
+2,672
+152
+1,674
1
Except U. S. Government deposits, public funds, and deposits of
other banks.
2 Except Postal Savings deposits, public funds, and deposits of other
banks.
Later figures for weekly reporting member
banks show a further increase in deposits after
October 17. Between that date and January
2 these banks reported increases of $400,000,000
in demand deposits, of $410,000,000 in United
States Government deposits, and of $170,000,000 in bankers' balances, and a decrease of
$75,000,000 in time deposits. Some of the
increase in total deposits reflected a growth in
uncollected checks and drafts, which, as is
usual at the turn of the year, w^ere much larger
on January 2 than at other dates in the year.
JANUARY
1935
Results of Federal activities in the rehabilitation of the banking structure in the 22
months which have elapsed
e
tati n
since t h e b a n k crisis s h o w
?f banks °
unlicensed banks reduced from
more than 4,500 to less than 200 at the end of
December. At that time the Federal Government through the Reconstruction Finance
Corporation had authorized investments in
the capital structure of about 6,694 banks in
an aggregate amount of $1,202,000,000. On
September 1, 1934, when the most recent
figures became available, the members of the
Federal Deposit Insurance Corporation comprised all licensed commercial banks of the
country except 1,200. The number of licensed
member banks in the Federal Reserve System
increased by 439 during 1934.
Bank suspensions in 1934 were fewer than
in any similar period since 1920. The suspensions during the year compendldSl934
prised 56 licensed banks with
deposits of $37,000,000, one of
which, with deposits at time of suspension of
$40,000, was a member of the Federal Reserve
System. Included in these figures of suspensions were 8 other (nonmember) banks participating in Federal Deposit Insurance.
Preliminary reports indicate that during the
past 12 months, 920 banks, which were not
licensed to operate on an unrestricted basis,
with deposits of $647,000,000, were placed
in liquidation or receivership. These included
396 national banks with deposits of $402,000,000, 23 State member banks with deposits
of $40,000,000, and 501 banks, not members
of the Federal Reserve System, with deposits
of $205,000,000.
On April 12, 1933, 4,215 banks with deposits
of $4,000,000,000 had not been given licenses
to operate on an unrestricted
Unlicensed banks basis. Of these, 1,108 were
national banks with deposits of
$1,819,000,000 and 148 were State member
banks with deposits of $841,000,000. By the
end of December 1934 all except 190 banks
had either been restored to an active status or
placed in liquidation or receivership. Of the
JANUARY 1935
FEDERAL RESERVE BULLETIN
banks remaining unlicensed, 6 were national
banks with deposits of $6,800,000, 4 State
member banks with deposits of $1,800,000,
and 180 State nonmember banks with deposits
of $88,000,000.
The Federal Reserve Board recently reviewed
the general policy to be pursued in the selection
of directors of Federal Reserve
Ke e ve b nk
f
i5
^
banks
and
their branches,
and branch
.
.
. 7. and
directors
determined certain principles
that should be observed in
making these appointments.
Under the law the Board appoints 3 of the 9
directors of each Federal Reserve bank and either
two or three of the directors of each branch, depending on whether the branch has five or seven
directors. While the majority of branch directors are in all cases appointed by the Federal
Reserve banks, the method of their selection is
subject to rules and regulations prescribed by
the Board.
In view of the fact that operations of the
Federal Reserve banks are vested with a
public interest, the Board deemed it desirable
that there should be a certain degree of rotation in the membership of the directorates of
these banks and their branches. Gradual
changes in the personnel of these directorates
would insure against possible crystallization
at the banks of the influence of individuals or groups, which might not be in the
public interest, as the Reserve banks must
render uniform service to all the elements in
their communities. Continuity of policy and
the benefits of acquired experience will be
retained by permitting directors to serve as
long as 6 years, and at the same time rigidity
will be avoided by not reappointing persons
who have completed 6 years of service. The
Board proposes to follow this practice in the
selection of directors that are subject to appointment by the Board. This rule will not apply,
however, to chairmen of the boards of directors,
who are full-time officials of the Reserve banks.
The Board also believes that the Reserve
banks and branches will be best adapted to
serving their local communities if their directors
are selected from persons whose business and
financial interests are primarily within the
bank or branch territory, and not representatives of interests owned or controlled outside
the territory. The value of the regional organization of the Federal Reserve System rests on
the closeness of its managements to the local
problems of their communities, and the selection
as directors of persons connected with local
enterprises will contribute to the maintenance
of this relationship.
In making its own appointments of branch
directors the Federal Reserve Board will henceforth select persons who are engaged in agriculture, industry, or commerce, rather than
persons who are officers of banks, and in its
revised regulation the Board provides that
Federal Reserve banks need not confine their
own appointments to branch directorates to
bankers, but may also in their discretion
appoint persons engaged in other business in
the community. The Board's views on this
matter are based on recognition of the fact that
sympathetic understanding of local trade and
industrial conditions is as important as banking
experience for the most effective management
of a Federal Reserve branch.
Revised rules and regulations prescribed by
the Board for the appointment of branch directors are printed on page 52 of tais issue of the
BULLETIN. On January 9 the Board sent the
following letter on this subject to the chairmen
of all the Federal Reserve banks:
" The Board has been reviewing the questions
of general policy involved in the selection of
directors of Federal Reserve banks and of
their branches. In view of the special character of the functions of these institutions and
the public interest in them, the Board believes
that the composition of the boards and the
tenure of service of their members are matters
of great importance. The Board recognizes
that experience gained from participation in
the direction of the management of the Federal
Reserve banks and their branches has its
distinct value, but it believes that this can be
overstressed and that there are special advantages that would come to these institutions
from bringing to bear on their management
from time to time new points of view and differing backgrounds of experience. In consequence, the Board believes that neither great
length of service nor too frequent changes are
FEDERAL RESERVE BULLETIN
desirable and has endeavored to find a solution which on the whole and in the long run
will be conducive to the best development of
the policies of the banks and at the same time
protect them against criticisms based either
upon the fact or the possibility of crystallization of control of their managements by
particular individuals or groups through long
continuance in power.
" Therefore the Board has reached the conclusion that 6 years of service represents the
maximum period during which a director
should remain continuously in office. It will
be guided by this view in future and will not
continue in office as directors men appointed
by it who have served 6 or more consecutive
years (except in the cases of chairmen of the
Federal Reserve banks).
"It is also the view of the Board^that the
welfare of the Federal Reserve banks will be
served best by directors whose business and
financial interests are primarily within and
representative of the bank or branch territory
for which they are selected rather than of
interests controlled or owned outside of such
territory. The Board also feels that it is
essential that the directors be men of established reputation and ability to meet their
financial obligations.
" While the Board is aware of the fact that
its present regulations provide that directors
of branches appointed by the Federal Reserve
banks shall be men well qualified and experienced in banking, the Board believes that
the Federal Reserve banks should be at liberty
to select other men of high character and
standing who are engaged in agriculture, industry, or commerce, and it is the intention of
the Board to follow uniformly in all districts
the policy of selecting as its appointees individuals who are not officers of banks or primarily engaged in banking, although they may
be stockholders or directors of banks.
"The Board expects to apply these principles
in the selection of directors appointed by it in
the future, and is also amending its rules and
regulations regarding the appointment of
directors of branches of Federal Reserve banks
which were set forth in its letter of January 29,
1926 (X-4516), so as to conform to these
principles. A copy of the regulations as
revised is attached hereto.
" I t may be added in this connection that the
reappointments made by the Board to take
effect January 1, 1935, of branch directors who
have already served 6 or more consecutive
years were for the year 1935 only.
JANUARY
1935
" I t will be appreciated if you will bring this
letter to the attention of all the directors of
your bank and its branches, if any."
Federal Reserve banks have continued to receive applications for loans to supply working
capital to industrial and comIndustrial admercial concerns. As of Janvances
uary 2, 1935, 1,020 applications for $52,257,000 of loans had been approved by the Federal Reserve banks, of which
$37,974,000 were approved unconditionally and
$14,293,000 with conditions attached. Advances had been made in the amount of
$14,862,000, some of which had been repaid,
leaving loans in the amount of $14,315,000
outstanding. In addition, $10,213,000 of commitments to make advances were also outstanding on January 2.
On December 17 and 18 a conference of the
chairmen of the Industrial Advisory Committees was held in Washington. The conference
was called for the purpose of reviewing the
work done by the Industrial Advisory Committees during the preceding 5 months in making recommendations to the Federal Reserve
banks of their respective districts under section
13b of the Federal Reserve Act and also for the
purpose of exchanging views and adopting
methods by means of which to continue this
work in the most effective manner.
After a complete discussion of the subject
matter, the chairmen issued the following statement:
"At their meetings the last 2 days, the chairmen of the Industrial Advisory Committees
reviewed the progress made thus far in extending credit to industry for working capital purposes and considered means of making better
known to bankers and business men generally
the advantages and benefits which the industrial loan provisions of the Federal Reserve Act
open to them.
"Under section 13b, which was added to the
Federal Reserve Act on June 19, 1934, member
banks and other financing institutions which
make advances maturing in 5 years or less to
established industrial or commercial enterprises
for the purpose of furnishing working capital
JANUARY
1935
FEDERAL RESERVE BULLETIN
may procure from the Federal Reserve banks
commitments to rediscount or purchase such
advances when requested. Industrial advances,
covered by such commitments, are among the
most liquid assets that member banks can hold.
I t is also provided by the amendment that in
exceptional circumstances the Federal Reserve
banks may make direct advances of credit to
established industrial or commercial enterprises
which are unable to obtain requisite financial
assistance on a reasonable basis from the usual
sources.
"Experience brought out at yesterday's
conference indicates that as a result of the
readiness of the Federal Reserve banks to
grant commitments to take over such loans, an
increasing number of businesses in need of
working capital are finding it possible to get
the desired credit through their local banks.
This is a hopeful condition; and since the provision of the law authorizing the Federal
Reserve banks to make commitments to banks
and other financing institutions limits the risk
that need be assumed by the latter and gives
to the advances a liquid character, it is to be
expected that an increasing number of applicants to whom advances may be made on a
sound and reasonable basis will be able to obtain
their requirements from their local institutions.
" U p to December 12, 1934, the Industrial
Advisory Committees had recommended approval of 1,055 applications for industrial
advances amounting to $51,000,000, most of
which have been acted on and approved by
the Federal Reserve banks. The additional
working capital thus provided goes to a variety
of industries, representing comprehensively
the whole field of enterprise. Substantial as
they are, it is not believed that advances thus
far approved are fully indicative of the benefits
which industry has derived from the industrial
loan program of the Federal Reserve System,
for many of these benefits are not of a nature
to be disclosed by the figures of applications
approved. For example, in some cases where
an application is made to a Federal Reserve
bank in the belief that credit is not available
elsewhere, the Reserve bank has been able to
direct the applicant to a local institution willing
to supply his needs. In some cases also where
a direct advance has been approved by a Reserve bank and is about to be made, a member
bank or other financing institution will decide
to take the loan itself without securing a commitment. In other cases, the general knowledge t h a t industrial loans are being made by the
Federal Reserve banks has encouraged member
banks and other financing institutions to make
advances to industry on their own initiative.
"Since the chairmen of the Industrial Advisory Committees held their first conference in
Washington on September 27, they have cooperated with the Federal Reserve banks in
bringing to the attention of banks and the
public through correspondence, magazine articles, pamphlets, radio addresses, and group
meetings the advantages made available to
commerce and industry by the recent amendment to the Federal Reserve Act. The program adopted by the conference yesterday provides for a continuance of these efforts."
A report recently made to the Secretary of the
Treasury on the availability of bank credit in
the seventh Federal Reserve
ReP r
*? b*n
district gave the results of a
of credit
study of industrial advances by
the Federal Reserve bank and
the Reconstruction Finance Corporation. A
number of recommendations for changes in
practices and for new legislation were also
given in the report. This report is being
published by the Treasury Department. Parts
of it giving a summary of findings as to facts
and a summary of recommendations are reproduced in this issue of the BULLETIN, page 7.
The movement of gold from Europe to the
United States was in smaller volume in December, and central reserves
™ Europe experienced little
further reduction. The decline in reserves of the Bank of Belgium,
amounting to $37,000,000 during a period of
9 weeks, and the decline in reserves of the
Netherlands Bank, amounting to $28,000,000
in a period of 5 weeks, were checked early in
the month. Reserves of the Bank of France,
FEDERAL RESERVE BULLETIN
which had decreased $36,000,000 in the first 3
weeks of November and had fluctuated since
that time, showed a net gain for the month
ending December 21.
The outward movement of Italian gold that
began last March was also checked in the early
part of December. The decline of $115,000,000 in gold reserves of the Bank of Italy during
1934 had been preceded by a long period of
accumulation beginning at the close of 1927
when the lira was stabilized at its present
parity. The gold acquisitions during this
period, however, were more than offset by the
decline in foreign-exchange reserves from
8,000,000,000 lire in 1928 to 300,000,000 lire
at the end of 1933. Further shrinkage of gold
and foreign-exchange reserves accompanied
an increase in the excess of merchandise imports into the country in 1934. By the end of
November the reserve ratio was little above
the legal minimum of 40 percent. On November 26 the bank raised its discount rate from 3
to 4 percent and on December 8 the Italian
Government decreed that within 10 days
Italian banks and corporations should offer
their foreign credits through the medium of
the Bank of Italy to the National Institute
of Exchange, to which were granted broad
powers over foreign exchange transactions.
Individuals were given to December 31 to
make declarations to the Bank of Italy of
their foreign credits, and individuals and
corporations alike were given to December 31
to make declarations of their foreign securities or Italian securities issued abroad. Following these measures the decline in gold reserves of the Bank of Italy ceased, and in the
10 days ending December 20 the bank acquired
$3,000,000 of gold.
During 1934 there were substantial reductions in the gold reserves of several other countries. Gold reserves declined by $124,000,000
in Germany and by an aggregate of $137,000,000 in Belgium, Netherlands, and Switzerland.
France was the only European country to
acquire a considerable amount of gold during
the year, reserves of the Bank of France increasing $333,000,000.
JANUARY
1935
For the world as a whole reported central
gold reserves increased by $1,500,000,000 in
1934, most of the growth being in monetary
gold stock of the United States. This substantial increase was made possible by a world
gold output of $900,000,000, the return of
scrap gold to monetary reserves in the United
States, and the release of about $500,000,000
from hoards and unreported holdings. Nearly
half of the gold so released came from India
and China, and the remainder reflected operations in western countries.
Changes in Discount Rates
The rate on discounts for and advances to
member banks under sections 13 and 13a of the
Federal Reserve Act was reduced from 3 to 2%
percent at the Federal Reserve Bank of Atlanta,
effective December 15; at the Federal Reserve
Bank of Kansas City from 3 to 2}{ percent,
effective December 21; at the Federal Reserve
Bank of St. Louis from 2}{ to 2 percent, effective
January 3,1935; at the Federal Reserve Banks
of Minneapolis and Dallas from 3 to 2% percent,
effective January 8, 1935.
Changes in Foreign Central Bank Discount Rates
The following changes in discount rates
during the month ending January 1, 1935,
have been reported by central banks in foreign
countries:
Bank of Finland—December 3, from 4J^ to 4 percent.
Bank of Portugal—December 13, from 5% to 5 percent.
National Bank of Rumania—December 15, from
6 to 4 ^ percent.
Death of Governor Black
Mr. Eugene R. Black, Governor of the Federal Reserve Bank of Atlanta, died on December 19, 1934. Mr. Black served as Governor
of the Federal Reserve Board from May 19,
1933, to August 15, 1934. Except for this
period he served as Governor of the Federal
Reserve Bank of Atlanta since January 13,1928.
Appointment of Assistant Chief of Division of
Security Loans
Effective January 2, 1935, Mr. Philip E.
Bradley was appointed assistant chief of the
Division of Security Loans.
FEDERAL RESERVE BULLETIN
JANUARY 1935
REPORT ON THE AVAILABILITY OF BANK CREDIT IN THE SEVENTH FEDERAL RESERVE
DISTRICT
Recently there was prepared and submitted to the Secretary of the Treasury a comprehensive report on the availability of bank
credit in the seventh Federal Reserve district.
This report was prepared by Charles O. Hardy
and Jacob Viner and is being published by the
Treasury Department.
The foreword of the report and sections
summarizing the findings as to facts and the
recommendations are reproduced below:
FOREWORD
This report deals with the availability of
bank credit in the seventh Federal Reserve
district; that is, with the question whether
adequate supply of bank credit is available if,
when, and as it may be demanded by business
men who can offer a bank a reasonable assurance of repayment. It does not concern itself
with the actual changes in the volume of outstanding credit—the facts in that regard are
well known. The volume of bank loans declined very drastically from the end of 1929 to
the time of the bank holiday; held about even
in the rest of 1933, and has since made a
further moderate decline. The decline during
1934 has been more marked in the case of loans
classed as "all other", which includes unsecured loans to industry and commerce, than
it has in the case of loans on security collateral.
The decrease in the volume of bank loans
since 1929 and its failure to recover since the
end of 1932 is typical of the trend of such loans
in post-war depressions both in this country and
abroad. In 1921-22 "all other loans/' in
reporting banks in the United States continued
to decline for more than a year after productive
activity, as measured by the Federal Reserve
Board's index of production, had turned upward. In nearly every other country which
reports the volume of its commercial bank
assets, a similar thing happened in these years.
Loans and discounts declined drastically and
did not turn upward until a considerable
time
after business began to revive.1
The phenomenon was repeated in the years
from 1929 to 1933; in almost all countries loans
and discounts continued to decline after the
bottom of the depression was reached, early in
1933, and have not yet reversed their trend.
1
Apparently bank loans, as distinguished from investments, have had
a downward trend in this country since the war, independent of fluctuations connected with the alternation of prosperity and depression.
On the other hand, bank holdings of Government obligations and other securities have increased, both in this country and abroad,
throughout the depression.
The tendency of the volume of loans and discounts to lag behind the upturn of business is
not surprising. During a depression those
businesses which survive tend to accumulate
unused balances of liquid funds on which they
can draw to finance the earlier stages of the
succeeding expansion. It is only after a considerable interval that the expansion of pay
rolls and of inventories and the replacement of
obsolete or worn-out equipment necessitates a
general resort to the banks. The situation in
this respect with regard to bank credit during
a depression is similar to what it is with regard
to other essentials of production; inventories,
tools and equipment, buildings, and the time
and energy of managers, are all available in
excess of immediate needs.
No alarm need be felt, therefore, merely because of the failure of the bank loan figures to
expand. What is important is the question
whether credit is available for those business
men who do need added funds if they are to be
able to make their appropriate contributions
to the rising volume of business. Failure of
credit to expand on account of a decreased
willingness to borrow is a situation which can
be expected to correct itself as the need develops
if credit is available on reasonable terms.
There is a wide-spread belief, however, that at
present the banks are over-cautious in lending,
and are particularly reluctant to make the type
of loans that is most important in the earlier
stages of the expansion of business, that is,
loans to finance expansion of manufacturing
production. The issue is of major importance,
because, obviously, the country cannot get back
to a normal volume of productive activity
without utilizing a larger volume of bank credit
than is needed in a period of subnormal
activity like 1932, or even 1934. The Treasury
credit survey undertook to investigate this
question, for the seventh Federal Reserve
district; and also to study the success of the
efforts which have been made to relieve the
credit stringency through direct loans to industry by Federal Reserve banks and the Reconstruction Finance Corporation.
SUMMARY OF FINDINGS AS TO FACTS
Our findings consist largely of details scattered through the body of the report. We shall
not attempt to summarize them all. Our more
8
FEDERAL RESERVE BULLETIN
important findings are the following (all statements refer specifically to the seventh Federal
Reserve district):
(1) That there exists a genuine unsatisfied
demand for credit on the part of solvent borrowers, many of whom could make economically
sound use of working capital.
(2) That the total amount of this unsatisfied
demand for credit is considerably smaller than
is popularly believed, but is large enough to be
a significant factor, among many others, in
retarding business recovery.
(3) That a very large proportion of would-be
borrowers are persons whose equity in the
business they control is so small that any bank
or individual who lends them substantial
amounts is assuming a major part of the risk of
the business, rather than the normal risk of a
creditor.
(4) That there is a larger unsatisfied demand
for long-term working capital credit than for
one-turnover loans.
(5) That one of the most serious aspects of
this unsatisfied demand is the pressure for
liquidation of old working capital loans, even
sound ones.
(6) That this pressure is partly due to a
determination on the part of bankers to avoid
a recurrence of the errors which are thought to
have brought on the recent wave of bank failures.
(7) That it is also due in large part to the
attitude of bank examiners, both State and
National.
(8) That so far as small business is concerned,
trade credit is much more easily obtained than
is bank credit.
(9) That efforts to relieve this stringency
through direct lending on the part of the Federal Reserve Bank of Chicago and the Chicago
agency of the Reconstruction Finance Corporation have so far had little effect on the
general state of credit.
(10) That both agencies have incurred widespread unpopularity, largely because at the
outset of their lending operations publicity was
such as to arouse hopes that their policy would
be more liberal than the law permits.
(11) That in terms of the existing law and its
present official interpretation, the staffs of the
two lending agencies just referred to are both
doing efficient work.
(12) That existing restrictions on the use of
funds to clear up existing debt interfere to a
marked extent with the attainment of the purposes of the legislation by which the direct
lending system was set up.
JANUARY
1935
SUMMARY OF RECOMMENDATIONS
Detailed recommendations are scattered
throughout the main body of the report, of
which the following are the more important:
(1) That banks should be encouraged to
make sound working capital loans of 6 months7
maturity and renew them indefinitely so long as
(a) the borrower is able to pay interest out of
current earnings, or has the prospect of adequate earnings over a reasonable period of time,
and (b) his statement continues to reflect a
sound position as to net working capital and net
worth.
(2) That the rules of eligibility for rediscount
at the Federal Reserve banks be modified so that
paper shall not be ineligible merely because it
has a maturity as great as 6 months, nor because
of the number of times it has been renewed.
(3) That bank examiners be instructed to
abandon the classification of loans as "slow",
so that loans will be criticized only on the basis
of doubt as to their repayment or the certainty
of loss, and that examiners be more closely
supervised and given more specific instructions
by the examining authorities, to assure greater
uniformity of policy.
(4) That the Reserve banks be relieved of the
responsibility of making direct loans to industry.
We make this recommendation because we
believe that the extension of this type of credit
conflicts with more important responsibilities of
the Reserve banks as supervisors of the lending
and investment policies of the member banks.
(5) That in case the Reserve banks are not
relieved of the responsibility of making direct
loans to industry, the industrial advisory committees be abolished. This recommendation is
based on the belief that the work of the committees is essentially a duplication of the work
of the lending officials of the banks and results
in an undesirable division of responsibility.
(6) That if the Reserve banks continue to
make direct loans to industry, lending officials
be given considerably greater latitude, by legislation if necessary, in making loans to clear up
existing debt. Specifically, we suggest that the
Reserve banks entertain applications for the
purchase, on a 20-percent-participation basis,
of adequately secured notes now or hereafter
held by banks representing working-capital advances already made. In passing upon applications for such advances, attention should not
be given to the date when the advance was originally made, except as it bears on the adequacy
of the security.
JANUARY 1935
FEDERAL RESERVE BULLETIN
(7) That in case direct lending by theReserve
banks is continued, the question whether a given
concern is a "commercial or industrial" enterprise within the meaning of the law should be
regarded as a legal question and that no applications should be rejected for this reason except
on the basis of legal advice.
(8) That until the practice of the commercial
banks has been liberalized along the lines indicated in recommendations numbers 1 to 3
above, the Federal Government continue to
make direct loans to industry. This might be
done either through the agency of the Reconstruction Finance Corporation, or through a
new intermediate credit system which might
succeed to the responsibilities of the Reconstruction Finance Corporation at the expiration of its present authority to make these
loans. We make no recommendation
as to
which alternative should be followed.2
(9) That the policy of the Reconstruction
Finance Corporation with regard to the making
of loans to clear up existing debt be liberalized.
(10) That the Reconstruction Finance Corporation relax the stringency of the regulation
which restricts the field of eligibility to applications for "loans made primarily to supply
needed working capital * * * as contrasted
with fixed capital." While we do not recommend unrestricted lending to finance expansion
of plant and equipment, we believe that in some
cases loans to rehabilitate or complete fixed
capital equipment will not only give employment to labor in the creation of the capital
itself, but facilitate future increased employment of labor and enlargement of the national
income.
(11) That the policy of the Reconstruction
Finance Corporation with regard to the acceptance of a pro rata share in the protection
afforded by collateral, along with existing
creditors, be liberalized.
2
In case the direct-lending functions of the Federal Reserve banks
and the R. F. C. are consolidated in a new agency, recommendations
5 to 7 and 9 to 17, inclusive, will apply in principle to the work of this
new agency.
9
(12) That the Reconstruction Finance Corporation abandon its policy of requiring applicants to show a probability that a loan can be
repaid out of profits, in cases where the security
offered is such that the Corporation need not
rely on prospective profits to protect itself
against loss.
(13) That the Reconstruction Finance Corporation abandon its stated policy of refusing
applications for loans from the brewing industry.
(14) That there be instituted a more liberal
policy than is now followed by the Reconstruction Finance Corporation with regard to the
pledge of inventories and the assignment of
accounts, particularly in cases where local
banks are willing to participate in the loan and
to take responsibility for the "policing" of the
loan.
(15) That the Reconstruction Finance Corporation introduce into its procedure the use of
a brief preliminary application to the end that
loans which are clearly ineligible may be rejected without subjecting the applicant to the
delay and expense involved in the preparation
of the present form of application.
(16) That the Reconstruction Finance Corporation cease to require audit and appraisal
except in cases where such procedure is necessary in order to establish the adequacy of security for loans otherwise acceptable.
(17) That the local agencies of the Reconstruction Finance Corporation be given authority to grant loans of $10,000 and under, without
the necessity of such grants being confirmed in
Washington.
(18) That in case the direct lending operations now performed by the Federal Reserve
banks and the Reconstruction Finance Corporation are united in a single agency, whether the
Reconstruction Finance Corporation or a new
agency, and in case lending standards are liberalized as recommended above, local offices be
maintained in or near all cities of, say, 50,000
population or more, to assist would-be borrowers in preparing applications.
10
FEDERAL RESERVE BULLETIN
JANUARY
1935
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Dec. 24 and released for publication Dec. 26]
In November the rate of industrial activity
showed little change and the general level of
commodity prices remained unchanged. Distribution of commodities to consumers was
well maintained.
Production and employment.—Volume of
industrial production declined in November by
an amount somewhat smaller than is usual at
this season and consequently the Board's
seasonally adjusted index advanced from 73
percent of the 1923-25 average in October to
74 percent in November. In the steel industry
output continued to increase during November and the first 3 weeks of December, contrary to the usual seasonal tendency. Automobile production also showed an increase in the
early part of December, following a decline in
connection with preparations for new models.
In November lumber output decreased by
more than the estimated seasonal amount. At
woolen mills there was a considerable increase
in output, while consumption of cotton by
domestic mills showed a slight decline. Activity at meat-packing establishments showed
less than the usual seasonal increase. Production of the leading minerals was at about
the same level as in October
Factory employment declined between the
middle of October and the middle of November
by the usual seasonal amount and was at the
same level as a year ago. Declines reported
for the automobile, shoe, and canning industries were smaller than seasonal, while decreases at railroad repair shops and sawmills
were larger than are usual at this season. At
meat-packing establishments, where employment has been at a high level in recent months,
there was a considerable decline, but the
number on the pay rolls in November was
larger than in the corresponding month of
other recent years. Employment at woolen
mills showed a substantial increase. The number employed on construction projects of the
Public Works Administration declined further
in November, according to the Bureau of
Labor Statistics.
Value of construction contracts awarded, as
reported by the F. W. Dodge Corporation,
showed a considerable decline in November
and the first half of December, following an
increase in October. The indicated decline in
awards from the third to the fourth quarter
was somewhat smaller than usual.
Department of Agriculture estimates for
December 1 indicate that production of principal crops this season was about 22 percent
smaller than in 1933 and 32 percent below the
average for the previous 10 years, reflecting
reductions in acreage and in yield per acre.
There has been a shortage in feed crops, accompanied by a sharp increase for the year in the
slaughter of livestock. Although output of
agricultural commodities has been smaller
than in any other recent year, farm income has
been larger than in either 1932 or 1933, reflecting chiefly higher prices, and, to a smaller
degree, benefit payments.
Distribution.—Total freight-car loadings declined in November by less than the estimated
seasonal amount, reflecting chiefly a smaller
decline than is usual in shipments of miscellaneous freight. Retail sales generally have been
well maintained. Department-store sales increased by slightly less than the estimated
seasonal amount in November; preliminary reports for the first half of December, however,
indicate a more than seasonal increase in Christmas trade.
Commodity prices.—Wholesale commodity
prices generally showed little change during
November and the first half of December.
Prices of scrap steel continued to increase during this period, while corn prices, which advanced rapidly in November, declined somewhat after the first week of December. Retail
food prices declined in November, reflecting
lower prices for meats.
Bank credit.—Developments at the Federal
Reserve banks in December reflected largely the
seasonal increase in the demand for currency
and the continued inflow of gold from abroad.
Loans and investments of reporting member
banks in leading cities showed an increase of
$150,000,000 in the 4 weeks ended December 12,
after declining somewhat in the preceding 4
weeks. The growth reflected increases in holdings of United States
Government obligations
and in brokers7 loans. Deposits at banks
showed a further considerable growth.
Yields on short-term Government securities
declined slightly in December, while other
short-term open-market money rates showed
little change. On December 15 the discount
rate of the Federal Reserve Bank of Atlanta was
reduced from 3 percent to 2% percent and on
December 21 a similar reduction was made at
the Kansas City Federal Reserve Bank.
11
FEDERAL RESERVE BULLETIN
JANUABY 1935
RESERVE BANK CREDIT AND RELATED ITEMS
MILLIONS OF DOLLARS
Weekly basis: Wednesday series
MILLIONS OF DOLLARS
8000
8000
7000 -
7000
6000
6000
5000
5000
4000
4000
3000
3000
2000
2000
1000
1000
1929
1930
1931
1932
1933
Based on Wednesday figures; latest figures are for December 26. See table on page 12.
1934
12
FEDERAL RESERVE BULLETIN
JANUARY 1935
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES)
[In millions of dollars]
Reserve bank credit outstanding
Date (Wednesday)
Bills discounted
Bills
bought
Other reU. S.
Governserve
bank
ment securities
credit
Total
2,615
2,677
2,686
2,674
4,036
4,036
4,036
4,036
4,036
4,036
4,036
4,036
4,036
2,276
2,275
2,275
2,276
2,277
2,277
2,295
2,299
2,304
29
7
1
-2
2
2,688
2,655
2,646
2,631
2,630
4,036
4,036
4,035
4,035
4,033
2,303
2,302
2,302
2,301
2,302
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,430
2,430
2,432
2,432
2,430
2,430
2,430
4
7
18
•
8
2
8
-9
5
4
a
()
9
5
6
9
3
-1
1
10
8
5
3
2,606
2,593
2,592
2,567
2,539
2,532
2,508
2,519
2,509
2,492
2,493
2,486
2,484
2,484
2,473
2,469
2,470
2,475
2,472
2,468
2,465
2,301
2,301
2,301
2,302
2,312
2,332
2,343
2,356
2,369
2,381
2,381
2,380
2,381
2,380
2,380
2,375
2,371
2,365
2,361
2,359
2,364
2,467
2,469
2,466
2,463
2,455
2,448
2,457
2,452
2,455
l 7,036
7,089
7,203
7,438
7,556
7,605
7,640
7,681
7,703
7,732
7,746
7,755
7,756
7,756
7,753
7,766
7,776
7,790
7,820
7,835
7,846
7,866
7,881
7,897
7,911
7,932
7,957
7,979
7.983
7,981
7,963
7,968
7,972
7,976
7.980
7,985
7,990
7,993
8,002
2,440
2,474
2,470
2,460
2,452
2,462
2,477
2,470
1815.
22.
29.
117
112
111
112
119
7
7
15
20
24
2,420
2,430
2,432
2, 431
2,432
7
-7
6
-1
7
2,550
2,542
2,564
2,562
2,581
6_.
13.
20.
27.
116
118
115
111
61
116
113
111
2,431
2,432
2,432
2,432
7
11
25
20
1934—Jan. 3__
Jan. 10Jan.17.
Jan. 24.
Jan. 31.
106
104
101
97
83
121
113
112
104
111
2,432
2,432
2,432
2,432
2,434
1933—Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Feb.
Feb.
Feb.
Feb.
7..
14.
21.
28.
73
68
66
64
97
86
75
62
Mar.
Mar.
Mar.
Mar.
714.
21.
28.
59
55
51
53
46
37
33
29
Apr.
Apr.
Apr.
Apr.
4..
11.
18.
25.
48
43
40
40
26
17
13
10
May
May
May
May
May
2__
916.
23.
30.
38
37
34
34
34
8
7
6
5
5
June
June
June
June
6__
13.
20.
27.
29
28
28
27
5
5
5
5
July3_.
July 11.
July 18.
July 25.
29
23
23
21
21
21
20
20
21
5
5
5
5
5
5
5
5
5
24
23
22
20
15
12
12
11
11
5
5
5
6
6
6
6
6
6
2,430
2,430
2,430
2,430
2,432
2,432
2,432
2,432
2.432
2, 432
2,431
2,432
2,432
2,432
2,431
2,431
2,430
2,431
2,430
2,430
2,430
2,430
11
9
11
12
10
9
9
9
6
6
6
6
2,430
2,430
2,430
2,430
-7
29
23
12
6
6
6
6
2,430
2,430
2,430
2,430
6
17
32
25
Aug.
Aug.
Aug.
Aug.
Aug.
1—
815.
22.
29-
Sept.
Sept.
Sept.
Sept.
5_
12.
19.
26.
Oct.
Oct.
Oct.
Oct.
Oct.
3._
10.
17_
24.
31.
Nov.
Nov.
Nov.
Nov.
714.
21.
28.
Dec.
Dec.
Dec.
Dec.
5..
12.
19.
26.
Treasury
Treasury
cash and NonOther
and
Mone- national- Money in Member deposits
mem- Federal
circula- bank retary gold
with
Reserve
v-onlr
serve
oanK
Federal ber deacstock
tion
balances Reserve posits counts
currency
banks
22
8
2,488
2,468
2,460
2,456
2.463
2,458
2,468
2,457
2,463
(*)
-3
5
J
()
11
(2)
5
6
10
8
7
3
(')
9
5
8
,
8,008
8,030
8,076
8,112
2,365
2,365
2,363
2,364
2,361
2,357
2,375
2,390
2.403
2,412
2,414
2,412
2,409
2,407
2,403
2,410
2,429
2,434
2,442
2,450
2,459
2,469
5,353
5,386
5,368
5,366
5,455
5,471
5,476
5,561
5,537
5,504
5,397
5.356
5,294
5,289
5,317
5,321
5,344
5,355
5,374
5,345
5,334
5,336
5.371
5.347
5,347
5,324
5,359
5,352
5,344
5,316
5,338
5,342
5,313
5,310
5,301
5,397
5,344
5,328
5, 291
5,315
5,334
5,343
5,347
5,345
5,419
5,409
5,412
5,403
5,468
5,479
5,469
5,436
5,453
5,503
5,480
5,455
5,516
8.161
8,180
8,198
8,228
2,478
2,486
2, 505
2,504
5,545
5,532
5,587
5.628
2,591
2,578
2,645
2,687
2,573
388
373
345
316
369
178
161
163
149
142
353
355
355
355
354
2,561
2,638
2,636
2,675
386
379
329
315
156
160
132
124
354
355
362
362
2,710
2,777
2,788
2,851
2,652
311
353
407
398
597
145
172
143
137
141
357
295
288
287
287
2,736
2,851
2,830
3,093
» 3,449
3.391
3,499
3,440
142
130
132
127
299
290
291
292
3,313
3,454
3,449
3,439
3,294
3,226
3,252
3,318
294
301
302
303
3,450
3,560
3,665
3,744
3,323
3,239
3,204
3,148
3,570
3,678
3,694
3,767
3,763
3,177
3,098
3,082
3,052
3,051
133
143
154
161
140
148
167
167
280
257
252
242
233
235
235
233
233
232
3,787
3,895
3,769
3,837
3,034
2,956
3,121
3,077
230
251
224
225
237
238
239
236
3,746
3,902
3,987
4,020
3,915
4,059
4,064
4,072
4,127
3,113
3,014
2,954
2,972
3,074
2,941
2,976
2,972
2,944
232
223
222
220
219
209
211
211
204
3,907
3,948
3,889
3,970
3,895
3,979
3,996
3,985
4,006
3,087
3,058
3,124
3,061
3,068
2,967
2,968
3,049
3,031
203
213
195
186
182
183
183
165
164
230
231
229
228
232
229
228
228
226
225
224
230
229
4,032
4,107
4.196
4,108
4,073
4,112
3,943
3,961
2,944
2,964
2,956
3,017
172
163
159
160
240
240
239
239
3,060
3,060
3,221
3,181
176
184
185
188
237
239
243
244
i Increase from previous date represents principally increment resulting from reduction in weight of gold dollar on Jan. 31,1934.
• Less than $500,000.
297
312
237
237
229
229
239
239
237
13
FEDERAL RESERVE BULLETIN
JANUARY 1935
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)
[In millions of dollars]
I
Reserve bank credit outstanding
Month or week
Bills
discounted
Bills
bought
u. s.
Government
securities
Other
reserve
bank
credit
Total
1933—October
November
December
119
114
117
7
15
101
2,355
2,437
2,432
2,492
2,574
2,669
1934—January
February
March
April
May
June
July
August
September
October
November
December
101
70
55
43
36
28
23
21
22
12
11
10
113
87
40
16
6
5
5
5
5
6
2,432
2,432
2,437
2,439
2,431
2,424
2,432
2,432
2,431
2,430
2,430
2,430
5
5
5
5
6
2,432
2,432
2,431
2,431
2,431
5
9
13
11
6
6
6
6
2,431
2,429
2,430
2,430
Week ending SaturdaySept. 1
_
Sept. 8._
Sept. 15
Sept. 22
Sept. 29
Oct.
Oct.
Oct.
Oct.
6
13
20
27
Treasury
and na- Money
Monetary gold tionalin cirstock
bank
culation
currency
Treasury
reserve
balances
with
Other
Non- Federal
mem- Reserve
ber deacposits counts
banks
4,036
4,036
4,036
2,277
2,275
2,293
5,394
5,523
2,590
2, 629
2,616
333
349
357
163
158
143
351
355
358
2,656
2,597
2,535
2, 507
2,479
2,464
2,469
2,464
2,469
2,457
2,466
2,472
4,035
l 7,138
7,602
7,736
7,759
7,821
7,893
7,971
7,971
7,989
8,047
8,191
2.302
2,303
2,333
2, 377
2,378
2,363
2,364
2,378
2,411
2,415
2,455
2,493
5,382
5,339
5,368
5,366
5,355
5, 341
5,350
5,355
5,427
5,473
5,494
5,577
2,764
2,822
3,361
3,594
3,695
3,790
3,928
4,045
3,947
3,964
4.100
4,037
397
1 3, 448
3, 298
3,222
3,083
3,054
2,999
2,976
3,054
3,011
2,970
3,120
146
136
144
170
249
226
219
208
197
177
165
181
305
293
299
268
234
237
230
228
227
234
238
241
2,464
2,470
2,473
2,469
2,463
7,979
7,967
7,968
7,972
7,976
2,403
2,413
2.414
2.412
2,408
5,368
5,423
5,427
5,430
5,429
4,081
3,951
3,964
3.920
3,943
2,965
3,047
3,034
3,080
3,061
205
204
295
193
186
227
225
225
229
228
6
13
2, 458
2.453
2,461
2,456
7,980
7,985
7,989
7,994
2. 406
2,403
2,412
2,426
5,476
5,489
5,484
5,455
3,909
3,976
3,963
3,985
3,047
2,961
3,000
3,030
183
187
178
167
229
229
238
239
7
7
Nov.
Nov.
Nov.
Nov.
3.....
10.
17
24
6
6
6
6
2,430
2,430
2.430
2,429
10
12
32
25
2,457
2,459
2.478
2,469
8.002
8,009
8.029
8,069
2,434
2,444
2,453
2,464
5,470
5,506
5,493
5,474
4,004
4,044
4,108
4,159
3,015
2,952
2,955
2,971
167
172
165
160
237
238
239
239
Dec.
Dec.
Dec.
Dec.
Dec.
1
_
8
15
22...
29
6
6
6
6
6
2,430
2,430
2,430
2,430
2,430
13
13
19
40
33
2,460
2,460
2,465
2,486
2, 478
8,112
8,152
8,178
8,204
8,225
2,469
2,476
2,487
2,501
2, 508
5,511
5,556 i!
5,554
5,604
5,609
4,126
4,093
4,093
3,943
3, 995
3,005
3,028
3,061
3,214
3,180
160
172
183
185
184
239
239
240
244
244
_
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)
[In millions of dollars]
Reserve bank credit outstanding
End of month
Bills
discounted
1933—October. _.
November.
December.
1934—January
February..
March
April
May
June
July
August
September.
October. _.
November.
December.
116
119
98
83
64
54
39
31
25
22
23
15
11
11
7
Bills
bought
7
24
133
111
62
29
9
5
5
5
5
U.S.
Government
securities
2,421
2,432
2,437
2,434
2,432
2,447
2,431
2,430
2,432
2,432
2,432
2,431
2,430
2,430
2,430
Other
reserve
bank
credit
—4
10
3
4
11
8
6
20
Total
2,548
2,581
2,688
2,630
2,567
2,545
2,485
2,463
2,472
2,462
2,464
2,464
2,455
2,453
2,463
Monetary gold
stock
Treasury
and na- Money
in cirtionalculation
bank
| currency
4,036
4,036
4,035
2,277
2,277
2,303
4,033
l 7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
*8,239
2,302
2,302
2,361
2,378
2,368
2,367
2,361
2,408
2,405
2,434
2,468
p 2, 511
5,347
5,455
5,518
5,289
5,355
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
v5, 536
Treasury
and Non- Other
Member cash
Federal
deposits membank
with
ber de- Reserve
reserve Federal
acbalances Reserve posits counts
banks
2,685
2,573
2,729
2,652
3,093
3,457
3,599
3,746
3,840
4,029
4,052
3,934
4,006
4,081
4,096
299
369
287
597
1 3,440
3,293
3,148
3,053
3,016
2,971
2,968
3,051
3,031
3,022
J-3,151
173
142
132
141
127
157
268
222
233
207
208
178
164
161
189
* Prelimary.
Increase from previous date represents principally increment resulting from reduction in the weight of gold dollar on Jan. 31, 1934
1
356
354
360
287
292
299
236
232
233
229
226
228
237
239
241
14
FEDERAL RESERVE BULLETIN
JANUARY 1935
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE
NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT
[In thousands of dollars]
D e c . 31, 1934 N o v . 30, 1934 D e c . 31, 1933
ASSETS
Gold certificates on hand and due from U. S. Treasury
Gold
Redemption fund—Federal Reserve notes
Other cash
__
Total reserves
Redemption fund—Federal Reserve bank notes.
Bills discounted:
For member banks
For intermediate credit banks..
For nonmember banks, etc
Total bills discounted.
Bills bought:
Payable in dollars:
Bought outright
Under resale agreement..
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:
Municipal warrants
-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 assets.
LIABILITIES
Federal Reserve notes:
Held by other Federal Reserve Banks
Outside Federal Reserve banks
Total notes in circulation
Federal Reserve bank note circulation—net
Deposits:
Member bank—reserve account
United States Treasurer—general account.
Foreign bank
Other deposits
Total deposits
Deferred availability items..
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies.—.
All other liabilities
Total liabilities
_
Contingent liability on bills purchased for foreign correspondentsCommitments to make industrial advances
__
5,124,347
5,087,164
19, 060
257, 577
20,137
210,153
946,133
2,578,104
44, 739
224, 634
5,400,984
1,677
5,317,454
2,166
3, 793, 610
13, 082
6,988
11, 227
74
69
i6, 873
310
407
7,062
11, 296
97, 590
108,108
19, 284
6,033
133,425
112
183
5,501
5,613
14, 301
5,499
5,682
10,062
2,430, 256
2,430,122
2,430, 256
2,430,122
2,435, 245
2,245
2,437, 490
805
4,880
2,462,917
i 5, 220
2,452, 745
1,493
3,333
14, 745
2, 688, 076
28, 502
455,252
49,161
43, 652
8, 442,145
21,124
434,562
53,164
50, 590
8, 331, 805
18,460
430,883
51,884
44, 693
7,040, 688
28, 502
3,192, 605
3, 221,107
26, 390
21,124
3,192,181
3, 213,305
27, 523
18,460
3,061, 083
3,079, 543
208, 997
4,095,946
120,746
19,394
169,264
4,405, 350
455,252
146, 725
144,893
8,069
30,816
3,543
8,442,145
675
10,047
4,081,350
70,621
15, 577
145,918
4,313,466
434,562
146,885
138, 383
2,682
22, 291
32, 708
8, 331,805
491
6,510
2,729,442
2,837
4,233
128,038
2,864,550
430,883
144,693
277,680
3,520,365 j
3,466,978
3, 349,805
3, 316, 200
3, 246,416
256, 700
3, 512, 782
844,220
1,780,833
188,440
600, 500
3,413,993
37, 590
38,829
233, 725
42,874
42,874
' 44,574
••44,574
2,021
256, 774
258,795
22, 534
11,808
7,040,688
3,810
FEDERAL RESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks by Federal Reserve agents...
Collateral held by agents as security for notes issued to bank:
Gold certificates on hand and due from U. S. Treasury..
Gold.
Eligible paper
U. S. Government securities.
Total collateral..
5,487
241,400
3,563,087 I
FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding).
Collateral pledged against outstanding notes:
Discounted and purchased bills
U. S. Government securities
Total collateral
i Deferred availability items in excess of uncollected items.
r
Revised.
15
FEDERAL RESERVE BULLETIN
JANUARY 1935
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Total
Gold
coin
Tr s
Naf " Subsid- Minor United Federal Federal
Gold Stand- Silver
tional
aru
States Reserve Reserve
certificertifiury I
bank
coin
bank
silver
notes notes notes notes
cates
cates
notes
dollars
of 1890
1933—June
July
August
September.
October
NovemberDecember. .
5,434
5,343
5,325
5,363
5,347
5,455
5,518
265
252
242
232
225
219
213
28
28
28
28
29
29
29
361
365
372
385
387
394
407
257
258
261
265
267
269
272
113
113
114
115
116
117
117
269
275
277
280
277
285
286
3,061
2,974
2,953
2,966
2,930
2,998
3,044
125
129
133
156
189
206
208
920
914
911
909
903
913
918
1934—January
February
March.
April
May
June
July.
August
September—
October
November..
December *
5,289
5,354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536 11
178
167
161
157
153
150
146
143
139
136
133
131
29
29
30
30
30
30
30
31
31
31
32
32
391
399
403
400
402
401
399
438
483
510
558
592
267
270
272
274
277
280
280
282
284
288
291
294
116
117
118
118
120
119
121
122
122
123
124
125
283
289
289
282
279
280
277
274
274
273
273
265
2,894
2,949
3,005
3,025
3,038
3,068
3,044
3,103
3,131
3,124
3,176
3,176
202
194
178
162
151
142
133
125
119
112
107
101
927
938
935
918
900
902
885
878
870
856
853
820
|
!
I
I
•p Preliminary figures.
NOTE.—For figures of paper currency of each denomination in circulation see p. 61.
Back figures—See Annual Report for 1933 (table 56).
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO AND FROM
UNITED STATESi
[In millions of dollars]
[In thousands of dollars]
Year and month
Gold
Net restock Increase
Other
gold
at end in gold Net
factors«
import from ear1
of
stock
mark
month
$1-
1932—Total (12 mo.).
1933—August
September.
October
November.
December._
Total (12mo.)_
1934—January
February
March
April
May
June
-.July
August
September. _
October
November...
December *>_
Total (12 mo.) »_
4,041
4.037
4,036
4,036
4,035
¥\o grains of gold <Ko fine; i. e., an
ounce of fine gold=$2O.67
52.9 | - 4 4 6 . 2 [ 457. 5 |
41. €
7.5
-3.8
-0.7
-0.5
-190.4
79.5
49.3
26.9
0.6
11.8
8.4
3.6
4.8
0.1
-3.1
-173.5 ! -58.0
41.1
-80.4
-56.7
-32.4
-0.8
-9.1
4,033 j
-2.1
-2.8 I
12.2
-11.6
$1 = 155M grains of gold Mo fine; i. e., an
ounce of fine gold=$85
7,438 i 3,405.0
' 7,694
c 256.1
7,757
61.5
7,779
22.4
7,856 !
77.1
7,931
74.4
7,978
47.4
7,978
0.4
8,002
23.5
8,132
129.9
8,239
106.9
452.6
237.3
54.7
33.6
63.7
52.3
37.2
-18.7
10.8
120.9
92.1
4, 203. 2 1,133. 9
0.1
2,883.8
•19.6
7.9
-11.6
12.5
21.4
11.2
16.6
12.4
9.1
14.7
82.6
2,986. 7
68.7
-0.8
-1.1
0.5
1.0
0.6
-1.1
2.4
0.3
—0.1
» Preliminary.
« Corrected.
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).
2 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.
Backfigures.—SeeAnnual Report for 1933 (table 51).
December
January-November
November
From or to—
[mports
Belgium
England
France
Germany
Netherlands
Switzerland
Canada
Central America. __
Mexico
Argentina
Colombia
Ecuador
Peru
Uruguay
__
Venezuela
Australia
British India
China and Hong
Kong
Dutch East Indies.
Japan
Philippine Islands.
Allother countries2
Total...
19,741
22,430
Exports Imports Exports Imports Exports
92
17, 790
8,085
202
6,116
2,111
206
139
12,814
3,687
70,351
9,906
8
40
9,628
231
916
1
211
121
49
72
12, 574
11, 300
529
700
""254~
19
37
12,968
490,421
268,101
4
85,134
12,656
78,700
2,776
24, 272
12
14,841
1,349
1,257
4,059
8,438
29,991
147
7,414
254
165
249
791
1,029
64,246
2,278
940
320
15,923
7
4
10, 669
9,261
1,894
92, 249
140 121,199
310 1,094,421
52,619
1
i With some exceptions figures represent customs valuations at rate of
$20.67 a fine ounce for January 1934 and $35 a fine ounce thereafter.
»Includes all movements of unreported origin or destination.
Back figures.See Annual Report for 1933 (tables 53 and 54).
16
FEDERAL RESERVE BULLETIN
JANUARY
1935
MEMBER BANK RESERVE BALANCES
[Averages of daily figures. Figures are for licensed banks only. In millions of dollars]
Reserves held
Month or week
Excess reserves
Total—all
member
banks
New York
City »
1933—November.
December..
2,599
2,588
866
828
1,181
1,193
553
567
794.1
765.7
129.8
96.0
474.7
472.6
189.6
197.1
1934—January
February...
Maroh
April
May
June
July
August
September.
October
November..
2,740
2,799
3,345
3,582
3,695
3,790
3,928
4,045
3,947
3,964
4,100
897
872
1,227
1,290
1,323
1,391
1,393
1,509
1,440
1,461
1,506
1,222
1,271
1,422
1,536
1,598
1,632
1,725
1,719
1,692
1,667
1,745
622
656
696
756
773
767
810
817
814
837
849
865.7
890.8
1,375.1
1, 541.0
1, 623. 5
1, 684. 6
1, 789.4
1,883.6
1,754.1
1,730.6
1,834. 5
146.8
118.3
432.2
454.6
484.7
532.2
525.7
638.2
562.0
568.1
603.8
476.6
509.1
645.5
736.4
778.4
799.6
874.0
852.2
808.7
766.4
829.3
242.4
263.4
297.4
350.1
360.4
352.8
389.7
393.3
383.4
396.1
401.4
Week ending (Friday):
Sept. 7
_
Sept. 14
Sept. 21
Sept. 28
-
3.960
3,960
3,930
3,940
1,445
1,399
1,437
1,467
1,702
1,722
1,648
1,671
814
839
845
802
1,776. 0
1,779.0
1,734.0
1,737.0
561.1
522.5
562.3
590.0
827.2
837.8
790.9
782.1
388.0
419 0
381.0
365.0
Oct. 5-Oct. 12..
Oct. 19..
Oct. 26.
3,909
3,967
3,966
3,983
1,474
1,484
1,449
1,439
1,621
1,651
1,663
1,699
814
831
855
845
1,702.0
1,760.0
1, 733.0
1,734.0
591.4
601.6
554.4
539.1
731.3
758.1
758.4
792.1
379.0
400.0
420.0
404.0
Nov. 2...
Nov. 9...
Nov. 16..
Nov. 23..
Nov. 30..
4,000
4,033
4,104
4,153
4,139
1,467
1,430
1,478
1,563
1,565
1,701
1,736
1,759
1,748
1,736
831
867
868
842
838
1,744.0
1, 784. 0
1,854.0
1,873. 0
1,861. 0
561.4
530.5
582.7
660.5
655.0
794.6
827.0
841.5
829.1
814.2
388.0
427.0
430.0
383.0
392.0
Other
Reserve
cities
'Country" Total—all
member
banks
banks 2
Other
Reserve
cities
New York
Cityi
'Country"
banks 8
1
Central Reserve city banks only.
* Weekly figures of excess reserves of all member banks and of country banks are estimates.
Backfigures.—SeeAnnual Report for 1933 (table 73).
MEMBER BANK DEPOSITS
[Averages of daily figures. Figures are for licensed banks only. In millions of dollars]
Net demand and time deposits
Month or week
1933—November „
December..
1934—January
February. „
March
April
May
_.
June
July
August
September..
October
November.
Week ending (Friday):
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12._
Oct. 19
Oct. 26..
Nov. 2 . .
Nov. 9 . .
Nov. 16.
Nov. 23.
Nov. 30.
Totalall member
banks 1
23,486
23,646
24,248
24,674
25,288
26,009
26.363
26, 698
27,073
27,310
27,615
28,034
28.364
New
York
City*
talOther "Coun- T omemReserve try" l all ber
cities banks banks'
6,289
6,215
6,348
6,370
6,671
6,992
7,001
7,168
7,236
7,252
7,300
7,409
7,465
9,531
9,659
9,937
10,124
10,303
10, 568
10,787
10,929
11,127
7,339
7,289
7,270
7,291
7,666
7,772
7,963
8,180
8,314
8,449
8,575
8,601
8,710
8,777
8,878
9,038
9,154
14,347
14,567
15,021
15, 341
15,851
16,457
6,720
5,543
5,691
5,894
6,048
6,172
6,384
6,541
6,645
6,807
6,940
7,103
7,269
7,418
6,632
6,577
6,562
6,582
7,016
7,108
7,132
7,153
7,339
7,338
7,423
7,460
11,362
11,449
11,466
11.475
11.476
11,510
11,619
11,663
6,627
6,627
6,718
6,759
7,161
7,202
7,311
7,332
7,503
7,449
7,411
7,466
7,515
11, 663
11,684
11,763
11, 768
11,782
6,806
6,756
6,725
6,784
6,840
7,325
7,346
7,429
7,443
7,475
11, 280
11,436
11,587
11,744
17,276
17,490
17,806
18,208
18, 524
1
Time deposits
talOther "Coun- T omemReserve try" all ber
banks
*
cities
banks *
New
York
City 2
5,475
5,452
5,599
5,624
5,943
6,256
6,283
6,433
6,500
6,534
6,591
6,704
6,780
i Weekly figures are not reported.
Backfigures.—SeeAnnual Report for 1933 (table 73).
Net demand deposits
3,330
3,424
3,528
3,668
3,736
3,817
3,896
3,909
3,969
4,016
4,111
4,235
4,326
New
York
City 2
9,139
9,078
9,227
9,333
9,437
9,552
9,643
9,711
9,796
9,819
9,809
9,826
9,840
Central Reserve city banks only.
Other
814
763
3,988
749
746
728
736
719
735
736
719
709
705
685
4,043
4,075
4,131
4,184
4,246
4,284
4,319
4,340
4,333
4,319
4,326
707
711
708
709
712
711
706
701
4,346
4,341
4,334
4,322
682
675
"Coun-
Reserve t r y " a
cities banks
4,315
4,307
4,308
4,330
4,339
4,337
4,334
4,325
4,307
4,336
4,348
4,435
4,512
4,578
4,632
4,679
4,691
4,741
4,761
4,767
4,802
4,829
17
FEDERAL RESERVE BULLETIN
JANUARY 1935
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
Open-market loans
Loans to other customers
Call date
Total
loans
and
investments
Loans
to
banks
34,860
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
Investments
Purchased paper
Total
Loans
Otherto
cured
Sewise
Accept
Acbrocured secured
by
ances cept- Com- kers
Total
stocks by real and
payable ances merin
and estate unsecial
in
payNew
cured
bonds
United able paper Yorki
States abroad
631
446
457
599
790
573
457
444
330
297
287
225
153
149
21,007
19,940
19,257
18, 713
17,570
15,267
14,497
13,905
11,337
11,523
11,315
11,093
10,804
10, 782
7,942
7,423
7,117
6,842
6,290
5,292
5,086
4,848
3,916
3,809
3,772
3,644
3,516
3,325
3,234
3,220
3,218
3,149
3,038
2,894
2,885
2,862
2,372
2,364
2,359
2,382
2,357
2,297
9,831
9,298
8,922
8,722
8,242
7,081
6,527
6,195
5,049
5,350
5,184
5,067
4,931
5,161
2,233
2,454
2,103
1,563
901
747
970
855
1,191
1,238
1,231
1,387
1,566
1,361
8,582
8,473
8,287
8,253
7,460
6,715
7,112
7,327
7,133
6,971
6,995
7,351
7,666
7,543
283
154
150
250
374
260
203
216
162
143
146
112
68
66
4,338
4,007
3,839
3,850
2,856
2,638
2,621
2,297
2,436
2,395
2,321
2,202
2,294
2,137
1,960
1,897
1,816
1,728
1,343
1,300
1,247
1,082
1,032
1,034
985
937
876
147
150
160
152
153
160
154
160
157
149
148
156
156
150
2,054
1,896
1,782
1,881
1,813
1,353
1,184
1,214
1,057
1,254
1,213
1,180
1,109
1,267
1,525
1,651
1,497
1,121
695
565
763
701
964
891
912
986
1,131
188
199
296
201
107
262
341
330
224
233
170
276
225
232
13, 758
13,965
13,567
13,016
12,115
11,045
10,979
10, 535
9,780
9,951
10,157
10,816
11,054
11,367
235
247
284
347
254
205
178
129
120
103
79
53
55
8,906
8,409
8,100
7,845
7,407
6,519
6,196
5,879
4,846
4,912
4,797
4,669
4,586
4,562
3,656
3,366
3,188
3,092
2,806
2,403
2,304
2,169
1,702
1,660
1,630
1,566
1,526
1,421
1,631
1,619
1,621
1,585
1,538
1,407
1,406
1,398
1,160
1,144
1,151
1,158
1,145
1,120
3,620
3,423
3,291
3,168
3,063
2,709
2,486
2,312
1,984
2,108
2,016
1,945
1,915
2,021
531
645
470
326
135
118
151
115
184
274
258
306
311
328
122
158
91
67
35
38
58
44
63
68
50
64
34
7,762
7,524
7,318
7,018
6,469
5,892
5,663
5,405
4,194
4,175
4,123
4,103
4,016
3,926
2,149
2,097
2,031
1,935
1,756
1,546
1,481
1,432
1,132
1,118
1,108
1,093
1,053
1,027
1,455
1,449
1,437
1,411
1,346
1,328
1,324
1,304
1,055
1,070
1,061
1,068
1,056
1,026
4,158
3,978
3,849
3,673
3,367
3,018
2,857
2,669
2,007
1,987
1,955
1,942
1,906
1,873
177
158
135
116
71
64
55
39
43
73
62
95
124
150
Total
loans
secured
by
stocks
and
bonds
Total
U.S.
Government
securities
Other
securities
1,498
1,630
1,217
928
575
278
414
357
788
748
840
855
1,082
802
10,989
11,889
12,106
12,199
11,314
11,414
12,121
12, 265
11,928
11,894
12,386
13,842
14,652
15,267
4,125
5,002
5,343
5,564
5,319
5,628
6,366
6,540
6,887
6,801
7,254
8,667
9,137
9,186
6,864
6,886
6,763
6,635
5,996
5,786
5,755
5,726
5,041
5,093
5,132
5,175
5,515
6,081
9,754
9,272
8,563
8,081
7,320
5,916
5,770
5,447
4,884
4,713
4,769
4,606
4,651
4,178
1,281
1,367
1,063
839
542
258
391
337
720
624
706
687
883
631
2,435
2,662
2,801
3,032
2,697
3,033
3,508
3,789
3,709
3,501
3,542
4,265
4,300
1,239
1,466
1,656
1,830
1,768
2,008
2,429
2,603
2,551
2,320
2,362
2,768
3,053
2,954
1,197
1,196
1,145
1,202
928
1,025
1,079
1,186
1,158
1,181
1,179
1,164
1,212
1,345
3,550
3,397
3,026
2,780
2,474
1,757
1,811
1,699
1,888
1,728
1,824
1,724
1,840
1,531
167
227
124
56
16
7
14
12
58
100
112
138
154
123
4,035
4,676
4,750
4,561
4,226
4,154
4,427
4,362
4,621
4,645
5,000
5,763
6,104
6,423
1,727
2,313
2,408
2,301
2,133
2,187
1,961
2,462
2,867
2,889
3,209
3,954
4,102
4,240
2,308
2,364
2,342
2,260
2,093
1,966
2,466
1,900
1,754
1,757
1,790
1,809
2,002
2,183
3,729
3,459
3,317
3,050
2,585
2,456
2,298
1,846
1,836
1,809
1,753
1,708
1,569
4,519
4,550
4,555
4,606
4,392
4,226
4,187
4,114
3,598
3,748
3,845
4,148
4,283
4,545
1,159
1,224
1,279
1,433
1,418
1,432
1,471
1,474
1,469
1,592
1,683
1,946
1,982
1,992
3,359
3,326
3,276
3,172
2,974
2,794
2,715
2,640
2,129
2,156
2,162
2,202
2,301
2,552
2,213
2,147
2,078
1,985
1,796
1,574
1,503
1,450
1,150
1,148
1,136
1,129
1,102
1,078
TOTAL—ALL MEMBER
BANKS
1930—Dec. 31
1931—Mar. 25
June 30.
Sept. 29_
Dec. 31
1932—June 30
Sept. 30
Dec. 3 1 1933—June 30»
Oct. 25
Dec. 30
1934—Mar. 5_._
June 30
Oct. 17
N E W YORK CITY
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
OTHER
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
"COUNTRY"
146
313
407
375
291
303
223
350
264
276
55
101
113
70
41
34
34
30
25
24
37
26
20
366
361
384
296
140
122
115
93
87
164
132
157
200
253
3
_..
RESERVE
315
361
CITIES
.._.
_
212
212
189
167
62
62
65
46
51
91
78
89
115
151
BANKS
1930—Dec. 3 1 . . . .
1931—Mar. 25
June 30Sept. 29
Dec. 31
1932—June 30.
Sept. 30
Dec. 31._
1933—June 30 »
Oct. 25
Dec. 30
1934—Mar. 5...
June 30
Oct. 17
_
_
12, 519
12,290
12,068
11,805
10,999
10, 240
9,954
9,607
7,873
8,031
8,068
8,381
8,456
8,649
120
114
101
81
48
36
36
28
27
46
34
54
72
95
i Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
* Beginning June 30,1933,figuresrelate to licensed banks only.
1
Central reserve city banks only.
Backfigures.—Thisclassification of loans is not available for dates prior to Oct. 3, 1928, see Annual Report for 1931 (table 53), but comparable
figures of total loans secured by stocks and bonds are given for June 30, 1925-28, in the Annual Report for 1928 (table 52); for separate figures of
United States Government securities and other securities back to 1914, see Annual Report for 1933 (table 78).
18
FEDERAL RESERVE BULLETIN
JANUARY 1935
ALL BANKS IN THE UNITED STATES
[Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private and industrial banks
included in abstracts issued by State banking departments]
LOANS AND INVESTMENTS
[In millions of dollars]
All banks
Nonmember banks
Member banks
Mutual savings banks
Date
Total
Loans
Investments
Total
Investments
Loans
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
1929—Oct. 4
Dec. 31
58,835
58, 417
42,201
41,898
16,634
16,519
35,914
35,934
26,165
26,150
9,749
9,784
i 9, 556
9,463
i 5,892
5,945
i 3, 664
3,518
13,366 !
13,020
10,144
9,803
3,221
• 3,217
1930—Mar. 27__._
June 30
Sept. 24
Dec. 31
57, 386
58,108
57, 590
56, 209
40, 686
40,618
39, 715
38,135
16, 700
17,490
17,875
18,074
35,056
35,656
35,472
34,860
25,119
25,214
24, 738
23,870
9,937
10,442
10, 734
10, 989
i 9,463
9,747
i 9, 747
9,987
i 5,945
6,009
i 6, 009
6,068
i 3, 518
3,739
i 3, 739
3,920
12,868
12,706 1
12,371
11, 362
9,623
9,395
8,968
8,196
3,245
3,309
3,402
3,165
1931—Mar. 25
June 30
Sept. 29
Dec. 31
55,924
55,021
53, 365
49,704
36,813
35, 384
33,750
31,305
19, 111
19, 637
19, 615
18,399
34, 729
33,923
33, 073
30, 575
22,840
21,816
20,874
19,261
11,889
12,106
12,199
11,314
i 9,987
10, 506
i 10, 506
10,488
i 6,068
6,169
i 6,169
6,218
i 3,920
4,337
i 4,337
4,270
11, 208
10, 593
9,786 ;
8,641
7,906
7,399
6,707
5,827
3,302
3,194
3,079
2,814
1932—June 30
Sept. 30
Dec. 31
46,071
45,852
44,946
27,834
26,985
26, 063
18, 237
18,867
18, 883
28, 001
28,045
27,469
16,587
15,924
15, 204
11,414
12,121
12, 265
10, 316
i 10, 316
10,182
6,130
i 6,130
6,079
4,186
i 4,186
4,103
7,755
7,491
7,295
5,117
4,931
4,780
2,637
2,560
2,515
1933—June 30 a
Oct. 25 3
Dec. 30
40,089
22,215
17,874
11,928
11,894
12, 386
4,103
5,258
3,415
1,843
18, 342
12,858
13,059
12,833
5,941
21,977
24, 786
24,953
25, 220
10, 044
40, 319
9,989
5,909
4,080
5,111
3,235
1,876
26,548
27,175
27, 559
12, 706
12, 523
12,293
13,842
14, 652
15, 267
1934—Mar 5 33
June 30
Oct. 17 *
.
-
1
2
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.
* Non-member bank figures not available.
Back figures.—See Annual Report for 1933 (tables 67-69).
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
[In millions of dollars]
Member banks
Nonmember
banks
Nonmember banks
Date
1929—Oct. 4
Dec. 31
1930—-Mar. 27
June 30
Sept. 24
Dec 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31
1933—June 30 2
Oct. 25 3
Dec. 30
1934—Mar. 5 33
June 30
Oct. 17 *
_-
.
Date
All banks
Member
banks
Mutual
savings
banks
Other
nonmember banks
55,180
55, 289
53,185
54,954
52, 784
53, 039
51, 427
51, 782
49,152
45,821
33,004
33,865
32, 082
33, 690
31,839
32, 560
31,153
31, 566
29, 469
27, 432
i 8,983
8,916
i 8, 916
9,197
1
9,197
9,507
41,963
41, 942
41, 643
38,011
24, 755
24, 903
24,803
23, 338
23, 453
23, 771
i 9, 507
10, 017
i 10, 017
10,105
10,020
i 10, 020
10,022
9,713
13,193
12, 507
12,187
12, 067
11, 748
10, 972
10, 767
10,199
9 666
8,284
7,188
7,020
6,818
4,961
9,711
5,023
38, 505
25, 293
26, 615
27,484
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 figures.—See Annual Report for 1933 (table 70).
1929—Oct. 4
Dec. 31
1930—Mar. 27
June 30.
Sept. 24
Dec. 31
1931—Mar. 25
June 30.
Sept. 29
Dec. 31
1932—June 30.
Sept. 30
Dec. 31
1933—June 30 2
Oct. 25 3.
Dec. 30.
1934—Mar. 5 3
J u n e 30 3
Oct. 17 3.
For footnotes see table above.
Back figures.—See Annual Report for 1933 (table 66).
Other
Mutual nonsavings membanks I ber
banks
JANUARY
19
FEDERAL RESERVE BULLETIN
1935
REPORTING MEMBER BANKS IN LEADING CITIES
{Monthly data are averages of weekly figures. In millions of dollars]
Total—all weekly reporting member banks
Loans and investments
Loans and investments
Borrowings
Investments
at
F. R.
U.S. se- banks
Total curities
Month or date
Total
1933—October....
NovemberDecember..
1934—January
February. __
March
April
May
June
July
Aueust
September..
October
November-
Loans All
on se- other
curities loans
Total
Loans All
on se- other
curities loans
is
Tl oo tt aa ll
3,330
3,369
3.353
2, 232
2,238
2,256
9,808
9,913
9,903
21
22
24
3,327
3,587
3,835
3,920
3,810
3,926
4,045
4,085
! 4,055
! 4,043
| 4,036
i 4,226
2,233
2,517
2,702
2,745
2,735
2,848
2, 930
20
11
10
7
6
5
2,820
2,801
2,827
2,995
9,914
10,270
10,316
10, 257
10, 278
10, 352
10,476
10,594
10, 650
10, 730
10, 712
10,821
4,052
4,047
4,039
4,027
4,052
2,794
2,812
2,800
2,798
2,804
10,734
10,732 .
10,736 I
10,736
10,714 |
1,648
1,634
1,625
1,624
4,094
4,012
3,988
4,050
2,830
2,825
2,813
2,841
10,714
10,735
10.698
10,700
!
|
|
j
1,619
1,602
1,600
1,564
4,104
4,155
4,313
4,330
2,891
2,941
3,060
3,086
10,693
10.699
10,951
10,886
!
L
!
|-
3,636
3,574
3,595
4,944
4,990
4,862
7,956
8,124
8,163
4,990
5,135
5,210
6,728
6,775
6,717
1,683
1,643
1,670
3,542
3,567
3,539
3,570
3,516
3, 553
3, 531
3,295
3,137
3,062
3,008
3,096
4.732
4,713
4,663
4,648
4,555
4,511
4,455
4, 533
4,697
4,757
4,705
4,632
8,315
9,282
9,308
9,257
9,478
9,763
9,893
9,936
10,016
10,049
10,374
5,334
6,040
6,251
6,229
6,256
6,442
6,676
6,650
6,675
6,997
7,168
7,269
7,050
7,190
7,273
7,127
7,120
7,105
7,050
7,281
1,676
1,711
1,683
1,718
1,680
1,727
1,727
1,520
1,455
1,418
1,381
1,459
,672
,699 |
,050 !
,631 j
,560 I
, 537
December
16, 589
17,267
17,484
17, 526
17, 328
17, 542
17, 749
17, 721
17,770
17,835
17, 762
I 18,102
Oct.
Oct.
Oct.
Oct.
Oct.
i 17,811
17,824
17,854
17,850
j 17,837
3,047
3,055
3,082
3,074
3,051
4,747
4,759
4,765
4,760
4,756
10,017
10,010
10, 007
10,016
10,030
6,636
6,658
6,650
6,654
6,639
7,077
7,092
7,118
7,114
7,123
1,401
1,402
1,434
1,435
1,417
1,624
1,643 I
1,645 !
1,652 j
1,654
I 17,837
17,759
17,688
i 17,764
3,010
3,008
2,998
3,017
4,731
4,708
4,
10,096
10,043
9,997
10,059
6,713
6,674
6,715
7,123
7,024
6,990
7,064
1,381
1,378
1,377
1,390
! 17,879
i 17,912
.1 18,339
18,221
3,098
3,099
3,115
3,089
4,676
4,640
4,630
4,557
10,105
10,173
10, 594
10, 575
6,748
6,809
7,176
7,192
7,186
7,213
7,388
7,335
1,463
1,456
1,475
1,441
3
10.
17.
24.
31
Nov.
Nov.
Nov.
Nov.
7
14
21
28—-
Dec.
Dec.
Dec.
Dec.
5
12
19
26
BorBorrow- Total
rowloans
ings and
in- ings
at
vest- F.atR.
F. R. ments
jU.S.se- banks
banks
Icurities
Investments
16,536
16,688
16,620
6,647
6,696
Other leading
cities
New York City
1,715
1,763
1,694
,501
,522
,610
,644
,633
,596
i For additional data see p. 59.
Back figures.—See Annual Report for 1933 (tables 88-90).
BROKERS' LOANS
MADE BY REPORTING MEMBER BANKS IN N.Y. CITY
[Monthly data are averages of weekly figures. In millions of dollars]
REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time. In millions of dollars]
From New
York banks
and trust companies
Total
E n d of month
1933
1934
January...
February..
March
359
360
311
903
April.
MayJune..
322
529
780
July
August
SeptemberOctober....
NovemberDecember..
1933
1934
From private
banks, brokers,
foreign banking
agencies, etc.
1933
1934—January
862
873
1,088
1,016
1,082
268
461
694
973
912
116
104
102
916
917
897
923
874
832
822
841
806
849
803
769
776
789
845
827
831
'706
712
776
761
765
813
74
71
62
|M
66
66
67
Backfigures.—SeeAnnual Report for 1933 (table 93).
64
76
108
February
March
April
May
June
July
August
September
October _
November
December
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
For account of
out-oftown
banks i
802
889
886
975
937
1,016
1,042
827
776
746
'713
784
657
731
736
813
766
845
871
670
633
612
'573
639
137
149
148
156
163
165
168
156
142
133
139
144
8
9
2
6
8
6
3
1
1
1
1
1
'718
782
778
805
772
'576
639
633
658
626
'141
142
144
145
144
1
1
1
2
Total
1934
270
298
247
own account
For
Month or date
.
_
_ _
-
_.
For account of
others
0
'Revised.
* Member and nonmember banks outside New York City (domestic
banks only).
Blackfigures—SeeAnnual Report for 1933 (table 92).
20
FEDERAL RESERVE BULLETIN
JANUARY 1935
ACCEPTANCES AND COMMERCIAL PAPER
BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR
ACCEPTANCES)
BANKERS' ACCEPTANCES, BY HOLDERS (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
account
For
own of for- Total
eign
account correspondents
Own Bills
bills bought
Held
by
others
1932—August
September.
October
November..
December..
681
683
699
720
710
3
2
3
4
4
f>74
573
605
655
C04
108
159
199
268
224
376
414
406
386
380 j
1933—January....
February-_.
March
April
May
June
July
August
September.
October
November.
December..
707
704
671
697
669
687
733
694
715
737
758
764
2
307
2S0
163
13
41
2
1
1
1
18
127
626
325
261
404
505
487
552
490
517
592
599
442
256
201
153
206
229
201
248
252
236
271
273
223
370
124
108
199
276
287
304
247
282
321
326
219
1934—January
February—.
March
April
May
June
July
August
SeptemberOctober. __
November-
771
750
C85
613
569
534
516
520
539
562
561
105
56
23
3
567
581
576
536
507
480
472
483
503
5) f>
517
255
266
252
236
226
220
222
222
223
245
252
312
315
324
299
281
260
250
261
280
?71
265
4
5
5
4
3
2
1
1
1
8
8
(0
0)
0)
0)
i
!
!
i
!
|
I
55
64
52
28
62
38
42
85
86
115
123
147
154
156
112
138
190
95
108
81
70
59
53
42
37
35
•45
44
«Corrected.
i 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).
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIESHOLDINGS OF FEDERAL RESERVE BANES
January.._
February.
March....
April
May
,
June
_
July
August
September
October...
November
December.
1931
36,119
23, 958
1,063
" 1,074
1,073
10, 551
34 371
145,215
48,804
33, 501
33,386
33,429
1932
1933
33, 444
33, 478
30. 778
30, 736
30,837
30, 762
30,645
30,834
30,849
30,659
30,652
29, 489
29,036
28, 997
21,788
7,181
6,981
7,089
6,821
6,199
6,068
5,686
5,841
6,033
Back figure*.—See Annual Report for 1933 (table 26).
End of month
Based
on
goods
stored
in
foreign
countries or
shipped
between
foreign
points
OUTSTANDING
1933—November _ _
December
1934—January
February
March
April
May - -
June
July
.
_
-
August,
September
October
November
758
764
98
94
200
207
278
277
4
4
180
182
771
750
685
613
569
534
516
520
539
562
561
89
98
103
103
100
97
94
89
94
93
89
225
203
186
164
150
145
135
140
138
147
14S
271
261
226
186
164
141
138
147
166
184
195
5
4
3
3
3
4
4
4
4
175
184
168
158
152
148
144
141
137
133
127
18
127
7
23
2
22
4
39
o
HELD BY F. R. BANKS
(OWN ACCOUNT)*
1933—November .
December
1934—January
February.
March
April
May
105
56
23
3
21
11
6
1
•i
2
30
15
7
31
16
4
2
2
2
(2)
(2)
(2)
June
July
August
September
October
November.,-
18
11
5
1
4
39
(2)
(2)
(*)
(2)
(2)
_
(2)
(2)
w
«Corrected.
i Total holdings of Federal Reserve banks include a small amount of
unclassified acceptances.
»Less than $500,000.
Back figures.—See Annual Report for 1933 (tables 97 and 25).
COMMERCIAL PAPER OUTSTANDING
[As reported by dealers in New York City. In millions of dollars]
[In thousands of dollars]
End of month
Based
on goods
stored in
Based Based United
States
on ex- (ware- Dollar
im
Total
ports house
exchange
into from credits)
or
U.S.
U.S.
shipped
between
domestic
points
1934
End of month
5,977 J a n u a r y 5,887 February.
5,275 March
5,070 April
5,076 May
5,075 June
5,081 July
5,079 August
5,691 September
5,495 October...
5,499 November
5,501 December.
1931
327
315
311
307
305
292
289
271
248
210
174
118
1932
1933
108
103
106
108
111
103
100
108
110
113
110
81
Back figures.—See Annual Report for 1933 (table 96).
85
84
72
64
60
73
97
107
123
130
133
109
1934
108
117
133
139
141
151
168
188
192
188
178
166
21
FEDERAL RESERVE BULLETIN
JANUARY 1935
OPEN-MARKET RATES
FEDERAL RESERVE BANK RATES
RATES ON REDISCOUNTS FOR AND ADVANCES TO
MEMBER BANKS
Rate in
effect »n
Jan. 1
2
IH
2H
2
3
2H
2H
2H
3
2H
3
2
Rate in Date estabDate estab- Previ- effect
lished
lished
ous rate Jan. vn
1
Feb.
Feb.
Nov.
Feb.
Feb.
Dec.
Oct.
Feb.
Mar.
Dec,
Feb.
Feb.
8,1934
2,1934
16,1933
3,1934
9,1934
15,1934
21,1933
8,1934
16,1934
21,1934
8,1934
16,1934
6
6
6
5
Aug.
Aug.
Aug.
July
July
Mar.
Aug.
July
Aug.
July
Sept.
Sept.
[Percent per annum]
Advances under sec.
10b of the Federal
Reserve Act
Rediscounts and advances under sees. 13 and 13a of the
Federal Reserve Act
Federal Reserve
bank
SHORT-TERM RATES IN NEW YORK CITY
Average yield
Month or week
Oct. 20,1933
4
Oct. 2,1933
4
Oct. 20,1933
4
Oct. 21,1933
4
1933
*H July 16,1934 December
July 15,1933
3
Oct. 16,1933
3
4
1934
Oct. 21,1933 January
3
Mar.
14,1933
5
Ztt
February
4 July 10,1934 March
3
Mar. 12,1934 April
4
Oct. 19,1933 May
4
2H
June
July
RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- August
UALS, PARTNERSHIPS, AND CORPORATIONS
September
October
Advances secured by November
Discounts and advances
direct obligations of December
the United States
under par. 3 of sec. 13
(last paragraph of sec.
of the Federal Re13 of the Federal Re- Week e n d i n g serve Act
Federal Reserve
serve Act)
Dec. 1
bank
Dec. 8
Dec. 15
Rate in
Rate in Date estabDate
estabeffect on
effect on
Dec. 22
lished
lished
Jan. 1
Jan. 1
Dec. 29
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis—
Kansas C i t y —
Dallas
San Francisco-.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
m
5
6
_.
_
6
5
6
6
2H
2
3
2H
4
11,1933
10,1933
12,1933
24,1934
16,1934
20,1934
13,1933
10,1934
10,1933
10,1934
8,1933
2,1933
Oct.
Feb.
Oct.
4
Oct.
4
Feb.
4
Mar.
4
Oct.
4
4H Mar.
4H Apr.
Feb.
4
Mar.
4
Oct.
4
20,1933
8,1934
20,1933
21,1933
19,1934
17,1934
16,1933
15,1933
15,1933
23,1934
12,1934
19,1933
1
2
8
Stock exchange 90-day time loans.
Stock exchange call loans; new and renewal rates.
Average rate of discount on issues offered by U. S. Treasury within
period.
Back figures.—See Annual Report for 1933 (tables 60 and 61).
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates]
New York City
8 other northern
and eastern cities
27 southern and
western cities
1932
1933 1934
1932
1933 1934
1932
4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22
4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4.96
4.88
4.88
4.89
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4.51
4.54
4.59
Month
NOTE.—For rates on industrial advances see p. 60.
1933 1934
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York)
Maturity
1-15 days
16-30 days...
31-45 days...
46-60 days_.
61 90 days. ..
91-120 days.
121-180 days
Rate in
effect on
Jan. 1
Date established
Previous
rate
Oct. 20,1933
do
.do.
do
do
do
do
NOTE—Rates on prime bankers' acceptances, Higher rates may be
charged for other classes of bills.
Back figures—See Annual Report for 1933 (table 58).
January
February
March
April
May
_
June
July_
August
SeptemberOctober
NovemberDecember...
3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18
4. 65 5. 61
4. 49 5. 61
4. 52 | 5. 64
4.52 | 5.63
4.39 5.64
4.30 5.62
4.15 5.63
4.12 5.68
4.11 5.63
4.13 5.56
4.08 5.55
3.98 5.60
Back figures.—See Annual Report for 1933 (table 63).
5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.63
4.92
22
FEDERAL RESERVE BULLETIN
JANUARY 1935
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
MATURITIES
[In millions of dollars]
VOLUME AND KIND OF SECURITY
[In millions of dollars]
Interest-bearing debt
Interest bearing
Total
End of month
1933
May
June
July
August
September
October
November
December
debt*
Total
Noninterest
bearing
Bonds i Notes CertifBills
icates
Total ; Bonds i Notes
Outstanding Dec. 31, 1934—
27,944 ; 16,245
Total
Obligations m a t u r i n g :
Before Apr. 1, 1935
Apr. l - J u n e 3 0 , 1935
J u l y 1-Sept. 30, 1935
Oct. 1-Dec. 31, 1935
1936
1937 _ .
1938
1939
1941
. __
1943
1945
After 1945
1,579
3,263
354
418
2,531
1,749
3,218
1,294
834
898
1,401
9,160
1,246
9,586
174
! 3 1,869
Certificates
158
Bills
1,954
977
977
528
417
354
418
2,482
1,749
1,946
1,294
21,853
22, 539
22, 610
23,099
23,051
23,050
23, 534
23,814
21,469
22,158
22,240
22, 723
22, 672
22,669
23,161
23,450
14,223
14,223
14,239
15,074
15,074
15,074
15, 569
15, 569
4,148
4,780
4,801
5,153
5,151
5,150
5,148
5,125
2,119
2,200
2,246
1,543
1,495
1,493
1,492
1,753
979
955
954
953
952
952
952
1,003
385
381
370
376
379
381
373
364
1934
25,071
January
26,055
February
March.
__ 26,157
26,118
April
May
__ 26,155
June
27,053
27,189
July
August
_- 27,080
27,190
September
October
27,188
November
27, 299
December
28, 479
24, 720
25,707
25, 698
25, 599
25,588
26,480
26, 605
26, 495
26,626
26, 643
26, 761
27, 944
15, 600
15, 579
15,579
15, 718
15, 694
16,510
16, 516
16, 513
15,922
15,808
15, 768
16, 245
5,626
6,472
6,925
2,280
2,278
1,816
1,814
1,812
1,635
1,683
1,682
1,156
1,154
1,153
158
1,214
1,379
1,378
1,378
1,404
1,404
1,454
1,379
1,529
1,654
1,804
1,954
351
4
158
399
348 Other obligations
459
519
1 Issues classified as of date of final maturity; most issues are callable
567 at earlier dates. Amount callable before Jan. 1,1936, and not yet called,
573 $3,943,000,000, including certain pre-war issues that are held as collateral
585 for circulating notes.
585
2 Approximate amount of 4th Liberties called for redemption Apr. 15,
564 1934, and Oct. 15, 1934, and not yet redeemed.
545
3 Approximate amount of 4th Liberties called for redemption Apr. 15,
538 1935.
535
* Includes the 2-percent Consols of 1930, which are held as collateral for
circulating notes, and such issues as Postal Savings bonds, retirementfund notes, and adjusted-service-certificate series, in which special
funds are invested.
6,678
6,932
6,951
6,921
8,020
8,027
8,036
9,586
--.
,
:
49
1,272
:
'
.
834
898
1,401
9,160
688
SUMMARY OF TREASURY OPERATIONS
In millions of dollars. On basis of daily statements of United States Treasury]
Increase or
Trust
decrease during
and conperiod
tributed
funds,2
Expenditures
Excess of excess of
receipts receipts General Gross
Custom?
or expend- or expend- fund
debt
and mis- Total General i Emerbalance
itures
itures
gency
cellan(-)
(-)
eous
General and special funds
Receipts
Period
Internal revenue
Total
Fiscal year ending:
June 1932
June 1933
June 1934
_.
3 months ending:
December 1932
December 1933
December 1934
1933
A ugust
September
October
November
December ~ .
1934
January
February
__ ._
March
April
May _
June
July
AugustSeptember
October
November., ._
December
1
2
Income Processtax
ing tax
Other
2,006
2,080
3,116
1,057
746
818
503
858
1,470
445
475
475
3
4,741
3,973
4,681 j 33,404
2, 741
6,745
3 768
3 1, 277
4,004
- 2 , 735
- 2 , 602
-3,630
-55
353
+835
+445
+1, 720
+2,686
+3,052
+4,514
1,023
1,469
1, 845
343
325
421
133
263
388
742
855
292
268
307
2,207 i 3 i, 730
2,594
1, 438
3,405 !
1,582
3 477
1,156
1, 823
-1,184
-1,125
-1,560
+3
+ 14
+116
+138
+ 164
+1,319
+1, 275
+1,426
188
321
256
209
332
14
136
10
19
133
9
23
26
29
46
126
123
170
98
112
38
39
50
63
41
310 i
329
500
494
690
171
248
396
201
227
139
81
104
294
463
-122
-8
-244
-285
-358
+2
+8
10
23
232
15
25
188
18
25
173
19
21
164
35
33
37
32
44
39
39
43
42
49
47
42
128
116
130
105
119
130
132
145
176
151
119
131
38
34
21
30
50
33
29
73
956
635
610
674
542
733
466
514
516
669
599 1
641
148
188
160
305
191
310
230
204
233
385
209
320
808
447
450
370
350
423
236
310
283
284
390
321
-745
-430
-190
-492
-305
-342
-248
-227
-66
-409
-353
-256
1
1
211
206
420 i
182 i
237
391 !
218
286
449
260
247
385
57
41
60
47
—5
-5
-18
+366
-54
-236
+198
-81
+489
-48
+2,810
+511
+3, 365
-1,993
-4
-84
- 2 , 524
-272
+1,254
+984
+105
-39
+37
+898
+136
-109
+110
-2
+111
+1,180
-1
-3
+2
+1
+4
+2
+2
+13
+29
+28
+43
+560
-110
-335
+56
-381
-214
+966
+484
+280
Excludes public debt retirement.
Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable
against
increment on gold.
3
Prior to July 1933, emergency expenditures included only net expenditures for the Reconstruction Finance Corporation; other items subsequently classified as emergency expenditures were included in general expenditures.
23
FEDERAL RESERVE BULLETIN
JANUARY 1935
ASSETS AND LIABILITIES OF GOVERNMENTAL CREDIT AGENCIES, OCT. 31, 1934
[Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
Total
Total
ComReconstruction modity
Credit
Finance
Corpora- Corporation
tion
Regional
Public Agricul- Production
tural
Works
Credit
Adminis- Credit Corporatration Corporation
tions
Export
import
banks
Other
ASSETS
Total assets other than interagency
1,790
1807
40
225
97
4
2
2
52
9
5
2
2
106
1
104
113
471
(2)
1
3
93
33
(2)
1
3
126
231
103
110
345
231
103
110
345
342
45
9
49
110
3 2,016
-1
-1,670
7,145
1807
421
2,435
1807
114
390
229
577
145
116
103
11
2
106
66
31
94
-
9,932
3, 665
2, 749
*> 298
370
248 i
93
65
248
_.-
28
--(7)--
5,417
406
276
(2)
4, 515
294
3,259
2,408
48
13
4,221
3, 259
2,408
48
13
4,066
155
3,030
78
152
500
68
1,840
3
1
44
14
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
47
14
45
2
1
2,684 i
48
(2)
277
13
26
94
2
8
14
231
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
All other
Other liabilities (including reserves)
Total liabilities other than interagency
Excess of assets over liabilities, exclusive of interagency
transactions
Privately owned interests
_
United States Government interests
Distribution of Government interests:
Capital stock
Surplus
Interagency interest (net)
. -
-111
Financed partly from Government funds
Total
ASSETS
Loans—total
Cash—total
Investments:
United States securities
Obligations guaranteed by United States
Other investments
Accounts and other receivables
Real estate and other business properties
Other assets
_
Total assets other than interagency
Federal
Federal interland mediate
banks credit
banks
Federal
Federal Federal
Federal
Home Savings
and
savings Deposit
Farm Banks Home Owners'
Loan
and
for
MortInsurLoan
loan
Insurloan
gage cooper- banks
ance
Corpoatives
ance
assoCorpoCorporation
Corpo- ciations ration
ration
ration
4,710
307
1,908
141
39
18
11
5
378
227
472
79
85
9
69
22
33
41
27
50
2
14
40
82
2
5
1
1
6, 267
2,163
239
2,501
2, 205
305
1,686
211
178
5
47
5,011 :
1,897
182
843
1,256
294
266
100
56
195
962
166
56
1,036
77
-152
118
53
-5
70
33
-47
25
552
87
1,997
153
73
(2)
246
100
472
2
23
3
2
7
1,038
114
102
7
8
321
109
2,175
(2)
4
1,705
341
38
1
(2)
4
2,084
1
113
1
105
22
91
102
7
320
170
195
112
83
91
102
7
150
200
5
110
2
82
1
200
8
-101
100
1
1
7
150
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
All other
Other liabilities (including reserves)...
Total liabilities other than interagency
Excess of assets over liabilities, exclusive of interagency transactions
Privately owned interests
United States Government interests
_.
Distribution of Government interests:
Capital stock
Surplus .
Interagency interest (net)
1
.
Includes $100,000 of preferred stock of insurance companies.
796
2 Less than $500,000.
3 Nonstock.
*Defic
24
FEDERAL RESERVE BULLETIN
JANUARY 1935
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOV. 30, 1934
[Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
U.S.
Total
Regional
Shipping
Recon- ComBoard
Public Agricul- Producstruction modity Export- Works
tion
tural
Mer- Other*
Total Finance Credit import Adminis- Credit Credit chant
Corpora- Corpora- banks tration Corpora- Corpora Fleet
tion
tion
tion Corporations
tion
ASSETS
Loans—total
Preferred stock, capital notes, and debentures -- -Cash—total
- -- Investments:
United States securities
Obligations guaranteed by United States
Other investments
Accounts and other receivables
Real estate and other business properties
Other assets
Total assets other than interagency
1,699
818
15
34
7,284
822
469
2,319
822
113
369
224
650
148
132
190
23
2
132
67
124
103
47
1
2
10,288
3,705
2,582
3,129
2,248
217
249
93
63
249
26
(2)
5,595
405
275
(2)
4,693
311
3,300
2,308
35
14
4,382
3,300
2,308
35
14
6,434
328
- 2 , 379
5,396
245
- 2 , 341
500
71
1,737
3
1
31
91
245
(2)
(2)
(22)
()
I
(s)
(2)
(2)
2
14
35
114
1
14
5
(2)
(J)
2
2
2
106
(2)
(2)
0)
135
3
63
18
22
21
9
50
1
4
5
74
98
97
112
213
404
(2)
1
1
17
93
19
0)
1
1
17
111
247
97
111
196
293
247
97
111
196
293
3 367
45
10
42
110
1
50
146
3 4,308
17
-4,032
247
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
All other
Other liabilities (including reserves)
-Total liabilities other than interagency __
Excess of assets over liabilities, exclusive of interagency transactions
-Privately owned interests
U S Government interests
Distribution of Government interests:
Capital stock
Surplus
Interagency interest (net)
14
(2)
-119
Financed partly from Government funds
Federal
Federal
587
8
Farm
i Federal interTotal * land mediate Mortgage
banks credit Corpobanks ration
Banks
for
cooperatives
Federal
Savings Federal Federal
savings Deposit
and
Home Owners' Loan
and
InsurLoan
loan
loan
Insurance
banks Corpoassoance
Corporation Corpociations ration
ration
Home
ASSETS
Loans—total
Cash—total
._
Investments:
United States securities
Obligations guaranteed by United States
Other investments
Accounts and other receivables
.
Real estate and other business properties
Other assets
Total assets other than interagency
_.
4,966
356
1,948
29
147
12
6,583
68
23
(2)
39
5
79
2,191
34
41
*„
346
222
518
81
8
87
2,880
2,156
154
1,727
76
172
5
37
5,190
1,804
177
916
1,393
311
387
105
61
195
1,082
281
61
195
1,038
82
-38
118
59
105
70
33
-42
200
-5
2
()
(2)
5
(2)
(2)
238
513
3
(2)
2
()
1,111
25
11
88
7
27
50
2
8
5
1
1
2,171
172
2
115
215
100
30
3
(2)
(2)
2
(2)
(2)
110
2,376
(2)
4
2,001
256
29
(2)
1
(2)
4
2,287
(2)
1
114
1
112
106
23
89
102
8
83
89
102
8
331
181
150
110
2
82
1
200
-10
-101
100
1
1
8
150
(2)
(2)
114
102
8
(2)
(2)
8
332
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States.._
All other
.
Other liabilities (including reserves)
Total liabilities other than interagency
Excess of assets over liabilities, exclusive of interagency transaction
Privately owned interests
U. S Government interests
Distribution of Government interests:
Capital stock . _
.
Surplus
.Interagency interest (net)
1
Includes proprietary interests held by the Treasury Department.
2 Less than $500,000.
3
4
878
Nonstock (or includes nonstock proprietary interests).
Includes also War Finance Corporation not shown separately.
25
FEDERAL RESERVE BULLETIN
JANUARY 1935
RECONSTRUCTION FINANCE CORPORATION
LOANS, SUBSCRIPTIONS, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds not yet
disbursed
Proceeds disbursed, less repayments
N o v . 30,
1933 r
J u l y 31,
1934
Aug. 31,
1934
Sept. 30,
1934
Oct. 31,
1934
N o v . 30,
1934
Dec. 31,
1934 v
Oct. 31,
1934
594,905
31, 494
31,678
162,081
389
116, 436
7,676
800
4,721
1,616
343,189
2,150
591,972
28, 252
30, 722
160, 767
388
116,040
7,696
796
4,389
1,604
343, 287
1,841
583, 452
25,205
29,982
159, 327
388
115, 263
7,323
605
2,673
1,546
353,170
1,233
599, 397
23, 259
29, 420
155,874
387
110,997
7,132
600
866
1,464
361, 506
811
25
632, 209
20,082
24,829
160, 591
386
78,647
6,495
863
222, 926
14
127
102,194
1,334
376, 555
541
25
2
1
N o v . 30,
1934
LOANS AND SUBSCRIPTIONS
Loans under sec. 5 of the Reconstruction Finance
Corporation Act, as amended:
Banks and trust companies (including receivers,
liquidating agents, and conservators)
Building and loan associations
Insurance companies
. _ __
_.
Mortgage-loan companies
Credit unions _____
_ _.
Federal land banks
Joint stock land banks
_ __
Agricultural credit corporations..
Regional agricultural credit corporations
Livestock credit corporations
Railroads (including receivers)
State funds for insurance of public moneys
Fishing industry
Processors or distributors for payment of processing taxes
Total
.__
_
Other loans:
For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by
earthquakes, etc.)
__
__
For financing exports of agricultural surpluses,
sec. 201 (c)
686, 382
68,167
64, 922
160, 236
526
72,800
13, 552
1,935
34, 566
2,879
333,399
5,888
582,
36,
32,
184,
200
893
619
790
390
124,951
8,598
800
6,546
1,643
354, 447
2,705
182,570
135
107,155
1,160
275
936
30
14,147
8,782
43
38
|l, 445, 259 1, 336, 592 1, 297,138 1, 287, 756 1, 280,168 1, 291, 739 1,302, 558
341,851
299,997
7
9
2
2
2
1,037
275
6
100,020
96,062
107, 287
111,184
112,291
117,027
122,743
108,034
100,832
4,498
2,750
31,636
13. 461
15,185
4,507
157,667
21,922
15,875
8,173
14,985
4,422
108, 646
21,994
25,885
9,177
22, 300
274
14,954
5,107
76, 430
22, 289
25, 785
9,479
22, 300
1,916
15, 271
5,717
42,969
18,849
25, 785
11,147
22, 300
3,248
23
14,992
6,090
30,242
18,965
25, 785
11,321
22, 300
4,166
22
15,176
4,258
33,362
19,124
30,033
12,298
3, 360
3,733
383,025
2,173
3, 500
63,853
3,227
299,015
272, 388
298,542
499,591
298, 524
499,592
298, 227
499,589
298,006
499,590
215,000
297,774
499, 586
325,000
297,774
499,588
470,000
15
410
15
414
571,403
798,133
798,116
797,817 1,012, 596 1,122, 360 1,267,362
425
429
For financing agricultural products, sec. 201 (d).
3,361
To commodity credit corporation
395, 628
On preferred stock of banks
1,979
On preferred stock of insurance companies
3,500
To drainage levee, and irrigation districts. _ .
66,057
To public school authorities, ._
6,627
To industrial and commercial businesses
14, 287
19, 456
On assets of closed banks
20
58
3,270
3,300
To Secretarv of Agriculture
20,000
To Public Works Administration on security
transactions
1,529
319,392
Total
314,970
250,911
245,169
115,665
289,444
257, 600
602,024
597, 310
Purchases:
Preferred stock of banks
515,794
585,858
55,896
532, 760
571,193
545, 599
562,410
67,943
64,636
243,720
260,102
Capital notes and debentures of banks
248, 525
40, 740
259,662
259,772
256, 671
69,355
74,881
100
Preferred stock of insurance companies
100
100
100
759,514
Total.
_
846,060
96, 636
781, 285
830,955
805, 471
819,180
142,824
133, 991
Total loans and purchases
.
1,657, 559 2,415,498 2, 393, 393 2, 382,671 2, 356,949 2, 373,605 2,393,787 1,086,700 1,031,297
ALLOCATIONS
For relief:
Federal Emergency Relief Act of 1932
Federal Emergency Relief Act of 1933
Emergency Appropriations Act of 1935
Total
To other Government agencies:
To Secretary of the Treasury for:
Purchase of stock of Federal Home Loan
banks
Purchase of stock of Home Owners' Loan
Corporation
__
_
To Land Bank Commissioner
To Federal Farm Mortgage Corporation
To Federal Housing Administrator
To Secretary of Agriculture for:
Crop loans
_
Reallocated as capital regional agricultural
credit corporations
_
Reallocated to Governor of Farm Credit
Administration
_
68,546
81, 446
81, 446
81,446
81,646
81,646
81,646
43,095
43,095
14,000
37,600
174,000
147,600
55,000
10,000
200,000
147,600
55,000
10,000
200,000
147,600
55,000
10,000
200,000
147,600
55,000
15,000
200,000
147,600
55,000
15,000
200,000
147,600
55,000
25,000
97,400
97,400
115,000
115,000
115,000
115,000
115,000
115,000
115,000
44, 500
44,500
44,500
44,425
44,500
44,500
44,500
40, 500
40,500
40,500
40, 500
40,500
40, 500
40,500
320,145
668,046
694,046
693,971
699, 246
699,246
709,246
140,495
140,495
891, 549 1,466,179 1,492,162 1,491,788 1,711,842 1,821,606 1,976,608
140,920
140,924
Total loans, subscriptions, and allocations. 2,549,108 3,881,677 3,885,555 3,874,458 4,068,791 4,195,211 4,370,395 1,227,620
1,172,221
Total
Total allocations
_
i Includes $443,343,000 of loans for distribution to depositors of closed banks.
r Revised.
Back figures.—See BULLETINS for December 1933, pp. 738-739, and February 1934, pp. 103 and 132.
Preliminary.
26
FEDERAL RESERVE BULLETIN
JANUARY 1935
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans b y -
Federal intermediate
credit bank loans to
and discounts for—
Regional
End of month
Regional !
agricultural;
Land
credit cor- j All other
Joint
Federal
Bank
porations j
land and pro- j instituland banks Commis- stock
tions
b
a
n
k
s
i
sioner
duction
Emergency
crop and
drought
loans
Agricul- Banks for
tural Mar-: cooperatives,
keting Act including
revolving i Central
fund loans Bank for
to coop- Coopereratives
atives
credit associations 3
1933
February
March
April,. ...._..
May
June
July
August
September
October
_
November
December
1934
January
February
March
April
May
June
July
August
September
October
November
1,110,032
1,107,377
1,105,128
1,102,891
1,102,088
1,101,446
1,104,176
1,110,194
1,125,681
1,156,170
1,213,523
1,287,562
1,371,468
1,458,311
1,483,940
1,548,554
1,630,900
1,690,496
1, 746,149
1,792,410
1.828,698
1,866,160
40
180
664
2,188
6,026
15,815
34,099
70,738
446,429
440,130
434, 514
429,380
422,471
420,080
416,385
412,525
407,754
400,977
392,438
1,256 I
1,305 I
1,348 !
1,838
2,483
10,399
28,467
49,979
61, 299
68,857
73, 263
120,403
174,308
237,858
258,730
311,375
378,526
429,830
477,822
516,276
551,873
587, 260
381,380
369, 769
349,425
344, 773
334, 680
319, 585
305,782
295, 234
285,085
275,698
265, 762
75, 431
76, 515
86,081
102, 781
120, 282
127,470
128,090
125, 270
118,402
104,909
100, 992
85, 570
84,804
83,249
80,830
79,653
78,786
78,547
77,257
71,357
72,459
76, 200
74,588
71,496
70,262
69,566
70,358
70,556
'73,498
74,172
72,989
83,088
88, 362
157
665
4,409
14,392
28,117
38,518
49,826
58,074
60,887
58,128
58, 328
62,035
83,409
106,540
127,731
145,414
154,321
158,394
155, 200
146,895
142,558
144, 636
86,510
98,283
131,250
137,309
139,158
138,727
135,854
135,087
110, 324
94,296
89,811
156,468
156,793
155,617
180,264
180,406
177,537
176, 553
175,040
173,325
172,302
157, 752
184
7,396
11,144
18,697
145,198
145,760
144,905
144,671
143,093
138,478
128,831
117,664
106,724
96,914
90, 559
81,164
72, 727
68,310
84,138
90,147
90,517
94,411
100, 209
105,438
104,470
104,913
69,508
69, 214
68,353
67, 257
54,642
54,877
55, 437
55, 250
54,870
57,310
56, 764
15,386
14,835
15,824
17,144
19,310
20,539
21,493
23,019
23,057
24,561
24,710
r
Revised.
* Includes loans outstanding of joint stock land banks in receivership.
Some of the loans made by the regional agricultural credit corporations and all of the loans made by the production credit associations are rediscounted with the Federal intermediate credit banks. The amounts in this column are thus included in the columns headed " Production credit
associations" and "Regional agricultural credit corporations."
1
HOME OWNERS' LOAN CORPORATION
SUMMARY OF OPERATIONS
Number
Months
of applications
received
1
FEDERAL HOME LOAN BANKS
COMBINED STATEMENT OF ASSETS AND
LIABILITIES
Loans closed
Number
fin thousands of dollars]
Amount
Oct. 31,
1934
N o v . 30,
1934
1933
From opening to Sept. 30.
October
November
December
January
February
March
April
May
June
July
August
September
October
November
403,114
129,504
99,232
90,946
593
3,424
10,946
22,286
$1,688,787
10,164,678
31,445,827
62,621,051
123,189
136,132
168,273
145,772
119,791
97,679
66,157
72,022
39,317
«51,864
14,171
30,339
32,940
52,260
56,172
64,172
71,768
78,046
69,738
59,240
65,813
54,468
86,143,838
93,499,995
150,213, 639
171,490,768
208,293,766
223,440,191
235,467,606
202,442,864
179,299,857
201,211,532
170, 544,562
1934
_
,
Cumulative total. _
1, 757,163
672, 205 2,027,968,961
ASSETS
Cash on hand
Loans outstanding
.
_
Accrued interest,
„
Investments—United States securities.
Other assets
Total assets
5,092
87,446
516
16,003
126
7,062
87, 714
631
15, 010
61
109,184
110, 478
LIABILITIES
Current liabilities .
Capital stock, fully paid and oustanding:
Members
United States Government
Subscriptions to capital stock, less balance due
Surplus
-.
Total liabilities
3,699
4 336
19,283
81,646
1,931
2,625
19,888
81,646
1,715
2,894
109,184
110, 478
»2 Figures are subject to adjustment.
Includes 16,189 applications received from the division of wholesale operations in Detroit, which was a 10-month total and should have been
distributed over the year.
27
FEDERAL RESERVE BULLETIN
JANUARY 1935
STOCK PRICES
BOND PRICES
[Averages]
Year, month, or date
Other bonds *
United
States Corpo
Corporate
Govern- rate and
ment
municbonds
ipal
Kail(high- Total Indus
trial road Utility
grade)
Year, month, or date
Number of issues
»16
1932 average.
1933 average.
1934 average_
99.2
102.2
103.4
1934—January
February
MarchApril
May
June
July.
August
September
October
November
December
100.3
101.9
102.8
103. 7
104.4
104.7
105.2
104.1
102.3
103.4
103.5
104.1
.
j
j
81.1
84.0
96.7
20
20
64.8
70.5
83.8
80.5
80.6
87.8
75.6
79.8
80.5
82.8
82.5
82.5
83.2
82.6
82.2
82.5
83.4
85.4
79.0
85.8
86.4
88.7
86.9
87.1
85.8
81.3
79.3
81.6
81.0
83.3
80.9
86.5
87.7
89.7
89.1
89.4
89.4
87.9
87.6
88.1
88.6
88.8
84.9
85.5
85.9
85.6
83.6
83.5
83.3
82.7
69. 4
63. 2
73.4 | 69.2
84.5 81.9
88.3 78.5
92.9 84.0
95.1 84.8
07.0 87.0
97.6 86.1
99.0 86.3
99.3 86.1
97.8 i 83.9
96.7 83.0
98.4 84.1
98.8 84.3
100.0 85.8
104.0 I
104.2 I 100.0
104.3 100.3
104.0 I 100.2
Dec. 5._
Dec. 12.
Dec 19Dec. 26.
20
60
85.8
86.1
86.0
85.5
j Preferred Common stocks (index, 1926=100)
I stocks
! (industrial highRailTotal Indusgrade)
road Utility
trial
20
421
1932 average1933 average..
1934 average..
96.1
104.8
120.7
48
63
73
1934—January
February __
March
April
May
June
July
August
September .
October
November..
December. .
111.2
116.5
117.5
120.2
121.0
122.1
123.5
122.6
121.0
120.9
124.1
127.8
76
81
77
80
72
74
Number of issues..
Dec. 5...
Dec. 12..
Dec. 19Dec. 26..
128.0
128.1
127.5
127.7
351
i
|
I
!
j
III
67 !
67 I
37
46 I
66 !
81 i
79
78
84
88
85
88
80
81
80
77
76
76
80
80
73
81
76
76
70
72
69
65
64
63
61
58
71
69
68
68
61
60
57
55
Source.—Standard Statistics Co.
CAPITAL ISSUES
[Long-term; i. e., 1 year or more. In millions of dollars]
i Price indexes derived from average yields.
» Now 3 Liberties and 13 Treasuries. New Treasury issues were added
Aug.
15,1933, Nov. 1,1933, Apr. 16,1934, June 15,1934, and Dec. 15,1934.
3
45 corporate and 15 municipal.
Source.—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds, Standard Statistics Co.
Year and'month
BOND YIELDS1
Year, month, or
date
Number of issues
1932 average
1933 aver age
1934 average
United MunicStates ipal 3
Treas- (highury * grade)
Corporate, by ratings «
Aaa
Aa
Baa
A
10
15
30
30
30
30
3.66
3.31
3.10
4.65
4.71
3.95
5.01
4.49
4.00
5.97
5,23
4.44
7.20
6.09
5.08
9.30
7.76
6.32
1925
1926
1927
192S
1929
1930
1931
1932
1933
1934
7.49 1933—December—
7. 98 1934—January
7.75
February
March
3.50
7.01
5.72
5.00
4.67
1934—January
4.35
April
3.32
6.27
5.24
4.70
4.48
February
4.20
May._
3.21
6.2fi
5.12
4.55
4.24
March
4.13
June
3.12
S.01
4.97
4.43
4.11
April—.
_
4.07
July
3.01
4.96
6.05
4.37
3.93
May
4.01
August
2.94
6.06
4.30
4.96
3.73
June
3.93
September. .
2.85
4.93
6.13
4.28
3. 75
July
3.89
October
2.99
6.49
4.34
5.09
3.81
August
3.93
November __
3. 20
5.17
6. 57
4.42
3.84
September
3.96
December__.
3.08
6. 40
4.36
5.00
3.69
October
3.90
3.05
4.93
6.37
4.27
3. 57
November
3.86
2.97
6.23
4.27
4.86
3.52
December
3.81
'1 Revised.
Includes issues of Federal land banks and Federal intermediate credit
3.00
3.84
3.55
4.90
4.28
Dec. 5
6. 25 banks, not shown separately.
2
2.97
3.81
3. 54
6.24
4.27
Dec. 12
4.87
Includes
$100,260,300 bonds of Federal Farm Mortgage Corporation
2.94
6.22
3.81
3.51
4.26
Dec. 19
4.82
by public offering during month.
3
6.21 sold
2.97
3.80
3.49
4.27
Dec. 26
4.87
Includes bonds of Home Owners' Loan Corporation sold by public
offering during month, amounting to $149,111,100 in August and
$53,000,000 in October.
* Monthly data are averages of daily or weekly figures.
' Average, computed by Treasury Department, of yields of all outSources.—For domestic issues, Commercial and Financial Chronicle;
standing Treasury bonds except those due or callable within 8 years.
for foreign issues (issues publicly offered) annual totals are as finally
» Standard Statistics Co.
reported by Department of Commerce, while monthly figures are as
* Moody's Investors' Service.
compiled currently and are subject to revision.
Back figures.—See (for figures of new issues—annual and quarterly
basis) Annual Report for 1933 (table 112).
1933—October
November
December
3.22
3.46
3.53
4.60
4.89
4.89
4.34
4.54
4.50
4.97
5.35
5.27
5.76
6.22
6.21
28
FEDERAL RESERVE BULLETIN
JANUARY 1935
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value) a
Industrial production * *
Year and
month
1919
1920
1921
1922
1923
1924
1925 _.
1926
1927
1928
1929
1930.
1931
1932
1933
1934
Factory
Freight-car
loadings * * Commodity
prices«
Unad- A d - Unad- A d - Unad- A d - Unad- Unad- A d Unad- Ad- Unad- Ad- Unad- Ad- Unad- A d justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
Manufactures
Total
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
v 78
Total
Minerals
Residential
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
v 11
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
77
89
70
74
105
96
99
108
107
106
115
99
84
71
81
Factory employment •
All other
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
107
108
82
91
104
97
99
101
99
99
105
92
77
64
69
pay
rolls 3
97
117
76
81
103
96
101
104
102
102
109
89
68
46
49
84
91
79
87
100
97
103
106
103
103
106
92
75
56
58
139
154
98
97
101
98
104
100
95
97
95
86
73
65
66
1931
June
July
August- -.
September
October __
November
December
83
80
78
77
75
72
68
83
82
78
76
73
73
74
83
79
77
76
72
70
66
82
82
78
75
71
71
72
86
86
82
83
90
84
79
87
86
79
78
83
81
84
74
68
63
59
52
43
30
63
61
59
59
55
49
38
41
36
32
29
26
20
37
35
33
32
30
27
23
101
94
87
81
71
57
39
84
82
81
80
76
67
50
78
77
77
77
74
72
71
79
78
77
75
73
72
72
70
66
66
63
61
58
58
77
78
76
78
78
70
61
77
76
72
69
69
68
69
72
72
72
71
70
70
69
71
71
68
64
61
59
56
59
67
68
65
60
72
69
67
63
60
59
58
60
66
67
65
66
70
70
66
63
60
58
55
58
66
67
63
58
71
68
64
61
59
58
57
59
65
66
63
64
74
75
78
72
65
62
63
66
74
80
78
73
77
78
85
80
67
64
65
65
71
74
75
77
25
23
26
31
31
32
31
32
30
28
24
22
31
27
26
27
26
27
27
30
30
29
27
28
16
15
16
16
14
12
12
11
12
12
10
8
19
17
15
14
12
11
11
12
12
12
10
9
33
30
35
43
45
47
46
48
45
41
35
33
41
35
36
38
37
39
40
45
44
43
41
43
69
70
68
66
63
61
59
60
63
64
63
62
70
70
68
66
64
62
60
60
62
63
63
62
54
55
53
50
47
43
40
41
43
45
43
42
£S
59
58
57
53
52
51
53
61
65
58
52
64
62
61
59
54
52
51
51
54
57
57
58
67
66
66
66
64
64
65
65
65
64
64
63
64
64
60
67
79
91
96
90
85
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
r 72
Til
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
53
66
73
33
27
18
17
20
23
28
33
45
57
76
93
60
61
59
60
63
67
72
76
80
80
76
74
61
62
59
60
63
67
73
76
78
78
76
75
40
40
37
39
43
47
51
57
59
59
56
55
61
61
48
51
55
61
66
65
68
66
60
56
56
54
50
53
55
62
65
61
60
58
59
63
61
60
60
60
63
65
69
70
7]
71
71
71
77
83
86
88
89
84
73
73
73
76
78
81
84
85
86
83
76
73
71
73
J>74
75
82
85
89
89
83
71
71
70
73
*72
76
80
82
85
86
83
74
72
69
72
85
88
91
81
87
87
85
83
87
87
84
88
91
100
90
89
87
85
80
82
81
81
40
38
33
36
32
31
30
28
30
29
28
49
44
33
32
26
26
27
27
29
31
31
10
10
12
14
13
13
12
10
11
12
11
12
12
11
12
11
12
12
10
11
12
11
64
60
50
54
47
46
45
43
45
43
41
80
70
51
49
39
38
39
40
44
46
48
73
78
81
82
'83
81
79
80
76
78
77
75
78
81
82
'83
'82
'80
79
74
77
54
61
65
67
67
65
'61
62
68
61
60
68
61
63
60
63
64
63
63
67
64
60
64
64
66
62
63
64
61
59
59
57
59
72
74
74
1932
January..
February.
March
April
May
June
July .
August...
September
October. _
November
December
1933
January..
February.
March
April
May
June
July
..
August . . .
September
October. _
November
December
1934
January..
FebruaryMarch
April
May
June
July
August...
September
October. _
November
•
77
73
74
76
75
76
78
77
77
» Preliminary.
' Revised.
* Average per working day.
» For indexes of groups and separate industries see pp. 64-65; for description see BULLETIN for February and March 1927; for revised figures
back to 1919 see BULLETIN for September 1933, pp. 584-585.
a 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. For
back1 figures see Annual Report for 1933 (table 115).
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 index of factory
employment compiled by the Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries
see p.
66.
4
For indexes of groups see p. 29; for back figures for total see Annual Report for 1933 (table 115) and for groups see BULLETIN for February
1931, p. 108.
* Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 63. For back
figures see Annual Report for 1933 (table 120).
29
FEDERAL RESERVE BULLETIN
JANUARY 1935
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merch andise e>[ports
l
Merchandise imports 2
Exc sss of exports
Month
January., _
February
March
April
1933
1932
1931
1930
1934
1930
1932
1931
1933
1934
1931
1930
1932
1934
1933
411
349
370
250
224
236
150
154
155
121
102
108
172
163
191
311
282
300
183
175
210
136
131
131
96
84
95
136
133
158
100
67
69
66
49
26
15
23
24
25
18
13
37
30
33
332
320
295
215
204
187
135
132
114
105
114
120
179
160
171
308
285
250
186
180
173
127
112
110
88
107
122
147
155
136
24
35
44
29
24
14
9
20
4
17
7
-2
33
6
34
267
298
312
181
165
180
107
109
132
144
131
160
162
172
192
221
218
226
174
167
170
79
91
98
143
155
147
127
120
132
46
79
86
-2
10
17
34
1
-23
13
34
52
60
October
November
December
327
289
275
205
194
184
153
139
132
193
184
193
2UI>
195
247
204
209
169
149
154
105
104
97
151
129
134
v 151
130
80
85
66
36
44
30
48
34
35
42
56
59
77
p 44
Year
3.843
2,424
1,611
1,675
3,061
2,091
1,323
1, 450
782
334
288
225
May
June.- .
July .
August
Rpiptpmhp.r
_.
P
„
p Preliminary.
i Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—See BULLETIN for January 1931, p. 18.
J
DEPARTMENT STORES— SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1923-25 average = 100|
[Index numbers; 1923-25 average = 100]
Index of sales l
Month
Index of stocks (end of
month)
Nov. July | Aug. Sept. Oct. ; Nov.
Without
Without
Adjusted
Adjusted
for seasonal seasonal ad- fur seasonal seasonal advariation
variation
justment
justment
1934
1933
1934
1933
1934
1933
1934
1933
January...
February.
March
60
60
57
69
71
77
49
49
50
57
59
73
58
57
54
66
66
65
52
54
55
59
63
67
April..
May..
June..
67
67
68
77
77
74
68
67
64
73
77
53
55
57
65
66
65
55
56
56
68
68
July
August
September.
69
77
70
72
79
76
48
59
73
51
64
64
64
56
62
73
59
60
79
60
64
70
October
November.
December-
70
65
69
74
73
77
75
121
82
83
133
70
69
65
64
65
77
78
62
71
74
61
P65
Year.
P76
67
70
P75
Adjusted for seasonal variation
Total. __
Coal
Coke
Grain and grain products
Livestock
_
Forest products
Ore..
Miscellaneous
Merchandise i
59
65
52
62
51
34
24
01
66
61
63
43
79
84
30
46
62
65
59
58
39
70
107
29
43
59
65
59
63
45
63
87
30
39
58
64
57
60
45
58
62
30
30
60
63
59
64
43
56
55
30
20
64
64
63
Without seasonal adjustment
61
67
'1 Preliminary.
Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and for 6
national holidays: New Year's Day, Memorial Day, Independence Day,
Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects
upon sales of changes in the date of Easter.
Back figures.—See BULLETIN for November 1930, p. 686; Annual Report
for 1933 (table 115).
1934
1933 !
Total...
i 60
Coal
___.j 71
Coke..
.) 53
Grain and grain products
i 66
Livestock..
j 60
!
Forest products
32
Ore
I 17
Miscellaneous
j 60
Merchandise i
: (57
63
57
35
84
95
31
73
64
65
67
68
45
76
103
31
63
fi9
67
1
64
69
46
65
83
31
42
70
66
60
70
44
60
64
29
14
63
65
In less-than-carload lots.
Based on daily average loadings. Source of basic data: American
Railway Association.
Back figures.—See BULLETIN for February 1931, pp. IUS-110.
30
FEDERAL RESERVE BULLETIN
JANUARY
1935
FOREIGN BANKING AND BUSINESS CONDITIONS
GERMAN CREDIT ACT
II. GRANT OR REFUSAL OF LICENSE
The committee of inquiry into German
banking, which met for the first time on SepSECTION 3
tember 6, 1933, submitted its final report late
1. Enterprises desiring to engage in the activities of
in November 1934. On the basis of the comcredit institutions in Germany must be licensed theremittee's recommendations a law was enacted for.
issuance of licenses falls under the jurisdiction
on December 5, 1934, to become effective of theThe
Reich Commissioner.
January 1, 1935. A full translation of this
2. Licenses are also required
(a) by domestic credit institutions for the operlaw is given below:
GERMAN CREDIT ACT OF DECEMBER 5, 1934
I. GENERAL
PROVISIONS
SECTION 1
1. All enterprises in Germany engaged in the business of banking or the receipt of savings deposits
(credit institutions) are subject to the terms of this
Act. Banking and savings banking business comprise
in particular the activities listed below:
(a) the receipt and payment of funds regardless
of whether interest is paid or not;
(b) the purchase or sale of securities for account
of others;
(c) the custody and administration of securities
for account of others (custody transactions);
(d) the undertaking of liabilities or guarantees
for others in so far as such business is not carried
on by insurance companies.
2. Credit institutions include Girokassen, Giroverbande, Girozentralen, and other clearing institutions.
3. The Government may define other types of activities that, if engaged in, would identify an enterprise
as a credit institution coming within the terms of this
Act.
4. The Reich Commissioner for Credit (hereinafter
called the Reich Commissioner) will decide in all
doubtful cases whether or not an enterprise is to be
regarded as a credit institution. With the consent of
the Government he may make exceptions in individual
cases and for specific types of activities. His decision
is binding upon the courts and the administrative
authorities.
SECTION 2
ation of branch offices and sub-branches, agencies,
receiving or paying offices of all kinds in Germany
or abroad,
(b) by foreign credit institutions for the operation of branches in Germany.
SECTION 4
1. A license may be refused only,
(a) if the managers of the credit institution or
branches are not trustworthy or possess insufficient professional training or are otherwise
lacking in the qualities or experience essential to
the management of the enterprise or branch under
their supervision;
(b) if, in consideration of the local situation
and general economic needs, the license appears
unjustified; or
(c) if the enterprise does not have available in
Germany the means required to carry on business.
2. The term managers as employed in paragraph 1
{a) is deemed to include owners, personally liable
partners, executive officers or members of the managing
board of a credit institution, managers of savings
banks, and auditors and accountants of cooperative
societies. The term includes also members of the board
of directors of a credit institution in so far as they
exercise the functions of executive officers.
SECTION 5
1. The Reich Commissioner may annul a license,
(a) if the enterprise for which it is issued does
not begin operations within one year from the
date of the license;
(b) if operations have been suspended for a year.
2. The provisions of paragraph 1 (b) are applicable
to credit institutions existing at the time when this
Act shall come into force (sec. 53).
1. The provisions of this Act are not applicable to
SECTION 6
(a) the Reichsbank,
(6) the Deutsche Golddiskontbank,
1. The Reich Commissioner may prohibit the con(c) the Deutsche Reichspost and its offices,
tinuance of an enterprise,
(d) real estate enterprises operating under the
(a) if the license shall have been obtained by
provisions of chapter III of part VII of the Presifalse statements or fraudulent acts;
dential decree for the security of trade and finance
(b) if facts show that managers of an enterprise
(sec. 4, par. 2) lack the qualifications essential for
of December 1, 1930 (Reichsgesetzblatt I, p. 517),
their positions;
(e) enterprises engaged in pawn brokerage.
2. Enterprises defined under paragraph 1 (d) and (e)
(c) if the credit institution does not offer sufficient guaranty for the safety of the funds or securiare subject to the provisions of this Act only in so far
ties entrusted to it, or if it endangers important
as they engage in the activities specified in section 1
general interests.
in addition to their regular business. The Minister of
Economics will decide in all doubtful cases whether or
2. The prohibition (par. 1) may be limited to part
of the enterprise or to individual branches.
not the provisions of this Act are applicable.
FEDERAL RESERVE BULLETIN
JANUARY 1935
SECTION 7
1. In the proceedings relating to annulment of license or prohibition of continuance of operations the
Reich Commissioner must give the credit institution
opportunity to be heard; in specific cases he may set
time limits for the rectification of defects.
2. In annulling a license or prohibiting the continuance of operations the Reich Commissioner may direct
that his decision be taken as an order to liquidate. He
may issue regulations governing the liquidation.
III.
OBLIGATION TO REPORT
SECTION 8
1. Credit institutions shall report immediately to
the Reich Commissioner or to the agency designated
by him
(a) all changes of managing personnel (sec. 4,
par. 2),
(b) changes in capital, so far as they must be
of public record,
(c) any intention to merge with another credit
institution or to participate permanently in
another institution,
(d) the discontinuance of operations or the
closing of branch offices.
2. The Reich Commissioner may order that he be
notified also of changes in the managing personnel of
branch offices.
SECTION 9
31
2. The restrictions laid down in paragraph 1 above
do not apply to the Reichsbank or the Deutsche Golddiskontbank.
3. The term "savings b a n k " (Sparkasse) or a name
containing the term "savings bank" may be used only
by savings banks and Girokassen which are public
institutions or perform public functions. They may
not add to existing names any of the terms mentioned in
paragraph 1 without the consent of the Reich Commissioner.
4. The provisions of paragraph 3, in so far as they
concern the use of the term "savings bank", do not
apply to building and loan associations established by
public authority and any private building and loan associations governed by the Act of June 6, 1931 (Reichsgesetzblatt I, p. 315) for the supervision of private
insurance companies and building and loan associations
or to registered cooperative societies which are subject
to examination under section 54 of the Act covering
cooperative societies, as amended by the Act of October 30, 1934 (Reichsgesetzblatt I, p. 1077). With the
consent of the Reich Commissioner, they may use
one of the terms mentioned in the first sentence of
paragraph 3.
5. If a registered enterprise makes use of a firm
name or addition to its firm name not admissible
under paragraphs 1 or 3, the Registration Office shall
request the enterprise to discontinue such firm name
or addition to firm name and impose a fine of not
more than 1,000 Reichsmarks.
6. If a firm name or addition thereto is used in violation of paragraphs 1 or 3, the Registration Office shall
be empowered to cancel the name so used. The law
applicable thereto is prescribed in section 142, paragraph 1, sentence 2 and paragraph 2, and section 143
of the Act governing voluntary submission to adjudication.
7. The Reich Commissioner shall determine whether
or not the use of a firm name or an addition to it are
permissible under paragraphs 1 or 3; he is empowered
to file complaints with the Registration Offices and
to file appeals from decisions rendered in such cases.
1. Each credit institution shall report, by the 10th
of the following month, the names of all individuals or
companies whose total indebtedness to the credit
institution during the month exceeds one million
Reichsmarks, showing the amount of their credit
liability at the end of the month.
2. Should it appear that & debtor has obtained
credits from several credit institutions, the Reich
Commissioner may notify the institutions concerned
thereof. The notification shall consist only of the
amount of the aggregate indebtedness of the debtor
V. REGULATION OF CREDIT TRANSACTIONS AND
and shall be made only to those credit institutions which
LIQUIDITY
have notified the Reich Commissioner that they have
extended credit to the debtor in question.
SECTION n
3. The Supervisory Board for Credit (hereinafter
1. The total liabilities of a credit institution which
called the Supervisory Board) may permit exceptions
from the provisions of paragraph 1. It has power to result from
(a) deposits,
determine what shall be considered total indebtedness
(b) savings deposits,
within the meaning of paragraph 1.
(c) current creditor accounts,
(d) credits obtained from third parties on beIV. USE OF THE TERMS " B A N K " AND "SAVINGS B A N K "
half of customers,
(e) nostro liabilities,
SECTION 10
(/) acceptance of bills drawn, issuance of own
bills and bills drawn (in so far as such bills are in
1. The term " b a n k " or "banker", or a phrase in
circulation)
which the word " b a n k " or "banker" appears, may
be used in a company name, as addition to a company less quick assets within the meaning of section 16,
name, as a definition of the business pursued by a paragraphs 1 and 2, may not exceed a multiple, to be
determined by the board of directors (Aufsichtsamt), of
company, or in advertising, only by:
(a) credit institutions existing at the time of the institution's liability in respect of its own capital.
2. The liability of a credit institution in respect of
coming into force of this Act,
(b) enterprises wThich have received licenses its own capital is constituted
(a) with respect to individual ownership or
under section 3, paragraph 1,
partnerships (including partnerships of limited
(c) enterprises licensed by the Reich Commisliability), by the working capital after deduction
sioner to use one of the terms listed above.
of losses or depreciation and drawings by the
The right to use these terms lapses as soon as an
partners and credits granted to them. Proved
enterprise ceases activity on account of annulment of
unencumbered personal property of partners of
its license, prohibition to operate, or suspension of the
unlimited liability may be taken into account;
banking business for any reason.
32
FEDERAL RESERVE BULLETIN
(b) with respect to incorporated companies,
stock companies, and companies of limited liability, by the paid-up capital plus surplus, less
losses incurred;
(c) with respect to registered cooperative
societies, by the working funds and surplus, plus
an additional amount equal to the liability of the
members, less losses incurred;
(d) with respect to credit institutions established as bodies corporate, by the capital thereof
plus surplus, less lpsses incurred.
3. Extraordinary, hidden, del credere, and special
reserves are not considered surplus under the terms of
paragraph 2.
4. Liability in respect of own capital within the
meaning of paragraph 2 shall be determined as shown
in the statement as of the end of the last fiscal year.
5. The Supervisory Board is empowered,
(a) to exclude liabilities under paragraph 1 (e)
and to decide upon the inclusion in the total liabilities (par. 1) of liabilities under guaranty or
other contingent liabilities, including endorsement
liabilities,
(6) to determine the proportion of total liabilities (par. 1) to the capital liability (par. 2) for
individual credit institutions or classes or groups
of credit institutions; provided that total liabilities
(par. 1) less quick assets within the meaning of
section 16, paragraphs 1 and 2 may with respect
to all credit institutions amount to five times the
liability in respect of own capital,
(c) to determine to what extent, with respect to
credit institutions established as bodies corporate,
for which guarantors are liable under public law,
such liability may replace liability in respect of
own capital.
SECTION
12
1. Credits extended to a single debtor by a credit
institution may not exceed a percentage of its capital
to be determined by the Supervisory Board (sec. 11,
par. 2).
2. Credits in excess of the prescribed limit must be
approved by all managers (sec. 4, par. 2), without
prejudice to the legal relationship between the creditor
and debtor. Such credits must be reported to the
Reich Commissioner.
3. Credits include credits of all types including
acceptance credits and guaranties and other contingent
liabilities assumed by the credit institution as measured
by the amount of the credit. Participations by credit
institutions in the enterprise of the debtor also constitute credits as measured by the value of such participation appearing in the balance sheet. Security
furnished to the credit institution, or credit balances
maintained by the debtor with the credit institution,
are not taken into account. In addition to the debtor
himself, enterprises dependent upon the original debtor
or upon which he is dependent, all units belonging to
one concern, and in the case of partnerships the partners
thereof are deemed to be one and the same debtor
4. The provisions of paragraphs 1, 2, and 3 do not
apply to credits extended to the Reich or to the States,
or to credits guaranteed by the Reich or the States or
.secured b}r them in any form.
SECTION 13
When extending unsecured credits amounting to
more than 5,000 Reichsmarks to any one debtor, the
credit institution is required to demand from the
debtor a statement of the condition of his business or
presentation of his balance sheet. The Reich Com
JANUARY 1935
missioner may, in general or in individual cases, stipulate a different minimum amount from that specified
n the preceding sentence.
SECTION 14
1. Credits may be granted to managers (sec. 4, par.
2), members of the board of directors (Verwaltungsrat),
or the advisory council (Aufsichtsrat) of a credit institution, as well as to officers or employees of a credit
institution only upon unanimous resolution of all
managers and with the specific consent of the board
of directors or advisory council. Likewise credits
to managers, members of the board of directors or
of the advisory council of a dependent or parent
organization may be extended only upon the unanimous decision of all managers and with express consent
of the board of directors or of the advisory council of
the parent organization. For certain credit transactions or types of credit transactions the consent may
be given in advance, but not for more than 3 months.
The grant of consent must contain provisions covering
the interest to be paid and the repayment of the loan.
Permissions for drawings in excess of the remuneration
due to a manager or a member of the board of directors
or of the advisory council, especially the granting of
advances on remuneration, are to be considered as
equivalent to the granting of credits.
2. Credits or advances to officers or employees not
exceeding the monthly salary do not come under the
regulations of paragraph 1.
3. The regulations of paragraph 1 apply also to
credits granted to the wife or husband or a minor
child of a manager, a member of the board of directors
or of the advisory council, or of an officer or employee;
they also apply to any third party who acts on behalf
of one of these persons.
4. The granting of loans requires the unanimous
decision of all managers and the specific consent of
the board of directors or of the advisory council if a
manager of the credit institution is a manager or member of a supervisory or advisory body of the debtor
enterprise. The same applies if a manager of the
debtor enterprise is a manager or member of a supervisory or advisory body of the credit institution.
5. If credit is extended in violation of paragraphs 1
through 4, the credit must be repaid immediately irrespective of existing agreements unless the required
consent for extension of the credit is granted later.
6. The members of the board of managers (Vorstand)
or the managers are liable if they grant credits in violation of the provisions under paragraphs 1 through 4.
The members of the board of directors or of the advisory
council are liable if credit has been extended with their
knowledge but without their interference in violation of
provisions under paragraphs 1 through 4. Claim may
be filed by the creditors of the credit institution in so
far as they cannot obtain payment from the latter.
The liability to the creditors is not cancelled by a waiver
executed by the credit institution, nor by the fact that
the action was taken upon a resolution adopted by the
body of highest authority (general meeting, meeting;
of the partners, etc.). Claims based on these provisions expire in 5 years by the statute of limitations.
7. Where credits to persons mentioned under paragraphs 1 and 3 exceed the annual salary the Reich
Commissioner must be notified immediately; if the
credits were granted under paragraph 3 the annual
salary of the husband, wife, or parent employed by the
credit institution shall be the salary applicable. " The
Supervisory Board is authorized to permit deviation
from this regulation for credit institutions or groups of
credit institutions.
JANUARY
8. The Supervisory Board is authorized to issue
regulations covering the extension of credits for security
dealings to managers, officers, and employees of credit
institutions. The regulations do not affect the legal
relationship between the creditor and debtor.
SECTION 15
1. Shares in the profits accruing to managers of
credit institutions (sec. 4, par. 2)—provided they are
not proprietors, partners in a private partnership, or
personally liable partners in a special partnership
(Kommanditgesellschaft)—or to managers of branch
offices may not be paid in full to the beneficiary. A
portion of the share of each beneficiary, to be determined by the Supervisory Board, must be retained.
At the request of the owner it may be invested in
securities appropriate for trust funds. The percentage
to be retained must not exceed 50 percent of the amount
due to the beneficiary.
2. The amounts retained as well as the securities in
which they may have been invested, will be held by the
institution for all claims against the beneficiary.
They may be delivered to him only after he has left the
institution and has been released from responsibility—
at the earliest, however, one year after termination of
his connection.
SECTION 16
1. The credit institution must keep a cash reserve
consisting of cash on hand and credit balances with the
Reichsbank and in postal checking accounts. There
shall be a minimum ratio, to be determined by the
Supervisory Board, of cash reserves to liabilities
under section 11, paragraph 1, (a), (c), (d), (e), and (/).
The ratio may vary for the different types or groups of
credit institutions, but may in no case exceed 10 percent. The Supervisory Board may permit liabilities
mentioned under section 11, paragraph 1 (e), to be
disregarded in calculating reserve requirements.
2. Credit institutions shall likewise maintain a ratio,
to be determined by the Supervisory Board, of (1) commercial bills maturing within 90 days and such securities as, in accordance with the banking law, are or
may be made acceptable as collateral at the Reichsbank
to (2) their liabilities under section 11, paragraph 1, (a),
(c), (d), (e), and (/). The ratio may vary for the
different types or groups of credit institutions but shall
in no case exceed 30 percent. The Supervisory
Board may permit liabilities covered in section 11,
paragraph 1 (e) to be disregarded in calculating the
reserve and may permit the inclusion in the ratio of
investments other than those listed in sentence 1.
3. The Supervisory Board may rule that the provisions of paragraphs 1 and 2 shall not apply, in whole
or in part, to certain types of credit institutions; in
such cases it may issue special regulations.
SECTION 17
1. Stocks, including mining shares other than permanent participations, and bonds not admitted to German
stock exchanges that are owned by a credit institution
may not exceed a certain proportion, to be determined
by the Supervisory Board, of its liabilities under section
11, paragraph l,"(a), (c), (d), (e), and (/) notwithstanding regulations applicable to various types of
credit institutions that prohibit or further restrict the
acquisition of such securities. The proportion may
differ for the various types or groups of credit institutions but must in no case be less than 5 percent. The
Supervisory Board may stipulate that certain types of
33
FEDERAL RESERVE BULLETIN
1935
bonds not admitted to German stock exchanges may
be exempt from the provisions of sentence 1.
2. Investments made by a credit institution in
landed properties, buildings, or permanent participations shall not exceed the amount of capital (sec. 11,
par. 2) of such credit institution, according to the
valuation placed on such investments in the balance
sheet.
SECTION 18
The Reich Commissioner may prohibit credit institutions that have not kept within the limits prescribed in sections 11, 12, 16, and 17, from paying dividends on capital, etc., in excess of a percentage to be
determined by him. Any resolutions in contradiction
of such order are void.
SECTION 19
Upon application, the Commissioner may permit
credit institutions to depart temporarily from the provisions of sections 11, 12, 16, and 17.
VI.
SUBMISSION OF BALANCE SHEETS
SECTION 20
1. There must be submitted to the Managing Board
(Direktorium) of the Reichsbank,
(a) by credit institutions operated as proprietorships, partnerships, or special partnerships (Kommanditgesellschaf ten):
(1) the annual balance sheet and profit and
loss accounts, immediately upon their completion,
(2) a trial balance, as of June 30, by the
end of the following month at the latest;
(b) by credit institutions operating as stock
companies, limited liability companies, special
liability companies (Kommanditgesellschaften
auf Aktien), cooperative associations or publicly
owned institutions, and having balance sheet totals
less than one million Reichsmarks:
(1) their annual balance sheet and profit
and loss accounts, within a week after their
approval by the proper bodies,
(2) their trial balance, as of June 30, by
the end of the following month at the latest;
(c) by all other credit institutions:
(1) the annual balance sheet with profit
and loss accounts, within a week after their
approval by the competent bodies,
(2) monthly statements for the months of
January through November by the 15th of
the following month.
2. The balance sheets and monthly statements,
except annual balance sheets, to be submitted under
paragraph 1 must be subdivided in accordance with
specific regulations of the Supervisory Board.
3. The Managing Board (Direktorium) of the Reichsbank is authorized to issue regulations governing statistical publication of the balance sheets and monthly
statements to be submitted in accordance with paragraph 1. Individual balance sheets of credit institutions operated as proprietorships, private partnerships,
or special partnerships (Kommanditgesellschaften)
shall not be published separately.
4. Upon request credit institutions shall explain their
balance sheets or monthly statements according to
specific regulations of the Managing Board (Direktorium) of the Reichsbank and furnish additional information. The obligation of savings banks and credit
34
FEDERAL RESERVE BULLETIN
societies to furnish such information extends also, upon
request of the Managing Board (Direktorium) of the
Reichsbank, to the association of auditors of which the
savings bank or credit society so obligated is a member.
5. The Managing Board (Direktorium) of the
Reichsbank shall upon request submit to the Reich
Commissioner balance sheets, profit and loss accounts,
and additional information.
SECTION 21
JANUARY
1935
SECTION 25
Credit institutions that accept savings deposits are
obligated in their bookkeeping to carry their savings
business (savings deposits and the in estments designated to secure them) separately from their other
business, as well as to show it separately in the monthly
statements, in the annual balance sheets, and in the
profit and loss accounts; at the annual closing of the
books the gross expenses of the savings bank operations
mu t be clearly shown.
SECTION 26
The Reich Commissioner, in agreement with the
Managing Board (Direktorium) of the Reichsbank,
The Supervisory Board may make exceptions with
may exempt credit institutions in whole or in part from regard to the provisions of sections 24 and 25 and issue
the provisions of section 20.
special regulations for particular groups of credit
institutions; it may on request permit a credit institution to be temporarily exempted from the regulations
VII. SAVINGS OPERATIONS
issued under section 24.
SECTION 22
1. Savings deposits are deposits of money in accounts
that do not serve the purposes of payment but those
of investment, and that are distinguished as such especially by the issuance of savings bank books.
2. Payments from savings deposits may be made
only upon presentation of the savings bank book; upon
payment in full of the deposit the savings bank book
must be called in.
3. It is not permissible to transfer savings deposits;
it is not permissible to honor a check on a savings
deposit, regardless of the legality of the check and of
cash withdrawals.
4. The issuance of savings bank books without a
corresponding deposit is prohibited. A credit institution may not enter in a savings bank book any amounts
which it makes available in the form of credit.
5. The rate of interest paid on savings deposits shall
be posted in a conspicuous place in the savings bank
book; changes in the rate of interest with the date on
which these changes become effective shall be noted
in this place upon the next presentation of the savings
bank book.
SECTION 23
SECTION 27
1. Industrial savings banks, i. e., special savings
departments set up by the head of a commercial enterprise that, on the basis of a general regulation (business
plan) accept savings deposits from employees, and for
which the head of the enterprise is responsible as such,
are to be liquidated by December 31, 1940. The
liquidation is to be announced to the Reich Commissioner.
2. The Reich Commissioner shall decide in cases of
doubt whether a savings department is to be classed
as an industrial savings bank; his decision shall be
binding on the courts and on the administrative
authorities.
VIII.
CLEARINGS AND TRANSFERS
LUNGSVERKEHR)
(UNBARER ZAH-
SECTION 28
1. The Supervisory Board is authorized to issue
regulations for transfer and clearing payments (unbarer
Zahlungsverkehr), especially
(a) between the members of clearing associations and other institutions (e. g., Girozentralen, central cooperative offices, and credit
institutions affiliated with them, etc.),
(6) between different credit institutions and
between headquarters and branch offices of the
same institutions.
2. In these regulations it may be specified to what
extent transfer and clearing payments (unbarer Zahlungsverkehr) may be made only through the Reichsbank, the clearing offices established by the Reichsbank,
or the postal deposit offices. For this purpose banking
districts may be established.
3. The Supervisory Board may specify the collection
of special fees on the transfer and clearing of payments
(unbarer Zahlungsverkehr), and may fix the amount of
these fees. The fees shall be fixed for all credit institutions on uniform bases.
1. Funds may not be accepted as savings deposits
at any other rates of interest than those established
for savings deposits (sec. 38).
2. The payment of interest on savings deposits that
are made up to the 15th of any month begins on the 1st
of the following month; on deposits made during the
second half of any month interest begins on the 15th
of the following month. Interest is paid until the day
of withdrawal.
3. Withdrawals from savings deposits without notice
may be made only up to an amount of 300 Reichsmarks
for each savings bank book during one month. For
the withdrawal of larger amounts notice is required.
Any payments made before the due date shall be considered advances and shall be treated as such in the
matter of interest. The Supervisory Board will issue
SECTION 29
more detailed regulations with regard to the period of
notice; until their issue the former notice periods will
1.
The
establishment
of newT organizations for the
remain in force.
transfer and clearing of payments (unbarer Zahlungsverkehr) requires a license from the Reich Commissioner.
SECTION 24
2. The Supervisory Board may prohibit the continuance of organizations of the type described in para1. Savings deposits are to be invested separately.
2. The Supervisory Board will issue regulations re- graph 1, even when these organizations are already in
garding the investment of savings deposits, with a existence when this Act becomes effective, and may
view to maintaining the requisite safety and liquidity. provide for their winding up.
35
FEDERAL RESERVE BULLETIN
JANUARY 1935
IX.
SUPERVISION
SECTION 30
1. All domestic credit institutions and their branches
and the branches in Germany of foreign credit institutions are under the authority of the Supervisory Board
for Credit (Aufsichtsamt fur das Kreditwesen) established by the Reichsbank.
2. The membership of the Supervisory Board includes:
(a) the President of the Managing Board (Direktorium) of the Reichsbank as chairman,
(b) the Vice President of the Managing Board
(Direktorium) of the Reichs bank as vice chairman,
(c) a member nominated by the Leader (Flihrer)
and Chancellor of the Reich,
(d) the Secretary of State of the Ministry of
Finance,
(e) the Secretary of State of the Ministry of
Economics,
(/) a Secretary of State of the Ministry of Food
and Agriculture,
(g) a Secretary of State of the Ministry of the
Interior.
3. The Reich Commissioner is authorized to take part
in all sessions and resolutions of the Supervisory
Board in an advisory capacity.
4. The members of the Supervisory Board and the
Reich Commissioner may delegate an official of their
department as a substitute in case of absence. In case
of simultaneous absence of the chairman and the vice
chairman the duty of presiding falls to the Secretary
who is longest in service and if two or more have equal
length of service, to the elder.
5. The members of the Supervisory Board receive no
compensation for their services.
SECTION 31
1. The decisions and other orders of the Supervisory
Board are made by the chairman after consultation
with the other members of the Supervisory Board,
subject to the decision of the Reich Government in
cases of doubt. A case of doubt occurs in particular
when a member of the Supervisory Board dissents
from a proposed decision. The provisions of section 43,
paragraph 3, are applicable.
2. The conduct of the affairs of the Supervisory
Board devolves upon the chairman.
3. The members of the Supervisory Board are permitted to make recommendations.
SECTION 32
1. In addition to the specific duties named in this
Act, the Supervisory Board is charged with giving
consideration to general conditions in credit and banking and with eliminating abuses in the credit system.
It can take appropriate measures whenever a credit
institution is in difficulties or is threatened with difficulties. The Supervisory Board is also charged with requiring all credit institutions to have their annual statements audited by independent agencies, unless these
audits are already required by the Government. The
Supervisory Board can in the latter cases require a
more thorough audit.
2. The Supervisory Board may, regardless of the
general legal requirements, issue rules for the revision
as well as instructions for the contents of the auditor's
report.
3. The Supervisory Board may issue rules for the
management of credit institutions.
4. The Supervisory Board may issue instructions
according to which the Reich Commissioner has to
conduct his business.
SECTION 33
1. The Reich Commissioner is an officer of the Government; he has his office in Berlin.
2. The Reich Commissioner is appointed by the
Leader (Fiihrer) and Chancellor of the Reich with the
advice of the President of the Managing Board (Direktorium) of the Reichsbank.
3. The Reich Commissioner is responsible for the
administration of this Act in accordance with the
instructions issued to him by the Supervisory Board.
4. Regardless of the provisions of this Act, the Reich
Commissioner is subordinate to the Minister of Finance.
SECTION 34
The Reich Commissioner is authorized:
(a) to require the credit institutions subject to
his authority to submit balance sheets and profit
and loss statements at any time and also for past
dates; also to demand from them, their proprietors,
and governing bodies (Organe) information concerning all business transactions; to inspect the
books and records of the credit institutions; and in
general to carry out or have carried out all investigations which he considers necessary for the fulfillment of his duties; he may communicate his findings
to the governing bodies (Organe) of credit institutions as well as to their individual members and, in
case the credit institutions are under the direct
supervision of a Government authority, he may
communicate his findings to the supervisory
authority;
(6) to attend and participate in the annual
meetings and other meetings of the members and
the sessions of the governing bodies (Organe) of
credit institutions; he may delegate a representative to exercise this function;
(c) to demand the calling of general meetings
and other assemblies of the members, the summoning of sessions of the administrative and supervisory bodies, and the publishing of the agenda;
(d) to require all enterprises and individuals
having their residence, place of business, or headquarters in Germany, even if these enterprises
and individuals do not carry on a banking or credit
business, to furnish him with reports on the status
of their indebtedness to, and claims against, enterprises and individuals having their residence, place
of business, or headquarters abroad, as defined by
the laws governing foreign exchange;
(e) to issue in emergencies temporary regulations for the purpose of control.
SECTION 35
1. Enterprises that buy and sell securities for others
(sec. 1, par. 1, (&)) or carry on a trust business (sec. 1,
par. 1, (c)) are required to submit to a regular examination of their trust business.
2. The Reich Commissioner prescribes the nature
and scope of the examination. The trust examiner is
employed by the Reich Commissioner or on his order
by outside agencies.
SECTION 36
1. The Reich Commissioner may employ qualified
examining agencies (Priifungsorgane) for the execution
of his duties, and in agreement with the Managing
Board (Direktorium) of the Reichsbank and through
its assistance may use the facilities of the Reichsbank.
36
FEDERAL RESERVE BULLETIN
2. The Reich Commissioner may, with consent of
the Supervisory Board, in whole or in part transfer to
other agencies functions assigned to him by this Act.
These agencies must be governed by instructions issued
to them by the Reich Commissioner and are responsible
to him for the proper execution of the functions transferred.
SECTION 37
JANUARY 1935-
2. Appeal must be made to the Reich Commissioner
or to the Supervisory Board within a month after
publication of the decision or ruling in question.
3. The Supervisory Board makes its final decision on
appeals by a simple majority vote; in case of a tie the
presiding officer casts the deciding vote. For discussion and decision on an appeal at least five members
of the Supervisory Board must be present.
Expenses arising from the examination of a credit
SECTION 44
institution are to be repaid by the latter to the Reich
No compensation shall be granted for any loss
and on demand of the Reich Commissioner are to be
paid in advance. They are to be collected in the same sustained through measures taken by the Reich
manner as taxes by the Treasury offices for account of Government, the Supervisory Board, or the Reich
Commissioner under the authority of this Act.
the Treasury.
SECTION 38
The Reich Commissioner may declare as binding the
majority decisions of central organizations of credit institutions regarding business practices—especially as
to interest rates anji commissions—and regarding competition. The Reich Commissioner may revoke his
decision. If within a period to be announced by the
Reich Commissioner a majority decision of the central
organizations of credit institutions is not forthcoming,
lapses, or fails to meet with the approval of the Reich
Commissioner, the Commissioner himself, in agreement
with the Managing Board (Direktorium) of the
Reichsbank, may issue appropriate regulations governing the credit institutions and their central organizations.
SECTION 39
All public authorities are required to assist the
Reich Commissioner and his agents (Organe) in the
exercise of his functions.
SECTION 40
Decisions and other measures of the Reich Commissioner that are subject to appeal are to be supported
with evidence and published. After publication they
become effective.
SECTION 41
X.
ENFORCEMENT AND PENALTIES
SECTION 45
1. The Reich Commissioner may employ measures
(fines and direct compulsion) to enforce compliance
with the provisions that he sets up within his legal authority. The measures p a y be taken against natural
persons and against public and private legal entities, as
well as against associations of individuals. They may
be taken repeatedly until the provision has been complied with. A single fine may not exceed 100,000
Reichsmarks. The head of the enterprise is liable as
joint offender for fines imposed on individuals affiliated
with his enterprise, if the lability is so stated in the
complaint. Direct compulsion shall be resorted to only
when it appears that the provision cannot otherwise
be enforced or when there is danger in delay.
2. Before a measure of enforcement is taken warning
must be given to the person in regard to his obligation
and a definite period for compliance set. The warning
shall be given in waiting and shall contain instructions
for making satisfactory redress. The warning is not
necessary if there is danger in delay.
3. An appeal to the Supervisor Board against the
warning measures to be taken is permissible within two
weeks. The same holds good for an appeal against the
imposition of the measures if no appeal has previously
been made against the warning. The appeal against
the warning applies also against the imposition of the
measures. It postpones them unless in the judgment
of the Reich Commissioner there is danger in delay.
4. If, after the imposition of the measures, the provision is complied with, their enforcement is no longer
permissible.
1. The members of the Supervisory Board and all
persons and agents (Organe) employed by the Supervisory Board in the performance of its functions are
bound to secrecy. They must not without permission
make use of confidential data on business and industry
that they obtain in the performance of their duties. This
obligation is not affected by termination of their service
or completion of their duties.
SECTION 46
2. The same secrecy is to be observed by the Reich
1. The Reich Commissioner may impose fines up
Commissioner as well as by all persons and agents
(Organe) that assist him in the performance of his to 100,000 Reichsmarks for each separate offense
duties.
committed either deliberately or through negligence
against the provisions of the Act, against the regulaSECTION 42
tions designed to make it effective, against the agreeThe expenses of the Supervisory Board and the Reich ments established or regulations published according
Commissioner are to be repaid to the Reich by the to section 38, as well as against the agreements set
credit institutions. The Minister of Economics, in forth in section 57 in cases other than those coming
agreement with the Minister of Finance and any other under sections 48 through 50, or other provisions under
minister concerned in the particular case, issues the which a penalty may be imposed. These measures
requisite regulations for the repayment and super- the Reich Commissioner may enforce against heads of
vises the procedure.
enterprises (sec. 4, par. 2) or their legal representatives,
against administrative or supervisory bodies, against
SECTION 43
public or private legal entities, or against the managers
1. Appeal to the Supervisory Board against deci- of associations not legally competent. The head of the
sions and rulings of the Reich Commissioner under enterprise is liable as joint offender for the disciplinary
section 1, paragraph 4; sections 4, 5, 6, and 10; section penalties that are imposed on individuals affiliated
27, paragraph 2; section 29, paragraph 1; and sections with his establishment, if the liability is so stated in
45 and 46 is permitted. All other decisions and rulings the complaint.
When, under section 45, a fine is
of the Reich Commissioner are final.
threatened, a disciplinary penalty in money may not be
JANUARY
37
FEDERAL RESERVE BULLETIN
1935
sections 45 and 46 regarding offences against agreements
made or provisions issued under section 38. In exercising these powers, however, the regulatory authority
must comply with a request from the Supervisory
Board. The Reich Commissioner is authorized to
make recommendations to the Supervisory Board. The
license provided for in section 3 may be granted by the
regulatory authority only with the consent of the
SECTION 47
Reich Commissioner.
1. The fines and disciplinary penalties imposed are
2. With respect to credit institutions described in
collected, like taxes of the Reich, by the Treasury paragraph 1 the powers granted to the Reich Commisoffices for account of the Treasury of the Reich.
sioner in section 34 may be exercised in every case by
2. The Government of the Reich is authorized to the regulatory authority.
remit in whole or in part the fines and disciplinary
penalties imposed. It may transfer this authority to
SECTION 52
the Supervisory Board or the Reich Commissioner.
The Supervisory Board may exempt from the application of the provisions of this Act building and loan
SECTION 48
associations and businesses that are or may be classified
1. Anyone who conducts a credit institution without with them under section 112, paragraph 2 of the Act of
the proper authority, anyone who continues to conduct June 6, 1931 (Reichsgesetzblatt I, p. 315) regarding
a credit institution in spite of its prohibition or, without the supervision of private insurance enterprises and
permission, reopens a business that has been suspended building and loan associations, and industrial savings
shall be punished with imprisonment up to one year and departments as defined in the Act of May 17, 1933
with a fine, or with one of these penalties.
(Reichsgesetzblatt I, p. 269) and those enterprises
2. The prosecution shall be initiated only on motion that, under section 1, paragraph 2 of this Act, are
of the Reich Commissioner.
subject to the provisions governing industrial savings
departments.
inflicted on account of failure to comply with the provision, but only the fine imposed. The complaint shall
contain instructions for making satisfactory redress.
2. An appeal to the Supervisory Board within two
weeks against the imposition of the disciplinary penalty
is permissible. The appeal postpones the penalty.
SECTION 49
1. Anyone shall be punished with imprisonment and
a fine, or with one of these penalties, except as more
severe penalties are incurred under other laws, who
deliberately
(a) makes false returns, on demand for information, to the Supervisory Board, the Reich Commissioner, or agents (Organe) and individuals whose
services they may employ in the performance of
their duties;
(b) violates his obligation to secrecy, or without
permission makes use of confidential data on business and industry that he has obtained in the performance of his duties.
(c) against his better knowledge invents or circulates untrue statements which are calculated to
injure or jeopardize the credit of a credit institution.
2. The prosecution shall be initiated only on motion
of the Reich Commissioner, in case of paragraph 1, (b)
only on motion of the Government of the Reich.
XII.
TRANSITIONAL AND FINAL
REGULATIONS
SECTION 53
1. Credit institutions in existence when this Act becomes effective do not require a license (sec. 3) in case
they- are in active business. The same applies to credit
institutions in process of liquidation or in bankruptcy,
provided their business activities are limited to the
completion of liquidation or of bankruptcy proceedings.
2. Credit institutions or branches of credit institutions that have been established subsequent to June
30, 1934, however, require a license, provided that up
to the date of effectiveness of this Act the Reich Government has not approved the continuation of the
business beyond October 1, 1934, in accordance with
section 4 of the decree of September 4, 1934 (Reichsgesetzfc>latt I, p. 815) concerning the prohibition of
establishment of credit institutions, or has not consented
to their establishment as provided in section 2 of that
decree.
SECTION 54
SECTION 50
Anyone shall be punished with imprisonment and a
fine or with one of these penalties, except as more
severe penalties are incurred under other laws, who
deliberately submits to a credit institution false
balance sheets, profit and loss accounts, or statements
of his resources in order to obtain a credit, or to have
it extended, or to secure more favorable credit terms;
or who knowingly submits to a credit institution false
declarations with regard to the condition of his business
even though no grant of credit results.
XI.
SPECIAL
PROVISIONS
1. In order to establish more effective organization
of the credit system, the Supervisory Board is authorized up to December 31, 1935, to'prohibit the continuance of credit institutions that are in existence
when this Act becomes effective even though the conditions assumed in section 6, paragraph 1 do not obtain.
Whenever credit institutions under the supervision of
a special Reich or State agency are affected by the
prohibition the regulatory authority must be consulted
in advance. The Reich Commissioner is authorized to
make recommendations.
2. A prohibition under paragraph 1 may be limited
to a part of the business or to separate branches.
SECTION 51
SECTION 55
1. With respect to credit institutions that are under
a special Reich or State regulatory authority, the
powers assigned to the Reich Commissioner in sections
3, 6, 45, and 46 are exercised by the regulatory authority
unless the matter falls under the cases covered in
The Reich Commissioner is authorized up to a date
to be fixed by the Reich Government to permit exceptions to sections 11, 12, 16, and 17 for separate credit
institutions or types or groups of credit institutions.
He may with the consent of the Supervisory Board
38
FEDERAL RESERVE BULLETIN
also issue temparary rulings of a reasonable duration
that do not conform with the provisions under sections
22 through 25, provided these rulings are preparatory
to enforcement of the provisions.
SECTION 56
Existing regulations under the laws of the Reich or
State authorities affecting the credit system, especially
those for individual credit institutions or types or
groups of institutions, remain in effect provided they
do not conflict with the provisions of this Act. In
case provisions of this Act are effective only after the
issuance of administrative regulations, the existing enactments of the Reich or State authority relating
thereto remain effective without limitation until the
corresponding administrative regulations of this Act
become effective.
SECTION 57
Whenever, by virtue of existing legal requirements,
agreements between the central associations of the
credit institutions have by approval of the Reich
Commissioner been made generally compulsory, they
remain unchanged hereby. The approval may be
withdrawn. After this Act becomes effective, existing arrangements may be modified under the procedure
described in section 38.
SECTION 58
1. This Act comes into force January 1, 1935.
2. The following are without force on the same date:
(a) the second part of the decree issued by the
President of the Reich under the law of September 19, 1931 (Reichsgesetzblatt I, p. 493),
governing the holding of stock, supervision of
banks, and taxation amnesty,
JANUARY 1935
(b) chapter III, section 1, paragraph 2 of the
fourth decree of December 8, 1931 (Reichsgesetzblatt I, p. 699) issued by the President of the
Reich for the security of economy and finance and
for the protection of domestic peace,
(c) the administrative decree of January 9, 1932
(Reichsgesetzblatt I, p. 29) regarding the reduction of interest rates on the money market,
(d) the decree of April 21, 1933 (Reichsgesetzblatt I, p. 228) for the administration of bank
supervision,
(e) the Act of August 7, 1933 (Reichsgesetzbatt
I, p. 577) regarding banking regulations of the
Reich Commissioner,
(/) chapter I, section 4 of the fifth part of the
third decree of October 6, 1931 (Reichsgesetzblatt
I, p. 537) issued by the President of the Reich for
the security of economy and finance and for the
suppression of political disorders and the amendment thereto contained in chapter VIII, section 1
of the fourth part of the fourth decree of December
8, 1931 (Reichsgesetzblatt I, p. 699) issued by the
President of the Reich for the security of economy
and finance and for protection of domestic peace,
(g) the decree of September 4, 1934 (Reichsgesetzblatt I, p. 815) regarding prohibition of
establishment of credit institutions.
SECTION 59
The Minister of Economics is authorized, in agreement with the Minister of Finance and any other
Minister concerned in the particular case, to issue
decrees and administrative regulations for the execution
of the purposes of this Act.
BERLIN, December 5, 1934.
39
FEDERAL RESERVE BULLETIN
JANUARY 1935
INTERNATIONAL FINANCIAL STATISTICS
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Europe
End of month
Canada
1933—No vember _.
December..
1934—January
11,959
11,930
11,951
»1 4,012
4, 012
4,033
1934—January
February...
March.
April._
May
June
July_.
August
September..
October
November..
December. -
20, 229
20,516
20, 724
20,820
20, 957
21,166
21,304
v 21.489
» 21, 530
» 21, 586
* 21,635
6,829
7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
v 8,239
Total (27
countries)
Austria
Czecho- Denmark England
Belgium Bulgaria slovakia
$l=25$io grains of gold *Ko fine; i. e., an ounce of fine gold=$20.67
51 !
24
378
11
36
6,942
51
27
380
11
36
6,916
382
11
27
51
36
6,912
grains of gold 9io fine; i. e., an ounce of fine gold=$35
130 !
45
112
130 ;
639
111
130 i
635
111
130 !
636
111
130 !
635
111
132 I
625
111
618
133 |
111
623
131
11, 747 1
111
131
v l i , 787 !
112
132
v 11,813 !
112
133
589
v 11, 730 '
3,051
3,022
3,021
97
92
90
1,573
5,109
1,574
4,904
1,574
4,947
1,575
5,023
1,577
5,136
1. 578
5,274
1,579
5,321
1,580
5,439
1,581
5,455
1,582
5,468
1,583
5,443
1, 584 , v 5,445
152
134
96
83
52
28
30
30
30
33
32
P32
77
77
77
928
928
929
PO90
Europe—Continued
End of month
1933—November..
December..
1934—January
Greece Hungary
23
24
22 :
1934—January....
February..
March
April
May
June
July
August
September.
October
November.
December.
Italy
14
14
14
373
373
373
23 !
23 i
23 I
23;
23
23 i
23 i
23 !
23 !
23
23
633
633
613
609
594
576
567
565
554
541
520
Nether- Norway Poland
lands
other
Portu- Ruma- Spain Sweden Switzer- U.S.S.R.2 Yugo- 6counslavia
gal
nia
land
tries
$l=25$io grains of gold Ho fine; i. e., an ounce of fine gold=$20.67
53 !
59 [
436 !
99 |
386
370
40
53 !
436
99 j
371
38
386
59
436 |
54 i
100 |
370
38
386
60 I
rains of gold %o fine; i. e., an ounce of fine gold=$S5
653
626
64
91
58
100
739
169
62
101
739
539
91
169
61
600
535
61
91
65
101
739
170
570
101
739
539
92
65
167
61
534
551
61
92
66
102
739
167
535
102
739
61
93
67
573
168
535
588
61
93
67
102
740
168
537
103
94
67
740
169
588
61
567
588
61
94
67
103
740
170
591
103
61
94
67
740
601
163
621
582
61
67
103
740
160
624
95
pf>24
End of month
1933—November.
December.
1934—January...
1934—January
February..
March
April
May
June
July
August
SeptemberOctober...
November-
346 [I 244
342
239
342 II
239
405
405
405
405
405
405
405
403
403
403
599 P 403
579
588
590
591 ! i
594
593 i
599 =
'605 i
8
9
8
24 !
24 i
25 '
24
24;
25 !
26 I
26
24 :
22
22
53 I
53 |
53 ;
53 i
53 ;
53 i
53 :
53 !
54 ;
54 :
54 !
2
other
countries
grains of gold *Ko fine; i. e., an ounce of fine gold=$20.67
456 i 162 212 ! 42
25
11
50
7
162 212 I 44
50
457
24
12
7
12
25
459 I 162 212 | 45
51
7
15%\ grains of gold ^io fine; i. e.f an ounce of fine gold=$35
86
359
76
42
20
778 i 274
42
359
79
87
780 1 274
20
87
359
77
42
20
778 | 274
781 1 275
362
77
42
21
87
382
42
803 i 275
79
20
87
84
804
384
42
21
275
77
82
386
77
42
21
806 ! 275
P82
387
41
21
77
807 ! 275
P82
388
77
36
22
803 ! 275
11
11
11
P82
795
"796 :
275
275
390
392
77
77
58
59
59
57
58
58
58
58
61
61
Africa
4 Total |
other (7
coun- coun- India Japan Java
tries I tries'
11 I
12
12 !
704
704
706
706
706
716
716
716
p 716
»716
p 716
Asia and Oceania
Latin America
Total:
(10 !
Chile
coun- i
tries) | tiDa
35
35
35
416 '
416 j
416 !
26
25
22
22
4
3
3
125
126
127
33
33
33
82
83
84
10
10
10
6
6
5
6
6
5
6
6
6
5
5
215
222
218
220
226
233
244
220
226
56
55
55
55
55
55
55
55
55
55
143
150
146
149
154
161
172
149
155
173
P173
17
17
17
17
17
17
17
17
17
p 245
P245
P
55
v 17
P17
p1 Preliminary.
Excludes gold coin in circulation.
* Figures reported as of end of each quarter b y State Bank of U. S. S. R. carried forward for succeeding 2 months.
N O T E . — T h e 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 M a y 1932, p p . 311-318, June 1933, p p . 368-372, and December 1934, p . 801.
40
FEDERAL RESERVE BULLETIN
JANUARY 1935
GOLD PRODUCTION
[In thousands of dollars]
Estimated
world
production
Year and month
Production reported monthly
Africa
Total
South
Africa
421,979
238,931
12,000
36,515
33,689
34,600
33, 785
34,915
35,130
35,661
36, 537
35,992
35,696
19, 658
18,430
19,519
19,008
19,228
19,235
18,664
18,822
18,613
18,168
1,038
1,108
1,108
1,130
1,133
1,167
1,180
1,143
1,150
1,181
Rhodesia
North and South America
West Belgian r a n a d a | United
ColomAfrica Congo ^ a n a a a j states» Mexico bia
Far East
Au
Chile
jf a ' Japan
India
$l=25*lio grains of gold »/to fine; i. e., an ounce of fine gold=*$20.6?
1932—Total (12mo.)._ 499,049
1933—March
April
__
May
_.
June...
July.
_
August
September
October
November
43,509
40,683
41,595
40,780
43,909
44,125
44, 656
45, 532
44,987
44, 690
December
Total (12 mo.).
1934—January
February
March.
_
April
May..
June
July
August
September
October
November.. _
i 515, 627 419,695
45,516
35,521
I
!
j
j
i
i
227,673 ! 13,335
18,897 i
5,992
522
528
520
561
571
579 !
546 |
567
586
580
6,623
5,132
788
14,563
8,198
6,782
1,059
905
1,035
986
1,165
1,198
820
1,501
1,172 i
1,038 !
455
535
499
435
577
555
375
700
694
503
220
222
181
288
227
274
269
423
301
281
1,259
1,522
1,344
1,434
1,420
1,438
1,591
1,436
1,501
1,538
747
726
734
711
755
722
847
825
794
788
626
585
554
543
589575
572
560
560
573
60,968 I 52,843 I 13,169 i
6,165
3,009
16,790
4,858 ! 1,080 !
697
62,933 |
302
281
5,399
4,919 i
4,932
5,426
5,306
5, 325
4,889
5,048
5,001
5,140
306
321
307
302
327
325
3,631
546 |
1,201
12,070 |
3,642
320
50,626
5,230
3,928
3,866
2,956 i
3,638 !
3, 742
5,602
5,209
5, 292
5,581
4,781 ;
462 i 1,3
721
i grains oj gold 'ho fine; i. e.t an ounce oj fine go(d=$35
71,313
54,243
75, 281
58, 211
74,856
57, 786
61,012
78,081
76,034
58,964
77, 392
60,322
78,232
61,162
60,028
77,098
»80,132 P 63,062
' 76, 993 v 59,923
28,893
30,550
30,173
31,324
30.138
30, 773
31,015
29, 951
30,994
30, 633
1,893
2,042
2,014
2,055
2,048
2,015
2,085
2,061
2,053
2,065
927
965
941
951
946
1, 072
1, 022
1, 072
P 1 225
T> 1 , 190
502
571
509
566
547
521
542
544
*582
P582
7,803
8,726
7,975
9,090
8,495
8,593
9,270
8,546
9,278
' 8, 925
6,160
7,945
7,595
8,505
8,260
8,750
8,365
9,940
10,360
8,295
1,906
1,194
2,233
2,431
1,941
1,861
2,078
1,396
p 2,170
p 1, 855
1,067
940
843
991
1,003
1,037
1,148
940
1,143
831
656
554
648
425
623
832
666
525
P525
*>525
2,269
1,280
2,415
1,390
2,566
1,376
2,460
1,268
2,722
1,310
2,579
1,351
2,619
1,413
1,495
2,625
2,453
1,438
p 2, 453 p 1, 400
921
914
932
v Preliminary.
i Monthly figures for United States are those compiled by American Bureau of Metal Statistics of New York City; annual figures for United
States represent official estimates made by Bureau of the 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. 108r
June 1934, p . 377, and November 1934, p. 737. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for
1933, p.LlO4. Figures for Canada for 1934 are subject to revision.
GOLD MOVEMENTS
[In thousands of dollars]
United States
Year and month
Total
net
imports
or net
exports
(-)
1932—Total (12mo.)- - 4 4 6 , 213
1933—July
August
September. __
October. __
November
December
February
March
April
May
June
July
August
September
October
November
December
England
-2,767
Germany
Belgium
-79,617
-73,173
- 4 8 , 717
-26,923
—366
-203
6,375 - 2 1 6 , 0 3 5
- 2 , 542
-109
—5
-28
-27
-13
-18
-28
-10
- 2 , 532
-895
7,901
1
-10
-1,678
-216
-461
452,571 239, 800 124,381
237,336 135,987
51,821
54,748 24,054
1,786
33,583
5,927
233
63, 705 31, 288
10, 750
2,212
52,346 22,978
37,225 22,872 - 5 , 238
-18,670
-950 -17,748
26
10,837 — 1,118
120,889
3,687
70,351
92,109 19, 64&
22,430
China
Mex- Argen- Co- British and
ico
tina lombia India Hong Japan
Kong
260, 543
-2,171
-9
-8,883
203
143
224
268
216
347
369
125
518
48
240
338
-11,631
19,896
4,280
313
246
-453
I
2
._
-1
10
-146
-144
1
-1,943
-2,094
8
—4,865
-17
212
-500
12,814
9,906
17, 790
8,909
95,510
-254
8,673
6,989
8,982
8,200
539
3,775
9,609
8,077
2,086
2,837
2,664
515
3%
3, 26o
880
6,076
12, 402 86, 612 30, 090
All
other
countries
36,383
-4,121
- 5 , 708
-1,486
1,085
1,419
960
i
8
98 25, 629 12, 821
6,702 - 2 6 , 0 6 8
1,364
Custo ms valua tions; wit h some en:eptions at rate c f$35aj fine oun ce
1
9,087 12,114 5,124
131 57, 272
1,660
10,148
3,569 10,272 5,368
2,490 "Il,~465
7,234
9,069
640
5 2,495 4,613
January figures based on rate of $20.67 a fine ounce.
Nether- Switzer- Canland
ada
lands
Custom s valuati ons; with some exce ptions a t rate of $20.67 a fine ou nee
64,574 20,087 12,991 3,240 26, 597 39,043 49, 719
Total (12 mo.) 1 . 1,133,912 501, 632
1
France
53, 585 - 4 4 1 , 6 4 9 - 1 3 , 3 5 6 - 8 2 , 5 7 1 - 9 6 , 5 8 6 - 1 1 8 , 2 7 3
-713
-83,879
-80,388! — 1,535
- 5 6 , 736 - 5 , 0 9 9
-32,351 -6,240
-783 -2,260
-9,128 -1,650
Total (12 mo.)_ -173,455
1934—January. _
Net imports from or net exports (—) to:
_
6
2,554 10,240
37 12,191
8 8,948
2,484 5,489
-8
3,112
1 11,300
2,111 12, 574
12 16, 944 76, 820
651
2,865
3,067
1,865
2,286
3,254
672
513
50
700
529
16,452
4
2,347
3,351
1,785
1,987
2,190
3,316
4,105
1,174
1,729
1,896
2,874
4
28,118
41
FEDERAL RESERVE BULLETIN
JANUARY 1935
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Great Britain
Net imports from or net exports (—) to:
I
Year and month
I
South
I Straits Austra- Africa,
RhoSettledesia,
lia
ments
West
Africa
Bel- JNether- Switzer-i § ° ? £
Canada
gium ; lands land l America
All
other
countries
Official figures converted at rate of $20.67 an ounce
1932—Total (12mo.)-_.
84, 585 -50,642;-297,050;
1933—July
August
SeptemberOctober
November.
December..
89,056
25,628
48,260
63,918
79,138
79,426
Total (12 mo.).
1934—January—
333-13,434j-71,3781-14,019,
4, 763
733|
3,120
12, 520
6,878
4,441
18,0511
6,259!
2,163j
1,865j
33, 338
15,130
486
179
32
-11
94
42
677,405
7, 939
97, 016
41,036
62,146
4, 788
9,8
_
February—
March
April
May
June
July
August
September.
October
November.
184,820 - 2 3 8 , 8 4 2 283,333
91,471 - 1 3 0 , 0 8 7
66,180
35,003 - 1 9 , 8 5 1 - 7 , 0 3 8
37,986
-5,197 -30,856
6,622
53,056 - 3 5 , 3 7 5
30,991 - 2 9 , 3 6 9
-121
26,005 - 1 5 , 4 2 0 - 6 , 7 9 7
23,488
6,251 - 8 , 1 8 8
950
-339
49,999
49, 585 - 1 7 , 2 8 4
27, 026
-13
18,837
65, 579
3,524
8,243
17,495
4,099
45
2,8901
1051
152
_. 220,394
10, 781
414
436
920
3,611
120
8,143
4,141 11,942
3, 703 4,994
4,108 12,685
6, 579 16,122
4,852
5,013
4,186: 5,892
810
848
526
782
708
423
14,056
43,374 118,817
8,682
-20j
5,310
-170
5,500!
4,530
8,642|
Official figures converted at rate of $35 an ounce
3,790 17,891! —320!
4,870 30,193
5,522, -176;
358
187
39 37,372
44
523; -216
343
47, 13,033
-34
319: -252
284
14,147
218
-659^
144
17,330
-71
-2,161
1,794
12,213
-102
-6,034
1,749
25,146
- 5 -4,563
-2,157
2,052
7, 2661
962
-203:
-1,849
- 1 , 291
655
4,669! 4,992
482 -1,118
-5,198
670
1,697 IS, 791
-550
-60
583
2,353
17,667) 3,170
647
1,094
359
485
441
70
66
151
245
190
2,951
3,105
3,824
3,086
3,172
3,234
4,673
3,507
3,438
2,686
30,881
36, 707
31,929
42,935
30, 505
32,312
22,371
11,315
24,420
15, 262
-808
-118
-380
—101=
-217.
-771
-196
- 7 , 0 6 5 -4,299
Net imports from or net exports (—) to:
Total
net
imports
or net United
exports States
()
England
Germany
2,692
1,910
1,991
1,942
2,315
1,889
18,279
19,519 11,715
24, 774 -3,212
21,027
5,434
20,467
4,403
20,885
4,558
19,460 12,871
60,812 256,177
41,667
30, 587
5,591
8,483
4,750
13, 233
9,070
4,774
1,491
12,790
6,203
Germany
France
Year and month
20,364 255,310
5,746
1,114
13,528j
-1,034-13,583!
-111 - 3 , 6 3 3 !
18! —4,163;
817J
329
147
6,998
Netherlands
Switzerland
All
other
countries
Total
net
imports
or net United
exports States
Net imports from or net exports (—) to:
England
France
Netherlands
Switzerland
i AH
U.S. other
S.R. ; countries
Official figures converted at the rate of $20.67 an ounce
1932—Total
mo.)
(12
828,178
1933—July
54,407!
August
I 53,717,;
September. _ I 43,040
October
!
November. _j -53,315,
December... -45,447
468,052!
309,984 37,889; 37, 547 - 1 7 , 6681
Total (12 I
mo.)
i 243,944 223,894 -87, 207 73,001! 44,691
1934—January
! -7,236,
February
i—175,869:
March
1-232,658
April
i -1,373
May
30,915
June
!
6,437
July
! -2,895
August
-15,105
September..;
964
October P . — ! 22,710
November p.; -65,568
- 7 , 627 -27,282!
5,695 16,598 2-19,275
39,263! -12,527 24,654
- 4 6 -8,025 -1,369
-990
75,680! -11,533
-150'
60,988 - l , r ~ -8,059i -6,166 -2,176
- 4 , 6 4 0 - 1 2 , 4 2 8 -3,369
610:
47, 745
3
2
1
,
4
0
1
-5,674
-1,328!
-25,025
177
701 - 2 3 , 443 - 2 , 545!
-19, 38; -772;
1,215
- 5 , 259
- 9 2 , 3 3 6 -160,187 12, 536
-79,158-155,636
3
997 - 3 7 , 0 1 0
78
124
1
33, 581
- 9 , 779 - 1 1 , 4 1 1 18,191
-3,003
926
1
-7,290
264
145
-3
9,606
5,987
3,706
2
26, 296
- 6 4 , 337 - 1 7 , 9 3 6
86
-70
10,491 -20,926-102,856
-1,187
-1,934;
367
1,246
-250J-38,170J-24,4551-7,915; 46,656 - 3 , 515
-162
-186
-32
41
-13
15
4,592
-676
19,120
5,845
2,572
2, 627
270
153
-256
9
1,173
17,910
-94
5,933
4,710 -5,268
590
1,799-37,044-64,922 -40,950
•_;
- 1 9 -2,615
293
—44|
4,612
55
-691
1
3
| 3,182
41
-238
-372
12
33
-133
2,668 -1,383
206; 40,317 - 2 , 2 6 5
-80
3,610
56
Official figures converted at rate of $35 an ounce
-29,660! -8,054! - 9 4 6 !
6,687 : - 2 0 , 4 7 2
59,196 - 1 , 7 6 5
-55,529j
-2:
15, 955 - 2 , 9 1 4 - 1 0 , 9 0 7 - 3 9 , 4 4 0 ,
32,492
74;
5
,
6
5
5
-3,515 -8,073
1,995
- 1 3 , 3 8 2 -10,083 -12,363
5,405 » - 8 , 7 1 2 - 2 9 , 0 4 0
516
7 -12,286 - 8 , 1 5 5
-20,312
-1,696
19,168:
4,
- 4 , 207
2
-5
323^
-104 -1,038;
5,328
2
-133
1, 041;
- 3 9 -9,226;
-269
62
126
4
-18
8541
10 -15,492:
7,872
3
-66|
-461
1,891
139 - 6 , 9 7 2 '
2, 954
5
1, 78(ij
182
15,618
-167 1
-786
J» Preliminary.
Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately
in the official monthly statistics.
2
$20,305,000 exported by France to Belgium in July 1933; $9,747,000 in May 1934.
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 July 1934 are subject to revision.
1
42
FEDERAL RESERVE BULLETIN
JANUARY 1935
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Netherlands
Total net
imports
or net
exports
Year and month
1932—Total (12 mo.)
-
__
Total (12 mo.)
-13,628
24,239
16, 488
18,562
9,688
-9,294
-67,510
1934—January...
United
States
England
2,191
-3,839
-8,629
February...
March
April
May
June
July
_.
August
September.
October
November..
-102,784
- 9 , 201
3,063
13,859
9,570
9,170
- 2 , 737
-326
-2.
-17,262
- 6 , 248
-4,444
-16,849
-17,770
-225
-194
498
France
Germany
Belgium
Official figures converted at rate of $20.67 an ounce
50,070 | -34,009 |
26,886 j -12,727
-13,630
-16,137 |
16,423
6,065
11,183
13,849
14,457
6,096
-601
-180
47
-903
-357
5,369
-821
-1,432
17
-338
-22
-90
-230
-1,174
-194
-10
-64
-30
-5
-1,466
-174
-241
-1,232
-297
-658
291
275
2,236
2,099
441
31
- 1 , 624 ! -72,183
40, 818
-17,873
-6,030
-16,974 •
9,632
567
-7,082 I
-238 |
-367
Official figures converted at rate of $35 an ounce
- 1 3 , 283
-76,485
-4,132
-4,928
-287
-418
-115
-158"
277
1,701
88
75
3
-23
-327
7
-637
166
830
645
-1,220 i
33
~246
106,623
116,149
1933—July
August
September
October
November
December
Net imports from or net exports (—) to:
-15,750
12,996
1,798
1, 385
-1,942
-7,111
Switzerland
1932—Total (12mo.).
169,786j[ 124,354
1933-July.
August
September..
October
November^.
December...
-307
Total (12
mo.)
France
15,342
Ger- South NetherAfrica lands
1101
-5,739 -8,324
1,135
-229
1,767
-431
4,243
-790
4,684
-1,444
-9,474 23, 299
-247
180
2, 233
-30,109 -10,8981-21, 567
- 2 5 , 403 — 1,617! —12,110 - 7 , 799
!
4
r
-38,189
- 4 3 , 753
! - 5 , 3 5 0 - 6 , 613
-11,582
-8,372
-817 1 - 5 , 6 4 8 - 2 , 1 9 3
11
-390
69! - 1 , 1 7 1
26, 569
2,
4,007 11,802
2, 367 15,804
21. 532
-195
5,821
12,853
- 4 8 0 - 6 , 273
12, 397
p Preliminary.
1
20
90
97
105
142
235
-42
164
359
133
322
1
130
126
154
Net imports from or net i
Inexports (—) to:
j
crease
Total
or
deGold
— j net
crease
proi imports
(-)in
ducor net
All
I
! All
other exports United Eng- j other tion in GovernStates ! land
coun- India ment
reserves
tries
tries
in India
Official figures converted at rate of $20.67 an ounce
7,418 7,880
101 14,996
-304J-195,662 -38,094-151,059 - 6 , 508
1,866
-1,339
130
149
1
78
191
741
10,983 - 2 4 , 536 -26, 781 - 3 7 9
1934—January
February
March
April
May
June
July
August
-.
September..
October
November. _.
England
;
-7,346
British India
Net imports from or net exports (—) to:
Total
Year and month i net
i imports
i or net
!
exports United
States
i
j
j
!
82
-1,756
-1,166 -10,971
64 -13,411
124 - 7 , 643!
50 - 5 , 847
- 5 , 734
-4,513
-10,223;
-12,4691
-7,280
-6,023!
-5,438!
6,782
Increase
or decrease
(-)in
private
holdings in
India»
1271-189,007
-2!
-lj
...'
...I
-5,707
-10,395
-12,839
-7,083
-5,287
-1 -5,160
1,785
-748
-942
-363
176
-296
589
575
572
560
560
573
205 13,168 —13, 78l! —126, 048' -30,340; r -85,463 r -10,244
6,916
-119,124
560
-13,503
1
1,187
-471 -14,063
1-12,683; - 1 , 3
Officialfiguresconverted at rate of $35 an ounce
-365
-39, 307 - 7 , 7 0 3 - 3 1 , 6781
311 -4,143 -20,806 - 8 , 8 6 2 -11,664
-2,132
1,277 -20,733 -10,697 - 9 , 7 5 8
-222
618 -20, 344 -13,143 - 7 , 0 5 4
-186
513 -19,105 - 7 , 464 -11,854
-41
727 -22,130 - 8 , 740 -13,601
2,566 8, 204 - 3 , 565
-2,19fi!
1,105
- 2 , 643!
2,2641 - 2 , 5 3 4
-305
-12,901
7,549i -14,431
!
-275 19, 439 v 21, 638 - 1 , 6 5 0
± 57 ii
74!
-280
-278
-147
213i
2111
109
120
886
921
914
946
930
938
938
949
949
-38,421
-19,880
-20,005
-19,396
-18,163
-21,196
-2,628
-1,602
4 -13,486
- 20,689
-5
186
-2
12
4
1
r Revised
Figures derived from preceding columns; net imports plus production minus increase in Government 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.
FEDERAL RESERVE BULLETIN
JANUARY 1935
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
|l
1933 ;
1934
Argentine Conversion Office (millions of
gold pesos):
Gold
Currency issued._
Irish Currency Commission (thousands
of pounds sterling):
Legal tender note fund:
British legal tender and bank
balances
_.
British securities
Notes issued
..
Consolidated bank notes: 1
Issued. _
_
Deemed such under sec. 60 (4) of
Currency Act, 1927
Nov.
Oct.
Sept.
Nov.
247
517
247
519
247
520
252
522
62
7,537
7,598
100
7,436
7,536
335
6,970
7,305
48
7,513
7,560
4,844
4,838
4,831
4,732
1,145
1,151
1,158
1.250
1933
1934
Nov.
Canadian Minister of Finance (millions
of Canadian dollars):
Gold reserve against Dominion notes..
Advances to banks under finance act...
Dominion notes:
Issued
_
Outside chartered bank holdings _.
Indian Government (millions of rupees):
Gold standard reserve:
Gold...
Foreign exchange
Paper currency reserve:
Gold
Silver
_
Other assets
_
Notes issued
i Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Nov. 10, Oct. 13. and Sept. 15, 1934, and Nov. 11, 1933.
Figures for notes deemed to be consolidated bank notes are as of close of business on these dates.
BANK FOR INTERNATIONAL SETTLEMENTS
fin thousands of Swiss francs]
1934
1934
1933
Assets
Liabilities
| Nov. 30
Gold in bars
I 11,744
Cash on h a n d and on current account with |
banks
_
! 4,901
D e m a n d funds at interest
—I
6,963
Oct. 31
Nov. 30 •.
11,744
5,554
7,705
7,646
2, 809
20,192
Rediscountable bills and acceptances (at j
cost):
|
Commercial bills a n d bankers' accept- i
ances
_! 173, 319
Treasury bills
j 171,500
Time funds at interest—Not exceeding 3 I
months
..I 40,423
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
j
|
.'•
_.:
j
--j
-j
Sundry investments .
Total
Other assets:
Guaranty of central banks on bills
sold
Sundry items
Total assets .
16,611
44,827
51,500
52,976
Nov. 30 Oct. 31 Nov. 30
10,921
11,662
5, 554
Short-term deposits (various currencies)
Central banks for own account:
Demand
j 42,059
Time—Not exceeding 3 m o n t h s . . . .| 108,785
46,546
107, 589
52, 954
105,956
| 150, 845
154,135
158,909
j
j 12,140
!
|
1,192
=====
Demand deposits (gold)
Total
Central banks for account of others:
Demand..
Other depositors:
Demand
Total..
:
j
j
;
j
|
\
j
39,317
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fund
57,452
32,016
35,147
35,917
8, 513
37, 827
fund
Dividend reserve fund.
I
General reserve fund
_.
j Other liabilities:
i
Guaranty on commercial bills sold
239,188 I 254,043 ' 208,154 j
Sundry items
37,616 i
35,658 I
6,137
3, 508
6,172 !1
2,725 J
11, 235
11,911
2,853
1,201
oo, ooO
17, 944
44, 898 I
Total
| Capital paid in
42. S96 ! Reserves:
56, 076 •j
Legal reserve
20,311
73,200
1933
i
\
154,670
77,335
40, 784
154.764
77,382
40, 811
154,575
77,288
43, 60S
272,789
i 125,000
j
2, 672
4, 866
272,956
125,000
275, 561
125, 000
_
9,732
2,672
4,866
9,732
2, 022
3, 895
7, 790
!
6,151
61,375
6,172
59, 621
i8, 274
i 657,683
659, 930
651, 092
I
2,618
657,683 I 659,930 i 651,092
Total liabilities..
44
FEDERAL RESERVE BULLETIN
J A N U A R Y 1935
CENTRAL BANKS
Liabilities of banking department
Assets of banking department
Bank of England
(Figures in millions of pounds sterling)
(in issue
department) !
Cash reserves
Coin
1933—Oct 25
Nov 29
Dec 27
190.4
190. 6
190.7
1934—Jan 31
Feb. 28
Mar 28
Apr. 25
May 30
June 27
July25
Au? 29
Sept. 26
Oct. 31
Nov 28
Dec. 26
190.9
191.0
191 1
191.2
191.3
191.5
191.6
191.8
191.9
192.0
192.1
192.3
-
- -- -
Notes
Discounts Securiand
ties
advances
81.2
80.4
58.7
84.2
83.6
72.3
77.5
73.2
69.8
67.6
72.5
74.9
73.6
72.4
47.1
1.3
1.2
1.0
.9
1.0
1.1
.9
.8
.7
.6
.6
.6
.6
.6
.5
8.5
8.6
16.8
8.2
5.8
56
5.3
5.6
6.1
7.5
5.6
7.2
8.9
9.2
7.6
Note
circulation
Deposits
Bankers'
92.5
84.7
101.4
369.3
370.2
392.0
104.1
106.9
101.2
15.9
13.6
22.2
45.8
36.5
36.5
17 7
17.8
18.0
88.4
87.9
88 1
86.3
87.6
91.9
94.2
92.5
92.2
91.6
90.6
98.2
366.7
367.4
378 8
373.7
378.1
381.7
383.9
379.3
377.0
378.4
379.7
405.2
100.6
90.3
94.5
99.5
99.4
96.3
104.8
83.7
82.0
100.4
89.1
89.1
25.2
32.1
17.5
15.8
14.0
17.6
10.9
34.0
37.9
16.9
27.7
37.8
37.7
36.9
37.0
36. 1
36.5
36.1
35.2
36.8
39.8
38.1
36.4
18. 1
18.2
18 3
17.7
17.8
18.0
18.1
18 2
18.3
17.7
17.8
18.0
Assets
Foreign Domestic Security
exchange
bills
loans
Gold
1933—Oct. 27...
Nov. 24..
Dec. 2 9 . .
81,032
77,822
77, 098
2,586 I
1, 250
1,158 ;
1934—Jan. 26—
Feb. 2 3 . .
Mar. 30..
Apr. 2 7 . .
M a y 25..
June 29_.
July 2 7 . .
Aug. 3 1 . .
Sept. 28..
Oct. 26...
Nov. 30..
Dec. 28 _.
77,055
73, 971
74, 613
75, 756
77, 466
79,548
80 ^52
82,037
82, 281
82, 478
82,097
82, 124
1,130
1,070
1, 068
1,066
1,094
1,157
1,155
1,082
962
931
960
963
9.9
Liabilities
Bank of France
(Figures in millions of francs)
Other
Public
Negotiable
securities
Other
assets
Note
circulation
Dep
=>SitS
Government
Other
Reichsbank
Reserves
Foreign
exchange
Gold
Other
liabilities
3,560
4,092
4,739
2,781
2,814
2,921
6,238
6,186
6,122
8,450
8,533
8,251
81,099
80, 368
82, 613
4,027
2,956
2,322
17,301
15,016
13,414
2,220
2,359
1,940
4,486
5,963
6,198
5,707
! 5,011
:
4,386
;
4,248
;
3,116
4,146
1 3,996
3,068
3,971
2,893
2,932
2,972
3,016
3,060
3,076
3,054
3,140
3,134
3,101
3,228
3,211
6,119
6,114
6,007
5,973
5,950
5,929
5,913
5,913
5,898
5, 898
5,898
5,837
7,870
7,960
8,229
8,152
8,202
8,278
8,150
9,060
8,254
8, 264
8,849
8,288
79, 474
81,024
82, 833
81, 502
79,992
82,058
80,809
81, 732
81, 479
79, 467
81, 879
83,412
2,270
1,868
1,721
2,024
2,996
3,291
3,515
3,884
3,674
5, 287
4, 829
3,718
15,836
13, 067
12,632
14,199
15, 681
15,188
16, 547
16,880
17,673
17,966
15. 522
15, 359
1,972
2,052
1,900
1,944
2,114
1,837
1,901
1,852
1,850
1,942
1,860
1,907
!
>
Assets
(Figures in millions of reichsmarks)
Other
liabilities
Liabilities
Other Security
Treasury bills
(and loans
bills
checks)
Securities
Other
assets
Note
circulation
Deposits
Other
liabilities
1933— Oct. 31..
Nov. 30.
Dec. 30.
396
405
3,147
3,001
3,177
143
163
183
319
518
581
799
773
735
3,571
3,542
3,645
416
478
640
850
871
836
1934—Jan. 31..
Feb. 28_
Mar. 29.
Apr. 30M a y 31.
June 30.
July 3 1 .
Aug. 31.
Sept. 29.
Oct. 31..
Nov. 30.
Dec. 3 1 .
376
333
237
205 |
130
70
75
75
75
83
2,845
2,766
3,144
3,140
3,174
3,392
3,408
3,540
3,811
3,726
3,848
4,021
81
248
144
140
125
171
109
128
148
620
666
681
639
643
685
713
737
755
750
752
763
843
801
685
760
860
780
886
867
806
890
881
827
3,458
3,494
3,675
3,640
3,635
3,777
3,768
3, 824
3,919
3,823
3,810
3,901
498
530
547
515
538
623
649
717
848
856
961
863
802
768
788
778
775
800
813
851
868
920
1,001
79
79
I
1
91
119
146
I
I n addition, t h e issue department holds Government a n d other securities a n d silver coin as cover for t h e fiduciary issue, which is fixed b y
law at £260,000,000.
IVOTE.—For explanation of table see BULLETIN for February 1931, p p . 81-83.
45
FEDERAL RESERVE BULLETIN
JANUARY 1935
CENTRAL BANKS-Continued
[Figures are for last report date of month]
1933
1934
1934
1933
Central bank
Central bank
Nov.
Oct.
Sept,
Nov.
Nov.
Oct.
Sept.
Nov.
National Bank of Albania (thousands
Central Bank of China—Continued.
237
of francs):
213
164
Deposits—Government
7,121 7,121 7,355
42
58
Gold
_
41
Bank
22,768 23, 266 23, 795
10
17
Other
Foreign exchange..
11
2,781 2,850 2,883
Other liabilities
Loans and discounts
72
75
3,082 2,844 6,468 Bank of the Republic of Colombia
Other assets
11,212 11,444 11,843
(thousands of pesos):
Note circulation
13,623 13,866 17,489
15,676 17, 583 18, 529 14,910
Gold at home and abroad •
Demand deposits
10,916 10, 773 11,169
Other liabilities
Foreign exchange
__ 1,655 2,306 1,585 1,383
5,281 4,448 3,599 1,673
Commonwealth Bank of Australia
Loans to member banks..
36,441 36,697 36,824 28,520
(thousands of pounds):
Note circulation..
_
25, 553 26, 852 27,281 21,066
Issue department:
Deposits
15, 708 15, 708 15, 708 12, 007 National Bank of Czechoslovakia
Gold and English sterling
(millions of koruny):
Securities
— 29, 625 29, 625 29,625 29,375
2,676 2,675 2,665 1,707
Banking department:
Gold*
183
154
847
841
89
800
882
Coin, bullion, and cash
Foreign balances and currency 4_._
922
1,205 1,409 1,546 1,402
20, 579 21,217 22,865 19,818
London balances
Loans and advances
18, 565 17, 072 15,989 13, 689
5,337 5,461 5,589 5,705
Loans and discounts
Note circulation
35,758 35, 735 35,032 35, 531
828
863
Securities
Deposits
730
715
79,515 78,347 77,938 71, 397 Danish National Bank (millions of
Deposits
47, 550 47, 550 47, 550 42,429
kroner):
Note circulation
133
133
Austrian National Bank (millions of
Gold
.133
133
10
schillings):
9
Foreign bills, etc
7
12
73
242
242
242
Loans and discounts
_.
Goldi
68
170
0
0
0
378
384
Foreign exchange ofl the reserve
19
Note circulation
369
354
43
127
119
40
Other foreign bills
46 i
8
Deposits
159
64
254
Domestic bills
241 I 250
218 Bank of Danzig (thousands of
624
624
Government debts
624
gulden):
624
954
23,985 25,987 25,942 29, 902
965
955
Note circulation
913
Gold
180
1,694 2,150 4,811 10,034
174
172
Deposits
117
Foreign exchange of the reserve
177
154
Other foreign exchange
89
157
National Bank of Belgium (millions
19,198
18,892 18,135 13,841
Loans and discounts
of be!gas):
38,739
Note
circulation
_
39,147
38,809
39,778
2,588
2,503
2,661
2,721
Gold
_—
1,764 3,150 5,584 10, 707
Deposits
619
671
671
776
Domestic and foreign bills
344
344
344
355 Central Bank of Ecuador (thousands
Loans to State
of supres) :
3,501 3,563 3,514 3,453
Note circulation
15, 707 15,485 14,419
Gold at home and abroad
._.
310
225
187
556
Deposits
12,604 12,835 4,419
Foreign exchange
Central Bank of Bolivia (thousands of
49,886 50,185 50, 766
Loans and discounts
bolivianos):
45,971
45, 220 33,029
Note circulation
9,337 9,115 7,800
Gold at home and abroad-.
30,000 30,649 20,938
Deposits
9,028 5,580 4,013
Foreign exchange
National Bank of Egypt 2 (thousands
28,959
17,
728
55,
696
Loans and discounts
of pounds):
76,040 72, 712 50, 730
Note circulation
6,545 6,545 6,663
Gold
137,927 131, 247 48, 271
Deposits
2,669 2,449 3,452
Foreign exchange
Bank of Brazil (millions of milreis):
5,403 4,899 5,849
Loans and discounts
352
313
496
Currency
._
B
r
i
t
i
s
h
,
Egyptian,
and
o
t
h
e
r
247
233
229
Correspondents abroad
32,953 32,116 32, 892
Government securities
2,606
2,613
2,612
Loans and discounts
__
3,934 3,308 4,041
Other assets
20
20
20
Note circulation
20,957 20, 787 20,438
Note circulation
2,941 2,881 2,949
Deposits
__
6,027 5,044 5,509
Deposits—Government
16,005 15,389 18,480
Other
National Bank of Bulgaria (millions
8,516 8,097 8,469
Other
liabilities
_
of leva):
1,547 1,547 1,547 1,522 Bank of Estonia (thousands of krooni):
Gold.
61
-59
-68
-51
27,781
27,815
27, 746 20,081
Gold
Net foreign exchange in reserve._.
217
190
178
157
3,821 3,891 3,552 1,066
Net foreign exchange
Total foreign exchange
1,047 1,107 1,143 1,226
15,021 14,147 13,447 20, 792
Loans
and
discounts
Loans and discounts
2,755 2,755 2,755 2,843
36,604 36, 222 33,713 32, 561
Note circulation
Government obligations
2,449 2,633 2,859 2,854
6,394 5,663
3,844
Deposits—Government
Note circulation
1,915
1,750
1,623
1,648
7,275 7,249 6,943 6,;89
Bank.
Other sight liabilities. _
_.
2,124 2,323 2,621
2,831
Other....
Central Bank of Chile (millions of
Bank of Finland (millions of inarkpesos):
kaa):
Gold and foreign exchange in re144
165
146
323
323
323
323
Gold
_
serve
62
60
109
Balances abroad and foreign
Loans and discounts
717
717
671
1,283
1,190
1,122
922
credits
Government debt
j
503
492
486
169
187
274
350
Foreign bills.
Note circulation. _
J
350
359
361
609
662
684
679
Domestic bills
_.
Deposits
_
1,246 1,245 1,261 1,115
Note circulation
Central Bank of China * (millions of
422
384
389
480
Other sight liabilities
yuan):
32
35 Bank of Greece (millions of drach28
Gold
120
124
117
mas):
Silver
18
15
15
4,058 4,086 3,969
Gold and foreign exchange
Due from banks abroad.
44
45
25
2,191 2,011 1,840
2,875
Loans and discounts
Due from domestic banks.
178
153
141
3,353 3,353 3,353 3,355
Government obligations
Loans and discounts
18
17
13
5,919
5,644
5,426
Note circulation..
Securities
_.
43
39
35
3,812 3,488 3,162 4,970
Other sight liabilities
Other assets
84
81
143
70
129
71
166
Liabilities in foreign exchange
Note circulation._
_
i Beginning Apr. 30,1934, gold valued at rate of 1 schilling =0.16667 gram of fine gold, instead of 0.21172 as formerly, and foreign exchange valued
at market.
1
Items for issue and banking departments consolidated.
1
Gold acquired since Mar. 20,1934, valued at purchase price.
4
Gold content of koruna reduced on Feb. 17,1934, from 44.58 milligrams of fine gold to 37.15 milligrams.
46
FEDERAL RESERVE BULLETIN
JANUARY 1935
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1933
1934
Central bank
I
Nov.
i
Oct. i Sept.
Nov.
National Bank of Hungary (millions
of pengos):
79
15
600
47
32
350
100
115
181
Foreign bills, etc
Loans and discounts
Advances to Treasury
_
Other assets
Note circulation
Deposits.-Certificates of indebtedness
_.
Miscellaneous liabilities
—
Bank of Italy (millions of lire):
5,840
Gold at home
•
26
Credits and balances abroad
5,179
Loans and discounts
13,162
Note circulation
300
Public deposits
754
Other deposits
Bank of Japan (millions of yen):
464
Qold._
778
Advances and discounts
323
Government b o n d s .
1,186
Notes issued
311
Total deposits
Bank of Java (millions of florins):
113
Gold
1
Foreign bills
63
Loans and discounts
.181
Note circulation
34
Deposits
Bank of Latvia (millions of lats):
46
Gold...
4
Foreign-exchange reserve
61
Bills
76
Loans
36
Note circulation
44
Government deposits
119
Other deposits
Bank of Lithuania (millions of litu):
53
Gold...
Foreign currency
Loans and discounts
Note circulation
87
62
Deposits
Bank of Mexico (millions of pesos):
87
Gold—
115
Silver
6
Foreign exchange
70
Loans to member banks
19
Other loans and discounts
13
Other assets
101
Note circulation
91
Deposits
118
Other liabilities
Netherlands Bank (millions of florins):
856
Gold
Foreign bills
1
Loans and discounts
171
Note circulation
882
Deposits
187
Reserve Bank of New Zealand * (thousands of pounds):
3,002
Gold
Sterling exchange
Other assets.
1,671
Note circulation
9,611
D e m a n d deposits
17,132
Bank
_
10,737
6,391
Government
1,537
Other liabilities
Bank of Norway (millions of kroner):
Gold
135
Foreign balances and bills
37
Domestic credits.._
_
253
Note circulation
315
Foreign deposits
7
Total deposits
84
Central Reserve Bank of P e r u (thousands of soles):
Gold and foreign exchange
Bills
Note circulation.
Deposits
1
Bank began operations Aug. 1, 1934.
79
14
598
47
31
373
73
115
178
79
14
594
47
30
373
68
118
176
79
10
612
50
37
341
101
120
197
6,071
28
5,095
13, 251
300
839
6,213
27
4,747
13,455
300
954
7,082
310
4, 652
13,112
300
1,304
462
764
358
1,201
296
460
889
344
1,223
408
425
705
728
1,135
705
113 .
1
64 '
183
113
1
66
186
31
104
1
63
185
26
46
4
62
70
34
45
119
45
4
62
63
32
48
114
47
1
67
59
35
59
85
86
86
59
53
9
81
86
55
50
12
83
91
50
94
126
4
64 i
41
103
6
45
46
31 I
82
124
13
66
18
12
108
90
116
1
171
893
3,202
23, 222
1,689
8,878
17, 700
12, 677
5,020
1, 536
135
22
251
316
8
77
41,662
60,471
71,848
23, 045
1934
! 1933
Central bank
20 I
12
106
99
114
864
1
171
882
202
10
76
66
109
922
1
173
903
244
351
24,501 |.
1,660 j
8,665 i
20,329
15,913
4,414
1, 520
135
19
247
322
5
62
148
4
254
309
1
65
46, 571 45, 819
62,417 48, 882
71,928 66,150
28,845 | 20,730 \
Nov. I Oct. J Sept. i Nov
Bank of Poland (millions of zlote):
Gold...
497
495
Foreign exchange—
30
36
38
Loans and discounts
723
745
736
Note circulation
958
1,010
975
Other sight liabilities
181
220
237
Bank of Portugal (millions of escudos):
902
Gold
902
901
423
Other reserves
383
381
Discounts and advances..
__.
323
314
309
Government obligations
1,049
1,049 1,050
Note circulation
2,052
2,074 1,988
Other sight liabilities
807
725
809
National Bank of Rumania (millions
of lei):
Gold
-~
10, 235 10,208 | 10,179
Foreign exchange of the reserve—
87
83 | 106
Other foreign exchange—
14
Loans and discounts.
6,715
6,517 6,312
State d e b t — 5,668 5,668 5,668
Note circulation
.- 21,579 21, 650 21, 666
Demand deposits
7,431
7,350 7,221
South African Reserve Bank (thousands of pounds):
Gold
21,017 18, 774
Foreign bills
9,125 10, 781
Domestic bills...
_
97
163
Note circulation
11,264 12, 507
Deposits—Government
2,338 1,680
Bank
20, 738 20, 763
Other
3,645 2,600
Bank of Spain •(millions of pesetas):
Gold
1
—
- 2,267 2,266 2,266
Silver
675
673 i 680
Balances abroad
279
281 ! 280
Loans and discounts
2,377
2, 377 I 2,450
Note circulation
4,669
4,714 I 4,599
Deposits..
1,005
887 i 813
Bank of Sweden (millions of kronor):
Gold.
352
359 ! 374
Foreign bills, etc
.522
513 : 472
Loans and discounts
48
45 I
47
Note circulation
651
662 ! 695
Deposits
446
434 I
Swiss National Bank (millions of
I
francs):
Gold.
—-1,910 1,902 1,808
Foreign balances and bills
18
19
22
100
Loans and discounts
134
149
1,376 1,384 1,400
Note circulation
642
666
Demand deposits
588
Central Bank of the Republic of Turkey (millions of pounds):
27
27
27
Gold
10
5
6
Foreign exchange
153
153
153
Government securities
32
32
33
Other securities
28
38
31
Other assets
158
158
158
Note circulation
29
32
30
Deposits
62
64
62 i
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts.
Other assets..
Note circulation
Deposits—Demand
Time
Judicial and administrative
Other liabilities..
—
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
1,822 1,807 1,827
Gold
217
189
170
Foreign exchange
1,836
1,841
1,834
Loans and discounts
Advances to State
— 2, 321 2,320 2,320
4,307 4,380 4, 298
Note circulation
1,268 1,179
1,162
Other sight liabilities
474
91
806
995
223
738
316
307
1,052
1,957
519
9,848
304
21
9,485
5,704
20,671
7,685
16,845
19, 496
9
9,784
1,911
28, 285
2,666
2,261
646
281
2,655
4,750
369
426
67
574
516
1,998
14
121
1,436
751
24
5
152
29
37
161
28
58
48, 639
98, 350
46, 342
75, 407
33,036
41,953
2, 615
40, 320
1,795
151
2,164
2,320
4,257
1,105
47
FEDERAL RESERVE BULLETIN
JANUARY 1935
COMMERCIAL BANKS
[Figures are as of end of month, except those for England, which are averages of weekly figures]
Assets
Liabilities
England
Cash in Money at
and
and Bills dis- J Secu<10 clearing banks. Figures in millions vault
due
from call
short
of pounds sterling)
counted
rities
Bank of
notice
England
.1934—January
February . .
March
April
May
June
_
July
August
September.
October
November.
223
209
219
222
218
199
210
196
207
213
210
130
118
120
132
131
141
138
139
137
136
135
284
250
202
212
223
228
224
222
213
216
233
i
i
;
i
;
i
'•
i
!
i
558
560
547
534
542
549
550
557
563
576
589
Deposits
Loans to
other
ers
assets
|
738
746
757
763
759
761
762
759
757
760
759
•
;
.'
:
!
|
i
i
232
231
226
230
225
229
220
219
222
236
236
Demand l
Total
974
932
910
919
925
954
960
939
948
960
975
1,920
1,867
1,831
1,853
1,858
1,870
1,871
1,856
1,858
1,891
1,911
Assets
Time1
893
881
880
890
887
888
874
869
873
885
900
Other
liabilities
244
246
240
240
238
237
235
236
24C
245
250
Liabilities
France
(4 large banks. Figures in millions of
francs)
Bills dis- including
1934—JanuaryFebruary. .
March
April
May
June
July
August
September.
October....
19,169
18,174
17,990
17,973
18,043
18,435
18,705
18, 024
18.384
17,972
Other
1,034
1,130
1,202
1,220
1,185
1,201
1,270
1,316
1,395
1,488
32, 809
30, 736
30, 390
30, 677
30,621
30,820
31,888
31,165
32, 460
32,239
31,969
29,891
29,571
29, 819
29,746
29,916
30,962
30, 275
31, 547
31,332
284
334 ,
345 i
320 i
261
208
201
183
179
183
Liabilities
Assets
Germany
Loans, i
from I Bills dis- including
(Reporting banks. Figures
from Due
banks
counted security i
in millions of reichsmarks) due
Reichsbank
1934—January *_
February.
March
April
May
June
July
August
139
179 j
166 i
169 !
226
176
145 :
612
610 I
603 I
619 I
619
601 ;
594 I
2,127
2,027
2,103
2,160
2,128
2,165
2f 223
i Credits !
-' obtained i Other
: from !
Time | banks for! liabilities
customers!
Deposits
! Cash in
Securities
4,458
4,482
4,390
4,309
4,220
4,239
4,211
2,387
2,417
2,477
2,478
2,512
2,515
2,432
Other
assets
1,196
1,192
1,195
1,184
1,158
1,175
1,167
Total
7,159
7,153
7,166
7,185
7,164
7,151
7,068
Demand
3,254
3,294
3.260
3,260
3,361
3,272
3,189
!
j
!
!
Security
loans
(10 chartered banks. Figabroad
and
net
ures in millions of Canadian Cash in
Other due from
vault and Security loans
dollars)
and foreign
in cenbills dis- banks
loans
tral gold
counted
reserves
1934—January
February...
March
April
May
June
July
August
September..
October
November..
104 j
102
103 !j
101
103 i
100
101 i
108
99
1,012
1,011
1,029
1,044
1,037
1,018
996
1,000
1,010
1,029
1,003
Securities
Other
assets
Note
circulation
Other
(liabilities
Total
Demand
Time
I
135"I"
j
144
159
169 !
176 j
183
163 I
184 i
178 ,
162 !
185 i
832
833
835
837
830
837
850
862
888
911
920
428
442
427
448
469
452
455
446
434
450
445
113
117
128
121
119
129
122
131
136
130
132
1,877
1,885
1,893
1,944
1,964
1,922
1,929
1,939
1,971
2,038
2,035
i Excluding deposits of the National Bank relating to offices outside England, which are included in the total.
> Figures not available.
NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646.
3,100
3,108
3,120
3,103
3,091
3,127
3,123
Deposits payable in Canada
excluding interbank deposits
Entirely in Canada
194
193
187
187
187
185
206
212
219
224
232
661
646
648
631
609
594
581
Liabilities
Assets
Canada
3,905
3,860
3,906
3,925
3.804
3,879
3,879
526
530
526
568
597
557
568
571
594
668
624
1,351
1,355
1,367
1,376
1,368
1,365
1,360
1,367
1. 377
1,370
1,411
714
724
718
722
719
723
717
733
724
715
715
48
FEDERAL RESERVE BULLETIN
JANUARY 1935>
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
In effect Jan. 1,1932.
Feb. 18,1932
Mar. 9
Mar. 10
Mar. 17
Mar 21
Apr 9
Apr. 19
Apr. 21
Apr 28
May 2
May 12.
June 30
Sept 22
Jan 9 1933
May 12
June 29
July 15
July 29
Aug 15
Sept 4
- Sept 19
Dec 11
Feb 9 1934
June 1
Nov 26
In effect Jan. 1,1935.
England
6
5
GerFrance many
2H
7
Nether- Switzerland
lands
Italy
7
2
3
7H Nov.
June
Aug.
6 July
4
5
Bulgaria
Chile.
Colombia...
Czechoslovakia
4
Danzig
Denmark...
Ecuador
4
6
5^
3
5
2H
4
Estonia
Finland
Greece
Hungary
4
3
3H
2H
4
Jan. 2,1934
Aug. 23,1932
July 18,1933
7
Jan. 25,1933
4
Sept. 21,1934
Nov. 30,1933
Nov. 30,1932
4
5
4
7
Oct. 1,1934
Dec. 3,1934
Oct. 14,1933
Oct. 18,1932
India
Japan
Java
Latvia
3.65
Lithuania
Norway
Peru
_
Poland
_.
Portugal.
Rumania
South Africa.
Spain
_
Sweden
Turkey
U.S.S. R
Yugoslavia-
6
6
5
5
6
8
Feb.
July
Nov.
Jan.
16,1933
3,1933
1,1934
1,1933
Apr. 1,1930
May 24,1933
May 20,1932
Oct. 26,1933
Dec.
Dec.
May
Oct.
13,1934
15,1934
15,1933
26,1932
Dec.
Mar.
Mar.
July
1,1933
2,1933.
22,1927
16,1934
2V,
3
Change since Dec. 1: Finland—Dec. 3, down from 4H to 4 percent;
Portugal—-Dec. 13, down from b\i to 5 percent; Rumania—Dec. 15, down
from 6 to 4H percent.
3
2
16,1933
28,1934
28,1934
5,1932
Rate
Jan. Date effective
1
Central
bank of—
1
Albania
Austria
Belgium
Bolivia
6
2
Rate
Jan. Date effective
Central
bank of—
4
4
2
2^
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
England (London)
Month
Bankers'
acceptances,
3 months
Netherlands (Amsterdam)
Germany (Berlin)
Treasury Day-to-day Bankers'
bills, 3
allowance
money
months
on deposits
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
Money for
1 month
1933—October. _.
November.
December.
.79
1.05
1.06
.73
.94
1.15
.75
.75
.77
3.87
3.87
3.87
5.50
5.50
5.50
5.11
5.18
4.97
.50
.45
.52
1.00
1.00
1.00
1934—JanuaryFebruary-.
March
April
May.
June
July
August
September
October.. .
November.
1.01
.95
.95
.96
.91
.91
.87
.79
.73
.77
.45
.90
.86
3.87
3.87
3.87
3.87
3.87
3.76
3.75
3.75
3.81
3.81
4.78
4.91
5.00
5.11
5.13
4.67
4.44
5.02
5.13
5.13
4.37
4.74
4.78
4.89
4.76
4.72
4.57
4.67
4.72
4.7i
4.63
4.21
.50
.78
1.24
2.07
1.33
.78
.74
.75
.61
.59
.63
1.00
1.00.
1.07
1.85
1.22
1.00
1.00
1.00
1.00
1.00
1.0C
Month
.85
.85
.76
.74
.61
.68
.29
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
1933—October
November..
December..
1.50
1.50
1.50
2.21
2.12
2.25
1.25
1.85
2.26
3.50
3.50
3.00
1934—January
February-March
April
May
June
July
August
September.
October
November..
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
2.14
2.05
2.07
2.14
1.93
2.11
2.20
2.31
2.15
5.10
2.35
2.12
2.59
2.75
2.70
2.60
2.09
1.78
1.75
1.50
1.45
1.44
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.19
Sweden
(Stockholm)
Hungary
Japan (Tokyo)
Prime
Loans up Discounted
Call
commer- Day-to-day
to 3
money
money
bills
cial paper
months
overnight
3H
m
8H
434-7^
4^7^
3H
m
4H-7V
3^
3H
ZH
%YL
3H
3H
3 -5
3 -5
5.11-5.48
5.11-5.48
5.11-5.48
2.56
2.56
2.56-
5.11-5.48
5.11-5.48
5.11-5.48
5.11-5.48
5.11-5.48
5.11-5.29
5.11
5.11
5.11
5.11
2.37
2.562.56
2.37
2.37
2.37
2.56
2.74
2.56
2.56,
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 791-796; April 1927, p. 289; July 1929, p. 503; November 1829, p. 736; and •«
May 1930, p. 318.
49
FEDERAL KESEBVE BULLETIN
JANUARY 1935
FOREIGN EXCHANGE RATES
[Averages of daily quotations based on noon buying rates for cable transfers in New York.
Year and month
Argentina
(peso)i
Austria
Australia
(schil(pound) 2 ling)'
Belgium
(belga)
Brazil
(milreis)»
Bulgaria
(lev)a
In cents per unit of foreign currency]
China
(yuan)
Colombia
(peso)i
Cuba
(peso)
99.2472
0.7216
99. 8424
.7209
. 7163
96. 3258
.7193
88.0896
L. 0039
91.9587
L. 2852 101.0060
1.3472
99. 5246
L. 3464 99.1675
L. 3324
99. 7871
L. 3295 100. 2070
L. 3154 100.1859
L. 2503 100.7936
L. 2603 101. 2034
L.2881 102.3779
L.2814 102.9387
L. 2428 102.1226
1. 2134 102.4719
1.2110 101.3090
12.0601 41.9007
12.0785 29.9166
12.0669 22.4369
7 9079 21.7357
7. 6787 »28.5979
10.1452 34.0937
9.4476 34. 0007
9.5966 34.3077
10.1294 34 6190
10. 2595 34.1506
10. 2531 32.4621
10. 2233 33.0523
10. 2705 33. 9118
10.3266 34.8553
10.2974 35.5827
10.3090 34. 5881
10.3496 33.3947
10.2367 34.2164
96.5512
96.4930
96.5697
95. 2750
81. 6966
61.7799
66. 9396
69.9523
67. 6663
59.9228
61.4642
57. 8900
56.1052
55.1596
57.6496
60. 2012
65.0391
64.5284
99.9647
99.9515
99.9295
99. 9409
99.9464
99.9362
99.9578
99.9616
99.9535
99.9288
99. 9329
99. 9726
99. 9404
99.9156
99.9150
99.9165
99.9193
99.9194
2.9609
2 9640
2.9619
2 9618
3.8232
4.2424
4. 7039
4.4432
4 1531
4.1720
4.1755
4.1590
4.1540
4.1944
4.2141
4.1996
4.1777
4.1803
26.6802
26 7650
25.0581
18 8317
19. 0709
22.4998
22.5487
22.4721
22 7384
23.0051
22. 7948
22. 5395
22. 5103
22.6215
22. 2981
22.0615
22. 2724
22.0793
Italy
(lira)
Japan
(yen)
Mexico
(peso)
Netherlands
(llorin)
Canada
(dollar)
Chile
(peso)*
Czecho- Denslovakia mark
(koruna) (krone)
95.1274
1929 83.5050
U930
1931
66. 7375
58.4433
1932
1933
. . * 72.8009
33.5793
1934
33.5007
1934—January
33.5494
February
33.9553
March
34.3475
April
34.0413
May
33.6552
June
33.6077
July
August
-_ 33.7661
33.2904
September
October _ . - . 32.9458
33.2625
November
December
32.9513
480.83
458.60
351.50
279.93
337. 07
400.95
402.44
400.78
405.86
410. 54
407.10
402. 24
401. 70
403.52
396.50
391. 52
395. 73
392.27
14.0575
14.0891
14.0227
13.9599
15. 4478
18.7930
17.9115
18. 5650
18. 9114
18.8724
18.9429
18.9021
18.8786
18.9981
19.0185
18.9242
18.7956
18.7711
13.9124
13.9524
13.9285
13.9137
17.8996
23.2867
22. 0360
22.8893
23. 2981
23.4416
23.4137
23.3628
23. 3606
23.7056
23. 7332
23.4579
23.3212
23.3939
11.8078
10.7136
7.0290
7.1223
7.9630
8.4268
8. 5637
8.4666
8. 5420
8.6004
8.6046
8.4734
8. 4384
8.4898
8.3096
8.1899
8.2176
8.1904
Egypt
(pound)
England
(pound)
Finland
(markka)
France
(franc)
Germany
(reichsmark)
Greece
(drachma)
Hong
Kong
(dollar)
HunIndia
gary
(pengo)' (rupee)
498.0689
498.6002
465.1111
359.5406
— 434.3908
485. 6879
486.2126
453.4990
350.6067
423.6821
503.9302
504.9336
503. 2596
509.3917
515.3425
510.6279
504.8406
504.0705
506. 5076
499.4056
494. 0809
498.9022
494. 5793
2. 5160
2.5169
2.3875
1. 5547
1.8708
2.2277
2. 2449
2.2288
2.2470
2.2702
2.2540
2. 2311
2. 2302
2.2403
2. 2101
2.1826
2. 2019
2.1859
23.8086
23.8541
23.6302
23.7492
30. 5179
39.3751
37. 5872
38.8841
39. 6599
39. 5890
39.4712
38. 2953
38.4938
39.4786
40.2760
40.4507
40. 2054
40.1910
1.2934
1.2959
1.2926
.8320
.7233
.9402
.8949
.9253
.9413
.9452
.9462
.9449
.9453
.9565
.9562
.9476
.9392
.9375
47.1669
33.8530
24.3305
23.4604
29.4516
38.7156
37.6811
38.0999
38.6842
38.1556
36. 2293
36.4890
37. 6231
38. 6140
39.3324
40. 4695
41. 2418
42.2908
17.4414
17.4939
17.4522
17.4460
22.3598
29.5746
28. 0425
29.1191
29.6125
29.7652
29. 7559
29. 7529
29. 7112
29.8832
30.0219
29.8995
29.7126
29.5993
36.2020
36.0672
33. 6895
26.3468
31.8159
37. 8793
37.9739
37.8567
38. 3335
38.7557
38. 3329
37.9072
37.8774
38.0616
37.5481
37.1426
37.4866
37.1835
New
Zealand
(pound) 2
Norway
(krone)
Poland
(zloty)
RumaPortugal
nia
(escudo)
(leu)
Spain
(peseta)
Straits
Settlements
(dollar)
Sweden
(krona)
Union of
SwitzerUruSouth
Turkey
land
guay
1
(pound) Africa
(peso)
(franc)
(pound) 2
483.21
468.22
415. 29
320.19
340. 00
402.46
403.47
401.81
406. 84
411.63
408. 28
403. 39
402.81
405.09
398. 77
393.67
398.07
394.63
26. 6827
26. 7598
25.0546
18.0039
21.4292
25.3161
25. 3722
25. 2835
25. 5834
25.8824
25. 6463
25.3559
25. 3246
25.4504
25. 0928
24. 8258
25. 0655
24.8478
11.1940
11.2051
11.1970
11.1823
14.4135
18.8460
17.9281
18.5984
18.9043
18. 9554
18.9514
18. 8879
18.8917
19. 0824
19.1413
19. 0071
18.8976
18.8941
14 6833
11. 6670
9. 5453
8. 0438
10. 7189
13. 6150
13. 0042
13.3001
13. 6175
13. 7024
13. 7050
13.6776
13 6668
13.8002
13.8269
13. 7272
13. 6532
13. 6719
56. 0117
55.9639
52. 4451
40. 3970
49. 2320
59.0052
58.9185
58.7852
59. 6007
60. 3487
59.8173
59.1709
59.0562
59.3488
58.5164
57.9172
58. 4538
57.9717
26. 7839
26.8543
25. 2540
18.4710
22. 0324
25. 9815
26.0418
25.9554
26. 2620
26. 5643
26.3199
26.0211
25.9880
26.1182
25. 7483
25.4756
25.7220
25.4975
19. 2792
19. 3820
19. 4009
19.4049
24.8355
32.3663
30. 6420
31. 7374
32. 2857
32. 4593
32. 5277
32. 4969
32. 5771
32.9542
33.0237
32. 7745
32.4713
32.4053
Year and month
1929
1930
1931
1932
1933
1934
1934—January
February
March
April
May
June
July
August
September
October
November
December
Year and month
1929
1930
1931
- _
1932
ig33
1934
1934—January
February
March
April
May
June July
August
September
October
November
December
518. 2824
516.0390
522. 3447
528.4813
523. 7236
517.7111
516.9506
519.5273
512.2619
506.6711
511.6889
3.9161
3.9249
3.9200
3.9276
5.0313
6.5688
6.2110
6.4648
6. 5801
6. 6161
6.6131
6.5993
6. 5939
6. 6592
6. 6714
6. 6247
6. 5886
6. 5971
4 4714
4.4940
4. 2435
3.1960
3. 9165
4. 6089
4.6505
4.6321
4.6709
4. 7085
4. 6677
4.6253
4. 6129
4.6274
4. 5593
4. 5043
4. 5384
4.4977
0. 5961
.5953
.5946
.5968
. 7795
1.0006
.9614
.9923
1.0013
1.0060
1.0032
1.0020
1.0045
1.0126
1.0144
1.0069
.9998
1.0025
5.2334
5.2374
5.2063
5.1253
6. 7094
8.5617
8.3076
8. 5757
8.5763
8.5641
8.5176
8.5989
8. 5750
8. 6632
8.6794
8. 6056
8. 5386
8.5427
48. 4105
47.0608
47.1814
47. 2854
60.4396
75.0781
77.7923
79.1507
79.6364
79.6204
79. 4669
79. 2912
79.9969
80. 2671
79. 6869
79.1991
46.0997 48.1830 40.1622
49.3898 47.1331 40.2251
48.8509 6 35.4919 40.2298
28.1112 31.8500 40.2949
25. 6457 28.1025 51.7209
29.7153 27.7423 67.3831
30.1136 27. 7434 63. 6167
29.7536 27.7313 66.0382
30.0093 27. 7224 67. 2956
30.3124 27. 7222 67.8471
30. 2276 22. 7432 67.9056
29.9041 27.7492 67.8148
29.8434 27. 7481 67. 7146
29.9933 27.7298 68. 3808
29. 7693 27. 7458 68. 5744
28.6843 27.7514 68.0869
29.0554 27. 7620 67.5988
28.8232 27. 7615 67. 6382
483 27
483. 79
480. 76
476. 56
414. 98
498.29
499. 09
497. 42
503. 42
509.43
504. SO
499.10
498. 44
501. 27
494. 23
488. 43
493.42
489.24
98. 6294
85.8650
55. 3572
47.0639
60. 3360
79. 9562
75.8051
78. 7499
80.1921
80. 6081
80. 5539
80. 2668
80.1433
80.9961
81.1496
80. 5520
80.1486
80.2310
Yugoslavia
(dinar)
1.7591
1.7681
1. 7680
1.6411
1. 7607
2. 2719
2.1818
2. 2468
2. 2648
2.2718
2. 2725
2. 2702
2. 2773
2. 3075
2.3156
2.2993
2.2785
2.2756
1
Nominal since April 1933.
2 Nominal since April 1934.
3 Partly nominal since April 1933.
4
Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933. Average for 1933 is for gold peso for Jan.
1-Dec. 10. Average for December 1933 based on paper peso for Dec. 13-31. Average of gold peso for Dec. 1-10 was 75.8904 cents. No quotations
Dec. 11 and 12.
• 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. Average for April based on new yuan
for Apr. 10-30. Average of old yuan for Apr. 1-9 was 20.5383 cents.
« Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso
for Jan. 2-July 29 was 47.6510 cents.
50
FEDERAL RESERVE BULLETIN
JANUARY 1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year and month
United
States
(1926=100)
Canada
(1926=100)
England
(1913=100)
France
(1913=100)
Germany
(1913=100)
Italy
(1913=100)
Japan
(October
1900=100)
100
95
97
95
86
73
65
66
100
98
96
96
87
72
67
67
148
142
140
137
120
104
102
101
695
642
645
627
554
502
427
398
134
138
140
137
125
111
97
93
602
495
462
445
383
328
304
280
237
225
226
220
181
153
161
180
145
148
149
142
117
97
79
69
70
71
71
71
71
71
70
69
68
69
69
102
103
103
103
103
103
401
397
397
397
403
407
94
94
95
96
96
96
279
278
276
274
273
275
182
180
182
180
179
176
73
72
74
74
73
74
75
75
76
78
77
77
71
72
72
71
71
72
72
72
72
71
71
105
105
104
103
102
104
103
106
105
104
104
405
400
394
387
381
379
374
371
365
357
356
96
96
96
96
96
97
99
100
100
101
101
276
275
275
273
273
272
270
271
270
272
274
176
178
177
177
176
175
174
177
179
182
181
79
80
79
79
77
1926
1927
1928
1929
1930
1931
1932
1933
1933—July
August
September
October
November
1934—January
February
March
-
,
- - -- --
April
May_ - _June
July
August
September _
October
November
_
_
_
._
Netherlands
(1913=100)
74
73
75
76
76
77
7fr
77
78
77
77
77
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year and month
1926
1927
1928
1929
1930
1931
1932
1933
Farm
products
_
1933—July
August
September
October
November
December
1934—January
February. . .
March
April
May.. .
June
July
August
September
October
November
.
Foods
Foods
Indus- AgriculFarm
Industrial
tural
and food
trial
products products products products
Provisions
IndusIndustrial raw
and semi- trial finished
finished
products products
100
99
106
105
88
65
48
51
100
97
101
100
91
75
61
61
100
94
93
92
85
75
70
71
155
152
152
145
127
112
111
103
144
136
134
132
116
100
97
99
581
599
584
579
526
542
482
420
793
678
697
669
579
464
380
380
129
138
134
130
113
104
91
87
132
129
133
125
113
96
86
75
130
132
134
132
120
103
89
88
150
147
159
157
150
136
118
113
60
58
57
56
57
56
66
65
65
64
64
63
72
74
76
77
77
78
101
104
105
104
104
103
103
102
102
102
102
103
414
407
413
417
425
432
389
389
383
379
384
385
87
88
90
93
94
94
77
76
75
73
73
73
90
90
89
89
89
89
113
113
114
114
114
114
59
61
61
60
60
63
65
70
73
71
71
64
67
67
66
67
70
71
74
76
75
75
78
79
79
79
79
78
78
78
78
78
78
104
104
101
99
100
104
104
111
110
107
107
105
106
105
105
104
104
103
103
103
102
103
424
416
413
404
405
406
396
393
383
368
366
387
386
378
372
360
356
354
351
350
347
347
93
92
91
91
92
94
98
100
100
101
101
73
73
73
74
74
76
76
78
78
78
79
90
91
91
91
90
91
92
92
92
92
92
114
115
115
115
115
115
115
116
117
118119
Sources— See BULLETIN for March 1931, p. 159
Other
commodities
Germany (1913=100)
England (1913=100) France (1913=100)
51
FEDERAL RESERVE BULLETIN
JANUARY 1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES-Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
England
United
States
(July
(1913=100)1 1914 = 100)
Year and month
1926
1927
1928
1929
1930
1931
1932
1933
France
(July
1914=100V
Germany
(191314=100)
Year and month
161
155
154
157
147
121
102
100
161
156
157
154
145
131
126
120
113
113
112
124
125
124
109
100
153
156
146
131
116
113
105
107
107
107
107
104
118
119
122
123
126
126
95
97
98
101
103
104
114
113
114
116
117
118
1933—July
August
September
October
November
December
1934—January
February
March,
\pril
May
June
July
August
September
October
November
105
108
109
107
108
109
110
112
117
116
115
124
122
120
118
116
117
122
123
126
125
127
105
103
100
98
97
98
97
97
95
95
94
118
117
117
116
116
118
120
121
119
119
120
1934—January .
February
March
April
May _ _ __
June
July
August
September
October
1933—July
__ _.
1926
1927
1928
1929
1930
1931
1932
1933
England
(July
1914=100)
(Jan.-June
175
173
171
171
164
148
134
132
170
164
166
164
158
148
144
140
103
104
105
113
118
116
107
106
135
138
139
141
141
143
143
August
September.. „
October
November
N o VATT) bar
France
United
States
(1913 = 100)
136
139
142
141
140
139
137
138
141
142
143
143
144
1914=100)2
Germany
(191314 = 100)
152
154
148
136
121
118
118
118
119
119
120
121
105
107
120
120
120
120
120
121
122
122
122
122
122
107
106
104
1
1
Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month.
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 GenSrale, and for cost of living, Commission d'etudes
relatives au coiit de la vie a Paris.
^SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average=100)
Bonds
United
States
(average
price)
Year and month
Number of issues
1926
1927
1928
1929
1930
1931
1932
1933
60
....
1933—July
August
_
October
November
December .
1934—January
February .
March...
ApriL
May
June
July
August
October
November _
_
.
. . .
. .
.
- . _ . _ .
France
England
(December (1913 aver
1921=100)1 age=100)
Germany
(average
price)i
36
169
87
United
States
421
England
l
278
France
300
Germany
329
85.5
81.4
83 3
3 83.4
»67.1
82.5
100 0
118.3
149.9
190.3
149.8
94.2
48.4
63.4
100 0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
100 0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
100.0
145.0
136.1
122.8
100.2
«78.0
>50.3
61.7
80.0
80.2
81.4
81.1
79.6
79.9
78.2
78.5
78.2
84.7
87 9
89.6
80.4
75.1
74.8
69.5
69.1
70.4
83.9
84.4
85.3
82.9
80.9
81.4
106.0
105.2
103.0
98.3
95.7
95.3
62.8
60.7
57.3
57.0
58.7
61.8
78.7
78.7
76.9
81.9
84.7
85.6
82.7
81.8
81.3
82.7
85.0
92.0
91,6
91.9
91.3
90.7
88.9
87.8
87.9
89.0
91.6
92.2
75.6
80.5
77.1
79.6
71.8
73.5
71.4
67.8
67.0
67.3
69.4
85.5
87.0
87.3
88.1
87.1
86.0
84.8
83.8
83.6
84.5
85.6
92.3
91.8
85.0
88.8
90.1
87.6
83.3
81.1
77.3
74.7
73.0
64.4
67.8
70.6
68.8
67.2
69.9
71.3
73.4
76.2
76.3
73.7
97 0
98.9
98.7
95.7
98.3
96.1
81.1
84.0
110 0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
57 4
71.7
80.8
85.1
95.8
96.9
88.6
8.1.3
89.6
89.9
87.9
86.5
82.6
83.6
117.9
120.1
121.2
122.3
122.3
122.0
88.3
92.9
95.1
97.0
97.6
99 0
99.3
97.8
96.7
98.4
98.8
123.6
124.3
126.2
126.9
125.8
125.3
127.1
127.4
128.3
128.9
133.2
1
Annual indexes are unweighted averages of monthly indexes.
» Exchange closed from July 13 to Sept. 2f 1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
Sources.—See BULLETIN for February 1932, p. 121.
52
FEDERAL RESERVE BULLETIN
JANUARY
1935
LAW DEPARTMENT
Revised rules and regulations for selection of directors
of branches of Federal Reserve banks
(1) The board of directors of each branch
of a Federal Reserve bank shall consist either
of seven members or of five members, as may
be determined by the Federal Reserve bank,
subject to the approval of the Federal Reserve
Board. Where the board of directors of the
branch consists of seven members, four shall
be appointed by the Federal Reserve bank and
three by the Federal Reserve Board, and, where
the board consists of five members, three shall
be appointed by the Federal Reserve bank and
two by the Federal Reserve Board.
(2) All directors shall be persons of high
character and standing who have established
reputations and ability to meet their financial
obligations. They shall be persons whose
business and financial interests are primarily
within and representative of the branch territory rather than of interests controlled or
owned outside the territory. The directors
appointed by the Federal Reserve banks shall
be persons who are either well qualified and
experienced in banking or actively engaged in
agriculture, industry, or commerce. The directors appointed by the Federal Reserve
Board shall be persons who are actively engaged
in agriculture, industry, or commerce and who
are not primarily engaged in banking (although
they may be stockholders or directors of banks).
(3) All directors shall be citizens of the district and shall reside within the territory served
by the branch, but at least one of the directors
appointed by the bank and one appointed by
the Board shall reside outside of the city in
which the branch is located.
(4) One of the directors appointed by the
Reserve bank shall be the active manager of the
branch and shall have the title " managing
director."
(5) The term of office for the director chosen
by the Reserve bank to act as managing director
of the branch shall be 1 year, subject to reappointment from year to year, if such action be
desirable.
(6) The full term for other directors shall be
3 years where the branch board consists of
seven members and 2 years where the branch
board consists of five members. In order to
make practicable an orderly rotation of branch
directorships, the terms of directors, other than
the managing director, shall be so arranged
that the term of a director appointed by the
Federal Reserve Board and the term of a
director appointed by the Federal Reserve
bank shall expire at the end of each year. No
director, other than the managing director, shall
be reappointed for a term immediately following 6 or more years of continuous service as a
director.
(7) The board of directors of each branch
shall annually elect as chairman of the board
the member appointed by the Federal Reserve
Board whose term of office expires with the
current year.
(8) In the event of a vacancy occurring in
the board of directors of a branch of a Federal
Reserve bank, the appointment to fill such
vacancy shall be made by the body making the
original appointment and such appointment
shall be for the unexpired term.
(9) As provided in section 3 of the Federal
Reserve Act, directors of branches of Federal
Reserve banks hold office at the pleasure of the
Federal Reserve Board.
Regulations of the Comptroller of the Currency further
defining the term "investment securities"
There are printed below the regulations of
the Comptroller of the Currency, issued under
date of December 27, 1934, further defining the
term "investment securities" as used in the
Banking Act of 1933:
By virtue of the authority vested in the
Comptroller of the Currency by the terms of
section 5136 of the Revised Statutes as amended
by section 16 of the Banking Act of 1933, approved June 16, 1933, the following regulations
further defining the term " investment securities" are prescribed:
(1) The business of buying and selling investment securities by national banks is governed
by section 5136 of the Revised Statutes of the
United States as amended by section 16 of the
Banking Act of 1933, approved June 16, 1933,
as follows:
SEC. 16. Paragraph "Seventh" of section 5136 of
the Revised Statutes, as amended (U. S. C, title 12,
sec. 24; Supp. VI, title 12, sec. 24), is amended to read
as follows:
"SEVENTH. TO exercise by its board of directors or
duly authorized officers or agents, subject to law, all
such incidental powers as shall be necessary to carry
on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and
other evidences of debt; by receiving deposits; by
buying and selling exchange, coin, and bullion; by
loaning money on personal security; and by obtaining,
issuing, and circulating notes according to the provisions of this title. The business of dealing in investment securities by the association shall be limited to
JANUARY 1935
53
FEDERAL RESERVE BULLETIN
purchasing and selling such securities without recourse, of national banks under ; >aragraph "Seventh" of secsolely upon the order, and for the account of, customers, tion 5136 of the Revised statutes, as amended.
and in no case for its own account, and the association
(3) An obligation of indebtedness which
shall not underwrite any issue of securities: Provided,
That the association may purchase for its own account may be purchased for its own account by a
investment securities under such limitations and re- member bank of the Federal Reserve System,
strictions as the Comptroller of the Currency may by either State or National, in order to come
regulation prescribe, but in no event (1) shall the total
the classification of "investment securiamount of any issue of investment securities of any one within
77
obligor or maker purchased after this section as amended ties within the meaning of the proviso of sectakes effect and held by the association for its own tion 5136 above quoted, must be a marketable
account exceed at any time 10 per centum of the total security as designated by the express language
amount of such issue outstanding, but this limitation
circumshall not apply to any such issue the total amount of of said proviso. Under ordinary
77
which does not exceed $100,000 and does not exceed stances, the term "marketable means that the
50 per centum of the capital of the association, nor (2) security in question has such a market as to
shall the total amount of the investment securities of render sales at intrinsic values readily possible.
any one obligor or maker purchased after this section
(4) In classifying a given security as marketas amended takes effect and held by the association for
its own account exceed at any time 15 per centum of able, the Comptroller of the Currency may in
the amount of the capital stock of the association specific cases give consideration to various facts
actually paid in and unimpaired and 25 per centum of
its unimpaired
surplus fund. As used in this section and circumstances, but he will require in all
the term (investment securities' shall mean marketable cases the following:
obligations evidencing indebtedness of any person, co(a) That the issue be of a sufficiently
partnership, association, or corporation in the form of
large total to make marketability possible;
bonds, notes and/or debentures commonly known as investment securities under such further definition of the
(6) (1) Such a public distribution of the
term 'investment securities' as may by regulation be
securities
must have been provided for or
prescribed by the Comptroller of the Currency. Except
made in a manner to protect or insure the
as hereinafter provided or otherwise permitted by law,
nothing herein contained shall authorize the purchase
marketability of the issue, or, (2) other
by the association of any shares of stock of any corporaexisting securities of the issuer have such
tion. The limitations and restrictions herein contained
a public distribution as to protect or insure
as to dealing in underwriting and purchasing for its
the marketability of the issue and the issue
own account, investment securities shall not apply to
obligations of the United States, or general obligations
shall have been registered under the proof any State or of any political subdivision thereof, or
visions of the Securities Act of 1933 as
obligations issued under authority of the Federal Farm
amended, or are exempt therefrom under
Loan Act, as amended, or issued by
the
Federal
Home
section 3 thereof.
Loan Banks or the Home Owners7 Loan Corporation:
Provided, That in carrying on the business commonly
(c) That the trust agreement under
known as the safe-deposit business the association shall
which the security is issued provides for a
not invest in the capital stock of a corporation organized
trustee independent of the obligor and in
under the law of any State to conduct a safe-deposit
the case of securities issued under a trust
business in an amount in excess of 15 per centum of the
capital stock of the association actually paid in smd
agreement executed and delivered after
unimpaired and 15 per centum of its unimpaired
60 days from the date of the promulgation
surplus."
of these regulations, such a trustee must
The restrictions of this section as to dealing in investbe a bank or trust company.
ment securities shall take effect one year after the date
of the approval of this Act.
(5) This series of regulations may be modi-
amended or withdrawn at any time by the
(2) Section 5 (c) of the Banking Act of 1933 fied,
Comptroller
of the Currency.
provides in part as follows:
Signed and promulgated this 27th day of
State member banks shall be subject to the same December, 1934.
limitations and conditions with respect to the purchasing, selling, underwriting, and holding of investment securities and stock as are applicable in the case
J. F. T. O'CONNOR,
Comptroller oj the Currency.
54
FEDERAL RESERVE BULLETIN
JANUARY
1935
FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS BY MONTHS
DISCOUNTS BY WEEKS
[Averages of daily figures. In millions of dollars]
[In thousands of dollars]
1934
Wednesday series (1934
1933
Federal Reserve bank
Federal Reserve bank
December
Boston
New York
Philadelphia.
November
1.4
6.2
1.0
December
1.5
6.9
46.9
25.6
Cleveland
Richmond
Atlanta
.5
.1
.1
10.3
5.4
6.9
Chicago
St. Louis
Minneapolis. .
.2
.01
5.9
1.5
2.3
Kansas City..
Dallas
San Francisco
.1
I
.01 |
Total__.
10.0 '
.2
.1
.04
2.0
.9
2.9
Dec. 5
Dec. 12
Dec. 19
1,198
7,270
968
1,528
5,516
1,028
918
5, 536
967
1,551
5,408
1,185
Cleveland
Richmond
Atlanta
384
116
96
540
118
109
433
147
99
380
169
94
Chicago
St. Louis
Minneapolis
200
60
23
100
130
23
108
175
48
180
85
86
66
78
93
12
119
131
12
123
10, 466
9,256
8,607
9,281
Boston
New York
Philadelphia
Kansas City
Dallas
San Francisco
-_
Total
10.5
Dec. 26
116.9
Back figures.—See Annual Report for 1933 (table 15).
Back figures.—See Annual Report for 1933 (table 11).
TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO
LIABILITIES
[Averages of daily figures. Amounts in thousands of dollars]
Total reserves
1934
December
Boston
New York
Philadelphia-.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City—
Dallas
San Francisco
Total—
1933
November
394,883
400,890
1,784,668 1, 768, 235
295, 209
Federal Reserve notes in circulation i
Total deposits
1934
1933
1934
1933
Ratio of total reserves to
deposit and Federal
Reserve note liabilities combined
1934
1933
Decem- Decem- Novem- December
ber
ber
ber
December
December
November
272,301
273,245
174, 609
266, 496
951,699 1,798,757 1,797,803 1,032,559
205,924 j 140,278
232, 330
215,486
270,641
675,038
244,480
264,690
658, 505
239,837
230,940
655, 420
236,364
73.8
72.1
67.2
73.4
72.0
66.2
65.7
56.4
61.7
December
December
November
387, 269
203, 666
130,830
298,255
176, 081
126, 548
297,864
136,125
89,238
280, 954
132, 765
80, 694
185, 910
93, 217
70,149
308,900
173,285
135,739
300, 653
173,141
137, 793
289,620
157,935
124, 609
67.9
66.9
60.6
66.6
66.6
59.9
62.7
70.1
65.0
1,094,343 1,085, 088
211, 053
208,63£
152, 510
158,175
934,853
172, 295
95,163
708,425
152,808
112,858
713,636
155,195
107, 516
541, 597
107, 885
60, 707
786,198
143,678
107,708
771,569
143, 304
106, 585
776,136
144,861
92,122
73.2
70.4
71.7
73.1
70.7
71.2
70.9
68.2
62.3
191, 426
117, 669
332, 021
152,417
93, 481
272, 355
166,272
128,142
276,753
163, 676
119, 794
127,732 ! 101,335
270, 564 I 201,935
118,288
54,186
212,480
117,440
54, 375
214, 284
106, 863
42,357
214, 374
68.5
64.7
68.4
68.1
64.6
68.5
67.2
65.1
65.4
355,029 4,309,704 12,829,975 3,230,621 3,182,176 3,071,601
70.6
70.3 i
63.9
412,052
206,846
136,300
194,970
117,920
334,874
5,358,665 5, 269,859 3, 771,973
i Includes " Federal Reserve notes of other Reserve banks" as follows: Latest month, $21,676,000; month ago, $20,799,000; year ago, $16,058,000.
55
FEDERAL RESERVE BULLETIN
JANUARY 1935
ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE
AND FEDERAL RESERVE BANK NOTE STATEMENT, DEC. 31, 1934
[In thousands of dollars]
Total
Boston
KanSan
sas Dallas Francisco
City
MinCleve- Rich- Atlan- Chicago St. neapmond ta
Louis olis
l
New
York
ASSETS
Gold certificates on hand and due from
5,124,347 363,292 1,836, 676 271,119 383, 641 185, 213 121,475 1, 025,816 193, 736 139,798 187,308 106,021 310, 252
U. S. Treasury
Redemption fund—F. R. notes
19,060
662
1,499
2,525
1,770 1,923
3,853
1,311
614
330
613
328 3,632
Other cash
257, 577 31,028
33,384 11,927 11,341 11,431 8,739 16,879
56,764 35,661 13,315 13,259 13,849
Total reserves
____'5,400,984 394,982 1,894,939 309, 305 398, 726 200,395 139,177 1, 060, 511 206, 277 151,469 199, 352 115,088 330, 763
1,427
250
Redemption fund—F. R. bank notes
j
1,677
Bills discounted:
f
Secured by U. S. Govt. obligations, I
direct and/or fully guaranteed
3,494
1,538
190
24
556
95
995
Other bills discounted
3,568
2,690
60
125
437
37
Total bills discounte d
7,062
1:
4,228
3
126
132
2
315
139
57
1,055
5,613
Bills bought in open market
154
1,982
116
81
155
528
209
390
303
404
707
14,301
Industrial advances
419 1,752
433 1,045
813
932 1,540
847
921
1,775
= =
= = =
U. S. Government securities:
Bonds
I 395,665 23, 206 141, 018
62,144 13, 797 15, 350 13,335 18,818 23, 857
30,558 14,859 13, 585
Treasury notes.
1,507,116 98,827 475, 234 104', 810 134,
" t,108 65,195 59, 307 273,102 58, 359 37,058 57,703 38,701104,712
.04, 712
i
Certificates and bills
48,359! 23,509 21,385
527, 475 35,638 161, 566
93,097 21, 044 13,181 20,806 13,956 37, 762
Total U. S. Government securities.. 2,430, 256 157, 671 777,818 167,120 213, 025| 103, 563 94, 277 428,343 93, 200 65, 589 91,844, 71,475 166, 331
Total bills and securities
Due from foreign banks
F. R. notes of other banks..
Uncollected items
Bank premises
All other assets
Total assets
2,457, 232 160,905
784, 841 171,933 214,800J105, 451 P5, 484
805
60
28, 502
352
460,132 50,870
49,161
3,168
43, 652
61"
299
31
77
28
87
6,950 1,373 1,763
4,050
1,731
126, 519 38, 756 40,953 37, 748 15, 243
11,437 4,411 6,629 3,027 2,325
30, 002 5,178 1,324
1,392
1,834
429, 971 93, 738 07,422 92,558
72,686 167, 441
23
6
23
57
1,901
421 2,657
1,128 1,400
4,776
58,140 18,455 11, 990 25, 020 15,451 20,987
4,955 2,629 1,580 3,447 1, 681 3,869
194
856
771
456
2601
768
8, 442,145 611, 204 2, 856, 414 531,043 664, 272 352,094 255,82211, 559, 228 323, 203 234,366 322, 060,206, 209 526, 230
LIABILITIES
F. R. notes in actual circulation
3, 221,107 270, 943 680, 935 240, 444 306, 626 167,825 132,968
788, 933 142,880 106, 686 117, 654 53,845 211, 368
922
25,468
26, 390
F. R. bank note circulation—net
Deposits:
Member bank—reserve account
4,095,946 251,604 1,L, 749, 711 211, 578 274, 278 124,826 84,804 633, 316 129,419 97,422 162,475! 121,135 255,378
U. S. Treasurer—general account
2, 578
3,199
32,551 11,728; 2,590 4,002
120, 746 10,820
29,697 4,315 4,760 8,585 5, 921
537
537
1,362
Foreign bank
2,417
633
441
1,381
19,394
672
6,848 1,995
1,842
729
Other deposits
2, 685 9, 370 6, 268 2,322 1,143! 11,279
169, 264 1,794
123,496
1,978
4,226
995 3,708
Total deposits
. 4,405,350 265, 599 1L, 909, 752219, 866 285,106 135,>, 135 95,105 670,969 151,150 106, 721 169, 336 125, 393 271, 218
Deferred availability items
12,136 26,244 17, 720
" 20,450
455,252 50,420
120, 723 37, 578 41,088 36, 588 14,438
58,879
Capital paid in
3,134 4,068 4,048 10, 760
146,725 10, 762
59,606 15,131 13,062 4,975 4,368
12, 723 4,1
3, 777! 9,645
Surplus (sec. 7)
_l 144,893 9,902
49,964 13,470 14, 371 5,186
21, 350 4,655 3,420 3,613
5, 540|
751
293
585
Surplus (sec. 13b)
j
8,069
382
957
773 1,049
707
754
906
91:
1,363
Reserve for contingencies
30,816 1,648
2,053
893 1,211
7,510 2,
5,325
2, 595
3,000 1,416
All other liabilities
3,543
307
63
151
167
46
12
1,683
509
342
54;
96
113
Total liabilities
8,442,145 611, 204 2, 856, 414 531, 043 664, 272 352, 094 255,822! 1, 559, 228 323, 203 234, 366 322, 060 206, 209 526, 230
Ratio of total reserves to deposit and F. R.
note liabilities combined (percent)
j
70.8
64.2
68.5
70. 2
71. 0
73.1
73.6
66.1
72.6
67. 2
67. 4
61. Oj
Commitments to make industrial advances
10, 047 1. 69'
41
3,892
30 1 , 2 1 2 . . . .
399
979
590!
FEDERAL RESERVE NOTE
STATEMENTS
Federal Reserve notes:
Issued to F. R. bank by F. R. agent
Held by Federal reserve bank
In circulation
Collateral held by agent as security for
notes issued to banks:
Gold certificates on hand and due
from U. S. Treasury..
Eligible paper
U. S. Government securities
Total collateral
J 770,506 262, 321,326, 535181,13,429
254 151,812
18,844!
'3, 520, 365 299,034
299,258 28,091
;
3, 221,10' 270,943
680,935 240, 444 306, 626 167,825 132,968
826,824 147, 362 111, 439 127, 477 61,484J254,317
37,891
4,482] 4,753
9,823 7,639j 42,949
788,933 142,880J106,686117,654 53, 845J211, 368
3, 316, 200 299, 617
1,055
5,
241,400
788, 706 223,
1291, 715 146,i, 340 91, 385
2,773
113
141
830i
315
40,000 35,000 36,000 65,000
819, 513|l41,936!llO, 000 124, 55062,675 216,763
12
132
2j
3|
i
111
40, 000
10,000, 8,000j 2,400
5,000
3,563,087 300,672
791, 479 263,830 327, 030 182,453 156, 526, 829, 515J149,939 112,400,129, 66162, 687 256,895
19, 571 21,877 1 9 . r "
I
FEDERAL RESERVE BANK NOTE STATEMENT
Federal Reserve bank notes:
Issued to F. R. bank (outstanding)...
Held by Federal reserve bank
_
In circulation—net
Collateral pledged against outstanding
notes:
Discounted and purchased bills
__
U. S. Government securities.__
Total collateral.
37,590
11,200
1,511
26,390
922
42,874
5,000
25.874 12,000
42,874
5,000
25,874
25,871 10, 208
403 10,208
25,468
12, C
56
FEDEKAL RESERVE BULLETIN
JANUARY
1935
LICENSED 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
Chicago
St. Louis
Minneapolis
._.
Kansas City
Dallas
.. ..
San Francisco
-.
-
Total
Borrowings at Federal
R 3serve banks
Excess
November
October
September
November
October
September
267.8
1, 683. 7
198.2
254.4
1, 640. 7
197.7
250.4
1,615.9
190.2
138.7
667.8
76.0
125.5
634.5
76.5
124.5
626.1
70.9
271.7
128.1
73.9
259.9
130.5
72.8
255.9
130.6
71.7
129.8
57.7
21.6
121.3
62.1
22.5
118.5
64.0
23 2
702.7
140.3
98.2
666.5
129.3
93.8
716. 3
121.5
92.9
388.4
75.4
51.0
356.2
67.4
47.9
158.2
124.9
252.6
148.6
121.1
249.0
152.2
118.4
230. 5
78.2
68.4
81.5
4,100. 3
3,964. 3
3,946. 6
1,834. 5
November
October
September
1 i
6.9
1.3
1 0
12.9
1.9
.3
.1
.07
.3
.2
.2
.4
.5
.2
410.7
61.8
47.7
. l
.06
.06
.02
.2
.07
.3
70.3
65.8
80.8
76.1
65.3
65.3
.2
.06
.03
.2
.04
.04
1
.1
.1
1, 730. 7
1, 754. 1
1 5
6.9
.9
10.2
10.7
.2
.2
18.0
NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER
CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers (places over 15,000)
Federal Reserve" district
Net demand
Time
Member banks in smaller centers (places under 15,000)
Net demand
Time
Novem- October Septem- Novem- October Septem- NovemSeptem- NovemOctober
October Septem
ber
ber
ber
ber
ber
ber
ber
Boston
New Y o r k . . . .
Philadelphia..
1,146
7,533
876
1,139
7,451
864
1,104
7,312
851
601
1,679
631
611
1,706
632
613
1,703
630
92
206
157
92
203
160
91
207
153
123
440
123
439
382
439
378
Cleveland
Richmond
Atlanta
1,047
533
404
1,012
516
391
501
375
308
900
308
266
903
310
262
143
117
143
112
79
143
104
74
223
160
67
220
157
64
218
156
66
Chicago
St. Louis
Minneapolis.-
2,333
484
297
2,305
457
283
2,269
439
281
911
251
169
893
249
169
887
248
164
175
124
135
172
120
133
166
115
129
160
88
170
157
86
169
15f
86
169
Kansas C i t y . .
Dallas
San Francisco
562
405
3,134
552
397
1,108
532
382
1,079
209
162
1,706
205
160
1,699
160
1,706
231
191
110
224
186
108
221
175
104
110
35
90
109
35
109
35
85
Total...
16, 755
16, 476
16,123
7,790
7,796
7,790
1,732
1,682
2,050
2,030
2,019
57
FEDERAL RESERVE BULLETIN
JANUAKY 1935
ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, OCTOBER 4, 1929, TO
OCTOBER 17, 1934
[Amounts in thousands of dollars]
1929
Oct. 4
1930
Sept. 24
1931
Sept. 29
1932
Sept. 30
1933
Oct. 25 i
1934
June 301
1934
Oct. 17 i
ASSETS
26,164,829 24, 738, Oil 20,874, 084 15,923,841 13,058, 608 12, 522,980 12, 292, 533
Loans (including overdrafts)
4,021,636 4,095, 270 5, 564,461 6,366,099 6,801,360 9,136, 684 9,186, 237
U. S. Government direct obligations
..
Securities fully guaranteed by U. S. Government—
r 709,035
5,727,306 6, 638,969 6, 634, 689 5, 754, 743 5,092,856 • 5, 515,175L 5,371.507
Other securities
35,913,771 35,472,250 33,073,234 28,044,683 24,952,824 27,174,839 27,559,312
Total loans and investments—
-._
.
988,912
912,852
662,415
392,814
440,276
252,916
Customers' liability on account of acceptances
257,919
1,175,393 1,230, 754 1, 220, 317 1,167, 763
987, 366
997,817
Banking house, furniture, and
fixtures
995,998
182, 796
268, 215
197,869
209,518
253, 342
Other real estate owned
—
—
303, 904
2, 321,806 2,414,991 2, 339,230 2, 234,919 2, 651,476 3,819,410 3,976.077
Reserve with Federal Reserve banks
497, 212
446,983
470, 367
554,150
406, 688
Cash in vault
...
472, 643
550, 471
Due from member banks
\ 2,004,938 2, 462, 827 1,935,119 2,048, 644 1,848,418 2, 574, 608 2, 736, 579
Due from nonmember banks
91, 669
86,796
Balances with domestic banks, not subject to immediate with68, 536
94,009
drawal
()
106,339
()
()
()
116,347
133,374
140, 680
Balances with banks in foreign countries (excluding own branches).
135, 348
185,187
115,586
90,420
86,100
124, 224
Due from own foreign branches111, 648
91,926
100,106
120,930
84,957
698,871
433,626
923,363
Items with Federal Reserve banks in process of collection
473,810
531, 691
646,818
387, 225
2,132,331 1,146,915
591, 596
Exchanges for clearing house and other checks on local banks
959,218
518, 239
703, 345
802,881
102, 363
51, 706
34,863
50, 696
Outside checks and other cash items.
64,730
47,102
32.828
32, 604
31,524
38,220
Redemption fund and due from United States Treasurer
36, 249
37, 627
34, 480
551, 587
329, 756
592,732
8,172
Acceptances of other banks and bills sold with endorsement
18,558
1,920
2,111
32, 592
17,150
23,866
5,566
11, 259
Securities borrowed
..
2,524j
1,972
198,700
249,067
242,062
233, 501
190, 268
Other assets
290,474|
291,709
47,305,588 46,153,113| 42, 378,777 36,309,845 33,176, 541 37,384,811 38,616,886
Total assets.
LIABILITIES
Demand deposits
_-_
Time deposits..United States deposits
Due to Federal Reserve banks (deferred credits)
Due to other banks in United States
Due to banks in foreign countries (excluding own branches)
Certified and officers' checks outstanding..
_
Cash letters of credit and travelers' checks outstanding...
—
—
Total deposits (excluding due to own foreign branches)
Secured by pledge of loans and/or investments—
Not secured by pledTe of loans and/or investments
Due to own foreign branches
__
National-bank notes outstanding
Agreements to repurchase securities sold
Bills payable with Federal Reserve banks
—
Rediscounts with Federal Reserve banks,.
Bills payable—All other
Rediscounts—All other
Acceptances of other banks and bills sold with endorsement
Acceptances executed for customers
Acceptances executed by other banks for reporting banks
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid...
Dividends declared but not yet payable and amounts set aside
for undeclared dividends and for accrued interest on capital
notes and debentures
Other liabilities
Capital notes and debentures
Capital stock (see par value below)
Surplus
Undivided profits—net
Reserves for contingencies
Retirement fund for preferred stock and capital notes and debentures
Total liabilities (including capital account).
Par value of capital stock:
First preferred
Second preferred
Common
Total
Number of banks.
1 Licensed banks only.
2 Not shown separately.
_
_
_.
17,937,478 16,838,351 15,526,182 13,081, 243 12,993,682 14,963, 215 16,148,819
13,317,649 13,944,868 12, 776,332 10, 601,689 9,114,380 9,811,1531 9,821,146
315,479
526,161
917,881 1,657,793; 1,142,847
257,185
737,769
55, 720
41, 070
47,147
32,196
37,441
41, 5631
59,911
3,153,077 3,817,132 3, 222,466 3,268,854 2,975,675 4,054,103! 4,447,420
431,303
541, 502
663,092
117,141
213,213
154,4371
135, 709
1,405,446
771,941
617,053
464,006
418,434
520,754
317, 387'
27, 613
26, 638
23, 701
17,958
9,367
8,837
12, 716j
3G, 643,765
(2)
36,244,764 33.S96.05, 28,416,928 26,584,001 31,012,367 32,285,443
3,824,137; 3,134,580
(2)
27,188,230 29,150,863
50,393
640,610
149,090
583,665
315,646
226, 742
23,845
551, 586
984, 670
40,400
32, 592
172,193
38,144
76.865
95,7131
137,890|
5, 512
592, 732j
929, 337
18,127
23.866
182, 397
()
214,946
212, 698
2, 739, 645
2,811,269
980, 928
143,603
2, 728, 664
2,903, 258
1,009,435
185, 602
119,110J
()
84,190
628, 334
25,303
209,024
114, 330
133,002
9,355
329, 756
681,145
13,197
17,150
162, 507
49,463
739,793
42, 111
192,878
138, 467
360,120
5,284
18, 558
448,440
5,416
11, 259
129,969
18,443
743, 589
20,306
60, 647
23,817
103,076
889
8,532
410,150
14, 555|
5, 566i
94, 6401,
()
216, 728
()
179,998
()
180,816
2, 580, 550 2, 431, 688 2, 273, 720
2, 695, 285 2, 262,122 1,817,194
516, 491
412, 990
811,456
271,408
360,860
403,610
694,790:
5,314i
15,997
3,0711
15, 7551
1, 9201
266, 646!
11,352;
2,524!
70, 759L
662, 320
6,144
8,968
1,155
14,009
23
2,111
267, 597
10, 391
1,972
87, 328
(2)
7,796
179, 375j
141, 649
154,839
117,102
2,497,343| 2,534,440
1,690,560, "1, 677,190
387,2281
427, 714
362,424
374, 257!
6971
1,110
47, 305, 588 46,153,113 42, 378, 777 36, 309,84533,176, 541 37, 384,81 li 38,616,886
81,488
459,047
4,300
15, 758
2,189,
060 2, 025,022
2, 739,645 2, 728,664 2, 580, 550 2,431,688
504, 683
21,077
2,011,613
2, 728, 664 2, 580, 550 2,431,688 2, 274,848 2,499,827
2, 537,373
2,739,645
8,616
8,246
7, 599
6,904
5,818
6,375
6,433
58
FEDERAL RESERVE BULLETIN
JANUARY 1935
ALL LICENSED MEMBER BANKS—CONDITION ON OCTOBER 17, 1934, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All member banks
All national
member
banks
I Central reserve city
All State ! member banks
member !
banks
New York Chicago
\
j Reserve Country
j city mem- member
j ber banks banks
|
ASSETS
560,002
Loans (including overdrafts)
_-. 2, 292, 533 7,622,071 4,670,462 | 3, 243,078
9,186, 237 5,826, 523 3,359,714 | 2,954,182
United States Government direct obligations
510,
747
198,288
709,035
236,567
Securities fully guaranteed by United States Government
77,229
217, 570
Other securities
- 5,371,507 3, 561,929 1,809, 578 1,108,817
17,559, m 17,521,270 10,038,042 7,542,644 1,541,704
Total loans and investments
120,792
257,919
137,127
206,782
7,438
Customers' liability on account of acceptances
652,369
247,714
995,998
Banking house, furniture, and fixtures
_
343,629
25,765
158,764
303,904
Other real estate owned
26,583
3,748
145,140
3,976,077 2,509,639 1,466,438 1,443,298
Reserve with Federal Reserve banks
455,416
415,861
64,400
550,471
134,610
35,119
Cash in vault
2,736, 579 2,121,810
614,769
161,985
Due from member banks.
.._
81,041
86,796
64,537
Due from nonmember banks
22,259
2,592
4,506
Balances with domestic banks, not subject to immediate with88, 672
106,339
drawal
83
17,667
1,000
93,740
132,730
6,102
Balances with banks in foreign countries (excluding own branches) _ 185,187
91,447
35,533
120,930
112,691
Due from own foreign branches
_.
85,397
434,259
646,818
45,442
Items with Federal Reserve banks in process of collection
212,559
163,549
295,072
703, 345
Exchanges for clearing house and other checks on local banks.
408,273
498,617
28,976
43,952
56,939
Outside checks and other cash items
12,987
4,129
2,027
34,480
34, 480
Redemption fund and due from United States Treasurer
728
135
1,201
2,111
Acceptances of other banks and bills sold with endorsement
910
1,333
1,646
1,972
Securities borrowed
_
326
155,259
291, 709
136,450
Other assets
92,477
43,574
Total assets.
38,616,886 24,765,191 13,851,695 10, 621,391
4, 384,923
3, 552,697
180,073
1, 708,069
9,825,762
41, 584
332,623
126,623
1,229,211
193,317
1,324,791
44,248
4,104,530
1,992,455
215,166
2, 337,051
8,649,202
2,115
389,896
146,950
848,152
257,635
1,168,762
35, 450
52, 575
43, 290
8,239
303,364
136,907
35,319
12,480
641
302
94,131
52, 681
3,065
134,463
38,845
15,464
21,137
137
1,670
61, 527
2,362,937 13,805,407
11,827,151
LIABILITIES
Demand deposits
Time deposits
.
United States deposits
Due to Federal Reserve banks (deferred credits)
Due toother banks in United States
Due to banks in foreign countries (excluding own branches)
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding
16,148,819 10,098,118
9,821,146 6,887,753
1,142,847
608,602
59, 911
44, 509
4, 447, 420 2,854,729
135, 709
69, 631
520, 754
214,790
8,837
6,437
Total deposits (excluding due to own foreign branches)
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments
32,285,443 20,784,569 11,500,874
3,134, 580 2, 096, 031 1,038, 549
29,150, 863 18, 688, 538 10,462, 325
National-bank notes outstanding
_
Agreements to repurchase securities sold
Bills payable with Federal Reserve banks
Rediscounts with Federal Reserve banks.._
Bills payable—All other
Rediscounts—All other
Acceptances of other banks and bills sold with endorsement
Acceptances executed for customers
Acceptances executed by other banks for reporting banks
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid
Dividends declared but not yet payable and amounts set aside for
undeclared dividends and for accrued interest on capital notes
and debentures
Other liabilities
Capital notes and debentures
_.
Capital stock (see par value below)
Surplus
Undivided profits—-net-...
Reserves for contingencies
Retirement fund for preferred stock and capital notes and debentures
Total liabilities (including capital account)
Total.
1,155
14,009
23
2,111
267, 597
10,391
1,972
87, 328
662, 320
4,432
4,534
559
3,673
20
1,201
137,864
5,497
1,646
53,771
1,712
4,434
596
10,336
3
910
129, 733
4,894
326
33,557
7,796
141,649
117,102
2, 534, 440
1, 677,190
427,714
362, 424
1,768,850
843, 504
286,125
151, 202
3,472
91,462
117,102
765, 590
833, 686
141, 589
211, 222
1,110
913
197
4,324 i
50,187
5,308,477 1,252,471 5, 326,867
701, 303
358, 278 3,947,583
559,285
30,879
427, 228
10,120
1,689, 287
434, 057 1,979,368
115,749
2,106
16, 901
355,603
98, 552
18,577
4,101
3,232
1,337
4, 261,004
4,813, 982
125,455
49, 791
344, 708
953
48, 022
167
8, 733,805 2,097,705 '11,809,851 9, 644, 082
782, 257
129,084 j 1,380,777
842, 462
7,951, 548 1,968,621 '10,429,074 8,801,620
9,435
1,000
125
2,693 j 230,875
I
3,287
-J
50
7,250
150
5
641
40,869
2,712
302
39,269
419,317
1,857
8,793
1,155
6,609
18
137
1,623
606
1,670
23,716
2,576
32, 609
53,925
813,756
493,168
146,984
134,050
1,199
40,903
37, 677
931, 230
471, 345
163, 345
71, 094
328
775
1,333
217, 653
6,688
7,452 i
385 !
14,355
3,841
53,360
25, 250
642,404
675,377
102,813
126,695
180
14,777
250
147, 050
37,300
14, 572
30, 585
J38,616,886 24, 765,191 13,851, 695 10,621, 391 2,362,937 ;13,805, 407 11,827,151
Par value of capital stock:
First preferred
Second preferred
Common
Number of banks
662, 320
6,144
6,050,701
2,933,393
534,245
15,402
1,592,691
66,078
305,964
2,400
_
504,683
444, 588
21,077
15, 205
! 2,011,613 1,310,372
60, 095
5,872
701,241
100,300
76,150
"542," 104
70,900
154,936
7,650
651,267
173, 297
13,427
747, 342
I 2,537,373 1, 770,165
767,208
642,404
147,050 |
813,853
934, 066
972
37
6,433
5,461
6,051
59
FEDERAL RESERVE BULLETIN
JANUARY 1935
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO
[In millions of dollars]
City
Federal Reserve district
Total
Loans and investments—total:
Dec. 5 . . ._
Dec. 12
Dec. 19
Dec. 26
Loans on securities—total:
Dec. 5
Dec. 12
Dec. 19
Dec. 26
_ _
To brokers and dealers in
New York:
Dec. 5
Dec. 12
Dec. 19
_
Dec. 26
To brokers and dealers outside New York:
Dec. 5
Dec. 12
Dec. 19
Dec. 26
_ .
To others:
Dec. 5_.
Dec. 12
Dec. 19
Dec. 26
.
Acceptances and commercial
paper:
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Loans on real estate:
Dec. 5
Dec. 12.
_
Dec. 19
Dec. 26 _ _ . .
Other loans:
Dec. 5 . .
Dec. 12
__.
Dec. 19
Dec. 26
U. S. Government direct obligations:
Dec. 5
Dec. 12
Dec. 19. __.
Dec. 26
Obligations fully guaranteed
by U. S. Government:
Dec. 5
. .
Dec. 12
Dec. 19
Dec. 26
Other securities:
Dec. 5
Dec. 12
Dec. 19
Dec. 26_ _
Reserve with Federal Reserve
banks:
Dec. 5
_ _ .
D e c . 12
D e c . 19
D e c . 26
.
.
.
Cash in vault:
Dec. 5
Dec 12
Dec. 19
Dec. 26
Net demand deposits:
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Revised.
_- _
MinSt.
Louis neapolis
San New
Kansas Dallas Fran- York
cisco
City
Boston
Cleve- RichNew Philadelland mond
York phia
Atlanta
Chicago
17,879
17,912
18,339
18,276
1,139
1,139
1,161
1,157
8,082
8,112
8,315
8,255
1,044
1,043
1,058
1,057
1,185
1,184
1,202
1,198
354
357
366
366
'347
349
364
362
1,921
1,928
1,982
1,998
535
537
552
556
366
364
363
359
577
579
592
587
425
423
438
439
1,904
1,897
1,946
1,942
7,186
7,213
7,388
7,335
1,546
1,555
1,596
1,615
' 3,098
3,099
3,115
3,072
218
216
220
219
1,666
1,668
1,683
1,644
205
204
204
206
182
180
181
181
60
61
61
61
'62
62
62
61
281
283
278
279
68
67
68
67
35
36
35
34
54
54
54
54
48
48
49
49
219
220
220
217
1,463
1,456
1,475
1,441
230
234
230
231
724
728
753
718
18
18
19
19
613
616
639
602
19
19
19
21
2
2
2
2
6
6
6
6
5
6
6
6
28
28
28
28
3
3
3
3
1
1
6
6
6
6
4
4
4
4
20
20
20
20
587
581
605
573
26
26
26
26
158
162
162
165
33
31
35
33
55
55
55
56
16
16
16
16
7
6
7
8
1
2
2
2
3
3
3
3
25
29
26
29
4
4
4
4
1
2
1
1
3
3
3
3
1
1
1
1
9
10
9
9
52
52
53
53
23
27
24
26
167
167
166
167
998
997
989
986
170
169
169
169
173
172
172
171
53
53
53
53
'54
53
53
52
228
226
224
222
61
60
61
60
34
34
33
32
45
45
45
45
43
43
44
44
190
190
191
188
824
823
817
815
181
181
180
179
445
444
444
435
47
45
47
46
225
228
230
224
20
21
20
19
2
2
2
2
10
11
11
11
2
2
2
3
79
77
75
72
10
11
11
11
6
6
6
6
20
17
17
17
4
4
3
3
20
20
20
21
223
226
228
222
69
67
65
62
981
979
979
977
94
93
93
93
252
251
250
249
72
72
72
72
76
76
75
75
16
16
16
16
11
12
12
12
35
35
35
34
37
37
37
37
7
6
6
6
14
14
14
13
25
25
25
25
342
342
344
345
134
133
133
132
20
20
19
19
' 3, 250
3,217
3,207
3,169
257
257
258
258
1,420
1,400
1,396
1,367
176
174
174
174
134
134
132
132
82
80
80
79
'116
117
118
119
294
290
287
286
110
109
109
110
110
108
105
102
116
116
116
115
118
118
117
118
317
314
315
309
1,262
1,243
1,239
1,210
222
218
216
215
' 6,748
6,809
7,176
7,191
358
362
383
380
3,068
3,113
3,260
3,286
277
275
289
287
'579
579
598
593
122
125
134
134
'96
96
110
108
868
878
927
927
193
194
210
211
148
149
151
151
243
248
262
258
169
168
184
185
627
622
668
671
2,891
2,941
3,060
3,086
699
709
748
750
'562
564
566
566
8
8
8
8
293
292
292
289
33
35
35
36
'20
21
21
22
6
6
7
' 11
11
11
10
95
95
95
95
22
22
22
25
4
3
3
3
14
14
15
15
18
18
18
17
38
39
39
39
273
272
270
267
78
78
77
78
2, 795
2,800
2,852
2,866
157
158
152
153
1,158
1,160
1,204
1,196
261
262
264
263
192
192
193
193
58
58
57
58
'49
49
49
49
269
270
285
305
95
97
95
95
56
56
57
57
116
116
114
115
43
42
42
42
341
340
340
340
940
942
983
977
228
229
241
260
' 3,043
3,060
2,953
2,955
217
209
205
199
1,441
1,444
1,415
1,471
132
127
141
133
169
168
163
156
53
49
46
45
'29
27
26
27
526
537
483
456
88
91
88
86
64
72
65
64
88
94
86
91
74
78
80
76
162
164
155
151
1,355
1,372
1,359
1,415
482
489
438
411
275
297
305
322
69
72
73
76
60
63
68
74
14
16
16
17
20
24
25
24
12
14
13
14
6
7
7
7
46
49
51
53
8
9
9
10
4
4
5
5
11
12
12
13
9
9
9
10
16
18
17
19
47
49
54
59
37
38
40
42
' 13,662
13, 789
13,576
13,551
907
911
895
890
6,953
7,022
6,896
6,910
719
719
709
709
726
727
729
717
242
242
229
237
'194
201
197
194
1,766
1,784
1,749
1,738
381
386
386
389
266
274
266
261
468
481
477
475
307
311
309
302
733
731
734
729
6,490
6,550
6,441
6,457
1,520
1,531
1,499
1,490
' 2,216
2,209
2,200
2,189 i
r
7
Chicago
60
FEDERAL RESERVE BULLETIN
JANUARY 1935
REPORTING MEMBER BANKS IN LEADING CITIES—Continued
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO—Con.
[In millions of dollars]
Federal Reserve dis trict
Total
Boston
Time deposits:
' 4,342
Dec. 5
4,341
Dec 12
4,360
Dec. 19
Dec. 26 - - 4,366
Government deposits:
'772
Dec. 5
771
Dec. 12
1,343
Dec. 19
1,344
Dec. 26
Due from banks:
' 1,647
Dec 5
Dec. 12
1,702
Dec 19
1,713
1,680
Dec. 26
-- Due to banks:
Dec. 5
_
' 4,048
Dec 12
4,117
4,045
Dec 19
. . .
Dec. 26
. . 3,986
Borrowings from Federal Reserve banks:
2
Dec. 5
Dec 12
Dec. 19
I
1
Dec 26
New PhilaCleve- RichdelYork phia
land mond
Atlanta
Chicago
City
Min- KanSan New
St.
sas Dallas Fran- York
Louis neapolis
City
cisco
Chicago
317
317
317
317
1,024
1,018
1,017
1,023
293
293
298
298
443
442
438
437
135
134
134
134
' 128
128
129
129
494
496
509
510
162
162
162
162
124
124
124
125
163
162
162
162
123
123
124
123
936
942
946
946
603
599
596
602
364
365
378
380
56
56
97
97
444
444
772
772
40
40
77
77
27
27
52
52
5
5
10
10
18
35
35
44
43
67
67
20
20
32
32
7
7
7
7
14
14
26
26
42
42
63
64
55
55
105
105
425
425
735
735
28
28
46
46
116
115
109
109
140
147
142
139
151
153
163
160
111
114
121
123
94
95
92
85
'70
74
73
72
241
250
265
262
99
97
90
91
94
96
95
96
196
197
203
202
140
143
148
144
195
221
212
197
70
74
75
73
158
167
188
186
203
204
196
189
1,777
1,825
1,788
1,742
246
242
243
239
176
177
179
]79
108
109
106
103
'82
83
81
82
543
557
543
541
167
166
164
166
120
122
119
118
267
270
271
275
146
145
146
145
213
217
209
207
1,713
1,762
1,727
1,679
447
457
446
445
2
1
1
--
>• Revised.
RATES ON INDUSTRIAL ADVANCES
[Approved by the Federal Reserve Board, under sec. 13 (b) of Federal Reserve Act as amended June 19,1934. Percent per annum except as otherwise specified. In effect on Jan. 2, 1935J
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
1
2
Boston
New
York
4-6
4-6
3
Phila- Clevedelphia land
Richmond
Atlanta
6
6
6
4
4-S
5
5
4-6
3
4-5
1-2
<*>
(*)
W-2
4-6
1-2
Chicago
5-6
5-6
25-6
1-2
San
St. Minne- Kansas
Louis apolis City Dallas Francisco
6
4^-5
6
5-6
5-6
4
4
•fc-2
5-6
•1
3-4
4-5
1-2
4
Authorized rate 1 percent above prevailing discount rate.
With respect to loans received from financing institutions, Federal Reserve bank allows out of interest received on portion of loans retained by
it 1 3percent per annum to financing institutions which agree to service loans and report regularly on status of borrower.
Same as to borrower but not less than 4 percent.
4
1 percent below rate charged borrower by financing institution but not less than 4 percent.
6
No general rate established on commitments.
• Flat rate.
61
FEDERAL RESERVE BULLETIN
JANUARY 1935
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICAN
CURRENCY TO AND FROM EUROPE
BY SELECTED BANKS IN NEW YORK CITY
[Paper cnrrency only. In thousands of dollars]
BANK DEBITS
[Debits to individual accounts. In millions of dollars]
1934
1934
1933
Net
Net
ShipShipReReshipshipments ceipts ments ments ceipts ments
from
from (-)or
to
to
(-)or
Europe Europe receipts Europe Europe receipts
Month
(+)
(+)
January
February..
March
April
May
June
July
August
September.
October. . . .
November.
December..
3
105
101
25
1
0
4
5
122
89
57
42
5,304
5,589
13, 786
8,049
12, 523
6,866
+5,301
+5, 484
+13, 685
+8, 024
+12, 522
+6, 866
+11,751
+6,148
+ 4,634
+5,816
+3, 340
+6,934
0
1
0
1
10
8
63
0
23
0
199
40
Total
554
91, 058 +90, 504
345
11,755
6,153
4,756
5,905
3,397
6,976
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
Number
of centers November
New York City
Outside New York City
Federal Reserve districts:
Boston
New York
. ._
Philadelphia
Cleveland.. _
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
1933
October
November
1
140
11,343
13,408
12,286
14,464
12, 204
11,927
11
7
10
13
7
15
21
5
9
15
10
18
1,612
11,861
1,169
1,384
536
674
3,180
707
481
814
454
1,878
1,612
12,889
1, 278
1,409
593
732
3,495
772
544
841
522
2,062
1,398
12, 660
1,124
1,125
439
590
2,844
639
456
717
441
1,697
141
24, 751
26, 750
24,131
40,587 +40,242
MATURITY DISTRIBUTION OF BILLS AND
SHORT-TERM SECURITIES HELD BY FEDERAL RESERVE BANKS
PAPER CURRENCY OF EACH DENOMINATION
IN CIRCULATION
[In thousands of dollars]
For description and back figures see BULLETIN for January 1933, p. 43.
Outside Treasury and Federal Reserve banks. In millions of dollars
1933
Denomination
1934
Total
Nov. 30 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov .30
i
1
$1
$2
$5
$10
$20
$50
$100
$500
$1 000
$5,000
$10,000
i
;
i
i
!
i
Total.
388
33
702
1,205
1,336
362
613
125
239
7
12
396
33
724
1,231
1,293
342
579
117
225
6
7
393
32
719
1,219
1,277
336
569
113
223
5
8
403
33
741
1,250
1,294
335
568
112
222
5
8
411
32
755
1,266
1,311
336
571
113
223
5
7
410
32
752
1,265
1,314
335
571
112
221
5
7
42?
3?
776
1, 300
1, 33?
337
571
111
914
5
10
5,022
4,952
4,896
4,972
5,031
5,025
5, 110
- NOTE.—Figures include, in addition to currency outside the Treasury
and Federal Reserve banks, unassorted currency held by these institutions amounting to $4,000,000-$12,000,000, and also $1,000,000 of currency
of unknown denominations reported by the Treasury as destroyed.
UNITED STATES POSTAL SAVINGS
[Balance to credit of depositors. In millions of dollars]
End of month
Januarv
February
March
April
May
June
July
A us list
September
October
November
December
With91 days
in 15 16 to 30 31 to 60 61 to 90 to 6 Over 6
days
days
days mos.
mos.
days
.
-_-
1929
1930
1931
1932
153.5
154.8
155.0
154.3
153.8
153.6
157.8
160.1
160.3
161.6
163.7
164.3
165.1
167.9
169.5
170.2
171.2
175.3
180.7
186.5
189.8
192.5
200.7
245.4
278.4
292.1
302.7
313.8
325.0
347.4
372.5
422.7
469.9
538.1
565.5
605.1
665.6
691.8
705.3
722.1
742.6
784.8
828.5
848.5
857.4
870.8
885.2
900.8
v Preliminary.
1933
1934
1, 200. 8
942.5
1, 200. 0
1. 006. 2
1, 200. 0
1,112. 7
L, 158.4
1,197.5
L, 178.8
1,196.9
1,185.1
1,197.9
L, 176. 7 1,190. 3
1,192. 2
L, 177. 7
1,192.8
L, 180. 7
1,198.6
L, 188.9
L. 198. 7 v 1,203.4
1, 208. 8 p 1,207.2
Bills discounted:
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Bills bought in
open market:
Dec. 5
Dec. 12
Dec. 19
Dec. 26
I n d u s t r i a l advances:
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Treasury certificates and bills:
Dec. 5
Dec. 12
Dec. 19
Dec. 26
10,466
9,256
8,607
9,281
9,099
7,962
6,865
7,281
265
177
221
404
441
863
5,682
5,690
5,682
5,611
140
254
1,140
1,165
1,177
1,221
513
695
952
1,075
1,271
1,027
3,413
3,140
2,758
2,724
40
34
146
71
281
163
669
205
211
42,399
38, 399
30,950
27, 500
64, 250
73,035
80,317
83,199
10, 204
10, 662
12, 494
13, 589
629,368 128,122
636, 367 149,872
527, 475 42, 399
527,475 38, 399
701
627
638
8,204
1,468 8,113
1,451 9,761
1,636| 10,774
83,239 311,358!..
81,354 293,707..
78,752
.
,295,0571..
.
.
90,570 287,807i
I
62
FEDERAL RESERVE BULLETIN
JANUARY 1935
BANKS LICENSED AND NOT LICENSED
Deposits 2 (in thousands of dollars)
Number of banks
Total
All member banks:
Mar. 15, 1933
Apr. 12, 1933
June 30, 1933
Oct. 25, 1933
Dec. 30, 1933
Mar. 5, 1934
June 30, 1934
Aug 22, 1934
Oct. 17, 1934
Dec. 26, 1934
National banks:
Mar. 15, 1933
Apr. 12, 1933
June 30, 1933
Oct. 25, 1933
Dec. 30, 1933
Mar. 5, 1934
June 30, 1934
Aug. 22, 1934
Oct. 17, 1933
Dec. 26, 1934
State-bank members:
Mar. 15, 1933
Apr. 12, 1933
June 30, 1933
Oct. 25, 1933
Dec. 30, 1933
Mar. 5, 1934
June 30, 1934
Aug. 22, 1934
Oct. 17, 1934
Dec. 26, 1934
Nonmember banks other than mutual savings banks: 3
Apr. 12, 1933
June 30, 1933
Oct. 25, 1933
Dec. 30, 1933
Mar. 7, 1934
June 27, 1934
Ausr. 22, ]934
Oct. 17, 1934
Dec. 26, 1934
Licensed
Not
! licked i!
6,699
6,681
6,701
6,577
6,523
6,514
6,488
6,475
6,469
6,460
5,078
5,425
5,606
5,818
6,011
6,206
6,375
6,407
6,433
6,450
1,621
1,256
1,095
759
512
308
113
68
36
10
5,907
5,897 ,
5,882 |!
5,735 ji
5,606
5,558
5,512
5,501
5,491
5, 477
4,507
4,789
4,897
5,052
5,154
5,288
5,417
5,443
5,461
5,471
1,400 18,137,719
1,108 18,313,090
985 17,769, 636
683 17, 632, 596
452 i 17,990,217
270 19,048, 533
95 19,993,896
58 19,975,347
30 20,810, 507
20, 771, 521
792
784
819
842
917
956
976
974
978 !
10, 351
10,171
9,887
9,590
9,337
9,138
9,077
9,032
8,978 :
571
636
709
766
857
918
958
964
972
979
221
148
110
76
60
38
18
10
7,392
8,188
8,345
8,333
8,395
8,629
8,713
8,766
2,959
1,983
1,542
1,257
942
509
364
266
180
Not
licensed
Licensed
Total
28,421,038
28,646,106
27,829,942
27,330,869
27,694,828
29, 615,026
31,124, 361
31,099,414
32,315, 728
32, 278,957
10, 283, 319
10,333,016
10,060, 306
9, 698, 273
9,704,611
10, 566, 493
11,130,465
11,124,067
11, 505,221
11,507,436
6,341, 370
6,135, 648
5, 947,892
5, 559,996
5,363,592
5, 213, 694
5,160, 535
5,122,402
5,109,573
25, 554, 287
2,866, 751
25,986,183
2, 659,923
26, 563,927
1, 266,015
26,584,001
746,868
27,166,974
527,854
29, 324,825
290, 201
31,012,367
111,994
31,027,259 j
72,155
32,285,443
30, 285
32, 270,380
8,577
16,195,145
16,494,549
16,741,289
17,022,133
17, 555, 239
18,801, 352
19,895,897
19,909,931
20, 784, 569
20, 764, 706
1,942, 574
1,818, 541
1,028,347
610, 463
434,978
247,181
97, 999
65, 416
25, 938
6,815
9, 359,142
9, 491, 634
9.822,638
9, 561,868
9,611,735
10, 523, 473
11,116,470
11,117,328
11,500,874
| 11,505,674
924,177
841,382
237, 668
136,405
92,876
43,020
13,995
6,739
4,347
5,020,061
5,071, 664
5,130,627
5,062,908
4,940, 583
4,979,460
4,981,074
4.994,639
5,022,006
1, 321, 309
1,0G3,984
817, 265
497,088
423,009
234, 234
179,461
127, 763
87, 567
1,762
1 Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on the dates
given,
were still included in the Comptroller of the Currency's records of unlicensed banks.
2
Deposits of national banks and State bank members are as of the nearest call dates; deposits of nonmember banks for Apr. 12, June 30, and
Oct. 25, 1933, are as of Dec. 31, 1932, or the nearest available call date prior thereto; deposits of nonmember banks for Dec. 30,1933, and subsequent
dates3 are as of Dec. 30, 1933, or the nearest available call date prior thereto.
Nonmember bank figures are not available for some of the dates for which data are shown for member banks.
BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP,
JAN. 1 TO DEC. 31, 1934
[Preliminary figures, subject to change]
Licensed banks suspended 1
Number of
banks
National banks
State bank members
NoTiTnember banks
Total
1
2
._
_
Deposits»(in
thousands of
dollars)
Nonlicensed banks placed
in liquidation
or receivership 2
Number of
banks
Deposits 3 (in
thousands of
dollars)
1
40
55
36,904
396
*23
501
401,983
« 39,606
205,140
56
36,944
920
646,729
Includes banks placed on a restricted basis.
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 conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest
call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported
closing of the banks.
* Includes 14 banks with deposits of $12,504,000, which did not receive licenses following the banking holiday and withdrew from the Federal
Reserve System before being placed in liquidation.
63
FEDERAL RESERVE BULLETIN
JANUARY 1935
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.
1926=100]
Other commodities
All
commodities
Farm
products
Foods
1929 _
1930_
1931.
1932.
1933.
95.3
86.4
73.0
64.8
65.9
104.9
88.3
64.8
48.2
51.4
90.5
74.6
61.0
60.5
91.6
85.2
75.0
70.2
71.2
109.1
100.0
86.1
72.9
80.9
90.4
80.3
66.3
54.9
64.8
83.0
78.5
67.5
70.3
66.3
100.5
92.1
84.5
80.2
79.8
95.4
89.9
79.2
71.4
77.0
94.2
89.1
79.3
73.5
72.6
94.3
92.7
84.9
75.1
75.8
82.6
77.7
69.8
64.4
62.5
1933—NovemberDecember..
71.1
70.8
56.6
55.5
64.3
62.5
77.2
77.5
88.2
89.2
76.8
76.4
73.5
73.4
82.7
83.5
84.9
85.6
73.4
73.7
81.0
81.0
65.5
65.7
1934—January
February
March
April___
May
June
July....
August
September...
October
November. _.
Week ending—
1934—Sept. l._
Sept. 8. _
Sept. 15.
Sept. 22..
Sept. 29.
72.2
73.6
73.7
73.3 ,
73.7 I
74.6
74.8
76.4
77.6
76.5
76.5
58.7
61.3
61.3
59.6
59.6
63.3
64.5
69.8
73.4
70.6
70.8
64.3
66.7
67.3
66.2
67.1
69.8
70.6
73.9
76.1
74.8
75.1
78.3
78.7
78.5
78.6
78.9
78.2
78.4
78.3
78.3
78.0
78.0
89.5
89.6
88.7
88.9
87.9
87.1
86.3
83.8
84.1
83.8
84.2
76.5
76.9
76.5
75.3
73.6
72.7
71.5
70.8
71.1
70.3
69.7
73.1
72.4
71.4
71.7
72.5
72.8
73.9
74.6
74.6
74. R
74.4
85.5
87.0
87.1
87.9
89.1
87.7
86.8
86.7
86.6
86.3
86.2
86.3
86.6
86.4
86.7
87.3
87.8
87.0
85.8
85.6
85.2
85.0
74.4
75.5
75.7
75.5
75.4
75.6
75.4
75.7
76.5
77. 1
76.9
81.0
81.4
81.6
82.0
82.0
81.6
81.8
81.8
81.7
81.3
67.5
68.5
69.3
69.5
69.8
70.2
69.9
70.2
70.2
69.7
70.6
77.5
77.8
77.5
77.5
77.2
73.5
74.3
73.7
73.6
72.8
76.6
77.2
76.2
76.7
76.0
78.4
78.5
78.5
78.4
78.4
84.5
84.6
84.8
84.9
84.9
71.3
70.6
70.6
70.8
70.7
75.1
75.4
75.5
75.5
75.5
85.9
85.9
85.9
85.7
85.7
86.3
86.3
85.9
85.4
85.3
76.3
76.3
76.5
76.8
77.0
82.9
82.9
83.0
83.1
83.1
70.3
70.6
70.7
70.4
70.3
70.2
70.1
70.0
75.5
75.4
74.8
75.0
85.7
85.6
85.6
85.5
85.4
85.2
85.0
85.2
77.3 j
82.8
82.8
82.8
70.1
69.7
69.7
Year, month, and week
Hides and Textile Fuel and Metals Building Chemicals and
leather
lighting and metal
products products materials products materials drugs
I
Total
Housefurnishing good*1
Miscellaneous
Oct.
Oct.
Oct.
Oct.
6.__
13. _
20_ _
27-_
76.6
76.4
76.2
76.2
71.0
71.0
70.9
70.8
75.2
74.8
74.9
75.4
78.2
78.1
77.9
78.0
84.3
84.4
84.6
84.5
Nov.
Nov.
Nov.
Nov.
3...
10..
17..
24..
76.0
76.6
76.7
76.3
71.1
71.5
70.6
75.4
75.9
75.5
75.0
77.8
78.1
78.3
78.1
84.4
84.9
84.9
84.9
74.9
75.6
76.1
75.6
85.5
85.4
85.3
85.3
84.9
85.1
85.0
84.9
76.8
77.0
77.1 i
82.8
82.7
82.7
82.7
70.5
70.6
70.6
76.5
76.7
76.7
76.7
77.1
71.1
71.7
71.1
71.2
72.6
75.0
74.9
75.4
75.4
76.3
78.2
78.3
78.2
78.2
78.1
84.9
85.0
85.7
86.4
86.6
75.7
76.0
75.2
75.0
74.7
85.3
85.4
85.4
85.5
85.5
84.9
85.1
85.0
84.7
84.9
77.4 i
77.8 :'
78.0
78.1
78.3 !
82. 7 j
82.4 |
82.4 |
82.5 I
82.5 j
70.8
71.0
71.2
71.1
71.1
Dec.
Dec.
Dec.
Dec.
Dec.
1-.
8._
15.
22.
29.
1933
1933
1934
Subgroups
Subgroups
Nov. Aug. Sept. Oct. Nov.
F A R M PRODUCTS:
Grains
_
Livestock and poultry
Other farm products
86.0
56.2
73.1
88.1
64.1
74.4
85.0
55.3
75.4
87.2
54.0
75.8
67.2
S5.8
61.7
48.2
66.4
77.3
91.0
65.6
69.4
68.9
76.2
91.9
66.0
76.6
70.0
77.1
91.0
67.6
70.0
71.0
78.6
91.0
65.3
68.4
74.0
99.0
70.1
79.3
87.9
97.9
57.4
71.3
86.8
97.9
60.4
70.6
86.5
97.7
59.7
70.5
85.9
97.3
63.1
70.8
85.7
88.0
86.0
72.5
30.4
84.4
75.8
79.5
86.4
59.3
24.4
78.9
69.7
79.7
87.8
59.9
24.3
78.0
69.1
79.1
86.6
60.5
24.8
74.8
68.5
78.4
84.4
81.0
25.8
74.1
68.5
81.8
90.7
83.2
93.8
94.6
51.6
79.9
96.2
85.6
92.6
99.2
51.6
81.3
96.3
85.6
95.2
99.3
51.3
82.0 82.1
96.4 96.4
85. 6 85.6
94.5
96.9
50.4 50.5
H I D E S 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 U E L AND LIGHTING MATERIALS:
Anthracite
Bituminous coal
Coke
Electricity.Gas
Petroleum products. _.
Nov. Aug. I Sept. i Oct. j N o v .
M E T A L S AND M E T A L PRODUCTS:
61.3
41.2
61.3
FOODS:
Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats
Other foods
77.1 !i
77. 2
77.2 i
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
83.7
81.5
90.9
68.0
92.0
86.6
94.6
92.0 I 92.0
86. 5 86. 2
94. 7 94. 7
!. 4 68.1
91.9
86.0
94.7
67.7
84.7
91.2
86.5
76.3
73.7
86.8
88.4
91.3
93.9
81.8
79.9
75.0
92.0
90.0
91.3
93.9
82.3
79.5
71.6
92.0
91.2
93.9
82.0
79.4
68.1
92.0
89.3
91.2
93.9
81.2
78.8
68.8
92.0
89.4
79.2
58.4
67.8
68.5
79. 2 80. 3
72.7 ! 72.7
64. 8 : 66.4
73.0 : 73.0
81.1
73.5
65.7
73.0
80.9
73.5
64.6
73.5
84.4
79.0
84. 3
78.4
BUILDING MATERIALS:
Brick and tile
Cement
Lumber
Paint materials
Plumbing and heating
Structural steel
Other building materials
CHEMICALS AND D R U G S :
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
! 82.8 84.6
| 79.4 78.9
J
I 43.2 44.7
.._.! 63.5 104.0
__| 82.5 82.4
I 17.5 31.7
! 78.4 81.0
I 84.8
! 78.8
i
' 44.7
100.7
i 82.4
I 31.5
44.7 47.5
97.6 108.2
82.4 82.1
28.6 26.6
81.4 ! 81.1 80.8
i
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1933 (table 120); indexes of subgroups available at Bureau of
Labor Statistics. For weekly indexes covering 1932 and 1933, see Annual Report for 1933 (table 121) and BULLETIN for February 1934, p . 139.
64
FEDERAL RESERVE BULLETIN
JANUARY 1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; adjusted for seasonal variation.
1933
1923-25 average=100]
1934
Industry
._
.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Cotton consumption
Wool
Consumption
l
Machinery
Carpet and activity
rug loom activity 1
Silk deliveries
FOOD PRODUCTS
Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
Oct.
Nov.
72
69
72
*73
47
42
48
38
36
39
37
41
31
42
48
32
50
79
86
pf>0
64
94
v 60
90
69
67
44
101
65
47
96
40
41
99
61
46
135
68
32
111
96
103
87
123
139
128
90
80
102
120
92
155
198
134
81
69
106
128
79
192
244
145
79
64
120
142
89
216
225
162
85
94
107
119
95
144
145
228
83
101
102
110
90
138
121
143
84
102
64
118
63
116
63
117
65
121
62
116
60
115
36
32
29
26
78
3
28
615
95
517
133
41
8
17
37
14
100
87
85
82
99
109
99
86
81
74
114
107
97
83
82
67
101
106
88
80
79
67
97
93
'85
'81
'80
68
95
'87
91
88
88
80
98
92
57
83
58
77
53
92
48
86
50
84
46
87
48
83
71
73
68
64
65
68
58
67
177
95
101
90
91
152
191
98
99
100
93
153
191
95
101
108
102
154
195
94
103
95
100
156
201
92
100
92
78
157
202
91
103
90
74
152
193
85
102
91
153
196
92
98
90
73
155
199
91
101
89
73
100
103
74
106
110
82
97
100
76
81
83
63
84
87
62
83
85
68
79
82
56
61
82
85
60
107
110
80
138
74
188
132
66
181
119
66
158
128
66
175
128
62
178
132
65
183
128
63
177
126
66
172
125
66
171
120
66
161
125
69
168
'86
88
91
100
90
89
87
85
80
82
81
81
'67
68
119
67
82
120
74
89
118
84
109
122
72
73
125
66
64
37
'67
64
36
68
57
47
'65
56
45
72
76
127
40
65
66
44
67
69
130
54
'58
56
45
65
63
128
52
57
53
40
61
50
124
47
60
44
39
64
62
122
44
61
55
36
64
53
122
35
76
56
39
65
64
121
14
77
55
35
70
73
76
80
82
85
86
83
47
36
48
60
40
62
56
40
57
63
45
65
66
51
68
76
55
78
84
66
85
85
66
87
89
80
86
81
63
103
77
67
73
69
48
92
91
70
70
83
48
103
95
73
72
85
54
114
97
72
71
82
59
129
97
66
68
71
53
115
95
65
63
72
57
112
74
63
61
68
62
109
91
98
101
87
104
142
82
82
86
89
85
88
106
147
81
78
96
100
95
102
122
139
91
87
91
94
80
112
122
133
94
73
84
86
69
106
122
131
92
65
93
102
95
110
120
129
91
64
98
108
104
110
128
127
89
71
71
104
67
106
64
108
63
112
66
112
68
115
68
115
30
32
29
38
33
33
302
41
453
41
56
2
26
71
0
30
78
85
10
65
78
10
39
82
2
38
92
91
85
84
111
93
94
89
84
90
103
97
97
91
81
85
126
101
107
94
89
78
124
116
106
88
84
72
116
118
116
95
90
85
118
130
117
93
89
78
118
133
39
52
36
106
49
99
61
98
58
106
55
98
80
56
55
54
58
146
137
171
80
96
92
77
142
177
89
95
92
78
144
143
184
77
96
102
75
181
87
98
86
85
97
100
72
108
113
68
97
101
69
95
62
118
123
67
166
'82
'C6
73
117
23
'71
71
33
67
67
29
74
•5
Pig iron,.
Steel ingots
Jan.
COCO
OO r~»
Manufactures—Total.
IRON AND STEEL
Dec.
*.
Nov.
PAPER AND PRINTING:
Newsprint production
Newsprint consumption
LUMBER
34
31
29
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.. __
NONFERROUS METALS:
__
1
Tin deliveries1-..
-
.
__
_ __
RUBBER TIRES AND T U B E S _
Tirp.s, pnp.iiTnatiCr
Inner tubes
«.
TOBACCO PRODUCTS
Cigars
Cigarettes
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude . .
Iron ore
Zinc.
Lead
Silver _
_
OCO
Petroleum refining
Gasoline1 _
Kerosene1
Fuel oil
Lubricating oill
Coke, byproduct
CO
FUELS, MANUFACTURED:
1
Without seasonal adjustment.
'Includes also lead and zinc; see "Minerals."
vPreliminary.
' 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, mechanical wood pulp,
chemical wood pulp, and paper boxes, usually published in this table, are in process of revision.
65
PEDEKAL RESERVE BULLETIN
JAKUAET 1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; without seasonal adjustment.
1923-25 average=100]
1934
1933
Industry
Nov.
Manufactures—Total
IRON AND STEEL
Pig iron _
Steel ingots
__
_
_
Slaughtering and meat packing
Hogs
_ _
Cattle
Calves _
Sheep
Wheat flour
Sugar meltings
May
June
July
Aug.
Sept.
Oct.
Nov.
75
82
85
89
89
83
71
71
70
73
53
66
85
44
46
67
93
66
68
87
44
37
30
38
45
40
55
40
54
38
35
38
40
39
84
59
87
91
37
44
75
53
77
31
41
32
46
P74
71
68
74
95
71
72
P97
101
76
79
P96
102
73
73
P73
71
60
55
77
85
54
97
62
58
P73
72
82
59
P93
104
65
65
68
62
67
44
82
117
122
124
114
111
97
96
90
82
87
106
69
48
83
48
71
53
72
57
P64
62
P40
P55
P72
p 57
65
47
97
P63
P70
93
P73
P90
40
41
61
46
100
104
135
68
32
115
96
89
102
100
122
110
108
119
128
103
94
88
98
81
69
92
105
100
107
102
89
116
100
106
112
93
92
84
97
95
108
111
100
113
82
154
115
60
188
138
67
240
120
81
168
123
99
106
141
89
100
144
78
113
140
89
114
125
91
124
119
86
131
121
83
144
124
84
144
126
80
224
146
85
216
188
100
152
251
93
159
124
142
90
71
77
75
80
95
192
134
78
84
72
100
96
80
64
LUMBER
Apr.
53
PAPER AND PRINTING:
Newsprint production
Newsprint consumption
Mar.
67
81
63
FOOD PRODUCTS
Feb.
70
93
84
93
_
Jan.
43
TEXTILES
Cotton consumption
__
Wool
Consumption
Machinery activity. __
Carpet and rug loom activity
Silk deliveries
_
Dec.
45
57
96
70
111
67
109
65
104
63
110
65
117
69
123
69
119
66
117
61
103
61
104
64
118
62
123
123
29
29
30
28
39
35
35
32
29
38
33
30
25
98
10
93
2
82
3
67
5
56
7
38
8
24
11
47
41
140
133
12
12
60
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
_ _
LEATHER AND PRODUCTS
Tanning
_
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
_ _
19
2
25
4
46
1
76
0
96
0
109
9
36
32
18
21
46
63
88
81
90
109
110
114
50 \
108
97
98
107
101
'93
87
89
85
79
110
88
87
81
112
76
87
82
70
119
92
97
95
72
129
117
88
85
64
119
124
93
90
76
117
127
88
85
74
109
121
86
83
79
99
103
86
79
86
105
105
85
80
81
99
121
85
82
77
102
111
'86
'82
81
99
'98
87
87
76
97
88
38
50
28
80
30
88
37
106
42
115
53
108
68
90
72
79
64
91
62
87
63
85
53
87
47
79
80
56
55
54
58
71
73
68
64
65
68
58
67
147
184
138
171
144
181
153
191
92
154
195
87
156
201
157
202
152
193
154
196
156
86
96
92
143
177
152
191
83
96
102
142
177
87
102
91
97
98
90
78
103
95
87
103
90
77
101
108
86
100
92
73
75
90
75
78
99
77
CEMENT AND GLASS:
Cement
Glass, plate
>
.
NONFERROUS METALS: l
Tin deliveries
FUELS, MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
__
_____
Lubricating oil Coke, byproduct
R U B B E R T I R E S AND T U B E S
Tires, pneumatic
Inner tubes.
__ _ _
97
TOBACCO PRODUCTS
Cigars
Cigarettes
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver
52
___
__ _
49
97
99
100
94
101
98
75
72
71
73
108
117
115
102
102
81
78
76
73
80
93
112
121
106
105
83
81
75
89
118
78
83
58
131
120
113
118
130
78
62
88
98
86
87
87
77
74
144
65
139
78
62
61
54
135
139
129
74
60
62
64
70
67
69
76
81
128
82
159
179
202
194
186
188
169
166
88
91
81
87
87
85
83
87
87
84
78
84
60
60
59
60
68
71
89
115
95
116
89
121
76
125
60
132
106
72
65
120
11
72
58
52
67
55
46
62
125
85
58
52
68
123
60
71
66
39
52
131
105
53
51
50
126
95
70
65
37
62
76
128
60
66
65
43
73
58
39
77
57
38
50
136
185
164
'85
'81
85
'74
'71
74
'76
116
19
67
115
68
68
29
74
36
94
150
73
117
' 71
199
99
101
89
92
101
90
91
95
92
57
57
55
57
44
34
56
43
39
34
1
* Preliminary.
r Revised.
Includes also lead and zinc; see "Minerals."
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, mechanical wood pulp,
chemical wood pulp, and paper boxes, usually published in this table, are in process of revision.
66
FEDERAL RESERVE BULLETIN
JANUARY
1935
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory employment
Industry and group
seasonal varia- Without seasonal adjustment
Without seasonal adjustment Adjusted fortion
1934
Nov.
TotalIRON AND STEEL AND PRODUCTS
Blast furnaces and steel works
Cast-iron pipe
Cutlery and edge tools
Hardware
Steam, hot-water heating apparatus, etc..
Stoves
Structural metal work
Tin cans, etc
Wirework
Factory pay rolls
1934
1933
Oct.
Nov.
Nov.
1933
Oct.
76.8
'78.4
76.2
76.7
'76.8
66.2
65.9
49.3
78.9
45.4
49.3
93.9
57.9
89.6
121.2
66.0
65.4
50.8
••78.3
'44.2
67.9
67.9
45.0
78.0
57.9
56.3
93.5
53.3
83.9
118.3
66.4
66.7
50.2
77.1
45.2
49.8
88.6
57.8
93.6
121.0
65.6
65.9
50.6
'77.8
49.6
'95.3
'57.1
'93.9
' 121.4
Nov.
1933
1934
Nov.
Oct.
Nov.
59.5
'61.0
55.5
44.2
41.7
26.4
57.4
34.2
32.0
67.0
41.2
79.4
94.5
42.8
39.2
48.8
' 86. 2
'55.8
'94.1
' 120. 7
68.1
68.7
45.8
76.2
57.7
56.9
88.2
53.2
87.7
118.1
43. 3
42.2
23.8
54.1
38.9
30.6
61.8
35.4
74.7
84.9
'43.9
75.9 j
27.5
' 55.9
'31.8
32.4
'71.9
'40.8
'82.5
'95.9
77.9
79.6
65.4
73.5
66.0
70.2
214.5
60.8
'77.9 I
72.9 !
65.0
72.3
66.4
69.1
' 222. 8
73.3
56.1
60.3
56.4
62.5
57.7
248.3
77.4
77.2
82.1
65.4
75.1
67.3
70.6
175.5
62.0
'75.8
76.4
65.0
73.1
66.9
68.4
' 157.1
'62.0
72.3
57.9
60.3
57.6
63.7
58.0
203.2
78.9
57.2
85.7
50.0
50.0
46.6
52.6
131.5
43.4
•-62.2
67.1
r32.4
37.5
69.3
51.6
65.7
50.5
'64.2
'68.7
'36.6
38.0
71.2
53.5
56.6
28.5
22.4
63.5
'70.4
77.4
' 35. 9
39.0
72.1
'69.3
'74.7
'38.2
76! 1
60.5
65.3
31.6
23.3
66.1
'48.4
51.3
'30.0
16.6
54.0
53.9
65.1
53.1
54.8
66.6
53.9
51.7 !
65.7 |
50.7 I
53.7
65.1
52.8
55.0
66.6
54.1
44.4
57.4
43.5
'57.1
46.2
46.1
56.2
45.5
NONFERROUS METALS AND PRODUCTS..
Brass, bronze, and copper
Lighting equipment
Silverware and plated ware
Smelting and refining
Stamped and enameled ware
76.0
72.0
68.9
71.7
74.5
83.9
75.1
71.0
67.1
70.6
73.1
82.9
72.6
74.8
62.6
70.7
64.2
79.8
74.9
72.8
66.0
68.3
75.2
84.0
74.1
71.9
65.1
67.7
72.3
82.8
71.7
75.6
60.0
67.3
64.8
79.9
58.8
51.3
58.0
56.7
46.4
71.9
57.5
49.5
56.3
53.8
45.9
70.4
52.4
49.4
48.8
52.1
36.6
63.6
LUMBER AND PRODUCTS
48.6
65.2
36.3
32.8
'49.5
'66.5
36.3
33.9
52.3
72.4
37.2
34.7
47.3
60.7
36.3
32.6
'47.7
'61.2
36.0
33.3
50.9
67.3
37.2
34.4
33.6
44.5
24.0
21.3
35.2
'47.2
24.1
22.6
33.6
45.0
22.1
21.8
52.2
29.9
48.2
88.5
69.7
'51.9
29.9
'50.7
86.1
'68.4
50.3
29.2
41.2
82.2
69.1
51.9
30.0
47.8
87.4
69.6
'50.0
29.2
'48.8
81.7
'68.0
50.0
29.3
40.9
81.2
69.0
35.6
16.5
29.4
72.0
47.7
'35.5
16.9
'32.4
69.4
'45.7
31.8
13.6
23.0
63.0
45.1
90.9
89.7
60.1
94.2
91.4
110.6
75.0
75.0
89.6
80.3
115.5
59.3
101.3
92.3
89.7
'63.4
94.5
106.7
109.5
75.9
68.1
94.4
86.8
121.7
68.8
103.4
92.9
93.5
73.6
97.0
107.1
109.2
79.3
80.5
87.7
81.2
104.1
67.4
107.7
90.2
88.2
59.3
92.9
90.4
108.1
75.2
72.2
90.8
82.0
119.1
63.8
96.3
90.7
88.8
'63.7
93.8
106.2
108.2
75.4
66.5
91.3
85.9
115.8
67.7
99.3
92.1
91.8
72.7
95.7
105.7
106.7
79.4
77.4
88.7
82.9
107.3
72.5
102.6
71.1
72.5
43.6
75.7
73.2
107.9
62.3
53.6
64.1
52.1
81.3
45.1
98.3
74.7
73.1
'46.3
78.6
83.0
107.1
63.7
46.9
73.4
62.6
94.8
54.8
99.8
69.7
73.2
53.8
76.1
86.4
100.0
60.0
56.2
58.6
52.4
67.6
47.6
90.7
81.6
79.8
89.2
'83.4
82.3
'88.2
79.1
77.0
87.8
83.4
82.3
88.6
'81.4
79.7
'88.3
80.9
79.4
87.2
61.0
54.6
82.0
64.3
60.4
'76.9
60.1
55.6
74.3
MACHINERY
Agricultural implements
Electrical machinery, etc
Engines, turbines, etc
Foundry and machine-shop products..
Machine tools
Radios and phonographs
Textile machinery
TRANSPORTATION EQUIPMENT
Automobiles
Cars, electric and steam railroad..
Locomotives
Shipbuilding
RAILROAD REPAIR SHOPS_.
Electric railroads
Steam railroads
Furniture
Lumber, millwork
Lumber, sawmills
STONE, CLAY, AND GLASS PRODUCTS..
Brick, tile, and terra cotta
Cement
Glass
Pottery
TEXTILES AND PRODUCTS
A. Fabrics
Carpets and rugs
Cotton goods
Dyeing and finishing
Knit goods
_.
Silk and rayon goods
Woolen and worsted goods..
B. Wearing apparel
Clothing, men's
Clothing, women's
Millinery
Shirts and collars
_
LEATHER AND PRODUCTS .
Boots and shoes
Leather
' Revised.
39 3
'57.0
74.4
49.3
48.4
47.6
50.3
' 137. 8
'44.8
'49.7
'52.0
'34.4
17.0
56.2 |
j
'46.8 j
50.2
53.6
41.3
33.5
41.9
43.2
150.5
39.6
24.4
8.7
46.8
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 index of
factory employment computed by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343.
67
FEDERAL RESERVE BULLETIN
JANUARY 1935
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory employment
Without seasonal adjustment
Industry and group
1934
Nov.
F O O D PRODUCTS
__.
Baking
Butter
Canning and preserving
Confectionery
Flour
Ice cream
Slaughtering and meat packing
Sugar refining, cane
TOBACCO PRODUCTS
Chewing and smoking tobacco, and snuff
Cigars and cigarettes
P A P E R AND PRINTING
Boxes, paper
Paper and pulp
Book and job printing
Printing, newspapers and periodicals
A. Chemical group, except petroleum
Chemicals
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
B. Petroleum refining
Rubber boots and shoes
Rubber tires and inner tubes
Nov.
Nov.
1934
1933
Oct.
Nov.
1933
Nov.
Oct.
Nov.
119.5
116.1
77.7
137.3
96.6
80.5
'69.8
117.6
90.9
104.8
109.1
79.5
87.1
95.4
74.5
61.8
98.9
89.2
107.3
113.6
76.6
100.4
79.6
76.4
70.4
108.2
92.1
' 109.3
114.3
76.7
94.7
80.0
78.5
'71.3
116.7
89.4
102.3
107.4
80.1
99.0
83.0
73.3
68.5
97.9
87.8
96.1
98.6
56.4
87.5
76.5
63.3
50.2
100.7
72.8
' 103.4
98.3
58.3
134.4
84.1
68.5
'55.2
107.0
74.0
85. a
90.4
60.8
77.2
74.1
59.3
47.5
76.6
70.8
64.0
73.8
62.7
65.3
73.5
64.2
66.0
77.0
64.7
61.1
73.6
59.4
62.5
74.1
61.0
63.1
76.8
61.4
48.8
62.2
47.1
49.0
63.9
47.1
50.1
64.7
48. a
97.0
90.3
107.7
87.2
99.8
'96.4
'89.7
106.6
87.0
99.2
94.2
87.5
102.2
83.9
99.6
95.7
84.6
107.7
86.7
98.5
'96.0
'85.1
106.6
87.8
99.0
93.0
81.9
102.2
83.4
98.3
82.8
81.3
82.6
74.4
90.4
'82.7
'82.6
83.2
73.7
89.9
75.6
71.9
72.4
67.0
86.4
109. 4
108. 5
106. 5
106.8
91.8
'91.5
'99.6
307.0
105.7
' 112. 9
108.4
108.1
104.0
101.9
92.9
90.8
91.1
332.0
97.7
110.0
107.2
105.8
102.3
101.8
88.9
100.7
100.5
320.8
101.9
113.0
107. 5
106. 2
105. 3
102.1
88.9
'97.9
'99.3
307.0
102.7
' 113.1
106.6
105.5
101.9
98.4
90.2
100.2
91.8
332.0
95.1
111.1
90.9
89.1
90.7
96.8
71.2
69.7
78.5
231.6
92.5
96.8
'91.6
'89.6
'92.4
'99.1
72.5
'73.5
'78.1
217.2
94.6
'97.9
84.6
83.1
85.1
92.8
66.5
63.0
68.3
218.9
80.1
89.8
'77.4
'54.7
69.4
86.7
65.1
72.5
77.0
49.6
71.0
'78.1
'52.3
71.8
87.0
59.9
75.1
57.6
46.8
50.4
'58.3
'50.3
49.6
58.3
58.6
44.8
76.6
53.9
68.7
R U B B E R PRODUCTS
1934
Without seasonal adjustment
109.0
115.4
76.0
88.4
91.5
77.7
63.5
109.3
93.6
108.6
107.9
104.4
105.5
91.6
91.2
99.7
320.8
104.6
111.9
CHEMICALS AND PETROLEUM PRODUCTS
Adjusted for seasonal variation
1933
Oct.
Factory pay rolls
'
'
'
'
'
'
'
'
' Revised.
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation]
Residential
Total
Factories
Commercial
Month
January . _.
February
March...
April
May
June
July
August .
September
October
November
December
Year
.
1933
1934
83.4
52.7
60.0
56.6
77.2
102.3
82.6
106.0
120.1
145.4
162.3
207.2
186.5
96.7
178.3
131.4
134.4
127.1
119.7
120.0
110.2
135.2
111.7
1, 255. 7
' Revised.
1933
12.0
11.8
16.0
19.1
26.5
27.7
23.6
21.9
21.5
21.5
23.6
23.9
249.3
1934
15.1
14.5
28.1
22.8
24.8
26.6
19.8
18.6
17.9
26.3
19.9
1933
4.3
2.8
6.4
6.2
9.4
26.8
17.8
14.1
15.1
9.8
8.2
6.7
127.5
1934
10.7
4.2
15.9
8.4
8.3
8.7
25.7
10.0
6.1
8.5
4.6
1933
5.8
7.6'
7.2
6.6
8.9
9.6
11.5
10.5
7.4
9.8
7.3
7.1
99.4
Public works
and public
utilities
1934
1933
1934
9.4
7.6
13.0
11.9
24.7
11.9
12.9
13.5
13.1
'13.5
11.0
42.7
17.2
17.6
13.6
19.0
24.4
18.9
51.4
60.7
92.7
111.1
133.3
113.7
53.2
92.9
69.9
56.8
57.4
39.1
50.6
50.0
65.2
52.3
602.7
Educational
1933
1934
1.4
2.2
19.6
5.4
1.3
8.8
1.1
1.7
3.5
2.9
2.6
2.2
2.2
2.6
16.3
8.6
10.4
9.7
7.8
12.2
12.5
9.0
40.0
8.6
All other
1933
17.3
11.0
11.5
9.9
11.6
10.3
7.8
5.6
13.0
9.3
9.6
20.0
136.9
1934
17.9
11.8
19.6
9.8
9.5
12.8
14.4
15.2
10.6
12.7
15. a
68
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
JANUARY
1935
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Amounts in thousands of dollars]
{Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1934
1933
Federal Reserve district
Federal Reserve district
Boston
New York...
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
Liabilities
]Number
Nov.
Nov.
Oct
11,165
23,996
7,616
9,730
8,599
9,413
15, 322
8,425
4,134
4,958
8,383
15, 293
26,382
12,817
10, 304
10, 937
7,920
22,960
10, 734
5,618
7,539
4,720
11,871
20, 529
9,054
16, 774
14, 576
42,854
23, 255
9,678
4,023
5,891
3,837
111,741
135,225
162, 341
1934
Nov.
1934
1933
1933
Oct.
Nov.
Nov.
Oct.
Nov.
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago.._
St. Louis
Minneapolis. _
Kansas C i t y . . .
Dallas
San Francisco.
114
287
44
87
39
29
100
24
28
34
17
120
138
346
50
65
48
25
124
36
22
54
20
163
138
311
68
83
64
49
172
47
46
75
32
152
1,802
5,418
1,298
2,967
551
287
3,016
284
197
564
224
1,742
1,686
6,839
1,268
1,515
778
967
2,607
432
459
321
189
2,907
2,525
6,930
2,602
2,192
1,495
579
4,618
579
661
869
527
1,778
Total.-..
923
1,091
1,237
18, 350
19,968
25, 353
Boston
DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates, by States, for Dec. 1, 1934, as reported by the Department of Agriculture]
[In thousands of units]
Total wheat
Corn
Federal Reserve district
Estimate
Production
Estimate
Production
Dec, 1,1934
1933
Dec. 1,1934
1933
Bushels
120
5,220
14, 294
Bushels
Bushels
85,134
9,692
Bushels
7,867
25,132
48,105
128, 893
132,408
160, 725
486, 539
167,470
107,474
53,194
54, 929
7,982
2,351,658
1,380,718
Production
Bushels
7,545
21,060
44,634
Boston
_.
New York
PhiladelphiaCleveland
Richmond
AtlantaChicago
St. Louis
Minneapolis...
Kansas City—.
Dallas
San Francisco.
150, 851
133,164
151, 672
840,127
296,415
219,750
391, 614
Total
Boston
_
New York
Philadelphia-.
Cleveland...,.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-._
Kansas C i t y Dallas
San Francisco .
Total
Bushels
19, 721
3,166
46, 742
38, 900
121,152
130, 510
14, 705
95,557
9,775
122,134
14, 612
40,087
5,039
13, 781
37,479
22, 908
3,841
48, 755
47,197
10,044
140, 671
26,090
49, 229
528,975
496,469
350, 792
405,034
Estimati
Produc- Estimate
Produc1,
1, tion,
tion, 1933 Dec.
1933 Dec.
1934
1934
Bushels
7,446
17,901
13,109
35,144
16, 981
8,183
314,089
37, 207
146,952
84,159
22, 347
27,982
Bushels
7,216
24, 745
15, 724
36,450
15,475
10,091
186,086
18,141
109, 517
50, 782
33,976
20, 612
Tons
Tons
2, 860
4,863
2,295
3,959
2,961
2,049
13,315
5,253
7,856
8,551
894
11, 274
2,790
3,812
1,947
3,365
2,89S
2,067
9,616
4,140
5,214
4,994
724
10,374
731,500
528,815
66,130
51,941
1 Includes 15,000 bales grown in miscellaneous territory.
2
Includes 17,000 bales grown in miscellaneous territory.
NOTE.—1933 figures for all crops except cotton are as revised in December 1934.
Estimate Production
Estimate
Dec. 1,1934
1933
Dec. 1, 1934
120
5,171
13, 866
37, 550
22,908
3,841
50,447
47, 237
63, 272
144,213
26,141
81, 703
T a m e hay
Federal Reserve district
Spring wheat
Winter wheat
5,096
14, 209
38, 788
19, 721
3,166
44,426
38, 778
Tobacco
Busheli
120
124
85
100
White potatoes
Bushels
120
132
85
71
2,316
122
111,377
8,376
93
55,470
1,692
40
53, 228
3,542
51
32,474
178,183
91,435
Cotton
Produc- Estimate
Produc- Estimate
Produc- Estimate
1, tion,
1,
1, tion,
1933 Dec.
1933 Dec.
tion, 1933 Dec.
1934
1934
1934
Pounds
25,345
666
21,330
116,058
749,207
166, 227
17,814
273,758
1,231
6,003
1,377, 6
Pounds
18,471
488
17,504
100, 267
594,830
118,173
11,141
231, 293
683
2,812
Bushels
49,770
28, 314
20, 786
15, 501
22, 656
10, 867
39, 752
9,072
42, 539
30, 566
4,419
45,961
Bushels
65,891
37, 212
31, 787
22,086
32, 805
15,109
65, 598
9,681
43, 361
14, 816
4, 665
42, 276
1,095, 662
320, 203
385, 287
Bales
Bales
1,456
2,569
1,384
2,450
i 2, 554
2 2,344
1,051
5,114
303
270
2,929
354
13,047
9,731
FEDERAL RESERVE DISTRICTS
MINNEAPOLIS
I0WA
CHICAG
KANSAS
KANS.
>, \ J
I
OKLA.
Oklahoma City 1
ARK
Little#Rock/
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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
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FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
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@FedFRASER