Full text of Federal Reserve Bulletin : July 1936

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FEDERAL RESERVE
BULLETIN




JULY 1936

ISSUED BY THE

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
AT WASHINGTON

International Gold and Capital Movements
Legal Reserve Requirements of Central Banks
Earnings and Expenses of Member Banks

UNITED STATES OF AMERICA

1936

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM
CHESTER C. DAVIS

JOSEPH A. BRODERICK
M. S. SZYMCZAK
JOHN K. MCKEE

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

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

LISTON P. BETHEA, Assistant Secretary

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

GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
J. P. DREIBELBIS, Assistant General Counsel
LEO H. PATJLGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics
GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics
E. L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOTJLK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE

FEDERAL ADVISORY COUNCIL

MARRINER S. ECCLES, Chairman

District No. 1 (BOSTON)

THOMAS M. STEELE.

GEORGE L. HARRISON, Vice Chairman

District No. 2 (NEW YORK)

JAMES H. PERKINS.

District No. 3 (PHILADELPHIA)

HOWARD A. LOEB,

District No. 4 (CLEVELAND)

ARTHUR E. BRAUN.

JOSEPH A. BRODERTCK
CHESTER C. DAVIS
M. J. FLEMING
G, H. HAMILTON
JOHN K. M C K E E
B. A. MCKINNEY
RONALD RANSOM
GEORGE J. SCHALLER
M. S. SZYMCZAK

CHESTER MORRILL, Secretary

WALTER WYATT, General Counsel

Vice-President.
District No. 5 (RICHMOND)

CHARLES M. GO HEN.

District No. 6 (ATLANTA)

H. LANE YOUNG.

District No. 7 (CHICAGO)

EDWARD E. BROWN.

District No. 8 (ST. LOUIS)

WALTER W. SMITH,

District No. 9 (MINNEAPOLIS)

THEODORE WOLD.

President.
District No. 10 (KANSAS CITY)_»__W. T. KEMPER.

J. P. DREIBELBIS, Assistant General Counsel

District No. 11 (DALLAS)

E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
W. RANDOLPH BURGESS, Manager of System Open

District No. 12 (SAN FRANCISCO)__M. A. ARNOLD.

Market Account




JOSEPH H. FROST.

WALTER LICHTENSTEIN, Secretary

SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of—
Boston

Chairman and Federal
Reserve Agent
F. H. Curtiss

New York

President

First Vice President

Vice President

R. A. Young

W. W. Paddock

W. Willett.i

G. L. Harrison

Allan Sproul

W. R. Burgess.
L. R. Rounds.
L. F. Sailer.
W. S. Logan.
J. H. Williams.
C. H. Coe.
C. A. Mcllhenny.2
W. J. Davis.
H. F. Strater.
W. F. Taylor.i

Philadelphia

R. L. Austin

J. S. Sinclair

F. J. Drinnen

Cleveland

E. S. Burke, Jr

M. J. Fleming

F. J. Zurlinden

Richmond

F. A. Delano

Hugh Leach

Atlanta

H. W. Martin

Oscar Newton

R. S. Parker

Chicago

G. J. Schaller

H. P. Preston

St. Louis

W. McC. Martin

0. M. Attebery

R. H. Broaddus.
J. S. Walden, Jr.
G. H. Keesee.i

J. N. Peyton . .

H. F. Conniff.
M. W. Bell.i
C. R. McKay.
W. H. Snyder.2
J. H. Dillard.
J. S. Wood.
J. G. McConkey.
Harry Yaeger.
H. I. Ziemer.2

Minneapolis

W. B. Geery....

Kansas City

J. J. Thomas

G. H. Hamilton

Dallas

C. C. Walsh

B. A. McKinney

C. A. Worthington..__ J. W. Helm.2
R. B. Coleman.2
R. R. Gilbert

San Francisco

W. N. Moore

W. A. Day

Ira Clerk
2

i Cashier.

W. M. Hale.
C. E. Earhart.i

Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
Birmingham branch
Jacksonville branch
Nashville branch
New Orleans branch
Chicago:
Detroit branch
St. Louis:
Little Rock branch
Louisville branch
Memphis branch

Managing director
R. M. O'Hara.
B. J. Lazar.
T. C. Griggs.
W. R. Milford
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—

Managing director

Minneapolis:
R. E. Towle.
Helena branch
Kansas City:
J. E. Olson.
Denver branch
C. E. Daniel.
Oklahoma City branch
L. H. Earhart.
Omaha branch
Dallas:
J. L. Hermann.
El Paso branch
W. D. Gentry.
Houston branch
M. Crump.
San Antonio branch
San Francisco:
Los Angeles branch
_ W. N. Ambrose.
R. B. West.
Portland branch
_.
Salt Lake City branch
W. L. Partner.
Seattle branch
C. R. Shaw.
Spokane branch. _
D. L. Davis.

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single copies, 25 cents.




TABLE OF CONTENTS
'

PAGE

Review of the Month—Recent credit developments—International gold and capital movements
509-515
National summary of business conditions
516-517
Summary of financial and business statistics
519
Earnings and expenses of member banks
520-529
Condition of all banks in the United States
530-535
Recent legislation regarding Bank of France and Government borrowing
536
The National Bank of Denmark Act
537-540
Legal reserve requirements of foreign central banks
541-543
Gold reserves of central banks and governments
544-547
Law department:
Rulings of the Board:
Eligibility of loans insured under National Housing Act
548
Maximum rates of interest payable on time deposits under Regulation Q
548
Applicability of section 2(c) of Regulation U to security dealers "making a market" in registered
stocks or purchasing an inventory of such stocks for resale
549
Applicability to collateral for loans made prior to May 1, 1936, of provisions in Regulation U governing withdrawal or substitution of collateral
549
Applicability of section 2(f) of Regulation U to a loan to a dealer to purchase securities to comply with
orders from customers
549
Amendment No. 8 of Regulation T
550
Amendment No. 1 of Regulation U
550
Amendment No. 2 of Regulation U
550
Annual report of the Central Bank of the Argentine Republic
551-563
Annual report of the Netherlands Bank
564-568
Financial, industrial, and commercial statistics:
Member bank reserves, Reserve bank credit, and related items
569
Federal Reserve bank statistics
570-572
Member bank reserve balances
573
Money in circulation
574
Gold stock and gold movements
575
All banks in the United States
576
All member banks
577-578
Reporting member banks in leading cities
579-582
Banks suspended and placed in liquidation or receivership; bank debits; Postal Savings System
583
Acceptances, commercial paper, and brokers' borrowings
584
Federal Reserve bank discount rates
585
Money rates and bond yields
586
Security markets
587
Treasury
finance
588
Governmental corporations and credit agencies
589-590
Production, employment, and trade
591-597
Wholesale prices
598
International financial statistics:
Gold reserves of central banks and governments
599
Gold production
600
Gold movements
600-602
Central banks
. 603-606
Bank for International Settlements
606
Commercial banks
607
Discount rates of central banks
608
Money rates
608
Foreign exchange rates
„
609
Price movements:
Wholesale prices
610
Retail food prices and cost of living
611
Security prices
611




FEDERAL RESERVE BULLETIN
VOL.

22

JULY 1936

No. 7

at the Reserve banks from $500,000,000 to
$1,400,000,000, and a corresponding decrease
Member bank reserve balances, which increased in May and the first half of June in excess reserves of member banks.
During the latter half of June, as a result
largely in reflection of gold
of
redemption of adjusted service bonds in the
Member bank imports, were sharply reduced
amount
of about $800,000,000 and other curreserves
. \
' .
^
rent
expenditures,
offset in part by additional
in the third week of June as
receipts,
Treasury
cash and deposits with the
a result of Treasury fiscal operations. They
Reserve
banks
declined
by $700,000,000. Acincreased again in the last half of the month
companying
the
redemption
of the adjusted
as the Treasury paid out large amounts from
service
bonds
there
was
an
exceptionally
its accumulated balances in cashing adjusted
large
increase
of
about
$250,000,000
in the
service bonds. Excess reserves declined
total
amount
of
money
in
circulation.
This
from a total of nearly $3,000,000,000 on June
growth
in
circulation
of
currency
offset
some10 to about $2,000,000,000 on June 17, the
smallest amount for over a year. By the end what the effect of Treasury disbursements
of the month they had again risen to about on excess reserves. As the funds obtained
from redemption of the adjusted service
$2,700,000,000.
In recent months the Treasury has main- bonds are deposited in banks, either by the
tained a large working balance and a much original recipients or after expenditure, the
larger amount than usual on de- additional currency will return to the banks
Treasury
Effect of posit with Federal Reserve banks. and be gradually retired from circulation.
operations
The maintenance of these large This will further increase both the deposits
Treasury deposits at the Reserve of banks and their excess reserves.
banks has resulted in keeping excess reserves
Inflow of gold from abroad which began
of member banks at a lower level than would in April continued until the third week of
otherwise have been the case. These TreasJune. This gold movement
ury deposits, following a sharp increase in international was an important factor in
March resulting from income tax receipts gold and
increasing bank deposits and
and the sale of new securities, were con- capital
,_,
n
siderably reduced in April by current Treas- movements
excess reserves. Toward the
ury expenditures. The rate of reduction was
end of June, however, the goldsomewhat diminished in May and until the bloc currencies strengthened on the exlatter part of June when the Treasury raised changes, and the movement of gold to the
some of its current funds by weekly issues of United States was checked. Altogether $445,Treasury bills of $50,000,000 in excess of cur- 000,000 of gold was shipped to the United
rent maturities. On June 15 the Treasury States from the middle of April to the third
sold on cash subscription about $1,100,000,- week of June—$47,000,000 from the Nether000 of new bonds and notes and exchanged lands and $333,000,000 from France. Duranother $1,000,000,000 for notes maturing ing much of this time the British Exchange
on June 15 and August 1. Receipts from the Equalization Account was reported to be acsale of these securities and from income taxes quiring gold in Paris, and there were shipresulted in an increase of Treasury balances ments of French gold to Belgium. In the
REVIEW OF THE MONTH




509

510

FEDERAL RESERVE BULLETIN

JULY

1936

latter part of the period Swiss gold was sold Nearly two-thirds of our total receipts of
to the Bank of France since Swiss exchange, gold and silver reflects the known movement
which is stabilized by the Swiss National of capital to this country. A summary of the
Bank principally through gold operations in figures as reported by the Department of
Paris, was under much the same pressure as Commerce for 1934 and 1935 is given in the
the other gold-bloc currencies. The pressure, table.
Notwithstanding the fact that the movehowever, came largely from the movement
of Swiss funds to the United States, and the ment of capital to the United States since the
end of 1933 has been associgold released by the Swiss bank in its supated, to an important degree,
porting operations in Paris was in effect sent Transfer of
to this country as a shipment from France. Unfted^StaVs116 w i t h t h e difficulties of the
The movement of the last two months has
gold-bloc countries—France,
brought the total amount of foreign gold ac- Switzerland, and the Netherlands—the bulk
quired by the United States since of this capital has not come directly from
these countries. About 60 percent of the ret h e e n d Qf 1 9 3 3 t o m o r e than
$3,350,000,000. In addition, the ported net inflow of capital has been in the
purchase of silver abroad, which has in some form of short-term balances, and of these,
measure displaced gold in the international French, Dutch, and Swiss balances account
balance of payments, has amounted to more for about a fifth. The movement of gold-bloc
than $500,000,000. It is estimated that not balances to the United States has been considerably less than the return of American
INTERNATIONAL TRANSACTIONS OF THE UNITED
balances
from abroad. Only a part of these
STATES, 1934 AND 1935
American
balances has been drawn directly
[In millions of dollars; (+) indicates dollar receipts, (—) dollar payments]
from the gold-bloc countries. To a conTotal,
1934
1935
1934 and
siderable extent they represent the release
1935
of frozen accounts in Germany and other
-2,075 countries where exchange controls are opera-3,378 - 1 , 3 0 3
Gold and silver movement
-1,739 tive.
- 2 , 956 - 1 , 2 1 7
Gold
The largest movement, however, has
-86
—422
-336
Silver
been
a
return of funds previously invested in
+208
+461
+669
Merchandise and service items._
__
1
London.
This movement out of London ap+255
+481
+736
Merchandise
-47
-20
-67
Service items
pears to have been strongly influenced by the
+360
+1, 536
+ 1 , 896
Capital items
market for forward exchange.
+442
+202
+644
Stocks and bonds
The importance of the forward exchange
+192
+970
+ 1,162
Rhort-tprm funds
Direct investments and other capital
market
lies in the fact that forward opera+124
-34
+90
transactions
tions are essential to re+482
+331
Kesidual item
._
+813
Forward exchange m 0 V e the risk of exchange
Includes merchandise adjustments.
mar e
losses. When American
much more than a sixth of this gold and sil- banks put funds at interest in London, they
ver is accounted for by net payments to the incur the risk that sterling will decline and
United States by foreigners for merchandise the funds depreciate in terms of dollars. The
and services during this period. The table risk can be eliminated at the time the funds
shows that the balance was about $670,000,- are transferred by selling sterling for future
000 in 1934-35; and this balance has not in- delivery. This fixes the exchange rate at
creased materially in 1936 since merchan- which the sterling funds can subsequently be
dise imports to the United States through converted into dollars. Forward sterling,
May have somewhat exceeded exports. however, may sell at a premium or a discount
1




JULY 1936

FEDERAL RESERVE BULLETIN

511

with relation to the spot sterling rate at inconvenience. In fact, the increase of workwhich the transfer of funds to London is ing balances in the United States since the
made. If this is the case, the banks will re- end of 1933 may well have been greater than
ceive on their London funds the going rate the total increase in balances of the gold-bloc
of interest plus the premium, or minus the countries. Much of this increase has come
discount, on forward sterling. Since the end from Latin America and the Far East.
of 1934 forward sterling has prevailingly Another factor, more difficult to trace, has
been at a discount sufficient to offset the operated upon the movement of balances to
higher interest rate that can be earned in the the United States. When the tension in
London market, and American balances in Europe over the Ethiopian situation reached
London, which were substantial at the end a critical point last autumn, there was a
of 1934, have been reduced to what appears heavy transfer of funds from London to New
to be a working minimum.
York, and at other times international politiThe discount on forward sterling has been cal developments abroad appear to have stimconnected in some measure with the gold-bloc ulated the flow of capital. Thus, in addition
difficulties. The movement of gold-bloc funds to direct transfers from the gold bloc, many
to London has been an important factor in factors—release of frozen funds abroad, the
maintaining spot sterling at a higher level situation in the forward exchange market,
than operators in the forward market have the restoration of working balances here, and
been willing to accept as permanent. Thus international tensions of a political character
the gold-bloc difficulties have contributed to —have acted upon the movement of shorta forward market situation in which con- term balances to the United States. As has
servative American banking funds have re- been noted this movement accounted for
turned from London as well as from the gold- about 60 percent of the reported net inward
bloc countries. This situation in the forward movement of capital since 1933.
market has also made it profitable to place The remaining 40 percent mainly reprea substantial volume of British and other sents capital that has come to this country
funds in New York.
since 1933 through net purMuch of the increase in dollar balances Foreign
chase of securities. At the outhere, however, undoubtedly represents a re- secm-itieT ° se ^ these purchases reprebuilding of working balsented, for the most part, forWorking balances a n c e s w W c h ^
b e e n re_
eign buying of foreign securities in this
duced to a minimum during the period when market. Advantage was taken of the reduced
the dollar was declining in 1933. At the cost of the dollar in 1934 and of the low quoend of that year the Department of Com- tations of many foreign dollar bonds to buy
merce survey indicated that foreign balances back the bonds from American holders. In
in the United States had been reduced to addition, regular sinking fund and redemp$500,000,000. A year earlier, although inter- tion operations led to a demand for foreign
national business was at a low ebb and cen- securities which continued to operate after
tral banks had largely repatriated their dol- the special buying that had characterized
lar reserves, foreign balances amounted to 1934 diminished. Altogether, about 40 per$800,000,000. It is probable that at the pres- cent of the net inward movement of funds in
ent time, with all activities at a considerably security transactions since 1933 has reprehigher level than in 1932, working balances sented transactions in foreign securities.
of at least $800,000,000 are required to trans- The sustained movement into American
act foreign business in this country without securities did not get under way until the




512

FEDERAL RESERVE BULLETIN

JULY 1936

spring of 1935. During the summer it grew in this country throughout the depression a
in volume and in the last quarter of the year volume of securities substantially as great
attained its maximum rate. Buying has con- as the amount now held. Not more than 10
tinued active in 1936. The sustained char- percent of the $5,000,000,000 of long-term
acter of the movement at times when Euro- assets shown in the table as held by foreignpean balances were not increasing, or were ers at the end of 1935 appears to have been
being reduced as in the five months ending acquired since 1933.
April 1936, suggests that foreign investors
believe the American market offers an op- FOREIGN INVESTMENTS IN THE UNITED STATES,
portunity for profitable investment of their
BY COUNTRIES, DECEMBER 31, 1935
funds. This movement was interrupted at
[In millions of dollars]
the beginning of May following the recession
Other
Great Canada Gold
Total Britain
in stock prices, but in recent weeks it has
bloc countries
been resumed. The interruption occurred at
683
372
552
408
Common stocks
2,015
a time when the gold-bloc difficulties were in- Preferred
53
146
64
66
329
stocks..
129
91
338
49
607
Bonds
creasing and the movement of balances, Direct
85
362
276
322
1,045
investments
240
403
235
161
1,039
which had been outward during the winter, Other investments
1,190
1,374
1,465
5,035
1,006
Total
had turned heavily inward.
While the purchase of American securities Source of data: Department of Commerce.
by foreigners since May 1935 appears to reflect conditions in the United States more The table distributes investments by indithan conditions in Europe, most of the buying vidual countries and groups of countries.
on balance has come from Europe and the This distribution does not necessarily reflect
gold bloc as a whole accounts for nearly half. the ultimate ownership. Securities reported
The other half largely represents British in the original data under Switzerland, for
purchases or purchases executed through instance, may be held by Swiss institutions
for account of other countries. In the case
London.
Foreign purchases of American securities of direct investments, the stock of the parent
have accounted for little more than one-fifth organization may be largely or entirely held
of the total reported move- in countries other than that in which it is inForeign longment of capital to the United corporated. It is probable, however, that the
term assets in
States since 1933. To a table presents a broadly accurate picture of
United States
, the distribution of foreign-held investments
at end of 1935 great extent the movement in the United States. More American investhas been in short-term bal- ments are held in Great Britain than in any
ances. Yet, figures recently published by other country. The next largest amount is
the Department of Commerce indicate that held in Canada, notwithstanding the fact
the value of foreign long-term investments that there has been hardly any increase in
in the United States at the end of 1935 was Canadian holdings during the movement that
more than four times the amount of foreign began in May 1935. The gold bloc appears
balances in this country. The large volume to have acquired during 1935 little more than
of foreign investments in the United States a tenth of the investments it held at the end
reflects the fact that the bulk of these invest- of the year. Gold-bloc purchases in the last
ments was acquired before the recent pur- quarter of the year, however, were at an
chasing movement began. Although securi- accelerated pace, which has been continued
ties may have changed hands and market in 1936.
values fluctuated, foreigners have maintained




JULY 1936

FEDERAL RESERVE BULLETIN

A considerable part of the capital that has
flowed out of the gold-bloc countries has
gone to countries other than
Gold-bloc reserves the United States. It is
probable that England has
received more gold-bloc capital than the
United States in recent years, although gold
itself has moved in greater volume to this
country. While England has been receiving
gold-bloc capital, British and other capital
has flowed to the United States and American funds abroad have been brought home.
As a consequence, shipments of gold from the
gold bloc to this country have been at least
twice as large since the end of 1933 as capital
movements from these countries to the United
States.
Reductions in gold-bloc reserves have been
greatest during the past fifteen months.
There were substantial declines, however, in
Swiss and Dutch reserves in earlier years,
while some of the more recent gold losses
have been recovered. The table shows the
changes in the reserve position of each of the
three countries over the period during which
the outward movement of gold has been in
large volume.

513

against domestic liabilities such as notes and
deposits. At present in France the gold required by law against domestic liabilities is
half again as great as that available for international use. Domestic liabilities have contracted somewhat as capital has been withdrawn, and a moderate amount of gold has
thus been freed for international use. The
contraction, however, has been concentrated
in those deposits which include the reserve
balances of the commercial banks. These reserve balances appear now to have been reduced close to a working minimum. Note
circulation of the Bank of France has not declined. During June it increased contrary to
the usual decline after a month-end settlement date, and it is now nearly at the peak
reached early in 1933. The gold available for
international use at the end of June was less
than the gold paid out since March 1935. This
takes no account of the sterling credit
amounting to about $200,000,000 that is due
to be repaid before the end of the year.
In this issue of the FEDERAL RESERVE BULLETIN the table showing gold reserves of the
world is enlarged to include adWorld gold
ditional institutions, and a tabureserves
lar
statement is given of the
CENTRAL GOLD RESERVES OF FRANCE, NETHERLANDS
legal
reserve
requirements
of 45 foreign cenAND SWITZERLAND
tral
banks.
The
table
on
page
514 shows the
[In millions of dollars at $35 an ounce]
current reserve position of a group of 17 counRequired b y law Available
tries holding more than 95 percent of the
Total
against domesfor intertic liabilities
national use
world's central gold reserves as reported in
the BULLETIN. It is possible that in some
Bank of France:
Mar. 29, 1935 ...
5,478
2, 388
3,090
cases reserve items and liabilities against
2,141
June 19, 1936
3,577
1,436
Decrease
1,901
247
1, 654 which reserves must be held are not shown
Netherlands Bank:
on the balance sheet of the central bank in a
Dec. 27, 1932
703
374
329
401
June 22, 1936
.
193 form precisely comparable with the law. In
207
302
Decrease...
121
181 such cases the computation is subject to some
Swiss National Bank:
margin of error. The countries have been
Oct. 31, 1932
862
203
659
June 23, 1936
459
161
298 arranged in order of the magnitude of their
Decrease
. . . .
403
42
361 total international trade in 1935.
Since in many countries the existing gold
parity
has ceased to be related to the value
The table brings out the fact that a conof
the
currency
on the exchange market, the
siderable portion of the gold reserves of all
reserves
available
for international use have
three countries is required by law to be held




514

FEDERAL RESERVE BULLETIN

been computed on the basis of current exchange rates as well as upon that of the
existing legal value. At current rates of
exchange the gold held by a number of central banks represents a larger proportion of
their liabilities than it does when figured at
legal value, and consequently on this basis a
larger amount of the banks' gold reserves is
available for international use.

JULY 1936

the total reserves they now hold. Among
such countries are Germany, Italy, Switzerland, Japan, Argentina, and Brazil. The
Bank of France and the Netherlands Bank
have lost more gold than they now have available for international use, and the same statement could be made of the Bank of England
if account be taken of the French-American
credits used up in defense of sterling in the
summer of 1931. The drain encountered at
CENTRAL GOLD RESERVES AT THE E N D OF MAY 1936 that time was considerably greater than the
gold now held by the bank in excess of the
[In millions of dollars]
amount required by law against notes in cirAvailable for interculation,
irrespective of whether this free
national use i
reserve be computed on the basis of the legal
W i t h gold
Total
With gold valued at value of gold or the current market rate.
held
valued at
current
The Government's Exchange Equalization
rates of
legal rate
exchange Account, however, now holds unreported gold
332
United Kingdom
875 that is entirely available for international
1,701
6,300
United States
6,300
10,402
2 28
Germany
2 28 use.
28
1, 612
France
1,612
3,781
The United States has more gold set aside
125
Japan
331
439
106
Canada
108
188
against
its domestic liabilities than the total
254
Belgium
__
254
610
2 270
Italy'
2 270
270
stock
possessed
by any other country. In ad239
Netherlands
_
239
465
27
British India
125
275
316
Argentina
316 dition it has gold available for international
438
78
South Africa
122
189
124
Sweden
165 use to an amount more than three times as
220
315
Switzerland
315
485
51
Czechoslovakia
__
51 great as the maximum gold drain during the
113
0
Spain
.
403
718
2
Rumania
32 depression. The inflow of this gold has been
111
Total (17 countries)
11,546 the principal factor in the unprecedented in20, 433
10,179
crease of excess member bank reserves.
1
2 Gold not legally required against domestic liabilities.
Reserve requirements suspended.
The strengthening of the French franc and
a Latestfiguresavailable for Italy are as of December 31, 1935.
other gold-bloc currencies in the third week
of June followed the anLegal reserve requirements of central
nouncement in the Chamber
banks are not always rigid. Provision is Gold SblocWeek
of
Deputies on June 19 of the
made in a number of cases for reserves to fall rf ju ne
Government's financial probelow the legal minimum subject to certain
penalties. On the other hand, a deficiency in gram. An element in this program was
legal reserves is generally regarded as per- action against those who failed to register
missible only when a condition of extreme French capital abroad for tax purposes. Asemergency exists. The reserves available for surance was given that neither devaluation
international use are broadly those so desig- of the franc nor a capital levy at home was
nated in the table.
contemplated. The domestic program inIn many cases these reserves are now less volving an expansion of Government exthan the international drains of gold that penditures was to be financed at the outset
have been met at various times during the with advances from the Bank of France and
course of the depression. In a number of subsequently by the issue of small-denominacountries such drains have been greater than tion Government securities designed to draw




JULY

1936

FEDERAL RESERVE BULLETIN

into activity funds now hoarded. Following
the announcement of this program prices of
French securities rose, and there appears to
have been some inward movement of funds
from abroad. Gold amounting to $3,000,000
was acquired by the Bank of France in the
week ending June 26. On June 24 the bank
lowered its discount rate from 6 to 5 percent
and on June 26 to 4 percent.
The Netherlands Bank which, in the week
ending June 29, also gained $3,000,000 of
gold, reduced its discount rate from 41/2 percent to 4 percent on June 25 and to 314 percent on June 30. In the week ending June
30 the Swiss National Bank acquired gold to
the amount of $1,000,000.

Appointment of Mr. Davis to the Board of
Governors

On June 5 the President sent to the Senate
the nomination of Chester C. Davis, of Maryland, as a member of the Board of Governors
for a term of eight years beginning February
1, 1936. This appointment was approved by
the Senate on June 16, and Mr. Davis assumed his duties as a member of the Board
on June 25.
Mr. Davis was born in Dallas County,
Iowa, on November 17, 1887. He was graduated from Grinnell College, Iowa, in 1911.
For seven years he edited newspapers in
South Dakota and Montana, and later became
editor and manager of the Montana Farmer
at Great Falls. In 1921 he was appointed to
organize the Montana State Department of
Agriculture and was Commissioner of Agriculture until 1925, when he was appointed
director of grain marketing for the Illinois
Agricultural Association at Chicago. From
1929 to 1933 he was executive vice president
of a company, with headquarters in Chicago,
formed to manufacture industrial products
from farm wastes, particularly cornstalks.
Early in 1933 Mr. Davis was appointed director of the Production Division of the Agricultural Adjustment Administration and on December 15 of the same year he was appointed




515

Administrator of the Agricultural Adjustment Administration. During the early
months of this year Mr. Davis, at the request
of the President, made a trip abroad in order
to survey at first hand trade conditions in
Europe and to study the effect of changes in
the economic policies of foreign countries in
relation to American agriculture.

Resignation of Mr. Morrison as Member of Board
of Governors

As of July 9, 1936, the resignation tendered by Ralph W. Morrison of Texas as
a member of the Board of Governors of the
Federal Reserve System was accepted. Mr.
Morrison had served as a member of the
Board since February 10, 1936.
Appointment of Chairman and Federal Reserve
Agent, Deputy Chairmen, and Class C Directors
at Federal Reserve Banks

On July 7, 1936, Walton N. Moore was
designated as Chairman and Federal Reserve
Agent at the Federal Reserve Bank of
San Francisco for the period ending December 31, 1936, on which date his term as
Class C director of the bank will terminate.
On June 16, 1936, Owen D. Young was appointed as a Class C Director of the Federal
Reserve Bank of New York for the unexpired
portion of the term ending December 31,1937,
and as Deputy Chairman of the board of directors of the bank for the remainder of the
current year.
On July 7, 1936, Frank J. Lewis and Robert
E. Wood were appointed as Class C Directors
of the Federal Reserve Bank of Chicago for
the unexpired portions of the terms ending
December 31, 1937, and December 31, 1938,
respectively, and Mr. Wood was appointed as
Deputy Chairman of the board of directors of
the bank for the remainder of the current
year.
On July 7, 1936, A. O. Stewart was appointed a Class C Director of the Federal
Reserve Bank of San Francisco for the unexpired portion of the term ending December
31, 1938, and as Deputy Chairman of the
board of directors of the bank for the remainder of the current year.

516

FEDERAL RESERVE BULLETIN

JULY

1936

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled June 25 and released for publication June 27]

Volume of industrial production, which
had increased sharply in April, was maintained in May, and there was an increase in
distribution of commodities to consumers.
Production and employment. — The
Board's seasonally adjusted index of indusPERCl

PER CENT

140

INDUSTRIAL PRODUCTION

140

130

130
120
110

120

\
\

110

100

A

90
80

90
80

/ ^'V

\

70
60
50

. /

l\

100

70

J

60
50

1929

1930

1931

t932

1933

1934

1935 1936

of 1930. This level has been maintained in
June, reflecting in part some accumulation of
steel by fabricators in advance of the effective
date of recently announced price increases.
Declines in production were reported for
many nondurable manufactures; at woolen
mills, however, activity increased. Output of
bituminous coal declined from April to M"ay,
while output of crude petroleum continued in
large volume.
Factory employment increased slightly
between the middle of April and the middle of
May, contrary to the usual seasonal tendency.
Increases were reported at plants producing
iron and steel products, machinery, and most
other durable manufactures. Changes in employment in industries producing nondurable
manufactures were largely of a seasonal
nature. Factory payrolls were somewhat
larger in the middle of May than a month
earlier.

Monthly index of physical volume of production, adjusted for
seasonal variation, 1923-1925 average = 100.

120

WHOLESALE PRICES

trial production in May was 101 percent of
the 1923-1925 average, as compared with 100
percent in April. Production of durable
manufactures increased further, reflecting
larger output of steel and lumber, partly offset in the total by a reduction in the output

110

110

100

100

90
Other
ommodi ties

80

50

V
\

40

Farm Pr

60
120

FACTORY EMPLOYMENT AND PAYROLLS

110

120
110

v-

rJtt\.J4

70

foods'

Ml

90
80
70
60
50

\\>\

40

oducts .

30
100
90

Employment

A

70

/V

80
70

1929

1930

1931

1932

1933

1934

1935

1936

Indexes compiled by the United States Bureau of Labor Statistics, 1926 = 109. By months, 1929 to 1931; by weeks, 1932 to date.
Latest figure is for week ending June 20, 1936.

Total value of construction contracts
awarded,
according to figures of the F. W.
!
50
50
Dodge Corporation, declined slightly from
40
\A /
April to May. Awards for residential build40
V
ing continued to increase and in May, as in
30
30
other months this year, were substantially
1929 1930 1931 1932 1933 1934 1935 1936
larger than a year ago when residential
Monthly indexes of number employed and payrolls at factories,
unadjusted for seasonal variation, 1923-1925 average = 100.
building was first beginning to increase from
the extreme low level of the depression.
of automobiles from the high level of April.
Distribution.—Department store sales,
At steel mills the rate of activity in May was which usually decline at this season, increased
higher than at any other time since the spring from April to May and there was also a rise
60

\

Payrolls^ 1




/

60

JULY

1936

in sales at variety stores and mail order
houses. Freight-car loadings increased by
slightly more than the usual seasonal amount.
Commodity prices.—Wholesale prices of
commodities, which had declined from the
middle of April to the middle of May, have
advanced somewhat since that time and in the
week ending June 20 were at 78.7 percent of
the 1926 average, according to the index of
the Bureau of Labor Statistics. In recent
weeks prices of livestock and livestock products, grains and flour, and textile raw materials and finished products have advanced.
For many steel products price increases have
been announced to take effect early in the
third quarter.
Bank credit.—Excess reserves of member
banks, after a slow increase in May and the
early part of June, declined by $900,000,000
in the week ending June 17. The reduction
in excess reserves was due principally to an
increase in the deposits maintained at the
Reserve banks by the Treasury, which received large payments for new securities
issued, as well as quarterly tax installments.
At that time the Treasury began to distribute
checks and adjusted service bonds to veterans
and there was an increase in the demand for




517

FEDERAL RESERVE BULLETIN

currency in connection with the cashing of
these bonds and checks.
United States Government obligations held
by reporting member banks in leading cities,
which had increased somewhat in May and
BILLIONS OF D O L U

BILLIONS OF DOLLARS

MEMBER BANK CREDIT
Total Loans
J
id Investments-aL-t

V*-

— Demand Deposits-/\ /
Adjusted \ f

7935

'34

Wednesday figures for reporting member banks in 101 leading
cities, September 5, 1934 to June 17, 1936. Loans on real estate,
loans to banks, and acceptances and commercial paper bought
included in total loans and investments but not shown separately.

early June, showed a further sharp increase
in the week ending June 17 in connection
with the new issue of Government securities.
Bank loans also increased.

518

FEDERAL RESERVE BULLETIN

JULY 1936

MEMBER BANK RESERVES AND RELATED ITEMS
Wednesday figures

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

11

1930

1931

1932

1933

1934

1935

1936

MEMBER BANK
RESERVE BALANCES

.".EXCESS RESERVES-::'-:

1930




1931

1932

1933

1934

Latest figures for June 24, 1936. See table on page 569.

1935

1936

519

FEDERAL RESERVE BULLETIN

JULY 1936

SUMMARY OF FINANCIAL AND BUSINESS STATISTICS
Average for year
1929

1933

1934

2,077
521
71
1,461
3,952
2,096
5,328

2,429
283
83
2,052
4,059
2,271
5,576

2,502
36
25
2,432
7,512
2,381
5,403

2,475
7
5
2,431
9,059
2,478
5,585

2,476
7
5
2, 434
8, 755
2,534
5,507

275
407

343
497

2,879
438

2,919
507

2,942
537

2,114
256

2,343
528

3,676
1,564

5,001
2,469

4,778
2,297

2,479 2,484 2,493 2,484 2,480 2,476
8
6
6
8
6
5
5
5
5
5
5
4
2,431 2,430 2,430 2,430 2,430 2,430
9,025 10,158 10,163 10,172 10, 202 10, 324
2,513 2,486 2,495 2,502 2,503 2,495
5,522 5, 757 5,779 5,857 5,892 5,918

527
4,979
2,438

3,058
533

2,981
584

3,278
603

3,384
608

3,133
606

5,780
3,033

5,808
3,038

5,420
2,653

5,300
2,510

5,638
2,800

2,478
6
3
2,430
10, 514
2,492
6,062
3, 372
567
5,484
P2, 609

19,814 19, 887 20,928 21, 053 21, 445 21, 745 217832"
844
844
923
995
901
1,008
973
2,306 2,289 2,247 2,230 2,272 2,292 2,290
4,933 4,895 4,910 4,850 4,956 5,061 5,092

22, 373
1.074
2,334
5,127

7,853 7,910 8,599 8,708 8,737 8,767 8,877
7,989
943
1,155 1,194 1,247 1,273 1,286
928
787
3,052 3,091 3,006 3,094 3,170 3,238 3,344 3,314
4,024
3,820 4,041 4,773 4,782 4, 363 4,180 4,577
354
356
366
326
301
318
370
378
2,112 2,043 2,018 2,336 2,335 2,334 2,262 2,283
13,824
14,064
13,
881
12,
373
12,
814
13,982
14,
371
12,
729
0)
4,970 4,874 4,892 4,893 4,923 4,971 5,051
4,937 4,883
3,814 4,938 4,758 4,747 5, 620 5,647 5,649 5,484 5,477
2
2
13
6
7
6

9,202
1,303
3,333
4,389
387
2,290
14, 563
5,037
5,503
3

22, 599 19,080 17, 505 18, 672 19,997
1,405
337
591
815
820
6,251 4,508 3,343 2,711 2,301
9,231 6,578 5,222 4,965 4,907
2,865

4,413

2,847
1,725
248
1,142

3,245
1, 673
214
1,250
1

0)

C)

5,228 6,856
«325
3,121 "3,000
1,822 2,875
240
271
1,322 1,688

0)

5,666
2,772
228

4,946
2,822
115

2.73
2.05
.88
3.66
5.01

1.72
1.16
.52
3.31
4.49

1.02
1.00
.26
3.10
4.00

959
841
118
781
667
115

146
100
46

180

27
27

89
60
29
32
13
18

190

48

63

72

78

73

76

100

106

109

109

101

95
105
100
92
105

65
48
61
70
68

66
51
61
71
66

75

80
79
84
78
80

80
81
84

80
78
83
78
82

81
78
84
79
82

81
80
83
79
81

80

80

79
75

119
119
115
117

64
63
71
28
13

76
75

6,788
2,787
674

(Averages of weekly figures; percent per annum)

MONEY RATES AND BOND YIELDS

5.85
7.61
3.60
4.73

.76
.56
.14
2.70
3.74

.75
.25
.15
2.61
3.74

.75
.25
.13
2.61
3.72

.75
.75
.10
2.68
3.66

.75
.75
.08
2.62
3.62

.75
.75

.75
.75

.11
2.54
3.61

.10
2.51
3.60

.75
.93
.18
2.50
3.58

1.00
.23
2.50
3.55

»763 n, 004
130
177
r634
'827
595
658
59
128
536
530

413
112
302
305
38
267

731
217
514
528
152
376

(Monthly basis; in millions of dollars)

CAPITAL ISSUES

All issues—total
New
Refunding
Domestic corporate issues—total
New
Refunding
__

54

116
64
41
15
26 '

389
124
265
189
34
155

472
87
384
127
45
82

512
58
454
129
14
115

r

400
122
••278
266
65
201

302
107
195
195
13
181

(Index numbers)

PRICES

Common stocks (1926=100)
Wholesale commodity prices (1926=100):
All commodities
Farm products
Foods
Other commodities
Retail food prices (1923-25 = 100)

MERCHANDISE EXPORTS AND IMPORTS

65

71
78
74

78
81

77

77

80
79
80

80

79
80

78
79
80

106

0)
0)
0)
0)
0)

(Index numbers, adjusted for seasonal variation, 1923-25—100)

BUSINESS INDEXES

Industrial production—total.__
Manufactures
__
Minerals
Construction—total
Residential
All other
Factory employment
Factory pay rolls (unadjusted).
Freight car loadings
Department store sales




June

(Averages of Wednesday figures; in millions of dollars)

REPORTING MEMBER BANKS

Exports, including re-exports
General imports
p Preliminary.
i Figures not available.

1936

(Averages of daily figures; in millions of dollars)

Reserve bank credit—total. _
1,459
Bills discounted
952
Bills bought
241
U. S. Government securities
208
Monetary gold stock
3,996
Treasury currency.
2,015
Money in circulation
4,476
Treasury cash and deposits with Federal Reserve banks
229
Nonmember deposits and other accounts
406
Member bank reserve balances:
Total
2,358
Excess
43

Commercial paper
Stock exchange call loans
U. S. Treasury bills
U. S. Treasury bonds, long term
Corporate high grade bonds (Moody's Aaa)_

1935

May

1932

RESERVE BANK CREDIT, MEMBER BANK
RESERVES, AND RELATED ITEMS

Total loans and investments
Loans to brokers in New York City
Other loans on securities
All other loans
U. S. Government obligations:
Direct
Fully guaranteed
Other securities
Reserves with Federal Reserve banks
Cash in vault
Balances with domestic banks
Demand deposits—adjusted
2
Time deposits (excluding interbank)
Deposits of domestic banks 3
Borrowings

1935

87
142
105
109
106
111

40
64
46
56
69

82
25

11
37
69

49
58
67

79
78
86
32
12

90
90
91
37
21

48
79

50
82
70

62
62

75

63

85
84
89
27
21
32
81
69
61

79

76

86
84
98
30
24
36
80
66
63
80

98
97
103
61
25
90
85
73
70
79

94
91
110
52
25

73
84
73
70
80

93
93
95
47
26
63

100
99
105
47
30
60

?101
P101

84
76

85
78
69

86
79

66
88

81

P102

46
32

57
70
88

(0
(0
0)
0)
(0
0)
0)
0)
0)

(Monthly basis; in millions of dollars)

170 I
165
190 I
178
134
140 I
437
157
110
121
138
171 |
171 !
367
• Partly estimated.
'•Revised.
2 Includes time deposits of banks, domestic and foreign, 1929-1934.

199 I
187 |

182
193

195
199

193 I
203

P201

P191

0)
0)

3 Does not include time deposits 1929-1934.

520

FEDERAL RESERVE BULLETIN

JULY 1936

EARNINGS AND EXPENSES OF MEMBER BANKS
Member banks of the Federal Reserve years and profits on securities sold. ChargeSystem, taken as a whole, showed net profits offs for losses and depreciation amounted to
for the year 1935 for the first time since 1931. more than $500,000,000 in 1935 as compared
These profits were earned notwithstanding with an average of nearly $800,000,000 in the
the continued low level of money rates and four previous years and with about $200,the large volume of funds for which the banks 000,000 in the period prior to 1929. The net
found no employment and on which they con- losses reported by member banks from 1932
sequently received no return. The improve- to 1934 were due to these large charge-offs.
ment has reflected a decrease in charge-offs,
EARNINGS AND EXPENSES OF MEMBER BANKS
an increase in recoveries, and appreciation in
securities sold. Detailed statistics of earnings and expenses of member banks in 1935
and 1934 are given in tables on subsequent
pages of this BULLETIN.
Net profits, as shown in the tables, include
not only net earnings from current operations but also recoveries and profits on securities sold, less charge-offs for losses and depreciation. In 1935 net profits were slightly
more than $4 for every $100 of total capital
funds,
as compared with net losses of about
41/) percent of capital in 1934 and 7 ^ percent in 1933. In the period from 1925 to 1929
net profits averaged nearly 9 percent of capi1927
1928 1929 1930
1932 1933 1934
tal funds. Cash dividends declared were increased slightly in 1935 and for the first time The accompanying chart shows that from
since 1929 were covered in full by net profits; 1927 through 1929 total current earnings
they continued, however, smaller than in the and current expenses increased slightly. The
years prior to 1933.
increase in total current earnings in that
period reflected principally growth in the
EARNINGS AND EXPENSES OF MEMBER BANKS
volume of loans and investments, although
there was also a small increase resulting from
[In millions of dollars]
a rise in interest rates. From 1929 to 1933
1934
1933
1929
total current earnings of member banks declined steadily, reflecting in part a decrease
2. 399 1,237 1,244 1,207
Total current earnings
833 in loans and investments of member banks
1, 684
859
843
Total current expenses
and in part a reduction in rates of interest
Net earnings from current opera394
374 on loans and in yields on securities. A fur378
715
tions
37o
Recoveries, profits on securities sold, etC-_
137
125
254
538 ther decrease occurred in 1935, as a result of
Losses and depreciation
295
858
873
212
Nat profit or loss (—)
557 -350 -225
187 continued declines in interest rates, which
Cash dividends declared
403
151
174
more than offset the effect of an increase in
earning assets.
The average rate of interest and discount
Gross earnings from current operations,
as shown in the following table and in the on loans increased from 5.45 percent in 1927
chart, were slightly smaller in 1935 than in to 6.10 percent in 1929 and declined to 4.68
1933 and 1934, reflecting reduced yields on percent in 1933 and 4.16 percent in 1935.
loans and investments. Although current Interest and dividend rates on investments
expenses also declined, net earnings from cur- declined from an average of 4.70 percent in
rent operations were smaller than in earlier the years 1927-1929 to 3.53 percent in 1933
years. The improvement in net profits re- and 2.76 percent in 1935.
flected a substantial decrease in charge-offs In the period of decreasing gross earnings
for bad and doubtful assets, and an increase since 1929 member banks have also reduced
in recoveries on charge-offs of previous expenses. The principal reduction was in in-




TOTAL CURRENT EARNINGS

/

/

LOSSES LESS RECOVERIES. ETC.

/ TOTAL CURRENT EXPENSES

NET PROFIT
NET LOSS

500 i

"

X

JULY

1936

FEDERAL RESERVE BULLETIN

terest paid on deposits. Interest paid on
time deposits, which averaged about 3% percent from 1927 to 1930, averaged less than 2
percent in 1935, and interest paid on demand
deposits was practically eliminated by the
Banking. Act of 1933. Total salaries an'd
wages paid by banks increased slightly in
1934 and 1935, but in the latter year were
about one-fourth smaller than in 1929, compared with a reduction of about one-fifth in
total loans and investments.
These changes in current earnings and expenses have had the net result of enabling
member banks to continue throughout the depression to show net earnings on current
operations, which in most of the past ten
years have amounted to about 1.50 percent
of total loans and investments. This ratio
declined in 1935, however, to a low level of
1.29 percent.
Losses on loans and investments charged
off by banks began to increase in 1930, absorbed practically all earnings and profits in
1931, and resulted in net losses in 1932, 1933
and 1934. In 1934, although allowances for
losses and depreciation reached a maximum,
member banks reported substantially larger
recoveries from losses previously written off
and profits from securities sold. In 1935
losses declined to the smallest amount since
1930, while recoveries and profits from securities sold showed a further increase, with
the result that the banks, as a whole, again
showed net profits. The total amount of net
profits in 1935, however, was less than half
the pre-depression level, as were also the




521

ratios of net profits to total loans and investments and to total capital funds.
Both national and State member banks
and member banks in each Federal Reserve
district, taken as a whole in each group,
showed net profits in 1935 as compared with
net losses in 1934. Member banks in the
Minneapolis and New York districts, which
reported relatively the largest net losses in
1934, showed the greatest improvement in
1935, while member banks in the Richmond
and Chicago districts, which reported relatively small net losses in 1934, showed the
smallest improvement in earnings in 1935.
Insured nonmember banks, for which figures
are compiled by the Federal Deposit Insurance Corporation, also reported larger net
earnings and smaller charge-off s in 1935 than
in 1934, but these banks as a group showed
a small net loss in 1935.
Figures of earnings and expenses of banks
for 1935, grouped by size of banks, are shown
for State member banks and for all insured
commercial State banks in tables on pages
528-529. Data for national banks by size
group for the year 1935 have not yet become
available. All size groups of insured State
banks, except those with deposits of over
$50,000,000, showed larger net earnings from
current operations in 1935 than in 1934, and
all but one group showed net profits in 1935,
after allowances for recoveries, losses, etc.
The group which includes banks with deposits of between $5,000,000 and $50,000,000
continued to show a net loss, though a much
smaller one than in 1934.

522

FEDERAL RESERVE BULLETIN

JULY

1936

EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
ALL MEMBER BANKS, BY CLASSES OF BANKS, YEARS ENDED DEC. 31, 1935 AND 1934
Amounts per $100 of loans
m e n t s 12

Amounts (in thousands of dollars)

All member b a n k s

Total earnings from current
operations
Expenses:
Interest on deposits:
Time
__
Demand
Bank
Total
Salaries and wages
Interest and discount on borrowed money
Taxes
Other expenses
_
Total current expenses
Net earnings

_ _ __.

Recoveries, profits on securities,etc:
On loans
On investments
_
_ _
All other
Total
Losses and depreciation:
On loans
_
_
On invp-St.Tnp.nts
On banking house, furniture,
and
fixtures
__
All other
Total losses and depreciation.
Net profit, or net loss (—)3
Cash dividends declared
Loans 2 _
Investments

2

_ _

_

_

Loans and investments
deposits 22 _
deposits 2 4

Time
Total
Capital funds

_

2

member
State member banks Allbanks

State
member

National
member
banks

banks

1934

1935

1934

1935

1934

498,419

540,014

339, 272

362, 740

159,147

177, 274 $1.72 $2.01 $1.85 $2.13 $1.50 $1. 79

467, 217

473, 791

315, 726

314, 217

151,491

159, 574

1.62

1.76

1.73

1.85

1 43

1 61

1, 681

2,425

1,123

1, 375

558

1,050

.01

.01

.01

.01

.01

01

28,825
12, 282
77, 703

27, 810
17, 975
70, 994

20, 292
6,887
28, 540

18, 350
10, 750
25, 545

8,533
5,395
49,163

9,460
7,225
45, 449

.10
.04
.27

.10
.07
.26

. 11
.04
.15

. 11
.06
.15

.08
.05
.46

10
.07
.46

35, 634
84,888

27, 619
83, 245

24,887
55, 510

19, 284
54, 521

10, 747
29, 378

8,335
28, 724

.12
.29

.10
.31

.14
.30

.11
.32

.10
.28

.08
.29

1, 206, 649

1, 243,873

792, 237

806, 782

414, 412

437, 091

4.17

4.62

4.33

4.74

3.90

4.41

196, 490
9,298
2,695

227, 371
12, 494
3,498

142, 520
6,726
1,703

162, 908
8,787
2,074

53, 970
2,572
992

64, 463
3,707
1,424

.68
.03
.01

.84
.05
.01

.78
.04
01

.96
.05
.01

.51
.02
.01

.65
.04
.01

208, 483
334, 468

243, 363
327, 424

150, 949
211, 242

173, 769
206, 015

57, 534
123, 226

69, 594
121,409

.72
1.16

.90
1.22

.83
1.16

1.02
1.21

.54
1.16

.70
1.22

1,230
63, 680
224, 654

3, 637
62, 278
212, 687

429
42, 628
142, 528

1,577
42, 293
132, 567

801
21,052
82,126

2,060
19,985
80,120

.22
.78

.01
.23
.79

.23
.78

.01
.25
.78

.01
.20
.77

.02
.20
.81

832, 515

849, 389

547, 776

556, 221

284, 739

293,168

2.88

3.15

3.00

3.27

2.68

2.96

374,134

394,484

244,461

250, 561

129, 673

143,923

1.29

1.46

1.33

1.47

1.22

1.45

71,901
277,027
27,078

44, 389
185, 591
23, 979

47, 327
180, 441
12, 309

31, 999
119, 589
15, 224

24, 574
96, 586
14, 769

12, 390
66, 002
8,755

.25
.96
.09

.16
.69
.09

.26
.98
.07

. 19
.70
.09

.23
.91
.14

.12
.67
.09

376, 006

253, 959

240,077

166, 812

135, 929

87,147

1.30

.94

1.31

.98

1.28

.88

252, 374
198, 765

451, 782
320, 496

159, 978
116,182

299, 085
206, 332

92, 396
82, 583

152, 697
114,164

.87
.69

1.68
1.19

.87
.64

1.76
1.21

.87
.78

1.54
1.15

33, 586
53, 537

39, 422
61, 244

23, 329
26, 950

29, 414
36, 531

10, 257
26, 587

10, 008
24, 713

.12
.18

.15
.23

.13
.15

.17
.21

.10
.25

.10
.25

538, 262

872, 944

326, 439

571, 362

211, 823

301, 582

1.86

3.24

1.79

3.36

2.00

3.04

211, 878
186, 810

-224, 501
173, 666

158, 099
112, 918

-153,989
91, 698

53, 779
73, 892

- 7 0 , 512
81, 968

.73

-.83

.86

-.90

.51

-.71

11,985,150 12, 476, 572 7, 418, 739
16, 913, 308 14, 453, 885 10, 866, 893

7, 749, 869
9, 268,115

4,566,411
6,046, 415

4, 726, 703
5,185, 770

28, 898, 458 26, 930,457 18, 285, 632 17,017,984 10, 612, 826

9, 912, 473

1935

Earnings:
Interest and discount on loans. _
Interest and dividends on investments
Interest on balances with other
banks
Collections charges, commissions, fees, etc
Foreign department
_ __
Trust department
Service charges on deposit accounts
__
Other current earnings

National member
banks

and invest-

1935

1934

1935

1934

1935

1934

_ _ _ _ - - . 10,181,426

9, 616, 323 7, 203, 568 6, 741, 268 2, 977, 858 2, 875, 055
35, 694, 475 30, 718, 669 22,976, 968 19,-725,908 12, 717, 507 10,992, 761
5,118, 478 5,049, 525 3,078, 033 2, 976, 272 2, 040, 445 2, 073, 253

Other ratios 1
Net profit, or net loss ( - ) , per $100 of capital fu nds 4
Interest and discount on loans per $100 of loans
Losses on loans per $100 of loans. _
Interest and dividends on investmeiits per $100 of investme nts.
Losses on investments per $100 of in vestments
Interest on time deposits per $100 of time depos its
Total deposits per $1 of capital fund s*
Loans and investments per $1 of cap ital funds 4
For footnotes see p. 523.




2

$4.14 -$4. 45 $5.14 -$5.17 $2.64 -$3. 40
4.16 4.33 4.57 4.68 3.49 3.75
2.11 3.62 2.16 3.86 2.02 3.23
2.76 3.28 2.91 3.30 2.51 3.08
1. 18 2.22 1.07
2.23 1.37
2.20
1.93
2.36 1.98 2.42 1.81 2.24
6.97 6.08 7.46 6.63 6.23 5.30
5.65 5.33 5.94 5.72 5.20 4.78

JULY

523

FEDERAL RESERVE BULLETIN

1936

EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1935 AND 1934—Con.
[In thousands of dollars]
Federal Reserve district
Boston

Earnings:
Interest and discount on
loans
Interest and dividends on
investments
Interest on balances with
other banks
Collection charges, commissions, fees, etc
Foreign d e p a r t m e n t
Trust department
Service charges on deposit
accounts
Other current e a r n i n g s . . .
Total current

earnings

Expenses:
Interest on deposits:
Time
Demand
Bank
Total
Salaries and wages
Interest and discount on
borrowed money
Taxes
Other expenses
Total current expenses.
N e t earnings
Recoveries, profits on securities, etc.:
On loans
On investments
All other
Total
Losses and depreciation:
On loans
On investments
On banking house, furniture and fixtures
Allother
Total losses and depreciation
N e t profit, or net loss (—)
Cash dividends declared 3
Loans

2

Investments

2

Loans and investments 1
T i m e deposits 2
Total deposits 2
Capital funds 2 4

New York

Cleveland

Philadelphia

1935

1934

1935

1934

1935

1934

1935

Atlanta

Richmond

1934

1935

1934

1935

1934

39, 559

43,971

131,151

149,944

44,192

48, 277

47, 403

52, 049

23, 944

25, 222

20, 704 21,110

28, 373

30, 751

142, 491

159,932

45, 337

43, 062

48, 670

46, 370

18, 915

18, 079

13, 643 13, 666

34

47

423

968

129

206

124

93

64

76

969
5, 550

1,287
5,237

6,421
8,197
36, 352

7,285
12, 688
33, 956

651
375
7,250

611
439
6, 361

1,216
312
5,369

1,432
321
4,913

1,160
34
1,922

1,163
62
1,699

2,313
197
1,340

2,164
232
1,162

2,970
6,294

2,474
5,046

8,109
22, 348

6,212
24, 210

1,717
6,217

1,234
5,403

2, 245
8,810

1,494
7,616

1,728
3,185

1,254
2,807

1,562
3,691

1,231
3,472

84, 635

19, 642

355, 492

395,195

105,868

105, 593

114,149

114,288

50, 952

50, 362

14,087
56
295

17, 258
210
345

37,187
2,118
574

46, 051
2,569
1,031

22, 491
519
585

24, 837
1,018
729

23, 014
1, 537
385

27, 219
1,985
361

10,451
194
102

11, 686
300

14, 438
23, 120

17, 813
22, 695

39, 879
110,116

49, 651
111,001

23, 595
25, 242

26, 584
24, 745

24, 936
26, 207

29, 565
25, 422

10, 747
12, 917

12, 075
12, 284

65
4,543
14, 434

165
4, 322
14, 001

226
16,979
75, 414

1,096
17, 441
73, 469

123
5,126
17, 500

439
4, 777
16,092

35
7, 046
17, 737

159
6,229
16,025

19
2,704
7,881

124
2,793
7,601

75, 961

77, 400

34, 268

34, 877

30, 993 30,811

16, 684

15, 485

12, 543 12, 328

102

43, 536 43,139

7,020
427
113

8,194
432
119

7,560 8,745
11,951 11,216
67
2,832
8,583

184
2,832
7,834

56, 600

58, 996

242, 614

252, 658

71, 586

72, 637

28, 035

30, 646

112,878

142, 537

34, 282

32, 956

3,551
15,054
1,514

2, 238
12, 975

29,361
106, 212
11, 682

15, 530
77, 206
5,342

3,703
23, 091
1, 955

1,334
11, 750
1,382

3, 409
16, 546
1,061

1,857
9,817
1,381

2,163
11,199
842

1,177
10,143
894

1,063
7,950
451

903
5,695
421

20,119

17, 111

147, 255

28, 749

14, 466

21,016

13,055

14, 204

12, 214

9,464

7,019

12, 978
11,728

31,134
19, 354

102,19'
75,028

182, 605
149,185

24,997
21, 346

33, 518
27, 510

16,047
18, 336

36, 255
22, 635

9,241
9,414

16, 003
10, 746

7,021 14,126
4,995 5,137

2, 265
2,724

2,445
4,411

11,212
18, 216

14, 259
19,170

3, 305
7,027

1, 554
4,060

2,381
2,821

2,409
4, 793

1, 582
1,728

1,233
1, 985

29, 695

57, 344

206, 653

365, 219

56, 675

66, 642

39, 585

66,092

21, 965

29, 967

14,185 23,058

18, 459
13, 048

- 9 , 587
12,313

53, 480
86, 543

-124,604
88, 753

6, 356
17, 775

-19, 220
17, 277

19, 619 -16,149
11,389
10, 070

8,923
6,058

- 2 , 268
6,312

7,822 - 3 , 7 1 1
4,973 4,191

555,126 971,934
347, 079 1, 239, 447

046, 345
091, 255

946,817 995, 953
478, 598 1, 263, 293

461, 543
607, 443

476,053
524,172

413, 357 414, 711
432
453'

902, 205 2, 211, 381 2,137, 600 2, 425, 415 , 259, 246 1,068, 986 1,000, 225

866, 599 821,143

955, 255 1, 023, 510 4, 358, 243
931,861 865, 923 6,161, 410
1,887,116 1,889,433 10, 519, 653
709, 371 720, 564 2, 090, 761
, 277, 545 2,118,109
118,109 12,630,417
373,166 368,
""'" 927
~~~ 1,996,552

!, 116, 896 1, 019, 457 986, 732 1, 163,093 1, 074, 413
1, 876,186 2, 482, 511 , 217, 476 2, 799, 395 2,
~ 405,186
405,
!, 021, 418 481,912 476, 326 481, 445 464, 928

1,076
1,093

972
2,823

484, 873 458, 091 341, 544 327,,167
382, 989 1 ,193, 501 1,137, 927 968, 104
181, 884 175, 510 158, 669 154,140

1
The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. It should be borne
in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are
therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison
with the figures for small banks. No adjustments nave been made in the underlying data for changes during a given year in the number of banks
whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected
by these changes.
2 Figures for loans, investments, deposits, and capital funds are averages of amounts from reports of condition for 5 call dates (December to
December).
3 Includes interest on capital notes and debentures.
4
By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for
contingencies, reserves for stock dividends on common stock, and retirement fund for preferred stock and/or capital notes and debentures. Prior
to July, 1932, reserves for dividends were also included in capital funds.
Back figures.—See BULLETIN for August 1935, p. 540-542. For summary figures for the country as a whole, see Annual Report for 1934 (table 91.)




524

FEDERAL RESERVE BULLETIN

JULY 1936

EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1935 AND 1934—Con.
[In thousands of dollars]
Federal Reserve district
Chicago

Earnings:
Interestanddiscountonloans_
Interest and dividends on in» vestments
Interest on balances with
other banks
Collection charges, commissions, fees, etc
Foreign department
Trust department
Service charges on deposit
accounts
Other current earnings
Total current earnings.__
Expenses:
Interest on deposits:
Time
Demand
Bank
,
Total
Salaries and wages
Interest and discount on
borrowed money
Taxes
Other expenses
Total current expenses

St. Louis

Minneapolis

Kansas City

San Francisco

Dallas

1935

1934

1935

1934

1935

1934

1935

1934

1935

1934

1935

1934

43,184

47, 524

17, 709

18, 485

13,103

14, 280

21,155

21, 536

21, 593

21, 278

74, 722

76, 338

57, 361

50, 292

17,471

16,354

13, 357

14, 64'

18,145

18, 680

11,159

11,771

52, 295

50,187

91

151

40

49

121

163

185

246

31

38

353

5,125
852
10, 390

4,229
1,474
9,183

1,677
35
1,317

1,534
64
1,102

2,947
65

2,629
73

1,643
13
1,192

1,486
16
I, 1

1,412
27
484

1,439
31
430

3,374
1,206
5,550

3,009
1,288
4,931

5,877
9,528

4,664
10, 725

1,331
3,006

966
2,907

1,153
2,482

957
2,579

2,820
4,615

2,094
4,373

1,759
3,844

1,452
3,428

4,363
10, T "

3,587
10, 679

132, 408

128, 242

42, 586

41, 461

34, 215

36, 254

49, 768

49, 525

40, 309

39, 867

152, 731

150, 305

20, 704
1,293
82

21,081
1,550
75

7,242
292
57

8,056
302
141

6,591
160
141

8,250
373
194

5,519
564
127

7,021
1,026
244

3,847
462
20

4,553
525
26

38, 337
1,676
214

43,165
2,204
144

22, 079
37,876

22, 706
35, 991

7,591
11,107

8,499
10, 566

6,892
9,813

8,817
9,738

6,210
14, 503

8,291
14,124

4,329
11, 605

5,104
11,006

40, 227
40, 011

45, 513
38,636

63
6,670
24, 288

233
7,190
21,964

550
2,683
7,195

903
2,449
6,902

21
2,472
6,617

33
2,185
7,435

13
2,620
10, 043

42
2,560
9,634

36
3,027
7,717

90
3,249
7,020

12
6,978
27, 245

169
6,251
24, 710

90, 976

29,126

29, 319

25, 815

28, 208

33, 389

34, 651

26, 714

114, 473

115,279

Net earnings

41, 432

40,158

13, 460

12,142

8,403

8,045

16, 379

14, 874

13, 595

13, 398

38, 258

35, 026

Recoveries, profits on securities,
etc.:
On loans
On investments
All other

11,1
28, 518
3,858

7,1
17, 376
8,132

2, 615
12, 279
618

1,481
6,965
1,177

3,482
7,148
964

2,475
5,327
747

3,035
10, 458
762

2,908
7,042
682

3, 517
8,978
738

2,946
4,671
457

4,304
29, 594
2, 633

3,651
16, 624
1,466

44, 074

33, 397

15, 512)

9,623

11, 594

8,549

14, 255

10, 632

13, 233

8,074

36, 531

21, 741

27,840
19, 270

46, 832
23, 820

6, 693
9, 358

11,441
12,175

14, 553
12, 650

8,919

5,533

14, 096
9,407

7, 864
5,073

14, 215
3,831

21, 583
11,881

37, 004
24,046

3,073
4,282

3,351
5,654

1,003
1, 697

857

2,348

1,577
1,838

1,
2,113

2,301
2,580

1, 363
1,964

2,772
2,624

54, 465

79, 657

18, 756

26, 792 14, 465

16, 264

23, 442

31,041
9,963

-6,102
6,280

10, 216
4,255

1, 02S, 628 1,138, 381
Loans a
354, 313 1, 729, 583
Investmsnts 2_.
2
Loans and investments . . 3, 382, 933 2, 867,969

TotalLosses and depreciation:
On loans
On investments
On banking house, furniture and fixtures
All other
Total losses and depreciation
Net profit, or net loss (—)..
Cash dividends declared 3_.

Time deposits 22_.
Total deposits 2_.
Capital funds 4.
For footnotes see p. 523.




3, 803
8, 785;
46,053

5,721
8,958
75, 729

30, 618

19, 501

28,384

5,529 -14,023
4,111
2,346

11,133
4,950

- 2 , 878
4,226

378, 352
556, 058

373, 583 280, 384 283, 810
493, 758 427,835 389,018

336, 419
608, 638

350, 539
553, 695

338, 790 336, 745 1,485,430 1,471, 816
381,193 357, 829 1, 713, 270 1, 431, 843

934, 410

837, 341 708, 219 672, 828

975, 057

914, 234

719, 983

-5,027
3,072

10, 564 - 1 , 9 7 0
4,413
5,355

28, 736 -18,962
18, 390 14, 413

694, 574 3,198, 700 2, 903, 659

1,219,969 1, 016, 616 349, 225 326, 543 343, 939 337,349 310,826 309, 408 195,838 194, 627
4,611,951 3, 687, 485 1, 209, 970
1,
., 030, 590932, 536 819,"350 1,, 485, 726 1,, 267, 545
1, 044, 227 941, 461
"
475, 608 452, 485 147, 850 141,980 114,811 107, 743 154,969 149, 027 143, 334 135, 814

1, 952, 5301, 747, 917
3, 699, 2813,193, 676
408, 278 401,226

JULY

525

FEDERAL RESERVE BULLETIN

1936

EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1935 AND 1934—Con.
Federal Reserve District
New York

Boston

Amounts per
$100 of loans and investments: 1 2
Interest earned
Other earnings
Total current earnings
Interest on deposits
Interest and discount on borrowed
money
Salaries and wages
Taxes
All other expenses
Total current expenses
Net earnings
.. _
Recoveries, profits on securities, etc.__
Losses and depreciation
Net profit, or net loss (—)__
Other ratios: 12
Net profit, or net
loss (—), per $100 of
capital funds 4
Interest and discount on loans per
$100 of loans
Losses on loans per $100 of loans
Interest and dividends on investments per $100 of investments. _ __
Losses on investments per $100 of
investments
Interest on time deposits per $100 of
time deposits
Loans and investments
per $1 of
capital funds 4
Total deposits per $1 of capital funds -L

Philadelphia

Cleve land

Richmond

Atlanta

1935

1934

1935

1934

1935

1934

1935

1934

1935

1934

1935

$3.60
.88

$3.96
.79

$2.61
.77

$3.14
.85

$4.05
.74

$4.28
.66

$3.97
.74

$4.36
.70

$4.02
.75

$4.34
.70

$3.97
1.05

$4.25
1.01

4.48

4.75

3.38

3.99

4.79

4.94

4.71

5.06

4.77

5.04

5.02

5.26

.77

.94

.38

.50

1.07

1.24

1.03

1.30

1.01

1.21

.87

1.06

1.23
.24
.76

01
1.20
.23
.74

1.05
.16
.72

.01
1.12
.18
.74

.01
1.14
.23
.79

.02
1.16
.22
.75

1.08
.29
.73

.01
1.13
.28
.71

1.21
.25
.74

.01
1.23
.27
.76

.01
1.38
.33
.99

.02
1.37
.34
.95

3.00

3.12

2.31

2.55

3.24

3.39

3.13

3.43

3.21

3.48

3.58

3.74

1.48
1.07
1.57

1. 63
.91
3.03

1.07
1.40
1.96

1.44
.99
3.69

1.55
1.30
2.56

1.55
.68
3.12

1.58
.87
1.63

1.63
.58
2.93

1.56
1.33
2.05

1.55
1.22
3.00

1.44
1.09
1.64

1.50
.85
2.81

.98

-.51

.51

-1.26

.29

-.90

.81

-.71

.83

-.23

.90

-.45

4.95

-2.60

2.68

-6.15

1.32

-4.04

4.08

-3.47

4.91

-1.29

4.93

-2.41

4.14
1.36

4.30
3.04

3.01
2.34

3.29
4.01

4.55
2.57

4.61
3.20

5.01
1.69

5.23
3.64

5.19
2.00

5.30
3.36

5.01
1.70

5.09
3.41

3.04

3.55

2.31

2 99

3.66

3.95

3.29

3.67

3.11

3.45

3.01

3.36

1.26

2.24

1.22

2.79

1.72

2.52

1.24

1.79

1.55

2.05

1.10

1.26

1.99

2.40

1.78

2.18

2.21

2.52

1.98

2.53

2.16

2.55

2.06

2.50

5.06
6.10

5.12
5.74

5.27
6.33

4.90
5.38

4.59
5.15

4.49
4.65

5.04
5.81

4.86
5.17

5.88
7.60

5.70
6.80

5.46
7.17

5.33
6.28

1934

Federal Reserve District
St. Louis

Chicago

Amounts 2per $100 of loans and investments: J
Interest earned
Other earnings
_._
Total current earnings
Interest on deposits
__
Interest and discount on borrowed
money
Salaries and wages
Taxes
All other expenses..
. .
Total current expenses
Net earnings
Recoveries, profits on securities, etc__
Losses and depreciation
_ ._
Net profit, or net loss (—)

_

Other ratios: 1 2
Net profit, or net4 loss (—), per $100
of capital funds
Interest and discount on loans per
$100 of loans
Losses on loans per $100 of loans
Interest and dividends on investments per $100 of investments
Losses on investments per $100 of
investments.
Interest on time deposits per $100 of
time deposits _ _
Loans and investments
per $1 of
capital funds 4
Total deposits per $1 of capital funds *_
For footnotes see p. 523.




Minneapolis

Kansas City

San Francisco

Dallas

1934

1935

1934

1935

1934

1935

1934

1935

1934

1935

1934

1935

$2 97
.94

$3.41
1.06

$3 77
.79

$4.02
.76

$3 75
1.08

$4 32
1.06

$4.05
1.05

$4.43
.99

$4 55
1.05

$4.76
.98

$3.98
.79

$4.37
.81

3.91

4.47

4.56

4.78

4.83

5.38

5. 10

5.42

5.60

5.74

4.77

5.18

.65

.79

.81

.98

.97

1.31

.63

.91

.60

.73

1.26

1.56

1. 12
.20
.72

01
1.25
.25
. 77

06
1.19
.29
. 77

. 10
1.22
.28
.80

1.39
35
.93

01
1.45
.32
1.10

1.49
.27
1.03

.01
1.54
.28
1.05

01
161
42
1.07

.01
1.58
.47
1.01

1.25
.22
.85

.01
1.33
.22
.85

2.69

3.07

3.12

3. 38

3.64

4.19

3.42

3.79

3.71

3.81

3.58

3.97

1.22
1.30
1.61

1.40
1. 16
2.78

1.44
1.66
2.01

1.40
1.11
3.09

1.19
1.64
2.04

1.20
1.27
4.55

1.68
1.46
2.00

1.63
1.16
3.10

1.89
1.84
2.26

1.93
1.16
3.38

1. 19
1.14
1.44

1.21
. 75
2.61

.92

- . 21

1.09

-.58

.78

-2.08

1.14

-.31

1.47

-.28

.90

-.65

6.53

-1.35

6.91

-3.54

4.82 -13.02

7.18

-1.93

7.37

-1.45

7.04

- 4 . 73

4.20

4. 17
4.11

4.68
1.77

4.95
3.06

4.67
2.49

5.03
5.13

5.77
2.43

5.97
3.91

6.37
2.32

6. 32
4.22

5. 03
1.45

5.19
2.51

2.91

3.14

3.31

3. 12

3.77

2.98

3.37

2.93

3.29

3.05

3.50

1.38

1.68

2.47

1.29

3.25

1.12

1.70

1.33

1.07

.69

1.63

2.07

2.07

2.47

1.92

2.45

1.78

2 27

1.96

2.34

1.96

2.47

6.34
8. 15

6.32
8.18

6.11
7.26

6 17
8.12

6 24
7. 60

6.29
9. 59

6. 13
8.51

5 02
7.29

5.11
6.93

7.83
9.06

7.24
7.96

2.71
2.44
.82
1.70
7 11
9.70

FEDERAL RESERVE BULLETIN

JULY 1936

EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
NATIONAL BANKS, BY DISTRICTS, LAST SIX MONTHS OF 1935 a
[Compiled by the Comptroller of the Currency from reports submitted by national banks. In thousands of dollars
Federal

Reserve District

Total
Boston
Earnings:
Interest and discount on loans
Interest and dividends on investmentsInterest on balances with other banks._Collection charges, commissions, fees,
etc
Foreign department._ __
_ _
Trust department
Service charges on deposit accounts
Other current earnings

170,498
155,113
469
10, 575
2,916
15, 539
12, 722
28, 258

Total earnings from current operations
Expenses:
Interest on deposits:
Time
Demand
Bank

__ _

Total
Salaries and wages
Interest and discount on borrowed
money
Taxes
- Other expenses.
Total current expenses
Net earnings
Recoveries, profits on securities, etc.:
On loans
On investments
All other __
Total
Losses and depreciation:
On loans
On investments
On banking house, furniture, and fixtures
Allother
Total losses and depreciation
Net profit
Cash dividends declared
Capital funds,* Dec. 31, 1935
Number of banks, Dec. 31, 1935
For footnotes see following table.




396, 090

New PhilaCleve- RichdelYork phia
land mond

14, 090 29, 408 16, 399 12, 928
10, 049 32, 556 16, 725 15,611
56
13
39
28
304
430
1,129
1,072
2,550

1,280
1,535
3,674
1,924
6,003

263
166
697
597
1,711

423
100
895
699
2,145

29, 637 76, 419 36, 586 32,857

68, 017
2,876
831

4,637 10, 063
21
602
117
76

8,769
192
141

71, 724

4,775

6,832
384
159

Atlanta

Chicago

MinSt.
neLouis apolis

8,917
6,691
24

8,860 16,118
6,111 21, 827
39
30

6,321
5,684
10

444
13
565
656
1,032

1,076
97
636
702
1,534

1,962
377
4,085
2,118
3,836

657
8
192
468
851

18, 342 19, 055 50, 353 14,191

3,842
68
55

2, 925
183
58

7,092
394
32

2,423
123
25

Kansas
City

Dallas

San
Francisco

6,448 10,186 10,053 30, 770
5,868 8,005 4,982 21, 004
49
62
12
107
1 418
30
495
539
1,141

805
3
526
1,363
1,914

746
14
277
831
1,701

1 197
143
2,368
1,753
3,840

15, 988 22, 864 18, 616 61,182

2,844
70
55

2,383
176
40

1,735 14, 472
202
461
7
66

10, 741

9,102

7,375

3,965

3,166

7,518

2,571

2,969

2,599

1,944

106, 394

7,998 22, 787

7,613

7,483

4,564

5,300 14, 377

3,777

4,609

6,645

5,527 15, 714

205
21, 541
73, 317

31
41
1,561
3,707
5,244 16,873

71
1,970
5,287

8
2,131
5,476

4
911
2, 769

15
1,242
3,864

2
2,586
9,685

821
2,470

4
1,126
3,010

9
1,352
4,372

1
19
1,371
2,763
3,632 10, 635

24, 043 22, 473 12, 213 13, 587 34,168

273,181

19, 609 54,149

122, 909

10, 028 22, 270 12, 543 10, 384

9,639 11,718

14, 999

14, 977 12, 493 44,112

6,129

5,468 16,185

4,552

4,270

7,887

6,123

17, 070

31, 292
75, 277
8,019

1,664 10, 261
5,820 19, 588
492 1,491

1,174
6,072
1,128

1, 636
4,987
362

759
2, 315
264

515
3, 153
2S7

6,372
8, 732
1,549

810
3,252
221

2,263
3,169
526

1,711
3, 335
459

2,079
2,048
3,040 11,814
396
844

114, 588

7,976 31, 340

8,374

6,985

3, 338

3,955 16, 653

4,283

5,958

5,505

5,515

78, 705
48, 541

4,742 27, 012 10, 120
5,250 12, 008 5,979

3, 786
3,642

2, 683
2,829

2,523
2,063

5, 681
4,086

1,780
2,253

2, 699
2,518

3, 796
2,735

3,589 10, 294
2,167
3,011

13, 742
14, 542

782
1,041

915
2,263

858
835

544
546

479
421

322
441

646
492

807
760

11,815 45, 695 19, 277

9,121

6, 602

5,486 12, 291

4,796

6,355

8,098

7,624 18, 370

8, 248
2, 974

2, 865
2, 560

3,937 20, 547
5,209
2,493

4, 039
1,400

3,873
2,228

5,294
2,804

4,014 13,406
3,080 8,530

155, 530
81, 967
60,189

6,189
5,015

4,458
2, 217

7. 915
18, 257

1,640
5, 639

1,431
1,093

811
1,057

14, 706

1,689
3,376

3, 099, 049 282, 938 775, 6 L7 324,144 263, 412 131, 238 137, 065 378, 272 98,105 106,049 139, 201 136, 671 326, 337
5,386

319

626

593

523

339

273

521

320

433

676

491

272

527

FEDERAL RESERVE BULLETIN

JULY 1936

EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
STATE MEMBER BANKS, BY DISTRICTS, LAST SIX MONTHS OF 1935
[In thousands of dollars]
Federal Reserve District
Total

Boston
Earnings:
Interest and discount on loans
Interest and dividends on investments
Interest on balances with other banks.
Collection charges, commissions, fees,
etc
Foreign department
Trust department
Service charges on deposit accounts...
0 ther current earnings
Total earnings from current operations...
Expenses:
Interest on deposits:
Time
Demand
Bank

__ _

Total
Salaries and wages
Interest and discount on borrowed
money
Taxes . . . .
_
Other expenses
Total current expenses

New
York

Philadelphia

Cleve- Richland mond

Atlanta

Chicago

MinSt.
neLouis apolis

Kansas
City

Dallas

San
Francisco

3, 266
2,313
4

1,316
776
4

5,192
7, 860
3

2,726
2, 901
7

600
424
1

1,001
822
10

595
311
2

7,850
4,760
16

253
61
2,010
495
2,219

219
6
504
226
535

155

624
41
1,439
854
1,116

252
10
600
219
635

102

192
83
311

17
62
72

44
3
104
117
423

74
1
8
75
125

389
177
693
456
1,639

98, 092 17,011 24, 564

7,073

2,837

17,129

7, 350

1,278

2,524

1,191

15, 980

1,176
26
6

424
27

3 196
118
4

1,094
7
1

233
5

205
25
3

100
7
1

3,405
177
46

79, 572
74, 690
179

5,440
3,697
2

34, 955
36,035
80

5,908 10, 723
6,004 8,787
34
16

4,238
2,543
25,991
5,561
14, 495

148
37
1,763
419
734

1,889
2,190
15, 533
2,269
5,141

89
17
3,128
286
1,545

207, 269

12, 240

25, 715
1,181
396

2,097
11
27

27, 292
62, 045

7,510
426
113

1,832
46
162

4,443
306
33

2,135

8,049

2,040

4,782

1,208

451

3,318

1,102

238

233

108

3,628

3,607

32, 320

5,057

5,784

2,007

744

4,760

1,884

356

741

403

4,382

363
10, 455
41,058

4
862
1,967

62
3,858
20, 839

10
764
3,788

6
1,827
3,863

5
383
1,175

4
258
455

24
954
3,103

244
438
1,186

1
82
218

122
834

2
89
269

1
818
3,361

11, 659 16, 262

871 12,190

141, 213

8,575

65,128

4,778

1,912

12,159

4,854

895

1,930

Net earnings

66,056

3,665

32, 964

5,352

8,302

2,295

925

4,970

2, 496

383

594

320

3,790

Recoveries, profits on securities, etc.:
On loans
._
On investments
Allother

15, 321
48, 905
9,893

748
1,187
245

9,266
31, 799
6,115

1,253
5,950
347

710
1,841
304

530
1,128
211

114
80
31

695
1,911
1,528

861
1,989
225

89
268
23

63
721
26

69
23
12

923
2,008
826

74,119

2,180

47,180

7,550

2,855

1,869

225

4,134

3,075

380

810

104

3,757

34, 426
33, 323

1,778
1,082

20, 379
17, 031

3,118
4,945

2, 466
2,123

1,287
760

417
116

2,118
3,221

883
1,730

514
214

351
108

236
37

879
1,956

6,284
15, 836

438
381

2,178
9,579

1,568
1,421

621
545

295
498

71
93

341
886

201
270

34
99

81
203

70
34

386
1,827

89, 869

3,679

49,167

11,052

5,755

2,840

697

6,566

3,084

861

743

377

5,048

50, 306
36,164

2,166
1,701

30,977
23, 861

1,850
3, 383

5,402
2,966

1,324
838

453
346

2,538
1,009

2,487
372

-98
77

661
139

47
156

2,499
1,316

91, 222 1, 228,112 159,310 223, 509 51, 134 23,198 104, 743 50, 475

Total
Losses and depreciation:
On loans
On investments
On banking house, furniture and fixtures.
__ _
Allother
Total losses and depreciation
N e t profit, or net loss (—)
Cash dividends declared 2
Capital fundss, Dec. 31, 1935
N u m b e r s of officers, Dec. 31, 1935
N u m b e r of employees (full- and
time), Dec. 31, 1935
N u m b e r of banks, Dec. 31, 1935

2,046,123

7,868 81,331

7,510

17,711

7 337

496

2 354

524

697

381

257

882

397

208

198

208

735

52, 670

2,953

26, 578

4, 619

4,995

1,941

615

4,368

1,840

206

690

263

3,602

1,001

46

167

63

99

65

55

181

70

68

50

59

78

part-

1 For corresponding figures of State member and National banks for the first 6 months of 1935, see BULLETIN for December 1935, pp. 872-873.
2 Includes interest on capital notes and debentures.
s The aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for
stock dividends on common stock, and retirement fund for preferred stock and/or capital notes and debentures.




528

FEDERAL RESERVE BULLETIN

JULY 1936

EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
EARNINGS, EXPENSES, AND DIVIDENDS OF STATE BANK MEMBERS, YEAR ENDED DECEMBER 31,
1935,1 BY SIZE OF BANKS
[In thousands of dollars]
Banks operating throughout entire year, with deposits on Dec. 31, 1935 of—
Total, all
State
bank
members

$750, 001 $1,000,- $2,000,- $5,000,$100,000 $100, 001 $250, 001 $500,001
001 to
to
001 to
001 to
to
to
to
and
$1,000,- $2,000,- $5,000,- $50,000,under $250,000 $500,000 $750,000
000
000
000
000

Earnings:
Interest and discount on loans.
Interest and Dividends on investments..
Interest on balances with other b a n k s . .
Collection charges, commissions, fees, etc.
Foreign department
___
Trust department
Service charges on deposit accounts
Other current earnings

159,146
151,488
563
8,538
5,394
49,170
10, 750
29,374

52
6

639
207

5

92

1,812
806
4
176

5
1

1
49
46

Total earnings from current operations-

414,423

69

53, 991
2,567
979

Expenses:
Interest on deposits:
Time
Demand .
. . _.
Bank
Total
Salaries and wages
Interest and discount
money
Taxes
Other expenses

_ ...

. .
on borrowed
__ _ _

Total current expenses
Net earnings
Recoveries, profits on securities, etc.:
On loans
On investments . . _ _ _
Allother
Total
Losses and depreciation:
On loans
__
_._ _ _ _.
On investments
On banking house, furniture and fixtures.
Allother
Total losses and depreciation

Banks
operating
less
$50,000,- than
001 and l y e a r 2
over

28
129
169

5,039
3,059
8
313
6
176
382
612

12, 037
8,135
19
797
31
857
1,234
1,604

41, 566
31,000
74
1, 936
208
7,298
3, 530
8,780

93, 754
105, 641
447
4,613
5,127
39 244
5,058
17, 638

1 540
51
110

3,722

2, 785

9, 595

24, 714

94, 392

271, 522

3,475

587
28
6

774
42
6

626
33
2

2,312
72
10

5,543
293
12

18, 537
849
277

25,143
1 221
665

339
19

136
345

621
908

822
998

661
751

2,394
2,570

5,848
6,142

19, 663
26,637

27, 029
83, 410

358
1,437

5
69
216

20
170
599

18
189
695

1
132
450

30
459
1,599

367
1,196
4, 532

339
5, 012
18, 202

21
13, 681
55, 225

136
609

51

771

2,318

2.722

1,995

7,052

18,085

69, 853

179, 366

2,540

18

263

797

1,000

790

2,543

6,629

24, 539

92, 156

935

24, 583
96, 599
14, 768

5

49
71
23

184
328
41

182
361
66

98
401
51

382
1 450
174

684
3 911
498

3,981
18, 629
3, 975

18,968
71 156
9,917

50
292
21

135,948

5

143

553

609

550

2,006

5,093

26, 585

100,041

363

22
6
1

129
23
41
30

464
223
109
127

509
457
131
127

483
451
98
119

1,279
1, 538
275
366

4,440
3,314
826
1,264

22, 047
20, 108
2, 551
8,180

62, 437
56, 185
6,084
16,151

586
309
143
203
1,241

1,487
858
3
111

7
131
179

2.016
1,069
7
173
22
19
181
235

1,034

3, 115

5

125
10
1

57. 537
123, 222

5
24

802
21,051
82,141

1
7
14

284, 753
129, 670

92,
82,
10,
26,

396
608
264
568

744
707
1
322

211,836

29

223

923

1,224

1,151

3,458

9,844

52, 886

140, 857

Net profit, or net loss (—)

53, 782

-6

183

427

385

189

1,091

1,878

- 1 , 762

51, 340

57

Cash dividends declared 3

73, 926

10

85

231

291

219

758

1,935

9,442

60, 550

405

Number of officers on Dec. 31, 1935
Number of employees (full and part time)
on Dec. 31, 1935

7,337

18

207

431

373

212

553

778

1,891

2,736

138

52, 670

6

112

283

355

269

973

2,663

12,024

35, 345

640

1,006

11

98

168

126

67

143

161

161

44

27

Number of banks Dec. 31, 1935
1
2

For corresponding data for 1934, see BULLETIN for August 1935, p. 545.
Includes two banks haviner no deposits.
3 Includes interest on capital notes and debentures.




529

FEDERAL RESERVE BULLETIN

JULY 1936

EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
EARNINGS, EXPENSES AND DIVIDENDS OF INSURED COMMERCIAL STATE BANKS (INCLUDING
STATE BANK MEMBERS OF THE FEDERAL RESERVE SYSTEM), YEAR ENDED DECEMBER 31,
1935,1 BY SIZE OF BANKS
[Figures for nonmember banks compiled by Federal Deposit Insurance Corporation]
fin thousands of dollars]
Banks operating; throughout entire year, ^ivith deposits on Dec. 31, 1935 of—

Total

Banks
operat$1,000,- $2,000,- $5,000,ing less
$100,000 $100, 001 $250,001 $500, 001 $750,001
$50,000,001 to
to
001 to
001 to
than
to
and
to
to
$2,000,- $5,000,- $50,000,- 001 and
1 year 2
under $250,000 $500,000 $750, 000 $1,000,over
000
000
000
000

Earnings:
Interest and discount on loans
Interest and dividends on investments._
Collection charges, commissions, fees, etc.
Foreign department
_ ..
Trust department
Service charges on deposit accounts.._ .
Other current earnings..

302,465
231,382
23, 731
5,804
56 327
20, 758
50, 297

3,185
492
646
1
41
173
211

15,124
4,703
2,617
3
52
980
1,029

22,099
9,033
3,254
12
65
1,579
1,831

15,152
7,304
1,805
65
118
1,108
1, 478

11,178
6,253
1,101

Total earnings from current operations.

690, 764

4,729

24, 508

37,873

126,049
194 355

547
1,621

4,281
7,413

2 213
36,419
134,063

42
332
1,134

Expenses:
Interest on deposits
_ _
Salaries and wages
Interest and discount on borrowed
money
Taxes
. .
Other expenses
Total current expenses

115
901
1,127

28,121
16,870
2.097
25
815
2,334
3, 387

34,199
21, 756
2,437
143
2,099
2,938
4,620

70,134
52,062
4.490
'421
11,767
5, 331
17, 476

100, 771
111,385
4, 667
5,131
39 659
5, 225
18, 736

2,522
1,524
617
3
1 596
189
402

27,030

20, 675

53, 649

68, 192 161,681

285, 574

6, 853

8,013
10,413

6,281
6, 958

5, 342
5,162

13, 923
13, 447

17,403
16, 631

35, 681
44, 423

33, 529
85, 749

1,049
2 538

92
1,420
5,132

117
2,049
7,370

95
1,410
5,091

95
1,072
3, 575

232
2,837
9,465

671
3.471
12, 262

836
8, 995
31, 454

21
14, 521
57,077

12
312
1, 503

493,099

3,676

18, 338

27, 962

19,835

15,246

39,904

50, 438 121, 389

190,897

5,414

Net earnings

197, 665

1,0,53

6,170

9,911

7,195

5,429

13, 745

17, 754

40, 292

94, 677

1,439

Recoveries, profits on securities, etc.:
On loans
On investments
Allother

34,34S
135,496
22,136

226
172
86

1.208
1,977
399

1,607
4,029
666

976
3,165
486

779
2,844
327

1,769
8,050
1,046

2,020
10, 429
1,487

6,171
28, 673
7,138

19, 250
75, 249
10,150

342
908
351

191, 980

484

3,584

6,302

4,627

3,950

10, 865

13,936

41, 982

104, 649

1,601

158,293
122,871
16,486
43,175

883
143
165
194

4,171
1,294
786
859

5,842
2,682
1,086
1,499

4,543
2,816
704
934

3,766
2, 555
480
779

9,932
7,845
1,277
2,986

14, 666
10, 939
1,629
3,693

43, 326
32, 738
3, 647
13,811

69, 637
60, 914
6,204
17, 582

1 527
945
508
838

30, 927

93, 522

154, 337

3, 818

763 -11,248

44, 989

-778

Total
Losses and depreciation:
On loans .
On investments
On banking house, furniture and fixtures.
All other
Total losses and depreciation

340, 825

1,385

7,110

11,109

8, 997

7,580

22, 040

Net profit, or net loss (—)

48, 820

152

2,644

5,104

2,825

1,799

2,570

Cash dividends declared3

94, 399

256

1, 656

2, 647

1, 895

1,408

3,880

5, 066

15,067

61, 963

561

Number of officers on Dec. 31, 1935
Number of employees on Dec. 31, 1935.. _.

28,191
81, 625

1, 460
498

5,269
2, 249

5. 309
3,614

2,621
2,632

1,622
1, 976

3,018
5,418

2,267
7. 299

3,176
20, 415

2,816
36, 261

633
1,263

8,729

909

2, 504

2,077

883

503

803

475

285

48

242

Number of banks Dec. 31, 1935

12 For corresponding figures for 1934, see BULLETIN for August 1935, p. 546.

Includes two banks having no deposits.
3 Includes interest on capital notes and debentures.




530

FEDERAL RESERVE BULLETIN

JULY 1936

ALL BANKS IN THE UNITED STATES
1

ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND DECEMBER 31
AND MARCH 4, 1935, BY DISTRICTS
[Amounts in millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available]

Loans and Investments
Total

Investments

Loans

Deposits, exclusive of
interbank deposits

Number of I>anks

Federal reserve district
DeMarch Decem- March March cember
1936

1935

1935

1936

ber
1935

2,769
8,419
1,258
1,279
744
511
1,509
597
416
538
408
1,826

2,760
8,401
1,277
1,283
754
522
1,514
606
432
540
414
1,826

March
1935

DeMarch cem- March March DecemMarch
ber
1936

ber
1935

1935

1936

2,661
9,848
2,006
1,972
955
602
3,261
765
578
688
427
2,119

2,648
9,453
1,970
1,953
989
594
3,150
740
585
698
441
2,168

1935

1935

March
1936

893
1,259
947
1,273
1,069
1,088
2,579
1,645
1,398
1,958
1,009
690

Decem- March
ber
1935
1935

ALL BANKS1

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

_

5,429
18, 267
3,263
3,251
1,699
1,113
4,770
1,362
994
1,227
835
3,944

5,408
17,853
3,246
3,237
1,743
1,116
4,664
1,346
1,017
1,238
855
3,994

5,446
17, 249
3,203
3,031
1,676
1,114
4,104
1,294
969
1,186
830
3,649

2,521
8,883
1,840
1,756
915
529
2,597
683
598
705
413
1,914

5,696
17,819
3,368
3,461
1,978
1,325
5,507
1,543
1,156
1,609
1,089
4,220

5,666
17,935
3,374
3,458
1,978
1,317
5,529
1,548
1,172
1,618
1,071
4,296

5,501
16, 494
3,112
3,054
1,804
1,196
4,597
1,396
1,063
1,447
1,015
3,775

895
1,263
947
1,273
1,066
1,087
2,581
1,647
1,401
1,967
1,013
696

905
1,271
947
1,273
1,059
1,105
2,597
1,674
1,420
1,989
1,051
733

46,157

45, 717

43, 750 20, 275 20, 329 20, 397 25, 882 25, 388 23, 353

48, 771

48, 964

44, 455 15, 808 15, 836

16, 024

1,896
11,186
2,258
2,516
1,062
886
3,758
975
709
974
716
3,354

1,864
10, 855
2,246
2,512
1,104
893
3,675
967
734
996
740
3,399

1,892
10, 202
2,214
2,359
1,072
877
3,257
930
704
956
703
3,106

896
5,906
1,220
1,429
607
439
2,199
550
446
610
367
1,649

2,098
10, 574
2,302
2,678
1,248
1,021
4,268
1,023
827
1,183
929
3,622

2,078
10, 825
2,317
2,681
1,253
1,015
4,321
1,026
846
1,189
915
3,694

1,971
9,717
2,103
2,346
1,139
917
3,562
926
755
1,077
857
3,218

362
791
657
623
403
328
701
390
498
727
550
347

365
793
656
622
404
328
702
390
501
726
550
350

365
792
655
624
400
332
686
391
518
730
552
377

30, 288

29, 985

28, 271 12, 099 12,175 11, 953 18,189 17, 810 16, 318

31, 774

32,159

28, 589

6,377

6,387

6,422

__

3, 534
7,082
1,006
735
637
228
1,012
387
286
253
119
591

3,544
6,998
1,000
725
638
224
988
379
283
242
115
595

3,554
7,047
989
672
603
237
847
364
266
230
127
543

1,829
3,912
327
339
291
132
494
216
123
151
72
291

1,829
3,903
332
343
292
129
486
216
123
142
69
289

1,929
4,070
369
345
295
148
449
231
114
135
81
277

1,704
3,170
679
397
345
96
518
170
162
103
47
300

1,715
3,095
668
382
346
94
502
163
159
100
46
306

1,625
2,977
620
327
308
89
398
133
152
94
46
266

3,597
7,245
1,066
784
730
304
1,239
520
329
426
159
598

3,589
7,109
1,057
778
725
303
1,208
523
326
429
156
603

3,531
6,777
1,009
708
665
279
1,034
470
308
370
158
557

531
468
290
650
666
760
1,878
1,255
900
1,231
459
343

530
470
291
651
662
759
1,879
1,257
900
1,241
463
346

540
479
292
649
659
773
1,911
1,283
902
1,259
499
356

__

15, 869

15, 733

15, 479

8,176

8,154

8,444

7,692

7,578

7,035

16, 997

16, 805

15, 866

9,431

9,449

9,602

..
_ . .

2,924
8,366
1,363
1,275
761
586
1,507
612
372
481
416
1,735

MEMBER BANKS

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

939
4,507
931
941
453
380
1,014
381
293
388
337
1,535

932
4,498
945
940
462
393
1,028
390
308
399
345
1,537

995
4,296
993
930
465
438
1,058
380
258
346
336
1,458

956
6,678
1,327
1,576
609
506
2,743
594
416
588
380
1,818

932
6,357
1,301
1,571
643
500
2,648
577
426
597
395
1,862

NONMEMBER BANKS

Boston
New York

Philadelphia
Cleveland
Richmond
Atlanta
Chicago _
St. Louis
Minneapolis _.
Kansas City
Dallas
.
San Francisco..
Total
1

Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on p . 533.
Back figures—Bee Annual Report for 1931 (tables 92-95), BULLETIN for May 1936 (p. 394), etc.




531

FEDERAL RESERVE BULLETIN

JULY 1936

ALL BANKS IN THE UNITED STATES—Continued
1

ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND DECEMBER 31 AND
MARCH 4, 1935, BY STATES
[Amounts in thousands of dollars]

State
March
1936

New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan....
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia....
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total
r
1

December 1935

Deposits, exclusive of interbank deposits

Investments

Loans

March
1935

March
1936

December 1935

March
1935

March
1936

December 1935

March
1935

184, 368
111,122
186,165
305,878
301,927 289, 930
109, 923 112,718
191, 294
103, 021 103,136
110, 009
160,960
160, 240 156,587
258, 494
256,070
250,027
79, 565
84,137
91, 873
79, 349
80, 209
165, 548
167, 781 162, 525
85, 555
,829,723 1, 819, 707 1, 940, 243 1, 608, 044 1, 585, 388 1, 511, 536 3, 615, 920 3, 595, 319 3,488,034
177, 568 178, 720 190, 339 258,154
443, 208 444,615
443, 958
258, 491 235, 980
595, 928 597,362
618, 913 481, 286
493,495
453, 561 1,174, 562 1,169,092 1,118,581

Number of banks
DeM a r c h cem- M a r c h
1936
ber
1935
1935

103
112
92
396
35

103
112
92
398
35
198

104
113
97
399
35
200

913
', G83, 5717, 661, 301 7, 577,105 8, 984, 742 8, 573,153 8,057, 830 1.6,005, 846 16,090, 598 14, 766,093
423
907, 208 850, 801 1, 845, 060 1,884,952 1, 757,019
732, 510 734, 758 795, 550 884, 338
., 490, 6691, 510, 552 1, 587, 781 2, 803, 251 2, 762,034 2, 569, 314 4, 296, 037 4,261,823 3, 935, 978 1,130
873, 983
762, 453 1,878. 047 1, 904, 321 1,633,225
715
746, 335 750, 758 727,067
860,101
204, 740 318,112
643, 796
648. 746 536,364
550
216, 509 221,001
306, 511 251, 895
770, 886 1,945, 740 1,862, 744 1, 548, 513 2, 925, 696
736, 942 734,071
2, 452, 274 882
475
293, 033 301, 949 279, 617 617,366
592, 994 505, 902 1,169,898 1,139, 964 927,154
619
220, 614 221, 271 238, 523 382, 583
384, 829 298, 771
700,853
703, 497
622, 436

915
425
1,131

920
430
1,132

715
550
883
478
619

710
548

279, 622
198, 339
363,069
26, 274
32, 722
97, 545
123, 226

293, 591
192,139
363, 929
26, 758
34,010
100,052
122,439

252,422
163, 970
344, 744
21, 910
26,831
83, 432
113, 775

390, 997
213, 854
558, 651
28,075
31,415
121, 564
130,946

399, 353
214,942
548, 592
28, 217
30, 727
120,162
125, 611

402, 902
750, 790
190,268
503, 535
506, 365 1,086,012
33, 385
66, 544
35, 974
77, 662
125, 274
261,117
129, 940
333, 559

70, 749
198,015
86,082
233,427
113,002
105,860
34, 916
147, 698
59, 282

68, 265
199,798
86,825
238, 543
113,826
105,055
36,987
149, 658
62,203

75,106
205, 227
83,015
233,481
117, 202
110,258
40, 704
190,707
56,612

89,479
424, 772
116, 798
154, 943
86, 985
149,615
40, 732
126,050
132, 785

452,815
122,028
152,947
86,923
151, 501
••39,311
121,453
125,092

72,050
415, 290
112,103
166, 516
82, 479
121,419
34,804
94, 344
129, 758

193,061
159,196
84, 982
53,679

195,101
165,400
88, 254
52, 267

194, 261
170,279
109,887
58, 541

154, 521
140, 927
87, 361
62,155

150,426
144,187
86, 381
61,178

44, 700
107,808
110,885
367,821

45, 966
113,063
110,806
372, 403

56, 333
120,416
97,348
375, 545

50,149
140. 824
142', 673
396, 459

32,113
19, 673
19, 662
66, 440
12, 754
18, 230
44, 363
4,994

31, 524
20, 225
19,066
68,643
12,108
18,911
44, 396
4,826

24, 433
15, 616
17, 961
58, 390
9,682
15, 392
38, 230
3,512

51,946
35, 557
15, 969
110,851
14, 842
24, 378
54, 208
13,960

153,167
58, 963
,531,011

692,039
448,734
952, 665
65,308
73,836
239,457
317,106

687
662
706
201
199
436
723

661
706
203
199
437

685
668
709
205
212
436
737

152, 353
674, 336
283, 221
441, 544
243.393
278, 111
115,869
303, 845
260,831

161,153
677, 218
270, 680
440,819
237,135
284,965
122, 212
309,112
234, 736

133, 796
624,311
253, 332
401,265
222,997
256,546
98, 667
285, 787
226, 643

202
22
327
184
214
149
321
155

48
202
22
327
183
215
145
321
154

49
202
22
327
183
217
137
327
156

160, 810
128,062
81, 942
59, 742

364, 309
348,842
213, 716
150, 954

362, 730
351, 739
217, 494
149,070

346,175
314, 605
200, 740
142, 935

435
326
217
209

435
326
217
210

440
332
222
213

48, 662
143,439
142, 342
411,039

43, 654
114,076
138,220
385,197

125.394
296,661
326, 344
981, 761

127, 313
304, 048
326, 383
965, 640

109, 89'
258, 659
283,000
919, 538

225
150
404
892

225
150
405

243
149
410
935

52, 466
35,862
15,385
119, (
14,975
23,630
49,967
13,197

53, 755
31, 445
16,149
116,809
14, 327
21, 775
50, 575
11, 552

116,255
77, 558
51, 207
249, 972
42,877
64, 692
114,177
26, 764

122, 667
78,929
52, 458
248, 605
42, 444
62,191
115,434
25, 085

102, 291
64, 921
45, 364
228, 487
36,064
53, 550
104,477
20,154

120
60
59
155
41
15
59
10

120
60
59
157
41
15
59
10

118
62
59
159
42
16
59
•10

192, 720
393, 052
399,425
157, 686 132, 282 194,315
196,183
344, 750
53, 403 132, 337
60,591
129, 908
122,203
227, 838 195,118
227, 303
1, 523, 825 1,480.757 1, 671,089 1, 726, 500 1, 489, 530 3, 334, 441 3,404, 205 3,007,037

188
94
270

189
'97
273

205
106
281

20, 275, 012 20, 329, 203 20,397, 028 25, 881, 600 r 25, 386,060 23, 353,134 48, 771, 238 48, 963, 793 44, 454, 506 15, 808 '15, 837 16, 024

Revised.
Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 533.




625

759, 715
487,888
1,090, 779
68, 875
79,621
254,671
348,866

532

FEDERAL RESERVE BULLETIN

JULY

1936

ALL BANKS IN THE UNITED STATES—Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND
DECEMBER 31 AND MARCH 4, 1935, BY STATES
[Amounts in thousands of dollars]
Loans

Deposits, exclusive of interbank deposits

Investments

State
March
1936

New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia.._
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total




36,036
26, 681
20, 059
491, 471
38,186
106, 036

December 1935

36, 251
26, 796
20, 428
482, 780
36, 349
103, 508

March
1935

35, 483
27, 570
20,150
532, 005
40, 703
107, 465

March
1936

December 1935

63, 984
29, 657
25, 676
453, 010
42,182
102, 933

March
1935

March
1936

December 1935

March
1935

Number of banks

DeMarch cem- March
1936
ber
1935
1935

61, 523 107, 290 107,044
100, 631
30, 891
58, 397
55,973
52, 655
47, 349
47, 718
26, 698
43, 070
447, 762 1, 087, 620 1, 064, 771 1,021, 981
75, 220
75,211
72, 683
31,997
244, 793 218,124
92, 837 244,159

40
52
43
128
12
54

40
52
43
129
12
54

40
52
43
129
12
54

,551,811 1, 531, 734 1, 496, 214 2, 527, 057 2, 403, 800 2, 221, 077 3, 912, 940 4,011,450 3, 539, 829
378, 602 350, 214 667, 521 707, 413 643,189
219, 557 221, 805 239, 262 355, 732
756, 557 777, 496
1, 378, 091 1, 369, 809 1, 296, 391 2, 080, 823 2,087, 603 1,907, 939

459
234
709

459
236
709

460
237
709

248
125
299
83
106

249
125
299
84
106

252
125
293
85
107

205
118

207
123

16
63
9
132
79
43
20
57
51

205
118
87
66
52
13;
190
16
63
9
132
79
44
20
57
51

63, 930
30,377
25, 919
466, 845
42, 949
102, 437

260, 565
77, 882
524, 798
107, 677
92, 777

264, 117
82, 374
522, 369
117,453
93, 434

432, 072 396, 791 792, 491 810,812
265, 224 432, 234
172, 507 146, 373 313, 604 318, 554 257, 688
74, 416 184,108
565, 690 1, 369, 403 1, 306, 491 1,124, 560 2, 042, 063 2,097,415 1, 710, 477
110,359
336, 033 301, 583 617, 087 619,979
492,042
336, 284
108, 401 218,139
220, 385 164, 990 372, 269 369, 625 336, 472

200, 309
63, 583
142, 776
16, 253
16, 979
66, 569
55, 553

214,121
63,167
143, 636
16, 737
17, 601
69, 914
56, 878

179, 706
54, 324
133, 477
13, 206
13, 440
57,171
53, 736

270, 830
95, 460
269, 871
22, 000
20, 975
102,534
81, 535

7,788
54, 334
38, 743
127, 332
54, 764
30,101
18, 871
90, 989
42, 689

7,853
56, 117
39, 674
132, 078
55, 534
29, 653
20, 825
92, 949
44, 874

8, 309
53, 766
39, 945
132, 769
57, 021
31, 239
20, 645
118,174
41, 503

87, 908
106, 959
57,126
17, 960

89, 948
113,163
64, 029
17, 647

81, 054
117,445
76, 957
19,134

9,623
167, r~~
70, 307
98, 949
49, 716
30, 807
20, 577
101, 015
106, 847
89, 343
115,893
59. 651
23, 145

24, 533
67,418
95, 613
301, 044

26, 641
72, 673
96, 864
308, 669

29, 276
81,061
84, 807
300, 075

16, 862
7,529
12,363
50, 288
9, 440
11,961
17, 399
3,991

16,384
7, 635
11,887
52, 975
9, 016
12, 565
17, 724
3,808

11,878
5, 645
11,177
45, 244
7, 223
9, 527
15, 115
2,608

281, 514
98, 504
259, 812
22,142
20, 492
100, f "
76, 622

290,009
93, 353
256, 057
27, 351
24, 088
106, 389
83, 812

524, 688
173, 447
404, 023
47, 449
45, 949
190,191
180, 062

536, 798
173,511
408, 790
49, 780
47, 265
185, 625
191, 207

195,926
73, 276
99, 310
48, 928
30, 537
21, 593
96, 418
100, 874

9, 621
185,173
66, 961
119,981
49, 214
25, 502
18,952
72, 084
105, 994

16, 522
243, 902
157, 620
272,210
125, 541
77, r'"
60,103
201, 399
196, 484

16, 395
246, 784
150, 716
273, 485
123, 934
79, 505
65, 799
206, 666
177, 775

477, 057
164, 615
374, 086
47, 750
42, 677
173, 040
171, 834
14,898
224, 431
141, 532
246, 218
116, 910
69, 966
51, 599
191,417
172, 488

85, 248
119, 153
60, 891
23, 455

97, 624
106, 619
61, 090
24, 091

187, 310
247, 423
150, 542
52, 342

185, 731
250, 320
151, 421
52, 654

172, 610
223, 072
139, 565
50, 276

69
25

100
72
69
25

16
63
9
131
80
44
19
58
50
100
73
72
25

33, 593
101, 161
127, 840
346, 527

32, 400
103, 776
127, 394
360, 67 ~

29, 446
82,14r
123, 451
337, ^

72, 195
192, 818
281,379
823, 252

72, 520
200,205
280, 510
809, 756

62, 640
174, 155
243, 533
759, 865

50
30
214
454

50
30
214
454

51
30
216
456

31, 693
15,503
12, 768
93, 498
11,800
15, 878
26, 294
12, 040

32,517
15, 791
12, 158
103,511
12,161
15, 426
23, 733
11,306

34, 516
15, 360
12, 955
103, 223
12, 028
14, 232
26, 44
10, 092

68, 267
32, 340
35, 852
204, 636
33, 711
41, 949
50, 442
20, 883

72, 37'
32, 885
36, 519
203, 831
33, 355
40, 506
51, 525
20, 610

60, 961
26, 745
31, 489
186, 251
29,175
34, 441
46, 197
16, 395

46
23
26
81
22
7
13
6

46
23
26
81
22
13
6

45
25
26
81
24
8
13
6

139, 804 124, 93'
256, 303 262, 953 208, 001
94, 368
74, 700 135, 802
98, 368
108, 962 192, 354 193, 589 166, 091
42, 905 115,084
113,619
47, 699
49, 508
1,052,388 1, 046, 179 1, 022, 927 1,147, 610 1, 190,105 1, 035, 626 2, 324, 518 2, 384, 900 2, 091, 302

58
41
123

58
44
123

67
53
128

7, 420, 575 7, 494,188 7, 478, 82911,567,557 11.456,502 10, 588, 334 20, 604, 628 20, 886, 035
18, 501, 522 5,375

5,386

5,446

52
13
190

64
138
190

533

FEDERAL RESERVE BULLETIN

JULY 1936

ALL BANKS IN THE UNITED STATES—Continued
1

STATE BANKS —PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND DECEMBER 31
AND MARCH 4, 1935, BY STATES
[Amounts in thousands of dollars]
Loans

Deposits, exclusive of interbank deposits

Investments

Number of banks

State
March
1936

New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
._
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
..
South Atlantic:
Delaware
Maryland
District of Columbia--Virginia
West Virginia
North Carolina
South Carolina^
Georgia
__ Florida
East South Central:
Kentucky
Tennessee
Alabama
M ississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total-

December 1935

March
1935

March
1936

December 1935

March
1935

March
1936

December 1935

March
1935

75, 086
73, 672
77, 235
127, 364
82, 439
130, 583
76, 340
76, 340
65,127
53, 646
64, 078
71, 723
, 338, 252 1, 336, 927 1, 408, 238 1,141,199
215, 205
142, 371
149, 636
139, 382
511,448
493, 854
378, 849
489, 892

122,181
122, 845
194, 883
189, 299
198, 588
130, 583
125, 696
200,097
197, 372
200, 097
53,511
53, 673
120, 063
119, 455
118, 199
1,132, 378 1, 063, 774 2, 528, 300 2, 530, 548 2, 466,053
203,f
370, 525
369, 395
216,7
368, 747
360, 724
924, 299
900,457
930, 403
390, 562

i, 131, 760 6,129, 567 6, 080,891 6, 457, 685
512, 953
556, 288
528, 606
512, 953
734, 112
779, 083 1, 425,160
733, 056

6,169, 353 5,836, 753 .2, 092, 90612, 079,148 11,226,264
528, 606
500, 587 1,177, 539 1,177, 539 1,113,830
1, 392, 225 1, 272, 923 2, 215, 214 2,174, 220 2, 028, 039

485, 770
138, 627
212,144
185, 356
127, 837

486, 641
138, 627
211,702
184, 496
127, 837

461, 843
130, 324
205,196
169, 258
130, 122

441, 749
134, 004
576, 337
281,082
164, 444

428,
134,
556,
256,
164,

79, 313
134, 756
220, 293
10,021
15, 743
30, 976
67, 673

79, 470
128, 972
220, 293
10,021
16, 409
30, 138
65, 561

72, 716
109, 64f
211,267
8, 704
13,391
26, 261
60, 039

120,167
118, 394
288, 780
6,075
10, 440
19, 030
49,411

117.839
116,438
288, 780
6, 075
10, 235
19, 474

62, 961
143,681
47, 339
106, 095
58, 238
75, 75P
16, 045
56, 709
16, 593

60,412
143, 681
47,151
106, 465
58, 292
75, 402
16, 162
56, 709
17, 329

66, 797

151,461
43,07(J
100, 712
60,181
79, 019
20, 05S
72, 533
15,109

79, 856
256, —
46, 491
55, 994
37, 269
118,808
20, 155
25, 035
25, 938

105,
52,
27,
35,

153
23'
85(5
711

105,153
52, 23
24, 225
34, 620

113,20;
52, 834
32, 930
39, 407

20, 167
40, 390
15,272
66, 77"

19, 325
40, 39(
13,942
63, 734

15, 251
12, 144
7, 291:
16, 152
3,314
6, 261)
26, 964
1,003
58, 791;
11,264
478, 623

029
004
253
961
444

365. 662 1, 085, 556 1, 093, 509
105, 522
330,195
330,192
423, 953
883, 633
889, 581
204, 319
552,811
519, 985
331, 228
331, 228
133,781
112, 893
96,915
250, 308
6,034
11,886

222, 91
314, 377
2681,989
19,095
32, 356
69, 046
2157,659

March
1936

63

December
1935

March
1935

23
144

63
60
49
269
23
144

64
61
54
270
23
146

454
189
421

456
189
422

460
193
423

934, 305
278, 676
741, 7"
435, 112
285, 964

467
42c
583
395
513

466
425
584
394
513

458
423
587
413
518

214, 982
284,119
2578, 5'
17, 558
31, 159
66,41"
2145, 272

544
619
13:
14'
299
533

483
543
619
137
147
300
538

478
545
620
137
148
298
547

18, 885
46,128

226, 102
330,
2681, 989
19, 095
31, 713
70, 926
2153, 49'

79, 254
256, 889
48, 752
53, 637
37, 99f
120, 96'17,718
25,
24,218

62, 429
230, I F
45, 142
46, 535
33, 265
95,917
15, 852
22, 260
23, 764

135,831
430, 434
125,601
169,334
117,852
200, 413
55, 766
102, 446
64, 347

144, 758
430, 434
119,964
167, 334
113,201
205, 460
56,413
102, 446
56, 961

118,898
399, 880
111,800
155, 047
106,087
186, 58C
47, 068
94, 370
54, 155

32
131;
13
195
105
171
129
264
104

32
139
13
195
104
171
125
264
103

33
139
13
196
103
173
118
269
106

65,178
25, 034
27, 710
39,01C

65,178
25, 034
25, 490
37, 723

63,180
21, 443
20,
35,651

176,999
101,419
63,
98, 612

176, 99G
101,419
66, 073
96,416

173,565
291, 533
2
61. 175
92, 651

335
254
148
184

335
254
148
185

340
259
150
188

27, 057
39, 35f
12,541
75, 47i

16,
39,
14,
49,

55(i
663
833
932

16, 262
39, 663
14,948
50, 367

14, 208
31, 934
14, 76S
47, 93C

53, 199
103,843
44, 965
158,509

54, 793
103,843
45, 8^•
155, 884

47,
84,
39,
159,

17,
120
19C
438

175
120
191
442

192
119
194
479

15, 14<
12, 59C
7, 171.
15, 66$
3, 092
6,3461
26, 672!
1,018:

12, 555
9,9'
6, 784
13, 146
2, 451)
5."""
23, 115
904

20, 253
20, 054
3, 201
17,353
3. 042
8, 500
27, 9.1
1,920

19,949
20,071
3,227

19, 23S?
16, O8.r
3, 194
13, 586
2, 299
7,543
24,130
1,460

47, 988
245, 218
15, 355
45, 330
9, 166
222, 743
63, 735
2
5,

50, 290
246, 044
15, 939
44,7'
9, 089
221.685
63, 909
24, 475

41, 330
238, 176
13,875
42, 236
6, 889
219, 109
58, 280
?3, 759

74
37
33
76
19
8
46
4

73
37
33
78
18
8
46
4

59,318
11,083!
477, 646

57, 582
10, 498
457, 830

58, 513
17, 253
523, 479

56, 379
16, 289
536, 395

136, 74S
136, 472
13,241
34, 249
34, 949
453, 904 1, 009, 923 1,019,305

136, 749
29. 02'
915, 73£

130
53
14'

131
150

138
53
153

12, 854, 437 12,835,015 12,918,199 14,314,043 13, 929, 558 12, 764, 80C 28, 166, 61C 28, 077, 75825, 952, 98' 10, 43c

0,451

10, 578

r

48,

•

15, 587
2,814
8, 2026, 234
1,

257
50'
467
673

Revised.
Comprises all licensed State commercial b a n k s , t r u s t companies, m u t u a l a n d stock savings b a n k s , a n d such p r i v a t e b a n k s a n d industrial
b a n k s as are included in abstracts issued b y State b a n k i n g d e p a r t m e n t s .
2 Includes i n t e r b a n k deposits.
3
Includes cash depositories.
N O T E . — A l l figures in t h e M a r c h 4, 1936 column are as of M a r c h 4, except as follows: M a i n e , M a r c h 28; N e w H a m p s h i r e , J u n e 29, 1935; Massachusetts, savings b a n k s , October 31; R h o d e Island, S t a t e b a n k s , F e b r u a r y 29, savings b a n k s , D e c e m b e r 31; Connecticut, savings b a n k s , M a r c h 31;
N e w York, M a r c h 27; Kansas, M a r c h 25; Tennessee, N o v e m b e r 1; A l a b a m a , April 29; Colorado, M a r c h 25; U t a h , M a r c h 28; N e w Jersey, I n d i a n a
Wisconsin, Missouri, N o r t h D a k o t a , M a r y l a n d , Georgia, K e n t u c k y a n d Louisiana, December 31. F o r call dates of figures included in t h e December a n d M a r c h , 1935, columns, see footnotes at b o t t o m of pages 397 a n d 693, respectively, of t h e December a n d October 1935 B U L L E T I N S .
1




534

FEDERAL RESERVE

BULLETIN

JULY 1936

ALL BANKS IN THE UNITED STATES—Continued
MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND
DECEMBER 31 AND MARCH 4, 1935, BY STATES
[Figures in this table are also included in the table on p. 533 covering "State banks." Amounts in thousands of dollars]
Loans
State
California
Connecticut:
District No. 1_.
District No. 2_.
Delaware
Indiana:
District No. 7_.
District No. 8_.
Maine
Maryland
Massachusetts..,__.
Minnesota
New Hampshire.—.
New Jersey:
District No. 2__
District No. 3_.
New York,__
_.
Ohio
Oregon
Pennsylvania:x
District No. 3 V
District No. 4__
Bhode Island
_.
Vermont
Washington
Wisconsin:
District No. 7__
District No. 9__
Total
1

March
1936

December 1935

Deposits

Investments
March
1935

March
1936

December 1935

March
1935

March
1936

December 1935

Number of banks
March
1935

DeMarch cemMarch
1936

1935

ber
1935

35,750

36, 641

40, 734

57, 405

57, 503

51,060

87,926

89, 221

86, 727

285, 964
80, 786
12,156

288, 733
81, 357
12, 251

300, 571
84,104
12,192

220, 642
71, 866
22, 626

235, 032
68,747
21, 813

225, 067
63, 676
20, 437

538, 273
151, 647
31, 822

533, 274
149, 801
31,067

526, 642
146.7 ~
29, 996

59
14
2

59
14
2

59
14
2

8,684
8,684
9,048
4,650
4,650
5,097
34, 759
34, 598
36,122
51, 807
59, 231
51,807
1,120,932 1,120,932 1,189, 520
10, 460
10, 705
11,7
68,095
68,095
73, 523

2,681
1,'"""
90, 369
149,758
936, 250
49, 856
122, 769

2,681
1,988
89, 958
149, 758
936, 250
50,170

12, 724
12, 724
12,176
,
7,151
6, 692
7,151
1,925
119,911
123, 014
121, 741
88, 710
200,
303
208, 598
136 938 2,087, 771
2,087, 771 2,052, 306
872, 898
63,
347
64, 647
64,313
47,175
183, 441
185, 324
185, 324
119,145

4
1
32
13
193
1
47

4
1
32
13
193
1
47

4
1
33
13
193
1
48

22
3
135
3
1

22
3
135
3
1

22
3
137
3
1

480, 396
46,867
169, 454
69, 799
51, 837

7
1
9
14
3

7
1
9
19

4,248

4
1

122,

769

154, 413
142, 242
142, 878
142,878
149, 085
154, 413
309,393
8,042
8,042
14, 213
5,276
5,276
5,419
7,818
3,100, 329 3,100, 329 3, 245, 620 2, 038, 653 2, 038, 653 1, 907,166 5,188,808
38,216
72,845
65, 501
116,869
36,452
36, 212
57, 449
583
583
171
34
801
171
120
76,179
13, 521
55, 603
30,110
25, 540

78,486
13, 610
55, 603
30,930
25, 898

84,234
14,211
58,805
34, 261
26, 078

378,072
37,047
115, 508

2,274
61

2,274
61

2,534
85

5,202,437

28, 272

378,129
36,125
115, 508
31,541
26,964

354, 553
33, 925
107, 293
31, 347
24, 076

497,169
48, 828
169, 580
67, 637
56,085

1,493
35

1,493
35

1,577
23

4,099
83

30, T •

309,393
14, 213

303,678
13, 832
5,156,251
116, 536
112,035
801
157

496, 039
48, 467
169, 580
68, 703
55, 501
4,C

5, 210,181 5, 480, 492 4, 592,069 4, 593, 656 4, 297, 268 9, 972,462 9, 963, 208 9,836, 950

1

569

570

579

Excludes figures of 1 stock savings b a n k with aggregate deposits of $2,720,000 on M a r c h 4, 1936, formerly included with m u t u a l savings b a n k s
prior to t h a t date.
N O T E . — A l l figures in the March 1936 columns are as of March 4, except as follows: Connecticut, M a r c h 31; Maine, M a r c h 28;Massachusetts
and New Hampshire, October 31 and J u n e 29, 1935, respectively; N e w York, M a r c h 27; Indiana, M a r y l a n d , N e w Jersey, Oregon, Rhode Island
and Wisconsin, December 31. For call dates of figures included in t h e December a n d March 1935 columns, see footnotes on pages 398 and 694,
respectively, of M a y 1936 and October 1935 BULLETINS.




535

FEDERAL RESERVE BULLETIN

JULY 1936

ALL BANKS IN THE UNITED STATES—Continued
PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND DECEMBER 31
AND MARCH 4, 1935, BY STATES
[Figures in this table are also included in the table on page 533 covering "State ban ks." Amounts in thousands of dollars]
Investments

Loans

State

Alabama
Arkansas
__
Connecticut:
District No. 1
District No. 2
Florida
Georgia
Illinois (District No. 7) .
Indiana:
District No. 7
District No. 8
Iowa
_
Kansas
M assachusetts
Michigan:
District No 7
District No. 9
Missouri (District No 8)
New Jersey(District No. 2)
New York
Ohio _
Pennsylvania:
District No. 3
District No. 4
South Carolina
Texas
Total
r

March
1936

December 1935

March
1935

March
1936

December 1935

278
151

594

594

2,019
287
136
2

2,019
287
137
3

15
98, 468
1,958

15
88, 231
2.041

9,667
1,084
901

11,772
1,070
866

115, 568

107, 464

201
149
1, 240
1,804
10
2,008
274
1,494
177
42
1 685
241
14
12
85,173
1,799

March

March
1935

1936

December 1935

3
17

83
117
290
147

Deposits, exclusive of interbank deposits

185
99

186
99

161
1,288
159
236
67

March
1935

Number of banks

March
1936

December
1935

March
1935
1
13

38
331
404
314

387
333

161

130
99
118
398

1,803

1,803

1,288
151]
235
67

957
120
1,309
238

4, 730
543
513
95

4,730
543
512
105

1, 018
126
17
377, 229
508

1
7
380,282
513

21
296, 804
502

21
378,203
3,075

21
397,053
3,023

12, 708
1,465
905
9 352

40, 691
732
2

37,123
735

36, 513
919
35
3,899

63,136
1,713
1,127

56,944
1,682
1,077

120, 953

421, 374

'420,867

343, 226

455, 677

468, 213

325
328
1,093
2,325
15
4,234
545
4,047
422
43
3,487
379
18
12
327, 338
2,717

3
1

3
1

40

40

27
5
2
1

27
5
2
1

2
18
14

2
18
14

59,413
2,013
1,084
14,012

19
5
1

19

424, 219

138

138

1

3
1
4
46
1
28
5
4
2
1
25
3
1
2
20
14
19
9
1
29
242

Revised.
NOTE.—Figures for March 1935 include private banks which reported to the Comptroller of the Currency under the provisions of Sec. 21 (a)
of the Banking Act of 1933. Under the amended provisions of the Banking Act of 1933, private banks no longer report to the Comptroller of the
Currency and, accordingly, only such private banks as report to State banking departments are included in the figures shown for December 1935
and March 1936.
The figures shown in the March 1936 columns are as of the following dates: Georgia, Indiana and New Jersey, December 31; New York, March
27. For call dates of figures included in the December and March 1935 columns, see footnotes on pages 398 and 694, respectively, of May 1936 and
October 1935 BULLETINS.




536

FEDERAL RESERVE BULLETIN

JULY 1936

RECENT LEGISLATION REGARDING BANK OF FRANCE AND GOVERNMENT
BORROWING
The Law of June 23, 1936, limits to 20,- general council of the Bank of France, under date
18, 1936,
000,000,000 francs the amount of French of ItJune
has been agreed as follows:
Treasury bills that may be issued and ap- ARTICLE 1. Without prejudice to the provisions of
proves a convention between the Bank of the agreements and conventions of June 10, 1857,
France and the Government providing for March 29, 1878, October 31, 1896, November 11,
and June 23, 1928, and notwithstanding article
the refunding of governmental bills redis- 81911,
of this last convention, the Bank of France shall
counted by the bank and for the extension of grant to the Government temporary non-interestadditional credit to the Treasury. The con- bearing advances, up to an amount of 14,000,000,000
vention also provides that Treasury and other francs.
The Bank of France shall receive, as reimbursegovernmental bills which have been redis- ment
expenses incurred by it in connection with
counted by the Bank of France as a special these for
advances, a commission of 0.2 percent per anoperation shall be carried as a separate item num of the effective amount of the aforesaid adinstead of with commercial bills as formerly, vances.
2. These advances will assure the redemption,
and that a new balance sheet item shall be set as ART.
they mature, of ordinary Treasury bills and bills
up showing the amount of advances granted of governmental
bodies which have been rediscounted
to the Treasury as a result of the convention. by the Bank of France as special operations. These
A translation of the law and the convention advances shall become available as the aforesaid
bills mature, and shall be carried thereafter as a
follows:
special item by the bank of issue.
LAW APPROVING A CONVENTION BETWEEN THE
MINISTER OF FINANCE AND THE GOVERNOR OF THE
BANK OF FRANCE, AND FIXING THE MAXIMUM
AMOUNT OF ORDINARY TREASURY BILLS THAT MAY
BE ISSUED.

The Senate and the Chamber of Deputies have
adopted,
The President of the Republic promulgates the
following law:
ARTICLE 1. The convention entered into on June
18, 1936, between the Minister of Finance and the
Governor of the Bank of France is hereby approved;
the text is annexed to the present law.
ART. ? The maximum amount of ordinary Treasury bills is fixed at 20,000,000,000 francs for the
year 1936, allowance being made for the issues authorized by the law of March 23, 1936.
The present law, deliberated and adopted by the
Senate and the Chamber of Deputies, shall be administered as a law of the State.
Executed at Paris, June 23, 1936.
ALBERT LEBRUN.

By the President of the Republic:
The Minister of Finance,
VINCENT AURIOL.
ANNEX
CONVENTION

Between the French Treasury and the Bank of
France
Between the undersigned: M. Vincent Auriol,
Deputy, Minister of Finance, acting in the latter
capacity, and M. Emile Labeyrie, Governor of the
Bank of France, duly authorized by the vote of the




Meanwhile, from the promulgation of the law approving the present convention, ordinary Treasury
bills and bills of governmental bodies mentioned in
the first paragraph of the present article, shall be
carried as a special item in the break-down of the
portfolio of commercial and governmental bill holdings of the Bank of France, and shall so be shown
until their redemption by the grant of the advances
mentioned above.
ART, 3. Notwithstanding article 8 of the convention of June 23, 1928, the Bank of France undertakes
to grant to the Government, on request of the Minister of Finance, in addition to the advances provided for in article 1 above and on the same conditions, new advances which shall be carried as a special
item on the balance sheet of the bank of issue, to a
maximum amount of 10,000,000,000 francs.
ART. 4. As evidence of the advances granted by
virtue of the present convention, non-interest-bearing Treasury bills of 3-months' maturity, and renewable up to the time of the repayment of the aforesaid advances, shall be delivered to the Bank of
France.
ART. 5. The part of the circulation which, according to the terms of the laws and conventions now in
force, is subject to a stamp-tax of 20 centimes per
1,000 francs, shall be reduced, for the calculation of
the amounts due under the head of this tax, by an
amount equal to that of the advances granted by
virtue of the present convention.
ART. 6. The amount of the advances made by
virtue of the present convention shall not be included
in the figure of the productive circulation serving as
the basis for calculation of royalties as provided by
the laws and conventions now in effect.
ART. 7. The present convention is free from stamp
and registration taxes.
Executed in duplicate at Paris, June 18, 1936.
Read and approved,
Read and approved,
VINCENT AURIOL.

E. LABEYRIE.

JULY

FEDERAL RESERVE BULLETIN

1936

537

THE NATIONAL BANK OF DENMARK ACT

Transformation of the former National
Bank in Copenhagen into a Government central bank, the National Bank of Denmark,
became effective on May 1, 1936. On April
7, the date of promulgation of the new law,
an extraordinary meeting of the shareholders
of the National Bank in Copenhagen approved the terms upon which the National
Bank of Denmark should take over the old
central bank as provided in the law. The
notification of the meeting, sent to shareholders, stated the agenda as follows:
Authorisation for the Chairman of the Board of
Directors to make an agreement concerning the
transfer of the National Bank in Copenhagen to a
new self-owned Bank against the redemption of the
shares of the National Bank with 4 percent redeemable bonds guaranteed by the Government, in the
proportion of 1 to 2 plus 10 percent dividend and
bonus for the current financial year.

The official English translation of the law
published by the Bank is given below in substantially its original form.
THE NATIONAL BANK OF DENMARK ACT
Act No. 116
April 7, 1936
WE, CHRISTIAN THE TENTH, by the Grace of
God, King of Denmark and Iceland, the Vandals and
Goths, Duke of Slesvic, Holstein, Stormarn, Dytmarschen, Lauenburg and Oldenburg, do hereby proclaim:
The Rigsdag have enacted and We by Our Assent
confirmed the following Act.
OBJECTS OF THE BANK

1. "Danmarks National Bank" (The
National Bank of Denmark) which, at the coming
into force of this Act, confer section 33, takes over
the "Nationalbanken i Kjobenhavn" (The National
Bank in Copenhagen) shall as the Central Bank of
this country have the object in conformity with this
Act and the regulations given under this Act to maintain a safe and secure currency system in this country, and to facilitate and regulate the traffic in
money and the extension of credit.
SECTION

GENERAL CAPITAL FUND, DOMICILE

SEC. 2. The General Capital Fund of the Bank
shall be Kroner 50 millions. The head office and
domicile of the Bank shall be in Copenhagen.
MANAGEMENT

SEC. 3. The management of the Bank shall be
committed to a Board of Directors, a Committee of
Directors and a Board of Governors.
The members of the Board of Directors, the Committee of Directors and the Board of Governors shall




be Danish subjects with domicile in Denmark, and
they shall also be of age and in possession of the
civil rights and not be deprived of the right to dispose of their estate.
SEC. 4. The Board of Directors shall consist of 25
members, viz.:
(a) 8 members with seats in the Rigsdag. These
are to be elected according to the rules of section 45
of the Constitution. In case one of these members
resigns his seat in the Rigsdag a new election shall
be held for the remaining term of office of the resigning member. The retiring member keeps his
seat in the Board of Directors until a successor has
been elected.
(b) 2 members of whom one shall be an economist
and the other a lawyer. These members, who must
not be members of the Rigsdag, shall be appointed
by the Minister of Trade, Industry and Shipping.
(c) 15 members with a thorough knowledge of
trade, industry and agriculture. These members,
who must not be members of the Rigsdag, shall be
elected by the Board of Directors, so that 3 members
retire every year. Due regard shall be paid at the
election to establish a comprehensive representation
of trade, industry and agriculture including the
workers occupied in trade, industry and agriculture,
and to secure a representation of the geographical
divisions of the country.
The members mentioned in a-c shall be elected or
appointed for 5 years. In case a member retires
before the expiration of his term of office, a new
member shall be elected for the rest of the term.
The Board of Directors shall elect for one year at
a time a chairman and a deputy-chairman.
Before amendments to the provisions governing
the Bank be made, the Board of Directors shall have
an opportunity to express its opinion.
SEC. 5. The Committee of Directors shall be composed of the 2 members of the Board of Directors
mentioned in section 4b together with 5 members
elected for 1 year at a time by the Board of Directors
from among its members. Proportional election
shall take place in conformity with rules laid down
in the By-laws of the Bank, in the case 3 members of the Board of Directors demand it.
The Committee of Directors shall elect for one
year at a time a chairman and a deputy-chairman.
The election shall be approved of by the Minister of
Trade, Industry and Shipping.
SEC. 6. The Board of Governors shall consist of 3
members. One of the Governors shall be nominated
by the King, and the other Governors appointed by
the Board of Directors on the recommendation of
the Committee of Directors. The first mentioned
Governor shall be chairman of the Board of Governors.
The Governors shall reside in Copenhagen or in
places closely connected wTith Copenhagen. They
shall not take part in the management of trade and
industrial organisations or companies nor carry on
or take part in the working of private trading, industrial and agricultural activities. The Governors
shall be under the obligation to send in their resignation before the expiration of the month in which they
complete their 70th year.

538

FEDERAL RESERVE BULLETIN
THE ROYAL BANK COMMISSIONER

SEC. 7. The Minister of Trade, Industry and Shipping in his capacity of Royal Bank Commissioner
shall see to it that the Bank fulfils its obligations
under this present Act and under the ordinances and
provisions given pursuant to this present Act.
The Royal Bank Commissioner presides at the
meetings of the Board of Directors. He shall have
the right to be present at the meetings of the Committee of Directors and to be supplied with information concerning the Bank to the extent he might
desire.
Decisions of particularly far-reaching character
cannot be taken at a meeting of the Committee of
Directors when the Royal Bank Commissioner is not
present, unless he has been informed in advance that
the case will be dealt with at the meeting.
BANK NOTE ISSUE

SEC. 8. The Bank shall have the sole right to issue
notes.
The notes issued by the Bank shall be legal tender
between man and man and for payments and disbursements which take place in public pay-offices.
When the Minister of Trade, Industry and Shipping gives his permission notes may be called in, and
they shall then cease to be legal tender from a date
fixed by ordinance from the Minister of Trade, Industry and Shipping. After the expiration of twelve
months from this date the retired notes shall cease
to constitute a claim against the Bank, provided that
the Bank shall have the right to redeem the notes
after this time if circumstances justify it.
The denominations, text and form shall be approved of by the Minister of Trade, Industry and
Shipping.
SEC. 9. The Bank shall be permitted to put into
circulation the amount of notes which may be required at any time.
Provided, that the Bank shall possess free from
any encumbrance:
(a) A gold fund, as set forth in section 10.
(b) Assets of the nature laid down in section 11
to a value corresponding to not less than that part
of the active note circulation which is not covered by
the gold fund.
SEC. 10. The gold fund shall cover 25 per centum
of the total active note circulation. It may consist of:
(a) Gold, be it in coin or ingots, either in the
custody of the Bank or handed over by the Bank to
the Royal Mint to be coined or melted.
(b) Gold which, properly secured, has been deposited abroad or which is in transit through, to or
from foreign countries. Provided, that such gold
shall not count when the Bank's right to dispose
thereof is restricted.
The gold under this subsection shall not exceed 5%
of the total active note circulation.
For up to 5 per centum of the note circulation noninterest bearing net credit balances on demand with
foreign central banks, approved of in that respect
by the Royal Bank Commissioner, may take the place
of gold.
The value of legal tender gold coin shall be determined by the nominal value arid the value of other
gold coin and of gold in ingots by the fine gold contents, the price of the gold in Danish currency being
calculated in conformity with the provisions of the




JULY 1936

Currency Act. Credit balances in foreign currency
shall not be calcuJatod at a higher price than that
quoted on the Royal Exchange on the day of settlement.
SEC. 11. That part of the note circulation which is
not covered by the gold fund may be covered by
gold and net-credit-balances on demand with foreign
banks, provided they have not been included under
section 10, bills of exchange, treasury bills, bonds
and debentures subject to quotation on the Royal
Exchange, besides advances for which proper security has been given.
SEC. 12. The Bank shall at the expiration of every
month report to the Royal Bank Commissioner on
the cover for the active note circulation.
In case of any deviation from the rules governing
the cover for notes of the Bank under sections 9-11
it shall be the duty of the Bank to redress the deviation within the expiration of the succeeding month.
SEC. 13. Under special circumstances the Board of
Directors shall, after having obtained the permission
of the Minister of Trade, Industry and Shipping,
for a period of up to 3 months at a time, be allowed
to deviate from the rules prescribed for note cover.
A decision to this effect shall be adopted by at least
% of all the members of the Board of Directors. It
shall be the duty of the Bank as soon as possible to
re-establish the normal proportion of cover.
REDEMPTION OF THE NOTES OF THE BANK, ETC.

SEC. 14. The Bank shall be under the obligation
to redeem at its Head Office on demand the notes
issued by the Bank at their face value either with
legal tender gold coin or with gold ingots of ordinary
fineness and weight, when notes are delivered in
amounts corresponding to the value of an ingot.
The Bank shall likewise be under the obligation
to buy at its Head Office from any person who might
desire it ingots of fine gold at a price corresponding
to the gold price
fixed by the Currency Act with the
deduction of XA per centum seigniorage.
The above provision can only be suspended by Act.
OTHER FUNCTIONS OF THE BANK

SEC. 15. The functions of the Bank shall especially
comprise reception of money on folio account and
current account, reception of deposits in safe custody,
granting of advances and discounting of bills of exchange besides traffic in gold, foreign currency and
securities.
The granting of advances shall take place only on
satisfactory security and normally for 1-3 months
but not exceeding 6 months. Renewal of advances
may take place.
Further provisions governing the general functions of the Bank shall be laid down in the By-laws of
the Bank.
SEC. 16. The Bank shall receive payments and
make disbursements for the State. The monthly
balance sheet shall give the figures of the credit
and/or debit balances of the State with the Bank.
ACCOUNTS AND DISTRIBUTION OF PROFIT

SEC. 17. The financial year of the Bank shall be
the calendar year. As soon as possible after the
expiration of the financial year the books shall be
balanced and the accounts for the year expired
drawn up. The accounts shall contain a working
account and a balance sheet.

JULY

1936

FEDERAL RESERVE BULLETIN

The accounts shall, under careful consideration
of existing values and obligations and with the undertaking of necessary writings-off and allocations, be
rendered as proper and cautious business practice
dictates.
Securities admitted to public quotation on the
Royal Exchange shall not be entered at a higher
value than the latest buying rate quoted at the close
of the financial year.
Securities not admitted to public quotation on the
Royal Exchange shall be entered at the supposed
value on the day of settlement, but the value shall not
exceed the price at which they were acquired.
Foreign currency shall not be entered at a higher
value than the rate of exchange quoted at the close of
the financial year.
Real estate shall not be booked at a higher value
than the buying price with addition of costs of improvements and deductions corresponding to the
depreciation through age and use and not exceeding
the value assessed for land and building tax.
The booked value of other assets shall not exceed
the market value.
The accounts when approved by the Board of
Directors shall be sent to the Minister of Trade, Industry and Shipping together with a report on the
work of the Bank during the year expired.
When the accounts have been approved by the
Royal Bank Commissioner, they shall be published
together with the Bank's report for the year expired.
SEC. 18. The accounts for the financial year shall
be audited by 2 chartered accountants appointed by
the Minister of Trade, Industry and Shipping for
1 year at a time.
SEC. 19. The profit earned by the Bank shall go to
the Exchequer if it be not allocated to the reserve
fund or to special guarantee funds.
Out of the profit of the financial year the Exchequer shall prior to other payments receive Kr. 1
million.
Thereafter 25 per centum of the remainder shall
be allocated to the reserve fund if this fund be less
than Kr. 25 millions.
The rest of the profit shall be paid to the Exchequer
under the observation of the following rules:
If the rest of the profit does not exceed Kr. 4 millions, one half of the amount shall be paid to the
Exchequer and the other half written off the General
Capital Fund Certificate. In case the rest of the
profit exceeds Kr. 4 millions, Kr. 2 millions shall be
paid and the remainder written off the General Capital Fund Certificate. When this certificate has been
redeemed in full the total rest of the profit goes to
the Exchequer unless the Board of Directors with
the approval of the Royal Bank Commissioner decides
to allocate a part of the amount to reserves.
If losses of preceding years have entailed drawing
on the General Capital Fund all payments to the Exchequer shall be suspended until the loss of the General Capital Fund has been recovered.
If losses of preceding years have reduced the Reserve Fund to less than the amount it constituted
when the Bank commenced business, the payment
under subsection 2 of this section shall be made and
thereafter the whole profit shall be used to increase
the Reserve Fund until it has regained the original




539

GENERAL PROVISIONS

SEC. 20. The Minister of Trade, Industry and
Shipping may at the request of the Board of Governors of the Bank supply the Board with such information concerning banks, savings banks and the
Stock Exchange as is to be had from the Bank Inspectorate, Savings Banks Inspectorate and the Stock
Exchange Inspectorate and which the Bank and the
Minister find of interest for the Bank in its capacity
as the Central Bank of the country.
In the same manner the Minister may on application from the aforesaid Inspectorates and for their
use ask for such information from the Bank as is of
interest for the work of supervision.
SEC. 21. The Bank shall be exempt from paying
all direct taxes and rates whatever. Provided that
the Bank shall pay taxes upon real estate which is
not used for its own activity and such levies as have
the character of consideration for special contributions.
SEC. 22. The Bank may use unstamped paper for
its notes and books and for the drafts, bonds and
other documents executed in the course of banking.
Bonds by which collateral security is pledged to
the Bank shall be made on unstamped paper.
SEC. 23. When evidence placed before the Bank
shows to the satisfaction of the Bank that a receipt
for money received on deposit or a memorandum of
deposit probably has been lost, the Bank shall be
entitled by a notification in the Government Gazette
to call the bearer to appear within 12 weeks. If
nobody appears the Bank may pay the amount of
the document to the person who is the rightful
creditor according to the books of the Bank.
SEC. 24. In case a contract of suretyship has been
given for the repayment of an advance granted by
the Bank and the borrower makes default in payment of principal, instalment or interest, notification
hereof shall, not later than 6 months after the maturity of the contribution mentioned, be sent by
registered mail to each of the sureties or to the
surety or sureties authorized by the others to receive
such notification on behalf of all the sureties.
If the Bank omits to give such notification the Bank
shall lose its claim on the sureties to the extent to
which the remedy of the sureties as against the borrower has been reduced in value through the omission.
SEC. 25. The Bank shall be subject to the provisions
laid down in the Bank Act No. 122 of the 15th of
April 1930, section 9, subsections 1-4 and 6-9, provided that the Governors of the Bank and branch
managers shall not obtain advances from the Bank
or the guarantee of the Bank for advances or be
sureties for debts to the Bank. Furthermore section
21 of the same Act shall apply correspondingly with
regard to this present Act, the regulations given
under this present Act, and the resolutions of the
Board of Directors.
SEC. 26. The Board of Directors shall, on the
recommendation of the Committee of Directors and
subject to confirmation by the Minister of Trade,
Industry and Shipping, draw up the By-laws of the
National Bank of Denmark, by which rules shall be
laid down governing the functions and the management of the Bank and the salaries, wages and old
age pensions for the Board of Governors and the
Staff, etc., and the duties of the Auditors.

540

FEDERAL RESERVE BULLETIN

The By-laws may be amended by the Board of Directors subject to confirmation by the Minister of
Trade, Industry and Shipping.
The amendments shall be valid when passed by a
simple majority of the whole Board of Directors.
AGREEMENT CONCERNING THE TAKING OVER OF THE
NATIONAL BANK IN COPENHAGEN

SEC. 27. By agreement between the National Bank
in Copenhagen on one side and the Minister of Trade,
Industry and Shipping and the Minister of Finance
as representatives of the National Bank of Denmark
on the other side it may be decided that all the assets
and liabilities, rights and duties of the old Bank
shall pass to the new Bank against a consideration
in the form of bonds which are to be redeemed within
a certain number of years. The Government guarantees the interest and redemption of the bonds.
The consideration which the shareholders of the old
Bank receive in the form of bonds shall not as far
as any part thereof is concerned be included in the
taxable income of the holder in question.
At the same time the new Bank commences business the old Bank shall cease to exist. The windingup proceedings shall be conducted by the National
Bank of Denmark. The statutory winding-up rules
need not be observed. The aforesaid bonds shall be
issued to bearer. The bonds as well as transfers
endorsed thereon besides all other documents made
for the purpose of the taking over shall be exempt
from stamp duty nor shall any fee be paid for the
registration at the Courts of Law.
THE ABOLITION OF THE ROYAL CHARTER, ETC.

SEC. 28. The Royal Charter of the 4th day of July
1818 (confer Act No. 157 of the 12th day of July
1907, Act No. 483 of the 30th day of August 1919
and Act No. 201 of the 20th day of May 1933) shall
be repealed. The duty of the Bank to pay to the
Exchequer the profit derived from the exemption to
redeem with gold the notes issued by the Bank shall
likewise cease.
The statutory provisions which otherwise apply to
the National Bank in Copenhagen shall in future
apply to the National Bank of Denmark.
TRANSITORY PROVISIONS

SEC. 29. The General Capital Fund of section 2
shall be paid by the Government in the form of a
General Capital Fund Certificate at the coming into
force of this present Act. By degrees as funds out
of the annual profit are allocated to the General
Capital Fund corresponding amounts shall be written
off the General Capital Fund Certificate.
The payment of interest on the bonds mentioned
in section 27 shall be made out of the working account
of the Bank before the profit of the year be ascertained.
SEC. 30. The members of the Board of Directors
elected at the meeting of shareholders of the old
Bank shall pass over to the Board of Directors of the
new Bank and take over the tasks laid upon the members mentioned in section 4c. They shall remain on
the Board of Directors until their term of office
expires under the rules hitherto in force. At new
elections held by the Board of Directors before the
end of July 1938 the provisions of section 4c shall
not apply in the case of a re-election.
SEC. 31. When the bonds of section 27 are allotted




JULY

1936

to the shareholders of the National Bank in Copenhagen they shall be delivered to the person who
holds the shares with legal title in due form.
In exchange for shares registered in the name of
the holder in the books of the Bank bonds may also
be handed out under the observance of the following rules:
(a) When evidence placed before the Bank shows
to the satisfaction of the Bank that a share certificate probably has been lost the National Bank of
Denmark shall be entitled by a notification in the
Government Gazette to call the person who might
be in possession of the share certificate to appear
within 6 months. If nobody appears the Bank may
deliver the bonds corresponding to the share certificate to the person registered in the books of the
Bank as proprietor of the share certificate.
(b) In case of defects in the transfers of title endorsed on a share certificate the National Bank of
Denmark shall, if it is of opinion that the asserted
ownership of the bearer is well founded, be entitled
to call the person or persons who might have any
objections to the bearer's property in the share
certificate to appear within the aforesaid period of
notice. If no objections are made the Bank may
deliver the bonds to the bearer of the share certificate.
When evidence placed before the Bank shows to
the satisfaction of the Bank that a share certificate,
which according to the books of the Bank is made
out to bearer, probably has been lost, and the person
notifying the loss possesses the coupons belonging
to the share, the National Bank of Denmark shall
be entitled to pay to such person the interest due on
the bonds corresponding to the s^are. If the Bank
does not find to its satisfaction that the share certificate has been destroyed, the interest shall not be
paid till the 1st day of February, 1937. If nothing
to invalidate the right of the person notifying such
loss has transpired within the expiration of 5 years
from the taking effect of this Act the Bank may
deliver the bonds to him.
In case cash amounts are to be allotted to the shareholders payment shall be made against the production
of the dividend coupon for the year current at the
taking effect of this present Act.
After the expiration of 5 years from the taking
effect of this Act all rights to claim bonds or cash
allotments in exchange for the old shares shall be
forfeited, and the undelivered bonds and cash
amounts shall fall to the National Bank of Denmark
without compensation to the former shareholders.
Amounts gained in this way shall be allocated to
the Reserve Fund of the Bank.
SEC. 32. In the period till the expiration of the
year 1948 the above provisions can only be amended
by the consent of a majority of all the members of
the Board of Directors (confer section 14, last subsection).
COMMENCEMENT

SEC. 33. Section 27, subsection 1, shall take effect
at once. Otherwise the Act shall take effect on
such date as may be fixed in the agreement mentioned in section 27. The Minister of Trade, Industry and Shipping shall publish the date of the taking
effect of this Act.
With which all those concerned shall have to
comply.
Given on Amalienborg, the 7th day of April 1936.

JULY

FEDERAL RESERVE BULLETIN

1936

541

LEGAL RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS
In most countries central banks are required by law to hold substantial reserves of
gold or foreign exchange. Demands upon
these reserves occur chiefly in connection
with the settlement of international transactions, since under the post-war gold standard domestic circulation of gold coin has
practically ceased. Only a portion of central
bank reserves, however, is available for international use. In most countries a substantial
part of the gold and foreign-exchange reserves is required by law to be held against
domestic liabilities. A tabular statement of
the legal reserve requirements of 45 foreign
central banks is presented below. Similar
tables were published in the Federal Reserve
Bulletin for August 1930, p. 502, and July
1932, pp. 437-438.
Reserves.—The assets of central banks
most generally designated as reserves are
gold and foreign exchange. It is these assets
that central banks can most effectively use
in settlement of international transactions.
Central bank statutes practically without exception permit gold to be counted as part of
the legal reserves, although in some instances
gold held abroad is either excluded or limited
to a small proportion of the reserves required, as noted in the column of qualifying
provisions. Foreign exchange, on the other
hand, is often not permitted to count as part
of the legal reserves. In those cases in which
it is permitted, the fact that many of the
statutes were adopted in a period when the
international gold standard prevailed is reflected in the frequent requirement that exchange be gold exchange, i.e. exchange on a
country where the currency is by law convertible into gold for export. Few currencies
satisfy this definition today, however, and it
is probable that the term ''gold exchange" is




now broadly interpreted in practice. Where
the law permits exchange other than gold exchange to be counted as part of the legal reserves, this fact is noted in a footnote or
among the qualifying provisions. Note is
also made in the qualifying provisions when
exchange eligible as legal reserve does not
include all short-term foreign assets, or does
include long-term foreign securities.
Liabilities against which reserves are required.—In each of the countries covered by
the table reserves are required against notes.
Notes may be understood as notes in circulation outside the bank of issue. Where* as in
England, reserves are required against notes
issued that are retained by the bank, it is
evident that the bank may at will release the
reserves by retiring the notes. Reserves
against notes held by the bank are, therefore,
available for international use.
Many countries also require reserves to
be held against deposits and other demand
liabilities of the bank. Where the law specifies deposits only, the term has been used in
the table. In such cases items which might
not be considered deposits, such as cashier's
checks, drafts payable, and dividends, have
been noted in the column of qualifying provisions when it is clear that the bank includes
such items with the deposits against which
reserves must be held.
Flexibility in reserve requirements.—The
reserve requirements shown in the table are
not always absolute. Many central bank
statutes permit reserves to fall below the
legal minimum, subject to the payment of a
tax or the consent of the Government or both.
Such provisions are noted in the table. In
all cases, however, the statutory requirement
constitutes a standard which the bank is expected to observe.

542

FEDERAL RESERVE BULLETIN
LEGAL RESERVE REQUIREMENTS OF FOREIGN

JULY 1936

CENTRAL

BANKS

Reserve requirements
Central
Bank of:

Liabilities against which reserves
are required

Qualifying provisions, etc.
Gold

Per cent
Albania—.
Argentina-

Notes
Demand liabilities..

Australia..
Austria

Notes
Demand liabilities minus Federal
debt A (Sch. 262, 986, 804).

Belgian Congo..
Belgium
Bolivia

Notes and subsidiary coin..
Demand liabilities
Notes and deposits

British India..

Notes..

Bulgaria-.
Canada.-.

Demand liabilities.Notes and deposits..

Chile..

Notes and deposits..

Colombia-.

Notes-

Czechoslovakia.
Danzig
Denmark

Demand liabilities..
Demand liabilities..
Notes

Ecuador..
Egypt-..

Notes and deposits.
Notes

El Salvador

Demand liabilities..

Estonia-.
Finland-

Demand liabilities
Demand liabilities, including unutilized credits, in excess of 1,200.
000,000 markkaa.
Demand liabilities
Notes

France
Germany..
Greece
Guatemala..

Demand liabilities, minus holdings
of national silver coin up to 150,000,000 drachmas.
Notes
Deposits, due in 30 days or less, including unutilized credits.




221;

20
30

3 20

Gold and
gold exchange
Per cent
1 2 3 3 ^ Exchange included limited to two-thirds of required reserve.
25 ' Exchange not limited to gold exchange; b u t liabilities in gold a n d
exchange must be deducted from it. If reserve falls below 33
per cent during specified periods, no dividend shall be paid to
shareholding banks.
Exchange included limited to English sterling.
25
2 3 20
Reserve requirements to be increased to 22 per cent on J a n u a r y 1,
1937; to 24 per cent on J a n u a r y 1, 1942; and to 25 per cent on January 1, 1947. Reserves m u s t be revalued at end of each year on
basis of schilling exchange during preceding 6 m o n t h s .
40
40
Silver included limited to one-fifth of required reserve.
Exchange
i 50
included limited to deposits payable in gold on d e m a n d or on
three days' notice in N e w York or London, except t h a t since
Sept. 6, 1932, domestic and foreign prime commercial bills m a y ,
with t h e consent of the superintendent of banks, be included u p
to one-tenth of required reserve. B a n k includes drafts payable,
dividends, and "other obligations" with deposits against which
reserves are required.
Gold m u s t not be less t h a n 400,000,000 rupees; at least 85 per cent
3 40
of gold included must be held at home. Exchange included
limited to deposits at B a n k of England, sterling bills or British
Government securities maturing within 5 years.
Reserve net; i. e., minus a n y liabilities in exchange.
25
Government at b a n k ' s request m a y suspend reserve requirement
for m a x i m u m period of one year.
Exchange net; limited to demand deposits payable in gold in N e w
York or London. Exchange purchased under laws of Apr. 19,
1932 (No. 5107) a n d F e b . 13, 1935 (No. 5594), regarding official
exchange control, and an equivalent a m o u n t of notes and deposits
are excluded in computing ratio. While b a n k holds Treasury
notes issued under law of J a n . 7, 1932 (No. 5028) and later consolidated in a long-term Government debt, reserve requirements are
reduced to 25 per cent. B a n k includes cashiers' checks a n d
dividends payable with deposits against which reserves are
required.
Exchange limited to d e m a n d deposits b u t not to gold exchange.
During present emergency reserve requirements are reduced to
30 per cent or, so long as gold content of peso is not reduced, to 25
per cent. An additional reserve of 25 per cent of deposits plus
outstanding Treasury notes is required in gold or other cash (silver
not to exceed one-half).
3 30
3 25

40
50

3 40
100
35
30

Exchange included m u s t be valued at gold value.
Gold abroad limited to 5 per cent of notes. Exchange n o t limited
to gold exchange b u t must be noninterest-bearing demand deposits
in central banks minus such deposits held for central b a n k s .
Exchange m a y not be valued higher t h a n at market rate.
Exchange included limited to deposits payable in gold.
Gold included must be held at home. Exchange included limited
to British Treasury bills.
After definitive stabilization of currency, net exchange m a y count
as reserve. Such exchange is not limited to gold exchange, b u t
must be held in central banks. If reserve falls below 30 per cent
on three of the 24 report dates a year, no dividend shall be paid
to shareholding banks.
Exchange net.
Exchange limited to undisputed balances with correspondents
valued at par or at market, whichever is lower; not limited to
gold exchange.
Exchange not limited to gold exchange b u t m u s t be valued at its
current gold value and m a t u r e within 14 days. Reserve requirements suspended since July 7, 1931.
Reserve net, i.e., m i n u s gold exchange liabilities. Reserve m a y
include certain gold bonds of t h e Greek State u p to 650,000,000
drachmas. Reserve requirements suspended since A p r . 26, 1932.
Gold in required reserves must be in b a n k ' s vaults. Silver m a y
replace gold u p to one-tenth of requirement shown in gold column.
Reserve against deposits payable in a foreign currency m a y be
held entirely in t h a t currency. Note issue m a y not exceed 5
times b a n k ' s paid-up capital a n d surplus or 12,500,000 quetzals,
whichever is larger. Deposits d u e in 30 days or less m a y not
exceed 5 times bank's capital a n d surplus.

LEGAL RESERVE REQUIREMENTS OF FOREIGN CENTRAL

Central
Bank of:

Liabilities against which reserves
are required

Hungary..

Demand liabilities minus Government debt.

Italy...
Japan..

Demand liabilities
Notes in excess of fiduciary issue of
1,000,000,000 yen.

Qualifying provisions, etc.
Gold

Gold and
gold exchange

Per cent

Per cent
123 24

40
i 100

Demand liabilities

Latvia..

Notes up to 100,000,000 lats_.

2 30

Lithuania
Morocco
Netherlands
New Zealand

Notes in excess of 100,000,000 lats_
Notes
Notes
Demand liabilities..
Demand liabilities..

2 50

Peru
Poland...
Portugal-

Rumania
South Africa..
Spain

140

3314
11 1 /9
1 40

Notes in excess of fiduciary issue of
250,000,000 kroner.
Notes, deposits, and net foreign
items in process of collection.

100

Demand liabilities in excess of 100,000,000 zlotys.
Notes up to 2,200,000,000 escudos
and other demand liabilities.

3 30

Notes in excess of 2,200,000,000
escudos.
Demand liabilities
Notes, deposits, and bills payable._.

100

1 50

30

25
13 30
1 45

Notes in excess of 4,000,000,000 pesetas.

1 60

Notes in excess of fiduciary issue of
350,000,000 kronor.

50

Notes
Switzerland
in excess of fiduciary issue of
United Kingdom Notes
£260,000,000.
Major notes of 10 pesos or more isUruguay
sued in excess of (a) bank's paidup capital less fiduciary issue of
minor notes and (b) rediscounted
bank documents up to 10,000,000
pesos.

40
100

Yugoslavia

Demand liabilities

33 ^
"25

Notes up to 4,000,000,000 pesetas

Sweden..

BANKS—Continued

Reserve requirements

Java

Norway.

543

FEDERAL RESERVE BULLETIN

JULY 1936

35

45 3/5

25

35

Reserve requirements to be increased to 28 per cent on June 24,
1938, and to 3 3 ^ per cent on June 24, 1943. Reserves must be revalued at end of each quarter on basis of pengo exchange during
preceding 15 days.
Reserve requirements suspended since July 22, 1935.
Silver included limited to one-fourth of required reserve. Bank
has not included silver in reserve since 1905. Bank may increase
fiduciary issue, subject after 15 days to consent of Government
and payment of tax on excess issue.
Part of required reserve, to be determined by Governor-General
must be held at home.
Against Government note issue, which may not exceed 48,000,000
lats, Government must maintain 25 percent reserve in gold earmarked at Bank of Latvia.
Eighty per cent of required reserve must be held at home.
Exchange may include sterling; liabilities in exchange must be
deducted from gold exchange. Government at bank's request
may suspend reserve requirements.
Gold included must be held at home. Fiduciary issue may be
increased, subject to a tax, by authority of King and Storting.
Silver included must not exceed one-fifth. Exchange included
may consist only of deposits payable on demand in gold, or its
equivalent, in New York or London, and up to one-half of reserve,
bankers' acceptances payable in gold currencies.
Gold net, after deduction of pledged gold and of liabilities in exchange.
Notes subject to 30 per cent reserve may be increased beyond
2,200,000,000 escudos with Government consent. Exchange net;
may include sterling and foreign Government securities payable
in sterling. Until July 1, 1941, certain Portuguese external gold
bonds may be included up to 22 per cent of existing reserve.
One-half of gold included must be held at home. Silver included
limited to 6 per cent of deposits and bills payable.
Ninety-seven per cent of gold included must be held at home.
Silver included limited to 5 per cent of notes up to and including
4,000,000,000 pesetas and 10 per cent of notes in excess. Note
circulation limited to 6,000,000,000 pesetas and may exceed
5,000,000,000 only with Government consent. Government
consent necessary for any reduction of gold and cannot be given
unless gold is in excess of amount required for 6,000,000,000 pesetas
of notes.
Gold must not be less than 150,000,000 kronor. Eighty-five per
cent of gold included must be held at home. Government may
increase fiduciary issue by 350,000,000 kronor.
Gold included must be held at home.
At bank's request Treasury may decrease fiduciary issue or may,
for period up to two years, increase fiduciary issue.
Fiduciary issue of minor notes is permitted in place of major
notes, against paid-up capital. Against minor notes in excess of
fiduciary issue, minimum reserve requirement is 45.6 per cent in
silver. Minor notes are limited to 20,000,000 pesos. Bank must
hold notes equivalent to 20 per cent of deposits. Gold coin may
be held abroad only if 55,000,000 pesos of gold coin is held in
Uruguay, unless specially authorized otherwise.
Gold included must be held at home. Provisionally since Jan. 21,
1935, reserve requirements are reduced from 25 and 35 per cent to
20 and 25 per cent, respectively, and bank is authorized, in computing these ratios, to value reserves at 28.5 per cent above legal
rate.

-21 May legally include silver.
Foreign exchange may be in any stable currency.
3
Reserve may be permitted to fall below stated reserve requirements subject, except in South Africa and Denmark, to the payment of a tax.
Government consent is necessary in Denmark, Estonia, India, and South Africa.




544

FEDERAL RESERVE BULLETIN

JULY

1936

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS

With this issue of the BULLETIN, the table
giving gold reserves of central banks and governments regularly published in the BULLETIN has been revised somewhat to include
four additional banks and to exclude figures
for the State Bank of the U. S. S. R. as well
as for the preceding Russian State Bank.
Figures for the four additional banks for
years prior to 1935, together with a tabular
statement giving a detailed explanation of
how the figures for these four banks are obtained and also of the more important changes
in the compilation of the table since publication in the BULLETIN for June 1933, are given
below. A detailed explanation of the above
table as heretofore compiled was published in
the BULLETIN for July 1931 (pp. 392-398),
May 1932 (pp. 315-318), and June 1933 (p.
372).
Figures for each of the four banks added
to the table—the Central Bank of China, the
Banco Central de Reserva de El Salvador,
the Banque d'Etat du Maroc, and the Bank
for International Settlements—relate to the
last day of the month. The figure for the
Bank for International Settlements represents gold held by the bank for its own account, principally against central bank deposits payable in gold.
In four countries, Argentina, Canada, India, and New Zealand, new central banks have
taken over most of the gold previously owned
by government offices or note-issuing banks.
The Banco Central de la Republica Argentina, which began operations on May 31,
1935, took over the entire gold stock of the
Caja de Conversion amounting at the old
valuation rate to 246,843,000 gold pesos
($403,000,000). The Banco de la Nation
Argentina continued to hold a small amount
of gold—$220,000—on May 31, 1935. Since
this institution's central banking functions
have now been transferred to the new Banco
Central de la Republica Argentina, its gold
holdings are no longer included in the table.
In Canada $31,900,000 (U. S. $54,100,000) of
gold held in vault by the Chartered Banks
and not previously included in the table, together with $69,500,000 (U. S. $117,600,000)
of gold held against Dominion notes by the
Minister of Finance and $5,200,000 (U. S.
$8,800,000) deposited by the Chartered Banks
in the central gold reserves, were transferred
to the Bank of Canada, which opened for




business on March 11, 1935. A small amount
of gold held by the Minister of Finance
against liabilities other than Dominion notes,
which was not transferred to the Bank of
Canada, is included in the figure of Canadian
gold reserves. The Reserve Bank of India
when it opened on April 1,1935, took over the
entire gold reserves held by the Government
in the gold standard reserve, amounting to
28,698,000 rupees ($17,700,000), and in the
paper currency reserve amounting to 415,519,000 rupees ($256,800,000). The Reserve
Bank of New Zealand began operations on
August 1, 1934, and by the end of September
it had acquired the £4,350,000 ($35,900,000)
of gold previously held by the six banks of
issue.
When the gold content of the United States
dollar was reduced early in 1934, the par rate
of conversion into dollars of all foreign currencies was automatically increased by 69.31
percent. The new parity did not become effective until after close of business on January 31, 1934, but for purposes of comparison
the January 1934 figures of central gold reserves are given in terms of both the old and
the new parity in the table below.
In addition to the general change effected
by revaluation of the dollar, rates of conversion have been altered by revaluation of gold
in the nine following countries: Argentina,
Austria, Belgian Congo, Belgium, Canada,
Columbia, Czechoslovakia, Danzig, and Ecuador. Revaluation t)f foreign gold reserves
does not affect their dollar value. The
change in terms of local currency is exactly
offset by the altered value of the local currency in terms of dollars.
On May 31, 1935, gold held by the Caja de
Conversion in Argentina was revalued on the
occasion of its transfer to the new Banco
Central de la Republica Argentina. The rate
of conversion into United States dollars was
thus reduced for the gold peso from $1.6335
to $0.7484 and for the paper peso from
$0.7187 to $0.3293. In Austria the gold holdings of the Oesterreichische Nationalbank
were revalued at the rate of 0.16667 gram of
fine gold per schilling on April 30, 1934,
thereby changing the rate of conversion into
United States dollars from $0.2382 to
$0.1875; and on December 31,1935, the value
of the schilling was changed slightly to
0.16768 gram gold, the new rate of conversion

JULY

1936

FEDERAL RESERVE BULLETIN

into United States dollars becoming $0.1887.
Gold held by the Banque du Congo Beige was
revalued on April 30, 1935, on the basis of 72
percent of its former parity. The rate of conversion into United States dollars was thereby
reduced from $0.0471 to $0.0339. Gold belonging to the Banque Nationale de Belgique
was revalued after the last statement date in
March 1935 on the basis of 75 percent of the
former parity, pending final determination
of a new gold content for the belga, which was
definitely fixed by law effective April 1, 1936,
at 72 percent of the former gold content.
Thus, the rate for converting the gold holdings of the Belgian central bank into United
States dollars became $0.1766 on March 29,
1935, and was reduced on April 1, 1936, to the
present value of $0.1695. With the adoption
of the Exchange Fund Act July 5, 1935, the
Bank of Canada began to value its gold in
Canadian dollars at the highest market price
obtainable in London or New York less certain
costs of shipment. Gold held by the Minister
of Finance continues to be valued at par in
Canadian dollars. Colombia revalued the
gold reserve of the Banco de la Republica on
April 6, 1935, on the basis of the peso price
of gold in New York on the last day of the
month. Gold is also reported on the monthly
statement of the Banco de la Republica in
terms of fine ounces, which can be converted
into United States dollars at $35.00 a fine
ounce. On February 17,1934, Czechoslovakia
reduced the gold content of the koruna by onesixth and thus altered the rate of conversion
into United States dollars from $0.0502 to
$0.0418. Danzig reduced the gold content of
the gulden on May 2, 1935, changing the rate
of conversion into United States dollars from
$0.3296 to $0.1899. The Banco Central del
Ecuador revalued gold in vault by law of
December 18, 1935, valuing the sucre at the
rate of 9.968331 sucres per gram of fine gold,
which reduced the rate of conversion into
United States dollars from $0.3386 to $0.1129.
The Banca D'ltalia suspended publication
of its statement after October 20, 1935. The
figure for December, however, was published
in the Annual Report of the Banca D'ltalia
for 1935. Figures for the end of October and
November are estimated on the basis of equal
distribution of loss of gold between the two
reporting dates. The figure for December is




545

carried forward currently for months for
which no figures are available.
The Banco de Mexico, which does not separate gold from silver and foreign exchange
on the balance sheet, reported its gold reserve
in fine kilograms by letter from January 1933
until the transfer of reserves of the bank to
the Mexican stabilization fund in April 1935.
Since that time no separate report has been
made. The figure for March is therefore
carried forward for subsequent months.
The growth of the practice of accumulating unreported central reserves, particularly
in government agencies created to administer
secret funds for the stabilization of currencies, has in recent years necessarily resulted
in omissions from the compiled figures of central gold reserves. The Exchange Equalization Account established in England in June
1932 was followed by the United States Stabilization Fund in June 1934, the Belgian Exchange Equalization Fund in April 1935, the
Canadian Exchange Fund in July 1935, and
the Exchange Fund of Uruguay in August
1935. The resources and scope of the Mexican stabilization fund (Fideicomiso de la
Reserva Monetaria) were enlarged in April
1935 when the gold reserves of the Bank of
Mexico were turned over to the fund. In
Argentina the new central bank, on the occasion of its establishment, acquired gold and
foreign exchange resources from the Foreign
Exchange Fund which had been created under
the decrees of November 1933 establishing
a new foreign exchange control system. The
Belgian Exchange Equalization Fund was
abolished by law of April 1, 1936.
Some of these funds, it is believed, hold
little gold, and in certain other cases the gold
holdings are only partly concealed. In the
United States, for example, $1,800,000,000
of the original $2,000,000,000 allocated to the
Stabilization Fund is currently reported on
the Daily Treasury Statement as still held in
the form of gold. On the other hand, the
unreported gold of one of the foreign funds
is undoubtedly substantial, and there appear
to be cases where governments, which have
not formally established stabilization funds,
hold unreported gold or where central banks
fail to include some of their gold in reported
reserves.

546

FEDERAL RESERVE BULLETIN

JULY 1936

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
NEW CENTRAL GOLD RESERVE ACCOUNTS
SINCE JUNE 1933
(For earlier items and items substantially unchanged, see tabular statements
in BULLETIN for May 1932 and June 1933.)

Country

Institution
May 1935 to date, Banco Central de la Republica Argentina.

Source

Items

Rate of conversion into
United States dollars

Current balance sheet..

Oro_.

May 31, 1935, 1 paper peso=
$0.3293.

Letter from Banco Central de
la Republica Argentina.

Gold abroad..

April-July 1935, Department
of Commercial Intelligence
and Statistics, Indian Trade
Journal; Aug. 1935 to date,
current balance sheet.
Mar.-June 1935, current balance sheet.
July 1935 to date, letter from
Bank of Canada.

Issue Department: Gold coin
and bullion in India and
outside.

Original figures in fine ounces
converted at rate of 1 ounce=
$35.00.
1 rupee=$0.6180.

Mar. 1935 to date, Ministry of
Finance.
Central Bank of China

Letter from Minister of
Finance.
May 1930-Oct. 1934, letter
from Central Bank of
China; Nov. 1934 to date,
special balance sheet.

Gold

El Salvador... 1920-June 1934, three banks of
issue.
July 1934 to date, Banco Central de Reserva de El Salvador.
Morocco..
Banque d'Etat du Maroc

Letter from Banco Central de
Reserva de El Salvador.
Current balance sheet

Argentina

British India.. April 1935 to date, Reserve
Bank of India.

Canada..

China-

Mar. 1935 to date, Bank of
Canada.

New Zealand.. Aug. 1934 to date, Reserve
Bank of New Zealand.
Switzerland... Bank for International Settlements.
Uruguay

Banco de la Republica




Gold

1 Canadian dollar=$ 1.6931.

Gold

Original figures in fine ounces
converted at rate of 1 ounce=
$35.00.
1 Canadian dollar=$1.6931.

Gold coin and bullion at home
and abroad in issue and
banking departments.

Gold coin.
Gold

Dec. 1922-Jan. 1935, letter from
Banque d'Etat du Maroc;
Feb. 1935 to date, current
balance sheet.
Current balance sheet

Encaisse or..

Current balance sheet

Gold in bars

Current balance sheet:
Sept. 1935
Oct. 1935 to date

Issue department:
En monedas de oro..
Existencia en oro...
Banking department:
Gold.

Letter from Banco de la Republica, Sept.-Dec. 1935.
Current balance sheet, Jan.
193<i to date.

May 1930-Jan. 1934, original
figures in fine ounces converted at rate of 1 ounce=
$20.6718; Feb. 1934 to date,
converted at rate of 1 ounce=
$35.00.
1 colon=$0.50.

Gold-

Encaje-oro.

1922-1927, 1 franc=$0.1930;
June 1928-Jan. 1934, 1 franc=
$0.0392; Feb. 1934 to date, 1
franc=$0.0663.
1 New Zealand pound=$8.2397.
July 1933-Jan. 1934, 1 Swiss
franc=$0.1930; Feb. 1934 to
date, 1 Swiss franc=$0.3267
1 peso=$1.7511.

JULY

547

FEDERAL RESERVE BULLETIN

1936

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
[In thousands of dollars]

End of month

World
total (52
countries,
excluding
Russia—
U.S.S.R.)

China

El Salvador

Morocco

Switzerland
(Bank
for International
Settlements)

$1 = 25 8/10 grains of gold nine-tenths fine; i.e. in ounce of fine gold =
$20.67
1913—December..
1914—December..
1915—December..
1916—December..
1917—December..

4,070, 543
4, 539, 269
5, 407, 594
5, 866,996
6,473,441

1918—December
1919—December
1920—December
1921—December
1922—December

6,807,718
6, 794, 268
7, 241, 068
8, 031, 991
8, 402, 692

2, 365
2, 029
2,782

378

1923—December
1924—December
1925—December
1926—December
1927—December

8, 594,129
8, 888, 206
8, 885, 789
9,131, 230
9,476, 794

3,
4,
5,
5,
5,

035
399
403
930
059

379
379
379
386
389

1928—June
July
August
September..
October
November..
December..

9,687,126
9, 773, 036
9,826,106
9,871,172
9,890,119
9, 929, 059
9,943,914

5,
5,
5,
5,
5,
5,
4,

059
059
059
059
059
059
895

389
390
2, 906
3,100
3,100
3,100
3,119

9, 974, 565
9, 997, 932

1929—January
February
March
April
May
June
July
August
September
October
November
December

10,024, 542
9, 981, 534
10,048, 090
10,061,015
10,065, 751
10,139, 292
10,150,736
10,171,569
10,173, 476
10,166,467

4, 895
4, 895
4, 895
4, 895
4, 895
4. 895
4, 895
4, 895
4, 895
4, 895
4, 895
4,586

2,844
2,844
2,844
2,844
2,844
2, 845
3,173
3, 212
3,212
3, 095
2,820
2,737

1930—January
February
March
April
May
June
July
August
September
October
November
December

10, 230, 900
10, 297, 564
10, 367, 646
10, 422, 034
10, 452, 443
10, 485,162
10,488,421
10, 555,164
10, 592, 002
10, 620, 477
10, 667, 475
10,675,045

88
1, 005
1,005
1,005
1,005
1,005
1, 005
1,005

4, 586
4, 586
4, 586
4, 586
4, 586
4, 586
4, 586
4, 586
4,586
4, 586
4, 586
3, 708

2, 580
2, 580
2,541
2,547
2, 549
2, 549
2, 628
2, 707
2,746
2,747
2,747
2, 552

1931—January
February
March
April

10,
10,
10,
10,

2,544
5, 565
6, 658
925

3,708
3, 708
3,708
3, 708

2, 552
2, 552
2,553
2, 554

722,
780,
833,
864,




697
406
909
426

End of month

Total (52
countries)

China

El Salvador

Morocco

Switzerland
(Bank
for International
Settlements)

$1 = 25 8/10 grains of gold nine-tenths fine; i.e. an ounce of fine gold
$20.67
May.
June
July..
Aug
ugust..
September..
October
November..
December. .

10. 971, 799
if, 018, 057
10, 960, 30/
11,025,932
10, 992, 930
10,840,204
10,943, 292
10, 970, 396

1932—January
February. _.
March
Apr
April
Ma
May
June
July
August..
September..
October
November..
December. .

10,021,191
11,099,708
11,181,141
11,195,509
11,092,449
11,009,715
11, 073, 882
11,206,178
11, 337, 428
11, 431, 598
11,503,694
11,539,807

1933—January...
February.
March
April.
May..
June..
July
August
September..
October.
November..
December..
1934—January..

1,194

3, 708
3, 708
3, 708
3, 708
3, 708
3, 708
3,708
3,542

2, 555
2,713
871
2,871
2, 950
3, 937
3, 937
3, 937

1,202
1, 581
1,889
2,036
1, 051
1,295
2,048
1,723
1,195
1, 603
2, 688

3, 542
3,542
3,542
3,542
3,542
3,542
3,542
3,542
3, 542
3,542
3,542
3, 556

3,937
3,932
3, 932
3, 932
3,932
3,932
3,932
3,932
3,932
3,932
3, 932
3, 932

11,562,786
11,376,597
11,573,530
11,611,505
11,524,577
11,462,544
11,550,967
11,608,329
11,643,645
11,654,629
11,558,963
11,528,518

1,682
756
1,754
3,539
3,685
3, 862
3,588
2, 496
3, 390
5,357
7,851
5,228

3, 556
3, 556
3, 556
3, 556
3, 556
3, 556
3, 556
3, 556
3, 556
3, 556
3,556
3, 598

3,932
3, 932
3, 932
3,933
3, 931
3,931
3,931
3, 931
3, 931
3,931
3,932
4,173

993
993
993
993
1,072
1,463

11,552,621

7,752

3,598

4,153

1.463

7,024
7,324
7,322
7,232
7,232
7,404
7,399
7, 395
7,395
7,383
7,356
7,357

2,476
5,868
9, 205
9,205
8,504
5,219
4,842
4,520
3, 849
3,837
3,837
3,596

2, 504
3, 371
786

$1 = 15 5/21 grains of gold nine-tenths fine;
i. e. an ounce of fine gold=$35
1934—January _._
February..
March.....
April.
May
June
July
August
September. .
October
November..
December..

19, 553, 987
19,845,117
20, 049, 448
20,146, 671
20, 280, 648
20, 476, 590
20, 612,168
20, 797, 760
20,838, 690
20,896, 861
20, 957, 271
21, 050, 937

13,129
13,108
9, 434
10, 904
7, 923
8,319
8,422
9,637
10.190
11,833
10, 787
7,272

6,092
6, 092
6, 092
6, 092
6,092
6, 092
5,578
5,578
5,578
5, 960
5, 960
5,960

548

FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
Eligibility of loans insured under National Housing
Act as security for advances under section 10(b)
of the Federal Reserve Act

In reply to an inquiry regarding the status
under section 10 (b) of the Federal Reserve
Act of loans insured under the provisions of
the National Housing Act, it was stated by
the Board that any advance under this section must be secured to the satisfaction of
the Federal Reserve bank, and that there is
no other limitation on the character of security which may be used for such an advance. Accordingly, a Federal Reserve bank
is authorized to make advances to a member
bank under section 10 (b) of the Federal Reserve Act upon the security of modernization
loans insured under Title I of the National
Housing Act or mortgage loans insured under
Title II of the National Housing Act if such
security is satisfactory to the Reserve bank.
The question whether such loans would in
particular cases constitute acceptable security must be determined by the Federal
Reserve banks as and when requests for such
advances are received from the member
banks.

lation Q in effect when they were published
and also comply with the definition of such
term in the current revision of Regulation Q,
which became effective January 1, 1936.
However, the rate of interest provided in such
forms (3 percent per annum) may not now
be paid by a member bank.
The provision of these forms which may
have caused misunderstanding is the following provision contained in forms 3 and 4:
Interest payable for full months only at — per
cent per annum if left
or — per
(days or months)
cent if left more than
(days or months)

A time certificate of deposit payable upon
30 days' written notice which provides for
interest at 1 percent per annum if left 30
days but less than 90 days, or 2 percent per
annum if left 90 days but less than 6 months,
or 2V2 percent per annum if left 6 months or
longer is not permitted by the provisions of
the supplement to Regulation Q. Such a time
certificate of deposit would at all times be
payable upon 30 days' written notice and,
therefore, under the provisions of the supplement, the maximum rate of interest payable
thereon would be 1 percent per annum, even
Maximum rates of interest payable on time deposits though the deposit were left with the bank
under Regulation Q
for a year or more.
The Board has recently received an inquiry
In other words, the maximum rate of interwhich indicated that there may be some con- est which may be paid on a time deposit is
fusion as to the proper interpretation of the not determined by the length of time the deprovisions of the supplement to Regulation posit actually is left with the bank but is
Q establishing a graduated scale of maximum determined by the length of time from the
rates of interest payable upon time deposits. date of the deposit to the earliest date upon
The supplement provides that member banks which it may be withdrawn under the terms
may pay a maximum rate of 2V2 percent on of the certificate. Of course, a certificate
time deposits having maturities of 6 months payable upon 30 days' written notice could
or more or payable upon written notice of 6 provide for interest at y% percent per annum
months or more, 2 percent on time deposits if left 2 months, % percent per annum if left
having maturities of less than 6 months and 3 months, or 1 percent per annum if left 4
not less than 90 days or payable upon written months, but no matter how long the deposit
notice of less than 6 months and not less than is left with the bank the rate of interest pay90 days, and 1 percent on time deposits hav- able on such a certificate may not exceed 1
ing maturities of less than 90 days or pay- percent per annum.
able upon written notice of less than 90 days. In any case in which a member bank, acting
This inquiry indicated that the confusion in good faith under a misapprehension as to
may possibly have been caused in part by the the rate of interest which may be paid on a
forms of time certificates of deposit pub- time certificate of deposit of the kinds published at page 708 of the FEDERAL RESERVE lished at page 708 of the FEDERAL RESERVE
BULLETIN for November, 1933. These forms BULLETIN for November, 1933, has heretocomplied with the definition of "time certifi- fore issued any time certificate of deposit
cates of deposit" under the edition of Regu- which provides that interest shall be paid




JULY

1936

FEDERAL RESERVE BULLETIN

thereon at a rate determined by the length of
time the deposit is left with the bank, but not
exceeding 2y2 percent per annum, the Board
will not object to the payment of interest on
such certificate in accordance with its terms,
even though the rate exceeds that permitted
by the supplement to Regulation Q as interpreted herein; provided that the certificate
and the rate of interest payable thereon comply in other respects with the provisions of
Regulation Q and that steps are taken by
the bank, through notice to the depositor or
otherwise, to bring such certificate into conformity with the provisions of the regulation
as soon as possible.
Applicability of section 2(c) of Regulation U to
security dealers "making a market" in registered
stocks or purchasing an inventory of such stocks
for resale

The Board has recently received a request
for a ruling on the question whether section
2(c) of the Board's Regulation U, excepting
from the limitations prescribed in section 1
of the regulation "any loan to a dealer, or to
two or more dealers, to aid in the financing of
the distribution of securities to customers not
through the medium of a national securities
exchange," applies to the following loans by
a bank to a dealer:
(1) The borrower is a dealer, a part of
whose business consists of "making a market" in a stock registered on a national securities exchange. In this business he purchases
this stock from time to time for his own account on the exchange or "over the counter"
from or through members of a national securities exchange or brokers or dealers who
transact a business in securities through the
medium of such members. In this business
he also sells the stock for his own account on
the exchange but more often "over the counter" to his customers or to other persons, his
sales in either case being on a cash basis. The
bank loan to the dealer is secured by this stock
and is for the purpose of enabling him to purchase the stock and to carry it pending its
sale.
(2) The borrower is a dealer who is a
member of a national securities exchange. A
part of his business consists of purchasing
on the exchange stocks registered thereon and
of selling them on a cash basis to his customers or to other persons "over the counter."
The bank loan in question is for the purpose




549

of enabling him to purchase these stocks and
to carry them pending their sale. The loan
might be expected to be outstanding for several months and to be reduced or increased
several times during its life.
On the basis of the facts as stated above,
the Board ruled that neither of the foregoing
loans comes within the exception contained
in section 2(c) of Regulation U because
neither loan is a loan to aid in thefinancingof
the distribution of securities within the meaning of the term "distribution" as used in such
section.
Applicability to collateral for loans made prior to
May 1, 1936, of provisions in Regulation U governing withdrawal or substitution of collateral

The Board has recently been presented
with the question whether Regulation U restricts the substitution or withdrawal of collateral securing loans made before May 1,
1936. In response, the Board expressed the
view that as a general rule the provisions of
Regulation U are not applicable to the withdrawal or substitution of collateral for any
loan made prior to May 1, 1936.
The Board, however, stated that this general rule is subject to the following qualification : If a bank has made another loan on or
after that date (other than a loan excepted
by section 2 of the regulation) which is secured directly or indirectly by any stock and
is for the purpose of purchasing or carrying
a stock registered on a national securities exchange, and if the terms of the bank's agreements with the borrower are such that the
collateral securing the first loan also secures
the second loan, the bank must then combine
the collateral for both loans in determining
whether any of the collateral for either loan
may be withdrawn. The bank may not, in
this case, permit withdrawal of such ail
amount of collateral as would cause the maximum loan value of the remainder to be less
than the amount of the second loan.
Applicability of section 2(f) of Regulation U to a
loan to a dealer to purchase securities to comply
with orders from customers

An inquiry has been received by the Board
from a member bank as to whether a temporary loan to a dealer for the purpose of completing a transaction, in which he purchases
securities to comply with a bona fide order
from a customer, is exempted from the pro-

550

FEDERAL RESERVE BULLETIN

visions of Regulation U by section 2(f)
thereof, which excepts from the limitation of
the regulation any temporary advance to
finance the purchase or sale of securities for
prompt delivery which is to be repaid in the
ordinary course of business upon completion
of the transaction. In reply the Board, without passing upon all possible situations covered by the question, expressed the view that
a loan of the following description would be
excepted from the regulation under the provisions of section 2(f) :
A dealer in securities receives an offer from a
customer to purchase a registered stock. It is agreed
between the dealer and the customer that the dealer
will deliver the stock to the customer promptly, and
that the customer will pay for the stock promptly
upon delivery of the security. The dealer purchases
the security, instructing the seller to deliver it to
a designated bank against payment. The bank,
knowing the facts of the case and understanding
that it will be repaid by the dealer as soon as the
dealer can arrange for his customer to take delivery
of and pay for the stock, makes a loan to the dealer
for the purpose of paying the seller of the stock.
Amendment of Regulation T

JULY

1936

Amendments of Regulation U

The Board has recently adopted two amendments to its Regulation U regarding loans by
banks for the purpose of purchasing or carrying stocks registered on a national securities
exchange. Both of these amendments are
effective July 1, 1936.
Amendment No. 1.—Section 2 of Regulation U was amended by adding at the end
thereof two new subsections reading as follows:
(j) Any loan to a member of a national securities
exchange for the purpose of financing his or his
customers' bona fide arbitrage transactions in securities;
(k) Any loan to a member of a national securities
exchange for the purpose of financing such member's
transactions as an odd-lot dealer in securities with
respect to which he is registered on such national
securities exchange as an odd-lot dealer.

Amendment No. 2.—Subsection (e) of section 3 of Regulation U was amended to read
as follows:
(e) A bank may accept the transfer of a loan
from another bank, or permit the transfer of a loan
between borrowers, without following the requirements of this regulation as to the making of a loan,
provided the loan is not increased and the collateral
for the loan is not changed; and, after such transfer,
a bank may permit such withdrawals and substitutions of collateral as the bank might have permitted
if it had been the original maker of the loan or had
originally made the loan to the new borrower.

Regulation T, which relates to the extension and maintenance of credit by brokers,
dealers and members of national securities
exchanges, was recently amended by the
Board, effective July 1, 1936. This amendment, which is designated as Amendment No.
8 of Regulation T, added at the end of subsection (b) of section 3 of the regulation a
One of the changes effected by Amendment
new paragraph reading as follows:
No. 2 of Regulation U was the change of the
Notwithstanding any provisions of section 4 of term "another lender" to "another bank" and,
this regulation, the creditor may permit such other accordingly, the interpretation of section 3 (e)
member, broker, or dealer to withdraw money or of the regulation which was published on
securities from such a special account if such withdrawal, in combination with any other transactions page 421 of the FEDERAL RESERVE BULLETIN
made on the same day and together with demands for June 1936, to the effect that the term
for additional margin in connection therewith, does quoted includes not only a bank but also any
not result in any increase of the excess of the adjusted debit balance of the account over the maximum other lender, is no longer effective as to
transfers on or after July 1, 1936.
loan value of the securities in the account.




JULY

1936

FEDERAL RESERVE BULLETIN

551

ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
The first report of the Central Bank of the The Monetary and Banking Laws were put
Argentine Republic, for the financial period into force by the Government on March 28,
from May 31 to December 31, 1935, was ap- 1935. A few days later, the Organization
proved by the Board of Directors at the meet- Committee created under Law No. 12,160, being held on March 9, 1936. The Bank was gan its study of the bases of the constitution
established by Law No. 12,155 of March 28, of the Central Bank in accordance with the
1935, a translation of which was published corresponding legal dispositions. As a rein the BULLETIN for July 1935, together with sult of this work, it submitted to the Governtranslations of the Banking Law (No. 12,156) ment draft proposals—later embodied in Deand the Law of Organization (No. 12,160), cree No. 61,127 of May 18, 1935—for the conenacted at the same time, and a brief sum- stitution of the Central Bank. These were
mary of the three remaining measures in the strictly complied with by the Bank, as will be
series. Sections of the official English text seen later.
The Committee prepared a list of the banks
of the report are given herewith :L
Creation of the Central Bank.—The first in the country with a capital of not less than
financial term of the Central Bank comprises one million pesos, and informed each of these
the period from May 31 to December 31, banks of the number of shares of the Central
1935. During this short time, the funda- Bank which it would be required to subscribe
mental bases of the Bank's organization were in accordance with Article 5 of the Law. Subestablished and it began to carry out the scription of the share capital having been thus
regulating functions assigned to it by the determined, the Committee decided to call a
General Meeting of the Shareholding Banks
Law.
One of these functions is to adjust the in order to obtain the election of the ten Divolume of the circulating media to the re- rectors by the banks in accordance with Arquirements of business. Another is to secure ticle 12 of the Central Bank Law.
At the plenary session of the General Meetthe greatest possible degree of stability of
money and credit. How the Central Bank has ing and at the meetings of the various secperformed these functions will be seen in the tions into which the General Meeting is divided, the banks were allotted the number of
corresponding sections of this Report.
It may be mentioned here, however, that votes to which they were entitled on the basis
during the first seven months of its existence of the number of shares subscribed, subject
the requirements of the market made no call to the limitations contained in Articles 5 and
whatsoever on the Bank's capacity of expan- 23 of the Law, which provide that no sharesion. Nor was it necessary to increase the holding bank may hold more than one-fifth of
circulation. On the contrary, shortly after the total capital subscribed by the banks, nor
it began its work, the Bank had to intervene cast votes in excess of 10 percent of the total
actively in pursuit of precisely the opposite number of votes corresponding to this capital.
objective. It absorbed from the credit insti- As a result of subsequent developments,
tutions as much as 267.6 million pesos of there has been a change in the distribution of
funds in excess of those required for the nor- the votes. In the first place, as the Banco
Espanol del Rio de la Plata, Banco El Hogar
mal development of trade.
Ernesto Tornquist y Cia. Ltda.
For the better understanding of these and Argentino,
and
the
Banco
Argentino Uruguayo are now
the other operations to be dealt with in the no longer regarded
banks by the Central
course of this Report, it is necessary to de- Bank, owing to their as
having
transferred their
scribe the creation of the Central Bank or, in deposits to the Instituto Movilizador
Inother words, the series of constitutive opera- versiones Bancarias (Institute for the de
Liquitions.
dation of Bank Investments), they will not
The report, available in Spanish and English, contains in addition be entitled to take part in the next General
sections dealing with the internal organization of the Bank, the profit Meeting of Shareholding Banks. A new inand loss account, and relations with other banks, lists of the original
shareholding banks and of the foreign correspondents of the Central stitution, the Banco Espanol del Rio de la
Bank, and statistical tables and charts.
Amounts in Argentine currency throughout the report are in paper Plata Limitado, which received from the Inpesos ($). In December 1935 the average exchange rate of the paper peso stituto Movilizador the deposits of the four
in New York was $0.3285.
1




552

FEDERAL RESERVE BULLETIN

banks mentioned, became a shareholder as
from March 9, 1936, by the transfer to it of
456 shares in respect of its capital of 20,000,000 pesos: these shares being part of the
647 shares originally subscribed by the former Banco Espanol del Rio de la Plata. In
addition to these changes, two shareholding
banks, the Banco Escandinavo Argentino and
the Banco Italo Espanol Argentino, have been
placed in liquidation as a result of action
taken by the Central Bank.
The first General Meeting on April 24,1935,
was presided over by the Chairman of the
Organization Committee, Dr. Federico Pinedo, Argentine Minister of Finance. The
Directors elected at the Meeting, together
with the President, the Vice-President, the
Director nominated by the Government and
the Director representing the Banco de la
Nacion Argentina, formed the first Board of
the Institution. At the next General Meeting of the Shareholding Banks, a part of the
Board will require renewal.

JULY

193G

Central Bank fixed May 31 as the date on
which they were to be carried out. On that
day the Caja de Conversion and the Banco
de la Nacion Argentina effected the corresponding transfers to the Central Bank, and
the funds derived from the revaluation of
the gold reserves were applied to the amortization of the floating debt, and set aside for
the Instituto Movilizador de Inversiones
Bancarias as prescribed by Law. These operations will be referred to later.
A detailed verification of these transactions
was made, and thereafter on the same day
the Central Bank was established without any
interruption in the continuity of the various
functions transferred. Until the verification
of the Caja de Conversion was completed, the
exchange and renewal of currency continued
to be carried out by the authorities of that
institution.
The Central Bank came into existence
therefore on May 31, on which date there was
a plenary meeting of the Board to consider
The Caja de Conversion and the Credito the constitutive acts and to adopt the initial
Publico Nacional.—The Organization Com- measures for the Bank's future development.
mittee thereafter advised the shareholding The official inauguration, however, did not
banks that June 10 had been fixed as the final take place until some days later, on June 6.
date for the payment of the first instalment The first stage in the plan of banking rein respect of the shares subscribed. It also organization was thus brought to a close; the
called a preliminary meeting of the Board for other began some months later with the conMay 9 at which, among other measures neces- stitution of the Instituto Movilizador de Insary before the constitution of the Bank, con- versiones Bancarias.
sideration was given to the immediate carryTransfers to the Central Bank.—Before
ing into effect of the Government's decrees going further, it is necessary to give a brief
providing for the verification of the holdings description of the transfers to the Central
of the Caja de Conversion (Conversion Office) Bank that formed part of the constitutive
and of the Credito Publico Nacional, which operations. All the assets and liabilities of
were to be transferred to the new Institution. the Caja de Conversion were transferred as
The examination of the Caja de Conver- follows:
sion took place between May 13 and June 19,
and was a very thorough and arduous proLiabilities
Assets
ceeding. The books and the holdings of gold
In pesos
In pesos
and other securities of the Caja were checked
561,006,035.34 Notes and
and proved correct in all details, whilst the Gold
subsidiary
Patriotic Loan Bonds. 145, 291,180. 00
1, 215, 720, 238. 80
216, 404, 765. 02
coinage
rediscounted
inspection disclosed the efficiency of the or- Bills
Debt of the National
ganization and of the control systems adopted Government in respect of issues previby its authorities.
ous to Law No.
293, 018, 258. 44
The examination of the Credito Publico 3,871 i
T o t a l . . 1,215,720,238.80
Nacional took place on May 29 and was a
Total
1,215, 720, 238. 80
short and simple operation. The previous
No. 3,871 of November 4, 1899, established the redeemability of
remarks regarding efficiency of organization the Law
old fiduciary paper currency at the rate of 1 paper peso=0.44 gold peso
may be applied equally to this other National
Department, now incorporated in the Central
Before making these transfers, the deducBank.
tions prescribed by Law as regards the subBeginning of operations,—The decree re- sidiary currency, i.e., the notes of denominagarding the constitutive operations of the tions of five pesos and under and the nickel




1

JULY 1936

and copper coin, were made. These issues
are now the exclusive obligation of the State,
and have no special guarantee. The amount
of this subsidiary currency was as follows:
Notes of 5 pesos and under
Nickel and copper coinage
Total of subsidiary currency

553

FEDERAL RESERVE BULLETIN

In pesos
174,134,503.00
37,649,155.80
211,783,658.80

Gold coins transferred
to the Central Bank
Argentinos._
U. S. Eagles
£ sterling

... _

Amount
1, 523, 329
12, 237, 843
22, 300, 202

Total

Rate of
revaluation
24. 8016
51. 4087
25. 0000

New value of
gold (In pesos)
37, 780, 996. 53
629,131,599.43
557, 505, 050. 00
1, 224, 417, 645. 96

The difference of 663,411,610.62 pesos between this value and that at which the gold
figured in the books of the Caja de Conversion was credited to the National Government together with the profit derived from
the subsidiary nickel and copper coins, 37,In pesos
Issue of the Caja de Conversion
1,215,720,238.80 649,155.80 pesos. The total amount credited
Less subsidiary currency
211,783,658.80 to the Government in the books of the Central
Notes of the Central Bank
1,003,936,580.00 Bank under these two headings was therefore
pesos.
At the same time, the liability of the Na- 701,060,766.42
Other
book
entries,
of which details are
tional Government to the Caja, in respect of given below, covered the
of this
issues previous to Law No. 3,871, was re- profit in accordance with distribution
the
Decree
on
conduced by the amount of the subsidiary notes stitutive operations. Of the 390,000,000
of the State, and a non-interest-bearing Bond
transferred on account of the Institute
of Guarantee, to which reference is made in pesos
Movilizador,
a sum of 216,404,765.02 pesos
Article 4 of Law No. 12,160, was delivered in was applied immediately
in purchasing the
respect of the balance.
bills rediscounted by the Banco de la Nacion
In pesos
Argentina, which had been passed to the CenLiability of the National Government to the Caja de
Conversi6n in respect of old issues
293,018,258.44 tral Bank together with the gold and other
Less notes of 5 pesos and under
174,134, 503.00
assets of the Caja de Conversion. The adAmount of non-interest-bearing Bond of Guarantee...
118, 883, 755. 44
ministration of these rediscounts was enThis Bond was delivered to the Central trusted to the Rediscount Committee which
Bank by the National Treasury and will be continued to exercise its functions until the
amortized in accordance with the prescrip- Instituto Movilizador started operations on
December 28. By this time the Banco de la
tions of Article 36 of Law No. 12,155.
It should be borne in mind that while the Nacion Argentina had retired 167,013,613.54
entire amount of subsidiary currency (notes pesos of these rediscounts, utilising the Cenand nickel and copper coins) was deducted tral Bank for the transfer of the necessary
from the total issue of the Caja de Conver- funds.
In pesos
sion, only that of the subsidiary notes was Paid to the Banco de la Nacion Argentina:
In repayment of the Government's
deducted from the balance of the Governdirect debt
150,000,000.00
ment's liability to the Caja, no account being
In cancellation of secured advances to
banks and other institutions against
taken of the 37,649,155.80 pesos in nickel and
Treasury Bills i
23, 440, 344. 76
173,440,344.76
copper coins. This sum accordingly increased Paid to other banks:
In redemption of Treasury Bills
124,079,666. 91
the amount of the profits of the revaluation,
124,079,666.91
making the total profit of the State 701,060,- Instituto Movilizador:
Provision for capital and reserve fund
766.42 pesos.
credited at the Central Bank
390,000, 000. 00
390, 000, 000. 00
Profit on the gold revaluation and the sub- Miscellaneous:
sidiary coinage.—The revaluation of the gold Payment of the shares of the Central
Bank subscribed by the National
formed the basis of the whole programme
Government
10, 000,000.00
Payments
to other institutions in recovered by the laws on money and banks. On
demption of Treasury Bills 2
3, 540,754. 75
receiving the gold from the Caja de Conver—
13, 540, 754. 75
sion, the Central Bank revalued it in accordTotal
701,060,766.42
ance with the Decree on constitutive opera- 1 On May 31,1935, the amount advanced against Treasury Bills by the
tions, and within the limit established by the Banco
de la Naci6n Argentina was 278,149,164.76 pesos. An amount of
254,708,820 pesos of these bills, after being converted into Consolidated
Organization Law (No. 12,160).
Treasury Bonds was purchased by the Central Bank and the balance of
23,440,344.76 pesos was repaid by the Government with funds derived
The gold therefore figures in the first bal- from
the profit of the gold revaluation and of the subsidiary coinage.
1 Including the sum of 3,260,741.86 pesos in respect of interest due toance sheet of the Central Bank at 1,224,417,- gether
with repayments of floating debt effected subsequently to May 31
645.96 pesos, the details being as follows:
with the balance remaining on that date of 11,588,944.56 pesos.
After deducting this amount from the total
figure shown by the last balance sheet of the
Caja de Conversion, the position was as follows:




2

554

FEDERAL RESERVE BULLETIN

It is interesting to note the distribution of
the resources of the Institute Movilizador at
the beginning of its banking programme, so
as to establish clearly the final destination of
the profits from the revaluation and the subsidiary coinage. The figures are as follows:

JULY

1936

on behalf of and at the risk of the National
Government, and an amount of 254,708,820
pesos in payment of the balance of Treasury
Bills pledged by the banks as security for advances. This payment was made by the Central Bank in accordance with the provisions
of the Organization Law (Art. 7), in order
to purchase these bills before they were converted into Consolidated Treasury Bonds.
The funds received by the Banco de la Nacion
Argentina, as a result of the above operations
were therefore as follows:

In pesos
Paid to the Banco de la Nacion Argentina
in purchase of claims against banks: l
In cash
129, 017, 822. 65
In bills rediscounted
49, 391,151. 48
178, 408, 974.13
Paid to other banks:
Paid to the Banco Espanol del Rio de
la Plata Ltdo. on account of the deposits of four banks transferred to it
by the Instituto Movilizador
170,000,000.00
In pesos
170,000,000. 00 Funds received under various headings and proceeding
Miscellaneous
11, 499,939. 60
from the profit on the revaluation of gold and on the
2
Balance in hand:
subsidiary coinage
351,849, 318. 89
At the Central Bank
10,091,086. 27
Funds received from the Central Bank in payment of
At the Banco Espanol del Rio de la
foreign exchange and bills purchased
377, 265, 508. 62
Plata Ltdo
20,000,000.00
30,091,086.27
Total
729,114,827.51
Total resources of the Instituto Movilizador.__ 390,000,000. 00
1 The credit claims against banks purchased by the Instituto Movilizador from the Banco de la Nacion Argentina amounted to 314,083,536.34
pesos, of which 178,408,974.13 pesos was paid immediately as indicated,
the balance being debited to the account of the Instituto Movilizador at
the2 Banco de la Nacion.
On December 31,1935, of the balance in hand of the Instituto Movilizador, an amount of 18,300,000 pesos had been earmarked for various
purposes.

The distribution of the profit of 701,060,766.42 pesos from the gold revaluation and
the subsidiary coinage may accordingly be
summarized as follows:
In pesos
Received by the Banco de la Nacion Argentina:
In repayment of the Government's
direct debt and in repayment of
advances
173, 440, 344. 76
By sale, to the Instituto Movilizador,
of claims against banks (cash and
bills rediscounted)
178, 408, 974. 13
351, 849, 318. 89
Received by other banks:
In repayment of Treasury Bills
124,079,666.91
By transfer of deposits
170,000,000.00
Deposited by the Instituto Movilizador
20,000,000.00
314,079, 666. 91
Miscellaneous
25,040,694. 35
Balance at the Central Bank:
In favour of the Instituto Movilizador
on December 31, 1935
10,091,086. 27
10,091,086.27
Total

701, 060, 766. 42

The Banco de la Nacion Argentina.—It has
been shown that the Banco de la Nacion Argentina received the sum of 351,849,318.89
pesos in redemption of the Government's direct debt, in repayment of part of its advances against Treasury Bills and from the
sale of credit claims against banks to the
Instituto Movilizador. In addition, the Central Bank transferred to the Banco de la
Nacion, on the date the constitutive operations were carried through, an amount of
122,556,688.62 pesos in purchase of the foreign exchange which the latter had acquired




It now remains to describe another aspect
of these operations. Having received these
funds, the Banco de la Nacion Argentina employed them in the following manner:
(a) By transferring to the Central Bank
136,316,625.88 pesos of Government deposits
and 69,913,771.63 pesos of Clearing House deposits (which the Law provides shall now be
held by the Central Bank), i.e., a total of
206,230,397.51 pesos.
(b) By retiring 216,404,765.02 pesos of
bills which it had rediscounted at the Caja
de Conversion: the administration of these
rediscounts being, as already mentioned, in
the hands of the Rediscount Committee from
May 31 until the formation of the Instituto
Movilizador. These retirements were begun
immediately after the formation of the Central Bank and continued until the Instituto
Movilizador was formed, when the balance
outstanding of 49,391,151.48 pesos was absorbed by compensating adjustments.
(c) By setting off in its books the funds
deposited with it by country banks for the
purpose of constituting their minimum cash
reserves at the Central Bank. According to
the balance sheet of the Banco de la Nacion
Argentina of December 31,1935, its branches
operating a Clearing House held 34,353,906.54
pesos of such founds, and those with no Clearing House 38,301,413.89 pesos, or a total of
72,655,320.43 pesos.
(d) By purchasing from the Central Bank
76,370,000 pesos of Certificates of Participation in Consolidated Treasury Bonds.
(e) By discounting Treasury Bills for the
National Government for an amount of 12,-

JULY

1936

555

FEDERAL RESERVE BULLETIN

050,000 pesos and for the State Oil Fields for
an amount of 2,000,000 pesos.
Thus, of the 729,114,827.51 pesos received
by the Banco de la Nacion Argentina, 585,710,482.96 pesos was utilized under the five
above-mentioned headings. The balance of
143,404,344.55 pesos was used to increase its
cash reserves, thereby greatly strengthening
its position. Its cash reserves amounted on
December 31, 1935, to 346,101,111.64 pesos;
(116,602,636.76 pesos in cash and 229,498,474.88 pesos deposited at the Central Bank),
equivalent to 25.2 percent of its total deposits
of 1,373,205,654.52 pesos.1
Thanks to this increase in its available
funds, the Banco de la Nacion Argentina has
recovered the resources which it employed
successfully in moderating the consequences
of a violent crisis. Its reserves are now restored approximately to the level of previous
years.
Influence on the cash reserves of the banks.
—A similar phenomenon occurred as regards
the other banks. The repayment of Treasury
Bills, which for a long time past had immobilized a large part of the banking resources, increased the liquidity of the other
banks. The amount released totalled 124,
079,666.91 pesos which included 2,876,689.80
pesos in interest.
Similarly, when the Instituto Movilizador
in carrying out its reconstruction programme, transferred to a new institution the
363,800,809.58 pesos of deposits from the
four institutions which had ceased to function as banks, it also transferred, in addition
to other assets, 170,000,000 pesos in cash,
which together with a further 20,000,000
pesos deposited in current account, gave the
new institution a great liquidity.
The new funds received by other banks as
a result of the applications of the monetary
and banking laws amounted, therefore, in all
to 314,079,666.91 pesos. As in the case of the
Banco de la Nacion Argentina, a large part
of this amount, 118,537,050 pesos, was offset
by the purchase of Consolidated Treasury
Bonds from the Central Bank, leaving a balance of new money of 195,542,616.91 pesos.
A considerable part of this balance will
find its way to the Banco de la Nacion Argentina. The extraordinarily high reserve ratio
of 55 percent, with which the institution,

created in accordance with the plan of the
Instituto Movilizador, began operations, is of
a transitory nature. In due course these
surplus funds will be used to acquire sound
assets from the Instituto Movilizador, which
in turn will apply them to repay the balance
of its debt to the Banco de la Nacion Argen-1
tina, in respect of bank credits purchased.
The situation of the banks must therefore be
considered as a whole (Banco de la Nacion
Argentina and the other banks) in order to
continue the study of the effects of the financial laws on the banking system.
Before the revaluation of gold, at the end
of April 1935,
the cash reserves of the banks
as a whole 2 amounted to 436.2 million pesos;
on December 31 they had risen to 827.5 million pesos or an increase of 391.3 million
pesos.
The increase is nevertheless very much less
than the amount of the fresh funds resulting
from the revaluation of gold and from the
subsidiary coinage (701.1 million pesos).
This, as has been shown, is due to the reabsorption of funds.
This increase resulted in a rise between
April and December, of the ratio of the banks'
cash reserves to deposits from 12.5% to
24.7%, the total liquid funds of the banks
now being at a higher level than before the
crisis, as will be seen in the following table.
DEPOSITS AND CASH RESERVES OF B A N K S 3
(Yearly averages of end-of-month balances)

Year

1926 2
1927 2
1928
1929
1930
1931
1932
1933
1934
1935 3

Deposits

Cash
reserves

(Millions of pesos)
617.9
3, 346. 6
635. 2
3, 476. 8
909.1
3, 836. 3
704.6
3, 985. 9
528.5
3, 913. 2
484.1
3, 730. 9
595. 8
3, 535. 9
608.8
3, 514. 3
485. 3
3, 464. 7
827.5
3, 356. 7

Ratio
%
18.5
18. 3
23.7
17.7
13.5
13.0
16.9
17.3
14.0
24.7

1 Principal banks only. See note 2 below.
2 Not including three institutions for which no data were available.
3 Balance of December 31.

These figures show that the cash reserves
of the banks are greatly in excess of the

1 As already seen from note 1 on page 554, the Instituto Movilizador owes
the Banco de la Nacion Argentina 135,674,562.21 pesos in respect of the
balance of the credit claims against banks purchased.
1
2 These statistics comprise only the principal banks. According to
In arriving at the cash figures no account has been taken of balances
with other banks, 9,500,000 pesos, or of balances abroad, 25,592,327.63 the bank census of 1925 these institutions controlled about 95% of the total
loans and deposits.
pesos.




556

FEDERAL RESERVE BULLETIN

minimum legal requirements.1 The intention of the law, however, was to establish an
extreme limit below which a bank could not
allow its reserve to fall without either going
into liquidation or submitting an emergency
plan for speedy rehabilitation to the Central
Bank. The maintenance of ample cash reserves superior to the legal minimum requirements is therefore recommendable for reasons of elementary prudence, especially in
times of only moderate economic activity.
With such reserves, the banks are in a position to foster the expansion of business when
there is an improvement in the general
economy. Large cash reserves serve furthermore to increase public confidence in the
banking system, an essential condition if it
is to function properly.
The fact that the country now has an Institution to supply deficiencies in the circulation should in no circumstances serve as an
incentive to seek systematic employment for
all funds in excess of the minimum limit. On
the contrary, the stronger the first line of
monetary defence constituted by the cash reserves of the banks, the better will the whole
system function.
After years of crisis, the situation is now
one of great liquidity. To watch closely and
to forestall any tendency toward the immoderate use of these resources should be the
constant duty of the banking authorities, so
that the country's recovery may always be
maintained on economic realities.
Currency

circulation

and

open-market

operations.—It is interesting to note that following the various and complex operations
arising out of the revaluation of gold, the
monetary circulation of 1,177.9 million pesos
at the end of 1935 only exceeded that of the
previous year by 6.4 millions.
[In millions of pesos]
December 31
1934 i
1935

.

Notes of the
Central Bank

Subsidiary
currency

981.8
981.8

189.7
2 196.1

Total

JULY 1936

tion funds used in their initial operations by
the institutions created by the banking and
monetary laws, did not increase the monetary
circulation. Instead, as has been seen elsewhere, these funds were applied to strengthen
the cash reserves of the banks.
It was stated at the beginning of this report that in adjusting the means of payment
to the volume of business, the Central Bank,
when it began to work, tended to contract
rather than to expand the circulating media.
It employed for this purpose Consolidated
Treasury Bonds, an instrument created by
the law. At the time of its constitution, the
bank acquired 400 million pesos of these
bonds, which bear 3 percent interest and have
a quarter percent annual accumulative sinking fund. The bonds did not constitute a new
Government issue, but were merely the result of the conversion, into a new form of
State security, of the Balance of the Patriotic
Loan Bonds amounting to 145,291,180 pesos
held by the Caja de Conversion and of 254,708,820 pesos of Treasury Bills held as security for advances by the Banco de la Nacion.
In view of the relative abundance of funds
held by the credit institutions, the Central
Bank immediately began its inter-bank operations and on June 7, or a few days after being constituted, offered the shareholding
banks Certificates of Participation in the
Consolidated Treasury Bonds for a nominal
amount of 250 million pesos.
CERTIFICATES OF PARTICIPATION IN CONSOLIDATED
TREASURY BONDS PLACED WITH THE
SHAREHOLDING BANKS
[In pesos]
End of:
1935
June
July
August
September
October
November.
December.

Nominal value
210, 849,000. 00
250, 000, 000. 00
250, 000, 000. 00
250,000, 000. 00
193,165, 600. 00
172, 332, 700. 00
178, 650, 000. 00

Actual value
234, 358, 721. 35
264, 249, 062. 75
264, 249, 062. 75
267,623,116.00
210,143, 669. 60
188, 014, 875. 70
194, 907, 050. 00

1,171.5
1,177.9

The banks at once subscribed 210,849,000
(nominal value), the balance of 39,151,000
being taken up shortly afterwards. The Certificates were sold above par at prices of 120
pesos for Certificates maturing in 30 days,
This, and other circumstances explained in 109.10 for 60 days and 104.35 for 90 days:
the previous chapter show that the revalua- the Central Bank undertaking to repurchase
By Art. 2 of the Banking Law (No. 12,156) banks are required to the Certificates at maturity at the price at
hold a cash balance equal to at least 16 percent of their demand deposits
which they had been sold. Subsequent offers,
and 8 percent of their time deposits.
1 To allow of a comparison the issue of the Caja de Conversion at
December 31, 1934, has been divided into notes of a higher face value
than
5 pesos and subsidiary currency.
2
Excluding subsidiary currency deposited in the vaults of the Central
Bank, which is out of circulation.

1




JULY 1936

FEDERAL RESERVE BULLETIN

with the exception of the second, which was
made at 104.35, were made invariably on a
90 days basis at the price of 109.10. Thus, as
the preceding table shows, the Central Bank
was able to absorb a large amount of funds
which would otherwise have weighed heavily
on the money market.
The arrangements for the offer of Certificates were of a provisional character, the
circumstances rendering this course advisable
in order that experience might be acquired
before a definitive procedure was adopted.
Under the provisional arrangements the
banks were offered a fixed amount of Certificates. If the offer was over-subscribed,
the excess reserves of each bank were taken
into account in allotting the Certificates. Interest was paid at the end of the period, the
banks being charged a commission of onetenth of 1 percent per annum. If they wished
to re-sell the Certificates to the Central Bank
before maturity, they could do so at any time
by forfeiting interest for twice the unexpired
period.
Experience in due course suggested the
wisdom of issuing calls for tenders for the
Certificates, with allotments of the amount
available to the highest bidders. This and
other ideas, such as the proposal to allow the
banks to discount the Certificates at the Central Bank, were noted for submission in due
course to the Committee 1of the Board in
charge of these operations.
Rediscounts.—It is evident that as the
Central Bank found it expedient to relieve
the market of surplus funds, there was no immediate need to provide the rediscount facilities contemplated in the Central Bank Law.
Furthermore, as has already been stated, the
Rediscount Committee continued to exercise
its functions until the constitution of the
Instituto Movilizador de Inversiones Bancarias and, at the same time, the Banco de la
Nacion Argentina was authorized, in case of
necessity, to grant additional credits to the
banks on behalf of the Instituto Movilizador.
Thus, the sequence of rediscount operations, applied as an emergency measure to asi The new regulations for inter-bank operations in Consolidated
Treasury Bonds were approved by the Board on January 20, 1936, the
principal points being as follows: The procedure of tenders and allotment to the highest bidder was adopted; tenders will be called for twice
a month on fixed dates; tenders must be made on a discount basis, a
nominal amount of 100 being repayable at maturity; the certificates of
participation may be discounted at the Central Bank at the Bank's
minimum rate of discount for paper bearing two signatures; the Central
Bank reserves the right to refuse any or all tenders; the Central Bank
may accept offers on dates other than those fixed for the tenders, at prices
„ higher than those accepted at the last tender.




557

sist the banking system through a difficult
time, would cease with the formation of the
Instituto Movilizador. This would leave the
way clear for the Central Bank, equipped
with the resources which experience has
shown to be necessary, to employ rediscounting as a means for the better regulation of
the market. This problem, and the bases on
which rediscount operations would in due
course be established, were in the meantime
studied by the Central Bank. Not only is it
felt to be essential that bills presented by the
banks, in due course, for rediscount should
be subjected to a strict examination, but that
the activities of the banks should also be
supervised with a view to seeing that the
funds obtained by the rediscount of eligible
paper are employed in accordance with the
credit policy of the Central Bank.
The point of greatest importance at the
moment in connection with rediscount operations is the rate, because though banks have
no need to rediscount, the minimum rate must
be fixed so that deposit rates may be established in accordance with the provisions of
the Banking Law.1 The Regulatory Decree
of the Banking Law provides that the Central Bank shall fix the rediscount rate within
180 days of the formation of the Instituto
Movilizador. At the close of the first financial period the matter was under consideration by the Bank.
Guarantee for the circulation.—The guarantee for notes and other sight liabilities of
the Central Bank on December 31, consisted
of gold received from the Caja de Conversion
which, at the rate of transfer, amounted to
1,224.4 million pesos, and of gold and foreign
exchange to the value of 129.3 millions, or a
total of 1,353.7 millions. This is equivalent
to 137.88% of the notes issued by the Central
Bank, and to 80.11% of its total sight liabilities, including notes, shown in the following
detailed statement of December 31, 1935.
i On February 5, 1936, the Bank fixed the minimum rediscount rate
at 3.5% to take effect as from March 1, 1936. This rate refers to paper
bearing two signatures (one of a commercial or industrial firm or one
engaged in farming activities and the other that of a bank) of 90 days
or less; for the same paper of 180 days maturity (the maximum period
allowed by the Central Bank Law) the rate is 1/8% higher; for three
signature paper (two commercial signatures and one of a bank) the Bank
will apply the minimum rate with a rebate of up to 1 /2%; the Central
Bank will also fix the rates applicable to other kinds of eligible paper.
The rate of interest on advances to shareholding banks has been fixed
as provided by the Law at 4.5%, i. e., at one point above the minimum
rate. Under the Banking Law, with a minimum rediscount rate of 3.5%
the banks will not be able to pay more than 2.5% on saving accounts or
more than 0.5% on sight deposits.

558

FEDERAL RESERVE BULLETIN

Notes
Deposits of the National Government
Deposits of shareholding banks (including clearing
house balances)
Other deposits and accounts
Total sight liabilities
Total cover in gold and foreign exchange
Percentage cover

In pesos
981,754,560.00
219,186,140. 45
482, 398, 958. 44
6, 545,072. 22
1, 689,884, 731.11
1, 353, 691, 547. 55
80.11

JULY 1936

ter, entirely separate from its own accounts.
For in these matters it is not acting for its
own account but as the banker and agent of
the Government, and in accordance with the
latter's instructions.
In the Address to Congress, the Government described the regulative intention of
the Exchange Fund. By means of the fund,
it has been possible to secure relative stability
in the selling rates of exchange in the official
market. That this stability has not been interrupted during the short period in which
the Central Bank has been in charge, may be
seen from the table of maximum and minimum rates of the principal currencies during
the period June-December 1935.

The minimum guarantee required under
Law No. 12,155 is 25%. The present cover
of 80.11% provides a large margin which
makes for the soundness of the whole system. If it were necessary, in referring to
the easy cash position of the banks, to
point to the desirability for moderation in
the employment of the available banking resources, this caution applies with even
greater force to the reserves of the Central
Bank. The Government's Address to ConMaximum
gress, which accompanied the draft banking
Currency
Maximum Minimum
Minimum
and monetary laws, drew special attention to
the need for the maintenance of a high re(In pesos)
17. 04
serve ratio in an agricultural country such as 1 £
16.99
0.3
347. 60
$ U . S. A..
341.47
1.8
Argentina, subject to wide fluctuations in its 100
22.92
100 French Fr
22.55
1.6
economic activity. The present cover in gold
and foreign exchange is ample for this purpose, and places the Central Bank in a posiThe Central Bank, on October 18, 1935, in
tion to satisfy a greater demand for currency a note addressed to the National Minister of
arising from a real improvement in business, Finance, expressed the opinion that the ciror to provide timely relief from the pressure cumstances, which in other times had led to
of a balance of payments in disequilibrium, the adoption of the system of tendering for
by preventing or moderating abrupt fluctua- exchange and allocating it daily to the hightions in the exchanges.
est bidders, had ceased to exist. The Bank
The greater part of the gold and foreign pointed out that the provident formation of
exchange deposited abroad, to which refer- the Exchange Fund now made it possible to
ence has been made, was acquired from the satisfy the daily demand without difficulty,
Banco de la Nacion Argentina by the Central even when there was less on offer, or to abBank at the time of its constitution, and is sorb offers when these exceeded the demand.
held on behalf of and at the risk of the Na- The Central Bank was therefore authorized
tional Government. A considerable propor- by the National Ministry of Finance tofixthe
tion of the foreign exchange so obtained and rate of exchange in accordance with the posiof subsequent purchases has been converted tion of the market.1 This change simplifies
into gold, and deposited in safe custody at the the previous system and places the Central
Bank of England and at the Bank for Inter- Bank in a better position to operate in the
national Settlements at Basle.
market when circumstances require its interForeign exchange.—Apart from the Cen- vention.
tral Bank's own holding of gold and foreign
In accordance with Article 14 of the Orexchange, the National Government, as pro- ganization Law, until the freedom of the marvided by the Organization Law, transferred ket is re-established, the Central Bank must,
to the Bank the Exchange Fund and the for- as is natural, observe the procedure laid
eign exchange acquired with Unblocked Bal- down by the Government for the exchange
ances Fund (Fondo de Desbloqueo), and the control operations transferred to it. For this
Fund for the surcharge of up to 20 percent
it has been necessary to establish a
on imports without a prior permit (Fondo purpose
close
co-operation
based on a clear delimitadel Recargo de hasta el 20 percent).
In respect of all the operations effected with i This authorization to fix the selling rate directly was put into effect
these funds, the Bank keeps a detailed regis- as from January 2, 1936.




JULY 1936

FEDERAL RESERVE BULLETIN

559

tion of functions. Only some of the exchange abroad, this department took over the official
control functions have been transferred to exchange duties which previously had been
the Central Bank. The granting of exchange performed by the Banco de la Nacion. At the
permits for imports and other remittances close of the first financial period, only a few
abroad is dependent, to a certain extent, on minor duties for which this department is
the general economic policy of the Govern- responsible remained to be taken over.
ment, and is subject in the majority of cases
The Exchange Department's operations
to the provisions of international agreements. consist for the time being: in the purchase
The National Ministry of Finance, through from authorized banks of foreign exchange
the Exchange Control Office, continues there- arising out of current exports which, accordfore to carry out these functions, and also ing to circumstances, is incorporated either in
controls the foreign exchange which export- the National Government's Foreign Exchange
ers have to surrender at the official rates. On Fund or in the gold and foreign currencies
the other hand, the tasks connected more reserve of the Bank; in the sale of foreign
directly with the mechanism of the exchange exchange to the authorized banks so that the
market have been transferred to the Central latter may liquidate exchange permits issued
Bank. In the official market, the Central by the Exchange Control Department; in
Bank operates with the authorized banks, arbitrage operations abroad; in the converpurchases the foreign exchange arising from sion, abroad, of currencies into gold or viceexports and sells the exchange required in re- versa ; in the remittance of funds abroad for
spect of the permits issued by the department the payment of the service of the foreign
of the Ministry of Finance. It therefore con- debt, and other transfers for the National
trols all the operations carried out by the Government. As already explained, the debanks in the market, and checks at the same partment is also occupied with that part of
time the receipts of the Exchange Profits the exchange agreements which directly conFund and the collection of the surcharge of cerns it.
up to 20 percent on remittances in respect of
The functions of control transferred to the
imports without prior permits.
department relate to exchange operations
As financial agent of the National Govern- effected by the authorized banks, to the movement, the Bank has followed closely the ap- ments in the exchange holdings of the banks,
plication of the agreements referred to above, both as regards official and free market purin so far as they refer to exchange. The ap- chases ; the collection of the surcharge of up
plication of the agreement with Germany has to 20 percent on goods imported without prior
been the subject of special consideration, in permits, and various other matters of less
view of the fact that under the present prac- importance.
Finally, and subject to the general respontice holdings of Reichsmarks may only be
increased when there is a sufficient forward sibilities already referred to, this department
is required, as from January 2, 1936, to fix
demand for this currency.
Foreign exchange department.1—This de- daily, in accordance with instructions from
partment has charge of all the gold and for- higher authorities, the official selling rate of
eign exchange operations effected for the ac- exchange, thus abolishing the system of allotcount of the National Government and the ting exchange by tender, which has operated
Bank. As explained elsewhere, it also does since the end of 1933.
Application of the banking law.—The effipart of the work connected with exchange
cient operation of the rediscounting system
control.
The National Government's Foreign Ex- depends, as already stated, upon the existence
change Fund and the gold and foreign cur- of a permanent service of information regardrencies purchased by the Bank with its own ing the activities of the banks. This, and the
resources, but on behalf and at the risk of the application of the Banking Law, constitute
National Government, are administered by the principal tasks of the Banking Inspection
this department in accordance with instruc- (Inspection de Bancos).
The establishment of the Institute Movilitions from higher authorities.
Once it had completed its organization and zador was carried through without disturbestablished relations with correspondents ing the market in any way, and the banking
policy pursued by this institution will greatly
1
This section is from the chapter describing the internal organization
facilitate the work of the Central Bank both
of the Bank.




560

FEDERAL RESERVE BULLETIN

as regards the regulation of currency and
credit and the application of the provisions
of the Law designed to secure the maintenance, by credit institutions, of a satisfactory
degree of liquidity.
Hence the work done during this first financial period has been of a preparatory nature.
It was necessary, in the first place, to register the names of all non-shareholding banks
at the Central Bank. In accordance with the
provisions of the Banking Law and its regulatory decree, these banks were required to apply to the Government, through the Central
Bank, for authorization to continue their
operations. By December 31, fifty-five applications, each of which will be subjected to
a careful study by the Central Bank, had been
received. The position of other entities is
also being studied in order to decide whether
or not they are subject to the Banking Law.
Another preliminary consideration was the
organization of a system of information
which would enable the Central Bank to exercise a continuous supervision over the cash
reserves of the banks and to see that they
comply with legal requirements. Forms,
adapted to current banking practice, were
prepared for the use of the banks in their
monthly declarations to the Central Bank of
their daily balances, cash reserves and sight
and time liabilities. It has thus been necessary to keep in continuous contact with the
banks, answering their enquiries and issuing
the requisite instructions. Since the application of the programme of the Instituto Movilizador compliance with the regulations for
minimum cash reserves has been almost general. The few exceptions, now being examined, are of small importance.
The Bank is also studying the schemes for
the liquidation of real property, shares, debentures and participations submitted by the
banks in accordance with Article 4 of the
Banking Law. When the extension granted
for the presentation of such schemes expires
on March 31, final decisions will be made
and, so far as possible, regulations of a general character drawn up.
In deciding on the many points relating to
the Banking Law which were frequently
brought to the attention of the Central Bank,
every possible effort was made to ensure the
gradual and orderly development of the objects contemplated by the Law, and to avoid
unnecessary disorganization.




JULY 1936

The Central Bank has been endowed with
powers which must be employed with tact
and moderation. All the banks in the country are subject to periodical inspection, and
are required to supply the Bank with such
information as it may request with regard to
their business. The Law and its Regulatory
Decree, for the fundamental reasons given in
the Government's Address to Congress, placed
the Banking Inspection under the direct supervision of the President of the Bank in
order to secure the fullest independence and
impartiality in all decisions affecting the
shareholding banks. Whilst building up a
competent and fully qualified staff of inspectors, the Bank will exercise extreme care in
the gradual and methodical development of
the system of inspection. The Central Bank
has nevertheless already found it necessary
to make some inspections and, in one instance,
as explained elsewhere, it was decided to decree the liquidation of a bank in accordance
with the powers granted by Law No. 12,156.
Bank's functions as financial agent of the
National Government.—One of the services

performed by the Bank as financial agent of
the National Government has been the placing of Treasury Bills for Government account.
After the consolidation of Treasury Bills
which took place when the Bank was constituted, a balance of only 56,450,000 pesos remained in circulation. These bills have been
repaid regularly either from the proceeds of
new issues of Treasury Bills or from the National Treasury's own resources. The new
bills have been offered by open tender to any
bidder, bank or otherwise. The following
table shows the operations effected for account of the National Government.
OPERATIONS IN NATIONAL GOVERNMENT
TREASURY BILLS

.So
Date

1935
July 1
Aug. 1
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 10

Rate of interest on
amount allotted

^ o

p

S.-S

§3
o 3

(In thousands of pesos)
9,000 9,000 5, 500 5,500
9,000 9,000 6,250 5,250
9,000 9,000 8,400 8,400
15,500 15, 500 10, 000 7,000
16, 750 25, 000 40,400 16, 750
9,000
15, 800 25, 000 25, 300 24,800

30
90
days days days
(Average rate, %)

50, 500
46, 750
46,150
37, 650
37, 650
28, 650
37, 650

2. 886.
2.880'
2.500 2.833 3.000
2.750 3.000 3. 000*
2.348 3.000 2.974
2.454 2.833 3.000'

The Bank has also acted for the National
Government and the Autonomous Depart-

FEDERAL RESERVE BULLETIN

JULY 1936

ments in various bond operations, advances
against security, etc. Undoubtedly, however,
one of the Bank's most important duties is
that prescribed by Article 10 of the Regulatory Decree of the Central Bank Law, which
provides that the Bank shall undertake the
issue of National Government Securities
either directly to the public or through the
intermediary of syndicates. Apart from a
few minor operations, the Bank has not yet
been able to undertake this task owing to the
arrangements made by the Government before the Central Bank was created. Meanwhile, however, the necessary organization is
being prepared in order that the full cooperation of the Bank may be available as soon as
the National Treasury require it.
Balance sheets.—Little need be added in
explanation of the balance sheet of the Bank
after what has been said about its activities.
The following comparative table of the initial
and last balance sheets, accompanied by short
explanations of each individual item, will
help to give a general idea of the changes
which have taken place.
BALANCE SHEET OF THE CENTRAL BANK
(In thousands of pesos)

ASSETS

Gold at home
Gold abroad and foreign exchange
Subsidiary currency
Shareholding banks, shares subscription account
Non-interest-bearing Government
Bond
Consolidated Treasury Bonds
National Securities—Art. 34, Law
12,155
Bank Premises
Other accounts
LIABILITIES

Capital
Notes
Deposits of shareholding banks
Deposits of National Government
Other deposits
Account for capital of the Instituto
Movilizador
Account for reserve fund of the Instituto Movilizador
National Government, Fund for payment of Floating Debt to Banks___.
Difference in the quotation of Consolidated Treasury Bonds
Bank Premises Amortization account.
Profit and loss account
Other accounts

On
May 31

On
Dec. 31

1, 224,418
122, 557
11, 008

1,224,418
129, 274
15, 653

+
+

6,717
4,645

9; 500

5,008

-

4,492

118,884
400, 000

118,884
221, 350

-178,650

14,124
1,295
65

+ 14,124
+ 1,295
+
65

1,886, 366 1, 730, 071

-156,295

20, 000
964, 424
578, 533
136, 338
1,888

20, 000
981, 755
482, 399
219, 186
5,704

Difference

+ 17,331
- 96,134
+ 82, 848
+ 3,816

10,000

- 10,000

163, 595

-163,595
- 11,589

11,589

1, 886, 366

16, 257
240
3,690
841

+ 16,257
-f
240
+ 3,690
+
841

1, 730, 071

-156,295

NOTE.—The figures are given in round thousands with the result that
some slight differences appear in the totals.




561

Gold at home.—There have been no
changes in this item since the revaluation of
gold at 25 pesos per gold pound.
Gold abroad and foreign exchange.—These
figures do not reflect variations in the total
holding of gold and foreign exchange because
of the frequent transfers between this account and the Exchange Fund of the National
Government.
Subsidiary currency.—When the Bank was
formed and began to accept cash deposits
from the banks, it received a sum of 11,008,133.62 pesos in subsidiary currency. This
amount was credited to the current accounts
of the respective banks, and at the same time
figures amongst the assets of the Central
Bank. The amount of subsidiary currency
has steadily increased and on December 31
stood at 15,653,147.86 pesos. As the total of
subsidiary currency (211,783,658.80 pesos)
has not changed since May 31 last, the increase in the Central Bank's holding of this
currency implies that a sum substantially
less than the total amount is required by the
public and the banks for current business
needs. The Bank's holding of subsidiary
currency will serve, therefore, to satisfy a
gradual increase in the requirements of the
public and of the banks without calling upon
the Government in the immediate future to
increase the issue. It may be recalled that
Article 36 of the Central Bank Law provides
that increases in the issues of subsidiary currency, subject to a per capita maximum of
20 pesos, may only be made by the Government on the request and through the intermediary of the Central Bank.
Shareholding banks, shares subscription
account.—This account has been reduced
from 9,500,000 pesos on May 31 to 5,008,000
pesos on December 31 on which date payment of the second share instalment fell due.
On that date only one bank had failed to pay
the instalment due. The shareholding entities which have ceased to be regarded as
banks by the Central Bank, owing to the
transfer of their deposits to the Instituto
Movilizador de Inversiones Bancarias may,
in accordance with the Law, retain their
shares, but no longer have the right to take
part in the General Meeting of Shareholding
Banks.
Non-interest-bearing Government bond.—
There has been no change in respect of the
bond which represents the Government's
liability for the remainder of the balances of

562

FEDERAL RESERVE BULLETIN

JULY

1936

issues without metallic guarantee made prior counts has been the purchase, by the banks, of
to Law No. 3,871. This bond is to be amor- Consolidated Treasury Bond Certificates and
tized with half the profit from issues of sub- the retirement of Rediscounts by the Banco
sidiary currency, and thus far, such issues de la Nacion. On the other hand, the fall in
have not been necessary.
balances was partly offset by the influx of
Consolidated Treasury bonds.—The sum funds to the banks from the Institute Moviliof 178,650,000 pesos, nominal value, of Cer- zador. The net result of the operation of
tificates of Participation in these bonds hav- these two opposing factors and others of a
ing been placed with the banks, the initial minor character, was a reduction of 96,133,amount of 400,000,000 pesos has been re- 634.55 pesos in this item of the balance sheet
duced to 221,350,000 pesos. The Bank is which, on December 31, stood at 482,398,under an obligation to re-purchase the Certifi- 958.44 pesos.
cates sold.
Deposits of the National Government.—
National securities—Article 3i, Law No. The increase of 82,848,630.95 pesos in the
12,155.—The item of 14,124,260 pesos shown balance of these accounts was the result of
at December 31, represents the cost of 14,- financial operations of the Treasury and of
690,000 (nominal value) of National Govern- movements in "Resources Available Exment Bonds, acquired, in accordance with the change Profit Fund." The increase in this
Law, as an investment of part of the Bank's account is due to the accumulation of excapital.
change profits on the one hand, and to the
Bank premises.—The only property taken sale of exchange or securities temporarily acinto account until the penultimate statement quired as an investment on the other.
in the period, was that of Calle Reconquista,
Other deposits.—Totals of this item, both
at a value of 500,000 pesos. In the final at the beginning and end of the financial pebalance sheet it was resolved to include the riod, were relatively small. Nevertheless,
premises in Calle San Martin, the transfer there was at one stage a balance of as much
of the title deeds of which is pending. It is as 196,093,364.11 pesos resulting from payconsidered that the value will be amply ments to the Rediscount Committee in respect
covered by the General Reserve Fund, to be of the retirement of rediscounts by the Banco
created with part of the year's profits. de la Nacion Argentina. These transactions
Thirty-five percent of the value of the Re- have already been explained.
conquista property has been written off. As
Accounts for the capital and for the reserve
regards the San Martin building, a reserve fund of the Instituto Movilizador.—These acof 239,500 pesos (24.7 percent) has been counts have been explained above. The balcreated for future amortizations.
ance of the Institute's funds are now included
Capital.—The original figure of 20 million in the current accounts of the National Govpesos remains unchanged. For the time be- ernment.
ing the Bank has decided not to make further
National Government, fund for the payissues of Capital.
ment of floating debt to banks.—This repreNotes.—Up to the statement of December sents the balance, on May 31, of the funds
15, on which date the notes issued amounted arising from the revaluation of gold and
to 939,206,420 pesos, the circulation was credited to the National Government. This
maintained below the May 31 figure of 964,- balance was subsequently used for further
423,830 pesos. In the second half of Decem- repayments of Treasury Bills.
ber, however, there was a sudden increase to Difference in the quotation of consolidated
981,754,560 pesos. This was mainly due to Treasury bonds.—This item represents the
drawings for the purpose of reinforcing the premium (over par) obtained by the sale of
cash reserves of the new institution set up at Consolidated Treasury Bond Certificates to
the time of the banking reorganisation.
the banks. These balances are temporary
Deposits of shareholding banks.—It is and disappear when the banks re-sell the Cerdifficult to analyse all the factors responsible tificates to the Central Bank at the original
for the fluctuations in the current accounts of purchase price.
shareholding banks, for these balances vary
Bank premises amortization account.—A
in accordance with minimum balance require- new account, formed as an amortization for
ments and movements at the Clearing House. the offices in Calle San Martin once the title
The main cause of the diminution in these ac- deeds have been registered.




JULY

1936

FEDERAL RESERVE BULLETIN

563

Profit and loss account.—The net profit of institution and the solution of its initial probthe financial period, the distribution of which lems, brings with him a valuable internais subject to the approval of the meeting of tional experience of central banking.
Shareholding Banks.
Relations with the Bank for International
Relations with other Central Banks.—The Settlements at Basle were also promptly esadvantages of close cooperation between Cen- tablished and a deposit of gold made there.
tral Banks have been emphasized on many One of our Directors, Senor Enrique Becoccasions. Within the scope of the Bank's querel, in the course of his recent voyage to
international operations which, in present cir- Europe, visited that institution and excumstances, is naturally limited, every effort changed views with the principal banking
has been made to promote the development authorities who meet there every month.
of good relations with similar organizations Senor Becquerel also visited the Banque de
abroad.
France, where he studied certain features of
With this end in view, the Bank of England, that institution's internal mechanism, and
the Federal Reserve Bank of New York, the received information which will be of great
Banque de France, the Reichsbank, the Banca use to the Bank, and for which the Central
d'ltalia and other important Central Banks Bank is very grateful.
have been asked to act as the Bank's corre- Relations have also been established with
spondents. The Central Bank has reason to the Central Banks of the neighboring counbe specially grateful to the first of these in- tries. Various useful suggestions for institutions. The cooperation of the Bank of ternal organization were obtained from the
England began with the visit of Sir Otto Banco de Chile, as a result of a mission enNiemeyer, whose advice and recommenda- trusted
by the Organization Committee to one
tions to the Argentine Government laid the of the present
officials of the Central Bank.
foundation of the reform of the monetary
The
Central
Bank also appointed as its
and banking system. The Bank of England correspondents certain
of the large private
has also been kind enough to lend, for a year, banks abroad.1
one of its high officials, Mr. F. F. Powell, who,
in collaborating in the organization of this A list of all foreign correspondents is included in the Report.




1

564

FEDERAL RESERVE BULLETIN

JULY

1936

ANNUAL REPORT OF THE NETHERLANDS BANK
The annual report of the Netherlands Bank
for the year ended March 31, 1936, was presented by the governor of the bank, Mr.
L. J. A. Trip, to the general meeting of shareholders on June 2, 1936. Sections of the report are given herewith:1
The past year was a period of confusion
and contradiction. While it was generally
realized in theory that nothing but an improvement of international relations could
bring about world recovery, it seemed impossible to put the theory into practice.
Political relations showed increasing tension.
Lack of confidence and fear of war were felt
to an increasing extent. In all countries
measures for stronger armaments were
adopted. The emergence of storm centers in
various parts of the world led even those
countries whose peaceful intentions were beyond question to increase their military defenses.
The resulting heavy demand for raw materials and labor for war industries can hardly
be considered a factor of permanent prosperity. Unproductive expenditures of this
kind aggravate still further the already
heavy burden of Government indebtedness
and taxation; even if they are met in the first
place wholly or in part out of loan issues,
they constitute fresh obligations against the
future.
Government finance.—In almost every
country the budget position gave cause for
anxiety. Governments were unable to keep
expenditure within the limits of revenue.
Rather, they undertook new lines of expenditure without providing the necessary funds.
The volume of loans rose out of all proportion to the funds becoming available out of
actual savings. The Government absorbed
these funds in considerable amount where
revenues failed to balance the outgo. The
result was, on the one hand, that the burden
of taxation rose with the burden of Government indebtedness; on the other hand, that
there was a dearth of international funds
needed to develop the financially and economically backward territories and to strengthen
their purchasing power. In many cases,
1
The report, available in Dutch and English, contains in addition
sections dealing with the general international situation, international
trade, international monetary developments, the money and capital
market, the exchanges, clearing arrangements, personnel, etc., together
with a number of tables.




moreover, the Government supplied its loan
requirements out of short-term funds which,
from their very nature, were not intended
for that purpose. The possible dangers in
such a situation, when these short-term loans
mature, need not be stressed. In such circumstances it cannot be the function of a
bank of issue to make its credit resources
available in large volume to the Government.
To avoid the dangers threatening sound recovery from the side of public finance, measures should be taken to secure truly balanced
budgets of Government departments, to limit
the amounts to be covered out of loans, and
to consolidate the floating debt.
Situation in the Netherlands.—In the
Netherlands there was only a very moderate
degree of recovery. Somewhat greater stability, an advance in the direction of equilibrium—this is as far as the description of the
present position can go. However deplorable
this may be, certain basic factors explain the
present situation. The Netherlands enjoyed
relative prosperity for a considerable period
while in other countries the depression was
already severe, so that not until some time
later was the need for vigorous readjustment
realized here. The Netherlands, because of
its situation, economic structure, extensive
transit trade and limited domestic market,
could not fail to be especially hard hit by the
protectionist policy which the great countries
adopted as a means of counteracting the depression. This is particularly the case where
a country's exports consist of specialized and
valuable products which are largely luxurygoods. The Netherlands, moreover, having
great financial and economic interests in the
Netherlands-Indies, felt the adverse effects
of the difficulties experienced by this rawmaterial and food producing area; whereas
the recent marked recovery in that part of
the world has not yet affected the situation
of the mother country. Finally, the Netherlands prides itself on a high standard of liv-.
ing, which it would be reluctant to abandon
even partly or temporarily; meanwhile, the
population is now increasing by 100,000 annually.
The economic and monetary policy followed
by the Netherlands Government should not
be considered responsible for the difficult
situation of the country, nor should it be

JULY

1936

FEDERAL RESERVE BULLETIN

called a failure. More time than had been
anticipated is required for adjustment to the
drastic changes in Netherlands economy
brought about by the world crisis of 1929,
and the consequent international policy of
protectionism. This adjustment is not yet
complete. The level of expenses and costs is
still too high. Heavy taxes are an impediment to recovery. What was said of the
budgetary position and debt burden in almost
all countries, is equally applicable to the
Netherlands. There is not sufficient cooperation between the various lines of Netherlands
industry with a view to reducing the level of
costs. This applies especially to the sheltered and protected industries, which fail to
realize that for their own future as much as
for the Netherlands position as a whole, this
is a necessary condition for cheaper production and future sales. In many ways they
make still more difficult the struggle of the
unsheltered and unprotected industries.
These last are the industries whose preservation is to be considered as of vital importance.
They can fairly demand that, in their efforts
to maintain themselves without Government
assistance, they should not be hampered by
industries which, with this assistance, can
afford an unduly high level of costs. Workers
are frequently unwilling to cooperate in cost
reduction by accepting a reduction in wages
until better times, and thus increasing opportunities for employment. Through this
attitude they prejudice not only the position
of the Netherlands but no less their own position, which certainly would not be improved
by wage reductions at random through currency depreciation or inflation, as adopted
in a number of countries.
It still does not follow that the Government's policy has failed, or that an inflationary policy should be adopted. If one considers what has been accomplished since
1929, and the extent of the adjustment
achieved in the years since the world depression penetrated to the Netherlands, the possibilities of restoring economic and financial
equilibrium in this country are beyond doubt.
This is borne out by the improvement in the
relative level of costs and prices in various
countries, and by the influence of the increasing gold production together with the depreciation of many monetary units. The conviction is strengthened that the present monetary policy should be continued for the manifest and permanent benefit of the country and




565

its people. Devaluation or depreciation of
the medium of exchange is an emergency
measure which can bring temporary relief,
but, as stands to reason and as experience has
shown, sooner or later loses its effect. Experience has also shown that this emergency
measure is taken at the expense of the people
who are least able to bear it, and are unable
to defend themselves against its consequences; and that whether their wages remain the same or are lowered, the cost of
living will inevitably rise. It may be argued
that the advance in the cost of living will be
inconsiderable, yet over a long period of time
the trend will be steadily upward. For illustration, it is sufficient merely to mention
those countries which had recourse to devaluation before the present depression, that is,
before the year 1929. Could anyone indeed
believe that the great profits which many
persons would make in case of devaluation,
and the book profits on the gold stock of the
Netherlands Bank, would not have their
counterpart in losses to be borne by others?
The Netherlands will have to hasten its
process of adjustment. Hitherto the first requirement has been that each public corporation and private enterprise should put and
keep his own house in order, through retrenchment and sound practice. The next
task is to limit—with the ultimate aim of
abolishing entirely — measures which the
Government took to lessen the effects of the
depression but which are now obstructing
the process of adjustment. This task the
Netherlands is determined to perform. It is
questionable whether these measures have
succeeded in accomplishing their object as
stated by the Government. That Government
measures of assistance always facilitate adjustment to a lower level of costs can hardly
be maintained. On the contrary, Government
assistance in many cases seems to be made
the end rather than the means. The need
for abolishing these measures of assistance
would become still more urgent if international prices should rise. If such an advance
caused an advance in the cost of living in the
Netherlands, it would be more than ever
necessary to abolish these measures in order
to further adjustment and thus to strengthen
the economic position of the country.
If, moreover, a greater measure of cooperation and agreement could be achieved in
the political field, and certain temporary
sacrifies could be agreed upon, which are in-

566

FEDERAL RESERVE BULLETIN

dispensable for the interests of the country
as a whole, the Netherlands could undoubtedly
overcome its present difficulties. For this
purpose it would not be necessary to take
measures which would curtail rights of contract, regardless of the circumstances of each
case. Complete regulation of this character
is sometimes called "consistent deflation",
and is offered as the only alternative to devaluation. This presenting of alternatives
seems unfair. Consistent deflation would
consist only in refraining from the adoption
of measures which would hinder the natural
process of adjustment. If, however, for obvious reasons, it is impossible to abstain from
adopting some emergency measures, there is
still no reason to call the monetary policy a
failure. On the other hand, the desirability
should not be overlooked of adopting the
fewest possible measures which check the
natural process of adjustment and making
their duration as brief as possible. It should
be remembered that a policy which by law
curtails rights of contract affects the two
parties to every contract, whatever its purpose may be. After the experience of the
past year, little need be said in defense of such
a policy. The course of the crisis has shown
that reorganizations were often effected at
considerable sacrifice by shareholders and
creditors, rather than forced by circumstances. Such reorganizations do not undermine confidence. Confidence is undermined,
however, when law is infringed upon, especially at a time when public authorities, in
view of the heavy demands on their
treasuries, desire more than ever to maintain
and strengthen their credit. It would be
most illogical, indeed, to appeal repeatedly for
the confidence essential to the success of any
loan or conversion operation and at the same
time to undermine that confidence through
statutory measures, which are included under
the collective name of "consistent deflation
policy."
The Netherlands Bank.—In contrast to the
situation prior to the year 1934-1935, the
past year was one of severe strain for the
monetary policy of the Netherlands Bank.
Difficulties, however, could not frustrate
the success of that policy, which was directed
to the maintenance of the gold value of the
florin. The difficulties sometimes originated
in other countries, and sometimes within the
country itself.




JULY

1936

The fall of the belga was the first cause of
uneasiness, and of the fear that other countries of the gold bloc would likewise be unable to maintain the gold parity of their currencies. A widespread international speculative movement developed against the florin.
The resulting discount on forward florins induced many people temporarily to invest
large sums by purchasing foreign currencies
for cash and selling them forward. In this
way a profit could be made of sometimes 12
or more percent per annum on the capital
thus invested. These operations, meanwhile,
created a great demand for foreign exchange,
and this demand induced large exports of
gold. The Netherlands Bank, therefore, requested the private banks to restrict, even
more severely than before, the extension of
facilities for such transactions to cases offering a reasonable presumption that the operations reflected normal commercial requirements. The private banks responded and
continued to lend their cooperation in other
ways as well. In addition, foreign central
banks, in cooperation with the private banking systems of their own countries, took restrictive measures against speculation in
foreign exchange. Tranquillity was restored
in the early part of June, 1935, but not before
the bank had been forced to sell almost 169,000,000 florins, or about 21 percent of its gold
stock which, at the end of fiscal year 19341935, had amounted to 786,749,000 florins.
A total of 74,000,000 florins in gold had
flowed back into the bank when the political
crisis broke out toward the end of July, 1935.
On July 24 alone the gold sales reached a total
of no less than 62,000,000 florins. The aggregate gold sales rose in one week to 142,000,000 florins, so that the gold stock was reduced to 550,000,000 florins before calm was
again restored. The gold movement reflected
in these figures had its origin within the
country. Large sums were withdrawn from
the banks and from the money market and
were converted into foreign exchange or gold.
The proceeds from export transactions were
left in the country of destination; indebtedness on account of imports was paid immediately so far as possible. Every effort was
made to acquire or to continue to hold liabilities in florins, on the one hand, and on the
other hand, to convert the florins at one's
disposal into foreign exchange or gold as
quickly as possible. In these circumstances it
was the plain duty of the Netherlands Bank

JTJLY

1936

FEDERAL RESERVE BULLETIN

to put an effective check on withdrawals of
florins and make a drastic advance in the
cost of its credit. Thus the bank felt itself
compelled to apply once more the means used
on former occasions with good results; in 8
days' time it raised the discount rate from
3 to 6 percent, and the rate for loans and
advances in current account from 31/2 to 61/2
percent.
After a net return flow of gold in the
amount of 50,000,000 florins, uncertainty and
uneasiness again developed as the time approached for the first meeting between the
new Cabinet and the lower house of the States
General. Consequently, the bank was compelled to sell about 72,000,000 florins of gold,
and to raise the rates again—which had
meanwhile been lowered by 1 percent—to 6
and 6V2 percent. When it became evident,
however, that the Cabinet and Parliament
would cooperate with one another, the tension
gradually relaxed; in the period from October 17 to November 14, 1935, the bank was
able to lower its i*ates by 2V2 percent, after
which two further reductions of V2 of 1 percent each were made on January 16 and February 4, 1936. This last reduction brought
the discount rate back to the level of 2^2 percent, which had been in effect at the beginning of the fiscal year, but had had to be
abandoned as early as April 5, 1935.
The return flow of funds to the Netherlands has resulted in an almost uninterrupted
rise in gold holdings since September 27,
1935. Gold holdings rose from their lowest
point of about 527,000,000 florins to 715,000,000 florins on the last day of the fiscal year.
On balance, the gold stock declined from
786,749,000 florins at the beginning of the
year to 714,654,000 florins at its close. As
against this loss of gold, there was a decline
of 82,674,000 florins in demand liabilities of
the bank. Thus, the decline in gold holdings
was more than offset by the decline in liabilities; the ratio of gold reserves against liabilities declined only from 79.28 at the beginning of the year to 78.69 percent at the close.
The outline of events, as briefly sketched
above, suggests certain important conclusions.
In the first place, it should be observed
that the opinion which is often expressed—
namely, that in circumstances such as those
under discussion advances in the discount
rate have only a psychological importance—
cannot be maintained in the light of events of




567

the past years. Granted that such advances
were unable to attract gold from abroad as
in normal circumstances, that was not to be
expected under existing conditions. This
does not alter the fact that since the Netherlands banking system was sound and flexible
and its bank of issue was in a strong position,
the discount policy functioned effectively,
though perhaps with some time lag, to check
the outflow—and above all the permanent
expatriation—of funds which should be invested within the country.
It is, of course, to be regretted that the advance in rates increased the interest burden
of business enterprises, and therefore their
costs of production. But, apart from the fact
that it was a choice of two evils, it should not
be forgotten that the business community
itself is responsible for high interest rates to
the extent that it sends or holds its own available funds abroad.
In the second place, it can be said that, excluding abnormal capital movements, the
Netherlands balance of payments did not lose
its equilibrium. The deficit in the trade balance, covering the movement of commodities
exclusive of gold and silver, declined from
763,000,000 florins in 1929 to 261,000,000
florins in 1935. Considered from the technical monetary point of view, this represents
an improvement of 502,000,000 florins in the
balance of payments. To this figure should
be added the amount of foreign issues which
used to be floated on the Netherlands market
before the crisis. This amount is estimated
at about 250,000,000 florins per annum. The
total of 750,000,000 florins is sufficient to balance the decline in income from foreign loans,
shipping and other services which the Netherlands ordinarily renders to foreign countries. Since November 1935, moreover, notwithstanding the continued and very considerable purchases of foreign stocks, especially American, there has been a practically
continuous flow of gold to the Netherlands.
A third conclusion is that anxiety in regard to the currency position must be considered harmful for the interests which all
who are not actuated by their own self interest wish to serve. Fortunately, the people of
the Netherlands have learned from the experience of almost 5 years, and are far less
ready to let themselves be disturbed by forebodings and criticisms which they have
learned to distinguish from facts.

568

FEDERAL RESERVE BULLETIN

JULY 1936

In conclusion, it has been shown that even were issued, to dwell at length on the possible
the heaviest shocks to confidence, accom- dangers involved in the larger use of credit.
panied by large withdrawals of capital and The gold reserve against the demand liabiliexports of gold, can be overcome, provided ties of the bank never fell below 62.07 pereffective measures are taken, and the Govern- cent.
ment and bank of issue make it quite clear
Maintenance of gold parity.—During the
that they will not deviate from their pre- past year the Netherlands Bank had to take
scribed course. It cannot be over-emphasized measures repeatedly in order to maintain the
that the public still attach far too much sig- statutory gold parity of the florin.
nificance to gold movements, which are no These measures consisted, first, in the demore than a natural result of changes in the livery of gold, in compliance with our declaraeconomic and financial spheres. The nature tion of 1903, in the form in which it was reinand the -exact limits of these changes are the stated in 1925. From time to time, also, the
elements that really matter. If they repre- bank sold considerable amounts of French
sent capital movements of a temporary char- francs, in order to prevent sudden and sharp
acter, as was the case in this country during advances of the Paris rate of exchange
the past financial year, they only result in the against florins. Finally, the discount rate
conversion of gold into foreign assets. Be- was raised repeatedly, in order to check any
sides, gold movements should not be con- undesirable expansion of loans by the bank,
sidered as facts apart exerting no further which might also be prejudicial to the money
influence. On the contrary, they will bring market; and as far as possible to limit exabout numerous and intense reactions in pro- change operations which might endanger the
portion as the gold shipments assume greater maintenance of parity, at times when the exdimensions; and if their influence is intensi- change rates on other gold countries stood
fied as far as necessary by the discount policy at or above gold export point and the
and further measures of the central bank, premium for forward exchange was rising.
those reactions will finally have the effect of The discount rate was changed no less than
arresting the efflux of gold and of causing the 17 times during the year.
return of the exported metal. In the meantime it may be imperative that the central BALANCE SHEET OF THE NETHERLANDS BANK AS OF
bank should grant credits to the Treasury and
MARCH 31, 1936
to the commercial banks in order to allow
[In thousands of florins]
time for the desired effects to come about.
Mar.
Mar.
Thus, during the period of greatest pres31, 1936
31,1936
Assets
Liabilities
sure, loans and advances of the bank rose
from 158,254,000 florins on July 23, 1935, to Gold coin
792, 019
127, 602 Notes in circulation
bullion
117,549
587, 052 Current accounts
280,629,000 florins on July 31. Thereupon, Gold
169
Silver coin
19,315 Other demand liabilities..
they declined to 192,785,000 florins on August Correspondents abroad... 1,797 Capital20,000
3,106
Foreign bills
1,079 Reserve fund
24, 1935, after which, under the influence of Domestic bills
6,300
24,486 Special reserve
10,144
89, 952 Pension fund
new gold sales and increasing uneasiness, Loans
Unearned discount on doAdvances in current ac12
mestic bills
count
they rose to 286,368,000 florins on October Advances
41, 856 Unearned
discount on
to the Govern1, 1935. Following this, international reac- ment (law
1
foreign bills
of May 27,
payable
18
1932)
tions had a gradually increasing effect, so that Investments
11, 958 Dividends
Balance of profits at the
in shares
disposal of the general
by the Amsteron December 19, 1935, loans and advances listed Brokers'
meeting
1, 116
Associawere smaller than the lowest figure quoted dam
28, 315
tion
Shares
of
the
Bank
for
Inabove, and on the last day of the fiscal year ternational Settlements
25 percent is
they amounted to only 157,372,000 florins. ofpaidwhich
1, 200
in
This development shows how important it is Other investments
9,845
with bankfor the success of its policy that the bank Netingbalance
6
correspondents
45
Cash items
should restrict its credits during normal Interest
accrued on loans.
659
times, in order to have great reserves of Interest accrued on adin current accredit available when its help is needed in vances
count
289
accrued on inperiods of stress; it shows, on the other hand Interest
331
vestments
no less, how unwarranted it is to become Commission account
47
Bank
premises
and
furnialarmed when the bank employs part of its ture
4,600
credit reserves and, as happened last year
950, 433
Total assets.
Total liabilities
950,433
when the weekly balance sheets of the bank




JULY

569

FEDERAL RESERVE BULLETIN

1936

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]

Reserve bank credit outstanding

Date
Bills
Bills
disbought
counted

U. S.
GovOther
ernReserve
ment
bank
securi- credit
ties

Total

Monetary
gold
stock

Treasury
currency

Member bank
reserve balances
Treasury
Other
cash and
NonMoney deposits
Fedin cirmemeral
with
culaber de- Reserve
Federal
Excess
tion
posits
acReserve
(esticounts Total
banks
mated)

E n d of month figures:
1935—May 31
June 30_
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

2,430
2,433
2,430
2,432
2,430
2,430
2,430
2,431

2, 469
2,480
2, 465
2,485
2,477
2,482
2,480
2,486

8,858
9,116
9,144
9,203
9, 368
9, 693
9,920
10,125

2,525
2, 506
2,510
2,398
2, 386
2,400
2,438
2,476

5,540
5,568
5, 518
5, 629
5, 683
5,713
5, 846
5,882

2,969
2,968
2,991
2,694
2,740
2, 657
2,619
3,110

254
325
253
198
304
299
284
255

257
261
257
260
250
258
253
253

4,832
4, 979
5.100
5, 305
5, 254
5, 648
5, 835
5, 587

2,318
2,414
2, 513
2,708
2,600
2,970
3,100
2,844

1936—Jan. 31
Feb. 29
Mar. 31
Apr. 30
M a y 30
June 30

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

2,479
2,482
2,474
2,475
2,474
2, 473

10,182
10,167
10,184
10, 225
10,402
10, 608

2,493
2,499
2, 504
2,500
2,490
P2, 498

5.737
5. 846
5, 877
5,886
5,953
P6, 241

3,001
2, 937
3,607
3,213
3,101
P3, 187

304
327
332
356
337
262

253
254
259
260
256
256

5, 860
5, 784
5,087
5, 4S6
5,719
5, 633

3,084
2,986
2, 305
2,f64
2, 866
2,717

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

2,476
2, 477
2,468
2,471

9,158
9,184
9,189
9,197

2,477
2, 437
2,421
2,408

5, 550
5, 558
5,574
5, 573

2,932
2.775
2,722
2,683

253
251
230
213

261
259
260
260

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

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

4
11
18
25

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

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

9,209
9,219
9,240
9, 297

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

5, 650
5,638
5, 632
• 5, 626

2,746
2,629
2,839
2,778

193
186
244
262

259
248
250
250

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

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

2
9
16
23__
30

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

2,470
2,478
2,496
2,472
2,474

9,414
9,463
9,584
9,629
9,686

2,399
2,396
2,404
2,397
2,401

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

2,814
2,747
2,693
2,694
2,665

306
313
307
292
296

251
250
254
254
260

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

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

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

2,462
2,492
2,471
2,472

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

2,401
2,399
2,409
2,421

5,754
5,746
5, 739
5.820

2,655
2,641
2,648
2,625

236
249
262
282

260
257
253
252

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

2,993
3,052
3,069
3.051

Wednesday figures:
1935- Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.

6_
13_.
20
27

Dec.
Dec.
Dec.
Dec.
Dec.

4
11
18
24
31

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

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

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

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

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

2, 626
2,558
3,161
3,156
3,110

283
280
281
266
255

262
270
258
259
253

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

3,173
3, 304
2,706
2.693
2,844

1936—Jan.
Jan.
Jan.
Jan.

8
15
22__
29

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

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

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

2,476
2, 492
2, 498
2,492

5,783
5,722
5,704
5, 693

3,049
3, 018
3, 093
3,031

296
301

253
253
253
254

5,745
5,859
5,802
5,883

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

Feb.
Feb.
Feb.
Feb.

5
12
19_.
26

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

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

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

2,491
2,496
2, 499
2,502

5, 742
5, 763
5, 771
5,775

2,958
2, 993
2,979
2,949

324
364
327
323

255
254
255
254

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

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

Mar.
Mar.
Mar.
Mar.

4
11
18
25

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

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

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

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

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

2,898
2,909
3, 587
3,667

321
337
328
340

269
274
261
261

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

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

Apr.
Apr.
Apr.
Apr.
Apr.

1
8
15
22
29

2.430
2,430
2. 430
2, 430
2,430

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

10. 185
10, 190
10.200
10.209
10, 221

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

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

3, 614
3, 502
3,374
3, 269
3,208

331
346
335
355
362

259
258
260
260
259

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

2,338
2,384
2,548
2,640
2,686

May
May
May
May

6
13
20
27

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

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

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

2, 497
2. 496
2, 493
2, 494

5, 912
5,888
5, 896
5, 902

3,175
3,161
3,138
3,116

345
351
353
326

259
257
258
256

5,532
5, 611
5, 694
5,747

2,697
2,774
2,859
2,901

June
June
June
June

3
10
17
24

2,
2,
2,
2,

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

10, 409
10, 480
10.543
10, 600

2, 493
2. 489
2,490
2, 500

5, 953
5, 937
6,048
6,173

3,084
3, 064
4,028
3,577

319
306
282
252

292
299
261
261

5,713
5,833 j
4,894 i
5,308 !

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

.

._

430
430
430
430

p Preliminary.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1934 (table 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500.




570

FEDERAL RESERVE BULLETIN

JULY

1936

ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS; ALSO FEDERAL
RESERVE NOTE STATEMENT, JUNE 30, 1936
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

MinCleve- Rich- Atlan- Chicago
St.
land m o n d
ta
Louis neapolis

Kan- Dallas San
sas
FranCity
cisco

ASSETS

Gold certificates on hand and due from
U. S. Treasury
Redemption fund—Federal Reserve
notes
Other cash
Total reserves..
Bills discounted:
For member banks
For nonmember banks, etc. Total bills discounted
Bills bought: Payable in foreign currencies
Industrial advances
U.S. Government securities:
Bonds
Treasury notes
Treasury bills
Total Government securities
Other Reserve bank credit:
Other securities
Due from foreign banks
Reserve bank float (uncollected
items in excess of deferred availability items)
Total Reserve bank credit outstanding
Federal Reserve notes of other banks--.
Uncollected items not included in float.
Bank premises
All other assets
Total assets

8,106, 542 508, 637 3, 056, 558 385, 815 577, 472 255, 385 225, 206 1, 757,193 238,007 174, 893 236, 224 168, 978 522,174
12,949
265,154

2,114
26, 225

686
1,281
618 1,705
1,119
70, 602 37, 392 25,112 15, 006 10,159

825
920
30, 554 11, 623

231 1,000
6,483 14, 051

417 2,033
12,121
5,8

8, 384, 645 536, 976 3,128, 441 424, 326 603, 270 271, 009 237,070 1, 788, 572 250, 550 181, 607 251, 275 175, 221 536, 328
4,072
10

38

2, 531

4,082
3,077
29, 878

224
2,914

315,671
1, 494, 219
620, 337

21, 006
99, 429
41, 278

2, 430, 227 161, 713

2,531

269

38

79

1,095
7,336

316
5,148

293
1,757

120
3,633

872

2, 472, 679 166, 357
18, 409
607, 811
48,052
42, 477

335
60, 501
3,113
295

348

35
108
754

384
2,106

8
555

61
1, 339

86
1,009

28

348

28

86
1,649

217
1,678

30, 629 16, 627 12, 776
144,977 78, 707 60, 474
60,189 32, 676 25,106

37, 553 16,8'
11,248 15, 968 12,155 27, 600
177, 757 79, 886 53, 244 75, 580 57, 530 130, 645
73, 797 33,165 22,105 31, 379 23, 885 54,238

660, 561 211,181 235, 795 128, 010 98, 356

289,107 129, 927 86, 597 122, 927 93, 570 212,483

85, 802 27,431
406,145 129,845
168, 614 53, 905

181
237
4,997

35

4,613

23

22

943

1485

181
7

28
976

1,560

11, 613 11, 042

740

164

L1, 432

171

176, 227 217, 880 237, 420 132, 828 100, 80;

290, 012 129, 562 88, 775 124, 232 94, 228 214, 351

1,221
1,252
48, 519 17, 923
6,525 2,919 2,284
1,771
1,546
1,119

1,292
2,490
1,310
1,687
319 1,616
79, 866 24, 790 14, 959 32,135 20, 917 29, 610
4, 830 2,453
1,531
3,360 1,526
3,580
781
333
321
391
407
461

753
5,097
176, 557 39, 035
10, 851 5,f~
31,212 3,840

1,037

11,574,073 767, 577 4,028, 385 690, 914 913, 022 457, 615 360, 882 2,166, 551 408, 980 288, 573 413, 096 292, 532 785, 946

LIABILITIES

F. Ii. notes in actual circulation (includes notes held by other F. R.
banks)

4, 034, 482

366,

606

830, 890 302, 990 388, 767 187, 538 179, 553

920, 841 174, 255 121, 881 151, 405 87, 446 322, 310

Deposits:
Member bank—reserve account._- 5, 632, 735 271, 357 2, 343,113 282, 319 385, 516 178, 304
119,770 1, 085, 229 162, 898 107,,183 189, 052 139,865 368, 129
690,102 39, 771 373,464 26,528 31,997 23,370 23, 865
U. S. Treasurer—general account._
27, 899 27, 559 29, 822 28, 909 29, 292
^ 626
Foreign bank
54, 169
18,726 5, 192 5, 136 2,457 1,954
4, 131
6,476 1,675
1,340
1,619
3,852
1,611
207, 723
161,242 1,464 7,189 2,623 4, 569
Other deposits
1,537
2,889 7,732 4,185
314 2,464 11,515
Total deposits
Deferred availability items.
Capital paid in
Surplus (Sec. 7)
Surplus (Sec. 13b)
Reserve for contingencies....
All other liabilities

6, 584, 729 316, 796
607, 811 60, 501
130, 917
9, 369
145, 501
9,902
26, 513
2,874
34,116
1, 413
10, 004
116

2, 896, 545 315, 503 429, 838 206, 754
150,158 1 ,122,493 199, 864 142, 530 219, 886 173, 240 411.,122
176,557 39,035 62,999 48,519 17,923
79, 866 24, 790 14, 959 32,135 20, 917 29, 610
50,947 12,283 12,635 4,709 4,233
12,057 3,767 2,977 3,954 3,805 10,181
50,825 13,406 14,371 5,186 5,616
21, 350 4, 655 3,149
3,613 3,783 9, 645
7,744 4,231 1,007 3,448
754
546 1,003
1,3911
1,121
1,142
1,252
8,849 3,000 3,111 1,278
2,519
7,573
1,456
1,849
846 1,328
6,028
466 294 183
126
980
209
618
108
115
761

Total liabilities
LI, 574, 073 767, 57 7 4,, 028, 385 690,
Commitments to make industrial advances
23, 928
2, 779
9, 429

913,022 457, 615 360, 882 2,166, 551 408, 980 288, 573 413, 096 292, 532 785,946
1,462

2,333

289

78

1,766

93

406

538

4,473

FEDERAL RESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks
by Federal Reserve agents
Collateral held by agents as security
for notes issued:
Gold certificates on hand and due
from U. S. Treasury
Eligible paper
U. S. Government securities
Total collateral-

4, 296, 310 382, 656

922, 374 315, 527 401, 634 196, 421 197, 734

949, 202 182, 232 126, 210 164, 583 95, 437 362, 300

4, 269, 523 396, 000
2,605
616
63, 000

930, 70G
1,285

301, 000 402,
!,500 192, 000 168, 685
94
79
38
21
15,000
5,000 30, 000

956,000 169, 632 128,;,ooo 165, 000 96, 000 364,000
31
80
28
35
13, 000

4, 335,128 396, 616

931,991

316,094 402, 538 197, 079 198, 706

956,000 182, 663 128, 035 165, 080

96, 298 364,028

1 Deferred availability in excess of uncollected items.
Reserve ratio.—Ratio of total reserves to deposit and Federal Reserve note liabilities combined, all Federal Reserve banks, 79.0 per cent.




JULY

571

FEDERAL RESERVE BULLETIN

1936

PRINCIPAL ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS,
BY WEEKS
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

Cleve- Richland
mond

Min-

At- Chicago St. neaplanta
Louis olis

Kansas
City

San
Dallas Francisco

ASSETS
Total reserves:
June 3
June 10
June 17
June 24
Total bills discounted:
June 3
June 10
I...
June 17
June 24
Bills bought, payable in foreign currencies:
June 3
June 10
June 17
June 24
:.
Industrial advances:
June 3
June 10
June 17
June 24
U. S. Government securities:
June 3
June 10
June 17
June 24
Total Reserve bank credit outstanding:
June 3
June 10
June 17
June 24

8,143,
529, 96; 3, 135,98' 445,. 439 602, 540
8, 247, 873 520, 892 3, 201, 443 438, 665 618,1,851
85
3, 227, 326 551,588 3, ___,.
186
528
...456, 758 611,.,528
3, 243, 250 546, 863 3, 064, 655 451, 024305, 427

268, 75' 219, 389
268,07'9 215,153
285, 310 229, 653
277, 856 228, 823

5,851
5,403
6, 539
6,189

366
283
871
1, 146

3,549
3, 690
4. 299
3.603

413
386
441
556

52

60
83
78
147

3,076
3,076
3,076
3,077

224
224
224
224

1,094
1,094
1, 094
1, 095

316
316
316
316

293
293
293
293

120
120
120
120

30,166
30, 064
30, 058
29, 936

2, 935
2, 924
2, 920
2,914

7, 365
7,38:
7, 370
7,360

5,155
5,146
5,178
5,162

1, 784
1,781
1, 779
1,772

2, 430, 244 157, 677
2, 430, 24" 157, 677
2, 430, 253 157, 677
2, 430, 234 157, 677
2, 489, 031
2, 471,103
2, 479, 826
2,471,743

647, 017 241,
169,177 241, 648 143,243
!43 498, 849
660, 031 260, 283 168, 654 234,136 154, 212 507, 474
676, 523 259, 403 163, 554 230. 032 159,454 517, 337
214 537,083
687, 096 251,311 182,310 I, 588161, 214
262
10
110
33

150
97
64
57

294
254
109
8'

465
342
369
404

180
110
75
33

61
61
61
61

86
86
86
86

86
86
86
86

217
217
217
217

1,671
1, 646
1,658
1,655

1, 594
1,643
1,623
1,630

108
108
108
108

384
384
384
384

87

3,752
3,733
3, 730
3,661

783
763
761

2, 130
2,125
2,113
2,113

568
564
563
556

1,431
993
1, 340
992
1,338 1,023
1, 335 1,017

729, 383 177,120 218,025
729, 383 177,120 218, 025
729, 383 177,120 218, 025
729, 383 177,120 218, 025

116,716
116,716
116,715
116,716

100, 209
100, 209
100, 209
100, 209

321,164 123,200
321,164 123, 200
321,164 123,200
321,164 123, 200

75, 575 116,844
75,578 116,844
75,585 116,844
75, 565 116, 844

161,648
161, 369
161,191
161, 507

756, 556 186, 600 219, 958
745, 344 183, 528 220, 398
752, 789 186, 2If 220, 749
745, 389 184, 319 219,419

122,576 101,
121, 787 101,139
122, 427 100,844
122, 086 103, 734

325,160 122,625
323, 315 122, 398
321, 416 121,048
323, 074 121, 941

77, 721 117, 535 96, 096 200, 670
76, 735 119,361 95, 268 200, 461
, 982
78,768 116,154 94,243 203,""
77,289 117,614 94, 70; 200, 664

3, 793,959
3, 785,
3, 872, 984
3,980,018

345, 653
344, 724
355, 668
364, 498

3,933 368, 589 170, 285 162,04'
788, 866 283,
3,220
778, 655 283,
220372,
372,239
239172, 825 160, 910
1,407 375,151
797,620 291,407
375,151 176,678 167, 763
813, 658 300, 434385,979 184, 658 175, 639

5,
"
4,
5,

270, 245 2, 580, 355289, 533 387, 84,
263, 079 2,678,
2, 678| 43,288, 001 397, 401
221,311 2, 087,820 260, 014 335, 632
256, 397 2, 235', 578 273, 310357, 716

95, 000 199, 331
"" 199,331
95, "
000
95, 000 199, 331
95, 000 199,331

LIABILITIES
Federal Reserve notes in circulation:
June 3
June 10
June 17
June 24
Deposits:
Member bank—reserve account:
June 3
June 10
June 17
June 24
U. S. Treasurer—general account:
June 3
June 10
June 17
June 24
Foreign bank:
June 3
June 10
June 17
June 24
Other deposits:
June 3
June 10
June 17
June 24
Commitments to make industrial advances:
June 3
June 10
June 17
June 24




713, 315
833,391
893, 667
307, 954

30, 071
26, 727
109,305
61, 581

183,098
178, 546
679, 930
499, 278

607
675
378
258

3, 961
4, 567
4, 567
4, 079

19, 624
22, 486
21, 188
21, 254

295, 406
243. 94"
221, 584
195,677

5, 793
5, 337
1,77'
1,624

24, 878
24, 798
24, 679
24, 452i

2,814
2,812
2,807
2. 789

504, 733
516, 404
1,421,457
929, 072
53,
61,
60,
56,

173,964 113,874
173,271 109, 361
156, 695 93, 455
171,647 111,250

32, 833
35,719
58, 756
31, 775

1,873
2,160
2,160
1,929

6,208
7,159
7,160
6, 395

1, 606
1, 852
1,852
1,654

3, 936
2, 316
2, 812
2,195

4,100
4,179
4,139
3, 704

4,414
2,172
4,145
2, 179

11, 579
9,957
8,527
7, 926

2,368
2,342
2, 336
2,334

29'
296
291
290

31, 942
29, 488
59,511
29, 086

4,924
5, 678
5,678
5,072

2, 355
2, 716
2, 716
2, 426

225, 971 4, 056 4,848
194,964 2, 437 2,302
174,8'
3,475 3,299
156, 807 1,398 2,170
10, 285
10, 240
10, 203
9,813

307
305
305
294

33,
38,
90,
51,

1,464
1,462
1,461
1,462

77, 374 297, 370
77, 788 297, 905
8 1 ,703
" " 307, 844
85,915 319, 741

, 019, 81 150, 056 96, 037 173,082 122,137 336, 375
"- 344, 936
,024, 396 168, 048 89, 440 173,018 124, 005
£ 308, 749
939, 701 140, 719 81, 920 153,084 114, 567
989, 769 156, 049 100, 975 180, 426 131, 000 343, 837

30, 716 28, 287
31, 901 31, 884
54, 733 122, 606
68, 217
31,877

662
223
590
533

25, 351
18, 597
58,129
30, 861
4,978
5,740
5, 740
5,127

877,964 162, 772 115,351 143, 755
878, 568 160, 997 114, 790 143, 359
889, 783 165, 324 117, 485 146, 558
907, 766 169, 843 120, 765 151,122

1,812
1,844
1,845
1,826

23.4
23, 943 28, 601
29', 304 28, 823 36, 025
31, 128 40, 099 45, 846
26, 814 29, 313 27, 871

32, 752
31,167
70, 824
40, 866

1, 549
l,78 r
1,787
1, 596

1,552
1,790
1, 790
1, 599

3, 693
4, 259
4, 259
3, 804

4,741 12, 093
4,588
851
4, 309
479
3, 964
301

1, 683
2,082
2,091
1, 790

12, 192
12, 762
11, 656
11.619

449
47'
406
406

547
547
541
538

4,363
4,303
4,312
4.529

1,284
1,481
1,481
1,323

572

FEDERAL RESERVE BULLETIN

JULY 1936

INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO JUNE 24, 1936
[Amounts in thousands of dollars]

Date (last Wednesday of
each month)

Applications recommended for
approval by Industrial Advisory
Committees to date
(with and without conditions)

Applications
received to date

Number

Amount Number

Amount

Applications approved to date by Federal Reserve banks (with and
without conditions)
Federal
Federal Reserve
Expired,
Reserve
repaid,
bank Approved
Total
bank
or withbut
not
advances commitcom- drawn by
ments
applioutpleted i
outcant
Number Amount standing standing

1935—Jan. 30
_.
Feb. 27
Mar. 27
Apr. 24
May 29
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 31 (Tuesday)

5,283
5,595
5,897
6,130
6,428
6,618
6,863
7,029
7,195
7,388
7,500
7,615

195,710
205, 581
217, 756
225,900
245,078
263,482
271, 768
278,022
292, 747
299, 927
302, 331
306, 708

1,341
1,432
1,521
1,633
1,734
1,815
1,907
1,970
2,009
2,083
2,134
2,176

73,470
76, 575
79,490
86, 374
90,799
102,331
109, 603
112, 629
121,837
126,192
130, 502
132, 460

1,168
1,268
1,364
1,467
1,571
1,646
1,739
1,786
1,834
1,901
1,948
1,993

64,518
72, 525
76,441
81,134
86, 282
88, 778
103,633
107,244
115, 350
118, 378
121,947
124,493

17,493
19,163
20, 785
26, 206
26,977
27, 518
28, 354
29, 447
30,132
32, 719
32,634
32,493

11,739
13,963
15, 732
16,908
19,425
20, 579
23,022
26, 314

1936—Jan. 29
Feb. 20
Mar. 25
Apr. 29
May 27
June 24

7,714
7,831
7,934
8,046
8,113
8,158

311,081
315,081
319, 595
323,669
329, 316
331, 391

2,212
2,245
2,294
2,338
2,374
2,394

134, 243
135,320
138,450
140,104
141, 749
142, 811

2,023
2,049
2,097
2,139
2,162
2,183

125,810
126, 643
129,580
131,195
132,549
133, 343

32,483
32,129
30,947
30,800
30,958
30, 486

27,057
28,002
27, 649

26,362
26, 591
23, 552
16,956
13,850
11,248
19, 735
15,319
18, 791
13,357
13,466
11, 548

7,160
10, 727
13, 900
17,185
21,802
24, 900
26,911
29,556
32, 475
36, 565
38, 952
44,025

27,004
25, 866
25,421
25, 576
25, 095
24,452

10,888
10, 434
11,008
9,730
9,343
9,381

46, 736
50, 636
54, 654
57, 351
59,512
61, 422

Financing institution
participations
outstanding2
1,764
2,081
2,472
3,879
4,228
4,533
5,611
6,608
7,060
8,680
8,778
7,578
7,550
7,737
7,641
7,598

1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
2
Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks.
NOTE.—On June 24, 1936, there were 60 applications amounting to $8,429,500 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.

MATURITY DISTRIBUTION OF BILLS AND SECURITIES HELD BY RESERVE BANKS
[In thousands of dollars]
Within
15 days

16 to 30
days

31 to 60
days

61 to 90
days

91 days
to
6 months

5,851
5,403
6,539
6,189

4,501
4,159
4,852
4,411

166
120
684
124

761
715
586
591

68
47
77
638

354
362
340
425

1

3,076
3,076
3,076
3,077

50
1,935
1,966
170

1,934
16
270
270

482
469
172
599

610
656
668
2,038

30,166
30,064
30, 058
29, 936

1,513
1,491
1,671
1,631

403
360
228
272

593
770
681
663

634
458
620
599

2,036
1,999
2,012
2,297

24, 987
24,986
24, 846
24,474

780
298
286
559

54,415
66, 661
123, 242
114,972

Total

Bills discounted:
June 3
June 10
June 17
_
June 24
.
Bills bought in open market:
June 3
June 10 . . .
June 17
June 24
Industrial advances:
June 3
June 10
June 17
June 24

U.S. Government securities:
June 3 .
June 10
_
June 17
June 24 . . . .
Other securities:
June 3
J u n e 10
J u n e 17
June 24

.




. _
_ _ _..

. .

_...._

2, 430, 244
2, 430, 247
2,430, 253
2, 430, 234

. ._

. . . .._

181
181
181
181

44,
48,
33,
41,

307
541
514
541

33, 514
41, 541
34, 975
26, 341

107,
98,
57,
53,

342,
334,
375,
390,

726
861
573
248

Over 6

months

1,
1,
1,
1,

847,
840,
805,
803,

502
345
663
573
181
181
181
181

573

FEDERAL RESERVE BULLETIN

JULY 1936

MEMBER BANK RESERVE BALANCES, BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
Total reserves held
Month or week

Excess reserves

Other
reserve
cities

Total-all
member
banks

New York
City i

4,778
4,979
4,970
5,232
5,243
5,469
5,757
5,716
5,780

2,031
2,092
2,072
1,989
2,023
2,101
2,253
2,239
2,209
2,231
2,171
2,181
2,293

935
918
960
937
900
908
941
935
978

5, 420
5,300
5, 638

1,813
1,969
1,938
2,306
2,320
2,460
2,563
2,541
2,593
2,579
2,271
2,163
2,384

Week ending (Friday):
1936—Apr. 3
Apr. 10
Apr. 17
Apr. 24

5,084
5,150
5,283
5,408

2,162
2,127
2,133
2,169

May
May
May
May
May

5,473
5, 515
5,608
5, 693
5,739

2,225
2,253
2,375
2,444
2,461

1935—May
June..
July
August.
September
October
November
December
1936—January
February
March
April
Mays

_.

18
15
22
29

"Country'
banks

Total—all
member
banks 2

Other
reserve
cities

New York
City i

"Country"
banks 2

956
961

2,296. 9
2, 437. 6
2, 385. 2
2,635.8
2,628.0
2,819. 7
3,061. 2
2, 982. 7
3, 032. 7
3,037. 8
2, 653. 3
2, 509. 7
2, 800. 4

797.5
915.3
867.6
1, 214. 2
1,177. 3
1, 308. 8
1,392. 7
1, 350. 4
1, 395. 4
1,360.1
1,055. 8
939.9
1, 134. 4

1,038. 4
1.079.0
1,037. 5
956.4
979.5
1,035. 2
1.162.1
1,133.1
1,090. 4
1,110. 5
1,054. 2
1, 058. 3
1,154. 8

461.0
443.4
480.1
465.3
471.2
475.7
506.4
499.2
547.0
567.3
543.3
511.5
511.2

2,005
2,085
2,192
2,272

917
938
957
967

2, 325. 0
2, 393. 0
2, 501. 0
2, 613.0

944.1
910.7
913.2
945.0

904.7
971.9
1,064. 5
1.138. 5

476.0
510.0
523.0
530.0

2,275
2,256
2,291
2,298
2,329

973
1,005
943
952

2, 656. 0
2, 679. 0
2, 774. 0
2,858. 0
2,896. 0

991.8
1,007.1
1,130. 0
1,197.1
1, 204. 6

1.139. 5
1,122. 7
1,151.5
1,158. 9
1,187. 6

525.0
549.0
493.0
502.0
504.0

1

Central reserve city banks only.
Weekly figures of excess reserves of all member banks and of country banks are estimates.
For total reserves and estimated excess reserves of all member banks during the following month, see table on p. 569.
Backfigures.—SeeAnnual Report for 1934 (table 67).
2

3

MEMBER BANK RESERVE BALANCES, BY DISTRICTS
[Averages of daily figures. In millions of dollars]
Boston
Total
1935—May
June

- . . . - . _

July
August - _
September
October
November.
December

_

1936—January
February
March
April
May

_-.

New York

Excess

1936—January
February. March
April
Mav

_.

- _




Total

Excess

Total

Excess

Richmond
Total

Excess

Atlanta
Total

Excess

161.2
154.4
162.0
157.9
167.5
164.7
179.9
196.0

2,031.0
2,169. 7
2,148. 4
2, 507. 2
2, 518.1
2, 655. 7
2, 769. 5
2, 756. 4

896.3
997.0
956.5
1, 294. 4
1, 261. 2
1, 389.1
1, 483. 0
1, 448. 9

221.3
226. 6
225.8
232.3
242.5
262.1
268.6
266.3

89.8
91.4
88.4
95.9
106.9
123.2
128.7
124.1

320.3
299.8
309.3
316.1
330.2
327.8
358. 8
335.8

162.3
139. 0
147.0
153. 3
171.7
170.4
198.3
172.9

149.6
144.3
151.3
156.9
159.5
163.2
169.1
170.0

76 2
70.5
76.7
81.9
87.4
89.1
94.0
93.6

84.2
86.5
104.3
101.7
102.8
104.7
109.1
108.3

26 4
29.0
47.1
44.5
46.1
45.9
48.9
45.9

375.8
368.5
324.3
299. 6
283. 1

234.1
225.4
179.9
153.8
137.3

2,
2,
2,
2,
2,

1, 509. 0
1, 486. 4
1,163. 4
1, 049. 6
1, 254. 5

294.3
283.2
295.2
292.5
275.6

149.3
137.8
149.4
143.9
127.5

339.3
349.9
355.9
379.3
369.9

176. 7
187.2
• 190.8
208.6
199.7

170.2
176.8
193.8
180.5
178.7

92.7
99.1
118.1
105. 4
102.2

111.6
120.6
118.9
112.8
107. 0

48.9
58.9
56.3
48.0
41.4

Total
..

Excess

Cleveland

296.6
291.3
303.2
296.4
305.8
303. 5
318.8
336. 5

Chicago

1935— May
June
July
August
September
October
November
December

Total

Philadelphia

Excess

823.1
821. 5
495. 3
392.1
625. 3

St. Louis
Total

Excess

Minneapolis
Total

Excess

Kansas City
Total

Excess

San Francisco

Dallas
Total

Excess

Total

Excess

893.3
950.1
868. 0
778.6
742.9
784.0
880.0
880.4

549.8
596 5
504.2
419.7
388.5
423.0
504.7
502.9

111.9
137 9
157.6
144.6
147.4
163.8
168.9
165.0

41.5
67.8
86.2
74.3
77.7
92.4
95.8
90.9

101.6
113.0
118.3
115.1
104.9
106.0
108.2
104.2

54.1
63.6
68.7
67.9
60.7
59.0
60.3
55.8

186.4
181.9
181.0
173.8
172.8
170.5
171.0
171.8

100. 3
93.2
92.3
87.3
90.2
87.4
88.1
89.6

107.6
109.0
118.2
120.8
106.7
107.3
116.5
119.5

50.6
51.6
59.8
61.0
51.7
51.0
59.4
62.4

274.0
268.7
284.9
288.7
309.2
319.9
318.7
301.4

88.6
83.6
96.3
97.8
118.3
124. 3
120.0
99.8

793.9
802.5
773.7
778.0
918.3

412.3
414.5
390.0
403.0
525.7

157.8
165.6
150.0
142.0
141.9

83.4
91.5
76.7
68.1
67.5

110.5
121.9
116.1
82.4
85.8

62.4
74.2
69.3
35.8
39.5

175.8
175.4
168.1
162.4
173.0

95.5
96.4
88.6
81.0
90.0

128.4
127.9
128.8
124.5
122.0

71.1
72.0
72.0
67.0
64.8

299.0
294.3
300.3
354.2
357.9

97.2
94.6
98.6
145.4
150.1

574

FEDERAL RESERVE BULLETIN

JULY

1936

KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]

Total

End of month

1935—June
July
August
September
October
November
December

_

1936—January
Februarv
March
April
May _

_ .__

_._ _ .
_ _._
- ___ . . .
_______

June?

v Preliminary.

Gold
certificates

Silver
dollars

Silver
certificates

Treasury
notes
of 1890

Subsidiary
silver

Minor
coin

United
States
notes

Federal Federal
Reserve Reserve
bank
notes
notes

National
bank
notes

5,568
5,518
5,629
5,683
5,713
5,846
5,882

117
115
114
112
111
110
109

32
32
33
33
33
34
34

701
702
739
756
773
812
828

1
1
1
1
1
1
1

297
298
298
302
306
309
312

125
125
126
127
128
130
131

285
280
283
286
281
284
275

3,223
3,232
3,362
3,439
3,495
3,612
3,667

81
78
75
73
70
68
66

704
654
596
553
514
487
458

5,737
5,846
5,877
5, 886
5, 953
(>. 241

107
106
104
103
102
101

33
34
34
34
34
35

809
841
864
886
914
955

1
1
1
1
1
1

303
304
307
309
312
316

129
129
131
132
133
135

259
254
245
249
265
278

3,598
3,696
3,727
3,726
3, 760
4,002

63
60
58
56
54
52

436
421
406
391
378
366

Back figures.—See Annual Report for 1934 (table 49).

PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]

End of month

Total*

1935—May

June _
July
August .
September.
October
November
December
1936—January
February
March _
April
Mav

_

_ __

$1

$2

$5

$10

$20

$100

$50

$500

$1,000

$5,000

$10,000

Unassorted 2

5,087
5,114
5,063
5,172
5,220
5,245
5,374
5,404

420
419
415
424
433
435
448
460

32
32
31
32
32
32
32
33

760
760
755
778
788
787
815
815

1,290
1, 296
1,273
1,324
1,334
1,337
1,380
1,373

1,309
1,309
1,289
1,313
1,321
1,329
1,354
1,359

343
349
344
347
349
354
356
358

588
598
596
598
603
610
617
627

115
116
116
116
118
119
120
122

225
225
231
233
232
233
234
239

6
6
7
7
7
7
7
7

9
8
10
11
14
14
15
16

11
5
4
11
12
11
5
6

5,272
5,379
5,405
5,411
5,473

434
434
439
442
451

32
32
32
31
32

782
802
804
804
820

1,333
1,373
1,378
1,379
1,402

1,332
1,360
1, 361
1, 360
1, 369

355
361
362
360

627
633
641
643
648

122
123
125
126
127

240
243
247
249
245

8
7
7
7

17
18
17
19
19

8
8
9
10
11

'Total of amounts shown by denominations less unassorted amounts in Treasury and Federal Reserve banks.
Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed.
Back figures.—See Annual Report for 1934 (table 50).

2

SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY

TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation. In
millions of dollars]

End of month

Silver
Feddollars Suberal
u
mieo
Minor
and
sidReTotal silver iary coin States serve
bulsilver
notes
bank
lion 1
notes

ShipReceipts
ments to
from
Europe Europe

Net
receipts

1935—June
July
August
September.
October.. _
769
November.
750
December.

191
286
282
721
2,536
4,203
603

1,451
2,261
2,289
1,157
864
782
851

1,260
1,975
2,007
436
11, 672
1
3 , 421
248

1936—January. __
February..
March
April
May
446
June

748
13
1,757
3,095
3,852
3,037

2,743
3,317
3,109
938
1,685
1,164

1,995
3,304
1,352
*2,157
i 2,167
1
1,873

2,506
2,510
2,398
2,386
2,400
2,438
2,476

859
884
905
940
997
1,066
1,124

313
315
316
317
320
322
328

133
134
134
134
134
135
136

347
347
347
347
347
347
347

84
81
78
75
72
70
68

619
573
530
499
473

1936—January
February _ _
March
April

2,493
2,499
2,504
2, 500
2,490
2.498

1,172
1,197
1,218
1,230
1,236
1.255

328
328
329
330
330
332

137
137
137
138
138
139

347
347
347
347
347
347

64
62
59
57
55
53

429
413
398
384
372

p Preliminary.
i Includes silver held against silver certificates amounting to $1,134,000,000 on June 30, 1936.




Month

National
bank
notes

1935_j u n e
July.. .
August
September.
October
November.
December..

May
June?

[By selected banks in New York City. In thousands of dollars]

1

Net shipments.
For description and back figures see BULLETIN for January 1932,
pp. 7-9.

JULY

575

FEDERAL RESERVE BULLETIN

1936

GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK

MOVEMENT OF GOLD TO 1ANDFROM[
UNITED STATES

[In millions of dollars]

[In thousands of dollars]

Gold
stock
at end
of
year or
month

Year or month

Year
1936—January
February
March
April _..
May
June - -_

_

Net
release
from
earmark 1

4,226
4,036
8,238

52.9
-190. 4
4,202. 5

-446. 2
-173. 5
1,133. 9

457.5
-58.0
82.6

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

153.3
135.3
40.4
143.4
148.1
257.1
27.9
59.5
165.0
325.2
226.7
205.2

149.4
122.8
13.0
148.6
140.0
230.4
16.2
46.0
156.7
315.3
210.6
190.0

1.1
.2
-.7
-2.3
-1.5
1.0
-.4
1.8
1.0
-1.9
.6
1.3

10,125

1,887. 2

1, 739.0

.2

10,182
10,167
10,184
10, 225
c
10,402
P10, 608

57.2
-15.5
17.2
41.0
C
176. 7
P206. 5

45.6
-16.6
5.5
28.1
170.0
277.8

-1.7
-9.5
1.0
-.2
-3.2
-24.8

1932
1933
1934

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

Increase Net
in gold
gold
stock
import

c
Corrected,
p Preliminary.

1936

Other
factors2
From or to—

June

Imports
41.6
41.1
2
2,9.86.1 Belgium
England
_
3,717
2.8 France __ _
202 983
12.3 Germany
28.1 Netherlands
__ 38 811
- 2 . 9 Switzerland
9.6 Union of Soviet
25.8
Socialist Re12.1
publics
2 571
11.7 Canada
552
7.3 Central America
219
11.8 Mexico
H 587
15.5 Argentina. _. _ 4
13.9 Chile
314
Colombia
2,
104
148.0 Ecuador
371
Peru
__
190
13.3 Uruguay
4
10.6 Venezuela
10.7 Australia
2 511
r; Q47
13.1 British Tndia
'10.0 China and Hong
P-46. 5
Kong
603
Dutch East IndiesJapan
Philippine Islands, 2, 124
All other countries 2 .
237

May

Exports

72

I
3

Imports

January-June

Exports

Imports
2
15, 359
341 231
7
47 563

4,003
133 157
2
8 751

303
2,100
501
239

8 331
26 212
1 848
22 138
9
3,859
7, 689
2,245
1,486

56
1 029
9 720

248
11 259
32 508

1 043
1 700
358
4 322

5

847

3 751

1 735
90

9 909
1, 028

Exports

5,114
17 180
3 765

38
325

26, 423
77 169, 957
5 536, 692
Total
277, 851
i Gold released from earmark at Federal Reserve banks less gold
placed under earmark (with allowance when necessary for changes in
gold2earmarked abroad for account of Federal Reserve banks).
Figures are derived from preceding columns and indicate net result
i Figures represent customs valuations which, with some exceptions,
of such factors as domestic production, movements into and out of are at rate of $35 a fine ounce.
nonmonetary use, imports and exports that do not affect gold stock
2 Includes all movements of unreported origin or destination.
during the month or year, and increment resulting from reduction in
Back figures—See table, p. 600, and Annual Report for 1934 (tables 46
weight of gold dollar.
and 47).
Back figures.—See Annual Report for 1934 (table 44).




576

FEDERAL RESERVE BULLETIN

JULY

1936

ALL BANKS IN THE UNITED STATES
[Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparativefiguresof private banks included in thefiguresfrom June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and May 1936, p. 398.]

DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS

NUMBER OF BANKS

Call date

Total
Total

National

1 600
597

6,145
6,080
6,011
4,897
5, 052
5,154

709
766
857

576

21, 294
19,966

7,599
7,246

6,653
6,368

1932—June 30
Sept. 30
Dec. 31

19, 046
18, 794
18,390

6,980
6,904
6,816

1933—June 3032
Oct 25
Dec. 30

14, 519

5,606
5,818
6,011

15,011

3

1934—Mar 5
June 303
Oct 17
Dec. 31

15, 835
16,039

6,206
6, 375
6,433
6,442

Other
Mutual nonState savings member
banks
banks
946
878
835
824
805

1931—Sept. 29
Dec. 31

5,288
5,417
5,461
5,462

[In millions of dollars]

Nonmember
banks

Member banks

918
958
972
980

Call date

Nonmember banks
Member
All banks
Other
banks Mutual
savings nonmembanks ber banks
49,152
45, 821

29,469
27, 432

1 10,017
10,105

9,666
8,284

41,963
41,942
41, 643

24,755
24, 903
24, 803

10,020
1 10,020
10,022

7,188
7,020
6, 818

23, 338
23, 453
23, 771

9,713

4,946

9,708

5,026

9,780

5,475

44, 770

25,293
26, 615
27, 484
28, 943

9,828

6,000

1935—Mar. 4
June 29
Nov. 1
Dec. 31

44, 455
45, 766
47, 522
48,964

28, 589
29,496
31,072
32,159

9,837
9,920
9,936
9,963

6,029
6,350
6,513
6,842

48, 771

31, 774

9,972

7,025

13,095 1931—Sept. 29 _
Dec. 31
12,123
1932—June
30
11,472
Sept. 30 .
11,296
Dec.
31
10, 980
8,337 1933—June 30 2
Oct. 25 3
Dec. 30
8,421
1934_Mar. 5 3
June 30 __
8,882
Oct. 17 3
Dec. 31
9,018

594
1 594
594

579
578

579

1935—Mar. 4
June 29
Nov. 1
Dec. 31

16,024
15,994
15, 904
15,836

6,422
6,410
6,400
6,387

5,446
5,425
5,403
5,386

976
985
997
1,001

579
571
571
570

9,023
9,013
8,933
8,879

1936—Mar. 4

15, 808

6,377

5, 375

1,002

569

8, 862 1936—Mar. 4

37, 998
38, 505
41,870

4

For footnotes see table below.

For footnotes see table below.

LOANS AND LWESTMENTS
[In millions of dollars]
All banks

Member banks

Nonmember banks

Mutual savings banks

Call date

Total

Loans

Investments

Total

Loans

Investments

Total

Other nonmember banks
Investments

Loans

Investments

Total

Loans

3,079
2,814
2,637
2,560
2,515

1931—Sept. 29
Dec. 31

53,365
49, 704

33, 750
31,305

19, 615
18,399

33, 073
30, 575

20,874
19, 261

12,199
11,314

1 10,506
10, 488

1 6,169
6,218

1 4,337
4,270

9,786
8,641

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
10,316
12,121 1 10,316
12, 265 10,182

6,130
1 6,130
6,079

4,186
1 4,186
4,103

7,755
7,491
7,295

6,707
5,827
5,117
4, 931
4,780

1933—June 30 2
Oct. 25 3
Dec. 30

40,076

22,203

17, 872

11,928
11, 894
12,386

4,103

5,246

3,404

1,841

18,342

12,858
13,059
12, 833

5,941

21, 977

24, 786
24, 953
25, 220

10,044

40, 319

9,985

5,906

4,079

5,115

3,238

1,877

12, 706
12, 523
12, 293
12,028

13, 842
14, 652
15,267
16,122

9,904

5,648

4,256

5,423

3,108

2,315

9,782

5,491

4,291

5,526

2,955

2,571

1934—Mar. 5 3
June 30
Oct. 17 3
Dec. 31

42, 502

21,278

21, 224

43, 458

20, 473

22,984

26, 548
27,175
27, 559
28,150

1935—Mar. 4
June 29
Nov. l._
Dec. 31

43, 747
44, 416
45,008
'45, 715

20, 394
20, 272
20,140
20, 329

23, 353
24,145
24, 868
r
25, 386

28, 271
28, 785
29, 301
29, 985

11, 953
11, 928
11,841
12,175

16,318
16,857
17, 460
17, 810

9,775
9,852
9,854
9,804

5,478
5,341
5,302
5,210

4,297
4,511
4, 552
4,594

5,701
5,779
5, 853
'5,927

2,963
3,003
2, 997
2,944

2,738
2,777
2,856
'2,983

1936—Mar. 4

46, 157

20, 275

25, 882

30, 288

12, 099

18,189

9, 795

5,202

4,592

6,074

2,971

3,100

r

Revised.
Figures of preceding call carried forward.
Beginning June 30,1933, allfigures(other than for mutal savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
3
4 Nonmember bankfiguresnot available. •
Prior to Dec. 30, 1933, member-bankfiguresinclude interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date.
Backfigures—SeeAnnual Report for 1934 (tables 60 and 61).
21




577

FEDERAL RESERVE BULLETIN

JULY 1936

ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans to customers (except banks)

Call date

Total
loans
and
investments

Total

Open-market loans

Purchased paper
To
ReLoans
broport- Otherwise
To
to
ing
kers others Real
seAcoutcured banks cepton
estate banks'
own
Comside securiloans accept- and
ances Bills
merNew
unseties
ances cured
pay- paycial
York
able paper
able in abroad
Cityi
United
bought
States

Investments

Loans
to
brokers in Total
New
York
City*

U.S. Government obligations

Direct

Fully
guaranteed

Other
securities

TOTAL—ALL MEMBER BANKS

1933-June30 2
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936-Mar. 4

24, 786
24, 953
25, 220

26, 548
27,175
27, 559
28,150
28, 271
28, 785
29, 301
29,985
30,288

11,337
11, 523
11,315
11,093
10,804
10, 782
10,509
10,420
10,369
10,465
10,548
10,460

165
178
208
167
187
184
192
179
196

3,752
3, 631
3,606
3,480
3,309
3,158
3,110
3,031
2,931
2,885
2,893
2,832

2,372
2,364
2,359
2,382
2,357
2,297
2, 273
2,250
2,277
2,279
2, 284
2,301

192
257
213
250
210
229
232
207
135
159
169
156

4,857
5,092
4,972
4,817
4,721
4,932
4,708
4, 748
4,834
4,963
5,006
4,960

330
297
287
225
153
149
155
133
119
94
98
82

291
303
223
350
264
276
256
235
201
154
181
164

1,044
985
989
938
882
826
820
805
783
775
793
792

157
149
148
156
156
150
139
139
138
136
140
148

120
179
130
171
144
159
164
145
82
101
107

937
1,075
1,084
1,009
965
1,108
1,024
1,054
1,085
1,114
1, 096
1,112

162
143
146
112
68
66
63
52
48
35
42
29

224
233
170
276
225
232
210
203
183
135
158
141

1,915
2,033
1,937
1,870
1,853
1,956
1,873
1,909
1,917
2,034
2,100
2,056

129
120
103
79
53
55
65
56
50
40
39
36

87
164
132
157
200
253
232
255
247
260
272
280

748
840
855
1,082
802
843
875
975
841
1,047
1,089

11,928
11,894
12,386
13, 842
14, 652
15,267
16,122
16,318
16,857
17, 460
17,810
18,189

6,887
6,801
7, 2.54
8, 667
9,137
9,186
9,906
9,821
9,871
10, 080
L0, 501
10, 564

5,041
5,093
5,132
4,995
181
3
5, 239
3 276
5,372
709
5,227
989
5,298
1,200
5,427
1, 558
5,615
1,764
5,541
1,768
5,745
1,880

720
624
706
687
883
631
662
678
930
828
1,018
1,043

3,709
3,501
3,542
3, 932
4,265
4,300
4,602
4,628
4,983
4,968
4,985
5,355

2,551
2,320
2,362
2,768
3,053
2,954
3,246
3,200
3,462
3,340
3,425
3,602

1,158
1,181
1,179
1,059
' 1, 056
1,109
1,078
1,131
1,174
1,223
1,159
1,248

4,621
4,645
5,000
138 5,763
154 6,104
123 6,423
6,764
6,933
7,093
7,589
7,824
31 7,845

2,867
2,889
3,209
3,954
4,102
4,240
4,551
4,601
4,478
4,865
5,136
5,090

1,754
1,757
1,790
1,734
75
3 94 3 1,908
1,926
257
1,857
356
1,878
453
1,957
658
1,973
751
1,944
744
2,011
745

3,598
3,748
3,845
4,148
4, 283
4,545
4,756
4,757
4,780
4,903
5,002
4,989

1,469
1,592
1,683
1,946
1,982
1,992
2,108
2,020
1,931
1,874
1,940
1,873

2,129
2,156
2,162
2,202
3 25 3 2, 276
2,337
215
2,293
355
2,289
448
2,296
553
2,419
609
2,439
623
2,486
630

NEW YORK CITY 4

1933—June 30 2
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
1935—Mar. 4
June29.__.__
Nov. 1
Dec. 31
1936—Mar. 4

7,133
6,971
6,995
7,351
7, 666
7,545
7, 761
7,783
8, 303
8,167
8, 418
8,802

2,297
2,436
2,395
2,321
2,202
2,294
2,202
2,198
2,146
2,185
2,196
2,215

9,780
9,951
10,157
10,816
11,054
11,367
11, 609
11,739
11,743
12,313
12, 647
12, 601

4,846
4,912
4,797
4,669
4,586
4,562
4,459
4,436
4,425
4, 522
4,599
4, 527

7,873
8,031
8,068
8,381
8,456
8,649
8,780
8,749
8,739
8,821
8,919
8,885

4,194
4,175
4,123
4,103
4,016
3,926
3,849
3,786
3,798
3,758
3,754
3,716

105
3 157
237
278
298
348
405
401
505

OTHER RESERVE
CITIES

1933—June 30 2
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4

111
117
106
101
138
102
118
113
120
107
123
132

1,590
1,542
1,524
1,465
1,388
1,319
1,294
1,261
1,216
1,209
1,206
1,174

1,160
1,144
1,151
1,158
1,145
1,120
1,108
1,093
1,120
1,117
, 109

1,117
1,104
1,092
1,077
1,039
1,012
996
966
932
902
894
865

, 055
,070
,061
,068
,056
,026
,026
,018
,020
,026
1,035
1,043

no

51
91
78
89
115
151
135
142
126
124
132
130

58
100

COUNTRY BANKS

1933—June 30 2
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
1935-Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4.

2,005
1,984
1,952
1,937
1,903
1,868
1,810
1,785
1,831
1,815
1,810
1,791

27
46
34
54
72
95
92
109
116
132
135
145

1 Loans (secured by stocks and bonds) to brokers and dealers in securities.
2
Beginning June 30, 1933, figures relate to licensed banks only.
3 An estimated small amount of Home Owners' Loan Corporation bonds fully guaranteed by the United States Government is included in
"Other
securities" on this date.
4
Central Reserve city banks.
Back figures.—See BULLETIN for November 1935, pp. 722 and 723, or reprint, which may be obtained from Division of Research and Statistics.




578

FEDERAL RESERVE BULLETIN

JULY

1936

ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
Time deposits

Demand deposits
Cash
items
Interbank
CertiReBal- reportfied
serves
ed
as
and
with Cash ances
Unitwith
in
offiFeded
in
doprocubcers'
eral vault
States P lic
mesess
checks,
ReDoFor- Gov- r unds
tic
mescash
serve
1 of coleign
ernbanks
lectic
letters
banks
tion 2 banks banks ment
of
credit,
etc.*

Call date

Interbank

Individuals,
partnerships,

Demand
deposits adjusted 4

corporations,
etc.

Public
DoFor- funds
meseign
tic
banks
banks

Postal
savings

Individuals, Borpart- rowner- ings
ships,
corporations,
etc.

TOTAL—ALL MEMBER BANKS
1933—June 30«
Oct. 25
Dec. 30
1934—Mar. 5
J u n e 30
Oct. 1 7 . . . .
Dec. 31
1935—Mar. 4
J u n e 29
Nov. 1
Dec. 31
1936—Mar. 4 . . . .

2,235
2,651
2,678
3,148
3,819
3,976
4,082
4,518
4,933
5,662
5 573
5,784

405
447
471
486
473
550
609
534
537
541
665
624

2,008
1,917
2,031
2,376
2,760
2,929
3,149
3,386
3,396
3,760
3,776
3,970

1,485
1,060
1,132
1,159
1,057
1,407
1,903
1,475
1,183
1,756
2,255
1,718

3,057
2,990
3,139
3,676
4,070
4,466
4,569
5,095
4,978
5,558
5,696
6,148

145
117
129
173
155
136
147
169
273
361
444
394

806
918
967
1,790
1,658
1,143
1,636
1,270
779
650
844
600

1,087
1,106
1,320
1,425
1,598
1,680
1,799
1,861
2,091
2,251
2,139
2,173

657
465
378
549
372
590
838
741
417
686
882
779

11,830
11,873
12,109
12, 252
13, 349
14, 449
14,951
14,872
16, 206
17,327
18,035
17,927

12,089
12,384
12, 674
13,066
14, 261
15,312
15, 686
15, 999
17, 530
18, 509
18, 801
19,161

89
87
83
92
122
135
134
145
136
132
151
152

1
6
7
7
8
4
7
8
5
6
5
5

300
270
301
305
333
294
294
290
285
310
361
344

788
781
778
755
585
472
452
399
307
227
218
167

7,803
7,971
7,957
8,258
8,763
8,916
9,020
9,203
9,462
9,671
9,680
9,784

191
188
143
91
35
24
13
17
9
9
6
11

846
968
903
1 170
1 417
1,443
1 576
1,856
1 935
2,590
2,541
2 493

46
42
47
67
64
64
86
58
51
54
65
57

101
90
93
91
97
84
103
86
133
109
111
108

874
553
476
631
415
666
1 069
810
447
873
1 133
829

1,255
1,215
1,200
1 402
1 591
1,689
1,798
2,047
1,983
2,203
2 338
2 527

127
100
112
154
135
116
126
147
248
327
410
363

332
379
422
843
802
559
792
572
369
219
224
140

96
71
141
109
167
201
229
190
354
468
323
260

461
299
167
368
154
360
540
500
149
413
524
496

4,676
4,513
4,494
4 422
4,894
5,107
5,370
5,329
5,924
6,104
6 479
6,471

4,358
4,330
4,325
4 268
4,800
5,001
5,069
5,209
5,979
6,112
6 193
6 398

22
1
1

1
5
6
7
7
3
7
7
4
4
4
4

4
10
14
13
12
8
4
4
6
13
12
11

110
106
107
105
69
65
56
44
27
3
3

671
680
620
600
649
623
591
595
567
680
591
586

8
31
5

937
1,154
1,202
1 293
1 633
1,685
1,683
1 746
2,079
2 172
2,105
2,274

156
172
198
189
194
228
247
231
250
251
295
298

1,205
1,142
1,169
1 333
1 559
1,590
1,750
1,873
1,856
2 038
1 989
2,106

462
389
484
393
468
552
627
502
544
662
887
703

1,575
1,545
1,685
1 993
2 178
2,431
2,429
2,684
2,649
2 955
2 943
3,188

17
16
17
18
18
19
19
22
24
32
33
29

356
425
434
766
682
458
666
546
319
335
483
366

437
455
557
613
700
692
767
826
872
889
915
949

124
98
126
107
132
132
193
151
164
167
231
177

4,578
4,727
4,822
4 823
5 305
5,871
5,992
5,901
6,522
7 128
7 302
7,204

4,677
4,892
5,021
5 150
5 670
6,143
6,324
6, 376
7,013
7 523
7 562
7,628

59
74
72
80
106
117
117
128
119
115
134
135

209
172
204
206
234
199
206
211
203
218
266
251

394
382
371
349
260
197
187
167
118
84
79
72

3,299
3,339
3,364
3,495
3,727
3,793
3,875
3,985
4,139
4,168
4,210
4,260

16
21
16
8

452
529
573
685
769
848
822
916
920
900
927
1,017

203
232
225
230
216
258
275
246
236
237
305
268

702
685
769
951
1,105
1,257
1,296
1,427
1,406
1,613
1,676
1,757

149
118
172
135
174
189
207
163
192
221
235
187

228
230
254
281
300
345
342
364
347
399
415
433

1
1
1
1
1
1
2
1
1
2
1
1

116
114
111
181
174
125
178
152
90
95
137
93

555
579
622
702
731
787
804
845
865
895
901
965

72
68
85
74
85
98
106
90
104
106
127
106

2,576
2,633
2,793
3,007
3,150
3,472
3,589
3,642
3,761
4,095
4,254
4,252

3,054
3,162
3,328
3,648
3,792
4,168
4,292
4,414
4,538
4,875
5,047
5,136

7
12
10
11
15
17
16
17
16
17
16
17

86
87
83
87
87
87
84
75
76
78
83
82

285
293
300
301
256
210
210
188
162
140
136
95

3,833
3,953
3,973
4,163
4,388
4,500
4,554
4,623
4,756
4,824
4,879
4,938

167
136
123
83
35
17
13
14
9
8
6
8

NEW YORK CITY 6
1933—June 30 B._
Oct. 25
Dec. 30...
1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31
1935—Mar. 4
J u n e 29
Nov. 1
Dec 31
1936—Mar. 4

1
1
1
1

7
2
1
2

OTHER RESERVE
CITIES
1933—June 30 s
Oct. 25
Dec. 30.
1934—Mar. 5
J u n e 30
Oct. 17
Dec. 31
1935—Mar. 4
J u n e 29
Nov. 1
Dec 31
1936—Mar. 4

_

1
1
1
1
1
1
1
1

1

1

COUNTRY BANKS
1933—June 30 5
Oct. 2 5 . . .
Dec. 30
1934—Mar. 5
J u n e 30
Oct. 17 _
Dec. 31
1935—Mar. 4 . .

June 29.._ .
Nov. 1_
Dec. 31 . .
1936— Mar. 4

1
Prior to Dec. 31, 1935, excludes balances with private banks to the extent that such balances were reported in "Other assets." Since Oct. 25,
1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in
"Other
assets."
1
Does not include cash items in process of collection repDrted in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on
hand3 but not in process of collection, amounting on that date to $16,030,000.
Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,
1935.4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
less 5cash items reported on hand but not in process of collection.
Beginning
June 1933 figures relate to licensed banks only.
6
Central reserve city banks.
Back figures.—Se9 BULLETIN for November 1935, pp. 72i-726, or reprint, which may ba obtained from Division of Research and Statistics.




JULY

579

FEDERAL RESERVE BULLETIN

1936

REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
Open-market
loans

Loans to customers (except banks)

Date or month

Total
loans
and
investments

Total

19,887
21,053
21, 445
21, 745
21.832
22, 373

6,720
6,659
6,810
6, 932
6,967
7,050

21, 621
21,731
21, 796
21, 783
21, 795
21, 897
21,820
21, 799
21,814
22,148
22,163
22, 659
22, 520

6,962
6, 962
6,929
6,910

7,703
8,061
8,391
8,547
8,585
8,987

Investments

AcTo
Loans cept- Loans
broTo
Other
to
ances to brokers others
Real- loans banks and kers in
out- on se- estate
to
com- New Total
side
loans custo-2
mer- York
curiNew
cial
ties
mers
York
Cityi
paper
City*
bought

Reserve
Balwith Cash ances
Fedwith
in
vault domesOther eral
Retic
securi- serve
banks 3
Fully ties banks
Direct guaranteed

U. S. Government obligations

TOTAL—101 CITIES

1935—June
1936— February
March
April
May
June
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24

238

2,117
2,056
2,076
2,077
2,078
2,096

,151
,143
.,147
,141
,146
,149

3,280
3,286
3,391
3,499
3.531
3,567

114
69
73
70
82
92

350
352
345
351
333
319

844
901
995
1,008
973
1,074

11,859
13,072
13,222
13, 384
13, 477
13, 838

7,910
8,708
8,737
8, 767
8,877
9,202

943
1,194
1,247
1, 273
1,286
1,303

3, 006
3,170
3,238
3, 344
3.314
3,333

4,041
4,782
4,363
4,180
4,577
4,389

318
356
366
370
378
387

2,018
2,335
2,334
2,262
2,283
2,290

213
219
214
209
212
208
213
214
238
232
244
237

2,103
2,098
2,062
2,059
2,063
2.083
2,080
2,079
2,070
2,094
2,096
2,100
2,094

,144
,143
,140
,140
,141
,146
,146
,147
,146
,147
1,148
1,150
1,149

3,495
3,508
3,508
3,497
3,485
3.509
3,519
3,556
3, 542
3,586
3,583
3,568
3,531

70
66
62
67
101
100
62
65
92
107
106
65

352
353
352
351
346
341
336
332
322
315
318
319
324

990
984
1,023
1,009
1,032
1,020
969
964
940
1,154
1,093
1, 051
996

13, 229
13,362
13, 426
13, 451
13, 452
13, 485
13, 462
13,446
13,515
13, 522
13, 586

8, 643
8,791
8,796
8,805
8,802
8,847
8,872

3,321
3, 304
3, 354
3,369
3, 369
3,360
3,301
•3, 293
3,305
3,308
3,308
3,370
3,348

3,866
4,052
4,216
4,348
4, 416
4, 458
4,537
4,623
4,690
4, 594
4,744
3,937
4, 282

356
375
365
372
382
370
383
369
389
369
386
389
403

2,198
2,234
2,316
2,310
2,252
2,242
2,250
2,319
2,319
2,363
2,359
2,201
2,235

2,082
2,025
2,089
2,121
2,141
2,178

733
734
750
747
750
762

127
130
135
132
133
133

1,163
1,100
1,141
1,175
1,186
1,209

165
161
158
164
144

8,533
8,514
8,556
8,561
8,571
8,635
8,550
8,561
8.595
8,959
8,917
9,075

2,120
2,148
2,118
2,117
2,101
2,134
2,133
2,159
2,140
2,184
2,179
2,182
2,169

758
763
737
740
739
754
750
750
748
756
761
767
765

134
134
131
131
130
133
133
133
133
133
133
133
133

1,165
1,184
1,183
1,179
1,164
1,177
1,179
1,204
1,185
1,222
1,212
1,206
1,196

168
165
163
163
159
153
145
141
134
128
132
130
139

12,184
12, 992
13, 054
13, 198
13. 247
13, 386

4,638
4,634
4,721
4,811
4,826
4,872

113
113
133
148
140
164

1,384
1,322
1,326
1,330
1,328
1,334

1,024
1,013
1,012
1,009
1,013
1,016

2,117
2,186
2,250
2,324
2,345
2,358

13,088
13,217
13, 240
13,222
13, 224
13, 262
13, 270
13, 238
13, 219
13,189
13, 246
13, 584
13, 522

4,842
4,814
4,811
4,793
4,797
4,816
4,820
4,836
4,832
4,881
4,880
4,880
4,842

157
146
152
147
141
142
137
141
140
165
159
168
162

1,345
1,335
1,325
1,319
1,324
1,329
1,330
1,329
1,322
1, 338
1,335
1, 333
1, 329

1,010
1,009
1,009
1,009
1,011
1,013
1,013
1,014
1,013
1,014
1, 015
1,017
1,016

2,330
2,324
2,325
2,318
2.321
2, 332
2,340
2,352
2,357
2,364
2,371
2,362
2,335

6,950
6,953
6,995
6,972
7,065
7,059
7,062
7,011

196
215

14,121
14,124

8,975
9,449
9, 474

1,265
1,267
1,276
1,277
1,281
1,278
1,289
1, 285
1.290
1, 305
1,303
1,302
1,302

4,590
4,969
5,145
5,259
5,324
5,591

3,299
3,430
3,479
3,511
3,647
3,896

311
434
519
551
545
561

1,105
1,147
1,197
1,132
1,134

1,892
2,484
2,138
1,968
2,234
2,049

79
79
77
79
74
76

5,237
5,222
5, 264
5,284
5,289
5,302
5,282
5,314
5,396
5, 487
5, 490
5,683
5,704

3,485
3,499
3,506
3,523
3, 545
3,581
3,618
3,655
3,734
3,809
3,814
3, 954
4,007

550
549
559
549
548
542
548
543
546
557
563
564
559

1,202
1,174
1,199
1,212
1,196
1,179
1,116
1,116
1,116
1,121
1,113
1,165
1,138

1,892
1,910
1,972
2,009
2,056
2,119
2,212
2,294
2,313
2,163
2,335
1,791
1, 906

86
77
83
76
74
81
71
71
73
76
74
78
76

185
191
187
187
189
187

7, 269
8,103
8,077
8,125
8,153
8,247

4,611
5,278
5,258
5, 256
5,230
5,306

2,026
760 2,065
2,091
2,147
741 2,182
2,199

2,149
2,298
2,225
2,212
2,343
2,340

274
305
315
319
326
334

1,939
2,256
2,257
2,183
2,209
2,214

184
188
189
188
187
188
190
191
188
187
186
189
185

7,992
8,140
8,162
8,167
8,163
8,183
8.180
8,132
8,119
8,035
8,096
8,438
8,420

5,158
5,292
5,290
5,282
5,257
5,266
5,254
5,213
5,186
5,100
5,161
5,495
5,467

715
718
717

1,974
2,142
2,244
2,339
2,360
2,339
2,325
2,329
2,377
2,431
2,409
2,146
2,376

308
324
315
321
327
320
330
318
334
318
334
337
348

2,112
2,157
2,233
2,234
2,178
2,161
2,179
2,248
2,246
2,287
2,285
2,123
2,169

8,920

NEW YORK CITY

1935—June
1936—February
March
April
May
June
Apr. 1
Apr. 8
Apr. 15_.
Apr. 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24

._

873
960
967
928
1,027
956
944

978
922
918
894
1,103
1,042
1,008
955

OUTSIDE NEW YORK
CITY
1935—June
1936—February
Mareh
April
May
June
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
M a y 13
M a y 20
M a y 27
June 3
June 10
June 17
June 24

733
736
744
748
738
743

2,119
2,130
2,155
2,157
2,173
2,181
2,185
2,177
2,189
2,187
2,195
2,205
2,210

»• Revised.

1 Loans (secured by stocks and bonds) to brokers and dealers in securities.
2 Includes reporting banks' own acceptances.
3
Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on Dec. 31,
1935, was approximately $38,000,000 at all weekly reporting member banks.
For other figures and note, see next page.




580

FEDERAL RESERVE BULLETIN

JULY 1936

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of weekly figures. In millions of dollars]

Date or month

Cash
items
reported as Other
in process of assets
collection i

Total
assets
Total
liabilities

Demand deposits

Time deposits

Demand
Interbank
Interbank
United CertideposStates
its—adOther
For- Other
Domes- Foreign Govern- checks,
justed 2 Domestic eign
tic
ment
etc.
banks banks
banks banks

Bor- Other Capirow- liabil- tal acings ities count

TOTAL—101 CITIES

1935—June
1936—February
March
April
May
June
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24

1,132
1,277
1,413
'., 526
,269
,385

,407
,337
,334
,354
,376
.,371

28, 803
31,140
31, 255
31,437
31,715
32,195

4,627
5,512
5,516
5,351
5,346
5,371

269
397
376
356
375
447

754
545
646
758
752
797

,744
,263
,850
, 346
,428
,283
,341
,241
,210
,479
,255
,535
,272

,353
,335
,344
,345
,393
,383
,379
,363
1,379
1,389
1,395
1,358
1,344

31,138
30,990
31,887
31, 504
31,666
31, 633
31,710
31, 714
31,801
32, 342
32, 302
32, 079
32,056

5,297
5,292
5,487
5,379
5,299
5,361
5,360
5,344
5.317
5,453
5,500
5,217
5,315

370
359
351
350
348
374
377
377
374
404
456
476
452

774
760
755
751
752
754
752
754
747
746
742
852
846

583
627
737
789
565
650

533
472
465
478
494
496

10,834
11,774
11,859
11,912
12, 004
12,311

1,8

2,343
2,292
2,303
2,310

245
368
347
325
345
416

375
143
164
197
196
194

311
317
409
390
261
326

978
567
1,036
623
741
608
573
550
528
716
570
744
571

485
467
472
471
495
505
502
482
485
504
510
495
476

12,022
11, 586
12,169
11, 791
11,992
11, 998
11, 961
12,009
12,049
12, 469
12, 458
12, 235
12, 082

2,233
2,240
2,376
2,317
2,293
2,291
2,318
2,323
2,278
2,326
2,408
2,242
2,263

339
329
319
318
318
343
347
347
344
374
425
444
419

198
198
198
196
196
196
196
198
194
195
194
196
192

549
650
676
737
704
735

874
865

17, 969
19,366
19, 396
19, 525
19,711
19, 884

2,729
3,176
3,173
3,059
3,043
3,061

19,116

3,064
3,052
3,111
3,062
3,006
3,070
3,042
3,021
3,039
3,127
3,092
2,975
3, 052

705
807
838
822
874
913

3,499
3,505
3,512
3,527
3,541
3,543

821
833
865
850
871
892
884
959
956
861
875

3,518
3,523
3,527
3,533
3,532
3,540
3,544
3,538
3,543
3,551
3,546
3,539
3,537

555
537
542
547
581
547

257
312
348
321
366
407

1,456
1,463
1,463
1,466
1,470
1,470

546
533
532
545
576
602
583
578
561
549
550
542
547

314
301
318
326
345
356
364
379
363
447
448
365
367

1,464
1,465
1,466
1,468
1,467
1,472
1,473
1,468
1,468
1,473
1,472
1,467
1,468

4,319
4,356
4,381
4,424
4,470
4,490

448
495
490
501
508
506

2,043
2,042
2,049
2,061
2,071
2,073

4,363
4,423
4,426
4,440
4, 471
4,474
4,473
4, 465
4, 467
4, 485
4,483
4,479
4,512

475
502
503
507
520
494
507
513
521
512
508
496
508

2,054
2,058
2,061
2,065
2,065
2,068
2,071
2,070
2,075
2,078
2,074
2,072
2,069

13, 478
14,848
14,714
14, 932
15, 220
15, 449

12, 814
14,064
13,881
13,982
14, 371
14, 563

120
135
133
133
131
132

4,874
4,893
4,923
4,971
5,051
5,037

14, 623
14,667
15,154
15,059
15,158
15,064
15, 221
15, 216
15, 379
15,482
15, 467
15, 422
15, 427

13,578
13,890
13,996
14,187
14, 258
14, 260
14, 272
14,390
14, 562
14, 580
14,677
14, 431
14, 563

133
135
133
133
132
130
132
131
132
131
133
131
132

4,909
4,956
4,958
4,985
5,047
5,076
5,056
5,043
5,028
5,035
5,033
5,021
5,059

5,730
6,295
6,229
6,478
6,635

5, 459
5,985
5,901
5,968
6,175
6,311

286
520
301
356
313
236
256
241
384
286
378
257

6,416
6,225
6,437
6,316
6,437
6,421
6,440
6,456
6,596
6,717
6,671
6,587
6,565

5,927
5,944
5,921
5,994
6,052
6,126
6,103
6,162
6,309
6,385
6,387
6,221
6,251

379
402
482
561
556
603

156
176
171
186
159
173

7,748
8,553
8,485
8,566
8,742
8,814

7,355
8,079
7,980
8,014
8,196
8,252

120
135
133
133
131
132

576
562
557
555
556
558
556
556
553
551
548
656
654

210
200
172
173
172
166
156
159
152
193
179
165
151

8,207
8,442
8,717
8,743
8,721
8,643
8,781
8,760
8.783
8,765
8, 796
8, 835
8, 852

7, 651
7,946
8,075
8,193
8,206
8,134
8,169
8,228
8. 253
8,195
8,290
8,210
8,312

133
135
133
133
132
130
132
131
132
131
133
131
132

493
580
576
420
499
486
692
528
479
415
393
577
544
408

22

NEW YORK CITY

1935—June
1936—February
March
April
May
June
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24

10

OUTSIDE NEW YORK
CITY

1935—June
1936—February
March
April
May
June
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24

696
814
723
687
675
768
691
682
763
685
791
701

882
875

872
874
898
878
877
881
894
885
885
863
858

19, 404
19, 718
19, 713
19, 674
19, 635
19, 749
19, 705
19, 752
19, 873
19, 844
19, 844
19, 974

I
1

Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount
of cash
items on hand but not in process of collection.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash
items reported as on hand but not in process of collection.
NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the
Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82).




JULY

581

FEDERAL RESERVE BULLETIN

1936

REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
City

Federal Reserve District
Total

Loans and investments,
total:
June 3
June 10
June 17
June 24
Loans to brokers and dealers
in New York:
June 3
June 10
June 17
June 24
Loans to brokers and dealers
outside New York:
June 3
June 10
June 17
June 24
Loans on securities to others
(except banks):
June 3
June 10
June 17
June 24
Acceptances and commercial
paper bought:
June3
June 10
June 17
June 24
Loans on real estate:
June 3
June 10
June 17
June 24
Loans to banks:
June 3
June 10
June 17
June 24
Other loans:
June 3
June 10
June 17
June 24
U. S. Government direct
obligations:
June 3
June 10
June 17
June 24
Obligations fully guaranteed
by U. S. Government:
June 3
June 10
June 17
June 24
Other securities:
June 3
June 10
June 17
June 24
Eeserve with Federal Reserve bank:
June 3
June 10
June 17
June 24
Cash in vault:
June 3
June 10
June 17
June 24




22,148
22,163
22,659
22, 520

Boston

New
York

Phila- Cleve- Richdelland m o n d
phia

1,238
1,245
1,260
1,250

9,831
"), 791
9,970
9,890

1,165
1,168
1,186
1,187

1,154
1,093
1,051

1,775
1,778
1, 838
1,825

583
593
621
622

Atlan- Chica-I St.
Louis
ta

538
535

2, 823
2,834
2,916

603
599
616
615

Minneapolis

Kansas
City

374
384
386
376

646
658
671

446
444
466
466

2,126
2,134
2,179
2,164

8,959
8,917
9,075
8,998
1,103
1,042
1,008
955

1,114
1,054
1,019

238
232
244
237
2,094
2,096
2,100
2,094

153
154
154
154

901
905
911

315
318
319
324

44
44
45
43

1,147
1,148
1,150
1,149
92
107
106
65

1,875
1,903
1 935
1.929

73
73
76
75

55
52
57
55

170
170
169
168

756
761
767
765

144
143
143
143

217
216
215
215

206
205
204
204

136
139
137
146

6
7
6
6

31
30
31
30

23
24
24
24

21
22
22
22

128
132
130
139

15
14
14
14

84
84
84
84

248
248
248
248

185
185
185
184

67
67
68
68

17
17
17
17

367
368
368
368

133
133
133
133

15
15
15
15

3
3
3
3

57
74
72
31

3
2
2
2

4
4
5
5

1
1

10
10
10
10

4
4
4
4

1
1
1
1

57
74
72
31

6
6
6
6

. 3, 586
3, 583
3, 568
3, 531

311
311
314
313

1,364
1,355
1,348
1,337

181
183
179
180

209
211
211
210

108
107
107
105

137
137
137
134

428
435
431
430

107
106
105
104

119
114
110
100

131
132
132
131

129
129
127
126

362
363
367
361

1 222
1 212
1 206
1 196

284
291
288
289

8, 909
8, 975
9,449
9, 474

418
425
438
429

4,041
4,046
4,204
4,256

301
301
323
321

810
812
872
861

261
274
303
305

1,447
1, 465
1, 545
1,539

203
201
220
220

146
160
167
168

244
254
265
264

166
165
193
196

674
675
707
703

3
3
3
4

1, 305
1,303
1, 30:
1, 30!

18
18
18
18

589
595
596
591

101
103
103
105

67
67
67
67

155
146
146
144

55
55
52
55

45
45
46
47

151
154
157
158

3, 308
3,308
3,370
3,348

167
167
167
167

1, 306
1,300
1,357
1,329

314
315
315
316

261
262
262
262

408
408
413
417

110
111
111
111

131
132
132
132

4,594
4,744
3, 937
4, 28f

208
202
171
197

2, 276
2,410
1,856
2,001

199
198
178
183

284
295
248
267

115
112
100
112

876
881
811
850

106
122
101
113

369
386
389
403

122
124
126
125

65
68
68
71

14
15
15
16

30
32
34
35

16
18
18
18

59
63
62
63

11
11
11
12

146
147
149
149

212

809
814
954
007

967
996
1,021
1.014

557
563
564
559

95
94
94
93

363
364
366
366

1,121
1,113
1,165
1.138

294
292
297
300

114
113
100
123

215
221
199
220

2, 163
2,335
1,791
1,906

702
696
641
677

11
12
12
13

18
18
19
22

51
52
52
55

36
38
35
37

582

FEDERAL RESERVE BULLETIN

JULY 1936

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued
fin millions of dollars]
Federal Reserve District
Total

Balances
with
domestic
banks:
June 3
.
June 10
June 17..
_ _ _
June 24
Other assets:
June 3
June 10
June 17
June 24
Demand deposits—adjusted:
June 3
June 10
June 17
June 24 .
.
Time deposits:
June 3.
. _ . _
June 10
June 17
June 24.
U. S. Government deposits:
June 3 _ _ _ _
June 10
June 17__. _ _
. . .
June 24
[nterbank deposits, domestic:
June 3
June 10
June 17..
June 24
Interbank deposits, foreign:
June 3
June 10
June 17
June 24
Borrowings:
June 3_ . .
June 10
June 17
June 24 . .
Other liabilities:
June 3
June 10. _
June 17
June 24; _ _
Capital account:
June 3
June 10_
June 17
June 24




City

San
Dallas Francisco

New
York

Chicago

176
190
167
168

243
242
227
231

76
74
78
76

211
207
201
206

25
25
25
25

27
27
27
27

256
252
244
243

504
510
495
476

75
74
6Q
73

260
263
259
264

436
455
453
466

336
353
335
347

768
787
800
803

6, 385
6,387
6,221
6,251

1, 453
1,472
1,461
1,473

175
175
175
176

119
119
119
119

145
145
145
146

1.19
120
120
120

1,043
1,041
1,037
1,045

549
550
542
547

488
489
488
491

137
136
147
148

9
9
13
13

3
3
3
3

18
18
23
23

27
27
41
39

114
113
120
119

195
194
196
192

101
101
102
101

183
182
177
177

791
790
759
782

248
235
219
222

114
119
115
122

356
352
347
364

169
166
164
170

254
253
251
256

2,326
2,408
2,242
2,263

589
592
565
587

1
1
1
1

5
5
6
6

10
11
10
10

378
429
448
423

4
5
4
5

MinAtlan- Chica- St.
Louis neapta
go
olis

Kansas
City

Boston

New
York

Philadelphia

2,363
2,359
2,201
2,235

129
124
119
113

185
164
159
160

151
154
147
148

251
234
218
226

187
174
145
145

137
144
136
134

437
444
410
420

116
129
119
122

100
106
102
106

251
254
252
262

1, 389
1,395
1,358
1,344

76
78
76
75

575
583
566
547

89
89
88
89

112
112
111
110

36
38
39
41

41
41
40
40

110
108
101
106

24
24
24
23

18
18
17
18

14, 580
14, 677
14,431
14, 563

968
971
954
952

6 925
6,877
0, 705
6, 765

744
751
745
740

984
989
979
988

384
388
375
383

299
299
294
301

2,142
2,172
2,160
2,173

334
372
372
381

5,035
5, 033
5,021
5,059

297
296
295
296

939
940
933
940

269
268
267
275

717
716
717
721

195
194
194
195

172
173
173
175

845
846
846
851

746
742
852
846

16
16
21
21

228
226
236
232

57
57
72
72

54
54
77
77

40
40
48
48

43
43
51
51

5,584
5,633
5,348
5,447

227
225
216
223

2, 395
2,475
2, 306
2,327

299
299
281
286

342
337
323
322

206
200
190
196

408
460
480
457

8
8
9
10

379
430
449
425

3
3
3
3

1
1
1
1

12

Cleve- Richland
mond

1
1
1
1

12

10

959
956
861
875

25
25
25
26

461
463
379
381

22
23
22
24

18
18
17
18

24
25
28
26

7
7
7
7

35
35
36
41

11
11
9
10

4
4
4
5

2
2
2
3

5
5
5
5

345
338
327
329

447
448
365
367

30
29
31
35

3,551
3, 546
3, 539
3, 537

232
232
232
232

1, 605
1,605
1,599
1,599

224
223
224
223

336
336
335
336

88
88
88
90

86
86
86
87

350
346
346
346

83
83
83
83

56
56
56
56

90
90
90
90

77
77
77
77

324
324
323
318

1,473
1,472
1, 467
1, 468

234
230
230
230

1

583

FEDERAL RESERVE BULLETIN

JULY 1936

BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP
DURING 1935 AND JANUARY-JUNE, 1936
[Preliminary figures]

Licensed banks suspended

Deposits 3 (in thousands of dollars)

Number of banks
JanuaryJune
1936

Year 1935

National banks
State bank members
Nonmember insured banks ._
Other nonmember batiks

_.

Year 1935

Total

JanuaryJune
1936

22
8

25
1

3,847
998

3,623
428

34

26

10,158

4,051

Deposits 3 (in thousands of dollars)

Number of banks

Year 1935

5,313

4

_

Nonlicensed banks placed in
liquidation or
receivership 2

1

JanuaryJune
1936

Year 1935

4
46

JanuaryJune
1936

6,499
4 8, 613

48

10

14, 306

16,713

58

10

29,418

16,713

1 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.
4
Includes 5 banks with deposits of $7,395,000 in 1935, which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation.
Back figures—See Annual Report for 1934 (tables 79-84).
2
3

POSTAL SAVINGS SYSTEM

BANK DEBITS

[In millions of dollars]

[Debits to individual accounts. Amounts in millions of dollars]

Number
of centers

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
r

1935

1936
May

April

May

1
140

16, 227
16,998

17, 285
17, 497

11

1,740
16, 904
1,490
1,794
589
758
4,559
904
559

1,928
17,903
1,456
1,879
604
717
4, 673
822
600

955
563

987
568

879
488

2,410

2,645

'2, 183

33, 225

34, 783

'30,108

7
10
13
7
15
21

5
9

15
10
18
141

Revised.
Back figures.—See Annual Report for 1934 (table 78).




Assets

14, 551
15, 557

End of month

1,630
15, 201
1,473
1, 591
551
702 1935—January
_
4,042
February
827
March. __ _
541
April
May

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

U. S. Government
securities
DeposCash
itors'
Cash,
Guarin debalreanDiances Total posiserve
tory
rect teed funds,
banks Total obli- obli- etc.1
gagations tions
467
467

147
166

508
539

183
146

562
630

147
147

109
113
63
94
116
74

364
348
319
306
294
287

614
633
691
685
709
111
111
780
805
824
853
853

630
633
658
677
706
706

147
147
147
147
147
147

80
96
100
100
87
97

248
225
221

876
876
902

709
710
736

167
166
166

117
147
128

1,201
1,205
1,203
1,200
1,205
1,205
1, 189
1,192
1,192
1, 196
1,199
1,201

1,232
1,237
1, 232
1,231
1, 237
1,236
1,221
1,224
1,224
1,230
1,234
1,237

509
491

1,208
1, 214
1,216
P I , 215
Pl, 214

1,241
1,248
1,251

478
452
412
385

p Preliminary.
1
Includes working cash with postmasters5, 5-percent reserve fu nd and
miscellaneous working funds with the Tre asurer of the United States,
accrued interest on bond inv estments, and accounts due from la te postmasters.
Back figures.—See BULLET tN for August L935, p . 502.

584

FEDERAL RESERVE BULLETIN

JULY 1936

ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS' BORROWINGS
BANKERS' ACCEPTANCES, BY HOLDERS
(DOLLAR ACCEPTANCES)

BANKERS' ACCEPTANCES, BY CLASSES
(DOLLAR ACCEPTANCES)

[In millions of dollars]

[In millions of dollars]

Held by Fed- Held by accepting
eral Reserve
banks
banks

End of month

Total
outstanding

1934—February
March
April
May
June
__July
August
September...
October
November. __
December. _.

750
685
613
569
534
516
520
539
562
561
543

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

516
493
466
413

1936—January
February
March
April
May

384
377
359
344
331

For
acFor count
own of foreign Total
account correspondents
5
5
4
3
2
1
1
1

56
23
3

0)
0)
0)
0)
0)

1

0)
0)
0)

0)
0)
0)
0)
0)
0)

343
321
322
328
363
387
397

Held
by
others

End of month

Own
Bills
bills b o u g h t

Based
on
imTotal ports
into
U.S.

581
576
536
507
480
472
483
503
516
517
497

266
252
236
226
220
222
222
223
245
252
243

315
324
299
281
260
250
261
280
271
265
254

108 1934—February..
March
81
April..
70
59
May
53
June
42
July...
37
August
35
September.
45
October
44
November.
46
December.

750
685
613
569
534
516
520
539
562
561
543

485
452
423
391
356
317
296
292
301
339
358

238
217
197
178
162
154
148
145
148
178
182
183

247
235
226
214
193
163
148
147
154
161
175
185

30 1935—January....
41
February..
43
March
22
April
19
May
26
June
24
July
30
August
27
September.
24
October
29
November.
29
December.

516
493
466
413
375
343
321
322
328
363
387
397

353
340
321
310
297

181
172
150
143
155

172
168
171
167
142

31 1936—January.._.
37
February..
38
March
34
April
34
May

384
377
359
344
331

i Less t h a n $500,000.

Source. For acceptances outstanding (and held by accepting banks),
American Acceptance Council.
Back figures—See Annual Report for 1933 (table 100).

Based
Based
on
on goods
goods
stored in
stored
United
in
Based States Dollar foreign
on ex- (warecounhouse
exports credits)
change tries or
from
shipped
or
U.S. shipped
between
between
foreign
domestic
points
points

89

203
186
164
150
145
135
140
138
147
148
140

261
226
186
164
141
138
147
166
184
195
193

184
168
158
152
148
144
141
137
133
127
119

101
103
107
102
99
102
102
106
105
107

133
123
122
114
100
94
86
81
77
75
84
94

179
166
134
96
76
57
47
52
66
98
111
110

114
109
106
99
91

108
114
113
111
110

94
94
91
86
81

96
81
66
57
55

84
86
87
89
82

103
103
100
97
94
89
94

79
82
84
84

Source: American Acceptance Council.
Back figures.—See Annual Report for 1933 (table 97).

BROKERS' BORROWINGS
COMMERCIAL PAPER OUTSTANDING1

[Net borrowings on demand and on time in New York City reported by
members of the New York Stock Exchange. In millions of dollars]

[As reported by dealers. In millions of dollars]
End of month

1932

1933

1934

1935

From private
From banks
banks, brokers,
and trust com- foreign
banking
panies
agencies, etc.

Total

1936

End of month
January
February..
March

108
103
106

85
84
72

108
117
133

171
177
182

178
176
180

April
June

108
111
103

64
60
73

139
142
151

173
173
159

174
184

July
..
August
September

100
108
110

97
107
123

168
188
192

164
177
183

October
November
December

113
110
81

130
133
109

188
178
166

180
178
172

May

1

Includes some finance company paper sold in the open market.
Backfigures.—SeeAnnual Report for 1934 (table 76).




1935

January
February
March.. _

_

1936

1935

1936

1935

1936

825
816
773

925
924
997

758
750
706

891
888
956

67
66
67

34
36
41

June

April . . . _ .
May..

805
793
808

1,064
970
989

762
759
776

1,028
934
955

43
34
32

35
36
34

July
August
September

769
772
781

741
750
759

28
22
22

October
November

792
846
938

772
821
907

20
25
31

Oenpimbfir

Back figures.—See Annual Report for 1934 (table 75).

585

FEDERAL RESERVE BULLETIN

JULY 1936

FEDERAL RESERVE BANK DISCOUNT RATES
Rediscounts and advances under sees. 13 and 13a of the Federal Reserve Act

Advances under sec.
10(b) of the Federal
Reserve Act

Discounts and advances under par. 3
of sec. 13 of the Federal
Reserve Act

Federal Reserve Bank
Rate

Julyl
Boston
New York___.
Philadelphia_Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.

2

IK
2
2
2
2
2
2
2
2

In effect
beginning-

Feb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.

8,1934
2.1934
17,1935
11,1935
9.1935
14,1935
19,1935
3,1935
14,1935
10,1935
8,1935
16,1934

Previous
rate

Rate
Julyl
2V2
2V2
2
2V2
2V2
2Y2
2%
2K

V2
2K

X

2K

In effect
beginning—

Rate
July 1

Sept. 20,1935
Oct. 10,1935
Nov. 2,1935
Oct. 19,1935
Sept. 23,1935
Sept. 14,1935
Sept. 20,1935
Oct. 3,1935
Oct. 29,1935
Aug. 26,1935
Oct. 8,1935
Sept. 20,1935

In effect
beginningAug.
Aug.
Aug.
July
July
Mar.
Aug.
July
Aug.
July
Sept.
Sept.

Advances secured by
direct obligations of
the United States
(last paragraph of
sec. 13 of the Federal
Reserve Act)
Rate
July 1

11,1932
10,1932
12,1932
24,1934
16,1934
20,1934
13,1932
10,1934
10,1932
10,1934
8,1932
2,1932

4
4
4
4
4H
IK
4

In effect
beginningOct.
Feb.
Oct.
May
Feb.
Mar.
Oct.
Feb.
Apr.
May
Mar.
Oct.

RATES ON INDUSTRIAL ADVANCES

BUYING RATES ON ACCEPTANCES

[Approved by the Board of Governors of the Federal Reserve System,
under Sec. 13(b) of the Federal Reserve Act as amended June 19, 1934.
Percent per annum except as otherwise specified. In effect July 1,
1936]

[Buying rates at the Federal Reserve Bank of New York]

Maturity

Advances to financing institutions—

Federal Reserve Bank

Boston
New York
Philadelphia ._ .
Cleveland
.

...
_

__.

Advances
direct to
Commitments
industrial On porto make
tion for
or comOn re- advances
mercial or- which
ganizations institu- maining
portion
tion is
obligated

1-6

4-6

.- _.

6
6
5-6
5M

Minneapolis . . . _ _ . . . .
Kansas City
Dallas
San Francisco

6
4-6
5-6
5-6

Richmond _
Atlanta
Chicago
St. Louis

. .

3
3
3

4-5

4-6
5

4-6
5
5-6

13

4

4
4
3-4

2

4
5-6
4-5

.

\i
\/.
Vi
%
1

In effect beginning—
Oct. 20, 1933
do
do
do
do
do
do

.

Previous
rate
1
1
1
1
1
1

IX

NOTE.—Rates on prime bankers' acceptances. Higher rates may be

1 2 charged for other classes of bills.
1

Back figures.—See Annual Report for 1934 (table 51).

1 2
1-2
1

2

1
Authorized rate 1 percent above prevailing discount rate.
23 Same as to borrower but not less than 4 percent.
Flat charge.




K-i

1-15 days
16-30 davs
31-45 days
46-60 days
61-90 davs
91-120 days
121-180 davs

Rate in
effect on
July 1

20,1933
8,1934
20.1933
11,1935
19.1934
17.1934
16,1933
21.1935
15.1933
10,1935
12.1934
19,1933

3 1^2

1
V2-2

586

FEDERAL RESERVE BULLETIN

JULY

1936

MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]

RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates; percent per annum]

Prevailing rate o n -

Average rate o n -

Aver-

1928 1929 1930 1931 1932 1933 1934 1935 1936

age

Prime
Month or week commercial
paper,
4 to 6
months

Prime StockStock exbankexchange call
ers' change
loans
accept- time
ances, loans,
90
90
New Redays
days
newal

U. S.
Treasury 273day bills
offered
within
period

1935
Z

May
June
July
August
September
October
November
December

Vs
Vs
Vs

A

3/

Z/

i

X
X
X
X
X
X
1

Vs
Vs
Vs
Vs

Si
%/
%

k

1

.25
.25
.25
.25
.25
.29
.75
.75

.25
.25
.25
.25
.25
.29
.75
.75

.15
.13
.07
.10
.22
.20
.14
.09

. 75
.75
.75
.75
.93
1.00

.75
.75
.75
.75
.93

.10
.08

yield on
U. S.
New York City:
TreasJanuary
February
ury
3-5 year
March
notes!
April
May
June
July
August
September
1.12
October
1.14
November
1.16
December
1.22
1.43
1.37
1.29
1.26

1936

March
April
May

y

Z
ZA

January
February

1 /

Z

_

June

Week ending:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23.___
May 30
June 6
June 13
June 20 .._
June 27 _-_

1
1
1
1

1/

A

1/

A

1 /

3/

Z

A

Vs

Z

A

VA
l
l
l
l
l
l

Vs
Vs
Vs
Vs
Vs
Vs
' Vs
Vs
Vs
Vs
Vs
Vs
Vs

l¥

. 11
.10
.18
.23

1.00

.75
.75
.75
.75
.75
.75
1.00
1.00
1.00
1.00
1.00
1.00
1.00

. 11

.75
.75
.75
.75
.75
.75

.10
.09
.09
.13

1.21
1.15
1.09
1.10
1.09
1.12
1.12
1.07
1.09
1.09
1.10
1.11
1.09
1.08
1.09
1.07
1.09
1.16
1.18

Year
8 other northern and
eastern cities:
January
February
March
April
^
May
June
July
„_
August
September
October
November
December

Year
27 southern and
western cities:
January
. 19
February
Z
.18
A
March
VA
1.00
.20
VA
1.00
April
.22
VA
1.00
May
Z
.23
1.00
June
A
.24
VA
1.00
July
.24
VA
1.00
August
.19
VA
1.00
September
October
1
November
For description of average and back figures, see May Bulletin, p. 317.
December
Back figures.—See Annual Report for 1934 (tables 54 and 55), except
for average yield on U. S. Treasury 3-5 year notes.
Year

¥

¥

4.56 5.74 5.64 4.24
4.44 5.73 5.35 4.31
4. 59 5.81 5.22 4.20
5.85 4.91 4.17
5.88 4.74 4.11
5.09 5.93 4.59 4.13
4.05
5.38 5.88 4.
5.56 6.05 4.41 3.97
5. 63
4.29 3.93
4.27
5.63
4,
5.56 5.86 4.17 4.67
5. 63 5.74 4.16 4.64

4.71
4.71
4.72
4.69
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22

4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79'
3.76
3.52
3.48

3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33

5. 15 5.88 4.69

4.22

4.49

4.02

3.33

4.73
4.76
4.81
4.91
5.04
5.36
5.57
5.59

5.
5.66
5.47
5.22
5.13
5.06
4.81
6.11 4.79
6.24 4.74
6.25 4.75
4.66

4.61
4.63
4.62
4.57
4.55
4.49
4.48
4.47
4.48
4.62
4.87
4.91

5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4.
4.
4.

4.
4.65 4.08 3.62
4.84 4.49 4.02 3.63
5.
4.52 4.05 3.60
5.09 4.52 3.99 3.47
4.99 4.
3.88 3.45
4.97 4.30 3.78 3.51
4.82 4.15 3.87
4.
4.12 3.79
4.65 4.11 3.75
4.51 4.13 3.75
4.54 4.
3.63
4.59 3.98 3.67

5.34

6.04

5.07

4.61 5.05

4.83

4.29

5.53
5.53
5.54
5.54
5.56
5.67
5.77
5.80
5.82
5.87
5.90
5. 91

5.94
5.96
6.04
6.07
6.10
6.16
6.16.22
6.27
6.29
6.29
6.20

6.12
6.05
5.
5.
5.75
5.
5.63
5.58
5.55
5.54
5.50
5.43

5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56

5.61
5.61
5.64
5.63
5.64
5.62
5. 63
5.68
5.63
5.56
5.55
5.

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.
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05

5.70

6.14 5.72 5. 39

5.62

5.56

5.17 4.69

5.80
5.80
5.82
5.91

5.87
5.86
5.91
6.00
6.09
6.02

2.83
2.90
2.64
2.61
2.69
2.66
2.61
2.67
2.72
2.72
3.22 2.77
3.18 2.61

2.64
2.56
2.61
2.54
2.51
2.44

2.70

4.95
4.84 4.51
4.85 4.44
4.80 4.40
4.79
4.76
4.58
4.63
4.51
4.55
4.93 4.51
4.92 4.55

Back figures.—See Annual Report for 1934 (table 57).

BOND YIELDS1
U.S.
Treasury 2

Year, month, or date

^6-11

Number of issues._ ._
1933 average
1934 average . _ _
1935 average
1935—June
July
August
September
October
November
December
1936—January
February
March
April
May

June

June
June
June
June

3. _ __ ..
10
17__ _
24

_ _ __
_

... _
_- _

_. __ __
__ -_

3.31
3.10
2.70
2.61
2 59
2. 66
2 78
2.77
2 73
2 73
2 68
2.62
2.54
2.51
2.50
2.50
2.48
2.48
2.50
2.51

Municipal
(high
grade) 3
15

4.71
3.95
3.16
3.25
2 95
2.87
3.08
3.16
3.02
2 97
2.93
2.86
2.78
2.76
2.76
2.72
2.73
2.73
2.72
2.71

Corporate'
By ratings

By groups

Total
Aaa
120

5.88
4.96
4.58
4.59
4 54
4.54
4.52
4.52
4.45
4 38
4.23
4.15
4. 15
4.17
4. 16
4.13
4. 14
4.13
4. 13
4.12

A

Aa
30

30

4.49
4.00
3.74
3.72
3 70
3.77
3.80
3.79
3.75
3.72
3.66
3.62
3.61
3. 60
3.58
3.55
3. 56
3.55
3. 56
3.55

5.23
4.44
4.13
4.18
4 15
4.15
4.11
4.10
4.03
3.97
3.85
3.80
3.77
3.79
3.74
3.70
3.72
3.70
3.70
3.69

Industrial

Baa
30

6.09
5.08
4.62
4.62
4 54
4. 57
4. 56
4.57
4.53
4.44
4.31
4.24
4.23
4.26
4.25
4.23
4.23
4.23
4.24
4.23

30

7.76
6.32
5. 81
5.86
5.77
5.69
5.62
5.63
5.50
5.37
5.10
4.93
4.99
5.04
5.08
5.03
5.05
5. 03
5.01
5.02

Railroad

Public
utility

40

40

40

5.32
4.52
4.25
4.31
4.26
4.26
4.24
4.20
4.13
4.09
3.93
3.88
3.84
3.84
3.80
3.77
3.78
3.76
3.78
3.77

6.06
4.96
4.95
4.99
4.97
4. 95
4.91
4.97
4.90
4.73
4.50
4.32
4.35
4.41
4.42
4.38
4.39
4.38
4.37
4.37

6.25
5.40
4.53
4.48
4 40
4.42
4.41
4.39
4.33
4.31
4.26
4.25
4.27
4.27
4.26
4.24
4.25
4.24
4.24
4.23

r
Revised.
12 Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures.
Average of yields of all outstanding bonds due or callable after 8 years.
3 Standard Statistics Co.
4
Moody's Investors' Service. Since the early part of 1934 less than 40 industrial bonds have been included owing to the fact that the number
of industrial bonds with Aaa ratings has been reduced from 10 to 4 and with A a ratings from 10 to 3.
Back figures—See Annual Report for 1934 (table 94).




JULY

587

FEDERAL RESERVE BULLETIN

1936

BOND PRICES i

STOCK PRICES
Corporate 3

U. S.
Treasury 2

Year, month, or date

Municipal
(highgrade) 3 Total

Year, month, or date

Indus- Railtrial
road Utility

Number of issues

20

419

347

32

40

104.8
120.7
133.8

63
72
78

66
81
91

38
42
34

78
69
71

98.4
100 2
100.9
101.0
101.0
102.7
103 1

1935—June
July

134.0
134 8
135.4
135.0
134 8
136.9
137 0

76
79
83
85
85
93
95

87
91
95
98
99
107
109

32
34
36
37
34
38
41

70
73
81
82
81
90
92

88 7
93.6
92 7
91.6
90 8
92.5

104 7
105.1
105 1
104.8
105 0
105.5

1936—January
February
March
April
May
June

137 3
138.7
139 6
138.8
138 6
138.8

100
106
109
109
101
106

115
121
125
125
116
121

44
49
49
49
45
48

97
103
103
102
95
102

92.0
92 4
93 3
93.0

105.4
105 6
105 7
105.4

June
June
June
June

138.9
138 9
138 5
138.9

103
105
106
108

118
120
121
123

47
47
48
49

99
102
104
104

'6-11

15

60

20

20

20

1933 average
1934 average-.1935 average

102.5
103. 5
106.0

87.1
97.3
109.4

73.4
84.5
88.6

69.2
81.9
88.2

70.5
83.8
79.4

80.6
87.8
98.2

1935—June
July
August
September
October
November
December

107.0
107.3
106. 5
104.7
104.9
105.3
105.2

107.8
112 9
114.4
110.7
109.4
111.6
112.6

88.3
89 2
89.9
90.4
89.8
91.1
92.5

87.3
88 5
89.0
89.4
89.8
90.8
91.0

79.3
78 8
79.6
80.6
78.4
79.8
83.1

1936—January
February
March
April
May
June

105.8
106.3
106. 6
107.0
107.1
106.6

113.2
114.4
116 0
116.2
116. 2
116.9

95 3
97.2
96 6
95.9
95 5
96.2

92 5
93.0
92 1
91.2
90 6
90.6

107.3
107.2
106.6
106.5

116.8
116 8
117.0
117.1

96.0
96 2
96.6
96.4

90.6
90 5
90 8
90.8

June 3 —_
June 10
June 17 _
June 24

August
September
October
November
Dfippmbp.r

r
Revised.
1
Monthly data are averages of daily figures except for municipal bonds,
which are averages of Wednesday figures.
1
Average prices of all outstanding bonds due or callable after 8 years.
J
Prices derived from average yields.
Source.—U. S. Treasury bonds, based on price quotations from Treasury Department; for other bonds, Standard Statistics Co.
Back figures.—See Annual Report for 1934 (table 93); for U. S. Treasury

bonds, see May

BULLETIN, p.

Preferred Common stocks (index, 1926=100)
stocks
(indusRail- Utility
trial highTotal Indusroad
grade) 2
trial

1933 average
1934 average
1935 average

Number of issues__.
_____

1

3
10
17
24

1

Monthly data are averages of Wednesday figures.
Average derived prices.
Source.—Standard Statistics Co.
Back figures—See Annual Report for 1934 (table 93).
2

317.

CAPITAL ISSUES
[In millions of dollars]
?or new capital

Year or
month

Total
(new
and
refunding)

Total
(domestic
and
foreign)

7,359 6.314
9,774
7, 556
9,898 8,040
11,513 10.091
7 619 6,909
4,038 3,089
1,194
1, 751
1, 063
720
2, 160
1,386
4,672
1,486

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935

]For

Domestic

Total

refunding

Domestic
Corporate

State
and
mu-

Federal

nicipal

cies2

Total

Bonds
and
Stocks

Foreigni

notes

Total
(domestic
and
foreign)

5,189
6,219
6, 789
9.420
6,004
2, 860
1,165
70S
1,386
1,438

1,344
1, 475
1,379
1,418
1,434
1,235
762
483
803
884

91
87
64
0
87
75
77
64
405
150

3,754
4,658
5 346
8, 002
4,483
1,551
325
161
178
404

2,667
3,184
2, 385
2,078
2,980
1,239
305
40
144
334

1,087
1,474
2 961
5,924
1 503
311
20
120
35
69

1,125
1,337
1,251
671
905
229
29
12
0
48

1,044
2,218
1 858
1,422
709
949
557
343
774
3,186

Total

Corporate

State
and
municipal

Federal
agencies2

Foreign1

Total

Bonds
and Stocks
notes

40
93
0
0
0
51
93
26
317
987

820
1,850
1 584
1,374
474
821
319
219
312
1,864

687
1, 586
1,054
542
451
789
315
187
312
1,782

133
264
530
833
23
32
4
32
0
81

163
241
238
35
182
56
59
60
9
26

3,160

22
35
36
13
53
21
87
37
136
309

1935—June. __
July___.
Aug.._.
Sept.._.
Oct
Nov
Dec

512
640
424
436
362
380
417

58
134
198
177
145
116
231

58
134
152
177
144
116
231

44
79
36
132
56
82
124

0
0
85
0
15
0
40

14
55
30
45
73
33
67

14
27
29
42
70
30
48

0
28
(*)
3
3
3
19

0
0
46
0
1
0
0

454
506
227
259
217
264
186

454
506
208
259
213
261
186

19
9
28
15
10
26
4

319
11
(3)
13
24
17
81

115
487
180
231
179
217
101

115
482
156
230
164
216
85

0
5
24
1
16
1
16

0
0
18
0
4
4
0

1936—Jan
Feb..__

••400

122
107
130
177
112
217

115
107
130
177
112
216

50
89
60
49
68
63

0
4
11
0
6
1

65
13
59
128
38
152

61
4
46
102
13
123

4
10
13
26
24
29

7
0
'0
0
0
1

"278
195

240
195
614

38
8
69
53
31
43

(3)

201
181
536
530
267
376

201
170
525
492
252
325

(8)
11
11
38
16
50

'39
0
'19
'45
0
2

302
•763
Mar._
April . 1 , 004
413
May.__
June
731

r

881
1,978
1 620
1,387

527
893
498
283
765

••634
••827

••782

302
514

302
512

6
9
199
4
93

Revised.
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal F a r m Mortgage Corporation, and H o m e
Owners' Loan Corporation.
» Less than $500,000.
Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. D e p a r t m e n t of Commerce. M o n t h l y figures subject
to revision.
Back figures.—See Annual Report for 1934 (table 92) for figures of new issues—annual and quarterly basis.
1

J




588

FEDERAL RESERVE BULLETIN

JULY 1936

TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITYT
[In millions of dollars]

Total
End of period (gross
debt)

June 1932
June 1933
June 1934

19,487
22,539
27,053

MATURITIES
[In millions of dollars ]

Interest bearing
Total
19,161
22,158
26,480

Bonds
14,250
14, 223
16, 510

Notes
1,465
4,780
6,932

Certif- Bills
icates
2,831
2,200
I, 635

616
954
1,404

326
381
573

1935

June
July...
_
August
September...
October
November. __
December...

28, 701
29,123
29,033
29,421
29,462
29, 634
30, 557

27,645
27,923
27,956
28,432
28, 380
28,617
29, 596

14,936
14, 576
14, 715
14,300
13,998
14,008
14, 672

10, 501
11,065
11,036
11,929
11,929
11,957
12, 274

156
254
252
251
250
249
247

2,053
2,028
1,952
1,952
2,204
2,404
2,404

1,056
1,200
1,076
989
1,081
1,017
961

1936
January
_
February ._
March
April
_._
May.
_ __
June..
-__

30, 516
30, 520
31,459
31, 425
31, 636
33, 779

29,
29,
30,
30,
30,
32,

14,688
14,713
15, 981
16,005
16,030
18, 628

12, 272
12, 270
12,400
12, 383
12, 381
11, 861

254
258
258
259
258
146

2,404
2,405
1,953
1,953
2,153
2,354

899
874
868
825
814
1790

618
646
591
601
823
989

Interest-bearing debt outstanding June 30,
1936

Noninterest
bearing

Total...
Obligations m a t u r i n g :
Before Oct. 1, 1936
Oct. 1-Dec. 31, 1936
J a n . 1-Mar. 31, 1937
A p r . 1-June 30, 1937
J u l y 1-Dec. 31, 1937
1938
1939
1940
1941
1943
1945
1946
1947
1948
1949
After 1949" .
2

Other obligations

. .

_.

Total

Bonds*

Notes

Certificates

32,989

18, 628

11,861

146

1,233
1,410
1,030
502
817
1,946
2,762
2,854
2,015
898
1,401
1,519
1,697
1,036
819
9,043
2,008

834
898
1,401
1,519
1,697
1,036
819
9,043
1,382

532
358
429
502
817
1,946
2,762
2,854
1,181

480

Bills

2,354
701
1,052
601

146

i Includes $424,000,000 of Government liability for retirement of
i Issues classified as of date of final maturity; most issues callable at
national bank and Federal Reserve bank notes, as a result of deposit earlier dates; postal-savings bonds only issues callable before 1940.
of funds by banks; this compares with $815,000,000 on July 31, 1935, 2 Includes United States savings bonds and such issues as postaland $629,000,000 on June 29, 1935.
savings bonds and notes, retirement-fund notes, and adjusted-servicecertificate series, in which special funds are invested; also includes
$945,000,000 of adjusted service bonds.

SUMMARY OF TREASURY OPERATIONS
[On basis of daily statement of United States Treasury. In millions of dollars
General and special funds
Expenditures 3

Receipts
Period
Total

Fiscal year ending June:
1933
1934
1935
1936
1935— June
July
August
September
October
November.
December
1936—January
February
March
April
May
June
1
3

2,080
3,116
3,800
4,116
464
279
299
421
235
234
434
228
218
752
231
256
529

MiscellaIn- neous All
come inter- other 1 Total
taxes
nal
revenue

746
818
1,099
1,427
254
23
24
231
30
19
228
35
43
412
36
35
310

858
1,470
1,657
2,010
138
165
219
143
153
142
153
138
132
291
152
158
164

475
828
1,044
680
72
91
56
47
53
74
52
55
43
48
43
63
55

4,681
6,745
6,802
8,477
740
673
508
563
624
487
591
456
496
570
614
558
2,337

Recovery and relief3

General 2
Interest on All
public other
debt

Total

All
Relief Public
works other4

2,715
1,984
2,325
4,436
197
318
193
217
234
216
237
197
164
226
228
258
7
1,949

•1, 277
4,004
3,657
3,291
425
347
289
245
286
262
247
241
301
214
314
291
256

1,844
2,342
985
258
114
158
142
145
127
97
64
43
11
33
21
32

821
749
119
8
27
101
104
10
107
19
31
131
72

2

645
1,020
2,092

87
123
130
148
225
218
254
259
264
306

1,515
294
213
85
146
139
16
19
4
2
6 49
40
« 51
22
7
6
83

Trust
acor decounts, Increase
crease during
etc.
s
period
Excess excess
of reof receipts ceipts
(+) or (+)or
exexpendi- pendiGeneral
tures
tures
fund
Gross
balance debt

-2, 602
-3, 630
-3, 002
-4,361
-277
-394
-210
-143
-389
-253
-157
-228
-277
+181
-383
-302
-l,8077

-5

+445

+835 + 1 , 720
-741
+613
+840
+123
-115
+99
-52
-77
-314
-17
+324
+78
-325
+23
+42
-39
+774
+8
-205
+64
-237
+37
- 2 2 + 1 , 099
-424
-7

+7

-12

-84

+323

+3,052
+4, 514
+1, 648
+5,078
+63
+419
-87
+389
+40
+172
+923
-41

+3
+939

-34
+211
+2,142

Includes processing taxes, customs, and miscellaneous receipts.
Excludes public-debt retirement.
Prior to July 1933, recovery and relief expenditures included only net expenditures of the Reconstruction Finance Corporation; other items
subsequently
classified
as
recovery
and
relief
expenditures
were
included
in
general
expenditures.
4
Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and
expenditures
of the Reconstruction Finance Corporation.
6
Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against
increment on gold (other than for retirement of national-bank notes), and beginning June 1935 transactions6 in checking accounts of certain special
governmental agencies whose balances were transferred on May 31, 1935, to these accounts.
Excess of credits.
•Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936.




589

FEDERAL RESERVE BULLETIN

JULY 1936

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAY 3 1 , 1936
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned.
Financed wholly from Government funds
ComReconstruction modity
Finance Credit
Corpo- Corporation
ration

Public AgriculWorks
tural
Admin- credit Other
istrainstitution
tions

In millions of dollars]

Financed partly from Government
funds
Farm
mortgage
institutions

Other
farm
credit
institutions

Home
mortgage
institutions

Total

Other

Total

April
May
May
31,1936 30,1936 31,1935

ASSETS

Loans and preferred stock:
Loans to financial institutions
Preferred stock, etc
Home mortgage loans
Farm mortgage loans
Other agricultural loans
All other loans
Total loans and preferred
stock
Cash
United States direct obligations
Obligations of Government credit
agencies:
Fully guaranteed by U. S
Other 2
Production credit association class
A stock
_______
Accounts and other receivables
All other assets
Total assets
other than interagency 2

449
840

2,954

9
823

257

2,120
1

257
(i)

38

146
228

38
6
4

375
82

129
129

24

18
2

25

37
4
2,162

111
8
2,962

1

0)

74
2

0)
257

15
166

144

4

565
848
2,962
2, 954
678
1,180

567
852
2,960
2,949
705
1,176

813
873
2.626
2,821
533
1,057

0)

228

2,954
90
40

228
19
93

3,081
69
6

4
32
301

9,187
298
468

9,209
319
470

8,724
352
469

2

85

8

101

213
28

214
26

220
46

4

63
3 170

3
4

74
260
542

74
273
513

77
165
378

(2) 2

14
203

137
145

700

3,370

428

3,396

445

11,070

11,099

10,430

24

1,422
2 1, 218
117

170
4

* 3,045
4
102

0)
32

4,719
1,392
316

4,696
1, 382
328

3,775
1,800
200

0)

LIABILITIES

Bonds, notes, and debentures:
Guaranteed by United States...
Other 2
Other liabilities (including reserves)
Total liabilities
other than
interagency 2

252

0)

33

0)

3

285

0)

3

25

2,757

174

3,151

32

6,427

6,406

5,776

Excess of assets over liabilities, excluding interagency transactions. _
Privately owned interests

1,877

257

144

163

676

613
156

255
2

245
30

413
160

4,642
347

4,693
346

4,655
348

U. S. Government interests...

1,877

257

144

163

676

457

252

215

254

4,295

4,347

4,307

i3 Less than $500,000.
2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation.
Includes $94,000,000 of unclassified assets of Federal savings and loan associations.
4
Includes unissued bonds covering loans in process.
NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220.

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding.
June 30,
1935
Loans to financial institutions
Loans on preferred stock of banks and insurance companies..
Preferred stock, capital notes, and debentures._
Agricultural loans
Loans to railroads (including receivers)
Loans for self-liquidating projects..
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration

658, 213
48, 316
876, 380
22, 398
414, 344
146, 689
21, 746
27, 596
2,476
16,167

In thousands of dollars]
Dec. 31,
1935
524,127
47,909
871,760
22, 246
396, 250
147,563
40,013
50,025
2,283
154,001

Jan. 31,
1936
497, 289
47, 573
877, 679
21, 994
393,712
154, 947
43, 686
51, 790
1,858
124, 689

Feb. 29,
1936
474, 596
46,730
861, 749
21,910
390, 202
156, 592
46,488
51, 853
3,876
154,242

Mar. 31,
1936
423,061
46,820
850,986
21,873
389, 239
160, 951
48,287
53, 420
3,917
151, 593

Apr. 30,
1936
410, 383
46, 053
851,620
8,623
394,168
164, 891
50,194
54, 713
3,587
143,838

Total loans and investments, other than interagency-. 2, 234, 326 2, 256,177 2,215,216 2, 208, 238 2,150,148 2,128,071
Loans to Federal land banks
Loans to Commodity Credit Corporation
Capital stock of Commodity Credit Corporation
Capital stock of, and loans to R. F. C. Mortgage Co
Preferred stock of Export-Import banks
Total loans and investments

59,873
148,181

45,074
267, 541

35, 819
297,091

10,000
10,000

14,721
10,000

15,523
10, 000

35,215
297,449

34, 723
297, 279

34, 365
291, 961

15,952
10,000

16,725
10,000

17, 623
10, 000

June 30,
1936?

403.148 1386,343
45, 963
46,092
846, 614 795, 822
1,499
8,684
388, 432
393,154
174.149
170, 269
50,779
52, 651
55, 228
56,114
3,115
3,518
129, 634 134,170
2,110-fl
33, 948
172,800
97,000
18,429
10,000

2, 034, 377
33,538
162,280
97,000
19,165
10,000

2,462,380 2, 593, 513 2, 573,649 2, 566, 854 2, 508,875 2, 482,020 2,443,175 2, 356, 360

v Preliminary.
1 Includes $142,000,000 of loans for distribution to depositors of closed banks.
NOTE.—For explanation of table and back figures, see April BULLETIN, p. 220.




May 31,
1936

590

FEDERAL RESERVE BULLETIN

JULY

1936

FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by i—

Federal intermediate
credit bank loans to
and discounts for—

Regional
agricultural
Other
credit cor- financing
Land
porations,
instituBank
Federal
tions,
land banks Commis- production
except
credit assioner
sociations, cooperaand banks
tives
for cooperatives 2

End of month

1933—December.
1934—December.
1935—May
June
July
_.
August
September
October
November.
December.
1936—January...
February..
March
April
May

1, 232, 707
1, 915, 792
1,998, 228
2, 016, 825
2, 023,859
2, 036, 067
2, 047, 390
2, 058, 693
2,065, 620
2, 071,925
2, 066, 308
2,058,512
2, 059, 978
2, 061, 881
2, 062, 986

70, 738
616, 825
716, 243
733. 489
742, 897
754, 502
765,319
777, 214
785.898
794, 726
802, 782
810,811
817.899
823,110
827, 052

73, 263
99, 675
129, 954
130, 559
128,851
125,137
115,426
100, 634
100,343
104, 706
105, 457
110.806
122,849
132, 715
140,177

60,
55,
56,
57,

989
672
897
759

58, 884
58, 761
55, 661
49,114
46, 867
46, 490
46,045
46, 679
48,045
50, 015
52,158

Loans to cooperatives b y -

EmerProduc- Regional
gency
agricultion credit tural
credcrop
and
associait
corpodrought
tions
rations
loans

27
60, 852
101,269
106, 688
110,030
109,020
101, 427
92, 573
91, 522
94, 096
96, 240
103, 002
116,392
127, 511
135, 467

144, 636
87,102
76, 508
72, 765
68, 670
64, 582
59,225
51,656
46, 220
43, 400
41,489
40, 510
39, 617
38, 665
37, 711

89,811
110,186
192, 476
196, 250
196, 732
195, 943
192,182
182, 678
175, 438
172, 489
170, 072
168, 700
167,826
175,151
176, 789

Federal
intermediate
credit
banks

15,211
33, 969
26,420
10, 028
5,023
5,539
4,755
4,084
3,221
2,731
2,241
2,117
2,074
1, 685
932

Banks for Agriculcoopertural
atives,
Marketincluding ing Act
Central
revolvBank
ing fund

18, 697
27,851
31,741
23,937
25,037
31,455
43,140
48,179
51, 246
50,013
46, 566
42, 720
41,083
40, 015
39, 688

157, 752
54, 863
47, 456
49, 422
49,196
46, 497
46, 714
46,074
44,688
44, 433
44, 286
44,155
44, 306
43, 523
41, 696

1
2

Does not include loans by joint stock land banks, which are now in liquidation.
Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the
production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the
3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.

LOANS OUTSTANDING, BY INSTITUTIONS

OBLIGATIONS FULLY GUARANTEED BY
THE UNITED STATES *

[Loans in thousands of dollars]

AMOUNTS OUTSTANDING, BY AGENCIES

FEDERAL HOME LOAN BANK BOARD

[In millions of dollars]
Home mortgage loans by—
Federal savings and loan
associations 2

End of month

Home
Owners'
Loan Corporation !

Number of
associations

Total

1932—December
105, 920
1933—December...
1934—December... 2,196, 988

Reporting

Federal
home
loan
bank
Loans reported loans to
member
instituNew Convert- tions 3
associ- ed assoations ciations

455

10, 758

58, 976

838
85, 442
86, 658

1935—May
June
_
July
August
September._
October
November __
December.._

2,620,119
2, 660, 677
2, 702, 247
2, 747, 022
2, 788, 203
2, 838, 086
2,888,013
2, 940, 029

808
851
894
922
949
979
1,002
1,023

623
655
691
758
828
851
851
881

24, 081
27,070
32, 850
37, 345
44, 072
53, 362
54, 703
60,103

123, 741
138, 129
146, 161
192, 959
219,980
239, 263
240, 777
255, 580

75, 836
79, 233
80, 877
86,025
90, 432
95, 595
97, 089
102, 795

1936—January
February
March
April
May

2, 984, 438
3, 014, 423
3,040, 137
3, 080, 029
3, 083, 312

1,044
1,061
1,078
1,102
1,114

898
898
980
1,006
1,006

60, 457
64, 092
74,915
81,816
88, 514

269,186
272, 554
291,491
303, 994
316, 208

102,800
102, 942
103. 358
105, 972
110, 925

59
639

End of month

Total

ReconFederal
Home
Farm
Owners' struction
Finance
Mortgage
Loan
Corpora- Corpora- Corporation s
tion
tion 2

1933—December.

180

1934—October...
November.
December.

2,596
2,823
3,063

805
878
980

1,543
1,695
1,834

248
249
249

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

3,300
3,480
3,590
3, 660
3,728
4,123
4,205
4,248
4,369
4,421
4,460
4,494

1,041
1,089
1,124
1,154
1,188
1,226
1,274
1,282
1,368
1,382
1,387
1,387

2,009
2,140
2,215
2,256
2,290
2,647
2,682
2, 716
2,748
2,786
2,819
2,855

250
251
251
250
250
250
249
250
253
253
253
252

1936—January. ._
February..
March
April
May

4,562
4,630
4,654
4,676
4,702

1,399
1,407
1,407
1,411
1,422

2,911
2,970
2,995
3,013
3,029

253
253
252
252
252

180

1
Principal amount of obligations guaranteed as to interest and princiLoans closed.
pal.2
2 No monthly reports prior to September 1934; they now exclude
Excludes
obligations guaranteed as to interest only.
3
largely
new associations recently chartered and inactive associations.
Excludes obligations held by U. S. Treasury and reflected in the
3
Includes loans to Federal savings and loan associations, all of which public debt. Figure for December 1933 includes notes given in purchase
are members, and a negligible amount to others than member institutions. of gold which were retired in February 1934.
1




JULY

591

FEDERAL RESERVE BULLETIN

1936

PRODUCTION, EMPLOYMENT, AND TRADE
Index numbers; 1923-25 average=100.
Industrial production
Year
and
month

Total

Manufactures

Ad- Unadusted usted

Ad- Unadusted usted

83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90

84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90

1919
1920
1921
1922
1923 . . _ .
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935

1

T h e terms " a d j u s t e d " and " u n a d j u s t e d " refer to adjustment for seasona] variation]

Construction contracts awarded (value) 2

*

Total

Minerals

Ad-

usted

Factory employment 3

Ad-

Residential

Unad-

Unadusted

usted usted

77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37

All other

Ad- Unad- A d - Unadusted usted usted usted
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21

Ad-

Factory
pay
rolls 3

Unad- Unad-

Freight-car
loadings 4 *

Ad-

Unad-

Depar

;ment
nlflc

*

(value)

Ad-

Unad-

usted usted usted usted usted usted usted

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50

107
108
82
91
104
97
99
101
99
99
105
92
77
64
69
79
82

97
117
76
81
103
96
101
104
102
102
109
89
68
46
49
62
70

84
91
79
87
100
97
103
106
103
103
106
92
75
56
58
62
63

78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79

1933

May
June

July
Aug
Sept

Oct
Nov
Dec

78
91
100
91
84
76
72
75

79
91
96
90
85
78
72
69

77
93
102
91
83
76
70
73

80
92
97
89
84
76
70
67

79
85
91
91
87
81
82
86

77
83
90
95
94
89
85
81

16
18
21
24
30
37
48
57

19
21
24
25
30
35
42
45

11
13
13
12
12
12
13
13

13
14
13
12
12
12
12
11

20
23
28
33
45
57
76
93

24
27
32
36
45
53
66
73

63
67
73
77
78
78
76
75

63
67
72
76
80
80
76
75

43
47
51
57
59
59
56
55

55
62
65
61
60
58
59
63

55
61
66
65
68
66
60
56

67
68
70
75
69
69
66
70

67
64
48
59
73
77
75
121

78
81
84
86
86
84
76
73
71
74
75
86

77
83
87
88
89
84
73
73
73
75
74
78

76
80
82
85
86
83
74
72
69
72
74
85

75
82
86
89
89
84
71
71
70
73
73
76

88
92
100
90
88
87
84
80
82
81
81
90

86
89
91
81
86
86
84
83
87
87
84
85

49
44
33
32
26
26
27
27
29
31
31
31

40
38
33
36
32
31
30
28
30
29
28
25

12
12
11
12
11
12
12
10
11
12
11
12

10
10
12
14
13
13
12
10
11
12
11
10

80
70
51
48
38
38
39
40
44
46
48
47

64
60
50
54
47
46
44
43
45
43
41
36

75
78
81
82
83
82
80
79
74
77
77
79

73
78
81
82
83
81
79
80
76
78
77
78

54
61
65
67
67
65
61
62
58
61
60
63

64
64
66
62
63
64
61
59
59
57
59
64

58
61
63
60
63
64
63
63
67
64
60
56

71
71
78
74
77
74
73
77
75
73
74
78

57
59
73
73
77
70
51
60
79
82
83
135

91
89
88
86
85
86
86
87
90
95
97
104

88
91
91
89
87
86
83
87
90
97
97
96

90
88
86
86
84
84
86
88
91
95
98
104

87
91
91
91
87
85
83
87
89
96
98
95

94
96
97
87
89
98
84
81
87
93
92
101

91
92
90
79
88
97
84
85
92
100
95
96

27
28
26
27
27
30
35
38
43
48
60
67

22
24
26
30
32
35
39
40
44
45
53
53

12
14
16
18
21
24
25
24
25
25
26
26

10
13
16
22
25
26
25
24
25
25
25
22

39
39
35
33
32
36
43
50
58
66
88
101

32
33
34
38
39
43
50
54
59
62
76
79

81
82
83
82
81
80
81
82
82
84
85
86

79
81
83
83
81
80
80
82
84
85
85
85

64
69
71
71
69
66
65
70
72
75
75
76

64
65
65
61
61
63
58
60
62
64
66
71

58
61
62
59
61
63
60
64
70
73
67
62

74
75
82
73
76
80
80
78
81
77
81
84

59
61
71
79
76
76
55
61
86
86
91
145

98
94
93
100

95
95
96
103
P105

97
91
93
99
P101

95
93
97
105
P105

103
110
95
105
P102

99
106
89
94
P101

61
52
47
47
46

50
44
47
53
56

25
25
26
30
32

21
22
28
35
38

90
73
63
60
57

73
62
62
67
70

85
84
84
85
86

83
83
84
85
86

73
73
76
78
79

70
70
66
69
70

63
65
62
66
71

79
80
88
81
88
P89

63
66
77
85
88

1931

Jan
Feb
Mar....
April
May ..
June
July._._
Aug
Sept
Oct
Nov
Dec...
1935
Jan
Feb

Mar

April
May

June
July
Aug
Sept
Oct
Nov....
Dec
1936

Jan
Feb
Mar

April _
May

P101

June

p Preliminary.
* Average per working day.
1 For indexes of groups and separate industries see p p . 592-593; for description see BULLETIN for February and March 1927.
2
3-month moving average of F . W . Dodge Corporation data centered at second m o n t h ; for description see BULLETIN for J u l y 1931, p . 358.
3 T h e 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 M a y 1934, p p . 270-271. For description and back figures for the seasonally adjusted index of factory
employment compiled by F . R. Board of Governors see BULLETINS for J u n e 1934, p p . 324-343, and December 1935, p . 888. For current indexes of
groups and separate industries see p p . 594-595. Underlying figures are for pay-roll period ending nearest middle of m o n t h .
4
For indexes of groups see p . 597.
Back figures—See Annual Report for 1934 (tables 95 and 100).




592

FEDERAL RESERVE BULLETIN

JULY 1936

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100]
1935

1936

Industry
May

Manufactures—Total

June

July

Aug.

Sept.

84
56
67

TEXTILES

Cotton consumption
Wool
Consumption
Machinery activity i
Carpet and rug loom activity
Silk deliveries

FOOD PRODUCTS

Slaughtering and meat packing...
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings

102
••86
123
153
'98
r
79
111

100
82
122
148
107
71
116

78
74
54
94
108
161
83

74
67
44
92
106
151
91
75

Nov.

Dec.

95

104

65
90

69
99

103
71
106

Jan.

Feb.

Mar. Apr.
93

May

P101

83
63
85

83
64
85

100
77
102

105
85
107

53
70

81
60
83

105
82
128
156
108
76
133

104
85
132
160
110
83
113

106
95
112
127
108
74
134

113
99
126
146
121
78
132

106
98
118
134
118
72
112

111
108
114
125
122
66
119

105
106
107
117
114

102
99
111
120
117
75
91

100
100
96
105
99
68
107

100
105
89
93
95
68
102

100
103
97
103
101
68
97

78
76
50
107
124
144

83
82
57
111
117
154
88
78

82
79
54
107
118
148

83
80
54
110
126
145
84
92

92
84
61
111
120
152
91
124

84
77
52
109
109
145
96
93

87
83
61
109
115
151
92

90
89
68
114
116
134

83

76
76
50
107
119
159
73
78

84
84
66
104
111
128
• 87
78

62
127

61
124

64
125

63
133

60
124

60
127

62
132

131

93
1
48

114
3
119

125
3
179

110
0
129

90
0
141

109
1
138

124
3
120

118

97

IRON AND STEEL

Pig iron
Steel ingots

Oct.

46

115
154

PAPER AND PRINTING:

Newsprint production
Newsprint consumption

64
121

124

118

58
120

85
14
56

10
21

94
3
15

77
2
35

114
100
98
87
119
123

104
97
90
104
106
109

109
95
89
86
121
118

105
93
91
77
114
113

104
94
90
83
115
110

105
97
98
74
119
110

109
105
105
84
124
111

124
105
103
95
118
137

118
103
96
103
122
127

11]
96
95
85
110
121

107
93
94
77
103
116

85
115
119

96
93
77
124
120

55
155

58
162

52
169

44
167

47
179

52
193

59
200

59

47
225

49
161

58
178

71
211

74
212

84

73

85

91

92

92

81

103

105

95

101

Petroleum refining
Gasoline J
Kerosene
Fuel oil!
Lubricating oili
Coke, byproduct

160
204
94
104
100
89

166
214
99
105
97
87

168
220
91
100
92
84

169
219
93
103
100
91

172
223
92
110
102
95

176
227
95
110
103
97

176
225
94
115
106
100

173
220
86
121
104
106

169
214
94
121
96
104

172
215
94
130
98
103

168
210
98
119
105
100

17S
223
104
119
116
112

RUBBER TIRES AND TUBES

75
78
56

79
82
55

83
86
60

92
96
62

102
105

104
106
84

133
137
102

142
147
104

116
120
90

82
84
64

77
80
62

96
99
75

134
66
186

138
67
193

140
70
196

130
67
178

129
69
175

138
70
190

137
69
191

147
73
205

148
73
208

148
75
207

140
71
193

152
74
214

145
71
204

84

81

87

93

92

101

103

110

95

105

P102

55
62
134
50
80
59
73

58
36
133
54
81
60
59

71
48
144
44
82
67

78
71
146

80
70
148

92
93
143

70
48
146

84

65
135
62
84
59
71

75
48
140
62
80
68
75

76
69

150

P151

59
136

TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives
Shipbuilding

LEATHER AND PRODUCTS

Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes

_.

••94

CEMENT AND GLASS:

Cement
Glass, plate

NONFERROUS METALS:2

Tin deliveries1
FUELS, MANUFACTURED:

Tires, pneumatic
Inner tubes

TOBACCO PRODUCTS

Cigars
Cigarettes

Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver

__.

89
71
131
53
73

79
97
133
53
79
55
47

80
94
75
91

1
2
r
Without seasonal adjustment.
Includes also lead and zinc; see "Minerals."
P Preliminary.
Revised.
NOTE.—For description see BULLETINS for February and March, 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical
wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.




JULY

593

FEDERAL RESERVE BULLETIN

1936

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.

1923-25 average=100]
1936

1935

Industry
MayManufactures—Total.

July

Aug.

85

83

87

64
50
65

72
57
73

IRON AND STEEL..

Pig iron

87

June

_.

Steel ingots...

Sept.

Oct.

79
58
81

83
60
85

85
65
87

97
75
119
139
108
76
126

99
77
126
149
110
83
117

106
92
115
133
108
74
141

74
66
41
92
111
154
77
102

74
68
38
104
109
160
78

Nov.

Dec.

Jan.

95

95

70
91

90
69
92

83
67
85

116
102
134
161
121
78
132

111
101
124
146
118
72
116

105
100
114
126
122
66
106

110
111
108
120
114
66
112

81
74
37
119
119
168
97
86

86
84
49
129
123
170
99
74

87
60
123
120
146
93
67

82
91
71
115
120
142
81
52

Feb.

93

Mar.

Apr.

97

May
P105

94
67
96

111

114
87
117

108
106
117
131
117
75
98

102
105
98
107
99
68
103

103
112
88
90
95
68
101

100
106
92
95
101
68
96

92
96
81
112
112
154
89
82

82
75
57
96
101
136
93
91

86
78
62
95
116
137
86
113

85
80
61
101
126
126
80
110

82
81
64
101
126
126
82

60
140

TEXTILES

101
88
117
141
'98
'79
110

FOOD PRODUCTS

78
72
52
91
122
158
78

95
'78
114
133
107
71
103
73
66
45
86
110
147
80

65
124

64
123

58
105

56
107

62
125

61
132

63
134

63
137

61
119

125

61
138

61
141

107
13
71

112
10
27

3
22

2
51

28
1
64

77
1
35

124
4
105

125
3
138

108
0
92

93
0
100

124
1
107

149
3
116

105
95
93
83
110
112

100
95
88
100
106
104

107
95
86
100
113
115

116
95
90
93
111
130

120
100
94
96
121
132

115
103
101
88
124
123

104
103
104
80
122
105

106
102
100
81
127
108

109
99
97
85
116
116

113
99
101
78
114
122

110
92
95
69
105
122

'108
95
'94
76
114
'117

102
91
88
73
116
110

65
169

71
165

63

57
169

59
181

59
193

58
192

46
202

201

29
174

42
194

70
235

87
231

84

73

85

91

92

81

103

95

101

160
204
90
104
100

166
214
92
105
97
85

167
220
85
100
92
81

169
219

173
223
94
110
102

174
220
93
121
104
107

170
214
96
121
96
105

172
215
96
130
98
106

168
210
95
119
105
103

178
223
103
119
116
114

68

95
99
65

81
84
57

92
67

85
87
67

113
117

136
68
188

150
73
212

152
73
215

135
65
188

132
64
183

140
70
195

97

106

89

71
85
136
105
76
56
46

140

70
40
145

Cotton consumption
Wool
Consumption
Machinery activity
Carpet and rug loom activity..
Silk deliveries

Slaughtering and meat packing..
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings

PAPER AND PRINTING:

Newsprint production
Newsprint consumption..

TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives
Shipbuilding
LEATHER AND PRODUCTS

Tanning
Cattle hide leathers....
Calf and kip leathers...
Goat and kid leathers..
Boots and shoes
CEMENT AND GLASS:

Cement
Glass, plate
NONFERROUS METALS:

l

Tin deliveries
FUELS, MANUFACTURED:

Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct

RUBBER TIRES AND TUBES..

Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS..

Cigars.:
Cigarettes

Minerals—Total..
Bituminous coal...
Anthracite
Petroleum, crude..
Iron ore
Zinc
Lead
Silver

71
132
80
73
62
50

176
227
100
110
103
97

176
225
101
115
106
102

80

91
93
76

99
103
75

102
75

107
110
82

139
70
192

143
79
193

148
85
200

140
82
189

119
55

141
56
204

84

85

92

100

50
51
137
102
75
57
62

57
36
136
109
75
57
59

61
65
139
119
79
56

82
62
141
105
78
70
74

103
100

50
143
37
82
70
73

83
69
142
70

75
142

64
100

119

147
73
206
P101

71
65
150

66
69
P153

120
95
73

i Includes also lead and zinc; see "Minerals."
p Preliminary.
r Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical
wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.




594

FEDERAL RESERVE BULLETIN

JULY

1936

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory pay rolls

Factory employment
Adjusted for seasonal
variation

Industry and group

1936
May

Without seasonal adjustment Without seasonal adjustment
1936

1935
April

May

Mav

April

May

1935

1936

1935
May

April

May

85.8

84.9

'81.4

85.7

85.1

'81.2

79.3

77.9

68.5

IRON AND STEEL AND PRODUCTS1

80.1
80.9
57.1
76. 1
54.4
61.4
104.1
69.5
97.6
147.9

77.9
78.1
56.1
75.3
54.8
59.5
102.0
65.3
95.4
145.9

71.5
72.5
48.1
77.9
52.8
51.1
97.2
56.3
89.5
127. 8

81.1
82.1
58.2
76.5
54.8
61.8
106.2
69.1
98.6
147. 5

79.1
79.7
56.7
77.9
55.2
60.1
104.9
64.5
95.8
144.4

72.4
73.6
49.1
78.3
53.2
51.4
99.1
56.0
90.4
127.4

76.9
82.5
40.7
62.5
53.7
46.3
87.5
60.7
98.6
149.2

73.9
79.2
37.2
64.8
52.4
43.8
85.5
54.7
94.3
146.7

'58.3
61.1
27.4
59.6
42.3
34.5
74.2
40.9
87.0
106.9

MACHINERY i

99.6
134.1
77.1
118.8
84.8
106.2
256. 4
69.3

97.0
132.6
75.3
118.4
82.4
104.4
239.0
70.3

84.9
94.1
70.7
99.9
72.7
81.8
200.0
62.6

99.1
138.3
77.1
120.6
86.1
107.8
215.4
70.4

96.2
140.4
75.3
120.3
83.8
105.9
188.6
70.8

84.5
97.0
70.7
101.4
73.8
83.0
168.0
63.6

89.6
168.8
71.1
91.8
78.4
101.7
141.9
63.6

86.3
172.5
68.6
91.1
75.4
97.5
118.0
62.5

67.8
110.5
58.2
74.2
57.9
70.1
101.5
51.6

TRANSPORTATION E Q U I P M E N T 1

96.7
105. 2
56. 6
34.0
95.7

108.0
57.6
30.9
93.7

94.0
105.9
54.9
29.4
74.1

105.5
115.6
62.2
34.7
98.7

104.3
114.1
62.2
31.4
99.8

102.7
116.4
60.3
30.1
76.4

112.1
124.0
68.6
17.0
95.6

110.3
121.7
70.0
15.1
95.6

94.2
105.1
65.8
13.8
65.7

59.7
65.9
59.3

59.4
66.0
59.0

53.3
65.7
52.3

60.1
65.9
59.7

59.9
66.0
59.4

53.6
65.7
52.7

61.6
62.7
61.6

60.6
62.5
60.6

52.5
60.2
52.0

89.4
87.2
83.7
65.6
88.6
109.3

87.6
85.3
77.1
65.4
86.7
109.7

'83. 3
80.3
70.4
74.4
80.1
105. 4

89.0
87.7
82.3
65.1
88.0
110.8

88.7
86.8
78.0
65.5
88.5
112.8

'82.9
80.8
69.2
73.9
79.5
'106. 9

75.2
73.3
80.4
48.9
64.9
97.3

74.0
70.8
74.7
48.7
63.5
101.1

'63.7
61.5
58.2
57.0
51.1
r
83.3

LUMBER AND PRODUCTS 1-

57.1
76.8
49.2
37.8

56.3
74.7
48.2
37.7

51.3
70.5
40.2
33.4

56.7
73.0
49.8
38.4

55. 6
72.1
48.5
37.5

50.9
67.0
40.7
34.0

48.1
56.7
43.9
31.3

46.3
56.2
41.2
29.7

34.8
47. 1
29.1
20. 1

STONE, CLAY, AND GLASS PRODUCTS1

58.2
37.7
56. 7
95.6
69.6

57.1
36.4
52. 6
95. 6
70.5

53. 6
28.0
55. 3
93.1
70.9

59.8
39.9
58.4
97.3
70.2

57.7
36.7
52.3
97.1
71.6

55.0
29.6
57.0
94.8
71.5

49.3
29.5
44.0
93.0
52.8

46.9
25.8
38.3
92.1
56.9

40.3
17.7
36.8
81.6
50.3

TEXTILES AND 1PRODUCTS1

94.2
90.7
79.2
89.7
107.1
112.7
60. 3
88.7
98. 1
92.8
126.3
63. 0
105. 5

94.9
91.3
77.5
90.0
108.8
112.8
63.9
89.2
99.1
96. 1
123. 7
61.4
109.7

93.6
91.0
78.9
87.3
110.0
111.3
65.6
93.1
95.6
92.1
118.0
61.7
107. 0

94.2
90.7
80.0
90.4
107.1
113.4
60.5
86.7
97.9
88.3
132. 6
62.9
105.0

96. 1
91.9
79.6
90.4
111. 5
114.9
64.8
87.8
101.7
93. 1
136.3
67.4
108.4

93.5
91.0
79.7
88.0
110.0
112.0
65.9
91.1
95.3
87.6
123.9
61.6
106.5

77.0
76.4
68.8
77.3
87.7
105.4
49.4
67.2
73.8
63.3
95.2
54.3
101.9

80.0
78.3
69.2
77.1
96.0
110.5
53.5
67.3
78.7
67.8
101.1
63.0
105.9

75.5
74.9
73.7
70.7
86.2
102.0
54.5
71.2
72.1
64.4
89.4
48.6
103.9

LEATHER AND PRODUCTS _

86.2
84.0
95.6

87.0
85.2
94.7

89.1
87.9
94.5

83.9
81.4
94.3

86.4
84.3
94.9

86.7
85.2
93.2

65.9
56.8
95.9

62.4
94.5

72.3
66.7
90.0

102.9
114.8
74.0
106. 4
76.8
71.8
78. 3
83. 8
81.2

100. 5
115. 3
72.4
92.2
77.7
73.5
71.6
83.4
82.4

'103. 1
112.7
72.3
'116. 7
82.6
74.8
74.2
81.6
83.1

96.3
114. 8
74.9
68.1
69. 0
70.5
82. 0
82.8
81.7

94.1
113. 5
71.0
68.2
70.6
72.4
68.8
80.7
81.8

'95.8
112.7
73.2
r
74. 7
74.3
73.5
77.7
80.6
83.6

92.7
104.1
61.0
85.1
59.9
65.2
69.4
77.6
74.0

87.7
100.4
56.5
78.8
60.5
63.8
57.6
73.6
73.9

Total i_.

Blast furnaces and steel works
Cast-iron pipe
Cutlery and edge tools
Hardware
Steam, hot-water heating apparatus, etc
Stoves
Structural metal work
Tin cans, etc
Wirework
Agricultural implements
Electrical machinery, etc
Engines, turbines, etc
Foundry and machine-shop products..
Machine tools
Radios and phonographs
Textile machinery

Automobiles
Cars, electric and steam railroadLocomotives
Shipbuilding
RAILROAD R E P A I R SHOPS..

Electric railroads
Steam railroads
NONFERROUS METALS AND PRODUCTS1.

Brass, bronze, and copper
Lighting equipment
Silverware and plated ware
Smelting and refining
Stamped and enameled ware

Furniture
Lumber, mill work
Lumber, sawmills

Brick, tile, and terra cotta
Cement
Glass
Pottery

....

A. Fabrics
Carpets and rugs
Cotton goods
Dyeing and finishing
Knit goods
Silk and rayon goods
Woolen and worsted goods.
B. Wearing apparel1
Clothing, men's
Clothing, women's
Millinery
Shirts and collars
Boots and shoes
Leather

FOOD PRODUCTS i

Baking
Butter
Canning and preserving
Confectionery
Flour
Ice cream
Slaughtering and meat packing..
Sugar refining, cane

' Revised
1
Includes current statistics for one or more industries not shown separately.




r

87.3
97.3
57.4
'83. 7
63.4
62.3
62.2
74.0
75.7

JULY

595

FEDERAL RESERVE BULLETIN

1936

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory employment
Adjusted for seasonal
variation

Factory pay rolls

Without seasonal adjustment

Without seasonal adjustment

Industry and group
1935

1936
May

April

May

1936
May

1935
April

May

1936
May

1935
April

May

57.0
66.2
55.8

56.2
67.2
54.8

56.8
67.9
55.4

56. 7
64. 6
55.7

55. 4
65.2
54.1

56. 6
66.3
55.3

46.8
67.3
44.2

42.6
64.4
39.8

43.8
64.5
41.2

PAPER AND PRINTING

99. 6
88.4
111.0
90. 8
102. 7

99.0
86.7
110.3
89.7
103.2

97.1
87.8
109.9
87.2
99.3

99.0
85.0
111.0
89.8
103.0

98.6
84.3
110.3
89.1
103.5

96 5
84.5
109.9
86.2
99.6

91.9
80.2
97.0
83.0
98.9

91 1
78.8
96.2
81.8
98.5

84 8
75.5
86.9
78.8
90.4

CHEMICALS AND PETROLEUM PRODUCTS 1

111.2
111.6
112. 2
100.4
86.2
104. 2
110.4
341. 4
98.2
109.6

107. 6
107.2
108.3
100.2
87.8
74.4
111.4
331.1
95.7
109.4

109.3
109.5
109.0
100.4
90.6
103.7
108.6
326.9
98.9
108.5

110.0
110.1
110.3
96.8
83.1
110.7
114.5
341.4
97.5
109.4

110.7
111.0
109.0
98.4
85.3
138.0
111.9
331.1
96. 8
109.4

108.0
108.0
107.1
96.8
87.3
110.1
112.6
326.9
98.2
108.3

102.9
102.7
107.0
95.9
80.4
113.9
106.0
259.0
95.7
103.4

101.3
101.2
104.9
98.0
77.7
123.9
100.7
254.9
93.6
101.7

94.8
94.1
97.8
93.9
74.4
91.7
95.1
r
237.1
93.8
96.8

81.8
62.1
66. 8

82.1
62.4
67.0

'•81.1
»-55.9
70.2

83.0
59. 0
70.0

82.1
59.8
68.1

'•82.4

76.8
50.9
68.2

74.0
52.0
63. 2

66.5
43.2
58.7

TOBACCO PRODUCTS

Chewing and smoking tobacco and snuff
Cigars and cigarettes

Boxes, paper
Paper and pulp
Book and job printing
Printing, newspapers and periodicals..

A. Chemical group, except petroleum 1
_
Chemicals
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
. -.
B. Petroleum refining
RUBBER PRODUCTS 1

Rubber boots and shoes
Rubber tires and inner tubes
r

73.6

Revised.
Includes current statistics for one or more industries not shown separately.
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 compiled by the F . R. Board of Governors, see BULLETIN for June 1934, pp. 324-343, and December 1935, p. 888. Underlying
figures are for pay-roll period ending nearest middle of month. May 1936 figures are preliminary, subject to revision.
1




596

FEDERAL RESERVE BULLETIN

JULY

1936

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Total

Residential

Factories

Commercial

Public works
and public
utilities

Educational

1935

1935

1935

Month

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

1935

1936

99.8
75.0
122.9
124.0
126.7
148.0
159 3
168.6
167 4
200.6
188.1
264.1

204.8
142.1
199.0
'234.6
216.1

1, 844. 5

1935
22.4
16.6
32.2
42.2
44.9
49.8
48.4
40.5
41 8
55 1
39.7
45.1

1936
37.4
31.2
55.2
67.2
70.3

478.8

1935

1936

7.1
7.8
6.5
6.3
9.8
9.5
14 6
10.6
6 0
12 0
8.9
9.9

9.0
13.4
18.4
25.5
12.9

108.9

10.8
9.2
12.2
15.2
13.9
15.0
15 8
17.3
13 6
16.6
12.8
12.0

1936
15.5
12.6
17.3
24.3
18.8

164.5

1936

44.4
27.8
46.3
40.5
31.4
39 1
53 9
69.5
76.1
86 3
80.3
94.5

76.9
48 3
62.3
73 4
63.6

690 2

3.7
5 8
10.4
8 3
9.0
17 7
9.2
8.7
4 3
9 2
24.7
62.6

All other

1935

1936

11.4
7.9
15.4
11.5
17.7
16.8
17 4
21.9
25.6
21 3
21.7
40.1

39.5
21 1
19.2
23 2
20.7

173.5

1936

r

26.5
15.5
26.6
21.1
29.8

228.7

r

Revised

CONSTRUCTION CONTRACTS AWARDED, BY
COMMERCIAL FAILURES, BY DISTRICTS
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]
Liabilities
Number
1935

1936

Federal Reserve district
May

Apr.

Federal Reserve
district
May

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
" Revised.




1935

1936

1935

1936

May

16,059
40, 284
13, 701
21, 718
23, 418
14,512
41, 619
16,409
8,938
10, 889
8,521

19, 952
45,128
14,810
24,184
19, 230
20, 275
'37, 252
'16, 737
8,561
10, 940
17, 562

13,104
26, 657
5,214
9,555
13,041
10, 494
22, 687
8,106
4,712
5,772
7,377

216,071

••234, 632

126, 720

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

Apr.

May

May

Apr.

May

87
245
47
76
44
17
109
40
34
30
13
90

80
273
47
61
37
29
104
25
25
35
17
97

111
343
43
86
26
38
109
45
22
39
30
112

1,660
7,988
467
1,042
611
150
1,691
480
236
243
76
731

1,688
4,542
476
1,452
437
1,634
1,725
296
221
226
520
940

1,618
5,531
900
1,114
443
284
1,892
272
208
394
335
1,348

832

830

1,004

15, 375

14,157

14, 339

JULY

597

FEDERAL RESERVE BULLETIN

1936

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2

M e r c h a n d i s e exports i

Excess of exports

Month
1933

]99
182
195

136
131
131

96
84
95

136
133
158

167
152
177

193
201

127
112
110

88
107
122

147
155
136

171
171
157

173
172
199

79
91
98

143
155
147

127
120
132

206
195
171

221
270
223

105
104
97

151
129
134

2,133

2,283

1,323

1,450

1933

1934

1935

150
154
155

121
102
108

172
163
191

176
163
185

135
132
114

105
114
120

179
160
171

164
165
170

July
August
September

107
109
132

144
131
160

162
172
191

October
November
December

153
139
132

193
184
193

Year

1,611

1,675

January
February . ._
March
April .
May
June

_.

1934

1932

1932

1936

P

1935

1936

1932

1934

1933

1935

15
23
24

25
18
13

37
30
33

9
11
8

9
20
4

17
7
-2

33
6
34

-6
-5
13

177
169
162

27
17
34

1
-23
13

34
52
60

-3
3
37

130
151
132

189
169
187

48
34
35

42
56
59

77
44
38

1,655

-2,047

288

225

478

187
193
199
203
p 191

r

1936
11
-11
r_4

-10
P

10

32
100
37
235

p1 Preliminary.
r Revised.
Including both domestic and foreign merchandise.
2
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—See BULLETIN for January 1931, p. 18, and for March 1932, p. 1Q0.

FREIGHT-CAR LOADINGS, BY CLASSES

DEPARTMENT STORES—SALES, STOCKS

[Index numbers; 1923-25 average=100]

[Index numbers based on value figures; 1923-25 average=100]

1935
May

Jan.

Feb.

Mar. April M a y
Month

Adjusted for seasonal variation
61
67

50
68
41
33
47
64
63

70
78
73
70
38
42
62
79
64

70
97
79
68
33
36
62
74
62

66
63
55
85
41
40
64
77
62

69
77
61
86
41
40
53
77
63

70
73
70
OO CO

Total
Coal
.
Coke
Grain and grain products _„
Livestock
Forest products __ .
Ore
Miscellaneous .__
Merchandise i

44
71
80
64

61
60
50
55
38
35
71
67
65

63
88
80
67
39
38
15
63
60

65
106
89
66
31
37
15
63
60

62
60
56
72
35
42
15
73
63

66
64
58
66
38
42
27
79
65

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

Without seasonal adjustment
Total
Coal
Coke
Grain and grain products .__
Livestock
.
Forest products .
Ore
Miscellaneous
Merchandise L

Index of sales l

Index of stocks (end of
month)

Without,
Adjusted
seasonal
for seasonal
variation adjustment

Without
Adjusted
seasonal
for seasonal
variation adjustment

1936

71
65
70
69
37
46
107
83
66

October
November
December

.

__
_
.

._

Year .„ _

1936

1935

1936

1935

1936

1935

1936

1935

74
75
82

79
80
88

59
61
71

63
66
77

64
64
63

66
65
65

57
61
65

58
62
67

73
76
80

81
88

79
76
76

85
88

64
64
63

65
66

66
66
61

68
67

80
78
81

55
61
86

61
62
64

57
60
67

77
81
84

86
91
145

66
67
65

72
75
61

79

64

p1 Preliminary.
Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and Sun1
days
and for 6 holidays: New Year's Day, Memorial Day, Independence
In less-than-carload lots.
Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for
Based on daily average loadings. Source of basic data: Association of seasonal variation makes allowance in March and April for the effects
upon sales of changes in the date of Easter.
American Railroads.
Back figures.—See BULLETIN for April 1935, pp. 254-255, and Annual
Report for 1934 (table 95).
Back figures.—See BULLETIN for February 1931, pp. 108-109.




598

FEDERAL RESERVE BULLETIN

JULY 1936

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.

Year, month, or week

1935—April

Farm
products

Foods

95.3
86.4
73.0
64.8
65.9
74.9
80.0

104.9
88.3
64.8
48.2
51.4
65.3
78.8

99.9
90.5
74.6
61.0
60.5
70.5
83.7

91.6
85.2
75.0
70.2
71.2
78.4
77.9

80.1
80.2
79.8
79.4
80.5
80.7
80 5
80.6
80.9

80.4
80.6
78.3
77.1
79.3
79.5
78.2
77.5
78.3

84.5
84.1
82.8
82.1
84.9
86.1
85.0
85.1
85.7

80.6
80.6
79.6
79.7
78.6

78.2
79.5
76.5
76.9
75.2

79.7
79.2
79.3
79.3
79.2
79.5
79.7
79.6
79.1
78.6
78.1
78.2
78.4
78.4
78.7
78.7
79.4

77.7
76.4
76.7
76.8
76.3
76.9
77.4
77.8
77.1
76.2
74.4
75.0
75.9
76.5
77.4
77.4
80.2

. _

Mav

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

Other commodities

All
commodities

1929
1930
1931
1932
1933
1934
1935

_ _ _

May

Week ending—
1936—Mar 7
Mar. 14
Mar. 21
Mar. 28 _
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 30
June 6
June 13
June 20
June 27

1926=100]

Hides and
leather
products

Metals Building Chemi- House- Misceland metal materials
cals and furnish- laneous
products
drugs ing goods

Textile
products

Fuel and
lighting
materials

109.1
100.0
86.1
72.9
80.9
86.6
89.6

90.4
80.3
66.3
54.9
64.8
72.9
70.9

83.0
78.5
67.5
70.3
66.3
73.3
73.5

100. 5
92.1
84.5
80.2
79.8
86.9
86.4

95.4
89. £
79.5
71.4
77. (
86.5
85.2

94.2
89. 1
79.3
73. 5
72.6
75.9
80.5

94.3
92.7
84.9
75.1
75.8
81.5
80.6

82.6
77.7
69.8
64.4
62.5
69.7
68.3

77.2
77.6
78.0
78.0
77.9
77.8
78.3
78.8
78.7

86.3
88.3
88.9
89.3
89.6
90.9
93.6
95.0
95.4

69.2
69.4
70.1
70.2
70.9
71.8
72.9
73.4
73.2

72.8
73.1
74.2
74.7
74.1
73.0
73.4
74.5
74.6

85.9
86.6
86.9
86.4
86.6
86.6
86.5
86.9
86.8

84. f
84.?
85. ?
85.5
85.4
85. c
86.1
85.5
85.^

81.0
81.2
80.7
78.7
78.6
80.2
81 1
81.2
80.6

80.7
80.6
80.5
80.4
80.5
80.5
80.6
81.0
81.0

68.7
68.7
68.4
67.7
67.3
67.1
67.5
67.4
67.5

83.5
83.2
80.1
80.2
78.0

78.8
79.0
78.9
78.9
78.8

97.1
96.1
94.9
94.6
94.0

71.7
71.0
70.8
70.2
69.8

75. 1
76.1
76.2
r 76. 4
76.0

86.7
86.7
86.6
86. 6
86.3

85.7
85. f
85. Z
85.7
85. £

80.5
80.1
79.3
78 5
77.7

81.4
81.5
81.4
81.5
81.5

67.8
68.1
68.3
68.6
69.2

81.4
79.7
79.9
79.7
79.7
80.2
81.1
80.4
79.1
78.0
77.4
77.5
78.4
78.7
79.4
79.7
81.0

79.0
79.0
78.8
78.8
78.8
79.0
79.1
79.0
78.9
78.9
78.8
78.7
78.8
78.7
78.8
78.7
78.8

95.7
95.5
95.3
95.3
95.1
95.1
95.2
95.2
94.9
94.9
94.8
94.3
94.3
94.6
94.6
94.4
94.4

70.4
70.4
70.4
70.4
70.1
69.9
69.9
69.7
69.7
69.6
69.5
69.2
69.2
69.1
69.3
69.4
69.5

77.3
77.2
76.7
76.7
76.8
77.6
77.5
77.4
77.3
77.2
76.9
76.8
76.8
76.7
76. 6
76.4
76.4

86.0
85.9
85.9
85.7
85.9
85.9
86.0
86.0
86.0
86.0
85.7
85.7
85.7
85. 7
85.7
85. 5
85.4

85. C
85.1
85.1
85.5
85.2
85.4
85.4
85. £
85. £
85. C
85. £
85. f
85."
85."
85.8
85. (
85. (

79.4
79.0
79.0
79.1
79.1
79 0
78 9
78 2
77.8
77,5
77.3
77.3
77.4
77.3
77.3
77.6
78.0

82.7
82.6
82.6
82.7
82.7
82.8
82.8
82.8
82.8
82.8
82.8
82.8
82.9
82.9
82.9
82.9
82.6

68.2
68.2
68.2
68.2
68.2
68.3
68.6
68.6
68.6
68.4
69.2
69.1
69.1
69.0
69.3
69.6
70.1

Total

I

1936

193,

Subgroups

Ma:

Feb.

Mar. Apr. M a y

83.2
87.6
75.0

78.3
90.3
72.7

75. 6
88.3
69.1

73.9
88.3
70.4

70.6
82.5
71.4

77.7
92. 3
66.3
97.0
77 7
97 5>
76.1
79. (
84 4.I

85.7
'88.5
62.4
92.1
78 1

80.3
85.8
65.1
89.7
72 4

78.8
84.2
67.8
91.0
72 4

75.0
82.2
72.3
85.1
71 5

78 5
82.7
60.4
27 6
73.5
68.2

80 7
78.1
62.0
31 6
82.8
67.2

80 7
77. 1
62. 1
30 9
83.8
67.2

80 8
76.2
62.0
30 1
82.2
67.5

73.0
95.7
88.7
88 7
92.0
52.2

82.6
100. 1
93.7
86 2
82.1
55.7

82.5
99.4
93.7
84 4
84.4
56.0

80.0 76.6
96.8 96. 5
93.7 93.7
82 8
84.8
57.9 "58." 2"

FARM PRODUCTS:

Grains
Livestock and poultry7Other farm products.

...

FOODS:

Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats _ _
Other foods

HIDES AND LEATHER PRODUCTS:

Boots and shoes
Hides and skins
Leather.

Other leather products

100.5 100.4 100.3 100.2
96.7 91.0 90.1 87.3
86.0 85.0 84.5 84.4
95 4 95 4 95 4 95 4

TEXTILE PRODUCTS:

Clothing

Cotton goods
Knit goods
Silk and rayon
Woolen and worsted j?oods
Other textile products

81 1
75. 5
60.6
29 1
82.2
67.5

FUEL AND LIGHTING MATERIALS:

Anthracite
_
Bituminous coal
Coke . .
Electricity
Gas
Petroleum products.

1936

1935

Subgroups

M E T A L S AND M E T A L PRODUCTrs:
Agric ultural implements.,
Iron and steel
..
Mote >r vehicles,
Nonf errous met als
BUILDIN(1 MATERIA LS:
Briclc and tile .

Cem
Lum ber
_. _
Pain t materials

_ _

Plumbing and 1leating
Structural steel
Other building materials

CHEMICALS AND DBoUGs:

Chemicals

Drugs and pharmaceutica Is
Fertilizer materials
Mixed fertilizer s _

May

Feb. Mar. Apr.

93.6
86.6
94.4
69.2

94. 9
86.9
93.6
69.7

94.2
86.3
94.0
69.9

94.2
86.3
94.0
70.4

94.2
86.3
93.0
70.7

89.3
94 9
79.8
79 9
67.1
92.0
89.8

88.4
95 5
82.3
79 5
73.8
92.0
89.5

88.9
95.5
82.6
79 2
73.8
92.0
88.5

89.0
95.5
83.2
79 3
73.8
92.0
89.1

88.8
95.5
83.0
78.8
73.8
92.0
89.9

87 5
74.2
65 9
73. 1

87 0 85 9 85 5
73.2 73.0 73.2
64 5 64 8 64 6
68.8 68.3 64.5

84.1
73.2
64.7
65.3

84 1
77.1

85 0
77.9

84.9
77.9

85.0
78.0

85.0
77.9

45.0
107.0
80.0
24.9
79 4

45.0
68.1
79.9
32.0
80 6

45. 0
67.9
80.3
32.9
80. 6

45.0
74.0
80.5
33.0
80.6

47.5
71.2
80.5
32.3
80.7

HOUSEFURNISHING GOODS:

Furnish in es

Furc iture
Auto tires and 1,ubes
Cattle feed
Paper and pulp
Rubber, crudeOther miscellan eons

MlSCELL ANEOUS:

May

r
Revised.
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1934 (table 100); indexes of subgroups available at Bureau
of Labor Statistics. For weekly indexes covering 1934, see Annual Report for 1934 (table 101).




599

FEDERAL RESERVE BULLETIN

JULY 1936

INTERNATIONAL FINANCIAL STATISTICS
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS

End of month

Total*
United
(52
counStates
tries)

Latin
Europe America
(26
(11
councountries)
tries)

Canada

132
135
190
187
189
188
188
193
186
186
188
189
186
186
184
187
188

8,391
1935—January. __ 21,161
8,527
February. _ 21, 303
21, 377
8,567
March
21,140
8,710
April
20, 755
8,858
May
9,116
June
_ 20, 963
20, 954
9,144
July
21, 038
9, 203
August
9, 368
September 21,115
9,693
October. __ 21, 500
9,920
November 21, 396
December. 21, 583 10,125
1936—January. __ 21, 598 10,182
February. _ 21, 665 10,167
21,711 10,184
March
"21, 469 10, 225
April
P21, 362
May..
10, 402
June
"10, 608

[In millions of dollars]
!
Asia
and
Africa
Ocean(5
ia (8
coun- United
King- France
countries)
dom
tries)

598
598
602
603
622
617
615
617
619
641
641
645
646
648
642
"642
"641

10, 956
10, 938
10, 889
10, 536
9,972
9,931
9,896
9,924
9,847
9,880
9,543
9,517
9,467
9,529
9,547
9,312
"9, 024

810
812
814
810
812
812
803
803
804
807
813
816
817
825
830
836
"839

275
293
315
293
302
299
308
298
291
291
291
291
300
310
323
268
"268

1,586
1,586
1, 586
1,587
1, 587
1,588
1,588
1,593
1,595
1,604
1,628
1,648
1,652
1,653
1,653
1, 670
1,701
1,782

Europe
Germany

5,438
5,439
5,479
5,366
4,759
4,708
4,726
4,756
4,770
4,773
4,388
4,395
4,324
4,362
4,348
4, 106
3,781
P3, 580

32
32
33
33
33
35
38
38
38
35
36
33
31
29
29
28
28

519
519
519
519
519
498
468
419
379
346
330
270
2 270
270
270
270
270
270

P29

Switzerland
Nether- Nalands tional B.I.S.
Bank

Belgium

Italy

599
596
532
518
605
634
624
612
604
609
615
611
600
593
586
581
610
J-638

555
552
553
439
440
427
380
402
365
401
427
438
455
463
486
483
465
404

600
586
560
446
390
391
421
446
448
453
455
454
454
472
493
495
485
460

4
4
4
5
5
9
8
8
8
11
9
8
11
10
8
8
11

Europe—Continued
End of month

Austria

1935—January...
February..
March
April
May
June
July
August
September
October. __
November
December.
1936—January. _.
February. .
March
April
May.
June _ __

Czechoslovakia

Bulgaria

Denmark

Hungary

Greece

Norway

1935—January ___
February._
March
April
May

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

Rumania

Spain

Sweden

Yugoslavia

45
45
45
45
45
45
45
45
45
45
45
46

19
19
19
19
19
19
19
19
19
19
19
19

112
112
112
112
112
113
113
113
113
113
113
112

60
60
60
60
60
60
60
54
54
54
54
54

39
39
38
37
37
36
36
35
36
36
35
34

23
23
23
23
23
23
23
23
23
23
23
23

61
61
61
61
66
75
75
84
84
84
84
84

96
96
96
97
97
97
97
97
89
86
84
84

68
68
68
68
68
68
68
68
68
68
68
68

104
105
106
106
106
107
107
108
108
108
109
109

740
740
741
741
741
741
741
741
734
734
735
735

159
159
160
160
161
161
162
162
165
174
180
185

37
38
36
38
40
40
40
40
40
41
43
43

46
46
46
46
46

19
19
19
19
20

112
112
113
113
113

54
54
54
54
54

34
33
32
32
35

23
23
23
23
23

84
84
84
84
84
"89

84
85
81
72
71

68
68
68
68
68
"68

109
110
110
111
111

735
735
726
726
718

194
200
206
209
220

44
44
44
45
45

Argen- Chile
tina

6 other
countries
59
58
59
56
57

. 57
57
59
62
62
63
63
63
65
67
67
"68

Africa

Asia and Oceania

Latin America
End of month

Poland Portugal

2
South
other
coun- Egypt Africa
tries

3
other
countries

Colombia

Mexico

Peru

Uruguay

5
other
countries

21
23
26
26
26
26
26
26
26
26
26

19
19
19
20
20
20
20
20
20
20
20
20

82
81
82
82
82
76
74
74
74
74
74
74

27
28
29
29
31
32
32
34
35
36
35
36

10
8
9
9
12
10
6
5
7
8
11
10

275
275
275
275
275
275
275
275
275
275
275
275

395
397
398
400
403
407
410
413
416
418
422
425

78
80
80
76
71
68
61
58
55
55
54
54

25
25
25
23
23
23
23
23
23
23
23
23

22
22
22
22
23
23
23
23
23
23
24
24

5
5
5
5
5
6
5
5
6
5
5
6

55
55
55
55
55
55
55
55
55
55
55
55

196
214
236
214
223
220
230
219
212
212
212
212

24
24
24
24
24
24
24
24
24
24
24
24

26
26
26
26
2(3

20
20
20
"19
"19

74
74
74
74
"74

36
37
38
38
"38

11
15
15
15
"15

275
275
275
275
275

428
431
433
435
439

54
54
58
61
61

23
23
23
23
23

24
24
24
24
24

3
3
3
3
?3

55
55
55
55
"55

221
231
244
189
189

24
24
24
24
"24

403
403
403
403
420
420
420
420
420
441
441
444

29
29
29
29
29
29
29
29
29
29
29
29

15
14
14
14
14
14
14
14
14
15
16
16

444
444
438
438
438

29
29
29
"29
"29

17
18
18
17
16

3 26

BritJapan
China
ish
India

Java

New
Zealand

Turkey

v Preliminary.
1 See notes under Italy and Mexico.
2
Figure for December 1935 carried forward.
3
Figure for March 1935 carried forward.
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania;
in Latin America: Bolivia, Brazil, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siam; and in Africa: Algeria, Belgian
Congo, and Morocco.
For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; December 1934, p. 801;
November 1935, p. 758, and pp. 544-547 in the current issue.




600

FEDERAL RESERVE BULLETIN

JULY 1936

GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month

Estimated
world
production »•

North and South America

Africa
Total r

South
Africa

Rhodesia

Far East

Belgian Canada United Mexico Colom- Chile Austra- Japan
Congo
lia
bia
States'

West
Africa

British
India

$1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold = %20.67
1929..
1930..
1931..
1932..
1933..

404,969
430, 725
461, 592
499, 241
524,390

1933..
1934..
1935..

887, 845
963, 369
1,044, 472

711,260
722,970
771, 673

385, 474
366, 795
377, 090

22, 578
24, 264
25, 477

11,214
12,153
13, 625

6,148
6,549
7,159

103, 224
104, 023
114,816

82, 900
86, 670
95, 097
96, 246
97,134
100,780
94, 633
90,675

63, 116
63,186
67, 214
67, 363
68, 250
69,197
66, 050
' 70, 492

32, 072
31, 089
32, 458
32, 667
31, 472
32, 596
31, 671
31, 829

2,177
2,101
2,150
2,155
2,009
2, 403
2,205
2,272

1,162
1,095
1,095
1,152
1,160
1,249
1,181
1,174

627
588
615
631
590
614
614
542

9,423
10, 002
9, 988
10,303
9,813
10, 560
10, 261
10, 756

9,807
9,772
11,977
10, 787
12, 292
12, 887
11,067
13, 342

83, 355
P 82,464
86, 691
87, 601
P 94,015

65, 771
64, 681
67, 808
p 68, 417
P 70, 332

32, 275
31, 290
32, 709
31,991
32, 826

2,320
2,201
2,359
2,410
P 2, 415

1,221
1,164
1,326
P 1, 470
P 1, 470

592
574
544
543
P543

9,714
9,325
10, 469
10,474
P 10, 797

10,195
9,650
10,969
11,062
11,894

359,347
373,154
394, 399
421, 656
420,093

215, 242
221, 523
224,853
238, 931
227, 673

11, 607
11, 476
11,193
12,000
13, 335

4,297
4,995
5,524
5,992
6,623

2,390
2,699
3,224
3,642
3,631

39, 862
43, 454
55, 687
62, 933
60,958

45, 835
47,123
49, 524
50, 625
52, 842

13, 463
13, 813
12, 865
12,070
13,169

683 ; 8,712
428 i 9,553
442 12,134
788 • 14, 563
3,009 • 16, 790

2,823
3,281
4,016
5,132
6,165

6,927
8,021
8,109
8,198
8,968

7,508
6,785
6,815
6,782
6,919

$1=15-5/21 grains of gold 9/10 fine; i. «., an ounce of fine gold=$35

1935-May

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

P
P

P
P

r

10,438
12,045
11,517

5,094 ! 28, 428
8,350 : 30,447
9,251 i 31,117

15,183
16,354
20,043

11,715
11,223
11,394

1,048
1,166
2,] 81
2,532
3,287
1,671
1,115
2,583

945
857
1,001
1,125
978
1,035
981
834

651 i 2,533
1,113 i 2,623
546 i 2,635
536
2,844
1,088
2,939
506
2,923
3,279
937
3,423
905

1,717
1,844
1,610
1,669
1,674
1,779
1, 785
1,866

954
937
958
961
949
974
953

2,092
2, 835
1, 645
2, 625
P 2,380

1,335
1,159
1,040
1,095
P 1,155

1,595
1,843
1, 750
1, 750
1, 855

971
920
968
p 968

89, 467 22, 297
107. 632 23,135
126,325 23,858

P
P
P

770
918
1,147
P I , 147
PI, 147

r

i 2,690
; 2,801
!
2,882
P 2,882
P 2,882

P
P
P

pr Preliminary.
Revised. Monthly figures for United States (including Philippine Islands) for 1935 represent estimates of American Bureau of Metal Statistics
revised by subtracting from each monthly figure a constant amount so that the aggregate for 1935 is equal to the final annual estimate compiled by
Bureau of Mint in cooperation with Bureau of Mines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
November 1934, p. 737, and April 1936, p. 284. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for
1935, pp. 107-108. Figures for Canada beginning January 1935 are subject to official revision.

GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States

Total
net
imports
or net
exports

Year or month

1934 i

1,131,994
1,739,019

1935
1935—March
April _.
May
June
July....
August
September
October
November.
December.

_.

1936—January
February .
March
April... __
May
June
1

13,003
148,608
140, 016
230, 373
16, 229
45, 983
156, 719
315,347
210,567
190, 010
45, 643
-16,635
5,480
28,055
169,952
277, 775

Net imports from or net exports (—) to:

France

Belgium

Netherlands

499,870 260,223
315,727. 934, 243

8,902
3

94,348
227,185

United
Kingdom

-187
1,481
1,689
938
31
5
37,114
109, 954
7.101
8,600

56
32, 510
124,052
194, 298
40
40, 423
156, 977
180,141
145, 388

5,786
3, 514
- 2 , 8 9 0 -17,180
-1,792
13
1,493
1,564
4,003 133,157
3,644 202, 983

3

94, 890
3,885
22,061
975
28, 277
37.811
17, 605
2,676
4,727

1
-3,421
—343
2

8 751
38,811

Switzer- Canada
land

12,402
968

629

China
and
Hong
Kong

All

other
countries

Mexico

Colombia

British
India

86, 829
95,171

30,270
13, 667

16,944
10,899

76,820
75,268

16,452
9,431

28,935
56, 453

4,449
10, 968
3,053
8,734
5,770
5, 398
15, 069
9, 368
5,865
9, 060

833
923
948
679
722
753
699
762
880
748

1,407
2
1,752

2,139
2,924
167

1,750

28
6,671
19,821
12, 359
8,913
11,108

334
313
507
448
438
1,127
640
1,125
1,007
1,605

3,972
4,596
3,962
3,215
6,515
3,711
5,141
4,817
3,956
8,774

10, 745
273
1,677
11, 232
1,695
551

764
659
772
713
4,322
14, 584

1, 743

11, 744

1,176
740

1,742
2,100
2,104

5,106
9,720
5,947

385
847
603

10,170
5,185
5,154
5,819
5, 357
8,546

1
1, 746
28

Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce




JULY

601

FEDERAL RESERVE BULLETIN

1936

GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]

United Kingdom
Net imports from or net exports (—) to:
Year or month

Total
net imports
or net
exports

()

1934
1935

716, 269
369, 747

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

- 4 , 279
- 3 6 , 565
66, 557
36, 529
146, 289
118,057
16, 289
39, 016
-36,086
-36,158
18, 285
40, 811

1936—January....
February...
March
April
May

41,974
38, 649
47, 666
77,137
74, 590

United
States

-497,166
-435, 502

France

348,190
142,137

- 7 9 , 628
4,270
-74,127 -17,739
66
26, 612
- 2 0 , 533 - 3 3 , 348
- 3 , 247
69,128
-18,547
86,923
-1,141
- 5 , 719
-12,871
- 5 , 697
-81,032
-5,663
- 8 7 , 929 - 2 , 739
- 3 3 , 744
25, 198
-22,075
910
-12,059
1,136
3,440
- 9 , 465
-12,611

3,202
- 3 , 253
6,738
12, 710
25, 935

Germany

Belgium

121,017
- 4 , 726

-13,585
-17,476

South
America

Netherlands

32, 575
10, 796

17, 568
8,832

-349
36
8,780
2,145
28
-951
51
53 - 1 , 9 9 2
266 - 1 , 0 1 3
33, 237
209 - 1 , 9 6 2
5,780
-593
- 9 4 3 -11,601
-4,416
118 -11,888
1,642
-26
82
-36
23
2
68
217 - 1 , 1 3 6
- 2 0 , 204
50
-6,982
-27
114

381
2,05;
1,195
152
410
292
261
287
322
2, 535
461
480

94
-591
78
33 - 7 , 569
173
-13,354
92
99
-1,409
4,295 - 1 , 3 8 3
1,761
1,875 -17,602

311
138
430
145
31

Canada

26,316
16, 565

Straits
Settlements

British
India

203,711
181, 627

South
Africa,
Rhodesia,
West
Africa

Australia

All
other
countries

92, 737
22,020

4,863
3,198

41, 790
37,981

12
88
296
693
484
429
405
420
70
134
56
54

4,066
3,067
2,685
1,920
2,838

28
1,798
1,798

24,046
19,093
15,457
16, 249
2,962
7,159
5,663
26,102
25,301
11,900
12,857
14,838

5^375
4,148
3,662
3,414
2,842
1,995

37, 231 - 3 , 1 2 4
18, 669
11,105
12, 661
6,503
17,658
20, 823
55,847
11,143
42,473
6,933
33, 532 - 8 , 731
35, 512 -11,032
29,949 - 8 , 6 8 3
44,995 - 7 , 644
33, 325 - 4 , 3 5 3
42, 442
7,265

5,958
4,090
899
1,708

11, 035
11, 685
10,896
9,413
13, 289

56
63
69
87
64

1,
2,037
2,574
3,329
2,167

39,852
26, 454
31,033
55,108
53,802

2,970
424
2,696
3,570
2,831
449

335, 253
404, 295

1,893
1,792
1,558
3.409
2', 883

France

Year or month

Total net
imports or
net exports (-)

Net imports from or net exports (—) to:
United
States

United
Kingdom

Germany

Belgium

Italy

1934
1935

-408,961
-817, 309

-242,363
-909, 665

- 3 5 1 , 729
-120,053

31,036
-13,592

-17,6
-186,937

91,021
195, 369

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

7,796
- 3 2 , 479
19,118
99,395
-195,876
- 3 9 3 , 551
-12,206
50, 770
26, 482
- 6 8 , 693
-246,615
-71,450,

-15,376
-50, 314
648
-28, 566
-77,803
-223,070
414
14
-23, 688
-157,153
-258, 554
-76,217

- 2 , 931
8,670
14, 676
38,332
- 5 3 , 283
-110,834
-13,150
4, 905
8,811
-72
-15,060
-117

115
1
3
-474
-594
-190
-1
-1,990
-700
-9,178
11
-595

-994
-2,497
- 3 , 851
- 2 6 , 395
-109,195
- 5 6 , 265
-45
-1,148
27, 224
4,597
- 8 , 235
-10,133

25, 755

1936—January...
February..
March P . .
April P
M a y p -.---

40,393
23, 375
13, 923
-57,613
-169,641

-890
2,364
12, 209
- 6 , 234
-120,660

- 4 , 695
- 2 , 740
-5,915
- 1 2 , 241
- 2 4 , 575

2.636
-221
2,037
-1
3

-40
-5
1,495
-13,165
-27,139

36, 598
18, 299

-406
620
2,1
27, 417
5,561
89,062
35, 433

Netherlands
74,995
21,183

249
-201
3, 907
-885
-1,101
-650
25, 759
-132
5,221
-11,245
35~
-789
-43
-8,138
- 2 7 , 604
-2,019

Poland

-1,371
7,227
-206
-6
-12
1,995
2
391
-180
-482
-917
-898
7,539
-127
-330
-174
-175
8, 309

South
Africa
746
10, 241

Switzerland
23, 648
176,420

-17,276
2,493

1,231
11,975
111, 292
44, 621
-3,431
1,295
-3,418
236
-1,172
1,100
4,702

300
-629
-137
-1,379
1,667
321
-1,981
-290
606
900
2,397
719

8,110
6,992
3,619
1,060
-3,912

-411
-940
i 8, 791
748
346

7,r~

681

1
1,482

All other
countries

v Preliminary.
1

$9,079,000 imported by France from Spain in March 1936.

NOTE.— United Kingdom.—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.




602

FEDERAL RESERVE BULLETIN

JULY 1936

GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]

Germany

Year or month

Net imports from or net exports (—) to:
Total
Total
net
net
imports
imports
All
or net United
or
net
exports King- France Nether- Switz- U.S. other exports
lands erland S. R. coundom
tries
-90,920
42,969

1934
1935
1935—Jan..
Feb..
Mar.
April
May.
JuneJuly.
Aug..
Sept.
Oct..
Nov.

Dec.
1936-Jan..
Feb..
MarApril.
May.

Netherlands

-109,386 -42,907 -28,114
7,394
5,180
13, 225

163 85,390
6,376

28'
295
112
73S
6, 666
2,876
9,525
4,769
4,355
10, 566
780
2,004

67
-49
-19
-50
-206
1,057
4,504
33
-4
-49
-17
-87

4
5
6
745
418
275
4
3,972
142
7,058
5
591

83
75
-107
87
237
1,014
810
693
480
2,532
680
810

-23
46
-9
-162
26
12
4,113
17
4,014
1,116
67
671

- 2 , 584
-1,307
-258
-1,201
-630

-93
45
-60
- 4 , 343
- 3 , 935

-2, 510
-2,054
-19
3
-1

-189
647
-322
2,932
3,146

77
63
25
22

144
44
1,100

Net imports from or net exports (—) to:
United
GerKing- France many
dom

United
States

Total
net
imports
or net
exports

-18,300
- 2 , 899
510
-120,492
-5,080
-14,797
-26,102
-4,514
-37, 290
-13,080
38, 746
4,749

-15,605
-2,495
37
-97, 632
- 2 , 810
-19,259
-29, 215

()

France

-66
110
-161
64
77 - 1 5 9
617
1,066
-93
-20, 966 - 2 1 0 20, 081
277
162
-289
66'
-862
3,379
- 2 1 , 909
-462
9; 563
- 9 , 436
-86
2,900
249
-160
133
- 1 , 3 3 9 -2, 046
275
10, 564
- 2 3 9 11, 248
-149
-561

27
-197
-136
-862
71
113
-8
-23
9
-114
-86
-52

617
163
319
-15
-929
-210
227
2,283
488
2
199
183

16, 967
131
1,761
10, 425
-8
3,435
7,664
35, 806
574 12, 842
118
31, 083
186
1, 384
91 -27,093 -10,153 - 2 , 206

192 14, 291
170
-339
-3
-40
8,489 - 3 1 2 13, 693
31, 428 -1,568
73
67 -3, 010 -11,829

-11
-474
-47
-66
-391

564
181
569
-166
427

British India

Belgium

Italy

dom

1934
1935

- 4 6 , 065 -12,784 -45,955 - 2 9 , 235 18,397 19,431
647 -54, 858 -181,725 -13,940 25, 542
-230, 788

1935—Jan
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec

-4,125
-15,025
-17,830
-139,633
- 6 3 , 229
- 5 , 640
1,417
9, 328
5,845
1,367
-934
- 2 , 330

-216
-17
-51 -2,108
5 -6,839
324 -31,619
-17, 878
549
1,610
-38
107
3,017
163
1,085
-332
-2,1

- 4 , 344
-16,117
-16,148
-107,021
- 3 8 , 514
2,684
2,998
1,273
-24
881
- 3 , 227
-4,166

1936—Jan
Feb.
Mar
April
May

2,462
6,571
21,413

-195
-518
-841
-131
32 - 4 , 788

- 6 , 783
- 5 , 705
- 3 , 492
7,292
284

_

22, 570
12,896

2,608
3,956

- 3 , 221
-352
-1,299
-20, 890
- 1 , 562
1,375
15, 702
-152
-40, 868 2,861
514
-10,373
- 3 , 026 20,084
5,334

12
218
241
71
91
517
94
54
-276
-93
45

Net imports from or net exports (—) to:

United United
States King-

All
other
countries

Switzerland

3,934 -122,664 -46,040 -31,038 - 7 8 , 610 25, 716 9, 285 -4, 784
905 -198,549 -221, 245 18, 397 - 4 1 , 260 - 5 , 1 4 2 48, 004 -1,257

Switzerland
Year or
month

Belgium

225
415
7
- 5 , 972
-8,651
-1
16
21

All
Neth- other
ercounlands tries
2,580

Total
net
imports
or net
exports

()

1,500 -230, 720
- 6 , 795 -161,872

472 -218
198
2, 689 -90
428
4,734 -202
207
2,110 1,041 -4, 475
303 -409 - 7 6 0
153 - 3 5 2
-74
262 -3, 455
519 3,430
4,080
-766
184
3,312
241 -2, 344
1,343
825
-49
1,849
4,724
-139

-16,334
-17,746
-18,439
- 3 , 675
- 6 , 604
- 3 , 824
- 2 2 , 383
- 2 5 , 464
-11,400
-11,160
-14,540

-137
1,377
567
29
132

-13,809
- 9 , 846
-7,667
-10,351

47 9,496
1,821
9,612
1,724 21, 537
6,970
-3

1,449

34
-16
1,917
i 8,413
15, 794

-10,303

P-8,409

Net imports from or net
exports (—) to:

United
States

United
Kingdom

All
other
countries

Change in:
Gold
production
Private
Re
in
serves holdIndia
ings in
India 2 India 3

-82,183 -144,185 - 4 , 352 11,222
-17, 394 -145, 510 1,032 11,393

173 -219,671
- 6 -150,472

208
-271
146
155
653
254
-818
-233
365
202
232
139

946
903
955
938
954
937
958
961
949
974
953
966

-15,386
-16,844
-17,479
- 2 , 737
- 5 , 650
-2,887
-21,425
- 2 4 , 503
-10,451
-10,186
-13,587
- 9 , 337

-362
-230
-287
249

971
920
968

-12,838
- 8 , 926
- 6 , 699

-1,249 -15,293
-2, 367 -15,108
'-30
10
-6, 309
-2, 648
-1,330
-1, 573
-1,199

- 1 8 , 585
'-3,800
- 6 , 558
- 4 , 078
-21,575
- 1 8 , 922
-9,11'
-10,032
-13,199
- 9 , 243

-559 - 1 2 , 8 8 8
-122
-889

- 9 , 616
- 7 , 258
-9,711

P-9, 383
P-7,441

v Preliminary.
1 $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,933,000 in May 1936.
23 Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred.
Figures derived from preceding columns; net imports plus production minus increase in reserves in India.
NOTE.—Germany, 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. German gold movements by individual countries, beginning with January 1936, are subject
to official revision.




JULY

603

FEDERAL RESERVE BULLETIN

1936

CENTRAL BANKS
Assets of banking department

Bank of England

issue
depart-1
ment)

(Figures in millions of
pounds sterling)

Cash reserves
Coin

1935—Apr. 24
M a y 29
J u n e 26
July 31
Aug. 28
Sept. 25
Oct. 30
N o v . 27 .
Dec. 25
1936—Jan. 29
Feb. 26
M a r . 25
Apr. 29 .
M a y 27.
J u n e 24

Liabilities of banking department

Gold (in

'
_

.

Notes

Discounts
and advances

Securities

Note
circulation

Deposits
Bankers'

192.6
192.6
192.7
192.8
193.4
193.6
194.7
197.6
200.1

.5
.8
.6
.6
.7
.8
.8
.8
.6

59.4
62.2
55.9
44.5
53.8
55.4
54.8
56.3
35.5

5.8
5.3
10.2
10.8
12.9
12.4
11.2
9.5
8.5

97.4
96.7
108.6
100.7
93.5
95.4
98.2
98.4
94.7

393.2
390.4
396.9
408.3
599.6
598.2
599.9
401.3
424.5

98.1
88.0
102.4
75.7
96.9
87.2
82 5
90.9
72 1

7.6
23.1
16.2
24.4
9.4
19.5
26.2
19.7
12.1

39.6
36.0
38.8
38.5
36.5
39.0
38.6
36.5
37.1

17.7
17.8
18.0
18.1
18.2
18.3
17 7
17.8
18 0

200.5
200.6
200.6
202.7
206. 4
216.3

.6
.7
.8
.8
.9
1.0

63.3
60.7
54.1
45.9
40.3
41.5

18.8
11.0
5.0
8.3
6.7
7.6

94.0
96.2
97.0
114.0
104.7
116.1

397.1
400.0
406.5
416.9
426.1
434.8

106 0
106.2
83.6
104.7
78.3
90.8

15.9
8.8
18.0
7.5
19.8
20.0

36.7
35.5
37.0
39.0
36.7
37.4

18 2
18.2
18.3
17.7
17.8
17.9

Assets

1935—Apr. 26
M a y 31
J u n e 28
J u l y 26
Ausr. 30
Sept. 27
Oct. 30
Nov. 29
Dec. 27

Liabilities
Loans on—

Bank of France
(Figures in millions of francs)

. _

1936—Jan. 31
Feb. 28
M a r 27
Apr. 24
M a y 29
June26p

Deposits

Ad-

Foreign
exchange

Domestic
bills

80, 933
71, 779
71,017
71,277
71, 742
71, 952
71,990
66, 191
66, 296

1,066
2,150
1,210
1,240
1,236
1,232
1,262
1,385
1,328

4,280
7,137
8,021
7, 301
7,575
8,060
8,373
11,005
9,712

10
937
735
692
543
192
371
1,090
573

3,094
3,371
3,277
3,171
3,103
3,098
3,141
3,267
3, 253

5,805
5,805
5,805
5,805
5, 890
5,800
5,800
5,800
5,800

7,967
8,691
7,999
8,077
8,212
8, 023
7,939
8,032
7,879

82, 352
82, 776
82,099
81, 128
82, 240
82, 399
83, 306
82, 447
81,150

3,703
2,771
2,983
3,241
3,244
3,051
2,862
2,826
2,862

15,145
12,315
10,969
11,090
10, 666
10,848
10, 647
9,361
8,716

1,954
2,008
2,013
2,105
2,062
2,060
2,059
2,136
2,113

65, 223
65, 789
65, 587
61,937
57,022
53, 998

1,324
1, 309
1,297
1, 305
1,427
1, 298

9,210
9, 758
12,053
14, 392
19, 381
7,725

969
932
671
623
796
1,047

3, 350
3, 250
3,325
3, 349
3,381
3,441

5, 708
5, 708
5,708
5,708
5, 708
5, 708

8,724
8,186
8,028
8, 193
8,134

81,503
81, 239
83,197
82, 557
84, 705
85,107

2,798
2,854
2,889
2,722
1,850
1,304

8,088
8,706
8,434
7,895
6,909
6,528

2,119
2,134
2,148
2,334
2,383

Gold

vances
to
Government

314,382

NegotiaShortble seOther curities
term
Govern- securities
ment securities

Other
assets

Note
circulation
Government

Securities

Reserves

(Figures in millions of

reichsmarks)

Gold

1935—Apr. 30
M a y 31
J u n e 29
July 31
Aug. 31
Sept. 30 ._
Oct. 31
Nov. 30
Dec. 31._ .
1936—Jan. 31
Feb. 29
M a r . 31
Apr. 30
M a y 30
J u n e 30P

_ .

__.

_._

Other

Other
liabilities

Liabilities

Assets
Rei chsbank

Other
liabilities

Other

Public

Foreign
exchange

Other
Treasury bills
(and Security
loans
bills
checks)

Eligible
as note
cover

Other

Other
assets

Note
circulation

Deposits

Other
liabilities

82
82
86
94
95
95
88
88
82

4
4
4
6
5
6
6
5
5

27
63
53
6
35
40
52
56
53

3,861
3,732
3,879
3,833
4,000
4,144
4,058
4,096
4,498

87
86
89
52
54
73
66
78
84

373
338
337
337
340
346
345
346
349

328
324
324
324
324
324
316
315
315

739
775
781
814
781
770
868
922
853

3,711
3,810
3,895
3,878
4,032
4,143
4,159
4,186
4,285

952
770
819
743
743
774
728
806
1,032

837
824
838
845
860
879
911
913
923

77
72
72
70
70
72

5
5
5
5
5
5

79
43
54
71
37

3,884
4,026
4,201
4,353
4,606
4, 699

72
72
56
73
60
56

349
348
336
240
219
220

315
315
321
319
319
311

888
861
771
702
648

4,098
4,177
4,267
4,348
4,430
4,389

679
652
768
688
729
960

891
914
782
798
807

(2)

p Preliminary.
1
Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000.
2
Figures not yet available.
3 This account, in accordance with the Convention of June 18, 1936, between the Bank of France and the Treasury (see p. 536), includes
13,796 million francs of Treasury and other governmental bills formerly not differentiated from other bills. These special bills, which amounted
to 13,833 million francs on June 19, 1936, are being automatically converted, as they mature, into advances to the Government without interest.
The Convention authorizes 24,000 million francs of such advances.
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.




604

FEDERAL RESERVE BULLETIN

JULY

CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936

1935

Central bank

1936

1935

Central bank
May

National Bank of Albania (thousands of francs):
Gold
-Foreign exchange
Loans and discounts
Other assets
...
Note circulation
Demand deposits
Other liabilities..
Central Bank of the Argentine
Republic i (millions of pesos):
Gold at home
1,224
Gold abroad and foreign exchange
121
Negotiable Government bonds. _.
93
Other assets
140
Note circulation
,
1,018
Deposits:
338
Member bank
Government
181
Liquidation Institute
Other
Other liabilities
C o m m o n w e a l t h Bank of 2 Australia (thousands of pounds ):
Issue department:
Gold and English sterling
16,003
Securities.
_
39, 343
Banking department:
Coin, bullion, and cash
1,223
London balances
20, 664
Loans and discounts
11,364
Securities
35, 657
Deposits
65, 901
Note circulation
47,045
Austrian National Bank (millions
of schillings):
Gold
- 243
Foreign bills
86
Domestic bills
220
Government debts
624
Note circulation
958
Deposits
213
National Bank of Belgium (millions of belgas):
3, 597
Gold
1,323
Domestic and foreign bills
160
Loans to State
4,284
Note circulation
969
Deposits
Central Bank of Bolivia (thousands
of bolivianos):
22, 350
Gold at home and abroad
20, 861
Foreign exchange
7,702
Loans and discounts..
Securities:
418, 072
National Government
2,921
Other
162,106
Note circulation...
260, 859
Deposits
Bank of Brazil (millions of milreis):
Cash
Correspondents abroad
Loans and discounts
Note circulation
Deposits.
National Bank of Bulgaria (millions of leva) :
1,607
Gold
Net foreign exchange in reserve.._ -128
489
Total foreign exchange
_
1,385
Loans and discounts
2,671
Government obligations.. _
2,247
Note circulation
2,181
Other sight liabilities

April

March

May-

7,556
18, 209
3,111
5,029
11,545
10, 710
11,650

7,556
18,349
3,170
5,031
11,679
10, 681
11, 746

7,560
21,820
2,449
3,303
14,118
10, 396
10, 616

1,224

1,224

1,224

111
226
140
1,021

121
202
143

123
400
139
964

451
190

447
191

579
148
174
2
20

16,003 16,003 15, 994
40, 341 39, 351 32, 765
1,225
19,314
10, 642
35, 657
63, 902
48,045

1,152
26,513
11,127
35, 657
70, 890
47, 045

897
32, 358
13, 232
35, 873
84, 673
47,050

243
82
218
624
952
210

243
81
218
624
929
234

242
61
232
233

3,429
1,247
160
4,255
750

3,319
1,182
160
4,163
681

3,428
1,403
166
4,031
1,172

22, 243 22, 011
8,640 8,022
7,230 7,575

13, 047
7,801
14, 079

388, 202
328,054
2,921
2,921
3,342
156, 534 152, 521 114,486
225,162 228,000 200, 365
211
379
2,921
10
3,140

281
367
2,935
10
3,216

292
124
3,077
20
2,878

1,591
-128
386
1,372
2,671
2,252
2,094

1,591
-103
364
1,184
2,671
2,373
1,763

1,583
-114
437
884
2,698
2,123
2,309

May
Bank of Canada (thousands of Canadian dollars):
Gold
Sterling exchange
...
United States exchange..
Advances :
Dominion Government
Provincial Goyernments
Government securities:
2 years or less
Over 2 years
Other assets...
Note circulation
Total deposits
_.
Chartered banks
Government
Other liabilities
Central Bank of Chile (millions of
pesos):
Gold and foreign exchange in reserve
Loans and discounts
Government debt
Note circulation
..
Deposits
Central Bank of China 3 (millions of
yuan) :
Gold
Silver..
_._
Foreign exchange...
Due from domestic banks..
_
Loans and discounts
.
Securities.
Other assets
Note circulation
Deposits—Government
Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home and abroad
Foreign exchange...
Loans to member banks
Note circulation
Deposits
National Bank of Czechoslovakia
(millions of koruny):
Gold
Foreign balances and currency._.
Loans and advances
Note circulation
Deposits
Danish National Bank (millions of
kroner):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Bank of Danzig (thousands of
gulden):
Gold
Foreign exchange of the reserve . . .
Other foreign exchange
Loans and discounts
Note circulation
Deposits
Central Bank of Ecuador (thousands of sucres):
Gold 4
Foreign exchange
Loans and discounts
Note circulation
Deposits

April

March

May

179, 733 179, 951 180, 417 106, 936
1,918
1,681
387
191
13,390
7,699
7,097 10, 257
3,000
30, 607
80, 241
4.891
93, 397
213, 503
185,071
27, 235
6,880

28, 602
82, 323
6,794
90, 309
211,688
187, 447
23, 915
7,054

29, 661
81,144
4,527
85, 518
210, 868
188, 203
21,116
6,847

22,090
117,860
5,517
74, 738
181, 588
166, 971
14, 333
6,525

142
102
706
598
275

142
90
706
595
274

142
101
713
537
354

51
230
86
124
210
311
48
269
305
312
50
125

51
211
74
104
213
310
47
254
305
292
30
130

29
116
10
55
103
181
60
94
246
54
17
142

28,013 29, 789 30, 830 26, 301
4,900 5,738
3,658
4,009
2,382
1,477
887
6,489
43, 260 42, 824 41,315 36, 509
29, 095 30, 633 31, 500 25,889
2,695
36
1,261
5,482
464

2,694
44
1,436
5,509
647

2,692
47
1,413
5,413
778

2,687
303
982
5,567
782

118
32
70
392
59

118
27
71
382
60

118
28
73
371
80

133
18
76
375

20, 785 20, 783 20, 766 22, 994
2,021
2, 325 1,723
1,476
5,976
5,934
6,317
136
14, 919 15, 038 15, 893 27, 422
28, 274 31,917
29, 298
3,879
3,480
4,812
2,651
16, 286
10, 335
54,186
42,161
20, 565

1
Bank commenced operations May 31, 1935.
2 Beginning March 1936 all items valued by bank in Australian currency; previously valued partly in Australian currency, partly in sterling.
3 Items for issue and banking departments consolidated.
* By law of Dec. 18, 1935, gold in vault revalued at rate of 9.968331 sucres per gram of fine gold.




605

FEDERAL RESERVE BULLETIN

JULY 1936

CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936

1935

Central bank

1936

! M a y April

March

May

-I-

National Bank of Egypt 1 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
|
Central Reserve Bank of El Salva- |
dor (thousands of colones):
!
Gold
!
Foreign exchange
|
Loans and discounts
,
Government securities
!
Other assets
<
Note circulation
Other sight liabilities
__!
Other liabilities
Bank of Estonia (thousands of ;
krooni):
j
Gold
34,135
Net foreign exchange
3, 220
Loans and discounts
22,444
Note circulation
. 40,997
Deposits—Government
13,580
Bank
9,402
Other
' 2,756
Bank of Finland (millions of mark- :
Gold
501
Balances abroad and foreign
credits
1,248
Foreign bills
I
88
Domestic bills
! 870
Note circulation
1, 501
Other sight liabilities
652
Bank of Greece (millions of drach- '
mas):
!
Gold and foreign exchange
3 265
Loans and discounts
5^ 130
Government obligations
4' 172
Note circulation
; 5' 041
Other sight liabilities
j 6^ 154
Liabilities in foreign exchange
j ' 271
National Bank of Hungary (millions of pengos):
Gold
79
Foreign bills, etc
26
Loans and discounts
506
Advances to Treasury
80
Other assets
110
Note circulation
385
Deposits
119
Certificates of indebtedness
98
Miscellaneous liabilities
172
Reserve Bank of India (millions
of rupees):
Issue department:
Gold at home and abroad
j 444
Sterling securities
I 683
!
Indian Gov't securities
235
Rupee coin
: 605
Note circulation
1 i,695
Banking department:
|
Notes of issue department
! 308
Balances abroad
153
Loans to Government
I
Investments
:
62
Other assets
1
8
Deposits—Government
' 179
Bank
240
Other liabilities
j 111

6, 545
2. 558
5, 016

6,545
3. 269
5, 385

6, 545
2,101
3, 526

39. 555 38. 819 35, 083
5, 867 3, 355
5,309
21, 246 21,639 18, 551
6, 310 7, 587
6,185
23, 384 23,611 16, 543
8. 327 7, 930
8,169
12,917 12, 855 11,978
4, 550 1.582
4,345
680
484
467
6, 842 6, 912 7,478
1,992
1,882
1, 450
14, 800 15, 394 14,180
8,279 8,255 5, 434
3. 392 3.340
3,341
34,125
2, 463
21,453
41,887
14,345
10, 224
2,682

34,124 31, 552
2, 450 2,721
22, 229 11, 361
41, 700 37,184
14,018 9,174
10, 625 9,388
2, 869 2,105

501

501

322

1, 355
83
892
1, 546
689

1,328
87
865
1, 520
657

1,416
87
784
1, 369
543

3, 334
5,140
4,172
5, 791
5,949
256

3, 339
5,155
4,172
5, 670
5, 953
275

3, 604
2, 456
3,289
5,319
3,774
114

79
31
499
80
111
390
109
104
171

79
33
514
80
102
391
121
104
166

79
20
533
60
69
359
98
109
170

444
683
234
591
1,707

444
673
244
594

444
506
411
503
1,643

246
194
40
50
8
65
365
109

268
231

221
175

51
6
86
360
110

55
3
200
144
110

May
Bank of Japan (millions of yen): ~r
Gold
520
Advances and discounts
730
Government bonds
562
Notes issued
1,371
Total deposits
444
Bank of Java (millions of florins):
Gold
Foreign bills
1
Loans and discounts
62
Note circulation
156
Deposits
22
Bank of Latvia (millions of lats):
Gold
46
Foreign exchange reserve
7
Bills
52
Loans
62
Note circulation
37
Government deposits
46
Other deposits
107
Bank of L i t h u a n i a (millions of litu): !
Gold
54
Foreign exchange 2
21
Loans and discounts 2
74
Note circulation
i
108
Deposits
!
45
Netherlands Bank (millions of flor- I
ins):
Gold
684
Foreign bills
1
Loans and discounts
159
Note circulation
763
Deposits
121
Reserve Bank of N e w Zealand
(thousands of pounds):
Gold
2, 802
Sterling exchange
23, 738
Other assets
2,447
Note circulation
10,157
Demand deposits
17.252
Bank
8,078
Government
8,983
Other liabilities
1,578
Bank of Norway (millions of
kroner):
Gold
185
Foreign balances and bills
72
Domestic credits
190
Note circulation
366
Foreign deposits
5
Total deposits
83
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Bills
Note circulation
Deposits
Bank o f Poland (millions of zlotys):
Gold
375
Foreign exchange
Loans and discounts
851
Note circulation
1,061
Other sight liabilities
123
Bank o f Portugal (millions of escudos):
Gold
910
Other reserves
478
Discounts and advances
365
Government obligations
1,046
Note circulation
2, 025
Other sight liabilities
1,041
National Bank of Rumania (millions of lei):
11,005
Gold
Foreign exchange of the reserve...
Loans and discounts
5, 467
Special loans 3
2,445
11,193
State debt

1 Items for issue and banking departments consolidated.
Beginning with July, 1935, foreign exchange includes foreign bills previously reported with loans and discounts.
Agricultural and urban loans in process of liquidation

2
3




1935

Central bank
April

March

May

515
820
554
1,317
580

513
914
533
1.367
657

477
644
521
1.170
420

89
1
59
155
23

85
2
61
154
24

104
1
62
172
30

51
61
38
48
101

46
6
50
59
39
39
101

46
3
59
71
37
49
109

53
21
80
107
50

51
19
87
109
47

101
97
50

710
1
152
766
137

714
1
152
781
121

646
1
186
837
49

2,802
24, 225
2,088
10, 240
17, 272
8, 585
8. 584
1, 602

2,802
24,830
2. 069
10,153
17,903
8,992
8,789
1,645

2,802
22, 789
2,284
9,302
16, 985
4,206
12, 767
1,588

185
76
195
364
5
89

185
46
202
357
4
75

145
48
212
322
7

42, 351
73, 291
86, 950
24,617

41,136
67, 914
84, 925
20, 161

43, 293
62,176
74, 349
26, 839

381
15
809
1,010
148

427
26
736
979
155

509
15
742
952
219

910
460
380
1,046
2. 026
1,033

910
454
364
1, 046
1.998
997

907
439
311
1,048
2,020

10,971

10, 929

5, 553
2,474
11,151

5, 509
2,594
11,179

10, 531
91
5,244
2,787
10,006

606

FEDERAL RESERVE BULLETIN

JULY

1936

CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936

Central bank

May

National Bank of Rumania—Con.
Other assets
Note circulation
Demand deposits
Other liabilities
S o u t h African Reserve Bank
(thousands of pounds):
Gold
Foreign bills.
Domestic bills
Note circulation
Deposits—Government
Bank
Other
Bank of Spain (millions of pesetas) •
Gold
Silver
Balances abroad
Loans and discounts
Note circulation
Deposits
Bank of Sweden (millions of
kronor):
Gold
Foreign assets
,
Domestic discounts and advances Government securities
Other assets
Note circulation
Total deposits
I
Bank
Government
!
Other liabilities
,
Swiss N a t i o n a l Bank (millions of '
francs):
j
Gold
.
|
Foreign balances and bills
I

1935

April

March

11, 549 11,941
21, 983 22,401
8,780
10,896 11,110
22,923 22,931
10, 389 9,446
99
67
15,013 13,068
2,918 4,481
22, 648 21, 508
3,995
4,423

i Liabilities of banking department.

2,202
669
287
2,690
5,424
1,079

2,228
676
300
2,668
5,354
1,068

484
522
42
29
209
773
397
88
293
114

461
565
39
29
190
780
391
161
193
111

1,484

1,516
12

1936

1935

Central bank
May

May

Swiss National Bank—Continued
Loans and discounts
11,871 10, 736
Note circulation
23, 056 20,937
Demand deposits
7,856 8,804
11,169 9,654 Central Bank of t h e Republic of
Turkey (millions of pounds):
Gold
.
29,644 27,100
Foreign exchange
Loans and discounts
5,208 6,034
74
Investments
161
Other assets
j
13, 585 13, 539
Note circulation
!
2,677
7,269
Deposits
j
26, 444 25,063
Other liabilities
!
4,736
2,941
Bank of the Republic of Uruguay j
(thousands of pesos):
2,228 2,270
Issue department:
689
700
Gold and silver
311
285
Note circulation
2,584 2, 354
Banking department:
5,171
4,560
Cash reserves
1,105
Loans and discounts.
Other assets
354
Deposits627
Demand
45
55
Time
29
137
Ministry of Finance
186
113
Other
795
683
Other liabilities
401
505 National Bank of t h e K i n g d o m of
226
Yugoslavia (millions of dinars):
146
Gold
105
Foreign exchange
Loans and discounts
Advances to State
1,509
1,193
Note circulation
14
31
Other sight liabilities

April

March

May

151
1,302
373

143
1,311
403

152
1,319
411

281
1,302
244

20
11
187
25
163
39
73

30
19
14
188
24
163
39
72

30
17
13
188
25
165
36
70

29
11
13
186
22
158
23
79

41,091 41,091
81, 330 84, 395 75, 847
40, 309 37,124 51, 037
91,647 94, 557 98, 757
54,838 56, 885 43, 227
30, 234
42,019
20. 694
20, 842
73,005
1,522
341
1,623
2,273
4,844
1,625

1,497
307
1,617
2,272
4,824
1,553

31, 973 31, 736
41, 874 39, 753
20,994
20, 738 2,818
72, 988 42,868
1,490
313
1,642
2,272
4,904
1,481

1,332
220
1,789
2,291
4,446
1,239

(See BULLETIN for December 1935.)

BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]

Liabilities

Assets

Gold in bars
Cash on hand and on current account
with banks
D e m a n d funds at interest
Rediscountable bills and acceptances
(at cost):
Commercial bills and bankers' acceptances
Treasury bills
Total
Time funds at interest—Not exceeding
3 months
Sundry bills and investments:
M a t u r i n g within 3 months:
Treasury bills
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 m o n t h s :
Treasury bills
Sundry investments
Total
Other assets:
G u a r a n t y of central banks on bills
sold
Sundry items
Total assets




May

April

May

32, 292

23, 200

16, 210

Demand deposits (gold)

7,765
15, 308

9,538
14,094

2,514
14, 903

Short-term deposits (various currencies) :
Central banks for own account:
Demand
Time—Not exceeding 3 months

154, 212
176, 390

137,125
188, 792

131,020
219, 974

330, 602

325, 917

350, 994

33,994

38, 952

33,881

28, 944
41, 481

27,158
61, 993

36, 535
44, 513

29,365
84, 964

21, 385
63, 683

32, 269
53, 313

41, 388
1,765

51, 583
1,694

18, 857
35, 402

227,908

227, 496

220, 889

1,330
7,045

6,213
6,566

6,137
4,548

656, 243

651, 976

650,075

Total
Central banks for account of others:
Demand
Time—Not exceeding 3 months
Other depositors:
Demand
:
Time—Not exceeding 3 months
Long-term deposits:
A n n u i t y trust account
German Government deposit
French Government guaranty fundFrench Government deposit (Saar).
Total
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund
Other liabilities:
Guaranty on commercial bills sold.
Sundry items
Total liabilities

May

May

April

24,110

19, 309

14,930

24,095
113,615

23, 606
108,075

22, 722
104, 228

137,711

131,681

126,950

5, 435
2,994

7,679
2,989

9,838
2,953

119
333

522
684

1,577
2,120

154, 905
77,453
61, 930
2,031

154,764
77, 382
61, 930
2,031

155, 428
77, 714
61, 930
2,031

296, 318

296,106

297,102

125,000

125, 000

125,000

3,784
6,092
12,183

3,324
5,845
11,690

3,324
5,845
11,690

1,334
32, 837

6,265
40, 882

6,252
33,036

656, 243

651,976

650,075

JULY

607

FEDERAL RESERVE BULLETIN

1936

COMMERCIAL BANKS
[Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures]
Assets
United Kingdom
(Figures in millions of pounds sterling)

Money at
Cash
call and Bills disreserves
counted
short
notice

Liabilities

Securities

Loans to
customers

Deposits

Other
assets

Demand 1

Total

Time 1

Other
liabilities

10 London clearing banks
1935—September.
October
November.
December.
1936—January..,
February..
March
April
May

204
214
221
220
221
210
220
213

299
297
293
322
337
288
249
234
301

147
141
147
159
155
151
155
154
152

619
626
621
605
601
601
605
607
610

766
111
778
784
791
804
829
843
843

205
213
214
231
218
218
221
224
218

2,024
2,036
2,040
2,091
2,092
2,053
2,038
2,082
2,113

1,080
1,064
1,080
1,140

903
921
918
924

221
224
227
231
230
231
230
229
228

2,164
2,123
2,108
2,154
2, 185

1,166
1,125
1,123
1,145
1, 156

937
940
951
974
992

242
242
241
240
239

11 London clearing banks 2
1936—January __
February
March....
April
May

229
217
227
220

346
295
252
258
309

159
157
162
161
159

630
629
635
637
640

815
828
854
868
870

227
227
230
233
227

Assets

Liabilities

France
(4 large banks. Figures in millions of
francs)
1935—September,
October.. _
November.
December.
1936—January...
February..
March
April

Cash
reserves
4,075
3,996
3,909
3,739
3, 451
3,431
3,587
3,517

Due from Bills discounted
banks
17, 585
17, 692
16, 529

2,364
2,413
2,759
2,484
2,563
2,528
2,617
2,902

16,141

16, 601
16, 470
16,135
16,199

Total

1,489
1,620
1,751
1,900
1,086
1,101
1,222
1, 270

7,450
7, 505
7,718
8,025
7,765
8,006
7,700
7,677

Demand
28,016
28,101
27,406
26, 859
26, 859

28, 684
28,800
28,110
27, 553
27, 548
27, 603
27,194
27, 410

26,522
26, 714

(5 large Berlin banks. Figures in milCash
lions of reichsmarks)
reserves

Due
from
banks

Bills dis- Loans
counted

Securities

1

700
672
696

Other
assets

Total

Demand

Time




4,043
4,158
4,226
4,399
3,568
3, 595
3,677
3,757

Credits
obtained
from
banks

Other
liabilities

341
314
316

2,035
2,167
2,162

2,918
2,889
2,884

1,061
1,033
1,027

993
983

5,382
5,408
5,376

2,436
2,451
2,435

2,947
2,957
2,941

701
682

1,463
1,463
1,449

134
128
186
136
141

306
307
317
301
300

2,294
2,275
2,285
2,429
2,406

2,847
2,900
2,890
2,847
2,884

1,003
987
982
973

958
945
935
916
873

5,460
5,472
5,544
5,595
5,621

2,480
2,409
2,560
2,585
2,622

2,980
3,063
2,985
3,010
2,999

659
652
651
644
636

1,423
1,417
1,399
1,363
1,327

980

Liabilities

Entirely in Canada

223
235
229
228
220
224
227
228
225

965
982
945
874

157
132
151
141
150
151
154
145
131

1,103
1,116
1,137
1,155
1,207
1,265
1,316
1,314
1,345

Other
assets

464
476
453
485
472
444
459
478
446

Note
circulation

123
121
124
111
112
118
117
114
116

Deposits payable in Canada excluding interbank
deposits

Total

2,131
2,151
2,174
2,180
2,144
2,152
2,197
2,229
2,193

Demand

687
685
645
635
665
692

Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total.
2 District Bank included beginning January 1936.
Combined monthly balance sheet not published for December.
NOTE —For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390

3

236
268
329
337
349
338
391
397

Other
liabilities

195
156
139

Security
loans
abroad
and
net Securi(10 chartered banks. Figures in milties
Other
due
lions of Canadian dollars)
Cash
from
Security loans
reserves loans and dis- foreign
counts
banks
1935—September.
October....
November.
December.
1936—January.._
February..
March
April
May

669
699
704

Deposits

Assets
Canada

Own
acceptances

Time

Liabilities

Assets

Germany

1935—September..
October
November..
December 3 .
1936—January
February...
March
April
May

Deposits

Other
assets

Loans

Time

1,444
1,465
1,474
1,486
1,499
1,517
1,532
1,536
1,527

Other
liabilities

734
744
748
745
745
761
783
767
753

608

FEDERAL RESERVE BULLETIN

JULY 1936

DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective

United
GerNether- SwitzerKingdom France many Italy lands
land

In effect Aug. 1, 1935
Aug. 3
Aug. 9
Aug. 12
Sept. 9
Sept. 17
Oct. 17
Oct. 22
Nov. 5
...
Nov. 14
Nov. 15..
Nov. 22
Nov. 26
__
Jan. 2, 1936
Jan. 10
Jan. 16
Feb.4
Feb. 7
Mar. 28
May 7
May 18
May 30
June 4
June 24
June 25
June 26
June 30 ..
July 7
July 10
. .
In effect July 10,1936

2

3
5

4

3H

~VA
6
5
4H
4
3H

3
2.H
33^
5
6
--AlA~
33^2
4^

Date
effective
May
Apr.
July
Jan.
July
July

18, 1936
7, 1936
1, 1935
1, 1933
1, 1936
7, 1936

Mar.
May
May
Oct.
c
May
Dec.
May
July
Dec.
May
Mar.

2, 1936
24, 1933
20, 1932
26, 1933
12, 1936
15, 1934
15, 1933
15, 1935
1, 1933
3, 1935
2, 1933

June 30, 1932
Mar. 22, 1927
Feb. 1, 1935

Corrected.
Changes since June 4: Albania—June 15, down from 7}4 to 7 percent;
France—June 24, down from 6 to 5 percent; June 26, down from 5 to 4
percent; July 10, down from 4 to 3}4 percent; Netherlands—June 25, down
from \}/2 to 4 percent; June 30, down from 4 to 3^£ percent; July 7, down
2lA from 3>| to 3 percent.

! *
4

Rate
July
10

c

4

4

2

Central
bank of—

5*

5

5

Date
effective

7 June 15, 1936 Italy
2K Albania
4H
Argentina
Mar. 1, 1936 Japan
3.29
Austria
July
10,
1935
Java
4
Wi
Belgium...
Mav 16, 1935 Latvia
2
Bolivia
6 July 5, 1932. Lithuania
Nov. 28, 1935 Netherlands.
British India
3
Aug. 15, 1935 New ZeaBulgaria. ._
6
Canada
land
. VA
2V2 Mar. 11, 1935
Jan.
8, 1936 Norway
Chile
3*-4J
Wi
cJuly 19, 1933 Peru
Colombia.__
6
Poland
Czechoslo5
Jan. 1, 1936 Portugal
vakia
3
4^
Danzig
Oct. 21, 1935 Rumania
5
±lA
Denmark. __
3 ^ Aug. 22, 1935 South Africa VA
Nov. 30, 1932 Spain
Ecuador
5
July 5, 1934 Sweden
El Salvador5
2H
Oct. 1, 1935 Switzerland- 23^
Estonia
Dec. 3, 1934 Turkey
Finland
&A
July 10, 1936 United,KingFrance
4
Sept. 22, 1932
dom
Germany
2
7
Oct. 14, 1933 U. S. S. R.._ 8
Greece
4
Aug. 29, 1935 Yugoslavia.. 5
Hungary

3

4
5
6
5
4

Rate
July
10

Central
bank of—

3

MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]

Month

Bankers'
Treasury
bills, 3
acceptances,
months
3 months

Netherlands (Amsterdam)

Germany (Berlin)

United Kingdom (London)
Bankers'
Day-to-day allowance
money
on deposits

Private
discount
rate

Money for Day-to-day
1 month
money

Private
discount
rate

Money for
1 month

1935—May
June
July
August
September.
October. __
November.
December.

.59
.71
.65
.60
.58
.63
.57
.71

3.09
3.00
3.00
3.00
3.02
3.04
3.01
3.00

3.10
2.93
2.97
3.00
3.07
3.26
3.10
3.23

3.17
3.16
3.10
3.06
3.21
3.13
3.07
3.15

3.78
4.42
3.25
4.78
5.48
4.70
3.15
3.20

2.96
3.83
2.77
4.72
5.65
5.00
3.00
3.08

1936—January ___
February._
March
April
May

.56
.55
.56
.55
.55

3.00
3.00
3.00
3.00
2.92

3.09
2.97
3.07
3.04
2.89

2.81
2.77
2.99
2.83
2.76

2.37
1.31
1.20
1.19
2.27

2.29
1.63
1.68
1.27
1.82

Month

Switzerland

Belgium
(Brussels)

France
(Paris)

Italy
(Milan)

Private
discount
rate

Private
discount
rate

Private
discount
rate

Private
discount
rate

1935-May
June
July
August
September.
October. __
November.
December.

2.39
2.60
2.79
2.47
2.40
2.37
2.44
2.50

2.12
1.88
1.88
1.88
1.88
1.88
1.88
1.88

2.56
5.72
4.06
3.06
2.85
2.71
3.89
5.89

3.50
3.50
3.50
4.17
4.87
5.00
5.00
5.00

1936—January—_
FebruaryMarch
April
May

2.48
2.37
2.26
2.25
2.25

1.52
1.45
1.38
1.38

4.26
3.81
3.74
5.03
5.60

5.00
5.00
5.00
5.00
5.00

Sweden
(Stockholm)

Hungary
Prime
commercial paper

A

up
Day-to-day Loans
to 3
money
months

-7
-7
-7
-7

3
3
3
2%

4 -6
4 -6
4 -6

2%
2K
2%

4
4
4
4

Japan (Tokyo)
Call
Discounted
money
bills
overnight
5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.11

2.40
2.45
2.45
2.60
2.62
2.69
2.78
2.69

5.11
5.11
5.11
4.97

2.64
2.56
2.87
3.11

NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, and
VIay 1930, p. 318.




609

FEDERAL RESERVE BULLETIN

JULY 1936

FOREIGN EXCHANGE RATES
[Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Argentina

Year or month

(peso)i
1929
1930 .
1931
1932
1933
1934
1935
1935—June
July
August
September _
October
November..
December..
1936—January
February.—
March
April
May
_
June

95.1274
83. 5050
66. 7375
58. 4433
3
72. 8009
33. 5793
32. 6585
32. 8687
33.0262
33.1204
32. 8563
32. 7140
32. 8152
32. 8542
33. 0742
33. 3291
33.1346
32. 9541
33.1114
33. 4181

Year or month

Denmark
(krone)

1929 .
1930
1931
1932
1933
1934....
1935
1935—June
July
August
September _
October
November..
December. _
1936—January
FebruaryMarch ... _
April.
May
.
June

Year or month

1929

1930
1931
1932
1933
1934
.
1935
1935—June
July
August
September _
October
November. _
December. _
1936—January
FebruaryMarch.
April
May
June_

AusAustria Beltralia
(schilgium
(pound) 2 ling)! (belga)
480.83
458. 60
351. 50
279. 93
337. 07
400. 95
388. 86
391. 28
393. 31
394. 52
391. 52
389. 61
390. 90
391. 28
394. 50
398. 06
396.01
393. 72
396. 09
399. 99

14.0575
14.0891
14. 0227
13. 9599
15. 4478
18.7930
18. 8309
18. 8821
18.9148
18. 9405
18.8453
18.8117
18. 7753
18. 7828
18. 8320
18. 9708
18. 8548
18. 7242
18. 7222
18. 7587

Brazil
(milreis)i

British
India
(rupee)

13.9124 11.8078 36. 2020
13.9524 10.7136 36. 0672
13.9285
7.0290 33.6895
13.9137
7.1223 26. 3468
17. 8996 7. 9630 31.8159
23. 2867 8. 4268 37. 8793
18. 4241 8. 2947 36. 9640
16. 9393 8. 3122 37.1944
16.9117
8. 3146 37. 3467
16. 8878 8. 3657 37. 4849
16.8618
8. 3378 37. 2082
16. 8468 8. 3791 37.0217
16. 8946 8. 3792 37.1419
16. 8565 8. 3902 37. 2008
16. 9355 8. 4167 37.4606
17. 0416 8. 3803 37. 7344
16. 9787 8.4871 37. 5101
16. 9146 8. 5564 37. 3153
16.9378
8. 5755 37. 5038
16. 9065 8. 6310 37. 8716

GerE g y p t Finland France many Greece
(drach(reichs(franc)
(pound) markka
ma)
mark)

26.6802
26. 7650
25.0581
18. 8317
19. 0709
22. 4998
21. 8834
22. 0458
22.1303
22.1848
22.0112
21. 9092
21. 9834
22. 0012
22.1526
22.3211
22.1898
22.0644
22.1838
22.4054

498.0689
498.6002
465.1111
359. 5406
434. 3908
516.8549
502. 6007
505. 9839
508. 3151
509. 5780
505.5597
503. 2065
504. 9614
505. 3533
508. 8316
512. 7045
509. 6623
506. 7796
509. 5541

Norway
(krone)

Poland

26. 6827
26. 7598
25. 0546
18.0039
21. 4292
25. 3161
24. 6268
24. 7910
24.9062
24.9482
24. 7710
24. 6570
24. 7399
24. 7605
24. 9316
25.1214
24. 9735
24.8335
24. 9689
25. 2178

11.1940
11. 2051
11.1970
11.1823
14.4135
18. 8460
18. 8824
18.9146
18.9574
18. 9567
18. 8450
18. 8361
18. 8249
18. 8486
18. 9311
19.1315
18.9623
7
18. 8262
7
18. 7922
7
18. 7998

2.5160
2. 5169
2.3875
1. 5547
1. 8708
2. 2277
2.1627
2.1782
2.1859
2.1907
2.1742
2.1645
2.1719
2.1745
2.1890
2. 2063
2.1928
2.1807
2.1901
2. 2098
Portugal

(zloty) (escudo)
4. 4714
4. 4940
4.2435
3.1960
3. 9165
4. 6089
4. 4575
4. 4856
4. 5095
4. 5153
4. 4868
4. 4703
4. 4787
4. 4854
4. 5120
4. 5489
4. 5155
4. 5092
4.5115
4. 5455

3.9161
3. 9249
3.9200
3. 9276
5.0313
6. 5688
6. 6013
6. 6121
6. 6242
6. 6262
6. 5908
6. 5892
6. 5862
6. 5986
6. 6251
6. 6810
6. 6338
6. 5898
6. 5858
6. 5934

Rumania
(leu)
0. 5961
.5953
.5946
.5968
.7795
1.0006
.9277
1. 0078
1.0004
.9351
.8077
.7965
.7899
.7879
.7879
.7632
.7377
.7330
.7309
. 7273

Bulgaria

Colombia

Cuba

96. 5512
96. 4930
96. 5697
95. 2750
81. 6966
61. 7799
56.0110
54. 4068
52. 9692
53. 2263
55. 9846
57.3115
56. 5948
57.0300
57. 3900
58. 2683
57. 2235
57.0023
57.0044
56. 9000

99.9647
99.9515
99.9295
99. 9409
99.9464
99. 9362
99. 9198
99. 9182
99. 9194
99. 9185
99.9200
99. 9200
99.9200
99. 9200
99.9231
99. 9209
99. 9025
99. 9025
99.9000
99.9000

Chile
(peso)i

China

(dollar)

0. 7216 99.2472
.7209 99. 8424
.7163 96. 3528
. 7193 88.0896
1. 0039 91. 9587
1. 2852 101. 0060
1.2951 99. 4933
1. 3070 99. 9078
1. 3149 99. 8322
1. 3332 99. 7799
1. 2935 99. 2563
1. 3239 98.5800
1. 3404 98. 9236
1. 3309 99. 0453
1. 3446 99. 9297
1. 3380 100.1136
1. 2902 99. 8421
1. 2812 99. 5019
1. 2844 99. 8060
1. 2838 99.7206

12. 0601
12.0785
12.0669
7. 9079
7. 6787
10.1452
5. 0833
5. 0996
5.0990
5. 0633
5. 0515
5. 0694
5. 0950
5. 0937
5. 0950
5. 0950
5. 0930
5. 0853
5.0775
5. 0659

41. 9007
29. 9166
22. 4369
21. 7357
428. 5979
34. 0937
36. 5707
40. 4002
38. 6791
36. 8645
37. 6226
35. 6091
29.6485
29. 4496
29. 6594
29.9116
29. 8243
29. 7339
29. 6900
29. 8896

Italy
(lira)5

Japan

Mexico

(yen)

(peso)

5. 2334
5. 2374
5. 2063
5.1253
6. 7094
8. 5617
8. 2471
8. 2566
8. 2259
8. 2074
8.1409
8.1243
8.1024
8. 0750
8. 0276
8. 0373
7. 9830
7. 8936
7. 8560
7. 8645

46.0997
49. 3898
48. 8509
28.1112
25.6457
29. 7153
28. 7067
28. 9931
29.1510
29. 3192
28. 9378
28. 6687
28.6828
28. 7386
28. 9932
29.1299
28. 9381
28. 8688
29.0754
29.3924

(lev)i

Canada

Hong
Kong

Hungary

47.1669
33. 8530
24. 3305
23.4604
29.4516
38. 7156
48. 2173
57. 5162
53.0310
50. 3262
50. 0547
48. 9702
36. 4772
32. 7016
32. 2051
32. 7955
32. 5619
32. 5247
32. 4629
32. 2598

17. 4414
17. 4939
17. 4522
17. 4460
22.3598
29. 5746
29. 6023
29. 5062
29. 6809
29. 7010
29. 6240
29. 6367
29.6242
29. 6185
29. 6778
29. 7856
29. 6168
29.4781
29. 4241
29.4581

(dollar) (pengo)1

(peso)1

(yuan)

Czechoslovakia

(peso) (koruna)
2. 9609
2. 9640
2. 9619
2. 9618
3. 8232
4. 2424
4.1642
4.1828
4.1729
4.1571
4.1363
4.1411
4.1363
4.1433
4.1602
4.1936
4.1637
4.1359
4.1432
4.1375

New
Netherlands Zealand

(florin) (pound) 2

48.1830
47.1331
35. 4919
31. 8500
28.1025
27. 7423
27. 7779
27.7781
27. 7660
27. 7521
27. 7558
27. 7631
27. 7673
27. 7675
27. 7677
27. 7691
27.7666
27. 7679
27. 7625
27. 7644

40.1622
40. 2251
40. 2298
40. 2949
51. 7209
67. 3831
67. 7147
67. 8743
67. 9862
67.7819
67.5556
67. 7416
67. 8024
67. 7696
68.1734
68. 6769
68. 3526
67. 8854
67.6335
67. 6861

United
Straits
KingSettle- S w e d e n SwitzerTurkey
land
dom
m
e
n
t
s
(pound) (peseta) (dollar) (krona) (franc) (pound) (pound)

Uruguay

Yugoslavia

(peso)*

(dinar)

23.8086
23. 8541
23. 6302
23.7492
30. 5179
39. 3751
40. 2575
40. 4072
40. 3538
40. 3456
40.2278
40.2251
40. 2251
40. 2167
40. 3966
40. 6870
40. 4389
40. 2383
40.2845
40. 2730
South
Africa

1.2934

1. 2959
1. 2926
.8320
.7233
.9402
.9386
.9423
.9442
.9437
.9384
.9391
.9390
.9383
.9424
.9509
.9457
.9389
. 9338
.9316

6

Spain

2

483. 27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
488.06
490.61
488. 74
488.42
485. 63
487. 08
487.44
490. 83
494. 51
491. 56
488. 76
491. 59
496. 53

14.6833
11.6670
9. 5453
8.0438
10. 7189
13. 6150
13.6783
13. 6982
13.7259
13.7296
13. 6569
13. 6537
13.6477
13. 6704
13. 7274
13. 8412
13. 7450
13. 6540
13.6454
13.6591

56.0117
55. 9639
52. 4451
40.3970
49. 2320
59.0052
57.1733
57. 3762
57. 5466
57. 8282
57. 6180
57.4404
57. 6071
57.6112
58. 0574
58. 5530
58. 2430
57.9389
58. 2400
58.8329

26. 7839
26. 8543
25. 2540
18. 4710
22.0324
25. 9815
25. 2710
25. 4408
25. 5583
25. 6227
25.4219
25.3030
25. 3877
25. 4092
25. 5829
25. 7779
25. 6258
25. 4817
25. 6194
25.8769

19. 2792
19. 3820
19. 4009
19.4049
24.8355
32. 3663
32.4972
32. 6800
32. 7474
32. 7180
32. 5042
32. 5326
32.4449
32. 4323
32. 6622
33.0330
32.8206
32. 5800
32. 3905
32. 4254

48. 4105
47.0608
47.1814
47. 2854
60.4396
79.0472
80. 3123
80.6688
80. 6550
80.8063
80. 2667
80. 2442
80.2674
80.1536
80.6850
81.3030
80.8184
80. 2835
80. 2776

485. 6879
486. 2126
453. 4990
350.6067
423.6821
503. 9302
490.1761
493. 4922
495. 7659
496.9880
493.0654
490.7834
492. 4950
492. 8772
496. 2696
500.0469
497.0675
494. 2682
496. 9742
501.9239

98. 6294
85.8650
55.3572
47.0639
60.3360
79. 9562
80. 2513
80. 3547
80.4841
80. 5377
80.1204
80.1885
80.1500
80.2075
79. 9466
80.2582
80.0216
79. 7692
79. 7200
79.7091

483. 21
468. 22
415. 29
320.19
340.00
402.46
391. 26
393. 54
395. 65
396. 86
393. 69
391. 86
393. 74
394.32
397. 53
401.15
399. 08
396. 80
399. 02
402. 84

1. 7591
1. 7681
1.7680
1.6411
1. 7607
2. 2719
2. 2837
2. 2913
2. 2965
2. 2973
2. 2823
2. 2834
2.2858
2. 2886
2. 2991
2. 3196
2. 3030
2. 2882
2. 2866
2. 2871

1 Partly or wholly nominal since April 1933.
Partly or wholly nominal since April 1934.
Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for Jan.
1-Dec.
10.
4
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.
s Nominal from Nov. 23, 1935, to Apr. 1, 1933, inclusive.
6
Silver peso quoted in plac8 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.
' Nominal beginning Apr. 28, 1936.
2
3




610

FEDERAL RESERVE BULLETIN

JULY 193ft

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
United
France
Germany
Italy
Canada Kingdom
States
(1926=100) (1926=100) (1930 = 100) (1913 = 100) (1913 = 100) (1913 = 100)

Year or month

100
95
97
95
86
73
65
66
75
80

Netherlands
(1926-30 =
100)

Japan
(October
1900=100)

695
642
645
627
554
502
427
398
376
338

134
138
140
137
125
111
97
93
98
102

602
495
462
445
383
328
304
280
273

237
225
226
220
181
153
161
180
178
186

106
103
102
100
90
76
65
63
63
62

1935—February..
March
April
May
June
July

August
September.
October
November.
December.

343
335
336
340
330
322
330
332
342
348
354

101
101
101
101
101
102
102
102
103
103
103

278
288
296
302
308
310
323
330

184
184
182
182
180
180
183
189
194
194
192

62
61
61
61
61
61
61
62
63.
63
63

1936—January...
February..
March
April
May

359
372
376
371
374

104
104
104
104
104

192
191
191
192
192

62
62
62
61
61

1926
1927
1928
1929.
1930
1931
1932
1933
1934
1935.._

100

100

90

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
U n i t e d S t a t e s (1926=100)

Year or month
Farm
products

1926
1927
1928
1929
1930
1931
1932 .
1933
1934
.
1935

. .
. .

.

.

1935—February
March
April
May...
June
July
August
September
October...
November
December
1936—January
February
March

_

. _.

April

May

Foods

Other
commodities

United Kingdom
(1930=100)

Foods

100
99
106
105
88
65
48
51
65
79

100
97
101
100
91
75
61
61
71
84

100
94
93
92
85
75
70
71
78
78

100
89
88
83
85
87

79
78

77
79
80
78
78
78

83
82
85
84
83
82
85
86
85
85
86

77
77
77
78
78
78
78
78
78
79
79

78
80
77
77
75

84
83
80
80
78

79
79
79
79
79

F r a n c e (1913 = 100)

Indus- AgriculFarm
Indusand food
trial
trial
tural
products products products products

Provisions

IndusIndustrial raw
and semi- trial fin
ished
finished
products products

100
87
85
87
90
90

581
599
584
579
526
542
482
420
393
327

793
678
697
669
579
464
380
380
361
348

129
138
134
130
113
104
91
87
96
102

132
129
133
125
113
96
86
75
76
84

130
132
134
132
120
103
89
88
91
92

150
147
159
157
150
136
118113
116

87
85
85
86
86
85
86
88
89
88
89

89
88
89
90
89
90
90
90
92
93
93

339
329
325
324
307
292
311
322
331
338
350

346
340
345
353
351
347
347
341
351
357
356

100
99
100
101
102
103
104
104
104
105
105

81
83
84
84
86
85
85
84
84
84
84

92
91
91
91
91
91
91
92
93
93
93

120
120
120
119

89
88
87
87
88

93
94
94
94
94

364
391
396
385
392

355
356
358
359
358

105
105
105
105
105

84
85
85
85
85

93
94
94
94
93

120
120
120
120
121

Sources.—See BULLETIN for March 1931, p. 159, March 1935, p . 180, and October 1935, p. 678.




G e r m a n y (1913 = 100)

119
1191
119119
119

611

FEDERAL RESERVE BULLETIN

J U L Y 1936

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES

COST OF LIVING

[Index numbers]

[Index numbers]

United
States

Year or month

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1935—May .

England
(July
1914=100)

France
(July
1914=100)2

Germany

105
100
82
68
66
74
80

161
156
157
154
145
131
126
120
122
125

113
113
112
124
125
124
109
100
98
86

146
153
153
156
146
131
116
113
118
120

1926
1927
1928
1929
1930
1931 . .
1932
1933 . . 1934
1935 .

81
82
80
80
80
80
82
82

118
120
126
126
125
128
131
131

86
86
83
81
81
85
87
88

120
121
123
123
121
120
120
121

1935—May

82
81
80
80
80

131
130
129
126
125

90
91
91
90
93

122
122
122
122
122

1936—January
February
March
April
May

(1923-25 =
100)1

.

June
July .
August
September
October
November
December

1936—January __
February
March
April
May
___

(191314=100)

United
States

Year or month

(192325=100)

_

June
July
August
September
October
November
December

103
102
100
99
97
89
80
76
78
81

80
81

81

-

81

England
(July
1914=100)

170
164
166
164
158
148
144
140
141
143
139
140
143
143
143
145
147
147
147
147
146
144
144

France
Germany
(Jan.-June
(19131914=100)2
14=100)
103
104
105
113
118
116
107
106
105
98

142
148
152
154
148
136
121
118
121
123
123
123
124
125
123
123
123
123

99
95
97

124
124
124
124
124

99

i 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 G6n6rale, and for cost of living, Commission d'etudes
relatives au cout de la vie a Paris.
J

SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
(average1
price)

Year or month

Number of issues
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935

__- .

_

_

.
-_- -_

1935—May

June
July
August
September
October
November
December

_
._.__

1936—January
February _
March
April
May

Common stocks (1926 average = 100)

England
France G e r m a n y
(December (1913 aver- (average2
1921 = 100)2 age =100)
price)

United
States^

England 2

France

Germany

'419

278

300

85 5
81.4
83.3
4
83. 4
4 67.1
82.5
90.7
95.3

100.0
118.3
149.9
190.3
149.8
'94.7
'48.6
'63.0
'72.4
'78.3

100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
86.3

100.0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
83.3
79.7

100.0
145.0
136. 1
122.8
100.2
* 78.0
4 50.3
61.7
71.1
82.9

82.4
82.8
82.4
83.9
82.7
82.1
78.8
79.1

95.3
95.3
95.3
95.4
95.1
94.9
94 9
94.9

73.1
'75.5
'78.8
'83.0
85.0
'85.2
'93.3
'95. 3

86.0
86.9
86.9
88.3
84.7
84.6
88.9
90.2

88.0
82.4
77.7
79.0
76.4
77.3
76.8
77.3

83.5
86.0
86.8
87.6
85.0
83.5
82.1
81.9

78.9
77.9
75.2
75.8
74.7

95.1
95.2
95.3
95.3
95.5

'100.1
'106. 1
108.7
'108. 9
101.0

93.1
95.2
94.1
95.5
93.8

83.7
86.7
84.1
82.8
71.2

84.2
86.0
85 6
88.3
91.1

60

87

36

97.6
100.7
100.8
98.0
99.3
90.9
69.5
73.4
84.5
88.6

110.0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
129.9

57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
83.5

87.1
88.3
89.2
89.9
90.4
89.8
91. 1
92.5

131.3
130.3
131.5
129.8
124.3
125.5
128.9
129.5

95.3
97.2
96.6
95.9
95.5

130.1
131.0
130.2
131.5
131. 1

139

329

' Revised.
1
Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. This series replaces former series now discontinued which included 45 corporate and 15 municipal bonds.
2 Annual indexes are unweighted averages of monthly indexes.
a Number of issues revised to represent more accurately the stocks included. Averages revised back to 1930.
4 Exchange closed from July 13 to Sept. 2, 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, and June 1935, p. 394.




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