Full text of Federal Reserve Bulletin : March 1935
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FEDERAL RESERVE
BULLETIN
MARCH 1935
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banking Developments
Annual Report of Bank of France
National Summary of Business Conditions
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1935
FEDERAL RESERVE BOARD
Ex-officio members:
MARRINER S. ECCLES, Governor.
J. J. THOMAS, Vice Governor.
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury, Chairman.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
J. F. T. O'CONNOR,
Comptroller of the Currency.
GEORGE R. JAMES.
M . S . SZYMCZAK.
LAWRENCE CLAYTON, Assistant to the Governor.
CHESTER MORRILL, Secretary.
J. C. NOELL, Assistant Secretary.
L. P. BETHEA, Assistant Secretary.
S. R. CARPENTER, Assistant Secretary.
WALTER WYATT, General Counsel.
GEORGE B. VEST, Assistant Counsel.
LEO H. PAULGER, Chief, Division of Examinations,
FRANK J. DRINNEN, Federal Reserve Examiner.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics
LAUCHLIN CURRIE, Assistant Directory Division of
Research and Statistics.
WOODLIEF THOMAS, Assistant Director, Division of
Research and Statistics.
E. L. SMEAD, Chief, Division of Bank Operations.
J. R. VAN FOSSEN, Assistant Chief, Division of BankOperations.
CARL E. PARRY, Chief, Division of Security Loans.
PHILIP E. BRADLEY, Assistant Chieft Division of Security?
Loans.
O. E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.
FEDERAL ADVISORY COUNCIL
District no. 1 (BOSTON)
District no. 2 ( N E W YORK)
THOMAS M. STEELE.
JAMES H. PERKINS.
District no. 3 (PHILADELPHIA)
HOWARD A. LOEB, Vice President.
District
District
District
District
ARTHUR E. BRAUN.
CHARLES M. GOHEN.
H. LANE YOUNG.
SOLOMON A. SMITH.
no.
no.
no.
no.
4
5
6
7
(CLEVELAND)
(RICHMOND)__ „
(ATLANTA)
(CHICAGO)
District no. 8 (ST. LOUIS)
WALTER W. SMITH, President.
District
District
District
District
THEODORE WOLD.
W. T. KEMPER.
JOSEPH H. FROST.
M. A. ARNOLD.
no.
no.
no.
no.
9 (MINNEAPOLIS)
10 (KANSAS CITY)
11 (DALLAS)
12 (SAN FRANCISCO)
WALTER LICHTENSTEIX, Secretary
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank Chairman and Federal
of—
Reserve agent
Governor
Boston
New York
F. H. Curtiss
J. H. Case
R. A. Young ;
Q L. Harrison
Philadelphia
R. L.Austin..
G. W. Norris
E. S. Burke, Jr.*
W. W. Hoxton
M. J. Fleming .
Q. J. Seay
E. M. Stevens
Oscar Newton
G. J. Schaller
Cleveland
Richmond
Atlanta
Chicago
--
W. McC. Martin
-. J. S. Wood
St. Louis
Minneapolis
Kansas City
Dallas
-
W. B. Geery
G. H. Hamilton
.._ B. A. McKinney
J. N. Peyton
C.C.Walsh
J. U. Calkins
San Francisco
i Assistant deputy governor.
« Controller.
Deputy governor
Cashier
W. W. Paddock
W. R. Burgess
J. E. Crane
W. S. Logan
L. R. Rounds
L. F. Sailer
C. H. Coe
W. H. Hutt
J. S. Sinclair
C. A. Mcllhenny
F. J. Zurlinden H. F. Strater
C. A. Peple
R. H. Broaddus
H. W. Martin
H. F. Conniff
H. P. Preston
C. R. McKay
J. H. Dillard
W. Willett.
J. W. Jones.i
W. B. Matteson.i
J. M. Rioe.i
Allan Sproul.*
H. H. KimbalU
L. W. Knoke.i
-. C. A. Mcllhenny.
W. J. Davis.»
L. E Donaldson.1
W. G. McCreedy.*
W. F. Taylor
C. W. Arnold.'
G. H. Keesee.
J. S. Walden, Jr.*
M. W. Bell
W. S. McLarin, Jr.*
W. H. Snyder.»
W. C. Bachman.i
0. J. Netterstrom.i
A. T. Sihler.i
E. A. Delaney.i
A. L. Olson.i 2
S. F. Gilmore.
0. M. Attebery
A. H. Haill.a
J. G. McConkey
F. N. Hall."
G O . Hollocher.*
0. C. Phillips.*
H. I. Ziemer.
Harry Yaeger
F. C. Dunlop.*
FT T 7ipmpr
C. A. Worthington— J. W. Helm.
'
J. W. Helm
R. B. Coleman.
R. R. Gilbert
W. 0. Ford.»
R. B. Coleman
W M Hale
W A. Day
Ira Clerk
* Assistant to the governor.
* Acting chairman; W. H. Fletcher, acting Federal Reserve agent.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
Managing director
Federal Reserve Bank of—
Managing director
!
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..
...
R. M. O'Hara.
B. J. Lazar
T. C. Griggs.
Hugh Leach.
W. T. Clements.
*___ J. H. Frye.
G. S. Vardeman, Jr.
J. B. Fort, Jr.
Marcus Walker.
_. R. H. Buss.
A. F. Bailey.
_ J. T. Moore.
_. W. H. Glasgow.
Minneapolis:
Helena branch
1 Kansas City:
Denver branch
!
Oklahoma City branch
i
Omaha branch
j Dallas:
El Paso branch
j
Houston branch
!
San Antonio branch...
! San Francisco:
Los Angeles branch.
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
R. E. Towle.
J. E. Olson.
C. E Daniel.
L. H. Earhart.
J L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
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TABLE OF CONTENTS
Page
Review of the month—Recent banking developments
141
Annual report of the Bank of France
165
Earnings and expenses of Federal Reserve banks during 1934
186-187
Condition of all member banks on December 31, 1934 (from Member Bank Call Report No. 64)
189-190
Federal Deposit Insurance Corporation—Accounts and deposits in commercial banks and trust companies
200
National summary of business conditions
146
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
Member and nonmember bank credit:
All banks in the United States
All member banks
Weekly reporting member banks in leading cities
Brokers' loans
Acceptances and commercial paper
Discount rates and money rates
Treasury
finance
_
Assets and liabilities of governmental credit agencies
Reconstruction Finance Corporation—Loans, subscriptions, and allocations
Farm Credit Administration—Loans and discounts outstanding, by institutions
Home Owners' Loan Corporation—Summary of operations
Federal home loan banks—Assets and liabilities
Security prices, bond yields, and security issues
Production, employment, car loadings, and commodity prices
Merchandise exports and imports
Department stores—Indexes of sales and stocks
Freight-car loadings, by classes
Financial statistics for foreign countries:
Gold reserves of central banks and governments
Gold production
Gold movements
Government note issues and reserves
Bank for International Settlements
Central banks
Commercial banks
Discount rates of central banks
Money rates
Foreign exchange rates
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
147-151
154
152, 153, 188, 194
155, 191
155
156
157
158
159
160
161
161
161
162
163
164
164
164
.
_
169
170
170-172
173
173
174-176
177
178
178
179
180
181
181
Law department:
Rulings of the Federal Reserve Board:
Ruling no. 41 interpreting regulation T
Proclamation of President extending period within which Government securities may be accepted as
collateral for Federal Reserve notes
Limitations on purchase of investment securities by national banks—Circular letter issued by Comptroller of the Currency
J
Federal Reserve.statistics by districts, etc.:
Banking and financial statistics
Industrial and commercial statistics
IV
182
182
183
184-194
195-200
FEDERAL RESERVE BULLETIN
VOL.
21
MARCH 1935
REVIEW OF THE MONTH
During the month of February gold imports
continued on a large scale, and there was an
increase of $135,000,000 in the
Gold imports and monetary
gold stock of the
member bank
, J Jj
country, l h i s addition to the
reserves
gold stock was partly offset by
an increase of nearly $90,000,000 in currency
in circulation, and member bank reserve balances showed an increase of $44,000,000. Reserve requirements increased somewhat during
the month, and excess reserves at the close of
the month, at $2,200,000,000, were about the
same as at the end of January.
The movement of gold from Europe in February led to some further decline in gold reserves reported by central banks abroad. The
reduction amounted to $14,000,000 in Switzerland, $3,000,000 in Netherlands, and $3,000,000
in Belgium. Since the movement of gold to
the United States attained large volume in the
middle of January, exports of gold from England have been considerably heavier than imports. From January 10 to February 28 net
exports amounted to about $60,000,000, although reserves of the Bank of England did
not decline. American imports of silver from
England in this period amounted to about
$25,000,000.
Increases in member bank reserve balances
in February were in addition to substantial
increases in the year 1934
and in January of this year, in
which gold imports were also
the principal factor.
Member bank condition statements for December 31, 1934, which have recently been
compiled, show changes in member bank deposits and loans and investments during 1934,
a year during which member banks continuously had a large volume of excess reserves.
No. 3
The figures for loans and investments showed an
increase during 1934 of $2,930,000,000 for all
member banks. This growth reflected increases of $2,650,000,000 in holdings of direct
obligations of the United States, of about
$900,000,000 in obligations guaranteed as to
principal and interest by the United States,
and of about $200,000,000 in other securities,
offset to the extent of $800,000,000 by a
ALL MEMBER BANKS
Call date figures
1922
1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934
Figures taken from the condition reports of all member banks and
beginning June 30, 1933, include licensed banks only. Demand
deposits adjusted are derived by subtracting checks and other cash
items reported as on hand or in process of collection from demand
deposits, including in demand deposits certified and officers' checks
and cash letters of credit and travelers' checks outstanding but excluding interbank deposits and United States Government deposits.
decrease in loans. The course of member bank
loans and investments and deposits at call
report dates since 1922 is shown in the accompanying chart.
The following table, which shows the volume
of deposits, classified by types, held by member
banks at the close of 1934 and changes for the
141
142
FEDERAL RESERVE BULLETIN
year, brings out the fact that the increase in
total deposits of nearly $6,700,000,000 was
much larger than the growth of loans and
investments. This was largely due to the fact
that banks have held an increasing volume of
funds in the form of excess reserves at the
Federal Reserve banks or of balances with
other banks. Reserve balances increased in
1934 by $1,400,000,000, of which nearly
$1,000,000,000 was in excess of legal requirements, and balances due from banks increased
by over $1,100,000,000. In addition the
deposits at the end of the year were temporarily
enlarged somewhat by the large volume of
checks and other items in process of collection,
which exceeded the amount outstanding at
the end of 1933. When United States Government and Postal Savings deposits are deducted
and adjustment is made for interbank deposits
and collection items, the growth in individual
deposits during 1934 is shown to be about
$4,060,000,000.
DEPOSITS AT MEMBER BANKS
fin millions of dollars]
United States Government
Postal Savings
Interbank balances 1 (United States and
foreign)
States, counties, and municipalities i__.
Other customers:
Demand
Time
_.
Certified and officers' checks, cash letters of credit, and travelers' checks
outstanding
Total deposits _
Adjusted deposits 2__
Increase
or decrease
Dec. 30,
1933
Dec. 31,
1934
967
1,635
452
+6C8
-326
4,905
+1,509
778
3,396
1, 620
12,109
7,^57
2,094
+474
14,951
9,020
+2, 842
+ 1,063
339
790
+451
27,167
20,893
33, 848
24, 952
+6, 681
+4, 059
1
2
Includes both demand and time deposits.
All deposits, other than United States Government, Postal Savings,
and interbank deposits, minus checks and other cash items reported
as on hand or in process of collection.
The largest element in the growth of deposits
was in demand deposits of customers other than
banks or governments. These deposits showed
an increase of $2,840,000,000, a part of which
represented checks in process of collection, while
time deposits of the same group of depositors
increased by $1,060,000,000. United States
Government deposits with member banks
showed an increase of $670,000,000 in the year,
but Postal Savings deposits were decreased by
MARCH
1935
about $325,000,000, reflecting other use of
Postal Savings funds. Deposits of States,
counties, and municipalities showed an increase of $470,000,000. There was an increase
of $1,500,000,000 in balances due to banks,
which at the end of the year aggregated
$4,900,000,000, the largest amount ever reported. This increase, nearly all of which was
in balances payable on demand, occurred notwithstanding the prohibition against the payment of interest on demand deposits, and
represented further accumulation of idle funds
by banks.
The most important factors in the increase
in deposits during the year were Treasury ex_ x
penditures of funds raised by
x,
Factors m growth r,
_ .
..
_ _J
e sa e
of deposits
^
* °* securities to banks
and purchases of gold and silver by the Treasury. The Treasury during 1934
purchased about $1,400,000,000 of gold and
$200,000,000 of silver. The sale of this gold
to the Treasury, which paid for it by drafts
on the Reserve banks, increased the member
banks reserve balances. To the extent that
gold purchases abroad were not paid for by
drawing down balances held abroad by banks
in this country, the increase in the gold stock
also resulted in an increase in deposits at commercial banks. In connection with the silver
purchases, silver certificates were issued in an
amount corresponding approximately to the
purchase price of the silver bought, and these
certificates were either paid into circulation
directly by the Treasury or deposited with the
Reserve banks. In the former case deposit of
an equivalent amount of currency at member
banks, and by them at the Reserve banks, and
in the latter case the expenditure of the Treasury balance with the Reserve banks, resulted
in an increase of deposits and of reserves of the
member banks.
In addition to deposits created by Government purchases of the precious metals, additional deposits resulted from sales of United
States Government obligations to member banks
and the subsequent disbursement of the funds
by the Treasury. Purchase by banks of securities guaranteed by the United States from
MARCH
FEDERAL RESERVE BULLETIN
1935
143
holders of these securities also served to increase
deposits.
Deposits created in this manner, however, did
not always return to the banks that purchased
the securities. During 1934 there was a considerable shifting of deposits among banks
within the country, largely as a result of the
Treasury in effect borrowing from banks in one
locality and expending the money and thus
creating deposits in other sections of the country.
Although the growth in deposits at member
banks during 1934 was spread throughout the
^
.x ,
country, there were differences
As compared with 1929, however, the decline
in customers' deposits has been much larger at
country banks, amounting to about 27 percent
as compared with 7 percent for all city banks.
This difference was probably due in part to the
larger volume of failures among country banks
since 1929, and some of the increase in deposits
in 1934 was due to the reopening of a number of
unlicensed banks which were not included in
the reports for 1933.
Additional deposits obtained in 1934 have
been employed differently by the different
classes of banks. It would ap-
Deposits by
bank°sffUndSby
classes of banks
.
A
m
4.1
•
i
changes at the various classes
of banks. The following table
shows increases during 1934 in deposits at
member banks in New York City, in other
reserve cities, and elsewhere.
GROWTH IN DEPOSITS AT MEMBER BANKS IN 1934, BY
CLASSES OF BANKS
frOm t h e followin
g table
that country banks showed a
relatively larger increase in deposits of local
customers than did city banks, but that country
banks invested a smaller portion of their additional funds and placed a larger portion in idle
balances than did the city banks.
Increase (in millions Percent of increase
of dollars)
pear
CONDITION OF ALL MEMBER BANKS
[In millions of dollars]
Total de- Adjusted} Total de- Adjusted
posits deposits
posits deposits i
All member banks
New York City banks
Other reserve city banks
Country banks
.
-
6,681
4,059
25
19
2,229
2,797
1,655
705
1,817
1,537
31
24
20
14
21
21
1
All deposits other than United States Government, Postal Savings
and bankers' deposits, minus checks and other cash items reported
as on hand or in process of collection.
Total deposits showed the largest percentage
increases at New York City banks and the
smallest at country banks. This was chiefly
due to the growth of bankers' deposits, which
are mostly held by city banks, and individual
deposits showed larger increases at country
banks than at New York City banks. A different set of figures, showing average daily net
demand and time deposits at country banks
for the month of December, indicates that
banks in places with a population of less than
15,000 in a selected list of 21 agricultural States
were 26 percent larger than a year before, whereas all other country banks taken as a whole
showed an increase of 17 percent. It would appear that the increase in customers' deposits was
larger at rural banks in agricultural sections than
at banks in other places.
Changes during 1934 at—
All
member
banks
Loans
Investments
_
Total loans and investments
-313
-294
-805
+3, 736 + 1 , 060 +1, 765
+766 +1, 452
+2,931
-198
+911
+481
+49
+581
+249
+50
+527
+722 +1,111
+826
Reserves with Federal Reserve banks_ + 1,404
+ 138
Cash in vault
+ .1,118
Due from banks in United States!
Total reserves, cash, and due
+2, 660
from banks
Adjusted deposits 2
Interbank deposits..
United States deposits
Postal Savings deposits.
+4, 059
+ 1,509
+668
..
...
New Other
York Reserve Country
City
city
banks banks banks
—320
+673
+39
+ 10
+713
+705 +1,817 +1, 537
+613 +790 +106
+67
+232
+369
-91
-184
-51
1
Includes time balances.
2 All deposits, other than U. S. Government, Postal Savings, and
interbank deposits, minus checks and other cash items reported as on
hand or in process of collection.
City banks were relatively heavier purchasers of Government securities in 1934, but
it would appear that after expenditure by the
Treasury a larger portion of the funds lodged
as deposits with country banks. The latter
invested part of these funds, held a part as
excess reserves, and placed part on deposit
with city banks. These country-bank deposits
144
FEDERAL RESERVE BULLETIN
received through the clearing system were
added to the credit of the city banks at the Reserve banks. It appears, therefore, that a
large part of the increase in excess reserves
during 1934, although carried by city banks, is
represented by balances held by these banks for
their country correspondents and is at the disposal of and subject to call by country banks.
The Federal Deposit Insurance Corporation
has recently released statistics as of October 1,
1934, which classify commercial
Banks, by size
banks by size. According to
this compilation 60 percent of the commercial
banks had deposits of $500,000 or less. Banks
having over $5,000,000 in deposits constituted
in number 5 percent of all banks in the country
but controlled three-quarters of all deposits of
commercial banks.
NUMBER AND DEPOSITS OF LICENSED COMMERCIAL
BANKS AND TRUST COMPANIES, BY SIZE OF DEPOSITS,
OCT. 1, 1934
Deposits of—
$500,000 and under
$500,001 to $1,000,000....
$1,000,001 to $2,000,000..
$2,000,001 to $5,000,000-.
$5,000,001 to $50,000,000..
$50,000,000 and over
Total.
Number of
banks
PerPerTotal de- cent of cent
of
posits *
total
total
num(000
deomitted) ber of posits
banks
18,942,185
60.42
16.54
11.01
7.12
4.28
.63
5.36
4.86
6.37
8.89
22.61
51.91
15,119 36,488,020
100.00
100. 00
9,135
2,501
1,664
1,076
647
$1,955,551
1, 772,625
2,324,922
3,242, 721
8, 250,016
MARCH
1935
insured, and in the 96 largest banks more
than 97 percent were fully insured. Among
these largest banks, however, only one-fourth
of the aggregate deposit liability was insured,
while among the 8,191 banks, each with less
than $500,000 deposits, 85 percent was insured. Details in this connection are shown
on page 200.
By proclamation issued on February 14,
1935, the text of which is published on page
182
Extension of
> ^ e President prescribed
Glass-Steagall
an additional period of 2 years
Act
after March 3, 1935, during
which the Federal Reserve Board may authorize the use of direct obligations of the United
States as collateral security for Federal Reserve
notes. Authority to use such obligations as
collateral against Federal Reserve notes until
March 3, 1933, was originally granted by
the Glass-Steagall Act of February 27, 1932.
I t was later extended for another year and
then for 1 more year with authority in the
President to extend it for an additional period
not to exceed 2 years. At the end of February total holdings by the Reserve banks of
bills discounted and bought were $12,000,000.
In view of this small amount of eligible paper
the Reserve banks were continuing to pledge
a considerable volume of United States Government obligations against outstanding Federal Reserve notes.
1
Because of the exclusion of some minor items, these figures are not
exactly comparable with the usual compilations.
On October 1, 1934, approximately 93 percent of all commercial banks were insured by
the Federal Deposit Insurance Corporation.
Out of the 14,028 banks participating in insurance, 8,191 had deposits of less than
$500,000 each, while 944 of the 1,091 uninsured
banks were in this group. All of the 96 banks
holding deposits in excess of $50,000,000 were
members of the Corporation, and these accounted for somewhat more than half of the
aggregate of $35,975,000,000 deposits of banks
participating in insurance. The 1,091 commercial banks which were not insured had
aggregate deposits of $512,781,000.
Among the groups of small banks more
than 99 percent of all depositors were fully
Statement by the Secretary of the Treasury
On February 11, Secretary Morgenthau
issued the following statement:
" 1 . Since January 14 banks and dealers in
foreign exchange and gold have practically
stopped buying and selling gold, within gold
import and export points—which means that
the international gold standard as between
foreign countries and the United States has
ceased its automatic operation.
"2. Thanks to the foresight of the Seventythird Congress, we now have a stabilization
fund.
"3. When we saw that the external value of
the dollar was rapidly going out of control,
we put the stabilization fund to work on a
moment's notice, with the result that for the
past 4 weeks we have successfully managed
MARCH 1935
145
FEDERAL RESERVE BULLETIN
the value of the dollar in terms of foreign respect to the acquisition, importation, or disposition
of silver salts. The amendment reads as follows:
currencies.
TREASURY DEPARTMENT,
"The country can go about its business with
OFFICE OF THE SECRETARY,
assurance that we are prepared to manage the
February 13, 1935.
external value of the dollar as long as it may
be necessary."
AMENDMENT TO THE SILVER REGULATIONS OF AUGUST 17, 1934
Change in Foreign Central Bank Discount Rate
On February 23 the Austrian National Bank
reduced its discount rate from 4K to 4 percent.
The silver regulations of August 17, 1934, as
amended, are hereby amended in section 22 by adding
at the end thereof the following:
"(g) Silver salts."
The regulations, as so amended, may be modified
or revoked at any time.
H . MORGENTHAU, J R . ,
Meeting of the Federal Advisory Council
Approved:
Secretary of the Treasury.
(Signed) FRANKLIN D. ROOSEVELT,
The first meeting of the Federal Advisory
February 14, 1935.
Council for 1935 was held on Tuesday, February 19. Mr. Walter W. Smith was reelected
president and Mr. Howard A. Loeb w^as re- Expiration of Circulation Privilege with Respect to
Certain United States Government Bonds
elected vice president. These officers as exofficio members and Messrs. Steele, Perkins,
The following release was issued at the TreasYoung, and Kemper will comprise the executive ury Department on March 2, 1935:
committee. Mr. Walter Liechtenstein was reappointed secretary.
The Comptroller of the Currency, J. F. T. O'Connor,
today announced that in accordance with the opinion
of the Attorney General dated August 12, 1932, and
the act of Congress of July 22, 1932, the circulation
privilege on United States bonds conferred by the act
Amendment to Silver Regulations
of July 22, 1932, would expire with respect to such bonds
On February 16, 1935, the Treasury Depart- on July 22, 1935; that national banks will, therefore, be
required
either to withdraw these bonds, placing with
ment issued the following press release:
the Treasurer of the United States lawful money in lieu
The Secretary of the Treasury, with the approval of thereof, or place in substitution therefor with the
the President, has amended the silver regulations of Treasurer of the United States bonds bearing the cirAugust 17, 1934, so as to make it unnecessary for per- culation privilege, namely, 2-percent Consols of 1930
sons to file reports pursuant to such regulations with or 2-percent Panama's of 1916-36 and 1918-38.
146
FEDERAL RESERVE BULLETIN
MARCH
1935
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Feb. 23 and released for publication Feb. 26]
Industrial output, which had shown a rapid
growth in December, increased further in
January. Activity in the building industry
continued at a low level. Wholesale commodity prices advanced considerably during January and the first half of February, reflecting
chiefly marked increases in the prices of livestock and livestock products.
Production and employment.—Volume of
industrial production, as measured by the
Board's seasonally adjusted index, increased
from 86 percent of the 1923-25 average in
December to 90 percent in January. Activity
in the steel and automobile industries continued
to increase rapidly during January and the
early part of February; in the middle of the
month, however, steel production declined.
Output of lumber increased in January but was
still at a low level. At cotton and woolen
textile mills activity showed a considerable
growth, while in the meat-packing industry
output declined. Output of crude petroleum
increased further in January and the first half
of February.
Factory employment and pay rolls increased
somewhat between the middle of December
and the middle of January, although a decline
is usual at this season. At automobile factories
the volume of employment increased further
by a large amount, and there were substantial
increases at steel mills, foundries, and woolen
mills. Employment in the meat-packing industry continued to decline and in January
was at about the same level as a year ago.
Among the nonmanufacturing industries, the
number employed at retail trade establishments and on construction projects showed
declines of a seasonal nature.
Value of construction contracts awarded
in January, as reported by the F. W. Dodge
Corporation, was slightly larger than in December but considerably smaller than a year ago,
when the volume of public projects was exceptionally large. The value of contracts awarded
for residential building in the 3 months from
November to January was about the same as
in the corresponding periods of the two preceding years.
Distribution.—Freight-car loadings showed a
seasonal growth in January. At department
stores the volume of business declined somewhat more than is usual after the Christmas
holidays.
Commodity prices.—The general level of
wholesale commodity prices, as measured by
the index of the Bureau of Labor Statistics,
advanced from 77.9 percent of the 1926 average
in the week ending January 5 to 79.4 percent in
the week ending February 16. During January
prices of cattle and beef showed substantial
increases, and in February the price of hogs
advanced considerably. Prices of cotton,
grains, and silk showed a decline in January
and the first few days of February, followed by
an advance in the middle of the month.
Bank credit.—During the 5 weeks ended
February 20 member bank balances with the
Reserve banks increased by $260,000,000 and
their excess reserves rose to about $2,300,000,000. The principal factors in the increase were
an inflow of gold from abroad and disbursements by the Treasury of funds previously held
as cash or on deposit with the Federal Reserve
banks.
Net demand deposits of weekly reporting
member banks in leading cities increased by
more than $200,000,000 in the 4 weeks ended
February 13. Total loans and investments of
these banks showed no significant changes during the period. Slight declines occurred in
loans on securities and in holdings of direct
obligations of the United States Government,
while other loans and other securities increased
somewhat.
Yields on United States Government securities declined slightly further and other openmarket money rates continued at a low level.
147
FEDERAL RESERVE BULLETIN
MARCH 1935
RESERVE BANK CREDIT AND RELATED ITtMS
MILLIONS OF DOLLARS
Weekly basis: Wednesday series
MILLIONS OF DOLLARS
9000 r
9000
6000
8000
7000
- 7000
6000
6000
5000
5000
4000
4000
3000
MEMBER BANK
RESERVE BALANCES
2000
RESERVE BANK
—
CREDIT
1000
TREASURY CASH
& DEPOSITS WITH F. R. BANKS
i . . I
1930
1931
Jo
I , , I,
1932
1933
1934
Based on Wednesday figures; latest figures are for February 27. See table on page 148.
1935
148
FEDERAL RESERVE BULLETIN
MARCH 1935
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES)
[In millions of dollars]
Reserve bank credit outstanding
Date (Wednesday)
Bills discounted
1934—Jan. 3. _
Jan. 10..
Jan. 17..
Jan. 24..
Jan. 31..
Feb. 7..
Feb. 14.
Feb. 21 _
Feb. 28.
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 _
July 3-.
July 11.
July 18.
July 25.
Aug. 1 Aug. 8 Aug. 15.
Aug. 22.
Aug. 29.
Sept. 5_.
Sept. 12.
Sept. 19.
Sept. 26.
Oct. 3._
Oct. 10 _
Oct. 17_.
Oct. 24..
Oct. 31.
Nov. 7 Nov. 14.
Nov. 21,
Nov. 28.
Dec. 5__
Dec. 12..
Dec. 19.
Dec. 26 _
1935—Jan. 2_..
Jan. 9—
Jan. 16..
Jan. 23Jan. 30—
Feb. 6._
Feb. 13.
Feb. 20..
Feb. 27.
Bills
bought
106
104
101
97
83
121
113
112
104
111
73
68
66
64
97
86
75
62
59
55
51
53
46
37
33
29
48
43
40
40
26
17
13
10
38
37
34
34
34
8
7
6
5
5
29
28
28
27
5
5
5
5
29
23
23
21
21
21
20
20
21
24
23
22
20
15
12
12
11
11
11
9
11
12
5
5
5
5
5
5
5
5
5
5
5
5
6
6
6
6
6
6
6
6
6
6
6
6
6
6
10
9
9
9
7
7
17
9
7
6
6
6
6
6
7
6
6
6
6
fi
6
6
U . S . Other reGovernserve
bank
ment securities
credit
2,432
2,432
2,432
2,432
2,434
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,430
2,430
2,432
2,432
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,432
2, 432
2,432
2,432
2,432
2,432
2,431
2,432
2,432
2,432
2,431
2,431
2,430
2,431
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,431
2.430
2,430
2,430
2,430
2,430
2.430
2,430
2,430
29
7
1
-2
2
4
7
2,688
2,655
2,646
2,631
2,630
2,606
2,593
2,592
2,567
2
8
-9
5
4
9
5
2,539
2, 532
2, 508
2,519
2,509
2,492
2,493
2,486
6
9
3
-1
1
2,484
2,484
2,473
2,469
2,470
10
8
5
3
2,475
2,472
2,468
2,465
22
8
2,488
2,468
2,460
2,456
2. 4f53
2, 458
2,468
2,457
2,463
2,467
2,469
2,466
2,463
18
8
(')
-3
5
f
()
11
0)
(»)
Total
5
6
10
8
7
3
9
5
8
-7
29
23
12
2,455
2,448
2, 457
2,452
2,455
2,440
2,474
2,470
2,460
6
17
32
25
2,452
2,462
2,477
2,470
17
24
15
19
16
24
8
7
2,461
2,467
2,468
2,463
2.460
2, 466
2,450
2,448
2,450
7
Treasury
Treasury
cash and Nonand
Mone- nationalMoney in Member
deposits memtary gold
circula- bank rewith
hsmlr
UBIIK.
serve
Federal ber destock
tion
balances Reserve posits
currency
banks
4,036
4,036
4,035
4,035
4,033
17,036
7,089
7,203
7,438
7,556
7,605
7,640
7,681
7,703
7,732
7,746
7,755
7,756
7,756
7,753
7,766
7,776
7,790
7,820
7,835
7,846
7,866
7,881
7,897
7,911
7,932
7,957
7,979
7 983
7,981
7,963
7,968
7,972
7,976
7.980
7,985
7,990
7,993
8,002
8,008
8,030
8,076
8,112
8.161
8,180
8,198
8,228
8,243
8,258
8,273
8.308
8,387
8,421
8,456
8,489
8,524
2,303
2,302
2,302
2,301
2,302
2,301
2,301
2,301
2,302
2,312
2,332
2,343
2,356
2,369
2,381
2,381
2,380
2,381
2,380
2.380
2, 375
2,371
2.365
2,361
2,359
2,364
2,365
2,365
2,363
2,364
2,361
2, 357
2, 375
2,390
2.403
2,412
2,414
2,412
2,409
2.407
2.403
2,410
2.429
2,434
2.442
2.450
2,459
2,469
2,478
2,486
2,505
2,504
2,514
2,508
2.504
2,500
2,497
2,503
2,525
2. 522
2,520
5,504
5,397
5,356
5,294
5,289
5,317
5,321
5,344
5,355
5,374
5,345
5,334
5,336
5,371
5.347
5,347
5,324
5,359
5,352
5,344
5,316
5,338
5.342
5,313
5,310
5,301
5,397
5,344
5,328
5,291
5, 315
5,334
5,343
5.347
5,345
5,419
5.409
5,412
5,403
5,468
5,479
5,469
5,436
5,453
5,503
5,480
5,455
5,516
5,545
5,532
5,587
5,628
5,534
5,420
5,382
5,347
5,35S
5,407
5,430
5,442
5. 442
2,710
2,777
2,788
2.851
2,652
2,736
2,851
2,830
3,093
3,313
3,454
3,449
3,439
3,450
3,560
3,665
3,744
3,570
3,678
3,694
3,767
3,763
3,787
3,895
3,769
3,837
3,746
3.902
3,987
4,020
3.915
4.059
4,064
4,072
4,127
3,907
3,948
3,889
3,970
3,895
3,979
3.996
3,985
4,006
4,032
4,107
4,196
4,108
4,073
4,112
3,943
3,961
4,090
4,283
4,388
4,501
4,542
4,633
4,580
4, 645
4,588
311
353
407
398
597
13,449
3.391
3,499
3,440
3,294
3,226
3,252
3,318
3,323
3,239
3,204
3,148
3,177
3,098
3,082
3,052
3,051
3,034
2,956
3,121
3,077
3,113
3,014
2,954
2,972
3,074
2,941
2,976
2,972
2,944
3,087
3,058
3,124
3,061
3,068
2,967
2,968
3.049
3,031
2.944
2,964
2,956
3,017
3,060
3,060
3,221
3,181
3,164
3,094
3,019
2,994
3,007
2,930
2,995
2,932
3,006
i Increase from previous date represents principally increment resulting from reduction in weight of gold dollar on Jan. 31.1934
» Less than $500,000.
Other
Federal
Reserve
accounts
145
172
143
137
141
142
130
132
127
357
295
288
287
287
133
143
154
161
140
148
167
167
294
301
302
303
297
312
237
237
280
257
252
242
233
235
235
233
233
232
230
251
224
225
237
238
239
236
232
223
222
220
219
209
211
211
204
230
231
229
228
232
229
228
228
226
203
213
195
186
182
183
183
165
164
172
163
159
160
225
224
230
229
299
290
291
292
176
184
185
188
229
229
239
239
237
240
240
239
230
237
236
243
244
190
194
215
188
194
176
182
193
211
240
242
242
241
242
246
245
247
246
149
FEDERAL RESERVE BULLETIN
MARCH 1935
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Month or week
Bills
discounted
Bills
bought
U.S.
Government
securities
Other
reserve
bank
credit
Total
Monetary gold
stock
Treasury
and na- Money
tionalin circulation
bank
currency
Treasury
and NonMember cash
deposits membank
with
reserve Federal ber debalances Reserve
posits
banks
Other
Federal
Reserve
accounts
1933—December
117
101
2,432
19
2,669
4,036
2,293
5,523
2,616
357
143
358
1934—January
February
March
April
101
70
55
43
36
28
23
21
22
12
11
10
113
87
40
16
6
5
5
5
5
6
6
6
2,432
2,432
2,437
2,439
2,431
2,424
2,432
2,432
2,431
2,430
2,430
2,430
9
8
3
9
6
7
9
6
10
8
20
26
2,656
2,597
2,535
2,507
2,479
2,464
2,469
2,463
2,469
2,457
2,466
2,472
4,035
i 7,138
7,602
7,736
7,759
7,821
7,893
7,971
7,971
7,989
8,047
8.191
2,302
2,303
2,333
2,377
2,378
2,363
2,364
2,378
2,411
2,415
2,455
2,494
5,382
5,339
5,368
5,366
5,355
5,341
5,350
5,355
5,427
5,473
5,494
5,577
2,764
2,822
3,361
3,594
3,695
3,790
3,928
4,045
3,947
3,964
4.100
4,037
397
» 3, 448
3,298
3,222
3,083
3,054
2,999
2,976
3,054
3,011
2,970
3,120
146
136
144
170
249
226
219
208
197
177
165
181
304
293
299
268
234
237
230
228
227
234
239
241
8
6
6
6
2,430
2,430
21
20
2,465
2,462
8,284
8,465
2,504
2, 513
5,411
5,439
4,355
4,601
3,053
2,965
194
189
241
246
Week ending Saturday—
1934—Nov. 3
Nov. 10
Nov. 17
Nov. 24
11
11
10
10
6
6
6
6
2,430
2,430
2.430
2,429
10
12
32
25
2,457
2,459
2,478
2,469
8,002
8,009
8,029
8,069
2,434
2,444
2,453
2,464
5,470
5,506
5,493
5,474
4,004
4,044
4,108
4,159
3,015
2,952
2,955
2,071
167
172
165
160
237
238
239
239
Dec.
Dec.
Dec.
Dec.
Dec.
1
8
15
22
29
12
11
10
10
10
6
6
6
6
6
2,430
2,430
2,430
2,430
2,430
13
13
19
40
33
2,460
2,460
2,465
2,486
2,478
8,112
8,152
8,178
8.204
8,225
2,469
2,476
2,487
2.501
2,508
5,511
5,556
5,554
5,604
5,609
4,126
4,093
4,093
3,943
3,995
3,005
3,028
3,061
3,214
3,180
160
172
183
185
184
239
239
240
244
244
1935—Jan. 5
Jan. 12
Jan. 19
Jan. 26
7
7
9
8
2,431
2,431
2,430
2,430
21
23
22
24
2,465
2,466
2,466
2,468
8,241
8,257
8,270
8,304
2,513
2,508
2,504
2,500
5,523
5,435
5,391
5,364
192
194
206
192
241
242
242
242
7
6
6
6
2,430
2,430
2,430
2,430
19
23
26
18
2,462
2,466
2,468
2,460
8,372
8,421
8,453
8,497
2,497
2,500
2,515
2,523
5,377
5,423
5,440
5,452
4,117
4,270
4,373
4,473
4,522
4,602
4,590
4,625
3,146
3,090
3,028
3,001
Feb.2
Feb.9
Feb. 16
Feb. 23
6
6
6
6
6
6
6
6
3,008
2,943
2,984
2,957
180
174
177
200
244
245
245
246
—
May
June ___
July
August
September
October
November
December
1935—January
February
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)
[In millions of dollars]
Reserve bank credit outstanding
End of month
Bills
discounted
Bills
bought
U.S.
Government
securities
Other
reserve
bank
credit
Total
| Monei tary gold
I stock
Treasury
and na- Money
tionalin cirbank
culation
currency
Treasury
and NonMember cash
deposits membank
with
ber dereserve Federal
balances Reserve posits
banks
1933—December.
1934—January...
FebruaryMarch
April
May
June
July
August
September.
October. __
November.
December.
133
111
62
29
9
5
5
5
5
6
6
6
6
2,437
2,434
2,432
2,447
2,431
2,430
2,432
2,432
2,432
2,431
2,430
2,430
2,430
20
2
8
15
6
—4
10
3
4
11
8
6
20
2,688
2,630
2,567
2,545
2,485
2,463
2,472
2,462
2,464
2,464
2,455
2,453
2,463
4,035
4,033
» 7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
8,239
2,302
2,302
2,361
2,378
2,368
2,367
2,361
2,408
2,405
2,434
2,468
2,511
5,518
5,289
5,355
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5, 453
5,549
5,536
2,729
2,652
3,093
3,457
3,599
3,746
3,840
4,029
4.052
3,934
4,006
4,081
4,096
287
597
» 3,440
3, 293
3,148
3,053
3,016
2,971
1935—January...
February. .
6
6
2,430
2,430
19
23
2,461
2,465
8,391
v 8, 526
2,496
2,519
5,380
* 5, 467
4,543
4,587
2,303
3,051
3,031
3,022
3,150
132
141
127
157
268
222
233
207
208
178
164
161
189
287
292
299
236
232
233
229
226
228
237
239
241
2,989
» 3,003
191
207
243
246;
i» Preliminary.
Increase from previous date represents principally increment resulting from reduction in the weight of gold dollar on Jan. 31,1934.
Other
Federal
Reserve
accounts
150
FEDERAL RESERVE BULLETIN
MARCH 1935
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE
NOTE AND FEDERAL RESERVE BANK NOTE STATEMENTS
[In thousands of dollars)
F e b . 28, 1935
J a n . 31,1935
F e b . 28, 1934
ASSETS
Gold certificates on hand and due from U. S. Treasury..
Redemption fund—Federal Reserve notes...
_
Other cash
5, 542, 567
16, 299
247,913
5, 389,056
15,875
275,346
3,895,811
35,138
208, 727
Total reserves
Redemption fund—Federal Reserve bank notes-
5,806, 779
250
5, 680,277
1,841
4,139, 676
12, 595
5,893
6,595
65
63,998
392
Bills discounted:
For member banks
For
nonmember
banks, etc
_
Total
bills discounted.
Bills bought:
Payable in dollars
Payable in foreign currencies.
Total bills bought
Industrial advances
U. S. Government securities:
Bought outright
Under resale agreement
Total U. S. Government securities
Other reserve bank credit:
Municipal warrants
Due from foreign banks...
Reserve bank float (uncollected items in excess of deferred availability items).
Total reserve bank credit outstanding
Federal Reserve notes of other reserve banks
Uncollected items not included in float
Bank premises
All other assets
_
--Total assets.
LIABILITIES
Federal Reserve notes:
Held by other Federal Reserve banks...
Outside Federal Reserve banks
Total notes in circulation
Federal Reserve bank note circulation—net...
Deposits:
Member bank—reserve account
United States Treasurer—general account.
Foreign bank
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies
Allother liabilities
Total liabilities
—
Contingent liability on bills purchased for foreign correspondents...
Commitments to make industrial advances
5,962
64, 390
5, 504
36
5,502
56, 458
5,887
5,504
19, 397
5,538
17,545
62, 345
2,430,282
2,430,309
2, 430, 351
1,600
2,430, 282
2,430,309
2,431,951
803
3,144
805
206
653
3. 485
3.882
2,465,092
2,461,063
2, 566, 706
18,445
485, 883
49,436
46, 694
19,145
459,125
49,307
48,657
13, 293
406, 909
52, 382
117.441
8, 872, 579
8,719,415
7. 309 002
18, 445
3,135, 869
19,145
3,065,377
13, 293
2. 966. 344
3,154,314
1,301
3,084,522
25,412
2, 979, 637
195, 376
4, 587,083
95,156
14,602
192,116
4,543,331
75,588
14,184
176,475
3,093,119
45, 261
3,433
123, 568
4,8S8, 957
485, 883
147,002
144,893
13, 445
30,824
5,960
4, 809,578
459,125
146,896
144,893
11,560
30,820
3, 265, 381
406, 909
145,310
138,383
8,872, 579
405
14,435
8,719,415
317
11. 738
7, 309,020
4, 835
3, 423,147
3,369,781
3. 224, 644
3, 287, 473
3,955
203,000
3,256,350
5,190
186,000
2, 765, 318
95,149
412.800
3, 494. 428
3,447,540
3. 273. 267
11,719
36,354
219 744
17,000
42,074
1,144
249. 774
17,000
42,074
250, 918
22, 527
155,479
FEDERAL RESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks by Federal Reserve agents...
Collateral held by agents as security for notes issued to bank:
Gold certificates on hand and due from U. S. Treasury
Eligible paper.U. S. Government securities
Total collateral..
FEDERAL RESERVE BANE NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding).
Collateral pledged against outstanding notes:
Discounted and purchased bills
U. S. Government securities
Total collateral..
151
FEDERAL RESERVE BULLETIN
M A R C H 1935
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks
End of month
19'6'd—September
October
November
December
1934—January
February
March.
April
May
June
July
August
September
October...
November
December
Total
_
Gold
coin
__.
_
_
_.
_
1935—January
February v
Federal NaGold StandSilver TreasUnited Federal Reserve
ard
ury SubsidMinor
certifi- silver
certifi- notes
iary
States Reserve bank tional
bank
coin
cates dollars cates of 1890 silver
notes notes notes notes
5,363
5,347
5,455
5,518
232
225
219
213
387
394
407
265
267
269
272
115
116
117
117
280
277
285
286
178
167
161
157
153
150
146
143
139
136
133
130
391
399
403
400
402
401
399
438
483
510
558
592
267
270
272
274
277
280
280
282
284
288
291
294
116
117
118
118
120
119
121
122
122
123
124
125
283
5,354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536
5,380
5,467
127
126
580
599
287
289
123
123
_
_
In millions of dollars]
3,044
156
189
206
208
903
913
918
2,949
3,005
3,025
3,038
3,068
3,044
3,103
3,131
3,124
3,176
3,176
202
194
178
162
151
142
133
125
119
112
107
101
927
938
936
918
906
902
885
878
870
856
853
820
3,048
3,119
97
94
827
823
2,966
2,930
282
279
280
277
274
274
273
273
265
p Preliminary figures.
NOTE.—For figures of paper currency of each denomination in circulation see p. 193.
Back figures.—See Annual Report for 1933 (table 56).
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO AND
FROM
UNITED STATES1
[In millions of dollars]
[In thousands of dollars]
Year and month
Gold
Net restock Increase
Other
gold lease
at end in gold Net
import from ear- factors•
of
stock
mark*
month
1932—Total
1933—November
December
$1-1 5910 grain s of gold 5 io fine; i. e., an
ounce 0ffine gold =$20.67
457. 5
52.9 - 4 4 6 . 2
41.6
4,036
4,035
-190.4
Total (12 mo.)..
1934—January
February
March
April
May
June
July
August
September
October
November
December
v
0.6
11.8
0.1
-3.1
-173.5
-58.0
41.1
4,033
-2.1
-2.8
$1 — 5*M grabis of gold 9io
ouvce of fine gol
452.6
7,438 3,405.0
7,694
256.1
237.3
61.5
54.7
7,757
22.4
33.6
7,779
63.7
7,856
77.1
74.4
52.3
7,931
7,978
47.4
37.2
0.4
7,978
-18.7
8,002
23.5
10.8
8,132
120.9
129.9
8, 238
106.2
92.1
Total
1935—Januarv
February p
~-d.T
-0.8
-9.1
8.391
8,526
12.2
-11.6
fine; i. «., an
68.7
-0.8
—1.1
0.5
1.0
0.6
-1.1
2.4
0.3
—0.1
2,883.8
19.6
7.9
-11.6
12.5
21.4
11.2
16.6
12.4
9.1
0.1
14.1
4. 202. 5 1.133.9
82.6
2,986.1
140.4
122.8
I. 1
0.2
2.8
11.9
153.3
134.9
Preliminary.
1 Gold released from earmark at Federal Reserve banks less gold placed
under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks).
a Figures are derived from preceding columns and indicate net result
of such factors as domestic production, movements into and out of nonmonetary use, imports and exports that do not affect gold stock during
the month or year, and increment resulting from reduction in weight of
gold dollar.
Back figures—See Annual Report for 1933 (table 51).
January-February
January
February
From or to—
Imports
Belgium
63,424
England
45, 766
France
26
Germany . ._
1,507
Netherlands
339
Switzerland
Canada. _
5, 350
231
Central America
729
Mexico
1
Arsentina
2,112
Colombia
Ecuador
174
Peru
Uruguay
44
Venezuela
Australia
522
British India
China and Hong
359
Kong
Dutch East Indies.
Japan
Philippine Islands. 1,086
All other countries 2 . 1,149
Total
122,817
Exports
Imports
Exports
85,577
14,592
296
41
12,812
4
12,098
358
5,051
6
2,102
1 726
7
60
143
149,001
60, 358
26
14,318
339
17, 448
589
5,780
6
4,214
1,726
317
10,616
11,138
1,528
1, 887
926
1,870
2,012
3,019
149, 755
Exports
296
41
11
60
105
289
62
289
46
Imports
363
272, 572
409
»With some exceptions figures represent customs valuations at rate of
$35 a fine ounce.
* Includes all movements of unreported origin or destination.
Back figures.—See Annual Report for 1933 (tables 53 and 64).
152
FEDERAL RESERVE BULLETIN
MARCH 1935
MEMBER BANK RESERVE BALANCES
[Averages of daily figures. Figures are for licensed banks only. In millions of dollars]
Reserves held
Month or week
Excess reserves
Total—all
member
banks
New York
City*
2,740
2,799
3,345
3,582
3,695
3,790
3,928
4,045
3,947
3,964
4,100
4,037
897
872
1,227
1,290
1,323
1,391
1,393
1,509
1,440
1,461
1,506
1,468
1,222
1,271
1,422
1,536
1,598
1,632
1,725
1,719
1,692
1,667
1,745
1,727
622
656
696
756
773
767
810
817
814
837
849
843
865.7
890.8
1,375.1
1,541.0
1, 623.5
1,684.6
1,789. 4
1,883.6
1,754.1
1,730. 6
1,834. 5
1,747.8
146.8
118.3
432.2
454.6
484.7
532.2
525.7
638.2
562.0
568.1
603.8
555.8
476.6
509.1
645.5
736.4
778.4
799.6
874.0
852.2
808.7
766.4
829.3
799.9
242.4
263.4
297.4
350.1
360.4
352.8
389.7
393.3
383.4
396.1
401.4
392.2
1935—January
4,355
1,651
1,837
867
2,035. 2
715.9
907.7
411.6
Weekending (Friday):
1934—Nov 2
Nov 9
Nov. 16
Nov 23
Nov. 30
4,000
4,033
4,104
4,153
4,139
1,467
1,430
1,478
1,563
1,565
1,701
1,736
1,759
1,748
1,736
831
867
868
842
838
L, 744.0
1,784.0
L, 854.0
1,873.0
1,861.0
561.4
530.5
582.7
660.5
655.0
794.6
827.0
841.5
829.1
814.2
388.0
427.0
430.0
383.0
392.0
4,090
4,113
3,944
3,972
1,469
1,457
1,421
1,482
1,752
1,779
1,706
1,677
869
877
818
813
1,805.0
L, 818.0
L, 643.0
L 685.0
558.7
538.0
508.1
576.1
825.2
847.7
778.1
755.2
421.0
432.0
357.0
354.0
4,108
4,244
4,365
4,456
1,564
1,594
1,606
1,678
1,705
1,794
1,884
1,904
839
856
876
873
1,823.0
1,95i. 0
2,054.0
2,125. 0
647.5
674.7
670.6
736.0
783.9
870.6
950.7
972.2
391.6
405.7
432.7
416.8
1934—January
February
MarchApril
May
June
July
August
September
October _
November
December
____
_____
_ __
- _
_
-
- _
__
Dec 7
Dec. 14
Dec. 21
Dec 28
_
_
_
1935—Jan. 4
Jan 11
Jan. 18
Jan. 2 5 -
Other
Reserve
cities
"Country" Total—all
member
banks
banks a
New York
Cityi
Other
Reserve
cities
"Country"
banks«
* Central Reserve city banks only.
* Weeklyfiguresof excess reserves of all member banks and of country banks are estimates.
Backfigures.—SGQAnnual Report for 1933 (table 73).
MEMBER BANK DEPOSITS
f Averages of daily figures. Figures are for licensed banks only. In millions of dollars]
Net demand and time deposits
Month or week
1934—January
February
March
April
May
June
July
August
September
October . __
November __ _ _
December _
1935—January .
Week ending (Friday):
1934—Nov 2
Nov 9
Nov. 16
Nov 23
Nov 30
Dec 7
Dec. 14
Dec 21
Dec. 28
1935—Jan. 4
Jan 11
Jan. 18
Jan 25
Total—
all member
banks 1
24, 248
24, 674
25, 288
26,009
26,363
26. 698
27,073
27, 310
27, 615
28,034
28,364
28, 538
28, 907
New
York
City*
Other "Coun- T o t a l Reserve try" i all member
cities banks banks
*
New
York
City a
15,021
15,341
15,851
16,457
6,720
16,988
17,276
17,490
17,806
18, 208
18,524
18,769
18,993
5,599
5,624
5,943
6,256
6,283
6,433
6,500
6,534
6,591
6,704
6,780
6,865
7,043
5,894
6,048
6,172
6,384
6,541
6,645
6,807
6,940
7,103
7,269
7,418
7, 527
7,527
6,806
6,756
6,725
6,784
6,840
6,850
6,922
6,872
6,822
6,897
6,920
7,044
7,098
7,325
7,346
7,429
7,443
7,475
7,539
7,574
7,535
7,476
7,468
7,483
7,565
7,547
6,348
6,370
6,671
6,992
7,001
7,168
7,236
7, 252
7,300
7,409
7,465
7,512
7,694
9,937
10,124
10,303
10,568
10, 787
10,929
11,127
11, 280
11,436
11,587
11,744
11,828
7,503
7,449
7,411
7,466
7,515
7,506
7,567
7,514
7,467
7,545
7,566
7,693
7,751
11,663
11,684
11,763
11, 768
11,782
11, 933
11,813
11,847
11,828
11, 793
11,844
11,878
11, 968
11,963
» Weekly figures are not reported
Back figures.—See Annual Report for 1933 (table 73).
Net demand deposits
7,963
8,180
8,314
8,449
8,575
8,601
8,710
8,777
8,878
9,038
9,154
9,197
9,280
1
Time deposits
Other "Coun- TotalmemReserve t r y " all ber
cities banks » banks »
3,528
3,668
3,736
3,817
3,896
3,909
3,969
4,016
4,111
4,235
4,326
4,376
4,422
New
York
City*
9,227
9,333
9,437
9,552
9,643
9,711
9,796
9,819
9,809
9,826
9,840
9,769
9,914
Central Reserve city banks only.
Other "CounReserve try'
cities banks »
749
746
728
736
719
735
736
719
709
705
685
647
651
4,043
4,075
4,131
4,184
4,246
4,284
4,319
4,340
4,333
4,319
4,326
4,301
4,406
697
693
686
682
675
656
645
641
645
648
646
649
653
4,339
4,337
4,334
4,325
4,307
4,274
4,273
4,293
4,316
4,376
4,394
4,404
4,416
4,435
4,512
4,578
4,632
4,679
4,691
4,741
4,761
4,767
4,802
4,829
4.821
4,857
MARCH
153
FEDERAL RESERVE BULLETIN
1935
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
Loan 3 1o other customers
Call date
Total
loans Loans
to
and
invest- banks Total
ments
Investments
Open-market loans
Purchaeed paper
SeOtherLoans
to
cured Sewise
Acbro- Total
by cured secured Total Acceptances cept- Com- kers
stocks by real and
payable
merances
in
and estate unsein
pay- cial New
bonds
cured
United able paper York*
States abroad
Total
loans
seU.S.
cured
Gov- Other by
ern- secu- stocks
ment
and
secu- rities bonds
rities
TOTAL—ALL MEMBER
BANES
1931—Mar. 25
June 30
Sept. 29
D e c . 31
1932-June30
Sept. 30
Dec. 31
1933—June 30»
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
34,729
33,923
33,073
30,575
28,001
28,045
27,469
24,786
24,953
25,220
26,548
27,175
27,559
28,150
446
457
599
790
573
457
444
330
297
287
225
153
149
155
19,940
19,257
18,713
17,570
15,267
14,497
13,905
11,337
11,523
11,315
11,093
10,804
10,782
10, 509
7,423
7,117
6,842
6,290
5,292
5,086
4,848
3,916
3,809
3,772
3,644
3,516
3,325
3,296
3,220
3,218
3,149
3,038
2,894
2,885
2,862
2,372
2,364
2,359
2,382
2,357
2,297
2,273
9,298
8,922
8,722
8,242
7,081
6,527
6,195
5,049
5,350
5,184
5,067
4,931
5,161
4,940
2,454
2,103
1,563
901
747
970
855
1,191
1,238
1,231
1,387
1,566
1,361
1,363
361
389
268
146
313
407
375
291
303
223
350
264
276
256
101
113
70
41
34
34
30
25
24
37
26
20
30
31
361
384
296
140
122
115
93
87
164
132
157
200
253
232
1,630
1,217
928
575
278
414
357
788
748
840
855
1,082
802
843
11,889
12,106
12,199
11,314
11,414
12,121
12,265
11,928
.11,894
12,386
13,842
14,652
15,267
16,122
5,002
5,343
5,564
5,319
5,628
6,366
6,540
6,887
6,801
7,254
8,667
9,137
9,186
9,906
6,886
6,763
6,635
5,996
5,786
5,755
5,726
5,041
5,093
5,132
5,175
5,515
6,081
6,216
9,272
8,563
8,081
7,320
5,916
5,770
5,447
4,884
4,713
4,769
4,606
4,651
4,178
4,194
8,473
8,287
8,253
7,460
6,715
7,112
7,327
7,133
6,971
6,995
7,351
7,666
7,543
7,761
154
150
250
374
260
203
216
162
143
146
112
68
66
63
4,007
3,839
3,850
3,694
2,856
2,638
2,621
2,297
2,436
2,395
2,321
2,202
2,294
2,202
1,960
1,897
L,816
1,728
L,343
1,300
L.247
1,082
1,032
L,034
985
937
876
874
150
160
152
153
160
154
160
157
149
148
156
156
150
139
1,896
1,782
1,881
1,813
1,353
1,184
1,214
1,057
1,254
1,213
1,180
1,109
1,267
1,188
1,651
1,497
1,121
695
565
763
701
964
891
912
986
1,131
883
894
199
296
201
107
262
341
330
224
233
170
276
225
232
210
51
44
33
17
21
18
15
10
8
17
8
10
12
16
35
94
48
29
23
14
19
10
27
19
14
13
8
6
1,367
1,063
839
542
258
391
337
720
624
706
687
883
631
662
2,662
2,801
3,032
2,697
3,033
3,508
3,789
3,709
3,501
3,542
3,932
4,265
4,300
4,602
1,466
1,656
1,830
1,768
2,008
2,429
2,603
2,551
2,320
2,362
2,768
3,053
2,954
3,246
1,196
1,145
1,202
928
1,025
1,079
1,186
1,158
1,181
1,179
1,164
1,212
1,345
1,356
3,397
3,026
2,780
2,474
1,757
1,811
1,699
1,888
1,728
1,824
1,724
1,840
1,531
1,565
13,965
13,567
13,016
12,115
11,045
10,979
10,535
9,780
9,951
10,157
10, 816
11,054
11,367
11, 609
235
247
284
347
254
205
178
129
120
103
79
53
55
65
3,366
8,409
8,100
3,188
7,845
3,092
7,407
2,806
6,519 I 2,403
6,196
2,304
5,879
2,169
4,846
,702
4,912
1,660
4,797
,630
4,669
1,566
4,586
1,526
4,562
L.421
4,459
1,412
1,619
1,621
1,585
1,538
1,407
1,406
1,398
1,160
1,144
1,151
1,158
1,145
1,120
1,108
3,423
3,291
3,168
3,063
2,709
2,486
2,312
1,984
2,108
2,016
1,945
1,915
2,021
1,939
645
470
326
135
118
151
115
184
274
258
306
311
328
320
158
91
67
35
38
58
44
63
68
50
64
34
39
42
48
67
35
21
11
14
13
13
14
17
15
8
15
14
212
189
167
62
62
65
46
51
91
78
89
115
151
135
227
124
56
16
7
14
12
58
100
112
138
154
123
131
4,676
4,750
4,561
4,226
4,154
4,427
4,362
4,621
4,645
5,000
5,763
6,104
6,423
6,764
2,313
2,408
2,301
2,133
2,187
1,961
2,462
2,867
2,889
3,209
3,954
4,102
4,240
4,551
2,364
2,342
2,260
2,093
1,966
2,466
1,900
1,754
1,757
1,790
1,809
2,002
2,183
2,213
3,729
3,459
3,317
3,050
2,585
2,456
2,298
1,846
1,836
1,809
1,763
1,708
1,569
1,567
12,290
12,068
11,805
10,999
10,240
9,954
9,607
7,873
8,031
8,068
8,381
8,456
8,649
8,780
58
60
64
69
59
49
50
38
35
38
2,097
2,031
1,935
1,756
1,546
1,481
1,432
1,132
1,118
1,108
1,093
1,053
1,027
1,010
1,449
1,437
1,411
1,346
1,328
1,324
1,304
1,055
1,070
1,061
1,068
1,056
1,026
1,026
3,978
3,849
3,673
3,367
3,018
2,857
2,669
2,007
1,987
1,955
1,942
1,906
1,873
1,813
158
135
116
71
64
55
39
43
73
62
95
124
150
149
5
2
1
4
13
8
1
4
2
3
10
5
5
5
2
2
114
101
81
48
36
36
28
27
46
34
54
72
95
92
36
30
32
16
13
9
8
10
23
22
30
45
48
50
4,550
4,555
4,606
4,392
4,226
4,187
4,114
3,598
3,748
3,845
4,148
4,283
4,545
4,756
1,224
1,279
1,433
1,418
1,432
1,471
1,474
1,469
1,592
1,683
1,946
1,982
1,992
2,108
3,326
3,276
3,172
2,974
2,794
2,715
2,640
2,129
2,156
2,162
2,202
2,301
2,552
2,647
2,147
2,078
1,985
1,796
1,574
1,503
1,450
1,150
1,148
1,136
1,129
1,102
1,078
1,062
NEW YORK CITY »
1931—Mar. 25
June 30
Sept. 29.Dec. 31
1932—June 30_
Sept. 30
Dec. 31
1933—June 30>
Oct. 25
D e c 30
1934-Mar. 5
June 30
Oct. 17
Dec. 31
OTHER RESERVE CITIES
1931—Mar. 25
June 30
Sept. 29
Dec. 31
932—June 30
Sept. 30.
Dec. 31
1933—June 30»
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
"COUNTRY" BANKS
1931—Mar. 25
June 30
Sept. 29
Dec. 31
1932-June 30
Sept. 30
Dec. 31
1933—June 30«
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
35
33
28
27
7,524
7.318
7,018
6,469
5,892
5,663
5,405
4,194
4,175
4,123
4,103
4,016
3,928
3,849
2
2
2
2
2
1
2
3
2
2
3
2
> Loans (secured b y stocks and bonds) to brokers and dealers in securities at N e w York C i t y .
' Beginning June 30,1933, figures relate to licensed banks only.
* Central reserve city banks only.
Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparable
figures of total loans secured b y stocks and bonds are given for June 30, 1925-28, in the Annual Report for 1928 (table 52); for separate figures of
United States Government securities and other securities back to 1914, see Annual Report for 1933 (table 78).
154
FEDERAL RESERVE BULLETIN
MAKCH 1935
ALL BANKS IN THE UNITED STATES
[Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks,
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, beginning with J u n e
1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller
of the Currency or a Federal Reserve bank]
LOANS AND INVESTMENTS
[In millions of dollars]
Member banks
All banks
Nonmember banks
Other nonmember banks
Mutual savings banks
Date
Total
1930—Mar. 27
June 30
Sept. 24
Dec. 31
_.
Loans
Investments
Investments
Loans
Total
Total
Loans
Investments
Total
Loans
Investments
57,386
58,108
57,590
56,209
40,686
40,618
39,715
38,135
16,700
17,490
17,875
18,074
35,056
35,656
35,472
34,860
25,119
25,214
24,738
23,870
9,937
10,442
10,734
10,989
i 9,463
9,747
i 9,747
9,987
i 5,945
6,009
i 6,009
6,068
i 3, 518
3,739
i 3,739
3,920
12,868
12, 706
12,371
11,362
9,623
9,395
8,968
8,196
3,245
3,309
3,402
3,165
1931—Mar. 25
June 30
Sept. 29
Dec. 31
55,924
55,021
53,365
49,704
36,813
35,384
33,750
31,305
19, 111
19,637
19, 615
18,399
34, 729
33,923
33,073
30, 575
22,840
21,816
20,874
19,261
11,889
12,106
12,199
11,314
i 9,987
10,506
i 10,506
10,488
16,068
6,169
» 6,169
6,218
i 3,920
4,337
14,337
4,270
11,208
10,593
9,786
8,641
7,906
7,399
6,707
5,827
3,302
3,194
3,079
2,814
1932—June 30
Sept. 30
Dec. 31
46,071
45,852
44,946
27,834
26,985
26,063
18,237
18,867
18,883
28,001
28,045
27,469
16,587
15,924
15, 204
11,414
12,121
12,265
10,316
i 10,316
10,182
6,130
i 6,130
6,079
4,186
i 4,186
4,103
7,755
7,491
7,295
5,117
4,931
4,780
2,637
2,560
2,515
' 22, 203 ' 17,872
24,786
24,953
25,220
12,858
13,059
12,833
11,928
11,894
12,386
10,044
5,941
4,103
' 5, 246
' 3, 404
r 1, 841
9,989
5,909
4,080
5,111
3,235
1,876
26, 548
27,175
27, 559
28,150
12, 706
12,523
12, 293
12,028
13,842
14,652
15, 267
16,122
9,904
5,648
4,256
* 5,425
3,108
2,316
1933—June 30 »
Oct. 25 *
Dec. 30
' 40, 076
40, 319
1934—Mar 5 •
June 30
Oct 17 •
Dec. 31 *
42,503
21,977
21,279
18,342
21,224
r
1
Revised.
Figures of preceding call carried forward.
* Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
* Non-member baDk figures not available.
< In connection with the increase over December, see the headnote; also BULLETIN for February 1935, p . 127.
Back figures.—See Annual Report for 1933 (tables 67-69).
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
[In millions of dollars]
Member banks
Nonmember
banks
National
Other
Mutual nonsavings member
banks
banks
Nonmember banks
Date
Member
All banks
banks
1931—Mar. 25
J u n e 30
Sept. 29
Dec. 31
53,185
54,954
52,784
53,039
51,427
51,782
49,152
45,821
1932—June 30
Sept. 30
Dec. 31
41,963
41,942
41,643
1930—Mar. 27
J u n e 30
Sept. 24
Dec. 31
1933—June 30»
Oct. 25 3
Dec. 30
1934—Mar. 5 »
June30__
Oct. 17*
Dec. 31
«• 37,998
38,505
! 41,857
i
!-•
32,082
33,690
31,839
32,560
31,153
31, 566
29,469
27, 432
24,755
24,903
24,803
23,338
23,453
23, 771
25,293
26, 615
27,484
Date
Mutual
savings
banks
i 9,507
10,017
i 10,017
10,105
12,187
12,067
11,748
10,972
10,767
10,199
9,666
8,284
10, 020
i 10, 020
10,022
7,188
7,020
6,818
9,713
' 4,946
»8,916
9,197
i 9,197
9,507
9,711
6,023
9,780
* 5, 462
28,943
*• Revised.
For footnotes see table above.
NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank
deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date.
Back figures.—See Annual Report for 1933 (table 70).
Total !
Other
nonmember banks
Total
State
1930—Mar. 27
J u n e 30
Sept. 24
Dec. 31
24,223
23,852
23,590
22,769
8,406
8,315
8,246
8,052
7,311
7,247
7,192
7,033
1,095
1,068
1,054
1,019
1609
606
1606
603
15,208
14,931
14,738
14,114
1931—Mar. 25
J u n e 30
Sept. 29
Dec. 31
22,372
21,903
21, 294
19,966
7,928
7,782
7,599
7,246
6,930
6,800
6,653
6,368
998
982
946
878
1603
600
1600
597
13,841
13,521
13,095
12,123
1932—June 30
Sept. 30
Dec. 31
19,046
18, 794
18, 390
6,980
6,904
6,816
6,145
6,080
6,011
835
824
805
594
1594
594
11,472
11,296
10,980
'14,519
5,606
5,818
6,011
4,897
5,052
5,154
709
766
857
576
'8,337
581
8,419
6,206
6,375
6,433
6,442
5,288
5,417
6,461
6,462
918
958
972
980
678
8,882
1933—June 30»
Oct. 25 3
Dec. 30
1934—Mar. 5 3
June 30
Oct. 17 »
Dec. 31»
r
15,011
15,835
Revised.
For footnotes see table above.
Back figures.—See Annual Report for 1933 (table 66).
MARCH
155
FEDERAL RESERVE BULLETIN
1935
REPORTING MEMBER BANKS IN LEADING CITIES *
(Monthly data are averages of weekly figures. In millions of dollars]
Loans and investments
Total
Loans
on securities
All
other
loans
Loans and investments
Borrowings
Investments
at
F. R.
U.S. se- banks
Total curities
Month or date
Other leading
cities
New York City
Total—all weekly reporting member banks
Borrowings
at
F. R.
U.S. se- banks
Total curities
Investments
Total
loans
and investments
Total
Loans
on securities
All
other
loans
6,040
6,251
6,229
6,256
6,442
6,676
6,650
6,589
6,647
6,696
6,981
6,997
7,168
7,269
7,050
7,190
7,273
7,127
7,120
7,105
7,050
7,281
1,711
1,683
1,718
1,680
1,727
1,727
1,520
1,455
1,418
1,381
1,459
1,699
1,650
1,631
1,560
1,537
1,501
1,522
1,610
1,644
1,633
1,596
3,587
3,835
3,920
3,810
3,926
4,045
4,085
4,055
4,043
4,036
4,226
2,517
2,702
2,745
2,735
2,848
2,930
2,883
2,820
2,801
2,827
2,995
10,270
10,316
10,257
10,278
10,352
10,476
10,594
10,650
10, 730
10, 712
10,821
7,218
7,217
7,410
7,366
1,445
1,422
1,546
1,548
4,419
4,396
3,154
3,111
10,819
10,881
1934—February..
March
April
May
June
July
August
September.
October...
November.
December.
17,267
17,484
17,526
17,328
17, 542
17, 749
17, 721
17,770
17,835
17, 762
18,102
3,567
3,539
3,570
3,516
3,553
3, 531
3,295
3,137
3,062
3,008
3,096
4,713
4,663
4,648
4,555
4,511
4,455
4,533
4,697
4,757
4,705
4,632
1935—January,..
February._
18,229
18, 247
3,049
2,996
4,548
4,564
1934—Dec. 5
Dec. 12
Dec. 1 9 . . . .
Dec. 2 6 . . _
17,879
17,912
18,339
18,276
3,098
3,099
3,115
3,072
4,676
4,640
4,630
4,581
10,105
10,173
10,594
10,623
6,748
6,809
7,176
7,191
7,186
7,213
7,388
7,335
1,463
1,456
1,475
1,441
1,619
1,602
1,600
1,564
4,104
4,155
4,313
4,330
2,891
2,941
3,060
10, 693
10, 699
10,951
10,941
1935—Jan. 2.
Jan. 9
Jan. 16
Jan. 23
Jan. 30
18,221
18,158
18,264
18,257
18, 244
3,081
3,025
3,070
3,045
3,024
4,565
4,553
4, 537
4,546
4,537
10,575
10, 580
10,657
10,666
10, 683
7,192
7,192
7,234
7,235
7,237
7,346
7,332
7,487
7,465
7,422
1,453
1,415
1,465
1,454
1,437
1,551
1,544
1,539
1,557
1,543
4,342
4,373
4,483
4,454
4,442
3,103
3,127
3,209
3,179
3,150
10, 875
10,826
10, 777
10, 792
10,822
18, 208
18, 245
18,215
18,321
2,992
3,016
2, 983
2,995
4,534
4,551
4, 567
4,603
10,682
10, 678
10, 665
10, 723
7,227
7,198
7,217
7,227
7,363
7,392
7,307
7,401
1,413
1,437
1,410
1,428
1,527
1,551
1, 551
1,564
4,423
4,404
4, 346
4,409
3,129
3,117
3,090
3,108
10,845
10,853
10,908
10,920
Feb.6
Feb. 13_...
Feb.20_...
Feb. 27_-_.
8,987
9,282
9,308
9,257
9,478
9,763
10,016
10,049
10, 374
Borrowings
at
F. R.
banks
11
10
7
6
5
6
5
6
1
2
1
* For additional data see p. 191.
Back figures.—See Annual Report for 1933 (tables 88-90).
BROKERS' LOANS
REPORTED BY THE NEW YORK STOCK EXCHANGE
MADE BY REPORTING MEMBER BANKS IN N.Y. CITY
[Net borrowings on demand and on time. In millions of dollars]
[Monthly data are averages of weekly figures. In millions of dollars]
From New
End of month
1934
January
February
March
903
938
981
April
May
June
From private
York banks banks, brokers,
and trust com- foreign banking
agencies, etc.
panies
Total
1935
825
816
1934
839
862
873
1935
758
750
1934 j 1935
64
76
108
67
66
Month or date
Total
1934—FebruaryMarch
April
May
June
July
August
September.
October. _.
November.
December.
975
937
1,016
1,042
827
776
746
713
784
For acFor
count of For acown ac- out-of- count of
town
count
others
banks 1
731
736
813
766
845
871
670
633
612
573
149
148
156
163
165
168
156
142
133
139
144
1,088
1,016
1,082
973
912
980
116
104
102
July
August
September
923
874
832
849
803
769
74
71
62
1935—January...
February..
777
756
635
614
140
140
October
November
T^ece^ber
827
831
880
761
765
813
66
66
67
Feb.6
Feb. 13
Feb. 20
Feb. 2 7 . . . .
735
766
742
780
593
623
600
638
140
141
139
140
--
Back figures.—See Annual Report for 1933 (table 93).
i Member and nonmember banks outside New York City (domestic
banks only).
Back figures.—See Annual Report for 1933 (table 92).
156
FEDERAL RESERVE BULLETIN
MARCH
1935
ACCEPTANCES AND COMMERCIAL PAPER
BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR
ACCEPTANCES)
BANKERS' ACCEPTANCES, BY HOLDERS (DOLLAR
ACCEPTANCES)
[In millions of dollars]
[In millions of dollars]
Held by Fed- Held by accepting
eral Reserve
banks
banks
ing
For
acFor count
own of for- _, .
aceign lotal
count correspondents
Own
Bills
bills bought
Held
by
others
1932—November...
December...
720
710
4
4
32
40
65o
604
268
224
386
380
28
62
1933—Jan uary
February
March—
April
May
June
July
August.
September
October.- ._
November...
December...
707
704
671
697
669
687
738
694
715
737
758
764
2
307
280
163
13
41
2
1
1
1
18
127
41
30
45
43
36
36
37
40
41
31
3
4
626
325
261
404
505
487
552
499
517
592
599
442
256
201
153
206
229
201
248
252
236
271
273
223
370
124
108
199
276
287
304
247
282
321
326
219
38
42
85
86
115
123
147
154
156
112
138
190
1934—January
February
March
April
May
June
July
August
September...
October
November.._
December...
771
750
685
613
569
534
516
520
539
562
561
543
105
56
23
3
4
5
5
4
3
2
1
1
1
567
581
576
536
507
480
472
483
503
516
517
497
255
266
252
236
226
220
222
222
223
245
252
243
312
315
324
299
281
260
250
261
280
271
265
254
95
108
81
70
59
53
42
37
35
45
44
46
1935—January
516
485
238
247
30
(i
(t
(i
0
(i
1
0)
(0
8
0)
0)
1
* Less than $500,000.
Source: For acceptances outstanding (and held by accepting banks),
American Acceptance Council.
Back figures.—See Annual Report for 1933 (table 100).
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIESHOLDINGS OF FEDERAL RESERVE BANKS
JanuaryFebruaryMarch
April
May
June
July
August
September.
October...
November.
December.
1932
1933
33,444
33,478
30,778
30,736
30,837
30,762
30,645
30,834
30,849
30,659
30,652
29,189
29,036
28,997
24,788
7,181
6,981
7,089
6,821
6,199
6,068
5,686
5,841
6,033
Back figure*.—See Annual Report for 1933 (tablo 26).
OUTSTANDING
1934—January
February
March
April
May
June
July
August
September
October
November
December
771
750
685
613
569
534
516
520
539
562
561
543
89
98
103
103
100
97
94
89
94
93
89
89
225
203
186
164
150
145
135
140
138
147
148
140
277
261
226
186
164
141
138
147
166
184
195
193
5
4
3
3
3
4
4
4
4
4
2
2
175
184
168
158
152
148
144
141
137
133
127
119
1935—January.. ._
516
86
133
179
3
114
105
56
23
3
18
11
5
1
21
11
6
1
30
15
7
2
2
2
36
11
HELD BY F. B. BANKS
(OWN ACCOUNT)»
1934—January
February
March .
April
May
June
July
August
September
October
November
December
1935—January.
.
0)
(2)
..
8
l
(2)
2
(J)
(J)
;)
8
:::::::
8
(2)
* Total holdings of Federal Reserve banks include a small amount of
unclassified acceptances.
»Less than $500,000.
Back figures.—See Annual Report for 1933 (tables 97 and 25).
COMMERCIAL PAPER OUTSTANDING *
[As reported by dealers in New York City. In millions of dollars]
[ID thousands of dollars]
End of month
End of month
333
Total
outstand-
Based
on
goods
stored
in
foreign
countries or
shipped
between
foreign
points
3
End of month
Based
on goods
stored in
Based Based United
States
on ex- (ware- Dollar
im
ports
Total
house
exfrom credits) change
into U.S.
or
U S
shipped
between
domestic
points
1934
5,977
5,887
5,275
5,070
5,076
5.075
5,081
5,079
5,691
5,495
5,499
5,501
1935
5,502
5,504
End of month
JanuaryFebruary.
March
April
May
June.
July
August
September.
October
November.
December—
1932
108
103
106
108
111
103
100
108
110
113
110
81
1934
1933
85
84
72
64
60
73
97
107
123
130
133
109
1935
108
117
133
139
142
151
168
188
192
188
178
166
i Includes some finance company paper sold in the open market.
Back figures —See Annual Report for 1933 (table 96).
171
FEDERAL RESERVE
M A R C H 1935
OPEN-MARKET RATES
FEDERAL RESERVE BANK RATES
SHORT-TERM RATES IN NEW YORK CITY
RATES ON REDISCOUNTS FOR AND ADVANCES TO
MEMBER BANES
Federal Reserve
bank
Rate in
effect on
Mar. 1
2
IH
2
2
2H
2
2
2
2M
2U
2H
2
Boston
New York
Philadelphia.—
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Rate in Date estabDate estab- Previ- effect
lished
lished
ous rate Mar. on
1
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Feb.
8,1934
2,1934
17,1935
3,1934
11,1935
14,1935
19,1935
3,1935
8,1935
21,1934
8,1935
16,1934
4
2H
4
4
4^
4
4
4H
5
4
4
4
2H
2
2H
2H
3
2H
2H
2H
3
3
3
2U
Oct.
Jan.
Oct.
Oct.
July
Jan.
Oct.
Oct.
Mar.
July
Mar.
Oct.
20,1933
31, 1935
20,1933
21,1933
16,1934
14,1935
16,1933
21,1933
14,1933
10,1934
12,1934
19,1933
RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS
Discounts and advances
under par. 3 of sec. 13
of the Federal Reserve Act
Federal Reserve
bank
Rate in
effect on
Mar. 1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
6
6
6
5
6H
5
6
_
m
6
5
6
6
Advances secured by
direct obligations of
the United States
(last paragraph of sec.
13 of the Federal Reserve Act)
Dateestab\effect
3$*^
liQhori
on
nsnea
Aug.
Aug.
Aug.
July
July
Mar.
Aug.
July
Aug.
July
Sept.
Sept.
[Percent per annum]
Advances under sec.
10b of the Federal
Reserve Act
Rediscounts and advances under sees. 13 and 13a of the
Federal Reserve Act
; Mar x
11,1933
10,1933
12,1933
24,1934
16,1934
20,1934
13,1933
10,1934
10,1933
10,1934
8,1933
2,1933
4
3H
4
4
4
4
4
4H
4H
4
4
4
157
BULLETIN
Date established
Oct.
Feb.
Oct.
Oct.
Feb.
Mar.
Oct.
Mar.
Apr.
Feb.
Mar.
Oct.
20,1933
8,1934
20,1933
21,1933
19,1934
17,1934
16,1933
15,1933
15,1933
23,1934
12,1934
19,1933
Prevailing rate o n -
Prime
commercial
paper,
4 to 6
months
Month or week
Prime
bank- Time
ers'
accept- loans,
90 l
ances, days
90
days
U. S. Treasury
bills«
Call loans«
Re- 91-day 182-day
New newal
bills
bills
1934
January
February
March
April
May
June
July
August
September
October
November
December
1H-1H
1
94-1
U-l
H-l
H-l
H-l
H-l
H-l
1935
January
February
H
H
H- H
H-H
H- H
H- H
H- H
H-H
W H
H
H
H-l
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.C0
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
0.85
.27
.18
.14
.07
.08
.20
.27
.21
.22
.16
H-l
1.00
1.00
1.00
1.00
.14
.12
H-l
H-l
H-l
H-l
H-l
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.14
.12
.11
.12
.11
H-l
H-l
H-l
H-l
H-l
H-:
H-:
H-l
H
Week e n d i n g Jan. 26
Feb 2
Feb. 9
Feb. 16
Feb. 23
»2 Stock exchange 90-day time loans.
Stock exchange call loans; new and renewal rates.
> Average rate of discount on issues offered by U. S. Treasury within
period. When no rate is shown no bills of the stated maturity were
offered.
Back figures.—See Annual Report for 1933 (tables 60 and 61).
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates]
New York City
NOTE.—For rates on industrial advances see p. 192.
Average rate Average yield
8 other northern
and eastern cities
27 southern and
western cities
Month
BUYING RATES ON ACCEPTANCES
1933
1934
1935
1933
1934
1935
1933
4.12
4.11
4 88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
3.5S
3.43
3 31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18
2.83
2.90
4.89
4.84
5.39
5.09
4.99
4.97
4.82
4 68
4.65
4.51
4 54
4.59
4.65
4.49
4.52
4.52
4.39
4.30
4.15
4 12
4.11
4.13
4 08
3.98
4.08
4.02
5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
1934
1935
[Buying rates at the Federal Reserve Bank of New York)
Maturity
1-15 days....
16-30 days...
31-45 days...
46-60 days...
61 90 days...
91-120 days.
121-180 days.
Rate in
effect on
Mar. 1
Date established
Previous
rate
Oct. 20,1933
. . . . do
.....do
.do.
do
do
do
January
February
March
April
May . . - .
June
July
August
SeptemberOctober
November...
December.._
Back figures.—See Annual Report for 1933 (table 63).
NOTE.—Rates on prime bankers' acceptances,
charged for other classes of bills.
Higher rates may be
Back figures.—See Annual Report for 1933 (table 58).
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92
4.95
4.84
158
FEDERAL RESERVE BULLETIN
MARCH 1935
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
MATURITIES
[In millions of dollars!
[In millions of dollars]
Interest bearing
Total
(gross
debt)
End of period
Fiscal year
endingJune 1932_ 19,487
June 1933_ 22, 539
Total
Bonds
Interest-bearing debt
Noninterest.
bearing
Notes CertifBills
icates
19,161
22,158
14, 250
14, 223
1,465 2,831
4,780 2,200
23,450
15,569
5,125
616
954
326
381
1,003
364
Total
1934
January
February
March
April
May
June .
23,814
1,753
25,071
26,055
26,157
26,118
26,155
27,053
27,189
27,080
27,190
27,188
27,299
28,479
24,720
25,707
25,698
25,599
25,588
26,480
26,605
26,495
26,626
26,643
26,761
27,944
15,600
15, 579
15,579
15,718
15,694
16,510
16,516
16,513
15,922
15,808
15,768
16,245
5,626 2,280
6,472 2,278
6,925 1,816
6,689 1,814
6,678 1,812
6,932 1,635
6,951 1,683
6,921 1,682
8,020 1,156
8,027 1,154
8,036 1,153
9,586
158
1,214
1,379
1,378
1,378
1,404
1,404
1,454
1,379
1,529
1,654
1,804
1,954
351
348
459
519
567
573
585
585
564
545
538
535
_ 28,476
27,952
27,969
16, 250
16, 247
9,585
9,582
1,954
1,979
524
557
. .
July
August
- September
October
November
December
1935
January
February
28, 526
163
161
Certificates
16,247
9,582
161
»62
3 1,869
528
417
354
418
2,482
1,749
1,946
1,294
Outstanding Feb. 28, 1935—
Total _ . .
27,969
Obligations maturing:
Before A p r . 1, 1935
A p r . 1-June 30, 1935
J u l y 1-Sept. 30, 1935
Oct. 1-Dec. 31, 1935
..
1936
1937
1938
1939
_
1941
1943
_
1945
After 1945
- -
1933
December
Bonds» Notes
Other obligations 4
891
3,263
1,005
468
2,531
1,749
3,218
1,294
834
898
1,401
9,160
1,258
49
1,272
834
898
1,401
9,160
702
395
Bills
1,979
301
977
651
50
161
i Issues classified as of date of final maturity; most issues are callable
at earlier dates. Amount callable before Feb. 29,1936, and not yet called,
$3,956,000,000, including certain pre-war issues that are held as collateral
for3 circulating notes and postal savings bonds.
Approximate amount of 4th Liberties called for redemption Apr. 15,
1934,
and Oct. 15, 1934, and not yet redeemed.
3
Approximate amount of 4th Liberties called for redemption Apr. 15,
1935.
* Includes the 2-percent Consols of 1930, which are held as collateral for
circulating notes, and such issues as Postal Savings bonds, retirementfund notes, and adjusted-service-certificate series, in which special
funds are invested.
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
Increase or
Trust
decrease during
and conperiod
tributed
funds,2
Expenditures1)
Excess of excess of
receipts receipts General Gross
or expend- or expend- fund
debt
Emeritures
balance
itures
Total General * gency
(-)
(-)
General and special funds
Receipts
Period
Internal revenue
Total
Fiscal year ending:
June 1932
June 1933
June 1934
8 months ending:
February 1933
February 1934
February 1935
1933
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February.
-
._
Income Processtax
ing tax
Other
Customs
and miscellaneous
—
1935
.
_
+2,686
+3,052
+4,514
-196
+4,040
+1,448
+3,514
+1,473
1,057
746
818
353
503
858
1,470
445
475
475
4,741
4, 681
6,745
«3,973
s 3,404
2,741
»768
» 1, 277
4,004
-2,735
-2,602
- 3 , 630
1,250
1,886
2,262
383
358
467
201
353
522
986
1,078
345
341
364
2,892
4,185
4,363
3 2,156
1,774
2,036
3 736
2,411
2,326
-1,042
- 2 , 300
-2,101
332
133
46
112
41
690
227
463
-358
-3
—81
+280
211
206
420
182
237
391
218
286
449
260
247
385
10
23
232
15
25
188
18
25
173
19
21
164
35
33
37
32
44
39
39
43
42
49
47
42
128
116
130
105
119
130
132
145
176
151
119
131
38
34
21
30
50
33
29
73
57
41
60
47
956
635
610
674
542
733
466
514
516
669
599
641
148
188
160
305
191
310
230
204
233
385
210
320
808
447
450
370
350
423
236
310
283
284
390
321
-745
-430
-190
-492
-305
-342
-248
-227
-66
-409
-353
-256
+2
+511
+3,365
+1,254
+984
+105
+560
+37
+898
+136
203
214
19
28
46
44
114
109
25
33
462
496
210
244
252
252
-260
-281
1934
.
+445
+1,720
2,006
2,080
3,116
-5
-5
+835
-2
+2,826
+127
+2,810
+1
-1,993
—4
+4
+2
+2
+13
+29
+28
+43
+18
-8
-55
-501
-84
—2,524
-272
—110
—335
+56
—381
-214
+966
-244
-239
—39
-109
+110
-2
+111
+1,180
-3
+50
*a Excludes public debt retirement.
Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable
against increment on gold.
»Prior to July 1933, emergency expenditures included only net expenditures for the Reconstruction Finance Corporation; other items subsequently classified as emergency expenditures were included in general expenditures.
159
FEDERAL RESERVE BULLETIN
MAECH 1935
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JAN. 31, 1935
[Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
U.S.
Total
Total
Regional
Shipping
Recon- ComPublic Agricul- ProducBoard
struction modity Export- Works
tion
tural
Mer- Other*
Finance Credit import Adminis- Credit Credit
Corpora- Corpora- banks tration Corpora- Corpora- chant
Fleet
tion
tion
tion Corporations
tion
ASSETS
4
7,479
846
326
2,051
846
108
469
226
731
127
136
490
24
9
126
62
128
389
43
1
299
10,831
3,743
2,589
Bonds, notes, and debentures:
Obligations guaranteed by United States
All other
Other liabilities (including reserves)
3,489
2,389
206
250
80
59
250
18
(2)
Total liabilities other than interagency
6,084
389
268
(2)
4,747
272
3,354
2,321
41
14
4,474
3,354
2,321
41
14
6,541
375
-2,442
5,493
239
- 2 , 378
500
67
1,754
3
1
36
Loans—total...
. . ._
Preferred stock, capital notes, and debentures
Cash—total. .
. .
._
Investments:
United States securities
Obligations guaranteed by United States
Other investments
_.
Accounts and other receivables
Real estate and other business properties
Other assets.
Total assets other than interagency
1,397
842
7
40
85
267
10
(2)
3
18
4
2
9
100
2
()
(2)
(2)
21
9
50
1
4
5
78
87
91
115
210
415
(a)
1
2
17
80
22
(2)
1
2
17
102
269
90
113
194
313
269
90
113
194
313
3 390
45
11
35
112
1
50
144
(2)
(2)
00
(2)
(»)"
(2)
(2)
145
3
70
113
2
2
14
41
269
(2)
(2)
22
LIABILITIES
Excess of assets over liabilities, exclusive of interagency transactions
U S Government interests
Distribution of Government interests:
Capital stock
Surplus
Interagency interest (net)
-
14
(2)
-121
3 4, 380
15
-4,082
Financed partly from Government funds
Federal Federal
Farm
Federal interMortmediate
Total«
land
gage
banks credit Corpobanks
ration
Federal •
Banks
for
cooperatives
Home
loan
banks
28
10
83
18
27
53
2
6
1
1
(2)
(2)
(2)
110
1Federal Federal
Home Savings
and i savings Deposit
Owners' Loan
and
InsurLoan
loan
ance
Corpo- Insurance
assoCorporation Corpo- | ciations ration
ration
ASSETS
Loans—total
Cash—total
Investments:
United States securities
Obligations guaranteed by United States
Other investments
Accounts and other receivables
Real estate and other business properties
Other assets
-Total assets other than interagency
-
5,428
218
2,009
26
153
13
446
217
606
65
8
101
68
18
34
41
7,088
(!>
(2)
37
5
85
2,247
643
15
604
15
2
()
(2)
244
8
1,278
2
()
(2)
119
(2)
2,513
119;
15
1
316
100
4 i
3
2,639 ;
1
2
2
()
102
14
(2)
14
2
335
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
All other
Other liabilities (including reserves) >._ . .
Total liabilities other than interagency.__
Excess of assets over liabilities, exclusive of interagency transaction
Privately owned interests
U. S Government interests
Distribution of Government interests:
Capital stock
_
_
Surplus
Interagency interest (net)
3,239
2,309 1 1,814
148
71
1,041
171
5
175
35
(2)
4
2
4
5 2,197 1
324 !
29
(2)
2,551
(2)
(2)
4
5,696
1,885
1,392
272
362
108
69
202
119
2
106
24
88
102
14
331
139
1,120
254
69
202
118
82
88
102
14
192
1,048
136
-64
118
65
71
70
34
-35
200
2
115
3 ,
82
(2)
200
-12
-100
100
2
14
150
42
1,076
()
3
i Includes interagency interests held by the Treasury Department.
Nonstock (or includes nonstock proprietary interests).
Less than $500,000.
* Includes also War Finance Corporation not shown separately.
5 Includes unissued bonds covering loans in process.
1
160
FEDERAL RESERVE BULLETIN
MARCH 1935
RECONSTRUCTION FINANCE CORPORATION
LOANS, SUBSCRIPTIONS, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds not yet
disbursed
Proceeds disbursed, less repayments
J a n . 31,
1934 r
Sept. 30,
1934
Oct. 31,
1934
Nov. 30,
1934
Dec. 31,
1934
Jan. 31,
1935
F e b . 28
1935 v
Dec. 31,
1934
591,972
28,252
30,722
160,767
388
116,040
7,696
796
4,389
1,604
343,287
1,841
583,452
25,205
29,982
159,327
388
115,263
7,323
605
2,673
1,546
353,170
1,233
599, 397
23, 259
29,420
155,874
387
110,997
7,132
600
866
1,464
361,506
811
25
632,209
20,082
24,829
160,591
386
78,647
6,495
863
595,717
15,640
24,023
156,292
367
77,023
5,530
863
568,814
13,567
22,664
155, 367
361
74,670
5,031
863
126,093
20,867
410
103,128
117,970
21,367
135
101,317
589
634
1,334
376, 555
541
25
1,314
379,087
1,272
379,713
5,364
1,504
43
53
73
85
2
1
1
1
1,287,756 1, 280,168 1,291,739 1,302, 558 1,255,900 1, 222,374
256, 525
243, Oil
J a n . 31,
1935
LOANS AND SUBSCRIPTIONS
Loans under sec. 5 of the Reconstruction Finance
Corporation Act, as amended:
Banks and trust companies (including receivers,
700,638
liquidating agents, and conservators)
62,820
Building and loan associations
56, 270
Insurance companies
178,943
Mortgage-loan companies
500
Credit unions
193,618
Federal land banks
13,
618
Joint stock land banks
1,474
Agricultural credit corporations
28,383
Regional agricultural credit corporations
2 211
Livestock credit corporations
340, 726
Railroads (including receivers)
5,488
State funds for insurance of public moneys
Fishing industry
Processors or distributors for payment of proc14
essing taxes
Total
_
1, 584, 704
Other loans:
For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by
71,497
earthquakes, etc.)
.
For financing exports of agricultural surpluses,
9,044
sec. 201 (c)
Forfinancingagricultural products, sec. 201 (d). 3,596
130,879
To commodity credit corporation
14,432
On preferred stock of banks
4,375
On preferred stock of insurance companies
2,414
To drainage levee, and irrigation districts
To public school authorities
To industrial and commercial businesses
On assets of closed banks
To Public Works Administration on security
transactions
Total
236,237
Purchases:
Preferred stock of banks
227, 555
Capital notes and debentures of banks
168, 485
Preferred stock of insurance companies
Total
396, 040
2, 216,981
Total loans and purchases
2
2
112, 291
117,027
122, 743
125,408
127,839
104,137
101,336
14,954
5,107
76,430
22,289
25,785
9,479
22 300
1,916
15,271
5,717
42,969
18,849
25,785
11,147
22 300
3,248
23
14,992
6,090
30,242
18,965
25,785
11, 321
22,300
4,166
22
15,176
4,258
33,362
19,124
30,033
12, 298
15,176
4,177
36,139
19,487
29,933
15,410
15,164
4,719
35,905
19,674
29,933
16,978
3,095
5,594
385,002
1,781
3,095
4,202
376, 506
1,534
67,949
65,489
6,627
20
8,516
34
10,649
79
21, 319
105
23, 247
171
1,529
71
1,356
14, 500
7,098
289,444
257,600
250,911
245,169
254,350
262, 296
603,481
582, 677
545 599
259,772
100
562 410
256,671
100
571,193
259,662
100
585,858
260,102
100
60,954
68,127
846,060
621,055
256,316
100
877,472
63, 418
68, 415
830,955
805,471
819,180
2,382, 671 2,356,949 2, 373,605
598,112
256,622
100
854,834
131,832
129,081
2,393,787
2,365,084
2,362,141
991,837
954, 770
297,774
499,586
325,000
297, 774
499,588
470,000
297,718
499,987
500,000
111, 184
1
ALLOCATIONS
For relief:
Federal Emergency Relief Act of 1932
Federal Emergency Relief Act of 1933
Emergency Appropriations Act of 1935
Total
To other Government agencies:
To Secretary of the Treasury for:
Purchase of stock of Federal Home Loan
banks
_
Purchase of stock of Home Owners' Loan
Corporation
_
_
To Land Bank Commissioner
To Federal Farm Mortgage Corporation
To Federal Housing Administrator
To Secretary of Agriculture for:
Crop loans
Reallocated as capital regional agricultural
credit corporations
Reallocated to Governor of Farm Credit
Administration
.
Total
299, 015
435,915
298,227
499, 589
297, 718
499,991
500,000
15
412
30,000
15
13
734,930
797,817 1,012, 596 1,122,360 1, 267,362 1,297,705 1, 297, 709
30, 427
28
298,006
499, 590
215,000
77,746
81,446
81,646
81,646
81, 646
81,646
81,646
43,095
43,095
29,000
147, 600
200,000
147,600
55,000
10,000
200,000
147 600
55,000
15,000
200,000
147, 600
55,000
15,000
200,000
147,600
55,000
25,000
200,000
147,600
55,000
25,000
200,000
147,600
55,000
25,000
97 400
97 400
115,000
115 000
115 000
115 000
115, 000
115,000
115,000
44, 500
44,425
44, 500
44, 500
44,500
44,500
44, 500
40, 500
40,500
40,500
40, 500
40, 500
40,500
40,500
454, 346
693,971
699, 246
699, 246
709, 246
709,246
709,246
140,495
140,495
1, 491, 788 1,711,842 1,821,606 1,976,608 2,006,951 2,006,955
170,922
140, 523
3,874,458^ 4,068, 791 4,195,211 4,370, 395 4,372,035 4,369,095 1,162, 759
1, 095, 293
Total allocations
_
1,189, 275
Total loans, subscriptions, and allocations. 3,406, 256
i Includes $393,407,000 of loans for distribution to depositors of closed banks.
r Revised.
Backfigures.—See BULLETINS for December 1933, pp. 738-739, and February 1934, pp. 103 and 132.
Preliminary.
161
FEDERAL RESERVE BULLETIN
MARCH 1935
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
intermediate
Farm mortgage loans Federal
credit bank loans to
b ^
and discounts for—
End of month
April
May
June
July
August
September..
October
November..
December..
January
February...
March
April
May
June
July.
-August
September..
October
November-.
December..
January .
Loans to cooperatives by-
EmerProduc- Regional
Regional
agriculgencyOther tion credit tural
agricultural financing
credcrop
and
associa- it corpo- drought
Land
credit cor- institutions
Federal
Bank
porations
rations
loans
tions
land banks Commis- and proexcept
duction
credit as-2 cooperatives
sociations
Federal
intermediate
credit3
banks
Banks for
cooperatives,
including
Central
Bank
for
Cooperatives
Agricultural Marketing
Act
revolving
fund
loans
to cooperatives
1933
1,105,128
1,102, 891
1,102, 088
1,101, 446
• 1,104,177
1,110,194
1,125, 681
1,156,170
1, 213, 523
40
180
664
2,188
6,026
15, 815
34,099
70, 738
1,348
1,838
2,483
10, 399
28, 467
49,979
61, 299
68, 857
73, 263
78, 330
76, 564
75, 719
74, 321
73,068
70,998
64, 528
62, 379
60,989
1, 287, 562
1, 371, 468
1,458,311
1, 483,940
1, 548, 554
1, 630,900
1, 690, 496
1, 746,149
1, 792, 410
1,828, 698
1,866,160
1, 896, 415
120,403
174,308
237,858
258, 730
311,375
378, 526
429,830
477, 822
516, 276
551,873
587, 260
616, 825
••75,432
76,515
86, 081
102, 781
120, 282
127,470
128, 090
125, 270
118,402
104, 909
100,992
99,675
••59,916
58,199
59,073
59, 569
61, 830
'62,092
63,392
64, 203
63,002
58, 882
'56,058
55, 672
1, 923,198
643,291
53,509
106,540
127, 731
145, 414
154,321
158,394
155, 200
146,895
142, 558
144,636
131, 250
137,309
139,158
138, 727
135,854
135, 087
110, 324
94, 296
89,811
4,919
4, 266
3,934
4,465
5,479
6,259
6,829
10, 080
15,211
184
7,396
11, 144
18, 697
155,617
180, 264
180,4C6
177, 537
176, 553
175, 040
173, 325
172, 302
157, 752
••158
665
4,409
14, 392
28,117
38, 518
49, 826
58,074
60, 887
58,128
58,328
61, 024
145,198
145, 760
144,905
144,671
143,093
138,478
128, 831
117,664
106, 724
96,914
90, 559
87,102
81,164
72, 727
68, 310
84,138
90,147
90, 517
94, 411
100, 209
105, 438
104,470
104,913
110,186
14, 671
13, 297
11,189
9,997
8,528
8,123
10, 106
9,969
9,987
24, 207
32, 330
33,969
15, 386
14,835
15, 824
17,144
19, 243
20,539
21, 493
23, 019
23, 057
24, 561
24, 710
27,851
69, 508
69, 214
68, 353
67, 257
54, 642
54,877
55, 437
55, 250
54,870
57, 310
56,764
54, 863
64,637
84, 726
116,846
34, 445
28,498
53,721
1934
1935
i9, 776
1'Revised.
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 all of the loans made by the production credit associations are rediscounted with the Federal intermediate credit banks. The amounts in this column are thus included in the two columns under those headings.
3 Amounts in this column were formerly included with loans by Federal intermediate credit banks to "otherfinancinginstitutions."
HOME OWNERS' LOAN CORPORATION
SUMMARY OF OPERATIONS
Months
1
FEDERAL HOME LOAN BANKS
COMBINED STATEMENT OF ASSETS AND
LIABILITIES
[In thousands of dollars]
Number
Loans closed
of applications
received Number Amount
Dec. 31,
1934
1934
From^opening to Jan. 31.
February
March
April
May
June
July
August
September
October
845,985
136,132
168,273
145,772
119,791
97,679
66,157
72,022
39,317
'35,675
14,171
2
' -679
November
December
ASSETS
67, 588
32,940
52, 260
56,172
64,172
71,768
78,046
69,738
59,240
65,813
54, 468
54,036
$192, 064.181
93,499,995
150,213,639
171,490,768
208,293,766
223,440,191
235,467,606
202,442,864
179,299,857
201,211,532
170, 544, 562
169,018,847
54,990
166,836,150
1935
January. .
Cumulative total-
1,740,295
781,231 2,363,823,958
r1 Revised.
Figures are subject to adjustment.
2
Adjustments for applications received in earlier months.
Cash on hand
Loans outstanding .»
Accrued interest
Investments
Other assets
- ..
- -
.
-
. __ _
Total assets
7,860
87, 258
496
14,376
Jan. 31,
1935
18,154
82, 585
422
8,846
57
89
110,048
110.096
LIABILITIES
Current liabilities
- Capital stock, fully paid and oustanding:
Members
United States Government—
.
Subscriptions to capital stock, less balance due
Surplus
Total liabilities
4 663
4 253
20,480
81 646
1,451
1,807
20,859
81, 646
1,260
2,078
110,048
110,096
162
FEDERAL RESERVE BULLETIN
STOCK PRICES1
BOND PRICES1
Other bonds a
Year, month, or date
United
States CorpoCorporate
year, month, or date Govern- rate and
ment municbonds
ipal
Rail(high- Total Industrial road Utility
grade)
3 16
<60
60
20
20
20
1932 average
1933 average
1934 average
99.2
102.2
103.4
81.1
84.0
96.7
69.4
73.*
84.5
63.2
69.2
81.9
64.8
70.5
83.8
80.5
80.6
87.8
1934—February
March
April
May
June
--.
July
August
September
October
November
December
1935—January
February
Feb. 6.
Feb. 13
Feb. 20
Feb. 27
101.9
102.8
103.7
104.4
104.7
105.2
104.1
102.3
103.4
103.5
104.1
92.9
95.1
07.0
97.6
99.0
99.3
97.8
96.7
98.4
98.8
100.0
84.0
84.8
87.0
86.1
86.3
86.1
83.9
83.0
84.1
84.3
85.8
79.8
80.5
82.8
82.5
82.5
83.2
82.6
82.2
82.5
83.4
85.4
85.8
86.4
88.7
86.9
87.1
85.8
81.3
79.3
81.6
81.0
83.3
86.5
87.7
89.7
89.1
89.4
89.4
87.9
87.6
88.1
88.6
88.8
105.1
105. S
101.3
101.3
86.7
86.7
85.0
82.0
91.2
93.4
105.7
105.7
105.9
106.1
100.9
101.1
102.2
101.1
87.6
87.4
86.6
87.5
88.0
86.4
86.2
81.5
82.7
83.0
78.7
92.1
93.3
94.2
93.9
Number of issues
12 Average prices. Monthly data are average of daily or weekly figures.
Prices derived from average yields.
3 Now 3 Liberties and 13 Treasuries. New Treasury issues were added
Aug. 15,1933, Nov. 1,1933, Apr. 16,1934, June 15,1934, and Dec. 15,1934.
* 45 corporate and 15 municipal.
Source.—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds, Standard Statistics Co.
BOND YIELDS1
United MunicStates ipal 3
(highTreasury 2 grade)
Year, month, or
date
Number of issues
1932 average
1933 average
1934 average
1934—February
March..
April
May
June
July-.
August
September
October
November
December
1935—January
February
Feb. 6
Feb. 13
Feb. 20
Feb. 27
_
M A R C H 1935
Preferred Common stocks (index, 1926=100)
stocks
(industrial high- Total Indus-! Rail- Utility
grade) 2
trial : road
Number of issues...
20
A
Aa
Baa
10
15
30
30
30
30
3.66
3.31
3.10
4.65
4.71
3.95
5.01
4.49
4.00
5.97
5,23
4.44
7.20
6.09
5.08
9.30
7.76
6.32
3.32
3.21
3.12
3.01
2.94
2.85
2.99
3.20
3.08
3.05
2.97
4.48
4.24
4.11
3.93
3.73
3.75
3.81
3.84
3.69
3.57
3.52
4.20
4.13
4.07
4.01
3.93
3.89
3.93
3.96
3.90
3.86
3.81
4.70
4.55
4.43
4.37
4.30
4.28
4.34
4.42
4.36
4.27
4.27
5.24
5.12
4.97
4.96
4.96
4.93
5.09
5.17
5.00
4.93
4.86
6.27
6.26
8.01
6.05
6.06
6.13
6.49
6.57
6.40
6.37
6.23
2.83
2.73
3.45
3.39
3.78
3.72
4.21
4.14
4.77
4.69
5.99
5.97
2.77
2.76
2.71
2.68
3.42
3.41
3.36
3.36
3.75
3.73
3.71
3.69
4.16
4.14
4.11
4.12
4.74
4.70
4.63
4.66
6.13
5.94
5.87
6.02
37
96.1
104.8
120.7
79
78
1934—February __
March
April
May
June
July
August
September.
October
November..
December..
116.5
117.5
120.2
121.0
122.1
123.5
122.6
121.0
120.9
124.1
127.8
81
76
76
70
72
69
65
64
63
61
58
1935—January—
February.
r 129.1
130.2
57
55
129.3
130.0
130. 6
131.0
55
55
53
54
Feb.
Feb.
Feb.
Feb.
6__
13..
20..
27-
67
12 Monthly data are average of daily or weekly figures.
r Average derived prices.
Revised.
Source.—Standard Statistics Co.
CAPITAL ISSUES
[Long-term; i. e., 1 year or more. In millions of dollars]
New issues
Refunding
issues
(doState Corporate
For- mestic
and
eign and
mufornici- Bonds'
and Stocks
eign)
notes
Domestic
Total
(doYear and month mestic
and Total1!
foreign)
Corporate, by ratings *
Aaa
33
351
1932 average..
1933 average..
1934 average..
1925.
1926
1927
1928.
1929.
1930.
1931
1932
1933....
1934
6,314
7,556
8,040
10,091
6,909
3,089
1,196
722
1,402
5,125
5,189
6,219
6,789
9,420
6,004
. 2,860
! 1,166
710
1,402
1, 352
1, 344
1, 475
1, 379
1, 418
1, 434
1, 235
762
484
819
2,452
2,667
3,183
2,385
2,078
2,980
1,240
1,153
1,087
1,474
2,961
5,924
1,503
79
97
143
103
123
217
180
43
122
107
141
79
97
143
103
123
2 217
3 180
43
3 122
107
141
59
81
100
61
102
91
18
36
39
89
106
12
9
24
26
0
19
8
5
0
8
92
50
92
50
80
44
~ ~ 6,201
_
—
--
1934—February. _.
March
_
April
May
June
July
August
September..
October
November. _
December...
1935—January
February...
311
20
120
35
1,076
1,125
1,337
1, 251
671
905
229
29
12
0
925
1,046
2,220
1,858
1,422
711
949
538
344
792
34
1
5
5
3
9
2
0
2
0
0
1
0
0
0
0
0
0
0
0
0
0
0
8
50
93
39
183
157
79
26
36
35
45
3
7
2
0
0
0
49
46
305
40
144
* Includes issues of Federal land banks and Federal intermediate credit
banks,
not shown separately.
2
Includes $100,260,300 bonds of Federal Farm Mortgage Corporation
sold
by
public offering during month.
1
3 Includes bonds of Home Owners' Loan Corporation sold by public
2 Monthly data are averages of daily or weekly figures.
Average, computed by Treasury Department, of yields of all out- offering
amounting to $149,111,100 in August and $53,000,000 in October.
standing Treasury bonds except those due or callable within 8 years.
Sources.—For domestic issues, Commercial and Financial Chronicle;
«4 Standard Statistics Co.
for
foreign
issues (issues publicly offered) annual totals are as finally
Moody's Investors' Service.
reported by Department of Commerce, while monthly figures are as
compiled currently and are subject to revision.
Backfigures.—See(for figures of new issues—annual and quarterly
basis) Annual Report for 1933 (table 112).
MARCH
163
FEDERAL RESERVE BULLETIN
1935
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value) a
Industrial production i *
Year and
month
Total
Manufactures
Minerals
Total
Residential
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928 1929
1930
1931
1932
1933
1934
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
Factory employment 3
All other
Factory
pay
rolls 3
Freight-car
loadings * *
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- A d usted usted justed justed justed justed justed justed justed
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
107
108
82
91
104
97
99
101
99
99
105
92
77
64
69
79
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
97
117
76
81
103
96
101
104
102
102
109
89
68
46
49
62
84
91
79
87
100
97
103
106
103
103
106
92
75
56
58
62
Commodity
.
prices8
139
154
98
97
101
98
104
100
95
97
95
86
73
65
66
75
1931
October-.
November
December
75
72
68
73
73
74
72
70
66
71
71
72
90
84
79
83
81
84
52
43
30
55
49
38
29
26
20
30
27
23
71
57
39
76
67
50
74
72
71
73
72
72
61
58
58
78
70
61
69
68
69
70
70
69
1932
January. _
FebruaryMarch
April
May
June
July
August, -.
September
October, _
November
December
71
71
68
64
61
59
56
59
67
68
65
60
72
69
67
63
60
59
58
60
66
67
65
66
70
70
66
63
60
58
55
58
66
67
63
58
71
68
64
61
59
58
57
59
65
66
63
64
74
75
78
72
65
62
63
66
74
80
78
73
77
78
85
80
67
64
65
65
71
74
75
77
25
23
26
31
31
32
31
32
30
28
24
22
31
27
26
27
26
27
27
30
30
29
27
28
16
15
16
16
14
J2
12
11
12
12
10
8
19
17
15
14
12
11
11
12
12
12
10
9
33
30
35
43
45
47
46
48
45
41
35
33
41
35
36
38
37
39
40
45
44
43
41
43
69
70
68
66
63
61
59
60
63
64
63
62
70
70
68
66
64
62
60
60
62
63
63
62
54
55
53
50
47
43
40
41
43
45
43
42
53
59
58
57
53
52
51
53
61
65
58
52
64
62
61
59
54
52
51
51
54
57
57
58
67
66
66
66
64
64
65
65
65
64
64
63
1933
January..
February
March
April
May
June
July
August
September
October-_
November
December
64
64
60
67
79
91
96
90
85
78
72
69
65
63
59
66
78
91
100
91
84
76
72
75
63
62
58
68
80
92
97
89
84
76
70
67
63
61
56
65
77
93
102
91
83
76
70
73
72
77
74
65
77
83
90
95
94
89
85
81
75
80
81
73
79
85
91
91
87
81
82
86
18
16
14
16
19
21
24
25
30
35
42
45
22
19
14
14
16
18
21
24
30
37
48
57
7
7
8
11
13
14
13
12
12
12
12
11
8
8
8
10
11
13
13
12
12
12
13
13
27
23
18
19
24
27
32
36
45
53
66
73
33
27
18
17
20
23
28
33
45
57
70
93
60
61
59
60
63
67
72
76
80
80
76
74
61
62
59
60
63
67
73
76
78
78
76
75
40
40
37
39
43
47
51
57
59
59
56
55
51
51
48
51
55
61
66
65
68
66
60
56
5G
61
60
60
60
63
65
69
70
71
71
77
83
86
88
89
84
73
73
73
75
74
75
82
85
89
89
76
80
82
85
86
83
74
72
69
88
91
100
90
89
87
85
80
82
81
81
89
40
38
33
36
32
31
30
28
30
29
28
25
49
44
33
32
26
26
27
27
29
31
31
31
12
12
11
12
11
12
12
10
11
12
11
64
60
50
54
47
46
r
44
43
45
43
41
80
70
51
"48
"38
38
39
40
44
46
48
73
78
81
82
83
81
79
80
76
78
77
75
78
81
82
83
82
80
79
74
77
77
12
36
47
78
79
54
61
65
67
67
65
61
62
58
61
60
63
58
61
63
60
63
64
63
63
67
64
60
56
64
64
66
62
63
64
61
59
59
72
73
86
85
88
91
81
87
87
85
S3
87
87
84
85
10
10
12
14
13
13
12
10
11
78
78
81
84
85
86
83
76
73
71
73
74
86
64
72
74
74
73
74
75
75
76
78
77
77
77
»88
»91
*90
91
94
22
27
10
12
32
39
79
80
64
58
64
79
1934
January-.
FebruaryMarch
April
May
June
July.
August...
September
October_.
November
December
1935
January. _
!
83
71
71
70
73
72
77
»8S
12
11
10
54
50
53
55
62
65
61
60
58
59
63
57
59
71
71
1
r
" Preliminary.
Revised.
* Average per working day.
i For indexes of groups and separate industries see pp. 196-197; for description see BULLETIN for February and March 1927; for revised figures
back to 1919 see BULLETIN for September 1933, pp. 584-585.
* 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. For
back figures see Annual Report for 1933 (table 115).
* The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory
employment compiled by the Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries
see pp. 198-199.
* For indexes of groups see p. 164; for back figures for total see Annual Report for 1933 (table 115) and for groups see BULLETIN for February
1931, p. 108.
* Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 195. For back
figures see Annual Report for 1933 (table 120).
164
FEDERAL RESERVE BULLETIN
MARCH 1935
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports •
Merchandise exports *
Excess of exports
Month
1932
1931
1934
1933
i 1935
1932
1933
1934
1935
183
175
210
136
131
131
96
84
95
179
160
171
186
180
173
127
112
110
88
107
122
P167
136
133
158 ;
!
147
155 '•
136 !
144
131
160
162
172
192
174
167
170
79
91
98
143
155
147
127 !
120 :
132
153
139
132
193
184
193
206
195
171
169
149
154
105
104
97
151
129
134
1,611
1,675
2,133
2,091
1,323
1,450
January
Februarv
March
250
224
236
150
154
155
121
102
108
172!
163
191
April
May
June
215
204
187
135
132
114
105
114
120
July
August
September
181
165
180
107
109
132
December
205
194
184
2,424
Year
1931
,176
1932
1931
66
49
26
15
23
24
29
24
14
9
20
4
6
-2
10
130
151
132
1,655
1933
1934
1935
25
18
13
37
30
33
17
-2
33
6
34
27
17
34
1
-23
13
34
52
60
36
44
30
48
34
35
42
56
59
77
44
38
334
288
225
478
7
P9
v Preliminary.
i Including both domestic and foreign merchandise.
« General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—See BULLETIN for January 1931, p. 18, and for March 1931, p. 136.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers based on value figures; 1923-25 average =» 100]
[Index numbers; 1923-25 average=100]
Index of stocks (end of
month)
Index of sales l
-
1934
1935
1934
1935
1934
1935
1934
69
71
77
72
.75
57
59
73
59
*>61
66
66
65
64
59
63
67
April
May
June
77
77
74
73
77
70
65
66
65
68
68
63
July
AugustSeptember
72
79
78
51
60
79
64
64
64
59
61
67
74
73
'77
82
83
'135
64
65
64
71
74
60
October
December
Year
- - 65
75
r
1935
57
1935
Jan. Sept. Oct. | Nov. | Dec. Jan
Without
Adjusted
Without
Adjusted
for seasonal seasonal ad- for seasonal seasonal adjustment
variation
justment
variation
Month
January
Februarv
March
1934
Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
Miscellaneous
Merchandise i
64
68
61
68
51
30
34
69
70
59
63
45
63
87
30
39
58
64
57
60
45
58
62
30
30
60
63
59
64
43
56
55
30
20
64
64
64
71
51
58
51
32
34
71
66
64
73
62
56
42
31
31
72
65
Without seasonal adjustment
Total
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
Miscellaneous
Merchandise *
58
77
67
65
53
26
8
55
65
67
68
45
76
103
31
63
69
64
69
46
65
83
31
42
70
66
60
70
44
60
64
29
14
63
56
76
54
57
51
26
8
55
62
58
82
69
54
44
28
58
p Preliminary.
Revised.
61
67
65
i Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and for 6
national holidays: New Year's Day, Memorial Day, Independence Day,
»In less-than-carload lots.
Labor Day, Thanksgiving Day, and Christmas. Adjustment for seaBased on daily average loadings. Source of basic data: American
sonal variation makes allowance in March and April for the effects
Railway Association.
upon sales of changes in the date of Easter
Backfigures.—See BULLETIN for November 1930, p. 686; Annual Report
Back figures.—See BULLETIN for February 1931, pp. 108-110.
for 1933 (table 115).
MARCH
FEDERAL RESERVE BULLETIN
1935
165
FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE BANK OF FRANCE
The annual report of the Bank of France
covering the year 1934 was submitted to the
general meeting of shareholders on January 31,
1935, by the new governor of the bank, M. Jean
Tannery. The text of the report is as follows:1
The depression from which all nations are
still suffering in various degrees was not relieved
to any considerable extent during 1934. The
painful work of readjustment was carried on.
Some positive results were achieved, but they
did not lead to general and definite recovery.
Uneasiness prevailed throughout the wwld,
and the spirit of enterprise showed little sign
of revival. Long-term commitments, so necessary for the expansion of business, were entirely
out of the question.
In spite of the recent improvement in international relations, political uncertainty is
largely responsible for the lack of confidence
which still prevails. In our judgment, however,
this is not the primary cause of so long and
wide-spread a depression. The normal play of
economic laws, which would gradually have its
remedial effect upon the depression, is continually counteracted by artificial and futile interventions. Everywhere uncertainty continues
to prevail in monetary affairs. Currency instability hinders the exchange of commodities,
as well as the flow of capital, and blocks all
international recovery. It condemns every
country to fall back upon its own resources
and by artificial measures to seek a false prosperity in isolation. Thus we have the contradiction of improved methods of communication
and the ardent desire of all nations for cooperation on the one hand, and on the other an
economic nationalism which is equally harmful
for all concerned.
It is not within our power to put an end to
this situation, but we should do nothing to
make it worse. The maintenance of the stability of the franc is not only a national
necessity but also, in our opinion, a duty of a
broader character which we have no wish to
shirk. As in previous years, the Bank of
France carried on the policy prescribed in the
monetary law, to which it intends to remain
absolutely faithful. The results achieved have
i The report, available in French, contains in addition tables showing
the operations of the bank in detail, and sections dealing with personnel,
etc. For earlier reports, see BULLETIN for March 1934, 1933, 1932, 1931,
1930, etc.
justified its attitude. After 4 years of unprecedented depression, the franc today is more
firmly established than ever before. Being
certain that we interpret the opinion of the
vast majority in the country, we are resolved
to defend the franc against every attack, whatever may be its origin or aim.
Balance of payments.—The resources at our
disposal imposed upon us the obligation to
defend the franc and enabled us to do so. On
the final balance sheet of the year, the gold
reserve of the bank amounted to 82,123,000,000
francs, a figure almost as high as the maximum
of 83,359,000,000 francs, reached on December
2, 1932.
For the first time since 1931 the net balance
of gold and foreign-exchange movements was
favorable to France in 1934. While in 1932 and
1933 our reserves declined continuously by
1,700,000,000 francs and 9,500,000,000 francs,
respectively, in 1934 they rose by almost
5,000,000,000 francs. The reversal of the
movement described in the last two annual
reports was not due solely to the noteworthy
reduction from 10,000,000,000 to 5,000,000,000
francs in our unfavorable trade balance.
Neither was it caused by an improvement of
the purely technical elements in our balance of
payments. The considerable decline of foreign revenue and the increasing recession of
tourist expenditures exercised the same influence in 1934 as in preceding years. The
inflow of gold into our reserves should not,
therefore, be interpreted as an indication of
genuine recovery in our economic situation.
The inflow is chiefly the result of psychological
reactions, inspired by the increasing confidence
which investors feel in regard to the franc.
Gold movements.—The increase in the reserve, however, did not proceed uniformly
throughout the year.
The outflow of gold noted at the end of 1933
was in still larger amount during the first 2
months of 1934 and was the direct result of
the aggravation of budgetary difficulties and
the increasing tension which marked this
period. From December 29, 1933, to March
2, 1934, the reserves declined from 77,098,000,000 to 73,928,000,000 francs, that is, a decline
within a few weeks of more than 3,000,000,000
francs.
166
FEDERAL RESERVE BULLETIN
MAKCH
1935
This, however, was no more than a temporary
The treasury benefited greatly from this
outflow. The improved political situation and abundance of short-term funds. The rate for
the efforts made by the Government to re- 3-month treasury bills w^as reduced succesorganize the budget soon led to a renewal of | sively from 3% percent in March to 3 percent
confidence. The repatriation of French capital in May, to 2% percent in June, and to 2%
and the inflow of foreign capital to the Paris percent in October. These rates represent a
market were from that time on almost uninter- considerable improvement and have reduced
rupted. Except for a slight recession in No- the abnormal margin between French rates
vember, our weekly balance sheets showed an and those prevailing in London and New York.
almost continual rise in the reserve. In 9
Capital Market.—Unfortunately the same
months it increased by more than 8,000,000,000 thing is not true of the capital market. In
francs.
spite of the continued firmness of rentes for
On December 14, 1934, the reserve percent- many weeks, the existing rates do not yet
age reached 80.97 percent, the highest percent- reflect the indisputable improvement in State
age ever shown since the law of 1928 became finances. The credit of the French Government is still underestimated, and economic
effective.
Our holdings of foreign exchange underwent activity is suffering the direct consequences
no considerable change in 1934. At the close of that general distrust on the part of invesof the year they amounted to 741,000,000 tors. The high level of rates for long-term
francs, as compared with 928,000,000 francs on funds is one of the most serious obstacles to
reduced costs of production. This prevents
the corresponding date in 1933.
Money market.—The money market was new expansion by industrial enterprises; and
constantly affected by the inflow and outflow by keeping overhead charges high, prevents
of gold already described. We did not try at conversion operations which would have a
any time to direct or to offset the movements favorable influence on retail prices. Kegretof gold, which automatically had their normal table as this appears, a situation so abnormal
could, of course, change quickly. In fact, the
effect on rates for short-term money.
The first 3 months of the year were marked improvement of the long-term market is to a
by increasing tension, which caused the private very great extent only waiting upon a perdiscount rate to rise from 2Ke percent in Janu- manent revival of confidence, which is even
ary to 2% percent in March and the rates for 3- now beginning to appear.
month national-defense bills from 3% percent
All the technical conditions would justify a
to more than 4 percent. The bank felt that reduction in money rates. The high level of
it should adjust its own rates to the situation hoarding of gold and bank notes is undoubtedly
then prevailing in the market. On February the result of uncertainty on the part of the
8 your board of directors decided to raise the public, but is also a most tangible expression
official discount rate from 2% percent, which of potential national wealth. People who
had been maintained since October 9, 1931, to save wish to find profitable investment for
3 percent.
their funds; only lack of confidence prevents
This rate, which was justified by the large them from investing their savings to the benewithdrawals of gold from our reserve, was in fit of the entire national economy.
effect for only a short time. On May 31 it
We feel it our duty on this occasion to prowas possible to lower it again to 2% percent, test against the spirit of pessimism which has
and since then there has been no change. Be- prevailed in the country for so many months,
ginning in April, a gradual relaxation was checking all initiative and paralyzing all effort.
apparent in the money market. This became France, in the course of her history, has passed
more marked during the closing months of successfully through crises just as serious as
the year and made possible a rapid increase of this. She will not lack the determination to
bank deposits, which had declined by 2,000,- overcome the present difficulties.
000,000 francs during the first half of 1934.
Economic situation.—Undoubtedly, much reOn December 31, in spite of some unavoidable mains to be accomplished. Our first concern
tension at the year-end, the private discount should be the definite reform of the budget.
rate was reduced to the very moderate level Some important results along this line were
of 1% percent.
achieved during the past year. New curbs
MARCH
1935
FEDERAL RESERVE BULLETIN
on expenditure absorbed a considerable part
of the budgetary deficit. This reform should
be carried on so that French business may not
be handicapped by an increasing burden of
public debt.
The remarkable effort made by the nation
might well prove futile if the burden of taxation, already too heavy, should increase indefinitely while business activity continued to
decline. Unfortunately, the business situation
showed no marked improvement in 1934.
After the recovery of 1933, the various branches
of commerce and industry showed a fairly sharp
recession during recent months—the result in
large measure of the decline in agricultural
income. For a number of years an effort was
made to maintain agricultural prices by a
policy of artificial support. The measures now
taken by the Government are intended to
effect a permanent recovery of the agricultural
situation. These measures ought to support
the domestic business revival; for the French
market, even with its present reduced capacity
for absorption, can still furnish an outlet to the
greater part of French industry.
Our export trade held its own with foreign
competition to a remarkable degree. While
the value of our sales abroad during the past
year showed a new decline, their quantity and
weight represented a considerable advance over
1933. This is the clearest possible proof of the
gradual adjustment of French business to the
new conditions arising out of the crisis.
The French economic situation in general,
however unsatisfactory to us, is no more unfavorable than that of most other countries.
Although there is still too great a margin
between prices in France and abroad, notable
progress has been made along this line. It is
significant that in 1934 wholesale prices showed
a sharper decline in this country than anywhere
else. This downward trend had a marked
influence on retail prices, which declined steadily
and more sharply than at any other time since
the beginning of the depression.
Unemployment, unfortunately, increased
during the past few months. The social
importance of this problem calls for the fullest
consideration of the Government. Unemployment, however, is not more serious in
France than in most other countries, and the
proportion of unemployed workers is less than
in England, the United States, and Germany.
Discount policy.—As in former years, our
discount policy was prompted by the wish to
mitigate the effects of the depression on busi-
167
ness. Liberal as always, we gave favorable
consideration to all demands which were legitimate and in harmony with actual commercial
requirements. Credits were granted on exceptionally favorable terms. The rates charged
represent only a very small item in operating
costs of industrial enterprises.
We also assisted agriculturists to the full
extent permitted under the statutes of the bank
by admitting to discount large amounts of their
paper secured by wheat.
During 1934 the bill portfolio showed very
considerable fluctuations. At the beginning
of the year the stringency of money, resulting
from the withdrawals of foreign capital and from
domestic hoarding, caused a large increase in
rediscounts. In that difficult period, while
systematically discouraging operations of a
speculative nature, the bank felt obliged to
grant legitimate demands without restriction.
On December 29, 1933, our portfolio amounted
to only 4,856,000,000 francs; in January and
February it had risen by almost 2,000,000,000
francs, and on March 30 it reached 6,213,000,000 francs, the maximum figure for the year.
Marked improvement in the general situation
led to a sharp reversal of this tendency in April
and the monetary tension eased rapidly. The
result was a gradual but continuous decline in
the portfolio. This decline continued until the
end of 1934, and was accentuated during the
closing months as a result of the marked recession of industrial activity which characterized
the last quarter.
On December 21 the portfolio amounted to
only 3,472,000,000 francs, a slight increase over
the year's minimum of 3,143,000,000 francs
shown on November 30.
Demand liabilities.—Demand liabilities of
the bank rose during 1934 by 4,607,000,000
francs and are now at about the same level as
in October 1933. This increase in the aggregate
of bank notes and demand deposits corresponds
almost exactly to the increase in reserves. The
volume of notes in circulation showed no great
increase. From December 23, 1933, to December 26, 1934, the volume of notes in circulation
rose from 80,638,000,000 to 81,855,000,000
francs.
The expansion in demand deposits was much
larger—from 16,953,000,000 to 20,343,000,000
francs. Deposits of the treasury and the Caisse
autonome at the end of the year stood
at 3,843,000,000 francs as compared with
2,303,000,000 francs at the close of the previous
year.
168
FEDERAL RESERVE BULLETIN
The inflow of gold in 1934, like the outflow
in 1933, reacted almost exclusively on the
money market. It had no other influence—
neither on the movement of prices nor 01 the
expansion of credit nor on the development of
economic activity.
Monetary policy.—The bank maintained
close contacts with foreign banks of issue in the
same spirit of international cooperation by
which it has always endeavored to shape its
policy. We sought especially to draw closer
the bonds uniting us with other countries
which are still on the gold standard. The
determination of these countries to maintain
the stability of their currencies in spite of
many difficulties is as strong as ever. We
sincerely hope that economic agreements may
shortly complete the work, which the experience of the past 18 months has proved to be
sound.
The experience of 1934 in this respect seems
decisive. The de facto stability of the dollar,
maintained throughout the entire year, led to
none of the disastrous consequences in the
monetary field which were sometimes anticipated. On the contrary, by checking devaluation in the United States, it reacted favorably
upon the economic situation of the entire
world.
The pound sterling closed the year at the
approximate rate of 75 francs—a decline of
MARCH
1935
8 points as compared with the beginning
of January. We trust that the uncertainty
which still persists with regard to British
currency may be ended as soon as possible.
We appreciate at their full value the repeated
statements of the British Government that
Great Britain intends to return to the gold
standard as soon as circumstances permit.
Outlook for the future.—In spite of the continued depression, France exhibits an exceptional capacity for resistance and adjustment,
which will permit a rapid recovery of business
when the moment comes. The courage and
patience which the nation has shown for so
many years guarantee the security of the
future.
Our currency is more strongly defended than
ever against all foreign pressure. Its fate depends only upon the courage of the French
people, and in this respect their choice is made.
Between uncertainty and illusion, between
saving and speculation, between creative work
and " get-rich-quick-methods" they do not
hesitate. We do not have to urge upon them
a decision which they made long ago. It is
sufficient for us to affirm once again our determination to adhere to the only monetary policy
which seems to us to be in harmony with the
national interest.
BALANCE SHEET OF THE BANK OF FRANCE AS OF DECEMBER 26, 1934,
AND DECEMBER 23,
1933
[In thousands of francs]
Resources
Dec. 26,
1934
82,122,999
Gold reserve (coin and bullion) _
685,321
Silver and copper coins
11,119
Funds available on demand abroad
Foreign bills:
729, 784
Negotiable
221,454
Other
Domestic bills:
171,954
Negotiable
3,572,015
Other
1,445,916
Advances against gold coin and bullion
3,184,303
Advances against securities
495, 738
Postal current accounts...
_.
Negotiable bills of the Caisse autonome
d'amortissement (convention of June 23,
5,898,270
1928, and Dec. 7, 1931)
Loans to the Government without interest
(law of June 9, 1857; convention of Mar. 29,
1878; law of June 13, 1878, extended; laws
of Nov. 17 1897, Dec. 29, 1918, and June 25,
3, 200,000
1928).._
—_
112,981
Rentes earmarked for special purposes _ _
4,000
Bank buildings and equipment
2,292,475
Miscellaneous resources
Total
_
104,148,329
Dec. 23,
1933
Liabilities
Dec. 26,
1934
Demand liabilities:
81,855, 232
Notes in circulation.-.
1,026,282
Current account of the treasury
Current account of the Caisse autonome
2,817,215
908,556
d'amortissement
16,318,015
233,926
Other current accounts and deposits
181,925
Other demand liabilities
182, 500
93,000 Capital...
-.
4,087,353 Surplus (laws of June 9, 1857, and Nov. 17,
272, 696
1,415, 537
1897)...
2,910,170 Reserve invested in legal securities (law of
May 17,1834; decrees of April 27 and May 2,
591,375
22,106
1848; law of June 9, 1857).
4,000
Depreciation reserve (real estate)
6,187,425 Profit and loss:
25,000
For writing off overdue bills
22,190
Gross dividends 121.591 i francs
24,577
Carried forward
1,396,591
Miscellaneous liabilities
_
__
3,200,000
104,148,329
112,981
Total
-- 220,576
2,280,812 Total demand liabilities
102,198,669
Ratio of gold reserve to demand liabilities
80.36
99,889,977
(percent)
_
76,959,499
669,805
18,962
Dec. 23,
1933
80,637,917
238,251
2,064, 890
14,460,217
190,095
182,500
272,696
22,106
4,000
21,988
24,059
1,771,258
99,889,977
97,591,370
78.86
i For second half year 1934. Gross dividend for first half year 1934,120.482 francs. In accordance with the law of Dec. 23,1933, ana the decree of
July 11,1934, which modified the rate of taxation on the yield of French registered shares, the net dividend of shares of the Bank of France was 100
francs for the first half year, and 100.92 francs for the second half year for shares subject to a tax of 17 percent; and 100 francs for the first half year
and 107 francs for the second half year for shares subject to a tax of 12 percent.
169
FEDERAL RESERVE BULLETIN
MARCH 1935
INTERNATIONAL FINANCIAL STATISTICS
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars. $1=15 Hi grains of gold «M6 fine; i- e., an ounce of fine gold=$35]
End of month
Total
(50 countries)
Europe
United
States
Canada
Total (27
countries)
Austria
CzechoBelgium Bulgaria slovakia
Denmark England
France
Germany
1933—December..
20,192
16,793
131
11,703
643
1,572
5,112
156
1934—January
February. _.
March
April
May
June
July
August
September..
October
November..
December..
20,229
20,516
20,724
20,820
20,957
21,166
21,304
21,489
21, 530
21,586
21,646
» 21,771
6,829
7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
8,238
130
130
130
130
130
132
133
131
131
132
133
134
11,697
11,358
11,313
11,340
11,426
11, 548
11,592
11, 747
11, 787
11,813
11,730
11,751
646
639
635
636
635
625
618
623
626
609
589
590
112
111
111
111
111
111
111
111
112
112
112
1,573
1,574
],574
1,575
1,577
1,578
1, 579
1,580
1,581
1,582
1,583
1,584
5,109
4,904
4,947
5,023
5,136
5,274
5,321
5,439
5,455
5,468
5,443
5,445
152
134
96
83
52
28
30
30
30
33
32
32
1935—January
February.-.
p 21,876
8,391
v 8, 526
132
* 11, 696
599
112
1, 586
1,586
5,438
v 5, 439
32
Europe—Continued
End of month
Greece Hungary
Italy
Nether- Norway
Poland
lands
Yugo- 6 other
Portu- Ruma- Spain
SwitzerSweden land U.S.S.R.» slavia coungal
tries
1933—December. . .
632
627
100
739
168
653
704
59
1934—January
February...
March
April
May
June
July
August
September..
October
NovemberDecember. _
633
633
613
609
594
576
567
565
554
541
520
518
739
739
739
739
739
739
740
740
740
740
740
740
169
170
167
167
168
168
169
170
163
160
159
653
600
570
534
535
535
537,
567
591
621
624
624
704
704
706
706
706
716
716
716
716
716
716
744
58
539
535
539
551
573
588
588
588
601
582
573
100
101
101
101
102
102
102
103
103
103
103
104
1935—January
February...
519
555
740
159
600
586
744
Asia and Oceania
Latin America
End of month
57
58
58
58
58
61
61
61
60
Africa
2
Total Ar4 Total
New Tur- other Total
Co00
(7
(4 Egypt South other
Uru- other
Zea- key coun counChile lom- MexAfrica councoun- genico Peru guay coun- coun- India Japan Java land
bia
tina
tries
tries tries)
tries tries)
tries)
1933—December
578
405
20
24
15
19
85
11
774
274
359
74
41
20
214
56
141
17
1934—January
February
March
April
May
June
July
August._
September
October.
November
December
579
588
590
591
594
593
599
605
604
599
599
20
24
24
25
24
24
25
26
26
24
22
21
19
14
18
20
22
23
26
27
29
28
25
26
23
19
20
19
19
19
19
19
19
19
19
19
*19
86
87
87
87
87
84
82
82
82
82
82
82
11
14
15
15
16
14
17
18
19
778
780
778
781
803
804
806
807
803
795
796
798
274
274
274
275
275
275
275
275
275
275
275
275
359
359
359
362
382
384
386
387
388
390
392
394
76
79
77
77
79
77
77
77
77
77
77
77
42
42
42
42
42
42
42
41
36
26
25
25
20
20
20
21
20
21
21
21
22
22
22
22
215
222
218
220
226
233
244
220
226
245
255
56
55
55
55
55
55
55
55
55
55
55
»55
143
150
146
149
154
161
172
149
155
173
184
184
17
17
17
17
17
17
17
17
17
17
17
P597
405
405
405
405
405
405
405
403
403
403
403
403
1935—January.
*592
M03
»798
275
*>394
78
25
22
P55
196
20
20
20
20
20
24
28
28
29
29
29
P29
15
P23
J»19
P82
20
'19
20
P21
» Preliminary.
r Revised.
* Excludes gold coin in circulation.
• Figures for December 1933, March 1934, June 1934, or December 1934 carried forward for subsequent months, for which no figures have been
reported.
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in
Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria and Belgian Congo.
For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372, and December 1934, p. 801.
170
FEDERAL RESERVE BULLETIN
MARCH 1935
GOLD PRODUCTION
[In thousands of dollars]
Estimated
world
production r
Year and month
Production reported monthly
Africa
Total'
South
Africa
Rhodesia
421,656
420,093
238,931
227,673
12,000
13,335
499,241
522,555
—.
35,986
18,897
1,201
546
$l=155M
February
March
April
May--June
July
August
September
October
November
December
--
--.
Total (12 m o . ) .
Total (new par)
54,707
58,676
58, 250
61,476
59,429
60,786
61, 627
60,492
63,725
60,714
62, 749
28,893
30,550
30,173
31,324
30,138
30,773
31,015
29,951
30,994
30,633
30,356
*910,333 *698, 617
*942,374 *723, 237
353,697
366,795
72,981
76,949
76, 524
79,750
77, 702
79,060
79,900
78,766
81,999
v 78,988
v 81,023
Far East
Colom- Chile AustraJapan
bia
lia
grains of gold %a fine; i. e.t an ounce of fine gold= $20.67
5,132
788
3,642
62,933 50,626 12,070
5,992
3,009
52,842 13,169
6,165
3,631
l=25$io
1932—Total
1933—Total
1934—January _
North and South America
United
West Belgian
Africa Congo I Canada States «•
320
1,080
462
697
8,198
8,968
6,782
6,919
721
560
1,280
1,390
1,376
1,268
1,310
1,351
1,413
1,495
1,438
1,377
1,435
881
926
914
946
930
938
938
932
944
929
995
grains of gold *Ko fine; i. e., an ounce of fine gold=
502
571
509
566
547
521
542
544
582
590
534
927
965
941
951
946
1,072
1,022
1,072
1,117
1,080
1,225
1,893
2,042
2,014
2,055
2,048
2,015
2,085
2,061
2,054
1,932
2,031
5,322
4,781
14,563
16,790
India
23,432 m , 865
24, 264 P12, 242
6,549
6,624
8,409
8,059
8,969
8,724
9,214
8,829
10,404
10,824
8,759
10,124
P2,030
1,067
940
843
991
1,003
1,037
1,148
940
1,143
831
922
100,455 104, 265 P22, 272
103,769 107,632 *>23,020
11,562
12,045
7,803
8,726
7,975
9,090
8,495
8,593
9,270
8,546
9,278
8,750
9,148
1,906
1,194
2,233
2,431
1,941
1,861
2,078
1,396
2,166
P 1,955
2,269
2,415
2,566
2,460
2,722
2,579
2,619
2,625
2,453
2,650
2,722
656
554
648
425
623
832
666
525
731
1,227
1, 227
P 8,
576 29,478
30,447
15,854 10,835
16,354 11,223
v Preliminary.
r
Revised largely on basis of new estimates in Annual Report of Director of Mint for 1934. Estimate of world production for 1932 is final and
that for 1933 preliminary. Estimate of mint for 1933 has been employed for all areas not reporting monthly other than U. S. S. R., figures for which
have been carried forward on same basis as that employed by mint in revising Russian estimates in its annual report for 1933. Estimates of monthly
production employed for U. S. S. R. are as follows: 1933, January-June, $3,833,000; July-December, $5,833,000; 1934, January, $7,000,000 (old par),
February-December, $12,000,000 (new par); 1935, $14,000,000. Monthly figures for United States (including Philippine Islands) represent estimates
by American Bureau of Metal Statistics, raised by a constant monthly amount in 1933 and in 1934 so that their aggregates for each year are equal to
the annual estimates compiled by Bureau of Mint in cooperation with Bureau of Mines. For areas not reporting monthly, other than U. S. S. R.,
monthly average production compiled on preliminary basis by mint for 1933 is employed for 1933,1934, and 1935.
* January figures placed on same basis as those for subsequent months, i. e., $35 an ounce.
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,
and November 1934, p. 737. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1934, p. 104.
Figures for Canada for 1934 are subject to revision.
GOLD MOVEMENTS
[In thousands of dollars]
United States
Year and month
Total
net
imports
or net
exports
Net imports from or net exports (—) to—
England
France
Belgium
Nether- Switzer- Canada
lands
land
Customs valuations;
1932—Total (12 months)
1933—October
November.
December. .
Total (12 months).
1934—January
-446,213]
53, 585
-32,351
-783
-9,128
-6,240
-2,260
-1,650
-173,455
-2,767
-26,923
-366
-203
-461
-895
7,901
-10
-1,678
Customs valuations;
February...
March
April
May
_
June
July
August
September .
October
November.
DecemberTotal (12 mo.)—
Total (new par)*.
1935—January.. _
February-
452,571
237,336
54,748
33,583
63, 705
52,346
37, 225
-18,670
10,837
120,889
92,109
239,800
135,987
24,054
5,927
31,288
22,978
22, 872
-950
-1,118
3,687
19,649
124, 381
51,821
1,786
233
10,750
2,212
- 5 , 238
-17,748
26
70,351
22,430
1,133,912
1,131,994
501,632
499,870
260, 543
260,223
149,392
122, 771
85, 577
63,424
14, 592
45, 766
131
-1,943
-2,094
64,574
20,087
-453
268
216
347
48
240
338
-11,631
19,896
4,280
313
246
British
India
China
and
Hong
Kong
All
other
countires
3,240
26,597
39,043
85, 737
976
1,414
25,629
12,821 - 2 1 , 8 9 8
1,365
with some exceptions at rate of $35 a fine ounce
57,272
10,148
7,234
1,087
1,569
12,114
10,272
9,069
8,673
5,124
5,368
640
2,086
2,837
2,664
515
399
3,265
880
6,076
1,660
2,490
2,495
2,554
37
8
2,484
—8
3,112
1
2,111
86,612
30,090
30,270
12,091
5,346
4,991
729
-4,J
-17
212
-500
12,814
9,906
17,790
-254
8,909
8,902
95,510
94,348
12,402
12,402
12,812
1,466
339
8,982
8,200
539
3,775
9,609
8,077
i January figures placed on same basis as those for subsequent months, i. e., $35 an ounce.
Colombia
with some exceptions at rate of $20.67 a fine ounce
-441,649 - 8 2 , 5 7 1 - 9 6 , 5 8 6 - 1 1 8 , 2 7 3
6,375 - 2 1 6 , 0 3 5
- 2 , 542
Mexico
11,300
12,574
651
2,865
3,067
1,865
2,286
3,254
672
513
50
700
529
2,352
3,351
1,790
1,987
2,190
3,316
3,960
1,780
1,729
1,896
2,874
16,944
16,944
76,820
76,820
16,452
16,452
27,935
28,990
2,101
2,112
10,616
522
359
5,083
2,709
11,465
4,613
10, 240
12,191
5,489
171
FEDEBAL RESERVE BULLETIN
MARCH 1935
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Great Britain
Net imports from or net exports (—) to:
Total
net imports
or net
exports
Year and month
1932-TotaL—
84,585
1933—October
November
63,918
79,138
79,426
December
677,405
Total (12 mo.)—.
62,146
United
States
France
-50,642 -297,050
Germany
1,865
33,338
15,130
-11
94
42
7,8
97,016
41,036
9,805
-13
1934—January
February
March
April
May
June
July
August
September
October
November
December
,
,
Total (12 mo.)—
Total (new par.)2.
1935—January
184,820 -238,842 283,333
66,180
91,471 -130,087
35,003 -19,851 - 7 , 0 3 8
- 5 , 1 9 7 -30,856
37,986
6,622
53,056 -35,375
-121
30,991
26,005 -15,420 - 6 , 7 9 7
6,251 - 8 , 1 8 8
23,488
-339
49,999
950
49, 585 -17,284
27,026
27,215 -22,489
1,769
673,194 -500,484
716,269 -497,166
-4,218
- 7 9 , 628
18,837
65,579
3,524
8,243
17,495
4,099
45
2,890
105
152
69
18 -4,163
817
329
147
-217
-771
-196
3,611
120
8,143
-7,065 -4,299
9,610
6,579
5,013
4,186
16,122
4,852
5,892
36
28,895
32, 575
-9,005
-9,123
8,780
-53
13,756
17, 568
23,193 200, 704
26, 316 206,711
24,046
imports
or net
1932—Total
1933—October
November
Net imports from or net exports (—) to:
Total
828,178
26,233
-53,315
-45,447
December
243,944
Total (12 mo.).-.
- 7 , 236
United
States
468,052
England
Germany
Belgium
Neth-
Swit-
lands
land
-12,428 - 3 , 3 6 9
-947 -21,461 - 5 , 6 7 4
701 -23,443
-474
223,894 -87,207 73,001 -28,979
- 5 , 259
1934—January
February
March
April
May
_
-_
June
July
August
-.
September
October.
November *>
December *
Total (12mo.)--_
Total (new par.) 2
647
1,094
359
485
441
70
66
151
245
190
128
1,942
2,315_
18,279
20,467
20,885
19,460
4,403
4,558
12,871
60,812 256,177
46,110
2,353
17,667
3,170
2,951
3,105
3,824
3,086
3,172
3,234
4,673
3,507
3,438
2, 686
4,126
30,881
36,707
31,929
42,935
30,505
32,312
22,371
11,315
24,420
18,495
23,469
30,587
5,591
8,483
4,750
13, 233
9,070
4,774
1,491
12,790
2,970
2,906
4,458 40,159 323,007 99,662
4,863 41, 790 335, 253 101,860
12
4,066
37,231
-3,071
Total
net
imports
All
or
net
other
coun- exports
()
tries
Net imports from or net exports (—) to:
'England
France
Netherlands
All
U.S. other
S. R. countries
Official figures converted at rate of $20.67 an ounce
309,984 37,889 -35,010 37, 547 -17,668 27,382 - 2 7 , 282|
- 2 5 0 -38,170 -24,455 46,656 -11,063
-4,640
47,745 —It'
-3
177 -25,025
-19,387 - 7 7 2
1,215
782
708
423
All
other
countries
Germany
France
Year and month
10, 781 i 20,364 255,310
43,374 118,817
-20
5,310
-170
5,500
4,530
8,642
Official figures converted at rate of $85 an ounce
4,870 30,193
-320
3,790 17,891
187
39 37,372
5,522
-176
358
47 13,033
523
343
44
-216
319
284
75 14,147
-34
-252
-659
144
17,330
218
-71
-46
1,794
12, 213
-2,161
-102
1,749
25,146
-6,034
-4,563
2,052
7,266
962
-2,157
-203 -1,849
655
4,992
-1,291
482 - 1 , 1 1 8
4,669
- 5 , 198
670
-550
-60
1,697 18, 791
17, 882
-1,087
241
310
-109
341,394 121,026 -13,571
348,190 121,017 -13,585
4,270
South
Africa,
South
RhoBritish Straits
Nether- Switzer- AmerAustraCanada India Settledesia,
lands land
lia
ments
ica
West
Africa
Official figures converted at rate of $20.67 an ounce
333 -13,434 -71,378 -14,019
5,746
220,394
12,520
6,878
4,441
4,788
Belgium
-175,869 -92,336 -160,187 12, 536
3
-232,658 -79,158 -155,636
78
997 -37,010
-1,373
1
124
33,581
30,915
- 9 , 7 7 9 -11,411 18,191
6,437
1
-3,003
926
-2,895
145
264
-7,290
-15,105
-3
9,606
964
5,987
2
3,706
22,710
26,296
- 6 5 , 568 -64,337 —17,1
37,733 -19,918 —8, 738
-401,945 -241,202 -348,094 31,038
406,949 -240, 361 -351, 729 31,036
44,691
10,491
3,698
-381
-2,071
-94
5,933
4,710 - 5 , 2 6 8
691
590
5,845
2,572
2,627
8,053 -102,856
36
3,182
-40
2,668 -1,336
-37,044 -64,922 -40,950 40,317
-19
-173
- 7 0 -1,187 -1,761
1,246
Official figures converted at rate of $85 an ounce
6,853 -20,472 -29,660
- 1 6 6 59,196 - 1 , 7 6 5
398 15,955 - 2 , 9 1 4 -11,305 -39,440 -55, 529
1,
32,492
286 - 5 , 6 5 5
-3,515
-213
5,405
427 -29,040 -13,382
-9,299
19,168 - 6 , 6 3 6 -20,312
7
-1,400 - 1 ,
643
4,469
-4,090
-320
-104 -1,038
2
,
6
0
4
-122
9
,
2
2
6
1,163
5,327
-39
-44
898
61
-269
10 -15,492
3
-59
-464
7,873
139 -6,972
-167
-2,633
1,786 3 18, 251
2,954
-786
3
65,
517
-3,114
-85
4,220
1,206
-232
-17,549 75,044 24,477 74,339 -91,783 -109,372
-17,669 74,995 23,657 73,123 -90,920 -109,386
-2,615
-8,054
-2
-8,073
-10,083
-12, 286
1
2
6
4
7
-1
-41,094
-42,907
-260
3,610
23
18,034
16,992
- 8 , 1 8 9 13,971
-12,363 6,761
-8,155
- 1 6 8,457
- 5 2 7,828
52
1,
5,760
238
313
- 9 9 1,162
155
86
153
27
123
117
153
274
257
2, 562
227
-28,317 82,888
-28,114 85, 390
4,111
4,097
293
e
v Preliminary.
Corrected,
1 Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately
in the official monthly statistics.
2 January figures placed on same basis as those for subsequent months—i. e., $35 an ounce.
a $19,218,000 imported by France from Italy in November 1934; $65,437,000 in December 1934.
NOTE.—-Oreat Britain and Germany.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official
totals published for the year as a whole.
172
FEDERAL RESERVE BULLETIN
MARCH 1935
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Netherlands
Year and month
Total net
imports
or net
exports
Net imports from or net exports (—) to:
United
States
England
France
Germany
Belgium
Poland
Switzerland
Official figures converted at rate of $20.67 an ounce
-34,009
26,886
-12,727
-13,630
-16,137
British
India
All other
countries
1932—Total.
116,149
106,623
50,070
16,423
-7,346
1933—October.
November.
December-
18,562
9,688
-9,294
2,191
1,385
-1,942
-7,111
14,457
6,096
-601
-357
5,369
-821
-22
-90
-230
-64
-30
-5
-1,232
-297
-658
2,099
441
31
105
142
99
-67,510
-1,624
-72,183
40,818
-17,873
-6,030
-16,974
9,632
567
-8,629
-7,082
-367
-238
Official figures converted at rate of $85 an ounce
-62
233
4,077
-76,485
-141
345
6,116
-4,132
-102
7,951
-287
-68
11,835
-158
-291
7,704
-166
1,701
-103
71
-53
88
-278
-42
174
3
-44
34
-2
7
1
,
8
6
4
-65
1
7
8
166
-6
-65
-5S7
830
78
9
5
-34
62
-1,220
33
246
-257
-532
201
1,696
-12
-112
-2,546
-1,016
-4
-106
-25
21
360
5
311
451
235
-42
164
359
133
322
1
130
126
154
165
-3,938
-4, 784
1,868
1,891
Total (12 mo.)
1934—January
February
March
April
May
June
July
August
September..
October
November...
December.. _
Total (12 mo.)
Total (new par)*
1935—January
-102,784
- 9 , 201
3,063
13,859
-17,262
-6,248
-4,444
9,570
9,170
-2,737
-326
-2,386
-16,849
-9,431
-225
8,880
-194
498
- 1 7 , 770
-9,270
-13,283
-4,928
-418
-115
277
75
-23
-327
-637
645
-312
-116,681
-122, 664
-46,040
-46,040
-26,128
-31,038
-18,300
-15,605
- 3 , 221
-78,444
-78, 610
25,972
25, 716
9,285
9,285
-1,253
-1,253
-161
-30
1932—Total
1933—October
November. _
December _
Total
mo.)
Total
net
imports
or net United
exports
States
(-)
169,786
124,354
4,073
3,553
23,996
502
Net imports from or net exports (—) to:
England
BelFrance gium
15,342
7,418
-790
-1,444
9
,474
8,756
4,243
4,684
23, 299
Italy
All
Neth- other
erlands countries
Total
net
imports
or net
exports
Net imports from or net
exports (—) to:
All
United
States
England
other
countries
Change in—
Gold
pro- Govt.
ducPrivate
retion in serves
holdIndia
ings in2
in
India
India
Oj%cial fignires com erted at rate of $20. 67 an ourice
- 5 8 - 2 , 9 5 4 14,996 10,688 -195,662 -38,094 -151,059 - 6 , 5 0 8
6,782
-363
176
-296
560
560
573
-1
-7,083
- 5 , 287
-5,160
635 -126,048 -30,340 -85,463 —10.244
6,916
-5
-119,124
35
125
-35
-39
558
78
191
741
73
125
-9
-7,643
-5,847
- 5 , 734
-7,280
-6,023
-5.438
127 -189,008
(12
1934—January. _. __
-41,121
1,266
10, 983 - 2 4 , 536 - 2 6 , 781
110
-247
180
February
-30,109 -10,898 - 2 1 , 567
2,333
March
-25,403 - 1 , 6 1 7 -12,110 - 7 , 7 9 9
- 4 , 6 8 2 -38,189
April
- 4 3 , 753
-5,350 -6,613
-11,582
May__
-8,372
June
- 8 1 7 - 5 , 648 - 2 , 1 9 3
-390
11
69 - 1 , 1 7 1
July
_.
4,007 11,802
26, 569
2
August
2,367 15, 804
21, 532
September-195
12, 853
5, 821
October
- 7 7 1 - 6 , 273
November.. 12,397
291
4
1
7
1
,
9
5
0
4
,143
December.. _
735 -15,330 13,168
- 4 2 1 1,187
342
115
<Wcialfi. lures co nverted c t
314
138 - 3 6 5
36
311 - 6 , 7 8 2
2,269
326
1,392 -2,132 - 2 3 8
97
364
113 - 2 2 2
128
208
166 - 1 8 6
98
214
-41
387
141
1,105 2,566 7,056
30
2,304 1,105 - 1 0 5
56
7
3,987 - 3 0 5
3,538
6,001 - 2 7 5 - 1 0 2
13, 526
-15
114
2,280
226
Total
(12
mo.)
-46,942 -12,860 - 4 5 , 784 - 2 9 , 359 18, 317
Total (new
par)i
-46,065 - 1 2 , 784 -45,955 - 2 9 , 235 18,397
1935—January
1,997
2,171
British India
Switzerland
Year and month
168
-4,125
-17
- 2 1 6 - 4 , 344
-12,683 — 1 , 380
-14,063
rate of $3,> an ounce
74
-39,307 - 7 , 7 0 3 - 3 1 , 678
-280
- 2 0 , 806 - 8 , 8 6 2 -11,664
-278
- 2 0 , 733 -10,697 - 9 , 7 5 8
-147
-20,344 -13,143 - 7 , 0 5 4
-19,105 - 7 , 4 6 4 -11,854
213
-22,130 - 8 , 740 -13,601
211
- 3 , 565 - 1 , 577 -2,196
208
- 2 , 534
-2,643
109
-14,431 - 1 , 6 5 0 -12,901
120
- 2 0 , 700 - 2 , 229 -18,617
146
- 2 3 , 255 - 3 , 2 0 1 - 2 0 , 216
162
-13,503
560
886
921 ~"-5
186
914
o
946
930 - 1 2
938
4
938
1
932
«944
929
995
9
-38,421
-19,880
-20,005
-19,396
-18,163
-21,196
- 2 , 628
-1,602
-13,491
-19,771
-22,257
19, 721
1,757
1,263 -220,973 - 6 5 , 266 -154,865
-842 10, 833
173 -210, 313
19, 431
2,580
1,500 -230, 720 - 6 5 , 266 -163,657 -1,797 11, 222
173 -219,671
472
-218
*995
P-16,684
198 p-17,681
* Preliminary.
»Corrected.
January figures placed on same basis as those for subsequent months—i. e., $35 an ounce.
* Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.
NOTE.—Netherlands and Switzerland—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official
totals published for the year as a whole.
1
MARCH
173
FEDERAL RESERVE BULLETIN
1935
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
1934
1935
Dec.
Jan.
Argentine Conversion Office (millions of
gold pesos):
Gold
Currency issued
Irish Currency Commission (thousands
of pounds sterling):
Legal tender note fund:
British legal tender and bank
balances
British securities
Notes issued
Consolidated bank notes: 1
Issued-_
Deemed such under sec. 60 (4) of
Currency Act, 1927
247
521
1935
Nov.
Jan.
247
517
247
552
247
515
534
62
32
211
7,176 7,528 7,537 7,013
7,387 8,062 7,598 7,045
4,857 4,852 4,844 4,754
1,130
1,137
1,232
1,145
1934
Dec.
Jan.
Canadian Minister of Finance (millions
of Canadian dollars):
Gold reserve against Dominion notes. .
Advances to banks under finance act,_.
Dominion notes:
217
Issued
32
Outside chartered bank holdings. _
Indian Government (millions of rupees):
Gold standard reserve:
Gold
29
Foreign exchange
505
Paper currency reserve:
Gold
Silver
482
Other assets
Notes issued.1,836
Nov.
Jan.
70
44
217
34
219
31
177
28
29
505
29
505
71
465
416
951
473
1,839
416
962
473
1,851
373
1,003
404
1,780
i Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Jan. 5, 1935, Dec. 8, Nov. 10, and Jan. 6, 1934.
Figures for notes deemed to be consolidated bank notes are as of close of business on these dates.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
1935
1934
1935
Assets
Gold in bars
Cash on hand and on current account with
banks
Demand funds at interest
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' acceptances
Treasury bills
Total
Time funds at interest—Not exceeding 3
months
Jan. 31
Dec. 31
11,008
11,008
7,578
2,611
4,794
2,354
4,988
3,370
18,690
Total
Other assets:
Guaranty of central banks on bills
sold
Sundry i t e m s ,
Total assets
Jan. 31 Dec. 31 Jan. 31
Jan. 31
Demand deposits (gold)
Short-term deposits (various currencies):
Central banks for own account:
Demand..
Time—Not exceeding 3 months
Total
164, 959
184,810
175,391
179, 384
165, 273
187,936
349, 769
354, 775
353, 209
40, 229
40, 638
35,852
29, 503
33, 514
34, 431
32,823
23,591
33, 737
34, 234
63, 633
45,878
63, 472
16,874
67,403
23,094
36, 253
18,895
36,182
47,987
37, 981
220, 230
231, 681
227,573
6,129
2,956
6,135
2,805
4,352
2,969
637, 726
654, 384
653, 594
Sundry bills and investments:
Maturing within 3 m o n t h s :
Treasury bills
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments.
1934
Liabilities
Central banks for account of others:
Demand..
Other depositors:
Demand..
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fund..
Total
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund
Other liabilities:
Guaranty on commercial bills sold
Sundry i t e m s . .
Total liabilities
10,921
10,921
7,578
21,461
107,605
36,472
110, 662
48,303
106, 520
129,065
147,134
154, 823
12, 491
12,342
11,564
1,413
1,232
154,481 154,529
77, 241 77, 264
41,062 40,678
154, 200
77,100
42, 758
272, 784 272,471
125,000 125,000
274,058
125,000
2,672
4,866
9,732
2,672
4,866
9,732
2,022
3,895
7,790
6,188
62, 594
6,135
61,878
4,852
61,590
637, 726 654, 384
653, 594
174
FEDEKAL EESERVE BULLETIN
MARCH
1935
CENTRAL BANKS
Liabilities of banking department
Assets of banking department
Bank of England
(Figures in millions of pounds sterling)
Gold
(in issue
department) l
Cash reserves
Coin
Notes
Discounts Securiand
ties
advances
Note
circulation
Deposits
Bankers'
Public
Other
Other
liabilities
1933—Dec. 27_
190.7
1.0
58.7
16.8
101.4
392.0
101.2
22.2
36.5
18.0
1934—Jan. 3 1 F e b . 28.
M a r . 28.
Apr. 25.
M a y 30.
J u n e 27.
July 25.
Aug. 29.
Sept. 26.
Oct. 31_.
Nov. 28.
Dec. 26.
190.9
191.0
191.1
191.2
191.3
191.5
191.6
191.8
191.9
192.0
192.1
192.3
.9
1.0
1.1
.9
.8
.7
84.2
83.6
72.3
77.5
73.2
69.8
67.6
72.5
74.9
73.6
72.4
47.1
8.2
5.8
5.6
5.3
5.6
6.1
7.5
5.6
7.2
8.9
9.2
7.6
88.4
87.9
88.1
86.3
87.6
91.9
94.2
92.5
92.2
91.6
90.6
98.2
366.7
367.4
378.8
373.7
378.1
381.7
383.9
379.3
377.0
378.4
379.7
405.2
100.6
90.3
94.5
99.5
99.4
96.3
104.8
83.7
82.0
100.4
89.1
89.1
25.2
32.1
17.5
15.8
14.0
17.6
10.9
34.0
37.9
16.9
27.7
9.9
37.8
37.7
36.9
37.0
36.1
36.5
36.1
35.2
36.8
39.8
38.1
36.4
18.1
18.2
18.3
17.7
17.8
18.0
18.1
18.2
18.3
17.7
17.8
18.0
1935—Jan. 30_.
Feb. 27.
192.4
192.5
77.5
75.1
9.3
6.2
92.7
92.0
374.9
377.4
99.0
95.5
20.9
19.4
42.1
40.7
18.2
18.2
.6
Liabilities
Assets
Bank of France
(Figures in millions of francs)
Gold
Foreign Domestic Security
exchange bills
loans
Negotiable
securities
Other
assets
Note
circulation
Deposits
Government
Other
Other
liabilities
1933—Dec. 29.__
77,098
1,158 I
4,739
2,921
6,122
8,251
82,613
2,322
13,414
1,940
1934—Jan. 2 6 . —
Feb.23__.
Mar. 30...
Apr. 27__M a y 25.__
June29___
„ July 27...
Aug. 3 1 —
Sept. 2 8 —
Oct. 26....
Nov. 30....
Dec. 28 .._
77, 055
73,971
74, 613
75, 756
77,466
79, 548
80,252
82, 037
82, 281
82, 478
82,097
82,124
1,130
1,070
1,068
1,066
1,094
1,157
1,155
1,082
962
931
960
963
4,486
5,963
6,198
5,707
5,011
4,386
4,248
3,116
4,146
3,996
3,068
3,971
2,893
2,932
2,972
3,016
3,060
3,076
3,054
3,140
3,134
3,101
3,228
3,211
6,119
6,114
6,007
5,973
5,950
5,929
5,913
5,913
5,898
5,898
5,898
5,837
7,870
7,960
8,229
8,152
8,202
8,278
8,150
9,060
8,254
8,264
8,849
8,288
79,474
81,024
82,833
81, 502
79,992
82,058
SO, 809
81, 732
81,479
79,467
81,879
83, 412
2,270
1,868
1,721
2,024
2,996
3,291
3,515
3,884
3,674
5,287
4,829
3,718
15,836
13,067
12,632
14,199
15, 681
15,188
16, 547
16,880
17,673
17,966
15,522
15,359
1,972
2,052
1,900
1,944
2,114
1,837
1,901
1,853
1,850
1,942
1,869
1,907
1935—Jan. 2 5 — .
Feb. 22*_
82,014
82, 040
962
960
4,003
3,996
3,149
3,079
5,837
5,833
7,970
(2)
81, 686
81,917
3,751
3,618
16, 473
16, 328
2,024
(2)
Assets
Reichsbank
Reserves
(Figures in millions of reichsmarks)
Treasury
Gold
Foreign
exchange
bills
Other
bills (and
checks)
Liabilities
Security
loans
Securities
Other
assets
Note
circula- Deposits
tion
Other
liabilities
1933—Dec. 30._
386
3,177
183
581
735
3,645
640
836
1934—Jan. 3 1 —
Feb. 2 8 . .
M a r . 29_.
Apr. 30. _
May 31..
J u n e 30._
July 3 1 . Aug. 3 1 . .
Sept. 29..
Oct. 3 1 . . .
Nov. 30..
Dec. 3 1 .
376
333
237
205
130
70
75
75
75
83
79
79
2,845
2,766
3,144
3,140
3,174
3,392
3,408
3,540
3,811
3,726
3,848
4,021
81
248
144
140
125
171
109
128
148
91
119
146
620
666
681
639
643
685
713
737
755
750
752
763
843
801
685
760
860
780
886
867
806
890
881
827
3,458
3,494
3,675
3,640
3,635
3,777
3,768
3,824
3,919
3,823
3,810
3,901
498
530
547
515
538
623
649
717
848
856
961
984
802
768
788
778
775
800
813
851
868
920
1,001
1935—Jan. 31...
Feb. 28 v
80
80
3,620
3,656
81
188
759
764
837
3,660
3,617
822
900
* Preliminary.
»In addition, the issue department holds Government and other securities and silver coin as cover for thefiduciaryissue, which isfixedby
law 1at £260,000,000.
Not yet available.
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83
FEDERAL RESERVE
MAECH 1935
175
BULLETIN
CENTRAL BANKS-Continued
[Figures are for last report date of month]
1935
1934
1935
Jan.
National Bank of Albania (thousands
of francs):
Gold
__
_
Foreign exchange
...
Loans and discounts.
Other assets.
___
Note circulation
Demand deposits
_
Other liabilities
_..
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits_._
Note circulationAustrian National Bank (millions of
schillings):
Goldi
Other foreign bills i
Domestic bills
_
Government debts
_.
Note circulation.Deposits
National Bank of Belgium (millions
of belgas):
Gold
Domestic and foreign bills.
Loans to State
_
Note circulation
_
Deposits
_
Central Bank of Bolivia (thousands of
bolivianos):
Gold at home and abroad
_.
Foreign exchange
Loans and discounts
Note circulation
.__
Deposits
Bank of Brazil (millions of milreis):
Currency
_.
Correspondents abroad
Loans and discounts
Note circulation.Deposits
National Bank of Bulgaria (millions
of leva):
Gold
Net foreign exchange in reserve.-.
Total foreign exchange
Loans and discounts
Government obligations-Note circulation
Other sight liabilities
Central Bank of Chile (millions of
1934
Central bank
Central bank
Dec.
Nov..
J an.
Jan.
Dec.
Nov. ! Jan.
Central Bank of China—Continued.
Deposits—Government
256 I
197
196
Bank
_.
30 !
38
14
Other
10 j
Other liabilities...
143
80 !
67
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home and abroad >
_. 10,884 14,251 15, 676 14,686
1,615 1,892 1,655
Foreign exchange
3,403
6,465 8,078 5,281 4,262
Loans to member banks
35,028 40,137 36,441 31,349
Note circulation
23,906 24,819 25, 553 24,853
Deposits
15, 708 15,708 15,708 14,508 National Bank of Czechoslovakia
25, 555 32,369 29,625 29,375
(millions of koruny):
2,682 2,680 2,676
Gold*...
1,707
870
949
305
657
847
Foreign balances and currency *._229
183
774
19,092 17,497 20,579 19,733
1,180 1,379 1,205
Loans and advances
1,424
19, 579 19,733 18,565 15,779
5,028 5,640 5,337 5,449
Note circulation..
35, 873
35, 758 35, 358
1,317
Deposits
766
874
77,221 75,941 79, 515 73, 290 Danish National Bank (millions of
47, 550 50,300 47,550 47, 301
kroner):
133
Gold.
133
133
133
Foreign bills, etc
10
16
14
9
242
242
189
242
Loans and discounts
73
75
73
77
36
35
17
46
Note circulation
378
361
388
345
237
236
262
241
Deposits
91
127
123
58
624
624
624
624 Bank of Danzig (thousands of
902
964
955
909
gulden):
215
154
172
20, 485 23,577 23,985 30,158
Gold
187
Foreign exchange of the reserve
2,703 2,899 1,694 8,814
Other foreign exchange
177
136
125
38
Loans and discounts
21, 253 22, 265 19,198 17,194
2,543 2,505 2,503 2,745
Note
circulation
39,187
38,072
38,920
38,
739
684
769
673
671
Deposits
340
2,621 3,824 1,764 12,721
347
344
344
3,636
3,530 3,501 3,398 Central Bank of Ecuador (thousands
of sucres):
241
599
234
225
Gold at home and abroad
15. 824 15,276 14,375
Foreign exchange—
10,670 I 15,426 6,967
Loans
and
discounts
51,142
I 50,464 48,098
9,509 9,417 7,917
Note
circulation
46,
562 | 46,8281 35,664
5,160 5,795 2,658
Deposits
27,548
i
29,477 I 20,293
43,881 34,133 18,807 National Bank of Egypt J (thousands
83, 597 79,162 54,623
of
pounds):
139, 917 136,211 51,027
Gold
6,545 6,663
Foreign exchange
3,153 4,082
396
312
297
Loans and discounts
5,539 5,227
304
173
236
B r i t i s h , Egyptian, and o t h e r
2,721 2,605 2,755 1
Government securities
32, 625 33,594
20
20
20
Other assets
4,371
3,501
3,023 2,915 2,887
Note circulation..
20,435 19,838
Deposits—Government
6,227
Other
16,101 19,035
Other
liabilities
7,965
1,547
8,748
1,547 1,547 1,546 Bank of Estonia (thousands of krooni):
-69
63
-59
-52
27,700
20,135
27,815
Gold....
27,673
203
187
217
200
5,071 4,389 3,821
3,045
Net foreign exchange
940 1,025 1,047 1,127
14,093 16,587 15,021 19,198
Loans and discounts.
2,698 2,755 2,755 2,783
35,984 36, 676 36,604 31,548
Note circulation
2,226
2,449 2,449 2,571
9,008 7,748 6,394 4,949
1,980
Deposits—Government
1,758 1,915 1,802
7,635 9,603 7,275 6,381
Bank
2,481 2,757 2,124
2,713
Other
Bank
of
Finland
(millions
of
mafkGold and foreign exchange in rekaa):
serve
142
169
144
323 j 323
323
323
Gold
Loans and discounts
49
118
51
Balances abroad and foreign
Government debt
714
682
717
1,330
1,283
1,001
1,328
credits
Note circulation.516
516
502
113
350
169
119
Foreign bills
Deposits
346
364
338
606
543
578
Domestic bills
Central Bank of China » (millions of
1,268 1,277 1,246
1,166
Note circulation
yuan):
381
370
422
457
Other sight liabilities
Gold
20
35 Bank of Greece (millions of drachSilver
104
105
115
mas):
Due from banks abroad
10
11
11
3,968 4,105
4,033
Gold and foreign exchange
4,058
Due from domestic banks
38
49
44
2,378 2,573 2,191
3,477
Loans and discounts
Loans and discounts
85
191
137
Government obligations...
_. 3,308 3,353 3,353 3,355
Securities
174
23
5,268 5,686
13
5,171
Note circulation
5,644
Other assets.
_
47
44
4,094 4,165 3,812
36
5,905
Other sight liabilities
Note circulation
81
71
65
Liabilities in foreign exchange
129
1
Beginning Apr. 30,1934, gold valued at rate of 1 schilling =0.16667 gram of fine gold, instead of 0.21172 as formerly, and foreign exchange valued
at market.
2 Items for issue and banking departments consolidated.
s Gold acquired since Mar. 20,1934, valued at purchase price,
« Gold content of korana reduced on Feb. 17,1934, from 44.58 milligrams of fine gold to 37.15 milligrams.
7,122
22,629
2,723
3,040
11,019
13,372
11,123
7,123
22, 506
2,772
3,127
11,059
13,420
11,049
7,225
25,573
2,838
2,330
11,680
16,073
10,212
176
FEDERAL RESERVE BULLETIN
MARCH 1935
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1935
Central bank
Jan.
Dec. I Nov. Jan
National Bank of Hungary (millions
of pengos):
79
79
Gold
20
22
Foreign bills, etc
631
580
Loans and discounts
50
50
Advances to Treasury
34
18
Other assets
381
353
Note circulation
106
87
Deposits
115
115
Certificates of indebtedness
184
170
Miscellaneous liabilities
Bank of Italy (millions of lire):
5,811
5,822
Gold at home
72
82
Credits and balances abroad
6,455
5,136
Loans and discounts
13,145
12,
787
Note circulation
300
300
Public deposits
805
993
Other deposits
Bank of Japan (millions of yen):
466
468
Gold
987
771
Advances and discounts
647
507
Government bonds
1,669
1,326
Notes issued
341
366
Total deposits
Bank of Java (millions of florins):
114
115
Gold
1
1
Foreign bills
_
62
61
Loans and discounts
177
176
Note circulation
36
35
Deposits
Bank of Latvia (millions of lats):
46
46
Gold
3
6
Foreign-exchange reserve
62
61
Bills
75
73
Loans
36
37
Note circulation
45
49
Government deposits
113
114
Other deposits
Bank of Lithuania (millions of litu):
52
47
Gold.
8
8
Foreign currency
101
101
Loans and discounts
90
Note circulation
Deposits
Bank of Mexico (millions of pesos):
Gold
Silver
Foreign exchange
Loans to member banks
Other loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Netherlands Bank (millions of florins):
842
816
Gold
1
1
Foreign bills
174
171
Loans and discounts
912
855
Note circulation
146
179
Deposits
Reserve Bank of New Zealand (thousands of pounds):
3,002
3,002
Gold
21,868 22,092
Sterling exchange
2,203
1,989
Other assets
9,534
9,772
Note circulation
15,988
15,771
Demand deposits
7,687
9,072
Bank
8,295
Government
1,551
1,540
Other liabilities
Bank of Norway (millions of kroner):
135
135
Gold
40
42
Foreign balances and bills
263
237
Domestic credits
333
312
Note circulation
7
7
Foreign deposits
82
82
Total deposits
Central Reserve Bank of Peru (thousands of soles):
Gold a n d foreign exchange
Bills
N o t e circulation
Deposits
1
2
1935
1934
79
15
600
47
32
350
100
115
181
15
593
50
27
348
91
120
178
5, 840 7,099
274
26
5,179 4,284
13,162 13,068
300
300
1,757
754
464
778
323
1,186
311
425
762
602
1,261
433
113
1
63
181
34
112
1
60
190
26
46
4
61
76
36
44
119
44
2
66
64
35
58
107
53
87
62
52
13
85
87
60
87
115
6
70
19
13
101
91
118
45
115
9
40
47
7
80
66
116
856
1
171
882
187
919
1
173
890
246
3,002
23, 608
1,671
9,611
17,132
10, 737
6,391
1,537
135
37
253
315
7
84
140
2
270
312
2
40,547
62,955
71,281
25,070
44, 257
51,829
66,079
23,336
Central bank
Jan.
Bank of Poland (millions of zlote):
505
Gold
Foreign exchange
20
Loans and discounts
Note circulation
937
Other sight liabilities
234
Bank of Portugal (millions of escudos):
Gold
Other reserves
Discounts and advances
Government obligations
Note circulation
Other sight liabilities..
National Bank of Rumania (millions
of lei):
Gold
Foreign exchange of the reserve. _.
Loans and discounts
Special loans
*
_
State debt 2
Note circulation.
_
Demand deposits
South African Reserve Bank (thousands of pounds):
23, 743
Gold
7,136
Foreign bills
14
Domestic bills
11,
541
Note circulation
3,369
Deposits—Government
21,121
Bank
3,948
Other
Bank of Spain (millions of pesetas):
Gold
2,268
Silver
688
Balances abroad
279
Loans and discounts
2,351
Note circulation
4,591
Deposits
959
Bank of Sweden (millions of kronor):
Gold
351
Foreign bills, etc
563
Loans and discounts
50
Note circulation
651
Deposits
475
Swiss National Bank (millions of
francs):
Gold
1,838
3
Foreign balances and bills
Loans and discounts
95
Note circulation
1,334
592
Demand deposits
Central Bank of the Republic of Turkey (millions of pounds):
Foreign exchange
Government securities
Other securities
Other assets
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Other assets
Note circulation
Deposits—Demand
Time
Judicial and administrative
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts
Advances to State
Note circulation
Other sight liabilities
27
13
152
35
35
164
31
68
1934
Dec.
Nov.
Jan
503
28
757
981
241
30
723
958
237
82
749
947
248
903
437
316
1,049
2,121
758
902
423
323
1,049
2,052
807
777
341
330
1, 051
1,934
601
10, 235 9,940
87
160
6,715
9,029
3,251
3,165
5,668 5,681
22, 307 21, 579 20,834
7,232 7,431 7, 474
10, 285
91
6,729
2,946
9,668
22,287 22, 295
10,517 9,117
131
51
13,007 12, 721
1,882 2,278
21,471 20,942
5,216 4,671
17,320
19,956
86
10,456
1,755
28,266.
2,951
2,268
677
281
2,525
4,696
866
2,267
675
279
2,377
4,669
1,005
2,262
658
278.
2,608
4,729
962
351
555
57
708
407
352
522
48
651
446
362
453
58
583
513
1,910
8
144
1,440
£24
1,910
18
100
1,376
642
1,998
20
106
1,391
753
27
13
153
33
32
165
32
62
27
10
153
32
28
159
29
62
25
6
155
29
36
160
32
59
46,643
104,849
42,385
79,606
32,042
39,242
46,643
100, 957
46.306
73,975
30,816
43,698
49,109
95, 252
45, 523
77, 766
32,880
42,899
2,702 2,787 2,661
40,295 42, 639 33, 678
1,251
159
1,803
2,287
4,288
1,292
1,785
225
1,764
2,287
4,384
1,822
217
1,836
2,321
4,307
1,268
1,795
139
2,055
2,317
4,212
1,062
Agricultural and urban loans in process of liquidation. See note 2.
Beginning with December 31,1934, includes Treasury bills received from Government in connection with losses on agricultural and urban loans.
177
FEDERAL RESERVE BULLETIN
M A R C H 1935
COMMERCIAL BANKS
[Figures are as of end of month, except those for England, which are averages of weekly figures]
Liabilities
Assets
England
Cash in Money at
and
and Bills dis(10 clearing banks. Figures in millions vault
due
from call
short
of pounds sterling)
counted
Bank of
notice
England
Securities
Loans to
customers
1934—March....
April
May
June
July
August
September
October.._
November
December.
219
222
218
199
210
196
207
213
210
216
120
132
131
141
138
139
137
136
135
151
202
212
223
228
224
222
213
216
233
255
547
534
542
549
550
557
563
576
589
594
757
763
759
761
762
759
757
760
759
759
1935—January...
225
137
284
593
756
Deposits
Other
assets
226
230
225
229
220
219
222
236
236
247
Total
1,831
1,853
1,858
1,870
1,871
1,856
1,858
1,891
1,911
2,222
Assets
1,634
1,590
1,496
1,478
1,407
1,393
1,419
1,508
1,473
17,990
17,973
18,043
18,435
18, 705
18,024
18,384
17,972
17, 363
8,514
8,616
8,356
8,199
8,526
8,327
8,511
8,124
8,003
Other
assets
1,202
1,220
1,185
1,201
1,270
1,316
1,395
1,488
1,562
Total
30,390 |
30,677
30,621
30,820 i
31,888 i
31,165 |
32,460 i
32.239 i
30,542 !
Demand
29,571
29,819
29,746
29,916
30,962
30,275
31, 547
31,332
29, 582
Assets
610
603
619
619
601
594
595
579
2,027
2,103
2,160
2,128
2,165
2,223
2,251
2,364
4,482
4,390
4,309
4,220
4,239
4,211
4,249
4,227
2,417
2,477
2,478
2,512
2,515
2,432
2,455
2,478
Other
Total
1,192
1,195
1,184
1,158
1,175
1,167
1,186
1,195
7,153
7,166
7,185
7,164
7,151
7,068
7,200
7,244
Security
loans
(10 chartered banks. Figabroad
ures in millions of Canadian Cash in
and net
Other
dollars)
vault and Security loans
and due from
in cenforeign
bills
disloans
tral gold
banks
counted
reserves
187
187
187
185
206
212
219
224
232
228
103
101
103
99
98
100
101
108
99
103
1,029
1,044
1,037
1,018
1935—January...
230
91
Demand
3,294
3,260
3,260
3,361
3,272
3,189
3,344
3,360
Other
liabilities
345
320
261
208
201
183
179
183
192
3,606
3,708
3,766
3,833
3,925
3,976
4,016
4,119
4,152
Time
3,860
3,906
3,925
3,804
3,879
3,879
3,856
3,884
Credits
obtained
Other
from
banks for liabilities
customers
646
648
631
609
594
581
570
559
Securities
Other
assets
A-
JN 016
circulation
Other
liabilities
Total
Demand
Time
977
159
169
176
183
163
184
178
162
185
155
835
837
830
837
850
862
888
911
920
967
427
448
469
452
455
446
434
450
445
449
128
121
119
129
122
131
136
130
132
124
1,893
1,944
1,964
1,922
1,929
1,939
1,971
2,038
2,035
2,035
526
568
597
557
568
571
594
668
624
628
1,367
L,376
1,368
L, 365
L.360
L, 367
L,377
1,370
1,411
1,407
958
147
973
441
117
2,014
602
1,412
996
1,000
1,010
1,029
1,003
3,108
3,120
3,103
3,091
3,127
3,123
3,175
3,204
Deposits payable in Canada
excluding interbank deposits
XT
1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total.
2
Figures not yet available.
NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646.
Own
accept-
Liabilities
Entirely in Canada
1934—March
April
May
June
July
August
September.
October...
November.
December.
819
857
875
904
926
889
913
908
960
Deposits
Securities
Assets
Canada
Time
Liabilities
Cash In
Loans,
(Reporting banks. Figures vault and Due from Bills dis- including
in millions of reichsmarks) Reichssecurity
banks
counted
loans
bank
179
166
169
226
176
145
210
163
240
240
238
237
235
236
240
245
250
251
251
(*)
Deposits
Germany
1934—March
April
May
June
July
August
September.
October
Other
liabilities
Liabilities
Cash in
Loans,
and
from Bills dis- including
<4 large banks. Figures in millions of vault
due
from Due
francs)
security
banks
counted
Bank of
loans
France
5,001
5,306
5,567
5,547
6,105
6,263
6,946
7,450
6,485
Timei
890
887
888
874
869
873
885
900
910
2, 233
France
1934—March
April
May
June
July
August
September.
October
November..
Demand
718
722
719
723
717
733
724
715
715
718
178
FEDERAL RESERVE BULLETIN
MAECH 1935
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Date effective
In effect Jan. 1,1932.
Feb. 18,1932.
Mar. 9
Mar. 10
Mar. 17
Mar. 21
Apr. 9 __ . _
Apr. 19
Apr. 21.._
Apr 28
May 2
May 12____
June 30
_
_.
Sept. 22
Jan. 9,1933
1
May 12
I
June 29
'
July 15
July 29
Aug. 15
Sept. 4
Sept. 19
Dec. 11
Feb. 9, 1934
June 1
Nov. 26
In effect Mar.l. 1935.
England
Central bank of—
GerSwitzerItaly NetherFrance many
lands
land
7
2H
7
3
2
5
6
4
5^
2H
5
2V£
2
4
4
Danzig
_
Denmark
Ecuador
3H
4
Estonia
Finland
Greece
Hungary
3
ZH
2
2]i\
3
3
2H
16,1933
23,1935 !
28,1934
5,1932
India
Japan
Java
Latvia
__ 3.65
Jan. 2,1934 Lithuania
Aug. 23,1932 : Norway
July 18,1933 Peru
Poland
Jan. 25,1933
Portugal
4
Sept. 21,1934 Rumania
South Africa.
2H Nov. 30,1933
Nov. 30,1932 Spain
4
7
6
4
6
5
Oct.
Dec.
Oct.
Oct.
5
4
7
1,1934
3,1934
14,1933
18,1932
Sweden
_
Turkey
U.S.S.R....
Yugoslavia. ._
5
Feb.
July
Nov.
Jan.
16,1933
3,1933
1,1934
1,1933
Apr.
May
May
Oct.
1,1930
24,1933
20,1932
26,1933
Dec.
Dec.
May
Oct.
13,1934
15,1934
15,1933
29,1934
Dec.
Mar.
Mar.
Feb.
1,1933
2,1933
22,1927
1,1935
8
5
Change since Feb. 1: Austria—Feb. 23, down from m to 4 percent.
4
4
4
6
Bulgaria
Chile
Colombia..
Czechoslovakia
5
Nov.
Feb.
Aug.
July
4
Rate
Mar. Date effective
1
Central
bank of—
1
Albania
Austria
Belgium
Bolivia
6
3
Rate
Mar. Date effective |
Central
bank of—
2Yi
2
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
England (London)
Month
Bankers'
acceptances,
3 months
Netherlands (Amsterdam)
Germany (Berlin)
Treasury Day-to-day Bankers'
allowance
bills, 3
money on
deposits
months
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
Money for
1 month
1933—December.
1.06
1.15
3.87
5.50
4.97
.52
1.00
1934—January...
February.
March
April
_
May
June
July
August
September
October. __
November
December.
1.01
.95
.95
,96
.91
.91
.87
.79
.73
.77
.45
.57
.90
.86
.84
.89
.85
.85
.76
.74
.61
.68
.29
.47
3.87
3.87
3.87
3.87
3.87
3.76
3.75
3.75
3. SI
3.81
3.63
3.50
4.78
4.91
5.00
5.11
5.13
4.67
4.44
5.02
5.13
5.13
4.37
3.56
4.74
4.78
4.89
4.76
4.72
4.57
4.67
4.72
4.71
4.63
4.21
4.28
.50
.78
1.24
2.07
1.33
.78
.74
.75
.61
.59
.63
.60
LOO
1.00
1.07
1.85
1.22
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1935—January _._
.36
.26
3.51
3.93
.59
1.00
Month
1933—December.
Switzer-
! Belgium
land
I (Brussels)
Private | Private
discount j discount
rate
1 rate
1.50
1934—January. __
February.
March
April
May
June
July..
August
September
October. __
November
December.
50 I
50
50
50
50
50
50
50
50
50
50
50
1935—January.. _
1.50 j
!
!
I
!
!
I
!
I
!
'•
I
3.82 I
Sweden
(Stockholm)
France
(Paris)
Italy
(Milan)
Hungary
Private
discount
rate
Private
discount
rate
Prime
commer- Day-to-day
money
cial paper
Japan (Tokyo)
Loans up Discounted
to 3
bills
months
Call
money
overnight
2.25
2.26
3.00
5.11-5. 48
2.56
2.14
2.05
2.07
2,14
1.93
2.11
2.20
2.31
2.15
2.10
2.23
2.38
2.12
2.59
2.75
2.70
2.60
2.09
1.78
1.75
1.50
1.45
1.44
1.50
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.19
4.00
5.11-5. 48
5.11-5.48
5.11-5.48
5.11-5. 48
5.11-5. 48
5.11-5. 29
5.11
5.11
5.11
5.11
5.11
5.11
2.37
2.56
2.56
2.37
2.37
2.37
2.56
2.74
2.56
2.66
2.56
2.74
2.38
1.79
4.00
3fc
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
May 1930, p. 318.
179
FEDERAL RESERVE BULLETIN
MARCH 1935
FOREIGN EXCHANGE RATES
[Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Year and month
1929
1930
1931.
1932_
1933
_.
1934
1934—February
March
April
May
June
July
August
September
October
November
December
1935—January
February
Year and month
1929.
1930..
1931..
1932..
1934
1934—February....
March
April
_.
May
June
JulyAugust
September..
October
November..
December...
1935—January
February...
Argentina
(peso)1
95.1274
83.5050
66.7375
58.4433
72.8009
33.5793
33. 5494
33. 9553
34.3475
34.0413
33.6552
33. 6077
33.7661
33.2904
32.9458
33.2625
32. 9513
32. 6038
32. 4607
Egypt
(pound)
498.0689
498.6002
465.1111
359.5406
434.3908
516.8549
516.0390
522. 3447
528.4813
523. 7236
517.7111
516.9506
519.5273
512.2619
506. 6711
511.6889
494. 5793
501.7925
Year and month
1929...
1930
__
1931
1932...
1933
1934.
1934—February
March
April
May
June
July
August
September
October
November
December
1935—January
February
Austria Belgium Brazil
Australia
(schil(mil(pound) 2 ling)* (belga)
reis)i
480.83
458. 60
351.50
279.93
337.07
400.95
400. 78
405.86
410, 54
407.10
402. 24
401. 70
403.52
396. 50
391. 52
395. 73
392.27
387. 92
386.37
14.0575
14.0891
14.0227
13.9599
15.4478
18.7930
18. 5650
18.9114
18.8724
18.9429
18.9021
18. 8786
18.9981
19.0185
18.9242
18.7956
18.7711
18. 7725
18.7900
England |
(pound) |
12.0601
12.0785
12.0669
7.9079
7. 6787
10.1452
France
(franc)
2.5160
2. 5169
2.3875
1. 5547
1. 8708
2. 2277
2. 2288
2. 2470
2.2702
2.2540
2.2311
2. 2302
2. 2403
2. 2101
2.1826
2. 2019
2.1859
2.1636
2.1536
Colombia
(peso)i
Canada
(dollar)
Germany Greece jj Hong
Kong
(reichs- (drachma) i (dollar)
mark)
3.9161 23.8086
3.9249 23.8541
3.9200 23.6302
3.9276 23. 7492
5.0313 30.5179
6.5688 39.3751
6.4648 38.8841
6.5801 39. 6599
6.6161 39. 5890
6.6131 39.4712
6. 5993 38. 2953
6.5939 i 38.4938
6. 6592 j 39.4786
6. 6714 I 40.2760
6. 6247 | 40.4507
6. 5886 ! 40.2054
6.5971 i 40.1910
6. 5820 I 40.0614
6. 5936 ! 40.1178
Poland
(zloty)
Portugal
(escudo)
11.1940
11.2051
11.1970
11.1823
14.4135
18.8460
18.5984
18.9043
18. 9554
18.9514
18.8879
18.8917
19. 0824
19.1413
19.0071
18.8976
18.8941
18. 8535
18.8721
4.4714
4.4940
4. 2435
3.1960
3. 9165
4.6089
4. 6321
4.6709
4. 7085
4. 6677
4.6253
4.6129
4. 6274
4. 5593
4. 5043
4. 5384
4.4977
4. 4500
4.4328
1.2934
1.2959
1. 2926
.8320
. 7233
.9402 j
.9253 !
.9413 I
.9452 !
.9462 |
.9449
.9453
.9565
.9562
.9476
.9392
.9375
. 9341
.9339
(feu)
HunIndia
gary
(pengo)' (rupee)
17.4414
17.4939
17.4522
17.4460
22.3598
29.5746
29.1191
29.6125
29.7652
29.7559
29.7529
29.7112
29.8832
30.0219
29.8995
I 29.7126
I 29.5993
j 29.5828
i 29.6955
36.2020
36.0672
33.6895
26.3468
31.8159
37.8793
37.8567
38.3335
38. 7557
38.3329
37.9072
37.8774
38.0616
37. 5481
37.1426
37.4866
37.1835
36. 8611
36. 7994
96.5512
96.4930
96.5697
95.2750
81. 6966
61.7799
69. 9523
67. 6663
59.9228
61.4642
57.8900
56.1052
55.1596
57.6496
60.2012
65.0391
64.5284
64.1450
58.9577
99.9329
99. 9726
99.9404
99.9156
99.9150
99.9165
99.9193
99.9194
99. 9215
99.9205
Italy
(lira)
Japan
(yen)
5.2334
5. 2374
5. 2063
5.1253
6. 7094
8.5617
8. 5757
8.5763
8.5641
8.5176
8.59S9
8.5750
8.6632
8. 6794
8.6056
8. 5386
8.5427
8. 5209
8.4730
46.0997
49.3898
48.8509
28.1112
25. 6457
29.7153
29. 7536
30.0093
30.3124
30.2276
29.9041
29.8434
29.9933
29.7693
28.6843
29.0554
28.8232
28.4725
28.3913
26.6802
26.7650
25.0581
18.8317
19.0709
22.4998
22.4721
22. 7384
23.0051
22.7948
22. 5395
22.5103
22.6215
22.2981
22.0615
22. 2724
22.0793
21. 8447
21.7594
, i
Straits
Turkey
Settle- Sweden Switzerland
ments
(pound)
(dollar) (krona) (franc)
n£T
0.5961
.5953
.5946
.5968
.7795
1.0006
.9923
1.0013
1.0060
1. 0032
1.0020
1.0045
1.0126
1.0144
1.0069
.9998
1.0025
1. 0027
.9592
47.1669
33.8530
24.3305
23.4604
29.4516
38. 7156
38.0999
38.6842
38.1556
36.2293
36.4890
37.6231
38.6140
39.3324
40.4695
41.2418
42.2908
43.1695
44.3362
41.9007
29. 9166
22.4369
21. 7357
5 28.5979
34.0937
34. 3077
34. 6190
34.1506
32.4621
33.0523
33.9118
34.8553
35.5827
34.5881
33.3947
34.2164
34. 9924
36.5369
Czecho- Denslovakia mark
(koruna) (krone)
Cuba
(peso)
Mexico Nether-
48.1830
47.1331
'35.4919
31.8500
28.1025
27. 7423
27. 7313
27. 7224
27. 7222
•27.7432
27. 7492
27.7481
27.7298
27.7458
27. 7514
27.7620
27.7615
27. 7541
27. 7515
UruYugoslavia
guay
(peso)l (dinar)
I
14. 6833
11.6670
9. 5453
8.0438
10. 7189
13.6150
13, 3001
13. 6175
13.7024
13.7050
13.6776
13.6668
13.8002
13.8269
13.7272
13.6532
13.6719
13.6408
13. 6626
56.0117
55.9639
52.4451
40. 3970
49.2320
59.0052
58. 7852
59. 6007
60. 3487
59.8173
59.1709
59.0562
59.3488
58. 5164
57.9172
58.4538
57.9717
57. 2421
57.0057
26.7839
26.8543
25. 2540
18. 4710
22. 0324
25. 9815
25.9554
26. 2620
26.5643
26. 3199
26.0211
25.9880
26.1182
25.7483
25.4756
25.7220
25. 4975
25.2267
25.1256
19.2792
19.3820
19.4009
19. 4049
24.8355
32.3663
31.7374
32. 2857
32. 4593
32. 5277
32.4969
32. 5771
32.9542
33.0237
32.7745
32.4713
32.4053
32. 3055
32. 3525
48. 4105
47.0608
47.1814
47.2854
60.4396
79. 0472
77.7923
79.1507
79. 6364
79.6204 i
79.4669 '
79.2912
79.9969
80.2671
79. 6869
79.1991
79.2964
79.3381
483. 27
483. 79
480.76
476. 56
414.98
498.29
497.42
503.42
509.43
504. 80
499.10
498. 44
501. 27
494.23
488.43
493.42
489.24
4S3. 99
482.30
98. 6294
85.8650
55.3572
47.0639
60.3360
79.9562
78. 7499
80.1921
80. 6081
80. 5539
80.2668
80.1433
80.9961
81.1496
80. 5520
80.1486
80.2310
80. 0194
80.1306
1.7591
1.7681
1.7680
1.6411
1.7607
2.2719
2. 2468
2. 2648
2. 2718
2. 2725
2.2702
2. 2773
2.3075
2.3156
2.2993
2.2785
2.2756
2. 2716
2. 2717
i Nominal since April 1933.
2 Nominal since April 1934.
a Partly nominal since April 1933.
« Corrected.
* 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.
«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.
8
Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso
for Jan. 2-July 29 was 47.6510 cents.
180
FEDERAL RESERVE BULLETIN
MARCH 1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
Italy
Canada
France
Germany
England
States
(1926=100) (1926=100) (1930=100)1 (1913=100) (1913=100) (1913=100)
Year and month
1926
1927
1928
1929
1930
1931
1932
1933
100
95
1933—October . . .
November.—
December
.
1934—January
February
March
April
May
June..
July
August
September ._ »October
November
December. _
.
...
.-„-- .
66
67
86
398
71
68
88
397
96
71
71
69
69
88
88
403
407
96
96
72
74
74
71
72
89
89
72
71
71
405
400
394
67
75
72
75
72
88
88
87
88
87
72
72
89
88
371
365
96
96
96
96
96
97
99
100
100
77
77
71
71
88
88
71
88
357
356
77
79
72
88
76
78
1935—January
602
495
462
445
383
328
134
138
140
137
125
111
97
93
87
72
73
74
.
100
88
86
695
642
645
627
554
502
427
100
98
96
96
97
95
86
73
65
387
381
379
374
Japan
(October
1900=100)
Netherlands
(1913=100)
237
225
226
220
181
153
161
304
280
145
148
149
142
117
97
79
180
74
274
273
275
180
179
176
76
76
77
276
275
275
273
176
178
79
80
177
177
176
79
79
77
270
271
270
175
174
177
179
273
272
76
77
78
77
101
101
272
274
182
181
344
101
276
181
'78
350
101
277
182
78
77
77
••Revised.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year and month
Farm
products
1926
1927
1)928
1929
1930
1931
1932
1933
Foods
Other
commodities
166
87
85
87
84
84
83
90
90
90
417
425
432
91
92
91
91
90
90
89
89
89
88
88
89
424
416
413
404
405
406
396
78
78
78
84
84
82
82
82
84
84
90
88
87
86
87
78
87
89
100
94
93
92
85
75
70
71
1933—October
November
December -
56
57
56
64
64
63
77
77
1934—January.. .
February
March
April
May
59
61
61
60
60
63
65
June
July
August
September
October
November
December
__
..
1935—January
64
78
78
79
67
66
79
70
67
70
71
74
73
71
71
72
76
75
75
75
79
78
78
78
78
78
80
1
New index—Board of Trade Journal, Jan. 24. 1935.
Sources.—See BULLETIN for March 1931, p. 159.
Farm
Indus* AgriculIndustural
and food
trial
trial
products products products products
100
89
88
83
100
97
101
100
91
75
61
61
67
Foods
581
599
584
579
526
542
482
420
100
99
106
105
88
65
48
51
79
Germany (1913 = 100)
England (1930-100)! France (1913=100)
Provisions
Industrial raw Indusfinand semi- trial
ished
finished products
products
793
678
697
669
579
464
380
380
129
138
134
130
113
104
91
87
132
129
133
125
113
96
86
75
130
132
134
132
120
103
89
88
150
147
159
157
150
136
118
113
379
384
385
93
94
94
73
73
89
89
89
114
114
114
387
386
93
92
91
91
92
94
114
115
115
115
115
115
115
116
117
118
119
119
119
73
98
73
73
73
74
74
76
76
368
366
344
350
347
347
343
100
100
101
101
101
78
78
78
79
79
90
91
91
91
90
91
92
92
92
92
92
92
351
350
100
81
92
393
383
378
372
360
356
354
351
181
FEDERAL RESERVE BULLETIN
MARCH 1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES-Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United
England
States
(July
(1913=100)1 1914=100)
Year and month
France
(July
1914=100)*
Germany
(191314=100)
Year and month
1926
1927
1928
1929
1930
1931
1932
1933
155
154
157
147
121
102
100
156
157
154
145
131
126
120
113
112
124
125
124
109
100
153
156
146
131
116
113
1926
1927
1928
1929
1930
1931
1932
1933
1933—October
November
December
107
107
104
123
126
126
101
103
104
116
117
118
1933—October
November
December
105
108
109
107
108
109
110
112
117
116
115
124
122
120
118
116
117
122
123
126
125
127
105
103
100
98
97
98
97
97
95
95
94
118
117
117
116
116
118
120
121
119
119
120
114
127
94
119
1934—January
February
March .
April
May _
June
July
August
September
October
November
December,.
119
125
92
119
1935—January
161
1934—January
February
March.. _
April .
May
June
July
August
September
October
November
December
-
1935—January
161
113
.
.
United
States
(1913=100)
England
(July
1914=100)
175
170
France
Germany
(Jan.-June
(19131914=100)* 14=100)
103
173
171
171
164
148
134
132
164
166
164
158
148
144
140
104
105
113
118
116
107
106
152
154
148
136
121
118
135
141
143
143
107
119
120
121
136
139
142
141
140
139
137
138
141
142
143
143
144
144
120
120
120
120
120
121
122
122
122
122
122
107
106
104
122
102
122
143
*1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes Figures given are for the date nearest 15th of month.
Index represents prices converted to gold basis of 1914.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Germany—S tat is tisches Reichsamt; France—For retail food prices, Statistique Generate, and for cost of living, Commission d'etudes
relatives au cout de la vie a Paris.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average -100)
Bonds
United
States
(average
price)
Year and month
Number of issues
1926
1927...
1928
1929
1930....
1931
1932
1933_
. .
1933—October
November
December
1934—January
February
March
April
May
June
July....
August
September
October
November _
December
1935—January. _.
_ __
_. _
.
- . - . - . . .
_.
..
__
.
France
England
(December (1913 aver
1921=100)» age =100)
Germany
(average
price)i
United
States
England *
France
Germany
60
87
36
169
421
278
300
329
97.0
98.9
98.7
95.7
98.3
96.1
81.1
84.0
110.0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
85.5
81.4
83 3
'83 4
>67.1
82.5
100.0
118.3
149.9
190.3
149.8
94.2
48.4
63.4
100.0
107.0
115-9
119.5
102.6
78.9
67.9
78.6
100.0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
100.0
145.0
136.1
122.8
100.2
«78.0
>50.3
61.7
86.5
82.6
83.6
122.3
122.3
122.0
81.1
79.6
79.9
84.7
87.9
89.6
69.5
69.1
70.4
82.9
80.9
81.4
98.3
95.7
95.3
67.0
58.7
61.8
88.3
92.9
95.1
97.0
97.6
99.0
99.3
97.8
96.7
98.4
98.8
100.0
123.6
124.3
126.2
126.9
125.8
125.3
127.1
127.4
128.3
128.9
133.2
132.7
78.7
78.7
76.9
81.9
84.7
85.6
82.7
81.8
81.3
82.7
85.0
85.8
92.0
91.6
91.9
91.3
90.7
88.9
87.8
87.9
89.0
91.6
92.2
93.8
75.6
80.5
77.1
79.6
71.8
73.5
71.4
67.8
67.0
67.3
69.4
69.2
85.5
87.0
87.3
88.1
87.1
86.0
84.8
83.8
83.6
84.5
85.6
85.3
64.4
67.8
70.6
68,8
67.2
69.9
71.3
73.4
76.2
76.3
73.7
73.2
101.3
134.6
88.9
96.0
69.7
86.9
92.3
91.8
85.0
88.8
90.1
87.6
83.3
81.1
77.3
74.7
73.0
74.7
83.7
76.6
1
Annual indexes are unweighted averages of monthly indexes.
* Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11, 1932 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.
182
FEDERAL RESERVE BULLETIN
MARCH
1935
LAW DEPARTMENT
debit balance of the account, so that such accounts will become "restricted accounts" and
Ruling no. 41 interpreting regulation T.— will accordingly become subject to the proviAnnouncement has been made that the New sions of Regulation T relating to such accounts.
York Produce Exchange, which is now a
national securities exchange, will discontinue
its securities division in the near future. At Government securities as collateral for Federal Reserve
notes
that time all securities, including certain bank
stocks, which are now "registered securities"
There is printed below a proclamation of the
solely because of the fact that they are listed on President extending for 2 years the period
that exchange, or have unlisted trading priv- within which the Federal Reserve Board may
ileges thereon, will cease to be " registered authorize the Federal Reserve banks to offer,
securities " as defined in Regulation T. In these and the Federal Reserve agents to accept,
circumstances the Federal Reserve Board has direct obligations of the United States as
been asked whether such of these securities as collateral security for Federal Reserve notes.
are at that time being carried for customers
by brokers and dealers subject to Regulation T BY THE PRESIDENT OF THE UNITED STATES OF
may continue to be so carried and what "loan
AMERICA
value", if any, such securities will have under
the regulation.
A PROCLAMATION
In reply the Board points out that, under
Whereas the second paragraph of section 16
section 5 (c) of Regulation T, the creditor is
given express permission to retain, until July of the Federal Reserve Act (38 Stat. 265), as
1, 1937, as collateral for any credit initially amended by the act of March 6, 1934 (48 Stat.
extended prior to October 1, 1934, or extended 398), provides:
in conformity with the regulation, any
Any Federal Reserve bank may make application to
collateral whatsoever, including unregistered the local Federal Reserve agent for such amount of
Federal Reserve notes hereinbefore provided for as
nonexempted securities, provided that the the
it may require. Such application shall be accomcollateral other than exempted or registered panied with a tender to the local Federal Reserve
securities shall not be the basis of any addi- agent of collateral in amount equal to the sum of the
tional extension of credit and shall be given no Federal Reserve notes thus applied for and issued
to such application. The collateral security
value in determining the maximum loan value pursuant
thus offered shall be notes, drafts, bills of exchange, or
of the securities in the account. The Securities acceptances acquired under the provisions of section 13
Exchange Act of 1934 and the regulations issued of this Act, or bills of exchange endorsed by a member
thereunder do not require liquidation in con- bank of any Federal Reserve district and purchased
the provisions of section 14 of this Act, or bankers'
sequence of the action of the New York Produce under
acceptances purchased under the provisions of said
Exchange, inasmuch as they do not force a section 14, or gold certificates: Provided, however,
broker or dealer to sell, or to compel his cus- That until March 3, 1935, or until the expiration of
tomers to sell, securities which cease to be such additional period not exceeding 2 years as the
President may prescribe, the Federal Reserve Board
"registered securities." It is to be noted, may,
should it deem it in the public interest, upon the
furthermore, that no provision of the Securities affirmative vote of not less than a majority of its memExchange Act of 1934 or of any regulation bers, authorize the Federal Reserve banks to offer, and
issued thereunder has imposed any restrictions the Federal Reserve agents to accept, as such collateral
on the amount of credit that may be extended security, direct obligations of the United States * * *.
on such securities by any bank which is not a
And whereas it is deemed advisable that the
member of a national securities exchange.
authority of the Federal Reserve Board to
The Board calls attention to the possibility authorize the Federal Reserve banks to offer,
that in the circumstances recited the securities and the Federal Reserve agents to accept, diin certain accounts may no longer have loan rect obligations of the United States as colvalue equal to or greater than the adjusted lateral security for Federal Reserve notes issued
Securities affected by discontinuance of securities
division of New York Produce Exchange
MARCH 1935
FEDERAL RESERVE BULLETIN
183
be purchased and held by a national banking association for its own account. The question has arisen as
to whether or not the determination of the limit that
may be invested in such securities is to be based upon
the amount of money actually invested by the bank
therein, or on the asset value of the securities as reflected
by the books of the bank, or on the par value of the
security in question.
It is our opinion that a correct interpretation of this
statute requires that the limitation in question be
measured by the par value of the securities. This interpretation seems to be required in view of the language used in the statute. It will be noted that the
pertinent language of the statute as used in the various
places where reference is had to a limitation on amount
is as follows:
"But in no event (1) shall the total amount of any
issue of investment securities", etc.; "This limitation
shall not apply to any such issue, the total amount of
which does not exceed $100,000", and " Nor (2) shall the
total amount of the investment securities of any one
obligor or maker purchased after this statute as amended takes effect and held by the association for its own
account exceed at any time", etc.
It seems clear that "the amount of any issue" and
"the total amount of the investment securities of any
one obligor or maker" must be construed as requiring
determination of the "amount" on a par-value basis.
Neither the value at which carried on the bank's books
nor the market value of the securities held bears any
relationship to the total amount of the issue nor the
total amount of securities held belonging to the one
obligor. Consequently, in determining whether or not
the amount of securities held exceeds the limitations
of this statute, such securities shall be considered on a
[SEAL]
FRANKLIN D. ROOSEVELT.
par-value basis.
By the President:
Further question has arisen as to determination of
CORDELL HULL,
the limitation on the amount of investment securities
which may be purchased or held by the bank under
Secretary of State.
the following circumstances:
The bank owns investment securities issued by the
.X company. The Y company is also liable on said
Limitations on purchase of investment securities by securities either by way of guaranty or assumption of
liability or in some other manner. In determining the
national banks
amount of investment securities issued b}^ the Y comThere is printed below a copy of a circular let- pany which may be purchased and held by the bank,
ter issued by the Comptroller of the Currency to must there be taken into consideration the amount of
securities issued by the X company and held by the
all national banks involving an interpretation bank
upon which the Y company is thus directly or
of paragraph "Seventh" of section 5136 of the indirectly obligated? It is our position that in deterRevised Statutes of the United States with mining the limit as to the amount of investment securirespect to the limitation on the amount of ties issued by the Y company which may be purchased
the bank, there must be taken into consideration
investment securities of any one obligor which by
amount of such investment securities of the X commay be purchased or held by national banks. the
pam^ as are held by the bank. For example, assuming
the "bank's limit is $200,000 and it holds $100,000 of
TREASURY DEPARTMENT,
such securities of the X company, it would then be perWashington, January 15, 1935.
missible for the bank to hold only $100,000 of investment securities issued by the Y company.
To all National Banks:
Very truly yours,
R. S. 5136 as amended by section 16 of the Banking
J. F. T. O'CONNOR, Comptroller.
Act of 1933 provides certain limitations as to the
amount of an issue of investment securities which may
to the Federal Reserve banks be continued for
an additional period after March 3, 1935:
Now, therefore, I, Franklin D. Roosevelt,
President of the United States of America,
acting under and by virtue of the authority
conferred upon me by the aforesaid section
16 of the Federal Reserve Act, as amended,
do hereby proclaim, declare, and prescribe
an additional period of 2 years from and after
March 3, 1935, during which the Federal
Reserve Board may, should it deem it in the
public interest, upon the affirmative vote of
not less than a majority of its members,
authorize the Federal Reserve banks to offer,
and the Federal Reserve agents to accept,
direct obligations of the United States as
collateral security for Federal Reserve notes
issued to the Federal Reserve banks under the
provisions of the aforesaid section.
In witness whereof, I have hereunto set my
hand and caused the seal of the United States
to be affixed.
Done at the city of Washington this 14th
day of February, in the year of our Lord nineteen hundred and thirty-five, and of the
independence of the United States of America
the one hundred and fifty-ninth.
184
FEDERAL RESERVE BULLETIN
MARCH 1935
FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS BY WEEKS
DISCOUNTS BY MONTHS
fin thousands of dollars]
[Averages of daily figures. In thousands of dollars]
1934
1935
Wednesday series (1935)
Federal R eserve bank
Federal Reserve bank
February
Boston
New York
Philadelphia
Cleveland . _ _
Richmond
Atlanta
-Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
January February
210
3,977
791
568
4,833
946
2,020
32, 318
19, 839
561
231
163
441
211
152
4,047
2,685
2,357
100
22
2
299
55
2,223
741
1,290
97
36
50
111
21
208
654
99
1,790
6,240
7,845
70,063
Back figures.—See Annual Report for 1933 (table 11).
Feb. 6
Boston
New York...
Philadelphia.
Cleveland..
Richmond.
Atlanta
Feb. 13
Feb. 20
348
4,047
819
312
4,273
773
79
3,937
701
147
4,359
735.
612
256
111
564
131
164
409
246
189
308
197
100
28
200
13
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
160
17
40
b,428
Total.
Feb. 27
123
19
5
76
36
51
5,926
6,510
6,464
Back figures.—See Annual Report for 1933 (table 15).
TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO
LIABILITIES
[Averages of daily figures, amounts in thousands of dollars]
Total reserves
Federal Reserve notes in
circulation *
Total deposits
Ratio of total reserves todeposit and Federal
Reserve notes liabilities combined
Federal Reserve bank
1934
1935
1935
1934
1935
1934
1934
1935
Janu- FebruFebruary January February February January February February January February February
ary
ary
Boston
New York
PhiladelphiaCleveland,,
RichmondAtlanta.._..
Chicago
St. Louis
MinneapolisKansas City__.
Dallas
San Francisco _
Total .
1
429, 379
435, 705
2,164,880 1,952, 832
307,063
308,993
272, 695
191, 550
311,215
308,708
958,411 2,204,404 1,993,704 1,069,223
249,905
162, 303
224,117
225, 417
264, 372
659,404
234,022
261,717
655,020
231, 653
220, 461
606,887
233,985
75.7
75.6
67.4
75.3
73.7
67.2
66.2
57.2
63.1
390, 819
195, 379
131, 263
338,005
169, 303
145, 476
296, 280
145, 395
90,494
285, 051
137, 071
90,499
229, 790
104, 463
88, 419
302, 791
155, 325
126, 220
299, 517
160, 494
128,966
286,711
147,459
122, 760
66.5
59.4
65.7
59.8
65.4
67.2
68.9
1, 079, 300 1,085,859
217, 555
204,949
153,824
150, 577
909, 374
179,643
111,524
692, 052
164,990
107, 718
710,912
165,930
111,774
532, 501
123, 057
72, 623
775,897
138, 626
104, 209
772,196
138, 743
103,835
764, 079
137, 621
95, 376
73. 5
67.5
71.1
73.2
71.4
71.3
70.1
68.9
66.4
199, 752
117,229
335, 326
170,512
94,174
268,300
177, 491
138, 414
293, 318
174, 454
130, 647
287, 028
135,556
113,192
215,871
116,100
48, 301
199,154
114, 633
50, 555
201, 289
108,088
41,325
197,810
65.7
69.2
69.1
64.7
68.7
70.0
60.9
64.9
3,038,548 3,124, 421 3,118, 618 2, 962, 562
72.1
71.3
64.4
405, 787
199,932
128, 762
204,440
122, 680
340, 592
5,746,597 5,516,280 3, 867, 322 4,845,888 4,621,195
Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $18,067,000; month ago, $24,313,000; yTar ago, $15,200,000.
Back figures.—See Annual Report for 1933 (table 9) and 1932 (table 8).
MARCH
1935
185
FEDERAL RESERVE BULLETIN
ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE
AND FEDERAL RESERVE BANK NOTE STATEMENT, FEBRUARY 28, 1935
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve- Rich- AtlanSt.
delChicago
ta
land mond
Louis
phia
Minneapolis
Kansas
City
San
Dallas Francisco
Gold certificate on hand and due from
5, 542, 567 389, 670 2,136,800 280,203 413, 243.79,033 12, 987 1 ,083,646 .91,869 .40,511 187,431114,715 312,459
U. S. Treasury
375
1,307 2,080 1,640 1,859 3,459
660
16, 299
Redemption fund—F. R. notes
445
222 3,280
476
496
69,955 34,105
27,845 9,087 10, 506 10,929 6,182 18,823
247,913 26,960
•Other cash
11,286 13,236
5,806,779 417, 005 2, 208,062 316, 388 423, 882 192,178 29, 682 1,112,151 201, 401151,493 198,856 121,119 334, 562
Total reserves
250
250
Redemption fund—F. R. bank notes
Bills discounted:
Secured by U . S . Government obliga1,155
100
215
275
130
tions, direct and/or fully guaranteed.
2,581
326
337
20
2,564
23
23
Other bills discounted
3,381
353
141
51
36
31
82
5,962
3,719
123
679
212
Total bills discounted
478
19
5
76
36
51
204
5,504
404
2,104
651
84
148
Bills bought in open market-..
555
523
198
105
143
385
641 1,406
19, 397 2,167
1,548 3,691 1,339 3,093 1.087
1,356
Industrial advances
548 1,835
686
U. S. Government securities:
395,691 23, 214 139, 228 25,136 30, 557 16, 292 13, 589
60, 349 15, 949 15,364 13,333 18,820 23,860
Bonds
Treasury notes
1,511,166 99, 020 469,469 05,012 .34, 370 71, 633 59,423 265, 667 67,934 37,129 57,816 38,775 104,918
89,827 24, 317 13,109 20,695 13,880 37, 553
Certificates and bills
523,425 35, 445 156, 621 36,972 48,097 25,638 21, 271
Total U.S. Government securties... ,430,282 157,679 765,318 167,120 213, 024 113, 563 94, 283 415,843 108, 200 65, 602 91,844 71, 475 166,331
Total bills and securities...
Due from foreign banks
F. R. notes of other banksUncollected items
Bank premises.
All other assets.
Total assets
_.
LIABILITIES
F . R. notes in actual circulation
F . R. bank note circulation—net
Deposits:
Member bank—reserve account
U. S. Treasurer—general account. _
Foreign bank
Other deposits,.Total deposits
Deferred availability items.
•Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b).
Reserve for contingencies
All other liabilities
Total liabilities .
Ratio of total reserves to deposits and F .
R. note liabilities combined (percent)...
Commitments to make industrial advances
_
, 461,145 L60, 516
803
60
18,445
339
489, 027 50, 569
49,436
3,168
46, 694
658
3,154,314 265,718
1,301
1,301
290, 740 2, 249,184 227, 056 311, 278 145,324 91,702
485, 883 50,531 113,651 39,305 46,085 41,723 18, 368
147,002 10,763
59,726 15,142 13,119 5,053 4,391
144,893 9,902
49,964 13,470 14,371 5,186 5,540
754
13,445
1,789
1,492 2,098 1,007 1,
30,824
1,648
7,501 2,996 3,000 1,416 2,599
5,960
173
2,942
249
290
147
In circulation—net..
Total collateral .
784,610 140,211 104,389 117,780 48,349199,845
697, 727 140,1,634
7,917 7,193
1,557
403
3,549 14,252
475 164,944 131,495 257, 222
1,974 2,541 3,385 5,477
322
362
349
940
6,043 1,529 3,336 21,047
710, 750 162,482 107,814 169, 376 138,565 284,
74,336 22, 344 12, 754
17,917 19,921
"
12,747 4,072 3,128 4,050 4,017 10,794
21,350 4,655 3,420 3,613 3,777 9,645
523
1,330
477 1,003
649
626
5,325
894 1,211
1,363 2,062
327
992
23,
119
253
145
8,872,579 632, 565 3,151,027 537, 619 696,925 356,729 249,0261,611,440 335, 370 234,046 325,244 214, 733527,855
72.
74.9
75.7
68.1
14, 435
2,217
6,048
298
3,154, 314 265, 718
Total collateral
3, 494,428 301,869
FEDERAL RESERVE BANK NOTE STATEMENT
Collateral pledged against outstanding
notes:
Discounted and purchased bills
U. S. Government securities
666,567 237,303 307,775 156,242 125,525
4, 587, 083284, 693 2, 074,
t, 747 217, 455 298,999 137,011 82,681
95,156 2,396
42, 262 4,537 7,
~ •"" 5,809 4,182
14, 602
967
6,118 1,329 1,275
497
483
192,116 2,684 126, 057 3,735 3,521 2,007 4,356
Collateral held b y agent as security for
notes issued to banks:
Gold certificates on h a n d a n d due
from U. S. Treasury
3, 287, 473 301, 617
Eligible paper
252
3, 955
U. S. Government securities
203, 000
Federal Reserve bank notes:
Issued to F. R. bank (outstanding).
Held by Federal Reserve bank
417, 973 08,872 67, 526 92, 709 73, 060 167,453
97
22
8
6
21
56
2,409
664
749
919
316 1,703
72, 905 21,316 11,947 29, 248 .17,619 19,636
4,955 2,628 1,580 3,447 1,684
950
745
914
226
576
8,872, 579 632, 565 3,151,027 537, 619 696,925 356, 729 249,026 1,611,440 335,370 234,046 325,244 214,733 527,855
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to F. R. bank by F . R. a g e n t - 3,423,147 287, 212
Held by Federal Reserve bank
268,833 21, 494
In circulation .
772, 689 72,045 215, 364 .17,158 95, 780
315
83
30
76
29
764
7,125
998 1,174 1,285
118,147 39,173 48,457 41,850 18,160
11, 598 4,525 6,629 3,028 2,325
33, 091 4,641 1,519 1,311 1,765
63.
1,272
627
59.
731
757,185 251,369 322, 225 164, 737142,495
90,618 14,066
" 14,450 8,495
" """ 16,970
74.4
66.5
71.4
453
1,387
30
64.8
69.0
1,184
819, 204 145,478 108,851 123,779 53,862 246,750
34,594 5,267 4,462
• "" 5,999 5,513 46,905
666, 567237, 303 307, 775156, 242 125, 525 784,610 140,211 104,389 117,780 48,349 199,845
788, 706 222, 000 292,
,215 130,340 80,685
561
459
266
195
1,998
30,000 30,000 35,000 65,000
828, 536 133,936 109, 500 125,000 54,675 220,263
100
45
37
29
13,000
30,000
790, 704 252, 561 322, 674 165,606145,880
146,949 109, 500125,045 54,704 250,300
11,719
10, 418
210
1,301
1,301
17, 000
5,000
12,000
17,000
5,000
12,000
10,208
10,208
EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1934
00
EARNINGS
Total
Boston
New York
PhiladelCleveland Richmond Atlanta
phia
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San Francisco
$15, 628
$12, 520
$28, 778
$7, 612
Discounted bills
$56, 403
$27,695
$27, 964
$429,833 $455, 972
$73, 547
$47,188
$48, 227
$1, 231,367
3,224
4,805
4,762
Purchased bills
10, 049
14,105
4,716
15,903
15, 991
26,537
18,935
5,129
17, 069
141,225
3,408
15, 928
5,701
5,846
3,064
Industrial advances
17,323
16,513
10, 971
8,405
121, 274
16,189
8,504
9,422
United States Government securities.__ 46,130,941 2,934, 435 15,475, 254 3,151, 641 3, 953,101 1, 825, 339 1,631,014 7, 843, 286 1,741,855 1, 346, 610
1, 449, 799 3, 086, 621
Commitments to make industrial advances
1,421
2
3,031
730
1,507
1,828
3,838
713
16, 635
3,565
699
1,213
589
918
3,486
717
649
Deficient reserve penalties
_
_.
793
685
1,311
15, 249
3,016
1,173
32, 494
229,802
39, 334
233, 648
55, 740
Miscellaneous
1, 246,122
48,182
142,828
86,195
80, 307
121,835
86,893
Total earnings
48,902, 813 3, 055,928 16,081,935 3, 725, 022 4,137, 556 1, 987,801 1,818,161 8,152, 371 1, 824,453 1, 415, 097 1, 960, 098 1, 521, 971 3, 222,420
CURRENT EXPENSES
Salaries:
Officers
Clerical employees
..
Other employees
Contributions—Retirement system
Governor's conferences
Federal Reserve agents' conferences
Federal Advisory Council
Directors' meetings
Industrial Advisory Committee
Traveling expenses *
Assessments for Federal Reserve
Board's expenses
Legal fees
Insurance on currency and security
shipments
Other insurance. _
Taxes on banking house.
Light, heat, power, and water
Repairs and alterations, banking houseRent
Office and other supplies
Printing and stationery
Telephone
Telegraph
Postage
Expressage
Miscellaneous expenses
Total, exclusive of cost of currency
Federal Reserve currency:
Original cost
Cost of redemption
Taxes on Federal Reserve banknote circulation
Total current expenses
1
$2,721,799
11,501,916
3,396, 898
1,343,116
5,667
3,325
13, 507
149, 808
10,931
282, 571
$139, 338
771, 574
161,517
85, 568
344
181
1,150
6,641
1,296
14, 214
$571,058
3,106, 227
875,187
340, 448
126
197
694
21,645
1,029
51,683
$158, 357
1, 033, 943
172,564
104,659
121
61
750
7,716
82
31, 776
$241, 224
1,100, 401
470, 052
126,901
421
109
655
11,023
1,412
36, 660
$183, 330
627,069
182, 529
80,802
137
80
350
6,823
634
21,629
$208, 576
410,001
95,143
52,615
253
153
911
17, 924
825
15,617
$354, 298
1, 440, 274
463,886
170, 660
263
370
924
9,212
976
32,104
$167, 302
556,140
158, 890
72, 769
415
629
1,350
13,406
1, 085
12, 348
$115,322
427, 566
119, 534
50, 260
720
416
1,308
7,994
1,371
23, 412
$177, 740
617,844
231, 779
89,878
563
255
1,350
22, 545
1,323
9,397
$164, 680
423, 231
114,825
56,809
887
371
1,465
7,551
350
6,629
$240, 574
987, 646
350,992
111,747
1,417
503
2,600
17,328
548
27,102
1, 372, 022
106, 392
13,674
486, 560
11,888
141, 761
8,177
130,157
12, 818
51,046
93
47,133
12, 267
164,711
4,117
44,001
818
31, 535
12, 503
38, 833
10,846
38, 525
9,092
98,151
10,099
306, 240
325, 823
1, 352, 279
373,135
145, 233
163, 227
348, 537
400, 098
245, 385
300, 983
2, 228, 778
446, 665
671, 340
42,989
19,470
136,175
22,331
8,309
342
21,090
41, 530
18,791
4,965
261, 791
50,807
35,631
64, 519
65,595
402,096
74,104
28,749
30,075
22, 241
132, 394
43, 740
11, 827
82, 917
36, 618
38,801
20, 909
20, 976
206, 781
32, 872
55,849
19,086
18,947
66, 542
16, 840
2,035
15, 937
21, 658
21,680
8,254
25, 803
161, 243
30, 927
18,993
18,194
57, 801
19,194
4,422
4,489
16,970
26, 966
6,102
43, 816
130, 574
31,521
29, 074
5,901
25, 241
53,333
23, 517
9,015
3,000
13,865
29, 254
14, 066
29, 261
105,380
13,862
40, 920
10,111
23, 312
20,322
11, 759
10, 572
35,448
85, 300
32,689
14,186
72,315
72, 920
77, 265
17, 338
360,119
111,568
141,471
34,141
24, 765
71, 563
30, 905
27,109
1,139
36, 256
29, 344
• 33,438
6,271
207, 222
45, 658
69,499
20, 215
22, 601
7,812
13, 736
115, 60S
7,327
38, 725
25,989
22, 306
7,670
41, 536
151, 983
20, 323
34,473
12, 739
19, 212
33, 435
18,138
4,152
1,380
12,174
15, 705
9,988
26, 047
109, 765
22, 751
32, 075
22,858
26, 081
94,120
26,812
4,242
54, 023
36, 550
35,031
22, 218
46, 234
153, 744
25,020
72, 227
28, 215, 675
1,959,327
6,954,801
2, 277, 277
2,867,833
1, 602,172
1, 269, 534
3, 427,125
1, 395, 768
1,167,167
1, 684, 828
1,141, 976
2, 467,867
497, 576
142, 200
45, 797
11,862
154,175
37, 305
55, 286
13,108
27,167
10, 001
20, 027
7,801
24, 590
6,430
72, 310
23,949
37, 777
8,962
24,137
4,842
20, 327
5,686
2,095
3,210
13, 888
9,044
34,
27,
135,
44,
19,
256
317
822
543
428
34, 837
43, 960
18, 872
25,000
264,568
54, 029
385,945
16, 726
189, 709
33, 297
41, 568
3,969
5,540
28, 454
13, 027
9,184
11, 099
13,830
19, 542
29, 241, 396
2, 033, 712
7, 335, 990
2, 378, 968
2, 946, 569
1, 633,969
1, 306, 094
3, 551, 838
1, 455, 534
1, 205, 330
1, 721,940
1,161,111
2, 510, 341
Other than those connected with governors' and agents' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committees.
i
d
PROFIT AND LOSS ACCOUNT
$48,902,813
Earnings. __ - 29, 241, 396
Current expenses-..
19,661,417
Current net earnings
Additions to current net earnings:
Profit on United States Govern7, 992, 543
ment securities sold ._
Withdrawn from reserves for
128 579
losses
804, 877
Allother
8, 925,999
Total additions
Deductions from current net earnings:
4, 215, 939
Bank premises—depreciation
238,123
Furniture and equipment
7,186, 865
Reserve for losses
1,
628, 657
Reserve for self-insurance
86, 423
Allother
Total deductions
13, 356, 007
Net deductions from current net earn4, 430, 008
ings
Net earnings
15, 231, 409
Dividends paid
8, 781, 661
Withdrawn from surplus (sec. 13-b) _ _
60,323
Transferred to surplus (sec. 7)
6, 510, 071
$3, 055, 928 $16, 081, 935 $3, 725, 022 $4,137, 556 $1, 987, 801 $1,818,161 $8,152, 371 $1, 824, 453 $1, 415, 097 $1, 960, 098 $1, 521, 971
2, 033, 712
7, 335, 990 2, 378, 968 2, 946, 569 1, 633, 969 1, 306, 094 3, 551, 838 1, 455, 534 1, 205, 330 1, 721, 940 1,161,111
$3, 222, 420
2, 510, 341
1, 022, 216
8, 745, 945
1, 346, 054
1,190, 987
353, 832
512, 067
4, 600, 533
368, 919
209, 767
238,158
360, 860
712, 079
521, 658
2, 481, 437
558, 768
707, 893
327, 207
293,043
1, 498, 266
308,050
192, 914
297,302
253, 275
552, 730
45, 963
239, 948
66, 040
61, 758
25, 259
128, 579
25, 559
113,724
32, 550
91, 670
28, 880
28, 829
44, 697
567, 621
2, 721, 385
624, 808
7G9, 651
352, 466
447,181
1, 611, 990
340, 6C0
284, 584
326,182
282,104
597, 427
55, 832
5,115
595, 609
250, 000
26, 355
650, 926
158, 866
17, 475
700, 000
109, 219
15, 427
259,188
47,115
14,183
84, 997
15, 701
207, 025
41, 600
9,117
237, 750
4, 388
824
10, 343
96,811
7,795
28, 750
183, 802
3,648
73, 278
4,491
80, 440
150, 000
2,886
219,880
12, 098
433, 323
702
2, 434, 800
16, 506
1, 352, 519
1, 000, 000
4,207
498, 714
27,128
42, 857
489
186, 427
75, 849
2, 836, 228
57,105
4,587
657,045
3,160,196
927,983
917,941
392,951
303, 436
4, 808, 032
569, 523
318, 066
320, 806
311,095
668,933
228, 923
33, 482
- 5 , 376
28, 991
71, 506
321, 869
640, 573
237, 924
643, 242
2,669
89, 424
438,811
303,175
148, 290
40, 485
- 1 4 3 , 745
3,196, 042
932, 792
8, 307,134
1, 042, 879
1, 042, 697
313, 347
655, 812
1, 404, 491
139, 996
176, 285
243, 534
644,075
3,155
291,872
3, 567, 690
7,694
4, 747,138
925, 875
896
117,900
769, 096
8,156
281, 757
299, 050
298
14, 595
264, 093
2,632
394, 351
761, 334
26, 322
669,479
241, C09
47
-100,966
181,117
4,832
247,156
3,622
3,632
93,945
1
REIMBURSABLE EXPENDITURES OF FEDERAL RESERVE BANKS DURING 1934
fExpenditures asfiscalagents and custodians for the Treasury Department and United States Government agencies. Not included in "current expenses" as shown in the preceding table]
Treasury Department
Reconstruction Finance Corporation. _.
Other United States Government
agencies
Total
$778, 715
2, 364, 593
$47, 304
44, 351
$102, 594
175, 241
$32, 666
115, 275
$85, 516
209, 597
$38, 494
205, 508
510, 589
15,836
88, 624
2, 749
11, 862
3, 653, 897
107, 491
366, 459
150, 690
306, 975
$19, 680
256, 619
$180,142
641, 217
$43, 384
182, 092
$50,166
99, 398
$94, 636
173, 266
32, 497
18, 626
14,197
67, 649
72,197
104, 770
30, 647
50, 935
276, 499
294,925
835, 556
293,125
221, 761
372, 672
192, 240
235, 504
$31, 642
129, 951
W
$52, 491
132, 078
oo
188
FEDERAL RESERVE BULLETIN
MARCH
1935
LICENSED MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[Averages of daily figures, in millions of dollars]
Reserves held
Total
Federal Reserve district
January
Boston
New York
Philadelphia
Cleveland
Richmond _. -Atlanta
Chicago
"St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.
_
.-
-.-
..
_--
Excess
1934
1935
Borrowings at Federal
Reserve banks
1934
1935
Decem- Novem- January
ber
ber
Novem- January
ber
December
1934
1935
November
December
302.1
1, 841. 4
216.9
261.0
1,647. 2
203.8
267.8
1,683.7
198.2
173.3
791.0
91.9
134.5
620.5
80.1
138.7
667.8
76.0
.6
4.8
.9
274.7
130.8
82.4
280.7
123.0
78.5
271.7
128.1
73.9
129.4
59.6
28.7
133.9
52.8
24.6
129.8
57.7
21.6
.3
.2
.2
.4
.1
.05
.3
.1
.1
695.9
146.4
103.0
672.2
131.4
102.2
702.7
140.3
98.2
375.8
80.1
55.9
353.2
65.7
54.5
388.4
75.4
51.0
.3
.05
. l
.2
.01
. l
.1
.1
169.0
126.3
266.0
157.6
124.0
255.7
158.2
124.9
252.6
88.6
70.7
90.3
77.1
67.7
83.1
78.2
68.4
81.5
.1
.02
.2
.1
.007
.1
.2
.1
.03
4,354.9
4,037. 4
4,100. 3
2,035. 2
1, 747.8
1,834. 5
7.7
1.4
6 1
1.0
1.5
6 9
.9
10.2
9.7
NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER
CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers (places over 15,000)
Net demand
Member banks in smaller centers (places under 15,000)
Time
Net demand
Time
Federal Reserve district
1935
January
Boston
New York
Philadelphia... . _ -_
Cleveland
Richmond
__
Atlanta
Chicago
St. Louis
Minneapolis _ _ _
Kansas City
Dallas
San Francisco
Total
1934
1935
Decem- November
ber
January
1934
December
1935
Novem- Januber
ary
1934
1935
Decem- Novem- Januber
ber
ary
1934
Decem- November
ber
1,152
7,821
907
1,124
7,639
899
1,146
7,533
876
593
1,637
631
589
1,635
613
601
1,679
631
85
200
155
88
200
155
92
206
157
120
440
390
122
438
385
123
440
385
1,082
539
414
1,101
531
419
1,047
533
404
883
309
261
880
306
266
896
308
268
147
121
99
144
118
94
143
117
88
226
164
72
224
160
68
223
160
67
2,375
497
294
2,374
494
300
2,333
484
297
959
250
171
920
246
169
911
251
169
181
128
135
177
125
136
175
124
135
164
89
172
162
88
171
160
88
170
565
397
1,160
567
404
1,143
562
405
1,134
203
162
1,782
201
161
1,731
209
162
1,706
238
194
106
236
194
109
231
191
110
109
35
92
109
34
90
110
35
90
17,204
16,993
16,755
7,840
7,718
7,790
1,789
1,776
1,769
2,074
2,052
2,050
MARCH
189
FEDERAL RESERVE BULLETIN
1935
ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES DEC. 31, 1929, TO DEC. 31, 1934
[Amounts in thousands of dollars]
1929,
Dec. 31
ASSETS
Loans (including overdrafts)
United States Government direct obligations
Securities fully guaranteed by United States Government
Other securities
Total loans and investments
1930,
Dec. 31
1932,
Dec. 31
1933,
Dec. 301
1934,
Oct. 171
1934,
Dec. 311
26,150,061 23, 870, 488 19, 260, 685 15, 204, 050 12, 833, 483 12, 292, 533 12, 028,103
3,862, 968 4,124, 776 5, 318, 654 6, 539, 706 7, 254, 234 9,186, 237 9, 905, 692
709,035
989, 208
5, 920,921 6,864, 247 5, 995, 786 5, 725, 714 5,131, 926 5, 371, 507 5, 227, 275
35,933, 950 34, 859, 511 30, 575,125 27, 469,470 25,219, 643 27,559,312 28,150,278
718, 500
412, 248
459, 264
257, 919
241, 951
1, 252,147 1,117, 833
1, 240, 444 1,174, 957 1,150, 245
981,206
995, 998 1,001,087
1,190,306
191,169
211, 755
274, 966
303,904
313, 556
183, 989
268, 945
2, 373, 760 2, 474, 509 1, 975,169 2, 511, 374 2, 677, 693 3, 976,077 4,081,565
471,006
550,471
592, 504
522,551
558,450
422,838
608,602
/2, 736, 579 2, 950,105
>2,167, 756 2, 455, 948 1, 662, 226 2, 415, 656 1, 969,141
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Due from member banks
Due from nonmember banks
*
Balances with domestic banks, not subject to immediate withdrawal
()
()
Balances with banks in foreign countries (excluding own branches) _ 139, 723
134, 299
Due from own foreign branches
124,111
126, 519
Items with Federal Reserve banks in process of collection
994, 373
757, 216
Exchanges for clearing house and other checks on local banks
2, 762, 463 2, 076,189
139, 056
92, 766
Outside checks and other cash items
32, 318
32, 889
Redemption fund and due from United States Treasurer
662, 686
735,193
Acceptances of other banks and bills sold with endorsement
21, 069
Securities borrowed
35, 533
222,911
Other assets
219, 379
Total assets .
1931,
Dec. 31
()
90,928
83, 255
598, 285
1, 388, 409
108,128
31, 372
310, 502
13, 473
223, 687
()
91,175
102, 706
449,848
594, 695
77, 406
39, 242
14, 869
12, 928
226, 281
61,868
158, 683
143,816
485,022
588, 237
59, 079
40, 307
46, 349
10,827
229, 219
86, 796
85, 729
106, 339
185,187
120,930
646, 818
703, 345
56, 939
34, 480
2,111
1,972
291, 709
113,139
184, 515
92, 536
590, 987
1, 233, 067
79, 253
33, 956
1,761
1,896
313, 208
48, 843,078 47,057,891 39, 688, 322 36, 259,926 33,876, 326 38, 616, 886 40,077,191
LIABILITIES
Demand deposits
Time deposits
United States deposits
Due to Federal Reserve banks (deferred credits)
Due to other banks in United States
Due to banks in foreign countries (excluding own branches)
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding
18,861,582 17, 501, 550 14, 955,400 13, 393, 235 13, 442, 260
13, 233,481 13, 546, 20.1 11, 315,842 10, 549, 579 9,125, 241
267,415
411,845
967,167
143, 203
474, 741
49, 267
48, 381
54, 458
36, 663
3, 517, 325 3, 872,842 2, 832, 296 3, 607, 649 3,124, 968
546, 796
398, 390
129,085
543,612
242, 829
729, 301
331,157
1, 603, 562 1, 223, 777
369,891
20,960
19, 581
8,166
23, 460
15, 250
Total deposits (excluding due to own foreign branches)
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments
37, 980, 683 37, 028, 808 30, 711, 036 28, 689, 837 27,166, 974 32,285,443 33, 848, 405
3,134, 580 3, 694, 023
(3)
(3)
(3)
(3)
Due to own foreign branches
National-bank notes outstanding
Agreements to repurchase securities sold
Bills payable with Federal Reserve banks
Rediscounts with Federal Reserve banks
Bills payable—all other
Rediscounts—all other
Acceptances of other banks and bills sold with endorsement
Acceptances executed for customers
Acceptances executed by other banks for reporting banks
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid
Dividends declared but not yet payable and amounts set aside for
undeclared dividends and for accrued interest on capital notes
and debentures
Other liabilities
Capital notes and debentures
Capital stock (see par value below)
Surplus
p
Undivided profits—net
Reserve for contingencies
Retirement fund for preferred stock and capital notes and debentures
Total liabilities (including capital account).
Par value of capital stock:
First preferred
Second preferred
Common
Total
Number of banks.
35, 533
137, 660
88,131
639, 640
158,141
138, 843
109,174
101, 710
5,441
662, 686
1,138, 624
15, 031
21, 069
121,190
35, 350
624, 234
81, 583
402, 003
220, 649
202,833
13, 643
310, 502
732, 253
14,169
13, 473
98, 668
53,160
776, 749
45, 579
136, 920
97, 604
308, 495
3,766
14, 869
429, 738
7,335
12, 928
73, 276
()
245, 585
()
236, 366
()
228, 597
()
200, 501
33,052
645, 562
136, 957
453, 574
192, 760
214, 209
17, 979
735,193
1, 276,159
29, 647
2, 757,113
2, 864, 612
909, 548
177, 252
2, 665,151 2, 499,098 2, 409, 859
2, 822,091 2, 524, 460 2,148, 260
894, 388
605, 403
438, 521
211, 407
370, 368
412, 529
16,148,819 16, 774,164
9, 821,146 9, 907, 928
1,142,847 1, 635, 516
59, 911
48, 204
4, 447, 420 4, 546, 038
135, 709
146, 504
520, 754
782, 618
8,837
7,433
29,150,863
30,154, 382
662, 320
6,144
1,155
14, 009
23
2,111
267, 597
10, 391
1,972
87, 328
650, 935
6,341
6,291
598
5,830
68
1,761
253, 791
8, 976
1,896
63, 378
7,796
()
141, 649
184,973
117,102
103, 610
2, 312, 019 2,534, 440
1, 749,935 1,677,190
427, 714
355, 386
441, 412
362, 424
40,312
134,114
118, 515
2, 545, 571
1, 661,656
391,013
335, 218
13, 748
775, 270
11, 669
56,154
18, 602
67,187
1,397
46, 349
480, 969
10, 725
10,827
69,120
1,110
2,522
48, 843,078 47, 057, 891 39, 688, 322 36, 259,926 33, 876, 326 38, 616, 886 40,077,191
504, 683
158,025
21, 077
5,750
2, 757,113 2, 665,151 2, 499, 098 2,409, 859 2,148, 692 2, 011, 613
2, 757,113 2, 665,151 2,499,098 2,409,859
8,522
8,052
7,246
6,816
2, 312, 467 2, 537, 373
6,011
6,433
530, 628
22, 946
2, 549, 654
6,442
12 Licensed banks only.
Included in "other assets."
3 N o t reported separately.
* Prior to Oct. 17, 1934, dividends declared but not yet payable were included in "Other liabilities" and amounts set aside for undeclared
dividends
and for accrued interest on capital notes and debentures in "Undivided profits."
5
Included in "Undivided profits."
190
FEDERAL RESERVE BULLETIN
MARCH 1935
ALL LICENSED MEMBER BANKS—CONDITION ON DEC. 31, 1934, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All member banks
All National
member
banks
All State
member
banks
Central Reserve city
member banks
New York
Reserve
city member banks
Country
member
banks
Chicago
ASSETS
Loans (including overdrafts)
United States Government direct obligations
Securities fully guaranteed by United States Government
Other securities...
12,028,103 7,475,377 4, 552, 726
9,905,692 6, 250,822 3,654,870
292,480
989,208
696,728
5, 227, 275 3,487, 405 1, 739,870
Total loans and investments
38,150,278 17,910, 332 10,239, 946
106, 264
241, 951
Customers' liability on account of acceptances
135, 687
349, 087
Banking house, furniture, and fixtures, _
1,001,087
652,000
151, 665
Other real estate owned
313, 556
161,891
Reserve with Federal Reserve banks
4,081, 565 2,525,448 1/556,117
154,853
Cash in vault
_.
608, 602
453, 749
Due from member banks
_
669,920
2,950,105 2, 280,185
Due from nonmember banks
18, 791
85,729
66,938
Balances with domestic banks, not subject to immediate withdrawal.
___
20, 579
113,139
92, 560
98, 522
Balances with banks in foreign countries (excluding own branches).
184,515
85,993
58,184
Due from own foreign branches.
_-.
92,536
34,352
205,786
Items with Federal Reserve banks in process of collection
590,987
385,201
698,
504
Exchanges for clearing house and other checks on local banks
1, 233,067
534, 563
21, 736
Outside checks and other cash items
79, 253
57, 517
Redemption fund and due from United States Treasurer
33,956
33, 956
1,011
Acceptances of other banks and bills sold with endorsement
1,761
750
367
Securities borrowed
1,896
1,529
144,927
Other assets
313, 208
168,281
3,158, 700
3, 246, 203
277,977
1, 078,124
7, 761,004
187,169
249,688
26,690
1,576,317
86,305
100,612
2,410
41
121, 727
83,894
157,167
907,026
4,571
728
1,235
106, 817
40,077,191 25, 580,932 14,496, 259 11, 373,401
Total assets.
532,432 4, 312, 211
742, 509
77,550
278,786
228,820 1,627, 761
1, 581, 311 10,027,618
10,920
41,073
25, 595
331, 223
130,729
3,757
414,919 1, 268,130
40, 264
206,683
198,422 1,445,714
7,236
42, 576
4,024, 760
2,108,120
354,895
2, 292, 570
8, 780, 345
2,789
394, 581
152,380
822,199
275,350
1, 205,357
33, 507
54,842
49,043
8,642
262, 574
222,464
52,355
12,246
339
302
95,362
57, 256
4,929
135, 231
54,379
17,864
20, 832
187
1,594
67, 240
2,425,855 14, 251,915
12,026, 020
1,000
8,816
36,015
49,198
4,463
150
43,789
LIABILITIES
Demand deposits
Time deposits
United States deposits
Due to Federal Reserve banks (deferred credits)
Due to other banks in United States
.
Due to banks in foreign countries (excluding own branches)
Certified and officer's checks outstanding
Cash letters of credit and travelers' checks outstanding
Total deposits
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments
•_
6,380,403
2,911,614
750, 581
14,198
1, 662,483
72,700
417,115
2,161
5, 599,355
658,603
791,698
1, 255,030
382,105
45,831
1, 797, 455
125,787
535,839
3,948
444,894
2,337
22,838
601
33,848,405 21, 637,150 12, 211,255
3,694,023 2,442,745 1, 251, 278
- . 30,154,382 19,194,405 10,959,977
9, 512, 685
1, 010, 505
8, 502,180
16, 774,164 10, 393, 761
9,907,928 6,996,314
1,635, 516
884,935
48,204
34,006
4, 546,038 2,883, 555
146, 504
73,804
782, 618
365, 503
7,433
5, 272
National-banknotes outstanding
650,935
Agreements to repurchase securities sold
6,341
Bills payable with Federal Reserve banks
6,291
Rediscounts with Federal Reserve banks
598
Bills payable—all other
5,830
Rediscounts—all other
68
Acceptances of other banks and bills sold with endorsement
1, 761
Acceptances executed for customers
253, 791
Acceptances executed by other banks for reporting banks
8,976
Securities borrowed
1,896
Interest, taxes, and other expenses accrued and unpaid
63, 378
Dividends declared but not yet payable and amounts set aside
for undeclared dividends and for accrued interest on capital
notes and debentures
40, 312
Other liabilities
134,114
Capital notes and debentures
118,515
Capital stock (see par value below)
_. 2, 545, 571
Surplus..
1, 661,656
Undivided profits—net
391,013
Reserves for contingencies
335,218
Retirement fund for preferred stock and capital notes and debentures
2,522
Total liabilities (including capital account).
Par value of capital stock:
First preferred
Second preferred
Common
Total
Number of banks.
650,935
2,361
3,777
383
3,565
3,980
2,514
215
2,265
68
1,011
114,878
4,259
367
24,467
9,436
1,042
5, 523, 859
4,002,919
620,182
7,004
1,963,773
16, 727
159,379
2,713
4,395,920
4,864,301
177,805
41, 200
339.916
1,653
64, 562
171
2,153, 636 12,296, 556
144,155 1,611,410
2,009,481 10, 685,146
9, 885, 528
927,953
8,957,575
3,000
1,235
199,010
5,677
11,045
310
15, 246
7,702
19,848
44, 571
25, 700
640, 280
670,751
101, 872
126,038
1,436
1,782, 746
836,056
261,456
141, 534
17, 670
82,927
118, 515
762,825
825.600
129,557
193,684
2,320
202
10
750
138,913
4,717
1,529
38,911
22, 642
51,187
250
147, 250
37, 595
11, 285
29. 707
224, 738
3,541
185
339
41,353
2,544
302
24,882
413, 761
1,758
6,106
598
5,830
68
187
2,383
445
1,594
15, 548
13,010
30,638
51,675
813,035
497,329
137, 826
113,158
6,018
36, 266
40, 890
945, 006
455,981
140,030
66,315
804
1,708
40,077,191 25, 580, 932 14, 496, 259 11, 373, 401 2, 425, 855 14, 251,915 12, 026,020
530, 628
464, 714
22,946
17,178
1,996, 080 1, 302, 599
65,914
5,768
693,481
100,300
76,150
~539,~980"
71,100
154,321
7,500
651,312
199,857
15, 446
733, 688
2, 549,654
765,163
640,280
147,250
813,133
948, 991
18
328
6,058
6,442
1, 784,491
5,462
191
FEDERAL RESERVE BULLETIN
MARCH 1935
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO
[En millions of dollarsj
City
Federal Reserve District
Total
Loans and investments, total:
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Loans on securities, total:
Feb. 6
Feb. 13
Feb. 20.__
Feb. 27
To brokers and dealers in
New York:
Feb. 6
Feb. 13
Feb. 20
Feb. 27
To brokers and dealers outside New York:
Feb. 6
Feb. 13
__
Feb. 20
Feb. 27
To others:
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Acceptances and commercial
paper:
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Loans on real estate:
Feb. 6
..
Feb. 13
Feb. 20.
Feb. 27
Other loans:
Feb.6
Feb. 13
Feb. 20
Feb.27
_
United
States
Government
direct obligations:
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Obligations fully guaranteed b y
United States Government:
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Other securities:
Feb. 6
..
Feb. 13
Feb. 20
Feb. 27.
Reserve with Federal Reserve
banks:
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Cash in vault:
Feb. 6
Feb. 13
F e b 20
Feb. 27
N e t demand deposits:
Feb. 6
Feb. 13
Feb. 20
Feb. 27
r
Revised.
Boston
New
York
PhilaCleve- Richdelland mond
phia
18, 208
18, 245
18, 215
18, 321
1,141
1,141
1,158
1,162
8,241
8,270
8,188
8, 275
1,079
1,085
1,085
1,079
1,192
1,194
1,193
1,194
2,992
3, 016
2,983
2, 995
211
213
215
216
1,613
1,638
1,613
1, 629
203
202
198
196
679
707
684
726
16
16
17
17
566
596
576
615
163
165
168
166
32
33
37
37
2,150
2,144
2,131
2, 103
KanSan
Dallas Fransas
cisco
City
Atlanta
Chicago
St.
Louis
Minneapolis
371
368
365
367
350
352
354
351
2,009
2,007
2,039
2,041
536
535
536
547
361
361
363
364
570
569
572
576
423
420
410
413
1,935
1,943
1,952
1,952
7, 363
7,392
7. 307
7, 401
1,651
1, 655
1, 686
1, 689
174
175
173
173
57
57
57
56
51
51
50
51
276
272
272
273
67
66
66
66
34
34
35
32
52
53
52
51
49
49
48
49
205
206
204
203
1,413
1,437
1,410
1,428
233
231
230
231
22
21
18
18
2
2
2
2
6
6
6
6
4
4
4
4
28
28
28
30
4
4
4
4
1
1
6
6
6
6
4
4
4
5
20
20
18
19
536
564
542
582
26
26
26
28
59
61
60
58
15
15
15
14
6
6
6
6
1
1
1
1
3
3
3
3
30
26
27
28
4
4
4
4
1
2
2
1
2
3
2
2
1
1
1
1
9
10
10
11
57
59
58
56
27
24
25
25
163
164
161
162
988
981
977
956
166
166
165
164
166
167
165
165
50
50
50
49
44
44
43
44
218
218
217
215
59
58
58
58
32
32
32
31
44
44
44
43
44
44
43
43
176
176
176
173
820
814
810
790
180
181
179
178
429
428
437
440
46
46
46
47
226
224
229
230
22
22
22
22
2
2
2
2
12
12
12
11
2
2
2
2
63
61
63
62
9
10
10
10
6
6
6
9
18
19
20
20
3
3
3
3
20
21
22
22
224
222
227
228
52
49
51
50
969
969
969
965
91
91
91
90
249
249
249
248
71
71
72
72
74
74
74
73
17
17
16
16
12
12
13
12
33
33
33
33
37
37
37
37
6
6
6
6
14
14
13
14
23
23
23
23
342
342
342
341
131
131
131
131
19
18
18
18
3,136
3,154
3,161
3,198
278
283
291
294
1,317
1,344
1,339
1,353
172
172
169
167
132
129
130
130
79
79
78
79
123
123
124
124
289
287
296
299
108
109
107
108
100
100
100
100
111
108
108
108
114
112
111
112
313
308
308
324
1,172
1,198
1,193
1,205
218
214
224
227
7,227
7, 198
7,217
7,227
355
346
350
347
3,305
3,292
3,267
3,276
291
293
301
297
600
599
599
602
134
129
127
133
102
102
102
98
1,000
999
1,029
1,032
194
193
194
205
155
154
156
155
242
241
244
247
175
167
159
161
674
683
689
674
3,129
3, 117
3, 090
3,108
833
841
871
873
616
633
645
660
10
11
11
12
309
305
306
318
51
55
58
59
22
22
23
23
12
14
15
13
11
12
14
14
89
89
86
86
26
26
28
26
5
6
6
7
17
18
19
20
18
25
25
24
46
50
54
58
283
277
275
285
81
81
78
78
2,839
2,847
2,803
2, 836
150
151
154
156
1,222
1,218
1,185
1,221
269
270
265
266
188
193
192
191
60
60
60
59
49
50
49
50
259
266
260
256
95
94
94
95
55
55
54
55
116
116
116
116
41
41
41
41
335
333
333
330
1,011
1,010
981
1, 016
215
221
214
212
3,493
3,450
3,496
3,454
251
254
241
236
1,875
1,823
1,893
1,838
148
139
144
149
151
150
156
165
55
57
55
51
28
28
28
28
474
473
471
482
94
100
104
95
63
64
54
63
105
106
99
98
79
85
90
86
170
171
161
163
1,804
1,765
1,826
1,773
404
388
388
401
275
292
282
286
69
70
69
69
65
70
68
66
13
15
14
15
19
21
20
20
11
12
11
12
6
6
6
7
45
. 48
45
46
8
8
8
8
4
5
5
5
11
11
11
12
9
9
9
9
15
17
16
17
50
57
53
54
36
38
35
36
13, 998
14,100
14,160
-14,173
933
948
952
949
7,303
7,318
7,352
7,347
728
730
735
735
699
698
706
719
246
246
244
241
190
198
196
191
1,761
1,760
1,794
1,818
384
392
397
398
256
261
256
'261
469
487
478
480
306
316
313
312
723
746
737
722
6,851
6,864
6,892
6, 978
1,514
1,503
1,540
1.561
New
York
Chicago
192
FEDERAL RESERVE BULLETIN
MARCH
1935
REPORTING MEMBER BANKS IN LEADING CITIES—Continued
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO—
Continued
[In millions of dollars]
Federal Reserve District
Total
Time deposits:
Feb 6
Feb. 13
Feb. 20
Feb. 27
Government deposits:
Feb 6
Feb. 13 _.
Feb 20
Feb. 27
Due from banks:
Feb. 6
Feb. 13
Feb. 20
Feb 27
Due to banks:
Feb 6
Feb 13
F e b . 20
Feb. 27
.
_ .-
— —
Borrowings from Federal Reserve banks:
Feb 6
Feb. 13
Feb 20
Feb. 27
Boston
New PhilaCleve- RichAtdelYork phia
land mond lanta
City
MinSt.
Louis neapolis
Chicago
KanSan New
sas Dallas Fran- York
City
cisco
Chicago
4,446
4,448
4,447
4,449
317
317
316
316
1,032
1,032
1,039
1,035
317
315
312
313
447
448
451
452
137
137
138
138
129
130
131
130
524
525
513
514
165
165
165
166
128
127
128
127
164
165
163
165
124
125
125
124
962
962
966
969
619
618
621
618
386
386
374
374
1,224
1,136
1,086
1,019
83
75
73
71
713
654
605
555
69
65
65
63
48
46
46
45
9
8
9
8
33
31
32
31
63
61
60
58
24
22
22
22
6
5
5
5
23
22
22
21
58
56
56
52
95
91
91
88
680
623
574
525
44
43
43
42
1,801
1,860
1,860
1,850
115
120
114
116
158
172
164
167
167
164
163
167
124
131
130
135
83
87
91
89
78
83
80
82
276
300
292
299
111
112
110
106
95
97
96
94
227
242
241
238
159
159
168
163
208
193
211
194
72
77
72
67
170
198
191
186
4,363
4,422
4,471
4,462
215
215
218
210
1,970
2,015
2,053
2,026
252
251
257
260
194
194
194
199
104
106
106
106
83
86
83
85
596
604
607
616
186
186
190
192
118
120
117
121
287
290
287
289
150
148
153
149
208
207
206
209
1,903
1,948
1,985
1,958
486
491
495
501
1
1
1
1
RATES ON INDUSTRIAL ADVANCES
[Approved by the Federal Reserve Board, under sec. 13 (b) of Federal Reserve Act as amended June 19,1934. Percent per annum except as otherwise specified. In effect on Mar. 1,1935]
Advances direct to industrial or commercial
organizations
_
Advances to financing institutions:
On portion for which institution is obligated
On remaining portion
1__
CommitTrifiTits to Tn^kft ndvannps
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
4-6
4-6
4-6
6
6
6
3
3
4-5
1-2
13
(2)
(fi)
4
4-6
4-6
1-2
5
3^-5
H-2
(3)
H-2
5
H
Chicago
St.
Minne- Kansas Dallas
Louis apolis
City
5-6
5J^
6
5-6
4 5-6
1-2
4H
4H
«H
4H-5
4-6
4
4
«H-2
San
Francisco
5-6
5-6
4
3-4
4-5
1-2
5-6
•1
• Authorized rate 1 percent above prevailing discount rate.
* Same as to borrower but not less than 4 percent.
»1 percent below rate charged borrower by financing institution but not less than 4 percent.
« "With respect to loans received from financing institutions, Federal Reserve bank allows out of interest received on portion of loans retained by
it 1 percent per annum to financing institutions which agree to service loans and report regularly on status of borrower.
«No general rate established on commitments.
«Flat rate.
193
FEDERAL RESERVE BULLETIN
MARCH 1935
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICAN
CURRENCY TO AND FROM EUROPE
BANK DEBITS
[Debits to individual accounts. In millions of dollars]
BY SELECTED BANES IN NEW YORK CITY
[Paper currency only. In thousands of dollars]
1934
Number
of
centers
1935
ShipShipReRements ceipts
ments ceipts
Net
Net
to
to
from receipts
from receipts
Europe Europe
Europe Europe
Month
January
February
March
April — __
May
June
July
August. _
September
October _
November
December
Total
0
1
0
1
10
8
63
0
23
0
_
199
40
345
5, 256
3,740
2,200
2,900
3,780
3,471
3,601
5,193
4,254
2,524
2,129
1,539
40, 587
5,256
3,739
2,200
2,899
3,770
3,463
3,538
5,193
4,231
2,524
1,930
1,499
40, 242
81
173
3,705
1,502
3,624
1,329
Federal Reserve districts:
Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$1
$2
$10
$20
$50
$100
$500
$1,000.
$5,000
$10,000
Total.
403
33
741
1,250
1,294
335
568
112
222
5
8
4,972
411
32
755
1,266
1,311
336
571
113
223
5
7
5,031
410
32
752
1,265
1,314
335
571
112
221
5
7
5,025
422
32
776
1,300
1,332
337
571
111
214
5
10
5,110
423
32
771
1,288
1,326
337
577
112
216
5
7
5, 095
401
32
740
1,240
1,293
336
571
111
214
5
7
4,953
NOTE.—Figures include, in addition to currency outside the Treasury
and Federal Reserve banks, unassorted currency held by these institutions amounting to $7,000,000-$12,000,000, and also $1,000,000 of currency
of unknown denominations reported by the Treasury as destroyed.
UNITED STATES POSTAL SAVINGS
[Balance to credit of depositors. In millions of dollars]
End of month
January. _.
February.
March
April
May
June
July
August
September
October. __
November.
December.
v Preliminary.
14, 023
13,198
1,627
15,624
1,517
1,497
565
718
3,874
758
474
1,728
15,780 :
1,497 :
1,661 ;l;
598
781 '
3,903
796
537
884
529
2,221
1,542
14,608
1,320
1,241
478
684
3,072
708
425
760
465
1,918
141 j
30,915
27, 221
30,062 I
Total
With- 16 to 31 to 61 to 91 days Over 6
in 15 30 days 60 days 90 days to 6
mos.
mos.
days
1935
Jan.31 .lug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31
i
386
32
699
1,173
1,288
350
593
119
228
7
10
4,884
15,214
15,701
[In thousands of dollars]
[Outside Treasury and Federal Reserve banks. In millions of dollars]
$5
14,998
15,064
MATURITY DISTRIBUTION OF BILLS AND
SECURITIES HELD BY FEDERAL RESERVE
BANKS
PAPER CURRENCY OF EACH DENOMINATION
IN CIRCULATION
1934
January December January
2,074
Total
For description and back figures see BULLETIN for January 19321
pp. 7-9, and for January 1934, p. 51.
Denomination
1
140
New York City
Outside New York City.
1934
1935
1931
1932
1933
278.4
292.1
302.7
313.8
325.0
347.4
372.5
422.7
469.9
538.1
565. 5
605. 6
666. 2
692.6
706. 0
722.8
742.6
784.8
829.5
848.5
858 7
871.9
885.2
901.6
943.4
1,007. 1
1,113.9
1,159. 8
1,180. 3
1,187. 2
1,178. 4
1,179. 4
1 181 5
1,189. 0
1,198.7
1, 208. 9
1934
1935
1, 200. 8 I, 200. 8
1, 200. 0
1, 200. 0
1,197. 5
1,196. 9
1,197. 9
1,190. 3
1,192. 2
1,19? 8
1,198. 6
1, 203. 5
P],207. 2
Bills discounted:
Feb. 6
Feb. 13. - .
Feb. 20.__
Feb. 27__Bills bought in
open market:
Feb. 6
Feb.13_..
Feb.20__.
Feb.27__Industrial advances:
Feb. 6
Feb. 13....
Feb. 20....
Feb. 27.—
United States
Government
securities:
Feb. 6
Feb. 13_.__
Feb. 2 0 —
Feb. 2 7 —
4,693!
5,321
4, 528 i
4,353 j
673
181
733
880
715
675
157
332.
299
286|
271;
67l|
5,503
5,502
5,501 3,499j
5,505 3, 388;
1,219
3,426
163
702
2191
817:
905
704|
3,208
599
934
711
139
93
97
274
551
618
432
599
748
702
1,225
784
1,:
1,315
893
862
6,428
6,510
5,926
6,464
17,824
18, 375
18,729
19,163
2,430,221 |35,114:
2, 430, 334 |36,
36, 222
2,430,348
39,690
2, 430, 311 j38,
540!
37
227
216
1,052|
956
925
10
10
10
12
14,036
14,691
15,157
15, 646
39, 690 165,130 179,175 504,000 1, 507,112
120,030 80, 750 183, 618 510, 586 1,499,128
1,054 92,368i503,1301,491,926
124,180179,
134,
010 170,174 93,096 494, 294 1, 500,197
194
FEDERAL RESERVE BULLETIN
MARCH 1935.
BANKS LICENSED AND NOT LICENSED
Number of banks
Deposits i (in thousands of dollars)
Licensed
Licensed
Total
All member banks:
Mar. 15, 1933
Apr. 12, 1933
June 30, 1933
Dec. 30, 1933
June 30, 1934
_.
Dec. 26, 1934
Feb. 27, 1935
National banks:
Mar. 15, 1933
._.
Apr. 12, 1933_.
June 30, 1933
Dec. 30, 1933
June 30, 1934
Dec. 26, 1934
Feb. 27, 1935
State-bank members:
Mar. 15, 1933
Apr. 12, 1933
June 30, 1933
Dec. 30, 1933
June 30, 1934
Dec. 26, 1934
Feb. 27, 1935
Nonmember banks other than mutual savings banks: 3
Apr. 12, 1933
June 30, 1933
._
Dec. 30, 1933
June 27, 1934 '
Oct. 17, 1934 r
Dec. 26, 1934 *
Feb. 27, 1935
._
25, 554, 287
25,986,183
26, 563,927
27,166,974
31,012, 367
32, 270, 380
33, 853,882
5,078
5,425
5,600
6,011
6,375
6,681
6,701
6,523
6,488
6,460
6,427
Not
licensed
6. 450
6,424
5,907
5,897
5,882
5,606
5,512
5,477 ;
5,44)8
18,137,719 i 16.195,145
16,494,549
16,741,289
17,555,239
19,895,897
20,764,706
21,668,141
792 l
784 !
819 I
917 |
976 :i
983
979 I
9,359,142
9,491,634
9,822,638
9,611,735
11,116,470
11,505,674
12,185,741
10, 351
10,171
9,590
9,269
17 !
9,16"
9,113
9,053
2,866, 751
2,659,923
1, 266,015
527,854
111,994
8, 577
1, 646
j
,
i
!
i
!
1,942,574
1,818,541
1,028,347
434,978
97,999
6,815
:
j
924,177
841,382
237,668
92,876
13,995
1,762
1,646
5,020,061
5,071.664 ,
5,062,908 !
5,313,565
5,356,384 !
5,383,751 j
5,358,603 i
1,321,309
1,063,984
497,088
234,234
127,763
87,567
66,806
]
1
Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on the dates
given,
were still included in the Comptroller of the Currency's records of unlicensed banks.
2
Deposits of national banks and State bank members are as of the nearest available call dates; deposits of nonmember banks for Apr. 12 and
June 30,1933, are as of Dec. 31,1932, or the nearest available call date prior thereto; deposits of nonmember banks for Dec. 30,1933, and subsequent
dates
are as of Dec. 30, 1933, or the nearest available call date prior thereto.
3
Also exclusive of any trust companies and other financial institutions which do not receive deposits but are included in State bank abstracts.
Nonmember
bank figures are not available for some of the dates for which data are shown for member banks.
r
Revised (in BULLETIN for February 1935) to include private banks which, under the provision of sec. 21 (a) of the Banking Act of 1933, became
subject to State or Federal supervision in June 1934. Banks reporting to the Comptroller of the Currency under sec. 21 (a) of the Banking Act of
1933 numbered 131 on June 30, 1934, 135 on Oct. 17, 1934, and 140 on Dec. 31, 1934, and their deposits aggregated $28,202,000, $55,842,000, and
$52,220,000, respectively.
BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP
DURING 1934 AND JANUARY-FEBRUARY 1935
[Preliminary figures]
Nonlicensed banks placed in liquidation
or receivership 2
Licensed banks suspended 1
Number of banks
Year
Jan .-Feb.
1934
National banks.State bank members
Nonmember banks
Total -_
...
... . .
;
1935
Deposits 3 (in
thousands of
dollars)
Year
1934
Jan.-Feb.
; 1935
N u m b e r of banks
Year
1934
Jan.-Feb.
1935
Deposits 3 (in
thousands of
dollars)
Year
1934
Jan.-Feb.
1935
1
1
40
368
55
2
36,904
780
396
* 23
501
3
«2
20
401, 983
* 39, 606
205,140
4,384
« 4, 328
4,042
56
3
36,944
1,148
920
25
646, 729
12,754
1 Includes banks placed on a restricted basis.
Includes nonlicensed banks absorbed or succeeded b y other banks.
f 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 14 banks with deposits of $12,504,000, which did not receive licenses following the banking holiday and withdrew from the Federal
Reserve System before being placed in liquidation.
6
These b a n k s did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in
liquidation.
2
195
FEDERAL RESERVE BULLETIN
MARCH 1935
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.
1926=100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932__
1933
1934
95.3
86.4
73.0
64.8
65.9
74.9
104.9
88.3
64.8
48.2
51.4
65.3
90.5
?4.6
61.0
60.5
70.5
91.6
85.2
75.0
70.2
71.2
78.4
109.1
100.0
86.1
72.9
90.4
80.3
66.3
54.9
64.8
72.9
83.0
78.5
67.5
70.3
66.3
73.3
100.5
92.1
84.5
80.2
79.8
86.9
95.4
89.9
79.2
71.4
77.0
86.2
94.2
89.1
79.3
73.5
72.6
75.9
94.3
92.7
84.9
75.1
75.8
81.5
82. 6
77.7
69.8
64.4
62.5
69.7
1934—January
February.. .
March
April
May
June
July
August
September..
October
November..
December..
72.2
73.6
73.7
73.3
73.7
74,6
74.8
78.4
77.6
76.5
76.5
76.9
58.7
61.3
61.3
59.6
59.6
63.3
64.5
69.8
73.4
70.6
70.8
72.0
64.3
66.7
67.3
66.2
67.1
69.8
70.6
73.9
76.1
74.8
75.1
75.3
78.3
78.7
78.5
78.6
78.9
78.2
78.4
78.3
78.3
78.0
78.0
78.0
89.5
89.6
88.7
88.9
87.9
87.1
86.3
83.8
84.1
83.8
84.2
85.1
76.5
76.9
76.5
75.3
73.6
72.7
71.5
70.8
71.1
70.3
69.7
70.0
73.1
72.4
71.4
71.7
72.5
72.8
73.9
74.6
74.6
74.6
74.4
73.7
85.5
87.0
87.1
87.9
89.1
87.7
86.8
86.7
86.6
86.3
86.2
85.9
86.3
86.6
86.4
86.7
87.3
87.8
87.0
85.8
85.6
85.2
85.0
85.1
74.4
75.5
75.7
75.5
75.4
75.6
75.4
75 7
76.5
77.1
76.9
78.1
80.8
81.0
81.4
81.6
82.0
82.0
81.6
81.8
81.8
81.7
81.3
81.2
67.5
68.5
69.3
69.5
69.8
70.2
69.9
70.2
70.2
69.7
70.6
71.0
1935—January
78.8
77.6 I
79.9
77.7
86.2
70.3
72.9
85.8
84.9
79.3
81.2
70.7
Week ending—
1934—Nov. 3 Nov. 10.
Nov. 17.
Nov. 24.
Dec. 1__
Dec. 8 . .
Dec. 15.
Dec. 22.
Dec. 29.
76.0
76.6
76.7
76.3
76.5
76.7
76.7
76.7
77.1
71.1
71.5
70.6
71.1
71.7
71.1
71.2
72.6
75.4
75.9
75.5
75.0
75.0
74.9
75.4
75.4
77.8
78.1
78.3
78.1
78.2
78.3
78.2
78.2
78.1
84.4
84.9
84.9
84.9
84.9
85.0
85.7
86.4
86.6
69.5
69.4
69.3
69.3
69.3
69.3
69.4
69.7
69.7
74.9
75.6
76.1
75.6
75.7
76.0
75.2
75.0
74.7
85.5
85.4
85.3
85.3
85.3
85.4
85.4
85.5
85.5
84.9
85.1
85.0
76.9
76.8
77.0
77.1
77.4
77.8
78.0
78.1
78.3
82.8
82.7
82.7
82.7
82.7
82.4
82.4
82.5
82.5
69.6
70.5
70.6
70.6
70.8
71.0
71.2
71.1
71.1
1935—Jan. 5._.
Jan.12.
Jan.19.
Jan. 26.
Feb. 2 . .
Feb. 9 . .
Feb. 16Feb. 23.
77.9
78.6
78.5
79.0
79.1
79.1
79.4
79.6
75.6
77.2
76.7
79.0
78.3
78.1
79.2
79.9
78.5
79.7
79.8
80.9
81.5
82.3
83.1
83.2
78.0
78.1
77.9
77.9
77.9
77.8
77.7
77.7
70.0
70.0
70.0
70.0
74.1
74.2
74.0
74.3
74.4
74.3
74.0
73.9
85.6
85.6
85.3
85.2
85.2
85.2
85.1
85.1
84.6
84.8
84.8
84.9
84.9
84.7
84.6
84.8
79.1
79.6
79.8
80.0
80.2
80.4
80.4
81.0
82.3
82.2
82.1
82.1
82.2
82.3
82.1
81.9
70.9
71.0
70.7
70.6
70.2
70.1
70.2
70.2
Year, month, and week
HouseElides and. Textile Fuel and Metals Building Chemilighting and metal
leather
cals and furnishproducts products materials products materials drugs ing goods
Total
86.8
86.8
86.6
86.7
1934
85.1
85.0
84.7
1934
1935
Subgroups
Subgroups
Jan. Oct. Nov. Dec.
Jan. Oct. Nov. Dec. Jan.
FARM PRODUCTS:
Grains
Livestock and poultry..
Other farm products
METALS AND M E T A L PRODUCTS:
63.7
41.1
67.4
85.0
55.3
75.4
87.2
54.0
75.8
91.5
57.2
75.1
73.3
76.6
65.0
85.8
68.0
48.9
64.0
77.1
91.0
67.6
70.0
71.0
78.6
91.0
65.3
68.4
74.0
79.6
92.2
62.4
69.0
74.3
83.5
91.6
62.8
81.6
76.2
98.5
77.2
79.9
87.0
97.7
59.7
70.5
85.9
97.3
63.1
70.8
85.7
97.2
67.4
71.8
85.7
97.1
71.1
74.3
85.0
87.5
86.5
70.6
29.7
84.3
76.9
79.1
86.6
60.5
24.8
74.8
68.5
78.4
84.4
61.0
25.8
74.1
68.5
81.5
90.8
83.5
92.3
82.0
96.4
85.6
94.5
96.9
51.1
50.4
82.1
96.4
85.6
94.0
92.4
50.5
FOODS:
Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats
Other foods
.
H I D E S AND LEATHER PRODUCTS:
Boots and shoes
Hides and skins
Leather
Other leather products
TEXTILE PRODUCTS:
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
F U E L AND LIGHTING MATERIALS:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Mi.TO I
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
BUILDING MATERIALS:
Brick and tile
Cement
Lumber
Paint materials
Plumbing and heating
Structural steel
Other building materials
._ 85.2 92.0
83.6 86.2
96.9 94.7
66.1 68.1
91.9
86.0
94.7
67.7
92.7
85.6
94.6
67.5
92.7
85.7
94.1
67.6
91.2
93.9
87.4 82.0
78.4 79.4
72. 5 68.1
92.0
89.3
91.2
93.9
81.2
78.8
68.8
92.0
89.4
91.2
93.9
81.2
78.8
68.8
92.0
91.1
93.9
79.9
79.0
68.0
92.0
90.3
78.8
65.2
68.4
71.2
81.1
73.5
65.7
73.0
80.9
73.5
64.6
73.5
82. 2
73. 4
65.3
73.7
84.5
73.1
66.5
73.3
82.9
78.8
84.4
79.0
84.3 ! 84.2 84.3
78.4 i 78.2 78.2
_
CHEMICALS AND D R U G S :
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
78. 4 78.4
Mixed fertilizers
84. 3 84.1
61.9 ! 63.5 HOUSEFURNISHING GOODS:
Furnishings
27.1 i 28. 6
Furniture
74.0 73.8
68.6 I 68.8 MISCELLANEOUS:
Auto tires and tubes
82.3 82.3
Cattle feed
96.5 96.3
Paper and pulp
85.6 86.4
Rubber, crude
1
Other miscellaneous
89.3
49.8 48.8
43. 2
j 68.5
83.0
18.9
81.8
:
44.7 47.5 j 47.5 47.5
97.6 108.2 123.1 116.2
82.4 82.1 | 81.5 81.5
28.6 26.6 ; 26.4 26. 5
81.1 80.8 80.7 80.4
r Kevised.
Back figures.—Tor monthly and annual indexes of groups, see Annual Report for 1933 (table 120): indexes of subgroups available at Bureau of
Labor Statistics For weekly indexes covering 1932 and 1933, see Annual Report for 1933 (table 121) and BULLETIN for February 1934, p. 139.
196
FEDERAL RESERVE BULLETIN
MARCH 1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average** 100]
1935
1934
Industry
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
76
80
82
85
86
83
74
72
69
72
73
86
56
40
57
63
45
65
66
51
68
76
55
78
84
66
85
85
66
87
47
42
48
38
36
39
37
31
38
41
31
42
48
32
50
64
34
67
79
49
82
TEXTILES
87
91
70
70
83
48
103
91
95
73
72
85
54
114
94
97
72
71
82
59
129
90
97
66
68
71
53
115
88
95
65
63
72
57
112
77
74
63
61
68
62
109
78
79
61
62
67
44
101
80
86
59
60
65
47
96
63
64
38
37
40
41
99
89
94
59
63
61
46
135
87
90
69
82
68
32
111
97
92
85
97
92
41
140
103
98
102
116
110
52
119
FOOD PRODUCTS
96
100
95
102
122
139
91
87
91
94
80
112
122
133
94
73
84
86
69
106
122
131
92
65
93
102
95
110
120
129
91
64
98
108
104
110
128
127
89
71
96
103
87
123
139
128
90
80
102
120
92
155
198
134
81
69
106
128
79
192
244
145
79
64
120
142
89
216
225
162
85
94
107
119
95
144
145
228
83
101
102
110
90
138
121
143
84
102
102
107
79
146
130
139
87
108
91
83
54
120
132
133
86
130
'66
108
63
112
66
112
68
115
68
115
64
118
63
116
63
117
65
121
62
116
60
115
66
118
61
121
29
38
33
33
31
29
36
29
26
29
33
56
2
26
710
30
780
59
85
10
65
78
10
39
82
2
38
783
28
615
95
51
7
133
418
17
37
10
14
1059
18
1049
98
91
81
85
126
' 102
' 108
94
89
78
124
' 118
'107
89
85
72
116
118
118
93
89
78
118
134
' 101
87
85
82
99
' 110
99
86
81
74
114
108
97
83
82
67
101
106
88
80
79
67
97
'94
85
81
80
68
95
'88
'92
89
89
80
98
'94
104
93
92
96
90
112
107
95
90
85
118
' 131
49
99
61
98
58
106
55
98
57
83
58
77
53
48
86
50
84
46
87
48
83
45
'140
42
174
55
54
58
71
73
68
65
68
58
67
80
78
153
1P4
151
191
99
99
91
88
manufactures—Total
IRON AND STEEL
Pig iron
Steel ingots . .
-
Cotton consumption
-Wool
Consumption
Machinery activity 1 .
Carpet and rug loom activity 1
Silk deliveries
Slaughtering and meat packing
Hogs
_ __
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
--
Dec.
Jan.
p90
PAPER AND PRINTING:
Newsprint production
Newsprint consumption
__
34
LUMBER
32
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives _
Shipbuilding
---
-r
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes -- - -
_
- -
r
r
r
117
C E M E N T AND GLASS:
Cement
Glass, plate
-
92
NONFERROUS M E T
ALS:1
1
Tin deliveries
64
FUELS, MANUFACTURED:
R U B B E R T I R E S AND T U B E S
Tires pneumatic
Inner tubes
--
TOBACCO PRODUCTS
Cigars
Cigarettes
Minerals—Total
Bituminous coal .
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead—
Silver
.
.._
142
177
89
95
92
78
144
181
87
98
86
85
143
177
95
101
90
91
152
191
98
99
100
93
153
191
95
101
108
102
154
195
94
103
95
100
201
156
92
100
92
78
157
202
91
103
90
74
152
193
85
102
91
73
153
196
92
98
90
73
155
199
91
101
89
73
'88
76
97
201
69
100
103
74
106
110
82
97
100
76
81
83
63
87
62
83
85
68
79
82
56
79
82
61
82
85
60
107
110
80
133
139
91
138
74
188
132
66
181
119
66
158
128
66
175
128
62
178
132
65
183
128
63
177
126
66
172
125
66
171
120
66
161
125
69
168
143
76
r. f>
136
72
186
88
91
100
90
89
87
85
80
82
81
81
89
94
67
82
120
'75
89
118
84
109
122
72
69
68
57
47
65
56
45
64
62
122
44
61
55
36
65
64
121
14
67
64
36
65
63
128
52
57
53
40
64
53
122
35
66
64
37
67
69
130
54
58
56
45
61
125
72
76
127
40
65
66
44
76
56
39
77
55
35
73
50
124
47
60
44
39
OSCO
OOC
Petroleum refining.Gasoline 1
Kerosene1
Fuel oil
Lubricating oil 1
Coke byproduct
74
72
124
76
131
74
60
53
71
50
50
r
1
J
Revised.
p Preliminary.
Without seasonal adjustment.
Includes also lead and zinc; see "Minerals."
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical
wood pulp, chemical wood pulp, and paper boxes, usually published in this table, are in process of revision.
197
FEDERAL RESERVE BULLETIN
MABCH 1835
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; without seasonal adjustment.
1923-25 average=100)
1934
1935
Industry
Jan.
Manufacturers—Total
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
75
82
85
89
89
83
71
71
70
73
72
77
^88
53
40
55
66
46
68
75
53
77
84
59
87
91
67
93
85
66
87
44
40
44
38
35
38
37
30
38
40
31
41
45
32
46
56
34
58
76
49
79
TEXTILES..
91
95
71
72
83
48
117
97
101
76
79
85
54
122
96
102
73
73
82
59
124
93
104
65
65
71
53
114
89
97
62
58
72
57
111
73
71
60
55
68
62
97
73
72
57
55
67
44
96
76
77
57
56
65
47
100
63
62
39
38
40
41
104
92
97
62
69
61
46
135
91
93
73
89
68
32
115
92
84
86
98
92
41
125
108
102
104
119
110
52
136
FOOD PRODUCTS
102
119
128
103
113
140
89
57
90
94
88
98
114
125
91
71
82
81
69
92
124
119
86
77
87
92
84
97
131
121
83
75
96
105
100
107
144
124
84
80
95
102
89
116
144
126
80
95
100
113
82
154
192
134
78
84
100
115
60
188
224
146
85
72
122
138
67
240
216
188
100
100
110
120
81
168
152
251
93
96
108
123
99
159
124
142
90
80
103
123
104
153
124
136
83
81
90
94
72
121
123
134
84
86
'66
104
63
110
65
117
69
123
69
119
66
117
61
103
61
104
64
118
62
123
60
123
66
121
62
116
30
28
39
35
38
33
30
25
26
46
1
18
76
0
21
96
0
46
109
9
63
98
10
50
93
2
47
82
3
41
67
5
140
56
7
133
38
8
12
24
11
12
58
10
14
91
87
82
70
119
'93
' 110
97
95
72
129
'119
110
88
85
64
119
124
114
93
90
76
117
'128
108
88
85
74
109
'122
97
86
83
79
99
' 104
98
86
79
86
105
' 106
107
85
80
81
99
'122
r 102
85
82
77
102
'112
93
86
82
81
99
98
'88
87
88
76
97
'89
89
90
90
82
97
88
,99
30
88
37
106
42
115
53
108
68
90
72
79
64
91
62
87
63
85
53
87
47
79
35
'105
25
155
55
54
58
71
73
68
64
65
68
58
67
80
78
142
177
91
95
92
78
144
181
88
98
86
87
143
177
92
101
90
94
152
191
97
99
100
94
153
191
92
101
108
101
154
195
87
103
95
98
156
201
86
100
92
75
157
202
87
103
90
72
152
193
87
102
91
71
154
196
97
98
90
73
156
199
99
101
89
74
154
194
'96
'103
'98
77
151
191
101
99
91
89
90
93
62
108
112
78
117
121
89
115
118
87
102
106
77
102
105
74
81
83
65
78
81
62
76
78
61
73
75
54
80
83
58
92
96
66
...
131
57
185
120
57
164
113
60
150
118
62
159
130
64
179
144
70
202
139
67
194
135
69
186
139
76
188
129
81
169
128
82
166
115
57
161
128
55
182
.._
85
88
91
81
87
87
85
83
87
87
84
85
91
74
89
115
'80
95
116
84
89
121
60
76
125
72
58
52
67
55
46
59
52
131
105
53
51
34
60
50
126
95
56
43
39
68
62
125
85
58
52
34
71
68
123
60
73
58
39
82
82
126
71
66
39
60
60
132
106
55
57
44
74
71
120
70
65
37
62
76
128
60
66
65
43
76
60
54
76
50
50
IRON AND STEEL
Pig iron
Steel ingots
.. _ _
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
P A P E R AND PRINTING:
Newsprint production
Newsprint consumption. _
LUMBER
35
32
29
29
TRANSPORTATION EOUIPMENT:
Automobiles
Locomotives
Shipbuilding
r
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
86
8
30ft
CEMENT AND GLASS:
Cement
Glass, plate
-
...
.
NONFERROUS METALS: !
Tin deliveries
FUELS, MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil.
Coke, byproduct
_. .
. . .
R U B B E R T I R E S AND T U B E S
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
Cigarettes
-_ __
-. -
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc.
Lead
Silver
.
.
.
...
.
_.
.
.
65
120
11
77
57
38
T
Revised.
* Includes also lead and zinc; see "Minerals."
Preliminary.
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, and paper boxes, usually published in this table, are in process of revision.
198
FEDERAL RESERVE BULLETIN
MARCH
1935
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931; 1923-25 average = 100]
Factory pay rolls
Factory employment
Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry and group
1935
Jan.
Total
IRON AND STEEL AND PRODUCTS
Blast furnaces and steel works
Cast-iron pipe
Cutlery and edge tools
Hardware
Steam, hot-water heating apparatus, etc.
Stoves
Structural metal work
Tin cans, etc
Wirework
MACHINERY
Agricultural implements
Electrical machinery, etc
Engines, turbines, etc
Foundry and machine-shop products
Machine tools
Radios and phonographs
Textile machinery
'TRANSPORTATION EQUIPMENT
Automobiles
Cars, electric and steam railroad
Locomotives
Shipbuilding
RAILROAD REPAIR SHOPS
Electric railroads.
Steam railroads
NONFERROUS METALS AND PRODUCTS
Brass, bronze, and copper
Lighting equipment
Silverware and plated ware
Smelting and refining
Stamped and enameled ware
LUMBER AND PRODUCTS
Furniture
Lumber, millwork
Lumber, sawmills
STONE, CLAY, AND GLASS PRODUCTS
Brick, tile, and terra cotta
C ement
Glass
Pottery
TEXTILES AND PRODUCTS
A. Fabrics
Carpets and rugs
Cotton goods
Dyeing and finishing
Knit goods
Silk and rayon goods
Woolen and worsted goods. _-_
B. Wearing apparel
Clothing, men's
Clothing, women's
Millinery
Shirts and collars
LEATHER AND PRODUCTS
Boots and shoes
Leather
' Revised.
1934
Dec.
1934
1935
Jan.
Jan.
Dec.
1934
1935
Jan.
Jan.
Dec.
Jan.
78.6
'78.0
73.3
80.4
'78.9
75.1
64.1
63.2
4.0
67.7
••69.4
'49.9
75.8
51.6
47.9
81.0
'55.9
83.6
120.7
66.6
66.9
48.5
76.6
50.4
48.6
86.1
57.6
85.5
126.1
63.5
65.0
50.6
70.6
69.0
43.9
65.0
51.6
79.1
119.6
69.3
'69.9
'52.2
76.4
51.6
49.0
95.4
'57.4
89.3
121.3
67.7
68.0
49.7
76.1
50.0
50.6
88.0
'58.1
88.9
127.2
64.9
65.5
52.9
71.2
69.0
44.9
76.6
53.0
84.5
120.2
'51.8
'53.9
'26.8
55.5
41.7
31.0
55.4
'39.5
78.9
102.7
'47.6
46.5
27.4
57.6
41.1
31.4
61.1
39.2
79.6
107.2
41.1
41.2
28.0
48.8
49.7
25.8
37.5
31.9
71. 1
91.7
79.6
89.6
65.9
79.5
69.2
73.1
'191.4
64.1
78.5
83.8
65.6
76.7
66.8
72.2
207.9
62.5
70.0
65.8
57.8
59.7
61.2
58.9
181.7
71.1
81.4
86.7
65.9
81.0
70.3
72.4
'227.3
64.2
79.2
84.1
65.6
78.4
68.4
71.4
203.8
62.3
71.8
63.6
57.8
60.8
62.1
58.3
215.8
71.2
60.8
97.5
52.4
54.5
51.5
58.2
'112.5
52.0
60.2
91.2
52.2
52.7
49.7
56.4
132.0
50.9
47.6
65.2
38.2
36.8
41.3
44.5
95.1
57.5
'92.4
' 108.1
34.2
30.3
'68.3
78.4
88.9
34.0
36.5
68.5
71.2
80.3
31.5
19.8
64.4
'93.5
' 109. 2
38.3
31.3
'66.3
84.4
96.6
37.0
36.9
68.5
72.1
81.1
35.3
20.4
62.5
'74.9
'92.2
31.7
13.2
'56.2
'67.6
76.4
31.5
16.6
55.3
52.7
58.3
26.2
7.5
48.2
51.6
65.3
50.6
52.0
65.5
51.0
52.8
65.9
51.8
52.4
65.3
51.4
52.1
65.5
51.1
53.6
65.9
52.6
43.8
58.0
42.9
44.4
58.4
43.5
42.1
55.4
41.2
'75.9
'75.4
66.3
'67.8
73.6
89.1
76.9
74.0
69.8
70.7
74.7
87.5
67.3
70.9
59.6
64.1
61.6
72.7
'76.8
'75.8
67.9
'70.4
72.4
92.0
76.1
74.5
68.1
67.5
74.1
88.4
68.1
71.3
61.1
66.6
60.6
75.1
'58.4
'58.3
54.8
'47.5
46.5
77.6
61.5
55.6
60.1
55.6
46.6
79.1
47.1
48.3
44.9
43.2
35.7
56.8
47.1
64.1
35.9
47.8
65.0
36.7
31.6
45.6
60.0
33.3
30.7
66.4
37.0
32.4
47.8
62.9
37.3
32.2
47.2
62.2
34.3
32.1
31.7
43.5
23.0
19.1
33.3
45.9
24.6
20.0
27.4
35.3
19.7
17.4
47.2
24.8
37.2
86.5
50.1
28.0
41.6
87.4
70.6
47.3
24.7
35.6
83.8
66.5
51.7
28.2
41.9
94.0
71.3
51.2
29.5
43.9
87.8
70.4
52.0
28.1
40.1
91.1
67.8
31.6
13.0
21.2
69.9
46.9
34.4
15.3
24.1
71.9
50.0
29.9
12.2
19.4
65.3
40.5
95.2
95.8
66.5
96.3
117.1
109.2
80.7
91.8
89.4
83.9
117.3
62.4
90.4
92.8
94.0
63.8
96.0
114.8
110.4
76.3
85.6
86.0
79.1
111.6
55.9
90.5
88.2
89.4
66.9
95.0
104.9
97.3
74.9
79.1
81.4
76.7
102.3
73.5
84.3
95.1
94.8
64.9
94.8
115.4
109.2
81.2
89.9
91.3
84.4
120.3
62.8
93.4
92.1
92.4
62.4
94.4
112.9
108.3
76.1
82.8
87.4
80.9
114.7
59.3
87.9
88.1
88.5
65.3
93.5
103.3
97.3
75.4
77.4
83.1
77.2
104.9
73.9
87.2
'78.5
'82.2
55.5
'81.8
102. 7
1G6.2
68.4
73.1
66.6
57.0
87.8
54.0
77. 8
75.3
SO. 2
51.0
81.2
99.6
109.2
64.9
66.6
61.3
52. 6
77.6
44.1
79.7
64.8
67.0
49.7
74.5
81.3
71.3
55.8
56.9
56.6
48.8
71. 2
58.1
67.4
88.3
87.0
94.0
82.9
82.9
92.7
89.1
88.4
92.3
88.9
88.1
92.3
83.6
82.1
89.8
76.4
72.5
88.5
69.1
63.7
86.5
67.5
64.2
77.9
199
FEDERAL RESERVE BULLETIN
M A E C H 1935
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
[Adjusted to Census of Manufactures through 1931; 1923-25 average = 100]
Factory pay rolls
Factory employment
Without seasonal adjustment Adjusted for seasona variation Without seasonal adjustment
Industry and group
1935
Jan.
FOOD PRODUCTS .
Baking
Butter
Canning and preserving
Confectionery __
Flour
Ice cream
Slaughtering a n d m e a t p a c k i n g
Sugar refining, cane _ _ _ _ _ _
TOBACCO PRODUCTS
C h e w i n g a n d s m o k i n g tobacco, a n d snuff
_ „
Cigars and cigarettes
P A P E R AND PRINTING
_
Boxes, paper __
Paper and pulp._
_. .
Book and job printing
Printing, newspapers and periodicals
_
_
CHEMICALS AND PETROLEUM PRODUCTS
/
Chemical group, except petroleum
Chemicals
Druggists' preparations
Explosives..
Fertilizers
Paints and varnishes.. _ ___ __ ___ . . . _
Rayon and allied products
Soap
B. Petroleum refining
.
R U B B E R PRODUCTS
Rubber boots and shoes
Rubber tires and inner tubes _
1934
Jan.
Dec.
1934
1935
Jan.
Dec.
1934
1935
Jan.
Jan.
Dec.
Jan.
'94.4
' 106 7
68.3
61.3
78. 6
76 2
' 60.8
94.3
84.4
103.8
115.4
72.3
69.0
91.3
77 2
61.0
105.5
87.7
94.1
106 4
76 5
54.0
74.6
73 2
57 9
96.5
76.8
' 104. 8
' 109 0
75.8
127.7
80.2
76 8
r
70. 5
91.6
87.9
107.9
115.4
75.1
115.0
82.8
77.5
69.9
101.1
91.2
104.0
108.7
84.9
112.5
76. 1
73.8
67.2
93.7
80.0
' 83. 3
' 89. 6
51.7
64.3
67.4
63.8
'48.6
84.0
71.1
92.9
98.7
• 53.0
72.5
82.8
63. 6
49.1
98.4
72.5
80.7
88.5
56.7
53.9
64.1
60.3
45.3
81.8
58.5
56.5
73.5
54.3
61.9
71. 5
60.6
54.5
76.6
51.6
60.7
70.1
59.4
61.6
70.2
60.4
41.5
68. 5
38.1
49.9
67.4
47.7
39.8
68.3
36.2
'95.6
83.2
'106.8
87.7
98.4
'97.5
88.5
' 107. 4
89.3
100.4
92.4
77.9
100.3
85.7
98.1
'94.9
83.7
' 106. 8
85.7
98.0
'95.8
84.9
' 107. 4
87.1
98.6
58.4
73.0
56.5
91.7
78.4
100.3
83.8
97.7
'83.4
74.9
'83.5
78.1
89.5
' 86. 3
82.7
'83.5
80.1
94.2
74.3
63.6
71.3
69.3
83.3
' 108. 4
r 108. 2
103 0
101.3
88.1
111.0
98.7
' 338.0
'99 1
109.0
' 108. 8
' 108. 3
103.9
102.8
90.6
99.5
99.5
329.5
99 6
110.8
107.9
107.3
104 8
101.9
89.9
106.6
93.9
319.4
91 6
110.3
108.4
' 107. 9
101.6
99.1
87.3
115.0
101.0
' 338. 0
' 100 8
111.1
' 108.1
' 107.1
101.8
101.3
88.0
110.9
101.1
329.5
98.9
112.1
107.7
106. 6
103.4
99.7
89.1
110.4
96.1
319.4
93.2
112.4
'91.6
' 90. 5
90.8
96.8
68.3
83.6
79.4
' 245.4
'90.7
95.2
91.7
89.9
90.0
94.8
70.7
75.5
78.1
240.1
90.7
97.8
84.5
83.0
86.9
90.9
64.4
76.9
71.5
208.1
76. 5
89.5
81.8
52.5
74.7
79.0
52.8
71.9
82.0
60.0
71.5
83 3
51.1
77.0
79.5
49.1
74.4
83.4
58.4
73.7
69.4
51.4
62.2
66.0
52.1
60.0
58.7
52.2
48.6
j
' Revised.
NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled b y the Bureau of Labor Statistics.
For description and back figures see BULLETIN for M a y 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory
employment compiled by the Federal Reserve Board, see BULLETIN for June 1934, p p . 324-343.
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
Month
1934
Januarv
February __
IVIarch
April
M!ay
June .
July
August
September
October
November
December
_
Year
186.5
96.7
178 3
131 2
134 4
127.1
119.7
119 6
110 2
135 2
111.7
92.7
1, 543.1
1935
99.8
1934
15.1
14.5
28 1
22.6
24 8
26.6
19.8
18.6
17 9
26 3
19.9
14.6
248.8
1935
22.4
1934
1935
10.7
7.1
4.2
15 9
8.3
83
8.7
25.7
10.0 ; ; ; ; ; ; ; ;
6.1
8.5
4.6
5.1
116.1
1934
9.4
7.6
13 0
11.9
24 6
11.9
12.9
13.5
13.1
13.5
11.0
8.2
150.6
1935
10.8
Public works
and public
utilities
Educational
1934
1934
113.7
53.2
92 9
69.9
56 8
57.4
39.1
50.6
50.0
65.2
52.3
50.1
751.2
1935
44.4
19.6
5.4
8.8
8.5
10.4
9.7
7.8
12.2
12.5
9.0
8.6
5.0
117.5
1935
3.7
All other
1934
17.9
11.8
19.6
9.8
9.5
12.8
14.4
14.7
10.6
12.7
15.3
9.8
158.8
1935
11.4
200
FEDERAL RESERVE BULLETIN
CONSTRUCTION
CONTRACTS AWARDED, BY
DISTRICTS
MARCH
1935-
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
]Vumbei
Liabilities
1934
1935
Federal Reserve
district
Federal Reserve district
Dec.
Jan.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City.
Dallas
Jan
7,928
_._.
6,424
17, 660
5,208
11,452
10, 325
11, 534
13,983
6,055
2,027
8,560
6,547
6,009
6,671
13, 699
5,709
17, 616
5,088
4,018
5,458
5,203
Total (11 districts)
99, 774
92, 685
Dec.
Jan.
12,100
18,931
8,101
32,645
31,109
31,091
27, 682
10,422
3,789
7,858
2,734
Boston.
New York.
Philadelphia
Cleveland— _ _ _
Richmond.
Atlanta
Chicago
-__
_
St. Louis
Minneapolis
Kansas City
Dallas
186,464 San Francisco
Total
1935
1934
1935
Jan.
146
377
71
103
65
33
136
26
19
37
24
147
120
297
39
61
45
32
115
45
23
51
21
114
154
407
62
104
98
51
175
32
30
48
27
176
1,184
963
1,364
Jan.
1934
Dec.
3,677
1,612
6,470 ' 5.615
797
769
1,201
729
502
667
204
1,072
1,834
4,213
180
506
181
219
238
755
405 !
554
3,096
3,240
18, 824
19,911
Jan.
3,616
12,953
1,320
1,998
1,765
760
4,802
757
415
403
502
3,615
32, 905
FEDERAL DEPOSIT INSURANCE CORPORATION
NUMBER OF BANKS AND ACCOUNTS AND DEPOSITS IN COMMERCIAL BANKS AND TRUST
COMPANIES, BY SIZE OF DEPOSITS: OCT. 1, 1934
Noninsured banks *
Insured banks
Deposits 1 (in thousands of
dollars)
Accounts
Deposits
Number
of banks
Total
$ 100,000 and under
$100,001 to $250,000
$250,001 to $500,000
$500,001 to $750,000
$750,001 to $1,000,000—
$1,000,001 to $2,000,000..
$2,000,001 to $5,000,000..
$5,000,001 to $50,000,000.
$50,000,001 and over.._.
Total
1
1,502
3,580
3,109
1,477
943
1,630
1,060
631
Ratio
fully inFully
sured
to
insured I total (per
! cent)
616,046
614,460 i
2,738,463
2,726,389 I
4,119,429 4,095,818 !
2,995,488
2,974,979
2,596,962 2,577,867
6,252,654 6,196,088
7, 508,918 7,422,184
12,040,862 11,839,415
10,856,922 10,548,778
14,028 49,725, 744 48,995,978
Total
Insured
Deposits
Number (in thouRatio of banks sands of
dollars)
insured to
total(per
cent)
99.74
99.56
99.43
99.32
99.26
99.10
98.84
98.33
97.16
99,714
609,390
1,108,586
903,230
813,367
2,278,799
3,193,457
8,026,511
18,942,185
91,403
529,892
921,653
720,627
631,175
1,700,515
2,207,934
3,978, 691
4,865,341
91.67
86.95
83.14
79.78
77.60
74.62
69.14
49.57
25.69
426
349
169
54
27
34
16
16
98.53
35,975,239 J 15,647,231
43.49
1,091
24,116
55,10a
58,642
32,786
23, 242
46,123
49,264
223,505
512,781
Total deposits as reported to the Corporation on Oct. 1,1934, differ in some respects from gross deposits shown on bank's published statements
and 1cannot be used as a basis for comparison with deposits on previous dates.
Number of noninsured banks as of Dec. 1, 1934, with deposits on June 30, 1934, or nearest available previous call dates, as reflected in the
final 1934 edition of Rand McNally Bankers' Directory.
FEDERAL RESERVE DISTRICTS
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