Full text of Federal Reserve Bulletin : March 1936

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE
BULLETIN




MARCH 1936

ISSUED BY THE

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
AT WASHINGTON

UNITED STATES OF AMERICA

1936

FEDERAL RESERVE BULLETIN
VOL.

22

MAECH 1936

REVIEW OP THE MONTH
During the first 2 months of 1936, total
reserve balances of member banks fluctuated
around $5,800,000,000, the level
Member bank
reached the latter part of
reserves.
November. In the early part
of January, with a seasonal return flow of
currency and some reduction in Treasury deposits at Federal Reserve banks, there was a
substantial increase in reserve balances from
the relatively low level reached in the latter
part of December. Since the middle of January, gold movements and changes in demand
for currency have been small, reserve balances
have shown little change, and excess reserves
have been between $3,000,000,000 and $3,100,000,000. During this period the United States
Treasury has followed the practice of maintaining its balance at the Reserve banks continuously at a relatively high level by withdrawing
funds from commercial-bank depositaries in
amounts needed to meet current payments.
Excess reserves have shown little change
since the end of October, except for large temporary fluctuations during December. An
increase of about $140,000,000 in total reserve
balances between October 31 and February 29
was for the most part absorbed by an increase
in required reserves, reflecting a growth in
deposits of member banks.
Changes in the condition of member banks
during 1935 were largely a continuation of
movements that have been in
Progress without important interruption since the banking
holiday in 1933. The most significant of
these movements were continued increases in
deposits, in excess reserves, in bankers' balances, in investments, and in open-market loans.
Loans to customers continued to decline until




No. 3

the middle of 1935, but in the last half of the
year showed an increase. Changes in loans and
investments, in various types of deposits, and
in reserves and cash holdings of all member
banks, by call dates from 1922 through 1935,
are shown in the accompanying chart.
In the last 2 months of 1935, as shown by the
call report of condition which has recently become available for December 31, 1935, all
member banks showed further substantial increases in deposits and investments, and loans
also increased. Reserve balances, on the other
ALL MEMBER BANKS
CALL DATES

Demand deposits-adjusted equals total demand deposits minus interbank balances, United States Government deposits, and cash items
in process of collection. "Reserve balances, cash in vault, and
balances with other banks" represent the uninvested funds of member banks; they include balances held with other member banks
which are also included in the item "Interbank balances."

hand, showed no further growth in the last 2
months of 1935, following substantial increases
since early in 1933. Additions to reserves obtained from continued gold imports in November and December were offset by an increase in
Treasury balances at Federal Reserve banks
and by withdrawals of currency to meet holiday
demands.
In the first 2 months of 1936, as previously
explained, reserves of member banks continued
141

142

FEDERAL RESERVE BULLETIN

at close to previous levels. Investments and
deposits, as shown by reports from banks in
leading cities, increased further by substantial
amounts, while loans, following an increase in
the latter part of 1935, declined somewhat.
Holdings of direct obligations of the United
States Government by reporting banks increased between December 31 and February 26
by $220,000,000; holdings of obligations guaranteed by the United States showed a growth of
$80,000,000; and holdings of other securities
increased by $100,000,000. The increase in
investments brought the total investment portfolio of these banks in February to more than
$13,000,000,000, the largest amount ever held.
The decrease in loans during January and
February, which reflected in part seasonal
influences, amounted to $290,000,000.
Adjusted demand deposits at reporting banks
in leading cities showed an increase from December 31, 1935, to February 26, 1936, of
$200,000,000, following substantial withdrawals
of these deposits in December. Treasury deposits, which had increased in December,
showed a decline of $190,000,000 in the first 2
months of 1936. Balances held for domestic
banks showed a substantial increase in the first
2 weeks of the year, but little change in the
remaining weeks.
Adjusted demand deposits, representing deposits of individuals, partnerships, corporaDeposits of all tions, and State and local govP ^ b e r banks ernments, increased by $290,m
000,000 during the period from
November 1, 1935, to December 31, 1935,
making an increase of about $3,100,000,000 for
the entire year. This brought the total to
$18,800,000,000, as compared with $16,600,000,000 at the end of 1929, the high level of
the predepression period. The growth during
1935 reflected the influence of gold imports
and of Treasury expenditures.
The following table shows changes in various
types of deposits at the different classes of
member banks in 1935. The growth in adjust*
ed demand deposits during the year occurred
at all classes of banks, but was relatively larger
at city banks than at country banks. As com-




MAECH19W

pared with 1933, demand deposits have increased somewhat more at country banks than
at city banks. At country banks, however,
demand 'deposits are still smaller than in 1929,
while at city banks they are substantially
larger than at any previous date.
DEPOSITS OF ALL MEMBER BANKS
[In millions of dollars]

Type of deposit

Demand d e p o s i t s — adjusted *
Time deposits *
U. S. Government deposits.
Postal Savings deposits
Balances of domestic banks.
Balances of foreign banks.—

Changes since Dec. 31,1931
Outstanding all
memNew- Other
All
ber
York reserve Gounbanks memCity
city
ber
Dec.
31,1935 banks banks banks

18,801 +3,115 +1,124 +1,237
10,041 +726
+8 +395

+755
+323

-791
-234

-567

-183
-108

4

5,847 +1,144
449 +295

+539
+281

+532
+14

+73

844
218

i Demand deposits, other than interbank and TJ. S. Government
deposits, less cash items reported as in process of collection, and prior to
Dec. 31,1935, less cash items on hand and not In process of collection.
* Exclusive of Postal Savings and interbank deposits.

Time deposits, other than deposits of other
banks and Postal Savings, increased by
$60,000,000 for the last 2 months and by
$730,000,000 for the year as a whole. Practically all of the year's increase occurred in
savings deposits. Despite this substantial
increase, time deposits of member banks were
still $2,820,000,000 below the amount outstanding at the end of 1929.
United States Government deposits at member banks showed an increase of about $190,000,000 during the last 2 months of 1935,
reflecting the sale of new securities on December 15. For the year as a whole, however,
Government deposits declined by about $790,000,000. Postal Savings deposits decreased
by $230,000,000 during the year, reflecting
withdrawals by the Postal Savings System
because of the inability or unwillingness of
banks to pay the required rate of interest.
Further growth in balances held for domestic
banks, amounting to $160,000,000 in the last
2 months of 1935 and to $1,140,000,000 for the
year as a whole, reflected the continued abundance of funds available to banks. The total

MAECH 1936

FEDERAL RESERVE BULLETIN

of these balances reached a new high level of
$5,850,000,000. From 1922 to 1929 they
generally fluctuated between $3,000,000,000
and $4,000,000,000. Balances of foreign banks
increased by $80,000,000 in the last 2 months
and by nearly $300,000,000 for the year as a
whole, and amounts due to own foreign branches
increased by $50,000,000 in the year. At the
same time balances with banks in foreign
countries were reduced by $130,000,000 and
amounts due from own foreign branches by
$90,000,000. These changes reflected the
movement in 1935 of both domestic and foreign
balances to this country from abroad, which
was an important factor in the large gold
imports of that year.
Member bank holdings of direct obligations
of the United States Government amounted
t0
Member bank
$ 10 > 500 > 000 > 000 a t t h e e n d
holdings of Gov- of 1935, an increase of $600,emment obliga- 000,000 during
the year, and
tions.
/ , . . B , f,. ' .
their holdings of obligations
fully guaranteed by the United States totaled
nearly $1,800,000,000, about $800,000,000 more
than a year earlier. Among direct obligations,
holdings of Treasury notes increased by $1,190,000,000 and those of Treasury bills by $160,000,000, while holdings of bonds declined by
$750,000,000. During the period from December 31, 1934, to November 1, 1935, when
the refunding of the remaining liberty bonds
was completed and the pre-war bonds with the
circulation privilege were redeemed, member
bank holdings of bonds representing direct
obligations of the Government declined $990,000,000. During the last 2 months of the
year they increased by $240,000,000. The
decrease during the year in holdings of these
bonds was approximately offset by the increase
in holdings of fully guaranteed obligations,
chiefly bonds of the Federal Farm Mortgage
Corporation and the Home Owners' Loan
Corporation.
Outstanding direct obligations of the Government, exclusive of special issues which are
not publicly offered, increased by $1,450,000,-




143

000, or over 5 percent, during 1935, compared
with an increase of 6 percent in bank holdings
of these obligations. As a result, the proportion of member banks' holdings to the total
outstanding continued practically unchanged at
slightly more than 36 percent. In 1934 this
proportion had increased from 31 percent to
36 percent. On December 31, 1935, member
bank holdings of the various types of publicly
offered Government securities constituted 50
percent of outstanding Treasury bills, 46 percent of Treasury notes, and 27 percent of bonds.
Fully guaranteed obligations were acquired
during 1935 at a faster rate than new issues
came out, and there was also an exchange of
partially guaranteed for fully guaranteed obligations of the Home Owners' Loan Corporation. The proportion of the outstanding guaranteed obligations owned by member banks
increased from 32 percent at the end of 1934 to
39 percent on December 31, 1935.
Member banks in reserve cities other than
New York, as shown in the following table,
increased their investment in Government
securities, direct and fully guaranteed, by
nearly $1,000,000,000 during the year and
increased the proportion of their total loans
and investments held in the form of United
States direct and guaranteed obligations from
42 to more than 46 percent. The growth in
the holdings of these banks made up the larger
part of the increase for all member banks and
reflected principally purchases of Treasurynotes. For New York City banks the proportion of total loans and investments in Governraent obligations was 45 percent at the end as
well as at the beginning of the year. At
country banks holdings of direct obligations
declined, reflecting principally the retirement of
bonds bearing the circulation privilege, while
holdings of guaranteed obligations increased,
and the proportion of total loans and investments held in Government obligations of both
types increased slightly from 28 to nearly 29
percent.

144

FEDERAL RESERVE BULLETIN

MEMBER BANK HOLDINGS OF UNITED STATES DIRECT
AND GUARANTEED OBLIGATIONS
[ID millions of dollars]
Amounts held, Dec.
31, 1935

Changes during year

New Other
New Other
re- Coun- York
re- CounYork serve
try
try
City city banks City serve
city
banks banks
banks banks banks
Direct obligations:
lift Bonds
Treasury notes.
Treasury bills.
Total
Fully guaranteed obligations
Total, direct and
fully guaranteed,.

749
1,810
865

1,967 1,189 - 7 5
2,871
722 +146
298
28 +107

3,425

5,136 1,940

401

744

3,825

5,880

-334
+880
+38

-344
+160
+15

+179

+585

-168

623 +123

+388

+268

2,563 +301 +972

+100

Composition of the portfolio of Government
securities differed at the three classes of banks.
Member banks in New York City held largely
short-term securities. Treasury bills with maturities not exceeding 9 months comprised 23
percent and Treasury notes with maturities up
to 5 years, 47 percent of their total portfolio of
direct and guaranteed Government obligations
on December 31, 1935. For member banks in
reserve cities other than New York, the proportion of Treasury bills was much smaller, but
Treasury bills and notes combined made up
more than one-half of total Government obligations. In country banks, on the other hand,
bonds, direct and guaranteed, comprised more
than two-thirds of the Government securities
held.
Larger investment in short-term securities
was in banks having a larger proportion of liabilities subject to withdrawal on demand. At
New York City banks on December 31, 1935,
adjusted demand deposits, which exclude interbank deposits, were 10 times as large as time
deposits, and in addition most New York City
banks held a large volume of demand balances
of other banks, which are subject to quick withdrawal. Banks in other reserve cities held
about 70 percent more in demand deposits than
in time deposits, and in addition held substantial amounts of balances of other banks, but
most of these banks aJso carried balances with
correspondent banks in other cities. At coun-




MARCH 1936

try banks time deposits were about equal in
amount to demand deposits, and these banks
carried large balances with city correspondents.
They were, therefore, in a position to make
larger investments in longer-term obligations.
Withdrawal of Gold Certificates by Federal Reserve
Bank of New York

On January 24, 1936, the Federal Reserve
Bank of New York withdrew in gold certificates
$2,000,000,000 of its balance in the gold certificate fund held by the United States Treasury
for the account of the Board of Governors of
the Federal Reserve System. This withdrawal
was a routine operating transaction resulting
in the substitution of gold certificates for a part
of a book balance payable in gold certificates.
It had no significance from the public point of
view and no connection with gold exports,
actual or prospective, since gold for export may
be obtained by a Reserve bank, with the consent of the Secretary of the Treasury, as readily
by drawing on a gold-certificate account as by
the presentation of gold certificates.
The occasion for the withdrawal of the gold
certificates was that the amount held by the
New York Reserve Bank in the gold-certificate
fund had become greatly in excess of what has
been customary, or what is needed for the
purpose of settling the New York bank s
accounts with other Reserve banks. The
purpose for which the Reserve banks hold a
part of their reserves in the gold-certificate fund
is to enable them to settle balances among
themselves on the books of the Board of Governors daily by wire, rather than to be obliged
to ship currency. In recent months the balance
held by the New York bank had greatly increased to $3,400,000,000, an amount far larger
than is necessary for the purpose of settling HS
balances with other banks. Even after tne
withdrawal of $2,000,000,000, the New Tone
bank had a balance of $1,400,000,000 to its
credit in the account. The withdrawal is m
accordance with the authority given in tne
Gold Reserve Act of 1934, which provides t&a*
balances of the Reserve banks held with1SStne
Treasury are payable in gold certificates ^
in such form and in such denominations as tn
Secretary of the Treasury may determine.
These gold certificates may be held in the vaults
of the Reserve banks but cannot be paid outcerw
the public, because the circulation of goW *
tificates is not permitted.

FEDERAL RESERVE

MARCH 1936

Designations of Chairmen and Federal Reserve
Agents at the Reserve Banks

On March 5, 1936, the Board issued the following statement with respect to the designations of chairmen and Federal Reserve agents
at the Federal Reserve banks to serve after
March 1, 1936:
Upon the expiration of their terms on December 31,1935, the chairmen and Federal Reserve
agents at those banks in which no vacancy
existed in this office were reappointed until
March 1, 1936, in order that the Board of
Governors which took office as of February 1,
1936, might designate appointees of its own
selection and adopt such policies as it considered advisable in connection with the
chairmanships.
The present Board of Governors, in discharging under the law its responsibility for efficient
and economical operation of the System, has
initiated a procedure looking toward the placing of the^ chairmanships upon a largely honorary basis. Under this procedure various
nonstatutory duties now performed in the office
of the chairman and Federal Reserve agent
would be placed under the president of the
bank, who under the Banking Act of 1935, is
selected for a term of 5 years by the board of
directors of the bank, subject to the approval
of the Board of Governors, and is recognized
by law as the chief executive of the bank. The
technical duties of the office of the Federal Reserve agent may then be performed by an
Assistant Federal Reserve agent, making it
possible for the chairman to discharge the important responsibilities of his office without
being required to devote more than a limited
Portion of his time to the bank. The Board
believes that a more efficient organization,
avoiding a dual executive responsibility at the
federal Reserve banks, and substantial economies in the operation of the System may thus
be accomplished, while at the same time it will
be possible to obtain the services of men who
are not only well qualified, but public spirited
to serve as chairmen.
In accordance with these objectives, the
tfoard has designated as chairmen and Federal
Reserve agents for terms from March 1 to
December 31, 1936: E. S. Burke, Jr., Cleveland, and H. W. Martin, Atlanta.
In furtherance of this procedure, the Board
nas decided to terminate the services of the
tallowing chairmen and Federal Reserve agents
£s of April 30, 1936, and they have accordingly
°een redesignated only for the period from
51220^36




2

145

BULLETIN

March 1 to April 30,1936: F. H. Curtiss, Boston;
J. H. Case, New York; R.L. Austin, Philadelphia;
E. M. Stevens, Chicago; J. S. Wood, St. Louis;
C. C. Walsh, Dallas.
The Board has also designated as chairman
and agent from March 1 to December 31,
1936, W. B. Geery, Minneapolis; and the
Board had previously designated J. J. Thomas,
Kansas City, to serve until December 31,
1936.
Vacancies remain in the chairmanships at
Richmond and San Francisco.
Appointments of Presidents and First Vice Presidents
of Federal Reserve Banks

Paragraph 4 of section 4 of the Federal Reserve Act as amended by the Banking Act of
1935, effective March 1, 1936, provided for the
appointment, each for a term of 5 years, of
presidents and first vice presidents of Federal
Reserve banks as the chief executive officers of
the banks. Up to March 11, presidents and
vice presidents of Federal Reserve banks had
been appointed by the boards of directors of
the respective banks and approved by the
Board of Governors of the Federal Reserve
System as follows:
Federal Reserve
bank

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

Presldent

First vice president

W. W. Paddock.
R. A. Young
Geo. L. Harrison. Allan Sproul.
F. J. Zurlinden.
Hugh Leach.
R. S. Parker.
Oscar Newton
G. J. Schaller.-.. H. P. Preston.
W. McC. Martin. O. M. Attebery.
John N. Peyton..
G. H. Hamilton,. C. A. Worthington.
B. A. McKinney_ R. R. Gilbert.
W. A. Day.
M. J. Fleming

Meeting of the Federal Advisory Council

The first meeting of the Federal Advisory
Council for 1936 was held on February 11 and
12, 1936. Walter W. Smith was reelected
president and Howard A. Loeb was reelected
vice president. These officers as ex-officio
members and Messrs. Steele, Perkins, Young,
and Kemper will comprise the executive committee. Walter Lichtenstein was reappointed
secretary.

146

FEDERAL EESEEVE BULLETIN

MABCH1836

REGULATIONS OF FEDERAL DEPOSIT INSURANCE CORPORATION
The following regulations of the Federal
Deposit Insurance Corporation with respect
to displajdng official emblems and the payment of interest on deposits were recently
promulgated:
REGULATION HI
[Approved and effective Oct. 11,1935, superseding regulation P of 1934
SCOPE OP REGULATION

This regulation prescribes the requirements with
regard to the official signs insured banks must display
and the requirements with regard to the official advertising statement insured banks must include in advertisements relating to deposits. It also prescribes an
approved emblem and an approved short title which
insured banks may use at their option. This regulation imposes no limitations on other proper advertising
of insurance of deposits by insured banks.
SECTION 1. STATUTORY PROVISIONS

Subsection (c). Where two or more banks receive
deposits in the same office or offices, each bank operating as an insured bank and doing business in such
office or offices is forbidden on and after October 11,
1935, or, in the case of a bank becoming an insured
bank after October 11, 1935, after its first day of
operation as an insured bank, to receive deposits at
any window or station where any noninsured bank
receives deposits.
Subsection (d). Pursuant to written notice from the
Corporation given to insured banks at least 30 days
prior to any date the Corporation specifies, provided
on such date special circumstances exist, with regard
to particular banks, making a change in the wording of
the official signs to be used desirable, each insured bank
receiving such notice shall on an,d after the date specified in such notice change its official sign or signs in
accordance with the requirements of this Corporation.
SECTION 3. MANDATORY REQUIREMENTS WITH REGARD
TO THE OFFICIAL ADVERTISING STATEMENT AND
MANNER OF USE

Subsection (a). Each insured bank shall include the
official advertising statement, prescribed in subsection
(b) of this section, in advertisements issued or caused
to be issued by it after February 1, 1936, of the types
enumerated in subsection (c) of this section as being of
the class in which the official statement is required to
be included.
No bank which becomes an insured bank after
December 1, 1935, is required to include the official
advertising statement in such advertisements until 60
days after its first day of operation as an insured bank.
In cases where, in the opinion of the Board of Directors of the Federal Deposit Insurance Corporation,
undue hardship would result by reason of the requirements of this subsection becoming operative as to a
particular bank on the date fixed herein, the Board of
SECTION 2. MANDATORY REQUIREMENTS WITH REGARD Directors may grant an extension of time applicable to
the particular bank affected, upon written application
TO THE OFFICIAL SIGNS AND THEIR DISPLAY
of the bank setting forth the facts.
Subsection (a). Each insured bank shall continuously
In cases where advertising copy not including the
display on and after October 11, 1935, for so long as it official advertising statement is on hand on the date the
continues to be an insured bank, an official sign as requirements of this subsection become operative, the
hereinafter prescribed at each station or window where insured bank may cause the official advertising stateinsured deposits are usually and normally received in ment to be included by use of a rubber stamp or otherits principal place of business and in all Us branches: wise.
Provided, That no bank becoming an insured bank after Subsection (b). The official advertising statement
October 11, 1935, shall be required to display such shall be in substance as follows: "Member of tne
official signs until 21 days after its first day of operation Federal Deposit Insurance Corporation/' However,
as an insured bank. The official signs may be displayed the word "the" or the words "of the" may be omitted.
by any insured bank prior to the date display is required. Further, the words "This bank is a" or the words
Subsection (b). The official sign referred to in sub- "This institution is a" or the name of the insured
section (a) of this section shall be 7 inches by 3 inches bank followed by the words "is a" may be added
in size, made of metal, furnished to banks by this before the word "Member."
f
Corporation only, and of the following design: [Design
Subsection (c). The following is an enumeration oi
omitted.]
the types of advertisements which, when issued or
The Corporation shall furnish to banks an order caused to be issued by an insured bank, shall, in^acblank for use in procuring the official signs. Any bank cordance with the requirements of subsection (a) oi
which promptly, after receipt of the order blank, fills it this section, include the official advertising statement.
in, executes it, and properly directs and forwards it to
1. Statements of condition of an insured bank and
the Federal Deposit Insurance Corporation, Washing- reports
of condition of an insured bank, except tnose
tion, D. C , shall not be deemed to have violated this
to be published by State or Federal law.
regulation on account of not displaying an official sign required
advertisements relating direcw
or signs, unless the bank shall omit to display such to 2.anInstitutional
insured bank and published in a newspaper*
official sign or signs after same have been tendered to magazine
other periodical except in cases when oW
the bank through the instrumentality of the United the name or
or name and address of the insured ban* w
States mail or otherwise.
set forth.
Paragraph (2), subsection (v), section 12B of the
Federal Reserve Act, as amended, provides as follows:
"Every insured bank shall display at each place of
business maintained by it a sign or signs, and shall
include in advertisements relating to deposits a statement to the effect that its deposits are insured by the
Corporation. The board of directors shall prescribe
by regulation the forms of such signs and the manner
of display and the substance of such statements and
the manner of use. For each day an insured bank
continues to violate any provision of this paragraph
or any lawful provision of said regulations, it shall be
subject to a penalty of not more than $100, recoverable
by the Corporation for its use,"




MAECH 1936

3. Billboards, posters, street-car displays, signs and
metal plates or other plates relating directly to an insured bank, and except those which set forth only the
name or name and address of the insured bank, and
except those signs or plates in the banking offices, or on
the windows of the banking offices, or attached to the
building or buildings in which the banking offices are
located.
4. Pamphlets, circular letters to depositors or customers, leaflets, and calendars advertising an insured
bank.
5. Novelty and specialty advertisements relating
directly to an insured bank, except those which set
forth only the name or name and address of the insured
bank.
6. Display advertisements, advertising an insured
bank, in directories such as telephone, bank, and city
directories, except listings of banks in heavy or other
type.
7. Advertisements relating directly to an insured
bank which are made by radio or reproduced on the
picture screen in theaters.
8. Advertisements soliciting trust business with the
intention of causing an insured bank to receive uninvested trust funds, except signs or plates in the banking
offices or on the windows of the banking offices or
attached to the building or buildings in which the
Banking offices are located, and except in cases when
only the name or name and address of the insured
bank is set forth.
Subsection (d). Insured banks are not required to
include the official advertising statement in any type
of advertisements other than those enumerated in
subsection (c) as being of the class in which such statement is required to be included.
Insured banks are not required to include the official
advertising statement in bank supplies, such as stationery, envelopes, deposit slips, checks, drafts, signature cards, deposit pass books, certificates of deposit,
etc., or in the advertisements excluded by express
exceptions to paragraphs 1, 2, 3, 5, 6, and 8 of subsection (c) of this section, or in reports to stockholders.
Subsection (e). Where an insured bank has outstanding advertisements of the type enumerated in
paragraph 3 of subsection (c) of this section and has
direct control either by possession or under the terms
of a contract of such advertisements, it shall, if it can
do so consistently with its contractual obligations,
cause the official advertising statement to be included
therein at such time as it would have been required
to include the official advertising statement had the
advertisement been newly issued rather than previously outstanding,
SECTION 4. APPROVED EMBLEM AND APPROVED SHORT
TITLE WHICH INSURED BANKS MAT "USE AT THEIR
OPTION

Subsection (a). The emblem reproduced below is
hereby approved for the use of insured banks. [Emblem omitted.]
Subsection (b). The following short title is hereby
approved for use of insured banks: "Member of
F. D. I. C."
Subsection (c). No insured bank is required to use
the emblem or short title to any extent whatsoever.
HoweveT, if any insured bank desires to use the emblem
or short title, it may do so in any of its advertisements
and on any of its bank supplies. Since the approved
emblem contains the official advertising statement in
the outside circle, its use in the type of advertisements1
listed in subsection (c), section 3 of this regulation wil
satisfy the mandatory requirements of that section.




147

FEDERAL EESERVE BULIJETIN

Any insured bank, may in addition to the requirements of this regulation, use any proper advertising
of insurance of its deposits. For example, as an addition to the official advertising statement, any insured
bank may, at its option, use the following in any of its
advertisements:
"Deposits in this bank are insured with maximum
insurance of $5,000 for each depositor."
Further, in the case of display signs in the banking
offices which, under the provisions of this regulation,
are not required to include the official advertising
statement, any insured bank may use, for example,
any of the following:
1. "The Federal peposit Insurance Corporation insures deposits in this bank with $5,000 maximum insurance for each depositor."
2. "Deposits in this bank are insured by the Federal
peposit Insurance Corporation with $5,000 maximum
insurance for each depositor."
3. Electric sign or other display reproductions of the
official sign.
SECTION 5. PENALTIES

No bank will violate any provision of paragraph (2),
subsection (v), section 12B of the Federal Reserve
Act, as amended, or any provisions of this regulation
if it complies with the provisions of sections 2 and 3 of
this regulation. No penalty will be imposed for any
violation of the provisions of this regulation until the
bank has been given an opportunity to be heard before
the board of directors of this Corporation.
REGULATION IV
[Approved Dec. 21,1935; amended Jan. 23,1936, effective Feb. 1, 1936.
Superseding regulations B and G, series of 19341
AUTHORITY FOB AND SCOPE OF REGULATION

This regulation is issued under authority of paragraph (8), subsection (v) of section 12B of the Federal
Reserve Act, as amended, which is published in the
appendix hereto.
This regulation relates to the payment of deposits and
interest thereon by insured nonmember banks. This
regulation is not applicable to banks which are members
of the Federal Reserve System. Regulation Q, prescribed by the Board of Governors of the Federal Reserve System for banks which are members of that
System, is not applicable to insured banks which are not
members of the Federal Reserve System, except to the
extent that the State law of a particular State provides
otherwise.
The provisions of this regulation do not apply to any
deposit in a bank located outside of or payable only
at a bank's office which is located outside of the States
of the United States and the District of Columbia.
SECTION 1. DEFINITIONS

(a) Demand deposits.—The term "demand deposit"
includes every deposit
which is not a "time deposit" or
"savings deposit1*, as defined below.
(b) Time deposits.—The term "time deposits"
means "time certificates of deposit" and "time deposits,
open account", as defined below.
(c) Time certificates of deposit.—The term "time
certificate of deposit", means a deposit evidenced by a
negotiable or nonnegotiable instrument which provides
on its face that the amount of such deposit is payable:
(1) On a certain date, specified in the instrument, not
less than 30 days after the date of the deposit; or
(2) At the expiration of a specified period not less
than 30 days after the date of the instrument; or

148

FEDERAL RESERVE BULLETIN

(3) Upon written notice to be given not less than 30
days before the date of repayment. 1
(d) Time deposits, open account.—The term "time
deposit, open account" means a deposit, other than a
"time certificate of deposit" or a "savings deposit",
with respect to which there is in force a written contract
with the depositor that neither the whole nor any part
of such deposit may be withdrawn, by check or otherwise, prior to the date of maturity, which shall
be not
less than 30 days after the date of the deposit,3 or prior
to the expiration of the period of notice which must be
given by the depositor in writing
not less than 30 days
in advance of withdrawals. 3
(e) Savings deposits.—The term "savings deposit"
means a deposit evidenced by a pass book consisting of
funds (i) deposited to the credit of one or more individuals or of a corporation, association or other organization operated primarily for religious, philanthropic,
charitable, educational, fraternal, or other similar purposes and not operated for profit,4 or (ii) in which the
entire beneficial interest is held by one or more individuals or by such a corporation, association or other organization and in respect to which—
(1) The depositor is required, or may at any time be
required, by the bank to give notice in writing of an
intended withdrawal not less than 30 days before such
withdrawal is made; or the bank consistently continues
to adhere to a practice existing prior to January 23,
1936, of requiring notice of at least 15 days before
permitting withdrawal;
(2) Withdrawals are permitted in only two ways,
either (A) upon presentation of the pass book, through
payment to the person presenting the pass book, or
(B) without presentation of the pass book, through
payment to the depositor himself but not to any5 other
person, whether or not acting for the depositor.
The provisions of (i) and (ii) of this subsection (e),
limiting savings deposits to funds of certain classes of
persons shall not be applicable to deposits received and
credited on or before February 1, 1936, to accounts
evidenced by pass books in insured nonmember banks
and these deposits, together with interest subsequently
payable on such deposits, less any withdrawals from
such accounts, may be classed by insured nonmember
banks as savings deposits under the terms of this subsection, even though such deposits belong to an association, organization or corporation organized for profit.
The said provisions of (i) and (ii), however, shall be
applicable to deposits received subsequently to February 1, 1936, whether or not such deposits are credited
to an account existing prior to February 1, 1936.
The presentation by any officer, agent or employee of
tne bank of a pass book or a duplicate thereof retained
by the bank or by any of its officers, agents or employees
i If the 6certificate
deposit provides merely that the bank reserves the
111 n o t lof ot
J?
? D ?' less t h a n 30 d*y* before any withdrawal is
m V ^ifb !a n ^
k
?n^
^1 UStMre 9S? r . e ^ cb notice before permitting withdrawal.
J^SSKP^hfih*
Christmas C ub accounts and Vacation club
amounts, which ore made under written contracts providing that no

MARCH )

is not a presentation of the pass book within the meaning of this regulation except where the pass book is
held by the bank as a part of an estate of which the bank
is a trustee or other fiduciary, or where the pass book
is held by the bank as security for a loan. If a pass
book is retained by the bank, it may not be delivered
to any person other than the depositor for the purpose
of enabling such person to present the pass book in
order to make a withdrawal, although the bank may
deliver the pass book to a duly authorized agent of the
depositor for transmittal to the depositor.
Every withdrawal made upon presentation of a pass
book shall be entered in the pass book at the time of
the withdrawal, and every other withdrawal shall be
entered in the pass book as soon as practicable after
the withdrawal is made.
(f) Interest,—The term "interest" means a payment or credit which is made or furnished by a bank
as consideration for the use of the funds constituting
a deposit.
The term "interest" includes any direct or indirect
payment by the bank of the purchase price of premiums
given to depositors or prospective depositors in connection with obtaining deposits.
The term "interest" does not include the payment
or absorption of taxes upon deposits, whether levied
against the bank or the depositor, nor payment or
absorption of premiums on surety bonds securing
deposits where such bonds are required by or under
authority of law.
SECTION 2. DEMAND DEPOSITS

(a) Interest prohibited.—Except as hereinafter provided, no insured nonmember bank shall, directly
or indirectly, by any device whatsoever, pay any
interest on any demand deposit.
(b) Exceptions.—The prohibition stated in subsection (a) above does not apply to—
(1) Payment of interest accruing before August 24,
1937, on any deposit made by a "savings bank" 6 as
defined in section 12B of the Federal Reserve Act, as
amended, or by a mutual savings bank;
(2) Payment of interest accruing before August 24,
1937, on any deposit of public funds 7 made by or on
behalf of any State, county, school district, or other
subdivision or municipality, or on any deposit of
trust funds, if the payment of interest with respect
to such deposit of public funds or of trust funds is
required by State law when such deposits are made
in State banks;
(3) Payment of interest in accordance with the
terms of any certificate of deposit or other contract
which was lawfully entered into in good faith before
February 1, 1936 (or, if the bank became an insured
nonmember bank thereafter, before the date upon which
it became an insured nonmember bank), which was
in force on such date, and which may not legally be
terminated or modified by such bank at its option and
without liability; but no such certificate of deposit or
other contract may be renewed or extended unless it
be modified to eliminate any provision for the pay*
e POsit b mad w i t reSf ect t 0 w h i c h t h e b a n k
ment of interest on demand deposits, and every insured
hi^XgH?hJ
f,
5
i
merely
reserves
t t r e u?
i r e noti
?i ? i
<* of not less than 30 days befor i t h d l i nonmember bank shall take such action as may be
mUSt r e
wUhd'rawal.^
^e~s^^^^
necessary, as soon as possible consistently with its
081 in
1
iwVSSS !? 0ty?
*
JSJounte
of two or more individuals may be classified
1
S M S J ^ ^uSt E61 8 05
^ "3 of*?a e y m e e t t h 2 o t b e r requirements of the a f c r o d S contractual obligations, to eliminate from any sucn
Sii«?fl S a * l ^
Partnership operated for profit may not be so certificate of deposit or other contract any provision
beMmfifi i£!%£ u 1 ° S e h c r e d i t o f a n i n d i v i d u aloffundsinVhichlny for the payment of interest on demand deposits.
nthflr n ^ « f ^
held by a corporation, partnership, associationTor
(c) Deposits in "savings banks" 6 in specifically
otner orffanizatmn nnprated for profit or not
ifi^rrr* aii fS' u ».. Ui
designated deposit accounts with respect to wiuca




• Section 12B (c) (7) of the Federal Reserve Act, which defines the term
savings bank", is quoted in the appendix hereto.
,
Hitt*
T Deposits of moneys paid into State courts by private parties g g a g j
the outcome of litigation are not deposits of "public funds/' within u»
meaning of the above provision.

MARCH 1936

FEDERAL RESERVE BULLETIN

149

withdrawal by checking is permitted in accordance to January 23, 1936, of requiring notice of at least 15
with paragraph (7), subsection (c), section 12B of the days before permitting withdrawal.
Federal Reserve Act, as amended, shall for the purposes
(e) No interest after maturity or expiration of
of this regulation be classed as demand deposits.
notice—Exception.—No interest shall be paid on any
time or savings deposit for any period subsequent to
SECTION 3. MAXIMXJM RATE OF INTEREST ON TIME AND maturity, whether such deposit matures by its terms
on a specific date or at the expiration of a notice period
SAVINGS DEPOSITS
pursuant to written notice actually given, except if a
(a) Maximum rate prescribed from time to time.— time certificate is renewed within 10 days after maturity
Except in accordance with the provisions of this regu- the renewal certificate • may draw interest from the
lation, no insured nonmember bank shall pay interest maturity date of the matured certificate.
on any time deposit or savings deposit in any manner,
SECTION 4. PAYMENT OF TIME DEPOSITS BEFORE
directly or indirectly, or by any method, practice, or
MATURITY
device whatsoever. No insured nonmember bank shall
(a)
Time
deposits
payable
on a specified date.—No
pay interest on any time deposit or savings deposit at a
nonmember bank shall pay any time deposit,
rate in excess of such applicable maximum rate as the insured
is payable on a specified date, before such speciboard of directors of the Federal Deposit Insurance which
fied date, except as provided in subsection (d) of this
Corporation shall prescribe from time to time; and any section.
rate or rates which may be so prescribed by the board
Time deposits payable after a specified period,—
will be set forth in supplements to this regulation, which No(b)insured
bank shall pay any time dewill be issued in advance of the date upon which such posit, which nonmember
is payable at the expiration of a specified
rate or rates become effective.
such period has expired, except as pro(b) Modification of contracts to conform to regula- period,inbefore
subsection (d) of this section.
tion.—-No certificate of deposit or other contract shall vided
Time deposits payable after a specified notice.—
be renewed or extended unless it be modified to conform No(c)insured
nonmember bank shall pay any time deto the provisions of this regulation, and every insured posit,
respect to which notice is required to be
nonmember bank shall take such action as may be given awith
specified period before any withdrawal is made,
necessary, as soon as possible consistently with its until such
required notice has been given and the
contractual obligations, to bring all of its outstanding specified period
thereafter has expired, except as procertificates of deposit or other contracts into conformity vided in subsection
(d) of this section.
with the provisions of this regulation.
(d) Loans upon security of time deposits.—An in(c) Savings deposits received during first 5 days of sured nonmember bank may make a loan to the demonth.—An insured nonmember bank may pay interest positor upon the security of his time deposit, provided
on a savings deposit received during the first 5 days of that the rate of interest on such loan snail be not less
any calendar month at the applicable maximum rate than 2 percent per annum in excess of the rate of
prescribed pursuant to the provisions of subsection (a) interest on the time deposit.
of this section, calculated from the first day of such
Where a loan to the depositor upon the security of
calendar month until such deposit is withdrawn or his time deposit upon terms satisfactory to the insured
ceases
to constitute
a savings deposit under the pro- nonmember bank and the depositor cannot be arranged,
V1S ns of
/S\
^ i s regulation, whichever shall first occur.
and where the depositor signs a written statement to
(a) Continuance of time deposit status.—A deposit be kept in the files of the bank that he is in need of
which was a time deposit at the date of deposit con- money represented by the time deposit before the
tinues to be such until maturity although it has become maturity thereof, stating the definite amount needed,
payable within 30 days, and interest at a rate not the time deposit may be paid before maturity to the
exceeding that prescribed pursuant to the provisions of extent required to meet such need, but the depositor
subsection (a) of this section may be paid until ma- shall forfeit accrued and unpaid interest for a period
turity upon such deposit* A time deposit or a savings of not less than three months on the amount withdrawn.
deposit,
with respect to which notice of withdrawal When a portion of a time certificate of deposit is paid
fs J? een given, continues to be such until the expiration before maturity, the certificate shall be cancelled and
or tne period of such notice, and interest may be a new certificate shall be issued for the unpaid portion
paid upons u csuch
deposit until the expiration of the of the deposit, with the same terms, rate, date, and
h n
•u jd
°tice at a rate not exceeding that pre- maturity as the original deposit.
B
?Jr? Pursuant to the provisions of subsection (a)
or this section. Interest at a rate not exceeding that SECTION 5. NOTICE OF WITHDRAWAL OF SAVINGS DEPOSITS
(a) Requirements regarding notice.—An insured
nP+i?
pursuant to the provisions of subsection (a)
oi ttus section may be paid upon savings deposits nonmember bank shall observe the requirements set
witn respect to which notice of intended withdrawal forth as follows in requiring notice of intended withT8,*10* actually been required or given. No interest drawal of any savings deposit or part thereof or in
snau be paid by an insured nonmember bank on any permitting withdrawal without requiring such notice:
(1) If an insured nonmember bank pay any amount
amount which by the terms of any certificate or other
r™ -l raecdKt Oo r agreement,
or otherwise, the bank may be or percentage of the savings deposits of any depositor
av
oft u a m u nP within 30 days from the date on which without requiring such notice, it shall, upon request,
«*!wn 5de t is deposited in such bank,* except as to and without requiring such notice, pay the same
«fJl ?? P°sits with respect to which the bank con- amount or percentage of the savings deposits of every
8lsient]v
_continues to adhere to a practice existing prior other depositor, subject to the same notice requirement, except if the bank changes its practice in acwunts * Mc u ~reA Mm a Christmas
club accounts and vacation club ac- cordance with subsection (b) of this section.
de

withd«i?T
£ ?,
^ d e r written contracts providing that no
Save b X a L s h i U ** m a d e ™til & certain number of periodic deposits
• Where a time certificate is renewed within 10 days after maturity, the
^a<te
during
a
period of not less than 3 months, constitute renewal certificate may be dated back to the maturity date of the
l
ts, open account" even though some of the deposits are made matured certificate.
ays from the end of such period.




150

FEDERAL RESERVE BULLETIN

(2) If an insured nonmember bank requires such
notice before the payment of any amount or percentage
of the sayings deposits of any depositor, it shall require
such notice before the payment of the same amount or
percentage of the savings deposits of any other depositor, subject to the same notice requirement, except
if the bank changes its practice in accordance with
subsection (b) of this section.
Even though the bank's practice is to require notice,
an insured nonmember bank is not prevented by this
regulation from paying, during the next succeeding
interest period without requiring notice of withdrawal,
interest on a savings deposit which has accrued during
the preceding interest period.
(b) Eequirements regarding change of practice.—No
insured nonmember bank shall change its practice with
respect to the requiring or not requiring of notice of
intended withdrawal of savings deposits, except after
duly recorded action of its board of directors or of its
executive committee properly authorized, and no
practice in this respect shall be adopted which does not
conform to the requirements of paragraphs (1) and (2)
of this section.
(c) Change of practice for purpose of discrimination.—No change in the practice of an insured nonmember bank with respect to the requiring or not
requiring of notice of intended withdrawal of savings
deposits shall be made for the purpose of discriminating
in favor of or against any particular depositor or
depositors.
(d) Requirements applicable although no interest
paid.—-An insured nonmember bank shall observe the
requirements of this section with respect to savings
deposits even though no interest be paid on such
deposits.
(e) Loans upon security of savings deposits.—An
insured nonmember bank may make a loan to any of
its depositors upon the security of his savings deposits,
provided that if the bank's practice is to require notice
before permitting withdrawal of any amount or percentage of the sayings deposits of any depositor, it shall
require like notice before permitting a loan on the
security of the same amount or percentage of such
deposits.
APPENDIX
STATUTORT PROVISIONS

Paragraph (8), subsection (v) of section 12B of the
Federal Reserve Act, as amended, provides as follows:
(8) The board of directors shall by regulation prohibit the payment of interest on demand deposits in
insured nonmember banks and for such purpose it may
define the term "demand deposits"; but such exceptions from this prohibition shall be made as are now or
may hereafter be prescribed with respect to deposits
payable on demand in member banks by section 19 of
this act, as amended, or by regulation of the Board of
Governors of the Federal Reserve System. The board
of directors shall from time to time limit by regulation
the rates of interest or dividends which may be paid
by insured nonmember banks on time and savings deposits, but such regulations shall be consistent with the
contractual obligations of such banks to their depositors. For the purpose of fixing such rates of interest or
dividends, the board of directors shall by regulation
prescribe different rates for such payment on time and
savings deposits having different maturities, or subject
to different conditions respecting withdrawal or repayment, or subject to different conditions by reason of
different locations, or according to the varying discount
rates of member banks in the several Federal Reserve




MAKCH 1936

districts. The board of directors shall by regulation
define what constitutes time and savings deposits in an
insured nonmember bank. Such regulations shall prohibit any insured nonmember bank from paying any
time deposit before its maturity except upon such conditions and in accordance with such rules and regulations as may be prescribed by the board of directors,
and from waiving any requirement of notice before payment of any savings deposit except as to all savings
deposits having the same requirement. For each violation of any provision of this paragraph or any lawful
provision of such regulations relating to the payment
of interest or dividends on deposits or to withdrawal
of deposits, the offending bank shall be subject to a
penalty of not more than $100, recoverable by the
Corporation for its use.
Paragraph (7), subsection (c) of section 12B of the
Federal Reserve Act, as amended, provides as follows:
(c) As used in this section —
(7) The term "savings bank" means a bank (other
than a mutual savings bank) which transacts its ordinary banking business strictly as a savings bank under
State laws imposing special requirements on such banks
governing the manner of investing their funds and of
conducting their business: Provided, That the bank
maintains, until maturity date or until withdrawn, all
deposits made with it (other than funds held by it in
a fiduciary capacity) as time savings deposits of the
specific term type or of the type where the right is
reserved to the bank to require written notice before
permitting withdrawal: Provided further. That such
bank to be considered a savings bank must elect to
become subject to regulations of the Corporation witb
respect to the redeposit of maturing deposits and prohibiting withdrawal of deposits by checking except in
cases where such withdrawal is permitted by law on
the effective date from specifically designated deposit
accounts totaling not more than 15 per centum of the
bank's total deposits.
SUPPLEMENT TO REGULATION IV
Issued by the Board of Directors of the Federal Deposit Insurance Corporation, effective February 1,1936
MAXIMUM RATES OP INTEREST PAYABLE ON TIME AND
SAVINGS DEPOSITS BY INSURED NONMEMBEB BANKS

Pursuant to the provisions of paragraph (8), subsection (v), section 12B of the Federal Reserve Act,
as amended, and section 3 of its regulation IV, tae
Board of Directors of the Federal Deposit Insurance
Corporation hereby prescribes the following maximum
rates* of interest payable by insured nonmemDer
banks on time and savings deposits:
, _
(1) Maximum rate of 2% per cent.—No insured nonmember bank shall pay interest accruing after *eu
ruary 1, 1936, at a rate in excess3 of 2JS per cent per
annum, compounded quarterly, regardless ot ^
basis upon which such interest may be computed—
(A) On any savings deposit,
A z. a
(B) On any time deposit having a maturity date u
months or more after the date of deposit or payau
upon written notice of 6 months or more,
i The maximum rates of Interest payable by insured nonmemter bang
on time and savings deposits as prescribed herein are not VP^Et-v-or
any deposit which is payable only at an insured nonmemDei"%£*#
at an office of an Insured nonmember bank located outside of tne o*»
of the United States and the District of Columbia.
* This limitation is not to be interpreted as t
ing of
oi interest at other
otner than
tnan quarterly iintervals, proviueu *««•«— (
gate amount of such interest so compounded does not exceed uw•«
gate amount of interest at the rate above prescribed when comp^
quarterly.

MARCH 193d

FEDERAL RESERVE BULLETIN

(C) On any postal-savings deposit which constitutes
a time deposit,
except that an insured nonmember bank may pay
interest on any such deposits in accordance with the
terms of any certificate of deposit or other contract
which was entered into before February 1, 1936 (or,
if the bank becomes an insured nonmember bank thereafter, before the date upon which it becomes an insured
nonmember bank), which was in force on such date and
which may not legally be terminated or modified by
such bank at its option and without liability.
(2) Maximum rate of 2 per cent.—No insured nonmember bank shall pay interest accruing after February 1,1936, at a rate in excess of 2 per cent per annum,
compounded quarterly, regardless of the basis upon
which such interest may be computed—
(A) On any time deposit (except postal-savings
deposits which constitute time deposits) having a
maturity date less than 6 months and not less than
90 days after the date of deposit or which is originally or becomes payable upon written notice of less
than 6 months and not less than 90 days,
except that an insured nonmember bank may pay
interest on such deposits in accordance with the terms
of any certificate of deposit or other contract which
was entered into before February 1, 1936 (or, if the
bank becomes an insured nonmember bank thereafter,
before the date upon which it becomes an insured nonmember bank), which was in force on such date and




151

which may not legally be terminated or modified by
such bank at its option and without liability.
(3) Maximum rate of 1 per cent.—No insured nonmember bank shall pay interest accruing after February 1, 1936, at a rate in excess of 1 per cent per
annum, compounded quarterly, regardless of the basis
upon which such interest may be computed—
(A) On any time deposit (except postal-savings
deposits which constitute time deposits) having a
maturity date less than 90 days after the date of deposit
or which is originally or becomes payable upon written
notice of less than 90 days,
except that an insured nonmember bank may pay
interest on such deposits in accordance with the terms
of any certificate of deposit or other contract which
was entered into before February 1, 1936 (or, if the
bank becomes an insured nonmember bank thereafter,
before the date upon which it becomes an insured nonmember bank), which was in force on such date and
which may not legally be terminated or modified by
such bank at its option and without liability.
(4) Banks which on January 23, 1936, have outstanding certificates of indefinite maturities representing deposit liabilities drawing interest as savings
deposits must within 1 year from February 1, 1936,
discontinue to pay thereon the rate applicable hereunder to savings deposits unless meanwhile the same
be converted into savings deposits as defined in this
regulation.

152

FEDERAL BESERVE BULLETIN

MARCH 1936

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Feb. 24 and released for publication Feb. 26]

Total volume of industrial production increased in January, but, owing to a decline in
activity in the automobile and allied industries
from an exceptionally high level in December,
the increase was less than is usual at this
season.
Production and employment.—Total output
at factories increased by a smaller amount
than is usual in January, while output at
mines showed a seasonal increase. The Board's
combined index of industrial production, which
makes allowance for seasonal changes, declined
from 104 percent of the 1923-25 average in
December to 99 percent in January. This
decrease reflected chiefly sharp reductions in
output of steel and of automobiles from the
high levels reached in December. In the
first 3 weeks of February the average rate of
operations at steel mills showed a smaller increase over the January average than is usual,
and at automobile factories output was estimated to be at a lower level than in January.
Smaller than seasonal increases in activity
were reported at textile mills and at shoe
factories, while output of food products was
in considerably larger volume in January than
a month earlier.
Factory employment showed a small seasonal
decrease between the middle of December and
the middle of January. At automobile factories the number of workers, which usually
increases at this season, was unchanged, and
at textile mills employment declined. Factory
pay rolls decreased by more than the usual
amount.
Value of construction contracts awarded, as
reported by the F. W. Dodge Corporation, was
smaller in January than in December. Awards
for publicly financed projects decreased from;
the relatively high December figure, and there




was a seasonal decline in contracts forresidential construction.
Distribution,—Retail trade was reduced more
than seasonally in January, reflecting in part
the influence of unusually severe weather.
Sales by department stores, variety stores, and
mail-order houses all declined by more than the
usual seasonal amount. Freight-car loadings
showed little change; loadings of coal increased
considerably, while rail shipments of miscellaneous freight declined.
Commodity prices,—The general level of
wholesale commodity prices continued to show
little change during January and the first 3
weeks of February. Prices of cotton textiles,
flour, wheat, and silk declined, while prices of
hogs, petroleum, coffee, and rubber increased
considerably. Retail prices of foods decreased
somewhat during January.
Bank credit.—Excess reserves of member
banks fluctuated between January 22 and February 19 near a $3,000,000,000 level, changes
reflecting principally fluctuations in Treasury
holdings of cash and deposits with Federal Reserve banks.
Investments of weekly reporting member
banks in leading cities increased by $300,000,000
in the 4 weeks ending February 12, and reached
the largest amount ever held by these banks,
while loans decreased by $130,000,000. Holdings of United States Government obligations
increased by $140,000,000, holdings of obligations guaranteed by the Government by $50,000,000, and other securities by $110,000,000.
Adjusted demand deposits of reporting member banks, which declined somewhat from the
middle of December to the middle of January,
increased by $290,000,000 in the 4 weeks ending
February 12, while United States Government
deposits declined by $150,000,000.

MABCB 1938

153

FEDERAL KESERVE BULLETIN

MEMBER BANK RESERVES AND RELATED ITEMS
B I L U N S OF DOLLARS

\\

[

BILUONS OF DOLLARS

|

1

( Wednesday figures)

[

1

1 <<

10

MONEY IN CIRCULATION

TREASURY CASH S
DEPOSITS WITH F. R. BANKS

1930

1931

1932

1933

1934

1935

Based on Wednesday figures; latest figures for February 28. See table on page 1M.
51220—36




3

1936

154

FEDEEAL RESERVE BULLETIN

MARCH 1936

MEMBER BANK RESERVES AND RESERVE BANK CREDIT
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
WEDNESDAY FIGURES
[In millions of dollars]
Reserve bank credit outstanding
Date (Wednesday)

Monetary
gold
stock

U.S.
Gov- Other
Bills
, disern- Reserve] Total
Bills
counted bought ment bank
securi- credit
ties

1935—Feb. 6...
Feb. 13.Feb. 20-.
Feb. 27..
Mar. 6...
Mar. 13..
Mar. 20Mar. 27-

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

2,466
2,450
2,448
2,450

8,421
8,456

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

2,452
2,460
2,455
2,452

Apr. 3-...
Apr. 10
Apr. 17. „
Apr. 24...
May 1..
May 8..
May 15.
May 22.
May 29.,

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

Member bank
reserve balances
Treasury
Treascash and Non- Other
ury
deposits mem- Fedand Money
eral
in
cirwith
nation- culade- Reserve)
Excess
al-bank tion Federal ber
posits
ac(estiReserve
curcounts Total mated)
banks
rency

8,524

2,503
2,525
2,522
2,520

5,407
5,430
5,442
5,442

2,930
2,995
2,932
3,006

176
182
193
211

246
245
247
246

4,633
4,580
4,645
4,588

2,284
2,240
2,272
2,201

8,546
8,551
8,554
8,563

2,517
2,525
2,521
2,535

5,478
5,454
5,453
5,436

2,998
3,009
3,22~0
3,335

237
238
243
241

246
247
254
253

4,555
4,588
4,361
4,285

2,185
2,191
1,950
1,888

2,462
2,463
2,470
2,452

8,568
8,614
8,672
8,701

2,548
2,549
2,549
2,550

5,497
5,487
5,512
5,459

3,404
3,376
3,149
2,978

230
224
271
2SS

253
253
257
258

4,193
4,287
4,501
4,719

1,821
1,907
2,095
2,264

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

2,463
2,466
2,473
2,459
2,467

8,721
8,728
8,737
8,762
8,835

2,543
2,536
2,534
2,531
2,526

5,489
5,496
5,494
5,481
5,511

2,978
2,938
2,901
2,906
2,970

276
277
267
285
262

261
259
259
258

4,721
4,758
4,822
4,821
4,827

2,252
2,304
2,350
2,328
2,322

June 5...
June 12..
June 19..
June 26.,

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

2,475
2,472
2,482
2,472

8,916
9,016
9,089
9,109

2,521
2,514
2,510
2,508

5,514
5,493
5,498
5,498

3,030

3,023
2,991

196
214
301
306

257
258
264
263

4,914
5,049
4,996
5,029

2,400
2,521
2,445
2,471

July
July
July
July
July

3
10~..
17
24_...
31

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

2,468
2,473
2,472
2,460
2,465

9,119
9,123
9,127
9,135
9,144

2,504
2,503
2,501
2,503
2,510

5,619
5,551
5,530
5,496
5,518

3,002
2,932
3,086
3,134
2,991

312
302
302
265
253

258
263
258
258
257

4,900
5,052
4,924
4,945
5,100

2,456
2,340
2,335
2,513

Aug.
Aug.
Aug.
Aug.

7...
14..
21..
28..

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

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

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

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

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

2,932
2,775
2,722
2,683

253
251
230
213

261
259
260
260

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

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

4...
11..
1825..

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

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

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

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

5,650
5,638
5,632
5,626

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

193
186
244
262

248
250
250

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

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

Oct. 2
Oct. 9
Oct. 16....
Oct. 23....
Oct. 30™.

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

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

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

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

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

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

306
313
307
292
296

251
250
254
254
260

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

2,569
2,694
2,878
2,000
2,981

Nov.
Nov.
Nov.
Nov.

6...
13__
20.27...

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

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

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

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

5,754
5,746
5,739
5,820

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

236
249
262
282

260
257
253
252

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

3,052
3,069
3,051

Dec.
Dec
Dec.
Dec.
Dec.

4
11
18
24
31

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

2,470
2,474
2,483
2,523
2,4B6

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

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

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

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

283
280
281
266
255

270
258
259
253

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

3,173
3,304
2,706
2,693
2,844

1936—Jan. 8 . . . .
Jan. 15....
Jan. 22...
Jan. 29...

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

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

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

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

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

265
284
296
301

253
253
253
254

5,745
5,859
5,8025,863

Feb.
Feb.
Feb.
Feb.

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

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

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

10,168
10,155
10,160

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

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

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

324
364
327

255
254
255

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

Sept.
Sept.
Sept.
Sept.

5
12
19.
26

,
,

,

|

10,163
.

i

•

n

•-•- i

-'— i

—

I

254

I

'

us
3,089
3,004
3,044

3>2
J

-

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




155

FEDERAL RESERVE BULLETIN

M4BCZ 1936

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
E N D OP M O N T H FIGURES
[In millions of dollars]
Reserve bank credit outstanding
U.S.
GovOther
Bills
ern- Reserve Total
i
"
, bought
ment
bank
counted
securi- credit
ties

End of month

Bills
d i s

1934—SeptemberOctober
NovemberDecember,..

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

1935—January
February...
March
April
May
June
_
July
August
September..
October
November.,
December
1936—January
February

.

Member bank
reserve balances
TreasTreasury
Other
ury
and
Mone- and na- Money cash
Feddeposits Nontary
In cirmemeral
tionalwith
gold
culaber
deReserve]
bank
Federal
Excess
stock
tion
accurReserve posits
(esticounts Total mated)
rency
banks

2,464
2,455
2,453
2,463

7,978
8,002
8,132
8,238

2,405
2,434
2,468
2,511

5,456
5,453
5,549
5,536

3,051
3,031
3,022
3,150

178
164
161
189

228
237
239
241

3,934
4,006
4,081
4,096

1,727
1,748
1,801
1,814

2,430
2,430
2,437
2,430
2,430
2,433
2,430
2,432
2,430
2,430
2,430
2,431

2,461
2,465
2,471
2,468
2,469
2,480
2,465
2,485
2,477
2,482
2,480
2,486

8,391
8,527
8,567
8,710
8,858
9,116
9,144
9,203
9,368
9,693
9,920
10,125

2,495
2,519
2,540
2,544
2,525
2,506
2,510
2,398
2,386
2,400
2,438
2,476

5,380
5,467
5,493
5,478
5,540
5,568
5,518
6,629
5,683
5,713
5,846
5,882

2,991
3,004
3,358
2,996
2,969
2,968
2,991
2,694
2,740
2,657
2,619
3,110

191
207
226
271
254
325
253
198
304
, 299
284
255

243
246
253
263
257
261
257
260
250
258
253
253

4,543
4,587
4,247
4,715
4,832
4,979
5,100
5,305
5,254
6,648
5,835
5,587

2,206
2,199
1,846
2,253
2,318
2,414
2,513
2,708
2,600
2,970
3,100
2,844

2,430
2,430

2,479
2,482

10,182
2,493
10,166 P2.499

5,737

3,001
2936

304
327

253
254

5,860
6,784

3,084
2,938

11

5846

9

Preliminary,
of th?s a Buii W T ~ S 6 e

Annual Re

P°rt

for 1934

( t a b l e 5)» a n d

for

excess reserves see BULLETIN for August 1935, pp. 409-500. See also note on p. 154

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
AVERAGES O F DAILY FIGURES
(In millions of dollars]
Reserve bank credit outstanding
U.S.
Other
GovBills
ern- Reserve! Total
Bills
disbought
ment
bank
I counted
securi- credit
ties

Year or month

!?29-Average
^OAvek

I""

1935—January
February"
March

August
September.
October
November.

208
564
669
1,461
2,052
2,432
2,431

59
38
33
24
11
10
32

1,459
1,087
1,274
2,077
2,429
2,502
2,475

3,996
4,173
4,417
3,952
4,059
7,512
9,059

2,015
2,025
2,025
2,096
2,271
2,381
2,478

4,476
4,245
4,672
5,328
5,576
5,403
5,585

229
239
251
275
343
2,879
2,919

30
28
97
56
147
185
252

376
393
373
351
350
253
255

2,358
2,379
2,323
2,114
2,343
3,676
5,001

43
55
89
256
528
1,564
2,469

22
12
18
10

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

10
8
12
26

2,469
2,457
2,466
2,472

7,971
7,989
8,047
8,191

2,411
2,415
2,455
2,494

5,427
5,473
5,494
5,577

3,054
3,011
2,970
3,120

197
177
165
181

' 227
234
238
242

3,947
3,964
4,100
4,037

1,754
1,731
1,834
1,748

8
6
7
6

2,430
2,430
2,431
2,431
2,434
2,431
2,430
2,431
2,430
2f430
2,430
2,430

21
20
18
29
30
36
30
33
35
39
40
53

2,465
2,462
2,461
2,471
2,476
2,479
2,473
2,476
2,480
2,482
2,4S2
2,494

8,284
8,465
8,552
8,641
8,755
9,025
9,128
9,180
9,246
9,545
9,777
10,072

2,504
2,513
2,526
2,548
2,534
2,513
2,504
2,441
2,389
2,398
2,410
2,454

5,411
5,439
5,477
5,500
5,507
5,522
5,550
5,576
5,651
5,704
5,770
5,897

3,053
2,965
3,122
3,209
2,942
2,989
3,032
2,795
2,734
2,693
2,630
2,869

194
189
236
258
278
266
293
233
236
307
256
276

242
246
250
256
259
261
259
261
252
253
256
263

4,355
4,601
4,452
4,436
4,778
4,979
4p970
5,232
5,243
5,469
5,757
5,716

2,035
2,237
2,065
2,026
2,297
2,438
2,385
2,636
2,628
2,820
3,061
2,983

2,430
2,430

43
50

2,484
2,493

10,158
10,163

2,486
2,495

5,757
5,779

3,058
2,981

280
329

253
255

5,780
5,808

3,033
P3,026

952
272
327
521
283
36
7

October.
"
November
December..

I

8
7
10
8
7
6

Ammsl R




Member bank
reserve balances
Treasury
TreasOther
ury
FedMone- and
Money cash and Noneral
tary nation* in cir- deposits
memwith
Reserve!
gold al-bank culaber
deFederal posits
stock
tion
accurReserve
counts Total Excess
rency
banks

241
213
245
71
83
25
5

e p o r t for 1934 (table 2) and for excess reserves see BULLETIN for August 1935, p p . 499-500. See also note on p . 154

FEDERAL RESERVE BULLETIN

156

MARCH 1935

ASSETS AND
[In thousands of dollars]
Feb. 29,1936 Jan. 31, 1936 F e b . 28,1935
7,669,673
14,902
336,754

7,651,863
338,020

5,542,567
16,299
247,913

8,021,329

8,005,567

5,806,779

6,570
359

8,384
359

6,929

8,743

5,962

4,673
31,778

4,671
32,089

5,504
19,397

2,430,298

2,430,247

2,430,282

181
649
7,148

181
650
2,267

803
3,144

2,481,656
18,365
484,877
47,814
40,312

2,478,848

18,077
496,288
47,799
41,057

2,465,092
18,445
485,883
49,436
'46,694

11,094,353

11,087,636

8,872,579

18,365
3,713,858

18,077
3,614,987

18,445

Total notes in circulation
Federal Reserve bank note circulation—net....
Deposits:
Member bank—reserve account
U. S. Treasurer—general account..
Foreign bank
Other deposits

3,732,223

3.633,064

3,154,314
1,301

5,784,423
424,142
51,143
275,715

5,860,064
452,524
48,155
256,073

4,587,083

Total deposits
Deferred availability items.
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies-..
All other liabilities

6,535,423
484,877
130,708
145,501
26,419
34, 111
5,091

6,616,816
496,288
130,647
145,501
26,406
33,899
5,015

4,883,957
485,833
147,002
144,893
13,445

11,094,353

11,087,636

25"7§6'

26~957

14,435

Notes issued to Federal Reserve banks by Federal Reserve agents

3,975,166

3,950,194

3,423,147

Collateral held by agents as security for notes issued to banks:
Gold certificates on hand and due from U, S. Treasury
Eligible paper
„.
™™III
V, S. Government securities

3,893,343

5,216
127,000

3,871,343
6 855
135,400

4,025,559

4,013,598

Gold certificates on hand and due from IT. 8. Treasury.
Redemption fund—Federal Reserve notes
Other cash
Total reserves.,

250

Redemption fund—Federal Reserve bank notes.
BUls discounted:
For member banks
For nonmember banks, etc
Total bills discounted.
Bills bought: Payable In foreign currencies.
Industrial advances
U. S. Government securities: Bought outright

-

Other Reserve bank credit:
Other securities
_
Due from foreign banks
Reserve bank float (uncollected items in excess of deferred availability items).
Total Reserve bank credit outstanding..
Federal Reserve notes of other Reserve banks
Uncollected items not included in
float
Bank premises
.
All other assets

15,684

_
-

-

-.

—._...
-

Total assets....
Federal Reserve notes:
Held by other Federal Reserve banks...
Outside Federal Reserve banks

Total liabilities
Contingent liability on bills purchased for foreign correspondents _.
Commitments to make Industrial advances

95 a

'S

14,602
192,116

5,960

FEDERAL RESERVE NOTE STATEMENT

Total collateral.

3,494,423

FEDERAL RESERVE BANK-NOTE STATEMENT

Notes issued to Federal Reserve banks (outstanding) .
Collateral pledged against outstanding notes: U. S. Qovenmienif ScffifiSl";i2r"ri




17,000

157

FEDERAL RESERVE BULLETIN

MARCH 1933

KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks. In millions of dollars]

End of month

Total

1034—August
September.,
October
NovemberDecember-.
1935—January
February...,
March
April
May
June
July
August
September..
October
November..
December..
1936—January
February *»..

Standard
silver
dollars

Gold
certificates

Silver
certificates

Treas- Subsidury
iary
notes
of 1890 silver

438
483
510
558
592

282
284
288
291
294

122
122
123
124
125

274
274
273
273
265

3,103
3,131
3,124
3,176
3,176

125
119
112
107
101

878
870
856
853
820

123
123
123
124
125
125
125
126
127
128
130
131

259
263
264
268
281
285
280
283
286
281
284
275

3,048
3,119
3,135
3,120
3,159
3,223
3,232
3,362
3,439
3,495
3,612
3,667

97
94
92
88
85
81
78
75
73
70
68
66

827
823
810
778
747
704
654
596
553
514
487
458

129
129

259
254

3,598

61

436
421

5,396
5,456
5,453
5,549
5,536

143
139
136
133
130

5,380
5,467
5,493
5,478
5,540
5,568
5,518
5,629
5,683
5,713
5,846
5,882

127
126
123
121
119
117
115
114
112
111
110
109

653
695
701
702
739
756
773
812
828

287
289
290
294
296
297
298
298
302
306
309
312

5,737
5,846

107
106

841

303
304

Federal
United Federal Reserve
States Reserve bank
notes
notes
notes

Minor
coin

National
bank
notes

9 Preliminary figures.
NOTE.—For figures of paper currency of each denomination in circulation see p. 204.
Back figures.^See Annual Report for 1934 (table 49).

ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK

MOVEMENT OF GOLD TO AND FROM
UNITED STATES »

[In millions of dollars]

[In thousands of dollars

Year or month

1932
1933....

"""

1934

III;II™II"

Gold
stock
Net
at end Increase
gold
in gold
of
import
year or stock
month

Net
release
from
earmark*

1936
Other
factors *

From or to—

Imports

4,226
4,036
8,238

1935—January
8,391
February _._! " I I 8,527
March
8,567
Apm
: : : : 8,710
8,858
May
June
" 9,116
July
I " 9,144
August
" 9,203
9,368
September
9,693
October
9,920
November. .
10,125
December.
I
Year
10,125
1936—January.
10,182
FebruaryHl"l" '10,166

France.—.

-«..-

Se*iFa¥y".f
Switzerland

Union of Soviet
Socialist Republics
Central America...
Mexico -.-.-.«.
A rpATitlllft

1,887.2

1,739.0

.2

148.0

57.2

45.6
-16.6

-1.7
-9.fi

13.3
P10.1

Chile
Colombia...

Ecuador

Peru

Australia
Preliminary.
r leas

l

e d from earmark at Federal Reserve banks less gold
vS?a«und6
?
earmark (with allowance when necessary for changes in
i TTI r m e d a b r o a d for account of Federal Reserve banks).
. * inures are derived from preceding columns and indicate net result
oi such factorsuseas imdomestic production, movements into and out of
dnrffS 1 !!* 817onth
» o rPorts
and exports that do not affect gold stock
year
W g h t of ?
» " ^ increment resulting from reduction in
BackfiguTea.-SeQ Annual Report for 1934 (table 44).




Ex*
ports

Imports

2,*893

17,180

6,039
3,514

3 421

17

1,739
10,748
358
845

1
England

153.3
135.3
40.4
143.4
148.1
257.1
27.9
59.5
165.0
325.2
226.7
205.2

"British India
China and Hong
Dutch East IndiesJapan
Philippine Islands.
All other countries *Total

2

5

o
571
290
295
785
785
189*
58
54

January-Fer>
ruary

January

February

126

Exports

253

Imports
1
6,042

Exports

3,514

3,140
17,180

0

0

0

0

3,421

2,310

3* 11,039
82

654
1,630
3

3

1,451
1,743
742

666
1,743
553

226

168

93

44

1,499

5,196
11,744

6,694
11,744

740

1,176

1,916

1,620
209

1,236
206

2,756
415

7,002 23,637 45,981

20
208

338

52,983

23,975

i Figures represent customs valuations which, with some exceptions,
are at rate of $35 a fine ounce.
.
> Includes all movements of unrepotrted origin or destination.
Back figures—See table, p. 179, and Annual Report for 1934 (tables 46
and 47).

158

FEDERAL RESERVE BULLETIN

MABCH 1936

MEMBER BANK RESERVE BALANCES
[Average of daily figures. In millions of dollars]
Reserves held
Month or week

Total—all
member
banks

New York
City*

4,355
4,601
4,452
4,436
4,778
4,979
4,970
5,232
5,243
5,469
5,757
5,716
5,780

1,651
1,864
1,760
1,715
1,813
1,969
1,938
2,306
2,320
2,460
2,563
2,541
2,593

5,654
5,693
5,740
5,783
5,812
5,873
6,016
5,625
5,448
5,571
5,704
5,840
5,816
5,848

2,565
2,535
2,540
2,572
2,593
2,647
2,693
2,480
2,376
2,516
2,534
2,609
2,628
2,628

1935—January
February
March
April
May
Juno
July
August
September
October
November
December*
193G—January
Week ending (Friday)
1935—Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
193G-Jan. 3
Jan.10
Jan.17
Jan. 24
Jan. 31
,

Excess reserves
Other
reserve
cities

"Country"
banks

Total—all
member
banks *

New York
City*

1,837
1,826
1,787
1,831
2,031
2,092
2,072
1,989
2,023
2,101
2,253
2,239
2,209

867
911
905
890
935
918
960
937
900
908
941
935
978

2,035.2
2,236.6
2,064.7
2,025.6
2,296.9
2,437.6
2,385.2
2,635.8
2,628.0
2,819.7
3,061.2
2,982.7
3,032.7

715.9
898.9
779.0
723.0
797.5
915.3
867.6
1,214.2
1,177.3
1,308.8
1,392.7
1,350.4
1,395.4

907.7
886.7
842.3
878.4
1,038.4
1,079.0
1,037.5
956.4
979.5
1,035.2
1,162.1
1,133.1
1,090.4

411.6
451.0
443.5
424.3
461.0
443.4
480.1
465.3
471.2
475.7
506.4
499.2
547.0

2,188
2,217
2,253
2,275
2,287
2,279
2,334
2,234
2,167
2,120
2,201
2,248
2,208
2,226

901
941
947
936
931
947
990
911
905
935
969
984
981
994

2,985.0
3,014.0
3,054.0
3,074.0
3,083.0
3,135.0
3,281.0
2,881.0
2,715.0
2,826.0
2,964.0
3,083.0
3,046.0
3,074.0

1,414.1
1,378.9
1,380.3
1,399.8
1,403.2
1,446.9
1,493.8
1,286.9
1,202.3
1,326.8
1,350.7
l t 413.8
1,424.0
1,417.7

1,106.1
1,130.8
1,162.3
1,183.0
1,191.0
1,184.0
1,235.7
1,124.6
1,051.5
1,008.4
1,086.8
1,127.2
1,085.7
1,104.4

465.0
504.0
511.0
491.0
489.0
504.0
552.0
470.0
461.0
491.0
527.0
542.0
536.0
552.0

Other
reserve
cities

"Country"
banks»

i Central Reserve city banks only.
* Weekly figures of excess reserves of all member banks and of country banks are estimates.
For total reserves and estimated excess reserves of all member banks during the
following month, see tables on pp. 154 and 155.
;e following
Back figures.—See Annual Report for 1934 (table 67).
1

MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS
[Averages of daily figures. In millions of dollars]
Total deposits subject to reserve
Month or week

Total—
all
member
banks

1935—January...
February..
March

28,907
29,357
29,586

May
:::;
June
July
August
September...
October
November
December
1936—January
Week ending (Friday):
1935-Nov. 1
Nov. 8
Nov. 15
Nov. 22
,
Nov. 29
Dee. 6
Dec. 13
Dec. 20
Dec. 27
1936—Jan. 3
Jan. 10
Jan. 17
"
Jan. 24
Jan. 31

30,571
31,003
31,401
31,463
31,336
31,753
32,161
32,480
32,666

New
York
City»
7,694
7,926
8,050
8,145
8,318
8,565
8,702

Other "Counreserve
try"
cities banksi

9,272
9,382
9,503
9,644
9,688

11,933
12,063
12,148
12,260
12,647
12,814
12,979
12,968
13,072
13,311
13,559
13,719
13,900

9,403
9,428
9,522
9,656
9,723
9,711
9,660
9,510
9,634
9,593
9,675
9,725
9,772

13,470
13,518
13,559
13,565
13,597
13,586
13,630
13,746
13,830
13,823
13,861
13,918
13,932
13,931

9,280
9,387
9,477
9,606
9,624
9,720
9,599
8,992
9,061
9,095
9,117
9,077

Net demand deposits
Totalall
member!
banks t
18,993
19,361
19,554
19,768
20,377
21,295
21,311
21,179
21,464
21,872
22,200
22,254

New
York
City*

Other
reserve
cities

7,043
7,268
7,399
7,481
7,655
7,967
8,095
8,253
8,642
8,850
9,013
9,067

7,527
7,605
7,662
7,745
8,085
8,275
8,481
8,474
8,561
8,755
8,977
9,119
9,217

8,692
8,739
8,770

8,892
8,934
8,973

9,006
9,079
9,074
9,034
8,884
9,005
8,952
9,049
9,120
9,168

9,022
9,024
9,048
9,143
9,208
9,170
9,187
9,236
9,246
9,238

Time deposits
tal"Coun- T oall
try"
banks * member
banks
4,422
4,487
4,493
4,542
4,638
4,657
4,719
4,584
3,975
4,016
4,045
4,069

9,914
9,996
10,031
10,114
10,194
10,103
10,107
10,152
10,157
10,289
10,289
10,280
10,412

New
York
City 2

Other "Country"
reserve
banks *
cities

651
658
651
664
663
597
607
643
630
688
657
632
620

4,406
4,457
4,486
4,515
4,562
4,539
4,498
4,494
4,510
4,556
4,581
4,600
4,683

664
658
659
650
644
637
626
626
629
641
626
604
603

4,579
4,584
4,586
4,579
4,675
4,563
4,583
4,603
4,622
4,653
4,673
4,681
4,686
4,693

4,857
4,881
4,895
4,935
4,969
4,967
5,002
5,015
5,017
5,045
5,050
5,049
5,109

* Weekly figures are not reported.
* central Keserve city banks only.
i
NOTE.—The method of computing net demand deposits subject to reserve was changed by the Banking Act of 1935 approved Aug. **f

See BULLETIN for October 1935, p. 644.

Back figures.—See Annual Report for 1934 (table 67).




159

FEDERAL BESEEVE BULLETIN

MiBCB 1936

ALL BANKS IN THE UNITED STATES

[Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency]

LOANS AND INVESTMENTS
[In millions of dollars]
All banks

Member banks

Nonm ember banks
Mutual savings banks

Date
Total

Loans

Investments

Total

Investments

Loans

Total

Other nonmember banks

Loans

Investments

Total

< Loans

Investments

1931—Mar. 25
June 30
Sept. 29
Dec. 3 1 _

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 19,987
10,506
12,106
12,199 i 10,506
10,488
11,314

16,068
6,169
i 6,169
6,218

i 3,920
4,337
i 4,337
4,270

11,208
7,906
10,593
7,399
9,786 1 6,707
8,641
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
10,316
12,121 110,316
10,182
12,265

6,130
i 6,130
6,079

4,186
14,186
4,103

7,755 1 5,117
7,491
4,931
4,780
7,295

2,637
2,560
2,515

1933—June 30 3 Oct. 25«.__
Dec. 30 -

40,076

22,203

17,872

4,103

5,246

3,404

1,841

18,342

11,928
11,894
12,386

5,941

21,977

12,858
13,059
12,833

10,044

40,319

24,786
24,953
25,220

9,985

5,906

4,079

5,115

3,23S

1,877

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

*5,423

3,108

2,315

9,782

5,491

4,291

6,526

2,955

2,571

28,271
28,785
29,301
29,985

11,953
11,928
11,841
12,175

16,318
16,857
17,460
17,810

9,775
9,852

5,478
5,341

4,297
4,511

5,701
5,779

2,963
3,003

2,738
2,777

1934-Mar. 5*
June 30—
Oct. 17 3
Dec. 31
1935-Mar. 4
June 29. _
Nov. 13
Dec 31*.

42,602

21,278

21,224

43,468

20,474

22,984

43, 747
44,416

20,394
20,272

23,353
24,145

I Figures of preceding call carried forward,
ba i s 8 i n n m g J t m e 3 0 ' 1 9 3 3 ' a U ^mQS ( ° t n e r t n a n

for

mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember

* Nonmember bank figures n o t available.
* In connection with the increase over December 1933, see the headnote regarding private banks; also BULLETIN for July 1935, p. 486.
Back figures.—See Annual Report for 1934 (table 61).

NUMBER OF BANKS

DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
[In millions of dollars]

Nonmember
banks

Member banks
Nonmember banks

All banks Member
banks

Date

1931-Mar. 2 5 . . .
June 3 0 . .
Sept. 29...
Dec. 3 1 . . .
1932—June 3 0 . .
Sept. 30..;
Dec. 3 1 . . .
1933—June 30 *
Oct. 25*."
Dec. 30..]
1934-Mar. 5 K
June 3 0 . . .
Oct. 17 s
Dec. 31.",:
1935-Mar. 4.

51,427
51,782
49,152
45,821
41,963
41,942
41,643
37,998
38,505
41,870
"44,"77l'
44,455
45,766

{une29._.

Nov. 13
Dec. 31 K.

31,153
31,566
29,469
27,432
24,755
24,903
24,803
23,338
23,453
23,771

Date
Mutual
savings
banks
i 9,507
10,017
110,017
10,105
10,020
110,020
10,022
9,713

10,767
10,199
9,666
8,284

9,708

5,026

25,293
26,615
27,484
28,943
28,589
29,496
31,072
32,159

7,188
7,020
6,818
4,946

9,780

4 5,475

~9,~828
9,837
9,920

'"6,"000
6,029
6,350

de?n°Jf E «T^ rior J° D e c - 30» 1933 » member-bank figures include interbank
mmi on thaFdat? t 0 i m m e d i a t e withdrawal, which aggregated $103,Annual Report for 1934 (table 60).




Total

Other
nonmember banks

Total

1931—Mar. 25.-..
June 30..-.
Sept. 2 9 —
Dec. 3 1 —
1932—June 3 0 . . .
Sept. 30—
Dec. 3 1 — .
1933—June 30 K.
Oct. 25 3 . .
Dec. 3 0 . . .
1934—Mar. 5 3 . .
June 3 0 . . .
Oct. 17 3 . .
Dec. 3 1 —
1935—Mar. 4 . . . .
June 2 9 . . .
Nov. 1 3 _ .
Dec. 3 1 3 . .

22,372
21,903
21,294
19,966
19,046
18,794
18,390
14,519
15,011
15,835
16,042
16,024
15,994

7,928
7,782
7,599
7,246
6,980
6,904
6,816
6,606
5,818
6,011
6,206
6,375
6,433
6,442
6,422
6,410
6,400
6,387

National

6,930
6,800
6,653
6,368
6,145
6,080
6,011
4,897
5,052
5,154

5,288
5,417
5,461
5,462
5,446
5,425
5,403
5,386

Other
Mutual nonState savings m e m ber
banks
banks

982
946
878
835
824
805
709
766
857
918
953
972
980
976
985
997
1,001

For footnotes see table above.
Back figures.—See Annual Report for 1934 (table 60).

1603
600
1600
597
594
1594
594
576

13,841
13,521
13,095
12,123
11,472
11,296
10,980

679

8,421

578

8,882

579
579
671

9,021
9,023
9,013

8,337

160

FEDERAL RESERVE BULLETIN

ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Investments

Open-market loans

Loans to customers (except banks)

Purchased paper
Call date

Total
loans
and
Investments

Total

27,469
24,786
24,953
25,220
26,548
27,175
27,559
28,150
28,271
28,785
29,301
29,985

13,905
11,337
11,523
11,315
11,093
10,804
10,782
10,609
10,420
10,369
10,465
10,548

7,327
7,133
6.971
6,995
7,351
7,666
7,545
7,761
7,783
8,303
8,167
8,418

2,621
2,297
2,436
2,395
2,321
2,202
2,294
2,202
2,198
2,146
2,185
2,196

10,535
9,780
9,951
10,157
10,816
11,054
11,367
11,609
11,739
11,743
12,313
12,647

5,879
4,846
4,912
4,797
4,669
4,586
4,562
4,459
4,436
4,425
4,522
4,599

9,607
7,873
8,031
8,068
8,381
8,456
8,649
8,780
8,749
8,739
8,821
8,919

5,405
4,194
4,175
4,123
4,103
4,016
3,926
3,849
3,786
3,798
3,758
3,754

Re- OtherbroTo
port- wise Loans
kers others
to
ing
Heal
seAcouton estate banks' cured banks ceptside securiand
Bills
loans own
ances
New
accept- unseYork ties
pay- payances cured
able
Cityi
able in abroad
United
States

Loans
to
broin Total
Com* kers
New
mer- York
cial City»
paper
bought

U. S. Government obligations
Other
securl
Fully ties
Direct guaranteed

1OTAL—ALL MEMBER BANES

1932—Dec. 31
1933-June30»....
Oct. 25
Dec. 30
1034—Mar. 6_
June 30
Oct. 17

Dec. 31
1935-Mar. 4
June 29
Nov. 1
Dec. 31

241
165
178
166
164
208
167
187
184
192
179
196

4,608
3,752
3,631
3,606
3,480
3,309
3,158
3,110
3,031
2,931
2,885
2,893

2,862
2,372
2,364
2,359
2,382
2,357
2,297
2,273
2,250
2,277
2,279
2,284

225
192
257
213
250
210
229
232
207
135
159
169

5,970
4,857
5,092
4,972
4,817
4,721
4,932
4,708
4,748
4,834
4,963
5,006

444
330
297
287
225
153
149
155
133
119
94

375
291
303
223
350
264
276
256
235
201.
164
181

1,186
1,044
985
989
938
882
826
820
805
783
775
793

160
157
149
148
156
156
150
139
139
138
136
140

148
120
179
130
171
144
159
164
145
82
101
107

1,066
937
1,075
1,084
1,009
965
1,108
1,024
1,054
1,085
1,114
1,096

216
162
143
146
112
68
66
63
52
48
35
42

224
233
170
276
225
232
210
203
183
135
158

178
129
12Q
103
79
53
55
65
56
50
40

93
87
164
132
157
200
253
232
255
247
260
272

357
788
748
840
855
1,082
802
843
875
975
841
1,047

.12,265
11,928
11,891
12,388
13,842
14,652
15,267
16,122
16,318
16,857
17,460
17,810

a, 540
6,887
6,801
7,254
8,667
9,137
9,186
9,906
9,821
9,871
1O,OSO
10,501

337
720
624
706
687
883
631
662
678
930
828
1,018

3,789
3,709
3,501
3,542
3,932
4,265
4,300
4,602
4,628
4,9S3
4,908
4,985

2,603
2,551
2,320
2,362
2,768
3,053
2,954
3,246
3,200
3,462
3,340
3,425

12
58
100
112
138
154
123
131
134
26
10
22

4,362
4,621
4,645
5,000
5,763
6,104
6,423
6,764
6,933
7,093
7,589
7,824

2,462
2,867
2,889
3,209
3,954
4,102
4,240
4,551
4,601
4,478
4,865
5,136

4,114
3,598
3,748
3,845
4,148
4,283
4,545
4,756
4,757
4,780
4,903
5,002

1,474
1,469
1,592
1,683
1,946
1,982
1,992
2,108
2,020
1,931
1,874
1,940

181
*276
709
9S9
1,200
1,558
1,764
1,768

5,726
5,041
5,093
5,132
4,995
»5,239
5,372
5,227
6,298
5,427
5,616
5,541

H I W YORK cny *

1932—Dec. 31
1933—June 30 >
Oct. 25
Dec, 30
1934-Mar. 5
June 30
Oct. 17
Dec. 31
1935-Mar. 4
June 29
Nov. 1
Dec. 31

,

105
»157
237
278
405
401

1,186
1,158
1,181
1,179
1,059
»1,056
1,109
1,078
1,131
1174
1,223
1,159

OTHER RESERVE
CITIES
1932—Dec. 31
1933—June 30 *
Oct. 25
,
D e c . 30
1934—Mar. 5
J u n e 30
Oct. 17.
D e c . 31
193J5—Mar. 4 . . . . . . .
J u n e 29
Nov. 1
D e e . 31

164
111
117
106
101
138
102
118
113
120
107
123

2,005
1,500
1,542
1,524
1,465
1,388
1,319
1,294
1,261
1,216
1,209
1,206

1,398
1,160
1,144
1,151
1,158
1,145
1,120
1,108
1,093
1,120
1,117
1,109

2,237
1,915
2,033
1,937
1,870
1,853
1,956
1,873
1,909
1,917
2,034
2,100

1,417
1,117
1,104
1,092
1,077
1,039
1,012
996
966
932
902
894

1,304
1,055
1,070
1,061
1,068
1,056
1,026
1,026
i,ei8

2,667
2,005
1,984
1,952
1,937
1,903
1,868
1,810
1,785
1,831
1,815
1,810

46
51
91
78
89
115
151
135
142
126
124
132

75
3 94
257
356
453
658
751
744

1,900
1764
1,757
1,790
1734
»1,808
1,926

I

1,944

COUNTRY BANKS

1932—Dec. 31
1933—June 30 *
Oct. 25
Dec. 30
1934-Mar. 5
June 30
Oct. 17.
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31

,

1,020
1,026
1,035

i Loans (
1

_

28
27
46
34
64
72
95
92
109
116
132
135

2,640
2,129
2 166
% 162

• 25 5 21376
215 2,337
355 2,293
448 2,289
553 2,296
609 2,419
623 2,439

_

B e g i n n i n g J u n e 30,1933, figures r e l a t e t o licensed banYs onfy.

i c 4 a l 1 ™ u d S -OtteVecSito.- W n e r S ' L O a n

CorporatIon b o n d s

.

**»nteed by the United States Government as to both Interest and

4
Central Reserve city banks.
Back figures.-See BULLETIN for November 1935, pp. 722 and 723, or reprint, which may be obtained from Division of Research and Statistics.




161

FEDERAL RESERVE BULIiETIN

MlBCH 1930

ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]
Demand deposits
ReBalserves
with Cash ances
with
Feddoin
eral vault
mesRetic
serve
banks 1
banks

Call date

Time deposits

Cash
items
Interbank
Interbank
Certi- IndiIndireportfied
Devidvided as
and
mand
Unituals,
uals,
in
offied
part- depospartprocPub- tal
its adStates Pub- cers'
nerneress
Dolic [checks, ships, justed Do- For- lic
sav- ships,
For- Gov- funds
of col- mesmes- eign funds ings corcash
erncoreign
lectic
tic
letters poraporation a banks banks ment
janks banks
of
tions,
ions,
credit, etc.
etc.
etc.*

Borrowings

TOTAL—ALL MEMBER BANKp

1932—Dec. 31
1933—June 30 »
Oct. 25
Dec. 30
1934-Mar.5
June 30
Oct. 17
Dec. 31__..__.
1935-Mar.4
June 29
Nov. 1
Dec. 31

2,511
2,235
2,651
2,678
3,148
3,819
3,976
4,082
4,518
4,933
5,662
5,573

423
405
447
471
486
473
550
609
534
537
541
665

,799
,861
2,091
2,251
2,139

422
657
465
378
549
372
590
838
741
417
686
832

12,273
11,830
11,873
12,109
12,252
13,349
14,449
14,951
14,872
16,206
17,327
18,035

12,691
12,089
12,384
12,674
13,066
14,261
15,312
15,686
15,999
17,530
18,509
18,801

9,411
^,803
\971
',957
8,258
8,763
8,916
9,020
9,203
9,462
9,671
9,680

547
191
183
143
91
35
24
13
17
9
9
6

173
332
379
422
843
802
559
792
572
369
219
224

96
71
141
109
167
201
229
190
354
468
323

177
461
299
167
368
154
360
540
500
149
413
624

4,540
4,676
4,513
4,494
4,422
4,894
5,107
5,370
5,329
5,924
6,104
6,479

4,319
4,358
4,330
4,325
4,268
4,800
5,001
5,069
5,209
5,979
6,112
6,193

843
671
6S0
620
600
649
623
591
595
567
680
591

13
8
31
5

3,882
3,299
3,339
3,364
3,495
3,727
3,793
3,875
3,985
4,139
4,163
4,210

115
16
21
16
8

4,686
3,833
3,953
3,973
4,163
4,3SS
4,500
4,554
4,623
4,756
4,824
4,879

418
167
136
123
S3
35
17
13
14
0
8
6

2,416
2,008
1,917
2,031
2,376
2,760
2,929
3,149
3,386
3,396
3,760
3,776

1,122

1,485
1,060
1,132
1,159
1,057
1,407
1,903
1,475
1,183
1,756
2,255

3,609
3,057
2,990
3,139
3,676
4,070
4,466
4,569
5,095
4,978
5,558
5,696

145
117
129
173
155
136
147
169
273
361
444

475
806
918
967
1,790
1,658
1,143
1,636
1,270
779
650
844

115
101
90
93
91
97
84
103
86
133
109
111

491
874
553
476
631
415
666
1,009
810
447
873
1,133

1,562
1,255
1,215
1,200
1,402
1,591
1,689
1,798
2,047
1,983
2,203
2,338

216
127
100
112
154
135
116
126
147
248
327
410

1,119
1,087
1,106
1,320
,425

NEW YOEK CITY •

1932—Dec. 31
1,132
1933-June30*
846
Oct. 25
968
Dec. 30
903
1934—Mar. 5 . . . _ .. 1,170
June 30
1,417
Oct. 17.
1,443
Dec. 31.
1,576
1935-Mar.4
1,856
June 29.
„ 1,935
Nov. 1
2,590
Dec. 3 1 . . . .
2,541
OTHER RESERVE
CITIES

1932—Dec. 31.
1933—June 30«
Oct. 25..
Dec. 30
1934-Mar.5__
June 30
Oct. 17..
Dec. 311
1935-Mar.4_.
June 29.
Nov. 1
Dec. 31_

931
937
1,154
1,202
1,293
1,633
1,685
1,683
1,746
2,079
2,172
2,105

144
156
172
198
189
194
228
247
231
250
251
295

1,534
1,205
1,142
1,169
1,333
1,559
1,590
1,750
1,873
1,856
2,038
1,989

467
462
389
484
393
463
552
627
502
544
662
887

1,782
1,575
1,545
1,685
1,993
2,178
2,431
2,430
2,684
2,649
2,955
2,943

356
425
434
766
682
458
666
546
319
335
483

411
437
455
557
613
700
692
767
826
872
889
915

154
124
98
126
107
132
132
193
151
164
167
231

4,745
4,578
4,727
4,822
4,823
5,305
5,871
5,992
5,901
6,522
7,128
7,302

4,843
4,677
4,892
5,021
5,150
5,670
6,143
6,324
6,376
7,013
7,623
7,562

448
452
529
573
685
769
848
822
916
920
900
927

232
203
232
225
230
216
258
275
246
236
237
305

767
702
685
769
951
1,105
1,257
1,296
1,427
1,406
1,613
1,676

164
149
118
172
135
174
189
207
163
192
221
235

263
228
230
254
281
300
345
340
364
347
399
415

72
116
114
111
181
174
125
178
152
90
95
137

615
555
579
622
702
731
787
804
845
865
895
901

90
72
68
85
74
85
98
106
90
104
106
127

2,988
2,576
2,633
2,793
3,007
3,150
3,472
3,589
3,642
3,761
4,095
4,254

3,530
3,054
3,162
3,328
3,648
3,792
4,168
4,292
4,414
4,538
4,875
5,047

COUNTRY BANKS
}932-pec.31
1933-^June 30'

Oct. 25 1111

June 30.
Oct. 17
Dec. 31
M4
ar.4_
June 29
Nov. 1
Dec. 31.

104
86
87
83
87
87
87
84
75
76
78
83

279
235
293
300
301
256
210
210
188
162
140
136

' Prior to Dec. 31,1935, excludes balances with private banks to the extent that such balances were reported in "Other assets." * | § ™ £ « S g ^
with Oct. 25,1933, have been revised In this BULLETIN to include time balances with domestic banks which on that date amounted to $69,000,UUU
^
M
^
PriortoDec.31,imincIudescashItemson
Sae^d"^^

"Due to Federal Reserve banks (deferred credits)" ptior to D e c 31,

* Demand deposits other than Interbank and XJ. 8. Government, less cash Items reported as In process of collection and, prior to Dec. 31,1935,
less cash items reported on hand but not In process of collection.
• Beginning j U n e 1933 figures relate to licensed banks only.
•Central reserve city banks.
<
, .
o
3 * * A m w . - S e e BULLETIN for November 1935, p p . 724-726, or reprint, which may be obtained from Division of Research and Statistics.
51220—36




4

162

FEDERAL BESERVE BULLETIN

MAECH ]

REPORTING MEMBER BANKS IN 101 LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
Open-market
loans

Loans to customers (except banks)

Date or month

Total
loans
and
investments

Total

19,514
20,355
20,510
20,769
20,928
21,053
20,518
20,521
20,970
20,939
20,895
20,834
20,913
20,969
20,995
21,023
21,082
21,100
21,006

6,752
6,751
6,770
6,824
6,723
6,659
6,820
6,815
6,843
6,814
6,831
6,743
6,749
6,716
6,681
6,666
6,663
6,662
6,646

7,366
7,734
7,828
7,921
7,937
8,061
7,856
7,883
7,993
7,955
7,917
7,900
7,906
7,940
8,000
8,028
8,072
8,094
8,048

2,129
2,096
2,092
2,095
2,036
2,025
2,097
2,099
2,107
2,083
2,090
2,041
2,044
2,035
2,025
2,020
2,020
2,029
2,031

12,148
12,621
12,682
12,848
12,991
12,992
12,662
12,638
12,977
12,984
12,978
12,934
13,007
13,029
12,995
12,995
13,010
13,006
12,958

4,623
4,655
4,678
4,729
4,687
4,634
4,723
4,716
4,736
4,731
4,741
4,702
4,705
4,681
4,656
4,646
4,643
4,633
4,615

AcTo
Loans ceptbroto
To
Other
ances
kers others Real- loans banks and
out- on se- estate
to
comside
loans customerNew curities
mers
cial
York
paper
Cltyi
bought

Investments

Loans
to bro-|
kers in Total
New
York
Cityi

Reserves
Bal*
with Cash ances
Fedwith
in
eral vault domesOther Retic
securi- serve
banks*
Fully ties banks
Direct . guaranteed
U. S. Government obligations

TOTAL—101 CITIES

1935—February...
October
November..
December...
1936—January
February.._
1935—Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31
1936—Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 12
_
Feb. 19
Feb. 26
NEW

171
159
161
174
176
174
170
169
177
171
183
175
180
178
171
174
175
178
171

2,220
2,078
2,081
2,107
2,071
2,056
2,094
2,102
2,118
2,111
2,111
2,079
2,074
2,066
2,064
2,064
2,054
2,057
2,048

1,126
1,146
1,141
1,139
1,142
1,143
1,141
1,140
1,138
1,140
1,136
1,137
1,145
1,143
1,142
1,140
1,138
1,146
1,146

3,235

7,791
8,156
8,291
8,433

119
85
102
81
70
69
98
74
79
76
76
78
71
67
65
70
70
69
66

438
327
338
358
364
352
356
357
357
356
362
366
366
367
360
353
354
351
349

715
800
820
921
923
901
882
915
909
918
980
937
939
923
893
888
908

11,490
12,392
12,480
12,585
12,848
13,072
12,362
12,360
12,782
12,775
12,646
12,710
12,788
12,896
12,896
13,046
13,087
13,109
13,047

8,708
8,221
8,216
8,643
8,616
8,468
8,516
8,576
8,651
8,655
8,701
8,717
8,726
8,6£0

131 [,159
123 [,194
123 [,183
125 .,166
128 1,119
130 1,100
124 [,180
124 ,172
124 ,167
128 ,150
127 ,161
127 ,121
128 ,127
128 ,118
127 ,111
127 ,102
127 ,101
134 1,095
134 1,100

556
779
800
897
895
873
860
891
886
895
955
909
912
893
866
860
882
882

31

225
140
155
171
173
161
170
170
169
170
174
175
174
173
168
162
163
160
160

4,396
4,676
4,718
4,712
4,799
4,969
4,667
4,684
4,786
4,765
4,656
4,733
4,740
4,808
4,913
4,953
4,974
4,990
4,957

3,111
3,225
3,313
3,320
3,346
3,430
3,276
3,289
3,415
3,378
3,243
3,315
3,311
3,368
3,391
3,422
3,430
3,438
3431

2,076
2,174
2,204
2,238
2,215
2,186
2,235
2,232
2,243
2,242
2,240
2,231
2,223
2,211
2,193
2,186
2,195
2,186
2,181

59
42
39
35
36
36
36
35
34
34
34
36
35
36
37
37
37
36
35

213
187
183
187
191
191
186
187
188
186
188
191
192
194
192
191
191
191
189

159
21
20
24
28
28
22
24
23
23
25
28
27
30
27
28
26
27
29

7,094
7,716
7,762
7,873
8,049
8,103
7,695
7,676
7,996
8,010
7,990
7,977
8,048
8,088
8,083
8,093
8,113
8,119
8,090

4,680
4,931
4,978
5,113
5,253
5,278
4,945
4,927
5,228
5,238
5,225
5,201
5,265
5,283
5,264
5,279
5,287
5,288
5,259

3,387
3,404
3,334
3,286
3,415
3,404
3,410
3,392
3,401
3,352
3,350
3,304
3,2S8
3,296
3,281
3,281

705
1,114
1,138
1,131
1,155
1,194
1,134
1,136
1,129
1,131
1,126
1,135
1,149
1,162
1,172
1,179
1,197
1,197
1,201

2,994
3,122
3,051
3,021
3,094
3,170
3,007
3,008
3,010
3,028
3,052
3,059
3,063
3,083
3,166
3,173
3,186
3,156

3,655
4,435
4,715
4,694
4,773
4,782
4,894
5,024
4,492
4,466
4,597
4,707
4,778
4,764
4,843
4,825
4,741
4,772
4,788

280
375
378
379
399
434
374
377
376
387
395
401
413
420
434
436
444

1,005
1,076
1,027
1,013
1,054
1,105
1,017
1,018
995
1,005
1,030
1,031
1,034
1,039
1,109
1,111
1,110
1,116
1,082

1,792
2,341
2,424
2,430
2,498
2,484
2,565
2,610
2,265
2,264
2,446
2,431
2,490
2,509
2,561
2,487
2,418
2,498
2,533

425
739
760
752
756
760
760
759
753
749
743
748
754
761
759
759
763
761
757

2,046
2,024
2,008
2,040
2,065
1,990
1,990
2,015
2,023
2,022
2,028
2,029
2,044
2,060
2,055
2,063
2,070
2,074

1,863
2,094
2,291
2,264
2,275
2,298
2,329
2,414
2,227
2,202
2,151
2,276
2,288
2,255
2,282
2,338
2,323
2,274
2,255

310
339
354
376
354
356
361
379
387
386
369
370
346
347
353
339
357
359
371

2,052
2,253
2,326
2,312
2,336
2,335
2,370
2,342
2,293
2,246
2,308
2,284
2,366
2,328
2,366
2,332
2,306
2,334
2,368

YORK CITY

1935-February...
October
November...
December,...
1936—January
February...
1935—Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31
1936—Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 12
Feb. 19
Feb. 26

781
721
727
745
730
734
734
744
757
746
743
735
730
728
729
731
731
738
736

72
83
81
82
76
79
87
80
88
79
77
77
78
75
75
81
80
80
77

OUTSIDE N E W YORK
CITY

1935—February
October
November-__
December
1936—January
February
1935—Dec. 4,_._
Dec. 11.._
Dec. 18...
Dec. 24...
Dec. 3L__
1936-Jan. 8
Jan.15
Jan. 22
Jan. 29....
Feb. 5
Feb. 12...
Feb. 19....
Feb. 2 5 . . .

113
101
102
115
117
113
111
110
118
112
124
117
121
117
113
114
114
116
110

1,439
1,357
1,354
1,362
1,341
1,322
1,360
1,358
1,361
1,365
1,368
1,344
1,344
1,338
1,335
1,333
1,323
1,319
1,312

995
1,023
1,018
1,014
1,014
1,013
1,017
1,016
1,014
1,012
1,009
1,010
1,017
1,015
1,015
1,013
1,011
1,012
1,012

257
285
295
316
301
305
304
323
312
314
293
295
300
289
317

2,170
2,245
2,230
2,260
2,256
2,283
2,262
2,205
2,167
•2,231
2,207
%W
2,253
2,291
2,251
2,226
2,254
2,291

* Revised.
i Loans (secured by stocks and bonds) to brokers and dealers in securities.
»Includes reporting banks' own acceptances.
.
- p ^ 31,
* Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on u**1935, was approximately $38,000,000 at all weekly reporting member banks.
For other figures and note, see next page.




MARCH

163

FEDEHAL EESEEVE BULLETIN

1936

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
[Monthly data are averages of weekly figures. In millions of dollars]

Date or month

Gash
items
report*
Other
edas
in proc- assets
ess of
collection i

Demand deposits

Total

Time deposits

DeInterbank
mand
Interbank
United CertideposStates
fied
its—adOther
Total Domes- Foreign Govern- checks,
usted i DoFor- Other
liabiltic
ment
etc.
mestic eign
banks
ities
banks
banks banks

Borrowings

ther Japiiabil- talacties
ount

TOTAL—101 CITIES

1935—February
October.
November
December
1936—January
February
1935-De*. 4.___
Dec. 11
Dec. 18
Dec. 24
Dec. 31
1936—Jan. 8
Jan.15_
Jan. 22
Jan. 29
Feb. 5 Feb.12
Feb. 19
Feb. 26

1,151
1,218
.1,343
1,429
1,335
1,277
1,223
1,295
1,439
1,317
1,872
1,271
1,536
1,331
1,203
1,156
1,398
1,260
1,295

1,546 28,228
1,374 29,974
1,387 30,635
1,403 30,983
1,330 31,056
1,337 31,140
1,421 30,787
1,422 30,983
1,386 30,967
1,390 30,744
1,395 31,436
1,316 30,782
1,337 31,276
1,331 31,070
1,336 31,096
1,327 31,002
1,337 31,221
1,333 31,158
1,351 31,179

4,661
5,125
5,282
5,268
5,485
5,512
5,389
5,338
5,219
5,171
5,222
5,409
5,518
5,526
5,486
5,516
5,480
5,524
5,527

172
351
385
438
427
397
440
438
436
436
440
424
432
427
424
406

11,666
13,359
13,779
13,904
13,824
14,064
13,911
14,092
13,843
13,785
13,887
13,673
13,770
13,836
14,017
13,991
14,061
14,112
14,090

391

1,197
633
519
609
654
545
482
452
705
705
701
702
699
611
604
598
547
524
510

460
453
484
556
537
493
522
476
562
493
727
553
594
532
471
435
535
519
482

12,355
14,124
14,638
14,776
14,622
14,848
14,612
14,911
14,720
14,609
15,032
14,391
14,712
14,635
14,749
14,712
14,924
14,853
14,903

152
322
354
403
398
368
407
401
399
401
408
395
403
397
397
376
370
364
361

601
247
184
182
180
143
167
152
196
197
198
197
197
162
162
161
144
137
131

315
294
308
355
348
317
321

4,861
5,161
5,629
5,941
5,766
6,146
5,818
6,217
5,779
6,101
6,295 5,985
5,812
6,113
6,293 5,920
5,767
6,177
5,769
6,108
6,394 fi,822
3 5,980 > 5,704
5,719
6,115
6,099 5,785
5,907
6,211
5,935
6,340 5,957
6,028
6,312
6,020
6,318

596
386
335
427
474
402
315

145
159
176
201
189
176
201
187
193
178
244
194
196
191
177
164
196
174
16S

128
119
118
120
135
135
116
120
117
118
123
135
135
134
135
135
135
135
135

4,875
4,917
4,883
4,872
4,892
4,893
4,843
4,856
4,868
4,883
4,911
4,889
4,898
4,892
4,888
4,892
4,889
4,889
4,900

882
750
807
821
796
807
852
866
818
804
765
773
783
799
829
799
803
808
820

3,482
3,496
3,514
3,518
3,503
3,505
3,527
3,522
3,519
3,518
3,506
3,501
3,600
3,506
3,605
3,603
3,504
3,607
3,504

611
619
586
569
540
537
575
572
563
568
566
544
543
541
535
537
532
537
542

281
287
325
332
314
312
356
354
325
313
313
310
309
313
326
301
305
315
327

1,453
1,450
1,468
1,459
1,462
1,463
1,462
1,458
1,458
1,468
1,458
1,460
1,461
1,463
1,464
1,462
1,463
1,464
1,464

601
463
482
489
482
495
496
512
493
491
452
463
474
486
503
498
498
493
493

2,024
2,046
2,056
2,059
2,041
2,042
2,065
2,064
2,061
2,060
2,048
2,041
2,039
2,043
2.041
2,041
2,041
2,043
2,040

NEW YORK CITY

1935—February
October
November
December
1936—January
February
1935-Dec. 4_I
Dec. 11
Dec. 18
__.
Dec. 24
Dec. 31
1936-Jan. 8.._
Jan. 15
Jan. 22. _ .
Jan. 29
Feb.5
Feb. 12
Feb.19
Feb. 26

616
606
688
754
670
627
622
662
779
654
1,055
635
794
655
598
545
722
629
612

637
478
488
483
472
472
503
493
476
472
471
463
478
473
473
469
472
471
475

1,948
10,536
11,296 2,133
11,568 2,203
11,730 2,210
11,706 2,359
11,774 2,336
11,690 2,286
11,787 2,265
11,662 2,173
11,487 2,125
2,200
12,023
11,562 s 2,314
11,799 2,370
11,704 2,383
11,760 2,368
11,660 2,340
11,816 2,320
11,822 2,345
2,339
11,799

535
612
655
675
665
650
601
633
660
663
817
636
742
676
605
611
676
631

909
896
899
920
858
865
918
929
910
918
924
R53
859
8.58
863
858
865
862
876

17,692
18,678
19,067
19,253
19,350
19,366
19,097
19,196
19,305
19,257
19,413
19,220
19,477
19,366
19,336
19,342
19,405
19,336
19,380

315
483
359
398
341
294
271
339
345
314

OUTSIDE N E W YORK
CITY

1935-February...
October.
November
December
1(VM
1936—January
February
)ec4
ec.4__.
Dec. 11
Dec. 18._
Dec. 24._
Dee. 31
1936-Jan. 8
Jan. 15
Jan. 22.
Jan. 29..
Feb. 5
Feb. 12
Feb. 19
Feb. 26.
l

2,713
2,992
3,079
3,058
3,126
3,176
3,103
3,073
3,046
3,046
3,022
3,095
3,148
3,143
3,118
3,176
3,160
3,179
3,188

608
503
505
502
449
442
437
403
387
379

7,194
8,183
8,492
8,559
8,521
8,553
8,499
8,618
8.543
8,501
8,638
8,411
8,597
8,536
8,538
8,503
8,584
8,541
8,585

6,805
7,730
8,013
8,086
8,045
8,079
8,099
8,172
8.076
8,016
8,065
8,051
8,051
8,110
8,056
8,104
8,084
8,070

127
119
118
120
135
135
116
120
117
118
128
135
135
134
135
135
135
135
135

4,264
4,298
4,297
4,303
4,352
4,356
4,"""
4,284
4,305
4,315
4,345
4,345
4,355
4,351
4,353
4,355
4,35:
4,352
4,358

Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount
^ Z S ^ ^ ^ ^ S ^ S X ^ ^ L T s . Government. less cash items reported as in process of collection and prior to 1936, less cash
«ems reported as on hand but not in process of collection.
Bee footnote 2 on p. 132 of BULLETIN for February 1936.
f a

ff




164

FEDERAL RESERVE BULLETIN

M A R C H 193U

ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS' BORROWINGS
BANKERS* ACCEPTANCES, BY HOLDEBS
ACCEPTANCES)

BANKERS' ACCEPTANCES. BY CLASSES (DOLLAR
ACCEPTANCES)

(DOLLAR

[In millions of dollars]

[In millions of dollars!
Held by Federal Reserve
banks
Total
outstanding

End of month

Held by accepting
banks

For
Held
acby
For count
others
own of for- Total Own . Bills
eign
acbills bough
count correspondents

1933-October..._
November.
December-*

737
758
764

592
599
442

271
273
223

321
326
219

112
138
1&0

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

771
750
685
613
569
534
516
520
539
562
661
543

567
581
576
536
507
480
472
483
503
516
617
497

255
266
262
220
222
222
223
245
252
243

312
315
324
299
281
260
250
261
280
271
265
254

95
108
81
70
59
63
42
37
35
45
44
46

1935—January
February...
March
April
May
June
July
August
September..
October..*..
November..
December

616
493
466
413
375
343
321
322
328
363
387
397

4S5
452
423
391
356
317
296
292
301
339
358
368

238
217
197
178
162
164
148
145
148
178
182
183

247
235
226
214
193
163
148
147
154
161
175
185

30
41
43
22
19
26
24
30
27
24
29
29

1936—January

3S4

353

181

172

31

.

•Less than $500,000.
Source: For acceptances outstanding (and held by accepting banks),
American Acceptance Council.
Backfigures.—-SeeAnnual Report for 1933 (table 100).

End of month

737
758
764

99
98
04

185
200
207

253
278
277

5
4
4

195
180
182

._

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

1935—January _. . _
February.. .
March
April
May.
June-. . . . . . .
July
August.—
September
October.
November
December. . - .

516
493
460
413
375
343
321
322
328
363
387
397

86
92
101
103
107
102
99
102
102
106
105
107

133
123
122
114
100
94
86
81
77
75
84
94

179
166
134
96
76
57
47
52
66
98
111
110

3
3
2
2
2
2
3
4
4
4
3
2

175
184
168
158
152
143
Ui
HI
137
133
127
119
114
109
106

1930—January

384

108

94

96

3

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

From private
From banks
and trust com- banks, brokers,
foreign banking
panies
agencies, etc.

End of month
1935

February.
March

J.

825
816
773

1936

925
924

1935
758
750
706

1936
891
888

1935
67
66
67

April
May

805
793
SOS

762
759
776

43
34
32

July

769
772
781

741
750
759

28
22
22

792
846
938

772
821
907

20
25
31

September.
November
December

—

Back figure—See Annual Report for 1934 (table 75).




1936
34
36

...

91
89
86
S3
82
84
84
84

Source: American Acceptance Council,
Backfigures.—SeeAnnual Report for 1933 (table 97).
COMMERCIAL PAPER OUTSTANDING»

BROKERS' BORROWINGS
[Net borrowings on demand and on time in New York City reported by
members of the New York Stock Exchange. In millions of dollars]

Total

Based Based
on on exi m - ports
Total
ports from
into U.S.
U.S.

Based
Based
on goods
on
goods
stored in
United
stored
States
in
(ware- Dollar foreign
house
ex* councredits) change tries or
or
shipped
shipped
bebetween
tween
domestic
foreign
points
points

[As reported by dealers. In millions of dollars]
End of month

1932

1933

1934

1935

January..
February.
March

108
103
106

85
84
72

108
117

171
177
182

April.
May...
June..,

108
111
103

84
60
73

117
142
151

177
173
159

July.
August
September...

100
108
110

97
107
123

168
188
192

164
177
183

October
November..
December..

113
110
81

130
133
109

188
178
166

180
178
172

1

Includes some finance company paper sold in the open market.

Back figures.—See Annual Report for 1934 (table 76).

178

165

FEDERAL RESERVE BULLETIN

MARCH 1936

FEDERAL RESERVE BANK RATES

OPEN-MARKET RATES

RATES ON REDISCOUNTS FOR AND ADVANCES TO
M E M B E R BANKS

SHORT-TERM RATES IN NEW YORK CITY
[Percent per annum]

Rediscounts and advances under sees. 13 and 13a of the
Federal Reserve Act
Federal Reserve bank

Rate In
effect beeffect on Inginning—
Mar. 1

Boston
New York
Philadelphia—
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas City...
Dallas
San Francisco..

2
IH
2
IH
2
2
2
2
2
2
2
2

Feb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.

Advances under sec.
10 (b) of the Federal Reserve Act

Previ- Rate in In effect beous effect on
rate Mar. 1 ginning—

8,1934
2,1934
17,1935
11,1935
9,1935
14,1935
19,1935
3,1935
14,1935
10,1935
8,1935
16,1934

Prime
Month or week commercial
paper,
4 to 6
months

Sept. 20,1935
Oct. 10,1935
Nov. 2,1935
Oct. 19,1935
1935
Sept. 23,1935
Sept. 14,1935 February
Sept. 20,1935 March
Oct. 3,1935 April
Oct.- 29,1935 May
Aug. 26,1935 June
Oct. 8,1935 July
2H
Sept. 20,1935 August
2H
2H
September
October
RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- November
UALS, PARTNERSHIPS, AND CORPORATIONS
December

Federal Reserve
bank

2H
2
2K
2
2H
2H

m
m

Discounts and advances
under par. 3 of sec. 13
of the Federal Reserve Act

Rate In
effect on
Mar. 1
Boston
New York
Philadelphia
Cleveland
Pichmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas...
San Francisco-

In effect beginning—

2
2H
2
2H
2X
2U
2H
2H
2H

m

Advances secured by
direct obligations of
the United States
(last paragraph of sec.
13 of the Federal Reserve Act)
Rate in
effect on
Mar. 1

6
6
6
5

Aug. 11,1932
Aug. 10,1932
Aug. 12,1932
July 24,1934
July 16,1934
Mar. 20,1934
5
Aug. 13,1932
6
5H July 10,1934
Aug. 10,1932
6
5 July 10,1934
Sept. 8,1932
6
Sept. 2,1932
6

In effect beginning—

Oct.
Feb.
Oct.
4
2H May
Feb.
4
Mar.
4
Oct.
4
Feb.
4
*H Apr.
3H May
Mar.
4
Oct.
4
4

20,1933
8,1934
20,1933
31,1935
19,1934
17,1934
16,1933
21,1935
15,1933
10,1935
12,1934
19,1933

Average rate Average rate of
on—
discount on—

Prevailing rate o n -

Prime Stock- Stock-ex- U. S. Treasury
change call
bills offered
ex
bankloans
within period l
ers' change
accept- time
ances, loans.
90
Ro- 182-day 273-day
90
days
bills
days New newal bills

H
U
H
H
H
¥*
H
H
H
H
H

H
H

H
H

H
H

H
H
H
H
H
H

l
t
JHL

H
M
H
H
H
H
]L

1[

.12
.10

1.00
1.00
.63
.25
.25
.25
.25
.25
.29
.75
.75

1.00
1.00
.64
.25
.25
.25
.25
.25
.29
.75
.75

.75
.75

.75
.75

.10
.08

.75
.75
.75
.75
.76
.75
.75
.76
.75
.75

.76
.75
.75
.75
.76
.75
.75
.75
.75
.75

.08
.11
.10
.00
.10
.10
.00
.03
.07
.06

0.17
.10
.17
.15
.13
.07
.10
.23
.20
.14
.OS

1936
January.
February

:—

Week ending:
Dec. 28
Jan. 4
Jan. U
Jan. 18
Jan. 25
Feb. 1
Feb.8
Feb. 15
Feb. 22
Feb. 29

H
H
H
H
U
H
H
H
H
H

H
H

n
H
H
H
H
H

]
]

i When no rate is shown no bills of the stated maturity were offered.
Backfigures*—-SeeAnnual Report for 1034 (tables 64 and 65).

RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates]

NOTE.—For rates on Industrial advances see p . 198.
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]

Maturity

B

Rate in
effect on
Mar.l

In effect beginning—




8 other northern
and eastern cities

27 southern and
western cities

1934

1935 1936

1934

1935 1936

1934

1935 1036

3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18

2.83
2.90
2.64
2.61
2.69
2.66
2.61
2.67
2.72
2.72
2,77
2.61

2.64
2.66

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
4.05
3.09
3.88
3.78
3.87
3.79
3.75
3.75
3.63
3.67

5.40
5.39
5.40
5.34
6.28
6.19
6.07
5.05
5.04
5.05
4.93
4.02

4.95
4.84
4.85
4.80
4.70
4.76
4.68
4.63
4.51
4.55
4.51
4.65

. Month

Previous
rate

January
February. March
1
Oct. 20,1933
April
1
do
May
1
do
June
1
do
July
1
do
August
do-September.
-do
October
November.
Higher rates may be December-

*ckfiouTe*.~-Bto Annual Report for 1934 (table 51).

New York City

3.62
3.63

Backfigure*.—SeeAnnual Report for 1034 (table 57).

4.47
4.51

166

FEDERAL RESERVE BULLETIN
BOND PRICES 1

MAECH 1936

STOCK PRICES i
Preferred Common stocks (index, 1926»100)
stocks
(indusIndus- Railtrial highgrade) a Total
trial
road Utility

Other bonds»
Year, month, or date
U.S.
Corporate
Year, month, or date Government
and
bonds* municipal
(high- Total
grade)

Corporate
Indus- Kail- Utility
trial road

8-14

<60

60

20

20

20

1933 average
1934 average
1935 average

102.2
103.4
106.3

84.0
96.7
102.3

73.4
84.5
88.6

69.2
81.9
88.2

70.5
83.8
79.4

80.6
87.8
98.2

1935—February
March..-.—-—
April
May
June
July..
August.
September
October
November
December

105. S
100.6
107.0
107.1
107.2
107.5
106.8
105.3
105.3
105.7
105.8

101.3
G9.9
100.0
101.2
102.2
104.2
104.2
103.1
101.9
103.5
104.5

87.4
84.5
85.5
87.1
88.3
89.2
89.9
90.4
89.8
91.1
92.5

86.7
85.2
85.9
87.3
87.3
83.5
89.0
89.4
89.8
90.8
91.0

82.0
74.7
75.0
76.5
79.3
78.8
79.6
80.6
78.4
79.8
83.1

93.4
93.6
95.5
97.4
98.4
100.2
100.9
101.0
101.0
102,7
103.1

1936— January., *
February

106.3
106.7

106.5
107. S

95.3
97.2

92.5
93.0

88.6
93.6

104.7
105.1

106.4
106.5
106.9
107.0

107.2
107.7
108.2
108.2

96.6
97.4
97.6
97.1

93.1
93.1
93.1
92.8

91.8
93.5
94.8
93.6

105.0
105.5
104.9
104.8

Number of issues

Feb.
Feb.
Feb.
Feb.

5
11
19
26

i Average prices. Monthly data are averages of daily or weekly figures.
* Average price of principal outstanding issues of Liberty and Treasury
bonds, now 14 Treasury bonds.
» Prices derived from average yields.
* 45 corporate and 15 municipal.
Source.—For U. S. Government bonds, Federal Reserve Bank of
New York; for other bonds, Standard Statistics Co.
Back figures.See Annual Report for 1934 (table 93).

BOND YIELDS 1

Year, month, or
date

U.S. MunicTreas- ipal a
ury* (highgrade)

Aa

Baa

A

Number of issues

7-11

15

30

30

30

30

1933 average
1934 average
1635 average

3.31
3.10
2.70

4.71
3.95
3.16

4.49
4.00
3.74

5.23
4.44
4.13

6.09
5.08
4.62

7.76
6.32
5.81

1935—February
March
April
May
June_-_
July
August
September-..
October
November...
December

2.73
2.69
2.64
2.61
2.61
2.59
2.66
2.78
2.77
2.73
2.73

3.39
3.27
3.25
3.27
3.25
2.95
2.87
3.08
3.16
3.02
2.97

3.72
3.71
3.72
3.74
3.72
3.70
3.77
3.80
3.79
3.75
3.72

4.14
4.15
4.19
4.18
4.18
4.15
4.15
4.11
4.10
4.03
3.97

4.69
4.72
4.75
4.66
4.62
4.54
4.57
4.56
4.57
4.53
4.44

5.97
6.22
6.14
5.99
5.86
5.77
5.69
5.62
5.63
5.50
5.37

1936—January
February

2.68
2.62

2.93
2.86

3.66
3.62

3.85
3.80

4.31
4.24

5.10
4.93

Feb.
Feb.
Feb.
Feb.

2.66
2.64
2.59
2.58

2.90
2.89
2.88
2.78

3,62
3.62
3.61
3.63

3.82
3.80
3.78
3.78

4.27
4.25
4.22
4.23

5
11
19
26

20_

421

1933 average..
1934 average..
1935 average..

104.8
120.7
133.8

~63~
73

1S35—February-_,
March
April
May
June-.
July
August
September.
October
November.,
December..

351

33

78

81
91

69
72

130.2
131.3
132.2
134.8
134.0
134.8
135.4
135.0
134.8
136.9
137.0

64
68
73
76
79
83
85
86
94
96

80
75
79
86
88
92
95
98
100
108
110

55
53
59
66
70
74
82

1936—January. _ February.

137.3
138.7

102
107

116
122

Feb.
Feb.
Feb.
Feb.

138.4
138.5
138.6
139.2

106
108
108
106

121
122
123
120

5
1L,._
19_._.
26—

91
92

103
106
101
101

i Monthly data are averages of daily or weekly figures.
* Average derived prices.
Source.—Standard Statistics Co.
Back figures.—See Annual Report for 1934 (table 93).

CAPITAL ISSUES
[Long-term; i. e., 1 year or more. I n millions of dollars]
New issues
Domestic
Year or month

Corporate, by ratings <
Aaa

Number of issues..

Total
(doCorporate
State
mestic
and
and
Total i mu- Bonds
fornicieign)
and Stocks
pal
notes

1926
6,314
1927 .
7,556
1928
8,040
1929
10,091
1930
6,909
3,089
1931
1932
1,194
1933
720
1934 .
1,386
1,438
1935...
1935~February._
50
March
108
April ..,
90
May
86
June—
58
July
134
August
152
September177
October
144
November.
116
December.
231
1936—January __.
122
February..
107

5,189
6,219
6,789
9,420
6,004
2,860
1,165
708
1,386
1,438
50
108
90
86
58
134
152
177
144
116
231
115
107

Refunding
issues
(doFor- mestic
eign and
foreign)

1,344 2,667 1,087 1,125
1,475 3,183 1,474 1,337
1,379 2,385 2,961 1,251
671
1,418 2,078 5,924
905
1,434 2,980 1,503
229
311
1,235 1,240
29
20
762
305
12
120
483
40
0
35
803
144
0
69
884
334
0
0
7
44
0
0
S
100
0
5"
17
64
0
6
39
41
0
0
14
44
0
28
27
79
0
29
36
0
42
132
0
3
70
56
0
3
30
82
0
19
48
124
7
4
61
50
10
4
89

1,046
2,220
1,858
1,422
711
949
538
344
826
3,284
46
180
413
384
454
510
284
259
217
261
226
287
195

4.98
4.94
i Includes publicly offered issues of Federal land banks, Federal_in4.90
__
4.91 ^termediate credit banks, Federal F a r m Mortgage Corporation, w*
Home Owners' Loan Corporation, not shown separately,
a Less than $500,000.
» Monthly data are averages of daily or weekly figures.
Sources.—For domestic issues, Commercial and Financial <
* Average, computed by Treasury Department, of yields of all outfor foreign issues (issues publicly offered) annual totals are as uu
standing Treasury bonds except those due or callable within 8 years.
reported by Department of Commerce, while monthly figures ^
» Standard Statistics Co.
< Moody's Investors' Service.
compiled currently and are subject to revision.
, nllflr teriy
Back figures.—Gee (for figures of new issues-annual and Q i ^
Back figures.—Bee Annual Report for 1934 (table 94).
basis) Annual Eeport for 1934 (table 92).




167

FEDERAL RESERVE BULLETIN

MARCH 1936

TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND O F SECURITY

MATURITIES

[In millions of dollars]

[In millions of dollars]

Interest bearing

III

End of period

Total

Bonds

Notes

Certif- Bills
icates

Interest-bearing debt outstanding Feb. 29,
1936

Noninterest
bearing

June 1932
June 1933
June 1934

19,487
22,539
27,053

19,161
22,158
26,480

14,250
14,223
16,510

1,465
4,780
6,932

2,831
2,200
1,635

616
954
1,404

326
381
573

1935
Febraary
March
April
May....
June
July....
August
September...
October
November...
December

28,526
28,824
28,669
28,639
28,701
29,123
29,033
29,421
29,462
29,634
30,557

27,969
28,043
27,766
27,738
27,645
27,923
27,956
28,432
28,380
28,617
29,596

16,247
16,238
15,394
15,157
14,936
14,576
14,715
14,300
13,998
14,008
14,672

9,582
9,567
10,236
10,471
10,501
11,065
11,036
11,929
11,929
11,957
12,274

161
160
158
157
156
254
252
251
250
249
247

1,979
2,079
1,978
1,953
2,053
2,028
1,952
1,952
2,204
2,404
2,404

557
782
904
901
1,056
1,200
1,076
989
1,081
1,017
961

1936
January
February

30,516
30,520

29,618
29,646

14,688
14, 714

12,272
12,270

254 -2,404
258 2,405

899
1874

1

Includes $490,000,000 of Government liability for retirement of
national
bank and Federal Reserve bank notes, as a result of deposit
i u i l d s b y b a n k s : this compares with $815,000,000 on July 31,1935,
and $309,000,000 on Feb. 28,1935.
of

Total

Bonds * Notes

Total
29,646
Obligations maturing:
Before Apr. 1,1936
652
Apr. 1-June 30,1936
1,896
July 1-Sept. 30, 1936.
1,579
Oct. 1-Dec. 31,1936
759
Jan. l-Mar. 31,1937.„.
429
1,320
Apr. 1-Dec. 31, 1937
1938
„
1,946
1939
2,762
1940
2,854
1941
834
1943
S9S
1945
1,401
1946
1,519
1947
1,697
1948
1,036
After 1948
7,011
Other obligations s
1,053

14,714

834
893
1,401
1,519
1,697
1,036
7,011
317

12,270

Certificates
258

2,405
652
651
701
401

1,245
878
358
429
1,320
1,946
2,762
2,854

478

Bills

258

* Issues classified as of date of final maturity; most issues callable at
earlier dates; postal-savings bonds only issues callable before 1940.
* Includes United States savings bonds and such issues as postalsavings bonds, retirement-fund notes, and adjusted-service-certificate
series, in which special funds are invested.

SUMMARY OF TREASURY OPERATIONS
f On basis of daily statement of United States Treasury. In millions of dollars]
General and special funds

Period
Total

Fiscal year ending June:
1933..
1934
1935
" " " " "
$ months ending:
February 1934....
February 1935.
^ . F e b r u a r y 1936.:i:
1935—February
March..
June
July
:
August
:::,
September
October..
November
1936—January _ _ 1
February":"^

Trust
accounts, Increase or decrease during
Expenditures *
Receipts
etc.*
Excess excess
period
of re- of receipts ceipts
Recovery and relief *
General *
<+)or (+)or
MiscelexIn- laneous
exAll
pendicome internal other * Total Interpendi- General
tures
Gross
est on All Total Relief Public All
tures
taxes
fund
works other*
public other
balance debt
debt

2,080
3,116
3,800

746
818
1,099

858
1,470
1,657

475
828
1,044

4,681
6,745
6,802

757
821

2,715 '1,277
1,984 4,004
2,327 3,655

1,844
2,342

1,886
2,262
2,348
214
601
228
246
464
279
299
421
235
234
434
228
218

358
467
633
28
326
29
23
254
23
24
231
30
19
228
35
43

1,078
1,245
109
189
116
137
138
165
219
143
153
142
153
138
132

542
717
470
77
86
83
•86
72
91
56
47
53
74
52
55
43

4,185
4,363
4,398
496
546
611
542
740
673
508
563
624
487
591
456
496

407
470
407
34
90
118
24
119
8
27
101
104
10
107
19
31

1,367
1,575
1,775
'213
169
213
181
197
318
193
217
234
216
237
197
164

2,411
2,317
2,216
'248
2S3
279
336
425
347
289
245
286
262
247
241
301

1,063
1,511
889
214
203
192
178
258
114
158
142
145
127
97
64
43

1

645
1,020
741
1,009
46
75
45
78
82
88

69
87
123
130
148
225
218

1,515
292
1,021
'65
318
r« 13
10
43
81
85
146
139
16
19
4
2
«49
40

-2,602
-3,630
-3,002

-5
+445
+835 +1,720
+613
-741

-2,300 +2,826 +4,040
-2,100
+127
-501
-2,050
+157
-75
-2S1
-8
—239
+55
+19
+3C5
-383
+21
-511
-296
+348
+22
-277
+99
-115
-394
-77
-52
-210
-314
-17
-143
+324
+78
-389
-325
+23
-253
+42
-39
-157
+8 +774
-228
+64 -205
-277
+37 -237

+3,052
+4,514
+1,648
+3,514

+M73

+1,819
+50
+291
-149
-30

+63
+419
-87
+389
+40
+172
+923
-41

+3

Includes processing taxes, customs, and miscellaneous receipts.
> Excludes public-debt retirement.
c K P r i o r t o J u J y !933, recovery and relief expenditures included only net expenditures of the Reconstruction Finance Corporation; other items
•subsequently
classified
as
recovery
and
relief
expenditures
were
included
in
general
expenditures.
.
4
Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and
expenditures of the Reconstruction Finance Corporation.
. .
, _ , _ , .
J.
' Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against
ment on eold
tfler t h a n
transactions
in
checking
accounts
of
certain special
l£2?
(°
for retirement of national-bank notes), and beginning June 1935,
6
f
Excess of credits.
Revised.
.governmental agencies whose balances were transferred on M a y 31,1935, to these accounts.




168

FEDERAL RESERVE BTJLIiETlN

MABCH 1936

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1936
(Compiled by U. 8. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds

ASSETS

Loans—total
Preferred stock, capital notes, and debentures..
Cash—total
..
Investments:
United States securities.
—
Obligations guaranteed by United States...
Other Investments .- Accounts and other receivables
.Kcal estate and other business properties
Other assets
Total assets other than Interagency

8,292
884
333

Total

2,152
881
102

1,354
878
2

3

297
3

163

41

93

6

18

9

3
19
99

455
214
884
266
169
257
11,757

26
19
122
63
158
27
3,550

40
1
3
2,277

Bonds, notes, and debentures:
Obligations guaranteed by United States...
All other
Other liabilities (including reserves)

4,601
2,123
300

253

253

60

28

(*)

Total liabilities other than interagency-_-

7,024

312

280

0)

8

8

2

333

Total

U. S.
Eegional Produc- Shipping
ComReconBoard
AgriculPublic
tion
struction modity Export- Works
Mertural
Other*
Finance Credit Import Adminis- Credit Credit
chant
CorporaCorpora- Corpora- banks
Fleet
Corpora- tions
tration
tion
tion
Corporations
tion

12

309

14
178

8

49

1

121

199
3

63
23
5

18
6
36

6
122
9

431

173

LIABILITIES

0)

3
3

13

0)
(0

13

15

•-:

Excess of assets over liabilities, exclusive of
intor-agency transactions.-^, . „
. . ..
Privately owned interests
U. 8. Government interests
Distribution of Government interests:
Capital stock
Surplus... . .
. . .
Interagency interest (net)....,... . .

4,734
344
4,390

3,238

1,997

309

11

178

46

121

160

416

3,238

1,997

309

11

178

46

121

160

416

6,620
360
. . . . -2,599

6,479
253
-2,494

500
120
1,377

3
4
302

»294

35
11

120
1

50
110

11
(*)

—116

• 4,466
-4,057

Financed partly from Government funds

Total*

Federal Federal
Farm
Federal interland
mediate Mortgage
credit
banks
banks Corporation

Banks
for
cooperatives

Home
loan
banks

Federal
Federal Federal
Home Savings
savings Deposit
and
Owners' Loan
Insurand
Loan
ance
loan
Corpo- InsurCorpoassoance
ration
ration
Corpo- ciations
ration

ASSETS

Loans—total
Preferred stock, capital notes, and debentures
Cash—total
I."
Investments:
United States securities
Obligations guaranteed by United States
Other investments
...
Accounts and other receivables
Keal estato and other business properties
Other assets
Total assets other than Interagency--

6,140
3
236

2,115

146

803

48

14

47

429
195
762
203
10
230
8,207

40
2

107
6
128
2,446

36
38
3

758
25

237

1,633

4,343
2,123
240
6,711

1,977
93
2,070

135
3
138

1,496
344
1,152

376
142
234

99

202

99

202

0)

47

103

13

12

47
43
3

8
11

155

134

3

...

2,924
3
64

38
297
(1)

64
4
23
3,082

ioi
2

1
(*)
103

(t)

71
71

7

347

LIABILITIES

Bonds, notes, and debentures:
Obligations guaranteed by United States
Other liabilities (Including reserves)
Total liabilities other than interagency
Excess of assets over liabilities, exclusive of Interagency transaction.
.
.
Privately owned interests
_
tT. S. Government Interests
Distribution of Government Interests:
Capital stock... . . . . . .
Surplus
Interagency interest ( n e t ) . .

1,151
107
-105

123
96
15

»Includes Interagency Interests held by the Treasury Departmitent.
* Less than $500,000.
i Nonstock (or includes nonstock proprietary Interests).




70
37
-8

1,399
32 •—(if"
1,430
(*)

200
2

155
3
152
139
5
8

9
9
125
27
98
97

*2,949
10 . . . . . . . . .
78
3,037
(*)

25

2
321
171

45

102

71

45

102

71 ~~

150

71

150

200
—33

100
2

•1 Includes also War Finance Corporation not shown separately.
Includes unissued bonds covering loans in process.

169

FEDERAL RESERVE BULLETIN

MiECH 1936

RECONSTRUCTION FINANCE CORPORATION
LOANS, PURCHASES, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds not yet
disbursed

Proceeds disbursed, less repayments
Jan. 31,
1935"

Sept. 30,
1035

Oct. 31,
1935

Nov. 30,
1935

Dec. 31,
1935

Jan. 31,
1936

Feb. 29,
1936 P

Dec 31,
1935

427,657
591,751
411,729
387,288
8,954
15,447
8,359
7,866
Insurance companies.
17,163
23,953
10,011
9,372
Mortgage-loan companies
132,346
155,871
131,771 131,394
Credit unions
330
367
329
330
Federal land banks
56,340
76,964
52,156
50,279
Joint stock land banks..
...
2,381
5,379
2,329
2,230
Agricultural credit corporations
866
863
853
768
Hegional agricultural credit corporations
Livestock credit corporations
1,024
1,312
901
931
Railroads (including receivers).
.412,903
379,464
412,810
412,795
State funds for insurance of public moneys
1,407
1,047
1,029
Fishing Industry
.
92
92
02
43
Processors or distributors for payment of processing taxes..
TotaL.
,251,413 1,061,465 1,032,390 1,004,374
Other loans:
sec. 201 (a) (in-

381,206
7,359
6,460
128,215

337,598
0,133
5,881
125,675
314
35,215
2,010
760

106,812
111
40
104,118

104,170
276
40
102,274

45,074
2,297
760

357,775
6,743
6,075
126,826
315
35,819
2,123
760

987
396,250
779
572

979
393,712
393
578

390,202
2f414
590

191
76

5,141
2,300
70

970,288

932,097

907,768

211,347

214,270

76,647

68,513

5,733
249,352
141

5,371
197,142

66,987

65,338
38,696
6,128
373
383

Jan. 31,
1933

LOANS AND PURCHASES

Loans under sec. 5 of the Reconstruction Finance
Corporation Act, as amended:

d

d

b

TotaL.
Purchases:
Preferred stock of banks.,

Total
Total loans and purchases.
For relief;

970

169,499

174,375

147,563

154,947

156,592

14,300
8,372
263,746
19,887

14,300
8,239
265,994
19,753

34

14,300
8,402
258,739
19,988
30,083
34,176
32,325
775
7,888

680

45,488
37,374845
595

14,027
8,219
267,541
17,726
30,083
50,025
40,055
932
1,235

14,027
7,967
297,091
17,590
29,983
51,790
43,686
887
1,217

14,027
7,883
297,449
16,748
29,983
51,853
46,488
872
1,201

71
254,308

105,225
681,394

102,562
687,581

115,238
712,284

154,001
731,408

743,874

777,337

641,991
242,362
100
10,000
854,601 894,453
!2,637,312

645,271
241,742
100
10.000

647,152
240,364
100
10,000

643,268
238,492
100
10,000
891,860

297,718
499,987
500,000

297.099
499,999
500,000

296,803
499,987
500,000

297,705

297.098

296,790

125,406
15,176
4,150
36,139
19,478
29,933
15,410
8,513

To

328

597,992
256,510
100

30,083
43,086
34,633

833

154,242

652,328
235,251
100
10,000
897,679
2,573,649

641,166
230,483

100
10,000
881,749

39,423

5,813
116
1,605
445,818

84

18,023
400,062

42,851
£9,099

59,062

"27666"

"ITooo

103,950
761,115

.705,724

91,392

ALLOCATIONS

296,701
499,988
500,000
300,000
596,687

296,627
499,988
500,000
300,000
596,615

296,626
499,990
500,000
400,000
696,615

of FeleS Homo Loon

Total allocationsll"'

15
10
200,000
200,027

100,000
100,025

27,345

81,646

85,246

88.796

90,696

94,396

97,396

97,696

3a 345

200,000
147,600
55,000
25,000

200,000
147,600
55,000
34,000

200,000
147,600
55,000
34,000

200,000
147,600
55,000
39,000

200,000
147,600
55,000
39,000

200,000
147,600
55,000

200,000
147,600
55,000
39,000

97,400

115,000

115,000

115,000

115,000

115,000

115,000

115,000

44,500

44,500

44,500

44,500

44,500

44,500
Total..,

296,625
499,990
500,000
400,000

40,500
709,246

44,500
40,500
721,846

40,500
725,396
2,022,186
1656,256
639,270

40,500
40,500
40,500
40,500
738,996
739,296
732,296
735,996
2,328,984 2,332,611 [2,435,611 2,435,911
4,943,258 4,926,166 i, 009,260 002,765

127,745

367,274
088,887
r
Bevised.
PPreUmtaM
Back figure* *
y' Includes $209,000,000 of loans for distribution to depositors of closed banks.
*~~See B ^ ^ t i N s for December 1933, p p . 738-739, and February 1934, p p . 103 and 132.
5l2




124,745

327,772

930,495

FEDERAL RESEKVE BULLETIN

170

MARCH 1936

FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
bi

Federal intermediate
credit bank loans to
and discounts for—

Loans to cooperatives b y -

Regional

EmerProduc- Regional
agriculgency .
Other
. _ Itural
tion credit tural
cred* crop and
financing
credit
corassociaLand
it
corpodrought
instituporations,
tions 3
Bank
Federol
rations
loans
tions,
land banks Commls* production
except
credit assioner
sociations, cooperatives
and banks
for cooperatives 3

End of month

1,232,707
1,915,792
1,942,916
1,961,275
1,974,952
1,975,737
1,998,228
2,016,825
2,023,859
2,036,067
2,047,390
2,058,693
2,065,620
2,071,925
2,066,308

1933—December 1934—December.
1035—January...,
February..
March
Aoril
May
June
July-—...
August
September.
October.;..
November.
December.
1936—January-..

73,263
99,675
99,776
103,360
115,281
124,315
129,954
130,559
128,851
125,137
115,426
100,634
100,343
104,706
105,457

70,738
616,825
643,291
664,886
686,606
716,243
733,489
742,897
754,502
765,319
777,214
785,898
794,726
802,782

60,98.
65,672
53,509
53,172
54,442
55,832
56,897
57,759
58,864
68,761
55,661
49,114
46,867
46,490
46,045

27
60,852
62,637
67,910
81,685
93,025

101,269
106,688

110,030
109,020
101,427
92,673

91,522
94,096
96,217

144,636
87,102
84,726
82,342
79,988
78,351
76,508
72,765
68,670
64,582
59,225
51,656
46,220
43,400
41,489

89,811
110,186
116,846
125,124
134,597
162,000
197,188
195,943
192,182
182,678
175,438
172,489
170,072

Federal
intermediate
credit
banks

15,211
33,969
34,445

34,132
31,873
30,050
26,420
10,028
5,023
5,539
4,755
4,084

3,221
2,731
2,241

Banks for Agriculcoopertural
atives,
Marketincluding Act
ing
revolvCentral
ing
Bank
fund

18,697
27,851
28,498
29,445
28,025
30,119
31,741
23,937
25,037
31,455
43,140
48,179
51,246
50,013
46,566

157,752
53,721
49,761
47,456
49,422
49,196
46,497
46,714
46 074
44,688
44,433
44,286

.
„
„
.
tions and the banks for cooperatives and most of the loans made by the
production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in iha
3 columns under those headings. Such loans are not always discounted in the same month in which the original credit Is extended.
* Figures revised by Farm Credit Administration. Amounts shown are outstanding loans by production credit associations.

FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY
LOANS OUTSTANDING, BY INSTITUTIONS
THE UNITED STATES l
[Loans in thousands of dollars]

AMOUNTS OUTSTANDING, BY AGENCIES

Home mortgage loans b y -

[In millions of dollars]

Federal savings and loan
associations *

End of month

Federal
home
loan
bank
Home
Number of Loans reported loans to
Owners* associations
member
Loan Corinstituporation *
New Convert- tions »
Reed assoTotal port- associing ations ciations

1932—December.-..
1933—December
105,920
1934—December
2,196,988

59
639

455

10,758

58,976

83S
85,442
86,653

1935—February
March
April
May
June
July
AugustSeptember...
October
November...
December—

2,468,744 727
2,639,408 752
2,578.883 778
2,620,119 803
2,660,677 851
2,702,247 894
2; 747,022 922
2,788,203 949
2,838,086 979
2,886,013 1,002
2,940,029 1,023

565
572
613
623
655
691
758
828
851
851
881

15,967
18,699
20,800
24,081
27,070
32,850
37,345
44,072
53,362
54,703
60,103

92,013
93,910
112,847
123,741
138,129
146,161
192,959
219,980
239,263
240,777
255,680

76,570
72,637
74,011
75,836
79,233
80,877
86,025
90,432
95,595
97,089
102,795

1936—January

2,984,438 1,044

»881 * 62,926 »254,720

102,800

p Preliminary.
1 Loans closed.
»N monthly
thl reports prior to September 1934; they now exclude
»No
largely new associations recently chartered and Inactive associations.
'Includes loans to Federal savings and loan associations, all of which
are members, and a negligible amount to others than member institutions.




End-of month

Total

ReconHome
Federal
Owners' struction
Farm
Finance
Mortgage Loan
Corpora- Corpora* Corpora*
tion'
tion
torn*
180

1933—December.

ISO

1934-July
August....
September.
October.,..
November.
December.

1,064
1,614
1,875
2,596
2,823
3,063

551
672
733
805
878

1935—January...
February..
March
April
May
June
July
August
September.
October..-.
November.
December.

3,300
3,480
3,690
3,660
3,728
4,123
4,205
4,248
4,369
'4,421
4,460
'4,494

1,041
1,089
1,124
1 154
1,188
1,226
1,274
1,282
1,368
1,332
1,387
1,387

2,009
2,140
2,215
2,256
2,290
2,647
2,682
2,716
2,748
'2,786
2,819
r2,856

250
251
251
250
250
250
249
250
253
253
253
252

1936—January...

4,662

1,399

2,911

253

284
702
896
1,543
1,834

241
246
243
249
249

* Revised.
> Principal amount of obligations guaranteed as to Interest and prlnci-

171

FEDERAL RESERVE BULLETIN

MARCH 1936

PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-25 average=I00. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Industrial production i *
Year and
month

Construction contracts awarded (value) *

Factory
pay
rolls*

Freight-car Wholesale
loadings * * comTotal
Total
Residential
All other
Minerals
modity
prices'
Unad- AdUnad- Ad- Unad- Ad- Unad- AdUnad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted lusted justed lusted justed justed justed lusted justed lusted justed iusted justed usted ! usted usted usted
Factory employment *

Manufactures

1919..
1920
1921
1922
1923
1924
1926
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935

84
87
67
86
101
94
105
103
106
112
119
95
80
63
75
78

87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
»90

44
30
44
63
81
95
124
121
117
126
87
50
37
13
11
12
21

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37

77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91

97
117
76
81
103
96
101
.104
102
102
109
89
63
46
49
62
70

167
108
82
91
104
97
99
101
99
99
105
92
77
64
69
79
82

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
43
50

84
91
79
87
100
97
103
106
103
103
106
92
75
56
53
62
63

139
154
93
97
101
93
104
100
95
97
95
86
73
65
66
75
80

1933
January
63
69
66
78
91
100
91
84
76
72
75

tfcr
June.
July.
I
August
September..
October....
November.,
December..
1934

61
60
60
60
63
65
69
70
71

63
61
66
65
77
93
102
91
83
76
70
73

71
71
71

January
February._.
March,

fS~
fc:::::
August
,
September.,
October....
November..
December...
1935
January
February*;:
J

une..I

July
"*
August...""
September."
October.!..
November..
December..

72
74
74
73
74
75
75
76
78
77
77
77

92
100
90
88
87
84
80
82
81
81
90

91
89
88
86
85
86
86
87
90
95
98
104

90
88
86
86
84
84
86
'89
91
95
98
104

91
92
90
79
8S
97
84
85
92
100
95
96

84
81
87
93
92
101

99

103

81
82
83
82
81
SO
'81
82
82
84
85

39
39
35
33
32
36
43
50
58
66
SS
101

79
SO
79
80
80
SO
79
81
81
81
81
81

61
62
59
61
63
60
64
70
73
67
62

1936
January..

50

61

21

25

73

90

83

85

72

63

70

81

'Revised.
x off group! antl'separate industries see PP. 207-203; for description see BULLETIN for February and March 1927.
dexes
T h e t e i m o ^ n 8 aV6T&& of i T w V D o d S S S j S X i T d a t i c e n t e r e d at second month; for description see• BTOLETIN for July 1931 p 358.
descrin?£ m d e j e s for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
• 5 3 2 5 2 ? J n d b a c k flfores see BULLETIN for May 1934; pp. 270-271. For description and back figures for the seasonally adjusted index of factory
KKSuKS 1 * c o m P U e d By F. R. Board of Governors see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888 For current indexes of
i For Sid e ei arate i n d u s t r l e s s e e PP- 209-210. Underlying figures are for pay-roll period ending nearest middle of month.
^^^^otBm^f^lb^Sms;
1926-100. Index numbers for groups of commodities (also data by weeks) are given on p. 206.
^SM Annual Report for 1934 (tables 95 and 100).




172

FEDERAL RESERVE BULLETIN

MARCH 1936

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Excess of exports

Merchandise imports»

Merchandise exports 1
Month
1932

1933

1934

1935

1936

1932

1933

1934

1935

136
131
131

96
84
95

136
133
158

167
152
177

*187

15
23
24

25
18
13

37
30
33

9
11
8

164
165
170

127
112
110

88
107
122

147
155
136

171
171
157

9
20
4

17
7
—2

33
6

173
172
198

79
91
98

143
155
147

127
120
132

177
169
162

27
17
34

- 2 31
13

34
52
60

-4
3
37

206
195
171

221
269
223

105
104
97

151
129
134

130
151
132

189
169
187

48
34
35

42
56
59

77
44
38

32
100
37

2,133

2,282

1,323

1,450

1,655

2,048

288

225

478

234

1932

1933

1934

1935

January
February
March

150
154
155

121
102
108

172
163
191

176
163
185

April
May
June

135
132
114

105
114
120

107
109
132

144
131
160

179
160
171
162
172
191

153
139
132

193
184
193

1,611

1,675

July
August
September
October
November
December

......
....

Year

1936
P198

1936
»12

-6
-5

ft A

* Preliminary.
* Including both domestic and foreign merchandise.
> General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—Set BULLETIN for January 1931, p . 18, and for March 1932, p . 160.

FREIGHT-CAR LOADINGS, BY CLASSES

DEPARTMENT STORES—SALES, STOCKS

[Index numbers; 1923-25 average=100]

llndex numbers based on valuefigures;1923-25 average=100]

1935

1936

Jan. Sept. Oct. Nov. Dec.

Jan.
Month

Adjusted for seasonal variation
Total- .
Coal
Coke
Grain and grain products..
Livestock
Forest products...
Ore
M iscellaneous.. Merchandise L..**

64
73
62
56
42
31
31
72
65

62
61
57
74
45
42
55
65
65

64
67
60
70
47
42
56
70
64

66
67
61
65
44
40
46
77
64

71
74
68
62
39
45
58
86
66

70
78
73
70
38
42
62
79
64

Without seasonal adjustment
Total
Coal
Coke
Grain and grain products. .
Livestock
Forest products
Ore
Miscellaneous
..
Merchandise 1

58
82
69
54
44
28
7
58
61

70
66
56
90
54
44
90
77
67

73
76
61
78
63
43
79
82
67

67
74
62
69
50
39
32
76
66

62
79
73
61
39
37
14
67
62

63
CO
Oft

67
on

15
63
60

i In less-than-carload lots.
Based on daily average loadings. Source of basic data: Association of
American Hailroads.
Backfigures.—SeeBULLETIN for February 1931, pp. 108-109.




January
February
March

*.

Index of sales i

Index of stocks (end of
month)

Adjusted
Without
for seasonal seasonal
variation adjustment

Without
Adjusted
for seasonal seasonal
variation adjustment

1935

1936

1935

74
75
82

79
»80

59
61
71

1936 ,1935
63
*65

64
64
63

1936

1935

65

57
61
65

1936

April
May
June

73
76
80

79
76
76

64
64
63

66
66
61 ------

July
August
September
October
November
December..

80
78
81

55
61
86

61
62
64

57
60
67

77
81
84

86
91
145

66
67
65

72
. 75
61

Year..

64

» Preliminary.
i Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and Sundays and for 6 holidays: New Year's Day, Memorial Day, Independence
Day, Labor Day, Thanksgiving D a y , and Christmas. Adjustment for
seasonal variation makes allowance in March a n d April for the effects
upon sales of changes in the date of Easter.
Back figures.—See BULLETIN for April 1935, p p . 254-255, and Annual
Report for 1934 (table 95).

FEDERAL RESERVE BULLETIN

MAECH 1936

173

FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE BANK OF FRANCE
The annual report of the Bank of France for
the year ended December 24, 1935, was submitted to the general meeting of stockholders
on January 30, 1936. The main text of the
address of the president of the bank, M. Jean
Tannery, is given herewith: x
Economic depression became no worse during
1935 in spite of exceptionally difficult conditions, while signs of recovery were clearly evident during the second half-year. The efforts
at readjustment, which every country has made
during the past few years, are beginning to have
their salutary effect.
The improvement, although encouraging, was
nevertheless neither so fundamental nor so
widespread as could be wished. The natural
play of the forces of recovery was still obstructed by obstacles of every kind, which were
largely artificial. Systematic restriction of
international trade, monetary instability, and
foreign exchange regulations formed insurmountable barriers to the free movement of
commodities, of capital, and of persons. The
defensive measures, in which all nations have
sought the illusion of safety for themselves,
have in fact only hindered the return of prosperity. No country, by its own efforts alone,
is capable of achieving permanent equilibrium.
J\ o country can any longer hope to escape from
the political interdependence which unites them
all. Hence, the unfortunate events of the past
year had their share in keeping alive the feeling
of insecurity which paralyzes initiative and
checks economic expansion.
During 1935 France went through some
especially trying periods. On two occasions
tne iranc was made the object of severe attacks
justified neither by the technical position of the
currency, which was remarkably strong, nor
py the economic situation, which was steadily
^proving.
Gold outflow.—During 1934, the gold reserves of the Bank of France increased by more
toan 5 billion francs. During 1935, on the
contraiy, large withdrawals took place, which
reduced the reserves from 82 billion francs on
6C
2d
^ e r 2 6 ' 1934 > t 0 6 6 b m i o n o n December
*^» 1935.

7 months out of the 12, the net gold movement
was favorable to France. In fact, until the
end of March, the gold stock increased by
512,000,000 francs, and during July, August,
September, and October, imports of gold,
aggregating nearly 1 billion francs, were recorded. Finally, in December, the net increase
amounted to 107 million francs.
The reduction of the gold reserves, therefore,
was not caused by any inherent weakness of the
franc, but by two short and violent attacks, one
at the end of May, the other at the end of
November. Although differing in degree and
in their manifestations, both crises arose from
similar causes, in which psychological influences
were predominant.
The gold reserves declined by 1,702 million
francs during April, by 9,154 million in May,
and by 761 million in June. On certain days,
demands for gold at the Bank of France
exceeded a billion francs. The uneasiness
caused by devaluation of the belga, the
continual growth of budgetary deficits, and the
increase of political undertainty, were the source
of profound mistrust, which came to an end as
soon as the authorities made clear their determination to place the franc beyond reach of
any attack.
Notwithstanding the evident improvement
in the financial situation, the franc weakened
again toward the end of the year. During November, the gold stock declined by 5,800 million
francs. This exodus of gold was again checked
as soon as public opinion in France and abroad
realized that the Government was more than
ever opposed to any monetary compromise.
Capital movements.—In May and again in
November, bear speculation had a depressing
influence on the position of the franc. The
premium on foreign exchange 3 months forward, which at the beginning of the year was
only 0.07 franc for sterling and 0.0025 franc
for the dollar, rose by the end of May to 7
francs and 1.25 francs respectively. In November, it was above 3 francs and 0.60 franc
respectively. In the interval between the two
crises, the pressure continued, although to a
lesser extent. It revealed the existence of
Tins reduction of 16 billion francs was not the speculative positions which despite repeated
^^of
continuous drain of gold. During losses, have not yet been finally liquidated.
It would be foolish, however, to attribute
11 16 i n Fr
F™J' ^TS
in addition tables showing
t hh ee b ^
a n k l n d<a>ch,
e t a i l acontains
- n d sections dealing with personnel, the adverse tendencies of the foreign exchange
etc. F o Fai aKK treports
reports sseeee
19351934 1933,
1933 1932
W31,1930 etc
>
BULLETIN for March 1935,1934,
1932, market to this one cause. These tendencies




174

FEDERAL RESERVE BULLETIN

MARCH 1936

were mainly the result of the export of capita the interest rate on national-defense bills rose
which—especially in November—was accel to 4.50 percent. In 1934 the rate on 3-month
erated by the advance in security prices in th Treasury bills had been reduced from 3.50 perUnited States. Foreign balances play too cent in March to 2.375 percent in October, but
small a part in the Paris market for# their maintained that level only until May 24, 1935.
withdrawal to be an adequate explanation o;' Thereafter the rate was at least as high as 3
the transfer of funds. More than ever, as L percent, and at times reached 4, 5, and even 6
matter of fact, the fate of the franc lies in the percent, following the movements of the dishands of the French people.
count rate.
The nervousness of part of the population <*u Bank notes and hoarding.—The note circucertain times during the year was reflected also lation, which was unaffected by gold within a considerable increase of gold hoarding. drawals until last year, seems to have been
The withdrawals of gold to which the reserve used to some extent in 1935 to finance these
of the Bank of France was thus# subjected withdrawals. This is an entirely new pherevealed deep-seated instincts against which nomenon, and deserves special attention.
no arbitrary conception of money could preThe present hoarding in France is undoubtvail. During May these gold withdrawals edly an indication of national wealth; neverwere in excess of 1,220 million francs, and for theless it holds possibilities of grave danger.
the entire year amounted to almost 2 billion.
This mass of unemployed funds is a symbol
The prevailing sense of uncertainty is the in material form of uncertainty on the part of
only explanation of a manifestation so harm- investors; during a crisis it might suddenly
ful to the normal functioning of business. We become as dangerous as it would be advanfeel sure that putting gold coins into circula- tageous in times of confidence and business
tion—thus giving the holders of banknotes a revival. The experience of 1935 has much
material guaranty of the integrity of the franc— significance. Apparently, during the two crises
would effectively aid in dispelling the prevalent of May and November, a certain proportion of
uneasiness. We are deeply gratified by the the hoarded banknotes was converted into gold
initiative which the Government took toward or foreign exchange. This movement, although
this end last year in agreement with the bank, on arelatively small scale, reflected the extreme
and sincerely hope that measures giving the sensitiveness of holders of francs, and showed
Government full effective authority will shortly how complex are the repercussions of any
be adopted.
uncertainty regarding the future of the curMoney market.—The substantial decline in rency.
the reserves of the Bank of France during 1935
Under the twofold influence of a contraction
naturally had its effect upon the money mar- of credits in current account and a decline of
ket, which in large part financed the withdraw- almost 1,200 million francs in note circulation,
als of gold. • From December 26, 1934, to Deliabilities of the bank declined during
cember 24, 1935, credits in current account demand
1935
by
more than 9 billion francs. This
with the Bank of France declined from 20,343 decline, however,
considerably smaller
million francs to 12,131 million, that is, a de- than the total goldwas
withdrawals,
so that the
cline of more than 8 billion francs. The gradual
reserve
ratio
fell
from
80.36
percent
on Decemcontraction of available funds, which was first
ber
26,
1934,
to
71.44
percent
on
December
24,
noticeable in 1932 but was temporarily checked
in 1934, was considerably accelerated during 1935.
Defense of the franc.—Throughout the past
the past year.
year
the policy of the bank was determined by
This contraction led to a sharp advance in two considerations—first,
to secure stability of
money rates. The private discount rate dur- the franc; second, to guarantee
to agriculture,
ing the first 3 months of the year was about 2 commerce, and industry all credit
facilities
percent; in May it rose to 5 and then to 6 per- consistent with the defense of the currency.
cent. A gradual easing of the situation during
In 1935, for the second time in its history,
the next few months brought the rate down
to 2.75 percent in October, but the withdraw- the Bank of France made no less than 11
als of gold, which took place at that time, again changes in its official discount rate within a
had their effect, and during the second half of /ear. The discount rate, which had stood at
November the tension was severe enough to 2K percent since May 31, 1934, was raised
successively to 3 percent on May 23, 1935, to
carry the rate up again to 5 and 6 percent.
4 percent on May 25, and to 6 percent on
The Treasury was directly affected by this May 28. Wishing to reduce to a minimum
scarcity of short-term funds. On two occasions ihe burden of the charges which the necessaiy




MAECH

1936

FEDERAL RESERVE BULLETIN

advance in discount rates had indirectly imposed upon economic activity, the bank made
an initial reduction of 1 percent on June 20.
This was followed by a further reduction to 4
percent on July 4, and to 3}£ percent on July
18. On August 8 the rate was lowered to 3
percent, which stood unchanged until the
middle of November. The new attacks to
which the franc was subjected at that time
forced the bank to make three successive
advances—to 4 percent on November 14, to 5
percent on November 21, and to 6 percent on
November 25. The improvement which took
place in the exchange market during the closing
days of December enabled the bank to return
to a rate of 5 percent on December 31.
The large withdrawals of gold which the
bank had to meet made it imperative to raise
discount rates. We regret, nevertheless, that
conditions not of our choosing should have
forced us to make decisions of such grave
consequence. The tradition of the bank has
always been to grant credit as freely as possible
and at the least onerous rates. We are more
than ever determined to abide by this principle.
In a country as wealthy as France, where the
thrifty character of the people insures the continuous building up of capital, a rate of 6
percent for short-term funds is a paradox. The
only explanation is to be found in a feeling of
deep uneasiness due to psychological influences
which are wholly beyond the control of the
Dank of issue. The bank, for its own part, has
scrupulously limited its adoption of protective measures to what was strictly necessary.
During
two-thirds of the year the discount
ra
m , w a s n o t *? excess of 3 percent.
jhe exceptional violence of the attacks to
winch the franc was subjected led the bank to
enlarge the scope of its technical intervention.
H vi ? t o d i s c o u r a g e gold hoarding, the bank
aecided
on June 12 to suspend temporarily the
? £ n t l k g ohfa s a nd vo at n cb ee esn against gold bullion.
+ui
kfted. In agreement
the banking houses, we have also tried, by
suict control of credit demands, to prevent our
aavancest from
being used under any form whattin
L I l e maintenance of speculative posiwons. finally,
nall it seemed essential to strengthen
aattll00 nn ss ^ t h foreign centers. We wish
at tw
.
g
e
ih« TP ?°*f on rt t o express our appreciation to
S V u
International Settlements and
for fu e Sf e c t ol vf ei s s u e i n t h e principal countries
in th J j
support which they gave us
^ the defense
of
the
franc.
WU l a rx, P olic y-—Our duty would have been
P % fulfilled if, in such difficult circum-




175

stances, we had confined our action to merely
negative measures of defense, however necessary. The policy of the bank, we believe,
should have broader scope and, particularly
in a time of crisis, should include measures of
initiative as well as of defense.
Early in the year we considered it essential
to enlarge the facilities offered to the money
market by the central bank. On February 21,
the general council of the bank decided to
grant thereafter, at a rate lower than the official rate on advances against securities,
30-day advances on Government securities
haying a maturity of not more than 2 years.
This new machinery proved in practice to be
flexible and useful. It enabled the bank,
during the two crises in May and November,
to furnish the market with additional assistance of about 1 billion francs. During the
year as a whole, operations of this character
aggregated more than 16% billion francs.
The importance which Government securities, particularly Treasury bills and nationaldefense bills, have assumed at present as a
method of employing short-term funds, makes
it obligatory upon the bank to give the holders
of these securities complete assurance that,
under given conditions, they can always obtain
at the bank such temporary assistance as they
need. The creation of 30-day advances fulfills this legitimate obligation. Our credit
policy in general has been determined by the
same consideration. Within the latitude permitted in the discount scheme to each borrower, the bank has accepted Treasury bills
and commercial paper without discrimination.
Economic assistance.—It was not our intention to reserve the benefit of our support to the
money market exclusively. On the contrary,
it is our duty to assist the normal operation of
the country's economy with all available
means.
With a view to relieving the depressed state
of French agriculture as much as possible, by
agreement with the Government we made more
flexible the terms of discount for wheat warehouse receipts and guaranteed obligations
secured by wines. Our help in the systematic
reorganization of the market for these two
important products contributed materially to
the steady improvement of their prices.
Export trade, which had been hard hit by
foreign competition and the loss of many foreign markets, received all reasonable support
from the bank. As in former years, we assisted
in releasing funds accumulated at the clearing
offices. Recent decrees, which broadened the

176

FEDERAL RESERVE BULLETIN

conditions of applying for Government guaranty, enabled us to accept a still larger volume
of securities of this category.
Expansion of bank operations.—In general,
all enterprises whose sound management offered
sufficiently good security took advantage of
our discount facilities during the past year on
a considerable scale. The volume of operations
of the bank is evidence of its efforts along this
line. On January 4 our bill portfolio amounted
to only 3,300 million francs and up to May 17
averaged less than 4 billion. Then, in 3
weeks it underwent a rapid increase which
brought it up to 8,108 million on June 7. The
improvement which took place early in July
brought the portfolio down to about 6 billion
by the middle of August, which is still a much
larger figure than the average of the preceding
year.
For some time afterward, loans showed a
moderate but continual advance. On November 15 the total again amounted to more than
8 million francs. A sharp increase of about 3
billion during the second half of November
brought the portfolio by the end of the month
to a maximum for the year of 10,985 million.
Since the stabilization of the franc in 1928, this
level was exceeded only for a very short period
in October 1931, as a result of an advance to
the Bank of England. The energetic measures
of defense taken by the bank put an end to this
abnormal advance in discounts. At the close
of December their total showed some recession;
on the balance sheet at the end of the year they
amounted to only 9,735 million francs.
The expansion in our volume of credit,
unfortunately, did not reflect a corresponding
increase of economic activity. It was almost
entirely the result of a contraction of available
funds brought about by withdrawals of gold.
Government finance,—The unfavorable influences prevailing throughout the year in the
money market offset the favorable influences
which the financial reforms—achieved under
energetic leadership of the Governmentr—
would otherwise have set in motion. The
achievements in this field were nevertheless
remarkable in scope. The urgent necessity
for these reforms could not be questioned.
Nothing could be more unsettling than to let
the country believe that it was a matter of
choice between two different policies. No
solution by compromise would free the" Government from its obligation to adjust its budget
to the slower tempo of production and trade.
The measures adopted for reducing expenditures last year represented considerable




MARCH 193a

progress toward the reestablishment of sound
financial conditions. It would be foolish,
however, to pretend that they can represent
the final stage in the reform of Government
finance. So long as security quotations remain at a level which is consistent neither
with the wealth nor with the credit of France,
the burden of the public debt will make it
difficult to reduce the fiscal charges which
weigh so heavily upon the country. Technical expedients cannot solve the problem. The
solution rests chiefly in the establishment of
an atmosphere of confidence and union. The
future of the country depends more than ever
upon a manifestation of faith on the part of
the French people. Is it too much to ask that,
in the trials which they are undergoing, they
should not lose sight either of their glorious
past or of their present opportunities for
recovery?
Signs of revival.—Giving way to discouragement would be still more unjustified, for the
reason that certain lines of economic activity
showed an appreciable improvement toward
the end of 1935.
During the past year the process of adjusting French prices to those of foreign countries
was systematically carried on. The disparity
between wholesale prices in France, in England,
and in the United States was again considerably narrowed. Retail prices showed the same
trend. The retail price index shows a margin
of only 12 points in comparison with English
prices and of only 18 points in comparison with
American prices, whereas 2 years ago the margin was 19 and 43 points respectively.
The aspect of our foreign commerce changed
very little in 1935. The deficit in the foreign
trade balance rose by 226 million francs, but
this plight increase is due, in part, to the expansion of imports of raw materials during
December. Although the value of our exports
declined again last year—by 2,378 million
francs—their volume, on the other hand, increased by 875,000 tons. Despite the depression, French export trade holds the same relative position in statistics of international trade
as it did in 1913.
The steady recovery of the agricultural
market, by increasing the resources of the most
important section of the population, began
gradually to have a good effect on the general
economic situation of the country. The index
of industrial production, which had declined
without interruption from the end of 1933 to
the middle of 1935, gradually rose during the
losing months of the year. The improvement

MARCH

was unequally distributed among the various
lines of business; it was especially marked in
the textile industry which had been especially
hard hit by the depression.
Unemployment figures, unfortunately, do not
yet reflect any progress toward the solution of
a problem which is of primary importance from
the social point of view. Nevertheless, a relatively more favorable trend has been noticeable since last summer. Although the number
of unemployed in February last exceeded the
corresponding figure for 1934 by more than
150,000, the difference at the end of the year
was only 20,653. Distressing as this situation
is, it is far less serious than that which exists
in most countries abroad.
Exchange problems.—Although economic revival is still far from assured in France, where
it has been retarded by influences beyond all
technical control, it made progress over a large
part of the world during 1935.
I t was especially
marked on the American continent, where the
depression had its first disastrous effects. It
also appeared in a great number of European
countries. Undoubtedly it is too early to anticipate a definite return to normal ways of
living, yet the progress already made gives encouragement for the future. We are convinced
that the close interdependence which unites the
nations of our modern world will facilitate the
return of prosperity just as it hastened the
spread of the depression.

Undoubtedly the greater de facto stability
of the leading currencies was not unconnected
with the improvement which took place in 1935.
The dollar, except for a very short period, fluctuated only within the narrow range which
marks the gold import and export points for a
currency based on gold. The pound sterling,
although it was weak during the first quarter,
when its quotation declined from 74,63 francs
on January 2 to 70.87 francs at the beginning
of March, regained in April and May the ground
which it had temporarily lost. Since then it
has remained between 74.30 and 75.30 francs,
and ended the year at approximately the same
level at which it stood at the beginning. The
strength shown by the British currency in 1935 is
the more striking in comparison with the decline
during 1934 of 8 points in relation to the franc.
Definite stabilization of the great currencies
is, in our opinion, the final aim of all monetary
policy. On this, in fact, depends the reestablishment of international trade, without which
there can be no permanent and general prosperity. The intentions expressed on a number
of occasions by the American Government
indicate their wish to proceed as soon as possible
to the final settlement of this question, which is
vital to the whole world. We do not doubt
that on her own account Great Britain will be
ready, as soon as circumstances permit, to seek
the means of effecting a return to the gold
standard, although she contends that, for the
present, it is not practicable.

BALANCE SHEET OP THE BANK OP FRANCE AS OP D E C . 24, 1935,
[In thousands of francs]
Dec. 24,
1935

Resources

n demand

JWlgn bliiF"* °
Negotiable
Other...
domestic bills":
Neg
Otl

177

FEDERAL RESERVE BULLETIN

1936

abroad"
•

'•

82,122,999
685,321
11,119

1,111,213
206,942

729,784
221,454

172,203
9,527,776
1,205,455
3,247,060

171,954
3,572,015
1,445,916
3,184,303

464,941
and Dec. 7,
1878;
«8; lawof ?; 18S76 7'Qco1 8?ventionof
Mar. 29,
* tfov i?f i8f9i7S DB!e?c' 7 8 ' 1918
^tended; laws
of"
25,
i
S
)
°
^
*>^
»
and
June
3,1923)
'
'
*
en

]teseamfiVt^V~"---T%-

Totals.,

—

Liabilities

Dec. 26,1934

66,297,836
664,412
11,204

495,738

5,800,394

5,898,270

3,200,000
112,9S1
4,000
2,435,859
95,131,564

3,200,000
112,981
4,000
2,292,475
104,148,329

AND D E C . 26,

Demand liabilities:
Notes in circulation
,
Current account of the Treasury
„.
Current account of the Caisse Autonome
d'Amortissement
Other current accounts and deposits—
Other demand liabilities
Capital
_
Surplus (laws of June 9,1857, and Nov. 17,
Keserve invested in legal securities (law of
May 17,1834; decree of Apr. 27 and Mt y 2,
1848; law of June 9,1857)
Depreciation reserve (real estate)
Profit and loss:
Provision against risks on foreign exchange
For writing off overdue bills
Gross dividends 122.7271 francs
Carried forward
Miscellaneous liabilities
Total...
Total demand liabilities
Eatio of gold reserve to demand liabilities
(percent)

1934

Dec. 24,
1935

Dec. 26,
1934

80,668,784
85,148

81,855,232
1,026,282

2,750,809
9,144,788
149,909
182,600

2,817,215
16,318,015
181,925
182,500

274,097

272,696

22,106
4,000

22,106
4,000

96,076
22,398
25,000
1,705,951

25,000
22,190
24,577
1,396,591

95,131,564

104,148,329

92,799,437

102,198,669

71.44

80.36

or July Yf IJXT*£$ l ^ emaor d193^- Gross dividend for first half year 1935,121.591. francs. In accordance with the law of Dec. 23,1933, and the decree
ofJul
201
^
W S m S f ^ r t "6 * ar f o^res d
the rate of taxation on the yilldof French registered shares, the net dividend of scares of the B a ^ of France w ^
year
har
to iffiSf S i ? ??
e s subject to a tax of 17 percent for the first half year and 18 percent for the second half year; and 215 francs for the
uares subject to a tax of 12 percent.




FEDERAL RESEBVE BULLETIN

178

MABCH 1930

INTERNATIONAL FINANCIAL STATISTICS
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Europe
End of month

Total i
(50 countries)

United
States

Canada

. Total (27
countries)

Austria

Czecho- Denmark England
Belgium Bulgaria slovakia

France

1935—Jan uary
j 21,879
22,022
February
March.. ! 22,099
21,861
April.
21,473
May
21,678
June..
21,675
July
21*759
August
21,926
September.
October... » 22,313
November. P 22,225
December. ' 22,472

8,391
8,527
8,567
8,710
8,858
9,116
9,144
9,203
9,368
9,693
9,920
10,125

132
135
190
187
189
188
188
193
186
186
188
189

11,697
11,679
11,633
11,279
10,714
10,670
10,636
10,664
10,678
10,714
10,394
»10,429

599
596
532
518
605
634
624
612
604
609
615
611

112
112
112
112
112
113
113
113
113
113
113
112

1,586
1,586
1,586
1,587
1,587
1,588
1,588
1,593
1,595
1,604
1,628
1,648

5,438
5,439
5,479
5,366
4,759
4,703
4,726
4,756
4,770
4,773
4,388
4,395

' 22,484

10,182
p10,166

186
186

*>10,376

600
'593

112

1,652
1,653

4,324
'4,362

1936—January
February...

Germany
32
32
33
33
33
35
38
33
38
35
36
33

Europe—Continued
End of month

» Preliminary.
* See notes under Italy, TF. S. S. R., and Mexico.
^ u e m m ^ t S P e n d e d p u h U c 8 " o n <* l t t s t e t a n e n t a f t « <><*• 20. W35. Figure as ot that date Is giventorOctober 1935 and carried forward
» Figures
1935,
F i e for
f December
D m b 1034,
1034 March
M h 1935,
1935 or September
S




,
-* «« -U.VU *iw u£urt» uave oeen reportea.
es are not shown separately are In Europe: Albania, Danzig, Estonia, Finland, Latvia, and ^itnua
, Guatemala; in Aaiaand Oceania: Australia and Slam; and in Africa: Algeria and Belgian Congo.
n of this table, see BULLS-TIN for Mfivifttt>.Tm s n - u i e T . . . I « . — « - *•««-••
v« IMA «

d

179

FEDERAL RESERVE BULLETIN

M U C H 1930

GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month

Estimated
world
production

Africa
Total

1930
1931
1932
1933

404,969 359,347
430,725 373,154
461,592 394.399
499,241 421, 656
£22,555 420,093

1933
1934
1935

884,737 711,260
942,106 722,970
"1,030,665 •769,381

South
Africa

Rhodesia

North and South America

Far East

West Belgian
United
Colom- Chile
Africa Congo Canada States Mexico bia

Austra- Japan
lia

India

$l**25fio grains of gold $iofine; i. c, an ounce offinegold*=$S0.67
7,508
215,242 11,607
4,297
2,390
39,862 45,835 13,463 2,823
683 8,712
6,927
6,785
221,526 11,476
4,995
2,699 43,454 47,123 13,813 3,281
428 9,553 8,021
6,815
224,863 11,193
5,524
3,224 55,687 49,524 12,866
4,016
442 12,134 8,109
6,782
238,931 12,000
5,992 3,642
62,933 50,626 12,070 5,132
788 14,563 8,198
6,919
227,673 13,335
6,623 3,631
60,968 52,842 13,169 6.165
3,009 16,790 8,968
$l**18Hi grains of gold Ho fine; i. e., an ounce offinegold=$56
385,474 22,578 11,214
6,148 103,224 89,467 22,297 10,438 5,094 28,428 15,183 11,715
11,223
366,795 24,264 12,153
6,549 104,023 107.632 23,135 12,045 8,350 30,447 16,354
377,090 25,477 •13,851 • 7,231 114,816 124,116 •23,879 11,517 • 9,290 "30,973 "19,760 "11,381

1935-January...
FebruaryMarch
April
May
June.
July.
August
September.
October
NovemberDecember..

81,814
60,040
77.287
55,513
82,206
60,433
81,801 60,028
84,706
62,932
84,776
63,002
88,803
67,030
88,952
67,178
89,840
68,066
"90,796 * 69,022
* 87,574 "65,800
•92,111 "70,337

31,202
28,717
31,015
30.301
32,072
31,089
32,458
32,667
31,472
32,596
31,671
31,829

1936—January...,

"88,721 • 66,947

•32,340

2,024
1,075
1,920
1,097
2,009
1.078
2,052
1,106
2,177
1,162
2,101
1,095
2,150
1,095
2,155
1,152
2,009
1,160
2,403
1,249
2,205
1,181
2,272 •1,400
•2,275

•1,400

8,353
599
557
8,027
587
8,732
594
8,599
627
9,423
588
10,002
615 . 9,988
631 10,303
590
9,813
614
10,560
614
10,261
"614
10,756

8,398 2,410
7,488 2,280
9,203
1,836
8,573 1,750
9,623 1,048
9,588
1,166
11,793 2,181
10,603 2,532
12,108 3,287
12,703 "1,680
10,883 • 1,120
13,158 "2,590

1,015
945
857
1,001
1,125
978
1,035
981
834

1,463
366 2,374
708 1,439 1,386
1,005 1,468 1,619
895 2,637
1,568
651 2,533 1,717
1,113 2,623 1,844
546 2,635 1,610
536 2,844 1,669
1,088 2,939
1,674
506 2,923 1,779
937 3,279 • 1,715
• 937 "3,279 * 1,715

• 10,150

10,195 • 1,785

1,334

• 937 •3,279 "1,750

"614

830
991

• 925

903
955
933
954
937
958
961
949
974
053
• 953

Preliminary.
KftwNoiE.~For
° P ' " 7 £ l r mmom
onthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
November 1934, p. 737, March 1935, p. 170, and October 1935, p. 668. For annual figures of world production back to 1873 see Annual Report of
director of the Mintt for 1934, p. 104. Figures for Canada beginning January 1935 are subject to official
revision.
offii

GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States

Year or month

1934

-Navwnber
December.
1935—January
february
March
May..__
June
July
August
September
October...
-November
•December.

England

1,131,994
1,739,019

499,870
315.727

260,223
934,243

8,902
3

94,348
227,185

12,402

120,889
82,109

3,687
19,649

70,351
22,430

12,814

9,906
17,790

-254

149,392
122,772
13,003
148,603
140,016
230,373
16,229
45,983
156,719
315,347
210,567
190,010

85,577
63,424
-187
1,481
1,689
938
31
5
37,114
109,954
7,101
8,600

14,592
45,766
56
32,510
124,052
194,293

45,643
February.Il!,^:"""" "" -16,635
1

Net imports from or net exports (—) to:

Total
net
imports
or net
exports

Nether- Switzer- Canada Mexico
France Belgium lands
land

12,812
1,466

40
40,423
156,977
180.141
145,388

94,890
3,885
22,061
975
28,277
37,811
17,605
2,676
4,727

3,514
5,786
-2,890 -17,180

-3,421

339

629

95,171
9,609
8,077
12,091
5,346
4,449
10,968
3,053
8,734
fi,770
5,398
15,069
9,368
5,865
9,060
10,745
273

Colom- British
India
bia

30,270
13,667
= =
8S0
6,070
4,991
729
833
923
943
679
722
753
699
762
880
748

16,944

764
659

J,743

1,750
1,746
28

China
and
Hong
Kong

All
other
countries

76,820
75,268

16,452
9,431

28,935
56,453

11,300
12,574

700
529

1,896
2,874

10,616
522
2,139
2,924
167

1,528
359
334
313
507
448
433
1.127
640
1,125
1,007
1,605

5,083
2,711
3,972
4,596
3,962
3,215
6,515
3,711
5,141
4,817
3,956
8,774

1,176
740

10,170
5,185

28
6,671
19,821
12.359
8,913
11,108
11,744

Differs from official customhouse figures In which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.




180

FEDERAL RESERVE BULLETIN

MARCH 1936

GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
England
Net imports from or net exports (—) to:
Year or month

Total
net imports
or net
exports

United
States

Germany

France

716,269 -497,1661 348,190
369,747 -435,502; 142,137

1934
1935
1934—November.
December.

49,585 -17,284
27,215 -22,489
-4,279
-36,566
66,557
36,529
146,289
118,067
16,289
39,016
-36,086
-36,158
18,286
40,811

1935—January...
February..
March....
April
May
June
July
August....
September,
October...
November.
December.

27,026
1,769

4,270
-79,628
-74,127 -17,739
66 26,612
-20,533 -33,348
-3,247
69,12$
-18,647
- 1 141 -5,719
-12,871 -5,697
-81,032 -5,663
-87,929 -2,739
25,198
-33,744
910
-22,075

South
Nether- AmerCanada British
lands
India
ica

Belgium

121,017 -13,585
-4,726 -17,476

32,575
10,796

17,568
8,832

26,316
16,565

206,711
181,627

4,863
3,198

-5,198
-1,087'

-550
310

~670
241

1,697

18,791
17,882

190
128

-349
8,780
28
-051
2,145
53 -1,992;
51
266 -1,013
33,237,
209
M§0
-943 —11*601
-4,416
118 i i t i .
-26
821
1,642
23
2
-36
68
217 -1,136
50
-20,204
114
-6,982

381
2,057
1,195
152
410
292
261
287
322
2,535
461
480

24,046
19,093
15,457
16,249
2,962
7,159
5,663
26,102
25,301
11,900
12,857
14,838

12
88
296
693
484
429
405
420
70
134
56
54

152

2,970
424
2,696
3,570
2,831
449

1936—January „ „

All
other
countries

41,790 335,253,
37,9811 404,295|

92,737
22,020

2,686
4,126

18,495

2T910
2,797

4,066
3,067
2,685
1,920
2,838
1,969
5,375
4,148
3,662
3,414
2,842
1,995

37,231
18,669,
12,661
17,658
55,847
42,473
33,532
35,512
29,949
44,995

-3,124
11,105
6,503
20,823
11,143
6,933
-8,731
-11,032
-8,683
-7,644
-4,353
7,265
-1,656

Net imports from or net exports (—) to:

7,796
-32,479
19,118
99,395
-195,876
-393,551
-12,206
50,770
28,482

South
Straits Austra- Africa,
KhoSettlelia
ments
West
Africa

-15,376 -2,931
-50,314
8,670
648
14,676
-28,566
33,332
-77,803 -53,283
-223,070 110,834
414 -13,150
14
4,905
-23,688
8,811
-157,153
-72
-258,554 -15,060
-76,217
-117




-994
-2,497
-3,851
-26,395
109,195
-56,265
-45

1,231
94
11,975
-5651
7,989
-147[
,292
1,297,
- 8 8 5 44,621
1,670
-1,101 -3,431
720
-650 1,295 -2,162
25,759 -3,418
-771
-132
»9,170
5,221
2
11,245
»9,935
357
719

Total
net
Imports
or net
exports

2,876
9,525
4,769
4,355
10,566
780
2,004

Net imports from or net exports ( - ) to:

181

FEDEEAL BESERVE BULLETIN

MABCB1038

GOLD MOVEMENTS—Continued
[ID thousands of dollars at approximately $35 a fine ounce]
Netherlands
Total net
imports
or net
exports

Year or month

1934
1935

Net imports from or net exports ( - ) to:
United
States

England

France

Germany

Belgium

Poland

Switzerland

British
India

AH other
countries

,
,

-122,664
-198,549

-46,040
-221,245

-31,038
18,397

-78,610
-41,260

25,716
-5,142

9,285
48,004

-1,253
-2,043

-4,784
-1,257

1,891
3,942

2,171
2,057

1934-November.
December.

-16,849
-9,431

-17,770
-9,270

645
-312

830
62

-6
78

-587
-95

-65
-34

-106
-25

56

154
165

1935—January...
February..
March
April
,
May
June
July
,
August
September.
October...,
November.
December.

-18,300
-2,899
510
-120,492
-5,080
-14,797
-26,102
-4,514
-37,290
-13,080
38,746
4,749

-15,605
-2,495
37
-97,632
-2,810
-19,259
-29,215

-3,221
-352

110
64
617
-20,066
277
667
-21,909
-9,436

-66
77

-161
-159

-93

1,066

-11
-35

27
-197
-136
-862
71
113
-8
-23
9
-114
-86
-52

476

-1,299
-20,890
-1,562
1,375

171
171
181
26
156
-103
118
180
33
66

1936—January....

16,967

-463

-11

15,702

-152
2,861
514
20,084
5,334

"-40^868"
-10,373
-3,026

1,761

-210
162
-862
-462
-86
-160
-2,046

249

-1,339
10,564
-149

20,081
-289

-561

3,379
9,563
2,900
133
275
11,248
-6

192

14,291

-239

170

Total
net
imports
or net
exports

Net imports from or net exports ( - ) to:

United
States

England

France

-317
-204

2,356
772
140

210

217
817

Belgium

Italy

1934
1935

All
Neth- other
er- counlands tries

Total
net
imports
or net
exports

Net imports from or net
exports ( - ) to:

United
States

England

All
other
countries

Change in:
Gold
production
Re- Private
in serves| holdIndia
to ings in
Indlai India*

-46,065 -12,784 -45,955 -29,235 18,397 19,431
: ; : : ; -230,788
647 -54,858 -181,725 -13,940 25,542
1934-Nov...
12,397
291
-771 - 6 , 2 7 3 13,626 6,001
B e e . . . -1,950
-417 - 4 , 1 4 3 '
226 2,280

2 580 1,500 -230,720 -77,928 -148,824 -3,968 11,222
m,3Sl
'342 -6,795 -161,857
-275
114

-102
-15

-20,700
-23,255

-6,601 -14,264
-3,201 -20,216

165
162

1935-Jan
-4,125
Feb7;r -15,025
-17,830
Mar. " -139,633

-218

198
428
207
-4,475
—760
-352
-3,455
3,430
184
-2,344
825

-16,334
—17,746
-18,439
-3 # 675
-6,604
-3,824
-22,383
-25,464
-11,400
-11,160
-14,540

-1,667 -14,874
-2,406 -14,133
-18,225
-3,831
-6,558
-4,078
10 -21,575
-6,309 -18,922
-2,648 -9,117
-1,330 -10,032
-1,573 -13,199

207
-1,207
-214
155
653
254
-818
-233
365
202
232

tSfc:
is1;--Nov
Aug....
Dec.":.;
Sept—

-63,229
-5,640
1,417

9,328
5,845
1,367
—934
—2,330
2,462

9

-17
-216 -4,344'
- 5 1 -2,108 -16,117
225
415
-16,148
51 -6,839
.
"1,619
-107,021
7
324-31
—17,878 -38,514 -5,972
49|
549 - 2 , 6 8 4 -8,651
1,610
-1
2,993
64!
-33
1,273
107
3,017
-24
16
163
1.085
881
-332 ( -3,227
—2,0S8i -4,166
—195J

-6.783

210

British India

Switzerland

Year or
month

-8
-3
-41
-1,084
-107
51
-253

47

472
2,689
4,734
2,110
303
-74!

-90
-202

1,041
-409
153
262
519
-766
241

4,080
3,312
1,343
1,849
4,724

-139

9,496

-137

-49

-682
•

34

P-10,288

946
903
955
938
954
937
958
961
949
974
953

173 -219,671
- 6 -150,470
-19,771
-3
-22,257
-2
1
-5

-15,386"
-16,844
-17,479
-2,737
-5,650
-2,887
-21,425
-24,503
-10,451
-10,186
-13,587
»-9,335

*-13,764

Prelimi

9 transferred.
[arch 1935 gold held by Government; suosequenuy, gom ueiu, uy xveoci *o jja.ua. m ***«*«««.. ~w~
o * w ucaved from preceding columns; net imports plus production minus increase in reserves in India.
m l nds
and
°®<teltaM« t't l
Switzerland.-In
some cases the annual aggregates of the official monthly figures differ somewhat from the revised
totals published for the year as a whole.




FEDERAL RESERVE BULLETIN

182

MAECH 1936

CENTRAL BANKS
Liabilities of banking department

Assets of banking department
Bank of England
(Figures in millions of pounds sterling)

Gold (in
issue
depart-1
ment)

Cash reserves
Coin
0.5

192.3

1934—Dec. 26..

Discounts
and advances

Notes

7.6

47.1

Note
circulation

Securities

Deposits

98.2

405.2

89.1

9.9

36.4

18.0

20.9
19.4
20.1
7.6
23.1
16.2
24.4
9.4
19.5
26.2
19.7
12.1

42.1
40.7
41.2
39.6
36.0
38.8
38.5
36.5
39.0
38.6
36.5
37.1

18.2
18.2
18.3
17.7
17.8
18.0
18.1
18.2
18.3
17.7
17.8
18.0

15.9
8.8

36.7
35.5

18.2
18.2

1935—Jan, 30—
Feb. 27..
Mar. 27..
Apr. 24,.
May 29..
June 26-.
July 31...
Aug. 28..
Sept. 25-.
Oct. 30...
Nov. 27Dec. 25..

192.4
192.5
192.5
192.6
192.6
192.7
192.8
193.4
193.6
194.7
197.6
200.1

77.5
75.1
71.1
59.4
62.2
55.9
44.5
53.8
55.4
54.8
56.3
35.5

9.3
6.2
5.6
5.8
5.3
10.2
10.8
12.9
12.4
11.2
9.5
8.5

92.7
92.0
99.0
97.4
96.7
108.6
100.7
93.5
95.4
98.2
98.4
94.7

374.9
377.4
381.4
393.2
390.4
403.3
399.6
398.2
399.9
401.3
424.5

99.0
95.5
96.6
98.1
88.0
102.4
75.7
96.9
87.2
82.5
90.9
72.1

193ft—Jan. 29...
Feb. 20—

200.5
200.6

63.3
60.7

18.8
11.0

94.0
96.2

397.1
400.0

106.0
106.2

Liabilities

Assets

<Figuros in millions of francs)

Deposits

Loans o n -

Bank of France
Gold

Other

Public

Bankers'

Other
liabilities

Foreign Domestic Short-term
exchange
bills
Government securities

Other
securities

Negotiable securities

Note
circulation

Other

Other
liabiliGovernment

Other

1934—Dec. 28..

82,124

963

3,971

3,211

5,837

8,288

83,412

3,718

15,359

1,907

1935-Jan.25....
Feb. 22.-..
Mar. 29...
Apr. 26....
May 3 1 . . .
June 2S...
July 26...,
Aug. 30...
Sept. 27..
Oct. 3 0 . . .
Nov. 29. _
Dec. 27...

82,014
82,040
82,635
80,933
71,779
71,017
71,277
71,742
71,952
71,990
66,191
66,296

962
961
1,017
1,066
2,150
1,210
1,240
1,236
1,232
1,262
1,385
1,328

4,003
3,998
4,170
4,280
7,137
8,021
7,301
7,575
8,060
8,373
11,005
9,712

20
10
937
735
692
543
" 192
371
1,090
573

3,149
3,080
3,119
3,094
3,371
3,277
3,171
3,103
3,098
3,141
3,267
3,253

5,837
5,833
5,833
5,805
6,805
5,805
6,805
5,800
5,800
5,800
6,800
5,800

7,970
7,914
8,074
7,967
8,691
7,999
8,077
8,212
8,023
7,939
8,032
7,879

81,686
81,917
83,044
82,352
82,776
82,099
81,128
82,240
82,399
83,306
82,447
81,150

3,751
3,619
3,668
3,703
2,771
2,983
3,241
3,244
3,051
2,862
2,826
2,862

16,473
16,328
16,213
16,145
12,315
10,969
11,090
10,666
10,848
10,647
9,361
8,716

2,024
1962
1,943
1,954
2,003
2,013
2 105
2,062
2,060
2,059
2,136
2,113

1936—Jan. 31.
Feb. 23 P

65,223
65,789

1,324
l,30S

9,210
9,758

931

3,350
3,250

5,708
6,708

8,724

81,503
81,238

2,798
2,852

8,707

2,119
C1)

Liabilities

Assets
Rcichsbank

Reserves

(Figures in millions of reichsmarks)
Gold

Other
Treasury
bills
Foreign
bills , (and
exchange
checks)

1934—Dec. 31—
1935—Jan.31...
Feb. 28...
Mar. 30..
Apr. 30—
May 31..June 29...
July 3 1 . . .
Aug. 31—
Sept. 30.Oct.31.Nov. 30..
Dec. 31...
1936—Jan. 3 1 —
Feb. 29*.,

Securities
Security
Eligible
loans
as note Other

4,021
3,620
3,656
3,799
3,861
3,732
3,879
4,000
4,144
4,058
4,096
4,498
3,884
4,026

Other
assets

cover

146
81
188
66
87

445
441
437
427
373
338
337
337
340
346
345
346
349
349
349

319
319
328
330
328
324
324
324
324
324
316
315
315
315
315

827
837
697
701
739
775
781
814
781
770
868
922
853
S8S
861

Other
Note
circula- Deposits liabilities
tion
3,901
3,660
3,617
3,664
3,711
3,810
3,895
3,878
4,032
4,143
4,159
4,186
4,2S5
4,098
4,177

p Preliminary.

1

fc^KfavtHabie!33

^""^

"*

SUVW COiD aS C0Ter for

™™^ ^

»*** * tod by law at £260,000,000.

N o i E . - F o r explanation of table see BULLETIN for February 1931, pp. 81-83, and July, 1935, p . 463.




984
822
928
922
952
770
819
743
743
774
728
806
1,032
679
652

1,001
900
866
830
837
824
838
845
860
879
911
913
923
891
914

183

FEDERAL RESERVE BULLETIN

MARCH 1836

CENTRAL BANKS-Continued
[Figures as of last report date of month!
1936
Central bank

National Bank of Albania (thousands of francs) :
Gold
_
Foreign exchange
Loans and discounts
Other assets.
Note circulation __
_
Demand deposits
__
Other liabilities
Central Bank of the Argentine
Republic 1 (millions of pesos):
Gold at home—
_
Gold abroad and foreign exchange
._
Negotiable Government b o n d s Other assets
Note circulation
Deposits:
Member bank
Government
_
Liquidation Institute
Other
Other liabilities-. Jil."\
""
•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
S
ecue
Securities
Deposits
D
Note
circulation. _.
ote circulation.
i l Bank (millions of
Austrian N
National
schillings);
Gold
Foreign bills
"
Domestic bills
Government debts..
Note c i r c u l a t i o n . . " / "
Deposits
Gold 3
Domestic and foreign"bills**
Loans to State..
Note circulation
Deposits
rt
Central Bank „ .
of bolivianos):
Gold at home and abroad
foreign exchange...
Loans and discounts I
Securities:
National Government
XT Other
Note circulation
_~_~
n Deposits
p^-/Qasn_.«._____^
£ B r a z ** (millions of miKeis)"
Correspondents abroad"
Loans and discounts . '
Note circulation..
Deposits
—

January

1935

1936

Decem- November
ber

January

7,556
17,705
3,207
5,463
12,243
9,557
12,131

7,556
16,855
3,172
5,537
12,585
9,336
11,199

7,122
22,969
2,576
2,252
12,739
11,815
10,365

1,224

1,224

1,224

130
165
144
987

129
235
141
9S2

125
238
153
910

3S3
241

2 482
219
(3)
41

204
187
174
196
40

15,994
35,421

15,994
39, 182

15,994
34,634

15,708
25,555

881
14, G09
16, 701
35,957
68,104
47,295

12,938
13,428
35,764
61,997
51,295

927
17,182
15,126
35,495
69,302
47,045

870
19,092
19,579
35,873
77,221
47,550

242
74
222
624
620
225

242
112
225
624
976
210

242
124
228
624
953
254

242
36
237
624
902
215

3,400
1,241
160
4,101
882

3,457
1,293
162
4,117
981

3,480
1,364
162
4,158
1,054

2,543
684
340
3,636
241

20,544
12,033
7,630

19,708
9,066
7,984

17,828
9,947
8,665

9,662
6,770
53,064

388,723 388,727 397,163
2,984
3,076
3,074
146,973 145,946 143,206
235,933 231,759 245,130

207,135
3,848
90,598
145,045

206
282
3,118
20
3,142

377
168
2,568
20
2,899

26

306
293
2,900
20

3,016

277
311
3,113
20
3,299

Central bank

1935

Janu- Decem- Novem- January
ber
ber
ary

Bank of Canada* (thousands of Canadian dollars):
Gold
_
80,253 .80,509 .81,394
Sterling exchange
26
219
314
United States exchange
9,768 4,004 8,659
2,196
Advances to Government
3,466 2,223
Government securities:
2 years or less
24,785 30,873 36,386
Over 2 years
80,900 83,410 84,193
Other assets
5,045 4,469
9,714
Note circulation
87,979 99,677 95,260
Total deposits
213,864 200,319 !15,894
178,739 181,636 .86,723
Chartered banks
33,293 17,917 28,151
Government
—
5,798 7,659 6,483
Other liabilities
_
Central Bank of Chile (millions of
pesos):
Gold and foreign exchange in re142
142
serve
80
82
Loans and discounts
706
710
Government debt
567
544
Note circulation
297
335
Deposits..
Central Bank of China ! (millions of
yuan):
31
•-33
Gold
120
160
Silver
123
Foreign exchange
39
Due from domestic banks
154
233
Loans and discounts
253
206
Securities
—
74
'48
Other assets
180
152
Note circulation
267
240
Deposits—G o verament
213
171
Bank
'86
56
Other
134
140
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
29,502 27,637 27,896
Gold at home and abroad 6
4,585 4,066
4,921
Foreign exchange«
1,458 4,375 2,763
Loans to member banks
40,072 43,189
Note circulation
Deposits
• 33,240 29,949 31,624
National Bank of Czechoslovakia
(millions of koruny):
2,691 2,690 2,691
Gold
81
80
82
Foreign balances and currency. _
1,345 1,084
1,253
Loans and advances
5,208 5,761 5,599
Note circulation
320
411
920
Deposits
Danish National Bank (millions of
kroner):
118
118
118
Gold
16
14
16
Foreign bills, etc
78
75
73
Loans and discounts
384
384
365
Note circulation
65
Deposits
Bank of Danzig (thousands of
gulden):
20,756 20,744 20,730
" )ld 7..
Gold
364
Foreign exchange of the reserve 7 2,117 2,052
7,264 8,105
4,391
Other foreign exchange
17,884 16,945 17,225
Loans and discounts
27,772 29,208 29,897
Note circulation
995
2,741 3,293
Deposits
Central Bank of Ecuador (thousands
ofsucres):
36, 565 13,278
Golds
12,540 12,220
43,170 60,342
Foreign exchange
48,811
47,878
Loans and discounts
30,268 22,190
Note circulation
Deposits
-

142
51
713
511
351

103
8
34
77
173
58
90
201
3S
12
139
10,884
1,615
6,465
35,028
23,906
2,682
305
1,180
5,028
1,317
133
16
73
361
91
20,485
2,703
125
21,253
38,072
2,621

1,583
1,547
1,591
1,591
-122
-69
-96
-118
15,973
i otal foreign exchange
509
203
493
583
11,306
Loans and discounts
1,309
940
1,304
1,520
51,021
g o v t obligations"
blii
government
2,671
2,G9S
2,671
2,671
45,506
2,303
2,226
2,177
2,497
Note circulation.
29,629
2,030
1,980
1,907
Other sight liabilitiVsV."."!"?"" 2,198
D 6d
—--"•"«
wh*v*t*nnjLii3 IMay
J 31,1935.
ai.f j-trou.
weviseu*
. .
N>? V e°Wf*tU*ns
m b l l U Ofl
b
See BULLETIN for July,
449-458in N o v e m b e r iargely reflects banking reorganization measures contemplated in the laws of Mar. 28,1W5.
i, 1935, gold and foreign-exchange holdings as of Mar. 29 revalued on basis of 75 percent of former gold parity of belga (see
r

°

ons
^ I a r ' U> 1 9 3 5 ? W f ns uei aIn d nking departments
consolidated.
«SSSnn? gg s*uer a 6n d1 9i 3n355k i n gll dddepartments consolidated.
f gold in New York.
d 1f9 3 i5 f r exchange
h
l
» Paritv rt? A? * '
' SS°M a and
y 2 foreign
o m $ 0 3 2 9 6valued
t 0 ? 0 1 8on
9 9 basis of peso price of
»
'
8
M a y 2 1 9 3 5 f r o m $ 0 -3 2 9 6 t 0 ? 0 -1 8 9 9 in»vault' revalued
sucres per gram of fine gold.
By law of6?? n , J e d U C e d gold
- at rate -of 9.968331
* i a w o f ^ e c . 18, 1935, gold in vault revalued at rate of 9.968331 sucres per gram

A




M A B C B 1936

FEDERAL RESEKVE BULLETIN

184

CENTRAL BANKS—Continued
[Figures as of last report date of month]

Central bank

National Bank of Egypt 1 (thousands
of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchangeLoans and discounts
Government securities
Other assets
Note circulation
Other sight liabilities
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold
Net foreign exchange
Loans and discounts
Note circulation
Deposits—Government
Bank
Other
Bank of Finland (millions of mark'
kaa):
Gold
Balances abroad and foreign
credits
Foreign b i l l s . . . .
Domestic bills
Note circulation
Other sight liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange
Loans and discounts..
Government obligations
Note circulation
„.._
Other sight liabilities
Liabilities in foreign exchange...
National Bank of Hungary (mil
lions of pengos):
Gold
Foreign bills, etc
Loans and discounts
Advances to Treasury
Other assets
Note circulation
Deposits
,„
1
Certificates of indebtedness
Miscellaneous liabilities
Reserve Bank of India > (millions
of rupees):
Issue department:
Gold at home and a b r o a d . . .
Sterling securities
Indian Gov't securities
Rupee coin
Note circulation
Banking department:
Notes of issue d e p a r t m e n t Balances abroad
Loans to Government
Investments
Other assets
___
Deposits—Government.
Bank
Other liabilities
.....

Central bank
January

Decem- November
ber

12,740
1,237
1,107
7,025
656
13,396
6,028
3,342
34,121
884
23,313
39,683
17,562
11,930
3,181

34,118
1,563
22,896
39,955
15,787
11,521
2,689

January

6,545
3,999
6,721

6,545
4,378
6,169

39,381
4,038
24,603
9,082
18,712
8,288

31,791
4,195
19,527
7,663
16,782
8,106

12,499
1,076
1,088
7,039
1,315

11,919
1,742
443
8,128
1,252
15,793
4,353
3,338

13,196
6,157
3,664
34,180
405
14,248
39,945
15,440
6,979
2,100

27,700
5,071
14,093
35,984
9,008
7,635
2,431

485

472

467

323

1,287
79
711
1,342
752

1,267
82
669
1,381
623

1,240
76
684
1,319
604

1,330
113
606
1,268
381

4,662
3,281
5,614
5,064
247

3,490
4 834
3,281
6,988
4 784
229

3,559
4,246
3,281
5,910
4,319
205

3,968
2,378
3,308
5,268
4,094
81

79
34
519
81
86
391
119
104
160

79
33
587
77
96
417
147
104
174

79
28
560
74

79
22
580
60
18
353
87
115
170

444

444
662
255
571
1,721

444
662
255

212
180
20
52
7
71
282
120

346
113

255
578
271
194
53
3
59
348
114

130
104
176

52
119
282
117

Bank of Japan (millions of yen):
Gold
Advances and discounts
Government bonds.
Notes issued
—
Total deposits
Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
Bank of Latvia (millions of lats):
Gold
Foreign-exchange reserve
Bills..
Loans
Note circulation
Government deposits
Other deposits
Bank of Lithuania (millions oflitu):
Gold__
Foreign exchange 8
Loans and discounts •
Note circulation
Deposits*..
Netherlands Bank (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
Reserve BankiTof New Zealand
(thousands of pounds):
Gold
Sterling exchange
Other assets..
Note circulation
Demand deposits
-i
Bank
Government
Other liabilities
Bank of Norway (millions of
. kroner):
Gold.
Foreign balances and bills . . . .
Domestic credits
Note circulation-.
Foreign deposits
.....
Total deposits
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Bills
„
_
Note circulation
.
Deposits
1
'..
Bank of Poland (millions of zlotys):
Gold
Foreign exchange
,
Loans and discounts
Note circulation
Other sight liabilities
Bank of Portugal (millions of escudos):
Gold
Other reserves
Discounts and advances
Government obligations
Note circulation
Other sight liabilities
National Bank of Rumania (millions of lei):
Gold
Foreign exchange of the reserve.
Loans and discounts
„
Special loans *
State debt —

Janu- Decem- Nober vember
ary

January

506
782
506
1,453
404

504
893
746
1,767
404

500
920
570
1,443
580

468
771
507
1,326

80
2
64
153
24

80
2
71
157
25

80
157
21

115
1
61
176
35

46
7
51
59
37
36
110

46
6
52
60
38
31
110

30
112

46
6
61
73
37
49
114

38
20
94
105
47

18
95
104
46

36
18
92
104
42

101
90

2
157
757
108

643
2
173
809
50

628
1
177
787
75

816
1
171
855
179

2,802
22,104
1,997
10,064
15,215
10,253
4,510
1,623

2,802
21,399
1,871
10,721
13,737
9,679

2,802
17,459
1,778
9,124
11,315
5,257
5,717
1,699

3,002
21,868
2,203
9,534
15,988
7,687
8,295
1,551

185
37
202
339
3
SO

185
36
223

185
34
203
331
3
76

135
42
237
312

47,646
58,154
84,488
17,254

46,614
56,315
82,615
16,804

42,969
60,193
73,953
25,823

444
27
866
1,007
210

443
19
859
1,034
133

505
20
699
937
234

910
455
336
1,047
2,077
873

905
iG6
302
1,049
2,079
810

10,757
91
5,272
2,740
10,678

1§
£S°T

445
21
754
959
198

10,838
£5
5,292
2,709
10,827

1
Items for Issue and banking departments consolidated.
J Bank cpmmenced operations Apr. 1,1935.
* """*•"' " " '"*••
'
" "
a includes foreign bills previously reported with loans and discounts.




1935

1936

1935

1936

1,614

10,802
92
5,417
2,727
10,775

82

9m

185

FEDEBAL KESERVE BULLETIN

MAECH 1930

CENTRAL BANKS-Continued
[Figures as of last report date of month]
1936
Central bank

January

11,490
22,298
8,466
10,449

11,479
23,127
7f66fi
10,500

12,717
22,329
8,611
11,315

9,188
21,617
7,618
9,607

26,801
5,512
359
14,296
2,523
28,519
2,157

25,723
11,871
321
14,133
2,436
28,435
4,474

25,735
10,117
256
13,961
2,263
28,146
4,463

23,743
7,136
14
11,541
3,369
21,121
3,94S

2,253
697
281
2,156
4,789
1,390

2,255
689
280
2,183
4,800
1,294

2,255
696
281
2,209
4,734
1,289

2,268
688
279
2,351
4,591
959

429
612
44
29
168
734
447
257
158
100

641
61
29
150
786
394
181
180
97

52
79
144
733
472
176
265
96

1,389

1,392
5

15

S

1935

1936

Decem- November
ber

January

National Bank of Rumania—Con.
Other assets
Note circulation
Demand deposits
Other liabilities
_.
South African Reserve
Bank
(thousands of pounds):
Gold—.
Foreign bills
Domestic bills
Note circulation.
Deposits—Government—
Bank
Other
Bank of Spain (millions of pesetas):
Gold
Silver
____
Balances abroad
Loans and discounts
Note circulation
_
Deposits
,
Bank of Sweden (millions of
kronor):
Gold
Foreign assets.._.
Domestic discounts and advances
Government securities
Other assets.
_
Note circulation
Total deposits
Bank
Government..
Other liabilities...
Swiss National Bank (millions of
francs):
Gold
Foreign balances and bills
1

1935

351
563
60
149
113
651
475

99
1,838
3

Central bank

Decem- November
ber

January

Swiss National Bank—Continued
Loans and discounts
Note circulation...
Demand deposits
_
Central Bank of the Republic of
Turkey (millions of pounds):
Gold.....
Foreign exchange
Loans and discounts..
Investments.....
Other assets
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver.
Note circulation
Banking department:
Cash reserves
Loans and discounts..
Other assets
Deposits—Demand
Time
Ministry of Finance
Others
Other liabilities..
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts..
Advances to State
Note circulation
Other sight liabilities

January

221
1,275
405

295
1,366
401

208
1,323
337

95
1,334
592

14
24
188
20
171
34

29
10
29
187
22
170
30
79

29
6

23
186
26
162
29
85

27
13
8
188
27
164
31
68

41,091
76,602

75,584

42,376
99,467
47,011
27,733
40,271

50,852
102,957
37,400
33,166
39,371

25,652
20,058
75,141

40,462

1,426
314
1,810
2,281
4,838
1,375

1,251
159
1,803
2,287
4,288
1,292

1,461
343
1,711
2,271
4,848
1,504

1,432
364
1,781
2,271
4,890
1,386

2,626

Liabilities of banking department. (See Bulletin for December 1935.)

BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
Liabilities

Gold in bars

5SL°^ h a , n d a n d

on

current account

with banks
Demand funds at interest"
H

(a^ S cos l tV table b U l 5 a n d a c c e p t a n c e s
Commercial bills and bankers' acceptances......
Treasury bills...
Total... .

T

8ma£8»

Stlnterest

~ N o t exceeding

Sundry bills and Investments:
Maturing within 3 months:
Treasury bills
T**t S u n d r y investments....
Between 3 and 6 monthsTreasury bills.... ! _
Sundry investments
Over 6 months:
Treasury bills
Sundry Investments
Total

Jan. 31

Dec. 31

32,831

24,285

17,228
27,584

3,243
16,422

Tan. 31
11,008
2,611
4,794

aSd * °

Total assets




Demand deposits (gold)
Short-term deposits (various currencies):
Central banks for own account:
Time—Not exceeding 3 months.

144,988
206,718

131,695
205,654

164,959
184,810

351,705

337,350

349,769

32,404

33,933

49,745
32,003

45,252
32,482

29,503
33,514

12,221
63,590

21,366
63,379

34,234
63,633

38,331
34,823

33,442
34,391

23,094
36,253

40,229

230,714

230,311

220,230

6,138
6,091

6,144
5,712

6,129
2,956

704,695

656,405

637,726

Other assets:
11 7 f Central banks on bills

SundryTteinsIV

1935

1936

1935

1936
Assets

Total

-

Central banks for account of others:
Time—Not exceeding 3 montns.
Other depositors:
Demand
Time—Not exceeding 3 months.
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fundFrench Government deposit (Saar).
Total
Capital paid In
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund
Other liabilities:
Guaranty on commercial bills sola.
Sundry items
Total liabilities

=:

Jan. 31

Jan. 31

Dec. 31

21,005

19,912

10,921

39,69*
108,420

28,286
108,156

21,461
107,605

148, 111

136,442

129,065

10,201
2,976

8,135
2,972

12,491

31,840
687

702
40

1,413

154,670
77,335
61,930
2 ? 03i

154,388
77,194
61,930
2,031

154,481
77,241
41,062

295,966

295,542

272,784

125,000

125,000

125,000

3,324
5,845
11,690

3,324
5,845
11,690

2,672
4,866
9,732

6,138
41,912

6,162
40,638

6,188
62,594

704,695

656,405

637,726

-i

—

FEDERAL RESERVE BULLETIN

186

MARCH 1936

COMMERCIAL BANKS
[Figures are as of end of month, except those for England, which are averages of weekly figures!
Liabilities

Assets
England
(10 clearing banks. Figures in millions
of pounds sterling)

Cash
reserves

Money at
call and Bills discounted
short
notice

1935—April
May
June
July
August....
September.
October...
November.
December.

217
219
217
219
213
208
204
214
221

137
142
143
145
149
147
141
147
159

199.
218
244
274
287
299
297
293

1936—January-

228

159

346

Loans to
customers

Securities

618
620
624
615
615
619
626
621
605

Deposits

Other
liabilities:

Other

Total

Demand i

779
774
780
778
768
766
777
778
784

240
233
235
215
205
205
213
214
231

1,940
1,962
2,004
2,019
2,013
2,024
2,036
2,040
2,091

815

227

2,164

Time
895
897
907
899
899
903
921
918
924

1,004
1,015
1,072
1,084
1,068
1,080
1,064
1,080
1,140

250
244
239
227
224
221
224
227
231
242

Liabilities

Assets
France
(4 large banks. Figures in millions of
francs)

1935-April
May
June
July
August
September.
October
November.

Deposits
Cash

5,196
4,648
4,151
4,348
4,211
4,075
3,996
3,909

Due from bills disbanks
counted

1,642
2,506
2,308
2,151
2,399
2,364
2,413
2,759

18,302
17,181
17,949
17,464
17,226
17,585
17,692
16,529

Other
assets

Loans

Total

7,802
8,544
7,902
7,702
7,592
7,450
7,505
7,718

Demand

Time
781
830
766
718
673

29,218
29,129
28,756
27,932
27,916
28,016
28,101
27,406

29,999
29,958
29,521
28,649
28,589
28,684
28,800
28,110

Own
acceptances

704

Due
from
banks

Bills dis- Loans
counted

Securities

Other
assets

Deposits
Total

Demand

2,918
2,889
2,884

1,038
1,020
996
991
992
996
993
983

5,495
5,466
5,567
5,525
5,464
5,382
5,408
5,376

2,450
2,511
2,546
2,482
2,419
2,436
2,451
2,435

3,046
2,955
3,021
3.043
3,045
2,947
2,957
2,941

774
758
716
705
701
682

1,481.
1,451
1,438.
1,4551,454
1463
1,4681,449

2,847

1,003

958

5,460

2,480

2,980

659

1,423-

163
145
194
185
151
195
156
139

346
340
363
360
341
341
314
316

2,234
2,234
2,264
2,284
2,221
2,035
2,167
2,162

3,030
2,990
2,953
2,886

1936—January....

134

306

2,294
Assets

Liabilities

Security
loans
abroad
(10 chartered banks. Figures in miland net Securilions of Canadian dollars)
Other
due
ties
Cash Security loans
from
reserves loans and dis- foreign
counts banks
1935—April
May
June
July
August
SeptemberOctober
November..
December..
1936—January

Time

Entirely in Canada

214
204
207
209
228
223
235
229
228

981
971
955
938
955
965
982
980
945

142
155
127
134
142
157
132
151
141

200

874

150

1,000
1,005
1,018
1,031
1,041
1,103
1,116
1,137
1,155
1,207

Other
assets

Note
circulation

472
459
468
460
473
464
476
453
485

114
117
122
114
123
123
121
124
111

472

112

Deposits payable in Canada excluding interbank
deposits
Total
2,086
2,064
2,039
2,032
2,065
2,131
2,151
2,174
2,180
2,144

Demand
634
617
613
604
631

694
645

! £ x e l £ ? i n i 3 d e P° s j. t , s °l ^e National Bank relating to offices outside England,
which are included in t h e total
» Combined monthly balance sheet not published for December.
s i i U i U ' W U i t - u a r e inciuaea in xne total.
NOTE.-For back figures and explanation of table see BULLETIN for October 1933, p p . 639-646, and June 1935, p p . 388-390.




Credits Other
obtained liabilifrom
ties
banks

933
968
991
990
1,019
1,061
1,033
1,027

1935-April
May
June
July
August
,
September..
October
NovemberDecember *.

Canada

3,885
3,790>
4,1063,995
4,0434,15a
4,226-

Liabilities

Assets
Germany
(5 large Berlin banks. Figures in mil- Cash
lions of reichsmarks)
reserves

251
312
312
293
257
236
268
329

Other
liabilities

Other
liabilities

Time
1,452
1,447
1,426
1,428
1,434
1,444
1,465
1,474
1,486
1,499

702
728
734
744
748
745
745

187

FEDERAL RESERVE BULLETIN

M U C H 1936

DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Bate effective

England

France

2

In effect July 1,1935.
July 5
July 6
July 18
„..
July 19
July 25
July 26
Aug. 3-Aug. 9
Aug. 12
Sept. 9
Sept. 17
Oct. 17
Oct. 22
Nov. 5
Nov. 14
Nov. 15
Nov. 22
Nov. 26
Jan. 2,1936
Jan. 10
Jan.16
Feb. 4
"""
Feb. 7
In effect Mar. 1,1936.

Germany

5
4

SwitzerItaly Netherlands
land

Albania
Argentina...
Austria . .
Belgium
Bolivia
Bulgaria
Canada
Chile
Colombia.. _
Czechoslovakia
Danzig
Denmark...
Ecuador
El Salvador.
Estonia
Finland
Greece
Hungary

3
5
6
5

3

m
6
5

5

T
3H

4
5
6
5
4

3
2^
4

Hate
Mar. Date effective
1

Central
bank of—

4

4

2

Rate
Mar, Date effective
1

Central
bank of—

5

Nov.
Mar.
>M July
May
6 July
6 Aug.
2H Mar.
4H June
July

16,1933
1,1936
10,1935
16,1935
5,1932
15,1935
11,1935
12,1935
18,1933

Jan.
Oct.
Aug.
Nov.
July
Oct.
Dec.
Oct.
Aug.

1,1936
21,1935
22,1935
30,1932
5,1934
1,1935
3,1934
14,1933
29,1935

3
5
5
7
4

India
Japan
Java
Latvia
Lithuania, . .
New Zealand
Norway
Peru
*._
Poland
Portugal
Rumania.—
South Africa
Spain
Sweden
Turkey.
U. S. S. R._
Yugoslavia-

3
3.65
4
6

lH
r
5
5
4H

2H
8
5

Nov.
July
July
Jan.
Apr.

28,1935
3,1933
1,1935
1,1933
1,183a

Aug.
May
May
Oct.
Dec
Dec.
May
July
Dec.
Mar.
Mar.
Feb.

1,1934
24,1933
20,1932
26,1933
13,1934
15,1934
15,1933
15,1935
1,1933
2,1933
22,1927
1,1935

m

MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
Netherlands (Amsterdam)

Germany (Berlin)

England (London)
Month
Bankers'
Treasury
acceptances,
bills, 3
3 months
months
1935—January. _
February.I
March

4fc

June...
July....:
August....
September.
October
November
December.
1936—January

Bankers'
Day-to-day allowance
money
on deposits

M

*"

*"

ay.v*li";";

June
July...
August"!
September
October
I
November""
December.""!!

—
"

Money for Day-to-day
money
1 month

Private
discount
rate

Money for
1 month

0.36
.38
.57
.59
.59
.71
.65
.60
.58
.63
.57
.71

0.26
.28
.50
.51
.51
.64
.59
.58
.55
.62
.55

0.66
.63
.72
.75
.75
.75
.75
.75
.75
.75
.75
.75

3.51
3.41
3.38
3.38
3.09
3.00
3.00
3.00
3.02
3.04
3.01
3.00

3.93
3.77
3.60
3.60
3.10
2.93
2.97
3.00
3.07
3.26
3.10
3.23

3.82
3.83
3.94
3.64
3.17
3.16
3.10
3.06
3.21
3.13
3 07
3.15

.53
.60
3.65
3.78
4.42
3.25
4.78
5.48
4.70
3.15
3.20

1.00
1.00
1.00
3.26
2.96
3.83
2.77
4.72
5.65
5.00
3.00
3.08

.56

.53

.75

3.00

3.09

2.81

2.37

2.29

Switzerland

Belgium
(Brussels)

France
(Paris)

Italy
(Milan)

Private
discount
rate

Private
discount
rate

Private
discount
rate

Private
discount
rate

Month

1935-January
February."

Private
discount
rate

1.50
1.50
1.50
1.S0
2.39
2.60
2.79
Z47
2.40
2.37
2.44
2.50
2.48

2.38
2.38
2.38
2.38
2.12
1.88
1.88
1.88
1.88
1.88
1.88
1.88

1.79
2.12
2.12
2.14
2.56
5.72
4.06
3.06
2.85
2.71
3.89
5.89

4.00
4.00
3.89
3.50
3.50
3.50
3.50
4.17
4.87
5.00
5.00
5,00

4.26

5.00

Sweden
(Stockholm)

Hungary

Japan (Tokyo)

Loans up Discounted
Prime
Day-to-day
to 3
commerbills
money
months
cial paper

:.
Ztt

r
3

5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.U
5.11
5.11
5.11

Call
money
overnight
2.62
2.70
2.54
2.40
2.45
2.45
2.60
2.62
2.6»
2.7S
2.69

* Corrected.
-For B explanation of table see BULLETIN for November 1926, pp. 704-796; April 1927f p. 289; July 1929, p. 503; November 1929, p . 736 and




188

FEDERAL RESERVE BULLETIN

MAECB

1936

FOREIGN EXCHANGE RATES
{Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Argentina
(peso)i

Year or month

Austria Belgium
Australia
(schil- (belga)
(pound)* ling)!

Brazil
(mili)i

11.8078
10.7136
7.0290
7.1223
7.9630
8.4268
8.2947
8.12S2
8.2363
8.2578
8.2797
8.3122
8.3146
8.3657
8.3378
8.3791
8.3792
8.3902
8.4167
&3803

Czecho- Den*
slovakia mark
(koruna) (krone)

Bulgaria
(lev)i

Canada
(dollar)

Chile
(peso)i

China
(yuan)

Colombia
(peso)1

Cuba
(peso)

0.7216
.7209
.7163
.7103
1.0039
1.2852
1.2951
1.2665
1.2878
1.2725
1.2756
1.3070
1.3149
1.3332
1.2935
1.3239
1.3404
1.3309
1.3446
1.3380

99.2472
99.8424
96.3528
8S.0S96
91.9587
101.0060
99.4933
99.8852
99.0647
99.5277
99.8977
99.9078
99.8322
99.7799
99.2563
98.5800
98.9236
99.0453
99.9297

12.0601
12.0785
12.0669
7.9079
7.6787
10.1452
fi.0833
6.0761
5.0S85
5.1000
5.1000
5.0996
5.0990
5.0633
5.0515
6.0694
5.0950
5.0937
5.0950
5.0950

41.9007
29.9166
22.4369
21.7357
28.5979
34.0937
36.5707
36.6369
38.2960
38.7908
41.0979
40.4002
38.6791
36.8645
37.6226
35.6091
29.6485
29.4496
29.6594
29.9116

96.5512
96.4930
96.5697
95.2750
81.6966
61.7799
66.0110
58.9577
54.1613
52.8846
55.0634
54.4068
52.9692
53.2263
55.9846
57.3115
56.5948
57.0300
57.3900
58.2683

99.9647
99.9515
99.9295
99.9409
99.9464
99.9362
99.9198
99.9205
99.9200
99.9194
99.9204
99.9182
99.9194
99.9185
99.9200
99.9200
99.9200
99.9200
99.9231
99.9209

2.9609
2.9640
2.9619
2.9618
3.8232
4.2424
4.1642
4.1784
4.1982
4.1814
4.1683
4.1828
4.1729
4.1571
4.1363
4.1411
4.1363
4.1433
4.1602
4.1936

26.6802
26.7650
25.0581
18.8317
19.0709
22.4998
21.8834
21.7594
21.3244
21.5902
21.8175
22.0458
22.1303
22.1848
22.0112
21.9092
21.9834
22.0012
22.1526
22.3211

India

Netherlands
(florin)

1029
1930
1931
1932
1933
1934
1935
1935—February..
March
April
May.......
Juno
July
Aufttist
September.
October.—
November.
December.
193/}—January
February..

95.1274
83.5050
60.7375
58.4433
172.8009
33.5793
32.65S5
32.4607
31.8033
32.2220
32.5572
32.8687
33.0262
33.1204
32.85G3
32.7140
32.8152
32.8542
33.0742
33.3201

Year or month

Egypt
(pound)

England Finland Franco
(pound) (markka) (franc)

GerGreece
many
(reichs- (drachma)
mark)

Hong
HunKong
gary
(dollar) (pengo)i

Italy
(lira)*

Japan
(yen)

Mexico

(rupee)

1929
1930
1931
1932
1933
1934
1935
1935—February.. .
March
April....
Itfay
June.
July
August
September..
October
November..
December..
1936—January
February,

40S.06S9
493.6002
465.1111
359.5406
434.3908
516.8549
502.6007
499.7457
489. 7472
495.9246
501.1845
505.9339
508.3151
509.5780
505.5597
503.2065
504.9614
505.3533
508.8316

485.6S79
486.2126
453.4990
350.6067
423. CS21
503.9302
490.1761
4S7.3466
477.6211
483.6812
488.7755
493.4922
495.7659
496.9SS0
493.0654
490.7834
492.4950
492.8772
496.2696
500.0469

2.5160
2.5169
2.3875
1.5547
1.8708
2.2277
2.1627
2.1536
2.1099
2.1315
2.1543
Z 1782
2.1859
2.1907
2.1742
2.1645
2.1719
2.1745
2.1890
2.2063

23.80S6
23.8541
23.6302
23.7492
30.5179
39.3751
40.2575
40.1178
40.3722
40.2638
40.2472
40.4072
40.3538
40.3456
40.2278
40.2251
40.2251
40.2167
40.3966
40.6870

47.1669
33.8530
24.3305
23.4604
29.4516
38.7156
48.2173
44.3362
47.9147
52.6702
59.3095
57.5162
53.0310
50.3262
50.0547
48.9702
36.4772
32.7016
32.2051
32.7955

36.2020
36.0672
33.6895
26.3468
31.8159
37.8793
36.9640
36.7994
36.0210
36.4393
36.8602
37.1944
37.3467
37.4849
37.2082
37.0217
37.1419
37.2008
37.4606
37.7344

5.2334
6.2374
5.2063
5.1253
6.7094
8.5617
8.2471
8.4730
8.3368
8.2821
8.2253
8.2566
8. 2259
8.2074
8.1409
8.1243
8.1024
8.0750
8.0276
8.0373

46.0997
49.3898
48.8509
28.1112
25.6457
29.7153
28.7067
28.3913
27.9837
28.3679
28.7295
28.9931
29.1510
29.3192
28.9378
28.6687
28.6828
28.7386
28.9932
29.1299

48.1830
47.1331
135.4919
31.8500
28.1025
27.7423
27.7779
27.7515
27.7500
27.9350
27.7882
27.7781
27.7660
27.7521
27.7558
27.7631
27.7673
27.7675
27.7677
27.7691

40.1622
40.2251
40.2293
40.2949
51.7209
67.3831
67.7147
67.5602
67.9506
67.4576
67.6195
67.8743
67.9862
67.7819
67.5556
67.7416
67.8024
67.7696
68.1734

Year>r month

NewZealand
(pound)2

Norway
(krone)

Poland
(zloty)

Straits
Portu- Ruma- South
Turkey
Spain
Settle, Sweden Switzergal
nia
Africa
land
(escudo) Oeu) (pound)* (peseta) menta (krona) (franc) (pound)
(dollar)

Uruguay
(peso)*

Yugoslavia
(dinar)

26.6827
26.759S
25.0546
18.0039
21.4292
25.3161
24.6268
24.4880
24.0265
24.2975
24.5563
24.7910
24.9062
24.9482
24. 7710
24.6570
24.7399
24.7605
24.9316
25.1214

11.1940
11.2051
11.1970
11.1823
14.4135
18.8460
18.8824
18.8721
18.9611
18.8617
18.8426
18.9146
18.9574
18.9567
13.8450
18.8361
13.8249
13.8486
18.9311
19.1315

1929
1930
1931
1932
1933
1934
1935
___
1935—February-..
March
April
May
June
July
August
SeptemberOctober
November..
December..
1936—January
February. „

483.21
46S.22
415.29
320.19
340.00
402.46
391.26
3SS.69
3S0.91
385.85
3S9.90
393.54
395.65
396.86
393.69
391.86
393.74
394.32
397.53
401.15

480.83 14.0575
458.60 14.0891
351.50 14.0227
279.03 13.9599
337.07 15.4478
400.95 18.7930
3SS.80 18.8309
386.37 18.7900
378.66 18.8827
383.52 18.7898
3S7.55 18.7680
391.28 18.8821
393.31 18.9148
394.52 18.9405
391.52 18.8453
3S9.01 18.8117
390.90 18. 7753
391.28 18.7828
394.50 18.8320
398.06 18.9703

13.9124
13.9524
13.9285
13.9137
17.8996
23.2867
18.4241
23.3293
22.7564
16.9430
16.94G1
16.9393
16.9117
16.8878
16.8618
16.8468
16.8946
16.8565
16.9355
17.0416

3.9161
3.0249
3.9200
3.9276
6.0313
6.5688
6.6013
6.5936
6.6232
6. 5970
6.5883
6.6121
6.6242
6.6262
6.5908
6.6S92
6.5S62
6.5986
6.6251
6.6810

4.4714
4.4940
4.2435
3.1960
3.9165
4.60S9
4.4575
4.4328
4.3430
4.3930
4.4407
4.4S56
4.5095
4.5153
4.4S68
4.4703
4.4787
4.4854
4.5120
4.5489

0.5961
.5953
.5946
.5968
.7795
1.0006
.9277
.9592
1.0093
1.0074
1.0057
1.0078
1.0004
.9351
.8077
.7965
.7899
.7879
.7879
.7632

1.2934
1.2959
1.2926
.8320
.7233
.9402
.9386
.9339
.9399
.9354
.9340
.9423
.9442
.9437
.9384
.9391
.9390
.9383
.9424
.9509

483.27
483.79
480.76
476.56
414. 98
498.29
434.66
482.30
472,31
478. 27
483.34
488.06
490.61
488.74
488.42
485.63
487. OS
487.44
490.83
494.51

100.1136

17.4414
17.4939
17.4522
17.4460
22.3598
29.5746
29.6023
29.6955
29.6405
29.4937
29.4356
29.5062
29.6809
29.7010
29.6240
29.6367
29.6242
29.6185
29.6778
29.7856

14.6833
11.6670
9.6453
8.0433
10.7189
13.6150
13.6783
13.6626
13.7232
13.6693
13.6522
13.6982
13.7259
13.7296
13.6569
13.6537
13.6477
13.6704
13.7274
13.8412

56.0117
55.9639
52.4451
40.3970
49.2320
59.0052
67.1733
67.0057
65.6346
56.3329
66.8942
57.3762
57.5466
57.8282
57.6180
57.4404
57.6071
57.6112
68.0574
68.5530

26.7839
26.8543
25. 2540
18.4710
22,0324
25.9815
25.2710
25.1256
24.6264
24.9325
25.1988
25.4408
25.6583
25.6227
25.4219
25.3030
25.3877
25.4092
25.5829
25.7779

19.2792
19.3820
19.4009
19.4049
24.8355
32.3663
32.4972
32.3525
32.5301
32.3645
32.3230
32.6800
32,7474
32,7180
32.5042
32,5326
32,4449
32.4323
32,6622
33.0330

(peso)

9S.6294
85.8650
55.3572
47.0639
60.3360
79.9562
80.2513
80.1306
80.4779
80.2015
80.0946
80.3547
80.6550 80.4841
80.8063 80.5377
80.2667 80.1204
80.2442 80.1885
80.2674 80.1500
80.1636 80.2075
79.9466
80.6850 80.2582

48.4105
47.0608
47.1814
47.2854
60.4396
79.0472
80.3123
79.5018
80.6676
80.5065
80.6269

1.7591
1.7681
1.76S0
1.64U
1.7607
2.2719
2.2837
2.2717
2.2852

IS
Z 2913
2,2965
2.2973
2.2823
2.2834
2.2853
2.28S6
2.2991
2.3196

i Partly or wholly nominal since April 1933.
» Partly or wholly nominal since April 1934.

Jan \ P ! J 5 f lO 50 '

equIvalent

*° U ^Teent

of g o l d peso

' <* uoted

fa

wSJjJw^r n 6S I io B Snl BOl<1 P " ° beEiDn'ni! J u l y * 1 9 3 1 -




Place of latter beginning D e c 13, 1933. Average for 1933 isforgold peso for

Aven

* e Ior mi

b

•* "I™ P"° 'or W 30-Dee. 3L Averagetorgold pew

189

FEDERAL RESERVE BULLETIN

MABCH 1036

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
Canada
England
France
Germany
Italy
States
(1926=100) (1926=100) (1930«100) (1913=100) (1913=100) (1913-100)

Year or month

1926
1927
1928
1929
1930
1931

100
95
97
95
86
73
65
66
75

100
98
96
96
87
72
67
67
72

1934—September..
October
November..,
December

78
77
77
77

72
71
71
71

1935—January
February.
March
April
May
June
July
August
September..
October
November.
December...

79
80
79
80
80
80
79
81
81
81
81
81

1936—January

81

,

1932

1933
1934

;_

Netherlands
(1926-30100)

Japan
(October
1900-100)

134
138
140
137
125
111
97
93

602
495
462
445
383
328
304
280
273

237
225
226
220
181
153
161
180
178

365
357
356
344

100
101
101
101

270
272
274
276

179
182
181
181

71
72
72
73
72
72
72
72
72
73
73
73

350
343
335
336
340
330
322

277
278
288
296
302
308
310
323

182
184
184
182
182
180

342
34S
354

101
101
101
101
101
101
102
102
102
103
103
103

73

359

104

100

642
645
627
£54
502
427
393
376

100
103
102
100
90
76
65
63

62
02
61
61
61
61
61
61
62
63

ISO
183
189
194
194
192

62

192

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total Index above]

Year or month

1926..
1927.
1928.
1929...
1930.
1931.
1932.1
1933
1934.™;;;;
1934-September.
October
November*
December.^
1935—January...,

february'V

March
Apni./.;;;:
May
June
July.".'."""
August;;;; 1
September:
October...
November;
December..

Farm
products

Foods

Other
commod
Hies

Foods

Indus- AgriculFarm
Industural
trial
and food
trial
products products products products

Provi*
slons

IndusIndustrial raw trial finand semi- ished
finished products
products

581
599
584
579
526
542
482
420
410

793
678
697
669
579
464
380
380
361

129
138
134
130
113
104
91
87

132
129
133
125
113
90
86
75
76

130
132
134
132
120
103
91

150
147
159
157
150
136
118
113
116

76
75
75
75

78
78
78
78

383
363
366
344

350
347
347
343

100
101
101
101

78
78
79
79

92
92
92
92

117
118
119
119

78
79
78
80
81
78
77
79
80
78
78
78

80
83
82
85
84
83
82
85
86
85
85
86

78
77
77
77
78
78
78
78
78
78
79
79

351
339
329
325
324
307
292
311
322
331
338
350

350
346
341
345
353
351
347
347
341
351
357
356

100
100
99
100
101
102
103
104
104
104
105
105

81
81
83
84
84
86
85
85
84
84
84
84

92
92
91
91
91
91
91
91
92
93
93
93

119
120
120
120
119
119
119
119
119
119
119
119

78

79

355

105

84

93

120

84

100
99
106
105
88
65
48
51
65

100
97
101
100
91
75
61
61
71

100
94
93
92
85
75
70
71
78

73
71
71
72

100
89
88
83
85

100
87
85
87
90

***.-See BULLETIN for March 1931, p. 169, March 1935, p. ISO, and October 1935, p. 678.




Germany (1913-100)

England (1930=100) | France (1913-100)

United States 1926•= 100)

FEDERAL RESERVE BULLETIN

190

M A R C H 1936

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES

COST OF LIVING

[Index numbers]

[Index numbers]

Year or month

England
United
(July
States
(1913 »100) i 1914=100)

France
(Jul;
1914= 100)»

Germany
(191314=100)

United
States
(192325=100)

Year or month

103
102
100
99
97
89
80
76
78

France
(Jan.-June
1914=100)2

170
164
166
164
158
148
144
140
141

103
104
105
113
118
116
107
106
105

142
148
152
154
148
136
121
118
121

102

122

1026..
1927.,
1928.,
1029..
1030..
1931..
1932.,
1933.
1934.

161
155
154
157
147
121
102
100
111

161
156
157
154
145
131
126
120
122

113
113
112
124
125
124
109
100
98

146
153
153
156
146
131
116
113
118

1926..
19271928_.
1929.1930-.
1931.1932..
19331934-

1934—December

114

127

94

119

1934—December.,

144

119
122
122
124
124
123
122
122
124
124

125
124
122
119
118
120
126
126
125
128
131
131

92
90
88
85
86
86
83
81
81
85
87
88

119
120
119
119
120
121
123
123
121
120
120
121

1935—January...
February—
March
April
May
—
June
July.
August
September.,
October
November.,
December,.

143
142
141
139
139
140
143
143
143
145
147
147

122

1936—January...

1935—January
FebruaryMarch
April
May
June
July
August
September..
October
November-.
December..

131

1936—January

81

81

Germany
(191314=100)

England
(July
1914=100)

122
123
122
122
123
123
124
125
123
123
123
123

100

124

147

* Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. Indexes
for revised series, 1923-25=100, are 80 for October, 82 for November, 82 for December 1935, and 82 for January 1936.
1
1ndex represents prices converted to gold basis of 1914.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Germany—Statistisches Kelchsamt; France—For retail food prices, Statistique GSnerale, 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
Year or month

United
States
(average
price)

England
France
(December (1913 aver1921=100)1 age =100)

Number of issues..,
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935

87

36

Germany
(average
price) i

United
States

England i

139

421

278

France

300

97.0
98.9
98.7
95.7
98.3
96.1
81.1
84.0
96.7
102.3

110.0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
129.9

57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
83.5

85.5
81.4
83.3
183.4
2 67.1
82.5
90.7
95.3

100.0
118.3
149.9
190.3
149.8
94.2
48.4
63.4
72.5
78.5

100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
86.3

100.0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
83.3
79.7

1935—January
February
March
April
May
June
July
August
,
September...
October
November...
December...

101.3
101.3
99.9
100.0
101.2
102.2
104.2
104.2
103.1
101.9
103.5
104.5

134.6
131.6
130.3
131.3
131.3
130.3
131.5
129.8
124.3
125.5
128.9
129.5

88.9
89.5
84.1
84.8
82.4
82.8
82.4
83.9
82.7
82.1
78.8
79.1

96.0
95.5
96.1
95.1
95.3
95.3
95.3
95.4
95.1
94.9
94.9
94.9

69.7
67.8
63.9
67.5
73.1
76.0
79.4
83.3
85.0
86.1
94.2
95.7

86.9
85.4
82.6
83.8
86.0
86.9
86.9
88.3
84.7
84.6
88.9
90.2

83.7
80.3
78.1
79.8
88.0
82.4
77.7
79.0
76.4
77.3
76.8
77.3

1936—January

106,5

130.1

78.9

95.1

101.7

93.1

83.7

,
,
,
_.„.

1 Annual indexes are unweighted averages of monthly indexes
Sources.—See BULLETIN for February 1932, p. 121, and June 1935, p. 394.




Germany

329

looTo

145.0
136.1
122.8
100.2

*78.0
160.3

6L7
71.1
82.9
76.6
79.3
80.6
81.9
83.5
86.0
86.8
87.fi
85.0
83.5
82.1
81.9
84.2

MARCH

1936

FEDERAL RESERVE BULLETIN

191

LAW DEPARTMENT
Deposits of receivers and liquidating trustees of busiThe Board expressed the view that deposits
ness corporations not classified as savings deposits. of funds of the liquidating trustees of a business

The Board recently received a request for a
ruling upon the question whether funds deposited in a member bank by a Federal receiver in
equity of a business corporation could be classified as a savings deposit within section 1 (e) of
Regulation Q, which provides, in part, as
follows:
The term "savings deposit" means a deposit, evidenced by a pass book, consisting of funds (i) deposited
to the credit of one or more individuals, or of a corporation, association, or other organization operated primarily for religious, philanthropic, charitable, educational, fraternal, or other similar purposes and not
operated for profit, or (ii) in which the entire beneficial
interest is held by one or more individuals or by such
a corporation, association, or other organization * * *.

The letter of inquiry stated that the funds
deposited by the receiver in special savings
accounts were the accumulation of collections
made by him as receiver. The letter also
stated that it was the official duty of the receiver to act as conservator of assets and that
his operations as receiver had not been for
profit.
The Board expressed the opinion that the
deposit in question could not properly be considered as a deposit of funds of one or more
individuals or of an organization operated
primarily for religious, philanthropic, charitable, educational, fraternal, or other similar
purposes. Accordingly, the Board ruled that,
without regard to the question whether the
operations of the receiver had or had not been
ior profit, deposits in a member bank by the
receiver of the business corporation could not
oe classified as savings deposits within the
aennition contained in Regulation Q.
In another case in which a somewhat similar
question was presented to the Board, it appeared that a business corporation in liquidation had a savings deposit in the name of the
corporation; that, under the applicable law,
directors of the corporation became trustees
ior its stockholders when it was placed in
3 * } a t u m ; that the signatures required for
withdrawal from such deposit were those of the
liquidating trustees and not of any particular
omcer; and that the liquidating trustees had
deposited m such account their cash assets
pending collection
of certain outstanding assets,
h would

corporation could not be considered as deposits
of funds of one or more individuals or of an
organization operated primarily for religious,
philanthropic, charitable, educational, fraternal,
or other similar purposes and, accordingly, that
such deposits in a member bank could not be
classified as savings deposits within the definition contained in Regulation Q.
In both of the above cases, the Board called
attention to the fact that there is nothing in
Regulation Q which would prevent the funds
in question from being deposited in interestbearing time deposits, as defined in the regulation.
Basis of provision in Regulation Q that business
corporations may not maintain savings deposits.

The Board recently received a request for a
statement of the reasons for the distinction between deposits of individuals and those of
business corporations in the definition of savings
deposits contained in section 1 (e) of Regulation Q. In response to this inquiry the Board
made the following explanation:
The Banking Act of 1935 conferred upon the
Board authority to define the term "savings
deposits" and to prescribe such rules and regulations as it may deem necessary to effectuate
the purposes of the law and prevent evasions
thereof. This authority was granted in order
to enable the Board to correct certain wellrecognized abuses which had grown up in
connection with savings deposits.
Member banks are forbidden by law to pay
interest on demand deposits or to pay time deposits before maturity, except in certain exceptional circumstances. However, they are
permitted to pay savings deposits on demand,
provided they reserve the right to require 30
days' notice of withdrawal, and they are also
permitted to pay interest on such deposits.
In addition, member banks are permitted to
carry with the Federal Reserve banks a reserve
of only 3 percent against savings deposits,
although they are required to carry reserves of
7, 10, or 13 percent, depending upon the locations of the respective banks, against all other
deposits which are payable on demand. Sav^ ° M ? ers
^ure'to the benefit of the ings deposits, therefore, are the onty class of
Tile
question presented was deposits payable on demand upon which memsuch a deposit could be classified as a ber banks are permitted to pay interest and to
maintain reserve? of only 3 percent.
savings deposit as defined in Regulation Q.




192

FEDERAL EESERVE BULLETIN

These privileges were accorded with respect
to savings deposits because of the desire to
encourage thrift; but they led to certain
abuses, chief of which were the classification of
ordinary demand deposits as savings deposits
in order to pay interest on such funds and to
carry the lower reserves against them, and the
classification of idle funds of business corporations as savings deposits even though such
funds were not accumulated for genuine thrift
purposes.
It is believed that "savings deposits", in the
true meaning of the term, are deposits which
consist of the accumulations of savings of
individuals, usually of limited financial means,
in order to provide for sickness, accident, old
age or other exigencies, to meet anticipated
expenses, or for other similar purposes. Although there are certain nonprofit organizations which may property be included in the
class of those who are entitled to the privilege
of maintaining savings deposits, it is not believed that corporations operated for profit
fall within this category. Accordingly, in
section 1 (e) of Regulation Q, the Board has
provided that a savings deposit must consist
of the funds of one or more individuals or of an
organization operated primarily for religious,
philanthropic, charitable, educational, fraternal
or other similar purposes and not operated for
profit.
The Board also called attention to the fact
that, although Regulation Q does not permit
deposits of a business corporation to be classified as savings deposits, there is nothing in
such regulation to prevent a business corporation from placing its funds in an interestbearing time deposit.
Payment of interest on savings deposit withdrawn
between interest-paying dates.

In response to an inquiry, the Board recently
advised a member baak that, if a deposit conforms to the definition of a savings deposit
contained in section 1 (e) of the Board's
Regulation Q, interest may lawfully be paid
thereon at a rate*not in excess of the maximum
rate prescribed in the regulation, notwithstanding the fact that the funds contained in
such deposit have actually been on deposit
with the bank for a period of less than 3 months,
likewise, a member bank is not prohibited
from paying interest on a savings account
which has been closed between the bank's
regular semiannual interest paying dates. In
either case, however, the amount of interest




MAECH 1936*.

actually paid on the savings deposit may not
exceed 2K percent per annum, when compounded quarterly, for the period during which,
the deposit actually constitutes a savings deposit as defined in Regulation Q.
Certain drafts drawn upon Federal Reserve banksincluded in gross demand deposits in computing
reserves of member banks.

Section 1 (f) of Regulation D provides that
the term "gross demand deposits" includes
"outstanding * * * drafts drawn upon or
other authorizations to charge the member
bank's reserve account at the Federal Reserve
bank." In response to an inquiry, the Board
recently ruled that'the above clause is intended
to refer to cases (1) where a bank has received
cash or its equivalent, for which it has paid with
a Federal Reserve bank draft that has not had
time to reach the Federal Reserve bank and
become a charge to the member bank's reserve
account, and (2) where a bank has charged its
depositors1 accounts for items received from the
Federal Reserve bank for collection and remittance but has not effected payment therefor
because the draft drawn in payment therefor,
or other authorization to charge its reserve
account, has not had time to reach the Federal
Reserve bank* Outstanding drafts drawn in
payment for currency ordered from a Federal
Reserve bank, or in payment for transfers of
funds which a Federal Reserve bank has been
requested to make for the account of a member
bank, do not constitute deposit liabilities and
should not be included in demand deposits.
For the purpose of determining the amount of
"gross demand deposits'1 within the above
section, drafts drawn on a Federal Reserve
bank may be considered as "outstanding" for
the number of days normally required for mail
to go from the member bank's city to the Federal Reserve bank, or to a branch of the Federal
Reserve bank if the member bank deals with
the branch.
Reports by executive officers of member banks of
their indebtedness to other banks.

Inquiry was recently made of the Board of
Governors as to whether, under the law and
the Board's Regulation 0, an executive officer
of a member bank who is indebted to another
bank and who, prior to January 1, 1936, the
effective date of Regulation O, had reported
such indebtedness to the chairman of the board
of directors of the member bank of which he
is an executive officer, need make a report of

!MAECH 1936

FEDERAL RESERVE BULLETIN

such indebtedness to the board of directors
of the member bank after the effective date of
the regulation.
Prior to the enactment of the Banking Act
of 1935, section 22 (g) of the Federal Reserve
Act required that an executive officer of a
member bank who is or becomes indebted to
another bank should make a report thereof to
the "chairman of the board of directors" of
the member bank of which he is an executive
officer and provided a criminal penalty for
failure to do so. The law on this subject,
however, was considerably revised by the
Banking Act of 1935. While no criminal
penalties are provided for violations of the section as amended, it is required by the amended
law that, if an executive officer of a member
bank borrow from or if he "be or become"
indebted to any other bank, he shall report
such indebtedness to the "board of directors"
of the member bank of which he is an executive
officer; and provisions to this effect have,
therefore, been incorporated in section 5 of
Regulation 0.
It will be observed that under the statute as
it existed prior to the amendment, while reports
were required to be made to the chairman of
the board of directors, it was not specifically
required by the law that they be disclosed to
the aboard of directors itself; whereas the
amended statute clearly requires that such
reports be made to the board of directors,
pus ^insuring that the board itself will be
informed of the matter.
The fact that indebtedness to another bank
may
have been reported prior to the effective
£ a t e of the regulation to the chairman of the
board of directors, pursuant to the provisions
-of the law prior to its amendment, does not
constitute compliance with the requirement of
the amended law that, if an executive officer
, be or become" indebted to another bank, such
indebtedness must be reported to the board of
directors. The Board, therefore, reached the
conclusion on the basis of the provisions of the
amended law, that an executive officer of a
member bank who is indebted to another bank
: on January 1, 1936, the effective date of Kegumtion O, is required to report such indebtedness

IS v5 £ oard . o f directors of the member bank

' v " be is an executive officer regardless of
whether such indebtedness has been previously
reported to the chairman of the board of
• directors.




193

While footnote 2 of Regulation 0 provides
that no such report need be made in the case
of renewals or extensions of indebtedness which
have been previously reported, provided the
indebtedness has not been increased, the Board
pointed out that this footnote related merely
to renewals or extensions and it does not affect
the question above discussed.
Provisions of law which are applicable to loans heretofore made to executive officers of member banks.

Section 22 (g) of the Federal Reserve Act,
which restricts the making of loans by a member bank to its executive officers, was first
enacted in the Banking Act of 1933, approved
June 16, 1933, and was subsequently revised in
the Banldng Act of 1935, approved August 23,
1935. The Board has received inquiries as to
the restrictions or provisions of law which are
applicable to loans to executive officers of
member banks which are now outstanding and
which were made (1) prior to June 16, 1933;
(2) between June 16, 1933, and August 23,
1935; and (3) since August 23, 1935.
The Board is of the view that under the law
(1) an indebtedness of an executive officer of a
member bank to such bank which was incurred
prior to June 16, 1933, may be renewed or extended for periods expiring not later than June
16, 1938, where the board of directors of the
bank shall have satisfied themselves that such
extension or renewal is in the best interests of
the bank and that the officer indebted has
made reasonable effort to reduce his obligation, these findings being evidenced by a resolution of the board spread upon the minute book
of the bank; (2) an indebtedness of an executive officer of a member bank to such bank
which was incurred subsequent to June 16,
1933, and prior to August 23, 1935, is subject
to the provisions of section 22 (g) as it existed
between such dates and to the criminal penalties
provided by the section prior to the enactment
of the Banking Act of 1935, and does not fall
within the scope of the Board's Regulation O,
which relates to loans to executive officers
made subsequent to August 23, 1935; and (3)
an indebtedness of an executive officer of a
member bank to such bank which was incurred
subsequent to August 23, 1935, is subject to
the provisions of the law as amended by the
Banking Act of 1935 and to the provisions of
the Board's regulation O.

194

FEDERAL RESERVE BULLETIN

MARCH 1936

Regulations of the Comptroller of the Currency governSection 9 of the Federal Reserve Act, as amended,
ing the purchase of investment securities, and fur- provides in part as follows:
ther defining the term "investment securities'
"State member banks shall be subject to the same
as used in section 5136 of the Revised Statutes as limitations
and conditions with respect to the purchasamended by the Banking Act of 1935.
ing, selling, underwriting, and holding of investment
and stock as are applicable in the case of
The business of buying and selling investment securi- securities banks
under paragraph 'Seventh' of Section
ties by national banks is governed by Paragraph national
Seventh of Section 5136 of the Revised Statutes of the 5136 of the Revised Statutes, as amended."
United States, as amended by Section 308 of the
SECTION I
Banking Act of 1935, approved August 23, 1935, which
paragraph now reads as follows:
By virtue of the authority vested in the Comptroller
"Seventh. To exercise by its board of directors or
duly authorized officers or agents, subject to law, all of the Currency by said Paragraph Seventh of Section
such incidental powers as shall be necessary to carry on 5136 of the Revised Statutes, the following regulation
the business of banking; by discounting and negotiating is promulgated, further defining the term "investment
promissory notes, drafts, bills of exchange, and other securities."
An obligation of indebtedness which may be purevidences of debt; by receiving deposits; by buying and
selling exchange, coin, and bullion; by loaning money on chased for its own account by a national bank or a
personal security; and by obtaining, issuing, and State member bank of the Federal Reserve System, in
circulating notes according to the provisions of this order to come within the classification of "investment
title. The business of dealing in securities and stock securities" within the meaning of the paragraph of
by the association shall be limited to purchasing and Section 5136 above quoted, must be a marketable
selling such securities and stock without recourse, security as designated by the express language of said
solely upon the order, and for the account of, cus- paragraph, and can be purchased for the bank's own
tomers, and in no case for its own account, and the account only under the limitations and restrictions
association shall not underwrite any issue of securities provided in said paragraph and the provisions of these
or stock: Provided, That the association may purchase regulations.
for its own account investment securities under such
Under ordinary circumstances the term "marketable"
limitations and restrictions as the Comptroller of the means that the security in question has such a market
Currency may by regulation prescribe. In no event shall as to render sales at intrinsic values readily available.
the total amount of the investment securities of any one
In determining whether a given security is marketobligor or maker, held by the association for its own able, it must meet the following minimum requirements:
account, exceed at any time 10 per centum of its
(a) That the issue be of a sufficiently large total
capital stock actually paid in and unimpaired and 10
to make marketability possible;
per centum of its unimpaired surplus fund, except that
(6) (1) That a public distribution of the securithis limitation shall not require any association to
ties must have been provided for or made in
dispose of any securities lawfully held by it on the date
a manner to protect or insure the marketaof the enactment of the Banking Act of 1935. As used
bility of the issue, or, in the alternative
tn this section the term 'investment securities' shall mean
(2) other existing securities of the issuer
marketable obligations evidencing indebtedness of any
have such a public distribution as to protect
person, copartnership, association, or corporation in the
or insure the marketability of the issue unfonn of bonds, notes, and/or debentures, commonly known
der consideration, and such issue must be
as investment securities, under such further definition of
registered under the provisions of the ''Sethe term 'investment securities' as may by regulation
curities Act of 1933" as amended, unless it is
be prescribed by the Comptroller of the Currency. Except
exempt from registration under Section 3
as hereinafter provided or otherwise permitted by law,
thereof.
nothing herein contained shall authorize the purchase
(c) That where the security is issued under a
by the association for its own account of any shares of
trust agreement, the agreement must prostock of any corporation. The limitations and restricvide for a trustee independent of the obligor,
tions herein contained as to dealing in, underwriting
and such trustee must be a bank or trust
and purchasing for its own account, investment securicompany.
ties shall not apply to obligations of the United States,
Particular attention is called to the statutory provior general obligations of any State or of any political
subdivision thereof, or obligations issued under sion that the investment securities which may be
authority of the Federal Farm Loan Act, as amended, purchased must be "in the form of bonds, notes, and/or
or issued by the Federal Home Loan Banks or the Home debentures, commonly known as investment securities.
Owners' Loan Corporation, or obligations which are If an obligation is in the form of a security, it .must
insured by the Federal Housing Administrator, pur- comply with these regulations as to "marketability
suant to section 207 of the National Housing Act, if as a condition to the bank's right to invest therein.
Any such security which fails to comply with tne
the debentures to be issued in payment of such insured
obligations are guaranteed as to principal and interest law and these regulations, will not be deemed legally
by the United States: Provided, That in carrying on the acquired, even though the bank considers the transbusiness commonly known as the safe-deposit business action as being a loan rather than a purchase of inthe association shall not invest in the capital stock of a vestment securities", except where such security
corporation organized under the law of any State to evidences real estate loans made pursuant to Section
conduct a safe-deposit business in an amount in excess 24 of the Federal Reserve Act, (a) where the obligations
of 15 per centum of the capital stock of the association actually represent an initial loan by the bank or (b)
actually paid in and unimpaired and 15 per centum of its where the obligations were purchased pursuant to
unimpaired surplus."
said section, in which case the bank is required thereby
to purchase the entire issue.




SECTION II

By virtue of the authority vested in the Comptroller
of the Currency by said Paragraph Seventh of Section
5136 of the Revised Statutes, the following regulation
is promulgated as to further limitations and restrictions
on the purchase and sale of investment securities for
the bank's own account, supplemental to the specific
limitations and restrictions of the statute.
(1) Although the bank is permitted to purchase
"investment securities" for its own account for purposes of investment under the provisions of R. S. 5136
and this regulation, the bank is not permitted otherwise to participate as a principal in the marketing of
securities.
(2) The statutory limitation on the amount of the
investment securities of any one obligor or maker
which may be held by the bank is to be determined
on the basis of the par or face value of the securities,
and not on their market value.
(3) The purchase of "investment securities" in
which the investment characteristics are distinctly or
predominantly speculative, or "investment securities"
of a lower designated standard than those which are
distinctly or predominantly speculative, is prohibited. 1
The purchase of securities which are in default, either
as to principal or interest, is also prohibited.
(4) Purchase of an "investment security" at a price
exceeding par is prohibited, unless the bank shall—
(a) Provide for the regular amortization of the
premium paid, so that the premium shall be
entirely extinguished at or before the maturity of
the security and the security (including premium)
shall at no intervening date be carried at an
amount in excess of that at which the obligor may
legally redeem such security; or
(o) Set up a reserve account in order to amortize
the premium, said account to be credited periodically with an amount not less than the amount
required for amortization under (a) above.
(5) Purchase of securities convertible into stock at
h e issuer is
r*v(P A1On ° f t UI>
Prohibited,
ooi
}° P chases of securities under repurchase
agreement, subject to the limitations and restrictions
set torth in the law and these regulations:
u, (<*) It is permissible for the bank to purchase
investment securities" from another under an
agreement whereby the bank has an option or an
absolute right to require the seller of the securities
to repurchase them from the bank at a price stated
or at a price subject to determination under the
terms
of the agreement, but in no case less than
Q
1 market value at the time of repurchase.
as employed
herein may be found in recognized rating manJ^l-,^ e b d o u b t a s t o t h e eligibility of a security for pureiigibihty must be supported by not less than two rating




195

FEDERAL RESERVE BULLETIN

MARCH 1936

(6) It is permissible for the bank to purchase
"investment securities" from another under an
agreement whereby the seller or a third party
guarantees the bank against loss on resale of the
securities.
(c) It is not permissible for the bank to purchase
"investment securities" from another under an
agreement whereby the seller reserves the absolute
right or the option to repurchase said securities
itself or through its nominee at a price stated or at
a price subject to determination under the terms
of the agreement, notwithstanding the fact that
the bank may also, under such agreement, have the
absolute right or option to compel the seller to repurchase the securities at a price stated or at a
price subject to determination under the terms of
the agreement.
(7) As to sales of securities under repurchase agreement,
(a) It is permissible for the bank to sell securities
to another under an agreement whereby the bank
has an option or an absolute right to repurchase
the securities from the buyer at a price stated or at
a price subject to determination under the terms
of the agreement, but in no case in excess of the
market value at the time of repurchase.
(b) It is not permissible for the bank to sell securities to another under an agreement whereby
the purchaser reserves the absolute right or the
option to require the bank to repurchase said
securities at a price stated or at a price subject to
determination under the terms of the agreement,
notwithstanding the fact that the bank may also,
under such agreement, have the option or absolute
right to repurchase the securities from the buyer
at a price stated or at a price subject to determination under the terms of the agreement.
In view of the fact that some banks may have bought
or sold securities under a form of agreement above indicated as prohibited, the bank should either terminate
or modify same so as to conform to these regulations,
where such action may lawfully be taken. Existing
agreements of the prohibited type must not be renewed.
EXCEPTION

(1) The restrictions and limitations of these regulations do not apply to securities acquired through foreclosure on collateral, or acquired in good faith by way
of compromise of a doubtful claim or to avert an apprehended loss in connection with a debt previously contracted.
Signed and promulgated this 15th day of February
1936.
J. F. T. O'CONNOR,

Comptroller,

196

FEDERAL RESERVE BULLETIN

MARCH 1936

FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS BY MONTHS

DISCOUNTS BY WEEKS

[Averages of dally figures. In thousands of dollars]

[In thousands of dollars]

1936

Wednesday figures (1936)

1935

Federal Reserve bank
February January February
Boston.
New York
Philadelphia

156
5,842
644

4 ( 146
421

210
1,977
791

70
75
164

49
84
89

661
231
163

Cleveland
Richmond
Atlanta

Chicago
St. Louis
Minneapolis..

55
29
72

105
20
63

100
22
2

Chicago^..
St. Louis
Minneapolis

Kansas C i t y Dallas
San.Franclsco.

352
107
276

532
80
56

97
36
50

Total...

7,842

5,924

6,240

Boston
New Y o r k . . . .
Philadelphia..
Cleveland
Richmond
Atlanta

279

...

Feb. 19

431
7,259
679

46
6,271
623

71
4,992
545

141
4,588
655

62
©0
180

82
85
200

67
55
149

70
05
119

41
18
74

41
18
74

41
18
79

141
6S
66

523
157
104

345
79
154

337
79
154

265
98
655

9,618

8,018

6,587

6,932

„

Kansas City
Dallas . .
San Francisco
Total

Feb. 26

Feb. 12

Feb. 5

Back figuTti,—See Annual Report for 1934 (table 10).
/

TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO
LIABILITIES
[Averages of daily figures. Amounts in thousands of dollars]

Total reserves

Federal Reserve notes In circulation *

Total deposits

Ratio of total reserves to
deposit and Federal
Reserve note liabilities combined

Federal Reserve bank
1936

1935

1936

1935

1936

1935

February January February February January February February January February February
Boston.
New York
Philadelphia...
Cleveland
Richmond
Atlanta

564,523
3,548,616
405,440

February

321,417
781,744
269,316

309,419
787,740
265,505

264,372
659,404
234,022

79.8
84.0
71.4

80.3
83.5
72.6

75.7
75.fi
67.4

370,117
185,821
130,149

377,844
180,495
120,496

296,280
145,395
90,494

354,079
175,446
153,509

348,209
176,019
153,098

302,791
155,325
126,220

72.4
68.8
68.9

72.5
67.8
67.7

67.7
66.5
59.4

1,378,147 1,382,088 1,079,300
221,089 218,039 204,949
167,377
158,684 150,577

838,816
177,864
130,678

852,412
174,087
121,302

692,052
164,990
107,718

852,669
161,128

842,189
160,796
108,912

775,897
138,626
104,209

81.5
65.2
69.7

81.6
65.1
68.9

73.5
67.5
7U

181,809
143,185
314,854

182,010
138,209
324,840

177,491
138,414
293,318

139,928
72,890
278,297

139,483
73,162
275,383

116,100
48,301
199,154

67.3
64.1
68.8

67.3
63.9
69.1

65.7
69.2

8,016,502 7,936,030 5,746,597 6,602,790 |6,553,567 4,845,888 3,669,821 3,639,915 3,124,421

78.0

77.9

72.1

524,438
248,511
195,374

Kansas City..*.
Dallas
San Francisco..
Total.....

January

405,787
199,932
128,762

,

Chicago
St. Louis
Minneapolis....

579,598 435,705 385,645 412,095 311,215
,446,474 2,164,880 3,445,224 3,340,460 2,204,404
431,603 308,993 298,628 329,317 224,117

1935

1936

216,614
138,432
407,941

526,543
241,642
185,102

216,362
135,063
414,832

204,440
122,680
340,592

»Includes Federal Reserve notes of other Reserve banks as follows: Latest m o n t h , $18,020,000; m o n t h ago, $26,214,000; year ago, $18,067,000.
Back figures.See Annual Report for 1934 (table 9).




FEDERAL RESERVE BULLETIN

MARCH 1936

197

ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE
STATEMENT, FEBRUARY 29, 1935
[In thousands of dollars]

Total

Boston

New
York

PhilaMindel- Cleve- Rich- Atlan- Chicago St.
neta
Louis
phia land mond
apolis

KanSan
sas Dallas FranCity
cisco

ASSETS

Gold certificates on hand and due from
U. 8. Treasury
Redemption fund—Federal Reserve
notes
Other cash
Total reserves

7,669,673 510,87: |3,442,85:
14,902
336,764

2,797
41,532

1,524
767 1,146
549 2,506
84,37f 41,398 30,849 16,471 12,866

459
681
44,04 17,828

481
726
8,143 20,126

587 2,679
5,364 13,760

8,021,329 555,200 3,528,75: 409,675(543,070 249,059 200,681 1,384,567 216,753 169,320 207,784 140,166 416,303

Bills discounted:
Secured by XT. S. Government
obligations, direct and/or fully
Other bUls disco"untedl__.
Total bills discounted...,
Bills __

Industri

advances.

market—,

4,164
76£

108
33

2,696
2,153

6,929

141

4,849

714

4,673
31,778

349
2,911

1,739
7,670

472
6,530

U. S. Government securities:
215,692 14,427
Bonds
Treasury notes
l~.l~\'.~~" 1,622,595 108,985
592,01: 34,266
Treasury bills
Total TJ. S. Government securities. .^
2,430,298 157,678
Other securities..I"""II'III"""""
181
Total bills and securities
Due from foreign banks

Total assets

66!

41
58|

65

1,607

15
223

440
28

99

41

93

66|

97j

468

163,

579
2,074

87
528

61
1,500

133
1,732

327
1,131

878

55,252 16,848 19,070 10,209 8,240: 24,440 10,732 12,965 9,514 16,560 17,435
501,465 122,350151,366 81,031 65,406; 193,992 85,686 47,809 74,049 52,069 L38,387
177,666 37,922 47,589 25,476 20,563 123,732 26,782 14,854 23,281 16,371 43,509
734,383 177,120 218,025 116,716 94,209

342,164123,200 75,628106,844! 85,000 199,331
181

[184,836 220,130121,056 95,349

344,858 123,908 77,255 108,528] 86,962 201,257

2,473,859 161,079

23
1,692
20,927
2,284
1,319

601
63
849 1,065
128,995 33,355 45,234
10,823 4,875 6,525,
30,597J 3,750 1,408

649
18,365
492,025
47,814
40,312

Bank
All oi

642
72

78
2,593
76,284
4,828
224

19
45
403 1,591
17,867 20,945
1,524 3,580
789
187

[10,012 322,275 813,432 366,946 262,2561348,89S|247,7301643,908

11,094,353

LIABILITIES

dilation

3,732,223 333,414'

178,129 160,711

860,789 162,314 110,31? 142,362 74,696 282,415

5,784,423 347,161

71,120 17,499

812,846 59,415] 123,4691163,177126,972 297,954

5,728
3,791
6,897

7,561 4,252P
2,254 1,793
2,207 4,611

Deposits:
424,142
51,143
275,715
Total deposits....

P Y * S e r v e s tooted ° P ° s i t ^ ^

«E$1,9J32™ *

liabilities

4,356 11,948
4,764 4,713
3,0521 2,337

15,018
5,942
?,764

3,500
1,537
7,724

2,554
1,229
4,452

3,477 1,385 4,487
1,485 1,486 3,534
l,281f 13,176 12,554

6,535,423 (363,577 3,410,785 294,961383,355 .83,142 .28,155

836,570 .72,176 .31,734 .69,420 43,019 318,529

20,180
4,234
5,616
754
2,508
117

72,645 22,384 11,363 27,421 19,772 20,029
12,042 3,767 3,033 3,927 3,793 10,151
21,350 4,655 3,149 3,613 3,783 9,645
1,391
546 1,003 1,142 1,256 1,021
7,573
892 1,483
843 1,329 1,849
179
1,072
82
212
269
170

484,877
130,708
145,501
26,419
34,111
5,091
Federal

359,846
18,615
214,660

50,111
9,396
9,902
2,876
1,413
250

1,094,353 770,939

129,573 32,756 44,497 34,146
51,013 12,327 12,425 4,600
50,825 13,406 14,371 5,186
7,744 4,231 1,007 3,448
8,849 3,000 3,111 1,261
100
257
1,942
441

453,062 637,403 817,492 410,012 322,275 813,432

78. l!

79.7

84.0

71.7

25,780J

3,441

9,713

325

73.2
2,290'

69.51

81.6

64.8

70.0

66.6

391

106

1,943

106

73l'

587

4,481

NOTE STATEMENT
Ped

?? 1 .Reserve notes:

^circulation

Total collateral..




3,975,166 349,335
242,943 15,921

882,173 288,189 370,934 185,448 .79,173
89,842 11,908 12,465 7,319 18,462

890,351 168,705 .14,041 149,287 79,504 318,026
29,562 6,391 3,729 6,925 4,808 35,611

3,732,223 333,414

792,331 276,281358,469 178,129 [60,711

860,789 62,314 110,312 142,362 74,696 282,415

3,893,343 356,617
115
5,216
127,000

905,706 288,000 372,440
682
3,374

87
50
8,000 42,000

894,000 [44,632; 15,000 140,000 80,000 280,263
442
80
57
10,000
24,000
43,000

4,025,559 1356,732

909,080 288,682 372,466 [86,050 80,772

894,000 L68.715 15,057150,220 80,080 323,705

198

FEDERAL RESERVE BULLETIN

M A R C H 1936

RATES ON INDUSTRIAL ADVANCES
[Approved
by the Board of Governors of the Federal Reserve System, under sec. 13b of Federal Reserve Act as amended June 19,1934. Percent
1 vv
per annum except as otherwise specified. In effect on Mar. 1,1936]

Boston

Advances direct to i n d u s t r i a l or commer-

New
York

Phila*
delphia

Cleve-

land

Atlanta

Chicago

6

6

5-6

4-6
4-6
1-2

5
5

13
5-6
1-2

4-6

3J4-6

4-6

3

3
4-5

3*

1-2

1

Advances to financing institutions:
On portion for w h i c h institution is obligated

Richmond

St. Minne- Kansas Dallas
City
Louis apolis

m

4^

5-6

6-6

4
4
•34-2

4
5-6
1

J4-2

6

4J4-5
1

San
Francisco

3-t
4-5

i Authorized rate 1 percent above prevailing discount rate.
* Same as to borrower but not less than 4 percent.
* Flat charge.

INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT JUNE 19, 1934, TO FEB. 26, 1936
[Amounts in thousands of dollars]

Date (last Wednesday of
each month)

Applications
received to date

Applications recommended for
approval by Industrial Advisory Committees to d a t e
(with and without conditions)

Number Amount Number

Applications approved to date by Federal Reserve banks (with and
without conditions)
FinancExpired, ing instiFederal Federal
repaid,
Approved
Reserve Reserve
tution
bank
but not or with- particibank
drawn by pations
advances commitcomments
applioutpleted *
out*
outcant
standing*
Amount standing standing

Total

Amount Number

-

5,053

187,696

1,122

64,531

984

49,634

13,589

8,225

20,966

5,558

1,296

1935—Jan. 30
Feb. 27.
Mar. 27
Apr. 24
IVlay 29
June 26
July 31
Aug. 28
„,.„
Sept. 25
Oct. 30
Nov. 27
Dec. 31 (Tuesday)

5,283
5,595
5,897
6,130
6,423
6,613
6,863
7,029
7,195
7,388
7,500
7,615

195,710
205,581
217,756
225,900
245,078
263,482
271,768
278,022
292,747
299,927
302,331
306,708

1,341
1,432
1,521
1,633
1,734
1,815
1,907
1,970
2,009
2,083
2,134
2,176

73,470
76,575
79,490
86,374
90,799
102,331

64,518
72,525
76,441
81,134
88,778
103,633
107,244
115,350
118,378
121,947
124,493

17,493
19,163
20,785
26,206
26,977
27.518
28,354
29,447
30,132
32,719
32,634

11,739
13*963
15,732
16,908
19,425
20,579
23,022
26,314
26,892
27,057
28,002
27,649

26,362
26,591
23,552
16,956
13,850
11,248
19,735
15,319
18,791
13,357
13,466
11,548

7,160
10,727
13,900
17,185
21,802
24,900
26,911
29,556
32,475
36,565

1,764
2,081

112,629
121,837
126,192
130,502
132,460

,168
-,268
,364
,467
1,571
,646
.,739
1,786
1,834
1,901
1,948
1,993

1936—Jan. 29
Feb. 26

7,714
7,831

311,081
315,081

2,212
2,245

134,243
135,320

2,023
2,049

125,810
126,643

27,004
25,866

10,8S8
10,434

46,736
50,636

1934—Dec. 26

32,483
32,129

J Includes applications approved conditionally b y t h e Federal Reserve b a n k s a n d u n d e r consideration b y a p p l i c a n t .
• Does not include financing institution guarantees of advances a n d c o m m i t m e n t s m a d e b y Federal Reserve b a n k s .
N O T E . — O n F e b . 26, 1!

a n d t h e Federal Reserve




44,025

IS

is
5 Ml
6 608
7,060
8680

199

FEDERAL EESERVE BULLETIN

MARCH 1936

MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANES
[Averages of dally figures. In millions of dollars]
Eeserves held
Total

Borrowings at Federal Reserve
banks

Excess

Federal Reserve district

Boston
New York.. .
Philadelphia

1936

1935

1936

January

December November

January

1935

1935

1936

December November January

December November

0.3
4.0
.4

375.8
2,823.1
294.3

336.5
2,756.4
266.3

318.8
2,769.5
268.6

234.1
1,509.0
149.3

196.0
1,448.9
124.1

179.9
1,483.0
128.7

Cleveland
Richmond
Atlanta

339.3
170.2
111.6

335.8
170.0
108.3

358.8
169.1
109.1

176.7
92.7
48.9

172.9
93.6
45.9

198.3
94.0
48.9

.006
.1
.1

.03
.1
.1

.03
.1
.1

Chicago
St. Louis
Minneapolis

793.9
157.8
110.5

880.4
165.0
104.2

880.0
168.9
108.2

412.3
83.4
62,4

502.9
90.9
55.8

504.7
95.8
60.3

.1
.007
.1

.2
.1
.1

.1
.03
.1

Kansas City
Dallas
San Francisco

175.8
128.4
299.0

171.8
119.5
301.4

171.0
116.5
318.7

95.5
71.1
97.2

89.6
62.4
99.8

88.1
59.4
120.0

.5
.1
.03

.6
.1
.008

.8
.05
.1

5,779.8

5,715.6

5,757.2

3,032.7

2,982.7

3,061.2

Total

0.5
3.9
.5

0.4
4.6
.3

6.5

6.0

5.6

NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers (places over 15,000)

Member banks In smaller centers (places under 15,000)
Time

Net demand

Time

Net demand
Federal fieserve district
1936

1935

1936

1935

1936

1935

1936

1935

January

Decem- November
ber

January

Decem- November
ber

January

Decem- November
ber

January

Decem- November
ber

Boston....
New York...
Philadelphia

1,291
9,862
1,120

1,277
9,814
1,087

1,256
9,633
1,058

577
1,617
616

575
1,619
599

580
1,652
605

76
181
134

78
183
150

85
189
150

127
459
412

125
457
410

126
459
411

^eveland
Rchmond
Atlanta

1,231
614
516

1,242
599
511

1,216
583
488

971
324
270

942
321
270

949
322
271

123
94
77

124
105
79

122
105
78

249
169
73

247
167
72

244
167
71

2,830
581
317

2,796
572
320

2,774
560
313

1,096
263
174

1,073
262
171

1,070
264
171

160
112
109

164
123
114

164
124
115

195
94
176

191
93
173

189
93
172

605
444
1,384

615
439
1,391

615
427
1,370

198
158
1,952

199
159
1,922

200
159
1,878

176
143
76

192
147
80

200
162
83

112
38
94

107
36
92

108
35
94

20,795

20,662

20,293

8,215

8,110

8,121

1,459

1,539

1,579

2.197

2,170

2,169

£Ncago
ft; LouiS
Minneapolis..

—-

g^asCity
San Francisco
TotaL...




201

FEDERAL RESERVE BULLETIN

MARCH 1936

ALL MEMBER BANKS—CONDITION ON DEC. 31, 1935, BY CLASSES OF BANKS
[Amounts In thousands of dollars]

All
member
banks

All
national
member
banks

All State
member
banks

7,494,188
6,545.407
1,255,397
3,655,698
18,950,690
89,077
645,977
183,110
3,436,909
490,378

4,680,914
3,955,120
512,467
1,885,683
11.034,184
89,994
345,707
183,869
2,136,303
174,400

25,531
2,798,052
94,521
37,364
5,572
1,244,353
12,036

11,228
822,957
23,590
13,424

Central reserve city
member banks
New York

Chicago

3,433,803

475,929
1,060,647
88,300
242,761
1,867,637
6,707
24,905
8,007
510,765
38,764

Reserve
citymember
banks

Country
member
banks

4,347,492
4,075,572
655,791

3,917,878
1,939,689
623,262
2,438,570
8,919,399
2,983
388,676
179,614
927,228
304,951

ASSETS

Loans (including overdrafts)
12,175,102
U. 8. Government direct obligations
10,600,527
Securities fully guaranteed by U. S, Government
1,767,864
Other securities
5,541,381
Total loans and Investments
39,984,874
Customers' liability on account of acceptances
179,071
Banking house, furniture and fixtures
991,684
Other real estate owned
366,979
5,573,212
Reserve with Federal Reserve banks
664,778
Cash in vault
"" "
Balances with private banks and American branches" of*
36,759
foreign banks
3,621,009
Demand balances with other domestic banks
118,111
Time balances with other domestic banks
50,788
Balances with banks in foreign countries
5,572
Due from own foreign branches
Cash items in process of collectiotT. IIIII-IIIIII.IIIIII— 2,254,755
15,972
Cash items not in process of collection

*l,"6l6,"4O2"
3,936

3,424,619
400,511
1,159,150
8,418,083
134,752
240,905
31,414
2,540,738
64,912
1,854
109,360
28
33,332
1,111
1,133,206
1,706

Acceptances of other banks and bills sold with endorsement
„_
9,501
7,136
4,001
11,137
160
244
547
791
Securities borrowed!!"
58,304
94,616
151,927
246,543
other assets
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Total assets
44,122,035 28,173,180 15,948,855 12,779,366
TV

.

10,455
197,970
1,050
1,656

1,700,900

10,779,755
34,629
337,198
147,944
1,594,481
256,151

3,268
1,611,856
60,606
2,617

""135*270"
653

21,182
1,701,823
56,427
13.183
4,461
751,598
7,990

39,079

1,056
80
87,539

182
551
61,621

2,843,316

15,795,497

12,703,856

6,000,997
384,623
707,315
2,421,777
28,244
204,127

4,253,735
136,963
901,001
414,723
1,383
127,057

3,354,884
198,013
236,981
6,543
78,533
266,000
134,294
791
14,023,122
1,454,847
12,568,275

4,267,337
543,778
56,505
11,568
136,030
83,037
16,375
i0949497
908,185
10,041,312

1,341
18

1,817
6,045
182
2,185
1,034
551
14,958
9,044
31,999
42,900
952,434
454,489
166,495
66,775

234,68i
5,623

LIABILITIES

a

Demand deposits;
Banks in United States......
gn
n2?I *? f o rd? iofficers
countries
Checks etc

Tin£dS5ftF

'

'

Individuals,
partnerships, and corporations:
r£irAnc?d by, ! avil *gs passbooks
Certificates of deposit
Open accounts
\_
lI savin8? s a v i n g s a n d slm"iIar accounts!!!!!!!!!!
^tor"™"!";;!!!;
....
!!!!-"!!!!-!
n

« * « vestments...

Acceptances of other banks and"bllb sold with"endo'rse"
"oeWede<1 b y ° t b e r

i>hrf2nd^
aside?etc
Other liabilities*"

utnot yet

bank

a

bl

P y& <> and amounts set

Capital g g ^^^tui!!::!!!:!!!!!":!;!!!!!:!!!!!
furplus
Mivldd^ofits^net
m

a

J? 9^:::::::::

^ /
capital noteTand
Total liabilities (Including capital account)
Number of banks




10,893,787
583,248
1,667,199
3,588,578
202,413
450,162

7,141,295
260,793
472,265
2,107,217
241,585
431,544

6,479,327
224,194

1,301,023
98,261

2,337,719
410,012
523,588

521,571
4,359
26,934

815,901
548,372
21,503
217,564
361,346
150,775
4,776
38,454,183
3,100,721
35,353,462
51,379
8,108
6,091

5,889,680
640,231
254,442
12,014
186,852
308,420
121,942
3,433
34,802,401
2,360,755
22,441,646
30,540
2,301
3,002

2,404,180
175,670
293,930
9,489
30,712
52,926
28,833
1,343
13,651,782
739,966
12,911,816
20,839
5,807
3,089

309,530
55,402
225,154
610
2,980
12,305
56
3,985
10,907,951
430,377
10,477,574
51,379
4,950
28

362,109
18,708
29,732
2,782
21
4
50

11,137
173,204
24,367
791
68,607

7,136
84,603
13,066
547
42,711

4,001
88,601
11,301
244
25,896

9,501
131,081
16,950
160
16,973

8,518

1,056
33,162
6,066
80
28,158

16,672
51,204
25,650
640,280
672,551
120,631
113,380

1,943
22,688
250
136,350
44,580
12,979
34,789

13,360
32,086
46,300
789,576
538,979
158,187
121,431

25

115

2,575

3,451

15,795,497

12,703,856

18,035,082
844,041
2,139,464
5,695,795
443,998
!!!!„.!..!_.„
881,706
8,293,860

41,019
137,977
115,100
2,518,640
1,710,599
458,292
336,375

1,754,675
886,063
302,347
150,963

15,336
75,836
115,100
763,965
824,536
155,945
185,412

6,166

5,001

1,165

25,683
62,141

2,573,613
307,312
2,266,301

6,776
317

44,122,035

28,173,180

15,948,855

12,779,366

2,843,316

6,387

5,386

1,001

38

14

5,999

FEDERAL EESERVE BULLETIN

202

MASCH 1039

- REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES, BY DISTRICTS. AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
CUy

Federal Reserve District
Total

Loans and investments total:
Feb. 5
Feb. 12
Feb. 19
Feb. 26
Loans to brokers and dealers
in New York:
Feb. 5
Feb. 12
Feb. 19
Feb. 26
Loans to brokers and dealers
outside New York:
Feb. 5.
Feb. 12
Feb. 19
Feb. 26
Loans on securities to others
(except banks):
Feb. 5 . ,
Feb. 12
Feb. 19
Feb. 26
Acceptances and commercial
paper bought:

Kansas
City

370
367
366
367

605
598
595
599

Rich- AtNew Philadel- Cleveland mond lanta
York phia

21,023
21,0S2
21,100
21,006

1,122
1,137
1,142
1,149

8,881
8,924
8,943
8,896

1,145
U46
1,145
1,140

8SS
90S
909
898

5
4
5
5

869
800
890
879

0
9
9
9

174
175
178
171

25
24
25
24

62
63
64
64

15
15
15
14

12
13
11
11

2
2
3
2

5
5
5
5

33
33
32
30

5
4
5
5

1
2
1
1

2
2
3
3

2,064
'2,054
2,057
2,048

148
148
148
148

881
881
887
884

147
147
147
146

216
215
213
212

68
67
67
67

47
47
47
47

212
'205
203
202

62
61
61
60

31
31
31
30

45
45
45
45

166
167
164
164

22
22
22
21

3
3
3
3

7
6
7
6

5
5
5
6

30
30
30
30

11
11
11
11

85
86
85
85

244
243
251
251

66
66
66
67

190
189
189
189

21
21
21
21

21
21
21
21

65
65
65
65

38
38
38
33

3
3
4
5

34
34
34
31

3
3
3
3

5
5
5
4

1
1
1
1

10
10
9
g

7
7
7
7

283
286
288
286

1 242
1,241
1,235
1 239

168
168
167
166

177
178
183
185

102
102
101
101

133
132
131
131

353
'363
360
357

105
106
105
105

347 3,638
358 3,647
361 3 654
369 3 647

305
306
303
302

818
815
818
812

299
299
300
289

184
183
184
180

1 677
1 676
1 677
1*674

450
465
466
474

113
113
115
114

71
71
71
70

42
42
41
41

37
39
39
37

162 1,295
165 1,293
163 1,298
164 1,263

297
297
298
298

248
248
251
252

74
74
75
76

322 2,593
313 2,542
297 2,576
292 2,595

208
196
194
207

259
257
264
271

353
354
Feb. 12 .
351
Feb. 19
349
Feb. 26
Loans on real estate:
1,140
Feb. 5
Feb. 1 2 . . . .
1,138
Feb. 19
1,146
U46
Feb. 26
Loans to banks:
Feb. 5
70
Feb. 12.
70
Feb. 19
69
66
Feb. 26
Other Joans:
Feb. 5.
3,288
Feb. 12.. .
'3,296
Feb. 19
3,281
Feb. 26
3,281
U. S. Government direct
obligations:
Fib. 5 . . . .
8,701
Feb. 1 2 . . .
8,717
Feb. 19.
8,726
8,690
Feb. 26
Obligations fully guaranteed
by U. S. Government:
1,179
Feb. 5
1,197
Feb. 12
Feb. 19
1,197
1,201
Feb. 26
Other securities:
3,166
Feb. 5
Feb. 12
3,173
3,186
Feb. 19
3,156
Feb. 26
Reserve with Federal Reserve bank:
Feb. 5
4,825
4,741
Feb. 12
4,772
Feb. 19..
4,788
Feb. 26.
Cash in vault:
Feb. 5
339
Feb. 1 2 . . .
357
359
Feb.19...
371
Feb. 26
Balances with
domestic
banks:
2,332
Feb. 5
Feb. 12
2,306
2,334
Feb. 19
2,368
Feb. 26
'Revised.




MinSt.
Louis neapolis

Boston

19
18
18
18

1,740
1,737
1,744
1,738

Chi.
cago

San New
Fran- York
cisco

Dallas

Chicago

1,986

2,100

8,028
8,072
8,094
8,048

2
2
o
2

860
882
CQO
869

2
2
2
2

10
10

29

10

60
61
62
61

44
43
43
43

40
40
40
40

168
169
170
169

731
731
738
736

147

10
9
9
9

27
27
26
27

2
2
2
2

25
27
27
26

15

6
5
6
6

15
15
15
15

21
21
21
21

368
368
368
367

£
5
5
4

1

I

2
1
1
1

121
121
120
118

129
127
124
124

122
121
120
120

353
351
347
349

162
163
160
160
127
127
134
134
33
33
33
31
1,102
1,101
1,095
1,100

227
225
227
231

144
142
142
145

218
219
217
220

148
143
148
145

696
699
695
676

3,422
3,430
3,438
3,431

1,179

145
145
143
143

58
53
57
56

14
14
14
15

44
43
44
44

49
50
49
49

137
139
140
140

420
434
436
444

go

74
74
74
75

351
356
360
360

93
101
101
100

43
43
43
43

119
115
116
117

48
48
48
48

357
359
359
360

1,111
1,110
1,116
1,082

247

121
114
114
116

71
68
69
73

670
665
675
661

124
125
121
113

80

117
119
115
114

78
76
81
80

182
185
187
189

2,487
2,418
2,498
2,533

505
495
504

9
9
9
10

17
18
19
18

50
52
50
54

30
37
39

186
186
135
185

249
237
230
238

81
80
80
77

167
163
165
167

615
613
615
603

507 2,877
507 2,884
507 2,880
502 2,871

611
611
612
613

1
1

2
2

1

2

79
77

102
107
111
116

62
65
63
67

13
14
14
15

29
30
32
32

15
16
16
17

9
10
10
10

57
60
to
59

10
11

5
5

11

5

11
12
2j
11

136
132
131
130

175
177
174
173

164
161
170
170

217
205
218
221

133
137
133
147

155
157
159
163

392
379
383
390

124
126
133
138

93
98
99
97

303
311
319
316

e

432
433
430
428

2,118

1,880

UK

16

5

25S
255

art

255
254

Ml

203

FEDERAL EESEEVE BTTLLETIN

MARCH 1036

REPORTING MEMBER BANKS IN 101 LEADING CITIES-Continued
ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO—Con.
[In millions of dollars]
City

Federal Reserve District
Total

Other assets—
Feb.6
Feb. 12
Feb.19
Feb. 26
Demand deposits—adjusted:
Feb. 5
„„
Feb. 12
Feb. 19
Feb. 26
I.I/""
Time deposits:
Feb.T
Feb. 12
1
Feb.19
„ Feb. 26
"
U. S. Government deposits:
Feb. 5 . . _ . „ „ „ .
Feb. 12
__.„„
Feb.19
Feb. 26
"
Interbank deposits, domestic:
Feb. 5
„
Feb. 12
I
Feb. 19
r

Feb. 26

IIIIIII"

Frtft deposits'

forei

&n

Feb.' i2";ii::ii:i;:;-"

Feb. 19
_ Feb. 26
;;;;;
Borrowings:
Feb.!..
jab. 12—:::::•;•;
Feb. 19
Feb. 2 6 . . . /
Other liabilities:

Jeb.5

Feb. 12
Feb. 19
„ Feb. 26....
Capital account
*eb. 5

£eb.l2../IH
Feb.19...
Feb.26...




Boston

New PhilaEichdel* CleveYork phia
land mond

Atlanta

Chi-

MinSt.
Louis neapolis

Kansas
City

Dallas

17
IS
17
18

24
24
25
25

28
28
28
23

230
230
238

469
472
471
475

77
80
78
80

260
258
257
255

443
446
449
449

320
323
326
323

766
775
778
765

5,935
5,957
6,028
6,020

1,435
1,438
1,431
1,418

121
121
121
121

145
145
145
144

119
119
119
119

1,020
1,017
1,013
1,021

637
532
537
542

414
414
414
413

7

San New
Fran- York
cisco

Chicago

1,327
1,337
1,333
1,351

82
79
81
80

539
541
541
546

84
84
85
86

110
111
110
111

37
42
39
39

41
42
41
40

111
113
112
115

13,991
14,061
14,112
14,090

933
946
942
962

6,428
6,473
6,494
6,471

767
760
765
782

947
940
967
967

373
375
371
375

293
292
293
293

2,087
2,099
2,090
2,072

4,892
4,889
4,889
4,900

301
302
301
300

940
935
940
945

259
258
260

193
195
195
194

169
170
170
169

757
758
759
760

647
524
510

10
8
8
7

186
166
157
161

27
25
24
24

30
28
27
27

117
109
106
103

6
4

7
7

14
13
12
12

21
21
21

93
87
84
83

161
144
137
131

01
85
82
80

5,651
5,615
6,659
5,662

251
249

2,408
2,387
2,413
2,403

212
210
210
212

199
202
204
207

766
756
774
784

254
254
252
255

120
120
118
119

370
369
370

191
188
136
187

251
253
253
255

2,340
2,320
2,345
2,339

568
564
579
530

1
1
1
1

5
5
5
5

10
10
10
11

379
373
367

4
4
4
4

409
402
397

303
307

317

330
374
363
365

374
380
376
172
172
172

173

1
1
1
1

2
2
2
2

790

37

18

12
12
12
13

339
336
331
328

301
305
315
327

34
33
33
34

224
223
223
223

329
329
329
330

338

317
317
313
319

1,462
1,463
1,464
1,464

225
225
225
221

313
313
323
340

17
18

820

24
23
24
24

3,503
3,504
3,507
3,504

230
230
230
230

1,593
1,594
1,595
1,595

18

334

204

FEDERAL RESERVE BULLETIN

M A R C H 1936

OTHER BANKING AND FINANCIAL STATISTICS
PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]

Total in
circulation *

End of month

$5

$1

$10

$20

$50

$100

$500

$1,000

1934—November.
December.

5,102
5,084

422
423

776
771

1,300

1,332
1,326

337
337

571
577

111
112

214
216

1935—January
February..
March
April
May
Jane
July
August
September,
October...
November.
December.

4,940
5,024
5,(M8
5,023
5,087
5,114
5,063
5,172
5,220
5,245
5,374
5,404

401
407
410
411
420
419
415
424
433
435
448
460

740
755
754
749
760
760
755
778
788
787
815
815

1,240
1,275
1,285
1,266
1,290
1,296
1,273
1,324
1,334
1,337
1,380
1,373

1,293
1,314
1,309
1,300
1,309
1,309
1,289
1,313
1,321
1,329
1,354
1,359

340
341
340
343
349
344
347
349
354
356
358

571
575
578
580
588
598
596
598
603
610
617
627

111
112
113
116
115
116

214
217
221
230
225
225
231
233
232
233
234

193fl—January...

5,272

434

782

1,333

1,332

355

627

116
116
118
119
120
122

$5,000

Unas*
sorted to
Treasury
$10,000
and
Federal
Reserve
banks'

11
13
15
9
S
11
5
4
11
12
11
5
6

6
5
6
6
7
7
7
7
7
7

240

122

» Total of amounts shown by denominations less unassorted amounts in Treasury and Federal Reserve banks.
* Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed.
Back figure*-8& Annual Report for 1934 (table 50).

SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY

BANK DEBITS
[Debits to individual accounts. Amounts in millions of dollars]

BY SELECTED BANKS IN NEW YORK CITY
[In thousands of dollars]
1935
Month

January
February
March™
April
May

November
December.
Total

10,628

July
August
September

1936

ShipReShipRements ceipts Net re- ments ceipts Net reto Eu- from
ceipts to Eu- from
ceipts
rope Europe
rope Europe
81
173
167
373
1,012
191
286
282
721
2,536
4,203
603

3,705 3,624
1,502
1,329
2,026
1,859
1,465
1,092
1,612
600
1,451
1,260
2,261 1,975
2,289
2,007
1,157
436
864 M , 672
782 1-3,421
851
248
19,965

748
13

2,743
3,317

1,995
3,304

New York City
Outside New York City..
Federal Reserve districts:
Boston .
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City
Dallas
San Francisco
Total

9,337
r

* Net shipments.
For description and back figures see BULLETIN for January 1932,
pp. 7-9, and for January 1935, p. 61.




1935

1936
Number
of centers
January

December

1
140

17,925
17,499

17,684
18,689

14,997
14,983

11

2,005
18,337
1,687
1,900
665
841
5,115
918
602
1,021
641
2,640

ts

15
21
5
9
15
10
18

2,039
18,545
1,667
1,732
627
801
4,483
880
532
992
609
2,516

719
3iS74
75S
474
847
4SS
'1,991

141

35,424

36,373

'29,9SQ

10
13

Revised.

Back figures.See Annual Report for 1934 (table 78).

January

1,626

••a

205

FEDERAL RESEBVE BULLETIN

MiRCH 1936

BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP
DURING 1935 AND JANUARY-FEBRUARY 1936
[Preliminary figures!
Licensed banks suspended

Deposits' (in thou*
sands of dollars)

Number of banks

Year 1935

National banks
State bank members
Nonmember insured banks
Other nonmember banks

JanuaryFebruary
1936

Year 1935

JanuaryFebruary
1936

6
6

34

3,847
998

1,296

10,158

1,296

Deposits* (in thousands of dollars)

Number of banks

Year 1935

JanuaryFebruary
1936

JanuaryFebruary
1936

Year 1935

6,499
«8,613

4
<6

5,313

4
22
8

Total

Nonlicensed banks placed in liquidation or
receivership *

l

48

9

14,306

16,614

58

9

29,418

16,614

»Includes banks placed on a restricted basis.
• Includes nonlicensed banks absorbed or succeeded by other banks.
Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or
receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the
nearest call <iates prior to liquidation or receivership: and deposits of nonmember banks are based on the latest data available at the time of the
reported closing of the banks.
* Includes 5 banks with deposits of $7,395,000 in 1935, which did not receive licenses following the banking holiday and withdrew from the
Federal Reserve System before being placed in liquidation.
1

Back figures.—Bee Annual Beport for 1934 (tables 79-84).

MATURITY DISTRIBUTION OP BILLS AND
SECURITIES HELD BY RESERVE BANKS

POSTAL SAVINGS SYSTEM
[In millions of dollars]

[In thousands of dollars]
Assets
Total

End of month

Depositors'
balances Total

1934—November.
1,204
December.".!! 1,207
1935-January
1,201
* ebruary.
1,205
March..:
" 1,203
ApriL..
1,200
May..
1,205
June
1,205
July...
1,189
August
1,192
September.;: 1,192
October...
1,196
November
'1,199
•December."^ *l,201
I
036—January..%.fc '1,208

U. S. Government
securities
Cash
inde-

Cash,
reGuar- serve
Dian* funds,
rect teed
Total obli- obli- etc.*
gations tions

1,236
1,237

551
640

581
597

467
467

114
130

104
100

1,232
1,237
1,232
1,231
1,237
1,236
1,221
1,224
1,224
1,230

509
491
478
452
412
385
364
348
319
306

614
633
691
685
709
777
777
780
805
824

467
467
508
539
562
630
630
633
658
677

147
166
183
146
147
147
147
147
147
147

109
113
63
94
116
74
80
96
100
100

J Preliminary.
" n t a n ^ S t T S ^ S P ^ 3 w i t hw lPostmasters,
5-percent reserve fund and
• o m i e d l S S Lo Jn "b o^n < 1S ? ^ t h t h e Treasurer of the United States,
Piasters/
^vestments, and accounts due from late post.-See

BULLETIN for August 1935, p. 602.




Bills discounted:
9,618
Feb. 5
8,018
Feb. 12....
6,587
Feb. 19....
6,932
Feb. 2 6 . . . .
Bills bought In
open market:
4,671
Feb. 5
4,674
Feb. 1 2 . . . .
4,673
Feb. 1 9 . . . .
4,673
Feb. 26.
Industrial advances:
31,965
Feb. 5
31,801
Feb. 12....
31,868
Feb. 1 9 . . . .
31,773
Feb. 2 6 . . . .
U. S. Government securities:
2,430,292
Feb. 5
Feb. 1 2 . . . . 2,430,241
Feb. 1 9 . . . . 2,430,240
Feb. 2 6 . . . . 2,430,245
Other securities:
181
Feb. 5
181
Feb. 12....
181
Feb. 1 9 . . . .
181
Feb. 2 6 . . . .

With- 26 to 31 to 60 61 to 90
in 15 30
days days days days mos.

132
7,413
5,831
137
4,580
769
4,973 1,204

1,483
1,695
787
541

451
347

Over 6
months

129
103
87

10
5
4
6

1,700
1,681
1,678
1,658

26,981
26,945
27,035
26,947

121

848 2,622
742 459
651 2,826
415 782
833
1,190 703 1,947
714
503
1,452 2,004
1,618
1,692
1,840
1,833

579
401
245
250

718
704
635
626

378
435
459

36,013 35,630 90,969 181,122 322,077 1,764,481
31,025 39,295 72,129 188,821 318,485 1,780,486
35,630 45,730175,526 46,816 316,4591,81a 079
39,295 43,850170,017 48,816 318,8351,809,432

181
181
181
181

206

FEDERAL RESERVE BULLETIN

MABCH 193ft

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.

1926-100]
Other commodities

All
commodlties

Farm
products

Foods

05.3
86.4
73.0
64.8
65.9
74.9
80.0

104.9
88.3
64.8
48.2
51.4
65.3
78,8

99.0
90.6
74.6
6L0
60.5
70.5
83.7

91.6
85.2
75.0
70.2
71.2
78.4
77.9

109.1
100.0
86.1
72.9
80.9
86.6
89.6

90.4
80.3
66.3
54.9
64.8
72.9
70.9

83.0
78.5
67.5
70.3
66.3
73.3
73.5

100.5
92.1
84.5
80.2
79.8
86.9
86.4

95.4
89.9
79.2
71.4
77.0
86.2
85.3

94.2
89.1
79.3
73.5
72.6
75.9
80.5

94.3
92.7
84.9
75.1
75.8
81.5
80.6

82.6
77.7
69.8
64.4
62.fi
69.7
68.3

78.8
79.5
79.4
80.1
80.2
79.8
79.4
80.5
80.7
SO. 5
80.6
80.9

77.6
79.1
78.3
80.4
80.6
78.3
77.1
79.3
79.5
78.2
77.5
78.3

79.9
82.7
81.9
84.5
84.1
82.8
82.1
84.9
86.1
85.0
85.1
85.7

77.7
77.4
77.3
77.2
77.6
78.0
78.0
77.9
77.8
78.3
78.8
78.7

86.2
86.0
85.4
86.3
88.3
83.9
89.3
89.6
90.9
93.6
95.0
95.4

70.3
70.1
69.4
69.2
69.4
70.1
70.2
70.9
71.8
72.9
73.4
73.2

72.9
72.5
73.0
72.8
73.1
74.2
74,7
74.1
73.0
73.4
74.5
74.6

85.8
85.8
85.7
85.9
86.6
86.9
86.4
86.6
86.6
86.5
86.9
86.8

84.9
85.0
84.9
84.6
84.8
85.3
85.2
85.4
85.9
86.1
85.8
85.5

79.3
80.4
81.5
81.0
81.2
80.7
78.7
78.6
80.2
81.1
81.2
80.6

81.2
80.7
80.7
80.7
80.6
80.5
80.4
80.5
SO. 5
80.6
81.0
81.0

70.7
7G.1
69.2
68.7
68.7
68,4
67.7
67.3
67.1
67.5
67.4
67.5

1935—January

80.6

78.2

83.5

78.8

97.1

71.7

75.1

86.7

85.7

80.6

81.4

67.8

Week ending—
1935—Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov.30_Dec. 7
Dec. 14
Dec. 21
Dec. 28

79.8
80.1
80.4
80.6
80.8
80.9
80.8
80.4
80.6

77.4
77.5
77.8
78.2
78.5
79.1
79.2
77.3
78.4

83.8
84.1
84.9
85.8
85.9
86.4
85.8
85.3
85.3

78.4
78.9
79.0
79.0
79.0
78.9
78.9
78.8
78.8

95.1
95.6
95.8
95.7
95.5
94.8
95.4
96.2
96.4

72.7
72.8
73.0
73.1
72.9
72.9
72.8
72.7
72.8

74.3
75.5
75.6
75.7
75.9
75.9
75.7
75.7
75.6

85.9
86.2
86.3
86.4
86.3
86.4
86.3
86.2
85.9

85.6
85.7
86.0
85.8
85.4
85.4
85.3
85.2
85.1

81.1
81.1
81.1
80.9
81.0
80.7
80.5
80.2
80.0

82.0
82.1
82.1
82.1
82.1
82.2
82.2
82.2
82.2

67.5
67.4
67.4
67.4
67.fi
67.4
67.4
67.5
67.5

1936—Jan. 4
Jan.11
Jan.18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb.21
Feb. 29

80.9
80.5
80.2
80.2
80.5
80.4
80.6
80.8
79.9

79.3
78.3
78.1
78.1
79.6
79.4
79.9
81.6
78.4

85.8
84.6
82.9
82.7
83.2
82.9
84.0
84.3
82.2

78.8
78.8
78.9
79.0
79.1
79.1
79.0
79.0
79.1

96.6
97.7
97.8
97.7
97.5
97.1
97.0
96.5
96.2

72.9
72.4
71.0
70.8
70.9
70.7
70.6
70.5
70.3

75.5
75.4
76.4
77.0
77.1
77.2
76.9
77.2
77.4

85.9
86.0
86.0
86.1
86.0
86.0
86.0
85.9
85.9

85.2
85.2
85.2
85.3
85.4
85.2
85.3
85.2
85.2

80.1
80.2
80.3
80.6
80.5
80.2
79.9
79.9
79.7

82.2
82.4
82.2
82.3
82.3
82.8
82.8
82.8
82.8

67.5
67.8
67.8
67.8
67.9
67.9
63.0
68.0
68.2

Year, month, or week

1929
1930
1931
1932
1933
1934
1935
1935—January
February
March
April
May
June
....
July
August
September
October
Novembor
December

.__

Total

Hides and Textile Fuel a n d Metals , Building
leather products lighting and metal) materials
materials products
products

1935
Jan.

Oct.

Nov.

Dec.

8S.S
73.3
76.6

86.4
86.6
70.3

77.9
83.1
73.5

76.6
87.4
72.8

78.9
89.1
70.8

83.5
91.6
62.8
81.6
76.2

76.9
98.9
59.1
97.1
81.2

8L1
97.2
63.2
94.3
80.8

83.7
97.2
63.7
97.5
77.5

84.2
92.1
62.2
94.9
75.5

97.1
71.1
74.3
85.0

98.8
92.9
86.6
85.0

99.6 100.1
96.0 96.5
88.1 87.6
86.3 87.1

100.5
100.5
87.3
95.3

78.4
84.1
63.5
28.6
73.8
68.8

80.8
84.5
63.2
35.1
79.1
68.3

80.7
85.8
63.2
35.0
80.7
68.5

81.0
86.0
62.2
33.7
81.0
68.1

80.8
80.4
61.8
33.5
81.4
67.8

HOUSEFURNISHING GOODS:

82.3
96.3
86.4
89.9
87.6
48.8

82.5
98.0
88.8
86.3
89.0
50.1

83.0
98.5
88.9
86.2
86.6
52.5

82.9
98,7
89.6
93.1
89.3
52.8

82.3
98.7
92.7

Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous

Jan.

H I D E S AND L E A T H E R PRODUCTS:

Boots and shoes
Hides a n d skins
Leather
Other leather products
T E X T I L E PBODUCTS:

Clothing
Cotton goods
K n i t goods
Silk and rayon
Woolen a n d worsted goods
Other textile products
F U E L AND L I G H T I N G M A T E R I A L S :

Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products

Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals

Oct.Nov. Dec. Jan.

92.7
85.7
94.1
67.6

93.7
86.9
92.9
70.9

94.6
87.0
93.8
71.3

BUILDING MATERIALS:

Brick and tile
Cement
Lumber....•—
Paint materials
Plumbing and heating
Structural steel
Other building materials..

—
•

Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Furnishings
Furniture

*.

.

04,6
87.1

93.J
09.7

91.1
93.9
79.9
79.0
68.0
92.0
90.3

88.3
95.5
82.0
81.9
71.1
92.0
90.5

88.3
95.5
81.8
80.3
71.1
92.0
90.6

88.9
95.5
81.5
80.0
71.1
92.0
90.0

84.5
73.1
66.5
73.3

88.3
74.2
67.2
67.9

88.4
74.7
67.5
67.6

87.7
74.7
64.5
67.7

87.6
74.0
64.4
68.8

84.3
78.2

84.2
76.9

84.2
77.1

84.7
77.1

84.8
77.9

47.5
1.116.2
81.5
26.5
80.4

45.0
71.6
79.7
26.0
80.2

45.0
69.1
79.4
27.1
80.2

45.0
70.8
79.2
27.2
80.2

45.0
68.6
79.8
29.8
8<U

MISCELLANEOUS:

54.4

94.6
86.9
93.6
70.6

88.4
95.fi
82.2
79.6
71.7
92.0
90.2

CHEMICALS A N D D R U G S :

Back figu.re8.-~For monthly and annual Indexes of groups, see Annual Report for 1934 (table 100);
of Labor Statistics. For weekly indexes covering 1934, see Annual Report for 1934 (table 101).




Jan.
M E T A L S A N D M E T A L PRODUCTS:

FOODS:

Butter, cheese, a n d milk
Cereal products
Fruits and vegetables
Meats
Other foods
-

1936

Subgroups

PRODUCTS:

Grains
Livestock and poultry
Other farm p r o d u c t s , .

Miscellaneous

1935

1936

Subgroups

FARM

ChemiHousecals and furnishing goods
drugs

207

F E D E B A I J KESEBVB B T T L I J E T I N

MAKHlSM

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average-100]
1935

1936

Industry
Jan.
Manufactures—Total

.„. .

lEON AND S T X E L .

Pig iron
Steel ingots.
TEXTILESCotton consumption
Wool...
Consumption . .
Machinery activity *
Carpet and rug loom activity».
Silk deliveries
FOOD PBODUCTS

Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep
Wheat
flour.
""I
Sugar meltings.. .

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Deo.

Jan.

90

88

86

86

84

84

86

'89

01

95

08

104

»93

so

49
83

80
57
S3

72
55
73

67
53
69

66
56
67

66
53
67

69
53
70

81
60
S3

84
62
86

83
65
90

96
69
99

103
71
106

89
67
88

103
93
102
116
'108
52
119

100
95
97
97
116
65
122

08
90
05
102
99
71
135

98
84
110
131
92
80
117

102
85
124
153
99
80
111

100
82
122
148
107
71
116

105
82
128
156
108
76
133

104
85
132
160
110
83
113

106
95
112
127
108
74
134

113
99
126
146
121
78
132

106
93
118
134
118
72
112

111
108
'114
125
122
'66
119

105
106
107
117
114
66
03

02
83
54
120
132
133
86
136

81
76
56
101
109
131
90
86

77
73
61
98
112
151
88
75

80
77
53
96
113
157
88
80

78
74
54
94
108
161
83
88

74
67
44
92
106
151
91
75

74
69
46
93
115
154
80
83

76
76
50
107
119
159
73
78

78
76
50
107
124
144
82
81

S3
82
57
111
117
154
88
78

82
79
54
107
118
143
86
86

S3
80
54
110
126
145
84
92

92
84
61

m
120

61
121

61
122

59
123

£9
119

64
121

63
124

60
118

53
120

62
127

61
124

64
125

63
133

60
134

104
8
27

103
8
68

106

95

78

71

94I

115

126

111

21

15

35'

64

48

119

179

'110
97

97
105
'116

91
112
'119

'110
96
91
90
112
'119

86
14
56
'114
100
98
87
119
'123

100

'108
96

110
9
91
'115
97
93
88
120
' 126

'104
97
90
104
106
'109

'109
05
38
86
121
'118

'105
93
91
77
114
'113

'104
94
90
83
115
'110

'105
97
93
74
119
'110

109
105
106
84
124
HI

124
104
103
95
118
137

42
174

45
166

47
183

51
185

55
155

58

52

44

47

78

73

81

97

84

73

85

91

02

92

151
191
99
99
91
S3

155
196
105
102
04
95

153
191
108
101
94
90

153
194
91
96
100
87

160
204
94
104
100
89

166
214
99
105
97
87

168
220
91
100
92
34

169
219
93
103
100
91

115
119
82

101
104
76

93
96
63

83
91
66

75
78
56

79
82
55

83
86
60

92
06
62

172
223
92
110
102
95
102
105
80

176
227
95
110
103
97
104
106
84

136
72
186

133
69
183

130
67
180

138
67
193

134
66
186

138
67
193

140
70
196

130
67
178

129
69
175

94

96

97

87

89

98

84

81

70
97
133
53
70
55
47

55
62
134
50
SO
59
73

53
36
133
54
81
60
59

152
91
124

PAPJKB AND PRINTING:

Newsprint production
Newspaper consumption
TRANSPORTATION EQUIPMENT-

Automobiles..
Shipbuilding.

LlA i

K g^.f. E0DUCI8
Cattle hide leathpr* "
Calfandtkipneathers

1

toJSEssga? ™-

39

NOHFERROUS M E T A L S : »

Tin deliveries i . . .
^^MANUPACTTTEED:

Petroleum^renning
uasoline K
Kerosene
Fuel oil i. M

r

;.;

.Lubricating^ui;;:i:;;;ri

Coke, byproduct
Rtr

r S ; T l R E a AND T ^ B E S
£ires, pneumatic

"

**ggytaww_
Cigarettes...

*

Minerals—Total
Bituminous coal
Anthracite^ir.

^^euin,crude:iiii:i:ii : i;;:;:; : : ;:;;:;:::

74
76
131

31
67
132

87
54
132

60
69
130

?toc I
s^;;::::::::::::::::::::::::;:::::;:::;:;:;

70
48
50

73
50
65

74
55
50

75
53
49

Justment.
rffi?

69
71
131
53
73
63
51

»Includes also lead and zinc; see "Minerals."

"Vl27

52

59

59

f Q«>

Ortrt

OAQ

47
225

SO

81

103

173
220
36
121
104
106
142
147
104
147
73
205

169
214
94
121
96
104

138
70
190

176
225
94
115
106
100
133
137
102
137
69
191

87

93

92

53
65
135
62
84
59
71

74
43
140
62
80
63
75

71
43
144
44
82
67
63

101
77
71
146

103
80
70
148

84
70
63

84
63
82

* Preliminary.

' Revised.

description see BULLETINS Tor February a n a Marcn iwti. HOT latest revisiuua M O « ^ » ""VXT ™ ™ r " V n r ~ w r r t
pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board,
ical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.




»11S

143
73
208

208

FEDERAL RESERVE BULLETIN

MABCB 1936

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.

1923-25 average=100]

1935

1936

Jan. I Feb. | Mar. | Apr. | May | June | July | Aug. | Sept. | Oct. | Nov. | Dec.

Jan.

Industry

Manufactured—Total.,
IRON AND STEEL..

Pig iron
Steel ingots...
TEXTILES

Cotton consumption
Wool
Consumption
Machinery activity..
«..
Carpet and rug loom activity.
Silk deliveries

FOOD PRODUCTS

..

Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings

'88

91

91

91

87

77
49
80

84
58
87

81
58
83

74
56
76

72
57

108
'103
104
119
'110
52
136

105
101
101
105
116
65
130

100
94
96
104
99
71
130

100
90
108
127
92
80
116

101
88
117
141
110

91
94
72
121
123
134
84

79
75
62
89
101
123
87
84

75
69
51
86
114
137
83

76
69
52
85
123
148
80
93

62
116

61
121

59
128

7
19

111
8
48

130
8

'100
92
94
80
100
'105

'112
100
100
84
116
'120

25
155

78

73

84

83

53
67

98

90

'95

79
58
81

83
60
85

85
65
87

70
91

90
69
92

83
67
85

87

96

95
79
114
133
107
71
103

97
75
119
139
108
76
126

99
77
126
149
110
83
117

106
92
115
133
108
74
141

116
102
134
161
121
78
132

111
101
124
146
118
72
116

105
100
114
126
122
'66
106

110
111
108
120
114
66
112

78
72
52
91
122
158
78
99

73
66
45
86
110
147
80

74
66
41
92
111
154
77
102

74

104
109
160
78
88

81
74
37
119
119
168
97
86

84
49
129
123
170
99
74

86
87
60
123
120
146
93
67

82
91
71
115
120
142
81
52

81
112
112
154

127

65
124

64
123

58
105

56
107

125

61
132

63
134

137

61
119

141
8
88

10S
13
71

114
10
27

100
3
22

29
1
64

78
1
35

125
4
105

126

108

2
51

'113
94
92
80
115
'125

'112
79
119
'123

'105
95
93
83
110
••112

'100
95
89
100
106
'104

'107
95
86
100
113
'115

'116
95
90
93
111
'130

'120
100
94
96
121
'132

'115
103
101
87
124
'123

105
103
104
80
122
105

105
102
100
81
127
108

p 116

27
179

34
199

50
205

65
169

71
165

63
168

57
169

181

193

58
192

46
202

29
201

73

81

97

84

73

85

92

92

80

151
191
101
99
91

156
196
107
102
94

153
191
105
101
94
92

153
194
90
96
100
87

160
204
90
104
100

166
214
92
105
97
85

167
220
85
100
92
81

169
219
88
103
100
88

173
223
94
110
102
93

176
227
100
110
103
97

176
225
101
115
106
102

174
220
93
121
104
107

106
110
75

110
114
80

102
105
74

103
107
75

96
99
68

95
99
65

81
84
57

91
94

97
99
80

91
93

103
75

99
102
75

128
55
182

121
60
166

124
61
171

127
63
175

136
68
188

150
73
212

152
73
215

139
70
192

143
79
193

148
85
200

91

92

90

79

88

97

84

85

92

100

95

82
126

85
72
129

87
45
130

51
72
130

60
71
132
80
73
62
50

71
85
136
105
76
56
46

50
51
137
102
75
57
62

57
36
136
109
75
57

61
65
139
119
79
56

82
62
141
105
78
70
74

80
50
143
37
82
70
73

ER AND PRINTING:

Newsprint production
Newsprint consumption.
TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives
Shipbuilding
LEATHER AND PRODUCTS

Tanning
Cattle hide leathers
Calf and kip leathers..,
Qoat and kid leathers..
Boots and shoes

138

CEMENT AND GLASS:

Cement
Glass, plate

,

NONPERROUS METALS: *

Tin deliveries

103

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, crudeIron ore
Zinc.
Lead
Silver.......
1

Includes also lead and zinc; see ''Minerals/ 1

wood pulp, chen.ical W ood pu>p,




Preliminary.

76

140

* Revised.

170
214
96
121
96
105

119
55

141
56,
204

142

75
142

209

FEDERAL RESERVE BULLETIN

MABCH 1936

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory employment

Factory pay rolls

Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry and group
1936

Total
1

IEON AND STEEL AND P R O D U C T S . . - .

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, etcWirework
MACHINERY*

Agricultural implements" " " I
Electrical machinery, etc
Engines, turbines, etc
II.I
Foundry and machine-shop productsMachine tools
_
Radios and phonographs"
Tui
hir!:;"::::;;"::
TRANSPORTATION EQUIPMENT » .

Automobiles
Cars, electric and steam
Locomotives
Shipbuilding
*

railroad;:!":

RAILROAD REPAIR SHOPS

Electric railroads
Steam
i l d : ; ; ; "
NONFEEBOIJS METALS AND PRODUCTS K
br
B
onze, and copper
?ghtmg equipment.....
ouverware and plated ware
Smelting and refining
Stamped and enameled'ware"
L

'
'
'

Lumber, mfliworkU
Lumber, sawmills...;

Glass....
Pottery..

I and finishing""

n's
shirteand^uaVs;;";;;";-;

!

1936

1935

January

December

83.0

84.6

January

'78.8

1935

January

December

January

January

Deeem*
ber

January

84.9

85.6

'80.7

72.2

76.6

'64.3

6S.8
72.0
34.1
71.2
57.4
40.7
80.7
45.0
91.5
145.7

51.9
53.9
26.3
55.5
41.7
31.0
55.4
39.5
80.7
102.7

75.8
77.1
53.2
79.6
57.4
55.2
87.7
57.4
91.6
146.1

76.6
77.0
52.8
80.9
57.6
57.0
99.8
56.6
92.9
144.4

67.8
69.4
49.9
75.8
51.6
47.9
81.0
55.9
85.0
120.7

77.6
77.6
55.6
80.2
57.4
56.4
103.3
58.9
97.9
146.8

77.9
78.3
54.1
80.3
57.1
59.3
102.0
57.1
96.6
145.7

69.9
52.2
76.4
51.6
49.0
95.4
57.4
90.8
121.3

64.4
68.0
32.8
64.9
52.6
39.0
64.6
45.3
90.9
130.2

92.5
133.9
72.1
108.2
79.1
102.4
213.1
69.5

93.1
128.9
74.0
105.3
79.0
101.5
230.0
68.0

79.6
89.6
65.9
79.5
69.2
73.1
'190.4
64.1

94.6
129.4
72.1
110.2
80.3
101.4
253.1
69.6

93.9
129.3
74.0
107.7
80.9
100.4
225.4
67.7

81.4
86.7
65.9
81.0
70.3
72.4
'226.1
64.2

78.3
162.0
61.3
81.2
66.7
94.7
126.2
62.3

80.7
155.2
65.1
79.0
6S.5
96.0
143.7
61.1

60.8
97.5
52.4
54.5
51.5
58.2
' 111.8
52.0

103.1
118.1
48.5
20.5
83.9

103.4
118.2
50.1
22.8
82.9

92.4
108.1
34.2
30.3
68.3

104.4
119.3
54.4
21.2
81.4

111.1
128.1
54.6
23.0
82.9

93.5
109.2
38.3
31.3
66.3

89.6
99.7
51.8
8.2
77.2

104.4
118.8
55.2
10.6
77.2

79.4
92.2
31.7
13.2
56.2

55.9
65.0
55.2

55.8
64.8
55.1

51.6
65.3
50.6

56.7
65.0
56.1

55.9
64.8
55.2

52.2
60.8
51.7

57.1
61. S
56.9

43.8
58.0
42.9

89.4
87.6
83.0
66.7
90.4
110.5

92.3
88.5
86.9
71.3
89.7
117.0

'78.3
75.4
66.3
67.8
73.6

90.4
88.0
85.0
69.3
88.9
114.2

91.4
89.1
84.8
68.1
89.0
118.3

'79.2
75.8
67.9
70.4
72.4
'102.9

72.7
71.3
78.3
49.3
63.3
90.8

84.7
58.7
65.9
102.8

'58.7
58.3
54.8
47.5
46.5
'76.2

5a 9
71.7
45.5
34.4

54.5
74.8
46.9
35.1

47.1
64.1
35.9
30.9

54.8
74.4
46.9
36.0

54.5
72.4
47.6
35.8

43.8
66.4
37.0
32.4

41.1
51.8
36.0
25.2

'44.2
58.4
39.0
25.9

31.7
43.5
23.0
19.1

50.8
31.0
38.0
92.0
66.3

55.2
33.9
45.0
97.8
69.1

47.2
24.8
37.2
86.5

55.8
35.3
42.8
100.0
67.6

56.4
35.8
47.4
98.2

51.7
28.2
41.9
94.0
71.3

38.0
20.0
23.4
82.3
48.8

44.6
23.3
31.1
94.2
55.9

31.6
13.0
21.2
69.9
46.9

95.1
94.0
77.2
91.7
110.2
111.1
70.3
97.8
93.4
91.2
121.1
56.9
94.0

96.9
96.4
82.3
92.2
111.0
115.2
74.0
102.4
93.8
'89.7
120.4
49.3
105.6

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

95.0
93.0
75.3
90.3
108.6
111.1
70.7
95.8
95.3
91.8
124.2
57.2
97.2

96,2
94.7
80.6
90.7
109.1
113.1
73.9
99.0
95.3
91.7
123.7
52.3
102.6

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

79.1
80.0
66.1
78.5
92.4
102.0
57.4
78.4
72.6
70.4
88.9
48.8
85.8

81.9
85.3
73.5
81.2
93.5
113.0
63.9
84.3
70.5
67.1
84.0
36.3
103.7

78.5
82.2
55.5
81.8
102.7
106.2
68.4
73.1
66.6
57.0
87.8
54.0
77.8

89.1
88.4
92.3

79.1
72.7
99.7
r Revised.

75.4
66.7
103.7

76.4
72.5
83.5

90.3
89.2
88.3
86.3
88.4
88.0
87.5
87.0
82.8
86.1
100.0
96.0
94.0
100.4
97.7
1
Includes current statistics for one or more industries not shown separately.




1936

1935

52.4
65.3 .
51.4

79.4
73.4

210

FEDERAL RESERVE BUIiLETIN

MARCH

1938

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
[Adjusted to Census of Manufactures through 1931. 1023-25 average-100]
Factory pay rolls

Factory employment

Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry and group

1936

FOOD PRODUCTS »

Baking
Butter
Canning and preserving
Confectionery
Flour
Ic© cream.—*-...............
.____.._.,..,.._.__
Slaughtering and meat packing
Sugar refining, cane.
TOBACCO PRODUCTS

Chewing and smoking tobacco and snuff
Cigars and cigarettes
P A P E E AND PRINTING

Boxes, paper
Paper and pulp
Book and Job printing
Printing, newspapers, and periodicals
CHEMICALS AND PETROLEUM PRODUCTS *

„
..

A. Chemical group, except petroleum *
Chemicals....-*.-...........................
Druggists'preparations
II™"
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
B. Petroleum refining
RUBBER PRODUCTS »

Rubber boots and shoes
Rubber tires and inner tubes

1936

1935

1936

1935

January

December

January

January

December

January

January

December

92.6
111.2
67.5
61.5
73.5
73.6
58.5
84.9
76.4

'06.8
112.4
68.5
'66.8
86.6
73.2
59.8
84.3
77.6

'94.9
106.7
68.3
'65.9
78.6
76.2
60.8
94.3
84.4

103.1
113.6
74.9
128.1
75.0
74.2
67.9
82.4
79.6

'100.7
112.4
71.1
'111.3
78.5
73.4
68.4
80.7
80.7

'106.0
109.0
75.8
'137.3
80.2
76.8
70.5
91.6
87.9

87.3
99.0
62.7
70.9
65.7
67.2
49.0
81.7
68.4

'90.5
99.4
55.0
'77.6
81.3
64.5
51.1
79.7

7a 7

ai

52.2
67.3
50.2

58.2
66.8
57.1

56.5
73.5
54.3

56.0
64.2
55.0

58.0
65.6
67.0

ea 7
• 70.1

59.4

41.7
67.6
38.4

49.6
67.1
47.4

97.5
84.9
108.7
88.9
101.0

99.7
90.4
110.0
91.2
102.4

95.6
83.2
106.8
87.7
98.4

96.8
85.4
108.7
86.9
100.6

98.0
86.8
110.0
89.0
100.6

94.9
83.7
106.8
85.7
98.0

88.2
76.3
91.7
81.4
94.1

91.8
87.6
94.4
84.7
96.8

109.7
110.0
107.4
97.6
86.8
92.8
107.1
353.6
97.1
108.7

111.1
111.4
108.8
98.8
86.7
84.5
107.9
357.9
97.3
'109.6

108.4
108.2
103.0
101.3
88.1
111.0
98.7
338.0
99.1
109.0

109.8
109.5
105.9
95,4
86.0
96.2
109.6
353.6
98.8
110.8

110.3
110.1
106.6
97.3
84.3
94.2
109.7
357.9
96.6
'110.9

108.4
107.9
10L6
99.1
87.3
115.0
101.0
338.0
100.8
111.1

97.0
97.fi
99.7
95.3
75.8
79.5
91.8
264.4
94.9
99.5

100.8
99.8
102.1
97.2
76.2
75.2
93.7
263.0
94.6
104.0

82.0
59.2
70.5

83.0
60.1
70.5

'83.1
'59.2
74.7

83.4
57.6
72.7

83.4
55.9
72.9

'84.6
'57.6
77.0

70.2
53.2
59.9

74.5
56.6
63.8

41.fi
6S.fi
38.1
83.4
74.9
83.fi
7a i
89.5
91.6
9a 5
90.8
96.8
68.3
83.6
79.4
245.4
90.7
95.2
69.4
51.3
62.2

i Includes current statistics for one or more industries not shown separately.

Revised.

rut uesunpiiuu turn uuut u^ures s e e JBUIXBTIN ior JYLay 11*34, pp. 270-271 For descrintinn and hank flimrrw fnr tha KPRS
factory employment compiled by the F. R. Board of G o v e r n o r s ^ BUL£ETIN tnTum1934 Sp 324-343?nd December
figures are for pay-roll period ending nearest middle of month. January 1936figuresare prVli£fnary, subjecfto reviTion! '




1935
January
'83.7
89.6
51.7
'68.6
67.4
63.8
48.6
84.0

211

FEDERAL RESERVE BULLETIN

MARCH 1936

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figurestor37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Residential

Total

Factories

Commercial

Public works
and public
utilities

Educational

1935

1935

1935

Month
1935

1930
204.8

October
November
December-

99.3
75.0
122.9
124.0
126.7
148.0
159.3
168.6
167.4
200.6
188.1
264.1

Year

1,844.5

January.
February...
April
May
June
juiy.
August

.

:::
*

.

. . . *.

1935
22.4
16.6
32.2
42.2
44.9
49.8
48 4
40.5
41.8
55.1
39 7
45.1

1935

1936
37.4

1936

7.1
7.8
6.5
6.3
9.8
9.5
14.6
10.6
6.0
12 0
8.9
9.9
108.9

478.8

CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
....ibythe
s of dollars]

9.0

10.8
9.2
12.2
15.2
13.9
15.0
15.8
17.3
13.6
16.6
12.8
12.0

1936
15.5

164.5

44.4
27 8
46.3
40 5
31.4
39.1
53 9
69.5
76.1
86.3
80.3
94.5

1936

3.7
5.8
10.4
8.3
9.0
17.7
92
8.7
4.3
9.2
24.7
62.6

76 9

1936
39*5

Boston..
New York:::;::::::
Philadelphia
;;:;:;
Cleveland
Richmond
"
Atlanta....
wiicago
SJ. Louis
Minneapolis .
Kansas City
""
Dallas...
Total (11 districts).




11 4
79
15.4
11 5
17 7
16 8
17 4
21.9
25.6
21.3
21.7

26.5

COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars]
Liabilities

1935

Federal Reserve district
January

1936

228.7

Number
1936

1935

4a 1

173.5

690.2

All other

December

January

12,982
39,531
14,103
17,860
23,714
19,581
40,365
12,184
4,890
10,716
8,868

23,323
45,700
17,772
21,322
29,285
20,394
53,155
19,484
10,702
15,072
7,928

6,424
17,660
5,208
11,452
10,325
11,534
13,983
6,055
2,027
8,560
6,547

204,793

264,137

99,774

Federal Reserve
district

1936

1935

1936

Janu* Decem- January
ary
ber
Boston.. —
New York
Philadelphia
Cleveland _ . . .
Richmond . .
Atlanta
Chicago
St Louis Minneapolis. .—
Kansas City.
-.Dallas
I
—
San Francisco —
Total

1935

Janu- Decem- January
ber
ary

109
391
74
62
44
34
121
35
18
49
39
101

103
353
54
59
44
29
86
33
20
44
15
100

146
377
71
103
65
33
136
26
19
37
24
147

2,325
7,769
1,103
685
1,118
282
1,938
403
134
435
339
1,573

1,225
7 564
903
1,069
261
1,198
2,021
403
687
362
193
1,557

1,077

940

1,164

18,104

17,443

3,677
6,470797
1,201
502
204
1,834
180
219
238
405
3,09618,824

FEDERAL RESERVE DISTRICTS

——BOUNDARIES Of FEDERAL RESERVE DISTRICTS
.-—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
® • FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY