Full text of Federal Reserve Bulletin : March 1936
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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