Full text of Federal Reserve Bulletin : May 1935
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FEDERAL RESERVE
BULLETIN
MAY 1935
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banking Developments
Annual Report of the German Reichsbank
National Summary of Business Conditions
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1935
FEDERAL RESERVE BOARD
MARRINER S. ECCLES, Governor.
Ex-officio members:
J. J. THOMAS, Vice Governor.
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury, Chairman.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
J. F. T. O'CONNOR,
GEORGE R. JAMES.
Comptroller of the Currency,
M . S . SZYMCZAK.
LAUCHLIN CTJRRIE, Assistant Director, Division of
Research and Statistics.
J. C. NOELL, Assistant Secretary.
WOODLIEF THOMAS, Assistant Director, Division of
LISTON P. BETHEA, Assistant Secretary.
Research and Statistics.
S. R. CARPENTER, Assistant Secretary,
E. L. SMEAD, Chief, Division of Bank Operations.
WALTER WYATT, General Counsel.
J. R. VAN FOSSEN, Assistant Chief, Division of Bank
GEORGE B. VEST, Assistant General Counsel.
Operations.
B. MAGRUDER WINGFIELD, Assistant General Counsel. J. E. HORBETT, Assistant Chief, Division of Bank
LEO H. PAULGER, Chief, Division of Examinations.
Operations,
R. F. LEONARD, Assistant Chief, Division of Examina- CARL E. PARRY, Chief, Division of Security Loans.
tions.
PHILIP E. BRADLEY, Assistant Chief, Division of Security
C. E. CAGLE, Assistant Chief, Division of Examinations.
Loans.
FRANK J. DRINNEN, Federal Reserve Examiner.
O. E. FOULK, Fiscal Agent.
E. A. GOKDENWEISER, Director, Division of Research JOSEPHINE E. LALLY, Deputy Fiscal Agent.
and Statistics.
LAWRENCE CLAYTON, Assistant to the Governor.
CHESTER MORRILL, Secretary.
FEDERAL ADVISORY COUNCIL
District no. 1 (BOSTON)
District no. 2 ( N E W YORK)
District no. 3 (PHILADELPHIA)
District no. 4 (CLEVELAND)
District no. 5 (RICHMOND)
District no. 6 (ATLANTA)
District no. 7 (CHICAGO)
District no. 8 (ST. LOUIS)
District no. 9 (MINNEAPOLIS)
District no. 10 (KANSAS CITY)
District no. 11 (DALLAS)
District no. 12 (SAN FRANCISCO)
THOMAS M. STEELE.
JAMES H. PERKINS.
HOWARD A. LOEB, Vice President.
ARTHUR E, BRAUN.
CHARLES M. GOHEN.
H. LANE YOUNG.
SOLOMON A. SMITH.
WALTER W. SMITH, President.
THEODORE WOLD.
W. T. KEMPER.
JOSEPH H. FROST.
M. A. ARNOLD.
WALTER LICHTENSTEIN, Secretary
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank Chairman and Federal
of—
Reserve agent
Deputy governor
Governor
Boston
New York
F. H. Curtiss
J. H. Case
R. A. Young
G. L. Harrison
Philadelphia
R. L. Austin
G. W. Norris
Cleveland
E. S. Burke, Jr. «_.
M. J. Fleming
Richmond
W. W. Hoxton
G. J. Seay
E. M. Stevens
G. J. Schaller
St. Louis.
J. S. Wood.
W. McC. Martin
Minneapolis...
Kansas C i t y Dallas
San Francisco..
J. N. Peyton
W. B. Geery
C. C. Walsh
B. A. McKinney...
J. U. Calkins
Chicago
_.
G. H. Hamilton.
i1 Assistant deputy governor.
Controller.
W. Willett.
J. W. Jones.*
W. B. Matteson.i
J. M. Rice.* 1
Allan Sproul. 1
H. H. Kimball.
L. W. Knoke.i
C. A. Mcllhenny.
W. H. Hutt
W. J. Davis.i
J. S. Sinclair
W. G. McCreedy.i
C. A. Mcllhenny
L. E. Donaldson.1
W. F. Taylor.
F. J. Zurlinden
C. W. Arnold.'
H. F. Strater
G. H. Keesee.
C A. Peple
J. S. Walden, Jr.»
R. H. Broaddus.
M. W. Bell.
H.W.Martin
W. S. McLarin, Jr.*
H. F. Conniff__
W. H. Snyder.* 1
H. P. Preston
W. C. Bachman.
C. R. McKay
O. J. Netterstrom.»
J. H. Dillard
A. T. Sihler.i
E. A. Delaney.1
A. L. Olson.i 1
O. M. Attebery....
S. F. Gilmore.
A. H. HailU
J. G. McConkey
F. N. Hall.»
G. O. Hollocher.»
O. C. Phillips.*
H. I. Ziemer.
Harry Yaeger
H. I. Ziemer
.__ F. C. Dunlop.*
C. A. Worthington—. J. W. Helm.
J. W. Helm
R. B. Coleman.
R. R. Gilbert
W. O. Ford.»
R. B. Coleman
W. M. Hale.
W. A. Day
Ira Clerk
W. W. Paddock.
W. R. Burgess...
W. S. Logan
L. R. Rounds
L. F. Sailer
C. H. Coe
Oscar Newton
Atlanta
Cashier
* Assistant to the governor.
< Acting chairman; W. H. Fletcher, acting Federal Reserve agent.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch.
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
Birmingham branch
Jacksonville branch
Nashville branch.
New Orleans branch
Chicago:
Detroit branch
St. Louis: ,
Little Rock branch
Louisville branch
Memphis branch
Managing director
R. M. O'Hara.
B. J. Lazar
T. C. Griggs.
Hugh Leach.
W. T. Clements.
J H. Frye.
G. S. Vardeman, Jr.
J. B. Fort, Jr.
Marcus Walker.
R. H. Buss.
A. F. Bailey.
J. T. Moore.
W. H. Glasgow
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Denver branch
Oklahoma City branch
Omaha branch
__
Dallas:
El Paso branch
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch.
Salt Lake City branch
Seattle branch
Spokane branch
Managing director
R. E. Towle.
J. E. Olson.
_ 0. E Daniel.
L. H. Earhart
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
_ W. L. Partner.
0. R. Shaw.
D. L. Davis.
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m
TABLE OF CONTENTS
Page
Review of the month—Recent banking developments
257
Federal Deposit Insurance Corporation—Condition of insured banks, Dec. 31, 1934
263
Balance of international payments of the United States
264
Annual report of the German Reichsbank
284-289
Belgian legislation on currency and foreign exchange
290-291
Earnings and expenses of member banks
313-315
Deposits of member banks by size of account
316-318
National summary of business conditions
265
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
266-270
Member and nonmember bank credit:
All banks in the United States
273
All member banks
271, 272, 312, 322
Weekly reporting member banks in leading cities
274, 319
Brokers' loans
274
Acceptances and commercial paper
275
Discount rates and money rates
276
Security prices, bond yields, and security issues
277
Treasury
finance
278
Assets and liabilities of governmental credit agencies
279
Reconstruction Finance Corporation—Loans, subscriptions, and allocations
280
Farm Credit Administration—Loans and discounts outstanding, by institutions
281
Home Owners' Loan Corporation—Summary of operations
281
Federal home loan banks—Assets and liabilities
281
Production, employment, car loadings, and commodity prices
282
Merchandise exports and imports
283
Department stores—Indexes of sales and stocks
283
Freight-car loadings, by classes
283
Financial statistics for foreign countries:
Gold reserves of central banks and governments
292
Gold production
.
293
Gold movements
293-295
Government note issues and reserves
296
Bank for International Settlements
296
Central banks
297-299
Commercial banks
300
Discount rates of central banks
301
Money rates
301
Foreign exchange rates
302
Price movements:
Wholesale prices
303
Retail food prices and cost of living
304
Security prices
304
Law department:
Rulings of the Federal Reserve Board:
Ruling No. 42 interpreting Regulation T
305
Ruling No. 43 interpreting Regulation T
305
Decision of Supreme Court of United States in case involving the validity of a State bank reorganization statute
305
Amendments to Regulations T
308
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
_
310-312, 319-322
Industrial and commercial statistics
323-328
IV
FEDERAL RESERVE BULLETIN
VOL.
21
MAY 1935
REVIEW OF THE MONTH
Continued imports of gold from abroad and
disbursements by the Treasury from its holdings of cash and deposits with
toe Reserve banks in April resuited in a growth of member
bank balances with the Reserve banks and a
restoration of excess reserves to a level of nearly
$2,300,000,000. The decrease in Treasury cash
and deposits with Reserve banks during April,
following a substantial increase in March, reflected interest payments on public debt, other
expenditures in excess of receipts, cash redemptions of Fourth Liberty bonds called for retirement on April 15, and maturities of Treasury
bills in excess of sales. A factor tending to decrease reserve balances was the deposit by
national banks with the Treasury of about
$160,000,000 for retirement of national bank
notes. Similar deposits in March amounted to
$220,000,000.
From January 23, when the amount of money
in circulation was at a seasonal low level, to
Money in
April 24 circulation showed a
circulation
n e t i n c r e a se of $110,000,000, a
somewhat larger increase than is usual at this
time of year. Part of this growth is accounted
for by an increase in retail trade and pay rolls
in excess of the usual seasonal expansion. On
April 24 the volume of money in circulation was
$135,000,000 larger than a year ago. This reflected partly an increase in wage payments and
retail trade, partly increased use of currency as
against checking accounts because of service
charges and the absence of banking facilities in
some communities, and partly an increase in
vault cash holdings of some member banks.
No. 5
The increase in vault cash holdings of banks
is a reflection of the large amount of excess
reserves held by member banks. Banks having
balances with the Reserve banks in excess of
legal requirements are under no pressure to
build up these balances by depositing with the
Reserve banks all the currency that comes into
their possession above current over-the-counter
requirements, and consequently such banks are
likely to hold somewhat larger amounts of
vault cash than was previously their custom.
For all member banks cash in vault on March 4,
1935, totaled $534,000,000, an increase of
$48,000,000 over the amount held a year
earlier. A portion of this increase reflects an
increase in the number of member banks, but
the major part represents larger holdings of
vault cash by individual banks. Weekly reporting member banks on April 24, 1935, held about
$40,000,000 more in vault cash than on the
corresponding report date in 1934.
Rates for call and time loans on the New
York Stock Exchange were reduced about the
middle of April to }i percent
Interest rates
from the levels of 1 percent for
call money and of %-l percent for time money,
which had prevailed for more than a year.
These changes bring rates on stock-exchange
loans more nearly in line with other New York
open-market rates. The rate on 90-day bankers' acceptances has been % percent since October 1934, and the prevailing rate on openmarket commercial paper has been % percent
since January 1935. Rates at which short-term
Treasury bills have sold have generally during the past year averaged between }i and ){
percent.
257
258
FEDERAL RESERVE BULLETIN
MAT
1935
Rates charged customers by New York City
banks have also declined further in recent
months. In April reported rates averaged
about 2% percent as compared with about 3}i
percent last autumn. In other principal cities
rates have declined slightly in the last 6 months
and on the average are lower than a year ago
by a margin of about one-half of 1 percent. In
8 other northern and eastern cities the average
rate is now about 4 percent, while in 27 southern
and western cities it is about 4% percent. At
these levels customers' rates are lower than at
any other time in the entire post-war period.
Industrial advances by Federal Reserve banks
and commitments to make such advances have
continued to increase during
advances by
1935. By April 24, $81,000,000
Federal Reserve of applications had been ap-
one-fourth of the applications rejected were
ineligible for loans under the provisions of the
law, and most of the remainder were rejected
because of unsatisfactory financial condition,
inadequate security, or unsatisfactory business
prospects. The following table compares industrial loan activity on January 2 and April 24,
1935, and shows changes between these dates.
banks
Applications under consideration
Advances outstanding 3
Commitments outstanding
j
A
I
•
^
proved. Approvals since the
first of the year amounted to $29,000,000. The
volume of industrial advances outstanding on
April 24 was $26,000,000 and of commitments
outstanding $17,000,000. Of the remaining
approvals $18,000,000 have conditions yet to
be satisfied by the applicants, $5,000,000 have
been withdrawn or reduced or have expired
unused, $5,000,000 are covered by financing
institution participations, nearly $3,000,000
have been advanced and repaid, and over
$7,000,000 are in process of completion.
Applications received have been smaller in
both number and amount since the first of the
year than in the period from August to December 1934. Since January 2 applications acted
on have exceeded those received and the total
amount involved in applications awaiting action
by the Federal Reserve banks has decreased.
Since the beginning of the year the amount of
applications approved has been a larger percentage of total applications acted on than in
the earlier period. Prior to January 2 approvals by the Federal Reserve banks amounted to
35 percent of the total of approvals and rejections, whereas between January 2 and April 24
approvals practically equaled rejections. About
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER
SECTION 13 (b) OF FEDERAL RESERVE ACT
[In thousands of dollars]
Apr. 24,
1935
Net applications received J
Federal Reserve bank action:
Approved—total 2
Rejected
_.
Jan. 2,
1935
Change
225,900
190, 798
+35,102
81,134
125, 672
52, 257
95, 721
+28,877
+29, 951
15, 201
26, 206
16,908
41, 387
14, 315
10, 213
-26,186
+11, 891
+6, 695
* Excluding applications withdrawn before review and reductions in
amounts
applied for.
2
Including applications withdrawn, reduced, or expired (unused) in
the amount of $1,899,000 by Jan. 2, and $4,926,000 by Apr. 24.
> Excluding repayments in the amount of $547,000 by Jan. 2, and
$2,850,000 by Apr. 24.
Deposits and total loans and investments of
member banks continued to increase during the
Condition of first
4 months of the year. At
reporting
reporting member banks in
member banks l e a d i n g c i t i e s t h e i n c r e a s e in
loans and investments did not equal the growth
in deposits, and reserves and other idle balances
of member banks increased. National banks
have also deposited considerable amounts with
the United States Treasury for retirement of
national-bank notes. At banks in New York
City a large part of the additional funds that
have become available have been employed
in making loans and investments, while at
banks in other cities total loans and investments showed no increase in the period. The
following table shows changes from December 26, 1934, to April 24, 1935, in the principal types of loans and investments at reporting banks in New York City and in other
cities.
MAY
FEDERAL RESERVE BULLETIN
1935
LOANS
AND
I N V E S T M E N T S OF M E M B E R
LEADING CITIES
BANKS
IN
[In millions of dollars]
All reporting
banks
Totalpoans and investments
Loans on securities—total
To* brokers and dealers
To others .
Acceptances and commercial paper
bought
Loans on real estate
All other loans
Investments—total. _
U. S. Government direct obligations._
__
Obligations fully guaranteed by
U. S. Government—
Other securities. __
Change since Dec. 26,
1934
Apr. 24, All re1935 porting
banks
New
York
City
banks
18, 617
+341
+401
-60
3,067
-5
+167
-172
1,018
2,049
+135
-140
+221
-54
86
-86
395
963
3,217
+48
-40
-14
-16
-4
+1
+47
10,975
+352
+253
+99
7,336
+145
+177
-32
711
2,928
+145
+62
-6
+82
+151
-20
Other
banks
-24
-10
259
New York City banks and pay the commission
charged by these banks for negotiating the
loans. Loans on securities to customers continued to decline. There was an increase in
all other loans at outside banks. Loans of
this type, which include loans to commercial,
industrial, and agricultural customers and
which declined almost steadily from 1930 to
1933, have been relatively stable for the past
year at banks outside New York.
Total deposits at banks in leading cities increased by about $1,200,000,000 between
December 26 and April 24. Although comparable figures are not available for earlier
years, deposits of this group of banks are
probably almost as large as at any previous
time. Much of the increase in total deposits in
recent weeks was in interbank balances, which
showed a growth of over $500,000,000, while
United States Government deposits declined
by $330,000,000. When allowance is made for
these factors and for an increase in collection
items, it would appear that adjusted deposits,
as shown in the accompanying table, increased
by more than $800,000,000.
Most of the increase in investments of the
reporting banks was in direct obligations of
the United States Government and in obligations fully guaranteed by the Government,
but holdings of other securities also showed
an increase. The increase in holdings of direct
D E P O S I T S OF M E M B E R B A N K S I N L E A D I N G C I T I E S
obligations of the Government, which has occurred almost entirely since the early part of
[In millions of dollars]
March, reflects principally purchases by New
Change since Dec. 26,
York City banks of bonds recently called for
1934
All reredemption by the Treasury. The calling of
porting
banks
New
these bonds made them attractive to banks as
Apr. 24, All re- York
Other
1935 portina' City
short-term investments. At reporting member
banks banks banks
banks outside of New York City holdings of
Government securities declined, while holdings United States Government
-121
-209
1,014
-330
+194
+323
4,773
balances 1
+517
of obligations fully guaranteed by the United Interbank
Other customers:
+253
+384
+637
11,989
Demand
States Government increased.
+103
+25
4,375
Time2
+128
Certified and officers' checks, cash
Total loans on securities showed little change, letters of credit, and travelers'
626
+259
+222
+37
although during the period loans to brokers and checks
+466
+745
22, 777 +1,211
Total deposits..
+392
dealers showed an increase, reflecting to a large Adjusted deposits *....
+424
+816
15,814
extent transactions by dealers in Government 1
Includes amounts due to United States and foreign banks and desecurities. About the middle of April there mand
and time deposits of banks.
2
Includes
Postal Savings deposits which are not reported separately.
was a substantial increase in brokers' loans by 3 All deposits other than United States Government and interbank
deposits minus checks and other cash items reported as on hand or in
New York City banks, but a decline at other process of collection.
banks. This shift was due to the reduction in
Adjusted deposits increased by similar
rates on street loans to one-fourth of 1 percent,
a level at which it was no longer profitable for amounts at New York City banks and at banks
outside banks to make loans to brokers through in other leading cities. Interbank balances
260
FEDERAL RESERVE BULLETIN
showed a much larger increase at New York
City banks but increased also at outside banks.
Some of the increase in interbank balances reflected the transfer of funds by banks outside
of New York from brokers7 loans to balances
with other banks. Since in the period from
December 26 to April 24 reporting banks
showed an increase of only about $150,000,000
in their balances due from banks, it would appear that most of the increase in balances due
to banks occurred in those held for nonreporting banks. The largest relative increases in
deposits by Federal Reserve districts, outside of
New York, were in the Boston, Philadelphia,
and Chicago districts.
Figures from the latest member-bank call
report show changes in loans and investments
of all member banks between
Loans and
investments, all December 31, 1934, and March
member banks
4, 1935. In this period total
loans and investments at New York City
banks and at reserve city banks, except in
Chicago, showed little change; at Chicago
banks they increased by $120,000,000; and
at country banks they declined by $30,000,000.
These changes are somewhat different from
those shown by weekly reporting banks in
the period to April 24, partly because of
differences in the banks covered, but principally because between March 4 and April 24
holdings of Government securities and brokers'
loans increased substantially at New York City
banks and decreased at banks in other leading
cities.
Country banks, which are not covered by
the weekly reports, showed little change in
their total loans and investments between
December 31, 1934, and March 4, 1935. Their
holdings of direct obligations of the United
States Government decreased, while those of
obligations guaranteed by the Government
increased. Loans to customers continued to
decline, but brokers' loans and paper purchased
in the open market increased somewhat.
Recent changes in member-bank loans and
investments are in general continuations of
trends that were noted last year. Holdings of
MAY
1935
both direct and guaranteed obligations of the
United States Government increased substantially in the past year, and there was also some
increase in holdings of other securities. Loans
to customers secured by stocks and bonds and
by real estate declined considerably throughout the year, while other loans to customers,
following a temporary increase in the third
quarter of 1934, have shown no net decline
since last June. The accompanying table
shows the various kinds of loans and investments of all member banks on March 4, 1935,
together with changes since December 31 and
March 5 of last year.
LOANS AND INVESTMENTS—ALL MEMBER
[In millions of dollars]
BANKS
Change sinceOutstanding
Mar. 4, Dee. 31, Mar. 5,
1935
1934
1934
Loans to banks
Loans to other customers:
Secured by stocks and bonds.—
Secured by real estate
Otherwise secured and unsecured
Open-market loans
-
__ _
Total loans .
Direct obligations of U. S. Government
Obligations fully guaranteed by U. S. Government
Other securities
_..
Total investments
Total loans and investments
133
-22
-92
3,215
2,250
4,955
-81
-23
+15
-428
-132
-112
1,400
+37
+12
11,953
-75
-753
9,821
-85
+1,154
1,200
5,298
+210
+70
+1,019
+303
16,318
+196
+2,476
28,271
+121
+1,723
The heavy shipments of gold from Europe
to the United States which began in January
,
came to an end about the
T .
International
. ,
ni
„^ ,
__
_
gold movements middle of February. The chart
shows that at the beginning of
March European gold currencies were above
par on the exchange market. Later in the
month, however, weakness developed and
the movement of gold to the United States was
resumed. To the end of April $130,000,000
was shipped to this country from France and
Netherlands. Much of the gold coming from
France was indirectly drawn from Belgium
and Switzerland. Central reserves reported
in these four gold bloc countries declined
$425,000,000 from the middle of March to the
MAY
1935
end of April. This was nearly $300,000,000
greater than the amount of gold shipped to the
United States. During the same period a substantial amount of gold became available from
the world's mines and Indian hoards. Although the figures are not complete, it appears
that some $350,000,000 of gold was absorbed
into unreported European holdings during the
period. A part of this gold represents transfers
to the newly created Belgian exchange equalization fund. The remainder went largely into
unreported holdings in London.
The Belgian exchange equalization fund was
set up after developments in Belgium had culminated in a suspension of the
Belgium
gold standard. For some time
previous Belgium's position in
world markets had been difficult. The country's major exports—coal, iron and steel, machinery, textiles, chemicals—competed directly
with the products of larger industrial countries
having depreciated currencies. Furthermore,
the banks were not in position to meet a sustained export of funds abroad, notwithstanding
the steps previously taken by the Government
to convert a portion of their assets into Government-guaranteed securities.
On March 18 regulations for the control of
gold and foreign exchange transactions were
put into effect, and on the following day the
cabinet resigned. A new cabinet, including
members of the chief parties, was formed on
March 25 by M. Paul van Zeeland, vice governor of the National Bank of Belgium. On
March 30 a law was passed providing for ultimate devaluation of the currency to not more
than 75 percent and not less than 70 percent
of its existing gold parity, for revaluation
meanwhile of the gold and foreign exchange
holdings of the National Bank as of March 29
on the basis of 75 percent of the existing parity,
and for the creation of an exchange equalization
fund from the proceeds of the increment on
gold and foreign exchange. The fund is to
buy and sell exchange at rates to be fixed by
royal decree within the limits of ultimate
devaluation set by the law. On March 31
the initial rate for the fund's transactions was
261
FEDERAL RESERVE BULLETIN
fixed at 72 percent of the former gold parity of
the belga, or 16.95 cents as compared with the
former rate of 23.54 cents. The obligation of
the National Bank to redeem its notes in gold
or gold exchange has been suspended indefinitely. The announced program of the Government includes guarantee of bank desposits
and other measures to improve the banking sitGOLD CURRENCIES, JANUARY-APRIL 1935
NOON FOREIGN EXCHANGE RATES IN NEW YORK
CENTS
23.8
-OLD
PAR
-
_
23.4
>s/Vt
1
L
23.0
\i
1
II
22.6
22.2
218
BULCA
21.4
U
M
MA
I
21.0
M1
20.6
20.2
1
1
19.8
19.4
1
I
19.0
I\
1
186
1
18.2
17-8
17.4
17.0
DUTCH FLORIN '
/
33.0
N
^ ^i
^
Vvy-
69.0
y^
\
PAR
S**~±
PAR
68.0
""
SWISS FRANC
32.5
V
67.0
-^——^r
32.0
FRENCH FRANC
^
/"*"%
PAR
V^r
uation and to facilitate the supply of credit at
moderate rates to business.
On May 2 the gold content of the Danzig
gulden was reduced to 0.1687923 gram, a reduction of 42.37 percent. The
Danzig
new parity, which is equivalent to 18.99 cents, is the same
as that of the Polish zloty.
Changes in Foreign Central Bank Discount Rates
During the period April 10-May 3 the following changes in discount rates have been reported
in foreign countries: Bank of Danzig, May 2,
262
FEDERAL RESERVE BULLETIN
MAY
1935
from 4 to 6 percent, Swiss National Bank, May direct that, with respect to all silver received
by a United States coinage mint under the
3, from 2 to 2% percent.
provisions of the proclamation of the twentyfirst day of December 1933 which such mint,
subject to regulations prescribed hereunder by
Changes in the Board's Staff
the Secretary of the Treasury, is satisfied has been
Effective May 1, 1935, the Federal Reserve mined on or after April 10,1935, from natural deBoard appointed Messrs. George B. Vest and posits in the United States or any place subject to
B. Magruder Wingfield assistant general coun- the jurisdiction thereof, the deduction for seignsel; Messrs. R. F. Leonard and C. E. Cagle were iorage and services performed by the Go ver nment
appointed assistant chiefs of the Division of shall be 45 percent and there shall be returned
Examinations; and Mr. J. E. Horbett was therefor in standard silver dollars, silver certifiappointed assistant chief of the Division of cates, or any other coin or currency of the
Bank Operations
United States the monetary value of the silver
so received (that is, $1.2929+ a fine ounce), less
such deduction of 45 percent.
SILVER SEIGNIORAGE—PROCLAMATIONS BY
Notice is hereby given that I reserve the right
THE PRESIDENT
by virtue of the authority vested in me to
On April 10 and April 24, 1935, the President revoke or modify this proclamation as the interest of the United States may seem to require.
issued the following proclamations:
In witness whereof I have hereunto set my
hand
and caused the seal of the United States
BY THE PRESIDENT OF THE UNITED STATES OF
AMERICA
to be affixed.
Done at the city of Washington this 10th
A PROCLAMATION
day of April, in the year of our Lord nineteen
hundred and thirty-five, and of the IndependWhereas, by proclamation of the twentyence of the United States of America the one
first day of December 1933 as modified by prochundred and fifty-ninth.
lamation of the ninth day of August 1934 the
[SEAL]
FRANKLIN D ROOSEVELT.
United States coinage mints are directed to
By the President:
receive for coinage and addition to the moneCORDELL HULL,
tary stocks of the United States silver mined
Secretary of State.
subsequent to December 21, 1933, from natural
deposits in the United States or any place subject to the jurisdiction thereof; and
Whereas, such proclamation as so modified BY THE PRESIDENT OF THE UNITED STATES OP
AMERICA
is subject to revocation or further modification
as the interest of the United States may seem
A PROCLAMATION
to require.
Whereas, by proclamation of the twenty-first
Now, therefore, finding that the interests of
the United States require further modification day of December 1933 as modified by proclaof said proclamation of the twenty-first day of mations of the ninth day of August 1934 and
December 1933; by virtue of the power in me the tenth day of April 1935 the United States
vested by the act of Congress cited in said proc- coinage mints are directed to receive for coinage
lamation, and other legislation designated for and addition to the monetary stocks of the
national recovery, and by virtue of all other United States silver mined subsequent to December 21, 1933, from natural deposits in the
authority in me vested;
I, Franklin D. Roosevelt, President of the United States or any place subject to the jurisUnited States of America, do proclaim and diction thereof; and
MAY
263
FEDEKAL RESERVE BULLETIN
1935
Whereas, such proclamation as so modified is
subject to revocation or further modification as
the interest of the United States may seem to
require;
Now, therefore, finding that the interests of
the United States require further modification
of said proclamation of the twenty-first day of
December 1933; by virtue of the power in me
vested by the act of Congress cited in said
proclamation, and other legislation designated
for national recovery, and by virtue of all other
authority in me vested;
I, Franklin D. Roosevelt, President of the
United States of America, do proclaim and
direct that with respect to all silver received
by a United States coinage mint under the provisions of the proclamation of the twenty-first
day of December 1933 which such mint, subject
to regulations prescribed hereunder by the
Secretary of the Treasury, is satisfied has been
mined on or after April 24, 1935, from natural
deposits in the United States or any place subject to the jurisdiction thereof, the deduction
for seigniorage and services performed by the
Government shall be 40 percent and there shall
be returned therefor in standard silver dollars,
silver certificates, or any other coin or currency
of the United States, the monetary value of
the silver so received (that is, $1.2929+ a fine
ounce), less such deduction of 40 percent.
Notice is hereby given that I reserve the
right by virtue of the authority vested in me
to revoke or modify this proclamation as the
interest of the United States may seem to
require.
In witness whereof I have hereunto set my
hand and caused the seal of the United States
to be affixed.
Done at the city of Washington this 24th day
of April, in the year of our Lord nineteen hundred and thirty-five, and of the Independence
of the United States of America the one hundred and fifty-ninth.
[SEAL]
FRANKLIN D. ROOSEVELT.
By the President:
CORDELL HULL,
Secretary of State.
CONDITION OF INSURED BANKS,
DECEMBER 31, 1934
The Federal Deposit Insurance Corporation
released on April 24 a pamphlet giving data
on the condition of all insured banks and trust
companies on December 31, 1934. Important
tabulations shown include a summary of
condition by class of bank as well as condition
in detail by class of bank and by States for all
insured banks, exclusive of mutual savings
banks. Condition of insured banks not members of the Federal Reserve System is shown in
detail by size of bank.
On December 31, 1934, there were 14,137
banks and trust companies, exclusive of mutual
savings banks, insured by the Federal Deposit
Insurance Corporation, of which 6,442 were
members of the Federal Reserve System.
Since the last call for condition reports, June
30, 1934, there has been an increase of 241
banks in the number insured. Total deposits
iii insured banks, other than mutual savings
banks, on December 31, 1934, amounted to
SELECTED CONDITION ITEMS OF INSURED BANKS,
EXCLUSIVE OF MUTUAL SAVINGS BANKS, NOT
MEMBERS OF FEDERAL RESERVE SYSTEM, BY SIZE OF
BANK, DEC. 31, 1934
Total
Deposits of
Number of
banks
Loans
Total
Total capital
and
invest- deposits account
ments
(000 omitted)
1,250 $119,546
$100,000 and under
2,613 551,637
$100,001 to $250,000
1,781 758,420
$250,001 to $500,000
664 491,280
$500,001 to $750,000
393 406,358
$750,001 to $1,000,000
599 1L, 005,413
$1,000,001 to $2,000,000
262 927,561
$2,000,001 to $5,000,000
116 1L, 637,971
$5,000,001 to $50,000,000.—
400,757
$50,000,001 and over....
All banks..
$75,400
363,883
521,095
348,051
296,967
735,668
702,069
198,356
342,009
$84,053
436,790
620,480
404,831
337,060
820,019
753,066
1, 287,048
354,765
$33,611
110,400
130,646
81,986
65,667
170,293
158,024
289,954
43,690
7,682 6,298,943 4, 583,498 5,098,1121,084,261
P E R C E N T A G E DISTRIBUTION
$100,000 and under
$100,001 to $250,000
$250,001 to $500,000
$500,001 to $750,000
•___
$750,001 to $1,000,000
$1,000,001 to $2,000,000
$2,000,001 to $5,000,000
$5,000,001 to $50,000,000—.
$50,000,001 and over
All banks..
16.3
34.0
23.2
8.6
5.1
7.8
3.4
1.5
.1
1.9
8.8
12.0
7.8
6.5
16.0
14.7
26.0
6.3
1.6
7.9
11.4
7.6
6.5
16.1
15.3
26.1
7.5
1.6
8.6
12.2
7.9
6.6
16.1
14.8
25.2
7.0
3.1
10.2
12.0
7.6
6.1
15.7
14.6
26.7
4.0
100.0
100.0
100.0
100.0
100.0
264
FEDERAL RESERVE BULLETIN
$38,996,340,000, an increase of $3,182,746,000
since June 30, 1934. The 68 mutual savings
banks which were participating in deposit
insurance on December 31, 1934, had deposits
of $1,044,806,000. Banks not participating in
insurance included about 500 mutual savings
banks with deposits of about $8,700,000,000
and more than 1,000 other incorporated banks
with deposits of about $575,000,000.
The accompanying tabulation presents selected items from the condition statements of
M A Y 1935
insured commercial banks not members of the
Federal Reserve System by size of bank as of
December 31, 1934. Over 87 percent of these
insured nonmember banks had deposits of less
than $1,000,000 each; but these banks held
only 37 percent of the total deposits of insured
nonmember commercial banks. The summary
of condition of insured banks by class of bank
for December 31, 1934, as well as June 30,
1934, was published in the BULLETIN for April,
page 247.
BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES
The Department of Commerce has published a preliminary summary of the international
transactions of the United States in 1934. The summary is given below in substantially the
same form as that employed by the Department of Commerce.
Balance
Dollar
receipts
1. Merchandise:
We sold goods in the amount of
and bought goods in the amount of
Net receipts from merchandise.
2. Service items:
We received for shipping and freight services
and made payments for shipping and freight services amounting to..
We received from foreign tourists.,
and our tourists spent abroad
We received interest and dividends on our investments abroad
and remitted interest and dividend payments to foreign investors
Our immigrant remittances and contributions for various causes amounted net to.
We received from raiscellaneous trade and service transactions
and made payments for miscellaneous trade and service imports
$2,133,000,000
1,855,000,000
Dollar
payments
$478,000,000
478,000,000
58,000,000
95,000,000
$37,000,000
94,000,000
322, 000, 000
228, 000,000
390,000,000
125,000,000
265,000, 000
124, 000, 000
200,000, 000
179, 000,000
27, 000, 000
Net payments on service items..
3. Gold and silver:
We received payment for gold exported in the amount of...
and we paid for gold imported in the amount of
97,000,000
53,000,000
1,187,000,000
1,134, 000,000
We paid net for gold released from earmark for account of foreigners.
We received payment for silver exported in the amount of.
and we paid for silver imported in the amount of
Net payments on gold and silver.
Capital items (based on reported data):
We sold stocks and bonds in the amount of
-.and bought stocks and bonds in the amount of...
We received net on account of sinking fund and bond redemption, direct investments, net inflow
of funds from arbitrage transactions, etc
The year's estimated net inflow of short-term banking funds resulting from (a) changes in foreigners' banking funds in the United States and (6) changes in United Statess banking
bi
funds in
foreign countries amounted to.
We paid net for paper currency returned from abroad...
Net receipts from capital items.
5. Residual item (largely unestimated capital transactions)2.
Total of summary items
83, 000,000
17,000,000
103,000,000
86, 000,000
1
990,000,000
885,000,000
1,303,000,000
105,000,000
116,000,000
200,000,000
48,000,000
373,000,000
549, 000,000
., 400, 000, 000
1,400,000,000
1
Differs from Department of Commerce total because of transfer of $48,000,000 net movement of currency from section 3 to section 4. Foreign
holdings
of dollar currency are regarded as similar to foreign holdings of dollar deposits.
2
This item consists largely of (a) special transactions (such as the inflow of private, commercial, and other nonbanking funds, and miscellaneous
forward exchange operations) following the devaluation of the dollar on January 31 and (b) unreported international security transactions.
MAY
1935
FEDERAL RESERVE BULLETIN
265
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Apr. 25 and released for publication Apr. 271
Volume of industrial production, which
usually increases somewhat at this season,
showed little change in March. Building
activity in the residential field increased in
March and the first half of April, reflecting in
part seasonal factors. Wholesale prices of
farm products and foods, after declining in
March, showed a considerable increase in the
first 3 weeks of April.
Production and employment.—The Federal
Reserve Board's adjusted index of industrial
production, which makes allowance for changes
in the number of working days and for usual
seasonal variations, was 88 percent of the
1923-25 average in March as compared with
89 percent in February and 90 in January.
Steel production, after declining in the latter
part of February, showed little change during
March and the first 3 weeks of April. Output
of automobiles increased further and was larger
than in the corresponding period of any other
year since 1929. In the cotton textile industry
daily average output declined in March and,
according to trade reports, showed a further
considerable decrease in the early part of April.
Activity at woolen mills also decreased
somewhat in March, while shoe production
showed little change. Activity in the meatpacking industry in March, as in other recent
months, was at a lower level than a year ago.
Output of bituminous coal declined sharply in
the early part of April, following an increase
earlier in the year.
Factory employment and pay rolls increased
between the middle of February and the middle
of March by somewhat more than the usual
seasonal amount. The most marked increases
were in industries producing machinery, furniture, and clothing, while employment in industries producing textile fabrics and foods showed
a decline.
Value of construction contracts awarded for
residential building increased in March and
the first half of April, according to reports by
the F. W. Dodge Corporation, while contracts
for public projects continued at a lower level
than a year ago.
Distribution.—Distribution of commodities by
rail showed little change in March; in the early
part of April, however, shipments declined, reflecting a sharp reduction in loadings of coal.
Department-store sales increased from February to March by more than the estimated
seasonal amount.
Commodity prices.—The general level of
wholesale commodity prices, as measured by
the index of the Bureau of Labor Statistics,
advanced from 78.8 percent of the 1926 average
in the week ending March 23 to 80.3 percent
in the week ending April 20, reflecting chiefly
advances in the prices of farm products and
foods. The increase in the general index followed a decline from a level of 79.6 percent in
the early part of March.
Bank credit.—During the 4 weeks ended
April 17 member bank balances with the Federal Reserve banks increased by $140,000,000
and excess reserves rose to $2,100,000,000.
This increase reflected gold imports of $120,000,000 and disbursement of $105,000,000 by
the Treasury from the balance with the Reserve banks, offset in part by an increase of
$60,000,000 in the demand for currency.
Total loans and investments of weekly reporting member banks in leading cities increased by $150,000,000 in the 4 weeks ended
April 17. Loans on securities declined somewhat during this period, while other loans and
holdings of investments increased. Net demand deposits of these banks increased by
$380,000,000.
The rate for call money on the New York
Stock Exchange was reduced in April to onefourth percent from the 1 percent level that had
been in effect for more than a year. Quotations
for 90-day time money were also lowered to
one-fourth percent, and there was a reduction
in rates on acceptances of the longer maturities.
266
FEDERAL RESERVE BULLETIN
MAY
RESERVE BANK CREDIT AND RELATED ITEMS
Weekly basis: Wednesday series
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
9000
9000
8000
8000
7000
7000
6000
6000
5000
5000
4000
4000
3000
3000
2000
2000
RESERVE BANK
«CREDIT
1000
1000
TREASURY CASH
& DEPOSITS WITH F. R. BANKS
1930
1931
1932
1933
1934
Based on Wednesday figures; latest figures are for April 24. See table on page 267,
1935
1935
MAY
267
FEDERAL RESERVE BULLETIN
1935
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES)
[In millions of dollars]
Reserve bank credit outstanding
Date (Wednesday)
Bills discounted
Bills
bought
59
55
51
53
46
37
33
29
48
43
40
40
38
37
34
34
34
29
28
28
27
29
23
23
21
21
21
20
20
21
24
23
22
20
15
12
12
11
11
11
9
11
12
10
26
17
13
10
8
1934—Mar. 7—.
Mar. 14._.
Mar. 21...
Mar. 28...
Apr. 4 . . . .
Apr. 11...
Apr. 18...
Apr. 25...
May 2 . . . .
May 9....
May 16..
May 23...
May 30...
June 6
June 13. _.
June 20...
June 27...
July 3 . . . .
July 11...
July 18...
July 25...
Aug. 1—.
Aug. 8—.
Aug. 15...
Aug. 22...
Aug. 29...
Sept. 5...
Sept. 12..
Sept. 19..
Sept. 26..
Oct. 3...
Oct. 10. _.
Oct. 17-..
Oct. 24...
Oct. 31. ..
Nov. 7....
Nov. 14..
Nov. 21...
N o v . 28..
Dec. 5_...
Dec. 12...
Dec. 19. _.
Dec. 26...
1935—Jan. 2....
Jan. 9____
Jan. 16—.
Jan. 23....
Jan. 30..-.
Feb. 6....
Feb. 13...
Feb. 20...
Feb. 27...
Mar. 6—.
Mar. 13Mar. 20...
Mar. 27...
Apr. 3.—
Apr. 10. ..
Apr. 17—
Apr. 24...
i Less than $500,000.
9
9
9
7
7
17
9
7
6
7
6
6
6
6
8
7
6
5
5
5
5
5
5
6
5
5
5
5
5
5
5
5
5
5
5
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
8
6
6
6
6
6
5
5
6
6
7
7
5
5
5
5
U.S.
Government securities
2,432
2,432
2,432
2,432
2,432
2,432
2,430
2,430
2,432
2,432
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,432
2,432
2,432
2,432
2,432
2,432
2,431
2,432
2,432
2,432
2,431
2,431
2,430
2,431
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,431
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,431
2,430
2,431
2,430
Other
reserve
bank
credit
2
8
-9
5
4
0)
9
5
6
9
3
-1
1
10
8
5
3
22
8
0)
-3
5
(9
(l)
11
5
6
10
8
7
3
(9
9
5
8
-7
29
23
12
6
17
32
25
17
24
15
19
16
24
8
7
7
10
18
11
9
19
21
27
10
Total
2,539
2,532
2,508
2,519
2,509
2,492
2,493
2,486
2,484
2,484
2,473
2,469
2,470
2,475
2,472
2,468
2,465
2,488
2,468
2,460
2,456
2,463
2,458
2,468
2,457
2,463
2,467
2,469
2,466
2,463
2,455
2,448
2,457
2,452
2,455
2,440
2,474
2,470
2,460
2,452
2,462
2,477
2,470
2,461
2,467
2,468
2,463
2,460
2,466
2,450
2,448
2,450
2,452
2,460
2,455
2,452
2,462
2,463
2,470
2,452
Treasury
Treasury
cash and
and
Mone- nationalMoney in Member
membank re- deposits
tary gold
with
circulabank
deserve
stock
Federal ber
tion
curposits
balances Reserve
rency
banks
7,556
7,605
7,640
7,681
7,703
7,732
7,746
7,765
7,756
7,756
7,753
7,766
7,776
7,790
7,820
7,835
7,846
7,866
7,881
7,897
7,911
7,932
7,957
7,979
7,983
7,981
7,963
7,968
7,972
7,976
7,980
7,985
7,990
7,993
8,002
8,008
8,030
8,076
8,112
8.161
8,180
8,198
8,228
8,243
8,258
8,273
8,308
8,387
8,421
8,456
8,489
8,524
8,546
8,551
8,554
8,563
8,568
8,614
8,672
8,701
2,312
2,332
2,343
2,356
2,369
2,381
2,381
2,380
2,381
2,380
2,380
2,375
2,371
2,365
2,361
2,359
2,364
2,365
2,365
2,363
2,364
2,361
2,357
2,375
2,390
2,403
2,412
2,414
2,412
2,409
2,407
2,403
2,410
2,429
2,434
2,442
2,450
2,459
2,460
2,478
2,486
2,505
2,504
2,514
2,508
2,504
2,500
2,497
2,503
2,525
2,522
2,520
2,517
2,525
2,521
2,535
2,548
2,549
2,549
2,550
5,374
5,345
5,334
5,336
5,371
5,347
5,347
5,324
5,359
5,352
5,344
5,316
5,338
5,342
5,313
5,310
5.301
5,397
5,344
5,328
5,291
5,315
5,334
5,343
5,347
5,345
5,419
5,409
5,412
5,403
5,468
5,479
5,469
5,436
5,453
5,503
5,480
5,455
5,516
5,545
5,532
5,587
5,628
5,534
5,420
5,382
5,347
0,358
5,407
5,430
5,442
5,442
5,478
5,454
5,453
5,436
5,497
5,487
5,512
5,459
3,313
3,454
3,449
3,439
3,450
3,560
3,665
3,744
3,570
3,678
3,694
3,767
3,763
3,787
3,895
3,769
3,837
3,746
3,902
3,987
4,020
3,915
4,059
4,064
4,072
4,127
3,907
3,948
3,889
3,970
3,895
3,979
3,996
3,985
4,006
4,032
4,107
4,198
4,108
4,073
4,112
3,943
3,961
4,090
4,283
4,388
4,501
4,542
4,633
4,580
4,645
4,588
4,555
4,588
4,361
4,285
4,193
4,287
4,501
4,719
3,294
3,226
3,252
3,318
3,323
3,239
3,204
3,148
3,177
3,098
3,082
3,052
3,051
3,034
2,956
3,121
3,077
3,113
3,014
2,954
2,972
3,074
2,941
2,976
2,972
2,944
3,087
3,058
3,124
3,061
3,068
2,967
2,968
3,049
3,031
2,944
2,964
2,956
3,017
3,060
3,060
3,221
3,181
3,164
3,094
3,019
2,994
3,007
2,930
2,995
2,932
3,006
2,998
3,009
3,220
3,335
3,404
3,376
3,149
2,978
133
143
154
161
140
148
167
167
280
257
252
242
233
230
251
224
225
232
223
222
220
219
209
211
211
204
203
213
195
186
182
183
183
165
164
172
163
159
160
176
184
185
188
190
194
215
188
194
176
182
193
211
237
238
243
241
230
224
271
288
Other
Federal
Reserve
accounts
294
301
302
303
297
312
237
237
235
235
233
233
232
237
230
231
229
228
232
229
22S
224
230
229
229
229
237
240
240
239
239
237
239
243
244
240
242
242
241
242
246
245
247
248
247
254
283
253
253
257
258
268
FEDERAL RESERVE BULLETIN
MAY
1935
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Month or week
Bills
discounted
1934—January
February
March
April
May
June
JulyAugust
September
October..
November
December
1935—January
February
March
101
70
55
43
36
28
23
21
22
12
11
10
U.S.
Other
Govern- reserve
Bills
ment
bank
bought
securities credit
113
87
40
16
6
5
5
5
5
6
6
8
6
7
April
Week ending Saturday1935—Jan. 5
Jan. 12
Jan. 19
Jan. 26
Total
Treasury
Treasury
cash and Nondeposits memMone- and na- Money Member
bank
in cir- reserve
with
tary gold tionaldebank culation balances Federal ber
stock
Reserve posits
currency
banks
Other
Federal
Reserve
accounts
5,355
5,341
6,350
5,355
5,427
5,473
5,494
5,577
2,764
2,822
3,361
3,594
3,695
3,790
3,928
4,045
3,947
3.964
4,100
4,037
397
13,448
3,298
3,222
3,083
3,054
2,999
2,976
3,054
3,011
2,970
3,120
146
136
144
170
249
226
219
208
197
177
165
181
304
293
299
268
234
237
230
228
227
234
238
241
2,504
2,513
2,526
2,548
5,411
5,439
5,477
5,500
4,355
4,601
4,452
4,436
3,053
2,965
3,122
3,209
194
189
236
258
241
246
250
256
8,241
8,257
8,270
8,304
2,513
2,508
2,504
2,500
5,523
5,435
5,391
5,364
4,117
4,270
4,373
4,473
3,146
3,090
3,028
3,001
192
194
206
192
241
242
242
242
2,302
2,303
2,333
2,377
2,378
2,363
2,364
2,378
2,411
2,415
2,455
2,494
5,382
5,339
6,368
2,463
2,469
2,457
2,466
2,472
4,035
1 7,138
7,602
7,736
7,759
7,821
7,893
7,971
7,971
7,989
8,047
8.191
2,430
2,430
2,431
2,431
2,465
2,462
2,461
2,471
8,284
8,465
8,552
8,641
2,431
2,431
2,430
2,430
2,465
2,466
2,466
2,468
2,432
2,432
2,437
2,439
2,431
2,424
2,432
2,432
2,431
2,430
2,430
2,430
2,656
2,597
2,535
2,507
2,479
2,464
Feb.
Feb.
Feb.
Feb.
2.
9
16
23
2,430
2,430
2,430
2,430
2,462
2,466
2,468
2,460
8,372
8,421
8,453
8,497
2,497
2,500
2,515
2,523
5,377
5,423
5,440
5,452
4,522
4,602
4,590
4,625
3,008
2,943
2,984
2,957
180
174
177
200
244
245
245
243
Mar.
Mar.
Mar.
Mar.
Mar.
2
9
16
23
30
2,430
2,430
2,430
2,430
2,432
2,455
2,459
2,465
2,458
2,461
8,526
8,545
8,550
8,554
8,562
2,520
2,517
2,522
2,526
2.538
5,465
5,491
5,476
5,470
5,464
4,595
4,563
4,570
4,389
4,285
2,980
2,983
3,003
3,183
3,323
214
236
240
242
235
247
247
249
254
253
Apr.
Apr.
Apr.
Apr.
6
13
20
27
2,433
2,430
2,430
2,430
2,466
2,467
2,481
2,470
8,571
8,607
8,650
8,695
2,545
2,550
2,549
2,548
5,508
5,506
5,517
5,480
4,193
4,240
4,459
4,697
3,401
3,392
3,172
2,992
228
234
276
285
253
252
256
259
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)
[In millions of dollars]
Reserve bank credit outstanding
End of month
Bills
discounted
1934—January. ._
February..
March
April
May
June
July
August
September.
October. _.
November.
December.
1935—January...
February. .
March
April
Bills
bought
Ill
62
29
9
5
5
5
5
6
6
6
6
U.S.
Other
Govern- reserve
ment
bank
securities credit
Total
Treasury
Treasury
cash and Non- Other
deposits mem- Federal
Mone- and na- Money Member
bank
in cir- reserve
tary gold tionalwith
de- Reserve
bank
stock
culation balances Federal ber
acReserve posits counts
currency
banks
2,434
2,432
2,447
2,431
2,430
2,432
2,432
2,432
2,431
2,430
2,430
2,430
15
6
-4
10
3
4
11
8
6
20
2,630
2,567
2,545
2,485
2,463
2,472
2,462
2,464
2,464
2,455
2,453
2,463
4,033
» 7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
8,238
2,302
2,302
2,361
2,378
2,368
2,367
2,361
2,408
2,405
2,434
2,468
2,511
5,289
5,355
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536
2,652
3,093
3,457
3,599
3,746
3,840
4,029
4,052
3,934
4,006
4,081
4,096
597
13,440
3,293
3,148
3,053
3,016
2,971
2,968
3,051
3,031
3,022
3,151
141
127
157
268
222
233
207
208
178
164
161
189
287
292
299
236
232
233
229
226
228
237
239
241
2,430
2,430
2,437
2,430
19
23
21
27
2,461
2,465
2,471
2,468
8,391
8,527
8,567
8,709
'2,495
2,519
2,540
2,544
5,380
5,467
r 5,493
5,478
4,543
4,587
4,247
4,715
'2,992
3,004
3,358
2,994
191
207
226
271
243
246
'253
263
r Revised.
Increase from previous date represents principally increment resulting from reduction in the weight of gold dollar on Jan. 31, 1934.
1
MAY
269
FEDERAL RESERVE BULLETIN
1935
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE
NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS
[In thousands of dollars]
A p r . 30, 1935 M a r . 31,1935 A p r . 30, 1934
ASSETS
Gold certificates on hand and due from U. S. Treasury
Redemption fund—Federal Reserve notes
Other cash
Total reserves
_
_-
_
_
_
_____
_
_
_
_
_-_
_
_.
___
Bills bought:
Payable in dollars
Payable in foreign currencies
-
Total bills bought
Industrial advances
-
___
_
__
U. S. Government securities:
Bought outright
Under resale agreement
Total U. S. Government securities
_
Other reserve bank credit:
Federal intermediate credit bank debentures
Municipal warrants
Dne frorn foreign bfvnks
Reserve bank float (uncollected items in excess of deferred availability items)
Total reserve bank credit outstanding
Federal Reserve notes of other reserve banks __
Uncollected items not included in float
Bank premises
_.
_
All other assets
Total assets.
_
__ _
5,576,023
15,649
232,933
4, 589, 990
31, 047
222,034
6, 013, 501
5,824,605
4,843,071
5,678
144
7,373
243
38, 641
401
5,822
7,616
39,042
4,696
5,305
3,492
5,070
4,696
26, 309
5,305
21,173
8,562
2, 430, 215
2, 437,303
2, 431, 273
2, 430, 215
2, 437,303
2,431, 273
702
27
702
2,467, 771
18,150
506, 434
49,617
40, 205
2,471,195
15,067
429, 666
49, 524
42,947
2,485,330
18, 414
364, 279
52, 567
183, 071
9,095,678
8,833,004
7,953, 065
18,150
3,134,629
15, 067
3,150,582
18,414
3, 041, 690
3,152, 779
3,165, 649
3,060,104
74, 582
4, 714,
98,
15,
255,
787
360
252
419
4, 247,242
418,858
19,186
207,306
3, 598, 528
115, 302
6,228
262, 041
5, 083,818
506,434
146,662
144,893
19,209
30,807
11,076
4,892,592
429, 666
146,922
144,893
14,781
30,804
7,697
3,982,099
364, 279
146, 395
138,383
9,095, 678
20
16,929
8,833, 004
98
15,964
7,953,065
4,296
3,425, 781
3,416,088
3,316, 776
3, 285, 979
4,110
226,100
3, 268,179
5,761
231,100
2,987,271
23, 025
350,400
3, 516.189
3, 505, 040
3,360,696
_ _
_
_
_
__
__
Federal Reserve notes:
Held by other Federal Reserve banks
Outside Federal Reserve banks..
5, 748,844
20, 520
244,137
6,333
Redemption fund—Federal Reserve bank notes
Bills discounted:
For member banks
For nonmember banks, etc
Total bills discounted
-
200
548
3,131
2,574
LIABILITIES
___
_
_._
_
-
-_
Total notes in circulation
Federal Reserve bank note circulation—net
Deposits:
Member bank—reserve account
United States Treasurer—general account
Foreign bank_.
Other deposits
_._
__
_
Total deposits
Deferred availability items
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies
All other liabilities . .
__
_
_
.
_
Total liabilities
Contingent liability on bills purchased for foreign correspondents
Commitments to make industrial advances
_
_ _ _ _ _ _
__
_ _
__
22,529
164, 694
FEDERAL RESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks by Federal Reserve agents
__
Collateral held by agents as security for notes issued to bank:
Gold certificates on hand and due from U. S. Treasury
Eligible paper.
U. S. Government securities
Total collateral
_
FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding)
Collateral pledged against outstanding notes:
Discounted and purchased bills
U. S. Government securities
Total collateral
i Deferred availability items in excess of uncollected items.
__
_
_ __
88,852
9
110,774
110, 783
270
FEDERAL RESERVE BULLETIN
M A Y 1935
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks
End of month
Total
Gold
coin
In millions of dollars]
NaGold StandSilver TreasUnited Federal Federal
ard
ury Subsidtional
certifi- silver
iary Minor
certifl- notes
States Reserve Reserve
coin
bank
bank
cates dollars
silver
notes
notes
of 1890
notes notes
1933—-November..
December—.
5,455
5,518
219
213
407
272
117
117
285
286
2,998
3,044
206
208
913
918
1934—January
February...
March
April
May
June.
July
August
September ..
October
November..
December..
5,289
5,354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536
178
167
161
157
153
150
146
143
139
136
133
130
391
399
403
400
402
401
399
438
483
610
558
592
267
270
272
274
277
280
280
282
284
288
291
294
116
117
118
118
120
119
121
122
122
123
124
125
283
2,894
2,949
3,005
3,025
3,038
3,068
3,044
3,103
3,131
3,124
3,176
3,176
202
194
178
162
151
142
133
125
119
112
107
101
927
938
936
918
906
902
885
878
870
856
853
820
1935—January
February
March
April *
5,380
5,467
5r493
5,478
127
126
123
121
580
287
289
290
294
123
123
123
124
259
263
264
3,048
3,119
3,135
3,119
97
94
92
827
823
810
778
282
279
280
277
274
274
273
273
265
v Preliminary figures.
NOTE.—For figures of paper currency of each denomination in circulation see p. 320
Back figures—Be* Annual Report for 1933 (table 56).
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO AND
FROM
UNITED STATES 1
[In millions of dollars]
[In thousands of dollars]
Gold
Net restock Increase
Other
gold
at end in gold Net
from
ear- factors»
import
stock
of
mark
*
month
Year and month
<$io grains of gold Ho fine; i. e.t an
ounce of fine gold—$20.67
52.9 - 4 4 6 . 2
457.5
41.6
-190.4 -173.5
-58.0
41.1
1932—Total.
1933—Total.
1934—JanuaryFebruary
March
April
May
June
July—
August—
September
October
November
December
4,033
__.
—
7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
8,238
Total .
1935—January ._
February.
March
April P
8,391
8,527
8,567
8,709
-11.6
-2.1
—2.8
12.2
t5H\ grains of gold Ho fine: i. e,,,an
ouvce of fine qold=$S5
68.7 2,883.8
452.6
3,405.0
19.6
-0.8
237.3
256.1
—1.1
7.9
54.7
61.5
0.5
-11.6
33.6
22.4
1.0
12.5
63.7
77.1
0.6
21.4
52.3
74.4
-1.1
11.2
37.2
47.4
2.4
16.6
-18.7
0.4
0.3
12.4
10.8
23.5
-0.1
120.9
129.9
9.1
0.1
92.1
106.2
14.1
4,202.5
1,133.9
82.6
2,986.1
153.3
135.3
40.4
141.8
149.4
122.8
13.0
148.6
1.1
0.2
-0.7
-2.3
2.8
12.3
28.1
-4.5
p Preliminary.
»Gold released from earmark at Federal Reserve banks less gold placed
under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks).
* Figures are derived from preceding columns and indicate net result
of such factors as domestic production, movements into and out of nonmonetary use, imports and exports that do not affect gold stock during
the month or year, and increment resulting from reduction in weight of
gold dollar.
Bachfigures.—SeeAnnual Report for 1933 (table 51),
April
From or to—
Imports
Belgium
.
England
1,481
32, 510
France
Germany
1
94,890
Netherlands
Switzerland
Canada
10,988
Central America _
249
Mexico
966
4
Argentina
2
Colombia
Ecuador
335
163
Peru
Uruguay
61
Venezuela
304
Australia
2,924
British India
China and Hong
Kong
313
Dutch East Indies.
Japan
924
Philippine Islands All other countries2- 2,555
Total
148,670
March
Exports
January-April
Imports
Exports
278
70
466
14
20
4,466
178
18
42
876
43
1,407
349
128
150,760
92, 938
27
109,208
339
32,902
1,016
7,623
• 11
5,623
2,410
608
2,139
221
593
16, 200
334
2,534
1,346
1,916
4,281
7,490
55
62
Imports
13,543
540
434,786
Exports
466
14
296
41
49
146-
1,011
i With some exceptions figures represent customs valuations at rate of
$35
a fine ounce.
1
Includes all movements of unreported origin or destination.
Back figures.—See table of gold movements, United States, p . 293, and
Annual Report for 1933 (tables 53 and 54).
MAT
271
FEDERAL RESERVE BULLETIN
1935
MEMBER BANK RESERVE BALANCES
(Averages of daily figures. Figures are for licensed banks only. In millions of dollars]
Reserves held
Month or week
1934—March
April
May
June
July
August
September
October
November
December
1935—January
February
March
Excess i•eserves
'Country" Total—all
member
banks
banks *
New York
City *
3,345
3,582
3,695
3,790
3,928
4,045
3,947
3,964
4,100
4,037
4,355
4,601
4,452
1,227
1,290
1,323
1,391
1,393
1,609
1,440
1,461
1,506
1.468
1,651
1,864
1,760
1,422
1,536
1,598
1,632
1,725
1,719
1,692
1,667
1,745
1,727
1,837
1,826
1,787
696
756
773
767
810
817
814
837
849
843
867
911
905
1,375.1
1,541.0
1, 623. 5
1, 684. 6
1, 789. 4
1,883. 6
1,754.1
1, 730. 6
1,834. 5
1, 747.8
2,035.2
2,236. 6
2,064.7
432.2
454.6
484.7
532.2
525.7
638.2
562.0
568.1
603.8
555. 8
715.9
898.9
779.0
645.5
736.4
778 4
799.6
874.0
852.2
808.7
766.4
829.3
799.9
907.7
886.7
842.3
297.4
350.1
360.4
352.8
389.7
393.3
383.4
396.1
401.4
392.2
411.6
451.0
443.5
4,108
4,244
4,365
4,456
1,564
1,594
1,606
1,678
1,705
1,794
1,884
1,904
839
856
876
873
1,823. 0
1,95i. 0
2,054.0
2,125. 0
647.5
674.7
670.6
736.0
783.9
870.6
950.7
972.2
392.0
406.0
433.0
417.0
_.
_..
Week ending (Friday)
1935—Jan. 4
Jan. 11
Jan. 18.
Jan. 25
Other
Reserve
cities
Other
Reserve
cities
Total—all
member
banks
New York
City i
"Country"
banks*
Feb.
Feb.
Feb.
Feb.
1
8
15
22
4,519
4,588
4,593
4,624
1,802
1,872
1,844
1,869
1,834
1,809
1,840
1,839
883
907
909
915
2,177.0
2,243.0
2,253.0
2,265.0
845.5
910.9
882.5
905.5
902.6
880.1
903.4
893.4
429.0
452.0
467.0
466.0
Mar.
Mar.
Mar.
Mar.
Mar.
1
8
15
22
29
4,605
4,562
4,579
4,414
4,297
1,871
1,800
1,784
1,725
1,726
1,822
1,833
1,879
1,787
1,686
913
929
916
902
885
2, 225. 0
2,186.0
2,189. 0
2,002. 0
1,894. 0
896.4
820.8
793.8
746.6
749.7
872.3
888.7
923.3
838.6
746.9
456.0
477.0
472.0
417.0
397.0
1
s
Central Reserve city banks only.
Weekly figures of excess reserves of all member banks and of country banks are estimates.
Back figures.—See Annual Report for 1933 (table 73).
MEMBER BANK DEPOSITS
[Averages of daily figures. Figures are for licensed banks only. In millions of dollarsl
Net demand and time deposits
Month or week
1934—March
ApriL.
May
June
July
August __ . . __
September
October
_.
November..
December
1935—January.. _
February
March
Week ending (Friday):
1935—Jan. 4
Jan.11. _ _
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 22
Mar. 1.
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Total—
all
member
banks *
New
York
City»
25,288
26,009
26,363
26, 698
27,073
27,310
27,615
28,034
28,364
28, 538
28,907
29,357
29, 586
6,671
6,992
7,001
7,168
7,236
7,252
7,300
7,409
7,465
7,512
7,694
7,926
8,050
10,303
10,568
10, 787
10,929
11,127
11, 280
11,436
11,587
11,744
11,828
11,933
12,063
12,148
7,545
7,566
7,693
7,751
7,866
7,895
7,905
7,920
8,005
8,034
8,117
8,028
8,013
11,844
11,878
11,968
11,963
11,964
11,947
12,038
12,125
12,161
12,124
12, 231
12,178
12,119
talOther "Coun- T oall
Reserve try" 1 member
cities banks
banks l
New
York
City*
15,851
16,457
6,720
16,988
17, 276
17,490
17,806
18, 208
18,524
18, 769
18,993
19, 361
19, 554
5,943
6,256
6,283
6,433
6,500
6,534
6,591
6,704
6,780
6,865
7,043
7,268
7,399
6,172
6,384
6,541
6,645
6,807
6,940
7,103
7,269
7,418
7,527
7,527
7,606
7,662
6,897
6,920
7,044
7,098
7,209
7,240
7,246
7,262
7,345
7,386
7,470
7,378
7,359
7,468
7,483
7,565
7,547
7,538
7,508
7,581
7,658
7,692
7,637
7,753
7,699
7,625
i Weekly figures are not reported.
Back figures.—See Annual Report for 1933 (table 73).
Net demand deposits
8,314
8,449
8,575
8,601
8,710
8,777
8,878
9,038
9,154
9,197
9,280
9,368
9,387
Time deposits
talOther "Coun- T oall
Reserve try" J member
cities banks
banks l
3,736
3,817
3,896
3,909
3,969
4,016
4,111
4,235
4,326
4,376
4,422
4,487
4,493
New
York
City'
9,437
9,552
9,643
9,711
9,796
9,819
9,809
9,826
9,840
9,769
9,914
9,996
10,031
a Central Reserve city banks only.
Other "CounReserve try" J
cities banks
728
736
719
735
736
719
709
705
685
647
651
658
651
4,131
4,184
4,246
4,284
4,319
4,340
4,333
4,319
4,326
4,301
4,406
4,457
4,486
648
646
649
653
657
655
658
658
660
648
647
651
654
4,376
4,394
4,404
4,416
4,427
4,439
4,457
4,467
4,470
4,487
4,478
4,479
4,495
4,578
4,632
4,679
4,691
4,741
4,761
4,767
4,802
4,829
4,821
4,857
4,881
4,895
272
FEDERAL RESERVE BULLETIN
MAY
1935
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
Open-market loans
Loans to other customers
Call date
Total
loans
and
investments
Loans
to
banks
33,923
33,073
30,575
28,001
28,045
27,469
24,786
24,953
25,220
26,548
27,175
27,559
28,150
28, 271
457
599
790
573
457
444
330
297
287
225
153
149
155
133
19,257
18,713
17,570
15,267
14,497
13,905
11,337
11,523
11,315
11,093
10,804
10,782
10. 509
10,420
7,117
6,842
6,290
5,292
5,086
4,848
3,916
3,809
3,772
3,644
3,516
3,325
3,296
3,215
3,218
3,149
3,038
2,894
2,885
2,862
2,372
2,364
2,359
8,287
8,253
7,460
6,715
7,112
7,327
7,133
6,971
6,995
7,351
7,666
7,543
7,761
7,783
150
250
374
260
203
216
162
143
146
112
3,839
3,850
13,567
13,016
12,115
11,045
10,979
10,535
9,780
9,951
10,157
10,816
11,054
11,367
11, 609
11, 739
Investments
Purchased paper
Total
Loans
SeOtherto
cured
Sewise
Accept- Acbrosecured
cured
by
cept- Com- kers
ances
Total
Total
stocks by real and
in
payable ances merunseand
paycial
New
in
cured
bonds
United able paper York*
States abroad
U.S.
Government
securities
Total
loans
secured
by
Other
secu- stocks
and
rities
bonds
TOTAL—ALL MEMBER
BANKS
1931—June 30
Sept. 29
Dec. 31
1932—June 30
Sept. 30—-.
Dec. 31
1933—June 30»—.
Oct. 25
Dec. 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
1935—Mar. 4
2,357
2,297
2,273
2,250
8,922
8,722
8,242
7,081
6,527
6,195
5,049
5,350
6,184
5,067
4,931
5,161
4,940
4,955
2,103
1,563
901
747
970
855
1,191
1,238
1,231
1,387
1,566
1,361
1,363
1,400
268
146
313
407
375
291
303
223
350
264
276
256
235
52
2,856
2,638
2,621
2,297
2,436
2,395
2,321
2,202
2,294
2,202
2,198
1,897
1,816
1,728
1,343
1,300
1,247
1,082
1,032
1,034
985
937
876
874
861
160
152
153
160
154
160
157
149
148
156
156
150
139
139
1,782
1,881
1,813
1,353
1,184
1,214
1,057
1,254
1,213
1,180
1,109
1,267
1,188
1,199
1,497
1,121
695
565
763
701
964
891
912
986
1,131
883
894
904
296
201
107
262
341
330
224
233
170
276
225
232
210
203
247
284
347
254
205
178
129
120
103
79
53
55
6.1
56
8,100
7,845
7,407
6,519
6,196
5,879
4,846
4,912
4,797
4,669
4,586
4,562
4,459
4,436
3,188
3,092
2,806
2,403
2,304
2,169
1,702
1,660
1,630
1,566
1,526
1,421
1,412
1,373
1,621
1,585
1,538
1,407
1,406
1,398
1,160
1,144
1,151
1,158
1,145
1,120
1,108
1,093
3,291
3,168
3,063
2,709
2,486
2,312
1,984
2,108
2,016
1,945
1,915
2,021
1,939
1,970
470
326
135
118
151
115
184
274
258
306
311
328
320
315
167
62
62
65
46
51
91
78
89
115
151
135
142
7,318
7,018
6,469
5,892
5,663
5,405
4,194
4,175
4,123
4,103
4,016
3,926
3,849
3,786
2,031
1,935
1,756
1,546
1,481
1,432
1,132
1,118
1,108
1,093
1,053
1,027
1,010
981
1,437
1,411
1,346
1,328
1,324
1,304
1,055
1,070
1,061
1,068
1,056
1,028
1,026
1,018
3,849
3,673
3,367
3,018
2,857
2,669
2,007
1,987
1,955
1,942
1,906
1,873
1,813
1,786
135
116
71
64
55
39
43
73
62
95
124
150
149
181
101
81
48
36
36
28
27
46
34
64
72
95
92
109
113
70
41
34
34
30
25
24
37
26
20
30
31
34
384
296
140
122
115
93
87
164
132
157
200
253
232
255
1,217
928
675
278
414
357
788
748
840
855
1,082
802
843
875
12,106
12,199
11,314
11,414
12.121
12,265
11,928
11,894
12,386
13,842
14,652
15,267
16.122
16,318
5,343
5,564
5,319
5,628
6,366
6,540
6,887
6,801
7,254
8,667
9,137
9,186
9,906
9,821
6,763
6,635
5,996
5,786
5,755
5,726
6,041
5,093
5,132
5,175
5,515
6,081
6,216
6,497
8,563
8,081
7,320
5,916
5,770
5,447
4,884
4,713
4,769
4,606
4,651
4,178
4,194
4,132
1,063
839
542
258
391
337
720
624
706
687
883
631
662
678
2,801
3,032
2,697
3,033
3,508
3,789
3,709
3,501
3,542
3,932
4,265
4,300
4,602
4,628
1,656
1,830
1,768
2,008
2,429
2,603
2,551
2,320
2,362
2,768
3,053
2,954
3,246
3,200
1,145
1,202
928
1,025
1,079
1,186
1,158
1,181
1,179
1,164
1,212
1,345
1,356
1,429
3,026
2,780
2,474
1,757
1,811
1,699
1,888
1,728
1,824
1,724
1,840
1,631
1,565
1,560
124
56
16
7
14
12
58
100
112
138
154
123
131
134
4,750
4,561
4,226
4,154
4,427
4,362
4,621
4,645
5,000
5,763
6,104
6,423
6,764
6,933
2,408
2,301
2,133
2,187
1,961
2,462
2,867
3,209
3,954
4,102
4,240
4,551
4,601
2,342
2,260
2,093
1,966
2,466
1,900
1,754
1,757
1,790
1,809
2,002
2,183
2,213
2,331
3,459
3,317
3,050
2,585
2,456
2,298
1,846
1,836
1,809
1,753
1,708
1,569
1,567
1,526
4,555
4,606
4,392
4,226
4,187
4,114
3,598
3,748
3,845
4,148
4,283
4,545
4,756
4,757
1,279
1,433
1,418
1,432
1,471
1,474
1,469
1,592
1,683
1,946
1,982
1,992
2,108
2,020
3,276
3,172
2,974
2,794
2,715
2,640
2,129
2,156
2,162
2,202
2,301
2,552
2,647
2,737
2,078
1,985
1,796
1,674
1,503
1,450
1,150
1,148
1,136
1,129
1,102
1,078
1,062
1,047
NEW YORK CITY *
1931—June 30
Sept. 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31
1933—June 30 »—.
Oct. 25
D e c 30
1934—Mar. 5
June 30
Oct. 17
Dec. 31
1935—Mar. 4
OTHER RESERVE CITIES
1931—June 3 0 —
Sept. 29
Dec. 3 1 . . .
1932—June 30. __
Sept. 30—
Dec. 3 1 - . 1933—June 30 >„
Oct. 2 5 - - Dec. 30___
1934—Mar. 5 . —
June 30
Oct. 1 7 . . .
Dec. 3 1 . . . .
1935—Mar. 4 — " C O U N T R Y " BANKS
1931—June 30
Sept. 29.—
Dec. 31
1932—June 30
Sept. 30
Dec. 3 1 . . . . .
1933—June 30 «...
Oct. 25
Dec. 30
1934-Mar. 5
June 30
Oct. 17
Dec. 31
1935—Mar. 4
12, 068
11,805
10,999
10, 240
9,954
9,607
7,873
8,031
8,068
8,381
8,456
8,649
8,780
8,749
» Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
» Beginning June 30,1933, figures relate to licensed banks only.
Central reserve city banks only.
1
Back figures—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparable
figures of total loans secured by stocks and bonds are given for June 30, 1925-28, in the Annual Report for 1928 (table 52); for separate figures of
United States Government securities and other securities back to 1914, see Annual Report for 1933 (table 78).
273
FEDEEAL RESERVE BULLETIN
M A Y 1935
ALL BANKS IN THE UNITED STATES
[Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks,
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, beginning with June
1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller
of the Currency or a Federal Reserve bank]
LOANS AND INVESTMENTS
[In millions of dollars]
All banks
Member banks
Nonmember banks
Other nonmember banks
Mutual savings banks
Date
Total
Loans
Investments
Investments
Loans
Total
Total
Loans
Investments
Total
Loans
Investments
57, 590
56,209
39,715
38,135
17,875
18, 074
35,472
34,860
24,738
23,870
10,734
10,989
i 9, 747
9,987
16,009
6,068
i 3,739
3,920
12,371
11,362
8,968
8,196
3,402
3,165
55,924
55,021
53,365
49,704
36,813
35, 384
33,750
31,305
19,111
19, 637
19, 615
18, 399
34,729
33,923
33, 073
30,575
22,840
21,816
20,874
19,261
11,889
12,106
12,199
11,314
i 9,987
10,506
i 10, 506
10,488
i 6,068
6,169
i 6,169
6,218
13,920
4,337
i 4,337
4,270
11,208
10, 593
9,786
8,641
7,906
7,399
6,707
5,827
3,302
3,194
3,079
2,814
1932—June 30
Sept. 30
Dec. 31
46,071
45,852
44,946
27, 834
26,985
26,063
18, 237
18,867
18,883
28,001
28,045
27,469
16,587
15,924
15, 204
11,414
10, 316
12,121 i 10,316
10,182
12,265
6,130
i 6,130
6,079
4,186
i 4,186
4,103
7,755
7,491
7,295
5,117
4,931
4,780
2,637
2,560
2,515
1933—June 30».
Oct. 25*
Dec. 30
40, 076
22, 203
17, 872
11,928
11,894
12, 386
4,103
5,246
3,404
1,841
18, 342
12,858
13,059
12,833
5,941
21,977
24, 786
24,953
25, 220
10,044
40, 319
9,989
5,909
4,080
5,111
3,235
1,876
26, 548
27,175
27, 559
28,150
12, 706
12, 523
12, 293
12,028
13,842
14,652
15, 267
16,122
9,904
5,648
4,256
* 5, 425
3,108
2,316
28, 271
11, 953
16, 318
1930—SeDt. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31
_ .
1934—Mar. 5«
June 30
Oct. 17»
Dec. 31 * .
42,503
21,279
21, 224
_
1935—Mar. 4 3
1
1
1
Figures of preceding call carried forward.
&•''
Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to conmember
banks.
» Non-member bank figures not available.
< I n connection with the increase over December, see the headnote; also BULLETIN for February 1935, p. 127.
Back figures.—See Annual Report for 1933 (tables 67-69).
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
Member banks
Nonmember
banks
Total
National
State
Other
Mutual non
savings member
banks
banks
[In millions of dollars]
Nonmember banks
All banks Member
banks
Date
1930—Sept. 2 4 . . .
Dec 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31
1932—June 30 _
Sept. 30
Dec. 31
1933—June 30 3»
Oct. 25
Dec. 30
1934—Mar. 5 *
June 30
Oct. 17»
Dec 31
1935—Mar. 4 3
_-.
Date
Mutual
savings
banks
Other
nonineniber banks
62, 784
53, 039
31,839
32,560
i 9,197
9,507
11,748
10, 972
51, 427
51, 782
49,152
45,821
31,153
31, 566
29, 469
27, 432
i 9, 507
10, 017
i 10,017
10,105
10, 767
10,199
9, 66f>
8,284
41,963
41,942
41,643
37,998
24, 755
24, 903
24, 803
23, 338
23, 453
23, 771
25, 293
26, 615
27, 484
28,943
28, 589
10, 020
i 10, 020
10,022
9,713
9,711
38,505
41, 857
9,780
1930—Sept. 24
Dec. 31
23,590
22, 769
8,246
8,052
7,192
7,033
1,054
1,019
i 606
603
14,738
14,114
1931—Mar. 25
June 30
Sept. 29
Dec. 31
22,372
21,903
21, 294
19,966
7,928
7,782
7,599
7,246
6,930
6,800
6,653
6,368
1603
600
1600
597
13,841
13, 521
13,095
12,123
7,188
7,020
6,818
4,946
998
982
946
878
1932—June 30
Sept. 30
Dec. 31
19, 046
18, 794
_ 18, 390
6,980
6,904
6,816
6,145
6,080
6,011
835
824
805
594
1594
594
11,472
11,296
10,980
5,023
1933—June 30 «
Oct 25 3
Dec. 30
14,519
5,606
5,818
6,011
4,897
5,052
5,154
709
766
857
576
8,337
581
8,419
6,206
6,375
6,433
6,442
5,288
5,417
5,461
5,462
918
958
972
980
578
8,882
6,422
5,446
976
« 5, 462
For footnotes see table above.
NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank
deposits not subject to immediate withdrawal, which aggregated $103,«
000,000 on that date.
Back figures.—See Annual Report for 1933 (table 70).
Total
1934—Mar 5 3
June 30
Oct 17 l
Dec. 31 *
1935—Mar 4 3
15, 011
15,835
For footnotes see table above.
Back figures.—See Annual Report for 1933 (table 66).
274
FEDERAL RESERVE BULLETIN
MAY 1935
REPORTING MEMBER BANKS IN LEADING CITIES»
IMonthly data are averages of weekly figures. In millions of dollars]
Total—all weekly reporting member banks
Loans and investments
Month or date
All
Loans
on se- other
curities loans
Total
Other leading
cities
New York City
Loans and investments
Borrowings
Investments
at
F. R.
U.S. se- banks
Total curities
1934—April
May
June
July
August
September.
October. __
November.
December.
17,526
17,328
17,542
17,749
17,721
17,770
17,835
17,762
18,102
3,570
3,516
3,553
3,531
3,295
3,137
3,062
3,008
3,096
4,648
4,555
4,611
4,455
4,533
4,697
4,757
4,705
4,632
9,308
9,257
9,478
9,763
9,893
9,936
10,016
10,049
10,374
6,229
6,256
6,442
6,676
6,650
6,589
6,647
1935—January. _.
February..
March
April
18,229
18,247
18, 486
18,576
3,049
2,996
3,081
3,008
4,548
4,564
4,587
4,611
10,632
10,687
10,818
10,957
1935—Feb. 6
Feb. 1 3 —
Feb. 20....
Feb. 27-...
18, 208
18, 245
18, 215
18,321
2,992
3,016
2,983
2,995
4,534
4,551
4,567
4,603
Mar.
Mar.
Mar.
Mar.
6
13....
20—27—
18,462
18,522
18,498
18, 463
3,125
3,121
3,050
3,028
Apr. 3
Apr. 10
Apr. 1 7 . - Apr. 2 4 —
18, 509
18, 535
18, 644
18, 617
2,974
2,969
3,023
3,067
AnLoans
on se- other
curities loans
Total
Borrowings
at
F. R.
U.S. se- banks
Total curities
Investments
Total
loans
and investments
6,981
7,269
7,050
7,190
7,273
7,127
7,120
7,105
7,050
7,281
1,718
1,680
1,727
1,727
1,520
1,455
1,418
1,381
1,459
1,631
1,560
1,537
1,501
1,522
1,610
1,644
1,633
1,596
3,920
3,810
3,926
4,045
4,085
4,055
4,043
4,036
4,226
2,745
2,735
2,848
2,930
2,883
2,820
2,801
2,827
2,995
10,257
10,278
10,352
10,476
10,594
10,650
10,730
10,712
10,821
7,218
7,217
7,278
7,327
7,410
7,366
7,564
7,693
1,445
1,422
1,493
1,487
1,546
1,648
1,554
1,573
4,419
4,396
4,517
4,633
3,154
3,111
3,189
3,295
10,819
10,881
10,922
10,883
10, 682
10, 678
10, 665
10,723
7,227
7,198
7,217
7,227
7,363
7,392
7,307
7,401
1,413
1,437
1,410
1,428
1,527
1,551
1,551
1,564
4,423
4,404
4,346
4,409
3,129
3,117
3,090
3,108
10,845
10,853
10,908
10,920
4,598
4,578
4,590
4,581
10,739
10,823
10,858
10,854
7,222
7,284
7,324
7,281
7,547
7,602
7,539
7,566
1,530
1,529
1,466
1,447
1,564
1,551
1,557
1,542
4,453
4,522
4,516
4,577
3,128
3,198
3,202
10,915
10,920
10,959
10,897
4,635
4,624
4,609
4,575
10, 900
10, 942
11,012
10,975
7,280
7,323
7,371
7,336
7,661
7,635
7,741
7,736
1,412
1,408
1,519
1,608
1,592
1,583
1,572
1,545
4,657
4,644
4,650
4,583
3,290
3,310
3,319
3,263
10,848
10,900
10, 903
10,881
Borrowings
at
F. R
banks
i For additional data see p. 319.
Bar. kfigures.—SeeAnnual Report for 1933 (tables 88-90).
BROKERS' LOANS
MADE BY REPORTING
REPORTED BY THE NEW YORK STOCK EXCHANGE
From New
From private
York banks
banks, brokers,
and trust com- foreign banking
panies
agencies, etc.
Total
End of month
1934
January
February
March
1935
825
816
1934
1935
1934
1935
839
862
873
758
750
706
64
76
108
67
66
67
1,088
1,016
1,082
973
912
980
762
116
104
102
43
July
August
September
923
874
832
849
803
769
October
November
December
827
831
761
765
813
April
May.
June
903
938
981
773
Backfigures.—SeeAnnual Report for 1933 (table 93).
74
71
MEMBER BANKS IN N.Y. CITY
[Monthly data are averages of weekly figures. In millions of dollars]
[Net borrowings on demand and on time. In millions of dollars]
Month or date
1934—April
May
June
July
August
September.
October...
November.
December.
1935—January...
February..
March
April
Apr. 3
Apr. 10- —
Apr. 17-.-.
Apr. 24
Total
For acFor
count of For acown ac- out-of- count of
others
count
town
banks 1
827
776
746
713
784
813
766
845
871
670
633
612
673
639
156
163
165
168
156
142
133
139
144
111
756
839
803
635
614
696
714
140
140
141
86
771
774
792
876
631
632
746
846
136
136
44
29
975
937
1,016
1,042
»Member and nonmember banks outside New York City (domestic
banks only).
Backfigures.—SeeAnnual Report for 1933 (table 92).
275
FEDERAL RESERVE BULLETIN
M A T 1935
ACCEPTANCES AND COMMERCIAL PAPER
BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR
ACCEPTANCES)
[In millions of dollars]
BANKERS' ACCEPTANCES, BT HOLDERS (DOLLAR
ACCEPTANCES)
[In millions of dollars]
Based
on goods
stored in
Based Based United
States
on on ex- (ware- Dollar
Total im ports house
exfrom credits) change
into U.S.
or
TT Q
shipped
between
domestic
points
Held by Fed- Held by accepting
eral Reserve
banks
banks
End of month
Total
outstanding
1932—December...
For
acFor count
own of for- Total
eign
account correspondents
4
710
40
604
Own Bills
bills b o u g h t
224
Held
by
others
380
62
OUTSTANDING
1934—March
April
May
June
July
August
September...
October
November
December
685
613
569
534
516
520
539
562
561
643
103
103
100
97
94
89
94
93
89
89
186
164
150
145
135
140
138
147
148
140
226
186
164
141
138
147
166
184
195
193
3
3
3
4
4
4
4
4
2
2
168
158
152
148
144
141
137
133
127
119
1935—January..
February
March
516
493
466
86
92
101
133
123
122
179
166
134
3
3
2
114
109
106
23
5
1
6
1
7
2
1933—January
February
March
April
May
June
July..
August
September
October.
November...
December...
707
704
671
697
669
687
738
094
715
737
758
764
2
307
280
163
13
41
2
1
1
1
18
127
41
30
45
43
36
36
37
40
41
31
3
4
626
325
261
404
505
487
552
499
617
592
699
442
2/56
201
153
206
229
201
248
252
236
271
273
223
370
124
108
199
276
287
304
247
282
321
326
219
38
42
85
86
115
123
147
154
156
112
138
190
1934— January
February
March
April...
May
June
July
August
September...
October
November...
December...
771
750
685
613
569
534
516
520
539
562
561
543
105
56
23
3
4
5
5
4
3
2
1
1
1
567
581
576
536
507
480
472
483
503
516
517
497
255
266
252
236
226
220
222
222
223
245
252
243
312
315
324
299
281
260
250
261
280
271
265
254
95
108
81
70
59
53
42
37
35
45
44
46
1935—January
February
March
516
493
466
485
452
423
238
217
197
247
235
226
30
41
43
0)
(*)
(0
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
i Less than $500,000.
Source: For acceptances outstanding (and held by accepting banks),
American Acceptance Council.
•
Back figures.—See Annual Report for 1933 (table 100).
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIESHOLDINGS OF FEDERAL RESERVE BANKS
January...
February.
March....
April
May
June
_
July.
August
September
October...
November
December.
1932
1933
33, 444
33, 478
30.778
30, 736
30,837
30, 762
30, C45
30,834
30, 849
30, 659
30, 652
29.189
29,036
28,997
24,788
7,181
6,981
7,089
6,821
6,199
6,068
5,686
5,841
6,033
Back figures.—See Annual Report for 1933 (table 26).
HELD BY 1". R. BANES
(OWN ACCOUNT)*
1934—March
April
May
June
.
July
August
September
October
November
December
1935—January
February
March
3
(2)
7j\
(2)
(2)
(2)
1
(2)
(J)
(2)
4
2
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(»)
_
i Total holdings of Federal Reserve banks included small amount of
unclassified
acceptances.
1
Less than $500,000.
Back figures.—See Annual Report for 1933 (tables 97 and 25).
COMMERCIAL PAPER OUTSTANDING »
[As reported by dealers in New York City. In millions of dollars]
[In thousands of dollars]
End of month
End of month
Based
on
goods
stored
in
foreign
countries or
shipped
between
foreign
points
1934
5, 977
5,887
5,275
5,070
5,076
5,075
5,081
5,079
5, 691
5,495
5,499
5,501
1935
5,502
5,604
5,305
4,696
End of month
JanuaryFebruary.
March
April
May
June
JulyAugust
September .
October
November.
December..
1932
3
108
103
106
108
111
103
100
108
110
113
110
81
1933
85
84
72
64
60
73
97
107
123
130
133
109
1934
1935
108
117
133
139
142
151
168
188
192
188
178
166
i Includes some finance company paper sold in the open market.
Back figures.—See Annual Report for 1933 (table 96).
171
177
182
276
FEDERAL RESERVE BULLETIN
MAY
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
RATES ON REDISCOUNTS FOR AND ADVANCES TO
MEMBER BANES
SHORT-TERM RATES IN NEW YORK CITY
[Percent per annum]
Rediscounts and advances under
sees. 13 and 13a of the Federal
Reserve Act
Prevailing rate o n -
Federal Reserve bank
Rate in
effect on
May 1
Boston
New York.._.
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
Date established
Previous
rate
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
8,1934
2,1934
17,1935
3.1934
11,1935
14,1935
19,1935
3.1935
8,1935
Dec. 21,1934
Jan. 8,1935
Feb. 16,1934
Advances secured by
Discounts and advances
direct obligations of
under par. 3 of sec. 13
the United States
of the Federal Re(last paragraph of sec.
serve Act
13 of the Federal Reserve Act)
Rate in
effect on
May 1
Boston
New York
Philadelphia
Cleveland
Richmond,.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
_
San Francisco
Aug.
Aug.
Aug.
July
July
5 Mar.
6 Aug.
5H July
6 Aug.
5 July
6 Sept.
6 Sept.
6
6
6
5
_
_.
Date established
Rate in
effect on
May 1
11,1932
10,1932
12,1932
24,1934
16,1934
20,1934
13,1932
10,1934
10,1932
10,1934
8,1932
2,1932
4
4
4
4
4
4
4
4
4
4
Date established
Oct.
Feb.
Oct.
Oct.
Feb.
Mar.
Oct.
Feb.
Apr.
Feb.
Mar.
Oct.
20,1933
8,1934
20,1933
21,1933
19,1934
17,1934
16,1933
21,1935
15,1933
23,1934
12,1934
19,1933
mercial
paper,
4 to 6
months
1-15 days
16-30 days..
31-45 days..
46-60 days..
61-90 days..
91-120 days.
121-180 days
Oct. 20,1933
do.
-do.
_do.
..do.
.do.
do
H-:
54-1
H-l
0.18
.14
.07
.08
.20
.27
.21
.22
.15
H-l
94-1
H-l
1.00
1.00
1.00
.63
1.00
1.00
1.00
.64
.14
.12
.10
H-l
H-i
H-l
H-l
H-l
H-l
1.00
LOO
1.00
1.00
1.00
1.00
1.00
.38
.25
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.44
.25
.10
.09
.09
.11
H-H
H-H
0.17
.16
.17
.15
.14
.15
.18
.16
.18
.18
.17
*1 Stock exchange 90-day time loans.
Stock exchange call loans; new and renewal rates.
• Average rate of discount on issues offered by U. S. Treasury within
period. When no rate is shown no bills of the stated maturity were
offered. Average rates on 91-day bills as follows: April 1934, 0.08; May
1934, 0.06.
Back figures.—See Annual Report for 1933 (tables 60 and 61).
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
New York City
8 other northern 27 southern and
and eastern cities
western cities
Month
Previous
rate
1
1
1
1
1
1
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Back figures.—See Annual Report for 1933 (table 58)
H- H
Week e n d i n g Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6._
Apr. 13
Apr. 20
Apr. 27
BUYING RATES O N ACCEPTANCES
Date established
HH-:
H-:
H-:
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
[Weighted averages of prevailing rates]
[Buying rates at the Federal Reserve Bank of New York]
Rate in
effect on
May 1
Treasury
Call loans J U. S.bills»
Time
ers'
accept- loans,
90
ances, days
i New Re- 182-day 273-day
90
newal bills
bills
days
1 -IN H- H
1935
January
February
March
April
._.-
NOTE.—For rates on industrial advances see p. 320.
Maturity
Average rate Average yield
on-
Prime
Month or week Prime
com- bank-
1934
April
May
June
July
August
September
October
November
December
RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS
Federal Reserve
bank
1935
193?
1934
1935
1933
1934
1935
1933
4.12
4. 11
4.88
4.33
April.
4.24
May
4.10
June
3.93
July
3.97
August
September- 3.79
3.76
October
N o v e m b e r - 3.52
December. ._ 3.48
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
4.89
4.84
5.39
5.09
4.99
4.97
4.82
4 68
4.65
4.91
4.54
4.59
4.65
4.49
4.52
4.52
4.39
4.30
4.15
4 12
4 11
4 13
4.08
3 98
4.08
4.02
4.05
3.99
5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
January
February
March .
Back figures.—See Annual Report for 1933 (table 63).
1934
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
6.05
4.93
4.92
1935
4.95
4.84
4.85
4.80
MAY
277
FEDERAL RESERVE BULLETIN
1935
BOND PRICES1
STOCK PRICES1
Other bonds»
Year, month, or date
United
States CorpoGovern- rate and
ment
municbonds
ipal
Year, month, or date
(highgrade)
g 14
Corporate
Total
Indus- Rail- Utility
trial road
<60
60
20
20
20
99.2
102.2
103.4
81.1
84.0
96.7
69.4
73.4
84.5
63.2
69.2
81.9
64.8
70.5
83.8
80.5
80.6
87.8
104.4
104.7
105.2
104.1
102.3
103.4
103.5
104.1
97.0
97.6
99.0
99.3
97.8
96.7
98.4
98.8
100.0
87.0
86.1
86.3
86.1
83.9
83.0
84.1
84.3
85.8
82.8
82.5
82.5
83.2
82.6
82.2
82.5
83.4
85.4
8S.7
86.9
87.1
85.8
81.3
79.3
81.6
81.0
83.3
89.7
89.1
89.4
89.4
87.9
87.6
88.1
88.6
88.8
1935—January
February..
March
April
105.1
105.8
106.6
107.0
101.3
101.3
99.9
100.0
87.6
87.4
84.5
85.5
86.7
86.7
85.2
85.9
85.0
82.0
74.7
75.0
91.2
93.4
93.6
95.5
Apr.
Apr.
Apr.
Apr.
106.8
107.0
106.8
107.2
99.1
100.0
100.2
100.6
83.7
85.3
85.6
86.7
84.8
85.3
86.3
86.9
72.0
75.5
74.9
76.7
94.1
95.2
95.9
96.3
Number of issues
1932 average
1933 average
1934 average
1934—April
May
June
July
August
September
October
November
December
--..
_
3
10.--17
24
BOND YIELDS
United
Year, month, or
date
Munic-
States ipal*
Treas(highury 2 grade)
20
Aaa
Aa
Baa
A
7-11
15
30
30
30
30
3.66
3.31
3.10
4.65
4.71
3.95
5.01
4.49
4.00
5.97
5.23
t L44
7.20
6.09
5.08
9.30
7.76
6.32
1934—April
May
June
July
August
September
October
November
December
3.12
3.01
2.94
2.85
2.99
3.20
3.08
3.05
2.97
4.11
3.93
3.73
3.75
3.81
3.84
3.69
3.57
3.52
4.07
4.01
3.93
3.89
3.93
3.96
3.90
3.86
3.81
1.43
1.37
1.30
1.28
1.34
1.42
1.36
1.27
1.27
4.97
4.96
4.96
4.93
5.09
5.17
5.00
4.93
4.86
6.01
6.05
6.06
6.13
6.49
6.57
6.40
6.37
6.23
1935—January
February
March
April
2.83
2.73
2.69
2.64
3.45
3.39
3.27
3.25
3.78
3.72
3.71
3.72
1.21
1.14
1.15
i1.19
4.77
4.69
4.72
4.75
5.99
5.97
6.22
6.14
2.65
2.64
2.65
2.61
3.25
3.24
3.25
3.24
3.72
3.71
3.71
3.72
4.22
4.19
4.18
4.17
4.81
4.77
4.75
4.71
6.32
6.14
6.18
6.04
1
Monthly data are averages of daily or weekly figures.
3
Average, computed by Treasury Department, of yields of all outstanding Treasury bonds except those due or callable within 8 years.
» Standard Statistics Co.
* Moody'3 Investors' Service.
Industrial
421
Railroad
m
u ti ll lil tt vy
351
37
96.1
104.8
120.7
79
78
1934—April
May..
June
July
August
September.
October
NovemberDecember..
120.2
121.0
122.1
123.5
122.6
121.0
120.9
124.1
127.8
76
70
72
69
65
64
63
61
58
1935—January,...
February..
March
April
129.1
130.2
131.3
132.2
57
55
53
59
Apr.
Apr.
Apr.
Apr.
130.9
131.5
132.7
133.7
56
3_
10
17
24
59
63
70
i Monthly data are average of daily or weekly figures.
J
Average derived prices.
Source.—Standard Statistics Co.
CAPITAL ISSUES
[Long-term; i. e.t 1 year or more. In millions of dollars]
New issues
Domestic
Total
Year and month (domestic
Refunding
issues
(domestio
and
foreign)
and
foreign)
TotaP
Corporate
State
Forand
eign
mu- Bonds
nici- and Stocks
pal notes
6,201
6,314
- 7,556
8,040
10,091
6,909
3,089
1,196
722
1,402
5,125
5,189
6,219
6,789
9,420
6,004
2,860
1,166
710
1,402
1,352
1,344
1,475
1,379
1,418
1,434
1,235
762
484
819
2,452
2,667
3,183
2,385
2,078
2,980
1, 240
305
40
144
1,153
1,087
1,474
2,961
5,924
1,503
311
20
120
35
1,076
1,125
1,337
1,251
671
905
229
29
12
0
925
1,046
2,220
1,858
1,422
711
949
538
344
792
1934—April
May
June
July
August
September. .
October
November. _
December—_
143
103
123
217
180
43
122
107
141
143
103
123
2 217
3 180
43
3 122
107
141
100
61
102
91
18
36
39
89
106
24
26
0
19
8
5
0
8
34
5
3
9
2
0
2
0
0
1
0
0
0
0
0
0
0
0
0
93
39
183
157
79
26
36
35
40
1935—January
February
March
April
92
50
108
90
92
50
108
90
80
44
100
64
3
7
8
17
2
0
0
5
0
0
0
0
49
46
180
413
Corporate, by ratings *
1932 average
1933 average
1934 average
3.
10
17.
24
Tl o tt a l,
1932 average.
1933 average
1934 average
1
Number of issues _„_
Apr.
Apr.
Apr.
Apr.
(industrial highgrade) "
N u m b e r of issues
1
Average prices. Monthly data are average of daily or weekly figures'
' Prices derived from average yields.
3 Now 14 Treasury bonds. New Treasury issues were added Aug. 15,
1933, Nov 1,1933, Apr. 16,1934, June 15,1934, Dec. 15,1934, and Mar. 15,
1935. The 3 Liberties were omitted beginning March 1935.
* 45 corporate and 15 municipal.
Source.—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds, Standard Statistics Co.
Preferred Common stocks (index, 1926=100)
stocks
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1
Includes issues of Federal land banks and Federal intermediate credit
banks,
not shown separately.
1
Includes $100,260,300 bonds of Federal Farm Mortgage Corporation
sold by public offering during month.
• Includes bonds of Home Owners' Loan Corporation sold by public
offering amounting to $149,111,100 in August and $53,000,000 in October.
Sources.—For domestic issues, Commercial and Financial Chronicle;
for foreign issues (issues publicly offered) annual totals are as finally
reported by Department of Commerce, while monthly figures are as
compiled currently and are subject to revision.
Back figures.—See (for figures of new issues—annual and quarterly
basis) Annual Report for 1933 (table 112).
278
FEDERAL RESERVE BULLETIN
MAY
1935
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
[In millions of dollars]
MATURITIES
[In millions of dollars]
Interest-bearing debt
Interest bearing
End of period
Total
(gross
debt)
Total
Bonds
Noninterest
bearing
Bills
Notes Certificates
Fiscal year
endingJune 1932. 19,487
June 1933. 22,539
19,161
22,158
14,250
14,223
1,465
4,780
2,831
2,200
616
954
326
381
1934
February
March..
April...
May
Jane
July—.
AugustSeptember
October
November
December
26,055
26,157
26,118
26.155
27,053
27,189
27,080
27,190
27,188
27,299
28, 479
25,707
25, 698
25,599
25, 588
26,480
26,605
26, 495
26,626
26,643
26, 761
27, 944
15,579
15,579
15, 718
15,694
16,510
16,516
16, 513
15,922
15,808
15,768
16, 245
6,472
6,925
6,689
6,678
6,932
6,951
6,921
8,020
8,027
8,036
9,586
2,278
1,816
1,814
1,812
1,635
1,683
1,682
1,156
1,154
1,153
158
1,379
1,378
1,378
1,404
1,404
1,454
1,379
1,529
1,654
1,804
1,954
348
459
519
567
573
585
585
564
545
538
535
1935
January
February.
March..
April.-
28,476
28,526
28,817
28,668
27,952
27,969
28,043
27,766
16, 250 9,585
16, 247 9,582
16, 238 9,567
15,394 10,236
163
161
160
158
1,954
1,979
2,079
1,978
524
557
775
1902
i Includes $639,000,000 of Government liability for retirement of
national bank and Federal Reserve bank notes, as a result of deposit
of funds by banks; this compares with $309,000,000 on Feb. 28, 1935.
Bonds1 Notes
Total
Outstanding Apr. 30, 1935—
Total
Obligations maturing:
Before July 1, 1935
July 1-Sept. 30, 1935
Oct. 1-Dec. 31, 1935
Jan. l - M a r . 3 1 , 1936....
Apr. 1-June 30, 1936
July 1-Dec. 31, 1936
1937
1938
1939
1940
1941
1943 - .
1945
After 1945
Other obligations 5
27, 766
15,394
2,173
1,880
1,965
'150
1,245
1,236
1,749
1,946
1,294
1,160
834
898
1,401
9,158
677
21,080
3 675
* 1, 246
834
898
1,401
9,158
102
10,236
Certificates
158
417
354
418
(r)
1,245
1,236
1,749
1,946
1,294
1 160
417
Bills
1,978
676
851
301
150
158
r
Revised.
i Issues classified as of date of final maturity; most issues are callable
at earlier dates. No outstanding issues, except postal-savings bonds, are
callable
before 1940.
1
Includes $171,000,000 of 4th Liberties called for redemption Apr. 15,
1934, Oct. 15, 1934, and Apr. 15, 1935, and $910,000,000 of 1st Liberties
called for redemption June 15, 1935, and not yet redeemed.
* Includes $600,000,000 of Consols of 1930 called for redemption on July 1,
1935, and $75,000,000 of Panama Canal loan bonds called for redemption
on Aug. 1, 1935.
* Approximate amount of 4th Liberties called for redemption'on Oct.
15, 1935.
•Includes such issues as Postal Savings bonds, retirement-fund notes,
and adjusted-service-certificate series, in which special funds are in-
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars!
Increase or
Trust
decrease during
and conperiod
tributed
funds,2
Expenditures *
Excess of excess of
receipts receipts General Gross
Customs
or expend- or expend- fund
debt
and mis- Total General» Emeritures
balance
itures
cellanegency
(-)
(-)
ous
General and special funds
Receipts
Period
Internal revenue
Total
Fiscal year ending:
June 1932
June 1933
June 1934
10 months ending:
April 1933
April 1934
April 1935
1934
February..
March
April
May
June
July
August -_
_ _ . _September
October
November
December
1935
January
February
March
April
Income Processing tax
tax
2,006
2,080
3,116
1,057
1,636
2,488
3,091
583
503
858
445
475
353
1,470
475
270
392
746
818
Other
4,741
4,681
6,745
1
3,973
» 3, 404
2,741
•768
* 1, 277
4,004
- 2 , 735
-2,602
- 3 , 630
—55
+835
+445
+1,720
+2,686
+3,052
+4,514
3,769
5,470
5,520
3
3 1, 002
3,231
2,894
-2,133
-2,982
- 2 , 430
+2
+834
+167
-176
+1,432
-647
+1,954
+3,580
+1,615
447
+2,810
+3,365
-1,993
+984
+105
+2
+13
+29
+28
+43
-2,524
-272
+560
-110
-335
+56
-381
-214
+966
+37
+898
+136
-109
+110
-2
+111
+1,180
+18
-8
+19
+21
-244
-239
+365
-511
-3
+50
+291
-149
822
443
658
1,220
1,383
206
23
33
116
34
635
420
182
237
391
218
232
15
25
188
18
37
32
44
39
39
130
105
119
130
132
21
30
50
33
29
610
674
542
733
466
605
395
443
2,767
2,239
2,627
188
286
449
260
25
173
19
43
42
49
145
176
151
73
57
41
514
516
669
204
233
385
247
385
21
164
47
42
119
131
60
47
599
641
210
320
390
321
-430
-190
-492
-305
-342
-248
-227
-66
-409
-353
-256
203
214
601
228
19
28
326
29
46
44
47
44
114
109
189
116
25
33
39
39
462
496
546
611
210
244
258
332
252
252
288
279
-260
-281
+55
-383
160
305
191
310
230
450
370
350
423
236
310
283
284
-5
-5
-fl
—4
+4
+2
-84
-39
*1 Excludes public debt retirement.
Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable
against
increment on gold.
1
Prior to July 1933, emergency expenditures included only net expenditures for the Reconstruction Finance Corporation; other items subsequently classified as emergency expenditures were included in general expenditures
279
FEDERAL RESERVE BULLETIN
M A Y 1935
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAR. 31, 1935
[Compiled by IT. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
Total
U. S.
Regional Produc- Shipping
Recon- ComAgriculPublic
Board
struction modity Export- Works tural
tion
Mer- Other»
Total Finance Credit import AdminisCredit chant
Credit CorporaCorpora- Corpora- banks tration CorporaFleet
tion
tion
tions Corporations
tion
ASSETS
Loans—total
Preferred stock, capital notes, and debentures
Cash—total
Investments:
United States securities
Obligations guaranteed by United States
Other investments
Accounts and other receivables
Eeal estate and other business properties
Other assets
Total assets other than interagency
-.
1,366
870
1
44
3
284
7,643
874
339
2,037
874
99
469
215
797
159
145
492
24
19
123
51
136
382
34
1
299
11,132
3,747
2,571
3,658
2,437
238
251
70
51
251
16
(2)
(2)
(2)
6,332
373
267
(2)
(2)
(2)
4,800
333
3,374
4,467
3,374
6,631
338
- 2 , 502
5,570
240
- 2 , 436
80
()
112
2
11
2
1
(2)
1
2
()
(2)
44
3
(2)
2
8
4
14
()
(2)
22
21
7
50
1
4
g
86
78
208
414
(2)
15
70
19
(2)
15
89
(2)
(2)
(2)
85
288
2
19
98
148
3
66
17
121
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
All other
Other liabilities (including reserves)
Total liabilities other than interagency._
Excess of assets over liabilities, exclusive of interasrsncv tr&ns&ctions
Privately owned interests
U S Government interests
Distribution of Government interests:
Capital stock
Surplus
Interaeencv interest (net)
-
-
2,304
44
14
288
85
121
193
325
2,304
44
14
288
85
121
192
325
500
71
1,734
3
1
41
3 413
45
11
29
120
1
50
143
3 4, 426
13
-4,114
14
(2)
-125
Financed partly from Government funds
Federal
Federal interTotal« land mediate
banks credit
banks
Federal
Federal
Federal Federal
Home Savings
Farm Banks Home Owners'
and savings Deposit
Loan
Mortfor
and
Insurloan
Loan
Insurgage cooperloan
ance
ance
Corpo- atives banks Corpoasso- Corporation
Corpo- ciations ration
ration
ration
ASSETS
Loans—total
Cash—total
Investments:
United States securities
Obligations guaranteed by United States
Other investments..
Accounts and other receivables
Real estate and other business properties
Other assets
Total assets other than interagency
-
_.
5,606
240
2,077
28
172
16
445
196
673
108
9
110
67
11
1
41
5
87
35
40
7,386
2,317
3,406
2,367
186
5,960
~~1,~856~
89
1,945
(2)
5
8
267
687
9
648
20
(2)
1,364
2
28
8
73
34
25
43
24
1
2
2
()
(2)
130
2,569
128
1
16
316
100
(2)
(2)
(2)
(2)
111
(2)
2,738
4
4
« 2, 282
323
46
2,651
38
3
2
(2)
(2)
103
3
20
20
{!>
2
336
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
Allother
Other liabilities (including reserves)
Total liabilities other than interagency
Excess of assets over liabilities, exclusive of interagency transaction
__
Privately owned interests
_
_
U. S. Government interests
Distribution of Government interests:
Capital stock
Surplus
.
Interagency interest (net)
1,124
193
37
1,162
75
202
1,426
333
372
126
1,093
246
75
1,061
98
-66
114
68
64
70
34
-29
i Includes interagency interests held by the Treasury Department.
« Less than $500,000.
* Nonstock (or includes nonstock proprietary interests).
188'
5
(2)
(2)
(2)
5
(2)
5
107
24
87
102
20
202
130
2
128
82
87
102
20
331
181
150
200
2
125
3
82
1
200
-13
— 100
100
2
20
150
4
Includes also War Finance Corporation not shown separately.
* Includes unissued bonds covering loans in process.
280
FEDERAL RESERVE BULLETIN
MAY
1935
RECONSTRUCTION FINANCE CORPORATION
LOANS, SUBSCRIPTIONS, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds not yet
disbursed
Proceeds disbursed, less repayments
M a r . 31,
1934 r
N o v . 30,
1934
Dec. 31,
1934
J a n . 31,
1935
F e b . 28
1935
M a r . 31,
1935
A p r . 30,
1935 v
F e b . 28,
1935
651,189
55, 225
51,554
161, 097
493
193,618
11,120
1,134
22 081
1,813
345,181
4 162
599,397
23,259
29,420
155,874
387
110,997
7,132
600
866
1,464
361,506
811
25
632,209
20,082
24,829
160,591
386
78,647
6,495
863
595,717
15,640
24,023
156,292
367
77,023
5,530
863
568,814
13,567
22,664
155,367
361
74,670
5,031
863
538,431
12, 281
22,035
151, 796
343
72,318
4,078
861
522,471
11, 303
21,184
149,128
335
70,527
3,720
861
113,005
21,367
135
99, 226
115,396
21, 298
135
96, 435
621
602
27
753
153
78
57
235,184
234,105
97, 588
92,499
3,088
3,689
372,034
1,345
3,078
4,662
365, 388
681
65,147
61, 330
24,050
168
219
26, 007
608
325
M a r . 31,
1935
LOANS AND SUBSCRIPTIONS
Loans under sec. 5 of the Reconstruction Finance
Corporation Act, as amended:
Banks and trust companies (including receivers,
liquidating agents, and conservators)
building and loan associations .
Insurance companies
Credit unions
Federal land banks
Joint stock land banks
Agricultural credit corporations
__
Regional agricultural credit corporations
1,334
1,314
1,272
1,256
1,255
Livestock credit corporations
376,555
379,087
379,713
380,199
386,617
Railroads (including receivers)
541
State funds for insurance of public moneys
25
53
53
43
76
Fishing industry.
..
Processors or distributors for payment of proc1
1
13
2
1
1
1
essing taxes. _
1, 498, 681 1, 291, 739 1,302, 558 1,255, 900 1, 222,374 1,183, 651 1,167,476
Total..
_
_
Other loans:
For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by
122, 743
127,839
132,908
80,195
125,408
117,027
134,509
earthquakes, etc.)
For financing exports of agricultural surpluses,
11,051
15,176
15,176
15,164
14,953
14,992
14,963
sec. 201 (c)4,181
4,719
5,332
4,258
4,177
6,090
6,505
For financing agricultural products, sec. 201 (d).
33,
362
161,813
36,139
39,
552
35,905
30,242
49,156
To commodity credit corporation
12,171
18,965
19,124
19,487
19,674
20,304
20,295
On preferred stock of banks
29,933
30,033
29,933
4,375
25, 785
29,933
29,933
On preferred stock of insurance companies
21,292
12, 298
15,410
11, 321
2,525
16,978
23, 507
To drainage, levee, and irrigation districts
22,300
To Dublic school ftiithorifies
12, 740
8,516
10,649
6,627
14,693
4,166
To industrial and commercial businesses
To mining, milling, and smeltering businesses..
34
79
22
150
20
235
On assets of closed banks
.
To Public Works Administration on security
71
17,490
1,356
15, 282
1,529
transactions
_
_
254,350
262, 296
276,311
294,654
245,169
309,077
250,911
Total
Purchases:
598,112
621,055
627, 876
358,918
585,858
620,144
571,193
Preferred stock of banks - _
256,622
256,316
260,102
254,666
221,963
248,103
259,662
Capital notes and debentures of banks
100
100
100
100
100
100
Preferred stock of insurance companies
10, 000
Capital stock of the R. F. C. Mortgage Co
854,834
877,472
882, 642
890,346
580, 881
846, 060
830,955
Total
_
2, 355, 873 2, 373,605 2,393,787 2,365,084 2,362,141 2,360,946 ^^Gti^OO
Total loans and purchases
_
2,407
1,345
569,734
555,923
36, 835
65,914
27, 198
65, 586
102, 748
10,000
102, 784
907, 667
892,811
297,711
499, 997
500,000
15
9
15
6
785, 678 1,122, 360 1, 267,362 1,297,705 1, 297, 709 1, 297, 704 1, 297, 708
24
21
43,095
43,095
97, 400
97, 400
140, 495
ALLOCATIONS
For relief;
• Federal Emergency Relief Act of 1932
Federal Emergency Relief Act of 1933
Emergency Appropriations Act of 1935
Total
To other Government agencies:
To Secretary of the Treasury for:
Purchase of stock of Federal Home Loan
banks
Purchase of stock of Home Owners' Loan
Corporation
To Land Bank Commissioner
To Federal Farm Mortgage Corporation
To Federal Housing Administrator
_.
To Secretary of Agriculture for:
Crop loans
Reallocated as capital regional agricultural
credit corporations
Reallocated to Governor of Farm Credit
Administration
Total
__.
298, 992
486, 687
297.774
499, 586
325,000
297,774
499,588
470. 000
297,718
499,987
500,000
297,718
499,991
500,000
297, 711
499,994
500.000
79,646
81,646
81, 646
81,646
81,646
81, 646
81, 646
59, 000
147, 600
55, 000
200,000
147, 600
55,000
15,000
200,000
147, 600
55,000
25,000
200,000
147,600
55,000
25,000
200,000
147,600
55,000
25,000
200,000
147, 600
55,000
25,000
200, 000
147, 600
55,000
34,000
115,000
115,000
115,000
115,000
115,000
115,000
115,000
44,500
44, 500
44, 425
44, 500
44,500
44, 500
44, 500
40, 500
40,500
40.500
40,500
40.500
40, 500
40, 500
541,171
699, 246
709, 246
709,246
709,246
709,246
718, 246
140, 495
1, 326, 849 1,821,606 t, 976, 608 2,006,951 2,006,955 2, 006, 950 2,015,953
140,519
140,517
Total loans, subscriptions, and allocations. 3, 682, 722 4,195, 211 4, 370, 395 4, 372,035 4,369,095 4, 367, 896 4,382,854 1,048,186
1,033, 328
Total allocations
1
Includes $354,762,000 of loans for distribution to depositors of closed banks.
»• Revised.
Back figures.—See BULLETINS for December 1933, pp. 738-739, and February 1934. pp. 103 and 132.
Preliminary.
281
FEDERAL RESERVE BULLETIN
MAY 1935
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
by—i
End of month
June
July
August
September
October
November
December
1933
-_.
__
Federal intermediate
credit bank loans to
and discounts for—
Loans to cooperatives b y -
EmerProduc- Regional
Regional
agriculgency
tion credit tural
Other
agricultural financing
credcrop
and
associaLand
credit cor- instituit corpo- drought
tions
3
Federal 1
Bank
porations
rations
loans
tions
land banks " Commis- and proexcept
duction
sioner
cooperacredit astives
sociations 2
1,118,434
1,118,625
1,121,461
1,127,910
1,143, 518
1,174,763
1, 232, 707
180
664
2,188
6,026
15,815
34,099
70, 738
2,483
10, 399
28,467
49,979
61, 299
68,857
73,263
75, 719
74, 321
73, 068
70,998
64, 528
62, 379
60,989
1,307,116
1,390, 743
1,478,373
1,503,155
1,568,097
1,650, 779
1, 710,977
1,766, 361
1,810, 559
1,848, 727
1,886, 335
1,915,792
120,403
174,308
237, 858
258, 730
311,375
378, 526
429,830
477, 822
516, 276
551, 873
587, 260
616,825
75,432
76, 515
86, 081
102, 781
120, 282
127,470
128, 090
125, 270
118, 402
104, 909
100, 992
99,675
59, 916
58,199
59, 073
59, 569
61,830
62,092
63, 392
64, 203
63, 002
58, 882
56, 058
55, 672
1,942,916
1,961, 275
1,974,952
643, 291
664,886
686,606
99, 776
103, 360
115, 281
53, 509
53,172
54,442
Federal
intermediate
credit
banks
Banks for
cooperatives,
including
Central
Bank
for
Cooperatives
Agricultural Marketing
Act
revolving
fund
loans
to cooperatives
145,412
154, 321
158,394
155, 200
146, 895
142, 558
144, 636
139,158
138, 727
135,854
135, 087
110,324
94, 296
89,811
3,934
4,465
5,479
6,259
6,829
10, 080
15,211
184
7,396
11,144
18, 697
181,195
177,537
176,553
175,040
173,325
172, 302
157, 752
158
665
4,409
14, 392
28,117
38, 518
49,826
58, 074
60, 887
58,128
58, 328
61, 024
145,198
145, 760
144,905
144,671
143,127
138, 485
128,830
117, 664
106, 724
96,914
90, 559
87,102
81,164
72, 727
68, 310
84,138
90,147
90,517
94,411
100, 209
105,446
104,470
104,994
110,186
14,671
13, 297
11,189
9,997
8,528
8,123
10,106
9,969
9,987
24, 207
32,330
33,969
15,386
14,835
15,824
17,144
19, 243
20, 539
21,493
23,019
23, 057
24, 561
24, 710
27,851
69, 508
69,214
68,353
67, 257
54, 642
54,877
55,437
55, 250
54,870
57, 310
56, 764
54,863
64,637
71,192
85,819
84,726
82, 342
116,846
125,124
134,597
34,445
34,132
31,873
28,498
29, 445
28,025
53,721
49, 687
49,880
1934
January
February.March
April
May
June
July—
August
September
October
November
December.
January
February
March.
._
1935
r
Figures for past months revised by Farm Credit Administration.
Does not includeloans by joint stock land banks, which are now in liquidation.
Some of the loans made by the regional agricultural credit corporations and most of the loans made by the production credit associations are
discounted
with the Federal intermediate credit banks. The amounts in this column are thus included in the two columns under those headings.
3
Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks.
1
2
HOME OWNERS' LOAN CORPORATION
FEDERAL HOME LOAN BANKS
SUMMARY OF OPERATIONS *
COMBINED STATEMENT OF ASSETS AND
LIABILITIES
Months
Number
of applications
received
Number
ASSETS
1,150,390
145, 772
119,791
97, 679
66,157
72, 022
39, 317
35, 675
14,171
2 2, 312
1935
January. _.
February.
March
Cumulative total1
8
1, 743, 286
152, 788 $435,777, 815 Cash on hand
. . .
-- 56,172 171,490, 768 Loans outstanding
.
64,172 208, 293, 766 Accrued interest .
71, 768 223,440,191 Investments
78, 046 235, 467, 606 Other assets
69, 738 202, 442,864
Total assets
59, 240 179, 299,857
65,813 201,211,532
LIABILITIES
54, 468 170, 544, 562
54,036 169,018,847 Current liabilities .
Capital stock, fully paid and oustanding:
Members
United States Government
54, 990 166, 836,150
36, 542 104, 919,941 Subscriptions to capital stock, less balance due
70, 664, 400 Surplus
23,140
840,913 2, 539,408, 299
Figures are subject to adjustment.
Revised adjustments for applications received in earlier months.
Feb. 28,
1935
Amount
1934
From opening to Mar. 31 _
April
May
June
July
August
September
October
November
December
fin thousands of dollars]
Loans closed
Total liabilities
Mar. 31,
1935
30, 272
77,170
435
2,211
44
33,611
72,637
384
4,263
39
110,162
110, 934
3,851
4,219
21,010
81, 646
1,308
2,348
21, 230
81, 646
1,313
2,526
110,162
110, 934
282
FEDERAL RESERVE BULLETIN
MAT
1935
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-25 average-100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value) J
Industrial production * •
Year and
month
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
Factory employment *
Factory
Freight-car
loadings * * Commodity
prices8
Unad- AdUnad- A d - Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- A d - Unad- Unad- A d justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
Total
Manufactures
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
Minerals
Total
Resic ential
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
All other
107
108
82
91
104
97
99
101
99
99
105
92
77
64
69
79
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
pay
rolls 3
97
117
76
81
103
96
101
104
102
102
109
89
68
46
49
62
84
91
79
87
100
97
103
106
103
103
106
92
75
56
58
62
139
154
98
97
101
98
104
100
95
97
95
86
73
65
66
75
1932
January..
FebruaryMarch
April
May
June
July
August. -_
September
October. _
Novemoer
December
1933
January. _
FebruaryMarch
April
May
June
July
August. -.
September
October __
November
December
1934
January..
FebruaryMarch
April
May
71
71
68
64
61
59
56
59
67
68
65
60
72
69
67
63
60
59
58
60
66
67
65
66
70
70
66
63
60
58
55
58
66
67
63
58
71
68
64
61
59
58
57
59
65
6fi
63
64
74
75
78
72
65
62
63
66
74
80
78
73
77
78
85
80
67
64
65
65
71
74
75
77
25
23
26
31
31
32
31
32
30
28
24
22
31
27
26
27
26
27
27
30
30
29
27
28
16
15
16
16
14
12
12
11
12
12
10
8
19
17
15
14
12
11
11
12
12
12
10
9
33
30
35
43
45
47
46
48
45
41
35
33
41
35
36
38
37
39
40
45
44
43
41
43
69
70
68
66
63
61
59
60
63
64
63
62
70
70
68
66
64
62
60
60
62
63
63
62
54
55
53
50
47
43
40
41
43
45
43
42
5<
59
58
57
53
52
51
53
61
65
58
52
64
62
61
59
54
52
51
51
54
57
57
58
67
6fl
66
66
64
64
65
65
65
64
64
63
64
64
60
67
79
91
96
90
85
78
72
69
65
63
59
66
78
91
100
91
84
76
72
75
63
62
58
68
80
92
97
89
84
76
70
67
63
61
56
65
77
93
102
91
83
76
70
73
72
77
74
65
77
83
90
95
94
89
85
81
75
80
81
73
79
85
91
91
87
81
82
86
18
16
14
16
19
21
24
25
30
35
42
45
22
19
14
14
16
18
21
24
30
37
48
57
7
7
8
11
13
14
13
12
12
12
12
11
8
8
8
10
11
13
13
12
12
12
13
13
27
23
18
19
24
27
32
36
45
53
66
73
33
27
18
17
20
23
28
33
45
57
76
93
60
61
59
60
63
67
72
76
80
80
76
74
61
62
59
60
63
67
73
76
40
40
37
39
43
47
51
57
78
76
75
78
59
69
56
55
51
51
48
51
55
61
66
65
68
66
60
56
56
54
50
53
55
62
65
61
60
58
59
63
61
60
60
60
63
65
69
70
71
71
71
71
78
75
82
'86
89
89
83
71
71
70
73
73
'76
76
80
82
85
86
83
74
72
69
72
73
'85
'86
'89
91
81
r gQ
87
'84
83
87
87
84
85
88
'92
100
90
'88
87
85
80
82
81
81
'90
40
38
33
36
32
31
30
28
30
29
28
25
49
44
33
32
26
28
27
27
29
31
31
31
10
10
12
14
13
13
12
10
11
12
11
10
12
12
11
12
11
12
12
10
11
12
11
12
64
60
50
54
47
46
44
43
45
43
41
36
80
70
51
48
38
38
39
40
44
46
48
47
73
78
81
82
83
81
79
80
76
78
77
78
75
78
81
82
83
82
80
79
74
77
77
79
54
61
65
67
67
65
61
62
58
61
60
63
58
61
63
60
63
64
63
63
67
64
60
56
64
64
66
62
63
64
61
59
59
57
59
64
72
74
74
73
74
75
75
76
78
77
90
88
91
P2
*90
94
96
.97
22
24
26
27
28
26
10
13
16
12
14
16
32
33
34
39
39
35
79
81
82
81
82
82
64
69
71
58
61
62
64r
fi i
65
79
80
79
July
August
September
October. _
November
December
77
83
86
88
89
84
73
73
73
75
74
'77
1935
January. _
February.
March
88
91
*90
June
• 81
84
85
86
83
76
73
71
73
'75
86
90
89
»87
87
91
*90
P86
77
77
' Revised
p Preliminary.
* Average per working day.
1
For indexes of groups and separate industries see pp. 324-325; for description see BULLETIN for February and March 1927; for revised figures
back to 1919 see BULLETIN for September 1933, pp. 584-585.
« 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. For
back3 figures see Annual Report for 1933 (table 115).
The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory
employment compiled by the Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries
see pp.
326-327.
4
For indexes of groups see p. 283; for back figures for total see Annual Report for 1933 (table 115) and for groups see BULLETIN for February
1931. p. 108.
* Index of Bureau of Labor Statistics; 1926—100. Index numbers for groups of commodities (also data by weeks) are given on p. 323. For back
figures see Annual Report for 1933 (table 120).
283
FEDERAL RESERVE BULLETIN
1935
MAY
MERCHANDISE EXPORTS AND IMPORTS
[In millions ot dollars]
Merchandise exports l
Excess of exports
Merchandise imports *
Month
1933
1932
1931
1934
January
February
March
250
224
236
150
154
155
121
102
108
172
163
191
April
May
Juno
215
204
187
135
132
114
105
114
120
July
August
September
181.
165
180
107
109
132
205
194
184
2,424
October
November
December
.
Year
1935
1932
1931
1933
1934
1932
1931
1933
1935
1934
66
49
26
15
23
24
25
18
13
37
30
33
147
155
136
29
24
14
9
20
4
17
7
—2
33
6
34
143
155
147
127
120
132
6
—2
10
27
17
34
1
—23
13
34
52
60
105
104
97
151
129
134
130
151
132
36
44
30
48
34
35
42
56
59
77
44
38
1,323
1,450
1,655
334
288
225
478
183
175
210
136
131
131
96
84
95
136
133
158
179
160
171
186
180
173
127
112
110
88
107
122
144
131
160
162
172
192
174
167
170
79
91
98
153
139
132
193
184
193
206
195
171
169
149
154
1,611
1,675
2,133
2,091
176
163
v 185
1935
167
152
v 177
9
11
*8
v Preliminary.
12 Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—See BULLETIN for January 1931, p. 18, and for March 1931, p. 136.
FREIGHT-CAR LOADINGS, BY CLASSES
DEPARTMENT STORES—SALES, STOCKS
[Index numbers based on value figures; 1923-25 average—100]
January
February
Ivtarch
October
November
December
__
1934
1935
1934
1935
1934
1935
1934
71
71
78
74
75
82
57
59
73
59
61
71
66
66
65
64
64
63
59
63
67
74
77
74
*74
73
77
70
*79
65
66
65
68
68
63
51
60
79 - - - - - -
64
64
64
59
61
67
64
65
64
71
74
60
73
77
75
73
74
78
Year
82
83
135
75
1935
57
61
65
65
p Preliminary.
1
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 Day, and Christmas. Adjustment
for seasonal variation makes allowance in March and April for the effects
upon sales of changes in the date of Easter.
Back figures—See BULLETIN for April 1935, pp. 254-255.
1935
Mar. Nov. Dec.
Adjusted
Without
Adjusted
Without
for seasonal seasonal ad- for seasonal seasonal advariation
justment
variation
justment
Month
July.
August
September
1934
Index of stocks (end of
month)
Index of sales *
April
May
June..
[Index numbers; 1923-25 average=100]
Jan. Feb.
Adjusted for seasonal
Total
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
Miscellaneous.
_ _
Merchandise i
_-
66
87
71
75
46
32
41
67
66
59
64
43
56
55
30
20
64
64
64
71
51
58
51
32
34
71
66
64
73
62
56
42
31
31
72
65
Mar.
variation
65
75
62
59
39
35
34
73
65
65
82
52
67
39
33
40
70
64
W i t h o u t seasonal a d j u s t m e n t
Total
Coal
Coke
Grain and grain products
Livestock.
_ _ __
Forest products
Ore
Miscellaneous1
Merchandise
1
63
82
7]
63
40
33
10
64
67
60
70
44
60
64
29
14
63
65
56
76
54
57
51
26
8
55
62
58
82
69
54
44
28
7
58
61
61
81
70
57
37
36
8
62
63
62
77
52
57
34
34
10
67
65
In less-than-carload lots.
Based on daily average loadings. Source of basic data: Association
of American Railroads.
Back figures.—See BULLETIN for February 1931, pp. 108-110.
284
FEDERAL RESERVE BULLETIN
MAY
1935
FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE GERMAN REIGHSBANK
The annual report of the German Reichsbank for the year ended December 31, 1934,
was presented to the general meeting of shareholders on March 14, 1934. 1 The main text of
the report is given herewith:
During the year under review the Government of the Reich resolutely continued the
fight begun in 1933 against unemployment and
economic distress. Obstacles arising out of the
political and economic situation abroad failed
to weaken the purpose of the united German
nation, but rather strengthened its powers of
reconstruction. The coordination of economic
and currency policy, effected by the appointment of Dr. Schacht, president of the Reichsbank, to be Reich Minister of Economics in
addition to his former position, furnished one
of the necessary conditions for a continuation
of business recovery. When in June the continued decline of foreign trade made it necessary to declare a transfer moratorium for the
entire service of the long-term foreign debt, a
solution of the foreign exchange problem according to a unified plan became imperative.
An effort was made to place German foreign
trade on a new basis through complete control
of imports and by utilizing domestic sources of
raw materials as far as possible, so that the
purchase of foreign commodities might be better adjusted to receipts of foreign exchange.
This measure was forced upon Germany; it
was not intended to interfere with the former
policy of facilitating the exchange of commodities with foreign countries in every way possible. For the support of the domestic market
large Government credits were established with
the cooperation of the Reichsbank, on the basis
of a stable currency and prudent financial
management. By this means private business
was stimulated even along lines not directly
benefited by the measures for work creation.
Production figures and trade turnover rose
considerably. The number of unemployed declined by almost one and a half million. The
increasing volume of wages stimulated consumption and thus caused a rise in the production of consumption goods and a vigorous
revival of the smaller industries. The favorable revenue position permitted the systematic
1 The report, available in German, contains in addition sections on
the German Credit Act and the transfer of the Saar, and tables and
charts showing the operations of the bank in detail. For earlier reports,
see BULLETIN for April 1934, May 1933, April 1932, August 1931, May
1930, etc.
2 See Annual Report of the Reichsbank for 1932, in BULLETIN for May
1933, p. 289.
redemption of maturing tax vouchers,2 issued
in previous years as an advance against future
surpluses, and led to a reform of the tax system
based on social and general economic considerations. Through price control, prevention of
stock-exchange speculation and other measures,
the Government took care that the marked
business improvement arising out of Government action should not lead to profiteering.
Easing of the money and capital markets made
considerable progress and led to a general reduction of interest rates at the beginning of
1935. Savings deposits continued to increase,
and the position of credit institutions became
more liquid.
Money market.—In apparent contradiction
to the business revival, the money market
during the past year became increasingly easier.
This was partly due to such factors as the
decline in stocks of commodities resulting from
the scarcity of raw materials, and the accumulation of funds which, because of import and
transfer restrictions, were temporarily unemployed and therefore sought investment in the
money market. The principal reason for the
ease of the money market, however, was that
a portion of the large volume of funds paid to
business firms out of the financing of the workcreation program was used to liquidate bank
credits, and part flowed back into the banks
and savings banks in the form of cash balances
and savings deposits. Thus, aside from the
work-creation program, the banks were enabled
not only to make new credits available to business and to take up private discounts, but also
to meet a larger demand than that of the year
before for short and medium-term Treasury
bills of the Reich. The demand for both
interest-bearing and non-interest-bearing Treasury bills, which are usually handled through
the Reichsbank, became very active, so that a
gradual reduction of interest rates and an
extension of some maturities was possible.
Interest rates.—With the increased supply of
short-term funds, the tension of the money
market began to relax. In the course of the
year three reductions, each by one-eighth of 1
percent, were made in the private discount
rate, which had remained unchanged since
September 1932; these reductions brought the
rate down to 3% percent. The discount for
Reich Treasury bills with a maturity of 1 year
was reduced from 4% to 3% percent. Rates for
MAY
1935
FEDERAL RESERVE BULLETIN
call and 30-day money showed an average
decline of about 1 percent. The movement
toward reestablishing normal interest rates was
continued into the first months of 1935.
Credit policy.—The systematic financing of
the work-creation program—expanded in 1934
to include the building of motor roads and other
projects—received vigorous support from the
Reichsbank through its rediscounting facilities. The Reichsbank also continued to grant
credit for all legitimate needs of private business with special attention to credit for small
and medium-sized business. The requirements of agriculture for accommodation were
met as far as the changed legal conditions permitted; to facilitate crop moving and to assure
an adequate supply of food continued to be the
aim of the bank. These important tasks were
accomplished without any considerable increase of money in circulation; for the guiding
principle of credit policy in all planning was,
as heretofore, to keep the circulation within
the prescribed bounds and to avoid imperiling
the currency in any way. In this effort the
Reichsbank had the full support of the Government, whose policy helped substantially to
maintain confidence in the German currency
both at home and abroad. The conviction was
strengthened that in the last analysis it is not
the size of the gold holding, but a sound economic and banking policy, inducing confidence
and pursued with a sense of responsibility,
which safeguards a currency.
Investments of the Reichsbank in bills, securities and lombard loans rose during the past
year by about one billion reichsmarks, that is,
from four to five billions. Some 300,000,000
reichsmarks of this increase took the place of
gold "withdrawn from the Reichsbank; about
350,000,000 reichsmarks represented an increase
in transfer funds, which rose considerably as
compared with the previous year both as a result of the transfer moratorium and also in
connection with clearing agreements; note circulation rose by only a negligible amount. The
heavier burden of the central bank, therefore,
can be regarded as due only in part to the creation of additional credit. The composition of
the bill portfolio showed considerable change.
The volume of foreign bills declined sharply as
the foreign-exchange position became worse.
The balance of the intervention credits still outstanding from the crisis year 1931 declined by
more than half because of the easier credit position. The volume of Russian bills also showed
a considerable recession on account of the col-
285
lapse of Russo-German trade. The substantial
easing of credit demands thus brought about,
together with small requirements on the part of
private business, enabled the bank to take up
an increasing amount of work-creation bills
without any unfavorable effects on the currency.
Gold and foreign exchanges.—The German
foreign-exchange position became worse in the
first half of 1934. The rather sudden revival of
the domestic market caused an increased demand for foreign exchange for import purposes.
The service of the foreign debt also required
increasing amounts of foreign exchange notwithstanding the reductions which had been
made. Moreover, in spite of all Germany's
efforts, foreign countries were unwilling to
increase their purchases of German goods; German exports, caught between clearing agreements and foreign-exchange restrictions and
barred by protective measures abroad, declined still further, so that the balance of payments showed a deficit which could be met only
through recourse to the already weakened reserves of the Reichsbank. Consequently, the
holdings of gold and foreign exchange eligible
as reserves declined in the first half of the year
from 395,000,000 to 77,000,00p reichsmarks—
the lowest point ever reached in the history of
the Reichsbank. This situation called for
prompt and decisive measures. Permission
to make use of the general authorization to import commodities was gradually reduced from
50 percent of the basic amount in February to 5
percent in July. As a temporary measure of
relief, applications for foreign exchange were
apportioned according to the volume of foreign
exchange received daily; this measure was put
into effect in June. Payments, but not imports,
were reduced by this regulation; this situation,
together with other things detrimental to
German credit, led to the accumulation of an
increasing volume of commercial debts. Thus
it became necessary to change the method of
administering foreign exchange—in future to
deliver foreign exchange only when definite per*
mission to import had been given and so to adjust the volume of imports to the volume of
available means of payment. The measures
by which this new method of regulation was put
into effect are known as the "new plan." On
the basis of the decree of September 4, 1934 for
control of trade (Reichsgesetzblatt I, p. 816)
and the amendment to the decree of September
11, 1934 for control of foreign exchange (Reichsgesetzblatt I, p. 829), all German import trade
was placed under permanent control through
25 supervisory offices, which were to take over
286
FEDERAL RESERVE BULLETIN
the tasks of the foreign-exchange offices in
matters of trade. In order to make adequate
provision for business requirements in the
matter of indispensable raw materials and food
stuffs, the supervisory offices are to facilitate
imports and payment for imported goods
through foreign-exchange certificates. The allotment of foreign-exchange certificates generally follows the principle of making foreignexchange deliveries only to the extent of foreignexchange receipts. The limit of delivery of
foreign exchange for tourist purposes, which had
been reduced in April from 200 to 50 reichsmarks, was further reduced to 10 reichsmarks.
Previous notices of the Reichsbank regarding
the use of foreign means of payment were rearranged (Reichsanzeiger no. 271 of Nov. 19,
1934). Provisions regarding foreign-exchange
control were republished in the collection of
laws on foreign exchange together with the
enabling act of February 4, 1935 (Reichsgesetzblatt I, p. 105).
Suspension of debt service.—The service of
the medium and long-term foreign obligations
of Germany had become impossible in its
existing form. Accordingly, representatives
of the most important foreign creditor countries, under an agreement made at the conference in January 1934, held a session in
Berlin at the end of April 1934 to plan for
suspension of the debt service. The creditors
recognized that the difficulties of the German
position derived from the impossibility of
effecting transfers and not from inability to
pay; nevertheless even after long negotiations
they were unable to reach a unanimous and
definite decision, especially as they were not
invested with full authority. The Reichsbank,
therefore, in view of its obligations under the
law of June 9, 1933, governing debt payments
to foreign countries, put into effect on its own
initiative a proposal which it had laid before
the conference and which the conference had
accepted, although with partial reservations.
The new transfer regulation covered all the
maturities falling due from the middle of 1934
to the middle of 1935 on medium and long-term
foreign debts except loans of the Reich, and
provided for a complete suspension of cash
transfers. The holders of maturing interest
coupons and similar claims were allowed to
receive 3 percent funding bonds of the Conversion Office for Foreign Debts to the amount
of the nominal value of the coupon. The
amount of bonds that may be issued is determined by the volume of reichsmark payments
into the Conversion Office for Foreign Debts.
MAY
1935
The bonds mature on January 1, 1945, and
carry the guaranty of the Reich. The proposed alternative offer of cash payment of
interest coupons and funding bonds had later
to be withdrawn as the foreign exchange
position became worse. This transfer regulation never came to be of much practical
importance. Thus far no funding bonds have
been issued; meanwhile clearing agreements—
sometimes in place of the previous central bank
agreement—have been made with most of the
governments of the creditor countries represented at the conference. Clearing agreements also included the regulation of capital
movements. The service of the Reich loans—
likewise within the scope of the clearing agreements—was made the subject of special regulation through arrangements with the creditor
countries concerned.
Under these circumstances the network of
transfer and payment agreements with foreign
countries has become increasingly close. Conventions of this kind now exist with almost all
European as well as a number of non-European
governments. The newer clearing agreements
owe their existence chiefly to the desire of
foreign countries to insure the payment of their
capital claims. A prerequisite for this is the
maintenance of a certain surplus of foreign
trade in favor of Germany. Since the former
German export surpluses have been sharply
reduced or wholly destroyed by the clearing
agreements—as the Reichsbank accurately
predicted—the anticipations of foreign countries in regard to these conventions have been
only partly fulfilled. An almost continuous
series of negotiations bears witness to the
difficulties of striking a satisfactory balance
between the divergent wishes of foreign countries and the vital necessities of Germany.
In order to eliminate the unfavorable effects
on trade of international clearing operations,
an effort was made in the new agreement with
England (Reichsanzeiger no. 261 of Nov. 7,
1934) to substitute cash payments in foreign
exchange for the clearing system. Under the
terms of this agreement satisfactory arrangements were made for the payment of accumulated commercial debts with the cooperation
of the Bank of England, which granted the
Reichsbank a 12-month credit for this purpose.
The duties of the Reichsbank in carrying out
the clearing agreements, especially the management of the clearing accounts, were turned
over to the German Clearing Office, set up as a
semi-governmental corporation by the law of
October 16, 1934 (Reichsgesetzblatt I, p. 997)
MAY
1935
FEDEEAL EESERVE BULLETIN
for the purpose of relieving the Reichsbank
of this work; in recognition of the public
character of these duties the Reich assumed
responsibility for the obligations of this institution.
Standstill agreement.—The German standstill
obligations were again reduced by more than
half a billion reichsmarks to 1,700,000,000
reichsmarks as a result of the credit agreement
concluded at the end of February 1935. The
reduction concerns chiefly the conversion of
claims to foreign exchange into registered
marks. Negotiations with the standstill creditors were resumed at the beginning of February
1935 and led to a further prolongation of the
standstill to February 29, 1936. The rate of
interest on some classes of credits was reduced
by one-half of 1 percent and the Reichsbank
was authorized to postpone the transfer of
certain capital payments. The single extension of the import credits of German banks,
agreed upon in November 1934, was provided
for the duration of the new agreement. The
transfer of Gold Discount Bank payments was
again postponed. The demand of foreign
creditors for a uniform reduction of unavailed
credit lines was allowed to drop. On the other
hand a partial cancelation was agreed upon
for such credit lines as had remained unused
for a considerable time.
The credit agreement of 1933 for German
public debtors was replaced in March 1934 by
a new agreement, which provided for the continuation of the credits up to March 15, 1935.
It contained special provisions as to partial
repayments in reichsmarks as well as to participation by the foreign creditors in debt conversion under the law regarding conversion of the
debts of the communes. A renewal of the agreement for a year at a time up to a maximum of
4 years was also provided. The first renewal
constitutes the credit agreement for German
public debtors made in February 1935, effective
until March 15, 1936. The foreign creditors
expressed their willingness to reduce the interest
rate on these credits by one-half of 1 percent
as was done in the agreements on private standstill credits.
Exchange rate of the reichsmark.—The quotation of the reichsmark abroad was generally
maintained at about its mint parity; sometimes it was even higher. Its weakness during
the first part of the year was due chiefly to the
fact that special accounts of foreign banks of
issue were improperly used for the import of
commodities from third countries, so that on
several occasions there was an excessive offer
287
of reichsmarks from abroad. The Reichsbank
accordingly had to block the payment of
reichsmarks into these special accounts for the
time being. For protection of the reichsmark
abroad, sending or carrying German bank
notes and gold coins out of the country was
forbidden by the decree of April 17, 1934
(Reichsgesetzblatt I, p. 313).
Capital market.—During the year the restoration of an effective capital market was vigorously pushed, with full cooperation on the part
of the Reichsbank. The necessity for reducing
prevailing interest rates by natural means, and
preparation for the many urgent tasks confronting the capital market, called for an
energetic but at the same time farsighted and
cautious procedure. Moderation in resorting
to legislative measures, and firmness in maintaining currency stability revealed a determination to prevent any disturbance of the
newly awakened confidence, which forms the
foundation of any sound credit business. Emphasis was placed on strengthening the bond
market, which was also favored in the matter
of taxes.
In order not to overburden the capital market, the issue and listing of new securities was
limited to what was absolutely pecessary, since
the conversion of dollar bonds into reichsmark
bonds, the conversion of communal loans, and
the issue of non-interest-bearing bonds in connection with the housing improvement project,
would undoubtedly put some strain upon the
market. The issue of a 4-percent Government
loan—which was successfully floated—was not
so much for the purpose of creating additional
funds as to guide the future course of interest
rates in the bond market, to redeem the taxfree 6 (7) percent Government loan of 1929,
called for June 30, 1934, and at the same time
to absorb the so-called "Neubesitzanleihe." 3
It was possible also to wind up the remainder
of the loans still outstanding from the period of
inflation. The loans secured on rye and wheat
were converted into reichsmark bonds. The
status of revalorized industrial obligations and
similar bonds was improved by legislation affecting their interest and amortization. Efforts
were made to forestall impending disturbances
of the capital market, which were threatening
because the revalorized mortgages were about
to mature and the moratorium on foreclosure of
low-interest mortgages was about to expire; an
3 " N e w " holders' loans were paper-mark loans of the Reich, acquired
by purchasers after July 1, 1920. Interest and liquidation provisions
for these bonds were less favorable than those made for the "Altbesitzanliehe," or "old" holders' loans, acquired before July 1, 1920. (The
Execution of the Experts' Plan, Third Annuity Year, Sept. 1, 1926, to
Aug. 31, 1927, p. 66.)
288
FEDERAL RESERVE BULLETIN
arrangement was sought whereby the interests
of both creditors and debtors should be taken
into consideration, while a gradual liquidation
of claims and a temporary redistribution of
dates of maturity should be effected. In matters of personnel and organization the German
stock exchange system was established on a new
basis which, by reducing the number of stock
exchanges, prevents undue decentralization of
security transactions and by transferring the
supervisory powers of the State Governments
to the Reich Minister of Finance, assures a
uniform system of stock-exchange control.
These measures for the relief, reorganization,
and control of the capital market were supplemented by other measures designed to create a
more abundant supply of long-term capital.
Among these measures are the. German Credit
Act (discussed briefly later on), and the provisions of the Government Securities Act of
December 4, 1934 (Reichsgesetzblatt I, p.
1222), which regulate the distribution of profits
of joint-stock companies. Dividends of jointstock companies in excess of the fixed percentage will not be paid to the claimants—although
their legal right to such dividends is acknowledged—for a period of 3 years, but during this
period will be placed in a loan fund under the
trusteeship of the Gold Discount Bank and
invested in Government securities which, after
the expiration of the suspension period, will be
delivered to the rightful claimants.
After a temporary recession in the first half
of the year, the combined influence of these
measures brought a definite improvement.
Additional support was given through prudent
use of central bank resources in open-market
operations, which the Reichsbank was authorized to conduct under the amendment of
October 27, 1933, to the bank law. As soon as
the important economic legislation of early
December became known, a considerable advance took place in the price of securities and
the upward movement continued into the new
year. The lower-interest-bearing securities took
part in the advance and approached their
par value. Investment securities improved to
a point where their conversion could be
seriously considered. After trying out the
mortgage and mortgage-bond market with
MAY
1935
several small issues of mortgage bonds bearing
4:% percent interest, a considerable reduction of
interest was effected in these markets. Conditions for uniform technical regulation were set
up by the law of January 24, 1935 (Reichsgesetzblatt I, p. 45), providing for a reduction
of interest at credit institutions. Interest
rates of mortgage bonds and municipal obligations of the mortgage banks and of the semigovernmental credit institutions were reduced
to 4}£ percent, effective April 1, 1935, without
undue intervention and with the voluntary
cooperation of the security holders. The annual average saving of l}{ percent on interest
applies entirely to mortgage debts. The success of this partial achievement made it possible, under the law of February 27, 1935,
governing interest reductions in the case of
Government loans, to include Government
securities in the rate conversion (Reichsgesetzblatt I, p. 286). With this reduction in
interest, which applies to a volume of securities
in excess of 10,000,000,000 reichsmarks, the
object of freeing business from the burden of
excessive interest was accomplished. A further
sign of the recovery of the capital market is
that, for the first time in the post-war period,
the Reich was able to float a fairly large loan
under favorable terms; the organization of
savings banks stated its willingness to take up
a 4K percent Reich loan of 500,000,000 reichsmarks with a 28-year maturity at 98){.
Although the concern of the authorities was
directed chiefly to investment securities, the
stock market was also strengthened as a result
of the stimulus given to recovery by the
Government.
German Credit Act.—[The full translation of
this law is given in the BULLETIN for January
1935, pages 30-38.]
Private banks of issue.—Following the law
of December 18, 1933 (Reichsgesetzblatt II, p.
1034), amending the law governing the private
banks of issue, whose note-issue privilege expires on December 31, 1935, a second law published on December 29, 1934 (Reichsgesetzblatt II, p. 1399), authorized the conversion of
the four private banks of issue into strictly
commercial banks.
MAY
289
FEDERAL RESERVE BULLETIN
1935
BALANCE SHEET OF THE GERMAN REICHSBANK: AS OF DEC. 31, 1934, AND DEC. 30,
1933
[In thousands of reichsmarks]
Resources
Gold, not under lien (gold bars, domestic and
foreign coins):
In the cash offices of the bank
With foreign banks of issue
Cash:
Reichsbank notes
_
Subsidiary coin
Rentenbank notes
Notes of German private banks of issue
Credit balances in foreign currencies (of which
the equivalent of 609,000 1 reichsmarks was
assigned as cover for the notes in circulation).
Foreign notes
-_.
Foreign bills and checks
_
_
Domestic bills and checks:
Treasury bills of the Reich._
Other domestic bills and checks
Silver
Loans against collateral (lombards), viz:
Loans against gold and silver (sec. 21, 3, a,
of the bank law)
_.
Loans against securities (sec. 21, 3 b, c, d, of
the bank l a w ) . . .
Loans against bills (sec. 21, 3 e, of the bank
law)-.
Loans against goods (sec. 21,3 f, of the bank
law).Loans against Treasury bills of the Reich
(sec. 21, 3 g, of the bank law)
Securities eligible for note cover, purchased in
virtue of sec. 21, 4, of the bank law.._
_
Other securities owned__
Doubtful assets
Land and buildings
Claims resulting from the settlement with the
Reich
Miscellaneous:
Bank notes no longer fit for circulation
Postponed claim on the German Government in virtue of sec. 11, 4, of the law of
Aug. 30, 1924, for the liquidation of
Rentenbank notes in circulation
Credit balances with postal check offices
Investments for pension and unemployment
fund
Reichsmark claims on foreign correspondents
Reichsmark claims on foreign correspondents (medium-term claims)
Revolving credit to the Reich
Claims against the Reich for sinking-fund
purchases..
Advances for new Reichsbank building,
Berlin
Foreign exchange authorized b u t not yet
delivered
Other claims
Total resources.
1934
57, 897
21, 205
343,163
43,019
79,102
386,182
5,851, 206
162,164
23,989
6,112
4, 694,145
171,836
17,164
3,798
6, 043,471
4,886, 944
1934
Total bank note issue
Credit balances of giro and current accounts
Non-interest bearing deposits
Original capital
Legal reserve fund (including transfers from net
profits of the year)
Reserve for pension and unemployment fund...
Reserve for probable losses
9, 753,456
983, 540
33
150,000
I, 340, 679
639,815
18
150,000
71, 265
80,000
241,962
67, 262
80,000
241,962
16,035
21, 660
20,682
22, 636
37, 695
43,318
40,254
40, 235
Reserves for:
Printing of new notes
New buildings
Special reserve fund for future payments of
dividends
70, 284
3,998
34,444
28, 594
3,526
193, 259
44,940
3,986,354
48, 650
2,987,900
64
2,368
54
132, 714
150,870
2,403
3,157
8,063
6,309
141
22,888
145,689
183, 279
•— —
444, 775
327,911
16, 580
259,382
332, 684
18, 762
30,000
30,000
94, 775
98, 057
1,642
1,517
70,082
11,723
70, 082
12, 559
78,825
78,889
14,199
27, 498
21,342
800
21,777
46, 600
Miscellaneous:
Interest on bills due in 1935
Dividends due but not yet paid
_.
Dollar Treasury notes of the Reich to be
redeemed by the Reichsbank
Liabilities in foreign'currencies
Unpaid claim of the German Government—
contra account
Payments due from the German clearing
office to the Franco-German office
Other book debts
Net profits for the year less 10 percent assigned
to the legal reserve
19, 650
322
1933
J
13, 612
951
153
19, 713
158
3,765
70,082
70,082
95,000
60,048
40,678
264,968
129, 245
36,026
27,075
11,659,199
9, 759,611
26, 007
8,362
21,355
82,468
43, 405
11,659,199
9, 759,611
i 5,901,000 reichsmarks on Dec. 30, 1933.
Liabilities
1933
Total liabilities..
2
Interest on bills due in 1934.
290
FEDERAL RESERVE BULLETIN
MAY
1935
BELGIAN LEGISLATION ON CURRENCY AND FOREIGN EXCHANGE
ARTICLE 6. The shipment or transport, outside the
The Belgian Government in March adopted
of the Belgo-Luxemburg Economic Union, of
a series of monetary and exchange control territory
merchandise, securities, coupons, or specie, the countermeasures, culminating in abandonment of the value of which in belgas or foreign exchange is not
existing gold parity of the belga.1 These meas- remitted into the territory of the Belgo-Luxemburg
ures became effective upon publication in the Economic Union, is prohibited.
The Exchange Office shall determine the means of
Moniteur Beige. The two royal decrees of execution
and control and the period within which
March 17 became effective March 18. The payment shall be made.
monetary law of March 30 and the royal decree
ARTICLE 7. The import and export of gold in bullion
of March 31 became effective March 31. or in coin is reserved to the National Bank of Belgium.
Trading in gold coin, bullion, or bars within the terriTranslations of the four measures are given tory
of the Belgo-Luxemburg Economic Union is subject
below.
to authorization by the National Bank of Belgium.
ROYAL DECKEE REGULATING THE IMPORT, EXPORT, AND
TRANSIT OP SECURITIES, MERCHANDISE, AND MATERIALS OF GOLD AND SILVER MARCH 17, 1935
Leopold III, King of the Belgians} to all present and to
come, greetings:
By virtue of article 1, No. Ill, letter a, and Nos.
IVj;and V, of the law of July 31, 1934, extended and
completed by the laws of December 7, 1934, and
March 15, 1935, granting to the King certain powers
injreference to economic and financial recovery and to
reduction of financial charges;
Upon proposal of our Council of Ministers, We have
decreed and do decree:
ARTICLE 1. All operations in foreign exchange and,
in general, all payment operations between the BelgoLuxemburg Economic Union and abroad are subject
to the control of the Central Exchange Office.
ARTICLE 2. The purchase of foreign exchange at
sight or forward is prohibited, except for the payment
of merchandise actually imported into the territory
of the Belgo-Luxemburg Economic Union and in
settlement of freight, transport charges, and insurance
relative thereto.
All purchases for other purposes require authorization in advance by the Central Exchange Office.
ARTICLE 3. Trading in foreign exchange may be
carried on only by the National Bank of Belgium, the
Central Exchange Office, and persons designated by
the latter.
ARTICLE 4. Persons authorized to trade in foreign
exchange may sell exchange at sight or forward only
for the operations designated in Article 2.
Forward operations are permitted only if the merchandise is actually imported into the territory of the
Belgo-Luxemburg Economic Union within a maximum
period of three months.
Applications for exchange must be embodied in a
letter signed by the interested party and supported, in
cases designated by Article 2, paragraph 1, by the submission of original commercial documents which shall
be countersigned in each case by the seller of the
foreign exchange.
ARTICLE 5. Persons designated by the Exchange Office
must maintain a register in a form to be determined
by the latter, in which they shall record daily, without
blank space or interlinear entries, each operation
carried out.
A certified true copy in conformity with the operations recorded in the register shall be sent daily to the
Central Exchange Office.
The form of this report will be determined by that
institution.
Correspondence and bookkeeping entries relative to
exchange operations shall be separately maintained.
ARTICLE 8. Persons domiciled within the territory of
the Belgo-Luxemburg Economic Union or abroad, who
have belga accounts in banks or with private parties,
may not issue checks intended for negotiation abroad
or place their credit balances at the disposal of persons
resident outside the territory of the Belgo-Luxemburg
Economic Union without the authorization of the
Exchange Office.
Drawings on accounts in foreign currencies opened
within the territory of the Belgo-Luxemburg Economic Union are authorized only for the payment of
commercial debts contracted before March 1, 1935 by
the persons in whose names these accounts stood, or for
conversion into belgas.
All persons are forbidden to make advances in any
form whatsoever to residents outside the territory of
the Belgo-Luxemburg Economic Union, except by
authorization of the Exchange Office.
ARTICLE 9. In order to ascertain the validity of the
declarations and documents delivered to it and the credit
and debit situation in foreign exchange, the Exchange
Office may, at any time, on its own initiative or
that of the National Bank, make inquiry or proceed
to verification.
Except as provided in Article 29 of the Criminal
Code, these investigations are deemed to fall under the
the seal of professional secrecy.
ARTICLE 10. The provisions of the present decree
extend to the Belgian Congo and to territories under
Belgian mandate.
ARTICLE 11. The provisions of the present decree are
not applicable to payment for merchandise effected
in conformity with the exchange cleasing agreements
at present in effect between the Belgo-Luxemburg
Economic Union and the following countries: Chile,
Germany, Greece, Hungary, Rumania, Turkey, Yugoslavia.
ARTICLE 12. Any infringement of the provisions of the
present decree or the measures taken to insure its execution is punishable by imprisonment of from eight days
to one year and by a fine of from 200 francs to 100,000
francs, or by either of these penalties separately.
In case of repetition of the offense, the penalties shall
be doubled and punishment snail in every instance
include imprisonment.
[NOTE.—The remainder of Article 12 and all of
Article 13, which are concerned with details of legal
procedure in connection with the enforcement of the
penalties, are omitted.]
ARTICLE 14. The present decree shall take effect
from the day of its publication in the Moniteur, Our
Minister of Finance is charged with its execution.
Given at Brussels, March 17, 1935.
i The belga is equivalent to 5 francs and is the only legal unit for foreign exchange quotations. Its fine gold content under the decree of Oct.
25, 1926, was 0.209211 gram.
MAY
FEDERAL RESERVE BULLETIN
1935
ROYAL DECREE CREATING A CENTRAL EXCHANGE
OFFICE—MARCH 17, 1935
Leopold III, King of the Belgians, to all present and to
come, greetings:
By virtue of article 1, No. Ill, letter a, and No. IV,
of the law of July 31, 1934, extended and completed
by the laws of December 7, 1934, and March 15, 1935,
granting to the King certain powers in reference to
economic and financial recovery and to reduction of
financial charges;
By virtue of the royal decree of this date regulating
the import, export, and transit of securities, merchandise and materials of gold and silver;
Upon the proposal of our Council of Ministers, We
have decreed and do decree:
ARTICLE 1. There is created a Central Exchange
Office possessing legal personality and the functions
set forth below.
Its headquarters are at Brussels.
ARTICLE 2. The Central Exchange Office is instructed
to watch over the execution of the provisions of the
royal decree of this date regulating the import,
export, and transit of securities, merchandise, and
materials of gold and silver.
ARTICLE 3. It will designate the persons who shall
be authorized, under its control, to carry on trade in
foreign exchange under conditions to be determined
by it. These authorizations may be revoked at any time.
ARTICLE 4. Its control shall be exercised over all
transfers of funds and securities from the territory of
the Belgo-Luxemburg Economic Union abroad, or
from abroad into the territory of the Belgo-Luxemburg Economic Union, whatever be the reason for the
transfer or the means employed to effect it. It will
prescribe, in agreement with the Ministers of Finance
and of Transportation, the measures judged necessary
for the accomplishment of this end.
ARTICLE 5. The Central Exchange Office is authorized to buy and sell foreign exchange and all other means
of payment outside the territory of the Belgo-Luxemburg Economic Union.
ARTICLE 6. The Exchange Office operates under the
guarantee of the State.
ARTICLE 7. The administration of the Exchange
Office is entrusted to a managing committee composed
of:
Paul van Zeeland, Vice-Governor of the National Bank of Belgium;
J. Warland, Director General of the Treasury
and the Public Debt;
E. Deroover, Honorary Director General of
the Caisse G6ne"rale d'Epargne et de Retraite
(General Savings and Pension Office).
This committee has all necessary powers for carrying out the objectives of the Exchange Office.
ARTICLE 8. The present decree shall take effect from
the day of its publication in the Moniteur. The
Minister of Finance is charged with its execution.
Given at Brussels, March 17, 1935.
MONETARY LAW OF MARCH 30, 1935
Leopold III, King of the Belgians, to all present and to
come, greetings:
The Chambers have approved and We sanction the
following:
ARTICLE 1. The obligation placed upon the National
Bank of Belgium to redeem its notes, in accordance
with the provisions of article 8 of the royal decree of
October 25, 1926, relative to monetary stabilization, is
suspended.
291
w
ARTICLE 2. As soon as circumstances permit, the
King, by decree deliberated in Ministerial Council, will
define the new parity of the franc with gold. This
parity will, however, be not less than 70 percent nor
more than 75 percent of the parity laid down by article 8 of the royal decree of October 25, 1926.
ARTICLE 3. The King will, by decree deliberated in
Ministerial Council and upon consultation with the
National Bank, and within the limits laid down in article 2 above, fix the rates at which purchase and sale
of foreign currencies will be effected pending definition
of the new gold content of the franc.
The King is authorized to create an "Exchange
Equalization Fund" for the purpose of establishing and
maintaining these rates.
He will determine the scope and functions of the
Fund.
ARTICLE 4. The notes issued by the National Bank
of Belgium will continue to have legal-tender status.
The provisions of the present law and the decrees to
be promulgated in execution thereof will not alter the
existing legal provisions as regards the legal-tender
status of these notes and the obligation of public offices
and private parties to receive them as legal money, notwithstanding any agreement to the contrary.
ARTICLE 5. Pending the definition of the new gold
content of the franc in accordance with article 2, the
National Bank of Belgium will revalue its reserve of
gold and foreign exchange held on March 29, 1935,
on the basis of 75 percent of the former parity.
The increment in the assets resulting from revaluation of the reserve of gold and foreign exchange of the
National Bank of Belgium, and of all deliveries of gold
effected by the bank shall accrue to the Treasury.
The King will appropriate these increments to the
Exchange Equalization Fund or will employ them in
execution of the policy of economic recovery.
ARTICLE 6. The present law shall become effective
immediately upon publication.
We promulgate the present law and order that
it be sealed with the State seal and published in
the Moniteur.
Given at Brussels, March 30, 1935.
ROYAL DECREE OF MARCH 31, 1935, ESTABLISHING THE
BASIS FOR PURCHASE AND SALE OF FOREIGN E X CHANGE BY THE EXCHANGE EQUALIZATION FUND.
Leopold III, King of the Belgians, to all present and to
come, greetings:
By virtue of article 3 of the law of March 30, 1935,
permitting the King by decree deliberated in Ministerial Council, and upon consultation with the National
Bank of Belgium, and within the limits laid down in
article 2 of the said law, tofixthe rates at which purchase and sale of foreign exchange will be effected pending definition of the new gold content of the franc;
Upon the proposal of our Council of Ministers and
after consultation with the National Bank of Belgium,
We have decreed and do decree:
ARTICLE 1. Purchase and sale of foreign exchange
against bank notes which shall be undertaken by the
Exchange Equalization Fund in accordance with the
law of March 30, 1935, shall be effected on the basis of a
weight of 0.150632 gram of fine gold to the belga, account being taken of the charges and commissions
normally entering into the calculation of the gold import and export points.
ARTICLE 2. The present decree shall become effective on the day of its publication in the Moniteur.
Given at Brussels, March 31, 1935.
292
FEDERAL RESERVE BULLETIN
MAY
1935
INTERNATIONAL FINANCIAL STATISTICS
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars. $ l = 1 5 ^ i grains of gold 9io fine; i. e., an ounce of fine gold=$35]
End of month
Total
(50 countries)
Europe
United
States
Canada
Bulgaria g ^ a k i a
Austria
1934—January
February...
March
April
May
June
July.
August
September..
October
November..
December..
20,229
20,516
20, 724
20,820
20,957
21,166
r 21,302
' 21,487
' 21, 528
' 21, 584
21,646
21,771
6,829
7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
8,238
130
130
130
130
130
132
133
131
131
132
133
134
11,697
11, 358
11,313
11, 340
11,426
11, 548
11, 592
11, 747
11, 787
11,813
11,730
11, 751
1935—January
February.. .
March
April..
21,879
v 22,022
»: 22,084
8,391
8,527
8,567
p 8,709
132
135
1180
181
'11,697
Il,fi79
* 11,629
646
639
635
636
635
625
618
623
626
609
596
532
518
Denmark
England
France
Germany
86
112
111
111
111
111
111
111
111
112
112
112
5,109
4,904
4,947
5,023
5,136
5,274
5,321
5,439
5,455
5,468
5,443
5,445
152
134
112
112
112
5,438
5,439
5,479
v 5,366
32
32
33
*33
52
28
30
33
32
Europe—Continued
End of month
1934—January__ _
February...
March
April..
May
June
July
August
September..
October
November..
December..
Greece Hungary
37
1935—January
February—.
March
April
Italy
Nether- Norway Poland
lands
633
633
613
609
594
576
567
565
554
541
520
518
626
539
535
539
551
573
588
588
588
601
582
573
519
519
519
»519
555
552
553
Portu- Rumagal
nia
68
96
Latin America
End of month
Total
(10
countries)
Yugo- 6 other
Spain Sweden Switzerland U.S.S.R.* slavia countries
100
101
101
101
102
102
102
103
103
103
103
104
739
739
739
739
739
739
740
740
740
740
740
740
170
167
167
168
168
169
170
163
160
159
104
105
106
740
740
741
159
159
160
653
600
570
534
535
535
537
567
591
621
624
624
704
704
706
706
706
716
716
716
716
716
716
744
58
600
586
560
*446
744
744
744
59
58
Asia and Oceania
57
58
58
61
61
61
60
Africa
Total
2 Total
New TurArCo- MexUru- other (7
(4 Egypt South other
gen- Chile lomPeru guay coun- coun- India Japan Java Zea- key other counico
Africa counland
tina
bia
tries tries)
tries
tries tries)
1934—January
February
March
April.May
June
July-...
August
September
October
November
December
579
588
590
591
594
593
'597
'603
'602
'597
599
'595
405
405
405
405
405
405
405
403
403
403
403
403
778
780
778
781
803
804
806
807
803
795
796
798
274
274
274
275
275
275
275
275
275
275
275
275
359
359
359
362
382
384
386
387
388
390
392
394
215
222
218
220
226
233
244
220
226
245
255
255
56
55
55
55
55
55
55
55
55
55
55
55
143
150
146
149
154
161
172
149
155
173
184
184
1935—January
February
March
592
593
*595
403
403
800
804
*805
275
275
*>275
395
397
267
*285
*308
55
55
'55
196
214
236
17
17
17
17
17
17
17
17
17
17
17
17
>
17
r
p Preliminary.
Revised.
B e g i n n i n g M a r c h 1935, t h e figure represents gold reserves of B a n k of C a n a d a , acquired as follows ( r o u n d figures, in C a n a d i a n d o l l a r s ) : F r o m
C a n a d i a n M i n i s t e r of F i n a n c e , $69,000,000; from chartered b a n k s , $38,000,000.
» F i g u r e s for D e c e m b e r 1933, M a r c h 1934, J u n e 1934, or D e c e m b e r 1934 carried f o r w a r d for s u b s e q u e n t m o n t h s , for w h i c h n o figures h a v e
been reported.
1
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuanta; in
Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria and Belgian Congo.
For back figures and for full description of this table, see BULLETIN for May 1932, pp, 311-318, June 1933, pp. 368-372; and December 1934, p. 801.
MAY
293
FEDERAL RESERVE BULLETIN
1935
GOLD PRODUCTION
[In thousands of dollars]
Year and month
Estimated
world
production
Production reported monthlyAfrica
Total
South
Africa
$l=25¥io
507
11, 607
176
11,476
L93
11,193
)00
12,000
$35
13, 335
$l=15%i
366,795 24, 264
1929—Total
1930—Total
1931—Total
1932—Total
1933—Total
404,969
430,725
461,592
499, 241
522,555
359, 347
373,154
394,399
421, 656
420,093
215, 242
221,526
224,863
238,931
227,673
1934—Total
941,860
722,724
54,707
58,676
58, 251
61,476
59, 429
60,786
61,627
'60,493
63, 725
60,765
62,183
28,893
30, 550
30,173
31.324
30,138
30, 773
31,015
29,951
30,994
30,633
30,356
February..
March
April
May
June
July
August
September
October...
November.
December.
1935—January,..
February..
March
72,981
76,949
76,525
79,750
77, 702
79,060
79,900
78, 766
81,999
79,039
80,457
» 80,432 9 60,159
v 76,726 p 56,452
p 81,406 9 61,132
1,893
2,042
2,014
2,055
2,048
2,015
2,085
2,061
2,054
1,932
2,031
Far East
North and South America
ColomWest Belgian
United
Africa Congo Canada States Mexico
bia
Rhodesia
Chile
AU
Fa
lia "
grains of gold 9Ao fine; i. e., an ounce of fine gold=$W.67
683
4,297
2,390 39,862 45,835 13,463
13, 463 2,81
2,823
8,712
4,995
2,699
43,454
428
43, 454 47,123 13,813 3,2!
3,281
9,553
5,524
3,224
55,687
442 12,134
55, 687 49,524
49, 524 12,866
12, 866 4,0:
4,016
5,992
3,642
62,933 50,626 12,070 5,1!
788
5,132
14, 563
6,623
3,631
60,968 52,842 ^, 13,169
13,169 6,165
6,11
3,631
3,009 16, 790
grains of gold Ho fine; i. e., an ounce of fine gold=$S5
12,153
6,549 103, 769 107, 632 23,135 12,045 8,358 30,447
2,269
502
656
927
7,803 6,624
1,906 1,067
965
571
940
554
8,726 8,409
1,194
2,415
941
843
648
509
7,975 8,059
2,233
2,566
951
566
991
425
9,090 8,969
2,431
2,460
623
946
547
8,495 8,724
1,941 1,003
2,722
521
832
1,072
8,593 9,214
1,861 1,037
2,579
666
542
1,022
9,270 8,829
2,078
1,148
2,619
544
940
525
1,072
8,546 10,404
1,396
2,625
582
731
1J43
1,117
9,278 10,824
2,166
2,453
590
831
1,080
8,750 8,759
2,006
1,227 2,650
922
534
1,135
9,148 10,124
2,093
688 2,722
31, 202 2,024
1,075
1,920 P 1.050
28,717
p 30,870 91,195 p 1, 330
599
*599
*599
8,353
p 8, 050
p 8,470
8,610 p 1,995
7,700 p 2,030
9,415 9 2,030
830
991
P945
P688
P688
P688
Ja
Pan
India
6,927
8,021
8,109
8,198
8,968
7,508
6,785
6,815
6,782
6,919
16,354
11,223
1,280
1,390
1,376
1,268
1,310
1,351
1,413
1,495
1,438
1,377
1,435
•921
914
946
930
938
938
932
944
929
1,463
2,374
1,386
p 2,374
P 2,374 P 1,470
946
*946
P946
Preliminary.
' Revised.
«Corrected.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
November 1934, p. 737, and March 1935, p. 170. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for
1934, p. 104. Figures for Canada since 1933 are subject to official revision.
GOLD MOVEMENTS
[In thousands of dollars]
United States
Year and month
Total
net
imports
or net
exports
()
Net imports from or net exports (—) to—
England
France
SwitzerBelgium NetherCanada
lands
land
British
Mexico Colombia India
Customs valuations; with some exceptions at rate of $20.67 a fine ounce
53, 5851 -441,6491 -82,5711 -96,5861-118,2731 64,5741 20,0871
3,2401 26,5971
6, 375| -216,035|
-895|
7,90l| —11,63l| 19,896|
4,280|
98| 25,6291
Customs valuations; with some exceptions at rate of $35 a fine ounce
260,223
8,902 94,348
12,402
86,829
30,270
16,944
76,820
499,870
1932—Total
1933—Total
-446, 21311
-173,455||
1934—Total i_-_
1,131, 994
February.
March
April
May
June
July
August
September
October...
November
December.
452,571
237, 336
54, 748
33,583
63, 705
52, 346
37,225
-18,670
10, 837
120,889
92,109
239,800
135, 987
24, 054
5,927
31, 288
22, 978
22, 872
-950
-1,118
3,687
19, 649
1935—January.,.
February.
March
April
149, 392
122, 772
13, 003
148, 608
85, 577
63, 424
-187
124, 381
51,821
1,786
233
10, 750
2,212
- 5 , 238
-17,748
26
70, 351
22,430
14, 592
45, 766
56
1 . 4 8 1 Wr14 32, 510
131
10
57, 272
10,148
7, 234
1
-1,943
-2,094
-4,865
-17
212
-500
12, 814
9,906
17,790
12,812
I,94,890
9,087
3,569
-254
339
12,114
10, 272
9,069
8,673
6,989
8,982
8,200
539
3,775
9,609
8,077
5,124
5,368
640
2,086
2,837
2,664
515
399
3,265
880
6,076
1,660
2,490
2,495
2,554
37
8
2,484
-8
3,112
1
2,111
12, 091
5,346
4,449
10, 968
4,991
729
833
923
2,101
2,112
1,407
2
China
and
Hong
Kong
All
other
countries
39,0431 85,737
12,8211 -21,898
16,452) «28,935
11,300
12, 574
651
2,865
3,067
1,865
2,286
3,254
672
513
50
700
529
2,352
3,351
1,790
1,987
2,190
3,316
3,960
• 1,180
1,729
1,896
2,874
10,616
522
2,139
2,924
1,528
359
334
313
5,083
2,711
3,972
4,596
11,465
4,613
10, 240
12,191
8,948
5,489
• Corrected.
i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximate rate of $20.67 a fine ounce.
294
FEDERAL RESERVE BULLETIN
M A T 1935
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Great Britain
Net imports from or net exports (—) to:
Year and month
Total
net imports
or net
exports
Germany
United
States
84,68511 -50,6421-297,0501
677,405||
7,939| 97,016| 41,
1934-Total
716,269
1935—January
February..
March
April *
184,820
91,471
35,003
37,986
53,056
30,991
26,005
23,488
49,999
49, 585
27,215
497,166
South
Africa,
South
RhoNether- Switzer- Amer- Canada British Straits
Austradesia,
lands land i
India Settlelia
ica
ments
West
Africa
-238,842 283,333
-130,087
66,180
-19,851 -7,038
-5,197 -30,856
-35,375
8,622
-121
-15,420 -6,797
6,251 -8,188
-339
950
27,026
-17,284
-22,489
1.""
18,837
65,579
3,524
8,243
17,495
4,099
45
2,890
105
152
r-4,279
-79,628
4,270
-74,127 -17,739
66, 557
66
26, 612
22,753 -13,667 -33,487
3,790
358
44
-34
218
—2,161
-6,034
-2,157
-1,291
-5,198
-1,
17,891
6,522
-176
523
-216
-252
319
-659
-71
-46
-102
- 5 -4,563
-203 -1,849
482 -1,118
-550
-60
310
-109
187
343
284
144
1,794
1,749
2,052
655
670
241
-'349
-951
-1,992
-231
8,780
2,145
51
19,192
-53
-305
-6
22,541
2,05'
1,195
-907
4,870
39
47
75
7,266
4,-"
V
2,970
430
30,193
37,372
13,033
14,147
17,330
12,213
25,146
962
4,992
18,791
17,882
647
1,094
359
485
441
70
66
151
245
190
128
2,951
3,105
3,824
3,086
3,172
3,234
4,673
3,507
3,438
2,686
4,126
30,881
36,707
31,929
42,935
30,505
32,312
22,371
11,315
24,420
18,495
23,469
24,046
19,093
15,457
14,951
12
88
296
531
4,066
3,067
2,685
1,874
37,231 -3,071
18,669 11,410
12,661
6,570
16,797 -5,310
exports
1932—Total
1933—Total
1934—Total
Net imports from or net exports (—) to:
Total
net
imports
gtates
England
Germany
Belgium
5,591
8,483
4,750
13,233
9,070
4,774
1,491
12,790
2,970
2,906
Germany
France
Year and month
All
other
countries
Official figures converted at rate of $20.67 an ounce
5,7461
1 220,3941 10,7811 20,3641 255,3101 18,279
}|-13,4341-71,3781-14,0191
-808| -7,065|
9,610| 43,374| 118,817| 8,682| 60,812| 256,177| 46,110
Official figures converted at rate of $35 an ounce
4,863! 41,790 335,253 101,860
348,190 121,0171-13,585 32,575 -9,123 17,568 26,316 206,711
1932—Total
1933-Total
February..
March
April.
May
June
July
August
September.
October
November.
December..
Belgium
Netherlands
Switzerland
All
other
countries
Total
net
imports
or net
exports
Net imports from or net exports ( - ) to:
England
France
Netherlands
All
U.S. other
S. R. countries
Official figures converted at rate of $20.67 an ounce
-2501-38,1701 -24, 4551 46,6561 -11,063
828,1781 468,052 309,9841 37,8891 —35,0101 37,5471-17,6681 27,3821 -27,28211
243,944| 223,894 - 8 7 , 207| 73,00l|-28,979| 44,69l| 10,49l| 8,053|-102,856|| -37,044|-64,922| -40,950| 40,317| - 2 6 0
Official figures converted at rate of $85 an ounce
85,390 4,097
73,123-90,920-109,386-42,907
406,949 -240,361-351,729 31,036-17,669 74,995 23,657
LSI
February.
March
April
May
June
July
August
September
October
November p
December »
1935 —January*.
February *_
March *
-79,158
997
124
-9,779
-3,003
-7,290
5,987
26,296
-64,337
-19,918
-160,187
-155,636
-37,010
33,581
-11,411
926
264
9,606
3,706
-17,936
-8,738
7,796 -15.376
-50,314
648
-2,931
8,670
14,676
-32,479
19,118
-1,765
6,853
-2,914 -11,305
32,492
286
5,405
427
19,168
-1,038
-9,226
-15,492
-6,972
1,
4,220
-20,472
-39,440
-5,655
-29,040
-20,312
4,469
6,327
61
7,873
2,954
1,206
3
15A
86
153
27
123
117
153
274
257
2,662
227
«320
404
472
e
r
* Preliminary.
Corrected.
Revised.
» Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately
in the official monthly statistics.
" > $19,218,000 imported by France from Italy in November 1934; $65,437,000 in December 1934; $25,755,000 in January 1935.
NOTE.—Great Britain and Germany.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official
totals published for the year as a whole.
295
FEDERAL RESERVE BULLETIN
M A Y 193S
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Netherlands
Year'and month
Total net |
imports
or net
exports
116,149 I
-67,510|
1932—Total
1933-Total
-122,664
1934—Total
February
March
April
May
June
July
August
September
October
November
December
-102,784
-9,201
3,063
13,859
9,570
9,170
-2,737
-326
-2,386
-16,849
-9,431
1935—January—
February
March
-18,300
-2,899
510
Net imports from or net exports (—) to:
United
States
106,623 I
-46,040
England
France
Poland
Official figures converted at rate of $20.67 an ounce
50,070 1 -34,009 1 26,886 1 -12,727 1 -13,630 1
-1,624 I -72,183 |
40,818 | -17,873 | - 6 , 0 3 0 |
Official figures converted at rate of $35 an ounce
-31,038
-78,610
25,716
9,285
-1,253
-76,485
-4,132
-287
-158
1,701
~-l7,~776"
-9,270
-13,283
-4,928
-418
-115
277
75
-23
-327
-637
645
-312
-15,605
- 2 , 495
37
-3,221
-352
- 1 , 299
110
64
617
-225
8,880
-194
498
Belgium
Germany
7
166
830
62
233
345
7,951
11,835
7,704
71
-42
34
-1,864
-6
78
r4,084
6,116
-8
-166
-53
174
-2
-178
-5S7
-95
-62
-141
-102
-68
-291
-103
-278
-44
-65
-65
-34
-161
-159
1,066
-30
-8
-3
Switzerland
Year and month
1932—Total
1933—Total
1934—Total
February..
March
April
May
June
July
August
September.
October
November.
December..
1935—January
February..
March
Total
net
imports
or net United
exports States
British
India
-16,137 I
-16,974 I
BelFrance gium
16,423 I
9,632 I
-4,784
Italy
All
Neth- other
erlands countries
Total
net
imports
or net
exports
Net imports from or net
exports (—) to:
United
States
-7,346
567
2,171
England
All
other
countries
Change in—
Gold
pro- Govt.
ducPrivate
retion in serves
holdIndia
ings in
in
India
i
India
Official figures converted at rate of $20.67 an ounce
-581 -2,954! 14,996! 10,688! -195,66211-38,0941-151,0591 -6,5081 6,7821
735|-15,330| 13,168|
635| —126,048[|—30,340| -85,463| -10,244| 6,916|
Official figures converted at rate of $35 an ounce
-46,065 -12,784 -45,955 -29,235 18,397 19.431 2,580 1,500 -230,720-65,266-163,657
124,3541 15,3421 7,4181
-41,121| 10,983|- -24,536J-26,78l|
-30,109 -10,898 -21,567 r 2, 233
-25,403 -1,617 -12,110
-43, 753
97
- 4 , 1 " " -38! 189
128
-11,582
-5,350 -6,613
98
-8,372
-817 -5,648 -2,193
141
69 -1,171
-390
11
30
2
26, 569
4,007 11,802
56
21, 532
2,367 15,804
12,853
5,821 3,538
-195
291
12, 397
- 7 7 1 -6, 273 13, 526
226
-1,950
-417 -4,143
314
138 - 3 6 5
311 -6,782
2,269
1,392 -2,132 - 2 3 8
364
113 -222
208
166 -186
214
387
-41
1,105 2,566 7,056
2,304 1,105 - 1 0 5
7
3,987 -305
6,001 -275 -102
114
-15
2,280
-4,125
-15,025
-17,830
472
2,689
4,734
-17
-216 -4,344
- 5 1 -2,108 -16,117
5
-16,148
All other
countries
British India
Net imports from or net exports (—) to:
England
Switzerland
225
415
-218
-90
-202
198
428
207
1271 -189,008
- 5 | -119,124
173 -219,671
-38,421
-19,880
-20,005
-19,396
-18,163
—21,196
-39,307
—20,806
- 2 0 , 733
-20,344
-19,105
-22,130
- 3 , 565
- 2 , 534
-14,431
- 2 0 , 700
- 2 3 , 255
-16,334
-17, 746
-16,088
"-15,143
r
v Preliminary.
Revised.
Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.
NOTE.—Netherlands and Switzerland—-In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official
totals published for the year as a whole.
1
296
FEDERAL RESERVE BULLETIN
M A T 1936
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
1934
1935
Mar.
Argentine Conversion Office (millions of
gold pesos):
Gold
_._.
Currency issued
Irish Currency Commission (thousands
of pounds sterling):
Legal tender note fund:
British legal tender and bank
balances
British securities
_
_.
Notes issued
___
Consolidated bank notes: 1
Issued. _
Deemed such under sec. 60 (4) of
Currency Act, 1927
_
_.
Feb.
247
534
Mar,
Jan.
247
529
247
521
247
548
354
211
166
151
7,377 7,176 7,176 7,013
7,730 7,327 7,387 7,179
4,871
4,867 4,857 4,763
1,120
1,125
1,130
1,214
Mar.
Canadian Minister of Finance » (millions
of Canadian dollars):
Gold reserve against Dominion n o t e s . .
Advances to banks under finance act__.
Dominion notes:
Issued
Outside chartered bank h o l d i n g s . .
Indian Government (millions of rupees):
Gold standard reserve:
29
Gold
505
Foreign exchange.
_
Paper currency reserve:
416
Gold
904
Silver
542
Other assets
_
_.
1,861
Notes issued
1935
1934
Feb. Jan
Mar.
40
220
45
217
32
173
30
29
505
29
505
29
505
416
915
502
1,832
416
939
482
415
377
1,772
1
Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Mar. 2, Feb. 2, and Jan. 5, 1935, and M a r . 3, 1934.
Figures
for notes deemed to be consolidated bank notes are as of close of business on these dates.
J
On Mar. 11, the Bank of Canada commenced operations, assumed liability for Dominion notes, and received equivalent amount of gold and
other assets from Minister of Finance. Chartered banks repaid all advances from minister and deposited their gold held in Canada and most of
their Dominion notes with Bank of Canada. See table on central banks.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' acceptances
Treasury bills
_
T i m e funds at interest—Not exceeding 3
months
_._
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
._
Sundry investments
Total
__
Other assets:
Guaranty of central banks on bills
sold
8 u n d r y items
Total assets
1934
Liabilities
Gold in bars
_
_.
Cash on hand and on current account with
banks
Demand funds at interest
Total
1935
1934
1935
Assets
Mar. 31 Feb. 28 Mar. 31
Mar. 31
Feb. 28
Mar. 31
11,008
11,008
28,176
Demand deposits (gold)
2,639
15,465
2,338
4,224
2,757
14,447
Short-term deposits (various currencies):
Central banks for own account:
Demand..
_
Time—Not exceeding 3 months...
Total..
148,451
213,976
163,500
194,896
157,719
192,103
362,427
41,771
349,822
37,482
358,396
41,211
31,898
64,038
30, 751
54,037
18,344
64,929
28,165
31,664
36,917
42,459
39, 256
31,490
28, 340
36, 244
20, 307
36, 247
31, 606
36,409
220, 348
220,718
222,044
6,120
4,340
6,084
3,481
4,691
4,376
659,829
648,018
667,526
Central banks for account of others:
Demand
Time—Not exceeding 3 m o n t h s Other depositors:
Demand
Time—Over 6 months
Between 3 and 6 months
Long-term deposits:
Annuity trust account
German Government deposit
__
French Government guaranty fund _.
French Government deposit (Saar)..
Total
Capital paid i n . . .
Reserves:
Legal reserve fund
Dividend reserve fund-.
General reserve fund
Other liabilities:
Guaranty on commercial bills sold..
Sundry items
Total liabilities..
10,921
10,921
28,176
23,711
108,014
27,987
107, 759
42,609
108,126
131, 725
135, 746
150,735
22,751
2,947
15,398
9,418
2,220
1,428
488
1,071
154,294
77,147
61,930
2,031
154, 294
77,147
61,930
153,546
295,402
125,000
293,371
125,000
271, 220
125,003
2, 672
4,866
9,732
2,672
4,866
9,732
2,022
3,895
7,790
2,036
6,234
43,323
659,829
6,084
42,312
648,018
76, 773
40,903
4,691
63, 506
667, 526
297
FEDERAL RESERVE BULLETIN
MAT 1935
CENTRAL BANKS
Assets of banking department
Bank of England
(Figures in millions of pounds sterling)
Gold
(in issue
department) *
Cash reserves
Coin
1934-Feb.28__
Mar. 28...
Apr. 25__
May30._.
June 27__
July 25._.
Aug. 29__.
Sept. 26..
Oct. 31___
Nov. 28..
Dec. 26 ...
191.0
191.1
191.2
191.3
191.5
191.6
191.8
191.9
192.0
192.1
192.3
1935-Jan. 3 0 . . .
Feb. 27. _
Mar. 27..
Apr. 24...
192.4
192.5
192.5
192.6
1.0
1.1
.9
.8
.7
.6
.6
.6
Notes
Liabilities of banking department
Discounts Securiand
ties
advances
Note
circulation
Deposits
Bankers'
Public
72.3
77.5
73.2
69.8
67.6
72.5
74.9
73.6
72.4
47.1
5.8
5.6
5.3
5.6
6.1
7.5
5.6
7.2
8.9
9.2
7.6
87.9
88.1
86.3
87.6
91.9
94 2
92.5
92.2
91.6
90.6
98.2
367.4
378.8
373.7
378.1
381.7
383.9
379.3
377.0
378.4
379.7
405.2
90.3
94.5
99.5
99.4
96.3
104 8
83 7
82.0
100.4
89.1
89.1
32.1
17.5
15.8
14.0
17.6
10.9
34.0
37.9
16.9
27.7
37.7
36.9
37.0
36.1
36.5
36.1
35.2
36.8
39.8
38.1
36.4
18.2
18.3
17.7
17.8
18.0
18.1
18.2
18.3
17.7
17.8
18.0
77.5
75.1
71.1
59.4
9.3
6.2
5.6
5.8
92.7
92.0
99.0
97.4
374.9
377.4
381.4
393.2
99.0
95.5
93. 6
98.1
20.9
19.4
20.1
42.1
40.7
41.2
39.6
18 2
18.2
18.3
17.7
Assets
Bank of France
(Figures in millions of francs)
Gold
Other
Other
liabilities
9.9
7.6
Liabilities
Foreign Domestic Security
exchange bills
loans *
Negotiable
securities
Other
assets
Note
circulation
Deposits
Government
Other
Other
liabilities
1934—Feb. 23.._
Mar. 30—
Apr. 27._.
May 25—
June 29___
July 27.._
Aug. 3 1 . . .
Sept. 28...
Oct. 2 6 —
Nov. 3O.._
Dec. 28 . . .
73,971
74,613
75,756
77, 466
79, 548
80,252
82,037
82, 281
82,476
82,097
82,124
1,070
1,068
1,066
1,094
1,157
1,155
1,082
962
931
960
963
5,963
6,198
5,707
5,011
4,386
4,248
3,116
4,146
3,996
3,068
3,971
2,932
2,972
3,016
3,060
3,076
3,054
3,140
3,134
3,101
3,228
3,211
6,114
6,007
5,973
5,950
5,929
5,913
5,913
5,898
5,898
5,898
5,837
7,960
8,229
8,152
8,202
8,278
8,150
9,060
8,254
8,264
8,849
81,024
82, 833
81, 502
79,992
82, 058
80, 809
81,732
81,479
79, 467
81,879
83, 412
1,868
1,721
2,024
2,996
3,291
3,515
3,884
3,674
5,287
4,829
3, 718
13,067
12, 632
14,199
15, 681
15,188
16, 547
16,880
17,673
17, 966
15,522
15, 359
2,052
1,900
1,944
2,114
1,837
1,901
1,853
1,850
1,942
1,869
1,907
1935—Jan. 2 5 —
Feb. 22 ..
Mar. 29...
Apr. 26 v_
82,014
82,040
82,635
962
961
1,017
1,064
4,003
3,998
4,170
4,280
3,149
3,080
3,139
3,093
5,837
5,833
5,833
5,804
7,970
7,914
8,074
(3)
81,686
81,917
83,044
82, 351
3,751
3,619
3,668
3,702
16,473
16,328
16,213
15,145
2,024
1,962
1,943
(3)
Assets
Reichsbank
(Figures in millions of reichsmarks)
Reserves
Gold
1934—Feb. 28__
Mar. 29_.
Apr. 30. _
May 31..
June 30-.
July 31 __
Aug. 31..
Sept. 29..
Oct. 31...
Nov. 30..
Dec. 31..
1935—Jan. 31...
Feb. 28..
M a r . 30Apr. 30 p.
333
237
205
130
70
75
75
75
83
79
79
Foreign
exchange
Liabilities
Other
Treasury bills
(and Security
bills
loans
checks)
Securities
Other
assets
Note
circula- Deposits
tion
Other
liabilities
45
2,766
3,144
3,140
3,174
3,392
3,408
3,540
3,811
3,726
3,848
4,021
248
144
140
125
171
109
128
148
91
119
146
666
681
639
643
685
713
737
765
750
752
763
801
685
760
860
780
886
867
806
890
881
827
3,494
3,675
3.640
3,635
3,777
3,768
3,824
3,919
3,823
3,810
3,901
530
547
515
538
623
649
717
848
856
961
984
802
768
788
778
776
800
813
851
868
920
1,001
27
3,620
3, 656
3,799
3,861
81
188
66
87
759
764
757
701
837
697
701
739
3,660
3,617
3,664
3,711
822
928
922
952
900
866
830
837
*1 Preliminary
In addition, the issue department holds Government and other securities and silver coin as cover for thefiduciaryissue, which isfixedby
law at £260,000,000.
» Beginning with Mar. 29, 1935, includes advances for not over 30 days secured by Government obligations maturing within 2 years. Such
advances carry a lower rate of interest than other advances.
* Figures not yet available.
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83
298
FEDERAL RESERVE BULLETIN
M A T 1935
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1935
Central bank
National Bank of Albania (thousands
of francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation._
Demand deposits
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
Austrian National Bank (millions of
schillings):
Goldi
Other foreign bills L._
Domestic bills.._
Government debts
Note circulation--
Mar.
Feb.
1934
Jan,
Mar.
1935
Central bank
Mar.
Feb.
1934
Jan,
Mar.
Central Bank of China—Continued.
103
Silver
118
US
8
Due from banks abroad
10
20
34
33
Due from domestic banks
68
77
80
Loans and discounts
135
Securities
173
173
13
Other assets..
61
58
4ft
Note circulation
91
90
69
Deposits—Government
195
201
215
Bank
48
38
42
Other
24
12
8
Other liabilities
140
139
8ft
15,708 15,708 15,708 15, 508 Bank of the Republic of Colombia
30,052 26,314 25,555 28,625
(thousands of pesos):
Gold at home and abroad *
9,922 10,495 10,884 14,989
985
870
1,615 2,702
Foreign exchange
2,868 2,263
33,146 20,339 19,092 22,912
Loans to member banks
6,748
6,465 6,594
6,545
13,398 17,660 19,579 14,634
Note circulation.
36,072 35,357 35,028 34,903
36,123 36,123 35,873 36,108
Deposits
23,206 24,398 23,906 28,430
85, 770 77,007 77, 221 78,893 National Bank of Czechoslovakia
(millions of koruny):
47,050 47,050 47,550 40,910
2,682 2,661
Gold....
2,684 2,683
Foreign balances and currency
305
284
64
291
242
242
242
189
Loans and advances
1,180 1,562
1,124
1,060
38
32
24
36
Note circulation.
5,028 5,544
5.560
5,253
234
308
234
237
Deposits
_.
975
1,317
796
624
624 Danish National Bank (millions of
624
624
902
981
914
kroner):
902
212
154
199
215
Gold
133
133
133
133
National Bank of Belgium (millions
Foreign bills, etc
16
16
23
15
of belgas):
Loans and discounts
73
72
77
73
2,259 2,531 2,543 2,700
369
Note circulation
363
361
Gold
369
671
933
684
705
99
Deposits
92
91
Domestic and foreign bills.99
340
380
340
347 Bank of Danzig (thousands of
Loans to State
3,456
gulden):
3,770 3,647
Note circulation
237
211
433
Gold.
Deposits
-.
241
20,144 20,010 20,485 30,160
Central Bank of Bolivia (thousands of
Foreign exchange of the reserve
2,703 11,340
1,090
1,478
121
bolivianos):
Other foreign exchange
125
84
148
10,074 9,662 14, 543
Gold at home and abroad
_.
Loans and discounts
24,614 21,358 21,253 15,881
5,777 6,770 10,069
Note circulation
Foreign exchange
39,258 37,647 38,072 41,280
14,022 53,064 21, 707
Deposits
1,764
2,621 10,848
Loans and discounts
1,257
227,131 207,135 .15, 307 Central Bank of Ecuador (thousands
Note circulation
3,495 3,848 5,191
of sucres):
Securities: National Government-.
95, 776 90, 598 57,254
Gold at home and abroad
Other
14,973 15,973 16,417
167,865 .45,045 76,383
Deposits.
Foreign exchange—
14,831 11,306 6,916
Bank of Brazil (millions of milreis):
Loans and discounts
51,370 51,021 50,018
341
458
377
Note circulation_
44,705 45,506 37, 711
Currency
189
168
415
27,390 29,629 23,070
Deposits.
Correspondents abroad2,886 2,568 2,703 National Bank of Egypt 3 (thousands
Loans and discounts
_
20
of pounds):
Note circulation
20
20
6,5462,778 2,899
6,545
6,545
Gold
Deposits
4,051
4,378 3,209
Foreign exchange—
National Bank of Bulgaria (millions
4,33ft
4,690
5,169
Loans and discounts
of leva):
1,547 1,547 1,547
1,586
B r i t i s h , Egyptian, and otherGold
-87
-75
-69
19
32,752 31, 791 35,320
Government securities.
Net foreign exchange in reserve.-.
365
203
468
149
4,713 4,195 3,458
Other assets.
Total foreign exchange
919
940 1,032
603
19,290 19, 527 19,544
Note circulation.
Loans and discounts
2,698
8,594 7,663 5,118
2,783
Deposits—Government
Government obligations
2,229 2,176 2,226 2,603
16,674 16,782 20,402
Other.
Note circulation
1,842 2,195 1,980 1,625
8,194 8,106 7,80ft
Other liabilities
Other sight liabilities. _
Bank of Estonia (thousands of krooni):
Bank of Canada « (thousands of Ca28,615 27, 739 27,700 20,432
Gold
nadian dollars):
106, 585
5,259
5,598 5,071 6,104
Net foreign exchange
Gold
1,156
14,155 14,144 14,093 19,330
Loans and discounts
Sterling exchange.
37,725 37, 710 35,984 34,540
6,818
Note circulation.
United States exchange.
8,326
8,551 9,008 4,849
Deposits—Government
Government securities:
39,324
8,085
7,780 7,635 7,569
Bank
2 years or less
_
2,481 2,954
115,014
2,546
Other
Over 2 y e a r s . .
2,588
Bank of Finland (millions of markOther assets.
97,080
kaa):
Note circulation
323
169,094
323
32?
323
Gold
Total deposits
_
148,979
Balances abroad and foreign
Chartered banks
1,317
1,330 1,054
19,854
1,268
credits
Government—
328
107
113
115
5,310
Foreign bills.
Other liabilities
717
750
606
660
Domestic bills
Central Bank of Chile (millions of
1,441
1,372
Note circulation
1,268 1,322
pesos):
332
344
294
Other
sight
liabilities
381
Gold and foreign exchange in re142
serve
170 Bank of Greece (millions of drach142
48
mas):
98
Loans and discounts
51
3,787
713
721
713
Gold and foreign exchange
3,936 3,968 3,96ft
Government debt
2,567
544
508
511
Loans and discounts
1,903 2,378 3,594
Note circulation..
3,267
352
351
Government obligations
3,262 3,308 3,355
346
Deposits
___
5,541
Note circulation...
5,221 5,268 5,098
Central Bank of China 3 (millions of
3,770
3,652 4,094 6,066
Other sight liabilities.
yuan):
81
170
72
22
Liabilities in foreign exchange
Gold.
26
26
1
Beginning Apr. 30,1934, gold valued at rate of 1 schilling =0.16667 gram of fine gold, instead of 0.21172 as formerly, and foreign exchange valued
at market.
3 items for issue and banking departments consolidated.
» Bank began operations Mar. 11,1935.
* Gold acquired since Mar. 20,1934, valued at purchase price.
7,122
22,557
2,532
2,319
13,617
10,498
10,415
7,122
22,969
2,576
2,252
12,739
11,815
10,365
7,224
24,532
2,944
2,883
11, 710
15,394
10,480
299
FEDERAL RESERVE BULLETIN
M A Y 1935
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1934
1935
Central bank
Mar.
National Bank of Hungary (millions
of pengos):
Gold
•
Foreign bills, etc
Loans and discounts
Advances to Treasury
Other assets
Note circulation
Deposits
Certificates of indebtedness
Miscellaneous liabilities
Bank of Italy (millions of lire):
Gold at home.
Credits and balances abroad
Loans and discounts
Note circulation
Public deposits
Other deposits
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 of litu):
GoldForeign currency
Loans and discounts
Note circulation
Deposits
Bank of Mexico (millions of pesos):
Gold
Silver.
Foreign exchange
Loans to member banks
Other loans and discounts
Other assets..'
Note circulation
Deposits
Other liabilities
Netherlands Bank (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
Reserve Bank of New Zealand (thousands of pounds):
Gold—
Sterling exchange
Other assets
..
Note circulation
Demand deposits
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.
79
20
535
58
72
370
86
115
168
5,825
52
4,900
12,894
300
845
Feb.
79
20
569
52
55
353
84
115
199
Jan,
79
22
580
60
18
353
87
115
170
Mar.
79
15
583
49
30
360
79
120
171
5,824 5,822 6, 874
50
82
44
4,937 5,136 6,037
12,
787
12, 634
12,963
300
300
300
998
923
472
870
643
1,334
578
470
720
404
1,186
468
771
507
425
859
587
1,271
497
117
1
65
175
43
117
1
64
174
42
115
1
61
176
35
113
0
58
191
28
46
6
59
72
39
48
107
46
7
59
73
38
46
111
46
6
61
73
37
49
114
44
3
65
64
33
57
107
46
8
104
98
56
46
9
102
93
47
8
101
90
63
54
13
86
90
61
72
116
16
65
18
11
100
93
107
71
119
9
44
38
8
91
85
114
816
1
171
855
179
786
1
172
901
103
813
154
848
163
811
1
156
857
155
3,002 3,002 3,002
22,435 21,811 21,868
2,300 2,264 2,203
9,341 9,327 9,534
16,837 16,205 15,988
4,796 5,954 7,687
12,033 10, 247 8,295
1.558 1,545 1,551
135
45
232
323
7
79
135
40
227
311
6
70
135
42
237
312
7
82
135
12
274
330
2
61
43, 227
60,373
73,183
26, 814
42,969
60,193
73,953
25,823
41, 852
56,184
64,941
26,046
1935
Central bank
Bank of Poland (millions of zlote):
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 l
State debt«
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 bills, etc...
*
Loans and discounts
^._.
Note circulation
Deposits
Swiss National Bank (millions of
francs):
Gold
Foreign balances and bills
Loans and discounts
_.
Note circulation
„
Demand deposits
Central Bank of the Republic of Turkey (millions of pounds):
Foreign exchange .._
Government securities
Other securities
Other assets
Note circulation
Deposits
Other liabilities..
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Other assets.
Note circulation
Deposits—Demand
Time
Judicial and administrative
Other liabilitiesNational Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts
Advances to State
Note circulation
Other sight liabilities
Mar.
507
15
682
945
210
Feb.
1934
Jan.
Mar.
506
18
673
940
230
505
20
699
937
234
481
67
745
955
232
905
476
298
1,049
2,049
862
905
466
302
1,049
2,079
810
867
360
334
1,051
1,965
755
10,461 10,414 10,346 10,010
92
91
91
215
5,918 6,276 6,588 9,074
2,876 2,893 2,911 3,135
5,681
9,824 9,799 9,717
9,886 9,308 9,188 8,512
21,904 21, 225 21,617 21,479
7,700 8,152 7,818 7,318
9,453 9,406 9,607 7,830
28,624 25, 939 23,743 17,740
6,558 6,788 7,136 22,341
14
121
217
13,076 11,477 11,541 11,975
8,289 3,998
3,705
25,122 24,980 21,121 27,281
2,817 3,329 3,948 1,824
2,269
697
281
2,346
4,560
1,049
2,269
691
284
2,330
4,590
1,051
2,268
688
279
2,351
4,591
2,262
674
283
2,510
352
603
51
705
455
351
557
50
659
454
351
563
50
651
475
374
513
54
644
484
1,713
6
109
1,358
481
1,794
96
1,330
556
1,838
3
95
1,334
592
1,746
1
136
1,405
482
28
13
151
35
33
159
30
70
28
14
152
35
33
162
29
71
27
13
152
35
35
164
31
68
25
3
153
31
33
159
29
57
46,160
101,064
44, 845
76, 569
32,965
46, 643
102,957
41, 609
75, 584
33,166
39, 371
49,869
97,868
45,465
79, 483
35,394
41, 339
2,609 2,626 2,701
40,587 40,462 34,236
1,266
207
1,820
2,289
4,432
1,191
1,260
164
1,828
2,288
4,322
1,241
1,251
159
1,803
2,287
4,288
1,292
1,766
129
1,876
2,317
4,232
944
1
Agricultural and urban loans in process of liquidation. See note 2.
»Includes Treasury obligations received from Government in connection with losses on agricultural and urban loans and reported separately from "other assets" beginning with Dec. 31, 1934.
300
FEDERAL RESERVE BULLETIN
MAT
193«
COMMERCIAL BANKS
[Figures are as of end of month, except those for England, which are averages of weekly figures]
Liabilities
Assets
England
Cash in Money at
and
and Bills dis10 clearing banks. Figures in millions vault
due
from call
short
counted
of pounds sterling)
Bank of
notice
England
Securities
Loans to
custom-
Deposits
Other
Total
Demand
Time*
Other
liabilities
1934—May
June
July
August
September
October...
November.
December.
218
199
210
196
207
213
210
216
131
141
138
139
137
136
135
151
223
228
224
222
213
216
233
255
542
549
550
557
563
576
589
594
759
761
762
759
757
760
759
759
225
229
220
219
222
236
236
247
1,858
1,870
1,871
1,856
1,858
1,891
1,911
2,222
925
954
960
939
948
960
975
1,044
887
888
874
869
873
885
900
910
238
237
235
236
240
245
250
251
1935—January
February..
March
225
213
214
137
127
133
284
265
207
593
606
614
756
759
771
237
231
231
2,233
2,202
2,171
1,034
1,009
994
899
251
248
248
Liabilities
Assets
France
Cash in
Loans,
and
from Bills dis- including
(4 large banks. Figures in millions of vault
due
from Due
security
banks
counted
francs)
Bank of
loans
France
1934—May
June
July
August
September
October...
November.
December.
1935—January...
February.
496
,478
407
393
419
508
473
421
,662
603
5,567
5,547
6,105
6,263
6,946
7,450
6,485
6,836
5,864
5,607
18,043
18,435
18, 705
18,024
18,384
17,972
17,363
18, 304
18,024
18, 300
8,356
8,199
8,526
8,327
8,511
8,124
8,003
8,159
8,052
7,840
Deposits
Other
Total
1,185
1,201
1,270
1,316
1,395
1,488
1,562
1,717
«992
1,010
30,621
30,820
31,888
31,165
32,460
32.239
30,542
30,943
30.593
30,342
Demand
29,746
29,916
30,275
31,547
31.332
29.582
30. 039
29,830
29, 591
Assets
Cash in
Loans,
and
from Bills dis- including
(Reporting banks. Figures vault
due
from Due
banks
counted security
in millions of reichsmarks) Reichsloans
bank
June
July
August
September.
October. _.
November.
226
176
145
210
163
140
619
619
601
594
595
579
586
2,160
2,128
2,165
2,223
2,251
2,364
2,378
4,309
4,220
4,239
4,211
4,249
4,227
4,206
Deposits
Securities
2,478
2,512
2,515
2,432
2,455
2,478
2,502
Other
assets
1,184
1,158
1,175
1,167
1,180
1,195
1,200
Total
7,185
7,164
7,151
7,068
7,200
7,244
7,254
Demand
3,260
3,361
3,272
3,189
3,344
3,360
3,372
Assets
187
185
206
212
219
224
232
228
103
99
98
100
101
108
99
103
1,037
1,018
996
1,000
1.010
1,029
1,003
1935—January...
FebruaryMarch
230
230
207
91
86
81
Securities
Other
assets
Note
circulation
Time
3,925
3,804
3,879
3,879
3,856
3,884
3,882
Credits
obtained
Other
from
banks for liabilities
customers
631
609
594
581
570
559
541
3,091
3,127
3.123
3,175
3,204
3,218
Other
liabilities
Total
Demand
Time
977
176
183
163
184
178
162
185
155
830
837
850
862
888
911
920
967
452
455
446
434
450
445
449
119
129
122
131
136
130
132
124
1,964
1,922
1,929
1,939
1,971
2,038
2,035
2,035
597
557
568
571
594
668
624
628
1.368
1,365
1,360
1,367
1,377
1,370
1,411
1,407
719
723
717
733
724
715
715
718
958
957
965
147
149
152
973
984
970
441
434
431
117
119
118
2,014
2,003
2,006
602
575
560
1,412
1,428
1,447
710
717
681
• Corrected.
i Excluding deposits of the National Bank relating to offices outside England, which are included in the total.
* Bank of Canada began operations Mar. 11, 1935.
NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646.
3,766
3,833
3,925
3.976
4,016
4.119
4,152
4,301
3,779
3,789
Deposits payable in Canada
excluding interbank deposits
Entirely in Canada
1934—May
June
JulyAugust
September.
October...
November
December .
261
208
201
183
179
183
192
193
220
228
Other
liabilities
Liabilities
Security
loans
(10 chartered banks. Figabroad
ures in millions of Canadian Cash and
and net
Other
dollars)
from
due from Security loans and due
Bank ofJ
loans
bills dis- foreign
banks
Canada
counted
Canada
875
904
926
889
913
908
960
904
763
751
Own
accept-
Liabilities
Germany
1934—May
Time
MAT
301
FEDERAL RESEEVE BULLETIN
1935
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
In effect Apr. 1,1932.
Apr. 9
Apr. 19
Apr. 2 1 . . .
Apr. 28
May 2
May 12_
June 30
Sept. 22
Jan. 9, 1933 . .
May 12
June 29
July 15
July 29
Aug. 15
Sept. 4
Sept. 19
Dec. 11
Feb 9, 1934
England
3H
2H
6
Nether- Switzerland
lands
Italy
2
3
6
2H
3
5
5
4
4
4
3
2H
3
3
4
3H
2
2H
Central
bank of—
Albania
Austria
Belgium
Bolivia
Bulgaria
Canada
Chile
Colombia...
2
June 1
Nov. 26
e Mar 25 1935
Apr. 5
Apr. 10,
May 3
- _ In effect May 3,1935.
GerFrance many
4
3H
Rate
May Date effective
3
Nov.
Feb.
Aug.
July
4
6
7
2H
4
4
Czechoslovakia
Danzig
Denmark...
Ecuador
6
Estonia
Finland
Greece
Hungary
5
4
7
16,1933
23,1935
28,1934
5,1932
May Date effective
3
India....
Japan
Java
Latvia
SH Feb.
3.65
July
Nov.
Ztt Jan.
16,1933
3,1933
1,1934
1,1933
Apr.
Aug.
May
May
Oct.
1,1930
1,1934
24,1933
20,1932
26,1933
6
4
25,1933
2,1935
30,1933
30,1932
Lithuania
New ZealandNorway
Peru..
Poland
Portugal
Rumania
South Africa.
Spain
5
Dec.
Dec.
May
Oct.
13,1934
15,1934
15,1933
29,1934
Oct. 1,1934
Dec. 3,1934
Oct. 14,1933
Oct. 18,1932
Sweden
Turkey
U.S.S. R_._.
Yugoslavia-
2V£
5J^
Dec.
Mar.
Mar.
Feb.
1,1933
2,1933
22,1927
1,1935
Jan. 2,1934
c Mar. 11,1935
Jan. 23,1935
July 18,1933
Jan.
May
Nov.
Nov.
4
Rate
Central
bank of—
6
5
5
• Corrected.
Change since Apr. 10: Danzig—May 2, up from 4 to 6 percent; Switzer2H land—May 3, up from 2 to 2H percent.
4H
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
England (London)
Month
Bankers'
acceptances,
3 months
1934—February __
March
April
May
June
July..
August
SeptemberOctober
November.
December..
.95
.95
.96
.91
.91
.87
.79
.73
.77
.45
.57
1935—January...
FebruaryMarch
.36
.38
.57
Month
Treasury Day-to-day Bankers'
Private
bills, 3
allowance discount
money on
months
deposits
rate
Money for Day-to-day
1 month
money
Private
discount
rate
Money for
1 month
.85
.92
.85
.81
.78
.75
.68
.70
4.91
5.00
5.11
5.13
4.67
4.44
5.02
5.13
5.13
4.37
3.56
4.78
4.89
4.76
4.72
4.57
4.67
4.72
4.71
4.63
4.21
4.28
.78
1.24
2.07
1.33
.78
.74
.75
.61
.59
.63
1.00
1.07
1.85
1.22
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.63
.72
3.51
3.41
3.38
3.93
3.77
3.60
3.82
3.83
3.94
.59
.58
.60
1.C0
1.00
1.00
(Brussels)
France
(Paris)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Italy
(Milan)
Hungary
Sweden
(Stockholm)
Japan (Tokyo)
Loans up Discounted
Call
Private
Prime
to 3
money
discount commer- Day-to-day
bills
money
months
rate
i cial paper
overnight
March
April
May
June
July
August
September
October...
November
December.
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
2.05
2.07
2.14
1.93
2.11
2.20
2.31
2.15
2.10
2.23
2.38
2.59
2.75
2.70
2.60
2.09
1.78
1.75
1.50
1.45
1.44
1.60
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.19
4.00
1935—January...
February..
March
1.50
1.50
1.50
2.38
2.38
1.79
2.12
2.12
4.00
4.00
3.89
1934—February.
(Amsterdam)
3.87
3.87
3.87
3.87
3.76
3.75
3.75
3.81
3.81
3.63
3.50
Switzerland
Belgium
Netherlands
Germany (Berlin)
'5.29
'5.29
'5.29
'5.26
'5.20
5.11
5.11
6.11
5.11
5.11
2.56
' 2.57
' 2.46
' 2 . 43
'2.44
'2.57
r
2.79
'2.63
'2.52
2.56
2.74
5.11
5.11
'2.59
2.62
«-5.29
m7K
4U-7H
4H7H
' Revised.
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p . 736; and
May 1930, p. 318.
302
FEDERAL RESERVE BULLETIN
M A Y 1935
FOREIGN EXCHANGE RATES
[Averages of noon buying rates for cable transfers in New York.
Year and month
1929
1930
1931
1932
_.
1933
1934
1934—ApriL_
May
June
_July
AugustSeptember..
October
November. .
December.. _
1935—January
February
March
April........
Argentina
(peso)i
95.1274
83. 5050
66.7375
58.4433
« 72.8009
33.5793
34.3475
34.0413
33.6552
33. 6077
33. 7661
33.2904
32.9458
33. 2625
32. 9513
32. 6038
32.4607
31. 8033
32. 2220
Austria
Aus(schiltralia
(pound)' l i n g ) '
480.83
458.60
351.50
279.93
337.07
400.95
410. 54
407.10
402. 24
401.70
403. 52
396.50
391.52
395. 73
392. 27
387. 92
386.37
378. 56
383. 52
14.0575
14.0891
14.0227
13.9599
15. 4478
18. 7930
18.8724
18.9429
18.9021
18. 8786
18.9981
19.0185
18.9242
18. 7956
18.7711
18. 7725
18.7900
18.8827
18.7898
Brazil
(milreis)i
In cents per unit of foreign currency]
Bulgaria
(l)»
Canada
(dollar)
Chile
(peso)1
China
(yuan)
Colombia
(peso)i
13.9124 11.8078
13 9524 10. 7136
13.9285 7.0290
13.9137 7.1223
17. 8996 7. 9030
23. 2867 8.4268
23.4416 8.6004
23.4137 8. 6046
23.3628 8.4734
23.3606 8. 4384
23.7056
23. 7332
23.4579 8.1899
23.3212 8. 2176
23.3939 8.1904
23. 3150 8.1451
23.3293 8.1282
22. 7564 8. 2363
16.9430 8. 2578
0.7216
.7209
.7163
.7193
1.0039
1.2852
1.3295
1. 3154
1. 2503
1. 2608
1.2881
1.2814
1.2428
1. 2134
1.2110
1.1955
1.2665
1.2878
1.2725
99.2472
99.8424
96. 3258
88. 0896
91.9587
101.0060
100. 2070
100.1859
100.7936
101.2034
102. 3779
102.9387
102.1226
102.4719
101.3090
100.1825
99.8852
99.0647
99.5277
12.0601
12.0785
12.0669
7. 9079
7. 6787
10.1452
10. 2595
10. 2531
10. 2233
10. 2705
10.3266
10. 2974
10. 3090
10.3496
10. 2367
5,0630
5.0761
5.0885
5.1000
41.9007
29.9166
22. 4369
21. 7357
8 28.5979
34.0937
34.1506
32. 4621
33.0523
33.9118
34.8553
35.5827
34. 5881
33.3947
34. 2164
34.9924
36.5369
38. 2960
38. 7908
96. 5512
96.4930
96. 5697
95. 2750
81. 6966
61.7799
59.9228
61.4642
57. 8900
56.1052
55.1596
57. 6496
60. 2012
65.0391
64.5284
64. 1450
58.9577
54.1613
52.8846
99.9647
99.9515
99.9295
99.9409
99.9464
99.9362
99.9288
99.9329
99. 9726
99. 9404
99.9156
99. 9150
99.9165
99.9193
Germany
(reichsmark)
Greece
(drachma)
Hong
Kong
(dollar)
HunIndia
gary
(pengo)J (rupee)
Italy
(lira)
Japan
(yen)
5.2334
5. 2374
5.2063
5.1253
6. 7094
8.5617
8. 5641
8. 5176
8.6989
8.5750
8. 6632
8. 6794
8.6056
8.5386
8.5427
8. 5209
8.4730
8.3368
8.2821
46.0997
49.3898
48.8509
28.1112
25. 6457
29.7153
30. 3124
30. 2276
29.9041
29.8434
29.9933
29.7693
28.6843
29.0554
28. 8232
28. 4725
28. 3913
27.9837
28.3679
Belgium
(belga)
Cuba
(peso)
Czecho- Denslovakia mark
(koruna) (krone)
2.9609
2.9640
2.9619
2.9618
3. 8232
4.2424
4.1720
4.1755
4.1590
4.1540
4.1944
4. 2141
4.1996
4.1777
4.1803
4.1711
4.1784
4.1982
4.1814
99.9194
99. 9215
99.9205
99. 9200
99. 9194
26.6802
26.7650
25.0581
18.8317
19.0709
22.4998
23.0051
22.7948
22. 5395
22. 5103
22. 6215
22.2981
22.0615
22. 2724
22.0793
21.8447
21.7594
21. 3244
21. 5902
I
Year and month
Egypt
(pound)
England Finland
(mark(pound)
ka)
1929
1930
1931
1932
1933
1934
1934-April
_._.
May
June
July—,
August
September...
October
November
December
1935—January
February
.)
March
April—
498.0689
498.6002
465.1111
359.5406
434.3908
516.8549
528. 4813
523. 7236
517.7111
516.9506
519.5273
512.2619
506.6711
511.6889
494. 5793
501.7925
499. 7457
489.7472
485. 6879
486. 2126
453.4990
350.6067
423.6821
503.9302
515. 3425
510. 6279
«504.8046
504.0705
506. 5076
499.4056
494.0809
498.9022
494.5793
489. 2457
487. 3466
477. 6211
483. 6812
Year and month
New
Zealand
(pound)'
Norway
(krone)
1929
_.
1930.
_
1931
1932.
_
1933
_
1934
1934—April
_
May
June
July.
_._
August...
September
October
November
December
1935—January
February.
March
April
4
483. 21
468. 22
415. 29
320.19
340.00
402.46
411.63
408. 28
403.39
402.81
405. 09
398.77
393. 67
398. 07
394.63
390. 25
380. 91
385. 85
26.6827
26. 7598
25.0546
18.0039
21.4292
25.3161
25.8824
25. 6463
25. 3559
25. 3246
25. 4504
25.0928
24. 8258
25.0655
24.8478
24.5815
24.4880
24.0265
24.2975
i N o m i n a l since April 1933.
2. 5160
2. 5169
2.3875
1. 5547
1.8708
2.2277
2. 2702
2. 2540
2.2311
2. 2302
2. 2403
2. 2101
2.1826
2. 2019
2.1859
2.1636
2.1536
2.1099
2.1315
Poland
(zloty)
11.1940
11. 2051
11.1970
11.1823
14.4135
18.8460
18.9554
18.9514
18. 8879
18.8917
19.0824
19.1413
19.0071
18.8976
18. 8941
18.8535
18.8721
18. 9611
18. 8617
France
(franc)
3.9161
3.9249
3.9200
3.9276
5.0313
6.5688
6. 6161
6.6131
6.5993
6.5939
6. 6592
6. 6714
6. 6247
6. 5886
6.5971
6. 5820
6.5936
6. 6232
6.5970
23. 8086
23.8541
23. 6302
23. 7492
30. 5179
39.3751
39. 5890
39. 4712
38. 2953
38.4938
39.4786
40. 2760
40. 4507
40. 2054
40.1910
40. 0614
40.1178
40. 3722
40. 2638
Portu- Rumagal
nia
(escudo) (leu)
4. 4714
4. 4940
4.2435
3.1960
3. 9165
4.6089
4.7085
4.6677
4.6253
4. 6129
4. 6274
4. 5593
4.5043
4. 5384
4.4977
4. 4500
4.4328
4. 3430
4. 3930
0.5961
.5953
.5946
.5968
. 7795
1.0006
1.0060
1. 0032
1.0020
1.0045
1.0126
1.0144
1.0069
.9998
1.0025
1.0027
.9592
1.0093
1. 0074
1.2934
1.2959
1. 2926
.8320
.7233
.9402
.9452
.9462
.9449
.9453
.9565
.9562
.9476
.9392
.9375
.9341
.9339
.9399
.9354
47.1669
33.8530
24.3305
23.4604
29.4516
38.7156
38.1556
36. 2293
36.4890
37.6231
38.6140
39.3324
40. 4695
41. 2418
42. 2908
43.1695
44. 3362
47.9147
52.6702
17.4414
17.4939
17.4522
17.4460
22. 3598
29.5746
29. 7652
29. 7559
29.7529
29.7112
29.8832
30.0219
29.8995
29. 7126
29. 5993
29. 5828
29. 6955
29. 6405
29.4937
t
36.2020
36.0672
33. 6895
26. 3468
31.8159
37. 8793
38.7557
38. 3329
37. 9072
37.8774
38.0616
37.5481
37.1426
37. 4866
37.1835
36.8611
36. 7994
36.0210
36.4393
Mexico Netherlands
(peso) (florin)
48.1830
47.1331
«35.4919
31.8500
28.1025
27. 7423
27. 7222
27.7432
27. 7492
27.7481
27.7298
27. 7458
27.7514
27. 7620
27. 7615
27. 7541
27.7515
27. 7500
27. 9350
Spain
(peseta)
Straits
Settlements
(dollar)
Sweden
(krona)
Union of UruSwitzerTurkey South
land
guay 1
Africa
(pound)
(franc)
(pound) (peso)
14.6833
11.6670
9. 5453
8.0438
10. 7189
13. 6150
13. 7024
13.7050
13. 6776
13. 6668
13. 8002
13.8269
13.7272
13.6532
13. 6719
13. 6408
13. 6626
13. 7232
13. 6693
56. 0117
55.9639
52.4451
40. 3970
49.2320
59.0052
60. 3487
59.8173
59.1709
59. 0562
59. 3488
58. 5164
57.9172
58.4538
57. 9717
57. 2421
57. 0057
55. 6346
56. 3329
26. 7839
26.8543
25.2540
18.4710
22. 0324
25. 9815
26. 5643
26. 3199
26.0211
25.9880
26.1182
25.7483
25. 4756
25. 7220
25.4975
25. 2267
25.1256
24. 6264
24. 9325
19. 2792
19.3820
19.4009
19.4049
24.8355
32.3663
32. 4593
32. 5277
32. 4969
32.5771
32.9542
33.0237
32. 7745
32.4713
32. 4053
32. 3055
32.3525
32. 5301
32.3645
2 N o m i n a l since April 1934.
3
48. 4105
47.0608
47.1814
47. 2854
60. 4396
79.0472
79. 6364
79. 6204
79. 4669
79.2912
79.9969
80. 2671
79.6869
79.1991
79.2964
79. 3381
79. 5018
80.6676
483. 27
483. 79
480. 76
476. 56
414.98
498. 29
509. 43
504.80
499.10
498. 44
501. 27
494. 23
488. 43
493.42
489. 24
483. 99
482. 30
472. 31
478. 27
98. 6294
85.8650
55. 3572
47.0639
60. 3360
79.9562
80. 6081
80. 5539
80. 2668
80.1433
80.9961
81.1496
80. 6520
80.1486
80.2310
80 0194
80.1306
80. 4779
80.2015
40.1622
40. 2251
40. 2298
40.2949
51. 7209
67.3831
67.8471
67.9056
67.8148
67. 7146
68. 3808
68.5744
68.0869
67. 5988
67. 6382
67. 4562
67.5602
67.9506
67.4576
Yugoslavia
(dinar)
1.7591
1.7681
1.7680
1.6411
1.7607
2. 2719
2. 2718
2. 2725
2.2702
2. 2773
2. 3075
2.3156
2. 2993
2. 2785
2.2756
2. 2716
2.2717
2.2852
2.2757
P a r t l y n o m i n a l since April 1933.
Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933. Average for 1933 is for gold peso for Jan.
1-Dec. 10.
fi Beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver
Average
for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents.
6
Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso
for Jan. 2-July 29 was 47.6510 cents.
« Corrected.
MAY
303
FEDERAL RESERVE BULLETIN
1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
Year and month
Canada
(1926=100)
(1926=100)
England
(1930=100)
France
(1913=100)
642
645
627
554
£02
427
398
376
1926_
1927
1928
1929
1930.
1931
1932
1933
1934__
100
95
97
95
86
73
65
66
75
100
87
72
67
67
72
100
88
86
86
88
1934—January...
February..
March
April
May
June
July
August
September.
October. _.
November.
December.
72
74
74
73
74
75
75
76
78
77
77
77
71
72
72
71
71
72
72
72
72
71
71
71
89
89
88
88
87
88
87
1935—January...
February „
March
79
80
79
•-71
72
72
87
Germany
(1913=100)
Italy
(1913=100)
(October
1900=100)
Netherlands
(1913=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
US
148
149
142
117
97
79
74
78
96
276
275
275
273
273
272
270
271
270
272
274
276
176
178
177
177
176
175
174
177
179
182
181
181
79
80
79
79
77
76
77
78
77
77
77
78
277
278
182
184
184
78
77
75
405
400
394
387
381
379
374
371
365
357
356
344
97
99
100
100
101
101
101
350
'343
335
101
101
101
Japan
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above}
United States (1926=100)
Year and month
1926
1927
^__
1*928 . .
1929
1930
1931
1932
1933
Farm
products
_
1934
1934—January
February
March
April
May..
June
July.
August
September
October
November
December
..
._ _.
_
,
...
1935—January
February
March
Foods
Other
commodities
England (1930 -100)
Foods
Germany (1913 = 100)
Indus- AgriculFarm
Industrial
and food
trial
tural
products products products products
Provisions
Industrial raw
and semifinished
products
Industrial finished
products
100
87
85
87
90
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
96
132
129
133
125
113
96
86
75
76
130
132
134
132
120
103
89
88
91
150
147
159
157
150
136
118
113
116
84
84
82
82
82
84
84
90
88
87
86
87
91
92
91
91
90
90
89
89
89
88
88
89
424
416
413
404
405
406
396
393
383
368
366
344
387
386
378
372
360
356
354
351
350
347
347
343
93
92
91
91
92
94
98
100
100
101
101
101
73
73
73
74
74
76
76
78
78
78
79
79
90
91
91
91
90
91
92
92
92
92
92
92
1H
115
115
115
115
115
115
116
117
118
119
119
87
87
85
89
89
88
351
339
329
350
••346
341
100
100
99
81
81
83
92
92
91
119
120
120
100
99
106
105
88
65
48
51
65
100
97
101
100
91
76
61
61
71
100
94
93
92
85
75
70
71
78
166
89
88
83
85
59
61
61
60
60
63
65
70
, 73
71
71
72
64
67
67
66
67
70
71
74
76
75
75
75
78
79
79
79
79
78
78
78
78
78
78
78
78
79
78
80
83
82
78
77
77
*• Revised.
Sources.—See BULLETIN for March 1931, p. 159, and March 1935, p. 180.
France (1913=100)
304
FEDERAL RESEKVE BULLETIN
MAT
1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES-Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United
England
States
(July
(1913=100)1 1914 = 100)
Year and month
1926
1927
1928
1929
1930
1931
1932
1933
1934
.
1934—January
February
March
April
May
June
July
August
September
October
November
December
1935—January
February
March
.
France
(July
1914=100)'
Germany
(191314=100)
113
113
112
153
161
155
154
161
156
157
157
147
154
145
124
125
156
146
121
102
100
111
131
126
120
122
124
109
100
98
131
116
113
118
105
108
109
107
108
109
110
112
117
116
115
124
122
120
118
116
117
122
123
126
125
127
105
103
100
98
97
98
97
97
95
95
94
118
117
117
116
116
118
120
121
119
119
120
Year and month
1926
1927
1928
1929
1930
1931
1932
1933
1934
114
127
94
119
1934—January
February_
March
April
_ _
May
June
July
August
September
October
November
December.. . .
119
122
122
125
124
122
92
90
88
119
120
119
1935—January.. . .
February
March
_ .
United
States
(1913 = 100)
England
(July
1914=100)
175
173
171
170
164
166
171
164
164
158
148
134
132
138
148
144
140
141
136
142
141
140
139
137
138
141
142
143
143
144
139
144
France
Germany
(Jan.-June
(19131914=100)' 14=100)
103
104
105
152
113
118
154
148
116
107
106
105
136
121
118
121
120
120
120
120
120
121
122
122
122
122
122
107
106
104
102
122
143
142
141
122
123
122
* Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month.
Index represents prices converted to gold basis of 1914.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6n6rale, and for cost of living, Commission d'e"tudes
relatives au cout de la vie a Paris.
1
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
(average
price)
Year and month
Number of issues
1926
1927
1928
1929
1930
1931
1932
1933
1934
—-
1934—January
February
March .
April
May
June...
July .
.
August
September.—
October.
November
December
._
. _
1935—January
February
March .
1
. .
. . .
Common stocks (1926 average = 100)
France
England
(December (1913 aver1921 = 100)» age =100)
Germany
(average
price)i
United
States
England i
France
Germany
60
87
36
169
421
278
300
329
97.0
98 9
98.7
95.7
98.3
96.1
81.1
84.0
96.7
110.0
110 7
112.3
110.2
111.8
108.4
113.2
119 7
127.5
57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
85,5
81.4
83 3
»83.4
»67.1
82.5
90.7
100.0
118.3
149.9
190.3
149.8
94.2
48.4
63.4
72.5
100.0
107 0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
100 0
123 2
178.1
217.6
187.6
132.2
105.2
99.6
83.3
100 0
145 0
136.1
122.8
100.2
»78.0
>60.3
61.7
71.1
88.3
92.9
95.1
97.0
97.6
99.0
99.3
97.8
96.7
98.4
98.8
100.0
123.6
124.3
126.2
126.9
125.8
125.3
127.1
127.4
128.3
128.9
133.2
132.7
78.7
78.7
76.9
81.9
84.7
85.6
82.7
81.8
81.3
82.7
85.0
85.8
92.0
91.6
91.9
91.3
90.7
88.9
87.8
87.9
89.0
91.6
92.2
93.8
75.6
80.5
77.1
79.6
71.8
73,5
71.4
67.8
67.0
67.3
69.4
69.2
85.5
87.0
87.3
88.1
87.1
86.0
84.8
83.8
83.6
84.5
85.6
85.3
92.3
91.8
85.0
88.8
90.1
87.6
83.3
81.1
77.3
74.7
73.0
74.7
64.4
67.8
70.6
68.8
67.2
69.9
71.3
73.4
76.2
76.3
73.7
73.2
101.3
101. 3
99.9
134.6
131.6
130.3
88.9
89.5
84.1
96.0
95 5
96.1
69.7
67.8
63.9
86.9
85.4
82.6
83.7
80.3
78.1
76.6
79.3
80.6
Annual indexes are unweighted averages of monthly indexes.
2 Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
Sources.—See BULLETIN for February 1932, p . 121.
MAT
1935
FEDERAL KESERVE BULLETIN
305
LAW DEPARTMENT
Unsecured loans between members not for the purpose
of purchasing or carrying securities
Ruling no. 42 interpreting Regulation T.—The
Federal Reserve Board has been asked whether
a member of a national securities exchange is
permitted under the provisions of the Board's
Regulation T to make a short-time unsecured
loan to a customer who is also a member of
such exchange if such loan is not "for the purpose of purchasing or carrying securities"
within the meaning of those words as used in
the Securities Exchange Act of 1934. The
inquiry makes clear that the loan in question is
not a loan of an emergency nature permitted
under the provisions of section 10 (d) of Regulation T. In reply, the Board rules that the making of the loan referred to is permitted under
the provisions of section 5 (b) of the regulation
if the loan is not made for the purpose of evading or circumventing the provisions of the
regulation.
The Board has also been asked whether a
declaration of the borrower as to the purpose of
an unsecured loan may be relied upon by the
lender with the same effect as in the case of a
declaration made under section 8 (c) of Regulation T. The declaration referred to in section
8 (c) is a declaration with respect to an extension
of credit on registered, nonexempted securities,
and the provisions of that section do not apply
with the same effect to a declaration made with
respect to an extension of credit without collateral. An extension of credit without collateral by a member of a national securities exchange to his customer, if in fact made "for the
purpose of purchasing or carrying securities",
would be made in violation of section 7 (c) (2)
of the act, and the Board is not empowered to
make any rule or regulation which would allow
such extension of credit to be validly made. In
these circumstances, the Board does not feel
that it is appropriate for it to make any provision in its regulations or to express any opinion
with respect to the circumstances under which,
or the extent to which, the lending member
would be justified in placing reliance upon his
customer's written declaration as to the purpose
of a loan without collateral. It is recognized,
however, that a declaration similar to that provided for in section 8 (c) of Regulation T may
be of considerable value to the lender in determining whether a loan is or is not "for the purpose of purchasing or carrying securities", and
the Board knows of no reason why a declaration
from the customer should not be obtained even
with respect to an extension of credit without
collateral.
Authority of business conduct committee to grant more
than one extension of time under section 4 (e) or
section 6 of Regulation T
Ruling No. 43 interpreting Regulation T.—
In reply to an inquiry of a business conduct
committee of a national securities exchange, the
Federal Reserve Board rules that if such a committee has granted a "creditor", as defined in
Regulation T, an extension of time amounting
to less than 10 days in which to obtain margin
under section 4 (e) of Regulation T, such committee may grant a further extension of time if
the circumstances of the case warrant such
action provided that the aggregate of all extensions so granted in such case does not exceed 10
days. The Board also rules that if, in the case
of a cash transaction under section 6 of the
regulation, such a committee has granted a
"creditor" an extension of time amounting to
less than 35 days, such committee may grant a
further extension of time if the circumstances
of the case warrant such action provided that
the aggregate of all extensions so granted in
such case does not exceed 35 days.
Validity of State bank reorganization statute
In a decision rendered on April 1, 1935, in
the case of Doty v. Love (55 S. Ct. 558), the
Supreme Court of the United States upheld
the validity of a statute of the State of Mississippi authorizing the reorganization of State
banks. The statute under consideration by
the court authorized the State superintendent
of banks to reopen any closed bank, with the
approval of the appropriate chancery court,
when at least three-fourths of the general
depositors and creditors therein, or any number of the general depositors and creditors
owning at least three-fourths of the deposits in
or claims against the bank, should agree to such
306
FEDERAL RESERVE BULLETIN
reopening and should agree to accept repayment of their deposits over a period of years or
in reduced amounts. The statute provided
that a plan of reorganization so adopted should
be binding upon the general depositors and
other creditors not expressly agreeing to accept
payment of their claims in accordance with
such plan. The Supreme Court of Mississippi
held that neither the statute nor the plan of
reorganization effected thereunder in the case
under consideration violated the constitutional
rights of a depositor who did not agree to the
plan of reorganization. The opinion of the
Supreme Court of the United States, affirming
the decision of the Supreme Court of Mississippi, is set forth in full below:
SUPREME COURT OF THE UNITED STATES
No. 585.—October term, 1934
Mrs. Oscar C. Doty, et al., Appellants, vs. J. S. Love,
Superintendent of Banks of the State of Mississippi,
Appellee. Appeal from the Supreme Court of the
State of Mississippi.
[April 1, 1935]
Mr. Justice CAEDOZO delivered the opinion of the
Court.
A statute of Mississippi, adopted in 1932, permits the
reopening of closed banks upon terms proposed by
three-fourths of the creditors in number or m value if
the plan is approved by the Superintendent of Banks
and confirmed by the Court of Chancery. A bank has
been reopened in accordance with this statute. The
question is whether contractual rights have been impaired or rights of property annulled in contravention
of the provisions of the Constitution of the United
States.
The People's Bank & Trust Company of Tupelo,
Mississippi, closed its doors on December 24, 1930. In
accordance with the statutes then in force (Code of 1930,
§ 3817), the Superintendent of Banks took charge of the
business and proceeded to liquidate it, his action being
subject at all times to the supervision of the Court of
Chancery. The bank owed about $200,000 for public
moneys on deposit. These were preferred claims under
the laws of Mississippi, and were paid in full. It owed
for bills payable and rediscounts $457,500, amply
secured by collateral. These also were paid in full, the
security being unaffected by liquidation or insolvency.
Out of the remaining assets, so far as they would serve,
the liquidator would have to pay the general deposits
(about $1,450,000) as well as any other debts. There
was also available for the protection of depositors the
personal liability of the shareholders to the extent of
the par value of their shares, a liability which under
the statute was to be "enforced in a suit at law or in
equity by any such bank in process of liquidation, or
by the superintendent of banks, or other officer succeeding to the legal rights of, said bank." Mississippi
Code, § 3815. The share capital of the bank was
$200,000, and the personal liability of the shareholders
would have added a like amount to the assets if all the
shareholders had paid in full.
MAY
]
In the fall of 1932, after about two years of liquidation by the Superintendent of Banks, a movement was
started by a large number of depositors to set the bank
upon its feet. For help in that endeavor, they had
recourse to methods made available by a statute
adopted in May, 1932, which is quoted in the margin.*
Laws of Mississippi, 1932, c. 251; supplement to Mississippi Code of 1930, § 3817-1. The substance of the
statute is that the Court of Chancery shall have power
to reopen a closed bank in accordance with a plan proposed by at least three-fourths of the creditors and recommended by the Superintendent, if the court is satisfied that the plan is feasible and just. Upon the approval of such a plan, assenting and non-assenting creditors shall be required to accept payment in accordance
with its terms. The Superintendent shall have no
power to diminish to the prejudice of creditors any assets that otherwise would be available for payment.
Liquidation by the bank itself, though in a reorganized
form, is to be substituted for liquidation at the hands
of a statutory receiver.
Resorting to that statute, about eighty per cent of the
creditors signed a "freezing-of-deposits agreement"
prescribing a time and method for the payment of the
debts. The bank, when reorganized, was to have a
capital of $55,000 and a surplus of $45,000, a total
capital and surplus of $100,000. Shareholders of the
old bank, having shares of the par value of $110,000,
were to contribute the new capital ($55,000, or 50%
of their old holdings) in cash or its equivalent. In
consideration of this payment, they were to be released
* "Section l. Be it enacted by the Legislature of the State of Missis
sippi, That the Superintendent of Banks of the State of Mississippi be
authorized to reopen any closed bank, with the approval of the chancery
court of the county in which the bank is situated, or of the chancellor in
vacation, when at least three-fourths of the general depositors and creditors therein, or any number of the general depositors and creditors therein
provided they own at least three-fourths of the deposits in or claims
against such bank, agree to the reopening thereof and sign what is commonly termed a 'freezing-of-deposits agreement', under which they agree
to accept repayment of their deposits and claims over a period of years,
for the full amount thereof or in reduced amounts, with or without interest, the period over which the deposits and claims are to be repaid and
the rate of payment, together with the interest rate, if any, to be determined by the superintendent of banks, provided the superintendent
of banks is convinced that such bank is in solvent condition and can
repay the depositors the amounts of their deposits in accordance with
the terms of the agreement for the repayment of same. But, before any
such bank shall be reopened, the entire plan for the reopening of same,
and all facts in connection therewith, shall be submitted by the superintendent of banks to the chancery court of the county in which the bank
is situated, or to the chancellor in vacation, by proper petition, duly
verified, such petition to contain a statement of the assets and liabilities
of the bank and such other information as may be necessary to convey
to the court or chancellor the true facts with reference to the condition of
such bank, and a decree of the court or of the chancellor in vacation
obtained approving the plan agreed upon for the reopening of such bank
and authorizing the same to be reopened.
"Section 2. When any closed bank has been reopened as herein provided, the general depositors and creditors thereof who have not expressly
agreed to accept the repayment of their deposits and claims in accordance
with the freezing-of-deposits plan shall be bound to accept repayment of
their deposits and claims on the same basis and at the same rate as those
general depositors and creditors who have signed the freezing-of-deposits
agreement, but this shall not apply to public depositors or to those
depositors and creditors holding preferred claims, or secured claims, nor
to correspondent banks holding bills payable of the closed bank. Proper
provision must be made in the plan for the reopening of such bank to
pay public depositors, depositors and creditors holding preferred claims
and secured claims, and correspondent banks, on terms acceptable to
them, but any arrangement so made shall not operate prejudicially to
the rights of the general depositors and creditors of the bank.
"Section 3. That this Act shall not be construed to give the superintendent of banks the right to diminish the assets of a closed bank to the
prejudice of the depositors and creditors thereof, and any assets that may
be charged out as doubtful or as losses shall be held by the bank and
collected for the benefit of its depositors and creditors, and all amounts
so collected shall be held by the bank to be paid to them in accordance
with the agreement for the repayment of their deposits and claims.
"Section 4. That this act shall be in force from and after its passage.
"Approved May 18, 1932."
MAY
1935
FEDEEAL RESERVE BULLETIN
from any other liability on the old shares, though the
statutory liability would attach automatically to the
new ones if the reorganized bank were to go under.
Shareholders not contributing to capital (representing $90,000 of the old shares) were to remain personally
liable as if no plan had been adopted. Of the claims
against the old bank as distinguished from those
against the shareholders, twenty-five per cent were to
be assumed by the reopened bank; seventy-five per
cent were to be a charge upon certain assets which were
to be placed in a pool and made to realize what they
could. Assets having an estimated value in excess of
the liabilities assumed were to be turned over to the
reopened bank to enable it to make good its promise.
This was the primary source of payment, though the
covenant of assumption was to be back of it. Out of
the assets so delivered deposits of $5 or less, amounting
in all to $3,649.87, were to be paid in full. All other
claims then outstanding for deposits or other debts
were to be ratably satisfied up to the limit of twentyfive per cent, five per cent at once, and the remaining
twenty per cent in five per cent instalments as the
assets turned over to the reopened bank were converted into cash, the process of conversion being subject to the supervision of the court. Proceeds of collection in excess of the twenty-five per cent were not
to be retained, but were to be paid into the pool.
Certain other assets having an estimated value of
$45,000 were turned over to the reopened bank for surplus or reserve. This amount was to be repaid out of
the net earnings at the rate of $7,500 a year by additions to the pool. No dividends were to be declared
upon the shares of the reopened bank till all the liabilities assumed by it had been satisfied completely. The
assets deposited in the pool were to be administered by
the bank as a trust for the benefit of creditors. Many
other details would have to be stated to exhibit the
plan fully. For an understanding of the objections the
outline given will suffice.
The Superintendent of Banks filed a petition in the
Court of Chancery approving the plan and recommending its adoption. Notice of hearing was served
by publication upon the 5,000 creditors affected, as
well as personally upon some of them selected by the
court as representing the interests of all. Only a few
creditors opposed the granting of the petition. Some
of these withdrew their objections at the close of the
hearing with the result that the number of opponents
was reduced to six. After full consideration, the court
on May 15, 1933, entered a decree overruling the objections and reopening the bank in accordance with the
plan. Two of the objecting creditors appealed to the
Supreme Court of the state, invoking the protection of
Article I, § 10, and the Fourteenth Amendment of the
Federal Constitution. The decree was affirmed, one
judge dissenting. 155 So. 331. The case is here upon
appeal. Judicial Code, § 237; 28 U. S. C. § 344.
If we look to the surface of the statute and no farther,
there is not even colorable basis for the argument that
the Constitution is infringed. All that the statute does
upon its face is to change the method of liquidation.
The assets of the business are to be devoted without
impairment or diversion to the payment of the debts.
As to this the statute is explicit. Act of 1932, Chapter
251, § 3. In the discretion of the Court of Chancery a
reopened bank is to take the place of the state Superintendent for the purpose of gathering in the assets and
discharging liabilities. The substitution may not be
made unless the court is satisfied that the reopened
bank is solvent and able to satisfy the debts to be
307
assumed. Payment of the creditors is still the end to
be attained, and resumption of business a means and
nothing more. If debts are thereby swollen or assets
made to shrink, the outcome is an unlooked for incident
of a method of administration conceived to be more
efficient than present sale and distribution. The Constitution of the United States does not confer upon the
depositors a vested right to liquidation at the hands of
a state official. Gibbes v. Zimmerman, 290 U. S. 326,
332.
The argument will not hold that the necessary operation of the statute is to subject dissenting creditors,
who may be as many as one-fourth, to the will or the
whim of the assenting three-fourths. The creditors
favoring reorganization, though they be ninety-nine
per cent,* have no power under the statute to impose
their will on a minority. They may advise and recommend, but they are powerless to coerce. Their recommendation will be ineffective unless approved by the
Superintendent. Even if approved by him, it will be
ineffective unless the court after a hearing shall find
it to be wise and just. Upon such a hearing every
objection to the plan in point of law or policy may be
submitted and considered. The decree when made by
the Chancellor will represent his own unfettered judgment. The judicial power has not been delegated to
non-judicial agencies or to persons or factions interested
in the event. Like statutes have been upheld by the
courts of other states. Dorman v. Dell, 245 Ky. 34;
Milner v. Gibson, 249 Ky. 594; Nagel v. Ghingher, (Md.),
171 Atl. 65; McConville v. Fort Pierce Bank & Trust Co.,
101 Fla. 727; Smith v. Texley, 55 S. D. 185; Hoff v.
First State Bank of Watson, 174 Minn. 36; Paul v.
Farmers & Merchants State Bank, 187 Minn. 411.
The Act of 1932 being valid on the surface, the question remains whether it has been so applied or interpreted in the adoption of this plan as to bring out
defects that were lurking underneath. Dahnke-Walker
Co. v. Bondurant, 257 U. S. 282, 289; Merchants'
National Bank v. Richmond, 256 U. S. 635, 637; Kansas
City So. R. Co. v. Road Improvement District, No. 6f
256 U. S. 658, 659.
The argument is made that some of the assets of the
old bank are placed at the risk of the business of the
new one. All this was done for the protection of existing creditors. The finding is that collections are made
more promptly and readily by a going concern than by
one in liquidation. Cf. Christensen v. Merchants &
Marine Bank of Pascagoula, 168 Miss. 43, 57. For
illustration, a live bank is much more efficient than a
closed one in selling parcels of real estate or in carrying
them while unsold at profitable rentals. Adequate
precautions are embodied in the plan to assure the
enjoyment of these benefits by the creditors and not
by others. It is one of the terms of the decree that
none of the profits of the business may be used for the
new shareholders until every dollar's worth of assets
turned over by the Superintendent has been paid to
the creditors or delivered to the pool. The court may
intervene upon a showing of unreasonable delay. There
is no need to consider whether any of these safeguards
might have been omitted without invalidating the
plan. We take the record as we find it.
The argument is made that a cause of action upon
contract has been destroyed or given away to the
prejudice of depositors in that shareholders have been
released from their personal liability in return for a
contribution of capital to the regenerated business.
This is said to constitute a denial of due process or an
impairment of contract within the doctrine of Eitor v.
308
FEDERAL RESERVE BULLETIN
MAY
1935
Tacoma, 228 U. S. 148, and Coombes v. Getz, 285 U. S. The appellants also say that their constitutional
434. The answer is much the same as to the argument rights were infringed by those provisions of the plan
last considered, The effect of the release has been to whereby a preference was granted to the holders of
make it possible for the bank to be reopened with the small claims. None of these claims ($3,649.87 in the
result to the creditors of economies and other benefits aggregate) was for more than $5, and many, we were
that would otherwise be lost. During about two years informed upon the argument, were for only a few cents.
and a half of liquidation there had been collected from The Chancellor found by his decree that it would be
the whole body of the shareholders, representing 2,000 more economical to pay these accounts in full than to
shares, a small percentage only of the total liability. incur the bookkeeping expenses incidental to a calculaThe Superintendent expressed the belief that it might tion of percentages whenever dividends were paid to
be possible in the course of many years and with great others. Cf. Nagel v. Ghingher, supra, at p. 69. The
expense and labor to bring collections from these objecting creditors have not been damaged by that
sources to a total of $75,000. Through the method feature of the plan.
called for by the plan, capital in the sum of $55,000
Finally the appellants say that the proceedings in
became available at once as additional security for the the Court of Chancery are void for insufficient notice
obligations assumed by the reorganized business. This to the depositors and others. A sufficient answer is
capital was supplied by the holders of 1,100 shares, that the appellants appeared generally and were fully
whose maximum liability was $110,000. The liability heard upon the merits.
of the other shareholders ($90,000 at the maximum)
The decree should be affirmed, and it is
continued unimpaired for whatever it was worth. The
So ordered.
Chancellor found from the evidence that in all probA true copy.
ability the moneys thus obtained as contributions to
Test:
capital could not have been collected by judgment and
execution, and that the depositors would be the gainers
Clerk, Supreme Court, U. S.
by the substituted form of payment. He reached that
conclusion after a trial in the county of the vicinage
with his finger on the pulse of neighborhood conditions.
On appeal to the Supreme Court his findings were Amendments to Regulation T
confirmed. Cf. Smith v. Texley, supra, at p. 195.
The Federal Reserve Board recently adopted
In such circumstances it is idle to speak of the release
of liability as a gift or a sacrifice of valuable assets. certain amendments to its Regulation T reThe release was none of that, but a compromise of a lating to extension and maintenance of credit
liability of uncertain value upon terms beneficial to the by brokers, dealers, and members of national
creditors. So the trier of the facts has found. The
title to the extinguished cause of action was not in the securities exchanges. These amendments are
depositors, but in the Superintendent or the bank. If as follows:
there had been no plan to reorganize, the SuperintendNo. 1 of Regulation T—Effective May
ent like a receiver might have compromised the cause 10,Amendment
1935.—Section 2 of Regulation T is hereby amended
of action and released it with the approval of the court. by
adding at the end thereof a new subsection reading
His authority was no less because the release was incidental to a project to rehabilitate a business for the as follows:
u
good of all concerned. The jurisdiction of the Court of
(ri) The term 'days' as distinguished from
Chancery to give approval to a settlement by a receiver
'business days' and. 'full business days', means
or other officer did not have its genesis in the Act of 1932
calendar days, but if the last day of a specified
or in the procedure there prescribed. It existed in like
period of days be a Saturday, a Sunday, or a holimeasure when the liquidation of this bank was begun in
day, such period shall be considered to end on the
next full business day."
1930 and for many years before. Depositors were
chargeable with notice of that power and became subAmendment No. 2 of Regulation T—Effective May
ject to its exercise in making their deposits.
10, 1935.—Section 5 of Regulation T is hereby amended
In last analysis, then, the appellants' grievance, if by
adding at the end thereof a new subsection reading
they have any, is this and nothing more, that there was as follows:
error of judgment to their prejudice in the approval of
" (d) Maintenance of credit without collateral or
the plan with the compromise of liability as one of its
on collateral other than exempted or registered seimportant features. They refer us to nothing in the
curities.—Any credit which was initially extended
record to give support to that contention. The testiprior to October 1, 1934, or which was extended
mony as to the probable results of liquidation without
in conformity with this regulation and which is or
the aid of a reopened bank was not contradicted or dishas become, without violation of this regulation,
credited. But the result would not be changed if the
credit maintained without collateral or on collatrecord, in that respect were different. Error of judgeral other than exempted or registered securities,
ment in the compromise of liabilities is not a taking of
may be maintained without collateral or on collatproperty or an impairment of contract in derogation of
eral other than exempted or registered securities
the restraints of the Constitution of the United States.
until July 1, 1937: Provided, That any collateral
The appellants make the point that by the Act of
securing such credit other than exempted or regis1932 a preference was accorded to the claims of corretered securities (a) shall not be the basis of any
spondent banks, though such a preference did not
additional extension of credit which is*for the
exist under the statutes in force when the Superinpurpose of purchasing or carrying securities, and
tendent went into possession. A sufficient answer is
(6) shall be given no value in determining the
that in this case the correspondent banks were protected
maximum loan value of the securities in the
by collateral security which apart from the new preferaccount."
ence would have required them to be paid in full.
FEDERAL RESERVE BULLETIN
May 1935
Amendment No. 3 of Regulation T—Effective May 10,
1935.—Section 6 of Regulation T entitled "Cash transactions " is hereby amended to read as follows:
" SECTION 6. CASH TRANSACTIONS
"Notwithstanding any other provision of this
regulation, a creditor may, in a special cash account
recorded separately, subject to the conditions specified in this section, (1) effect bona fide cash transactions and transactions incidental thereto and
(2) make, for limited periods not exceeding seven
days, extensions of credit which are incidental to
bona fide cash transactions.
"A bona fide cash transaction is (1) a transaction
in which a customer buys a security (whether registered or unregistered), through a creditor acting
as broker or from a creditor acting as dealer, pursuant to an agreement made in good faith, and not
to evade or circumvent the provisions of this regulation, that the customer will promptly make full
cash payment for such security, or (2) a transaction
in which a customer sells, through a creditor acting
as broker or to a creditor acting as dealer, a security (whether registered or unregistered) which the
creditor holds in the special cash account of such
customer or which, pursuant to an agreement made
in good faith and not to evade or circumvent the
provisions of this regulation, is to be deposited in
or transferred to such account.
"The creditor shall record the full details of
every bona fide cash transaction and of every transaction incidental thereto which is effected in the
special cash account provided for in this section
and shall record in the special cash account itself
the following details: (1) in the case of every security purchased by the customer, the name of the
customer, the date of payment by the creditor, and
the date of payment by the customer, and (2) in the
case of every security sold by the customer the name
of the customer, the date of deposit of the security
in or the transfer thereof to the account, the date
of payment to the customer, and the date of the
crediting of the proceeds of the sale to the account.
"No extension of credit which is incidental to
any such bona fide cash transaction shall constitute
a violation of this regulation (1) if, within the time
specified above, payment is received by the creditor
(who may disregard for the purpose of this clause
any sum due not exceeding $50), or (2) if, within
two full business days after the time when payment should have been received under this section,
the creditor (a) in the case of any security purchased by the customer from the creditor acting
as dealer, cancels the sale or resells the security,
or (6) in the case of any security purchased through
the creditor acting as broker, sells the security, or
(c) in the case of any security sold through the
creditor acting as broker, resells the security or is
309
repaid by the customer: Provided, however, That,
in exceptional cases, any regularly constituted committee of a national securities exchange having
jurisdiction over the business conduct of its members, of which exchange the creditor is a member
or through which his transactions are effected,
may, on application of the creditor, grant a further
extension of time not exceeding 35 days or, in the
case of a registered security, authorize the creditor
to extend credit on such security subject to the
provisions of this regulation, if such committee is
satisfied that the transaction was a bona fide cash
transaction, that the creditor is acting in good
faith in making the application, and that the circumstances warrant such action.
"The special cash account provided for in this
section shall not be used in any way for the purpose
of evading or circumventing any provision of this
regulation. No transactions shall be effected in
such account except bona fide cash transactions
and transactions incidental thereto, and no extension of credit shall be made in such account
except extensions incidental to bona fide cash
transactions."
NOTE.—The Board's rulings numbered 16, 27, 34,
and 35 interpreting Regulation T may be disregarded
with respect to transactions occurring on and after the
effective date of the foregoing amendment. After
enactment of Amendment No. 3, Ruling No. 36 interpreting Regulation T will still be controlling as to the
facts stated in the ruling but it is contemplated that
the ruling will be of less general interest because of the
possibility under Amendment No. 3 of transferring
unregistered, nonexempted securities from a combined
account to a cash account for the purpose of effecting
their sale as a bona fide cash transaction.
Amendment No. 4 of Regulation T—Effective May
10, 1935.—Subsection (b) of section 8 of Regulation T
is hereby amended by adding at the end thereof a new
paragraph reading as follows:
"Nothing in this regulation shall be construed
to prevent a creditor from paying to or for a customer from any account (including any restricted
account) interest and/or cash dividends collected
by the creditor for the customer's account, if such
payment is made within 35 days after the day on
which, in accordance with the creditor's usual
practice, such interest or dividends are credited to
the account, and if the crediting of such interest or
dividends has not served in the meantime to permit in the account any purchase of securities or
other transaction which could not otherwise have
been effected in accordance with this regulation."
NOTE.—The Board's rulings numbered 30 and 38
interpreting Regulation T must be disregarded with
respect to transactions occurring on or after the effective date of the foregoing amendment.
310
FEDERAL RESERVE BULLETIN
M A Y 1935
FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS BY MONTHS
DISCOUNTS BY WEEKS
[Averages of daily figures. In thousands of dollars]
[In thousands of dollars]
1935
1934
Wednesday series (1935)
Federal Reserve bank
Federal Reserve bank
March
April
Boston.
New York...
Philadelphia.
Apr. 3
Boston
New York
Philadelphia.
Apr. 10
650
3,801
556
497
4,090
557
1,524
19,435
13,836
132
247
235
684
248
203
2,406
1,623
815
Cleveland..
RichmondAtlanta
374
218
190
58
16
52
75
35
12
1,503
326
588
Chicago
St. Louis
Minneapolis.,
123
26
25
92
373
159
133
178
196
583
Kansas City...
Dallas.__
San Francisco.
6,371
6,810
43,141
ClevelandRichmond.
Atlanta
Chicago
St. Louis
MinneapolisKansas City...
Dallas
San Francisco..
Total.
April
752
t,644
497
Total-
Apr. 17
235
4,065
502
Apr. 24
3,960
503
941
3,948
545
118
264
201
118
299
178
62
241
301
12
23
22
12
16
62
22
7
79
171
254
117
129
101
391
155
93
413
172
6,391
6,019
6,661
6,824
Back figures,—See Annual Report for 1933 (table 15).
Back figures.—See Annual Report for 1933 (table 11).
TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO
LIABILITIES
[Averages of daily figures. Amounts in thousands of dollars]
Federal Reserve notes in
circulation i
Total deposits
Total reserves
Ratio of total reserves to
deposits and Federal
Reserve note liabilities
combined
Federal Reserve bank
1935
April
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
. .
March
1934
April
1934
1935
April
March
April
321,393
447,093
314,629
368,416
265, 628
439,708
2, 249, 302 2,175,433 1, 467, 570 2, 259, 876 2,199, 866 1,523,713
236,970
326,607
327,682
309, 240
241,165
215, 497
1934
1935
April
March
April
266,722
662, 799
237, 523
265,106
664,118
235,031
1935
1934
April
March
242,198
633,549
243,616
76.0
77.0
68.8
75.8
76.0
68.8
72.5
68.0
67.4
April
443,634
211,516
134,643
357,196
215,173
139, 760
335, 314
159, 809
92, 910
327, 336
107, 559
96, 356
241,270
161, 378
89, 408
312, 739
153, 468
126,993
309, 754
153, 438
125, 737
298, 267
143, 824
129, 329
70.2
64.7
60.2
89.6
65.9
60.6
66.2
70.5
63.9
1,138,604 1,077, 898
183,321
199,764
145, 206
153, 537
962,154
193,117
113,071
703,905
145,059
107,485
662,821
161,453
111, 750
598,029
140, 584
76, 935
792,158
140,017
104, 208
787,987
140,090
103,948
773, 377
134, 512
96,100
76.1
64.3
68.6
74.3
66 2
71.2
70.2
70.2
65.3
201,041
111,279
343, 246
166,016
98, 646
295,045
183,817
121, 086
297,918
182,321
129, 425
295,903
146,110
118, 790
241,142
119, 743
47,221
207,948
118, 531
48,183
203,048
107, 521
39, 766
199,874
65.7
58.4
64.8
66.8
62.7
88.8
65.5
62.2
66.9
5,905, 781 5, 819,381 4, 685, 404 4,965, 542 4, 890, 584 3, 818, 484 3,171, 539 3,154,971 3,041,933
72.6
72.3
68.3
455,183
202, 637
132, 336
199,486
98, 303
327, 703
i Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $16, 422,000; month ago, $15,796,000'-; year ago, $17,331,000.
' Revised.
Backfigures.—SeeAnnual Report for 1933 (table 9) and 1932 (table 8).
FEDERAL RESERVE BULLETIN
MAY 1935
311
ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE
STATEMENT, APRIL 30, 1935
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve- Rich- AtMin- Kan- Dal- San
St. neapdelsas
FranChicago Louis
phia land mond lanta
olis City las cisco
Gold certificates on hand and due from
U. S. Treasury
5,748,844 433,974 2,170, 373 297,818 429,361191,460 113,954 1,241,494165,988 123,114 185,016 90,252 306,040
Redemption fund—Federal Reserve notes. 20,520 2,094
1,144 1,665 1,674 1,821 3,482
2,549 1,318
659
827
376 2,911
Other cash
_
___
244,137 26,027 66,938 33,939 11,126 11,841 12,823 24,813 11,918 12,253 11,357 5,705 15, 397
Total reserves
_
_
_. 6,013, 501 462,095 2,238,455 333,422 442,161 205,122 130, 259 1, 268,856 179,224 136, 026 197,200
96,333 324,348
Bills discounted:
Secured by U-. S. Government obligations, direct and/or fully guaranteed.
2,516
993
149
537
169
120
124
220
Other bills discounted
3,306
111
2,316
189
171
61
285
Total bills discounted.
63
5,822
94
180
3,309
84
260
358
7
708
505
185
Bills bought in open market
4,696
65
329
1,805
557
346
169
81
127
475
122
446
174
Industrial advances...
26,309 2,154
6,112 3,568 1,331 3,876 1,150
2,193
677
537 1,960
965 1,786
U. S. Government securities:
Bonds
321,612 19,285 109,884 21,039 25,223 13,446 11,187 41,331 12,752 14,479 12, 816 17, 280 22,890
Treasury notes
1,524, 543 99, 204 463, 708 105,
206 134;
-05. 201
"1,622 71, 767 59, 535 253,154 68, 561 40,358 67,402 38,849 122,177
584,060 39,189 170, 726 40,87; 53,180 28, 350 23, 518 95,358 26, 887 15, 741 26, 626 15, '346 48,264
Certificates and bills
2,430,215 157,678 744,318 167,120 213,025 113, 563 94,240 389,843 108,200 70, 578 106, 844 71,475 193,331
Total TJ. S. Government securities2,467,042 160,438 755, 544 171, 871 214,871117,798 95,917 392, 687 108, 82f 72,666108,020 73, 888 194, 517
Total bills and securities
4
49
702
85
19
72
18
53
279
25
67
26
Due from foreign banks
__
850
18,150
2,530
992
558
958
363 2,035
343
5, 932
734
924 1,931
Federal Reserve notes of other banks
506,461 46,780 134, 858 33,089 47,185 40,949 20,106 77,067 21, 520 12,900 30, 758 17, 276 23, 973
Uncollected items. _
3,869
49, 617 3,168
4,955 2,628 1,580 3,447
11,724 4,578 6,629 3,029 2,325
Bank premises
511
40, 205
637
717
244
255
627 26, 216 5,129 2,017 1.247 1,721
All other assets
549,302
9,095,
678
673,
504
3,173,008
548,
719
713,854
370,102
251,087
1,746,
897
313,404
224,663
340,691190,
447
Total assets
LIABILITIES
Federal Reserve notes in actual circula^
tion
3,152, 779 262, 292 648,814 236, 644 312, 953 150,460 126, 766 788,430 139, 601 104,235 119,808 46,857 215,919
Deposits:
Member bank—reserve account
4, 714, 787325, 771 2,029, 098 235,074 309. 238 152, 50882, 873 823, 851 125, 766 87,346 177, 933 106,082 259, 247
U.S. Treasurer—general account
7,849 2,651 2,134 2,412 5,885 6,775
98, 360 5,537 39,234 4,803 7,737 8,911 4,432
Foreign bank
415
467 450 1,212
2,008
15, 252 1,246
519
4,315 1,713 1,644 640
623
783 2,823 18,355
Other deposits
3,451 11, 940 8,584
255,419 5,116 189,972 3,677 3,773 3,681 3,264
Total deposits
5,083,818 337,670 2, 262,619 245, 267 322,392165, 740 91,192 837,159 140,876 98,479 181, 595 115, 240 285, 589
Deferred availability items
508, 434 48,676 133,679 32,069 46,565 39, 907 19, 559 78, 562 22,310 12,947 29,664 18,372 24,124
Capital paid in
146, 662 10,763 59,372 15,133 13,126 5, 03: 4,447 ! 12, 778 3,999 3,124 4,032 4,031 10,822
Surplus (sec. 7)
144, 893 i, 902 49,964 13,470 14,371 5,186 5, 540 21, 350 4,655 3,420 3,613 3,777 9,645
Surplus (sec. 13b)
54" 1,003
775 626
754
1,391
19, 209 2,165
6,064 2,098 1,007 2,084
Reserve for contingencies
891 1,211
816 1,363 2,041
5,325
30,
1,648
7,500 2,996 3,000 1,416 2,600
525
244
388 181 467
All other liabilities
1,902
274
229
11, 076
388
4,990 1,042 440
Total liabilities
9,095,678 673, 504 3,173, 008 548, 719 713, 854 370,102 251,087 1, 746, 897 313,404 224,663 340,691 190,447 549,302
Ratio of total reserves to deposits and
Federal Reserve note liabilities com64.7
bined (percent)
59.4
63.9
67.1
65.4
73.0
78.1
59.8
64.9
77.0
76.9 \ 69. 2
Commitments to make industrial ad160 1, 605
vances
36
384
501 1,399
725
16, 929 2, 65f
6,329
480 1,436 1,219
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by
Federal Reserve agent
Held by Federal Reserve bank
In circulation..
Collateral held by agent as security for
notes issued to banks:
Gold certificates on hand and due
from U. S. Treasury
_.
Eligible paper
U. S. Government securities
Total collateral.
3,425, 781 280,189
273, 002 17, 89;
746,501 249,800 327,830 160, 68' 144,466
97, 68' 13,156 14,877 10, 22' 17, 700
819,160 145,866 108,839 128,461 53,100 260,882
4,604 8,653 6,243 44,963
30, 730
3,152, 779 262,29:
648, 814 236,644 312,953 150,460 126,766
788,430 139,601104, 235 119,808 46,857 215,919
3, 285, 979 301,617
4,110
253
226,100
788, 706 230,000 308, 715 141,340 87, 685
340
158
1,744
59
698
22,000 20,000 20,000 60,000
827,346 118.632 97, 500 120,),000 51,175 213,
154
498
61
59
29,000 12,100 10,000 3,000 50,000
3,516,189 301,870 790,450 252, 698 328, 774161,498148,025 827,428 147,636 109, 661130, 059 54, 673 263,417
312
FEDERAL RESERVE BULLETIN
M A Y 1935
LICENSED MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[Averages of daily figures. In millions of dollars]
Reserves held
Total
Federal Reserve district
March
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago. _.
St. Louis
Minneapolis
_ ..
Kansas City
Dallas
San Francisco
__
__
Total
Borrowings at Feder al Reserve
banks
Excess
February January
March
February January
March
February January
296.0
1,954.8
222.2
303.2
2,609.5
216.2
302.1
1,841.4
216.9
164.6
857.7
93.5
172.7
988.4
89.6
173.3
791.0
91.9
0.5
4.0
.5
0.2
3.9
.8
0.6
4.8
.9*
304.3
151 9
85.3
287.5
139.1
83.2
274.7
130.8
82.4
156.4
79.4
28.7
141.7
67.1
28.4
129.4
59.6
28.7
.6
.2
.2
.5
.2
.2
.3
.2
.2
634.9
139.9
100.9
680.1
146.3
99.0
695.9
146.4
103.0
312.7
71.9
52.8
354.4
79.6
52.0
375.8
80.1
55.9
.04
.04
.007
.1
.02
.3
.1
174.7
122.8
264.6
173.2
133.9
270.1
169.0
126.3
266.0
93.1
65.8
88.1
92.3
76.6
93.6
88.6
70.7
90.3
.1
.1
.2
.1
.03
.05
.1
.02
.2
4,452. 2
4,601.4
4,354. 9
2,064. 7
2, 236.6
2, 035. 2
6.5
7.7
6.0
NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER
CENTERS
[Averages of daily figures. In millions of dollars]
Member banks n larger centers (places over 15,000)
Federal Reserve district
Net demand
Time
February
February
March
Boston
New York
Philadelphia
_
Cleveland
Richmond-.Atlanta-
__.
. .-.
Chicago
St. Louis
Minneapolis
_.
Kansas City
Dallas
San Francisco..
Total
- -
January March
Member banks in smaller centers (places under 15,000)
Net demand
January March
February
Time
January March
February
January
1,178
1,170
8,177
942
8,057
919
1,152
7,821
907
592
1,642
632
593
1,645
637
593
1,637
631
83
205
157
85
209
85
200
155
120
442
155
394
120
441
393
120
440
390
1,096
551
445
1,079
546
428
1,082
539
414
909
321
262
902
315
266
883
309
261
153
119
101
150
120
98
147
121
99
227
165
70
227
165
68
226
164
72
2,387
510
302
2,414
495
293
2,375
497
294
984
254
171
969
251
172
959
250
171
192
131
137
187
133
135
181
128
135
168
90
172
166
91
172
164
89
172
574
411
1,160
567
410
1,165
566
397
1,160
207
158
1,816
2Q6
162
1,798
203
162
1,782
243
194
106
241
199
105
238
194
106
109
35
92
109
36
92
109
35
92
17,733
17, 543
17, 204
7,949
7,916
7,840
1,821
1,818
1,789
2,082
2,080
2,074
313
FEDERAL RESERVE BULLETIN
M A Y 1935
EARNINGS AND EXPENSES OF MEMBER BANKS
LICENSED STATE MEMBER BANKS, BY DISTRICTS, FIRST 6 MONTHS OF 1934
[In thousands of dollars]
Federal Reserve District
Total
Boston
EarningsInterest and discount on
loans
Interest and dividends
on investments
.
Interest on balances
with other banks
Collection charges, commissions, fees, etc
Foreign department
Trust department
Service charges on deposit accounts
Other current earnings. _
Total earning from
current operations.._
New
York
Philadelphia
Cleveland
RichSt.
mond Atlanta Chicago Louis
Minne- Kansas Dallas
apolis
City
San
Francisco
91,383
6,027
42, 668
6,641
12,019
3,527
1,295
5,603
3,332
528
1,017
680
8,046
80,125
3,403
43, 525
6,124
8,580
2,045
601
6,425
2,776
426
1,179
256
4,785
500
3
337
71
7
7
6
36
7
7
3
4,693
3,560
21,837
136
29
1,606
2,550
3,228
13,414
78
21
2,532
155
45
1,606
203
11
387
119
246
16
369
69
178
495
60
1,072
12
34
3
102
59
1
11
549
146
548
3,810
13,381
265
460
1,546
5,455
148
1,156
328
1,901
143
414
68
402
657
1,000
149
514
33
84
66
412
52
100
355
1,483
16
219, 289
11,929
112, 723
16, 771
24,641
6,737
2,669
15, 348
7,409
1,159
2,816
1,159
15,928
Expenses:
Interest on deposits:
Time
Demand .
Bank
33, 330
2,058
724
2,726
25
38
10, 252
685
351
2,376
348
246
5,990
352
24
1,250
83
1
466
55
1
3,326
130
9
1,477
31
2
341
39
234
66
29
126
14
1
4,766
230
22
Total
36,112
2,789
11,288
2,970
6,366
1,334
522
3,465
1,510
380
329
141
5,018
60, 254
3,245
32, 286
4,868
5,459
1,861
648
4,228
1,851
348
707
389
4,364
1,273
9,798
40,377
14
744
2,005
514
4,185
21,848
128
905
3,470
50
1,220
3,130
20
413
1,213
17
196
495
64
875
2,515
438
383
1,335
1
66
216
7
107
681
2
74
246
18
630
3,223
Salaries and wages
Interest and discount on
borrowed money
Taxes
Other expenses. _
Total current expenses.
147, 814
8,797
70,121
12, 341
16, 225
4,841
1,878
11,147
5,517
1,011
1,831
852
13, 253
Net earnings from current
operations __
71, 475
3,132
42, 602
4,430
8,416
1,896
791
4,201
1,892
148
985
307
2,675
Recoveries, profits on securities, etc.:
On loans
On in vestments. __
All other
_
6,140
38, 503
3,742
155
2,248
60
3,445
25,383
2,145
404
2,962
186
299
1,671
226
86
1,338
252
76
343
13
441
1,303
259
546
1,182
175
56
109
84
40
144
31
76
52
23
516
1,768
288
48,385
2,463
30,973
3,552
2,196
1,676
432
2,003
1,903
249
215
151
2,572
93, 222
74,997
3,553
4,627
45, 585
35,165
10,149
9,324
9,365
6,816
3,542
2,810
1,690
154
4,853
2,842
4,327
5,030
708
1,041
636
1,311
261
17
8,553
5,860
5,253
11,881
177
417
2,765
3,374
267
847
549
1,207
171
531
34
222
128
1,702
169
607
11
48
253
316
30
43
699
2,567
185,353
8,774
86,889
20, 587
17,937
7,054
2,100
9,525
10,133
1,808
2,516
351
17, 679
Total
._
Losses and depreciation:
On loans
On investments
On banking house, furniture and fixtures
All other
Total losses and depreciation..
Net addition to profits »
Cash dividends declared
-65,493
41, 566
Capital funds,* June 30, 1934. 2,109, 573
Number of banks, June 30,
1934
1
2
958
-3,179
1,397
-13,314 -12,605 - 7 , 325 - 3 , 4 8 2
31, 390
3,308 2,650
474
84, 565 1, 306,132 160,378 221, 768
47
163
61
95
- 8 7 7 - 3 , 3 2 1 - 6 , 338 - 1 , 4 1 1 —.1,316
214
816
339
16
103
107 -12,432
763
96
47,816
21,974
96, 552
53, 619
7,826
18, 294
7,551
83,098
60
56
152
70
71
46
60
77
Net loss indicated by minus (—) sign.
By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for
contingencies, reserves for stock dividends on common stock, and retirement fund for preferred and/or capital notes and debentures.
314
FEDERAL RESERVE BULLETIN
M A Y 1935
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
LICENSED STATE MEMBER BANKS, BY DISTRICTS, LAST 6 MONTHS OF 1934
[In thousands of dollars]
Federal Reserve District
Total
Boston
Earnings:
Interest and discount on
loans
Interest and dividends
on investments
Interest on balances
with other banks
Collection charges, commission, fees, etc
Foreign department
Trust department
Service charges on deposit accounts
Other current earnings..
Total earning from
current operations.- _
New
York
Phila- Clevedelphia land
RichSt.
mond Atlanta Chicago Louis
Minne- Kansas Dallas
apolis
City
San
Francisco
5,724
39,561
6,224
11,191
3,436
1,232
5,262
3,092
595
961
559
8,034
79, 271
3,704
41,171
5,990
8,989
2,116
695
7,072
2,633
457
1,120
300
5,024
576
4
425
28
13
35
6
3
9
3
22
4,738
3,665
23, 612
135
24
1,847
2,202
3,258
14,141
89
21
2,772
534
52
1,867
172
8
459
139
266
12
437
91
149
527
46
1,169
14
41
4
86
70
1
7
472
239
664
4,523
15,339
308
467
1,832
6,047
210
1,172
369
1,920
198
455
68
255
720
2,114
228
622
48
100
95
409
57
194
390
1,584
85,871
28
217, 595
12, 213
108, 637
16, 506
24,935
6,879
2,544
16,913
7,299
1,308
2,738
1,188
16, 435
Expenses:
Interest on deposits:
Time
Demand
Bank-
31,112
1,679
732
2,540
32
32
9,992
493
383
2,188
221
179
5,488
342
31
1,205
58
33
413
49
2
3,087
141
5
1,136
21
2
301
19
215
42
18
117
14
1
4,430
247
46
Total
33, 523
2,604
10,868
2,588
5,861
1,296
464
3,233
1,159
320
275
132
4,723
61,123
3,330
32, 541
4,912
5,620
1,884
664
4,355
1,911
347
704
390
4,465
787
10, 204
39, 710
6
631
1,869
219
4,396
21, 332
67
764
3,449
8
1,571
3,154
7
350
1,113
2
241
439
56
890
2,667
415
384
1,306
1
85
239
1
102
662
1
89
258
4
701
3,222
Salaries and wages
Interest and discount on
borrowed money
Taxes
Other expenses
Total current expenses -
145, 347
8,440
69, 356
11, 780
16, 214
4,650
1,810
11, 201
5,175
992
1,744
870
13,115
Net earnings from current
operations
- _ ._
72, 248
3,773
39, 281
4,726
8,721
2,229
734
5,712
2,124
316
994
318
3,320
Recoveries, profits on securities, etc.:
On loans
On investments
All other
6,230
27, 433
4,985
290
875
745
3,831
18,167
1,569
187
1,651
878
221
1,363
693
91
600
158
112
172
13
357
1,251
336
194
934
88
96
148
25
45
332
64
57
42
52
749
1,898
364
38, 648
1,910
23, 567
2,716
2,277
849
297
1,944
1,216
269
441
151
3,011
58, 334
39,130
2,214
1,443
38, 515
25, 950
3,851
3,504
4,970
2,256
919
776
909
88
3,619
1,740
767
920
311
537
295
53
311
156
1,653
1,707
4,754
12, 785
456
1,022
2,550
6,599
301
1,283
378
654
207
169
59
331
226
795
131
364
21
74
25
277
59
88
341
1,129
115,003
5,135
73, 614
8,939
8,258
2,071
1,387
6,380
2,182
943
650
614
4,830
-4,107
40, 402
548
1,363
-10,766 - 1 , 4 9 7
29, 715
3,258
2,740
2,911
1,007
664
-356
274
1,276
456
1,158
498
-358
44
785
136
-145
84
1,501
999
89, 571 1, 224, 421 156, 927 220,894
49, 081
21, 295
98, 443
52,978
8,141
16,820
7,597
84, 215
61
55
163
71
69
48
60
80
Total
Losses and depreciation:
On loans
- On investments
On banking house, furniture, and fixtures
All other
Total losses and depreciation
Net addition to profits *
Cash dividends declared
Capital funds,2 Dec. 31,1934.. 2,030, 383
Number of banks, Dec. 31,
1934
980
49
164
61
99
12 Net loss indicated by minus (—) sign.
By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for
contingencies, reserves for stock dividends on common stock, and retirement fund for preferred and/or capital notes and debentures.
315
FEDERAL RESERVE BULLETIN
M A Y 1935
EARNINGS AND EXPENSES OF MEMBER BANKS—Continued
LICENSED NATIONAL BANKS, BY DISTRICTS, FIRST 6 MONTHS OF 1934
NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currenc3r from reports
submitted by national banks.
[In thousands of dollars]
Federal Reserve District
Total
Earnings:
Interest and discount on
loans - - Interest and dividends on
investments
Interest on balances with
other banks
Collection charges, commissions, fees, etc
Foreign department
Trust department
Service charges on deposit
accounts
Other current earnings
Total earnings from
current operations
Expenses:
Interest on deposits:
Time.
Demand
Bank
Total
Salaries and wages
Interest and discount on
borrowed money
Taxes
Other expenses
Total current expenses..
Net earnings from
operations
St.
Minne- Kansas Dallas
Atlanta Chicago Louis
apolis
City
San
Francisco
Boston
New
York
Philadelphia
Cleveland
Richmond
185,533
16,817
35,248
17,935
14,727
9,187
9,599
18,925
6,030
6,653
9,911
10,375
30,126
152,056
12,447
36,885
15,016
13,512
6,651
6,127
16,768
5,302
6,773
7,977
5,627
18,971
622
20
117
73
26
20
46
28
19
76
108
17
72
8,783
6,405
12,068
265
722
781
1,281
3,909
3,183
221
221.
481
342
119
610
356
33
347
935
124
352
1,613
827
3,441
480
20
100
1,134
15
412
660
5
468
556
17
178
940
393
1,715
8,787
27, 523
917
2,060
1,285
6,937
406
1, 533
358
1,867
381
926
529
1,377
1,434
3,787
241
883
419
991
835
1,771
604
1,634
1,378
3,757
401, 777
34, 029
88,845
35, 886
31, 561
17,901
19,089
46,823
13,075
16, 473
21, 735
19,008
57,352
82, 318
4,675
1,071
6,196
116
149
12,978
728
163
10,162
265
181
7,870
637
144
4,656
124
29
3,725
166
49
7,548
655
32
2,827
136
84
4,103
176
96
3,448
500
104
2,202
267
12
16, 603
905
28
88,064
6,461
13, 869
10, 608
8,651
4,809
3,940
8,235
3,047
4,375
4,052
2,481
17, 536
102,182
8,153
23,174
7, 361
7,054
4,165
4,844
13, 522
3,323
4,531
6,299
4,970
14,786
1,189
21, 456
66,142
96
1,351
5,256
292
4,965
15, 266
195
1, 249
4,578
77
1,392
4,863
76
1,016
2,557
124
1,139
3,491
52
2,975
8,278
43
898
2,114
25
1,094
3,291
24
1,076
4,109
55
1,640
3,350
130
2,661
8,989
279,033
21, 317
57, 566
23, 991
22,037
12, 623
13, 538
33, 062
9, 425
13, 316
15, 560
12, 496
44,102
122, 744
12, 712
31, 279
11, 895
9,524
5,278
5,551
13, 761
3,650
3,157
6,175
6,512
13, 250
15, 740
68, 647
10, 271
966
5,638
449
3,701
21, 048
1,172
276
3, 993
176
659
3,492
225
319
4,314
240
308
2,775
160
4,355
9,837
6,220
336
2,491
609
980
2,016
215
1,409
3,669
305
1,433
2,903
154
998
6,471
346
94, 658
7,053
25,921
4,445
4,376
4,873
3,243
20,412
3,436
3,211
5,383
4,490
7,815
192, 269
137, 681
15.692
6,223
70,876
68,996
11, 251
8,087
12,422
7,960
6,306
3, 4fi2
7,463
2,791
19, 500
10,931
4,059
3,911
10,315
6,960
8,415
5,200
9,0-S1
2,092
16,889
11,068
16,730
19,465
972
1,597
5,979
4,192
342
746
702
1.957
355
684
443
1,165
1,974
1,483
218
849
1,202
1,237
1,086
1,156
1.844
1,462
1,583
2,937
24,484 150,043
20,426
23,041
10,807
11,862
33,8R8
9,067
19,714
15,857
14,479
32,477
current
Recoveries, profits on securities, etc.:
On loans
On investments
All other
Total
Losses and depreciation:
On loans
.
On investments
On banking house, furniture and fixtures
All other
Total losses and depreciation
Net addition to profits *_
Cash dividends declared
366,145
_ -148,743
42, 554
- 4 , 719 -92f843 - 4 , 0 8 6 - 9 , 1 4 1
5,384
2,217
4,727 13,489
-656 -3,068
2,651
1,648
285 - 1 , 9 8 1 -13,346 - 4 , 299 - 3 , 4 7 7 - 1 1 , 4 1 2
5,973
1,598
1,769
1,390
607
1.101
Capital funds,2 June 30, 1934_. 2,995, 351 288,161 743,810 313,752 245, 038 126, 620 132,159 367,523
Number of banks, June 30,
1934
5,417
326
625
583
518
334
268
506
92,867 102,166 131,494 130,838
320,923
494
300
313
460
690
1 Net loss indicated by minus (—) sign.
2
By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for
contingencies, reserves for stock dividends on common stock, and retirement fund for preferred and/or capital notes and debentures.
316
FEDERAL RESERVE BULLETIN
MAY
1935
DEPOSITS OF MEMBER BANKS BY SIZE OF ACCOUNT
LICENSED MEMBER BANKS—DEPOSITS BY SIZE OF ACCOUNT AND BY CLASS OF DEPOSITS,
OCT. 25, 1933
[Amounts of deposits in thousands of dollars]
Deposit accounts of—
Total—All deposit
accounts
$2,500 or less
$2,501 to $10,000
$10,001 to $50,000
Over $50,000
Class of banks and class of deposits
Number
of depositors
Amount
of deposits
Number Amount NumAmount NumAmount NumAmount
ber of of
ber of of
ber of of
of deposi- of depos- deposidepos- deposidepos- deposideposits
its
tors
its
its
tors
tors
tors
All licensed member banks:
57,870
8,252
23,121 10, 711
40,989
187, 633
63,729 1,376, 256
State, county, and municipal funds._
863
3,403
917,889
14, 851
U. S. Government
deposits i
J
299
2,574
28, 845
782,691
Postal savings
17, 781 19,005
110, 292 23, 580
22,607
547, 258
76,488 3, 236,892
Deposits of other banks
71,002 10,826
44,987
3,834
72, 054
967, 578
429, 650
951,898
Certified and cashiers' checks, e t c 2 . - .
27, 432,172 19, 652,404 26,425, 235 5, 617,388 808,831 3, 670, 387 164, 448 3,111,475
Other active accounts 3
112,940
47,062
19, 963
1,211
189,
039
5,
632,
643
12,126
5, 646, 045
Other dormant accounts
Total on Oct. 25, 1933 4
Percent
Total on May 13, 1933 4
Percent
34,186, 012 26, 584,821
100.0
100.0
30, 556,105 23, 542,307
100.0
100.0
33, 073, 372 5, 843, 394 861,499 3,936, 575 201,325 3,982,079
14.8
22.0
96.7
15.0
2.5
.6
29,482,384 5, 580, 327 839,736 3, 752,923 187,115 3, 720, 403
15.9
96.5
23.7
2.8
15.8
National bank members:
34,121
48,929
6,962
157,492
53,140 1,075, 065
19, 201
9,077
State, county, and municipal
funds __
3,112
514, 035
789
13,000
U. S. Government
deposits l
2,330
246
578,182
25,390
Postal savings l
17, 521
85, 469 17,983
57, 761 2, 024, 302
13, 503 14,584
418, 012
Deposits of other banks__
193,148
654,361
663,950
49,061
7,117
2,002
33,976
Certified and cashiers' checks, etc. 2 .-.
20,040,976 12, 505, 505 19,362, 244 4,014,419 554, 746 2,497, 582 105, 049 1,926,177
Other active accounts 3
131,896
82, 549
4, 526,153
4, 516,931
685
30,438
10,995
Other dormant accounts
Total on Oct. 25, 1933 4
Percent
Total on May 13, 1933
Percent
25,341.980 17,022,133
100.0
100.0
22, 476, 727 14,909, 352
100.0
100.0
State bank members:
10,589
« 301,191
State, county, and municipal funds..
U. S. Government deposits i
5 403, 854
204, 509
Postal savings *
18,727
51,212,590
Deposits of other banks
303, 628
« 236, 502
Certified and cashiers' checks, etc. 2 .-.
7,391.196 7,146, 899
Other active accounts 3
1,119,892
57,143
Other dormant accounts
Total on Oct. 25, 1933 4 .
Percent
Total on May 13, 1933 4.
Percent
8,844, 032
100.0
8,079, 378
100.0
9,562,688
100.0
8,632,955
100.0
24, 585,178 4,179, 768 594,010 2, 693,956 132, 681 2, 585,042
15.8
97.0
24.6
2.4
.5
15.2
21, 748, 754 3,983, 711 579, 589 2, 552,918 120,028 2,366, 331
17.1
96.8
26.7
15.9
2.6
.5
3,777
11, 296
1,020
33, 658
65
1,107,632
898, 772
750,973
2, 561, 561
241, 607
7, 253,154
9,074
49,816 12,822, 773
48.2
.2
46,870 10, 488, 654
44.6
.1
7,673
470
18,937
51
849,443
497,134
550, 216
1, 507,318
84, 015
4,067,327
7,914
30, 111
.1
28, 356
.1
7, 563, 367
44.4
6,006,392
40.3
797
2,980
8,941
1,634
3,920
291
74
244
53
4,421
5,086
24, 823
4,278
297, 537
21,941
3,709
18,891
7, 062,991 1, 602,969 254,085 1,172, 805
1,115, 712
30, 391
3,640
16, 624
30,141
1,851
3,455
129, 246
5,597
38,078
1,832
59, 399 1,185, 298
8,968
526
3,623
550
14,721
14
258,189
401, 638
200, 757
1,054, 243
157, 592
3,185,827
1,160
8,488,194 1, 663, 626 267,489 1, 242, 619
96.0
13.0
17.4
3.0
7, 733, 630 1, 596, 616 260,147 1, 200, 005
95.7
18.5
3.2
13.9
68, 644 1,397, 037
.8
14.6
67,087 1, 354, 072
15.7
19, 705
.2
18, 514
.23
5, 259,406
55.0
4, 482, 262
51.9
1,290
fT, ! For the purposes of the reports underlying this table, each member bank was requested to count all United States Government deposit
accounts as constituting one account, and likewise to consider all postal-savings deposits as one account. In this table, however, the United States
Government
and the Postal Sayings System are not counted in the number of depositors.
2
Figures shown against this item under the head of "Number of depositors" actually represent the number of checks.
3
Represents deposit accounts from which no withdrawals and to which no credits were made (other than interest credited to such accounts)
between Jan. 1, 1929 and Oct. 29, 1933, inclusive, except that if a depositor had a dormant account and also one or more active accounts all of his
accounts
were combined and included in active deposits as one account.
4
Since the figures for Oct. 25, 1933 represent the number of "depositors" while those for May 13, 1933 represent the number of "deposit
accounts", they are not entirely comparable.
s These figures differ somewhat from corresponding totals in the "Member Bank Call Report", due to the fact that some banks submitted
corrections in their condition reports after the "Member Bank Call Report" had been compiled, and to the fact that in some cases it was not
found practicable to reconcile relatively minor differences between condition reports and the special schedules classifying deposits according to
size of accounts.
317
FEDERAL RESERVE BULLETIN
MAY 1935
LICENSED MEMBER BANKS—DEPOSITS BY SIZE OF ACCOUNT AND BY FEDERAL RESERVE
DISTRICTS, OCT. 25, 1933
[Amounts of deposits in thousands of dollars]
Deposit accounts of—
Total—All deposit
accounts
Class of banks and Federal Reserve
districts
Number
of depositors
All licensed member banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
2, 315, 002
6, 582,141
2,939,648
3,431,940
2,082,034
2,026,041
3,946, 294
1, 708,210
1, 257,538
2,103,825
1, 680, 981
4,112, 358
Total
1,713, 367
3, 742,920
2, 297,080
2, 076, 630
1, 649, 404
1, 852, 278
2, 882,984
'._ 1.145,015
1,183, 707
1,925, 639
1, 586, 999
3, 285,957
Total
Total
989,945
664,265
976,956
047,934
976,604
799, 557
996,283
858,688
712,698
033,314
769,031
759,545
$2,501 to $10,000
$10,001 to $50,000
Over $50,000
Number Amount NumAmount NumAmount NumAmount
ber of of
ber of of
ber of of
of deposi- of depos- deposidepos- deposidepos- deposideposits
tors
its
its
its
tors
tors
tors
2, 217,877 486, 594 77, 518
6, 282,035 1,331, 584 221, 426
2,838,899 542,459 83,017
3, 335,893 557,464 77,587
2,030,864 296,702 40,658
1,986,476 211,347 27,355
3,824,141 655,197 92, 663
1,667,916 255,611 31,430
1,219,993 229,180 30,359
2,054,964 281, 372 35,924
1, 643,422 220, 797 28, 323
3,970,892 775,086 115, 239
343,939
371, 855
352, 797
185,658
126,876
422,747
143,789
137,908
160,350
130,929
530,828
844,757
15, 668 314,655
3,939
59,088 1, 213, 782 19,592 6,090,000
14, 724 285,559
3,008
777,083
299,277
15,063
3,397
838,396
173,004
8,716
1,796
321, 240
10, 808 137, 542 1,402
323, 792
470, 263 6,341 1,448,076
23,149
7,336 150,603
1,528
308,685
1,133
6,053 123,360
222,250
10,630 209, 506 2,307
382,086
1,570
7,666 157,953
259, 352
3,803 1,007,056
22, 424 446,575
34,186,012 26, 584, 820 33,073, 372 5, 843, 393 861,499 3,936, 575 201,325 3, 982,079 49, 816 12,822, 773
National bank members:
Boston
__.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
._
San Francisco
State bank members:
Boston
New York. _
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Amount
of deposits
$2,500 or less
1,535, 225
4,004, 673
1, 363, 848
1, 228, 236
727, 340
723,864
2, 357, 528
574,218
677, 327
914, 393
736,873
2,178, 608
1, 643,916
3,605,723
2, 222, 227
2, 018, 757
1, 610,056
1, 816, 240
2, 793, 470
1,117, 880
1,148,074
1,881,115
1, 551,034
3,176, 686
367,031
693,862
416,993
340,825
233,193
189,484
469, 924
167, 952
216,015
260, 755
208, 640
615, 094
55, 270
107,218
62, 759
46, 493
31,633
24, 528
67,183
20,956
28, 780
33, 054
27, 086
89,050
240, 519 11,029
23,090
277, 319 10,144
9,232
211,921
143, 757 6,504
114,089 10,207
306,278 17, 438
96, 807 5,142
130, 708 5,761
147,211
9,513
125, 259 7,350
411,842 17, 271
223,747 3,152
464, 726 6,889
1,950
196,007
186,067 2,148
129, 263 1,211
1,303
125,164
358,238 4,893
1,037
106,053
117, 762 1,092
186, 548 1,957
151, 486 1,529
339, 981 2 ,950
703, 928
2, 357,839
473, 529
489,423
221,127
295,127
1, 223,088
203, 406
212, 842
319, 879
251, 488
811,691
25, 341, 980 17,022,133 24, 585,178 4,179, 768 594,010 2, 693, 956 132,681 2, 585, 042 30, 111 7, 563, 367
__
601, 635
454, 720
573,961
2,839, 221 5, 659, 592 2, 676,312
642, 568
613,108
616, 672
1, 355,310
819,698 1,317,136
432, 630
249,264
420,808
170,236
173,763
75, 693
1,030,
671
_. 1,063, 310
638,755
550,036
563,195
284, 470
71,919
73,831
35. 371
173,849
178,186
118,921
92, 388
93,982
32,158
794, 206
826, 401
580,937
119,563
637, 722
125,466
216, 639
63,509
21,863
185, 273
87, 659
13,165
20, 617
12,157
159,992
22, 248
114, 208
20,258
31,094
9,025
2,827
25, 480
10,474
1,579
2,870
1,237
26,189
103,420 4,639
540, 653 35,998
94, 536 4,580
140,876 5,831
41, 901 2,212
12, 787
601
116, 469 5,711
46,982
2,194
7,200
292
13,139
1,117
5,670
316
118,986
5,153
787
140, 829
90, 908
749,056 12, 703 3, 732,161
89,552
303,554
1,058
113,210
348,973
1,249
43,741
100,113
585
12,378
28,665
99
112,025
224,988
1,448
44, 550
105, 279
491
5,598
9,408
41
22,958
62, 207
350
7,864
6,467
41
106, 594
195, 365
853
8,844,032 9, 562, 687 8, 488,194 1, 663, 625 267,489 1, 242,619 68,644 1,397,037
19,705
5, 259,406
318
FEDERAL RESERVE BULLETIN
MAY 1936
LICENSED MEMBER BANKS—DEPOSITS BY SIZE OF ACCOUNT AND BY STATES, OCT. 25, 1933
[Amounts of deposits in thousands of dollars]
Deposit accounts of—
Total—All deposit
accounts
$2,500 or less
$2,501 to $10,000
$10,001 to $50,000
Over $50,000
State
Number Amount NumAmount NumAmount NumAmount
ber of of
ber of of
ber of of
of deposi- of depos- deposidepos- deposidepos- deposidepostors
its
its
its
tors
tors
tors
Number
of depositors
Amount
of deposits '
New England:
Maine
New Hampshire .
Vermont
Massachusetts _..
Rhode Island
C onnecticu t
195,266
136,913
97,198
1,224,405
379,141
352,123
94,134
53,705
36,859
1,332, 375
247, 590
265, 556
188,321
44,074 6,107
132,717
21,952 3,686
19,414 2,426
94,476
, 169, 593 270,136 41,861
70,
629 14,691
361, 440
74,082 10,896
338, 756
25,336
11,917
10,463
190,033
67,820
47, 522
Middle Atlantic:
New York
New Jersey...
Pennsylvania.
4,977,477
1,930,855
3,670,332
8,820, 249
974,438
2,683, 248
4, 731, 596 1, 021,391 174, 739
1,868,675 360,188 53,696
3, 543,748 663,142 103,106
822,657
237,602
463,061
East North Central:
Ohio
Indiana
Illinois
Michigan.
Wisconsin
1,993, 275 1,031, 508
513,647
217,358
2,150,891 2,019, 538
785,618
471,356
625,285
315,234
1,941,914
502,879
2,075,892
762,603
608,792
190,150 8,232
37,648
1,881
257,377 15,208
85, 111 3,449
56,945 2,63b
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas.-
756,629
378,459
1,011,007
104,913
111, 071
307,886
452,238
478, 368
175,943
709,310
44,231
45,110
155,955
156,735
733,189
369,593
981, 562
102,286
108,665
299,814
444,198
138,782 18, 587
56,735 6,893
160, 561 21,621
17,830 2,182
16, 662 1,939
5,998
50,121
5,735
59,156
84,457
30,294
99,721
9,762
9,247
27,836
25, 778
South Atlantic:
Delaware.
Maryland
District of Columbia.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
59,000
300, 355
273, 567
766,637
435,340
247,307
112,048
564,407
288, 204
58,976
244, 768
178,183
286,568
124, 293
129,898
36,120
227,383
133, 217
56,230
287,691
264,322
750, 537
428,141
241,660
110, 264
554,933
282,809
12,984 2,166
59,854 10,088
47,858
7,326
102, 672 13,095
51,643 5,942
33,222 4,089
10, 711
1,346
57,165
7,200
30,904
4,172
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
477,024
463,241
434, 593
129,167
165, 099
204,628
137, 399
40, 514
468,162
453, 378
423, 369
126, 699
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
179,183
438, 502
593, 537
1, 551, 511
63,804
183, 753
242,495
710,925
175,497
430, 668
582, 517
1, 516,708
111, 103
66, 221
87,782
337,717
57,691
44,460
120, 583
19,636
75,353
27, 501
30,311
192,928
20,865
24, 532
67,283
9,739
106,888
64,693
86,032
327,814
56,588
43,440
117,156
18,913
402,360
315,394
3,154,813
232,362
156,625
2,250,498
391, 737
307,280
3,038,537
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico.
Arizona
Utah
Nevada
Pacific:
Washington.
Oregon
California
Total _
92
71
20
3,035
336
449
11,025
11,070
1,832
667,848
58,682
104, 518
52, 436 1, 092,672 18,706
964
7,520
137,694
19,089 372,877 4,389
5,883,529
238,954
1,184,168
746
439
276
9,916
2,674
2,022
13,699
8,766
5,150
204,358
50,459
39,434
164,677
37,433
311,489
68, 246
51,630
1,663
374
4,674
732
453
351,408
69,805
1,087,518
175,194
99,233
3,956
1,651
6,170
404
430
1,800
2,031
81,192
34,611
128,916
8,449
9,100
33,877
31,461
897
322
1,654
41
37
274
274
173,937
54,303
320,112
8,190
10,265
47,395
33,357
59,098
26,002
18,785
6,288
33,161
19,301
482
2,142
1,550
2,543
1,096
1,227
359
1,836
9,799
43,834
30,025
48,033
21,890
25,159
8,171
39, 303
20,067
122
434
369
462
161
331
79
438
224
25,928
93,685
66,943
76,765
24,758
52,732
10,950
97,754
62,945
7,235
7,542
5,593
2,040
32,916
35,862
25,894
9,415
1,398
1,947
5,415
378
28,459
39,910
25,231
7,695
229
374
216
50
42,143
73,106
43, 626
8,437
21, 218 2,884
42, 554 5,809
64,026 8,099
204, 341 26, 322
13,432
27, 377
33, 309
121,484
721
1,671
2,341
7,011
15, 200
34, 268
51,044
144, 718
81
354
1,470
13,954
79, 554
94,116
240,382
3,404
1,223
1,363
7.997
863
821
2,675
627
15,668
5,730
6,340
34, 686
4,087
3,934
13,046
2,742
702
247
337
1,522
215
165
627
13, 572
5,110
7,049
30, 764
4,179
3,250
13,080
1,949
109
58
50
384
25
34
125
8
23,010
6,364
6,281
72,823
4,617
9,095
21,916
1,457
65, 351 8,230
58,901 6,799
611, 295 95,052
37,304
30,010
438,950
1,982
1,125
18, 233
40,102
21,041
362,987
411
190
2,991
89,605
46,673
837,266
325,273
72,472
363,154
142,805
107,426
61, 581
55, 750
42, 648
14,967
23,103
10, 297
10, 641
54, 655
7,982
8,253
19, 241
3,591
41, 466
8,513
55,117
18,834
13,404
34,186,012 26,584,820 33,073,372 5,843,393 861,499 3,936, 575 201, 325 3,982,079
10,101
44,121
40,340
49,816 12,822,737
319
FEDERAL RESERVE BULLETIN
MAY 1935
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO
[In millions of dollars]
Federal Reserve district
Total
Loans and investments, total:
Apr. 3
Apr. 10
Apr. 17
Apr. 24
Loans on securities, total:
Apr. 3
Apr. 10
Apr. 17
Apr. 24
To brokers and dealers in
New York:
Apr. 3
Apr. 10
Apr. 17
Apr. 24
To brokers and dealers
outside New York:
Apr. 3
Apr. 10
Apr. 17
Apr. 24
To others:
Apr.3
Apr. 10
_.
Apr. 17
Apr. 24.__.
Acceptances and commercial
paper:
Apr.3
Apr. 10
Apr. 17
Apr. 24
Loans on real estate:
Apr.3
Apr. 10
Apr. 17
..Apr. 24
Other loans:
Apr.3
Apr. 10
Apr. 17
Apr. 24
U. S. Government direct
obligations:
Apr. 3
Apr. 10
Apr. 17
Apr. 24
Obligations fully guaranteed
by U. S. Government:
Apr. 3
Apr. 10
Apr.17
Apr. 24__._
Other securities:
Apr.3
Apr. 10
Apr.17
Apr. 24
Reserve with Federal Reserve banks:
Apr. 3
Apr. 10
Apr. 17
l~ Apr. 24
Cash in vault:
Apr.3
Apr. 10
Apr. 1 7 . . .
Apr. 24-.
Net demand deposits:
Apr.3_
Apr. 10
Apr.17...
-
-.-.
Apr. 24
r Revised.
18,509
18,535
18,644
18, 617
2,974
2,969
3,023
3,067
Boston
New- PhilaCleve RichdelYork phia
land mond
Atlanta
Chicago
City
MinSt.
Louis neapolis
Kansas
City
Dallas
San
Francisco
New
York
427
435
433
429
1,965
1,948
1,952
1,949
7,661
7,635
7,741
7,736
1,521
1,564
1,572
1,566
204
202
195
185
1,412
1,408
1,519
1,608
238
231
221
213
576
578
692
791
27
27
17
1,184 8,539
1,184 8,521
1,176 8,633
1,172 8,620
1,079
1,079
1,078
1,076
1,170
1,175
1,185
1,188
368
369
362
359
358
354
355
349
1,917
1,957
1,959
1,964
559
561
557
560
366
363
363
361
577
589
591
590
1,602
1,608
1,709
1,790
199
197
195
191
172
172
171
168
57
57
54
50
52
51
50
47
278
272
258
249
65
64
61
33
34
33
33
54
54
49
47
210
209
203
205
720
732
796
850
601
613
717
807
33
30
30
31
14
14
12
15
55
54
54
56
31
27
28
29
216
213
210
209
170
169
168
167
781
776
773
761
180
177
176
175
3
3
3
21
21
20
21
227
218
212
206
'35
'33
'31
29
13
13
13
13
25
25
24
25
344
345
346
346
130
130
130
128
17
17
17
17
103
102
101
100
109
106
107
107
111
111
111
110
312
312
314
316
1,235
1,235
1,230
1,211
'246
'251
'251
248
152
150
152
149
240
253
258
257
163
168
170
169
670 3,290
658
3,310
3,319
3,263
684
723
741
748
170
165
162
168
30
29
28
31
57
56
56
58
15
14
15
14
2,084
2,072
2,065
2,049
159
158
159
159
944
939
936
925
163
162
162
162
164
164
163
162
229
220
214
208
25
25
25
25
2
2
2
2
2
2
2
2
'47
••45
'42
41
10
10
10
10
21
22
23
22
248
248
247
245
71
71
71
71
73
73
73
73
12
12
12
12
32
32
31
31
36
36
36
36
1,380
1,380
1,375
291 1,355
166
165
166
164
135
135
139
139
127
127
127
128
'319
'324
'326
323
109
108
106
105
102
95
95
90
877
905
921
940
• 217
220
219
224
'424
'414
r401
395
964
Chi-
" 3,245
'3,244
• 3, 244
3,217
294
295
7,280
7,323
7,371
7,336
366
365
366
361
3,494
3,511
3,526
3,470
293
296
295
297
579
581
589
594
702
716
715
711
11
12
12
12
310
311
308
56
56
56
56
23
25
25
25
103
103
103
22
23
23
26
71
71
70
71
279
275
272
261
78
78
78
79
2,918
2,903
2,926
2,928
164
165
167
167
1,276
1,243
1,254
1,254
269
269
270
272
186
187
186
187
266
276
278
277
118
118
118
118
343
346
353
352
,059
,059
,059
223
231
233
232
3,047
3,156
3,345
3,538
224
228
239
256
1, 596
1,634
1,710
1,820
147
143
150
153
171
162
165
163
46
53
51
63
270
289
282
281
68
78
75
73
61
65
62
57
13
14
14
14
19
20
19
11
12
11
11
14,087
14, 224
14,530
14,646
963
968
978
7,409
7,413
7,593
7,662
747
744
753
754
718
724
733
737
241
245
235
240
127
128
126
127
97
386
442
524
584
56
58
58
56
103
101
105
103
70
70
69
67
149
163
167
164
,530
,576
,631
,734
336
391
468
533
6
6
7
45
45
44
45
4
4
5
4
10
11
11
12
9
9
9
10
16
17
17
17
49
52
50
44
35
35
34
35
207
209
211
208
1,574
1,666
1,740
1,788
268
268
270
267
482
493
507
'500
317
319
326
319
763
772
781
774
6,964
6,965
7,100
7,185
1,308
1,403
1,470
1,516
403
403
408
320
FEDERAL RESERVE BULLETIN
MAY
1935
REPORTING MEMBER BANKS IN LEADING CITIES—Continued
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO
[In millions of dollars]
Federal Reserve district
Total
Time deposits:
Apr. 3
-.
Apr. 10
Apr. 17
Apr. 24
Government deposits:
Apr. 3
Apr. 10
-.
Apr. 17
Apr. 24
Due from banks:
Apr. 3
Apr. 10.
Apr. 17
Apr. 24
Due to banks:
Apr. 3
Apr. 10
Apr. 17
Apr. 24
Borrowings from Federal Reserve banks:
Apr. 3
Apr. 10__.
Apr. 17__
-.
Apr. 24
Boston
New PhilaRichdel- CleveYork phia
land mond
Atlanta
Chicago
129
129
130
131
531
534
555
558
City
MinSt.
Louis neapolis
Kansas
City
166
166
167
167
128
128
129
129
164
163
163
162
122
122
123
123
Dallas
4,476
4,474
4,494
4,498
312
312
314
312
1,047
1,048
1,040
1,044
316
314
313
312
454
451
452
451
1,016
1,016
1,014
1,014
72
71
71
71
557
557
.557
556
62
62
62
62
45
45
45
45
31
31
30
31
58
58
58
58
22
22
22
22
5
5
5
5
21
21
21
21
52
53
52
52
1,732
1,693
1,784
1,819
106
94
109
108
143
135
156
155
175
174
179
185
143
139
142
150
79
81
80
278
271
291
293
100
97
100
102
91
88
87
212
199
207
212
4,285
4,234
4,418
4,438
212
206
216
215
1,900
1,891
2,023
2,014
258
252
261
264
195
191
196
202
609
591
602
616
182
177
180
181
121
118
120
121
281
278
285
287
139
139
139
139
100
100
102
102
87
San
Francisco
New
York
Chicago
970
624
629
625
627
386
387
408
411
83
83
83
83
527
527
527
526
42
41
41
42
149
139
145
142
175
195
202
209
65
64
174
171
184
190
141
137
134
137
199
206
210
212
1,836
1,829
1,960
1,949
490
478
488
502
RATES ON INDUSTRIAL ADVANCES
[Approved by the Federal Reserve Board, under sec. 13b of Federal Reserve Act as amended June 19,1934. Percent per annum except as otherwise specified. In effect on May 1,1935]
Boston
Advances direct to industrial or commercial
organizations
Advances to financing institutions:
On portion for which institution is obligated
On remaining portion
_
Commitments to make advances
New
York
Phila- Clevedelphia land
4-6
4-6
4-5
1-2
1-2
i Authorized rate 1 percent above prevailing discount rate.
» Same as to borrower but not less than 4 percent,
a Flat charge.
13
Richmond
Atlanta
Chicago
5-6
4-6
4-6
1-2
13
5-6
1-2
St.
Minne- Kansas Dallas
Louis apolis
City
4-6
San
Francisco
6-6
5-6
4
6-6
1
3-4
4-6
H-2
MAY
321
FEDERAL RESERVE BULLETIN
1935
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICAN
CURRENCY TO AND FROM EUROPE
BY SELECTED BANES IN NEW YORK CITY
BANK DEBITS
[Debits to individual accounts. In millions of dollars]
[Paper currency only. In thousands of dollars]
Number
of
centers
1935
1934
Ship- ReShip- Rements ceipts Net ments ceipts
Net
to
to
from receipts
from receipts
Europe Europe
Europe Europe
Month
January
February
March
April
May
June
July
August
September
October
November
December
Total
-
0
1
0
1
10
8
63
0
23
0
199
40
5,256
3,740
2,200
2,900
3,780
3,471
3,601
5,193
4,254
2,524
2,129
1,539
40,587
345
5,256
3,739
2,200
2,899
3,770
3,463
3,538
5,193
4,231
2,524
1,930
1,499
40,242
81
173
167
373
3,705
1,502
2.026
1,465
3,624
1,329
1,859
1,092
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
1934
February March
March
1
140
15,895
15,849
12,549
13,181
15,608
14,077
11
7
10
1,721
16,490
1,539
1,485
1,369
13,150
1,250
1,311
1,533
16,142
1,384
1,297
13
7
Total
1935
575
498
513
15
21
5
727
4,284
786
628
3,336
645
696
3,588
728
9
15
10
18
480
892
511
408
747
472
436
815
459
2,255
1,916
2,094
141
31,744
25,730
29,685
For description and back figures see BULLETIN for January 1932,
pp. 7-9, and for January 1934, p. 51.
MATURITY DISTRIBUTION OF BILLS AND
SECURITIES HELD BY FEDERAL RESERVE
BANKS
PAPER CURRENCY OF EACH DENOMINATION
[In thousands of dollars!
IN CIRCULATION
I Outside Treasury and Federal Reserve banks . In millions of dollars]
1934
Denomination
Mar. 31 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 31
$1
$2
$5
$10
$20
$50
$100
$500
$1,000
$5,000
$10,000
397
33
730
410
32
752
1,230
1,302
346
422
32
776
423
32
771
1,265
1,314
335
1,300
1,332
337
1,288
1,326
337
584
117
Total.
Total
1935
230
7
9
4,986
571
112
571
111
577
112
221
5
7
5,025
214
5
10
5,110
216
5
7
5,095
401
32
740
407
31
755
1,240
1,293
336
1,275
1,314
340
571
111
214
5
7
4,953
410
32
754
1, 285
1, 309
341
575
112
578
113
217
6
8
5,039
221
6
8
5, 057
NOTE.—Figures include, in addition to currency outside the Treasury
and Federal Reserve banks, unassorted currency held by these institutions amounting to $7,000,000-$14,000,000, and also $1,000,000 of currency
of unknown denominations reported by the Treasury as destroyed.
UNITED STATES POSTAL SAVINGS
[Balance to credit of depositors. In millions of dollars]
End of month
January. __
February.
March
April
May
June
JulyAugust
September
October. __
November.
December.
p Preliminary.
1931
1932
1933
278.4
292.1
302.7
313.8
325. 0
347.4
372.5
422.7
469.9
538.1
565.5
605.6
666.2
692.6
706.0
722.8
742.6
784.8
829.5
848.5
858.7
871.9
885.2
901.6
943.4
007.1
113.9
159.8
180.3
187.2
178.4
179.4
181.5
189.0
198.7
208.9
1934
1935
1,200.8 1,200.8
1,200.0 1,205. 7
1, 200.0 n, 202. 5
1,197. 5
1.196. 9
1.197. 9
1,190. 3
1,192. 2
1,192.8
1.198. 6
1, 203. 5
1, 207.4
Bills discounted:
6,391
Apr. 3
6,019
Apr. 10_._
6,661
Apr. 1 7 . . .
6,824
Apr. 2 4 . . .
Bills bought
in open market:
5,304
Apr. 3
Apr. 1 0 . . .
5,307
Apr. 1 7 . . .
5,302
Apr. 2 4 . . .
4,
Industrial advances:
21,073
Apr. 3
21, 256
Apr. 1 0 . . .
26,163
Apr. 17. _.
Apr. 2 4 . . .
26, 206
U. S. Government securities:
2, 430, 819
Apr. 3
Apr. 1 0 . . . 2, 430, 431
Apr. 1 7 . . . 2,430, 853
Apr. 2 4 . . . 2, 430, 232
With- 16 to
in^
30
days days
31 to
60
days
61 to 91 days Over
90
to 6
6 mo.
days
mo.
245
211
238
176
783
698
718
1,530
1,093
1,035
1,014
390
497 3,674
242
4,077
265
3,703
381
247
472
624
727
559
661
364
607
3,509
774
473
492
394
431
564
340
360
347
4,168
3,982
4,586
4,582
1,527
1,358
374
264
78
81
87
113
24
12
18
33
1,265
2,169
2,304
2,377
17,112
16,424
21, 204
21, 429
33, 252 41, 078 89,021 291,959 327,296 1,648,213
290,856 308,1961, 662,825
37,080 41, 690 89, 784290,
151 109, 325 349,833 1, 617, 501
41,078148,765
215 1, 639, 632
41, 690 48,881257, 519 113, 295 329,
322
FEDERAL RESERVE BULLETIN
MAY
1935
BANES LICENSED AND NOT LICENSED
Number of banks
Total
All member banks:
Mar. 15, 1933
,_
Apr. 12, 1933__
June 30,1933
Dec. 30, 1933
June 30, 1934
Dec. 26, 1934
Apr. 24, 1935
National banks:
Mar. 15, 1933.__
_
Apr. 12, 1933
June 30, 1933.
_
Dec. 30, 1933
_
_
June 30, 1934...
Dec. 26, 1934
Apr. 24, 1935
State-bank members:
Mar. 15, 1933
Apr. 12. 1933
June 30, 1933
Dec. 30, 1933
June 30, 1934
_
Dec. 26, 1934
Apr. 24, 1935
Nonmember banks otber than mutual savings banks: 8
Apr. 12, 1933
June 30, 1933
Dec. 30, 1933-..
June 27, 1934 '
Oct. 17, 1934 r
_
Dec. 26, 1934 '_
Apr. 24, 1935
_
Deposits > (in thousands of dollars)
Not
Licensed licensed
*
Total
Licensed
Not
licensed
6,699
6,681
6,701
6,523
6,488
6,460
6,420
5,078
5,425
5,606
6,011
6,375
6,450
6,418
1,621
1,256
1,095
512
113
10
2
28,421,038
28,646,106
27,829,942
27,694,828
31,124,361
32,278,957
33,855,727
25, 554, 287
25,986,183
26,563,927
27,166,974
31,012,367
32,270,380
33,855, 299
5,907
5,897
5,882
5,606
5,512
5,477
5,438
4,507
4,789
4,897
5,154
5,417
5,471
5,438
1,400 18,137,719
1,108 18,313,090
985 17,769,636
452 17,990,217
95 19,993,896
6 20,771,521
21, 668,322
16,195,145
16,494,549
16, 741,289
17,555,239
19,895,897
20,764,706
21,668,322
792
784
819
917
976
983
982
571
636
709
857
958
979
980
221
148
110
60
18
4
2
10, 283,319
10,333,016
10,060,306
9, 704,611
11,130,465
11,507,436
12,187,405
9,359,142
9,491,634
9,822,638
9,611,735
11,116,470
11,505,674
12,186,977
924,177
841,382
237,668
92,876
13,995
1,762
428
10,351
10,171
9,590
9,269
9,167
9,113
9,031
7,392
8,188
8,333
8,760
8,901
8,933
8,948
2,959
1,983
1,257
509
266
180
83
6,341,370
6,135,648
5, 559,996
5,547,799
5,484,147
5,471,318
5,422,742
5,020,061
5,071,664
5,062,908
5,313,565
5,356,384
5,383,751
5,375,906
1,321,309
1,063,984
497,088
234,234
127,763
87,567
46,836
2,866,751
2,659,923
1,266,015
527,854
111,994
8.577
428
1,942,574
1,818,541
1,028,347
434,978
97,999
6,815
i Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on the dates
given,
were still included in the Comptroller of the Currency's records of unlicensed banks.
3
Deposits of national banks and State bank members are as of the nearest available call dates; deposits of nonmember banks for Apr. 12 and
June 30,1933, are as of Dec. 31,1932, or the nearest available call date prior thereto; deposits of nonmember banks for Dec. 30,1933, and subsequent
dates are as of Dec. 30, 1933, or the nearest available call date prior thereto.
» Also exclusive of any trust companies and other financial institutions which do not receive deposits but are included in State bank abstracts.
Nonmember bank figures are not available for some of the dates for which data are shown for member banks.
' Revised (in BULLETIN for February 1935) to include private banks which, under the provision of sec. 21 (a) of the Banking Act of 1933, became
subject to State or Federal supervision in June 1934. Banks reporting to the Comptroller of the Currency under sec. 21 (a) of the Banking Act of
1933 numbered 131 on June 30, 1934, 135 on Oct. 17, 1934, and 140 on Dec. 31, 1934, and their deposits aggregated $28,202,000, $55,842,000, and
$52,220,000, respectively.
BANKS SUSPENDED AND NONLICENSED BANES PLACED IN LIQUIDATION OR RECEIVERSHIP
DURING 1934 AND JANUARY-APRIL 1935
[Preliminary figures!
Nonlicensed banks placed in liquidation
or receivership *
Licensed banks suspended i
Number of banks
Jan.-Apr.
1935
Year
1934
National banks
State bank members
Nonmember banks...
Total
Deposits» (in
thousands of
dollars)
Year
1934
1
1
40
55
9
36,904
56
10
36,944
Jan.-Apr.
1935
Number of banks
Year
1934
Jan.-Apr.
1935
Deposits * (in
thousands of
dollars)
Year
1934
Jan.-Apr.
1935
1,549
396
«23
501
4
«4
30
401,983
* 39,606
205,140
6,499
*6,076
10,312
1,917
920
38
646, 729
22,887
368
i1 Includes banks placed on a restricted basis.
Includes nonlicensed banks absorbed or succeeded by other banks.
J Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or
receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest
call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported
closing of the banks.
* Includes 14 banks with deposits of $12,504,000 in 1934 and 3 banks with deposits of $4,858,000 during January-April 1935, which did not receive
licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation.
MAT
323
FEDERAL RESERVE BULLETIN
1935
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics. 1926-100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
95.3
86.4
73.0
64.8
65.9
74.9
104.9
88.3
64.8
48.2
61.4
65.3
99.9
90.5
74.6
61.0
60.5
70.5
91.6
85.2
75.0
70.2
71.2
78.4
109.1
100.0
86.1
72.9
80.9
86.6
90.4
80.3
66.3
54.9
64.8
72.9
83.0
78.5
67.5
70.3
66.3
73.3
100.5
92.1
84.5
80.2
79.8
86.9
95.4
89.9
79.2
71.4
77.0
86.2
94.2
89.1
79.3
73.5
72.6
75.9
94.3
92.7
84.9
75.1
75.8
81.5
82.6
77.7
69.8
64.4
62.5
69.7
1934—March
April
May
June.
July
August
September
October
November—
December
73.7
73.3
73.7
74.6
74.8
76.4
77.6
76.5
76.5
76.9
61.3
59.6
59.6
63.3
64.5
69.8
73.4
70.6
70.8
72.0
67.3
66.2
67.1
69.8
70.6
73.9
76.1
74.8
75.1
75.3
78.5
78.6
78.9
78.2
78.4
78.3
78.3
78.0
78.0
78.0
88.7
88.9
87.9
87.1
86.3
83.8
84.1
83.8
84.2
85.1
76.5
75.3
73.6
72.7
71.5
70.8
71.1
70.3
69.7
70.0
71.4
71.7
72.5
72.8
73.9
74.6
74.6
74.6
74.4
73.7
87.1
87.9
89.1
87.7
86.8
86.7
86.6
86.3
86.2
85.9
86.4
86.7
87.3
87.8
87.0
85.8
85.6
85.2
85.0
85,1
75.7
75.5
75.4
75.6
75.4
75.7
76.5
77.1
76.9
78.1
81.4
81.6
82.0
82.0
81.6
81.8
81.8
81.7
81.3
81.2
69.3
69 5
69.8
70.2
69.9
70.2
70.2
69.7
70 «
71.0
78.8
79.5
79.4
77.6
79.1
78.3
79.9
82.7
81.9
77.7
77.4
77.3
86.2
86.0
85.4
70.3
70.1
69.4
72.9
72.5
73.0
85.8
85.8
85.7
84.9
85.0
84.9
79.3
80.4
81.5
81.2
80.7
80.7
70.7
70.1
69 ?,
77.9
78.6
78.5
79.0
79.1
79.1
79.4
79.6
79.6
79.6
79.4
78.8
78.9
79.2
79.9
80.3
80.3
75.6
77.2
76.7
79.0
78.3
78.1
79.2
79.9
80.0
80.0
79.2
77.6
77.5
78.6
81.0
81.8
81.7
78.5
79.7
79.8
80.9
81.5
82.3
83.1
83.2
82.5
82.1
82.6
81.1
81.8
82.9
84.5
85.3
85.4
78.0
78.1
77.9
77.9
77.9
77.8
77.7
77.7
77.6
77.5
77.3
77.3
77.3
77.2
77.2
77.3
77.5
86.8
86.9
86.8
86.8
86.8
86.6
86.7
86.8
86.6
86.4
86.0
85.8
85.7
85. 6
85. 9
86.5
87.9
70.0
70.0
70.0
70.0
69.9
69.6
69.7
69.7
69.4
69.3
69.0
68.8
68.8
68.7
68.8
69.0
68.8
74.1
74.2
74.0
74.3
74.4
74.3
74.0
73.9
73.9
73.8
73.8
74.0
74.2
74.1
74.0
74.0
74.3
85.6
85.6
85.3
85.2
85.2
85.2
85.1
85.1
85.0
85.1
85.0
84.9
85.0
85.0
85.0
85.1
85.2
84.6
84.8
84.8
84.9
84.9
84.7
84.6
84.8
84.7
85.0
84.6
85.0
84.9
84.3
84.5
84.3
84.4
79.1
79.6
79.8
80.0
80.2
80.4
80.4
81.0
81.6
81.6
81.5
80.9
80.4
80.2
80.5
80.7
80.8
82.3
82.2
82.1
82.1
82.2
82.3
82.1
81.9
81.9
82.0
81.9
81.9
81.9
81.9
81.9
81.9
82.0
70.9
71 0
70,7
70.6
70 ?,
70.1
70.2
70.2
69.9
69 8
69.0
68 8
68.8
68.4
68,4
68.7
68.9
Year, month, and week
-
..
1935—January
February
March
Week ending—
1936—Jan 5
Jan.12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr 6 __
Apr. 13
Apr. 20
Apr. 27
Total
1934
Hides and Textile Fuel and Metals Building Chemi- House- Miscelleather
lighting and metal
cals and furnishproducts products materials products materials drugs ing goods laneous
1934
1935
FARM PRODUCTS:
Grains
Livestock and poultry
Other farm products
FOODS:
Butter, cheese, and milk
Cereal Droducts
Fruits and vegetables
Meats
Other foods
H I D E S A N D L E A T H E R PROTJTTP.TS:
Boots and shoes
Hides and skins
Leather
Other leather products
TEXTILE PRODUCTS:
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted go ods
Other textile products.
FUEL AND LIGHTING MAT ERIALS:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
1935
Subgroups
Subgroups
Mar. Dec.
Jan. Feb. Mar.
62.3
49.5
67.7
91.5
57.2
75.1
88.8
73.3
76.6
87.4
78.4
76.8
82.8
85. 8
72.1
88.9
85.3
71.6
56.5
63.5
79.6
92.2
62.4
69.0
74.3
83.5
91.6
62.8
81.6
76.2
87.0
91.9
63.6
87.9
77.2
82.9
92.1
63.2
91.6
73.4
98.5
73.4
79.7
86.7
97.2
67.4
71.8
85.7
97.1
71.1
74.3
85.0
97.2
69.6
74.6
84.6
97.2
66.6
74.2
84.6
87.2
89.1
65.6
29.4
84.0
78.5
81.2
91.1
83.4
88.5
89.4
48.7
78.4
84.3
61.9
27.1
74.0
68.6
78.4
84.1
63.5
28.6
73.8
68.8
78.5
83.3
63.6
28.1
73.6
68.6
78.5
82.4
62.5
27.3
73.1
67.7
HOUSEFURNISHING GOODS:
Furnishings
82.3
96.3
86.4
89.9
87.6
48.8
82.3
96.4
88.8
9a 3
87.7
48.7
81 1
96.3
88.8
Autc> tires andtubes
Catt lA fAAd
Paper and pulp
Rubber, crude.
Other miscellarleous
82.3
96.5
85.6
93.1
89.3
49.8
METALS AND METAL PRODUCTS:
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous me1tals
BUILDING MATERI ALS:
Brick and tile.
Cftmftnt.
Lumber
Paint materials
Plumbing and heating _ .
Structural steel
Other building materials
CHEMICAT.S ANT* DRTTOS!
Cheinicals
Drm*s and pharmaceutics Is
Fert lizftr materials
Mixed fertilizers
Furr liture
MlSCELLANEOUS:
.
Mar. Dec.
Jan.
Feb. Mar.
85.2
86.3
97.8
66.3
92.7
85.6
94.6
67.5
92.7
85.7
94.1
67.6
93.6
86.1
93.6
67.2
93.6
86.0
93.6
67.1
88.5
93.9
86.4
79.7
72.7
86.8
89.9
91.2
93.9
81.2
78.8
68.8
92.0
89.8
91.1
93.9
79.9
79.0
68.0
92.0
90.3
90.6
93.9
80.5
78.8
67.1
92.0
90 3
90.2
94.4
79.9
79.4
67.2
92.0
90 1
79.0
71.9
69.5
72.6
82.2
73.4
65.3
73.7
84.5
73.1
66.5
73.3
86.5
73.1
66.2
88.1
73 0
66.3
72,8
83.2
79.8
84.2
78.2
84.3
78.2
84 1 84 1
77.2 77.3
n8
44.6 47.5 47.5 47.5
79.6 123.1 116.2 109.0
82.7 81.5 81.5 80 9
22.8 26.4 26.5 26.2
83.2 80.7 80.4 80.1
46.6
102.2
80 ft
23.5
80.1
~49.~8~
Back figures—For monthly and annual indexes of groups, see Annual Report for 1933 (table 120); indexes of subgroups available at Bureau of
Labor Statistics. For weekly indexes covering 1932 and 1933, see Annual Report for 1933 (table 121) and BULLETIN for February 1934, p. 139.
324
FEDERAL RESERVE BULLETIN
M A T 1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average-100]
1935
1934
Industry
Nov.
Dec.
Jan.
Feb.
72
73
'85
90
88
P86
41
31
42
48
32
50
64
34
67
79
49
82
79
57
82
71
55
72
63
64
38
37
40
41
99
89
94
69
63
61
46
135
87
90
69
82
68
32
111
97
92
85
97
92
41
140
103
98
102
116
110
52
119
100
95
97
97
116
65
122
98
90
95
102
99
71
135
106
128
79
192
244
145
79
64
120
142
89
216
225
162
85
94
107
119
95
144
145
228
83
101
102
110
90
138
121
143
84
102
102
107
79
146
130
139
87
108
91
83
54
120
132
133
86
130
81
76
56
101
109
131
90
86
77
73
51
98
112
151
88
75
63
116
63
117
65
121
62
116
60
115
66
118
61
121
61
122
59
123
'81
2
38
78
3
28
61
5
95
51
7
133
41
8
17
••40
10
14
'88
9
18
104
8
27
105
8
68
106
118
93
89
78
118
134
101
87
85
82
99
110
99
86
81
74
114
108
97
83
82
67
101
106
88
80
79
67
97
94
85
81
80
68
95
88
92
89
89
80
98
94
104
93
92
96
90
112
107
96
93
97
105
114
108
96
93
91
' 112
'116
107
95
91
90
112
115
55
98
57
83
58
77
53
92
48
86
50
84
46
87
48
83
45
140
42
174
45
166
47
183
58
71
73
68
64
65
68
58
67
80
78
73
81
143
177
95
101
90
91
152
191
98
99
100
93
153
191
95
101
108
102
154
195
94
103
95
100
156
201
92
100
92
78
157
202
91
103
90
74
152
193
85
102
91
73
153
196
92
98
90
73
155
199
91
101
89
73
154
194
89
103
98
76
151
191
99
99
91
88
155
196
105
102
94
95
153
191
108
101
94
90
106
110
82
97
100
76
81
83
63
84
87
62
83
85
68
79
82
56
79
82
61
82
85
60
107
110
80
133
139
91
115
119
82
101
104
76
93
96
68
119
66
158
128
66
175
128
62
178
132
65
183
128
63
177
126
66
172
125
66
171
120
66
161
125
69
168
143
76
196
136
72
186
133
69
183
130
67
180
100
90
'88
87
85
80
82
81
81
'90
94
96
97
84
109
122
'71
73
125
'64
63
128
52
57
53
40
61
50
124
47
60
44
39
64
62
122
44
61
55
36
'65
53
122
35
76
56
39
65
64
121
14
77
55
35
74
76
131
'81
67
132
88
54
132
65
56
45
'66
69
130
54
58
56
45
'72
72
124
68
57
47
'70
76
127
40
65
66
44
74
60
53
71
'48
50
'74
50
65
73
55
50
Mar.
Apr.
May
June
82
85
86
-
66
51
68
76
55
78
84
66
85
TEXTILES
Cotton consumption..
Wool
Consumption
Machinery activity *
Carpet and rug loom activityl
Silk deliveries
04
97
72
71
82
59
129
90
97
66
68
71
53
115
84
86
69
106
122
131
92
65
Manufactures—Total
IBON AND STEEL _*_> .
Pig iron
. *
Steel ingots
--
FOOD PRODUCTS
.
Slaughtering and ir»eat pficlriTig
Hogs
_- _
Cattle
Calves ..
Sheep
Wheat flour
Sugar meltings
.
PAPER AND PRINTING:
Newsprint production _„
-
--
TRANSPORTATION EQUIPMENT:
Locomotives
Shipbuilding
LEATHER AND PRODUCTS
Tanning .
_
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
---
CEMENT AND GLASS:
Cement
NONFERROUS METALS:*
Tin deliveriesi
FUELS, MANUFACTURED:
Petroleum refining
Gasoline l
Kerosene Fuel oil i
Lubricating oil1
Coket byproduct
RUBBER TIRES AND TUBES
Inner tubes
TOBACCO P R O D U C T S .
_ >
Cigars.
Cigarettes
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver
_ _
July
Aug.
Sept.
Oct.
83
74
72
69
85
66
87
47
42
48
38
36
39
37
31
38
88
95
65
63
72
57
112
77
74
63
61
68
62
109
78
79
61
62
67
44
101
80
86
59
60
65
47
96
93
102
95
110
120
129
91
64
98
108
104
110
128
127
89
71
96
103
87
123
139
128
90
80
102
120
92
155
198
134
81
69
66
112
68
115
68
115
64
118
'80
0
59
85
10
65
78
10
39
107
89
85
72
116
118
117
95
90
85
118
131
58
106
Mar.
i Without seasonal adjustment.
'Includes also lead and zinc; see "Minerals."
» Preliminary.
' Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical
wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
MAY
325
FEDERAL RESERVE BULLETIN
1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; without seasonal adjustment.
1923-25 average=100|
1934
1935
Industry
Mar.
Apr.
May
June
Manufactures—Total.
Pig iron
Steel ingots..
-
Cotton consumption
Wool....
Consumption
Machinery activity
Carpet and rug loom activitySilk deliveries
FOOD P R O D U C T S . . -
Slaughtering and meat packing.
Hogs
Cattle
Calves
Sheep..
Wheat flour
Sugar meltings
Aug.
71
IRON AND STEEL.
TEXTILES
July
85
66
87
44
40
44
Sept.
Oct.
Nov.
Dec.
70
73
'76
87
91
40
31
41
56
34
58
76
49
79
58
80
58
82
92
84
86
98
92
41
125
108
102
104
119
110
52
136
105
101
101
105
116
65
130
100
94
96
104
99
71
130
79
75
62
89
101
123
87
84
75
69
51
86
114
137
83
88
61
121
128
112
130
110
>• 1 0 0
'99
84
' 116
' 117
U0
92
94
80
100
103
35
105
25
155
27
179
34
199
Jan.
102
73
73
82
59
124
104
65
65
71
53
114
97
62
58
72
57
111
73
71
60
55
68
62
97
73
72
57
55
67
44
96
76
77
57
56
65
47
100
63
62
39
38
40
41
104
92
97
62
69
61
46
135
32
115
82
81
69
92
124
119
86
77
87
92
84
97
131
121
83
75
105
100
107
144
124
84
80
95
102
89
116
144
126
80
95
100
113
82
154
192
134
78
84
100
115
60
188
224
146
85
72
122
138
67
240
216
188
100
100
110
120
81
168
152
251
93
96
108
123
99
159
124
142
90
80
103
123
104
153
124
136
83
90
94
72
121
123
134
84
65
117
123
119
117
61
103
61
104
64
118
123
123
121
116
0
46
109
9
63
10
50
r92
2
47
67
5
140
56
7
133
110
88
85
64
119
124
114
93
90
76
117
128
108
88
85
74
109
122
97
86
83
79
99
104
107
85
80
81
99
122
102
85
82
77
102
112
42
115
53
108
Feb.
Mar,
PAPER AND PRINTING:
Newsprint production
Newsprint consumption .
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding..
LEATHER AND FRODUCTS
Tanning
Cattle hide leathers...
Calf and kip leathers..
Goat and kid leathers .
Boots and shoes
79
105
106
r37
94
92
80
U5
121
CEMENT AND GLASS:
Cement.
Glass, plate
NONFERROUS METALS: I
Tin deliveries
58
64
65
68
58
67
80
78
73
81
155
194
96
103
98
77
151
191
101
99
91
156
196
107
102
94
153
191
105
101
94
92
92
106
110
75
110
114
80
102
105
74
115
57
161
128
55
182
121
60
166
124
61
171
FUELS, MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct
R U B B E R TIRES AND T U B E S .
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS-.
Cigars
Cigarettes
Minerals—T otal.
Bituminous coal..
Anthracite..
Petroleum, crude.
Iron ore
Zinc
Lead.
Silver
143
177
92
101
90
94
152
191
97
99
100
94
153
191
92
101
108
101
154
195
87
103
95
98
156
201
86
100
92
75
157
202
87
103
90
72
152
193
87
102
91
71
154
196
97
98
90
73
156
199
99
101
89
74
117
121
115
118
87
102
106
77
102
105
74
81
83
65
78
81
76
78
61
73
75
54
83
58
113
60
150
118
62
159
130
64
179
144
70
202
139
67
194
135
69
186
76
188
129
81
169
128
82
166
91
81
87
r84
83
87
87
84
89
121
60
76
125
60
132
106
55
57
44
'58
52
131
105
53
51
34
r61
76
128
50
126
95
56
43
39
62
125
85
58
52
34
123
60
73
58
84
85
91
92
90
r73
65
120
11
77
57
38
r76
71
120
82
82
126
85
72
129
45
130
79
56
55
c
» Includes also lead and zinc; see "Minerals."
Preliminary.
' Revised.
Corrected
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanicaJ
wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
326
FEDERAL RESERVE BULLETIN
MAY
1935
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100j
Factory employment
Factory pay rolls
Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry and group
1934
1935
Mar.
Total..-
Feb.
Mar.
1934
1935
Mar.
Feb.
Mar.
1934
1935
Mar.
Feb.
Mar.
82.4
81.2
80.8
82.4
81.9
81.0
70.8
69.1
64.8
IRON AND STEEL AND PRODUCTS
71.9
74.0
48.6
80.1
56.5
50.3
91.8
55.6
86.4
124.5
'70.7
72.9
48.6
78.4
56.2
49.6
89.0
53.8
'85.4
122.5
70.0
70.1
50.3
79.9
80.6
45.8
83.7
53.9
85.4
125.5
70.9
72.4
48.9
77.4
55.7
49.7
90.6
56.9
89.2
124.9
'70.6
72.2
50.4
76.1
55.8
49.2
92.2
55.3
'89.2
120.0
69.1
68.6
50.6
77.2
79.4
45.3
82.6
55.2
88.1
125.9
59.5
63.5
25.1
61.2
47.9
33.5
68.2
39.1
83.3
115.1
'59.0
63.8
25.6
60.0
49.6
33.1
63.3
37.6
'77.3
114.2
51.3
52.2
26.1
57.2
64.6
27.7
57.0
35.1
79.7
99.5
MACHINERY
84.1
101.3
69.2
90.8
73.5
79.6
189.0
64.8
'82.0
92.7
67.5
85.5
72.0
76.9
' 186.0
64.8
76.8
75.9
61.8
65.8
68.3
70.9
187.6
75.8
85.6
94.7
69.2
89.3
72.6
77.7
252.7
63.7
'83.1
87.1
67.5
85.0
71.6
75.1
' '±26.8
64.0
78.4
70.9
61.8
64.7
67.4
69.2
250.8
74.4
66.9
113.7
57.2
64.2
57.5
66.5
110.6
52.3
'64.1
100.9
55.0
59.9
55.7
63.2
' 103. 2
52.6
55.8
78.2
43.8
41.3
49.9
57.4
101.5
61.6
103.5
119.5
52.2
32.5
73.5
100.9
117.5
43.6
30 9
72.8
93.4
108.4
41.1
22.7
69.3
99.3
114.4
52.6
32.2
69.7
98.4
114.1
46.9
31.4
69.3
89.6
103.7
41.4
22.5
65.7
99.0
113.7
54.5
14.6
63.5
94.7
110.3
43.4
13.6
59.7
84.4
98.1
38.9
9.1
52.4
53.6
65.8
52.7
52.9
65.9
51.9
55.5
66.3
54.7
53.8
65.8
53.0
53.6
65.9
52.7
55.8
66.3
55.0
49.6
60.7
48.9
48.0
59.7
47.2
48.5
58.6
47.9
80.5
82 0
69.8
69.0
75.7
97.0
79.2
80 8
68.3
67.5
75.0
94.3
75.1
78.1
64.4
69.4
64.2
87.5
79.0
79.8
69.1
68.5
74.1
93.4
78.3
79.3
68.4
67.6
73.4
93.2
73.7
76.0
63.8
68.9
62.8
84.3
64.6
64.0
57.0
52.5
48.3
91.4
63.4
63.2
57.4
51.5
48.0
86.8
56.8
56.3
51.3
50.3
39.9
75.8
50 6
69.1
38 3
33.5
49 4
66.9
37 9
32.7
48 5
63.0
37.6
32.6
51.9
70.3
38.8
34.6
50.8
67.6
38.4
34.2
49.8
64.1
38.1
33.7
36.3
49.7
25.8
22.4
34.8
47.1
25.3
21.4
31.9
41.1
23.2
20.7
51 5
27.6
41 6
93.7
72.9
49 6
25.7
37 8
91.7
71.4
52.1
26.9
42.4
93.9
71.7
52.4
29.9
44.4
92.9
71.4
52.4
29.6
42.4
94.1
70.6
53.1
29.2
45.3
93.1
70.3
37.4
16.3
25.0
81.3
52.4
34.8
15.0
22.1
75.6
50.3
34.7
13.7
24.1
74.6
47.2
99.2
96 4
75.4
95.5
116 9
114.5
76.5
92.4
101.4
94.6
133.6
70.2
104.3
98.4
97 2
69.7
96.7
117.8
112.5
81.3
93.9
96.8
91.8
125.1
66.5
99.8
100.0
98 4
72.6
103.1
117.2
112.3
84.7
82.3
99.4
88.7
130.5
86.3
105.0
96.6
94.6
73.1
93.4
112.1
112.6
74.4
92.4
96.9
92.7
122.6
62.5
104.3
96.6
95.6
68.1
95.3
113.6
111.1
80.1
92.1
94.7
89.4
121.4
61.6
100.8
97.3
96.5
70.4
100.9
112.4
110.4
82.4
82.4
94.9
87.0
119.7
76.8
105.0
86.8
83.3
68.3
80.6
100.3
114.6
65.6
72.5
88.5
82.0
111.3
70.5
101.3
84.5
84.5
60.5
82.8
100.6
112.1
70.0
74.9
79.5
71.8
101.6
58.7
95.7
82.6
80.8
55.0
84.9
98.2
107.0
68.3
60.8
81.4
65.9
108.3
84.4
95.2
92.7
92.1
95.5
91.6
90.7
95.6
92.7
92.2
95.1
90.5
89.9
93.3
89.7
88.9
93.2
90.5
90.0
92.9
84.1
80.7
94.2
82.5
79.2
92.6
84.4
84.1
83.9
Blast furnaces and steel works
Cast-iron pipe
Cutlery and edge tools
Hardware
Steam, hot-water heating apparatus, etc
Stoves
Structural metal work
Tin cans, etc
Wirework
_.
Agricultural implements
Electrical machinery etc
Engines, turbines, etc
Foundry and machine-shop products
Machine tools
Radios and phonographs
Textile machinery
_
TRANSPORTATION EQUIPMENT
.
Automobiles
Cars, electric and steam railroad
Locomotives
Shipbuilding
_ RAILROAD REPAIR SHOPS
Electric railroads
Steam railroads
--
--
,
-
_ _. __
_.
_-
_. ._
NONFERROUS METALS AND PRODiUCTS
Brass, bronze, and copper
Lighting equipment
Silverware and plated ware
Smelting and refining
Stamped and enameled ware
-
- --
LUMBER AND PRODUCTS
-
Furniture
Lumber, mill work
Lumber sawmills
-
-..
.
STONE, CLAY, AND GLASS PRODUCTS
Brick, tile, and terra cotta
Cement
Glass
Pottery
- --
_
TEXTILES AND PRODUCTS
A. Fabrics
Carpets and rugs
Cotton goods
Dyeing and
finishing
Knit goods
Silk and rayon goods
Woolen and worsted goods
B. Wearing apparel
Clothing, men's
Clothing, women's
-- .~
Millinery
Shirts and collars
LEATHER AND PRODUCTS
Boots and shoes
Leather.
' Revised.
.
-. .-
.
_-
MAT
327
FEDERAL RESERVE BULLETIN
1935
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory pay rolls
Factory employment
Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry and group
1934
1935
Mar.
FOOD PRODUCTS
Baking
Butter
Cannin°" and preserving
Confectionery
Flour
Icecream
._ _ _ _
Slaughtering and meat packing
Sugar refining, cane
_ . __
1
- -
TOBACCO PRODUCTS
Chewing and smoking tobacco and snuff
Cigars and cigarettes
PAPER 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
Explosives
Fertilizers
Paints and varnishes
_
Rayon and allied products
Soap
"R. Petroleum rpfining .
. _
RUBBER PRODUCTS
Rubber boots and shoes
Rubber tires and inner tubes
-
...
- -
Feb.
Mar.
1934
1935
Mar.
Feb.
Mar.
1934
1935
Mar.
Feb.
Mar.
83.0
93.7
52.4
60.4
72.9
63.5
52.4
73.5
69.6
83.4
93.7
52.2
64.8
70.3
66.1
49.6
76.5
69.6
82.2
91.8
58.4
67.2
68.0
60.2
46.5
75.9
66.5
57.7
68.7
56.3
107.8
112.6
83.1
130.2
83.6
75.5
65.9
95.1
87.1
64.9
78.1
63.1
44.3
67.7
41.3
40.8
66.7 .
37.5
45.8
72.2
42.5
96.7
87.4
109.7
86.4
98.6
96.4
85.8
108.7
88.4
97.8
93.4
84.9
104.4
82.5
98.0
84.1
76.5
86.8
78.1
88.8
77.7
74.8
78.6
68.9
85.7
112.8
113.4
107.7
103.1
94.7
160.4
98.4
321.9
103.1
110.2
110.7
111.1
102.3
96.8
89.6
130.0
103.4
348.9
102.9
109.0
108.6
108.6
101.2
101.4
89.3
114.0
102.3
346.8
101.7
108.7
110.9
110.7
106.5
100.9
96.0
124.5
97.7
321.9
102.7
111.3
84.5
79.6
88.4
77.0
89.2
96.1
96.0
93.7
95.9
73.0
130.4
86.2
252.3
95.9
96.4
93.2
92.5
91.0
97.9
75.5
91.1
83.7
252.3
94.3
95.3
89.1
88.3
89.1
92.6
70.5
107.3
77.1
218.2
88.4
92.0
87.1
55.3
78.1
84.6
53.4
76.7
83.8
52.4
76.4
88.3
57.2
79.7
70.4
49.8
62.5
71.9
49.4
65.8
70.5
48.3
63.4
92.7
110.9
67.8
54.7
S2.2
75.0
64.3
82.9
81.0
93.8
111.3
67.6
58.3
80.3
76.5
61.3
87.2
81.5
96.2
110.3
76.8
67.7
80.3
74.6
59.2
92.8
86.2
102.8
113.2
73.4
105.2
85.5
75.9
71.6
84.9
81.8
105.0
113.8
75.8
121.4
81.9
76.8
70.4
85.7
84.9
57.8
70.6
56.1
57.3
72,6
55,3
64.4
81.1
62.2
58.2
68.0
57.0
96.9
86.3
109.7
87.4
98.8
96.7
84.6
108. 7
S9.3
98.. 0
93.7
83.8
104.4
83.5
98.2
112.7
113.9
103.4
98.9
88.3
167.5
104.2
348.9
103.3
107.9
109.4
109.9
102.8
102.4
89.3
120.3
102.2
346.8
102.1
107.3
83.3
51.7
75.2
83.2
52.5
75.7
NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics
For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343.
328
FEDERAL RESERVE BULLETIN
MAY 1935
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Residential
Total
Factories
Commercial
Public works
and public
utilities
Educational
1934
1934
1934
Month
January
February.
March
April
May
June
July
August
September October
November
December
Year
1934
1934
1935
186.5
96.7
178.3
131.2
134.4
127.1
119.7
119 6
110.2
135 2
111.7
92.7
99.8
75.0
123.0
1,543.1
15.1
14.5
28.1
22.6
24.8
26.6
19.8
18.6
17.9
26.3
19.9
14.6
1935
22.4
16.6
32.2
1934
1935
10.7
4.2
15.9
8.3
8.3
8.7
25.7
10.0
6.1
8.5
4.6
5.1
116.1
248.8
CONSTRUCTION CONTRACTS AWARDED,
BY DISTRICTS
7.1
7.8
6.5
9.4
7.6
13.0
11.9
24.6
11.9
12.9
13.5
13.1
13 5
11.0
8.2
1935
1935
113.7
53.2
92.9
69.9
56.8
57.4
39.1
50.6
50.0
65 2
52.3
50.1
10.8
9.2
12.3
44.4
27.8
46.3
751.2
150.6
1934
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas
_
_
_
_
Total (11 districts)
Feb.
10,269
25,590
5,988
9,135
11,185
12, 780
21,871
8,587
3,406
7,350
6,882
3,802
13, 214
4,493
6,535
8,204
8,702
11,350
6,794
2,548
3,479
5,927
123,044
75,047
1935
17.9
11 8
19.6
9 8
9 5
12 8
14 4
14 7
10 6
12 7
15 3
9.8
3.7
5.8
10.4
11.4
7 9
15.4
158.9
COMMERCIAL FAILURES, BY DISTRICTS
Number
Federal Reserve
district
1935
Mar.
Mar.
Boston...
New York
Philadelphia
Cleveland...
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.
San Francisco
Total
178,346
11, 646
36,470
9,203
14, 233
15,881
20,292
25,241
16,657
4,507
7,681
16,536
1934
.Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars]
Federal Reserve district
Mar.
1935
117.5
[Figures for 37 States east of the Rocky Mountains, as reported by
the F. W. Dodge Corporation. Value of contracts in thousands of
dollars]
1935
19.6
5.4
8.8
8.5
10.4
9 7
7.8
12 2
12.5
9 0
8.6
5.0
All other
_.
Liabilities
1934
Feb.
Mar.
1935
1934
Mar.
Feb.
Mar.
103
302
73
65
58
28
99
44
25
34
19
126
105
323
61
76
39
33
116
40
18
40
28
126
107
298
51
75
50
33
159
37
35
56
28
173
1,209
6,186
1,326
1,744
1,062
246
2,540
591
265
302
130
2,922
1,330
9,101
1,087
961
806
248
2,363
635
233
202
315
1,457
3,830
7,893
2,555
1,836
877
570
3,610
754
712
604
581
3,405
976
1,005
1,102
18,523
18, 738
27,228
FEDERAL RESERVE DISTRICTS
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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
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FEDERAL RESERVE BANK CITIES
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FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
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