Full text of Federal Reserve Bulletin : October 1935
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FEDERAL RESERVE
BULLETIN
OCTOBER 1935
ISSUED BY THE
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
AT WASHINGTON
Recent Gold Movements and Banking Developments
National Summary of Business Conditions
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1935
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Ex-officio members:
MARRINER S. ECCLES, Chairman.
J. J. THOMAS, Vice Chairman.
HENRY MORGENTHAU, Jr.,
CHARLES S. HAMLIN.
Secretary of the Treasury.
ADOLPH C. MILLER.
J. F. T. O'CONNOR,
GEORGE R. JAMES.
Comptroller of the Currency.
M. S. SZYMCZAK-
LAWRENCE CLAYTON, Assistant to the Chairman.
ELLIOTT L. THURSTON, Special Assistant to the
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
LAUCHLIN CURRIE, Assistant Director, Division of
Chairman.
Research and Statistics.
CHESTER MORRILL, Secretary.
WOODLIEP
THOMAS, Assistant Director, Division of
J. C. NOELL, Assistant Secretary.
Research and Statistics.
LISTON P. BETHEA, Assistant Secretary.
E. L. SMEAD, Chief, Division of Bank Operations.
S. R. CARPENTER, Assistant Secretary.
J.
R. VAN FOSSEN, Assistant Chief, Division of Bank
WALTER WYATT, General Counsel.
Operations.
GEORGE B. VEST, Assistant General Counsel.
J. E. HORBETT, Assistant Chief, Division of Bank
B. MAGRUDER WINGFIELD, Assistant General Counsel.
Operations.
LEO H. PAULGER, Chief, Division of Examinations.
CARL E. PARRY, Chief, Division of Security Loans.
R. F. LEONARD, Assistant Chief, Division of Examina- PHILIP E. BRADLEY, Assistant Chief, Division of Secutions.
rity Loans.
C. E. CAGLE, Assistant Chief, Division of Examinations. O. E. FOULK, Fiscal Agent.
FRANK J. DRINNEN, Federal Reserve Examiner.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.
FEDERAL ADVISORY COUNCIL
District no.
District no.
District no.
District no.
District no.
District no.
District no.
District no.
District no.
District no.
District no.
District no.
1 (BOSTON)
2 ( N E W YORK)
THOMAS M. STEELE.
JAMES H. PERKINS.
3 (PHILADELPHIA)
HOWARD A. LOEB, Vice President.
4 (CLEVELAND)
5 (RICHMOND)
6 (ATLANTA)
7 (CHICAGO)
8 (ST. LOUIS)
9 (MINNEAPOLIS)
10 (KANSAS CITY)
11 (DALLAS)
12 (SAN FRANCISCO)
ARTHUR E. BRAUN.
CHARLES M. GOHEN.
H. LANE YOUNG.
SOLOMON A. SMITH.
WALTER W. SMITH, President.
THEODORE WOLD.
W. T. KEMPER.
JOSEPH H . F R O S T .
M. A. ARNOLD.
WALTER LICHTENSTEIN, Secretary
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank Chairman and Federal
ofReserve agent
Governor
Deputy governor
Boston
New York
F. H. Curtiss
J. H. Case
R. A. Young
G. L. Harrison
W. W. Paddock.
W. R. Burgess__.
W. S. Logan
L. R. Rounds
L. F. Sailer
C. H. Coe
Philadelphia
R. L. Austin
G. W. Norris
E. S. Burke, Jr.*
M. J. Fleming..
W. W. Hoxton
G. J. Seay
W. H. Hutt
J. S. Sinclair
C. A. Mcllhenny
F. J. Zurlinden
H. F. Strater
R. H. Broaddus
Cleveland..
Richmond.
Atlanta
Chicago
H. W. Martin
H. F. ConnifE
H. P. Preston
C. R. McKay
J. H. Dillard
Oscar Newton
E. M. Stevens
G. J. Schaller
St. Louis...
J. S. Wood-
W. McC. Martin
0. M. Attebery
J. G. McConkey
Minneapolis-..
Kansas City--.
Dallas
J. N. Peyton
W. B. Geery
Harry Yaeger
H. I. Ziemer
C. A. WorthingtonJ. W. Helm
R. R. Gilbert
R. B. Coleman
W. A. Day
Ira Clerk
G. H. Hamilton
C. C. Walsh
B. A. McKinney—
San Francisco..
J. U. Calkins
i Assistant deputy governor.
> Controller.
Cashier
W. Willett.
J, W. Jones.*
W. B. Matteson.i
J. M. Rice.* 8
Allan Sproul.
H. H. Kimball.1
L. W. Knoke.i
C. A. Mcllhenny.
W. J. Davis.*
W. G. McCreedy.i
L. E. Donaldson.*
W. F. Taylor.
C. W. Arnold.*
G. H. Keesee.
J. S. Walden, Jr.«
M. W. BeU.
W. S. McLarin, Jr.*
W. H. Snyder.i
W. C. Bachman.i
0. J. Netterstrom.i
A. T. Sihler.i
E. A. Delaney.i
A. L. Olson.*
S. F. Gilmore.*
A. H. Haill.*
F. N. Hall.«
G. 0. Hollocher.*
0. C. Phillips.*
H. I. Ziemer.
F. C. Dunlop.»
J. W. Helm.
R. B. Coleman.
W. 0. Ford.i
W. M. Hale.
1
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
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
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.
C. E. Daniel.
L. H. Earhart.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
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in
TABLE OF CONTENTS
Page
Review of the month—Recent gold movements and banking developments
641
Regulations of the Federal Deposit Insurance Corporation
646
Earnings and expenses of Federal Reserve banks
684
Condition of all banks in the United States on March 4, 1935
690-694
Condition of insured commercial banks June 29, 1935
695
National summary of business conditions
648
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
649-653
Member and nonmember bank credit:
All banks in the United States
656
All member banks
654,655, 685, 689
Weekly reporting member banks in leading cities
657, 686
Brokers' loans
657
Acceptances and commercial paper
658
Discount rates and money rates.
659
Security prices, bond yields, and security issues
660
Treasury
finance
661
Assets and liabilities of governmental credit agencies
662
Reconstruction Finance Corporation—Loans, subscriptions, and allocations
663
Farm Credit Administration—Loans and discounts outstanding, by institutions
664
Federal Home Loan Bank Board—Loans outstanding, by institutions
664
Obligations fully guaranteed by the United States—Amounts outstanding, by agencies
664
Production, employment, car loadings, and commodity prices
.
665
Merchandise exports and imports
666
Department stores—Indexes of sales and stocks
666
Freight-car loadings, by classes
666
Financial statistics for foreign countries:
Gold reserves of central banks and governments
667
Gold production
668
Gold movements
668-670
Central banks
671-674
Bank for International Settlements
674
Commercial banks
675
Discount rates of central banks
676
Money rates
676
Foreign exchange rates
677
Price movements:
Wholesale prices
678
Retail food prices and cost of living
679
Security prices
679
Law department:
Ruling of Board:
Purchase by State member bank of "securities" which are not "investment securities"
680
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
681-695
Industrial and commercial statistics
696-701
September crop report
702
IV
FEDERAL RESERVE
VOL. 21
OCTOBER 1935
REVIEW OF THE MONTH
On September 30 member bank reserve balances with Federal Reserve banks totaled
$5,254,000,000, and excess reserves amounted to $2,630,000,000. Both figures were
smaller than at the end of August. An increase of $165,000,000 in monetarj^ gold stock
during the month w^as offset in its effect on
reserve balances by a seasonal growth of about
$50,000,000 in currency in circulation, an increase of nearly $50,000,000 in the total of
Treasury cash and deposits with Reserve
banks, and an increase of over $100,000,000
in other deposits at Reserve banks.
Reserve balances of member banks increased
in the early part of September to a new high
level of $5,388,000,000 on September 11, an
amount $2,820,000,000 in excess of legal requirements. During the remainder of the
month the amount of reserve balances showed
wide fluctuations, largely as a result of Treasury transactions and gold imports. In the week
ending September 18 a temporary increase in
the Treasury's deposits with the Reserve
banks, consequent upon tax receipts and the
sale of a new issue of Treasury notes was the
principal factor in a decline of $250,000,000,
in member bank reserve balances. Toward
the end of the month these balances again
increased, as the Treasury's deposits with
Reserve banks were disbursed and also as the
result of a considerable movement of gold to
this country. Under the existing practice, as
under previous custom, gold imports result in
an equivalent increase of the reserves of member banks, since they receive credit in their
reserve accounts when they turn the gold
over to the United States Treasury.
BULLETIN
No. 10
The current movement of gold from Europe
to the United States began early in September
w i t h sma11
International
shipments from Longold and capital don. On September 17 the
movements
firgt
gold arrived from France,
and on September 23 shipments were received
from the Netherlands. From the middle of
September through the first week of October
about $230,000,000 of gold arrived in the United
States, of which $90,000,000 was from France,
$60,000,000 from England, $55,000,000 from
the Netherlands, $15,000,000 from India, and
the rest from Canada and other countries.
Additional shipments from Europe to the
United States were in progress.
This heavy movement of gold does not
reflect an excess of payments due to the United
States on ordinary transactions with the
world. During 1935 this country's merchandise exports have exceeded its imports by only
a small amount. It is estimated that this
small excess together with net income from
foreign investments has been more than balanced by tourist expenditures abroad, immigrants' remittances, and freight payments to
foreign vessels. The inflow of gold has been
caused by a heavy movement of capital to this
country, offset in part by purchases of silver
abroad by the United States Treasury.
During the crisis in the gold-bloc countries
last spring, the movement of capital was
largely in the form of short-term balances.
Speculative funds w^ere being transferred from
these co an tries to New York. Part of this
movement of funds is reflected in the increase in
balances of foreign banks at member banks in
leading cities, shown on the chart on page 644.
There was also a large return of New York
funds from London, where the discount on for641
642
FEDERAL RESERVE BULLETIN
ward sterling made the continued holding of
balances unprofitable. During the summer
forward quotations on sterling and gold bloc
currencies continued to be at a discount, and
there was little return to Europe of funds that
had come here in the spring crisis. There was,
in fact, a considerable net inflow of short-term
funds, reflecting liquidation of German shortterm indebtedness to the United States and a
movement of balances to this country from
Latin America and the Far East. In addition
there was a large movement of European funds
into the New York security market. Purchases were mostly of American rather than
foreign securities.
This inward movement of capital from
abroad was offset to a considerable extent by
purchases of silver abroad by the United States
Treasury during the summer months. There
were, however, imports of gold amounting to
about $60,000,000 during July and August, half
of which was shipped from the Netherlands during one week when there was a Cabinet crisis.
Aside from these Dutch shipments Europe
lost little gold to the United States during the
summer months, but losses in reserves suffered
by commercial banks in Paris and Amsterdam
during the outward movement of gold in the
spring were not restored and these centers continued to carry the indebtedness incurred at
their central banks at that time. Early in
September reserves were still at the lowest level
reached since the international crisis in 1931
and indebtedness was near the spring peak.
The cost of this indebtedness had been lowered
in France, however, by successive reductions
in the rate charged by the Bank of France.
From 6 percent on June 20 the bank had
lowered its rate by August 9 to 3 percent.
The Netherlands Bank, after reducing its rate
three times, raised it from 3 to 6 percent during the crisis in July and thereafter reduced it
to 5 percent. On September 17, in the face of
the renewed gold outflow, the rate was again
raised to 6 percent. In view of the substantial
volume of indebtedness to the central banks,
the course of central bank rates has largely
OCTOBER
1935
determined the course of open-market rates in
Paris and Amsterdam.
The current movement of gold from France
to the United States, unlike the movement
from the Netherlands Bank, which lost $40,000,000 of reserves in the first 2 weeks, has been
replaced by gold received from other quarters,
and there has been no advance of the discount
rate in France. The offsetting movement of
gold to France appears to have come chiefly
from Italy and England, which have sold gold
in France to support their exchanges. In
addition to such English gold as has reached
this country by way of France, there were also
direct shipments from England. In part these
were drawn from the London bullion market,
where considerable amounts of gold from South
Africa and India were being received; and in
part they represented gold formerly held in
London on private account.
The disturbed political conditions in Europe,
which have intensified the movement of capital
Reserve posi^° ^ s country in recent weeks,
tion of Bank
have operated mainly upon
0
ay
those financial centers in which
capital transactions are unhampered. The
continual decline in gold reserves of the Bank
of Italy is attributable less to capital transactions, which are now subject to Government control, than to the country's adverse
balance of merchandise trade. This is not a
new development. The Bank of Italy has
been losing reserves since April 1928. Although gold reserves increased until the beginning of 1934, the increase was more than offset
by the exhaustion of the bank's reserves in
foreign exchange. During 1934, with foreign
exchange reserves no longer available, the
bank parted with substantial amounts of
gold, and by the end of the year its reserves
were down practically to the legal minimum of
40 percent. In December 1934 decrees were
issued by the Government requiring the
Italian public to place their foreign balances
and securities at the disposition of the authorities, and these resources enabled the bank to
maintain its reserve position intact during the
643
FEDERAL RESERVE BULLETIN
OCTOBER 1935
first half of 1935. In June 1935, however, the
decline in gold reserves of the bank was resumed
and on July 22 the Government suspended the
bank's reserve requirements. In the next 2
months more than $100,000,000 of gold was
withdrawn, and the reserve ratio fell to 29 percent. Some figures illustrative of the Italian
reserve position in recent years are given in the
table below.
that the large decrease during the past year
in "other assets" of reporting banks reflected
declines in customers' liabilities for acceptances
executed and in amounts due from foreign
banks and branches, while the decrease in
"other liabilities" reflected declines in acceptances executed for customers and in
national bank notes outstanding.
ASSETS AND LIABILITIES OF REPORTING
BANKS IN 91 LEADING CITIES
RESERVES OF THE BANK OF ITALY
MEMBER
In millions of dollars]
Reserve
ratio *
(percent)
1928—Apr. 201934—Feb. 2 8 Dec. 31—
1935—July 20..
Sept. 20.
Amount (in billions of lire)
Total
12.5
7.2
5.9
5.9
4.8
Gold
4.7
7.1
5.8
5.5
4.3
7.8
.1
.1
.4
.4
1
Ratio of gold and foreign exchange to notes and other sight liabilities
of the bank. Until July 22,1935, the legal minimum was 40 percent.
According to weekly reports obtained from
member banks in 91 leading cities deposits
at these banks continued to
inteadhigcities m c r e a s e during the third quarter of the year. On September
25 total deposits of reporting banks were
$880,000,000 larger than on June 26, 1935, and
$3,100,000,000 larger than on September 26,
1934. Total loans and investments, which
had shown little growth since April, increased
considerably in September, and on September
25 were $460,000,000 larger than on June 26
and $1,340,000,000 larger than a year ago.
Most of this increase occurred in holdings of
obligations of the United States Government,
but the figures indicate that in recent weeks
banks' holdings of other securities and their
loans to commercial and industrial customers
have also increased somewhat.
As indicated in the following table, which
shows an abbreviated balance sheet for these
reporting banks, the differences between the
growths in deposits and in loans and investments were represented principally by increases in reserves, reflecting gold imports, in
balances due from other banks, and in items
in process of collection. Figures from the
June 29 call report for member banks indicate
Change since
Sept. 25,
1935
June 26, Sept. 26,
1934
1935
Foreign
exchange
19,126
4,066
312
1,931
+458
+191
+10
+89
+1,337
+1, 077
+49
+426
1,131
1,321
+142
+279
Total assets.
27,887
+891
+2,884
Total deposits
B orro wings
Other liabilities 2..
Capital accounts..
23,821
25
729
+882
+5
+14
-10
+3,104
+15
-207
-28
Total loans and investments
Reserves with Federal Reserve banks..
Cash in vault
-.
Due from banks in United States
Cash items on hand and in process of
collection
Other assets l
3,312
+1
-284
1
Includes principally banking house and other real estate, customers'
liability on acceptances, time balances with domestic banks, balances
with
foreign banks and branches, and miscellaneous assets.
2
Includes principally national-bank notes outstanding, acceptances
executed, and miscellaneous liabilities.
Changes in various types of deposits at
reporting banks in leading cities are shown in
the following table and in the
Pepofi I n k s chart. A substantial part of the
growth in total deposits has
occurred in balances of domestic banks, which
increased by about $300,000,000 in the 3
months and by $950,000,000 in the 12 months
ending September 25, 1935. As previously
noted, an increase in cash items in process of
collection, the so-called "float", was also
responsible for part of the growth in total
deposits. Interbank balances and float in
effect involve a double counting of customers'
deposits. Balances of foreign banks also increased considerably in the past year. United
States Government deposits, on the other hand,
although about the same on September 25 as
on June 26 of this year, were much smaller than
on September 26, 1934.
When allowance is made for changes in
Government and inter-bank deposits and in the
644
FEDERAL RESERVE BULLETIN
OCTOBER 1935
float, a figure is obtained that represents the was changed by the Banking Act of 1935,
demand deposits of individuals, partnerships, present figures are not comparable with those
corporations, clubs, associations, and the like. reported prior to August 24. The new act
This figure, called " adjusted demand deposits ",
MEMBER BANKS IN LEADING CITIES
showed an increase of $420,000,000 in the third
DEPOSITS AND LOANS AND INVESTMENTS
quarter of this year and of $2,190,000,000 in the
Sept. 5,1934 to Sept. 25,1935
past 12 months.
13
20
A slight decline occurred in time deposits, as
shown in the table. These deposits include
BILLIONS OF DOLLARS
Wednesday figures
BILLIONS OF DOLLARS
DEPOSITS OF MEMBER BANKS IN LEADING CITIES
[In millions of dollars]
Change since
Sept. 25,
1935
United States Government
Banks in the United States 1
Foreign banks *
Other customers:
Demand
Time 2
Certified and officers' checks and cash
letters of credit and travelers' checksTotal deposits
Adjusted demand deposits 3
June 26,
1935
Sept. 26,
1934
677
4,822
295
+295
+35
+3
-415
+955
+162
13,191
4,297
+441
-13
+2, 251
-66
539
+121
+217
23,821
12, 599
+882
+420
+3,104
+2,189
1
2
3
Includes both demand and time deposits.
Includes Postal Savings deposits, which are not reported separately.
Demand deposits of "other customers" plus certified and officers'
checks and cash letters of credit and travelers' checks, minus cash
items reported as on hand or in process of collection.
Postal Savings deposits, which are not reported
separately in the weekly statements but which
have declined considerably in the past year,
owing to the fact that some banks have given
up these deposits and the Postal Savings
System has invested the funds in United States
Government obligations. Postal Savings deposits at all member banks in New York and
other reserve cities decreased by $116,000,000
between October 17, 1934, and June 30, 1935,
and withdrawals have continued since June 30.
Since this decline was much larger than the
decline in total time deposits of reporting banks,
this would be an indication that time deposits
of other customers showed some increase in the
past year.
The figure for adjusted demand deposits is a
more significant figure than that for net demand
deposits heretofore shown in the weekly statement of condition. Net demand deposits
showed deposits subject to reserve requirements and, since the method of computation
S. 0. N.
1934
D.| J . F. M. A. M. J. J
1935
A. S.
S. 0. N. D. J. F. M. A. M. J. J. A. S.
1934
1935
requires that reserves shall be carried against
United States Government deposits, which
were previously exempt from this requirement,
and provides that balances due from banks
and cash items in process of collection may
hereafter be deducted from gross demand deposits, whereas previously they could be
deducted only from balances due to other
banks. Banks whose holdings of balances due
from other banks and of collection items were
larger than their balances due to other banks
were not permitted, under the former law, to
make full deductions. As a result of the change
in the law, banks in New York City, which
hold fairly large Government deposits, showed
much larger net demand deposits than formerly, while country banks, whose balances
OCTOBER
FEDERAL RESERVE BULLETIN
1935
due from banks exceed their balance due to
banks and their Government deposits, showed
decreases. Net demand deposits represent
different sorts of deposits for different types of
banks. At New York City banks they include
a large amount of bankers7 balances, while at
reserve city banks they include only a part of
such balances. Under the present method of
computation net demand deposits at country
banks are smaller in the aggregate than total
deposits of the banks' customers.
The growth in total loans and investments
Loans and
of reporting member banks
investments
during the past year, as shown
in the following table and in the chart, has
been principally in holdings of United States
Government obligations. There was also a
substantial increase in loans to brokers and
dealers in securities in New York City, representing in part the shifting of loans from nonreporting banks to reporting banks and in
part larger loans to dealers in United States
Government securities. Loans on securities
to customers continued to decline in the year
and there was also a substantial decrease in
LOANS AND INVESTMENTS OF MEMBER BANKS IN LEADING CITIES
[In millions of dollars]
Change since
Sept. 25,
1935
July 31,
1935
Sept. 26,
1934
Loans on securities:
To brokers and dealers in NewYork City
Toothers
825
2,121
-21
+139
-273
Acceptances and commercial paper
bought
Loans on real estate
Other loans
_
__
312
955
3,299
+21
+6
+179
-145
-31
+29
7,633
+253
+1,002
981
3,000
+89
+92
1+547
i +69
19,126
+619
+1,337
Investments:
United States Government direct
obligations
.._
Obligations fully guaranteed by
United States
Other securities
._
Total loans and investments
i Figures for Sept. 26, 1934, partly estimated.
645
acceptances and commercial paper bought.
Loans on real estate showed little change
during the year.
The table for loans and investments shows
changes since July 31, 1935, rather than since
June 26, 1935, the date used in the other tables.
This is for the purpose of showing the seasonal
increase in commercial loans, which generally
begins in July or August. The item " other
loans", covering all loans not secured by stocks
and bonds or by real estate, including commercial, industrial, and agricultural loans,
decreased by $90,000,000 in the 5 weeks ending
July 31 and increased in the following 8 weeks
by $180,000,000. Acceptances and commercial paper bought showed a small increase in
the 2 months, a reversal of the trend for previous months. Although there has been a rise
in stock prices and an increase in stock market
activity in recent months, loans to brokers and
dealers in securities have shown little growth;
fluctuations have probably reflected changes in
borrowings of security dealers.
The principal increase in the statement during the 8 weeks from July 31 to September 25,
as in other recent periods, was in holdings of
United States Government obligations. These
holdings have shown broad changes since June.
Redemption in July and August of bonds
pledged by national banks to secure circulating
notes resulted in some decrease in the banks'
holdings of Government securities, while at
times when new issues of notes and bonds were
floated by the Treasury there were increases.
These changes resulted in little growth in holdings during June, July, and August, but in the
week ending September 18, when there was a
sale of a $500,000,000 issue of Treasury notes,
the reporting banks' investments in direct obligations of the Government showed an increase
of $370,000,000. Holdings of obligations guaranteed by the United States have continued to
increase gradually and those of other securities
have also shown a slow growth since June.
646
FEDERAL RESERVE BULLETIN
OCTOBER 1935
REGULATIONS OF FEDERAL DEPOSIT INSURANCE CORPORATION
SECTION 2
The following regulations of the Federal
Deposit Insurance Corporation defining deposit
The term "deposit" as used in subsection (c), paraliabilities were recently promulgated:
graph (12) of section 12B of the Federal Reserve Act,
REGULATION I
This regulation was approved August 26, 1935. and became effective as
of that date
SCOPE OF REGULATION
Under the provisions of subsection (c), paragraph
(12) of section 12B of the Federal Reserve Act, as
amended, the board of directors find and prescribe
that the obligations of banks enumerated herein, arising
in the usual course of business, are deposit liabilities in
addition to those specifically enumerated in said subsection.
SECTION I.-—STATUTORY PROVISIONS
as amended, shall include the following obligations:
I
Outstanding drafts, cashiers' checks, and other
officer's checks issued under any of the following
circumstances:
(a) For money or its equivalent received by the
issuing bank; or
(b) For a charge against a deposit account in the
issuing bank; or
(c) In settlement of checks, drafts, or other instruments forwarded to the issuing bank for collection.
II
Checks drawn against a deposit account and certified
Subsection (c), paragraph (12) of section 12B of the
by
the drawee bank.
Federal Reserve Act, as amended, provides as follows:
Ill
"The term 'deposit' means the unpaid balance
Outstanding
travelers'
checks
or letters of credit on
of money or its equivalent received by a bank in
the usual course of business and for which it has which the bank is primarily liable issued under either
given or is obligated to give credit to a commer- of the following circumstances:
(a) For money or its equivalent received by the
cial, checking, savings, time, or thrift account, or
which is evidenced by its certificate of deposit, and issuing bank; or
(b) For a charge against a deposit account in the
trust funds held by such bank whether retained or
deposited in any department of such bank or issuing bank.
deposited in another bank, together with such
other obligations of a bank as the board of directors
REGULATION II
shall find and shall prescribe by its regulations to This regulation was approved August 26, 1935, and became effective as
be deposit liabilities by general usage-' Provided,
of that date
That any obligation of a bank wThich is payable
SCOPE OF REGULATION
only at an office of the bank located outside the
States of the United States, the District of ColumUnder the provisions of subsection (h), paragraph (1)
bia, Hawaii, Alaska, Puerto Rico, and the Virgin of section 12B of the Federal Reserve Act, as amended,
Islands, shall not be a deposit for any of the pur- insured banks are permitted to make deductions of
poses of this section or be included as a part of total certain uncollected items from total deposit liabilities
deposits or of an insured deposit: Provided further. for the purpose of determining the bases upon which
That any insured bank having its principal place assessments are to be calculated. This regulation preof business in any of the States of the United States scribes the classes of uncollected items which are
or in the District of Columbia which maintains a eligible for deduction and fixes the periods during which
branch in Hawaii, Alaska, Puerto Rico, or the such uncollected items may be deducted.
Virgin Islands may elect to exclude from insurance
SECTION 1.'—STATUTORY PROVISIONS
under this section its deposit obligations which are
payable only at such branch, and upon so electing
Subsection (h), paragraph (1) of section 12B of the
the insured bank with respect to such branch shall Federal Reserve Act, as amended, provides in part as
comply with the provisions of this section appli- follows:
cable to the termination of insurance by nonmember
"The assessment rate shall be one-twelfth of 1
banks: Provided further. That the bank may elect
per centum per annum. The semiannual assessto restore the insurance to such deposits at any
ment for each insured bank shall be in the amount
time its capital stock is unimpaired."
of the product of one-half the annual assessment rate
This regulation is promulgated pursuant to the promultiplied by an assessment base which shall be
visions italicized above.
the average for 6 months of the differences at the
OCTOBER 1935
FEDERAL RESERVE BULLETIN
end of each calendar day between the total amount
of liability of the bank for deposits (according to
the definition of the term ' deposit' in and pursuant
to paragraph (12) of subsection (c) of this section,
without any deduction for indebtedness of deposi-
647
liability for deposits: And provided further, That they
were received in the usual course of business pursuant
to an agreement under which the bank has given or is
obligated to give credit to a commercial, checking,
savings, time, or thrift account, and that the drawee or
the payor of the item is a bank or person other than the
bank of deposit.
No item shall be deducted except in accordance with
the provisions of this section.
tors) and the total of such uncollected items as are
included in such deposits and credited subject to
final payment: Provided, however, That the daily
total of such uncollected items shall be determined
according to regulations prescribed by the board
SECTION 3
of directors upon a consideration of the factors of
general usage and ordinary time of availability,
A local item shall be eligible for deduction for a period
and for the purposes of such deduction no item not to exceed 1 day. An out-of-town item shall be
shall be regarded as uncollected for longer periods eligible for deduction for a period not to exceed the
than those prescribed by such regulations. * * *" time which would be necessary to send the item in due
This regulation is promulgated pursuant to the pro- course to the Federal Reserve bank of the Federal
visions italicized above.
Reserve district or the branch of the subdistrict thereof
in which the bank of deposit is located, plus the time
SECTION 2
allowed for collection from the place where the item is
The term "item" as used in this regulation means payable, as shown on the current time schedule of such
any instrument providing for the payment of money. Federal Reserve bank or branch thereof: Provided,
In computing the bank's assessment base, items may That no item shall be deducted after the bank has had
be deducted by the bank of deposit from the total advice that the item has been paid or dishonored.
amount of the bank's liability for deposits during the
This regulation is not to be construed as requiring
periods prescribed by section 3 of this regulation: any bank to clear items through any Federal Reserve
Provided, That they were included in the bank's bank or branch thereof.
648
FEDERAL RESERVE BULLETIN
OCTOBER
1935
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Sept. 24 and released for publication Sept. 26]
Total volume of industrial production increased in August by about the usual seasonal
amount. Steel output increased more than
seasonally, while the output of automobiles
and anthracite declined sharply. Factory employment and pay rolls increased. Wholesale prices of farm products and metals
advanced during August and the first 2 weeks
of September, and prices of wheat and metals
increased further in the third week of the
month.
Production and employment,—Industrial
production increased seasonally in August and
the Board's index, which is adjusted to allow
for usual seasonal variations, remained unchanged at 86 percent of the 1923-25 average.
Activity at steel mills showed a considerable
increase from July to August and in the first
3 weeks of September was at a level higher
than in any other month since February.
Automobile assemblies declined by about 30
percent in August and showed a further sharp
reduction in the early part of September,
reflecting in part preparations for early introduction of new models. At lumber mills, output continued to increase in August. Cotton
consumption by domestic mills increased slightly
from recent relatively low levels, and activity
at woolen mills was maintained at a high rate.
At mines, output of anthracite decreased
sharply in August, while output of bituminous
coal showed an increase.
Factory employment and pay rolls increased
between the middle of July and the middle of
August by more than the usual seasonal amount.
Marked increases in employment were reported
for the steel, machinery, lumber, silk, and
clothing industries, while at automobile factories employment declined somewhat. The
number of wage earners engaged in the production of durable manufactures in August was
6 percent larger than a year earlier, while the
volume of employment in other manufacturing industries as a group showed little change.
Total factory employment was 3 percent larger
than in August 1934.
Daily average value of construction contracts,
as reported by the F. W. Dodge Corporation,
showed little change in August and the first
half of September. Contracts for residential
building, which earlier in the year had increased
considerably, showed a decrease for this period,
while the volume of public projects increased.
Department of Agriculture estimates based
on September 1 conditions indicate a cotton
crop of 11,489,000 bales, as compared with the
unusually small crop of 9,636,000 bales last
year. The indicated crops of corn, wheat, and
other grains are considerably larger than last
year, when drought conditions prevailed, and
the condition of pastures is above the ten-year
average.
Distribution.—Freight-car loadings increased
considerably in August and the first half of
September, partly as a consequence of seasonal
factors. Department store sales increased
slightly less than seasonally from July to
August.
Commodity prices.—The general level of
wholesale commodity prices, as measured by
the index of the Bureau of Labor Statistics,
advanced from 79.6 percent of the 1926 average
at the beginning of August to 80.8 percent in
the second week of September, and prices of
many leading commodities, including wheat,
silk, copper, lead, and zinc, advanced further
in the third week of the month. Cotton
prices declined considerably in August and
showed relatively little change in the first 3
weeks of September.
Bank credit.—Excess reserves of member
banks declined in the 5-week period ended
September 18, reflecting a temporary increase
in the Treasury's total holdings of cash and
deposits at Federal Reserve banks and a seasonal increase of money in circulation, which
was partly offset by an inflow of gold from
abroad.
Total loans and investments of reporting
banks inleading cities increased by $610,000,000
during the 5 weeks ended September 18.
Loans increased by $100,000,000, holdings of
United States Government direct obligations
by $390,000,000, holdings of United States
guaranteed securities by $70,000,000, and
holdings of other securities by $50,000,000.
Adjusted demand deposits of these banks—
that is, demand deposits other than Government and bank deposits, adjusted for collection
items—increased by $140,000,000, United States
Government deposits by $160,000,000, and
balances due to banks by $270,000,000.
Yields on Government securities rose somewhat further during this period, while other
short-term open-market money rates remained
at previous low levels.
649
FEDERAL RESERVE BULLETIN
OCTOBER 1935
RESERVE BANK CREDIT AND RELATED ITEMS
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
10000
{ Weekly basis: Wednesday figures }
1OOOO
9000
9000
8000
8000
7000
7000
6000
6000
5000
5000
4000 ^
4000
3000
3000
2000
-
2000
1000
1000
TREASURY CASH
& DEPOSITS WITH F. R. BANKS
1930
1931
1932
1933
1934
Based on Wednesday figures; latest figures for September 25. See table on page 650.
1935
650
FEDERAL RESERVE BULLETIN
OCTOBER 1935
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Date (Wednesday)
1934—Aug. 1_Aug. 8__
Aug. 15.
Aug. 22_
Aug. 29-
U.S.
Gov- Other
Bills
ern- Reserve Total
Bills
dis- bought ment
bank
counted
securi- credit
ties
2,432
2,432
2,431
2,432
2,432
0)
u
0)
Member bank
TreasTreasury
reserve balances
ury Money cash and Non- Other
Mone- and
Fedtary nation- in cir- deposits
eral
memwith
gold
de- Reserve
Excess
Federal ber
bank culation
stock alcurposits
ac(estiTotal
Reserve
counts
mated)
rency
banks
2.463
2,458
2,468
2,457
2,463
7,932
7,957
7,979
7,983
7,981
2,361
2,357
2,375
2,390
2,403
5,315
5,334
5,343
5,347
5,345
3,074
2,941
2,976
2,972
2,944
219
209
211
211
204
232
229
228
228
3,915
4,059
4,064
4,072
4,127
1,768
1,923
1,911
1,902
1,945
2,467
2,469
2,466
2,463
7,963
7,968
7,972
7,976
2,412
2,414
2,412
2,409
5,419
5,409
5,412
5,403
3,087
3,058
3,124
3,061
203
213
195
186
225
224
230
229
3,907
3,948
3,889
3,970
1,723
1,762
1,692
1,768
2,455
2,448
2,457
2,452
2,455
7,980
7,985
7,990
7,993
8,002
2,407
2,403
2,410
2,429
2,434
5,468
5,479
5,469
5,436
5,453
3,068
2,967
2,968
3,049
3,031
182
183
183
165
164
229
229
239
239
237
3,979
3,996
3,985
4,006
1,691
1,771
1,762
1,733
1,748
2,440
2,474
2,470
2,460
8,030
8,076
8,112
2,442
2,450
2,459
2,469
5,503
5,480
5,455
5,516
2,944
2,964
2,956
3,017
172
163
159
160
240
240
239
239
4,032
4,107
4,196
4,108
1,783
1,848
1,912
1,825
5..
12.
19..
26.
2,432
2,431
2,431
2,430
Oct. 3 —
Oct. 10Oct. 17Oct. 24Oct. 31-
2,431
2,430
2,430
2,430
2,430
Nov.7..
Nov. 14.
Nov. 21.
Nov. 28.
2,430
2,430
2,430
2,430
Dec.
Dec.
Dec.
Dec.
2,430
2,430
2,430
2,430
2,452
2,462
2,477
2,470
8,161
8,180
8,198
8,228
2,478
2,486
2,505
2,504
5,545
5,532
5,587
5,628
3,060
3.060
3,221
3,181
176
184
185
188
237
239
243
244
4,073
4,112
3,943
3,961
1,786
1,813
1,646
1,678
2,431
2,430
2,430
2,430
2,430
2,461
2,467
2,468
2,463
2,460
8,243
8,258
8,273
8,308
8,387
2,514
2,508
2,504
2,500
2,497
5,534
5,420
5,382
5,347
5,358
3,164
3,094
3,019
2,994
3,007
190
194
215
188
194
240
242
242
241
242
4.090
4,283
4,388
4,501
4,542
1,802
1,986
2,069
2,162
2,203
Sept.
Sept.
Sept.
Sept.
5...
12..
19..
26..
1935—Jan. 2__
Jan. 9-_
Jan.16.
Jan. 23.
Jan. 30.
0)
14
Feb.
Feb.
Feb.
Feb.
6...
13..
20..
27..
2,430
2,430
2,430
2,430
2,466
2,450
2,448
2,450
8,421
8,456
8,489
8,524
2,503
2,525
2,522
2,520
5,407
5,430
5,442
5,442
2,930
2,995
2,932
3,006
176
182
193
211
246
245
247
246
4,633
4,580
4,645
4,588
2,284
2,240
2,272
2,201
Mar.
Mar.
Mar.
Mar.
6..
13.
20.
27.
2,430
2,430
2,430
2,430
2,452
2,460
2,455
2,452
8,546
8,551
8,554
8,563
2,517
2,525
2,521
2,535
5,478
5,454
5,453
5,436
2,998
3,009
3,220
3,335
237
238
243
241
246
247
254
253
4,555
4,588
4,361
4,285
2,185
2,191
1,950
1,888
Apr. S.Apr. 10..
Apr. 17.,
Apr. 24..
2,431
2,430
2,431
2,430
2,462
2.463
2,470
2,452
8,568
8,614
8,672
8,701
2,548
2,5*9
2,549
2,550
5,497
5,487
5,512
5,459
3,404
3,376
3,149
2,978
230
224
271
288
253
253
257
258
4.193
4,287
4,501
4,719
1,821
1,907
2,095
2,264
May 1_.
May 8__
May 15 _
May 22_
May 29.
2,430
2,430
2,430
2,430
2,430
2,463
2,466
2,473
2,459
2,467
8,721
8,728
8,737
8,762
8,835
2,543
2,536
2,534
2,531
2,526
5,489
5,496
5,494
5,481
5,511
2,978
2,938
2,901
2,906
2,970
276
277
267
285
262
263
261
259
259
258
4,721
4,758
4,822
4,821
4,827
2,252
2,304
2,350
2,328
2,322
June5-_
June 12..
June 19..
June 26-.
2,430
2,430
2,430
2,430
2,475
2,472
2,482
2,472
8,916
9,016
9,089
9,109
2,521
2,514
2,510
2,508
5,514
5,493
5,498
5,498
3,030
2,988
3,023
2,991
196
214
301
306
257
258
264
263
4,914
5,049
4,996
5,029
2,400
2,521
2,445
2,471
July 3—
July 10July 17July 24_.
July 31..
2,431
2,430
2,430
2,430
2,430
2,468
2,473
2,472
2,460
2,465
9,119
9,123
9,127
9,135
9,144
2,504
2,503
2,501
2,503
2,510
5,619
5,551
5,530
5,496
5,518
3,002
2,932
3,086
3,134
2,991
312
302
302
265
253
258
263
258
258
257
4,900
5,052
4,924
4,945
5,100
2,320
2,456
2,340
2,335
2,513
Aug.
Aug.
Aug.
Aug.
2,430
2,430
2,430
2,430
2,476
2,477
2,468
2,471
9,158
9,184
9,189
9,197
2,477
2,437
2,421
2,408
5,550
5,558
5,574
5,573
2,932
2,775
2,722
2,683
253
251
230
213
261
259
260
260
5,115
5,254
5,291
5,346
2,547
2,667
2,682
2,779
2,430
2,430
2,430
2,430
2,472
2,479
2,472
2,474
9,209
9,219
9,240
9,297
2,395
2, 391
2, 390
2,382
5,650
5,638
5,632
5,626
2,746
2,629
2,839
2,778
193
186
244
262
259
248
250
250
5,228
2,673
2,820
2,557
2,622
7..
14.
21.
28.
Sept.
Sept.
Sept.
Sept.
4__
11.
18.
25..
5,136
5,236
i Less than $500,000.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1934 (table 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500.
651
FEDERAL RESERVE BULLETIN
OCTOBER 1935
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
End of month
U.S.
Other
Bills
Bills Governdis- bought
ment Reserve
bank
counted
securi- credit
ties
Total
Monetary
gold
stock
Member bank
TreasTreasury
reserve balances
ury
Other
cash
and
and
Money deposits Non- Federal
mem- Reserve
nain cirwith
tional- culadeFederal ber
acExcess
bank
tion
posits counts
Reserve
(estiTotal
curmated)
banks
rency
1934—March
April
May
June
July
August
September.
October
November.
December.
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
2,545
2,485
2,463
2,472
2,462
2,464
2,464
2,455
2,453
2,463
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
8,238
2,361
2,378
2,368
2,366
2,361
2,408
2,405
2,434
2,468
2,511
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536
3,292
3,148
3.052
3,015
2,971
2,968
3,051
3,031
3,022
3,150
157
268
222
233
207
208
178
164
161
189
299
236
232
232
229
226
228
237
239
241
3,457
3,599
3,746
3,840
4,029
4,052
3,934
4,006
4,081
4,096
1,444
1,534
1,662
1,732
1,875
1,867
1,727
1,748
1,801
1,814
1935—January..-.
February..
March
April
May
June
July
August
September.
2,430
2,430
2,437
2,430
2,430
2,433
2,430
2,432
2,430
19
23
21
27
26
37
23
37
32
2,461
2,465
2,471
2,468
2,469
2,480
2,465
2,485
2,477
8,391
8,527
8,567
8,710
8,858
9,116
9,144
9,203
9, 368
2,495
2,519
2,540
2,544
2,525
2,506
2,510
2,398
2, 386
5,380
5,467
5,493
5,478
5,540
5,568
5,518
5,629
5,683
2,991
3,004
3,358
2,996
2,969
191
207
226
271
254
325
253
198
304
243
246
253
263
257
261
257
260
250
4,543
4,587
4,247
4,715
4,832
4,979
5,100
5,305
5,254
2,206
2,199
1,846
2,253
2,318
2,414
2.513
2,738
2,630
2,991
2,694
v 2,739
v Preliminary.
Back figures.See Annual Report for 1934 (table 5) and for excess reserves see BULLETIN for August 1935, pp. 499-500. See also note on p. 650
of this BULLETIN.
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Year or month
1929—Average—_
1930—Average...
1931—Average.. _
1932—Average—
1933—Average—
1934—Average—
1934—March
April
May
June
July
August
September.
October....
November.
December.
1935—January...,
February..
March
April
May
June
July
August
September.
U.S.
Gov- Other
Bills
ern- Reserve Total
Bills
dis- bought ment
bank
counted
securi- credit
ties
952
272
327
521
283
TreasMone- ury and Money
tary nation- in cirgold al-bank culation
stock
currency
Member bank
reserve balances
Treasury
cash and Non- Other
deposits mem- Federal
Reserve
with
Federal ber deacReserve
counts Total Excess
banks
241
213
245
71
83
25
208
564
669
1,461
2,052
2,432
1,459
1,087
1,274
2,077
2,429
2,502
3,996
4,173
4,417
3,952
4,059
7,512
2,015
2,025
2,025
2,096
2,271
2,381
4,476
4,245
4,672
5,328
5,576
5,403
229
239
251
275
343
2,879
30
28
97
56
147
185
376
393
373
351
350
253
2,358
2,379
2,323
2,114
2,343
3,676
43
55
89
256
528
1,564
40
16
6
5
5
5
5
6
6
2,437
2,439
2,431
2,424
2,432
2,432
2,431
2,430
2,430
2,430
2,535
2,507
2,479
2,464
2,469
2,463
2,469
2,457
2,466
2,472
7,602
7,736
7,759
7,821
7,893
7,971
7,971
7,989
8,047
8,191
2,333
2,377
2,378
2,363
2,364
2,378
2,411
2,415
2,455
2,494
5,368
5,366
5,355
5,341
5,350
5,355
5,427
5,473
5,494
5,577
3,298
3,222
3,083
3,054
2,999
2,976
3,054
3,011
2,970
3,120
144
170
249
226
219
208
197
177
165
181
298
268
234
237
230
228
227
234
238
242
3,361
3,594
3,695
3,790
3,928
4,045
3,947
3,964
4,100
4,037
1,375
1,541
1,623
1,685
1,789
1,884
1,754
1,731
1,834
1,748
2,430
2,430
2,431
2,431
2,434
2,431
2,430
2,431
2,430
2,465
2,462
2,461
2,471
2,476
2,479
2,473
2,476
2,480
8,284
8,465
8,552
8,641
8,755
9,025
9,128
9.180
9,246
2,504
2,513
2,526
2,548
2,534
2,513
2,504
2,441
2,389
5,411
5,439
5,477
5,500
5,507
5,522
5,550
5,576
5,651
3,053
2,965
3,122
3,209
2,942
194
189
236
258
278
266
293
233
236
242
246
250
256
259
261
259
261
4,355
4,601
4,452
4,436
4,778
4,979
4,970
5,232
5,243
2,035
2,237
2,065
2,026
2,297
2,438
2,385
2,637
P 2, 659
3,032
2,795
2,734
J> Preliminary.
Back figures.—See Annual Report for 1934 (table 2) and for excess reserves see BULLETIN for August 1935. See also note on p. 650 of this BULLETIN^
652
FEDERAL RESERVE BULLETIN
OCTOBER
1935
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE
NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS
[In thousands of dollars]
Sept. 30,1935 A u g . 31, 1935 Sept. 30,1934
ASSETS
Gold certificates on hand and due from U. S. Treasury.
Redemption fund—Federal Reserve notes
Other cash.
6, 613, 650
19, 697
204, 237
6,482,233
19,915
213, 596
4,958, 653
21,798
215,949
6,837, 584
6,715,744
5,196,400
9,760
11,261
15, 285
64
9,768
11, 269
15,349
4,685
121
5,691
4,688
30,166
4,685
29,467
5,812
2,178
2, 430,179
2, 432,210
2,430,186
1,000
Total U. S. Government securities
Other Reserve bank credit:
Municipal warrants.._
Due from foreign banks
_
Reserve bank float (uncollected items in excess of deferred availability items).
2, 430,179
2, 432, 210
2,431,186
638
1.651
640
6,549
327
1,819
7,026
Total Reserve bank credit outstanding
Federal Reserve notes of other Reserve banks.
Uncollected items not included in float
Bank premises
All other assets.
_
2, 477, 090
21, 823
443, 148
50, 074
42,771
2,484, 820
19,989
432, 064
49,966
46,632
2,463,697
20,364
430,783
52,821
54,084
9, 872, 490
9, 749, 215
8, 220,335
21, 823
3,451,996
19,989
3, 378, 601
20,364
3,146,702
3,473, 819
3, 398, 590
3,167,066
30,379
5,253.916
54, 569
14, 452
289, 637
5, 612, 574
443,148
130, 653
144, 893
23,457
30, 694
13, 252
9, 872, 490
5, 305, 337
58, 751
18, 254
179, 957
5, 5fi2, 299
432,064
146, 732
144,893
22,824
30,777
11, 036
3,934,071
144,699
9,810
168,168
4, 256,748
430,783
146,781
138,383
9, 749, 215
26,928
26,837
22,444
27,751
8, 220,335
730
1,368
Notes Issued to Federal Reserve banks by Federal Reserve agents
3, 735,879
3, 649, 601
3,430,049
Collateral held by agents 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, 599,188
8,312
169,900
3,445, 358
9,804
223, 900
3,173,416
9,299
298,800
3, 777, 400
3, 679, 062
3,481,515
Total reserves.
Redemption fund—Federal Reserve bank notes.
Bills discounted:
For member banks
For nonmember banks, etc.
Total bills discounted.
2,186
Bills bought:
Payable in dollars—Bought outrightPayable in foreign currencies
Total bills bought.
Industrial advances
U. S. Government securities:
Bought outright
Under resale agreement...
Total assets.
Federal Reserve notes:
Held by other Federal Reserve banks..
Outside Federal Reserve banks
Total notes in circulation
_
Federal Reserve bank note circulation—net..
Deposits:
Member bank—reserve account
United States Treasurer—general accountForeign bank
Other deposits
Total deposits
Deferred availability I t e m s . . .
_
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
FEDERAL RESERVE NOTE STATEMENT
FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding).
41,699
Collateral pledged against outstanding notes:
U. S. Government securities
_
47,474
653
FEDERAL RESERVE BULLETIN
OCTOBER 1935
KINDS OF MONEY IN CIRCULATION
(Money outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Total
Gold
certificates
Standard
silver
dollars
Silver
certificates
Treasury
notes
of 1890
Subsidiary
silver
Minor
coin
United
States
notes
Federal Federal
Reserve Reserve
bank
notes
notes
National
bank
notes
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, 450
5,453
5, 549
5,536
178
167
161
157
153
150
146
143
139
136
133
130
29
29
30
30
30
30
30
31
31
31
32
32
391
399
403
400
402
401
399
438
483
510
558
592
1
1
1
1
1
1
1
1
1
1
1
1
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
289
289
282
279
280
277
274
274
273
273
265
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..
May
June
July
August
September v.
5, 3S0
5,467
5,493
5,478
5.540
5,568
5,518
5,629
5,683
127
126
123
121
119
31
31
31
32
32
32
32
33
33
580
599
623
653
695
701
702
739
756
1
1
1
1
1
1
1
1
287
289
290
294
296
297
298
298
302
123
123
123
124
125
125
125
126
127
259
263
264
268
281
285
280
283
286
3,048
3,119
3,135
3,120
3,159
3,223
3,232
3,362
3,438
97
94
92
88
85
81
78
75
827
823
810
778
747
704
654
596
553
ir
115
114
113
1
73
*» Preliminary figures.
NOTE —For figures of paper currency of each denomination in circulation see p. (
Back figures—See Annual Report for 1934 (table 49).
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO AND FROM
UNITED STATES »
[In millions of dollars]
[In thousands of dollars]
Year or month
Gold
stock
Net
at end Increase
gold
in gold
of
import
stock
year or
month
Net
release
from
earmark i
September
Other
factors 8
W^o grain s of gold $ iofine; i. e., an
ounce o[fine gold =$20.67
457.5
41.6
4,226 1 52.9 —446. 2
4,036 -190.4 - 1 7 3 . 5
41.1
-58.0
1932
1933
1934—June __
July
August
September
October
November
December
Year
i935—January
February
March
April
May
June
Julv
August
September *>
7,856
7,931
7,978
7,978
8,002
8,132
8,238
8,238
8,391
8,527
8,567
8,710
8,858
9,116
9,144
9,203
9,368
5%\ grain s of gold 9 lo fine; i. e., an
ounce of fine gol
12.5
77.1
63.7
1.0
74 4
52 3
.6
21.4
47.4
37.2
—1.1
11.2
2.4
.4
16.6
-18.7
.3
23.5
10.8
12.4
-.1
9.1
129.9
120.9
.1
106.2
92.1
14.1
4, 202. 5 1,133.9
82.6
2,986.1
149.4
122.8
13.0
148.6
140.0
230.4
16 2
46.0
156.7
1.1
.2
-.7
-2.3
-1.5
1.0
2.8
12.3
28.1
-3.0
96
25.8
12.1
12.2
153.3
135 3
40.4
143.4
148.1
257.1
27.9
59.5
164.8
—.4
1.4
1.0
7.1
v Preliminary.
i 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.
Backfigures.—SeeAnnual Report for 1934 (table 44).
From or to—
Belgium __
England
France
Germany _ _ .
Netherlands
Switzerland
Union of Soviet Socialist Republics.
Canada
Central America
Mexico
Argentina
Chile
Colombia
Ecuador _.
Peru
Uruguay
Venezuela
Australia
British India
China and Hong
Kong
Dutch East Indies
Japan
Philippine Islands _
All other countries2.
Total
Imports
37,114
40 440
August
"
17
37,811
2,164
15 073
Imports
Exports
o"
67
Exports
442
245
190
207
4
65
1
201
Imports
1
153,424
28 411,355
33
164,406
339
28, 277
1, 589
5,411
209
813
6
581
230
764
January-August
13
60
50
10,900
55,878
1, 869
11,050
17
4,040
9,125
3,671
1,365
170
19,821
6,671
431
903
23,067
640
1.127
5, 054
1,537
93
733
147
59
156,805
86
46,085
1
Exports
466
41
296
41
70
471
9,136
1, 698
1
102 867,761
1,386
1 With, some exceptions figures represent customs valuations at rate of
$35 a fine ounce.
2 Includes all movements of unreported origin or destination.
Back figures.—See table, p. ( 18, and Annual Report for 1934 (tables 46
and 47).
654
FEDERAL RESERVE BULLETIN
OCTOBER
1935
MEMBER BANK RESERVE BALANCES
[Averages of daily figures. In millions of dollars]
Reserves held
Month or week
Total—all
member
banks
1934—August
September.
October
November.
December..
1935—January...
February _.
March
April
May
June
July
August
Week ending (Friday):
1935—June 7___
June 14. _
June 21 __
June 28. _
July 5_.._
July 12...
July 19—
July 26—
Aug. 2 . . .
Aug. 9 . . .
Aug. 16...
Aug. 23__
Aug. 30. _
New York
City i
Excess reserves
Other
Reserve
cities
'Country'
banks
Total—all
member
banks *
New York
City i
Other
Reserve
cities
"Country"
banks J
1,719
1,692
1,667
1,745
1,727
1,837
1,826
1,787
1,831
2,031
2,0y2
2,072
1,989
817
814
837
849
843
867
911
905
890
935
918
960
937
1,883.6
1,754.1
1.730.6
1. 834. 5
1.747.8
2. 035. 2
2,236. 6
2.064.7
2,025.6
2.296.9
2, 437. 6
2,385. 2
2, 637.1
638.2
562.0
568.1
603.8
555. 8
715.9
898.9
779.0
723.0
797. 5
915.3
867. 6
1,214.2
852. 2
808.7
766.4
829.3
799.9
907.7
886.7
842.3
878.4
1,038.4
1,079.0
1,037.5
956.4
393.3
383.4
396.1
401.4
392.2
873.9
948.8
938.7
914.7
2,330.0
2,429. 0
2, 364. 0
2,338.0
1, 996
1,968
1,995
2,003
2, 006
783.3
853.5
824.3
887.0
1, 074. 8
1,118. 3
1, 210. 8
1,261.3
1, 271. 0
1,050.8
1, 083. 8
1, 087. 3
1,095.7
1,052. 8
1,083.0
1, 053. 6
1,005.0
962. 5
940.2
961.6
963. 5
973.2
439.0
443.0
451.0
445.0
2,152
2,187
2, 290
2, 351
2,400
920
913
919
914
972
980
969
944
929
949
943
933
924
2, 364. 0
2, 476. 0
2, 477. 0
2,455.0
1,852
1,918
1,895
1,962
2,047
2,093
2.109
2,116
2,079
2,117
2, 093
2,038
4,045
3,947
3,964
4,100
4,037
4,355
4,601
4,452
4,436
4,778
4,979
4,970
5,232
1,509
1,440
1,461
1,506
1,468
4.879
5, 001
5, 025
5,011
1,912
1, 994
1, 998
1,981
4,904
5,015
4,957
4,944
5, 077
5,105
5,228
5,287
5, 330
1,651
1,864
1,760
1,715
1,813
1,969
1,938
2,306
2, 482. 0
2, 530. 0
2, 645. 0
2, 683. 0
2, 764. 0
411.6
451.0
443.5
424.3
461.0
443.4
480.1
466.5
494.0
493.0
486.0
446.0
445.0
472.0
473. 0
458.0
520.0
1
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 1934 (table 67).
MEMBER BANK DEPOSITS
[Averages of daily figures. In millions of dollars]
Total deposits subject to reserve
Month or week
1934—August
SeptemberOctober
NovemberDecember..
1936—January
February
March
April
_
May
June...
July
August
Week ending (Friday):
1935—June 7
June 14
June 21__
June 28
July
July
July
July
5...
12..
19..
26..
Aug.
Aug.
Aug.
Aug.
Aug.
2...
9...
16_.
23..
30..
T otal—
all
member
banks *
27,310
27,615
28,034
28, 364
28,538
28,907
29,357
29.586
29,882
30, 571
31,003
31,401
31, 445
New
York
City*
7,252
7,300
7,409
7,465
7,512
7,694
7,926
8,050
8,145
8,318
8, 565
8,702
8,454
8,498
8,605
8,655
8,658
8, 702
8,738
758
8,715
8,799
8,882
9,176
Net demand deposits
talOther "Coun- T oall
Reserve
t r y " member
cities
banksi banks *
11, 280
11, 436
11, 587
11, 744
11,828
11,933
12, 063
12,148
12, 260
12, 647
12, 814
12,979
12, 968
12,655
12, 773
12,886
12,900
12,929
12,982
13,037
12,978
12,976
12, 935
12, 987
13,023
12, 946
8,777
8,878
9,038
9,154
9,197
9,280
9,368
9,387
9,477
9,606
9,624
9,720
9,581
17,490
17,806
18, 208
18,524
18, 769
18,993
19, 361
19, 554
19, 768
20, 377
20. 899
21, 295
21, 293
New
York
City*
Time deposits
talOther "Coun- T oall
Reserve
try" member
banks * banks'
cities
6,534
6,591
6,704
6,780
6,865
7,043
7,268
7,399
7,481
7,655
7,967
8,095
8,253
6,940
7,103
7,269
7,418
7,527
7,527
7,606
7,662
7,745
8,085
8,275
8,481
8,474
7,848
7,902
8.010
8,063
8,084
8,051
8,098
8,129
8,142
8,073
8,153
8,237
8,534
8,133
8,258
8,350
8,335
8,397
8,475
8,532
8,477
8,473
8,432
8,536
8,471
4,016
4,111
4,235
4,326
4,376
4,422
4,487
4,493
4,542
4,638
4,657
4,719
4,566
9,819
9,809
9,826
9,840
9,769
9,914
9,996
10,031
10,114
10,194
10,103
10,107
10,152
New
York
City*
Other "Country"
Reserve
banks»
cities
719
709
705
685
647
651
658
651
664
663
597
607
643
4,340
4,333
4,319
4,326
4,301
4,406
4,457
4,486
4,515
4,562
4,539
4,498
4,494
606
596
595
592
603
607
604
608
616
642
646
645
642
4,522
4,515
4,536
4,564
4,761
4,767
4,802
4,829
4,821
4,857
4,881
4,895
4,935
4,969
4,967
5,002
5,015
4,532
4,508
4,505
4,501
4, 504
4,503
4,507
4,487
4,476
i Weekly figures are not reported.
«Central Reserve city banks only.
NOTE.—The method of computing net demand deposits subject to reserve was changed by the Banking Act of 1935 approved August 23,1935.
See page 644.
Back figures.—See Annual Report for 1934 (table 67).
OCTOBER
655
FEDERAL RESERVE BULLETIN
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
Investments
Purchased paper
Loans
to
banks
Total
Secured
Secured
by
stocks by real
and estate
bonds
Otherwise
secured
Total
and
unsecured
Loans
to
Accept- Acbroances cept- Com- kers Total
in
payable ances merpaycial
New
in
able
paper
York i
United
States abroad
Total
loans
seU. S.
cured
Govby
Other
ernstocks
ment secu- and
rities
secubonds
rities
TOTAL—ALL MEMBER
BANKS
1931—Sept. 29—
Dec. 31. _.
1932—June 3 0 . . .
Sept. 30—
Dec. 31__
1933—June 30»..
Oct. 25. . .
Dec. 30__.
1934—Mar. 5 —
June 30. _
Oct. 17—
Dec. 3 1 _ .
1935—Mar. 4 —
June 29...
30,575
28, 001
28, 045
27,469
24, 786
24, 953
25, 220
26, 548
27,175
27, 559
28,150
28, 271
28,785
599
790
573
457
444
330
297
287
225
153
149
155
133
119
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
10,369
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
3,123
3,149
3,038
2,894
2,885
2,862
2,372
2,364
2,359
2,382
2,357
2, 297
2,273
2,250
2,277
8,722
8,242
7,081
6,527
6,195
5,049
5,350
5,184
5,067
4,931
5,161
4,940
4,955
4,969
1,563
901
747
970
855
1,191
1,238
1,231
1,387
1,566
1,361
1,363
1,400
1,440
268
146
313
407
375
291
303
223
350
264
276
256
235
201
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
8,303
250
374
260
203
216
162
143
146
112
68
66
63
52
48
3,850
3,694
2,856
2,638
2,621
2,297
2,436
2,395
2,321
2,202
2,294
2,202
2,198
2,146
1,816
1,728
1,343
1,300
1,247
1,082
1,032
1,034
985
937
876
874
861
841
152
153
160
154
160
157
149
148
156
156
150
139
139
138
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
1,166
1,121
695
565
763
701
964
891
912
986
1,131
883
894
904
1,126
201
107
262
341
330
224
233
170
276
225
232
210
203
183
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
11,743
284
347
254
205
178
129
120
103
79
53
55
65
56
50
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
4,425
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
1,336
,585
,538
,407
,406
,398
,160
,144
,151
,158
,145
,120
,108
,093
,120
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
1,969
326
135
118
151
115
184
274
258
306
311
328
320
315
175
167
62
62
65
46
51
91
78
89
115
151
135
142
126
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
3,798
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
945
,411
,346
,328
,324
[,304
, 055
,070
,061
,068
.. 056
,026
,026
1,018
1,020
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
1,833
116
71
64
55
39
43
73
62
95
124
150
149
181
139
81
48
36
36
28
27
46
34
64
72
95
92
109
116
33,073
296
140
122
115
93
87
164
132
157
200
253
232
255
247
928
575
278
414
357
788
748
840
855
1,082
802
843
875
975
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
16,857
5,564
5,319
6,628
6,366
6,540
6,887
6,801
7,254
8,667
9,137
9,186
9,906
9,821
9,871
6,635
5,996
5,786
5,755
5,726
5,041
5,093
5,132
5,175
5,515
6,081
6,216
6,497
8,081
7,320
5,916
5,770
6,447
4,884
4,713
4,769
4,606
4,f51
4,178
4,194
4,132
4,134
NEW YORK CITY *
1931—Sept. 29—
Dec. 31. _
1932—June 30...
Sept. 30__
Dec. 31 __
1933—June 30 «..
Oct. 25__.
Dec. 30__
1934—Mar. 5___
June 3 0 . .
Oct. 17—
Dec. 31_ _
1935—Mar. 4 —
June 2 9 - .
839
542
258
391
337
720
624
706
687
883
631
662
678
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
4,983
1,830
1,768
2,008
2,429
2,603
2,651
2,320
2,362
2,768
3,053
2,954
3,246
3,200
3,462
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
1,522
2,780
2,474
1,757
1,811
1,699
1,888
1,728
1,824
1,724
1,840
1,531
1,565
1,660
1,789
56
16
7
14
12
58
100
112
138
154
123
131
134
26
4,561
4,226
4,154
4,427
4,362
4,621
4,645
6,000
5,763
6,104
6,423
6,764
6,933
7,093
2,301
2,133
2,187
1,961
2,462
2,867
2,889
3,209
3,954
4,102
4,240
4,551
4,601
4,478
2,260
2,093
1,966
2,466
,900
,764
,757
,790
,809
2,002
2,183
2,213
2,331
2,615
3,317
3, Of 0
2,585
2,456
2,298
1,846
1,863
l,8P0
1,753
1,708
1,569
1,567
1,526
1,379
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
4,780
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
1,931
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
2,849
1,985
1,796
1,574
1,503
1,460
1,160
1,148
1,136
1,129
1,102
1,078
1,062
1,047
OTHER RESERVE CITIES
1931—Sept. 29...
Dec. 3 1 . . .
1932—June 3 0 . . .
Sept. 30...
Dec. 3 1 . . .
1933—June 30»_.
Oct. 25—.
Dec. 30_..
1934—Mar. 5 —
June 30_ _.
Oct. 17—.
Dec. 31__.
1935—Mar. 4 . . . .
June 29_ _.
"COUNTRY" BANKS
1931—Sept. 29..
Dec. 31 _.
1932—June 30_.
Sept. 30..
Dec. 31 _.
1933—June 30».
Oct. 2 5 - .
Dec. 30..
1934—Mar. 5__.
June 30-.
Oct. 17...
Dec. 3 1 . .
1935—Mar. 4...
June 29 _.
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
8.739
i 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
Back figures.—See Annual Report for 1931 (table 53).
9fi
656
FEDERAL RESERVE BULLETIN
OCTOBER 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]
Member banks
All banks
Nonmember banks
Mutual savings banks
Date
Total
Loans
Investments
Total
Loans
Investments
Total
Other nonmember banks
Investments
Loans
Total
Loans
Investments
1930—Dec. 3 1 . -
56,209
38,135
18,074
34,860
23,870
10,989
9,987
6,068
3,920
11,362
8,196
3,160
1831—Mar. 25...
June 30.—
Sept. 29-_
Dec. 3 1 —
55,924
55,021
53,365
49,704
36,813
35,384
33,750
31,305
19, 111
19,637
19,615
18,399
34,729
33,923
33,073
30,575
22,840
21,816
20,874
19,261
11,889
12,106
12,199
11,314
i 9,987
10,506
10,506
10,488
» 6,068
i 6,169
6,218
' 3,920
4,337
» 4,337
4,270
11,208
10,593
9,786
8,641
7,906
7,399
6,707
5,827
3,194
3,079
2,814
1932—June 30. -.
Sept. 3 0 . .
Dec. 3 1 . . .
46,071
45,852
44,946
27,834
26,985
26,063
18,237
18,867
18,883
28,001
28,045
27,469
16,587
15,924
15,204
11,414
12,121
12,265
10,316
10,316
10,182
6,130
i 6,130
6,079
4.186
i 4,186
4,103
7,755
7,491
7,295
5,117
4,931
4,780
2,637
2,560
2,515
1933—June 30»..
Oct. 25 3..
Dec. 3 0 —
40,076
22,203
17,872
11,928
11,894
12,386
4,103
5,246
3,404
1,841
18,342
12,858
13,059
12,833
5,941
21,977
24,786
24,953
25,220
10,044
40,319
9,985
5,906
4,079
5,115
3,238
"l,~877
42,502
21,278
21,224
43,458
20,474
22,984
26,548
27,175
27,559
28,150
12,706
12,523
12, 293
12,028
13,842
14,652
15, 267
16,122
43, 747
20,394
23,353
28,271
28, 785
11,953
11,928
16,31S
16,857
1934—Mar. 5»_.
June 3 0 Oct. 17 ».
Dec. 31. .
1935—Mar. 4 — .
June 29 3_.
9,904
5,648
4,256
< 5,423
3,108
2,315
'~9,"782~
5,491
4,291
5,526
"2^955"
~2~571
9,775
5,478
4,297
5,701
2,963
2,738
1 Figures of preceding call carried forward.
» Beginning June 30,1933, allfigures(other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
1 Nonmember bankfiguresnot available.
< In connection
the increase
December,
see the headnote regarding private banks; also BULLETIN for July 1935, p. 485.
Back
figures.Seewith
Annual
Report over
for 1934
(table 61).
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
[In millions of dollars]
Date
1030—Dec. 3 1 - . .
1931—Mar. 2 5 —
June 30.—
Sept. 2 9 —
Dec. 3 1 . . .
1932—June 3 0 . . _
Sept. 3 0 —
Dec. 3 1 . . .
1933—June 30 » „
Oct. 25»._
Dec. 3 0 . . .
1034—Mar. 5 *....
June30_._
Oct. 17 8_ _
Dec. 3 1 . . .
1935— Mar. 4___
June 29 » „
All banks
63,039
51,427
51, 782
49,152
45,821
41,963
41,942
41,643
37,998
38,505
"41^876"
"44,"771
44,455
Nonmember banks
Member
Other
banks Mutual nonmemsavings
ber banks
banks
32,560
31,153
31,566
29,469
27,432
24,755
24,903
24,803
23,338
23,453
23,771
25, 293
26,615
27.484
28,943
28,589
29,496
9,507
1 9,507
10,017
1 10,017
10,105
10,020
1 10,020
10,022
9,713
10,972
9,708
5,026
10,767
10,199
9,666
8,284
7,188
7,020
6,818
4,946
~9,~786'
4 5,475
9,837
6,000
6,029
For footnotes see table above.
NOTE.—Prior to Dec. 30,1933, member-bankfiguresinclude interbank
deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date.
Backfigures.—SeeAnnual Report for 1934 (table 60).
Date
Member banks
Nonmember
banks
National
State
Other
Mutual nonsavings membanks
ber
banks
Total
Total
1930—Dec. 31
22,769
8,052
7,033
1,019
603
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
998
982
946
878
1 603
600
1600
597
13,841
13,521
13,095
12,123
1932—June 30
Sept. 30
Dec. 31
19,046
18, 794
18, 390
6,980
6,904
6,816
6,145
6,080
6,011
835
824
805
594
1 594
594
11, 472
11,296
10,980
1933—June 30 «.„_ 14, 519
Oct 25 8
Dec. 30
15,011
5,606
5,818
6,011
4,897
5,052
5,154
709
766
857
576
8,337
579
8,421
1934—Mar 5 8
6,206
6,375
6,433
6,442
5,288
5,417
5,461
5,462
918
958
972
980
578
8,882
579
9,021
6,422
6,410
5,446
5,425
976
985
579
9,023
June 30
Oct. 17 L.Dec. 31
1935—Mar. 4
June 29 s .
15,835
16,042
16, 024
For footnotes see table above.
Bachfigures.—SeeAnnual Report for 1934 (table 60).
657
FEDERAL RESERVE BULLETIN
OCTOBER 1935
REPORTING MEMBER BANKS IN LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
Loans and investments
Loans and investments
Month or date
Loans
on securities
All
other
loans
17,721
17,770
17,835
17, 762
18,102
3,295
3,137
3,062
3,008
3,096
4,533
4,697
4,757
4,705
4,632
18, 229
18,247
18, 486
18,576
18, 520
18,560
18,582
18.517
18,875
3,049
2,996
3,081
3,008
3,048
3,028
3,023
2,960
2,961
18,508
18,414
18, 762
18,718
18, 507
18,491
18,477
18, 567
18, 533
18,614
18, 675
19, 084
19,126
Total
1934—August.
September
October
November
December
1935—January
February
March.
April
May
June
July
August—
September
1935—July
July
July
July
July
3....
10
17....
24
31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. i
Sept. 11
Sept. 18
Sept. 25
_.
Other leading
cities
New York City
Total—all weekly reporting member banks
Borrowings
Investments
at
F. R.
banks
U.S. seTotal curities
Borrowings
Investments
at
F. R.
banks
U.S. seTotal curities
Total
loans
and investments
Total
Loans
on securities
All
other
loans
9,893
9,936
10,016
10,049
10,374
7,127
7,120
7,105
7,050
7,281
1,520
1,455
1,418
1,381
1,459
1,522
1,610
1,644
1,633
1,596
4,085
4,055
4,043
4,036
4,226
2,883
2,820
2,801
2,827
2,995
10,594
10,650
10,730
10, 712
10,821
4,548
4,564
4,587
4,611
4,569
4,506
4,433
4,413
4,495
10,632
10,687
10,818
10,957
10,903
11,016
11,126
11,144
11,419
7,410
7,366
7,564
7,693
7,682
7,703
7,694
7,531
7,743
1,445
1,422
1,493
1,487
1,619
1,617
1,639
1,588
1,595
1,546
1,548
1,554
1,573
1,543
1,496
1,457
1,431
1,472
4,419
4,396
4,517
4,633
4,520
4,590
4,598
4,512
4,676
3,154
3,111
3,189
3,295
3,227
3,299
3,253
3,108
3,228
10,819
10.881
10,922
10,883
10,838
10,847
10,888
3,099
3,019
3,034
2,997
2,967
4,449
4,435
4,471
4,449
4,360
10,960
10,960
11, 257
11, 272
11,180
7,279
7,219
7,492
7,507
7,380
7,718
7,612
7,805
7,785
7,548
1,700
1,628
1,650
1,628
1,590
1,473
1,459
1,480
1,466
1,406
4,545
4,525
4,675
4,691
4,552
3,245
3,187
3,327
3,330
3,174
10, 790
10,802
10,957
10,933
10,959
2,981
2,979
2,980
2,899
2, 957
2,9P0
2,952
2.946
4,380
4,388
4,437
4,446
4,431
4,470
4, 513
4,566
11.130
11,110
11,150
11,188
11,226
11,215
11,619
11,614
7,301
7,272
7,283
7,310
7,315
7,288
7,660
7,633
7,504
7,519
7,558
7,543
7,580
7,656
7,852
7,882
1,601
1,609
1,609
1, 534
1,584
1.621
1,591
1,584
1,410
1,411
1,447
1,454
1,430
1,454
1,486
1,517
4,493
4,499
4,502
4,555
4,566
4,581
4,775
4,781
3,103
3,106
3,089
3,136
3,125
3,148
3,326
3,312
10,987
10, 958
11,009
10,990
11,034
11, 019
11,232
11,244
Borrowings
at
F. R.
banks
11,132
i For additional data see p. 686.
Back figures.—See Annual Report for 1934 (tables 71-73).
BROKERS' LOANS
MADE BY REPORTING
REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time in New York City. In
millions of dollars]
From private
From banks banks,
brokers,
and trust com- foreign
banking
panies
agencies, etc
Total
End of month
1934
January
FebruaryMarch
1935
1934
1935
1934
903
938
981
825
816
773
862
873
758
750
706
64
76
108
1,088
1,016
1,082
805
793
808
973
912
980
762
759
776
116
104
102
JulyAugust
September
923
874
832
769
772
781
849
803
769
741
750
759
74
71
62
October.. .
November.
December.
827
831
April
May
June
761
765
813
66
66
67
1935
MEMBER BANKS IN N. Y. CITY
[Monthly data are averages of weekly figures. In millions of dollars]
Month or date
Total
iQQi—August
September
October
November
December _
1935—January
Februarv
March
April
May . _
June
July
August
September
Sept
Sept
Sept
Sept
4
11
18
25
__
.
. _
. .
For acFor
count of For acown ac- out-of- count of
others
town
count
banks J
827
776
746
713
784
670
633
612
573
639
156
142
133
139
144
1
1
1
1
1
777
756
839
803
878
883
908
868
886
635
614
696
714
858
865
893
853
871
140
140
141
86
19
18
15
15
15
2
867
918
887
870
852
903
872
856
15
15
15
14
2
2
3
1
Back figures.—See Annual Report for 1934 (table 75).
i Member and nonmember banks outside New York City (domestic
banks only).
Backfigures—SeeAnnual Report for 1934 (table 74).
658
FEDERAL RESERVE BULLETIN
OCTOBER 1935
ACCEPTANCES AND COMMERCIAL PAPER
BANKERS' ACCEPTANCES, BY H O L D E R S (DOLLAR
ACCEPTANCES)
BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR
ACCEPTANCES)
[In millions of dollars]
[In millions of dollars]
Held by Fed- Held by accepting
eral Reserve
banks
banks
End of month
Total
outstanding
For
Held
acby
For count
own of for- Total Own Bills others
eign
acbills bought
count correspondents
End of month
1933—April
May
June
_.
July
August
September.
October
November.
December..
697
669
687
738
694
715
737
758
764
404
505
487
552
499
517
592
599
442
206
229
201
248
252
236
271
273
223
199
276
287
304
247
282
321
326
219
86
115
123
147
154
156
112
138
190
1933—April
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
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
1934—January
February
March
April
1935—January
February..
March
April
May
June
July.
August
516
493
466
413
375
343
321
322
485
452
423
391
356
317
296
292
238
217
197
178
162
154
148
145
247
235
226
214
193
163
148
147
30
41
43
22
19
26
24
0)
0)
0)
0)
» 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).
May
June
July
May
June
July
August
September
October
November
December
January.._
February..
March
April
May
June
July
August
September.
October...
November.
December.
33, 444
33, 478
30, 778
30, 736
30, 837
30, 762
30, 645
30, 834
30,849
30, 659
30, 652
29,489
1933
February
March
April
May
June
Julv
August
1934
29,036
28, 997
24, 788
7,181
6,981
7,089
6,821
6,199
6,068
5,686
5,841
6,033
5,977
5,887
5,275
5,070
5,076
5,075
5,081
5,079
5,691
5,495
5,499
5,501
1935
5,502
5,504
5,305
4,696
4,700
4,689
4,687
4,685
4,688
697
669
687
738
694
715
737
758
764
77
77
80
86
95
103
99
98
94
176
174
168
168
160
171
185
200
207
199
185
217
255
229
237
253
278
277
10
9
9
10
4
4
5
4
4
234
225
213
219
206
199
195
180
182
771
750
685
613
569
534
516
520
539
562
561
543
89
98
103
103
100
97
94
89
94
93
89
89
225
203
186
164
150
145
135
140
138
147
148
140
277
261
226
186
164
141
138
147
166
184
195
193
5
4
3
3
3
4
4
4
4
4
2
2
175
184
168
158
152
148
144
141
137
133
127
119
516
493
466
413
375
343
321
322
86
92
101
103
107
102
99
102
133
123
122
114
100
94
86
81
179
166
134
96
76
57
47
52
3
3
2
2
2
2
3
4
114
109
106
99
91
89
86
83
Source: American Acceptance Council.
Back figures.—See Annual Report for 1933 (table 97).
COMMERCIAL PAPER OUTSTANDING I
[As reported by dealers. In millions of dollars]
1932
End of month
Back figures.—See Annual Report for 1934 (table 25).
_
1935—January
[In thousands of dollars]
1932
...
August
September
October
November
December
A C C E P T A N C E S PAYABLE IN F O R E I G N C U R R E N C I E S H O L D I N G S O F F E D E R A L R E S E R V E BANKS
End of month
Based Based
on exim
Total
ports
from
U.S.
TT C!
Based
Based
on goods
on
stored in
goods
stored
United
in
States
(ware- Dollar foreign
house
excouncredits) change tries or
or
shipped
shipped
between
between
foreign
domestic
points
points
January
February
M^firch
April
May
June
July
A ugust
September
October
T~)pppmber
_
-. .
..
.
108
103
106
108
111
103
100
108
1933
85
84
72
64
60
73
97
107
1934
1935
108
117
133
139
142
151
168
188
110
113
123
130
192
188
110
81
133
109
178
166
1
Includes some finance company paper sold in the open market.
Back figures.—See Annual Report for 1934 (table 76).
171
177
182
173
173
169
164
177
659
FEDERAL RESERVE BULLETIN
OCTOBER 1935
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
RATES ON REDISCOUNTS FOR AND ADVANCES TO
MEMBER BANKS
SHORT-TERM RATES IN NEW YORK CITY
[Percent per annum]
Advances under sec.
10 (b) of the Federal Reserve Act
Rediscounts and advances under sees. 13 and 13a of the
Federal Reserve Act
Federal Reserve bank
Previ- Rate in In effect beous effect on g i n n i n g Oct. 1
rate
Rate in
effect beeffect on Inginning—
Oct. 1
2
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta _.
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco-
2
2
2
2
2
2
2
2
2
Feb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.
8,1934
2,1934
17,1935
11,1935
9,1935
14,1935
19,1935
3,1935
14,1935
10,1935
8,1935
16,1934
2 ^ Sept. 20,1935
2H
2
2H
2
2Yi
2H
2H
2V>
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago..St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
_
_._
6
6
6
5
2H
2H
2H
In effect beginning—
Aug.
Aug.
Aug.
July
July
Mar.
5
Aug.
6
5Yz July
Aug.
6
July
5
Sept.
6
Sept.
6
1934
September
October
November
December
2H Aug. 26,1935
1935
2\i Sept. 20,1935
January
February
March
April
May
June
July
August
September
Advances secured by
direct obligations of
the United States
(last paragraph of sec.
13 of the Federal Reserve Act)
Rate in
effect on
Oct. 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
In effect beginning—
4
3M
4
3K
4
4
4
4
Oct.
Feb.
Oct.
May
Feb.
Mar.
Oct.
Feb.
Apr.
Wi May
Mar.
4
Oct.
4
20,1933
8,1934
20,1933
11,1935
19,1934
17,1934
16,1933
21, 1935
15,1933
10,1935
12,1934
19,1933
1-15 days
16-30 days
31-45 days___.
46-60 days
61-90 days91-120 days—
121-180 d a y s -
HrU
H
H
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.27
.21
.22
.15
1.00
1.00
1.00
.63
.25
.25
H .25
H
.25
H
.25
1.00
1.00
1.00
.64
.25
.25
.25
.25
.25
.14
.12
.10
3/4-1
3/4-1
3/4-1
H-l
H
H
H
H
H
H
H
H
H
H
H
H
H
VA
VA
VA
VA
H.
H
H
M
M
H
H
H
H
Previous
rate
Oct. 20,1933
do__
do
1
1
1
1
1
1
IH
__.
H-l
H-l
H-l
H-l
n
a.10
».O8
». 07
».10
H
Ys
Ys
Ys
Ys
H
H
H
M
H
M
X
VA
YA
H
n
H
H
H
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25 —" KT"
.25
.25
.25
.25
.25
.25
.25
3.19
0.17
.18
.17
.15
.13
.07
.10
.22
.07
.07
.08
.13
.15
.18
.20
.23
.25
1
When
1
no rate is shown no bills of the stated maturity wore offered.
Rate on 133-day bills.
3 Rate on 166-day bills.
Back figures.—See Annual Report for 1934 (tables 54 and 55).
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
8 other northern
and eastern cities
27 southern and
western cities
Month
In effect beginning—
.—.do
..—do
..—do
H-l
New York City
NOTE —Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Back figures.—See Annual Report for 1934 (table 51).
H-l
H-l
H-l
H-l
[Weighted averages of prevailing rates]
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Maturity
_.
Week ending—
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
NOTE.—For rates on industrial advances see p. 682.
Rate in
effect on
Oct. 1
Stock ex- U. S. Treasury
Prime Stock
change call
hills offered
exbankloans
within period *
change
ers'
accept- time
ances. loans,
90
90
Re- 182-day 273-day
days New newal bills
days
bills
2VL
Discounts and advances
under par. 3 of sec. 13
of the Federal Reserve Act
Rate in
effect on
Oct. 1
Month or week Prime
commercial
paper,
4 to 6
months
Sept. 23,1935
2fc Sept. 14,1935
2H Sept. 20,1935
RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVIDUALS. PARTNERSHIPS, AND CORPORATIONS
Federal Reserve
bank
Average rate Average rate of
ondiscount on—
Prevailing rate o n -
January
February. _
March
April
May
June
July
August
September.
October
November.
December. .
1933
1934
1935
1933
1934
1935
1933
1934
4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
3.58
3.43
3.31
3.39
3.42
3.30
3.30
3.33
3.26
3.28
3.22
3.18
2.83
2.90
2.64
2.61
2.69
2.66
2.61
2.67
2.72
4.89
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4.51
4.54
4.59
4.65
4.49
4. 52
4.52
4.39
4.30
4.15
4.12
4.11
4.13
4.08
3.98
4.08
4.02
4.05
3.99
3.88
3.78
3.87
3.79
3.75
5 60
5.56
5.66
5.68
5.66
5. 62
5.54
5.53
5. 55
5.50
5.42
5.43
5.40
5.39
5.40
5.34
5.28
5.19
5 07
5.05
5.04
5.05
4.93
4.92
Back figures.—See Annual Report for 1934 ftable 57).
1935
4.95
4.84
4.85
4.80
4.79
4.76
4.58
4.63
4.51
660
FEDERAL RESERVE BULLETIN
OCTOBER 1935
STOCK PRICES
BOND PRICES
Other bonds J
United
States CorpoYear, month, or date Govern- rate and
ment
municbonds
ipal
(high- Total
grade)
3 14
Year, month, or date
Corporate
Indus- Rail- Utility
trial
road
<60
60
20
20
20
1932 average
1933 average
1934 average
99.2
102.2
103.4
81.1
84.0
96.7
69.4
73.4
84.5
63.2
69.2
81.9
64.8
70.5
83.8
80.5
80.6
87.8
1934—September
October
November
December
102.3
103.4
103.5
104.1
96.7
98.4
98.8
100.0
83.0
84.1
84.3
85.8
82.2
82.5
83.4
85.4
79.3
81.6
81.0
83.3
87.6
88 1
88.6
88.8
1935—Januarv
February
March
April
May
._
June
July.
August
September
105.1
105.8
106.6
107.0
107.1
107.2
107.5
106.8
105.3
101.3
101.3
99.9
100.0
101.2
102.2
104.2
104.2
103.1
87.6
87.4
84.5
85.5
87.1
88.3
89.2
89.9
90.4
86.7
86.7
85.2
85.9
87.3
87.3
88.5
89.0
89.4
85.0
82.0
74.7
75.0
76.5
79.3
78.8
79.6
80.6
91.2
93.4
93.6
95.5
97.4
98.4
100.2
100.9
101.0
106.1
105.9
104.8
105.0
103.2
103.7
103.1
102.5
89.8
90.9
90.5
90.4
88.9
89.5
89.6
89.8
79.7
81.6
80.8
80.6
100.7
101.5
101.2
100.8
Number of issues
Sept.
Sept.
Sept.
Sept.
4___:
11
18
25
i Average prices. Monthly data are averages of daily or weekly figures.
Prices derived from average yields.
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.
4
45 corporate and 15 municipal.
Source.—For United States Government bonds, Federal Reserve Bank
of New York: for other bonds, Standard Statistics Co.
Back figures.—See Annual Report for 1934 (table 93).
Number of issues
Year, month, or
date
United MunicStates ipal 3
Treas- (highury » grade)
1934—September.
October
November.
December..
1935—January....
February..
March
April
May
June
July.
August
September .
Sept.
Sept.
Sept.
Sept.
135.5
135.4
135. 3
133.7
Year or month
7.20
6.09
5.08
9.30
7.76
6.32
1934—September...
October
November...
December
3.20
3.08
3.05
2.97
3.84
3.69
3.57
3.52
3.96
3.90
3.86
3.81
4.42
4.36
4.27
4.27
5.17
5.00
4.93
4.86
6.57
6.40
6.37
6.23
1935—January
February
March
April
May
June
July
August
September. _.
2.83
2.73
2.69
2.64
2.61
2.61
2.59
2.66
2.78
3.45
3.39
3.27
3.25
3.27
3.25
2.95
2.87
3.08
3.78
3.72
3.71
3.72
3.74
3.72
3.70
3.77
3.80
4.21
4.14
4.15
4.19
4.18
4.18
4.15
4.15
4.11
4.77
4.69
4.72
4.75
4.66
4.62
4.54
4.57
4.56
5.99
5.97
6.22
6.14
5.99
5.86
5.77
5.69
5.62
2.73
2.74
2.81
2.79
3. 04
3.06
3.09
3.12
3.80
3.78
3.81
3.80
4.13
4.09
4.10
4.12
4.58
4.55
4.54
4.55
5.68
5.58
5.60
5.62
Sept.
Sept.
Sept.
Sept.
4
11
18
25
1
1
30
Monthly data are averages of daily or weekly figures.
Average, computed by Treasury Department, of yields of all outstanding Treasury bonds except those due or callable within 8 years.
• Standard Statistics Co.
• Moody's Investors' Service.
Back figures—See Annual Report for 1934 (table 94).
95
85
36
81
84
82
81
Refunding
Total
issues
(doCorporate
(doState
mestic
For- mestic
and
and
eign and
Total i mu- Bonds
forforand Stocks
nicieign)
eign)
notes
pal
6,201
6,314
7,556
8,040
10,091
6.909
3,089
1,194
5,125
5,189
6,219
6,789
9,420
6,004
2,860
1.165
1,352
1,344
1,475
1,379
1,418
1,434
1, 235
2,452
2,667
3,183
2,385
2,078
2,980
1,240
1,153
1,087
1,474
2,961
5,924
1,503
311
20
120
35
1,402
1,402
762
483
819
1934—September. _
October
November. .
December. _
43
122
107
141
43
122
107
141
36
39
89
106
5
0
8
34
2
1935—January
February.._
March
April
May
June..
July
August
September. _
92
50
108
90
92
50
108
90
80
44
100
64
3
7
8
17
2
0
0
5
720
708
86
86
58
134
152
177
58
134
152
177
305
40
144
1
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
26
36
35
45
OOOO
5.97
5.23
4.44
30
83
OOOO
5.01
4.49
4.00
30
64
63
61
58
57
55
53
59
65
70
74
82
82
Domestic
4.65
4.71
3.95
30
79
New issues
3.66
3.31
3.10
15
37
CAPITAL ISSUES
1932 average
1933 average
1934 average
7-11
Baa
A
33
351
[Long-term; I. e., 1 year or more. In millions of dollars
l
Aa
421
i1 Monthly data are averages of daily or weekly figures.
Average derived prices.
Source.—Standard Statistics Co.
Back figures—See Annual Report for 1934 (table 93).
1925 ,
1926
1927
1928
1929
1930
1931
1932
1933
1934
Number of issues..
4
11
18
25....
Corporate, by ratings 4
Aaa
20
96.1
104.8
120.7
121.0
120.9
124.1
127.8
129.1
130.2
131.3
132.2
134.8
134.0
134.8
135.4
135.0
1932 average
1933 average
1934 average
1
8
BOND YIELDS
Preferred Common stocks (index. 1926 = 100)
stocks
(indusIndus- Rail- Utility
trial highTotal
grade) 1
road
trial
49
46
180
413
0
384
454
510
284
259
41
39
6
44
79
36
132
14
27
29
42
0
28
0
0
0
0
1
Includes publicly offered issues of Federal banks, Federal intermediate credit banks. Federal Farm Mortgage Corporation, and Home
Owners'
Loan Corporation, not shown separately.
1
Less than $500,000.
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—S&B (for fieuras of new issues—annual and quarterly
basis) Annual Report for 1934 (table 92.)
OCTOBER
661
FEDERAL RESERVE BULLETIN
1935
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME A N D K I N D OF SECURITY
MATURITIES
[In millions of dollars]
[In millions of dollars]
Interest bearing
Total
(gross
debt)
E n d of period
Total
Bonds
19,161
22,158
14,250
14,223
16, 510
Notes Certificates
Bills
Noninterest
bearing
2,831
2,200
1,635
616
954
1,404
326
381
573
June 1932
J u n e 1933
June 1934
1934
19,487
22,539
27,053
September...
OctoberNovember
December
1935
January
February
March
April...
May
June
July
August
ember...
27,190
27,188
27, 299
28, 479
26, 626
26,643
26, 761
27, 944
15, 922
15, 808
15, 768
16, 245
8,020
8,027
8,036
9,586
1,15fi
1,154
1, 153
158
1,529
1,654
1,804
1,954
564
545
538
535
28, 476
28, 526
23,817
28, 668
28, 638
28,701
29,120
29,033
29,421
27,952
27, 969
28, 043
27, 766
27, 738
27,645
27,923
27, 956
28,432
16, 250
16,247
16, 238
15, 394
15, 157
14,936
14,576
14, 715
14,300
9,585
9,582
9,567
10, 236
10. 471
10,501
11,065
11,036
11,929
163
161
160
158
157
156
254
252
251
1,954
1,979
2,079
1,978
1,953
2,053
2,028
1,952
1,952
524
557
775
902
901
1,056
1,196
1,076
1989
26, 480
1,465
4,780
6,932
i Includes $647,000,000 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 $815,000,000 on July 31, 1935,
and $309,000,000 on Feb. 28, 1935.
Interest-bearing debt outstanding September 30, 1935
Total
Bondsi
Notes
Certificates
Total
28,432
Obligations maturing:
Before J a n . 1, 1936
1,624
Jan. 1-Mar. 31, 1936 _-.
601
Apr. 1-June 30, 1936
1,896
878
J u l y 1-Sept 30, 1936 .
358
Oct. 1-Dec. 31, 1936
1,749
1937
1,946
1938
1939 .
2,760
2,117
1940.
1941 _
834
898
1943
1, 401
1945
10,425
After 1945
946
Other obligations 3
14,300
11,929
251
>505
418
457
1,952
701
601
651
1,245
878
358
1,749
1,946
2,760
2,117
834
898
1,401
10, 425
237
Bills
251
1 Issues classified as of date of final m a t u r i t y ; most issues callable at
earlier dates; postal-savings bonds only issues callable before 1940.
2
Fourth Liberties called for redemption and not yet redeemed, including approximately $63,000,000 called for Apr. 15, 1934, Oct. 15, 1934,
and Apr. 15, 1935, and approximately $442,000,000 called for Oct. 15, 1935.
3 Includes United States savings bonds and such issues as postalsavings bonds, retirement-fund notes, and adjusted-service-certificate
series, in which special funds are invested.
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statement of United States Treasury .
In millions of dollars]
General and special funds
General 3
Period
MiscelIncome laneous All
internal
other *
taxes
revenue
Total
2,080
3.116
3,800
746
818
1,099
858
1,470
1,657
475
828
1,044
4,681
6,745
6,802
6S9
757
821
2, 715
1,984
2,327
672
954
998
163
216
278
362
454
526
147
284
194
909
1, 496
1,744
83
136
no
1934—September.
October
November
December _
449
260
247
385
173
19
21
164
176
151
119
131
100
90
107
89
516
669
599
641
1935—Januarv
February
March _
April..
203
214
601
228
246
464
279
299
421
19
28
326
29
23
254
23
24
231
114
109
189
116
137
138
165
219
143
70
77
86
83
86
72
91
56
47
462
496
546
611
542
740
673
508
563
Total
Fiscal year ending J u n e :
1933
.
1934 _ _
1935
3 m o n t h s ending:
September 1933
September 1934
September 1935
May
June . .
July
August
September
- ._
1
Trust
acIncreas e or decounts, crease duringetc.,«
per iod
Excess excess
of reof receipts ceipts
Expenditures 8
Receipts
Recovery and relief8
Interest on
(+)or (+)or
expenditures
Total
Relief
Public All
works other 4
1.277
4,004
3,655
1,844
2,342
645
1,020
531
558
728
295
828
881
195
496
413
66
361
166
34
6 28
301
-237
-542
-746
60
160
15
129
172
225
195
191
283
284
390
321
155
205
199
208
112
99
100
80
17
91
33
22
34
90
118
24
119
8
27
101
188
209
169
213
181
197
318
193
217
252
252
2*8
279
336
425
347
2S9
245
189
214
203
192
178
258
114
158
142
55
46
75
45
78
82
88
69
87
8
«9
10
43
81
85
146
139
16
AH
public other
debt
3
2
-2,602
1,515
3,630
292 -3,002
expendi- General
Gross
tures
fund
balance debt
+445
+3,052
+ 4 , 514
+ 1 , 648
+9
+16
-17
+283
-3S9
-43
+512
+137
+720
-60
-409
-353
-256
+13
+29
+28
+43
+56
-381
-214
+110
-2
+111
+1,180
-260
-281
+18
+55
+19
+21
+348
+99
-383
-296
-277
-394
-210
—143
+835 + 1 , 720
-741
+613
-8
+966
-244
-239
+365
-511
+22
-77
— 17
-115
-52
-314
+78
+324
-3
+50
+291
-149
-30
+63
+419
—87
+389
Includes processing taxes, customs .and miscellaneous receipts.
Excludes public-debt retirement,
i Prior to July 1933. recovery and relief expenditures included only net expenditures of the Reconstruction Finance Corporation; other items
subsequently classified as recovery and relief expenditures were included in general expenditures.
* Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and
expenditures of the Reconstruction Finance Corporation.
* Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against
increment on gold (other t h a n for retirement of national-bank notes), and. beginning June 1935, transactions in checking accounts of certain special
governmental agencies whose balances were transferred on M a y 31 to these accounts.
• Excess of credits.
662
FEDERAL RESERVE BULLETIN
OCTOBER
1935
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, AUGUST 31, 1935
[Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
Total
Total
Recon- Comstruction modity ExportFinance Credit import
Corpora- Corpora- banks
tion
tion
Public
Works
Administration
U.S.
Regional Produc- Shipping
Board
Agricul- tion
Mertural
Credit Credit chant
Fleet
Corpora- Corporations
Corporations
tion
Other i
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
Real estate and other business properties
Other assets
Total assets other than interagency
8,254
876
320
2,334
876
98
451
219
870
ISO
159
172
25
20
122
50
149
26
11, 502
3,701
31
1
3
2,364
4,290
2,112
216
,250
250
6,618
301
17
267
4,884
357
4, 527
3,401
2,098
257
11
260
69
121
173
411
3,401
2,098
257
11
260
69
121
173
411
6,946
353
- 2 , 773
5,852
257
- 2 , 708
500
106
1,492
3
3
251
11
3 410
45
13
12
120
1
50
124
3 4, 713
10
-4,312
1,455
873
2
253
250
«
11
(2)
65
99
2
17
2
20
98
4
3
212
3
65
23
20
7
43
4
6
105
13
187
431
10
11
257
260
121
70
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
All other
Other liabilities (including reserves)—
Total liabilities other than interagency
Excess of assets over liabilities, exclusive of interagency transactions
Privately owned interests
U. S. Government interests
Distribution of Government interests:
Capital stock
Surplus
Interagency interest (net)
(2)
1
(2)
1
-150
13
13
(2)
20
20
Financed partly from Government funds
Federal
Federal intermediate
Total *
land
banks credit
banks
Federal
Farm Banks
Mortfor
gage cooperCorpo- atives
ration
Home
loan
banks
Home
Owners'
Loan
Corporation
Federal
Savings Federal Federal
savings Deposit
and
and
InsurLoan
loan
ance
Insurasso- Corpoance
Corpo- ciations ration
ration
ASSETS
Loans—total
Cash—total
Investments:
United States securities
Obligations guaranteed by United States
Other investments
Accounts and other receivables Real estate and other business properties
Other assets
___
Total assets other than interagency
755
12
31
11
86
9
6
13
723
27
23
43
24
1
5,920
222
2,145
37
176
12
426
199
747
130
10
145
42
3
35
38
40
6
98
6
7,800
2, 371
268
170
6
175
29
6,317
1,916
58
1,974
1,311
1,483
357
398
148
93
207
1,126
250
93
1,094
97
-64
123
86
41
70
36
-13
12
m
320
101
53
4
1
1
1
(2)
102
2
42
3
42
338
114
2,913
(2)
5
« 2 758
26
60
(2)
7
(2)
5
2,844
(2)
7
133
2
109
26
69
102
42
331
181
207
131
82
69
102
42
150
200
126
4
1
82
200
-31
-100
100
2
42
150
1,518
133
2,727
129
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
All other
Other liabilities (including reserves)
Total liabilities other than Interagency
Excess of assets over liabilities, exclusive of interagency transaction
Privately owned interests
U. S Government interests
Distribution of Government Interests:
Capital stock
Surplus
_.
Interagency interest (net)
4,040
2,112
165
1,282
1 Includes interagency interests held by the Treasury Department.
1* Less than $500,000.
Nonstock (or Includes nonstock proprietary interests).
7
* Includes also War Finance Corporation not shown separately.
«Includes unissued bonds covering loans in process.
663
FEDERAL RESERVE BULLETIN
OCTOBER 1935
RECONSTRUCTION FINANCE CORPORATION
LOANS, PURCHASES, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds not yet
disbursed
Proceeds disbursed, less repayments
Aug. 31
1934
Apr. 30,
1935
LOANS AND PURCHASES
Loans under sec. 5 of the Reconstruction Finance
Corporation Act, as amended:
Banks and trust companies (including receiv522,471
ers, liquidating agents, and conservators) _.
591, 560
11,303
Building and loan associations
30,593
21,184
31, 383
Insurance companies
_
161, 312
149,128
Mortgage-loan companies—
_
389
335
Credit unions
_
70, 527
Federal land banks
_
116, 357
3,720
Joint stock land banks
7,636
861
800
Agricultural credit corporations
4,646
Regional agricultural credit corporations
1,255
Livestock credit corporations
1,613
386,617
Railroads (including receivers)—
343, 482
2,102
State funds for insurance of public moneys
76
Fishing industry
_
Processors or distributors for payment of
processing taxes
Total
1, 291,855 ., 167,476
Other loans:
For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by
134,509
earthquakes, etc.)
107,159
For financing exports of agricultural surpluses,
14,963
14,875
sec. 201 (c)
6,505
3,260
For financing agricultural products, sec. 201 (d)
49,156
108,646
To commodity credit corporation
20, 295
18.198
On preferred stock of banks
29,933
25, 785
On preferred stock of insurance companies
23, 507
9,182
To drainage, levee, and irrigation districts
22, 300
To Public School Authorities
274
To industrial and commercial businesses
14, 693
To mining, milling, and smelting businesses..
On assets of closed banks
_
235"
To Public Works Administration on security
106
transactions
15, 282
Total
309, 786 309,077
Purchases:
632,144
Preferred stock of banks..
_
536, 769
248,103
Capital notes and debentures of banks
248, 366
100
Preferred stock of insurance companies
100
10,000
Capital stock of the R. F. C. Mortgage Co.
Total
—
785, 235 890,346
Total loans and purchases
For relief:
2, 386, 877
M a y 31,
1935
June 30,
1935
July 31,
1935
503,000
10,385
20,060
146,426
341
480, 404
9,808
19, 231
145. 551
336
59, 979
3,095
874
455,928
10,307
18,052
139,972
332
58,330
2,806
874
441,825
9,494
17. 628
136,396
331
57,975
2,407
872
427, 657
8,954
17,163
132,346
330
76
1,315
414,344
2,146
79
1,225
413, 338
1,606
79
1,108
413, 350
1,513
79
, 165,674
,137,162
., 102,849
66,549
3,167
887
1,344
413,438
31, Sept. 30,
1935 v
1935
AUR.
July 31,
1935
Aug. 31
1935
114,992
187
65
102, 619
1
109, 998
141
40
104,298
1
2,381
550
550
1,024
412,903
1,407
92
363
346
"534"
"550
1
1
,082,977 1,061,465
219, 312
215, 924
109, 598
103,050
870
152, 779
166
56, 340
137,560
146, G96
148,760
155,174
169,493
14,926
7,227
55,530
20,151
29,933
25,815
14, 532
7,885
148,181
20, 283
29,933
27, 596
14,517
8,463
231,166
20,176
29,933
29,181
14,517
8,413
249, 556
20,031
30, 083
32,790
14,300
8,402
258,739
19,988
30, 083
34,176
964
172,168
320
70, 724
18, 773
17,759
8
331
21, 761
280
420
25, 932
345
10,869
29,519
664
8,317
32,325
775
7,888
' 34, 954
5,784
1,035
39, 848
5,813
1,052
15,753
16,167
324,994
433, 733
16,190
535, 532
112,849
661,913
J 05, 225
681,394
29, 298
424, 845
1,345
373, 695
634,490
247,718
100
10,000
639,977
245, 003
100
10, 000
895, 079
639,015
244,317
100
10,000
893,432
640,983
241,615
100
10, 000
892,698
641,991
24.2,362
100
10,000
894,453
21, 553
59, 768
17,936
60,197
2,000
2,000
83, 321
80,133
2,465,975 2,531,813 2,637,588 2,637,312
727, 477
669, 752
2,366,900 2, 382,974
ALLOCATIONS
Federal Emergency Relief Act of 1932
Federal Emergency Relief Act of 1933
Emergency Appropriations Act of 1935
Emergency Relief Appropriation 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, 524
499, 592
297,711
499,997
500,000
297,690
499, 998
500,000
297, 689
500, 000
500,000
297,638
499, 998
500,000
297, 621 * 297,099
499,998 I 499,999
500,000 ' 500,000
798,116 1, 297, 70S 1, 297, 688 1, 297, 689 1. 297,686 1,297,620 1, 297,0
15
2
500, 000
500, 017
500, 000
81, 446
81,646
81, 646
81,646
82,346
85, 246
43, 095
42, 395
200, 000
147, 600
55, 000
200, 000
147, 600
55,000
34,000
200,000
147,600
55, 000
34, 000
200,
147,
55.
34,
000
600
000
000
200,000
147,600
55,000
34,000
200, 000
147,600
55,000
34,000
200,000
147, 600
55,000
34,000
~97~4O6'
"97," 400
115,000
115,000
115,000
115,000
115,000
115,000
44, 500
44, 500
44, 500
44,500
44,500
44,500
40, 500
718.246
40, 500
718, 246
40, 500
718, 246
40, 500
718, 246
40, 500
718,946
40,500
721, 846
140, 495
139, 795
640, 512
639, 812
4,654,154 4, 656, 256 1, 367,990
1, 309, 564
10, 000
115,000
44, 500
40, 500
694, C
81, 646
Total allocations..
1, 492,162 2,015^953
2, 015,932 2,016,566 2,018,944
Total loans, purchases, and allocatkms__
3,879, 039 4, 382, 854
4,547,745
r Revised.
v Preliminary.
1 Includes $287,000,000 of loans for distribution to depositors of closed banks.
Back figures.—See BULLETINS for December 1933, pp. 738-739, and February 1934, pp. 103 and 132.
500, 017
664
FEDEKAL RESERVE BULLETIN
OCTOBER 1935
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
byi—
End of month
Federal intermediate
credit bank loans to
and discounts for—
Loans to cooperatives b y -
Regional
AgriEmerOther
Produc- Regional
cultural
agriculgency
financing tion credit tural
credit
corcredcrop
and
Land
instituassociaporations,
it
corpodrought
Bank
tions
Federal
tions 3
production
rations
loans
except
land banks Commis- credit assioner
sociations, cooperatives
and banks
for cooperatives »
1932—December..
1933—December..
1934—April
May
_.
June.
July
August
September..
October
November..
December...
1935—January
February...
March
April
May
June
July
August
1,128,564
1,232,707
1, 503,155
1, 568, 097
1, 650, 779
1, 710,977
1, 766, 361
1,810, 559
1,848, 727
1,8S6,335
1,915, 792
1,942. 916
1, 961, 275
1.974. 952
1.975. 737
1.998. 228
2,016,825
2, 023, 859
2,036,067
70, 738
258, 730
311, 375
378, 526
429.830
477,822
516, 276
551,873
587, 260
616.825
643, 291
664,886
686, 606
696,834
716, 243
733,489
742, 897
754,502
73,263
102, 781
120, 282
127, 470
128. 090
125, 270
118, 402
104. 909
100, 992
99. 675
99, 776
103. 360
115, 281
124, 315
129,954
130,559
128.851
125,137
Federal
intermediate
credit
banks
Banks for
cooperatives,
including
Central
Bank
Agricultural
Marketing Act
revolving
fund
82, 518
60,989
27
24,373
144,636
89, 301
89,811
15, 211
18, 697
158,885
157, 752
59, 569
61, 830
62, 092
63, 392
64, 203
63.002
58,882
56, 058
55, 672
53, 509
53,172
54, 442
55,832
56,897
57, 759
58, 864
58,761
14, 392
28,117
38, 518
49,826
58, 074
60,887
58.128
58,328
61, 024
64, 637
71,192
85.819
97, 400
105. 096
109,890
113,017
112,104
144, 671
143,127
138, 485
128,830
117,664
106, 724
96,914
90, 559
87.102
84. 726
82, 342
79, 988
78, 351
76, 508
72, 765
68, 670
64,582
84,138
90,147
90, 517
94, 411
100, 209
105.446
104.470
104,994
110,186
116,846
125.124
134. 597
162. 000
193,969
197,188
197, 821
195,943
9,997
8,528
8,123
10, 106
9,969
9,987
24, 207
32, 330
33,969
34, 445
34.132
31, 873
30, 050
26,420
10,028
6, 023
5,539
17,144
19, 243
20, 539
21, 493
23,019
23, 057
24, 561
24, 710
27,851
28,498
29. 445
28,025
30,119
31, 741
23,937
25. 037
31,455
67, 257
54, 642
54,877
55, 437
55, 250
54, 870
57, 310
56, 764
54,863
53, 721
49, 687
49,880
49, 761
47, 456
49, 422
49. 196
46,497
i Does not include loans by joint-stock land banks, which are now in liquidation.
1
Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the
production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the
t columns
under those headings.
1
Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks.
BY
FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED
1
LOANS OUTSTANDING, BY INSTITUTIONS
[Loans in thousands of dollars]
THE UNITED STATES
AMOUNTS OUTSTANDING, BY AGENCIES
[In millions of dollars]
Home mortgage loans b y -
End of month
1932—December. __
1933—December
1934—March
April....
May
June
July_
August
September.. _
October
November...
December
1935—January
February
March
April
May
June
July
August
Federal
Federal savings and loan
home
associations *
loan
bank
Home
Number
of
loans
to
Loans reported
Owners'
member
Loan Cor- associations
instituporation i
New Convert- tions *
ReTotal port- associ- ed assoations ciations
ing
105,920
435,778
607,269
815.562
1,039,003
1,274,470
1,476,913
1,656,213
1,857,424
2,027,969
2,196,988
2,363,824
2,468,744
2,539,408
2,578,883
2,620,119
2,660,677
2, 702, 247
2,747,022
59
190
250
286
369
441
480
534
577
601
639
688
727
752
778
808
851
894
922
332
332
438
455
545
565
572
613
623
655
691
P691
5,437
6,934
8,843
10,758
13,706
15,967
18,699
20,800
24,081
27,070
32,850
P36,883
26,684
26,944
55.606
58, 976
79,014
92,013
93,910
112,847
123, 741
138,129
146,161
P153, 276
838
88.442
93,125
88,922
86,842
86, 248
85,723
85.519
86, 647
87,446
87, 714
87,258
82, 585
77,170
72,637
74,011
75,836
79, 233
80, 877
86,025
» Preliminary.
i Loans closed.
• No monthly reports prior to September 1934; they now exclude largely
new associations recently chartered and inactive associations.
> Includes loans to Federal savings and loan associations, all of which
are members, and a negligible amount to others than member institutions.
End of month
Total
Federal
Home
ReconFarm
Owners' struction
Finance
Mortgage
Loan
Corpora- Corpora- Corporation*
tion
tion 2
1933—December..
180
180
1934—January
February...
March
April
May
June
July
August
SeptemberOctober
NovemberDecember..
310
183
295
325
423
681
1,064
1,614
1,875
2,596
2,823
3,063
68
98
168
312
551
672
733
805
878
980
28
134
284
702
896
1,543
1,695
1,834
310
183
227
227
227
235
230
241
246
248
249
249
1935—January
February...
March
April
May
June
July
August
3,300
3,480
3,590
3,660
3,728
4,123
4,204
4,247
1,041
1,089
1,124
1,154
1,188
1,226
1,274
1,282
2,009
2,140
2,215
2,256
2,290
2,647
2,681
2,715
250
251
251
250
250
250
249
250
i Principal amount of obligations guaranteed as to interest and principal.
* Excludes obligations guaranteed as to interest only.
• Excludes obligations held by U. S. Treasury and reflected in th«
public debt; includes in 1933 and in January 1934 notes given in purchase of gold which were retired in February 1934.
665
FEDERAL RESERVE BULLETIN
OCTOBER 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 * *
FacFactory employment »
Year
and
month
Total
Manufactures
Minerals
Residential
Total
All other
tory
pay
rolls»
Freight-car
loadings4 *
Cornmod*
ity
prices»
U n a d - Ad- Unad- Ad- U n a d - AdU n a d - AdUnad- Ad- U n a d - Ad- Unad- Ad- U n a d - Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed lusted justed justed usted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
107
108
82
91
104
97
99
101
99
99
105
92
77
64
69
79
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
52
139
154
98
97
101
98
104
100
95
97
95
86
73
65
66
76
1932
June...
July....
Aug
Sept....
Oct
Nov..._
Dec...
59
56
59
67
68
65
60
59
68
60
66
67
65
66
58
55
58
66
67
63
58
58
57
59
65
66
63
64
62
63
66
74
80
78
73
64
65
65
71
74
75
77
32
31
32
30
28
24
22
27
27
30
30
29
27
28
12
12
11
12
12
10
8
11
11
12
12
12
10
9
47
46
48
45
41
35
33
39
40
45
44
43
41
43
61
59
60
63
64
63
62
62
60
60
62
63
63
62
43
40
41
43
45
43
42
53
61
65
68
52
52
51
51
54
57
57
58
64
65
66
65
64
64
63
1933
Jan
Feb....
Mar....
Apr
May...
June...
July-.. _
Aug
Sept....
Oct
Nov....
Dec._-
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
S9
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
66
73
33
27
18
17
20
23
28
33
45
67
76
93
60
61
5ft
60
63
67
72
76
80
80
76
74
61
62
69
60
63
67
73
76
78
78
76
75
40
40
37
39
43
47
51
57
59
59
56
55
51
51
48
51
66
61
66
65
68
66
60
56
56
54
50
53
55
62
65
61
60
58
59
63
61
60
80
60
63
65
69
70
71
71
71
71
77
83
87
88
89
84
73
73
73
75
74
78
78
81
84
86
86
84
76
73
71
74
75
86
75
82
86
89
89
84
86
89
91
81
86
'86
12
12
11
12
11
12
54
61
65
67
67
65
61
62
58
61
60
63
63
61
10
11
12
11
12
75
78
81
82
83
82
80
79
74
77
77
79
72
74
74
73
74
76
12
73
78
81
82
83
81
79
80
76
78
77
78
64
64
66
62
63
64
10
11
12
11
10
80
70
51
48
38
38
39
40
44
46
48
47
63
60
63
64
12
64
60
50
54
47
46
44
43
45
43
41
36
68
28
30
29
28
25
49
44
33
32
26
26
27
27
29
31
31
31
10
10
12
14
13
13
83
87
87
84
85
88
92
100
90
88
87
'84
80
82
81
81
90
40
38
33
36
32
31
71
70
73
73
76
76
80
82
85
86
83
74
72
69
72
74
85
63
67
64
60
56
59
59
57
59
64
76
78
77
77
77
88
91
91
89
87
86
83
P86
91
89
88
86
85
86
86
87
91
91
91
87
84
83
»86
90
88
86
86
84
84
86
»87
91
92
90
79
88
97
84
85
94
96
97
87
89
98
84
81
22
24
26
30
32
35
39
40
27
28
26
27
27
30
35
38
10
13
16
22
25
26
25
24
12
14
16
18
21
24
25
24
32
33
34
38
39
43
50
54
39
39
35
33
32
36
43
50
79
81
82
82
81
80
80
82
81
82
82
82
8.1
80
80
82
64
69
71
71
69
66
65
70
58
61
62
59
61
63
60
64
64
65
65
61
61
63
58
60
79
80
79
80
80
80
79
81
1934
Jan
Feb....
Mar
Apr._._
May
June...
July....
Aug
Sept....
Oct.—
Nov
Dec...
1935
Jan
Feb....
Mar
Apr....
May...
June...
July....
Aug
J>86
71
84
30
51
6i
r
» Preliminary.
Revised.
*Average per working day.
1 For indexes of groups and separate industries see pp. 697-698; for description see BULLETIN for February and March 1927.
2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358.
• 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 Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries
see pp. 699-700.
* For indexes of groups see p. 666.
«Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 696.
Back figures.—See Annual Report for 1934 (tables 95 and 100).
666
FEDERAL RESERVE BULLETIN
OCTOBER 1935
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports >
Merchandise exports
Excess of exports
Month
1931
January
February
March
..
1932
1933
1934
1935
1931
1932
1933
1934
1935
1931
1932
1933
1934
1935
9
250
224
236
150
154
155
121
102
108
172
163
191
176
163
185
183
175
210
136
131
131
96
84
95
136
133
158
167
152
177
66
49
26
15
23
24
25
18
13
37
30
33
11
g
215
204
187
135
132
114
105
114
120
179
160
171
164
165
170
186
180
173
127
112
110
88
107
122
147
155
136
171
171
157
29
24
14
9
20
4
17
—2
33
6
34
—6
—5
13
July
August
September
1S1
165
180
107
109
132
144
131
160
162
172
191
173
174
167
170
79
91
98
143
155
147
127
120
132
178
6
-2
10
27
17
34
1
-23
13
34
52
60
—4
October
November
December
205
194
184
153
139
132
193
184
193
206
195
171
169
149
154
105
104
97
151
129
134
130
151
132
36
44
30
48
34
35
42
56
59
77
44
38
Year
2,424
1,611
1,675
2,133
2,091
1,323
1,655
334
288
225
478
April
May
1,450
7
9 Preliminary.
i Including both domestic and foreign merchandise.
« General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—See BULLETIN for January 1931, p. 18, and for March 1931, p. 136.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers based on value figures; 1923-25 average=100]
[Index numbers; 1923-25 average=100]
Index of stocks (end of
month)
Index of sales i
Without
Adjusted
Without
Adjusted
for seasonal seasonal ad- for seasonal seasonal advariation
justment
justment
variation
Month
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
57
61
65
74
77
74
73
76
80
73
77
70
79
76
76
65
66
65
64
64
63
68
68
63
66
66
61
July
August
SeDtember
73
77
75
80
79
*82
51
60
79
66
62
*86
64
64
64
61
62
59
61
67
'56
60
October
November
December___
73
74
78
January
February.
M arch April
May
June
.
Year
82
83
135
75
64
65
64
1935
Aug.
Apr. May June July Aug.
Adjusted for seasonal variation
1935
71
74
60
65
r
v Preliminary.
Revised.
i Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and Sundays and for 6 holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving 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, and Annual
Report for 1934 (table 95).
1934
Total__
.-„
Coal.
Coke
Grain and grain products
Livestock
Forest products
Ore
Miscellaneous
Merchandise i
61
63
49
74
41
33
49
67
63
59
58
39
70
107
29
43
59
65
61
67
50
68
41
33
47
64
63
63
83
54
64
35
35
46
64
64
58
54
46
58
36
39
48
63
64
60
58
48
75
44
40
51
62
64
Without seasonal adjustment
Total
Coal
Coke
Grain and grain products
Livestock
__
Forest products
Ore
Miscellaneous
Merchandise *
___
63
57
35
84
95
31
73
64
65
59
53
46
57
38
35
25
69
65
61
60
50
55
38
35
71
67
65
63
72
49
56
30
37
83
67
64
60
48
40
69
30
38
87
67
63
64
56
43
90
39
42
87
68
64
* 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.
667
FEDERAL RESERVE BULLETIN
OCTOBER 1935
INTERNATIONAL FINANCIAL STATISTICS
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars. $1 = 15% grains of gold 9Ao fine; i. e., an ounce of fine gold=$35]
Europe
Total
(50 countries)
End of month
1934—July
August
SeptemberOctober...
November.
December-
United
States
Canada
Total (27
countries)
Austria
7,931
7,978
7,978
8,002
8,132
8,238
133
131
131
132
133
134
11, 592
11, 747
11, 787
H» 813
11, 730
11, 751
45
45
45
45
45
1935—January...
21,879
22.022
February.
22,099
March
p 21,861
April
May
* 21,456
June _
* 21,661
v 21,659
July
August
p21,741
September-
8,391
8,527
8,567
8, 710
8,858
9, 116
9, 144
9, 203
*9,368
132
135
1 190
187
189
188
188
193
11, 697
11, 679
11, 633
11, 97Q
10, "14
v 10. fi70
v 10,636
v 10, 664
45
45
45
45
45
45
45
45
France
60
60
60
60
60
60
1,579
1,580
1,581
1,582
1,583
1,584
5,321
5,439
5,455
5,468
5,443
5,445
30
30
30
33
32
32
60
60
60
60
60
60
60
54
1,586
1,586
1,586
1,587
,587
1,588
,588
1.593
1,595
5,438
5,439
5,479
5,366
4,759
4, 708
4,726
4,756
p 4,770
32
32
33
33
33
35
38
38
.38
Bulgaria
618
623
626
609
589
590
19
19
19
19
19
19
111
111
111
112
112
112
599
596
532
518
605
634
624
612
604
19
19
19
19
19
19
19
19
112
112
112
112
112
113
113
113
45
21,302
21,487
21,528
21, 584
21,646
21, 771
Czechoslovakia Denmark England
Belgium
•
Germany
Europe—Continued
End of month
Greece Ilungary
Nether- Norway Poland
lands
rtaly
Portu- Rumania
gal
U.S S.
Spain Sweden Switzerland
R. 3
other
Yugo- 6counslavia
tries
1934—July
August
September.
October
November
December.
34
36
36
37
40
40
23
23
23
23
23
23
567
565
554
541
520
518
588
588
588
601
582
573
61
61
61
61
61
61
93
94
94
94
95
96
67
67
67
67
67
68
102
103
103
103
103
104
740
740
740
740
740
740
168
169
170
163
160
159
537
567
591
621
624
624
716
716
716
716
716
744
53
53
54
54
54
53
58
58
61
61
61
60
1935—January...
February..
March
April
May
June
Julv
August
September-
39
39
38
37
23
23
23
23
23
23
23
23
519
519
519
519
5J9
198
tfl8
119
379
555
552
553
439
440
427
380
402
*365
61
61
61
61
66
75
75
84
96
96
96
97
97
97
97
97
68
68
68
68
68
68
68
68
104
105
106
106
106
107
107
108
740
740
741
741
741
741
741
741
159
159
160
160
161
161
162
162
600
586
560
446
390
391
421
446
"448
744
744
748
748
748
748
748
748
37
38
36
38
40
40
40
40
59
58
59
56
57
57
37
36
36
35
V
1934—July..Aug--Sept...
Oct
Nov
Dec
1935—Jan
Feb....
Mar__Apr
May__.
June.-.
July...
Aug_—
V
V
V
V
v
597
603
602
597
599
595
592
593
596
597
*)(*9
594
^93
593
57
V
Asia anc1I Oceania
Latin America
End of month Total
(10
countries)
p
V
V
Africa
2
Total |
2
Total
ArNew
CoSouth other
other
(4
Uru- other
(7
gen- Chile lom- MexEgypt Africa
Peru guay
India Japan Java Zea- Turcouncouncounico
councounkey
tina
bia
land
tries tries)
tries
tries tries)
4
405
403
403
403
403
403
403
403
403
403
"403
*403
p 403
P403
24
28
28
29
29
29
26
26
24
22
21
19
29
29
29
29
29
29
29
*>29
15
14
14
14
14
14
14
14
27
29
28
25
26
23
21
23
26
»26
v 26
»26
v 21
*>26
19
19
19
19
19
19
19
19
19
20
20
20
20
82
82
82
82
82
82
82
81
82
82
82
76
74
*74
V
p
15
16
17
18
19
20
21
22
23
23
25
26
27
27 |
806
807
803
795
796
798
800
804
805
801
800
gc2
797
798
275
275
275
275
275
275
275
275
275
'275
275
275
275
275
386
387
388
390
392
394
395
397
398
400
403
407
410
413
77
77
77
77
77
77
78
80
80
76
71
68
61
58
42
41
36
26
25
25
25
25
25
23
23
23
23
23
21
21
22
22
22
22
6
6
6
5
5
6
22
22
22
22
23
23
23
23
5
5
5
5
5
6
5
5
55
55
55
55
55
55
55
55
55
55
244
220
226
245
255
255
267
285
308
286
295
»291
301
P290
V
55
55
55
172
149
155
173
184
184
196
214
236
214
223
220
230
219
17
17
17
17
17
17
17
17
17
17
17
P 17
p 17
»17
»1 Preliminary.
Beginning March 1935, includes, in addition to gold still held by Canadian Minister of Finance, gold reserves of Bank of Canada acquired as
follows (round figures, in Canadian dollars); from Canadian Minister of Finance, $69,000,000; from chartered banks $38,000,000, of which $5,000,000
was Jheld in central gold reserves.
Figure^ for March 1934, June 1934, December 1934, or March 1935 carried forward for subsequent months, for which no figures have been reported.
1
Beginning April 1935, represents gold held by Reserve Bank of India, which acquired the gold previously held in gold standard reserve and
currency notes reserve accounts.
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in
Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam: and in Africa: Algeria and Belgian Congo.
For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372; and December 1934, p. 801.
668
FEDERAL RESERVE BULLETIN
OCTOBER 1935
GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Estimated
world
production
Year or month
Africa
Total
South
Africa
Rhodesia
North and South America
Far East
ColomWest Belgian
United
Chile
Africa Congo Canada States Mexico bia
Austra- Japan
lia
India
$l—25$io grains of gold %ofine; i. e.t an ounce of fine gold=$8O.67
404, 969
430, 725
461, 592
499, 241
522,555
1929-.
1930-.
1931..
1932.
1933-
359, 347
373,154
394, 399
421,656
420,093
215,242
221,526
224, 863
238,931
227,673
11, 607
11,476
11,193
12,000
13,335
4,297
4,995
5,524
5,992
6,623
2,390
2,699
3.224
3,642
3,631
39,862
43,454
55, 687
62, 933
60,968
45.835
47.123
49, 524
50, 626
52,842
13, 463
13,813
12, 866
12,070
13,169
8,712
9,553
12,134
14, 563
16,790
6,927
8,021
8,109
8, J98
8,968
7,508
6,785
6,815
6,782
6,919
30, 447
2,722
2,579
2,619
2,625
2, 453
2, 650
2,722
16, 354
11, 223
1,310
I, 351
1,413
1,495
1,438
1,377
1,435
930
938
938
932
944
929
995
2,374
1,439
1,468
1,005
2,637
1,015
'895
945
2. 533
'651
857
2, 623
1,113
1,001
2,635
1,113
P 9 4 5 P 1,113 P 2,635
, 463
1,386
L. 619
L, 568
,717
1.844
1.610
,750
946
903
955
938
954
937
958
P958
683
428
442
788
2,823
3,281
4,016
5,132
6,165
3,009
$l=165Ai grains ofgoid 9Aofine; i. e., an ounce of fine gold=$$6
1934..
942,106
722,970
366, 795
77, 617
79. 082
79, 924
78, 787
82, 021
79, 060
80, 470
59,343
60,808
61,651
60,514
63, 747
60, 786
62,196
30,138
30, 773
31,015
29, 951
30, 994
30, 633
30, 356
r 82, 026
' 77, 499
' 82, 419
r 82, 014
._ 84, 918
» 84,977
p 89,826
*>88,695
60, 252
55, 725
60, 645
r 60, 240
63, 145
v 63,204
F68,053
' 66,921
June
July
August
September
October
November
December
1935—January
February
March
April
May
June
July.
August
24, 264
2,048
2,015
2,085
2, 061
2, 054
1,932
2,031
12,153
6,549
946
547
521
542
544
582
590
534
1,072
1.022
1', 072
1,117
1,080
1,135
2,024
31,202
1,075
28, 717
1,920
1,097
31,015
2,009
1,078
30, 301
2, 052
1,106
32.072
2.177
1.162
31,089
2,101
1,095
32.458 »2.135 v 1, 3fi5
v 32,515 P 2 , 1 3 5 P I , 400
104, 023 107, 632
8,724
8,410
9,214
8,615
8. 829
9, 295
8, 567 10, 404
9,300 10, 824
8, 759
8,771
9,168 10,124
23,135
1,941
1,861
2,078
1,396
2,166
2,006
2,093
8.353
2,410
8,610
2,280
7,700
8,027
l,83fl
9,415
8,732
1, 750
8,785
8,599
1.P48
9.835
9,423
9,800 v 1,155
10, 002
9.988 '32,005 P 2 , 170
f 615 P 10,010 11,095 p 1,750
599
557
587
594
627
588
615
8, 350
12.045
1,003
1,037
1J48
623
832
666
525
731
940
1,143
831
922
1,227
681
366
708
830
991
925
9r Preliminary.
Revised. Estimated world production revised on basis of new estimate for production in U . S. S. R. during 1935, of $15,500,000 per month
(see BULLETIN for M a r c h 1935, p . 170).
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, p p . 233-35, February 1934, p . 108,
November 1934, p . 737. a n d March 1935, p . 170. For annual figures of world production back to 1873 see Annual Report of Director of the M int lor
1934, p . 104. Figures for Canada beginning January, 1935, are subject to official revision.
GOLD MOVEMENTS
[In thousands of dollars]
United States
Year or month
Total
net
imports
or net
exports
1932
1933
-446,2131]
-173,455||
1934»
1,131,994
Net imports from or net exports (—) to—
England
France
Switzer- Canada
Belgium Netherlands
land
Mexico
Colombia
British
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
6,3751 -216,035|
- 8 9 5 | 7,90l| -11,6311 19,896|
4,280|
98| 25,629|
Customs valuations; with some exceptions at rate of $S5 a fine ounce
499,870 260, 223
8,902
94, 348
12, 402
86,829
30, 270
16,944
76,820
China
and
Hong
Kong
All
other
countries
39,0431 85, 737
12,8211 -21,898
16, 452
28,935
...
June
July
August
September.
October
November.
December.
1935—January. _.
February..
March
April
May
June
July.
August
September.
63, 705
52, 346
37, 225
- 1 8 , 670
10,837
120,889
92,109
149, 392
122, 772
13,003
148,608
140,061
230, 373
16,229
45,9831
156, 719
10, 750
31, 288
2,212
22,978
22,872 - 5 , 238
-950 -17,748
26
-1,118
70,351
3,687
22, 430
19, 649
14, 592
85, 577
45, 766
63, 424
56
-187
32, 510
1,481
1,689 124,052
938 194, 298
31
5
40
37,114
40,423
1
-1,943
-2,094
12,814
—4, 865
-17
212
-500
9,906
17,790
12,812
1,466
94,890
3,885
22,061 -975
28, 277
• 37,811
-254
339
-
6,989
8,982
8,200
539
3,775
9,609
8,077
12, 091
6,346
4,449
10,968
3,053
8,734
5.770
5,398
15, 069
2,837
2,664
515
399
3,265
880
6,076
4,991
729
833
923
948
679
722
753
37
8
2,484
-8
3,112
1
2,111
2,101
2,112
1,407
2
1,752
699
1
1,750
12,191
8,948
5,489
11,300
12, 574
10, 616
522
2,139
2,924
167
28
6,671
19,821
2,286
3,254
672
513
50
700
529
1,528
359
334
313
507
448
438
1,127
640
.. —a
2,190
3,316
3,960
1,180
1,729
1,896
2,874
5,083
2,711
3,972
4,596
3,962
3,215
6,515
3,711
5,141
iDiffers from official customhouse figures in which imports and exports for January 1934 are valued at approximate rate of $20.67 a fine ounce.
669
FEDERAL RESERVE BULLETIN
OCTOBER 1935
GOLD MOVEMENTS—Continued
Great Britain
Net imports from or net exports (—) to:
Year or month
Total
net imports
or net
exports
()
United
States
France
Belgium
Germany
South
Africa,
Nether- Switzer- South
British Straits
Austra- RhoSettleAmerCanada
lands l a n d '
India ments
desia,
lia
ica
West
Africa
All
other
countries
Official figures converted at rate of $20.67 an ounce
1932
1933
_
333! -13, 4341-71,378!-14,0191
84,585! I -50,6421--297,050]
7, 9391 97,016| 41, 036| -808| -7,0651 -4,2991
677,405| |
5,7461
J 220,3941 10,781J 20,3fi41 255,3101 18. 279
9,610] 43,374| 118,817| 8,682| 60,8121 256,177| 46,110
Official figures converted at rate of $35 an ounce
716,269 -497,166
1934
June
July
August.
September...
October
November...
December...
53, 056
30, 991
26,005
23, 488
49,999
49, 585
27, 215
1935—January
February
March
April
May
June
July.
August
September p.
- 4 , 279
-36, 566
66, 557
36, 529
146. 289
118,067
16, 289
39,016
-22,633
-35. 375
-29, 369
-15.420
6,251
950
-17,284
-22,489
348,1901 121,017 -13,585
6.622~ 17,495
218
-121
4, 099 -2,161
45 - 6 , 034
-6,797
2, 890 - 2 , 157
- 8 , 188
105 -1,291
-339
152 - 5 , 198
27, 026
-1,087
1,769
32,575 - 9 , 1 2 3
-659
-46
-5
-203
482
-550
310
17,568
-71
-102
- 4 , 563
-1,849
-1,118
-60
8,780
36
-79, 628
-53
4,270
-349
28
-74,127 -17, 739
-951
-305
2,145
53 - 1 , 992
66
26, 612
-67
51
-20, 533 -33. 348
266 - 1 . 0 1 3 33, 237
-202
- 3 , 247
209 - 1 . 9 6 2
-54
69. 128
5,780
-18.547
86. 926 -943 -11,601
-593 - 3 , 646
-1,141 - 5 , 719 -4,416
118 -11,888 - 3 , 758
-12,871 -5,697
-26
-34
1,642
-62,166 -6,014
23|
-1,684! - 3 ,
26.316
206,711
4,863
4 1 , 790
17, 330
12,213
25,146
962
4,992
18, 791
17,882
441
70
66
151
245
190
128
3,172
3,234
4,673
3, 507
3,438
2,686
4,126
30. 505
32,312
22, 371
11.315
24, 420
18,495
23.469
24, 046
19, 09r
15,45'
16,249
2,962
7.159
5,663
26,102
22, 015
12
88
296
4,066
3,067
2,685
1,920
2.838
1,969
5,375
4,148
3,626
37,231 - 3 , 071
18, 669 11,410
12, 661 6,570
17, 658 21,025
55. 847 11, 197
42. 473 10. 579
33. 532 - 4 . 973
35, 512 -10,684
29, 505 -4,740
144
1,794
1.749
2,052
655
670
241
381
2, 057
1,195
152
410
292
261
287
233
7,266
4,669
1,697
2,970
424
2.696
3.570
2,831
449
Total
net
imports
or net
exports
Net imports from or net exports (—) to:
United
States
England
Germany
13, 233
9,070
4,774
1,491
12, 790
2,970
2,906
Germany
France
Year or month
693
484
429
405
420
65
335, 253 101,860
Belgium
Netherlands
Switzerland
All
other
countries
Total
net
imports
or net
exports
Net imports from or net exports (—) to:
England
France
Netherlands
U. S.
S. R.
All
other
countries
Official figures converted at rate of $20.67 an ounce
828,178||
243,944||
1932
1933
468,0521 309. 9841 37,8891 - 3 5 , 0101 37, 5471-17.6681-27, 3821 -27,28211
-2501-38.1701 -24,4551 46,6561- •11,063
-260
223,8941 -87,207] 73,00l| -28,9791 44,6911 10,49l|
8,0531-102,8561| -37,044|-64,9221 -40,9501 40,317|
Official figures converted at rate of $35 an ounce
1934
_
-406,949 -240.361
-351, 729 31. 036 -17, 669 74,995
June
July
August
September
October
November.
December.
1935—January. __.
February..
March
April 3
May 3
June 3
July»
August 3__.
- 9 . 779 -11,411 18,191
- 3 . 003
926
1
- 7 . 290
264
145
5. 9S7
9, 606
-3
26. 296
3.706
2
-64. 337 -17,936
86
— 19.918 — 8 , 738
23. 657 73,123 -90. 9201 -109,386 -42,907
-1,400 -1,696 19.168 - 6 , 636 -20,312
-320
-104 -1.03S
4, 469
643
-122
5,327
1,163
-39 -9. 226
-44
-464
- 2 . 633
—3,114
898
10 -15.492
3
139 -6.972
1, 786 2 IS. 251
4,220 2 65. 517
-786
—232
-96
-15. 376 -2.931
-994
115
-50,314
8,670
1 - 2 . 497
249
-201
648 14. 676
3 -3. 851
-28, 566 32. 730 -474 -26 395 3,907
-77. 803 -47.681 -594 -109.195 -885
-223.070 -110.834 -190 -56,265 —1,101
1
414 -13.150
-45 -650
14
4, 905 -1,990 -1,148 31, 272
1.231 2 25,849
11,975
-565
7.989
-147
111.292
5.015
44. 621 1.263
-3,431
1.3U
1, 295
-70
-3,418 2 26,646
61
7,873
2. 954
1,206
287
295
112
735
6.666
2.876
9, 525
4,769
4,097
7 -12,286
- 4 , 090
1
- 2 , 604
2
-269
6
-59
4
-167
7
-85
-1
67
-49
-19
-50
-206
1. 057
4,483
30
4
5
6
745
418
275
4
-1
* Preliminary.
i 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.
. .
1
$19,218,000 imported by France from Italy in November 1934; $65,437,000 in December 1934; $25,755,000 in January 1935; $27,417,000 in August
1935.
3 Figures for France preliminary.
NOTE.—Great Britain and Germany.—In some cases the annual aggregates of the official monthly figures differ>omewhat from the revised official
totals published for the year as a whole. German gold movements by individual countries, beginning with June 1935, are subieof to amcial revision.
670
FEDERAL RESERVE BULLETIN
OCTOBER 1935
GOLD MOVEMENTS—Continued
Netherlands
Year or month
Total net
imports
or net
exports
Net imports from or net exports (—) to:
United
States
England
France
Germany
Belgium
Switzerland
Poland
All other
countries
British
India
Officialfiguresconverted at rate of $20.67 an ounce
1932
1933
_
1934
«
116,149 I
-67,510 |
106,623 I
-3,839 I
50,070 I - 3 4 , 0 0 9 I
-1,624 | -72,183 |
,
40,818 |
-12,727 |
-17,873 |
-13,630 I
-6,030 |
-16,137 I
-16,974 |
16,423 |
9,632 1
-7,346
567
2,171
Official figures converted at rate of $85 an ounce
-122,664
June
July
August
September.
October...
November.
December.
-46,040
-31,038
-225
8,880
-194
498
277
75
-23
-327
-637
645
-312
1,701
-3,221
-352
-1,299
-20,890
— 1,562
1,375
15,702
-152
-17,770
-9,270
1935—January—,
February..
March
April
May
June
July
August
-15,605
-2,495
37
-97,632
-2,810
-19,259
—29,215
-78,610 |
25,716
-1,253 |
-4,784
1,891 [
-166
-53
174
—2
-178
-587
-95
-29i
-12
-112
- 2 , 546
-1,016
-4
-106
-25
451
7
166
830
62
7,704
71
-42
34
-1,864
-6
78
9,285 |
110
64
617
-20,966
277
667
—21,909
- 9 , 436
-66
77
-93
-210
162
-862
—462
-86
-161
-159
1,066
20,081
-289
3,379
9,563
2,900
-30
-103
-278
44
-65
-65
-34
-41
-1,084
-107
51
-253
Switzerland
Year or month
Total
net
imports
or net
exports
England
France
476
'Hi
2,356
133
322
1
130
126
154
165
171
171
181
26
156
-103
118
180
British India
Net imports from or net exports (—) to:
United
27
-197
-136
-862
71
113
—8
-23
168
393
70
56
Belgium
Italy
All
Neth- other
ercounlands tries
Total
net
imports
or net
exports
Net imports from or net
exports (—) to:
United
States
England
All
other
countries
Change in—
Gold
produc- Re- Private
tion serves holdin
in 1 ings in
India India
India«
Official figures converted at rate of $t0.67 an ounce
1932..
169,78611124,354} 15,3421
7,4181
-41,12l|| 10,9831—24,5361 — 26, 7811
-581 -2,954 I 14,996! 10,6881-195,66211-38,0941-151,0591 -6,5081 6,7821
735|-15,330| 13,168|
635|—126,048||—30,340| -85,463|-10,244| 6,916}
1934.
-46,065 -12,784-45,955 -29,235!
18,397 19,431
1271-189,008
—5|—119,124
Official figures converted at rate of $55 an ounce
June
July_—
August
September
October. „
November.
December.
-8,372
-390
26,569
21,532
12,853
12,397
-1,950
1935—January. __
February..
March
April
May
June
July....
August
-4,125
-15,025
-17,830
-139, 633
- 6 3 , 229
- 5 , 640
1,417
9,328
2,580
1,500 - 2 3 0 , 7 2 0 *-71, 359, '-155, 675 '—3,686 11,222
-817
-186
-41
2,566
1,105
-305
-275
114
-19,105
214 - 2 2 , 1 3 0
7,056 - 3 , 565
- 1 0 5 - 2 , 534
7 - 1 4 , 431
-102 -20,700
- 1 5 -23,255
-17
-216
- 5 1 -2,108
5 -6,839
324 —31, 619
-17,878
"~49
549
3
1,610
64
-38
-218
198
428
-90
207
-202
1,041 - 4 , 475
-760
-409
153 - 3 5 2
262 - 3 , 4 5 5 !
filflij 3,430
-5,648
-1,171
4,007
2,367
-195
-771
291
-417
4,080
-16,334
-17,746
-18,439
- 3 , 675
- 6 . 604
-3,824
-22,383
•25,196
173 -219,671
213
'220
208
109
120
146
162
930
938
938
932
944
929
995
-18,163
-21,196
-2,628
- 1 , 602
—13,491
-19, 771
-22,257
- 1 , 667 -14,874
207
-2,406 -14,133 -1,207
-18, 225 -214
155
-3,831
653
-6,558
254
-4,078
-818
10 —21,575
9461
903
955
938
954
937
958
- 2 -15,386
1 -16,844
- 5 -17,479
- 2 , 737
- 5 , 650
-2,887
-21,425
'—24, 238
-7,933
r-14,134
-2,196
- 2 , 643
- 1 , 650 -12,901
- 2 , 229 -18, 617
-3,201 -20, 216
* Preliminary.
r Revised.
1 Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred.
* Figures derived from preceding columns; net imports plus production minus increase in reserves in India.
NOTE.—Netherlands and Switzerland.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revise4
official totals published for the year as a whole.
671
FEDEEAL EESEEVE BULLETIN
OCTOBEE 1935
CENTRAL BANKS
Assets of banking department
Bank of England
(Figures in millions of pounds sterling)
(in issue
depart-
Cash reserves
Coin
1934—July 25
Aug. 29
Sept. 26
Oct. 31
Nov. 28
Dec. 26
_
1935—Jan. 30
Feb. 27
Mar 27
Apr. 24
May 29
June 26
July 31
Aug. 28
Sept. 25
191.6
191.8
191.9
192.0
192.1
192.3
.6
.6
192.4
192. 5
192 5
192.6
192.6
192.7
192.8
193.4
193.6
.b
.6
.6
Discounts
advances
Notes
67.6
72.5
74.9
73.6
72.4
47.1
.6
.6
.6
.5
5.8
5.3
10.2
10.8
12.9
12.4
Deposits
Bankers'
383.9
379.3
377.0
378.4
379.7
405.2
104.8
83.7
82.0
100.4
89.1
89.1
10.9
34.0
37.9
16.9
27.7
92.7
92.0
99 0
97.4
96.7
108.6
100.7
93.5
95.4
374.9
377.4
381 4
393.2
390.4
396.9
408.3
399.6
398. 2
99.0
95.5
96.6
98.1
88.0
102.4
75.7
96.9
87.2
Loans o n -
Bank of France
Gold
1934—Julv 27
Aug 31
Sept 28
Oct 26
Nov 30
Dec 28
80, 252
82, 037
82, 281
82, 476
82, 097
82,124
1935—Jan 25
Feb 22
Mar. 29
Apr 26
May 31
June 28
July 26
Aug. 30
Sept. 27 v_
82, 014
82, 040
82, 635
80,933
71, 779
71,017
71, 277
71, 742
71,951
_...
Foreign Domestic Short-term
Governexchange
bills
ment
securities
Other
securities
4,248
3,116
4,146
3,996
3,068
3,971
1,155
1,082
962
931
960
963
4,003
3,998
4,170
4,280
7,137
8,021
7,301
7,575
8,059
962
961
1,017
1,066
2, 150
1,210
1,240
1,236
1,230
20
10
937
735
692
543
191
Reserves
(Figures in millions of reichsmarks)
•Jtreasury
Gold
1934 jnlv 31
Aug 31
Sept. 29
Oct. 31
Nov. 30
Dec 31
1935—jan. 31
Feb 28
Mar. 30
Apr 30
May 31
June 29
July 31
Aug. 31
Sept 30 *>
75
75
_
75
83
79
79
80
80
81
82
82
86
94
95
95
Foreign
exchange
3
4
4
4
4
5
5
5
4
4
4
4
6
5
5
bills
24
3
19
3
8
45
1
21
8
27
63
53
6
35
40
ties
Other
9.9
36.1
35.2
36.8
39.8
38.1
36.4
18.1
18.2
18.3
17.7
17.8
18.0
20.9
19.4
20.1
7.6
23.1
16.2
24.4
9.4
19.5
42.1
40.7
41.2
39 6
36.0
38.8
38.5
36.5
39.0
18.2
18.2
18.3
17.7
17.8
18.0
18.1
18.2
18.3
Deposits
Negotiable
securities
Note
circulation
Other
assets
Government
" Other
liabilities
5,913
5,913
5,898
5,898
5,898
5,837
8,150
9,060
8,254
8,264
8,849
8,288
80,809
81, 732
81, 479
79, 467
81,879
83,412
3,515
3,884
3,674
5,287
4,829
3,718
16, 547
16,880
17, 673
17.966
15, 522
15, 359
1 901
1,853
1,850
1,942
1,869
1,907
3,149
3,080
3,119
3,094
3,371
3,277
3,171
3,103
3,097
5,837
5,833
5,833
5, 805
5,805
5,805
5.805
5,800
5,800
7,970
7,914
8,074
7,967
8,691
7, 999
8,077
8,212
81, 686
81.917
83, 044
82, 352
82, 776
82.099
81,128
82, 240
82,398
3,751
3,619
3,668
3, 703
2,771
2,983
3,241
3,244
3,051
16, 473
16. 328
16, 213
15. 145
12.315
10, 969
11,069
10, 666
10,847
2, 024
1,962
1,943
1,954
2,008
2,013
2,105
2,062
Liabilities
Securities
Other
bills S ecurity
Eligible
(and
loans
as note Other
checks)
cover
3,408
3,540
3.811
3,726
3,848
4,021
3,620
3,656
3,799
3, 861
3.732
3,879
3,833
4,000
4,144
Other
3,054
3,140
3,134
3,101
3,228
3,211
Assets
Reichsbank
Other
Liabilities
Assets
(Figures in millions of francs)
]Public
94.2
92.5
92.2
91.6
90.6
98.2
7.2
8.9
9.2
7.6
9.3
6.2
5.6
Note
circulation
Securities
7.5
5.5
77.5
75.1
71.1
59 4
62.2
55.9
44.5
53.8
55.4
.5
.8
.6
.6
.7
.8
Liabilities of banking department
109
128
148
91
119
146
81
188
66
87
86
89
52
54
73
Other
assets
390
413
324
324
886
867
431
435
436
445
441
437
427
373
338
337
337
340
346
324
316
316
319
806
890
881
827
837
697
701
739
775
781
814
781
770
319
328
330
328
324
324
324
324
324
Note
circulation
Deposits
3,768
3.824
3,919
3,823
3,810
3,901
3,660
3,617
3,664
3,711
3,810
3.895
3,878
4,032
4,143
649
717
848
856
961
984
822
928
922
952
770
819
743
743
774
Other
liabilities
800
813
851
868
920
1,001
900
866
830
837
824
838
845
860
879
J» Preliminary.
1 In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by
law 1at £260,00C,000.
Figures not yet available.
NOTE.—For explanation of tat?le see BULLETIN for February 1931, pp. 81-83, and July 1936, p. 463.,
672
FEDERAL RESERVE BULLETIN
OCTOBER 1935
CENTRAL BANKS-Continued
[Figures are for last report date of month]
1935
1934
1935
1934
Central bank
Central bank
August
July
June
August
August
July
June
August
National Bank of Albania (thousands
Bank of Canada 3 (thousands of Caof francs):
nadian dollars):
Gold
_
7,122
Gold
180,321 179,937 106,671
7, 558 7,558
Foreign exchange
Sterling exchange
67
701
1,693
20,795 21, 697 23,310
2, 491 2, 697
United States exchange
Loans and discounts.
_
2,593
7, 255 11, 265 12, 646
3,333
Other assets
Advances to Government
1,241
4,202
5,622
2,892
1,247
Note circulation
...
Government securities:
13, 851 13,899 11,458
2 years or less
Demand deposits
11,941 10,631 13,726
26, 218 15,217 30, 524
Over 2 years
Other liabilities
10.776 10, 543 10,837
80, 293 79, 9S9 119,903
Other assets
_. 4,830 9,882 4,763
Central Bank of the Argentine
Republic i (millions of pesos):
Note circulation
80,022 77,135 75, 718
Total deposits
Gold at home
1, 224 1,224
216,220 215,091 192, 979
1,224
117
Chartered banks.
_. 192, 355 169,917 172, 902
Gold abroad and foreign exchange.
119
109
189
Government..
Consolidated Treasury bonds
23, 272 44, 364 19,715
150
150
154
Other assets
Other liabilities
6,006 10, 079
149
5,615
145
940
Note circulation
939
920
Central Bank of Chile (millions of
Deposits:
pesos):
246
Member bank
220
213
Gold, and foreign exchange in reGovernment
161
153
165
142
serve
148
Liquidation Institute
174
174
174
Loans and discounts
90
65
Other
114
128
121
710
Government debt
717
34
Other liabilities
44
37
523
Note circulation
507
Commonwealth Bank of Australia
358
Deposits
_.
349
(thousands of pounds):
Central Bank of China « (millions of
Issue department:
yuan):
Gold and English sterling
15,994 15,994 15, 994 15, 708
16
25
Gold..
26
Securities
_
34, 634 34,634 34,634 28,125
121
119
Silver
127
Banking department:
5
6
Due from banks abroad
28
871
855
Coin, bullion, and cash
874
929
35
44
Due from domestic banks
41
London balances
17,302 22,636 20, 592 23, 058
154
127
Loans and discounts
138
Loans and discounts
13,407 12. 696 12, 215 15, 344
180
179
Securities
19
36,163 36, 253 30, 130 36, 532
Securities
55
55
Other assets
36
68, 309 73, 607 72,925 80, 338
Deposits
108
99
Note circulation
79
47,045 47,045 47, 050 46,050
Note circulation
226
234
Deposits—Government
217
Austrian National Bank (millions of
6^
63
Bank
schillings):
17
16
Other
_
242
242
Gold
242
242
140
146
Other liabilities
75
82
44
Foreign bills.._
_
119
101
of the Republic of Colombia
232
253 Bank
Domestic bills
231
233
(thousands
of
pesos):
624
624
624
624
Government debts..
26,404 26, 627 26,155 18,865
Gold at home and abroad <s
965 .
963
942
937
Note circulation
4,137
4,331
4,223
Foreign exchange 5
1,876
175 j
244
250
237
Deposits
3,762
5,284
3,794
Loans to member banks
3,112
National Bank of Belgium (millions
Note circulation37,881 38, 457 39,120
of belgas):
29,919 28, 372 26, 226
Deposits--.
3,464
3,534 3,590 2,647
Gold»
1,446
1,431
680 National Bank of Czechoslovakia
Domestic and foreign bills »
_ 1,373
(millions of koruny).
166
162
162
344
Loans to State
2,693
2,691
2,693
Gold
2,663
4,031
4,079
3,531
Note circulation
_ 4,115
262
325
Foreign balances and currency. ._
199
53
1, 374
1,084
1,258
307
Deposits
949
1,138
Loans
and
advances
1,015
1,381
Central Bank of Bolivia (thousands of
5,454
5,780 5,384
Note circulation
5,524
bolivianos):
787
742
Deposits
655
758
9,095
15,128 14,154
Gold at home and abroad
Danish National Bank (millions of
6,787 7,621
9,906
Foreign exchange..
kroner):
30,828 13, 360 17,834
Loans and discounts
133
133
133
Gold.
118
Securities:
17
16
Foreign bills, e t c —
—
15
326, 477 326,477 206, 592
National Government
75
78
75
Loans and discounts
3,342 4,325
3,326
Other
365
361
378
Note circulation
375
136,835 120,000 69,158
Note circulation
127
105
118
Deposits
201, 378 195, 806 130,947
Deposits
Bank of Danzig (thousands of
Bank of Brazil (millions of milreis):
264
206
375
gulden):
249
Cash
16,972 16,949 15,847 26,983
171
250
213
Golds...
2.16
Correspondents abroad
3,085 2,608
Foreign exchange of the reserve •._ 8,073 8,772 7,529 11,784
3,152
3,091
Loans and discounts...
2,493
1,468
197
363
20
Other foreign exchange..
20
20
20
Note circulation
21,858 24, 862 27.164 19,112
Loans and discounts
2,870 2,863
3,083
2,993
Deposits
29, 896 30, 352 31.810 41,321
Note circulation
National Bank of Bulgaria (millions
3,506
5,556
3,610 11,365
Deposits.
of leva):
1,583
1,547 Central Bank of Ecuador (thousands
1,583
1.583
Gold—.
-43
of sucres)-39
-116
Net foreign exchange in reserve..
12, 893 17,286 15, 598
178
194
301
Gold at home and abroad
Total foreign exchange
8,297 6, 559 8,298
991
881
1,037
951
Foreign exchange
Loans and discounts...
57,955 55, 523 50, 356
2,698
2,783
2,698
Loans and discounts
Government obligations
42,
575 42, 766 42,874
2,133
2,
668
2,266
2,152
Note circulation
Note circulation.
19,516 18,880 21,662
2,015
1,764
2,204
1,939
Other sight liabilities..
Deposits.
1
Bank commenced operations May 31, 1935.
> By law of Mar. 30, 1935, gold and foreign-exchange holdings as of Mar. 29 revalued on basis of 75 percent of former gold parity of belga (see
BULLETIN for May 1935, p. 291).
3 Bank commenced operations Mar. 11, 1935.
«Items for issue and banking departments consolidated.
* Beginning Apr. 6,1935, gold and foreign exchange valued on basis of peso price of gold in New York.
» Parity of gulden reduced May 2, 1935, from $0.3296 to $0.1899.
673
FEDERAL RESERVE BULLETIN
OCTOBER 1935
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1935
1934
Central bank
August
July
June
National Bank of Egypt* (thousands
of pounds):
Gold.
6,545 6,545
Foreign exchange
2,152 2,526
Loans and discounts
—
3,175 3,202
British, Egyptian, and other
Government securities
_.
35, 360 35, 414
Other assets
..3,465 3,395
Note circulation
17, 250 18, 013
Deposits—Government
7,982 8,246
Other...
17,297 16, 686
Other liabilities
8,138
Central Reserve Bank of El Salvador (thousands of colones):
Oold
12,398 12, 347 12,260
2,251
Foreign exchange
1,650 2,090
423
Loans and discounts
644
529
7,383
Government securities
7,112 7,184
1,187
Other assets
1,269
1,285
Note circulation
13,215 13, 698 13,907
6,135
Other sight liabilities
6,250 6,141
3,608 3. C02 3,602
Other liabilities
Bank of Estonia (thousands of
krooni):
32,827 32,815 32, 796
Gold2,525
Net foreign exchange
2, 064 1,618
10,403 12, 273 10, 737
Loans and discounts
37,318 36, 466 35, 993
Note circulation
12,802 11,214 10,588
Deposits—Government
8,445 8,936 8,900
Bank
1,937
Other
2,568 2,577
Bank of Finland (millions of markaa):
Gold
—
401
325
324
Balances abroad and foreign
1,242
credits
1, 353 1,334
92
Foreign bills
87
667
Domestic bills
749
1,317
Note circulation
1,310
1,328
Other <ught liabilities
605
549
619
Bank of Greece (millions of drachmas):
3,551
Gold and foreign exchange
3,495 3,528
3,298 2,984 2,840
Loans and discounts
3,281
Government obligations
3,289 3, 289
5,493
Note circulation
5,366 5.417
3,770 3,954 3,920
Other sight liabilities
146
Liabilities in foreign exchange
97
114
National Bank of Hungary (millions of pengos):
Gold
__
79
79
Foreign bills, etc
21
17
Loans and discounts
537
515
Advances to Treasury
60
66
72
Other assets
68
70
391
Note circulation
375
376
Deposits
90
100
78
109
Certificates of indebtedness
109
109
154
Miscellaneous liabilities
161
156
Reserve Bank of India * (millions
of rupees):
Issue Department:
444
444
444
Gold at home and abroad
532
652
652
Sterling securities
Indian Government securi265
265
ties
519
569
547
Rupee coin
_
1,624
1,545
1,559
Note circulation
Banking Department:
256
349
386
Notes of issue department
183
138
103
Balances abroad
63
Investments
59
Other assets
5
Deposits—Government
128
117
223
Bank
_
357
296
171
Other liabilities
_
108
106
110
• Corrected.
1 Items for issue and banking departments consolidated.
2 Bank commenced operations Apr. 1, 1935.
* Beginning with July 1935, foreign exchange includes foreign
1935
1934
Central bank
August
6,545
2,269
3,958
30, 594
3,177
17,841
5,024
15, 676
8,003
11,156
1,557
212
8,803
1,514
16, 489
3,126
3,627
20, 504
9,759
12,829
32, 763
4,385
7,805
2,372
323
1,073
290
730
1,224
512
3, 659
1,811
3,353
5.421
3,373
65
79
15
579
47
33
369
60
118
177
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
r
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):
Gold
Foreign exchange 3
Loans and discounts 3
Note circulation
Deposits
_.
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 Pern (thousands of soles):
Gold and foreign exchange
Bills
_
Note circulation
Deposits
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
August
July
4,704
438
6,140
14,095
300
872
5,258
355
5,447
13,858
300
921
5,589
295
5. 565
13,029
300
835
6,343
37
4,681
13,194
300
1,155
490
704
422
1,296
458
485
654
508
1,223
381
482
694
579
1,376
328
458
857
441
1,172
495
85
2
69
165
23
89
2
65
167
22
100
3
69
172
32
113
1
64
182
31
4
55
59
33
37
112
46
4
55
62
33
41
112
46
4
56
67
36
46
109
44
g
62
61
32
51
112
37
12
88
93
41
42
12
87
91
46
43
6
97
93
51
55
8
82
85
591
0
183
795
40
558
0
272
819
55
627
1
183
808
48
863
1
170
894
189
2,802
20,814
2,348
8,769
15, 631
4,472
10, 978
1,564
2,802
21,054
2,264
8,849
15, 696
4,262
11, 288
1,575
2,802
22,813
2,276
9,111
17.226
3,915
13, 288
1,554
3,202
24,487
1, 626
7.975
19,810
16,511
3,298
1,530
185
24
197
331
7
73
165
e 44
165
41
207
332
135
8
273
321
2
59
44, 801
60,921
77, 451
23,652
43, 705
74,048
28,183
45, 595
58,983
71, 562
25,163
512
11
765
983
159
511
15
741
932
210
510
16
762
948
211
493
46
754
950
247
909
449
909
433
327
909
439
315
1,048
2,026
900
357
312
1,050
1,921
852
325
1,047
2,118
816
bills previously reported with loans and discounts.
200
330
1, 018
2,116
805
June August
879
674
FEDERAL RESERVE BULLETIN
OCTOBER 1935
CENTRAL BANKS-Continued
[Figures are for last report date of month]
1935
1935
1934
Central bank
1934
Central bank
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 (tbou. sands 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
August
July
June
10,646
91
5,416
2,752
10, 290
11,577
21, 751
8,609
10,413
10,595
92
5,157
2,744
K.,220
11,392
21.234
9,015
9,949
10, 562 10,156
91
130
5, 262 6,105
2,758 4,114
10, 185 5,668
10,619 10, 655
21,261 21,463
8,625 7,407
9,590 7,958
26, 542 27, 856 26, 872
5,000 5,688
4,751
117
25
116
13, 589 12, 110 13,428
1,680
2, 528 1,517
31, 072 27, 688 27,171
4,370
3,793
1,428
August
August
18,058
9,760
85
12,446
1,249
20,448
1,455
2, 269
703
282
2,371
4,601
902
2, 269
704
280
2,336
4, 559
940
2,270
705
281
2,381
4, 541
2,265
684
277
2,367
4,542
885
358
631
43
722
399
356
634
47
685
477
355
623
62
718
462
373
475
42
643
455
1,366
18
1,289
21
1,195
41
1,735
22
Swiss National Bank—Continued
Loans and discounts
Note circulation
Demand deposits
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign exchange..
Government securities
Other securities
Other assets..
Note circulation
Deposits
-.
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Other assets
Note circulation
Deposits—Demand
Time
Judicial and administrative..
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discounts
Advances to State
Note circulation
Other sight liabilities
July
June August
196
1,283
219
1,281
307
307
1,307
313
126
1,370
519
29
1
150
36
52
158
31
79
29
1
150
35
45
158
28
73
1
151
35
43
158
29
72
27
5
153
31
38
158
35
61
42, 320
94,263
53,676
73,512
32, 424
40, 372
43,236
92 990
53 064
72,903
34,817
40,632
46,643
99,167
44, 264
73,126
28,755
43,933
2,848
41,104
2,838
38,099
2,716
41, 543
1,341
240
1,766
2,292
4,513
1,311
1,346
206
1,786
2,291
4,473
1,200
1,813
155
1,845
2, 320
4,233
1,141
1,342
254
1,787
2,293
4,661
1,215
* 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.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francsl
1935
1934
Assets
J u l y 31
Gold in bars...
24,423
Cash on hand and on current account
with banks
3,079
Demand funds at interest
15, 612
Rediscountable bills and acceptances (at
cost):
Commercial bills and backers' ac132,404
ceptances
209,179
Treasury bills._
Total.
341,584
Time funds at interest—Not exceeding 3
months
42,429
Sundry bills and investments:
Maturing within 3 months:
Treasury bills31,341
Sundry investments.
53,539
Between 3 and 6 months:
Treasury bills
-- 27,416
Sundry investments
42,932
Over 6 months:
Treasury bills.
27, 224
Sundry investments
- 34,466
Total.
Other assets:
Guaranty of central banks on bills
sold
Sundry items—
Total assets
1935
1934
Liabilities
Aug. 31
A u g . 31
Aug. 31
J u l y 31
23, 616
13,835
13,701
13, 278
8,746
Demand deposits (gold)
18,837
Short-term deposits (various currencies):
Central banks for own account:
Demand
_
30,366
Time—Not exceeding 3 months... 104,459
22, 123
3,889
12, 274
27,478
103, 691
56,342
111,710
131,170
168,052
133,718
215, 527
146, 561
203,142
14,693
349. 24*?
349,704
11, 060
2, 958
44,402
894
2,371
1,161
36, 587
27, 679
32, 714
58,044
61,914
154, 529
77, 264
61, 930
2,031
153,640
76, 820
40,175
28,669
64,110
16,339
42,491
295, 754
270, 635
29, 645
34, 728
18,599
36, 272
125, 000 125, 000
125,000
216,918
217, 54.r>
233,659
6,204
4,428
6,243
4,438
4,232
5,492
654, 676
653. 837
673,348
Total
134, 825
Central banks for account of others:
Demand
10, 737
Time—Not exceeding 3 months.-.
2,961
Other depositors:
Demand
836
Time—Not exceeding 3 months...
2,774
Long-term deposits:
Annuity trust account...
154,388
German Government deposit
77,194
French Government guaranty fund___ 61,930
French Government deposit (Saar)___
2,031
Total_
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund..
General reserve fund
Other liabilities:
Guaranty on commercial bills sold
Sundry items
Totalliabilities
295, 542
Aug. 31
3,324
5,845
11, 690
3,324
5,845
11,690
2,672
4,866
9,732
6,230
36,074
6, 248
35, 401
4,232
58, 603
654, 676
653, 837
673, 348
675
FEDERAL RESERVE BULLETIN
OCTOBER 1935
COMMERCIAL BANKS
[Figures are as of end of month, except those for England, which are averages of weekly figures]
Liabilities
Assets
England
(10 clearing banks. Figures in millions
of pounds sterling)
Cash
reserves
Money at
call and Bills disshort
counted
notice
Securities
Loans to
customers
Other
assets
Deposits
Total
Demand 1
1934—November.
December.
210
216
135
151
233
255
589
594
759
759
236
247
1,911
1,971
975
1,044
1936—January. __
February..
March
April.
May
June
July
August
225
213
214
217
219
217
219
213
137
127
133
137
142
143
145
149
284
265
207
199
218
244
274
287
593
606
614
618
620
624
615
615
756
759
771
779
774
780
778
237
231
231
240
233
235
215
206
1,982
1,954
1,923
1,940
1,962
2,004
2,019
2,013
1,034
1,009
994
1,004
1,015
1,072
1,084
1,068
Assets
Time1
Other
liabilities
900
910
250
251
895
897
907
899
899
251
248
248
250
244
239
227
224
Liabilities
France
(4 large banks.
Figures in millions of
francs)
Gash
Due from Bills disbanks
counted
1934—November.
December.
6,485
5,836
1.473
1,421
1935—January.. _
February..
March
April
May
June
July
5,864
6,607
6, 066
6,196
4,648
4,151
4,348
1,662
1, 603
1,586
1,642
2,506
2, 308
2,151
Other
assets
Deposits
Total
Demand
Cash
Due from Bills disbanks
counted
Own
Time
ances
Other
liabilities
8,003
8,159
1,562
1,717
30, 542
30,943
29,582
30,039
960
904
192
193
4,152
4,301
8,052
7,840
7,713
7,802
8,541
7, 902
7,702
992
1,010
1,090
1,141
1,276
1,313
1,383
30, 593
30, 342
31,449
29,999
29. 958
29. 521
28, 649
29,830
29, 591
30, 685
29. 218
29, 129
28, 756
27,932
763
751
765
781
830
766
718
220
228
237
251
312
312
293
3,779
3.789
3.810
3,833
3.885
3. 790
4,106
Credits
obtained
from
banks
Other
liabilities
Assets
Germany
(5 large Berlin banks. Figures in millions of reichsmarks)
17, 363
18, 304
18,024
18,300
19, 042
18, 302
17, 181
17,949
17,464
Loans
Liabilities
Loans
Securities
Deposits
Other
assets
Total
1934—November..
115
393
2,037
3,331
1935—February >._
March
April..
May
June
July
August
127
185
163
145
194
185
151
382
371
346
340
363
360
341
2,082
2,108
2,234
2.234
2, 264
2,284
2,221
3,149
3,096
3,030
2,990
2, 953
2, 886
2,899
874
930
933
968
991
990
1,019
Demand
Time
983
5,816
2,731
3,085
485
1,432
1,047
1,047
1,038
1, 020
5,351
5,457
5, 495
5,466
5, 507
5, 525
5,464
2,159
2,319
2, 450
2,511
2,546
2, 4S2
2,419
3,192
3,137
3,046
2, 955
3,021
3.043
3,045
863
789
768
774
1,483
1,491
1,481
1,457
1,436
1, 455
1,454
9ya
991
992
758
716
705
Liabilities
Canada
(10 chartered banks. Figures in millions of Canadian dollars)
Security
Entirely in Canada
loans
abroad
and
net
Other
Cash
from
Security loans
and due
reserves
foreign
loans discounts
banks
1934—November
December.
232
228
103
1935—January...
February..
March
April
May
June
July
August
230
230
207
214
204
207
209
228
91
86
81
81
82
85
77
77
1
8
1,003
977
958
957
965
981
971
955
938
955
Securi-
Other
assets
185
155
920
967
445
449
147
149
152
142
155
127
134
142
973
984
970
1,000
1,005
1,018
1,031
1,041
441
434
431
472
459
468
460
473
Note
circulation
132
124
117
119
118
114
117
122
114
123
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Other
liabilities
2,035
2,035
624
1.411
1,407
715
718
2,014
2,003
2,006
2,086
2,064
2, 039
2,032
2,065
602
575
660
634
617
613
604
631
1,412
1, 428
1,447
1, 452
1,447
I,4i6
1,428
1,434
710
717
681
Excluding deposits of the National Bank relating to offices outside England, which are included in the total.
Combined monthly balance sheets not published for December.and January.
NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390.
Time
702
728
676
FEDERAL RESERVE BULLETIN
OCTOBER 1935
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum!
Central bank of—
Date effective
England
GerFrance many
SwitzerItaly Netherland
lands
In effect June 1,1934.
Nov. 26
Mar. 25, 1935
Apr. 5
Apr. 10
May 3
__..
May 16
May 24_
May 27
May 29
June 1
June 21
June 27
July5
July 6
July 18
July 19__
July 25.___
July 26
Aug. 3
Aug. 9
Aug. 12
Sept. 9_.
Sept. 17
In effect Oct. 1,1935.
3
Central
bank of—
Rate
Oct. Date effective
1
Albania
Austria
Belgium
Bolivia
Bulgaria
Canada
Chile
Colombia...
Czechoslovakia
Danzig
Denmark
Ecuador
El Salvador.
Estonia
Finland
Oreece
Hungary
Nov.
July
May
July
Aug.
Mar.
June
July
16,1933
10,1935
16,1935
5,1932
15,1935
11.1935
12,1935
18,1933
Jan.
May
Aug.
Nov.
July
Oct.
Dec.
Oct.
Aug.
25,1933
2,1935
22,1935
30.1932
5, 1934
1,1935
3,1934
14.1933
29,1935
Rate
Oct. Date effective
1
Central
bank of—
India
Japan
Java
Latvia
Lithuania
New Zealand
Norway
Peru
Poland
Portugal
Rumania
South Africa.
Spain
Sweden
Turkey
U. S. S. R—
Yugoslavia...
3.65
4
5M
6
4
3K
6
5
5
Feb.
July
July
Jan.
Apr.
Aug.
May
May
Oct.
Dec.
Dec.
May
July
Dec.
Mar.
Mar.
Feb.
16,1933
3,1933
1,1935
1.1933
1,1930
1.1934
24,1933
20.1932
26.1933
13.1934
15.1934
15,1933
15.1935
1,1933
2,1933
22,1927
1.1935
Changes since Sept. 1: Estonia—Oct. 1, down from 5 to 4 percent;
Italy—Sept. 9, up from 4 ^ to 5 percent; Netherlands—Sept. 17, up from
5 to 6 percent.
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
Month
1934—July
August
September.
October...
November.
December.
1935—January...
February. .
March
April
May
June
July
August
Month
1934—July
August
September.
October...
November.
December.
1935—January...
February..
March
April
May
June
July
August
Treasury
Bankers'
Bankers'
allowance
acceptances, bills, 3 Day-to-day
money
months
on deposits
3 months
.87
.79
.73
.77
.45
.57
.36
.38
.57
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
.50
.50
1.50
1.80
2.39
2.60
2.79
2.47
Private
discount
rate
Money for Day-to-day
1 month
money
3.75
3.75
3.81
3.81
3.63
3.50
3.51
3.41
3.38
3.38
3.09
3.00
3.00
3.00
.71
.65
.60
.50
.50
.50
.50
..50
.50
2.20
2.31
2.15
2.10
2.35
2.38
2.38
2.38
2.38
2.38
2.12
1.88
1.88
1.88
1.78
1.75
1.50
1.45
1.44
1.50
1.79
2.12
2.12
2.14
2.56
5.72
4.06
3.06
Netherlands
(Amsterdam)
Germany (Berlin)
England (London)
3.00
3.00
3.00
3.00
3.19
4.00
4.00
4.00
3.89
3.50
3.50
3.50
3.50
4.17
Hungary
4.44
5.02
5.13
5.13
4.37
3.56
3.93
3.77
3.60
3.60
3.10
2.93
2.97
3.00
4.67
4.72
4.71
4.63
4.21
4.28
3.82
3.83
3.94
3.64
3.17
3.16
3.10
3.06
Sweden
(Stockholm)
Loans up
Prime
to 3
commer- Day-to-day
money
months
cial paper
4H-7;
4^-7; _
4H-73^
4^-7; '
4K-7;
2H-4>
2H-4>
Private
discount
rate
Money for
1 month
.74
.75
.61
.59
.63
.60
.59
.58
.60
3.65
3.78
4.42
3.25
4.78
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
3.26
2.96
3.83
2.77
4.72
Japan (Tokyo)
Call
Discounted money
bills
overnight
5.20
5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.11
2.57
2.79
2.63
2.52
2.56
2.74
2.59
2.62
2.70
2.54
2.40
2.45
2.45
r Revised.
« Corrected.
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.
677
FEDERAL RESERVE BULLETIN
OCTOBER 1935
FOREIGN EXCHANGE RATES
[Averages of noon buying rates for cable transfers in New York.
Argentina
(peso) 1
Year or month
1929
1930
1931
1932
1933
1934
_ _
_
September..
October
November __
December—.
1935—January
February...
March
April
May
_.
June
July...
August
September.-
5Tear or month
1929
1930
1931
1932
1933
1934
._
. ..
_
_
September..
October
November..
December...
1935—January
February...
March
April
May—
June
July
August
September.
Year or month
1929
1930
1931
1932
1933
1934
September..
October
November. _
December. _
1935—January
February...
March
April
May
June
July
August
September-
In cents per unit of foreign currency.]
Australia
(pound)'
Austria
(schilling)!
Belgium
(belga)
Brazil
(milreis)1
Bulgaria
(lev) 1
Canada
(dollar)
Chile
(peso)1
480. 83
458. 60
351. 50
279. 93
337.07
400.95
396. 50
391. 52
395. 73
392. 27
387. 92
386. 37
378. 56
383. 52
387.55
391. 28
393 31
394. 52
391.52
14. 0575
14. 0891
14. 0227
13.9599
15. 4478
18. 7930
19. 0185
18.9242
18. 7956
18. 7711
18. 7725
18. 7900
18.8827
18. 7898
18. 7680
18. 8821
18.9148
18. 9405
18.8453
13.9124
13.9524
13.9285
13.9137
17.8996
23. 2867
23.7332
23. 4579
23.3212
23. 3939
23. 3150
23.3293
22. 7564
16. 9430
16. 9461
16. 9393
16.9117
16.8878
16.8618
11. 8078
10. 7136
7.0290
7. 1223
7. 9630
8. 4268
8. 3096
8.1899
8. 2176
8.1904
8.1451
8.1282
8. 2363
8. 2578
8. 2797
8. 3122
8 3146
8. 3657
8.3378
0. 7216
.7209
.7163
. 7193
1. 0039
1. 2852
1.2814
1. 2428
1. 2134
1.2110
1.1955
1. 2665
1.2878
1. 2725
1. 2756
1. 3070
1.3149
1. 3332
1. 2935
99. 2472
99. 8424
96. 3258
88. 0896
91. 9587
101. 0060
102. 9387
102. 1226
102. 4719
101. 3090
100.1825
99.8852
99.0647
99. 5277
99. 8977
99. 9078
99. 8322
99. 7799
99. 2563
Egypt
(pound)
England Finland
(pound) (markka)
France
(franc)
Germany
(reichsmark)
Greece
(drachma)
498.0689
498.6002
465.1111
359. 5406
434.3908
516.8549
512. 2619
506.6711
511.6889
507. 2709
501. 7925
499. 7457
489. 7472
495. 9246
501.1845
505.9839
508. 3151
509.5780
485. 6879
486. 2126
453. 4990
350. 6067
423. 6821
503. 9302
499. 4056
494. 0809
498. 9022
494. 5793
489. 2457
487. 3466
477.6211
483.6812
488. 7755
493. 4922
495. 7659
496. 9880
493.0654
2.5160
2.5169
2. 3875
1. 5547
1. 8708
2. 2277
2. 2101
2.1826
2. 2019
2.1859
2.1636
2.1536
2.1099
2.1315
2.1543
2.1782
2. 1859
2.1907
2.1742
3.9161
3. 9249
3. 9200
3. 9276
5.0313
6. 5688
6. 6714
6. 6247
6. 5886
6. 5971
6. 5820
6. 5936
6. 6232
6. 5970
6. 5883
6.6121
6. 6242
6. 6262
6. 5908
23.8086
23.8541
23.6302
23. 7492
30. 5179
39. 3751
40. 2760
40. 4507
40. 2054
40.1910
40. 0614
40.1178
40. 3722
40. 2638
40. 2472
40. 4072
40. 3538
40. 3456
40.2278
1.2934
1. 2959
1. 2926
.8320
.7233
.9402
.9562
.9476
. 9392
.9375
. 9341
.9339
.9399
.9354
.9340
.9423
.9442
.9437
.9384
New
Zealand
(pound) 2
Norway
(krone)
Poland
(zloty)
Portugal
(escudo)
Rumania
(leu)
483.21
468. 22
415. 29
320.19
340. 00
402. 46
398. 77
393. 67
398.07
394. 63
390. 25
388. 69
380. 91
385. 85
389. 90
393. 54
39a. 65
396. 86
393.69
26. 6827
26. 7598
25. 0546
18.0039
21. 4292
25. 3161
25. 0928
24. 8258
25. 0655
24. 8478
24.5815
24. 4880
24. 0265
24. 2975
24. 5563
24. 7910
24. 9062
24. 9482
24. 7710
11.1940
11.2051
11.1970
11.1823
14.4135
18. 8460
19.1413
19. 0071
18. 8976
18. 8941
18. 8535
18. 8721
18.9611
18.8617
18. 8426
18.9146
18.9574
18. 9567
18.8450
4.4714
4. 4940
4. 2435
3.1960
3. 9165
4. 6089
4. 5593
4. 5043
4.53S4
4. 4977
4. 4500
4. 4328
4. 3430
4. 3930
4. 4407
4. 4856
4. 5095
4.5153
4.4868
0.5961
. 5953
.5946
. 5968
.7795
1. 0006
1.0144
1. 0069
.9998
1.0025
1. 0027
.9592
1. 0093
1.0074
1.0057
1. 0078
1.0004
. 9351
.8077
95.1274
83. 5050
66. 7375
58. 4433
a 72.8009
33. 5793
33.2904
32. 9458
33. 2625
32. 9513
32. 6038
32. 4607
31.8033
32.2220
32. 5572
32. 8687
33.0262
33.1204
32.8563
1
Cuba
(peso)
12. 0601 41.9007
12. 0785 29. 9166
12. 0669 22. 4369
7. 9079 21. 7357
7.6787 < 28.5979
10. 1452 34. 0937
10 2974 35. 5827
10. 3090 34. 5881
10. 3496 33. 3947
10. 2367 34. 2164
5. 0630 34. 9924
5. 0761 36. 5369
5. 0885 38. 2960
5.1000 38. 7908
5.1000 41. 0979
5. 0996 40. 4002
5. 0990 38. 6791
5. 0633 36. 8645
5.0515 37.6226
96. 5512
96. 4930
96. 5697
95. 2750
81. 6966
61. 7799
57. 6496
60. 2012
65. 0391
64. 5284
64. 1450
58.9577
54.1613
52. 8846
55.0634
54. 4068
52. 9692
53. 2263
55. 9846
99.9647
99.9515
99. 9295
99.9409
99. 9464
99. 9362
99. 9150
99.9165
99.9193
99. 9194
99. 9215
99. 9205
99. 9200
99. 9194
99. 9204
99.9182
99.9194
09. 9185
99. 9200
Hong
Kong
(dollar)
HunIndia
gary
(pengo) 1 (rupee)
Italy
(lira)
Japan
(yen)
47.1669
33.8530
24.3305
23. 4604
29. 4516
38. 7156
39. 3324
40. 4695
41.2418
42.2908
43.1695
44. 3362
47. 9147
52. 6702
59. 3095
57. 5162
53 0310
50. 3262
50.0547
17.4414
17. 4939
17.4522
17. 4460
22. 3598
29.5746
30. 0219
29.8995
29. 7126
29. 5993
29. 5828
29.6955
29. 6405
29. 4937
29. 4356
29. 5062
29. 6809
29 7010
29.6240
36.2020
36.0672
33. 6895
26. 3468
31.8159
37.8793
37. 5481
37.1426
37. 4866
37.1835
36.8611
36. 7994
36. 0210
36. 4393
36. 8602
37. 1944
37. 3467
37. 4849
37. 2082
5. 2334
5. 2374
5. 2063
5.1253
6. 7094
8.5617
8. 6794
8. 6056
8. 5386
8. 5427
8. 5209
8. 4730
8. 3368
8. 2821
8. 2253
8. 2566
8. 2259
8. 2074
8.1409
Straits
Settlements
(dollar)
Sweden
(krona)
SwitzerTurkey
land
(pound)
(franc)
Uruguay
(peso)1
56.0117
55. 9639
52. 4451
40. 3970
49. 2320
59. 0052
58.5164
57.9172
58. 4538
57. 9717
57. 2421
57. 0057
55. G346
56. 3329
56.8942
57. 3762
57. 5466
57. S282
57.6180
26.7839
26.8543
25. 2540
18. 4710
22. 0324
25. 9815
25.7483
25. 4756
25. 7220
25. 4975
25. 2267
25. 1256
24. 6204
24. 9325
25.1988
25. 4408
25. 5583
25. 6227
25.4219
19. 2792
19. 3820
19.4009
19. 4049
24. 8355
32. 3H63
33.0237
32. 7745
32. 4713
32. 4053
32. 3055
32. 3525
32. 5301
32. 3645
32. 3230
32. 6800
32. 7474
32. 7180
32.5042
98. 6294
85. 8650
55. 3572
47.0639
60. 3360
79. 9562
81.1496
80.5520
80.1486
80.2310
80.0194
80.1306
80.4779
80. 2015
80.0946
80.3547
80. 4841
80. 5377
80.1204
South
Spain
Africa
(pound) 2 (peseta)
483. 27
483. 79
480. 76
476. 56
414.98
498. 29
494. 23
488.43
493.42
489. 24
483. 99
482. 30
472.31
478. 27
483.34
488. 06
490. 61
488. 74
488.42
Czecho- D e n slovakia mark
(koruna) (krone)
Colombia
(peso)1
14. 6833
11. 6670
9. 5453
8.0438
10. 7189
13. 6150
13. 8269
13. 7272
13. 6532
13.6719
13. 6408
13. 6626
13.7232
13. 6693
13. 6522
13.6982
13.7259
13. 7296
13.6569
China
(yuan)
2.9609
2.9640
2.9619
2. 9618
3. 8232
4. 2424
4.2141
4.1996
4.1777
4. 1803
4. 1711
4. 1784
4.1982
4.1814
4.1683
4. 1828
4. 1729
4. 1571
4.1363
Mex?co
(peso)
46.0997 48.1830
49. 3898 47. 1331
48.8509 « 35.4919
28.1112 31. 8500
25. 6457 28.1025
29. 7153 27. 7423
29.7693 27. 7458
28. 6843 27. 7514
29. 0554 27. 7620
28. 8232 27. 7615
28. 4725 27. 7541
28. 3913 27. 7515
27. 9837 27. 7500
28. 3679 27. 9350
28. 7295 27. 7882
28.9931 27. 7781
29.1510 27. 7660
29.3192 27. 7521
28.9378 27.7558
48.4105
47.0608
47.1814
47. 2854
60. 4396
79. 0472
80.2671
79. 6869
79.1991
79. 2964
79. 3381
79. 5018
80. 6676
80.5065
80.5269
80.6688
80. 6550
80.8063
26. 6802
26. 7650
25. 0581
18.8317
19. 0709
22. 4998
22. 2981
22. 0615
22. 2724
22. 0793
21.8447
21.7594
21. 3244
21. 5902
21.8176
22. 0458
22. 1303
22. 1K48
22.0441
Netherlands
(Uorin)
40.1622
40. 2251
40. 2298
40. 2949
51. 7209
67. 3831
68. 5744
68. 0869
67. 5988
67. 6382
67. 4562
67. 5602
67. 9508
67.4576
67.6195
67. 8743
67.9862
67 7819
67. 5556
Yugoslavia
(dinar)
1. 7591
1. 7681
1. 7680
1. 6411
1. 7607
2.2719
2. 3156
2. 2993
2. 2785
2. 2756
2. 2716
2.2717
2. 2852
2. 2757
2. 2737
2. 2913
2. 2965
2. 2973
2.2823
Partly or wholly nominal since April 1933.
1
Partly or wholly nominal since April 1934.
« Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933 Average for 1933 is for gold peso for
Jan. 1-Dec. 10.
< 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.
* 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.
678
FEDERAL RESERVE BULLETIN
OCTOBER 1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
Year or month
.
Germany
Italy
(1913 = 100)
(1913=100)
100
98
96
96
87
72
67
67
72
100
88
86
86
88
695
642
645
627
554
502
427
398
376
134
138
140
137
125
111
97
93
98
602
495
462
445
383
328
304
280
273
237
225
226
220
181
153
161
180
178
74
73
74
75
75
76
78
77
77
77
72
71
71
72
72
72
72
71
71
71
88
88
87
88
87
89
88
88
88
88
394
387
381
379
374
371
365
357
356
344
96
96
96
97
99
100
100
101
101
101
275
273
273
272
270
271
270
272
274
276
177
177
176
175
174
177
179
182
181
181
79
80
79
80
80
80
79
81
71
72
72
73
72
72
72
72
88
88
87
88
88
88
88
88
350
343
335
336
340
330
322
330
101
101
101
101
101
101
102
102
277
278
288
296
302
308
310
323
182
184
184
182
182
180
180
183
100
95
97
95
86
73
65
66
75
1934—March
April..
May
June. _
July
August
September
October
November
December
1935—January. __ .
February
March . .
April
May
France
(1913 = 100)
Canada
(1926=100)
1926
1927.
1928
1929.
1930
1931
1932
1933
1934
_.
June
July
August
Nether,
Japan
lands
(October
1900=100) (1926-1930=
100) i
England
(1930=100)
(1926=100)
106
103
102
100
90
76
65
63
63
(i)
62
62
61
61
61
61
61
* New index—Monthly Bulletin (Maandschrift) of the Central Statistical Office, August 1935, p. 1217. Monthly index prior to January
1935 not available.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year or month
Farm
products
1926...
1927....
1928
1929
1930
1931
1932
1933
1934
Foods
England (1930= 100)
Other
commodities
100
99
106
105
88
65
48
51
65
100
97
101
100
91
75
61
61
71
100
94
93
92
85
75
70
71
78
1934—March
April
May
_
June
July
._
August
September
October...
November.
December.
61
60
60
63
65
70
73
71
71
72
67
79
79
79
78
78
78
78
78
78
78
1935—January...
February..
March
April
May
June
July
_
August
78
79
78
80
81
78
77
79
78
77
77
77
78
78
78
78
Foods
100
89
IndusFarm
Indus- Agricultrial
tural
trial
and food
products products products products
100
87
85
87
90
91
91
90
90
85
Sources.—See B U L L E T I N for March 1931, p. 159, and March 1935, p. 180.
Germany (1913=100)
France (1913=100)
Provisions
Industrial raw Indusfinand semi- trial
ished
finished
products products
581
599
584
579
626
542
482
420
410
793
678
697
669
579
464
380
380
361
129
138
134
130
113
104
91
87
132
129
133
125
113
96
86
75
76
413
404
405
406
396
393
3S3
368
366
344
378
372
360
356
354
351
350
347
347
343
91
91
92
94
98
100
100
101
101
101
73
74
74
76
76
78
78
78
79
79
115
115
115
115
115
116
117
118
119
119
351
339
329
325
324
307
292
311
350
346
341
345
353
351
347
347
100
100
99
100
101
102
103
104
81
81
83
84
84
86
85
119
120
120
120
119
119
119
119
130
132
134
132
120
103
150
147
159
157
150
136
118
113
116
679
FEDERAL RESERVE BULLETIN
OCTOBER 1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
Year or month
England
(July
1914=100)
1926
1927
1928
1929
1930
1931
1932
1933
1934
175
170
118
120
121
119
119
120
119
1934—June
July
August
September._ _.
October
November
December
136
119
120
119
119
120
121
123
123
1935—January
February
March. _
April
May
June
France
(July
1914=100)»
161
154
145
131
126
120
122
113
113
112
124
125
124
109
100
98
153
156
146
131
116
113
118
117
122
123
126
125
127
127
98
97
97
95
95
94
94
125
124
122
119
118
120
126
126
92
90
88
85
86
86
83
81
1926
1927
1928 . . .
1929
1930
1931
1932
1933
1934.. _
161
1934—JuneJuly
A ugust
SeptemberOctober
November December
109
110
112
117
116
115
114
1935—January
February
March
April
May
119
122
122
124
124
June
July
United
States
(1913 = 100)
England
United
States
(July
(1913 = 100)» 1914=100)
155
154
157
147
121
102
100
111
_ __ _
123
122
122
August
156
157
Germany
(191314«100)
Year or month
173
171
171
164
148
134
132
138
139
(8)
France
(Jan.-June
1914=100)'
141
103
104
105
113
118
116
107
106
105
138
106
164
166
164
158
148
144
140
141
142
143
143
144
144
104
143
142
141
139
139
100
August
140
09
152
154
148
136
121
118
121
121
122
122
122
122
122
122
102
143
July
Germany
(191314=100)
122
123
122
122
123
123
124
125
143
1
1
Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month
Index represents prices converted to gold basis of 1914.
> Revised series 140.4 for March 1935 and 137.8 for November 1934; other back figures not yet available.
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 G6n§rale, and for cost of living, Commission d'6tudes
relatives au cout de la vie a Paris.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average== 100)
Bonds
United
States
(average
price)
Year or month
Number of issues
1926
1927
1928
1929
1930
1931
1932
1933
1934
60
_
,
-
1934—June
July
August
September
October
November
December
1935—January
February
Maroh
April
.
May
June
JuJv
August
_
_..
_
97 0
98.9
98.7
95.7
98.3
96.1
81.1
84.0
96.7
99.0
99.3
97.8
96.7
98.4
98.8
100.0
101.3
101.3
99.9
100.0
101.2
102 2
104.2
104. 2
England
France
(December (1913 aver1921 = 100)1 age =100)
Germany
(average
price)*
36
139
87
110 0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
125. 3
127 1
127.4
128.3
128.9
133 2
132.7
134.6
131 6
130.3
131.3
131. 3
130 3
131. 5
129.8
67 4
71 7
80.8
85.1
95.8
96 9
88.6
81.3
82.1
85.6
82.7
81.8
81.3
82.7
85 0
85.8
88.9
89 5
84.1
84.8
82 4
82 8
82.4
83.9
85.5
81.4
83.3
183.4
167.1
82.5
90.7
88.9
87 8
87.9
89.0
91.6
92 2
93.8
96.0
95 5
96.1
95.1
95.3
95 3
95.3
95.4
United
States
421
100 0
118.3
149 9
190.3
149.8
94.2
48.4
63.4
72.5
73.5
71.4
67.8
67.0
67.3
69.4
69.2
69.7
67.8
63.9
67.5
73.1
76.0
79.4
83.3
England »
France
Germany
278
300
329
100 0
107.0
115.9
119.5
102.6
7S.9
67.9
78.6
85.7
86.0
84.8
83.8
83.6
84.5
85 6
85.3
86.9
85.4
82.6
83.8
86 0
86.9
86.9
88.3
100 0
123 2
178.1
217.6
187.6
132.2
105 2
99.6
83.3
87.6
83.3
81.1
77.3
74.7
73.0
74.7
100 0
145.0
136. 1
122, 8
100.2
178.0
150.3
61.7
71.1
69.9
71.3
73.4
76.2
76.3
73.7
73.2
83.7
80.3
78.1
79.8
88.0
82.4
77.7
79.0
76.6
79.3
80.6
81.9
83.5
86.0
86.8
87.6
1
Annual indexes are unweighted averages of monthly indexes.
i Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19, 1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune: index for 1932 represents average of months May-December.
Sources— See BULLETIN for February 1932, p. 121, and June 1935, p. 394.
680
FEDERAL RESERVE BULLETIN
OCTOBER
1935
LAW DEPARTMENT
Purchase by State member bank of "securities" which
are not "investment securities"
The Board has recently ruled that under the
provisions of paragraph Seventh of section 5136
of the Revised Statutes, as amended by section
308 of the Banking Act of 1935, and the provisions of section 9 of the Federal Reserve Act
a State member bank may not purchase for its
own account "securities" which do not constitute "investment securities" as defined in
section 5136 and in the regulations of the Comptroller of the Currency issued thereunder.
However, the Board stated that it would raise
no objection to the continued holding by the
bank of such securities which were purchased
prior to the enactment of the Banking Act of
1935.
In the case in which the above ruling was
made it appeared that the "A" trust company,
a State member bank, had purchased "Z"
corporation 2%-percent serial notes in the
amount of $900,000, such notes being a part
of a $9,000,000 issue, one-third of which was to
mature annually on November 1, 1935, 1936,
and 1937. It also appeared that the notes
purchased by the "A" trust company consisted
of $300,000 of each of the three maturities.
The notes were originally issued in denominations of $100,000 and $50,000, but were interchangeable for notes of smaller denominations.
The "A" trust company paid for the notes by
check payable to the " Z " corporation.
The "A" trust company stated that it purchased the notes for its own account for the
purpose of investment and not for distribution,
and also stated that the notes were not registered under the Securities Act of 1933. It
appeared that the notes were not actively dealt
in on any market, although other securities of
the " Z " corporation were actively traded in
and widely held.
An examination of the form of the definitive
notes and of the printed trust agreement disclosed that the notes were in the usual form of
a corporate note or bond and were issued pursuant to the terms of a trust agreement under
which the corporation obligated itself to the
trustee, the " B " trust company, to pay the
interest on and the principal of the notes. The
notes could be registered as to principal or
payable to bearer, and they carried interest
coupons payable to bearer. Although the
notes were unsecured, the trust agreement contained covenants limiting the right of the corporation and its subsidiary companies to make
mortgages, pledges, or other incumbrances
while the notes remained unpaid.
The first question presented was whether the
notes in question were "investment securities"
as defined in paragraph Seventh of section 5136
of the Revised Statutes and the regulations of
the Comptroller of the Currency issued pursuant thereto on February 25, 1927, and December 27, 1934. In response to the Board's
inquiry, the Comptroller stated that, in his
opinion, the notes were not "investment securities" within the meaning of his regulations
on the subject because of the fact that they did
not have such public distribution as to insure
the marketability of the issue. The Board
stated that it agreed with the opinion of the
Comptroller of the Currency upon this point
and, accordingly, ruled that the notes could not
lawfully be held as "investment securities"
under the provisions of paragraph Seventh of
section 5136 of the Revised Statutes and
section 9 of the Federal Reserve Act.
The question was also presented as to whether
the notes could be held by the " A " trust company in its loan account as evidence of a loan
by the trust company to the " Z " corporation.
The Board stated that the notes in question
appeared to constitute securities, but as above
stated were not "investment securities" within
the meaning of that term as used in section 5136
of the Revised Statutes. The Board also stated
that under the provisions of that section, as
amended by section 308 of the Banking Act of
1935, it is clear that a national bank may not
purchase for its own account notes such as those
under consideration which are securities but not
"investment securities", and that the provisions of section 9 on this subject were clearly intended to place State member banks on a basis
of equality with national banks with respect
to investments in securities. Accordingly, the
Board ruled that a State member bank could
not, since the enactment of the Banking Act of
1935, purchase for its own account notes of the
type under consideration.
However, the Board stated that, in view of
the amendment to the law, it believed that it
was unnecessary to determine the question
presented under the provisions of the law as it
existed prior to the enactment of the Banking
Act of 1935, and stated that it would raise no
objection to the continued holding by the " A "
trust company of the notes in question which
were purchased prior to the enactment of such
act.
OCTOBER
681
FEDERAL RESERVE BULLETIN
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 1
September
Boston
New York
Philadelphia
September
Sept. 4
Sept. 11
Sept. 18
1,953
6,449
384
1,056
6,981
1,261
1,119
6,140
551
820
6,688
388
Boston
New York
Philadelphia
Sept. 25
896
4,350
532
1,016
13,077
5,243
172
294
101
144
154
113
512
679
201
Cleveland
Richmond
Atlanta
266
307
112
167
385
144
170
305
117
130
217
43
8
138
63
43
60
92
322
151
216
Chicago
St. Louis.
Minneapolis
104
62
15
113
67
15
113
63
198
61
218
634
165
134
606
279
141
138
180
Kansas City
Dallas
San Francisco
182
652
237
182
677
129
262
628
155
312
545
145
10, 010
7,403
21, 876
10, 708
11,177
9,638
9,547
_ __
Kansas City..
Dallas
San Francisco
Total
August
Federal Reserve bank
1,104
6,568
545
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Wednesday figures (1935)
1934
1935
Federal Reserve bank
Total
Back figures.—See Annual Report for 1934 (table 10).
TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO
LIABILITIES
[Averages of daily figures. Amounts in thousands of dollars]
Total reserves
Federal Reserve notes
in
circulation i
Total deposits
Ratio of total reserves to
deposit and Federal
Reserve note liabilities
combined
Federal Reserve bank
1935
September
Boston
New York
Philadelphia-
1934
1935
1934
1935
1934
September
470,979
317,409
452,509
374,781
303,500
258.917
2, 752,828 2, 738,850 1,771,648 2,699, 498 2, 095,342 1, 808, 036
375, 688
288,486
324, 596
241,226
295,164
203,219
295,801
741, 270
248,759
290,071
719,005
242, 572
256,747
660, 667
244,933
76. i
76.2
80.2
67.1
72.7
71.8
65.9
August
September
September
August
August
September
ptem- August Septem-
391,397
195, 596
120,840
339, 210
168, 325
108,960
325,389
163,805
106,239
271,481
139,725
78,494
333,065
164, 654
141, 224
324, 232
154, 383
133,423
313,883
156, 337
130,271
70.4
65.8
65.1
69.5
64.2
63.7
66.9
66.1
57.9
1, 245, 505 1, 279, 366 1,114,405
202,857
197, 210
189, 677
146,511
153,916
147,005
758,169
159, 647
114,769
800,146
156,587
125,851
743, 574
141,986
102, 503
811,290
145, 728
103, 375
802,373
142,466
99,722
774, 612
135,463
105,960
79.4
66.4
67.2
79.8
65.9
68.2
73.4
68.4
70.5
175,706
115,460
335, 318
177,807
127,847
306,720
158,054
123,035
252,970
130, 703
63,211
254, 544
126, 330
61,579
238, 259
114, 262
49,105
213,422
66.0
60.6
68.
65.6
60.7
66.3
66.5
62.7
67.6
473, 289
219, 016
162, 815
Kansas City...
Dallas
San Francisco.
Total
1935
September
Cleveland..
Richmond-.
Atlanta
Chicago
St. Louis
Minneapolis..
1934
202,110
108,333
406, 306
6,766,237
1
451, 720
204, 211
152, 651
199, 385
115,019
361,124
181,009
107,917
315,067
5, 630, 557 5,204,506 5,580,957 5, 530,459 4,281,994 3,433,624 3, 334,415 3,155,662
70.0
Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $19,790,000; month ago, $19,056,000; year ago, $20,275,000.
Back figures.—See Annual Report for 1934 (table 9).
682
FEDERAL RESERVE BULLETIN
OCTOBER
1935
RATES ON INDUSTRIAL ADVANCES
[Approved by the Board of Governors of the Federal Reserve System, under sec. 13b of Federal Reserve Act as amended June 19, 1934. Percent
per annum except as otherwise specified. In effect on Oct. 1, 1935]
New
Boston York
Advances direct to industrial or commercial organizations
Advances tofinancinginstitutions:
On portion for which institution is obligated
_
On remaining portion
Commitments to make advances
Phila- Cleve- Richdelphia land mond
4-6
4-6
3
4-5
1-2
()
1-2
Chicago
St. Minne- Kansas
Louis apolis City Dallas
5-6
4-6
4-6
1-2
3H
* Authorized rate 1 percent above prevailing discount rate.
Atlanta
1
4-6
5-6
1-2
2 Same as to borrower but not less than 4 percent.
San
Francisco
6-6
5-6
4
5-6
1
3-4
4-5
* Flat charge.
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT JUNE 19, 1934 TO SEPT. 25, 1935
[Amounts in thousands of dollars]
date by Federal Reserve banks (with and
Applications rec- Applications approved towithout
conditions)
ommended for
approval by Industrial AdviApplications resory Commitceived to date
Federal Federal
Expired, Financt e e s to d a t e
instiReserve Reserve
Total
Approved repaid, ing
(with and withbank
tution
bank
but not or with- particiout conditions)
commitcom- drawn by pations
advances ments
pleted 1
outapplioutoutstanding standing
cant
standing 2
Number Amount Number Amount Number Amount
Date (last Wednesday of
each month)
1934—Nov. 2 8 . . .
Dec. 26
1935—Jan. 30
Feb. 27
Mar. 27
Apr. 24...
M a y 29
June 26
July 31.
Aug. 28
Sept. 25
1
_
._
4,635
5,053
166,433
187,696
961
1,122
46, 599
54,531
828
984
42,202
49,634
9,769
13, 589
6,657
8,225
20, 390
20,966
4,398
5,558
988
1,296
5,283
5, 595
5,897
6,130
6,428
6,618
6,863
7,029
7,195
195, 710
205, 581
217, 756
225,900
245,078
263,482
271, 768
278, 022
292,747
1,341
1,432
1,521
1,633
1,734
1,815
1,907
1,970
2,C09
73,470
76, 575
79,490
86, 374
90, 799
102,331
109, 603
112, 629
121,837
1,168
1,268
1,364
1,467
1,571
1,646
1,739
1,786
1,834
64, 518
72, 525
76,441
81,134
86, 282
88,778
103, 633
107, 244
115,350
17, 493
19,163
20, 785
26, 206
26, 977
27, 518
28, 354
29, 447
30,132
11, 739
13,963
15, 732
16, 908
19, 425
20, 579
23,022
26, 314
26,892
26, 362
26, 591
23, 552
16, 956
13,850
11, 248
19, 735
15,319
18,791
7,160
10, 727
13,900
17,185
21, 802
24,900
26,911
29, 556
32,475
1,764
2,081
2,472
3,879
4,228
4,533
5,611
6,608
7,060
Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
Does not includefinancinginstitution guarantees of advances and commitments made by Federal Reserve banks.
NOTE.—On Sept. 25, 1935, there were 216 applications amounting to $14,058,000 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.
2
OCTOBER
683
FEDERAL RESERVE BULLETIN
1935
ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE
STATEMENT, SEPT. 30, 1935
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve- Richdelphia land mond
St.
Atlanta Chicago Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
ASSETS
Gold certificates on hand and due from
U. S. Treasury
6,613,650 411,947 2,811,368 360,691 451,524 210,340 154,125 1,191,535 191,156 31,481 185,078 103,528 410,877
Redemption fund—Federal Reserve
1,153
777 3,374
958
notes
___
19,697
3,368
1,315
425 1,004
1,756 1,088 1,581 2,898
23,184 10,910 10,843 13, 574 5,608 11, 228
8,029
Other cash
__
204, 237 29, 330
42,512 28,968 11, 053
Totpl reserves
Bills discounted:
Secured by U. S. Government obligations direct and/or fully guaranteed
Other bills discounted...
Total bills discounted..
Bills bought in open market..
Industrial advances
_.
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
6,837,534 444,645 2,855,195 391,415 463,665 220,919 165,052 1,215,872 203,024 142,749 199,656 109,913 425,479
4,773
4,995
9,768
4,688
30,166
872
345
2,854
238,924 14,425
1,683, 974 110, 038
507, 281 33, 214
Total U. S. Government securities
2,430,179 157,67'
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
_._
Bank premises
All other assets
Total assets
~
161, 748
48
332
48, 788
3,168
569
2,690
4,150
302
39
195
22
176
50
6,840
1,806
7,320
341
474
4,358
217
445
1, 763
226
173
4,550
138
169
1,038
556
1,919
147
80
455
79
127
60
64
2,160
206
126
1,110
183
457
640
122
1,820
140
46
186
328
819
25, 623 9,420 12,956 9,514 15,815 17,435
79,866 16,348 19,069 10, 209 8,244
517,413 124,
:, 013152,826 81,812 66, 036 246,544 75,993 48, 218 74, 763 46, 596 139, 722
83, 522 22, 787 14, 399 22,567 14,064 42,174
147,038 36, 759 46,129 24, 695 19,933
744,317 177,120 218,024 116,716
i4, 213
760, 283 182, 293 220,449 121, 665 95, 453
23
24
253
66
61
78'
7, 055 1,015 1,064 1,936
110,880 33,811 40,887 40,899 13, 203
12, 029 4,711 6, 632 3,028 2,331
1,614
1,159
30,348 4,353 1,
355,689 108, 200 75, 573 106,844 76,475 199,331
358,164 108,882 77,857 108, 286 79, 057 200, 664
77
4
17
17
45
3
3,632 1,198 1,070 1,382
335 2,017
59,160 18,889 15,808 25, 351 16, 283 20,840
4, '" 2, 628 1, 580 3,449 1, '""
840
684
282
320
478
462
9,872,490 659, 298 3, 776,043 617,664734,420 389, 630 278, 463 1, 642, 552 334, 907 239, 54.1338, 461 208,131 653, 376
LIABILITIES
Federal Reserve notes in actual circulation
3, 473,819 298,102
754,917 251,137 335,638 166, 633 145,493
812,995 147,508 105,443 132, 518 63,485 259,950
Deposits:
Member bank—reserve account
5, 253,916 283, 567 2,628,, 783237,160 320,476 157,368 99, 655 717,461 146,885 98, 531 166,623 102,
1,617 294, 790
U. S. Treasurer—general account...
54, 569
3,48;
1,999 3,191 2,933 1,726 9,028
3, 252
9,038 4,282 3,981 7,944 3,710
Foreign bank
14,452
1,790
401 1,080
463
1,111
556
414
571
370
4,702 1, 528 1,466
Other deposits
4,165 8,759 6,641
289, 63:
1,601 146,887 61, 430 1.197 2,173 3,060
403 10,812 42, 509
Total deposits
Deferred availability items.
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies...
All other liabilities
5, 612, 574 289, 531 2, 789,
1,410 304, 400 327,120 168, 056 106,981
443, 148 47, 505 108, 396 30, 698 40, 578 40,169 12, 659
130, 653 9,472 51,010 12, 312 12, 320 4,609 4,170
144, 893 9,902 49,964 13,470 14, 371 5,186 5,540
23.457 2,874
7, 250 2,098 1,007 3,335
754
30, 694 1,648
7,500 2,995 3,000 1,411 2,517
13, 252
264
554
7,596
349
386
231
',407
726,901 158,106 108, 733 170,373 115, 556 347,
60, 16r 19, 056 16, 536 25,838 18,609 22, 942
12,078 3,739 2,
3,901 3,850 10,208
21,350 4,655 3,420 3,613 3,777 9, 645
804
1,391
54' 1,003 1,142 1, 252
5,325
891 1,169
832 1, 363 2.043
377
2,350
239
257
405
244
Total liabilities.9,872, 490 659, 298 3, 776, 043617, 664 734, 420 389,630 278,463 1, 642, 552334,907 239, 545 338,461 208,131 653, 376
Ratio of total reserves to deposit and
Federal Reserve note liabilities combined (percent)
75.3
70.1
61.4
65.4
79.0
65.9
66.0
66.
70.0
75.7
80.6
70.5
66.4
Commitments to make industrial advances
26,928
860
1,84'
603
520 1,949
142 1,171
598 4,224
3,418
9,839
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by
Federal Reserve agent
3, 735,879 327, 681 845,175 261 ,937 351,633 176, 716 163, 669
Held by Federal Reserve bank
262,060 29,579
90,258 10,800 15,995 10,083 18,176
In circulation _
840,18: 153, 671 109,380 140,242 69,470 296,118
27,192 6,163 3, 937 7, 724 5,985 36,168
754,917 251,137 335, 638 166, 633 145,493
812,995 147, 508 105,443 132, 518 63,48? 259,950
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury
3,599,188 331, 617 853, 706 262,930 338,440 154,:,000 113,685
Eligible paper
8,312
872
341
33
5,387
~
217
~
226
IT. S. Government securities
169, 900
15, 000 23, 000 55,000
845,240 134, 632 100,500 126,000 62,175 276, 263
640 186
205
147
58
20, 000 9,400 16,000 7,500 24,000
Total collateral-
3,473,819 298,102
3, 777,400 332,489
859, 093 263, 27: 353, 657 177, 226 168, 718 845, 240 154, 779 109, 958142, 205 70, 3151300, 449
EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 6 MONTHS ENDING JUNE 30, 1935
o
00
Earnings:
Discounted bills
Purchased bills
Industrial advances
United States Government securities
Commitments to make industrial advances..
Deficient reserve penalties
Miscellaneous
Total earnings
Current expenses:
Salaries:
Officers
Clerical employees
Other employees
Contributions—Retirement system
Governors' conferences
Federal Advisory Council
Directors' meetings
Industrial Advisory Committee
Traveling expenses i
i
Assessments for Federal Reserve Board's
expenses
Legal fees
Insurance on currency and security shipments
Other insurance
Taxes on banking house
Light, heat, power, and water
Repairs and alterations, banking house
Rent
Office and other supplies
Printing and stationery
Telephone
Telegraph
Postage
Expressage
Miscellaneous expenses
Total, exclusive of cost of currency
Federal Reserve currencjr:
Original cost
Cost of redemption
—
Taxes on Federal Reserve bank-note circulation.
_
Total current expenses
Current net earnings
Dividends paid
Reimbursable expenditures of Federal Reserve
banks (expenditures as fiscal agents and custodians for the Treasury Department and United
States Government agencies. Not included in
"current expenses" above):
Treasury Department—fiscal agency
Reconstruction Finance Corporation
Farm Credit Administration
Other
Total
New
York Philadelphia
Total
Boston
$80,728
18, 748
618,062
20,785, 528
93, 215
3, 934
490,919
$5,813
1,372
51, 238
1,327, 236
9,880
202
6,121
1, 401, 862
$42,217
7,114
94,865
>, 705, 369
32,453
609
28, 757
i, 911, 384
$7,409
1,890
102,017
1, 427,989
306
187
7,979
1, 547, 777
$3,209
1,778
38,466
1, 791, 481
9,218
328
33, 954
1,878, 434
1, 318, 634
5,800, 663
1,650,407
873, 384
3,074
10,184
71, 705
7,260
145,954
74, 475
381, 607
81,023
51, 968
145
992
2,714
804
7,617
1, 656, 282
424, 525
244, 385
351
726
11,056
426
31,077
76,953
520, 228
90, 299
62, 932
25
550
3,605
228
16, 412
97,113
531, 277
226, 414
73, 380
298
615
4,884
337
15, 226
724, 997
40,703
52,198
539
266,943
300
71, 728
6,232
68, 557
1,706
119,783
135, 501
731, 457
194, 550
44, 495
90,113
185, 738
184,510
118,666
159,629
1, 097, 591
252, 304
311,821
16,136
8,764
104,990
12, 695
1,198
120
10, 632
18, 549
9,418
2,740
127, 081
25, 391
14,214
26,010
21,810
199,802
37,875
11,595
42,965
36, 266
39,142
19,918
188.385
57, 984
78,113
12, 496
9,629
35, 548
17, 463
4, 432
586
24. 688
12, 631
16, 323
6,070
109, 720
23,114
31, 242
14, 273,123
1, 006, 008
3, 694, 766
1,153,134
11, 301
8,909
66,197
22,682
5, 231
43, 333
18,675
18, 463
9,001
10, 683
98, 276
20, 552
21, 855
1, 374. 965
531,945
64, 304
38, 474
5,540
225, 519
11,426
44, 294
6,391
20, 002
4,925
15,816
14, 885,188
1,084
14, 732
1,051,106
3, 946, 443
1, 203, 819
1, 399, 892
7, 205, 946
4,404,448
350, 756
323, 243
2, 964, 941
1, 786, 476
343,958
454, 045
478,542
393, 832
608, 974
1,039,970
182, 668
126, 995
35, 783
17,162
5,876
4,234
70, 646
84, 233
13, 220
45, 894
35,137
53, 665
113
2,643
1, 958, 607
63, 055
213,993
91, 558
93, 089
102, 465
4,667
5, 765
205, 986
36, 397 17,101
104. 913 155, 939
9,917
3,049
5, 921
8,050
157,148 184,139
22,091,134
Cleveland Richmond Atlanta
Kansas
Chicago St. Louis Minneapolis
City
$4,565
506
18,622
849, 736
:* 3,197
~*
169
101,065
977,8
$2,999
488
44, 555
689,471
546
446
™ 8, 334
746,839
$5,653
1,311
19,949
1, 522, 717
11,915
95
49,034
1,610,674
59,817
77,426
215, 037 297, 690
70, 968 112,880
51,957
32,134
307
295
850
1,042
10,256
4,357
511
2,165
3,919
12,898
76,760
211,409
55, 540
32,809
642
1,156
3,360
212
5,423
115,044
530, 500
169, 426
69, 735
394
1,100
8,183
929
14,107
19,289
6, 358
18,931
4,764
50,777
5,197
2,319
3,745
3,397
10, 251
16,452
9,137
26, 583 42, 929 42,850
10,863
11,615
16,975
2,959
3,813
3,703
1,500
11, 277
7, 235
7,358
9,235
9, 262 10, 572
3,703
6,000
3,709
6,124
21, 088
13, 352
47,173
75,946
32,316
4, 602
12, 393
8,051
16, 294
18, 461 19. 499
658, 861 590,916 815,104
4, 524
8,922
16, 535
7,881
1,122
690
8,313
7, 568
4, 652
11,506
52, 461
11,969
13.869
$369
$4,758
$2,219
$1,204
373
695
705
2,218
100, 280 31, 646
45, 532 13,822
927, 534 790,793 3, 228, 270 886,390
10, 600
1,836
9,311
3, 753
180
858
418
278
39,108
47, 940
112, 718 29, 811
1, 083,155 875, 997 3, 393, 973 940, 494
90, 913 99,475
309, 777 204, 958
93, 404 48,300
47, 385 31,165
127
61
911
740
3,316
8,817
393
280
11,714
8,286
26,895
3,827
25, 792
5,570
7,168
7,317
9,402
8,183
32, 607 28, 583
9,765
9,548
1,348
788
2,301
7,866
8,279
9, 664
13, 453
11,098
3, 781
4, 560
22,196
11,748
80, 649
26, 803 19, 033
14,003
16,431
815,924 639,142 1,
27, 370
4,004
10, 205
3,806
168,458 83,370
679,161 262, 737
193, 725 83, 903
132, 742 42, 792
237
192
675
827
7,093
4,064
326
649
4,894
14, 381
84,140
14, 267
10,440
86, 810
22, 404
7,049
7, 589
15, 333
20, 950
8,274
12, 278
127, 058
29, 345
31, 728
671, 864
22,076
$313
298
57,070
638,542
200
164
26,098
722, 685
17,671
6,210
561, 018
1,754
1, 757
11,103
13, 602
48,023
14, 784
1,257
26,128
21,319
16, 463
10,105
21, 926
92,140
13, 067
36,112
1, 291, 421
27,913
2,479
9,164
2, 641
847, 298 653, 153 1, 757, 313
707, 203 621, 308
826, 909
564, 52;* 1,306,215
235, 857 222, 844 1,636,660
150, 574 132,185
383,139
101, 377
93, 859
150,951
121, 304
182,310
120, 768
30, 602 34, 334
95, 341 35, 213
26, 484 27, 625
5, 749
7,333
159, 760 102, 921
76, 947
40, 340
57, 774
8,722
24, 267
65, 705
11,977
8,509
110, 458
74, 476
10,973
113,178
238, 396
7,236
14, 533
373, 343
43, 565
4,777
i Other t h a n those connected with governors' conferences and meetings of directors, t h e Federal Advisory Council, a n d the I n d u s t r i a l Advisory
San FranDallas
cisco
Committees.
183,783
9,209
5,585
41, 493
46, 598
14, 730
9.642
112,463
H
5
OCTOBER
685
FEDERAL RESERVE BULLETIN
1935
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
July
June
296.4
2, 507. 2
232.3
303.2
2,148. 4
225.8
291.3
2,169. 7
226.6
157.9
1, 294. 4
95.9
162.0
956.5
88.4
154.4
997.0
91.4
0 9
4.4
.5
316.1
156.9
101.7
309.3
151.3
104. 3
299.8
144.3
86.5
153.3
83. 1
44.5
147.0
76 7
47.1
139.0
70.5
29.0
.1
2
.1
.2
. l
.05
.2
3
778.6
144.6
115.1
868.0
157. 6
118.3
950.1
137.9
113.0
419.7
74.3
67.9
504.2
86.2
68.7
596.5
67.8
63.6
.04
.1
.1
.04
.1
.1
.04
.05
173.8
120.8
288.7
181.0
118.2
284.9
181.9
109.0
268.7
87.3
61.0
97.8
92.3
59.8
96.3
93.2
51.6
83.6
.1
.6
.3
.1
.4
.3
.1
.4
.2
5,232.2
4,970. 2
4,978. 9
2,637.1
2, 385. 2
2, 437. 6
7.4
7.3
7.5
August
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis.
_
_
-
Kansas City _
Dallas
San Francisco
- -
.
Total
Borrowings at Federal
Reserve banks
Excess
August
June
July
August
July
0.9
4.6
.5
June
0.9
4.2
.6
NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers (places over 15,000)
Net demand
Federal Reserve district
August
Boston
New York...
Philadelphia
_
_
__
Cleveland _
Richmond
Atlanta
Chicago
-_
St. Louis _-.
Minneapolis. - _
Kansas City
Dallas _ . -.
San Francisco
Total
-
July
Member banks in smaller centers (places under 15,Q00)
Net demand
Time
June
August
July
June
August
July
Time
June
August
July
June
1,244
9,067
1,020
1,279
8,922
1,031
1, 235
8,775
1,011
589
1,633
613
586
1,596
611
589
1,590
610
98
224
164
95
223
165
89
216
162
124
456
405
124
455
404
122
448
399
1,234
555
454
1,229
570
453
1, 219
561
457
937
321
271
932
323
273
920
324
273
157
121
89
164
121
93
162
122
93
238
166
72
236
166
72
234
164
70
2, 663
530
299
2,704
540
319
2,614
526
314
1,046 *
260
169
1,054
259
169
1,081
258
168
196
134
133
204
137
142
204
138
144
182
92
171
180
92
171
177
91
171
623
448
1,303
642
430
1,280
642
421
1, 243
197
159
1,814
197
159
1,814
199
159
1,824
246
182
109
253
188
111
252
188
' 110
107
36
93
108
36
92
109
35
91
19,441
19,400
19,019
8,009
7,972
7,993
1,852
1,894
1,881
2,143
2,135
2,110
686
FEDERAL RESERVE BULLETIN
OCTOBER 1935
FEPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
Federal Reserve District
Total
Loans and investments, total:
18,614
Sept. 4
18,675
Sept. 11_._
Sept. 18
— - 19,084
19,126
Sept. 25
Loans on securities, total:
Sept. 4
Sept. 11
Sept. 18
Sept. 25
2,957
2,990
2,952
2,946
Boston
New
York
Philadelphia
Cleve- Rich- Atland mond lanta
1,135
1,129
1,161
1,166
8,435
8,506
8,712
8,740
1,081
1,074
1,097
1,100
1,261
1,256
1, 264
1,265
188
185
184
182
1,751
1,793
1,757
1,752
182
178
178
179
166
166
166
164
To brokers and dealers
in New York:
Sept. 4
823
855
Sept. 11
878
820
Sept. 18
842
804
Sept. 25
825
To brokers and dealers
outside New York:
162
Sept. 4
28
60
156
26
58
Sept. 1 1 153
25
57
Sept. 18.
-.
152
25
58
Sept. 25
To others:
1,972
893
155
Sept. 4_.
_.
1,956
880
154
Sept. 11
1,957
880
154
Sept. 18
_-.
890
153
Sept. 25
... 1,969
Acceptances and commercial
paper bought:
296
129
Sept. 4
301
39
132
Sept. 11
-•
306
40
134
Sept. 18
312
40
138
Sept. 25
Loans on real estate:
946
87
237
Sept. 4_.
951
87
Sept. 11.
238
954
87
Sept. 18___
238
955
87
Sept. 25
238
Other loans:
3,189
278 1,319
Sept. 4
3,218
279 1,340
Sept. 11
279 1,369
Sept. 1 8 ---- 3,253
3,299
1,397
Sept. 25
U. S. Government direct
obligations:
7,315
360 3,342
Sept. 4
351 3,356
Sept. 11—
-- 7,288
3,551
7,660
Sept. 18
7,633
393 3,533
Sept. 25
Obligations fully guaranteed
by U. S. Government:
400
969
18
Sept. 4
402
985
23
Sept. 11
403
988
19
Sept. 18
20
397
981
Sept. 25
Other securities:
2,942
166 1,257
Sept. 4
2,942
165 1,245
Sept. 11
2,971
164 1,260
Sept. 18
3,000
164 1,285
Sept. 25
—.
Reserve with Federal Reserve bank:
4,013
244 2,310
Sept. 4
4,163
268 2,360
Sept. 11
3,947
235 2,206
Sept. 18.
4,066
233 2,282
Sept. 18
Cash in vault:
57
297
95
Sept. 4 . . . .
62
317
97
Sept. 11
59
307
96
Sept. 18
63
312
96
Sept. 25.
Net demand deposits: 1
8,504
15,919
Sept. 4
16,111 1,015 8,629
Sept. 11
16, 232 1,012 8,666
Sept. 18
Sept. 25.
..-. 16,387 1,015 8,756
r
Revised.
i Figures subsequent to Aug. 23 include Government
352
347
355
357
338
339
346
347
Chicago
2,178
2,182
2, 215
2,210
City
MinSt.
Louis neapolis
Kansas
City
Dal-
342
347
355
360
608
604
606
613
427
424
428
430
559
536
563
551
229
226
226
223
San
Francisco
New
York
1,898
1,931
1,982
1,987
7,580
7,656
7,852
7,882
1,766
1,768
1,799
1,794
1,584
1,621
1,591
1,584
194
191
192
189
171
171
170
175
Chi-
794
847
817
800
13
12
12
13
154
153
153
153
157
157
158
156
31
30
31
29
10
58
56
55
56
29
28
29
27
197
195
194
193
161
162
162
167
732
718
719
728
164
162
162
161
10
10
10
10
4
4
72
72
72
72
12
12
12
12
174
174
173
170
144
147
141
144
103
103
104
106
306
307
311
282
285
643
653
653
105
105
110
111
1,158
1,156
1.185
1,180
89
89
89
90
36
34
34
34
100
107
109
108
276
275
285
285
189
188
194
194
324
327
328
328
90
164
183
178
165
165
168
178
216
74
76
44
43
40
523
528
535
548
81
108
93
103
13
15
14
14
19
21
21
22
12
13
12
12
6
7
7
7
45
47
46
46
832
845
857
852
790
791
804
843
246
248
248
250
223
222
226
227
2,015
2,024
2,037
2,046
deposits.
112
110
115
116
24
24
25
25
2
2
2
2
22
22
23
24
126
129
131
135
21
21
21
21
37
37
37
38
5
5
5
5
14
14
14
14
24
24
24
21
343
346
349
352
122
123
123
123
15
15
15
16
101
103
104
106
114
118
122
125
121
122
122
123
112
112
112
115
339
339
344
345
1,182
1,202
1,232
1,259
235
232
233
236
217
123
123
127
126
238
231
233
239
160
158
162
158
583
599
641
634
3,125
3,148
3,326
3,312
967
961
46
47
47
47
116
123
125
127
371
372
372
119
120
119
119
324
331
330
330
1,070
1,061
1,077
1,103
274
276
277
277
59
64
54
58
97
103
96
97
188
194
192
186
2,250
2,294
2,118
2,223
473
482
486
499
10
10
10
10
4
5
5
4
11
12
11
12
10
17
18
17
17
45
49
47
50
35
36
36
35
421
425
437
434
239
251
249
258
509
513
506
516
328
330
'329
331
819
818
861
r
859
8,063
8,186
8,192
8,313
1,729
1,739
1,749
1,759
213
205
95
94
94
OCTOBER
687
FEDERAL RESERVE BULLETIN
1935
REPORTING MEMBER BANKS IN LEADING CITIES-Continued
[In millions of dollars]
Feden il Reserve District
Total
Time deposits:
Sept 4
Sept. 11
Sept. 18
Sept. 25
Government deposits:
Sept. 4
Sept. 11 _
Sept 18
Sopt. 25
Due from banks:
Sept. 4
Sept. 11—
Sept. 18
Sept. 25
Due to banks:
Sept. 4
Sept. 11.
Sept. 18
Sept. 25
Borrowings from Federal Reserve banks:
Sept. 4.
_ _
Sept. 11
Sept. 18.
Sept. 25-
Boston
New
York
Philadelphia
4,380
4,386
4,408
4,410
312
311
311
309
997
995
993
998
282
282
284
283
486
490
677
677
30
30
32
32
248
249
323
323
1,901
1,958
1, 968
1,931
119
117
113
107
4 684
4,804
4,816
4,696
212
218
219
210
1
1
City
MinSt.
Louis neapolis
Kansas
City
169
169
169
169
124
123
124
124
156
156
156
157
38
77
78
14
14
15
15
6
7
8
7
93
95
97
97
320
310
304
305
106
121
107
116
111
110
111
111
634
640
637
635
193
195
201
200
Cleve- Richland mond
Atlanta
469
468
470
471
138
138
138
138
134
133
133
133
534
541
555
553
31
31
36
36
23
24
37
37
6
6
7
7
14
15
21
21
OQ
184
189
183
168
151
153
161
160
130
141
158
159
96
101
97
101
2,157
2,245
2,241
2,149
270
270
273
271
212
212
209
203
114
115
116
118
Chicago
San
Francisco
New
York
122
121
122
121
943
949
953
954
595
592
589
595
383
390
405
403
10
10
12
12
19
19
25
25
47
47
84
84
230
231
297
297
28
28
65
65
108
108
106
103
232
246
264
250
143
145
150
151
219
232
228
214
94
93
96
91
231
217
215
213
97
100
99
99
313
319
329
324
137
138
142
144
234
242
239
232
2,089
2,179
2,175
2,085
522
531
528
528
Dallas
Chicago
688
FEDERAL RESERVE BULLETIN
OCTOBER
1935
OTHER BANKING AND FINANCIAL STATISTICS
PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
Total in
End of month
1934—August
September
October
November
December
1935—January
February
March
April
May
June
July
August
circulation i
._
__
_ _
$1
$2
$5
$10
$20
$50
$100
$500
$1,000
$5,000
Unassorted in
Federal
$10,000 Reserve
banks
and
Treasury 2
4,961
5,019
5,012
5,102
5,084
403
411
410
422
423
33
32
32
32
32
741
755
752
776
771
1,250
1,266
1,265
1,300
1,288
1,294
1,311
1,314
1,332
1,326
335
336
335
337
337
568
571
571
571
577
112
113
112
111
112
222
223
221
214
216
5
5
5
5
5
8
7
7
10
7
10
12
13
8
11
4,940
5,024
5,048
5,028
5,087
5,114
5,063
5,172
401
407
410
411
420
419
415
424
32
31
32
32
32
32
31
32
740
755
754
749
760
760
755
778
1,240
1,275
1,285
1,266
1,290
1,296
1,273
1,324
1,293
1,314
1,309
1,300
1,309
1,309
1,289
1,313
336
340
341
340
343
349
344
347
571
575
578
580
588
598
596
598
111
112
113
116
115
116
116
116
214
217
221
230
225
225
231
233
5
6
6
5
6
6
7
7
8
8
8
9
8
10
11
13
15
9
8
11
5
4
11
7
1 Total of amounts shown by denominations less unassorted amounts in Treasury and Federal Reserve banks.
2
Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed.
Back figures—See Annual Report for 1934 (table 50).
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
BY SELECTED BANKS IN NEW YORK CITY
[In thousands of dollars]
January
February. _
March
April
May
June
July
August. .
September
October
November
December
Total
1935
Number
of centers
1935
1934
Month
ShipShipReRements ceipts Net
ments ceipts
Net
from receipts
to
from receipts
to
Europe Europe
Europe Europe
0
1
0
1
10
g
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
5,256
3,739
2,200
2,899
3,770
3,463
3,538
5,193
4,231
2,524
1,930
1,499
345
40, 587
40, 242
81
173
167
373
1,012
191
286
282
721
3,705
1,502
2,026
1,465
1,612
1,451
2,261
2,289
1,157
3,624
1,329
1, 859
1,092
600
1,260
1,975
2,007
436
For description and back figures see BULLETIN for January 1932,
pp. 7-9, and for January 1934, p. 51.
BANK DEBITS
[Debits to individual accounts. Amounts in millions of dollais]
New York City
Outside New York City
Federal Reserve districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta..
_. __
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total . _
. .._
August
1934
July
August
1
140
14, 733
15,643
16, 737
16, 657
12, 235
13, 421
11
7
10
]3
7
15
21
5
9
15
10
18
1,614
15,285
1,361
1, 564
578
668
4,075
757
593
971
526
2, 384
2, 035
17, 390
1,486
1, 599
589
692
4,287
786
526
943
620
2,440
1, 455
12,821
1, 143
1,308
531
611
3.405
626
524
846
453
1,984
141
30, 376
33, 394
25, 706
FEDERAL RESERVE
OCTOBER 1935
689
BULLETIN
BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP
DURING 1934 AND JANUARY-SEPTEMBER 1935
[Preliminary figures]
Nonlicensed banks placed in Jliquidation
or receivership
Licensed banks suspended *
Deposits s (in thousands of dollars)
Number of banks
Deposits » (in thousands of dollars)
Number of banks
Year 1934 Jan.-Sept.
Year 1934 Jan.-Sept.
Year 1934 Jan.-Sept.
Year 1934 Jan.-Sept.
1935
1935
1935
1935
National banks.
State bank members
Nonmember insured banks
Other nonmember banks
_ _
Total
1
4
40
5,387
8
48
13
8
1,912
34,985
2,852
998
57
25
36,937
9,237
390,218
* 39,492
398
«23
4
«5
506
46
195, 211
13,804
927
55
624,921
26,587
6r499
* 6,284
1
1
s
Includes banks placed on a restricted basis.
Includes nonlicensed banks absorbed or succeeded by other banks.
Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or
receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest
call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported
closing of the banks.
* Includes 14 banks with deposits of $12,504,000 in 1934 and 4 banks with deposits of $5,066,000 during January-September 1935, which did not
eceive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation.
Back figures.—See Annual Report for 1934 (tables 79-84)*
MATURITY DISTRIBUTION OF BILLS AND
SECURITIES HELD BY FEDERAL RESERVE
BANKS
POSTAL SAVINGS SYSTEM
[In millions of dollars]
[In thousands of dollars]
Assets
Total
U. S. Government
securities
With- 16 to
30
in 15
days days
31 to
60
days
61 to
90
days
End of month
sa
1,198
1934—June
1,190
July
1,192
August
1,193
September
1,199
October
November. _ _ 1,204
1,207
December
1,225
1, 218
1,221
1,222
1, 229
1,236
1,237
644
598
574
561
551
540
453
478
519
565
571
581
597
1935—January
February
March
April
May
June.
July
August
1,232
1,237
1,232
1.231
1,237
509
491
478
452
412
614
633
691
685
709
1,201
1, 205
1,203
1,200
1,205
1, 205
p 1,190
»1,191
5
418
418
418
451
457
467
467
35
60
101
114
114
114
130
104
83
97
104
100
467
467
508
539
562
147
166
183
146
147
109
113
63
94
116
» Preliminary.
i Includes working cash with postmasters, 5 percent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments and accounts due from late postmasters.
Back figures—See BULLETIN for August 1935, p. 502.
Bills discounter! •
ea.
10, 708
Sept. 4
11,177
Sept. 11... _
9,638
Sept. 18....
9,547
Sept. 25
Bills bought in
open market:
4,685
Sept. 4
Sept. 11
4, 685
4,682
Sept. 18 .
Sept. 25
4,688
Industrial advances:
29, 430
Sept. 4
29, 550
Sept. 11....
30, 230
Sept. 18—.
30,132
Sept. 25....
TT Q (~1 riTTArw
u. o. vjovernment securities:
2, 430, 213
Sept. 4
Sept. 11.... 2, 430, 210
2, 430, 273
Sept. 18
Sept. 25.... 2, 430, 196
91
days
to 6
mos.
9, 145
9,698
7,887
7,508
284
203
332
340
496
519
1, 233
303
712
702
129
1,325
698
2,092
1,648
280
1571
221
499
572
470
513
1,452
1,603
1,946
1,859
1,083
2, 233
1, 367
464
1,264 1, 282
1, 556 1,317
2, 364
572
1,607
797
505
464
631
648
645
738
2.033
2, 222
2,315
2, 255
20,163 30, 800
27,963 27, 600
30, 800 27,512
30, 600 33, 439
105,333
85, 370
47, 360
48, 985
43, 860
53, 010
132,923
162, 180
294, 458
297,058
215, 695
187, 188
Over
6
mos.
70
54
56
71
1
1
1
23,
23,
23,
23,
328
337
892
739
1,935,599
1,939, 209
1,975,983
1,967,804
690
FEDERAL RESERVE BULLETIN
OCTOBER 1935
ALL BANKS IN THE UNITED STATES
ALL BANKS *—PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31 AND JUNE 30,
1934, BY DISTRICTS
[Amounts in millions of dollars; figures for nonmember banks are for dates indicated or for call dates nearest thereto for which figures are available]
Loans and investments
Total
Investments
Loans
Deposits, exclusive of
interbank deposits
Number of b
anks
Federal Reserve district
DeMarch cember
1935
1934
June
1934
DeMarch cem1935
ber
1934
DeJune March cem1935
ber
1934
1934
June March
1934
1935
2,521
8,883
1,840
1,756
915
529
2,597
683
598
705
413
1,914
5,501
2,426
8,178 16,494
3,112
1,691
3,054
1,597
1,804
805
496 1,196
2,080 4,597
644 1,396
526 1,063
629 1,447
407 1,015
1,744
3,775
December
1934
DeJune March cem1934
ber
1935
1934
June
1934
ALL BANKS 1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas
...
San Francisco
5,461
5,443 5,441
17,248 17,100 17,028
3.127
3,203 3,172
3,031 3,036 2,953
1,578
1,682
1,676
1,024
1,114
1,105
4,104 3,977 3,719
1,224
1,294
1,289
931
969
'957
1,182
1,127
1,186
817
830
850
3,649 3,666 3,511
.
Total
43, 747 43,458 42,502
2,922
8,366
1,363
1,275
761
586
1,507
612
372
481
416
1,735
2,904
8,394
1,383
1,288
767
588
1,518
607
375
482
418
1,750
20, 394 20,474
3,035
8,850
1,436
1,356
774
528
1,639
579
405
499
410
1,767
2,537
8,707
1,788
1,748
916
517
2,459
682
582
700
432
1,916
21,278 23, 353 22, 984 21,223 44, 455
r
5,479 5,457
16, 938 15, 788
3,089 2,972
3,075 2,865
1,794
1,653
1,182
1,046
4,531 4,038
1,375
1,239
r
974
1,051
1,432
1,346
1,001
931
3,823 3,561
905
1,271
947
1,273
1,059
1,105
2,597
1,674
1 420
1,989
1,051
733
912
1,270
950
1,270
1,057
1,105
2,579
1,669
r
1,427
2,002
1,064
734
911
1,270
928
1,243
1,034
1,092
2,450
1,648
1,437
2,014
1,074
734
44,770 41,870
16,024
16,039
15,835
1,933
9,120
2,009
2,218
1,045
814
3,168
847
699
997
792
2,973
365
792
655
624
400
332
686
391
518
730
552
377
371
791
656
627
400
332
682
391
524
734
555
379
373
788
644
613
394
324
658
383
531
736
554
377
28, 943 26, 615
6,422
6,442
6,375
3,524
6,668
963
647
607
232
871
392
275
349
139
589
540
479
292
649
659
773
1,911
1,283
902
1,259
499
356
541
479
294
643
657
773
1,897
1,278
r903
1,268
509
355
538
482
284
630
640
768
1,792
1,265
906
1,278
520
357
9,602 ' 9,597
9,460
MEMBER BANKS
Boston _
New York._
Philadelphia
Cleveland.
RichmondAtlanta.
Chicago
St. Louis
Minneapolis
Kansas City..
Dallas
San Francisco
.
__ .
Total
1,892
1,891
1,885
10, 202 10,216 10,078
2,141
2,214
2,185
2,308
2,359 2,366
996
1,072
1,059
871
812
877
2,878
3,257 3,146
877
930
933
683
704
699
905
956
956
683
703
725
3,106
3,110 2,924
28,271 28,150 27,175
995
4,296
993
930
465
438
1,058
380
258
346
336
1,458
971
4,314
1,012
944
465
4*0
1,074
383
263
351
341
1,469
11, 953 12,028
896
5,906
1,220
1,429
607
439
2,199
550
446
610
367
1,649
913
5,902
1,173
1,422
593
431
2,072
550
435
606
384
1,641
12, 523 16,318
16,122
1,057
4,624
1,059
1,002
476
392
1,124
358
283
361
328
1,459
834
5,454
1,082
1,306
520
419
1,754
519
400
543
355
1,466
1,971
9,717
2,103
2,346
1,139
917
3, 562
926
755
1,077
857
3,218
14,652 28, 589
1,962
10,082
2,098
2,383
1,118
909
3,534
930
755
1,061
845
3,266
NONMEMBER BANKS
Boston
New YorkPhiladelphia
Cleveland
RichmondAtlanta
C hicago
St. Louis.. _
Minneapolis
Kansas City
Dallas
San Francisco
Total
3,551
7,046
989
672
603
237
847
364
266
230
127
543
15,476
3,531
6,777
1,009
708
665
279
1,034
470
308
370
158
557
3,569
6,951
986
645
582
213
842
347
249
223
134
587
1,926
4,070
369
345
295
148
449
231
114
135
81
277
1,933
4,080
371
344
301
148
444
224
112
132
77
281
1,978
4,227
377
355
298
136
515
221
122
137
82
308
1,625
2,977
620
327
308
89
398
133
152
94
46
266
1,624
2,805
616
326
322
86
388
132
147
94
48
275
1,592
2,724
609
291
284
77
327
126
127
85
52
279
15,308 15,327
8,441
8,446
8,755
7,035
6,862
6,572 15,866 r 15,827 15, 255
3,556
6,885
986
670
623
234
831
356
259
226
125
556
3, 517
6,856
991
692
676
273
997
445
2S7
371
156
557
* Revised.
* Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on p. 693
Backfigures.—SeeAnnual Reports of the Federal Reserve Board for 1929 (tables 83-85) and 1931 (tables 93-95); also BULLETINS for October
1932 (p. 663), April 1933 (p. 254), and February 1935 (p. 123).
OCTOBER
691
FEDERAL RESERVE BULLETIN
1935
ALL BANKS IN THE UNITED STATES—Continued
1
ALL BANKS —PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31 AND JUNE 30,
1934, BY STATES
[Amounts in thousands of dollars]
Loans
Deposits, exclusive of interbank deposits
Investments
State
March
1935
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois.
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho.
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada..
Pacific:
Washington
Oregon
California
Total..
December June 1934
1934
March
1935
December June 1934
1934
March
1935
Number of banks
DeDecember
cemJune 1934 March
1934
1935
ber
1934
285,444 284, 222
112,117
184,368
167, 244 289,930
118,886
176,949
250,027
249,713
247,996
110, 284 111,476
156, 587
156, 736 154,389
162,
525
99,413
165,337
167,545
93, 618
80, 209
75,
575
80, 716
1,916,189 2,000,481 1,511,536 1, 522,362 1,450,545 3, 488,034 3, 475,967 3,472,887
203,302
444,
615
441,381
439,917
190,920
235,980
253,093
252,977
622, 279 652,784 453,561
452,474 420, 080 1,118, 581 1,114,183 1, 091, 714
June
1934
104
113
97
399
35
200
104
113
98
405
35
200
102
113
95
409
35
201
920
7, 577,105 7, 592,747 7,987,491 8,057,830 7,890,249 7,415,471 14, 766,093 15, 222,878 14,126, 765
808,973
832,311
774,589 1, 757, 019 1, 737, 297 1, 680, 307
430
795,550
863,826 850,801
1, 587,781 1, 616,053 1, 695,753 2, 569,314 2, 512,107 2,378, 677 3,935,978 3,931,722 3, 766,025 1,132
922
427
1,136
922
423
1,111
112,718
110,009
91,873
1,940,243
190, 339
615,975
727,067
204, 740
770.886
279, 617
238, 523
725, 520
205, 696
765, 634
284, 079
251, 732
673,936 1, 633, 225 1,639, 325 1, 502, 376
759, 572 762,453
766,757
536,364
535, 629 475,858
209,164
213, 578 251,895
249,310
859, 587 1, 548, 513 1,422,309 1, 213, 735 2,452, 274 2,464,864 2,207,091
886,206
771,442
389,092 927,154
298, 310 505,902
474,587
572,181
611,403
273,365 298, 771
320, 297 277, 652 622,436
710
548
880
498
625
706
548
882
486
624
687
520
878
435
607
252,422
163,970
344,744
21,910
26,831
83, 432
113,775
253,936
163,714
345,095
22, 483
26, 770
81,409
115,382
271, 754
154, 546
348,843
25, 720
28,981
82,748
125, 688
402,902
190, 268
506,365
33, 385
35,974
125,274
129,940
391,975
189, 320
502,049
31,846
34,914
127,477
125,927
353, 797
164, 407
476, 957
28,104
31,479
110,602
108, 504
692,039
448,734
952, 66r
65, 308
73, 836
239,457
317,106
682,251
417,011
953,942
65,366
74, 492
234,152
317, 352
632,395
369,656
887, 653
58,122
67, 227
218, 700
290, 628
668
709
205
212
436
737
663
710
206
212
43'
743
691
622
702
210
212
435
752
75,106
205, 22"
83, 015
233, 481
117,202
110, 258
40, 704
190, 707
56, 612
76,739
204,850
77, 264
218,770
72,050
415, 290
71,946
420, 392
68, 801
373,633
133,796
624, 311
139, 682
629,339
129,610
607,068
49
202
49
201
49
192
194,261
170, 279
109, 887
58, 541
112,103
166,516
82,479
121,419
34,804
94, 344
129, 758
109,832
166,593
83, 857
115, 582
37, 774
96,129
122, 729
103,375
141, 251
79,493
91, 200
33, 500
99, 975
124, 606
253,332
401, 265
222,99'
256, 546
98, 66'
285,787
226, 643
237, 594
393,713
221,170
258,158
105,158
282, 620
205, 288
217,771
379,837
216,066
204,017
79,453
256,080
186, 600
22
327
183
21'
13'
327
156
22
329
182
216
136
327
156
21
328
181
214
126
322
155
187, 255
174, 649
112,836
58,493
246,831
125,59'
96, 696
29, ior
155,498
45,159
191,911
159,190
95,076
53,965
160, 810
128, 062
81,942
59,742
152,18,p
127,447
82, 532
57,920
137, 373
117,305
72, 764
52, 073
346,175
314, 605
200, 740
142, 935
327, 065
313, 056
203,730
139,441
297,324
278, 248
168, 62"
120, 033
440
332
222
213
439
332
222
213
444
329
217
213
56,333
120, 416
97, 345"
375, 545
55,979
125, 283
95,916
376, 37;
47,201
117,006
96,485
368,631
43, 654
114, 076
138, 220
385,197
46,563
114,155
141, 214
396,312
42, 833
107, 061
135,965
373,134
109,897
258, 659
283, 000
919, 538
112,882
268, 841
275, 516
898, 714
98, 543
234, 278
273,061
840, 534
243
149
410
935
237
149
412
230
147
416
957
24, 433
15, 616
17, 961
58, 390
9,682
15, 392
38, 230
3,512
r 24, 366
15,918
18,171
61, 323
9, 346
15,361
38, 582
3,430
27, 205
15, 320
20, 242
60,012
9,561
14, 986
40, 486
3,
53, 755
31,445
16,149
116,809
14,327
21,775
50, 575
11, 552
' 53, 068
33, 420
16, 832
116,833
13,916
22, 276
57, 256
11,461
48, 445
26,399
14, 563
110,996
11, 872
22, 601
49,863
9,368
102, 291
64, 921
45, 36'
228, 487
36,064
53, 550
104,477
20,154
••102,462
66, 689
45,731
224, 486
35,897
52,460
104, 65'
19,638
92, 204
53,510
41,431
206,213
29,385
49,491
92, 047
16, 446
118
62
59
159
42
16
59
10
-•120
63
60
161
42
17
58
10
125
64
63
160
43
17
60
10
132, 282
129, 779 192, 720
135,273
196, 403 179, 793 344,750
350,79i
315, 527
53,403
52, 525
54, 283 122, 203
108, 947 114, 303 195,1.18
192,482
182, 703
1,480, 757 1,493,810 1, 513, 672 1,489, 530 1, 496,882 1, 353, 933 3,007,037 3,057,135 2,873, 268
205
106
281
204
106
283
202
105
283
84,365
240,010
118, 388
107,187
41, 703
184,986
55, 532
20,394,030 20,473,314 21, 278, 32623,353,134 ' 22,984,105 21, 223,570 44, 454, 506 ' 44,770,315
41,870,082 16,024 ' 16,039 15,835
r
Revised.
i Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on p. 693.
692
FEDERAL RESERVE BULLETIN
OCTOBER 1935-
ALL BANKS IN THE UNITED STATES—Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31
AND JUNE 30, 1934, BY STATES
[Amounts in thousands of dollars]
Loans
Deposits, exclusive of interbank
deposits
Investments
Number of banks
State
March
1935
December 1934
June
1934
New England:
38,991
35,611
35,483
Maine
29, 037
27, 845
New Hampshire- 27, 570
21,809
20, 609
Vermont
_ __ 20,150
579,800
508,993
532, 005
Massachusetts
41,862
38,959
40, 703
Rhode Island
114, 745
107,093
Connecticut
107,465
Middle Atlantic:
New York
1,496,214 1,477,975 1, 527, 397
247. 219
268, 298
239, 262
New Jersey
82G, 700
860, 689
808, 698
Pennsylvania
East North Central:
260,872
276,477
265, 224
Ohio
75,372
74, 416
77, 542
Indiana
594, 923
551, 693
565,690
Illinois
119,132
113,149
110, 359
Michigan
121, 610
129, 032
108,401
Wisconsin
West North Central:
194,945
183,264
179, 706
Minnesota
52, 721
58,149
54, 324
Iowa
133,009
133, 828
133,477
Missouri
15,918
13, 779
13, 206
North Dakota
13,468
14,621
13,440
South Dakota
56, 697
58,155
57,171
Nebraska
54,966
59,
482
53,
736
Kansas . . .
South Atlantic:
8,535
8,309
8,323
Delaware
58,883
54, 995
53, 766
Maryland
District of Co42, 768
41,412
39, 945
lumbia
143, 224
132, 769
136, 570
Virginia _
61, 238
57, 021
58,136
West Virginia
28, 561
30,
501
31,
239
North Carolina-..
15, 652
11, 004
South Carolina.._ 20, 645
112, 453
98, 371
118,174
Georgia
32,469
41, 503
40,881
Florida
East South Central:
71,529
81,054
74,048
Kentucky
100,882
121,815
117,445
Tennessee
68,402
79,906
76,957
Alabama
18,791
19,134
19,376
Mississippi
West South Central:
24, 637
29,401
29, 276
Arkansas
77,121
81,061
84,519
Louisiana
83, 606
83,767
84, 807
Oklahoma -_
291, 200
304,168
300,075
Texas
Mountain:
13,370
12,223
11,878
Montana
5,811
5,570
5,645
Idaho
12,358
11,341
11,177
Wyoming
47,816
45,996
45,244
Colorado
7,345
6,991
7,223
New Mexico
4,373
9,527
5,147
Arizona
16, 238
15, 241
15,115
Utah
2,608
2,563
2,507
Nevada
Pacific:
76,106
71,
859
74,
700
Washington
43,342
41,772
42,905
Oregon
_
1,
032,
648
1,
022,927
1,
027,
756
California
7,478,829 7,475,377 7,680,576
Total
June
1934
March
December 1934
June
1935
54,885
28,693
24, 280
430, 220
33, 049
86,185
100,631
52,655
43, 070
1,021,981
75, 220
218,124
98,429
52, 341
42,439
1,017,310
74,166
221, 397
2,221,077
350, 214
1, 296, 391
2, 237, 251 2,017, 679
300, 426
338,946
1, 241,870 1,162, 537
3, 539, 829
643,189
1, 907, 939
396, 791
146,373
1,124, 560
301, 583
164, 990
402, 287
143, 788
1,011,949
281,926
186,516
290, 009
93,353
256,057
27, 351
24,088
106, 389
83, 812
284,087
95,019
251,741
25,812
22,985
107,381
79, 620
9,621
185,173
March
December 1934
De-
March cem-
June
1934
1935
ber
1934
98,081
50,623
40, 301
1,047,757
71, 538
212, 220
40
52
43
129
12
54
40
52
43
132
12
54
39
52
42
138
12
54
3, 651, 650
640, 266
1, 884, 285
3, 296, 383
600, 914
1, 813, 397
460
237
709
461
236
711
459
234
697
698, 923
257, 688
1, 710,477
492,042
336,472
704,825
256,953
1,729,457
468,056
325,439
632,321
223, 213
1, 564, 957
404, 030
304, 480
252
125
293
85
107
253
125
292
85
106
248
120
281
86
105
259, 345
87,438
215,336
23,977
21,748
94,174
69,880
477,057
164,615
374, 086
47, 750
42, 677
173.040
171,834
478, 581
160,498
375, 363
47,808
43,458
168,124
172,243
440,874
145,320
347, 562
43, 069
39, 707
157, 234
156, 205
207
123
89
68
64
138
190
211
123
90
69
64
138
192
211
121
90
71
64
137
196
9,647
183,635
9,168
159,103
14, 898
224, 431
14, 602
230, 002
14, 111
215,186
16
63
16
63
16
62
66, 961
119.981
49, 214
25, 502
18, 952
72, 084
105,994
67,263
117, 784
50,343
27, 524
17,552
73,869
99, 583
62, 840
99, 212
47, 925
21,215
15,602
79,498
102, 727
141, 532
246, 218
116,910
69,966
51, 599
191,417
172, 488
132,440
247, 692
115,659
71,115
39, 505
188, 250
155, 660
122,102
238,162
113,973
55, 271
30, 862
178,947
141,013
9
131
80
44
19
58
50
9
133
79
44
19
58
50
9
132
78
42
18
54
50
97,624
106,619
61,090
24,091
88,999
106,004
61,680
23,568
80,093
99,183
58,387
21,374
172,610
223,072
139,565
50,276
153, 500
221, 523
142, 555
49,727
137,883
196,905
122, 627
43,959
100
73
72
25
99
73
72
25
98
71
70
25
29,446
82,142
123,451
337, 267
31,634
82,109
125,647
344,850
30, 217
78,610
121,625
318, 230
62, 640
174,155
243,533
759,865
64,577
181,346
236,018
742, 465
58,549
159, 025
235,561
698,150
51
30
216
456
51
30
217
456
51
28
219
456
34,516
15,360
12,955
103,223
12,028
14, 232
26,445
10, 092
33,843
15,340
13,324
103,769
11,712
9,752
28, 652
10,099
31, 592
11,715
11,385
97,457
9, 763
10,927
26, 593
8,103
60,961
26, 745
31,489
186, 251
29,175
34,441
46,197
16,395
61,086
26,959
31,401
185,278
28,976
20,138
46, 815
16,030
54,845
21,771
28, 638
170,169
23,855
19, 697
39,984
13,190
45
25
26
81
24
8
13
6
46
25
26
81
24
8
13
6
48
25
26
80
24
8
14
6
124, 937
108,962
1,035, 626
130,160
96,382
1,039,274
123,906
104,509
902, 358
208,001
166,091
2,091,302
214, 097
163,792
2,124,575
192,381
157,918
1,922,330
67
53
128
67
53
130
67
53
130
10, 588,334 10,434,955 9, 330, 869 18, 501,522 18, 518, 871 17, 097, 250
5,446
5,462
5,417
1935
61, 523
30, 891
26, 698
447, 762
31,997
92,837
61,126
31,040
26, 777
465, 597
39,374
95,865
340, 074
124, 563
816, 594
229,499
166,970
1934
693
FEDERAL RESERVE BULLETIN
OCTOBER 1935
ALL BANKS IN THE UNITED STATES-Continued
STATE BANKS *—PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31 AND
JUNE 30, 1934, BY STATES
[Amounts in thousands of dollars]
Loans
Deposits, exclusive of interbank deposits
Investments
State
March
1935
December 1934
New England:
Maine
77, 235
76, 506
New Hampshire...
82,439
82,439
Vermont
71, 723
73, 009
Massachusetts
1,408, 238 1,407,196
Rhode Island
149, 636
151,961
Connecticut..
508, 510
515,186
Middle Atlantic:
New York
6,080,891 6,114, 772
New Jersey
556, 288
561, 754
Pennsylvania
779,083
795,353
East North Central:
Ohio
461, 843
464, 648
130, 324
130, 324
Indiana
Illinois...
205,196
213,941
Michigan.. _
169, 258
170, 930
Wisconsin
130,122
130,122
West North Central;
72, 716
70, 672
Minnesota
_.
109, 646
Iowa
105, 565
Missouri
211, 267
211, 267
8,704
8,704
North Dakota
13, 391
13, 302
South Dakota
26, 261
Nebraska...
24,712
Kansas...
60, 039
60,416
South Atlantic:
66, 797
68,416
Delaware.
151,461
149,855
Maryland
43, 070
42,953
Dist. of Columbia..
100, 712
103, 440
Virginia
60,181
60, 252
West Virginia
79, 019
North Carolina
76, 686
3 20, 059 3 26, 051
South Carolina
Georgia
72, 533
72, 533
Florida
15,109
14, 651
East South Central:
113, 207
Kentucky
113,207
Temessee
AlabamaMississippi. _
_.
West South Central:
Arkansas
Louisiana
_
Oklahoma
_.
Texas.
Mountain:
Montana
Idaho
Wyoming
Colorado
_.
New Mexico
Arizona
Utah
Nevada
PacificWashington...
Oregon
California
Total
June
1934
March
1935
December 1934
June
1934
March
1935
December 1934
June
1934
Number of banks
DeM a r c h cember
1935
1934
June
1934
122, 845
79,89i
125, 696
82, 439
53,511
77, 604
1,420, 681 1, 063, 774
203, 983
161,440
360, 724
538,039
189, 299
186,141
115, 823 112,359
187,015
197, 372 197,373
125, 696 125, 696 197, 372
51, 295 119, 455
122, 898 127, 244
53, 93f
1,056, 765 1, 020,325 2, 466, 053 2, 458, 657 2, 425,130
367, 215 368, 379
213, 603 220, 044 369, 395
892, 786 879, 494
900, 457
356, 609 333,895
64
61
54
270
23
146
64
61
55
273
23
146
63
61
53
271
23
147
6,460, 094 5,836, 753
595, 528
500, 587
835,064 1, 272,923
22! 10, 830, 382
5, 652, 998 5, 397, 79211, 226, 264 11, 571,228
493, 365 474,163 1,113,830 1, 097, 031 1, 079, 393
1,270, 237 1, 216,140 2,028, 039 2, 047,437 1, 952, 628
460
193
423
461
191
425
463
189
414
483,095
136,036
264, 664
179,178
144, 333
365, 662
105, 522
423,953
204, 319
133, 781
364,470
105, 522
410, 360
192, 661
133, 781
333,862
84, 601
397,141
159, 593
110,682
934, 302
278, 676
741,797
435,112
285,964
934,500
278, 676
735,407
418,150
285,964
870,055
252, 645
642,134
367,412
267, 701
458
423
587
413
518
453
423
590
401
518
439
400
597
349
502
76,809
101,825
215,834
9,802
14, 360
24, 593
66, 206
112,893
96,915
250, 308
6,034
11,886
18,885
46,128
107,888
94, 301
250, 308
6,034
11, 929
20, 096
46, 307
94,452
214,982
76, 969 284,119
261, 621 2 578, 579
4,127
17, 558
9,731
31,159
16,428
66, 417
38, 624 2145, 272
203, 670
256, 513
578, 579
17, 558
31, 034
m,
028
2
145,109
191, 521
224, 336
540, 091
15, 053
27, 520
61,466
2
134,423
478
545
620
137
148
298
547
478
540
620
137
148
299
551
480
501
612
139
148
298
556
68, 729
159,887
45,922
103,607
64, 359
68,135
3 18,103
57,127
12, 690
62,429
230,117
45,142
46, 535
33, 265
95,917
315,852
22, 260
23, 764
62, 299
236, 757
42, 569
48,809
33, 514
59, 633
214,530
40, 535
3 20, 222
22, 260
23,146
31,568
69,985
17,898
20, 477
21,879
118,898
125,080
115,499
399,880 . 399,337 391,882
95, 669
111,800
105,154
146, 021 141, 675
155,047
105, 511 102, 093
106, 087
187, 043 148, 746
186, 580
3 65, 653 3 48, 591
3 47,068
94, 370
94, 370
77,133
54,155
49, 628
45, 587
33
139
13
196
103
173
3 118
269
106
33
138
13
196
103
172
3 117
269
106
33
130
12
196
103
172
s 108
268
105
3
2
2
52, 834
32, 930
39,407
52, 834
32, 930
39,117
120,382
58,308
26,674
35,174
63,186
21,443
20,852
35, 651
63,186
21,44/3
20, 852
34,352
57,280
18,122
14, 377,
30, 699
173, 565
2
91, 533
2 61,175
92, 659
2
91,533
2
61,175
89, 714
159,441
81, 343
46, 000
76, 074
340
259
150
188
340
259
150
188
346
258
147
188
27, 057
39,355
12,541
75,470
26,578
40, 764
12,149
72,2L0
22, 564
39, 885
12, 879
77,431
14,208
31,934
14, 769
47, 930
14,929
32, 046
15, 567
51,462
12, 616
28,451
14, 340
54, 904
47, 257
84,5 S4
39,467
159,673
48,305
87, 495
39, 498
156, 249
39, 994
75,253
37, 500
142, 384
192
119
194
479
186
119
195
491
179
119
197
501
12, 555
9,971
6,784
13,146
2,459
5,865
23,115
904
' 12, 543
10,107
6,830
13, 507
2,355
10, 214
23, 341
923
13, 835
9,750
7,884
14,016
2,216
10, 613
24, 248
1,036
19,239
16,085
3,194
13, 586
2,299
7,543
24,130
1,460
' 19, 225
18,080
3,508
13,064
2,204
12, 524
28, 604
1,362
16,853
14,684
3,178
13, 539
2,109
11,674
23, 270
1,265
41, 330
2 38,176
13, 875
42, 236
6,889
2
19,109
58, 280
3,759
«2• 41, 376 37,359
39, 730 2 31, 739
12, 793
14,330
36,044
39, 208
5,530
6,921
2 32,322 2 29, 794
52,063
57, 842
3.256
3,608
73
37
33
78
18
8
46
4
'74
38
34
80
18
9
45
4
77
39
37
57,582
10,498
457, 830
59,167
10, 753
461,192
57, 920
10,941
485, 916
67,783
13, 241
453, 904
66,243
12, 565
457,608
55, 887
9,794
451,575
136, 749
29,027
915, 735
136,699
28,690
932,560
123,146
24, 785
950, 938
138
53
153
137
53
153
135
52
153
173, 565
2
46
4
12,915,261 '12, 998,337 13,597,750 12,764,800 12, 549,150 11,892, 701 25, 952, 984 '26,251,444 24,772,832 10,578 r 10,577 10,418
r
1 Revised.
Comprises all licensed 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, agreed to examination by the Comptroller of the Currency or a Federal Reserve bank and rendered
condition reports to the Comptroller of the Currency under the same conditions as national banks; for comparativefiguresof private banks included
in this
compilation, see the next following table.
2
Includes interbank deposits.
*Includes 34 cash depositories on Mar. 4,1935; 32 on Dec. 31,1934; and 29 on June 30,1934.
NOTE.—Allfiguresin the Mar. 4,1935, columns are as of Mar. 4, except as follows: Maine, Mar. 30; New Hampshire, June 30,1934; Massachusetts, savings banks, Oct. 31; Rhode Island, savings banks, Dec. 31; Connecticut, savings banks, Mar. 30; New York, savings banks, Dec. 31; other
banks and trust companies, Mar. 30, including 2 private banks not under State supervision as of Mar. 4; Minnesota, Apr. 18; Missouri, Nov. 5;
Nebraska, Apr. 3; Kansas, Mar. 25; Maryland, State banks and trust companies, Mar. 30; savings banks, Dec. 31; Louisiana, Mar. 29; Colorado,
Mar. 16; Oregon, savings banks, Dec. 31; Alabama, Georgia, Indiana, Kentucky, North Dakota, Tennessee, and Wisconsin, Dec. 31.
694
FEDERAL RESERVE BULLETIN
OCTOBER
1935
ALL BANKS IN THE UNITED STATES—Continued
PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31 AND
JUNE 30, 1934, BY STATES
[Figures in this table are also included in the table on p. 693 covering " State banks." Figures include private banks that agreed to examination by
the Comptroller of the Currency or a Federal Reserve bank, under provisions of sec. 21 (a) of the Banking Act of 1933. Amounts in thousands
of dollars]
March
1935
December 1934
December 1934
March
1935
June
1934
1
March
1935
June
1934
December 1934
June
1934
Number of banks
March Decem1935 ber 1934
June
1934
3
17
3
12
3
1
i 38
331
38
211
55
88
11
13
1
8
1
4
258
3,247
1,098
504
130
99
118
1398
175
99
104
398
252
87
151
308
325
328
1,093
12,325
308
32i
995
2,325
311
360
977
1,447
3
1
4
146
3
1
4
46
3
2
3
42
2,008
274
2,230
304
1957
i 120
957
120
785
97
4,234
545
3,965
445
28
5
1,441
171
1,309
»238
1,309
217
1,332
209
3,896
432
41
3,791
416
128
15
1
14
22
1
28
5
1,469
155
41
i 4, 234
1545
15
4,047
2422
43
14
2
1
14
2
1,685
241
3 14
1,729
244
314
1,838
99
15
1,018
126
1,214
123
1,105
53
3,487
379
3 18
3,413
364
3 18
3,257
155
16
25
3
31
25
3
31
25
2
I
12
85,173
1,799
11
85,174
1,784
7
89,644
2,395
21
296,804
502
21
294,024
491
21
199,169
365
12
327,338
2,717
10
320,660
2,649
9
186, 267
2,925
2
4 20
14
2
20
14
2
19
16
12,708
1,465
906
9,352
12,171
1,495
902
8,150
36, 513
919
35
3,899
36,209
936
35
4,019
38,221
767
59,413
2,013
1,084
14,012
65,050
2,038
1,097
14,653
66,093
1,875
948
15,831
120,953
119,134
14,054
1,523
846
12,685
132,482
343,226
340,466
424,219
413,298
279, 231
19
9
1
29
242
22
9
1
31
241
24
9
1
33
236
83
57
86
37
201
149
1,240
1 1, 804
260
151
1,158
1,804
i 2,008
i 274
10
1,494
2177
42
183
117
Alabama
Arkansas
Connecticut:
District No. 1
_
District No. 2
Florida
Georgia
Indiana:
District No. 7
District No. 8
Illinois (Dist. No. 7).—
Iowa
Kansas
Massachusetts
Michigan:
District No. 7
District No. 9
Missouri (Dist. No. 8)..
New Jersey (Dist. No.
2)
New York
Ohio
Pennsylvania:
District No. 3
District No. 4
South Carolina
Texas
Total
.-
Deposits, exclusive of interbank deposits
Investments
Loans
4
3
1 Dec. 31 figures repeated.
2 M a r . 25 figures.
4
4
16,371
259,297
4
Nov. 5 figures.
Mar. 30 figures, except 2 banks not under State supervision which are as of Mar. 4.
MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31
AND JUNE 30, 1934, BY STATES
[Figures in this table are also included in the table on p . 693 covering "State b a n k s . "
Loans
March
1935
Maine
New H a m p s h i r e Vermont
Massachusetts—
Rhode Island
Connecticut:
District N o . 1.
District N o . 2.
New York
New Jersey:
District N o . 2.
District N o . 3.
Pennsylvania:
District N o . 3.
District N o . 4.
Delaware. Maryland
Indiana:
District N o . 7
District N o . 8
Minnesota
Wisconsin:
District N o . 7.
District N o . 9
Ohio
Washington
_
California
_.
Oregon
Total
December 1934
Investments
March
1935
June
1934
1 36,122
37, 555
2
73,523
73, 523
73,523
34,261
39,071
35,518
1,189, 520 3 1,189, 520 1,211,617
4
61,842
58,805
58,805
297,815
314, 594
302,289
83,922
88,463
84, 604
3,245,620 3,245,620 3,330,851
1 88,710
2 119,145
31,347
4
4
107,293
December 1934
87,143
119,145
31,970
3
872,898
107, 293
2
Amounts in thousands 0 fdollars]
Number of banks
Deposits
June
1934
March
1935
December 1934
June
1934
85,198 1 119,911
118,888
119, 277
183,441
119,145 2 183,441 2 183,441
69, 799
75,499
31,549
71,688
2,051,112
855,752 2,052,306
2,052,306
4
169,454
169,981
105,928
169,454
211,190
526, 642
225, 067
518,434
522,206
221,878
146, 760
144,653
63, 676
59, 274
63,810
145,843
1,907,166 1,907,166 1,943,94: 4 5,156, 25] 5,156, 251 5,139, 593
142, 242
7,818
142,089
7,907
136,459
7,884
354,553
33,925
20, 437
136,938
353, 254
33, 719
19, 568
136, 938
32,396
19,040
130, 804
4
2,648
1,925
45,671
74'
2,190
40, 7 2
4
1,577
23
59,970
23, 730
50,280
120
303,678
13,832
301,820
13,775
297, 661
13,889
480,396
46,867
29,996
200,303
478,421
46, 749
29,350
200,303
466,519
46, 464
29, 070
196, 250
12,176
6,692
61,994
11,922
6,488
60,157
1,301
4
4,248
4,248
4
95
95
112,035
112,347
51,837
51,564
86, 727
87,423
4
157
157
5,477,554 5,490,879 5, 647, 769 4,297,268 4,290, 722 4, 256, 2251 9,836,950 9,827,580
4,249
56,403
18,963
48,560
50
»108,884
49,169
87,573
70
149,085
5,419
151,39:
5,386
157,775
5,608
84, 234
14, 211
12,19:
59,231
85, 629
14,400
12, 281
59, 231
91, 756
14, 752
12.920
62.921
4
9,048
5,097
12, 541
11,008
4,622
14,430
4
2,534
85
38, 660
26,772
41,248
34
4
9,048
4
5,097
« 11, 768
2, 534
4
85
38, 216
26,078
41,734
4
34
1 Figures as of M a r . 30.
fi Figures as of Apr. 18.
2,962
6
39, 624
28, 721
43,134
20
4
2, 648
4
1,925
« 47,175
1,577
4
23
57,449
24,076
51,060
4
120
2 June figures repeated.
6
Figures as of June 25.
6
4
4
12,176
4
6,692
« 63,347
» Figures as of Oct. 31.
4
1, 779,966
March Decem1935 ber 1934
June
1934
133
2 48
19
3 193
33
2 48
19
3 193
33
48
19
193
14
137
59
14
137
59
14
138
22
3
22
3
4
4
7
1
2
13
13
63
3
1
1
579
579
December figures repeated.
578
OCTOBER 1935
695
FEDERAL RESERVE BULLETIN
CONDITION OF INSURED COMMERCIAL BANKS, JUNE 29, 1935, UNITED STATES
AND POSSESSIONS1
[Amounts in thousands of dollars]
All banks
Number of banks
National State banks Banks not
banks
members
membeis members
Federal
Federal
Federal
Reserve
Reserve
Reserve
System
Sj'-stem
System
14,176
5,425
985
7,766
14, 502, 590
6,974
12, 360,080
6, 692, 802
7, 349, 773
3,481
7,163, 768
3, 534,391
4, 573, 382
1,330
4, 265, 739
1,892, 754
2, 579,435
2,163
930, £73
1, 265,657
ASSETS
Loans and discounts (including rediscounts)
_._
_
Overdrafts
U. S. Government obligations direct and/or fully guaranteed
Other bonds, stocks, and securities
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Reserve with Federal Reserve banks.._
Cash in vault
_
Balances with other banks
Exchanges, outside checks, and other cash items..
Redemption fund and due from U. S. Treasurer
Acceptances of other banks and bills sold with endorsement
Securities borrowed
Other assets
___
.
__
Total assets
__
_
_
_
__
_.
_
33, 562,446
18,051,413
10, 733, 205
4, 777,828
158, 961
1,211,496
507,659
4, 933,277
707, 855
5,160, 706
663, 925
11,842
•
6,194
2,306
366, 697
86, 726
649, 786
171, 362
3,092,178
402,442
3,039, 864
322, 560
11, 842
4,592
795
179, 883
71,025
348, 859
167, 724
1, 841,099
134,568
981,410
306, 886
1,210
212, 851
168, 573
170, 845
1,139,432
34,479
1,450
123
124, 852
152
1,388
61, 962
47, 293, 364
26,013,443
14, 711,201
6, 568, 720
6, 546,171
2, 834,889
532, 826
408, 523
2,138, 916
1, 835,866
2, 810,460
538, 922
94,201
118, 925
LIABILITIES
Demand deposits of individuals, partnerships, or corporations
_
Time deposits of individuals, partnerships, or corporations
Public funds of States and political subdivisions
_.
U. S. Government and postal savings deposits
Deposits of other banks; cash letters of credit; certified, officers', and travelers'checks outstanding.
Total deposits
_
__
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments
Mortgage bonds and participation certificates outstanding
Circulating notes outstanding
Agreements to repurchase U. S. Government obligations or other securities sold...
Bills payable.__
Rediscounts
Securities borrowed
_
Acceptances executed by other banks for account of reporting banks
Acceptances of other banks and bills sold with endorsement
Acceptances executed for customers
Interest, taxes, and other expenses accrued and unpaid
Dividends declared but not yet payable
Other liabilities
Capital stock and capital notes and debentures
Surplus
__
Undivided profits—net
___
Reserve for contingencies and undeclared dividends
Retirement fund for preferred stock'or capital notes and debentures
Total liabilities, including capital account
...
_.
._
18,042,109
12,272,226
2, 914, 606
1,179, 520
5, 928,040
9,660,072
6, 626, 877
1, 842, 858
676, 796
3,670,199
40, 336,501
22,476,802
12,461, 325
5,398, 374
3,450,343
36,886,158
2,110,327
20,366,475
973, 268
11,488,057
366, 748
5,031,626
35,304
222,045
8,650
35,925
1,724
2,306
14, 773
6,194
160,913
77,893
37,897
134,655
3,368,659
1,894,305
529,455
421,039
5,126
27,575
7,729
222,045
4,194
3,989
654
795
8,171
4,592
85, 572
42,301
21,004
62,972
1,805,728
830,001
297,907
143, 565
3,151
3,215
3,864
360
123
6,179
1,450
74,647
27, 588
15, 272
56,329
877, 591
817,023
138,459
199,963
238
1,241
28,072
710
1,388
423
152
694
8,004
1,621
15,354
685,340
247,281
93,089
77, 511
1,737
47,293,364
26,013,443
14,711,201
6, 568,720
MEMORANDUM
Loans and investments pledged to secure liabilities:
U. S. Government obligations direct and/or fully guaranteed
Other bonds, stocks, and securities
Loans and discounts
Total
Pledged:
Against circulating notes outstanding
Against U. S. Government and postal savings deposits..
Against public funds of States and political subdivisions
Against deposits of trust departments
Against other deposits
Against borrowings
With State authorities to qualify for the exercise of fiduciary powers
For other purposes
__
Total—
._
_
i Compiled from Call Report No. 3 of the Federal Deposit Insurance Corporation.
3,105, 651
1,144,787
200,124
1, 999, 749
718,264
52, 627
876,636
224,822
90,119
229, 266
201,701
57,378
4,450, 562
2,770,640
1,191,577
488,345
225,394
1,357,913
1, 660, 730
706, 527
215,606
47,025
165,347
72, 020
225, 394
802,682
1, 063, 581
411,108
157, 685
6,358
86, 722
17,110
450,087
329,472
269,136
30,122
6,948
59,066
46,746
105,144
267, 677
26, 283
27, 799
33,719
19,559
8,164
4,450, 562
2, 770, 640
1,191, 577
488, 345
696
FEDERAL RESERVE BULLETIN
OCTOBER
1935
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
(Index of Bureau of Labor Statistics. 1926=100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
95.3
86.4
73.0
64.8
65.9
74.9
104.9
88.3
64.8
48.2
51.4
65.3
99.9
90.5
74 fi
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—August
September
October
November
December _ _
76.4
77.6
76.5
76.5
76.9
69.8
73.4
70.6
70.8
72.0
73,9
76.1
74.8
75.1
75.3
78.3
78.3
78.0
78.0
78.0
83.8
84.1
83.8
84.2
85.1
70.8
71.1
70.3
69.7
70.0
74.6
74.6
74.6
74.4
73.7
86.7
86.6
86.3
86.2
85.9
85.8
85.6
85.2
85.0
85.1
75.7
76.5
77.1
76.9
78.1
81.8
81.8
81.7
81.3
81.2
70.2
70.2
69.7
70.fi
71.0
1935—January
February . . _ _
March
April
__ _
May
June
_____
July
August
78.8
79.5
79.4
80.1
80.2
79.8
79.4
80.5
77.6
79.1
78.3
80.4
80.6
78.3
77.1
79.3
79.9
8?, 7
81.9
84.5
84.1
82.8
82.1
84.9
77.7
77.4
77.3
77.2
77.6
78.0
78.0
77.9
86.2
86.0
85.4
86.3
88.3
88.9
89.3
89.6
70.3
70.1
69.4
69.2
69.4
70.1
70.2
70.9
72.9
72.5
73.0
72.8
73.1
74.2
74.7
74.1
85.8
85.8
85.7
85.9
86.6
86.9
86.4
86.6
84.9
85.0
84.9
84.6
84.8
85.3
85.2
85.4
79.3
80.4
81.5
81.0
81.2
80.7
78.7
78.6
81.2
80.7
80.7
80.7
80.6
80.5
80.4
80.5
70.7
70.1
69.2
68.7
68.7
68.4
67.7
67.3
80.2
79.9
79.8
79.3
78.9
79.1
79.2
79.1
79.2
79.6
80.1
80.5
80.8
80.5
80.4
80.8
81.0
81.0
80.7
79.9
79.9
78.0
77.1
78.0
77.7
77.2
77.1
78.4
79.7
80.3
80.7
79.2
79.9
81.2
81.3
80.9
84.4
83.7
83.4
82.5
81 6
81.9
82.0
82.0
82.2
83.4
84.2
85.4
86.1
86.0
85.9
86.4
86.2
86.6
77.8
77.8
77.9
77.9
77.9
77.8
78.0
77.9
77.9
77.9
78.0
78.0
78.1
78.1
77.9
78.0
78.2
78.2
89.9
89.1
89.4
89.3
89.6
89.8
89.8
89.8
90.1
90.0
90.1
90.1
90.2
90.4
90.5
91.6
91.8
91.8
69.3
69.3
69.1
69.7
69.7
69.7
69.9
69.8
69.9
70.0
70.1
70.5
70.7
70.9
71.0
71.2
71.3
71.6
74.4
74.7
74.9
74.7
74.8
74.9
75.3
75.3
75.2
75.0
75.4
75.4
75.4
75.4
74.6
74.7
74.8
74.5
85.6
85.6
85.9
85.9
86.1
85.7
85.7
85.7
85.7
85.8
85.8
85.8
86.0
86.0
86.0
86.0
86.3
86.2
84.9
85.1
85.3
85.1
84.9
84.8
85.0
84.9
85.1
85.3
85.0
85.1
85.1
85.3
85.4
85.3
86.3
86.1
80.8
80.7
80.4
80.0
79.5
79.5
79.5
79.5
78.4
78.5
78.5
78.7
79.3
79.0
79.2
78.9
79.2
79.3
82.0
81.8
81.7
81.7
81.8
81.8
81.8
81.8
81.9
81.9
81.7
81.7
81.7
81.8
81.8
81.8
81.7
81.7
69.0
68 fl
68.4
68.4
68 0
68.0
67.8
67.6
fi7.fi
67.5
67.5
67.2
67.2
67.1
66.8
66. 9
67.0
67.2
Year, month, or week
Week ending—
1935—June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
- -
Sept. 7
Sept. 14
Sept. 21
Sept. 28
I
Total
1934
Hides and Textile Fuel and Metals Building Chemi- House- Miscelleather
cals and furnishlighting and metal
products products materials products materials drugs ing goods laneous
1934
1935
Subgroups
FARM PRODUCTS:
Grains _ _
Livestock and poultrv
Other farm products.
FOODS:
Butter, cheese, and nlilk
Cereal products
Fruits and vegetables
Meats
Other foods
HIDES AND LEATHER PRODUCTS:
Boots and shoes
Hides and skins
Leather
Other leather products
TEXTILE PRODUCTS:
Clothing
Cotton goods.
Knit goods
Silk and rayon
Woolen and worsted goods _.
Other textile product s
FUEL AND LIGHTING MiLTERIALS
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products .
1935
Subgroups
Aug.
May
June July Aug.
86.0
56.2
73.1
83.2
87.6
75.0
76.9
84 8
74.3
78.3
82.8
72.9
77.3
91.0
65.6
69.4
68.9
77.7
92.3
66.3
97.0
77.7
74.6
90.5
68 7
94.5
77.2
74.0 75.7
92.7 94.6
65.1 60.5
93.3 102.0
76.7 78.6
97.9
57.4
71.3
86.8
97.2
76.1
79.6
84.4
97.3
78 0
80.5
84.4
97 8
79.8
80.2
84.4
98.3
80.4
80.2
84.4
79.5
86.4
59.3
24.4
78.9
69.7
78.5
82.7
60.4
27.6
73.5
68.2
80.7
82.5
59.5
27.2
75.6
68.9
80.7
82.0
59.9
27.9
76.4
69.1
80.5
82.5
60.2
31.0
76.4
69.1
79.9
96.2
85.6
92.6
99.2
51.6
73 0
95.7
88.7
88.7
92.0
52.2
74.0
96.1
88.7
90.2
95.2
53.2
77.0
96.5
88.6
87.8
94 0
52.9
78.6
96.0
88.6
79.3
91.6
71.4
METALS AND METAL PRODUCTS:
Agricultural implements
Iron and steel
Motor vehicles .
Nonferrous metals
BUILDING MATERIALS:
Brick and tile
Cement
Lumber
Paint material g
Plumbing and hfiat.in?
Structural steel
Other building materials
CHEMICALS AND DRUGS*
Chemicals
Drugs and ph£irmaceutic als
Fertilizer mate rials
Mixed ferfcilizprs
HOUSEF URNISHING GOODS:
Fur nishings
Fur niture
MlSCEL LANEOUS:
Aut o tires and tubes
Cat lift fftpd
Paper and pulp
Rubber, crude
Other miscella neous
Aug.
May
June July Aug.
92.0
86.6
94.6
68.9
93.6
86.6
94.4
69.2
93
87
94
69
6
1
7
1
93.6
87.0
94.7
66.1
93,6
87.1
94 7
66.9
91.3
93.9
81.8
79.9
75.0
92.0
90 0
89.3
94.9
79.8
79.9
67.1
92.0
89 8
89 2
94 9
81 6
79.8
66 2
92 0
90 0
89.1
94.9
81.7
79.1
68 8
92.0
89 7
89.0
94.9
82.0
78.6
71.1
92.0
90 1
_ 72.7
79.2
64.8
73.0
87 5
74.2
65.9
73 1
86 3
74.3
65.7
74 5
84.6
74.0
65.7
68 6
84.3
73.8
66.8
68 1
84.6
78.9
84.1
77.1
83.9
77.1
84.0
76.8
84.0
77.0
44.7 45.0
104.0 107 0
82.4 80.0
31 7 24 9
81.0 79.4
45.0
92 2
79.7
26 0
80.1
45.0
78 6
79.7
25 0
80.1
45.0
71 3
79.7
24 5
80.0
52.4
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1934 (table 100); indexes of subgroups available at Bureau
of Labor Statistics. For weekly indexes covering 1934, see Annual Report for 1934 (table 101).
697
FEDERAL RESERVE BULLETIN
OCTOBER 1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of Federal Reserve Board; adjusted for seasonal variation. 1923-25 average== 100]
1934
1935
Industry
Manufactures—Total _.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Aug.
July
72
69
72
74
85
90
88
86
86
84
84
86
^87
39
36
39
38
31
38
41
31
42
49
32
51
65
34
68
80
49
83
80
57
83
72
55
73
67
53
69
66
56
67
66
53
67
69
53
70
81
60
83
80
86
59
60
65
47
96
63
64
38
37
40
41
99
89
94
59
63
61
46
135
87
90
69
82
68
32
111
97
92
85
97
92
41
140
103
98
102
116
110
52
119
100
95
97
97
116
65
122
98
90
95
102
99
71
135
98
84
110
131
92
80
117
102
85
124
153
99
80
111
100
82
122
148
107
71
116
105
82
128
156
108
76
133
104
85
132
160
110
83
113
106
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
80
77
58
96
113
157
88
80
78
74
54
94
108
161
83
88
74
67
44
92
106
151
91
75
74
69
46
93
115
154
80
83
76
76
50
107
119
159
73
78
63
117
65
121
62
116
60
115
66
118
61
121
61
122
59
123
59
119
64
121
63
124
60
118
59
120
61
5
95
51
7
133
41
817
40
10
14
88
9
18
104
8
27
103
8
68
106
8
89
110
9
91
86
14
56
100
10
21
95
3
15
64
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
97
93
91
112
116
108
96
91
90
112
117
113
97
93
88
120
123
113
100
98
87
119
121
103
97
90
104
106
107
107
95
89
86
120
115
M04
- ------------
48
86
50
84
46
87
48
83
45
140
42
174
45
166
47
183
51
185
55
155
58
162
52
169
44
167
--
65
68
58
67
80
78
73
81
97
84
73
85
91
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
153
194
91
96
100
87
160
204
94
104
100
89
166
214
99
105
97
87
168
220
91
100
92
84
169
219
93
103
100
91
79
82
56
79
82
61
82
85
60
107
110
80
133
139
91
115
119
82
101
104
76
68
88
91
66
75
78
56
79
82
55
136
72
186
133
69
183
130
67
180
138
67
193
134
66
186
138
67
193
140
70
196
130
67
178
IRON AND STEEL
Pig iron
Steel ingots
-
TEXTILES
Aug.
-
-- _ -
Cotton consumption
Wool
Consumption
M^achinerv activity ^
Carpet and rug loom activity *
Silk deliveries
.
-
FOOD PRODUCTS
Slaughtering and meat Dacking
Hogs—
Cattle
. . Calves
Sheep
Wheat flour
Sugar meltings
-
PAPER AND PRINTING:
NewsDrint ronsumotion
TRANSPORTATION EQUIPMENT:
Automobiles
ShiDbuildine
-- - -
LEATHER AND PRODUCTS
.
Tanning
Cattle hide leathers
Calf and kiD leathers
Goat and kid leathers
Boots and shoes
- --
--
-
---
--
109
CEMENT AND GLASS:
Cement
Glass plate
-
NONFERROUS METALS: >
Tin deliveries J
FUELS, MANUFACTURED:
- -----
--
- -
--
-
TOBACCO PRODUCTS
Cigars
Cigarettes
Minerals'—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver
-
- -
- -
COO
OSOS
Tires, pneumatic
Inner tubes
OS
RUBBER TIRES AND TUBES
O
Petroleum refining
Gasoline *
Kerosenel
Fuel oil
Lubricating oil *
Coke, byproduct
- --
|
126
66
172
125
66
171
120
66
161
125
69
168
143
76
196
80
82
81
81
90
94
96
97
87
89
98
84
81
61
50
124
47
60
44
39
64
62
122
44
61
55
36
65
53
'121
35
76
56
39
65
64
121
14
77
55
35
72
72
'123
74
76
131
81
67
132
87
54
132
60
69
130
74
60
53
71
48
50
74
50
65
73
55
50
75
58
49
69
71
131
53
73
63
51
79
97
133
53
79
55
47
55
62
134
50
80
59
73
58
36
133
54
82
60
59
Preliminary.
* Includes also lead and zinc; see "Minerals."
i Without seasonal adjustment.
r Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical
wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
698
FEDERAL RESERVE BULLETIN
OCTOBER 1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of Federal Reserve Board; without seasonal adjustment.
1923-25 average^lOO]
1934
1935
Industry
Aug.
Manufactures—Total
IRON AND STEEL
Pig iron
Steel ingots
-
- -
-
TEXTILES
-- -
Cotton consumption
Wool
Consumption
- A'lachinerv activitv
Carpet and rug loom activity
Silk deliveries
FOOD PRODUCTS
Slaughtering and meat packing
Hogs
- - Cattle
Calves
Sheep
Wheat flour Sugar meltings
PAPER AND PRINTING:
Newsprint production
NewsDrint consumption
- _ _ _. _
-
Tanning
Cattle hide leathers
Calf and kip leathers _~
Goat and kid leathers
Boots and shoes
Tin deliveries
Petroleum refining
Gasoline
-_
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct
RUBBER TIRES AND TUBES
Tires pneumatic
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
. - _
_«
__
-_
- -
Feb.
Mar.
Apr.
May
June
July
Aug.
73
73
76
87
91
91
91
87
'84
83
*86
40
45
57
77
84
81
74
72
66
64
79
58
81
35
30
31
32
34
49
58
56
53
50
41
59
80
57
38
46
58
38
87
83
76
73
67
66
76
63
92
91
92
108
105
100
100
101
95
97
77
57
56
62
39
38
97
62
69
93
73
89
84
86
98
102
104
119
101
101
105
94
96
104
88
117
141
116
65
130
99
71
130
79
114
133
75
119
139
92
41
125
110
52
136
90
108
127
107
71
103
108
76
126
90
65
47
100
40
41
104
61
46
135
68
32
115
100
108
103
123
104
153
94
72
121
79
123
99
159
75
62
89
123
134
84
101
123
87
92
80
116
99
80
110
75
76
78
69
51
86
69
52
85
72
52
91
114
137
83
123
148
80
122
158
78
122
110
115
60
188
138
67
240
120
81
168
224
146
85
216
188
100
152
251
93
124
142
90
124
136
83
72
100
96
80
61
86
84
88
93
99
61
104
64
118
62
123
60
123
66
121
62
116
61
121
59
128
60
127
67
56
7
133
37
26
11
48
130
141
12
12
14
86
7
19
111
8
140
107
85
102
85
93
86
80
81
99
82
81
99
88
87
88
89
90
82
77
102
10
99
77
126
149
110
83
117
73
74
66
45
86
66
41
92
110
147
80
111
154
77
89
102
74
68
38
104
109
160
78
88
65
124
64
123
58
105
58
107
100
69
108
8
8
8
114
13
69
88
71
10
3
48
27
22
99
92
110
100
111
94
111
96
104
95
100
84
116
92
80
115
93
79
119
93
83
110
99
95
'106
94
94
80
100
89
100
106
86
100
111
102
'113
126
MM
76
97
90
82
97
98
89
88
103
117
122
121
110
63
85
53
87
47
79
35
105
25
155
27
179
34
199
50
205
65
169
71
165
63
168
57
169
65
68
58
67
80
78
73
81
97
84
73
85
91
157
202
87
103
90
72
78
152
193
87
102
91
71
154
196
97
98
90
73
156
199
99
101
89
74
151
191
101
99
91
89
166
214
92
105
97
85
167
220
85
1G0
92
81
169
219
88
103
100
88
80
106
102
153
194
90
96
100
87
103
160
204
90
104
100
89
73
156
196
107
102
94
98
110
153
191
105
101
94
92
76
155
194
96
103
98
77
92
96
95
81
62
78
61
75
54
83
58
96
66
110
75
114
80
105
74
107
75
99
68
99
65
128
115
128
136
73
212
152
73
215
139
70
192
97
84
85
71
85
136
105
76
56
46
50
51
137
102
74
57
62
57
36
136
109
76
57
59
122
112
62
87
121
124
127
57
161
55
182
60
166
61
171
63
175
84
85
91
92
90
79
71
68
123
60
73
58
73
65
120
11
77
57
76
71
82
82
85
72
87
45
51
72
120
126
129
130
130
76
60
75
49
79
52
78
56
78
57
60
132
71
80
73
62
39
38
54
50
70
55
49
50
_-___
135
139
129
_-___
69
186
76
188
81
169
-
83
87
87
60
50
'127
95
56
43
68
62
125
85
58
52
34
-- - - - -- - - - . -
Jan.
70
NONFERROUS METALS: *
FUELS, MANUFACTURED:
Dec.
37
CEMENT AND GLASS:
Cement
Nov.
71
5
LEATHER AND PRODUCTS
Oct.
38
TRANSPORTATION EQUIPMENT:
Locomotives
Shipbuilding
Sept.
39
82
166
68
188
88
s
150
» 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, mechanical
wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.
OCTOBER
699
FEDERAL RESERVE BULLETIN
1935
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory employment
Factory pay rolls
Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry and group
1935
August
1934
July
1935
August
August
1934
July
1935
August
August
1934
July
August
81.7
79.5
79.5
81.6
80.4
79.3
69.6
65.3
'62.2
73.2
73.7
51.7
75.6
48.5
53.0
102.0
57.9
104.0
118.7
71.3
71.7
51.6
71.2
'49.5
49.4
98.2
••56.9
' 100. 0
' 116.5
68.6
69.7
53.8
77.7
51.3
48.6
87.7
59.0
99.1
116.3
73.4
74.3
50.4
79.4
50.3
52.5
102.2
56.5
97.0
116.4
72.4
72.7
50.0
74.0
'50.8
50.2
108.1
'55.7
'96.2
' 119.1
68.8
70.3
52.4
81.7
53.2
48.2
87.9
57.6
92.4
114.0
59.6
61.6
29.6
57.1
39.4
36.4
80.4
43.9
103.6
105.1
52.8
' 52 4
28.3
54.1
'40.3
'32.3
71 8
'42.2
'97.7
' 106.3
45 5
44 0
29 2
53.0
37 9
30.3
57 7
41.8
93.6
90.1
87.3
117.8
70.4
101.1
74.0
91.9
213. 8
62.6
85.6
' 116. 7
69.6
101.1
'73.4
89.0
' 185. 0
63.4
'78.9
66.8
65.3
71.8
69.0
66.1
217.5
66.5
87.1
124.4
70.4
100.7
73.9
101.8
191.4
62.7
86.1
' 123. 2
69.6
100.3
'73.4
89.9
' 192. 7
63.7
'78.4
70.5
65.3
71.5
68.9
73.2
197.7
66.6
71.2
137.5
57.8
73.9
60.0
80.5
133.9
50.5
67.5
' 135. 2
54.7
72.6
'56.7
75.8
' 112. 9
51.2
'58.1
68.3
50.2
47 9
50.3
49 0
123.1
49.3
83.5
95.1
32.2
21.5
72.4
87.2
' 100.6
'31.7
20.0
'71.3
'83.7
92.5
'51.7
38.5
71.2
83.6
94.9
30.7
21.2
76.5
84.8
'97.7
'29.6
19.1
'73.0
'83.7
92.3
'49.2
38.0
75.3
71.6
80.6
30.4
9.1
61.5
74.7
'85.7
'28.0
8.2
'59.4
'70.4
76 5
' 51.2
17.7
56.4
RAILROAD R E P A I R SHOPS
52.8
65.3
51.9
'53.5
'65.2
'52.6
55.2
66.0
54.4
52.7
65.3
51.7
53.2
'65.2
'51.9
55.0
66.0
54.2
49.0
59.6
48.3
'48.2
'58.8
'47.5
48.5
58.5
47.9
NONFERROUS METALS AND PRODUCTS 1
80.0
78.2
73.9
69.8
80.8
91.1
78.0
'77.4
69.0
'65.3
80.2
'89.8
73.4
72.7
61.9
69.3
70.5
87.1
81.6
78.8
75.6
71.7
83.6
93.1
80.0
'78.2
72.4
'70.4
81.5
'90.9
74.9
73.3
63.3
71.1
73.0
89.1
64.6
61.1
66.6
52.0
53.2
83.8
59.6
'57.5
58.9
'48.1
'53.0
' 75.2
53.2
51.2
48.2
48.3
42.8
70.8
55.3
73.4
47.5
36.6
'51.9
'69.1
'44.8
'33.9
49.0
62.9
36.2
33.9
54.6
73.3
46.8
35.6
'52.0
'72.4
'44.4
'33.2
48.4
62.8
35.7
33.0
44.4
56.0
37.7
27.9
'38.3
'48.4
'34.2
'23.3
33.5
42.7
23.1
22.1
55.9
33.8
53.8
95.7
67.0
'54. 7
'32.9
57.5
92.7
'62.4
53.1
31.8
55.0
87.6
63.4
54.8
31.2
50.5
97.4
67.7
54.4
'30.4
53.4
96.6
'64.8
52.0
29.4
51.6
89.1
64.1
40.9
21.2
35.8
82.3
46.6
'38.9
'20.2
' 37 9
'77.0
'41.5
34.9
16.8
35 4
68.2
37.8
92.9
89.9
83.7
81.6
102.9
110.4
75.5
97.3
S6.0
93.6
121.4
57.6
105.9
' 87. 8
87.5
82.7
'82.3
' 101.3
' 103. 9
'68.2
'94.4
'84.4
'88.9
'94.7
'42.3
'99.0
88.2
85.6
65.5
88.7
100.6
102.6
73.9
68.4
90.1
88.4
110.0
65.4
97.3
96.1
93.3
86.4
85.9
107.4
114.9
76.7
99.4
S8.4
90.9
131.4
59.9
107.6
'92.2
91.2
87. 3
'85.0
' 108. 0
' 109. 4
'69.7
'99.3
'90.3
'88.1
' 112.1
'49.1
' 102.6
91.3
89.0
67.7
93.4
105.0
106.8
75.1
69.9
92.4
85.8
119.0
68.1
98.9
78.9
76.5
80.6
64.8
84.3
105.5
65.1
76.9
78.9
74.6
97.9
52.5
102.9
'68.4
70.1
75.8
'64.2
'73.5
'85.8
'55.4
'74.6
'60.8
'65.6
'63.0
'30.3
'91.2
68.1
64.7
47.9
63.3
76.9
89.4
59.7
48.0
70.6
65.6
85.2
59.4
90.7
90.1
89.1
94.4
'87.3
'85.8
'93.5
91.1
91.9
88.4
87.0
84.9
95.8
'86.9
'84.5
'96.2
87.9
87.5
89.7
81.7
77.7
94.2
'77.5
'73.1
'91.2
78.7
79.1
76.1
109.9
111.7
76.9
180.9
69.8
76.3
85.9
79.4
81.1
' 104. 3
'111.5
78.0
' 138.6
r68.4
74.6
'87.6
'80.4
85.5
122.1
115.8
85.5
194.3
71.5
78.2
88.7
112.4
87.5
99.2
111.4
70.8
98.3
74.6
75.2
73.2
81.0
78.1
' 100.4
' 109. 9
70.7
'111.8
'78.9
73.9
'73.2
'80.9
82.2
110.8
115.4
78.7
105.6
76.4
77.0
75.6
114.7
84.2
99.8
95.7
60.4
216.2
60.4
66.1
69.3
73.2
71.3
'96.0
'96.5
61.4
' 167.1
'57.0
64.1
'71.8
75.0
72.7
105.1
97.8
62.7
195.4
60.8
64.8
68.8
99.0
74.0
Total.
.
IRON AND S T E E L AND PRODUCTS *
.
Blast furnaces and steel works
Cast-iron pipe
Cutlery and edge tools. .
- .
Hardware
Steam, hot-water heating apparatus, etc
Stoves
Structural metal work
Tin cans, etc
.
Wirework
MACHINERY L._
Agricultural implements
Electrical machinery, etc .
Engines, turbines, etc
Foundry and machine-shop products
Machine tools
Radios and phonographs
Textile machinery
TRANSPORTATION EQUIPMENT
_ -
J
Automobiles
C a r s , electric a n d s t e a m railroad
Locomotives,.. _ . .
Shipbuilding
Electric railroads
Steam railroads.-
Brass, bronze, and copper
Lighting equipment
S ilverware and plated ware
Smelting and refining
Stamped and enameled ware
---
L U M B E R AND PRODUCTS *
Furniture
_
Lumber, millwork
Lumber, sawmills .
. ._
_ _
STONE, CLAY, AND GLASS PRODUCTS I
Brick, tile, and terra cotta
Cement
Glass
Pottery
.
T E X T I L E S AND PRODUCTS I
-_
l
A Fabrics
Carpets and rugs._
Cotton goods
Dyeing and finishing
Knit goods.
Silk and rayon goods
Woolen and worsted goo ds
B. Wearing a p p a r e l l
Clothing, m e n ' s . . _
Clothing, women's
Millinery
.
Shirts and collars
L E A T H E R AND P R O D U C T S . . .
.
.
Boots and shoes
Leather
F O O D PRODUCTS '
Baking. . .
.
Butter
Canning and preserving
Confectionery
Flour
Ice cream _
Slaughtering and meat packing
Sugar refining, cane
'Revised.
. .
__
.-
._
.
.
1
Includes current statistics for one or more industries not shown separately.
700
FEDEKAL BESERVE BULLETIN
OCTOBER 1935-
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
[Adjusted to Census of Manufactures through 1931. 1923-25 average = 100]
Factory employment
Factory pay rolls
Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry and group
1934
1935
August
TOBACCO PRODUCTS..
_
Chewing and smoking tobacco and snuff
Cigars and cigarettes
_
P A P E R AND PRINTING..
Boxes, paper
Paper and p u l p . .
Book and job printing
Printing, newspapers and periodicals.
CHEMICALS AND PETROLEUM PRODUCTS
!
A. Chemical group, except petroleum 1
Chemicals
Druggists' preparations - Explosives..
_
Fertilizers
Paints and varnishes..
Rayon and allied products
Soap
B. Petroleum refining- _
. _
RUBBER PRODUCTS 1
Rubber boots and shoes
Rubber tires and inner tubes _ _ _ __
_.
July
August
1934
1935
August
July
August
1934
1935
August
August
July
57.9
64.4
57.0
57.6
65.8
56.5
65.1
73.6
64.0
58.1
65.9
57.1
58.2
69.3
56.8
65.4
75.3
64.1
46.6
65.1
44.2
47.6
66.8
45.1
49.3
66.6
47.1
95.9
85.3
108.8
87.6
96.5
95.5
83.3
108.9
'86.6
97.0
93.8
84.1
104.8
85.0
96.6
97.1
86.7
108.8
89.1
98.4
96.5
85.7
108.9
'87.7
98.3
95.0
85.4
104.8
86.4
98.6
83.1
79.2
87.2
76.5
86.3
81.4
'73.9
'85.1
'75.8
'85.3
78.4
74.5
78.8
71.6
84.9
107.9
106.9
107.7
96.3
86.5
69.6
105.5
340.3
98.0
112.2
' 106.8
' 105. 7
' 109. 0
95.1
86.1
'68.0
' 108.6
327.9
99.3
'111.2
106.9
105.3
110.9
98.6
90.5
72.5
99.1
304.2
98.6
113.4
111.4
111.8
111.6
98.3
85.8
92.2
108.4
340.3
99.4
110.1
' 110.7
'111.1
'111.7
1C0.4
87.1
' 100.3
'108.8
327.9
102.4
' 108.8
110.9
110.8
114.9
100.6
89.8
96.0
101.8
304.2
100.0
111.3
97.6
96.1
103.3
92.0
76.9
63. 3
87.8
253.4
93.8
102.5
'95.4
'93.8
' 101.6
92.3
70.0
'62.0
88.9
240.2
94.4
' 100. 5
90.0
87.8
96.5
89.9
72.9
57.5
77.9
213.2
86.1
97.2
77.9
51.2
69.7
'77.3
'45.3
70.3
80.7
55.2
73.9
79.2
53.7
69.6
'76.3
'46.8
67.2
82.0
57.9
73.8
64.3
49.4
55.8
'61.3
'41.7
' 54.2
58.8
50.5
49.9
' Revised.
i Includes current statistics for one or more industries not shown separately.
NOTE.—Revised indexes. 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.
701
FEDERAL RESERVE BULLETIN
OCTOBER 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]
Total
Residential
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
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
122.9
124.0
126.7
148.0
159.3
168.6
1,543.1
1934
15.1
14.5
28.1
22.6
24.8
26.6
19.8
18.6
17.9
26.3
19.9
14.6
1935
22.4
16.6
32.2
42.2
44.9
49.8
48.4
40.5
1934
1935
10.7
4.2
15.9
7.8
6.5
8.3
6.3
8.3
8.7
25.7
10.0
6.1
8.5
7.1
9.8
9.5
14.6
10.6
4.6
5.1
116.1
248.8
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by
the F. W. Dodge Corporation. Value of contracts in thousands of
dollars]
1934
1935
Federal Reserve district
August
Boston..
New York
Philadelphia
Cleveland
Richmond
Atlanta
_
Chicago
St. Louis
Minneapolis
Kansas City
_
Dallas
_
Total (11 districts)
' Revised.
11,855
33,981
8,972
19, 578
23,273
10, 032
29, 067
11,881
6, 647
7,076
6,194
168,557
July
10,946
32,867
7,161
22,472
14,751
17,896
26, 227
9,747
4,261
4,372
8,556
159,258
1935
10.8
9.2
12.2
15.2
13.9
15.0
15.8
17.3
8.2
113.7
53.2
92.9
69.9
56.8
57.4
39.1
50.6
50.0
65.2
52.3
50.1
150.6
751.2
9.4
7.6
13.0
11.9
24.6
11.9
12.9
13.5
13.1
13.5
11.0
r 119, 592
44.4
27.8
46.3
40.5
31.4
39.1
53.9
69.5
19.6
5.4
8.8
8.5
10.4
9.7
7.8
12.2
12.5
9.0
1934
1935
1935
11.4
7.9
15.4
11.5
17.7
16.8
17.4
21.9
17.9
11.8
19.6
3.7
5.8
10.4
8.3
9.8
9.0
17.7
9.2
9.5
12.8
14.4
14.7
10.6
12 7
15.3
8.7
8.6
5.0
9.8
117 5
158.9
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Liabilities in thousands of
dollars]
Number
Federal Reserve
district
Liabilities
1934
1935
1935
August July August A u g u s t
August
«• 10, 843
«• 23, 361
6, 434
16,884
12,111
6,322
15,721
' 8, 111
3,306
' 10,699
r 5, 799
1935
All other
Boston
New York
Philadelphia
Cleveland...
Richmond..
Atlanta
Chicago
St. Louis
Minneapolis __
Kansas City. __
Dallas
San Francisco
Total
_
94
251
50
73
39
51
109
32
18
25
37
131
91
333
44
70
30
41
88
29
21
35
19
130
106
339
33
67
51
19
106
25
16
44
17
106
738
4,274
1,322
1,824
1,431
515
4,438
217
143
138
1,099
1,707
910
931
929
17,846
1934
July A u g u s t
1,116
7,972
979
1,736
602
761
2,817
304
133
528
197
3,303
20,447
1,580
6,993
1,707
1,920
441
349
2,754
336
110
518
146
1,546
18,460
702
FEDERAL RESERVE BULLETIN
OCTOBER
1935
SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of Sept. 1,1935]
[In thousands of units]
Cotton
Federal Reserve district
Boston
New York
' Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas.
__.
San Francisco.
Total..
Production
1934
Estimate
Sept. 1,
1935
Bales
Bales
Production
1934
1,345
2,407
1,385
2,567
2 2,323
3 2,395
263
2,934
364
637
4,166
339
Bushels
7,703
25,132
48,105
128,893
132,408
160, 725
482, 658
167,923
107,474
53,194
54,929
7,982
9,636
11,489
1,377,126
Production
1934
Estimate
Sept. 1,
1935
Bushels
7,900
27,163
48,819
160,325
138,329
157,220
796, 272
247,477
243,153
223, 783
124, 552
8,762
2,183, 755
Tame hay
Oats
Federal Reserve district
Winter wheat
Corn
Estimate
Sept. 1,
1935
Production
1934
Production
1934
Estimate
Sept. 1,
1935 i
Bushels
Bushels
5,039
13,781
37,479
22,908
3,841
49,293
47,197
10,044
140,671
26,090
49,209
7,211
17,297
45,150
26,112
3,753
55,468
45,870
16,388
136, 229
10,380
67,851
405, 552
431, 709
Tobacco
Estimate
Sept. 1,
1935
Spring wheat
Production
1934
Estimate
Sept. 1,
1935
Bushels
168
132
85
71
Bushels
180
148
96
83
1,632
40
53, 228
3,542
51
32,428
2,348
71
120,948
8,302
94
30, 636
91,377
162, 906
White potatoes
Production
1934*
Estimate
Sept. 1,
1935
Production
1934
Estimate
Sept. 1,
1935
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas
San Francisco
Bushels
7,015
24,745
15, 724
36,450
15,475
10,091
183,361
18,141
109,517
50, 782
33,976
20, 612
Bushels
6,167
28,771
15,919
53,924
21, 079
10,881
444,735
41, 594
324,456
165, 210
42,871
26, 085
Tons
2,867
3,812
1,947
3,365
2,898
2,067
9,856
4,151
5,214
4,994
724
10,374
Tons
3,215
5,519
2,337
4,759
3,277
2,281
17,052
6,060
8,813
8,770
1,016
11,781
Pounds
19,096
447
18,255
94,419
580,183
110,635
12, 764
206,861
828
2,172
Pounds
20,840
522
23,620
98, 516
729, 736
150,302
17,144
218, 716
1,197
3,000
Bushels
65,226
37,212
31, 787
22,086
32,805
15,109
66,027
9,681
43,361
14,816
4,665
42, 646
Bushels
46,090
29,955
22,926
20,008
28, 546
13,157
59,371
13,409
58,673
31,978
4,083
44,481
Total...
525,889
1,181,692
52, 269
74,880
1,045,660
1,263, 593
385,421
372, 677
1
Figures for winter wheat from estimate for Aug. 1; no estimate for Sept. 1.
2
Includes 16,000 bales grown in miscellaneous territory,
s Includes 11,000 bales grown in miscellaneous territory.
* Revised production of tobacco for 1934 is exclusive of 28,500,000 pounds estimated to have been harvested and rendered unmarketable by growers
operating under contract with the Agricultural Adjustment Administration.
FEDERAL RESERVE DISTRICTS
N. DAK.
3
>
I
MINN, i
AiiNNEAPOLISS
S.DAK.
'
' BOUNDARIES OF FEDERAL RESERVE DISTRICTS
•——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
«
V.
@FedFRASER