Full text of Federal Reserve Bulletin : October 1936

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FEDERAL RESERVE
BULLETIN




OCTOBER 1936

ISSUED BY THE

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
AT WASHINGTON

International Declaration on Currency
French Financial and Economic Legislation
Recent Economic Developments in France,
Great Britain, and Germany
Statistics of All Banks in the United States

UNITED STATES OF AMERICA

1936

TABLE OF CONTENTS

PAGE

Review of the month—International declaration on currency—Readjustment of gold-bloc currencies—French
financial and economic legislation—Recent economic developments in France, Great Britain, and Germany, 759-767
National summary of business conditions
768-769
Summary of financial and business statistics
771
Law department:
Rulings of the Board:
National bank not permitted to invest trust funds in securities purchased from any affiliate of such
bank
772
Applicability of section 22 (g) of Federal Reserve Act to endorsement by executive officer of note of partnership in which he has less than a majority interest
772
Effect of increase in reserve requirements on reserve position of member banks
773-774
Condition of all banks in the United States on June 30, 1936
774-779
Condition of insured commercial banks on June 30, 1936
780
Balance of international payments of the United States
781
French economic legislation
782-788
Amendment of the Bank of Canada Act
789-792
Financial, industrial, and commercial statistics, United States:
Member bank reserves, Reserve bank credit, and related items
794
Federal Reserve bank statistics
795-799
Reserve position of member banks; deposits in larger and smaller centers
800
Money in circulation
801
Gold stock and gold movements
802
All banks in the United States
803
All member banks
804-805
Reporting member banks in leading cities
805-809
Bank suspensions; bank debits; Postal Savings System
810
Acceptances, commercial paper, and brokers' borrowings
811
Federal Reserve bank discount rates
812
Money rates and bond yields
813
Security markets
814
Treasury
finance
815
Governmental corporations and credit agencies
816-817
Production, employment, and trade
818-824
Wholesale prices
825
September crop report
826
International financial statistics:
Gold reserves of central banks and governments
828
Gold production
829
Gold movements
829-831
Central banks
832-835
Bank for International Settlements
835
Commercial banks
836
Discount rates of central banks
837
Money rates
837
Foreign exchange rates
838
Price movements:
Wholesale prices
839
Retail food prices and cost of living
840
Security prices
840
Board of Governors and staff; Open market Committee and staff; Federal Advisory Council
842
Senior officers of Federal Reserve banks; managing directors of branches
843




FEDERAL RESERVE BULLETIN
VOL.

22

OCTOBER 1936

REVIEW OF THE MONTH
On September 25 an announcement of
far-reaching importance was issued by the
United States Treasury. SimInternational
ilar statements were simuldeclaration on
taneously issued by the British
currency
and French Governments, and
on September 26 the Belgian Government
declared its adherence to the broad policies
underlying the statement. The text of the
announcement is given below.
"By authority of the President, the Secretary of the Treasury makes the following
statement:
"1. The Government of the United States,
after consultation with the British Government and the French Government, joins
with them in affirming a common desire to
foster those conditions which safeguard peace
and will best contribute to the restoration of
order in international economic relations and
to pursue a policy which will tend to promote
prosperity in the world and to improve the
standard of living of peoples.
"2. The Government of the United States
must, of course, in its policy towards international monetary relations take into full account the requirements of internal prosperity,
as corresponding considerations will be taken
into account by the Governments of France
and Great Britain; it welcomes this opportunity to reaffirm its purpose to continue the
policy which it has pursued in the course of
recent years, one constant object of which
is to maintain the greatest possible equilibrium in the system of international exchange and to avoid to the utmost extent the
creation of any disturbance of that system
by American monetary action. The Government of the United States shares with the
Governments of France and Great Britain




No. 10

the conviction that the continuation of this
two-fold policy will serve the general purpose which all the Governments should
pursue.
"3. The French Government informs the
United States Government that, judging that
the desired stability of the principal currencies cannot be insured on a solid basis except after the reestablishment of a lasting
equilibrium between the various economic
iystems, it has decided with this object to
propose to its Parliament the readjustment
of its currency. The Government of the
United States, as also the British Government, has welcomed this decision in the hope
that it will establish more solid foundations
for the stability of international economic
relations. The United States Government,
as also the British and French Governments,
declares its intention to continue to use appropriate available resources so as to avoid
as far as possible any disturbance of the basis
of international exchange resulting from the
proposed readjustment. It will arrange for
such consultation for this purpose as may
prove necessary with the other two Governments and their authorized agencies.
"4. The Government of the United States
is moreover convinced, as are also the Governments of France and Great Britain, that
the success of the policy set forth above is
linked with the development of international
trade. In particular it attaches the greatest
importance to action being taken without
delay to relax progressively the present system of quotas and exchange controls with a
view to their abolition.
"5. The Government of the United States,
in common with the Governments of France
and Great Britain, desires and invites the
cooperation of the other nations to realize
759

760

FEDERAL RESERVE BULLETIN

OCTOBER 1936

the policy laid down in the present declara- approval of these measures was completed
tion. It trusts that no country will attempt in the two countries on September 30.
Suspension of the gold standard in France
to obtain an unreasonable competitive exchange advantage and thereby hamper the on September 26 was effected by a decree
closing the security and Corneffort to restore more stable economic relations which it is the aim of the three Gov- Readjustment of m ercial exchanges and an
French franc
..
.__.
ernments to promote."
agreement between the MinPrior to this statement the outflow of gold
from France had been resumed on a large ister of Finance and the Bank of France,
scale. From August 7 to Sep- raising from 215,000 francs to 5,000,000,000
Action in gold- tember 25 the Bank of France francs ($330,000,000) the minimum amount
bloc country ^
^
^
^
^ in which the Bank of France would redeem
Qf ^
bulk of it to the United States and to Eng- its notes in gold. The export of gold except
land. This brought the aggregate loss of under authorization of the Bank of France
gold reserves of the Bank of France since was prohibited by Presidential decree dated
March 1935 to more than $2,100,000,000, re- September 28.
A special session of Parliament was sumflecting almost entirely exports of capital
from France. Effective September 25 the moned for September 28, and by law of
discount rate of the Bank of France was October 1 articles 2 and 3 of the law of June
raised from 3 to 5 percent. On September 25, 1928, fixing the gold content of the franc
26, the day after the above statement was at 65.5 milligrams of gold .900fineand requirissued, the gold standard in France was vir- ing the Bank of France to buy and sell gold on
tually suspended and similar action was demand at fixed prices, were suspended. The
shortly taken by the Netherlands and French Government was authorized to fix
the gold content of the franc at not less than
Switzerland.
43
nor more than 49 milligrams .900 fine—
On September 27 the Netherlands imposed
i.e.
between approximately 65.6 and 74.8 peran embargo on gold exports except those aucent
of the previous parity, and the gold
thorized by the Netherlands Bank. In
holdings
of the Bank of France were to be
Switzerland a decree of the Federal Council
provisionally
revalued on the basis of a reeffective September 28 made notes of the
duction
in
the
gold
content of the franc to 74.8
Swiss National Bank legal tender, relieved
percent
of
its
former
content. The gold inthe bank of the obligation to redeem its notes
crement,
which
on
the
basis of gold reserves
in gold or gold exchange, and directed the
reported
by
the
Bank
of
France on September
bank to maintain the gold parity of the Swiss
25
would
amount
to
about
17,000,000,000
franc between 190 and 215 milligrams of
francs,
together
with
the
increment
resultfine gold—i.e. between about 66 percent and
ing
from
the
revaluation
of
foreign
exchange
75 percent of its former gold parity. In both
Switzerland and the Netherlands steps were holdings on a stipulated basis, was assigned
taken to establish exchange stabilization to the Government. A portion of the infunds. The resources for these funds were crement, amounting to 10,000,000,000 francs,
to be derived in Switzerland from revalua- will be set aside for the establishment of an
tion of the gold stock of the National Bank, exchange stabilization fund. The Bank of
and in Netherlands, from the issue of Govern- France, which will administer this fund on
ment securities. In both countries powers behalf of the Government, is required to
were also granted to the Government to com- maintain the market value of the franc bebat excessive price increases following re- tween the limits set for revaluation. Under
adjustment of the currencies. Parliamentary this arrangement the franc may fluctuate between 4.35 cents and 4.96 cents. The re-




OCTOBER

1936

FEDERAL RESERVE BULLETIN

mainder of the increment will be devoted to
the reduction of the advances granted by the
Bank of France to the Government without
interest under the convention of June 18,
1936.
The law of October 1 also provides for declaration of gold holdings at home or abroad,
as of September 26, by all persons of French
domicile with severe penalties for non-declaration. Persons holding gold must sell it to
the Bank of France at the former parity or
pay a tax equal to the increased value of the
gold declared. Transactions in foreign exchange between September 21 and 26 must
also be declared under heavy penalty. An
extraordinary tax of 50 percent is imposed
on the net profits resulting from forward
transactions entered into on French security
markets during the week ending September
26, with the exception of transactions in
French Government obligations and those
arising out of legitimate commercial requirements. Power is also granted to the Government to combat all price increases not
justified by a higher cost of imports and to
settle, during a period of six months, labor
disputes arising from an increased cost of
living before December 31, 1936.
Following passage of this legislation business was resumed on the exchanges on October 2 and transactions were effected in
French francs in New York at about 4.66
cents. The Bank of France on that day lowered its discount rate from 5 to 3 percent.
During the previous session of the French
Parliament, which adjourned August 14,
much important economic
Recent French legislation was enacted.
financial
Translations of the more imlegislation
portant financial measures are
available in the July, September, and current issues of the BULLETIN, and other economic measures are described in detail elsewhere in this issue. The principal provision
of the law revising the statutes of the Bank
of France is that the board of directors, formerly elected—with the exception of the




761

Governor and the two Deputy Governors
—by the 200 largest shareholders, shall henceforth consist of representatives of the Government and leading economic groups, including two directors elected by the shareholders at large and one elected by the personnel of the Bank of France. The Governor
and Deputy Governors remain Government
appointees. Every shareholder of French
nationality shall have one vote in the General
Meeting regardless of the number of shares
held. The Bank is also specifically authorized to rediscount Treasury bills maturing in
not over three months.
In addition three measures contain provisions bearing on extension of credit by the
Bank of France. Notes drawn by concerns
affected by the social reform laws have been
made discountable at the banques populaires
and the Bank of France under Government
guarantee up to 3,500,000,000 francs, and
the law creating a National Wheat Board
included authorization for the Bank to discount or rediscount bills drawn against wheat
in storage. The convention of June 18, approved by Parliament, provided for the conversion of Treasury and other public bills
held by the Bank into a noninterest-bearing
Government advance and for additional advances to the Government up to 10,000,000,000 francs. Up to September 25 net new
advances to the Treasury amounted to more
than 2,000,000,000 francs. In addition, under
authority of a law passed June 23, the Treasury sold 4,000,000,000 francs of a special
issue of bills put on sale July 10.
Among the first measures enacted during
the summer session of the French Parliament
were social reform laws
Recent French
providing f or compulsory
legislation affectpaid vacations, establishing
ing industry
a forty-hour week without
reduction of wages, and giving workers
and employers the mutual right to require
that collective contracts be made covering
specified points. A law was also passed pro-

762

FEDERAL RESERVE BULLETIN

viding for the extension of credit to enterprises that might become involved in financial
difficulties as a result of the social reform
laws. Advances to such concerns are limited
in amount to the increase in expenses caused
by the social legislation, and under no circumstances may exceed 12 percent of wages
paid out between July 1, 1935, and June 30,
1936. Concerns manufacturing for export,
however, are permitted to obtain additional
advances at lower interest cost. A series
of other measures extended the field of application of export insurance, and provided for
financial aid to exporters. To combat unemployment, the Government is to work out a
plan for public works expenditures of 20,000,000,000 francs over the next three years
in addition to projects already under way.
More recently, on September 7, the Cabinet
announced proposed additional expenditures
for armament totaling 14,000,000,000 francs
over the next four years.
Besides the laws of general application,
there were three measures which affected
particular industries. Concerns engaged in
the manufacture or sale of war materials
may be wholly or partially purchased by the
Government, and meanwhile must obtain
permission to operate. The Government is
given authority to fix the price of coal for a
period of three months pending initiation
of a study of the coal industry. A National
Wheat Board, vested with power to fix the
price of wheat and to regulate its production, sale, import, and export, was established. In addition to the foregoing specific
price provisions, more general control was
instituted through creation of a commission
to restrain unjustified increases in the prices
of a list of essential commodities to be prepared by the Minister of National Economy.
Industrial production in France increased
during the 12 months ending last
French
May from 66 percent to 73 percondhk!ns c e n t o f t h e average for the peak
years 1929 and 1930. In June,
however, there was a decline, to some extent




OCTOBER

1936

as the result of widespread strikes, and
the preliminary index of production for July
indicates that there was little change in activity from the June level. More recent data
on railway carloadings and receipts show increases over the corresponding weeks of
1935, the rise in receipts largely reflecting increased passenger traffic. Revenue from indirect taxes was somewhat higher in July
than a year ago. Prices of agricultural
products, which had risen steadily during
the year ended July, have continued to advance, and other prices have also risen in
recent months.
The last previous increase in industrial activity in France began in the summer of 1932
and lasted until the summer of
1933. During the ensuing year
and a half output declined and
most of the earlier gains were lost, but neither
the index of production nor any of its major
components, with the exception of building
and leather, fell below the lowest levels of
1932. Building registered the largest decline of any industry over the depression
period, with the textile, metallurgical, and
mechanical trades following in this order,
measured from their 1929-1930 highs to their
1934-1935 lows.
INDUSTRIAL PRODUCTION IN FRANCE
[Indexes of the Statistique G6n6rale de la France converted
to the base, 1928 = 100]
1936

1932
July

1933
July

72

88

72

80

77

Extractive industries 1
. _ _ _ 82
58
Metallurgy
67
Mechanical
industries
96
Building 1
1
102
Rubber manufactures
Paper manufactures 1 1 _ _ _ ______ 115
73
Leather manufactures
59
Textiles

85
72
83
94
169
161
82
78

86
65
69
67
129
152
69
64

88
74
74
72
168
190
83
68

88
64
74
67
164
195
85
59

General index._

1

___ _ _ _ _

1935
May

May

July

Adjusted for seasonal variation.

The bulk of the decline in the value of
both exports and imports occurred during
the early period of the depression when the
volume of production and wholesale prices

also fell most sharply. Since the middle
of 1932 raw material imports, the most
important single category, have in general moved with industrial production, but
imports of manufactured goods and food
products, largely under the influence of
quotas and other restrictions, have contracted
with little interruption. Exports, which consist principally of manufactured products,
declined in value much more gradually than
imports during 1933 and 1934. From 1929
through 1934 the largest decline, both in percent and in amount, occurred in exports of
clothing and textile materials. Exports of
hides, skins, and furs, of machinery and
metal manufactures, and of chemical products
also dropped heavily. In 1935 exports began
to decline more rapidly.
PRODUCTION AND PRICES IN FRANCE

1929

763

FEDERAL RESERVE BULLETIN

OCTOBER 1936

1930

1931

1932

1933

1934

1935 1936

Indexes of the Statistique Generale de la France, the price indexes being converted for the purposes of this chart from a 1913
base. Some components of the index of production are adjusted
for seasonal variation.

Industrial prices in France declined
sharply from 1929 to the middle of 1932. In
the three succeeding years irregular recovery
was followed by renewed decline, but on the
whole industrial prices remained relatively
stable during this period. Prices of agricultural products, which comprise an important
part of total production of goods in France,
showed a smaller net decline than industrial
prices during the earlier years of the depression, but from 1932 to the middle of 1935 they
fell much further.




At the end of 1934 and early in 1935 the
volume of production began to expand in a
number of industries, for the
Developments
in past year

most

part

f

tho

associated

with the production of consumers' goods. Owing principally to the
continued sharp decline in building activity,
output as a whole failed to increase, and in
May 1935 the index of production again
reached the low level touched in 1932. The
index recovered in June 1935, when the decline in building was arrested, and later
the expansion of production became more
general. By May 1936 the index of industrial production had risen 11 percent from
its level of a year previous. Building activity, after five years of virtually uninterrupted contraction, rose 8 percent. The
largest increases over the 1934-1935 low
points were in paper, rubber, leather, and
textile manufactures. In the year ending
May 1936 every line of production included
in the index showed an increase.
In June, however, the index of production
declined 4 percent and in July remained at
the lower level. The change in the previous
upward trend was due in large part to widespread strikes, which necessitated the closing
down of many industrial plants. These
strikes, which commenced late in May and
spread rapidly during the early days of June,
were due to demands for higher wages and for
the social reforms subsequently enacted. On
June 5 Premier Blum promised immediate
introduction of the social reform laws. Settlement of the strikes began with the agreement of June 8 between representatives of
the producers' association and the General
Confederation of Labor providing, among
other things, for a sliding scale of wage increases averaging 12 percent at the most
for each establishment. Slow progress in
concluding individual agreements between
employers and workers followed. It was
officially estimated that on the 18th of June
248,000 workers were still on strike, and on
July 10 the figure was placed at 81,000.

764

FEDERAL RESERVE BULLETIN

During August and September there was
a revival of strikes in France. To some extent these strikes were of short duration,
being initiated as a protest against the French
Government's policy of neutrality towards
the rebellion in Spain. Other strikes, however, reflected workers' demands for higher
wages and a new basis for negotiating with
employers. On September 17, under Government auspices, a compromise was effected
between strikers and employers in the Lille
area.
Coincident with the recent recovery in industrial production in France, there was an
increase in imports, which had declined
sharply from 1933 to the middle of 1935. In
July 1935 imports were larger than in the
same month of the previous year. The rising
trend of imports has since been maintained,
at first reflecting larger raw material imports
and later, in 1936, increased purchases of foreign food products as well. The decline in
exports, which was greater in 1935 than in
1934, has continued, though at a somewhat
slower rate in the current year and particularly in recent months. As a result of these
developments the import balance declined less
rapidly during the first half of 1935 than
throughout 1934, and subsequently increased.
From July 1935 to June 1936 imports exceeded exports by 7,500,000,000 francs as
against 4,100,000,000 francs in the preceding
12 months. Import balances in July and
August showed smaller increases over the
same months of the previous year than were
shown in 1935.
INTERNATIONAL TRADE OF FRANCE
[In billions of francs]
Total
exports

Total
imports

Excess
of
imports

Exports
of
manufactures

Imports
of raw
materials

50.1
19.7
18.5

58.2
29.8
28.4

8.1
10. 1
10.0

31.5
12.2
11.2

35.1
13.2
13.8

17. 0
14.7

21. 1
22. 3

4. 1
7.5

9.6
8.4

10.6
12.0

Calendar years
1929
1932
1933

Years ending:
June 1935-.
June 1936...




OCTOBER

1936

Agricultural prices have increased sharply
over the past year, and there has also been
a rise in industrial prices. Both groups of
prices reached their low points for the depression in 1935. A virtually uninterrupted
advance during succeeding months raised
the level of agricultural prices by 43 percent
from their low point, while industrial prices
rose by 13 percent.
British industry as a whole is currently
operating at a high level, with the greatest
activity this summer in the
Recent British metal and engineering trades.
economic
The general level of wholedevelopments
sale commodity prices, after
several months of stability, has increased
since June to the highest point in six years,
cereals making the largest advance. Retail
prices have also risen and retail sales have
this year shown a further growth, reflecting
increased consumer purchasing power resulting from a rise in employment to a new high
level.
PRODUCTION AND PRICES IN GREAT BRITAIN

1929

1930

1931

1932

1933

1934

1935

1936

Indexes of the Board of Trade. Industrial production to first
quarter of 1934 is represented by a previously compiled, less comprehensive index computed on a 1924 base and converted for purposes of this chart to a 1930 base. The current index is not
available prior to 1934. Earlier price indexes are also used for
the year 1929, converted to a 1930 base. Indexes are not adjusted
for seasonal variation.

The current activity is a continuation of
the recovery which has been in progress without serious interruption since 1932. The peak
of British unemployment, seasonally adjusted, was reached in September 1932, and
the low point of industrial production, 78 percent of the average for the peak year 1929,
i was reached in the third quarter of 1932.

OCTOBER 1936

From this point the index of industrial production advanced; it passed the 1929 average
in the last quarter of 1934 and since that
time has shown a further gain of 10 percent.
There was an accompanying growth of employment which is now larger than at any
previous time. Owing to the increase ir
population, however, unemployment in August 1936, at 1,678,000, was materially
larger than in 1929. Wholesale commodity
prices have risen 15 percent from the low
point in the spring of 1933, while the cost of
living has increased by 7 percent.
The British revival since 1932 has centered
in the home market. Much the most rapid
increase in production has been in the heavy
industries, but industries making consumers'
goods, which held up relatively well during
the depression, also expanded. Employment
in distribution and many service trades has
continued a steady growth since 1929. The
most important single element in the recovery has been the expansion of building
activity, particularly in dwellings. Lower
construction costs and lower long-term interest rates, together with the small volume of
building in earlier years, have contributed to
its revival. Residential building permits in
1936 have been slightly below 1935, but this
decline has been more than offset in the total
by increased industrial construction. Other
elements in the British revival have been the
growth of automobile sales and the spread of
the electric power system. The steel and electrical equipment industries have profited as
a result. The metal trades, already working
at a high ratio to capacity, were somewhat
further stimulated in 1936 by increased
manufacture of armaments and supplies for
the Government. Production of steel ingots
and castings in the first seven months of 1936
was 20 percent larger than the year before
and 115 percent larger than in 1932. Shortages of skilled workers have appeared and
imports of steel and machinery have increased
sharply, partly as a result of the inability of




765

FEDERAL RESERVE BULLETIN

domestic mills to meet the combined private
and public demand.
INDUSTRIAL PRODUCTION IN THE UNITED KINGDOM
[Indexes of Board of Trade, 1930 = 100]
19321
3rd
quarter

General index
Mines and quarries
Iron and steel
Nonferrous metals
Engineering and shipbuilding
Building materials and building..
Chemicals, oils, etc
Leather and boots and shoes
Textiles
.
Food, drink, and tobacco

85
75
69
79
73
93
92
96
93

1935
average

114
92
126
137
105
147
111
116
119
108

1936
2nd
quarter
124
88
150
141
120
157
113
121
125
118

Indexes not adjusted for seasonal variation.
See note to chart on page 764 for explanation of 1932 figures.

1

Leading industries dependent on the export
trade, which were already depressed before
1929, accounting for the bulk of Great Britain's standing total of unemployment, and
which had further severe losses after that
date, lagged in the recovery movement. Coal
mining, cotton textiles, and shipbuilding, in
order of size, have been the industries most
affected. In 1935 coal output, although 8 percent larger than in 1933, was still 14 percent
below 1929, and, in July 1936, 25 per cent of
the miners were unemployed. Unemployment
in cotton spinning and weaving and in shipbuilding amounted to 15 percent and 31 percent respectively in July 1936, although it
had been reduced by half in each case since
1932. Shipbuilding especially, although still
depressed, has made notable gains in the past
year. In addition to these trades, railway
traffic, as a consequence of motor competition, is still well below its 1929 level. The
concentration of depressed trades in Scotland,
the North of England, and South Wales has
divided the country into areas differing
widely in economic conditions, the percentage
of unemployment in the regions mentioned
running from two to three times as high as
in the rest of Great Britain.
British foreign trade was severely affected
by the depression, the value of exports being
cut in half between 1929 and 1932. The de-

766

FEDERAL RESERVE BULLETIN

OCTOBER 1936

cline in imports was less rapid, with the re- in other countries, signs of revival first apsult that the excess of imports in 1931 was peared in the latter half of 1932. Durable
the largest in five years. Following imposi- goods, the production of which had been retion of new trade restrictions, imports were duced more sharply than that of other lines
much reduced in 1932 and 1933. Exports in since 1929, gained most rapidly after 1932,
1934 and 1935 showed a greater percentage but production in all industries increased up
recovery than imports, and the import bal- to the middle of 1934. Since 1934 the output
INTERNATIONAL TRADE OF THE UNITED KINGDOM
[In millions of pounds sterling]
Exports

PRODUCTION AND PRICES IN GERMANY

of
Imports Excess
imports

Calendar years:
1929
1931
1932

Years ending:
August 1935
August 1936

839
454
416

1,221
861
702

382
407
286

471
492

732
818

261
326

ance increased only moderately from its low
level in 1933. Less than a fifth of the loss in
exports since 1929 was regained, however.
In September 1935 imports began to increase,
1929
1930
1931
1932
1933
1934
1935
1936
Indexes of the Institut fur Konjunkturforschung, the price inand in the year ending August 1936 the dexes
being converted for purposes of this chart from a 1913 base.
import balance increased to £326,000,000 as Indexes are not adjusted for seasonal variation.
against £261,000,000 in the preceding 12 of textiles, shoes, and other consumers' goods
months.
has fluctuated, declining in the summer of
German industry operated during the sum- 1935 to the 1933 level, but subsequently remer of 1936 at a level twice as high as in covering its losses in response to larger retail
1932, the low year of the de- sales. The output of durable goods has conRecent German pression, and higher than in tinued to expand, stimulated by the public
economic
^ nnrr
i
l
l
n
works and re-armament programs. Total
1927
developments
> t h e P e a k y e a r of prOSconstruction
in 1935 was 10 percent less than
perity. Nearly all lines were
in
1929;
public
building constituted twoactive, but especially the heavy industries
thirds
of
the
total
in 1935 as compared with
and construction, in which shortages of
one-third
in
1929.
The 1935 output has been
skilled labor have appeared in many districts.
greatly
surpassed
this
year.
The number of registered unemployed, including workers who were either shifting
INDUSTRIAL PRODUCTION IN GERMANY
from one job to another or were no longer
[Indexes of Institut fur Konjunkturforschung, 1928 = 100]
able-bodied, was reduced from 2,515,000 at
1935 *jl936
1934
1932
the end of February to 1,170,000 at the end
June June June
of July, only in part as a result of seasonal
94
109
General index
.
54
81
influences. Wholesale and retail prices have
Production goods . _ _ _ . .
100
116
46
77
risen slightly since the end of June.
92
C o n s u m p t i o n goods
79
91
74
In Germany the decline in industrial production during the depression was greater Indexes not adjusted for seasonal v a r i a t i o n .
From their low levels early in 1933 agrithan that in any leading industrial country
with the exception of the United States. As cultural prices have increased considerably,




OCTOBER 1936

FEDERAL

RESERVE

BULLETIN

767

while industrial prices have shown a much verse this tendency, the Government insmaller increase. Wages have been prac- creased its measures of control to the point
tically constant, while the cost of living has where all unauthorized imports were forbidbeen rising slowly. Prices have been largely den and took steps to stimulate exports. Imunder control by public authorities. Total ports were reduced, exports of finished goods
agricultural income has risen year by year were increased, and, beginning with May
since the crop year 1932-1933, and with the 1935, the export surplus was restored.
decline of unemployment from slightly more
INTERNATIONAL TRADE OF GERMANY
than 6,000,000 at the beginning of 1933 to
[ I n millionss of reichsmarks]
about 1,200,000 in July 1936, total labor inExcess of
come has also increased. Many who might
exports
Exports Imports
or
otherwise be unemployed are in military or
imports
(-)
public labor service.
German foreign trade was sharply reduced Calendar years:
36
13, 483
13, 447
1929
in the depression years, and exports suffered
9, 599
1931
2,872
6, 727
-284
4,451
1934
4,167
a renewed loss in 1934, when imports showed
ending:
some increase. The result was thefirstim-YearsAugust
-106
4,220
1935
4,115
453
4,175
4,628
port surplus since 1928. In an effort to re- August 1936




768

FEDERAL RESERVE BULLETIN

OCTOBER 1936

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

Industrial activity increased seasonally in
August, and there was a substantial increase
in factory employment and pay rolls. Commodity prices, which had advanced for three
months, showed little change after the middle
of August.
Production and employment.—The Board's
index of industrial production, which makes
allowance for usual seasonal movements, remained unchanged in August at 107 percent
of the 1923-1925 average. Output of steel
increased by more than the seasonal amount
and the higher level was maintained in the
first three weeks of September. Production
of automobiles was sharply reduced as plants

Value of construction contracts, which had
increased sharply in July, declined somewhat
in August, according to the figures of the
F. W. Dodge Corporation. The value of nonresidential projects was smaller than in July
but larger than in other recent months.
110
100
90

90

3

80

Employment

70
60
Payrolls.
50

INDUSTRIAL PRODUCTION
130

130

40

120

120

30

110
100
90

\
\

k

A

V

^/
A
A
i
w / ^'V

A/s

\f> ^<
AC

80
70

f V

60

-K

50

A^

40
30

1929

/

120

FACTORY EMPLOYMENT AND PAYROLLS

1930

1931

1932

1933

1934

1935

1936

110
100
90

Monthly indexes of number employed and pay rolls at factories,
unadjusted for seasonal variation, 1923-1925 average = 100.

Residential building increased considerably,
reflecting a marked increase in contracts for
apartments, several of which were publicly
financed projects. Awards for single-family
60
houses, which have accounted for most of the
50
50
1929
1930
1931
1932
1933
1934 1935 1936
increase in residential building during the
Monthly index of physical volume of production, adjusted for past year and a half, showed little change in
seasonal variation, 1923-1925 average = 100.
August.
Agriculture.—Department of Agriculture
were closed for inventory taking and for crop estimates based on September 1 condimechanical changes in connection with the tions were about the same as the estimates
introduction of new models. Output of non- made a month earlier, except for a sharp
durable manufactures increased further in decline in prospects for cotton. Prospective
August, reflecting chiefly continued expan- output of leading crops, with the exception
sion in activity at textile plants and shoe of cotton and winter wheat, is considerably
factories. At bituminous coal mines output smaller than last year, but, in comparison
increased less than is usual at this season with the drought year 1934, it is larger,
and at anthracite mines production declined. except for corn and potatoes.
Distribution. — Freight-car loadings of
Output of petroleum showed an increase.
Factory employment rose further between most classes of commodities showed about
the middle of July and the middle of August the usual seasonal increase from July to
by an amount larger than is usual at this August. Shipments of grain, however, deseason. There were substantial increases in clined sharply and the increase in total loadworking forces at establishments producing ings was less than seasonal. Department
textiles and wearing apparel and smaller in- store sales increased by less than the usual
creases in most other lines, partly offset in amount and the Board's seasonally adjusted
the total by a decline in employment in the index was 86 percent of the 1923-1925 averautomobile industry. Factory pay rolls in- age as compared with 91 percent in July and
87 percent in June.
creased.
80




V

769

FEDERAL RESERVE BULLETIN

OCTOBER 1936

Commodity prices.—Wholesale commodity and industrial purposes. These loans are
prices showed little change between the now at the highest level since early in 1933.
PER C

CENT

120

WHOLESAL-E PRlCES

no

110

100

100

90

BILLIONS OF DOLLARS

120

90

\

80

80

70

f

60

70
60

50
1929

1930 1931

1932 1933

1934 1935 1936

1935

Wednesday figures for reporting member banks in 101 leading
Index compiled by the United States Bureau of Labor Statistics, 1926 = 100. By months, 1929 to 1931; by weeks, 1932 to cities, September 5, 1934 to September 16, 1936. Loans on real
estate,
loans to banks, and acceptances and commercial paper
date. Latest figure is for week ending September 19, 1936.
bought included in total loans and investments but not shown
separately.

middle of August and the third week of
September, following three months of advance. Prices of steel scrap and chemicals
and drugs continued to advance and there
were also increases in the prices of hides
and nonferrous metals. There was a seasonal
decline in hog prices. Cotton, which advanced in price early this month at the time
of the official crop report, declined after the
middle of the month.
Bank credit.—Demand deposits of reporting member banks in leading cities increased
somewhat further in the four weeks ending
September 16, reflecting gold imports, Treasury expenditures, and an increase in bank
loans. Growth in loans was principally in
so-called "other" loans, which include loans
to customers for agricultural, commercial,




Loans to security dealers showed an increase,
as is usual, prior to flotation of the new issue
of Treasury bonds on September 15. A part
of the new Treasury issue was purchased by
reporting banks, principally by drawing upon
their balances with the Reserve banks.
Largely as a consequence of payments to
the Treasury excess reserves of member
banks showed a decrease of $280,000,000 in
the week ending September 16. This decline
followed an increase of nearly $200,000,000
in the preceding three weeks, when the Treasury was reducing its deposits with the Reserve banks. Since early in August there has
been a renewed inflow of gold and the country's monetary gold stock has increased by
about $100,000,000 in the past month.

770

FEDERAL RESERVE BULLETIN

OCTOBER

MEMBER BANK RESERVES AND RELATED ITEMS
Wednesday figures

BILLIONS OF DOLLARS

1930

1931

1932

1933

BILLIONS OF DOLLARS

1934

1935

1936

MEMBER BANK
RESERVE BALANCES

1930




1931

1932

1933

1934

1935

Latest figures for September 23, 1936. See table on page 794.

1936

1936

771

FEDERAL RESERVE BULLETIN

OCTOBER 1936

SUMMARY OF FINANCIAL AND BUSINESS

STATISTICS

1936
Aug.

July

Annual averages
June

Aug.

RESERVE BANK CREDIT, MEMBER BANK RESERVES,
AND RELATED ITEMS

Reserve bank credit—total
Bills discounted
Bills bought
U. S. Government securities
Monetary gold stock
Treasury currency.
Money in circulation
Treasury cash and deposits with Federal Reserve banks
Nonmember deposits and other accounts
Member bank reserve balances:
Total
Excess

6.181
2,458

5,861
2,907

9, 357
1,254
3,321
4,875
376
2,354
14, 785
5,019
..__ 5,859
2

9,484
1,278
3,348
4,710
386
2,493
14, 752
5,007
6,037

MONEY RATES AND BOND YIELDS

1933

1934

1935

2,476
7
5
2,431
9,180
2,441
5,576
2,795
494

2,473
7
5
2,430
9,128
2,504
5,550
3,032
552

2,479
8
5
2,431
9,025
2,513
5,522
2,989
527

1,459
952
241
208
3,996
2,015
4,476
229
406

2,077
521
71
1,461
3,952
2,096
5,328
275
407

2,502
36
25
2,432
7,512
2,381
5,403
2,879
438

2,475
7
5
2,431
9,059
2,478
5,585
2,919
507

5,484
2,593

5,232
2,636

4,970
2,385

4,979
2,438

2,358
43

2,114 2,343 3,676
256
528 1,564

5,001
2,469

2,429
283
83
2,052
4,059
2,271
5,576
343
497

22, 373 19.825 19, 909 19, 887 22, 599 19,080 17, 505 18, 672 19,997
820
1,074
830
869
844 1,405
337
591
815
2,301
2,334 2,239 2,262 2,289 6,251 4,508 3,343 2,711
5,127 4,778 4,812 4,895 9,231 6,578 5,222 4,965 4,907
9,202 7,859
1,303 1,024
3,333 3,095
4,389 4, 245
387
327
2,290 2,104
14, 563 13,131
5,037 4,861
5,503 4,901
3
4

7,930
994
3,042
3,969
323
2,056
13, 038
4,848
4,840
14

7,910
943
3,006
4,041
318
2,018
12, 814
4,874
4,747
6

2,865

4,413 5,228 6,856
«325
2,847 3,245 3,121 "3,000
1,725 1,673 1,822 2,875
248
214
240
271
1,142 1,250 1,322 1,688

0)

0)

0)

0)

6,788 5,666 4,946 4,937
2,787 2,772 2,822 3,814
674
228
115
8

7,989
928
3,052
4,024
326
2,112
12, 729
4,883
4,938

(Averages of weekly figures
• percent per annum)
.75
.25
.10
2.66
3.77

.75
1.00
.14
2.50
3.50

.75
1.00
.23
2.50
3.55

296
217
79
232
171
62

338
103
236
294
70
225

731
217
514
528
152
376

424
198
227
210
30
180

109

106

83

79

76

190

81
81
81
80
84

79
78
80
79
84

81
79
85
78
80

79
77
82
78
80

80
78
83
78
82

95
105
100
92
105

.75
.25
.07
2.59
3.70

.75
.25
.13
2.61
3.72

5.85
7.61

.75
1.00
18
2.43
3.45

3.60
4.73

2.73
2.05
.88
3.66
5.01

1.72
1.16
.52
3.31
4.49

1.02
1.00
.26
3.10
4.00

.76
.56
.14
2.70
3.74

89
60
29
32
13
18

180
116
64
41
15
26

389
124
265
189
34
155

48

63

72

78

65
48
61
70
68

66
51
61
71
66

75
65
71
78
74

80
79
84
78

76
75
82
25
11
37
69
48
58
67

79
78
86
32
12
48
79
61
62
75

90
90
91
37
21
50
82
70
63
79

140
121

178
138

190
171

(Amounts per month; in millions of dollars)

All issues—total
New
Refunding
Domestic corporate issues—total
New
Refunding
__
PRICES

640
134
506
542
55
487

512
58
454
129
14
115

959
841
118
781
667
115

146
100
46
54
27
27

(Index numbers)

...

. . . .

..

BUSINESS INDEXES

Industrial production
Manufactures
Minerals
Construction—total
Residential
Allother
Factory employment
Factory payrolls (unadjusted)
Freight-car loadings
Department store sales

(Index numbers, adjusted for seasonal variation, 1923-25=100)
P109
P 98
p 65
P 48
p 78
89
81
70
87

108
109
101
59
44
71
88
78
73
91

103
104
99
52
36
65
86
79
70
87

P178
P195

180
194

185
190

P107

87
88
81
38
24
50
82
69
60
77

86
86
84
35
25
43
81
65
58
80

86
84
98
30
24
36
80
66
63
79

119
119
115
117
87
142
105
109
106
111

64
63
71
28
13
40
64
46
56
69

(Amounts per month; in millions of dollars)

MERCHANDISE EXPORTS AND IMPORTS




1932

2,478
6
3
2,430
10, 514
2,492
6,062
3,372
567

CAPITAL ISSUES

P Preliminary.
1
Figures not available.

1929

(Averages of Wednesday fijures; in millions of dollars)
22, 297 22, 484
916
936
2,232 2, 307
5,217 5,131

Commercial paper
Stock exchange call loans
U. S. Treasury bills...
U. S. Treasury bonds, long term
Corporate high grade bonds (Moody's Aaa)

Exports, including re-exports
General imports

June

(Averages of daily figures; in millions of dollars)
2,474 2,474
6
3
3
3
2,430 2,430
10,674 10,629
2,499 2,497
6,191 6,203
2,691 2,999
584
536

REPORTING MEMBER BANKS

Total loans and investments
Loans to brokers in New York City
Other loans on securities
All other loans
U. S. Government obligations:
Direct
Fully guaranteed
Other securities
Reserve with Federal Reserve banks
Cash in vault
Balances with domestic banks
Demand deposits—adjusted
2
Time deposits (excluding interbank)
Deposits of domestic banks 3
Borrowings

Common stocks (1926=100)
Wholesale commodity prices (1926=100):
All commodities
Farm products
Foods
Other commodities
Retail food prices (1923-25=100)

July

172
169

173
177

• Partly estimated.
2 Include time deposits of banks, domestic and foreign, 1929-1934.

170
157

437
367

134
110

3 Do not include time deposits 1929-1934.

772

FEDERAL RESERVE BULLETIN

OCTOBER

1936

LAW DEPARTMENT
National bank not permitted to invest trust funds in
If an executive officer is a member of a
securities purchased from any affiliate of such partnership under an agreement whereby his
bank
liability for partnership debts is limited, and
A national bank recently inquired whether is, therefore, liable under the law for the
the investment of trust funds by such bank debts of the firm only to the extent of his conin securities purchased from a certain affili- tribution to its assets or to a limited extent
ate of the bank would be considered a viola- on some other basis, his individual endorsetion of subsection (a) of section 11 of the ment of a note of the partnership would
Board's Regulation F, Trust Powers of Na- clearly increase the extent of his liability.
tional Banks, revised effective June 1, 1936,
Even in the case of an unlimited partnerwhich reads as follows:
ship, the act of a partner in adding his indi(a) Obligations of trustee bank or its directors, vidual endorsement to a note of the partnerofficers, etc.—Funds received or held by a national ship would appear to create a liability disbank as fiduciary shall not be invested in stock or tinct from, and in addition to, his liability as
obligations of, or property acquired from, the bank a partner arising by operation of law. In
or its directors, officers, or employees, or their interests, or in stock or obligations of, or property ac- the marshaling of assets of an insolvent partquired from, affiliates of the bank.
nership, it appears to be a general rule in
equity that firm creditors shall be paid first
It appeared that the affiliate relationship ex- from
partnership property and that they
isted solely by reason of the fact that the
same persons owned or controlled a majority may not resort to the individual property
of the shares of the stock of the bank and of of a partner until the partner's individual
creditors have been paid in full. However,
the affiliate.
a
The Board ruled that such an investment creditor holding the note of a partnership
of trust funds is prohibited and expressed the bearing the individual endorsement of one of
opinion that the investment of trust funds by the partners would be an individual as well
a national bank in securities purchased from as a firm creditor and would, therefore, be
an organization which is for any reason an entitled to payment from the individual propaffiliate of such bank, within the meaning of erty of the partner in preference to other
that term as defined by Congress in section firm creditors. In this respect, the liability
2 (b) of the Banking Act of 1933, violates the of the endorsing partner would appear to be
above quoted provisions of Regulation F. The greater, as to the holder of the partnership
Board pointed out that the pertinent pro- note endorsed by him, than it would have
visions of Regulation F are based upon long been had he not endorsed such note.
established principles of law and sound prac- It is clear that the prohibitions of section
tices relating to the administration of trusts 22 (g) of the Federal Reserve Act are not apand stated that, while circumstances may re- plicable to a loan by a member bank to a partduce the danger of abuses in some instances, nership in which one or more executive offithe Board has not felt that it could justify cers of such bank have either individually or
together less than a majority interest and it
making exceptions.
is believed that the evident policy of the law
to exempt such partnerships would be defeated if the law were construed as including
Applicability of section 22(g) of Federal Reserve Act
the
liability of an executive officer who is a
to endorsement by executive officer of note of
partnership in which he has less than a majority member of such a partnership arising solely
interest
by virtue of the operation of law which makes
The Board recently considered the ques- him individually liable as a partner for the
tion regarding the applicability of section debts of the partnership. The Board stated,
22 (g) of the Federal Reserve Act and the however, that it would not be justified in exBoard's Regulation 0 to the liability to a tending the exemption permitted by the statbank of an executive officer of a member bank ute beyond the point clearly contemplated by
arising as the result of his endorsement of a its provisions and beyond the point necessary
note of a partnership in which he has less to give full effect to the purposes of the
statute.
than a majority interest.




OCTOBER

773

FEDERAL RESERVE BULLETIN

1936

In the circumstances, it is the view of the
Board that the liability to a bank of an executive officer of a member bank arising from
his endorsement of a note of a partnership in
which he has less than a majority interest
would constitute a liability falling within the
provisions of section 22 (g) of the Federal
Reserve Act and the Board's Regulation 0.

Compilation of Federal laws affecting national banks

The office of the Comptroller of the Currency has published a compilation entitled
"Federal Laws Affecting National Banks/'
which contains the Federal laws relating to
national banks as of January 1, 1936. Copies
of this compilation may be obtained at a cost
of $1 each from the office of the Comptroller
of the Currency.

EFFECT OF INCREASE IN RESERVE REQUIREMENTS ON RESERVE POSITION
OF MEMBER BANKS

In order to show the effect on the reserve
position of member banks of the 50 percent
increase in reserve requirements which became effective after the close of business on
August 15, 1936, the table at the foot of this
page has been prepared. This table compares the average daily reserve position of

member banks by reserve classifications and
by districts for the first and second halves
of August. It is similar in form to the table
regularly published in the BULLETIN, page
800, except that the latter shows daily averages for the whole month. Reserve requirements on the two types of deposits and

RESERVE POSITION OF MEMBER BANKS, SEMIMONTHLY PERIODS ENDING AUGUST 15 AND 31,

1936

[Averages of daily figures. In millions of dollars]
August 1-15
Classes of banks and districts

Gross
demand
deposits

Net
demand
de- 1
posits

Time
deposits

August 16-31

Reserves with Federal
Reserve banks
Required

Held

Excess

Gross
demand
deposits

Net
demand
de- 1
posits

Time
deposits

Reserves with Federal
Reserve banks
Required

Held

Excess

All member banks
Central reserve city banks:
New York
Chicago
Reserve city banks, by districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

29, 523 24, 152 10, 805

2,958

6,063

3,105

29, 277 24, 210 10, 824

4,440

6,291

1,852

10, 291
2, 359

9,662
2,072

645
430

1,275

2,502
572

1,226
290

10,178
2,331

9,607
2,051

640
437

1,902
420

2,503
580

600
160

963
216
1,114
1,432
638
557
1,128
679
364
1,000
572
1,823

855
170
921
1,127
488
390
792
514
265
655
376
1,415

125
138
235
724
198
161
440
168
91
162
110
1,867

89
21
99
134
55
44
92
56
29
70
41
197

186
36
206
299
134
69
214
107
62
141
73
372

97
15
106
165
80
25
122
50
33
71
32
174

945
215
1,092
1,424
624
559
1,125
669
363
987
569
1,826

170
921
1,134
491
405
804
514
271
642
383
1,450

125
138
234
722
198
161
443
168
92
162
110
1, 867

133
32
149
203
83
68
141
85
45
104
62
302

178
39
202
325
140
81
231
109
62
157
84
396

45
7
54
122
58
13
90
25
17
54
21
94

Total
Country banks, by districts:
Boston.__ _
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

10, 485

7,8

4,418

Total..

761
1,202
560
531
445
400
696
314
296
429
418
335

970

10, 399

8,034

4,420

1,404

2,005

595
915
420
377
286
259
476
211
190
250
262
209

572
1,329
833
576
320
196
534
204
264
154
90
240

59
104
54
44
30
24
49
21
21
22
21
22

115
229
108
101
63
53
144
49
61
65
62
40

56
125
54
57
33
29
94
29
40
43
41
18

757
1,201
560
530
444
397
695
309
298
426
418
335

603
931
430
382
292
261
483
213
193
253
267
213

573
1,331
834
577
321
196
537
204
266
155
91
240

89
158
45
36
75
32
32
33
32
33

126
260
124
113
69
56
155
54
65
69
66
46

37
102
42
47
24
20
80
23
33
35
34
13

4,450

5,312

471

1,090

619

6,369

4,519

5,326

714

1,204

490.

1
Gross demand deposits minus demand balances with domestic banks (except private banks and American branches of foreign banks) and
cash items in process of collection.




774

FEDERAL RESERVE BULLETIN

OCTOBER 1936

for the various classes of member banks be- The ratio of excess reserves to required
fore and after the change were as follows:
reserves for all member banks declined from
105 percent to 42 percent. Country banks,
after the increase in requirements, held reserves that were 69 percent in excess of the
Until
After
Reserve requirements on —
Aug. 15,1936 Aug. 15,1936 amount required, as compared with 43 percent at reserve city banks and 38 percent
Percent
Percent
Net demand deposits:
and 32 percent respectively at central reCentral reserve city banks.
19> serve city banks in Chicago and New York.
Reserve city banks
15
Country banks
Central reserve city banks did not share in
Time deposits:
the increase in reserves of member banks,
All member banks
largely because of withdrawals by correspondent banks of deposits held with them,
as
reflected in declines in gross demand deRequired reserves of all member banks
were $1,480,000,000 larger in the second half posits at central reserve city banks. As a
of August than in the first half. The differ- consequence excess reserves showed larger
ence reflected almost entirely the increase in decreases at central reserve city banks than
requirements rather than a growth in the at other banks. Declines in excess reserves
volume of net demand and time deposits, averaged 51 percent at central reserve city
which showed little change in the period. banks in New York and 45 percent at those
Since there was a growth of $230,000,000 in Chicago, while reserve city banks showed
in total reserve balances held by member an average decline of 38 percent and country
banks with the Federal Reserve banks, the banks a decrease of 21 percent. The average
amount of reserves in excess of requirements decrease for all member banks was 40 perdeclined by $1,250,000,000.
cent.

STATISTICS OF ALL BANKS IN THE UNITED STATES
On the following pages are published statistics of loans, investments, and deposits of
all banks by kinds of banks and by States
as of June 30, 1936, with comparable figures
for March 4, 1936 and June 29, 1935, and
also complete condition statements as of
June 30, 1936 and December 31,1935 of commercial banks whose deposits are insured by
the Federal Deposit Insurance Corporation.
Statistics for all banks are compiled regularly
by the Board from call reports obtained by
the Comptroller of the Currency for national
banks and by State authorities for State
banks. Summary figures for a number of
years are regularly published in the BULLETIN ; see tables on page 803 of this issue. The
consolidated statements for insured banks
are compiled by the Federal Deposit Insurance Corporation.
Deposits at all banks in the United States,
exclusive of interbank deposits, on June 30,
1936, totaled $51,335,000,000, an increase of
12 percent in the twelve months since June
1935. Deposits of member banks increased
by 16 percent in the year; those of mutual




savings banks showed only a slight increase;
and those of other nonmember banks showed
an increase of 13 percent. Deposits at member banks and at mutual savings banks are
close to the largest volume on record, while
those of other nonmember banks, excluding
private banks for which reports have been
received only in recent years, are about half
of what they were at their maximum in 1929.
The total for all banks on June 30, 1936, was
the largest since June 1931.
During the past year the largest percentage increases in bank deposits occurred in
the central industrial States and in most of
the southern and far western States. Percentage increases were smallest in the New
England States and in North Dakota.
All types of banks showed continued increases in their investments during the year
ending June 30, 1936, and loans of member
banks also increased. Loans of mutual savings banks continued to decline, while those
of other nonmember banks declined in the
last half of 1935 and increased in the first
half of this year.

775

FEDERAL RESERVE BULLETIN

OCTOBER 1936

ALL BANKS IN THE UNITED STATES
ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 4, 1936 AND
JUNE 29, 1935, BY DISTRICTS
[Amounts in millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available]
Loans a n d investments

Loans

Total

Federal Reserve District

June

Investments
June

Deposits exclusive of
interbank deposits

Number of banks

June
1935

Mar.
1936

June
1935

June
1935

June
1936

Mar.
1936

2,661
9,848
2,006
1,972
955
602
3,261
765
578
688
427
2,119

2,642 5,823 5, 696 5,545
9,298 18, 532 17,819 16,881
1,887
3,368 3,162
3,511
1,833
3,703 3,461 3,199
894 2,097 1,978
1,832
511 1,403
1,171
1,325
2,726 6,043 5,507 5,039
705 1,635
1,432
1,543
573 1,214
1,099
1,156
715 1,713
1, 513
1,609
419 1,148
977
1,089
1,941
4,514 4,220 3,916

891
1,257
944
1,276
1,070
1,084
2,564
1,629
1,399
1,952
1,006
680

893
1,259
947
1.273
,069
,088
.,579
,645
1,398
L,958
.009
690

897
1,268
951
1,277
1,063
1,103
2,611
1,669
1,411
1,968
1,053
723

48, 458 46,157 44, 416 20, 679 20, 275 20,272 27, 779 25, 882 24,145 51, 335 48,771 45, 766 15,752 15,808

15, 994

June
1936

Mar.
1936

June
1935

1936

Mar.
1936

June
1935

2,773
8, 464
1,277
1,316
772
536
1,648
614
398
563
430
1,890

2,769
8,419
1,258
1,279
744
511
1,509
597
416
538
408
1,826

2, 813 2,852
8,435 10,763
2,124
1,335
2,099
1,307
757 1,040
560
666
1,462
3,347
582
814
385
633
491
747
414
463
1,730
2,231

1936

June
1936

Mar.
1936

ALL BANKS1

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

5,625 5,429 5, 456
19,227 18, 267 17, 734
3,402 3,263 3,221
3,415 3,251 r3,140
1, 651
1,699
1,812
1,070
1,113
1,202
4,995 4, 770 4,188
1, 362 1,287
1,427
958
994
1,030
1, 227 1,205
1,310
833
835
893
4,121 3,944 3,672

MEMBER BANKS

Boston
_
New York
Philadelphia. __
Cleveland
Richmond
Atlanta
Chicago
_
St. Louis
Minneapolis. _ _____
Kansas City
Dallas
San Francisco
Total

1,985
9,916
2,139
2,460
1,144
900
3,924
945
788
1,123
829
3,343

362
792
658
628
404
330
717
389
495
729
552
344

362
791
657
623
403
328
701
390
498
727
550
347

365
792
654
624
401
328
694
390
509
728
554
371

32, 259 30, 288 28, 785 12, 542 12,099 11,928 19, 717 18,189 16, 857 34, 098 31, 774 29,496

6,400

6,377

6,410

1,905
2,026 1,896
12,081 11,186 10, 710
2,359 2,258 2,212
2,675 2,516 2,438
1,029
1,062
1,156
836
886
957
3,947 3,758 3,276
906
975
998
684
709
732
972
974
1,061
706
716
769
3,500 3,354 3,111

986
4,600
947
989
475
396
1,148
387
271
406
354
1,582

939
4,507
931
941
453
380
1,014
381
293
388
337
1,535

938
4,417
978
966
458
412
1,002
357
266
354
333
1,448

1,039
7,481
1,412
1,686
680
561
2,798
611
461
656
415
1,918

956
6, 678
1,327
1,576
609
506
2,743
594
416
588
380
1,818

967 2,163 2,098
6,293 11,363 10, 574
1,234
2,409 2,302
1,473
2,903 2,678
571 1,345
1,248
424 1,084
1,021
2,274 4,760 4,268
549 1,063
1,023
419
869
827
618 1,261
1,183
929
373
982
1,662
3,897 3,622

NONMEMBER BANKS
Boston
N e w York
__
Philadelphia
Cleveland.. _ _ _ _ _
Richmond .
Atlanta
Chicago
___ __ _
St. Louis
Minneapolis _ _ _ _ _
Kansas C i t v
Dallas
San Francisco

___

Total

3,551
7,024
1,009
701
622
235
912
381
274
234
127
561

1,786
3,864
330
327
296
140
499
227
127
158
75
308

1,829
3,912
327
339
291
132
494
216
123
151
72
291

1,875
4,019
356
341
300
148
460
225
119
137
81
282

1,813
3,282
713
413
360
105
549
203
172
91
48
313

1,704
3,170
679
397
345
96
518
170
162
103
47
300

1,676
3,005
653
361
323
87
452
156
155
97
45
279

3,560
6,965
1,023
739
688
271
1,114
487
312
391
148
573

529
465
286
648
666
754
1,847
1,240
904
1,223
454
336

531
468
290
650
666
760
1,878
1,255
900
1,231
459
343

532
476
297
653
662
775
1,917
1,279
902
1,240
499
352

16,199 15,869 15, 632

8,137

8,176

8, 344

8,062

7,692

7,288 17, 238 16, 997 16, 270

9,352

9,431

9,584

3,599
7,146
1,042
740
656
245
1,048
430
299
249
124
621

3,534
7,082
1,006
735
637
228
1,012
387
286
253
119
591

3,660
7,170
1,101
800
752
320
1,283
572
346
452
166
617

3,597
7,245
1,066
784
730
304
1,239
520
329
426
159
598

r
Revised.
i Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1, on page 778.




776

FEDERAL RESERVE BULLETIN

OCTOBER

1936

ALL BANKS IN THE UNITED STATES—Continued
ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 4, 1936, AND
JUNE 29, 1935 BY STATES
[Amounts in thousands of dollars]

State

June,
1936

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 ColumbiaVirginia
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

March,
1936

Deposits, exclusive of interbank deposits

Investments

Loans
June,
1935

June,
1936

March,
1936

June,
1935

June,
1936

March,
1936

June,
1935

112,162
111, 122 113,638
191, 580 191, 294 181, 762 313, 232 305, 878 293, 035
99, 527 103,021
104, 730 167, 722 160, 960 160, 371 264, 954 258, 494 253, 710
83, 521
84,137
90, 577
80, 601
79, 565
78, 579 169, 793 165, 548 165, 314
1, 837,907 1, 829, 723 1, 849, 222 1, 738,407 1, 608, 044 1,616,172 3, 710, 807 3,615,920 3, 526, 244
177, 521 177, 568 184, 526 268, 949 258,154 246, 734 447, 623 443, 958 442,014
596, 446 595, 928
528, 422 481, 286 466, 362 1,195, 682 1,174, 562 1,119, 368

Number of banks
June,
1936

March, June,
1935
1936

103
110
92
396
35
198

103
112
92
396
35

104
112
92
398
35

7, 726,081 7, 683, 571 7, 670,093 9, 837, 522 8, 984, 742 8, 446, 22516, 659, 25316, 005, 846 15,
911
i, 129, 842
733,435
732, 510 768, 723 951,114 884,338
876, 219 1, 921, 796 1, 845,060 1, 783, 479
421
1, 528,120 1,490, 669 1, 576, 235 2, 961, 858 2, 803, 251 2, 644, 415 4, 508,199 4, 296,037 4,002, 041 1,129

913
423
1,130

910
437
1,135

761, 666
228, 719
805, 325
339, f "
230, 726

746, 335
216, 509
736, 942
293, 033
220,614

750, 037 941, 473 873, 983 804, 261 2, 002, 348 1, 878,047 1, 745, 245
208, 802 350, 634 318,112 278, 225 706, 551 643, 796 591,811
726,409 1,927, 632 1,945, 740 1, 521, 292 3, 275, 377 2, 925, 696 2, 761, 525
281, 819 623, 919 617,366
549,710 1, 252, 237 1,169,898 977,756
450, 784 382, 583 365, 544 752, 528 703,497
229,085
653,430

716
542
880
474
610

715
550
882
475
619

714
552
882
506
623

263,211
205,106
371, 486
25, 858
32, 427
98, 975
129, 837

279, 622
198, 339
363,069
26, 274
32, 722
97, 545
123, 226

256, 457
168, 745
333, 484
24, 665
29, 702
86,938
117,370

428, 693
229,121
611,983
31,036
33,379
126, 708
135,170

390, 997
213, 854
558, 651
28,075
31,415
121, 564
130,946

389,103
788, 949 750, 790 718,154
216, 852 525, 393 503, 535 466, 794
548,271 1,165,157 1,086,012 1,014, 752
66, 544
64, 984
29,187
68, 648
77, 662
75, r ~
30,993
84, 495
242, 993
121, 899 267, 909 261,117
333, 559 323, 868
129, 627 359,019

691
660
691
204
195
436
721

687
662
706
201
199
436
723

685
669
706
202
206
431
730

72,119
195, 120
91,064
244,391
117,709
113,494
37,451
159, 097
60, 080

70, 749
198,015
233,427
113,002
105, 860
34, 916
147,1""
59, 282

73, 732
201, 894
82, 565
231, 770
116, 544
108,186
44, 927
175, 435
52, 616

91, 474
484, 791
125, 462
171,991
92,039
143, 381
43, 752
134, 788
148, 070

89,479
424, 772
116,'
154, 943
86, 985
149,615
40, 732
126, 050
132, 785

74, 775
406, 716
117,162
154, 692
84,469
115, 353
33, 499
89, 573
127, 578

163, 246
724, 427
280, 577
469, 592
261,167
296, 258
125,016
329,494
262, 446

152, 353
674,336
283, 221
441, 544
243, 393
278, 111
115,869
303, 845
260, 831

143, 445
643, 535
244,126
410,652
226, 623
261, 939
99, 940
274, 459
214, 078

48
202
22
327
185
213
150
322
156

202
22
32'
184
214
149
321
155

49
202
22
329
182
217
140
333
155

196, 20'
167,762
89, 540
55, 488

193, 061
159,196
84, 982
53,679

180, 716
161,857
109,134
55, 280

165, 654
151,717
98, 680
65,313

154, 521
140, 927
87, 361
62,155

150, 925
124, 605
78, 758
58, 864

382,182
373,364
223, 425
154,688

364, 309
348, 842
213, 716
150,954

331, 691
321,564
193, 272
135,003

443
318
217
207

435
326
217
209

442
328
219
209

48, 274
107, 789
119,099
387, 246

44,700
107, 808
110, 885
367, 821

53, 919
115,475
106,093
372,052

53, 402
163, 570
149, 911
431,092

50,149
140, 824
142, 673
396, 459

43, 533 134, 435
112,100 322,022
140, 748 350,141
389,036 1, 031, 633

125,394
296, 661
326, 344
981, 761

116.116
253, 683
301, 377
887, 332

224
149
404

225
150
404
892

242
150
406
936

30, 371
21, 984
21,512
67, 490
13, 977
20,287
46, 596
5,945

32,113
19, 673
19, 662
66,440
12, 754
18,230
44, 363
4,994

27, 264
17, 821
19,165
57, 957

55,199
38,494
16,841
119, 849
17, 819
24, 531
53, 752
15, 616

51, 946
35, 557
15,969
110,851
14,842
24,378
54,208
13, 960

49, 758
31, 905
16, 495
111, 639
15, 519
22,049
52, 703
12, 518

119,911
81,379
53, 211
260, 595
46,139
68, 791
117, 504
27,998

116, 255
77, 558
51, 207
249, 972
42, 877
64, 692
114,177
26, 764

104, 424
68, 217
47, 410
233, 641
38, 544
54, 854
106, 277
21, 922

121
56
59
154
41
14
59
10

120
60
59
155
41
15
59
10

118
61
59
159
41
15
59
10

165,182
153,167
138, 397 199, 676 194, 315 187, 712 423,393
393, 052 354.117
64, 740
58, 963
56, 403 139,737
227,303
208, 590
132, 337 118,664 246,069
1, 570, 316 1,531,011 1, 461,152 1, 765, 667 1,671,1"" 1, 521, 448 3, 566, 405 3, 334, 441 3,117,1^

185
94
267

94
270

204
105
275

20, 679,195 20, 275, 012 20, 271, 884 27, 778,975 25, 881, 600 24,144, 599 51, 335, 458 48, 771, 238 45, 768,
15,286
752

15, 808

15, 994

15', 956
40, 791
4,140

i Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on page 778




777

FEDERAL RESERVE BULLETIN

OCTOBER 1936

ALL BANKS IN THE UNITED STATES—Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND
MARCH 4, 1936 AND JUNE 29, 1935 BY STATES
[Amounts in thousands of dollars]
Loans

State

June,
1936

New England:
Maine
New Hampshire.-.
Vermont
Massachusetts
Rhode Island
Connnecticut
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
Dist. 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

37, 661
27, 747
21,338
525, 520
38,999
107,047
1, 599, 893
225,030
780, 796

March,
1936

Deposits, exclusive of interbank deposits

Investments
June,
1935

June,

March,
1936

June,
1935

June,
1936

March,
1936

June,
1935




June,
1936

March. June,
1936

102,162
107,290
62,101
111,20')
53,613
58, 397
61,831
29, 788
44, 668
47. 349
49, 754
26, 780
503, 216 1,110,984 1,087,620 1,025, 703
75,211
72, 302
73, 371
35. 006
219, 780
244,159
248,246
97,007

40
52
43
128
12
54

40
52
43
128
12
54

40
52
43
129
12
51

1,551,811 1, 543, 707 2, 872, 653 2, 527, 057 2,321.057 4,145, 633 3, 912, 940 3, 573,1
219, 557 228,002
667, 521 660, 903
386, 233 355, 732 353, 662 716,287
756, 557 802, 286 1,467,781 1, 378,091 1,316,066 2,191, 940 2,080, 823 1,961,879

458
234
710

459
234
709

459
237
709

36,036
26, 681
20,059
491,471
38,186
106,036

36,815
28, 390
21, 223
482, 413
37, 229
105, 964

66, 834
31, 502
27,184

514,456
41,139
117,515

63, 930
30, 377
25, 919
466, 845
42, 949
102, 437

273,089
88,129
585, 436
146,451
98, 418

260, 565
77, 882
524, 798
107, 677
92, 77'

792, 491 737, 423
432, 234 414,019
258, 910 455,198
847, 939
313, 604 282, 378
160,918
184,108
348, 305
75, 467 204,061
521, 743 1,317,481 1, 369, 403 1, 040, 476 2,315,101 2, 042, 063 1,908, 133
335,
640
518,691
679,
508
319,
055
617,087
336,
284
106,023
216, 408 398, 628
372, 269 339,153
100, 342 264, 144 218,139

248
125
301
83
106

248
125
299
83
106

252
125
295
85
106

181,389
65,153

144, 840
15,209
16,802
67, 851
58,371

200,309
63, 583
142, 776
16, 253
16,979
66, 569
55, 553

180,932
55, 900
128, 671
15, 075
14,908
60, 655
54, 566

301, 485
104, 579
276, 529
24, 353
22, 375
106,104
85, 063

270, 830
95,460
269, 871
22, 000
20; 975
102, 534
81, 535

274,995
103,711
259, 435
23,098
19,331
103, 592
83, (

551,625
185, 790
415,54
48,198
49,196
195,179
193,423

524, 688
173,447
404, 023
47, 449
45, 949
190.191
180, 062

502, 507
168,992
382, 569
47, 861
44, 630
178,389
177,113

203
115
86
64
51
137
190

205
118
87
64
52
137
190

206
121
87
67
58
137
191

7, 777
52, 995
41, 560
131,124
57, 892
32, 274
20,813
98,022
43,069

7,788
54,334
38, 743
127,332
54, 764
30,101
18,871
90. "
42, 689

8,155
55, 332
38, 658
127,665
56, 757
32, 355
22, 495
102, 443
37, 724

9, 529
203, 536
74,650
116,654
51,483
30,036
22, 461
102,330
120, 314

9, 623
167,883
70, 307
98, 949
49,716
30,!
20, 577
101,015

16, 870
259, 564
152,549
288,965
135, 476
82, 204
63, 363
219,584
196, 460

16,522
243, 902
157, 620
272, 210
125, 541
77, 698
60,103
201, 399
196, 484

15,286
222, 485
132,902
253, 149
117,944
66,980
53, 642
186, 923
160,152

16
63
9
132
79
43
20
5'
52

Hi
63
9
132
79
43
20
57

16
63
9
132
79
44
19

106,; • -

8,965
159,191
72, 346
105, 255
49, 937
23,180
17,545
70,186
102, 875

87, 554
111,787
61,684
18, 999

87, 908
106, 959
57,126
17, 960

77, 947
108,450
76, 491
18, 485

91, 582
124, 445
70, 970
25, 232

89,343
115,893
59, 651
23,145

91,847
102, 703
59,014
23, 769

185, 360
265, 982
160, 251
53, 940

187,310
247, 423
150,542
52, 342

165,72.p
225, 924
138,380
49, 471

100
72
69
25

100
73
69
25

26, 331
65, 745
102,145
316,381

24,533
67, 418
95,613
301, 044

26, 728
74, 405
91, 879
295, 382

35, 362
120,839
135,971
377,611

33, 593
101,161

28, 976
77,122
126, 857
339, 683

78,125
210, 556
301,198
886, 665

72,195
192,818
281,379
823, 252

67,396
169, 989
261,45^
739,047

50
30
214
456

100
72
69
25
50
30
214
454

14,175
9,107
13, 512
50, 787
10, 365
13,748
18,495
4,761

16,862
7, 529
12, 363
50, 288
9,440
11,961
17, 399
3,991

13.278
6,800
11,845
44,084
8,169
9,844
16,382
3,162

33, 252
17,851
13,513
103,14
14,732
16, 763
24,193
13, 665

32, 868
13, 692
13, 267
96, 408
13,268
14,848
24, 095
10, 774

69,124
35,114
37,16:
213,124
35,878
45, 806
51, 403
23,054

68, 26'
32, 340
35, 852
204,636
33,711
41, 949
50, 442
20,

61,95,
28, 410
33,160
192,227
31,591
35, 068
46, 506
17,809

46
22
26
79
22

46
23
26
81
22

13
6
57
41
122

13
6
58
41
123

46
24
26
81
23
7
13
6
67
52
125

5, 368
748, 496 7,420, 575 7, 353, 25412, 459, 137 11, 567, 557 10, 698, 159 21, 985, 534 20, 604, 628 19, 030, 839

5, 375

5, 425

127, 840
346, 527
31, 693
15, 503
12, 768
93, 498
11,800
15,878
26, 294
12, 040

213, 531
256, 303
94, 368
101,581
121, 570 278,736
140, 609 135, 802
77,321
177, 924
192, 354
52,165
104, 035 208,678
47, 699
45, 678 122,182
115,
1,078,479 1,052, 388 1,006,119 1, 223, 916 1,147, 610 1,031,082 2, 513, 721 2, 324, 518 2,162,007

Total

Number of banks

51
30
215
457

778

FEDERAL RESERVE BULLETIN

OCTOBER 1936

ALL BANKS IN THE UNITED STATES—Continued
STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 4, 1936
AND JUNE 29, 1935 BY STATES
[Amounts in thousands of dollars]

Loans
State

June,
1936

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 ColumbiaVirginia
West Virginia
North Carolina
South Carolina 3
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
NevadaPacific:
Washington
Oregon
California
Total

March,
1936

Deposits, exclusive of interbank deposits

Investments

June,
1935

June,
1936

March,
1936

June,
1935

June,
1936

March,
1936

June,
1935

Number of banks

June,
1936

March,
1936

June,
1935

202, 026
74, 501
127,364
119,661
124, 746
190, 873
198,588
76, 823
75, 086
203,123
130, 583
136, 220
76, 340
71, 780
200, 097
130, 583
76,340
200,097
120,039
69, 354
51, 799
53, 417
64,078
62,183
118,199
53, 646
120.646
1,312, 387 1, 338, 252 l,366,,r~~ 1, 223, 951 1,141,199 1,112,956 2, 599, 823 2, 528,300 2, 500, 541
147, 297
375, 321
211,728
227,810
139, 382
368, 747
215, 205
138, 522
368, 643
502, 655
947, 436
369, 355
410,907
489, 892
930,403
378, 849
899, 588
489, 399

63
58
49
268
23
144

63
60
49
268
23
144

64
60
49
270
23
144

6,126,188 6,131,760 6,126, 386 6, 964, 869 6, 457, 685 6,125,168 12, 513, 620 12,
!, 092, 90611,555,961
508,405
522, 557 1, 205, 509 1,177, 539 1,122,576
564,881
512,953
528, 606
540, 721
747, 324
734,112
773, 949 1, 494,077 1, 425,160 1,328, 349 2, 316, 259 2, 215, 214 2,040,162

453
187
419

454
189
421

458
193
426

488, 577
140,590
219, 889
193, 358
132, 308

485, 770
138,627
212,144
185, 356
127,837

491,127
133, 335
204, 666
175, 796
128, 743

486, 275
146,573
610,151
288, 279
186, 640

441, 749
134,004
576, 337
281, 082
164, 444

390, 242 1,154,409 1, 085, 556 1, 007, 822
358,246
309,433
117, 301
330,192
853, 392
960, 276
480, 816
883, 633
459, 065
572, 729
230,655
552,811
314, 277
353,900
149,136
331, 228

468
417
579
391
504

467
425
583
392
513

462
427
587
421
517

81, 822
139, 953
226, 646
10, 649
15,625
31,124
71, 466

79, 313
134,756
220,293
10,021
15, 743
30, 976
67, 673

75, 525
112,845
204,813
9,590
14, 794
26, 283
62, 804

127, 208
124,542
335, 454
6, 683
11,004
20, 604
50,107

120,167
118,394
288, 780
6,075
10,440
19, 030
49,411

237,324
114,108
215.647
226,102
339, 603
113,141
297, 802
330,088
2
749, 610 2 681,989 2 632,183
288, 836
17,123
20, 450
6,089
19,095
31,337
35, 299
31,713
11,662
64, 604
72, 730
70, 926
18, 307
46, 547 2 165, 596 2 153, 497 2 146,755

545
605
140
144
299
531

482
544
619
137
147
299
533

479
548
618
135
148
294
539

64,342
142,125
49, 504
113,267
59, 817
81, 220
16, 638
61,075
17,011

62, 961
143, 681
47,339
106,095
58, 238
75, 759
16,045
56, 709
16, 593

65, 577
146,562
43, 907
104,105
59,787
75, 831
22, 432
72,992
14, 892

81,945
281, 255
50, 812
55, 337
40, 556
113,345
21,291
32, 458
27, 756

79, 856
256, 889
46,491
55, 994
37, 269
118,808
20,155
25,035
25, 938

65, 810
247, 525
44,816
49, 437
34,532
92,173
15, 954
19,387
24, 703

146, 376
464,863
128,028
180, 627
125, 691
214,054
61, 653
109,910
65, 986

135, 831
430, 434
125, 601
169,334
117, 852
200, 413
55, 766
102,446
64, 34^

128,159
421, 050
111,224
157, 503
108,679
194,959
46, 298
87,536
53, 926

32
139
13
195
106
170
130
265
104

32
139
13
195
105
171
129
264
104

33
139
13
197
103
173
121
275
105

108,653
55, 975
27,856
37,489

105,153
52, 237
27,856
35, 719

102, 769
53,407
32, 643
36, 795

74,072
27, 272
27, 710
40,081

65,178
25, 034
27, 710
39,010

59,078
21, 902
19, 744
35,095

196, 822
107,382
63,174
100,748

176,999
101,419
63,174
98,612

165, 966
95, 640
54,892
85, 532

343
246
148
182

335
254
148
184

342
255
150
184

21, 943
42,044
16, 954
70, 865

20,167
40, 390
15, 272
66, 777

27,191
41, 070
14, 214
76, 670

18,040
42,731
13,940
53,481

16, 556
39, 663
14,833
49, 932

14, 557
34,978
13,891
49,353

56,310
2 111,466
48, 943
164, 968

53,199
103, 843
44, 965
158, 509

48,
83,
39,
148,

720
694
920
285

174
119
190
434

175
120
190
438

191
120
191
479

16,196
12, 877
8,000
16, 703
3,612
6,539
28,101
1,184

15, 251
12,144
7,299
16, 152
3, 314
6, 269
26, 964
1,003

13, 986
11,021
7, 320
13, 873
2,598
6,112
24, 409
978

21, 947
20, 643
3,T '
16, 702
3,087
7,768
29, 559
1,951

20, 253
20,054
3,201
17, 353
3,042
8,500
27,914
1,920

16, 890
18,213
3,228
15, 231
2, 251
7,201
28, 608
1,744

50, 787
2 46, 265
16, 049
47, 471
10,261
22, 985
66,101
2 4, 944

47, 988
2 45, 218
15, 355
45, 336
9,166
22' 743
63, 735
"2 5,881

42, 469
2 39, 807
14, 250
41, 414
6,953
19,786
59, 771
2 4,113

75
34
33
75
19
46
4

74
37
33
74
19
8
46
4

72
37
33
78
18
8
46
4

63, 601
12, 575
491, 837

58, 799
11,264
478, 623

61,076
10, 725
455,033

59, 067
17, 555
541,751

58, 513
17, 253
523, 479

140, 586
30, 666
955,122

128
53
145

130
53
147

137
53
150

10,384
12, 930, 699 12, 854,437 12, 918, 630 15, 319,838 14,314,043 13,446,440 29, 349, 924 28,166, 610 26, 735, 447

10,433

10,569

144, 657
66,142
136, 749
34, 949
37, 391
14, 629
490, 366 1,052, 684 1,009, 923

1
Comprises all licensed State commercial banks, trust companies, mutual and stock savings banks, and such private banks and industrial
banks as are included in abstracts issued by State banking departments.
2
Includes interbank deposits.
3
Includes cash depositories.
NOTE.—All figures in the June 30, 1936 columns are as of June 30, except Alabama and Tennessee which are as of April 29 and May 12, respectively. For call dates of figures included in the March 1936 and June 1935 columns, see footnotes at bottom of pages 533 and 882, respectively, of the
July 1936 BULLETIN and the December 1935 BULLETIN. The call date for Missouri, as shown in the footnote at bottom of page 533 of the July
1936 BULLETIN, should have been Nov. l instead of Dec. 31.




779

FEDERAL RESERVE BULLETIN

OCTOBER 1936

ALL BANKS IN THE UNITED STATES—Continued
MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND
AND MARCH 4, 1936 AND JUNE 29, 1935 BY STATES
[Figures in this table are also included in the table on p. 778 covering "State banks." Amounts in thousands of dollars.]
Loans

Number of banks

Deposits

Investments

State
June,
1936

California
Connecticut:
District No. 1
District No. 2
Delaware
Indiana:
District No. 7
District No. 8
Maine
Maryland
Massachusetts
Minnesota ___
New Hampshire
New Jersey:
District No. 2
District No. 3
New York
Ohio
Oregon
Pennsylvania:
District No. 3 .
District No. 4
Rhode Island.
Vermont _
Washington.. _
Wisconsin:
District No. 7_
District No. 9
Total..

March,
1936

June,
1935

June,

March,
1936

1936

June,

June,
1935

1936

March,
1936

June,
1935

March,
1936

June,
1936

June,
1935

34,573

35, 750

38, 639

58, 498

57, 405

52, 422

88,417

87, 926

87,181

1

1

1

282, 985
80, 405
12,079

285, 964
80, 786
12,156

295, 994
83,197
12,081

241, 685
73, 672
23,359

220, 642
71,866
22,626

228,143
65,199
21, 256

539, 855
153, 496
32, 323

538, 273
151, 647
31,822

527,496
147, 768
30,419

59
14
2

59
14
2

59
14
2

8,481
8,684
8,876
4,483
4,650
4,880
34,162
34, 759
35,496
48, 812
51,807
55,466
1, 085,838 1,120, 932 1,148, 547
10,733
10,460
11,569
63, 824
68,095
68, 095

3,332
2,106
90, 847
159,479
993, 627
50, 459
127, 772

2,681
1,988
90, 369
149, 758
936,250
49, 856
122, 769

12, 724
12,513
2,487
12, 864
1,571
7,151
6,913
7,364
88, 901
123,014
120, 768
123,908
145, 034
208, 598
205, 883
214,061
916, 434 2,120, 742 2,087, 771 2,079, 595
47, 846
64,647
62, 849
64, 939
122, 769
185, 324
185,324
186,860

4
1
32
13
193
1
45

4
1
32
13
193
1
47

4
1
33
13
193
1
47

143, 399
142, 878
146, 438
147, 452
312, 629
309,393
306, 206
156,010
154, 413
5,190
5,276
7, 572
14,028
5,361
14,534
14, 213
8,042
8,027
3,053, 227 3,100, 329 3,175, 298 2,182,220 2, 038, 653 2, 026,864 5, 216,960 5,188,808 5,193, 401
67, 285
114, 526
36, 343
36, 452
37,131
118,395
116, 869
72,845
72,865
342
451
171
447
93
1,099
801
583
633

22
3
135
3
1

22
3
135
3
1

22
3
135
3
1

75,988
13,286
53,360
29, 294
26,148

76,179
13, 521
55, 603
30,110
25, 540

82,371
13,979
56,450
33,067
25, 756

390,826
38, 367
119, 798
30, 979
29, 303

378,072
37,047
115, 508
30,896
28, 272

362, 969
34, 547
114,249
31,274
25,155

499,751
50,103
171,980
67,733
57, 705

497,169
48,828
169, 580
67, 637
56, 085

480,096
47,692
169, 574
69, 953
52, 782

6
1
9
14
3

6
1
9
14
3

7
1
9
14
3

2,028
48

2,274
61

2,374
66

1,652
51

1,493
35

1,411
33

4,002
91

4,099
83

4,161
84

3
1

4
1

4
1

5,105,133 5, 202, 437 5, 341, 224 4, 855, 567 4, 592,069 4,511,215 10,059,811 9, 972,462 9, 919,663

566

569

571

For call dates of figures included in the March 1936 and June 1935 columns, see footnotes at bottom of pages 534 and 883, respectively, of the
July 1936 BULLETIN and the December 1935 BULLETIN.

PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30 AND MARCH 4, 1936
AND JUNE 29, 1935 BY STATES
[Figures in this table are also included in the table on page 778 covering "State Banks."
Loans

Amounts in thousands of dollars.]

Deposits , exclusive of interb ink deposits

Investments

State
June,
1936

Alabama
Arkansas.
Connecticut:
District No. 1
District No. 2
Florida
Georgia
Illinois (District No. 7).
tndiana:
District No. 7
District No. 8
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

March,
1936

June,
1935

June,
1936

March,
1936

290
147

594

594

1, 986
261
127
1

2,019
287
136
2

15
88,962
2,075

15
98,468
1,958

11,364
1,149
921

9,667
1,084
901

107, 879

115,568

282
147
1,240
1,335
11
1,979
290
1,585
166
42
1 646
234
13
11
86,813
1,889

March,
1936

420
333

404
314

161

180
99
118
309

1,803

1,803

1,288
159
236
67

1,083
119
1,235
239

5,060
529
512
98

4,730
543
513
95

189
99

185
99

161
1,389
175
226
50

June,
1935

June,

March,
1936

1936

1 034
89
14
385, 708
496

17
377, 229
508

18
348, 529
431

16
398, 801
3,202

21
378, 203
3,075

13,518
1,521
891
8,162

41,351
849
2

40,691
732
2

41,172
938
2
3,978

61, 484
2,019
1,142

63,136
1,713
1,127

122, 399

430, 709

421,374

399, 617

475, 419

455, 677

353
350
1,093
1,817
21
4,460
554
4,059
481
43
3,356
340
14
13
335,158
2,903

June,
1935
2
14

46
314

15
29

522
102
281
143

June,
1936

June,
1935

Number of banks

3

3
1

40

40

27
4
2
1

27
5
2
1

3
1
4
51
1
28
5
13
2
1
24
3
1
2
20
14

2
18
14

2
18
14

61,164
2,181
1,063
12, 268

18
5
1

19
5
1

19
8
1
29

432,051

136

138

246

NOTE.—Figures for June 1935 include private banks which reported to the Comptroller of the Currency under provisions of Sec. 21 (a) of the
Banking Act of 1933. Under the amended provisions of the Banking Act of 1933, private banks no longer report to the Comptroller of the Currency
and, accordingly, only such private banks as report to State banking departments are included in the figures shown for June and March, 1936.
The figures shown in the June 1936 columns are as of June 30, except Georgia, which are as of Dec. 31, 1935.
For call dates of figures included in the March 1936 and June 1935 columns, see footnotes at bottom of pages 535 and 883, respectively, of the
July 1936 BULLETIN and the December 1935 BULLETIN.




780

FEDERAL RESERVE BULLETIN

OCTOBER 1936

FEDERAL DEPOSIT INSURANCE CORPORATION
CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS,
JUNE 30, 1936 AND DECEMBER 31, 1935
[Amounts in thousands of dollars]
June 30, 1936

All banks

14,059

Number of banks

National
banks
members
Federal
Reserve
System
5,368

December 31, 1935

State
banks
members
Federal
Reserve
System

Banks
not
members
Federal
Reserve
System

All banks

1,032

7,659

14,123

National
banks
members
Federal
Reserve
System

State
banks
members
Federal
Reserve
System

Banks
not
members
Federal
Reserve
System

1,001

7,736

ASSETS
Loans, discounts, and overdrafts (including
rediscounts)
United States Government obligations, direct
and fully guaranteed
Other bonds, stocks, and securities

15,107,185

7, 748, 496

4, 793, 349

2, 565, 340 14, 697, 981

7,494,188

4, 680, 914

2, 522, 879

14, 772, 477
7, 411, 609

8, 435, 026
4,024,111

5, 236, 906
2,020,922

1,100, 545 13, 275, 289
1, 366, 576 6, 841,099

7, 800, 804
3, 655,698

4, 467, 587
1, 885,683

1,006, 898
1, 299, 718

37, 291, 271
Total loans and securities
159, 267
Customers' liability on account of acceptances1,194, 621
Banking house, furniture, and fixtures
574, 024
Other real estate owned
5, 607,119
Reserve with Federal Reserve banks
915, 988
Coin and currency
5, 321, 897
Balances with other banks
2,194,114
Cash items in process of collection
1,000
Securities borrowed
319,091
Other assets

20, 207, 633 12,051, 177
81, 373
75, 581
355,083
639, 838
184,015
195, 442
3, 520, 901 2,086, 218
184, 988
528, 433
911,977
3, 083, 233
911, 794
1, 235, 699
167
388
112,919
167,128

5,032, 461 34, 814, 369
180, 495
2,313
199, 700
1,196, 266
194, 567
550, 723
5, 573, 212
""202," 567"
869, 626
1, 326, 687 5,104, 271
46, 621
2,304,017
445
1,489
39,044
323, 095

18, 950, 690 11,034,184
89, 077
89, 994
345, 707
645, 977
183,110
183, 869
3, 436, 909 2,136, 303
174, 400
490, 378
2, 955, 468
871,199
1, 244, 353 1,010, 402
244
547
102, 553
176, 671

4, 829, 495
1,424
204,582
183, 744

53, 578, 392

29, 648, 641 16, 885, 346

7,044, 405

50, 917, 563

28,173,180

15, 948, 855

6, 795, 528

Total assets

204, 848
1, 277, 604
49, 262
698
43, 871

LIABILITIES
Demand deposits of individuals, partnerships,
or corporations
21, 463, 913
Time deposits of individuals, partnerships,
or corporations
13, 005, 697
Public funds of States a n d political subdivi3,314,263
sions
U. S. Government and postal savings deposits. 1, 301, 726
Deposits of other banks; cash letters of credit;
certified, officers', and travelers' checks outstanding
7, 540,150
Total deposits
Mortgage bonds and participation certificates
outstanding
Bills payable, rediscounts, and other liabilities
for borrowed money
Securities borrowed
Acceptances outstanding executed b y or for
the account of reporting banks
Dividends declared b u t not yet payable
Other liabilities
Total liabilities, excluding capital account-

46, 625, 749

7, 671,117

2,141,915

20, 074, 063

10, 893, 787

7,141, 295

2, 038, 981

7,051, 373

3, 047, 822

2,906, 502 12, 495, 559

6, 796, 367

2, 883, 269

2, 815, 923

2,103, 803
827,000

594, 648
361, 809

615,812
112,917

3,079, 425
1,161, 236

1, 975, 619
770,100

525,191
291, 505

578, 615
99, 631

143, 039

7, 315, 338

4, 366, 528

2, 810, 522

138, 288

24, 802, 401 13, 651, 782

5, 671, 438

4, 519, 744

2, 877, 367

26,152, 801

14, 552, 763

27, 578

5, 920,185 44,125, 621

20, 777

6,801

31,347

24, 442

6,905

38, 558
1,000

3,720

16,132
167

18, 706
445

35,019
1,489

5,303
547

8,896
244

20, 820

180, 299
45, 682
360, 938

95, 637
28, 043
208, 800

82, 584
15,956
120, 852

2,078
1,683
31, 286

198, 718
43, 598
271, 346

97, 669
25, 683
142, 528

99, 902
15, 336
102,130

1,147
2,579
26, 688

5, 981,184 44, 707,138

25, 074,131

47, 279, 804
3,212,615
2, 042, 072
628, 478

Capital stock and capital notes and debentures.
Surplus
Undivided profits—net
Reserve for contingencies and undeclared divi401, 455
dends
Retirement fund for preferred stock or capital
13, 968
notes and debentures
Total liabilities, including capital account. 53, 578, 392




11,650,881

26, 489, 389 14, 809, 231
1, 687, 600
971, 472
345, 963

879, 597
835,044
174, 320

645, 418
235, 556
108,195

146, 515

184, 795

70,145

3, 300,196
1, 946,020

13, 902, 732

5, 730, 275

1, 754, 675
886, 063
302, 347

879, 065
824, 536
155, 945

666, 456
235, 421
89, 792

150,963

185,412

70,994

5,001

1,165

2,590

28,173,180

15, 948, 855

6, 795, 528

548,084
407,369
2,359

3,907

29, 648, 641 16, 885, 346

7,044, 405

7,702

8,756
50, 917, 563

OCTOBER

781

FEDERAL RESERVE BULLETIN

1936

BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES,
JANUARY-JUNE

The Department of Commerce has pub- on page 739 of the FEDERAL RESERVE BULlished a summary of the international trans- LETIN for November 1935, are given below.
actions of the United States in the first half
of 1936. This summary, together with the Figures for the year 1935 were published in
figures for the first half of 1935 published the August 1936 BULLETIN, page 632.
[In millions of dollars]
January-June 1935

Item

1. Merchandise trade

- .__ .

-

_.

2. Service items:
Freight and shipping
Tourist expenditures
Immigrant remittances and contributions (net)
Interest and dividends
Miscellaneous trade and service transactions L
Net service items. .

_.

3. Gold and silver:
Gold exports and imports
Gold earmarking operations
Silver exports and imports

_

Net gold and silver movement

_ .

_.

__

4. Capital items:
Movement as reported by banks and brokers:
In securities
In balances
Paper currency movements
Miscellaneous

__

.

._

._ .

__

Payments
to
foreigners

Net receipts (+)
or payments (—)

Receipts
from
foreigners

Payments
to
foreigners

1,024

995

+ 29

1,154

1,163

Q

27
43

55
146

32
45

50
160

215
104

70
93

- 28
-103
- 64
+145
+ 11

280
122

90
105

- 18
-115
- 57
+190
+ 17

_

1

805

12

91

-804
-

._

79

Net receipts (+)
or payments (—)

+ 17

39

+ 2

26

537

2

118

-511

+ 38
-116

-881

-589

+ 60
+560

+264
+274
+ 3

-

Net capital movement
5. Residual item

Receipts
from
foreigners

_. . _.

. _ . _ . _ _ .

January-June 1936

11
(2)

-

45

+609

+496

+282

+85

i These miscellaneous items include merchandise adjustments, war debt receipts, governmental receipts and expenditures, and miscellaneous
service items.
2 Not given; reflected in residual item.




782

FEDERAL RESERVE BULLETIN

OCTOBER

1936

FRENCH ECONOMIC LEGISLATION

On April 26 and May 3 of this year Parliamentary elections were held in France. As
a result of these elections, a majority in the
present Chamber of Deputies consists of
members representing the so-called Popular
Front—a working coalition of the Radical
Socialist, Socialist, and Communist parties.
The new Parliament convened for the first
time on June 1 and a Government was subsequently formed with Leon Blum, leader of
the Socialist party, as Premier. The legislation enacted during the first session, which
ended August 14, comprised important financial, social, and economic measures. A number of the financial measures have appeared
in translation in previous issues of the FEDERAL RESERVE BULLETIN, and two others are
published in the current issue.
In the BULLETIN for July 1936, page 536,
there were published translations of a law
of June 23, limiting the issue of Treasury
bills to 20,000,000,000 francs for the year
1936, and of a convention of June 18 between
the Bank of France and the Government,
approved by the above law, providing for the
conversion of Treasury and other governmental bills held by the Bank into an advance
to the Government, and for additional Government advances up to 10,000,000,000
francs. The September issue of the BULLETIN, pages 705-707, carried translations of
the law of July 24 modifying the statutes
governing the Bank of France, particularly
as regards its administrative organization,
and of the law of July 30 increasing the penalties, provided in the Code of Direct Taxes,
for incomplete or inaccurate declaration for
tax purposes of income-bearing foreign assets, with the exception of foreign securities held in France. The fine for false declaration, formerly equal to half the value of the
concealed assets, was made equal to full
value by the law.
Two other measures are given in translation below. The first is a decree of August
13 issued in accordance with the law revising
the Bank of France statutes, fixing August
17,1936, as the date of application of the law,
and setting forth the procedure governing
the conduct of the General Meeting of shareholders and other administrative details.
The second measure, passed August 13, further amends the Code of Direct Taxes by
requiring financial and business interests to




furnish the Minister of Finance with copies
of documents relative to international transactions effected for the account of any natural or legal person. On August 31 the
Minister of Finance addressed the following
circular to banks and bankers:
In conformity with the law of August 13, 1936,
completing article 124 of the Code of Direct Taxes,
final paragraph, I shall be obliged if you will have
drawn up, with a view to communicating them to my
office, exact statistics of securities (shares or bonds)
not acquired through purchase or sale on the Bourse,
which have been sent abroad through your establishment from January 1, 1934, up to the receipt of the
present circular.

At the same time the period of one month
from July 31, provided for in the law of July
30, 1936, within which those holding previously unreported foreign assets could declare
them without penalty, was extended to September 7.
Certain financial laws not published in the
BULLETIN, together with the more important
social and economic measures, some of which
contain financial provisions, are summarized
below. The law creating a National Wheat
Board includes authorization for the Bank
of France to discount or rediscount bills
drawn against wheat in storage, and the law
extending special credit facilities to concerns
affected by the social reform laws makes
notes drawn by these concerns discountable
at the banques populaires and the Bank of
France under Government guarantee.
The summaries of the laws are arranged
in chronological order according to the date
of signing by the President of the Republic.
The titles given are translations of those appearing in the official text except where such
titles are technical and give no indication of
the scope and objective of the law. The date
of signature and the date of publication in the
Journal Official are given in parentheses following the title.
The decree on the Bank of France follows:
BANK OF FRANCE

The President of the French Republic,
On the report of the Minister of Finance,
By virtue of article 16, reading as follows, of the
law of July 24, 1936, modifying and completing the
laws and statutes which govern the Bank of France:
"The procedure for application of the present law,
and especially that which shall govern the conduct
of the General Meetings of shareholders, shall be
fixed by decree";

OCTOBER 1936

FEDERAL RESERVE BULLETIN

By virtue of article 17 of the same law, reading as
follows:
"A decree shall fix the date of application of the
present law. The General Council shall be duly constituted upon the election or appointment of fifteen
members",
Decrees:
ART. 1. The date of application of the law of July
24, 1936, is fixed as August 17, 1936.
ART. 2. The General Meeting of the Bank of France
shall be held every year, the last Thursday in January, with the Governor presiding.
It shall receive the report of operations for the
past year, which shall be presented to it by the Governor in the name of the General Council, and the
report made by the censors on the supervision which
they have maintained over the business of the Bank.
It shall elect the censors and the two councilors
who represent the shareholders in the General
Council.
ART. 3. The General Meeting shall be summoned
in special session when, three months at least before
the date of the annual meeting, the positions of
two censors or of the two councilors representing the
shareholders have become vacant by retirement or
death.
ART. 4. Every session of the General Meeting must
be announced by a notice published in the Journal
Offlciel at least a month and a half before the date
of the meeting. This notice shall state the elections
which are to be held. It constitutes convocation of
the meeting.
ART. 5. The General Meeting shall be held in
Paris, either at the head office of the Bank or at any
other place designated by the Governor.
The designation of this place shall be made known
to the shareholders by a notice published in the
Journal Offlciel at least eight days before the date
of the meeting.
ART. 6. All natural or legal persons of French
nationality who own shares which shall have been
regularly transferred and registered in their names
at least three months before the date of the meeting
may take part in the General Meeting.
Each member of the meeting shall be entitled to
only one vote, whatever number of shares he holds.
ART. 7. Deliberations of the meeting are valid regardless of the number voting.
ART. 8. A shareholder has the right to participate
in the General Meeting only if he is present and votes
in person, without the right to vote by proxy.
ART. 9. The voting right of legally incompetent
persons is exercised by their legal representatives.
The voting right of a married woman, when the
shares which she owns are included in the property
of which the management is entrusted to her husband, shall be exercised by the husband.
In the case of joint ownership, the voting right is
exercised by one of the joint owners holding a proxy
for the others.
When the income from shares has been assigned
to another the voting right is exercised by the actual
owner of the shares.
ART. 10. The persons who exercise the voting right
in the cases covered by article 9, or in the name of
companies, associations, including associations of
workers or employers (syndicats), or other legal
persons, must be of French nationality.
ART. 11. In order to be admitted to the meeting,
shareholders must make known their intention to be




783

present by a letter addressed to the Governor at
least three weeks before the date of the meeting,
present their share certificates or the receipt for
deposit of these certificates at a bank, and identify
themselves.
Attendance at the General Meeting does not carry
the right to a fee.
ART. 12. All disputes over the right to attend the
meeting shall be decided by the Governor.
ART. 13. Every candidacy for the office of censor
or elected councilor must be notified to the Governor
by registered letter.
The candidate, who must not be a member of
Parliament, must prove that he fulfills the requirements, in particular that he is of French nationality,
a shareholder of the Bank, an industrialist, manufacturer or merchant, and, in the case of election to the
position of councilor, must certify in writing that he
does not render services or counsel to or act as director of a banking establishment.
Before declaring the candidacy admissible, the General Council shall assure itelf, by all means in its
power, that the candidate fulfills the said conditions.
The General Council is authorized to declare inadmissible any candidacy which shall not have been
notified to it at least three weeks before the date of
the meeting.
ART. 14. The list of admissible candidacies shall
be posted in the place of meeting. Every ballot bearing a name not included in this list, as well as every
blank ballot, shall be considered null and shall not be
included in calculating the majority.
ART. 15. The censors and the councilors representing the shareholders shall be elected by absolute
majority of members voting, each candidate being
voted for separately.
If, after two ballots, there is no absolute majority,
an additional vote shall be taken on the two candidates who have received the largest number of votes.
The one who has obtained a majority in the additional vote shall be declared elected.
When there is a tie, the older candidate shall be
chosen.
The details of application of article 14 and of the
present article shall be covered by a regulation deliberated by the General Council.
ART. 16. The censors shall be elected for three
years. They shall be changed one-third each year,
the first replacement taking place at the meeting in
the month of January 1938.
The retiring censors may be reelected.
As a temporary measure the censors at present in
office shall continue to exercise their functions, as
defined by the laws and statutes, until the entry into
office of the censors elected by the special meeting
which shall be held for the new elections provided
for by the law of July 24, 1936.
The order of retirement of the censors elected by
the said special meeting shall be determined by the
number of votes that they have received, the first to
retire being the one who shall have obtained the fewest votes. In case of tie, the order of retirement shall
be determined by drawing lots at the meeting at
which the election is held.
ART. 17. The councilors other than the six ex officio
members shall be elected, appointed or chosen for
three years.
The term of the three representatives of the Ministers of Finance, of National Economy, and of the
Colonies, may be ended at any time within this three-

784

FEDERAL RESERVE BULLETIN

OCTOBER 1936

year period at the pleasure of the Minister who shall furnish information shall be those stated in article
156 following. In case of knowingly inaccurate statehave appointed them.
The other councilors shall be replaced, for the ments, the offenders shall be subject to the penalties
set forth in article 133 following."
first time, according to the following schedule:
The three members initially appointed by the General Council, in pursuance of article 11 of the law Articles 154-156 and the latter part of arof July 24, 1936, to be members of the permanent ticle 1331 of the Code of Direct Taxes, mencommittee shall retire in January 1940.
Of the two councilors representing the sharehold- tioned in the above article, are translated
ers who shall have been elected at the first meeting as follows:
following the publication of the present decree, the
ART. 154. To permit the control of tax declarations
one receiving the fewest votes shall be replaced at signed
both by the interested parties themselves and
the meeting in January 1938 and the other at the by
persons, all bankers, managers of properties,
meeting in January 1939. If there is a tie, the andthird
others making a business of paying dividends on
order of retirement shall be determined by drawing securities
or whose occupation necessitates payments
lots at the meeting at which the election is held.
of this nature, as well as all business men who are
The councilor elected by the personnel of the Bank not
subject to the system of individually
adjusted
shall be replaced in January 1940.
2
The five other councilors shall retire: two in Jan- rates established by article 13 above, are required
uary 1938, three in January 1939. Their order of to open for inspection, upon request by agents of
retirement shall be determined by drawing lots at the the direct tax administration having at least the
rank of controller, the books which are required to
first session of the General Council.
Retiring councilors may not be reelected, re- be kept under the provisions of Title II of the comappointed or chosen for an interval of three years mercial code, as well as all supplementary books and
documents, and vouchers of receipts and expendifollowing the expiration of their term.
ART. 18. The term of office of censors and of coun- tures.
For companies, the obligation to furnish informacilors elected, appointed or chosen by reason of a
death or a resignation, except in the case of the three tion stated in the preceding paragraph includes the
representatives of the ministers, shall be limited to registers of transfer of stocks and bonds as well as
the lists of attendance at general meetings.
the unexpired term of their predecessors.
ART. 155. Institutions and organizations exempt
ART. 19. The three censors, before entering upon
their duties, must prove ownership of at least thirty from income tax by categories (impot cedulaire) are
shares of the Bank, which shall be non-transferrable required to open for inspection, upon any request by
agents of the direct tax administration having at
during their term of office.
The two councilors elected by the General Meet- least the rank of controller, all their books of account
ing must remain shareholders throughout their in- and supplementary records as well as all documents
tending to show that they are operating in conformcumbency.
ity with the legal provisions to which they are
ART. 20. The ex officio members and the other subject.
members of the General Council who hold positions
ART. 156. Refusal to produce the books, records
carrying a salary paid by the Bank, the State, or a
public institution, shall not receive any fee for their and documents mentioned in articles 154 and 155, or
attendance at the General Council or at the com- their destruction before the expiration of a period
of ten years, shall be attested in writing and shall
mittees of the Bank.
be cause for the imposition of a basic fine of 1,000
ART. 21. The Minister of Finance is charged with to
10,000 francs.
the execution of the present decree.
Independently of this fine, offenders must be senDone at Paris, August 13, 1936.
tenced to produce the books, records or documents
ALBERT LEBRUN
withheld, under penalty of fine of at least 100 francs
By the President of the Republic:
for each day of delay. This penalty, not subject to
decimes, commences to run on the day of the signaMinister of Finance,
ture by the parties or of the notification of the stateVINCENT AURIOL
ment which is drawn up to attest the refusal to execute the order duly transmitted; it ceases only on
the day when it is ascertained, by means of a written
INFORMATION REGARDING FOREIGN ASSETS
entry made by an agent of the direct tax administra(Article 3 of law signed August 13, published August tion in one of the principal books of the institution
or of the company, that the tax administration has
14, supplementing the general budget for 1936.) been
furnished with the required information.
The
fine and the penalty shall be imposed by the
ART. 3. Article 124 of the Code of Direct
Taxes
is
court of the prefecture proceeding as in matters incompleted by the following paragraphs: x
volving fiscal offences on request presented without
"For the application of the above provisions, the cost by the director of taxation.
obligation to furnish information set forth in articles
The copy of the request shall be forwarded to the
154 and 155 below may be enforced by a request for offenders by the council of prefecture.
copies of the documents referred to in the said arThe fine and the penalty shall be collected by the
ticles making mention of transactions carried out for collector of direct taxes.
the account of any natural or legal person.
ART. 133. * * *
"The sanctions applicable in case of refusal to
Suits shall be entered upon complaint by the ad1
2
Paragraphs 1 and 2 of article 124 and paragraph 1 of article
Article 13 of the Code of Direct Taxes provides that taxable
133, as amended by law of July 30, 1936, are given in translation profits, for businesses with certain minimum turnovers, shall be
in the BULLETIN for September, p. 706.
fixed by agreement with the tax authorities.




OCTOBER

FEDERAL RESERVE BULLETIN

1936

ministration of direct taxes without the necessity
of giving the interested party an opportunity to
make or to complete his declaration.
Articles 59, 60, and 463 of the penal code shall
apply to the offence specified in the present article.
SUMMARIES OF FRENCH LAWS

Tax exemption for veterans' pensions and workmen's compensation payments (signed June 17; published June 18).—The emergency decree of July 16,
1935, levying taxes on veterans' pensions and workmen's compensation for industrial accidents, has
been abrogated. The law is retroactive to January
1, 1936.
Restoration of pay-cut to minor government employees (signed June 20; published June 24).—
Salaries up to 12,000 francs are no longer subject to
any reduction, salaries above that amount are subject to a graded cut.
Institution of annual paid vacation in industry,
commerce, the liberal professions, domestic service,
and agriculture (signed June 20; published June
26).—All workers in industry, commerce, trade, professions, and cooperative associations are to be given
annual unbroken vacations of a fortnight, including
at least 12 working days, with pay. The law does not
affect customs or agreements which provide for
longer paid vacations. Wages during vacation must
correspond to amounts usually earned in the same
period. By later administrative regulations, provision will be made for vacations for domestic servants and for agricultural workers.
Institution of a forty-hour week, in industrial and
commercial establishments and fixing the hours of
work in subterranean mines (signed June 21; published June 26).—A 40-hour week schedule is established for all workers of both sexes in commercial,
industrial, and cooperative enterprises, including benevolent and non-profit making institutions. For
workers in subterranean mines, working time is limited to 38 hours 40 minutes a week. Organizations
of employers and of workers are to be consulted in
regard to the application of the law to their respective occupations. The law does not affect customs or
agreements which fix shorter working hours. The
standard of living of workers shall not be reduced as
a result of this law, nor may it be a determining
cause for a reduction in remuneration.
Collective bargaining (signed June 24; published
June 26).—At the request of a trade organization—
employers or workers—the Ministry of Labor is to
form a committee for the adjustment of relationships
between employers and workers in a particular branch
of industry or commerce in a specified area. The
committee shall be composed of representatives of
employers and workers. If no agreement is reached,
the Minister of Labor, on request of one of the parties, shall assist in composing the differences. The
agreement must state the period of its effectiveness
and provide for the following: Right of workers to
organize (liberte syndicale) ; election of employees'
representatives to handle complaints; minimum
wages by class and locality; period of leave; apprenticeship; procedure for adjusting disputes regarding
enforcement; and method of amending the agreement. Such agreements must not conflict with present laws but may stipulate more favorable conditions. Agreements may be made compulsory for
others than the contracting parties, by ministerial




785

decree. Such decrees shall cease to have effect whenever denounced, revised, or modified by joint action
of the contracting parties; or they may be repealed
by further ministerial decree when they no longer
meet the needs of the industry.
Nationalization of the manufacture of war materials (signed August 11; published August 12).—
From the date of promulgation of this law no enterprise manufacturing or selling war materials, as
defined in the law, may function except by authority
and under control of the Government. Later decrees
will regulate the execution of this law. The council of ministers may pronounce total or partial expropriation of establishments manufacturing or
dealing in war materials, by decree to be issued before March 31, 1937. Failing a satisfactory agreement within one month between the Government and
the owners, the amount to be paid shall be decided
by arbitrators. The compensation to be paid shall
be based on the valuation of the establishment on
the date of expropriation, account taken of the loss
resulting from eviction. No profits whatever shall
accrue to the dispossessed owner. The arbitral decision may be appealed before the Council of State.
Modification and organization of the system of
credit for small and medium-size commerce and industry (signed August 13; published August 14).—
Minister of Finance may authorize banques populaires to cease to carry on their balance sheets advances granted to them by the Government on previous occasions. New long-term non-interest-bearing
loans, amounting in the aggregate to 200,000,000
francs, are to be made available to the banks, on
certain conditions, in order to facilitate their financial reorganization. Special levies on the profits of
the banks are provided for.
Creation of an Interprofessional National Wheat
Board (signed August 15; published August 18).—
A National Wheat Board is established as a financially autonomous public institution with civil personality. Its financial operations are under the control of the Minister of Finance and its technical
administration under that of the Minister of Agriculture who appoints and may remove the manager.
Administration of the Board is vested in a Central
Committee of 51 members, composed of representatives of wheat growers, millers, bakers, merchants,
consumers, and the Ministers of Agriculture, Finance, National Economy, and Interior. Provision
is made for establishing in each county (departement) a committee for the organization and control
of wheat production and marketing similar in composition to the Central Committee. The local committees are given control over the formation of wheat
cooperatives. Cooperatives may receive from the
Board subsidies permitting them to meet their management expenses.
Wheat dealers, though excluded from the fiscal
advantages and subsidies granted cooperatives, may,
under the control of the local committees and subject to certain special provisions, buy, store, and
deliver wheat on the same terms and at the same
prices as cooperatives. Cooperatives and private
dealers must report monthly all purchases and sales.
Payments for all wheat purchased by wheat dealers
must be made through the mutual agricultural credit
banks. The National Board is given control over the
local committees, cooperatives, wheat dealers and certain other institutions with a view to assuring strict
application of the law, particularly with respect to

786

FEDERAL RESERVE BULLETIN"

the staggering of sales, the regularity of prices, and
the quality of wheat. 1 A sum of 15 centimes will be
levied on each quintal (3.67 bushels) of wheat sold
by cooperatives and wheat dealers, half of the proceeds to go to the local committees and half to the
National Board.
In the second half of June the Central Committee
shall estimate the national harvest. In collaboration
with the local committees it shall fix the quantity that
each producer or holder of wheat, who sold more than
100 quintals in the preceding year, may sell pending
determination of the schedule for staggering sales.
This schedule shall be drawn up by the Central Committee before November 1, and shall not extend beyond June 30 of the following year. In the second
half of August the Central Committee, after considering the recommendations of the local committees
and the size of the harvest, shall fix the price of wheat
to be paid to the producers by applying to the average price in 1911, 1912, and 1913 a coefficient which
shall not be less than the average coefficient of increase, relative to 1914, in the weighted index of the
cost of living, wages, goods used in farming operations, and production costs in general. Beginning
September 1 in each year the price so fixed shall be
increased by a monthly
premium for storage, handling and other costs.2 Prices for wheat of varying
quality will be fixed in relation to the base price.
Official fixed prices must be posted in various designated public places. The power to fix the price of
flour and bread will continue to be exercised by the
mayors and by the prefect of each county. Dealing
in wheat futures on French commercial exchanges is
prohibited.
In general, decisions made by the central and local
committees will be taken by majority vote. However, in fixing wheat prices, the presence of fourfifths of the members of the Central Committee is
required and no final decision can be taken except by
three-fourths of the votes cast. In case these two
conditions are not met, the price shall be fixed by the
Council of Ministers.
Millers, grain merchants, and holders of wheat except farmers and cooperatives must declare, within
a week after the date of fixing the official price, their
holdings as of that date. On these declared holdings
they must pay to the National Wheat Board a sum
per quintal equal to the difference between the fixed
price and the average price of wheat from August 1
to the date of fixing the official price. Official quotations of wheat on the Paris market shall be used for
the Paris district, other official prices applying elsewhere. Application of these provisions to stocks of
flour and wheat for blending will be determined by
decree of the Minister of Agriculture.
Provision is made for the early declaration by producers of the amount of land sowed to wheat and of
the amount of their crop. Before February 1, but
subject to subsequent modification, the Central Committee shall determine, if necessary, the amount of
wheat to be imported up to September 1. Similarly,
in event of a surplus the Committee shall determine
the amount of wheat for which it will assure storage
or export, this wheat to be delivered to the Board,
through the cooperatives, at a special price which,
1
A quintal is 220.46 pounds avoirdupois ; U. S. bushel of wheat
is 260 pounds.
On August 28 the price of wheat was fixed at 140 francs per
quintal beginning September 1 ($2.51 per bushel at rate of exchange on September 1), subject to a monthly increase of 1 franc
per quintal to February 1, 1937, and 1.50 francs thereafter.




OCTOBER 1936

for the crop year 1937, may not be more than 20 percent below the fixed price. Beginning with the crop
year 1938 production quotas will be established for
producers selling more than 50 quintals, and excess
production will be delivered according to a progressive schedule established by the Central Committee.
The National Board is granted monopoly of import
and export of wheat, other bread grains and products. The present system of wheat imports under
the regime of temporary admission is abolished. The
National Board is to fix the selling price on the
domestic market of wheat imported for consumption. Part of the proceeds of duties levied on imported wheat shall go to the Board.
Cooperatives and certain other specified organizations are required to purchase, at the price and
under the conditions fixed by the Board, including
that relative to the staggering of sales, all wheat
offered to them. For wheat actually delivered full
payment must be made for amounts up to 50 quintals
and an instalment of two-thirds value must be made
on the remainder. Where actual delivery by the
seller is postponed, the settlement price shall be that
of the month of effective delivery, and the seller may
require payment for two-thirds of the current value
of the wheat sold. For any wheat withheld from
immediate sale, whether voluntarily or by application
of the schedule of sales, the producer may make out a
warrant to the order of his cooperative which, after
endorsement by the cooperative and the National
Board, may be discounted by the Bank of France or
the Bank of Algeria for an amount equal to twothirds of the value of the wheat it represents. To
cover their expenses in connection with the foregoing
operations cooperatives may levy a proportional
charge fixed by the local committee. Cooperatives
and other specified organizations may draw bills
against wheat held in storage by them or at their
order. These bills, endorsed by the National Board,
may be discounted at the mutual agricultural credit
banks and rediscounted at the Bank of France or the
Bank of Algeria.
A guaranty fund for cooperatives and certain
other organizations is to be set up for the purpose of
covering losses up to 70 percent, or up to 90 percent
in case of losses resulting from fortuitous circumstances or force majeure. There is also to be established a special fund to assist cooperatives to meet
service charges on capital invested in the acquisition
or construction of warehouse facilities. The receipts
of these funds will be derived from assessments, fixed
by the Central Committee, on wheat sold by both
wheat dealers and cooperative organizations. Producers shall be required to pay a progressive tax on
their production, according to a schedule set forth in
the law, the proceeds to go to the National Board.
Certain modifications are made in the taxes on flour,
and part of the proceeds thereof are allocated to the
National Wheat Board. The National Board is
granted an advance of 20,000,000 francs repayable
in two years at the maximum. Decrees shall set
forth the conditions of application of the law. Provisions of the present law are applicable to Algeria.
Modification of the law of July 10, 1928, authorizing the Government to guarantee payment for exports effected for the benefit of foreign public bodies
(signed August 16; published August 20).—Subject
to regulatory conditions and definitions the Government may guarantee up to 80 percent, final payment
for French goods or services destined for the direct

OCTOBER 1936

FEDERAL RESERVE BULLETIN

or indirect use of foreign governmental bodies. A
commission will investigate applications. Guaranty
may not become operative for 6 months after date on
which full or partial remittance falls due. Exporters will pay a premium to be fixed by decree. The
Finance Act shall determine each year the amount
of new engagements which may be undertaken, the
limit for 1936 having been fixed at 2,000,000,000
francs by a special law (signed August 17, published
August 20). The sums necessary to make payments
under this law may be obtained by Treasury borrowing from the Caisse des Depots et Consignations or
organizations under its management, or from funds
of the Finance Ministry. These advances shall be
repaid by means of a special annual charge against
the budget of the Finance Ministry.
Facilities for realizing upon commercial credits
guaranteed by the Government (signed August 18;
published August 20).—The Ministers of Finance
and Commerce are authorized, up to December 31,
1936, to grant interest allowances of not over 2 percent to exporters desirous of realizing a portion of
the proceeds of foreign sales guaranteed by the Government. These allowances are granted only to concerns unable to meet the cost of realization without
Government aid. They are to be granted for the term
of the realization loans, but only in exceptional cases
are they to exceed 6 years. A sum of 30,000,000
francs has been set aside to cover allowances granted
in 1936.
Program of public works to combat and prevent
unemployment (signed August 18; published August
20).—In order to absorb unemployed workers a plan
is to be worked out before December 31, 1936, for
expenditures over a three-year period totaling 20,000,000,000 francs, including those of local bodies,
but in addition to existing programs. Funds are to
be utilized for improvement of the agricultural,
scientific, sanitary, artistic, educational, sporting,
tourist, maritime, and colonial equipment and for
other works of national interest.
Administrative
procedure is to be simplified and certain previous
laws are abrogated or modified. Prior to December
31, 1936, the Government may authorize the expenditure of 1,000,000,000 francs, but arrangements for
an outlay of 4,000,000,000 francs may be made during
the same period. The above expenditures, up to 500,000,000 francs, may be provided for by Treasury advances; 4,000,000,000 francs may be borrowed at
medium or long-term, out of which the Treasury advances must be repaid. Contracts for the execution
of public works are to be let to French concerns
employing only French workmen and using material
of French origin.
Organization of the coal market and control of
selling prices of combustible minerals (signed August
18; published August 19).—Within three months
from promulgation of this law the Finance Minister
and the Minister in charge of mining shall proceed
to a study of conditions in the coal mining industry,
including dealers and importers. For this purpose
members of the industry are to make available to the
12 government agents entrusted with this task their
books and other useful documents. During the three
months following promulgation of the law the Minister in charge of mines may fix the selling prices of
coal according to locality, classification, and mode of
sale, in collaboration with a committee under the
presidency of the Minister or his representative and




787

including representatives of the department of mines,
of Parliament, and of the industry. The Minister,
also in collaboration with the committee, may grant
subsidies to coal mines operating at a deficit and a
sum of 30,000,000 francs is set aside for this purpose. At least 40 percent of coal imported from overseas, with certain exceptions, must be shipped on
French vessels.
Restraint of unjustified price increases (signed
August 19; published August 20).—Under the
auspices of the Ministry of National Economy a national committee is to be set up for the supervision
of prices. Its 20 members are to include government
officials as well as representatives of producers, middlemen, and consumers. The Minister of National
Economy, in collaboration with the committee, will
prepare a list of food products and merchandise of
prime necessity. The national committe is to make
a study of the normal wholesale selling prices of
these articles of necessity, taking account of the
prices paid to producers, the costs of transportation,
general expenses, and reasonable profits, in order to
determine cost price. Local committees will work
under the supervision of the national committee.
Normal prices, periodically revised by the national
committee, are to be transmitted to the local committees to aid them in determining, on the basis of
local conditions, the proper relationship between
cost and selling prices. Merchants and dealers who
sell listed commodities at prices deemed unjustified
will have to show cause for so doing. Any merchant
who, after being warned by the local committee, cannot justify the maintenance of prices above those
prevailing in similar conditions of trade or his own
previous prices by showing increases in cost prices,
in expenses, or by other satisfactory means, shall be
liable to fine, imprisonment, or both. The regulations
already in force for flour, bread, meat, and wine are
not repealed.
Law relative to realization of commercial credits
blocked abroad (signed August 19; published August
20).—Government may guarantee loans for realizing upon receipts delivered to exporters by various
(exchange) Compensation Offices, provided the receipts are still held by original owners and represent
credit entries made by those offices not later than
July 31, 1936. Similar facility may be granted to
exporters who hold blocked balances in countries
which have undertaken a census of French commercial debts, provided a declaration relative to these
balances has been made to the competent authorities
of the country concerned before August 1, 1936. The
guaranty shall be limited to 80 percent of the claim
and is granted for a period of one year, renewable
five times, at a charge of 0.1 percent per year. The
guaranty shall become operative in case of default,
at maturity, by the beneficiary of the realization loan.
Funds required to make guaranteed payments may
be charged against resources allocated for public
works and armament, in case the State credit-insurance funds are insufficient.
Up to December 31, 1936, exporters desirous of
realizing upon blocked balances through French
banks, as above, may be granted interest allowances
ranging from 1V2 to 3 percent according to the level
of the discount rate of the Bank of France and the
length of the period for which the advances are
granted. A sum of 12,000,000 francs is set aside
for this purpose.

788

FEDERAL RESERVE BULLETIN

Temporary assistance to commercial, industrial,
and agricultural enterprises (signed August 19; published August 20).—Provision is made for extending credit to concerns placed in a difficult financial
position because of the social reform laws of June
20, 21, and 24, though previously sound financially.
Committees located at each branch of the Bank of
France are to investigate the written applications
for assistance. There will be a central coordinating
committee at the Bank of France. That part of a
requested advance which does not exceed 6 per cent
of wages and salaries paid out between July 1, 1935,
and June 30, 1936, may be granted immediately, but
additional amounts cannot be granted until the central committee has determined the amount to be allotted to the entire district. The central committee
also approves any credit amounting to more than
100,000 francs. Advances shall not exceed the additional expenses resulting from the social reform
laws during the second half of 1936 nor, in any case,
shall they amount to more than 12 per cent of wages
and salaries paid out between July 1, 1935, and June
30, 1936. Upon approval by the central or local
committees the banques populaires are to grant the
advances for a three-month term, twice renewable,
bearing interest at the discount rate of the Bank of
France. The advances shall be represented by notes
drawn to the order of the banques populaires and
discountable at the Bank of France. The banques
populaires are to receive a commission of 0.2 per cent
for handling.
Special additional credits may be given to concerns manufacturing for foreign markets. Such advances must not exceed 3 per cent of the value of
certain semi-finished and 5 per cent of the value of
certain finished goods exported between July 1, 1935,
and June 30, 1936, except that the limits may be
doubled for firms whose export business exceeded
35 per cent of their total business in 1935. The
Minister of Finance may grant interest allowances
equal to the difference between the discount rate of
the Bank of France and 0.3 per cent. A sum of
6,000,000 francs is set aside for this purpose.
Loans granted by the Bank of France and the
banques populaires under this law may be guaranteed up to an amount of 3,500,000,000 francs, and
when such guaranteed loans have not been repaid or
refunded within the period of 9 months provided
above, they shall be charged against the general
budget for the fiscal year in course.




OCTOBER 1936

Creation of a national bureau for contracts with
the Government, local authorities, and public establishments (signed August 19; published August 20).
—A national bureau is established under the control
of the Ministers of Finance and of National Economy
to guarantee advances granted on contracts made
with the Government or a public body, accept bills,
or make loans. The bureau's funds shall amount to
50,000,000 francs, which may be increased to 250,000,000 francs, to be obtained by issue of government-guaranteed securities.
Moratorium for debts incurred in connection with
agricultural production (signed August 20; published August 22).—Courts may permit farmers to
postpone payment of debts for a year. For a year
from promulgation of the law they may obtain short,
medium, or long-term loans, for the purpose of paying the postponed debt, from the agricultural credit
office with which they are affiliated.
Moratorium for merchants, industrialists, and
artisans (signed August 21; published August 23).—
A moratorium from date of promulgation of the law
to December 1, 1936, at the latest is granted to merchants, industrialists, and artisans for debts incurred
in connection with the conduct of their business before January 1, 1935, and not subject to income tax
for the year 1935. This law does not apply to chain
stores, credit institutions, or any company showing
a profit for 1935. Under certain conditions creditors
of those taking advantage of the moratorium are
granted relief from their own creditors.
Extension of field of application of the Government credit-insurance system (signed August 22;
published August 24).—On terms similar in most respects to those in the law of August 16 modifying that
of July 10, 1928, French exporters may be guaranteed by the Government against specifically defined
political and monetary risks resulting from the sale
of French products to foreigners, other than those
mentioned in the above law. However, the export
credits must either have been realized upon through
a French bank approved by the Minister of Finance
or guaranteed against risk of insolvency of the foreign debtor by a French credit-insurance company
approved by the Minister of Finance and the Minister of Labor, and must be payable within 18
months. The total risk to be assumed by the Government for 1936 is limited to 500,000,000 francs,
limits for other years to be established by the Finance
Act. Funds required to make payments may be levied
against the resources allocated for public works or
armament in case the State credit-insurance funds
are insufficient.

FEDERAL RESERVE BULLETIN

OCTOBER 1936

789

AMENDMENT OF THE BANK OF CANADA ACT

The Bank of Canada, which opened for
business on March 11, 1935,
was established
by the Act of July 3, 1934.1 That Act is now
amended by the Act of June 23,1936, the text
of which is given below. Acquisition of
newly created shares and appointment of
new directors by the Government, as provided in the Amendment Act, was effected on
September 11, 1936.
AN ACT TO AMEND THE BANK OF CANADA ACT.

[Assented to 23rd June, 1936.']
His Majesty, by and with the advice and consent
of the Senate and House of Commons of Canada,
enacts as follows:—
1. This Act may be cited as the Bank of Canada
Act Amendment Act, 1936.
2. (1) Section two of the Bank of Canada Act,
chapter forty-three of the statutes of 1934, is
amended by striking out paragraph (c) and substituting the following therefor:—
"(c) 'Director' means a member of the Board of
Directors other than the Governor or the Deputy
Governor or the member acting in virtue of the
authority conferred by subsection two of section
five of this Act."
(2) Section two of the said Act is further amended
by striking out paragraph (d) and substituting the
following therefor:—
"(d) 'Dominion notes' means notes payable to
bearer on demand, issued and outstanding, which
immediately prior to the day on which the Bank
of Canada was authorized to commence business
constituted a direct liability of the Dominion of
Canada."
(3) Section two of the said Act is further amended
by inserting the following paragraph immediately
after paragraph (d) thereof:—
"(e) 'Governor' means the Governor of the Bank
of Canada or the person acting for him pursuant to the provisions of this Act."
and by designating the subsequent paragraphs of the
said section as (/), (g), (h), (i), (j) and (k).
3. Subsection two of section three of the said Act
is repealed and the following subsection substituted
therefor:—
"(2) The Bank is and shall continue to be a body
politic and corporate."
4. Subsection one of section five of the said Act is
repealed and the following substituted therefor:—
"5. (1) The Bank shall be under the management
of a Board of Directors composed of a Governor, a
Deputy Governor and directors elected or appointed
in accordance with the provisions of this Act. There
may also be an Assistant Deputy Governor who shall
not as such be a member of the Board."
i See BULLETIN for October 1634, pp. 653-660.




5. Subsection two of section six of the said Act is
amended by striking out paragraph (d) and substituting the following therefor:—
" (d) is a director, officer or employee of any other
bank or financial institution or has an interest
as a shareholder in any other bank or financial
institution; or"
6. Section nine of the said Act is repealed and the
following substituted therefor:—
"9. (1) The following persons shall be directors
of the Bank:
(i) directors holding office at the date of the
coming into force of this subsection, who shall
continue as directors until the expiration of their
several terms of office;
(ii) six directors to be appointed by the registered holder of the Class "B" shares of the
Bank, with the approval of the Governor in
Council, to hold office as follows: two until the
annual general meeting in 1940; two until the
annual general meeting in 1941, and two until
the annual general meeting in 1942;
(iii) one director to be elected by the registered holders of the Class "A" shares of the
Bank at the annual general meeting in 1940, to
hold office for a term of two years;
(iv) two directors to be elected by the registered holders of the Class "A" shares of the
Bank at the annual general meeting in 1941, to
hold office for terms of two years and three years
respectively;
(v) directors, each of whom shall hold office
for a term of three years, to be elected by the
registered holders of the Class "A" shares of
the Bank, one at the annual general meeting in
1942 and one at each annual general meeting
thereafter;
(vi) directors, each of whom shall hold office
for a term of three years, to be appointed by the
registered holder of the Class "B" shares of the
Bank, with the approval of the Governor in
Council, two as of the day of the annual general
meeting in 1940, and two as of the day of each
annual general meeting thereafter.
(2) In the event of a vacancy amongst the directors elected by the Class A shareholders, the Board
shall appoint a qualified person to hold office until
the next annual general meeting, when the shareholders shall elect a person to fill the vacancy for the
remainder of the term: Provided, however, that no
director in office at the date of the coming into force
of this subsection shall be so replaced if there are
three or more directors elected by shareholders in
office.
(3) In the event of a vacancy amongst the directors appointed by the registered holder of the Class
"B" shares of the Bank, the registered holder of the
said shares shall, with the approval of the Governor
in Council, appoint a qualified person to hold office
for the remainder of the term.
(4) In the transaction of the business of the Bank,
each director shall have one vote: Provided, however,
that prior to the annual general meeting in 1940
each of the directors appointed by the registered

790

FEDERAL RESERVE BULLETIN

holder of the Class "B" shares of the Bank shall be
entitled to two votes.
(5) The directors shall on the expiration of their
terms of office be eligible for re-election or re-appointment."
7. Section ten of the said Act is repealed and the
following substituted therefor:
"10. (1) No person except the registered holder
of ten Class "A" shares of the Bank and who has
paid all calls thereon shall be elected or shall continue to hold office as an elected director; but this
qualification shall not be required in the case of a
person appointed to be a director by the registered
holder of the Class "B" shares of the Bank.
(2) The directors shall be selected from diversified occupations; but no person shall be eligible for
election or appointment who is a director, officer or
employee of a chartered bank, and any person elected
or appointed as a director who is a shareholder of a
chartered bank shall divest himself of ownership of
his shares within three months of the date of his
election or appointment and shall not thereafter during the term of his office have an interest, either
directly or indirectly, as a shareholder in a chartered
bank.
(3) No person shall be elected or appointed, or
shall continue to hold office as a director who—
(a) is not a British subject ordinarily resident in
Canada; or
(b) is employed in any capacity in the public service of Canada or of any province of Canada, or
holds any office or position for which any salary
or other remuneration is payable out of public
moneys; or
(c) has reached the age of seventy-five years.
(4) If any director, in the opinion of the Board,
becomes permanently incapacitated, he may be removed from office by resolution of the Board approved by the Governor in Council."
8. Section twelve of the said Act is repealed and
the following substituted therefor:—
"12. The Governor shall be Chairman of the Board
of Directors."
9. Section fourteen of the said Act is repealed and
the following substituted therefor:—
"14. (1) The Governor, or in the event of his absence or incapacity the Deputy Governor only, shall
have power to veto any action or decision of the
Board of Directors or of the Executive Committee,
and if this veto power be exercised, the Governor or
Deputy Governor, as the case may be, shall within
seven days inform the Minister in writing of the
circumstances and the Minister shall submit the veto
to the Governor in Council who may confirm or disallow the veto.
(2) Any director or member of the Executive Committee may inform the Minister in writing of his
view of the action or decision in question, which
view shall also be transmitted to the Governor in
Council."
10. Section seventeen of the said Act is repealed
and the following substituted therefor:—
"17. (1) The capital of the Bank shall be ten million one hundred thousand dollars consisting of one
hundred thousand shares (to be known hereafter as




OCTOBER

1936

Class "A" shares) issued to the public, and one hundred and two thousand shares (to be known as Class
"B" shares) to be issued to the Minister at par, to
be held by him on behalf of the Dominion of Canada
and to be paid for out of the Consolidated Revenue
Fund.
(2) The capital shall be divided into shares of
fifty dollars each.
(3) The Class "B" shares issued to the Minister
hereunder shall carry with them the same rights and
obligations as Class "A" shares of the capital of the
Bank, except that the registered holder thereof shall
not be entitled to vote at the election of directors.
(4) The liability of every shareholder shall be
limited to the amount for the time being unpaid in
respect of shares held by such shareholder.
(5) Class "A" shares may be held only by or for
the beneficial ownership of British subjects ordinarily resident in Canada, or corporations organized
under the laws of the Dominion of Canada or of any
province and controlled by British subjects ordinarily resident in Canada, but, save as hereinafter
provided, not more than fifty shares shall be held by
or for the benefit of any one person: provided, however, that a trustee may hold shares in trust for
other persons in excess of fifty shares so long as the
shares held by him in trust for any one such other
person do not exceed fifty shares; and provided
further that a trustee holding shares in trust under
the provisions of this proviso in excess of fifty shares
shall not be entitled to vote with respect to any such
shares in excess of fifty.
(6) The Bank shall open and maintain one or
more share registry offices at places to be designated
by the Board."
11. Section nineteen of the said Act is repealed
and the following substituted therefor:
"19. If Class "A" shares are held by a person not
eligible to hold shares, or if shares in excess of fifty
are held by one person, the Governor shall require
the shareholder to transfer or dispose of the shares
or the shares in excess of fifty, as the case may be.
If a shareholder fails to comply with this requirement within three months, the shares in question
shall ipso facto, on the expiration of three months
from the mailing at Ottawa by registered mail of
such requirement in the form of a notice in writing
by the Minister to such shareholder, be forfeited to
the Crown and shall be registered in the name of the
Minister without further proceedings or formality,
and may be sold by the Minister and the proceeds of
any such sales shall be deposited in the Consolidated
Revenue Fund."
12. Section twenty of the said Act is repealed.
13. Subsection one of section twenty-one of the
said Act is amended by striking out paragraphs (6),
(d), (/), (g) and (p) and substituting the following
paragraphs therefor:—
"(6) effect transfers of funds by telegram, letter
or other method of communication, and buy and
sell transfers effected by such means, trade acceptances, bankers' acceptances, bankers' drafts
and bills of exchange drawn in or on places outside of Canada and having a maturity not exceeding ninety days, excluding days of grace,
from the date of acquisition by the Bank;
(d) buy and sell securities issued or guaranteed

OCTOBER 1936

FEDERAL RESERVE BULLETIN

791

by the Dominion of Canada or any province
having a maturity exceeding two years from the
date of acquisition by the Bank, but the Bank
shall at no time hold such securities having a
par value in excess of fifty per cent of its outstanding note issue and deposit liabilities, nor
shall the Bank at any time hold such securities
maturing more than ten years from the date of
acquisition of a par value in excess of three
times the amount of the paid-up capital and rest
fund of the Bank;
(/) buy and sell securities issued by the United
Kingdom or the United States of America, having a maturity exceeding six months from the
date of acquisition by the Bank, but the Bank
shall at no time hold such securities of a par
value in excess of twenty-five per cent of the
amount of the paid-up capital of the Bank;
(g) buy and sell or rediscount bills of exchange
and promissory notes endorsed by a chartered
bank drawn or issued in connection with the
production or marketing of goods, wares and
merchandise as defined in The Bank Act, excepting those mentioned in paragraph (h) of this
subsection, and having a maturity not exceeding
ninety days, excluding days of grace, from the
date of acquisition by the Bank;
(p) do any other banking business incidental to or
consequential upon the provisions of this Act
and not prohibited by this Act."

17. Paragraph (b) of subsection two of section
twenty-six of the said Act is repealed and the following substituted therefor:—

14. Subsection three of section twenty-three of the
said Act is repealed and the following substituted
therefor:—
"(3) The Bank shall not make any charge for
cashing or negotiating any cheque drawn on the Receiver General or on his account, or for cashing or
negotiating any other instrument issued as authority
for the payment of money out of the Consolidated
Revenue Fund, or upon any cheque drawn in favour
of the Government of Canada or any department
thereof and tendered for deposit in the Consolidated
Revenue Fund."

18. Subsection five of section twenty-seven of the
said Act is repealed and the following substituted
therefor:—

15. (1) Subsections three and four of section
twenty-four of the said Act are repealed and the following substituted therefor:—
"(3) Notes of the Bank shall be in such denominations and shall be printed and signed or otherwise
executed as the Governor in Council shall by regulation determine.

"(b)

foreign exchange which shall mean:—
(i) balances in pounds sterling, United States
of America dollars and currencies which by
law and in fact are convertible on demand at a
fixed price into exportable gold, held in the Bank
of England, the Federal Reserve Bank of New
York, the Bank for International Settlements
or a central bank in any country the currency
of which is convertible as hereinbefore described;
(ii) treasury bills or other obligations of the
United Kingdom or the United States of America having a maturity not exceeding three
months from the date of acquisition by the Bank;
(iii) bills of exchange having a maturity not
exceeding ninety days, excluding days of grace,
from the date of acquisition by the Bank, payable in pounds sterling, United States of America dollars or in a currency which by law and in
fact is convertible on demand at a fixed price
into exportable gold,

less any liabilities of the Bank payable in the currency of the United Kingdom, the United States of
America, or any country whose currency is by law
and in fact convertible on demand at a fixed price
into exportable gold."

"(5) For the purpose of this section the Inspector
General of Banks shall annually make such inspection of the books, accounts and documents of every
chartered bank as he may deem necessary or expedient for the purpose of satisfying himself that
the return required by subsection two of this section
is correct, and shall certify to the Bank whether in
his opinion the said return is correct, and every
chartered bank shall give the Inspector General
access to the books, accounts and documents of the
bank for such purpose; and if the Inspector General
is obstructed or delayed in making the inspection, the
chartered bank shall be guilty of an offence and
liable on summary conviction to a fine of one hundred dollars for each and every day during which the
obstruction or delay continues."

19. Paragraphs (a), (6) and (c) of section
"(4) The form and material of the notes shall be
subject to approval by the Minister; Provided, how- thirty-one of the said Act are repealed and the folever, that each said note shall be printed in both the lowing substituted therefor:—
English and the French languages."
" (a) If the rest fund of the Bank is less than onehalf the paid-up capital, one-third of such sur(2) As soon as practicable after the coming into
plus shall be allocated to the rest fund and the
force of this Act, each note of the Bank shall be
residue shall be paid to the Receiver General
printed in both the English and the French lanand placed to the credit of the Consolidated
guages; Provided, however, that any such note
Revenue Fund;
printed before the coming into force of this Act and
(6) If the rest fund is less than the paid-up capiissued thereafter and any such note theretofore istal but is not less than one-half the paid-up capisued shall nevertheless be a valid and binding oblital, one-tenth of such surplus shall be allocated
gation of the Bank.
to the rest fund and the residue shall be paid to
the Receiver General and placed to the credit of
16. Subsections three, five and six of section
the Consolidated Revenue Fund;
twenty-five of the said Act are repealed: Provided,
however, that the authority to pay the principal of
(c) If the rest fund is not less than the paid-up
and interest on securities issued to the Bank under
capital, the whole of such surplus shall be paid
the aforesaid subsections three and six shall conto the Receiver General and placed to the credit
tinue.
of the Consolidated Revenue Fund."




792

FEDERAL RESERVE BULLETIN

20. Section thirty-two of the said Act is repealed
and the following substituted therefor:—
"32. (1) For the purpose of auditing the affairs
of the Bank, the Governor in Council shall, on the
recommendation of the Minister, not later than January thirty-first each year, appoint two auditors,
eligible to be appointed as auditors of a chartered
bank, but no person shall be eligible for appointment
if he or any member of his firm has been auditor for
two successive years during the three next preceding
years.
(2) If any vacancy occurs in the office of auditor
of the Bank, notice thereof shall forthwith be given
by the Bank to the Minister who thereupon shall appoint some other auditor eligible to be appointed as
an auditor of a chartered bank to serve until January thirty-first next following.
(3) No director or officer of the Bank and no
member of a firm of auditors of which a director is a
member shall be eligible for appointment as an
auditor.
(4) The Minister may from time to time require
the auditors to report to him upon the adequacy of
the procedure adopted by the Bank for the protection
of its creditors or shareholders and as to the sufficiency of their own procedure in auditing the affairs
of the Bank; and the Minister may, at his discretion,
enlarge or extend the scope of the audit or direct
that any other procedure be established or that any




OCTOBER

1936

other examination be made by the auditors as the
public interest may seem to require.
(5) A copy of every report made by the auditors
to the Bank under this section shall be transmitted
to the Minister by the auditors at the same time as
such report is transmitted to the Bank."
21. Subsection five of section thirty-three of the
said Act is repealed and the following substituted
therefor:—
"(5) Every return required under the next preceding subsection shall be accompanied by declarations which shall be a part of the return, and the
declarations shall be in the form set forth in Schedule C to this Act, and shall be signed by the Chief
Accountant or by the Acting Chief Accountant, and
by the Governor or the Deputy Governor or the Assistant Deputy Governor."
22. Subsection two of section thirty-four of the
said Act is repealed and the following substituted
therefor:—
"(2) Within six weeks after the end of each fiscal
year, the Bank shall transmit to the Minister a statement of its accounts for the fiscal year, signed by the
Governor or the Deputy Governor or the Assistant
Deputy Governor and the Chief Accountant or Acting Chief Accountant of the Bank, and certified by
the auditors in the form prescribed by the by-laws
of the Bank."

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES




793

794

FEDERAL RESERVE BULLETIN

OCTOBER

1936

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Member bank
reserve balances
Treasury
Other
Mone- Treas- Money cash and Non- Fedury
U.S.
tary
in cir- deposits mem- eral
gold
_
•trri+h
•Rillc
Gov- Other
curcula- Federal
wiin ber de- Reserve
Hixcess
.DlllS
ern- Reserve Total stock rency
Bills
action Reserve posits
dis- bought ment bank
counts Total (estimated)
banks
counted
securi- credit
ties
Reserve bank credit outstanding

Date

End of month figures:
1935 -Sept. 30
Oct. 31
Nov. 30
Dec. 31

10
6
6
5

5
5
5
5

2.430
2,430
2,430
2,431

32
40
39
45

2,477
2,482
2,480
2,486

9,368
9.693
9,920
10,125

2,386
2,400
2,438
2,476

5,683
5,713
5,846
5,882

2,740
2,657
2,619
3,110

304
299
284
255

250
258
253
253

5,254
5,648
5,835
5,587

2,600
2,970
3,100
2,844

1936 -Jan. 31
Feb. 29
Mar. 31
Apr. 30
M a y 30
June 30
July 31
Aug. 31

9
7
8
5
5
4
4
8

5
5
5
5
3
3
3
3

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

35
40
31
34
35
35
24
30

2,479
2,482
2,474
2,475
2,474
2,473
2.462
2,471

10,182
10,167
10,184
10,225
10, 402
10. 608
10, 648
10, 716

2,493
2,499
2,504
2,500
2,490
2,498
2,496
2,500

5,737
5,846
5,877
5,886
5,953
6,241
6,162
6,227

3,001
2,937
3,607
3,213
3,101
3,187
2,879
2,508

304
327
332
356
337
262
306
287

253
254
259
260
256
257
253
256

5,860
5,784
5,087
5,486
5,719
5,633
6,005
6,410

3,084
2,986
2,305
2,664
2,866
2,717
3,029
1,950

7
9
5
6

5
5
5
5

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

21
49
31
32

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

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

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

5, 754
5,746
5,739
5.820

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

236
249
262
282

260
257
253
252

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

2,993
3,052
3,069
3.051

4
11
18
24
31

5
6
7
7
5

5
5
5
5
5

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

29
33
41
81
45

2,470
2,474
2,483
2,523
2,486

10,009
10,068
10,098
10,115
10,125

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

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

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

283
280
281
266
255

262
270
258
259
253

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

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

1936—Jan. 8
Jan.15
Jan. 22
Jan. 29

5
5
6
7

5
5
5
5

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

35
45
36
28

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

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

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

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

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

265
284
296
301

253
253
253
254

5,745
5,859
5,802
5,863

3,002
3,095
3,030
3,087

Wednesday figures:
1935-Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec.
Dec.
Dec.
Dec.
Dec.

1
I

Feb.
Feb.
Feb.
Feb.

5
12
19
26

10
8
7
7

5
5
5
5

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

44
65
64
33

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

10,168
10,155
10,160
10,163

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

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

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

324
364
327
323

255
254
255
254

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

3,089
3,007
3,045
3,062

Mar.
Mar.
Mar.
Mar.

4
11
18
25

6
5
6
6

5
5
5
5

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

34
33
44
45

2,475
2,473
2,485
2,485

10,167
10,170
10,173
10,177

2,506
2,503
2,503
2,502

5,848
5,840
5,841
5,837

2,898
2,909
3.587
3,667

321
337
328
340

269
274
261
261

5,813
5,786
5,144
5,059

3,043
3,008
2,388
2,315

Apr.
Apr.
Apr.
Apr.
Apr.

1.
8
15
22
29

7
6
6
5
5

5
5
5
5
5

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

34
38
35
35
32

2,477
2,479
2,477
2,475
2,472

10,185
10,190
10,200
10,209
10,221

2,504
2,505
2,502
2,501
2,501

5,884
5,906
5,877
5,860
5,859

3,614
3,502
3,374
3,269
3,208

331
346
335
355
362

259
258
260
260
259

5,077
5,161
5,333
5,442
5,506

2,338
2,384
2,548
2,640
2,686

May
May
May
May

6
13.....
20
27

5
5
5
5

5
5
5
4

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

38
30
30
26

2,478
2,469
2,470
2,466

10, 248
10,302
10,375
10,388

2,497
2,496
2,493
2,494

5,912
5,888
5,896
5,902

3,175
3,161
3,138
3,116

345
351
353
326

259
257
258
256

5,532
5,611
5,694
5,747

2,697
2,774
2,859
2,901

June
June
June
June

3
10
17
24

6
5
7
6

3
3
3
3

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

50
32
40
32

2,489
2,471
2,480
2,472

10,409
10,480
10, 543
10, 600

2,493
2,489
2,490
2,500

5,953
5,937
6,048
6,173

3,084
3,064
4,028
3,577

349
306
282
252

292
299
261
261

5,713
5,833
4,894
5,308

2,844
2,948
2,043
2,433

July
July
July
July
July

1
8
15
22
29

4
3
3
3
4

3
3
3
3
3

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

35
36
42
30
23

2,473
2,472
2,478
2,466
2,460

10, 612
10, 622
10, 629
10,634
10, 642

2,498
2,498
2,496
2,497
2,496

6,250
6,242
6,190
6,153
6,123

3,232
3,015
3,021
2,955
2,907

256
263
266
300
298

256
256
255
254
253

5,589
5,814
5,872
5,935
6,016

2,670
2,883
2,923
2,986
3,049

Aug.
Aug.
Aug.
Aug.

5
12
19
26

4
8
6
7

3
3
3
3

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

26
36
18
25

2,463
2,477
2,457
2,465

10,
10,
10,
10,

650
661
678
695

2,496
2,498
2,499
2,501

6,163
6,170
6,184
6,184

2,866
2,759
2,625
2,553

321
337
342
336

254
255
255
256

6,005
6,116
6,229
6,332

3,051
3,167
1,813
1,892

Sept.
Sept.
Sept.
Sept.

2
9
16
23....

9
8
8
7

3
3
3
3

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

21
41
54
33

2,463
2,482
2,495
2,473

10, 717
10,736
10, 762
10, 786

2,502
2,508
2,507
2,509

6,225
6,276
6,255
6,239

2,482
2,420
2,789
2,787

280
271
251
255

255
238
233
263

6,441
6,471
6,206
6,225

1,958
1,997
1,714
1,743

NOTE.—For description offiguresin this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,
together with all available backfigures,may be obtained upon request from Division of Research and Statistics. Backfiguresare also shown in
Annual Report for 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months
and years are shown in the table on p. 771.




OCTOBER

795

FEDERAL RESERVE BULLETIN

1936

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures

E n d of month figures

1936
Sept. 23 Sept. 16

Sept, 9

1935

1936
Sept. 2

Aug. 26 August

July

June

May

April

August

ASSETS
Gold certificates on hand and due from
8, 384, 679 8, 386,1,071 8, 372,031 8, 334,034 8, 274,032 8,,299,031 8,197, 527 8,1,106, 542 7,, 824, 035 7, 703, 835 , 482, 233
U. S. Treasury
19,915
12, 850
12,102
12,145
12,625
12, 877
14,070
12,625
12, 663
12,949
Redemption fund—F. R. notes
13,061
267, 059 263, 529 248,066 268, 885 282, 936
292, 661 265,154 295, 258 332, 496 213,596
Other cash
8, 664, 588 8, 661, 702 8, 632, 242 8, 615, 544 8, 571, 038 8, 578, 540 8, 502, 851 8, 384, 645 8,132, 354 8,049, 208 6, 715, 744

Total reserves
Bills discounted:
For member banks
For nonmember banks, etc

_

Total bills discounted
Bills bought: Payable in foreign currencies
Industrial advances

6, 624
407

7,704
307

', 726
307

8,395
207

7,031

8,011

8,033

3, 098
28, 550

3,096
28, 521

3,095
28, 628

5,474
10

11, 261

5,448

5,484

11, 269

3,076
30, 274

4,684
30, 346

4,685
29, 467

7,229

8,043

3,941
9

4,072
10

5,437
11

8,602

7,238

8, 251

3,950

4,082

3,095
28, 522

3,095
28, 554

3,095
28,514

3,092
29,073

3, 077
29, r ~

U. S. Government securities:
Bonds
Treasury notes
Treasury bills

378, 077 378,077 324, 721 324, 721 324, 721 324, 721 324,721 315, 671 265, 847 265, 683 290, 216
I, 618,333
I, 443, 363 1,443,363 1,496,719 1, 496, 719 1, 496, 7 19 i, 496, 719 1
., 496, 719 1, 494, 219 1, 545, 908 1, 554, 889 1,
608, 787 608, 787
08,787 608, 787 608,787 608, 787 620,337 618, 648 609, 667 523, 661
08, 787

Total Government securities
Other reserve bank credit

2, 430, 227 2,,430,
430, 227 2, 430, 227 2,430, 227 , 2430, 227 2, 430, 227 2,!, 430, 227 2, 430, 227 2,,430, 403 2,, 430, 239 2,J, 432, 210
25,174
3,990
"
•-•
4,330
11,756 - 7 , 877 - 4 , 249
1,114 -4,818
5,415
7,189
4,727

Total Reserve bank credit out2, 472, 896 2, 495,029 2, 481, 739 2, 462, 569 2, 464, 865 2, 471, 201 2, 461, 524 2, 472, 679 2, 473, 928 2,475, 083 2, 484, 820
standing
LIABILITIES
F. R. notes in actual circulation

4,033, g

4,045, 458 4,055, 971 4, 020, 920 3, 993, 664 4,018,108 3,978,394 4, 034,482 3, 794, 589 3, 762,106 3, 398, 590

Deposits:
6, 224, 640 6, 205, 735 6, 471,333 6, 440, 622 6, 331, 502 6, 409,966 6, 005,108 5, 632, 735 5, 719, 490 5, 485, 655 5, 305, 337
Member bank—reserve account
54,683 107,236 143,424 103,940 446,908 690,102 517,941 682,139
58,751
U. S. Treasurer—general account.. 388,351 417,924
59,235
50,267
98,174
50,572
60,292
54,169
53,523
80,635
18,254
64,862
56, 762
Foreign bank
190,268 193, 937 211,572 229,285 238,258 235,969 245,519 207,723 283,173 275,262 179,957
Other deposits
Total deposits
Ratio of total reserves to deposit and
F . R. note liabilities combined (per
cent)

6, 868,121 6, 874, 358 6, 796, 823 6, 827, 410 6,811, 358 6, 800, 44' 6, 757, 827 6, 584, 729 6, 574,127 6, 523,691 5, 562, 299

79.3

79.4

79.3

79.2

79.3

79.0

78.4

78.3

MATURITY DISTRIBUTION OF BILLS AND SECURITIES HELD BY RESERVE BANKS
[In thousands of dollars]
Within
15 days

16 to 30
days

31 to 60
days

61 to 90
days

91 days
to
6 months

7,238
8,602
8,033
8,011
7,031

5,320
7,108
6,718
6,324
5,264

803
379
157
91
158

381
234
233
163
76

141
642
587
1, 094
1,100

592
238
337
338
432

3,095
3,095
3,095
3,096
3,098

122
1,598
1,623
1,645

1,598
1,616
427
473
67

495
477
68
726
784

24
880
1,002
274
602

554
522
628
521
550

1,493
1,539
1,524
1,592
1,590

297
352
459
398
397

750
709
682
612
567

711
767
696
737
762

1,900
1,908
1,990
1, 982
1, 897

23,403
23, 247
23,277
23,200
23,337

2, 430, 227
2,430, 227
2, 430, 227
2, 430, 227
2, 430, 227

37, 930
81,016
85, 786
41, 439
42,093

85, 786
48, 443
44, 489
39,009
34, 793

79, 282
70, 804
71, 480
65, 816
71, 006

72,006
76, 383
88, 216
200, 919
189, 340

395, 877
378, 095
362, 259
251,497
254, 422

1, 759,346
1, 775, 486
1, 777, 997
1, 831, 547
1, 838, 573

Total
Bills discounted:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Bills bought in open market:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Industrial advances:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
U. S. Government securities:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Other securities:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23




28,
28,
28,
28,
28,

181
181

Over 6
months

181
181

796

FEDERAL RESERVE BULLETIN

OCTOBER

1936

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS BY WEEKS
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

Cleve- Richland mond

MinAtSt.
lanta Chicago Louis neapolis

Kansas
City

San
Dallas Francisco

ASSETS

Gold certificates on hand and due
from U. S. Treasury:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Redemption fund—Federal Reserve
notes:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Other cash:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Total reserves:
Aug. 26
Sept. 2
Sept. 9
1
Sept. 16
Sept. 23
Bills discounted:
Secured by U. S. Government obligations direct or fully guaranteed:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Other bills discounted:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Total bills discounted:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Bills bought in open market:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Industrial advances:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
. . . .
. .
Sept. 23
U. S. Government securities:
Bonds:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Treasury notes:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Treasury bills:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Total U. S. Government securities:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23




l, 274,032498,564 3,234, 773 411, 750 613, 895 276, 856 221
i, 334,034 496, 022 3,273,180 417, 295 614, 902 277, 077
i, 372, 031523,
194,147 431,451 '" "
""
i, 386,071 547,, 413 3,164, 955 443, 338 639J 441 28l', 078 235,
i, 384, 679549,', 521 3.149,811 452, 580 644,117 290, 780 232,027

1,598,843 214,786 184,033 261, 922 164, 654 592, 017
1,638,863 222,
12, 232 177, 531 258,899 154,390 582,418
1, 690, 768 226,
!6, 521 177, 235 256, 775 155, 399 580, 368
942 591,155
1, 660, 289 232, 569 174
-,705 252, 67'
1, 642, 774243, 942 170, 776 252, 616 165 556 590,179

14, 070
12, 625
12,145
12,102
12,850

1,'
1,887
1,869
1,842

1,627
1,368
1,283
1,279
1,152

865
759
723
722
675

939
781
742
740
691

900
557
354
354
578

2,956
2,813
2,787
2,784
2,751

528
360
31
307
758

840
799
791
789
777

178
175
173
56;

922
901
895
883
873

367
343
337
335
329

282, 936
268, 885
248, 066
263, 529
267, 059

34,555
35,156
32, 067
33, 596
33, 005

72,122
64, 869
61,414
64,184
65, 212

36, 254
35, 262
33,163
34,177
34, 337

25,916
25, 757
23, 252
24,167
23,469

15,182
14, 644
13,107
14, 004
14,677

10,061
9,086
8,458
8,776
9, 313

33,944
32, 622
28, 925
31,131
31,964

13, 536
11,319
10, 232
10, 058
9,465

7,166
7,098
7,01
7,360
7,095

13, 387
13,085
12, 055
12, 959
14, 336

7,041
6,837
6,200
7,116
7,411

1,941
1,879
1,872
1,869
1,857

13, 772
13,150
12,176
16, 001
16, 775

8, 571, 038 535,105 3, 308, 522 448, 869 640, 750 292, 938 234,
956 1, 633, 315 229,162 191, 398 276, 231 172, 062 607, 730
8, 615, 544.533,065 3,:339, 417 453.316 641, 440 292, 278 233,124 ,671,845
1
885 161,57'
. 0 597,
234,350
'" 184,:, 807 272,
8, 632, 242 557, 6
269, 725 161, 936 594,
256, 844 465, 337 648, 383 293, 984 242,0321, 720,010 237,,544
1,416
8, 661, 702 582, 876 3,'.
i, 416184,427 266, 516 170, 393 609, 025
230, 418 478, 237 664, 348 295, 436 247, 072
1, 691, 727 243.
8,664, 588 584,3"
,184 182, 238 267, 825 173, 296 608, 811
L 368 35 216,175 487, 592 668, 277 306, 035 244, 0911, 675, 496 254,
178, 438
280
180
240
90
190

137
142
27
42
132

30
30
30
50
30

75
144
147
522
72

293
366
321
292
65

120
70
80
85
115

11
11
38
38
37

93
110
128
66

54
91
93
68
53

21
20
29
23
16

418
330
320
236
198

11
11
24
38
43

311
345
318

291
191
278
128
227

230
235
137
170
198

131
81
104
123
158

1,103
1,102
1,102
1,103
1,105

317
318
317
317
317

294
294
294
294
294

7,100
7,076
7,077
7,067

5,072
5,038
5,038
5,048
5,064

3,638
4,561
3,681
3,952
3,226

336
256
721
771

2,294
2,928
2,270
1,760
1,461

3,600
4,041
4,352
4,059
3, 805

50
50
47
22
29

2,905
3,399
3,581
3,372
3,205

7,238
8,602
8,033
8,011
7,031

116
386
303
743
800

5,199
6,327
5,851
5,132
4,666

3,095
3,095
3,095
3,096
3,1"

226
226
226
226
226

28, 554
28, 522
28,628
28, 521
28, 550

3,100
3,092
3,222
3,170
3,170

324, 721
324, 721
324, 721
378, 077
378,0^~

21, 607
21,607
21, 607
25,158
25,158

1, 496, 719 99, 596
1, 496, 719 99, 596
1, 496, 719 99, 596
1, 443, 363 96,045
1, 443, 363 96, 045
608, 787
608, 787
608, 787
608, 787
608, 787

40, 510
40, 510
40, 510
40, 510
40, 510

2,430, 227 161, 713
2, 430, 227 161, 713
2, 430,227 161, 713
2, 430, 227 161,713
2, 430, 227161, 713

311
345
290
370
370

7,
7
10

85

711
696
641
528
263

87
87
87
87
87

61
61
61
61
61

87
87
87
87

87
87
87
87

218
218
218
218
218

532
526
525
525
522

1,152
1,151
1,185
1,180
1,171

903
910
905
902

1,556
1,549
1,548
1,539
1,537

1,668
1,658
1,657
1,657
1,731

13,142
13,142
13,142
15, 301
15,301

38, 630 17, 361
17,361
17,361
44, 977 20, 213
44, 977 20, 213

11, 571
11,571
11,571
13, 472
13, 472

16, 425
16, 425
16,425
19,124
19,124

12, 502
12, 502
12, 502
14, 557
14, 557

28, 392
28,392
28,392
33, 057
33,057

78,839
78,839
78, 839
76,028
76,028

60, 575
60, 575
60, 575
58, 416
58, 416

178,054 80,018
178,054 '80,018
178,054 80,018
171, 707 77,166
171, 707 77,166

32,067
32, 067
32, 067
32,067
32,067

24,639
24, 639
24,639
24,639
24, 639

235,795 128,010
235,795 128, 010
2 3 5 795
, " " 128,010
235, 795
T. 128, 010
8,010
235, 795 128;

98, 356
98, 356
98, 356
98, 356
98, 356

121
121
121
121
121

84
121
123
118
83
108
108
108
108
108

386
386
387
387
387

1,480
1,454
1,451
1,432
1,429

3,601
3,687
3,684
3,668
3,661

602
594
586
583
562

1,788
1,787
1,750
1,750
1,747

31, 507
31, 507
31, 507
36, 684
36,684

17,104
17,104
17,104
19, 915
19, 915

406, 823 130,061 145, 220
406,823 130, 061 145, 220
406,823 130,061 145, 220
392,, 320 125,425140,043
392, 320 125; 425 140,043
52, 902
52, 902
52, 902
52, 902
52, 902

88, 263 28, 217
28, 217
88, 263 28, 217
102, 766 32, 853
102, 766 32, 853

165, 475
165, 475
365,475
165,475
165, 475

660, 561 211,180
660, 561 211,180
660, 561 211,180
660, 561 211,180
660, 561 211,180

59, 068
59,1
59,068
59,068

35
35
46

72,423
72, 423
72, 423
72,423
72, 423

164
176
545

32, 548
32, 548
32, 548
32, 548
32, 548

289,107 129,927
289,107 129, 927
289,107 129, 927
289,107 129, 927
289,107 129, 927

56

0, 863
53,334 75, 708 57, 628 130,
0, 863
53, 334 75, 708 57, 628 130,
863
0 863
53,334 75, 708 57, 628 130,
51, 433 73,009 55, 573 126,198
51, 433 73,009 55, 573 126,198
21, 693 30, 794 23, 440 53, 228
21, 693 30, 794 23, 440 53, 228
21, 693 30, 794 23, 440 53, 228
21, 693 30,794 23, 440 53, 228
21, 693 30, 794 23, 440 53, 228
86, 598
86, 598
86, 598
86, 598
86, 598

122, 927
122, 927
122,927
122, 927
122,927

93,5'
!, 483
!,483
93, 57i'0 212,
93, 570 212, 483
570 212, 483
93, 570 212, 483

OCTOBER

797

FEDERAL RESERVE BULLETIN

1936

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS BY
WEEKS—Continued
[In thousands of dollars]

Total

Boston

New
York

Phila- Cleve- Richdelphia land mond

Atlanta Chicago

St.
Louis

Kansas
City

San
Dallas Francisco

95, 924 214,500
95, 902 214, 440
95,846 214, 462
95, 724 214,481
95, 457 214, 590

ASSETS

Total bills and securities:
Aug. 26
2,469, 295 65,155 673, 963 216, 880 237, 860 31,962 99,150
Sept. 2
2, 470, 62^ .65,417 675,066 216, 881 237, 734 32,053 99,179
2,469,983 65, 464 674, 591 216, 853 237, 818 31, 952 99,173
Sept. 9
2, 469, 855 .65, 852 673,863 216, 943 237, 649 31, 969 99,165
Sept. 16
Sept. 23
2, 468, 906 .65, 909 673, 400 216; 968 237, 745 .31, 990 99,109
Due from foreign banks:
17
83
21
10
Aug. 26
219
20
Sept. 2
17
84
21
10
220
20
17
84
21
9
Sept. 9
219
20
17
83
21
10
219
20
Sept. 16
17
81
21
10
Sept. 23
217
20
Federal Reserve notes of other banks:
346
Aug. 26
...
25, 093
9,185
738 1,553 1,958 1, 615
349
Sept. 2
8,621
645 1,812 1, 575 1,283
25, 346
354
498 1,355 1,973 1,390
Sept. 9
9,431
26, 775
792 1,721 2,448 1,671
7,749
Sept. 16
26,320
3
694 1,430 2,633 1,688
Sept. 23
9,492
375
27, 293
Uncollected items:
Aug. 26
528, 322 54,711 124, 256 40, 854 50, 980 46, 919 17, 999
Sept. 2
544,120 56,042 129, 256 40, 949 54, 592 47, 632 18, 685
Sept. 9
554, 757 52,416 128,074 40, 457 51, 401 50,036 22, 720
Sept. 16
780,969 74, 546 187, 761 54, 999 75, 212 70, 319 24, 723
Sept. 23
578, 531 56, 782 139, 472 46,151 55,097 52,145 23, 202
Bank premises:
10,854 5,079 6,525 2,919 2,284
Aug. 26
48.055 3,113
10,855 5,079 6, 525 2,919 2,284
Sept. 2
48.056 3,113
10, 85, 5,079 6,525 2,919 2,284
Sept. 9
48, 055 3,113
10, 856 5,079 6,525 2,919 2,284
Sept. 16
48,058 3,113
10, 856 5,079 6,525 2,919 2,284
Sept. 23
48, 059 3,113
All other assets:
384
Aug. 26
:
33, 655 3,316 1, 616 1,128 1,382
43, 586
427
Sept. 2
34, 425 3,243 1,700 1,124 1,444
44, 581
420
Sept. 9
35,137 3,341 1,639 1,103 1,392
45,139
421
Sept. 16
27, 857 3,244 1, 677 1,125 1,405
37, 888
Sept. 23
28, 565 3,177 1,644 1,098 1,400
38, 420
Total assets:
Aug. 26
11,685,608 758,831 4,160, 518715, 757 939, 304 477',834 357, 394
',591 356,00"
Sept. 2
l'l, 748, 494 58,430 4,197, 724 720,
i,134 943, 823 477,
Sept. 9
11,777,170 79, 388 4,115,016 731, 586 947,141 481,,976 368, 999
504,
226 376, 328
Sept. 16
12,025,011 827, 202 4,138, 587759, 315 987,152
Sept. 23
11, 826, 01 810, 977 4, 078, 041 '59, 682 970, 738 496, 371, 782

291, 281
291, 280
291, 279
291, 279
291, 287

30, 642
30, 704
.30, 715
31,084
.30, 624

87,811
87, 810
87, 851
87, 846
87, 840

124,167
124,161
123, 979
124,000
123,987

26
26
26
26
26

4
4
4
4
4

6
6
6
6
6

6
6

3
3
3

15
15
15
15
15

1,350
1,573
1,745
1, 236
1,164

1,270
1, 668
1,975
1, 633
1,776

922
720
572
539
658

2,909
3,166
3,574
2, 966
2,744

28, 526
32, 390
32, 383
22, 637 38, 853
17,073 31, 367

26, 260
21, 963
24, 490
33, 888
23,101

26, 602
30, 794
33, 406
48, 970
33,178

1, 697
2, 285
2,264
2,!
3,1

1,550
1,649
1,644
2,195
1,573

72, 335
72,, "
77, 719
114,826
74, 643

21, 739
23,613
24,
34, 235
26, 320

4,831
4,831
4,831
4,833
4,833

2,453
2,453
2,452
2,452
2, 453

1, 531
1,531
1,531
1,531
1,531

3,360
3,360
3,360
3,360
3,360

1, 526
1,526
1, 526
1, 526
1, 526

3, 580
3,580
3, 580
3, 580
3, 580

559
550
538
557
556

218
241
22;
221
213

319
331
325
326
332

377
368
331
360
354

233
247
240
235
238

390
481
448
460
430

17,141
15, 636
16, 762

004, 044 385, 768 299, 553 433, 937 296, 933 855, 735
043, 385 393', 014 291, 691 434, 838 281, 934 849i
i,923
096, 667 397,
i,901
""" 477
'" 292, 644 431, 759 284, 616 849,
106,241 413, 607 295, 817 434, 728 302,
879, 497
049, 907 415, 371286, 381 428, 675 294, 282863, 348

LIABILITIES

Federal Reserve notes in actual circulation:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
.___
Deposits:
Member bank-reserve account:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
U.S. Treasurer—general account:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Foreign bank:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
S e p t. 23
Other deposits:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Total deposits:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
1

916, 436
918, 320
921, 608
916, 451
915,315

168, 845 125, 765
170, 244 127, 225
170, 498 127, 979
171, 423 127!,357
172, 603 127, 798

154,040
155,391
155, 908
154, 234
153, 370

6, 331, 502306, 793 2, 844, 24' 332, 791 440, 496 210, 070 137, 639 939, 439
6, 440, 622307,
:, 893, 725339, 216 446, 961 217, 278 138, 693 984, 376
1,041, 597
6, 471, 333316, 261 2, 822, 809 151,318
448, 248 218,860
3,
803 976, 555
6, 205, 735323,483 2, 692, 862347, 870 440,385 203, 039 145,
6, 224, 640322,
2, 702,
S58, 758 437, 897 205, 690 138, 746 948, 620
141,279

161, 437 126, 788
161,171 129, 364
175, 621 132, 245
157, 676 120, 901
169, 603 120, 966

229, 974 150, 961 450, 867
229, 088 150, 838 44:
2, 663
227, 780 150, 603 440,188
213, 888 150,014 440,
1,316
218, 841 152, 581 444, 849

3, 993, 664 354, 957
4, 020, 920 358,062
4, 055, 971 361,015
4, 045, 458 357, 8 r
4, 033, 849 356,159

143, 42' 6,626
107, 236 4,879
54, 683 1, 757
417, 92< 36, 937
388, 351 41,828

817, 210 294, 282 394,364 186, 230 175, 742
827, 802 295, 320 390, 745 188,496 178, 486
""7,625 400, 583 190, 213 181,913
835, 848 296, 946 398, 370 190,123 182,005
295,
027 399, 836 190,411 182, 473
828, 768

31, 278
24, 356
14, 630
139, 741
121,381

5,146 8,223 13, 943 8,264
5,624 9, 93C 3,383 3, 680
3,314 5,238 3,53^ 2,341
20, 794 33, 944 23, 835 13,718
21, 714 37, 716 29,083 7,185

16, 718
11, 791
4,484
52, 68,
57,11'

11,363
16, 689
4,660
28, 854
24, 996

14, 299
4,173
1,373
11,525
5,451

7, 981
6, 289
3,065
16, 29'
13, 259

14, 397
6,770
5,011
14, 390
13, 401

5, 186
9, 672
5,273
25, 204
15, 220

98,17'
50, 267
59, 235
56, 762
64, 862

7,274
3,729
4,333
4,209
4,731

35, 759
18, 267
22, 614
20, 641
24, 265

9,141
4,687
5, 446
5, 290
5,946

9,043
4,637
5,387
5, 233
5, '

4,325
2,218
2,57
2,503
2,813

3,440
1, 764
2,049
1, 99;
2,238

11, 402
5, 846
6,793
6, 598
7,416

2,949
1, 512
1,757
1,70"
1,918

2,359
1,210
1,405
1, 365
1, 534

2,850
1,458
1, 698
1, 650
1,854

2,850
1,462
1, """
1,650
1,854

6, 782
3,477
3,478
3,925
4,411

238, 258
229, 285
211, 572
193, 937
190, 268

4,061
4,615
5,212
6, 295
4,750

187,104
181,836
162, 585
144,01
140, 399

1,829
2,132
1,827
2, 270
1, "

4,304
4, 780
4,537
4, 336
4,185

2,662
3,866
3,594
3,437
3,054

2,183
2,069
2,305
2,365
2,932

2,015
1,619
2,055
1,624
1,772

7,458
8,243
7,731
8,137
7,704

4,146
3, 970
4,250
4,303
4,049

261
272
708
707
338

2,124
2,206
2,276
1,662
1,514

20,111
13, 677
14, 492
14, 787
17,691

6,811,35*
6, 827, 41C
6, 796, 823
6, 874, 35£
6, 868,12

324, 754 3;, 098, 388 348, 90: 462,066 231.,000 151, 526 969, 574 183, 207 147, 592
,308 226,i, 745
320, 472 3,118,184 351,659 466,308
74, 146, 206 1,003, 632 187, 615 138, 717
327, 563
563 3,
"!, 022, 638 361, 905 463!, 410 228, 568 152, 498 1,054, 929 189, 769 139, 273
370,
2, 997, 258 376,
483,1,898
898 232,
232, 814
814 156, 820 1, 037, 462 196, 374 138, 094
374, 08 2, 988, 829 388, 298 485, 680 240, 640 153, 634 1,014,925 204, 221 132, 000

Includes $181,000 of other securities not shown separately.




85, 005 320,788
324, 630
86, 317
199 330,
828
88, 340 326, 544
88,133 323, 956

241,066 170, 332 482,946
237,107 161, 276 469, 489
233, 251 159,588 463^431
232, 542 167, 716 484, 232
234, 292 169, 350 482, 171

798

FEDERAL RESERVE BULLETIN

OCTOBER

1936

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS
BY WEEKS—Continued
[In thousands of dollars]
Boston

New
York

Philadelphia

Cleve- Richland mond

MinSt.
Atlanta Chicago Louis neapolis

532, 971
552, 398
543, 220
756,014
574, 758

55, 237
55, 990
51, 424
74. 532
56,824

121, 289
127, 992
122, 846
181, 068
135,641

39, 400
40,009
38, 750
52, 940
43,154

51, 544
55, 431
51,214
73, 365
53, 770

45, 825
47, 567
48, 422
66, 468
50,990

16, 770
17, 955
21,218
24,122
22, 290

74,323
77, 688
76, 207
108, 573
75,851

130,170
130,163
130,172
130,185
130,163

9,409
9.409
9,409
9,408
9,397

50,181
50,179
50,179
50,179
50,177

12, 221
12, 221
12, 221
12, 221
12, 213

12, 575
12, 575
12, 575
12,575
12,570

4,724
4,723
4,723
4,723
4,723

4,246
4,247
4,247
4, 246
4, 245

145, 501
145, 501
145, 501
145, 501
145, 501

9,902
9,902
9,902
9,902
9,902

50,825
50, 825
50, 825
50, 825
50, 825

13,
13,
13,
13,
13,

406
406
406
406
406

14,371
14, 371
14, 371
14, 371
14, 371

5,186
5,186
5, 186
5, 186
5,186

27, 088
27, 088
27, 088
27, 088
27,

2,874
2,874
2,874
2,874
2,874

7,744
7, 744
7,744
7,744
7,744

4,231
4,231
4, 231
4,231
4,231

1,007
1,007
1,007
1,007
1,007

34, 235
34, 236
34, 236
34,240
34, 241

1, 513
1, 513
1, 513
1,513
1,513

8,849
8,849
8,849
8, 849
8,849

3,000
3,000
3, 000
3,000
3,000

3,111
3,111
3,111
3,111
3,111

10, 621
10, 778
44,159
12, 16
12, 293

185
208
15, 688
232
227

6,032
6,149
22, 451
6,816
7,208

310
288
448
34
353

266
275
870
455
393

Total

Kansas
City

San
Dallas Francisco

LIABILITIES

Deferred availability items:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23.
Capital paid in:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23.
Surplus (Section 7):
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Surplus (Section 13b):
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Reserve for contingencies:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
All other liabilities:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Total liabilities:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Commitments to make industrial
advances:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23




11, 685, 608
11,748,494
11,777,170
12,025,011
11,826,014
23,355
23, 699
23, 721
23, 543
23, 39"

16, 972
16, 547
16,165
21,167
17, 331

29,119
32, 657
32, 586
38, 254
31, 289

30, 582
23, 431
25, 686
35,101
25, 780

28, 337
32,123
31, 852
45, 012
33, 491

12,136
12,144
12, 154
12,161
12,168

23, 573
25, 008
26, 850
35, 412
28, 347
3,762
3, 761
3, 757
3,758
3,75"

2,955
2,950
2, 950
2,952
2, 949

3,951
3,952
3, 955
3, 955
3,956

3,816
3,824
3,825
3,825
3,824

10,194
10,178
10,177
10,182
10,184

5, 616
5, 616
5, 616
5, 616
5, 616

21, 350
21, 350
21, 350
21, 350
21, 350

4,655
4, 655
4, 655
4, 655
4, 655

3,149
3,149
3,149
3,149
3,149

3,613
3,613
3,613
3, 613
3, 613

3,783
3,783
3,783
3,783
3,783

9,645
9,645
9,645
9,645
9,645

3,448
3,448
3, 448
3,448
3,448

754
754
754
754
754

1, 391
1,391
1,391
1, 391
1, 391

546
546
546
546
546

1,003
1, 003
,003
, 003
, 003

1,142
1, 142
1,142
1,142
1,142

1,252
1,252
1,252
1,252
1,252

1,696
1,696
1,696
1,696
1, 696

1,281
1, 282
1,282
1, 284
1,285

2, 555
2, 555
2, 555
2. 564
2,564

573
573
573
573
573

894
894
894
894
894

,442
,442
,442
,435
,435

840
840
840
840
840

1,328
1,328
1,328
1,328
1,328

1,849
1,849
1, 849
1,849
1,849

140
144
134
180
147

185
188
198
201
206

1, 261
1, 287
1, 455
1, 280
1,334

286
291
508
545
348

675
658
683
660
716

166
136
464
148
173

835
841
837
966
832

313
423
337
356

758, 831 4,160,518 715,75' 939,304 477, 834 357, 394 2, 004, 044 385, 768 299, 553433,937 296, 933 855, 735
1,923
"58, "'" :, 197, 724 720,134 943,823 4' , 591 356.007 2, 043, 385 393, 014 291, 691
434, 838 281, 934 849,
i, 901
779, 388 4,:, 115,016 731,586 947,141 481, 976 368, 999 2, 096, 667 397, 477 292, 644431, 759 284, 616 849,
827, 20: :, 138, 587 759,315 987,152 504, 226 376, 328 2,106, 241 413, 607 295, 817434, 728 302,
!, 311879, 497
~ ^,348
81.0,97" 4,078,041 759,682 970,738 496, 830 371, 782 2, 049, 907 415, 371 286, 381428, 6" 294, 282
2! 863,

2, 689
2,658
2, 640
2,637

9,020
9,401
9,508
9,490
9,461

264
250
23,
349
330

1, 380
1,359
1"
1,358
1,352

2,311
2,382
2,373
2, 368
2, 360

381
331
308
307
307

1, 745
1,743
1,740
1, 51"
1, 516

394
390
390
383

509
509
509
508
506

4,517
4, 509
4.509
4, 492
4.419

OCTOBER

799

FEDERAL RESERVE BULLETIN

1936

INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL
RESERVE ACT, JUNE 19, 1934, TO SEPTEMBER 23, 1936
[Amounts in thousands of dollars]

Date (last Wednesday of
each month)

Applications
received to date

Applications recommended for
approval by Industrial
Advisory
Committees to
date
(with and without conditions)

Applications approved to date by Federal Reserve banks (with and
without conditions)
Federal Federal
Expired,
Reserve Reserve
repaid,
bank Approved
bank
but
not
or withadvances commitcom- drawn by
ments
outpleted i
applioutcant
Amount standing standing

Total

Financing institution
participations
outstanding*

Number

Amount

Number

Amount

Number

1935—Sept. 25
Oct. 30
N o v . 27
Dec. 31 (Tuesday)

7,195
7,388
7,500
7,615

292, 747
299,927
302, 331
306, 708

2,009
2,083
2,134
2,176

121, 837
126,192
130, 502
132, 460

1,834
1,901
1,948
1,993

115, 350
118, 378
121,947
124, 493

30,132
32,719
32, 634
32,493

26, 892
27,057
28,002
27,649

18, 791
13, 357
13, 466
11, 548

32, 475
36, 565
38, 952
44,025

8,778

1936—Jan. 29
Feb. 26
Mar. 25
Apr. 29
May 27
June 24
J u l y 29
Aug. 26
Sept. 233

7,714
7,831
7.934
8.046
8,113
8,158
8,197
8,240
8,281

311,081
315,081
319, 595

2,212
2,245
2,294
2,338
2,374
2,394
2,413
2, 437
2,454

134, 243
135, 320
138, 450
140,104
141, 749
142,811
143, 978

2,023
2,049
2,097
2,139
2,162
2,183
2,198
2,218
2,237

125,810
126, 643
129, 580
131,195
132,549
133, 343
134, 233
135, 421
136, 647

32, 483
32,129
30, 947
30,800
30,958
30, 486
30, 217
29, 265
29, 265

27,004
25, 866
25,421
25, 576
25, 095
24,452
23, 711
23, 355
23, 397

10, 888
10,434
11,008
9,730
9,343
9,381
8,429
9,168
8, 559

46, 736
50, 636
54, 654
57, 351
59, 512
61, 422
64, 342
66, 304
68,000

7,578
7,550
7,737
7,641
7.598
7, 534
7,329
7,426

___

329, 316
331, 391
331, 659
333, 930
336, 627

145, 939
146, 727

7,060

1

Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
23 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks.
Sept. 30 figures not yet available.
NOTE.—On Sept. 23, 1936, there were 48 applications amounting to $4,510,951 under consideration by the Industrial Advisory Committees
and the Federal Reserve banks.

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total

Federal Reserve notes:
Issued to F. R. bank by F. R. agent:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Held by Federal Reserve bank:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
In actual circulation: l
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due from
U. S. Treasury:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Eligible paper:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
U. S. Government securities:
Aug. 26.
Sept. 2
Sept. 9.
Sept. 16
Sept. 23
Total collateral:
Aug. 26
Sept. 2
Sept. 9
Sept. 16 . .
Sept. 23

Boston

New
York

PhilaCleve- Richdelland mond
phia

Chi-

MinSt.
Louis neapolis

Kansas
City

4,302, 908 379,198 918,1,143 310,940 416, 798 198, 933196, 399 950,
i,078 178, 063 130, 363 163, 724
4, 299, 473377, 993 918,059 310; 780 415, 884197, 925 198,
1,904 163, 939
198, 758946, 306 178, 383 130,
4, 342, 679
951,791 179, 707 133, 795 165, 991
286 927,
924,249
479311,
313,463
225425,
423,
200,
202, 220
4, 349, 616378,
378,131
929341
202,
363762
202,145
949, 816 180, 765 133,152 166, 300
~ " 537
•"' 926, 317 311,171 423, 200 202, 883 202,
4, 346, 600377,
183, 354 132, 774 166, 927
._.
203, 344 947,156
309, 244 24, 241 100, 933 16,658 22, 434 12, 703 20, 657 33, 642 9,218 4,598 9, 684
278, 553 19, 931 90, 257 15, 460 25,139 9, 429 20, 272 27, 986 8,139 3,679 8,548
286, 708 17, 271 94, 995 15, 600 22, 758 10, 549 20,307 30,183 9,209 5, 816 10,083
304,158 20,314 91,401 14,517 27, 559 12, 240 20,140 33, 365 9,342 5, 795 12, 066
312, 751 21, 378 97, 549 16,144 23, 364 12, 472 20, 871 31,841 10, 751 4, 976 13, 557

4, 306, 338396, 000
4, 306, 338396, 000
4, 328, 838396,000
4, 325, 838396,000
4, 327, 838396, 000
5, 777j

6, 9221
6,130
6,411
5,444

116
386
281
721
771

935, 706 312,000
935, 706 :
935, 706 314', 000
935,706 314, 000
'"
935, 706 314 000

3,791
4, 738
4,511
3, 798
3,337

311
345
370
370

73,000!
73, 000:
83, 001):
88,000;
I
i
4,385,115
4,386,260
4,407,968
!
4, 415, 249!
4,421,282;

cisco

365,i, 350
365,i,644
371, 065
375,055
374, 682

9,914
8, 699
9,700
8,908
9,122

44, 562
41,014
40, 237
48, 511
50, 726

154,040 85, 005
155, 391 86,199
155,
'~», 908 88, 317
154, 234 88, 340
153, 370 88,133

320,1,788
324,:, 630
330, 828
326, 544
323, 956

419,000 199, 000 161, 000 966,000 155, 632 132, 000 165,
15,000 96,000
!,000 165,000 995, 000
199, 000 161,000 966,1,000 155, 632 132,
"~ 165,000 98, 500
427, 000 202,
£
"1,000 161,000 966,',000 155, 632 134, 000
" " 000 161, 000 966,000151, 632 129,000 165,000 98, 500
427, 000 203,
427,000 203,000 166, 000 966, 000153, 632 124, 000 165, 000
500

369,000
369,000
374,000
379, 000
379,000

291
191
251
101
190

96
164
167
536
76

230
235
124
157
180
45, 000
45, 000
45, 000
45, 000
45, 000

73, 0001

!

San

Dallas Fran-

94, 919
94, 898
98, 017
97, 248
97, 255

3, 993, 664354, 95- 817, 210 204, 282 394, 364 1,230
42 916,436 168, 845 125, 765
188,496
4, 020, 920358, 062 827, 802 295, 320 390, 745
486 918, 320 170, 244 127, 225
"1,498 127, 979
4, 055, 971361,015 829,484 297!', 625 400, 583 190, 213 181, 913 921,
121, 608 170,
'157,817^835, 848 296,
946 398, 370190,123 182, 005 916, 451171,423 127, 357
4,045,458 357
i, 946
.59 828, 768 29,15, 027 399, 836 190, 411 182,473 915,315 172, 603 127,798
4, 033, 8491356,15!

25, 000
25, 000
25, 000
30, 000 5,00U
30, 000 10, 000

65
53
48
72
70

661
646
583
462
2ol

131

96, 661
95, 646
99, 083
98, 962
98, 751

369,131
369, 080
374, 089
379, 101
379,130

101
130

3,000
3,000
3, 000
3,000
3, 000

396,116 939, 497 312, 311 419, 291 199, 230 206,085 966, 000180, 728 132, 000 168, 065
396,386 940,444 313,345 41.9,191 199, 235 206,084 966,000 180, 796 132,001.: 168,053
396,281 940, 217 314, 000 427, 251 202,124 206, 076 966, 000180, 799 134, 000 168,048
396, 721 939, 504 314, 3''0 427, 101 203, 157 206, 093 966, 000
182,168 134,000 168,072
939, 043 414, 37C 427,190 203. 180 211.069! 905. 000183, 708i 134, 000168.070
396,

i Includes Federal Reserve notes held by other Federal Reserve banks.




Atlanta

800

FEDERAL RESERVE BULLETIN

[Averages of daily figures. In millions of dollars]

Gross
Net
dedemand mand
dedeposits posits'

Time
deposits

[Averages of daily figures.

All

city banks

member

Held

Excess

All member banks_ 29, 396 24,182 10, 815
Central reserve city banks
643
N e w York
10, 233 9,633
434
2,345 2,061
Chicago
Reserve city b a n k s :
954
852
125
Boston district
215
170
138
N e w York district
921
235
Philadelphia district - 1,103
1,131
723
1,428
Cleveland district
490
198
631
R i c h m o n d district
161
558
A t l a n t a district
442
1,127
Chicago district
168
674
514
St. Louis district
91
364
268
Minneapolis district._
162
993
648
Kansas C i t y d i s t r i c t . .
110
570
379
Dallas district
San Francisco district 1,825 1,433 1,867

3,723

6,181

2,458

1,599
353

2,502
576

903
223

112
27
125
170
69
56
117
71
37
87
52
251

182
38
204
312
138
75
223
108
62
149
79
384

70
11
79
143
68
19
106
37
25
62
27
133

Total
10,441
Country banks:
759
Boston district
1,201
N e w York district
560
Philadelphia d i s t r i c t .
531
Cleveland district
444
R i c h m o n d district
398
A t l a n t a district
696
Chicago district
311
St. Louis district
297
Minneapolis district. _.
427
Kansas C i t y district._
418
Dallas district
335
San Francisco district
6,37:

In millions of dollars]

Centra: reserve

Reserves with
Federal Reserve
banks
Required

Total

1936

MEMBER BANK RESERVE BALANCES,
BY CLASSES OF BANKS

RESERVE POSITION OF MEMBER BANKS,
AUGUST 1936

Classes of banks
and districts

OCTOBER

8,002

4,419

1,174

1,954

924
425
379
289
260
479
212
191
251
264
211

573
1,330
834
577
321
196
536
204
265
154
90
240

74
132
69
55
38
30
63
26
27
28
27
28

121
245
116
107
66
55
149
52
63
67
64
43

46
113
47
52
29
24
87
25
36
39
37
16

4,485

5,319

596

1,149

552

1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of collection.

banks
Total reserves held:
1935—August
September
October
November
December
1936—January
February
March
April
May
June
July
August
Week ending (Friday):
1936—August 7
August 14
August 21
August 28
Excess reserves:
1935—August
September
October
November
December
1936—January
February
March
April
May
June
July
August
Week ending (Friday):
1936—August 7
August 14
August 21
August 28

1

New
York

Chicago

Reserve
city
banks

Country
banks*

5,232
5,243
5,469
5,757
5,716
5,780
5,808
5,420
5,300
5,638
5,484
5,861
6,181

2,306
2,320
2,460
2,563
2,541
2,593
2,579
2,271
2,163
2.384
2,183
2,279
2,502

490
484
541
614
608
495
487
463
506
636
682
653
576

1,500
1, 539
I, 560
1,639
1,631
1,714
L, 745
1,708
L, 675
1,657
1,664
1,886
1,954

900
908
941
935
978
998
978
956
961
954
1,042
1,149

6,015
6,092
6, 221
6,308

2,517
2,492
2,446
2,514

578
564
591
573

1,859
I, 930
1,988
2,013

1, 061
1,106
1,196
1,208

2,636
2,628
2,820
3,061
2,983
3,033
3,038
2,653
2,510
2,800
2, 593
2,907
2,458

1,214
1,177
1,309
1,393
1.350
1,395
1,360
1,056
940
1,134
908
1,004
903

258
246
297
359
353
239
226
208
262
377
414
369
223

698
734
738
803
780
852
885
846
796
778
775
961
780

465
471
476
506
499
547
567
543
512
511
496
575
552

3, 057
3,134
1, 999
1,864

1, 239
1,218
642
609

294
283
190
155

934
997
650
606

591
635
517
494

i Weekly figures of excess reserves of all member banks and of country
NOTE.—Reserve requirements increased by 50 per cent effective Aug. banks are estimates.
16; for separate figures for first and second halves of month see table on
p . 773 of this BULLETIN.

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. I n millions of dollars]

All member banks
Federal Reserve district

Gross demand
August
1936

July
1936

7

1,756
11,829
1,684
1,967
1,077

Boston
New York
Philadelphia.,
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas
San Francisco

11,649
1,663
1,958
1,075
956
4,167
985
661
1,421
988
2,160

Total—.

29, 396

Time
August
1936

962
4, 202
1,027
663
1,421
999
2,126

2,110
1,068
1,300
519
357
1,411
372
356
316
200
2,107

29,714

10,815

July
1936

Member banks in larger centers
(places over 15,000)

Member banks in smaller centers
(places under 15,000)

Gross demand

Gross demand

August
1936

July
1936

696 ~T7593" 1,640
2,085 i 1,136 i 1,150
1,064
1,476
1,450
1,302
1,759
1,746
916
516
914
833
358
827
1,390 i 1, 551 i 1, 550
369
849
807
482
353
476
315
1,110
1,109
200
764
757
1,994
2,096
2,023
10,743

14,390

14,525

Time
August
1936
L

August
1936

July
1936

August
1936

July

574
1, 002
644
1,039
340
281
i 757
277
174
201
159
2,010

575
i 999
642
1,043
338
281
i 748
273
173
201
159
2,000

119
281
212
212
161
128
272
179
185
312
231
136

115
274
208
208
161
129
263
178
181
311
235
132

124"
466
424
261
179
76
220
96
182
115
40

121
464
422
259
178
77
215
95
179
114
40
96

7,457

7, 434

2,429

2, 394

2, 281

2, 260

i Excluding central reserve city banks, for which figures for latest month are shown in table above.




July
1936

Time

OCTOBER

801

FEDERAL RESERVE BULLETIN

1936

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

End of month

Total

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

_ -..

_

__ _

Gold
certificates

Silver
dollars

Silver
certificates

Treasury
notes
of 1890

739

1

Subsidiary
silver

Minor
coin

United
States
notes

298

126

283

5,629
5,683
5,713
5,846
5,882

114

33

112
111

33
33

756
773

1
1

302
306

110

34

812

1

109

34

828

1

5,737
5,846
5,877
5,886
5,953
6,241
6,162
6 927

107

33

809

1

106
104
103
102
101
100
99

34
34
34
34
35
35
36

841
864
886
914
955
958
986

1
1
1
1
1
1
1

127
128

286
281

309

130

284

312

131

275

303

129

259

304
307
309
312
316
318
321

129
131
132
133
135
136
137

254
245
249
265
278
274
278

Federal Federal
Reserve Reserve
bank
notes
notes
3,362
3,439
3,495
3,612
3,667
3,598
3,696
3,727
3,726
3, 760
4,002
3,937
3, 978

National
bank
notes

75

596

73
70
68
66

553
514
487

458

63

436

60
58
56
54
52
50
48

421
406
391
378
366
352
342

Back figures.—See Annual Report for 1935 (table 38).

PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve banks.

In millions of dollars]
Paoer Currency >
$50 and Over

Coin

End of month

$2

$5

$10

$20
Total

$50

$100

$500

$1,000

$5,000

$10,000

1935—August
September.
October
November..
December..

457
463
467
472
478

424
433
435
448
460

778
788
787
815
815

1,324
1,334
1,337
1,380
1, 373

1,313
1,321
1,329
1,354
1,359

1,312
1,324
1,336
1,349
1,369

347
349
354
356
358

598
603
610
617
627

116
118
119
120
122

233
232
233
234
239

11
14
14
15
16

1936— January. __
February.
March
April
May
June
July
August

465
467
472
475
480
486
490
494

434
434
439
442
451
463
460
471

782
802
804
804
820
850
844
863

1,333
1,373
1,378
1, 379
1,402
1,468
1,459
1,482

1, 332
1. 360
l', 361
1,360
1,369
1,466
1.431
1, 436

1, 367
1,386
1,399
1,404
1, 409
1,479
1, 449
1,452

355
361
362
360
363
398
383
381

627
633
641
643
648
683
667
667

122
123
125
126
127
127
127
128

240
243
247
249
245
245
247
250

17
18
17
19
19
18
19
19

i Includes unassorted amounts held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by
the Treasury as destroyed.
Back figures.—See Annual Report for 1935 (table 39).

SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY

TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation, In
millions of dollars]

End of month

Total

1935—August
September.
October
November.
December..

2,398
2,386
2,400
2,438
2,476

1936 January....
February__
March
April

2,493
2,499
2,504
2,500
2,490
2,498
2,496
2,500

May

June..
July
August

Silver
dollars Suband
sidsilver iary
bul- silver
lioni

Federal
Minor united Recoin States serve
notes bank
notes

National
bank
notes

1,066
1,124

316
317
320
322
328

134
134
134
135
136

347
347
347
347
347

78
75
72
70
68

619
573
530
499
473

1,172
1,197
1,218
1,230
1,236
1,255
1,264
1,277

328
328
329
330
330
332
335
338

137
137
137
138
138
139
140
142

347
347
347
347
347
347
347
347

64
62
59
57
55
53
51
49

446
429
413
398
384
372
358
348

905
940
997

includes silver held against silver certificates amounting to $1,167,000,000 on Aug. 31, 1936, and $858,000,000 on Aug. 31, 1935.




[By selected banks in New York City. In thousands of dollars]

Month
1935—August....
September
October...
November.
December.
1936—January...
February..
March
April
May
June
July
August
1

ShipReceipts
ments to
from
Europe
Europe
282
721

2,536
4,203
603

748
13

1,757
3, 095
3,852
3.037
900
981

Net
receipts

2,289
1,157

2,007
436
11, 672
13, 421
248

2,743
3,317
3,109

1,995
3,304
1,352
1
2,157
12,167
11, 873
1,448
1,097

864
782
851

938

1,685
1,164
2,348
2, 078

Net shipments.
For description and back figures see BULLETIN for January 1932,
pp. 7-9.

802

FEDERAL RESERVE BULLETIN

OCTOBER

1936

GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES
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
at end
of
year or
month

Increase Net
in gold
gold
stock
import

Net
release
from
earmark i

1936

Other
factors2
From or to—

Imports
4,226
4,036
8,238

52.9
-190.4
4,202. 5

-446. 2
-173.5
1,133. 9

457.5
-58.0
82.6

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

135.3
40.4
143.4
148.1
257.1
27.9
59.5
165.0
325.2
226.7
205.2

122.8
13.0
148.6
140.0
230.4
16.2
46.0
156.7
315.3
210.6
190.0

.2
-.7
-2.3

10,125

1,887. 2

1,739.0

.2

148.0

10,182
10,167
10,184
10, 225
10, 402
10, 608
10, 648
10, 716

57.2
-15.5
17.2
41.0
176.7
206.6
39.2
68.4

45.6
-16.6
5.5
28.1
170.0
277.8
15.4
67.5

-1.7
-9.5
1.0
-.2
-3.2
-24.8
2.3
-11.9

13.3
10.6
10.7
13.1
10.0
-46.4
21.5
12.9

1932
1933
1934
1935—February.
March
April
May

June
July
August
September
October
November
December
Year
1936—January
February
March
April
May
June
July
August...

L. 5
L.O
-.4
L.8
L.O
L.9
.6
L.3

41.6
41.1
2, 986.1 Bel ium

England

12.3 France
28.1 Germany
- 2 . 9 Netherlands
9.6 Switzerland25.8 Union of Soviet
12.1
Socialist Re11.7
publics
7.3 Canada
11.8 Central America.__
15.5 AXexico
13.9 Argentina

July

August

5. 854
17 880

Exports

17

Imports
2
683
27

Jan.-Aug.

Exports

692

Imports

Exports

4
21, 896
359 138

5, 823
17 180

47, 564

3, 765

2
358
11,673
203
15 289

732
Chile
U
Colombia.
_.
Ecuador
230
Peru
131
Uruguay
Venezuela
24
Australia
1, 747
British India .
10, 688
China and Hong
Kong
1, 890
Dutch East Indies.
Japan
716
Philippine Islands
98
All other countries2.

9

978
885
340
869
0
664
2, 106
242
97
2
856
5,654

3

9 667
38,770
2, 392
38, 296
10
5, 255
9, 805
2,716
1,715

51
325

274
13, 862
48, 860
5,641

2,425

13, 050

1, 369
6
243
6
i Gold released from earmark at Federal Reserve banks less gold
placed under earmark (with allowance when necessary for changes in
27,149
32
620,
291
16,074
695
Total
67, 524
gold earmarked abroad for account of Federal Reserve banks).
a Figures are derived from preceding columns and indicate net result
of such factors as domestic production, movements into and out of
nonmonetary use, imports and exports that do not affect gold stock
i Figures represent customs valuations which, with some exceptions,
during the month or year, and increment resulting from reduction in are at rate of $35 a fine ounce.
8
weight of gold dollar.
Includes all movements of unreported origin or destination.
Back figures.—See table, p. 829, and Annual Report for 1935 (tables 34
Back figures.—See Annual Report for 1935 (table 32).
and 35).




OCTOBER

803

FEDERAL RESERVE BULLETIN

1936

ALL BANKS IN THE UNITED STATES
[Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for
December 1935, p. 883, and July 1936, p. 535.]

DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS

NUMBER OF BANKS

Call date

fin millions of dollars]

Member banks

Nonmember
banks

National

Other
Mutual nonsavings membanks
ber
banks

Total
Total

State

10,161

10,105

8, 284

9,126
9, 268
8,702

10, 020
1 10, 020
10,022

7,188
7,020
6,818

1933-June 30 2__ 37, 998
Oct. 25 3_
'
Dec. 3O._. 38, 505

23,338
23, 453
23, 771

14, 772
15,070
15, 386

8, 566
8, 383
8,385

25, 293
26,615
27, 484
28,943

16,203
17, 097
17,693
18, 519

9,090
9, 518
9,791
10, 424

9, 780

5, 475

9,018

1934—Mar. 5 3
June 30___ 41, 870
Oct. 17 3
Dec. 3 1 . . . 44,770

9, 828

6, 000

9,023
9,013
8, 933
8,880

1935—Mar. 4____
June 29_..._
Nov. 1____
Dec. 31._-

44, 455
45,766
47, 522
48, 964

28, 589
29. 496
31, 072
32, 159

18, 502
19,031
20, 128
20, 886

10,087
10, 465
10,944
11, 273

9,837
9, 920
9, 936
9, 963

6, 029
6, 350
6.513
6,842

8, 862
8, 786

1936—Mar. 4 . . . . 48, 771
June 30__. 51,335

31, 771
34, 098

20, 605
21.98'i

11,169
12, 112

9.972
10,000

7,025
7, 176

594
1 594
594

1933—June 30 2
Oct. 25 3
Dec. 30

14,519

5,606
5,818
6,011

4,897
5,052
5,154

709
766
857

576

8,337

579

8,421

5,288
5,417
5, 461
5,462

918
958
972
980

578

16,039

6,206
6,375
6,433
6,442

579

16,024
15, 994
15, 904
15,837

6,422
6,410
6,400
6,387

5,446
5,425
5, 403
5,386

976
985
997
1,001

579
571
571
570

15. 808
15, 752

6,377
6, 400

5, 375
5, 368

1.002
1,032

569
566

36—Mar. 4
June 30

Mutual
Other
savings nonmembanks ber banks

15,629
15,635
16, 101

597

835
824
805

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

State

17, 271

878

6,145
6,080
6,011

15,835

National

24, 755
24, 903
24, 803

6,368

6,980
6,904
6,816

53
30
17 3
31

Total

27, 432

7,246

19,046
18, 794
18,390

Mar
June
Oct.
Dec.

Nonmember banks

1931—Dec. 31___ 45, 821

19, 966

1934

Member banks
All
banks

11, 472 1932—June 30.__ 41,963
Sept. 30._ 41,942
11, 296
Dec. 31__. 41, 643
10, 980

1931—Dec. 31
1932—June 30
Sept. 30
Dec. 31

15,011

Call date

12,123

8,882

9,713

4,946

9, 708

5,026

For footnotes see table below.

For footnotes see table below.

LOANS AND INVESTMENTS
[In millions of dollars]
Nonmember banks

Member banks

All banks

M u t u a l savings banks

Call date
Total

Loans

Investments

Total

Loans

Investments
Total

Loans

Investments

Other nonmember banks
Total

Loans

Investments

1931—Dec 31

49, 704

31, 305

18,399

30, 575

19, 261

11,314

10,488

6,218

4,270

8,641

5,827

2,814

1932—June 30 .
Sept. 30
Dec. 31

46, 071
45, 852
44,946

27,834
26, 985
26, 063

18, 237
18,867
18, 883

28,001
28,045
27, 469

16, 587
15, 924
15, 204

11,414
12,121
12, 265

10,316
1 10, 316
10,182

6,130
1 6,130
6,079

4,186
1 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 2
Oct 25 3
Dec. 30

40, 076

22, 203

17, 872

11, 928
11,894
12, 386

4,103

5,246

3,404

1,841

18, 342

12, 858
13, 059
12, 833

5,941

21, 977

24, 786
24, 953
25, 220

10, 044

40,319

9,985

5,906

4,079

5,115

3,238

1,877

12, 706
12, 523
12, 293
12, 028

13, 842
14, 652
15, 267
16,122

9,904

5,648

4,256

5,423

3,108

2,315

9,782

5,491

4,291

5,526

2, 955

2,571

1934 M a r 5 3
June 30
Oct 17 3
Dec. 31

42, 502

21, 278

21, 224

43, 458

20, 473

22,984

26,548
27,175
27, 559
28,150

1935—Mar. 4
June 29
Nov. 1
Dec. 31

43, 747
44, 416
45,008
45, 717

20, 394
20, 272
20,140
20, 329

23, 353
24,145
24,868
25, 388

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

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

16,
16,
17,
17,

318
857
460
810

9,775
9,852
9,854
9,804

5,478
5,341
5,302
5,210

4,297
4,511
4,552
4,594

5,701
5,779
5,853
5,927

2, 963
3,003
2, 997
2, 944

2,738
2,777
2,856
2,983

1936—Mar. 4
June 30

46,157
48, 458

20, 275
20, 679

25, 882
27, 779

30, 288
32, 259

12,099
12.542

18,189
19,717

9,795
9, 961

5,202
5, 105

4,592
4, 856

6,074
6, 239

2, 974
3. 032

3,100
3, 206

1 Figures of preceding call carried forward.
2 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
3 Nonmember bank figures not available.
* Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date.
Back figures—See Annual Report for 1935 (tables 47-48)




804

FEDERAL RESERVE BULLETIN"

OCTOBER

1936

ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Open-market loans

Loans to customers (except banks)

Call date

Total
loans
and
investments

Total

Purchased paper
ReTo
port- Other
Loans
browise
To
ing
to
kers others Real
seAcoutcured banks ceptestate banks'
on
own
side securiComloans accept- and
ances Bills
New
merunseances cured
pay- payYork
cial
able paper
able in abroad
Cityi
United
bought
States

Investments
U.S. Government obligations

Loans
to
Other
brosecurikers in Total
ties
New
Fully
York
guarDirect
Cityi
anteed

TOTAL—ALL MEMBER BANKS
1929—Dec. 31
1933—June 30 *
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30

35, 934
24, 786
27,175
28,150
28, 271
28, 785
29, 301
29, 985
30, 288
32, 259

23,193
11, 337
10, 804
10, 509
10, 420
10, 369
10, 465
10, 548
10, 460
10, 943

8, 774
7,133
7, 666
7, 761
7,783
8,303
8,167
8,418
8,802
9,556

4,964
2,297
2,202
2,202
2,198
2,146
2,185
2,196
2,215
2,338

1, 757
1,287
1, 445
1,581
1,704
1,592
1, 792
1, 868
1, 946
1, 951

1,330
589
491
435
462
458
433
455
456
513

240
48
41
29
30
33
25
28
32
59

533
251
188
170
171
163
154
149
148
145

12, 029
8,492
9, 609
10, 028
10, 036
10,151
10, 521
10, 780
10, 655
11,306

8,418
4,258
4, 096
4,024
3, 974
3,967
4,089
4, 144
4, 071
4,242

425
63
97
90
83
87
82
96
101
115

2,775
1,340
1,200
1,124
1,090
1,053
1, 055
1,057
1,027
1,044

1,538
1,131
1,124
1, 090
1,077
1,105
1,103
1,094
1, 096
1,101

13, 375
7,873
8,456
8,780
8,749
8, 739
8,821
8,919
8,885
9,446

8,481
4,194
4,016
3,849
3,786
3,798
3,758
3,754
3,716
3, 850

2,231
1,117
1,039
996
966
932
902
894
865
861

1, 462
1, 055
1,056
1,026
1,018
1, 020
1,026
1,035
1,043
1,078

803
165
208
187
184
192
179
196
211
266

7,685
3, 752
3,309
3,110
3,031
2,931
2,885
2,893
2,832
2,863

3,191
2,372
2,357
2, 273
2,250
2,277
2,279
2,284
2,301
2,340

11, 515
192 4,857
210 4,721
232 4,708
207 4,748
135 4,834
159 4, 963
169 5,006
156 4,960
117 5, 355

714
330
153
155
133
119

2,145
1,044
882
820
805
783
775
793
792
813

169
157
156
139
139
138
136
140
148
146

2, 595
937
120
965
144
164 1,024
145 1,054
82 1,085
101 1,114
107 1,096
99 1,112
65 1,238

322
162
68
63
52
48
35
42

94

98
82
81

212
291
264
256
235
201
154
181
164
144

291
87
200
232
255
247
260
272
280
278

1,660
788
1,082
843
875
975
841
1,047
1,089
1,079

9,784
11,928 6, 887
14, 652 9,137
16,122 9,906
16,318 9,821
16,857 9,871
17, 460 10,080
17,810 10, 501
18,189 10, 564
19, 717 11, 721

276
989
,200
., 558
., 764
, 768
^,880
1,950

5,921
5,041
3 5, 239
5,227
5, 298
5,427
5,615
5,541
5,745
6,045

NEW YORK CITY 4
1929—Dec. 31
1933—June 30«
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30

1,202
720
883
662
678
930
828
1,018
1,043
1,028

128
224
225
210
203
183
135
158
141
123

2,091
3,709
4,265
4,602
4,628
4,983
4,968
4,985
5, 355
6,028

1,112
2,551
3,053
3,246
3,200
3,462
3,340
3,425
3,602
4,196

309
610
889
1,049
1,167
1,107
1,336
1,392
1,470
1,419

116
384
585
743
877
766
973
1,061
1,131
1,014

979
1,158

3 157 3 1,055
1, 078
278
1,131
298
1, 174
348
1,223
405
1,159
401
1,248
505
1,265
567

CITY OF CHICAGO 4

1929—Dec. 31
1933—June 30 2
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30

237
219
202
232
236
227
249
251
284

193
226
3 228
229
212
254
267
243
250
312

3 76
78
78
87
96

RESERVE CITY
BANKS
1929—Dec. 31
1933—June 30 2
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30

3,f79

678
634
671
677
682
,806
1,851
1,805
1,941

258
99
40
55
48
43
34
34
31
31

102
38
97
108
122
112
111
120
120
113

239
45
135
105
106
25
9
21
30
34

2,944
4,011
5,214
5,715
5,766
5, 986
6,253
6,432
6,375
6,863

1,368
2,483
3, 516
3,809
3,724
3,712
3,892
4,076
3,958

163
27
72
92
109
116
132
135
145
152

208
10
45
50
64
18
3
7
14
16

4,439
3,598
4,283
4,756

4, 349

279
376
571
655
656
656
651

1,576
1,528
1, 679
1,628
1,666
1, 703
1,706
1,701
1,761
1,863

1,267
1,469
1,982
2,108
2,020
1,931
1,874
1,940
1,873
2,163

3 25
355
448
553
609
623
630
640

3,172
2,129
3 2, 276
2, 293
2,289
2,296
2,419
2,439
2,486
2,605

3 19

1

COUNTRY BANKS
1929—Dec. 31
1933—June 30 2
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30

705
2,005
1,903
1,810
1,785
1,831
1,815
1,810
1.791
1, 891

4, 757
4,780
4,903
5, 002
4,989
5,407

12 Loans (secured by stocks and bonds) to brokers and dealers in securities.
Beginning June 30, 1933, figures relate to licensed banks only.
3 An estimated small amount of Home Owners' Loan Corporation bonds fully guaranteed by the United States Government is included in
"Other
securities" on this date.
4
Central reserve city banks.
Back figures.—See Annual Report for 1935 (table 52).




OCTOBER

805

FEDERAL RESERVE BULLETIN

1936

ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS
[In millions of dollars]

Time deposits

Demand deposits
ReBalserves
with Cash ances
with
Feddoin
eral vault
mesRetic
serve
banks1
banks

Call date

TOTAL—ALL MEMBER BANKS
1929—Dec. 31
1933—June 30 s
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
J u n e 30
NEW YORK CITY 6
1929—Dec. 31
1933—June 30 5
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec 31
1936—Mar. 4
J u n e 30
CITY OF CHICAGO

Cash
items
Certireport- Interbank
fied
ed as
and
Unitin
offied
u b - cers'
procStates Plic
Doess
For- Gov- funds
checks,
of col- meseign
erncash
tic banks ment
lec- 2
letters
banks
tion
of
credit 3

Individuals,
partnerships,
corporations,
etc.

Demand
Pubdeposlic
its ad- DoFor- funds
justed ' meseign
tic
banks banks

Interbank

595
300
333
294
290
285
310
361
344
378

Individuals, BorPos- parttal- ner- rowings
sav- ships,
ings corporations,
etc.

2,168
2,008
2,760
3,149
3,386
3,396
3,760
3,776
3,970
3, 944

3,896
1,485
1,057
1,903
1,475
1,183
1,756
2,255
1,718
2,147

3,517
3,057
4,070
4,569
5,095
4.978
5; 558
5,696
6,148
5,986

544
145
155
147
169
273
361
444
394
465

143
806
1,658
1, 636
1,270
779
650
844
600
1,037

1,335
1,087
1,598
1,799
1,861
2,091
2,251
2,139
2,173
2,320

1,681
657
372
838
741
417
686
882
779

17, 526
11,830
13,349
14,951
14, 872
16, 206
17, 327
18,035
17, 927
19,322

16, 647
12,089
14, 261
15, 686
15, 999
17,530
18,509
18, 801
19,161
20, 284

827
846
1,417
1,576
1,856
1,935
2,590
2,541
2,493
2,106

179
101
97
103
86
133
109
111
108
114

2,406
874
415
1,069
810
447
873
1,133

1,198
1,255
1,592
1,798
2,047
1,983
2,203
2,338
2,527
2,390

464
127
135
126
147
248
327
410
363
428

20
332
802
792
572
369
219
224
140
215

128
96
167
229
190
354
468
323
260
357

,180
461
154
540
500
149
413
524
496

5, 847
4,676
4,894
5,370
5,329
5,924
6,104
6,479
6,471
6, 891

4,750
4, 358
4,800
5,069
5,209
5,979
6,112
3,193
6,756

1,112
671
649
591
595
567
680
591
586
601

169
232
436
415
359
675
581
511
480
749

133
203
162
207
182
249
188
209
195
195

158
61
57
90
70
73
83
135
96
147

310
259
391
445
505
504
527
522
594
635

46
47
46
41
20
62
98
81
102

42
87
174
182
184
198
204
208
217
221

1,041
870
944
1,073
1,047
1,208
1,274
1,301
1,243
1,444

957
912
1,077
1,189
1,179
1,357
1,416
1,401
1,390
1,546

332
358
361
381
374
469
403
413
40;
444

2,374
2,235
3,819
4,082
4,518

4, 933
5,662
5, 573
5,784
5,607

558
405
473
609
534
537
541
665
624
713

89
122
134
145
136
132
151
152
151

154
1
8

122 12, 267
788 7,803
585 8,763
452 9,020
399 9,203
307 9,462
227 9,671
218 9,680
167 9,784
152 10,099
18
110
69
56
44
27
3
3

133
1

879
191
35
13
17
9
9
6
11

6

1929—Dec. 31
1933—June 30 s
1934—June 30
Dec. 31
1935—Mar. 4
J u n e 30
Nov. 1
Dec. 31
1936—Mar. 4
J u n e 30
RESERVE CITY BANKS
1929—Dec. 31
1933—June 30 s
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
J u n e 30
COUNTRY BANKS
1929—Dec. 31
1933—June 30 &
1934—June 30
Dec. 31
1935—Mar. 4
June 29
Nov. 1
Dec. 31
1936—Mar. 4
June 30

751
705
1,197
1,268
1,386
1,403
1,591
1,594
1,794
1,763

156
122
154
207
197
213
218
256
264

947
1,002
1,397
1,543
1,690
1,607
1,849
1,779
1,910
1,907

1,041
401
411
537
432
471
579
752
607
763

1,604
1,315
1,785
1,984
2,179
2,145
2,428
2,422
2,594
2,551

76
312
635
620
505
299
273
385
285
513

423
349
526
585
643
674
685
707
733
733

300
108
117
169
132
140
146
204
151
152

5,547
3.708
4,360
4,919
4,854
5,314
5, 855
6,001
5,961
6,419

5,229
3,764
4, 593
5,136
5,197
5, 656
6,107
6,161
6,238
6, 541

627
452
769
822
916
920
900
927
1,017
989

321
203
216
275
246
236
237
305
268
322

908
702
1,104
1,296
1,427
1,406
1,613
1,676
1,757
1,727

291
149
174
207
163
192
221
235
187
256

405
228
303
342
364
347
399
415
433
410

39
116
174
178
152

742
555
731
804
845
865
895
901
965

169
72
85
106
90
104
106
127
106
121

5,091
2,576
3,150
3,589
3,642
3,761
4,095
4,254
4,252
4,567

5,711
3,054
3,792
4,292
4,414
4,538
4,875
5,047
5,136
5,440

90
95
137
93
207

30
59
105
117
128
119
115
134
135
135

371
208
234
206
211
203
218
266
251
288

41
388
259
186
167
118
84
79
72

133
86
87
84
75
76

256
210
140
136
95
87

4, 433
2,941
3, 366
3,494
3,611
3, 670
3, 765
3, 796
3,853
3, 960

292
16

6, 390
3,833
4,388
4,554
4, 623
4, 756
4,824
4,879
4,938
5,094

367
167
35
13
14

1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that such balances were reported in "Other assets." Since Oct. 25,1933,
includes
time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
2
Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on
hand3 but not in process of collection, amounting on that date to $16,000,000.
Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
less 5cash items reported on hand but not in process of collection.
Beginning
June 1933 figures relate to licensed banks only.
6
Central reserve city banks.
Back figures—See Annual Report for 1935 (table 53)




806

FEDERAL RESERVE BULLETIN

OCTOBER

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

Loans to customers (except banks)

Date or month

Total
loans
and
investments

Total

To
brokers
outside
New
York
Cityi

Other
To
others Real- loans
on se- estate
to
curi- loans custo-2
ties
mers

Loans
to
banks

Acceptances
and
commercial
paper
bought

Investments

Loans
to brokers in
N e w Total
York
City i

ReBalserve
with Cash ances
with
Fedin
domesvault
Other eral
tic
Resecuri- serve
banks3
ties
banks
Fully

U. S. Government obligations

Direct guaranteed

TOTAL—101 CITIES
1935—August
1936—April
May
June
July
August
July 1
July 8
July 15
July 22
July 29
August 5
August 12
August 19
August 2 6 . . . .
September 2_.
September 9_.
September 16.
September 23.

19, 825
21, 745
21,832
22, 373
22, 484
22,297

6,623
6,932
6,967
7, 050
7,065
7,066

165
215
212
238
235

2,074
2,077
2,078
2.096
2,072
2,023

1,136
1,141
1,146
1,149
1,145
1,147

3,248
3,499
3,531
3, 567
3, 613
3,687

311
351
333
319
315
320

830
1,008
973
1,074
936
916

11,978
13, 384
13, 477
13, 838
14,110
13, 932

7,859
8. 767
8,877
9,202
9,484
9,357

1, 024
1, 273
1, 286
1, 303
1, 278
1, 254

3,095
3,344
3,314
3, 333
3,348
3,321

4,245
4,180
4,577
4.389
4,710
4,875

327
370
378
387
386
376

2,104
2,262
2,283
2,290
2,493
2,354

22, 619
22, 462
22, 514
22, 446
22, 378
22,345
22,324
22, 256
22, 264
22, 263
22, 433
22, 614
22,610

7,110
7,064
7,105
7,035
7,010
7,021
7,058
7,080
7,103
7, 113
7, 196
7,257
7, 258

253
238
2367
22
220
214
210
205
208
205
213
214
207

2,093
2,082
2,083
2,054
2,046
2,020
2,019
2,024
2,027
2, 014
2,039
2,038
2, 038

1,145
1,147
1,145
1,145
1,144
1,147
1.146
1, 146
1,147
1,145
1,146
1,143
1, 144

3,619
3, 597
3, 641
3,609
3, 600
3, 640
3.683
3, 705
3,721
3, 749
3,798
3,862
3,879

315
313
310
319
319
321
321
323
317
318
315
316
317

973
922
939
938
907
915
909
903
939
958
1,028
989
968

14,159
14,105
14,102
14, 098
14,084
14,029
13,972
13, 887
13,839
13, 809
13,806
13, 955
13,962

9,510
9, 493
9,488
9,471
9, 456
9,442
9, 380
9, 332
9,274
9, 263
9, 250
9, 376
9,377

1, 289
1, 277
1, 276
1, 277
1, 272
1, 271
1, 277
1, 232
r
l> 233
I, 236
1, 237
1, 247
1, 252

3,360
3, 335
3,338
3, 350
3, 356
3,316
3,315
3, 323
3, 332
3,310
3,319
3,332
3, 333

4,487
4,672
4,717
4,816
4, 859
4,786
4, 855
4,884
4,976
5,082
5, 109
4, 869
4,891

398
380
380
385
368
383
373
379
371
394
379
391

2,470
2,487
2,557
2, 508
2,443
2, 443
2,408
2,288
2,276
2,272
2, 275
2, 342
2, 302

7, 531
8,547
8, 585
8, 987
8,860

2, 050
2,121
2,141
2,178
2,192
2,148

720
747
750
762
745
697

122
132
133
133
133
132

1,152
1,175
1,186
1,209
1,241
1,245

129
164
144
132
131
118

797
967
928
1,027
897
875

4,512
5, 259
5,324
5,591
5, 614
5,434

3,108
3,511
3,647
3, 896
3, 946
3,843

357
551
545
561
522
466

1,047
1, 197
1,132
1,134
1,146
1, 125

2,241
1,968
2,234
2,049
2,178
2,357

94
79
74
76
80
73

9, 063
8, 906
8,884
8,754
8, 694
8, 627
8,621
8, 596
8, 585
8,615
8, 758
8,803
8, 786

2,228
2,223
2, 216
2,148
2,142
2,130
2,138
2,155
2,170
2,166
2,207
2, 238
2,242

765
760
753
727
722
696
702
691
709
709
710

133
133
132
133
133
133
133
132
132
132
132
133
133

1, 259
1,256
1, 257
1,215
1,215
1,226
1,238
1, 253
1, 262
1, 268
1, 291
1,321
1, 326

136
134
133
128
126
122
121
116
113
112
111
114
118

933
886
904
897
866
872
868
862
897
909
977

5,739
5,636
5. 605
5, 556
5, 533
5,474
5,461
5,431
5,372
5,395
5,407
5, 448
5,438

4,036
3,976
3,945
3,894
3, 880
3,863
3, 853
3,856
3,800
3, 826
3,832
3, 863
3, 843

546
521
519
516
505
491
488
446
440
447
450
454
463

1, 157
1,139
1,141
1,146
1, 148
1,120
1, 120
1, 129
1, 132
1,122
1, 125
1, 131
1, 132

2,004
2,076
2,173
2,289
2, 350
2, 369
2, 355
2, 290
2,412
2, 457
2,388
2, 265
2, 303

82
78
81
78
78
74
75
71
71
69
70
74
7L

NEW YORK CITY

1935—August
1936—April
May
June
July
August
Julyl
July 8
July 15
July 22
July 29
August 5
August 12
August 19
August 26
September 2__
September 9.September 16.
September 23.
OUTS1DE NEW YORK
CITY

1935—August...
1936—April
May
June
July
August. _
July 1
July 8
July 15
July 22
July 29
August 5
August 12
August 19
August 26
September 2__
September 9_.
September 16.
September 23.

294
19S
247
386
624
690

4,573
4,811
4,826
4,872
4,873
4,918

109
148
140
164
162
135

1, 354
1,330
1 328
1, 334
., 327
, 326

1,014
1,009
1,013
1,016
1,012
1, 015

2, 096
2,324
2,345
2, 358
2,372
2,442

182
187
189
187
184
202

7, 466
8,125
8,153
8,247
8,496
8,498

4, 751
5, 256
5,230
5, 306
5, 538
5,514

667
722
741
742
756
788

2, 048
2,147
2,182
2, 199
2,202
2, 196

2, 004
2,212
2,343
2,340
2, 532
2,518

284
319
326
334
334
325

2,010
2,183
2,209
2. 214
2,413
2, 281

13, 556
13, 556
13, 630
13, 692
13, 684
13,718
13, 703
13, 660
13, 679
13, 648
13, 675
13,811
13,824

4.882
4 841
4, S89
4,887
4,868
4,891
4,9.°0
4,925
4,933
4, 947

182
164
162
154
J48
141
135
131
134
130
l'JS
133
134

328
322
330
327
,324
1,322

1,012
1,014
1,013
1,012
1,011
1,014
1,013
1,014
1, 015
1,013
1,014
1, 010
1.011

2, 360
2,341
2,384
2,394
2, 385
2,414
2, 445
2. 452
2, 459
2.4S1
2, 507
2, 541
2, 553

179
179
177
191
193
199
200
207
204
206
204
202
199

8,420
8,469
8,497
8,542

5,474
5,517
5,543
5, 577
5,576
5, 579
5,527
5,476
5,474
5,437
5,418
5, 513
5,534

743
756
757
761
767
780
789
786
r 793
789
787
793
789

2,203
2,196
2,197
2,204
2,208
2,196
2,195
2,194
2, 200
2,188
2,194
2,201
2, 2)1

2,483
2, 596
2, 544
2,527
2, 509
2, 417
2, 500
2, 594
2, 554
2, 625
2,721
2,604
2, 58S

334
344
330
329
332
318
329
323
328
321
341
328
338

2.388
2; 409
2,476
2,430
2, 365
2, 369
2, 333
2,217
2,205
2,203
2,205
2,268
2, 231

12,
13,
13,
13,
13,
13,

4, 983
5, 019
5,026

1,327

1,323
1,325
1,323

1, 330
1, 329
1, 328

8, 551
8, 555
8,511
8,456
8, 467
8,414
8, 399
8, 507
8,524

r
Revised.
1
Loans
(secured by stocks and bonds) to brokers and dealers in securities.
a
Includes reporting banks' own acceptances.
13
Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on Dec. 31,
1935, was approximately $38,000,000 at all weekly reporting member banks.
For other figures and note, see next page.




807

FEDERAL RESERVE BULLETIN

OCTOBER 1936

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

Date or month

Cash
items
reported as Other
in proc- assets
ess of
collection *

Total
assets

Total
liabilities

Time deposits

Demand deposits

DeInterbank
Interbank
mand
United Certideposits—adStates
fied
For- Other
Domes- Foreign Govern- checks, Other justed 2 Domestic eign
ment
tic
etc.
banks
batiks b a n k s
banks

Other Capiliabil- tal acities count

Borrowings

TOTAL—101 CITIES

1935—August
1936—April
May
June
July
August
July 1
JulyS
July 15
July 22
July 29
August b
August 12
August 19
August 26
September 2 __
September 9._.
September 16. _
September 23...

1. 051
1, 526
1,269
1,385
1,552
1,313

1.377
1,354
'., 376
,371
,323
., 301

28, 929
31, 437
31,715
32,195
32,948
32, 516

4,778
5,351
5,346
5,371
5,904
5, 729

266
356
375
447
427
409

558
758
752
797
829
821

425
576
420
499
545
439

13, 756
14, 932
15, 220
15,449
15,760
15, 658

13,131
13, 982
14, 371
14, 563
14,752
14, 785

123
133
131
132
133
13 J

6
4
5
4
4
5

4,861
4,971
5,051
5, 037
5,007
5, 019

2, 222
1, 294
1,611
1, 268
1,365
1,186
1,352
1,218
1,494
1,322
1,380
1,614
1,285

,348
,302
,312
, 324
, 329
,300
,308
1, 296
1,301
1,307
1,311
1,282
1,300

33, 534
32,615
33,091
32, 742
32, 759
32, 428
32,630
32, 315
32, 690
32,617
32, 902
33,100
32, 779

5, 878
5, 941
6, 019
5,876
5,805
5, 870
5,827
5, 621
5, 598
5, 731
5, 773
5, 801
5, 706

430
432
427
428
417
412
408
406
408
403
402
408
423

839
836
823
823
823
822
821
820
820
820
821
849
849

853
441
495
421
513
390
399
379
587
449
551
509
388

16,048
15,483
15,862
15, 704
15,702
15,477
15,705
15, 633
15,818
15, 740
15,747
16,015
15,896

14, 679
14, 630
14, 746
14, 857
14, 850
14,681
14, 752
14, 794
14,911
14,867
14,918
14,910
14,999

132
133
135
134
133
131
131
129
128
129
128
130
129

5
4
4
4
5
5
6
5
4
4
4
4
5

5,011
4, 999
4, 999
5,014
5,015
5,015
5,021
5,014
5, 028
5, 032
5, 036
5,031
5, 018

533
789
565
650
745
582

508
478
494
496
466
454

10,950
11,912
12,004
12,311
12,381
12,124

2,023
2,292
2,303
2,310
2,477
2, 380

325
345
416
391
372

248
197
196
194
192
191

280
390
261
326
361
281

5,847
6, 366
6,478
6, 635
6, 604
6, 554

5, 594
5,968
6,175
6,311
6,221
6,253

4
3
4
4
4
4

600
547
581
547
556
569

1,244
546
759
524
652
474
544
507
803
591
647
708
536

481
460
456
465
470
451
459
451
454
459
465
453
466

12,928
12,120
12,403
12,161
12,297
12, 045
12,108
11,965
12,376
12,241
12,381
12, 354
12,215

2,535
2,464
2,521
2,437
2,429
2, 460
2,425
2,314
2,321
2,403
2,387
2, 405
2, 365

394
397
390
393
379
377
372
369
370
368
366
372
385

192
193
191
191
191
191
191
191
191
191
190
193
193

615
273
312
254
352
225
236
227
437
292
370
328
232

6, 844
6,443
6,641
6,525
6, 569
6,444
6, 537
6, 520
6, 714
6, 640
6,611
6, 687
6, 675

6,215
6,170
6.194
6, 255
6, 269
6.195
6, 229
6, 240
6, 348
6,341
6,334
6, 307
6,371

4
4
4
4
4
4
4
4
4
4
4
4
4

550
549
551
561
570
573
571
562
569
577
571
567
561

518
737
704
735
807
731

869
876
882
875
857
847

17,979
19, 525
19,711

310
561
556
603
637
630

145
186
159
173
184
158

7, 909
8, 566
8,742
8, 814
9, 156
9,104

7,537
8,014
8,196
8, 252
8, 531
8,532

123
133
131
132
133
130

2
1
1

19, 884
20,567
20, 392

2, 755
3,059
3,043
3, 061
3,427
3,349

4,261
4,424
4,470
4, 490
4,451
4,450

978
748
852
744
713
712
808
711
691
731
733
906
749

867
842
856
859
859
849
849
845
847
848
846
829
834

20. 606
20, 495
20, 688
20, 581
20, 462
20, 383
20, 522
20,350
20,314
20, 376
20,521
20, 746
20, 564

3,343
3,477
3,498
3,439
3, 376
3,410
3, 402
3,307
3, 277
3, 328
3, 386
3, 396
3, 341

647
643
632
632
632
631
630
629
629
629
631
656
656

238
168
183
167
161
165
163
152
150
157
181
181
156

9, 204
9,040
9,221
9,179
9,133
9, 033
9,168
9,113
9, 104
9, 100
9,136
9,328
9,221

8,464
8, 460
8, 552
8,602
8,581
8, 486
8, 523
8, 554
8, 563
8, 526
8, 584
8, 603
8, 628

132
133
135
134
133
131
131
129
128
129
128
130
129

1

4
7

2

663
822
874
913
851
816

3, 489
3, 527
3, 541
3, 543
3,488
3, 488

3
4
3
4
22
31
17

817
857
838
851
861
825
824
813
803
805
920
820
842

3, 491
3, 489
3,489
3,487
3, 485
3,481
3,485
3,491
3, 493
3, 500
3, 498
3, 502
3. 506

1

256
321
366
407
367
345

1,451
1,405
1,470
1,470
1,429
1,427

2
3
21
29
16

363
368
364
367
375
344
345
348
341
331
434
344
359

1,431
1,429
1,429
1,429
1,428
1,427
1,427
1,428
1,427
1,432
1,427
1,425
1, 425

1

407
501
508
506
484
471

2, 038
2, 061
2, 071
2. 073
2, 059
2, 061

3
2
1
1
1
2
1

484
489
474
484
486
481
479
465
462
474
486
476
483

2, 060
2, 060
2,060
2, 058
2, 057
2, 054
2, 058
2,063
2, 066
2, 068
2, 071
2, 077
2,081

3

NEW YORK CITY

1935—August..
1936—Airil
May ___.
June
July
August..
July 1
July 8
July 15
July 22
July 29
August 5
August 12
August 19
August 26
September 2___
September 9
September J 6. _
September 23. _

2
5
2

OUTSIDE NEW YORK
CITY

1935—August..
1936—April....
May
June
July
August-.
July 1
July 8
July 15
July 22
July 29
August 5
Aiurust 12
August 19
August 26
September 2. _.
September 9_September 16_
September 23.

1

1
1
2
1

1

4,461
4, 450
4,448
4,453
4,445
4, 442
4, 450
4, 452
4, 459
4,455
4, 465
4. 4')4
4, 457

2
2

i Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount
of cash items on hand but not in process of collection.
* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash
items reported as on hand but not in process of collection.
NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the
Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82).




808

FEDERAL RESERVE BULLETIN

OCTOBER

1936

REPORTING MEMBER BANKS IN 101 LEADING CITIES
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]

Federal Reserve District

City

Total

Loans
and
investments,
total:
August 26
September 2
September 9
September 16
September 23
..
Loans to brokers and dealers
in New York:
August 26
September 2
September 9
September 16
September 23
Loans to brokers and dealers
outside New York:
August 26
September 2
September 9
September 16
September 23
Loans on securities to others
(except banks):
August 26
September 2
September 9
September 16
September 23
Acceptances and commercial
paper bought:
August 26
September 2
September 9
September 16
September 23
Loans on real estate:
August 26
September 2
September 9
September 16
September 23
Loans to banks:
August 26
September 2
September 9
September 16
September 23
Other loans:
August 26
September 2
September 9
September 16
September 23
U. S. Government direct
obligations:
August 26
September 2
September 9
September 16
September 23
Obligations fully guaranteed
by U. S. Government:
August 26
September 2
September 9
September 16
September 23
Other securities:
August 26
September 2
September 9
September 16
September 23

• Revised.




22, 264
22, 263
22,433
22, 614
22, 610

Boston

New
York

Phila- Cleve- Richdelland mond
phia

1,232
1,231
1,234
1,229
1,226

9,453
9,494
9,645
9,699
9, 678

1,187
1,183
1,185
1,187
1,182

939
958
1,028

1,816
1,816
1,816
1,815
1,815

634
633

643

Atlan- Chica-

550
551
558
569
569

3,037
3,004
2,976
3,048
3,060

MinSt.
Louis neapolis

647
652
655
663
668

394
390
398
404
406

Kansas
City

682
681
678

San

Dallas Fran-

New
York

Chica-

2,159
2,160
2,172
2,188
2,190

8,585
8,615
8,758
8,803
8,786

2,074
2,043
2,025
2.083
2,096

cisco

473
468
478
484
487

897
909
977
938
924

903
922
954
934

34
33
36
40
37

208
205
213
214
207
149
148
148
149
148

214
213
214
213
214

840
829
846
847
848

148
148
148
148
148

317
318
315
316
317

120
120
119
122
126

24
25
24
24
24

1,147
1,145
1,146
1,143
1,144

244
244
244
244
244

62
62
62
63
62

184
184
184
182
182

95

3
3
3
4
3

33
33
56
65
64

2
2
2
2
2

3, 721
3,749
3, 798
3,862
3,879

306
308
309
314
312

1,412
1, 419
1,441
1,470
1,475

' 9, 274
9, 263
9,250
9, 376
9,377

431
429
426
415
413

' 1, 233
1, 236
1,237
1,247
1, 252
3, 332
3.310
3,319
3, 332
3, 333

2,027
2,014
2,039
2,038
2,038

66
65

202
202
203
202
201

168
169
169
169
170

702
691
709
709
710

142
142
143
142
142

5
5
5
5
5

28
28
27
27

24
24
24
25
25

113
112
111
114
118

19
19
19
16
15

25
25
25
25
25

24
24
24
24
24

18
18
18
17
18

366
364
364
363
364

132
132
132
133
133

15
15
15
15
15

4
4
4

1
1
1
1
1

1
1
1
1
1

8
8

7
8
8

3
3
3
3
3

1
1
1
1
1

33
33
56
65
64

5
5
5
5
5

188
189
191
191
188

209
210
208
210
213

102
104
106
107
108

135
137
139
143
145

494
495
504
511
514

117
119
123
126
131

111
110
115
119
119

142
143
143
145
144

138
139
142
146
148

367
376
377
380
382

1,262
1, 268
1,291
1,321
1, 326

352
352
361
367
371

4,031
4, 060
4,068
4,108
4,088

315
310
311
311
316

860
859
867
865
864

298
295
296
298
299

207 M, 607
206 1,582
207 1,543
216 1,607
214 1,619

226
230
228
232
231

173
171
173
175
177

255
256
252
258
258

182
178
182
185
186

697
706
712

3,800
3, 826
3,832
3,863
3,843

1,119
1, 094
1,063
1,111
1,122

18
18
18
18
19

471
477
485
490
500

100
101
101
103
101

67
67
63
62
62

••151
148
147
147
147

57
57
58
58
60

49
49
49
49
50

169
169
165
169
161

440
447
450
454
463

91
91
91
92
92

158
158
162
161
163

1,323
1,313
1,317
1, 322
1,324

316
316
315
315
312

260
261
261
262
261

419
415
413
416
418

110
109
108
109
109

135
133
133
135
135

361
356
360
360
360

1,132
1,122
1,125
1,131
1,132

297
292
292
294
296

OCTOBER

809

FEDERAL RESERVE BULLETIN

1936

REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued
ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued
[In millions of dollars]
City

Federal Reserve District
Total

Reserve with Federal Reserve bank:
August 26
September 2
September 9
September 16
September 23
Cash in vault:
August 26
September 2
September 9
September 16
September 23
Balances with domestic
banks:
August 26
September 2
September 9
September 16
September 23
Other assets:
August 26
September 2
September 9
September 16
September 23
Demand deposits—adjusted:
August 26
September 2
September 9
September 16
September 23
Time deposits:
August 26
September 2
September 9
September 16
September 23
U. S. Government deposits:
August 26
September 2
September 9
September 16
September 23
Interbank deposits, domestic:
August 26
September 2
September 9
September 16
September 23
Interbank deposits, foreign:
August 26
September 2
September 9
September 16
September 23
Borrowings:
August 26
September 2
September 9
September 16
September 23
Other liabilities:
August 26
September 2
September 9
September 16
September 23
Capital account:
August 26
September 2
September 9
September 16
September 23




Phila- Cleve- Richdelphia land mond

New
York

Chicago

157
153
155
142
147

287
284
281
280
277

2,412
2,457
2,388
2,265
2,303

556
603
654
598
579

11
11
11
11
11

12
11
12
11
12

20
18
21
19
19

51
50
53
51
53

32
32
35
33
34

440
434
434
430
428

121
115
115
113
112

282
272
280
297
279

170
175
177
182
175

238
242
236
257
254

70
74
71

197
195
190
191
196

40
40
41
40
40

104
106
105
102
102

24
24
24
24
24

17
18
17
17
17

24
24
24
24
24

27
27
27
27
28

224
221
216
216
216

454
459
465
453
466

70
71
70
68
68

394
397
403
392
402

312

393
389
393
383
391

262
256
260
264

491
474
479

305

2,232
2,224
2,238
2,240
2,238

357
359
362
360
363

857
839
839
859
858

197
197
197

177
178
177
178
178

815
821
822
821
821

179
179
179
179
179

122
121
124
122
122

147
147
147
146
145

120
120
120
120
120

1, 025
1, 023
1, 025
1,025
1,022

569
577
571
567
561

444
449
449
448
448

52
51
52
53

148
148
148
151
151

11
11
11
12
12

3
3
3
3
3

22
22
22
24
24

38
37
37
44
44

114
114
114
116
117

191
191
190
193
193

101
101
101
101
101

188
192
203
204
207

835
841
855
850
835

234
238
246
•248
252

129
133
137
128
125

406
407
410
412
398

176
179
186
188
187

290
299
294
307
305

2,321
2,403
2,387
2, 405
2, 365

615
619
633
630
619

1
1
1
1
1

6
6
6
6
6

12
12
12
12
12

374
372
370
376
389

York

4,976
5,082
5,109
4,869
4,891

224
222
232
241
240

2, 518
2,573
2,497
2,377
2,395

217
222
233
229
240

313
315
325
319
315

139
142
144
133
136

767
809
865
805
779

107
108
119
105
113

379
371
394
379
391

123
123
124
124
123

65
63
68
65
68

15
14
15
14
15

32
31
35
33
35

18
17
18
17
18

58
59
64
61
63

2,276
2,272
2,275
2,342
2,302

101
115
113
111
110

184
177
164
172
181

139
142
147
160
158

236
233
236
254
248

135
142
144
143
147

138
136
137
134
131

1,301
1,307
1,311
1,282
1,300

77
76
77
74
74

526
532
539
525
538

89

111
112
113
109
110

39
38
39
38
39

14,911
14, 867
14, 918
14,910
14,999

967
975
979
979

6,872
6,881
6, 861
6,844
6,898

754
758
773
765

1,021
1, 016
1, 026
1,031
1,035

5, 028
5,032
5, 036
5,031
5,018

287
287
287
286

966
972
971
967
961

276
273
274
277
276

716
714
713
711
711

820
820
821
849
849

12
12
14
14
14

230
231
230
233
233

71
71
71
77
76

76
77
76
78
78

2, 389
2,471
2, 454
2,474
2,433

297
298
299
308
301

346
350
358
359
347

412
407
406
412
428

376
374
371
378
390

3
3
3
3
4

1
1
1
1
2

3
4
22
31
17

4
22
30
17

5.
5,
5,
5,
5,

726
860
901
931
835

803
805
920
820
842
3.
3,
3,
3,
3,

493
500
498
502
506

224
235
238
232
226

24
23
23
24
24
234
234
233
233
234

354
343
447
357
372
1, 557
1,563
1, 557
1, 555
1, 556

Minneapolis

San
Fran-

Boston

212
217
221
221
219

Atlan- Chica-

St.
Louis

2
1
1
1
1

Kansas
City

Dallas

6,348
6,341
6, 334
6,307
6,371

1, 516
1, 521
1,533
1,533
1,541

3
21
29
16
21
22
24
21
23

13
14
15
14
14

27
27
30
27
29

308
317
320
319
319

224
225
225
225
224

334
335
336
336
336

343
345
345
351
352

322
321
322
322
323

341
331
434
344
359
1, 427
1,432
1,427
1, 425
1,425

21
21
24
21
23
227
228
229
235
236

810

FEDERAL RESERVE BULLETIN
BANK SUSPENSIONS1

OCTOBER

1936

POSTAL SAVINGS SYSTEM
[In millions of dollars]

Member
banks
Total,
all
banks

N u m b e r of banks suspended:
1933, M a r . 16-Dee. 3 1 . —
1934
1935
1936, January-August

Nonmember
banks
Assets

National

In- 2 Not
State sured
insured
End of month

179
57
34
33

Deposits of suspended banks
(in thousands of dollars): 3
145, 710
1933, M a r . 16-Dec. 31
36,937
1934
10,099
1935
6,498
1936, Januarv-August_ . . .

9
1
4

6

17,322
40
5,313

3,527

164
48
8
2

8
22
31

124,861
34, 985
939
543

1935—March
April.
_.._
May
June
July..
_...
August
1 Represents licensed banks suspended; does not include non-licensed
September
banks placed in liquidation or receivership after the banking holiday.
October
For
statistics of latter see Annual Report for 1935 (table 69).
2
November
Federal deposit insurance became operative January 1, 1934.
3
December
Deposits of member banks and insured non-member banks suspended
are as of dates of suspension, and deposits of non-insured non-member 1936—January
banks are based on the latest data available at time of the report of closing
February
of the banks.
March
Arril
Back figures.—See Annual Report for 1935 (table 69).
1,912
3,847
5, 955

May
June
July
August

BANK DEBITS
[Debits to individual accounts. Amounts in millions of dollars

August

New York City
Outside New York City_
Federal Reserve districts:
Boston
N e w York
Philadelphia
Cleveland
R i c h m o n d . _ _•
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
r

1
140

1935

1936

Number
of centers

July

14,362
17,106

16,199
18, 617

14,732
1 5 , 536

1, 654
14, 962
1,423
1, 791
639
751
4, 612
806
669
1.038
577
2,547

2,001
16, 874
1,592
1,964
683
768
4,881
923
670
1,185
616
2, 658

1,614
15, 285
1,361
1,564
578
668
4,075
757
593
971
526
'2, 276

31,469

34,816

'30, 268

Revised.
Back figures.—See Annual Report for 1935 (table 68).




August

Depositors'
balances Total

U. S. Government
securities
Cash
Cash,
in deGuarreposianDiserve
tory
rect teed funds,
banks Total obli- obli- etc.i
gagations tions

1,203
1,200
1,205
1,205
1,189
1,192
1,192
1,196
1,199
1,201

1,232
1,231
1,237
1,236
1,221
1,224
1,224
1,230
1,234
1,237

478
452
412
385
364
348
319
306
294
287

691
685
709
777
777
780
805
824
853
853

508
539
562
630
630
633
658
677
706
706

183
146
147
147
147
147
147
147
147
147

63
94
116
74
80
96
100
100
87
97

1,208
1,214
1,216
1,215
1,214
1,232
234
I, 249

1,241
1, 248
1,251
1,248
1,248
1, 265

248
225
221
216
211
203

876
876
902
925
940
967

709
710
736
759
773
800

167
166
166
166
167
167

117
147
128
107
97
95

p Preliminary.
1
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.

811

FEDERAL RESERVE BULLETIN

OCTOBER 1936

COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS'

BALANCES

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
By holders
Commercial
paper
outstanding1

End of month

Total
outstand-

Held by Federal Reserve
banks

ing

For
own
account

For
account
of foreign
correspondents

By classes

Held by accepting

Total

Own
bills

Bills
bought

Based
on
im-

Held
by
others

ports
into
U. S.

Based
Based
on goods
on
stored in
goods
United
stored
Based
States
m
on ex(ware- Dollar foreign
ports
exhouse
counfrom
credits) change tries or
U. S.
or
shipped
beshipped
between
tween
domestic
foreign
points
points

1935—May
June
July
August
September
October
November ...
December

173
159
164
177
183
180
178
172

375
343
321
322
328
363
387
397

356
317
296
292
301
339
358
368

162
154
148
145
148
178
182
183

193
163
148
147
154
161
175
185

19
26
24
30
27
24
29
29

107
102
99
102
102
106
105
107

100
94
86
81
77
75
84
94

76
57
47
52
66
98
111
110

2
2
3
4
4
4
3
2

91
89
86
83
79
82
84
84

1936—January
February
March
April
May
June
July
August..

178
176
180
174
184
169
188
205

384
377
359
344
331
316
316
308

353
340
321
310
297
276
278
279

181
172
150
143
155
129
131
140

172
168
171
167
142
147
147
139

31
37
38
34
34
40
37
29

108
114
113
111
110
107
105
104

94
94
91
86
81
74
68
63

96
81
66
57
55
49
57
60

3
2
2
2
1
2
2
2

84
86
87
89
82
85
84
79

... . _

i As reported by dealers; includes some finance company paper sold in open market.
Back figures.—See Annual Report for 1935 (tables 66 and 67).

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF
STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.

Ledger balances in millions of dollars]
Credit balances

Debit balances

End of month

Customers'
credit balances1

Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net)i
accounts

Debit
balances in
firm
investment
and trading
accounts

Cash on
hand
and in
banks

Money
borrowed2

Free

Other
(net)

Other credit balances
In
In
partners'
In
firm
investcapital
investment and ment and accounts
trading
trading
(net)
accounts accounts

1935—September
October
November .
December

1,098
1, 147
1,212
1,258

65
68
73
75

119
119
134
135

182
187
189
179

771
806
859
930

257
277
294
286

89
93
92
79

23
22
22
24

12
10
13
10

396
405
415
410

1936—January
February
March...
April
May
June
July
Au°ust

1, 297
1, 290
1,351
1,295
1,257
1,267
1, 295
1,287

63
64
67
65
65
67
68
69

139
147
168
173
159
164
158
142

193
208
181
268
229
219
221
213

922
908
995
1,033
970
985
981
967

319
328
303
301
282
276
287
283

91
98
89
88
83
86
96
92

26
26
23
28
25
24
24
25

17
15
15
13
14
14
14
12

416
425
429
426
422
420
422
423

1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national secjrities exchanges).
NOTE.—For explanation of these fi^ura- 3 : ' .atistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.




812

FEDERAL RESERVE BULLETIN

OCTOBER 1936

FEDERAL RESERVE BANK DISCOUNT RATES
[Percent per annum]

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

Advances secured by
direct obligations of
the United States
(last paragraph of
sec. 13 of the Federal
Reserve Act)

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

Federal Reserve Bank
In effect
beginning—

Rate
Sept. 28
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

V*

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

PreIn effect
In effect
Rate
vious Rate beginningSept. 28 beginningrate Sept. 28
Sept.
Oct.
Nov.
Oct.
Sept.
Sept.
Sept.
Oct.
Oct.
Aug.
Oct.
Sept.

8,1934
2.1934
17,1935
11,1935
9.1935
14,1935
19,1935
3,1935
14,1935
10,1935
8,1935
16,1934

Oct.
Feb.
Oct.
May
Feb.
Mar.
Oct.
Feb.
Apr.
May
Mar.
Oct.

20,1935
10,1935
2,1935
19,1935
23,1935
14,1935
20,1935
3,1935
29,1935
26,1935
8,1935
20,1935

20,1933
8,1934
20.1933
11,1935
19.1934
17.1934
16,1933
21.1935
15.1933
10,1935
12.1934
19,193a

1

Rates indicated also apply to United States Government securities bought under repurchase agreement.
Back figures.—See Annual Report for 1935 (table 40).

BUYING RATES ON ACCEPTANCES

RATES ON INDUSTRIAL ADVANCES

Buying rates at the Federal Reserve Bank of New York

Approved by the Board of Governors of the Federal Reserve System,
under Sec. 13(b) of the Federal Reserve Act as amended June 19,1934.
Percent per annum except as otherwise specified. In effect Sept. 28,.
1936
[Percent per annum]

[Percent per annum]
Rate in
effect on
Sept. 28

Maturity
1-15 days 1 .,.
16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.

In effect beginning—

Previous
rate

Oct. 20, 1933
....do,
....do
....do
__..do
....do
....do

1
1
1
1
1
1

1

This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum rates on prime bankers' acceptances payable in
dollars; higher rates may be charged for other classes of bills.
Back figures.See Annual Report for 1935 (table 41).

Advances
direct to
industrial
or commercial organizations

Federal Reserve Bank

Boston
New York
Philadelphia
Cleveland

3H-6
__

Richmond
Atlanta ___
Chicago
St. Louis

Minneapolis _
Kansas City
Dallas
Maximum rates that may be paid by member banks as established by San Francisco
the Board of Governors under provisions of Regulation Q.

6
6
5-6

Nov. 1, 1933 Feb. 1, 1935
to
to
Jan. 31, 1935 Dec. 31, 1935

1
2

In effect
beginning
Jan. 1, 1936

Savings deposits
Postal Savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation;
effective February 1, 1936, are the same as those now in effect for member banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation for member banks are
superseded by lower maximum rates established by State authority.




CommitOn porments
tion for
to make
On re- advances
which
maining
instituportion
tion is
obligated
3
3
3

4-6
5
13

1-2

4-5
4

4-6
5
5-6

1-2
1-2

43^

MAXIMUM RATES ON TIME DEPOSITS

[Percent per annum]

4-6
4-6

Advances to financing institutions—

.

6
4-6
5-6
5-6

1

4
4
3-4

4
5-6
4-5

Authorized rate 1 percent above prevailing discount rate.
Same as to borrower but not less than 4 percent.
3 Flat charge.
Back figures.—See Annual Report for 1935 (table 40).

8

M-2

OCTOBER

813

FEDERAL RESERVE BULLETIN

1936

MONEY RATES AND BOND YIELDS
OPEN-MARKET RATES IN NEW YORK CITY
[Percent per annum]

RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates; percent per annum]

Prevailing rate o n -

Average rate o n -

1928 1929 1930 1931 1932 1933 1934 1935 1936

Average

Prime
Month or week commercial
paper,
4 to 6
months

Prime StockStock exbankexchange call
ers' change
loans
accept- time
ances , loans,
90
90
New Redays
days
newal

1935
July
-. August
September
October
November
December

V
*A
Z

A
.

Z

A

Ys
Ys
Ys
Ys

X
X
X
l

y

l
l
l
l

l

.25
.25
.25
.29
.75
.75

1936
January
February
March
April
M a y _. _
June
_.July
August-..

3

i
%,
A
•

Z

Z

1 /

y
y
Ys
Ys

IX
IX
IX

A
Vie

Week ending:
June 27 _...
July 4
July 1 1 — .
July 18__July 25
Aug. 1
Aug. 8
Aug. 1 5 . . . .
Aug. 22.,.Aug.29.__.
Sept. 5
Sept. 12___
Sept. 19--__
Sept. 26.__

.75
.75
.75
.75
.93

1.00
1.00
1.00

on New York City:
u. s. yield
January
TreasU. S.
February
ury 273- TreasMarch
day bills u r y
April
offered 3-5 year
May.
within notes i
period
June
July
August
September
October
.07
.25
1.16
November
.10
.25
1.22
December
.22
1.43
.25
.29
.20
Year
1.37
.14
.75
1.29 8 other northern and
.75
.09
eastern cities:
1.26
January
February
March
1.21
.10
.75
April
.08
.75
1.15
May
.75
. 11
1.09
June
.10
.75
1.10
July
.93
.18
1.09
August
.23
1.00
1.12
September
.14
1.00
1.17
October
.18
1. 00
1. 12
November
December

Year
1.18
1.17 27 southern and
western cities:
1.14
3/
January
1.18
3/16
/
February
1.20
3/
March
Vie
IX
1.16
3,
/l6
April
IX
1.
14
3
Vie
1.13
May
IX
3/
Vie
June
IK
1.12
Via
. 15
1.09
July
Vi
*
.13
August
Vie
1.07
Vie
September
. 15
1.07
\H
Vie
October
IK
. lfi
1.09
November
Vie
. 19
1. 12
IK
December
1
For description of average and back figures, see M a y Bulletin, p. 317.
Year
Back figures.—See Annual Report for 1935 (tables 42 and 43).

V
3

IX
IX
IX
IX

Ys
Ys
Ys
3

m

1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1. 00

.19
.07
.07
.12
.22
.23
.21
.19
.17

5.74
5.73
5.81
5.85

5.64
5.35
5.22
4.91
4.74
4.59
4.48
6.05 4.41
6.06 4.29
4.26
4.17
5.74 4.16

4.56
4.44
4.59
4.72
4.97
5.09
5.38
5.56
5.63
5.63
5.56
5.63
5.15

4.
4.64

4.71
4.71
4.72
4.
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22

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.
3.22
3.18

2.83
2.90
2.64
2.61
2.69
2.66
2.61
2.67
2.72
2.72
2.77
2.61

4.22

4.49

4.02

3.33

2.70

4.65
4.49
4.52
4.52
4.39
4.30
4.15
4.12
4.11
4.13
4.
3.

4.08
4.02
4.05
3.99
3.88
3.78
3.87
3.79
3.75
3.75
3.63
3.67

4.24
4.31
4.20
4.17
4.11
4.13
4.05
3.97
3.93
4.27

4.73
4.76
4.81
4.91
5.04
5.36
5.57
5.59
5.80
5.80
5.82
5.91

5.8:
5.86
5.91
6.00
6.09
6.02
6.08
6.11

5.88
5.66
5.47
5.22
5.13
5.06
4.81
4.79
4.74
6.25 4.75
6. 12 4.66
5.94 4.68

4.61
4.63
4.62
4.5'
4.55
4.49
4.48
4.4
4.48
4.62
4.8:
4.91

5.0:
5. 13
5. 14
5.10
5.14
5.13
5.05
5.12
5.03
4.
4.
4.

4.
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4.51
4.54
4.59

5.34

6.04

5.07

4.61

5.05

4.83

5.53
5.53
5.54
5.54
5.56
5.6'
5.7'
5.80
5.82
5.8:
5.90
5. 91

5.94
5.96
6.04
6.07
6.10
6.16
6.1
6.22
6.2'
6.29
6.29
6.20

6.12
6.05
5.
5.86
5.75
5.69
5.63
5.58
5.55
5.54
5.50
5.43

5.50
5.43
5.40
5.36
5.26
5.34
5.30
5.28
5.32
5.38
5.53
5.56

5.61
5.61
5.64
5.63
5.64
5.
5.63
5.68
5.63
5.56
5.55
5.60

5.
5.56
5.66
5.
5.66
5.62
5.54
5.53
5.5,
5.50
5.42
5.43

5.72

5.39 5.62 5.56 5. 17 4.69

5.70

2.64
2.56
2.61
2.54
2.51
2.44
2.44
2.42

3.623. 63.
3. 60:
3.4?
3.45,
3.51
3.61
3. 4?

3.86
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92

4.95

4.84
4.
4.80
4.79
4.76
4.58
4.63
4.51
4.55
4.51
4.55

4.474.51
4.44
4.40
4.43
4.39
4.35
4.25

BOND YIELDS1
U. S.
Treasury 2

Year, month, or date

Number of issues.
1933 average
1934 average
1935 average
1935—September
October
November
December
1936—January
February
March
April

._

_._

May

June
July
August
August 26
September
September
September
September

.

2 - .
9
1623

1
2

6-12
3.31
3. 10
2.70
2.78
2.77
2.73
2 73
2.68
2 62
2.54
2.51
2.50
2.50
2.50
2. 43
2.41
2.39
2 38
2.42
2 43

Municipal
(high
grade) 3

Corporate 4
By ratings
Total

Aa

Aaa

By groups

A

Industrial

Baa

Railroad

Public
utility

15

120

30

30

30

30

40

40

4.71
3.95
3.16
3.08
3. 16
3.02
2 97
2.93
2.86
2.78
2.76
2.76
2.72
2.70
2.68
2. 65
2.63
2.63
2.61
2 60

5.88
4.96
4.58
4.52
4.52
4.45
4.38
4.23
4. 15
4.15
4. 17
4.16
4.13
4.08
4.01

4.49
4.00
3.74
3.80
3.79
3.75
3.72
3.66
3.62
3.61
3.60
3.58
3.55
3.50
3. 45

5.23
4.44
4.13
4.11
4.10
4.03
3.97
3.85
3.80
3.77
3.79
3.74
3.70
3.65
3. 60

6.09
5.08
4.62
4.56
4.57
4.53
4.44
4.31
4.24
4.23
4.26
4.25
4.23
4.19
4. 11

5.32
4.52
4.25
4.24
4.20
4.13
4.09
3.93
3.88
3.84
3.84
3.80
3.77
3.73
3.64

6.06
4.96
4.95
4.91
4.97
4.90
4.73
4.50
4.32
4.35
4.41
4.42
4.38
4.34
4.24

6.25,
5.40
4 53
4.41
4.3ft
4.33
4 31
4.26,
4 25,
4.27
4.27
4 26
4.24
4.17
4.13

3. 99
3. 95
3. 93
3.90
3.86

3. 42
3. 40
3.38
3. 35
3. 32

3.58
3. 55
3. 55
3.52
3.51

4.09
4.06
4.05
4.02
3.98

7.76
6.32
5.81
5.62
5.63
5.50
5.37
5.10
4.93
4.99
5.04
5.08
5.03
4.97
4.86
4.85
4.80
4.74
4.71
4.64

3. 61
3.59
3. 58
3.54
3.51

4. 23
4.17
4.14
4. 12
4.08

4.12
4.10
4.07
4.04
4.01

4Q

Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures.
Average of yields of all outstanding bonds due or callable after 8 years.
a Standard Statistics Co.
«Moody's Investors' Service. Since the early part of 1934 less than 40 industrial bonds have been included owing to the fact that the number
of industrial bonds with Aaa ratings has been reduced from 10 to 4 and with Aa ratings from 10 to 3.
Back figures—See Annual Report for 1935 (table 74).




814

FEDERAL RESERVE BULLETIN

OCTOBER

BOND PRICES l

Number of issues

20
70.5
83.8
79.4

80.6
87.8
98.2

90.4
89.8
91.1
92.5

89.0
89.4
89.8
90.8
91.0

79.6
80.6
78.4
79.8
83.1

113.2
114.4
116.0
116.2
116.2
116.9
117 4
117. 8

95.3
97.2
96.6
95.9
95.5
96.2
97.1
97.7

92.5
93.0
92.1
91.2
90.6
90.6
91.1
91.6

118.1
118.6
118.6
118.8
119. 1

97.6
97.9
98.5
98.6
99. 1

91.5
91.6
92.2
92.3
92.3

102.5
103.5
106.0

87.1
97.3
109.4

1935—August
September!
October
November
December

106.5
104.7
104.9
105.3
105.2

114.4
110.7
109.4
111.6
112.6

1936—January
February
March
April
May
June
July
August

105.8
106.3
106.6
107.0
107.1
106.6
106 6
107.2
107. 5
107. 7
107. 7
107. 0
106.9

2
9
16
23

73.4
84.5

Preferred Common stocks (index, 1926=100)
stocks
Year, month, or date

(industrial highgrade) 2

Industrial

Total

20

N u m b e r of issues. _.

20
69.2
81.9
88.2

6-12

1933 average
1934 average
1935 average

August 26
September
September
September
September

STOCK PRICES ]

Corporate3
U.S.
MunicTreasipal
ury 2 (high-3 Total Indus- Rail- Utility
grade)
trial road

Year, month, or date

1936

Railroad

Utility

32

419

40

1933 average
1934 average.—
1935 average

104.8
120.7
133.8

63
72
78

~78

100.9
101.0
101.0
102.7
103.1

1935—August
September....
October
November
December

135.4
135.0
134.8
136.9
137.0

83
85
85
93
95

107
109

81
82
81
90
92

88.7
93.6
92.7
91.6
90.8
92.5
94.2
95.8

104.7
105.1
105.1
104.8
105.0
105.5
106.0
105.7

1936—January
February
March
April
May
June
July
August

137.3
138.7
139.6
138.8
138.6
138.8
139.1
139.3

100
106
109
109
101
106
109
113

115
121
125
125
116
121
124
128

97
103
103
102
95
102
106
109

95.6
96. 5
97.5
97.7
99. 1

105.6
105. 7
105.9
105.9
105.8

139.1
139.1
139.0
139.2
139.2

111
114
115
113
115

126
129
131
129
132

106
109
110
106
107

August 26
September
September
September
September

2_.
9_.
16.
23.

1

1
Monthly data are averages of daily figures except for municipal bonds,
which
are averages of Wednesday figures.
2
Average prices of all outstanding bonds due or callable after 8 years,
s Prices derived from average yields.
Source.—U. S. Treasury bonds, based on price quotations from Treasury Department; for other bonds, Standard Statistics Co.
Back figures.—See Annual Report for 1935 (table 73); for U. S. Treasury

Monthly data are averages of Wednesday figures.
Average derived prices.
Source.—Standard Statistics Co.
Backfigures.—SeeAnnual Report for 1935 (table 73).

2

bonds, see May BULLETIN, p. 317.

CAPITAL ISSUES
[In millions of dollars]
For refunding

?or new capital
Total
(new
and
refunding)

Year or
month

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935

•___

__

1935— A u g . . . .

Sept.—
Oct
Nov
Dec
1936— Jan

7,359
9,774
9,898
11,513
7 619
4,038
1,751
1,063
2,160
4,672

Domestic
Total
(domestic
and
foreign)

6,314
7, 556
8,040
10, 091
6,909
3,089
1,194
720
1,386
1,486

July....
August.

5,189
6,219
6,789
9,420
6,004
2,860
1,165
708
1,386
1,438

Corporate

Foreign1

State
and
mu-

Federal
agencies2

1,344
1, 475
1,379
1, 418
1,434
1,235
762
483
803
884

91
87
64
0
87
75
77
64
405
150

3,754
4,658
5,346
8,002
4,483
1,551
325
161
178
404

2,667
3,184
2,385
2,078
2,980
1,239
305
40
144
334

1,087
1,474
2,961
5,924
1,503
311
20
120
35
69

1,125
1,337
1,251
671
905
229
29
12
0
48

1,044
2,218
1,858
1,422
709
949
557
343
774
3,186

881
1,978
1,620
1,387
527
893
498
283
765
3,160

22
35
36
13
53
21
87
37
136
309

40
93
0
0
0
51
93
26
317
987

820
1,850
1,584
1,374
474
821
319
219
312
1,864

687
1,586
1,054
542
451
789
315
187
312
1,782

133
264
530
833
23
32
4
32
0
81

163
241
238
35
182
56
59
60
9
26

13
24
17
81

180
231
179
217
101

156
230
164
216
85

24
1
16
1
16

18
0
4
4
0

201
181
536
530
267
376
225
62

201
170
525
492
252
325
222
55

(3)
11
11
38
16
50
3
6

39
0
19
45
0
2
0

Total

Bonds
and

notes

Stocks

Total

nicipal

198
177
145
116
231

152
177
144
116
231

36
132
56
82
124

85
0
15
0
40

30
45
73
33
67

29
42
70
30
48

3
3
3
19

46
0
1
0
0

227
259
217
264
186

208
259
213
261
186

28
15
10
26
4

400

122
107
130
177
112
217
103
217

115
107
130
177
112
216
103
217

50
89
60
49
68
63
33
46

0
4
11
0
6
1
0
0

65
13
59
128
38
152
70
171

61
4
46
102
13
123
39
146

4
10
13
26
24
29
31
25

7
0
0
0
0
1
0
0

278
195
634
827
302
514
236
79

240
195
614
782
302
512
236
79

38
8
69
53
31
43
9
10

731
338
296

1
2

Corporate

State
and
municipal

424
436
362
380
417

302
Feb....
763
Mar
April... 1,004
413
May.__

June

Total

Domestic
Total
(domestic
and
foreign)

Federal
agenTotal
cies2

(3)

6
9
199
4
93
2
8

Foreign1

Bonds
and
Stocks

notes

0

Includes issues of noncontiguous U. S. Territories and Possessions.
Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and Home
Owners' Loan Corporation.
3 Less than $500,000.
Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures.—See Annual Report for 1935 (table 72) for figures of new issues—annual and quarterly basis.




OCTOBER

815

FEDERAL RESERVE BULLETIN

1936

TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
[In millions of dollars]

MATURITIES
[In millions of dollars ]

Interest bearing
End of period

June 1932
June 1933
June 1934
June 1935

Total
(gross
debt)

Total

Bonds

Notes

Certif- Bills
icates

19,487
22, 539
27. 053
28, 701

19,161
22,158
26, 480
27, 645

14, 250
14, 223
16, 510
14, 936

1,465
4,780
6,932
10, 501

2,831
2.200
1, 635
156

616
954
1.404
2, 053

29,123
29, 033
29,421
29, 462
29, 634
30, 557

27,923
27, 956
28, 432
28, 380
28, 617
29, 596

14, 576
14, 715
14, 300
13, 998
14,008
14, 672

11,065
11, 036
11,929
11,929
11, 957
12, 274

254
252
251
250
249
247

2,028
1,952
1,952
2,204
2,404
2,404

30, 516
30, 520
31, 459
31, 425
31, 636
33, 779
33, 444
33,380

29, 618
29, 646
30,591
30, 601
30, 822
32,989
32, 679
32, 624

14,688
14,713
15, 981
16, 005
16, 030
18, 628
18,303
18, 277

12, 272
12, 270
12, 400
12, 383
12, 381
11, 861
11,906
11,886

254
258
258
259
258
146
117
107

2,404
2,405
1,953
1,953
2,153
2,354
2, 353
2,353

326
381
573
1, 056

Total
Obligations maturing:
Before Oct. 1, 1936
Oct. 1-Dec. 31, 1936
Jan. 1-Mar. 31, 1937
1,200
Apr. 1-June-30, 1937
1,076
July 1-Sept. 30, 1937
989
1938.
.
1,081
1939
1,017
1940
961
1941
1943
1945.
899
1946
874
1947
868
1948
825
1949
814
After 1949
790 Other obligations 2
764
i 757

1935

July
August
September. __
October ._ _
November...
December.__
1936

January
February...
March
.
April
May.,
June
July....
August

Interest-bearing debt outstanding Aug. 31,
1936

Noninterest
bearing

_

Total

Bonds* Notes

32,624

18, 277

764
1 410
1,080
903
817
1,946
2,762
2,854
2,015
898
1,401
1,519
1,697
1,036
819
9,043
1,661

834
898
1,401
1,519
1,697
1,036
819
9,043
1,031

11, 886

Certificates
107

514
358
429
502
817
1,946
2,762
2,854
1,181

523

Bills

2,353
250
1,052
651
400

107

1 Issues classified as of date of final maturity; most issues callable at
earlier dates; postal-savings bonds only issues callable before 1940; ad-

i Includes $397,000,000 of Government liability for retirement of justed service bonds and most of the U. S. savings bonds are redeemable
national bank and Federal Reserve bank notes, as a result of deposit at option of holder.
of funds by 1 Danks; this compares with $815,000,000 on July 31, 1935. 2 Includes United States savings bonds and such issues as postal-

savings bonds and notes, retirement-fund notes, and adjusted-servicecertificate series, in which special funds are invested; also includes
$545,000,000 of adjusted service bonds.

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

Total

Income
taxes

Miscellaneous All
inter- other
nal
revenue

3,116
3,800
4,116

818
1,099
1,427

1,470
1,657
2,010

504
578
637
299
421
235
234
434
228
218
752
231
256
529
294
343

43
47
71
24
231
30
19
228
35
43
412
36
35
310
39
32

278
383
465
219
143
153
142
153
138
132
291
152
158
164
201
264

Period

Trust
acor decounts, Increase
during
etc.
* crease
Excess
period
of reRecovery and relief
of receipts ceipts
(+) or (+)
or
exexpendi- pendiGeneral
All
tures
fund
Gross
Total Relief Public
tures
works others
)
) balance debt

Expenditures 3

Receipts

General 2

Total Inter-

6,745
6,802
'8,477

est on All
public other
debt

Fiscal year ending June:
1934
1935
1936

2 months ending:
Aug. 1934.. _'
Aug. 1935
Aug. 1936
1935-August
September
October
November
December
1936—January
February
March
April
May
June
July
August
1
3

828
1,044

184
980
147 1,181
10 L
964
56
508
47
563
53
624 '
74
487
52
591
55
456
43
496
48
570
43
614
63
558
55 '2,337
54
412
47
551

1,984
821 2, 325
749 • 4, 436
49
35
35
27
101
104
10
107
19
31
131
72
8
132
10
26

385
510
594
193
217
234
216
237
197
164
226
228
258
& 1,949
320
273

4,004
3,657
3, 291

1,844
2,342
985

645
1,020
2,092

545
63f>
334
289
245
286
262
247
241
301
214
314
291
256
82

341
272
49
158
142
145
127
97
64
43
11
33
21
32
35
14

249
79
522
8 9
87
123
130
148
225
218
254
259
264
306
275
247

1,515
294
213

-3,630
-3,002
-4,361*

M5
285
237
139
16
19
4
2

-476
— 603
-327
-210
-143
-389
-253
-157
-228
-277

6

a 49
40

6 51
22
7
6
83
e 228
6
9

+181

-383
-302
-1,807 s
-118
-208

+835 +1, 720
-741
+613
+840
+123
+4
-95
-53
-17

-445
- 366
-778
-314
+78 +324
+23 - 3 2 5
-39
+42
+8 +774
+64 - 2 0 5
+37 - 2 3 7
- 2 2 +1,099
-424
—7
-84
+7
+323
-12
+2 - 4 5 1
-327
-55

+4, 514
+1,648
+5, 078
+27
+332
-398
-87
+389
+40
+172
+923
-41

+3
+939

-34
+211
+2,142
-335
-63

2
Includes processing taxes, customs, and miscellaneous receipts.
Excludes public-debt retirement.
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.
4 Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against
increment on gold (other than for retirement of national-bank notes), and beginning June 1935 transactions in checking accounts of certain special
governmental
agencies whose balances were transferred on May 31, 1935, to these accounts.
6
Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936.
6
Excess of credits.




816

FEDERAL RESERVE BULLETIN

OCTOBER

1936

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JULY 31, 1936
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
ReconComstruction modity
Finance Credit
Corpo- Corporation
ration

Public AgriculWorks
tural
Admin- credit Other
istrainstitution
tions

Financed partly from Government
funds
Farm
mortgage
institutions

Other
farm
credit
institutions

Home
mortgage
institutions

Total

Total

June
July
Other 31,July
1936 30,1936 31, 1935

ASSETS

Loans and preferred stock:
Loans to financial institutions..
Preferred stock, etc
Home mortgage loans
Farm mortgage loans
Other agricultural loans
All other loans

1

419
691

122
371
2,921

(i)

7

549
762
2,921
2,931
632
1,176

556
799
2,945
2,954
658
1,199

772
877
2,689
2,876
690
1, 120

2,931

Total loans and preferred
stock
Cash
United States direct obligations
Obligations of Government credit
agencies:
Fully 2guaranteed by U S
Other
Production credit association class
A stock
Accounts and other receivables
All other assets

1
790

216

1, 902
11

216
(i)

39
4

Total assets
other than interagency 2__
.

1, 956

35

144
240

35
5
4

385
95
24

2,931
87
41

237
14
101

3, 114
43
4

7
28
314

8,971

9,111

9,024

283

279

367

486

448

15
26

2
(2) 3

84

7

101

2

209
30

211
28

222
46

164
156

4

56
3 168

3
12

286
560

75

15
206

264
577

77
179
340

728

3,382

439

3,393

464

10, 903

11,030

10, 702

4, 245
1,398

145
145

75
2

4
14

0)
220

0)

159

162

0)

237

488

75

(0

LIABILITIES

Bonds, notes, and debentures:
Guaranteed by United States
Other 2
Other liabilities (including reserves)

1
29

1,422
2 1,217
129

175
4

3,045
3
98

4,719
1 466

4,719
1 392

5

47

359

349

5

29

2,768

178

3,145

47

6, 544

6,460

5, 842

252

0)

71
47

Total liabilities
other chan
interagency 2

0)

200

299

71

Excess of assets over liabilities, excluding interagency transactions..
Privately owned interests

1, 657

148

159

156

699

614
160

260
2

248
30

417
163

4,359
355

4,570
347

4, 860
354

U. S. Government interests...

1, 657

148

159

156

,m

454

258

218

254

4,004

4,223

4, 506

2
i Less than $500,000.
Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation.
3 Shares of Federal savings and loan associations subscribed by HOLC, formerly included in "All other assets," are now classified in ' Preferred stock, etc." "All other assets" includes $49,000,000 of unclassified assets of Federal savings and loan associations.
NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220.

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
Aug. 31,
1935

Loans to financial institutions
Loans on preferred stock of banks and insuiance companies..
Preferred stock, capital notes, and debentures
Agricultural loans
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration

615,908
48,21"
874, 275
22, 875
413,350
155,172
29, 502
32, 790
2, 253
112,849

F e b . 29,
1936
474, 596
46,730
861,749
21,910
390, 202

156, 592
46, 488
51, 853
3,876
154,242

Mar. 31,
1936
423,061

46, 720
851,086
21,873
389, 239
160, 951
48,287
53, 420
3,917
151, 593

Apr. 30, M a y 31, J u n e 30,
1936
1936
1936
410,383
45,953
844,720
8,623
394,168
164,891
50,194
54, 713
3,58;
143,838

403.148
45,992
839,714
8,684
393,154
174.149
50, 779
55, 228
3,518
129, 634

386, 343
45, 863
788, 922
1,499
388, 432
170, 269
52, 651
56,114
3,115
134,170

July 31,
1936

31,
1936

AUS;.

374, 630 i
2 45, 579
691,047
1,456
350, 841
176, 256
55,120
60,103
2,796
128,921

368,393
47, 664
672, 687
1,400
350, 948
181,339
56,149
60, 965
2,984
142, 210

Total loans and investments, other than interagency— 2, 307, 192 2, 208, 238 2,150,148 2,121,071 2,103,999 2,027,377 "1,886,748 1, 884, 738
Loans to Federal land banks
Loans to Commodity Credit Corporation
Capital stock of Commodity Credit Corporation
Capital stock of, and loans to R. F. C. Mortgage Co
Preferred stock of Export-Import banks
I
Total loans and investments.

57, 883
249, oof;

35, 215
297, 449

10, 061)
10,000

15,952
10,000

2,634,691
r

v Preliminary.
Revised.
2 Includes $761,000 on preferred stock instalment sale contracts.




1

34, 723
297, 279
16, 725
10,000

34, 365
291,961
17,623
17,000

33,948
172, 800
97, 000
18, 429
17, 000

2, 566, 854 2, 508,875 2, 482,020 2,443,17

33, 538
162, 280
97,000
19,165
17,000

32, 959
92, 368
97, 000
30,218
17,000

32, 199
93, 002
97, 000
31,213
20, 000

2, 356, 360 "2, 156, 293 2, 158, 152

Includes $128,000,000 of loans for distribution to depositors of closed banks.
NOTE.—For explanation of table and back figures, see April BULLETIN, p. 220

OCTOBER

817

FEDERAL RESERVE BULLETIN

1936

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

Federal intermediate
credit bank loans to
and discounts for—

Regional
agricultural
Other
credit
cor- financing
Land
porations,
instituFederal
Bank
tions,
land banks Commis- production
credit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives a

End of month

1933—December.
1934—December.
1935—August
September.
October....
November.
December.
1936—January...
February..
March
April
May
June
July
August

1, 232, 707
1,915, 792
2,036.067
2,047, 390
2,058, 693
2, 065. 620
2, 071, 925
2, 066, 308
2. 058, 512
2, 059, 978
2, 061, 881
2, 062, 986
2, 064.037
2, 064, 759
2, 067, 106

70, 738
616, 825
754, 502
765,319
777, 214
785, 898
794, 726
802, 782
810,811
817,899
823,110
827,052
827, 248
829, 464
831,892

73, 263
99, 675
125,137
115, 426
100, 634
100,343
104, 706
105, 457
110,806
122,849
132, 715
140,177
144,155
146, 243
144, 423

60,989
55,672
58, 761
55, 661
49,114
46,867
46, 490
46,045
46, 679
48, 045
50, 015
52,158
53, 231
53,041
52, 883

Loans to cooperatives b y -

EmerProduc- Regional
agriculgency
tion credit tural
credcrop
and
associait
corpodrought
tions
rations
loans

27
60,852
109,020
101,427
92, 573
91, 522
94,096
96, 240
103,002
116,392
127, 511
135, 467
139,468
140, 982
135, 603

144,636
87,102
64, 582
59, 225
51, 656
46, 220
43,400
41,489
40, 510
39, 617
38, 665
37, 711
36,026
34, 610
33, 042

89,811
110,186
195,943
192,182
182, 678
175,438
172, 489
170,072
168, 700
167, 826
175,151
176, 789
176, 234
174, 207
172, 863

Federal
intermediate
credit
banks

15,211
33,969
5,539
4,755
4,084
3,221
2,731
2,241
2,117
2,074
1,685
932
247
225
314

Banks for Agriculcoopertural
atives,
Marketincluding ing Act
Central
revolvBank
ing fund

18,697
27,851
31,455
43,140
48,179
51, 246
50,013
46, 566
42, 720
41,083
40,015
39, 688
39, 500
43, 018
44, 345

157, 752
54,863
46,497
46,714
46,074
44,688
44, 433
44, 286
44,155
44,306
43,
41,
44,
44,
44,

523
696
556
431
025

i3 Does not include loans by joint stock land banks, which are now in liquidation.
Some of the loans made by the regional agricultural credit corporations and 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
3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.

FEDERAL HOME LOAN BANK BOARD
LOANS OUTSTANDING, BY INSTITUTIONS
[Loans in thousands of dollars]

OBLIGATIONS FULLY GUARANTEED BY
THE UNITED STATES l
AMOUNTS OUTSTANDING, BY AGENCIES
[In millions of dollars]

Home mortgage loans by—
Federal savings and
loan associations
Rome
Owners'
Loan Cor-!
poration

End of month

Number of
associations

Total
1932—December
1933 December
1934—December .1935— \ugust
September
October
November
December
1936— Januarv
February
March
\pril

_.-

Mav

Loans
reported

End of month

ReconFederal
Home
Farm
Owners' struction
Finance
Mortgage Loan
CorporaCorpora- Corporation 3
tion 9tion

180

1934—December

3,063

980

1,834

249

3,480
3,590
3, 660
3,728
4,123
4,205
4,248
4,369
4,421
4,460
4,494

1,089
1,124
1,154
1,188
1,226
1,274
1,282
1,368
1,382
1,387
1,387

2,140
2,215
2,256
2,290
2,647
2,682
2,716
2,748
2,786
2,819
2,855

251
251
250
250
250
249
250
253
253
253
252

4,562
4,630
4,654
4,676
4,702
4,718
4, 719
4, 668

1,399
1,407
1,407
1,411
1,422
1,422
1,422
1, 422

2,911
2, 970
2,995
3,013
3,029
3,044
3,045
2, 994

253
253
252
252
252
252
252
252

32, 394, 03S

59
639

455

69,734

2, 726. 972
2, 764. 609
2,811.503
2,855,312
2, 897, 162

922
949
979
1,002
1,023

758
828
851
851
881

230, 303
264, 052
289,625
295, 480
315, 683

86, 025
90. 432
95, 595
97,089
102, 795

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

2, 924, 206
2,942,931

1,044
898
1,061
898
1,078
980
1,102
1, 006
1, 114 1, 006
1,135
1,017
1,165 '•1,025
1, 175 1,025

329, 643
336, 646
366. 405
390, 810
404, 722
444, 046
'•465, 682
479,617

102, 800
102. 942
103, 358
105, 972
110.922
118.587
122, 101
125,218

1936—January
February
March
April
May
June
July
August

2,960, 197
2,961,761
2,914,501
2 9-H °94
2, 898.043

Total

1933—December

838
85. 442
86, 658

. _ 2, 951, 640

June
Julv
August

Reporting

Federal
home
loan
bank
loans to
member
institutions -

__

180

1
Principal amount of obligations guaranteed as to interest and princiRevised
Loans outstanding. This column replaces data, previously shown, pal. Also guaranteed are debentures issued by Federal Housing Administrator.
The amount outstanding August 31, 1936, was $12,400.
for2 loans closed; new lending operations discontinued on June 12, 1936. 2
Excludes obligations guaranteed as to interest only.
Includes loans to Federal savings and loan associations, all of which
3
Excludes
obligations held by U. S. Treasury and reflected in the
are3 members, and a negligible amount to others than member institutions.
public debt. Figure for December 1933 includes notes given in purchase
Includes accrued interest.
of gold which were retired in February 1934.
r
1




818

FEDERAL RESERVE BULLETIN

OCTOBER

1936

PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value) 2

Industrial production i *
Year
and
month

Manufactures

Total

Minerals

Total

Residential

All other

Factory employment3

Factory
Freight-car Department
pay
loadings 4 *
(value)
rolls 3

Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935

84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90

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

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

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50

107
108
82
91
104
97
99
101
99
99
105
92
77
64
69
79
82

97
117
76
81
103
96
101
104
102
102
109
89
68
46
48
61
70

84
91
79
87
100
97
103
106
103
103
106
92
75
56
58
62
63

78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79

1933
Aug
Sept
Oct. __
Nov
Dec. _

91
84
76
72
75

90
85
78
72
69

91
83
76
70
73

89
84
76
70
67

91
87
81
82
86

95
94
89
85
81

24
30
37
48
57

25
30
35
42
45

12
12
12
13
13

12
12
12
12
11

33
45
57
76
93

36
45
53
66
73

77
78
78
76
75

76
80
80
76
75

56
59
59
55
54

61
60
58
59
63

65
68
66
60
56

74
68
70
67
69

59
73
77
75
121

78
81
84
86
86
84
76
73
71
74
75
86

77
83
87
88
89
84
73
73
73
75
74
78

76
80
82
85
86
83
74
72
69
72
74
85

75
82
86
89
89
84
71
71
70
73
73
76

88
92
100
90
88
87
84
80
82
81
81
90

86
89
91
81
86
86
84
83
87
87
84
85

49
44
33
32
26
26
27
27
29
31
31
31

40
38
33
36
32
31
30
28
30
29
28
25

12
12
11
12
11
12
12
10
11
12
11
12

10
10
12
14
13
13
12
10
11
12
11
10

80
70
51
48
38
38
39
40
44
46
48
47

64
60
50
54
47
46
44
43
45
43
41
36

75
78
81
82
83
82
80
79
74
77
77
79

73
78
81
82
83
81
79
80
76
78
77
78

54
60
64
67
66
64
60
62
58
61
59
63

64
64
66
62
63
64
61
59
59
57
59
64

58
61
63
60
63
64
63
63
67
64
60
56

73
73
76
76
75
73
73
76
74
74
75
77

57
59
73
73
77
70
51
60
79
82
83
135

91
89
88
86
85
86
86
87
90
95
97
104

88
91
91
89
87
86
83
r
86
90
97
97
96

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

87
91
91
91
87
84
83
87
89
96
98
95

94
96
97
87
89
98
84
81
87
93
92
101

91
92
90
79
88
97
84
85
92
100
95
96

27
28
26
27
27
30
35
38
43
48
60
67

22
24
26
30
32
35
39
40
44
45
53
53

12
14
16
18
21
24
25
24
25
25
26
26

10
13
16
22
25
26
25
24
25
25
25
22

39
39
35
33
32
36
43
50
58
66
88
101

32
33
34
38
39
43
50
54
59
62
76
79

81
82
83
82
81
80
81
82
82
84
85
86

79
81
83
83
81
80
80
82
84
85
85
85

64
68
70
70
68
66
65
69
72
74
74
76

64
65
65
61
6L
63
58
60
62
64
66
71

58
61
62
59
61
63
60
64
70
73
67
62

76
77
79
75
74
79
80
77
81
78
82
83

59
61
71
79
76
76
55
61
86
86
91
145

98
94
93
100
101
103
108

95
95
96
103
105
104
104

97
91
93
99
100
104
109
P109

95
93
97
105
105
105
105

103
110
95
105
101
99
101
P98

99
106
89
94
100
100
101

61
52
47
47
46
52
59

50
44
47
53
56
60
65

25
25
26
30
32
36
44

21
22
28
35
38
39
45

90
73
63
60
57
65
71

P68

P43

73
62
62
67
70
78
82
P84

85
84
84
85
86
86
88
89

83
83
84
85
86
86
87
89

72
72
76
77
79
79
78
81

70
70
66
69
70
70
73
70

63
65
62
66
71
72
75
76

81
83
84
84
87
87
91
87

63
66
77
85
89
84
63
68

1934
Jan.
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec
1935
Jan.. _
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov.. _
Dec
1936
Jan
Feb
Mar...
April
May
June
July ....
An;;-.

P1()7

P78

r
p Preliminary.
Revised.
* Average per working day.
i For indexes of groups and separate industries see pp. 819-820; for description see BULLETIN for February and March 1927.
« 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358.
3
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 F. R. Board of Governors see BULLETINS for June 1934, pp. 324-343, and December 1935. p. 888. For current indexes of
groups and separate industries see pp. 821-822. Underlying figures are for pay-roll period ending nearest middle of month.
* For indexes of groups see p. 824.
6 Revised series.
Back figures—See Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for August, 1936.




819

FEDERAL RESERVE BULLETIN

OCTOBER 1936

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Board of Governors; adjusted for seasonal variation.

1923-25 average=100]

1935

1936

Industry
Sept.

Oct.

Nov.

88

91

95

98

104

81
60

83
62
86

88
65

96
69
99

103
71
106

106
95
112

106
98
118
134

111
108

108

113
99
126
146
121

74
134

132

Aug.
Manufactures—Total
IRON AND STEEL

Pig iron
Steel ingots
TEXTILES

Cotton consumption.
Wool
Consumption
Machinery activity *
Carpet and rug loom activity i.
Silk deliveries

FOOD PRODUCTS

Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings

83
104
85
-131
160
110
'•SO
113

127

90

78

76
76

78
76

83

50
107
119
159

50

57

107

111
117
154
88

118
72
112
82
79
54
107

Dec.

114
125
122
66
119

Feb.

Mar.

97

91

93

86
67
88

83

83
64
85

105

102

106
107
117
114
66

111
120
117
75

100
100
96
105
99
68

98

91

107

92
84

84
77
52

87

Jan.

63
85
99

78

118
148
86
86

83
80
54
110
126
145
84
92

61
111
120
152
91
124

109
109
145
96
93

83
61
109
115
151
92
96

82

Apr

May

June

July

99

100

104

109

i>l 09

100
102

105
85
107

113
89
115

119
90
122

121
93
124

100
105
89
93
95
68
102

100
103
97
103
101
68
97

107
111
103
121
95
66
101

115
124
'100
125
'97
'67
108

120
125
115
136
101
77
118

90
89
68
114
116
134
88
95

84
84
66
104
111
128
87
78

88
85
64
113
119
133
94
89

92
92
72
116
130
135
101
77

91
96
70
128
141
138
92
71

77

Aug.

73
78

124
144
82
81

58
120

127

61
124

64
125

63
133

60
124

60
127

62
132

60
131

59
136

62
137

60
131

60
136

69
1

93
1

114

125
3

110
0

90
0

109
1

124
3

118
5

118
7

123
9

96

104

105
97

109
105

94
85
115
119

112
97
93
78
124
122

'102
91
84
88
113
'109

113
94
93
77
117
126

P114

95
118
137

111
96
95
85
110
121

94
77

119
110

118
103
96
103
122
127

110

105
84
124
111

124
105
103

107
93

98
74

47

77
223

PAPER AND PRINTING:

Newsprint production
Newsprint consumption

62

TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives
LEATHER AND PRODUCTS

Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes

77
2
105
93
91

3

97

114
113

94
90
83
115
110

44
167

47
179

52
193

59
200

59
269

49
161

58

71

225

178

211

74
212

74
192

74
200

91

92

92

80

81

103

105

95

101

98

112

128

Petroleum refining
Gasoline 1
Kerosene
Fuel oil i
Lubricating oili
Coke, byproduct

169
219
93
103
100
91

172
223
92
110
102
95

169
214
94
121
96
104

172
215
94
130
98
103

168
210
98
119
105
100

178
223
104
119
116
112

180
227
97
120
116
120

181
233
98
117
108
123

183
236
96
117
110
121

RUBBER TIRES AND TUBES

92
96
62

102
105
80

116
120
90

82
84
64

77
80
62

96
99
75

95
98
73

107
111
75

127
131
95

130
67
178

77

103
116

CEMENT AND GLASS:

Cement
Glass, plate
NONFERROUS METALS: 2

Tin deliveries1

FUELS, MANUFACTURED:

Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS

Cigars
Cigarettes

Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver

176

176

173

227

97

225
94
115
106
100

220
86
121
104
106

104
106
84

133
137
102

142

147

129
69
175

138
70
190

137
69
191

73
205

148
73
208

148
75
207

140
71
193

152
74
214

145
71
204

147
70
209

J 54
76
216

81

87

93

92

101

103

110

95

105

101

99

101

58
36
133

75
48
140
62
80
68

71
48
144
44
82

78
71
146

80
70
148

92
93
143

70
48
146

84
63
150

81
60

58
65
135
62
84
59

71

75

68

84
63
80

77

59

84
70
68

85
59
90

91
70
96

76
69
149
80
94
75
91

74
66
146
80
103
69
103

80
65
144
81
104
71
101

54

95
110
103

67

104

147

62
93

126

117
73
208

87
100
60

r
2
W i t h o u t seasonal a d j u s t m e n t .
p Preliminary.
Includes also lead a n d zinc; see " M i n e r a l s . "
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.




820

FEDERAL RESERVE BULLETIN

OCTOBER 1936

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Board of Governors; without seasonal adjustment.

1923-25 average=100]
1936

1935

Industry
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Manufactures—Total

87

__

TEXTILES

Cotton consumption . . . ._ __
Wool
Consumption ._
.
Machinery activity
Carpet and rug loom activity .
Silk deliveries
FOOD PRODUCTS .

Slaughtering and meat packing
Hogs
Cattle
Calves . .
Sheep
Wheat flour.. .
Sugar meltings

98

95

95

93

97

105

105

105

105

P106
118
89'
121

79
58
81

83
60
85

85
65
87

89
70
91

90
69
92

83
67
85

87
64
89

94
67
96

111
82
114

114
87
117

113
88
115

111
85
113

99
77
149
110
'80
117

106
92
115
133
108
74
141

116
102
134
161
121
78
132

111
101
124
146
118
72
116

105
100
114
126
122
66
106

110
111
108
120
114
66
112

108
106
117
131
117
75
98

102
105
98
107
99
68
103

103
112
88
90
95
68
101

100
106
92
95
101
68
96

101
106
97
109
95
66
90

'107
113
••99
112
r
97
-•67
103

113
112
110
126
101
77
123:

74
68
38
104
109
160
78
88

81
74
37
119
119
168
97
86

86
84
49
129
123
170
99
74

86
87
60
123
120
146
93
67

82
91
71
115
120
142
81
52

92
96
81
112
112
154
89
82

82
75
57
96
101
136
93
91

86
78
62
95
116
137
86
113

85
80
61
101
126
126
80
110

82
81
64
101
126
126
82
87

87
84
65
106
124
131
83
106

90
87
64
115
126
135
98
94

87
8553
126.
13G
1399979-

56
107

62
125

61
132

63
134

63
137

61
119

60
125

61
138

61
141

60
140

64
135

59
117

59121

69
2

28
1

77
1

124
4

125
3

108
0

93
0

124
1

149
3

142
5

128
9

82:

116
95
90
93
111
130

120
100
94
96
121
132

115
103
101
88
124
123

104
103
104
80
122
105

106
102
100
81
127
108

109
99
97
85
116
116

113
99
101
78
114
122

110
92
95
69
105
122

108
95
94
76
114
117

103
91
88
74
116
111

••98
90
83
'86
113
"103

112
94
90
90
109
123

57
169

59
181

59
193

58
192

46
202

29
201

29
174

42
194

70
235

87
231

92
196

91
198

99
226.

91

92

92

80

81

103

105

95

101

98

112

128

107'

169
219
88
103
100
88

173
223
94
110
102
93

176
227
100
110
103

176
225
101
115
106
102

174
220
93
121
104
107

170
214
96
121
96
105

172
215
96
130
98

168
210
95
119
105
103

178
223
103
119
116
114

179
227
93
120
116
119

181
233
91
117
108
121

182
236
90
117
110
118

122

91
94
68

97
99
80

76

99
103
75

99
102
75

107
110
82

85
87
67

113
117
86

121
125
89

130
135
90

124
129
90

139
70
192

143
79
193

148
85
200

140
82
189

119
55
168

141
56
204

135
65
188

132
64

140
70
195

147
73
206

161
76
230

167
80
238

85

92

100

95

96

99

106

OS
OO

Pig iron
Steel ingots

96

CO
OO

IRON AND STEEL

89

94

100

100

101

57
36
136
109
75
57
59

61
65
139
119

82
62
141
105
78
70
74

80
50
143
37
82
70
73

83
69
142

88
75
142

98
99
140

70
40
145

71
65
150

86
70
68

89
63
81

82
64
100

90
60
99

95
69
97

66
69
150
120
95
73
88

66
57
149
157
99
70
101

PAPER AND PRINTING:

Newsprint production
Newsprint consumption
TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives
LEATHER AND PRODUCTS

Tanning
Cattle hide leathers
Calf and kip leathers
Qoat and kid leathers
Boots and shoes.. _ . . .

_ __ __ __

CEMENT AND GLASS:

Cement
Glass, plate
NONFERROUS METALS:

Aug.
1

i

P12?

146i

!

Tin deliveries

Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS

Cigars
Cigarettes

. _

Minerals—Total
Bituminous coal...
Anthracite .
Petroleum, crude. _ _ Iron ore
Zinc
__ .
Lead
Silver

___

79
56
68

gg §

.

RUBBER TIRES AND TUBES

.OcO

Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct

CO

FUELS, MANUFACTURED:

67

158
76
225

_o

?>74

53
147
164
97
68
85

P151
177
93
58

P47

r
i Includes also lead and zinc; see "Minerals."
P Preliminary.
Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS far 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

821

FEDERAL RESERVE BULLETIN

1930

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory pay rolls

]factory employment

Adjusted for seasonal
variation

Industry and group

1935

1936
August

Total
IRON \ N D STEEL PRODUCTS1

Blast furnaces and steel works
__
Cast-iron pipe
Cutlery and edge tools
Hardware
Steam, hot-water heating apparatus, etc
Stoves
Structural metal work
. __
Tin cans, etc
Wirework
_ _ __ _
MACHINERY

]

-_-_.__

Agricultural implements
Electrical machinery, etc
-_ -Engines, turbines, etc
Foundry and machine-shop products
Machine tools _ _ _ _
Radios and phonographs
_
Teytilf machinery
TRANSPORTATION EQUIPMENT

_

l

Automobiles
Cars, electric and steam railroad
Locomotives
Shipbuilding
RAILROAD R E P \ I R SHOPS

Electric railroads
Steam railroads
NONFERROUS METALS AND PRODUCTS

l

Brass, bronze, and copper
Lighting equipment
Silverware and plated ware
Smelting and refining
Stamped and enameled ware
LUMBER AND PRODUCTS 1

_

Furniture
Lumber, millwork
Lumber, sawmills

_.

STOVE, C L \ Y , W~D GLVSS PRODUCTS l

Brick, tile, and terra cotta
Cement
Glass
Pottery

_

TEXTILES AND PRODUCTS '

A. Fabrics 1
Carpets and rugs
Cotton goods
Dyeing and finishing
Knit goods
Silk and rayon goods
Woolen and worsted
goods
B. Wearing apparel 1
Clothing, men's
Clothing, women's..- ._ __
Millinery
Shirts and collars
_

LEATHER \ N D PRODUCTS

Boots and shoes__ _ _
Leather

______

FOOD PRODUCTS ]

Baking _

Butter

_

Canning and preserving
_. _
Confectionery
Flour
Ice cream _
__
_ _.
Slaughtering and meat packing
Sugar refining, cane
__ _

.

Without seasonal adjustment

July

August

August

July

1935

1936

1935

August

August

July

August

88.6

87.7

'81.8

88.7

86.8

'82.0

81.0

77.8

'69. 1

85.6
87.7
60.7
80.8
50.6
65.6
115.3
78.1
102. 9
139. 2

85.1
87.0
59. 6
76. 9
56.0
64. 1
117.7
73.8
100.3
145.6

73.4
74.3
'49. 9
79.4
50.3
52.5
102.2
56.5
97.0
116.4

85.4
87.0
62.3
76. 8
48.8
66.2
115.1
80. 0
110.3
142.0

83.8
85.8
61.5
74.0
54 6
63. 1
75.3
104 3
142 4

73.2
73.7
'51. 2
75. 6
48.5
53. 0
102 0
57. 9
104 0
118.7

79. 8
85. 5
43.7
66.7
44.2
52. 0
96.9
71.4
111.7
127.8

75.8
82.1
42.2
60. 0
49. 0
46. 6
82.3
66.1
102.4
130.0

'59. 4
61. 6
'29.1
57. 1
39.4
36. 4
80. 4
43. J)
103. 6
'96. 3

100.7
109. 8
81.6
108.9
89.2
119.4
231. 6
72.0

'101.1
125.0
80.9
113. 0
88.2
113.1
244.0
71.4

87.1
124.4
70.4
100. 7
73.9
101. 8
194. 4
62.7

101. 1
104. 0
81.6
109. 3
89.4
107.8
254.8
71.9

'100 5
118.4
80.9
113 9
88.2
112 0
234 2
71.1

87 3
117.8
70.4
101 1
74.0
91.9
213 8
62.6

88.6
112.1
72.4
81.8
79.7
102. 6
173. 6
63.8

'87. 6
130. 5
72.6
84.2
77.4
103.1
149.9
61.6

71.2
137.5
57.8
73. 9
60. 0
80. 5
133.9
50. 5

92.2
96.4
64.1
43.1
102. 9

98.2
106.4
56.0
43.0
99.0

'83.7
94.9
'30.4
'24. 7
76.5

92.2
96. 6
67.3
43.7
97.3

101.0
109. 6
60 0
45 1
96.7

83. 6
95.1
'32 0
'25 0
72.4

83.5
85.2
74.2
24.0
93.1

93.3
99. 5
05. 7
23.7
92. 5

'65. 4
'72.2
'30. 7
'10.4
61. 5

59.9
65.9
59.4

58.6
65.8
58.1

52.7
65. 3
51.7

60.0
65. 9
59. 6

58 9
65. 8
58.4

59 8
65. 3
51.9

59. 5
61.0
59. 5

5S. 0
61.7
57.8

49.0
59. 6
48.3

94.3
91.1
85.8
67. 9
92.2
114.5

90.9
89.0
83.2
59.2
91.0
110.7

83.7
78.8
73.3
71.7
83. 6
104.2

92.5
90.4
83.9
66. 1
89.1
112.0

88.7
88.1
79.3
54.9
89 5
109. 4

82.0
78.2
71.7
69. 8
80 8
101.9

79.0
78..1
77.0
51.0
65. 9
97.9

73.6
72.3
74. 3
39. 7
65. 7
91.9

64.7
61. 1
64.2
52. 0
53.2
82.3

58.7
82.5
53.6
36.6

58.2
81.4
51.0
37.6

54. 6
73. 3
46. 8
35. 6

59.4
82.7
54.4
37.6

58 1
77 7
51 5
38.4

55 3
73 4
47 5
36. 6

52. 6
69. 1
49. 0
30.8

48.5
60. 5
44.2
30. 0

44.4
56.0
37.7
27.9

60.4
40.0
57.4
99.7
69. 1

60. 5
39.7
55.8
101.0
69.6

54. 8
31.2
50. 5
97.4
67.7

61.9
43.3
61.1
98. 0
68.3

61. 1
43. 0
60 0
97 0
67. 0

55. 9
33. 8
53 8
9,5 7
67. 0

51.6
32. 1
48.8
94. 6
52. 7

48.8
31.3
46. 9
89. 1
48. 1

40.9
21.2
35.8
82.3
46. 6

101.7
98.5
85.2
101. 3
107. 7
120. 6
69.1
91.8
104. 6
93.1
143.2
66.7
113.2

98.2
95.9
84.4
96.4
109. 0
117.8
65. 4
'92. 5
99.3
92. 9
129.9
55.8
108.6

96. 1
93.3
86.4
85.9
107.4
114.9
76.7
99.4
98.4
90.9
131. 4
59. 9
107. 6

98.2
94.8
82.5
96.2
103. 2
115.9
68.0
89. 9
101.8
95.9
132.3
64. 1
111.4

93 4
92 0
79. 9
93 4
102.2
111 8
64. 0
'88. 0
92. 5
93.7
109 8
48 1
104.8

99 9
89 9
83.7
81 6
102.9
110 4
75. 5
97. 3
96. 0
93. 6
121.4
57 6
105. 9

85.8
84.3
77.9
84.7
89. 1
1 18. 3
60. 0
71. 1
83.7
76. 8
104. 9
60. 0
110.9

'76. 2
'78.4
70. 4
80.7
85. 0
104. 0
54. 3

78.9
76. 5
80. 6
64. 8
84.3
105.5
65. 1
76. 9
78.8
74.3
97.9
52.5
102. 9

86.7
83.9
97.7

86.4
83.8
97.2

87.0
84.9
95.8

89.7
88.1
96. 2

86. 9
85. 1
94 5

90. 1
89. 1
94 4

82. 7
77.4
99. 5

76. 5
70.8
94.7

81.7

105. 0
117. 0
72.7
99.5
77.1
74.3
73.2
91.6
79.3

103.9
114.9
73 2
101.4
75.9
75.3
75.6
89.7
77.5

'100. 3
111.4
70.8
'106.4
74.6
75.2
73.2
81.0
78.9

115.8
117.4
79 0
183. 1
72.2
75.4
85.9
89.8
82.4

107 7
116.6
80 8
125.8
65 8
76. 1
90.4
89 2
80.6

'111 8
111.7
76 9
'195. 9
69 8
76. 3
85. 9
79 4
82.0

110. 1
106. 9
64 3
222. 5
64.8
72.9
72.8
86.4
71. 7

103. 6
106. 9
65 6
135. 0
55. 1
73. 8
79. 3
85. 6
74.8

'100. 9
95. 7
60. 4
'230.1
60.4
66. 1
69. 3
73.2
71.3

' Revised
1
Includes current statistics for one or more industries not shown separately.




1936

Without seasonal adjustment

<•'

106 9

67'. 4
71.2
72. 5
36. 8
94. 1

94. 2

822

FEDERAL RESERVE BULLETIN

OCTOBER

1936

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory employment

Industry and group

Adjusted for seasonal
variation
1936
August

TOBACCO PRODUCTS

Chewing and smoking tobacco and snuffCigars and cigarettes

PAPER AND PRINTING

Boxes, paper
Paper and pulp
Book and job printing
Printing, newspapers and periodicals...
CHEMICALS AND PETROLEUM PRODUCTS L_1

A. Chemical group, except petroleum
Chemicals
Druggists' preparations
Explosives..
Fertilizers
Paints and varnishes
Rayon and allied products
B. Petroleum refining..

RUBBER PRODUCTS

1

Rubber boots and shoes
Rubber tires and inner tubes_.

59.6
66.1

Without seasonal adjustment

1935
July

Factory pay rolls

August

1936

August

Without seasonal adjustment
1936

July

August

August

1935
July

August

67.4
••56. 6

58. 1
65. 9
57.1

59.4
64.6
58.7

'57. 2
64.0
r
56. 3

57.9
64.4
57.0

51. 5
65.0
49.7

49.2
65.4
47.1

46.6
65.1
44.2

100.6
90.1
110.6
94.4
102. 0

98.9
88.2
109. 8
91. 1
101.2

97.1
86.7
108.8
89.1
98.4

110. 6
92.8
100. 0

97.9
85.7
109. 8
89.9
99. 9

95.9
85. 3
108. 8
87.6
96.5

90.7
85.8
97.7
82. 1
94.0

87.7
79.4
93.2
78.9
93.4

83.0
78.7
87.2
76.5
86.3

115.4
116.3
120. 1
98.4
93.6
92. 6
115.0
362. 9
105. 6
111.7

114.2
114.8
118.1
101.7
93.2
99. 4
113. 1
353. 3
97.6
rill.6

111.4
111.8
111.6
99.3
85.8
92. 1
108.4
340.3
99.4
110. 1

112.2
111.8
115.9
96. 4
94.3
69. 9
111.9
362. 9
104. 1
113.8

110. 6
*iO9. 8
115.3
96. 3
92.2
67. 4
112.9
353. 3
94. 6
'114. 1

107.9
106. 9
107. 7
97. 3
86.5
69. 5
105. 5
340. 3
98.0
112.2

105.8
105. 2
113.0
98. 8
92.6
67.4
99.7
284.6
102. 8
107.5

rl03.5
'"102. 2
110. 5
94.6
88.3
64.1
100.4
272.8
93.5
'•107. 8

97.0
95.4
100. 8
92.0
76. 9
63.3
87.8
253.4
93.8
102.5

87.0
66. 1
75.2

83. 6
62. 1
70.4

80. 4
60. 4
69. 6

85. 6
63.1
75. 3

84. 5
60. 1
73.6

79. 1
57. 6
69. 7

80.3
56.1
72.6

77.0
51. 5
70.0

64.3
49.4
55. 8

»• Revised.
* Includes current statistics for one or more industries not shown separately.
N O T E . — T h e 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 M a y 1934, p p . 270-271, and September 1936, pp.736-737. For description and back figures for
the seasonally adjusted index of factory employment compiled by the F . R. Board of Governors, see BULLETIN for June 1934, p p . 324-343, December 1935, p. 888, and September 1936, p p . 736-737. Underlying figures are for pay-roll period ending nearest middle of month. August 1936 figures
are preliminary, subject to revision.




OCTOBER

823

FEDERAL RESERVE BULLETIN

1936

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]

Residential

Total

Factories

Commercial

Public works
and public
utilities

Educa tional

1935

1935

1935

Month

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

_ __
. __ _
_.

. _

Year

1935

1936

99 8
75.0
122.9
124.0
126.7
148.0
159.3
168.6
167 4
200.6
188 1
264.1

204.8
142.1
199.0
234.6
216.1
233.1
r
294. 7
275. 3

1936

1935

1,844 5

22 4
16.6
32.2
42.2
44.9
49.8
48.4
40.5
41 8
55.1
39 7
45.1

37 4
31.2
55.2
67.2
70.3
73.6
'72.0
100. 5

1935
7.1
7.8
6.5
6.3
9.8
9.5
14.6
10.6
6 0
12.0
8.9
9.9

1936
9.0
13.4
18.4
25.5
12.9
10.2
19.1
15.0

108.9

478 8

CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS

10.8
9.2
12.2
15.2
13.9
15.0
15.8
17.3
13.6
16.6
12.8
12.0

1936
15.5
12.6
17.3
24.3
18.8
21.9
28.6
22.0

1936

44.4
27.8
46.3
40.5
31.4
39.1
53.9
69.5
76.1
86.3
80.3
94.5

76.9
48.3
62.3
73.4
63.6
80.4
126.6
94.4

690.2

164.5

3.7
5.8
10.4
8.3
9.0
17.7
9.2
8.7
4 3
9.2
24 7
62.6

All other

1935

•1936
39.5
21.1
19.2
23.2
20.7
18.3
23.3
12.3

173.5

1936

11.4
7.9
15.4
11.5
17.7
16.8
17.4
21.9
25.6
21.3
21 7
40.1

26.5
15.5
26.6
21.1
29.8
28.7
25.1
31.1

228.7

COMMERCIAL FAILURES, BY DISTRICTS

Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
Number
Liabilities
1936

1935

Federal Reserve district
Aug.

July

Federal Reserve
district

1936
Aug.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
_. _.
Chicago
St. Louis. . . .. _
Minneapolis
Kansas City
Dallas
Total (11 districts)

' Revised.




_____

23, 296
71, 883
17,194
21,101
28, 274
]8, 304
52, 847
17,313
9,881
6,198
8, 990
275, 281

20, 283
61, 726
17, 764
28, 040
21, 492
33,312
49, 207
26,144
n 1,783
13, 082
11,902
r

294, 735

1935

1936

1935

Aug.
11, 855
33, 981
8,972
19,578
23, 273
10, 032
29,067
11,881
6, 647
7,076
6,194

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City ___ .
168, 557 Dallas
San Francisco
Total

_

July

Aug.

Aug.

July

Aug.

61
198
29
43
38
23
88
24
14
32
20
85

71
202
38
53
40
24
72
24
21
25
12
57

92
240
50
72
38
51
106
32
18
25
36
124

611
3,627
411
379
294
114
1,242
215
128
192
270
788

750
4,229
472
580
703
237
824
205
126
185
63
1,531

735
3,793
1,322
1,747
960
515
1, 637
217
143
138
1,070
989

655

639

884

8,271

9,904

• 13, 266

824

FEDERAL RESERVE BULLETIN

OCTOBER

1936

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

Merchandise imports 2

l

Excess of exports

Month
1932

1933

1934

1936

1935

1932

1933

1934

1935

1936

1932

1933

1934

1935

37
30

9
11
8

11
— 11
-3
-10
9
r
-6

150
154
155

121
102
108

172
163
191

176
163
185

199
182
195

136
131
131

96
84
95

136
133
158

167
152
177

187
193
198

15
23
24

25
18
13

April

135
132
114

105
114
120

179
160
171

164
165
170

193
••200
185

127
112
110

88
107
122

147
155
136

171
171
157

203
191
190

9
20
4

17
7
-2

6
34

-6
—5
13

July
August

107
109
132

144
131
160

162
172
191

173
172
199

180
P!78

79
91
98

143
155
147

127
120
132

177
169
162

194
P195

fifiptp/mhp.r

27
17
34

1
-23
13

34
52
60

-3
3
37

October
November
December

153
139
132

193
184
193

206
195
171

221
270
223

105
104
97

151
129
134

130
151
132

189
169
187

48
34
35

42
56
59

77
44
38

32
100
37

Year

1,611

1,675

2,133

2,283

1,323

1,450

1,655

2,047

288

225

478

235

May

June

CO
CO

CO
CO

January
February
March

1936

P

-14
17

r
9 Preliminary.
Revised.
* Including both domestic and foreign merchandise.
2General 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 1932, p. 160.

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]
1935
Aug.

April M a y

June

July

Aug.

Month
Adjusted for seasonal variation
Total
Coal
.
Coke
Grain and grain products...
Livestock..
Forest products
Ore
Miscellaneous1 _
.. _
Merchandise

60
58
48
75
44
40
51
62
64

69
77
61
86
41
40
53
77
63

70
73
70
84
39
44
71
80
64

70
70
75
89
41
46
72
79
66

73
74
83
98
49
48
77
80
67

70
71
79
73
52
47
82
77
67

64
56
43
90
39
42
87
68
64

66
64
58
66
38
42
27
79
65

71
65
70
69
37
46
107
83
66

72
61
69
77
35
48
130
83
66

75
65
73
117
41
47
139
84
66

January
February
March
April
May
June

__ _

July
August
September

Withou ; seasonal adjustment
Total
_
Coal _
Coke
Grain and grain products...
Livestock
Forest products
Ore
Miscellaneous]

Index of sales 1

Index of stocks (end of
month)

Adjusted
Without
for seasonal
seasonal
variation adjustment

Adjusted
Without
seasonal
for seasonal
variation adjustment

1935

1936

1935

1936

1935

76
77
79

81
83
84

59
61
71

63
66
77

75
74
79

84
87
87

79
76
76

80
77
81

91
87

55
61
86

1936

76
68
71
88
46
50
141
85
67

October
November
December.
Year
r

__

78
82
83

86
91
145
79

1936

1935

64
64
63

66
65
65

57
61
65

58
62
67

85
89
84

64
64
63

65
65
64

66
66
61

68
67
62

63
68

61
62
64

'63
67

57
60
67

59
65

66
67
65

1936

72
75
61
64

Revised.
Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and Sun1
days and for 6 holidays: New Year's Day, Memorial Day, Independence
In less-than-carload lots.
Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for
seasonal variation makes allowance in March and April for the effects
Based on daily average loadings. Source of basic data: Association of upon sales of changes in the date of Easter.
American Railroads.
Back figures.—Department store sales, see p. 631 of BULLETIN for
August 1936; department store stocks, see pp. 254-255 of BULLETIN for
Back figures.—See BULLETIN for February 1931, pp. 108-109.
April 1935.
Merchandise




1

825

FEDERAL RESERVE BULLETIN

OCTOBER J936

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.

Year, month, or week

All
commodities

1926=100]
Other commodities

Farm
products

Foods

Hides and
leather
products

Total

Chemiand
Metals
HouseTextile Fuel
lighting and metal Building cals and furnishproducts materials
products materials
drugs
ing goods

Miscellaneous

95.3
86.4
73.0
64.8
65.9
74.9
80.0

104.9
88.3
64.8
48.2
51.4
65.3
78.8

99.9
90.5
74.6
61.0
60.5
70.5
83.7

91. 6
85.
75. 0
70.
71. 2
78. 4
77.9

109.1
100.0
86.1
72.9
80.9
86.6
89.6

90.4
80.3
66.3
54.9
64.8
72.9
70.9

83.0
78.5
67.5
70.3
66.3
73.3
73.5

100.5
92.1
84.5
80.2
79.8
86.9
86.4

95.4
89.9
79.2
71.4
77.0
86.2
85.3

94.2
89.1
79.3
73.5
72.6
75.9
80.5

94.3
92.7
84.9
75.1
75.8
81.5
80.6

82.6
77.7
69.8
64.4
62.5
69.7
68.3

80.5
80.7
80.5
80.6
80.9

79.3
79.5
78.2
77.5
78.3

84.9
86.1
85.0
85.1
85.7

77.9
77.8
78.3
78.8
78.7

89.6
90.9
93.6
95.0
95.4

70.9
71.8
72.9
73.4
73.2

74.1
73.0
73.4
74.5
74.6

86.6
86.6
86.5
86.9
86.8

85.4
85.9
86.1
85.8
85.5

78.6
80.2
81.1
81.2
80.6

80.5
80.5
80.6
81.0
81.0

67.3
67.1
67.5
67.4
67.5

1936—January
February... ._ _.
March
April
Mav
June
July
August _.

80.6
80.6
79.6
79.7
78.6
79.2
80.5
81.6

78.2
79.5
76.5
76.9
75.2
78.1
81.3
83.8

83.5
83.2
80.1
80.2
78.0
79.9
81.4
83. 1

78.8
79.0
78. 9
78. 9
78. 8
78. 8
79. 5
79. 7

97.1
96.1
94.9
94.6
94.0
93.8
93.4
93. 6

71.7
71.0
70.8
70.2
69.8
69.7
70.5
70.9

75.1
76.1
76.2
76.4
76.0
76.1
76.2
76.3

86.7
86.7
86.6
86.6
86.3
86.2
86.9
87. 1

85.7
85.5
85.3
85.7
85.8
85.8
86.7
86. 9

80.5
80.1
79.3
78.5
77.7
78.0
79.4
79.8

81.4
81.5
81.4
81.5
81.5
81.4
81.2
81.4

67.8
68.1
68.3
68.6
69.2
69.7
71.0
71.5

Week ending—
1936—May 9 .
May 16
May 23 _ _
May 30
June 6_.
June 13
June 20
June 27
July 4
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept 5
Sept 12
Sept. 19
Sept. 26

78.6
78.1
78.2
78.4
78.4
78.7
78.7
79.4
79.5
80.3
80.1
80.2
80.3
81.1
81.1
81.5
81.2
80.9
81.5
81.4
81.0

76.2
74.4
75.0
75.9
76.5
77.4
77.4
80.2
80.2
82.5
80.8
81.4
81.5
83.2
83.6
84.6
83. 3
82. 1
84.6
84. 8
83. 1

78.0
77.4
77.5
78.4
78.7
79.4
79.7
81.0
80.8
81.8
81.3
81.0
81.0
82.9
82.6
82.8
82.5
82. 2
83.5
83. 1
82. 5

78. 9
78. 8
78. 7
78.8
78. 7
78. 8
78. 7
78. 8
78. q
79. 2
79. 4
79. 5
79. 4
79. 6
79. 6
79.7
79.7
79. 6
79. 6
79.6
79. 7

94.9
94.8
94.3
94.3
94.6
94.6
94.4
94.4
94.2
94.3
93.8
94.0
94. 1
94.4
94.2
94.3
94. 3
94.5
95. 0
95. 4
95. 8

69.6
69.5
69.2
69.2
69.1
69.3
69.4
69.5
69.5
69.6
70.1
70.2
70.3
70.5
70.6
70.4
70. 3
70. 1
70.2
70. 5
70. 6

77.2
76.9
76.8
76.8
76.7
76.6
76.4
76.4
76.4
77.0
76.9
76.8
77.0
77.0
76.9
77.0
76. 9
76. 9
77.0
76. 9
77.0

86.0
85.7
85.7
85.7
85.7
85.7
85.5
85 4
85.6
86.1
86. 1
86.2
86.3
86.3
86.3
86.3
86.4
86.4
85. 9
85. 9
85. 9

85.6
85.5
85.6
85.7
85.7
85.8
85.6
85.6
85.7
86.1
86.1
86.8
86.8
86.9
86.9
86.9
86. 9
87.0
86. 8
87. 0
86. 9

77.5
77 3
77.3
77.4
77.3
77 3
77.6
78.0
78.3
78.6
79.0
79.1
78.9
78.8
79.2
79.5
80. 3
80.5
81.5
81.5
81.8

82.8
82.8
82.8
82.9
82.9
82.9
82.9
82.6
82.6
82.4
82.5
82.6
82.6
82.4
82.5
82.6
82.6
82.6
82.8
83. 1
83.2

68.4
69.2
69.1
69.1
69.0
69.3
69.6
70.1
70.3
70.7
71.4
71.3
70.5
71.3
71.1
71.6
71.6
71.4
71.3
71.2
71. 1

1929
1930
1931.
1932
1933.
.
1934
1935. _

.
.
._

..

1935—August

September
October
November
December

1935

1935

1936

Subgroups
Aug.

May

June

July

Grains
Livestock and poultrv
Other farm products

79.3
91.6
71.4

70.6
82.5
71.4

73.0
83.2
75.8

88.9 102. 4
82.0 84.5
78.2 77.8

75 7
94.6
60 5
102.0
78. 6

75 0
82.2
72 3
85.1
71.5

77.6
81.6
82 0
85.1
72.3

83.8
84.4
79.7
84.9
73.4

87.6
87.5
76. 1
86.4
75. 6

98.3 100.2
80. 4 87.3
80.2 84.4
84.4 95.4

99.7
89.0
83.2
95.4

99.3
87.8
83.0
95.4

99. 3
90.0
82.4
95. 4

80.5
82 5
60. 2
31.0
76.4
69. 1

80.9
75 4
60.3
29.3
82.6
66.9

80.7
78 7
59.3
30.7
82.0
66.8

80.8
79 5
60. 3
31.6
81.2
67 0

FOODS:

Butter, cheese, and milk
Cereal products ..
Fruits and vegetables
Meats
_
Other foods

HIDES AND LEATHER PRODUCTS:

Boots and shoes
Hides and skins
Leather
__ _.
Other leather product s

TEXTILE PRODUCTS:

—

81.1
75 5
60. 6
29.1
82.2
67. 5

F U E L AND LIGHTING MATERIALS:

Anthracite
Bituminous coal . .
Coke
Electricity
Gas
Petroleum products

Aug.

May

June

July

Aug.

93. 6
87. 1
94.7
66.9
71. 1

94.2
86.3
93.0
70.7
73.8

94.2
86. 3
92.9
70.0
73.8

94.2
87.6
92.9
70.4
76.5

94.2
87.9
92.9
70.8
76.5

89.0
94.9
82.0
78.6
71. 1
92. 0
90. 1

88.8
95.5
83.0
78.8
73.8
92.0
89.9

89.2
95. 5
82. 1
79.5
73.8
92. 5
90.1

89.2
95. 5
83.7
80.4
76. 5
97. 1
90.2

89.1
95.5
83.8
81.0
76. 5
97. 1
90. 3

84.3
73.8
66 8
68.1

84.1
73.2
64 7
65.3

84.3
73.2
64 0
66. 0

85.9
73.0
65 2
68.7

86.2
73.3
66 7
69. 3

Furn ishings___
Furn itnrfi

84.0
77.0

85.0
77.9

85.2
77.5

85.1
77.2

85.2
77.6

Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crudeOther miscellau eou*5

45.0
71.3
79. 7
24.5
80. 0

47.5
71.2
80. 5
32.3
80.7

47. 5 47. 5 47.5
80.7 107. 9 114. 2
80 6 80.6 80.6
33.0 34.3 33.7
80.8 80.8 81.3

Aug.

FARM PRODUCTS:

Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted i*oods
Other textile product

1936

Subgroups

METALS AND M E T A L PRODUC rs:
Agricultural implements..

Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating

BUILDING M A T E R SLLS:

Brick and tileCement _
Lumbar
Paint materials
Plumbing and leating
Structural steel
Other building materials

CHEMICALS AND D IIUGS:

Chemicals
Drugs and phairmaceutica Is"
Fertili7Qr rnatpr ials
_.
Mixe d fertilizers

HOUSEFXJRNISHING GOODS:
MISCELLANEOUS:

78.6
96. 0
88.6
86.7
91.8
52.4

76.6
96. 5
93. 7
84.2
87.3
58.2

77.0
96.5
93. 7
83.4
88.0
57.7

78.5
96.0
93. 7
83.4
87.9
58.1

79. 1
96.4
93 7
57. 9

Back figures.—For monthly and annual indexes of groups, see Annual Report for 1935 (table 80); indexes of subgroups available at Bureau
of Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81),




826

FEDERAL RESERVE BULLETIN

OCTOBER

1936

SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of September 1, 1936]
[In thousands of units]
Cotton
Federal Reserve district

_
-_.
-

Bales

1,346
2,649

1, 290
2,726

2 2, 243

3 2, 644

471
3,569
360

198
3, 697
566

Bushels
8,245
29,575
54,140
196,279
138, 381
171,898
880,218
262, 799
237, 631
200.468
105; 386
6,609

10, 638

11,121

2, 291, 629

_ ._ _
-_
--

Total

-.

Oats
Federal Reserve district

Winter wheat

Bushels
7,739
24, 806
46, 668
139,252
124,103
149, 414
512,451
189, 295
106, 274
73, 789
77, 700
6,804
1, 458, 295

Bushels

Bushels

7,219
18, 893
52,160
26 723
5,587
57,807
51,017
17, 658
141,955
12,015
73,169

6,537
17, 284
46, 783
25,075
6,157
62,938
59, 624
9,222
205,945
18,178
61, 354

464, 203

519,097

Bushels
170
132
190
164

Bushels
133
98
160
204

2,134
122
118, 794
8,915
105
28, 515

2,179
180
51,607
6,699
86
49, 798

159, 241

111,144

White potatoes

Tobacco

T a m e hay

Production Estimate
Production Estimate
Production Estimate
Production Estimate
Sept. 1, 1936
Sept. 1,1936
1935
1935
Sept. 1, 1936
1935
Sept. 1, 1936

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

Bushels
6,835
26,992
16, 699
61, 382
19,771
10,644
453, 391
38,122
329, 799
161,035
41, 259
30,739

Bushels
6,681
19,149
14, 930
46, 750
14, 486
9,345
366, 285
36, 560
126, 920
77, 508
27, 493
30, 554

Tons
3,350
5,884
2,412
5,131
3,208
2,572

Tons
3,075
4,417
1, 794
3,915
2,238
2,209

17, 450
5,835
9,249
8,578
1,135

13, 722
4,229
7,372
6,438
1,250

11,342

12, 338

Total. „

1,196, 668

776, 661

76,146

62, 997

1 Figures for winter wheat from estimate for Aug. 1; no estimate for Sept. 1.
2
Includes 9,000 bales grown in miscellaneous territory.
3 Includes 11,000 bales grown in miscellaneous territory.




Spring wheat

Production Estimate Production Estimate Production Estimate Production Estimate
1935
Sept. 1, 1936
1935
Sept. 1, 1936
1935
Sept. l,1936i
1935
Sept. 1, 1936
Ba'es

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

Corn

Pounds
22,958
567

Pounds
26, 927
900

800, 376
147,469
15, 835
189,075
1,131
2,865

33, 565
77, 533
654, 005
153, 255
16, 375
176, 789
1,167
2,371

1, 296, 810

1,142, 887

Bushels

3,441
50, 295

Bushels
50, 747
29, 185
23,332
19, 087
19, 926
9, 558
43,976
8,445
25, 422
25, 129
3,636
53, 508

387, 678

311,951

46,810
32, 267
24, 888

25, 216
28, 290
12,042
57,484
13, 707
56, 496
36, 742




INTERNATIONAL FINANCIAL STATISTICS

827

828

FEDERAL RESERVE BULLETIN7

OCTOBER

1930

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]

End of month

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

Totali
United
(52
coun- States
tries)

Latin
Asia
and
Africa
Europe Amer(5
ica
Ocean(26
councoun(11
ia (8
tries)
coun- coun- tries)
tries)
tries)

Canada

Europe
Switzerland
United
Kingdom

France

Germany

NetherNalands tional
Bank

Belgium

Italy

21,140
20, 755
20, 963
20, 954
21,038
21,115
21, 500
21, 396
21, 583

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

187
189
188
188
193
186
186
188
189

10, 536
9,972
9,931
9,896
9,924
9,847
9,880
9,543
9,517

603
622
617
615
617
619
641
641
645

810
812
812
803
803
804
807
813
816

293
302
299
308
298
291
291
291
291

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

5,366
4,759
4,708
4,726
4,756
4,770
4,773
4,388
4,395

33
33
35
38
38
38
35
36
33

519
519
498
468
419
379
346
330
270

518
605
634
624
612
604
609
615
611

439
440
427
380
402
365
401
427
438

446
390
391
421
446
448
453
455
454

21, 598
21, 665
21,711
P21, 469
P21,362
P21,405
P21, 745
P21, 862

10,182
10,167
10,184
10, 225
10,402
10, 608
10, 648
10, 716

186
186
184
187
188
187
187
189

9,467
9,529
9,547
9,312
9,024
8,866
9,159
P9, 204

646
648
642

817
825
830
836
P839
P842
P847
P850

300
310
323
268
268
P268
?269

1,652
1,653
1,653
1,670
1,701
1,782
1,977
2,017

4,324
4,362
4,348
4,106
3,781
3,580
3,643
3,614

31
29
29
28
28
29
29
28

2 270
270
270
270
270
270
270
270

600
593
586
581
610
638
633
632

455
463
486
483
465
404
437
457

454
472
493
495
485
460
471
489

P642

P641
P633
P635

B.I.S.
5
5
9
8
8
8
11
9
8
11
10
8
8
11
12
10
12

Europe—Continued
End of month

Bulgaria

Austria

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

Czechoslovakia

Denmark

Hungary

Greece

Norway

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

Portu- Rumania
gal

Sweden

Spain

Yugoslavia

6 other
countries

45
45
45
45
45
45
45
45
46

19
19
19
19
19
19
19
19
19

112

60
60
60
60
54
54
54
54
54

37
37
36
36
35
36
36
35
34

23

112
113
113
113
113
113
113
112

23
23
23
23
23
23
23
23

61
66
75
75
84
84
84
84
84

97
97
97
97
97
89
86
84
84

68
68
68
68
68
68
68
68
68

106
106
107
107
108
108
108
109
109

741
741
741
741
741
734
734
735
735

160
161
161
162
162
165
174
180
185

38
40
40
40
40
40
41
43
43

56
57
57
57
59
62
62
63
63

46
46
46
46
46
46
46
46

19
19
19
19
20
20
20
20

112
112
113
113
113
113
113
109

54
54
54
54
54
54
54
54

34
33
32
32
35
33
31
28

23
23
23
23
23
23
23
23

84
84
84
84
84
89
89

84
85
81
72
71
70
69
70

68
68
68
68
68
68
68
?68

109
110
110
111
111
112
112
P112

735
735
726
726
718
718
718

194
200
206
209
220
231
231
232

44
44
44
45
45
46
46
46

63
65
67
67

*>89

Latin America
End of month

Poland

Argen- Chile
tina

Colombia

Mexico

Peru

Uruguay

other
countries

British
India

403
420
420
420
420
420
441
441
444

29
29
29
29
29
29
29
29
29

14
14
14
14
14
14
15
16
16

3 26
26
26
26
26
26
26
26
26

20
20
20
20
20
20
20
20
20

82
82
76
74
74
74
74
74
74

29
31
32
32
34
35
36
35
36

275
275
275
275
275
275
275
275
275

444
444
438
438
438
435
436

29
29
29

17
18
18
17
16
16
17

26
26
26
26
26
26
26
26

20
20
20
20
19
19
20

74
74
74
74
74
68
68

36
37
38
38
P39
40
40

275
275
275
275
275
275
275
275

J>29
P29

P29

*>29

70
71
P73

Africa

Asia a n d Oceania
5

• 68

2

3

China

Japan

Java

New
Zealand

Turkey

other
countries

Egypt

9
12
10
6
5
7
8
11
10
11
15
15
15

400
403
407
410
413
416
418
422
425

76
71
68
61
58
55
55
54
54

23
23
23
23
23
23
23
23
23

22
23
23
23
23
23
23
24
24

5
5
6
5
5
6
5
5
6

55
55
55
55
55
55
55
55
55

214
223
220
230
219
212
212
212
212

24
24
24
24
24
24
24
24
24

428
431
433
435
439
442
447
450

54
54
58
61
61
60
60

23
23
23
23
23
23
*>23

24
24
24
24
24
24
24
24

3
3
3
3
3
3
3

55
55
55
55
55
55
55

221
231
244
189
189
189
189
189

24
24
24
24
24

P15
P15
P15

South other
Africa countries

P24
P25

Preliminary.
12 See notes under Italy and Mexico.
Figure for December 1935 carried forward for subsequent months.
3 Figure for March 1935 carried forward for subsequent months.
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, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siam; and in Africa: Algeria, Belgian
Congo, and Morocco.
For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; and
August 1936, p . 667




829

FEDERAL RESERVE BULLETIN

OCTOBER 1936

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

Estimated
world
production

Africa
Total

South
Africa

Rho-

$1=25-8/10

1929
1930
1931
1932
1933

404, 969
430, 725
461, 592
499, 241
524,390

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

Far East

North and South America

West
Africa

Belgian Canada United Mexico ColomStates
Congo
bia

i Austra- Japan
i lia

British
India

grains of gold 9/10 fine; i. e., an ounce of fine gold=%20.67
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
13,189

2,823
3,281
4,016
5,132
6,165

8,712
9,553
12,134
14, 563
16,790

6,927
8,021
8,109
8,198
8,968

7,508
6,785
6,815
6,782
6,919

5,094
8,350
9,251

28,428
30, 447
31,117

15,183
16, 354
20,043

11,715
11,223
11,394

546
536

2,635
2,844
2,939
2,923
3,279
3,423

1,610
1,669
1,674
1,779
1,785
1,866

958
961
949
974
953
966

2,690
2,801
2,882
3,127
3,045
3, 476
P3, 476

1,595
1,843
2,065
1,808
1,885
Pl, 994
Pl,925

971
920
968
944
979
958

428
442
788
3,009

%l=>15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=*$35

1933
1934
1935

887, 845 711, 260
963, 369 722, 970
1,044,627 T71, 827

385, 474
366, 795
377, 090

22, 578
24, 264
25, 477

11,214
12,153
13, 625

'67, 227
••67,416
»-68,291
••69,167
••66, 056
'70, 501

32, 458
32, 667
31,472
32, 596
31,671
31,829

2,150
2,155
2,009
2, 403
2,205
2,272

1,095
1,152
1,160
1,249
1,181
1,174

615
631
590
614
614
542

10,002
10,356
r
9, 854
10,530
10,266
10, 766

65, 771
'64, 661
68,105
67,818
?>69, 378
P93,061
*>99, 563 P70, 980
P109, 602 P75, 119

32, 275
31, 290
32, 709
31,991
32, 826
33, 086
33, 846

2,320
2,201
2, 359
2,410
2,413
2,384
2, 354

1,221
1,164
1, 326
1,258
1,289
1,285
Pl, 505

592
574
544
543
547
585

9,714
9,325
10, 469
10, 474
10, 797
11,083
11,183

1935—July
August
SeptemberOctober
November.
December..

'95, 111
r
96, 300
r
97, 175
100, 751
'94, 639
'90, 685

1936—January
February._
March
April
May
June.
July

83, 355
»-82,444
86,988
87,001

r

22, 297
23,135
23,858

10, 438
12,045
11,517

11,977
10, 787
12, 292
12, 887
11, 067
13, 342

2,181
2,532
3,287
1,671
1,115
2,583

1,001
1,125

10,195
9,650
10,969
11, 062
11, 894
11, 897
14, 991

2,092
2, 815
1,627
2, 607
P2, 065
P'2, 555
P2, 450

1,335
1,159
1,040
1,095
1,086
1,065
1, 235

6,148 103, 224 89, 467
6,549 104, 023 107, 632
7,159 114,971 126,325

?585

r

978

1,088

506
937
905

1,035

981
834

770
918
1,147

499
"•552

611
P611

Revised. Figures for Canada for 1935 have been officially revised,

p Preliminary.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
November 1934, p. 737, April 1936, p. 284, and July 1936, p. 600. For annual figures of world production back to 1873 see Annual Report of Director
of the Mint for 1935, pp. 107-108. Figures for Canada beginning January 1936 are subject to official revision.

GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States

Year or month

1934 i
1935

_

1935—May

Total
net
imports
or net
exports
()
1,131, 994
1, 739,019

June
July
August
September.
October....
November.
December.

140,016
230, 373
16, 229
45, 983
156, 719
315, 347
210, 567
190, 010

1936— January...
February..
March
April.
May
June
July
August

45, 643
-16,635
5,480
28,055
169, 952
277, 775
15, 379
67, 493

1

Net imports from or net exports (—) to:
United
Kingdom France

499,870
315, 727
1,689
938
31
5
37,114
109,954
7,101
8,600

260, 223
934,243
124,052
194, 298
40
40, 423
156,977
180,141
145, 388

3,514
5,786
- 2 , 890 -17,180
- 1 , 792
13
1,493
1,564
4,003 133,157
3,644 202, 983
-9
27
5,837
17, 880

Switzer- Canada
Belgium Netherlands
land

8,902

94, 348
227,185
—3,885
22,061
975
28, 277
37,811
17, 605
2,676
4,727
- 3 , 421
-343
8,751
38, 811

12, 402
95,171

Mexico

Colombia

30, 270
13, 667

16,944
10,899

British
India

76,820
75, 268

China
and
Hong
Kong

All
other
countries
28,935
56,453

16, 452
9,431
: .

629

3,053
8,734
5,770
5,398
15,069
9,368
5,865
9,060

948
679
722
753
699
762
880
748

10, 745
273
1,677
11, 232
1,695
551
882
11, 664

764
659
772
713
4,322
14,584
869
15, 289

1,752
~l~750"
1
1,746
28

167
28
6,671
19,821
12,359
8,913
11,108

i

507
448
438
1,127
640
1,125
1,007
1,605

3,962
3,215
6,515
3,711
5,141
4,817
3,956
8,774
10,170
5,185
5,154
5,819
5,357
8,546
5,847
4,234

1,743

11, 744

1,176
740

1,742
2,100
2,104
2,106
11

5,106
9,720
5.947
5,654
10, 688

385
847
603
1,890

Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.




830

FEDERAL RESERVE BULLETIN

OCTOBER

1936

GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]
United Kingdom
Net imports from or net exports (—) to:
Year or month

1934
1935

Total
net imports
or net
exports

Netherlands

__.

Straits AustraSettlelia
ments

British
India

South
Africa,
Rhodesia,
West
Africa

All
other
countries

32, 575
10,796

17, 568
8,832

26, 316
16, 565

206, 711
181, 627

4,1
3,198

41, 790
37, 981

335, 253
404, 295

1,195
152
410
292
261
287
322
2,535
461
480

2,970
424

15, 457
16, 249
2,962
7,159
5,663
26,102
25, 301
11,900
12,857
14, 838

296
693
484
429
405
420
70
134
56
54

2, 685
1,920
2,838
1,969
5,375
4,148
3,662
3,414
2,842
1,995

12, 661
17,658
55,847
42, 473
33,532
35, 512
29, 949
44,995
33, 325
42, 442

311
138
430
145
317
2,564
240
335

11,035
11, 686
10, 896
9,413
13, 289
10, 860
9,657
15,011

56
63
69
87
64
133

1,889
2,037
2,574
3,329
2,167
1,610
2,531
2,089

39, 852
26, 454
31,033
55,108
53, 802
45,147
43,122
34, 552

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

66
-20, 533
- 3 , 247
-18, 547
-1,141
-12,871
-81,032
-87,929
-33, 744
-22,075

86, 926
— 5 , 719
- 5 , 697
-5,663
- 2 , 739
25,198
910

51
-1,992
33,237
-1,013
5,780
-1,
-593
-11,601
118 - 1 1 , 888
1,
642
82
-36
2
-1,136
217
- 2 0 , 204
- 6 , 982

1936—January...
February..
March
April
May.
June,.
July
August

-12,059
3,202
1,136 -3,253
3,440
6,738
- 9 , 465
12, 710
-12,611
26, 936
-26, 802 27,060
- 4 , 384 142, 535
-16, 120 240, 868

-591
- 7 , 569
-13,354
-1,
-1,409
-17, 602
1,761
-536
606
-747 -2,421
-804
- 2 , 907

4,295
1,875
3,903
1,913
1,

South
Amer- Canada
ica

3,570
2,831
449
28
I,1
1,798
5,958
4,090
1,708
"270

France

Year or month

Net imports from or net exports (—) to:

Total net
imports or
net exports ( - )

Ger-

1934
1935_

Belgium

91,021
195,369

74,995
'21, 216

-1,371
7,227

-406
620
2,093
27, 417
5,561
89,062
35, 433
9,834

-201
3,940
-819
r
- l , 167
-650
25, 759
-132
5,221
- 1 1 , 245
357

-12
1,995
2
391
-180
-482
-917
-898
7,539

648
- 2 8 , 566
-77,803
-223, 070
414
14
- 2 3 , 688
-157,153
-258, 554
- 7 6 , 217

14, 676
38, 856
-53,807
-110, 370
-13,150
4,905
8,811
-72
-15,060
-117

3
-474
-594
-190
-1
-1,990
-700
-9,178
11
-595

-3,851
- 2 6 , 395
-109,195
- 5 6 , 265
-45
-1,148
27, 224
4,597
-8,235
-10,133

1936—January.._
February..
March
April
May
June__
Julyp
August?...

40,393
23, 375
13, 923
- 5 7 , 613
-169,706
-222, 872
-80,182
-290, 358

-890
2,364
12,209
-6,234
-120,660
-185,001
-6,695
-10,813

-4,695
- 2 , 740
-5,915
- 1 2 , 241
-24,575
- 2 5 , 671
-76,681
-266, 234

-221
2,037
-1
3
25
4
4

-40
-5
1,495
-13,165
-27,139
-18,496
190
344

r

Poland

-17,669
-186,937

19,118
108,100
-204,309
-393, 376
-12,206
50, 770
26, 482
- 6 8 , 693
-246,615
- 7 1 , 450

1

Netherlands

31,036
-13,592

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

p Preliminary.

Italy

36. 598
18, 299

-43
-8,138
- 2 7 , 604
-2,019
-825
77

-127
-330
-174
-175
8,309

South
Africa
746
10, 241

681

1
1,482

Switzerland

All other

countries

23.648
••176, 044

- 1 7 , 276
r
2, 822

7/
119,187
36, 483
r - 3 , 564
1,295
-3,418
236
-1,172
1, 100
4,702

-137
-1,125
1,829
'232
-1,981
-290
606
900
2,397
719

8,110
6,992
3,'
1,060
-3,912
-2,097
2,157
-81

-411
-940
i 8, 791
748
282
i 9,192
765
113, 319

Revised.

$9,079,000 imported by France from Spain in March, $8,354,000 in June, and $12,503,000 in August 1936.

N O T E . — United Kingdom.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals
published for the year as a whole.




OCTOBER

831

FEDERAL RESERVE BULLETIN

1936

GOLD MOVEMENTS—Continued
[In thousands of dollars at approximately $35 a fine ounce]

Net imports from or net exports (—) to:

Total
net
mports
or net
exports

1935-Mar
April
May
June
July
Aug.
Sept
Oct
Nov
Dec
6—Jan
Feb.
Mar.
April
May.
June
July
August.

Net imports from or net exports (—) to:

510
-120, 492
-5,
- 1 4 , 797
-26,102
- 4 , 514
- 3 7 , 290
-13,080
38,746
4,749
- 2 , 584
-1,
-258
-1,201
-630
1,130
3,248

-35
801
-142
3,077
3,256
2,821
3,067

37 - 1 , 2 9 9
617
-97,632 -20,890 -20, 966
- 2 , 8 1 0 - 1 , 562
277
-19,259
1,375
667
-29, 215 15, 702 -21,909
-152 - 9 , 4 3 6
2,861
249
-40,868
514 - 1 ,
-10, 373
- 3 , 026 20,084 10, 564
-149
5,

16,967
10,425
35,806
31,083
27,093
61, 601
14, 226
27.153

1,761
7,664
12, 842
1,384
- 2 , 206
-500
1,
1,517

Total
net
imports
or net
exports

()

Net imports from or net exports (—) to:

United United
States King-

France

Belgium

Italy

dom

1934. .
1935..

-46,065 -12,784 -45,955 - 2 9 , 235 18, 397 19,431
647 -54,858 -181,725 -13,940 25, 542
-230, 788

1935—Mar. _.
April..
May__.
June...
July...
Aug...
Sept...

Oct....
Nov...
Dec...

-17,830
-139,633
- 6 3 , 229
- 5 , 640
1,41
9,328
5,845
1,36"
-934
- 2 , 330

1936—Jan.. .
Feb...
Mar...
April..
May..
June...
July...
Aug__

2,462
6,571
21, 413
22, 570
13, 386
5,188
-321
2,829

5 - 6 , 8 3 9 -16,148
324 -31,619 -107,021
-17,878 - 3 8 , 514
~~49
2,684
549
3
2,
1,610
64
1,273
-38
107
-24
3,017
163
881
1,085
-332
- 3 , 227
-4,166
-195
-518
-841
-131
32 -4,298
- 4 -1,704
-7
820
-113

- 6 , 783
- 5 , 705
- 3 , 492
7,292
284
2,057
-249
3,176

All
Neth- other
ercounlands tries

Total
net
imports
or net
exports

2,580 1,500 -230,720
342 - 6 , 795 -161,872

-202
207
1,041 - 4 , 4 7 5
-409
-760
-352
153
262 - 3 , 455
3,430
519
4,080
184
3,312 -766
241 - 2 , 3 4 4
1, 343
825
-49
1,849
-682
4,724 -139

-18,439
- 3 , 675
- 6 , 604
-3,824
-22,383
- 2 5 , 464
-11,400
-11,160
-14,540
-10,303

34
47 9,496 -137
-16
1,821 9,612 1,377
1,724 21, 537
1,917
567
6,970
29 i 8, 413
-3
132 15, 794
-8
1,449
- 2 3 5 2,952 2,113
9
1,166
-20 -121 - 1 , 9 1 1
-254
59
-21
-20

-13,809
- 9 , 846
-7,667
- 1 0 , 351
-11,357
-10,355
-15,032
P-7, 940

415
7
- 5 , 97:
- 8 , 651
-1

192
-339
-312
1,568
3,010
3,192
3, 388
2,793

14, 291
13, 693
73
11, 829
19,941
14, 868
-27

British India

Switzerland
Year or
month

170
-40
8,489
31, 428
67

1,066
20,081
-289
3,379
9, 563
2,900
-160
133
2,046
275
-239 11, 248
-561

4,734
2,110
303
-74

Net imports from or net
exports (—) to:
All
United

United
Kingdom

other
countries

Change in:

Gold
production
Private
Rein
serves holdings in
India
in
India 2 India 3

-82,183 -144,185 -4,352 11, 222
-18,931 r-141, 401 n, 540 11,393

-30
-1,078
r-26
-1,122
-6, 309
-2, 648
-1,330
- 1 , 573
-1,199
-559
-122
-889
-1,894
-2,733
-2, 055

146
155
'655
254
r-3, 392
-233
365
202
232
139

955
938
954
937
958
961
949
974
953
966

-362
-230
-287
249
260
378
-436

971
920
968
944
979
958
P958
P958

173 -219, 671
-150,472
-5

-17,479
- 2 , 737
—5, 650
- 2 , 887
- 2 1 , 425
- 2 4 , 503
-10,451
-10,186
- 1 3 , 587
- 9 , 337
-12,838
- 9 , 407
-10,378
- 9 , 397
P- 14, 074
P - 6 , 982

p Preliminary.
'•Revised.
$8,444,000 imported by Switzerland from Czechoslovakia in April and $15,933,000 in May 1936.
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.

1
2
3

NOTE.—Germany, Netherlands, and Switzerland—In some cases the annual aggregates of the official monthly figures differ somewhat from the
revised official totals published for the year as a whole. German gold movements by individual countries, beginning with July 1936, are subject
to official revision.




832

FEDERAL RESERVE BULLETIN

OCTOBER 1936

CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)

Assets of banking department
Gold (in
issue
depart-1
ment)

Coin
1935—June 26. _
July 31—
Aug. 2 8 Sept. 2 5 Oct. 30...
Nov. 27..
Dec. 25__

192.7
192.8
193.4
193.6
194.7
197.6
200.1

1936—Jan. 29...
Feb. 26__
Mar. 2 5 Apr. 29 _.
May 27..
June 24..
July 29...
Aug. 26Sept. 30^

200.5
200.6
200.6
202.7
206.4
216 3
239.9
244.8
248.7

Discounts
and advances

Cash reserves
Notes

.7

1.0
1.0
1. 1
1. 1

Liabilities of banking department
Note
circulation

Securities

Deposits
Bankers'

Public

Other
liabilities

Other

55.9
44.5
53.8
55.4
54.8
56.3
35.5

10.2
10.8
12.9
12.4
11.2
9.5
8.5

108.6
100.7
93.5
95.4
98.2
98.4
94.7

396.9
408.3
399.6
398.2
399.9
401.3
424.5

102.4
75.7
96.9
87.2
82.5
90.9
72.1

16.2
24.4
9.4
19.5
26. 2
19.7
12.1

38.8
38.5
36.5
39.0
38.6
36.5
37.1

18.0
18.1
18.2
18.3
17.7
17.8
18.0

63.3
60.7
54.1
45.9
40.3
41.5
51.4
61.3
59.3

18.8
11.0
5.0
8.3
6.7
7.6
7.1
9.2

94.0
96.2
97.0
114.0
104.7
116.1
115.5
102. 6
100. 7

397.1
400.0
406.5
416.9
426.1
434.8
448.6
443.4
449.4

106.0
106.2
83.6
104.7
78.3
90.8
75.2
100.9
60. 7

15.9
8.8
18.0
7.5
19.8
20.0
42.3
17.2
49.7

36.7
35.5
37.0
39.0
36.7
37.4
39.4
37.8
40.9

18.2
18.2
18.3
17.7
17.8
17.9
18.1
18.2
18.3

Liabilities

Bank of France
(Figures in millions of francs)

Gold

Foreign
exchange

Domestic
bills

Advances
to
Government

Loans o n -

Deposits

NegotiaShortble seterm
Other- curities
Govern- securiment se- ties
curities

Other
assets

Note
circulation
Government

Other
liabilities

Other

1935—June 28..
July 26__
Aug. 30..
Sept. 27..
Oct. 30...
Nov. 29..
Dec. 2 7 -

71,017
71, 277
71, 742
71, 952
71, 990
66,191
66, 296

1,210
1,240
1,236
1,232
1,262
1,385
1,328

8,021
7,301
7,575
8,060
8,373
11,005
9,712

735
692
543
192
371
1,090
573

3,277
3,171
3,103
3,098
3,141
3,267
3,253

5,805
5,805
5,800
5,800
5,800
5,800
5,800

7,999
8,077
8,212
8,023
7,939
8,032
7,879

82,099
81,128
82, 240
82, 399
83, 306
82,447
81,150

2,983
3,241
3,244
3,051
2,862
2,826
2,862

10,969
11, 090
10, 666
10,848
10, 647
9,361
8,716

2,013
2,105
2,062
2,060
2,059
2,136
2,113

1936—Jan. 31_..
Feb. 28..
Mar. 27..
Apr. 24..
May 29..
June 26_.
July 3 1 Aug. 28..
Sept. 25P.

65, 223
65, 789
65, 587
61,937
57,022
53,999
54, 942
54,511
50, 111

1,324
1,309
1,297
1,305
1,427
1,297
1,270
1, 250
1,244

9,210
9,758
12, 053
14, 392
19, 381
7,750
6,041
7,063
7, 450

932
671
623
796
1,048
1,461
809

3,350
3,250
3,325
3,349
3,381
3,441
3,555
3,454
3,552

5,708
5,708
5,708
5,708
5,708
5,708
5,708
5,640
5,640

8,724
8,186
8,028
8,193
8,134
8,015

81, 503
81, 239
83,197
82, 557
84, 705
85,106
85, 892
84, 324
83, 749

2,798
2,854
2,889
2,722
1,850
1,305
1,594
1,523
1,678

8,088
8,706
8,434
7,895

2,119
2,134
2,148
2,334
2,383
2,652
2,267
2,301
(*)

14, 333
14,333
14,333
15, 900

8,125
()

Liabilities

Assets
Reichsbank

Reserves

(Figures in millions of
reichsmarks)
Gold

Foreign
exchange

6,528
6,254
7,037
6, 661

Securities
Other
Treasury bills
(and Security
bills
loans
checks)

Eligible
as note
cover

Other

Other
assets

Note
circulation

Deposits

1935—June 29.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.

3,879
3,833
4,000
4,144
4,058
4,096
4,498

337
337
340
346
345
346
349

324
324
324
324
316
315
315

781
814
781
770
868
922
853

3,895
3,878
4,032
4,143
4,159
4,186
4,285

819
743
743
774
728
806
1,032

1936—Jan. 31_.
Feb. 29.
Mar. 31.
Apr. 30.
May 30.
June 30.
July 31..
Aug. 31.
Sept. 30i

3,884
4,026
4,201
4,353
4,606
4,699
4,623
4,693
()

349
348
336
240
219
220
220
220
219

315
315
321
319
319
311
310
309

861
771
702
648
704
711
686

4,098
4,177
4,267
4,348
4,430
4,389
4,471
4,540
4,656

679
652
768
688
729
960
787
729
744

1
Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000.
p Preliminary.
2 Figures not yet available.
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463, and July 1936, p. 603.




Other
liabili-

845
860
879
911
913
923
891
914
782
798
807
815
840
853

833

FEDERAL RESERVE BULLETIN

OCTOBER 1936

CENTRAL BANKS—Continued
[Figures as of last report date of month]

I

1936

1935

August

National Bank of Albania (thousands of francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation..
Demand deposits
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold at home
Gold abroad and foreign exchange
Negotiable Government bonds. __
Other assets
Note circulation
Deposits:
Member bank
Government
Liquidation Institute
Other
Other liabilities
C o m m o n w e a l t h Bank of Australia (thousands of pounds *):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
Austrian National Bank (millions
of schillings):
Gold
Foreign bills
Domestic bills
Government debts.
Note circulation
Deposits..
National Bank of Belgium (millions of belgas):
Gold
Domestic and foreign bills
Loans to State
Note circulation
Deposits
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities:
National Government
Other
Note circulation
Deposits
Bank of Brazil (millions of milreis):
Cash
Correspondents abroad
Loans and discounts
Note circulation
Deposits
National Bank of Bulgaria (millions of leva):
Gold
N e t foreign exchange in r e s e r v e . . .
Total foreign exchange
Loans a n d discounts
Government obligations
Note circulation
Other sight liabilities

1935

1936

Central bank

Central bank
July

7, 556
23. 958
3, 604
4, 296
11,356
16, 104
1J,953

June

August

7, 556
17, 756
3, 507
4, 768
11,491
10, 322
11,774

7, 557
19,949
2, 682
5, 462
13, 925
10,821
10, 905

1, 221

1,224

1,224

1,224

120
106
142
991

105
70
141.
993

106
72
141
1,013

109
150
145
920

369
198

315
186

326
158

213
165
174
121
37

16,004
39, 059

15,999
39, 342

15, 994
34,634

1,314
20, 646
11, 752
36, 276
66,681
47, 039

1,201
21,018
13,602
36, 338
70, 388
47, 045

874
17, 302
13, 407
36,163
68, 309
47, 045

243
130
216
624
943
268

243
99
219
624
952
232

243
87
220
624
950
221

242
119
231
624
963
244

3, 727
1, 377
157
4, 479
942

3, 736
1,413
157
4,462
1,007

3, 762
1, 402
160
4, 354
1,142

3, 464
1,373
162
4,115
1, 084

23, 771
17, 028
9, 526

22, 834
16, 533
8, 038

15, 102
7, 746
10, 585

415, 709 415,896 361,473
2,820
2,738
3, 271
r
6, 749 167, 956 140, 719
236, 522 240, 169 209, 229

1,607
-123
492
1, 541
2, 671
2, 561
1,909

196
363
3,015
10
3,481

230
343
3, 003
10
3,324

206
250
3,152
20
3, 083

1,607
-143
446
1, 266
2,671
2,304
1,952

1,607
-140
448
1,402
2,671
2,453
2,051

1, 583
-89
178
991
2, 698
2,266
1,939

August

Bank of C a n a d a (thousands of Canadian dollars):
Gold
Sterling exchange
United States exchange
Advances:
Dominion Government
Provincial Governments
Government securities:
2 years or less
Over 2 years
Other assets
Note circulation.
Total deposits
Chartered banks
Government
Other liabilities
Central Bank of Chile (millions of
pesos):
Gold and foreign exchange in reserve
Loans and discounts.
Government debt
Note circulation
Deposits
Central Bank of Chinas (millions of
yuan):
Gold
Silver
Foreign exchange
Due from domestic banks
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Government
Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home and abroad.
Foreign exchange
Loans to member banks
Note circulation
Deposits
National Bank of Czechoslovakia
(millions of koruny):
Gold
Foreign balances and currency
Loans and advances
Note circulation
Deposits
Bank of Danzig (thousands of
gulden):
Gold
Foreign exchange of the reserve . . .
Other foreign exchange
Loans and discounts
Note circulation
Deposits
National Bank of Denmark (millions of kroner):
Gold
Foreign exchange
Loans to Government agencies....
Other loans and discounts
Investments
Other assets
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold 4
Foreign exchange
Loans and discounts.
Note circulation
Deposits

July

June

•9, 476 179, 564 179, 992
175
296
262
2, 128 12, 854
9, 498

August

180,321
1, 693
7,255
1,247

3, 000

3, 000

3, 000

31,108 30, 624 28, 049
79, 616 81, 252 83, 638
6,051
5, 774
6, 584
106,936 100, 041 95, 764
186, 659 205, 473 207, 668
180, 741 1.85, 884 189,463
17,878
5, 648 19,316
7, 958
7, 850
7, 593

2, 597
124
1,492
5, 502
481

118
24
217
120
65
86
376
98
157

26, 218
80, 293
4,830
80, 022
216, 220
192,355
23, 272
5, 615

143
124
702
613
274

143
117
702
612
278

142
83
710
518
347

45
269
43
133
414
185
53
303
341
348
20
131

45
270
52
92
365
184
53
300
295
316
28
122

13
120
5
38
178
180
43
111
234
80
18
133

29. 053
4, 173
2,982
45, 225
30,318

28, 537
3, 933
3, 570
45, 330
29, 038

26, 404
4, 223
3, 794
37,881
29, 919

2, 698
21
1, 533
5, 426
626

2, 697
30
1,922
5, 701
851

2, 693
199
1,015
5, 524
655

20. 795
4, 386
5,161
14,683
31, 345
5, 550

20, 785
3, 580
6, 235
15, 168
29, 956
4, 743

16, 972
8,073
2,493
21,858
29, 896
3,506

118
31
209
136
66
93
373
123
157

118
30
239
129
72
86
381
138
155

118
15
227
148
128
23
375
177
106

33, 555
4,273
25, 856
48, 448
14, 974

33,334
5,492
32, 348
47, 241
17,084

15,168
9,764
58, 599
43, 924
21, 584

12 Beginning March 1936 all items valued by bank in Australian currency; previously valued partly in Australian currency, partly in sterling.
Items for issue and banking departments consolidated
3 Bank reorganized under law of April 7, 1936 (see BULLETIN for July 1936, p . 537, and August 1936, p. 632). First balance sheet on new basis
was as of June 30, 1936.
* Gold in vault revalued at rate of 9.968331 sucres per gram of fine gold by decree of Dec. 18,1935 and at rate of 11.6466 sucres per gram of fine gold
by decree of June 13, 1936.




834

FEDERAL RESERVE BULLETIN

OCTOBER 1936

CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936

1935

[August

July

June

6, 545
1,868
3,052

6,545
2,679
3,387

August

1

National Bank of Egypt (thou- |
sands of pounds):
,
Gold
'
Foreign exchange
,
Loans and discounts
British, Egyptian, and other ;
Government securities
'
Other assets
i
Note circulation
Deposits—Government
Other
j
Other liabilities
'
Central Reserve Bank of El Salvador (thousands of colones):
Gold
I
Foreign exchange
Loans and discounts
'
Government securities
i
Other assets
Note circulation
Other sight liabilities
;
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold
34,167
Net foreign exchange
5,177
Loans and discounts
, 19,643
Note circulation
: 41,182
Deposits—Government
13,123
Bank
j 9,428
:
Other
3,938
Bank of Finland (millions of markkaa):
I
Gold
' 582
Balances abroad and foreign .,
credits
I 1,147
Foreign bills
;
91
Domestic bills.
i 793
Note circulation
' 1, 503
Other sight liabilities
: 734
Bank of Greece (millions of drach- :
mas):
j!
Gold and foreign exchange
2,800
Loans and discounts
5, 982
Government obligations
4,172
Note circulation
5, 618
Other sight liabilities
6,435
Liabilities in foreign exchange
228
National Bank of Hungary (millions of pengos):
Gold
Foreign bills, etc
Loans and discounts
Advances to Treasury
Other assets
Note circulation
Deposits
Certificates of indebtedness
Miscellaneous liabilities
Reserve Bank of India (millions
of rupees):
Issue department:
Gold at home and abroad
Sterling securities
__
Indian Gov't securities
Rupee coin
__
Note circulation
Banking department:
Notes of issue department. _.
Balances abroad
Investments
Other assets
Deposits—Government
Bank
__
Other liabilities

6,545
1,974
3,455

37, 227 40, 575 33, 930
4,831
5,224 3, 623
18, 644 19, 578 17,134
6,071
7,044 6, 540
20, 414 23, 419 17, 518
8,393 8,368 8,335
13, 023 13, 004 12,398
1,241
3,473
1,650
338
238
644
6,748 6,782 7, 112
1,371
1,403
1,269
13, 831 13, 856 13, 215
5, 370 5, 860 6, 250
3,521
5,184 3,608
34,153
4,187
18, 496
40, 049
13, 679
9,950
2,872

34,144
3,071
21, 858
39, 372
13, 716
9,831
3,428

32, 827
2, 525
10, 403
37, 318
12,802
8, 445
1,937

557

531

401

1,150
85
803
1,460
777

1,114
93
848
1,465
695

1,242
92
667
1,317
605

2,830
5, 699
4,172
5,396
6,493
187

3, 039
5,654
4,172
5,608
6,597
193

3. 551
3,298
3, 281
5, 493
3,770
146

79
24
489
91
112
396
111
96
163

79
26
512
90
110
393
134
98
164

79
17
548
66
72
391
90
109
161

444
673
234
665
1,606

444
683
234
633
1,641

444
652
265
569
1, 545

410
31
58
8
67
325
115

353
158
60
9
163
305
112

386
138
63
6
L28
357
108

1 Items for issue and banking departments consolidated.
2 Agricultural and urban loans in process of liquidation.




1935

1936

Central bank

Central bank

August
Bank of Japan (millions of yen):
533
Gold
Advances and discounts
727
Government bonds
519
Notes issued
1, 455
Total deposits
390
Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
Bank of Latvia (millions of lats):
Gold
46
Foreign exchange reserve
10
Bills
50
Loans
71
Note circulation
35
Government deposits
46
Other deposits
120
Bank of Lithuania (millions of litu):
64
Gold
17
Foreign exchange
75
Loans and discounts
Note circulation
107
50
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 Peru
(thousands of soles):
Gold and foreign exchange
Bills
Note circulation
Deposits
Bank of Poland (millions of zlotys):
Gold_.._
367
Foreign exchange
15
Loans and discounts
j 818
Note circulation
__i 1,031
Other sight liabilities
I 171
Bank of Portugal (millions of es- i
cudos):
|
Gold
_
__J
Other reserves
i
Discounts and advances
j
Government obligations
Note circulation
Other sight liabilities
National Bank of Rumania (millions of lei):
Gold
-. I
Foreign exchange of the reserve.
Loans and discounts...
_.
2
Special loans
State debt.

July

June August

528
614
477
1,306
401

524
692
545
1,439
332

490
704
422
1, 296
458

2
66
156
28

2
63
156
23

85
2
69
165
23

50
68
34
47
115

46
8
51
61
36
45
109

46
4
55
59
33
37
112

62
13
71
105
48

59
16
73
106
48

37
12
88
93
41

642
2
159
748
95

594
2
190
767

591
0.4
183
795
40

2,802
22, 122
2,502
10, 041
15, 796
6,697
8,840
1,590

2,802
20,814
2,348
8,769
15, 631
4,472
10, 978
1,564

195
83
223
382
4
119

190
376
4
76

185
24
197
331
7
73

46, 680
84, 939
93, 497
33, 726

44, 689
77, 650
90,293
27, 675

45,334
59, 696
77,114
23,521

366
8
818
998
175

370
838
1,019
173

512
11
765
983
156

910
495
354
1,045
2,088
975

910
501
354
1,046
2,053
1,017

909
449
325
1,047
2,118
816

11,088

11,041

5,702
2,440
11,327

5,534
2,447
11,394

10, 646
91
5,416
2,752
10, 290

OCTOBER

835

FEDERAL RESERVE BULLETIN

1936

CENTRAL BANKS—Continued
[Figures as of last report date of month]
1936

1935

1936

1935

Central bank

Central bank
August

National Bank of Rumania—Con.
Other assets
Note circulation
Demand deposits .
Other liabilities
South African Reserve Bank
(thousands of pounds):
22, 930
Gold...
Foreign bills
8 595
13
Domestic bills __
15.051
Note circulation. — . . .
1,778
Deposits—Government
23 541
Bank
2, 072
Other . .
Bank of Spain (millions of pesetas):
Gold .
._ .
Silver
Balances abroad
Loans and discounts
Note circulation
Deposits
Bank of Sweden (millions of
kronor):
Gold
511
539
Foreign assets
57
Domestic discounts and advances29
Government securities
229
Other assets
801
Note circulation
461
Total deposits __ _ . .
Bank
297
141
Government
102
Other liabilities
Swiss National Bank (millions of
francs):
Gold
Foreign balances and bills.

July

June

August

10,998
22, 442
8, 486
10, 627

11,097
22, 268
8, 548
10, 697

11,577
21,751
8, 609
10,413

22, 930
8,281
19
15, 515
2,284
23, 994
1,694

22. 916
9, 771
25
14, 244
2, 364
24, 103
2,804

26, 542
4, 751
25
13, 589
1, 680
31,072
1,428

2, 202
656
292
2 756
5 455
1, 140

2,202
669
302
2 377
5, 371
1,118

2,269
703
282
2, 371
4, 601
902

510
525
51
29
230
780
468
270
175
97

509
504
56
29
229
792
440
146
269
95

358
631
43
79
117
722
399
211
158
106

1,441
8

1, 407
7

1,366
18

1 497
22

i Liability of banking department.

August

Swiss National Bank—Continued
Loans and discounts
Note circulation __
Demand deposits
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign exchange. _.
Loans and discounts
Investments
Other assets .
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking department:
Cash reserves
Loans and discounts
Other assets..
Deposits—
Demand
_
Time
Ministry of Finance
Other
Other liabilities
National Bank of the Kingdom of
Y u g o s l a v i a (millions of dinars):
Gold
Foreign exchange- . . _ .
Loans and discounts
Advances to State
Note circulation
Other sight liabilities
._

July

June

August

219
1, 303
457

169
1,292
353

190
1, 301
340

196
1,283
338

30
9
30
187
27
163
45
75

30
10
29
188
26
163
48
72

30
11
25
188
25
163
44
72

29
0.9
15
185
37
158
31
79

41.091
75,413

41,091
77, 481

171, 517

46, 632
82. 540
56, 234

44, 270
83, 026
60, 940

46, 545
95, 942
48, 665

29, 478
43, 372
17, 162
13. 728
81,667

30,510
43, 294
19,161
13,633
81, 638

34,123
40,056
2 897
42, 559

1, 53]
448
1, 602
2, 261
4, 957
1,484

1 531
439
1,606
2, 261
4, 833
1, 616

1 342
254
1,787
2,293
4,661
1,215

1,531
509
1' 633
2, 262
5, 126
1,451

See BULLETIN for December 1935.

BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
1935

1936

August
Gold in bars
Cash on hand and on current account
with banks
D e m a n d funds at interest
Rediscountable bills and acceptances
(at cost):
Commercial bills and bankers' acceptances
Treasury bills
Total
T i m e funds at interest—Not exceeding
3 months
S u n d r y bills and investments:
M a t u r i n g within 3 m o n t h s :
Treasury bills
Sundry investments
Between 3 and 6 m o n t h s :
Treasury bills
Sundry investments
Over 6 m o n t h s :
Treasury bills
Sundry investments
Total
Other assets:
G u a r a n t y of central banks on bills
sold
S u n d r y items

Total assets




1935

Liabilities

Assets
July

August

August

35, 906

29, 870

24, 423

Demand deposits (gold)

16, 370
13,119

13, 145
21,928

3, 079
15, 612

Short-term deposits (various currencies) :
Central banks for own account:
Demand
Time—Not exceeding 3 months

112,272
217, 587

121,472
203, 020

132, 404
209, 179

329, 859

324, 492

341, 584

43, 606

38,699

42, 429

29, 994
53, 724

22, 759
32, 281

31,341
53, 539

21, 943
41,911

24,432
62, 849

27, 416
42, 932

43, 451
34, 614

43,125
34,096

27, 224
34, 466

225, 637

219, 542

216, 918

1,390
6,548

1,385
6,622

6,204
4,428

655, 682

654, 676

672,

436

Total
Central banks for account of others:
Demand
Time—Not exceeding 3 months
Other depositors:

Total
Capital paid in
___
Reserves:
Legal reserve fund.
__
Dividend reserve fund
General reserve fund
Other liabilities:
Guaranty on commercial bills sold_
Sundry items
___
_
Total liabilities

August

28, 407

24, 057

18,837

28, 623
126, 455

25, 862
119,072

30, 366
104, 459

155, 079

144,934

134, 825

6, 107

6, 055

10, 737
2, 961

136
606

836
2, 774

154, 764
77, 382
61, 930
2,031

154, 529
77, 264
61, 930
2,031

154, 388
77, 194
61, 930
2,031

296,106

295, 754

295, 542

125, 000

125, 000

125, 000

3,784
6,092
12,183

3,784
6,092
12,183

3,324
5,845
11,690

1,391
37, 412

1,386
35, 695

6,230
36,074

Time—Not exceeding 3 months
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fundFrench Government deposit (Saar).

July

672,

436

655, 682

654, 676

836

FEDERAL RESERVE BULLETIN

OCTOBER

1936

COMMERCIAL BANKS
[Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures]
Liabilities

Assets
United Kingdom
(Figures in millions of pounds sterling)

Money at
Cash
call and Bills disreserves
short
counted
notice

Loans to
customers

Securities

Deposits

Other
assets

Total

Demandi

Time*

Other
liabilities

10 London clearing banks
1935—November..
December..
1936—January
February...
March
April
May
June
July
August

214
221
220
221
210
220
213
218
217

147
159
155
151
155
154
152
152
152
155

621
605
601
601
605
607
610
612
610
612

293
322
337
288
249
264
304
322
341
338

778
784
791
804
829
843
843
852
857
850

2,040
2,091
2,092
2 053
2,038
2,082
2,113
2 155
2,169
2,170

1,080
1,140

918
924

227
231
230
231
230
229
228
228
226
227

2,164
2,123
2,108
2,154
2,185
2,229
c
2, 244
2, 246

1,166
1,125
1,123
1,145
1,156
1,215
1,223

937
940
951
974
992
995
986

242
242
241
240
239
240
237
240

Own
acceptances

Other
liabilities

214
231
218
218
221
224
218
227
218
217

11 London clearing banks J
1936—January..
February
March
April
May
June
July
August--.

228
229
217
227
220
225
225
233

159
157
162
161
159
158
158
163

346
295
252
268
309
329
349
345

630
629
635
637
640
642
639
641

815
828
854
868
870
878
884
877

227
227
230
233
227
237
227
226

Assets

Liabilities

France
(4 large banks. Figures in millions of
francs)
1935—November..
December..
1936—January
February..
March
April
May
June
July

Cash
reserves
3,909
3,739
3,451
3,431

3,587
3,517
3,513
3, 494
3, 206

Due from Bills disbanks
counted
2,759
2,484
2,563
2,528
2,617
2,902
3,032
2,768
2,410

16, 529
16,141

16, 601
16, 470
16,135
16,199
16,014
14, 972
15,410

Loans

Deposits

Other
assets

7,718
8,025
7,765
8,006
7,700
7,677
7,542
7,328
7,215

Total

Demand

28,110
27, 553
27, 548
27, 603
27,194
27,410
27,199
25, 655
25, 334

1,751
1,900
1,086
1,101
1,222
1,270
1,333
1,385
1,445

27, 406
26, 859
26, 859
26, 903
26, 522
26, 714
26, 523
25, 022
24, 761

(5 large Berlin banks. Figures in mil
Cash
lions of reichsmarks)
reserves

134
128
186
136
141
175
146

Due
from
banks

306
307
317
301
300
295
263

Bills discounted Loans

Securities

Other
assets

Deposits
Total

Demand

Canada

1935—November..
December..
1936—January
February...
March
April
A pi

Ma.
June_.
July_.

c




4,226
4,399
3,568
3, 595
3, 677
3, 757
3,812
3, 897
3, 994

Credits
obtained
from
banks

Other
liabilities

2,884

1,027

983

5,376

2,435

2,941

686

1,449

2,294
2,275
2,285
2,429
2,406
2, 435
2,363

2,847
2,900
2,890
2,847
2,884
2,858
2,843

1,003
987
982
973
980
1,008
1,037

958
945
935
916
873
839
824

5,460
5, 472
5,544
5,595
5,621
5,712
5,557

2,480
2,409
2,560
2,585
2,622
2,688
2,595

2,980
3,063
2,985
3,010
2,999
3,023
2,962

659
652
651
644
636
622
613

1,423
1,417
1,399
1,363
1,327
1,276
1, 306

Liabilities

Security
Entirely in Canada
loans
abroad
and net SecuriOther
due
ties
Security loans
Cash
from
loans and dis- foreign
counts
banks
229
228
220
224
227
228
225
230
227

Time

980
945
874
869
864
862
828
777
768

151
141
150
151
154
145
131
113
110

1,137
1,155
1,207
1,265
1,316
1,314
1,345
1,368
1,357

Other
assets

453
485
472
444
459
478
446
502
481

Note
circulation

124
111
112
118
117
114
116
115
113

Deposits payable in Canada excluding interbank
deposits
Total

2,174
2,180
2,144
2,152
2,197
2,229
2,193
2,207
2,174

Demand

699
694
645
635
665
692
666
702
680

Corrected.
Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total.
District Bank included beginning January 1936.
Combined monthly balance sheet not published for December.
NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390.
1
1
a

329
337
349
338
391
397
424
394
359

2,162

Assets

(10 chartered banks. Figures in millions of Canadian dollars)

704
694
689
700
672
696
676
633
573
Liabilities

Germany

1935—November..
December 3 .
1936—January
February...
March
April
May
June
July

Time

Other
liabilities

Time

1,474
1,486
1,499
1,517
1,532
1,536
1,527
1,505
1,494

748
745
745
761
783
767
753
757
748

837

FEDERAL RESERVE BULLETIN

OCTOBER 1936

DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective

Central
bank of—

United
GerNether- SwitzerKingdom France many Italy lands
land

In effect Sept. 1,1935
Sept. 9
Sept. 17
Oct. 17
Oct. 22
Nov 5
Nov. 14
Nov. 15. .
Nov. 22
Nov. 2 6 . . .
Jan. 2, 1936
Jan. 10
Jan. 16
Feb.4
Feb.7
Mar. 28
May 7
May 18
May 30
June 4
June 24 .
June 25
June 26
June 30
July 7
Julv 10
Sept. 9
Sept. 25
Oct. 2_
In effect Oct. 2.1936--

4

2

&A
5

%\b
4
5
6
5
4
3
5
6

5
4
4

2
4

Rate
Oct. 2

Central
bank of—

3

4^
3.29
4
5V2
3
6
5
4^
VA
VA
5
VA
2
&A
2
8
5

Date
effective
May
Apr.
July
Jan.
July
July

18,
7,
1,
1,
1,
7,

1936
1936
1935
1933
1936
1936

Mar.
May
May
Oct.
May
Dec.
May
July
Dec.
Sept.
Mar.

2,
24,
20,
26,
12,
15,
15,
15,
1,
9,
2,

1936
1933
1932
1933
1936
1934
1933
1935
1933
1936
1933

June 30, 1932
Mar. 22, 1927
Feb. 1, 1935

Changes since August 26: Switzerland—September 9, down from 2lA to 2
percent; France—September 25, up from 3 to 5 percent; October 2
down from 5 to 3 percent.

3

2

Date
effective

Albania
7
June 15, 1936 Italy
Mar. 1, 1936 Japan
Argentina...
July 10, 1935 Java
\ustria
May 16, 1935 Latvia.. . .
Belgium
2
July 5, 1932 Lithuania...
Bolivia
6
Nov.
28, 1935 Netherlands.
British India
3
Aug. 15, 1935 New ZeaBulgaria
6
Mar.
11, 1935
land
Canada
2V2
Chile
31-4* Jan. 8, 1936 Norway
Colombia..4 July 19, 1933 Peru
Poland
CzechosloJan. 1, 1936 Portugal
vakia
3
Danzig . . .
Oct. 21, 1935 Rumania
5
Denmark. __
Aug. 22, 1935 South Africa
3H Nov. 30, 1932 Spain
Ecuador
4
El SalvadorJuly 5, 1934 Sweden
5
Estonia .
Oct. 1, 1935 Switzerland
4H Dec. 3, 1934 Turkey
Finland
4
France _ _
Oct. 2, 1936 United, Kingdom
3
Germany
Sept. 22, 1932
4
Greece
Oct. 14, 1933 U. S. S. R._
7
Hungary
Aug. 29, 1935 Yugoslavia4

5

6
5
43^

f)
3
3

Rate
Oct. 2

2

MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]

Month

Bankers'
acceptances,
3 months

Treasury
bills, 3
months

Netherlands (Amsterdam)

Germany (Berlin)

United Kingdom (London)
Bankers'
Day-to-day allowance
money
on deposits

Private
discount
rate

Money for Day-to-day
1 month
money

Private
discount
rate

Money for
1 month

1935—August....
September.
October.._
November.
December.

.60
.58
.63
.57
.71

3.00
3.02
3.04
3.01
3.00

3.00
3.07
3.26
3.10
3.23

3.06
3.21
3.13
3.07
3.15

4.78
5.48
4.70
3.15
3.20

4.72
5.65
5.00
3.00
3.08

1936—January...
February..
March
April
May
June
July
August

.56
.55
.56
.55
.55
.78
.58
. 55

3.00
3.00
3.00
3.00
2.92
2.88
2.88
2.88

3.09
2.97
3.07
3.04
2.89
2.74
2.73
2.84

2.81
2.77
2.99
2.83
2.76
2.67
2.96
3.01

2.37
1.31
1.20
1.19
2.27
4.05
1.37

2.29
1.63
1.68
1.27
1.82
3.95
1.20

Month

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

PI.47

Switzerland

Belgium
(Brussels)

France
(Paris)

Italy
(Milan)

Hungary

Sweden
(Stockholm)

Japan (Tokyo)

Private
discount
rate

Private
discount
rate

Private
discount
rate

Private
discount
rate

Prime
commer- Day-to-day
money
cial paper

Loans up
to 3
months

Call
Discounted
money
bills
overnight

2.47
2.40
2.37
2.44
2.50

1.88
1.88
1.88
1.88
1.88

3.06
2.85
2.71
3.89
5.89

4.17
4.87
5.00
5.00
5.00

2.48
2.37
2.26
2.25
2.25
2.25
2.25
2.25

1.52
1.45
1.38
1.38
cl. 38
cl. 38
1.38
1.38

4.26
3.81
3.74
5.03
5.60
5.60
3.30
3.00

5.00
5.00
5.00
5.00
4.78
4.50
4.50
4.50

4
4
4
4

-7
-7
-7
-7

3
3
3
2%

4
4
4
4
4
4

-6>
-6>
-6>
-63-63/
-6>

2%
2%
2%
2%
2%

y2A
2Y2-AY2

V2VA
23/2-43/2

5.11
5.11
5.11
5.11
5.11

2.60
2.62
2.69
2.78
2.69

5.11
5.11
5.11
4.97
4.93
4.83
4.75

2.64
2.56
2.87
3.11
2.73
2.63
2.53

p Preliminary.
c 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.




838

FEDERAL RESERVE BULLETIN

OCTOBER 1936

FOREIGN EXCHANGE RATES
[Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Year or m o n t h

Argentina
(peso)i

1929
95.1274
83. 5050
1930
66.7375
1931
1932
58.4433
* 72. 8009
1933
33.5793
1934
32. 6585
1935
33.1204
1935—August
September _ 32 8563
Z2. 7140
October
November.. 32. 8152
December.. 32. 8542
33. 0742
1936—January
February... 33. 3291
33.1346
M a r c h __
32. 9541
April
33.1114
May
33. 4181
June
33. 4887
July
33. 5027
August

Year or month

Denmark
(krone)

1929,___
1930
1931
1932
1933
1934 „
1935
1935—August
September October
November..
December__
1936—January
February ___
March. __
April
May
.
June
July
August

Year or month

1929
1930...
1931
1932
1933...
1934
1935
1935—August
September _
October
November..
December.1936—January
February...
March
April
May
June
July
August

_.

26. 6802
26. 7650
25. 0581
18.8317
19.0709
22. 4998
21. 8834
22.1848
22.0112
21. 9092
21. 9834
22. 0012
22.1526
22. 3211
22.1898
22. 0644
22.1838
22. 4054
22. 4189
22 4335

AusAustria
tralia
(schil(pound) 2 ling)!
480. 83
458. 60
351. 50
279. 93
337.07
400. 95
388. 86
394. 52
391. 52
389. 61
390.90
391. 28
394. 50
398. 06
396.01
393. 72
396. 09
399. 99
400.15
400. 34

14.0575
14. 0891
14.0227
13.9599
15. 4478
18.7930
18. 8309
18. 9405
18. 8453
18. 8117
18. 7753
18. 7828
18. 8320
18. 9708
18. 8548
18. 7242
18. 7222
18. 7587
18. 8484
18.8384

Belgium
(belga)

13.9124 11.8078
13.9524 10.7136
13. 9285 7. 0290
13.9137
7.1223
17. 8996 7. 9630
23.2867
8. 4268
18. 4241 8. 2947
16.8878
8. 3657
16. 8618 8. 3378
16. 8468 8. 3791
16. 8946 8. 3792
16. 8565 8. 3902
16. 9355 8.4167
17.0416
8. 3803
16. 9787 8. 4871
16. 9146 8. 5564
16. 9378 8. 5755
16. 9065 8. 6310
16. 8989 8. 5349
16. 8621 65. 8367

Egypt Finland France
(pound) (markka) (franc)
498. 0689
498.6002
465.1111
359. 5406
434.3908
516.8549
502. 6007
509. 5780
505. 5597
503. 2065
504. 9614
505. 3533
508. 8316
512.7045
509.6623
506. 7796
509. 5541
514. 6163

2.5160
2. 5169
2. 3875
1. 5547
1. 8708
2. 2277
2.1627
2.1907
2.1742
2.1645
2.1719
2.1745
2.1890
2. 2063
2.1928
2.1807
2.1901
2. 2098
2. 2106
2. 2118

Brazil
(milreis)3

3. 9161
3. 9249
3. 9200
3. 9276
5.0313
6. 5688
6. 6013
6. 6262
6. 5908
6. 5892
6. 5862
6. 5986
6. 6251
6. 6810
6.6338
6. 5898
6. 5858
6. 5934
6. 6202
6. 5853

British
India
(rupee)

Bulgaria Canada
(lev)i (dollar)

36. 2020
36. 0672
33.6895
26. 3468
31. 8159
37. 8793
36. 9640
37. 4849
37. 2082
37. 0217
37.1419
37. 2008
37.4606
37. 7344
37. 5101
37. 3153
37. 5038
37.8716
37. 8890
37. 9309

0. 7216
.7209
.7163
.7193
1.0039
1. 2852
1. 2951
1. 3332
1. 2935
1. 3239
1. 3404
1. 3309
1. 3446
1. 3380
1. 2902
1. 2812
1. 2844
1. 2838
1. 2913
1. 2988

Germany Greece
(reichs- (drachma)
mark)
23. 8086
23.8541
23. 6302
23.7492
30. 5179
39.3751
40. 2575
40. 3456
40. 2278
40. 2251
40.2251
40. 2167
40. 3966
40. 6870
40. 4389
40. 2383
40. 2845
40. 2730
40. 3210
40. 2214

1. 2934
1. 2959
1. 2926
.8320
.7233
.9402
.9386
.9437
.9384
.9391
.9390
.9383
.9424
.9509
.9457
.9389
.9338
.9316
.9400
. 9387

Ruma- South Spain
N o r w a y Poland Portugal
nia
Africa
(krone) (zloty)io (escudo) (leu) (pound) 2 (peseta)
26. 6827
26. 7598
25.0546
18.0039
21. 4292
25.3161
24. 6268
24.9482
24. 7710
24. 6570
24. 7399
24. 7605
24. 9316
25.1214
24.9735
24. 8335
24. 9689
25.2178
25. 2329
25. 2489

1
4

11.1940
11. 2051
11.1970
11.1823
14.4135
18. 8460
18. 8824
18. 9567
18. 8450
18.8361
18. 8249
18.8486
18.9311
19.1315
18.9623
18. 8262
18. 7922
18. 7998
18. 9146
18. 8270

4.4714
4. 4940
4. 2435
3.1960
3. 9165
4. 6089
4.4575
4. 5153
4. 4868
4.4703
4. 4787
4.4854
4. 5120
4. 5489
4. 5155
4. 5092
4. 5115
4. 5455
4. 5568
4. 5558

0.5961
.5953
.5946
.5968
.7795
1.0006
.9277
.9351
.8077
.7965
.7899
.7879
.7879
.7632
.7377
.7330
.7309
.7273
.7279
". 7319

483. 27
483. 79
480. 76
476. 56
414. 98
498. 29
484. 66
488. 74
488.42
485. 63
487. 08
487.44
490.83
494. 51
491. 56
488. 76
491. 59
496. 53
497. 07
497.19

14. 6833
11. 6670
9. 5453
8.0438
10. 7189
13.6150
13.6783
13. 7296
13. 6569
13.6537
13. 6477
13.6704
13. 7274
13. 8412
13. 7450
13. 6540
13. 6454
13. 6591
213. 7144
13. 6427

Cuba CzechoChina Colomslovakia
bia
(yuan) (peso) i (peso) (koruna)
96.5512
96. 4930
96.5697
95. 2750
81. 6966
61. 7799
56. 0110
53. 2263
55. 9846
57.3115
56. 5948
57.0300
57. 3900
58. 2683
57. 2235
57.0023
57.0044
56.9000
56. 9000
56. 9000

12.0601
12. 0785
12.0669
7.9079
7. 6787
10.1452
5. 0833
5. 0633
5. 0515
5. 0694
5. 0950
5. 0937
5. 0950
5. 0950
5. 0930
5. 0853
5.0775
5. 0659
5.1243
5.1725

41.9007
29.9166
22. 4369
21. 7357
528. 5979
34. 0937
36. 5707
36. 8645
37. 6226
35. 6091
29. 6485
29. 4496
29. 6594
29. 9116
29.8243
29. 7339
29. 6900
29.8896
29. 9671
30. 0476

HunHong
Kong
gary
(dollar) (pengo)1

Italy
(lira) 7

New
Japan M e x i c o Netherlands Zealand
(yen)
(peso) (florin) (pound) 3

17.4414
17.4939
17. 4522
17. 4460
22. 3598
29. 5746
29. 6023
29. 7010
29. 6240
29. 6367
29. 6242
29. 6185
29. 6778
29. 7856
29. 6168
29. 4781
29. 4241
29. 4581
29. 4917
919. 7766

5. 2334
5.2374
5. 2063
5.1253
6.7094
8. 5617
8. 2471
8. 2074
8.1409
8.1243
8.1024
8. 0750
8.0276
8. 0373
7. 9830
7. 8936
7. 8560
7. 8645
7. 8845
7. 8673

46. 0997
49. 3898
48. 8509
28.1112
25.6457
29. 7153
28. 7067
29. 3192
28.9378
28. 6687
28. 6828
28. 7386
28. 9932
29.1299
28. 9381
28. 8688
29. 0754
29. 3924
29. 3263
29. 4041

47.1669
33.8530
24. 3305
23. 4604
29.4516
38. 7156
48. 2173
50. 3262
50. 0547
48. 9702
36. 4772
32. 7016
32. 2051
32. 7955
32. 5619
32. 5247
32. 4629
32. 2598
32. 0395
31.1522

99.2472
99. 8424
96. 3528
88. 0896
91. 9587
101. 0060
99. 4933
99. 7799
99. 2563
98. 5800
98. 9236
99. 0453
99. 9297
100.1136
99.8421
99. 5019
99. 8060
99. 7206
99. 8999
99. 9777

Chile
(peso)i

48.1830
47.1331
835. 4919
31. 8500
28.1025
27. 7423
27. 7779
27.7521
27. 7558
27. 7631
27. 7673
27. 7675
27. 7677
27. 7691
27. 7666
27. 7679
27. 7625
27. 7644
27. 7646
27. 7526

99.9647
99. 9515
99. 9295
99.9409
99. 9464
99.9362
99. 9198
99. 9185
99. 9200
99. 9200
99. 9200
99. 9200
99.9231
99.9209
99. 9025
99. 9025
99. 9000
99. 9000
99. 9000
99. 9038

40.1622
40. 2251
40. 2298
40. 2949
51.7209
67. 3831
67. 7147
67. 7819
67. 5556
67. 7416
67. 8024
67. 7696
68.1734
68. 6769
68. 3526
67. 8854
67. 6335
67. 6861
68. 0781
67. 9041

2.9609
2. 9640
2. 9619
2.9618
3. 8232
4. 2424
4.1642
4.1571
4.1363
4.1411
4.1363
4.1433
4.1602
4.1936
4.1637
4.1359
4.1432
4.1375
4.1497

4. 1318

483. 21
468. 22
415. 29
320.19
340.00
402. 46
391. 26
396.86
393. 69
391.86
393.74
394. 32
397. 53
401.15
399.08
396.80
399. 02
402. 84
403. 26
403. 42

United
Straits
Turkey KingSettle- Sweden Switzerland
m e n t s (krona) (franc)
(pound) dom
(pound)
(dollar)

Uruguay
(peso)i

Yugoslavia

485. 6879
486. 2126
453. 4990
350.6067
423. 6821
503. 9302
490.1761
496. 9880
493. 0654
490. 7834
492. 4950
492. 8772
496. 2696
500.0469
497.0675
494. 2682
496. 9742
501. 9239
502. 2475
502. 5945

98. 6294
85. 8650
55. 3572
47. 0639
60. 3360
79. 9562
80. 2513
80. 5377
80.1204
80.1885
80.1500
80. 2075
79.9466
80.2582
80.0216
79. 7692
79. 7200
79. 7091
79. 8197
79. 7190

1.7591
1. 7681
1. 7680
1.6411
1. 7607
2. 2719
2. 2837
2. 2973
2.2823
2. 2834
2.2858
2.2886
2. 2991
2. 3196
2.3030
2. 2882
2. 2866
2. 2871
2. 2985
132. 2926

56.0117
55. 9639
52. 4451
40. 3970
49. 2320
59.0052
57.1733
57. 8282
57. 6180
57.4404
57. 6071
57. 6112
58. 0574
58. 5530
58.2430
57.9389
58. 2400
58.8329
58. 8733
58. 9164

26. 7839
26. 8543
25. 2540
18. 4710
22. 0324
25. 9815
25. 2710
25. 6227
25. 4219
25. 3030
25. 3877
25.4092
25. 5829
25. 7779
25.6258
25. 4817
25. 6194
25. 8769
25. 8933
25. 9006

19.2792
19. 3820
19.4009
19. 4049
24.8355
32. 3663
32.4972
32. 7180
32. 5042
32. 5326
32. 4449
32. 4323
32. 6622
33. 0330
32.8206
32. 5800
32. 3905
32. 4254
32. 7244
32. 5989

48. 4105
47. 0608
47.1814
47. 2854
60. 4396
79.0472
80. 3123
80.8063
80. 2667
80. 2442
80.2674
80.1536
80. 6850
81. 3030
80.8184
80. 2835
80. 2776
80.2704

(dinar)

Partly or wholly nominal since April 1933. 2 Partly or wholly nominal since April 1934. 3 Partly or wholly nominal, April 1933 to July 1936.
Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning December 13, 1933. Average for 1933 for gold peso is for
January
1-December 10.
5
Beginning April 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 April 10-December 31; average for old yuan for January 1-April 9 was 20.2103 cents.
6
Free market rate quoted in place of official rate beginning August 3, 1936. Average official rate, which is largely nominal, was 8.5222 cents in
August 1936.
78 Nominal from November 23, 1935, to April 1, 1936, inclusive.
Silver peso quoted in place of gold peso beginning July 30, 1931. Average for 1931 is for silver peso for July 30-December 31. Average for gold
peso
for January 2-July 29 was 47.6510 cents.
9
Reported on new basis beginning August 3, 1936; rate on former basis for August 1, not included in average, was 29.4700 cents.
i° Nominal from April 28 to August 4, 1936. 2
ii Nominal beginning August 8, 1936.
i Nominal beginning July 31, 1936.
*3 Nominal beginning August 11, 1936.




OCTOBER

839

FEDERAL RESERVE BULLETIN

1936

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States

Year or month

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935

.

Italy

(1930 = 100)

(1913 = 100)

(1913=100)

134
138
140
137
125
111
97
93
98
102

602
495
462
445
383
328
304
280
273

237
225
226
220
181
153
161
180
178
186

106
103
102
100
90
76
65
63
63
62

302
308
310
323
330

182
180
180
183
189
194
194
192

61
61
61
61
62
63
63
63

192
191
191
192
192
194
197
197

62
62
62
61
61
62
62
63

100
88
86
86
88
90

695
642
645
627
554
502
427
398
376
338

80
80
79
81
81
81
81
81

72
71
71
72
72
73
73
73

88
88
88
88
90
91
91
91

340
330
322
330
332
342
348
354

101
101
102
102
102
103
103
103

81
81
80
80
79
79
81
82

73
73
72
72
72
72
74
76

92
92
92
92
92
93
94
95

359
372
376
371
374
378
391
401

104
104
104
104
104
104
104
105

_

_ __

1936—January
February
March
April

Germany

100
98
96
96
87
72
67
67
72
72

.

_. _

May

June
July
August ._

Netherlands

Japan

France
(1913 = 100)

100
95
97
95
86
73
65
66
75
80

1935—May

June.July
August
September
October
November
December

United
Kingdom

(1926=100)

.

.

Canada
(1926 = 100)

(October
1900=100)

(1926-30=
100)

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year or month

Farm
products

Foods

Other
commodities

Umt

(^3(£i()of0m

Foods

IndusFarm
Indus- Agricultrial
and food
trial
tural
products products products products

Industrial raw Indusfinand semi- trial
ished
finished products
products

100
87
85
87
90
90

129
138
134
130
113
104
91
87
96
102

132
129
133
125
113
96
86
75
76
84

130
132
134
132
120
103
89
88
91
92

150
147
159
157
150
136
118
113
116
119

86
86
85
86
88
89
88
89

90
89
90
90
90
92
93
93

324
307
292
311
322
331
338
350

353
351
347
347
341
351
357
356

101
102
103
104
104
104
105
105

84
86
85
85
84
84
84
84

91
91
91
91
92
93
93
93

119
119
119
119
119
119
119
119

89
88
87
87
88
89
90
94

93
94
94
94
94
94
96
96

364
391
396
385
392
394
405
419

355
356
358
359
358
364
378
384

105
105
105
105
105
106
106
108

84
85
85
85
85
85
85
85

93
94
94
94
93
93
93
94

120
120
120
120
121
121
121
121

100
94
93
92
85
75
70
71
78
78

100
89
88
83
85
87

1935—May
June
July
August
September.
October....
November.
December.

81
78
77
79
80
78
78
78

84
83
82
85
86
85
85
86

78
78
78
78
78
78
79
79

1936—January....
February..
March
April
May
June
July
August

78
80
77
77
75
78
81
84

84
83
80
80
78
80
81
83

79
79
79
79
79
79
80
80

Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, and October 1935, p. 678.




Provir
sions

793
678
697
669
579
464
380
380
361
348

100
97
101
100
91
75
61
61
71
84

i

Germany (1913 = 100)

581
599
584
579
526
542
482
420
393
327

100
99
106
105
88
65
48
51
65
79

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935

France (1913 = 100)

840

FEDERAL RESERVE BULLETIN

OCTOBER 1936

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES

COST OF LIVING

[Index numbers]

[Index numbers]

Year or month

United
States
(1923-25 =
100)1

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1935—August

September
October
"Dpppmhpr

^93(5—January
February
March
April
May
June
July
August

England
(July
1914=100)

France Germany
(1913(July
14=100)
1914=1OO)2

United
States
(192325=100)

Year or month

105
100
82
68
66
74
80

161
156
157
154
145
131
126
120
122
125

113
113
112
124
125
124
109
100
98
86

146
153
153
156
146
131
116
113
118
120

1926
1927
1928
1929
1930
1931
1932
1933
1934
1935

. _

80
80
80
82
82

126
125
128
131
131

81
81
85
87
88

123
121
120
120
121

1935—August
September
October
November
December __ _

82
81
80
80
80
84'
84
84

131
130
129
126
125
126
129
129

90
91
91
90
93
93
91
93

122
122
122
122
122
123
124
124

1936—January
February
March.
April
May
June
July
August

.

.

103
102
100
99
97
89
80
76
78
81

170
164
166
164
158
148
144
140
141
143

81

143
143
145
147
147

81

_ _

England
(July
1914=100)

81
82

147
147
146
144
144
144
146
146

France G e r m a n y
(Jan.-June2
(19131914=100)
14 = 100)
142
148
152
154
148
L36
121
118
121
123

103
104
105
113
118
116
107
106
105
98

125
123
123
123
123

95
97

124
124
124
124
124
125
125
125

99
101

From August 1933 to July 14, 1936, the Bureau of Labor Statistics published biweekly indexes. Figures given are for the date nearest 15th of
month.
2 Index represents prices converted to gold basis of 1914.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Germany—Statistisches Reichsamt: France—For retail food prices, Statistique Ge'ne'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]
Bonds
United
States
(average1
price)

Year or month

Number of issues
1926
1927
1928
1929
1930
1931
1932
1933 ._
1934
1935.

1935—August—
September
October _
November
December
1936—January
February
March
April
_
May
June.__ _ _.
July
August
1

_

_ .
_
_

England
(December
1921 = 100)2

Common stocks (1926 average=100)

France
Germany
(1913 aver- (average
age =100)
price) 2

United
States

England 2

France

Germany

419

278

300

85.5
81.4
83.3
3 83.4
3 67.1
82.5
90.7
95.3

100.0
118.3
149.9
190.3
149.8
94.7
48.6
63.0
72.4
78.3

100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
86.3

100.0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
83.3
79.7

100.0
145.0
136.1
122.8
100.2
* 78.0
*50. 3
61.7
71.1
82.9

83.9
82.7
82.1
78.8
79.1

95.4
95.1
94.9
94.9
94.9

83.0
85.0
85.2
93.3
95.3

88.3
84.7
84.6
88.9
90.2

79.0
76.4
77.3
76.8
77.3

87.6
85.0
83.5
82.1
81.9

78.9
77.9
75.2
75.8
74.7
73.8
73.2
73.2

95.1
95.2
95.3
95.3
95.5
95.8
95.9
96.1

100.1
106.1
108.7
108.9
101.0
105.6
109.2
113.0

93.1
95.2
94.1
95.5
93.8
94.0
94.7
97.3

83.7
86.7
84.1
82.8
71.2
66.1
59.2
58.8

84.2
86.0
85.6
88.3
91.1
93.2
94.6
92.5

60

87

36

97.6
100.7
100.8
98.0
99.3
90.9
69.5
73.4
84.5
88.6

110.0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
129.9

57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
83.5

89.9
90.4
89.8
91.1
92.5

129.8
124.3
125.5
128.9
129.5

95.3
97.2
96.6
95.9
95.5
96.2
97.1
97.7

130.1
131.0
130.2
131.5
131.1
130.6
131.0
131.6

139

329

Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
2 Annual indexes are unweighted averages of monthly indexes.
3 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.




BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman

RONALD RANSOM, Vice Chairman
JOHN K. M C K E E
CHESTER C. DAVIS

JOSEPH A. BRODERICK
M. S. SZYMCZAK

CHARLES S. HAMLIN, Special Counsel
LAWRENCE CLAYTON, Assistant to the Chairman

ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary

LISTON P. BETHEA, Assistant Secretary

S. R. CARPENTER, Assistant Secretary
J. C. NOELL, Assistant Secretary
WALTER WYATT, General Counsel

GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
J. P. DREIBELBIS, Assistant General Counsel
LEO H. PATJLGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chieft Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics
LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics
GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics
E. L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE

FEDERAL ADVISORY COUNCIL

MARRINER S. ECCLES, Chairman

District No. 1 (BOSTON)

GEORGE L. HARRISON, Vice Chairman

District No. 2 (NEW YORK)

THOMAS M. STEELS.

JOSEPH A. BRODERICK
CHESTER C. DAVIS
M. J. FLEMING
G. H. HAMILTON
JOHN K. M C K E E
B. A. MCKINNEY
RONALD RANSOM
GEORGE J. SCHALLER
M. S. SZYMCZAK

District No. 3 (PHILADELPHIA)

HOWARD A. LOEB,

District No. 4 (CLEVELAND)

ARTHUR E. BRAUN.

__ .JAMES H. PERKINS.

Vice-President.
District No. 5 (RICHMOND)
District No. 6 (ATLANTA)

CHARLES M. GOHEN.
H. LANE YOUNG.

District No. 7 (CHICAGO)

EDWARD E. BROWN.

District No. 8 (ST. LOUIS)

WALTER W. SMITH,

District No. 9 (MINNEAPOLIS)

THEODORE WOLD.

President.
CHESTER MORRILL, Secretary

District No. 10 (KANSAS CITY)

W. T. KEMPER.

J. P. DREIBELBIS, Assistant General Counsel

District No. 11 (DALLAS)

JOSEPH H. FROST.

E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist

District No. 12 (SAN FRANCISCO)._M. A. ARNOLD.

WALTER WYATT, General Counsel

W. RANDOLPH BURGESS, Manager of System Open
Market Account

842




WALTER LICHTENSTEIN, Secretary

SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and Federal
Reserve Agent

Federal Reserve
Bank of—

President

First Vice President

Vice Presidents

Boston

F. H Curtiss

R. A. Young

W. W. Paddock

W. Willett.2

New York

Owen D Young1

G. L. Harrison

Allan Sproul

W. R. Burgess.
L. R. Rounds.
L. F. Sailer.
W. S. Logan.
J. H. Williams.
C. H. Coe.

Philadelphia

R. L. Austin

J. S. Sinclair

F. J. Drinnen

C. A. Mcllhenny.«

W T Davis

E. C. Hill.
F. J. Zurlinden

H. F. Strater.
W. H. Fletcher.
W. F. Taylor.a

Cleveland

E. S. Burke, Jr.

M. J. Fleming

Richmond

F. A. Delano

Hugh Leach

Atlanta

H. W. Martin

Oscar Newton

R. S. Parker

H. F. Connifl.
L. M. Clark.
W. S. McLarin, Jr.
M. W. Bell.2

Chicago

R. E. Wood1

G. J. Schaller

H. P. Preston

W. H. Snyder.»
C. S. Young.
J. H. Dillard.

St. Louis

PaulDillard1

W. McC. Martin

0. M. Attebery.

Minneapolis

W. B. Geery

J. N. Peyton

Kansas City

J. J. Thomas

G. H. Hamilton

C. A. Worthington_.__ A. M. McAdams.
J. W. Helm.3

Dallas

C C Walsh

B A McKinney

R. R. Gilbert

R. B. Coleman.3
W. J. Evans.

San Francisco

W. N Moore

W. A. Day

Ira Clerk .

S. G. Sargent.
W. M. Hale.
C. E. Earhart.*

1

Deputy chairman.

R. H. Broaddus.
J. S. Walden, Jr.
J. G. Fry. 2
G. H. Keesee.

_ J. S. Wood.
J. G. McConkey.
Harry Yaeger.
H. I. Ziemer.s
E. W. Swanson.
0. S. Powell.

2 Cashier.

a Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—

Managing director

New York:
R. M. O'Hara.
Buffalo branch
Cleveland:
Cincinnati branch
_ B. J. Lazar.
T. C. Griggs.
Pittsburgh branch
Richmond:
W. R. Milford
Baltimore branch
W. T. Clements.
Charlotte branch
Atlanta:
J. H. Frye.
Birmingham branch
Jacksonville branch.._ _ . G. S. Vardeman, Jr.
Nashville branch
J. B. Fort, Jr.
New Orleans branch
Marcus Walker.
Chicago:
Detroit branch
R. H. Buss.
St. Louis:
Little Rock branch
A. F. Bailey.
Louisville branch
J. T. Moore.
Memphis branch
W. H. Glasgow.

Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Denver branch
Oklahoma City branch
Omaha branch
Dallas:
El Paso branch.._
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch

Managing director
R. E. Towle.
J. E. Olson.
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.

SUBSCRIPTION PRICE OF BULLETIN
The FEDEHAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold
at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;
single copies, 25 cents.
843




FEDERAL RESERVE DISTRICTS

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
« . . . - BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORJES
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY