Full text of Federal Reserve Bulletin : September 1935
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FEDERAL RESERVE
BULLETIN
SEPTEMBER 1935
ISSUED BY THE
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
AT WASHINGTON
Banking Act of 1935
Condition of Member Banks
Report of Federal Deposit Insurance Corporation
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1935
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Ex-officio members:
MARRINER S. ECCLES, Chairman.
J. J. THOMAS, Vice Chairman.
HENRY MORGENTHAU, Jr.,
CHARLES S. HAMLIN.
Secretary of the Treasury.
ADOLPH C. MILLER.
J. F. T. O'CONNOR,
GEORGE R. JAMES.
Comptroller of the Currency,
M. S. SZYMCZAK.
LAWRENCE CLAYTON, Assistant to the Chairman.
ELLIOTT L. THURSTON, Special Assistant to the
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
LAUCHLIN CURRIE, Assistant Director, Division of
Chairman.
Research and Statistics.
CHESTER MORRILL, Secretary.
WOODLIEF
THOMAS, Assistant Director, Division of
J. C. NOELL, Assistant Secretary.
Research and Statistics.
LISTON P. BETHEA, Assistant Secretary.
E. L. SMEAD, Chief, Division of Bank Operations.
S. R. CARPENTER, Assistant Secretary.
J. R. VAN FOSSEN, Assistant Chief, Division of Bank
WALTER WYATT, General Counsel.
Operations.
GEORGE B. VEST, Assistant General Counsel.
J. E. HORBETT, Assistant Chief, Division of Bank
B. MAGRTJDER WINGFIELD, Assistant General Counsel.
Operations.
LEO H. PAULGER, Chief, Division of Examinations.
CARL E. PARRY, Chief, Division of Security Loans.
R. F. LEONARD, Assistant Chief, Division of Examina- PHILIP E. BRADLEY, Assistant Chief, Division of Secutions.
rity Loans.
G. E. CAGLE, Assistant Chief, Division of Examinations. O. E. FOULK, Fiscal Agent.
FRANK J. DRINNEN, Federal Reserve Examiner.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.
FEDERAL ADVISORY COUNCIL
District no. 1 (BOSTON)
District no. 2 ( N E W YORK)
THOMAS M. STEELE.
JAMES H. PERKINS.
District no. 3 (PHILADELPHIA)
HOWARD A. LOEB, Vice President.
District
District
District
District
ARTHUR E. BRAUN.
CHARLES M. GOHEN.
H. LANE YOUNG.
SOLOMON A. SMITH.
no.
no.
no.
no.
4
5
6
7
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
District no. 8 (ST. LOUIS)
WALTER W. SMITH, President.
District
District
District
District
THEODORE WOLD.
W. T. KEMPER.
JOSEPH H. FROST.
M. A. ARNOLD.
no.
no.
no.
no.
9 (MINNEAPOLIS)
10 (KANSAS CITY)
11 (DALLAS)
12 (SAN FRANCISCO)
WALTER LICHTENSTEIN, Secretary
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank Chairman and Federal
of—
Reserve agent
Governor
Deputy governor
Boston
New York
F. H. Curtiss
J. H. Case
R. A. Young
G. L. Harrison
W. W. Paddock
W. R. Burgess
W. S. Logan
L. R. Rounds
L. F. Sailer
C. H. Coe
Philadelphia
R. L. Austin
G. W. Norris
Cleveland
E. S. Burke, Jr.<___
W. W. Hoxton
M. J. Fleming..
G. J. Seay
W. H. Hutt
J. S. Sinclair
C. A. Mcllhenny
F. J. Zurlinden
H. F. Strater
R. H. Broaddus
Chicago
E. M. Stevens...
Oscar Newton
G. J. Schaller
H. W. Martin
H. F. Connifl
H. P. Preston
C. R. McKay
J. H. Dillard
St. Louis...
J. S. Wood.
W. McC. Martin
0. M. Attebery
J. G. McConkey
Minneapolis. ..
J. N. Peyton
W. B. Geery
C. C.Walsh
G. H. Hamilton
B. A. McKinney
J. U. Calkins
Harry Yaeger
H. I. Ziemer
C. A. Worthington.
J. W. Helm
R. R. Gilbert
R. B. Coleman
W. A. Day
Ira Clerk,...
Richmond
Atlanta
Kansas City...
Dallas
San Francisco..
i Assistant deputy governor.
* Controller.
Cashier
W. Willett.
J. W. Jones.i
W. B. Matteson.i
J. M. Rice.i
Allan SprouU
H. H. KimbalD
L. W. Knoke.i
C. A. Mcllhenny.
W. J. Davis.*
W. G. McCreedy.i
L. E. Donaldson.^
W. F. Taylor.
C. W. Arnold.*
G. H. Keesee.
J. S. Walden, Jr.*
M. W. Bell.
W. S. McLarin, Jr.*
W. H. Snyder.»
W. C. Bachman.i
0. J. Netterstrom.i
A. T. Sihler.i
E. A. Delaney.i
A. L. Olson.i 1
S. F. Gilmore.
A. H. HailU
F. N. Hall.»
G. 0. Hollocher.*
0. C. Phillips.*
H. I. Ziemer.
F. C. Dunlop.»
J. W. Helm.
R. B. Coleman.
W. 0. Ford.i
W. M. Hale.
« Assistant to the governor.
4
Acting chairman; W. H. Fletcher, acting Federal Reserve agent.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES
Federal Reserve Bank of—
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
Birmingham branch_.
Jacksonville branch
Nashville branch
New Orleans branch
Chicago:
Detroit branch
St. Louis:
Little Rock branch
Louisville branch
Memphis branch
Managing director
R. M. O'Hara.
B. J. Lazar.
T. C. Griggs.
Hugh Leach.
W. T. Clements.
J. H. Frye.
G. S. Vardeman, Jr.
J. B. Fort, Jr.
Marcus Walker.
R. H. Buss.
A. F. Bailey.
J. T. Moore.
W. H. Glasgow.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Denver braneh
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 FEDERAL 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
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$2.60; single copies, 25 cents.
in
TABLE OF CONTENTS
Page
Review of the month—Banking Act of 1935
559
Report of Federal Deposit Insurance Corporation
567
Condition of member banks on June 29, 1935 (from Member Bank Call Report no. 66)
627-628
National summary of business conditions
570
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
571-575
Member and nonmember bank credit:
All banks in the United States
578
All member banks
576, 577, 626, 632
Weekly reporting member banks in leading cities
579, 629
Brokers' loans
579
Acceptances and commercial paper
580
Discount rates and money rates
581
Security prices, bond yields, and security issues
582
Treasury
finance
583
Assets and liabilities of governmental credit agencies
584
Reconstruction Finance Corporation—Loans, subscriptions, and allocations
585
Farm Credit Administration—Loans and discounts outstanding, by institutions
586
Federal Home Loan Bank Board—Loans outstanding, by institutions
586
Obligations fully guaranteed by the United States—Amounts outstanding, by agencies
586
Production, employment, car loadings, and commodity prices
587
Merchandise exports and imports
588
Department stores—Indexes of sales and stocks
588
Freight-car loadings, by classes
588
Financial statistics for foreign countries:
Gold reserves of central banks and governments
589
Gold production
590
Gold movements
590-592
Central banks
593-596
Bank for International Settlements
596
Commercial banks
597
Discount rates of central banks
598
Money rates
598
Foreign exchange rates
599
Price movements:
Wholesale prices
600
Retail food prices and cost of living
601
Security prices
601
Law department:
Requests for interpretation of Banking Act of 1935 and regulations issued thereunder
602
Text of Banking Act of 1935
602
Joint resolution withdrawing the right to sue the United States on gold-clause securities
622
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
624-632
Industrial and commercial statistics
633-638
August crop report
639
IV
FEDERAL RESERVE
VOL.
21
SEPTEMBER 1935
REVIEW OF THE MONTH
On August 23 the Banking Act of 1935 was
signed by the President and became law. This
act represents the most fundaThe new Fedm e n t a l revision of the Federal
eral Reserve
.
Act
Reserve Act since its adoption
22 years ago in 1913. I t incorporates into law much of the experience
acquired by the System during the more than
two decades of its operation. I t reflects a
broader conception of the System's functions
in the country's economic life than existed at
the time the System was established; it defines
more clearly and fixes more firmly the responsibilities of the Board in Washington and of the
regional Reserve banks; it permanently removes
from the operations of the Federal Reserve
banks and the member banks some of the
restrictions which at critical times prevented
them from effectively rendering the services to
the country for the performance of which they
were established; and, finally, it clarifies and
simplifies a number of features of the administration of the System.
The more important provisions relating to
the Federal Reserve System are contained in
title I I of the act. Title I revises the provisions for the insurance of deposits, and title I I I
contains many clarifications and improvements in the technical provisions of existing
banking law. The full text of the Banking
Act of 1935 is printed elsewhere in this issue of
the BULLETIN.
Under the act there has been a concentration
of responsibility for national
credit
P° lic y> with the governing board of the Federal Reserve System having greater authority. Openmarket operations will be under the control of
the Federal Open Market Committee consisting
of the 7 members of the newly constituted
BULLETIN
No. 9
Board of Governors of the System and 5 representatives of the Federal Reserve banks.
The Board of Governors has authority over the
other major instruments of credit control;
namely, changes in discount rates, in member
bank reserve requirements, and in margins to
be prescribed for loans on securities. The new
law preserves the local autonomy of the regional
banks in their dealings and relations with the
member banks in their respective districts but
places the ultimate responsibility and the
main burden for national credit policy upon the
Board of Governors in Washington.
The five representatives of the Reserve banks
on the Federal Open Market Committee are to
be selected regionally: One from the Boston
and New York districts, one from the Philadelphia and Cleveland districts, one from the
Richmond, Atlanta, and Dallas districts, one
from the Chicago and St. Louis districts, and
one from the Minneapolis, Kansas City, and
San Francisco districts. This arrangement
gives both the Board and the regional banks
representation in the determination of openmarket policies, with the Board having a
majority of members, and places fixed and
unescapable responsibility for the policies on
one statutory body.
Once a policy has been adopted by the Open
Market Committee the individual Reserve
banks will have no authority to decline to
participate in its execution; it becomes the
policy of the System.
An amendment to section 14 of the Federal
Reserve Act provides that purchases and sales
by the Reserve banks of obligations of the
United States Government may be made only
in the open market. The Reserve banks are
authorized by the same amendment to purchase and sell fully guaranteed, as well as
direct, obligations of the United States Government.
559
560
FEDERAL RESERVE BULLETIN
The act also provides that records shall be
kept by the Board of Governors of all actions
of the Open Market Committee and the Board
on all questions of policy, and that these
records showing the actions taken, the votes
in connection therewith, and the underlying
reasons for such actions shall be published in
the annual report of the Board.
Under the new law the Federal Reserve
banks must submit to the Board of Governors
Discount rates f o r , its approval every 14 days
and reserve
or, if deemed necessary by the
requirements
Board>
more
frequently)
the
rates of discount which they wish to establish
in their districts. These rates do not become effective without the approval of the
Board of Governors. Statutory provision for
periodic submission of the discount rates to
the Board of Governors makes it incumbent
upon both the Federal Reserve banks and the
Board that such rates be reviewed at least
once every 2 weeks and thus brings the discount rate policy of the Reserve banks more
effectually under the control of the Board.
The law also clarifies and alters the authority
of the Board of Governors to change member
bank reserve requirements. Under the old law
they could be changed only when an emergency
existed owing to credit expansion, and then
only with the approval of the President of the
United States. Under the new act changes
can be made by a vote of lour members of the
Board of Governors "in order to prevent injurious credit expansion or contraction/' provided
that the reserve requirements shall not be reduced below present requirements or increased
to more than twice such amounts.
While the new act makes no changes in the
provisions of law regarding the discount of
Broadened
paper by Federal Reserve banks
lending
for member banks or in the propowers
visions authorizing advances to
member banks on notes secured by Government obligations or by paper eligible for discount, it adds a provision authorizing a Federal
Reserve bank to make advances to its member banks on any security satisfactory to the
SEPTEMB1R 1935
Reserve bank at a rate of interest at least onehalf of 1 percent per annum higher than the
highest discount rate in effect at such Reserve
bank. The maturity of advances under this
broadened authority may not exceed 4 months.
The provision containing this authority is a
revision, in a liberalized and permanent form,
of section 10 (b) of the Federal Reserve Act,
which was originally adopted in February 1932
under emergency conditions and which had
expired in March 1935. As amended by the
Banking Act of 1935, this section no longer
requires, as it had previously, that advances
thereunder be made only in exceptional and
exigent circumstances and to member banks
which had exhausted other means of obtaining
credit accommodations from the Federal Reserve banks.
Incorporation of this provision into permanent law constitutes a recognition of the fact
that the Federal Reserve banks, in order properly to perform their functions, must be in a
position to lend to member banks on any
satisfactory assets regardless of their origin.
Technical provisions in regard to eligibility
not only failed to protect our banking system
from collapse, but during a critical period contributed a great deal to the distress of banks
and to the deflation that was then in process.
Many banks were obliged to liquidate their
assets on a falling and demoralized market
and thereby contributed to the decline in
values which in turn weakened the position of
other holders of property and securities. The
provisions of the present act are designed to
reduce the likelihood of the recurrence of such
a situation.
The broadened provision for borrowing at
the Reserve banks is also a recognition of the
fact that the scope of operations of member
banks has changed. Since the passage of the
Federal Reserve Act paper that qualified under
the eligibility requirements of that act has constituted a decreasing proportion of the loans and
investments of member banks. As late as
1929 such paper comprised 12 percent of the
total and it now represents 8 percent. Changes
in business practices, which have resulted in a
SEPTEMBER
1935
decline in the extent of commercial and industrial borrowing from banks, have been
partly responsible for this development. Another major factor has been the increase in the
amount of savings deposited in member banks.
With member banks holding $10,000,000,000
of savings and other time deposits, as compared with about $1,000,000,000 in 1914, they
are in the position where both in their own
interest and in that of the country they must
make a considerably larger volume of long-time
investments. Such investment is an essential
part of the economic process of capital formation. It seems reasonable, therefore, that
these assets be given a status which will permit member banks to borrow on them from the
Reserve banks when the need arises.
A step in the same direction is the liberalization of the provisions under which national
banks are permitted to make
Real-estate
real-estate
loans. The act inloans
creases the percentage of the
value of real estate that a loan may cover from
50 to 60 percent and the term of the loan from
5 to 10 years, provided the loan is on an amortized basis requiring that at least 40 percent of
the loan be repaid in the course of 10 years.
Real-estate loans may be made by a national
bank in an aggregate amount up to 100 percent of its unimpaired capital and surplus or 60
percent of its time and savings deposits, whichever is the greater, as compared with previous
limitations of 25 percent of capital and surplus
or 50 percent of time and savings deposits.
The requirement in the previous law that
loans may be made by a national bank only on
real estate situated within its Federal Reserve
district or within 100 miles of its location is not
contained in the new act.
The liberalization of real-estate provisions
will make it easier for the member banks to participate in the financing of building activity,
the resumption of which is an essential factor
in recovery. It is also a recognition of the fact
that it is as proper for a member bank having
a large volume of time deposits to make mortgage loans as to purchase long-time bonds the
marketability of which, experience has shown,
561
FEDERAL RESERVE BULLETIN
may be seriously impaired in a depression.
The danger for banks is not in making realestate loans as such, but in making poor loans
of any kind. The field of real-estate loans
offers considerable opportunity for the proper
investment of bank funds.
Under the terms of the new Banking Act,
the Federal Reserve Board is reconstituted unReorganization
of the Federal
Reserve Board
der
t h e n a m e B o a r d of Gov
"
ernors of the Federal Reserve
System
T h e S e c r e t a r y of
the
Treasury and the Comptroller of the Currency
will cease to be ex-officio members on February
1, 1936, and the Board will thereafter consist
of seven members to be appointed by the
President. The general qualifications and
method of selection of the Board members are
not changed from existing law, but the full
term of office is lengthened from 12 to 14
years and reappointment after a member has
served a full term is not permitted. The
salaries are fixed at $15,000 instead of $12,000
per year. The chairman and vice chairman
of the Board (formerly designated as governor
and vice governor) are to be designated by
the President of the United States for a 4-year
period.
In providing longer terms and higher salaries
for members of the Board, the intent of Congress was to give to the Board a more definite
status of independence in the exercise of its
authority and responsibility. The requirement
that the chairman of the Board be designated
for a fixed term of years, rather than at the
pleasure of the President, gives to that position
a definite tenure.
Administrative changes at the Reserve banks
under the new act include the creation of the
Administrative o f f i c e s oi President and first
changes at the vice president of the bank, who
Reserve banks
ghaU be the bank,g cMef
execQ_
tive officers, and who shall be appointed for a
term of 5 years by the board of directors subject
to approval by the Board of Governors of the
Federal Reserve System. This administrative
change gives the Board in Washington an opportunity to pass upon the qualifications of the
Reserve banks' chief executives without im-
562
FEDERAL RESERVE BULLETIN
pairing the essential regional autonomy of the
Reserve banks. By thus requiring that men
selected for these important offices be acceptable both to the local boards of directors and
to the Board of Governors of the Federal
Reserve System it is believed that high standards of selection will be insured.
Provision that the presidents of the Reserve
banks are to be the chief executives of the
banks clarifies the administrative organization
of these banks. Under existing law there is
no expressed provision for an executive head of
the bank. In practice the local boards of
directors have selected executive officers and
have designated them as governors. The
Banking Act of 1935 leaves unchanged the
provisions regarding the appointment by the
Federal Reserve Board of a chairman of
the board of directors and Federal Reserve
agent, whose position in the administrative
organization of the Reserve bank, other than
presiding at directors' meetings, has never
been clearly defined in the law. The new law
eliminates all question about executive responsibility in the Federal Reserve banks.
By making it clear that the active executives
of the Reserve banks are to be selected by the
local boards of directors the new law reaffirms
the regional character of organization which
has been a feature of the Federal Reserve System since its establishment. At the same time,
by providing that the Board in Washington
shall have power to approve or disapprove the
local boards' selections every 5 years, the law
more clearly recognizes the responsibility also
of the Board of Governors for the management
of the Reserve banks.
The act contains many important technical
and other provisions, the prinOther provisions
cipal ones of which may be summarized as follows:
Deposit insurance,—Insurance of deposits to
the amount of $5,000 for any one depositor,
which was in effect under a temporary plan,
is continued under the permanent insurance
plan. The assessment rate for such insurance
is fixed at one-twelfth of 1 percent per annum
SEPTEMBER
1935
based upon the total deposits, less uncollected
items, of the insured bank. Under the former
permanent insurance plan, which is superseded
by this law, deposits would have been insured
in full up to $10,000 for any one depositor, and
in part above that amount, and insured banks
would have been subject to an unlimited
assessment liability.
Compulsory membership in Federal Reserve
System.—State banks (with certain exceptions)
having average deposits of $1,000,000 or more
during the calendar year 1941 or any succeeding year are required to become members of
the Federal Reserve System by July 1, 1942, or
lose the right to have deposit insurance. This
provision takes the place of the former provision which required all State banks, regardless of size, to become members of the Federal
Reserve System by July 1, 1937, in order to
continue to have deposit insurance.
Another section of the act of 1935 provides
that the Board of Governors may waive
requirements for membership in the Federal
Reserve System in order to facilitate the admission of any State bank which is required by the
above provision to become a member of the
System in order to continue to be an insured
bank.
Accidental holding company affiliates.—The
act of 1935 provides that corporations, all of
the stock of which is owned by the United
States, and organizations which are determined
by the Board of Governors of the Federal
Reserve System not to be engaged directly or
indirectly as a business in holding the stock of,
or managing or controlling, banks shall not be
included in the definition of " holding company
affiliates", except for the purposes of section
23A of the Federal Reserve Act which deals
with loans by member banks to such affiliates.
Reports and examinations oj affiliates.—The
Board of Governors of the Federal Reserve
System and the Comptroller of the Currency
may waive requirements for examinations and
reports of affiliates of banks under their respective jurisdictions whenever such examinations
or reports are not considered necessary to dis-
SEPTEMBER
1935
FEDERAL RESERVE BULLETIN
close fully the relations between an affiliate
and a bank and the effect thereof upon the
affairs of the bank.
Termination of double liability on national
bank stock.—The Banking Act of 1933 terminated double liability upon shareholders of
national banks with respect to shares issued
after the date of enactment of such act, i. e.,
Jane 16, 1933. The Banking Act of 1935 provides further that double liability on previously
issued stock in national banks in business on
JiuV 1, 1937, may be terminated on that date,
or at any time thereafter, upon the giving of
6 months' prior published notice.
Under another section every national bank is
required gradually to build up its surplus fund
until it equals the amount of its common
capital.
Definition of demand, time, and savings
deposits.—The definitions of demand and time
deposits in the first paragraph of section 19 of
the Federal Reserve Act are repealed and instead the Board of Governors of the Federal
Reserve System is authorized for the purpose
of section 19 to define such terms and certain
other terms and to determine what shall be
deemed a payment of interest by member banks.
Computation of required reserves.—For the
purpose of computing the reserves required to
be carried by member banks with the Federal
Reserve banks, amounts due from other banks
(except Federal Reserve banks and foreign
banks) and cash items in process of collection
may be deducted from gross demand deposits.
Prior to the act of 1935, member banks, in
computing their reserves, were authorized to
deduct amounts due from other banks only
from amounts due to other banks.
Member banks are required to maintain the
same reserves against United States Government deposits as against other deposits. Previously such deposits required no reserves.
Payment of deposits and interest.—The section
of the Federal Reserve Act prohibiting the
payment by member banks of interest on
demand deposits is amended so as to terminate
after 2 years the exemption of demand deposits
563
made by mutual savings banks or by any State,
municipality, or other subdivision upon which
interest is required by State law. During
this 2-year period deposits of trust funds on
which interest is required by State law and
deposits made by other savings banks are added
to the list of exempted deposits.
The Federal Deposit Insurance Corporation
is given authority to issue regulations with
regard to the payment of interest on and the
withdrawal of deposits of insured nonmember
banks similar to the authority of the Board of
Governors of the Federal Reserve System with
regard to member banks. The new act provides
that such regulations shall prohibit the payment of interest on demand deposits and shall
make the exceptions now or hereafter prescribed for member banks.
Postal Savings accounts.—The new act provides that the rate of interest payable on deposits in Postal Savings depository offices shall
not exceed that which may be paid on savings
deposits by member banks located in or nearest
to the place where such depository office is
situated. The provision that deposits in
Postal Savings depository offices may not be
withdrawn except on notice given 60 days in
advance or else without interest is repealed,
and a provision is added to the effect that
interest shall not be allowed on any part of the
funds to a depositor's credit for any period less
than 3 months.
Interlocking bank directorates.—The provisions of the Clayton Act which forbade all
interlocking directorates between certain classes
of banks but authorized the Board to grant
individual permits to private bankers or bank
directors, officers, or employees to serve not
more than two other banks is amended by the
Banking Act of 1935 so as to authorize the
Board of Governors of the Federal Reserve
System by regulation, rather than by individual
permits, to permit such service with not more
than one other bank. The prohibition against
interlocking directorates as provided in the
new law is made inapplicable to certain classes
of banks, chief of which are: Banks owned by
564
FEDERAL RESERVE BULLETIN
the same interests, banks not located in the
same city or in contiguous cities, and banks not
engaged in the same class of business. Until
February 1, 1939, the amendment does not
affect the service of any person lawfully serving
more than one bank at the time of the enactment of the Banking Act of 1935.
The prohibition contained in the Banking
Act of 1933 against interlocking relationships
between banks and trust companies and
institutions which make loans secured by
stock or bond collateral is repealed by the new
act.
Balances of member banks with Federal
Reserve banks increased in August to above
$5,300,000,000 and excess reserves increased to nearly $2,800,000,000. These were the
largest amounts ever reported. The Banking
Act of 1935 requires that reserves be carried
against United States Government deposits
and permits full deduction of amounts due
from banks in the United States in computing
net demand deposits against which reserves are
carried. Final figures as to the exact effect of
these changes are not available, but it is estimated that there was a reduction of about $50,000,000 in the total of required reserves for all
member banks. Banks in New York City,
which hold large Government deposits and a
small amount of balances with other banks, had
increased requirements, while other banks, holding relatively small Government deposits and
large balances with correspondent banks,
obtained a reduction in their requirements.
The increase of $200,000,000 in reserve balances during August reflected principally disbursements by the Treasury from its holdings
of cash and its balances with the Reserve banks
for the redemption of the called Panama Canal
bonds and for meeting an excess of other
expenditures over receipts from taxes and the
sale of new securities.
Treasury cash holdings have been steadily
reduced in recent weeks, largely as a result of
retirement of national bank notes. As these
notes have been returned to the Treasury by the
SEPTEMBER
1935
Federal Reserve banks and retired, the Treasury's deposit balance with the Reserve banks
has been reduced, and in order to replenish this
balance the Treasury from time to time has
transferred to the Reserve banks gold-certificate
credits. The decline in Treasury cash for the
purpose of retiring national bank notes does
not result in an increase in member bank
reserves, because when member banks turn in
national bank notes, the credit received for
them must be used to obtain other types of
currency, so long as the demand for currency
shows no decline. This shift is indicated by a
decline in the amount of Treasury and national
bank currency outstanding. In August $131,000,000 of national bank notes were retired,
including those taken from holdings of the
Treasury and the Federal Reserve banks.
National bank notes in circulation outside the
Treasury and Reserve banks declined by
$58,000,000 in the month, while other types
of currency in circulation increased by $170,000,000.
Reports of condition of all member banks for
June 29, 1935, show an increase of about
$1,100,000,000 in total deposits
8
^
r i n g the first half of 1935.
member banks
There was a decline of $400,000,000 in the liability of national banks for circulating notes. Loans and investments increased
by about $600,000,000 and the total of reserves,
cash in vault, and balances with other banks
showed an increase of $900,000,000, while
items in process of collection declined by over
$700,000,000.
Classification of deposits of all member banks
as of June 29, 1935, together with changes
since December 31, 1934, for all member banks
and for different classes of banks, is shown in
the table below. The increase in total deposits
during the first half of this year occurred notwithstanding a decline of $1,000,000,000 in the
total of United States Government and Postal
Savings deposits. Deposits of customers other
than banks and the United States Government,
after adjustment for the decline in items in
process of collection, showed an increase in the
half year of $2,300,000,000. This increase in
SEPTEMBER
FEDERAL RESERVE BULLETIN
1935
customers' deposits resulted from funds made
available by a reduction in cash holdings and
deposit balances of the United States Government, by continued growth in the country's
monetary gold stock, and by an increase in
member bank investments.
DEPOSITS AT MEMBER BANKS
[In millions of dollars]
Changes since Dec. 31,1934
Outstanding, all
member
New
Other
All
banks,
York Keserve Country
June 29, member
City
city
banks banks banks
banks
1935
United States Government779
-856
Postal Savings
307
-145
I n t e r b a n k balances,*
(United States and foreign) 5,442
+537
States, counties, and municipalities »
+282
2,376
Other customers:
Demand..
- 16, 206 +1, 255
Time
9,462
+442
Certified and
officers'
checks, cash letters of
credit, and travelers'
checks outstanding
-423
367
Total deposits
Adjusted deposits 3
34,938
_ 27,228
+1,090
+2,276
-423
-29
-347
-69
+303
+231
+3
+126
+103
+52
+554
-24
+530
+264
+172
+202
-391
-32
+116
+886
+682
+948
-88
-48
+291
+440
1 Includes both demand and time deposits.
All deposits, other than United States Government, Postal Savings,
and interbank deposits, minus checks and other cash items reported as
on hand or in process of collection.
of $27,200,000,000 compares with about
$29,000,000,000 outstanding during 1929 and
1930. The decline since that time has occurred
entirely in time deposits; the amount of adjusted
demand deposits is now larger than at any previous time. The extent to which these deposits
are used, however, as indicated by their turnover, is much less than in predepression years.
The increase in member bank loans and
investments in the first half of 1935, as shown
Member bank m t n e following table, reflected
loans and
principally increased holdings
investments
o f s e c u r i t - e s g u a r a n t e e d by the
United States and of other securities, while
holdings of direct obligations of the United
States Government showed little net change.
As the result of the sale to large city banks by
outside banks of bonds bearing the circulation
privilege which were called for redemption in
July and August, holdings of direct Government
obligations showed increases at New York and
Chicago banks and decreases at other banks.
LOANS AND INVESTMENTS OF MEMBER BANKS
3
New York City banks showed the largest
relative increase in adjusted deposits, but there
were also substantial increases at banks in
reserve cities and at country banks. Bankers'
balances increased in New York City and in
other reserve cities, reflecting increases in
balances held for foreign banks as well as for
domestic banks. Balances due from foreign
banks and from the reporting banks own
foreign branches at the same time showed a
substantial decline. United States Government and Postal Savings deposits declined at
all groups of banks, while deposits of other
public bodies increased. Except at country
banks, the increase in demand deposits of
other customers continued to be larger than
the growth of time deposits.
As a consequence of the continued growth
in the adjusted deposits of customers other
than banks and the United States Government,
there has been a total increase since June 30,
1933, of over $7,000,000,000; the present total
565
[In millions of dollars]
Outstanding,
all
member
banks,
June
29,
1935
Loans to banks
Loans to other customers:
Secured by stocks and
bonds
Secured by real estate.~
Reporting banks' own
acceptances
Otherwise secured and
unsecured
Changes since Dec. 31, 1934
All
member
banks
New
Other
York Reserve Country
City
city
banks banks banks
119
-36
-15
-15
-6
3,123
2,277
-173
-33
-1
-76
+12
-65
-6
+4
135
-97
-82
-13
4,834
+126
+61
+44
+21
465
-55
-35
-42
+22
975
+132
+268
-105
-32
_. 11,928
-100
+160
-195
-66
9,871
-35
+216
-73
-177
1,558
5,427
+569
+200
+70
+96
+302
+100
+198
Total investments
16,857
+735
+381
+329
+24
Total loans and investments
28, 785
+635
+542
+134
-41
Open market loans:
Acceptances and commercial paper bought.
Loans to brokers and
dealers in New York
City
._.
Total loans.
Direct obligations of United
States Government
Obligations fully guaranteed
by United States Government-__
Other securities
+3
566
FEDERAL RESERVE BULLETIN
Member bank loans showed a further decline
of $100,000,000 in the first half of 1935, reflecting continued repayment of loans in excess
of new loans made, and the amount of loans
outstanding on June 29, 1935, was smaller than
at any time since 1917. Loans to customers
on securities and holdings by banks of their
own acceptances declined, but other loans to
customers increased. This increase in other
customers' loans occurred principally at New
York and Chicago banks. The decline in
acceptance holdings, shown for those bought in
the open market as well as for banks' own
acceptances, reflected a decrease in the amount
of acceptances outstanding to the lowest level
in the post-war period. Loans to brokers and
dealers in New York increased in the period, a
result principally of increased borrowings by
dealers in Government securities. Stock
brokers' borrowings have generally declined.
SEPTEMBER
1935
Changes in Foreign Central Bank Discount Rates
The following changes in discount rates
during the period August 10-September 1
have been reported by central banks in foreign
countries: Bank of Italy, August 12, from 3K
to 4}£ percent; National Bank of Bulgaria,
August 15, from 7 to 6 percent; Danish National Bank, August 22, from 2% to 3% percent;
National Bank of Hungary, August 29, from
4K to 4 percent.
Reprinting of Federal Reserve Act
The Board of Governors of the Federal
Reserve System now has in the course of
reparation a new edition of the Federal
Reserve Act as amended by the Banking Act
of 1935, with an appendix containing various
provisions of certain other acts of Congress
which affect the Federal Reserve System. It is
expected that the new edition, which will
supersede and bring up to date a former edition
published in 1933, will be available within a
month or two.
567
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
REPORT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION
On July 30,1935, the chairman of the Federal
Deposit Insurance Corporation submitted to
the members of the temporary fund the following report of condition of the Corporation as of
June 30,1935, and of operations to that date.
To Members of the temporary Federal deposit
insurance funds:
I am pleased to submit a report of the Federal
Deposit Insurance Corporation, including the
temporary Federal deposit insurance funds, as
of June 30, 1935. A consolidated comparative
balance sheet as of June 30, 1935, and June 30,
1934, and a consolidated statement of income
in excess of operating expenses and deposit
insurance losses and expenses for the period
from the date of organization of the Corporation, September 11, 1933, to June 30, 1935, the
year ended June 30, 1935, and the period from
September 11, 1933, to June 30, 1934, are likewise submitted.
OPERATIONS
The total income on investments for the
year ended June 30, 1935, including the profit
on securities sold, after deducting provision for
amortization of premiums, was $9,057,195.26,
as compared with $2,273,893.63 for the period
from the date of organization to June 30, 1934.
The operating expenses of the Corporation,
exclusive of estimated losses on account of
payments to insured depositors in banks which
were placed in liquidation (but including a
provision of $50,000 for estimated suspense
items), amounted to $2,832,227.82 for the year
ended June 30, 1935. This compares with
similar expenses, including those of initial
organization, for the period from the date of
organization to June 30, 1934, of $2,845,475.09.
It is estimated that the operating expenses for
the next 12 months will not exceed $2,500,000,
which is equivalent to fourteen-thousandths of
1 percent of the potential liability of the Corporation for insured deposits.
There were 742 employees in the Corporation on June 30, 1935. This compares with 955
employees on June 30, 1934, and 2,622 on
December 31, 1933.
SUSPENSIONS AND LIQUIDATIONS
During the 18 months ended June 30, 1935,
22 insured banks were closed by supervising
authorities. One bank was reorganized and
the receiverships had not become final in two
other banks. The 19 banks placed in liquidation had estimated total deposits of $4,088,000.
After deducting secured and preferred deposits
and those subject to offset, the deposits for
which the Corporation was liable amounted to
$2,760,000. Over 93 percent of the total
deposits in these banks, other than those
secured or subject to offset, were fully protected
by insurance. The remaining six and a
fraction percent represents deposits over $5,000.
Estimated net losses and expenses on account of payments to insured depositors in the
19 banks placed in liquidation during the abovementioned period of 18 months, after giving
effect to estimated recoveries, and after deducting assessment payments forfeited, amount
to $1,568,053.40.
The number of banks suspending, and the
amount of deposits in these banks at the time
of suspension, for the 10-year period 1921 to
1930, and the number of insured and uninsured banks suspending and the amount of
deposits in these banks at the time of suspension for the 6 months ended June 30, 1934,
and the year ended June 30,1935, are as follows:
1 year
July 1,
1934,to
June 30,
1935
Insured banks:
Number of banks
Deposits (in thousands)
Uninsured banks:
Number of banks
Deposits (in thousands)
Total:
Number of banks
Deposits (in thousands)
20
$3,758
10 years Jan. 1,
Dec. 31,
months 1921, to1930
Jan. 1,
1934,to
June 30,
Annual
1934
Total
average
2
$1,298
42
9
$684 $34,459
7,066
707
$2, 478,831 $247,883
44
29
$4,442 $35,757
7,066
707
$2,478,831 $247,883
The above figures represent suspensions (not liquidations).
REFUNDS
The board of directors has authorized a
credit to the banks in the fund and in the fund
for mutuals as of June 30, 1935, in the amount
of $41,461,326.14. This constitutes a refund
of 100 percent of the assessments paid to the
Corporation by those banks which were insured
on June 30, 1935. According to a proposed
amendment to the law, banks remaining insured shall receive credit for these refunds
against future assessments to be paid by them
to the Corporation. Those banks which withdrew as of June 30, 1934, and those which went
into voluntary liquidation prior to that time
are entitled to an additional refund of $70,090.77, which, with previous refunds, amounts
to 98.41 percent of the assessments paid by
these banks.
568
FEDERAL RESERVE BULLETIN
MEMBERSHIP
The total number of insured and uninsured
licensed banks in the United States, as of June
30,1935, and June 30, 1934, exclusive of private
banks, arranged according to class of bank, is
as follows:
Number of
banks
June
June
30,1935 30,1934
Insured banks:
National
State, members Federal Eeserve System
State, not members Federal Reserve System
Mutual savings
_
___
Total
Uninsured banks:
CommercialMutual savings
Total
-
-
5,440
987
7,784
68
.14,279
5,417
958
7, 564
66
14,005
1,016
506
1,522
1,163
509
1,672
15,801
15,677
_______
-
Total, all banks
As of June 30, 1935, there were about 3,100
branch offices being operated by some of the
15,801 licensed banks; so that an approximate
total of 18,900 bank offices are now being
operated in the United States. Since January
1, 1934, when insurance of deposits became
effective, 1,534 banks have been licensed.
Approximately 95 percent of the latter number
have applied for, and been admitted to,
membership in the funds. The chartering of
banks merits careful consideration, particularly
if the Corporation shall be obliged to continue
to insure all solvent applicant banks.
EXAMINATIONS
The Corporation has conducted 21,075 examinations of banks, as shown by the following
tabulation:
Number
Sept. 11, 1933, to Dec. 31, 1933
Jan. 1, 1934, to June 30, 1934
July 1, 1934, to June 30, 1935
Total
7, 785
4, 006
9, 284
21,075
The Corporation examines only insured
State banks which are not members of the
Federal Reserve System. It is the policy of
the Corporation to examine these banks at
least once a year. Insured State banks, not
members of the Federal Reserve System, have
been called upon for one report of earnings and
dividends for the year 1934 and for three
semiannual reports of condition.
INSURANCE LIABILITY
It is estimated that total deposits in the
insured banks on June 30, 1935, amounted to
SEPTEMBER 1935
more than $41,000,000,000. The extent of the
Corporation's liability on account of insurance
of deposits is estimated at $18,000,000,000.
The most important developments during
the period covered by this report, having effect
on the nature of the Corporation's risk, were
the progress made toward the rehabilitation of
the capital structures of insured banks and the
substantial recoveries in the value of banking
assets, all which had a tendency greatly to
improve the net sound capital position of
insured banks. Half of all the insured banks
have completed capital rebuilding programs
made possible by funds raised locally or through
the Reconstruction Finance Corporation.
LEGISLATION
On June 16, 1934, the President signed a bill
which extended the life of the temporary Federal deposit insurance fund for 1 year to June
30, 1935, and which authorized the Corporation
to establish an additional temporary deposit
insurance fund for the benefit of mutual savings
banks. This bill also contained a provision
which raised the maximum insurance protection extended to depositors from $2,500 to
$5,000 per depositor.
On June 28, 1935, a joint resolution of the
Senate and the House of Representatives extending the life of the funds to August 31, 1935,
was signed by the President.
There are pending before Congress under title I
of the Banking Act of 1935, certain amendments
to the deposit insurance law. If enacted, these
amendments will have the following effect:
(1) The present temporary fund and the
fund for mutuals will be merged into a permanent fund.
(2) The maximum insurance of $5,000 for
each depositor will be continued indefinitely.
(3) Banks will be subject to limited annual
assessments in place of unlimited assessments
as provided in the original law.
(4) Banks will be relieved of the obligation to
subscribe to stock of the Federal Deposit Insurance Corporation.
(5) The Corporation will be given the right
to make loans on, or purchase the assets of, any
insured bank until July 1, 1936, if, by so doing,
a merger or consolidation will be facilitated and
the loss to the Corporation will be averted.
The Hon. Phillips Lee Goldsborough, of
Maryland, was appointed a director of the
Corporation on April 29, 1935, to succeed Mr.
E. G. Bennett, who resigned.
By order of the board of directors,
LEO T. CROWLEY, Chairman.
WASHINGTON, D. C , July 30, 1935.
SEPTEMBER
1935
569
FEDERAL RESERVE BULLETIN
FEDERAL DEPOSIT INSURANCE CORPORATION AND T H E TEMPORARY FEDERAL DEPOSIT INSURANCE F U N D S —
CONSOLIDATED COMPARATIVE BALANCE SHEET, JUNE 30, 1935, AND JUNE 30, 1934
June 30, 1935
June 30,1934
$17, 407, 381.11
315,080,009.83
1, 449, 243. 22
333, 936, 634.16
419, 217. 47
2, 283,157. 65
163, 678. 75
336, 802, 688.03
$99,247,340.84
227, 667,463.69
1, 463, 691.77
328, 378,496. 30
ASSETS
Current assets:
Cash on hand and on deposit with the Treasurer of the United States
United States Government securities (cost less reserve for amortization of premiums).
Accrued interest receivable
Total current assets.__
_
_
Advances to deposit insurance national banks for payment of claims and expenses...
Subrqgated claims of depositors of closed fund member banks
...
Furniture, fixtures, deferred charges, and miscellaneous assets
Total assets
126, 210. 71
328, 504, 707.01
LIABILITIES
Current liabilities and reserves:
Miscellaneous accounts payable
Temporary Federal deposit insurance fund members that withdrew from the fund and those in voluntary
liquidation as of June 30,1934 (less portion of operating expenses and losses—$151,028.98)—.
Reserve for deposit insurance losses and expenses
_.
Reserve for suspense items
Total current liabilities and reserves..
Temporary Federal deposit insurance funds:
Temporary Federal deposit insurance fund (assessments paid, less adjustments and refunds payable to members that withdrew from the fund and those in voluntary liquidation as of June 30,1934)
Fund for mutuals (established July 1,1934)
_
_
Total temporary Federal deposit insurance fundsCapital:
Paid in:
United States
Federal Reserve banks
Total capital paid in
_
Income in excess of operating expenses and deposit insurance losses and expenses—(deficiency in italic)As shown by the statement below
Total capital
Total liabilities
153,471.70
90, 244. 28
74,948.96
1,514,914.84
62,107.84
1,805,443. 34
9,371,126.78
59,811.47
12,107.84
9, 533, 290. 37
39,457,244.10
2,004,082.04
41,461,326.14
30,151,907.20
150,000.000.00
139, 299, 556.99
289, 299, 556.99
150,000,000.00
139, 299,556.99
289, 299, 556.99
4, 236,361.56
334,997, 244. 69
480,047.55
318,971,416.64
336,802,688.03
. 328,504,707.01
30,151,907. 20
NOTE.—The balance sheet as of June 30,1934, reflects adjustments in respect to amortization of premiums on securities owned, deposit insurance
losses and expenses, and suspense items determined subsequently to the publication on July 30, 1934, of the preliminary balance sheet as of June
30,1934.
CONSOLIDATED STATEMENT OF INCOME IN EXCESS OF OPERATING EXPENSES AND DEPOSIT INSURANCE LOSSES
AND EXPENSES—BY PERIODS, FROM SEPTEMBER 11, 1933, TO JUNE 30,
1935
Period from
Period from
Sept. 11,1933, Year ended Sept. 11,1933,
30,
to June 30,1935 June 30,1935 to June
1934
Income:
$10,657,095.01 $8, 268,321. 71 $2,388,773.30
Interest earned on securities
647,325.62
632,445.95
114,879.67
Less amortization of premiums on securities.
10,009,769.39
7,735,875.76
Net interest earned on securities
2, 273,893.63
1,321,319.50 1,321,319. 50
Profit on securities sold
11,331,088.89 9,057,195. 26 2,273,893.63
Total income
!
Operating expenses:
2,782,227.82
2,833,367.25
Expenses incurred
_
5,615,595.07
62,107.84
12,107.84
Provision for suspense items
_
50,000.00
Total operating expenses
5,677,702.91
2,832,227.82
2,845,475.09
Income, in excess of operating expenses, before deducting deposit insurance losses and expenses—
5, 653,385.98 6,224,967.44
(deficiency in italic)
671,581.46
= = = = =
Deposit insurance losses and expenses:
Provisions for net insurance losses (claims of depositors less estimated recoveries)
1,487,349.35 1,437,537.88
49,811.47
87,773. 85
77,773.85
10,000.00
Provisions for expenses
.1,575,123.20 1,515,311.73
59,811.47
Total.
7,069.80
6,753.40
316.40
Less assessment payments forfeited
Net deposit insurance losses and expenses
1,568,053.40 1,508,558. 33
59,495. 07
Income in excess of operating expenses and deposit insurance losses and expenses before allocation
of proportionate part of deficiency as of June 30, 1934, to members that withdrew from the fund
4,716,409.11
4,085,332.58
681,076.53
and those in voluntary liquidation at that date—(deficiency in italic)
Portion of deficiency as of June 30, 1934, allocated to members that withdrew from the fund and
151,028.98
151,028.98
those in voluntary liquidation at that date
Income in excess of operating expenses and deposit insurance losses and expenses—(deficiency in
4,236,361.56
4,716,409.11
480,047.55
italic)
•
• • . . :
NOTE.—The statement of income in excess of operating expenses and deposit insurance losses and expenses for the period from Sept. 11, 1933,
to June 30,1934, reflects adjustments in respect to amortization of premiums on securities owned, deposit insurance losses and expenses, and suspense
items determined subsequently to the publication on July 30,1934, of the preliminary statement of net operating expenses and losses to June 30,1934.
570
FEDERAL RESERVE BULLETIN
SEPTEMBER
1935
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Aug. 24 and released for publication Aug. 26]
Factory employment and output were maintained in July at the June level, though usually
there is a considerable decline at this season.
Activity at mines showed a substantial decrease, reflecting a sharp reduction in output of
coal.
Production and employment.—The Federal
Reserve Board's seasonally adjusted index of
manufactures showed an increase in July,
while the index of mineral production showed a
marked decline, with the consequence that the
index of industrial production remained unchanged at 86 percent of the 1923-25 average.
For the first 7 months of the year industrial
output was 6 percent larger than a year ago.
Activity at steel mills, which had declined
during June, advanced considerably during
July and the first 3 weeks of August, and there
was also a substantial increase in the output of
lumber. Automobile production showed a decrease from the high level prevailing earlier in
the year, reflecting in part seasonal developments. Output of textiles increased somewhat
in July, owing chieflyr to increased activity at
silk mills. In the w oolen industry the recent
high rate of activity continued, while at cotton
mills daily average output declined by about
the usual seasonal amount. Meat packing remained at an unusually low level. At mines
output of bituminous coal decreased sharply
in July, following an advance in the preceding
month, and there was also a sharp reduction in
output of anthracite.
Factory employment, which usually declines
at this season, snowed little change from the
middle of June to the middle of July. Employment increased somewhat in the machinery,
lumber, furniture, and silk industries, and there
was a large seasonal increase in the canning
industry.
Decreases of a seasonal character
wxere reported for establishments producing
cotton goods and women's clothing, while in
the automobile industry employment declined
by more than the usual seasonal amount. At
coal mines employment showed a marked decrease in July.
The total value of construction contracts
awarded, as reported by the F. W. Dodge Corporation, increased further in July and the
first half of August, reflecting an increase in
nonresidential projects. Residential building
continued in considerably larger volume than
a year ago, with increases from last year reported for most sections of the country.
Department of Agriculture estimates as of
August 1 indicate a cotton crop of 11,800,000
bales, about 2,200,000 bales larger than the
unusually small crop last year. The indicated
wheat crop, while larger than a year ago, is
considerably smaller than the 5-year average
for 1928-32. Crops of corn and other feedstuffs are substantially larger than last season.
Distribution.—Daily average volume of
freight-car loadings declined in July, reflecting
a marked decrease in shipments of coal. Department-store sales showed a seasonal decline
and the Board's adjusted index remained unchanged at 80 percent of the 1923-25 average.
Prices.—The general level of wholesale commodity prices showed little change during July
and advanced slightly in the first 3 weeks of
August. For the 7-week period as a whole
there were substantial increases in the prices of
hogs, lard, silk, and scrap steel, while cotton
declined. Wheat, after advancing considerably
during the latter part of July, declined somewhat in the early part of August.
Bank credit.—Excess reserves of member
banks increased by $340,000,000 in the 5-week
period ended August 21 as a consequence
principally of a reduction in the balances held
by the Treasury with Federal Reserve banks.
There were also moderate imports of gold from
abroad.
Total loans and investments of reporting
member banks in leading cities showed a net
decline of $290,000,000 during the 4 weeks
ended August 14. Holdings of direct obligations of the United States Government decreased by $220,000,000 following a substantial increase in the middle of July. Loans declined by $180,000,000 in the latter part of
July but subsequently advanced by $40,000,000,
while holdings of Government guaranteed and
other securities increased by $70,000,000 in
the 4-week period.
Yields on Government securities rose slightly
during this period, while other short-term openmarket money rates remained at low levels.
571
FEDERAL EESERVE BULLETIN
SEPTEMBER 1935
RESERVE BANK CREDIT AND RELATED ITEMS
MILLI0NS 0F D0LLARS
••( Weekly basis: Wednesday figures }
10000
9000
8000
7000
6000
5000
4000 -
4000
3000
3000
2000
2000
1000
1000
TREASURY CASH
& DEPOSITS WITH F. R. BANKS
1930
1931
1932
1933
1934
Based on Wednesday figures; latest figures for August 28. See table on page 572.
1935
572
FEDERAL RESERVE BULLETIN
September 1935
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Date (Wednesday)
U.S.
Other
Bills Bills Govern- Reserve
disTotal
ment
bank
counted bought securicredit
ties
1934—July 3___
July 1 1 July 18..
July 25..
2,432
2,432
2,432
2,432
Aug.
Aug.
Aug.
Aug.
Aug.
2,432
2,432
2,431
2,432
2,432
1__
8__
15.
22_
29 _
Sept.
Sept.
Sept.
Sept.
5_12.
19.
26.
22
8
0)
i:
0)
2,432
2,431
2,431
2,430
Member bank
reserve balances
TreasTreasury
ury Money cash and Non- Other
Mone- and
Fedtary- nation- in cir- deposits
memeral
with
gold
de- Reserve
Excess
bank culaFederal ber
stock alcurtion
posits
ac(estiTotal
Reserve
counts
mated)
rency
banks
2,488
2,468
2,460
2,456
7,866
7,881
7,897
7,911
2,365
2,365
2,363
2,364
5,397
5,344
5,328
5,291
3,113
3,014
2,954
2,972
232
223
222
220
230
231
229
228
3,746
3,902
3,987
4,020
1,637
1,782
1,851
1,873
2,463
2,458
2,468
2,457
2,463
7,932
7,957
7,979
7,983
7,981
2,361
2,357
2,375
2,390
2,403
5,315
5,334
5,343
5,347
5,345
3,074
2,941
2,976
2,972
2,944
219
209
211
211
204
232
229
228
228
226
3,915
4,059
4,064
4,072
4,127
1,768
1,923
1,911
1,902
1,945
2,467
2,469
2,466
2,463
7,963
7,968
7,972
7,976
2,412
2,414
2,412
2,409
5,419
5,409
5,412
5,403
3,087
3,058
3,124
3,061
203
213
195
186
225
224
230
229
3,907
3,948
3,889
3,970
1,723
1,762
1,692
1,768
2,455
2,448
2,457
2,452
2,455
7,980
7,985
7,990
7,993
8,002
2,407
2,403
2,410
2,429
2,434
5,468
5,479
5,469
5,436
5,453
3,068
2,967
2,968
3,049
3,031
182
183
183
165
164
229
229
239
239
237
3,895
3,979
3,996
3,985
4,006
1,691
1,771
1,762
1,733
1,748
Oct. 3...
Oct. 10..
Oct. 17_.
Oct. 24..
Oct. 31-.
2,431
2,430
2,430
2,430
2,430
Nov.
Nov.
Nov,
Nov.
7—.
14.
21.
28.
2,430
2,430
2,430
2,430
2,440
2,474
2,470
2,460
8,008
8,030
8,076
8,112
2,442
2,450
2,459
2,469
5,503
5,480
5,455
5,516
2,944
2,964
2,956
3,017
172
163
159
160
240
240
239
239
4,032
4,107
4,196
4,108
1,783
1,848
1,912
1,825
Dec.
Dec.
Dec.
Dec.
5...
12..
19..
26..
2,430
2,430
2,430
2,430
2,452
2,462
2,477
2,470
8,161
8,180
8,198
2,478
2,486
2,505
2,504
5,545
5,532
5,587
5,628
3,060
3.060
3,221
3,181
176
184
185
188
237
239
243
244
4,073
4,112
3,943
3,961
1,786
1,813
1,646
1,678
2,431
2,430
2,430
2,430
2,430
2,461
2,467
2,468
2,463
2,460
8,243
8,258
8,273
8,387
2,514
2,508
2,504
2,500
2,497
5,534
5,420
5,382
5,347
5,358
3,164
3,094
3,019
2,994
3,007
190
194
215
188
194
240
242
242
241
242
4.090
4,283
4,388
4,501
4,542
1,802
1,986
2,069
2,162
2,203
Feb. 6 . . .
Feb. 1 3 . .
Feb. 2 0 . .
Feb.27..
2,430
2,430
2,430
2,430
2,466
2,450
2,448
2,450
8,421
8,456
8,489
8,524
2,503
2,525
2,522
2,520
5,407
5,430
5,442
5,442
2,930
2,995
2,932
3,006
176
182
193
211
246
245
247
246
4,633
4,580
4,645
4,588
2,284
2,240
2,272
2,201
Mar. 6 . .
Mar. 13.
Mar. 20.
Mar. 27.
2,430
2,430
2,430
2,430
2,452
2,460
2,455
2,452
8,546
8,551
8,554
8,563
2,517
2,525
2,521
2,535
5,478
5,454
5,453
5,436
2,998
3,009
3,220
3,335
237
238
243
241
246
247
254
253
4,555
4,588
4,361
4,285
2,185
2,191
1,950
1,888
Apr. 3 . . .
Apr. 1 0 . .
Apr. 1 7 . .
Apr. 2 4 . .
2,431
2,430
2,431
2,430
2,462
2.463
2.470
2,452
8,614
8,672
8,701
2,548
2,5*9
2,549
2,550
5,497
5,487
5,512
5,459
3,404
3,376
3,149
2,978
230
224
271
253
253
257
258
4.193
4,287
4,501
4,719
1,821
1,907
2,095
2,264
May
May
May
May
May
1..
8_>
15_
22_
29.
2,430
2,430
2,430
2,430
2,430
2,463
2,466
2,473
2,459
2,467
8,721
8,728
8,737
8,762
8,835
2,543
2,536
2,534
2,531
2,526
5,489
5,496
5,494
5,481
5,511
2,978
2,938
2,901
2,906
2,970
276
277
267
285
262
261
259
259
258
4,721
4,758
4,822
4,821
4,827
2,252
2,304
2,350
2,328
2,322
June S.June 12.
June 19.
June 26..
2,430
2,430
2,430
2,430
2,475
2,472
2,482
2,472
8,916
9,016
9,089
9,109
2,521
2,514
2,510
2,508
5,514
5,493
196
214
301
306
257
258
264
5,498
3,030
2,988
3,023
2,991
4,914
5,049
4,996
5,029
2,400
2,521
2,445
2,471
July 3 —
July 10..
July 1 7 July 2 4 July 3 1 -
2,431
2,430
2,430
2,430
2,430
2,468
2,473
2,472
2,460
2,465
9,119
9,123
9,127
9,135
9,144
2,504
2,503
2,501
2,503
2,510
5,619
5,551
5,530
5,496
5,518
3,002
2,932
3,086
3,134
2,991
312
302
302
265
253
258
263
258
258
257
4,900
5,052
4,924
4,945
5,100
2,320
2,456
2,340
2,335
2,513
Aug.
Aug.
Aug.
Aug.
2,430
2,430
2,430
2,430
2,476
2,477
2,468
2,471
9,158
9,184
9,189
9,197
2,477
2,437
2,421
2,408
5,550
5,558
5,574
5,573
2,932
2,775
2,722
2,683
253
251
230
213
261
259
260
260
5,115
5,254
5,291
5,346
2,547
2,667
2,682
2,779
1935—Jan. 2._
Jan. 9._.
Jan. 16.
Jan. 23.
Jan. 30.
7...
14.
21.
28..
0)
i Less than $500,000.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article,
together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
Annual Report for 1934 (table 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500.
573
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
End of month
U.S.
Other
Bills
Bills GovernReserve Total
disment
bought
counted
securi- bank
credit
ties
Member bank
TreasTreasury
reserve balances
ury
cash
and
Other
Mone- and Money deposits Non- Federal
nataryin cirmem- Reserve
with
gold tional- culadeFederal ber
acExcess
stock
bank
tion
posits
Reserve
counts Total
(esticurmated)
banks
rency
1934—February..
March,....
April
May
June
July
August
September.
October....
November.
December.
2,432
2,447
2,431
2,430
2,432
2,432
2,432
2,431
2,430
2,430
2,430
15
6
-4
10
3
4
11
8
6
20
2,567
2,545
2,485
2,463
2,472
2,462
2,464
2,464
2,455
2,453
2,463
7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
8,002
8,132
8,238
2,302
2,361
2,378
2,368
2,366
2,361
2,408
2,405
2,434
2,468
2,511
5,354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536
3,440
3,292
3,148
3.052
3,015
2,971
2,968
3,051
3,031
3,022
3,150
127
157
268
222
233
207
208
178
164
161
189
292
299
236
232
232
229
226
228
237
239
241
3,093
3,457
3,599
3,746
3,840
4,029
4,052
3,934
4,006
4,081
4,096
1,146
1,444
1,534
1,662
1,732
1,875
1,867
1,727
1,748
1,801
1,814
1935—January....
February..
March
April
May
June
July
August
2,430
2,430
2,437
2,430
2,430
2,433
2,430
2,432
19
23
21
27
26
37
23
37
2,461
2,465
2,471
2,468
2,469
2,480
2,465
2,485
8,391
8,527
8,567
8,710
8,858
9,116
9,144
9, 203
2,495
2,519
2,540
2,544
2,525
2,506
2,510
2,399
5,380
5,467
5,493
5,478
5,540
5,568
5,518
5,630
2,991
3,004
3,358
191
207
226
271
254
325
253
243
246
253
263
257
261
257
260
4,543
4,587
4,247
4,715
4,832
4,979
5,100
5,305
2,206
2,199
1,846
2,253
2,318
2,414
2,513
2,738
2,969
2,968
2,991
2,693
v Preliminary.
Backfigures.—SeeAnnual Report for 1934 (table 5) and for excess reserves see BULLETIN for August 1935, pp. 499-500. See also note on p. 572
of this BULLETIN.
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Year or month
U.S.
Gov- Other
Bills
Bills
ern- Reserve Total
dis- bought ment
bank
counted
securi- credit
ties
TreasMone- ury and Money
tary nation- in cirgold al-bank culation
stock
currency
Member bank
reserve balances
Treasury
cash and Non- Other
deposits mem- Federal
Reserve
with
Federal ber deacReserve posits counts Total Excess
banks
1929—Average...
1930—Average—.
1931—Average.. _
1932—Average—
1933—Average.. .
1934—Average—
952
272
327
521
283
36
241
213
245
71
83
25
208
564
669
1,461
2,052
2,432
1,459
1,087
1,274
2,077
2,429
2,502
3,996
4,173
4,417
3,952
4,059
7,512
2,015
2,025
2,025
2,096
2,271
2,381
4,476
4,245
4,672
5,328
5,576
5,403
229
239
251
275
343
2,879
30
28
97
56
147
185
376
393
373
351
350
253
1934—February..
March
April
May
June
July
August
September
October...
November.
December.
70
55
43
36
28
23
21
22
12
18
10
87
40
16
6
5
5
5
5
6
6
6
2,432
2,437
2,439
2,431
2,424
2,432
2,432
2,431
2,430
2,430
2,430
2,597
2,535
2,507
2,479
2,464
2,469
2,463
2,469
2,457
2,466
2,472
7,138
7,602
7,736
7,759
7,821
7,893
7,971
7,971
7,989
8,047
8,191
2,333
2,377
2,378
2,363
2,364
2,378
2,411
2,415
2,455
2,494
5,339
6,368
5,366
5,355
5,341
5,350
5,355
5,427
5,473
5,494
5,577
3,448
3,298
3,222
3,083
3,054
2,999
2,976
3,054
3,011
2,970
3,120
136
144
170
249
226
219
208
197
177
165
181
268
234
237
230
228
227
234
238
242
2,430
2,430
2,431
2,431
2,434
2,431
2,430
2,431
2,465
2,462
2,461
2,471
2,476
2,479
2,473
2,476
8,284
8,465
8,552
8,641
8,755
9,025
9,128
9,180
2,504
2,513
2,526
2,548
2,534
2,513
2,504
2,441
5,411
5,439
5,477
5,500
5,507
5,522
5,550
5,576
3,053
2,965
3,122
3,209
2,942
194
189
236
258
278
3,032
2,795
233
242
246
250
256
259
261
259
261
1935—January.. .
February..
March
April
May
June
July
August
2,358
2,379
2,323
2,114
2,343
3,676
43
55
89
256
528
1,564
2,822
3,361
3,594
3,790
3,928
4,045
3,947
3,964
4,100
4,037
891
1,375
1,541
1,623
1,685
1,789
1,884
1,754
1,731
1,834
1,748
4,355
4,601
4,452
4,436
4,778
4,979
4,970
5,232
2,035
2,237
2,065
2,026
2,297
2,438
2,385
*2,650
* Preliminary.
Back figures.See Annual Report for 1934 (table 2) and for excess reserves see BULLETIN for August 1935. See also note on p. 572 of this BULLETIN.
574
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE
NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS
[In thousands of dollars]
A u g . 31, 1935 J u l y 31, 1935
A u g . 31, 1934
6,482, 233
19,915
213,596
6,224,116
21,829
269,230
4,977,212
23,889
219, 329
6,715,744
6, 515,175
=
5,220,430
ASSETS
Gold certificates on hand and due from U. S. Treasury
Redemption fund—Federal Reserve notes
Other cash _.
__
_
_______
_
Total reserves
Redemption fund—Federal Reserve bank notes
Bills discounted:
For member banks
Fornonmember banks, etc
_
_
_ _ _ _ _
Total bills discounted
Bills bought:
Payable in dollars—Bought outright
Payable in foreign currencies—
Total bills bought
Industrial advances
-
______
-
U. S. Government securities:
Bought outright
Under resale agreement
__
Total U S Government securities
Other Reserve bank credit:
_
- -
Total assets
Federal Reserve notes:
Held by other Federal Reserve banks
Outside Federal Reserve banks
Total notes in circulation
Federal Reserve bank note circulation—-net
Deposits:
Member bank—reserve account—.
Foreign bank
Other deposits
Total deposits
22,935
72
11, 269
6,570
23,007
4,685
4,687
141
5, 079
4, 685
29, 467
4,687
28,354
5,220
870
2,432, 210
2,430, 209
2, 430, 216
1,600
2,432, 210
2,430, 209
2,431,816
635
5,438
356
3,127
i 275
2, 484,820
19,989
432, 064
49, 966
46, 632
2, 465, 017
17,127
460, 873
49, 904
47, 516
2,464,121
16,333
384. 045
52, 787
56, 971
9, 749, 215
9, 555,612
8,196, 799
19,989
3,378, 601
17,127
3, 244,495
16,333
3,117,389
3, 398, 590
3,261, 622
3,133,722
31,930
5,305,337
58,751
18,254
179, 957
5, 562, 299
432,064
146, 732
144,893
22,824
30, 777
11,036
9, 749, 215
5, 099,616
125,981
23, 288
229,553
5,478,438
460,873
146,647
144,893
21, 572
30,781
10,786
9, 555, 612
4,052,312
51,288
11,605
196, 328
4,311,533
384,045
146,535
138,383
26, 837
23,022
22, 545
28,106
8,196, 799
531
346
3,649, 601
3, 532,140
3,397,104
3, 445, 358
9,804
223, 900
3, 679, 062
3,389,839
5,090
205,000
3,599, 929
3,133,656
12, 685
294,000
3,440, 341
640
6,549
Due from foreign banks
_
- Reserve bank float (uncollected items in excess of deferred availability items)
Total Reserve bank credit outstanding _ __ _
Federal Reserve notes of other Reserve banks
Uncollected items not included in
float
_
Bank premises
_
All other assets
6,563
7
_
_
2,112
11,261
8
1
LIABILITIES
_
Capital paid in
_
Surplus (sec. 7)
_
__
Surplus (sec. 13b)
_
_
Reserve for contingencies
All other liabilities_
Total liabilities
Contingent liability on bills purchased for foreign correspondents
Commitments to make industrial advances
_ _ _ _ _ _.
-
.,
-
FEDERAL RESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks by Federal Reserve agents
Collateral held by agents as security for notes issued to banks:
Eligible paper _U. S. Government securities
Total collateral
_
_
----
FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding).
Collateral pledged against outstanding notes:
U. S. Government securities.* Excess of deferred availability items over uncollected items.
43,125
•
•
48,474
575
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Total
Gold
certificates
Standard
silver
dollars
Silver
certificates
Treasury
notes
of 1890
Subsidiary
silver
Minor
coin
Federal Federal
Reserve Reserve
bank
notes
notes
United
States
notes
National
bank
notes
1934—January...
February..
March
April
May
June
—
July..
August
September.
October. _.
November.
December.
5.289
5,354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,453
5,549
5,536
178
167
161
157
153
150
146
143
139
136
133
130
391
399
403
400
402
401
399
438
483
510
558
592
267
270
272
274
277
280
280
282
284
288
291
294
116
117
118
118
120
119
121
122
122
123
124
125
283
289
289
282
279
280
277
274
274
273
273
265
2,894
2,949
3,005
3,025
3,038
3,068
3,044
3,103
3,131
3,124
3,176
3,176
202
194
178
162
151
142
133
125
119
112
107
101
927
938
936
918
906
902
885
878
870
856
853
820
1935—January...
February..
March
April
May
June
July
August *»-.
5,380
5,467
5,493
5,478
5,540
5,568
5,518
5,630
127
126
123
121
119
117
115
114
580
599
623
653
695
701
702
739
287
289
290
294
296
297
123
123
123
124
125
125
125
126
259
263
264
268
281
285
280
284
3,048
3,119
3,135
3,120
3,159
3,223
3,232
3,362
97
94
92
88
85
81
78
75
827
823
810
778
747
704
654
596
p Preliminary figures.
NOTE.—For figures of paper currency of each denomination in circulation see p. 631.
Back figures—See Annual Report for 1934 (table 49).
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENT OF GOLD TO AND FROM
UNITED STATES »
[In millions of dollars]
[In thousands of dollars]
Year or month
1932
1933
1934—May
June
July
August
September.
OctoberNovember.
DecemberYear.. . .
1935—January...
February..
March
April
May
June
_
July
August *>.....
Gold
stock
Net
at end Increase
in gold
gold
of
stock
import
year or
month
Net
release
from
earmark l
$l=25${o grains of gold %Q fine; t. e., an
ounce of fine gold—$20.67
52.9 -446.2
457.5
41.6
-190.4 -173.5
-58.0
41.1
4,226
4,036
$1 =•15Hi grains of gold Mo fine; i. c , an
ounce of fine gold—$85
7,779
22.4
33.6
.5
-11.6
7,856
1.0
77.1
63.7
12.5
7,931
.6
74.4
52.3
21.4
7,978
47.4
37.2
-1.1
11.2
7,978
.4
2.4
-18.7
16.6
8,002
10.8
23.5
.3
12.4
8,132
129.9
120.9
-.1
9.1
8,238
106.2
92.1
.1
14.1
8,238
4,202. 5
8,391
8,527
8,567
8,710
8,858
9,116
9,144
9,203
153.3
135.3
40.4
143.4
148.1
257.1
27.9
59.4
1,133.9
149.4
122.8
13.0
148.6
140.0
230.4
lfi.2
46.0
82.6
1.1
.2
-.7
-2.3
-1.5
1.0
-.4
1.4
2,986.1
2.8
12.3
28.1
-3.0
9.6
25.8
12.1
12.1
v Preliminary.
1 Gold released from earmark at Federal Reserve banks less gold
placed under earmark (with allowance when necessary for changes in
gold
earmarked abroad for account of Federal Reserve banks).
2
Figures are derived from preceding columns and indicate net result
of such factors as domestic production, movements into and out of
nonmonetary use, imports and exports that do not affect gold stock
during the month or year, and increment resulting from reduction in
weight of gold dollar.
Back figures.—See Annual Report for 1934 (table 44).
July
August
Other
factors J
From or to—
Imports
Belgium
England
_
5
France
67
Germany
Netherlands
28, 277 Switzerland
Union of Soviet Socialist Republics . 1,589
Canada
5,411
Central America...
209
Mexico
813
Argentina
6
581
Chile
Colombia
Ecuador
190
207
Peru
Uruguay _
50
Venezuela
Australia
British India
6,671
China and Hong
Kong
1,127
Dutch East Indies.
Japan
733
Philippine Islands _
147
All other countries2
Total
- 46,
085
Exports
Imports
January-July
Exports
1
153,418
411,288
33
136,129
339
31
28
--
Imports
975
666
1,750
710
213
9,311
50,467
1,660
10, 237
11
3,458
9,125
3,481
1,157
46
307
28
381
903
16,396
438
3,927
1
1,803
167
8,404
1,551
102
16, 287
13
60
2,411
5,770
191
781
59
59
821,
676
Exports
466
14
296
41
56
411
1,284
1 With some exceptions figures represent customs valuations at rate of
$352 a fine ounce.
Includes all movements of unreported origin or destination.
Back figures.—See table, p. 590, and Annual Report for 1934 (tables 46
and 47).
576
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
MEMBER BANK RESERVE BALANCES
[Averages of daily figures. In millions of dollars]
Reserves held
Month or week
Excess reserves
Total-all
member
banks a
Total—all
member
banks
New York
City*
1934—July
August
September
October
November
December
1935—January
February
March
April
May
June—
July
3,928
4,045
3,947
3,964
4,100
4,037
4,355
4,601
4,452
4,436
4,778
4,979
4,970
1,393
1,509
1,440
1,461
1,506
1,468
1,651
1,864
1,760
1,715
1,813
1,969
1,938
1,725
1,719
1,692
1,667
1,745
1,727
1,837
1,826
1,787
1,831
2,031
2,092
2,072
810
817
814
837
849
843
867
911
905
890
935
918
960
1,789.4
1.883.6
1,754.1
1,730.6
1,834.5
1,747.8
2.035.2
2,236. 6
2.064.7
2,025.6
2,296.9
2, 437.6
2,385. 2
Week ending (Friday):
1935—May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
June 28
July 5
July 12_
July 19
July 26
4,719
4,734
4,805
4,805
4,810
4,879
5,001
5,025
5,011
4,904
5,015
4,957
4,944
1,778
1,757
1,820
1,844
1,863
1,912
1,994
1,998
1,981
1,852
1,918
1,895
1,962
2,005
2,013
2,037
2,039
2,047
2,047
2,093
2,109
2,116
2,079
2,117
2,093
2,038
964
948
922
900
920
913
919
914
972
980
969
944
2,255.0
2,281.0
2,340.0
2,317.0
2,308.0
2, 364.0
2,476.0
2,477. 0
2, 455.0
2,330.0
2,429. 0
2, 364.0
2,338. 0
Other
Reserve
cities
"Country'
banks
Other
Reserve
cities
New York
City i
"Country"
banks a
779.0
723.0
797.5
915.3
867.6
874.0
852.2
808.7
766.4
829.3
799.9
907.7
886.7
842.3
878.4
1,038.4
1,079. 0
1,037. 5
389.7
393.3
383.4
396.1
401.4
392.2
411.6
451.0
443.5
424.3
461 0
443.4
480.1
759.1
754.4
813.8
826.0
834.0
873.9
948.8
938.7
914.7
783.3
853.5
824.3
887.0
1,030. 0
1,030. 2
1,043. 5
1,042. 8
1,046.3
1,050.8
1,083.8
1, 087. 3
1,095.7
1,052. 8
1,083.0
1, 053.6
1,005. 0
466.0
496.0
483.0
448 0
428.0
439.0
443.0
451.0
445.0
494.0
493.0
486.0
446.0
525.7
638.2
562.0
568.1
603.8
555.8
715.9
i Central Reserve city banks only.
* Weekly figures of excess reserves of all member banks and of country banks are estimates.
Back figures.—See Annual Report for 1934 (table 67).
MEMBER BANK DEPOSITS
[Averages of daily figures. In millions of dollars]
Net demand and time deposits
Month or week
1934—July
August.September
October
November
December
1935—January _
February..
March
April
May
June.
July
Week ending (Friday):
1935—May 3 . .
May 10
May 17
May 24
May 31
June 7
June 14
June 21
June 28
July 5 . .
Julyl2.
July 19.
July 26.
Totalall
member
banks *
27,073
27,310
27,615
28,034
28, 364
28,538
New
York
City*
talOther "Coun- T oall
try"
Reserve
banks» member
cities
banks»
7,236
7,252
7,300
7,409
7,465
7,512
7,694
7,926
8,050
8,145
8,318
8,565
8,702
11,127
11,280
11,436
11,587
11, 744
11,828
11,933
12,063
12,148
12, 260
12, 647
12,814
12,979
8,353
8,223
8,256
8,343
8,423
8,454
8,498
8,605
8,655
8,687
8,658
8,702
8,738
12,478
12,566
12, 668
12, 687
12,714
12,655
12, 773
12, 886
12,900
12,929
12,982
13,037
12,978
i Weekly figures are not reported.
Back figures.—See Annual Report for 1934 (table 67).
Net demand deposits
8,710
8,777
8,878
9,038
9,154
9,197
9,280
9,368
9,387
9,477
9,606
9,624
9,720
17,276
17,490
17,806
18, 208
18,524
18, 769
18,993
19,361
19, 554
19, 768
20, 377
20,899
21, 295
New
York
City a
talOther "Coun- T oall
Reserve
try"
cities
banks l member
banks *
6,500
6,534
6,591
6,704
6,780
6,865
7,043
7,268
7,399
7,481
7,655
7,967
8,095
6,807
6,940
7,103
7,269
7,418
7,527
7,527
7,606
7,662
7,745
8,085
8,275
8,481
7,686
7,559
7,590
7,680
7,765
7,848
7,902
8,010
8,063
8,084
8,051
7,925
7,999
8,097
8,126
8,168
8,133
8,258
8,350
8,335
8,397
8,475
8,532
8,477
8,129
Time deposits
3,969
4,016
4,111
4,235
4,326
4,376
4,422
4,487
4,493
4,542
4,638
4,657
4,719
9,796
9,819
9,809
9,826
9,840
9,769
9,914
9,996
10, 031
10,114
10,194
10,103
10,107
* Central Reserve city banks only.
New
York
City 2
736
719
709
705
685
647
651
658
651
664
663
597
607
667
664
666
663
658
606
596
595
592
603
607
604
Other "Country"
Reserve
banks l
4,319
4,340
4,333
4,319
4,326
4,301
4,406
4,457
4,486
4,515
4,562
4,539
4,498
4,553
4,567
4,570
4,561
4,546
4,522
4,515
4,536
4,564
4,532
4,508
4,505
4,501
4,741
4,761
4,767
4,802
4,829
4,821
4,857
4,881
4,895
4,935
4,969
4,967
5,002
577
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
Loans to other customers
Call date
Total
loans
and
investments
Investments
Open-market loans
Purchased paper
Loans
to
banks
Total
SeOthercured
wise
Secured secured
by
Total
stocks >y real and
and
estate unsecured
bonds
Acceptances
payable
in
United
States
Acceptances
paycial
able paper
;broad
Loans
to
brokers
Total
in
New
York*
U.S.
Govment
securities
Total
loans
secured
by
Other
secu- stocks
and
rities
bonds
TOTAL—ALL MEMBER
BANKS
1931—Sept. 29—
Dec. 3 1 - .
1932—June 3 0 . . .
Sept. 30—
Dec. 3 1 _ .
1933—June 30 2 .
Oct. 2 5 . . .
Dec. 3 0 . 1934—Mar. 5 —
June30_Oct. 17—
Dec. 3 1 _ .
1935—Mar. 4 —
June29—.
33,073
30,575
28,001
28, 045
27,469
24,786
24,953
25, 220
26,548
27,175
27,559
28,150
28,271
28,785
790
573
457
444
330
297
287
225
153
149
155
133
119
18,713
17, 570
15, 267
14,497
13,905
11,337
11, 523
11,315
11,093
10,804
10, 782
10,509
10,420
6,842
6,290
5,292
5,086
4,848
3,916
3,809
3,772
3,644
3,516
3,325
3,296
3,215
3,123
3,149
3,038
2,894
2,885
2,862
2,372
2,364
2,359
2,382
2,357
2,297
2,273
2,250
2,277
8,722
8,242
7,081
6,527
6,195
5,049
5,350
5,184
5,067
4,931
5,161
4,940
4,955
4,969
1,563
901
747
970
855
1,191
1,238
1,231
1,387
1,566
1,361
1,363
1,400
1,440
146
313
407
375
291
303
223
350
264
276
256
235
201
201
107
262
341
330
224
233
170
276
225
232
210
203
183
296
140
122
115
93
87
164
132
157
200
253
232
255
247
5,564
5,319
5,628
6,540
6,887
6,801
7,254
8,667
9,137
9,186
9,906
9,821
9,871
6,635
5,996
5,786
5,755
5,726
5,041
5,093
5,132
5,175
5,515
6,081
6,216
6,497
6,986
8,081
7,320
5,916
5,770
5,447
4,884
4,713
4,769
4,606
4,651
4,178
4,194
4,132
4,134
3,032
2,697
3,033
3,508
3,789
3,709
3,501
3,542
3,932
4,265
4,300
4,602
4,628
4,983
1,830
1,768
2,008
2,429
2,603
2,551
2,320
2,362
2,768
3,053
2,954
3,246
3,200
3,462
1,202
928
1,025
1,079
1,186
1,158
1,181
1,179
1,164
1,212
1,345
1,356
1,429
1,522
2,780
2,474
1,757
1,811
1,699
1,888
1,728
1,824
1,724
1,840
1,531
1,565
1,560
1,789
4,561
4,226
4,154
4,427
4,362
4,621
4,645
5,000
5,763
6,104
6,423
6,764
6,933
7,093
2,301
2,133
2,187
1,961
2,462
2,867
2,889
3,209
3,954
4,102
4,240
4,551
4,601
4,478
2,260
2,093
1,966
2,466
1,900
1,754
1,757
1,790
1,809
2,002
2,183
2,213
2,331
2,615
3,317
3,050
2,585
2,456
2,298
1,846
1,836
1,809
1,753
1,708
1,669
1,567
1,526
1,379
4,606
4,392
4,226
4,187
4,114
3,598
3,748
3,845
4,148
4,283
4,545
4,756
4,757
4.780
1,433 3,172
1,418 2,974
1,432 2,794
1,471 2,715
1,474 2,640
1,469 2,129
1,592 2,156
1,683 2,162
1,946 2,202
1,982 2,301
1,992 2,552
2,108 2,647
2,020 2,73"
2,849
1,
12,199
11,314
11,414
12.121
12, 265
11,928
11,894
12,386
13,842
14, 652
15,267
16.122
16, 318
16,857
542
258
391
337
720
624
706
687
883
631
662
678
56
16
7
14
12
58
100
112
138
154
123
131
134
26
928
575
278
414
357
788
748
840
855
1,082
802
843
875
975
NEW YORK CITY »
1931—Sept. 29—
Dec. 3 1 _ .
1932—June 30...
Sept. 30—
Dec. 31 __
1933-June 30 >.
Oct. 25__.
Dec. 30_.
1934—Mar. 5_ —
June30._
Oct. 17—
Dec. 3 1 - .
1935—Mar. 4_—
June 2 9 - .
8,253
7,460
6,715
7,112
7,327
7,133
6,971
6,995
7,351
7,666
7,543
7,761
7,783
8,303
250
374
260
203
216
162
143
146
112
3,850
3,694
2,856
2,638
2,621
2,297
2,436
2,395
2,321
2,202
2,294
2,202
2,198
2,146
1,816
1,728
1,343
1,300
1,247
1,082
1,032
1,034
985
937
876
874
861
841
152
153
160
154
160
157
149
148
156
156
150
139
139
138
1,881
1,813
1,353
1,184
1,214
1,057
1,254
1,213
1,180
1,109
1,267
1,188
1,199
1,166
1,121
695
665
763
701
964
891
912
986
1,131
883
894
904
1,126
13,016
12,115
11,045
10,979
10,535
9,780
9,951
10,157
10,816
11,054
11,367
11,609
11,739
11,743
284
347
254
205
178
129
120
103
79
53
55
65
56
50
7,845
7,407
6,519
6,196
5,879
4,846
4,912
4,797
4,669
4,586
4,562
4,459
4,436
4,425
3,092
2,806
2,403
2,304
2,169
1,702
1,660
1,630
1,566
1,526
1,421
1,412
1,373
1,336
1,585
1,538
1,407
1,406
1,398
1,160
1,144
1,151
1,158
1,145
1,120
1,108
1,093
1,120
3,168
326
135
118
151
115
184
274
258
306
311
328
320
315
175
7,018
6,469
5,892
5,663
5,405
4,194
4,175
4,123
4,103
4,016
3,926
3,849
3,786
3,798
1,935
1,756
1,546
1,481
1,432
1,132
1,118
1,108
1,093
1,053
1,027
1,010
981
945
1,411
1,346
1,328
1,324
1,304
1,055
1,070
1,061
1,068
1,056
1,026
1,026
1,018
1,020
3,673
3,367
3,018
2,857
OTHER RESERVE CITIES
1931—Sept. 29—
Dec. 3 1 - .
1932—June 30. _.
Sept. 30—
Dec. 31-_
1933—June 30 K
Oct. 25—
Dec. 30__
1934-Mar. 5 —
June 30. >.
Oct. 17—
Dec. 3 1 . 1935—Mar. 4 . . .
June 29_ .
2,709
2,486
2,312
1,984
2,108
2,016
1,945
1,915
2,021
1,939
1,970
1,969
167
62
62
65
46
51
91
78
89
115
151
135
142
126
"COUNTRY" BANKS
1931-Sept. 29...
Dec. 3 1 . - .
1932—June 30--.
Sept. 30—
Dec. 31_1933—June 30 K
Oct. 2 5 . . .
Dec. 30. .
1934-Mar. 5 . . .
June 30. _.
Oct. 17—
Dec. 31-_
1935—Mar. 4 —
J u n e 29 __
11,805
10,999
10, 240
9,954
9,607
7,873
8,031
8,068
8,381
8,456
8,649
8,780
8,749
8,739
2,007
1,987
1,955
1,942
1,906
1,873
1,813
1,786
1,833
116
71
64
55
39
43
73
62
95
124
150
149
181
139
i Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
» Beginning June 30, 1933, figures relate to licensed banks only.
» Central Reserve city banks only
Back figures.—Bee Annual Report for 1931 (table 53).
81
48
36
36
28
27
46
34
54
72
95
92
109
116
32
16
13
9
8
10
23
22
30
4;
48
50
64
18
1,985
1,796
1,574
1,503
1,450
1,150
1,148
1,136
1,129
1,102
1,078
1,062
1,047
965
578
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
ALL BANKS IN THE UNITED STATES
[Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks,
and such private and industrial banks as are included in abstracts issued by Stale banking departments. Also includes, beginning with June
1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller
of the Currency or a Federal Reserve bank]
LOANS AND INVESTMENTS
[In millions of dollars]
All banks
Member banks
Nonmember banks
Mutual savings banks
Date
Total
Loans
Investments
Total
Loans
Investments
Investments
Loans
Total
Other nonmember banks
Total
Loans
Investments
1930-Dec. 3 1 -
56,209
38,135
18,074
34,860
23,870
10,989
9,987
6,068
3,920
11,362
8,196
3t165
1931—Mar. 25..
June 30—
Sept. 29..
Dec. 3 1 -
55,924
55,021
53,365
49,704
36,813
35,384
33,750
31,305
19, 111
19,637
19,615
18,399
34,729
33,923
33,073
30,575
22,840
21,816
20,874
19,261
11,889 19,987
12,106
10,506
12,199 i 10,506
11,314
10,488
16,068
6,169
i 6,169
6,218
i 3,920
4,337
i 4,337
4,270
11,208
10,593
9,786
8,641
7,906
7,399
6,707
5,827
3,194
3,079
2,814
1932—June 30..
Sept. 30.
Dec. 3 1 . .
46,071
45,852
44,946
27,834
26,985
26,063
18,237
18,867
28,001
28,045
27,469
16,587
15,924
15,204
6,130
» 6,130
6,079
4.186
i 4,186
4,103
7,755
7,491
7,295
5,117
4,931
4,780
2,637
2,560
2,515
1933—June 30 *_.
Oct. 25»..
Dec. 30...
40,076
22,203
17,872
5,246
3,404
1,841
18,342
12,858
13,059
12,833
4,103
21,977
24,786
24,953
25,220
5,941
40,319
5,906
4,079
5,115
3,238
"l,"877
42,502
21,278
21,224
43,458
20,474
22,984
26,548
27,175
27,559
28,150
12,706
12,523
12,293
12,028
11,414
10,316
12,121 i 10,316
12, 265
10,182
11,928
11,894
10,044
12,386
~~~9,~985"
13,842
14,652
9,904
15,267
16,122
"9," 782"
28,271
28,785
11,953
11,928
16, 318
16,857
1934—Mar. 5 ' . .
June 30—
Oct. 17 3.
Dec. 3 1 1935—Mar. 4 3—
June 29 3 .
5,648
4,256
*5,423
3,108
2,315
5,491
4,291
"5,~526~
"27955"
~2~571
1 Figures of preceding call carried forward.
» Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.
» Nonmember bank figures not available.
* In connection with the increase over December, see the headnote; also BULLETIN for February 1935, p. 127.
Back figures.—See Annual Report for 1934 (table 61).
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
[In millions of dollars]
Member banks
Nonmember
banks
National
Mutual nonsavings membanks ber
Nonmember banks
All banks
Date
1930—Dec. 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31
1932—June 30
Sept 30
Dec. 31
1933—June 30 «
Oct. 25 3
Dec. 30
1934—Mar. 5 3
June 30
Oct. 1 7 '
Dec. 31
1935—Mar. 4«3
June 29
53,039
51,427
51,782
49,152
45,821
41,963
41,942
41,643
37,998
38,505
41,870
_
44,771
Date
Member
banks
Mutual
Other
nonmember banks
32,560
31,153
31,566
29,469
27,432
24,755
24,903
24,803
23,338
23, 453
23, 771
25,293
26,615
27.484
28,943
28,589
29,496
9,507
i 9,507
10,017
i 10,017
10,105
10,020
i 10,020
10,022
9,713
10,972
10,767
10,199
9,666
8,284
7,188
7,020
6,818
4,946
9,708
5,026
9,780
< 5,475
9,828
6,000
savings
banks
For footnotes see table above.
NOTE.—Prior to Dee. 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 1934 (table 60).
Total
Other
Total
State
banks
1930—Dec. 31
22,769
8,052
7,033
1,019
603
14,114
1931—Mar. 25
June 30
Sept. 29
Dec. 31
22,372
21,903
21,294
19,966
7,928
7,782
7,599
7,246
6,930
6,800
6,653
6,368
998
982
946
878
»603
600
1600
597
13,841
13,521
13,095
12,123
1932—June 30
Sept. 30
Dec. 31
19,046
18,794
18,390
6,980
6,904
6,816
6,145
6,080
6,011
835
824
805
594
1594
594
11,472
11,296
10,980
1933—June 30 ».„ _ 14,519
Oct 25 3
Dec. 30
15,011
5,606
5,818
6,011
4,897
5,052
5,154
709
766
857
576
8,337
579
8,421
1934—Mar. 5 3
June 30
Oct. 17 3 . . .
Dec. 31
6,206
6,375
6,433
6,442
5,288
5,417
5,461
5,462
918
958
972
980
578
8,882
579
9,021
6,422
6,410
5,446
5,425
976
985
1935—Mar. 4 3____
June 29 3
15,835
16, 042
For footnotes see table above.
Back figures.—See Annual Report for 1934 (table 60).
579
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
REPORTING MEMBER BANKS IN LEADING CITIES
[Monthly data are averages of weekly figures. In millions of dollars]
Total—all weekly reporting member banks
Loans and investments
Loans and investments
Month or date
Borrowings
Investments
at
F. R.
banks
seTotal U.S.
curities
Loans
on securities
All
other
loans
17,749
17,721
17,770
17,835
17,762
18,102
3,531
3,295
3,137
3,062
3,008
3,096
4,455
4,533
4,697
4,757
4,705
4,632
9,763
9,893
9,936
10,016
10,049
10, 374
18, 229
18, 247
18, 486
18,576
18, 520
18,550
18,582
18, 517
3,049
2,996
3,081
3,008
3,048
3,028
3,023
2,960
4,548
4,564
4,587
4,611
4,569
4,506
4,433
4,413
18,414
18, 500
18,620
18,668
2,992
3,040
3,020
3,061
3
10
17
24
31
18,508
18, 414
18, 762
18, 718
18, 507
Aug. 7
Aug. 14
Aug. 21
Aug. 28
18, 491
18,477
18,567
18,533
Total
1934—July
August
September
October
November
December
1935—January
February
March
April
May
June
July
August
1935—Junes
June 12
June 19
June 26
July
July
July
July
July
-
Other leading
cities
New York City
Borrowings
at
F. R.
banks
S. seTotal U.
curities
Investments
All
other
loans
Total
loans
and investments
Total
Loans
on securities
6,676
6,650
6,589
6,647
6,696
6,981
7,273
7,127
7,120
7,105
7,050
7,281
1,727
1,520
1,455
1,418
1,381
1,459
1,501
1,522
1,610
,644
,633
,596
4,045
4,085
4,055
4,043
4,036
4,226
2,930
2,883
2,820
2,801
2,827
2,995
10, 476
10, 594
10, 650
10, 730
10,712
10,821
10,632
10, 687
10,818
10,957
10,903
11,016
11,126
11,144
7,218
7,217
7,278
7,327
7,267
7,345
7,375
7,291
7,410
7,366
7,564
7,693
7,682
7,703
7,694
7,531
1,445
1,422
1,493
1,487
1,619
1,617
1,639
1,588
,546
,548
,554
,573
,543
,496
,457
,431
4,419
4,396
4,517
4,633
4,520
4,590
4,598
4,512
3,154
3,111
3,189
3,295
3,227
3,299
3,253
3,108
10,819
10,881
10,922
10,883
10,838
10,847
10,888
10,986
4,503
4,527
4,507
4,488
10,919
10,933
11,093
11,119
7,293
7,294
7,388
7,407
7,631
7,674
7,730
7,775
1,583
1,620
1,609
1,655
,494
,508
1,495
1,486
4,554
4,546
4,626
4,634
3,285
3,274
3,314
3,324
10,783
10,826
10,890
10,893
3,099
3,019
3,034
2,997
2,967
4,449
4,435
4,471
4,449
4,360
10,960
10,960
11, 257
11, 272
11,180
7,279
7,219
7,492
7,507
7,380
7,718
7,612
7,805
7,785
7,548
1,700
1,628
1,650
1,628
1,590
1,473
1,459
1,480
1,466
1,406
4,545
4,525
4,675
4,691
4,552
3,245
3,187
3,327
3,330
3,174
10,790
10,802
10,957
10,933
10,959
2,981
2,979
2,980
2,899
4,380
4,388
4,437
4,446
11,130
11,110
11,150
11,188
7,301
7,272
7,283
7,310
7,504
7,519
7, 558
7,543
1,601
1,609
1,609
1,534
1,410
1, 411
1,447
1,454
4,493
4,499
4,502
4,555
3,103
3,106
3,089
3,136
10, 987
10, 958
11, 009
10,990
Borrowings
at
F. R.
banks
i For additional data see p. 629.
Back figures.—See Annual Report for 1934 (tables 71-73).
BROKERS' LOANS
REPORTED BY THE NEW YORK STOCK EXCHANGE
MADE BY REPORTING MEMBER BANKS IN N. Y. CITY
[Net borrowings on demand and on time in New York City, In
millions of dollars]
[Monthly data are averages of weekly figures. In millions of dollars]
From private
From banks banks,
brokers,
and trust com- foreign
banking
Total
1934
1935
1934
1935
1934
981
825
816
773
839
862
873
758
750
706
64
76
108
1,088
1,016
1,082
805
793
808
973
912
762
759
776
116
104
102
July
August
September.
923
874
832
769
772
741
750
74
71
62
October...
November.
December.
827
831
April
May
June
Total
For
own account
agencies, etc.
End of month
January...
FebruaryMarch
Month or date
803
769
761
765
813
66
66
67
1935
22
For account of For acout-of- count of
others
town
banks l
1934—July
August
September.
October
November.
December.
1,042
827
776
746
713
784
871
670
633
612
573
639
168
156
142
133
139
144
1935—January...
February..
March
April
May
June
July
August
777
756
839
803
878
883
908
868
635
614
696
714
858
865
893
853
140
140
141
86
19
18
15
15
Aug.
Aug.
Aug.
Aug.
875
888
886
822
860
873
871
807
15
15
15
15
7
14....
21....
28....
Back figures.—See Annual Report for 1934 (table 75).
i Member and nonmember banks outside New York City (domestic
banks only).
Back fiyures.—See Annual Report for 1934 (table 74) •
580
FEDERAL RESERVE BULLETIN
SEPTEMBER
1935
ACCEPTANCES AND COMMERCIAL PAPER
BANKERS' ACCEPTANCES, BY HOLDERS (DOLLAR
ACCEPTANCES)
BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR
ACCEPTANCES)
[In millions of dollars]
[In millions of dollars]
Held by Fed- Held by accepting
eral Reserve
banks
banks
End of month
Total
outstanding
For
Held
acby
For count
others
own of for- Total Own Bills
eign
acbills bought
count correspondents
Based
on
imTotal ports
into
U.S.
End of month
1933—March
April...
May
June
_July
August
September..
October
November..
December.._
671
697
669
687
738
694
715
737
758
764
280
163
13
41
2
1
1
1
18
127
45
43
36
36
37
40
41
31
3
4
261
404
505
487
552
499
517
592
599
442
153
206
229
201
248
252
236
271
273
223
108
199
276
287
304
247
282
321
326
219
85
86
115
123
147
154
156
112
138
190
1933—March
April
May.
June
July..
August
September.
October...
November.
December.
671
697
669
687
738
694
715
737
758
764
1934—January
February
March
April
May
June
July..
August
September..
October
November. _
December...
771
750
685
613
569
534
516
520
639
562
561
543
105
56
23
3
4
5
5
4
3
2
1
1
567
581
576
536
507
480
472
483
503
516
517
497
255
266
252
236
226
220
222
222
223
245
252
243
312
315
324
299
281
260
250
261
280
271
265
254
95
108
81
70
59
53
42
37
35
45
44
46
1934—January...
FebruaryMarch
April.
May
June.
July..
August
September.
October...
November.
December.
771
750
685
613
569
534
516
520
539
562
561
543
103
103
100
97
94
89
94
1935—January
February
March
April
May
June
July
516
493
466
413
375
343
321
485
452
423
391
356
317
296
238
217
197
178
162
154
148
247
235
226
214
193
163
148
30
41
43
22
19
26
24
1935—January...
FebruaryMarch
April
May
June
July
516
493
466
413
375
343
321
86
92
101
103
107
102
99
8
8
0)
0)
0)
0)
K
1
0)
i Less than $500,000.
Source: For acceptances outstanding (and held by accepting banks)
American Acceptance Council.
Back figures.—See Annual Report for 1933 (table 100).
End of month
January
FebruaryMarch
April.
May
June
July
August
September.
October
NovemberDecember..
1932
33,444
33,478
30, 778
30,736
30,837
30, 762
30,645
30,834
30,849
30,659
30,652
29,489
1933
29,036
28,997
24,788
7,181
6,981
7,089
6,821
6,199
6,068
5,686
5,841
6,033
Back figures.—Bee Annual Report for 1934 (table 25).
5,977
5,887
5,275
5,070
5,076
5,075
5,081
5,079
5,691
5,495
5,499
5,501
1935
5,502
5,504
5,305
4,696
4,700
4,689
4,687
4,685
184
199
185
217
255
229
237
253
278
277
225
203
186
164
150
145
135
140
138
147
148
140
277
261
226
186
164
141
138
147
166
184
195
193
175
184
168
158
152
148
144
141
137
133
127
119
133
123
122
114
100
04
179
166
134
96
76
57
47
114
109
106
99
91
230
234
225
213
219
206
199
195
180
182
10
COMMERCIAL PAPER OUTSTANDING i
[As reported by dealers. In millions of dollars]
1932
End of month
1934
94
175
176
174
168
168
160
171
185
200
207
Source: American Acceptance Council.
Backfigures.—SeeAnnual Report for 1933 (table 97).
ACCEPTANCES PAYABLE IN FOREIGN C U R R E N C I E S H O L D I N G S O F F E D E R A L RESERVE BANKS
[In thousands of dollars]
73
77
77
80
86
95
103
Based
Based
on goods
on
stored in
goods
United
stored
Based States
in
on ex- (ware- Dollar foreign
ex
ports house
counfrom credits) change tries or
shipped
U.S.
or
shipped
between
between
foreign
domestic
points
points
January
February..
March
April
May
July
August
SeDtember
October
November
December
.
.
.
.
-
. - -.
...
108
103
106
108
111
103
100
108
110
113
110
81
1933
85
84
72
64
60
73
97
107
123
130
133
109
1934
1935
108
117
133
139
142
151
168
188
192
188
178
166
i Includes some finance company paper sold in the open market.
Back figures.—See Annual Report for 1934 (table 76).
171
177
182
173
173
159
164
581
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
RATES ON REDISCOUNTS FOR AND ADVANCES TO
MEMBER BANKS
SHORT-TERM RATES IN NEW YORK CITY
[Percent per annum]
Rediscounts and advances under sees. 13 and 13a of the
Federal Reserve Act
Federal Reserve bank
Rate in
effect beeffect on Inginning—
Sept. 1
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
_
St. Louis
Minneapolis...
Kansas City
Dallas
San Francisco.
2
1H
2
IK
2
2
2
2
2
2
2
2
Feb.
Feb.
Jan.
May
May
Jan.
Jan.
Jan.
May
May
May
Feb.
8,1934
2,1934
17,1935
11,1935
9,1935
14,1935
19,1935
3,1935
14,1935
10,1935
8,1935
16,1934
Advances under sec.
10 (b) of the Federal Reserve A c t l
Previ- Rate in In effect beous effect on ginning—
Sept. 1
rate
2^
2
2
1934
2Yi
2H
2H
2tt
2Vi
2K Aug. 26,1935
2K
2V>
Discounts and advances
under par. 3 of sec. 13
of the Federal Reserve Act
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
In effect beginning—
Aug.
Aug.
Aug.
July
July
Mar.
Aug.
July
Aug.
July
Sept.
Sept.
Stock exPrime Stock
Treasury
change call U. S.bills
Month or week Prime bankexi
comloans
change
ers'
mercial accept- time
paper,
loans,
4 to 6
Re- 182-day 273-day
90
90
months days
New newal
bills
bills
2H
11,1932
10,1932
12,1932
24,1934
16,1934
20,1934
13,1932
10,1934
10,1932
10,1934
8,1932
2,1932
August
September..
October
November.
December..
H-l
%-l
H-l
H-l
H-l
H-l
3/4-1
X
H
H-l
H-l
H-l
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
0.20
.27
.21
.22
.15
1.00
1.00
1.00
.63
.25
.25
.25
.25
1.00
1.00
1.00
.64
.25
.25
.25
.25
.14
.12
.10
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
1935
RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS
Rate in
effect on
Sept. 1
Average yield
on—
Average rate
2H
i The provisions of sec. 10 (b), which expired March 3, 1935, were
restored in amended form by sec. 204 of the Banking Act of 1935.
Federal Reserve
bank
Prevailing rate on-
Advances secured by
direct obligations of
the United States
(last paragraph of sec.
13 of the Federal Reserve Act)
Rate in
effect on
Sept.l
In effect beginning—
Oct.
Feb.
Oct.
May
Feb.
4
Mar.
4
Oct.
4
Feb.
4
4H Apr.
May
Mar.
Oct.
20,1933
8,1934
20.1933
11,1935
19.1934
17.1934
16,1933
21.1935
15.1933
10,1935
12.1934
19,1933
January
February...
March
April.
May
June.July...
August
H-l
H-l
H-l
H-l
Week endingJuly 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
.25
.25
.25
.25
.25
.25
.25
2.10
3.08
a. 07
«.O7
0.17
.16
.17
.15
.13
.07
.10
.08
.05
.06
.07
.07
.07
.08
.13
.15
i Average rate of discount on issues offered by U. S. Treasury within
period. When no rate is shown no bills of the stated maturity were
offered.
» Rate on 133-day bills.
Back figures.—See Annual Report for 1934 (tables 54 and 55).
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates]
NOTE.—For rates on Industrial advances see p. 632.
New York City
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Maturity
1-15 days.
16-30 days—
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.
Rate in
effect on
Sept. 1
In effect beginning—
Oct.
....do.
do.
do.
do.
..do.
..do.
27 southern and
western cities
Month
Previous
rate
1
1
1
1
1
1
m
NOTE —Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Back figures.—See Annual Report for 1924 (table 51).
8 other northern
and eastern cities
January
February. _
March
April
May
June
July
August
SeptemberOctober
November.
December.-
1933
1934
1935
1933
1934
1935
1933
1934
4.12
4.11
4.88
4 33
4.24
4.10
3 93
3.97
3.79
3.76
3.52
3.48
3.58
3.43
3.31
3 39
3.42
3.30
3 30
3.33
3.26
3.28
3.22
3.18
2.83
2.90
2.64
2.61
2.69
2.66
2.61
2.67
4.89
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4.51
4.54
4.59
4.65
4.49
4.52
4.52
4.39
4.30
4.15
4.12
4.11
4.13
4.08
3.98
4.08
4.02
4.05
3.99
3.88
3.78
3.87
3.79
5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
4.93
4.92
Back figures.—See Annual Report for 1934 (table 57).
1935
4.95
4.84
4.85
4.80
4.79
4.76
4.58
4.63
582
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
BOND PRICES
STOCK PRICES
Other bonds 2
United
States CorpoYear, month, or date Govern- rate and
ment
municbonds
ipal
(high- Total
grade)
Number of issues
Year, month, or date
Corporate
Indus- Rail- Utility
trial road
*60
60
20
20
20
1932 average
1933 average
1934 average
99.2
102.2
103.4
81.1
84.0
96.7
69.4
73.4
84.5
63.2
69.2
81.9
64.8
70.5
83.8
80.5
80.6
87.8
1934—August_September
October
_.
November
December
104.1
102.3
103.4
103.5
104.1
97.8
96.7
98.4
98.8
100.0
83.9
83.0
84.1
84.3
85.8
82.6
82.2
82.5
83.4
85.4
81.3
79.3
81.6
81.0
83.3
87.9
87.6
88.1
88.6
88.8
1935—January
February
March
April
May
June
July..
_._
August
105.1
105.8
106.6
107.0
107.1
107.2
107.5
106.8
101.3
101.3
99.9
100.0
101.2
102.2
104.2
104.2
87.6
87.4
84.5
85.5
87.1
88.3
89.2
89.9
86.7
86.7
85.2
85.9
87.3
87.3
88.5
89.0
85.0
82.0
74.7
75.0
76.5
79.3
78.8
79.6
91.2
93.4
93.6
95.5
97.4
98.4
100.2
100.9
107.4
107.1
106.8
105.7
104.4
104.5
104.5
103.4
89.5
90.3
90.3
89.4
89.0
89.3
89.1
88.6
78.9
80.4
80.1
79.3
100.6
101.1
101.5
100.3
Aug.
Aug.
Aug.
Aug.
7
14
21
28
3 14
-
i Average prices. Monthly data are averages of daily or weekly figures.
Prices derived from average yields.
* Now 14 Treasury bonds. New Treasury issues were added Aug. 15,
1933, Nov. 1,1933, Apr. 16,1934, June 15,1934, Dec. 15,1934, and Mar. 15,
1935. The 3 Liberties were omitted beginning March 1935.
* 45 corporate and 15 municipal.
Source.—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds. Standard Statistics Co.
Back figures.—See Annual Report for 1934 (table 93).
Common stocks (index, 1926=100)
Total
Industrial
421
351
Rail- Utility
road
33
37
i
1932 average
1933 average
1934 average.
96.1
104.8
120.7
79
78
69
1934—August
September.
October
November.
December..
122.6
121.0
120.9
124.1
127.8
65
64
63
61
58
1935—January
February..
March
April
May
June
July
August
129.1
130.2
131.3
132.2
134.8
134.0
134.8
135.4
57
55
53
59
65
70
74
82
135.5
135.4
135.3
135.4
84
77
Aug.
Aug.
Aug.
Aug.
7
14
21__..
28_...
79
i1 Monthly data are averages of daily or weekly figures.
Average derived prices.
Source.—Standard Statistics Co.
Back figures—See Annual Report for 1934 (table 93).
CAPITAL ISSUES
[Long-term; i. e., 1 year or more. In millions of dollars]
New issues
Total
(domevStic
Year or month
and
foreign)
BOND YIELDS *
Total i
Refund-
Domestic
ing
issues
Corporate
(doState
For- mestic
and
eign and
mu- Bonds
forStocks
nici- and
eign)
pal notes
Corporate, by ratings *
5,125
5,189
6,219
6,789
9,420
6,004
2,860
1.165
708
1,402
1,352
1,344
1,475
1,379
1,418
1,434
1,235
762
483
819
2,452
2,667
3,183
2,385
2,078
2,980
1,240
305
40
144
1,153
1,087
1,474
2,961
5,924
1,503
311
20
120
35
1,076
1,125
1,337
1,251
671
905
229
29
12
0
925
1,046
2,220
1,858
1,422
711
949
538
344
792
Number of issues—
7-11
15
30
30
30
30
1932 average
1933 average
1934 average
3.66
3.31
3.10
4.65
4.71
3.95
5.01
4.49
4.00
5.23
4.44
7.20
6.09
5.08
9.30
7.76
6.32
1934—August
September.._
October
November...
December
2.99
3.20
3.08
3.05
2.97
3.81
3.84
3.69
3.57
3.52
3.93
3.96
3.90
3.86
3.81
4.34
4.42
4.36
4.27
4.27
5.09
5.17
5.00
4.93
4.86
6.49
6.57
6.40
6.37
6.23
1934—August
SeptemberOctober
November..
December. _
180
43
122
107
141
180
43
122
107
141
18
36
39
89
106
8
5
0
8
34
0
2
0
0
1
ooooo
6,201
6,314
7,556
8,040
10,091
6,909
_ 3,089
1,194
720
1,402
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
79
26
36
35
45
1935—January
February
March
April
May
June
July
August
2.83
2.73
2.69
2.64
2.61
2.61
2.59
2.66
3.45
3.39
3.27
3.25
3.27
3.25
2.95
2.87
3.78
3.72
3.71
3.72
3.74
3.72
3.70
3.77
4.21
4.14
4.15
4.19
4.18
4.18
4.15
4.15
4.77
4.69
4.72
4.75
4.66
4.62
4.54
4.57
5.99
5.97
6.22
6.14
5.99
5.86
5.77
5.69
1935—January
February-..
March
April
May
June
-.
July
August
92
50
108
90
86
58
134
152
92
50
108
90
86
58
134
152
80
44
100
64
41
44
79
36
3
7
8
17
39
14
27
29
2
0
0
5
6
0
28
(2)
oooo
United MunicStates ipal 3
(highTreasury 1 grade)
20
N u m b e r of issues
3
Year, month, or
date
Preferred
stocks
(industrial highgrade) 3
49
46
180
413
384
454
510
284
Aug.
Aug.
Aug.
Aug.
2.60
2.63
2.67
2.76
2.82
2.83
2.84
2.98
3.73
3.76
3.78
3.80
4.15
4.16
4.14
4.16
4.56
4.56
4.57
4.58
5.74
5.65
5.66
5.71
7
14
21
28
Aaa
Aa
Baa
A
0
0
0
0
1 Includes publicly offered issues of Federal banks, Federal intermediate credit banks. Federal Farm Mortgage Corporation, and Home
Owners' Loan Corporation, not shown separately.
2 Less than $500,000.
Sources.—For domestic issues, Commercial and Financial Chronicle;
i Monthly data are averages of daily or weekly figures.
* Average, computed by Treasury Department, of yields of all out- for foreign issues (issues publicly offered) annual totals are as finally
reported by Department of Commerce, while monthly figures are aa
standing Treasury bonds except those due or callable within 8 years.
compiled currently and are subject to revision.
' Standard Statistics Co.
Back figures.—See (forfiguresof new issues—annual and quarterly
< Moody's Investors' Service.
basis) Annual Report for 1934ttabW*92.)
Back figures.—See Annual Report for 1934 (table 94).
583
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
MATURITIES
[In millions of dollars]
[In millions of dollars]
Interest bearing
Total
(gross
debt)
End of period
June 1932
June 1933
June 1934
1934
August—
September. _.
October
November. __
December
1935
January
February
March
April
May
June
July
August
Notes Certificates
Bills
1,465
4,780
6,932
2,831
2,200
1,635
616
954
1,404
326
381
573
16,513
15,922
15.808
15,768
16, 245
6,921
8,020
8,027
8,036
9,586
1,682
1,156
1,154
1,153
158
1,379
1, 529
1,654
1,804
1,954
585
564
545
538
535
16, 250
16,247
16, 238
15, 394
15. 157
14,936
14,576
14, 715
9,585
9,582
9,567
10, 236
10. 471
10,501
U.M65
11,036
163
161
160
158
157
156
254
252
Total
Bonds
19,487
22,539
27,053
19,161
22,158
26, 480
14.250
14,223
16, 510
27,080
27,190
27,188
27. 299
28,479
26, 495
26,626
26,643
26, 761
27,944
28,476
28,526
28,817
28,668
28. 638
28,701
29.120
29,033
27,952
27,969
28,043
27, 766
27, 738
27,645
27.923
27,956
Interest-bearing debt outstanding August
Noninterest
31, 1935
Total
bearing
1,954
524
1,979
557
2,079
775
902
1,978
1. 953
901
2,053 1 056
2,028 1 196
1,952 i 1,076
Total__
27,956
Obligations maturing:
Before Oct. 1, 1935
270
Oct. 1-Dec. 31, 1935
2,365
Jan. 1-Mar. 31, 1936 . . .
601
Apr. 1-June 30, 1936
1,695
July 1-Sept. 30, 1936...
878
Oct. 1-Dec. 31, 1936
358
1937
1,749
1938
1,946
1939.
_
1,820
1940.
2,117
1941.
_
834
1943
898
1945..
1,401
After 1945
10,049
974
Other obligations *_._
Bondsi
Notes
Certificates
14,715
11,036
252
2 70
31,246
418
505
1,952
200
701
601
450
1,245
878
358
1,749
1,946
1,820
2,117
834
898
1,401
10,049
217
Bills
252
1
Issues classified as of date of final maturity; most issues callable at
earlier
dates; postal-savings bonds only issues callable before 1940.
2
Approximate amount of Fourth Liberties called for redemption
Apr.
15,
1934, Oct. 15, 1934, and Apr. 15,1935, and not yet redeemed.
3
Fourth Liberties called for redemption on Oct. 15, 1935.
4
* Includes $696,000,000 of Government liability for retirement of
Includes United States savings bonds and such issues as postal •
national bank and Federal Reserve bank notes, as a result of deposit savings bonds, retirement-fund notes, and adjusted-service-certificate
of funds by banks; this compares with $815,000,000 on July 31, 1935, series, in which special funds are invested.
and $309,000,000 on Feb. 28, 1935.
SUMMARY OF TREASURY OPERATIONS
I On basis of daily statement of United States Treasury. In millions of dollars]
General and special funds
General 2
Period
Total
Fiscal year ending June:
1933
2 080
MiscelIn- laneous
All
come internal
Total
taxes revenue other i
Interest on
public
debt
All
other
—5 +445
+835 +1,720
-741
+613
+3,052
+4,514
+1,648
2 715 3 1 277
4,004
1,984
2,327 3,655
1,844
2,342
645
1,020
1,515
292
—2, 602
- 3 , 630
-3,002
327
385
510
214
545
636
131
341
272
47
249
79
36
6 45
285
-230
-476
-603
+7
+4
+337
-95
-445
-366
35
60
160
15
129
169
172
225
195
191
310
283
284
390
321
140
155
205
199
208
129
112
99
100
80
41
17
6 21
91
33
-227
-66
-409
-353
-256
+2
-335
+13
+29
+28
+43
+966
-109
+110
-2
+111
+1,180
462
496
546
611
542
740
22
34
90
118
24
119
8
27
252
252
288
279
336
425
347
289
189
214
203
192
178
258
114
158
55
46
75
45
78
82
88
-9
8
«9
10
43
81
85
146
139
-260
-281
673
508
188
209
169
213
181
197
"318
193
+18
-8
+19
+21
+348
+99
-77
-17
-244
-239
+365
-511
+22
-115
-52
-314
-3
+50
+291
-149
-30
+63
+419
-87
3,116
3,800
746
818
1,099
858
1,470
1,657
475
828
1,044
4 681
6,745
6,802
689
757
821
2 months ending:
August 1933
August 1934...
August 1935
351
504
578
27
43
47
239
278
383
84
184
147
581
980
1,181
40
49
35
1934—August
September
October
November
December
286
449
260
247
385
25
173
19
21
164
145
176
151
119
131
116
100
90
107
89
514
516
669
599
641
1935—Januarv
February
March
April
May
June
July
August .
203
214
601
228
246
464
279
299
19
28
326
29
23
254
23
24
114
109
189
116
137
138
165
219
70
77
86
83
86
72
91
56
1934
1935
Trust
acIncrease3 or decounts, crease luring
etc.,*
per Lod
Excess excess
of reof reRecovery and relief 3
ceipts ceipts
(+)or (+)or
exexpendi- pendiGeneral Gross
tures
All
Public
tures
Total Relief works other * (-)
fund
(-)
balance debt
Expenditures *
Receipts
+55
-383
-296
-277
-394
-210
+56
-381
-214
+560
+27
+332
1
2
Includes processing taxes, customs, and miscellaneous receipts.
Excludes public-debt retirement.
* Prior to July 1933, recovery and relief expenditures included only net expenditures of the Reconstruction Finance Corporation; other items
subsequently classified a<« recovery and relief expenditures were included in general expenditures.
• Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and
expenditures of the Reconstruction Finance Corporation.
«Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against
increment on gold (other 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 to these accounts
« Excess of credits.
• Corrected.
584
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JULY 31, 1935
[Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly from Government funds
Total
Total
U.S.
Regional Produc- Shipping
Recon- ComPublic
AgriculBoard
struction modity Export- Works tural
tion
MerFinance Credit import
Credit chant
Credit CorporaCorpora- Corpora- banks Administration Corpora- tions
Fleet
tion
tion
tions
Corporation
Other i
ASSETS
Preferred stock, capital notes, and debentures.—
Cash—total
Investments:
United States securities
.
Obligations guaranteed by United States
Accounts and other receivables
Real estate and other business properties
Other assets
Total assets other than Interagency
8,147
877
367
2,300
877
115
448
222
861
179
154
163
11,417
25
21
122
58
144
25
1,367
873
12
316
235
69
11
1
2
21
97
~13
13
15
15
121
175
420
73
121
175
420
45
13
16
120
1
50
125
3 4,702
10
- 4 , 293
249
249
48
297
20
269
4,860
354
4, 506
3,390
2,026
238
11
326
73
3,390
2,026
238
11
326
7,000
349
-2,844
5,911
255
- 2 , 777
500
103
1,422
3
2
232
11
»480
(»)
11
9
326
23
188
3,687
3
238
18
4
7
100
12
435
39
1
3
2,294
3
214
3
72
99
1
73
121
20
7
44
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
All other
Other liabilities (including reserves)
Total liabilities other than interagency
Excess of assets over liabilities, exclusive of interagency transactions
Privately owned interests
U. S. Government interests
Distribution of Government interests:
Capital stock . .
Surplus
Interagency interest (net)
-_
4,245
2,112
200
6,557
(2)
(2)
(2)
(2)
(2)
(?)
(2)
(2)
-155
Financed partly from Government funds
i
Total '
Federal
Federal
interland
mediate
credit
banks
banks
Federal
Farm
Mortgage
Corporation
Banks
for
cooperatives
Home
loan
banks
743
27
25
12
81
13
25
43
24
5
12
Home
Owners'
Loan
Corporation
Federal
Savings
and
Loan
Insurance
Corporation
Federal Federal
savings Deposit
and
Insurloan
ance
asso- Corpociations ration
ASSETS
Loans—total
Cash—total
Investments:
United States securities
Obligations guaranteed by United States
Other investments
Accounts and other receivables
Real estate and other business properties
_
Other assets
Total assets other than interagency
5,848
252
2,133
38
177
11
423
201
739
121
10
138
42
7
35
38
37
6
97
2,360
6
267
1,909
54
1,963
173
5
178
28
1,302
90
207
130
2
1,116
396
146
250
90
207
129
1,089
94
-67
125
83
43
70
36
-16
200
125
4
7,730
715
23
(
130
112
1
17
315
100
50
4
1
\
1,508
2,689
132
2,876
1
(2)
102
2
37
37
3
337
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
All other
Other liabilities (including reserves)...
Total liabilities other than Interagency.•.-Excess of assets over liabilities, exclusive of interagency transaction
Privately owned interests
_
U, S. Government interests.. ...
Distribution of Government interests:
Capital stock
Surplus
Interacrencv interest (net)
3,995
2,112
152
6,260
1,470
354
1,274
1 Includes interagency interests held by the Treasury Department.
«Less than $500,000.
* Nonstock (or includes nonstock proprietary interests).
7
(2)
(2)
5
5
«2,722
31
54
2,806
(2)
(2)
6
6
108
26
82
70
102
37
70
102
37
331
181
150
82
200
-30
-100
100
2
37
150
«Includes also War Finance Corporation not shown separately.
«Includes unissued bonds covering loans in process.
585
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
RECONSTRUCTION FINANCE CORPORATION
LOANS, PURCHASES, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds not yet
disbursed
Proceeds disbursed, less repayments
J u l y 31,
1934'
M a r . 31,
1935
Apr. 30,
1935
M a y 31,
1935
June 30,
1935
J u l y 31,
1935
Aug. 31
1935 *
June 30,
1935
July 31,
1935
LOANS AND PURCHASES
Loans under sec. 5 of the Reconstruction Finance
Corporation Act, as amended:
Banks and trust companies (including receiv455,928
480,404
538,431
ers, liquidating agents, and conservators)_>- 578,050
503,000
441,825
522,471
10, 307
9,808
12,281
36, 220
Building and loan associations
10,385
9,494
11,303
18,052
19, 231
22,035
32, 524
Insurance companies.
20,060
17,628
21,184
139,972
145, 551
151,796
184,174
146,426
136,396
149,128
Mortgage-loan companies
332
336
343
390
341
331
335
Credit unions
58,330
59,979
72,318
124,864
66,549
57,975
Federal land banks
70,527
2,806
3,095
4,078
8,470
3,167
2,407
3,720
Joint stock land banks
_874
874
861
800
887
872
861
Agricultural credit corporations.
6,166
Regional agricultural credit corporations
1,618
1,256
1,315
1,225
Livestock credit corporations
1,344
1,255
1,108
354,742
414,344
380,199
386, 617
413,338
Railroads (including receivers)._
413,438
413,350
2,637
2,146
State funds for insurance of public moneys
1,606
1,513
79
53
Fishing industry
76
76
79
79
Processors or distributors for payment of
9
1
1
1
1
1
1
processing taxes
1, 330, 662 1,183,651 1,167,476 1,165,674 1,137,162 1,102,849 1,082,977
Total
Other loans:
For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by
96,033
146, 696
132,908
134,509
148, 760
137,560
155,174
earthquakes, etc.)
For financing exports of agricultural surpluses,
15,185
14, 532
14,517
14,953
14,963
14,517
14,926
sec 201 (c)
3,811
8,463
5,332
6,505
7,885
8,413
7,227
For financing agricultural products, sec. 201 (d)
157, 667
231,166
39, 552
49,156
148,181
249,556
55,530
To commodity credit corporation
17,969
20,176
20,304
20, 295
20, 283
20,031
20,151
On preferred stock of banks
15, 785
29,933
29,933
29,933
29, 933
30, 083
29,933
On preferred stock of insurance companies
8,165
29,181
21,292
23, £07
27, 596
32,790
25,815
To drainage, levee, and irrigation districts
25, 932
12,740
14,693
21, 761
29,519
17, 759
To industrial and commercial businesses
345
280
664
8
To mining, milling, and smelting businesses...
10,869
420
8,317
331
150
On assets of closed banks
235
To Public Works Administration on security
16,167
17,490
15, 282
15, 753
transactions
16,190
112,849
314, 643
294, 654
433, 733
535, 532
324,994
309,077
661,913
Total
Purchases:
519, 779
632,144
627,876
634,490
639,977
639, 015
Preferred stock of banks
640,983
243,660
254,666
248,103
247,718
245,003
244, 317
Capital notes and debentures of banks
241,615
100
100
100
100
100
100
Preferred stock of insurance companies
10,000
10, 000
10,000
10, 000
10, 000
Capital stock of the R. F. C. Mortgage Co._.
763,
440
882,642
895,
079
890,346
892,
307
893,
432
892,698
Total
Total loans and purchases
For relief:
2,408,745
2,360,946
298,537
499,591
297, 711
499,994
500,000
2,366,900 2,382,974
2,465,975 » 531,813 12,637,588
113,070
958
200
90,225
1
114,993
187
65
102,619
1
550
550
630
363
534
534
206,167
219,312
112,554
109,598
1,878
265,615
217
964
172,168
320
71,361
33, 334
4,469
11, 393
70,724
34, 594
5,784
1,035
1,345
29, 298
502,166
424, 845
17,035
60,167
21,553
59,768
77, 201
83, 321
785, 535
727,477
15
15
2
500,000
500,000
500,015
500, 017
2,000
ALLOCATIONS
Federal Emergency Relief Act of 1932
Federal Emergency Relief Act of 1933
Emergency Appropriations Act of 1935
Emergency Relief Appropriation Act of 1935..
Total
_
To other Government agencies:
To Secretary of the Treasury for:
Purchase of stock of Federal Home Loan
banks
Purchase of stock of Home Owners' Loan
Corporation
To Land Bank Commissioner
To Federal Farm Mortgage Corporation
To Federal Housing Administrator
To Secretary of Agriculture for:
Crop loans
«Reallocated as capital regional agricultural
credit corporations
Reallocated to Governor of Farm Credit
Administration
Total
798,116
297,711
499,997
500,000
297,690
499,998
500,000
297, 689
500,000
500, 000
297,688
499,998
500,000
297, 621
499,998
500,000
1,297,704 1, 297, 708 1,297,688 1, 297, 689 1, 297, 686 1,297,620
81,446
81,646
81,646
81,646
81, 646
81,646
82,346
43,095
43,095
174,000
147, 600
55,000
10,000
200,000
147,600
55,000
25,000
200,000
147, 600
55,000
34,000
200,000
147,600
55,000
34,000
200,000
147,600
55,000
31,000
200,000
147,600
55,000
34,000
200, 000
147,600
55,000
34,000
97, 400
97,400
115,000
115,000
115,000
115,000
115,000
115,000
115,000
44,500
44,500
44,500
44,500
44, 500
44,500
44,500
40, 500
40, 500
40,500
40,500
40, 500
40, 500
40,500
668,046
709, 246
718, 246
718, 246
718, 246
718, 246
718,946
140,495
140,495
Total allocations
1, 466,174 2,006,950 2,015,953 2,015,934 2,015,934 2,015,932 2,016,566
640, 511
640,512
Total loans, purchases, and allocations. ._
3,874,919 4,367,896 4,382,854 4,398,908 4, 481,909 4,547,745 4,654,154 1,426,045
1,367,990
' Revised.
* Preliminary.
i Includes $299,000,000 of loans for distribution to depositors of closed banks.
Back figures.—See BULLETINS for December 1933, pp. 738-739, and February 1934, pp. 103 and 132.
586
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans
byi—
End of month
Federal intermediate
credit bank loans to
and discounts for—
Loans to cooperatives b y -
EmerRegional
Produc- Regional
Other
agriculgency
agricultural financing
tion credit tural
credcrop
and
Land
credit cor- instituassocia3
it
corpodrought
porations
Bank
Federal
tions
tions
rations
loans
and proland banks Commisexcept
duction
sioner
credit as-2 cooperatives
sociations
1932—December.
1933—December.
:, 128, 564
L, 232, 707
1934—March
April
May
June
July
August
September
October...
November.
December.
1935—January....
February..
March
April.
May..
June
July
i, 478, 373
:, 503,155
i, 568, 097
., 650. 779
, 710, 977
:, 766, 361
., 810, 559
., 848, 727
, 886,335
,915,792
[, 942,916
1,961, 275
, 974,952
, 975, 737
2,016,825
2, 023.859
73, 263
237,858
258, 730
311, 375
378, 526
429.830
477.822
516. 276
551,873
587, 260
616.825
643. 291
664,886
686, 606
696,834
716,243
733,489
742,897
86, 081
102, 7H1
120, 282
127, 470
128.090
125, 270
118, 402
104. 909
100.992
99. 675
99, 776
103, 360
115,281
124, 315
129, 954
130.559
128,851
59,073
59, 569
61,830
62, 092
63, 392
64, 203
63. 002
58,882
56, 058
55, 672
53. 509
53, 172
54, 442
55,832
56,897
57, 759
58, 864
Banks for Agriculcoopertural
atives,
Marketincluding Act
ing
revolving
Central
fund
Bank
27
24,373
144, 636
89,301
89,811
15, 211
18,697
158,885
157,752
4,409
14, 392
28,117
38, 518
49,826
58, 074
60,887
58,128
58.328
61. 024
64,637
71,192
85,819
97,400
105.096
109,890
113,017
144,905
144, 671
143,127
138,485
128,830
117, 664
106, 724
96,914
90,559
87. 102
84, 726
82, 342
79, 988
78, 351
76, 508
72, 765
68, 670
68,310
84,138
90, 147
90, 517
94,411
100, 209
105,446
104,470
104,994
110.186
116.846
125.124
134, 597
162,000
193.969
197,188
197, 821
11,189
9,997
8,528
8,123
10, 106
9,969
9,987
24, 207
32, 330
33, 969
34, 445
34, 132
31, 873
30, 050
26.420
10,028
5,023
15,824
17,144
19, 243
20, 539
21, 493
23, 019
23,057
24, 561
24, 710
27,851
28, 498
29, 445
28,025
30.119
31, 741
23,937
25, 037
68,353
67,257
54, 642
54,877
55,437
55,250
54,870
57,310
56, 764
54,863
53, 721
49,687
49,880
49, 761
47. 456
49, 422
49,196
82,518
70, 738
Federal
intermediate
credit
banks
1
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 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 2 columns under those headings.
8
Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks.
FEDERAL HOME LOAN BANK BOARD
LOANS OUTSTANDING, BY INSTITUTIONS
OBLIGATIONS FULLY GUARANTEED BY
TH
E UNITED STATES l
[Loans in thousands of dollars]
AMOUNTS OUTSTANDING, BY AGENCIES
[In millions of dollars]
Home mortgage loans b y -
End of month
1932—December
1933—December
1934—February
March
April
May
June
July__
August.
September...
October
November
December
1935—January
February
March
_.
April....
May
June
July.
Federal
Federal savings and
loan
home
associations 2
loan
bank
Home
Number
of
loans
to
Loans reported
Owners'
member
Loan Cor-J associations
instituporation
New Convert- tions 3
ReTotal port- associ- ed assoations ciations
ing
105,920
285,564
435. 778
607, 269
815,562
1,039,003
1, 274.470
1,476,913
1,656,213
1,857,424
2,027,969
2,196.988
2.363,824
2,468, 744
2,539.408
2,578,883
2,620,119
2,660, 677
2, 702, 247
59
130
190
250
286
369
441
480
534
577
601
639
688
727
752
778
808
851
894
5.437
26,684
6,934
26,944
8,843
55, 606
10, 758
58,976
13, 706
79,014
15,967
92, 013
18,699
93,910
20,800
112,847
24,081
123,741
27,070
138,129
*>655 '31,332 P140, 840
332
332
438
455
545
565
572
613
623
655
838
88,442
94,040
93,125
88,922
86,842
86,248
85,723
85,519
86, 647
87,446
87, 714
87,258
82, 585
77,170
72,637
74,011
75,836
79, 233
80, 873
>1 Preliminary.
Loans closed.
» No monthly reports prior to September 1934; they now exclude largely
new associations recently chartered and inactive associations.
* Includes loans to Federal savings and loan associations, all of which
we members, and a negligible amount to others than member institutions.
End of month
1933—November
December
Total
Federal
ReconHome
Farm
Owners' struction
Mortgage
Finance
Loan
Corpora- Corpora- Corporation
tion'
tions
18
180
18
180
1934—January
._
February
March
. . .
April
May
.
..
June
July
August.
September
October
November
December
310
183
295
325
423
681
1,064
1,614
1,875
2,596
2,823
3,063
68
98
168
312
551
672
733
805
878
980
28
134
284
702
896
1,543
1,695
1,834
310
183
227
227
227
235
230
241
246
248
249
249
1935—January
February
March
April
May
June
July
3,300
3,480
3,590
3, 660
3,728
4, 123
4,204
1,041
1,089
1,124
1,154
1,188
1,226
1,274
2,009
2,140
2,215
2,256
2,290
2,647
2,681
250
251
251
250
250
250
249
._
' Principal amount of obligations guaranteed as to interest and principal.
2 Excludes obligations guaranteed as to interest only.
3 Excludes obligations held by U. S. Treasury and reflected in the
public debt; includes in 1933 and in January 1934 notes given in purchase of gold which were retired in February 1934.
SEPTEMBER
587
FEDEBAL KESERVE BULLETIN
1935
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-26 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Industrial production»•
Construction contracts awarded (value)*
Factory Freight-car
pay
loadings * * ComYear
Total
Manufactures
Minerals
Total
Residential
All
other
rolls
*
modand
ity
month
prices •
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed lusted
Factory employment *
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928 .
1929
1930
1931
1932
1933
1934
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
1932
May...
June...
July—
Aug
Sept
Oct
Nov....
Dec
61
59
56
59
67
68
65
60
60
59
68
60
66
67
65
66
60
58
55
68
66
67
63
68
59
58
57
59
65
66
63
64
65
62
63
66
74
80
78
73
67
64
65
65
71
74
75
1933
Jan
Feb.—
Mar....
Apr
May...
June...
July....
Aug
Sept.—
Oct
Nov
Dec
64
64
60
67
79
91
96
90
85
78
72
69
65
63
59
66
78
91
100
91
84
76
72
76
63
62
58
68
80
92
97
89
84
76
70
67
63
61
56
65
77
93
102
91
83
76
70
73
1934
Jan
Feb.-.
MarApr....
May...
June
July—_
Aug
Sept—
Oct....
Nov.....
Dec.--
77
83
87
88
89
84
73
73
73
75
74
78
78
81
84
86
86
84
76
73
71
74
75
86
75
82
86
89
89
84
71
71
70
73
73
76
1935
Jan
Feb....
Mar..._
Apr....
May...
June...
88
91
91
89
87
86
91
89
88
86
85
86
*86
87
91
91
91
87
84
*>83
July—
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
107
108
82
91
104
97
99
101
99
99
105
92
77
64
69
79
97
117
76
81
103
96
101
104
102
102
109
89
68
46
49
62
84
91
79
87
100
97
103
106
103
103
106
92
75
56
68
62
139
154
98
97
ioi
98
104
100
95
97
95
86
73
65
66
75
77
31
32
31
32
30
28
24
22
26
27
27
30
30
29
27
28
14
12
12
11
12
12
10
8
12
11
11
12
12
12
10
9
45
47
46
48
45
41
35
33
37
39
40
45
44
43
41
43
63
61
59
60
63
64
63
62
64
62
60
60
62
63
63
62
47
43
40
41
43
45
43
42
53
62
61
63
61
65
58
52
54
62
51
51
54
67
57
58
64
64
65
65
65
64
64
63
72
77
74
65
77
83
90
95
94
89
85
81
75
80
81
73
79
85
91
91
87
81
82
86
18
16
14
16
19
21
24
25
30
35
42
45
22
19
14
14
16
18
21
24
30
37
48
57
8
11
13
14
13
12
12
12
12
11
7
7
8
8
8
10
11
13
13
12
12
12
13
13
27
23
18
19
24
27
32
36
45
53
66
73
33
27
18
17
20
23
28
33
45
67
76
93
60
61
59
60
63
67
72
76
80
80
76
74
61
62
59
60
63
67
73
76
7S
78
76
75
40
40
37
39
43
47
61
67
69
59
56
65
51
61
48
51
55
61
66
65
68
66
60
56
66
64
60
53
55
62
65
61
60
58
59
63
61
60
60
60
63
65
69
70
71
71
71
71
76
80
82
85
86
83
74
72
69
72
74
85
86
89
91
81
86
87
84
83
87
87
84
85
88
92
100
90
88
87
85
80
82
81
81
90
40
38
33
36
32
31
30
28
30
29
28
25
49
44
33
32
26
26
27
27
29
31
31
31
10
10
12
14
13
13
12
10
11
12
11
10
12
12
11
12
11
12
12
10
11
12
11
12
64
60
60
64
47
46
44
43
45
43
41
36
80
70
51
48
38
38
39
40
44
46
48
47
73
78
81
82
83
81
79
80
76
78
77
78
75
78
81
82
83
82
80
79
74
77
77
79
54
61
65
67
67
65
61
62
58
61
60
63
58
61
63
60
63
64
63
63
67
64
60
56
64
64
66
62
63
64
61
59
59
57
59
64
72
74
74
73
74
75
75
76
78
77
77
77
90
88
86
86
84
84
J>86
91
92
90
79
88
97
84
94
96
97
87
89
98
84
22
24
26
30
32
35
39
27
28
26
27
27
30
35
10
13
16
22
25
26
25
12
14
16
18
21
24
25
32
33
34
38
39
43
50
39
39
35
33
32
36
43
79
81
82
82
81
80
80
81
82
82
82
81
80
80
64
69
71
71
69
'66
65
68
61
62
59
61
63
60
64
65
65
61
61
63
58
79
80
79
80
80
80
79
r
» Preliminary.
Revised.
*Average per working day.
1 For indexes of groups and separate industries see pp. 634-635; for description see BULLETIN for February and March 1927.
2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358.
» The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory
employment compiled by Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries
see pp. 636-637.
* For indexes of groups see p. 588.
«Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 633.
Back figures—See Annual Report for 1934 (tables 95 and 100).
588
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports I
Excess of exports
Merchandise imports'
Month
1931
February
March
-
April
May
j u lv
August
September -
-
October
--
December
Year
1932
1933
1934
1935
1931
1932
1933
1934
1935
1931
1932
250
224
236
150
154
155
121
102
108
172
163
191
176
163
185
183
175
210
136
131
131
96
84
95
136
133
158
215
204
187
135
132
114
105
114
120
179
160
171
164
165
186
180
173
127
112
110
88
107
122
147
155
136
181
165
180
107
109
132
144
131
160
162
172
191
*173
174
167
170
79
91
98
143
155
147
127
120
132
205
194
184
153
139
132
193
184
193
206
195
171
169
149
154
105
104
97
151
129
134
130
151
132
44
30
34
37
2,424
1,611
1,675
2,133
2,091
1,323
1,450
1,655
334
288
170
167
152
177
171
171
157
*178
1933
1934
1935
66
49
26
15
23
24
25
18
13
37
30
33
9
11
8
29
24
14
9
20
4
17
7
-2
33
6
34
-6
—5
13
6
27
17
34
1
—23
34
52
60
v —4
10
36
48
42
56
—2
13
59
77
44
38
225
478
> Preliminary.
i Including both domestic and foreign merchandise.
* General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—See BULLETIN for January 1931, p. 18, and for March 1931, p. 136.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
llndex numbers based on value figures; 1923-25 average=100]
[Index numbers; 1923-25 average—100]
Index of stocks (end of
month)
Index of sales»
Month
1934
July Mar. Apr. May June July
Without
Adjusted
Without
Adjusted
for seasonal seasonal ad- IIOT seasonal seasonal adjustment
variation
justment
variation
1934
1935
1934
1935
1934
1935
1934
71
71
78
74
75
82
57
59
73
59
61
71
66
66
65
64
64
63
59
63
67
57
61
65
April
May
June
74
77
74
73
76
80
73
77
70
79
76
76
65
66
65
64
64
63
68
68
63
66
66
61
July
August
September.
73
77
75
80
*79
51
60
79
56
64
64
64
61
59
61
67
57
October
November
December
73
74
78
Year
75
64
65
64
71
74
60
65
» Preliminary.
i Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and Sundays and for 6 holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the
effects upon sales of changes in the date of Easter.
Back figures.—See BULLETIN for April 1935, pp. 254-255, and Annual
Beport for 1934 (table 95).
Adjusted for seasonal variation
1935
January
February
March
82
83
135
1935
Total
Coal
Coke...
Grain and grain products.
Livestock
Forest products
Ore
Miscellaneousl
Merchandise
61
63
43
79
84
30
46
62
65
65
82
52
67
39
33
40
70
64
61
63
49
74
41
33
49
67
63
61
67
50
68
41
33
47
64
63
63
83
54
64
35
35
46
64
64
58
54
46
58
36
63
64
Without seasonal adjustment
Total.
Coal
Coke....
Grain and grain products.
Livestock
Forest products
Ore
_
M iscellaneous
Merchandise *
63
55
38
95
70
30
83
65
64
62
77
52
57
34
34
10
67
65
69
53
46
57
38
35
25
69
65
61
60
50
55
38
35
71
67
65
63
72
49
56
30
37
83
67
64
48
40
69
30
38
87
67
63
i In less-than-carload lots.
Based on daily average loadings. Source of basic data: Association
of American Railroads.
Back figures.—See BULLETIN for February 1931, pp. 108-110.
589
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
INTERNATIONAL FINANCIAL STATISTICS
GOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS
[In millions of dollars. $l*-15$£i grains of gold Ho fine; i. e., in ounce of fine gold=$35]
Europe
End of month
Total
(50 countries)
United
Ofafao
Canada
Total (27
countries)
Austria
Belgium Bulgaria
Czechoslovakia Denmark England
1934—June. - .
July
August
September.
October...
November.
December.
21,166
21,302
21,487
21,528
21,584
21,646
21,771
7,856
7,931
7,978
7,978
8,002
8,132
8,238
132
133
131
131
132
133
134
11, 548
592
ll! 747
11, 787
l l f 813
11 730
ll', 751
45
45
45
45
45
45
45
625
618
623
626
609
689
590
19
19
19
19
19
19
19
111
111
111
111
112
112
112
60
60
60
60
60
60
60
1.578
1936—January...
February.
March
April
May
June
July
August....
21,879
22,022
22,099
» 21,861
* 21,456
P 21,661
'21,660
8,391
8,527
8,567
8,710
8,858
9,116
9,144
"9,203
132
135
U90
187
189
188
• 188
11, 697
11, 679
11, 633
11, 9 7 Q
10,714
» 10,670
45
45
45
45
45
45
45
699
596
532
518
605
634
624
612
19
19
19
19
19
19
19
112
112
112
112
112
113
113
60
60
60
60
60
60
60
,586
,586
,686
,687
p 10, fi3fl
Germany
France
5,274
5,321
5,439
5,455
5,468
5,443
5,445
28
30
30
30
33
32
32
5,438
5,439
6,479
5,366
4,759
4,708
4.726
»4,'756
32
32
33
33
33
35
38
,579
,580
,581
,582
,583
,584
.fi87
1^588
1,688
1,593
Europe—Continued
End of month
Greece Ilungary
Nether- Norway Poland
lands
[taly
Portu- Rumagal
nia
U.S S.
Spain Sweden Switzerland
R. j
other
Yugo- 6counslavia
tries
1934_j u n e _
July
August
September.
October. __
November
December.
43
34
36
36
37
40
40
23
23
23
23
23
23
23
576
667
565
564
I541
I520
I518
673
688
588
588
601
582
573
61
61
61
61
61
61
61
93
93
94
94
94
95
96
67
67
67
67
67
67
68
102
102
103
103
103
103
104
739
740
740
740
740
740
740
168
168
169
170
163
160
159
535
537
567
591
621
624
624
rie
rie
rie
1
1rie
1rie
rie
53
53
53
54
54
64
63
58
58
58
61
61
61
60
1936—January.. .
February.
March
April
May
June
July
August.
39
39
38
37
37
23
23
23
23
23
23
23
I519
I519
I519
519
,519
555
552
553
439
440
427
380
402
61
61
61
61
66
75
75
96
96
96
97
97
97
97
68
68
68
68
68
68
68
104
105
106
106
106
107
107
740
740
741
159
159
160
160
161
161
162
600
586
560
446
390
391
421
446
F44
F44
r48
748
HS
37
38
36
38
40
40
40
59
58
59
66
57
57
36
36
LIQK
468
*423
741
1
f41
Ml
741
1
r44
p 74ft
P74S
Asia anc1 Oceania
Latin America
J>57
Africa
End of month Total
(10
countries)
2
2
Total
4
Total
ArNew
Coother
South other
Uru- other
(4
(7
gen- Chile lom- MexIndia Japan Java Zea- TurEgypt Africa
Peru guay
councouncouncouncounico
key
tina
land
bia
tries tries)
tries
tries tries)
1934—June. July...
Aug...
Sept...
Oct....
Nov...
405
405
403
403
403
403
403
403
403
403
403
*403
»403
»403
593
597
603
602
597
599
Dec... 595
1935—Jan
592
Feb....
593
Mar_._
596
V
597
Mayl.. V 599
J u n e . . . 9 594
J u l y . . . 9 595
20
24
28
28
29
29
29
29
29
29
29
29
29
29
25
26
26
24
22
21
19
15
14
14
14
14
14
14
26
27
29
28
25
26
23
21
23
26
*26
»26
9 26
*26
19
19
19
19
19
19
19
19
19
19
20
20
20
*20
84
82
82
82
82
82
82
82
81
82
82
82
76
14
15
16
17
18
19
20
21
22
23
23
25
26
V 27
804
806
807
803
795
796
798
800
804
805
801
800
802
797
275
275
275
275
275
275
275
275
275
275
»275
275
275
275
384
386
387
388
390
392
394
395
397
398
400
403
407
410
77
77
77
77
77
77
77
78
80
80
76
71
68
61
42
42
41
36
26
25
25
25
25
25
23
23
23
23
21
21
21
22
22
22
22
22
22
22
22
23
23
23
5
6
6
6
5
5
6
5
5
5
5
5
6
5
233
244
220
226
245
255
255
267
285
308
286
»291
9
55
55
55
55
55
55
55
55
55
55
55
55
55
55
161
172
149
155
173
184
184
196
214
236
214
223
220
230
17
17
17
17
17
17
17
17
17
17
17
9 17
P17
• Corrected.
9 Preliminary.
i Beginning March 1935, includes, in addition to gold still held by Canadian Minister of Finance, gold reserves of Bank of Canada acquired as
follows (round figures, in Canadian dollars); from Canadian Minister of Finance, $69,000,000; from chartered banks, $38,000,000, of which $5,000,000
was held in central gold reserves.
• Figures for March 1934, June 1934, December 1934, or March 1935 carried forward for subsequent months, for which no figures have been reported*
« Beginning April 1935, represents gold held by Reserve Bank of India, which acquired the gold previously held in gold standard reserve and
currency notes reserve accounts.
NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in
Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria and Belgian Congo.
For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372; and December 1934, p. 801.
590
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
GOLD PRODUCTION
[In thousands of dollars]
Production reported monthly
Year or month
Estimated
world
production
Africa
Total
South
Africa
Rhodesia
North and South America
Far East
West Belgian
Colom- Chile
United
Africa Congo Canada States Mexico bia
Austra- Japan
lia
India
$l=85$io grains of gold %o fine; i. e., an ounce of fine gold—$t0.67
1929..
19301931..
1932..
1933-.
404,969
430,725
461,592
499, 241
522,555
359,347
373,154
394,399
421,656
420,093
215,242
221,526
224,863
238,931
227,673
11,607
11,476
11,193
12,000
13,335
4,297
4,995
5,524
5,992
6,623
2,390
2,699
3.224
3,642
3,631
39,862
43,454
65,687
62,933
60,968
45,835
47,123
49,524
50,626
52,842
13,463
13,813
12,866
12,070
13,169
2,823
3,281
4,016
5,132
6,165
683
428
442
788
3,009
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
! grains of gold Mofine;i. e., an ounce offinegold=$35
1934..
942,106
722,970
366,795
24,264
12,153
6,549
30,447
16, 354
11,223
79,799
77,617
79,082
79,924
78,787
82,021
79,060
80,470
61,526
59,343
61, 651
60, 514
63, 747
60, 786
62,196
31,324
30,138
30,773
31,015
29,951
30,994
30,633
30,356
2,055
2,048
2,015
2,085
2,061
2,054
1,932
2,031
951
946
1,072
1,022
1,072
1,117
1,080
1,135
566
547
521
542
544
682
590
534
2,460
2,722
2,579
2,619
2,625
2, 453
2,650
2,722
1,268
1,310
1,351
1,413
1,495
1,438
1,377
1,435
946
930
938
938
932
944
929
995
80,526
75. 999
80. 919
80. 515
v 83 410
P 82,894
P 86,073
60, 252
55, 725
60, 645
60, 241
fi3.136
62,621
66,799
31,202
28,717
31,015
30,301
32.072
31,089
32,458
2,024
1,920
2,009
2,052
2.177
2,101
2,170
1,075
1,097
1,078
«1,106
«1.162
1*1,111
P 1,365
557
587
594
627
588
2,374
1,463
708
1,439
1,386
1,005
1,468
1,619
89fl
2,637
1,568
640
2. 533 1.717
*640
2,623 P 1,717
*>840 v 2,623 P 1,717
946
903
955
938
954
937
••
May
June
July.
August
September
October.
November
December
1935—January
February
March
April
May
June.
July
8,350
•
*937
Preliminary.
r Revised.
• Corrected.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
November 1934, p. 737, and March 1935, p. 170. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for
1934, p. 104. Figures for Canada beginning January, 1935, are subject to official revision.
GOLD MOVEMENTS
[In thousands of dollars]
United States
Year or month
1932
1933
1934 i
—
_
May
June
July
August
September.
October—.
November.
December.
1935—January--February..
March
April
May
June
July._
August
Total
net
imports
or net
exports
-446,21311
—173,455||
1,131,994
33,583
63,705
52,346
37,225
-18,670
10,837
120,889
92,109
149,392
122,772
13,003
148,608
140,061
230,373
16,229
45,983
Net imports from or net exports (—) to—
England
Switzer- Canada
France Belgium Netherlands
land
Mexico
Colombia
British
India
Customs valuations; with some exceptions at rate of $20.67 a fine ounce
3,2401 26,5971
63,5851 -441,6491 -82,5711 -96,5861-118,2731 64,5741 20,0871
-895|
7,90l| - l l , 6 3 l | 19,896|
4,280|
98| 25,629|
6,375| -216,0351
Customs valuations; with some exceptions at rate of $S5 a fine ounce
8,902 94,348
12,402
86,829
30,270
16,944
76,820
499,870 260,223
67927
31,288
22,978
22,872
-950
-1,118
3,687
19,649
85,577
63,424
-187
1,481
I,""
31
5
10
1
-1,943
-2,094
12,814
40
9,906
17,790
12,812
1,466
94,890
3,885
22,061
975
28,277
-254
339
8,673
6,989
8,982
8,200
539
3,775
9,609
8,077
12,091
5,346
4,449
10,968
3,053
8,734
5.770
6,398
2,086
2,837
2,664
515
399
3,265
880
6,076
China
and
Hong
Kong
All
other
countries
| 85,737
12.821J -21,898
16,452
28,935
1,865
2,286
3,254
672
513
50
700
529
1,528
359
334
313
507
448
438
1,127
1,987
2,190
3,316
3,960
1,180
1,729
1,896
2.874
5,083
2,711
3,972
4,596
3,962
3,215
6,515
3,711
i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximate rate of $20.67 a fine ounce.
591
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
GOLD MOVEMENTS—Continued
Great Britain
Net imports from or net exports (—) to:
Year or month
Total
net imports
or net
exports
United
States
South
Africa, All
South
Bel- Nether- Switzer- AmerBritish Straits
Rhoother
Austragium lands land 1 ica Canada India Settlelia
counments
West tries
Africa
Germany
France
Official figures converted at rate of $20.67 an ounce
1932
1933
„
_
84,5851 I -50,6421- -297,050|
7,9391
677,405| I
97,016|
3331-13,434(-71,3781-14,019!
41,036|
- 8 0 8 | - 7 , 0 6 5 | —4,2991
5,7461
1 220,3941
9,6101 43,374| 118,817|
10,7811 20,3641 255,3101 18,279
8,682| 60,812 j 256,177[ 46,110
Official figures converted at rate of $35 an ounce
716,269 -497,166
1934
May
June
July
August
SeptemberOctober. __
NovemberDecember.
348,190 121,017
8,243
17,495
4,1
45
2,890
105
152
-13,585
-34
218
-2,161
- 6 , 034
-2,157
-1,291
-5,198
-1,087
8,780
-349
-951
2,145
-1,992
51
- 1 , 0 1 3 33,237
- 1 , 962
5,780
-593
-11,601
118 -11,888
85
-845
36
4,270
28
-17,739
26,612
53
- 3 3 , 348
266
209
69,128
-943
86,926
- 5 , 719 - 4 , 4 1 6
-21
-5,216
1935—January-._
February. _
March
April
May
June.
July
August v__
32,575 - 9 , 1 2 3
-252
319
-659
-71
-46
—102
- 5 - 4 , 563
- 2 0 3 - 1 , 849
482 -1,118
-550
-60
310
-109
-53
-305
-67
-202
-54
-3,646
-3,758
-70
17,568
144
1,794
1,749
2,052
655
670
241
381
2,057
1,195
152
410
292
261
180
75
4,750
13,233
9,070
4,774
1,491
12,790
2,970
2,906
7,266
4,669
1,697
-3,071
11,410
12, 661 6,570
17,658 21,025
55,847 11,197
42,473 10,579
33,532 -4,973
25,274 -11 301
2,970
424
2,696
3,570
2,831
250
Germany
France
Year or month
Total
net
imports
or net
exports
Net imports from or net exports (—) to:
United
States
England
Germany
41,790 335,253 101,860
26,316 "206,711
Belgium
Neth- Switerzerlands land
Total
net
imports
All
or net
other exports
countries
Net imports from or net exports (—) to:
England
France
Neth- U.S.
erlands S. R.
All
other
countries
Official figures converted at rate of $20.67 an ounce
-2501- -38,1701-24,4551 46,6561- -11,063
828,17811 468,0521 309,9841 37,8891 -35,0101 37,5471-17,6681-27,3821 -27,28211
8,0531-102,8561 -37,0441- -64,922J-40,9501 40,317|
243,94411 223,894| - 8 7 , 2 0 7 | 73,00l| -28,979| 44,69l| 10,49l|
-260
1932
1933
Official figures converted at rate of $35 an ounce
1934
_
May
June.
July
August
September.
October
November.
December.
1935—January.
February..
March
April s
Mays
June 3
July 3
-406,949
30,915
6,437
-2,895
-15,105
964
22,710
- 6 5 . 568
37,733
-240,361-351,729
31,036 -17,669 74,995
1
33,581
- 9 , 779 -11,411 18,191
-3,003
926
li
-7,290
264
145
5,987
-3
9,606
2
26, 296
3,706
- 6 4 , 3 3 7 —17,936
-19.918
- 8 , 738
124
7,796
-15,376
-2,931
- 3 2 , 479 -50,314
8,670
19,118
648
14,676
97,511 - 2 8 , 566
32, 730
-190,274 -77.803 -47,681
-393.551 -223,070 -110.834
-12,206
4 1 4 -13,150
i
23,657
73,123 -90,920
676
-9,299
5,405
427 -29,040
—1,400 -1, 696 19,168 - 6 , 636 -20,312
-104 - 1 , 0 3 8
-320
643
4,'""
-122
-39 - 9 , 226
1,163
5,327
-44
10 -15,492
898
61
-464
139 - 6 , 9 7 2
3
7,873
- 2 , 633 -786
1,786 2 18, 251
2,954
-232
-3,114
4,220 2 65,517
1,206
-994
-96
115
1,231 2 25,849
-565
249 11,975
1 -2,497
-147
-201
3 -3,851
7, r"
5,015
3,907 111,292
-474 - 2 6 , 395
1,263
-885 44,621
- 5 9 4 -109,195
1,341
- 1 9 0 =-56, 265 -1,101 " - 3 , 4 3 1
-70
-650| 1,295
-45
|
287
295
112
735
2,876
9,525
-109,3
-42,907 -28,1141 85,390
- 1 3 , 382 -10,083 -12, 363
7 -12,286 - 8 , 1 5 5
-4,090
1
-16
- 2 , 604
2
-52
-269
6
52
-59
4
1.1
-167
7
-85
-1
67
-49
-19
-50
-206
1,057
4,
4
5
6
745
418
275
4
84
75
-107
87
237
1,014
6,761
8,457
7,828
5,760
313
1,162
144
44
6,100
4,097
27
123
117
153
274
257
2,562
227
-10
263
232
-91
117
530
4,341
c
» Preliminary.
Corrected.
1 Except during J a n u a r y 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately
in the official monthly statistics.
2 $19,218,000 imported by France from Italy in November 1934; $65,437,000 in December 1934; $25,755,000 in J a n u a r y 1935.
3
Figures for France preliminary.
NOTE.—Great Britain and Germany.—Tn some cases the annual fiegreeates of t h e 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 June 1935, are subject to official revision.
592
FEDERAL RESERVE BULLETIN
SEPTEMBER 1936
GOLD MOVEMENTS—Continued
Netherlands
Year or month
Total net
imports
or net
exports
Net imports from or net exports (—) to:
United
States
England
France
Germany Belgium
Switzerland
Poland
All other
countries
British
India
Official figures converted at rate of $$0.67 an ounce
1932
1933
_
1934
«
116,149 I
-67,510 I
106,623 1
-3,839
50,070 I -34,009 I
-1,624 I -72,183 |
26,886 | -12,727 I -13,630 I
40,818 I -17,873 | -6,030 |
-16,137 I
-16,974 I
16,423 I
9,632 I
-7,348
567
-4,784
1,891
2,171
1,696
-12
-112
-2,546
-1,016
311
451
359
133
322
1
130
126
154
165
Official figures converted at rate of $$5 an ounce
-122,664
May
June
July
August
September.
October. _.
November.
December.
13,859
9,570
9,170
-2,737
-326
-2,386
-16,849
-9,431
1935—January _..
February..
March
April
May
June
July
-18,300
510
-120,492
-5,080
-14,797
—26,102
-46,040
-31,038
-194
498
-17,770
-9,270
-115
277
75
-23
-327
-637
645
-312
-78,610 |
-158
1,701
88
3
7
166
830
11,835
7,704
71
-42
34
-1,864
-6
78
-15,605
-2,495
37
-97,632
-2,810
-19,259
—29,215
-3,221
—352
-1,299
-20,890
-1,562
1,375
15,702
110
64
617
77
-93
277
667
—21,909
25,716
9,285
-210
162
-862
-462
-1,253
-166
-53
174
-2
-178
-587
-291
-103
-278
-44
-65
-65
-34
-161
-159
1,066
20,081
-289
3,379
9,563
-30
-8
-3
-41
-1,084
-107
51
Switzerland
Year or month
Total
net
imports
or net
exports
England
France
-106
-25
27
-197
-136
-862
71
113
-8
476
"SI"
58
171
171
181
26
156
-103
118
British India
Net imports from or net exports (—) to:
United
States
168
Belgium
Italy
All
Neth- other
ercounlands tries
Total
net
imports
or net
exports
Net imports from or net
exports (—) to:
United
States
England
All
other
countries
Change in—
Gold
produc- RePrivate
tion
holdin
in
ings in
India India* India
*
Official figures converted at rate of $£0.67 an ounce
1932
1933
1934
_
169,78611 124,3541 15,3421
7,4181
—41,12l| I 10,983J-24,536| -26,7811
-681 -2,9641 14,9961 10,6881-195,6621J—38,0941-151,0591 -6,5081 6,7821
735|-15,330| 13,168|
635|-126,048||-30,340| -85,463|-10,244| 6,916j
_
-46,065 -12,784 -45,955 -29,235
18,397 19,431
2,680
1,600 -230,720 * -71,883 * -155,142! -3,696 11,222
128
98
141
30
56
3,538
13,526
226
-222
-186
-41
2,566
1,105
-305
-275
114
364
208
214
7,056
-105
7
-102
-15
1271-189,008
-5|-119,124
Official figures converted at rate of $35 an ounce
May
-11,582
June
-8,372
July
-390
26,569
August
21,532
September
12,853
October. _12,397
November.
December. -1,950
1935—January.. _ -4,125
February.. -15,025
March
-17,830
April
-139,633
May
-63,229
June
-6,640
July
1,417
-817
69
2
291
-17
-216
-51 -2,108
-6,839
324 -31,619
-17,878
549
1,610
-6,613
-2,193
11
11,802
15,804
6,821
-6,273
-4,143
-4,344
-16,117
-16,148
-107,021
-38,514
2,684
2,998
113
166
387
1,105
2,304
3,987
6,001
2,280
472
225 2,689
415 4,734
7 2,110
-5,972
303
-8,651 - 7 4
-1
-20,344 -11,090 -9,032
-19,105 '-11,385 ' - 7 , 9 3 3
-22,130 -8,740 -13,601
-3,565 -1,577 -2,196
-2,634
-2,643
-14,431 -1,650 -12,901
-20,700 -2,229 -18,617
-28,255 -3,201 -20,216
-218
198 -16,334
428 -17,746
-90
207 -18,439
-202
1,041 -4, 475 -3,675
-409 -760 -6,604
153 -352 -3,824
262 -3,455 *-22, 203
173 -219,671
-222
213
211
208
109
120
146
162
946
930
938
938
932
944
929
995
- 2 -19,396
- 1 2 -18,163
—21,196
-2,628
-1,602
-13,491
-19, 771
-22,257
207
-1,667 -14,874
-2,406 -14,133 -1,207
946
903
955
938
954
937
- 2 -15,386
1 -16,844
- 5 -17,479
-2,737
-5,650
-2,887
p—21,266
-18,225
-3,831
-6,558
-4,078
-214
155
653
254
P937
v Preliminary.
* Revised.
1 Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred.
Figures derived from preceding columns; net imports plus production minus increase in reserves in India.
2
NOTE.—Netherlands and Switzerland.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised
official totals published for the year as a whole.
593
FEDERAL EESEBVE BULLETIN
SEPTEMBER 1936
CENTRAL BANKS
Assets of banking department
Bank of England
(Figures in millions of pounds sterling)
Gold
(in issue
department) *
Cash reserves
Coin
1«34-June 27—
July 26
Aug. 29...
Sept. 26...
Oct. 31_._.
Nov. 28—
Dec. 2 6 . . .
191.5
191.6
191.8
191.9
192.0
192.1
192.3
1935-Jan, 30—.
Feb. 27—.
Mar. 27...
Apr. 24__.
May29._.
June 26_—
July 31.....
Aug. 28—
192.4
192.5
192.5
192.6
192.6
192.7
192.8
193.4
07
Discounts
and
advances
Notes
Liabilities of banking department
Note
circulation
Securities
Deposits
Bankers'
6.1
7.5
5.5
7.2
8.9
9.2
7.6
91.9
94.2
92.5
92.2
91.6
90.6
98.2
381.7
383.9
379.3
377.0
378.4
379.7
405.2
96.3
104.8
83.7
82.0
100.4
89.1
89.1
17.6
10.9
34.0
37.9
16.9
27.7
9.9
36.5
36.1
35.2
36.8
39.8
38.1
36.4
18.0
18.1
18.2
18.3
17.7
17.8
18.0
77.5
75.1
71.1
59.4
62.2
55.9
44.5
53.8
9.3
6.2
5.6
5.8
5.3
10.2
10.8
12.9
92.7
92.0
99.0
97.4
96.7
108.6
100.7
93.5
374.9
377.4
381.4
393.2
390.4
396.9
408.3
399.6
95.5
96.6
98.1
88.0
102.4
75.7
96.9
20.9
19.4
20.1
7.6
23.1
16.2
24.4
9.4
42.1
40.7
41.2
39.6
36.0
38.8
38.5
36.5
18.2
18.2
18.3
17.7
17.8
18.0
18.1
18.2
Liabilities
Deposits
Loans on—
Bank of France
Gold
Foreign Domestic Short-term
Governbills
exchange
ment
securities
Other
securities
1934—June 29_
July 2 7 Aug. 31.
Sept. 28
Oct. 26.
Nov. 30
Dec. 28
79,548
80,252
82,037
82,281
82, 476
82,097
82,124
1,157
1,155
1,082
962
931
960
963
4,386
4,248
3,116
4,146
3,996
3,068
3,971
3,076
3,054
3,140
3,134
3,101
3,228
3,211
1835—Jan. 25.
Feb. 22_
Mar. 29
Apr. 26.
May 31_
June 28
July 26.
Aug. 30
82,014
82, 040
82, 635
SO, 933
71, 779
71,017
71,277
71,741
962
961
1,017
1,066
2,150
1,210
1,240
1,236
4,003
3,998
4,170
4,280
7,137
8,021
7,301
7,575
3,149
3,080
3,119
3,094
3,371
3,277
3,171
3,102
20
10
937
735
692
543
Negotiable
securi-
Note
circulation
Other
assets
Government
(Figures in millions of reichsmarks)
Gold
1934—June 30—
July 31—
Aug. 3 1 Sept. 29..
Oct. 3 1 . . .
Nov. 30..
Dec. 31...
1935-Jan. 3 1 —
Feb. 28—
Mar. 3 0 Apr. 3 0 - .
May 31—
June 29—.
July 31...
Aug. 31 v.
5,898
5,837
82,058
80,809
81,732
81,479
79,467
81,879
83,412
3,291
3,515
3,884
3,674
5,287
4,829
3,718
15,188
16,547
16,880
17,673
17,966
15,522
15, 359
1,837
1,901
1,853
1,850
1,942
1,869
1,907
5,837
5,833
5,833
5,805
5,805
5,805
5,805
5,800
7,970
7,914
8,074
7,967
8,691
7,999
8,077
(2)
81,686
81,917
83,044
82,352
82, 776
82,099
81,128
82,240
3,751
3,619
3,668
3,703
2,771
2,983
3,241
3,242
16,473
16.328
16, 213
15.145
12.315
10,969
11,069
10, 660
2,024
1,962
1,943
1,954
2,008
2,013
2,105
(2)
Liabilities
Securities
Other
Treasury bills Security
Eligible
(and
loans
bills
Foreign
as note Other
checks)
exchange
cover
3,392
3,408
3,540
3.811
3,726
3,848
4,021
3,620
3,656
3,799
3,861
3,732
3,879
3,833
4,000
Other
Other
liabilities
8,278
8,150
9,060
8,254
8,264
8,849
8,288
5,929
5,913
5,913
Assets
Reichsbank
Other
67.6
72.5
74.9
73.6
72,4
47.1
Assets
(Figures in millions of francs)
Public
Other
liabilities
171
109
128
148
91
119
146
81
188
66
87
361
390
413
431
435
436
445
441
437
427
373
338
337
337
340
325
324
324
324
316
316
319
319
328
330
328
324
324
324
324
Other
780
886
867
806
890
881
827
837
697
701
739
775
781
814
781
Note
circulation
Deposits
3,777
3,768
3.824
3,919
3,823
3,810
3,901
3,660
3,617
3,664
3,711
3,810
3,895
3,878
4,032
623
649
717
848
856
961
984
822
928
922
952
770
819
743
743
Other
liabilities
775
800
813
851
868
920
1,001
900
866
830
837
824
838
845
860
9 Preliminary.
i In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by
law at £260,000,000.
* Figures not yet available.
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935 p. 463.
594
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1935
1934
Central bank
1935
July
June
May
July
July
National Bank of Albania (thousands
Bank of Canada (thousands of Caof francs):
nadian dollars) :
Gold....
179,937
7,558 7,560 7,122
GoldForeign exchange
701
21,697 21,820 23, 266
Sterling exchange
2,449
Loans and discounts
2,491
2,717
United States exchange
11,265
Other assets
3,333 3,303 2,897
Advances to Government
1,241
Note circulation
13,899 14,118 11,398
Government securities:
Demand deposits
10, 631 10,396 13. 817
2 years or less
15,217
Other liabilities..
_
10, 548 10, 616 10, 788
79,989
Over 2 years
9,882
Central Bank of the Argentine
Other assets
Republic i (millions of pesos):
77,135
Note circulation
1,224
1,224
215, 091
Gold at home
Total deposits..
117
123
169,917
Gold abroad and foreign exchange.
Chartered banks.
44,364
189
400
Consolidated Treasury bonds
Government
6,006
Other assets
154
139
Other liabilities.Note circulation.._
940
964
Central Bank of Chile (millions of
Deposits:
pesos):
Member bank
579
246
Gold and foreign exchange in reGovernment
153
148
serve.—
Liquidation Institute
174
174
Loans and discounts
Other
_
_
128
2
Government debt
Other liabilities
44
20
Note circulation.
Commonwealth Bank of Australia
Deposits.__
(thousands of pounds):
Central Bank of China * (millions of
Issue department:
yuan) :
Gold and English sterling
15,994 15,994 15,994 15, 708
Gold
Securities
34,634 34,634 32, 765 28,125
Silver
Banking department:
Due from banks abroad
Coin, bullion, and cash
871
897
929
909
Due from domestic banks
London balances—
22,636 20, 592 32, 358 23,189
Loans and discounts
Loans and discounts
12, 696 12, 215 13, 232 15, 484
Securities
Securities...
36,253 36,130 35,873 36, 467
Other assets
Deposits.—
73,607 72,925 84, 673 80,976
Note circulationNote circulation
47,045 47,050 47, 050 46,050
Deposits—Government
Austrian National Bank (millions of
Bank
schillings):
Other
242
242
Gold..
242
242
Other liabilities
82
Foreign bills
61
101
40
Bank
of
the
Republic
of Colombia
232
Domestic bills
233
232
248
(thousands of pesos):
624
Government debts
624
624
624
26, 627
Gold
at
home
and
abroad
*
937
942
Note circulation
926
989
4,137
Foreign exchange *
237
250
Deposits
138
233
3,762
Loans
to
member
banks
National Bank of Belgium (millions
38,457
Note
circulation
of belgas):
28,372
Deposits
3,534 3,590 3,428 2,626
Gold «„__
National Bank of Czechoslovakia
1,446
1,403
1,431
Domestic and foreign bills «
661
(millions of koruny):
166
166
162
Loans to State
344
Gold
4,031
3,502
Note circulation
_ 4,079 4,031
262
Foreign balances and currency. ~
1,374
1,172
285
1,258
Deposits
949
Loans and advances
Central Bank of Bolivia (thousands of
5,454
Note circulation
bolivianos):
787
Deposits.14,154 13,047 8,923
Gold at home and abroad
_._
6,787 7,801 2,099 Danish National Bank (millions of
Foreign exchange.
kroner):
13,360 14,079 21, 516
Loans and discounts. ._
133
Gold...
Securities:
17
Foreign bills, etc
326,477 328, 054 203,482
National Government
Loans and discounts
75
3,342 3,342 4,509
Other
Note
circulation
361
120, 000 114,486 65,436
Note circulation
105
Deposits.—
195,806 200,365 145,111
Deposits
Bank of Danzig (thousands of
Bank of Brazil (millions of milreis):
292
264
gulden):
249
411
Currency
16,949
171
124
Gold «..
216
283
Correspondents abroad
Foreign exchange of the reserve «.. 8,772
3,085 3,077 2,594
3,091
Loans and discounts.__
1,468
Other foreign exchange
20
20
20
20
Note circulation
24,862
Loans and discounts
2,870 2,878 2,903
2,993
Deposits
30,352
Note circulation
National Bank of Bulgaria (millions
Deposits.
— 5,556
of leva):
Central Bank of Ecuador (thousands
1,583
1,583
Gold...
1,583
1,547
of sucres) •
-114
Net foreign exchange in reserve-98
-116
51
Gold at home and abroad
Total foreign exchange..
198
301
97
437
Foreign exchange
974
Loans and discounts
881
951
884
Loans and discounts
2,698 2,698 2,698 2, 783
Government obligations.
Note circulation
Note circulation
2,133
2,152 2,123
2,509
1,731
Deposits
2,015 2,204 2,309
Other sight liabilities
1
Bank commenced operations May 31,1935.
> By law ol VLAT. 30, 1935, gold and foreign-exchange holdings as of Mar. 29 revalued on basis of 75 percent of former
BULLETIN for May 1935, p. 291).
3 Items for issue and banking departments consolidated.
* Beginning Apr. 6, 1935, gold and foreign exchange valued on basis of peso price of gold In New York.
• Parity of gulden reduced May 2, 1935, from $0.3296 to $0.1899.
1934
Central bank
June
May
July
106,671 106,936
67
191
12,646 10,257
4,202
30,524
119,903
4,763
75, 718
192,979
172,902
19, 715
10, 079
22,090
117,860
5,517
74, 738
181, 588
166,971
14, 333
6,525
142
90
710
523
358
142
101
713
537
354
161
64
717
494
359
25
119
6
44
127
179
55
99
234
63
17
140
29
116
10
55
103
181
60
94
246
54
17
142
23
126
12
75
129
15
37
75
218
41
8
76
26,155
4,331
5,284
39,120
26,226
26,301 18,245
4,009 1,562
6,489 2,764
36,509 36,511
25,889 28,454
2,691
325
1,138
5,780
742
2,687
303
982
5,567
782
2,663
26
1,398
5,221
927
133
16
78
378
118
133
18
76
375
133
10
68
357
133
15, 847 22,994
1,476
7,529
136
363
27,164 27, 422
31,810 31,917
3,610 4,812
26,984
13, 548
1,056
16,157
41,126
9,883
17, 286
6, 559
55, 523
42, 766
18,880
15, 617
5,736
50, 656
41, 268
19,286
16, 286
10,335
54,186
42,161
20, 565
gold parity of belga (see
SEPTEMBER
595
FEDERAL RESERVE BULLETIN
1935
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1935
&
June
May
July
6,545
2,526
3,202
6,545
2,101
3,526
6,546
2,194
4,046
35,414 35,083 31, 427
3,355
3,395
3,153
18, 013 18, 551 17, 790
7,587 4,894
8,246
16, 686 16, 543 16, 677
7,930 8,006
8,138
12,347 12,260
2, 09C 2,251
423
529
7,383
7,184
1,187
1,285
13,907
6,135
3,141
3,462
3,062
32,815
2,064
12, 273
36, 466
11,214
2,568
Gold
325
Balances abroad and foreign
credits
1,353
86
Foreign bills
690
Domestic bills
1,310
Note circulation
_
Other sight liabilities
619
Bank of Greece (millions of drachmas):
3,495
Gold and foreign exchange
2,984
Loans and discounts
3,289
Government obligations
5,366
Note circulation
3,954
Other sight liabilities
97
Liabilities in foreign exchange
National Bank of Hungary (millions of pengos) r
79
Gold
17
Foreign bills, etc
_
515
Loans and discounts
66
Advances to Treasury
70
Other assets
376
Note circulation
78
Deposits
109
Certificates of indebtedness
156
Miscellaneous liabilitiesReserve Bank of India» (millions
of rupees):
Issue Department:
444
Gold at home and abroad
652
Sterling securities
Indian Government securi265
ties
_
547
Rupee coin
1,559
Nete circulation
Banking Department:
Notes of issue department
103
Balances abroad
Investments
___
Other assets
117
Deposits—Go vernment
296
Bank
106
Other liabilities..
1
Items
for
issue
and
banking
departments
8
Bank commenced operatious July 5, 1934.
» Bank commenced operations Apr. 1,1935.
1934
Central bank
July
National Bank of Egypt l (thousands
of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
_
Note circulation
Deposits—Government
.;
Other
Other liabilities..
Central Reserve Bank of El Salvador > (thousands of colones):
Gold
_
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Other sight liabilities
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold
Net foreign exchange
Loans and discounts
Note circulation
D eposits—Government
Bank
Other
Bank of Finland (millions of mar-
1935
1934
Central bank
11,978
1,582
467
7,478
1,450
14,180
5,434
3,341
11,156
1,483
327
8,955
1,463
16,825
2,671
32,796 31, 552 20,490
1,618 2,721
9,114
10, 737 11,361 13,343
35,993 37,184 32,815
10,588 9,174
4,225
8.900 9,388 7,381
2,577 2,105 2,859
324
322
323
1,334
87
749
1,328
549
1,416
87
784
1,369
543
318
745
1,200
463
3,527
2,840
3,289
5.417
3,920
114
3,604
2,456
3,289
5,319
3,774
114
3,514
1,779
3,355
5,143
3,640
108
79
21
537
60
68
375
100
109
154
79
20
533
79
13
558
47
30
364
45
118
174
359
109
170
444
532
444
506
385
519
1,624
411
503
1,643
221
256
183
175
60
55
3
5
223
200
144
171
110
110
consolidated.
July
Bank of Italy (millions of lire):
Gold at home
Credits and balances abroad
Loans and discounts
Note circulation
_.
Public deposits
_
_..
Other deposits
Bank of Japan (millions of yen):
Gold
Advances and discounts
Government bonds
Notes issued
_
Total deposits
_
Bank of Java (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
Bank of Latvia (millions of lats):
Gold
Foreign-exchange reserve
Bills
Loans
Note circulation
Government deposits
Other deposits
_
_
Bank of Lithuania (millions of litu):
Gold
_
Foreign currency
Loans and discounts
Note circulation
Deposits
Netherlands Bank (millions of florins):
Gold..
Foreign bills
Loans and discounts
Note circulation.
Deposits
Reserve Bank of New Zealand (thousands of pounds):
Gold
___
_
Sterling exchange
Other assets
_
Note circulation
Demand deposits
Bank
Government
Other liabilities..
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits.
Note circulation
Foreign deposits
Total deposits
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Bills....
_
Note circulation
Deposits
Bank of Poland (millions of zlote):
Gold
_
Foreign exchange
Loaus and discounts
Note circulation.
Other sight liabilities...
Bank of Portugal (millions of escudos):
Gold
.._
Other reserves
_
Discounts and advances
Government obligations
Note circulation
Other sight liabilities
June
May
July
5,589
5,258
5,829
295
355
54
5. 565 4/834
5,447
13, 858 13, 029 12.878
300
300
300
835
883
921
6,362
37
4,389
13,330
300
1,053
485
654
508
1,223
381
482
694
579
1,376
328
477
644
521
1,170
420
457
770
466
1, 186
399
2
65
167
22
100
3
69
172
32
104
1
62
172
30
46
4
55
62
33
41
112
46
4
56
67
36
46
109
46
3
59
71
37
49
109
113
1
64
184
33
44
5
63
62
32
55
111
42
12
87
91
46
43
6
97
93
51
44
6
101
97
50
55
9
82
84
61
558
0
272
819
55
627
1
183
808
48
646
1
186
837
49
863
1
179
909
180
2,802 2,802
21,054 22,813
2,264 2,276
8,849 9,111
15, 696 17,226
4,262 3,915
11, 288 13.288
1,554
1,575
2,802
22, 789
2,284
9,302
16, 985
4,206
12, 767
1,588
165
41
207
332
6
71
145
48
212
322
7
135
7
276
323
43,705
62, 690
74,048
28,183
43.293
62, 176
74,349
26,839
44,063
58,002
71,945
22,289
511
15
741
932
210
510
16
762
948
211
509
15
742
952
219
492
40
724
908
223
909
433
327
1,048
2,116
805
909
439
315
1,048
2,026
879
907
439
311
1,048
2,020
888
322
307
1,050
1,908
796
165
144
200
330
8
74
596
FEDERAL RESERVE BULLETIN
SEPTEMBER
1935
CENTRAL BANKS-Continued
[Figures are for last report date of month]
1935
1934
Central bank
1935
1934
Central bank
National Bank of Rumania (millions
of iei).
Gold.—
Foreign exchange of the reserve. _
Loans and discounts
Special loans »
State debt»
Other assets
__
Note circulation
Demand deposits
_
Other liabilities
_
South African Reserve Bank (thousands of pounds):
GoldForeign bills
Domestic bills
Note circulation
_
Deposits—Government
Bank
Other
_
Bank of Spain (millions of pesetas):
Gold
Silver
Balances abroad
_
Loans and discounts
_
_
Note circulation
_
Deposits
-Bank of Sweden (millions of kronor):
Gold..
_
Foreign bills, etc...
Loans and discounts
_
_
Note circulation
Deposits
_-Swiss National Bank (millions of
francs):
Gold
Foreign balances and bills
July
June
May
July
10,595
92
5,157
2,744
K.,220
11,392
21. 234
9,015
9,949
10, 562
91
5,262
2,758
10,185
10,619
21, 261
8,625
9,590
10,531
91
5,244
2,787
10,006
10, 736
20,937
8,804
9,654
10,118
22
6,088
4,795
5,668
10,044
20,809
7,578
8,348
27,856
5,000
116
12,110
2,528
27,688
3,793
26,672
5,688
117
13,428
1,517
27,171
4,370
27,100
6,034
74
13,539
2,677
25, 063
4,736
20,933
13,491
56
11, 560
3,263
23, 478
3,681
2,269
704
280
2,336
4,559
940
2,270
705
281
2,381
4,541
2,270
700
285
2,354
4,560
959
2,264
684
281
2,452
4,535
894
356
634
47
685
477
355
623
62
718
462
354
627
55
683
505
371
462
41
612
444
1,289
21
1,195
41
1,193
31
1,642
16
Swiss National Bank—Continued
Loans and discounts
Note circulation
Demand deposits
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign exchange
Government securities
Other securities
Other assets
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Other assets
Note circulation
Deposits—Demand
Time
Judicial and administrative.-..
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Foreign exchange
Loans and discounts
Advances to State
Note circulation
Other sight liabilities
July
June
May
219
1,281
307
307
1,307
313
281
1,302
244
133
1,364
441
29
1
150
35
45
158
28
73
29
1
151
35
43
158
29
72
29
11
151
35
34
158
23
79
26
4
153
31
36
158
35
59
43,236
92, 990
53. 064
72,903
34,817
40,632
46,840
98,757
47,424
75,847
31,736
39,753
46,643
97,562
43,928
72,479
28,874
44,247
2,838
2,818
42,868
2,711
39,822
1,346
206
1,786
2,291
4,473
1,200
1,332
220
1,789
2,291
4,446
1,239
1,792
123
1,818
2,319
4,170
1,160
1,341
240
1,766
2,292
4,513
1,311
July
* Agricultural and urban loans in process of liquidation. See note 2.
i Includes Treasury obligations received from Government in connection with losses on agricultural and urban loans and reported separately
from "Other assets" beginning with Dec. 31,1934.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
1935
Gold in bars
Cash on hand and on current account
with banks
Demand funds at interest
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' acceptances
Treasury bills
Total
Time funds at interest—Not exceeding 3
months.
Sundry bills and investments:
Maturing within 3 months:
Treasury bills.
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments
Total
Other assets:
Guaranty of central banks on bills
sold
Sundry items
Total assets
1935
1934
Assets
Liabilities
July 31
June 30
July 31
23,616
28,525
14,826
3,889
12, 274
5,259
15,297
5,021
10, 807
133,718
215,527
136,198
212, 776
139,007
208,118
349,246
348,974
347,125
36, 587
34, 595
38, 200
27,679
32,714
26,471
33,201
63,953
32,004
28,669
64,110
29,908
63, 576
16,944
70,619
29,645
34, 728
29,639
35,395
7,808
36,178
217,545
218, 189
227. 506
6,243
4,438
6,102
4,075
4,295
5,723
653,837
661, 015
653,497
July 31
Demand deposits (gold)
Short-term deposits (various currencies):
Central banks for own account:
Time—Not exceeding 3 months...
Total
Central banks for account of others:
Demand
Time—Not exceeding 3 monthsOther depositors:
Demand
Time—Not exceeding 3 monthsLong-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fund
French Government deposit (Saar).__
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
1934
June 30 July 31
22,123
21, 717
14,686
27,478
103,691
27,100
103,689
39,157
109,032
131,170
130, 789
148,189
11,060
2,958
10,808
2,955
14,707
894
2,371
1,248
2,122
934
154,529
77, 264
61,930
2,031
154,670
77 335
61,930
2,031
153,640
76,820
40,811
295, 754
295,966
271, 271
125,000
125,000
125,000
3,324
5,845
11, 690
3,324
5,845
11,690
2,672
4,866
9,732
6,248
35,401
6,177
33,915
4,295
57,145
653, 837
661,015
653,497
597
FEDERAL RESEEVE BULLETIN
SEPTEMBER 1935
COMMERCIAL BANKS
[Figures are as of end of month, except those for England, which are averages of weekly figuresj
Assets
Liabilities
England
(10 clearing banks. Figures in millions
of pounds sterling)
Cash
reserves
Money at
call and Bills disshort
counted
notice
Securities
Loans to
custom-
Deposits
Other
Total
Demand * Time *
1934—October. November
December.
213
210
216
136
135
151
216
233
255
576
589
594
760
759
759
236
236
247
,891
.911
,971
975
1,044
1935—January. __
February..
March
April
May
June
July
225
213
214
217
219
217
219
137
127
133
137
142
143
145
284
265
207
199
218
244
274
593
606
614
618
620
624
615
756
759
771
779
774
780
778
237
231
231
240
233
235
215
,982
,954
,923
,940
1.962
2,004
2,019
1,034
1,009
994
1.004
1,015
1,072
1,084
Assets
Other
liabilities
885
900
910
245
250
251
899
251
248
248
250
244
239
227
897
907
Liabilities
France
(4 large banks. Figures in millions of
francs)
Cash
Due from Bills disbanks
counted
Loans
Deposits
Other
assets
Total
Demand
Time
Own
acceptances
Other
liabilities
1934—October. „ .
November.
December..
7,450
6,485
5,836
1,508
., 473
,421
17,972
17,363
18,304
8,124
8,003
8,159
1,488
1,562
1,717
32, 239
30,542
30,943
31,332
29,582
30,039
904
183
192
193
4,119
4,152
4,301
1935—January
February...
March
April
May
June
5,864
5,607
6,066
5,196
4,648
4,151
,662
,603
,586
,642
2,506
2,308
18,024
18,300
19,042
18,302
8,052
7,840
7,713
7,802
8,544
7,902
992
1,010
1,090
1,141
1,276
1,313
30,593
30,342
31, 449
29,999
29.958
29, 521
29,830
29,591
30. 685
29.218
29,129
28,756
763
751
765
781
830
766
220
228
237
251
312
312
3,779
3.789
3.810
3,833
3.885
3,790
Credits
obtained
from
banks
Other
liabilities
Assets
Germany
(5 large Berlin banks. Figures in millions of reichsmarks)
17,181
17,949
Cash
reserves
Due from Bills discounted
banks
Liabilities
Loans
Securities
Deposits
Other
assets
Total
Demand
Time
1934—October...
November.
134
115
400
393
2,017
2,037
3,357
3,331
859
874
983
5,820
5,816
2,726
2,731
3,093
3,085
500
485
1,430
1,432
1935— February *
March
April
May
June
July
127
185
163
145
194
185
382
371
346
340
363
360
2,082
2,108
2,234
2.234
2,264
2,284
3,149
3,096
3.030
2,990
2,953
2.886
909
930
933
968
991
990
1,047
1,047
1,038
1,020
996
991
5,351
5,457
5,495
5,466
5, 567
5,525
2,159
2,319
2,450
2.511
2,546
2,482
3,192
3,137
3,046
2, 955
3,021
3,043
789
768
774
758
716
1,483
1.491
1,481
1,457
1,436
1,455
Canada
(10 chartered banks. Figures in millions of Canadian dollars)
Assets
Security
Entirely in Canada
loans
abroad
and
n«'t
Other
from
Cash
Security loans
and due
foreign
reserves
loans discounts
banks
Liabilities
Securities
Other
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Other
liabilities
Total
Demand
Time
1934—October...
November.
December.
224
232
228
108
99
103
1,029
1,003
977
162
185
155
911
920
967
450
445
449
130
132
124
2,038
2,035
2,035
668
624
628
L, 370
.411
1,407
715
715
718
1935—January...
FebruaryMarch
April
May
_.
June..
July
230
230
207
214
204
207
209
91
86
81
81
82
85
77
958
957
965
981
971
955
938
147
149
152
142
155
127
134
973
984
970
441
434
431
472
459
468
460
117
119
118
114
117
122
114
2,014
2.003
2.006
2.0*6
2,064
2,039
2,032
602
575
560
634
617
613
G04
1,412
I, 428
,447
.452
,447
, 4^6
L.428
710
717
681
690
696
699
7d2
1
8
1.000
1,005
1.018
1,031
Excluding deposits of the National Bank relating to offices outside England, which are included in the total.
Combined monthly balance sheets not published for December and January.
NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390.
598
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank of—
Date effective
In effect Jan. 1,1934_
Feb. 9, 1934.
_
June 1
Nov.
Mar 26
25 1935
Apr 5
Apr. 10
May 3
May 16
May 24
May 27
May 29
Eng- France Germany
land
3
2
3
Danzig
Denmark...
4
6
5
Ecuador
El Salvador.
Estonia
Finland
Greece
Hungary
5
4
4
3
ZH
5
6
5
3
In effect Sept. 1,1935.
2
3
4
4V
2H
5
Nov.
July
May
July
Aug.
Mar.
June
July
6
6
Bulgaria
Canada
Chile
Colombia
2H Czechoslovakia
4
3
.
Albania
Austria
Bolivia
4
June 1
June 21 _
June 27
July 5
July 6
July 18
July 19
July 25
July 26 .
Aug 3
Aug 9
Aug. 12
4
2
SwitzerItaly Netherland
lands
Rate
Sept. Date effective
1
Central
bank of—
16,1933
10,1935
16 1935
5,1932
15,1935
11,1935
12,1935
18 1933
VA Jan. 25,1933
May
Aug.
Nov.
July
Oct.
Dec.
Oct.
Aug.
6
4
5
5
4
7
4
2,1935
22,1935
30,1932
5, 1934
1,1934
3,1934
14,1933
29,1935
Rate
Sept. Date effective
1
Central
bank of—
India
Japan
Java
Latvia
Lithuania
New ZealandNorway
Peru
Poland
Portugal
Rumania
South Africa.
Spain
Sweden
_
Turkey
U.
S. S. R _
Yugoslavia
VA
3.65
4
6
4
6
5
5
3^t
'5
2^£
5J^
8
5
C
Feb.
July
Julv
Jan.
Apr.
Aug.
May
May
Oct.
Dec.
Dec.
May
July
Dec.
Mar.
Mar.
Feb.
16,1933
3,1933
1 1935
1,1933
1,1930
1,1934
24,1933
20 1932
26,1933
13,1934
15,1934
15,1933
15,1935
1,1933
2,1933
22,1927
1,1935
e Corrected.
Changes since Aug. 9: Italy—Aug. 12, up from VA to 4K per cent;
Bulgaria—Aug. 15, down from 7 to 6 per cent; Denmark--Aug. 22, up
from 2YL to VA percent; Hungary—Aug. 29, down from 4 ^to 4 percent.
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
Month
1934—June
July
August
September.
October
November.
December.
1935—January _._
FebruaryMarch
April
May
June
July.
Month
1934—June
July
August
September.
October...
November.
December.
1935—January...
February..
March
April
May
June
July
Bankers' Treasury
Bankers'
allowance
acceptances, bills, 3 Day-to-day
money on
deposits
3 months
months
0.91
.87
.79
.73
.77
.45
.57
.36
.38
.57
.59
.59
.71
.65
0.85
.76
.74
.61
.68
.29
.47
.26
.28
.50
.51
.51
.64
.59
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
2.11
2.20
2.31
2.15
2.10
2.35
2.38
2.38
2.38
2.38
2.38
2.12
1.88
1.88
2.03
1.78
1.75
1.50
1.45
1.44
1.50
1.79
2.12
2.12
2.14
2.56
5.72
4.06
Private
discount
rate
Money for Day-to-day
1 month
money
3.76
3.75
3.75
3.81
3.81
3.63
3.50
3.51
3.41
3.38
3.38
3.09
3.00
3.00
0.92
.85
.81
.78
.75
.68
.70
.66
.63
.72
.75
.75
.75
.75
Switzerland
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.80
2.39
2.60
2.78
Belgium
Netherlands
Germany (Berlin)
England (London)
3.00
3.00
3.00
3.00
3.00
3.19
4.00
4.00
4.00
3.89
3.50
3.50
3.50
3.50
Hungary
4.67
4.44
5.02
5.13
5.13
4.37
3.56
3.93
3.77
3.60
3.60
3.10
2.93
2.97
4.57
4.67
4.72
4.71
4.63
4.21
4.28
3.82
3.83
3.94
3.64
3.17
3.16
3.10
Sweden
(Stockholm)
(Amsterdam)
Private Money for
discount
1 month
rate
0.78
.74
.75
.61
.59
.59
.58
.60
3.65
3.78
4.42
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
3.26
2.96
3.83
Japan (Tokyo)
Loans up Discounted
Prime
Call
commer- Day-to-day
to 3
money
money
bills
cial paper
months
overnight
5.26
5.20
5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.11
5.11
2.44
2.57
2.79
2.63
2.52
2.56
2.74
2.69
2.62
2.70
2.54
2.40
2.45
v Preliminary.
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929. p. 738;
and May 1930, p- 318.
599
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
FOREIGN EXCHANGE RATES
[Averages of noon buying rates for cable transfers in New York.
Year or month
Argentina
(peso)i
95.1274
83.5050
66.7375
58.4433
a 72.8009
33.5793
August
33.7661
September33.2904
October
32.9458
November..
33.2625
December
32.9513
1935—January
32.6038
February.—
32.4607
March
31.8033
April
32.2220
May
32.5572
June
32.8687
July
33.0262
August
33.1204
1929
1830
1931
1932
1933
1934
Year or month
Egypt
(pound)
1929
1930
1931
1932
1933
1934
AusAustria
tralia
(schil(pound)* ling)i
480.83
458.60
351.50
279.93
337.07
400.95
403. 52
396.50
391. 52
395.73
392. 27
387.92
386.37
378.56
383.52
387.55
391.28
393.31
394.52
14.0575
14.0891
14.0227
13.9599
15.4478
18.7930
18.9981
19.0185
18.9242
18.7956
18.7711
18.7725
18.7900
18.8827
18.7898
18.7680
18.8821
18.9148
18.9405
England Finland
(pound) (markka)
Belgium
(belga)
Brazil
(milreis)i
Bulgaria
(lev)i
Canada
(dollar)
Chile
(peso)i
13.9124
13.9524
13.9285
13.9137
17.8996
23.2867
23. 7056
23.7332
23.4579
23.3212
23. 3939
23. 3150
23.3293
22. 7564
16.9430
16. 9461
16.9393
16.9117
16.8878
11.8078
10.7136
7.0290
7.1223
7.9630
8.4268
8.4898
8.3096
8.1899
8.2176
8.1904
8.1451
8.1282
8. 2363
8. 2578
8.2797
8. 3122
8. 3146
8. 3657
0.7216
.7209
.7163
.7193
1.0039
1.2852
1.2881
1.2814
1. 2428
1.2134
1. 2110
1.1955
1.2665
1.2878
1.2725
1. 2756
1. 3070
1. 3149
1.3332
99. 2472
99.8424
96.3258
88.0896
91. 9587
101.0060
102.3779
102.9387
102.1226
102. 4719
101. 3090
100.1825
99.8852
99.0647
99. 5277
99.8977
99. 9078
99.8322
99. 7799
France
(franc)
Germany
(reichsmark)
Greece
(drachma)
1.2934
1.2959
1.2926
.8320
.7233
.9402
.9565
.9562
.9476
.9392
.9375
.9341
.9339
.9399
.9354
.9340
.9423
.9442
.9437
498.0689
498.6002
465.1111
. . . 359.5406
434.3908
516.8549
519.5273
August
September- 512.2619
506.6711
October
November.. 511.6889
507. 2709
December
501.7925
1935—January
F e b r u a r y . . . 499.7457
489. 7472
March
495.9246
April
501.1845
May
505.9839
June..
508.3151
July
August
485.6879
486.2126
453.4990
350.6067
423.6821
503.9302
506. 5076
499.4056
494. 0809
498.9022
494.5793
489.2457
487.3466
477.6211
483. 6812
488. 7755
493.4922
495.7659
496. 9880
2.5160
2.5169
2.3875
1.5547
1.8708
2.2277
2. 2403
2. 2101
2.1826
2.2019
2.1859
2.1636
2.1536
2.1099
2.1315
2.1543
2.1782
2.1859
2.1907
3.9161
3.9249
3.9200
3.9276
6.0313
6.5688
6.6592
6.6714
6.6247
6. 5886
6.5971
6.5820
6.5936
6.6232
6.5970
6. 5883
6. 6121
6. 6242
6. 6262
23.8086
23.8541
23.6302
23. 7492
30.5179
39. 3751
39.4786
40. 2760
40.4507
40.2054
40.1910
40.0614
40.1178
40.3722
40. 2638
40.2472
40. 4072
40.3538
40. 3456
New
Zealand
(pound) 8
Norway
(krone)
Poland
(zloty)
Portugal
(escudo)
Rumania
(leu)
483.21
26.6827
468. 22
26.7598
415.29
25.0546
320.19
18.0039
340.00
21. 4292
402. 46
25.3161
405.09
25.4504
398. 77
25.0928
393.67
24.8258
398.07
25.0655
394.63
24.8478
390.25
24.5815
388.69
24.4880
380.91
24.0265
385.85 - 24.2975
389.90
24.5563
393. 54
24. 7910
395.65
24. 9062
396.86
24. 9482
11.1940
11.2051
11.1970
11.1823
14. 4135
18. 8460
19.0824
19.1413
19.0071
18.8976
18. 8941
18.8535
18.8721
18.9611
18.8617
18.8426
18. 9146
18.9574
18.9567
4.4714
4.4940
4. 2435
3.1960
3.9165
4. 6089
4.6274
4. 5593
4.5043
4.5384
4.4977
4.4500
4. 4328
4.3430
4. 3930
4.4407
4. 4856
4.5095
4. 5153
0.5961
.5953
.5946
.5968
.7795
1.0006
1.0126
1.0144
1.0069
.9998
1.0025
1.0027
.9592
1.0093
1.0074
1.0057
1. 0078
1.0004
.9351
Year or month
1929
1930
1931
1932
1933
1934
August
September. _
October
November..
December. _
1935—January
February. __
March.
April
May
June
July
August
In cents per unit of foreign currency.]
Colombia
(peso)i
Cuba
(peso)
12.0601 41.9007
12.0785 29.9166
12.0669 22. 4369
7.9079 21.7357
7.6787 * 28.5979
10.1452 34.0937
10. 3266 34.8553
10.2974 35. 5827
10.3090 34. 5881
10. 3496 33. 3947
10. 2367 34.2164
5. 0630 34. 9924
5.0761 36.5369
6.0885 38.2960
5.1000 38. 7908
5.1000 41.0979
5. 0996 40.4002
5.0990 38. 6791
5.0633 36.8645
96.5512
96.4930
96. 5697
95.2750
81.6966
61.7799
55.1596
57.6496
60. 2012
65. 0391
64. 5284
64.1450
58.9577
54.1613
52.8846
55.0634
54.4068
52.9692
53. 2263
99.9647
99.9515
99. 9295
99.9409
99.9464
99.9362
99.9165
99.9150
99.9165
99.9193
99.9194
99. 9215
99.9205
99.9200
99.9194
99. 9204
99.9182
99.9194
99.9185
Hong
Kong
(dollar)
HunIndia
gary
(pengo)1 (rupee)
Italy
(lira)
Japan
(yen)
47.1669
33.8530
24.3305
23.4604
29. 4516
38. 7156
38. 6140
39. 3324
40. 4695
41. 2418
42. 2908
43.1695
44. 3362
47.9147
52. 6702
59.3095
57. 5162
53.0310
50. 3262
17.4414
17. 4939
17.4522
17.4460
22.3598
29. 5746
29.8832
30. 0219
29.8995
29.7126
29. 5993
29. 5828
29. 6955
29.6405
29. 4937
29.4356
29. 5062
29. 6809
29. 7010
36.2020
36.0672
33.6895
26.3468
31.8159
37.8793
38. 0616
37. 5481
37.1426
37.4866
37.1835
36.8611
36. 7994
36.0210
36. 4393
36.8602
37.1944
37. 3467
37. 4849
5.2334
5.2374
5.2063
5.1253
6. 7094
8.5617
8.6632
8.6794
8. 6056
8.5386
8. 5427
8.5209
8.4730
8.3368
8. 2821
8. 2253
8. 2566
8. 2259
8. 2074
Straits
Settlements
(dollar)
Sweden
(krona)
SwitzerTurkey
land
(pound)
(franc)
Uruguay
(peso)i
56.0117
55. 9639
52.4451
40. 3970
49.2320
59.0052
59.3488
58. 5164
57.9172
58.4538
57.9717
57. 2421
57.0057
55. 6346
56. 3329
56.8942
57. 3762
57. 5466
57.8282
26.7839
26.8543
25. 2540
18. 4710
22.0324
25.9815
26.1182
25. 7483
25.4756
25. 7220
25.4975
25. 2267
25.1256
24. 6264
24. 9325
25.1988
25. 4408
25.5583
25. 6227
19.2792
19.3820
19.4009
19.4049
24.8355
32. 3663
32.9542
33.0237
32.7745
32.4713
32.4053
32. 3055
32. 3525
32. 5301
32. 3645
32. 3230 '
32. 6800
32. 7474
32. 7180
98.6294
85.8650
55.3572
47.0639
60.3360
79. 9562
80.9961
81.1496
80. 5520
80. 1486
80. 2310
80.0194
80.1306
80.4779
80. 2015
80.0946
80. 3547
80.4841
80.5377
South
Spain
Africa
(pound) 2 (peseta)
483.27
483.79
480. 76
476.56
414.98
498. 29
501.27
494. 23
488.43
493.42
489.24
483.99
482. 30
472. 31
478. 27
483.34
488.06
490.61
488.74
14.6833
11.6670
9.5453
8.0438
10.7189
13.6150
13.8002
13.8269
13. 7272
13.6532
13.6719
13. 6408
13. 6626
13. 7232
13. 6693
13. 6522
13.6982
13. 7259
13. 7296
China
(yuan)
Czecho- Denslovakia mark
(koruna) (krone)
2.9609
2.9640
2.9619
2.9618
3.8232
4. 2424
4.1944
4. 2141
4.1996
4.1777
4.1803
4.1711
4.1784
4.1982
4.1814
4.1683
4.1828
4.1729
4.1571
26.6802
26.7650
25. 0581
18.8317
19.0709
22. 4998
22. 6215
22.2981
22.0615
22. 2724
22.0793
21.8447
21.7594
21.3244
21.5902
21.8175
22.0458
22.1303
22.1848
Mexico
(peso)
Netherlands
(florin)
46.0997 48.1830
49.3898 47.1331
48.8509 « 35.4919
28.1112 31.8500
25. 6457 28.1025
29. 7153 27. 7423
29.9933 27. 7298
29.7693 27. 7458
28. 6843 27. 7514
29.0554 27.7620
28.8232 27. 7615
28.4725 27.7541
28.3913 27. 7515
27. 9837 27.7500
28. 3679 27.9350
28. 7295 27.7882
28.9931 27.7781
29.1510 27.7660
29. 3192 27. 7521
40.1622
40.2251
40.2298
40.2949
51. 7209
67.3831
68. 3808
68.5744
68. 0869
67.5988
67. 6382
67. 4562
67. 5602
67. 9506
67. 4576
67.6195
67.8743
67.9862
67. 7819
48.4105
47.0608
47.1814
47.2854
60.4396
79. 0472
79.9969
80. 2671
79. 6869
79.1991
79. 2964
79.3381
79.5018
80. 6676
80.5065
80.5269
80.6688
80. 6550
Yugoslavia
(dinar)
]L. 7591
L. 7681
L. 7680
L.6411
L. 7607
2. 2719
2. 3075
2. 3156
2. 2993
2. 2785
2.2756
2. 2716
2. 2717
2.2852
2.2757
I 2737
2. 2913
2. 2965
2. 2973
i Partly or wholly nominal since April 1933.
> Partly or wholly nominal since April 1934.
» Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933. Average for 1933 is for gold peso for
Jan. 1-Dec. 10.
* Beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver.
Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents.
• Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold Peso
for Jan. 2-July 29 was 47.6510 cents.
600
FEDERAL RESERVE BULLETIN
SEPTEMBER
1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
Germany
France
England
Canada
Italy
States
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1913=100)
Year or month
1926
1927
19281929
1930
19311932
1933
1934.
.
.-
-
.
...
- -.
.
-
1934— February . _ March
April
_
May
. _
June
July
_
August
September
October
_
November
December
1935—January
February
March
April
May
June.,
July
.
_
.
.
.
__
_
.. _ _
__
___
Japan
(October
1900=100)
Netherlands
(1913=100)
100
88
86
86
88
695
642
645
627
554
502
427
398
376
134
138
140
137
125
111
97
93
98
602
495
462
445
383
328
304
280
273
237
225
226
220
181
153
161
180
178
145
148
149
142
117
97
79
74
78
72
72
71
71
72
72
72
72
71
71
71
89
88
88
87
88
87
89
88
88
88
88
400
394
387
381
379
374
371
365
357
356
344
96
96
96
96
97
99
100
100
101
101
101
275
275
273
273
272
270
271
270
272
274
276
178
177
177
176
175
174
177
179
182
181
181
80
79
79
77
76
77
78
77
77
77
78
71
72
72
73
72
72
72
88
88
87
88
88
88
88
350
343
335
336
340
330
322
101
101
101
101
101
101
102
277
278
288
296
302
308
310
182
184
184
182
182
180
180
78
77
75
76
75
75
74
100
95
97
95
86
73
65
66
75
100
98
96
96
87
72
67
67
72
74
74
73
74
75
75
76
78
77
77
77
79
80
79
80
80
80
79
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year or month
Farm
products
1926
1927
1928._._
1929
1930
1931
1932
1933
1934
.._.
___.
1934—February..
March
April
May
June
July
August
September
October...
November.
December.
1935—January ~_
February..
March
April.
May
June
July
Foods
Other
commodities
100
99
106
105
88
65
48
51
65
100
97
101
100
91
75
61
61
71
100
94
93
92
85
75
70
71
78
61
61
67
67
66
67
70
71
74
76
75
75
75
79
79
79
79
78
78
78
78
78
78
78
80
83
82
85
84
83
82
78
77
77
77
78
78
78
England (1930=100)
Foods
Germany (1913=100)
Farm
Indus- AgriculIndusand food
trial
trial
tural
products products products products
100
Industrial raw Indusfinand semi- trial
ished
finished products
products
100
87
85
87
90
793
678
697
669
579
464
380
380
361
129
138
134
130
113
104
91
87
96
132
129
133
125
113
96
86
75
76
130
132
134
132
120
103
91
150
147
159
157
150
136
118
113
116
92
91
91
90
90
416
413
404
405
406
386
378
372
360
356
354
351
350
347
347
92
91
91
92
94
98
100
100
101
101
101
73
73
74
74
76
76
78
78
78
79
79
91
91
91
90
91
92
92
92
92
92
92
115
115
115
115
115
115
116
117
118
119
119
350
346
341
345
353
351
347
100
100
99
100
101
102
103
81
81
83
84
84
86
85
92
92
91
91
91
91
91
119
120
120
120
119
119
119
344
85
Provisions
581
599
584
579
526
542
482
420
410
383
Sources.—See BULLETIN for March 1931, p. 159, and March 1935, p. 180.
France (1913=100)
351
339
329
325
324
307
292
SEPTEMBER
601
FEDEKAL EESERVE BULLETIN
1935
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
Year or month
1926.-.
1927
1928
1929- 1930
1931
1932
1933
1934
United
England
(July
States
(1913=100) i 1914=100)
France
(July
1914=100)*
Germany
(191314-= 100)
161
156
154
157
161
156
157
154
113
113
112
124
153
156
147
145
125
146
124
109
131
116
100
113
98
118
.
_
121
102
131
126
100
120
Year or month
1926
1927
1928
1929
1930
1931
1932
1933
1934
-
United
States
(1913=100)
England
(July
1914=100)
France
(Jan.-June
1914=100)'
175
173
171
171
170
164
166
164
103
104
105
113
164
158
148
134
148
144
118
132
138
140
—
111
122
1934—May
. .
June
July
August
September
October -- -_
November
December
108
109
110
112
117
116
116
117
122
123
126
125
97
98
97
97
95
95
116
118
120
121
119
119
115
127
94
120
114
127
94
119
1934—May
June -_ - _ _
July
August .September
October
November __
December
1935—January
FebruaryMarch
April
May —
June
July
119
122
122
124
124
123
122
125
124
122
119
118
120126
92
90
88
85
86
86
83
119
120
119
119
120
121
123
1935—January
February
March _
April
May
June
_
July
136
139
141
137
138
141
142
143
143
152
154
148
116
107
136
121
106
105
121
118
120
121
122
122
122
122
106
104
144
144
(3)
Germany
(191314=100)
143
142
141
139
139
140
143
122
122
102
122
123
122
122
123
123
124
100
99
i Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month.
* Index represents prices converted to gold basis of 1914.
* Revised series 140.4 for March 1935 and 137.8 for November 1934; other back figures not yet available.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6n6rale, 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
(average
price)
Year or month
Number of issues
1926
1927
1928
1929
1930
1931
1932
1933
1934
1934—May
June
July
August
September
October
November
December
1935—January
February
March
April
May
June..
July
—
>_
_
-
- -
Common stocks (1926 average=100)
England
France
(December (1913 aver1921=100) * age =100)
Germany
(average
price)i
36
139
421
278
300
329
85.5
81.4
83.3
«83.4
>67.1
82.5
90.7
90.7
88.9
87.8
87.9
89.0
91 6
92 2
93.8
96.0
95.5
96.1
95.1
95.3
95.3
95.3
100.0
118.3
149.9
190.3
149.8
94.2
'48.4
63.4
72.5
71.8
73.5
71.4
67.8
67.0
67.3
69.4
69.2
69.7
67.8
63.9
67.5
73.1
76.0
79.4
100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
85.7
87.1
86.0
84.8
83.8
83.6
84.5
85 6
85.3
86.9
85.4
82.6
83.8
86 0
86.9
86.9
100.0
123.2
178.1
217.6
187.6
132.2
105 2
99.6
83.3
90.1
87.6
83.3
81.1
77.3
74 7
73 0
74.7
83.7
80 3
78.1
79.8
88.0
82.4
77.7
100.0
145.0
136.1
122.8
100 2
»78.0
*60 3
61.7
71.1
67.2
69.9
71.3
73 4
76.2
76 3
73.7
73.2
76.6
79.3
80.6
81.9
83.5
86.0
86.8
60
87
97.0
98.9
98.7
95.7
98.3
96.1
81.1
84.0
96.7
97.6
99.0
99.3
97.8
96.7
98.4
98.8
100.0
101.3
101.3
99.9
100.0
101.2
102.2
104.2
110.0
110.7
112.3
110.2
111.8
108.4
113.2
119.7
127.5
125.8
12fi. 3
127.1
127.4
128.3
128.8
133.2
132.7
134.6
131.6
130.3
131.3
131.3
130.3
131.5
57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
82.1
84.7
85.6
82.7
81.8
81.3
82.7
85.0
85.8
88.9
89.5
84.1
84.8
82 4
82.8
82.4
United
States
England »
France
Germany
i Annual indexes are unweighted averages of monthly indexes.
• 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.
602
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
LAW DEPARTMENT
Requests for interpretations of Banking Act of 1935 and
regulations issued thereunder
The Board of Governors of the" Federal
Reserve System is now engaged in the revision
of certain of its regulations in the light of the
provisions of the recently enacted Banking Act
of 1935, and hopes to complete the revision of
its regulations on a number of subjects affected
by the act at an early date. In order to simplify and expedite the handling of requests for
interpretations of the Banking Act of 1935
and the regulations issued pursuant to the law
as amended by the act, it is requested that
member banks and others desiring to obtain
such interpretations make their requests in
the form of letters addressed to the Federal
Reserve agents at the Federal Reserve banks of
their respective districts and include in such
letters complete statements of all material
facts pertaining to the transactions giving rise
to such requests.
The Federal Reserve agent will answer any
such inquiry himself unless the matter is one
which should be referred to the Board of
Governors of the Federal Reserve System for
consideration. If the inquiry is one which
should receive the consideration of the Board
of Governors, the Federal Reserve agent will
forward it to the Board. In forwarding any
such inquiry, each Federal Reserve agent will
be expected to furnish to the Board all information necessary to enable the Board to answer
the inquiry.
It is believed that the procedure herein outlined will materially facilitate the promulgation
of rulings involving the interpretations of the
Federal Reserve Act as amended by the
Banking Act of 1935 and of the Board's
regulations.
TITLE I—FEDERAL DEPOSIT INSURANCE
SECTION 101. Section 12B of the Federal Reserve
Act, as amended (U. S. C, Supp. VII, title 12, sec. 264),
is amended to read as follows:
"SEC. 12B. (a) There is hereby created a Federal
Deposit Insurance Corporation (hereinafter referred to
as the ' Corporation') which shall insure, as hereinafter
provided, the deposits of all banks which are entitled to
the benefits of insurance under this section, and which
shall have the powers hereinafter granted.
"(b) The management of the Corporation sh<*ll be
vested in a board of directors consisting of three members, one of whom shall be the Comptroller of the Currency, and two of whom shall be citizens of the United
States to be appointed by the President, by and with
the advice and consent of the Senate. One of the
appointive members shall be the chairman of the board
of directors of the Corporation and not more than two
of the members of such board of directors shall be
members of the same political party. Each such appointive member shall hold office for a term of six years
and shall receive compensation at the rate of $10,000
per annum, payable monthly out of the funds of the
Corporation, but the Comptroller of the Currency shall
not receive additional compensation for his services as
such member. In. the event of a vacancy in the office
of the Comptroller of the Currency, and pending the
appointment of his successor, or during the absence of
the Comptroller from Washington, the Acting Comptroller of the Currency shall be a member of the board
of directors in the place and stead of the Comptroller.
In the event of a vacancy in the office of the chairman
of the board of directors, and pending the appointment
of his successor, the Comptroller of the Currency shall
act as chairman. The Comptroller of the Currency
shall be ineligible during the time he is in office and for
two years thereafter to hold any office, position, or employment in any insured bank. The appointive members of the board of directors shall be ineligible during
the time they are in office and for two years thereafter
to hold any office, position, or employment in any
insured bank, except that this restriction shall not apply
to any appointive member who has served the full
term for which he was appointed. No member of the
board of directors shall be an officer or director of any
bank, banking institution, trust company, or Federal
Reserve bank or hold stock in any bank, banking institution, or trust company; and before entering upon his
duties as a member of the board of directors he shall
certify under oath that he has complied with this reBanking Act of 1935
quirement and such certification shall be filed with the
of the board of directors. No member of
There is published below the text of the secretary
the board of directors serving on the board of directors
Banking Act of 1935, which was signed by the on the effective date shall be subject to any of the proPresident on August 23, 1935:
visions of the three preceding sentences until the expiration of his present term of office.
[PUBLIC—No. 305—74TH CONGRESS]
"(c) As used in this section—
"(1) The term 'State bank' means any bank, bank[H. R. 7617]
ing association, trust company, savings bank, or other
AN ACT
banking institution which is engaged in the business
of receiving deposits and which is incorporated under
To provide for the sound, effective, and uninterrupted operation of the
the laws of any State, Hawaii, Alaska, Puerto Rico, or
banking system, and for other purposes.
the Virgin Islands, or which is operated under the
Be it enacted by the Senate and House of RepresentaCode of Law for the District of Columbia (except a
tives of the United States of America in Congress as-national bank), and includes any unincorporated bank
sembled, That this Act may be cited as the " Banking the deposits of which are insured on the effective date
Act of 1935 ".
under the provisions of this section.
SEPTEMBER
1935
FEDERAL RESERVE BULLETIN
"(2) The term 'State member bank' means any
State bank whicn is a member of the Federal Reserve
System, and the term ' State nonmember bank' means
any State bank which is not a member of the Federal
Reserve System.
"(3) The term ' District bank' means any State bank
operating under the Code of Law for the District of
Columbia.
"(4) The term 'national member bank' means any
national bank located in any of the States of the United
States, the District of Columbia, Hawaii, Alaska,
Puerto Rico, or the Virgin Tslands which is a member
of the Federal Reserve System.
"(5) The term 'national nonmember bank' means
any national bank located in Hawaii, Alaska, Puerto
Rico, or the Virgin Tslands which is not a member of
the Federal Reserve System.
"(6) The term 'mutual savings bank' means a bank
without capital stock transacting a savings bank business, the net earnings of which inure wholly to the
benefit of its depositors after payment of obligations
for any advances by its organizers.
"(7) The term 'savings bank' means a bank (other
than a mutual savings bank) which transacts its ordinary banking business strictly as a savings bank under
State laws imposing special requirements on such banks
governing the manner of investing their funds and of
conducting their business: Provided, That the bank
maintains, until maturity date or until withdrawn, all
deposits made with it (other than funds held by it in a
fiduciary capacity) as time savings deposits of the
specific term type or of the type where the right is
reserved to the bank to require written notice before
permitting withdrawal: Provided further, That such
bank to be considered a savings bank must elect to
become subject to regulations of the Corporation with
respect to the redeposit of maturing deposits and prohibiting withdrawal of deposits by checking except in
cases where such withdrawal is permitted by law on
the effective date from specifically designated deposit
accounts totaling not more than 15 per centum of the
bank's total deposits.
"(8) The term 'insured bank' means any bank the
deposits of which are insured in accordance with the
provisions of this section; and the term 'noninsured
bank* means any bank the deposits of which are not so
insured.
"(9) The term 'new bank' means a new national
banking association organized by the Corporation to
assume the insured deposits of an insured bank closed
on account of inability to meet the demands of its
depositors and otherwise to perform temporarily the
functions prescribed in this section.
"(10) The term 'receiver' includes a receiver,
liquidating agent, conservator, commission, person, or
other agency charged by law with the duty of winding
up the affairs of a bank.
"(11) The term 'board of directors' means the board
of directors of the Corporation.
"(12) The term 'deposit' means the unpaid balance
of money or its equivalent received by a bank in the
usual course of business and for which it has given or
is obligated to give credit to a commercial, checking,
savings, time or thrift account, or which is evidenced
by its certificate of deposit, and trust funds held by
such bank whether retained or deposited in any department of such bank or deposited in another bank,
together with such other obligations of a bank as the
board of directors shall find and shall prescribe by its
regulations to be deposit liabilities by general usage:
Provided, That any obligation of a bank which is
payable only at an office of the bank located outside
603
the States of the United States, the District of Columbia, Hawaii, Alaska, Puerto Rico, and the Virgin
Islands, shall not be a deposit for any of the purposes
of this section or be included as a part of total deposits
or of an insured deposit: Provided further, That any
insured bank having its principal place of business in
any of the States of the United States or in the District
of Columbia which maintains a branch in Hawaii,
Alaska, Puerto Rico, or the Virgin Islands may elect
to exclude from insurance under this section its deposit
obligations which are payable only at such branch,
and upon so electing the insured bank with respect to
such branch shall comply with the provisions of this
section applicable to the termination of insurance by
nonmember banks: Provided further, That the bank
may elect to restore the insurance to such deposits at
any time its capital stock is unimpaired.
"(13) The term 'insured deposit' means the net
amount due to any deposit or deposits in an insured
bank (after deducting offsets) less any part thereof
which is in excess of $5,000. Such net amount shall
be determined according to such regulations as the
board of directors may prescribe, and in determining
the amount due to any depositor there shall be added
sogether all deposits in the bank maintained in the
tame capacity and the same right for his benefit either
in his own name or in the names of others, except trust
funds which shall be insured as provided in paragraph
(9) of subsection (h) of this section.
"(14) The term 'transferred deposit' means a
deposit in a new bank or other insured bank made
available to a depositor by the Corporation as payment
of the insured deposit of such depositor in a closed
bank, and assumed by such new bank or other insured
bank.
"(15) The term 'branch' includes any branch bank,
branch office, branch agency, additional office, or any
branch place of business located in any State of the
United States or in Hawaii, Alaska, Puerto Rico, or
the Virgin Islands at which deposits are received or
checks paid or money lent.
"(16) The term 'effective date' means the date of
enactment of the Banking Act of 1935.
"(d) There is hereby authorized to be appropriated,
out of any money in the Treasury not otherwise appropriated, the sum of $150,000,000, which shall be available for payment by the Secretary of the Treasury for
capital stock of the Corporation in an equal amount,
which shall be subscribed for by him on behalf of the
United States. Payments upon such subscription
shall be subject to call in whole or in part by the board
of directors of the Corporation. Such stock shall be
in addition to the amount of capital stock required to
be subscribed for by Federal Reserve banks. Receipts
for payments by the United States for or on account
of such stock shall be issued by the Corporation to the
Secretary of the Treasury and shall be evidence of the
stock ownership of the United States. Every Federal
Reserve bank shall subscribe to shares of stock in the
Corporation to an amount equal to one-half of the
surplus of such bank on January 1, 1933, and its subscriptions shall be accompanied by a certified check
payable to the Corporation in an amount equal to
one-half of such subscription. The remainder of such
subscription shall be subject to call from time to time
by the board of directors upon ninety days' notice.
The capital stock of the Corporation shall consist of
the shares subscribed for prior to the effective date.
Such stpck shall be without nominal or par value, and
shares issued prior to the effective date shall be exchanged and reissued at the rate of one share for each
$100 paid into the Corporation for capital stock.
604
FEDERAL RESERVE BULLETIN
SEPTEMBER
1935
"(g) The factors to be enumerated in the certificate
The consideration received by the Corporation for the
capital stock shall be allocated to capital and to surplus required under subsection (e) and to be considered by
in such amounts as the board of directors shall prescribe. the board of directors under subsection (f) shall be the
Such stock shall have no vote and snail not be entitled following: The financial history and condition of the
bank, the adequacy of its capital structure, its future
to the payment of dividends.
"(e) (1) Every operating State or national member earnings prospects, the general character of its manage*
bank, including a bank incorporated since March 10, ment, the convenience and needs of the community to
1933, licensed on or before the effective date by the be served by the bank, and whether or not its corporate
Secretary of the Treasury shall be and continue to be, powers are consistent with the purposes of this section.
"(h) (1) The assessment rate shall be one-twelfth of
without application or approval, an insured bank and
1 per centum per annum. The semiannual assessment
shall be subject to the provisions of this section.
"(2) After the effective date, every national mem- for each insured bank shall be in the amount of the
ber bank which is authorized to commence or resume product of one-half the annual assessment rate multithe business of banking, and every State bank which is plied by an assessment base which shall be the average
converted into a national member bank or which for six months of the differences at the end of each calbecomes a member of the Federal Reserve System, endar day between the total amount of liability of the
shall be an insured bank from the time it is authorized bank lfor deposits (according to the definition of the
to commence or resume business or becomes a member term deposit' in and pursuant to paragraph (12) of
of the Federal Reserve System. The certificate herein subsection (c) of this section, without any deduction
prescribed shall be issued to the Corporation by the for indebtedness of depositors) and the total of such
Comptroller of the Currency in the case of such na- uncollected items as are included in such deposits and
tional member bank, or by the Board of Governors of credited subject to final payment: Provided, however,
the Federal Reserve System in the case of such State That the daily total of such uncollected items shall be
member bank: Provided, That in the case of an insured determined according to regulations prescribed by the
bank which is admitted to membership in the Federal board of directors upon a consideration of the factors of
Reserve System or an insured State bank which is general usage and ordinary time of availability, and for
converted into a national member bank, such certifi- the purposes of such deduction no item shall be regarded
cate shall not be required, and the bank shall continue as uncollected for longer periods than those prescribed
as an insured bank. Such certificate shall state that by such regulations. Each insured bank shall, as a
the bank is authorized to transact the business of condition to the right to deduct any specific uncollected
banking in the case of a national member bank, or is a item in determining its assessment base, maintain such
member of the Federal Reserve System in the case of records as will readily permit verification of the correcta State member bank, and that consideration has been ness of the particular deduction claimed. The cergiven to the factors enumerated in subsection (g) of tified statements required to be filed with the Corporation under paragraphs (2), (3), and (4) of this subthis section.
"(f) (1) Every bank which is not a member of the section shall be in such form and set forth such supFederal Reserve System which on June 30, 1935 was or porting information as the board of directors shall
thereafter became a member of the Temporary Federal prescribe. The assessment payments required from inDeposit Insurance Fund or of the Fund For Mutuals sured banks under paragraphs (2), (3), and (4) of this
heretofore created pursuant to the provisions of this subsection shall be made in such manner and at such
section, shall be and continue to be, without application time or times as the board of directors shall prescribe,
or approval, an insured bank and shall be subject to provided the time or times so prescribed shall not be
the provisions of this section: Provided, That any State later than sixty days after filing the certified statement
nonmember bank which was admitted to the said Tem- setting forth the amount of the assessment. In the
porary Federal Deposit Insurance Fund or the Fund event that a separate Fund For Mutuals is established
For Mutuals but which did not file on or before the as provided in subsection (1), the board of directors
effective date an October 1, 1934 certified statement from time to time mayfixa lower assessment rate operand make the payments thereon required by law, shall ative for such period as the board may determine
cease to be an insured bank on August 31, 1935: which shall be applicable to insured mutual savings
Provided further. That no bank admitted to the said banks only, and the remainder of this paragraph shall
Temporary Federal Deposit Insurance Fund or the notu be applicable to such banks.
(2) On or before the 15th day of July of each year,
Fund For Mutuals prior to the effective date shall, after
August 31, 1935, be an insured bank or have its deposits each insured bank shall file with the Corporation a
insured by the Corporation, if such bank shall have certified statement under oath showing for the six
permanently discontinued its banking operations prior months ending on the preceding June 30 the amount
of the assessment base and the amount of the semiannual
to the effective date.
"(2) Subject to the provisions of this section, any assessment due to the Corporation, determined in acnational nonmember bank, upon application by the cordance with paragraph (1) of this subsection. Each
bank and certification by the Comptroller of the Cur- insured bank shall pay to the Corporation the amount
rency in the manner prescribed in subsection (e) of of the semiannual assessment it is required to certify*
this section, and any State nonmember bank, upon appli- On or before the 15th day of January of each year
cation to and examinationfc>ythe Corporation and after 1936 each insured bank shall file with the Corapproval by the board of directors, may become an poration a similar certified statement for the six months
insured bank. Before approving the application of any ending on the preceding December 31 and shall pay
such State nonmember bank, the board of directors to the Corporation the amount of the semiannual
shall give consideration to the factors enumerated in assessment it is required to certify.
"(3) Each bank which becomes an insured bank
subsection (g) of this section and shall determine, upon
the basis of a thorough examination of such bank, that according to the provisions of subsection (e) or (f) of
its assets in excess of its capital requirements are ade- this section shall, on or before the 15th day of Novemquate to enable it to meet all its liabilities to depositors ber 1935, file with the Corporation a certified stateand other creditors as shown by the books of the bank. ment under oath showing the amount of the assessment
SEPTEMBER
1935
FEDEBAL RESERVE BULLETIN
due to the Corporation for the period ending December 31, 1935, which shall be an amount equal to the
product of one-third the annual assessment rate
multiplied by the assessment base determined in accordance with paragraph (1) of this subsection, except
that the assessment base shall be the average for the
31 days in the month of October 1935, and payment
shall be made to the Corporation of the amount of the
assessment so required to be certified. Each such
bank shall, on or before the 15th day of January 1936,
file with the Corporation a certified statement under
oath showing the amount of the semiannual assessment due to the Corporation for the period ending
June 30, 1936, which shall be an amount equal to the
product of one-half the annual assessment rate multiplied by the assessment base determined in accordance with paragraph (1) of this subsection, except
that the assessment base shall be the average for the
days of the months of October, November and December of 1935, and payment shall be made to the Corporation of the amount of the assessment so required to be
certified.
"(4) Each bank which becomes an insured bank
after the effective date shall be relieved from complying
with the provisions of paragraph (2) of this subsection
until it has operated as an insured bank for a full semiannual period ending on June 30 or December 31 as
the case may be. Each such bank, on or before the
forty-fifth day after its first day of operation as an
insured bank, shall file with the Corporation its first
certified statement which shall be under oath and
shall show the amount of the assessment base determined in accordance with paragraph (1) of this subsection, except that the assessment base shall be the
average for the first thirty-one calendar days it operates as an insured bank. Each such certified statement shall also show as the amount of the first assessment due to the Corporation the prorated portion (for
the period between its first day of operation as an
insured bank and the next succeeding last day of
June or December, as the case may be) of an amount
equal to the product of one-half the annual assessment
rate multiplied by the base required to be set forth on
its first certified statement. Each bank which becomes
an insured bank after the effective date which has not
operated as an insured bank for a full semiannual
period ending on June 30 or December 31, as the case
may be, shall, on or before the 15th day of the first
month thereafter (except that banks becoming insured
in June or December shall have thirty-one additional
days) file with the Corporation its second certified
statement under oath showing the amount of the assessment base and the amount of the semiannual
assessment due to the Corporation. Such assessment
base and amount shall be determined in accordance
with paragraph (1) of this subsection, except that if
the bank became an insured bank in the month of
December or June the assessment base shall be the
average for the first thirty-one calendar days it operates
as an insured bank, and except that if it became an
insured bank in any other month than December or
June the assessment base shall be the average for the
days between its first day of operation as an insured
bank and the next succeeding last day of June or December, as the case may be. Each bank required to
file a certified statement under this paragraph shall
pay to the Corporation the amount of the assessment
the bank is required to certify.
"(5) Each bank which shall be and continue without application or approval an insured bank in accordance with the provisions of subsection (e) or (f) of this
section, shall, in lieu of all right to refund (except as
605
authorized in paragraph (3) of subsection (i)), be
credited with any balance to which such bank shall
become entitled upon the termination of the said Temporary Federal Deposit Insurance Fund or the Fund
For Mutuals. The credit shall be applied by the
Corporation toward the payment of the assessment
next becoming due from such bank and upon succeeding assessments until the credit is exhausted.
"(6) Any insured bank which fails to file any certified statement required to be filed by it in connection
with determining the amount of any assessment payable by the bank to the Corporation may be compelled
to file such statement by mandatory injunction or
other appropriate remedy in a suit brought for such
purpose by the Corporation against the bank and any
officer or officers thereof in any court of the United
States of competent jurisdiction in the district or territory in which such bank is located.
"(7) The Corporation, in a suit brought at law or
in equity in any court of competent jurisdiction, shall
be entitled to recover from any insured bank the
amount of any unpaid assessment lawfully payable by
such insured bank to the Corporation, whether or not
such bank shall have filed any such certified statement
and whether or not suit shall have been brought to
compel the bank to file any such statement.
"(8) Should any national member bank or any insured national nonmember bank fail to file any certified
statement required to be filed by such bank under any
provision of this subsection, or fail to pay any assessment required to be paid by such bank under any provision of this section, and should the bank not correct
such failure within thirty days after written notice has
been given by the Corporation to an officer of the bank,
citing this paragraph, and stating that the bank has
failed to file or pay as required by law, all the rights,
privileges, and franchises of the bank granted to it
under the National Bank Act or under the provisions
of this Act, as amended, shall be thereby forfeited.
Whether or not the penalty provided in this paragraph
has been incurred shall be determined and adjudged
in the manner provided in the sixth paragraph of
section 2 of this Act, as amended. The remedies provided in this paragraph and in the two preceding paragraphs shall not be construed as limiting any other
remedies against any insured bank, but shall be in
addition thereto.
"(9) Trust funds held by an insured bank in a fiduciary capacity whether held in its trust or deposited
in any other department or in another bank shall be
insured in an amount not to exceed $5,000 for each
trust estate, and when deposited by the fiduciary bank
in another insured bank such trust funds shall be
similarly insured to the fiduciary bank according to
the trust estates represented. Notwithstanding any
other provision of this section, such insurance shall be
separate from and additional to that covering other
deposits of the owners of such trust funds or the beneficiaries of such trust estates: Provided, That where the
fiduciary bank deposits any of such trust funds in
other insured banks, the amount so held by other insured banks on deposit shall not for the purpose of any
certified statement required under paragraph (2), (3),
or (4) of this subsection be considered to be a deposit
liability of the fiduciary bank, but shall be considered
to be a deposit liability of the bank in which such funds
are so deposited by such fiduciary bank. The board
of directors shall have power by regulation to prescribe the manner of reporting and of depositing such
trust funds.
"(i) (1) Any insured bank (except a national member
bank or State member bank) may, upon not less than
606
FEDERAL RESERVE BULLETIN
ninety days' written notice to the Corporation, and to
the Reconstruction Finance Corporation if it owns or
holds as pledgee any preferred stock, capital notes, or
debentures of such bank, terminate its status as an
insured bank. Whenever the board of directors shall
find that an insured bank or its directors or trustees
have continued unsafe or unsound practices in conducting the business of such bank, or have knowingly
or negligently permitted any of its offices or agents to
violate any provision of any law or regulation to which
the insured bank is subject, the board of directors shall
first give to the Comptroller of the Currency in the
case of a national bank or a District bank, to the
authority having supervision of the bank in the
case of a State bank, or to the Board of Governors of
the Federal Reserve System in the case of a State
member bank, a statement with respect to such practices or violations for the purpose of securing the
correction thereof. Unless such correction shall be
made within one hundred and twenty days or such
shorter period of time as the Comptroller of the Currency, the State authority, or Board of Governors of the
Federal Reserve System, as the case may be, shall
require, the board of directors, if it shall determine to
proceed further, shall give to the bank not less than
thirty days' written notice of intention to terminate
the status of the bank as an insured bank, and shall
fix a time and place for a hearing before the board of
directors or before a person designated by it to conduct
such hearing, at which evidence may be produced, and
upon such evidence the board of directors shall , ake
written findings which shall be conclusive. Unless
the bank shall appear at the hearing by a duly authorized representative, it shall be deemed to have
consented to the termination of its status as an insured
bank. If the board of directors shall find that any
violation specified in such notice has been established,
the board of directors may order that the insured
status of the bank be terminated on a date subsequent
to such finding and to the expiration of the time
specified in such notice of intention. The Corporation
may publish notice of such termination and the bank
shall give notice of such termination to each of its
depositors at his last address of record on the books of
the bank, in such manner and at such time as the
board of directors may find to be necessary and may
order for the protection of depositors. After the
termination of the insured status of any bank under
the provisions of this paragraph, the insured deposits
of each depositor in the bank on the date of such
termination, less all subsequent withdrawals from any
deposits of such depositor, shall continue for a period of
two years to be insured, and the bank shall continue
to pay to the Corporation assessments as in the case of
an insured bank during such period. No additions to
any such deposits and no new deposits in such bank
made after the date of such termination shall be
insured by the Corporation, and the bank shall not
advertise or hold itself out as having insured deposits
unless in the same connection it shall also state with
equal prominence that such additions to deposits and
new deposits made after such date are not so insured.
Such bank shal], in all other respects, be subject to the
duties and obligations of an insured bank for the period
of two years from the date of such termination, and in
the event that such bank shall be closed on account of
inability to meet the demands of its depositors within
such period of two years, the Corporation shall have
the same powers and rights with respect to such bank
as in case of an insured bank.
SEPTEMBEB
1935
"(2) Whenever the insured status of a State member bank shall be terminated by action of the board of
directors, the Board of Governors of the Federal Reserve System shall terminate its membership in the
Federal Reserve System in accordance with the provisions of section 9 of this Act, and whenever the
insured status of a national member bank shall be so
terminated the Comptroller of the Currency shall
appoint a receiver for the bank, which shall be the
Corporation whenever the bank shall be unable to
meet the demands of its depositors. Whenever a
member bank shall cease to be a member of the Federal Reserve System, its status as an insured bank
shall, without notice or other action by the board of
directors, terminate on the date the bank shall cease
to be a member of the Federal Reserve System, with
like effect as if its insured status had been terminated
on said date by the board of directors after proceedings under paragraph (1) of this subsection.
"(3) If any nonmember bank which becomes an
insured bank under the provisions of paragraph (1)
of subsection (f) of this section shall elect, within
thirty days after the effective date, not to continue as
an insured bank, and shall within such period give
written notice to the Corporation of its election, in
accordance with regulations to be prescribed by the
board of directors, and to the Reconstruction Finance
Corporation if it owns or holds as pledgee any preferred stock, capital notes, or debentures of such bank,
it shall cease to be an insured bank and cease to be
subject to the provisions of this section and the rights
of the bank (including its right to any refund) shall be
as provided by law existing prior to the effective date.
The board of directors shall cause notice of termination of insurance to be given to the depositors of such
bank by publication or otherwise as the board of directors may determine, and the deposits in such bank
shall continue to be insured for twenty days beyond
such thirty day period.
"(4) Whenever the liabilities of an insured bank for
deposits shall have been assumed by another insured
bank or banks, the insured status of the bank whose
liabilities are so assumed shall terminate on the date
of receipt by the Corporation of satisfactory evidence
of such assumption with like effect as if its insured
status had been terminated on said date by the board
of directors after proceedings under paragraph (1) of
this subsection: Provided, That if the bank whose
liabilities are so assumed gives to its depositors notice
of such assumption within thirty days after such
assumption takes effect, by publication or by any
reasonable means, in accordance with regulations to be
prescribed by the board of directors, the insurance of
its deposits shall terminate at the end of six months
from the date such assumption takes effect, and such
bank shall thereupon be relieved of all future obligations to the Corporation, including the obligation to
pay future assessments.
"(j) Upon the date of enactment of the Banking
Act of 1933, the Corporation shall become a body
corporate and as such shall have power—
" First. To adopt and use a corporate seal.
" Second. To have succession until dissolved by an
Act of Congress.
" Third. To make contracts.
"Fourth. To sue and be sued, complain and defend,
in any court of law or equity, State or Federal. All
suits of a civil nature at common law or in equity to
which the Corporation shall be a party shall be deemed
to arise under the laws of the United States: Pro-
SEPTEMBER
1935
FEDERAL' RESERVE BULLETIN]
vided, That any such suit to which the Corporation is
a party in its capacity as receiver of a State bank and
which involves only the rights or obligations of depositors, creditors, stockholders and such State bank
under State law shall not be deemed to arise under the
laws of the United States. No attachment or execution shall be issued against the Corporation or its
property before final judgment in any suit, action, or
proceeding in any State, county, municipal, or United
States court. The board of directors shall designate
an agent upon whom service of process may be made
in any State, Territory, or jurisdiction in which any
insured bank is located.
" Fifth. To appoint by its board of directors such
officers and employees as are not otherwise provided
for in this section, to define their duties, fix their compensation, require bonds of them and fix the penalty
thereof, and to dismiss at pleasure such officers or
employees. Nothing in this or any other Act shall
be construed to prevent the appointment and compensation as an officer or employee of the Corporation
of any officer or employee of the United States in any
board, commission, independent establishment, or
executive department thereof.
"Sixth. To prescribe by its board of directors, bylaws not inconsistent with law, regulating the manner
in which its general business may be conducted, and
the privileges granted to it by law may be exercised
and enjoyed. •
"Seventh. To exercise by its board of directors, or
duly authorized officers or agents, all powers specifically
granted by the provisions of this section and such incidental powers as shall be necessary to carry out the
powers so granted.
"Eighth. To make examinations of and to require
information and reports from banks, as provided in
this section.
"Ninth. To act as receiver.
"Tenth. To prescribe by its board of directors such
rules and regulations as it may deem necessary to
carry out the provisions of this section.
"(k) (1) The board of directors shall administer
the affairs of the Corporation fairly and impartially
and without discrimination. The board of directors
of the Corporation shall determine and prescribe the
manner in which its obligations shall be incurred and
its expenses allowed and paid. The Corporation shall
be entitled to the free use of the United States mails
in the same manner as the executive departments of
the Government. The Corporation with the consent
of any Federal Reserve bank or of any board, commission, independent establishment, or executive department of the Government, including any field service
thereof, may avail itself of the use of information,
services, and facilities thereof in carrying out the provisions of this section.
"(2) The board of directors shall appoint examiners
who shall have power, on behalf of the Corporation,
to examine any insured State nonmember bank (except
a District bank), any State nonmember bank making
application to become an insured bank, and any closed
insured bank, whenever in the judgment of the board
of directors an examination of the bank is necessary.
Such examiners shall have like power to examine,
with the written consent of the Comptroller of the
Currency, any national bank or District bank, and,
with the written consent of the Board of Governors of
the Federal Reserve System, any State member bank.
Each such examiner shall have power to make a thorough examination of all the affairs of the bank and
in doing so he shall have power to administer oaths
607
and to examine and take and preserve the testimony
of any of the officers and agents thereof, and shall
make a full and detailed report of the condition of the
bank to the Corporation. The board of directors in
like manner shall appoint claim agents who shall have
power to investigate and examine all claims for insured
deposits and transferred deposits. Each claim agent
shall have power to administer oaths and to examine
under oath and take and preserve the testimony of
any persons relating to such claims. The provisions
of sections 184 to 186 (both inclusive) of the Revised
Statutes (U. S. C., title 5, sees. 94 to 96) are hereby
extended to examinations and investigations authorized
by this paragraph.
"(3) Each insured State nonmember bank (except
a District bank) shall make to the Corporation reports
of condition in such form and at such times as the
board of directors may require. The board of directors may require such reports to be published in such
manner, not inconsistent with any applicable law, as
it may direct. Every such bank which fails to make
or publish any such report within such time, not less
than five days, as the board of directors may require,
shall be subject to a penalty of not more than $100
for each day of such failure recoverable by the Corporation for its use.
"(4) The Corporation shall have access to reports
of examinations made by, and reports of condition
made to, the Comptroller of the Currency or any
Federal Reserve bank, may accept any report made
by or to any commission, board, or authority having
supervision of a State nonmember bank (except a
District bank), and may furnish to the Comptroller
of the Currency, to any Federal Reserve bank, and to
any such commission, board, or authority, reports of
examinations made on behalf of, and reports of condition made to, the Corporation.
"(1) (1) The Temporary Federal Deposit Insurance
Fund and the Fund For Mutuals heretofore created
pursuant to the provisions of this section are hereby
consolidated into a Permanent Insurance Fund for
insuring deposits, and the assets therein shall be held
by the Corporation for the uses and purposes of the
Corporation: Provided, That the obligations to and
rights of the Corporation, depositors, banks, and other
persons arising out of any event or transaction prior
to the effective date shall remain unimpaired. On and
after the effective date, the Corporation shall insure
the deposits of all insured banks as provided in this
section: Provided, That the insurance shall apply only
to deposits of insured banks which have been made
available since March 10, 1933, for withdrawal in the
usual course of the banking business: Provided further,
That if any insured bank shall, without the consent of
the Corporation, release or modify restrictions on or
deferments of deposits which had not been made available for withdrawal in the usual course of the banking
business on or before the effective date, such deposits
shall not be insured. The maximum amount of the
insured deposit of any depositor shall be $5,000. The
Corporation, in the discretion of the board of directors,
may open on its books solely for the benefit of mutual
savings banks and depositors therein a separate Fund
For Mutuals. If such Fund is opened, all assessments
upon mutual savings banks shall be paid into such
Fund and the Permanent Insurance Fund of the Corporation shall cease to be liable for insurance losses sustained in mutual savings banks: Provided, That the
capital assets of the Corporation shall be so liable and
all expenses of operation of the Corporation shall be
allocated between such Funds on an equitable basis.
608
FEDERAL RESERVE BULLETIN
SEPTEMBER
1935
'(2) For the purposes of this section, an insured of such depositor on the same basis as provided in the
bank shall be deemed to have been closed on account of case of a closed national bank under this section shall
inability to meet the demands of its depositors in any have been recognized either by express provision of
case in which it has been closed for the purpose of liqui- State law, by allowance of claims by the authority
dation without adequate provision being made for pay- having supervision of such bank, by assignment of
claims by depositors, or by any other effective method.
ment of its depositors.
"(3) Notwithstanding any other provision of law, In the case of any closed insured bank, such subrogation
whenever any insured national bank or insured District shall include the right on the part of the Corporation
bank shall have been closed by action of its board of to receive the same dividends from the proceeds of the
directors, or by the Comptroller of the Currency, as assets of such closed bank and recoveries on account
the case may be, on account of inability to meet the of stockholders' liability as would have been payable
demands of its depositors, the Comptroller of the Cur- to the depositor on a claim for the insured deposit, but
rency shall appoint the Corporation receiver for such such depositor shall retain his claim for any uninsured
closed bank, and no other person shall be appointed as portion of his deposit: Provided, That the rights of
depositors and other creditors of any State bank shall
receiver of such closed bank.
"(4) It shall be the duty of the Corporation as such be determined in accordance with the applicable proreceiver to realize upon the assets of such closed bank, visions of State law.
"(8) As soon as possible after the closing of an inhaving due regard to the condition of credit in the locality; to enforce the individual liability of the stockholders sured bank, the Corporation, if it finds that it is adand directors thereof; and to wind up the affairs of such visable and in the interest of the depositors of the closed
closed bank in conformity with the provisions of law bank or the public, shall organize a new national bank
relating to the liquidation of closed national banks, to assume the insured deposits of such closed bank and
except as herein otherwise provided. The Corporation otherwise to perform temporarily the functions hereinshall retain for its own account such portion of the after provided for. The new bank shall have its place
amounts realized from such liquidation as it shall be of business in the same community as the closed bank.
" (9) The articles of association and the organization
entitled to receive on account of its subrogation to the
claims of depositors, and it shall pay to depositors and certificate of the new bank shall be executed by repreother creditors the net amounts available for distribu- sentatives designated by the Corporation. No capital
tion to them. With respect to any such closed bank, stock need be paid in by the Corporation. The new
the Corporation as such receiver shall have all the bank shall not have a board of directors, but shall be
rights, powers, and privileges now possessed by or here- managed by an executive officer appointed by the board
after granted by law to a receiver of an insolvent of directors of the Corporation who shall be subject to
its directions. In all other respects the new bank shall
national bank.
"(5) Whenever any insured State bank (except a be organized in accordance with the then existing proDistrict bank) shall have been closed by action of its visions of law relating to the organization of national
board of directors or by the authority having super- banking associations. The new bank may, with the
vision of such bank, as the case may be, on account of approval of the Corporation, accept new deposits which
inability to meet the demands of its depositors, the shall be subject to withdrawal on demand and which,
Corporation shall accept appointment as receiver except where the new bank is the only bank in the
thereof, if such appointment is tendered by the author- community, shall not exceed $5,000 from any depositor.
ity having supervision of such bank and is authorized The new bank, without application to or approval by
or permitted by State law. With respect to any such the Corporation, shall be an insured bank and shall
insured State bank, the Corporation as such receiver maintain on deposit with the Federal Reserve bank of
shall possess all the rights, powers and privileges its district reserves in the amount required by law for
member banks, but it shall not be required to subscribe
granted by State law to a receiver of a State bank.
"(6) Whenever an insured bank shall have been for stock of the Federal Reserve bank. Funds of the
closed on account of inability to meet the demands of new bank shall be kept on hand in cash, invested in
its depositors, payment of the insured deposits in such obligations of the United States, or in obligations
bank shall be made by the Corporation as soon as guaranteed as to principal and interest by the United
possible, subject to the provisions of paragraph (7) of States, or deposited with the Corporation, with a
this subsection, either (A) by making available to each Federal Reserve bank, or, to the extent of the insurance
depositor a transferred deposit in a new bank in the coverage thereon, with an insured bank. The new
same community or in another insured bank in an bank, unless otherwise authorized by the Comptroller
amount equal to the insured deposit of such depositor of the Currency, shall transact no business except that
and subject to withdrawal on demand, or (B) in such authorized by this section and as may be incidental to
other manner as the board of directors may prescribe: its organization. Notwithstanding any other provision
Provided, That the Corporation, in its discretion, may of law the new bank, its franchise, property, and income
require proof of claims to be filed before paying the shall be exempt from all taxation now or hereafter
insured deposits, and that in any case where the Cor- imposed by the United States, by any Territory,
poration is not satisfied as to the validity of a claim dependency, or possession thereof, or by any State,
for an insured deposit, it may require the final deter- county, municipality, or local taxing authority.
"(10) Upon the organization of a new bank, the
mination of a court of competent jurisdiction before
Corporation shall promptly make available to it an
paying such claim.
" (7) In the case of a closed national bank or District amount equal to the estimated insured deposits of
bank, the Corporation, upon the payment of any deposi- such closed bank plus the estimated amount of the
tor as provided in paragraph (6) of this subsection, shall expenses of operating the new bank, and shall deterbe subrogated to all rights of the depositor against the mine as soon as possible the amount due each depositor
closed bank to the extent of such payment. In the for his insured deposit in the closed bank, and the total
case of any other closed insured bank, the Corporation expenses of operation of the new bank. Upon such
shall not make any payment to any depositor until the determination, the amounts so estimated and made
right of the Corporation to be subrogated to the rights available shall be adjusted to conform to the amounts
-SEPTEMBER
1935
FEDERAL RESERVE BULLETIN
so determined. Earnings of the new bank shall be
paid over or credited to the Corporation in such adjustment. If any new bank, during the period it continues
its status as such, sustains any losses with respect to
which it is not effectively protected except by reason
of being an insured bank, the Corporation shall furnish
to it additional funds in the amount of such losses. The
new bank shall assume as transferred deposits the payment of the insured deposits of such closed bank to
each of it* depositors. Of the amounts so made available, the Corporation shall transfer to the new bank,
in cash, such sums as may be necessary to enable it
to meet its expenses of operation and immediate cash
demands on such transferred deposits, and the remaindoi of such amounts shall be subject to withdrawal by the new bank on demand.
"(11) Whenever in the judgment of the board of
directors it is desirable to do so, the Corporation shall
cause capital stock of the new bank to be offered for
sale on such terms and conditions as the board of
directors shall deem advisable in an amount sufficient,
in the opinion of the board of directors, to make possible
the conduct of the business of the new bank on a sound
basis, but in no event less than that required by section
5138 of the Revised Statutes, as amended (U. S. C,
Supp. VII, title 12, sec. 51), for the organization of a
national bank in the place where such new bank is
located. The stockholders of the closed insured bank
shall be given the first opportunity to purchase any
shares of common stock so offered. Upon proof that
an adequate amount of capital stock in the new bank
has been subscribed and paid for in cash, the Comptroller of the Currency shall require the articles of
association and the organization certificate to be
amended to conform to the requirements for the
organization of a national bank, and thereafter, when
the requirements of law with respect to the organization
of a national bank have been complied with, he shall
issue to the bank a certificate of authority to commence
business, and thereupon the bank shall cease to have
the status of a new bank, shall be managed by directors
elected by its own shareholders and may exercise all
the powers granted by law, and it shall be subject to
all the provisions of law relating to national banks.
Such bank shall thereafter be an insured national bank,
without certification to or approval by the Corporation.
"(12) If the capital stock of the new bank is not
offered for sale, or if an adequate amount of capital
for such new bank is not subscribed and paid for, the
board of directors may offer to transfer its business to
any insured bank in the same community which
will take over its assets, assume its liabilities, and pay
to the Corporation for such business such amount as
the board of directors may deem adequate; or the
board of directors in its discretion may change the
location of the new bank to the office of the Corporation or to some other place or may at any time wind up
its affairs as herein provided. Unless the capital stock
of the new bank is sold or its assets are taken over and
its liabilities are assumed by an insured bank as above
provided within two years from the date of its organization, the Corporation shall wind up the affairs of
such bank, after giving such notice, if any, as the
Comptroller of the Currency may require, and shall
•certify to the Comptroller of the Currency the termination of the new bank. Thereafter the Corporation
shall be liable for the obligations of such bank and
shall be the owner of its assets. The provisions of
sections 5220 and 5221 of the Revised Statutes (U. S. C,
i So in original.
609
title 12, sees. 181 and 182) shall not apply to such
new banks.
"(m) (1) The Corporation as receiver of a closed
national bank or District bank shall not be required to
furnish bond and shall have the right to appoint an
agent or agents to assist it in its duties as such receiver, and all fees, compensation, and expenses of
liquidation and administration thereof shall be fixed
by the Corporation, subject to the approval of the
Comptroller of the Currency, and may be paid by it
out of funds coming into its possession as such receiver.
The Comptroller of the Currency is authorized and
empowered to waive and relieve the Corporation from
complying with any regulations of the Comptroller
of the Currency with respect to receiverships where
in his discretion such action is deemed advisable to
simplify administration.
"(2) Payment of an insured deposit to any person
by the Corporation shall discharge the Corporation,
and payment of a transferred deposit to any person by
the new bank or by an insured bank in which a transferred deposit has been made available shall discharge
the Corporation and such new bank or other insured
bank, to the same extent that payment to such person
by the closed bank would have discharged it from
liability for the insured deposit.
" (3) Except as otherwise prescribed by the board of
directors, neither the Corporation nor such new bank
or other insured bank shall be required to recognize as
the owner of any portion of a deposit appearing on the
records of the closed bank under a name other than
that of the claimant, any person whose name or interest
as such owner is not disclosed on the records of such
closed bank as part owner of said deposit, if such
recognition would increase the aggregate amount of
the insured deposits in such closed bank.
'' (4) The Corporation may withhold payment of
such portion of the insured deposit of any depositor in
a closed bank as may be required to provide for the
payment of any liability of such depositor as a stockholder of the closed bank, or of any liability of such
depositor to the closed bank or its receiver, which is
not offset against a claim due from such bank, pending
the determination and payment of such liability by
such depositor or any other person liable therefor.
'' (5) If, after the Corporation shall have given at
least three months' notice to the depositor by mailing
a copy thereof to his last known address appearing on
the records of the closed bank, any depositor in the
closed bank shall fail to claim his insured deposit from
the Corporation within eighteen months after the
appointment of the receiver for the closed bank, or
shall fail within such period to claim or arrange to
continue the transferred deposit with the new bank or
with the other insured bank which assumes liability
therefor, all rights of the depositor against the Corporation with respect to the insured deposit, and
against the new bank and such other insured bank with
respect to the transferred deposit, shall be barred, and
all rights of the depositor against the closed bank and
its shareholders, or the receivership estate to which
the Corporation may have become subrogated, shall
thereupon revert to the depositor. The amount of
any transferred deposits not claimed within such
eighteen months' period, shall be refunded to the
Corporation.
" (n) (1) Money of the Corporation not otherwise
employed shall be invested in obligations of the United
States or in obligations guaranteed as to principal and
interest by the United States, except that for tern-
610
FEDERAL RESERVE BULLETIN
porary periods, in the discretion of the board of directors, funds of the Corporation may be deposited in any
Federal Reserve bank or with the Treasurer of the
United States. When designated for that purpose by
the Secretary of the Treasury, the Corporation shall be
a depositary of public moneys, except receipts from
customs, under such regulations as may be prescribed
by the said Secretary, and may also be employed as a
financial agent of the Government. It shall perform
all such reasonable duties as depositary of public
moneys and financial agent of the Government as
may be required of it.
"(2) Nothing contained in this section shall be
construed to prevent the Corporation from making
loans to national banks closed by action of the Comptroller of the Currency, or by vote of their directors,
or to State member banks closed by action of the
appropriate State authorities, or by vote of their
directors, or from entering into negotiations to secure
the reopening of such banks.
"(3) Receivers or liquidators of insured banks
closed on account of inability to meet the demands of
their depositors shall be entitled to offer the assets of
such banks for sale to the Corporation or as security
for loans from the Corporation, upon receiving permission from the appropriate State authority in accordance
with express provisions of State law in the case of
insured State banks, or from the Comptroller of the
Currency in the case of national banks or District
banks. The proceeds of every such sale or loan shall
be utilized for the same purposes and in the same
manner as other funds realized from the liquidation of
the assets of such banks. The Comptroller of the
Currency may, in his discretion, pay dividends on
proved claims at any time after the expiration of the
period of advertisement made pursuant to section 5235
of the Revised Statutes (U. S. C, title 12, sec. 193),
and no liability shall attach to the Comptroller of the
Currency or to the receiver of any national bank by
reason of any such payment for failure to pay dividends
to a claimant whose claim is not proved at the time of
any such payment. The Corporation, in its discretion,
may make loans on the security of or may purchase and
liquidate or sell any part of the assets of an insured
bank which is now or may hereafter be closed on
account of inability to meet the demands of its depositors, but in any case in which the Corporation is acting
as receiver of a closed insured bank, no such loan or
purchase shall be made without the approval of a
court of competent jurisdiction.
"(4) Until July 1, 1936, whenever in the judgment
of the board of directors such action will reduce the
risk or avert a threatened loss to the Corporation and
will facilitate a merger or consolidation of an insured
bank with another insured bank, or will facilitate the
sale of the assets of an open or closed insured bank to
and assumption of its liabilities by another insured
bank, the Corporation may, upon such terms and
conditions as it may determine, make loans secured in
whole or in part by assets of an open or closed insured
bank, which loans may be in subordination to the rights
of depositors and other creditors, or the Corporation
may purchase any such assets or may guarantee any
other insured bank against loss by reason of its assuming the liabilities and purchasing the assets of an open
or closed insured bank. Any insured national bank or
District bank, or, with the approval of the Comptroller
of the Currency, any receiver thereof, is authorized to
contract for such sales or loans and to pledge any
assets of the bank to secure such loans.
"(o) (1) The Corporation is authorized and empowered to issue and to have outstanding its notes,
SEPTEMBER
1935
debentures, bonds, or other such obligations, in a par
amount aggregating not more than three times the
amount received by the Corporation Li payment of its
capital stock and in payment of the assessments upon
insured banks for the year 1936. The notes, debentures, bonds, and other such obligations issued under
this subsection shall be redeemable at the option of the
Corporation before maturity in such manner as may
be stipulated in such obligations, and shall bear such
rate or rates of interest, and shall mature at such time
or times, as may be determined by the Corporation:
Provided, That the Corporation may sell on a discount
basis short-term obligations payable at maturity without interest. The notes, debentures, bonds, and other
sujh obligations of the Corporation may be secured by
assets of the Corporation in such manner as shall be
prescribed by its board of directors. Such obligations
may be offered for sale at such price or prices as the
Corporation may determine.
" (2) The Secretary of the Treasury, in his discretion,
is authorized to purchase any obligations of tne Corporation to be issued hereunder, and for such purpose
the Secretary of the Treasury is authorized to use as a
public-debt transaction the proceeds of the sale of any
securities hereafter issued under the Second Liberty
Bond Act, as amended, and the purposes for which
securities may be issued under the Second Liberty
Bond Act, as amended, are extended to include such
purchases: Provided, That if the Reconstruction Finance Corporation fails tor any reason to purchase any
of the obligations of the Corporation as provided in
subsection (b) of section 5e of the Reconstruction
Finance Corporation Act, as amended, the Secretary
of the Treasury is authorized and directed to purchase
such obligations in an amount equal to the amount of
such obligations the Reconstruction Finance Corporation so fails to purchase: Provided further, That the
Secretary of the Treasury is authorized and directed,
whenever in the judgment of the board of directors of
the Corporation additional funds are required for
insurance purposes, to purchase obligations of the
Corporation in an additional amount of not to exceed
$250,000,000 par value: Provided further, That the proceeds derived from the purchase by the Secretary of
the Treasury of any such obligations shall be used by
the Corporation solely in carrying out its functions
with respect to such insurance. The Secretary of the
Treasury may, at any time, sell any of the obligations
of the Corporation acquired by him under this subsection. All redemptions, purchases, and sales by the
Secretary of the Treasury of the obligations of the
Corporation shall be treated as public-debt transactions of the United States.
"(p) All notes, debentures, bonds, or other such
obligations issued by the Corporation shall be exempt,
both as to principal and interest, from all taxation
(except estate and inheritance taxes) now or hereafter
imposed by the United States, by any Territory, dependency, or possession thereof, or by any State,
county, municipality, or local taxing authority. The
Corporation, including its franchise, its capital, reserves,
and surplus, and its income, shalJ be exempt from all
taxation now or hereafter imposed by the United
States, by any Territory, dependency, or possession
thereof, or by any State, county, municipality, or local
taxing authority, except that any real property of the
Corporation shall be subject to State, Territorial,
county, municipal, or local taxation to the same extent
according to its value as the other real property is
taxed.
" (q) In order that the Corporation may be supplied
with such forms of notes, debentures, bonds, or other
SEPTEMBER
1935
FEDERAL RESERVE BULLETIN
such obligations as it may need for issuance under this
Act, the Secretary of the Treasury is authorized to
prepare such forms as shall be suitable and approved
by the Corporation, to be held in the Treasury subject
to delivery, upon order of the Corporation. The
engraved plate, dies, bed pieces, and other material
executed in connection therewith shall remain in the
custody of the Secretary of the Treasury. The Corporation shall reimburse the Secretary of the Treasury
for any expenses incurred in the preparation, custody,
and delivery of such notes, debentures, bonds, or other
such obligations.
"(r) The Corporation shall annually make a report
of its operations to the Congress as soon as practicable
after the 1st day of January in each year.
" (s) Whoever, for the purpose of obtaining any loan
from the Corporation, or any extension or renewal
thereof, or the acceptance, release, or substitution of
security therefor, or for the purpose or inducing the
Corporation to purchase any assets, or for the purpose
of obtaining the payment of any insured deposit or
transferred deposit or the allowance, approval, or
payment of any claim, or for the purpose of influencing
in any way the action of the Corporation under this
section, makes any statement, knowing it to be false, or
willfully overvalues any security, shall be punished by
a fine of not more than $5,000, or by imprisonment for
not more than two years or both.
"(t) Whoever (1) falsely makes, forges, or counterfeits any obligation or coupon, in imitation of or
purporting to be an obligation or coupon issued by the
Corporation, or (2) passes, utters, or publishes, or
attempts to pass, utter, or publish, any false, forged, or
counterfeited obligation or coupon purporting to have
been issued by the Corporation, knowing the same to
be false, forged, or counterfeited, or (3) falsely alters
any obligation or coupon issued or purporting to have
been issued by the Corporation, or (4) passes, utters,
or publishes, or attempts to pass, utter, or publish, as
true, any falsely altered or spurious obligation or
coupon, issued or purporting to have been issued by
the Corporation, knowing the same to be falsely altered
or spurious, shall be punished by a fine of not more than
$10,000, or by imprisonment for not more than five
years, or both.
" (u) Whoever, being connected in any capacity
with the Corporation, (1) embezzles, abstracts, purloins, or willfully misapplies any moneys, funds,
securities, or other things of value/whether belonging
to it or pledged, or otherwise entrusted to it, or (2)
with intent to defraud the Corporation or any other
body, politic or corporate, or any individual, or to
deceive any officer, auditor, or examiner of the Corporation, makes any false entry in any book, report,
or statement of or to the Corporation, or without being duly authorized drawls any order or issues, puts
forth, or assigns any note, debenture, bond, or other
such obligation, or draft, bill of exchange, mortgage,
judgment, or decree thereof, shall be punished by a
fine of not more than $10,000, or by imprisonment for
not more than five years, or both.
" (v) (1) No individual, association, partnership, or
corporation shall use the words 'Federal Deposit Insurance Corporation', or a combination of any three of
these four words, as the name or a part thereof under
which he or it shall do business. No individual, association, partnership, or corporation shall advertise or
otherwise represent falsely by any device whatsoever
that his or its deposit liabilities are insured or in anywise guaranteed by the Federal Deposit Insurance
Corporation or by the United States or any instru-
611
mentality thereof; and no insured bank shall advertise
or otherwise represent falsely by any device whatsoever the extent to which or the manner in which its
deposit liabilities are insured by the Federal Deposit
Insurance Corporation. Every individual, partnership, association, or corporation violating this subsection shall be punished by a fine of not exceeding
$1,000, or by imprisonment not exceeding one year, or
both.
"(2) Every insured bank shall display at each place
of business maintained by it a sign or signs, and shall
include in advertisements relating to deposits a statement to the effect that its deposits are insured by the
Corporation. The board of directors shall prescribe
by regulation the forms of such signs and the manner of
display and the substance of such statements and the
manner of use. For each day an insured bank continues to violate any provision of this paragraph or
any lawful provision of said regulations, it shall be
subject to a penalty of not more than $100, recoverable by the Corporation for its use.
u
(3) No insured bank shall pay any dividends on its
capital stock or interest on its capital notes or debentures (of such interest is required to be paid only out
of net profits) while it remains in default in the payment of any assessment due to the Corporation; and
any director or officer of any insured bank who participates in the declaration or payment of any such dividend shall, upon conviction, be fined not more tl an
$1,000, or imprisoned not more than one year, or both:
Provided, That if such default is due to a dispute between the insured bank and the Corporation over the
amount of such assessment, this paragraph shall not
apply, if such bank shall deposit security satisfactory
to the Corporation for payment upon final determination of the issue.
" (4) Unless, in addition to compliance with other
provisions of law, it shall have the prior written consent of the Corporation, no insured bank shall enter
into any consolidation or merger with any noninsured
bank, or assume liability to pay any deposits made in
any noninsured bank, or transfer assets to any noninsured bank in consideration of the assumption of
liability for any portion of the deposits made in such
insured bank, and no insured State nonmember bank
(except a District bank) without such consent shall
reduce the amount or retire any part of its common or
preferred capital stock, or retire any part of its capital
notes or debentures.
" (5) No State nonmember insured bank (except a
District bank) shall establish and operate any new
branch after thirty days after the effective date unless
it shall have the prior written consent of the Corporation, and no branch of any State nonmember insured
bank shall be moved from one location to another after
thirty days after the effective date without such consent. The factors to be considered in granting or withholding the consent of the Corporation under this
paragraph shall be those enumerated in subsection (g)
of this section.
"(6) The Corporation may require any insured
bank to provide protection and indemnity against
burglary, defalcation, and other similar msurable losses.
Whenever any insured bank refuses to comply with
any such requirement the Corporation may contract
for such protection and indemnity and add the cost
thereof to the assessment otherwise payable by such
bank.
" (7) Whenever any insured bank (except a national
bank or a District bank), after written notice of the
recommendations of the Corporation based on a
612
FEDERAL RESERVE BULLETIN
report of examination of such bank by an examiner of
the Corporation, shall fail to comply with such recommendations within one hundred and twenty days after
such notice, the Corporation shall have the power, and
is hereby authorized, to publish only such part of such
report of examination as relates to any recommendation not complied with: Provided, That notice of
intention to make such publication shall be given to
the bank at least ninety days before such publication
is made.
"(8) The board of directors shall by regulation prohibit the payment of interest on demand deposits in
insured nonmember banks and for such purpose it may
define the term ldemand deposits'; but such exceptions
from this prohibition shall be made as are now or may
hereafter be prescribed with respect to deposits payable
on demand in member banks by section 19 of this Act,
as amended, or by regulation of the Board of Governors
of the Federal Reserve System. The board of directors
shall from time to time limit by regulation the rates of
interest or dividends which may be paid by insured
nonmember banks on time and savings deposits, but
such regulations shall be consistent with the contractual
obligations of such banks to their depositors. For the
purpose of fixing such rates of interest or dividends, the
board of directors shall by regulation prescribe different
rates for such payment on time and savings deposits
having different maturities, or subject to different
conditions respecting withdrawal or repayment, or
subject to different conditions by reason of different
locations, or according to the varying discount rates of
member banks in the several Federal Reserve districts.
The board of directors shall by regulation define what
constitutes time and savings deposits in an insured
nonmember bank. Such regulations shall prohibit
any insured nonmember bank from paying any time
deposit before its maturity except upon such conditions
and in accordance with such rules and regulations as
may be prescribed by the board of directors, and from
waiving any requirement of notice before payment of
any savings deposit except as to all savings deposits
having the same requirement. For each violation of
any provision of this paragraph or any lawful provision
of such regulations relating to the payment of interest
or dividends on deposits or to withdrawal of deposits,
the offending bank shall be subject to a penalty or 1
not more than $100, recoverable by the Corporation
for its use.
"(w) The provisions of sections 112, 113, 114, 115,
116, and 117 of the Criminal Code of the United States
(U. S. C , title 18, ch. 5, sees. 202 to 207, inclusive),
insofar as applicable, are extended to apply to contracts
or agreements with the Corporation under this section,
which for the purposes hereof shall be held to include
loans, advances, extensions, and renewals thereof, and
acceptances, releases, and substitutions of security
therefor, purchases or sales of assets, and all contracts
and agreements pertaining to the same.
"(x) The Secret Service Division of the Treasury
Department is authorized to detect, arrest, and deliver
into the custody of the United States marshal having
jurisdiction any person committing any of the offenses
punishable under this section.
"(y) (1) No State bank which during the calendar
year 1941 or any succeeding calendar year shall have
average deposits of $1,000,000 or more shall be an
insured bank or continue to have any part of its deposits
insured after July 1 of the year following any such
calendar year during which it shall have had such
amount of average deposits, unless such bank shall be
i So in original.
SEPTEMBER
1935
a member of the Federal Reserve System: Provided,
That for the purposes of this paragraph the term ' State
bank' shall not include a savings bank, a mutual savings
bank, a Morris Plan bank or other incorporated banking
institution engaged only in a business similar to that
transacted by Morris Plan banks, a State trust company
doing no commercial banking business, or a bank located
in Hawaii, Alaska, Puerto Rico, or the Virgin Islands.
" (2) It is not the purpose of this section to discriminate, in any manner, against State nonmember, and in
favor of, national or member banks; but the purpose is
to provide all banks with the same opportunity to
obtain and enjoy the benefits of this section. No bank
shall be discriminated against because its capital stock
is less than the amount required for eligibility for
admission into the Federal Reserve System.
"(z) The provisions of this section limiting the insurance of the deposits of any depositor to a maximum
less than the full amount shall be independent and
separable from each and all of the provisions of this
section."
TITLE II—-AMENDMENTS TO THE FEDERAL
RESERVE ACT
SECTION 201. Paragraph "Fifth" of section 4 of the
Federal Reserve Act, as amended, is amended, effective
March 1, 1936, to read as follows:
"Fifth. To appoint by its board of directors a president, vice presidents, and such officers and employees
as are not otherwise provided for in this Act, to define
their duties, require bonds for them and fix the penalty
thereof, and to dismiss at pleasure such officers or
employees. The president shall be the chief executive
officer of the bank and shall be appointed by the board
of directors, with the approval of the Board of Governors of the Federal Reserve System, for a term of five
years; and all other executive officers and all employees
of the bank shall be directly responsible to him. The
first vice president of the bank shall be appointed in
the same manner and for the same term as the president, and shall, in the absence or disability of the
president or during a vacancy in the office of president,
serve as chief executive officer of the bank. Whenever
a vacancy shall occur in the office of the president or
the first vice president, it shall be filled in the manner
provided for original appointments; and the person so
appointed shall hold office until the expiration of the
term of his predecessor."
SEC. 202. Section 9 of the Federal Reserve Act, as
amended, is amended by inserting after the tenth
paragraph thereof the following new paragraph:
" I n order to facilitate the admission to membership
in the Federal Reserve System of any State bank which
is required under subsection (y) of section 12B of this
Act to become a member of the Federal Reserve
System in order to be an insured bank or continue to
have any part of its deposits insured under such
section 12B, the Board of Governors of the Federal
Reserve System may waive in whole or in part the
requirements of this section relating to the admission
of such bank to membership: Provided, That, if such
bank is admitted with a capital less than that required
for the organization of a national bank in the same
place and its capital and surplus are not, in the judgment of the Board of Governors of the Federal Reserve
System, adequate in relation to its liabilities to depositors and other creditors, the said Board may, in its
discretion, require such bank to increase its capital
and surplus to such amount as the Board may deem
necessary within such period prescribed by the Board
SEPTEMBER
1935
FEDERAL RESERVE BULLETIN
as in its judgment shall be reasonable in view of all the
circumstances: Provided, however, That no such bank
shall be required to increase its capital to an amount
in excess of that required for the organization of a
national bank in the same place."
SEC. 203. (a) Hereafter the Federal Reserve Board
shall be known as the " Board of Governors of the
Federal Reserve System", and the governor and the
vice governor of the Federal Reserve Board shall be
known as the "chairman" and the "vice chairman",
respectively, of the Board of Governors of the Federal
Reserve System.
(b) The first two paragraphs of section 10 of the
Federal Reserve Act, as amended, are amended to
read as follows:
"SEC. 10. The Board of Governors of the Federal
Reserve System (hereinafter referred to as the 'Board')
shall be composed of seven members, to be appointed
by the President, by and with the advice and consent
of the Senate, after the date of enactment of the
Banking Act of 1935, for terms of fourteen years except
as hereinafter provided, but each appointive member
of the Federal Reserve Board in office on such date
shall continue to serve as a member of the Board until
February 1, 1936, and the Secretary of the Treasury
and the Comptroller of the Currency shall continue to
serve as members of the Board until February 1, 1936.
In selecting the members of the Board, not more than
one of whom shall be selected from any one Federal
Reserve district, the President shall have due regard
to a fair representation of the financial, agricultural
industrial, and commercial interests, and geographical
divisions of the country. The members of the Board
shall devote their entire time to the business of the
Board and shall each receive an annual salary of
$15,000, payable monthly, together with actual necessary traveling expenses.
"The members of the Board shall be ineligible during
the time they are in office and for two years thereafter
to hold any office, position, or employment in any
member bank, except that this restriction shall not
apply to a member who has served the full term for
which he was appointed. Upon the expiration of the
term of any appointive member of the Federal Reserve
Board in office on the date of enactment of the Banking
Act of 1935, the President shall fix the term of the
successor to such member at not to exceed fourteen
years, as designated by the President at the time of
nomination, but in such manner as to provide for the
expiration of the term of not more than one member
in any two-year period, and thereafter each member
shall hold office for a term of fourteen years from the
expiration of the term of his predecessor, unless sooner
removed for cause by the President. Of the persons
thus appointed, one shall be designated by the President as chairman and one as vice chairman of the Board,
to serve as such for a term of four years. The chairman
of the Board, subject to its supervision, shall be its
active executive officer. Each member of the Board
shall within fifteen days after notice of appointment
make and subscribe to the oath of office. Upon the
expiration of their terms of office, members of the
Board shall continue to serve until their successors
are appointed and have qualified. Any person appointed as a member of the Board after the date of
enactment of the Banking Act of 1935 shall not be
eligible for reappointment as such member after he
shall have served a full term of fourteen years."
(c) The fourth paragraph of section 10 of the Federal
Reserve Act, as amended, is amended by striking out
the second, third, and fourth sentences thereof and
613
inserting in lieu thereof the following: " A t meetings
of the Board the chairman shall preside, and, in his
absence, the vice chairman shall preside. In the
absence of the chairman and the vice chairman, the
Board shall elect a member to act as chairman pro
tempore."
(d) Section 10 of the Federal Reserve Act, as
amended, is further amended by adding at the end
thereof the following new paragraph:
"The Board of Governors of the Federal Reserve
System shall keep a complete record of the action taken
by the Board and by the Federal Open Market Committee upon all questions of policy relating to open-market
operations and shall record therein the votes taken in
connection with the determination of open-market
policies and the reasons underlying the action of the
Board and the Committee in each instance. The
Board shall keep a similar record with respect to all
questions of policy determined by the Board, and shall
include in its annual report to the Congress a full
account of the action so taken during the preceding
year with respect to open-market policies and operations and with respect to the policies determined by it
and shall include in such report a copy of the records
required to be kept under the provisions of this paragraoh."
SEC. 204. Section 10 (b) of the Federal Reserve Act,
as amended, is amended to read as follows:
" S E C . 10 (b). Any Federal Reserve bank, under
rules and regulations prescribed by the Board of
Governors of the Federal Reserve System, may make
advances to any member bank on its time or demand
notes having maturities of not more than four months
and which are secured to the satisfaction of such
Federal Reserve bank. Each such note shall bear
interest at a rate not less than one-half of 1 per centum
per annum higher than the highest discount rate in
effect at such Federal Reserve bank on the date of such
note."
SEC. 205. Section 12A of the Federal Reserve Act,
as amended, is amended, effective March 1, 1936, to
read as follows:
" S E C . 12A. (a) There is hereby created a Federal
Open Market Committee (hereinafter referred to as
the 'Committee'), which shall consist of the members
of the Board of Governors of the Federal Reserve
System and five representatives of the Federal Reserve
banks to be selected as hereinafter provided. Such
representatives of the Federal Reserve banks shall be
elected annually as follows: One by the boards of directors of the Federal Reserve Banks of Boston and
New York, one by the boards of directors of the Federal
Reserve Banks of Philadelphia and Cleveland, one by
the boards of directors of the Federal Reserve Banks of
Chicago and Saint Louis, one by the boards of directors
of the Federal Reserve Banks of Richmond, Atlanta,
and Dallas, and one by the boards of directors of the
Federal Reserve Banks of Minneapolis, Kansas City,
and San Francisco. An alternate to serve in the
absence of each such representative shall be elected
annually in the same manner. The meetings of said
Committee shall be held at Washington, District of
Columbia, at least four times each year upon the call of
the chairman of the Board of Governors of the Federal
Reserve System or at the request of any three members
of the Committee.
" (b) No Federal Reserve bank shall engage or
decline to engage in open-market operations under
section 14 of this Act except in accordance with the
direction of and regulations adopted by the "Committee. The Committee shall consider, adopt, and
614
FEDERAL RESERVE BULLETIN
transmit to the several Federal Reserve banks, regulations relating to the open-market transactions of such
banks.
"(c) The time, character, and volume of all purchases and sales of paper described in section 14 of this
Act as eligible for open-market operations shall be
governed with a view to accommodating commerce
and business and with regard to their bearing upon
the general credit situation of the country."
SEC. 206. (a) Subsection (b) of section 14 of the
Federal Reserve Act, as amended, is amended byinserting before the semicolon at the end thereof a
colon and the following: Provided, That any bonds,
notes, or other obligations which are direct obligations
of the United States or which are fully guaranteed by
the United States as to principal and interest may be
bought and sold without regard to maturities but only
in the open market".
(b) Subsection (d) of section 14 of the Federal
Reserve Act, as amended, is amended by adding at the
end thereof the following: "but each such bank shall
establish such rates every fourteen days, or oftener if
deemed necessary by the Board;".
SEC. 207. The sixth paragraph of section 19 of the
Federal Reserve Act, as amended, is amended to read
as follows:
''Notwithstanding the other provisions of this section, the Board of Governors of the Federal Reserve
System, upon the affirmative vote of not less than four
of its members, in order to prevent injurious credit
expansion or contraction, may by regulation change
the requirements as to reserves to be maintained against
demand or time deposits or both by member banks in
reserve and central reserve cities or by member banks
not in reserve or central reserve cities or by all member
banks; but the amount of the reserves required to be
maintained by any such member bank as a result of
any such change shall not be less than the amount of
the reserves required by law to be maintained by such
bank on the date of enactment of the Banking Act of
1935 nor more than twice such amount."
SEC. 208. The first paragraph of section 24 of the
Federal Reserve Act, as amended, is amended to read
as follows:
"SEC. 24. Any national banking association may
make real-estate loans secured by first liens upon improved real estate, including improved farm land and
improved business and residential properties. A loan
secured by real estate within the meaning of this section
shall be in the form of an obligation or obligations secured by mortgage, trust deed, or other such instrument upon real estate, and any national banking association may purchase any obligation so secured when
the entire amount of such obligation is sold to the
association. The amount of any such loan hereafter
made shall not exceed 50 per centum of the appraised
value of the real estate offered as security and no such
loan shall be made for a longer term than five years;
except that (1) any such loan may be made in an
amount not to exceed 60 per centum of the appraised
value of the real estate offered as security and for a
term not longer than ten years if the loan is secured
by an amortized mortgage, deed of trust, or other such
instrument under the terms of which the installment
payments are sufficient to amortize 40 per centum or
more of the principal of the loan within a period of not
more than ten years, and (2) the foregoing limitations
and restrictions shall not prevent the renewal or extension of loans heretofore made and shall not apply to
real-estate loans which are insured under the provisions
of Title II of the National Housing Act. No such asso-
SEPTEMBER
1935
ciation shall make such loans in an aggregate sum in
excess of the amount of the capital stock of such association paid in and unimpaired plus the amount of its
unimpaired surplus fund, or in excess of 60 per centum
of the amount of its time and savings deposits, whichever is the greater. Any such association may continue
hereafter as heretofore to receive time and savings
deposits and to pay interest on the same, but the rate
of interest which such association may pay upon such
time deposits or upon savings or other deposits shall
not exceed the maximum rate authorized by law to be
paid upon such deposits by State banks or trust companies organized under the laws of the State in which
such association is located."
SEC. 209. Section 325 of the Revised Statutes is
amended to read as follows:
"SEC. 325. The Comptroller of the Currency shall
be appointed by the President, by and with the advice
and consent of the Senate, and shall hold his office for
a term of five years unless sooner removed by the
President, upon reasons to be communicated by him
to the Senate; and he shall receive a salary at the rate
of $15,000 a year."
TITLE
III—TECHNICAL AMENDMENTS
THE BANKING LAWS
TO
SECTION 301. Subsection (c) of section 2 of the
Banking Act of 1933, as amended, is amended by adding
at the end thereof the following paragraph:
"Notwithstanding the foregoing, the term 'holding
company affiliate' shall not include (except for the purposes of section 23A of the Federal Reserve Act, as
amended) any corporation all of the stock of which is
owned by the United States, or any organization which
is determined by the Board of Governors of the Federal
Reserve System not to pe engaged, directly or indirectly, as a business in holding the stock of, or managing or
controlling, banks, banking associations, savings banks,
or trust companies."
SEC. 302. The first paragraph of section 20 of the
Banking Act of 1933, as amended, is amended by inserting before the period at the end thereof a colon and the
following: "Provided, That nothing in this paragraph
shall apply to any such organization which shall have
been placed in formal liquidation and which shall transact no business except such as may be incidental to the
liquidation of its affairs".
SEC. 303. (a) Paragraph (1) of subsection (a) of
section 21 of the Banking Act of 1933, as amended, is
amended by inserting before the semicolon at the end
thereof a colon and the following: "Provided, That the
provisions of this paragraph shall not prohibit national
banks or State banks or trust companies (whether or not
members of the Federal Reserve System) or other financial institutions or private bankers from dealing in,
underwriting, purchasing, and selling investment securities to the extent permitted to national banking
associations by the provisions of section 5136 of the
Revised Statutes, as amended (U. S. C , title 12, sec.
24; Supp. VII, title 12, sec. 24): Provided further, That
nothing in this paragraph shall be construed as affecting
in any way such right as any bank, banking association,
savings bank, trust company, or other banking institution, may otherwise possess to sell, without recourse
or agreement to repurchase, obligations evidencing
loans on real estate ".
(b) Paragraph (2) of subsection (a) of such section 21
is amended to read as follows:
"(2) For any person, firm, corporation, association,
business trust, or other similar organization to engage,
SEPTEMBER
1935
FEDERAL RESERVE BULLETIN
to any extent whatever with others than his or its officers, agents or employees, in the business of receiving
deposits subject to check or to repayment upon presentation of a pass book, certificate of deposit, or other evidence of debt, or upon request of the depositor, unless
such person, firm, corporation, association, business
trust, or other similar organization (A) shall be incorporated under, and authorized to engage in such business by, the laws of the United States or of any State,
Territory, or District, or (B) shall be permitted by any
State, Territory, or District to engage in such business
and shall be subjected by the law of such State, Territory, or District to examination and regulation, or (C)
shall submit to periodic examination by the banking
authority of the State, Territory, or District where such
business is carried on and shall make and publish periodic reports of its condition, exhibiting in detail its
resources and liabilities, such examination and reports
to be made and published at the same times and in the
same manner and under the same conditions as required
by the law of such State, Territory, or District in the
case of incorporated, banking institutions engaged in
such business in the same locality."
SEC. 304. Section 22 of the Banking Act of 1933, as
amended, is amended by adding at the end thereof the
following sentences: "Such additional liability shall
cease on July 1, 1937, with respect to all shares issued
by any association which shall be transacting the business of banking on July 1, 1937: Provided, That not less
than six months prior to such date, such association
shall have caused notice of such prospective termination of liability to be published in a newspaper published
in the city, town, or county in which such association
is located, and if no newspaper is published in such city,
town, or county, then in a newspaper of general circulation therein. If the association fail to give such notice
as and when above provided, a termination of such
additional liability may thereafter be accomplished as
of the date six months subsequent to publication, in
the manner above provided."
SEC. 305. Paragraph (c) of section 5155 of the Revised
Statutes, as amended (U. S. C., Supp. VII, title 12,
sec. 36), is amended (1) by inserting after the first
sentence thereof the following new sentence: " I n any
State in which State banks are permitted by statute
law to maintain branches within county or greater
limits, if no bank is located and doing business in the
place where the proposed agency is to be located, any
national banking association situated in such State
may, with the approval of the Comptroller of the
Currency, establish and operate, without regard to the
capital requirements of this section, a seasonal agency
in any resort community within the limits of the county
in which the main office of such association is located,
for the purpose of receiving and paying out deposits,
issuing and cashing checks and drafts, and doing business incident thereto: Provided, That any permit
issued under this sentence shall be revoked upon the
opening of a State or national bank in such community."; and (2) by striking out the first word in the
last sentence of such paragraph (c) and inserting in
lieu thereof the following: "Except as provided in the
immediately preceding sentence, no".
SEC. 306. Section 4 of the Act entitled "An Act to
amend section 12B of the Federal Reserve Act so as to
extend for one year the temporary plan for deposit
insurance, and for other purposes "/approved June 16,
1934 (48 Stat. 969), is amended to read as follows:
" S E C . 4. So much of section 31 of the Banking Act of
1933, as amended, as relates to stock ownership by
directors, trustees, or members of similar governing
615
bodies of any national banking association, or of any
State bank or trust company which is a member of the
Federal Reserve System, is hereby repealed."
SEC. 307. Effective January 1, 1936, section 32 of the
Banking Act of 1933, as amended, is amended to read
as follows:
" S E C . 32. No officer, director, or employee of any
corporation or unincorporated association, no partner
or employee of any partnership, and no individual,
primarily engaged in the issue, flotation, underwriting,
public sale, or distribution, at wholesale or retail, or
through syndicate participation, of stocks, bonds, or
other similar securities, shall serve the same time as an
officer, director, or employee of any member bank
except in limited classes of cases in which the Board
of Governors of the Federal Reserve System may allow
such service by general regulations when in the judgment of the said Board it would not unduly influence
the investment policies of such member bank or the
advice it gives its customers regarding investments."
SEC. 308. (a) The second sentence of paragraph
Seventh of section 5136 of the Revised Statutes, as
amended (U. S. C , Supp. VII, title 12, sec. 24), is
amended to read as follows: "The business of dealing
in securities and stock by the association shall be limited
to purchasing and selling such securities and stock without recourse, solely upon the order, and for the account
of, customers, and in no case for its own account, and
the association shall not underwrite any issue of securities or stock: Provided, That the association may purchase for its own account investment securities under
such limitations and restrictions as the Comptroller of
the Currency may by regulation prescribe. In no event
shall the total amount of the investment securities of
any one obligor or maker, held by the association for
its own account, exceed at any time 10 per centum of
its capital stock actually paid in and unimpaired and
10 per centum of its unimpaired surplus fund, except
that this limitation shall not require any association to
dispose of any securities lawfully held by it on the date
of enactment of the Banking Act of 1935."
(b) The fourth sentence of such paragraph Seventh
is amended to read as follows: "Except as hereinafter
provided or otherwise permitted by law, nothing herein
contained shall authorize the purchase by the association for its own account of any shares of stock of any
corporation."
(c) The last sentence of such paragraph Seventh is
amended by inserting before the colon after the words
"Home Owners' Loan Corporation" a comma and the
following: "or obligations which are insured by the
Federal Housing Administrator pursuant to section 207
of the National Housing Act, if the debentures to be
issued in payment of such insured obligations are guaranteed as to principal and interest by the United
States."
SEC. 309. Section 5138 of the Revised Statutes, as
amended, (U. S. C , Supp. VII, title 12, sec. 51), is
amended by adding the following sentences at the end
thereof: "No such association shall hereafter be authorized to commence the business of banking until it shall
have a paid-in surplus equal to 20 per centum of its
capital: Provided, That the Comptroller of the Currency may waive this requirement as to a State bank
converting into a national banking association, but each
such State bank which is converted into a national
banking association shall, before the declaration of a
dividend on its shares of common stock, carry not less
than one-half part of its net profits of the preceding half
year to its surplus fund until it shall have a surplus
616
FEDERAL RESERVE BULLETIN
equal to 20 per centum of its capital: Provided, That
for the purposes of this section any amounts paid into
a fund for the retirement of any preferred stock of any
such converted State bank out of its net earnings for
such half-year period shall be deemed to be an addition
to its surplus fund if, upon the retirement of such preferred stock, the amount so paid into such retirement
fund for such period may then properly be carried to
surplus. In any such case the converted State bank
shall be obligated to transfer to surplus the amount so
paid into such retirement fund for such period on
account of the preferred stock as such stock is retired."
SEC. 310. (a) The last paragraph of section 5139 of
the Revised Statutes, as amended (U. S. C , Supp. VII,
title 12, sec. 52), is amended to read as follows:
"After the date of the enactment of the Banking
Act of 1935, no certificate evidencing the stock of any
such association shall bear any statement purporting
to represent the stock of any other corporation, except
a member bank or a corporation engaged on June 16,
1934 in holding the bank premises of such association,
nor shall the ownership, sale, or transfer of any certificate representing the stock of any such association be
conditioned in any manner whatsoever upon the ownership, sale, or transfer of a certificate representing the
stock of any other corporation, except a member bank
or a corporation engaged on June 16, 1934 in holding
the bank premises of such association: Provided, That
this section shall not operate to prevent the ownership, sale, or transfer of stock of any other corporation
being conditioned upon the ownership, sale, or transfer of a certificate representing stock of a national
banking association."
(b) The nineteenth paragraph of section 9 of the
Federal Reserve Act, as amended, is amended to read
as follows:
"After the date of the enactment of the Banking
Act of 1935, no certificate evidencing the stock of any
State member bank shall bear any statement purporting to represent the stock of any other corporation,
except a member bank or a corporation engaged on
June 16, 1934 in holding the bank premises of such
member bank, nor shall the ownership, sale, or transfer of any certificate representing the stock of any
State member bank be conditioned in any manner
whatsoever upon the ownership, sale, or transfer of a
certificate representing the stock of any other corporation, except a member bank or a corporation engaged
on June 16, 1934 in holding the bank premises of such
member bank: Provided, That this section shall not
operate to prevent the ownership, sale, or transfer of
stock of any other corporation being conditioned upon
the ownership, sale, or transfer of a certificate representing stock of a State member bank."
SEC. 311. (a) The first paragraph of section 5144 of
the Revised Statutes, as amended (U. S. C , Supp.
VII, title 12, sec. 61), is amended to read as follows:
"SEC. 5144. In all elections of directors, each shareholder shall have the right to vote the number of shares
owned by him for as many persons as there are directors to be elected, or to cumulate such shares and give
one candidate as many votes as the number of directors multiplied by the number of his shares shall equal,
or to distribute them on the same principle among as
many candidates as he shall think fit; and in deciding
all other questions at meetings of shareholders, each
shareholder shall be entitled to one vote on each share
of stock held by him; except that (1) this shall not be
construed as limiting the voting rights of holders of
preferred stock under the terms and provisions of articles of association, or amendments thereto, adopted
pursuant to the provisions of section 302 (a) of the
SEPTEMBER 1935
Emergency Banking and Bank Conservation Act, approved March 9, 1933, as amended> (2) in the election
of directors, shares of its own stock held by a national
bank as sole trustee, whether registered in its own
name as such trustee or in the name of its nominee,
shall not be voted by the registered owner unless under
the terms of the trust the manner in which such shares
shall be voted may be determined by a donor or beneficiary of the trust and unless such donor or beneficiary actually directs how such shares shall be voted,
(3) shares of its own stock held by a national bank
and one or more persons as trustees may be voted by
such other person or persons, as trustees, in the same
manner as if he or they were the sole trustee, and
(4) shares controlled by any holding company affiliate
of a national bank shall not be voted unless such holding company affiliate shall have first obtained a voting
permit as hereinafter provided, which permit is in force
at the time such shares are voted, but such holding
company affiliate may, without obtaining such permit,
vote in "favor of placing the association in voluntary
liquidation or taking any other action pertaining to the
voluntary liquidation of such association. Shareholders may vote by proxies duly authorized in writing;
but no officer, clerk, teller, or bookkeeper of such bank
shall act as proxy; and no shareholder whose liability
is past due and unpaid shall be allowed to vote. Whenever shares of stock cannot be voted by reason of being
held by the bank as sole trustee, such shares shall be
excluded in determining whether matters voted upon
by the shareholders were adopted by the requisite percentage of shares."
(b) The first sentence of the third paragraph of
such section 5144 is amended to read: "Any such
holding company affiliate may make application to
the Board of Governors of the Federal Reserve System
for a voting permit entitling it to vote the stock controlled by it at any or aU meetings of shareholders of
such bank or authorizing the trustee or trustees holding
the stock for its benefit or for the benefit of its shareholders so to vote the same."
(c) Section 5144 of the Revised Statutes, as amended,
is further amended by adding at the end of subsection
(c) thereot the following: "and the provisions of this
subsection, instead of subsection (b), shall apply to all
holding company affiliates with respect to any shares
of bank stock owned or controlled by them as to which
there is no statutory liability imposed upon the holders
of such bank stock;".
SEC. 312. Section 5154 of the Revised Statutes, as
amended (U. S. C , title 12, sec. 35), is amended by
adding at the end thereof the following paragraph:
"The Comptroller of the Currency may, in his discretion and subject to such conditions as he may
prescribe, permit such converting bank to retain and
carry at a value determined by the Comptroller such
of the assets of such converting bank as do not conform
to the legal requirements relative to assets acquired
and held by national banking associations."
SEC. 313. Section 5162 of the Revised Statutes
(U. S. C, title 12, sec. 170) is amended by adding at
the end thereof the following paragraph:
"The Comptroller of the Currency may designate
one or more persons to countersign in his name and on
his behalf such assignments or transfers of bonds as
require his countersignature."
SEC. 314. Section 5197 of the Revised Statutes, as
amended (U. S. C., Supp. VII, title 12, sec. 85), is
amended by inserting after the second sentence thereof
the following new sentence: "The maximum amount
of interest or discount to be charged at a branch of an
association located outside of the States of the United
SEPTEMBER
1935
FEDERAL RESERVE BULLETIN
States and the District of Columbia shall be at the rate
allowed by the laws of the country, territory, dependency, province, dominion, insular possession, or
other political subdivision where the branch is located,"
SEC. 315. Section 5199 of the Revised Statutes
(U. S. C, title 12, sec. 60), is amended to read as follows:
"Sec. 5199. The directors of any association may,
semiannually, declare a dividend of so much of the net
profits of the association as they shall judge expedient;
bub each association shall, before the declaration of a
dividend on its shares of common stock, carrying not
less than one-tenth part of its net profits of the preceding half year to its surplus fund unJlt he same shall
equal the amount of its common capital: Provided,
That for the purposes of this section, any amounts
paid into a fund for tne retirement of any preferred
stock of any such association out of its net earnings
for such half-year period shall be deemed to be an
addition to its surplus fund if, upon the retirement of
such preferred stock, the amount so paid into such
retirement fund for such period may then properly be
carried to surplus. In any such case the association
shall be obligated to transfer to surplus the amounts so
paid into such retirement fund for such period on
account of the preferred stock as such stock is retired."
SEC. 316. Section 5209 of the Revised Statutes
CU. S. C, title 12, sec. 592), is hereby amended by
inserting after the words "known as the Federal
Reserve Act", the words "or of any national banking
association, or of any insured bank as defined in subsection (c) of section 12B of the Federal Reserve Act";
and by inserting after the words such "Federal Reserve
bank or member bank", wherever they appear in such
section, the words or "such national banking association or insured bank"; and by inserting after the
words "or the Comptroller of the Currency", the
words "or the Federal Deposit Insurance Corporation,".
SEC. 317. Section 5220 of the Revised Statutes
(U. S. C, title 12, sec. 181), is amended by adding at
the end thereof the following paragraph:
"The shareholders shall designate one or more persons to act as liquidating agent or committee, who shall
conduct the liquidation in accordance with law and
under the supervision of the board of directors, who
shall require a suitable bond to be given by said agent
or committee. The liquidating agent or committee
shall render annual reports to the Comptroller of the
Currency on the 31st day of December of each year
showing the progress of said liquidation until the same
is completed. The liquidating agent or committee
shall also make an annual report to a meeting of the
shareholders to be held on the date fixed in the articles
of association for the annual meeting, at which meeting
the shareholders may, if they seefit,by a vote representing a majority of the entire stock of the bank, remove
the liquidating agent or committee and appoint one or
more others in place thereof. A special meeting of the
shareholders may be called at any time in the same
manner as if the bank continued an active bank and at
said meeting the shareholders may, by vote of the
majority of the stock, remove the liquidating agent or
committee. The Comptroller of the Currency is authorized to have an examination made at any time into the
affairs of the liquidating bank until the claims of all
creditors have been satisfied, and the expense of making
such examinations shall be assessed against such bank
in the same manner as in the case of examinations made
pursuant to section 5240 of the Revised Statutes, as
amended (U. S. C, title 12, sees. 484, 485; Supp. VII,
title 12, sees. 481-483)."
SEC. 318. Section 5243 of the Revised Statutes (U. S.
C, title 12, sec. 583) is amended by striking out the
617
semicolon therein and all that precedes it and substituting the following:
"SEC. 5243. The use of the word 'national', the word
'Federal' or the words 'United States', separately, in
any combination thereof, or in combination with other
words or syllables, as part of the name or title used by
any person, corporation, firm, partnership, business
trust, association or other business entity, doing the
business of bankers, brokers, or trust or savings institutions is prohibited except where such institution is organized under the laws of the United States, or is otherwise permitted by the laws of the United States to use
such name or title, or is lawfully using such name or title
on the date when this section, as amended, takes effect";
SEC. 319. (a) Section 5 of the Federal Reserve Act,
as amended, is amended by striking out the last three
sentences thereof and inserting in lieu thereof the following: "When a member bank reduces its capital stock or
surplus it shall surrender a proportionate amount of its
holdings in the capital stock of said Federal Reserve
bank. Any member bank which holds capital stock of
a Federal Reserve bank in excess of the amount required on the basis of 6 percentum of its paid-up capital stock and surplus shall surrender such excess stock.
When a member bank voluntarily liquidates it shall
surrender all of its holdings of the capital stock of said
Federal Reserve bank and be released from its stock
subscription not previously called. In any such case
the shares surrendered shall be canceled and the member bank shall receive in payment therefor, under regulations to be prescribed by the Board of Governors of
the Federal Reserve System, a sum equal to its cashpaid subscriptions on the shares surrendered and onehalf of 1 per centum a month from the period of the
last dividend, not to exceed the book value thereof,
less any liability of such member bank to the Federal
Reserve bank."
(b) Section 6 of the Federal Reserve Act, as amended,
is amended by striking out the last paragraph thereof.
SEC. 320. The fifth paragraph of section 9 of the
Federal Reserve Act, as amended, is amended by adding at the end thereof the following sentence: "Such
reports of condition shall be in such form and shall
contain such information as the Board of Governors of
the Federal Reserve System may require and shall be
published by the reporting banks in such manner and
in accordance with such regulations as the said Board
may prescribe."
SEC. 321. (a) The first sentence of paragraph (m) of
section 11 of the Federal Reserve Act, as amended, is
amended by inserting before the period at the end
thereof a colon and the following: "Provided, That
with respect to loans represented by obligations in the
form of notes secured by not less than a like amount of
bonds or notes of the United States issued since April
24, 1917, certificates of indebtedness of the United
States, Treasury bills of the United States, or obligations fully guaranteed both as to principal and interest
by the United States, such limitation of 10 percentum
on loans to any person shall not apply, but State member banks shall be subject to the same limitations and
conditions as are applicable in the case of national
banks under paragraph (8) of section 5200 of the Revised Statutes, as amended (U. S. C, Supp., VII, title
12, sec. 84)".
(b) Paragraph (8) of section 5200 of the Revised
Statutes, as amended (U. S. C, Supp. VII, title 12,
sec. 84), is amended by inserting after the comma
following the words "certificates of indebtedness
of the United States", the words "Treasury bills of
the United States, or obligations fully guaranteed both
as to principal and interest by the United States".
618
FEDERAL RESERVE BULLETIN
SEC. 322. The third paragraph of section 13 of the
Federal Reserve Act, as amended, is amended by changing the words " indorsed and otherwise secured to the
satisfaction of the Federal Reserve bank" in that
paragraph to read ''indorsed or otherwise secured to
the satisfaction of the Federal Reserve bank".
SEC. 323. Subsection (e) of section 13b of the Federal
Reserve Act, as amended, is amended by striking out
"upon the date this section takes effect", and inserting
in lieu thereof "on and after June 19, 1934"; and by
striking out "the par value of the holdings of each
Federal Reserve bank of Federal Deposit Insurance
Corporation stock", and inserting in lieu thereof
"the amount paid by each Federal Reserve bank for
stock of the Federal Deposit Insurance Corporation".
SEC. 324. (a) The first paragraph of section 19 of the
Federal Reserve Act, as amended, is amended to read
as follows:
"SEC. 19. The Board of Governors of the Federal
Reserve System is authorized, for the purposes of this
section, to define 7the terms 'demand deposits', 'gross
demand deposits , 'deposits payable on demand',
'time deposits', 'savings deposits', and 'trust funds',
to determine what shall be deemed to be a payment of
interest, and to prescribe such rules and regulations
as it may deem necessary to effectuate the purposes
of this section and prevent evasions thereof: Provided,
That, within the meaning of the provisions of this
section regarding the reserves required of member
banks, the term 'time deposits' shall include 'savings
deposits'."
(b) The tenth paragraph of such section 19 is
amended to read as follows:
"In estimating the reserve balances required by this
Act, member banks may deduct from the amount of
their gross demand deposits the amounts of balances
due from other banks (except Federal Reserve banks
and foreign banks) and cash items in process of collection payable immediately upon presentation in the
United States, within the meaning of these terms as
defined by the Board of Governors of the Federal
Reserve System."
(c) The last two paragraphs of such section 19 are
amended to read as follows:
"No member bank shall, directly or indirectly, by
any device whatsoever, pay any interest on any deposit
which is payable on demand: Provided, That nothing
herein contained shall be construed as prohibiting the
payment of interest in accordance with the terms of
any certificate of deposit or other contract entered into
in good faith which is in force on the date on which the
bank becomes subject to the provisions of this paragraph; but no such certificate of deposit or other contract shall be renewed or extended unless it shall be
modified to conform to this paragraph, and every
member bank shall take such action as may be necessary
to conform to this paragraph as soon as possible consistently with its contractual obligations: Provided
further. That this paragraph shall not apply to any
deposit of such bank which is payable only at an office
thereof located outside of the States of the United
States and the District of Columbia: Provided further,
That until the expiration of two years after the date
of enactment of the Banking Act of 1935 this paragraph
shall not apply (1) to any deposit made by a savings
bank as defined in section 12B of this Act, as amended,
or by a mutual savings bank, or (2) to any deposit of
public funds made by or on behalf of any State, county,
school district, or other subdivision or municipality,
or to any deposit of trust funds if the payment of
interest with respect to such deposit of public funds or
SEPTEMBER 1935
of trust funds is required by State law. So much of
existing law as requires the payment of interest with
respect to any funds deposited by the United States,
by any Territory, District, or possession thereof
(including the Philippine Islands), or by any public
instrumentality, agency, or officer of the foregoing,
as is inconsistent with the provisions of this section as
amended, is hereby repealed.
"The Board of Governors of the Federal Reserve
System shall from time to time limit by regulation the
rate of interest which may be paid by member banks on
time and savings deposits, and shall prescribe different
rates for such payment on time and savings deposits
having different maturities, or subject to different conditions respecting withdrawal or repayment, or subject
to different conditions by reason of different locations,
or according to the varying discount rates of member
banks in the several Federal Reserve districts. No
member bank shall pay any time deposit before its
maturity except upon such conditions and in accordance with such rules and regulations as may be prescribed by the said Board, or waive any requirement of
notice before payment of any savings deposit except as
to all savings deposits haying the same requirement:
Provided, That the provisions of this paragraph shall
not apply to any deposit which is payable only at an
office of a member bank located outside of the States
of the United States and the District of Columbia."
(d) Such section 19 is amended by adding at the end
thereof the following new paragraph:
"Notwithstanding the provisions of the First Liberty
Bond Act, as amended, the Second Liberty Bond Act,
as amended, and the Third Liberty Bond Act, as
amended, member banks shall be required to maintain
the same reserves against deposits of public moneys by
the United States as they are required by this section
to maintain against other deposits."
SEC. 325. Section 21 of the Federal Reserve Act, as
amended, is amended by adding at the end thereof the
following paragraph:
"Whenever member banks are required to obtain
reports from affiliates, or whenever affiliates of member
banks are required to submit to examination, the Board
of Governors of the Federal Reserve System or the
Comptroller of the Currency, as the case may be, may
waive such requirements with respect to any such report
or examination of any affiliate if in the judgment of the
said Board or Comptroller, respectively, such report or
examination is not necessary to disclose fully the relations between such affiliate and such bank and the 'effect
thereof upon the affairs of such bank."
SEC. 326. (a) Subsection (a) of section 22 of the Federal Reserve Act, as amended, is amended by inserting
in the first paragraph thereof after " No member bank"
the following: "and no insured bank as defined in subsection (c) of section 12B of this Act"; by inserting
before the period at the end of the first sentence of such
paragraph "or assistant examiner, who examines or has
authority to examine such bank " ; and by inserting after
"any member bank" in the second paragraph thereof
"or insured bank"; by inserting before the period at the
end thereof "or Federal Deposit Insurance Corporation
examiner"; and by adding at the end of such subsection
a new paragraph, as follows:
"The provisions of this subsection shall apply to all
public examiners and assistant examiners who examine
member banks of the Federal Reserve System or insured banks, whether appointed by the Comptroller of
the Currency, by the Board of Governors of the Federal
Reserve System, by a Federal Reserve agent, by a Federal Reserve bank, or by the Federal Deposit Insurance
SEPTEMBER
1935
FEDERAL RESERVE BULLETIN
Corporation, or appointed or elected under the laws
of any State; but shall not apply to private examiners
or assistant examiners employed only by a clearinghouse association or by the directors of a bank."
(b) Subsection (b) of such section 22 is amended by
inserting therein after "no national bank examiner" the
following: "and no Federal Deposit Insurance Corporation examiner"; and by inserting after "member
bank" the following: "or insured bank"; and by inserting after "from the Comptroller of the Currency", the
following: "as to a national bank, the Board of Governors of the Federal Reserve System as to a State
member bank, or the Federal Deposit Insurance Corporation as to any other insured bank,".
(c) Subsection (g) of such section 22 is amended to
read as follows:
"(g) No executive officer of any member bank shall
borrow from or otherwise become indebted to any
member bank of which he is an executive officer, and
no member bank shall make any loan or extend credit in
any other manner to any of its own executive officers:
Provided, That loans made to any such officer prior to
June 16, 1933, may be renewed or extended for periods
expiring not more than five years from such date
where the board of directors of the member bank shall
have satisfied themselves that such extension or renewal
is in the best interest of the bank and that the officer
indebted has made reasonable effort to reduce his
obligation, these findings to be evidenced by resolution, of the board of directors spread upon the minute
book of the bank: Provided further, That with the prior
approval of a majority of the entire board of directors,
any member bank may extend credit to any executive
officer thereof, and such officer may become indebted
thereto, in an amount not exceeding $2,500. If any
executive officer of any member bank borrow from or
if he be or become indebted to any bank other than a
member bank of which he is an executive officer, he
shall make a written report to the board of directors
of the member bank of which he is an executive officer,
stating the date and amount of such loan or indebtedness, the security therefor, and the purpose for wThich
the proceeds have been or are to be used. Borrowing
by, or loaning to, a partnership in which one or more
executive officers of a member bank are partners having
either individually or together a majority interest in
said partnership, shall be considered within the prohibition of this subsection. Nothing contained in this
subsection shall prohibit any executive officer of a
member bank from endorsing or guaranteeing for the
protection of such bank any loan or other asset which
shall have been previously acquired by such bank in
good faith or from incurring any indebtedness to such
bank for the purpose of protecting such bank against
loss or giving financial assistance to it. The Board of
Governors of the Federal Reserve System is authorized
to define the term 'executive officer', to determine
what shall be deemed to be a borrowing, indebtedness,
loan, or extension of credit, for the purposes of this
subsection, and to prescribe such rules and regulations
as it may deem necessary to effectuate the provisions
of this subsection in accordance with its purposes and
to prevent evasions of such provisions. Any executive
officer of a member bank accepting a loan or extension
of credit which is in violation of the provisions of this
subsection shall be subject to removal from office in
the manner prescribed in section 30 of the Banking
Act of 1933: Provided, That for each day that a loan
or extension of credit made in violation of this subsection exists, it shall be deemed to be a continuation of
such violation within the meaning of said section 30."
619
SEC. 327. The third paragraph of section 23A of the
Federal Reserve Act, as amended, is amended to read
as follows:
"For the purpose of this section, the term 'affiliate'
shall include holding-company affiliates as well as other
affiliates, and the provisions of this section shall not
apply to any affiliate (1) engaged on June 16, 1934, in
holding the bank premises of the member bank with
which it is affiliated or in maintaining and operating
properties acquired for banking purposes prior to such
date; (2) engaged solely in conducting a safe-deposit
business or the business of an agricultural credit corporation or livestock loan company; (3) in the capital
stock of which a national banking association is authorized to invest pursuant to section 25 of this Act, as
amended, or a subsidiary of such affiliate, all the stock
of which (except qualifying shares of directors in an
amount not to exceed 10 per centum) is owned by such
affiliate; (4) organized under section 25 (a) of this Act,
as amended, or a subsidiary of such affiliate, all the
stock of which (except qualifying shares of directors in
an amount not to exceed 10 per centum) is owned by
such affiliate; (5) engaged solely in holding obligations
of the United States or obligations fully guaranteed by
the United States as to principal and interest, the
Federal intermediate credit banks, the Federal land
banks, 7the Federal Home Loan Banks, or the Home
Owners Loan Corporation; (6) where the affiliate
relationship has arisen out of a bona fide debt contracted
prior to the date of the creation of such relationship;
or (7) where the affiliate relationship exists by reason
of the ownership or control of any voting shares thereof
by a member bank as executor, administrator, trustee,
receiver, agent, depositary, or in any other fiduciary
capacity, except where such shares are held for the
benefit of all or a majority of the stockholders of such
member bank; but as to any such affiliate, member
banks shall continue to be subject to other provisions
of law applicable to loans by such banks and investments
by such banks in stocks, bonds, debentures, or other
such obligations. The provisions of this section shall
likewise not apply to indebtedness of any affiliate for
unpaid balances due a bank on assets purchased from
such bank or to loans secured by, or extensions of
credit against, obligations of the United States or
obligations fully guaranteed by the United States as
to principal and interest."
SEC. 328. Section 24 of the Federal Reserve Act, as
amended, is amended by adding at the end thereof the
following new paragraph:
"Loans made to established industrial or commercial
businesses (a) which are in whole or in part discounted
or purchased or loaned against as security by a Federal
Reserve bank under the provisions of section 13b of
this Act, (b) for any part of which a commitment shall
have been made by a Federal Reserve bank under the
provisions of said section, (c) in the making of which a
Federal Reserve bank participates under the provisions
of said section, or (d) in which the Reconstruction
Finance Corporation cooperates or purchases a participation under the provisions of section 5d of the
Reconstruction Finance Corporation Act, shall not be
subject to the restrictions or limitations of this section
upon loans secured by real estate."
SEC. 329. Section 25 of the Federal Reserve Act, as
amended, is further amended by striking out the last
paragraph of such section; the paragraph of section
25 (a) of the Federal Reserve Act, as amended, which
commences with the words "A majority of the shares
of the capital stock of any such corporation" is amended
by striking out all of said paragraph except the first
620
FEDERAL RESERVE BULLETIN
sentence thereof; and the Act entitled "An Act to
supplement existing laws against unlawful restraints
and monopolies, and for other purposes" (38 Stat.
730), approved October 15, 1914, as amended, is further amended (a) by striking out section 8A thereof
and (b) by substituting for the first three paragraphs
of section 8 thereof the following:
" S E C . 8. No private banker or director, officer,
or employee of any member bank of the Federal
Reserve System or any branch thereof shall be at the
same time a director, officer, or employee of any other
bank, banking association, savings bank, or trust
company organized under the National Bank Act pr
organized under the laws of any State or of the District of Columbia, or any branch thereof, except that
the Board of Governors of the Federal Reserve System
may by regulation permit such service as a director,
officer, or employee of not more than one other such
institution or branch thereof; but the foregoing prohibition shall not apply in the case of any one or more
of the following or any branch thereof:
"(1) A bank, banking association, savings bank, or
trust company, more than 90 per centum of the stock
of which is owned directly or indirectly by the United
States or by any corporation of which the United States
directly or indirectly owns more than 90 per centum of
the stock.
"(2) A bank, banking association, savings bank, or
trust company which has been placed formally in
liquidation or which is in the hands of a receiver,
conservator, or other official exercising similar functions.
"(3) A corporation, principally engaged in international or foreign banking or banking in a dependency
or insular possession of the United States which has
entered into an agreement with the Board of Governors of the Federal Reserve System pursuant to section 25 of the Federal Reserve Act.
"(4) A bank, banking association, savings bank, or
trust company, more than 50 per centum of the common stock of which is owned directly or indirectly by
persons who own directly or indirectly more than 50
per centum of the common stock of such member bank.
"(5) A bank, banking association, savings bank, or
trust company not located and having no branch in
the same city, town, or village as that in which such
member bank or any branch thereof is located, or in
any city, town, or village contiguous or adjacent
thereto.
"(6) A bank, banking association, savings bank, or
trust company not engaged in a class or classes of
business in which such member bank is engaged.
"(7) A mutual savings bank having no capital stock.
"Until February 1, 1939, nothing in this section
shall prohibit any director, officer, or employee of any
member bank of the Federal Reserve System, or any
branch thereof, who is lawfully serving at the same
time as a private banker or as a director, officer, or
employee of any other bank, banking association, savings bank, or trust company, or any branch thereof,
on the date of enactment of "the Banking Act of 1935,
from continuing such service.
"The Board of Governors of the Federal Reserve
System is authorized and directed to enforce compliance
with this section, and to prescribe such rules and regulations as it deems necessary for that purpose."
SEC. 330. (a) Section 1 of the Act of November 7,
1918, as amended (U. S. C , title 12, sec. 33; Supp. VII,
title 12, sec. 33), is amended by striking out the second
proviso down to and including the words "to be ascertained" and inserting in lieu thereof the following:
SEPTEMBER
1935
"And provided further, That if such consolidation shall
be voted for at said meetings by the necessary majorities of the shareholders of each of the associations
proposing to consolidate, any shareholder of any of the
associations so consolidated, who has voted against
such consolidation at the meeting of the association of
which he is a shareholder or has given notice in writing
at or prior to such meeting to the presiding officer that
he dissents from the plan of consolidation, shall be
entitled to receive the value of the shares so held by
him if and when said consolidation shall be approved
by the Comptroller of the Currency, such value to be
ascertained as of the date of the Comptroller's
approval".
(b) Such section 1 is further amended by adding at
the end thereof the following paragraphs:
'' Publication of notice and notification by registered
mail of the meeting provided for in the foregoing
paragraph may be waived by unanimous action of the
shareholders of the respective associations. Where a
dissenting shareholder has given notice as above provided to the association of which he is a shareholder of
his dissent from the plan of consolidation, and the
directors thereof fail for more than thirty days thereafter to appoint an appraiser of the value of his shares,
said shareholder may request the Comptroller of the
Currency to appoint such appraiser to act on the appraisal committee for and on behalf of such association.
"If shares, when sold at public auction in accordance
with this section, realize a price greater than their final
appraised value, the excess in such sale price shall be
paid to the shareholder. The consolidated association
shall be liable for all liabilities of the respective consolidating associations. In the event one of the appraisers fails to agree with the others as to the value
of said shares, then the valuation of the remaining
appraisers shall govern."
SEC. 331. (a) Section 3 of the Act of November 7,
1918, as amended (U. S. C., Supp. VII, title 12, sec.
34 (a)), is amended by striking out the first sentence
following the proviso down to and including the words
"to be ascertained" and inserting in lieu thereof the
following: "If such consolidation shall be voted for at
said meetings by the necessary majorities of the shareholders of the association and of the State or other
bank proposing to consolidate, and thereafter the consolidation shall be approved by the Comptroller of the
Currency, any shareholder of either the association or
the State or other bank so consolidated, who has voted
against such consolidation at the meeting of the association of which he is a stockholder, or has given notice
in writing at or prior to such meeting to the presiding
officer that he dissents from the plan of consolidation,
shall be entitled to receive the value of the shares so
held by him if and when said consolidation shall be
approved by the Comptroller of the Currency, such
value to be ascertained as of the date of the Comptroller's approval."
(b) Such section 3 is further amended by adding at
the end thereof the following paragraph:
"Where a dissenting shareholder has given notice
as provided in this section to the bank of which he is a
shareholder of his dissent from the plan of consolidation, and the directors thereof fail for more than
thirty days thereafter to appoint an appraiser of the
value of his shares, said shareholder may request the
Comptroller of the Currency to appoint such appraiser
to act on the appraisal committee for and on behalf of
such bank. In the event one of the appraisers fails to
agree with the others as to the value of said shares, then
the valuation of the remaining appraisers shall govern."
SEPTEMBER
1935
FEDERAL RESERVE BULLETIN
SEC. 332. The Act entitled "An Act to prohibit
offering for sale as Federal farm-loan bonds any
securities not issued under the terms of the Farm
Loan Act, to limit the use7 of the words 'Federal',
' United States', or 'reserve , or a combination of such
words, to prohibit false advertising, and for other
purposes", approved May 24, 1926 (U. S. C., Supp.
VII, title 12, sees. 584-588), is amended by inserting
in section 2 thereof after "the words 'United States' ",
the following: "the words 'Deposit Insurance' "; and
by inserting in said section after the words "the laws
of the United States", the following: "nor to any new
bank organized by the Federal Deposit Insurance
Corporation as provided in section 12B of the Federal
Reserve Act, as amended,"; and by striking out the
period at the end of section 4 and inserting the following: "or the Federal Deposit Insurance Corporation."
SEC. 333. The Act entitled "An Act to provide
punishment for certain offenses committed against
banks organized or operating under laws of the United
States or any member of the Federal Reserve System",
approved May 18, 1934 (48 Stat. 783), is amended
by striking out the period after "United States" in the
first section thereof and inserting the following: "and
any insured bank as denned in subsection (c) of section
12B of the Federal Reserve Act, as amended."
SEC. 334. Section 5143 of the Revised Statutes, as
amended, is hereby amended by striking out everything following the words "Comptroller of the Currency", where such words last appear in such section,
and substituting the following: "and no shareholder
shall be entitled to any distribution of cash or other
assets by reason of any reduction of the common
capital of any association unless such distribution
shall have been approved by the Comptroller of the
Currency and by the affirmative vote of at least twothirds of the shares of each class of stock outstanding,
voting as classes."
SEC. 335. Section 5139 of the Revised Statutes, as
amended, is amended by adding at the end of the first
paragraph the following new paragraph:
"Certificates hereafter issued representing shares of
stock of the association shall statu (1) the name and
location of the association, (2) the name of the holder
of record of the stock represented thereby, (3) the
number and class of shares which the certificate
represents, and (4) if the association shall issue stock
of more than one class, the respective rights, preferences, privileges, voting rights, powers, restrictions,
limitations, and qualifications of each class of stock
issued shall be stated in full or in summary upon the
front or back of the certificates or shall be incorporated
by a reference to the articles of association set forth on
the front of the certificates. Every certificate shaJ
be signed by the president and the cashier of the
association, or by such other officers as the bylaws of
the association shall provide, and shall be sealed with
the seal of the association."
SEC. 336. The last sentence of section 301 of the
Emergency Banking and Bank Conservation Act, approved March 9, 1933, as amended, is amended to read
as follows: "No issue of preferred stock shall be valid
until the par value of all stock so issued shall be paid in
and notice thereof, duly acknowledged before a notary
public by the president, vice president, or cashier of
said association, has been transmitted to the Comptroller of the Currency and his certificate obtained
specifying the amount of such issue of preferred stock
and his approval thereof and that the amount has been
duly paid in as a part of the capital of such association; which certificate shall be deemed to be conclusive
621
evidence that such preferred stock has been duly and
validly issued."
SEC. 337. The additional liability imposed by section
4 of the Act of March 4, 1933, as amended (D. C. Code,
Supp. I, title 5, sec. 300a), upon the shareholders of
savings banks, savings companies, and banking institutions and the additional liability imposed by section
734 of the Act of March 3, 1901 (D. C. Code, title 5,
sec. 361), upon the shareholders of trust companies,
shall cease to apply on July 1, 1937, with respect to
such savings banks, savings companies, banking institutions, and trust companies which shall be transacting
business on such date: Provided, That not less than six
months prior to such date, the savings bank, savings
company, banking institution, or trust company, desiring to take advantage hereof, shall have caused
notice of such prospective termination of liability to be
published in a newspaper published in the District of
Columbia and having general circulation therein. In
the event of failure to give such notice as and when
above provided, a termination of such additional liability
may thereafter be accomplished as of the date six
months subsequent to publication in the manner above
provided. Each such savings bank, savings company,
banking institution, and trust company shall, before the
declaration of a dividend on its shares of common stock,
carry not less than one-tenth part of its net profits of
the preceding half year to its surplus fund until the
same shall equal the amount of its common stock:
Provided, That for the purposes of this section, any
amounts paid into a fund for the retirement of any
preferred stock or debentures of any such savings bank,
savings company, banking institution, or trust company, out of its net earnings for such half-year period
shall be deemed to be an addition to its surplus if, upon
the retirement of such preferred stock or debentures,
the amount so paid into such retirement fund for such
period may then properly be carried to surplus. In
any such case the savings bank, savings company, banking institution, or trust company shall be obligated to
transfer to surplus the amount so paid into such retirement fund for such period on account of the preferred
stock or debentures as such stock or debentures are
retired.
SEC. 338. The second paragraph of section 9 of the
Federal Reserve Act, as amended, is amended by
striking out the period at the end thereof and adding
thereto the following: "except that the approval of
the Board of Governors of the Federal Reserve System,
instead of the Comptroller of the Currency, shall be
obtained before any State member bank may hereafter
establish any branch and before any State bank hereafter admitted to membership may retain any branch
established after February 25, 1927, beyond the limits
of the city, town, or village in which the parent bank is
situated."
SEC. 339. Section 5234 of the Revised Statutes, as
amended (U. S. C , title 12, sec. 192), is amended by
striking out the period after the words "money so
deposited" at the end of the next to the last sentence
of such section and inserting in lieu of such period a
colon and the following: " Provided, That no security in
the form of deposit of United States bonds, or otherwise,
shall be required in the case of such parts of the deposits
as are insured under section 12B of the Federal Reserve
Act, as amended."
SEC. 340. Section 61 of the Act entitled "An Act to
establish a uniform system of bankruptcy throughout
the United States", approved July 1, 1898, as amended,
is amended by inserting before the period at the end
thereof a colon and the following:. "Provided, That no
622
FEDERAL RESERVE BULLETIN
security in form of a bond or otherwise shall be required
in the case of such part of the deposits as are insured
under section 12B of the Federal Reserve Act, as
amended."
SEC. 341. Section 8 of the Act entitled "An Act to
establish postal savings depositories for depositing
savings at interest with the security of the Government
for repayment thereof, and for other purposes",
approved June 25, 1910, as amended (U. S. C., title 39,
sec. 758; Supp. VII, title 39, sec. 758), is amended by
striking out the first sentence thereof and inserting in
lieu thereof the following: " Notwithstanding any other
provision of law, (1) each deposit in a postal savings
depository office shall be a savings deposit, and interest
thereon shall be allowed and entered to the credit of
the depositor once for each quarter beginning with the
first day of the month following the date of such deposit,
but no interest shall be allowed to any such depositor
with respect to the whole or any part of the funds to
his or her credit for any period of less than three months;
(2) no interest shall be paid on any such deposit at a
rate in excess of that which may lawfully be paid on
savings deposits under regulations prescribed by the
Board of Governors of the Federal Reserve System
pursuant to the Federal Reserve Act, as amended, for
member banks of the Federal Reserve System located
in or nearest to the place where such depository office is
situated; and (3) postal savings depositories may
deposit funds on time in member banks of the Federal
Reserve System subject to the provisions of the Federal
Reserve Act, as amended, and the regulations of the
Board of Governors of the Federal Reserve System,
with respect to the payment of time deposits and
interest thereon."
SEC. 342. The last sentence of the third paragraph
of subsection (k) of section 11 of the Federal Reserve
Act, as amended (U. S. C, title 12, sec. 248 (k)), is
amended to read as follows: "The State banking
authorities may have access to reports of examination
made by the Comptroller of the Currency insofar as
such reports relate to the trust department of such
bank, but nothing in this Act shall be construed as
authorizing the State banking authorities to examine
the books, records, and assets of such bank."
SEC. 343. The first sentence after the third proviso
of section 5240 of the Revised Statutes, as amended
(U. S. C, Supp. VII, title 12, sees. 481 and 482), is
amended by striking out the word "is" after the words
"whose compensation" and inserting in lieu thereof a
comma and the following: "including retirement
annuities to be fixed by the Comptroller of the Currency, is and shall be"; and such section 5240 is further
amended by striking out "The Federal Reserve Board,
upon the recommendation of the Comptroller of the
Currency," and inserting in lieu thereof "The Comptroller of the Currency".
SEC. 344. (a) Section 1 of the National Housing
Act is amended by adding at the end thereof the
following new sentence: "The Administrator shall,
in carrying out the provisions of this title and titles II
and III, be authorized, in his official capacity, to sue
and be sued in any court of competent jurisdiction,
State or Federal."
(b) The first sentence of section 2 of the National
Housing Act, as amended, is further amended by
striking out the words "including the installation of
equipment and machinery" and inserting in lieu
thereof the words "and the purchase and installation
of equipment and machinery on real property".
(c) Subsection (a) of section 203 of the National
Housing Act is amended by inserting the words "prop-
SEPTEMBER
1935
erty and" before the word "projects" in clause (1)
of such subsection.
(d) The last sentence of section 207 of the National
Housing Act is amended by inserting the words "property or" before the word "project".
SEC. 345. If any part of the capital of a national
bank, State member bank, or bank applying for membership in the Federal Reserve System consists of preferred stock, the determination of whether or not the
capital of such bank is impaired and the amount of
such impairment shall be based upon the par value of
its stock even though the amount which the holders
of such preferred stock shall be entitled to receive in
the event of retirement or liquidation shall be in excess
of the par value of such preferred stock. If any such
bank or trust company shall have outstanding any
capital notes or debentures of the type which the
Reconstruction Finance Corporation is authorized t a
purchase pursuant to the provisions of section 304 of
the Emergency Banking and Bank Conservation Act,
approved March 9, 1933, as amended, the capital of
such bank may be deemed to be unimpaired if the
sound value of its assets is not less than its total liabilities, including capital stock, but excluding such
capital notes or debentures and any obligations of the
bank expressly subordinated thereto. Notwithstanding any other provision of law, the holders of preferred stock issued by a national banking association
pursuant to the provisions of the Emergency Banking
and Bank Conservation Act, approved March 9, 1933,
as amended, shall be entitled to receive such cumulative
dividends at a rate not exceeding six per centum per
annum on the purchase price received by the association for such stock and, in the event of the retirement
of such stock, to receive such retirement price, not in
excess of such purchase price plus all accumulated
dividends, as may be provided in the articles of association with the approval of the Comptroller of the
Currency. If the association is placed in voluntary
liquidation, or if a conservator or a receiver is appointed
therefor, no payment shall be made to the holders of
common stock until the holders of preferred stock shall
have been paid in full such amount as may be provided
in the articles of association with the approval of the
Comptroller of the Currency, not in excess of such purchase price of such preferred stock plus all accumulated
dividends.
SEC. 346. If any provision of this Act, or the application thereof to any person or circumstances, is held
invalid, the remainder of the Act, and the application
of such provision to other persons and circumstances,
shall not be affected thereby.
Approved, August 23, 1935.
Joint resolution withdrawing the right to sue the
United States on gold-clause securities
[PUBLIC RESOLUTION—No. 63—74TH CONGRESS]
[H. J. Res. 348]
JOINT RESOLUTION
Authorizing exchange of coins and currencies and immediate payment
of gold-clause securities by the United States; withdrawing the right
to sue the United States thereon; limiting the use of certain appropriations; and for other purposes.
Whereas in order to maintain the uniform value of all
coins and currencies of the United States, Public
Resolution Numbered 10 of June 5, 1933, declared
SEPTEMBER
1935
FEDERAL RESERVE BULLETIN
provisions known as "gold clauses'' to be against
public policy, prohibited their use in obligations
thereafter incurred, and provided that money of
the United States legal tender for obligations generally was legal tender for all obligations with or
without gold clauses; and
Whereas the United States has paid and will continue
to pay to the holders of all its securities their principal
and interest, dollar for dollar, in lawful money of
the United States: Now, therefore, be it
Resolved by the Senate and House of Representatives
of the United States of America in Congress assembled,
That the lawful holders of the coins or currencies of
the United States shall be entitled to exchange them,
dollar for dollar, for other coins or currencies which
may be lawfully acquired and are legal tender for
public and private debts; and that the owners of the
gold-clause securities of the United States shall be, at
their election, entitled to receive immediate payment
of the stated dollar amount thereof with interest to the
date of payment or to prior maturity or to prior
redemption date, whichever is earlier. The Secretary
of the Treasury is authorized and directed to make such
exchanges and payments upon presentation hercunder
in the manner provided in regulations prescribed by
him. The period within which the owners of goldclause securities shall be entitled hereunder to receive
payment prior to maturit}7 shall expire January 1,
1936, or on such later date, not after July 1, 1936, as
may be fixed by the Secretary of the Treasury.
SEC. 2. Any consent which the United States may
have given to the assertion against it of any right,
privilege, or power whether by way of suit, counterclaim, set-off, recoupment, or other affirmative action
or defense in its own name or in the name of any of
its officers, agents, agencies, or instrumentalities in
&ny proceeding of any nature whatsoever (1) upon
623
any gold-clause securities of the United States or for
interest thereon, or (2) upon any coin or currency of
the United States, or (3) upon any claim or demand
arising out of any surrender, requisition, seizure, or
acquisition of any such coin or currency or of any gold
or silver and involving the effect or validity of any
change in the metallic content of the dollar or other
regulation of the value of money, is withdrawn:
Provided, That this section shall not apply to any suit
heretofore commenced or which may be commenced
by January 1, 1936, or to any proceeding referred to
in this section in which no claim is made for payment
or credit in an amount in excess of the face or nominal
value in dollars of the securities, coins or currencies
of the United States involved in such proceeding.
SEC. 3. Except in cases with respect to which consent is not withdrawn under section 2, no sums, whether
heretofore or hereafter appropriated or authorized to
be expended, shall be available for, or expended in,
payment upon securities, coins, or currencies of the
United States except on an equal and uniform dollar
for dollar basis.
SEC. 4. As used in this resolution the phrase "gold
clause" means a provision contained in or made with
respect to an obligation which purports to give the
obligee a right to require payment in gold, or in a
particular kind of coin or currency of the United
States, or in an amount in money of the United States
measured thereby, declared to be against public policy
by Public Resolution Numbered 10 of June 5, 1933;
and the phrase "securities of the United States" means
the domestic public debt obligations of the United
States, including bonds, notes, certificates of indebtedness, and Treasury bills, and other obligations for the
repayment of money, or for interest thereon, made,
issued or guaranteed by the United States.
Approved, August 27, 1935, six p. m., E. S. T.
624
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS BY MONTHS
DISCOUNTS BY WEEKS
[Averages of daily figures. In thousands of dollars]
[In thousands of dollars]
1934
1935
Wednesday figures (1935)
Federal Reserve bank
Federal Reserve bank
August
Boston
New Y o r k . . .
Philadelphia.
August
July
Aug. 7
Boston
New York...
Philadelphia
4,350
532
4,642
494
315
11,983
5,298
144
154
113
153
143
53
594
698
231
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
43
60
92
38
4
76
297
215
261
Chicago
St. Louis _. _.
Minneapolis..
Kansas City..
Dallas
San Francisco
134
606
279
77
395
251
157
320
219
Kansas City
Dallas
San Francisco
Total...
7,403
7,256
20, 588
Cleveland
Richmond
Atlanta
.
...
Aug. 14
Aug. 21
551
3,773
427
499
3,287
804
949
4,105
539
1 269
5,927
486
180
101
156
151
106
160
121
107
62
115
271
40
108
39
107
64
97
64
82
84
85
112
458
288
127
568
290
141
666
270
168
719
245
6,300
6,153
7,106
9,409
__
_.
Total
Aug. 28
Back figures.—See Annual Report for 1934 (table 10).
TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO
LIABILITIES
[Averages of daily figures3. Amounts in thousands of dollars]
Total reserves
Federal Reserve notes in
circulation i
Total deposits
Ratio of total reserves to
deposits and Federal
Reserve note liabilities
combined.
Federal Reserve bank
1934
1935
August
Boston
New York
Philadelphia
August
July
August
..
1934
1935
August
July
August
1934
1935
August
July
August
290,071
719,005
242, 572
284,557
706,£50
238,900
245, 645
654,731
247,914
76.2
80.2
67.1
76.6
78.6
66.6
74.0
72.3
66.4
393, 589
174,092
123,897
325,389
163,805
106, 239
322,068
161, 567
112, 247
274, 066
130,582
79, 472
324, 232
154,383
133,423
318, 363
149, 485
127, 435
313,621
144,032
132,471
69.5
64.2
63.7
69.0
63.5
63.6
67.0
63.4
58.5
1, 279,366 1, 383,588 1,097,146
209,043
197, 210
183, 387
153,916
158,604
136,021
800,146
156, 587
125, 851
910,137
170.069
129, 988
727, 428
136,979
95,100
802,373
142,466
99, 722
797, 759
140,742
100,180
771,108
133,648
101, 658
79.8
65.9
68.2
81.0
67.3
68.9
73.2
67.8
69.1
177,807
127,847
306, 720
187, 370
122,963
312,818
158, 516
116,989
249, 548
126,330
61,579
238, 259
122, 360
54, 308
227,432
112, 452
42,903
209,439
65.6
60.7
66.3
66.3
61.4
66.0
66.4
59.7
67.1
74.8
74.4
70.0
451, 720
204,211
152, 651
Kansas City
Dallas
San Francisco
Total
August
452, 509
462,222
294, 599
399,786
303,500
318,543
2,738,850 2,498,114 1,801,651 2, 695, 342 2, 471, 296 1,836,611
324, 596
241, 226
303, 344
317,070
237, 478
208,948
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
July
1934
1935
199, 385
115,019
361,124
442,015
197,469
152, 411
205,458
108,802
356,670
179, 931
95,472
308,108
6,630, 557 6,491, 466 5,196,424 5, 530,459 5, 456, 544 4,308,838 3,334,415
3, 268,471 3,109,622
i Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $19,056-000; month ago, $19,981,000; year ago, $17,305,000.
Back figures.—See Annual Report for 1934 (table 9).
625
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE
STATEMENT, AUG. 31, 1935
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
land
Richmond
Atlanta
MinSt.
Chicago Louis
neapolis
Kansas
City
Dallas
San
Francisco
Gold certificates on hand and due from
If U. S. Treasury
._. 3,482, 233 419,490 2, 767, 285293, 964 445, 882200,467 145,773 1,240, 538 183,657 .35,687 184,297 94, 591 370,602
Redemption fund—Federal Reserve
883 1,930 1,328 1, 517 3,1
466
550
1,449 1, 031
710 3,456
t notes
19,915 3,50'
Other cash
_
_
_.. 213,596 30, 245 43,902 29,194 11,358 8,129 8,317
27,033 11,838 12, 078 12,145 6,629 12, 728
Total reserves..
196,992 10.1,930
6,715,744 453,242 2,812,070 325,088 458, 568210,113 157,178 1, 269, 020 196, 526 148, 231
Bills discounted:
Secured by IT. S. Government obligations, direct and/or fully guaranteed
Other bills discounted
_
Total bills discounted..
Bills bought in open market.
Industrial advances
IT. S. Government securities:
Bonds
Treasury notes
Certificates and bills
6,757
4,512
2,400
24
3,508
11, 269
4,685
29,467
2,424
345
2,863
6,588
1,800
7,000
25
326
30
84
115
445
1,772
356
173
4,581
90
169
1,056
356
425
475
3,880
557
1,977
10
65
60
112
220
467
120
118
109
80
448
65
64
2,103
172
127
1,146
687
122
1,829
238
328
812
290, 216 17, 279 98,413 20,005 23,032 12,330 9,958 33,54' 11,378 14, 215 11,452 17,550 21,057
34,676
1, 618, 333 106, 062 492,015 119,115 147, 306 78,858 63, 652 236, 528 73, 266 46, 500 72, 063 48, 292 134,6/
43,598
523, 661 34,336 150,890 38,000 47, 687 25,528 20, 605 85,614 23, 556 14,885 23,329
Total U. S. Government securities
2,432,210 157,677
741,318 177,120 218,025 116,716 94,215
Total bills and securities
2,477,631 163,309 756,706 181,900 220,357 121,826
Due from foreign banks
640
258
66
60
23
Federal Reserve notes of other banks...
19,989
609
4,829 1,203 751 1,808
Uncollected items
438,613 44, 274 109,585 32,150 38,775 35,231
Bank premises
11,977 4,660 6,632 3,028
49,966 3,168
All other assets
34,326 4,178 1,573 1,158
561
46,632
Total assets.-.
355, 689 108,200 75,600 106,844 81, 475 199,331
358,223 108,83' 77,832 108,289 84,113 200,1,709
44
3
17
4
77
17
358 2,351
3,196
945 1,310
If I
65,849 19, 587 14, 578 26, 334 14,274 22,131
3,869
4,959 2,628 1,580 3,449 1,
468
912
721
264
544
305
9,749,215 665,211 3,729,751 549,245 726,716 373,187 273,489 1,702,045 328,791 244,078 337,055 203,289 616,358
LIABILITIES
Federal
Reserve notes in actual circue
3, 398,590 293,445
lation
736,435 246,192 326,304 163,118 136,902
811,405 144,755 101,753 128,334 63, 391 246, 556
Deposits:
Member bank—reserve account
5 305,337 295,386 2, 595,185 228,917 319,302 151, 220 103, 443
U. S. Treasurer—general account... ' 58,751 2,911
21,301 4,433 6,037 5 , " "
1,155
Foreign bank.
18,254 1,374
6,198 1,
1,813
687
706
Other deposits
_.
179, 957 2, 715 133,176 2, 672 2,948 2,353 2,343
772, 253 142,453 108,944 171, 652 108,390 308,192
3,899 3,376 2,451 1,726
3,080 2,396
2,213
572
458
512
496
1,336
4,596 7,201 7,083
345 2,018 12,507
Total deposits
Deferred availability items..
Capital paid in
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies
All other liabilities
782,961 153,602 118,1,936 174, 235 113, 984 324, 431
""" 21,824
64, 453 20, 019 14, 44' 25, 038 15, 300
12,821 3,958 3,136 4,041 4,013 10, 750
21, 350 4,655 3,420 3, 613 3,777 9,645
804
802 1,252
1, 391
547 1,003
2,043
831 1,
5,325
891 1,169
209
305
214
161
2,339
5, 562, 299 302,386 2,, 755,860237, 911
432, 064 43,987 107, 278 31,218
146, 732 10, 756
59,498 15,121
144, 893
49,964 13, 470
9,902
22,824
6,95' 2,098
2,874
7,500 2,99J
30, 777
1,648
6,259
213
11, 036
240
330,100 160, 265 107, 628
38,490 34,640 15, 370
13,142 5,040 4,456
14, 371 5,186 5, 540
1,007
3,335
754
3,000 1,411 2, 601
302
192
238
Total liabilities
9, 749, 215 665, 211 3, 729, 751 549, 245 726, 716 373,18: 273,489 1, 702, 045 328, 791 244,078 337, 055 203, 289 616, 358
Ratio of total reserves to deposit and
Federal Reserve note liabilities combined (percent)
57.5
65.9
67.2
65.1
79.6
67.7
74.9
76.1
65.0
69.9
64.3
80.5
Commitments to make industrial ad521 1,931
448 4,146
vances
1,812
149 1,182
3,511
26,837
970 1,802
607
9,758
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to Federal Reserve bank by
Federal Reserve agent
3,649,601 322,698
Held by Federal Reserve bank
251,011 -',253
In circulation
3,398, 590
293,445
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury
3,445,358 326,617
Eligible paper
9,804 2,424
IT. S. Government securities
223,900
Total collateral
_
3,679,062j 329,041
820, 847 257,779 342,235 170,
1,751 153,912
84,412 11, 587 15,931 7,633 17,010
837, 419 150,687 105,754 135,.,206 69, 626 282,, 687
26,014 5,932 4,001 6,872 6,235 36,131
736,435 246,192 326, 304 163, 118 136,902
811,405 144, 755 101, 753 128,334 63, 391 246, 556
823,706 226,000 318, 440 148, 000106,685
5,130
425 115 356
90
- - " • 23,000 50,000
32,000 25,000
842,840 131,632 103,500
_ J 125, 000 56,675 236, 263
109
65!
172
684
234
20,000 2,400 12,000 12,500 47,000
828, 836 258,425 343, 555 171, 356 156, 775
842,840.151,741 105,965 137,172 69,859 283,497
626
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[Averages of daily figures. In millions of dollars]
Borrowings at Federal Reserve
banks
Reserves held
Federal Reserve district
Total
Excess
July
July
June
May
303.2
2,148. 4
225.8
291.3
2,169. 7
226.6
296.6
2,031.0
221.3
162. 0
956.5
88.4
154.4
997.0
91.4
161.2
896.3
89.8
Cleveland
Richmond
Atlanta
309.3
151.3
104.3
299.8
144.3
86.5
320.3
149.6
84.2
147.0
76.7
47.1
139.0
70.5
29.0
162.3
76.2
26.4
Chicago
St. Louis
868.0
157.6
118.3
950.1
137.9
113.0
893.3
111.9
101.6
504.2
86.2
68.7
596.5
67.8
63.6
181.0
118.2
284.9
181.9
109.0
268.7
186.4
107.6
274.0
92.3
59.8
96.3
93.2
51.6
83.6
4,970. 2
4,978.9
4,777.8
2, 385. 2
Boston
New York
Philadelphia..
MinneapolisKansas City—
Dallas...
San Francisco
Total—
July
June
June
May
May
2, 437. 6
0.9
4.6
.5
0.9
4.2
0.6
3.9
.5
.2
.1
.05
.2
.3
.2
.1
.2
.3
549.8
41.5
54.1
.04
.1
.1
.04
.05
.1
.02
.05
100.3
50.6
.1
.4
.3
.1
.4
.2
.1
.5
.2
7.3
7.5
6.7
2, 296. 9
NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers (places over 15,000)
Federal Reserve district
Net demand
July
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City—
Dallas
San Francisco
Total™
June
Member banks in smaller centers (places under 15,000)
Net demand
Time
May
July
June
May
July
1,279
8,922
1,031
1,235
8,775
1,011
1,221
8,469
586
1,596
611
589
1,590
610
591
1,664
633
95
223
165
1,229
570
453
1,219
561
457
1,190
557
454
932
323
273
920
324
273
916
324
270
2,704
540
319
2,614
526
314
2,538
530
295
1,054
259
169
1,081
258
168
642
430
1,230
642
421
1,243
615
415
1,250
197
159
1,814
19. 400
19,019
18, 503
7,972 I
June
Time
May
July
June
May
216
162
215
160
124
455
404
122
448
122
446
164
121
162
122
93
162
122
102
236
166
72
234
164
70
236
167
73
1,071
258
172
204
137
142
204
138
144
204
137
140
180
92
171
177
91
171
174
91
171
199
159
1,824
207
159
1,817
253
188
111
252
188
110
249
189
107
108
36
92
109
35
91
109
35
91
7,993 |
8,081
1,874
2,135
2,110
2,113
627
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, JUNE 30, 1930, TO JUNE 29, 1935
[Amounts in thousands of dollars]
1930
1931
1932
1933 1
1934 1
1935 1
19351
June 30
June 30
June 30
J u n e 30
June 30
Mar. 4
June 29
25,213,770
4,061,395
21,816, 243
5,343,032
16, 587,185
5, 627,854
12,858,099
6,887,123
6,380, 494
35,655,659
928,807
1,217,963
190,995
2,407,960
484, 262
6, 763, 247
33,922,522
888, 454
1, 234, 404
206,569
2, 396, 421
519,135
5, 785, 764
28, 000,803
458,952
1,166, 263
233,014
1,997,656
478, 224
5,041,149
24,786,371
424, 263
982,036
227,074
2, 235,179
404, 502
• 2,360, 377
2, 517,096
1,730,770
2,008, 218
12,522,980
9,136, 684
276,144
5,239,031
27,174,839
252,916
997, 817
286, 348
3,819,410
472,643
f 2,574, 608
91, 669
11,953,152
9,820,993
1,199, 664
5, 297,641
28,271,450
217,545
1,003, 788
324,369
4,517,625
534,293
3,180,888
85,172
11,927,966
9,871,126
1,558,381
5,427,145
28,784,618
157,751
998, 645
339,086
4, 933, 277
537,010
3,197, 622
87, 781
128, 964
91, 829
836, 471
169, 014
182,306
629, 418
101,070
91,549
419, 706
108,070
106, 041
423,163
94,009
140, 680
91,926
473,810
120,334
135, 190
38,083
502,094
110,700
71,244
10,958
553, 927
2, 645,057
118,552
32, 658
1,771,312
87, 358
32,001
859,340
58,092
32, 548
1,008,400
53, 780
37, 261
518, 239
64,730
36, 249
915, 098
57, 600
32, 620
553, 740
75, 706
11,842
557, 748
26,324
223,114
452,045
20, 279
260, 254
55,022
11,664
216,388
7,948
6,654
227,820
1,920
2,524
290,474
2,602
2,009
327, 397
6,042
918
293, 777
47,906, 740
45,288, 588
35, 911,061
33,046, 780
37,384,811
40, 268,157
40, 724, 644
Demand deposits
Time deposits._
United States deposits
Due to Federal Reserve banks (deferred credits)
Due to other banks in United States
Due to banks in foreign countries
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding
18,061,977
13,811,978
280, 769
46, 206
3, 831, 656
501,544
1,493, 437
41,389
16,622, 224
13, 515,468
395,397
41,073
4,004,077
511,949
999, 310
33, 231
13, 203, 732
10, 636,021
387, 463
38, 362
2,870,029
172,383
503, 336
24, 475
12,927, 778
8, 980,860
806, 297
34,004
3,047,327
144,747
609, 484
13,430
14,963,215
9,811,153
1, 657, 793
41, 563
4,054,103
154,437
317,387
12, 716
16,755,809
10, 045, 297
1,269, 713
47, 206
5,073,179
169, 021
685,066
8,382
18,321,915
10,194,344
778, 716
49,335
4,957, 234
269,307
355,538
11,738
Total deposits.
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments
38,068,956
36,122,729
27,835,801
26,563,927
31,012,367
3,824,137
27,188, 230
34,053,673
3,312,720
30, 740,953
34,938,127
3,083,595
31,854,532
70, 222
649,098
37,164
147,826
126,054
155,189
5,901
145,336
636,041
15,371
61,994
84,825
65, 428
4,651
28,186
648,906
62, 983
260, 359
180,145
368, 435
6,184
23, 529
727,110
14, 244
64,121
35,105
91, 285
717
694,790
5,314
15,997
3,071
15, 755
17
957
623, 585
8,130
5.582
571
10, 368
32
4,241
222,045
7,409
4,530
1,001
3,323
13
557, 748
925, 576
34, 998
26, 324
148, 960
452,045
901, 351
11,514
20, 279
127, 345
55,022
483,064
6,912
11, 664
109,927
7, 948
434,997
7,302
6,654
67,111
1,920
266, 646
11,352
2, 524
70, 759
2,602
225, 000
10,166
2,009
79,444
6,042
160,219
14,350
918
69,889
226,915
209, 455
192, 553
165, 648
2, 721, 997
2. 870,800
950, 072
182, 940
2,620, 606
2, 741,351
804,199
264,068
2,440, 467
2,366, 239
510, 696
343,518
2, 220, 330
1, 847, 462
373,258
396,032
(<)
179,375
154,839
2, 497, 343
1, 690, 560
387, 228
374, 257
12,674
126,055
119,077
2, 560, 582
1, 654, 606
419, 272
351, 586
36,276
142,635
117,332
2,565,987
1,647,024
436, 366
343, 528
697
2,186
3,389
47,906, 740
45, 288, 588
35,911,061
33, 046, 780
37,384,811
40, 268,157
40, 724,644
2, 721, 997
2, 620, 606
2, 440, 467
2, 220, 330
459, 047
15, 758
2.025, 022
561, 907
26, 791
1, 976, 270
577,269
28,881
1, 966,315
2, 721,997
2, 620, 606
2,440, 467
2, 220,330
2, 499,827
2, 564, 968
2, 572,465
8,315
7,782
6,980
5,606
6,375
6,422
6,410
Loans (including overdrafts)
_
U. S. Government direct obligations
Securities fully guaranteed by U. S. Government
Other securities
_
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned.
_.
Reserve with Federal Reserve banks
Cash in vault
_
Due from member banks
Due from nonmember banks...
__
Balances with domestic banks, not subject to immediate
withdrawal
Balances with banks in foreign countries
Due from own foreign branches..
Items with Federal Reserve banks in process of collection....
Exchanges for clearing house and other checks on local
banks.._
Outside checks and other cash items
_
Redemption fund and due fromUnited States Treasurer. _.
Acceptances of other banks and bills sold with endorsement
Securities borrowed
Other assets
Total assets..
LIABILITIES
Due to own foreign branches..
National-bank notes outstanding...
__
Agreements to repurchase securities sold
__
Bills payable with Federal Reserve banks
_.
Rediscounts with Federal Reserve banks
Bills payable—all other
__
Rediscounts—all other
Acceptances of other banks and bills sold with endorsement
Acceptances executed for customers
Acceptances executed by other banks for reporting banks..
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid
Dividends declared but not yet payable and amounts set
aside for undeclared dividends and for accrued interest
on capital notes and debentures..
Other liabilities
Capital notes and debentures
Capital stock (see par value below)
Surplus.
Undivided profits—net
Reserves for contingencies
Retirement fund for preferred stock and capital notes and
debentures
_
Total liabilities (including capital account) _
Par value of capital stock:
First preferred.Second preferred
_
Common
Total
N u m b e r of b a n k s . .
i1 Beginning with 1933, figures relate to licensed banks only.
Included in " Other assets."
• Not reported separately.
•Prior to Oct. 17, 1934, dividends declared but not yet payable were included in "other liabilities," and amounts set aside for undeclared
dividends and for accrued interest on capital notes and debentures in "undivided profits."
628
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
ALL MEMBER BANKS—CONDITION ON JUNE 29, 1935, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
national All State
11 member Allmember
member
banks
banks
banks
Loans (including overdrafts)
U. S. Government direct obligations
Securities fully guaranteed by U. S. Government
Other securities
-
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture and
fixtures
_
Other real estate owned
...
Reserve with Federal Reserve banks
--Cash in vault.Due from member banks..
Due from nonmember banks
Balances with domestic banks, not subject to immediate
withdrawal
Balances with banks in foreign countries
Due from own foreign branches.
Items with Federal Reserve banks in process of collection..
Exchanges for clearing house and other checks on local
banks
—
Outside checks and other cash items
_
Redemption fund and due from United States TreasurerAcceptances of other banks and bills sold with endorsement
Securities borrowed
_
Other assets
Total assets..
11,927,966
9,871,126
1,558,381
5,427,145
28,784,618
157, 751
998,645
339,086
4,933,277
537,010
3,197, 622
87, 781
Central reserve city
member banks
New York
7, 353, 254 4, 574,712
3,801,263
6,069,863
464,476
1,093,905
1,892,754
3, 534,391
18,051,413 10,733,205
71,025
86, 726
348,859
649, 786
167,724
171, 362
1,841,099
3,092,178
134, 568
402, 442
726,311
2,471, 311
19, 407
68, 374
3,319,355
3,461, 618
347, 710
1,173,976
8,302,659
120, 567
246,473
30,345
1,934,739
51,097
131,121
2,181
110, 700
71, 244
10,958
553,927
90,005
43,648
8,071
366, 526
20, 695
27, 596
2,887
187,401
42, 732
7,234
119, 563
553,740
75,706
11,842
270, 688
51,872
11, 842
283,052
23,834
323, 735
4,020
5
6,042
918
293, 777
4,592
795
171,812
1,450
123
121,965
40, 724, 644
26,013,443
Chicago
484,818
766,332
87,056
253,985
1,592,191
4,096
25, 273
Reserve
city member banks
4,165,232
3,711,746
571,069
1,702,940
10,150,987
30,429
Country
member
banks
3,958,561
1,931,430
552, 546
2, 296, 244
8,738,781
2,659
393,245
165, 706
919, 747
236,059
1,322, 389
28,997
4,053
675,714
36, 527
235,402
12, 704
138,982
1,403,077
213,327
1, 508, 710
43,899
1,000
54,386
23,728
3,724
269,933
127,519
155, 668
45,503
996
45,969
18,206
10,826
215
93,330
162
703
65, 221
2,720
~"36,~9l2"
55,275
2,064
97, 310
28,368
7,977
15
16
37,916
14, 711, 201 11,419,086
2, 700,884
14,471,146
12,133,528
6,281,264
603,278
369,007
1,406,122
469,339
20,162
1,982,624
244,429
142, 568
6,099
504,165
3,047
23,549
843
6,006,341
4,112,285
299, 336
10,121
2,126,122
20,583
125,073
4,519
4, 628,188
5,009,442
90,211
39, 214
344,323
1,248
64,348
5,266
LIABILITIES
Demand deposits
18,321,915 11, 279, 623
Time deposits
_
10,194,344
7,225, 337
United States deposits
778, 716
434,496
Due to Federal Reserve banks (deferred credits)
49, 335
35,832
Due to other banks in United States
4,957, 234
3,167, 723
Due to banks in foreign countries
269, 307
109, 555
Certified and officers' checks outstanding
355, 538
215, 662
Cash letters of credit and travelers' checks outstanding....
11, 738
8,574
Total deposits
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments
Due to own foreign branches
National-bank notes outstanding
_
Agreements to repurchase securities sold
Bills payable with Federal Reserve banks
Rediscounts with Federal Reserve banks
Bills payable—all other
_
Rediscounts—all other. __
Acceptances of other banks and bills sold with endorsement.
Acceptances executed for customers
Acceptances executed by other banks for reporting banks..
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid....
Dividends declared but not yet payable and amounts set
aside for undeclared dividends and for accrued interest
on capital notes and debentures
Other liabilities
Capital notes and debentures
_.
Capital stock (see par value below)
Surplus
_
Undivided profits—net
_
Reserves for contingencies...
_
_
Retirement fund for preferred stock and capital notes and
debentures
_
Total liabilities (including capital account)..
Par value of capital stock:
First preferred
Second preferred
Common
Total
Number of banks.
_
7,042, 292
2,969,007
344,220
13,503
1, 789, 511
159,752
139,876
3,164
111
34,938,127
3,083, 595
31,854, 532
22,476,802
2,110, 327
20,366,475
12,461,325
973,268
11,488,057
9,629,269
654,790
8,974,479
2,427,227
273,688
2,153,639
12,704,380
1,293,157
11,411,223
10,177,251
861,960
9,315,291
4,241
222,045
7,409
4,530
1,001
3,323
13
424
222,045
4,194
1,978
641
2,011
13
3,817
4,241
100
2,500
200
3,215
2,552
360
1,312
16,122
3,238
205,623
1,671
4,530
1,001
3,323
10
6,042
160,219
14,350
918
4,592
85, 572
8,171
795
42,301
1,450
74,647
6,179
123
27,588
5,266
124,377
8,451
16
4,287
222
17,703
36,276
142,635
117,332
2,565,987
1,647.024
436,366
343, 528
21,004
62,548
830,001
297,907
143, 565
15,272
80,087
117,332
760,259
817,023
138,459
199,963
17,011
49,463
25,650
640,280
671,001
110,352
113,404
3,151
238
40,724,644
26,013,443
14, 711,201
577,269
28,881
1,966,315
503,751
21,208
1,285, 236
73,518
7,673
681,079
1,810,195
5,425
8,168
29,201
5,355
215
27, 493
162
2,354
322
703
16, 525
552
32,637
250
147,150
37,935
12,365
29,823
11,864
29,347
49,150
816,692
493,808
153, 502
129,187
6,849
31,188
42,282
961,865
444,280
160,147
71,114
18
52
991
2,328
11,419,086
2,700,884
14,471,146
12,133, 528
100,300
76,150
539,980
71,000
166,379
7,750
642,657
234,440
21,131
712,678
762,270
640,280
147,150
816,786
968,249
985
38
18
329
6,025
SEPTEMBER
629
FEDEKAL RESERVE BULLETIN
1935
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
City
Federal Reserve district
Loans and investments, total:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Loans on securities, total:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
To brokers and dealers
in New York:
Aug. 7
Aug. 14
Aug. 21
Aug. 28 ._
To brokers and dealers
outside New York:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
To others: t
Au°\*7
Aug/14
Aug. 21
Aug. 28
Acceptances and commercial
paper bought:
Aug. 7-._
_.
Aug. 14
Aug. 21
Aug. 28
Loans on real estate:
Aug. 7
Aug. 14
Aug. 21
Aug. 28.
.
Other loans:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
U. S. Government direct obligations:
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Obligations fully guaranteed
by U. S. Government:
Aug. 7 ,
Aug. 14
Aug. 21 .
Aug. 28.._
Other securities:
Aug. 7
Aug 14
Aug. 21
Aug. 28
Reserve with Federal Reserve bank:
Aug. 7
Aug. 14
Aug. 21
Aug. 28 Cash in vault:
Aug. 7
Aug. 14
Aug. 21
Aug. 28 .
Net demand deposits:
Aug. 7
Aug. 14
Total
New Phila3oston York
del- Cleve- Rich- Atphia land mond lanta
18,491
18,477
18, 567
18, 533
1,151
1,149
1,140
1,129
8,366
8,379
8,420
8,397
1,097
1,076
1,078
1,072
1,248
1,246
1,255
1,259
346
349
350
343
335
336
334
332
2,144
2,133
2,152
2,170
543
541
545
547
344
346
342
335
589
591
604
605
412
416
422
425
1,916
1,915
1,925
1,919
7,504
7,519
7,558
7,543
1,737
1,725
1,742
1,761
2,981
2,979
2,980
2,899
185
186
186
186
1,781
1,787
1,784
1,701
180
179
179
178
163
163
166
166
49
49
49
49
42
42
42
42
231
226
226
226
56
57
58
59
32
32
32
32
47
46
46
46
42
42
41
41
173
170
171
173
1,601
1,609
1,609
1,534
196
842
853
849
778
6
7
6
5
821
831
825
755
13
13
13
13
3
3
805
817
814
751
1
1
1
1
163
27
57
13
157
27
58
12
6
156
152
27
27
59
58
12
11
6
6
1
1
1,976
1,969
1,975
1,969
152
903
154
157
152
153
154
898
900
888
154
154
154
157
157
157
298
37
134
23
297
39
131
296
297
38
38
132
132
23
22
22
949
951
949
948
87
87
87
87
238
237
238
238
3,133
3,140
3,192
3,201
274
273
274
276
7,301
7,272
7,283
7,310
Chicago
St. Min- Kansas
Louis neapolis
City
1
1
1
1
1
1
1
1
3
3
34
30
4
4
3
3
29
27
4
4
1
1
48
39
196
52
48
48
48
195
196
198
53
54
55
30
39
39
39
4
7
3
30
4
7
3
31
6
6
3
2
70
70
70
69
5
5
73
72
72
72
16
17
17
17
1,293
1,297
1,332
1,338
179
180
178
174
142
143
143
143
377
374
369
356
3,310
3,313
3,302
3,352
286
268
270
270
912
18
388
83
917
916
927
18
18
18
391
386
389
82
83
81
2,917
2,921
2.951
2,951
173
172
168
168
1,222
1,223
1,246
1,247
1
1
San New
Dal- Franlas cisco York
2
2
3
3
1
1
3
3
1
1
43
Chicago
192
191
190
12
10
55
31
56
10
10
57
56
28
27
25
164
163
163
41
161
741
30
31
31
42
42
42
41
40
40
160
161
163
736
738
727
10
6
23
2
19
131
10
6
2
9
9
6
6
24
24
2
2
18
30
29
23
19
22
129
129
21
21
12
12
12
12
30
31
30
30
37
37
37
37
5
5
5
5
14
14
14
14
24
24
24
24
343
345
343
343
122
122
122
122
15
15
15
15
75
74
75
75
109
108
106
103
306
308
313
317
94
92
95
98
108
110
110
111
116
118
121
121
108
108
110
112
329
329
335
333
1,157
1,161
1,196
1,203
236
238
243
247
647
644
648
649
116
116
116
109
97
100
99
100
1,138
1,127
1,135
1,151
214
212
213
210
133
133
129
121
225
226
236
236
153
155
160
162
605
604
606
594
3,103
3,106
3,089
3,136
921
910
917
933
30
26
20
93
42
16
44
41
111
30
31
34
27
27
28
276
189
57
274
276
278
190
190
190
59
60
59
21
22
44
44
45
43
43
42
112
112
116
355
82
16
17
17
358
355
359
82
82
83
90
44
120
42
336
91
91
91
44
43
43
120
119
119
42
42
42
337
339
338
1,035
1,035
1,058
1,060
266
273
272
167
93
94
94
42
42
43
52
316
52
53
53
317
324
323
19
19
20
128
164
266
3,857
3,995
4,080
4,129
2,198
2,283
2,347
2,395
139
154
37
531
92
64
102
79
154
172
162
66
235
235
241
157
165
168
69
69
70
38
41
45
547
542
532
96
98
100
66
65
65
101
100
98
73
67
64
176
179
189
2,132
2,223
2,276
2,333
494
493
483
295
304
296
305
95
95
96
96
54
56
54
56
13
14
14
14
20
20
20
20
12
12
11
12
6
7
6
7
44
46
44
46
9
9
9
10
5
5
5
5
11
12
11
12
9
9
9
9
17
19
17
18
42
45
42
44
35
36
35
35
15,455
15,661
999
1,014
8,103
8,215
819
818
784
786
248
250
212
219
1,938
1,951
413
418
267
273
524
534
349
354
799
829
7,637
7,750
1,658
1,670
228
477
630
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
REPORTING MEMBER BANKS IN LEADING CITIES—Continued
[In millions of dollars]
City
Federal Reserve district
Total
New Phila- Cleve- RichBoston York delphia land mond
Net demand deposits1—Cont.
Aug. 21
15,799 1,003
Aug. 2 8 . . .
15,950
986
Time deposits:
313
Aug. 7___
4,420
312
Aug. 14
4,426
312
Aug. 21
4,398
312
Aug. 28
_—
_. 4,387
Government deposits:
32
Aug. 7
516
32
Aug. 14.
520
Aug. 21
32
522
32
Aug. 28
518
Due from banks:
114
1,832
Aug. 7
111
Aug. 14
1,894
Aug. 21
112
1,865
Aug. 28
110
1,890
Due to banks:
4,486
213
Aug. 7
4,543
213
Aug. 14
Aug. 21
4,580
209
4,575
205
Aug. 28
Borrowings from Federal
Reserve banks:
Aug.
Aug.
Aug.
Aug.
MinSt.
Louis neapolis
Kansas
City
San
Francisco
New
York
423
427
264
242
533
'508
350
328
824
828
7,823
8,100
1,711
1,737
169
123
123
124
124
158
158
158
157
122
122
122
122
946
945
943
943
602
605
606
603
415
415
387
382
14
14
14
14
5
5
5
5
11
11
11
11
19
20
20
20
50
50
50
50
246
249
250
247
29
Dal-
Chicago
833
823
802
1,004
1,006
1,007
1,003
282
282
281
282
468
472
472
471
265
268
269
266
35
35
35
34
25
25
25
25
15
15
16
16
167
174
176
176
140
148
146
155
131
135
137
131
97
99
105
85
92
95
94
300
310
303
320
109
110
108
106
94
92
94
101
242
252
241
233
147
153
147
143
205
220
207
216
90
94
97
95
208
217
211
229
2,061
2,075
2,104
2,121
259
264
265
263
205
209
211
208
110
109
110
109
103
104
103
609
623
619
617
190
192
192
187
91
90
91
91
307
311
303
136
136
137
137
210
222
227
231
1,993
2,007
2,036
2,055
496
511
509
508
* Revised.
Figures subsequent to Aug. 23 include Government deposits.
Chicago
8,547
7
14
21
28
1
Atlanta
252
239
215
216
2,017
138
138
139
138
133
134
134
134
564
565
537
532
39
29
631
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF UNITED
STATES PAPER CURRENCY
POSTAL SAVINGS SYSTEM
[In millions of dollars]
BY SELECTED BANES IN NEW YORK CITY
[In thousands of dollars]
345
40, 587
40,242
81
173
167
373
1,012
191
286
282
3,705
1,502
2,026
1,465
1,612
1,451
2,261
2,289
3,624
1,329
1,859
1,092
600
1,260
1,975
2,007
For description and back figures see BULLETIN for January 1932,
pp. 7-9, and for January 1934, p. 51.
PAPER CURRENCY OF EACH DENOMINATION
IN CIRCULATION
Outside Treasury and Federal Reserve banks. In millions of dollars]
1934
1935
Denomination
J u l y 31 Feb. 28 M a r . 31 Apr. 30 M a y 31 June 30 J u l y 31
$1—$2
$5 _
$10..
$20
$50..
$100__. _
$500
$1,000
$5,000
$10,000
Total-
393
32
719
1, 219
1,277
336
569
113
223
5
8
407
31
755
1,275
1,314
340
575
112
217
6
8
410
32
754
1,285
1,309
341
578
113
221
6
8
411
32
749
1,266
1,300
340
580
116
230
5
8
120
32
760
1,290
1,309
343
588
115
225
6
9
419
32
760
1,296
1,309
349
598
116
225
6
8
415
31
755
1,273
1,289
344
596
116
231
7
10
4,896
5,039
5,057
5,036
5,098
5, ;i9
5,066
Guaranteed
obligations
5,256
3,739
2,200
2,899
3,770
3,463
3,538
5,193
4,231
2,524
1,930
1,499
1,197
1,198
1,190
1,192
1.193
1, 199
1,204
1,207
1,224
1,225
1, 218
1,221
1, 222
1,' 229
1, 236
1,237
731
695
644
598
574
561
551
540
318
453
478
519
565
£.71
581
597
318
418
418
418
451
457
467
467
35
60
101
114
114
114
130
1,201
1,205
1,203
1,200
1, 205
p 1, 205
P I , 190
1, 232
1, 237
1,232
1,231
509
491
478
452
614
633
691
685
467
467
508
539
147
166
183
146
1934—May
June
July
August
September
October
November
December
1935—January..
February
March
April
May
Juno
July
Total
5,256
3,740
2,200
2,900
3,780
3,471
3,601
5.193
4,254
2,524
2,129
1, 539
U. S. Government
securities
Direct obligations
Total
0
1
0
1
10
8
63
0
23
0
199
40
Cash in depository
banks
January
February _
March
April
May. .
June
July
August
September
October. _.
November. _
December
End of month
Total
ShipReShipRements ceipts
Net
Net
ments ceipts
from receipts
from receipts to
to
Europe Europe
Europe Europe
Month
Depositors' balances
1935
Cash, reserve
funds,
etc.1
Assets
1934
175
77
96
104
83
97
104
100
109
94
v Preliminary.
i Includes working cash with postmasters, 5 percent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments and accounts due from late postmasters.
Back figures.—See BULLETIN for August 1935, p. 502.
MATURITY DISTRIBUTION OF BILLS AND SECURITIES HELD BY FEDERAL RESERVE
BANKS
[In thousands of dollars]
Total
With- 16 to
91 days
31 to 61 to
to 6
in 15
30
days days 60 days 90 d a y s mos.
Over 6
mos.
Bills discountNOTE.—Figures include, in addition to currency outside the Treasury
and Federal Reserve banks, unassorted currency held by these institutions amounting to $3,000,000-$14,000,000, and also $1,000,000 of currency
>f unknown denominations reported by the Treasury as destroyed.
Back figures.—See Annual Report for 1934 (table 50).
BANK DEBITS
! Debits to individual accounts.
Amounts in millions of dollars]
Number
of centers
New York Citv
O u t s i d e N e w York C i t y
Federal Reserve districts:
Boston
New York
Philadelphia
Cleveland-.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis ._.
Kansas City
Dallas
San Francisco
Total....
1935
1934
July
June
I
140
16,737
16.657
15, 667
15,914
13, 842
13,910
11
7
10
13
7
15
21
5
9
15
10
18
2 035
17, 390
1,486
1,599
589
692
4,287
786
526
943
620
2,440
1 586
16, 296
1,558
1,646
568
660
4,116
883
525
916
476
2, 352
1 523
14, 391
1,373
1,441
524
630
3.538
680
469
857
432
1,894
141
33, 394
31,581
27, 752
Back figures.—See annual Report for 1934 (table 78).
July
ed:
Aug. 7
Aug. 14
Aug. 21
Aug. 28....
Bills bought in
open market:
\ug 7
Aug. 14
Aug 21
Aug. 28
Industrial advances:
Aug. 7
Aug. 14
Aug. 2 1 . . . .
Aug. 2 8 - . U. S. Government securities:
Aug.
Aug.
Aug.
Aug.
7
14._21
28--
6. 300
6,153
7,106
9,409
4,165
4, 453
5, 404
7,025
987
593
56
777
916
1,044
392
564
384
433
385
776
4, 685
787
393
804
4, 693 1,249
695
4, 695 1,474
898 2,036
4,685
1, 112
2, 137
1, 600
502
2, 393
503
866
1,249
29, 096
29,147
29, 284
29, 447
166
162
144
124
5
5
4
4
1, 239
1,210
1,270
1,331
206
267
275
188
082
1,413
1, 678
1,732
1. 624
843
508
527
1,762
1,769
1,931
1,776
23, 583
23, 645
23, 622
23,893
2, 430, 332 40, 614
2, 430, 205 32, 260
2, 430, 240 31, 870
2, 430,331 24,930
31, 870
24,930
20, 163
27,463
50,963
55, 066
109, 576
112,318
109,344
103,930
51, 360
35,985
282,901
294, 813
292,114
293,853
1,914,640
1,919,206
1,925,157
1,935, 782
632
FEDERAL RESERVE BULLETIN
SEPTEMBER
1935
BANES SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP
DURING 1934 AND JANUARY-AUGUST 1935
[Preliminary figures]
Nonlicensed banks placed in liquidation
or receivership *
Licensed banks suspended l
Deposits • (in thousands of dollars)
Number of banks
Number of banks
Deposits J (in thousands of dollars)
Year 1934 Jan.-Aug.
Year 1934 Jan.-Aug.
Year 1934 Jan.-Aug.
Year 1934 Jan.-Aug.
1935
1935
1935
1935
National banks .
State bank members
Nnnmftmhor insured bank's
Oth^r n^Tumprpber banks
Total
390,218
« 39,492
0,499
«6,284
1
3
40
776
398
«23
4
<5
8
48
13
6
1,912
34,985
2,852
737
506
38
195,211
13,075
4,365
927
47
624,921
25,858
57
22
36,937
i Includes banks placed on a restricted basis.
Includes nonlicensed banks absorbed or succeeded by other banks.
Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or
receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest
call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported
closing of the banks.
* Includes 14 banks with deposits of $12,504,000 in 1934 and 4 banks with deposits of $5,066,000 during January-August 1935, which did not receive
licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation.
Backfigures.—SeeAnnual Report for 1934 (tables 79-84).
1
8
RATES ON INDUSTRIAL ADVANCES
[Approved by the Board of Governors of the Federal Reserve System, under sec. 13b of Federal Reserve Act as amended June 19, 1934. Percent
per annum except as otherwise specified. In effect on Sept. 1, 1935]
Boston
New
York
Advances direct to industrial or commercial organizations
- 3M-6
Advances to financing institutions:
On portion for which institution is obli3
gated
.
On rftmairn'Tig portion
.
CJoTTiTTiitTTients to Triake advances
• r- ,
Richmond
Atlanta
4M-6
6
6
4
1
4-6
4-6
1-2
5
5
Phila- Clevedelphia land
4-6
4-6
3
13
4-5
1-2
1-2
St.
Minne- Kansas Dallas
Louis apolis
City
Chicago
5-6
1
3
5-6
1-2
San
Francisco
6
4-6
5-6
5-6
4H-5
4
4
4
5-6
1
4-5
1
3-4
» Authorized rate 1 percent above prevailing discount rate.
• Same as to borrower but not less than 4 percent.
• Flat charge.
INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE
ACT, JUNE 19, 1934, TO AUG. 28, 1935
[Amounts in thousands of dollars]
Date (last Wednesday of each
month)
Applications received to date
Number
Applications under
consideration
Amount Number
Amount
Applications recommended for approval
by Industrial Advisory Committees to
date (with and without conditions)
Number
Amount
Applications a p proved to date
by Federal Reserve banks (with Advances Commitments
and
without
made
conditions)
to date outstanding
Number
Amount
1934—Sept. 26.
Oct. 31..
Nov. 28.
Dec. 26.
3,218
4,138
4,635
5,053
103,642
138,095
166,433
187,696
1,248
1,015
838
719
46,645
41, 363
39,822
41,871
420
753
961
1,122
20,355
34,987
46,599
54,531
322
639
828
984
14, 012
28,411
42,202
49,634
1,968
6,226
9,992
14,069
756
3,218
6,657
8,225
1935-Jan. 30..
Feb. 27.
Mar. 27.
Apr. 24.
May 29.
June 26.
July 31.
Aug. 28.
5,283
5,595
5,897
6,130
6,428
6,618
6,863
7,029
195,710
205,581
217, 756
225,900
245,078
263,482
271,768
278,022
456
431
410
28,245
22,503
22,989
15,201
23,740
28,581
13, 229
10,847
1,341
1,432
1,521
1,633
1,734
1,815
1,907
1,970
73,470
76,575
79,490
86,374
90,799
102,331
109,603
112,629
1,168
1,268
1,364
1,467
1,571
1,646
1,739
1,786
64,518
72,525
76,441
81,134
86, 282
88, 778
103, 633
107, 244
18,406
20,615
22,862
29,055
30, 574
31,806
33,320
34,759
11,739
13,963
15,732
16,908
19,425
20,579
23,022
26,314
296
219
220
633
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics. 1926=100]
Other commodities
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74.9
104.9
88.3
64.8
48.2
51.4
65.3
99.9
90.5
74.6
61.0
60.5
70.5
91.6
85.2
75.0
70.2
71.2
78.4
109.1
100.0
86.1
72.9
80.9
86.6
90.4
80.3
66.3
54.9
64.8
72.9
83.0
78.5
67.5
70.3
66.3
73.3
100.5
92.1
84.5
80.2
79.8
86.9
95.4
89.9
79.2
71.4
77.0
86.2
94.2
89.1
79.3
73.5
72.6
75.9
94.3
92.7
84.9
75.1
75.8
81.5
82. ft
1934—July
August _ - September
October
November
74.8
76.4
77.6
76.5
76.5
76.9
64.5
69.8
73.4
70.6
70.8
72.0
70.6
73.9
76.1
74.8
75.1
75.3
78.4
78.3
78.3
78.0
78.0
78.0
86.3
83.8
84.1
83.8
84.2
85.1
71.5
70.8
71.1
70.3
69.7
70.0
73.9
74.6
74.6
74.6
74.4
73.7
86.8
86.7
86.6
86.3
86.2
85.9
87.0
85.8
85.6
85.2
85.0
85.1
75.4
75.7
76.5
77.1
76.9
78.1
81.6
81.8
81.8
81.7
81.3
81.2
69.9
70.2
70.2
69.7
70.6
71.0
2935—January
February
March
April
May
June
July..
78.8
79.5
79.4
80.1
80.2
79.8
79.4
77.6
79.1
78.3
80.4
80.6
78.3
77.1
79.9
82.7
81.9
84.5
84.1
82.8
82.1
77.7
77.4
77.3
77.2
77.6
78.0
78.0
86.2
86.0
85.4
86.3
88.3
88.9
89.3
70.3
70.1
69.4
69.2
69.4
70.1
70.2
72.9
72.5
73.0
72.8
73.1
74.2
74.7
85.8
85.8
85.7
85.9
86.6
86.9
86.4
84.9
85.0
84.9
84.6
84.8
85.3
85.2
79.3
80.4
81.5
81.0
81.2
80.7
78.7
81.2
80.7
80.7
80.7
80.6
80.5
80.4
70.7
70.1
69.2
68.7
68.7
68 4
67.7
Week ending—
1935—May 4
May 11
May 18
May 25
June 1
June 8
.
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
.
Aug. 31_._
80.1
79.9
80.0
80.3
80.2
79.9
79.8
79.3
78.9
79.1
79.2
79.1
79.2
79.6
80.1
80.5
80.8
80.5
81.1
80.8
80.9
81.5
80.7
79.9
79 9
78.0
77.1
78 0
77 7
77.2
77.1
78 4
79.7
80.3
80.7
79.2
84.9
84.1
83.8
84.3
84.4
83.7
83.4
82.5
81.6
81.9
82.0
82.0
82.2
83 4
84.2
85.4
86.1
86.0
77.5
77.5
77.6
77.8
77.8
77.8
77.9
77.9
77.9
77.8
78.0
77.9
77.9
77.9
78.0
78.0
78.1
78.1
88.0
88.1
88.4
89.5
89.9
89.1
89.4
89.3
89.6
89.8
89.8
89.8
90.1
90.0
90.1
90.1
90.2
90.4
68.7
68.7
68.8
69.4
69.3
69.3
69.1
69.7
69.7
69.7
69.9
69.8
69.9
70.0
70.1
70.5
70.7
70.9
74.4
74.4
74.2
74.1
74.4
74.7
74.9
74.7
74.8
74.9
75.3
75.3
75.2
75.0
75.4
75.4
75.4
75.4
85.2
85.2
85.3
85.6
85.6
85.6
85.9
85.9
86.1
85.7
85.7
85.7
85.7
85.8
85.8
85.8
86.0
86.0
84.9
84.7
84.8
84.9
84.9
85.1
85.3
85.1
84.9
84.8
85.0
84.9
85.1
85.3
85.0
85.1
85.1
85.3
80.8
80.7
80.8
81.0
80.8
80.7
80.4
80.0
79.5
79.5
79.5
79.5
78.4
78.5
78.5
78.7
79.3
79.0
82.0
82.0
82.0
82.0
82.0
81.8
81.7
81.7
81.8
81.8
81.8
81.8
81.9
81.9
81.7
81.7
81.7
81.8
68.9
68.9
69.0
69.0
69.0
68.9
68,4
ft8.4
68.0
68.0
67,8
67.6
67.5
67.5
67,5
67.2
67.2
67.1
Year, month, or week
1929
1930
1931
1932 .
1933
1934..-
.
Total
Hides and Textile Fuel and Metals Building ChemiHouseMiscelleather
lighting and metal
cals and furnish- laneous
ing goods
products products materials products materials
drugs
1934
1935
1934
July
Apr. May June July
74.8
48 8
70 5
87.9
85 9
74.5
83.2
87 6
75.0
76.9
84 8
74 3
78.3
82 8
72 9
74 8
88 9
68 2
63 4
64.5
84.9
93.3
67.3
94.3
76.2
77.7
92.3
66.3
97.0
77.7
74 6
90 5
68.7
94 5
77.2
74.0
92 7
65.1
93.3
76.7
Boots and shoes
Hides and skins
Leather
Other leather produc ts
98 0
66 6
75.1
86.8
97.2
71.2
74.9
84.6
97.2
76.1
79.6
84.4
97 3
78.0
80.5
84.4
97.8
79.8
80.2
84.4
CHEMICALS AND DRUGS:
Clothing
. . .
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
81.9
85.1
59.5
24 5
80.7
69.6
78.5
81.8
61.6
27.6
73.1
67.5
78.5
82.7
60.4
27.6
73.5
68.2
80.7
82.5
59.5
27.2
75.6
68.9
80.7
82.0
59.9
27.9
76.4
69.1
HOUSEFURNISHING GOODS:
Furnishings
78.6
95 7
85.6
92.4
99.2
51.3
75.5
95 4
88.7
87.8
88.0
51.0
73.0
95 7
88.7
88.7
92.0
52.2
74.0
96 1
88.7
90.2
95.2
53.2
77 0
96 5
88.6
FARM PRODUCTS:
FOODS:
Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats
Other foods
HIDES AND LEATHER PRODUCTS:
TBXTDLE PRODUCTS:
F U E L AND LIGHTING MATERIALS
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products.
1935
Subgroups
Subgroups
Grains
Livestock and Doultrv
Other farm products
77.7
69.8
64.4
62.5
69.7
METALS AND METAL PRODIJCTS:
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous m<3tals
BUILDING MATER IALS:
Brick and tile
Cement
Lumber
Paint materials.—
Plumbing and heating
Structural ste<A
Other building materials
_ -_ _.
Che micals
Dri igs and pharmaceuticals
Fer tilizer materials
Mixed fertilizers
- >.
Fur niture
.
MlSCEL LANEOUS:
Auto tires and tubes
Cattle feed . .
Paper and pulp
Rubber, crude
Other miscella neous
July
Apr. M a y
June July
92.0
86 7
94.6
68.8
93.6
86.0
93.6
68.2
93.6
86 6
94.4
69.2
93.6
87 1
94.7
69.1
93.6
87.0
94.7
66.1
91.3
93.9
85.3
__ _ 79.8
75.0
92.5
90.9
89.7
94.9
79.9
79.2
67.1
92.0
89.4
89.3 89.2
94.9 94.9
79.8 81.6
79.9 79.8
67.1 « 66.2
92.0 92.0
89.8 90.0
89.1
94.9
81.7
79.1
68.8
92.0
89.7
78.5
73.0
67.6
72.8
87.2
73.8
66.0
72.9
87.5
74.2
65.9
73.1
86.3
74.3
65.7
74.5
84.6
74.0
65.7
68.6
84.8
78.5
84.2
77.1
84.1
77.1
83.9
77.1
84.0
76.8
44.6 46.3 45.0
88.8 104.9 107.0
82.4 80.4 80.0
29.9 23.7 24.9
82.3 79.0 79.4
45.0
92.2
79.7
?fi.O
80.1
45.0
78.6
79.7
25.0
80.1
52.9
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1934 (table 100)' indexes of subgroups available at Bureau
of Labor Statistics. For weekly indexes covering 1934, see Annual Report for 1934 (table 101).
• Corrected.
634
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of Federal Reserve Board; adjusted for seasonal variation.
1923-25 average=100]
1934
1935
Industry
July
Manufactures—Total
I R O N AND S T E E L
_.
Pig i r o n - .
Steel ingots
TEXTILES
Cotton consumption
Wool
Consumption
Machinery activity i
Carpet and rug loom activity
Silk deliveries
—
l
F O O D PRODUCTS
Slaughtering and meat packing
Hogs—_
Cattle
CalvesSheep
Wheat
flour
Sugar meltings
_
--
Aug.
Sept.
Oct.
Nov.
Dec.
Jan
Feb.
74
85
90
48
42
48
65
34
68
80
49
83
80
57
83
103
98
102
116
110
52
119
100
95
97
97
116
65
122
81
76
56
101
109
131
90
78
79
61
62
67
44
101
94
59
63
61
46
135
82
68
32
111
97
92
85
97
92
41
140
Mar.
Apr.
May
June
July
84
84
06
56
87
53
67
53
70
90
95
102
99
71
135
84
110
131
92
80
117
102
85
124
153
99
80
111
100
82
122
148
107
71
116
105
82
128
156
108
76
133
77
73
51
98
112
151
88
75
80
77
56
96
113
157
88
78
74
54
94
108
161
83
88
74
67
44
92
106
151
91
75
74
69
46
93
115
154
SO
102
120
92
155
198
134
81
106
128
79
192
244
145
79
64
120
142
89
216
225
162
85
94
107
119
95
144
145
228
83
101
102
110
90
138
121
143
84
102
102
107
79
146
130
139
87
108
91
83
54
120
132
133
86
130
63
116
63
117
65
121
62
116
60
115
118
61
121
61
122
59
123
59
119
64
121
63
124
61
5
95
51
7
133
104
8
27
103
106
8
110
9
91
86
14
56
100
10
95
18
107
108
96
91
90
112
117
113
97
93
88
120
123
113
100
98
87
119
121
103
97
90
104
106
107
107
95
47
183
51
185
55
155
58
162
52
169
168
220
91
100
92
84
P A P E R AND P R I N T I N G :
Newsprint production
Newsprint consumption
TRANSPORTATION
_—
118
EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
L E A T H E R AND P R O D U C T S . .
....
—
Tanning
Cattle hide leathers.
Calf and k i p leathers
Goat and kid leathers
Boots and shoes..
-
81
74
111
108
97
83
82
67
101
106
94
104
93
92
96
90
112
97
105
114
108
97
93
91
112
116
45
140
42
174
45
166
120
115
C E M E N T AND G L A S S :
Cement
Glass, plate
NONFERROUS
48
—
--
METALS: *
68
58
157
202
91
103
90
74
152
193
85
102
91
73
153
196
92
98
90
73
155
199
91
101
89
73
154
194
89
103
98
76
151
191
155
196
105
102
94
95
153
191
108
101
94
90
153
194
91
96
100
87
160
204
94
104
100
166
214
99
105
97
87
79
82
56
79
82
61
85
60
107
110
80
133
139
91
115
119
82
101
104
76
93
96
68
88
91
66
75
78
56
79
82
55
128
63
177
126
125
66
171
120
66
161
125
69
168
143
76
196
136
72
186
133
130
fi9 67
183
180
138
67
193
134
66
186
138
67
193
140
70
196
85
80
82
81
81
90
04
98
84
64
63
128
52
57
53
40
61
50
124
47
60
44
39
64
62
122
44
61
55
36
65
53
122
35
76
56
39
65
64
121
14
77
55
35
72
72
124
74
76
131
79
97
133
53
79
55
47
55
62
134
50
80
59
73
T i n deliveries *
FUELS,
81
MANUFACTURED:
Petroleum refining
Gasoline l
Kerosene
Fuel o i l 1 - —
Lubricating oil i
Coke, byproduct
156
201
92
100
92
-
-
R U B B E R T I R E S AND T U B E S
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
CigarettesMineral*—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
_.
Lead
Silver
i Without seasonal adjustment.
_
1
Includes also lead and zinc; see "Minerals."
97
81
67
132
87
54
132
130
69
71
131
53
73
63
51
Preliminary.
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.
SEPTEMBER
635
FEDERAL RESERVE BULLETIN
1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of Federal Reserve Board; without seasonal adjustment.
1923-25 average=100]
1934
1935
Industry
July
Manufactures—Total.
IRON AND S T E E L .
Pig iron
Steel ingots..
TEXTILES.__
_..
Cotton consumption
Wool
Consumption
Machinery activity
_.
Carpet and rug loom activitySilk deliveries—_
—
FOOD PRODUCTS
Slaughtering and meat packing.
Hogs
Cattle
Calves.._
Sheep
Wheat flour
Sugar meltings
P A P E R AND PRINTING:
Newsprint production
Newsprint consumption.
71
Aug.
71
Sept.
Oct.
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
May
June
91
91
87
86
74
66
76
72
57
73
53
67
July
73
76
87
91
40
31
41
57
34
59
77
49
80
84
58
87
63
62
39
38
40
41
104
92
97
62
69
61
46
135
32
115
92
84
86
98
92
41
125
108
102
104
119
110
52
136
105
101
101
105
116
65
130
100
94
96
104
99
71
130
100
90
108
127
92
80
116
101
88
117
141
99
80
110
95
79
114
133
107
71
103
100
115
60
188
224
146
85
72
122
138
67
240
216
188
100
100
110
120
81
168
152
251
93
108
123
99
159
124
142
90
80
103
123
104
153
124
136
83
61
90
94
72
121
123
134
84
86
79
75
62
89
101
123
87
84
75
69
51
86
114
137
83
76
69
52
85
123
148
80
78
72
52
91
122
158
78
99
73
66
45
86
110
147
80
61
104
64
118
62
123
60
123
121
62
116
61
121
59
128
127
65
124
64
123
58
105
67
5
140
56
7
133
111
8
48
130
108
13
71
114
10
27
100
107
85
80
81
99
122
102
85
82
77
102
112
100
103
110
100
100
84
116
117
111
94
92
80
115
122
111
96
93
79
119
121
104
95
'93
83
110
110
99
95
89
100
106
102
105
94
86
100
111
112
35
105
25
155
27
179
34
199
50
205
65
169
71
165
63
168
44
40
45
35
38
73
72
57
55
67
44
96
76
77
57
66
65
47
100
100
113
82
154
192
134
78
84
61
103
70
64
50
97
75
119
139
108
76
126
41
92
111
154
77
102
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers..
Goat and kid leathers..
Boots and shoes
105
106
93
CEMENT AND GLASS:
Cement
Glass, plate
85
NONFERROUS METALS: i
Tin deliveries—
64
65
156
201
86
100
92
75
157
202
87
103
90
72
81
83
65
58
67
80
78
73
81
97
84
73
85
152
193
87
102
91
71
154
196
97
98
90
73
156
199
99
101
89
74
155
194
96
103
98
77
151
191
101
99
91
89
156
196
107
102
94
153
191
105
101
94
92
153
194
90
96
100
87
]C0
204
90
104
100
89
166
214
92
105
97
85
167
220
85
100
92
81
78
81
62
76
78
61
73
75
54
80
83
58
92
96
106
110
75
110
114
80
102
105
74
103
107
75
96
95
99
65
139
67
194
135
69
186
139
76
188
129
81
169
128
82
166
115
57
161
128
55
182
121
60
166
124
61
171
127
63
175
136
68
188
150
73
212
152
73
215
84
83
87
87
84
85
91
92
90
79
88
97
84
58
52
131
105
53
51
34
60
50
126
95
56
43
71
68
123
60
73
58
73
65
120
11
77
57
76
71
120
82
82
126
85
72
129
87
45
130
51
72
130
60
71
132
80
73
62
50
71
85
136
105
76
56
46
50
51
137
102
74
57
62
F U E L S , MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct
R U B B E R T I R E S AND T U B E S . .
Tires, pneumatic
Inner tubes.__
TOBACCO PRODUCTS..
Cigars
Cigarettes
Minerals—Total.
Bituminous coal..
Anthracite
Petroleum, crude.
Iron ore
Zinc
Lead
Silver
62
125
85
58
62
34
1
'Revised.
Includes also lead and zinc; see "Minerals."
» Preliminary.
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.
636
FEDEKAL RESERVE BULLETIN
SEPTEMBER
1935
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory pay rolls
Factory employment
Without seasonal adjustment
Adjusted for seasonal variation
Without seasonal adjustment
Industry and group
1935
July
Total
_
IRON AND STEEL AND PRODUCTS
Blast furnaces and steel works
...
Cast-iron pipe. _
_
Cutlery and edge tools
_
Hardware
Steam, hot-water heating apparatus, etc
_
Stoves
__
_
Structural metal work
_
Tin cans, etc__
Wirework
_.
MACHINERY
Agricultural implements.
Electrical machinery, etc
Engines, turbines, etc
Foundry and machine-shop products
Machine tools
Radios and phonographs._
_
Textile machinery
TRANSPORTATION EQUIPMENT
._.
_
Automobiles
Cars, electric and steam railroad
Locomotives—
Shipbuilding
RAILROAD REPAIR SHOPS
Electric railroads
Steam railroads
._.
_
_.
NONFERROUS METALS AND PRODUCTS
Brass, bronze, and copper
Lighting equipment
Silverware and plated ware
Smelting and refining
Stamped and enameled ware
_
LUMBER AND PRODUCTS
__
Furniture.Lumber, millwork
Lumber, sawmills
STONE, CLAY, AND GLASS PRODUCTS
Brick, tile, and terra cotta
Cement
Glass
_
Pottery
_
TEXTILES AND PRODUCTS
_...
A. Fabrics.Carpets and rugs...
Cotton goods.
_
Dyeing and finishing
Knit goods
Silk and rayon goods...
Woolen and worsted goods
B. Wearing apparel
Clothing, men's..
Clothing, women's.
Millinery
Shirts and collars
LEATHER AND PRODUCTS
Boots and shoes
Leather
_
' Revised.
_
_
_
_
__
1935
1934
June
July
July
1935
1934
June
July
July
1934
June
July
79.5
'79.6
'78.7
80.4
'79.9
'79.5
65.3
'66.4
'60.5
71.3
71.7
51.6
71.2
49.4
49.4
98.2
57.5
99.6
117.0
'71.8
72.4
'50.9
77.4
51.4
51.5
'98.5
56.0
'96.0
' 122. 3
70.3
72.4
61.9
75.4
51.8
48.3
86.6
59.0
99.6
123.6
72.4
72.7
50.0
74.0
50.7
50.2
108.1
56.3
95.8
119.6
'71.7
72.6
'49.7
78.6
51.0
51.1
'98.0
55.7
'92.8
' 122. 7
71.4
73.4
50.3
78.4
53.1
49.1
95.4
57.8
95.8
126.4
52.8
52.3
28.3
54.1
40.2
32.4
71.8
42.5
96.7
106.8
'55.8
'56.8
'29.0
'59.3
42.9
'34.6
73.4
'40.7
'93.8
'109.8
47.6
47.9
27.4
53.4
34.8
31.2
56.5
40.6
94.5
96.0
85.6
118.5
69.6
101.1
73.3
89.0
185.3
63.4
84.2
110.6
69.6
102.8
72.8
85.1
165.5
64.0
'79.0
69.3
65.1
71.4
69.5
69.1
205.0
71.3
86.1
125.1
69.6
100.3
73.3
89.9
193.0
63.7
84.4
111.4
69.6
101.7
72.0
84.4
182.7
64.4
'79.4
73.2
65.1
70.8
69.5
69.8
213.5
71.6
67.5
137.0
54.7
72.6
56.6
75.8
113.1
51.2
66.9
127.5
56.1
'74.6
56.2
'71.8
100.9
'52.3
'58.5
70.2
49.8
45.6
51.1
51.5
114.4
56.1
87.2
100.8
31.8
20.0
69.2
'93.7
' 107.2
'48.2
28.4
'66.2
'88.4
98.4
'55.8
35.5
69.2
84.8
97.9
29.7
19.1
70.8
'88.7
' 101.5
'44.4
27.2
'65.4
'85.8
95.5
'52.1
33.8
70.8
74.7
85.8
28.4
8.2
58.2
*82.4
'93.4
'46.6
12.6
'55.5
'66.0
70.7
'50.7
16.4
55.6
53.1
65.5
52.2
53.8
65.6
52.9
58.3
66.3
57.7
52.8
65.5
51.9
53.4
65.6
52.4
58.0
66.3
57.4
47.9
58.7
47.2
51.0
59.0
50.5
51.1
58.8
50.6
78.0
77.7
69.0
64.9
80.2
'79.5
78.9
'68.9
73.4
81.8
'91.7
'73.1
75.0
61.7
61.3
68.6
90.3
80.0
78.4
72.4
69.9
81.5
91.0
'80.5
79.4
'70.0
74.6
82.6
'91.6
'75.0
75.8
64.7
66.1
69.7
91.4
59.6
57.7
58.9
47.8
53.1
75.4
'62.6
60.0
'59.8
57.1
53.2
'79.0
'53.6
54.4
49.2
43.6
43.2
72.9
62.0
69.3
44.7
34.0
48.9
67.1
'41.9
30.9
48.8
62.0
37.0
33.8
52.1
72.6
44.3
33.3
48.8
69.6
'41.4
30.1
48.8
64.9
36.7
33.1
38.1
48.6
34.0
22.9
36.3
48.5
'31.5
20.9
31.6
39.3
23.1
20.9
54.8
33.0
57.5
92.7
62.7
'55.7
32.1
'60.1
95.2
66.8
54.2
31.7
58.4
89.1
64.1
54.4
30.4
53.4
96.6
65.1
'53.5
29.9
'56.4
92.1
66.7
53.9
29.3
54.3
92.8
66.6
39.0
20.4
37.8
76.9
41.6
40.5
19.3
'40.1
82.0
46.1
36.1
17.0
39.1
69.5
38.4
87.9
87.5
82.7
82.6
101.4
103.7
68.0
94.3
84.9
88.6
96.7
41.8
'90.4
89.4
'81.3
85.1
107.3
108.1
d3.1
96.7
'88.6
'86.6
' 108.4
'55.2
'98.4
85.9
87.0
67.4
92.2
99.4
101.9
73.4
70.1
79.8
81.4
89.6
50.1
93.7
92.4
91.2
87.3
85.3
108.1
109.3
69.5
99.2
90.9
87.8
114.4
48.4
102.4
'91.7
90.6
'83.3
86.0
111.3
108.4
63.9
98.4
'86.3
'111.8
'58.6
'101.0
90.2
90.6
71.2
95.2
106.0
107.4
75.1
73.7
85.5
80.7
106.0
£8.1
97.1
68.5
70.1
75.8
64.4
73.7
85.4
55.5
74.4
61.3
65.2
65.1
30.5
90.9
'70.9
72.0
'76.7
65.6
78.9
'93.7
51.5
76.9
'64.6
'63.7
'71.3
'47.2
'94.7
62.5
64.4
48.4
66.1
70.6
86.0
55.9
50.1
55.3
54.5
60.9
37.7
82.2
87.0
85.6
93.1
'83.0
'80.6
92.8
89.4
89.0
91.5
86.6
84.3
95.8
'86.4
'84.4
95.1
87.7
94.1
77.3
72.9
90.8
'70.9
'64.7
77.2
76.2
79.2
'90.0
91.1
637
FEDERAL RESERVE BULLETIN
SEPTEMBER :
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory employment
Without seasonal adjustment
Factory pay rolls
Adjusted for seasonal variation
Without seasonal adjustment
Industry and group
1934
1935
July
FOOD PRODUCTS
_
Baking
Butter
--.
_
_
Canning and preserving
Confectionery
_
Flour___
Icecream—
Slaughtering and meat packing
Sugar refining, cane
TOBACCO PRODUCTS
_._
_
Chewing and smoking tobacco and snuff
Cigars and cigarettes
_
PAPER AND PRINTING
Boxes, paper
_
Paper and pulp
_
Book and job printing
_
Printing, newspapers and periodicals
CHEMICALS AND PETROLEUM PRODUCTS
A. Chemical group, except petroleum
Chemicals
_
Druggists' preparations
_
Explosives
Fertilizers.._
_
Paints and varnishes
Rayon and_alliedj)roducts-._
Soap
I
T
B. Petroleum refining
R U B B E R PRODUCTS
_
Rubber boots and shoes
_
Rubber tires and inner tubes
__
._
_.
June
July
1934
1935
July
June
July
1934
1935
July
June
July
103.9
111.4
78.0
135.1
68.6
74.6
87.8
80.6
85.5
98.0
114.2
••77.2
82.8
72.4
73.8
84.6
81.4
83.3
110.1
116.3
86.9
120.6
66.4
77.5
90.8
103.5
82.3
100.1
109.8
70.7
109.0
79.1
73.9
73.4
81.1
82.2
100.1
113.0
72.4
96.3
80.6
75.8
73.8
81.8
83.7
106.7
114.6
78.7
97.3
76.6
76.7
75.9
104.1
79.1
95.5
96.4
61.4
162.1
57.2
64.1
71.9
75.0
72.7
90.3
99.6
'60.8
'96.5
63.3
62.9
68.4
74.8
73.6
95.6
98.2
66.6
103.6
55.4
65.0
72.6
91.4
65.9
57.6
65.8
56.5
'57.8
66.6
'56.7
61.1
72.9
59.6
58.2
69.3
56.8
'58.1
68.0
'56.9
61.8
76.7
59.9
47.6
66.8
45.1
46.8
'67.2
44.2
47.3
67.0
44.8
95.5
83.3
108.9
86.5
97.0
95.6
83.1
' 109.1
85.1
99.0
93.4
83.1
104.8
83.7
96.8
96.5
85.7
108.9
87.6
98.3
96.4
86.3
' 109.1
86.2
99.3
94.4
85.4
104.8
84.8
98.1
81.4
74.0
84.9
76.0
85.2
'83.4
74.5
'87.4
75.6
89.4
77.3
71.6
77.1
70.3
84.8
107.0
106.0
109.9
95.1
86.1
67.2
108.7
327.9
99.3
111.3
'107.2
106.4
108.1
95.8
86.5
79.2
112.5
325.9
99.5
' 110.6
105.3
103.8
112.3
93.8
92.0
71.0
101.2
296.8
97.7
111.7
110.9
111.4
112.6
100.4
87.1
99.1
108.9
327.9
102.4
108.9
111.3
'111.6
110.2
100.3
89.8
115.4
108.4
325.9
101.9
' 109.6
109.6
109.7
115.1
99.0
93.0
104.7
101.4
296.8
100.8
109.3
95.6
94.0
102.2
92.3
70.0
60.6
88.9
240.2
94.4
100.9
'95.0
'93.7
98.0
93.7
72.6
69.2
94.0
240.5
95.8
'99.3
88.7
86.6
96.6
86.1
71.0
56.9
78.8
208.6
84.3
95.7
77.1
44.8
70.3
'79.8
'47.0
72.9
83.9
53.4
77.4
76.1
46.3
67.2
'77.7
'49.4
68.4
82.8
55.2
74.0
61.2
42.7
54.0
'64.9
'41.8
58.9
61.9
49.4
65.9
' Revised.
NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics.
For description and back figures see BULLETIN for May 1934, pp. 270-271 and Annual Report for 1934 (table 95). For description and back figures
for the seasonally adjusted index of factory employment compiled by Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343 and Annual
Report for 1934 (table 95).
638
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars
Residential
Total
Factories
Commercial
Public works
and public
utilities
Educational
1934
1934
1934
Month
January
February.
March
April
May
June .
July
August
September
October
November
December . _
Year
. ..
1934
1935
186.5
96.7
178.3
131.2
134.4
127.1
119.7
119.6
110.2
135.2
111.7
92.7
99 8
75.0
122.9
124.0
126.7
148 0
159.3
1,543.1
1934
1935
15.1
14.5
28.1
22.6
24.8
26.6
19.8
18.6
17.9
26.3
19.9
14.6
22.4
16.6
32.2
42.2
44.9
49.8
48.4
1934
1935
10.7
4.2
15.9
8.3
8.3
8.7
25.7
10.0
6.1
8.5
4.6
5.1
7.1
7.8
6.5
6.3
9.8
9.5
14.6
116.1
248.8
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by
the F. W. Dodge Corporation. Value of contracts in thousands of
dollars]
1934
1935
Federal Reserve district
July
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
' Revised.
June
July
10,946
'32,867
7,161
22,472
14,751
17,896
26, 227
'9,747
4,261
4,372
8,556
15,364
27,012
5,947
15,452
21,182
12,705
23,074
9,908
4,946
7,209
5,206
'11,497
' 21,370
'5,886
' 10,101
18,092
' 10,863
18,920
'9,780
r 4, 423
3,695
' 5,035
'159, 258
148, 005
1935
9.4
7.6
13.0
11.9
24.6
11.9
12.9
13.5
13.1
13.5
11.0
8.2
10.8
9.2
12.2
15.2
13.9
15.0
15.8
150.6
1935
44.4
27.8
46.3
40.5
31.4
39.1
53.9
113.7
53.2
92.9
69.9
56.8
57.4
39.1
50.6
50.0
65.2
52.3
50.1
751.2
19.6
5.4
8.8
8.5
10.4
9.7
7.8
12.2
12.5
9.0
8.6
5.0
All other
1934
1935
1935
11.4
7 9
15.4
11.5
17.7
16 8
17.4
17.9
11.8
19.6
9.8
9.5
12.8
14.4
14.7
10.6
12.7
15.3
9.8
3.7
5.8
10.4
8.3
9.0
17.7
9.2
158.9
117.5
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Liabilities in thousands of
dollarsj
]dumber
Federal Reserve
district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
119, 662
Total
Liabilities
1934
1935
July
June
July
91
333
44
70
30
41
88
29
21
35
19
130
931
97
309
65
68
43
32
100
29
21
48
21
128
961
66
336
48
56
61
31
75
18
18
37
22
144
912
1935
July
June
1,116
7,972
979
1,736
602
761
2,817
304
133
528
197
3,303
20,447
1,058
12,510
1,012
1,364
272
252
1,733
224
261
216
320
1,240
20,463
1934
July
1,368
7,748
1,336
1,719
1,718
342
1,639
149
238
481
361
2,227
19,326
639
FEDERAL RESERVE BULLETIN
SEPTEMBER 1935
AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of Aug. 1, 1935]
[In thousands of units]
Cotton
Federal Reserve district
Production
1934
Boston
New York
_
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
- .- St Louis
Minneapolis
Kansas City
-_
Dallas
San Francisco
Bales
Total
Bales
1,345
2,407
1,401
2,565
i 2, 323
2 2, 262
263
2,934
364
686
4,561
323
9,636
11, 798
1,377,126
Production
1934
Bushels
Boston New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
Total
- -_
-
-
Bushels
7,703
25,132
48,105
128,893
132, 408
160, 725
482, 658
167, 923
107, 474
53,194
54, 929
7,982
Oats
Federal Reserve district
Spring wheat
Estimate Production Estimate Production E s t i m a t e Production E s t i m a t e
1934
Aug. 1,1935
1934
Aug. 1,1935
1934
Aug. 1,1935
Aug. 1,1935
_
--
Winter wheat
Corn
Bushels
Bushels
Bushels
8,038
27,173
49, 749
163, 722
139, 215
158,016
776,264
251, 371
252, 076
312,980
124, 650
8,893
5,039
13,781
37, 479
22,908
3,841
49,293
47,197
10, 044
140,671
26, 090
49, 209
7,211
17,297
45,150
26,112
3,753
55, 468
45, 870
16, 388
136,229
10, 380
67,851
2, 272,147
405, 552
431, 709
Tobacco
Tain 3 hay
Bushels
168
132
85
71
Bushels
220
153
94
82
1,632
40
53, 228
3, 542
51
32, 428
2,546
75
133, 442
10, 619
102
28, 636
91,377
175,969
White potatoes
Estimate Production Estimate Production Estimate Production Estimate
1934 3
1934
Aug. 1, 1935
Aug. 1, 1935
1934
Aug. 1, 1935
Aug. 1, 1935
Bushels
Tons
Tons
Pounds
Pounds
Bushels
Bushels
7,015
24. 745
15, 724
36, 450
15, 475
10, 091
183. 361
18,141
109. 517
50, 782
33, 976
20, 612
6,878
29, 533
16,459
55, 485
20, 998
10,960
467, 031
42,947
309,149
158,980
42,876
25, 704
2,867
3,812
1,947
3,365
2,898
2.067
9,856
4,151
5,214
4,994
724
10, 374
3,204
5,511
2,338
4,738
3,214
2,296
17, 079
6,005
9,009
9,173
1,020
11,625
19,096
447
18, 255
94,419
580,183
110,635
12, 764
206, 861
828
2,172
20, 702
535
23, 620
97, 570
704,073
137, 506
16, 749
216,516
1,192
3,167
65,226
37,212
31, 787
22, 086
32, 805
15, 109
66, 027
9,681
43, 361
14,816
4.665
42, 646
50,411
29, 854
24, 249
20, 520
28, 541
13, 297
57,480
13,437
56,840
33, 490
4,082
44, 756
525,889
1,187, 000
52. 269
75, 212
1, 045, 660
l r 221, 630
385, 421
376,957
" Includes 16,000 bales grown in miscellaneous territory.
* Includes 10,000 bales grown in miscellaneous territory.
' Revised production of tobacco for 1934 is exclusive of 28,500,000 pounds estimated to have been harvested and rendered unmarketable by growers
operating under contract with the Agricultural Adjustment Administration.
FEDERAL RESERVE DISTRICTS
WHS—^"311
^-BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—-BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
O
@FedFRASER