Federal Reserve Bulletin, 1935-02
FEDERAL RESERVE BULLETIN FEBRUARY 1935 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking and Business Developments National Summary of Business Conditions UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD Ex officio members: MARRINER S. ECCLES, Governor. J. J. THOMAS, Vice Governor. HENRY MORGENTHAU, Jr., Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. F. T. O'CONNOR, ADOLPH C. MILLER. Comptroller of the Currency. GEORGE E. JAMES. M. S. SZTMCZAK. LAWRENCE CLAYTON, Assistant to the Governor. WOODLIEF THOMAS, Assistant Director, Division of CHESTER MORRILL, Secretary. Research and Statistics. J. C. NOELL, Assistant Secretary. E. L, SMEAD, Chief, Division of Bank Operations. L. P. BETHEA, Assistant Secretary. J. R. VAN FOSSEN, Assistant Chief, Division of Bank S. R. CARPENTER, Assistant Secretary. Operations. WALTER WYATT, General Counsel. CARL E. PARRY, Chief, Division of Security Loans. GEORGE B. VEST, Assistant Counsel. PHILIP E. BRADLEY, Assistant Chief, Division of Security LEO H. PAULGER, Chief, Division of Examinations. Loans. FRANK J. DRINNEN, Federal Reserve Examiner'. O. E. FOULK, Fiscal Agent. E. A. GOLDEN WE ISER, Director, Division of Research JOSEPHINE E. LALLY, Deputy Fiscal Agent. and Statistics. LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics. FEDERAL ADVISORY COUNCIL District no. 1 (BOSTON) _ THOMAS M. STEELE. District no. 2 (NEW YORK) JAMES H. PERKINS. District no. 3 (PHILADELPHIA).. HOWARD A. LOEB, Vice President. District no. 4 (CLEVELAND) _„__ ARTHUR E. BRAUN. District no. 5 (RICHMOND) CHARLES M. GOHEN, District no. 6 (ATLANTA) „ H. LANE YOUNG. District no. 7 (CHICAGO) SOLOMON A. SMITH. District no. 8 (ST. LOUIS) „ WALTER W. SMITH, President. District no. 9 (MINNEAPOLIS) __.. ,. THEODORE WOLD. District no. 10 (KANSAS CITY) W. T. KEMPER. District no. 11 (DALLAS)^ JOSEPH H. FROST. District no* 12 (SAN FRANCISCO) __ M. A. ARNOLD. WALTER LICHTENSTEIN, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairman and Federal of— Reserve agent Governor Deputy governor Cashier Boston F.H. Curtiss R. A. Young W.W. Paddock W. Willett. New York J. H. Case.— G. L. Harrison W. R. Burgess J. W. Jones.1 J. E. Crane W. B. Matteson.* W, 8. Logan J. M. Rice.» L. R. Rounds Allan Sproul.* L. F. Sailer H. H. KimbalU C. H. Coe L. W. Knoke.* Philadelphia,.. R. L. Austin G. W. Norris W. H. Hutt 0. A. Mcllhenny. J. S. Sinclair W. J. Davis.* C. A. Mcllbenny..-.. L. E. Donaldson.1 W. G> McCreedy.* Cleveland E.S.Burke, Jr.* M. J. Fleming F. J. Zurlinden H. F. Strater. TT "F Rtmtor W. F. Taylor.» 0. W. Arnolds Richmond W. W. Hoxton G. J. Seay 0. A. Peple G. H. Keesee. R. H, Broaddus J. 8. Walden, Jr*« Atlanta Oscar Newton H. W. Martin M. W. Bell. H. F. Connifl W. S. McLarln, Jr.» Chicago .«. —--. - E. M. Stevens G. J. Schaller H. P. Preston W. H. Snyder.* C. R. McKay W. C. Bachman.i J. H. DiUard 0. J. Netterstrom.i A. T, Sihler.i E, A. Delaney.* A. L. Olson.» St. Louis J. S. Wood.—... W.McC. Martin 0. M. Attebery S. F. Gilmore.« J. G. McConkey A. H. HailU F. N. HalU G. 0. Hollocher.» 0. C. Phillips.* Minneapolis J. N. Peyton W. B. Geery Harry Yaeger H. I. Zlemer. H. I. Ziemer F. C. Dunlop.1 Kansas City — G. H Hamilton.. . 0. A. Worthtngton_ J. W. Helm. J. W. Helm Dallas n n Walsh B A. McKinney . RR.. RB.. CGoillebmeratn. W R. . B 0 . . C F o o l r e d m .t an. San Francisco J. U. Calkins W. A. Day W. M. Hale. Ira Clerk 1 Assistant deputy governor. * Assistant to the governor. 1 Controller. < Acting chairman; W. H* Fletcher, acting Federal Reserve agent. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS . Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch C. F. McCombs. Denver branch * J. E. Olson. Pittsburgh branch T. 0. Griggs. Oklahoma City branch.. 0. E. Daniel. Richmond: Omaha branch.— r_... L. H. Earhart. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch J. H. Frye. San Antonio branch M. Crump. Jacksonville branch G. S. Vardeman, Jr. San Francisco: Nashville branch..- J. B. Fort, Jr. Los Angeles branch W. N. Ambrose. New Orleans branch..... Marcus Walker. Portland branch.. R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch R. H. Buss. Seattle branch ._i O. R. Shaw* St. Louis: Spokane branch .__ D. L. Davis. Little Rock branch- A. F. Bailey. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow* SUBSCRIPTION PRICE OP 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 subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. ' in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS • Page Review of the month—Recent banking and business developments — 69 Earnings and expenses of member banks - --- too Federal Deposit Insurance Corporation—Insured banks and deposits, October 1, 1934 122 Condition of all banks in the United States on June 30, 1934 123-127 Directors of Federal Reserve banks and branches — 134-139 National aummary of business conditions * 75 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc - —- 76-80 Member and nonmember bank credit: All banks in the United States - — 83 All member banks —- 81, 82, 111, 121 Weekly reporting member banks in leading cities _ ««. 84,118 Brokers' loans - 84 Acceptances and commercial paper. 85 Discount rates and money rates ^ 86 Treasury finance 87 Assets and liabilities of governmental credit agencies 88 Reconstruction Finance Corporation—Loans, subscriptions, and allocations . 89 Farm Credit Administration—Loans and discounts outstanding, by institutions 90 Home Owners' Loan Corporation—Summary of operations 90 Federal home loan banks—Assets and liabilities 90 Security prices, bond yields, and security issues.— 91 Production, employment, car loadings, and commodity prices _ 92 Merchandise exports and imports 93 Department stores—Indexes of sales and stocks _ 93 Freight-car loadings, by classes 93 Financial statistics for foreign countries: Gold reserves of central banks and governments _ 94 Gold production . 95 Gold movements 95-97 L Government note issues and reserves 98 Bank for International Settlements "«""IIIIIIIIIIII 98 Central banks _ _ I-IIII"""" "99-101 Commercial banks " " " JQ2 Discount rates of central banks _ _ 103 Money rates " " ^Q3 Foreign exchange rates "I"~~"I~ 104 Price movements: Wholesale prices " ^05 Retail food prices and cost of living I-II"I~I™"~" 106 Security prices ™II~~~"~ * "" 106 Law department: Rulings of the Federal Reserve Board: Payment of interest at 3 percent per annum after January 31, 1935, until maturity on contracts entered into prior to December 18, 1934 - 107 Amounts due to and from private bankers as amounts due to and from "other banks" in computing reserves under section 19 of Federal Reserve Act .„ — - 10^ Discounts for individuals, partnerships, and corporations—Extension of time limit ^ Federal Reserve statistics by districts, etc.: Banking and financial statistics 109-111,118-121 Industrial and commercial statistics 128-133 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 21 FEBRUARY 1935 No- 2 REVIEW OF THE MONTH The table shows factors that have influenced the volume of member bank reserve balances Return flow of currency following the holiin the two 12-month periods ending January 31, day season, continued imports of gold, and 1935, and January 31, 1934. The table is disbursements by the Treasury Member bank arranged to bring out the fact that increases of funds previously held as cash reserves in Reserve bank credit, gold stock, and Treasor on deposit with Federal ury and national-bank currency have the Reserve banks resulted in an increase of $450,effect of increasing the supply of funds avail- 000,000 in member bank reserve balances in able for bank reserves, while decreases in January to the largest amount ever held. Since these items reduce this supply; increases in member bank indebtedness to the Reserve banks at the end of December was small, the increase EXCESS RESERVES OF MEMBER BANKS MILLIONS OF DOLLARS ( Wednesday figures ) MILUOtt OF DOLLARS in the supply of reserve funds was added in its 12500 entirety to member bank reserve balances. Simultaneous growth of member bank deposits caused by the same factors as the increase in their reserves, resulted in some increase in legal reserve requirements, but excess reserves nevertheless increased by nearly $400,000,000 1500 during the month to a total of $2,200,000,000, the largest on record. The increase in excess reserves of member banks during recent years 1000 1O0O, is shown on the chart. Growth of member bank reserve balances in 500 1934 followed smaller increases in the 2 preceding years. In the earlier years the increase reflected principally large purchases of United States Government securities in the open 1932 1933 193A- 1935 money in circulation, in Treasury cash and market by the Federal Reserve banks, which deposits, in nonmember deposits at Federal enabled member banks both to reduce their Reserve banks, and in other Federal Reserve borrowings at the Federal Reserve banks and accounts, on the other hand, reduce, and to increase their reserve balances. In the decreases in these items increase, the supply past year, however, the increase in member of funds available for bank reserves. The bank reserves has been principally due to chart on page 76 shows weekly movements gold imports. of these various items during the past 5 years. 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
70 FEDERAL RESERVE BULLETIN FEBBUAET 1935 FACTORS INFLUENCING MEMBER BANK RESERVES to maintain foreign currencies at the gold (In millions of dollars] import point in the face of the large speculative demand for dollars. The decline in the Year ending Jan. Year ending Jan. 31,1934 31, 1935 exchange value of the French franc is shown on the chart. Chances Changes Changes Changes that that that that added to reduced added to reduced FRENCH FRANC. OCTOBER 1934-JANUARY 1935 reserves reserves reserves reserves CENTS NOON fcATE. IN N£W YORK CEXTS 6.70 6.70 Items Increases ID which add to reserves: Beserro bank credit -169 Monetary gold stock i+4,357 6-65 6.65 Treasury and national- Par bank currency +98 +195 Items increases in which reduce reserves; Money In circulation..... -69 +93 6.60 * \ Treasury cash and deposits with Federal Re- import point serve banks +264 1+2,392 'V Nonmember deposits +77 +50 Other Federal Reserve 655 6.55 accounts.* -69 -44 Total. 779 573 4,596 2,704 Net chance in member bank 6.50 6.50 reserve balances , +206 +1,891 we * i g In h c t lu o d f i t n h g e i g n o c l r d e m do en lla t r o . f $2,813,000,800 resulting from reduction inthe 6.W OCTOBER NOVEMBER DECEMBER JANUARY In the 12 months from January 31, 1934, to About a third of the gold acquired by the Januaiy 31, 1935, member bank reserve bal- United States during January was withdrawn ances increased by nearly $1,900,000,000. In from the reported reserves of foreign central this period, as contrasted with the previous banks; the remainder represented gold from the year, there was a decrease in the volume of mines, from Indian hoards, or from unreported Reserve bank credit, reflecting reductions in holdings abroad. During the month gold discounts and maturities of bills, while holdreserves reported by the central bank declined ings of United States Government securities $24,000,000 in Switzerland, $18,000,000 in remained practically unchanged. In addition Netherlands, and $7,000,000 in France, while to imports of gold, the increase in reserves those of other important European countries reflected disbursements by the Treasury from showed little change. its holdings of cash and its deposits at Reserve The amount of money in circulation showed banks. These cash holdings of the Treasury little net change for the year 1934 as a whole, were greatly augmented by the increment in and fluctuations during the year value arising from the revaluation of the dollar Kinds of were more in accordance with after the passage of the Gold Reserve Act of money in circulation the usual seasonal pattern than 1934, which was approved on January 30. at any time since the latter part The stock of Treasury and national-bank •f 1930. There were, however, changes in the currency also increased, reflecting principally composition of money in circulation by denomthe purchase of silver by the Treasury. inations and by kinds of money. Currency In Januaiy there was a renewed movement continued to return from hoarding in 1934, of gold to the United States from the European though in smaller volume than during the Gold gold-bloc countries; and the latter part of 1933, but this return flow was movements fl°w ^TOm England was conoffset by an increased demand for currency for siderably increased. This inetive use, reflecting partly an increase in flow of gold, which amounted to $110,000,000 rage payments and retail trade and partly a in the last half of January, was not sufficient i tendency to use more cash as a consequence of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL. RESERVE BULLETIN 71 the tax on checks, increased service charges on Preliminary compilations of condition reports checking accounts, and in some communities of all member banks for December 31, 1934, the absence of banking facilities. show aggregate loans and in- An indication of the continued return of cur- vestments of $28,094,000,000, rency from hoarding is contained in the data investments an increase of $2,874,000,000 for large denominations. Currency in denom- in a 12-month period. This inations of $20 and over declined during the increase reflects, in part, additions to the memyear and at the end of December showed a total bership of the Federal Reserve System. Inreduction of $120,000,000. On the other hand, vestments increased by $3,706,000,000, while the smaller denomination currency and also loans decreased by $831,000,000. Holdings of subsidiary silver and minor coin showed a net direct and fully guaranteed obligations of the increase for the year. United States Government were larger by There was also some shift during the past $3,631,000,000, and increases occurred in other year in the kinds of currency in circulation. securities and in open market loans, particu- In the 12 months ending January 31, 1935, larly in commercial paper bought in the open a reduction of about $50,000,000 occurred in market. Loans to banks and loans to other gold certificates, and Federal Reserve bank customers, both secured and unsecured, denotes and national-bank notes declined by clined. Customers' loans other than those about $100,000,000 each. The decline in gold secured by stocks and bonds increased from certificates represented a continuation of their June 30 to October 17, but declined to a retirement from circulation under Treasury still lower level after the latter date. Both order; Federal Reserve bank notes were country and reserve city banks showed changes retired by the Reserve banks with the passing in loans and investments during the 12-month of the emergency which occasioned their issue; period similar to those shown in the table and the decline in national-bank notes reflected for all member banks. the fact that national banks, having a large volume of excess reserves, had no incentive for LOANS AND INVESTMENTS—ALL MEMBER BANKS incurring the expense, including the one-half [In millions of dollars] percent tax, for keeping their notes outstanding. The reduction in these classes of currency was Change more than offset by an increase of $200,000,000 De 1 c 9 . 3 4 31, D f e r c o . m 30, in silver certificates and $150,000,000 of 1933 Federal Reserve notes in circulation. Loans to banks . 154 -133 Loans to other customers: The table shows the composition of the Secured by stocks and bonds 3,290 -482 Secured by real estate 2,271 -88 currency, by classes, on January 31, 1934, Otherwise secured and unsecured. 4,925 -259 Open-market loans - 1,362 +132 and January 31, 1935, together with changes Total loans... 12,002 -831 between these dates. Direct obligations of U. S. Government +2,641 Obligations fully guaranteed by U. S. Government. 990 +990 KINDS OF MONEY IN CIRCULATION Other securities 5,208 +76 [In millions of dollars] Total Investments.. 16,092 +V05 Total loans and investments 28,094 +2,874 Jan. 31, Jan. 31, Change 1934 1935 At weekly reporting member banks in lead- Gold certificates ... 178 128 -50 Standard silver dollars 29 31 +2 ing cities, total loans and investments showed Silver certificates 391 580 +189 Treasury notes of 1890 1 1 0 little change in January. Holdings of direct Subsidiary silver . 267 287 +20 Minor coin... „ 116 123 +7 obligations of the United States and of other United States notes 283 259 -24 Federal Reserve notes 2,894 3,048 +154 securities increased at New York but declined Federal Reserve bank notes. 202 97 -105 , National-bank notes 027 827 -100 at other banks, which increased their holdings Total 5,289 5,382 +93 of obligations fully guaranteed by the United Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
72 FEDERAL RESERVE BULLETIN FEBRUARY 1935 States. Loans declined both at New York tions. Construction work on public projects City banks and at banks outside New York. showed a considerable increase. Value of Deposits of weekly reporting member banks department-store sales in 1934 was 75 percent have continued to increase and on January 30 of the 1923-25 average as compared with 67 were $500,000,000 larger than on December 26. in 1933, and other branches of retail trade also The increase occurred principally in bankers' increased, particularly in rural areas. balances, which were larger than at any previous time, and in demand deposits at New York City PRODUCTION, EMPLOYMENT, AND TRADE, ANNUAL AVERAGES, 1928-34 banks. There was a small increase in time deposits, while United States Government de- [Index numbers. 1923-25 average—100] posits declined somewhat. Con- Ins A u r p a r n e c l e im C in o a rp ry o t h r r a a e t t i p o o o n n r t r O e o c c f e to n th b tl e e y r F is 1 e s , d u e 1 e r 9 d a 3 l 4 i n D , d 1 e i 4 c p , a 0 o t 5 s e i 7 s t In d t p t r i u d r o i o c u a n - - l s- m p F t e o l m a e o r c n - y - y t - F t p o a a r c y - y a s t w c t t r r i o e a a o n u d c r n - c t d s - - F l r i o c e n a a i g g d r s h - t! (v m p s s D a t a a o e l e l r u e r n - t s e e - t ) Federal Deposit commercial banks were par- (value) Corporation ticipating in Federal deposit insurance. These banks had 1 1 9 9 2 2 8 9 . . . . , . 1 11 1 1 9 1 9 0 9 5 1 1 0 0 9 2 1 1 3 1 5 7 1 10 0 6 3 1 1 1 0 1 8 49,751,000 depositors, with deposits of about 1 1 9 9 3 3 1 0 . „ . , . 8 9 1 6 9 7 2 7 9 6 2 3 9 7 2 5 1 9 0 2 2 $35,982,000,000.1 Of this, $15,652,000,000 was 1 1 9 9 3 3 2 3 . . . .. . 6 7 4 6 6 6 4 9 2 2 8 5 5 5 6 8 6 6 7 9 covered by insurance under the present law, 1934... 79 79 62 75 which insures each depositor up to $5,000. More than 98 percent of all individual deposi- The chart shows fluctuations since 1928 in tors in participating banks were fully insured. output of durable and nondurable manufac- Sixty-eight mutual savings banks, with de- tures, as indicated by the components of the posits of $1,038,000,000, were also insured by Board's index. Among the industries producthe Federal Deposit Insurance Corporation. ing durable manufactures the most marked Of these, 44 banks had elected to insure each increase over 1933 was in the automobile indepositor up to $5,000, while 24 had elected to dustry, where output was 45 percent larger insure each depositor up to $2,500. Detailed than that of 1933 and double that of 1932. statistics issued by the Federal Deposit Insur- Activity in the steel industry also showed a ance Corporation for October 1, 1934, are pub- further increase, while lumber production conlished on page 122. tinued at an unusually low level, reflecting in The general course of production, employ- considerable part continued inactivity in resiment, and trade in the United dential building* In the group of industries So'menr^d' States durinS *•"> P^ ? producing nondurable manufactures, output trade in 1934 years is indicated by the showed little change in the aggregate but conaccompanying table. tinued at a higher level relative to the 1923-25 In 1934 output of industrial products, in- average than output of durable products. cluding both manufactures and minerals, was Activity at meat-packing establishments showed at 79 percent of the 1923-25 average as com- a marked increase, while textile mills activity pared with 76 in the preceding year, and with was generally at a lower level than in 1933. the low point of 64 in 1932. At the same time Output of tobacco products showed a considagricultural output, which had been relatively erable growth and there were increases also in well maintained throughout the depression, the leather and tire industries. showed a marked reduction as a consequence Fluctuations in industrial output were conof a prolonged drought and of acreage reduc- siderable in 1934, although not so large as in * Because of the exclusion of some minor items, these figures are not 1933. A growth in activity in the early part exactly comparable with the usual compilations. of the year was followed by a decline during the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDEEAL RESERVE BULLETIN 73 summer, and output during the autumn months end of the year factory employment, as well was at about the same level as a year earlier. as factory output, was in about the same In December, with a sharp increase in automo- volume as at the end of 1930. In nonmanubile production, expansion in activity at steel facturing industries employment in December mills, and a growth in activity at woolen and was at about the same level as a year earlier. silk mills, output increased, contrary to seasonal Total volume of freight-car loadings increased tendency, and the Board's adjusted index ad- somewhat in 1934, reflecting a growth in the vanced from 74 percent of the 1923-25 average volume of rail shipments of all classes of freight in November to 86 percent, a level higher except merchandise and grain products. Value than at the end of any other year since 1930. of commodities distributed through department stores was 12 percent larger than in MANUFACTURBrDURABLE AND NONDURABLE 1933 for the country as a whole. Distribution AGGREGATE PHYSICAL PRODUCTION IN COMPARABLE UNITS of commodities through chain stores also ( Adjusted for seasonal variation) showed an increase, and there was considerable 60 growth in sales reported by general merchandise stores in rural areas. The most marked increases in department-store sales were in the Atlanta, Dallas, Richmond, and Chicago districts, while the smallest increases were in Boston and New York districts. Changes in Discount Rates The rate on discounts for and advances to member banks under sections 13 and 13a of the Federal Reserve Act was reduced from 3 to 2}{ percent at the Federal Reserve Bank of Richmond, effective January 11, 1935; at the 10 Federal Reserve Bank of Atlanta from 2% to 2 percent, effective January 14, 1935; at the Federal Reserve Bank of Philadelphia from 1928 1929 1930 1932 1933 1934- 2% to 2 percent, effective January 17,1935; and Compiled from figures Included In Federal Reserve Board's index of at the Federal Reserve Bank of Chicago from production of manufactures. "Durable" includes pig iron, steel, 2% to 2 percent, effective January 19, 1935. autos, lumber, vessels, locomotives, nonferrous metals, cement, polished plated glass, and coke. "Nondurable" Includes textiles, leather products, foods, tobacco products, paper and printing, petroleum refining, and automobile tires and tubes. Change in Foreign Central Bank Discount Rate By the beginning of 1934 a substantial vol- On February 1 the National Bank of the ume of contracts for Public Works Administra- Kingdom of Yugoslavia reduced its discount tion projects had been awarded, and actual rate from 6K to 5 percent. expenditures on such projects showed a rapid rise during the spring and summer months. Election of Class A and Class B Directors Subsequently there was a decline, reflecting the The member banks elected the following completion of many projects, particularly on class A and class B directors of Federal Reserve highways. The value of contracts awarded for banks for the 3-year term beginning January l t privately financed projects was at about the 1935: same low level in 1934 as in each of the 2 CLASS A preceding years. Boston—F. S. Chamberlain (reelected). New York—G. W. Davison (reelected). Factory employment and pay rolls in 1934 Philadelphia—J. B. Henning (reelected). were at a higher level than in 1933, and at the Cleveland—Chess Lamberton (reelected). 111390—35 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
74 FEDERAL RESERVE BULLETIN FEBRUARY 1935 Richmond—J. C. Braswell (reelected). Atlanta—Oscar Newton.1 Atlanta—W. D. Cook. Chicago—Eugene M. Stevens. Chicago—E. R. Estberg (reelected). St. Louis—John S. Wood. St. Louis—F. G. Hitt (reelected). Minneapolis—John N. Peyton. Minneapolis—M. O. Grangaard (reelected). Dallas—C. C. Walsh. Kansas City—F. W. Sponable (reelected). The Federal Reserve Board appointed the Dallas—Pat E. Hooks. following deputy chairmen of Federal Reserve San Francisco—C. K* Mclntosh (reelected). banks for terms of 1 year, beginning January CLASS B 1, 1935: Boston—E. S. French (reelected). Boston—Allen Hollis. New York—T. J. Watson (reelected). New York—Owen D. Young. Philadelphia—C. F. C. Stout (reelected). Philadelphia—Alba B. Johnson.2 Cleveland—R. P. Wright (reelected). Cleveland—E. S. Burke, Jr.3 Richmond— Richmond—Frederic A. Delano. J. H. Hanna (reelected). Atlanta—W. H. Kettig. Edwin Malloy.1 Chicago—James Simpson. Atlanta—J. B. Hill (reelected).3 St. Louis—Paul Dillard. Chicago—S. T. Crapo (reelected). Minneapolis—Homer P. Clark. St. Louis—W. B. Plunkett (reelected). Kansas City—Edward P. Brown. Minneapolis—W. 0. Washburn (reelected). Dallas—S. B. Perkins. Kansas City—J. M. Berhardin (reelected). San Francisco—Walton N. Moore, Dallas—A. S. Cleveland (reelected). San Francisco—E. H. Cox (reelected). List of All Directors Appointment of Class C Directors A list of all^ directors of Federal Reserve banks and their branches appears on pages The Federal Reserve Board appointed the 134-139. following class C directors of' Federal Reserve banks for the 3-year term beginning January 1, 1935: Resignation of Chairman and Federal Reserve Agent and Appointment of Governor of Atlanta Bank Boston—C. H. Merriman (reappointed). New York—J. H. Case (reappointed). Effective at the close of business on January Philadelphia—H. L. Cannon (reappointed). Richmond—Robert Lassiter (reappointed). 15, 1935, Mr. Oscar Newton resigned as chair- Atlanta—W. H. Kettig (reappointed). man and Federal Reserve agent at the Federal St. Louis-^Paul Dillard (reapijointed). Reserve Bank of Atlanta to accept the position Minneapolis—G. W. McCormick (reappointed). Kansas Cit3r—J. B. Doolin (reappointed). of governor of the Atlanta bank, effective Dallas—C. C. Walsh (reappointed). January 16,1935. San Francisco—A. P. Welch (reappointed). Change in Governor of Federal Reserve Bank of Cleveland Appointment of Chairmen and Deputy Chairmen Mr. E. R. Fancher, governor of the Federal The Federal Reserve Board designated the Reserve Bank of Cleveland since its organizafollowing Federal Reserve agents and chairtion in 1914, died on January 16,1935. Effecmen of the boards of directors of Federal Reserve banks for terms of 1 year, beginning tive January 19, 1935, Mr. M. J. Fleming, January 1, 1935: formerly deputy governor of the Federal Reserve Bank of Cleveland, was appointed Boston—Frederic H. Curtiss. governor of the Cleveland bank to succeed New York—J. H. Case. Governor Fancher. Philadelphia—Richard L. Austin. Richmond—William W. Hoxton. »Resigned Jan. 16, 1935, to accept position of governor of Atlanta bank, effective Jan. 16,1935. > resigned; tenn ^P*™3 Dec- 31»19^ ' Since deceased. * Acting chairman* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESEEVE BULLETIN 75 FEBRUARY 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Jan. 26 and released for publication Jan. 28] In December the Federal Reserve Board's Commodity prices.—The general level of seasonally adjusted indexes of industrial pro- wholesale commodity prices, as measured by duction and factory employment increased the index of the Bureau of Labor Statistics, sharply. Wholesale prices of farm products advanced considerably during the latter part and foods showed a considerable advance in of December and the early part of January, the latter part of the month and in the early reflecting chiefly marked increases in the prices part of January, while prices of other commodi- of farm products and foods. Scrap-steel prices ties as a group showed little change. also increased. In the third week of January Production and employment.—Output of prices of grains, cotton, hides, and rubber basic industrial products increased in Decem- showed a decline from the level of the preceding ber, when it usually declines, and the Federal week. Currently wholesale prices are 9 percent Reserve Board's index, which makes allowance higher than a year ago, reflecting an increase for the usual seasonal variations, increased from of 30 percent for farm products, an increase of 74 percent of the 1923-25 average in Novem- 24 percent for foods, and little change for other ber to 85 percent in December. Activity at commodities. steel nulls increased, contrary to the usual Retail prices of foods, as reported by the seasonal tendency, and otitput at automobile Bureau of Labor Statistics, increased confactories rose rapidly. In both of these indus- siderably in the latter part of December, tries ^ there were further sharp increases in following 3 months of gradual decline. activity in the first 3 weeks of January. At Bank credit.—During the 6 weeks ending woolen mills and silk mills activity increased in January 23 seasonal return flow of currency December, contrary to seasonal tendency, and from circulation, further imports of gold, and at cotton mills and tobacco factories it declined disbursement by the Treasury of funds preby less than the usual seasonal amount. Out- viously held as cash or on deposit with the put of petroleum increased somewhat in De- Reserve banks were reflected in a growth of cember and the first half of January. member bank balances with the Reserve banks Factory employment increased between the to $4,500,000,000, the highest figure on record middle of November and the middle of De- and in an increase of their excess reserves to cember, contrary to seasonal tendency, and the high level of $2,160,000,000. there was a considerable growth in factory pay Loans and investments of reporting member rolls. Substantial increases were reported for banks in leading cities increased by $350,000 000 e the automobile, textile, shoe, and tire industries, in the 5 weeks ended January 16. Holdings while in the meat-packing industry there was of United States Government obligations rose a further decline from recent high levels. $420,000,000 and an increase was shown also Employment in retail trade showed an increase, in holdings of obligations guaranteed by the largely of a seasonal character. Government and in other security holdings, Value of construction contracts awarded, while loans declined by $130,000,000. as reported by the F. W. Dodge Corporation, Commercial paper rates, which had been showed a decline in December, partly seasonal reported at a range of %-l percent since June, in nature, followed by an increase in the first declined to a general level of % percent early half of January. For the fourth quarter as in January. Other short-term open-market a whole the value of contracts for privately money rates showed little change, while yields financed projects was about the same as in the on long-term United States Treasury bonds corresponding period of 1933, while the volume declined from 3 to 2% percent. of publicly financed projects was considerably In December and Januarv discount rates smallerthan last year. were lowered from 3 to 2% percent at the Distribution.—Volume of freight-car loadings Federal Reserve Banks of Richmond, Minnedeclined less in December than is usual at that apolis, Kansas City, and Dallas, and from 2% season. Sales of merchandise by department to 2 percent at Philadelphia, Chicago, and St. stores showed an increase of more than the Louis. At the Federal Reserve Bank of estimated seasonal amount and were approxi- Atlanta the discount rate was lowered to 2M mately ll percent larger than in the corre- percent in December and to 2 percent in sponding month a year earlier. January. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
76 FEDERAL RESERVE BULLETIN FEBRUARY 1835 RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS Weekly basis-. Wednesday series MILLIONS OF D0LLAR5 9000 90OO eooo 8000 7000 7000 6000 6000 5000 5000 4000 4000 3000 3000 •MEMBER BANK RESERVE BALANCES 2000 2000 1000 tooo TREASURY CASH DEPOSITS WITH F.R. BANKS 1932 1933 193* 1935 Based on Wednesday figures; latest figures are for January 30. See table on page 77. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 77 FEDERAL RESERVE BANK CREDIT RESERVE BANE CREDIT AND RELATED ITEMS (WEDNESDAY SERIES) [In millions of dollars] Reserve bank credit outstanding Treasury Treasury Date (Wednesday) B co il u ls n t d e i d s- bo B u il g l h s t m G cu e U o r n v . i t e t S i r s . e n e s - - O c t s b r h e a e r e n d v r k i e r t e* Total ta M s r t y o o n c g k o o * ld na r b c t a e i a u n n o n r c d n - k y al- t c f i o r t n c io u e n l y a r tn M b b a a s e l n e a m r k n v b c r e e e e r s - c d R F a b e e w s e p a h d s n i o e e t a k s r h r n i v * a t e d s l b p m N e o r e o s m n i d t - - e s - i ^ c O t o c a t u s d h o e n l e - r U r vo 1933-Dec. 6 116 61 2,431 7 2,615 4,036 2.277 5,471 2,561 386 156 854 Dec. 13 118 116 2,432 11 2,677 4,036 2,295 5,476 2,638 379 160 855 Dec. 20 115 113 2,432 25 2,686 4,036 2,299 5,561 2,636 329 132 862 Dec. 27 111 111 2,432 20 2,674 4,036 2,304 5,537 2,675 315 124 862 1934—Jan. 3 , 100 121 2,432 29 2,683 4,036 2,303 5,504 2,710 311 145 857 Jan. 10 104 113 2,432 7 2,655 4,036 2,302 5,397 2,777 353 172 295 Jon.17 101 112 2,432 1 2,646 4,035 2,302 5.356 2,788 407 143 288 Jan. 24 97 104 2,432 -2 2,631 4,035 2,301 5,294 2,851 398 137 287 Jan. 31 83 111 2,434 2 2,630 4,033 2,302 5,289 2,652 597 141 237 Feb. 7 73 97 2,432 4 2,606 17.036 2,301 5,317 2,736 13,449 142 299 Feb. 14 68 86 2,432 7 2,593 7,089 2,301 5,321 2,851 3.391 130 290 Feb. 21 66 75 2,432 18 2,592 7,203 2.301 5,344 2,830 3,499 132 291 Feb. 28 64 62 2,432 8 2,667 7,438 2,302 5,355 3.093 3,440 127 292 Mar. 7 59 46 2,432 2 2,539 7,556 2,312 5,374 3,313 3,294 133 294 Mar. 14 55 37 2,432 8 •2,532 7,605 2,332 5,345 3,454 3.226 143 801 Mar. 21. 51 33 2,432 2,503 7,640 2,343 5,334 3,449 3,252 154 802 Mar. 28. 53 29 2,432 5 2,619 7,681 2,356 5,336 3,439 3,318 161 803 Apr. 4 48 26 2,432 2,509 7,703 2,369 5,371 3,450 3,323 140 297 Apr. 11 43 17 2,432 2,492 7,732 2,381 5.347 3,560 3,239 148 312 Apr. 18 40 13 2,430 9 2.493 7,746 2,381 5,347 3,665 3,204 167 237 Apr. 25 40 10 2,430 5 2,486 7,755 2,380 5,324 3,744 3,148 167 237 May 2 38 8 2,432 6 2,484 7,756 2.381 5,359 3,570 8,177 280 235 May 9 37 2,432 9 2,484 7,756 2,380 5,352 3,673 3,098 257 235 May 18.,.. 34 6 2,430 8 2,473 7,753 2,380 5,344 3,694 8,082 252 233 May 23...., 34 6 2,430 -1 2,469 7,766 2,375 5,316 3,767 3,052 242 233 May 30..... 34 6 2,430 1 2,470 7,776 2,371 5,338 3,763 3,051 233 232 June 6 , 29 5 2,430 10 2,475 7,790 2,365 5,342 3,787 3,034 230 237 June 13 28 5 2,430 8 2,472 7,820 2,361 5,313 3,895 2,956 251 233 J J u u n n e e 2 2 7 0 .—., 2 2 8 7 6 5 2 2 , , 4 4 3 3 0 0 5 2 2 , , 4 4 6 6 8 5 7 7 , , 8 8 3 4 5 6 2 2 , , 3 3 5 6 9 4 5 5, , 3 3 0 1 1 0 3 3, , 8 7 3 6 7 9 3 3 , , 1 0 2 7 1 7 2 2 2 2 4 5 2 2 3 3 9 0 July 3 29 5 2,432 22 2,488 7,866 2,365 5,397 3,746 3,113 232 230 July 11 23 5 2,432 8 2,463 7,881 2,365 5,344 3,902 3,014 223 231 July 18...., 23 5 2,432 2,460 7,897 2,363 5,328 3,987 2,954 222 229 July 25.... 21 6 2,432 -3 2,456 7,911 2,364 5,291 4,020 2,972 220 223 A A u u g g . . 8 1 2 2 1 1 5 5 2 2 , , 4 4 3 3 2 2 5 2 2 , , 4 45 6 8 3 7 7 , ,9 9 5 3 7 2 2 2 , , 3 3 6 5 1 7 5 5 , , 3 3 1 3 5 4 3 4, , 0 9 5 1 9 5 3 2 , , 0 9 7 4 4 1 2 2 1 0 9 9 2 22 3 9 2 A A u u g g . . 1 2 5 2.... 2 2 0 0 5 6 2 2 , , 4 4 3 3 1 2 11 2 2 , , 4 4 5 6 7 8 7 7 , , 9 9 7 8 9 3 2 2 , , 3 37 9 5 0 5 5 , ,3 3 4 4 7 3 4 4 , , 0 0 6 7 4 2 2 2 , , 9 9 7 7 6 2 2 2 1 1 1 1 2 22 2 8 8 Aug. 29 21 5 2,432 5 2,463 7,981 2,403 5,345 4,127 2,944 204 226 Sept. 5 24 5 2,432 6 2,467 7,963 2,412 5,419 3,907 8,087 203 225 Sept. 12... 23 5 2,431 10 2,469 7,968 2,414 5,409 3,948 3,053 213 224 Sept. 19. 22 5 2,431 8 2,466 7,972 2,412 5,412 3,889 3,124 195 230 Sept. 26... 20 6 2,430 2,463 7,976 2,409 5,403 3,970 3,061 186 229 Oct. 3 15 6 2,431 3 2,455 7,980 2,407 5,463 3,895 3,068 182 229 Oct. 10 12 6 2,430 2,448 7,985 2,403 5,479 3,979 2,967 183 229 Oct. 17 12 6 2,430 ' 9 2,457 7,990 2,410 5,469 3.996 2,968 183 239 Oct. 24 11 6 2,430 6 2,452 7,993 2,429 5,436 3,935 3,049 165 239 Oct. 31 U 6 2,430 2,455 8,002 2,434 5,453 4,006 3,031 164 237 N N o o v v . . 1 7 4... 1 9 1 6 6 2 2 , , 4 4 3 3 0 0 -7 29 2 2 , , 4 4 7 4 4 0 8 8 , , 0 0 0 3 8 0 2 2 , , 4 4 5 4 0 2 5 5 , , 5 4 0 8 3 0 4 4, , 1 0 0 3 7 2 2 2 , , 9 9 4 6 4 4 1 16 7 3 2 2 2 4 4 0 0 Nov. 21. 11 6 2,430 23 2,470 8,076 2,459 5,455 4,196 2,956 159 239 Nov. 28.... 12 6 2,430 13 2.460 8,112 2,469 5,616 4,108 3,017 160 289 Dec. 5 10 6 2,430 6 2,452 8,161 2,478 5,545 4,073 3,060 176 387 D D D e e e c c c . . . 1 2 1 6 9 2.— 9 9 9 6 6 6 2 2 2 , , , 4 4 4 3 3 3 0 0 0 3 2 1 2 5 7 2 2 2 , , , 4 4 4 7 7 6 7 0 2 8 8 8 , . , 1 1 2 9 8 2 8 0 8 2 2 2 , , , 5 5 4 0 0 8 5 4 6 5 6 6 , . , 5 6 5 8 2 3 7 8 2 3 3 4 , , , 9 9 1 4 1 6 3 2 1 3 3 3 , , , 1 0 2 8 2 6 1 1 0 1 1 1 8 8 8 4 8 5 2 2 2 3 4 4 9 4 3 1935-Jan. 2 , 7 6 2,431 17 2,461 8,243 2,514 5,534 4,090 3,164 190 240 Jan. 9 7 6 2,430 24 2,467 8,258 2,503 5,420 4,283 3,094 194 242 Jan. 16 17 6 2,430 15 2,468 8,273 2,504 5,3S2 4,388 3,019 215 242 Jan. 23 2,430 19 2,463 8,308 2,500 5,347 4,501 2,994 183 241 Jan. 30.. 2,430 16 2,460 8,387 2,497 5,358 4,542 3,007 194 343 J Increase from .31,1934, 1 Less than ~ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
78 FEDERAL RESERVE BULLETIN FEBBTJABY ] RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OP DAILY FIGURES) {In millions of dollars] Month or week co B d u i i n s ll t - s ed Re b s B o er u i v l g l e s h t ban s k G e c U m o c u r v . e r e S e i n d t r . t i i n e t - s out r s c O e b t r s a a t e e h n n d r e k d v i r t e ing Total ta M s ry t o o n g c o k e- ld T c a t u r n i e b r o d r a a n e s n n a n u k l a c r - - y y c M u In l o a c n t i i e r o y - n M b r a e b e l s a a m e n n r b k c v e e e r s T c d R F a r b e w e e s e p a h d a s i o n e s e t a s h k r u r n i v s a r t d e l s y b p m N e o r e o s m d n it e - * s - R F c O e e o a s t d u h e c e n - r e r t v r a s e l 1933— D N e o c v e e m m b b e e r r 1 1 1 1 4 7 1 1 0 5 1 2 2 , . 4 4 3 3 7 2 1 8 9 2 2 , , 5 6 7 6 4 9 4 4 , , 0 03 3 6 6 2 2 , , 2 2 7 9 5 3 5 5 , , 3 5 9 2 4 3 2 2 , , 6 6 2 1 9 6 3 3 4 5 9 7 1 1 5 4 8 3 3 3 5 5 5 3 1034— J J F M M A J u u e a p a n a l b n y r r y e i u r c l u a h r a y - ry 1 4 5 3 2 7 2 2 0 3 5 6 3 0 S 1 1 1 8 4 1 1 5 6 6 6 7 0 3 6 2 2 2 2 2 2 2 2 , , , , , , , , 4 4 4 4 4 4 4 4 2 3 3 3 3 3 3 3 4 2 7 9 1 2 2 2 . 9 8 3 6 9 9 6 7 '2 2 2 2 2 2 2 2 , , , , , , , , 4 6 5 6 4 4 4 5 6 5 0 6 3 7 9 6 3 6 7 4 5 9 7 9 17 4 7 7 7 7 7 7 , , , , , , , , 0 1 6 7 8 7 8 9 3 3 3 0 2 5 9 7 5 8 6 2 1 9 3 1 2 2 2 2 2 2 2 2 , , , , , , , , 3 3 3 3 3 3 3 3 0 0 7 3 6 7 6 7 2 3 7 3 4 8 3 8 5 5 5 5 5 5 6 5 , , , , , , , , 3 3 3 3 3 3 3 8 8 6 3 6 5 4 5 5 2 6 9 8 5 1 0 5 2 3 3 2 3 3 3 4 , , , , , , , , 5 7 7 9 3 8 6 0 9 6 9 2 2 9 6 4 4 4 0 8 2 5 1 5 13 3 3 3 3 2 2 , , , , , , , 4 2 2 0 0 9 9 3 2 4 5 9 8 9 7 9 2 8 4 8 3 9 6 7 1 1 1 1 2 2 2 2 4 3 4 7 2 4 1 0 6 6 4 0 6 9 9 8 '3 2 2 2 2 2 2 M2 0 9 9 6 3 3 3 2d 4 8 9 3 8 7 4 0 N D S O e e c o p c t v o e t e e b m m m e b r b b e e r e r r . .. — . — 2 1 1 1 2 1 0 2 6 5 6 6 2 2 2 2 , , , , 4 4 4 4 3 3 3 3 0 0 1 0 2 2 1 8 0 6 0 2 2 2 2 , , , , 4 4 4 4 6 6 5 7 6 9 7 2 7 8 8 7 . , , , 1 9 0 9 9 8 7 4 1 9 1 7 '2 2 2 2 , , , , 4 4 4 4 9 1 5 1 4 5 5 1 5 5 5 5 , , , , 4 4 4 5 2 9 7 7 7 4 3 7 4 3 3 4 . , , , 9 9 1 0 4 6 0 3 7 4 0 7 3 3 2 3 , , , , 0 9 0 1 5 7 2 1 4 0 0 1 1 1 1 1 7 9 0 8 7 7 5 1 2 2 2 2 2 3 3 4 7 4 * 1 1635—January 8 6 2,430 21 2,465 8,284 2,504 5,411 4,355 3,053 194 241 Week ending Saturday— 1«34-Oct.6 15 6 2,431 7 2,458 7,980 2,406 5,476 3,909 3,047 183 229 Oct. 13 13 6 2,429 6 2,453 7,985 2,403 5,489 3,976 2,961 187 229 Oct. 20 12 6 2,430 13 2,461 7,989 2,412 6,484 3,963 3,000 178 238 Oct. 27 11 6 2,430 0 2,456 7,994 2,426 5,455 3,985 3,030 167 239 Nov. 3 11 6 2,430 10 2,457 8,002 2,434 5,470 4,004 3,015 167 237 Nov. 1O_ 11 6 2,430 12 2,459 8,009 2,444 5,506 4,044 2,952 172 238 Nov. 17 10 6 2,430 32 2,478 8,029 2,453 5,493 4,108 2,955 165 239 Nov. 24.. 10 0 2,429 25 2,469 8,069 2,464 5,474 4,159 2,971 160 239 Dee. 1 12 6 2,430 13 2,460 8,112 2,469 5,511 4,126 3,005 160 239 Dec. 8 11 6 2,430 13 2,460 8,152 2,476 5,656 4,093 3,028 172 239 Dec. 15... 10 6 2,430 19 2,465 8,178 2,487 5,554 4,093 3,061 183 240 Dec. 22 10 6 2,430 40 2,486 8,204 2,501 5,604 3,943 3,214 185 244 Dec 29 10 6 2,430 33 2,478 8,225 2,508 5,609 3,995 3,180 134 244 1035-Jan.5 7 6 2,431 21 2,465 8,241 2,513 5,623 4,117 3,146 192 241 Jan. 12 ... 6 2,431 23 2,466 8,257 2,503 5,435 4,270 3,090 194 242 Jan. 19 0 6 2,430 22 2,466 8,270 2,504 5,391 4,373 3,023 206 242 Jan. 26 8 6 2,430 24 2,468 8,304 2,500 5,364 4,473 3,001 192 242 RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES) [In millions of dollars] Reserve bank credit outstanding Treasury End of month co B d u i i n l s l t - s ed b B ou il g ls ht G U m ov . e S e n r . t n- r O e b s a t e h n r e v k r e Total ta M s r t y o o c g n k o e l - d T c a u t r n b i e r o d a r a n e n s n a n u k l a c r - - y y c M i u n l o a c n ti i e o r y - n M b r a e b e l s a a m e n n r b c v k e e e s r c d R F a e w e s e p h d s i o e e t a s r h r v i n a t e l s d b p m N e o r e o s m d n it e - s - - R F c O e o e a s u d th e c e n r - e r t v a r s e l securities credit banks 1933—November 119 24 2,432 7 2,581 4,036 2,277 5,455 2,573 142 354 December 98 133 2,437 20 2,688 4,035 2,303 6,518 2,729 287 132 360 1934— J J S M A A M F u u J e e u p a a l n a p b y n g r y r e t i r u c u e l u h a m s a r t y r b y er* .. _. 8 3 6 3 5 2 2 2 1 3 9 4 1 4 5 2 3 5 1 6 2 1 9 5 5 6 5 5 2 9 1 2 2 2 2 2 2 2 2 2 , , , , , , , , , 4 4 4 4 4 4 4 4 4 3 3 3 3 4 3 3 3 3 4 0 2 2 7 1 2 2 1 -4 1 1 1 8 4 3 2 6 0 1 5 2 2 2 2 2 2 2 2 2 , , , , , , , , , 5 6 5 4 4 4 4 4 4 6 3 4 8 6 6 6 6 7 7 0 5 5 4 2 4 3 2 » 4 7 7 7 7 7 7 7 7 , , , . , , , , , 0 7 6 7 8 9 9 9 4 9 5 3 7 5 7 7 3 3 4 7 3 9 6 8 8 1 8 2 2 2 2 2 2 2 2 2 , , , , , , , , , 3 3 3 3 3 3 4 4 3 0 6 7 0 6 6 0 0 6 2 1 8 2 7 8 8 5 1 5 5 5 5 6 6 5 5 , , , , , , , , 3 3 3 3 3 3 3 4 9 5 6 1 5 9 7 5 4 5 8 7 7 6 3 6 2 3 3 3 4 3 4 3 , , , , , , , , 4 6 5 0 7 8 9 0 5 9 5 4 2 4 3 5 7 9 2 0 9 6 4 2 13 3 3 3 3 2 2 3 , , , , , , , , 4 1 2 0 0 9 9 0 5 4 4 9 1 5 6 5 7 9 8 0 3 6 3 8 1 1 7 1 2 2 1 1 2 2 2 1 4 6 3 2 2 5 0 0 7 1 8 3 2 7 7 8 7 8 2 2 2 2 2 2 2 2 2 8 9 3 9 3 3 2 2 2 7 9 6 2 3 2 9 6 3 October 11 6 2,430 8 2,455 8,002 2,434 5,453 4,006 3,031 164 237 N D o ec v e e m m b b e e r r 1 7 1 6 2 2 , , 4 4 3 3 0 0 2 6 0 2 2 , , 4 4 5 6 3 3 8 8 , , 1 2 3 3 2 9 2 2 , , 4 5 6 1 8 1 6 5 , , 5 5 4 3 9 6 4 4 , , 0 0 8 9 1 6 3 3 , , 0 15 2 0 2 1 1 6 8 1 9 2 2 3 4 9 1 1935—January 2,430 19 2,461 »8,300 2,497 *5,381 4,543 »2,939 191 243 » Preliminary. r Revised. * Increase from previous date represents principally increment resulting from reduction in the weight of gold dollar on Jan. 31,1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBBUABY 1035 FEDERAL RESERVE BULLETIN 79 ASSETS AND LIABILITIES OP FEDERAL RESERVE BANES IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] Jan. 31,1935 Dec. 31,1934 Jan. 31,1084 ASSETS Gold certificates on hand and due from U. 8. Treasury 5,389,056 5,124,347 3,513,884 Redemption fund—Federal Reserve notes , 15,875 19,060 43,356 Other cash - - - £75,346 257,577 234,848 Total reserves 5,680,277 5,400,984 3,792,088 1,841 1,677 12,977 Redemption fund—Federal Reserve bank notes- Bills discounted: 6,595 6,988 82,127 For member banks 205 For intermediate credit banks 65 74 400 For nonmember banks, eta Total bills discounted.. 6,660 7,062 82,732 Bills bought: Payable in dollars: Bought outright— 36 112 105,420 Under resale agreement Payable in foreign currencies- 5,502 5,501 "*"5,~977 Total bills bought 5,538 5,613 111,397 17,545 14,301 Industrial advances U. S. Government securities: Bought outright 2,430,309 2,430,256 2,432,370 Under resale agreement— 1,600 Total U. S. Government securities.., 2,430,309 2,430,256 2,433,970 Other reserve bank credit: Municipal warrants- -. 1,293 Due from foreign banks — 805 805 3,392 Reserve bank float (uncollected items in excess of deferred availability items). 206 4,8 *2,423 Total reserve bank credit outstanding - 2,461,063 2,462,917 ,2,630,361 Federal Reserve notes of other reserve banks +~ 19,145 28,502 15,780 Uncollectod items not included in float - 459,125 455,252 366,476 Bank premises.* — 49,307 49,161 52,339 All other assets . 48,657 43,652 118,675 Total assets,*......................... ........... .... ... .... ... 8,719,415 8,442,145 6,988,696 Federal Reserve notes: LIABILITIES Held by other Federal Reserve banks. 19,145 28,502 15,780 Outside Federal Reserve banks 3,065,377 3,192,605 2,910,463 Total notes in circulation * 3,084,522 3,221,107 2,926,243 Federal Reserve bank note circulation—net - ... '1,412 26,390 "1,057 Deposits: Member'bank—reserve account 4,543,331 4,095,946 2,651,945 United States Treasurer—general account 75,588 120,746 241,860 Foreign bank.... ................. ....... .. . .. —.*..., 14,184 19,394 3,952 Other deposits I 176,475 169,264 137,278 Total deposits 4,809,578 4,405,350 3,035,035 Deferred availability items 459,125 455,252 366,476 Capital paid in ............. 146,896 146,725 145,359 Surplus (sec. 7) 144,893 144,893 133,383 Surplus (sec, 13b) 11,560 Reserve for contingencies .... — — . 30,820 30,816 22,523 All other liabilities 6,609 3,543 151,620 Total liabilities 8,719,415 8,442,145 Contingent liability on bills purchased for foreign correspondents..... 317 675 4,477 Commitments to make industrial advances....*... .- . ...... - 11,738 10,047 FEDERAL RESERVE NOTE STATEMENT Notes Issued to Federal Reserve banks by Federal Reserve agents 3,369,781 3,620,365 Collateral held by agents as security for notes Issued to bank: Gold certificates on hand and due from U. 8. Treasury 3,256,350 3,316,200 2,516,317 Ellgiblo paper 5,190 5,487 158,735 XJ* S. Government securities..... ........... ............ ..... 186,000 241,400 570,100 Total collateral........ ... . ...... — 3,447,540 3,563,087 3,245,153 FEDERAL RESERVE BANK NOTE STATEMENT Notes Issued to Federal Reserve banks (outstanding)... 36,354 37,590 225,600 Collateral pledged against outstanding notes: Discounted and purchased bills 1,495 U* S. Government securities 42,074 42,87' 253,774 Total collateral . 42,074 42,87< 255,269 * Deferred availability items in excess of uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
80 FEDERAL RESERVE BULLETIN FEBBUAEY 1935 KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total G co o i l n d c c G e a r o t t i e l f d s i- d S s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y 8 a e - 9 s s - 0 S s u i i b a lv r s y e ld r M co in in or U S n n t o a i t t t e e e s s d F R n e e o d se t e e r r s v a e l F R n b e e o d a se t n e e r k r s v a e l t n b i N o o a n t n a e a - k s l 1933—August.—...., 5,325 242 372 261 114 277 2,953 133 911 September 6,363 232 385 265 115 280 2,966 156 909 October 6,347 225 387 287 116 277 2,930 189 903 November 5,455 219 394 269 117 285 2,998 206 913 December 5,518 213 407 272 117 286 3,044 208 918 1934—January 6,289 178 391 267 116 2,894 202 927 February 6,354 167 399 270 117 2,949 194 March 5,394 161 403 272 118 3,005 178 April 5,368 157 400 274 118 282 3,025 162 918 May 5,357 153 402 277 120 279 3,038 151 906 June... 5,373 150 401 280 119 280 3,068 142 902 July 5,317 146 399 280 121 277 3,044 133 885 August 5,396 143 438 282 122 274 3,103 125 878 S O e c p to t b e e m r ber.... 5 5 , , 4 4 5 5 6 3 1 13 3 6 9 4 5 8 1 3 0 2 28 8 8 4 1 12 2 3 2 2 2 7 7 4 3 3 3, t1 1 3 2 1 4 1 1 1 1 9 2 8 8 7 5 0 6 November 5,549 133 558 291 124 273 3,176 107 853 December 5,536 130 592 294 125 265 3,176 101 820 1935—January » 5,381 128 580 287 123 259 3,048 97 827 » Preliminary figures. Nora.—For figures of paper currency of each denomination in circulation see p. 120. Back figuret.-8& Annual Report for 1933 (table 56). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars] Gold stock Increase Netre- 1935 1934 Year and month at end in gold Net gold lease Other of stock import [from ear-factors > month mark i From or to— January December Januar b y e - r Decem- W*Mo grains of gold Ho fine; i. «., an ounce of fine gotd-$£O.67 Im- Ex- Im- Ex- Im- Ex- 1932—Total 52.9 [-446.2 | 457.5 | 41.6 ports ports ports ports ports ports 1933— October 4,036 -0.7 -32.4 26.9 4.8 November 4,036 -0.8 0.6 0.1 Belgium 12,968 4,059 4,035 -9.1 11.8 -3.1 England 85,577 19,741 92 510,161 8 530 December France 14,692 22,430 290,531 29,991 -190.4 -173.6 -58.0 41.1 Germany 296 147 Total (12 mo.). Netherlands . 12,812 17,790 102,924 7,414 -2.1) -2.8 1 12 2 1 -116 Switzerland 12,656 254 1934—January. i grain, of gold iio fine;i «., an Canada 12,098 7 8,085 8 86,785 173 M Fe a b r r c u h ary 7 7, , 6 4 9 3 4 8 3,4 2 o 0 5 u 5 6 . . p 0 1 ce of f 4 2 i 5 3 n 2 7 e . . 6 3 g o 1 t d= - $ 66 0 3 88 . 5 8 ..77 2,88 1 3 9. . 6 8 A M C r e e g n x e t i r n c a o t l i n A a meric . a... 5,0 3 5 5 1 6 8 60 6,1 2 1 0 6 2 40 3 2 0 , , 9 38 7 1 8 8 2 D J J A N S O u e e u o c n l p c t g v y o t e n u e e . b m s . m m e e , t b r b b . e e e I r I r r . . . . . , . 8 8 8 7 7 7 7 7 7 , , , , , , , , , 1 0 2 9 9 9 8 7 7 3 0 3 3 7 7 5 7 5 2 1 2 8 8 8 6 9 7 1 1 2 6 2 7 7 4 0 2 0 3 4 7 2 1 7 6 9 . . . . . . . . . 4 5 4 4 4 2 9 5 1 -1 1 9 3 5 3 6 5 1 2 8 2 7 0 4 3 2 3 0 . . . . . . . . 7 . 1 8 2 7 7 3 6 9 — - - 1 1 0 0 0 0 2 1 0 . . . . . . . . 1 1 . 3 0 4 1 6 5 1 -1 2 1 1 1 1 1 1 9 7 1 6 1 2 2 4 . . . . . . . . . 6 1 9 4 4 6 2 5 1 A U V B E P C C e c r u h e o r K i r u u n s l i t u o o n t g i a e r s m n a z d u a h g u o a l b _ e i y r I a i a l a n n a d d i a Hong 1 2 1 0 1 , , , , 5 7 1 6 2 1 2 2 1 0 8 6 4 8 6 6 2 9 2 3 1 2 2 , , 5 5 2 1 1 7 4 2 0 3 1 4 9 9 6 9 1 7 1 1 1 1 1 6 6 6 , , , , , , 3 0 5 8 9 4 8 9 2 5 2 5 5 4 6 9 5 0 2 2 0 -------- 8 1935—Ja T n o u t a a ry l . * . > .. ., 8,390 4,2 1 0 5 2 1 . . 5 9 1,1 1 3 4 3 9. . 4 9 8 1 2 . . 1 6 2,98 1 6 . . 4 1 A J P D a h l u p l i t a l o c i n t p h h p e E i r n a c e s o t " u i I n s n l t a r d n i i e d e s s s * . . . 1,8 9 7 2 0 6 1,3 9 6 1 9 0 1 10 2 , , 1 0 7 3 0 4 8 1 » Preliminary. Total 149,755 363 92,249 140 1,186,671 62,759 1 With some e icate net result tndoutof „ , ^N ouu cijjuiuj tuai ao not affecfet egt oglodl ds tsotcokc kd udriing Backfigures.-8ee Annual Report for 1933 (tables 63 and M). the month or year, and increment resulting from reduction in weight of gold dollar. Buck figure*—8M Annual Report for 1933 (table 51). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUAEY 1935 FEDERAL RESERVE BULLETIN 81 MEMBER BANK RESERVE BALANCES [Averages of daily figures. Figures are for licensed banks only. In millions of dollars! Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll Ne C w i t Y yi ork R O c e i s t t h e ie r e v s r e "C b o a u n n k t s ry T m b o a t e a n m l k — b s e » a r ll Ne C w it y Y i ork R O c e i s t t h e ie r e s v r e "C b o a u n n ks tr * y" 1933—December— 2,588 828 1,193 667 765.7 96.0 472.6 197.1 1934—January 2,740 897 1,222 622 865.7 146.8 476.6 242.4 M Fe a b r r c u h ary 2 3 , , 7 3 9 4 9 5 1, 8 2 7 2 2 7 1 1, , 4 2 2 7 2 1 6 6 5 9 6 6 1,3 8 7 9 5 0. . 8 1 us. 3 5 64 0 5 9 . . 5 1 2 2 6 9 3 7 . . 4 4 April 3,582 1,290 1,536 756 1,541.0 432.2 736.4 350.1 May 3,695 1,323 1,598 773 1,623.5 454.6 778 4 360.4 June - 3,790 1,391 1,632 767 1,684.6 484.7 799.6 352.8 July 3,928 1,393 1,725 810 1,789.4 532.2 874.0 389.7 August 4,045 1,509 1,719 817 1,883.6 525.7 852.2 393.3 September 3,947 1,440 1,692 814 1,754.1 638.2 SOS. 7 383.4 October 3,964 1,461 1,667 837 1,730.6 562.0 766.4 396.1 November 4,100 1,506 1,745 849 1,834.5 568.1 829.3 401.4 December 4,037 1,468 1,727 843 1,747.8 603.8 799.9 392.2 555.8 Week ending (Friday): Oct. 5 3,909 1,474 1,621 814 1,702.0 591.4 731.3 379.0 Oct. 12 3,967 1,484 1,651 331 1,760.0 601.6 758.1 400.0 Oct. 19 _ 3,966 1,449 1,663 855 1,733.0 654.4 758.4 420.0 Oct. 26 3,933 1,439 1,699 845 1,734.0 539.1 792.1 '403.0 Nov. 2 4,000 1,467 1,701 331 1,744.0 661.4 794.6 383.0 Nov. 9 4,033 1,430 1,736 867 1,784.0 630.5 827.0 427.0 Nov. 16 4,104 1,478 1,759 863 1,854.0 582.7 841.5 430.0 Nov. 23 4,153 1,563 1,748 842 1,873.0 660.5 829.1 333.0 Nov. 30 4,139 1,565 1,736 333 1,861.0 655.0 814.2 392.0 Bee. 7 4,090 1,469 1,752 369 1,805.0 658.7 825.2 421.0 Dec. 14 4,113 1,457 1,779 877 1,818.0 538.0 847.7 432.0 Dec. 21 3,944 1,421 1,706 813 1,643.0 508.1 778.1 357.0 Dec. 28 3,972 1,432 1,677 313 1,685.0 576.1 765.2 354.0 «• Revised. 1 Central Reserve city banks only, ) Weekly figures of excess reserves of all member banks and of country banks are estimates. Back figures.—See Annual Report for 1933 (table 73). MEMBER BANK DEPOSITS [Averages of daily figures. Figures are for licensed banks only. In millions of dollars] Net demand and time deposits Net demand deposits Time deposits Month or week a T b ll a o b m n t e k a r em s l- ' - C Y N i o e ty r w k * R O c e i s t t h e ie r e s v r e " b C an om ks i l - a T b ll a o b n m t e k a e r s m l * - - C Y N i o e t r y w k * R O c e i s t t h e ie r e s v r e " b C a tr n o y k u " s n - * a T b ll a o b m n t e k a e r m s l- i - C Y N i o e ty r w k > R O c e i s t t h e ie r e s v r e j " b C a tr o n y u k " n sJ - 1033—December— - 23,646 6,216 7,772 14,567 6,452 6,691 3,424 9,078 763 3t9G8 4,348 1934—January 24,248 6,348 9,937 7,963 15,021 6,599 3,528 9,227 749 4,043 4,435 February.— 24,674 6,370 10,124 8,180 15,341 5,624 6,048 9,333 746 4,075 4,512 March. 25,288 6,671 10,303 8,314 15,851 6,943 6,172 3,736 9,437 728 4,131 4,67* April 26,009 6,992 10,568 8,449 16,457 6,256 6,384 3,817 0,552 736 4,184 4,632 May. 7,001 10,787 8,575 6,720 6,283 6,541 9,643 719 4,246 4,679 June 26,698 7,168 10,929 8,601 6,433 6,645 0,711 735 4,284 4,691 July 27,073 7,236 11,127 8,710 17,276 6,500 6,807 9,796 736 4,319 4,741 August 27 310 7,252 11,280 8,777 17,490 6,534 6,940 4,016 9,819 719 4,340 4,761 September 27,615 7,300 11,436 8,878 17,806 6,691 7,103 4,111 9,809 709 4,333 4,767 October 28,034 7,409 11,587 18,208 6,704 7,269 4,235 9,826 705 4,319 4,80? November,.. 28,364 7,465 11,744 9,154 18,524 6,780 7,418 4,326 9,840 686 4,326 4,829 December 28,538 7,512 11,828 9,197 18,769 6,865 7,527 4,376 9,769 647 4,301 4,821 Week ending (Friday): Oct. 5 7,339 11,476 6,627 7,161 712 4,315 Oct. 12 7,338 11,510 6,627 7,202 711 4,307 Oct. 19 7,423 11,619 6,718 7,311 706 4,303 Oct. 26 „.. 7,460 21,663 6,769 7,332 701 4,330 Nov. 2... 7,503 11,663 6,806 7,326 697 Nov. 9... 7,449 11,634 6,756 7,346 4,337 Nov. 16.. 7,411 11,763 6,725 7,429 4,334 Nov. 23.. 7,466 11,768 6,784 7,443 4,325 Nov. 30., 7,515 11,782 6,840 7,475 675 4,307 Dec. 7— 7,506 11,813 6,850 7,539 656 4,274 Dec. 14.. 7.567 11,847 6,922 7,574 645 4,273 Dec. 21,. 7,514 11,828 6,872 7,535 641 4,293 Dec. 28.. 7,467 11,793 6,822 7,476 645 4,316 »Weekly figures are not reported. > Central Reserve city banks only. Back figures.—See Annual Report for 1933 (table 73)* 111390—35 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
82 FEDERAL RESEBVE BULLETIN FEBEUAEY 103d ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] __ Loans to other customers Open-market loans Investments Total loans Total Purchased paper seloans Loans Se- Other- to U.S. cured Call date i m n a v e n e n d s t t s - ba t n o ks Total s b c t a u o o b n r n c y e d d k d s sb e c y s u S t r e r a - e e t d a e l s c u e w a u c n n u i r s s e d r e e d e - d Total p A U a a c n n y i c n i c a e t e b e p s d l t e - a c p a A n e a b p c c y l - e - t e - s p C m c a o e i p a m r- e l * r Y N k b o i r e e n r o r w k - s * Total r s m G e e i r t o c e n i u v e n - - s - t O s r e i t t c h i u e e - s r s b t a o o b n n c y k d d s s - States abroad TOTAL—ALL MEMBER BAKES 1931—Mar. 25 34,729 446 10,040 7,423 3,220 9,293 2,454 361 101 361 1,630 11,889 5,002 6,886 0,272 June 30 33,023 457 10,257 7,117 3,218 8,922 2,103 380 113 384 1,217 12,106 5,343 6,763 8,563* Sept. 29— 33,073 599 18,713 6,842 3,149 8,722 1,663 268 70 296 028 12,199 5,564 6,635 8,081 Dec. 31 30,575 790 17,570 6,290 3,038 8,242 001 146 41 140 675 11,314- 6,319 5,096 7,320 1032—June 30 28,001 573 15,267 5,292 2,894 7,081 747 313 34 122 278 11,414 5,628 5,786 5,016 Sept. 30 . 28,045 457 14,407 5,086 2,885 6,527 070 407 34 115 414 12,121 6,366 5,765 5,770* Dec. 31 27,469 444 13,005 4,848 2,862 6,195 855 375 30 03 357 12,265 6,540 5,726 5,447 1033—June 30» 24,786 330 11,337 3,916 2,372 5,049 1,191 291 25 87 788 11,928 6,887 5,041 4,884 Oct. 25 24,953 .297 11,523 3,809 2,364 5,350 1,238 303 24 164 748 11*894 6,801 5,093 4,713 Dec. 30 25,220 287 11,315 3,772 2,359 5,184 1,231 223 37 132 840 12,386 7,254 5,132 4,769* 1034—Mar. 5 26,548 225 11,093 3,644 2,382 5,067 1,387 350 26 167 855 13,842 8,667 5,175 4,609 June 30 -- 27,175 153 10,804 3,516 2,357 4,931 1,566 264 20 200 1,082 14,652 0,137 5,515 4,651 Oct. 17. 27,559 149 10,782 3,325 2,297 5,161 1,361 276 30 253 802 15,267 0,186 6,081 4.17& Dec. 31» 28,094 154 10,486 3,290 2,271 4,025 1,363 256 32 232 843 16,093 9,805 6,198 4,188- NEW YORK CITY • 1931-Mar.25 8,473 154 4,007 1,960 150 1,896 1,651 199 1,367 2,662 1,496 1,196 3,397 June 30 8,287 150 3,830 1,807 160 1,782 1,407 296 1,063 2,801 1,656 1,145 3,02$ Sept. 29— , 8,253 250 3,850 1,816 152 1,881 1,121 201 830 3,032 1,830 1,202 2,780 Dec. 31 7,460 374 3,694 1,728 153 1,813 695 107 542 2,697 1,768 028 2,474 1032—June 30 6,715 260 2,856 1,343 160 1,353 565 262 258 3,033 2,008 1,025 1,757 Sept. 30 7,112 203 2,638 1,300 154 1,184 763 341 301 3,508 2,429 1,070 1,811 Dec. 31 7,327 216 2,621 1,247 160 1,214 701 330 337 3,789 2,603 1,186 1,690 1033—June 30 > 7,133 162 2,297 1,082 157 1,057 964 224 720 2,551 1,158 1,88ft Oct. 25 6,971 143 2,436 1,032 149 1,254 891 233 624 3,501 2,320 1,181 1,728 Dec. 30 6,995 146 2,395 1,034 148 1,213 012 170 706 3,542 2,362 1,179 1,824 1934—Mar. 5... 7,351 112 2,321 085 156 1,180 086 276 687 3,932 2,768 1,164 1,724 June 30 7,666 68 2,202 037 156 1,109 1,131 225 883 4,265 3,053 1,212 1,840 Oct. 17. 7,543 66 2,294 876 150 1,267 883 232 631 4,300 2,054 1,345 1,531 Dec.3l». 7,755 63 2,200 874 144 1,181 804 210 662 4,598 3,246 1,352 1,565 OTBEB RESERVE CITIES 1031-Mar.25. 13,065 235 8,409 3,366 1,619 3,423 645 158 212 227 4,676 2,313 2,364 3,729 June 30 13,567 247 8,100 3,188 1,621 3,291 470 01 189 124 4,750 2,408 2,342 3,450 Sept. 20 13,016 284 7,845 3,002 1,585 3,168 329 67 167 56 4,561 2,301 2,260 3,317 Dec. 31 12,115 347 7,407 2,809 1,538 3,063 135 35 62 16 4,226 2,133 2,093 3,050 1932—June 30 11,045 254 6,619 2,403 1,407 2,709 118 38 62 4,154 2,187 1,066 2,585 1 10 9 3 3 3 4 — -M J D D D S O O J u e e e e u c c a n c c p c t t n . . . . . r e t e . . 2 1 3 3 3 3 3 5 3 5 0 7 1 1 0 0 0 9 » - , 1 1 1 1 1 1 1 9 9 1 0 1 0 1 0 0 , , , , , , , , , 9 8 0 5 1 3 0 5 7 5 1 5 9 5 6 7 3 8 6 4 2 7 7 9 1 5 0 2 1 1 1 1 6 0 7 5 5 0 7 2 2 6 5 9 3 5 3 8 9 0 6 5 4 4 4 4 4 4 4 , , , , , , , , , 1 8 5 6 8 5 4 7 9 0 7 8 0 6 4 6 5 1 6 9 6 7 9 6 2 2 2 2 2 1 1 1 1 1 1 , , , , , 4 3 1 , , , , 4 5 5 6 7 6 0 1 2 6 2 6 6 0 3 4 3 1 0 6 6 0 2 0 1 1 1 1 1 1 1 1 1 , , , , , , , , , 4 1 1 3 1 1 1 1 1 0 0 5 4 9 4 6 5 2 6 3 1 4 8 5 0 8 0 2 2 2 2 2 1 1 1 1 , , , , , , , , , 4 9 0 0 9 0 0 1 3 3 8 1 8 4 2 1 0 1 6 6 6 4 5 1 6 8 2 3 3 3 3 1 1 1 2 2 5 1 0 2 2 8 1 5 7 1 1 6 0 8 4 5 8 4 5 4 6 6 3 3 4 5 6 8 4 3 8 4 0 2 0 4 1 1 1 6 4 0 5 7 8 3 1 5 5 6 1 1 8 9 5 5 1 1 1 1 1 1 1 1 5 0 3 1 3 2 5 1 4 8 0 0 2 8 3 4 2 4 4 4 4 5 6 5 6 6 , , , , , , , , , 4 6 6 3 7 7 1 0 4 2 2 4 6 0 6 5 0 2 7 1 5 2 4 3 0 6 3 1 2 2 3 3 2 4 4 4 , , , , , , , , , 0 8 8 2 4 0 5 1 2 6 8 6 0 6 5 4 0 4 1 0 7 9 2 4 8 2 0 2 1 2 2 1 1 1 1 2 , , , , , , , , , 4 7 9 7 7 8 2 0 1 5 6 5 0 0 0 0 8 0 4 6 7 0 0 9 8 3 2 2 2 1 1 1 1 1 1 1 , , , , , , , , 7 4 2 8 8 8 7 5 5 0 5 3 4 0 9 5 6 6 8 6 6 9 9 8 3 8 0 "COUNTRY" BANES 1931—Mar. 25 12,290 7,524 2,007 1,449 3,078 158 114 4,650 1,224 3,336 2,147 1 1 1 0 9 0 3 3 3 3 2 4 — — -M J J D D D S D S O O J J u u u e e u e e e e c c a c c n n c p p c t t n n . . . . r . . e e t t e e . . . 2 1 3 3 3 3 3 3 3 3 5 3 2 5 7 0 1 1 1 0 0 0 0 0 0 * . * . _„.„„„_ 1 1 1 1 8 0 0 8 7 8 8 8 8 0 2 0 1 , , , , , , , , , , , , , 7 0 6 3 0 0 4 6 8 9 0 2 8 4 3 8 0 5 5 4 7 6 9 0 6 4 7 1 1 7 4 6 9 3 8 9 5 8 0 3 4 4 6 5 4 4 4 3 7 7 5 5 . , , , , , , , , , , . , 1 8 1 0 1 6 0 4 1 4 8 3 0 7 0 3 1 6 2 2 0 0 6 9 1 1 5 4 4 6 3 6 3 5 3 2 0 8 8 2 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 0 7 5 0 0 1 0 4 4 1 1 0 0 2 0 5 4 1 3 8 3 3 5 0 3 9 7 3 6 6 8 5 1 2 2 3 8 1 3 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , 0 0 0 3 0 0 0 3 0 4 3 3 4 6 5 2 7 0 2 4 5 1 2 6 2 3 1 5 6 0 4 4 6 6 1 4 8 8 7 3 3 3 3 2 2 2 1 1 1 1 1 1 , , , , , , , , , , , , , 6 6 0 3 8 0 8 0 0 8 0 8 0 7 6 5 1 5 7 6 8 0 4 0 0 4 0 3 5 8 7 3 7 7 9 7 0 7 2 1 1 1 1 1 3 4 0 7 6 5 7 6 1 4 2 3 5 0 3 5 1 4 5 3 2 6 0 4 5 0 1 • 4 3 3 4 3 8 2 2 5 7 0 0 0 8 6 6 6 4 1 8 7 4 2 5 1 2 4 4 4 4 4 4 3 8 3 4 4 4 4 , , , , , , , , , , , , , 6 2 5 1 1 3 6 7 8 1 5 2 7 0 2 8 5 1 9 4 9 4 4 4 8 3 6 6 7 5 4 2 5 8 8 5 8 3 8 1 1 1 1 2 1 1 1 1 1 1 1 ; , , , , , , , , , , , 4 4 2 4 0 4 4 4 6 1 0 0 6 6 1 7 3 4 7 7 3 0 0 8 0 8 0 8 9 3 6 1 4 2 2 1 2 2 3 8 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , 7 1 2 6 1 6 1 7 0 3 1 5 2 0 7 7 3 5 4 2 1 7 0 6 5 0 4 2 6 7 6 0 0 5 4 1 2 2 2 2 1 1 1 1 1 1 £ 1 1 1 1 . , , , , , , , , . , 1 0 } 7 4 5 0 5 0 0 1 1 5 S 9 5 7 0 7 5 7 0 2 S C £ 9 0 4 3 8 6 8 2 5 9 Preliminary. at New York City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 83 ALL BANKS IN THE UNITED STATES [Comprises all licensed national banks in the continental United States and all licensed State commercial banks, trust companies, mutual and stock savings banks, and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes beginning with June 1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Bankine Act of 1933, have agreed to examination by the Comptroller of the Currency or a Federal Reserve bank; for comparative figures of private banks included in this compilation, see p. 127] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Bate Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1930—Mar. 27- 57,386 40,686 16,700 35,056 25,119 9,937 19,463 15,945 1 3,618 12,868 9,623 3,245 June 30 ... 58,108 40,618 17,490 35,656 25,214 10,442 9,747 6,009 3,739 12,706 9,395 3,309 Sept. 24 57,590 39, 715 17,875 35,472 24,738 10,734 »9,747 16,009 13,739 12.371 8,968 3,402 Dec. 31 . 56,209 38,135 18,074 34,860 23,870 10,989 9,987 6,068 3,920 11,362 8,196 3,165 1931—Mar. 25 55,924 36,813 19, 111 34,729 22,840 11,889. 19,987 16,068 13,920 11,208 7,906 3,302 June 30 55,021 35,384 19,637 33,923 21,816 12,106 10,506 6,169 4,337 10,593 7,399 3,194 Sept. 29- 53,365 33,750 19,615 33,073 20,874 12,199 »10,506 i 6,169 14,337 9,786 6,707 3,079 Dec. 31 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 .- 46,071 27,834 18.237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 5,117 2,637 Sept. 30 45,852 26,985 18,867 28,045 15,924 12,121 U0,316 16,130 14,186 7,491 4,931 2,560 Dec. 31 44,946 26,063 18,883 27,469 15,204 12,265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30 *. .__. 40,039 22,215 17,874 24,786 12,858 11,928 10,044 5,941 4,103 5,258 3,415 1,843 Oct. 25 * 24,953 13,059 11,894 Dec. 30.- ... 40,319 21,977 18,342 25,220 12,833 12,386 9,989 5,909 4,080 5,111 3,235 1,873 1934r—Mar. 5 * 26,548 12,706 13,842 June 30 ... - 42,503 21,279 21,224 27,175 12,523 14,652 9,904 5,648 4,256 «5,425 3,108 2,310 Oct. 17 • 27,559 12,293 15,267 Dec. 31* 9 28,094 12,001 16,093 9 Preliminary. i Figures of preceding call carried forward. ' Beginning June 30,1933, all figures (other than for mutual savi ngs banks) relate to licensed banks only, with some exceptions as to nonmember banks. * Non-member bank figures not available. * In connection with the increase over December, see the headnote. Back figures,~~8eQ Annual Report for 1933 (tables 67-69). DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Member banks Nonm ba e n m k b s er Nonmember banks Date Total Other Date All banks M b e a m nk b s er M sa u vi t n u g a s l no O n t m he e r m- Total ti N on a a - l State M sa u v t i u ng a s l m no em n- banks ber banks banks ber banks 1930-Mar. 27- 53,185 32,082 18,916 12,187 J S D u e e n p c e t . . 3 3 2 1 0 4 . - .. ...» - ... 6 5 5 3 2 4 , , , 0 7 9 3 8 5 9 4 4 3 3 3 2 1 3 , , , 6 8 6 3 6 9 9 0 0 i 9 9 9 , , , 1 5 1 9 0 9 7 7 7 1 1 1 1 2 0 , , , 7 0 9 4 6 7 8 7 2 1930-M J S D u e e a p n c r e t . . . 3 3 2 2 1 0 7 4 2 2 2 2 2 4 3 3 , , , , 7 2 6 8 6 2 9 5 9 3 0 2 8 8 8 8 , , , , 2 3 4 0 1 4 0 5 5 6 6 2 7 7 7 7 , , , , 3 2 1 0 1 9 4 3 1 2 7 3 1 1 1 1 , , , , 0 0 0 0 1 6 5 9 9 8 4 5 1 1 6 6 6 6 0 0 0 0 6 9 3 6 1 1 1 1 5 4 4 4 , , , 1 2 7 9 1 0 3 3 4 8 3 1 1931—Mar. 25 51,427 31,153 19,507 10,767 June 30 .. - .. 51,782 31,566 10,017 10,199 1931—Mar. 25 22,372 7,928 6,930 993 1603 13,841 Sept. 29... 49,152 29,469 110,017 9,666 June 30 21,903 7,782 6,800 932 600 13,521 Dec. 31 45,821 27,432 10,105 8,284 Sept. 29 21,294 7,599 6,653 946 1600 13,096 1932—June 30 41,963 24,755 10,020 7,188 Dec. 31 19,966 7,246 6,363 878 597 12,123 S D e e p c t . . 3 3 1 0— 4 41 1 , , 6 9 4 4 3 2 2 24 4 , , 8 9 0 0 3 3 11 1 0 0 , , 0 0 2 2 0 2 6 7 , , 8 0 1 2 8 0 1932— S J e u p n t e . 3 3 0 0 1 1 9 8 , , 0 7 4 9 6 4 6 6 , , 9 9 3 0 0 4 6 6. , 1 0 4 8 5 0 8 82 3 4 5 16 6 9 9 4 4 1 1 1 1 , , 4 2 7 9 2 6 1933—June 30 * 38,011 23,338 9,713 4,961 Dec. 31 18,390 6,816 6,011 805 594 10,980 Oct. 25 * 23,453 Dec. 30 - 38,505 23,771 9,711 5,023 1933—June 30 s 14,530 5,606 4,897 709 676 8,348 1934— J M u a n r e . 3 6 0 * _ . _ 41,857 2 2 5 6 , ,6 2 1 9 5 3 9,780 «5,462 D O e c c t. . 2 3 5 0 * 15,611 6 5 , , 0 8 1 1 1 8 5 6 , , 0 1 5 5 2 * 8 7 5 6 7 6 531 8,419 Oct. 17* 27,484 1QQ4 Mar 5* 6,206 5,283 01S June 30 15,835 6,375 5,417 958 678 8,882 For footnotes see table above. Oct 17* 8,433 5,461 972 None.—Prior to Dec 30,1933, member-bank figures include interbank Dec. 31**—. 6,445 6,465 980 deposits not subject to immediate withdrawal* which aggregated $103,- "0 on that date. v Preliminary. k figure*.—See Annual Report for 1933 (table 70). For footnotes see table above. Back figure*.—See Annual Report for 1933 (table 6&>. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
84 FEDERAL RESERVE BULLETIN FEBRUARY 1935 REPORTING MEMBER BANKS IN LEADING CITIES (Monthly data are averages of weekly figures. In millions of dollars] Other leading Total—all weekly reporting member banks New York City cities Loans and Investments Loans and investments Month or date Loans All Investments r B i o n a o w g t r s - - Loans All Investments r B i o n a o w g t r s - - a T l n v o d o e a s t n a t i s - n l - r B i o n a o w g t r s - - Total on se- other F.R. Total on se- other F. R. ments F.R. curities loans Total c V u r .8 it . i s e e s - banks curities loans Total U cu . r S i . t i s e e s - banks banks 1934—January 16,589 3,542 4,732 8,315 5,334 6,675 ,676 1,672 3,327 2,233 9,914 20 February 17,267 3,567 4,713 8,987 6,040 6,997 ,711 1,699 3,587 2,517 10,270 11 March 17,484 3,539 4 663 9,282 6,251 7,168 1,683 1,650 3,835 2,702 10,316 10 Aoril 17,526 3,570 4 648 9,308 6,229 7,269 ;,7i8 1,631 3,920 2,745 10,257 May. 17,328 3,616 4,555 9,257 6,256 7,050 ,680 1,560 3,810 2,735 10,278 6 June 17,542 3,553 4,511 9,478 6,442 7,190 ,727 1,537 3,926 2,848 10,352 5 July.. 17,749 3,531 4,455 9,763 6,676 7,273 ,727 1,501 4,045 2,930 10,476 6 August 17,721 3,295 4,533 9,893 6,650 7,127 ,520 1,522 4,085 2,883 10,594 5 September 17,770 3,137 4,697 7,120 .,455 1,610 4,055 2,820 10,650 6 October 17,835 3,062 4,757 10,016 6,647 7,105 ,418 1,644 4,043 2,801 10,730 1 November - 17,762 3,008 4,705 10,049 6,696 7,050 ,381 1,633 4,036 2,827 10,712 2 December 18,102 3,096 4,632 10,374 6,981 7,281 .,459 1,596 4,226 2,995 10,821 1 1935—January 18,229 3,049 4,548 10,632 7,218 7,410 ,445 1,546 4,419 3,154 10,819 1934-Nov. 7 17,837 3,010 4,731 10,096 7,123 :,381 1,648 4,094 2,830 10,714 Nov. 14 17,759 3,008 4,708 10,043 6,713 7,024 .,378 1,634 4,012 2,825 10,735 Nov. 21 __. 17,688 2,998 4,693 9,997 6,674 6,990 ,377 1,625 3,988 2,813 Nov. 28, 17,764 3,017 4,688 10,059 6,715 7,064 1,624 4,050 2,841 10,700 Dec. 5 17,879 4,676 10,105 6,748 7,186 1,463 1,619 4,104 2,891 10,693 Dec. 12 17,912 4,640 10,173 6,809 7,213 1,456 1,602 4,155 2,941 10,699 Dec. 19 18,339 3,115 4,630 10,594 7,176 7,388 1,475 1,600 4,313 3.060 10,951 Dec. 26 '18,276 '3,072 '4,581 10,623 '7,191 7,335 1,441 1,564 4,330 3,086 '10,941 1935-Jan. 2 18,221 3,081 4,565 10,575 7,192 7,346 1,453 1,551 4,342 3,103 10,875 Jan. 9 _„ 18,158 3,025 4,553 10,580 7,192 7,332 1,415 1,544 4,373 3,127 10,826 Jan. 16 18,264 3,070 4,537 10,657 7,234 7,487 1,465 1,539 4,483 3,209 10,777 Jan. 23... - 18,257 3,045 4,546 10.666 7,235 7,465 1,454 1,557 4,454 3,179 10,792 Jan. 30- 18,244 3,024 4,537 10,683 7,237 7,422 1,437 1,543 4,442 3,150 10,822 'Revised. » For additional data see p. 118. Back figures.—See Annual Report for 1933 (tables 88-90). 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 millions of dollars] [Monthly data are averages of weekly figures. In millions of dollars] End of month Total an Y F d o r o p t r r k m a u n s b i N t e a s n c e o w k m s - b f F o a a r g n r e o e k i m n g s n c , i b p e b r r s a o i , v n k e a k e tc t i r e n . s, g Month or date Total o c w F o n u o n r a t c- c b F o o t a u o o u n t r w - n k o t a n s f c o - - 1 f c F o o o t u h r n e a t r c s o - f 1934 1935 . 1934 1935 1934 1935 1934—January 802 667 137 8 February 889 731 149 9 March 886 736 148 2 J F M a e a n b r u r c u a h a ry ry .. . 9 9 9 3 8 0 8 1 3 825 8 8 6 7 2 3 758 1 7 0 6 6 8 4 67 A J M u p a n r y e il ::::"*: 1,0 9 9 1 7 3 6 5 7 8 8 7 1 4 6 3 5 6 1 1 1 5 6 6 6 5 3 8 6 6 July 1,042 871 168 3 1,088 973 116 August 827 670 156 1 June 1 1 , , 0 0 1 8 6 2 9 9 1 8 2 0 1 1 0 0 4 2 S O e c p to te b m er ber 7 7 7 4 6 6 6 61 3 2 3 1 1 4 3 2 3 1 1 J A u u l g y u . st 8 9 7 23 4 8 80 4 3 9 7 7 4 1 D N e o c v e e m m b b e e r r—„._ 7 7 8 1 4 3 5 63 7 9 3 1 1 4 3 4 9 1 September 832 769 62 1935—January 777 635 140 2 * N D O o e c c t v o e e b m m e b r b e e r r- 8 8 8 8 3 2 0 1 7 8 7 7 1 6 6 3 5 1 6 6 6 6 7 6 J J J a a a n n n . . . 2 9 1 . 6 8 7 7 0 9 6 0 4 1 6 6 6 5 1 5 2 8 8 1 1 1 4 4 4 1 0 1 2 2 1 Jan. 23 774 634 138 2 Back JSpuro.—See Annual Report for 1933 (table 93). Jan. 30 754 614 138 2 Miitt anU and nonmember banks outside New York City (domestic Back Jlffww.-See Annual Report for 1933 (table 92), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 85 ACCEPTANCES AND COMMERCIAL PAPER BANKERS* ACCEPTANCES, BY HOLDERS (DOLLAR BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) fin millions of dollars] [In millions of dollars] H er e a l l d R b e y s F er e v d e - Held by accepting on B a g s o e o d ds Ba o s n ed banks banks stored in goods United stored T o o u t t a - l For Held i o m n - B on a s e e x d - S (w ta a t r e e s - Dollar for I e n ign End of month stand- ac- by End of month Total ports ports house ex- coun- •__ For count others into from credits) change tries or ing own of for- Own Bills U.S. U.S. or shipped ac- eign Total bills bought shipped becount corre- between tween spond- domestic foreign ents points points 1932—September 683 2 43 573 159 414 64 OUTSTANDING October 699 3 39 605 199 40ft 52 November 720 4 32 655 268 386 28 1933—December 764 94 207 277 182 December,., 710 4 40 C04 224 380 62 1934—January 771 225 277 175 1933—January 707 2 41 626 256 370 38 February 750 203 261 184 February 704 307 30 325 201 124 42 March 685 103 186 226 168 March- 671 280 45 261 153 108 85 April....... 613 103 164 186 158 April 697 163 43 404 206 199 86 May. 569 100 150 164 152 May.... 669 13 36 505 229 276 115 June— .... - 534 97 145 141 148 June 687 41 36 487 201 287 123 July 516 94 135 138 144 July — 73S 2 37 552 24S 304 147 August 520 89 140 147 141 N A S O e o c u p t v g o t e u e b m s m e t r b . b e e r r .. ... 7 6 7 7 3 9 1 5 7 4 5 8 1 1 1 1 8 3 4 4 3 1 0 1 5 5 5 4 9 9 1 9 9 2 7 9 2 2 2 2 3 7 5 7 f 1 2 3 t 3 2 2 3 8 2 2 4 2 1 6 7 1 1 1 1 5 1 5 3 6 2 4 8 N S D O e o e c p t c v o t e e e b m m m e b r b b e e e r r r 5 5 5 5 6 4 3 6 1 3 9 2 8 9 9 9 4 3 1 1 1 1 4 3 4 4 7 8 8 0 1 1 1 1 6 9 8 9 6 5 4 3 1 1 1 1 2 3 1 3 7 3 9 7 December. .- 764 127 4 442 223 219 190 HELD BT F. R. BANES 1934—January 771 105 4 567 255 312 95 (OWN ACCOUNT)^ February,.. 750 56 5 581 266 315 108 March 685 23 5 57ft 252 324 81 1933—December 39 30 April. .. 613 3 4 536 236 209 70 May... 569 3 507 226 281 59 1934—January 30 2 36 June.,—,..,, 534 2 4S0 220 260 53 February 15 , 2 11 J A u u ly gust -- 5 5 1 2 6 0 01 1 1 4 4 7 8 2 3 2 2 2 2 2 2 2 2 5 6 0 1 4 3 2 7 M Ap a r r i c l h .. (0 ? C1) 2 4 2 September 539 0) 1 503 223 280 35 May— October 5fi2 1 0) 516 245 ?71 45 June November.., 561 0) 517 252 265 44 July December... 543 0) 1 497 243 254 46 August September*. October * Less than $500,000. November.— December Source: For acceptances outstanding (and held by accepting banks), American Acceptance Council. Back figure*.—See Annual Report for 1933 (table 100). i Total holdings of Federal Reserve banks include a small amount of unclassified acceptances. • Less than $500,000. Back figures.—See Annual Report for 1933 (tables 97 and 25). ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANES COMMERCIAL PAPER OUTSTANDING [ID thousands of dollars] ' [As reported by dealers in New York City, In millions of dollars] End of month 1932 1933 1934 1935 End of month 1931 1932 1933 1934 January 33,444 29,036 5,977 5,502 January 327 103 85 108 February. 33, 478 28,997 5,887 February- 315 103 84 117 March 30.778 21,788 5,275 March 311 106 72 133 Sfc: 3 3 0 0 , , 8 7 3 3 7 6 7 6 , , 1 9 8 8 1 1 5 5 , ,0 0 7 7 0 ? A M p a r y il 3 3 0 0 5 7 1 1 0 1 8 1 6 6 4 0 • 1 1 3 4 9 2 30,762 7,089 5,075 June 292 103 73 151 S J J N A O u u e o c u n l p v t g y e t o e . e u b m m s e t b b r .. e . e . . r r . . •3 3 3 3 3 2 0 0 0 0 9 0 , , , , , 0 r 8 8 6 4 5 4 4 3 5 8 2 5 9 4 9 9 6 6 6 5 5 6 , , , , , , 1 8 8 0 6 0 9 2 4 6 8 3 9 1 1 8 6 3 5 5 5 5 5 5 , , , , , , 0 4 0 4 5 f 8 7 9 9 0 i 1 9 9 5 1 9 ' 1 . J A N S O D u e u o c e l p t g c v y o t u e e - e b m s m m e t r b b b e e e r r r . - . 2 2 2 2 1 1 1 8 4 7 7 1 0 9 8 4 1 8 1 1 n 1 1 8 0 0 1 1 o 1 0 3 3 0 1 1 1 1 1 9 2 3 0 3 0 7 3 0 7 3 9 1 1 1 1 1 1 8 6 9 8 6 7 8 8 2 8 6 8 December. -Sac* figure*.—See Annual Report for 1933 (table 26). * Corrected, Back figures —See Annual Report for 1933 (table 96). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN FEBRUARY 1935 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANES [Percent per annum] Rediscounts and advances un- Advances under sec. der sees. 13 and 13a of the 10b of the Federal Prevailing rate on- Average rate Average yield Federal Reserve Act Reserve Act on— Federal Reserve Bosto b n ank e R f F f a e e c t b e t 2 i . o l n n F D e a b l t . i e s h e 8 e s , d t 1 a 9 b 3 - 4 o P us r e r v 2 a i J t - e 4 e R f F f a e e c t b e t 4 . i o l n n O D c a t l t i . e s h e 2 e s 0 d t , a 19 b 3 - 3 Month or week m m p P 4 c e a o r o r t p i n m o c m e t i r - 6 h a e , l s a P a b c d n e r a c a 9 r i c n e 0 m y s e p k ' s s e t - , - d l T o a i a 9 y m 0 n s s e * , N Ca e l w l lo n a R e n w e s - a ' l 9 U 1 b . - i d 8 ll a . s b y T il r l e s 1 a * 8 b s 2 u i - l r d ls y a - y New York Feb. 2,1934 2 4 Oct. 2,1933 Philadelphia— 2 Jan. 17,1935 2H 4 Oct. 20,1933 Cleveland 2 Feb. 3,1934 2H 4 Oct. 21,1933 1934 Richmond 2H Jan. 11.1935 3 m July 16,1934 January.. 1.00 1.00 .67 Atlanta.. 2 Jan. 14,1935 Jan. 14,1935 February H-l 1.00 1.00 .63 0.85 Chicago 2 Jan. 19,1935 2U 4 Oct. 16,1933 March H-l 1.00 1.00 .08 .27 St. Louis 2 Jan. 3,1935 2H 4 Oct. 21,1933 April H-l 1.00 1.00 .08 .18 Minneapolis— Jan. 8.1935 3 5 Mar. 14,1933 May i H-l 1.00 1.00 .06 .14 Kansas City 2H Deo. 21,1934 2H 4 July 10,1934 June.. H-l H-l 1.00 LOO .07 Dallas 2H Jan. 8,1935 3 4 Mar. 12,1934 July H-l H-H 1.00 1.00 .08 San Francisco.. 2 Feb. 16,1934 m 4 Oct. 19,1933 August H-l H-l 1.00 1.00 .20 September H-l H-l 1.00 1.00 .27 October H-l H-l 1.C0 1.00 .21 RATES U O A N L S D , I P S A C R O T U N N E T R S S F H O IP R S A , N A D N D A D C V O A R N P C O E R S A T T O IO I N N S DIVID- N D o ec v e e m m b b e e r r. H-l H H H - - l l 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 . . 2 1 3 5 Advances secured by 1935 Di u s n co d u er n t p s a a r n . d 3 a o d f v se a c n . c 1 e 3 s d th ir e e ct U o n b it l e ig d a tio S n t s a t o es f January U-l H-l 1.00 1.00 of the Federal Re* (last paragraph of sec. serve Act 13 of the Federal Re- Week ending- Feder b al a n R k eserve serve Act) Dec. 29 H-l H H-l 1.00 1.00 .10 Jan. 5 H-l H-l 1.00 1.00 .12 e R f F f a e e c t b e t . o i 1 n n Da l t i e s h e e s d ta b . - e R f F f a e e c t b e t . o i l n n Da l t i e s h e e s d tab- J J J a a a n n n . . . 2 1 1 6 2 9 U- H H l H X U H H H - - - l l l 1 1 1 . . . 0 0 0 0 0 0 1 1 1 . . . 0 0 0 0 0 0 . . . 1 1 1 5 5 4 Boston- Aug. 11,1933 Oct. 20,1933 1 Stock exchange 90-day time loans. New York Aug. 10,1933 Feb. 8,1934 * Stock exchange call loans; new and renewal rates. .... Philadelphia Aug. 12,1933 Oct. 20,1933 * Average rate of discount on issues offered by U. S. Treasury within Cleveland July 24,1934 Oct. 21,1933 period. Richmond July 16,1934 Feb. 19,1934 Back figures.—See Annual Report for 1933 (tables 60 and 61). Atlanta Mar. 20,1934 Mar. 17,1934 Chicago Aug. 13,1933 Oct. 16,1933 RATES CHARGED CUSTOMERS BY BANKS IN St. Louis July 10,1934 Mar.15,1933 PRINCIPAL CITIES Minneapolis Aug. 10,1933 Apr. 15,1933 [Weighted averages of prevailing rates] Kansas City. July 10,1934 Feb. 23,1934 Dallas Sept. 8,1933 Mar.12,1934 San Francisco. Sept. 2,1933 Oct. 19,1933 New York City a 8 n o d t h ea er s t n er o n r t c h i e t r ie n s 27 w s e o st u e t r h n e r c n it i a e n s d Month NOTE.—For rates on industrial advances see p. 119 1933 1934 1935 1933 1934 1935 1933 1934 1935 BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York! January 4.12 3.58 2.83 4.65 4.08 5.60 5.40 4.95 February 4.11 3.43 4.84 149 5.56 5.39 March 4.88 3.31 5.39 4.52 5.66 5.40 Rate in April 4.33 3.39 5.09 4.52 5.68 5.34 Maturity effect on Date estab- Previous May , 4.24 3.42 4.99 4.39 5.66 6.28 Feb. 1 lished rate June , 4.10 3.30 4.97 4.30 5.62 5.19 July 3.93 3.30 4.82 4.15 5.54 6.07 August ; 3.97 3.33 4.68 4.12 5.53 5.05 3 4 1 1 1 6 G - - - l 4 3 - f « 5 0 id 0 d d a d a a y a y y y s s s . s . . . . . . . . . — O -. c - t d . d d o o o 20,1933 N S D O e o e c p t c v t o e e e b m m m er b b b e e r e r ™ r . - . 3 3 3 3 . . . , 7 7 4 5 6 9 8 2 3 3 3 3 . . . . 2 2 1 2 8 6 8 2 4 4 4 4 . . . . 6 5 5 5 5 4 1 9 4 1 4 3 . . . 1 0 9 U 3 8 8 5 5 5 5 . . . . 5 5 4 4 5 0 2 3 5 5 4 4 . . . 0 0 9 9 5 4 3 2 61-fiO days.. —.-do 91-120 days. 121-180 days "Hide*::::::: Back figure*.—See Annual Report for 1933 (table 63). Higher rates may be Back figures—See Annual Report for 1933 (table 58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 87 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars) [In millions of dollars] Interest-bearing debt Interest bearing Nonin* End of month To r t o a s l s t b e e r a e r s - t Total Bonds i Notes C ic e a r t t e if s - Bull jbt) Total Bonds Notes Certif- Bills ing icates Outstanding Jan. 31,1936— Total 27,952 16,250 9,535 163 1,954 Obligations maturing: 1933 Before Apr. 1,1935 1,195 165 523 602 J A u u l g y ust 2 23 2 , , 0 6 9 1 9 0 2 22 2 , , 7 2 2 4 3 0 1 1 4 5 , , 2 0 3 7 9 4 4 5, , 1 8 5 0 3 1 2 1 , , 2 6 4 4 6 3 9 9 5 5 3 4 3 37 7 6 0 A Ju p l r y . 1 1 - - S J e u p n t e . 3 3 0 0 , , 1 1 9 9 3 3 5 5 3,2 7 6 3 3 0 > 1,869 4 36 1 4 7 9 3 7 7 7 0 S O e c p to te b m er ber 2 2 3 3 , , 0 0 5 5 1 0 2 2 2 2 , , 6 6 6 7 9 2 1 1 5 5 , , 0 0 7 7 4 4 5 6 , , 1 1 5 5 1 0 1 1 , , 4 4 9 9 5 3 9 9 5 5 2 2 3 3 7 8 9 1 1 O 9 c 3 t 6 . 1-Dec. 31,1935 2,5 4 3 1 1 8 49 2,4 4 8 1 2 8 November 23,534 23,161 15,569 5,143 1,492 952 373 1937 1,749 1,749 December 23,814 23,450 15,569 5,125 1,753 1,003 364 1938 3,218 1,272 1,946 1939 1,294 1,294 1934 1941 834 834 1943 898 893 January 25,071 24,720 15,600 5,626 2,280 1,214" 351 1945 ' „. .. „• 1,401 1,401 February 26,055 25,707 15,579 6,472 2,278 1,379 343 After 1945 9,160 9,160 f M l ar f ch c:: 2 26 6 , , 1 1 1 5 8 7 25,599 1 1 5 5 , , 7 5 1 7 8 9 6,925 1 1 , , 8 8 1 1 6 4 1 1 , , 3 3 7 7 8 8 4 5 5 1 9 9 Other obligations *_......_._ 1,262 702 393 163 26,155 25,583 15,694 6,678 1,812 1,404 567 June 27,053 26,480 16,510 6,932 1,635 1,404 573 > Issues classified as of date of final maturity; most issues are callable J A S N O u e u o c p l t v g y o t e u e b m m s e t r b b e e r r 2 2 2 2 2 7 7 7 7 7 , , , , , 2 1 1 0 1 9 8 8 8 9 9 8 9 0 0 2 2 2 2 26 6 6 6 6 , , , , , 7 6 6 6 4 6 4 2 0 9 1 3 6 5 5 1 1 1 1 15 5 6 5 6 , , , , , 7 8 5 9 5 6 0 1 2 1 8 3 6 2 3 8 8 8 6 6 , , , , , 0 0 0 9 9 3 2 2 5 2 6 7 0 1 1 1 1 1 1 1 , , , , , 1 1 1 6 6 5 5 5 8 8 4 3 8 3 2 1 1 1 1 1 , , , , , 3 6 8 5 4 7 5 0 2 5 9 4 4 9 4 6 5 6 6 6 4 6 3 8 3 5 4 8 5 5 a $ f 1 o 3 9 t r 1 , 3 e 9 4 c A a 5 , i r 6 r p a l , c i 0 p n e u 0 r r d 0 l o a d , x 0 O t a 0 i i n m t c 0 e t g , a s . i . n t 1 n e o 5 c A t , a l 1 e u m m 9 s d 3 o a i o 4 n u n u , g d n n a t t c n p e c o d o r a f s t l n t a 4 l a a o i t n l h b t s l p y e a L r e v b i e t b i e - n r e w f g o e r a r d s t r i e e e b e i J s o s m a s n c n u a e d . e d l s l 3 s . e . 1 d t , h 1 f 9 a o 3 t r 6 a r , r e a e d n h e d m e n ld p o t t a i o y s n e c t o A l c l p a a r t l e . l e r 1 d a 5 , l , December 28,479 27,944 16,245 9,586 153 1,954 535 19 * 3 5 A . pproximate amount of 4th Libertios caUed^for redemption Apr. 15, 1935 * Includes the 2-percent Consols of 1930, which are held as collateral for circulating notes, and.suchlissues as Postal Savings bonds, retirement- January 23,476 27,952 16,250 9,585 163 1,954 524 fund notes, and adjusted-service-certiflcatellserios, in which special funds are invested. SUMMARY OF TREASURY OPERATIONS [On basis of dally statements of United States Treasury. In millions of dollars] Increase or General and special funds * Trust decrease during and con- period tributed Period Receipts Expenditures^ Excess of e f x u c n e d s s s , o * f Total In t c a o x m In e ter P i n r n a o g l c e r ta s e s x v - enu O e ther C a c n u e e d s l o l t u a m o n s m i - s s - Total General' E ge m n e c r y - or r i e e t ( c u x - e p r ) i e p e s n ts d-o r r i e e t ( c x u - e p r ) i e p e n s ts d- G ba f e u l n a n e n d r c a e l G de ro b s t s 1 Fiscal year ending: June 1932 2,006 1,057 603 445 4,741 *3,973 •768 -2,735 -5 -55 +2,686 June 1933 2,080 746 863 475 4,681 13,404 U,277 -2,602 -5 +445 +3,062 June 1934 3,116 818 353 1,470 475 6,745 2,741 4,004 -3,630 +835 +1,720 +4.614 7 months ending: January 1933 1,139 359 457 322 2,544 <1,956 *589 -1,406 +1 -90 +1,316 January 1934 1,680 335 168 870 306 3,550 1,536 1,964 -1,870 +16 +675 +2,529 January 1935.. _ 2,043 439 303 969 332 3,867 1,793 2,075 -1,819 +134 -263 +1,423 XN D To e c v e e m m b b e e r r 1933 3 20 3 9 2 1 1 3 9 3 4 2 6 9 1 9 1 3 2 6 4 3 1 4 6 9 9 4 0 2 22 0 7 1 2 4 9 6 4 3 - -3 2 5 8 8 5 r§* + - 1 8 9 1 S + + 2 4 8 8 0 4 1934 January 211 10 35 128 38 956 143 803 -745 +2 +511 February 206 23 33 116 34 635 133 447 -430 +2.810 +3,365 +984 March 420 232 37 130 21 610 160 450 -190 +1 -84 +105 April 132 15 32 105- 30 674 305 370 -492 -1,993 -2,624 -39 May \ "" 237 25 44 119 60 642 191 350 -305 —272 +37 June 391 183 39 130 33 733 310 423 -342 +4 +660 +898 July 218 18 39 132 29 466 230 236 -248 +2 -110 +136 August... 236 25 43 145 73 514 204 310 -227 +2 -335 -109 September 449 173 42 176 57 516 233 283 -66 +13 +66 +110 October 260 19 49 151 41 669 335 234 -409 +29 -381 —2 November 247 21 47 119 60 699 210 390 -353 +28 -214 +1U December 385 164 42 131 47 641 320 321 -256 +43 +966 +1,180 January * 1935 ' 203 19 46 114 25 462 210 252 -260 +18 -244 -3 J Excludes public debt retirement. J Includes SSo increment resulting from reduction In the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable 1 - AP rniourt ttou Jjuuliyy °ilv9a3a^, eemmeerrggeennccyy eexippBenadaiutuurreess Iinncclmudaeedu oonnliyy nneott eexxppaanuduiutuurreoss mfori the Reconstruction Finance Corporation; othar Itama sub3s- K•qlUueOnnttllyv ccllaassasiifftiaerdi aAsQ eammearrgoeanncnyv eAxTpTeunmdriifttui-irreaas wareurme i1nncr*lTurdireladri iinn gtreannearranll eAxrpnennndrliittutlrreass.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
8S FEDERAL RESERVE BULLETIN FEBRUARY 1935 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DEC. 31, 1934 [Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds U.S. Total Total s F C R tr i o t u e n i r c c o a p o t n n o i n o c r - a e n -C m C C o t o r r i o o p e d m d o n it i r - y t a- E I b m x a p p n o o k r r s t t - A t W P r d a u m o t b i r i o l n k i n c i s s- R C A C e o t t g i u g r r o r p e i r i n o c a d o u n s l i r l t a a - l -C P C o r t t o r r i i o o p e d d o n n u i r c t a - - S C h B c o F M i h o r p l p a e e a p o n e r r i - d r n t t a g - Other! tion Loans—total ASSETS 7,324 2,067 37 255 87 113 139 Preferred stock, capital notes, and debentures 837 837 834 3 Cash—total 322 115 14 73 H A I O n e c t v h a c e l e o U O O s r u e t b n t s n a m h l i t s t i t e a s e s g e r t e n d a e a I t t t s n n a i s S o d : v n t n e a d o s s t t o e t h g s m t e u h r s a e e e r n r r c a e t u s b n c r u e t i e i s t v e i i e n d a s e b b s l s e y s p U ro n p i e te r d ti e S s tates 4 2 4 7 1 1 6 9 3 3 1 2 9 7 0 3 5 7 1 1 6 2 2 3 4 3 3 5 1 3 4 0 3 0 1 10 2 4 6 .... 2 9 7 . 2 5 6 5 Total assets other than interagency 10,655 3,764 2,619 14 257 94 . 114 211 418 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 3,312 249 249 Allother 2,370 89 Other liabilities (including reserves) 225 62 "23 .<*) 17 Total liabilities other than Interagency 5,907 400 272 (*) 1 109 = Excess of assets over liabilities, exclusive of interagency transactions 4,748 3,364 2,346 14 257 113 Privately owned Interests - 271 U. 8. Government interests 4,477 3,364 2,346 38 14 257 113 194 Distribution of Government interests: Capital stock 6,792 5,752 500 14 3 377 112 50 3 4,651 I S n u t r e p r l a u g s ency interest (net) •2,6 3 9 7 1 7 -2,6 2 2 3 5 7 1,78 6 1 5 1 144 -4,35 1 8 6 Financed partly from Government funds Federal Total * F b e l a a d n n e k d r s al m F b c i e e n r a d d e t n e e d i k a r r i - a s t te l F r M F e a ;o a d t o i r r e r o p m r t o n a - - l c B a o t a f o i o v n p r e k e s r s - H b l a o o n a m k n s e O C H r L a w o o t o r i n m a o p e n o n e r - s' S C I L a n a a o v n o s n r i c u a p n d e n r o g - - s c F sa i e a l a a v o s d t n i s a i e n o o d n r g n - a s s l D F C I r e n a a e o d n t p s r i e u c o o p r e r s o n a - i - l t ration ASSETS Loans—total , 5,257 151 617 28 2,3Q4 Cash—total 207 5 127 16 Investments: United States securities 446 315 Obligations guaranteed by United States , 226 24 100 Acco O u t n h t e s r a i n n d v e o s t t h m er e n re ts ceivables 5S 64 4 ) 57 1 9 5 "T Real estate and other business properties S 8 8 (*) Other assets Total assets other than interagency 6,891 2,237 235 1,218 114 110 2,529 102 334 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 3,062 *2,083 All other .„ 2,282 1,793 164 324 Other liabilities (including reserves) "_Jl. 162 87 37 26 Total liabilities other than interagency 5,506 170 1,016 <*) 2,433 (i) Excess of assets over liabilities, exclusive of Inter- Pr a i g v e a n te c l y y t o ra w n n s e a d c t i i n o t n erests , 1,3 2 8 7 4 1 3 1 5 0 7 6 201 11 2 4 1 2 0 3 6 97 102 11 J39 U. S. Government interests 1,114 251 65 201 113 83 97 102 191 Distribution of Government interests: s ... S I C n u a t r e p p r i l a t u a g s l e s n t c o y c k in . terest (net) 1, - 0 1 6 4 3 6 0 9 1 6 7 1 2 2 8 -3 3 7 9 3 0 200 1 11 3 0 (0 82 -1 2 - 0 3 0 0 0 100 2 1 4 5 1 0 i Includes in ment. * Nonstock (or includes nonstock proprietary interests). ' • Includes 1232,000,000 of unissued bonds SSS& g ^ p S X? COrPOratlOn nOt *"" "*"**' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 89 RECONSTRUCTION FINANCE CORPORATION LOANS, SUBSCRIPTIONS, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds disbursed, less repayments Proceeds not yet disbursed Dec. 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31. Nov. 30, Dec. 31, 1933' 1934 1934 1934 1934 1934 1935 P 1934 1934 LOANS AND SUBSCRIPTIONS Loans under sec. 5 of the Reconstruction Finance Corporation Act, as amended: Banks and trust companies (including receivers, liquidating agents, and conservators) 711,430 594,905 591,972 583,452 599,397 632,209 595,717 182,570 126,093 Building and loan associations. 66,237 31,494 28,252 25,205 23,259 20,082 15,640 20,867 Insurance companies 60,930 31,678 30,722 29,982 29,420 24,829 24,023 135 410 177,850 162,081 160, 767 169,327 155,874 160,591 156,292 107,155 103,128 Credit unions 512 389 388 383 387 386 367 * Federal land banks 142,118 116,436 116,040 115,263 110,997 78,647 77,023 Joint stock land banks ... . 14,141 7,676 7,696 7,323 7,132 6,495 5,530 1,037 589 Agricultural credit corporations 1,691 800 796 605 600 863 863 275 Regional agricultural credit corporations 29,885 4,721 4,389 2,673 866 6 Livestock credit corporations 2,425 1,616 1,604 1,546 1,464 1,334 1,314 R St a a i t l e ro f a u d n s d s (i n fo c r lu i d n i s n u g r a r n e c ce e i v o e f r p s) ublic moneys 33 5 7 , , 8 0 1 8 3 0 34 2 3 , , 1 1 5 8 0 9 34 1 3 , , 8 2 4 8 1 7 35 1 3 , , 2 1 3 7 3 0 361,5 8 0 1 6 1 376,5 5 5 4 5 1 379,087 8,782 5,364 P F r i o sh ce in ss e o i r n s d o n r s d tr i v stributors for payment of proc- 25 25 43 33 73 essing taxes 7 2 2 2 2 1 1 Total 1,550,120 1,297,138 1,287,756 1,280,168 1,291,739 1.302, 5581,255,900 299,997 256,525 Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) ,_ 63,451 107,287 111, 184 112,291 117,027 122,743 125,408 100,832 1W, 137 For financing exports of agricultural surpluses, sec. 201 (c)- 6,895 14,985 14,954 15,271 14,992 15,176 15,176 3,227 3,095 For financing agricultural products, sec. 201 (d) 3,494 4,422 5,107 5,717 6,090 4,258 4,177 3,361 5,594 To commodity credit corporation. _ 64,583 108,646 76,430 42,969 30,242 33,362 36,139 395,628 385,002 On preferred stock of banks 14,288 21,994 22,289 18,849 18,965 19,124 19,487 1,979 1,781 On preferred stock of insurance companies 4,375 25,885 25,785 25,785 25,785 30,033 29,933 3,500 To drainage levee, and irrigation districts 2,414 9,177 9,479 11,147 11,321 12,298 15,410 66,057 67,949 To public school authorities 22,300 22,300 22,300 22,300 To industrial and commercial businesses 274 1,916 3,248 4,166 6,627 8,516 19,456 21,319 On assets of closed banks 23 22 20 34 3,270 105 To Public Works Administration on security transactions 1,529 71 14,500 Total 159,500 314,970 289,444 257,600 250,911 245,169 254,350 597,310 603,481 Purchases: Preferred stock of banks 132,911 532,760 545,599 562,410 571,193 585.358 598,112 64,636 63,418 Capital notes and debentures of banks 116,990 248,525 259,772 256,671 259,662 260,102 256,622 69,355 68,415 Preferred stock of insurance companies... 100 100 100 100 100 Total 249,901 781,285 805,471 819,180 830,955 846,060 854,834 133,991 131,832 Total loans and purchases 1,959,520 2,393,393 2,356,949 2,373,605 2,393,787 12,365,084 1,031,297 991,837 -_ „ ALLOCATIONS :'•'" = JMl. . isass For relief: Federal Emergency Relief Act of 1932 299,015 298,524 298,227 298,006 297,774 297,774 297,718 15 15 Federal Emergency Relief Act of 1933 315,163 499,592 499,589 499,590 499,586 499,588 499,987 414 412 Emergency Appropriations Act of 1935 215,000 325,000 470,000 500,000 30,000 Total...:.. 614,178 798,116 797,817 1,012,596 1,122,360 1,267,362 1,297,705 429 30,427 ••—;;—rr^ To other Government agencies: To Secretary of the Treasury for: Purchase of stock of Federal Home Loan banks .... 75,746 81,446 81,446 81,646 81,646 81,646 81,646 43,095 43,095 Purchase of stock of Home Owners' Loan Corporation 19,000 200,000 200,000 200,000 200,000 200,000 200,000 To Land Bank Commissioner 82,600 147,600 147,600 147,600 147,600 147,600 147,600 97,400 97,400 To Federal Farm Morteatra Cnrnnrfttfnn 55,000 55,000 55,000 55,000 55,000 55,000 To Federal Housine Administrator 10,000 10,000 15,000 15,000 25,000 25,000 To Socretary of Agriculture for: Crop loans 115,000 115,000 115,000 115,000 115,000 115,000 115,000 Reallocated as capital regional agricultural credit corporations 44,500 44,500 44,425 44,500 44,500 44,500 44,500 Reallocated to Governor of Farm Credit Admin istration 40,500 40,500 40,500 40,500 40,500 40,500 40,500 Total 377,346 694,046 693,971 699,246 699,246 709,246 709,246 140,495 140,495 Total allocations 991,523 ,492,162 ,491,788 1,711,842 1,821,606 |l, 976,608 2,006,951 140,924 170,922 Total loans, subscriptions, and allocations. 2,951,044 ,885,555 ,874,458 |4,008,791 4,195,211 j4,370,395 4,372,035 ,172,221 1,162,759 1 Includes $415,397,000 of loans for distribution to depositors of closed banks. r Revised. 9 Preliminary. Back figure*.—See BULLETINS for.December 1933, pp. 738-739, and February 1934, pp. 103 and 132. 111390—35 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
90 FEDERAL RESERVE BULLETIN FEBHUAEY 1935 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS (In thousands of dollarsi Federal intermediate Farm mortgage loans by- credit bank loans to and discounts for— Banks for Agricul- cooper- End of month lan F d ed b e a ra n l ks C s o B L i m o a a n n n m e k d r is- st b o J c a o k n i k n la s t n * d a c p g R a r d r o n e e u i r d c d g a c u i i t t t o l i i t n c o o p u o r n a n o r r l - s a - l A In l t l i s o o t n i t t h s u e - r ti P o as n r t s i o o o c d c n r u i e s a c d - - it t R u i a t r r e g a a c g r t o l i i i r o c o c p u n r n o e l a s - d - l - c d r E g r l o o e m o p n a u e a n c g r n y s h - d t k t f r u u e e t e o n r r t v a i a d o c n l t o l g l i M v o o v i p a A e n a n * s g c r s t - i B n C C a a a c t o e t l n i o n u i v k v p t d e r e e s i f a s r n o , l - r g credit as* sociatlons > 1033 ,107,377 440,130 1,305 84,804 83,409 98,283 156,793 ,105,128 434,514 1,348 83,249 106,540 131,250 155,617 ,102,891 40 429,380 1,838 80,830 127,731 137,309 180,264 June. 1 , , 1 1 0 0 2 1 , ,4 0 4 8 6 3 6 1 6 8 4 0 4 4 2 2 0 2 , ,4 0 7 8 1 0 1 2 0 , , 4 3 8 9 3 9 7 7 8 9 , , 7 6 8 5 6 3 1 15 4 4 5 , , 3 4 2 1 1 4 1 1 3 3 9 8 , , 1 72 5 7 8 1 1 8 7 0 7 , , 4 5 0 3 6 7 J A u u l g y ust -, , 1 1 0 1 4 0 , , 1 1 7 9 6 4 2 6 , , 1 0 8 2 8 6 4 4 1 1 6 2 , , 3 5 8 2 5 5 4 2 9 8 , , 9 4 7 6 9 7 7 7 8 7 , , 5 2 4 5 7 7 1 15 5 5 8 , , 2 3 0 9 0 4 1 1 3 3 5 5 , , 8 08 5 7 4 1 17 7 5 6 , , 0 6 4 5 0 3 184 D S N O e e o c p c v to e t e e b m m m e b b r b e e e r r r — .-. . , , , 1 1 2 5 2 1 5 6 3 , , , 6 1 6 8 7 2 1 0 3 3 7 1 4 0 5 , , , 0 8 7 9 1 3 9 5 8 4 4 3 0 0 9 0 7 2 , , , 9 7 4 7 5 3 7 4 8 6 6 7 1 8 3 , , , 2 8 2 9 5 6 9 7 3 7 7 7 1 2 6 , , , 3 4 2 5 5 0 7 9 0 1 1 1 4 4 4 6 2 4 , , , 8 5 6 9 5 3 5 8 6 1 9 8 1 4 9 0 , , , 2 8 3 9 1 2 6 1 4 1 1 1 7 7 5 3 2 7 , , , 3 3 7 2 0 5 5 2 2 1 1 7 1 8 , , , 3 1 6 0 4 9 6 4 7 January 1934 ,287,562 120.403 75,431 74,588 157 145,198 81,164 69,508 15,386 A M Fe p a b r r r c i u h l a . r . y .. . ...................... 1 1 1 , , , 3 4 4 7 5 8 1 8 3 , . , 4 3 9 6 1 4 8 1 0 2 2 1 3 5 7 7 8 4 , , , 8 7 3 5 3 0 8 0 3 3 3 3 4 6 4 4 9 9 , , ,4 7 7 2 6 7 5 9 3 1 8 7 0 6 6 2 , , , 0 5 7 8 1 8 1 5 1 7 6 7 1 9 0 , , , 4 5 2 9 6 6 6 6 2 1 4 4 , , 4 3 6 0 9 6 9 2 5 1 1 1 4 4 4 5 4 4 , , , 7 9 6 6 0 7 0 5 1 7 6 8 2 4 8 , , , 7 1 3 2 3 1 7 8 0 6 6 6 9 7 8 , , , 2 2 3 5 1 5 7 4 3 1 1 1 5 7 4 , , , 8 8 1 3 2 4 5 4 4 May. - 1,548,554 311,375 334,680 120,282 70,358 28,117 143,093 90,147 54,642 rl9,243 J J u u n ly e 1 1, , 6 6 9 3 0 0 , . 4 9 9 0 6 0 3 4 7 2 8 9 , , 5 8 2 3 6 0 3 3 1 0 9 5 , , 5 7 8 8 5 2 1 12 2 8 7 , , 0 4 9 7 0 0 7 7 0 3 , , 5 4 5 9 6 8 3 49 8 , , 8 5 2 1 6 8 1 1 3 2 8 8 , , 4 8 7 3 8 1 9 9 0 4 , , 5 4 1 1 7 1 5 5 4 5 , , 8 4 7 3 7 7 21,493 August 1,746,149 477,822 295,234 125,270 74,172 58,074 117,664 100,209 55,250 23,019 September- ,792,410 516,276 285,085 118,402 72,989 60,887 106,724 105,433 54,870 23,057 October 551.873 275.698 104,909 58,128 96,914 104.470 67,310 24,561 November...—.—* •. ,866,160 587,260 265,762 100,992 88,362 58,328 90,559 104,913 56,764 24,710 December. ,896,415 616,825 255,931 99,675 89.641 61,024 87,102 110,186 54,863 27,851 ' Revised. » Includes loans outstanding of Joint stock land banks in receivership. * Some of the loans made by the regional agricultural credit corporations and all of the loans made U discounted with the Federal intermediate credit banks. The amounts in this column are thus included i associations" and "Regional agricultural credit corporations." HOME OWNERS' LOAN CORPORATION FEDERAL HOME LOAN BANKS SUMMARY OF OPERATIONSl COMBINED STATEMENT OF ASSETS AND LIABILITIES Number Loans dosed Months of appli* {In thousands of dollars] cations received Number Amount Nov. 30, Dec. 31, 1934 1934 1933 N Fr o o v m em o b p e e r ning to Oct. 31. 4 9 0 9 3 , , 2 1 3 1 2 4 10, 5 9 9 4 3 6 $ 3 1 1 , , 6 4 8 4 8 5 , , 7 8 8 2 7 7 Cash on hand ASSETS 7,062 7,860 December......._..._..., 90,946 22,286 62,621,051 Loans outstanding .- 87,714 Accrued Interest • 631 1934 Investments 15,010 January-——* 123,189 86,143,838 Other assets 61 February 136,132 32,940 93,499,995 Mtfacr:ch:::::::::::::::: 1 1 6 4 8 5 , , 2 7 7 7 3 2 6 5 6 2 , , 1 2 7 6 2 0 1 1 7 6 1 0, , 2 4 1 9 3 0 , , 6 7 3 6 9 8 Total assets., 110,478 110,048 119,791 64,172 208,293,766 June....... ... 9 6 7 6 , , 6 1 7 5 9 7 7 7 1 8 , , 7 04 6 6 8 2 2 3 2 5 3 , ,4 4 4 6 0 7 , , 1 6 9 0 1 6 Current liabilities IIABIUTIBS 4,336 4,663 J A u u l g y u st . " 7 3 2 9 , , 0 31 2 7 2 6 5 9 9 , , 7 2 3 4 8 0 2 1 0 7 2 9 , , 4 2 4 9 2 9 , , 8 8 6 5 4 7 Cap M ita e l m st b o e c r k s , fully paid and oustandln .* g* 19,888 20,480 September 151,864 65,813 201,211,532 "United States Government I 81,646 October , 14,171 54,468 170,544,562 Subscriptions to capltal^tock, less balance due 1,715 November. -16,439 54,036 169,018,847 Surplus.. ....——»*———.„_.„..*„„..„ December Cumulative total.. 1,740,724 726,241 2,196,987,808 Total llabffli 110,478 110,048 1 Adjustments'for applications received in earlier months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1035 FEDERAL RESERVE BULLETIN 91 BOND PRICES STOCK PRICES [Averages! Preferred Common stocks (Index, 1026-100) stocks Year, month, or date (indus- Other bonds» trial high- Total Indus* HHaaiill'' grade) Total trial roadd United States Corpo- Corporate Number of issues.. 20 421 351 1 87 iTear, month, or date Govern- rate and = ment muntc* 1932 average 96.1 TO bonds g (h r I a p ig d a h l e) - Total In tr d ia u l s- R ro a a i d l- Utility 1 10 0 3 3 3 4 a a v v e e r r a a g g e e 1 12 0 0 4 . . 7 8 78 1034—January 111.2 73 February—. 116.5 81 March 117.6 76 Number of issues '16 »60 60 20 20 20 April 120.2 76 May 121.0 70 1932 average . ..... 09.2 81.1 60.4 63.2 64.8 80.5 June 122.1 72 1933 average ..... 102.2 84.0 73.4 69.2 70.5 80.6 July 123.5 69 1934 average -.*.. - 103.4 06.7 84.5 81.9 83.8 87.8 August 122.6 65 September.. 121.0 64 1934—January 100.3 88.3 78.5 75.6 79.0 80.9 October 120.9 63 Fobruary 101.9 02.0 84.0 79.8 85.8 86.5 November.. 124.1 61 March 10Z8 05.1 84.8 80.5 86.4 87.7 December... 127.8 53 April s. 103.7 07.0 87.0 82.8 88.7 89.7 May 104.4 07.6 86.1 82.5 86.0 89.1 1035—January 120.0 70 35 67 June ......... 104.7 99.0 86.3 82.5 87.1 89.4 July 105.2 99.3 86.1 83.2 85.8 89.4 Jan. 2 128.1 58 August..* 104.1 97.8 83.0 82.6 81.3 87.9 Jan. 9 ; 128.8 58 September 102.3 06.7 83.0 82.2 79.3 87.6 Jan. 16 129.1 57 October.... 103,4 08.4 84.1 82.5 81.6 88.1 Jan. 23 129.7 69 67 November 103.5 98.8 84.3 83.4 81.0 88.6 Jan. 30 129.5 67 December 104.1 100.0 85.8 85.4 83.3 88.8 1935—January 105.1 101.3 87.6 86.7 85.0 91.2 Source.—Standard Statistics Co. Jan. 2 104.4 100.8 86.6 86.1 84.5 80.3 CAPITAL ISSUES Jan 0 104.8 101.5 87.9 86.9 86.3 90.5 Jan. 16 105.1 101.1 87.1 86.5 84.3 00.5 [Long-term; i. e., 1 year or more. In millions of dollars] Jan 23 105.7 101.5 88.1 86.9 85.1 02.4 Jan. 30 105.5 101.4 87.6 86.8 83.6 02.4 New issues Re- * Price indexes derived from average yields. Domestic fund- 1 Now 3 Liberties and 13 Treasuries. New Treasury Issues were added Total is i s n u g es o A f u 1 S N 4 g o 5 . e u 1 w r c c 5 o e , Y 1 r .— p 9 o o 3 F r r 3 k o a , ; r t N e f o U o a r v n n o . d i t 1 t h e 1 ,1 d e 5 0 r S 3 m b 3 t o u a , t n n A e d i s p c s r i G , . p S o 1 a 6 t v l. a , e 1 n r 0 d n 3 a m 4 r , d e J n u S t n t b e a o t 1 i n s 5 d t , i 1 s c 9 , s 3 F C 4 e , d o a e . n r d a l D R e e c s . e 1 r 5 v , e 1 9 B 34 a . nk Year and month m e ( a f i d e o g n o s r - d n t - ) ic Total* S n m a p t i n a a c u d t l i - e - B a C o n n o d d r s po S ra to te cks F ei o g r n - t e n ( a f i d e o g n o s r - d n - t ) io notes BOND YIELDS1 1925 6,201 5,125 352 2,452 1,153 1,076 025 United Munlc- Corporate, by ratings • 1 1 9 9 2 2 6 7 6 7 , , 3 5 1 5 4 6 5 6 , , 1 21 8 0 9 3 4 4 7 4 5 2 3, , 1 6 8 6 3 7 1 1 , , 0 4 8 7 7 4 1 1 , , 1 3 2 3 5 7 2 1 , ,0 2 4 2 6 0 Year, month, or States ipaP 1928 8,040 6,789 379 2,385 2,961 1,251 1,858 date T u r r e y a » s* g (h ra ig d h e) - Aaa Aa Baa 1 1 9 9 2 3 9 0 1 6 0 , , 9 0 0 9 9 1 0 6 , ,0 4 0 20 4 4 43 1 4 8 2 2, , 9 0 8 7 0 8 5 1 , , 9 50 2 3 4 6 90 7 5 1 1,4 7 2 1 2 1 1931 3,089 2,860 235 1,240 311 220 949 1932 1,196 1,166 '762 305 20 29 538 Number of issues... 10 15 30 30 30 30 1933 .—- 722 710 484 40 120 12 344 1934 1,402 1,402 819 144 35 0 792 1932 average 3.66 4.65 5.01 5.97 7.20 0.30 1 1 9 9 3 3 4 3 a a v v e e r r a a g g e e .. 3 3 . . 1 3 0 1 3 4 . . 9 7 5 1 4 4 . . 0 4 0 9 4 5 . , 4 2 4 3 5 6 . . 0 0 8 9 6 7 . . 3 7 2 6 1934— F J e an b u r a u r a y ry-.. 4 7 8 9 4 7 8 9 3 5 7 9 1 0 2 0 0 4 8 2 March 97 97 81 9 0 60 1934—January 3.50 4.67 4.35 5.00 5.72 7.01 April. 143 143 100 24 0 03 February 3.32 4.48 4.20 4.70 6.24 fi.27 May 103 103 61 26 0 39 March 3.21 4.24 4.13 4.55 5.12 6.2P June 123 123 102 0 0 183 ti$z= 3.12 4.11 4.07 4.43 4.07 6.01 July 217 •217 91 19 0 157 3.01 3.93 4.01 4.37 4,96 6.05 August 180 1180 . 18 8 0 70 2.04 3.73 3.93 4.30 4.96 6.06 September.. 43 43 36 5 0 26 June 2.85 3.75 3.89 4.28 4.03 a 13 October 122 M22 30 0 0 36 July 2.09 3.81 3.93 4.34 5.09 6.49 November.. 107 107 89 8 0 35 - August 3.20 3.84 3.96 4.42 5.17 6.57 December... 141 141 106 34 0 45 September.. 3.08 3.69 3.90 4.36 5.00 6.40 N O o ct v o e b m er ber.., 2 3 . . 9 0 7 5 3 3 . . 5 5 2 7 3 3 . .8 8 6 1 4 4 . . 2 2 7 7 4 4 . . 8 0 6 3 6 6 . . 2 3 3 7 1035—January 02 02 80 49 December... 1035—January 2.83 3.45 3.78 4.21 4.77 5.99 i Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately. „ _ Jan. 2 2.92 3.49 3.80 4.25 4.83 6.12 * Includes $100,260,300 bonds of Federal Farm Mortgage Corporation Jan. 9 2.87 3.45 3.70 4.24 4.80 5.98 sold by public offering during month. Jan. 16 2.84 3.45 3.79 4.22 4.80 6.05 * Includes bonds of Home Owners' Loan Corporation sold by public Jan. 23 2.75 3.44 3.77 4.18 4.73 5.80 offering during month, amounting to $149,111,100 in August and Jan. 30 2.78 3.43 3.75 4.18 4.72 6.00 $53,000,000 in October. Sources.—For domestic Issues, Commercial and Financial Chronicle; J Monthly data are averages of daily or weekly Spares. for foreign Issues (issues publicly offered) annual totals are as finally 1 Average, computed by Treasury Department, of yields of all out- reported by Department of Commerce, while monthly figures are as standing Treasury bonds except those due or callable within 8 years. compiled currently and are subject to revision. • Standard Statistics Co. Back /wur«.—See (for figures of new issues—annual and quarterly • Moody'a Investors' Service. basis) Annual Report for 1933 (table 112). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
92 FEDERAL RESERVE BULLETIN FEBRUARY 1935 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES (Index numbers; 1923*25 average-100. The terms ''adjusted'1 and "unadjusted" refer to adjustment for seasonal variation] Industrial production » * Construction contracts awarded (value)J Fac- Factory em- tory Freight-car ployment * pay loadings * * Com- Year and Total Manufactures Mlneras Total Residential Allother rolls 3 modmonth ity prices* Unad Ad- : Unad- Aid- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed i Justed JUJited Justed Justed justed justed justed juste<1 justed justed justed justed justed justed justed 1919 83 1 84 ... 77 ... 63 44 79 107 97 84 139 1930 87 87 ... 89 ... 63 30 90 108 117 91 154 1921 67 i 67 ... 70 .-. 50 44 65 82 76 79 93 1922 85 1 86 ... 74 ... 79 68 88 91 81 87 97 1923 101 1 101 ... 105 ... 84 81 86 104 103 100 101 1921 95 94 ... 93 ... 9-1 95 94 97 96 97 98 1923 101 i 105 ... 09 ....... 122 124 120 99 101 103 104 1926 108 108 ....... 108 ....... 129 121 135 101 104 106 100 1927..... 100 108 ....... 107 ....... 129 117 139 99 102 103 95 1928 111 112 .... 106 ... 135 126 142 99 102 103 97 1929 119 119 .... 115 ....... 117 87 142 105 109 106 95 1930 96 95 ... 99 ... 92 50 125 92 89 92 86 1931 81 80 ... 84 ... 63 37 84 77 68 75 73 13 40 64 46 56 65 1933 76 75 ....... '82 ... 25 11 37 69 49 58 66 1934..— >79 >7S ....... »86 ... .... 32 12 43 79 62 62 75 1931 July. 80 82 79 82 86 86 68 61 36 35 94 82 77 78 66 78 76 72 August.. 78 78 77 78 82 79 63 59 32 33 87 81 77 77 66 76 72 72 Septcmb? 77 76 76 75 83 78 59 £9 32 32 81 80 77 75 63 78 69 71 October.. 75 73 72 71 90 83 52 65 29 30 71 76 74 73 61 78 69 70 N D o ec v c e m m b b e e 6 7 3 2 7 7 4 3 6 7 6 0 7 7 2 1 7 8 9 4 8 8 4 1 3 4 0 3 4 3 9 8 2 2 0 6 2 2 7 3 3 5 9 7 5 6 0 7 7 7 2 1 7 7 2 2 5 5 8 8 7 6 0 1 6 6 9 $ 7 6 0 9 1932 S N D J O J A A M J M F e u u a o e n e c u p a a n l n c v b t r y g t y r e e e o u i r e u c l m m b m u a h s r a e b b b t y r r . e e e - y . . r r r . . 6 6 6 6 5 5 5 6 6 6 7 7 5 0 8 7 9 9 6 4 1 8 1 1 6 6 6 6 5 6 6 5 6 7 6 6 6 5 6 7 9 0 3 8 0 2 7 9 5 6 6 6 5 6 5 7 6 5 6 7 S 6 3 7 8 3 5 0 0 8 6 0 6 6 6 6 6 7 5 5 6 6 5 5 i 5 3 1 6 1 8 9 8 4 7 9 7 7 7 6 8 6 7 6 6 7 7 7 3 4 8 6 0 2 4 3 5 8 5 2 7 7 7 7 7 8 8 6 6 6 6 7 7 5 1 4 7 5 0 4 5 7 5 8 2 3 3 2 3 3 2 2 3 2 3 2 4 1 1 2 0 2 8 5 2 6 1 3 3 2 2 3 2 2 2 3 2 2 2 2 0 8 7 0 7 7 9 1 7 6 7 6 1 1 1 1 1 1 1 1 1 1 1 8 0 2 2 6 4 2 2 1 6 5 6 1 1 1 1 1 1 1 1 1 1 1 9 2 0 2 9 1 2 4 2 1 5 7 4 4 3 3 4 4 4 4 3 3 4 3 5 1 5 3 5 7 6 8 3 5 3 0 4 3 4 4 4 4 3 4 4 3 3 3 4 9 0 5 1 3 8 3 1 5 6 7 6 6 6 5 6 6 6 6 6 6 6 7 4 3 1 9 3 2 9 8 6 3 0 0 6 6 6 6 6 6 6 6 7 7 6 6 2 3 3 2 8 2 0 0 0 0 6 4 4 4 4 4 4 4 4 4 5 5 5 5 3 3 2 3 1 5 0 7 4 5 0 3 £ 6 5 6 5 5 5 5 5 5 5 5 3 1 8 5 2 2 1 3 3 7 9 8 5 5 5 5 5 5 5 5 5 6 6 6 7 4 8 7 9 4 2 1 1 4 2 1 6 6 6 6 6 6 6 6 6 6 6 6 4 5 5 5 4 3 6 4 7 6 6 4 1933 N S J J D A O M M A J F e u u a o e e p u c p a a n l n v c b t r y g t y r e o e e u i r e c u l m m b u m a h s e r a b b b t r y r . e e e - * y . r r - r . . . 7 6 9 8 9 9 7 6 7 6 6 6 2 9 0 5 1 6 8 7 9 0 4 4 1 7 8 7 9 7 9 5 6 7 6 0 6 2 4 5 1 6 1 9 6 8 3 0 5 7 8 8 7 6 9 9 8 5 6 6 6 0 9 4 6 7 2 7 0 8 8 2 3 1 7 9 8 7 7 9 0 5 6 7 6 6 0 1 3 6 3 3 2 6 5 7 1 3 8 8 9 9 8 8 9 7 6 7 7 7 5 1 4 5 9 3 0 4 5 7 7 2 8 8 9 8 8 8 9 8 8 7 7 7 2 6 1 7 1 5 1 1 0 5 3 9 4 4 2 3 3 2 2 1 1 1 1 1 5 2 5 5 0 4 1 6 6 4 8 9 3 4 5 2 3 2 2 1 1 1 1 1 7 8 7 4 0 1 2 6 8 4 4 9 . 1 1 1 1 1 1 1 1 1 7 8 2 2 1 3 2 2 4 7 1 3 1 1 1 1 1 1 1 1 1 8 3 8 2 3 8 2 2 0 3 1 3 3 4 3 7 2 5 6 2 2 1 1 2 6 5 2 3 7 3 6 4 3 8 9 7 9 3 4 5 2 2 2 7 3 2 1 1 3 3 5 7 0 8 3 6 3 7 8 7 8 8 7 7 7 5 6 7 6 6 6 6 0 0 4 6 6 9 3 2 7 1 0 0 7 7 7 7 7 5 6 7 6 6 6 6 8 6 8 6 5 9 3 3 2 7 1 0 5 5 4 5 5 4 5 3 3 5 4 4 7 5 3 9 9 7 1 7 9 6 0 0 6 6 5 4 5 6 6 6 6 5 5 5 5 6 6 8 5 6 8 0 1 1 1 1 5 6 6 6 5 6 5 5 5 6 5 5 0 1 0 3 5 5 8 9 4 2 6 3 7 6 7 7 7 6 6 7 6 6 6 6 1 3 0 ) 1 0 9 1 0 5 1 0 J S A J O D M A J N M F u e a a e c u e p o p a a n l t n c b v r y g t y o r e e i u r e e u b c l . m u m m a h e s a r b r b b t r — y . e e e y . . . r r r . . . . »7 7 7 7 7 8 7 8 8 S 8 7 8 3 5 3 4 9 3 4 8 6 3 7 »8 7 7 7 8 7 8 7 8 8 8 7 6 3 1 3 3 4 6 6 1 5 4 8 *7 7 7 7 8 8 7 7 8 8 8 7 7 1 0 3 9 3 1 2 9 5 2 5 » 8 7 7 6 8 8 8 8 8 7 7 7 6 2 4 9 6 0 3 2 5 2 3 6 S 8 8 8 8 8 8 8 8 8 8 9 7 7 7 5 4 8 3 7 5 1 5 1 1 8 8 0 0 9 8 8 8 8 8 B 8 9 1 1 0 0 7 5 0 2 1 S 9 2 2 3 3 3 2 3 3 3 2 4 3 9 8 2 0 0 8 3 1 6 5 0 3 3 3 3 2 2 2 2 2 4 4 3 ftn 1 1 9 4 1 6 7 7 9 6 2 1 1 1 1 1 1 1 1 1 1 1 0 2 2 1 3 0 1 0 4 3 0 1 1 1 1 1 1 1 1 1 1 1 2 1 2 2 2 0 1 1 2 2 2 4 3 4 4 4 4 5 4 4 6 6 5 1 6 5 3 7 3 0 6 5 4 0 4 3 4 3 4 4 4 4 3 4 S 7 5 9 7 8 0 4 6 8 9 9 0 1 O 8 7 8 8 7 8 7 7 7 8 7 7 1 8 2 0 8 3 9 7 8 1 6 3 7 8 8 7 8 8 7 8 7 7 7 7 9 0 2 9 3 2 4 1 7 7 8 5 6 6 6 5 6 6 6 6 6 6 6 5 0 7 1 8 3 7 5 2 1 5 1 4 5 6 6 6 6 6 6 6 6 6 6 5 6 0 4 3 7 4 0 3 3 1 3 8 , 6 6 6 5 6 6 5 5 5 6 6 6 2 4 1 9 4 3 9 7 9 4 6 4 7 7 7 7 7 7 7 7 7 7 7 7 f 6 7 4 4 3 4 5 8 7 2 7 i 9 Preliminary. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 93 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports » Excess of exports Month 1930 1931 1932 1933 1934 1930 1931 1932 1933 1934 1930 1931 1932 1933 1934 January.. ... 411 250 150 121 172 311 183 136 96 136 100 66 15 25 37 February <. 349 224 154 102 163 282 175 131 84 133 67 49 23 18 30 March.. ... 370 236 155 108 191 300 210 131 95 158 69 26 24 13 33 April 332 215 135 105 179 303 186 127 88 147 24 29 9 17 33 May 320 204 132 114 160 285 180 112 107 155 35 24 20 7 6 June- ..... 295 187 114 120 171 250 173 110 122 136 44 14 4 -2 34 July__: 267 181 107 144 162 221 174 79 143 127 46 6 27 1 34 August 298 165 109 131 172 218 167 91 155 120 79 -2 17 -23 52 September,... 312 180 132 160 192 226 170 98 147 132 86 10 34 13 60 October 327 205 153 193 206 247 169 105 151 130 80 36 43 42 77 November 289 194 139 184 195 204 149 104 129 151 85 44 34 56 44 December 275 184 132 193 * 171 209 154 97 134 *132 66 30 35 59 »3S Year 3,843 2,424 1,611 1,675 ?2,133 3,061 2,091 1,323 1,450 "1,655 782 334 288 225 M78 * Preliminary. * Including both domestic and foreign merchandise. J 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. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES (Index numbers based on value figures; 1923-25 average -100] [Index numbers; 1923-25 average* 100] Index of stocks (end of 1933 1934 Index of sales * month) Dec. Aug. Sept. Oct. Nov. Dec. Month fo A r d s j e u a s s t o e n d al se W as i o t n h a o l u a t d- fo A r d s j e u a s s t o e n d al se W aso it n h a o l u a t dvariation justment variation justment Adjusted for seasonal variation 1933 1934 1933 1934 1933 1934 1933 1934 Total 63 59 59 57 59 64 Coal 65 58 63 60 64 71 Coke 55 39 45 45 43 51 January 60 69 49 57 58 66 52 59 Grain and grain products 59 70 63 58 56 58 February 60 71 49 59 57 66 54 63 Livestock. - ... 47 107 87 62 55 51 March 57 77 50 73 54 65 55 67 Forest products....... 31 29 30 30 30 32 Ore * 33 43 39 30 20 34 April 67 77 68 73 53 65 55 68 Miscellaneous .- ..... 71 59 68 60 64 71 May 67 77 67 77 55 66 56 68 Merchandise L... .... 68 65 64 63 64 66 June 68 74 64 70 57 65 56 63 July 69 72 48 51 60 64 56 59 Virithout seasonal adjustment August 77 79 59 60 64 64 62 61 September 70 76 73 79 70 64 73 67 Total 56 63 67 64 60 56 October 70 74 77 82 70 64 77 71 Coal 69 57 68 69 70 76 November 65 73 75 83 69 65 78 74 Coke 59 35 45 46 44 54 December 69 76 121 134 65 64 62 6C Grain and grain products 58 84 76 65 60 57 47 95 103 83 64 51 Year 67 75 61 65 Forest products .... .. 26 31 31 31 29 26 Ore.- - 8 42 14 8 55 64 69 70 63 55 tor i B ch a a se n d g e t s h r f o ro u m gh o m u o t n o th n f t i o g u m re o s n o th f d in ai l n y u a m v b er e a r g o e f sa S l a e t s u — rd w a i y th s a a n ll d o w f a o n r c 6 e Merchandise *- -- — - T 64 65 67 66 65 62 national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea- * In less-than-carload lots. sonal variation makes allowance in March and April for the effects Based on daily average loadings. Source of basic data: American upon sales of changes in the date of Easter. Railway Association. NOTE.—Preliminary figures for sales in January 1935—index adjusted ior seasonal variation, 72; index without seasonal adjustment, 59. Back figures— See p. 133; also BULLETIN for February 1931, pp 108-110, Back figures.See BULLETIN for November 1930, p. 686; Annual Report for 1933 (table 115). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
94 FEDERAL RESERVE BULLETIN FEBEUAET 1935 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. $W15 Hi grains of gold 9*6 fine; i. e., an ounce of fine gold=$35] Europe End of month (5 T t 0 r o c ie t o a s u ) l n- U S n ta i t t e e s d Canada c T ou ot n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v e a c k h i o a - Denmark England France Germany 1933—December... 20,192 *6,793 131 11,703 643 60 1,572 5,112 156 1934—January 20,229 6,829 130 11,697 646 86 1,573 5,109 152 February... 20,616 7,438 130 11,358 112 1,574 4,904 134 March 20,724 7,694 130 11,313 111 1,574 4,947 96 April.. 20,820 7,757 130 11,340 636 111 1,575 5,023 83 May 20,957 . 7,779 130 11,426 635 111 1,577 6,136 62 Jane 21,166 7,856 132 11,643 625 111 1,578 5,274 July- 21,304 7,931 133 11,592 618 111 1,579 5,321 August 21,489 7,978 131 11,747 623 111 1,580 5,439 September.. 21,630 7,978 131 11,787 626 111 1,681 5,455 30 October 21,586 8,002 132 11,813 609 112 1,582 5,468 . 33 November.. '21,640 8,132 133 11,730 589 112 1,583 5,443 33 December.. » 21,745 8,238 134 * 11,722 590 112 1,684 5,445 32 1935—January. ... ' 8,390 1,586 *5,438 *>32 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- R n u i m a a- Spain Sweden Sw la it n z d er- U.S.S.R.* Y sla u v g i o a - 6 c t o o r u t i h e n e s - r 1933—December 40 23 632 627 100 739 168 653 704 53 1934—January.- 37 23 633 626 100 739 653 704 53 February 33 23 633 639 101 739 169 600 704 53 March 39 23 613 635 101 739 170 570 706 63 April 41 23 609 639 101 739 167 634 706 63 57 May. 43 23 594 651 102 739 167 635 706 63 June—.. 43 23 676 573 102 739 168 635 716 53 July 34 23 567 688 102 740 168 537 716 63 August 36 23 665 688 103 740 169 667 716 63 September 36 23 554 688 103 740 170 591 716 64 61 October 37 23 541 601 103 740 163 621 716 64 61 November 40 23 620 682 103 740 160 624 716 64 61 December... 40 23 518 673 »103 740 624 P716 63 '60 1935—January.. 665 600 Latin America Asia and Oceania Africa End of month c t T r o ( o i u 1 e t 0 n s a ) - l g t A i e n r n - a - Chile lo C b m o ia - - M ic e o x- Peru g U u r a u y - c o t o r t u h ie n e s r - T c t o r o ( i u 7 t e n a s) l - India Japan Java N l Z a e e n w a d - T k u ey r- c o t o r t 2 h i u e e n s r - T c tr o o ( i u 4 t e a n s l ) - S A o fr u i th c o t o r t 2 h i u e e n s r - 1933—December. . 578 405 20 15 19 85 774 274 359 214 56 141 1934— J D J A N M A S M F O J u u e e a e p o u c a a p n l c n b t r v g y r y t e o e u i r e u e c l m b a u m h m s e — r t a b r y b b r e . e e r y r r .. . . . ' ' 5 6 6 6 5 5 5 5 6 5 9 0 0 9 7 9 9 0 8 9 3 0 4 1 9 4 9 5 8 0 '4 4 4 4 4 4 4 4 4 4 4 4 0 0 0 0 0 0 0 0 0 0 0 0 3 3 5 5 5 5 5 3 3 5 5 3 »2 2 2 2 2 2 2 2 2 2 2 9 9 0 0 0 4 3 0 0 S 9 P '2 2 2 2 2 2 2 2 2 1 2 I 5 5 S 3 0 2 5 6 7 8 4 9 M 2 1 1 1 1 1 1 1 1 1 1 O 0 9 9 9 9 9 9 9 9 9 9 '8 8 8 8 8 8 8 8 8 8 8 8 2 6 7 7 2 2 7 7 4 2 2 2 '2 1 1 1 2 2 1 1 1 1 1 1 1 7 1 5 0 1 5 6 4 8 9 4 8 8 7 8 8 7 7 7 7 7 7 8 0 0 8 0 7 9 7 9 0 0 9 8 3 4 1 6 8 5 8 8 7 3 6 0 2 2 2 2 2 2 2 2 2 2 2 2 7 7 7 7 7 7 7 7 7 7 7 7 4 5 5 4 5 5 5 5 5 4 5 5 3 3 3 3 3 3 3 3 3 3 5 5 6 8 8 5 8 9 8 8 9 9 2 6 2 9 4 0 3 7 2 2 2 2 2 2 2 2 2 2 2 1 1 2 2 4 3 2 2 4 5 2 5 8 6 0 5 3 2 6 4 5 0 '6 6 5 6 5 5 5 5 5 5 6 6 5 6 6 5 5 5 5 5 5 5 5 5 1 1 1 1 1 1 1 1 1 1 1 1 4 4 5 4 6 5 8 7 5 4 8 7 3 6 4 9 1 0 4 3 5 9 4 2 FI 1 1 1 1 1 1 1 1 1 1 1 T 7 7 7 7 7 7 7 7 7 7 7 ' Preliminary. * Corrected. 1 Exxcclluuddeess ggoolldd ccooiinn iinn cciirrccuullaattiioonn.. « FFigiuurse st too rD Dbe cemb1e9r3 31 93M3, March 1934, or Jane 1934 carried forward for subsequent months, for which no figures have been reported. ^SSSSSSSBSS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RE8EBVE BULLETIN 95 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year and month world Africa North and South America Far East pr t o i d o u n c- Total A So fr u ic th a d R e h s o ia - A W fr e ic s a t B C e o lg n i g a o n Canada S U t n at i e te s d 1 Mexico Co b l i o a m- Chile Au l s ia tra- Japan India $l*=t5*ltt grains of gold *lnfine; L e., an ounce of fine gold**$tQ.67 1932-Total 499,049 421,979 238,931 12,000 5,992 3,642 | 62,933 50,626 12,070 5,132 788 14,563 8,193 6,782 1933—September. 44,656 35,661 18,664 1,180 546 4,889 5,602 820 375 1,591 847 572 October 45,532 36,537 18,822 1,143 567 302 5,048 5,209 1,501 700 423 1,436 825 560 November.. 44,987 35,992 18,613 1,150 536 327 5,001 5,292 1,172 694 301 1,501 794 660 December.. 44,690 35,696 18,168 1,181 580 325 6,140 5,581 1,038 503 281 1,533 783 573 Total (12 mo.)-1515,627 »419,695 13,335 6,623 3,631 60,968 52,843 13,169 6,165 3,009 1934—January 45,516 35,521 1,201 546 320 4,781 4,858 | 1,080 697 462 $t"15'!$t grains o/ gold »/i# fine; I e., an ounce of fine gold=$S5 February.... 71,313 54,243 1,893 927 502 7,803 6,160 1,906 1,067 656 2,269 1,230 - 881 March 75,281 58,211 30,550 2,042 965 571 8,726 7,945 1,194 940 554 2,415 1,390 920 April... 74,856 57,786 30,173 2,014 941 509 7,975 7,595 2,233 343 643 2,566 1,376 914 May 78,081 61,012 31,324 2,055 951 560 9,090 8,505 2,431 991 425 2,460 1,2*3 946 June 76,034 58,964 30,133 2,048 946 547 8,495 8,260 1,941 1,003 623 2,722 1,310 July...; 77,392 60,322 30,773 2,015 1,072 521 8,593 8,750 1,861 1,037 832 2,579 1,351 August 78,232 61,162 31,015 2,035 1,022 542 9,270 8,365 2,078 1,143 666 2,619 1,413 September... 77,098 60,028 29,951 2,061 1,072 544 8,546 9,940 1,396 940 525 2,625 1,495 932 N O o ct v o e b m er ber..., » 8 7 0 6 , , 1 5 3 9 3 8 * P 5 6 9 3 , , 7 2 0 6 1 9 3 3 0 0 , , 9 6 9 3 4 3 p 2 1 , , 0 9 5 3 4 2 *:i 1 , ,1 1 1 9 7 0 P5 6 8 8 2 2 8 9 , ,2 7 7 5 8 0 1 8 0 , , 2 3 9 60 5 p p 2 1 f , 9 1 5 7 5 0 1,1 8 4 3 3 1 P7 7 3 3 1 1 *2 2 , , 4 4 5 5 3 3 '1 1 , , 4 43 0 8 0 »0 9 4 4 9 9 December » 78,555 p 61,485 1*30,310 P 1,960 p 1,125 P582 P9,135 9,660 *2,030 1,050 P731 P2.453 '1,400 P949 Total (12 mo.)— 691,708 353,652 23,361 11,974 *6,369 P 100,442 104,265 P 22,275 11,689 P7.584 29,013 15,842 P 10,813 Total (new par)1. •922,045 p 716,327 366,749 p24,193 p 12,352 *6,590 103,756 107,632 p 23,024 P 12,173 »7,904 29,982 p.16,342 P11,201 p Preliminary, 1 For United States monthly figures are those compiled by American Bureau of Metal Statistics of New York Oity; annual figures represent official estimates made by Bureau of the Mint in cooperation with Bureau of Mines. Official estimate for 1934 Is on new par basis; total (12 mo.) Is thisjestimate adjusted to place January on old par basis. ^^jJanuary figures placed on same basis as those for subsequent months, I. e., $35 an ounce. June N 1 O 9 T 34 K , .— p. F 3 o 7 r 7 , m a o n n d t N hl o y v f e i m gu b re e s r b 19 a 3 c 4 k , t p o . J 7 a 37 n . u a F ry o r 1 a 92 n 9 n u a a n l d figures of world production back to 1373 see A ^ nnua . l . . J r p ip . o 2 r 3 t 3 o -3 f 5 D , i F re e c b t r o u r a o ry f t 1 h 9 e 3 4 M , p in . t 1 f 0 o 3 r , - 1933, p. 104. Figures for Canada for 1934 are subject to revision* GOLD MOVEMENTS [In thousands of dollars] United States Total Net imports from or net exports (—) to: Year and month net imports China All e o x r p n o e r t ts E la n n g d - France m G a e n r- y g B iu e m l- N l e a t n h d e s r- Sw la it n z d er- C ad an a - M ic e o x- A t r i g n e a n- lom Co b - ia B I r n i d ti i s a h H a o n n d g Japan c o o th u e n r - Kong tries CustomA valuations; withsome exceptionsat rate of#0,07 ci fine ounce 1932-Total (12 mo.).-446,213 53,585-441,649 -13,356 -82,571 -96,586 -118,273 64,574 20,087 12,991 3,240| 26,597 39.043J 49,719 36,333 - •- 1933—September. -56,736 -5,099 -48,717 -13 -2,171 224 518 8 -1,486 October -32,351 -6,240 -26,923"*—109 -18 -9 ""-453 268 48 1 1,035 November -783 -2,260 -366 -5 -28 216 240 2 1,419 December -9,128 -1,650 -203 -28 -10 -8,883 347 333 960 Total (12 mo.).-173,455 6,375-216,035 -2,532 -895 7,901 -11,631 19,896 4,230 -1 93 25,629 12,821 6,702 -26,063 1934—January -2,767 .-2,542 -461 1 -10 -1,678 313 246 1,364 Customs vatuaions; wtih some extoptionsat rate t)ftSSa, fine ounce February 452,571 239,800 124,381 1 131 57,272 9,087 12,114 5,124 1,660 651 4 2,347 March. 2 3 5 3 3 7 4 , , , 5 3 7 3 8 4 6 3 3 1 2 3 5 4 5 , , , 9 0 9 5 2 8 4 7 7 5 1 1 , , 7 8 2 8 2 3 6 1 3 16 1 7 0 . , 2 1 3 4 4 8 3,669 1 8 9 0 , , , 6 0 2 6 7 72 9 3 5 2 , , 3 0 6 6 3 4 8 6 0 I 2 2 2 , , , 4 5 4 9 5 9 0 4 5 ~1 1 4 1 0 , , , ~ 6 2 4 1 4 6 3 0 5 2 3 1 , , , 8 8 0 6 6 6 5 5 7 3 1 1 , , , 3 7 93 8 5 7 5 1 June 63,705 31,288 10,750 6,989 2,837 37 12,191 2,236 2,190 July 52,346 22,978 2,212 1 8,932 2,664 8 8,943 3,316 August 37,225 22,872 -5,238 -146 -1,943 212 8,200 515 1 2,434 5,489 4,105 September -18,670 -950 -17,748 -2,094 -600 539 399 6 —8 513 1,174 October 10,837 -1,118 26 3,775 3,265 3,112 60 1,729 November 120,889 3,687 70,351 12,814 9,906 -254 9,609 880 700 1,896 December 92,109 19,649 . 22,430 17,790 8,077 6,076 2,111 U574 529 2,874 Total (12 mo.)-1,133,912 501,632 260,643 -144 8,909 95,510 12,402 86,612 30,090 12 16,944 76,820 16,452 4 28,118 Total (new par)* 1,131,994 499,870 260,223 -143 8,902 94,348 12,402 86,829 30,270 12 16,944 76,820 16,452 4 29,063 1935—January 149,392 85,577 14,692 -296 12,812 12,091 4,991 6 2,101 10,616 1,623 5,374 »January figures placed on same basis as those for subsequent months, 1* e., $35 an ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
96 FEDERAL RESERVE BULLETIN FEBRUARY 1935 GOLD MOVEMENTS-Continued [In thousands of dollars] Great Britain Net imports from or net exports (—) to; Total I Year and month net im- South eo p xr o en r r t e s tt s i i | U S n ta it t e e d s France m G a e n r y - g B iu e m l- N l e a t n h d e s r- S l w a i n tz d e 1 r- A So m ic u a e t r h - Canada B I r n i d ti i s a h S S m t e e r t a n tl i t e t s s - Au l s i t a ra- A d W R f e h r s e i o i c s - a a t , , c o t o A t r h u i l e e n l s r - Africa Official figures converted at rate of $20.67 an ounce 1932-TotaL 84,685 -60,642-297,050| 333 -13,434 -71,378J-14,019 5,746 220,394 10,781! 20,364 255,310 18,27& 1933— O N S c o e t v p o e t b e m e m r b b e e r r , 6 4 7 7 3 9 8 9 , , , , 9 4 2 1 1 2 3 6 8 6 8 0 1 4 i 6 2 u , , , 4 8 5 i 4 i 7 2 o 1 0 8 ISf - 8 1 1 1 4 1 1 7 7 8 - - 3 4 , , 6 1 3 3 6 2 3 3 9 - - - - 7 1 2 1 9 1 7 0 6 7 1 1 8 3 , , 1 6 9 1 4 1 2 2 3 1 0 0 4 6 4 5 , , , , 1 1 5 0 0 8 1 7 8 6 3 9 1 1 4 5 2 6 , , , , 8 8 6 1 5 8 9 2 2 5 2 2 5 7 7 4 8 0 2 2 2 8 6 3 : ' 2 1 1 1 , , , , 3 9 8 9 9 1 8 4 1 5 9 2 2 2 2 1 0 0 1 9 , , , , 8 0 4 4 8 2 6 6 5 7 7 0 1 4 4 5 2 , , , , 5 4 4 8 3 6 7 0 4 8 1 3 December 677,405 7,9391 07,016j 41,036 -808 -7,065 -4,299 '9,610 43,374 118,817 8,682 60,812 256,177 '46,110 Total (12 mo.).. 62,146 4,7881" -13 -20 5,310 -170 5,500 4,630 8,642 583, 2,353 17,667| 3,170 1034—January Official figures converted at rate of $85 an ounce February 184,8201-238,842? 283,333 18,837 3,790 17,891! -320'. 4,870 30,193 647 2,951 30,587 March 91,471 -130,087 66,180 65,579 353 6,522 -176 187 39 37,372 1,094 3,105 36,707 5 691 April 35,003' -19,851 -7,038 3,524 44 523 -216 343 47 13,033 359 3,824 31,929 8483 May -5,197 -30,856 8,243 -34 31! -252 284 75 14,147 485 3,086 42,935 4 760 June -35,375 6,622 17,495 218 -659; -71 144 17,330 441 3,172 30,505 13,233 July , -121 4,099 -2,161 -46: -102 1,794 12,213 70 3,234 32,312 9,070 August -15,420 -6,797 45 -6,034 -5 -4,563 1,749 25,146 66 4,673 22,371 4 774 September 6,251 -8,188 2,890 -2,157 -2031 -1,849 2,052 7,266 962 151 3,607 11,315 1461 October— 950| -339 105 -1,291 482: -1,118 655 4,669 4,992 245 24,420 12,790 November -17,284 27,026 152 -5,198 -550 -60 670 1,697 18,791 190 2,686 • 18,495 • 2,970 December , -22,489' 1,769 -1,087 310| -109 241 17,882 128 4,126 2,906 Total (12 mo.).... 673,194 -500,484 341,394 121,026-13,571 28,895 -9,005 13,756 23,193 200,704 4,458 40,159: 323,007 Total (new par.)1. 716, '-497,166 348,190 121,017-13,585 32,575 -9,123 17,568 26,316 206,711 41,790! 335,253 101,860 France Germany Net imports from or net exports (—) to: Net imports from or net exports (—) to: Year and month T n o e t t al T n o e t t al i e m o x r p p o n o r e r t t t s s U S n ta i t t e e s d E la n n g d - m G a e n r y - N la e e n r t d - h s - S l z a w e n r i d - t- c o t o A t r h i u l e e l n s r - i e m o x r p p n o o e r r t t t s s U S n ta i t t e e s d E la n n g d - France N la e e n r t d - h s - S l z a w e n r i d - t- U S. . B S. . o c t o A t r h u ie l e n l s r - Official figures converted at the rate of $20.67 an ounce l»32-Total 828,178 468,052 309,934 37,547-17,668 1933—'September- 43,040 60,988 -1,396-8,059 -6,166 -2,176 October 26,233 47,746 -1,686-4,640 -12,428 November.- -53,315 177 -25,025 -21,461 -5,674 December -45,447 -19,387 -772 701-23,443 Total (12 mo.)..-. 223,894 -87,207 73,001 44,691 10,491 1931—January— 1,215 Official figures converted at rate of $85 an ounce J A M M F a e p n a a b r r e y i r c l u h ary. _.- -2 1 - 3 7 3 1 2 5 6 0 , , , , 3 , 6 8 4 9 7 3 5 6 1 3 7 8 9 5 ; - - - 7 9 9 2 9 , , , 3 7 1 9 1 3 7 5 9 2 6 9 3 7 4 1 - - 1 - - 1 5 1 3 6 3 5 1 7 0 3 , , , , , 6 4 0 1 6 3 1 1 8 8 6 1 0 7 1 1 1 8 2 , , 1 6 7 9 3 3 1 1 6 8 - 5 1 1 1 9 5 ,6 , , , 9 1 9 5 9 9 9 5 1 6 5 6 5 6 ! - - 1 3 2 1 9 5 2 , , , , , 9 7 1 4 4 1 6 6 9 0 4 8 5 2 5 - - -1 5 2 -3 3 5 9 , , , , 5 3 5 6 1 8 2 6 6 2 9 0 S J A u e u l p y g t u e s m t ber.. -1 -2 5 , ,1 8 9 0 9 6 5 5 4 - ' ; - - 7 3 5 , , , 0 2 9 0 9 8 3 0 7 9, 2 9 6 6 2 06 4 6 1 - 4 3 1 5 -1 -3 0 1 9 4 0 -1 - - 9 1 5 , , , 2 4 0 2 9 3 6 2 8 - - 2 4 , , 6 20 0 7 9 October 22,710 26,296 3,706 2 139i -6,972 November *. -65,568!-64,337 -17,936 86 1,786 Preli .r| was, imports of gold fromS ^Kland are Included under "All other coSS^ince they are not reported separate '.$i»fi£a^" * "" ;7tob^i™hrMaVSifl3il.<1Uent m"on-th*s-•i -e°-- $W35 -•» oouunn*ce-. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FlDEOAST 1935 FEDERAL RESERVE BULLETIN 97 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Year and month Total net Net imports from or net exports (—) to: imports or net erports U S n ta it t e e d s England France Germany Belgium Poland Sw la it n z d er* B I r n i d ti i s a h c A o l u l n o t t r h i e e r s Official figures converted at rate of $$0.67 an ounce 1932—Total ..... 116,149 60,070 -34,009 26,886 -12,727 -13,630 -16,137 16,423 -7,346 1933—September 16,488 1,798 13,849 -903 -10 -241 2,236 ?• . 9 ii 7 October 13,662 2,191 1,385 14,457 -357 -64 -1,232 2,099 105 November.-— -1,942 6,096 5,369 -90 -30 -297 441 142 December- -9,294 -7,111 -601 -821 -230 -5 -658 31 99 Total (12 mo.) -67,510 -3,839 -1,624 -72,183 40,818 -17,873 -6,030 -16,974 9,632 667 1934—January -8,629 -7,082 -367 -1,220 240 Official figure* converted at rate of $35 an ounce February •102,784 -17,262 -13,283 -76,485 223333 I 4,077 -62 -257 21 235 March -9,201 -6,248 -4,928 -4,132 '' 334455 6,116 -141 -532 360 -42 April 3,063 -4,444 -418 -287 77,,995511 -8 -102 201 5 164 May 13,859 -115 -158 11,835 1,696 311 359 June -. 9,570 -225 277 1,701 77|, 770044 -166 -291 -12 451 133 July- 9,170 8,880 75 88 71 -103 -112 322 August -2,737 -194 -23 3 -42 174 -278 -2,546 163 September... -326 493 -327 34 -2 -44 -1,016 393 130 October -2,386 -637 166 -1,864 -178 -65 ~*4 70 126 November— -16,849 -17,770 645 830 -6 -537 -65 -106 56 154 December- -9,431 -9,270 -312 78 -95 -34 -25 165 Total O2 mo.)-—, -116,681 '-46,040 -26,128 -78,444 25,972 0,285 -1,253 -3,938 1,868 1,997 Total (new par)i. -122,664 -46,040 -31,038 -78,610 25,716 9,285 -1,253 -4,784 1,891 2,171 Switzerland British India Year and month i e m o T x r n p p o e n o o t t a r e r l t t t s s U S n ta it t e e d s Net impor F t r s a f n ro ce m o Q r o n r e - t A S ex o fr p u i o t c h r a ts N l ( a e e - n r ) t d - h s t - o: c o t o A t r h u i l e e l n s r - i e m o T x r n p p o n e o o t t a r e r t l t t s s U N S n t e a t i t t i e e e m x d s p p o o r r E l t a t s n s n g ( f d — r * o ) m t o c o o t o : A t r r h u i n l e e l n s e r - t t I G d i p n o u r o d n o c l i d - i - a n i G r n ( c o c e m - o r r s r I ) I v e e e n i e n a e d a r n * n d r s v s e t n e e i - e a - s I p I i c ( n o n h n r r - r c g i o e d ) r v a l s i l e a d d a n s a e i t e - - n s e > e Official figures converted at rate of&O*67 an ounce 1932-Total 169,786! 124,354 15,342 7,418 7,880 10114,996 -304-195,662-38,094-151,059 -0,508 6,7821 127-189,007 I833r-September.,. 1,656 16 -431 1,767 -41 149 130 64 -13,411 -12,469 -942 572 -12,839 N D O e o c c t v o e e b m m e b r b e e r r — — . . 3 4 , , 5 07 5 3 3 8,7 5 5 0 6 2 - -9 1 - , , 7 4 4 9 4 7 0 4 4 4 4 , , 6 2 8 4 4 3 - - 8 1 7 6 7 1 7 1 4 7 9 1 8 1 1 5 2 0 4 - - - 5 5 7 , , , 8 7 6 4 3 4 7 4 3 - - - 6 5 7 , , , 4 0 2 3 2 8 8 3 0 - - 2 3 1 9 6 7 6 3 6 5 5 57 6 6 3 0 0 -1 - - - 7 5 5 , , , 0 2 1 8 8 6 3 7 0 Total (12 mo.) -41,121 10,083 -26,781 -379 20513,168-13,781-126,048 -30,340 -85,463-10,244 6,916 -119,124 1934—January—* 1,266 110 -247 82 1 1,187 -47-14,063 -12,683 -1,380 560 -13,503 Official figure* converted at rate of $35 an ounce February.... -30,109 -21,567 2,233 -12 -365 499 -39,307 -7,703 -31,678 74 -33,421 fMfacrch:::::: - - 2 4 5 3 , , 4 7 0 5 3 3 -1,617 -1 -4 2 , , 6 1 8 1 2 0 -3 - 8 7 , , 1 7 8 0 9 9 - - 4 2 4 6 -2,1 3 3 1 2 1 -4 1 ,1 2 4 7 3 7 - - 2 2 0 0 , , 8 73 0 3 6 -1 -8 0 , , 8 6 6 9 2 7 -1 -9 1 , , 7 6 5 6 8 4 - - 2 2 3 7 0 8 9 9 2 1 1 4 1 -5 86 - - 2 1 0 9 , , 0 8 0 3 5 0 fc::::-:1 -8 1: , , 3 5 7 8 2 2 -817 - - 5 6 , , 6 3 4 5 8 0 - - 6 2 , , 6 1 1 9 3 3 - - 1 4 6 3 - - 2 1 2 86 2 6 6 1 1 3 8 - - 2 1 0 9 , , 3 1 4 0 4 5 - - 1 7 3 , , 4 1 6 4 4 3 -1 -7 1 , , 0 8 5 5 4 4 -1 2 4 1 7 3 9 9 4 3 6 0 - - 1 2 2 - - 1 1 9 8 , , 3 1 9 6 6 3 -390 69 -1,171 11 12 -41 727 -22,130 -8,740 -13,601 211 938 4 -21,196 26,569 2 4,007 11,802 -16 2,560 8,204 -3,565 -1,577 -2,196 203 1 -2,628 August 21,532 2,3ffT 15,804 -10 1,105 2,264 -3,534 -2,643 109 -1,602 September,— 12,853 -195 5,821 -17 -305 7,549 -14,431 Two -12,901 120 949 -13,486 N De o c v e e m m b b er er... - 1 1 2 ,9 ,3 5 9 0 7 "•291 •- -4 7 1 7 7 1 - - 6 4 , , 2 1 7 4 3 3 -17 7 -2 1 7 1 5 4 1 2 9 , , 4 4 8 3 3 9 * - - 2 2 0 2 , ,3 7 5 0 7 0 -2,229 -18,617 146 99 • » - - 2 1 1 9 . , 4 7 0 5 8 l Total (12mo.) -46,942 -12,860-45,784 -100 1,757 »-220,075 >10,812 176*-209f439 Total (new par)i -46,065 -12,784-45,955 -43 2,580 39,352^-229,822 •11,201 176»-21Sf797 9 Preliminary. * Corrected » January figures placed on same basis as those for subsequent months—I. e., $35 an ounce. * Figures derived from preceding columns; net imports plus production minus increase In Government reserves in India. Hon.—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. 111890—35 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
98 FEDERAL RESERVE BULLETIN FEBRUARY 1935 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1934 1933 1934 1933 Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold 247 247 247 247 Gold reserve against Dominion notes. . 72 71 73 70 Currency issued 515 517 519 534 Advances to banks under finance act... 35 37 38 50 Irish Currency Commission (thousands Dominion notes: of pounds sterling): 217 219 210 183 Legal tender note fund: Outside chartered bank holdings. . 34 31 31 30 British legal tender and bank Indian Government (millions of rupees): balances.. ............. ...... 534 62 100 141 Gold standard reserve: British securities 7 528 7 537 7 436 7 611 Gold 29 29 29 140 Notes issued 8,062 7,598 7,536 7,753 505 505 -505 393 Consolidated bank notes: » Paper currency reserve: Issued 4,852 4,844 4,838 4,738 Gold , 416 416 416 305 Deemed such under sec 60 (4) of Silver 951 962 978 1,012 Currency Act, 1927 1,137 1,145 1,151 1,241 Other assets „ 473 473 463 464 1,839 1,851 1,856 1,781 i Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Dec. 8, Nov. 10, and Oct. 13, 1934, and Dec. 9, 1933. Figures for notes deemed to be consolidated bank notes are as of close of business on these dates. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1934 1933 1934 1933 Assets Liabilities Dec. 31 Nov. 30 Dec. 31 Dec. 31 Nov. 30 Dec. 31 Gold In bars ... 11,008 11,744 7,578 Demand deposits (gold) 10,921 10,921 7,57S Cash on hand and on current account with banks.--------- ........ 2,354 4,901 2,686 Short-term deposits (various currencies): Demand funds at interest 4.988 6,963 19,680 Central banks for own account: Demand •_„_...._._.......-.._-*-, 36,472 42,059 48,952 Rediscountable bills and acceptances (at Time—Not exceeding 3 months—| 110,662 108,785 107,306 cost): Commercial bills and bankers' accept- Total.., 147,134 150,845 156,258 ances - 175,391 173,319 181,891 Treasury bills - 179,384 171,500 Central banks for account of others: Demands _._........_........... 12,342 12,140 11,839 Total... 354,775 344,819 351,650 Other depositors: T ^d 1,232 1,192 783 Time funds at interest—Not exceeding 3 months... 40,638 40,423 37,310 Long-term deposits: Sund M ry a t b u i r l i l n s g a n w d i t i h n i v n e 3 st m m o e n n t t h s: s: A F G r n e e r n n m u c a i h t n y G G t o r o v u v e s e r t r n a n m c m c e o e n u n t n t g t d u e a p r o a s n i t t y fund_..| , 1 4 7 5 0 7 4 , , , 6 2 5 7 2 6 8 9 4 1 4 7 5 0 7 4 , , , 7 3 6 8 3 7 4 5 0 1 7 4 5 7 4 3 , , 2 4 6 4 8 5 1 1 9 Treasury bills 34,431 16,611 31,528 Betw S T e u r e n e n a d s r 3 u y a r y i n n d b v i e 6 l s l s m tm o e n n th ts s: 3 4 2 5 , , 8 8 2 7 3 8 4 6 4 1 , , 8 5 2 0 7 0 3 2 3 3 , , 8 3 1 6 7 5 R C e a s p e i r ta v T l e o s p t : a a i l d In 2 1 7 2 2 5 , , 4 0 7 0 1 0 2 1 7 2 2 5 , , 7 0 8 0 9 0 2 1 7 2 5 5 , , 3 0 8 0 0 0 Over S u 6 n m dr o y n t i h n s v : estments 63,472 62,976 67,559 L D e iv g i a d l e r n e d se r r v es e e f r u v n e d fund.- 4 2 , , 8 6 6 7 6 2 4 2 , , 8 6 6 7 6 2 2 3, , 8 0 9 2 5 2 Treasury bills 18,895 37,616 34,575 General reserve fund 9,732 9,732 7,790 Sundry investments. 36,182 35,658 38,001 Other liabilities: Total 231,681 239,188 228,845 G Su u n a d r r a y n t i y te o m n s commerc . ia „ l . bills sold 61 6, , 1 8 3 7 5 8 61 6, , 1 3 5 7 1 5 4 0 , ; 2 0 5 S 7 7 Other assets: Guaranty of central banks on bills sold 6,135 6,137 4,257 Sundry items. * . 2,805 3,508 2,883 Total assets - 654,384 657,683 654,888 Total liabilities.. 654,384 657,683 654,888 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 99 CENTRAL BANKS Assets of banking department Liabilities of banking department (Figures in B m a i n ll k i o o n f s E of n p gl o a u n n d ds sterling) ( m d in G e e p n o i a s l t s r d ) u t » - e C C o a in sh rese N rv o e t s es D ad is v a c a n o n d u c n e t s s Se t c ie u s ri- ci N r ti c o o u t n l e a- Bankers' D P e u p b os li i c ts Other l O ia t t i b h e i s e li r - 1933—Nov. 29 190.6 1.2 80.4 8.6 84.7 370.2 106.9 13.6 36.5 17.8 Dec. 27 _ 190.7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.6 18.0 1934—Jan. 31 190.9 .9 84.2 8.2 88.4 366.7 100.6 25.2 37.8 18.1 Feb. 23 .. .. 191 0 1.0 83.6 5 S 87.9 367.4 90.3 32.1 37.7 18.2 Mar. 28 191.1 1.1 72.3 5.6 378.8 94.5 17.5 36.9 18.3 Apr. 25 191.2 .0 77.5 5.3 86.3 373.7 99.5 15.8 37.0 17.7 May 30 191.3 ,8 73.2 5.6 87.6 378.1 99.4 14.0 36.1 17.8 June 27 . _..* - _, 191.5 .7 69.8 6.1 91.9 381.7 96.3 17.6 36.5 18.0 July 25 _ 191.6 .6 67.6 7.5 94.2 383.9 104.8 10.9 36.1 18.1 Aug. 29 191.8 .6 72.5 5.6 92.5 379.3 83.7 34.0 35.2 18.2 Sept, 26— 191.9 .6 74.9 7.2 92.2 377.0 82.0 37.9 36.8 18.3 Oct. 31 192.0 .6 73.6 8.9 91.6 378.4 100.4 16.9 39.8 17.7 Nov. 28 .. .. 192 1 .6 72.4 9.2 90.6 379.7 89.1 27.7 38.1 17.8 Dec. 26 192.3 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Jan. 30 192.4 .6 77.5 9.3 92.7 374.9 99.0 20.9 42.1 18.2 Assets Liabilities Bank of France Deposits Negotia- Note Other (Figures in millions of francs) Gold Foreign Domestic Security ble Other circula- liabiliexchange bills loans securi- assets tion Govern- ties ties ment Other 1933—Nov. 24 77,822 1,250 4,092 2,814 6,186 3,533 80,368 2,956 15,016 2,359 Dec. 29 77,098 1,158 4,739 2,921 6,122 8,251 82,613 2,322 13,414 1,940 1934—Jan. 26... 77,055 1,130 4,486 2,893 6,119 7,870 79,474 2,270 15,836 1,972 Feb. 23 73,971 1,070 5,963 2,932 6,114 7,960 81,024 1,868 13,067 2,052 Mar. 30 74,613 6,198 2f972 6,007 8,229 82,333 1,721 12,632 1,900 Apr. 27 75,756 1,066 5,707 3,016 5,973 8,152 81,502 2,024 14,199 1,944 May 25 77,466 1,094 5,011 3,060 5,950 8,202 79,992 2,996 16,681 2,114 June 29 79,548 1,157 4,386 3,076 5,929 8,278 32,053 3,291 16,183 1,837 July 27 80,252 1,155 4,248 3,054 5,913 8,150 SO, 809 3,515 16,547 1,901 Aug. 31 82,037 1,082 3,116 3,140 5,913 9,060 81,732 3,834 16,880 1,853 Sept. 28 J 82,281 962 4,146 3,134 5,893 8,254 81,479 3,674 17,673 1,860 Oct. 26 82,476 931 3,996 3,101 5,898 8,264 79,467 6,237 17,966 1,942 Nov. 30. „ 82,097 960 3,008 3,228 5,893 8,849 81,879 4,829 15,522 1,869 Dec. 28 82,124 963 3,971 3,2il 5,837 8,283 83,412 3,718 15,359 1,907 1935—Jan. 25 * 82,014 961 3,148 4,003 5,837 <*> 31,686 3,750 16,474 0) Assets Liabilities fteichsbank Beserves (Figures in millions of reichsmarks) Foreign Tr b e i a ll s s ury b c i O h ll e s t c h ( k e a s r n ) d Se lo c a u n r s ity Se t c ie u s ri- a O s t s h e e t r s ci N r ti c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - Gold exchange 1933—Nov. 30 405 3 26 3,001 163 513 773 3,542 478 871 Dec. 30 3S6 9 49 3,177 183 581 735 3,645 640 83d 1934—Jan. 31 ... „ .... 376 7 43 2,845 81 620 343 3,453 493 863 Feb. 28 333 7 4 2,766 248 666 301 3,494 530 802 Mar. 29 237 8 90 3,144 144 631 635 3.675 647 763 Apr. 30 205 7 53 3,140 140 639 760 3,640 515 788 May 31 130 6 14 * 3,174 125 643 360 3,635 633 778 J J u u n ly e 3 30 1 .. . . . . m ... .. 7 7 0 5 3 7 7 2 0 4 3 3 , , 3 4 9 0 2 8 1 1 7 0 1 9 6 7 8 1 5 3 7 83 8 6 0 3 3 , , 7 7 7 6 7 8 6 6 2 4 3 9 7 8 7 0 5 0 Aug. 31 75 4 3 3,540 128 737 867 3,824 717 813 Sept. 29 75 4 19 3,811 143 755 806 3,919 843 851 Oct. 31 83 4 3 3,726 91 750 890 3,823 856 863 Nov. 30 79 4 8 3,848 119 752 831 3,810 961 020 Dec. 31 79 5 45 4,021 146 763 827 3,901 934 1,001 1935—Jan. 31 P 30 5 1 3,620 31 759 837 3,660 822 900 1 In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary Issue, which Is fixed by law at £260,000,000. * Not yet available. NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
100 FEDERAL RESERVE BULLETIN FEBRUARY 1936 CENTRAL BANKS-Continued [Figures are for last report date of month] 1934 1933 1934 1933 Central bank Central bank Dec. Nov. Oct. Dec. Dec. Nov. Oct Dec. National Bank of Albania (thousand Central Bank of China—Continued. of francs): D eposi ts—Government.. 256 237 166 Gold 7,123 7,121 7,367 Bank. 30 42 45 Foreign exchange 22,506 22,768 26,421 Other. 10 10 16 Loans and discounts 2,772 2,781 2,959 Other liabilities.. 80 80 65 Other assets 3,127 3,082 3,246 Bank of the Republic of Colombia Note circulation 11,059 11,212 12,165 (thousands of pesos): Demand deposits 13,420 13,623 16,654 Gold at home and abroad • 14,251 15,676 17,583 14,233 Other liabilities „_ 11,049 10,916 11,175 Foreign exchange 1,892 1,655 2,306 2,479 Commonwealth Bank or Australia Loans to member banks 8,078 5,281 4,448 4,877 (thousands of pounds): Note circulation 40,137 36,441 36,697 31,813 Issuo department: Deposits 24,819 25,553 26,852 22,176 Gold and English sterling... 15,703 15,708 16,703 13,007 National Bank of Czechoslovakia Securities 32,369 29,625 29,625 32,360 (millions of koruny): Banking department: Gold* 2,680 2,676 2,675 1,707 Coin, bullion, and cash 657 847 800 666 Foreign balances and currency *... 229 183 154 926 London balances 17,497 20,679 21,217 15,883 Loans and advances., 1,379 1,205 1,409 1,751 Loans and discounts 19,733 18,565 17,072 14,323 Note circulation 5,640 5,337 5,461 5,906 Securities 35,893 35,753 35,735 35,372 Deposits - 766 828 871 Deposits 75,941 79,515 78,347 67,454 Danish National Bank (millions of Note circulation 60,300 47,550 47,550 50,301 kroner): Austrian National Bank (millions o; Gold. 133 133 133 133 sch G il o l l i d n » gs): 242 242 242 139 F L o o r a e n i s g n a n b d il l d s i , s e c t o c unts 7 1 5 4 7 1 3 0 7 7 9 4 D G O o o th m v e e r e r s n f t o m i r c e e b i n g i t n l l s d b e i b ll t s s » 2 6 3 3 2 a 5 4 2 6 4 4 2 1 6 4 2 6 4 5 2 3 0 4 2 6 7 2 1 5 4 3 Ban D k N e o p te o o f s c i i t r s c D u a l n at z i i o g n (thousands of 3 1 8 2 6 3 3 1 7 2 8 7 3 11 8 9 4 3 7 7 8 5 Note circulation 964 955 954 952 gulden): Deposits 154 172 180 142 Gold „__ 23,577 23,985 25,987 29,902 National Bank of Belgium (millions Foreign exchange of the reserve 1,694 2,150 9,950 U belgas): Other foreign exchange 38 177 154 127 GGoolldd 2,503 2,733 Loans and discounts 22,265 19,198 18,892 14,494 DDomestic and foreign bills 671 619 786 Note circulation 38,920 38,739 39,147 40,243 Loans to State * . 344 344 344 351 Deposits 1,764 3,150 10,354 Note circulation.. ........ 3,530 3,501 3,563 3,419 Central Bank of Ecuador (thousands Deposits 234 225 187 601 of sucres): Central Bank of Bolivia (thousands of Gold at home and abroad 15,276 15,707 14,559 bolivianos); Foreign exchange 15,426 12,604 4,533 Ban • N k L F G D o o o o o e t r o f l p © e d n o B i s g s c n r i n i a a t t r s n z c h e i d u x l o l c m d a ( h m t i e a s i o i n c a l n o g l n i u e o d n n t a s s b o r f o t a n d llreis): 1 3 7 3 9 4 9 5 6 , , , , , 4 1 1 7 2 1 3 9 6 1 3 7 2 5 1 1 7 2 3 9 6 9 8 7 , , , , , 3 9 0 0 9 5 3 2 4 2 9 0 7 3 7 5 5 1 6 3 3 7 7 , , , , , 0 8 9 7 9 9 7 6 6 7 1 1 5 4 8 Na o t f i N D L G o p n o e o o o a p a l t u d e l n o n s s c B d i i a t s a r s ) n c n : u d k l a d o t i f i s o c E n o g u y n p t t s * (thousands , 4 5 2 6 6 0 9 , , , , 5 8 4 4 4 2 6 7 5 8 4 7 3 4 4 6 0 9 5 , , , , 5 9 8 0 4 7 8 0 1 5 6 0 5 2 3 0 0 5 , , , 2 4 5 8 8 5 7 5 7 Na o t f i N G N D L C C o le n e o e o o o u v t p a a r t l r a e d l r n o r f ) o . e e s s : c B r s n i i a p t e r a c s i n o c y n g u n d n k l d a d e e o t i x n i s f o c c t h n s B o a u a u n n b l g g t r e a s o r a i i n d a r ( e m se il r li v o e n . s .. , 1 - ,5 5 4 2 7 1 2 2 , - , . 6 9 2 6 2 5 * 2 1 3 0 9 9 7 0 6 5 7 5 1 2 2 , , - , 5 9 3 6 2 6 2 4 4 1 0 4 8 0 7 1 3 7 6 1 2 2 , , , 5 8 7 3 2 4 4 5 6 2 7 7 5 8 2 8 0 9 6 Bank O L N D B O F o o o e t o t r G h h p r a f t i e e e e n o o E t r i r v s s g i c s i e l s a n i t a t i r r o s s h a n c n — e s n , b d u e x m i i t a l c G O E l d s a e h i t ( o i n t g t a i s t h i v t y o n h e c e e p n s g o s o r r . e . t e u u ! n i c ! s n a m u . . a n . t r " n s e , i . n . d t " i a t s e . n s o " d f " k ! r o !! o t o h n e i r ); „ " 3 2 1 8 5 4 6 6 3 2 0 , , , , , , , , 7 3 5 1 9 1 6 4 4 7 0 5 3 4 2 3 8 1 3 5 9 5 8 1 3 2 1 8 3 5 6 0 2 2 6 , , , , , , , , 5 9 9 0 9 6 4 0 1 0 6 5 5 3 0 2 6 5 7 3 9 4 3 7 3 2 1 6 7 4 5 3 2 0 8 , , , , , , , , 9 0 3 9 3 8 5 5 4 3 2 7 3 2 3 8 4 4 1 7 4 5 3 0 T L O N O o o o t - h i a t t v a e e n e l r s r c f s n i a o r i m n r g c e u h d e i t l g n d a n l t t i i s i a o e o c b b x n o i l c u l i h i g n t a a i t e s t n s io g n e. s . . .. .., , 2 1 2 1 , , , , 7 4 0 7 2 5 2 4 5 0 8 5 9 5 0 2 2 1 1 , , , , 9 4 2 7 0 1 4 1 5 4 5 7 9 5 7 2 2 1 1 , , , , 6 7 7 1 1 3 5 5 0 7 3 0 5 7 8 2 1 2 1 , , , , 5 9 2 3 2 6 8 8 4 0 5 7 4 4 1 N D N L G o o e e o a t t p l e d n o f o s c s r i i a r e t n i c s g u d — n l a d e G t i x . i s o o . c c n . v o h . u e a .. r n n n t g s m e.. « e - nt....™!"" 3 2 1 7 6 4 7 6 , , , , , 7 3 6 6 6 4 8 7 7 8 6 3 8 9 7 3 2 1 3 6 6 7 5 , , , . , 8 6 3 8 0 2 0 9 1 2 1 4 5 1 4 3 2 1 6 3 6 7 4 , , , , , 8 6 7 2 1 9 6 8 2 4 1 1 3 2 7 2 2 1 4 2 1 0 2 , , J , , 3 4 1 2 2 2 0 3 4 5 3 5 2 0 Central Bank of Chile (millions of Bank 9,603 7,275 7,249 6,826 Other ' 2,757 2,124 2,323 3,078 t and foreign exchange in re- D N G L e o o o s p o e t v e r o n e v s r s c i n e i a t . r m s n c d e u n l d a t i t s d i c o e o n b u - t - n ts *....*.. "l"\ 3 £ 7 1 3 5 0 1 4 3 1 2 7 4 3 4 7 1 5 6 9 1 4 9 2 2 7 4 3 5 6 1 1 5 1 3 1 6 0 5 2 0 7 Bank B F G o a o c o r l r l a e d f e n i d g F c i n e t i s n s b l i a l n l a s d . b .. r . ( o * m ad il " ll " o a n n s' d o " f' f m of a e r ig k n * " ' 1,3 1 2 1 8 9 1, 3 2 2 8 3 3 1, 1 1 8 9 7 0 3 9 7 5 1 4 Ce y n u S N L S O D t D a R r e o o n t u u a o h c i h a v t e l e l ) u e d e : n e r r f f B . r s c , r r i t a a i o o a i r n m m s e n c s s k u d e b d l t d o a s a o t f i n m i s o c k C e n o s s h u t a i i n n b c t a r s b o . * : a a : d n ( : m k : s i . llions " o " f 1 1 8 4 2 4 9 3 1 1 6 4 3 9 1 0 1 5 1 1 8 4 I 4 7 3 I 2 S 4 3 S 4 8 2 0 1 1 7 1 2 3 4 2 1 1 1 3 3 1 3 3 5 1 m NN a O G L G N D O s o oo t o o o o t V h h a tt v l m t ee d e e n e f e r r e s r cc G a c s n i s i s i a n t rr r r i i m i n g c d g e c c c u h d u h e u e f b l t c n t l o la e d a a i t r U l t l t i t i e l i i s o a a s io ( i o c o g b m b b n n o n n l i i u l i i l . i l g i . t e n l t . a i i x i . e t o e t s c ' _ n i s s h o " s a n .; n . s o " V " g f ! J e . ! " " : ! d " raeh " - " 2 3 5 4 4 1, , , , , , 1 6 1 6 3 3 2 5 6 8 0 7 5 7 7 4 5 5 6 3 3 7 0 3 3 2 5 3 4 1 , , , , , , 4 3 1 8 6 0 2 5 9 2 1 4 4 5 2 1 3 2 4 6 3 5 3 4 2 3 1 , , , , , , 9 6 3 0 4 3 0 2 1 1 8 6 5 8 3 4 4 9 2 1 3 5 3 6 4 3 M , , 3 0 6 1 2 B 7 9 0 5 129 143 as formerly, and foreign exchange v&laed from 44.58 milUgrams of fine gold to 37.15 milUgrams. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 101 CENTRAL BANKS—Continued [Figures are for last report date of month) 1934 1933 1934 1933 Central bank Central bank Dec. Nov. Oct Dec. Dec. Nov. Oct. Dec. Na o t f i p o e n n a g l o B s) a : nk of Hungary (millions Bank G o o l f d Poland : (millions of zlote): 503 499 497 m Gold 79 79 79 79 Foreign exchange. __ 28 30 36 83 Foreign bills, etc 20 15 14 12 Loans and discounts 757 723 745 817 Loans and discounts 631 600 598 636 Note circulation - . 981 958 1,010 1,004 Advances to Treasury - 50 47 47 50 Other sight liabilities 241 237 181 262 Other assets - 34 32 31 Bank of Portugal (millions of escudos): Note circulation 381 350 373 Gold 902 902 759 Deposits—. - 106 100 73 103 Other reserves 437 423 383 328 Certificates of indebtedness 115 115 115 120 Discounts and advances 316 323 314 305 Miscellaneous liabilities 184 181 178 193 Government obligations 1,049 1,049 1,049 1,052 Bank of Italy (millions of lire): Note circulation 2,121 2,052 2,074 1,982 Gold at home * _ 5,811 5,840 6,071 7,092 Other sight liabilities 758 807 725 513 Credits and balances abroad 72 26 28 305 National Bank of Rumania (millions Loans and discounts 6,455 5,179 5,095 of lei): Note circulation , 13»145 13,162 13,251 13,243 Gold 10,235 10,208 9,895 Public deposits—.—— - .. 300 300 300 300 Foreign exchange of the reserve— 87 83 257 Other deposits 805 754 839 1,269 Other foreign exchange 14 8 13 Bank of Japan (millions of yen): Loans and discounts.. 6,715 6,517 9,320 Gold 464 462 425 State debt 5,668 5,608 5,681 Advances and discounts 987 778 764 950 Note circulation 21,579 21,650 21,219 Government bonds— 647 323 358 667 Demand deposits 7,431 7,350 7,257 Notes issued . 1,609 1,186 1,204 1,598 South African Reserve Bank (thou- Total deposits 341 311 296 377 sands of pounds): Bank of Java (millions of florins): Gold 22,287 22,295 21,017 17,144; Gold 114 113 113 108 Foreign bills 10,517 9,117 9,125 18,886 Foreign bills 1 1 1 1 Domestic bills 51 131 97 Loans and discounts 62 63 64 62 Note circulation 13,007 12,721 11,264 11,859 Note circulation 177 181 183 186 Deposits—Government 1,882 2,278 2,338 942 Deposits 34 31 28 Bank - 21,471 20,942 20,738 26,991 Bank of Latvia (millions of lats): Other 5,216 4,671 3,645 3,164 Gold 46 46 46 Bank of Spain (millions of pesetas): Foreign-exchange reserve 3 4 2 Gold - 2,267 2,266 2,261 Bills 62 61 66 Silver 675 673 644 Loans 75 76 70 65 Balances abroad— 281 279 281 279. Note circulation 36 36 34 37 Loans and discounts 2,525 2,377 2,377 2,760 Government deposits 45 44 45 57 Note circulation 4,669 4,714 4,825 Other deposits 113 119 119 85 Deposits — 1,005 887 934 Bank of Lithuania (millions of litu): Bank of Sweden (millions of kronor): Gold 52 53 52 Gold - 351 352 359 370 Foreign currency 8 6 15 Foreign bills, etc 555 522 513 449 Loans and discounts _ 101 93 84 Loans and discounts . — 57 48 45 165 Note circulation - 88 87 86 88 Note circulation.— 708 651 662 648 Deposits 62 61 Deposits '- 407 446 434 472 Bank of Mexico (millions of pesos): Swiss National Bank (millions of Gold . _ „ 87 82 42 francs): Silver. 115 124 115 Gold 1,910 1,910 1,902 1,99$ Foreign exchange 6 13 12 Foreign balances and bills.. 8 18 19 18 Loans to member banks 70 66 38 Loans and discounts 144 100 134 146 Other loans and discounts 19 18 43 Note circulation 1,440 1,376 1,384 1,510 Other assets 13 12 6 Demand deposits f24 642 684 Note circulation 101 108 78 Central Bank of the Republic of Tur- Deposits 91 90 66 key (millions of pounds): Nt eth O e t r h l e a r n d li s a b B ili a t n ie k s (millions of flor- 118 116 113 G Fo o r l e d i gn exchange - 2 1 7 3 2 1 7 0 2 6 7 I 2 5 5 ins); Government securities— 153 153 153 152 Gold 842 856 922 Other securities 33 32 33 30 Foreign bills.,. 1 1 1 1 Other assets 32 28 31 40 Loans and discounts 174 171 171 177 Note circulation *. 165 U0 158 161 Note circulation 912 882 893 912 Deposits • 32 29 30 20 nR ese D r e v p e o B si a t n s k of New Zealand > (thou- 146 187 20S 230 Bank O th of e r .' l t i h a e b il R it e ie p s ublic of Uruguay 62 62 62 62 sands of pounds): (thousands of pesos):, • > i Gold 3,002 3,002 3,202 Gold 46,643 46,643 48,629 Sterling exchange . 22,092 23,608 23,222 Loans and discounts . 100,957 100,124 97,598 Other assets .IV"." III! 1,989 1,671 1,689 Other assets 46.306 45,138 43,442 Note circulation „ . 9,772 9.611 8,878 Note circulation 73.975 72,842 78,390 Demand deposits 15,771 17,132 17,700 Deposits—Demand 30,816 30,485 32,413 Bank 9,072 10,737 12,677 Time 43,693 43,910 42,584 _ Government 6,391 5,020 Judicial and adminis- 11 O * t < h £ er N li o a r b w il a i y ti e ( s millions of kroner): 1,540 1,537 1,536 Other liabilit t i r e a s tive 4 2 2 , , 7 6 8 39 7 4 2 2 , , 6 8 9 05 7 3 2 3 , , 6 6 3 5 1 1 Gold _„ 135 135 135 143 National Bank of the Kingdom of N D T F F o o o o r r m t e e e i i e g g c s n n i t r i c c b d u a e c l l p a r a o e t n i d s o c i i n e t t s s s ; a ; n " d" " b " il " ls " . " 1 " I. : " .I : I — : " : . 3 2 4 3 6 7 0 3 3 2 3 3 8 5 1 7 7 4 3 5 3 2 1 5 2 7 3 6 1 2 7 3 2 2 7 6 7 4 5 3 1 Yu F L A N g o o d o o r a v t s e e n l a f a s n g c v c a n i i r e a n ' c e s d u x ( t m l c o d a h i i t S s a l i l c o n t i o a o n g t u . n e e n s .— t o s f dinars): 2 4 1 1 , , , , 2 7 7 2 3 2 8 6 8 8 5 5 4 7 4 2 1 1 4 , , , , 2 8 3 8 3 1 3 2 2 0 7 6 2 1 7 1 2 1 4 , , , , 8 8 1 3 3 4 8 0 2 8 9 1 7 0 0 2 1 2 4 , , , , 7 1 3 3 1 9 0 1 2 6 5 2 8 7 5 Other sight liabilities.... 866 1,268 1,179 1,031 Bute and f°rdgn exchan8e~ 40,547 41,662 45,217 62,955 60,471 Note circulationllVI 71,281 71,848 67,285 d e p o s i t : : : " "• 25,070 23,045 20,460 1 Bank began operations Aug. l, 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
102 FEDERAL RESERVE BULLETIN FEBRUARY 1935 COMMERCIAL BANKS (Figures are as of end of month, except those for England, which are averages of weekly figures] Liabilities (10 clearing o f b a p n o k u E n s n . d g s l F a s i n t g e d u rl r i e n s g ) In millions v d B C a u a u a e n s l t f h k r a o i n o n m f d M ca n o s l h o n l t o e a i r y c n t e d at B co il u ls n d te i d s- S ri e t c ie u s - L cu oa s e t n r o s s m to - a O s t s h e e ts r Total D D e e m po a s n i d ts * Time lia O b t i h li e ti r es England IBM-F A J J A S N D M M O u u e e p o e u c a b p a n l c v r t y r g y t r e e o i e e c l u m u m b m h a s e b b r b t r e e y e s . r r . - r . . . . . 2 2 2 2 2 2 2 2 2 1 1 1 1 1 0 1 1 0 1 2 0 9 0 6 3 7 0 9 9 8 2 9 6 1 1 1 1 1 1 1 1 1 1 1 5 3 4 3 3 3 3 3 2 3 1 1 5 1 1 9 6 3 7 0 2 8 2 2 2 2 2 2 2 2 2 2 2 3 5 1 2 5 0 2 1 2 2 1 3 5 6 3 0 2 2 3 8 4 2 5 5 5 6 5 5 5 5 5 5 5 8 4 6 7 3 9 4 5 6 4 5 9 9 3 6 4 4 7 0 0 2 7 7 7 7 7 7 7 7 7 7 7 7 6 4 5 5 6 5 5 5 5 6 6 1 6 9 9 3 7 7 9 9 0 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 2 2 3 2 1 4 3 2 6 1 0 9 5 6 0 9 7 6 2 1 1 1 1 1 1 1 1 1 2 1 , , , , , , , , , , , 8 8 8 8 8 8 8 8 9 8 2 6 5 3 5 7 5 5 1 7 9 2 7 3 1 8 1 6 8 1 0 1 2 (*> 0 9 9 9 9 9 9 9 9 9 1 3 1 2 5 3 6 7 4 6 0 2 9 5 4 9 0 5 8 0 8 8 8 8 8 8 8 8 8 9 8 8 9 8 8 7 6 7 8 0 1 0 0 8 7 4 9 3 5 0 2 2 2 2 2 2 2 2 2 2 2 4 4 4 3 3 3 3 4 4 5 5 6 0 0 8 7 6 5 0 5 0 1 Assets Liabilities (4 large banks. f F F ra r ig a n u n cs r c ) e e s in millions of v d B C a u a u a e n s l t f h k r a o i n o n m f d D b u a e n fr k o s m B co il u ls n d te i d s- i s n L e c l c o o lu u a a d r n n i i s s t n y , g Other Total D D e e p m o a si n t d s Time a a c O n c w e c p e n s t- lia O b t i h li e ti r es France 1934—February -, 4,650 1,724 18,174 8,956 1,130 30,736 29,891 845 334 3,564 March 5,001 1,634 17,990 8,514 1,202 30,390 29,571 819 345 3,606 April 5,306 1,590 17,973 8,616 1,220 30,677 29,819 857 320 3,708 May 5,567 1,496 18,043 8,356 1,185 30,621 29,746 875 261 June 6,547 1,478 18,435 8,199 1,201 30,820 29,916 904 203 July.*—.. 6,105 1,407 18,705 8,526 1,270 31,888 30,962 926 201 3,925 August— 6,263 1,393 18,024 8,327 1,316 31,165 30,275 889 183 3,976 September. 6,946 1,419 18,384 8,511 1,395 32,460 31,547 913 179 4,016 October... 7.450 1,503 17,972 8,124 1,488 31,332 90S 183 4,119 Liabilities I ( n R e m p i o ll r i t o in n G g s e b o r a f m n a r k e n s l y . c hs F m ig a u r r k e s s ) v d C R a u b u a e e a l s i t c f n h r h a k o i n s n m - d D b u a e n fr k o s m B co il u ls n d te i d s- in s L e c l c o l o u u a a d r n n i i s s t n y , g S ri e t c ie u s - Other Total D D ep em os a it n s d Time c b o u C b a s f n t r t r a o e k o i d m m s n i f e t e o s d r r s lia O b t i h li e t r ies 1034—February- 139 612 2,127 4,458 2,387 1,196 7,159 3,254 3,905 661 3,100 March 179 610 2,027 4*482 2,417 1.192 7,153 3,294 3,860 646 3.108 April 166 603 2,103 4,390 2,477 1,195 7,166 3,260 3,906 648 3,120 May 169 619 2,160 4,309 2,478 1,184 7,185 3,260 3,925 631 3,103 June 226 619 2,128 4,220 2,512 1,158 7,164 3,361 3,804 609 3 091 July 176 601 2,165 4,239 2,515 1,175 7,151 3,272 3,879 594 3 127 August... 145 594 2,223 4,211 2,432 1,167 7,068 3,189 3,879 581 3 123 Liabilities Canada Entirely in Canada Security Deposits payable in Canada loans excluding interbank deposits d u (1 o r 0 e ll s a c i r h n s a ) m rt i e l r li e o d n s b o a f n C k a s. n a F di i a g n - v t C a r in a u a l s l c t h g e a n o i n l * n d d Se lo cu an ri s ty l b c o o i O a l u l n t s n h s d t e a e i r n s d - d d a a f u b o n b e a r d r e n o f i r n k g a o e n s d m t S ri e t c ie u s - Other ci N r t c i o o u t n l e a* Total Demand Time lia O bi t l h it e i r es 1934—February _ 193 102 1,011 144 442 117 1,885 530 1,355 724 March 187 103 1,029 159 835 427 123 1,893 626 1,367 718 April 187 101 1,044 169 837 443 121 1,944 563 1,376 722 May 187 103 1,037 176 830 469 119 1,964 597 1,368 719 June . 185 1,018 183 837 452 129 1,922 657 1,365 723 July 206 996 163 850 455 122 1,929 668 1,360 N S D A O e o e u c p c t v g o t e e u e b m m m s e t b r b b e e e r r r 2 2 2 2 2 2 3 1 2 1 8 2 9 4 2 1 1 1 1 9 0 0 0 0 9 3 1 8 0 1 1 J I , , , 9 0 0 0 0 0 7 0 2 1 3 7 0 0 9 1 1 1 1 1 8 5 3 6 7 5 5 4 2 8 9 8 9 8 9 1 2 8 6 6 1 0 3 7 2 4 4 4 4 4 4 4 4 3 6 9 5 6 4 0 1 1 1 1 1 3 3 3 2 3 1 6 2 4 0 2 2 2 1 1 , , , , , 9 9 0 0 0 3 7 3 3 3 9 1 5 5 8 5 6 6 6 6 7 9 2 2 6 1 4 4 3 8 1 1 1 1 1 , , , , , 3 4 3 4 3 6 7 1 0 7 7 7 1 7 0 3 715 718 National Ban3c ™MlnZ to offlces OtttsId» England, which are included in the total. NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TEBBCIET 1935 FEDERAL KESERVE BULLETIN 103 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum) Central bank of— Date effective E la n n s d - France m G a e n r- y- Italy N l e a t n h d e s r- Sw la it n z d er- b C an en k t r o a f— l R Fe a b te . Date effective b C an en k t o r f a — l R Fe a 1 b te . Date effective I F n e e b f . f e 1 c 8 t , 1 J 9 a 3 n 2 . 1,1932. 6 5 2H 7 7 3 2 Albania 7V4 Nov. 16,1933 India- Feb. 16,1933 M M a a r r . . 9 Id. 4 6 A Be u l s g t i r u ia m OVA J A u u n g e . 2 2 8 8 , , 1 19 9 3 3 4 4 J J a a p v a a n .- J N u o l v y . 1 3 , , 1 1 9 9 3 3 4 3 -Mar. 17 3H Bolivia 6 July 6,1932 Latvia Jan. 1,1933 . W Ap a r r . . 9 2U IH 6 Bulgaria h Jan. 2,1934 Lithuania 6 Apr. 1,1930 Apr. 19. m Chile Aug. 23,1932 Norway May 24,1933 Apr. 21 3 Colombia... July 18,1933 Peru May 20,1932 Apr, 28 I Czechoslo- Poland 5 Oct. 26,1933 M Ma a y y 2 12 6 vakia, 3H Jan. 25,1933 Portugal 1 6 Dec. 13,1934 June 30 Danzig 4 Sept. 21,1934 Rumania in Dec. 15,1934 J S a e n p . t . 9 2 ,1 2 9 .. 3 . 3... 4 4 D Ec e u n a m do a r rk... N N o o v v . . 3 3 0 0 , ,1 1 9 9 3 3 2 3 S S p ou ai t n h Africa. M Oc a t y . 1 2 5 9 , , 1 1 9 9 3 3 3 4 May 12. " . 3W % June 29 Sweden Dec. 1,1933 July 15 h Estonia 5 Oct. 1,1934 Turkey Mar. 2,1933 • J A S u e u l p g y t . . 2 1 4 9 5 ™ . ' „ m H F G i r u n e n l e a c g n e a d ry— 4 IH D O O e c c c t t . . . 1 1 3 4 8 , , , 1 1 1 9 9 9 3 3 3 4 3 2 Y U u . g S o . s S la . v R ia .... 8 5 M Fe a b r . . 2 1 2 , , 1 1 9 9 3 2 5 7 Sept. 19 Dec. 11 3 Change since Jan. 1: Yugoslavia—Feb. 1, down from 6H to 5 percent* Feb. 9,1934 3 June 1 m NOT. 35. ' . 4 In effect Feb. 1,1935. 2 4 4 2H 2 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- England (London) Germany (Berlin) dam) Month B a a a c n n c c k e e p e s r t , - s' T m b re i o l a n ls s t , u h 3 r s y Da m y- o t n o- e d y ay o a B n l l a d o n e w k p a e o n r s c s i ' e ts d P i r s r c i a v o t a e u t n e t M 1 o m ne o y n f th or Da m y- o t n o- e d y ay d P i r s r c i a v o t a e u t n e t M 1 o m ne o y n f t o h r 3 months 193?-November. 1.05 0.94 0.75 3.87 5.50 5.18 0.45 1.00 December.. 1.06 1.15 .77 3.87 5.50 4.97 .52 1.00 1934—January-. 1.01 .90 .86 3.87 4.78 4.74 .50 1.00 February "I .95 .86 3.87 4.91 4.78 .78 1.00 March.,., .95 -84 3.87 5.00 4.89 1.24 1.07 April .96 .89 3.87 5.11 4.76 2.07 1.85 May I .91 .85 .85 3.87 5.13 4.72 1.33 1.22 June .91 .85 .92 3.76 4.67 4.57 .78 1.00 July I .87 .76 .85 3.75 4.44 4.67 .74 1.00 August .79 ,74 .81 3.75 5.02 4.72 .75 1.00 September. .73 .61 .78 3.81 5.13 4.71 .61 1.00 October.... .77 .68 .76 3.81 5.13 4.63 .59 1.00 November., .45 .29 .68 3.63 4.37 4.21 1.00 December.. .57 .47 .70 3.50 3.56 4.28 1.00 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r c i a v o t a e u t n e t d P i r s r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c i o a P l m r p i m m a e p e r e - r Da m y- o t n o- e d y ay L m oa t o o n n s 3 t h u s p Disc b o i u ll n s ted ov m e C o rn a n l i e l g y ht 1933-November 1.50 2.12 1.85 3.60 3 5.11-5.48 2.66 December... L50 2.25 2.26 3.00 5.11-5.48 2.66 1934-January 1.50 2.14 2.12 3.00 6.11-5.48 2.37 February.;: 1.50 2.05 2.59 3.00 5.11-6.48 2.56 March 1.50 2.07 2.75 3.00 5.11-5.48 2.56 ApriL. 1 1.50 2.14 2.70 3.00 5.11-5.48 2.37 May 1.60 1.93 2.60 3.00 5.11-6.48 2.37 June 1.50 2.11 2.09 3.00 5.11-6.29 2.37 July L50 2.20 1.78 3.00 6.11 2.56 August—"; 1.50 2.31 1.75 3.00 5.11 2.74 September... 1.50 2.15 1.50 3.00 2H4 6.11 2.56 October 1.50 «2.10 1.45 3.00 2M-4H 6.11 2.5ft November. 1.50 '2.23 1.44 3.19 2J4-4H 6.11 2.56 December.... 1.50 2.37 1.60 4.00 • Corrected. r' RReevviisseedd.. No«.-For explanation of table see BULUETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 603; November 1929, p. 736; and May 1830, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
104 FEDERAL RESERVE BULLETIN FEBRUARY 1935 FOREIGN EXCHANGE RATES [Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year and month A (p t r e i g n s e o a n )* - (p t A o ra u u l n s i - d a )s A ( l s u i c n s h g t i r ) l i ' - a B (b e e lg lg iu a m ) B r ( e r m a is z i ) l i - i l g ( B l a v u r ) i l a - » C (d a o n ll a a d r a ) ( C pe h s i o le )* ( C y h u i a n n a ) C (p o b e l s i o a o m )* - ( C p u es b o a ) C ( s k l z o o e v r c u a h k n o i a - a ) ( D m kr e a o n r n k - e> 1 1 1 1 1 1 1 9 9 0 8 9 9 9 3 2 3 3 3 3 3 0 9 1 3 4 2 4 - M A Fe p a b r r i r c l a h a r . y .... , < 9 8 6 5 3 3 3 3 7 5 3 6 3 3 4 3 3 2 . . . . . . . . 1 5 7 5 4 5 3 9 .8 2 0 4 3 7 4 4 5 0 7 9 5 7 9 3 7 5 0 4 4 0 5 3 3 5 3 9 4 3 4 3 4 2 4 4 4 S 5 3 6 0 1 0 0 7 1 7 8 0 5 0 0 9 0 . . . . . . . . . 5 5 0 8 7 6 9 9 8 4 0 7 6 8 0 5 3 3 1 1 1 1 1 1 1 1 1 4 4 3 4 8 5 8 8 8 . . . . . . . . . 0 9 0 0 5 4 9 8 7 8 5 5 1 2 4 6 7 9 9 9 1 7 7 2 5 2 3 1 9 4 8 5 7 0 4 0 2 2 2 1 1 2 1 1 1 3 3 2 3 3 3 3 3 7 . . , . . . . . . 4 2 9 8 2 9 9 9 8 4 8 1 8 9 1 5 2 9 1 6 2 9 3 2 8 9 8 6 7 4 3 7 4 1 6 5 1 1 8 7 8 8 7 8 7 1 0 . . . . . . . . . 4 6 4 0 5 1 9 7 8 0 6 2 4 2 2 0 1 0 0 6 6 2 9 3 2 3 7 4 6 8 0 0 0 3 6 8 0 1 1 1 1 1 . . . . . . . . . 7 7 7 3 7 3 3 2 0 1 1 2 3 4 2 2 8 0 2 6 6 9 0 9 5 1 3 3 3 9 4 4 6 5 2 9 1 1 8 9 9 9 9 9 9 0 0 9 9 8 9 6 1 9 0 1 . . . . . . . . . 1 7 0 8 2 3 9 2 0 6 4 8 0 8 5 2 4 0 7 7 2 7 9 8 5 7 6 0 5 4 1 6 7 3 2 0 1 1 1 1 1 1 9 7 7 0 0 0 2 2 2 . . . . . . . . . 5 9 6 2 1 1 0 0 0 9 0 7 2 5 4 6 6 7 9 9 7 8 6 5 6 0 8 4 5 9 7 6 2 9 1 5 « 3 3 3 2 3 2 4 2 2 4 4 4 4 1 2 1 9 8 . . . . . . . . . 3 1 6 0 7 4 9 9 5 0 1 5 9 3 0 3 1 9 7 9 0 3 0 5 6 6 7 7 0 6 7 7 7 9 6 9 9 9 8 6 6 9 6 5 9 6 7 9 1 5 6 1 9 6 . . . . . . . . . 5 6 7 9 9 6 2 5 4 f 6 7 2 5 9 7 5 9 i 9 6 2 2 6 5 1 3 9 9 3 3 3 6 0 2 0 7 9 9 9 9 9 9 9 9 9 9 9 9 9 9 1 . . . . . . . 9 . 9 9 9 9 9 9 9 6 2 5 2 4 6 5 4 1 8 3 9 0 4 1 6 6 8 5 5 9 7 5 4 4 4 4 2 3 4 2 2 2 . . . . . . . . . 2 1 1 4 8 9 9 9 9 4 5 7 4 6 2 6 6 6 2 3 2 3 1 1 3 4 0 4 1 0 2 9 8 2 0 9 2 2 2 2 2 2 2 1 1 2 6 3 2 2 9 5 6 8 . . . . . . . . , 7 7 0 4 0 0 8 6 4 6 3 0 7 7 3 5 8 9 5 8 5 2 0 1 8 0 9 0 4 1 1 9 7 1 2 * * May 34.0413 407.10 18.9429 23.4137 8.6046 1.3154 100.1859 10.2531 32.4621 61.4642 99.9329 4.1755 22.7648 June 33.6552 402.24 13.9021 23.3623 8.4734 1.2503 100.7936 10.2233 33.0523 67.8900 99.9726 4.1590 22.5395 July 33.6077 401.70 18.8786 23.3606 8.4384 1.2608 101.2034 10.2705 33.9118 56.1052 99.9404 4.1540 22.5103 August 33.7601 403.52 18.9931 23.7056 8.4398 1.2381 102.3779 10.3266 34.8553 55.1596 99.9156 4.1944 22.6215 1935— D O N S J e e c o a p c t v n o t e e e u b m m m a e b r r b b y e e e . r r . r .. _ - 3 3 3 3 3 2 2 3 2 3 . . . . . 9 9 6 2 2 5 9 4 0 6 1 0 5 3 2 3 4 8 3 5 3 3 3 3 3 9 9 9 9 3 2 5 1 6 7 . . . . . 2 7 5 5 9 7 3 2 0 2 1 1 1 1 1 8 9 8 8 8 . . . . . 7 0 9 7 7 7 1 2 9 7 1 8 2 5 4 1 5 5 6 2 2 2 2 2 2 3 3 3 3 3 . . . . . 3 4 3 3 7 9 5 1 2 3 3 7 5 1 3 9 9 0 2 2 8 8 8 8 8 . . . . . 1 1 1 2 3 9 4 1 3 0 0 7 5 9 9 4 6 1 9 6 1 1 1 1 1 . . . . . 2 1 2 2 2 1 9 1 3 4 1 1 3 2 5 0 4 4 8 5 1 1 1 1 1 0 0 0 0 0 1 0 2 2 2 . . . . . 1 3 9 1 4 S 0 3 7 2 9 8 1 2 2 0 7 9 6 5 1 1 1 1 6 0 0 0 0 . . . . . 0 2 2 3 3 3 9 6 4 0 6 7 3 9 9 7 4 6 0 0 3 3 3 3 3 4 5 3 4 4 . . . . . 2 5 3 9 5 1 8 9 9 8 6 2 4 2 8 4 7 7 4 1 6 6 5 6 6 4 0 7 5 4 . . . . . 5 6 2 0 1 2 4 3 0 4 9 3 9 1 5 6 4 1 2 0 9 9 9 9 9 9 9 9 9 9 . . . . . 9 9 9 9 9 1 1 1 1 2 9 5 6 9 1 4 0 5 3 5 4 4 4 4 4 . . . . . 1 1 2 1 1 9 7 3 1 7 9 7 0 4 1 6 7 3 1 1 2 2 2 2 2 2 2 2 2 1. . . . . 8 2 0 2 0 4 7 6 9 7 4 2 1 8 9 7 4 5 1 3 " Year and month (p E o g u y n p d t ) E (p n o g u la n n d d ) F ( k i k m n ) a la rk n - d F (f r r a a n n c c e ) ( m m r G e a a i e c r n r k h y - ) s- G (d m r r e a a e c ) c h e - (d H K o o o l n n la g g r) (p H g e a u n r g n y o - )* ( I ru n p d e ia e) I (l t i a r l a y ) J ( a y p en an ) M (p e e x s i o c ) o N ( l f e a lo t n h r d i e n s r ) - 1929 ... 498.0689 485.6879 2.5160 3.9161 23.8086 1.2934 47.1669 17.4414 36.2020 6.2334 46.0997 48.1830 40.16221 1930 498.6002 436.2126 2,5169 3.9249 23.8541 1.2959 33.8530 17.4939 36.0672 5.2374 49.3898 47.1331 40.2251 1931 465.1111 453.4990 2.3875 3.9200 23.6302 1.2926 24.3305 17.4522 5.2063 48.3509 135.4919 40.2298 1932 359.5406 35a6067 1.6547 3.9276 23.7492 .8320 23.4604 17.4460 20.3468 5.1253 28.1112 31.3500 40.2949 1933 434.3903 423.6321 1.8708 5.0313 30.5179 .7233 29.4516 22.3598 31.8159 6.7094 25.6457 28.1025 51.7209 1934 516.8549 503.9302 2.2277 6.5638 39.3751 .9402 38.7156 29.5746 37.8793 8.5617 29.7153 27.7423 67.3831 1934—February .„. 516.0390 503.2596 2.2288 6.4648 33.8341 .9253 38.0999 29.1191 37.8567 8.5757 29.7536 27.7313 66.0382 March 522.3447 509.3917 2.2470 6.5S01 39.6599 .9413 33.6842 29.6125 38.3335 3.5763 27.7224 67.2956 April 528.4313 515.3425 2.2702 6.6161 39.5890 .9452 33.1556 29.7652 38.7557 8.5641 30.3124 27.7222 67.8471 May 623.7236 510.6279 2.2540 6.6131 39.4712 .9462 36.2293 29 7559 38.3329 8.5176 30.2276 22.7432 67.9056 June .. 517.7111 604.8406 2.2311 6.5993 38.2953 .9449 36.4890 29.7529 37.9072 8.5989 29.9041 27.7492 67.8148 July 516.9506 504.0705 2.2302 6.5939 38.4938 .9453 37.6231 29.7112 37:8774 8.57fiO 29.8434 27.7481 67.7146 August 519.5273 506.5076 2.2403 6.6592 39.4786 .9565 38.6140 29.8832 33.0616 8.6632 29.9933 27.7298 68.3808 September. _ 512.2619 499.4056 2.2101 6.6714 40.2760 .9562 39.3324 30.0219 37.5481 8.6794 29.7693 27.7458 68.5744 October 506.6711 494.0809 2.1826 6.6247 40.4507 .9476 40.4695 29.3995 37.1426 8.6056 28.6843 27.7514 November.. - 511.6889 493.9022 2.2019 6.5386 40.2054 .9392 41.2418 29.7126 37.4866 8.5386 29.0564 27.7620 December 494.5793 494.5793 2*1859 6.5971 40.1910 .9375 42.2908 29.5993 37.1835 8.5427 28.3232 27.7615 67.6382 1935—January 489.2457 2.1636 6.5820 40.0614 .9341 43.1695 29.5828 36.8611 8.5209 28.4725 27.7541 67.4562 Year and month ( Z p e o N a u e l n a w d n ) d * N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u d - o) R ( u n le m ia u a ) - (p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l i a t e t s r s - ) S (k w r e o d n e a n ) S ( w f l r a i a n t n z d c e ) r T (p u o r u k n e d y ) U (p S A n o o i f u o r u i n n c t h d a o ) f ! (p U g e u r s a u o y - )* ( Y s d l u a in v g a i o a r - ) 1 1 1 1 1 1 1 1 9 9 9 9 9 0 9 9 3 3 3 3 2 3 3 3 5 1 3 2 9 0 4 4 — . . . . . . — . . . . . . N D S J O J . . A . M M A . J u u r e F o e c a u f p l a a p n a t n c e v y g r y o r t y b u e e i e u e c l b a m r . m h m s e u . r . t y r b a b . b r e e e y r r r . . , 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 3 3 4 9 9 9 9 9 0 0 0 0 0 0 0 1 3 1 2 4 6 0 4 8 3 8 5 2 3 8 6 2 1 1 5 0 3 0 8 . . . . . . . . . . . . . . . . . . 6 2 6 0 7 0 8 3 8 2 4 8 6 2 1 0 2 2 3 5 7 7 7 9 1 9 4 3 6 1 3 9 9 0 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 4 4 4 5 5 5 5 5 5 5 5 5 1 5 5 6 6 8 . . . . . . . . . . . . . . . . . . 5 8 8 0 4 0 3 3 5 6 3 8 4 2 0 7 6 0 3 4 5 2 6 9 2 5 8 4 8 1 2 3 5 5 8 0 7 1 0 5 5 4 2 5 3 2 6 9 6 3 3 4 9 2 8 5 4 3 5 6 3 9 4 4 3 2 1 9 5 6 8 7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 9 8 9 8 9 8 8 8 8 1 1 8 3 8 4 1 1 . . . . . . . . . . . . . . . . . . 8 0 8 0 8 1 8 8 9 5 9 1 9 1 8 4 2 1 5 0 9 3 9 5 4 8 9 5 9 9 0 9 1 0 4 8 3 7 2 4 7 1 1 7 1 5 8 7 4 4 3 5 6 2 5 1 4 1 6 4 3 9 7 4 4 0 3 0 5 1 0 3 4 4 4 4 4 4 4 4 4 4 4 4 3 4 4 4 3 4 . . . . . . . . . . . . . . . . . . 4 5 5 4 6 5 6 6 6 6 6 4 6 7 9 2 1 4 9 5 0 5 2 3 1 0 6 2 3 9 7 0 1 4 9 7 7 9 4 7 8 0 2 S 7 2 0 4 5 8 3 1 6 6 7 3 3 4 4 0 9 7 1 9 0 3 5 5 4 9 0 5 1 1 2 0 1 1 1 1 1 1 1 1 . . . . . . . . . , . . . . . . . . 9 5 0 0 5 0 7 0 9 5 0 0 5 0 0 0 0 0 7 9 9 1 0 0 0 9 1 9 0 0 0 0 9 0 0 0 9 4 6 4 2 9 2 2 2 6 4 5 2 0 3 6 1 6 f 6 4 3 7 9 8 3 5 3 6 0 5 1 2 6 3 0 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 8 3 3 3 3 3 0 3 3 1 3 3 3 3 4 3 3 . . . . . . . . . . . . . . . . . . 5 0 8 6 6 7 7 6 6 6 6 6 7 6 7 3 6 8 4 2 7 4 1 2 4 1 0 6 6 1 0 7 5 0 8 0 6 1 8 7 5 0 3 2 7 7 5 5 7 6 0 3 3 0 9 9 9 2 8 4 3 5 0 0 0 6 3 8 1 2 3 2 5 5 4 5 6 5 5 5 5 4 5 6 5 5 5 £ 5 5 9 7 8 8 0 7 9 5 9 9 9 7 6 9 9 0 8 2 . . . . . . . . . . . . . . . . . . 0 9 5 7 9 3 0 1 2 6 9 8 0 2 3 3 4 4 0 1 1 6 8 9 5 7 0 7 4 1 1 3 4 4 4 5 3 5 7 6 5 6 0 0 1 7 2 1 2 8 5 7 8 3 9 2 2 4 2 2 9 7 7 0 1 7 0 8 3 1 7 8 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 2 2 2 5 6 5 6 5 6 5 2 6 5 5 6 5 6 8 5 6 5 . . . . . . . . . . . . . . . . . . 9 3 2 7 7 9 0 2 9 4 8 1 4 0 4 2 5 7 5 1 5 8 8 4 3 6 8 7 5 1 9 7 2 2 6 2 5 9 4 3 1 2 2 8 5 8 4 8 1 7 1 6 2 4 4 9 0 9 5 4 0 0 6 3 3 2 0 5 1 7 0 3 3 3 3 3 2 3 3 3 3 3 1 3 3 3 1 1 1 2 2 3 2 2 2 4 2 2 2 1 9 2 2 9 9 9 . . . . . . . . . . . . . . . . . 4 5 0 2 5 9 7 8 4 4 7 4 4 3 4 2 3 2 9 8 3 2 7 0 5 3 0 8 5 7 7 0 0 7 7 6 7 5 7 0 3 4 5 2 4 9 9 4 5 5 1 7 9 4 7 1 9 7 9 5 0 2 2 3 5 3 5 3 4 4 4 7 7 8 4 6 7 7 7 7 7 7 7 7 7 7 9 7 7 0 0 9 3 9 9 9 9 9 9 9 . . . . . . . . . . . . . . . . 1 2 6 4 0 1 6 7 2 4 4 2 0 9 1 2 8 8 2 3 5 3 6 6 9 6 1 4 9 9 9 9 1 5 0 9 6 0 6 0 7 6 2 7 0 1 6 9 4 4 4 6 4 7 9 3 2 9 3 1 5 2 4 1 4 4 4 4 4 4 6 4 4 5 5 4 4 4 5 4 4 4 3 9 8 7 8 1 0 9 0 9 3 0 9 3 8 0 9 9 3 3 0 6 3 4 3 8 4 7 9 9 9 3 1 3 4 3 . . . . . . . . . . . . . . . . . . 7 2 7 2 5 9 4 3 4 4 2 4 1 9 2 2 4 4 9 9 6 7 6 8 2 0 2 4 4 3 0 9 7 3 3 2 9 8 5 4 8 8 8 7 7 8 8 6 8 8 8 8 8 8 3 5 7 5 0 0 0 8 9 1 0 0 0 0 0 0 0 0 . . . . . . . . . . . . . . . . . . 6 0 8 3 5 7 9 1 2 1 3 9 6 5 0 1 1 2 6 2 4 6 5 5 5 9 6 3 4 1 0 5 9 4 4 3 3 9 9 7 3 5 6 2 6 6 9 0 8 2 6 3 8 1 9 9 4 2 9 0 2 1 0 8 6 4 1 0 1 3 6 0 2 2 1 1 2 2 2 2 1 1 1 2 2 2 . . . . . , . . . , . . . . 2 2 7 7 2 7 7 2 6 2 2 2 2 2 % 7 4 6 6 5 6 7 7 7 4 7 6 7 7 1 6 8 9 5 8 0 1 1 8 1 4 0 2 & 8 6 6 1 9 1 5 0 7 5 2 1 5 eso tor Janquotations MTand 12. 1 Beginning Apr. Average for 1933 is for ne yuao for Apr. 10-30. Average beginning Jiri^CuSu. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 105 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year and month (1 U 9 S 2 t n 6 a i * t te e 1 d s 00) (1 C 9 a 2 n 6- a 1 d 0 a 0) (1 E 9 n 1 g 3 l « a 1 n 0 d 0) (1 F 91 r 3 a = n 1 ce 00) ( G 19 e 1 r 3 m *- a 1 n 0 y 0) (19 I 1 t 3 a - l 1 y 00) 1 ( 9 O J 0 a c 0 t p = o a « b n 1 e 0 r 0) (1 N 9 l e a 1 t 3 n h - d e 1 s r 0 - 0) 1926 100 100 148 695 134 602 237 145 1927 05 98 142 642 138 495 225 148 1928 97 96 140 645 140 462 226 149 1929 95 96 137 627 137 445 220 142 1930 86 87 120 £54 125 383 181 117 1931 73 72 104 £02 111 328 153 97 1932 65 67 102 427 97 304 161 79 1933 66 67 101 398 93 280 180 74 1933—August..-. 70 70 103 397 94 278 180 73 September. 71 69 103 397 95 276 182 75 October... 71 63 103 397 96 274 180 76 November. 71 69 103 403 96 273 179 76 December. 71 69 103 407 96 275 176 77 d934—January*.. 72 71 105 405 06 276 176 79 February.. 74 72 105 400 96 275 178 80 March 74 72 104 394 96 275 177 79 April 1. 73 71 103 387 96 273 177 79 May 74 71 102 381 96 273 176 77 June .. 75 72 104 379 97 272 175 76 July. 75 72 103 374 99. 270 174 77 August 76 72 106 371 100 271 177 78 September, 78 72 105 365 100 270 179 77 October... 77 71 104 357 101 272 182 77 November. 77 71 104 356 101 274 131 77 December. 77 71 104 344 101 276 181 77 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) England (1913-100) France (1913-100) Germany (1913-100) Indus- Year and month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n t o r d d ia u u l s c - ts p an r F o d a d r f u o m c o t d s p I r n t o r d d i u a u s l c * ts p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a p t f r n i r i n d o a i d l s s h u e r m a e c d w t i s * p tr I r i i n o s a h d d l e u u f d i c s n - t - s 1926 100 100 100 155 144 581 793 129 132 130 150 1927 99 97 94 152 136 599 678 138 129 132 147 1928. 106 101 93 152 134 584 697 134 133 134 159 1929 105 100 92 145 132 579 669 130 125 132 157 1930 :.:..:::; :;::: 88 91 85 127 116 526 579 113 113 120 150 1931 65 75 75 112 100 542 464 104 96 103 136 1932.. 48 61 70 111 97 482 380 91 86 89 118 1933 51 61 71 103 99 420 380 87 75 88 113 1933—August . 58 65 74 104 102 407 389 88 76 90 113 September. _* 57 65 76 105 102 413 383 90 75 89 114 October 56 64 77 • 104 102 417 379 93 73 89 114 November 57 64 77 104 102 425 384 94 73 89 114 December.. 56 63 78 103 103 432 385 04 73 89 114 :1934—January 59 64 78 104 106 424 387 93 73 90 114 February... 61 67 79 104 106 416 386 92 73 91 115 fMacrch :::":: 61 67 79 101 105 413 378 91 73 91 115 60 66 79 99 105 404 373 91 74 91 115 60 67 79 100 104 405 360 92 74 90 115 June 63 70 78 104 104 406 356 94 76 91 115 July 65 71 78 104 103 396 354 98 76 92 115 August 70 74 78 111 103 393 351 100 78 92 116 September 73 76 78 no 103 383 350 100 78 92 117 October 71 75 78 107 102 368 347 101 78 92 118 November 71 76 78 107 103 366 347 101 79 92 119 December 72 75 78 107 103 344 343 101 79 92 119 Sources,—See BULLETIN for March 1931f p. 159. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
106 FEDERAL RESERVE BULLETIN FEBJJUABY 1934 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] (Index numbers] Year and month (19 U S 1 t n 3 a i * t t 1 e e 0 d s 0)1 1 E 9 n 1 g 4 l - a 1 n 0 d 0) 19 F 1 ( r 4 J a - u n 1 l c 0 y e 0) * G 1 e ( 4 1 r = 9 m 1 1 0 a 3 0 n - ) y Year and montb (1 U 9 S 1 t n 3 a i « t t e e 1 d s 00) 1 E 9 n ( 1 J g 4 u l - a l ] : nd 19 F 1 r 4 a - n 1 c 0 e 0)* G 1 e ( 4 1 r - m 9 1 1 0 a 3 0 n - ) y 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 2 2 2 2 3 3 3 3 0 S 7 9 0 1 2 3 . - . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 6 5 5 5 2 4 0 0 1 7 5 4 1 7 0 2 1 1 1 1 1 1 1 1 5 6 5 5 2 3 4 2 7 1 6 4 0 1 5 6 1 1 1 1 1 1 1 1 1 1 1 2 2 0 0 2 3 2 3 4 5 9 0 4 1 1 1 1 1 1 5 5 4 3 1 1 3 6 6 1 3 6 1 1 1 1 1 1 1 9 9 9 9 9 9 9 2 2 2 2 3 3 3 6 7 8 9 0 1 3 • - 1 1 1 1 1 1 1 1 7 7 7 7 6 4 3 3 5 3 1 1 4 8 4 2 1 1 1 1 1 1 1 1 7 6 6 6 5 4 4 4 0 4 6 4 8 3 4 0 1 1 1 1 1 1 1 1 0 0 0 1 1 1 0 0 3 4 5 3 8 6 7 6 1 1 1 1 1 1 5 4 5 3 2 1 2 6 3 1 1 8 ' ' 1933— S O N D A e o e c u p t c v g o t e e u e b m m m s e t b r b b e e e r r r — . . 1 1 1 1 1 0 0 0 0 0 7 7 7 7 4 1 1 1 1 1 1 2 2 2 2 9 3 2 6 6 1 1 1 9 9 0 0 0 7 3 1 3 4 1 1 1 1 1 1 1 1 1 1 3 4 6 7 8 1933— S N D O A e o e c u p t c v g o t e e u e b m m s m e t r b b b e e e r r r . . . . . . 135 1 1 1 1 1 3 4 4 4 4 9 1 1 3 3 1 1 0 0 5 7 1 l 1 1 1 l 1 1 2 2 f 8 r 9 1 0 -. J J J M F S A N O D a u u e e u o e n c a n p l b c v g y t u e r t r e o e u e a u c m m b s m r h a t y e b b r b . * r . y e e e — . r . r . r . . . . , 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 1 1 1 1 1 1 5 9 8 3 7 9 0 7 6 2 4 5 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 1 2 1 2 2 2 2 2 2 4 6 2 8 0 7 2 3 6 5 7 7 1 1 1 9 9 0 0 9 9 0 9 9 9 9 9 8 7 5 3 8 7 0 7 5 5 4 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 1 2 1 8 7 7 6 6 8 0 1 9 9 0 9 1934— M F A J M J S N D J u u e e p a o e a a n b p l n r c v y r e y t r e i u e e c l . u m a . m m h a r b . b y b r — e - y e e r r r - . . . , 1 1 3 3 6 9 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 3 3 3 4 4 4 4 4 4 2 1 0 7 9 8 1 2 3 3 4 4 1 1 1 0 0 0 7 6 4 1 1 1 1 1 1 1 1 1m 1 1 2 2 2 2 2 2 2 2 2 2 2 0 1 2 2 0 0 2 0 2 * - * 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 1911 SbtHW.-For both retail food prices and cost of living: United Stefca-Bureau of Labor Statistics, Department 0} Labor; fl*jof Labour; Ocrmanf-Statistlsches Reichsamt; France-Fot retail food prices, Statistique Generate, and for cost of living, Commission relatives au coQt de la vie a Paris. SECURITY PRICES (Index numbers except as otherwise specified] Bonds Common stocks (1926 average-100) Year and montb ( U S a p v t n r a e i i r c t t a e e e ) g s d e ( 1 D E 92 e n c 1 g e - l 1 m a 0 n b 0 d ) e » r ( a 1 g F 9 e 1 r ^ 3 a l n O a c v O e er ) G (a p e v r r i e m c r e a a ) g n » e y U St n a it t e e d s England * France Germany Number of issues.. 60 87 36 160 421 278 300 829 1 1 9 9 2 2 6 7... 9 9 7 8. . 9 0 1 1 1 10 0 . . 7 0 7 6 1 7 . . 7 4 1 1 0 1 0 8 . . 0 3 1 1 0 0 7 0 . . 0 0 1 1 0 2 0 3 . . 0 2 1 1 0 4 0 5 . . 0 0 - 1928... 98.7 112.3 80.8 85.5 149.0 115.0 178.1 136.J 1929... 06.7 110.2 85.1 81.4 19a 3 119.5 217.6 122.8 1930... 98.3 111.8 95.8 83.3 149.8 102.6 187.6 ioaj 1931... 96.1 103.4 96.9 *83.4 94.2 78.0 132.2 1932... 81.1 113.2 88.6 «67.1 48.4 67.0 105.2 i5as 1933... 84.0 119.7 8L3 82.fi 63.4 78.6 09.6 6L7 1933— S O A e c u p t g o te u b m s e t r ber... 8 8 86 9 7 . . . f 9 9 i 1 1 1 2 2 2 0 1 2 . . . 1 2 3 8 8 8 1 0 1 . . . 4 2 1 7 8 78 4 8 . . . f 7 2 i 7 6 7 5 0 4 . . . 1 5 8 8 8 8 4 2 5 . , . 4 9 3 1 1 0 0 0 8 5 3 . . . 3 2 0 6 5 5 0 7 7 . . . 3 T fr N D o ec v e e m m b b e e r r . . . . , , 8 8 2 3 . . 6 6 1 1 2 2 2 2 . . 0 3 7 7 9 9 . . 6 0 8 8 7 9 . . 9 6 6 7 9 a . 1 4 8 8 0 1 . . 9 4 0 0 5 5 . . 7 3 6L8 1934-Janaary. 88.3 123.6 78.7 02.0 75.6 85.5 02.3 6 67 4 . . f 4 r J M M A a p a a n r y r e il c . h- 9 9 9 9 7 2 7 5 . . . . 9 0 6 1 1 1 1 1 2 2 2 2 4 5 6 6 . . . . 8 3 9 2 8 7 7 8 1 8 4 6 . . . . 9 7 7 9 9 9 9 9 1 1 1 a . . . 6 0 3 7 8 7 7 7 0 7 0 1 . . . . 5 1 6 8 8 8 8 8 7 7 8 7 . . . . 0 3 1 1 0 8 8 0 1 5 8 0 . . . . 8 0 8 1 7 A g 6 f o f 7 t i . . . " 2 8 fi - J A S N D O u e u e o c p l c t g v y t o e u e e b m m m s e t b r b b e e e r r r. 1 9 9 9 9 9 0 0 6 3 9 7 9 3 0 . . . . . . . 7 8 8 3 0 4 0 1 1 1 1 1 1 1 2 2 2 2 3 3 2 7 3 5 7 2 3 3 . . . . . . . 4 3 1 7 3 9 2 8 8 8 8 8 8 8 2 5 1 1 2 5 5 . . . . . . . 7 8 8 3 7 8 0 8 8 8 8 9 9 9 8 7 7 9 2 3 1 . . . . . . . 9 8 0 0 6 2 8 ' 6 7 7 6 6 6 6 3 7 1 7 9 7 9 . . . . . . f . 8 4 0 4 3 2 i 8 8 8 8 8 8 8 3 6 4 3 4 5 5 . . . . . . . 8 0 8 8 5 6 3 8 8 8 7 7 7 7 7 3 L 7 4 3 4 . . . . . . 1 6 3 3 7 7 0 «6 7 7 7 7 7 7 ' Q * 1 8 6 8 3 6 3 . . . . . . . 7 Q3 2 ' 2 ' 3 4 : J Annual indexes are unweighted averages of monthly indexes. its average of months January* Sburcet .-See BVLLKIN for February 1932, p. 121. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
107 FEBRUARY 1935 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Payment of interest at 3 percent per annum after of a certain specified time but are payable January 31, 1935, until maturity on contracts en- upon notice in writing required to be given tered into prior to December 18, 1934 not less than 30 days before the date of repay- The Board has recently been requested to ment. It is the view of the Federal Reserve express an opinion upon the question whether, Board that a member bank may lawfully under the recent amendment to the Board's terminate a certificate or contract having Regulation Q reducing the rate of interest pay- such an indefinite maturity by giving reasonable by member banks on time deposits from able notice of its intention to do so to the 3 percent per annum to 2^ percent per annum, holder thereof. While Regulation Q, as member banks of the Federal Reserve System amended, permits a member bank to pay may continue to pay interest at the rate of 3 interest on time deposits in accordance with percent per annum to maturity on certificates the terms of any certificate or contract lawof deposit and other time-deposit contracts fully entered into in good faith prior to Decementered into in good faith prior to December 18, ber 18, 1934, and in force on that date, such 1934, and maturing after January 31, 1935. a certificate or contract must be one which The request was for advice concerning the pay- may not legally be terminated or modified by ment of interest upon such certificates of deposit the bank at its option or without liability. and other time-deposit contracts which are The regulation also requires that every mempayable on a certain date or at the expiration ber bank take such action as may be necesof a certain specified time and which contain sary as soon as possible consistently with its the clause, "The rate of interest payable here- contractual obligations to bring all such cerunder is subject to change by the bank to such tificates or contracts into conformity with the extent as may be necessary to comply with provisions of the regulation. Each member requirements of the Federal Reserve Board bank was given notice on or about December made from time to time pursuant to the Federal 18, 1934, of the reduction in interest rate on Reserve Act", and also as to certificates of time deposits to become effective February 1, deposit and other time-deposit contracts which 1935, and it became the duty of such bank do not contain such a qualifying clause. upon receiving such notice to terminate or to Under Regulation Q, series of 1935, if a modify certificates of deposit or other timecertificate of deposit or other time-deposit deposit contracts of indefinite maturity as contract was entered into in good faith prior above described so as to bring them into to December 18, 1934, was in force on that conformity with the provisions of the reguladate, and otherwise obligated the member bank tion on February 1, if legally possible under the to pay interest thereon at the rate of 3 percent contracts. per annum until maturity, the fact that the With respect to savings-deposit contracts above notation or a similar notation appeared also, it is required by the regulation that every on the certificate of deposit or other time- member bank take such actionas shall be necdeposit contract, would not require a reduction essary as soon as possible consistently with its in the rate of interest paid thereon after Jan- contractual obligations to bring all such conuary 31, 1935. Interest accruing on such a tracts into conformity with the provisions of certificate of deposit or other time-deposit the regulation. It is understood that banks contract of the kind described between January ordinarily have the legal right under their con- 31, 1935, and its maturity, may be paid at the tracts with savings depositors to terminate or original rate of 3 percent per annum, and need modify such contracts upon giving reasonable not be reduced to the rate of 2% percent per notice or notice of a specified number of days, annum, whether or not the clause mentioned usually 30 days. In these circumstances it above appears thereon. However, such cer- became the duty of every member bank upon tificates of deposit or other time-deposit receiving advice of the reduction in the maxicontracts may not be renewed or extended at mum rate of interest on savings deposits to 2% a rate of interest in excess of 2% percent per percent per annum, effective February 1, 1935, annum. to terminate or to modify all such savings-de- What is said above, however, is not appli- posit contracts so as. to bring them into concable with respect to certificates of deposit or formity with the provisions of the regulation other time deposit contracts which are not on February 1, if legally possible under the payable on a certain date or at the expiration contracts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
108 FEDERAL RESERVE BULLETIN FSBBUAST 1939 Amounts due to and from private bankers as amounts due to and from private bankers or private due to and from " other banks" in computing banking firms may not be considered as reserves under section 19 of Federal Reserve Act amounts due to and from "other banks" in The Federal Reserve Board has recently computing reserves under such section. expressed an opinion upon the question whether a member bank may treat amounts due to and from private bankers or private banking £rms as amounts due to and from "other banks" Discounts for individuals, partnerships, and corporain computing the reserves required to be tions maintained by a member bank with.a Federal The authority granted by the Federal Re- Reserve bank pursuant to the provisions of serve Board to all Federal Reserve banks in its section 19 of the Federal Reserve Act. circular of July 26, 1932 (X-7215-a), as In an earlier ruling published at page 693 amended by its letter of June 21,1934 (X-7925), of the FEDERAL RESERVE BULLETIN for Sep- to discount eligible notes, drafts, and bills of tember 1917 the Board stated its opinion that exchange for individuals, partnerships, and corprivate bankers are not banks within the mean- porations, subject to the provisions of the law, ing of section 13 of the Federal Reserve Act, the Board's regulations, and that circular, will which provides for the extension of clearing expire at the close of business on January 31, privileges to banks, and stated that its opinion 1935. The Board has decided to extend such was based upon the fact that section 1 of the authorization for an additional 6 months, and, Federal Reserve Act provides that the word accordingly, has amended section II of its cir- "bank" shall be held to include "State bank, cular of July 26, 1932 (X-7215-a), to read as banking association, and trust company", follows: except where other types of banks are specifically referred to, and that such terms are not AUTHORIZATION BT THE FEDERAL RESERVE BOARD ordinarily used to indicate private bankers. In its recent opinion, the Board stated that The Federal Reserve Board, pursuant to the power conferred upon it by the amendment hereinbefore theHvord "banks" as used in the phrase "the quoted, hereby authorizes all Federal Reserve banks, netMifference of amounts due to and from other for a period ending at the close of business on July 31, banks" in section 19 of the Federal Reserve 1935, to discount eligible notes, drafts, and bills of ex- Act does not include private bankers or private change for individuals, partnerships, and corporations, subject to the provisions of the law, the Board's banking firms, and that accordingly, amounts regulations, and this circular. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 109 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In thousands of dollars] [In thousands of dollars] 1935 1934 Wednesday series (1035) Federal Reserve bank Federal Reserve bank January December January Jan. 2 Jan, 9 Jan.16 Jan. 23 Jan. 3D Boston 568 1,420 3,722 Boston „ 1,040 592 451 697 253 New York... 4,833 6,169 45,574 New York* ... 4,247 4,388 6,772 5,298 4,631 946 1,042 24,485 Philadelphia 958 976 948 1,020 830 Philadelphia- Cleveland 441 489 7,135 Cleveland 361 461 310 549 5S9 Richmond 2 1 1 5 1 2 1 1 4 0 0 3 4 5 , ,3 0 6 4 9 2 A Ri t c la h n m t o a n .. d . . . * ..... 1 5 3 4 9 1 9 4 9 4 3 1 0 6 3 3 2 1 7 7 5 8 2 1 8 7 1 0 Atlanta Chicago , 299 137 3,259 Chicago .. . 2 11 9.010 5 14 St. Louis 55 191 1,285 St. Louis 28 63 28 28 2$ Minneapolis.. 9 1,715 Minneapolis -.-- Kansas City.., 111 116 1,175 Kansas City 130 122 103 101 149 Dallas 21 7 668 Dallas I 15 32 42 32 San Francisco. 208 135 2,190 San Francisco.---- - - 133 133 101 595 81 Total.. 7,845 9,958 100,619 Total 7,092 6,994 17,221 8,688 7,058 Back figures.—See Annua Report for 1933 (table 11). Back figures.—See Annual Report for 1933 (table 15). TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO LIABILITIES [Averages of daily figures. Amounts in thousands of dollars] Ratio of total reserves to Federal Reserve notes in deposit and Federal Total reserves Total deposits circulation Reserve note liabilities combined 1935 1934 1935 1934 1935 1934 1935 1934 January December January January December January January December January Ja a n ry u- De b c e e r m- Ja a n ry u- Boston , 429,379 400,890 262,520 308,708 272,301 182,916 261,717 270,641 225,985 75.3 73.8 64.2 New York 1,952,832 1,784,668 987,750 1,993,704 1,798, 7571,114,688 655,020 675,038 618,707 73.7 72.1 57.0 Philadelphia.., 307,063 308,988 233,664 225,417 215,486 154,738 231,653 244,480 230,754 67.2 67.2 60.6 Cleveland 390,819 412,052 313,599 285,051 297,864 211,649 299,517 308,900 284,902 67.9 63.2 Richmond 195,379 206,846 178,870 137,071 136,125 101,686 160,494 173,285 151,790 65.7 66.9 70. & Atlanta 131,263 136,300 128,015 90,499 89,238 75,122 128,966 135,739 122,342 59.8 60.6 64.8 Chicago 1,085,859 1,094,343 896,002 710,912 708,425 520,853 772,196 786,198 765,646 73.2 73.2 69.6 St. Louis 217,555 208,639 178,665 165,930 152,808 121,275 138,743 143,678 139,454 71.4 70.4 68.5 Minneapolis.. 153,824 158,175 103,044 111, 774 112,858 66,701 103,835 107,70S 92,874 71.3 71.7 64.6 D S K a a a n l n l s a F a s r s a n C c i i t s y c . o . . . 3 1 1 3 1 9 5 7 9 , , , 3 2 7 2 2 5 6 9 2 3 1 1 3 1 9 4 7 4 , , , 8 9 9 7 2 7 4 0 0 2 1 8 6 6 6 3 6 , , , 5 5 1 6 9 1 5 4 9 2 1 1 8 3 7 7 0 4 , , , 0 4 6 2 5 4 8 4 7 2 1 1 7 2 6 6 8 6 , , , 7 1 2 5 4 7 3 2 2 2 1 1 1 0 3 0 2 4 , , , 9 9 3 5 0 1 0 8 0 2 1 5 0 1 0 1 4 , , , 5 2 6 5 8 3 5 9 3 2 1 5 1 1 4 2 8 , , , 1 4 2 8 8 8 6 0 8 2 1 4 0 0 1 3 6 , , , 3 6 3 3 6 9 2 0 3 6 6 4 & . 7 7 6 6 6 8 4 8 . . . 4 7 5 6 5 3 9 . . 6 9 Total 5,516,280 5,358,665 3,798,407 4,621,195 4,355,029 2,997,796 3,118,618 3,230,621 2,983,839' 71.3 70.6 63.5 Includes "Federal Reserve notes of other Reserve banks" as follows: Latest month, $24,313,000; month ago, $21,676,000; year ago, $19,573,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
110 FEDERAL EESERVE BULLETIN FEBBUABY 1030 NOTE ASSETS AND [In thousands of dollars] San Francisco ASSETS Oold certificates on hand and due from U. 8. Treasury 5,389,050 34612,083,608|271,9651382,527J180,178|1Q5,852J1,030,125[202,870:136,645J186,411,106,892J301 Redemption fund—F. R. notes 15,875 Other cash.... 275,346 Total reserves 915 310,0481398,237195,1351124,21511,063,3391214,742149 Redemption fund—F. R. hank notes Bills discounted: Secured by U. 8. Government obligations, direct and/or fully guaranteed.] Otber bills discounted ' Total bills discounted BDls bought In open markot Industrial advances U. S. Government securities: Bonds 395,688 141,0i8| 14,859 13,544 62,146 13,795 15,412 13,333 Treasury notes ,611,696 477,501 65,346!59,446 273,635| 58,494 37,171 57,837 Certificates and bills 522,925 159,299 23,358 21,251 92,562 20,911 13,096 20,674 Total U. S. Government securities Total bills and securities. Due from foreign banks 805 60 316 77 8 F. R. notes of other banks... 19,145 410 5,1381 557 733 1,270 2,114 1,180 1,395 Uncollected items.. .—, 459,331 44,351 134,725133,5S2|41,333 16,574 56,957 18,673 24,515 Bank premises.. . 49,307 3,163 11,508 4,486 6,629 2,325 4,955 2,628 3,447 All other assets , 48,659 682 34,234 5,444 1,541 1,783 934 225 286 Total assets. 8171526,2991663,7801346,071 241,8811 670331,268 229,270321 UABItmXS F. R. notes In actual circulation 651,6551231,882|296,228|156,649]l25,795 765,005137,346102,005113,392 F. R. bank note circulation—net 24,449 Deposits: T F O M J o t . e r h m 8 e e i . r g b T n d e r r e b e p b a a o s a n u s n k i r k t e s — r— re g s e e n r e v r e a l a a c c c c o o u u n nt t...... 5 1 7 1 4 7 4 5 3 6 , , , , 1 5 4 3 8 8 7 3 4 8 5 1 J0 4 1 1 3 , , , , 3 6 1 7 3 2 2 2 1 3 1 6 7 5 2 7 , , , 0 9 5 6 4 4 5 4 6 5 2 6 661,436143,487100,316 172,015124,760 262,004 A R D S S C u u l e e a l r r f s p e e p p o i r r t t l l r u u h a v e l e s s e d r p ( ( f o s s a a l T i e e r v i a c c d o a b c . . t i o i i 7 a 1 l n l n a i ) 3 l t t b b i d i e i n ) e l s g i p t e y o n s i c i t t i e s e m s s 4 8 1 1 3 1 5 0 4 4 6 0 1 9 9 4 6 , , , , , , , 6 8 5 1 8 5 8 0 2 6 9 2 9 7 0 9 0 6 5 3 8 1 9 1 1 0 , , , , 7 6 9 8 1 8 4 9 0 2 6 9 8 2 4 1 1 4 5 3 7 9 2 2 9 , , , , , 8 3 9 5 7 8 3 7 6 0 7 0 9 0 4 7 1 1 1 1 1 3 1 1 2 3 2 5 3 , , , , , 8 3 1 0 9 4 0 3 4 9 9 7 6 1 6 0 6 8 4 1 1 3 1 4 3 1 , , , , , 2 0 3 0 0 1 1 7 0 0 6 4 8 1 0 7 4 0 3 4 5 1 5 1 , , , , , 1 2 4 9 9 1 5 8 6 1 6 6 1 6 9 3 1 8 1 5 2 4 6 6 , , , , , 5 5 3 1 3 7 2 4 9 5 6 8 5 7 8 0 9 9 8 4 8 6 2 6 1 9 1 5 0 2 1 1 , , , . , ,8 8 3 3 3 2 7 0 9 0 2 2 5 5 9 6 8 0 0 5 7 1 1 6 4 4 8 4 , , , ,7 0 3 6 9 8 4 5 5 7 1 9 5 6 7 10 1 8 3 3 0 1 1 , , , , , , 1 2 1 1 0 4 1 7 1 0 8 3 3 2 4 1 3 9 4 4 0 176,271131 Total liabilities 719.415 1173,124,817526,299 Ratloof total reserves to deposit and F. R. FEDERAL RXSKRVX NOT* STATEMENT Federal Reserve notes: Issued to F. R. bank by F. R. agent. Held by F. R. bank In circulation. Collateral held by agent as security for 296,2281156,649125,795 346102,005113,392 Gold certificates on hand and due El f i r g o i m ble U p . a S p . e r T reasury I 25 5 6 , , 1 3 9 5 0 0 788,706 216,500 282,815139,340 800,513141,936109,000124,000 U. S. Government securities | 186,000 Total collateral 791,818249.213 313.364 168 rSDERAL RESEBVX BANK NOTE STATEMENT Federal Reserve bank notes: i Issued to F. R. bank (outstanding)... Held by F. R. bank In circulation—net.. Collateral pledged against outstanding notes: Discounted and purchased bills j TJ. 8. Oovemment securities | Total collateral Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 111 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANES [Averages of daily figures. In millions of dollars] Reserves held Borrowings at Fedenil Reserve banks Federal Reserve district Total Excess De b c e e r m- No b v e e r m- October De b c e e r m- No b v e e r m- October De b c e e r m- No b v e e r m- October Boston .. ... ..... ..- ». - 261.0 267.8 254.4 134.5 138.7 125.6 1.4 1.5 1.1 New York - 1,647.2 1,683.7 1,640.7 620.5 667.8 634.5 6.1 6.9 6.9 Philadelphia 203.8 198.2 197.7 80.1 76.0 76.5 1.0 .9 1.3 Cleveland - - - 280.7 271.7 259.9 133.9 129.8 121.3 .4 .3 .3 A Ri t c la h n m ta o nd ... _„. .. m _.. -„ 1 7 2 8 3 . . 5 0 1 7 2 3 8 . . 0 1 1 7 3 2 0 . . 8 5 2 6 4 2 . . 6 8 6 2 7 1 . . 7 6 6 2 2 2. . 5 1 . . 1 04 . A 1 . . 2 2 Chicago 672.2 702.7 666.5 353.2 388.4 356.2 .1 .1 .02 fit. Louis . 131.4 140.3 129.3 65.7 75.4 67.4 .2 .1 .2 Minneapolis, 10Z2 98.2 93.8 54.5 51.0 47.9 .01 .1 .1 Kansas City ......_.i. . 157.6 158.2 148.6 77.1 78.2 70.3 .1 .2 .2 Dallas. 124.0 124.9 121.1 67.7 68.4 65.8 .01 .1 .04 fian Francisco* i .,.«* ^^ ..^ 255.7 252.6 249.0 83.1 81.5 80.8 .1 .03 .04 Total 4,037.4 4,100.3 3,964.3 1,747.8 1,834.5 1,730.7 9.7 10.2 10.7 NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers (places over 15,000) Member banks in smaller centers (places tinder 15,000) Federal Reserve district Net demand Time Net demand Time De b c e e r m- No b v e e r m- October De b c e e r m- No b v e e r m- October De b c e e r m- No b v e e r m- October De b c e e r m- No b v e e r m- October Boston 1,124 1,146 1,139 -5S9 601 611 88 92 92 122 123 123 New York ". 7,639 7,533 7,451 1,635 1,679 1,706 200 206 203 438 440 439 Philadelphia 899 876 864 613 631 632 155 157 160 385 385 382 Cleveland 1,101 1,047 1,012 880 896 900 144 143 143 224 223 220 Richmond- 531 533 516 ' 306 303 303 118 . 117 112 160 160 157 Atlanta 419 404 391 266 268 266 94 88 79 68 67 64 Chicago 2,374 2,333 2,305 920 911 893 177 175 172 162 160 157 St. Louis .. 494 484 457 246 251 249 125 124 120 88 88 86 Minneapolis 300 297 283 169 169 169 136 135 133 171 170 169 567 562 552 201 209 205 236 231 224 109 . 110 , 109 404 405 397 161 162 160 194 191 186 34 35 35 San Francisco". 1,143 1,134 1,108 1,731 1,706 1,699 109 110 108 90 90 89 Total 16,993 •16,755 16,476 7,718 7,790 7,796 1,776 1,769 1,732 2,052 2,050 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
112 FEDERAL RESERVE BULLETIN FEBRUABY 1935 EARNINGS AND EXPENSES OF MEMBER BANKS ALL MEMBER BANKS, BY CLASSES OF BANKS, YEARS ENDED DEC. 31, 1932 AND 1933 Amounts (in thousands of dollars) Amounts per $100 of loans and investments* National State All member banks Nation b a a l n m ks ember State member banks All b m an e k m s ber m b e a m nk b s er m b e a m nk b s er 19331 1932 19331 1932 1932 1933 I 1932 1933 I 1932 1933 1932 Earnings: In ll t o er a e n s s t .- a - n -- d - - di - s « co -- u - n - t -• o > n 604,297 851,007 408,948 559,061 195,349 291,946 2.42 2.98 2.60 3.14 2.11 2.73 Interest and dividends on Investments.. 420,391 457,712 272,043 298,736 154,348 158,976 1.71 1.60 1.73 1.68 1.66 1.49 Interest on balances with other banks 7,705 16,759 5,585 12,627 2,120 4,132 .03 .06 .04 .07 .02 .04 Collection charges, commissions, fees, etc 24,487 27,943 15,495 12,658 8,992 15,285 .10 .10 .10 .07 .10 .14 Foreign department 21,701 22,531 13,768 14,802 8,023 7,729 .09 .08 .09 .08 .09 .07 Trust department 59,658 64,822 21,840 21,487 37,818 43,335 .24 .23 .14 .12 .41 .40 Other current earnings 92,535 112,844 61,920 78,757 30,615 34,087 .40 .44 .32 Total earnings from current operations 1,236,864 1,553,618 799,509 998,128 437,265 555,490 4.95 5.45 5.09 5.60 4.71 5.19 Expenses: Interest on deposits: Time.. 231,765 301,863 165,923 213,964 65,842 87,899 1.06 1.06 1.20 .71 Demand 42,802 97,862 26,166 58,165 16,636 39,697 .34 A6 .33 .18 .37 Bank 13,424 34,599 8,780 22,684 4,644 11,915 .12 .06 .13 .05 .11 Total 287,991 434,324 200,869 294,813 87,122 139,511 1.15 1.52 3.28 1.65 .94 3.30 Salaries and wages 306,021 356,557 193,974 224,480 112,047 132,077 1.22 1.25 1,23 1.26 1.21 1.23 Interest and discount on borrowed money. 15,178 38,814 9,373 24,684 5,805 14,130 .06 .14 .06 .14 .06 .13 Taxes 58,028 67,077 40,311 44,552 17,717 22,525 .23 .24 .26 .25 .19 .21 Other expenses 192,082 211,303 119,191 131,835 72,891 79,468 .77 .74 .76 .74 .79 .74 Total current expenses. 859,300 1,108,075 563,718 720,364 295,582 387,711 3.44 3.88 3.59 4.04 3.19 3.62 Charges to reserves previously set aside for expenses accrued and unpaid * 35,309 28,223 7,086 .12 .16 .07 Total expenses... 859,300 1 3,143,384 563,718 748,587 295,582 394,797 3.44 3.59 4.20 3.19 Net earnings 377,564 410,234 235,881 249,541 141,683 160,693 1.51 1.50 1.40 1.50 Recoveries, profits on securities, etc.: A O O l n n l o l i o n t a h v n e e s r s tments --*. 8 2 1 0 8 5 , , , 0 8 9 7 1 9 2 5 8 2 6 2 0 4 8 , , , 1 3 5 9 3 8 1 4 4 5 1 9 1 8 , , , 0 9 8 3 0 3 0 4 0 3 1 1 8 6 7 , , t 9 7 4 5 0 5 0 1 5 2 9 6 9 , , , 0 9 0 9 8 42 4 5 2 1 1 7 1 , , , 1 2 6 2 4 3 9 1 3 . .2 1 1 0 - - . . . 0 1 3 7 2 2 . .2 1 2 0 . . . 1 3 0 1 1 7 . . . 2 0 1 0 7 1 Total.. 124,885 113,109 79,764 73,106 45,121 40,003 .50 .40 .51 .41 .49 .37 Losses and depreciation: O O O n n n I l b n o a v a n e n s k s t i m . n . g . e n h ts ouse, furni- 3 4 4 2 4 5 , , 0 4 5 4 3 2 3 4 0 0 4 3 , , 9 2 6 7 1 2 3 2 0 4 4 4 , , 5 5 6 0 8 7 2 1 6 8 1 4 , , 3 6 6 4 4 6 1 9 2 9 0 , , 5 8 4 7 6 4 1 1 2 4 0 1 , , 3 9 1 0 5 8 1 1 . . 7 3 0 8 1 1 . . 0 4 7 1 1 1 . . 9 5 4 6 1 1. . 0 4 4 7 1 1 . . 3 0 0 7 1 1 . . 1 3 2 3 Al t l u o re th , e a r nd fixtures 3 5 5 3 , , 7 0 5 2 8 6 2 3 1 3 , , 3 4 7 7 0 5 2 31 0 , , 9 2 0 1 3 2 1 19 5 , , 7 1 5 7 9 7 2 1 1 5 , , 1 54 2 6 3 1 6 3 , , 1 7 9 1 3 6 . . 1 2 4 1 . . 0 1 7 2 . .2 1 0 3 . .0 1 9 1 .17 . . 0 1 6 3 Ch T a o r t g a e l s fo t r o c u r r e r s e e n r t v e p s e ri p o r d e . - . 858,279 763,078 601,190 480,946 257,089 282,132 3.43 2.68 3.83 2.70 2.77 2,64 viously set aside for depreciation on real estate '„] 15,152 6,599 8,553 .05 .04 .OS Total losses and depreciation 858,279 [ 778,230 601,190 487,545 257,089 3.43 2.73 3.83 2.74 N Ca e s t h d e d d iv u i c d t e io n n d s f r d o e m c la p r r e o d flts 3 1 5 5 5 0 , , 8 80 3 4 0 2 24 5 5 4 , , 0 8 7 8 4 7 2 7 8 1 5 , , 4 5 0 4 3 5 1 1 6 3 4 5 , , 8 0 9 9 8 2 7 7 9 0 , , 4 2 0 8 1 5 jO9,982 1.42 1.82 .84 I L n o v a e n s s t m * ents *. 1 1 2 2 , , 0 9 6 1 9 6 , , 5 7 4 3 9 0 1 1 6 1 ^ ,7 7 7 4 8 3 , , 5 9 8 4 0 0 8 7 , , 1 5 4 6 3 3 , , 9 9 1 0 1 6 1 7 0 , , 3 4 4 7 3 5, , 5 0 4 8 6 6 4 4 , , 7 5 7 0 2 5 , , 8 6 1 4 9 3 4 6 , , 4 2 3 6 5 8 , , 4 3 9 9 4 4 Loans and investments *..24,986,279 28,522,520 15,707,817 17,818,632 9,278,462 10,703,888 Capital funds *» 4,902,319 5,660,145 2,887,898 3,317,163 2,014,421 2,342,982 Other ratios * Loans and investments per $1 of capital funds • t $5.10 $5.04 $5.44 $5.37 $4.61 $4.67 Net loss per $100 of capital funds _ 7.26 4.50 4.97 3.49 3.84 Losses on loans per $100 of loans - Tie Losses on investments per $100 of investments - —. 3.29 2,41 3.74 2,40 2.63 2.85 2.59 3.23 2.61 2.21 2.7! For footnotes see p. 113. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL EESERVE BULLETIN 113 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1932 AND 1933 [In thousands of dollars] Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta 19331 1032 19331 1932 19331 1932 1933 t 1932 19331 1932 1033 > 1932 Earnings: Interest and discount on loans. 47,131 61,336 179,101 244,638 52,290 71,626 57,433 91,123 26,122 34,480 21,496 30,999 Interest and dividends on investments — 29,134 32,938 165,515 166,337 39,643 45,716 39,313 46,431 14,371 13,465 10,673 11,857 Interest on balances with other banks 482 1,216 1,292 1,909 736 1,269 576 1,525 343 896 460 1,160 Collection charges, commissions, fees, etc 657 857 9,244 13,000 451 520 766 916 912 890 1,623 1,402 Foreign department 1,559 938 16,596 17,295 462 585 33S 432 41 47 228 238 Trust department 4,737 5,738 27,257 28, 224 6,535 7,415 3,945 5,826 1,475 1,288 1,040 1,236 Other current earnings 7,183 7,844 27,148 33,503, 5,289 5,633 7,641 12,105 3,143 3,963 3,910 5,530 Total earnings from current operations .. 90,883 110,867 426,153 5Oi,906 105,406 132,764 110,012 158,358 46,407 55,029 39,430 52,422 Expenses: Interest on deposits: Time...... 19,220 25,820 50,346 62,705 24,398 28,914 25,515 38,073 11,706 13,987 8,262 9,765 Demand 2,418 7,245 14,416 34,117 4,106 8,632 5,954 13,020 2,487 1,274 2,964 Bank 713 1,640 4,875 12,359 1,407 2,033 1,294 4,026 '370 1,042 465 1,465 Total 22,351 34,705 69,637 109,181 29,911 39,629 32,763 55,119 13,314 17,516 10,001 14,194 Salaries and wages.. 21,331 23,633 106,552 114,927 23,940 28,607 22,814 32,040 10,657 12,520 9,997 12,476 Interest and discount on borrowed money 455 1,544 4,470 6,901 1,821 4,770 1,494 5,797 800 2,200 985 3,030 Taxes 3,971 3,717 15,718 15,070 4,207 4,951 5,883 7,762 2,593 3,092 2,492 3,353 Other expenses 12,489 13,552 70,173 71,458 14,684 16,827 14,246 17,429 6,305 7,195 6,887 7,935 Total current expenses 60,597 77,151 266,550 317,537 74,563 94,784 77,200 118,147 33,669 42,529 30,362 40,988 Charges to reserves previously set aside for expenses accrued and unpaid» 4,625 7,503 4,133 3,994 2,424 2,497 Total expenses 60,597 81,776 266,550 325,040 74,563 98,917 77,200 122,141 33,669 44,953 30,362 43,485 Net earnings 30,286 29,091 159,603 179,866 30,843 33,847 32,812 36,21 12,738 10,076 9,068 8,937 Recoveries, profits on securities, etc.: On loans 1,280 989 13,913 11,403 1,173 675 1,121 1,012 666 549 579 1,329 On investments 7,629 5,146 36,631 30,167 4,641 4,375 7,292 3,529 4,0S9 1,664 2,215 1,126 All other 1,337 831 4,786 17,611 1,983 1,102 871 1,310 1,253 394 1,040 646 Total 10,246 59,181 7,797 6,152 9,284 5,851 6,008 2,60 3,834 3,001 Losses and depreciation: r1- = ;t=: On loans 35,960 23,514 139,842 184,807 28,979 32,402 27,811 26,75! 15,251 10,502 13,255 8,234 On'investments 26,952 28,224 166,389 120,359 25,977 48,115 20,476 24,698 16,299 10,632 7,164 4,392 Onlbanking house, furniture and fixtures 2,022 973 16,129 7,426 2,158 1,244 1,725 2,036 1,872 53: 1,886 575 All other 2,934 1,277 17,986 11,405 4,530j 2,657 2,636 5,343 3,305 1,400 2,312 862 Total for current period 67,868 53,988 340,346 323,997 61,644 84,418 52,648 58,834 36,727 23,065 24,61 14,063 Charges to reserves previously set aside for depreciation on real estate3 1,031 3,081 2,972 994 1,612 286 Total losses and depreciation. ., 67,868 55,019 340,346 327,078 61,644 87,390 52,648 59,828 36,727 24,677 24,617 14,349 Net deduction from profits 27,336 mi 18, ' 9 • 62 : 125,413 88,031 23,004 47,391 10,552 17,760 17,981 11,994 11,715 2,411 Cash dividends declared IS. 10,333 15,928 87,961 119,352 15,745 25,415 8,188 16,012 4,382 6,536 2,737 5,499 L In o v a e n s s t m * ents"_™I"IIIII""™ 1,, 8 30 0 30 7 0, , ,8 2 4 4 8 3 11, 8 2 1 3 4 4 , , 0 0 2 9 6 5 4 4 , , 7 7 1 4 0 4 , , 4 2 3 1 5 3 4 6 , , 4 5 7 5 5 3 , , 6 0 —8 7 3 0 1,0 9 6 95 8 , , 8 6 5 7 3 5 1 1 , , 0 4 3 0 7 1 , , 6 0 5 6 5 9 1 1 , , 0 0 3 4 1 6 , , 6 4 7 7 4 6 I 1, ,0 6 8 5 7 3 , , 9 6 3 3 0 6 4 4 1 7 3 4 , , 4 31 6 7 2 3 6 7 2 6 3 , , 7 8 8 5 3 5 4 33 0 6 5 , , 7 7 8 4 7 7 3 5 1 4 8 5 , , 6 9 9 4 7 3 Loans and investments *.. 1,837,724 2,048,121 9,454,648 10,028,753 2,064,528 2,438,724 2,078,150 2,741,566 887,7791,000,638 742,534 864,640 Capital funds < « 355,582| 395,335 2,026,0842,231,087 473,102 580,047 433,084 538,877 163,375 190,91 149,435 170,743 «The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. It should be borne fin mind in using them that the statistics employed represent aggregates for all member banks reporting on the various fates, and the ratioslare^therefore ratios of aggregates in which figures forlarge banks have a statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustoents have been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statiste,sinSthefigures presented are for sufficiently large groups that the results appear not to be appreciably affected by 'In connection with the revision of the semiannual report of earnings and dividends, member banks were required at the end of 1932! to^charge to "Expenses" any reserves previously set aside out of undivided profits for expenses accrued and unpaid, and to "Losses and depreciation any ^MSiS^ (December to December). For 1933, they are averages contingencies, reserves for stock (Uvidendion common stock, and retirement fund forp referred stock and/or capital notes and debentures. Prior w.-luly 1932, reserves for dividends were also included in capital funds. Baekfigura.—Federal Reserve Bulletin April 1934, p. 252, also see footnote on p. 263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
114 FEDERAL RESERVE BULLETIN FEBRUARY 1935 EARNINGS AND EXPENSES OF MEMBER BANKS-Continued ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1932 AND 1933—Continued [In thousands of dollars] Federal Reserve district Earnings: Interest and discount on loans.. Interest and dividends on Investments Interest on balances with other banks.-*-*— --... ...... Collection charges, commissions, fees, etc , Foreign department Trust department , Other current earnings..., Total earnings from current operations Expenses: Interest on deposits: Time , Demand.... , Bank , Total... Salaries and wages.. Interest and discount on borrowed money. Taxes.. +- Other eipenses. Total current expenses Charges to reserves previously set aside for expenses accrued and unpaid * Total expenses. Net earnings .. Recoveries, profits on securities, etc.: On loans On investments. All other Total.. Losses and depreciation: On loans On investments * On banking house, furniture and fixtures ...........•*,. —* All other Total for current period „ Charges to reserves previously set aside for depredation on real estate * „« Total losses and depreciation.. Net deduction from profits Cash dividends declared... Loans *.....— ....-.__.*—*._.., Investments *___ ......*.... Loans and investments * .... Capital funds <'. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FKBRUABT 1935 FEDERAL RESERVE BULLETIN 115 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANES, BY DISTRICTS, YEARS ENDED DEC. 31, 1932 AND 1933—Continued Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 Amounts per $100 of loans and investments** Interest earned ._„_-_„_ $4.18 $166 $3.66 $112 $4.49 $186 $168 $5.07 *8 $188 $4.39 $5.09 Other earnings.. . .77 .75 .85 .92 .62 .68 .61 .70 .62 .92 .97 Total current earnings 195 5.41 151 5.03 5.11 5.44 5.29 5.78 5.23 5.50 5.31 6.06 Interest on deposits . 1.22 1.69 .74 1.09 1.45 1.62 1.58 2.01 1.60 1.75 1.35 1.64 Interest and discount on borrowed money. . .02 .08 .05 07 09 20 07 21 09 22 13 35 Salaries and wages 1.16 1.15 1.13 1.15 1.16 1.17 1.10 1.17 1.20 1.25 1.35 1.44 Taxes _. .22 .18 .17 15 20 20 28 28 29 31 34 39 All other expenses ,68 .66 .73 .71 .69 .68 .64 .71 .72 .92 .92 Total current expenses 3.30 3,77 2.82 3 17 3 61 3 89 3 71 131 3 79 4 25 4 09 174 Charges to reserves previously set aside for expenses accrued and unpaid * .23 .07 .17 .15 .24 .29 Total expenses 3.30 3.99 2.82 3.24 3.61 106 3.71 146 3.79 149 109 5.03 .Net earnings 1.65 1.42 1.69 1.79 1.49 1.39 1.58 iTiiT 1.43 1.01 1.22 1.03 Recoveries, profits on securities, etc, .56 .34 •» .59 .38 .25 .68 .26 •.• 62='•7!'. " . " 3 ': 5 C C h u a rr r e g n es t l t o o s s r e e s s e a r n v d e s d p e r p e r v e i c o ia u t s i l o y n set-asi „ d . e _ 3.69 2.64 3.60 r 3.2 . 3 = . 2. .: 9 - 9 =r = 2.53 iui" 114 — 2^31 3.32 1 , . = 6 3 ; for depreciation on real estate * .05 .12 .04 .16 .03 .03 Total losses and depreciation 3.69 2.69 3.60 3.26 2.99 3.58 2.53 2.18 114 2.47 3.32 1.66 Net deduction from profits 1.49 .93 1.33 .88 1.11 1.94 .51 .65 2.03 1.20 1.68 .2a Other ratios:* Loans and investments per $1 of capital funds «• 5,17 6 18 4.67 4.50 136 120 180 5.09 5.43 5.24 197 5.00 ' Net loss per $100 of capital funds • 7.69 180 6.19 3.95 186 8.17 2.44 3.30 11.01 6.28 7.84 1.41 Losses on loans per $100 of loans 3.49 1.91 2.95 3.33 2.71 2.31 2.66 1.62 3.22 1.68 3.27 1.51 Losses on investments per $100 of investments 3.34 3.47 3.53 2.69 2.61 164 1.98 2.27 3.94 2.82 2.13 1.38 Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 1933 1932 Amounts per $100 of loans and investments: * Interest earned $3.72 $4.57 $4.38 $190 $181 $5.30 $4.79 $5.54 $5.13 $5.68 $177 $5.00 Other earnings 98 .84 .65 .61 .80 .66 .83 .86 .83 .74 .77 .76 Total current earnings „ 170 5.41 5.03 5.51 6.61 5.96 5.62 6.40 5.96 6.43 5.54 5.76 Interest on deposits 1.03 1.56 1.26 1.61 1.61 1.98 1.34 1.77 1.07 1.42 1.78 2.02 Interest and discount on borrowed money .03 .09 .12 .19 .04 .09 .03 .12 .05 .12 .10 .25 Salaries and wages 1.32 1.25 1.2-5 1.32 1.46 1.47 1.59 1.78 1.65 1.75 1.37 1.41 Taxes ; .„ .32 .37 .32 .32 .33 .35 .30 .32 .52 .53 .20 .16 All other expenses .77 .75 .75 .74 .93 .87 1.01 1.04 .97 .95 .86 .81 Total current expenses 3.47 4.02 3.70 119 137 176 127 5.03 126 177 131 165 Charges to reserves previously set aside for expenses accrued and unpaid» .08 .13 .07 .15 .23 .10 Total expenses 3.47 109 3.70 132 137 183 127 6.18 126 199 131 176 Net earnings . 1~23~ 1.31 1.33 1.19 TiT nr 1.21 — L70 == 1.23 1.00 Recoveries, profits on securities, etc .34 .29 .49 .65 .35 .60 .41 .67 .42 .30 .26 Current losses and depreciation 5.14 2.58 3.62 l!91 3.70 2.61 2.87 2.33 3.71 2.80 2.00 1.47 Charges to reserves previously set aside for depreciation on real estate * .07 .13 .01 .04 .03 .03 Total losses and depreciation 5.14 2.65 3.62 2.04 3.70 2.62 2.87 2.37 3.71 2.82 2.00 1.51 Net deduction from profits 3.56 .1.06 1.80 1.80 1.14 1.02 .75 1.34 .98 .47 .25 Other ratios:" fund**?? mvestments P«r *l of capital 5.85 5.80 5.88 6.76 6.42 6.70 5.90 6.12 183 166 6.79 6.81 Net loss per $lbb"of ^piVal'fundsCril" 20.84 6.12 10.57 2.75 11.69 7.64 6.01 160 ^6.49 155 3.20 1.68 losses on loans per $100 of loans 6.42 2.29 3.47 1.53 3.17 2.07 3.82 2.74 188 3.26 1.98 1.36 x-osses on Investments per $100 of Investments 3.02 2.71 2.97 1.96 3.80 2.93 1.45 1.39 1.06 1.24 1.10 .97 For footnotes, see p. 113. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
116 FEDERAL RESERVE BULLETIN FEBEUARY 1935 EARNINGS AND EXPENSES OF MEMBER BANKS-Continued LICENSED NATIONAL BANKS, BY DISTRICTS, LAST 6 MONTHS OF 1933 NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of tbe Currency from reports sub* roltted by national banks [In thousands of dollars] Federal Reserve district Total New Phila- Cleve- Rich* At- Chi- St. Xinne- Kansas Dallas F S r a a n n- Boston York delphia land mond lanta cago Louis apolis City cisco Earnings: Interest and discount on 201,430 17,651 40,951 18,336 15,604 9,629 9,426 21,517 6,565 7,753 10,577 10,313 33,053 Interest and dividends on In- 139,225 11,159 36,665 14,031 12,558 6,195 5,258 12,867 4,745 6,453 7,221 4,442 17,581 Interest on balances with 926 27 144 117 46 31 100 74 29 97 106 48 107 Collection charges, coramis- 9.014 240 1,887 178 279 326 S6S 1,685 417 1,033 537 725 830 7,691 812 5,314 216 135 13 129 387 39 76 4 23 638 11,543 903 2,985 519 554 369 422 2,927 139 280 447 196 1,807 Servtco charges on deposit 7,511 802 1,204 230 321 274 462 1,207 221 368 590 405 1,377 Other current earnings 25,430 2,150 6,290 1,337 1,917 831 1,236 3,604 607 921 1,599 1,390 3,548 Total earnings from current operations..* 402,775 33,744 95,440 35,114 31,414 17,668 17,901 44,268 12,762 16,981 21,081 17,552 53,850 ——'— Expenses: Interest on deposits: Time * 83,239 6,646 13,997 9,900 7,505 4,733 3,924 7,292 2,845 4,008 3,814 2,341 16,234 5.GO3 102 917 320 911 163 202 618 176 262 603 416 913 Bank. 872 125 175 71 142 33 14 22 54 117 54 12 53 Total 89,714 6,873 15,089 10,291 8,558 4,929 4,140 7,932 3,075 4,387 4,471 2,769 17,200 — Salaries and wnccs-.--------- 99,520 7,967 23,349 7,185 6,737 3,902 4,660 12,634 3,162 4,393. 6,121 4,950 14,410 Interest and discount on borrowed money -- 2,961 118 544 412 191 293 296 129 90 67 50 127 644 Taxes .... — 22,101 1,657 4,963 1,528 1,829 983 1 171 3 263 796 947 1,234 1,582 2,148 Other expenses 62,324 4,875 16,168 4,016 4,702 2,280 3,147 7,468 1,732 2,759 3,663 2,879 8,635 Total current expenses 276,620 21,490 60,113 23,432 22,017 12,387 13,414 31,476 8,855 12,553 15,539 12,307 43,037 = Net earnings from current operations 126,155 12,254 35,327 11,682 9,397 5,281 4.487 12,792 3,907 4,428 5,542 5,245 15,813 Recoveries, profits on securities, etc.: On loans. ....... ..... . 10,534 641 3,036 427 542 363 241 1,384 360 683 843 1,577 432 On investments ........... 24,893 3,091 7,854 1,321 1,878 1,773 1,249 1,857 968 1,199 944 705 *S All other 5,195 567 1,173 376 403 353 581 455 308 226 301 143 Total 40,627 4,299 12,063 2,124 2,828 2,494 2,071 3,696 1,636 2,113 2,088 2,425 2,790 - — Losses and depreciation: On loans _ 186,331 13,877 43,618 10.559 10,075 7,694 4,915 59,823 3,711 3,401 8,047 8,458 O O n n b in a v n e k s in tm g e h n o t u s s . e ! , furniture, 103,621 10,732 20,534 8,162 7,634 6,615 3,340 24,423 3,950 7,367 4,308 1.569 4^987 Al a l n o d t her f . i . xtures..,.. ...... 1 1 3 7 , , 0 9 6 9 4 3 1,1 9 1 4 3 6 2 6 , ,1 8 7 1 4 1 1 1 , , 0 0 9 2 6 5 8 7 8 4 3 9 1,1 9 8 8 4 3 1 1, , 1 2 8 7 6 5 1,2 9 6 5 4 1 3 1 9 5 3 2 3 1 5 8 1 6 1,0 6 8 6 1 3 1,2 8 5 0 4 2 2,21 — 3 Total losses and depredation fc 321,059 26,668 73,137 20,842 19,341 16,476 10,716 86,461 8,206 11,305 14,099 12,083 21,723 N Ca e s t h d e d d iv u i c d t e io n n d s f r d o e m c l p ar r e o d fits 1 3 5 2 4 , , 2 2 3 7 2 7 — 1 3 0 - , , 5 1 5 1 1 5 2 1 5 1 i, , , 7 9 4 7 7 5 4 7 , , 1 0 2 3 9 6 7 1 , , 1 6 1 4 6 1 8 1 , , 7 2 0 6 1 0 4 1 , , 1 2 5 7 8 8 69,9 7 7 2 3 7 2,6 3 6 1 3 7 4,7 9 6 3 4 5 6,4 5 6 0 9 4 4,4 8 1 8 3 6 Capital funds,* Dec. 30,1933 2,896,541 276,236 759,720 304,782 237,670 123,509 129,291 326,662 82,515 92,769 125,954 121,992 Number of banks, Dec. 30,1933.. 5,154 313 • 605 543 463 316 255 451 295 442 669 483 S=SS 9 S 0 5 1 For footnote, see p« 113. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 117 EARNINGS AND EXPENSES OF MEMBER BANKS-Continued LICENSED STATE MEMBER BANKS, BY DISTRICTS, LAST 6 MONTHS OF 1933 [In thousands of dollars] Federal Reserve district Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S o t u . is n M o e l i a i n s p - - K C an it s y as Dallas F c S i r s a a c n n o - Earnings: Interest and discount on In l t o e a re n s s t and div _ idends on 94,959 5,611 45,464 6,792 12,764 3,987 1,284 5,568 3,176 612 1,155 615 7,931 In i t n e v re e s s t t m o e n n t b s a ,. l ance . s with 76,396 2,976 44,394 6,027 7,684 1,631 418 5,266 2,274 341 979 185 4,221 Co o l t l h e e c r ti o b n a n c k h s arges, commis- 589 13 357 67 9 14 3 9 11 11 17 2 76 sions, fees, etc* 5,180 125 3,325 68 140 226 99 450 241 67 27 77 335 Foreign department 4,342 45 3,923 22 69 12 73 20 1 3 174 Trust department 18,967 1,295 10,452 2,805 1,612 477 182 1,156 368 10 88 11 511 Service charges on deposit accounts _ 3,664 375 1,523 129 326 106 47 585 136 30 53 36 318 Other current earnings 12,980 390 5,382 1,136 1,489 442 303 1,380 511 81 355 119 1,392 Total earnings from cur rent operations.. 217,077 10,830 114,820 17,046 24,093 6,895 2,336 14,487 6,737 1,153 2,677 1,045 14,958 Expenses: Interest and deposits: Time _.._ 32,579 2,615 10,683 2,423 5,529 1,386 470 3,006 1,300 282 276 134 4,475 Demand 2,762 69 969 456 494 192 62 180 36 44 48 22 190 Bank 805 28 366 317 25 1 1 9 5 18 1 34 Total 36,146 2,712 12,018 3,196 6,048 1,579 533 3,195 1,336 331 342 157 4,699 Salaries and wages .. 56,303 2,799 30,018 4,754 5,067 1,801 604 4,057 1,725 327 687 382 4,082 Interest and discount on borrowed money 1,996 66 837 217 186 120 51 ' 157 288 9 17 3 45 Taxes.,. 9,370 470 4,387 698 1,340 400 193 595 419 68 116 78 606 Other expenses. 37,296 1,463 20,295 3,284 2,924 1,163 461 2,268 1,244 209 644 205 3,136 Total current expenses 141,111 7,510 67,555 12,149 15,565 5,063 ,1,842 10,272 5,012 944 1,806 825 12,568 Net earnings from current opera- 75,966 3,320 47,265 4,897 8,528 1,832 494 4,2,15 1,725 209 871 220 2,390 Recoveries, profits on securities, etc.: On loans 6,020 101 4,805 177 108 75 40 230 216 57 25 53 133 On investments 15,749 542 8,362 1,259 3,226 208 39 881 500 35 189 9 499 AHother 4,118 139 1,696 1,221 236 SI 206 90 142 20 58 25 204 Total 25,887 782 14,863 2,657 3,570 364 285 1,201 S58 112 272 87 836 Losses and depreciation: On loans 54,475 3,567 26,141 6,075 5,864 2,921 805 4,380 2,132 227 354 369 1,640 On investments 50,669 2,715 29,425 6,469 4,385 2,403 417 999 1,665 232 251 123 1,585 On banking house, furniture, and fixtures.. 11,521 172 8,455 550 352 377 255 463 364 13 130 53 337 Allother 10,355 530 3,728 1,090 682 1,455 184 524 909 33 150 27 1,043 Total losses and depreciation .__„ 127,020 6,984 67,749 14,184 11,283 7,156 1,661 6,366 5,070 505 885 572 4,605 Net deduction from profits 25,167 2,882 5,621 6,630 »815 4,960 882~ 950 2,487 184 • 258 265 1,379 Cash dividends declared-.-V"". 39,497 1,201 30,256 3,033 2,378 604 149 759 39 2 74 41 961 Capital funds,* Dec. 30,1933,..- 2,065,761 78,865 1,293,322 166,069 210,913 47,386 21,752 89,671 49,683 6,152 16,758 7,099 78,091 i. .... r= Number of banks, Dec. 30,1933. 7 856 37 153 58 76 57 134 M56~ 60 39 54 68 .* Net addition to profits. 7 One bank which became a member and submitted a condition report as of Dec. 30,1933, did not submit a report of earnings and dividends. For other footnote, see p. 113. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
118 FEDERAL RESERVE BULLETIN FEBEUAET 1935 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO [In millions of dollars] Federal Reserve district City Total B to o n s- Y N o e r w k P p d h h e il i l a a - - C la le n v d e- Rich- la A n t t - a c C a h g i o - L S o t u . is n M o e i a l n i p - l - K C s a a i n t s y - D la a s l- F c S r is a a c n n o - Y N o e r w k c C a h g i o - Loans and investments—total: Jan. 2. 13,221 ;i,144 8,254 1,063 1,197 365 353 1,981 553 583 433 1,932 7,346 1,576 Jan. 0 18,168 1,137 8,230 1,072 1,196 366 351 1,956 542 361 583 431 1,933 7,332 1,554 Jan. 16 ;. 18,264 1,143 8,377 1,070 1,190 365 343 1,956 532 359 567 429 1,923 7,487 1,553 Jan. 23 18,257 1,154 8,337 1,075 1,191 369 346 1,966 538 356 566 424 1,935 7,465 1,568 Jan. 30 18,244 1,138 8,293 1,077 1,194 370 343 2,006 539 359 565 426 1,929 7,422 1,617 Loans on securities—total: Jan. 2. 3,031 221 1,655 206 181 230 213 1,453 231 Jan. 0 3,025 215 1,623 205 179 278 209 1,415 231 Jan. 16 3,070 218 1,669 207 178 2S0 206 1,465 234 Jan. 23 3,015 216 1,653 208 177 276 207 1,454 230 Jan. 80 3.024 1214 1,635 204 175 203 1,437 235 To brokers and dealers in New York: Jan. 2 741 627 Jan. 9 715 .600 564 27 Jan.16 753 636 603 26 Jan. 23 723 607 579 26 ^ Jan. 30. 702 587 659 26 To brokers and dealers out* side New York: Jan. 2... 169 35 56 17 23 11 54 25 Jan. 9 161 30 57 16 27 10 54 24 Jan. 16 163 32 57 17 32 10 55 29 Jan. 23 , 164 32 57 17 29 10 55 26 „, Jan. 30. 166 34 57 15 33 8 55 31 Toothers: Jan.: 2,171 167 972 169 171 223 182 801 180 Jan. 9 2,149 166 966 163 170 222 179 797 180 Jan. 16 2,149 165 976 163 169 220 176 807 179 Jan. 23 2,153 164 939 167 163 219 177 820 178 Jan. 30. 2,106 163 991 167 167 219 175 823 178 Acceptances and commercial paper: L „ oa J n J J J J a a a a a s n n n n n o . . . . . n 9 2 2 3 1 r 3 . 0 6 e . al estate: IIIII 4 4 4 4 4 3 4 3 4 3 9 9 6 0 6 4 4 4 4 4 6 6 3 6 6 2 2 2 2 2 3 3 4 2 2 5 3 3 9 9 2 2 2 2 1 2 1 0 0 9 2 3 2 2 2 2 2 2 2 2 6 7 7 6 7 5 1 1 8 1 1 1 1 1 1 0 0 0 0 0 1 1 1 1 1 6 7 7 6 6 3 3 3 2 2 2 2 1 0 0 0 0 9 2 2 2 2 2 2 3 2 3 4 7 1 7 2 0 6 6 5 6 5 1 1 5 1 7 J J J J a a a a n n n m . . . 1 9 2 2 6 3 ... ":„ 9 9 9 9 7 7 7 7 3 6 5 7 9 9 9 9 2 1 2 2 2 2 2 2 4 4 5 5 9 9 0 0 7 7 7 7 1 1 1 1 7 7 7 7 5 4 5 5 1 1 1 1 2 2 2 2 3 3 3 3 4 4 4 4 3 3 3 3 7 7 6 7 1 1 1 1 4 4 4 4 2 2 2 2 3 5 3 3 3 3 3 3 4 4 4 4 5 6 4 5 1 1 1 1 3 3 3 3 0 1 1 0 1 1 1 1 9 9 9 9 971 91 250 71 74 12 34 36 14 23 343 131 19 J J J J a a a a n n n n . . . .1 2 9 2 6 3 3 3 3 3 , , , , 1 1 1 1 2 2 3 5 5 4 3 2 2 2 2 2 5 5 5 5 9 9 6 4 1 1 1 1, , , , 3 3 3 3 3 2 2 4 1 8 7 2 1 1 1 17 7 7 7 3 5 4 2 1 1 1 1 3 2 3 3 0 9 0 0 1 1 1 1 2 2 2 1 1 1 3 7 2 2 2 2 8 9 9 8 9 7 3 7 1 1 1 1 0 0 0 0 9 9 9 9 1 1 1 1 0 0 0 0 1 1 4 4 1 1 1 11 1 1 1 1 7 4 2 1 1 1 1 1 1 1 1 5 7 6 7 3 3 3 3 0 1 1 1 8 2 0 0 1 1 1 1 , , , , 1 1 1 1 8 8 9 8 6 1 4 3 2 2 2 2 1 1 1 1 1 2 4 2 Jan. 30- ; 3,127 266 172 133 121 291 109 101 111 114 306 1,130 217 U. 8. Government direct obliga- J J Ja a a n n n . . . 9 2 1 6 - ... III . .I : I I 7 7 , , 1 1 9 9 2 2 3 3 6 7 7 0 3 3 , , 3 3 1 0 5 1 2 2 9 8 0 7 6 5 9 9 7 4 1 13 3 5 4 1 10 0 6 6 - 9 9 2 4 2 0 2 19 1 9 0 1 1 5 5 2 2 2 2 4 5 9 3 1 18 8 1 0 675 3 3 , , 1 1 0 2 3 7 7 73 5 4 0 Obli J J g a a a n n t . i . o 3 2 n 3 0 s . fully gua I ra I n I t I e H ed T "b " y 7 7 7 , , , 2 2 2 3 3 3 7 4 5 3 3 3 6 6 7 0 6 9 3 3 3 , , , 3 3 3 2 5 9 2 3 0 2 2 9 9 1 0 6 5 5 9 0 9 3 0 5 1 1 1 3 3 3 4 5 2 1 1 1 0 0 0 3 4 3 '9 9 9 2 8 4 5 7 3 1 1 9 9 5 0 1 1 1 5 5 5 4 3 2 2 2 2 3 4 4 8 1 0 1 1 1 7 7 7 9 8 2 6 6 6 7 8 7 5 0 2 3 3 , , 1 1 7 5 9 0 7 7 7 9 5 3 5 9 2 U. 8. Government: O ^ t t h e J J J J J r a a a a a n n n n n se . . . . . c 3 9 2 2 1 u 3 0 6 r . ities: ™™IT« 6 60 1 1 2 1 1 8 9 8 0 0 2 3 2 2 2 9 9 0 9 9 3 3 1 4 7 5 5 0 1 2 2 2 2 2 4 4 3 3 2 ' 1 9 9 0 8 1 5 1 1 1 1 1 5 5 7 4 7 4 4 4 4 3 5 6 1 2 2 2 2 2 6 6 7 7 7 9 8 2 2 3 7 3 7 8 8 „ R ese J J £ J r a a a v 2 n n n e . . . : 3 2 1 w 2 0 3 6 i : t : h : : F : e : d : e : ra : l : 1 : . R - ™ e : s - " e — r " v " e ~ ' 2 2 2 2 2 , , , , , 8 8 8 8 8 4 1 2 0 0 5 9 4 0 0 1 1 1 1 1 5 5 5 5 5 1 3 3 3 3 1 1 1 . * , , , 2 1 2 1 1 8 1 7 8 9 4 7 2 2 2 2 2 6 6 6 6 6 6 4 4 6 6 1 1 1 1 1 8 8 9 8 8 7 9 1 7 8 2 2 2 2 2 6 5 5 6 6 0 7 9 4 2 1 1 1 1 1 1 1 1 1 1 6 5 3 5 5 3 3 3 3 3 3 3 3 3 3 6 1 3 3 3 1 1 1 , , , 9 0 0 0 7 0 0 2 7 3 6 0 2 2 2 2 2 8 1 1 2 1 2 1 3 5 3 7 0 banks: J J J J a a a a n n n n ! . . . 3 9 2 1 3 0 6 — "* * * II"! - . " . " . * . ' — I "" I " . " . * ™ " I "" 3 3 3 3 3 , , , , , 4 4 2 2 0 0 3 0 7 6 1 9 3 4 3 2 2 2 2 2 5 4 5 4 1 3 6 6 9 2 1 1 t , , , , . 5 8 5 7 5 1 2 3 7 6 5 0 6 8 5 1 1 1 1 1 5 4 4 4 3 3 7 4 2 8 1 1 1 1 1 4 5 5 4 4 9 1 5 7 9 4 5 4 4 5 7 3 9 2 5 9 1 5 4 7 1 1 1 8 9 0 0 0 6 9 4 0 4 6 6 4 7 1 1 1 8 9 0 0 0 7 3 4 7 6 1 1 1 1 1 7 7 5 8 6 1 3 6 0 3 1 1 1 1 1 , , , , . 6 5 5 5 7 4 0 0 2 2 6 1 5 7 0 4 4 4 4 4 7 1 5 8 2 4 6 3 2 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 119 REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO— Continued [In millions of dollars] Federal Reserve district City Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S o t u . is n M o e l i a i n p s - - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Cash in vault: Jan. 2 292 73 64 15 20 12 7 49 9 5 11 9 18 50 40 Jan. 9 284 71 59 14 21 12 7 48 9 5 12 9 17 45 38 Jan. 16 —. . 265 69 55 13 19 11 6 46 8 11 8 15 40 36 Jan. 23 ... ._.. „> 267 69 57 13 19 11 6 46 8 4 11 8 15 42 36 Jan. 3O._. „ 278 63 64 13 20 11 6 47 8 4 U 9 17 49 36 Net demand deposits: Jan. 2 13,685 906 7,051 723 723 243 190 1,716 388 262 462 299 725 6,674 1,454 Jan. 9 13,665 924 7,016 713 693 243 . 191 1,732 385 263 470 297 733 6,560 1,469 Jan. 16 j 13,862 936 7,160 725 696 240 192 1,750 380 263 481 295 744 6,684 1,489 Jan. 23 13,916 938 7,216 716 695 240 191 1,765 390 259 471 305 730 6,775 1,507 Jan. 30 '14,018 930 7,316 728 704 238 190 1,757 '388 259 472 308 728 6,842 1,499 Time deposits: Jan. 2 4,388 316 1,027 305 436 135 126 520 164 125 159 124 951 605 383 Jan. 9 4,397 317 1,025 308 436 136 126 520 164 126 162 125 952 6C5 883 Jan. 16.... . 4,397 319 1,022 309 437 136 126 520 164 127 162 125 950 609 382 Jan. 23 4,429 318 1,034 317 433 137 128 524 164 128 103 125 953 619 386 Jan.30 4,434 317 1,030 315 444 137 128 522 165 128 163 126 959 616 384 Government deposits: Jan. 2 1,344 97 772 77 52 10 35 67 32 7 26 64 105 735 46 Jan. 9 1,336 92 768 77 55 10 35 67 32 7 26 64 103 731 (6 Jan. 16 1,332 92 768 77 54 10 34 66 32 6 26 64 103 731 48 Jan. 23 1,293 89 748 74 53 10 34 65 27 6 25 61 101 713 45 Jan. 30 -.—. • 1,227 S3 713 69 50 9 33 63 24 5 24 58 96 680 44 Due from banks: Jan. 2........ . 1,770 120 164 170 134 86 70 271 93 99 207 145 211 83 193 Jan. 9 1,706 315 156 160 112 86 74 257 93 95 205 148 205 71 179 Jan. 16 1,799 121 158 167 120 87 84 252 102 98 233 157 220 73 179 Jan. 23 .... ..... . . ... 1,770 111 148 171 124 88 85 245 102 96 233 155 212 74 172 Jan. 30 _„ 1,785 111 155 171 127 83 79 268 101 95 231 151 213 73 187 Due to banks: Jan. 2 4,133 200 1,859 249 187 103 82 547 169 117 272 141 207 1,796 447 Jan. 9 4,129 204 1,846 251 183 102 81 552 173 118 273 139 207 1,785 449 Jan. 16 4,270 213 1,933 258 183 102 85 558 179 117 282 139 216 1,870 459 Jan. 23 4,259 203 1,930 248 183 103 83 563 181 117 281 142 215 1,867 ' 465 Jan.30 4,245 207 1,929 246 190 99 79 570 182 115 281 143 204 1,S68 467 Borrowings from Federal Ee* serve banks: Jan. 2 Jan. 9 Jan. 16 9 9 Jan. 23 1 Jan. 30 f Revised. RATES ON INDUSTRIAL ADVANCES f Approved by the Federal Reserve Board, under sec. 13'(b) of Federal Reserve1 Act as amended June 19,1934. Percent per annum except as other wise specified. In effect on Feb. 1,1935] Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s -K C an it s y as Dallas F C S r i a a s n c n o * Advances direct to industrial or commercial organizations 4-6 4-6 4-6 6 6 6 5-6 6 6 5-6 Advances to financing institutions: On portion for which institution is obligated 3 3 13 4 4-6 5 5-6 .4^-5 4 4 Commitments to make advances 4 1- - 2 5 8 ft. 4 1 - - 6 2 5 H 15-6 4H 4 5 • - 1 6 4 1- - 2 5 . \xr7riTw*"'wu "<to * yctwuh Quuvo (iiovaiuu^ discount rate. With respect to loans received from financing institutions, lv-» — -— ---- «I percent per annum to financing institutions which agree to service loans and report regularly on status of borrower. • Same as to borrower but not less than 4 percent. . , 1 iP6106114 below rate charged borrower by financing institution but not less than 4 percent. • No general rate established on commitments. • Flat rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
120 FEDERAL RESERVE BULLETIN FEBRUARY 1935 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN BANK DEBITS CURRENCY TO AND FROM EUROPE [Debits to individual accounts. In millions of dollars] BY SELECTED BANKS IN NEW YORK CITY 1934 1933 (Paper currency only. In thousands of dollars] Number 1034 1935 of centers Decem- Novem- December ber ber Net i Net Month Ship- Re- ship- Ship- Re- ship- New York City 1 15,214 11,343 13,013 ments ceipts ments ments ceipts ments Outside New York City 140 '15,701 r 13,409 13,2S8 to f-r-o m (-)or to from I (-) or Europe Europe receiptsEurope Europe receipts Federal Reserve districts: Boston 11 1,728 1,612 1,515 New York 7 15,780 11,861 13,546 Philadelphia - .. 10 1,497 1,169 1,367 January.... 0 5,256 +5.256 81 3,705 +3,624 Cleveland 13 1,661 1,384 1,247 February.. 1 3,740 +3,739 7 598 536 487 March 0 2,200 +2,200 Atlanta 15 781 674 687 April.. 1 2,00a +2,899 Chicago 21 3,903 3,180 3,040 May 10 +3,770 St. Louis . 5 706 707 713 June 8 +3,463 Minneapolis 9 537 481 460 July 63 3,601 +3,538 Kansas City- 15 884 814 780 August 0 5,193 +5,193 Dallas 10 529 454 496 September. 23 4,254 +4,231 San Francisco 18 '2,221 r 1,880 1,962 October.*,, 0 2,524 +2,524 November- 199 2.129 +1,930 Total 141 '30,915' '24,752 26,301 December.. 40 1,539 +1,499 Total 345 40,587+40,242 'Revised. For description and back figures see BULLETIN for January 1934, p. 51. MATURITY DISTRIBUTION OF BILLS AND SECURITIES HELD BY FEDERAL RESERVE PAPER CURRENCY OF EACH DENOMINATION BANKS IN CIRCULATION [In thousands of dollars] [Outside Treasury and Federal Reserve banks. In millions of dollars] With- 16 to 31 to 61 to \1 days! Over 1933 1034 Total d in a y 1 s 5 da 3 y 0 s da 6 y 0 s da 9 y 0 s m to o s 6 . mo 6 s. Denomination Dec. 31 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Bills discounted: $1 402 393 403 411 410 422 423 J J a a n n . . 9 2 7 6 , , 0 9 9 9 2 4 5 5 , , 2 4 6 7 6 8 2 1 5 2 1 5 1 1 , , 2 41 3 7 9 1 8 2 4 2 $2 33 32 33 32 32 32 32 Jan. 16.... 17,221 15,588 223 677 701 $ $ $ 2 1 5 0 0 .. . 1 1 , , 2 3 7 2 4 1 9 2 9 1 1 , , 2 2 7 1 7 1 9 7 9 1 1 , , 2 2 7 9 5 4 4 0 1 1 1 , , 2 3 7 6 1 5 6 1 5 1 1 , , 3 2 7 1 6 5 4 5 2 1 1 , , 3 3 7 0 3 7 0 2 6 1 1 , , 2 3 7 8 2 7 8 6 1 Bills J J a a b n n o . . u g 2 3 h 3 0 t _ . i . . n , . . . 8 7 , , 0 05 8 8 8 7 5, , 4 0 1 2 6 1 6 1 2 1 7 0 1,2 6 2 3 8 5 2 35 9 8 6 $50 361 336 335 336 335 337 337 open market: $ $ $ $ $ 1 1 5 1 5 0 , , 0 0 0 0 , 0 0 0 0 0 0 0 0 .. 0 .. 2 6 1 3 1 1 2 S 7 S 0 5 2 m 1 2 1 5 3 3 2 5 1 2 6 1 8 5 2 8 2 2 5 1 2 7 1 5 7 3 1 3 2 5 1 2 7 1 5 7 1 1 2 2 5 1 1 7 1 1 5 4 1 1 0 2 5 1 1 7 1 5 7 6 7 2 J J J J J a a a a a n n n n n . . . . . 9 2 2 3 1 3 6 0 . . . . . . . . 5 5 5 5 5 , , , , , 5 6 6 5 5 3 1 1 3 6 9 1 2 8 2 , 2 2 , , 5 7 6 7 7 4 1 5 4 5 1 5 7 3 0 2 1 , , 7 5 8 8 0 1 4 3 6 9 5 3 1 1 , , 1 2 3 4 1 8 4 3 6 1 1 1 2 , , , , 2 0 3 9 7 6 8 1 8 3 9 4 7 9 1 Total.] 5,085 4,8%8 4,972 5,031 5,025 5,110 5,095 Industrial advances: Jan.2 14,315 142 137 1,425 1,486 11,076 NOT*.—Figures include, in addition to currency outside the Treasury Jan. 9 14,744 102 655 904 1,193 11,806 and Federal Reserve banks, unassorted currency held by these institu- Jan. 16.... 14,826 186 656 878 1,243 11,816 t o i f o u ns n k a n m o o w u n n t d in e g n o t m o i $ n 8 a ,0 t 0 io 0, n 0 s 0 0 re -$ p 1 o 2 r , t 0 e 0 d 0 , b 00 y 0 t , h a e n T d r a e l a so su $ r 1 y , 0 a 0 s 0 , d 0 e 0 s 0 t r o o f y c e u d r . rency J J a a n n . . 3 2 0 3.... 1 1 7 5 , , 4 6 9 3 3 6 1 1 4 9 6 1 1, 8 1 2 8 0 4 1,2 9 5 0 1 4 7 68 3 4 5| 14,4 U. S. Govt. UNITED STATES POSTAL SAVINGS Se J c a u n r . i t 2 ies: 2,430,681 31,450 33,300 83,239175,230 498,487il, 608,975 (Balance to credit of depositors. In millions of dollars] J J Ja a a n n n . . . 9 2 1 3 6 . . — ... 2 2 2 , , , 4 4 4 3 3 3 0 0 0 , , , 2 2 2 5 1 6 4 9 3 2 3 4 7 0 0 , , , 5 5 2 0 3 0 0 5 0 4 4 3d 4 5 o5 44 , , , , 4 1 4 5 i 6 1 6 i 3 44 7 5 1 110 5 8 60 4 1 3, , , , 2 3 o8o 5 5 8u 2 4 0 1 1l 2 o 6 0 8w 4 1 9, ; v ,5o 8 5 %4 7 4 5 3 5 o 4 4 4 *0v 0 0 i1 5 1 , ,6 8 u 1 9 ± 2 1 * J 1 l , , 5 5 9 9 3 9 , , 5 5 3 7 5 7 End of month 1931 1932 1933 1934 Jan. 30.... 2,430,270 39,467 36,222 175,030172,177 419,985 : J F M A a e p n a b r u r r il a c u r a h y r . y ..... 1 1 1 1 6 6 6 7 7 5 9 0 . . . . 0 1 5 2 2 2 3 3 7 0 9 1 8 2 2 3 . . . . 4 7 1 8 ' ' ' ' 7 7 6 6 0 2 6 9 6 2 6 2 . . . . 0 8 2 6 1 1 1 '9 , , , 1 0 1 4 1 0 5 3 3 7 9 . . . . 4 9 1 8 1 1 1 1 , , , , 2 2 2 1 0 0 0 9 0 0 0 7 . . . . 0 0 8 5 171.2 325.0 742.6 1,180.3 1,196.9 J A S N O D u e u o e c l p y g c t v t o e u e e m b s m m t e b b b r e . e * e r . r . r „ . _.„ 1 I 1 2 1 2 1 S 7 S 0 8 4 9 O 5 0 9 6 5 2 . . . . . . . 3 5 8 7 4 5 7 '6 3 3 4 5 5 4 0 4 2 7 3 6 6 5 7 2 2 8 5 9 . , . . . . . 4 6 7 5 1 9 5 ' ' ' ' 8 8 7 8 8 8 9 2 7 5 8 4 S 0 9 1 S 4 8 5 1 . . . . . . 5 9 . 8 5 2 7 6 1 1 1 1 1 1 1 , , , * , , , 1 1 1 1 1 2 1 7 7 8 8 8 0 9 8 9 7 1 9 8 8 . . . . . . . 4 4 2 5 0 9 7 P " 1 1 1 1 1 1 1 , , , , , , , 1 1 1 1 1 2 2 9 9 9 9 9 0 0 7 0 2 2 3 8 7 . . . . . . . 4 9 3 8 2 2 6 * Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 121 BANKS LICENSED AND NOT LICENSED Number of batiks Deposits* (in thousands of dollars) Total Licensed lice N n o s t ed' Total Licensed lic N en o s t ed All member banks: Mar. It, 1933 6,699 5,078 1,621 28,421,038 25,554,287 2,866,751 Apr. 12, 1933 6,681 5,425 1,256 28,646,106 25,986,183 2,659,923 June 30,1933 6,701 5,606 1,095 27,829,042 26,563,927 1,266,015 Dec. 30,1933 6,523 6,011 512 27,694,828 27,166,974 527,854 June 30,1934 6,483 6,375 113 31,124,361 31,012,367 111,994 Dec. 26,1934 6,460 6,450 10 32,278,957 32,270,380 8,577 Jan. 30,1935 _ - 6,437 6,431 6 32,270,567 32,265,758 4,809 National banks: Mar. 15,1933 5,907 4,507 1,400 18,137,719 16,195,145 1,942,574 Apr. 12,1933 5,897 4,789 1,108 18,313,090 16,494,549 1,818,541 June 30,1933 5,882 4,897 985 17,769,636 16,741,289 1,028,317 Dec. 30,1933 ^ ... 5,606 5,154 452 17,990,217 17,555,239 434.078 June 30, 1934 _ 5,512 5,417 95 19,895,897 97,999 Dec. 26,1934 5,477 5,471 20,771,521 20,764,706 6,815 Jan. 30, 1935—.^ 5,459 5,456 20,780,493 20,777,291 3,202 State-bank members: Mar. 15, 1933 792 571 221 10,283,319 9,359,142 024,177 Apr. 12,1933 784 636 148 10,333,016 9,491,634 841,382 June 30, 1933 819 709 110 10,060,306 9,822,638 237,668 Dec. 30, 1933 917 857 60 9,704,611 9,611,735 02,876 June 30, 1934 976 958 18 11,130,465 11,116,470 13,995 Dec. 26,1934 983 979 4 11,507,436 11,505,674 1,762 Jan. 30, 1935 978 975 3 11,490,074 11,488,467 1,607 Nonmember banks other than mutual savings banks: * Apr. 12,1933 10,351 7,392 2,959 6,341,370 5,020,061 • 1,321,309 June 30,1933 10,171 8,188 1,983 6,135,648 5,071,664 1,003,984 Dec. 30, 1933 _ 9,590 8,333 1,257 5,559,996 5,062,908 497,088 June 27,1934 * __ „.._„. 9,269 8,760 509 5,547,799 5,313,565 234,234 Oct. 17, 1034' _ „ 9,167 8,901 266 5,484,147 5,356,384 127,763 Dec. 26,1934' _ 9,113 8,933 180 5,471,318 5,383,751 87,567 Jan. 30, 1935 _ 9,053 8,913 140 5,447,393 5,376,599 70,794 » Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on the dates given, were still included in the Comptroller of the Currency's records of unlicensed banks. 1 Deposits of national banks and State bank members are as of the nearest available call dates; deposits of nonmember banks for Apr. 12 and June 30,1933, are as of Dec. 31,1932, or the nearest available call date prior thereto; deposits of nonmember banks for Dec. 30,1933, and subsequent dates are as of Dec. 30,1933, or the nearest available call date prior thereto. 3 Also exclusive of any trust companies and other financial institutions which do not receive deposits but are included in State bank abstracts. Nonmember bank figures are not available for some of the dates for which data are shown for member banks. ' Revised to include private banks which, under the provision of sec. 21 (a) of the Banking Act of 1933, became subject to State or Federal supervision in June 1934. Banks reporting to the Comptroller of the Currency under sec. 21 (a) of the Banking Act of 1933 numbered 131 on June 30,1934, and 135 on Oct. 17,1934, and their deposits aggregated $28,202,000 and $55,842,000, respectively. BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1934 AND JANUARY 1935 [Preliminary figures] Nonlicensed banks placed in liquidation Licensed banks suspended i or receivership a Deposits * (in Deposits' (in Number of banks thousands of Number of banks thousands of dollars) dollars) Year January Year January Year January Year January 1934 1935 1934 1935 1934 1935 1934 1935 National banks 1 1 40 368 396 401,083 3,219 State bank members *23 «2 * 39,606 *4,502 Nonmember banks . 55 2 36,904 709 501 15 205,140 3,936 Total 56 3 36,944 1.167 920 18 646,729 11,657 j Includes banks placed on a restricted basis. ? D ^ rOf ^ ^ ^^ 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 * Includes 14 banks with deposits of $12,504,000, which did not receive licenses following the banking holiday and withdrew from the Federal 2S^^ ^ ^^ the banking holiday and withdrew from the Federal Reserve System before being placed In Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
122 FEDERAL RESERVE BULLETIN FEBRUABY 1938 FEDERAL DEPOSIT INSURANCE CORPORATION INSURED BANKS AND DEPOSITS. OCT. 1, 1934 Deposits (in millions of dollars) Depositors (in thousands) Ratio Ratio fully in- Number insured sured to Class of bank of banks Total Insured in U su n r - ed ( d t p o e e p r t o o c s e t i a n t l s t) Total in F s u u l r l e y d i P ns a u r r tl e y d t p ( o p o t e s a r i l t c o e d r n e s t - ) Members (Federal Reserve System) 6,419 31,038 12,071 18,967 38.89 35,938 35,333 605 98.32 National 6,450 20,073 8,489 11,584 42.29 26,378 25,972 406 98.46 State.. * ....*..-...-..——. 969 10,965 3,582 7,383 32.67 9,560 9,361 199 97.92 Nonmembers (Federal Reserve System) 7,706 5,982 4,382 1,600 73.25 15,307 15,088 217 98.58 Mutual savings—maximum insurance, $5,000.. 44 467 - 413 64 88.41 908 888 19 97.86 Mutual savings—mailmum insurance $2,500.. 24 671 388 183 67.95 587 513 73 87.48 Other 7,638 4,944 3,581 1,363 72.43 13,812 13,687 125 99.10 All banks 14,125 37,020 16,452 20,567 44.44 51,245 50,422 - 823 98.39 INSURED COMMERCIAL BANKS AND DEPOSITS, BY STATES, OCT. 1, 1934 Insured Ratio in- Ratio fully State Nu b m an b k er s of ( d s i a n e n p t d o h s s o i o t u s f - s d u e t r p o e o t d a s l i t t o s a i c n F c s u o u u l r l n e y d ts ac T c o o t u a n l ts in a s c u t c o o r t u e a d n l t t s o dollars) (percent) (percent) Alabama 206 107,676 69.70 636.252 640,989 99.26 Arirona.............. 15 25,818 59.04 71,869 72,886 98.60 Arkansas 211 70,514 63.62 298,602 301,726 98.96 California 254 1,608,758 52.52 3,767,707 3,849,510 97.87 Colorado 144 131,469 52.78 404,657 410,161 98.66 Connecticut*......... 109 215,118 50.77 618,823 628,580 98.45 Delaware 44 48,620 46.70 117,248 120,418 97.37 District of Columbia., 22 135,147 63.65 463,878 470,204 98.65 Florida 144 94,753 60.77 406,973 411,372 08.93 Georgia. 262 152,801 5a 63 777,396 784,827 Idaho ' 61 37,920 66.23 116,441 117,800 Illinois.- 858 1,030,279 37.23 3,091,245 3,141,406 Indiana......... 482 303,871 60.29 1,201,172 1,212,535 >&: Iowa.. , 543 264,603 65.04 898,818 907,411 99.05 K K e a n n tu sa ck s y .. .............. , 4 3 3 9 0 0 2 1 0 6 3 6 , , 4 0 5 5 4 7 6 6 1 3 . . 3 8 3 5 6 8 6 7 3 5 , , 0 7 5 8 8 7 669,066 9 9 9 9 . . 1 1 0 4 L M M o a a u r in y i e s la ia nd na..*........., , 1 1 6 8 4 6 1 6 2 1 1 0 2 2 1 9 7 , , , 5 2 3 1 7 1 1 6 4 4 7 4 3 5 5 . . . 6 4 8 5 8 2 5 4 71 1 4 0 6 5 , , , 2 8 1 4 1 3 6 3 0 4 6 7 2 5 2 1 1 0 , , , 4 2 3 0 4 8 6 3 0 9 9 9 8 8 8 . . . 8 6 9 6 1 2 M M N M M M M N N N N N N N O O B S S T T V O P U V W W W W o o e e e e e e h e i e e e o o r h t k a i o i i i r a y i n u o w e n w w b w x r e v c s n s r o r a i s g s n o s s l m g s t o t h s n a r a t t d s n c n i t a h h h t h t i h o h o a n . s a J i d s H n s Y M a e o . e o i h g e n . V . u s y s i c e n a f n D C s n n D a . C k a o a i s I n o h l r r i e o g . p a v s r n t s r m a s a a g i a s . a u m x t t l p . . k g a i e r , e a o k k a . r s i n p i i n o y e c n o a e n n . o o . s . l i o t — l . d . i . * t . i a t h i . t a . . n . a . n a . s . . . . i . . a w . . r . . . a . . . I . . . . . . . e . . . . - . . . „ I t . . . . I I . . . I . . _ I . . . . I ™ „ . . . . . . I . . . . . . . . . . , . I . . . , , 1, 2 2 6 3 3 6 3 2 3 8 3 1 6 0 7 2 1 1 1 1 4 9 5 7 5 6 7 0 1 3 9 1 1 1 1 8 8 3 8 2 1 7 7 6 9 2 0 9 2 4 9 6 7 2 2 3 2 7 6 9 3 6 1 7 7 9 0 0 6 3 2 8 8 0 2 2 1 , , 4 7 4 6 4 4 3 8 4 1 2 1 1 1 1 1 1 1 0 2 1 1 6 8 3 6 4 6 7 0 7 7 5 2 5 6 6 7 5 4 6 1 4 7 1 4 2 8 4 7 2 1 6 5 1 5 3 9 0 6 9 7 1 0 0 4 4 2 1 0 4 8 4 6 8 1 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 3 1 2 7 5 7 4 4 8 4 2 5 2 7 1 6 0 5 0 7 6 1 1 1 6 2 3 4 3 6 9 6 1 0 7 3 7 0 1 6 2 8 9 0 9 9 8 9 9 0 0 5 6 2 4 2 0 4 5 7 4 5 5 9 5 7 3 9 4 8 4 3 4 7 6 3 0 0 0 1 7 9 7 8 7 7 2 3 5 5 6 4 6 4 4 4 8 5 6 6 5 6 6 6 6 2 7 6 5 5 7 5 5 6 6 6 6 3 8 5 1 4 4 3 5 8 3 6 8 9 7 3 1 3 3 6 5 3 8 1 7 3 3 8 3 1 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 5 5 1 0 4 6 2 7 7 8 4 7 7 4 1 6 5 9 6 9 6 0 1 0 7 2 1 7 1 8 5 1 1 7 7 7 6 4 7 7 7 0 0 6 6 6 3 9 5 4 2 5 3 2 2 2 3 0 1 1 2 5 5 1 1 1 2 1 1 , , , , , , , , , , , 3 4 5 4 3 4 2 8 2 7 1 4 2 6 5 6 3 2 8 2 1 6 7 9 1 1 1 1 2 9 0 5 8 2 1 1 5 0 1 3 1 1 1 3 2 2 8 4 6 9 1 1 6 4 6 5 6 9 6 3 5 6 4 6 1 5 0 4 3 2 7 3 0 7 0 3 3 3 1 0 3 7 1 4 4 7 1 5 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 5 6 8 2 0 0 3 7 5 9 0 7 6 4 0 9 3 7 5 1 6 6 8 8 1 1 6 2 9 3 1 8 2 1 0 * 1 0 6 7 2 6 0 1 7 2 0 4 4 6 0 0 7 1 8 4 0 9 2 9 4 7 5 1 7 7 0 7 2 0 1 7 1 1 9 8 8 9 3 3 5 6 4 3 5 8 8 0 5 7 1 1 1 1 2 5 2 5 1 1 1 , , , , , , , , , , , 4 1 4 4 2 3 4 5 7 6 4 8 9 5 6 5 3 2 8 2 2 1 1 1 1 7 1 8 2 0 3 2 3 0 6 2 7 2 8 2 6 0 2 4 0 3 3 8 1 1 8 5 9 6 1 6 8 0 9 0 0 0 6 1 8 9 2 5 8 5 4 6 2 8 8 3 5 7 9 7 8 4 2 5 4 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 6 7 4 5 1 2 0 3 9 9 2 6 0 8 2 1 9 2 9 1 3 1 5 1 9 7 6 5 8 8 4 6 7 2 1 8 5 2 4 5 2 0 0 2 2 1 7 0 1 2 3 2 7 6 4 1 7 5 8 3 0 2 9 8 7 2 2 6 6 5 4 6 8 9 5 1 1 4 8 4 4 5 7 5 0 4 0 9 9 0 9 9 9 < 0 9 9 9 99 9 9 9 9 0 0 9 9 99 9 0 0 9 9 7 8 8 9 8 9 8 89 8 8 8 8 9 9 7 8 8 9 0 8 8 3 8 0 8 & 8 . . . . . . .. . . . . . . . . . . . . . . . 6 . 8 8 1 7 3 0 7 6 00 1 9 W 0 7 0 1 2 0 9 3 0 7 6 1 £ 0 2 7 5 3 3 0 9 77 6 8 0 0 J 2 7 1 0 0 8 3 0 3 } } Total. 14,057 16,661,805 I 43.60 49,020,716 49,750,656 08.63 NOTE.—Total deposits as reported to the Corporation differ in some respects from bankj did not report duo to vnlnntArv iinnifioM*« «- —— j shown on banks' published statements. not report statistics. 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FEBBUAEY 1935 FEDERAL RESEBVE BULLETIN 123 ALL BANKS IN THE UNITED STATES ALL BANES PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30, 1934, AND DEC. 30 AND JUNE 30, 1933, BY DISTRICTS [Amounts in millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figuresa re available] Loans and investments Deposits, exclusive of interbank de- Number of banks Total Loans Investments posits Federal Reserve district J 1 u 9 n 3 e 4 ce 1 D m 9 e 3 b - 3 er 1 J 9 u 3 n 3 e * J 1 u 9 n 3 e 4 3 1 D m 9 e 3 b - 3 e 1 J 9 u 3 n 3 e * J 1 u 9 n 3 e 4 ce D m e b - er 1 J 9 u 3 n 3 e » J 1 u 9 n 3 e 4 ce D 1 m 9 e 3 b - 3 er 1 J 9 u 3 n 3 e » J 1 u 9 n 3 e 4 ce D 1 m 9 e 3 b 3 er 1 J 9 u 3 n 3 e * ALL LICENSED BANKS l Boston * 5,464 5,456 3,038 3,130 2,426 2,326 5,457 5,276 911 905 New York 17,027 16,222 8,848 9,078 8,179 7,144 15,776 L4,741 1,270 1,240 Philadelphia 3,127 3,002 1,436 1,446 1.691 1,556 2,972 2,695 028 866 Cleveland 2,953 2,731 1,356 1,403 1,697 1,328 2,865 2,661 1,243 1,155 Richmond 1,578 1,494 774 792 805 702 1,653 1,494 1,034 9S5 Atlanta 1,024 980 528 564 496 416 1,046 953 1,092 1,023 Chicago ..*_.. .. .. ... 3,719 3,232 1,639 1,730 2,080 1,501 4,038 3,433 2,450 2,137 St. Louis 1,224 1,145 579 625 644 620 1,239 1,131 1,648 1,553 Minneapolis 931 871 405 428 526 443 974 892 1,437 1,390 Kansas City 1,127 1,075 499 513 629 563 1,346 1,171 2,014 1,966 Dallas 817 758 410 423 407 335 931 828 1,074 1,055 San Francisco 3,611 3,355 1,767 1,846 1,744 1,508 3,661 3,330 734 736 Total.. 42,503 40,319 21,279 21,977 21,224 18,342. 41,857 38,605 L5,835 15,011 LICENSED MEMBER BANKS Boston 1,891 1,792 1,832 1,057 1,014 1,007 834 778 825 1,033 1,717 1,737 373 355 New York 10,078 9,415 9,540 4,624 4,725 4,732 6,464 4,690 4,808 0,120 8,210 8,687 788 758 Philadelphia . % 141 2,081 2,042 1,059 1,061 1085 1,082 1,020 967 2,009 1,824 1,805 644 606 Cleveland 2,308 2,099 2,038 1,002 1,033 1,056 1,306 1,065 982 2,218 1,086 1,838 613 544 Richmond- 996 936 826 476 489 456 620 447 372 1,045 026 805 394 373 Atlanta 812 781 709 392 423 390 419 368 319 814 747 686 324 309 Chicago 2,878 2,479 2,359 1,124 1,208 1,266 1,764 1,271 1,094 3,168 S 2,485 658 685 St. Louis 877 792 747 358 382 364 510 411 383 847 719 383 362 Minneapolis 683 631 622 283 290 306 400 332 317 699 637 638 531 502 Kansas City 905 849 815 361 365 373 643 484 442 097 872 829 736 708 Dallas ._ 683 647 613 328 348 365 365 299 268 792 693 616 554 537 San Francisco 2,924 2,717 2,641 1,459 1,486 1,471 1,466 1,231 1,170 2,073 2,707 2,592 377 372 TotaL.. 27,175 26,220 24,786 12,523 12,833 12,858 14,662 12,386 11,028 26,616 23,771 6,375 6,011 LICENSED NONMEMBER BANKS Boston 3,572 1,981 2,115 1,592 1,648 3,524 3,558 638 560 New York 6,949 6,807 4,224 4,353 2,726 2,465 6,665 6,531 482 482 Philadelphia 986 920 377 386 609 636 063 871 284 260 Cleveland 645 632 355 370 291 262 647 626 630 611 Richmond 682 557 298 303 284 264 607 569 640 612 Atlanta 213 199 136 141 77 68 232 207 768 714 Chicago 842 753 515 622 327 230 871 706 1,792 1,552 St. Louis II ~ZI_II Z 347 353 221 243 126 110 392 356 1,265 1,191 Minneapolis 249 240 122 129 127 111 275 255 906 888 Kansas City 223 226 137 147 86 79 349 299 1,278 1,258 Dallas 134 111 82 76 62 35 139 135 520 618 S F 687 308 279 278 623 357 364 Total.... 15,329 15,100 8,766 0,144 6,573 5,066 15,242 14,734 9,460 9,000 «Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on p. 126. * Nonmember bank figures not available by Federal Reserve districts. Back fiffurct.-Bee Annual Reports of the Federal Reserve Board for 1020 (tables 83-86> and 1031 (tables 93-95); also BULLETINS for October 1932 (P. 663) and April 1933 (p. 254). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
124 FEDERAL RESERVE BULLETIN FEBRUARY 1935 ALL BANKS IN THE UNITED STATES-Continued ALL LICENSED BANES IN THE UNITED STATES *—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30, 1934, AND DEC, 30 AND JUNE 30, 1933, BY STATES lAmounts In thousands of dollars] Loans Investments Deposits b , a n ex k c d lu e s p i o v s e i t o s f inter- Number of banks State J 1 u 9 n 34 e De 1 b c 0 e 3 e r 3 m- J 1 u 9 n 3 e 3 J 1 u 9 n 34 e De b c e e r m , * J 1 u 9 n 33 e . J 1 u 93 n 4 e De 1 b 9 c e 3 e r 3 m- J 1 u 9 n 33 e J 1 u 9 n 34 e De 1 b c 9 e 3 e r 3 m-| J 1 u 9 n 3 e 3 New N M E e a w n in g e H la a n m d: pshire 1 1 1 1 1 8 , , 4 8 7 8 6 6 1 1 1 1 8 7 , , 0 2 7 9 4 4 1 1 1 2 9 5 , , 9 7 2 3 1 8 1 1 6 5 7 4, , 3 2 8 4 9 4 1 1 5 5 1 0 , , 1 8 9 5 6 0 1 14 4 9 3 , , 4 3 0 9 1 0 2 2 8 4 4 7 , , 2 9 2 9 2 6 | 2 2 7 4 1 5 , , 9 9 3 1 8 1 2 2 5 4 5 3 , , 4 6 4 1 1 5 1 1 0 1 2 3 1 1 0 1 2 6 1 8 1 1 2 Vermont 99,413 103,334 107,002 75,575 64,196 63,241 167,545 170,556 165,612 95 93 85 Massachusetts 2,000,481 2,056,809 2,054,454 1,450,545 1,406,891 1,440,981!3,472,887 3,336,567 3,367,113 409 406 Rhode Island 203,302 216,541 219,553 253,093 249,854 250,'070! '439J917! 438,162 437,992 35 33 Connecticut 652,784 672,265 703,816 420,080 394,122 394,039J 1,091,714 1,052,970 1,069,727 201 196 206 Middle Atlantic: New York 7,988,118 8,166,080 8,173,603 7,416,322 6,419,394 6,555,63314,113,837 13,139,900 13,531,608[ 922 895 New Jersey 863,826 910,283 924,935 774,589 732,914 729,878 1,680,307 1,604,557 1,607,194 423 414 Pennsylvania 1,695,763 1,718,447 1,802,660 2,378,677 2,135,211 2,0"7" 61984 3,766^0253,399,877 3,356,523 1,111 1,007 1,001 East North Central: Ohio 759,572 781,874 804,679 673,936 526,266 471,391 1,502,376 1,329,852 1,263,352 6S7 657 619 Indiana 213,578 222,334 220,937 209,164 161,266 146,194 475,858 415,406 390,165 520 510 492 Illinois 859,587 916,562 1,008,578 1,213,735 910,787 834,307 2,207,091 1,965,350 1,856,459 878 879 845 Michigan 298,310 330,416 314,141 389,092 278,334 205,482 771,442 615,212 500,903 435 364 279 Wisconsin 273,365 262,130 268,631 277,652 195,695 164,622 572,1811 452,100 430,167 607 4441 401 West North Central: Minnesota 271,764 292,895 303,105 353,797 290,355 281,038 632,395 584,977 599,6061 Iowa 154,546 159,423 137,455 164,407 100,973 95,827 369,656 291,496 622 504i 425 Missouri .... 348,843 365,181 360,732 476,957 391,856 370,600 887,653 786,434 758,624 702 638 North Dakota 25,720 29,547 28,104 23,508 20,933 58,122 54,891 53,305 210 202 193 South Dakota 28,981 30i 787 32,663 31,479 30,036 67,227 60,480 63,325 21 210 212 Nebraska 82,748 88,723 90,603 110,602 82,563 75; 870] 218,700 172,839 164,521 435 400 384 Kansas 125,688 127,902 133,531 108,504 103,921 290,628 253,012 251,070, 752 766 773 South Atlantic: Delaware 77,264 79,677 77,243 68,801 72,132 76,531 129,610 125,632 129,923 49 48 47 Maryland 218,770 227,280 195,714 373,633 324,605 294,046 607,068 535,743 466,598 192 179 135 District of Columbia. 89,108 89,057 103,375 99,160 90,000 217,771 206,032 197,311 21 21 20 Virginia 246,831 252,615 254,750 141,251 122,978 111,772 379,837 343,969 336,446 328 319 327 West Virginia 125,597 129,963 136,842 79,493 63,171 53,100 216,066] 186,715 179,625 181 171 168 North Carolina 96,696 95,691 96,210 91,200 77,924 52,418 204,017 190,621 150,079 214 202 189 South Carolina—... 29,107 30,857 22,208 33,500 30,617 18,453 79,453 77,574 48,693 126 120 ^ 104 155,493 157,540 145,651 99,975 87,050 85,922 256,080 237,960 218,872 322 274 268 45,159 47,918 43,333 124,606 112,423 117,864 165,633! 166,037 155 144 143 East South Central: Kentucky 191,911 209,913 206,955 137,373 103,313 100,182 297,324 270,224' 259,997 444 427 422 Tennessee 159,190 176,861 171,316 117,305 89,745 67,163 278,248 249,215 225,039 329 329 332 Alabama 95,076 101,632 98,367 72,764 66,010 57,299 168,627 160,936) 21' 208 203 Mississippi „„_ 63,965 58,545 61,445 52,073 41,979 38,603 120,033 111,189 102; 900 213! 213 212 West South Central: Arkansas 47,201 46,521 45,602 42,833 36,971 33,307 98,543 88,282| 81,336 230 198 184 Louisiana .-..-.-_.„ 117,006 132,544 127,492 107,061 85,114 69,492 234,278 219,292 203,118 148 139 Oklahoma I.-.I.. 96,485 100,634 108,799 135,965 130,393 119,907 273,061 258,238 240,316 416] 416 404 Texas 376,924 392,227 $73,134 300,320 258,695 840,534 738,227 662,590 034 Mountain: 857 Paci N I W M A N U C f d i e r o e c t w a o y i a : v l z h n o o h a o r o m t d M n a a a d i n a n e o a x g ico . 2 4 1 6 1 2 9 7 5 0 0 4 0 , , , , , , , 5 2 3 0 4 9 2 6 0 2 1 8 8 4 1 5 0 2 6 6 2 2 2 1 6 5 1 9 9 0 3 5 5 7 5 , , , , , , , , 9 7 7 1 1 8 3 1 4 4 0 8 3 6 8 4 1 4 5 6 4 0 4 2 3 2 6 6 1 3 9 1 3 1 0 8 5 5 , , , , , , , , 2 8 0 9 0 4 0 4 1 3 3 5 8 7 2 5 3 6 4 7 8 7 2 2 1 4 2 2 4 1 1 1 9 8 2 6 9 4 1 0 , * , , , , , , 6 3 4 8 3 5 8 9 0 9 6 6 4 7 6 9 1 * 9 3 3 5 6 8 1 4 2 2 4 1 1 0 7 2 7 0 2 4 2 3 , , , , , , , , 8 2 5 9 7 2 2 1 4 8 1 3 8 0 2 6 6 5 0 3 8 2 4 6 4 4 2 9 2 1 9 5 5 2 9 0 2 3 , , , , , , , , 5 9 6 5 0 7 1 3 2 6 8 0 0 5 1 7 3 1 9 3 9 8 9 7 2 9 5 4 2 4 9 0 1 3 2 9 9 1 6 2 6, , , , , , , . ! 4 3 2 4 5 2 0 4 9 8 1 3 1 0 4 4 1 5 3 1 0 4 7 6 1 9 4 3 8 2 4 8 1 9 1 8 6 4 6 7 3 , , , , , , , , 5 9 1 9 5 6 7 9 7 2 1 1 8 9 6 1 6 9 4 9 8 3 4 5 1 8 3 2 4 8 4 1 8 5 0 8 1 3 3 2 2 , , , , , , , , 9 9 1 4 2 1 2 4 2 7 6 1 6 3 9 2 7 4 9 7 6 3 7 9 4 6 1 1 3 0 0 7 1 1 6 4 6 6 2 1 5 1 2 1 7 0 9 8 7 2 1 1 2 4 8 4 6 6 1 1 4 9 6 2 4 9 9 1 W O Ca r a e l s i g f h o o i n r n n g i t a o . n 1,5 1 M 1 2 3 9 . , 2 , 6 7 S 7 7 3 9 2 1, 1 5 5 3 6 6 7 7 , , , 2 0 1 1 3 2 5 4 4 1, 1 5 5 3 8 2 3 2 , , , 6 8 2 7 6 5 5 3 2 1, 1 1 3 1 7 5 4 9 3 , , , 7 3 9 9 0 3 3 3 3 ,1 1 6 9 5 7; 9 9 , , 7 5 6 6 0 6 6| 7 5 1,1 1 1 2 0 4 3 2 3 ; , , 7 7 2 1 9 8 6 3 2 12,8 3 1 7 1 8 3 5 2 , , , 5 2 7 2 6 0 7 8 3 1 ; 2,6 2 1 9 9 6 2 9 5 , , , 1 1 9 8 0 8 8 6 2 1 2,6 2 1 4 6 5 2 4 9 , , , 3 7 4 6 9 3 4 5 3 2 1 2 0 0 8 2 5 3 2 1 9 8 9 9 9 9 1 2 0 9 8 fi Total -.~|21,278,053J21f 977,334J22,203, 'sujtt, 224,42l|l8,341, Q85J17, 872,23sJ4],S57r 154(38f 504,743J37,997,594 15,8351 15,011! 14,519 » Comprises all licensed national banks in the Continental United States and all licensed nonnatlonal banks described in footnote 1 on p. 126. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 125 ALL BANKS IN THE UNITED STATES-Continued LICENSED NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30, 1934, AND DEC. 30 AND JUNE 30, 1933, BY STATES [Amounts in thousands of dollars] Loans Investments Deposits b , a n ex k c d lu e s p i o v s e i t o s f inter- Number of banks State J 1 u 9 n 3 e 4 De 1 b c 9 e 3 e r m 3 - J 1 u 9 n 3 e 3 J 1 u 9 n 34 e De b c e e r m- J 1 u 9 n 33 e J 1 u 9 n 34 e De 1 b c 9 e e 3 r m 3 - J 1 u 9 n 33 e J 1 u 9 n 34 e De 1 b 9 c e 3 e r m 3 - June New England: Maine 38,991 37,361 31,919 54,885 46,282 33,566 98,081 90,899 67,189 40 25 New Hampshire 29,037 29,082 28,693 27,496 25,701 50,623 48,323 46,027 52 52 48 Vermont , 21,809 21,866 20,837 24,280 19,498 16,275 40,301 35,568 29,305 42 40 33 Massachusetts.—, 579,800 577,109 543,981 430,220 436,910 454,184 1,047,757 966,185 962,326 138 133 127 Rhode Island 41,862 21,481 22,787 33,049 20,362 21,113 71,538 31,769 33,050 1! 10 10 Connecticut 114,745 118,675 129,739 86,185 80,705 76,239 212,220 200,352 202,880 54 54 58 Middle Atlantic: New York 1,527,397 1,717,495 1,728,389 2,017,679 1,706,814 1,730,385 3,296,383 3,042,541 3,129,265 459 444 414 New Jersey 268,298 281,789 289,821 300,426 286,955 272,783 600,914 563,097 554,314 234 225 214 Pennsylvania 860,689 885,302 886,982 1,162,537 1,020,378 951,228 1,813,397 1,648,244 1,603,110 642 601 East North Central: Ohio _ 276,477 289,179 285,076 340,074 266,565 225,729 632,321 539,568 486,197 248 227 210 Indiana 77,542 80,591 74,580 124,563 94,170 79,313 223,213 188,631 157,942 120 113 104 Illinois 594,923 616,083 700,183 816,594 593,065 547,835 1,564,957 1,387,102 1,338,013 281 263 239 Michigan 119,132 144,357 123,419 229,499 170,569 105,638 404,030 317,168 219,387 86 70 50 Wisconsin 129,032 142,375 149,700 166,970 126,043 101,795 304,480 258,419 252,381 105 84 West North Central: Minnesota 194,945 207,215 213,733 259,345 205,092 199,086 440,87- 401,029 415,64* 21: 205 204 Iowa 52,721 55,707 50,908 87,438 57,955 54,622 145,320 118,118 107,23: 121 106 93 Missouri 133,009 139,298 135,995 215,336 173,384 161,786 347,562 305,546 284,314 9G 86 83 North Dakota 15,918 18,311 19,301 23,977 20,764 18,895 43,069 41,562 40,369 71 68 67 South Dakota 14,621 15,664 16,729 21,748 21,594 21,499 39,707 36,848 38,961 64 63 63 Nebraska 68,155 62,474 65,684 94,174 71,439 65,974 157,234 128,960 124,306 137 128 129. Kansas 69,482 56,901 59,419 71,223 68,872 156,205 137,603 133,927 196 195 193 South Atlantic: Delaware 8,535 8,872 9,244 9,168 8,978 8,853 14,111 13,942 14,50* 16 15 15 Maryland ._. 58,883 58,302 . 60,940 159,103 129,459 113,211 215,186 177,062 159,574 62 69 45 District of Columbia- 42,768 42,739 41,389 62,840 64,625 57,481 122,102 119,830 108,425 8 Virginia.. 143,224 151,249 150,575 99,212 89,255 79,503 238,162 218,526 210,817 132 129 122 West Virginia • 61,238 63,045 63,078 47,925 35,889 29,696 113,973 94,162 85,16- 69 62 North Carolina 28,561 28,429 26,305 21,215 18,652 12,056 55,271 60,409 36,711 4C 35 South Carolina 11,004 11,861 7,916 15,605 14,672 6,796 30,862 28,979 15,955 16 15 Georgia 98,371 100,129 88,638 79,498 72,799 71,651 178,947 163,744 154,167 50 47 Florida 32,469 35,265 30,400 102,727 92,58? 96,694 141,0i; 129,449 129,8^ 46 45 East South Central: Kentucky 71,529 76,372 73,414 80,093 58,362 55,231 137,883 124,639 114,41! 92 87 Tennessee 100,882 113,098 105,714 99,183 75,532 56,506 196,905 177,314 159,164 69 67 Alabama 68,402 75,270 70,173 58,387 53,629 48,805 122,627 118,510 103,644 69 66 18,791 20,677 21.233 21,374 18,179 16,325 43,959 40,333 37,543 23 West South Central: Arkansas.. 24,637 22,61 22,292 30,21' 23,991 22,239 58.54 45,770 43,22- 45 Louisiana 77,121 87,68! 77,721 78,61 60,650 43,160 159,025 146,84r 131,17< 22 Oklahoma -83,606 88,448 95,180 121,625 115,965 106,187 235,561 223,71! 207,66 219 217 216 Texas 291,200 306,667 311,379 318,230 225,123 698,150 605,526 637,63 456 445 460 Mountain: , Montana 13,370 15,078 15,842 31,592 31,979 30,985 54,84 66,694 63,08: 46 I W I W CC dd oo a y a llo h o h or m r oo aa .. d i d . n oo g 4 1 5 5 2 , . , 5 9 3 7 9 5 0 6 8 4 1 5 9 2 , , , 7 5 7 2 9 0 9 4 2 5 1 5 2 3 , , , 7 4 3 0 7 3 4 4 2 97,457 9 1 9 0 1 , , , 1 7 0 3 2 6 2 9 5 • 8 1 7 0 7 , , , 1 1 0 2 1 0 8 8 5 1 2 2 7 1 8 0 , , , 7 6 1 7 3 6 ! 9 1 2 2 5 0 7 5 , , , 1 3 4 9 6 2 8 8 6 1 1 2 5 4 6 1 , , , 8 1 3 0 6 7 ! 4 7 2 2 7 4 5 3 NN ew MMexico 7,345 7,682 6,928 9,763 10,46; 7,735 23,855 22,118 16,289 23 A U r ta iz h ona 1 4 6 , , 3 2 7 3 3 8 1 4 6 . , 8 9 4 2 0 6 1 4 3 , , 4 9 1 0 2 9 2 1 6 0, , 9 5 2 9 7 3 2 11 1 , , 0 5 7 7 1 6 l 1 l 8 , , 9 4 0 9 < : 3 1 9 9 , , 9 6 8 9 4 7 3 1 8 7 , , 1 9 8 6 6 7 2 1 9 8 , , 9 7 8 1 8 4 Nevada 2,563 2,758 2,696 8,103 6,577 5,281 13,190 11,088 9,63; 6 Paci W O fic r a : e s i g / h o o i r n n n g ia to n. .. — .. 1,02 4 7 7 3 1 , , , 7 3 8 5 5 4 6 9 2 1,0 4 7 3 5 6 9 , , , 8 7 5 4 4 0 3 2 8 1,0 4 7 3 1 1 8 , , , 2 3 0 5 8 5 2 6 0 9 1 1 2 0 0 3 4 2 , , , 5 9 3 0 0 ^ 1 1 7 1 3 9 1 8 1 7 , , , 3 9 9 2 0 1 - 3 ! 7 1 0 9 0 0 4 3 , , . 1 2 2 - 8 7 5 3 1 • , 9 1 1 2 5 9 2 7 2 , , , 3 9 3 3 1 8 1 ! ; 1,7 1 1 8 4 4 5 2 3 , , , 7 5 1 1 0 7 ( 7 6 1,6 1 1 7 6 3 7 6 2 , , , 0 4 9 6 5 7 ! : 13Q 1 5 6 3 6 3 5 Total- 7f 680,576 8,086,331 8,101,687 9,330,869 7,855,16 7,358,39!17,097,25115,385,73314,771,81 6,4: 5, IS 4,897 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
126 FEDERAL RESERVE BULLETIN s FEBRUARY 1935 ALL BANKS IN THE UNITED STATES—Continued LICENSED STATE BANKS.*-PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30, 1934, AND DEC. 30 AND JUNE 30, 1933, BY STATES [Amounts In thousands of dollars] Loans Investments Deposi b ts a , n e k x c d l e u p si o v s e i t o s f inter- Number of banks State De- June 1934 b D e e r c 1 e 9 m 33 - June 1933 June 1934 b D e e r c 1 e 9 m 3 - 3 June 1933 June 1934 b D e e r c 1 e 9 m 3 - 3 June 1933 J 1 u 9 n 3 e 4 c b e e m r - June 1933 New N V M M E e e a a w r n s i m n s g H e a o la c n a n h t m d u : p se s t h t i s r . e 1,42 8 7 7 0 2 7 9 , , , , 6 4 6 8 8 3 0 9 1 9 4 5 1,47 8 8 7 9 1 8 9 , , , , 7 4 9 9 0 6 9 3 0 8 2 3 1,5 8 9 8 1 6 3 8 0 , , , , 1 4 8 9 6 7 1 9 5 3 9 2 1,0 1 1 2 5 2 1 0 1 5 2 , , , , 3 2 6 3 2 9 9 5 5 5 6 9 9 1 1 4 6 2 0 4 9 3 4 , , , , 6 9 7 5 8 9 0 6 1 8 0 8 9 1 1 4 8 0 2 6 6 9 3 , , , , 9 7 8 7 6 9 2 0 6 7 4 0 2,4 1 1 1 2 8 2 9 5 6 7 7 , , , , 1 1 2 3 4 3 4 7 1 4 3 0 2,3 1 1 1 7 3 8 9 0 4 1 7 , , , , 0 9 3 5 3 8 8 8 9 8 8 2 2,4 1 1 1 0 8 3 9 4 8 6 7 , , , , 7 2 3 5 8 5 0 8 7 2 7 8 2 6 6 7 5 3 1 1 3 2 6 7 6 6 2 3 4 3 27 5 6 5 0 6 4 2 Rhode Island 161,440 195,060 196,766 220,044 229,492 228,957 368,379 406,393 404,942 23 23 23 Connecticut. 638,039 553,590 674,077 333,895 313,417 317,800 879,494 852,618 866,847 147 142 148 Middle Atlantic: Now York... 6,460,721 6,448,685 6,445,214 5,398,643 4,712,580 4,825,248.0,817,454.0,097,359 10,402,343 463 451 455 New Jersey- 595,528 628,494 635,114 474,163 445,959 457,095 1,079,393 1,041,460 1,052,880 189 189 184 Pennsylvania 835,064 833,145 915,678 1,216,140 1,114,833 1,125,756 1,952,623 1,751,633 1,753,413 414 365 400 East North Central: Ohio 483,095 492,695 619,603 333,862 259,701 245,662 870,055 790,284 777,155 439 430 409 Indiana.. 136,036 141,743 146,357 84,601 67,096 66,881 252,645 226,775 232,223 400 397 Illinois 264,664 300,479 303,395 397,141 317,722 286,472 642,134 578,248 518,446 597 616 Michigan 179,178 186,059 190,722 159,593 107,765 99,844 367,412 293,044 281,516 349 294 Wisconsin 144,333 119,755 118,931 110,682 69,652 62,827 267,701 193,681 177,786 502 353 317 West North Central: Minnesota- 76,809 85,630 89,372 94,452 85,263 81,952 191,521 183,948 183,958 480 486 464 Iowa — 101,825 103,716 ••86,547 76,969 43,018 '41,205 3 173,378 ' 141,463 501 393 '332 Missouri 215,834 225,883 224,737 261,62r 218,472 208,814 ' 540,091 1480,888 474,210 612 552 563 N6rtta Dakota- 9,802 9,972 10,246 4,127 2,744 2,038 15,053 13,329 12,936 139 134 126 South Dakota... 14,360 15,223 15,934 9,731 8,442 7,794 27,520 23,632 24,374 143 147 149 Nebraska 24,593 26,249 24,919 16,428 11,124 9,896 61,466 43,879 40,215 298 272 255 Kansas.... • 66,206 71,001 74,112 38,624 30,708 U34,423 "3 115,409 117,143 556 571 575 South Atlantic: Delaware 68,729 70,805 67,999 63,154 67,678 115,499 111,690 115,415 33 32 Maryland 159,887 168,978 134,774 214,530 195,146 180,835 391,882 358,681 307,024 130 120 90 District of Columbia. 45,922 46,369 47,668 40,535 34,535 32,519 95,669 86,202 12 12 12 Virginia 103,607 101,366 104,175 42,039 33,723 32,269 141,675 125,443 125,629 196 190 205 West Virginia 64,359 66,923 73,764 31,568 27,282 23,404 102,093 92,553 94,361 103 102 106 North Carolina 68,135 67,262 '69,905 69,985 59,272 '40,362 148,746 140,212 '113,368 172 162 '154 South Carolina - • 18,103 MS, 996 •14,292 •17,898 • 15,945 •11,657 •48,591 > 48,595 »32,738 *103 • 104 3*89 Georgia.. 67,127 £7,411 ••57,013 20,477 14,251 '14,271 77,133 74,216 '64,705 263 224 '221 Florida 12,690 12,653 12,933 21,879 19,834 21,170 45,587 36,184 36,233 105 93 East South Central: Kentucky 120,382 133,541 133,641 57,280 44,951 44,951 159,441 145,585 145,585 346 335 335 Tennessee 58,308 63,763 65,602 18,122 14,213 10,657 3 81,343 * 71,901 3 65,875 253 260 265 Alabama 26,674 26,362 28,194 14,377 12,381 8,494 46,000 42,426 36,050 14' 139 137 Mississippi 35,174 37,868 40,212 30,699 23,800 22,278 76,074 70,856 65,357 188 139 189 West South Central: Arkansas 22,564 23,908 23,310 12,610 12,980 11,068 39,994 42,5i: 38,112 179 152 149 Louisiana... 39,835 44,862 49,771 28,451 24,464 26,332 75,253 72,443 71,944 119 122 117 Oklahoma 12,879 12,186 13,619 14,340 14,428 13,720 37,500 34,519 32,655 197 199 18S Texas. 77,431 70,257 80,848 64,904 33,572 142,384 132,701 124,953 501 489 493 Mountain: Montana 13,835 14,666 15,215 16,853 15,907 14,624 37,359 36,235 32,846 77 82 • 78 Idaho 9,750 9,456 9,774 14,684 12,805 13,748 » 31,739 3 27,916 26,615 39 42 62 Wyoming 7,884 8,066 8,504 3,178 3,139 3,200 12,793 12,208 11,969 37 37 39 Colorado 14,016 15,634 15,578 13,539 13,034 12,394 36,044 32,262 31,052 80 83 76 New Mexico 2,216 2,022 2,285 2,109 1,754 1,854 5,530 4,597 4,680 19 16 19 Arizona 10,613 10,544 11,015 11,674 9,846 10,101 »29,794 3 26,597 24,895 0 10 11 Utah * 24,248 40,216 46,125 23,270 21,207 23,680 52,063 43,733 63,286 46 46 65 Nevada 1,036 1,183 1,286 1,205 607 623 3,256 2,905 2,664 6 5 Pacific: Washington 57,020 60,191 61,579 65,887 41,746 40,009 123,146 106,478 101,792 135 13: 120 Oregon 10,941 10,707 11,202 9,794 7,599 8,508 24,785 22,806 22,931 52 48 52 485,916 527,382 545,321 451,575 429,442 423,672 950,938 956,599 965,328 163 155 160 Total 13,598,37713,890,999 '14,101,67711,893,652 10,486,824 '10,513,846 24,759,904 23,119,010 '23,225,782 10,418 9,85: ^,622 ** RReevviisseedd.. S0?1??*I?*11'?1?d SSM? comcommermciearlc ibaal nbkasn, k*s?, "**? c"o*m cPoamnPieasn»i ems» umtuuatlu aanl da nstdo cstko csakv sianvgisn bgas nbkasn, kasn, da nsdu cshu cphri vparitve aaten da nindd iunsdturisatlr ibaal nbkasn akss as 5S™UfU f° °i i 9i^^ WW«II??H? ? v^^ **??**!! b bJJnn^^??ee,ddeePPaarrttmmeennttss.. AAllssoo iinncclluuddeess,, bbeeggiinnnniinngg wwiitthh JJuunnee 11993344,, pprriivvaattee bbaannkkss wwhhiicchh,, ppuurrssuuaanntt ttoo tthhee pprroo-visions off sec. 21 (()a ) of the Banking Act of 1933, have agreed to examination by the Comptroller of the Currency or a Federal Reserve bank, al llf of wwhhiicchh bbaannkkss rreennddeerr ccoonnddiittiioonn rreeppoorrttss ttoo tthhee CCoommppttrroolllleerr ooff tthhee CCuurrrreenncy under the same conditions as national banks; for comparative figures of pprriivvaattee bbaannkkss iinncclluuddeedd IInn tthhiiss ccoommppiillaattiioonn,, sseeee tthhee nneexxtt ffoolllloowwiinncc ttaabbllee 33 IInncclluuddeess iinntteerrbbaannkk ddeeppoossiittss.. •• IInlcdlu des2 299 cahs h dedposiiitories on June 30,1934, and Dec. 30,1933, and 25 on June 30,1933. ude any s^ch^ks* W opting u^er depositors' agreement to defer withdrawal of a percentage of deposits; subsequent figures ^hi^th^f OP* 19& ""S* tru1t ^mpanles faave eliminated from their loans "mortg , out wmcn nave been shown In all previous reports. These mortgage l t Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 127 ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30,1934, AND DEC, 30 AND JUNE 30, 1933, BY STATES [Figures In this table are also included in the preceding table covering "State banks." For June and December 1033 these figures relate only to private banks under State supervision; for June 1934 they Include private banks that have agreed to examination by the Comptroller ot the Currency or a Federal Reserve bank, under the provisions of sec. 21 (a) of the Banking Act of 1933] [Amounts In thousands of dollars] Loans Investments Deposit b s a , n e k x c d lu ep si o v s e i t o s f inter* Number of banks State J 1 u 9 n 34 e De 1 b c 9 e e 3 r m 3 - J 1 u 9 n 33 e J 1 u 9 n 34 e De 1 b c 9 e 3 e r m 3 - J 1 u 9 n 33 e J 1 u 9 n 34 e De 1 b c 9 e 3 e r m 3 - J 1 u 9 n 33 e J 1 u 93 n 4 e D 1 e b 9 c e 3 e r 3 m- J 1 u 93 n 3 e Alabama 86 3 55 1 Arkansas 37 1 88 Connecticut 3,505 339 671 6 Florida 1,098 151 977 3 Georgia 504 308 1,447 42 Indiana 2,534 3,160 5,417 882 814 1,358 4,410 4,825 7,976 33 41 68 Iowa 1,441 1,332 3,701 14 Kansas — — 171 256 257 209 172 167 416 452 415 2 3 3 Michigan .._* 1,937 1,158 3,412 27 Missouri*.- . * 15 15 15 16 20 20 1 1 New Jersey .* .... —* „ 7 6 570 21 22 531 9 1,553 2 2 4 New York* 90,271 856 856 200,020 4,914 4,914 225,175 4,849 4,849 19 14 14 Ohio '2,395 3,518 4,515 *365 491 710 *2,925 4,362 5,730 25 23 Pennsylvania... ... .. ... - 15,577 403 409 38,983 1,465 657 57,968 1,818 935 33 12 12 South Carolina 846 948 1 Texas 12,685 16,371 15,831 33 Total 133,109 8,214 12,039 260,148 7,878 8,337 318,139 16,333 21,478 236 98 115 1 June 1933 figures repeated for December 1933. 3 Figures as of June 25. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 30, 1934, AND DEC. 30 AND JUNE 30, 1933, BY STATES [Figures in this table are also included in the table on page 126 covering " State banks." Amounts in thousands of dollars] Loans Investments Deposits Number of banks State June Decem- June June Decem- June June Decem- June June Decem- June 1934 ber 1933 1933 1934 ber 1933 1933 1934 ber 1933 1933 1934 ber 1933 1933 Maine 37,555 38,531 39,380 85,198 82,909 83,924 118,888 116,584 117,049 33 33 32 New Hampshire * 73,523 76,728 76,728 119,145 112,176 112,176 183,441 176,284 176,284 48 50 60 Vermont 39,071 42,000 43,263 31,549 27,710 29,669 75,499 77,559 78,061 19 19 19 Massachusetts > 1,211,617 1,258,038 1,271,840 855,752 820,454 831,640 2,051,112 2,031,913 2,047,876 193 193 191 Rhode Island 61,842 67,677 69,567 105,928 102,625 103,004 169,981 163,972 171,374 Q 9 9 Connecticut: District no. 1... . 314,694 324,996 330,997 211,190 200,087 200,364 518,434 508,134 510,472 59 59 61 , District no. 2.,.. 88,463 90,664 92,064 59,274 55,533 57,265 144,653 141,771 143,232 14 14 14 New York i 3,330,851 3,484,016 3,484,016 1,943,942 1,892,611 1,892,611 5,139,593 5,134,980 5,134,980 13S 139 139 New Jersey: District no. 2 , 157,775 165,790 169,992 136,459 114,421 127,317 297,661 292,483 293,577 22 22 22 _ District no. 3 5,608 5,834 5,864 7,884 6,928 7,387 13,889 13,522 13,442 3 3 3 Pennsylvania: District no. 3 91,756 101,146 106,499 348,698 336,037 337,188 466,519 462,892 456,095 7 7 7 _ District no. 4 14,752 14,923 14,978 32,396 31,523 31,124 46,464 45,646 45,553 1 1 1 Delaware 12,920 13,411 13,641 19,040 17,248 17,117 29,070 28,040 27,817 2 2 Maryland 62,921 67,046 61,903 130,804 123,930 120,477 196,250 187,716 177,005 13 12 10 Indiana: District no. 7 11.008 10,705 8,966 747 1,513 11,922 11,896 10,643 4 4 3 District no. 8 4,622 6,504 6,796 2,190 • 950 6,488 6,147 6,225 1 1 Minnesota 14,430 16,981 17,704 40,752 37,350 36,660 60,157 57,900 57,693 1 1 2 Wisconsin- District no. 7 2,962 1,480 1,512 1,301 651 (59 4,249 1,910 1,893 3 2 2 ^ District no. 9 ._ . Ohio * 39,624 42,988 44,049 * 56,403 68,185 54,832 • 108,884 108,622 107,712 t3 3 3 Washington 28,721 31,595 32,840 18,963 13,542 12,735 49,169 46,491 46,767 3 3 3 California 43,134 45,237 48,501 48,560 42,634 44,481 88, U0 89,355 1 1 Oregon.. . 20 12 8 50 26 26 34 1 1 1 Total 5,647,769 5,906,311 5,941,108 4,256,225 4,078,943 4,103,176 9,779,966 9,707,690 9,713,139 678 579 576 J June 1033 figures repeated for December 1933. * Figures In the December 1933 columns are as of October 31. , •Figures as of June 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
128 FEDERAL RESERVE BULLETIN FEBRUARY 1935 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926-100] Other commodities All Farm Year, month, and week m c t o o i m e d s - i- p u r c o t d s - Foods Total H p l r i e d o a e d t s h u a e c n r ts d p T ro e d xt u i c le ts m F li u a g t e h e l t r i a i n n a g l d s ( . a p n M r d o e d m t u a e c l t t s a s l m Bu at il e d r i i n al g s c C a d l h r s e u m a g n s i d - i f n H u g r o g n u o i s s o e h d - - s l M an is e c o e u l s - 06.3 104.0 00.0 01.6 100.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1030.. 86,4 88.3 00.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1031., 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 60.8 1033.. 64.8 48.2 61.0 70.2 72.0 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1033.. 85.0 51.4 60. ft 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1034.. 74.0 65.3 70.5 78.4 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1033-December 70.8 55.5 62.6 77.5 80.2 76.4 73.4 83.5 85.6 73.7 81.0 65.7 1034—January 72.2 GS.7 64.3 78.3 80.5 76.5 73.1 85.5 86.3 74.4 80.8 67.5 February 73.0 61.3 66.7 78.7 80.6 76.0 72.4 87.0 86.6 75.5 81.0 68.5 . March 73.7 61.3 67.3 78.5 88.7 76.5 71.4 87.1 86.4 75.7 81.4 69.3 April 73.3 50.6 66.2 78.6 88.0 75.3 71.7 87.9 86.7 75.5 81.6 May 73.7 60.6 67.1 78.0 87.0 73.6 72.5 89.1 87.3 76.4 82.0 June 74. G 63.3 60.8 78.2 87.1 72.7 72.8 87.7 87.8 75.6 82.0 70.2 July 74.8 64.5 70.6 78.4 86.3 71.5 73.9 86.8 87.0 75.4 81.6 69.9 August 76.4 60.8 73.0 78.3 83.8 70.8 74.6 86.7 85.8 75.7 81.8 70.2 September. 77.6 73.4 76.1 78.3 84.1 71.1 74.6 86.6 85.6 76.5 81.8 70.2 N O o ct v o e b m er ber. ! 7 7 f 6 t. . 6 5 7 70 a . 6 8 7 7 4 5 . . 8 1 7 7 8 8 . . 0 0 8 8 3 4 . . 8 2 7 6 0 9 . . 3 7 7 7 4 4 . . 6 4 8 8 6 6 . . 3 2 8 8 5 5 . . 0 2 7 7 7 6 . . 1 9 8 8 1 1 . . 7 3 6 7 9 0 . . 7 6 December 76.9 72.0 75.3 78.0 85.1 70.0 73.7 85.9 85.1 78.1 81.2 71.0 Week ending— 1034— O O O O c c c c t t t t o o o o b b b b e e e e r r r r 2 2 6 1 0 7 3 . ... 7 7 7 7 6 6 6 6 . . . . 4 6 2 2 7 7 7 7 0 1 1 0 . . . . 0 8 0 0 7 7 7 7 4 4 5 5 . . . . 8 9 2 4 7 7 7 7 8 8 7 8 . . . . 1 2 9 0 8 8 8 8 4 4 4 4 . . . . 4 3 6 5 7 7 7 0 0 0 , . . 1 2 0 7 7 7 7 4 5 5 5 . . . . 8 5 4 0 8 8 8 8 5 5 5 5 . . . . 7 6 5 6 8 8 8 8 5 5 5 5 . . . . 4 2 2 0 7 7 7 7 7 7 7 7 . . . . 3 1 2 2 8 8 8 8 2 2 2 2 . . . . 8 8 8 8 6 6 7 6 9 9 0 9 . . . . 1 7 7 8 N N N N o o o o v v v v e e e e m m m m b b b b e e e e r r r r 3 2 1 1 4 0 7 .. . . . . . . . 7 7 7 7 6 6 6 6 , . . . 7 3 6 0 7 6 7 7 0 1 1 9 . . . . 6 5 1 0 7 7 7 7 5 5 5 5 . . . . 4 0 5 0 7 7 7 7 7 8 8 8 . . . . 8 1 3 1 8 8 8 8 4 4 4 4 . . . . 9 9 4 9 6 6 6 9 9 9 . . . 3 3 4 7 7 7 7 6 5 5 4 . . . . 1 6 9 6 8 8 8 8 5 5 5 5 . . . . 4 5 3 3 8 8 8 8 4 5 5 4 . . . 9 9 1 0 7 7 7 7 6 6 7 7 . . . . 8 9 0 1 8 8 8 2 2 2 . . . 7 7 7 7 6 7 7 0 0 0 0 . . . . 5 6 6 6 D D D D D e e e e e c c c c c e e e e e m m m m m b b b b b e e e e e r r r r r 2 2 1 s ! 9 2 5 . . . „ . . . * . . . 7 7 7 7 7 7 6 6 6 6 . . . . . 1 7 7 7 5 7 7 7 7 7 2 1 1 1 1 . . . . . 6 2 1 1 7 7 7 7 7 7 6 5 4 5 5 . , . . . 3 4 9 4 0 7 7 7 7 7 8 8 8 8 8 . . . . . 1 2 2 3 2 8 8 8 8 8 6 5 6 4 5 . . . . . 6 7 4 9 0 6 6 6 6 6 9 9 9 9 9 . . . . . 7 7 4 3 3 7 7 7 7 74 5 6 5 5 . . . . . 7 7 0 0 2 8 8 8 8 8 5 5 5 5 5 . . . . . 5 4 5 4 3 8 8 8 8 8 4 4 4 5 5 . . . . . 7 9 0 0 1 7 7 7 7 7 7 8 7 8 8 . . . . . 8 0 4 3 1 8 8 8 8 8 2 2 2 2 2 . . . . . 6 7 5 4 4 7 7 7 7 7 1 0 1 1 1 . . . . . 1 8 1 2 0 1935— J J J J a a a a n n n n u u u u a a a a r r r r y y y y 2 1 1 5 6 0 2 . . ..... „ . 7 7 7 7 0 8 8 7 . . . . 0 5 6 9 7 7 7 7 9 5 6 7 . . . . 0 6 7 2 8 7 7 7 0 9 9 8 . . . . 9 8 7 5 7 7 7 7 7 7 8 8 . . . . 9 9 1 0 8 8 8 6 6 6 . . . 8 8 9 7 7 7 7 0 0 0 0 . . . . 0 0 0 0 7 7 7 7 4 4 4 4 . . . . 3 1 0 2 8 8 8 8 5 5 5 5 . . . . 3 6 2 6 8 8 8 84 4 4 4 . 8 9 6 8 8 7 7 7 0 9 9 9 . . . . 0 6 8 1 8 8 8 8 2 2 2 2 . . . . 1 2 1 3 7 7 7 7 0 0 1 a . . . 7 o 6 0 Annual index 1933 1934 Annual 1933 1934 Subgroups Index Subgroups 1933 1934 Dec. Nov. Dec, 1933 1934 Dec. NovJDec. FARM PRODUCTS: FOO L O O DS i t r v : h a e e i s n r t s o fa c r k m a n p d r o p d o u u c l t t s ry 5 4 5 3 3 5 . . . 4 1 8 7 5 70 1 4 . . . 6 5 5 6 3 6 8 4 0 . . . 0 3 4 8 & 7 7 5 4 . . 8 2 0 9 5 75 1 7 . . . 1 5 2 MET A I M A r g L o o r S n t i o c a A r u n N l v d t D u e h s r M t a i e c l e E le l i T s m A p L le P m R ._ e O n D t U s C .. TS: 9 8 7 0 8 3 . . . 6 5 2 8 8 9 6 5 9 . . . 7 9 6 8 8 90 5 3 . . . 9 1 6 8 9 9 6 1 4 . . 7 0 9 9 9 8 2 4 5 , . . 7 6 6 HIDE M B F O C S r u e t e h u r A t a e e t i N t t e a r s s r D l f , a p o L c n o r h E d d o e A d s e v T u s e H c e g t , E e s a t R a n b d P l e R m s O il D k U CT . S . : . 6 7 5 6 6 1 0 5 0 1 . . . . . 1 7 0 0 7 7 8 6 6 6 2 8 6 2 7 . . . . . 7 7 6 9 5 8 4 6 6 6 4 6 3 5 3 . . . . . 7 4 0 1 0 9 7 6 6 7 1 8 5 8 4 . . . . 0 4 0 3 6 9 7 6 6 7 2 2 9 9 4 . . . . 3 4 2 6 0 BUIL N B L C P D a r u o e I i i n m N m c n f G k t e e b r n e m a r t M r n o a d A u t e T s t r E i m i l R a e e l I s t A a L ls S: — 7 8 5 7 7 6 9 9 0 3 . . . . . 1 2 6 7 3 9 6 9 8 7 3 7 0 9 4 . . . . 5 7 2 5 2 8 9 8 7 6 5 8 1 7 6 . . . . . 7 0 5 2 6 8 9 9 6 7 1 3 1 8 7 . . . . . 2 9 8 2 7 9 8 9 7 6 3 1 8 1 7 . . . . . 9 8 2 5 2 Tur H B L O n e o i t d a h s o t e e t h s s r P e R a a l r e n n O a d d D t h U s s e h k C r o i T n e p S s s r : . oducts - 8 9 6 7 1 1 0 7 . . . . 1 4 1 2 8 9 6 7 6 5 8 8 . . . . 6 0 1 6 8 8 9 7 7 0 8 4 . . . 9 6 1 6 9 8 6 7 5 7 0 3 . . . . 7 8 3 1 8 9 6 7 5 7 7 1 . . . . 7 4 8 2 CHEM P S C O t l I h t r u C h e u m A e m c r L t b i S u c b i r n a u A a g l i s l N l d a s D i n t n e d D e g l R h m e U a a G t t i . S e n : r g ials .... 8 8 7 6 3 2 9 7 . . . . 1 7 6 1 9 7 9 7 0 0 2 9 . . . . 8 3 6 6 8 8 7 7 6 9 8 2 . . . . 8 6 2 5 9 8 8 6 0 2 9 8 . . . . 9 8 0 4 8 8 9 6 9 2 S 2 . . . . 8 2 0 8 S W K O C C i l o t n l o o h k t i o t t e t h a o l r e g i n n n n t o d e g g o a x o d r n t o a s i d l d y e o s w p n o ro rs d t u e c d t s goods .... 3 6 7 7 5 7 0 2 9 8 1 2 . . . . . . 5 6 3 9 2 2 7 2 7 8 8 6 3 6 9 2 6 3 . . . . . . 1 7 7 5 6 2 8 8 8 2 7 7 4 7 5 9 5 1 . . . . . . 9 3 6 9 5 2 8 2 7 7 6 4 5 8 1 4 . . . . 1 4 8 4 0 8 2 7 6 7 4 7 4 1 8 . . . . 0 1 9 3 4 HOU D M F F F SE u e u r i r F r u x r t U n g n e il i d R s i i t z s N u a f e h r I e n r S i e r d n H t m i g I l P N a i s z h t . G e e . a . r r r s i m G al » O a s . c O . e _ D u _ S t ; - ic . a — ls .„. 5 7 7 6 6 6 5 6 5 4 . . . . . 9 3 5 1 6 7 7 8 7 6 2 2 9 7 4 . . . . 1 1 5 0 1 5 8 6 7 2 9 8 9 . . . . 9 0 1 3 7 8 6 7 7 3 4 8 4 3 . . . . . 5 3 4 6 5 7 6 7 3 5 5 . . . 4 4 3 FuKt AND LIGHTING MATERIALS: I MISCELLANEOUS: A E G P B C e l n i o a e t t t s k u r c h o e t m r r l a e i i c n u c i i m o t t y u e s p r co o a d l uc I ts.. I I--III I | | 4 8 9 9 8 7 1 2 8 5 2 7 . . . . . 8 0 0 9 2 8 9 8 0 4 4 . 5 8 1 9 9 8 9 5 8 4 3 1 2 0 1 . . . . . . 0 6 6 2 5 6 8 9 9 8 9 2 5 6 2 4 , . . . 0 4 4 1 6 8 9 8 6 2 5 . . . 5 3 6 A P R C O a u u a t p h t b t t o e e b l r r e e t i m a r r f , n e e i e c s s d d c r a e u p n l d u l d a e lp n t e u o b u e s s . 4 5 7 7 1 2 7 6 6 2 . . . . . 1 9 6 2 2 4 8 8 2 8 6 2 9 6 2 4 . . .. . 9 7 4 5 11 4 6 8 7 1 2 3 0 9 8 . . . . . 5 2 3 0 0 [1 4 8 8 2 0 0 7 6 2 8 . . . . . 8 5 6 1 2 f sa t 7 ! 't indexes of subgroups available at Bureau of ™ ULLETIN for February 1934, p. 139. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBEUABT 1935 FEDERAL RESERVE BTJULETIN 129 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Beserve Board; adjusted for seasonal variation. 1923-25 average*-100] 1933 1934 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Bee. Manufactures—Total. 73 76 80 82 85 86 83 74 72 69 72 73 >86 IRON AND STEEL 60 56 63 66 76 84 85 47 38 37 41 48 64 Pig iron 40 40 45 51 55 66 66 42 36 31 31 32 34 Steel ingots. 62 57 65 68 78 85 87 48 39 38 42 50 67 TEXTILES „ 78 87 91 94 90 83 77 78 81 64 90 87 97 Cotton consumption. 77 91 95 97 97 95 74 79 86 64 94 90 92 Wool 67 70 73 72 66 65 63 61 69 38 59 69 85 Consumption 73 70 72 71 68 63 61 62 60 37 63 82 97 Machinery activity*. 69 83 85 82 71 72 68 67 65 40 61 68 92 Carpet and 48 48 54 59 53 57 62 44 47 41 46 32 41 Silk delfveries.. 92 103 114 129 115 112 109 101 96 99 135 111 140 FOOD PRODUCTS 86 96 91 84 93 98 96 102 106 120 107 102 102 Slaughtering and meat packing.. 89 100 94 86 102 108 103 120 128 142 119 110 107 Hogs , 85 95 80 69 95 104 87 92 79 89 95 90 79 Cattle 88 102 112 106 110 110 123 155 192 216 144 138 146 Calves - 106 122 122 122 120 128 139 193 244 225 145 121 130 Sheep , 147 139 133 131 129 127 128 134 145 162 228 143 139 Wheat flour 81 91 94 92 91 89 90 81 79 85 83 84 87 Sugar meltings ... 78 87 73 05 64 71 80 69 64 94 101 102 108 PAPER AND PRINTING: Newsprint production 67 64 63 66 68 68 64 63 63 65 62 60 66 Newsprint consumption.. 106 108 112 112 115 115 118 116 117 121 116 115 118 LUMBER 32 34 29 38 33 33 31 29 36 32 29 26 29 TRANSPORTATION EQUIPMENT: Automobiles 45 56 71 78 85 78 82 78 61 51 105 Locomotives 3 2 0 0 10 10 2 3 5 9 Shipbuilding 41 26 30 59 65 39 38 28 95 133 18 LEATHER AND PRODUCTS. 94 97 107 106 116 117 100 99 97 88 »104 B T o a o n t C C G n s i a a o n a l t a g f n t t l d a e a n s n h d h d i d o k k e e i s p i l d e l a e le t a h a th e th r er s e . s rs.. 1 8 9 9 8 0 4 0 7 9 3 1 1 8 9 8 2 0 5 1 1 6 1 1 1 9 8 7 2 1 4 9 8 4 6 ' ' 1 1 8 8 7 1 1 9 5 2 6 8 1 1 9 8 9 3 1 5 5 0 0 8 1 1 8 9 7 3 1 9 3 8 3 8 1 8 0 8 8 9 7 9 5 2 9 1 1 1 8 0 8 7 4 1 7 6 4 1 1 8 8 0 6 0 3 2 1 7 6 8 7 9 6 9 0 9 7 7 3 9 9 9 9 3 6 2 0 OEMENT AND GLASS: Cement _„ .. 36 58 45 Glass, plate 106 106 132 NON T T i E n E R de O l U iv S e r M ie E s* TALS:* 56 55 54 58 71 73 68 64 65 68 58 67 80 FUEL P S e , t r M ol A eu N m UF r A e C fi T n U in R g ED: 137 142 144 143 152 153 154 156 157 152 153 155 163 Gasoline* 171 177 181 177 191 191 195 201 202 193 196 199 194 Kerosene 80 89 87 95 98 95 94 92 91 85 92 91 88 Fuel oil* 96 95 98 101 99 101 103 100 103 102 98 101 102 C n ok L e, u b b y r p ic r a o t d in u g c t oil* 9 7 2 7 9 7 2 8 8 8 6 5 9 9 0 1 1 9 0 3 0 1 1 0 0 8 2 10 9 0 5 9 7 2 8 9 7 0 4 9 7 1 3 9 7 0 3 • 8 7 9 3 9 7 5 6 RUB T B i E r R e s, T p IR n E eu S m A a N t D ic TUBES.. 1 1 0 1 3 3 1 9 0 7 1 1 1 0 0 0 3 1 n 0 o 6 1 9 0 7 0 8 8 1 3 8 8 4 7 8 8 3 5 7 8 9 2 7 8 9 2 82 1 1 0 1 7 0 1 1 3 3 3 9 Inner tubes 68 69 74 82 76 63 62 68 56 61 80 91 TOBA C C g C a O r s PRODUCTS. 1 1 6 2 6 7 3 6 1 1 7 3 8 4 3 8 1 1 6 3 8 6 2 1 1 1 6 1 5 6 9 3 1 1 6 2 7 6 8 5 1 1 2 7 6 8 8 2 1 1 3 8 6 2 3 5 1 1 2 7 6 8 7 3 1 1 2 7 6 6 2 6 1 1 2 7 6 5 1 6 1 1 2 6 6 0 1 6 1 16 2 6 8 5 9 1 1 4 9 7 3 6 6 Cigarettes Minerals—Total.. 86 91 100 90 89 87 85 80 82 81 81 89 B A P n i e t t t h r u r o m a l i c e n i u o t m u e , s c c r o u a d l e . . . . 1 6 6 1 7 8 9 1 8 2 6 2 0 7 1 8 7 1 9 4 8 1 1 8 0 2 4 9 2 1 7 7 2 3 2 5 12 4 7 7 7 0 2 6 13 6 6 5 0 7 9 4 12 6 6 5 8 5 3 2 12 5 4 6 4 0 7 1 12 6 6 4 2 4 2 4 12 6 5 3 2 4 3 5 12 6 6 1 1 5 4 4 12 6 7 4 9 2 Iron ore 65 58 57 60 61 76 77 74 Zinc 66 56 53 44 55 56 55 60 Lead 44 45 40 39 36 39 35 53 Silver.. . u adjustment. 'Includes also lead and zinc; see "Minerals." * Preliminary. ' Bevised. >n see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and i7.^erie^™k-Som ac^X and ^production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp^uTd paper boxes, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
130 FEDERAL RESERVE BTJLLETIN FEBRDAEY 1935 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) (Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100] A i n n n d u ex al 1033 1934 Industry 1033 1934 Dec. rune July Aug. Sept. Oct. Nov. Manufacture!—Total. 75 75 82 83 71 71 70 73 72 IRON AND STEEL.... 53 59 53 85 44 38 37 40 45 56 Pig Iron 37 44 40 46 66 40 35 30 31 32 34 ' Steel Ingots 54 61 55 87 87 44 38 38 41 46 TEXTILES 97 85 91 97 73 73 76 63 92 91 92 Cotton consumption 101 88 95 101 102 104 97 71 72 77 62 97 93 84 Wool 83 65 71 76 73 65 62 60 67 57 39 62 73 86 Consumption 91 67 72 79 73 65 58 55 55 56 38 69 89 98 Machinery activity , 88 71 83 85 82 71 72 68 67 65 40 61 68 92 Carpet and rug loom activity 50 48 48 54 59 53 57 62 44 47 41 46 32 41 Silk deliveries 115 113 117 122 124 114 HI 97 96 100 104 135 115 125 FOOD PRODUCTS 92 102 90 82 87 96 95 100 100 122 110 108 103 Slaughtering and meat packing 97 106 119 94 81 92 105 102 113 115 138 120 123 123 Hogs 98 112 128 69 84 100 89 82 60 67 81 99 104 Cattle . 91 93 103 92 97 107 116 154 188 240 168 159 153 Calves 100 100 113 114 124 131 144 144 192 224 216 152 124 124 ^ Shoep 147 144 140 125 119 121 124 126 134 146 188 251 142 136 Wheat flour 86 78 89 91 86 83 84 80 78 85 100 93 90 83 Sugar meltings 79 45 57 71 77 75 95 84 72 100 96 80 61 PAPER AND PRINTING: N N e e w w s s p p r r i i n n t t p co ro n d su uc m ti p o t n ion... 1 6 1 6 7 1 6 0 1 3 1 6 0 1 4 1 6 1 4 8 1 6 2 2 3 1 6 2 0 3 121 LUMBER 32 29 28 39 32 29 38 33 30 25 26 TRANSPORTATION EQUIPMENT: A S L h o u i c t p o o b m m u o o il b t d i i i v l n e e s g s. 2 7 0 1 6 4 9 2 7 3 8 4 3 2 1 1 6 4 5 7 0 1 5 3 7 6 3 3 1 8 8 2 2 1 1 4 2 1 5 1 1 8 0 4 LEA B T TH o a o E n t G C C R n s i a a o a n A l a t n f g t N t l d * a e D a n . s n h d P h d i . R o d . k O e k e . i s . D p i l d . U e . l . a e C le a t T a h t S h t e h e r r e s s . r I s I . I .. I . 1 7 8 8 8 7 1 6 1 7 1 7 2 1 1 1 9 1 9 7 2 0 5 7 7 2 9 9 1 8 9 8 9 7 0 3 9 6 7 9 3 1 1 9 7 8 8 0 0 8 9 6 6 5 5 1 1 8 9 B 8 2 0 0 9 5 1 1 7 1 1 1 8 8 7 1 0 0 2 5 7 1 1 2 9 9 9 8 8 8 3 2 6 1 9 8 ' 9 8 8 8 8 7 7 8 7 8 7 6 8 8 0 0 9 2 3 7 0 0 CEUENT AND GLASS; Cement ., Glass, plate , 28 30 72 64 62 63 53 47 35 90 79 91 87 85 87 79 99 NONTERROUS METALS: » Tin deliveries 82 66 56 55 54 58 71 73 .68 64 65 68 58 67 80 FUELS* MANUFACTURED: Petroleum refining Gasoline. - 154 156 157 152 154 156 154 Kerosene , 195 201 202 193 196 199 194 Cok L F e, u u b e b l y r i o p c i r a l o ti d n u g c o t. i . l . . . . , 1 9 8 9 0 5 7 3 8 1 9 8 7 0 2 6 0 5 1 9 8 7 0 0 7 2 3 1 8 9 7 0 7 1 2 1 9 9 9 7 7 0 8 3 1 8 9 7 0 9 9 4 1 1 7 9 9 0 7 5 5 2 RUBBER TIRES AND TUBES. Tires, pneumatic, 102 81 78 76 73 80 02 Inner tubes. 105 83 81 78 75 83 96 74 65 62 61 54 58 66 TOBACCO PRODUCTS Cigars 144 139 135 139 129 128 115 Cigarettes... 70 67 69 76 81 82 67 202 194 186 18S 169 166 161 87 85 83 87 87 84 85 Bituminous coaL. Anthracite.— 60 59 60 68 71 72 74 Petroleum, crude— 60 52 50 62 68 65 71 Iron ore. 132 131 126 125 123 120 120 Zinc... 106 105 95 85 60 11 - Lead.. 55 53 56 58 73 77 ""76 Silver. 57 51 43 52 58 57 60 44 34 39 34 39 38 54 i I i Includes also lead and zinc; see "Minerals." NOTE.—For description see BULLETINS for February and March 1927. » Preliminary. Hevised. September 1933, pp. 534-537. Series on silk-loom activity and on product! wood pulp, chemical, «w.o«od, .,p ulupc, iaiwnd u paa psuerc -bioooxmes , aucstuivailtlyy oaunbdl feohnA pfir oindu *cMtion _ o « f .» b » o tn o ,& k 3 t p » a 1O p V e 1 r 3 , 1 U w J r J3 a p SI tper, fine paper, box bo , a rw r j d . , 1 m 94 e - c 1 h 9 a 6 n , i a c n a d l 1 wood pulp, and paper boxes, usually published in this table, are in process of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRtTABl 1935 FEDEEAL EESEEVE BULLETIN 131 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1931. 1923-25 average-100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for t i s o e n asonal varia- Without seasonal adjustment Industry and group 1934 1933 1934 1933 1934 1933 Dec. Nov. Dec. Dec. Nov. Dec. Dec. Nov. Dec. TotaL. 78.1 76.8 74.4 79.0 76.7 75.0 63.2 59.5 54.5 IRON AND STEEL AND PRODUCTS 66.6 66.2 66.6 67.7 66.4 67.6 '47.6 44.2 43.7 Blast furnaces and steel works - 66.9 65.9 67.0 68.0 66.7 68.1 46.5 41.7 43.0 Cast-iron pipe.- - 48.5 49.3 47.0 49.7 50.2 48.2 27.4 26.4 27.fi Cutlery and edge tools 76.6 78.9 76.3 76.1 77.1 75.8 57.6 57.4 54.9 Hardware 50.4 45.4 61.0 50.0 45.2 60.4 41.1 34.2 45.1 Steam, hot-water heating apparatus, etc— 48.6 49.3 54.4 50.6 49.8 56.6 31.4 32.0 30.8 Stoves.___ 86.1 93.9 79.1 88.0 88.6 80.7 61.1 67.0 48.3 Structural metal work '57.6 57.9 62.7 '58.3 57.8 53.1 '39.2 41.2 34.2 Tin cans, etc.. 85.5 89.6 86.4 88.9 93.6 89.8 79.6 79.4 81.5 Wirework.. 12a 1 121.2 118.8 127.2 121.0 119.9 107*2 94.6 01.0 MACHINERY 78.5 77.9 71.8 79.2 77.2 72.4 60.2 57.2 49.1 Agricultural implements 83.8 79.6 61.2 84.1 82.1 61.4 91.2 85.7 69.8 Electrical machinery, etc 65.6 65.4 59.4 65.6 65.4 59.4 52.2 50.0 39.8 Engines, turbines, etc 76.7 73.5 59.3 78.4 75.1 60.6 52.7 50.0 37.1 Foundry and machine-shop products- 66.8 66.0 61.4 68.4 67.3 62.8 49.7 46.6 41.3 Machine tools 72.2 70.2 58.9 71.4 70.6 583 66.4 62.6 45.0 Radios and phonographs — 207.9 214.5 219.4 203.8 175.5 215.1 132.0 131.5 128.4 Textile machinery.-- 62.5 60.8 74.9 62.3 62.0 74.6 50.9 43.4 60.6 TRANSPORTATION EQUIPMENT '78.4 62.2 01.1 84.4 70.4 65.6 '67.6 48.4 43.7 Automobiles - 88.9 67.1 66.1 96.6 77.4 71.8 76.4 51.3 46.0 Cars, electric and steam railroad. 34.0 32.4 31.8 37.0 35.9 34.6 31.5 30.0 27.2 Locomotives - 36.5 37.5 20.7 36.9 39.0 20.0 16.6 16.6 7.8 Shipbuilding '68.fi 69.3 67.3 '68.5 72.1 67.3 '55.3 54.0 49.4 RAILROAD REPAIR SHOPS.., 52.0 51.6 53.5 52.1 51.7 53.6 44.4 44.4 44.7 Electric railroads - 65.5 65.7 66.7 65.5 65.7 66.7 58.4 57.4 66.8 Steam railroads 51.0 50.5 52.5 51.1 50.7 52.6 43.5 43.5 43.8 NONFERROUS METALS AND PRODUCTS ;. 76.9 76.0 76.1 74.9 69.2 61.5 58.8 60.2 Brass, bronze, and copper — 74.0 72.0 72.1 74.5 72.8 72.6 55.6 51.3 49.0 Lighting equipment . — 69.8 68.9 62.4 C8.1 66.0 60.9 60.1 58.0 60.2 Silverware and plated ware..—*—— 70.7 71.7 67.2 67.5 68.3 64.2 55.6 50.7 4S.0 Smelting and refining. .. — -— 74.7 74.5 62.3 74.1 75.2 61.8 46.6 46.4 34.3 Stamped and enameled ware 87.5 83.9 78.2 88.4 84.0 79.1 79.1 71.9 60.9 LUM F B u E r R n i A tu N r D e PRODUCTS 4 6 7 5 . . 8 0 4 6 8 5 . . 6 2 4 6 9 5 . . 8 9 4 6 7 2 . . 8 9 4 6 7 0. . 7 3 4 6 9 3 . . 9 8 45.9 44.5 3 4 1 0 . . 0 1 Lumber, millwork 36.7 36.3 36.3 37.3 36.3 36.9 24.6 24.0 22.0 Lumber, sawmills 31.6 32.8 33.3 32.2 32.6 34.0 20.0 21.3 20.0 STON B E r , i c C k, L A ti Y le , , A a N nd D t G er L r A a S c S o P tt R a O DUCTS., , 5 2 0 8 . . 1 0 5 2 2 9 . . 2 9 4 2 9 7 . . 0 1 5 29 1 . . 6 2 5 3 1 0 . . 9 0 5 2 0 8 . . 0 6 3 1 4 5 , . 4 3 3 1 5 6 . . 6 5 3 1 1 2 . . 0 7 Cement , 41.6 48.2 36.6 43.9 47.8 38.6 24.1 29.4 10.1 Glass . , 87.4 88.5 82.9 87.8 87.4 83.2 71.9 72.0 64.4 Pottery 70.6 69.7 70.4 50.0 47.7 43.7 TEX A TI . L F ES a b A r N ic D s PRODUCTS.-. 9 9 2 4 . . 8 0 8 9 9 0 . . 7 9 8 8 8 9 . . 0 7 9 9 2 2 . . 1 4 9 8 0 8 . . 2 2 8 8 7 8 . . 3 2 8 7 0 5 . . 2 3 7 72 1 . . 5 1 6 0 8 4 . . 6 0 B. W W D S M S C K C C C i h y o a l l n l e i o o o k i r l t e a r i o t t l t t p i r t i h h a o l n s n e i e g n n i i n g t n e n n a o s d g r g g n g o a a a y , , o r d d n a n . n a o s w m d d p d c y d o o p o e s w f r m l n i n a u l n o a ' g r e i g r s r s s n e s o . h s t - ' l o . i e - s . . n d : , . d g s goods... 1 1 1 9 8 8 6 7 5 9 7 1 1 1 5 6 3 6 5 6 0 9 0 4 1 . . . . . . . . . . . 8 6 0 9 0 3 5 4 1 8 6 1 1 1 9 6 9 7 8 7 8 5 1 0 1 4 1 0 5 9 9 5 0 0 5 1 . . . . . . . . . . . 4 1 2 0 6 3 0 3 6 5 3 1 1 6 9 9 8 9 6 7 7 7 0 0 6 8 4 6 3 0 4 6 7 5 2 . . . . . . . . . . . 9 4 1 9 5 7 4 5 3 6 6 1 1 1 9 6 8 8 5 7 8 8 1 0 1 4 2 7 7 9 6 2 0 2 8 4 . . . . . . . . . . . 4 4 9 4 3 1 9 8 9 3 7 1 1 9 5 9 9 7 7 8 6 9 0 1 2 9 0 0 5 3 2 2 6 8 9 . . . . . . . . . . . 9 3 4 8 2 8 2 0 1 3 1 1 1 9 6 7 7 8 7 7 9 9 0 0 2 7 4 4 1 8 0 4 3 6 0 . . . . . . . . . . . 7 0 8 8 7 8 7 4 2 2 3 1 5 8 9 6 6 6 5 4 7 7 0 1 1 9 4 6 1 2 4 7 9 9 . . . . . . . . . . . 0 6 2 9 6 3 6 0 7 1 2 1 4 7 7 6 6 5 5 4 9 8 0 3 5 3 2 4 3 2 8 5 1 7 . . . . . . . . . . . 6 7 2 3 1 6 9 1 3 3 1 4 7 8 8 6 5 4 6 4 7 6 8 3 2 8 5 5 1 4 7 7 9 . . . . . . . . . . . 3 3 8 2 3 7 2 4 0 0 3 LEAT B L H e o a E o t R t h s e A a r N nd D P sh R o O e D s UCTS.., , 8 9 8 4 2 2 . . . 8 7 9 8 8 7 1 9 9 . . . 6 2 8 7 9 7 8 0 5 . . . 7 8 8 8 8 9 8 8 2 . . . 9 1 3 8 8 8 2 3 8 . . . 3 4 6 8 9 8 2 0 0 . . . 4 4 6 6 8 6 6 9 3 . . . f 1 7 i 6 5 8 4 1 2 . . . 6 0 0 6 5 7 5 1 8 . . . 7 1 8 FOO B D a P k R i O ng DUCTS ..... 1 1 0 1 3 5 . . 8 4 1 1 0 1 9 5 . . 0 4 1 9 0 9 7 . . 2 7 1 1 0 1 7 5 . . 9 4 . 1 1 0 1 7 3 . . 3 6 1 1 0 0 1 7 . . 7 7 9 9 2 8 , . 9 7 9 9 6 8 . . 1 6 8 8 4 9 . . 4 6 Butter 72.3 76.0 78.3 75.1 76.6 81.3 53.0 56.4 68.0 C C a o r n m fe i c n t e io a n n e d ry preserving.., 6 9 7 9 1 7 . . . 0 3 2 8 9 7 1 8 7 . . . 5 7 4 6 8 7 2 5 3 . . . 0 3 0 1 8 7 1 2 7 5 . . . 8 5 0 1 7 7 0 9 6 0 . . . 6 4 4 1 7 7 0 3 7 3 . . . 3 3 3 7 8 2 2 . . 5 8 8 7 6 7 6 3 . . . 5 6 3 7 6 6 1 0 9 . . . 0 4 3 Flour r Eevised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
132 FEDERAL RESERVE BULLETIN FEBRUARY 1035 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued (Adjusted to Census of Manufactures through 1931. 1921-25 average-100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for t i s o e n asonal varia- Without seasonal adjustment Industry and group 1934 1934 1934 1933 Deo. Nov. Dec. Dec. Nov. Dec. Dec. Nov. Dec. FOOD PRODUCTS—Continued. I« cream 61.0 63.5 58.6 70.4 67.1 49.1 50.2 45.6 Slaughtering and meat packing 105.5 109.3 98.0 101.1 108.2 93.9 98.4 100.7 82.0 Sugar refining, cone —.*. 87.7 93.6 79.9 91.2 92.1 83.1 72.5 72.8 62.9 TOBACCO PRODUCTS 61.9 64.0 62.1 61.6 61.1 61.9 49.9 48.8 46.5 Chewing and smoking tobacco and snuff. 71.5 73.8 76.2 70.2 73.6 73.9 67.4 62.2 66.1 Cigars and cigarettes 60.6 62.7 60.4 60.4 59.4 60.3 47.7 47.1 44.1 PAFIR AND PRINTINO 97.8 97.0 94.5 96.1 95.7 93.0 86.5 82,8 77.2 Boxes, paper 88.5" 90.3 82.8 84.9 84.6 79.4 82.7 81.3 69.0 Paper and pulp 103.3 107.7 101.1 103.3 107.7 101.1 84.2 82.6 7L9 Book and job printing.... 89.3 87.2 87.1 87.1 86.7 85.0 80.1 74.4 71.2 Printing, newspapers and periodicals 100.4 99.8 100.9 93.6 98.5 99.1 94.2 90.4 83.2 CHKUICALS AND PETROLEUM PRODUCTS.., ' 103.8 108.6 107.6 '108.1 107.2 106.6 91.7 90.9 84.9 A. Chemical group, except petroleum., f 108.3 107.9 106.7 '107.1 105.8 105.2 89.9 89.1 83.5 Chemicals.. 103.9 104.4 103.5 101.8 102.3 101.4 90.0 90.7 86.6 Druggists* preparations-' 102.8 105.5 103.0 101.3 101.8 101.4 94.8 96.8 92.9 Exp^Jloossiivveess.... 90.6 91.6 90.3 88.0 88.9 87.8 70.7 71.2 62.7 Fertilizers , 99.5 91.2 94.8 110.9 100.7 105.7 75.5 69.7 68.5 Paints and varnishes 99.5 99.7 90.1 101.1 100.5 91.6 78.1 78.5 68.8 Rayon and allied products... 329.5 320.8 322.0 329.5 320.8 322.0 240.1 231.6 220.9 Soap 99.6 104.6 93.1 93.9 101.9 92.4 90.7 92.5 77.2 B. Petroleum refining '110.8 111.9 111.2 ' 112.1 113.0 112.6 97.8 96.8 89.4 RUBBER PRODUCTS , 79.0 76.6 83.9 79.5 77.0 84.3 66.0 '58.1 59.0 Rubber boots and shoes 52.8 53.9 65.6 49.1 49.6 61.0 52.1 '49.8 GO. 2 Rubber tires and Inner tubes 71.9 68.7 71.8 74.4 71.0 74.3 60.0 60.4 47.3 » Revised. NOTE.—The Indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of LaborStatistics, For description and back figures see BULLETIN for May 1934, pp. 270-271, For description and back-figures tor th« wA&niAiiv Ariinstid id* of factory employment computed by the Federal Reserve feoard, see BULLETIN for-June 1934, pp 324-343. seasonal aujusti Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
133 FEBRUARY 1935 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Bodge Corporation. Value of contracts in millions of dollars] Public works Total Residential Factories Commercial and public Educational Allother utilities Month 1933 1034 1933 1934 1933 1934 1933 1934 ' 1933 1934 1933 1934 1933 1934 January „— 83.4 186.5 12.0 15.1 4.3 10.7 5.8 9.4 42.7 113.7 1.4 19.6 17.3 17.9 February .„. 52.7 96.7 11.8 14.5 2.8 4.2 7.6 7.6 17.2 53.2 2.2 5.4 11.0 11.8 March 60.0 178.3 16.0 28.1 6.4 16.9 7.2 13.0 17.6 92.9 1.3 8.8 11.5 19.6 April 56.6 ••131.2 19.1 '22.6 6.2 r8.3 6.6 11.9 13.6 69.9 1.1 '8.5 9.9 9.8 May. 77.2 134.4 26.5 24.8 9.4 8.3 8.9 '24.6 19.0 56.8 1.7 10.4 11.6 9.5 June * *„. 102.3 127.1 27.7 26.6 26.8 8.7 9.6 11.9 24.4 57.4 3.5 9.7 10.3 12.8 July 82.6 119.7 23.6 19.8 17.8 25.7 11.5 12.9 18.9 39.1 2.9 7.8 7.8 14.4 August . 106.0 ' 119.6 21.9 18.8 14.1 10.0 10.5 13 5 51.4 50.6 2.6 12.2 5.6 '14.7 September 120.1 110.2 21*5 17.9 15.1 6.1 7.4 13.1 60.7 50.0 2.2 12.5 13.0 10.6 October 145.4 135.2 21.5 26.3 9.8 8.5 9.8 13.5 92.7 65.2 2.2 9.0 9.3 12.7 November... ... .. 162.3 111.7 23.6 19.9 8.2 4.6 7.3 11.0 111.1 52.3 2.6 8.6 9.6 15.3 December. . — 207.2 92.7 23.9 14.6 6.7 5.1 7.1 8.2 133.3 50.1 16.3 5.0 20.0 9.8 Year. 1,255.7 1,543.1 249.3 248.8 127.5 116.1 99.4 150.6 602.7 751.2 4a o 117.5 136.9 158.8 ' Revised. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands.or [Figures for 37 States east of the Rocky Mountains, as reported by the dollarsl F. W. Dodge Corporation. Value of contracts in thousands of dollars] Number Liabilities 1934 Federal Reserve district Federal Reserve 1934 1933 1934 1933 Dec. Nov, Dec. district Dec. Nov. Dee. Dec. Nov. Dec. Boston 7,928 11,165 16,433 New York „„. 15,286 23,996 40,290 Philadelphia 6,009 '7,601 8,243 Boston 120 114 141 1,612 1,802 2,480 Cleveland 6,671 9,730 30,130 New York. 297 287 284 5,615 6,418 9,030 Richmond., 13,699 8,599 15,454 Philadelphia 39 44 43 769 1.293 803 Atlanta 5,709 9,413 21,819 Cleveland 61 87 90 729 2,967 1,586 Chicago .. '17,616 15,322 33,014 Richmond 45 39 76 667 551 1,545 St. Louis '5,088 8,425 19,936 Atlanta 32 29 51 1,072 287 459 Minneapolis 4,018 4,134 5,231 Chicago.. 115 100 150 4,213 3,016 6,245 Kansas City 5,458 4,958 11,079 St. Louis 45 24 32 506 284 524 Dallas 5,203 '8,349 5,530 Minneapolis 23 28 41 181 197 687 Kansas City 51 34 56 755 564 521 Total (11 districts). '92,685 111,692 207,210 Dallas 21 17 33 554 224 303 San Francisco 114 120 135 3,240 1,742 3,019 ' Revised. Total 963 923 1,132 19,911 18,350 27,200 FREIGHT-CAR LOADINGS, BY CLASSES [Annual indexes; 1923-25 average-100] 1929 1930 1931 1932 1933 19341 Total : 106 92 58 62 Coal i 101 Coke 103 79 Grain and grain products- 100 95 Livestock 82 75 87 64 31 Forest products 113 83 Ore 115 99 Miscellaneous II II...I 105 97 Merchandise > 1 For monthly indexes see p. 93. 1 In less-than-carload lots. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
134 FEDERAL RESERVE BULLETIN FEBRUARY 1935 DIRECTORS OF THE FEDERAL RESERVE BANKS BOSTON Term Directors Group Business affiliation e D x e p c i . r e 3 s 1 Clas A A F s . . r A t S h h : . . u C r R h S Ip a e l m w ey a b l e l rlain. P P C r r h e e a s s i i i r d d m e e n n a t n t , , , T N T h e h e w e B M B a r e t i h r ta c N i h n a a n t N i t o s a n t N i a o l a n t B a io l a n n B a k a l , n B B k a , a n t N h k e , , w M B o B a s i r t n o it n e a , . i — n M , . C a - s o s n — n. 1 1 1 9 9 9 3 3 3 5 6 7 Class Br P. H. Allen President, Bird & Son, Inc., East Walpole, Mass - 1935 E. J. Frost Vico president and director, William Filene's Sons Co., Boston, Mass— 1936 E. S. French* President, Boston & Maine R. R., Boston, Mass 1937 Class C: F. H. Curtiss Chairman and Federal Reserve agent, Boston, Mass 1935 Allen Holllsi Lawyer, Concord, N. H 1936 C. H. Merriman... President, Lippitt Woolen Co., Providence, R. I 1937 NEW YORK Class A: E. K. Mills President, Morristown Trust Co., Morrlstown, N. J 1935 O. R. Berry President, Citizens National Bank, Waverly.N. Y 1936 O. W. Davison.- Chairman, Central Hanover Bank <fe Trust Co., New York, N. Y 1937 Class B: W.C.Teagle... President, Standard Oil Co. of New Jersey, New York, N. Y 1935 R. T. Stevens— President, J. P. Stevens & Co., Inc., New York, N. Y _ 1936 T. J. Watson.... President, International Business Machines Corporation, New York, N. Y__ 1937 Class C: J.H. Case Chairman and Federal Reserve agent, New York, N. Y 1937 0. D. Young *.. Chairman, General Electric Co., New York, N. Y 1935 C. M. Woolley.. Chairman, American Radiator & Standard Sanitary Corporation, New York, N. Y 1936 PHILADELPHIA Class A: President, Philadelphia National Bank, Philadelphia, Pa.. 1935 President, Harrisburg National Bank, Harrisburg, Pa , 1936 J. B. Henning President, Wyoming National Bank, Tunkhannock, Pa__. 1937 Class B: A. W. Sewall President, General Asphalt Co., Philadelphia. Pa , 1935 J. O. DeLaCour Vice president, Wm. S. Scull Co., Camden, N. J 1936 C. F. C. Stout John R. Evans <fc Co., Philadelphia, Pa 1937 Class C: R. L. Austin Chairman and Federal Reserve agent, Philadelphia, Pa- 1935 H. L. Cannon Farmer and packer, Bridgeville, Del 1937 Vacancy 1936 CLEVELAND Class A: It. A. Wardrop- Chairman, First National Bank, Pittsburgh, Pa 1935 B, R. Conner President, First National Bank, Ada, Ohio 193S Chess Lamberton , President, Lamberton National Bank, Franklin, Pa- 1937 Class B: G. D. Crabbs President, Philip Carey Manufacturing Co., Cincinnati, Ohio.. 1935 J. E. Galvln President, Ohio Steel Foundry Co., Lima, Ohio.. 1936 R.P.Wright , Secretary-Treasurer, Reed Manufacturing Co., Erie, Pa 1937 Class C: Retired, Cleveland, Ohio 1935 Vacancy Vice president, Bostwick-Braun Co., Toledo, Ohio 1 1 9 9 3 3 6 7 RICHMOND Class A: L. E. Johnson President, First National Bank, Alderson, W. Va 1935 O. E. Rieman President, Western National Bank, Baltimore, Md .„.!"„. 1936 J. C. BraswelL™ President, Planters National Bank & Trust Co., Rocky Mount, N. 0 1937 Class B: Edwin Malloy.... Resident and treasurer, Cheraw Cotton Mills Inc., Cheraw, 8. C 1935 O. C. Reed Vice president, Williams & Reed, Inc., Richmond, Va— . 1936 J. H. Hftnni| President, Capital Transit Co., Washington, D. C I 1937 Class C: W.W.Hoxton.... Va 1935 F. A. Delano t 1936 Robert Lassiter... 1937 i Deputy chairman. 1 Acting chairman. *N?& ^T01*3? A directors are chosen b; i, are also chosen by member banks ass B^SS^l nd 3) ?y the Federal Reserve Board for the election of ^ group 3 of the smaSeit capitalization. Group 1 is composed of the largest banks a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1835 FEDERAL RESERVE BULLETIN 135 DIRECTORS OF THE FEDERAL RESERVE BANKS—Continued ATLANTA Term Directors Group Business affiliation expires Dec. 31 Class A: G. G. Ware President, First National Bank, Leesburg, Fla. 1935 R. G. Clay President, Fulton National Bank, Atlanta, Ga... 1936 W. D. Cook.... Executive vice president, First National Bank in Meridian, Meridian, Miss" . 1937 Class B: L. C. Simon Vice president, Kohn, Weil & Simon, Inc., New Orleans, La_ 1035 J. A. McCrary.. Vice president and treasurer, J. B. McCrary Co., Decatur, Ga 1030 Vacancy 1937 Class 0: Vacancy , 1935 J. P. Allen Vice president and general manager, J. P. Allen & Co., Atlanta, Ga. 1036 W. H. Kettig »., Retired, Birmingham, Ala 1937 CHICAGO Class A: F. D. Williams- Vice president and cashier. First Capital National Bank, Iowa City, Iowa- 1935 J. R. Leavell..... President, Continental Illinois National Bank & Trust Co., Chicago, 111 1936 E. R. Estberg—. President, Waukesha National Bank, Waukesha, Wis 1937 Class B: N.jH. Noyes Treasurer, EH Lilly &lCo., Indianapolis, Ind _ 1935 M. W. Babb__... President, Allls-Chalmers Manufacturing Co., Milwaukee, Wis. 1936 S. T. Crapo Vice president and secretary, Huron Portland Cement Co., Detroit, Mich 1037 Class O: E. M. Stevens... Chairman and Federal Reserve agent, Chicago, HI 1936 James Simpson *. Chairman, Commonwealth Edison Co., Chicago, HI 1935 Vacancy 1037 ST. LOUIS Class A: J. G. Lonsdale Chairman, Mercantile-Commerce Bank & Trust Co., St. Louis, Mo. 1935 M. B. Nahm Vice president, Citizens National Bank, Bowling Green, Ky. 1936 F. G.Hltt President, First National Bank, Zeigler, HI 1937 Class B: M. P. Sturdivant. Planter, Glendora, Miss - -:— 1935 J.W.Harris President, Harris-Polk Hat Co., St. Louis, Mo 1936 W. B. Plunkett... President, Plunkett-Jarrell Grocer Co., Little Rock, Ark 1937 Class C: J. S. Wood Chairman and Federal Reserve agent, St. Louis, Mo 1936 J. R. Stanley ~ General manager, Stanley Clothing Co., Evansville, Ind 1935 Paul Dillard i President, Dillard & Coffin Co., Memphis, Tenn— 1937 MINNEAPOLIS Class A: H, R. Klbbee....... President, Commercial Trust & "Savings Bank, Mitchell, S. Dak 1935 H. C. Hansen President, First National Bank, Churchs Ferry, N. Dak...... ... 1936 _ M. O. Grangaard— Vice president, First National Bank & Trust Co., Minneapolis, Minn 1937 Class B: J. E. O'Connell President, Eddy Bakeries, Helena, Mont 1935 ^ A W . . P O . . F W un a k shburn—, P P r r e e s s i id d e e n n t t , , A La . J C . r K os r s a e n k R u C b o b . e , r S M t. P il a ls u , l L , M a C in r n osse, Wis 1 1 9 9 3 3 6 7 Clas J H s . . C N P : . . P C e l y a t r o k n i C C h h a a i i r r m m a a n n , a W nd e s F t e P d u e b ra li l s R hi e n s g e r C ve o . a , g S e t n . t, P M au i l n , n M ea in po n l is, M . i . n . n -- 1 1 9 9 3 3 5 6 G. W. McCormick.. President, Menominee River Sugar Co., Menominee, Mich 1037 KANSAS CITY Class A: E. E. Mullaney President, First National Bank, Collyer, Kans— 1935 C. C. Parks..™ Vice president, First National Bank, Denver, Colc^. 1936 nt p* W-Sponable.. President, Miami County National Bank, Paola, Kans- 1937 Class B: L. E. Phillips.... Bartlesville, Okla 1636 W D. Hosford... Vice president, John Deere Plow Co., Omaha, Nebr... .......... 1937 Js# J # B dl President, Bernardin Timber & Manufacturing Co., Kansas City, Mo.. 1935 Vacancy 1936 J E . . B P . . D B o r o o l w in n » President,ISefer-Doolin'MortgageCoVAlVa, Okial.. 1937 1 Deputy chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
136 FEDERAL RESERVE BULLETIN FEBRUARY 1935 DIRECTORS OF THE FEDERAL RESERVE BANKS—Continued DALLAS Term Directors Group Business affiliation e D x e p c i . r 3 es 1 Clas A I P s t . U . A E E : M . . H o H r o r a o i r s k d s ing... P P P r r r e e e s s s i i i d d d e e e n n n t t t , , , F F F i i o r r r s s t t t W N N a a o t t r i i t o o h n n a N a l l a B B ti a a o n n n k k a , , l I W B ta a i s n n c k n a , s , b F T o o e r r x o t , W Te o x r . t _ h, Tex. * . 1 1 1 9 9 9 3 3 3 5 6 7 Clas J J A s . . . R D D B : . . . M M C U l t e d a v d m e l l e a t n o d n . . . P V W r ic . e e s D i p d . r e C e n s l t e i , d v T e e n e la x t n , a d C s o R & o e p f S e i o n r n i n G s g , r H o C c o e o u r ., y s t G o C r n o e , . e , T n W e v x i a ll c e o , , T T e e x x . _ 1 1 1 9 9 9 3 3 3 5 0 7 Clas C s C O : . Walsh Chairman and Federal Reserve agent, Dallas, Tex. 1937 E, R. Brown President, Magnolia Petroleum Co., Dallas, Tex... 1935 S.B. Perkins«... President, Perkins Dry Goods Co., Dallas, Tex.— 1936 SAN FRANCISCO Class A: T.H.Ramsay President and general manager, Pacific National Agricultural Credit Corporation, San 1935 Francisco, Calif. Keith Powell Receiver, First National Bank, Salem, Oreg — 1936 C. K. Mclntosh President, Bank ol California, N. A. San Francisco, Calif —— - 1937 Class B: A. B. C. Dohrmann... Chairman, Dohrmann Commercial Co., San Francisco, CaliL 1935 Malcolm McNaghten. President, Broadway Department Store, Inc., Los Angeles, Calif. 1930 EH. Cox President, Madera Sugar Pine Co., Madera, CaliL_ 1937 Class C: Vacancy - 1935 W.N.Moore * I^ld^t, WiJton'N.Moore Co.rSanFrancisco, Calif.. . 1936 A. P. Welch President, Welch & Co., San Francisco, Calif 1937 «Deputy chairman. DIRECTORS OF BRANCHES OF THE FEDERAL RESERVE BANES BUFFALO BRANCH-FEDERAL RESERVE BANE OF NEW YORK Name Business affiliation ment expired Dec. 31 R. M. O'Hara. „* director, BufTalo, N. Y 1935 F. B. Cooley, Chairman«.. President, New York Car Wheel Co., Buffalo, N. Y 1935 L. O. Harriman ... President, Manufacturers & Traders Trust Co., Buffalo, N. Y., 1935 E. O. Miner* Chairman, Pfaudler Co, Rochester, N. Y „ 1936 O. F. Rand President, Marine Trust Co., Buffalo, N. Y 1936 E. B. Vreeland President, Salamanca Trust Co., Salamanca, N. Y 1937 Howard Kellogg» ... President, Spencer Kellogg & Sons, Inc., Buffalo, N. Y 1937 CINCINNATI BRANCH-FEDERAL RESERVE BANE OF CLEVELAND J B 8 T C O o . . . . . h B J H M F n . . . . , D S O M K V u a m r t c e v o p C w r i g s h i a o e t i y r k m n e i b * , s Chairman1. , , , . M C C P C r h h h a e a a a n s i i i i a r r r d g m m m e i n n a a a g t n n n , , , , , d F A U P . i — i r r r m n e o s « i c t e v t t . e r i o ~ N d d i r « c a e , a * S n t C n * i t t o i a » . R n S t U e a a o i s u l v l l u i i n n f ™ i g g s j w B x O a ui J l n i h l i C v k i n C^ o a c u & o r i .., n d , T n A M C r a Y u t o Ii i d s i . . u , t d O o C C liee h i o t n t i oo . o c , ww i C n nn n , i , n a uO c t m i i h , n o — i n O o a - . h . t i i o , Ohio, 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 5 5 5 6 6 W. H. Courtney , President, I. V. Sutphin Co., Cincinnati, Ohio 1937 President, First National Bank & Trust Co.. Lextafftnn. ir^ 1937 PITTSBURGH BRANCH-FEDERAL RESERVE BANK OF CLEVELAND T. 0. Origgs A. L. Humphrey, Chairman K, Managing director, Pittsburgh, Pa j. 1935 Richard Coulter 1935 J, S. Jones* " PPrreessiiddeenntt,, FFitrastt NNaattiioonnaall BBaannkk && TTrruusstt CCoo..., GGrre2enSs«btwirJg," P^a 1935 L.W. Smith Secretary and treasurer, Stone & Thomas, wheeling, W. va 1935 H. 8. Whermt» President, Union National Bank, Pittsburgh, Pa - 1936 A. E. Braun. II. President, Pittsburgh Plate Glass Co., Pittsburgh, Pa 1937 President, Farmers Deposit National Bank, Pittsburgh, Pa..^ 1937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1935 FEDERAL RESERVE BULLETIN 137 DIRECTORS OP BRANCHES OF THE FEDERAL RESERVE BANKS—Continued BALTIMORE BRANCH—FEDERAL RESERVE BANK OP RICHMOND Appoint- Name Business affiliation ment expires Dec. 31 Hugh Leach —. Managing director, Baltimore, Md ., 1935 E. P. Cohill, Chairman*. President, Tonoloway Orchard Co., Hancock, Md 1935 L. 8. Zimmerman ., Vice president, Maryland Trust Co., Baltimore, Md 1935 W. H. Matthai* , President, Beaver Dam Marble Co., Baltimore, Md 1935 Norman James* *.. President, James Lumber Co., Baltimore, Md.._ 1936 M. M. Prentis President, First National Bank, Baltimore, Md-., 1936 L. B. Phillips... President, National Bank (" ' '" 1937 CHARLOTTE BRANCH—FEDERAL RESERVE BANE OF RICHMOND W. T. Clements Managing director, Charlotte, N. O , 1935 C A. Cannon, Chairman V President, Cannon Manufacturing Co, Concord, N. C .. 1935 C. L. Cobb Vice president, Peoples National Bank, Rock Hill. S. C 1935 J. L. Moreheadi... Chairman, Leaksvifle Woolen Mills, Leaksville, N. C 1935 R, E. Henry* President, Dunean Mills, Greenville, S. 0 1936 Robert Gage Vice president and cashier, Commercial Bank, Chester, S. C, 1936 W. H. Wood President, American Trust Co., Charlotte, N. 0 1937 BIRMINGHAM BRANCH—FEDERAL RESERVE BANK OF ATLANTA J. H. Frye Managing director, Birmingham, Ala . ._ 1935 Oscar Wells, Chairman* Chairman, First National Bank, Birmingham, Ala - 1935 F. M. Moody President, First National Bank, Tuscaloosa, Ala „ 1935 W. H. Kettigi. Retired, Birmingham, Ala.*..... — —... „___. ......... . 1935 E. F.Allison * President, Allison Lumber Co., Bellamy, Ala... 1936 W.E.Henley I. President, Birmingham Trust and Savings Co., Birmingham, Ala 1936 J. G. Farley— Retired, Birmingham, Ala i 1937 JACKSONVILLE BRANCH—FEDERAL RESERVE BANK OF ATLANTA G. S. Vardeman, Jr Managing director, Jacksonville, Fla 1935 Fulton Saussy, Chairman '. Saussy, Common and Macclinchey, Jacksonville, Fla 1935 E.W. Lane.. . . President, Altantic National Bank, Jacksonville, Fla . 1935 S. O. Chase*. ". ."". President, Chase & Co., Sanford, Fla 1936 G.J.Avent I I I President, Florida National Bank, Jacksonville, Fla 1936 3B. W. Haynesi Vice president, Wilson <& Toomer Fertilizer Co., Jacksonville, Fla. 1937 O. G. Ware President, First National Bank, Leesburg, Fla 1937 NASHVILLE BRANCH—FEDERAL RESERVE BANK OF ATLANTA J.B. Fort, Jr. Managing director, Nashville, Term 1935 P. M. Davis, ChairmanK, President, American National Bank, Nashville, Tenn _.. 1935 C W. Bailey President, First National Bank, Ciarksvflle, Tenn 1935 W.PP.RRiiddieiyi Farmer, Columbia, Tenn - 1936 g. A. Craig President, National Life & Accident Insurance Co., Nashville, Tenn— 1936 F.J.Harle.- Cashier, Cleveland National Bank, Cleveland, Tenn ..... 1937 Vacancy* 1937 NEW ORLEANS BRANCH—FEDERAL RESERVE BANK OF ATLANTA Marcus Walker Managing director, New Orleans, La 1935 JJ. C. Simon, Chairman I Vice president, Kohn, Weil <fe Simon, Inc., New Orleans, La 1935 F. W. Foote. President, First National Bank, Hattiesburg. Miss 1935 A. P. Bush * Vice president, T. G. Bush Grocery Co., Mobile, Ala— 1936 j- D. o'Keefe".;:":::: President, Whitney National Bank, New Orleans, La ... 1936 Ernest T.George» President and chairman Seaboard Refining Co., Ltd., New Orleans, La 1937 B.S.Hecht...! Chairman, Hibernia National Bank & Trust Co., New Orleans, La 1937 DETROIT BRANCH—FEDERAL RESERVE BANK OF CHICAGO *l. H. Buss Managing director, Detroit, Mich —wv 1935 tt.P. Hull, Chairman* President, Michigan Milk Producers Association, Lansing, Mich 1935 John Ballantyne President, Manufacturers National Bank, Detroit, Mich........----—« 1935 gavidMcMorrani.... Treasurer, and manager McMorran Milling Co., Port Huron, Mich.... 1936 J G a - m B e t s M In o g r l l i e s y . C Pr h e a s i i r d m en a t n , , A S m ec e o r n ic d a N n a B ti l o ow na e l r B C a o n r k p o & ra t T io r n u , s t p e C t o rp ., l S t, a M gin ic a h w . , M . i „ c . h . . --..- _ -. . 1 1 9 93 3 7 6 A. C. Marshalli".II" Vice president and general manager, Detroit Edison Co., Detroit, Mich. 1937 1 Appointed by Federal Reserve Board* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
138 FEDERAL RESERVE BULLETIN FEBBUARY 1935 DIRECTORS OF BRANCHES OP THE FEDERAL RESERVE BANKS—Continued LITTLE BOCK BRANCH-FEDERAL RESERVE BANK OF ST. LOUIS Appoint- Name Business affiliation e m xp e ir n e t s Dec. 31 A S M J O W F o t . . . u o . N K F H o a A . r r i . . c . h t B D h C e H W a o a a a i i l d r m l c i e r l k s y W a p o s g b n - h r . e i l g i l, h C t > hairman*. M S P D P P P t r r r r i a a r e e e e t n e s s s s e c i i i i a d d d d t a g o e e e e g i r n n n n n e . t t t t g n , , , , U t d S D S P , n i t i e A a r i m a o o e r e t n p c r m e t t a l n o e N N o g a r s n h a a , I B s t t L G n i i a N o o s i r n n n t u a a t k a a r t l i e a i , n l l o n L B B R n C c i a a a e o o t l n n t c . C l , k k k B e L , , , o a R . A L T i n , t o t k e r i L t c l x k , e t i k a l t P e , t r R l i k A e n R o a r e c R o n k k c B a o , k , c l A , u A k A r f , r f k k , r A k _ r A k rk— 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 5 5 5 5 6 7 6 LOUISVILLE BRANCH—FEDERAL RESERVE BANK OF ST. LOUIS J.T.Moore Managing director, Louisville, Ky — 1935 J. B. Hill, ChairmanK President, Louisville & Nashville R. R., Louisville, Ky 1935 W. R. Cobb Vice president, Citizens-Union National Bank, Louisville, Ky , 1935 W. P. Poitoa" President, Southern Textile Machine Corporation, Paducah, Ky..., 1936 W. V. Bulleit Attorney, New Albany, Ind — 1936 W. W. Crawford * Humphrey, Crawford <fc MIddleton, attorneys, Louisville, Ky 1937 A.H.Eckles President, Planters Bank & Trust Co., Hopkinsville, Ky 1937 MEMPHIS BRANCH—FEDERAL RESERVE BANK OF ST. LOUIS W. H. Glasgow ..... Managing director, Memphis, Tenn.. , 1935 Wm. OrgiU, Chairman i, President, Orgill Brothers & Co., Memphis, Tenn - 1935 Willis Pope Cashier, National Bank of Commerce, Columbus, Miss...* 1935 S.E. Ragland* President, First National Bank, Memphis, Tenn 1935 E. L. Anderson * President, King & Anderson, Clarksdale, Miss 1936 W.R.King ^. President, Wm. R. Moore Dry Goods Co., Memphis, Tenn 1936 J.W.Alderson Vice president, National Bank of Eastern Arkansas, Forrest City, Ark.., 1937 HELENA BRANCH—FEDERAL RESERVE BANK OF MINNEAPOLIS R. E. Towle Managing director, Helena, Mont 1935 Henry Sieben, Chairman* President, Sieben Livestock Co., Helena, Mont 1935 T.A. Marlow President, First National Bank & Trust Co., Helena, Mont- 1935 J. E. O'Connell" President, Eddy Bakeries, Helena, Mont 1935 A. R. McDermott Vice president, Montana National Bank, Billings, Mont 1936 DENVER BRANCH-FEDERAL RESERVE BANK OF KANSAS CITY J. E. Olson Managing director, Denver, Colo „ . 1935 R. H. Davis, Chairman* President, Denver National Bank, Denver, Colo 1935 Henry Swan Vice president. United States National Bank, Denver, Colo 1935 Murdo MacKende» Manager and director, the Matador Land <fe Cattle Co., Ltd., Denver, Colo 1935 M. W. Gano» Director, the Gano-Downs Co., Denver, Colo _.„ . 1936 Harold Kountze President, Colorado National Bank, Denver, Colo 1936 H. W. Farr Livestock and farming, Greeley, Colo— 1937 OKLAHOMA CITY BRANCH-FEDERAL RESERVE BANK OF KANSAS CITY A C u . s E t . i n D M an i i l e le l r, Chairman1. M Pr a e n si a d g e i n n t g , d O ir k e l c a t h o o r m , O a k F l u ah rn o i m tu a r e C M ity a , n O uf k a l c a t ur . ing Co"6i^im&Giti 1 1 9 9 3 3 5 5 H. H. Ogden President, First National Bank <fe Trust Co., Muskigee, Okla.. .' 1935 J.B.Doolin* President, Schaefer-Doolin Mortgage Co., Alva, Okla 1938 F. T. Chandler. Vice Presklent, Oklahoma National Bank, Chlckasha,"6klal"™" 1936 Lee Clinton i 1937 Ned Holman... ». President, Liberty NaTlonafBankVoiuVho^ 1937 OMAHA BRANCH—FEDERAL RESERVE BANK OF KANSAS CITY L. H. Earhart Managing director, Omaha, Nebr 1935 R. E. Campbell, Chairman*. Manager, Miller & Paine's Dry Goods Co., LmcoirT.*Nebr""* 1935 T. L. Davis President First National Bank, Omaha, NebrT..-. . . "' 1935 W D. m M . . D H ie il s d in e g li t r and1 , V Fa ic r e m p e r r e a s n id d e n st t o , c C k u m d a a n h , y S P e a w c a k r i d n , g N C e o b ., r — Om ah . a, NebrL.,."'.!". 1 1 9 9 3 3 6 5 W. D. Clark President, Omaha National Bank, Omaha, Nebri""!'"""* 1936 A. H. Marble President, Stock Growers National Bank, Cheyenne, Wyo 1937 i Appointed by Federal Reserve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
F*BEUART 1935 FEDERAL RESERVE BULLETIN 139 DIRECTORS OF BRANCHES OF THE FEDERAL RESERVE BANKS—Continued EL PASO BRANCH—FEDERAL RESERVE BANE OF DALLAS point- Name Business affiliation ment expires Dec. 31 J. L. Hermann Managing director, El Paso, Tex , 1035 A. P. Coles, Chairman^.., Investments, El Paso, Tex , 1035 A. F. Jones* , President, First National Bank, Portales, N. Mex—, 1035 O. M. Newman * , Investments, El Paso, Tex 1035 S> P. Applewhite1 Investments, Douglas, Ariz , 1036 S. D. Young Vice president, El Paso National Bank, El Paso, Tex. 1038 O.N. Bassett President, State National Bank, El Paso, Tex. 1037 HOUSTON BRANCH—FEDERAL RESERVE BANK OF DALLAS W. D. Gentry Managing director, Houston, Tex 1035 J. C. Wilson, Chairman1. President, the Wilson-Broach Oil Co., Beaumont, Tex 1035 S. R. Lawder Vice president, First National Bank in Houston, Houston, Tex 1035 R. M. Farrar i President, Farrar Lumber Co., Houston, Tex 1035 A. A. Home Vice president, City National Bank, Galveston, Tex 1036 Sam Taubi J. N. Taub & Sons, Houston, Tex „ 1030 J. A. Wilkins President, State National Bank, Houston, Tex 1037 SAN ANTONIO BRANCH-FEDERAL RESERVE BANK OF DALLAS M. Crump Managing director, San Antonio, Tex... 1035 Richard King, Chairman i President, Corpus Christ! National Bank, Corpus Christi, Tex 1035 F. C. Groos President, Groos National Bank, San Antonio, Tex 1035 J. M. Bennett1 President, Standard Trust Co., San Antonio, Tex 1036 G. O.HolUs President, First NationalBank, Eagle Pass, Tex 1039 F. M. Lewis, Sr» . - F. M. Lewis & Co., sugar brokers, San Antonio, Tex 1037 W, P. Napier I.II President, Alamo National Bank, San Antonio, Tex 1037 LOS ANGELES BRANCH—FEDERAL RESERVE BANK OF SAN FRANCISCO W.N.Ambrose Managing director, Los Angeles, Calif — 1035 C. B. Voorhis, Chairman^ Retired, Pasadena, Calif 1035 J. J. Belcher, Jr ..„ President First National Trust & Savings Bank, San Diego, Calif—, 1035 J.B> Alexander^ Vice president, Globe Grain & Milling Co., Los Angeles, Calif..—. 1035 V.H.Rossetti President Farmers & Merchants National Bank, Los Angeles, Calif.. PORTLAND BRANCH—FEDERAL RESERVE BANK OF SAN FRANCISCO g. B. West.. Managing director, Portland, Oreg 1035 H. M. Haller, ChairmanV Vice president, Kelley-Clarke Co., Portland, Oreg 1035 J. C. Ainsworth Chairman, United States National Bank, Portland, Oreg. 1035 E.G. Pease L_. ' Edward C. Pease Co., The Dalles, Oreg 1035 R. S. Smith 11111""; President, First National Bank, Eugene, Oreg SALT LAKE CITY BRANCH—FEDERAL RESERVE BANK OF SAN FRANCISCO W. L.Partner Managing director, Salt Lake City, Utah 1035 ^arayette Hanchett, Chairman* Chairman, Utah Power & Light Co., Salt Lake City, Utah- 1035 fr & Hemingway .„___._ President, Commercial Security Bank, Ogden, Utah— 1935 M. W. Smith* Manager, Midland Elevator Co., Idaho Falls, Idaho 1035 E. o. H President, Walker Bank <fe Trust Co., Salt Lake City, Utah. 1036 SEATTLE BRANCH—FEDERAL RESERVE BANK OF SAN FRANCISCO C. R. Shaw... Managing director, Seattle, Wash 1935 o §• Siarke» Chairmani Trustee, Kelley-Clarke Co., Seattle, Wash 1035 U- ?• greenwood President, Pacific National Bank, Seattle, Wash 1035 ft A. Rhodes i.. . Merchant, Tacoma, Wash - 1035 M. F. Backus Chairman, National Bank of Commerce, Seattle, WashJ. 1036 SPOKANE BRANCH—FEDERAL RESERVE BANK OF SAN FRANCISCO -L.Davis Managing director, Spokane, Wash ---- .—-._-.— 1035 President, Bunker Hill & Sullivan Mining & Concentrating Co., Kellogg, Idaho 1035 Chairman, Old National Bank & Union Trust Co., Spokane, Wash 1035 Manager, McGregor Land & Livestock Co., Hooper, Wash 1035 President, Yakima First National Bank, Yakima, Wash 103G Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS j KANSAS C KANS. MST.LOJJIS Oklahoma City BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE DANK CITIES FEDERAL RESERVE BRANCH CITIES FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1935, January 31). Federal Reserve Bulletin, 1935-02. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193502
@misc{wtfs_bulletin_193502,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1935-02},
year = {1935},
month = {Jan},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193502},
note = {Retrieved via When the Fed Speaks corpus}
}