Federal Reserve Bulletin, 1935-07
FEDERAL RESERVE BULLETIN JULY 1935 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Credit Developments Supply and Use of Member Bank Reserve Funds Argentine Banking and Monetary Legislation 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 HENRY MORGENTHAU, Jr., J. J. THOMAS, Vice Governor. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. F. T. O'CONNOR, ADOLPH C. MILLER. Comptroller of the Currency. GEORGE R. JAMES. M. S. SZYMCZAK. LAWRENCE CLAYTON, Assistant to the Governor. E. A. GOLDENWEISER, Director, Division of Research ELLIOTT L. THURSTON, Special Assistant to the and Statistics. Governor. LAUCHLIN CTJRRIE, Assistant Director, Division of Research and Statistics. CHESTER MORRILL, Secretary. J. C. NOELL, Assistant Secretary. WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics. LISTON P. BETHEA, Assistant Secretary. E. L. SMEAD, Chief, Division of Bank Operations. S. R. CARPENTER, Assistant Secretary. J. R. VAN FOSSEN, Assistant Chief, Division of Bank WALTER WYATT, General Counsel. Operations. GEORGE B. VEST, Assistant General Counsel. J. E. HORBETT, Assistant Chief, Division of Bank B. MAGRUDER WINGFIELD, Assistant General Counsel. Operations. LEO H. PAULGER, Chiefs Division of Examinations. CARL E. PARRY, Chief, Division of Security Loans. R. F. LEONARD, Assistant Chief, Division of Examina- PHILIP E. BRADLEY, Assistant Chief, Division of Secutions. rity Loans. C. E. CAGLE, Assistant Chief\ Division of Examinations. O. E. FOULK, Fiscal Agent. FRANK J. DRINNEN, Federal Reserve Examiner. , JOSEPHINE E. LALLY, Deputy Fiscal Agent. FEDERAL ADVISORY COUNCIL District no. 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 BANES Federal Reserve Bank Chairman and Federal Governor Deputy governor Cashier of- Reserve agent 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.i W. S. Logan W. B. Matteson.i L. R. Rounds J. M. Rice.i L. F. Sailer Allan Sproul.3 C. H. Coe H. H. Kimball.i L. W. Knoke.i Philadelphia R. L. Austin G. W. Norris . W. H. Hutt C. A. Mcllhenny. J. 8. Sinclair W. J. Davis.» C. A. Mcllhenny W. G. McCreedy.i L. E. Donaldson.^ Cleveland E. S. Burke, Jr.* M. J. Fleming F. J. Zurlinden W. F. Taylor. H. F. Strater C. W. Arnold.* Richmond W. W. Hoxton G. J. Seay C. A. Peple G. H. Keesee. R. H. Broaddus J R. Walden, Jr.J Atlanta Oscar Newton H. W. Martin.. M. W. Bell. H. F. ConnifE W. S. McLarin, Jr.i Chicago E. M. Stevens G. J. Schaller H. P. Preston W. H. Snyder.i C. R. McKay W. C. Bachman.i J. H. Dillard 0. J. Netterstrom.i A. T. Sihler.i E. A. Delaney.i A. L. Olson.i S. F. Gilmore.* St. Louis J. S. Wood W. McC. Martin 0. M. Attebery A. H. Haill.a J. G. McConkey F. N. Hall.* G. 0. Hollocher.» 0. C. Phillips.* H. I. Ziemer. Minneapolis. _ J. N. Peyton— W. B. Geery Harry Yaeger F. C. Dunlop.1 H. I. Ziemer— J. W. Helm. Kansas City G. H. Hamilton C. A. Worthington—. J. W. Helm... Dallas C. C. Walsh B. A. McKinney R. R. Gilbert R. B. Coleman. R. B. Coleman W. 0. Ford.i flan Francisco -.- -. J. U. Calkins W. A. Day W. M. Hale. Ira Clerk » Assistant deputy govern or. > Assistant to the governor. > 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 B. J. Lazar. Denver branch J. E. Olson. Pittsburgh branch T. C. Griggs. Oklahoma City branch C. E. Daniel. Richmond: Omaha branch 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. •RipTjinghftTn 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 I-ake City branch W. L. Partner. Detroit branch _ R. H. Buss. Seattle branch C. 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 OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the 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. nx Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS Page Review of the month—Recent credit developments 413 Supply and use of member bank reserve funds 419-429 Argentine banking and monetary legislation 449-458 Condition of all banks in the United States on December 31, 1934 481-485 National summary of business conditions 430 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 431-435 Member and nonmember bank credit: All banks in the United States 438, 481-485 All member banks 436,437,476,480 Weekly reporting member banks in leading cities 439, 477 Brokers' loans . 439 Acceptances and commercial paper - 440 Discount rates and money rates 441 Security prices, bond yields, and security issues 442 Treasury finance 443 Assets and liabilities of governmental credit agencies 444 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 445 Farm Credit Administration— Loans and discounts outstanding, by institutions 446 Home Owners' Loan Corporation—Summary of operations 446 Federal home loan banks—Assets and liabilities .- 446 Production, employment, car loadings, and commodity prices 447 Merchandise exports and imports 448 Department stores—Indexes of sales and stocks 448 Freight-car loadings, by classes 448 Financial statistics for foreign countries: Gold reserves of central banks and governments 459 Gold production 460 Gold movements . 460-462 Central banks 463-466 Bank for International Settlements 466 Commercial banks 467 Discount rates of central banks 468 Money rates 468 Foreign exchange rates 469 Price movements: Wholesale prices 470 Retail food prices and cost of living 471 Security prices : 471 Law department: Rulings of the Federal Reserve Board: Ruling No. 44 interpreting regulation T ' 472 Ruling No. 45 interpreting regulation T 472 Joint resolution extending time for renewal of loans to executive officers of banks 472 Joint resolution extending temporary plan for deposit insurance 472 Discounts for individuals, partnerships, and corporations—extension of time limit 473 Federal Reserve statistics by districts, etc.: Banking and financial statistics 474-480 Industrial and commercial statistics 486-491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 21 JULY 1935 No. 7 REVIEW OF THE MONTH Netherlands Bank and of the Swiss National Bank also ceased at this time. About $20,000,- Member bank reserve balances on deposit 000 of gold was imported into the United with the Federal Reserve banks and excess States from Holland during June; but this gold Member bank reserves^ during June were the was withdrawn from the Netherlands Bank in reserve bal- largest in the history of the the last week of May. ances Federal Reserve System. The During the spring movement these three gold increase in reserve balances during the month, bloc countries lost more than $1,000,000,000 of amounting to $150,000,000, was entirely due gold. The effect of these losses upon the to further large imports of gold. position of the central banks and on reserves On February 1, 1934, immediately after reand borrowings of the commerical banks is valuation of the dollar, excess reserves of memindicated in the accompanying table. ber banks were about $800,000,000 and were largely the consequence of purchases of United CHANGES IN MAJOR ACCOUNTS OF CENTRAL BANKS States Government securities by the Reserve IN GOLD BLOC COUNTRIES banks in 1932 and 1933. Since that date the [In millions of dollarsl increase in the monetary gold stock of the Bank Nether- Swiss country from about $7,000,000,000 to $9,100,- Approximate period of lands National France Bank Bank 000,000 on June 29, 1935, has been the principal factor in the growth of $2,260,000,000 in mem- Mar. 7-May 7: ber bank reserve balances. In the same period Gold -155 -113 -144 Discounts and advances —4 +61 +45 required reserves increased by $660,000,000, the Deposits . -117 -55 -89 remaining $1,600,000,000 being added to excess May 7-June 7: Gold -634 -18 -59 reserves. Discounts and advances +366 -20 +37 Deposits -234 -14 -15 Of the $260,000,000 added to monetary gold Total (Mar. 7-June7): stock of the United States in June, four-fifths Gold -789 -131 -203 Discounts and advances +362 +42 +82 came from France. Nearly all Deposits -351 -69 -104 Money markets ^ j ^^ _ Q£ goW wag with drawn from the Bank of France In all three countries substantial withdrawals during the last week in May when, in addition were made from reserve balances of commercial to private operations, gold was being placed banks. Through the first week of May the under earmark for account of the United States French banks obtained in this manner, without Treasury in accordance with an arrangement borrowing, practically the full amount of gold for supplying dollars to the French authorities. required for export. In the Netherlands and An additional $20,000,000 was shipped to this in Switzerland, however, the banks found it country after the fall of the Bouisson Cabinet necessary to borrow from the central bank in early in June; but with the acceptance of the addition to drawing upon their reserve balances. Laval Cabinet on June 7 the franc rose above In the latter two countries central bank disthe point at which it is profitable to send gold count rates were raised long before any change abroad, and drafts on reserves of the Bank of occurred in the discount rate of the Bank of France ceased. The decline in reserves of the France. The rate of the Netherlands Bank 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
414 FEDEBAL KESERVE BULLETIN JULY 1935 was increased twice early in April, and from France was such as to attract gold only in the third week in April until the latter part of periods when the movement of capital was May gold withdrawals from the bank were inward. At first this altered position was not negligible. The rate of the Swiss National perceptible in the market. The bank was Bank was raised on May 3 from 2 to 2% percent,converting large amounts of its foreign balbut gold losses continued through the first week ances into gold, and its gold reserves were of Juno. increasing notwithstanding the decline in its international reserves as a whole. The com- DISCOUNT RATES OF THREE CENTRAL BANKS, mercial banks in turn had exceptionally large APR. 1-JULY 6, 1935 cash reserves, amounting to 35 percent of their deposits; and although these reserves were Date effective Bank of N l e a t n h d e s r- N S at w io is n s al somewhat diminished by the adverse balance France Bank Bank of international payments, the pressure of In effect— domestic funds seeking reinvestment was suffi- Apr. l—_. Apr, 5—- Apr. 10 PARIS MONEY MARKET Mar 3.... BlUJON^OF FRANCS May 16.-. 90 May 2-i... May 27... May 29... Jano1 5 Juno 21... June 27... "i Julys...., July 6.— When the gold movement from France reached large proportions in the latter half of May the banks, which hitherto had obtained gold by drawing upon their deposits, began to borrow, and the increase in the discount rate of the Bank of France to 6 percent 10 at that time was reflected in an advance in market rates to a corresponding level. At the beginning of June rates in the Paris money market were higher than at any time since the franc was stabilized at the end of 1926, and MONEY RATES this continued to be the case even when the f Dn'W V Bank of France relaxed the situation somewhat by lowering its discount rate to 5 percent B W A 3 N C K 0 O UO F T F R R A A N T C E E - ~ l_ wt—— on June 21. On July 5 the bank reduced its rate to 4 percent. * O B P IL E L N -M RA A T K E Ktl The prevailing tendency of French reserves 1934 1935 has been downward since England's departure cient to reduce open-market bill rates to a from the gold standard in September 1931. level of 1 percent in the second half of the year. The decline in sterling immediately after that In December 1932, however, gold began to svent reduced the realizable value of the ster- flow out of the country, and reserves of the ling balances of the Bank of France; and there- commercial banks were sharply reduced.^ A e after throughout 1932 there was a gradual extent of this reduction is indicated in tn •decline in the gold and foreign-exchange re- chart by the line showing deposits whicfc, serves at the bank, reflecting the fact that however, include not only deposits of the ban the international balance of payments of but deposits of the Government and otn Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL EESERVE BULLETIN 415 JULY 1935 customers of the bank as well. Accompany- the payment of interest on new time deposits ing the loss of reserves there was an advance in maturing in less than 6 months and reductions bill rates in the open market. Succeeding in other cities of interest rates paid on these gold drains culminated in serious difficulties deposits. Deposits of foreign banks in New early in 1934. After March 2, 1934, gold York showed an increase of about $50,000,000 returned to France, partially restoring the in the period. losses of the previous period. The recent Loans and investments of reporting memoutflow, however, has left the bank's gold ber banks in leading cities increased by reserves smaller than in March 1934. $180,000,000 in the 5 weeks ended Juno 26, Each of the two periods of gold outflow reflecting principally a largely temporary inhas been accompanied by heavy drafts on the crease of $160,000,000 in holdings of direct reserve balances of the commercial banks, obligations of the United States Government. increased borrowing at the Bank of France, At the beginning of June there was an increase and a firmer money market. The drain that in the reporting banks' holdings of securities culminated in March 1934, however, was guaranteed by the United States and a similar mostly met from reserve balances, which were decrease in holdings of other securities, reflectstill high. Such borrowing as there was at the ing the exchange of a called issue of Home Bank of France was at a comparatively mod- Owners' Loan Corporation bonds guaranteed erate cost. Hence the open-market bill rate as to interest only for a new issue guaranteed rose only to a point just short of 3 percent. as to both principal and interest. During the recent crisis the pressure was Early in March the United States Treasury much more severe. Reserve balances at the called for redemption on July 1 all outstanding outset were lower and the banks borrowed Retirement of 2 Percent Consols of 1930 and more heavily from the Bank of France. The national-bank for redemption on August 1 all bank in turn raised its discount rate to double notes 2 percent Panama Canal loan the level reached in February 1934, and the bonds. These issues were the only outstanding open market followed the rate set by the United States Government securities that car- Bank of France. ried permanently the privilege of being pledged Largely as a result of heavy gold imports with the Treasury as collateral against the during the last week of May and most of June, issuance of national-bank notes. Because of Member bank deposits of reporting member the expiration on July 22 of the temporary cre !t banks have continued to in- grant of the circulation privilege to certain crease at a rapid rate. Much of the increase other bonds, provision for issuing national-bank occurred at banks in New York City, where notes will cease by August 1, when the last of the gold was received, but transfers of funds the permanent circulation bond issues will be from New York in connection with Treasury redeemable. operations resulted in an increase at reporting Between the time of the calling of these banks outside New York. In the 5 weeks ended bonds and June 29, national banks deposited June 26, adjusted demand and time deposits with the United States Treasury about $410,at New York City banks, excluding interbank 000,000 of funds, thereby transferring to the balances, United States Government deposits, Treasury the liability for redeeming these notes and checks and cash items on hand or in when they return from circulation. During process of collection, increased by $180,000,000, this period also about $90,000,000 of nationaland at member banks in leading cities outside bank notes were retired, largely as they became New York there was a similar increase. unfit for further circulation and were returned Remand deposits showed a larger increase as to the Treasury. The difference between these tone deposits declined, reflecting a ruling of the two amounts, $320,000,000, represents funds ew York Clearing House in May prohibiting temporarily placed at the disposal of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
416 FEDERAL RRESEVE BULLETIN JULY 1935 Treasury. These funds were not specifically From the end of March to the end of June earmarked but were placed in the general-fund there was little net change in the total public balance of the Treasury. Since the Treasury debt of the United States Treasury financmade disbursement of an equivalent amount ing during the Government. There were a second quarter of funds, this deposit of cash by national banks number of changes in the comin extinction of their note liabilities did not position of the debt as the result of refunding result in a reduction of member bank reserve operations. In April and May the debt balances. decreased, reflecting in part weekly maturities Elimination of national-bank notes from the of short-term Treasury bills in excess of new circulating medium of the country is being issues and in part cash redemptions of called carried out by a method which will result in a Fourth Liberty bonds. Beginning May 22 minimum of disturbance to the money market. weekly bill offerings were raised from $50,000,- On July 1, national banks which still had 000 to $100,000,000, as contrasted with weekly national-bank notes outstanding against the maturities of $75,000,000. Offerings continued pledge of Consols were allowed to offset this at $100,000,000 each week during June. liability against (1) their holdings of Consols During the latter part of May about $100,and (2) any balance remaining in their redemp- 000,000 of cash was secured by an additional tion fund with the Treasury not applicable to offering of 3-percent Treasury bonds of 1946national-bank notes outstanding against 2 per- 48 on a competitive-bid basis at not less than cent Panama's or against "bonds on deposit par and accrued interest, and in June there was with the temporary circulation privilege. a similar offer. The average price of the first The difference payable by the Treasury, series sold was 103% and of the second 103%, 2 chiefly to redeem Consols, required approxi- representing yields to the earliest call date of mately $500,000,000 of Treasury funds. To about 2.67 percent and 2.62 percent, respecassist in meeting these and other disbursements tively. The usual procedure of the Treasury the Treasury on July 1 deposited $90,000,000 has been to issue its securities other than Treasof gold-certificate credits with the Federal ury bills at a stipulated price and rate of inter- Reserve banks and withdrew $350,000,000 est determined in accordance with estimates of from depositary banks. In this manner large money-market conditions. These offerings of payments were made without any substantial a small amount of bonds on a bid basis represent change in member bank reserve balances. The the first time since 1911 that a Treasury issue, transactions on July 22 and on August 1 will other than Treasury bills, has been sold in this not be sufficiently large to cause any disturb- manner. Other Treasury obligations sold for ance in the money market. From time to cash during the quarter were United States time, as national-bank notes return from cir- Savings bonds, the sales of which, at purchase culation and are retired, the Treasury will value, have continued at about $20,000,000 a deposit additional gold-certificate credits with month. the Federal Reserve banks and will thus be The most important operation in the quarter able to meet its liability without at the same was the refunding of a major part of the $1,933,time reducing member bank reserve balances. 000,000 of First Liberty Loan bonds called in When the bonds have been redeemed and the March for redemption on June 15. During notes retired, the net result on the various April and May about $864,000,000 of these factors affecting reserves will be a decrease in bonds were exchanged for 1% percent 5-year the item known as " Treasury and nationalnotes, and $744,000,000 for 2% percent 20-25bank currency" and a corresponding and year bonds. The new securities issued were offsetting decrease in Treasury cash. additions to the series of bond and note issues Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL EESERVE BULLETIN 417 JULY 1935 offered by the Treasury in March as a part of In May the Home Owners' Loan Corporathe quarterly financing. In offering these tion called for redemption on July 1 the $325,securities at par in exchange for First Liberties 000,000 of outstanding Home Owners' Loan the Treasury reserved the right to increase the Corporation 4-percent bonds, which are the issue price. The issue price of the notes was only outstanding obligations guaranteed by not changed, but for exchanges on subscriptions the United States Government as to interest to the new bonds after May 7 the issue price only. During May and June $245,000,000 of was increased from 100 to 100^. The ex- these bonds were exchanged for an offering by change offering reduced to about $320,000,000 the Treasury of 1 ^-percent 4-year bonds of the the amount of the First Liberties subject Home Owners' Loan Corporation which are to redemption in cash on June 15, and of this guaranteed as to both interest and principal amount there were outstanding on June 29 by the United States, and funds were provided about $145,000,000 which had not been pre- for the redemption of the remaining called bonds sented for redemption. through sale by the Treasury of an additional In June the Treasury issued $738,000,000 of amount of the 1^-percent 4-year bonds. 5-year 1 ^-percent notes in exchange for the There was a marked increase during the major part of $417,000,000 of notes maturing on second quarter of the year in corporation June 15 and $354,000,000 of notes maturing on Refunding by financing, particularly bond August 1. This exchange offering completed domestic cor- financing for the refunding of all large refunding operations prior to the porations outstanding callable issues with redemption of the remaining Fourth Liberties high coupon rates. Securities publicly offered called for October 15. The redemption in July by domestic corporations for refunding purposes and August of $675,000,000 of the 2-percent reached a total of $134,000,000 for April and Consols and Panama Canal loan bonds is to be then continued in relatively large volume at met from the increment resulting from the $82,000,000 for May and $115,000,000 for June, reduction in the weight of the gold dollar. As making a total of $331,000,000 for the quarter. previously explained, however, gold-certificate New capital raised by domestic corporations credits are actually being deposited with the through publicly offered security issues totaled Federal Reserve banks only as national-bank $81,000,000 for the 3 months, which is larger notes are retired. than for any corresponding period since the During the second quarter of the year a third quarter of 1932. substantial amount of outstanding bonds of Public utilities have led in the recent move- Federal credit agencies was refunded into issues ment to redeem obligations through the sale of Refunding issues bearing lower interest rates. securities bearing lower coupon rates. The J^ The Federal Land Bank System total for the quarter of the refunding issues engaged in the largest refunding offered in this group was $192,000,000, including operations of its history. In April the Fed- 1 issue of $73,000,000 and 2 issues of about eral land banks offered $162,000,000 of 3Ji- $30,000,000 each. Securities offered by indus- Percent 10-20-year consolidated bonds at 100% trial corporations, although they were printo provide for the retirement of an equivalent cipally for refunding purposes, also provided amount of 5-percent bonds called for redemp- about $50,000,000 of new capital. The two tion on May 1. In June $239,000,000 of 3-per- largest offerings by industrial corporations of cent 10-20-year consolidated bonds were of- $50,000,000 and $25,000,000 were in the iron fered at 98K to provide for the retirement of and steel industry. Publicly offered issues of the major part of the $269,000,000 of 4}£- railroads were smaller in amount and were percent bonds called for redemption on largely for refunding outstanding bonds and J% 1 for payment of bank loans. 145047—35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
418 FEDERAL RESERVE BULLETIN JULY 1935 During the second quarter of the year percent for the corporation issues. The averyields on the highest-grade bonds showed little age yield on lower-grade corporation bonds ^ , . change and remained near the declined during April and again during June fJ Bond yields i i i • and at the end of June was about 5% percent, A 4ll lowest levels since the war, which was less than the preceding low near the while average yields on the lower-grade bonds end of February. Changes in average yields of domestic corporations recovered the ground on the lower-grade bonds reflected largely lost during March and early April. Changes fluctuations in the prices of railroad bonds. since 1931 in the average yield on long-term During March there was a sharp decrease in United States Government bonds, high-grade the prices of lower-grade railroad securities municipal bonds, and corporate bonds by ratfollowed by an increase in April and again in ings are shown in the chart. June. Prices on the lower-grade public utility BOND YIELDS bonds also improved during April. Changes in Foreign Central Bank Discount Rates The following changes in discount rates during the period June 4 to July 6 have been reported by central banks in foreign countries: Bank of France, June 21, from 6 to 5 percent; July 5, from 5 to 4 percent; Netherlands Bank, June 27, from 5 to 4 percent; July 6, from 4 to Z}{ percent; Bank of Java, July 1, from 4J4 to 4 percent. All Licensed Banks, by States Tabulations appearing on pages 481-485 pre- 1931 sent the number, loans, investments, and de- Sources of bond yields: United States Government, Treasury Department; municipal, Standard Statistics Co.; corporate, by ratines posits, exclusive of interbank deposits, of all Moody's Investors' Service. Latest figures are for week ending licensed banks by Federal Reserve districts and by States for December 31, 1934, as well as for Average yields on outstanding Treasury June 30, 1934, and December 30, 1933. figbonds continued to decline during April and ures by States are also presented by class oi bank. Among mutual savings banks, the deremained at an average yield around 2.60 perposits of which aggregated $9,827,580,000 on cent during May and June, except for a brief December 31, 1934, changes during the year period near the end of May when the average were small. Among other banks, however, was slightly higher. For high-grade municipal large increases occurred in deposits and investbonds and for the highest-grade bonds of cor- ments. Deposits of all licensed banks increased during the year by $6,266,000,000 and loans porations average yields during the quarter and investments by $3,139,000,000. Loans deremained near the lows established in March of clined $1,503,000,000 and investments increased about 3K percent for municipals and about Z%$4,642,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1935 FEDERAL EESERVE BULLETIN 419 SUPPLY AND USE OF MEMBER BANK RESERVE FUNDS For several years the Federal Reserve Board Amount outstanding in millions of dollars June 29 t and the Federal Reserve banks have employed 1935—Continued. a method of presenting figures derived from Factors using reserve funds: Federal Reserve bank condition statements Money in circulation 5,568 Treasury cash and deposits with Federal Reserve banks 2,968 and from Treasury circulation statements Nonmember deposits 325 Other Federal Reserve accounts 261 organized in such a manner as to define the channels connecting banking and monetary Member bank reserve balances held 4,979 Estimated required reserves 2,565 conditions of the country with the Federal Estimated excess reserves 2,414 Reserve banks. These figures are presented This statement is in effect a consolidated in the form of a balanced statement, which balance sheet, combining the statement of shows the various currency and credit elements condition of the Federal Reserve banks with that correspond to increases or decreases in the such items in the circulation statement of the supply of and in the demand for reserves of United States Treasury as have a direct relamember banks. tionship to the supply of or demand for reserve The importance of factors of supply and use funds. All of the items except required and of member bank reserves lies in the fact that excess reserves are derived from these two the ability of member banks to make loans or statements. The need for combining the investments and their attitude in the matter Federal Reserve bank statement with the cirare influenced by the availability to them of culation statement for the purpose here in view reserves and by the method through which arises from the fact that the Treasury has these reserves are obtained. There is an im- important monetary and currency functions portant difference in cost, in liability, and in that have a direct effect on the volume of memattitude of the banks between reserves obtained ber bank reserves. At the end of this article at the banks' initiative through discounting these two basic statements for June 29, 1935, paper and reserves obtained either through are given in slightly condensed form, together open-market operations by the Reserve banks with other tables, which show the calculations or through the inflow of gold from abroad or of by which the two statements are consolidated currency from circulation. into one. The figures for recent months, ex- Computation of the various items comprising cept for required and excess reserves, are shown this statement has been previously explained in in the tables on pages 432-433 of this BULpublications of the Board.1 Within the last LETIN and for back years in the Board's Annual few years, however, there have been funda- Report for 1934, soon to be published. mental changes in the significance and relative The sum of the three items, total Reserve importance of these items and also in the ar- bank credit, monetary gold stock, and Treasrangement of the statement and in the content ury and national-bank currency, equals the of individual items. The following table gives sum of the other five items, money in circulathe various items which comprise the state- tion, Treasury cash and deposits with Federal ment, together with figures for each as of Reserve banks, nonmember deposits, other June 29, 1935. Subsequent paragraphs give Federal Reserve accounts, and member-bank first a discussion of the interrelationship of the reserve balances held. The reason for the various items and then a description of the balancing character of the statement is implicit source and derivation of each item and an in the accounting method by which it is derived. explanation of the significance of each item. The first three items may be considered as primary sources of reserve funds and the others Amount outstanding in millions of dollars June 89 1935 as reflecting uses made of these funds. The t ways in which changes in any of the items are Factors supplying reserve funds: connected with changes in other items, however, Reserve bank credit outstanding—total 2,480 Bills discounted 6 are different at different times. For example, Bills bought 5 sometimes the demand for reserve funds in- U. S. Government securities 2,433 Other Reserve bank credit 37 creases because an increase in member-bank Monetary gold stock 9,115 Treasury and national bank currency 2,606 deposits increases their reserve requirements; at other times reserves increase because of an 1 See FEDERAL RESERVE BULLETIN, July 1929, pp. 427-433, and see also g. W. Riefler, Money Rates and Money Markets In the United States, inflow of gold, a decrease in circulation, or open- Harper*, New York, 1930, ch. VII and appendix II. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
420 FEDEKAL RESERVE BULLETIN JULY 1935 RESERVE BANK CREDIT AND RELATED ITEMS BILUONS OF DOLLARS BILUONS OF DOLLARS Monthly overages of daily figures )rr 10 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 . 1933 1934 1935 RESERVE BANK CREDIT BILUONS OF DOLLARS BILUONS OF DOLLARS 4 ~f Monthly averages of daily figures}* 4 1918 ©19 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 421 market purchases by the Keserve banks, and the various factors are reflected in the reserve the increase in member-bank reserves may be balances of member banks, rather than in their absorbed by a commensurate growth in deposits borrowings. There are nearly always some and reserve requirements, or it may result in an banks that are holding a small amount of accumulation of idle or excess reserves. The reserves in excess of requirements, but in the items are all mutually related, and changes in summer of 1931 and from April 1932 to date, any one of them can be accounted for by bal- excess reserves held by member banks have ancing changes in all the others. These inter- been large and widely held, and since about relationships are illustrated in the accompany- the end of 1933 member bank indebtedness at ing chart, which shows fluctuations in monthly the Reserve banks has been small in amount averages of the major items from 1918 to date. and confined to relatively few banks. When a number of member banks are borrowing at INTERRELATIONSHIP OF VARIOUS FACTORS the Reserve banks and at the same time a large One line of classification of the items is number are out of debt, as in 1931 and from according to whether changes in them are pri- April 1932 to the latter part of 1933, changes marily and directly caused by actions of the in the various reserve factors are in part member banks or the Federal Reserve banks, reflected in borrowings and in part in excess or are the result of influences not directly reserves. controlled by member banks or Reserve banks. In the last half of 1933 there was a sub- In the latter category belong gold movements, stantial increase in the total amount of Reserve changes in money in circulation, and in Treas- bank credit, reflecting an increase in holdings ury cash and deposits with Reserve banks, in of United States Government securities in all of which the member banks and the Reserve excess of a reduction in bills discounted. This banks are primarily passive. On the other increase added to the supply of reserve funds hand there are changes in which the active available to member banks. In addition, since element may be supplied by member banks, early in 1934 large gold imports have furnished such as a growth in reserve requirements member banks with a further supply of funds. arising from a growth in deposits caused by an In this situation member banks, having pracexpansion of loans; and there are other changes tically no borrowings to repay, added the addiin which the active element is supplied by the tional reserve funds to their reserve balances. Reserve banks, such as the purchase of When during this period they lost funds for securities in the open market. any reason, principally because of Treasury Generally in the past, bills discounted, repre- transactions or seasonal increases in money in senting borrowings of member banks at the circulation, their reserve balances were reduced Reserve banks, have been the most significant while their borrowings being negligible were element in the statement. When member little affected. Since the increase that has banks have used all available reserves, any in- taken place in this period in required reserves, crease in reserve requirements, resulting from as a result of expansion in member bank an expansion of deposits, makes it necessary deposits, has not been as great as the increase for member banks to borrow from the Reserve in reserves held, member banks have held a banks. This was the case during most of the growing amount of excess reserves. history of the Federal Reserve System until As a consequence of these developments, 1932. member bank reserve balances, or more par- Increases in those items which supply reserve ticularly excess reserves, have in recent years funds—Reserve bank holdings of bills and of taken the place of the volume of discounts United States Government securities, monetary as the most significant element in the stategold stock, and Treasury and national bank ment. In the practical absence of discounts, currency—enable member banks to repay bor- increases in those items shown in the statement rowings, while decreases in these items result as factors supplying reserves—the various types in increased borrowings. Increases in the of Reserve bank credit, monetary gold stock, items shown in the second group, on the other and Treasury and national bank currency— hand, reduce reserve funds and require an have had the effect of increasing member bank increase in borrowings, while decreases in these reserve balances, other factors remaining unitems enable member banks to reduce their changed, while decreases in these items have borrowings. reduced reserve balances. Increases in the When, as has been the case in more recent second group of items—money in circulation, years, member banks are almost entirely out of Treasury cash and deposits with Federal debt at the Federal Reserve banks, changes in Reserve banks, nonmember deposits, and other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
422 FEDERAL RESERVE BULLETIN JULY 1935 Federal Reserve accounts—on the other hand, nonmember banks, to Federal intermediate have resulted in reductions, and decreases in credit banks, and to individuals, partnerships, these items have resulted in increases in the and corporations under special legislation. supply of funds available for reserves. (2) Bills bought, which represent bankers' The following table shows changes in the acceptances purchased by the Federal Reserve various items of the statement from June 30, banks from bill dealers or banks, either out- 1934, to June 29, 1935, arranged in accordance right or under resale agreements, and acceptwith their effect upon member bank reserves. ances payable in foreign currencies purchased This form of table is useful in analyzing the from foreign central banks and guaranteed by effect of changes that occur in any period of them. time. (3) United States Government securities, which are purchased by Federal Reserve banks in SUPPLY AND USE OP MEMBER BANK RESERVE FUNDS the open market. In recent years most of I In millions of dollars] these securities have been held in the so-called System Special Investment Account, which is June 30, 1934- handled by the Federal Open Market Com- June 29,1935 mittee and is participated in by all of the Federal Reserve banks. Changes Changes that that (4) Other Reserve bank credit, which includes added to reduced funds held on deposit in foreign banks; in recent months advances made for the purpose of providing working capital to industrial and Items increases in which add to reserves: Reserve bank credit ___ +8 commercial concerns in accordance with the Monetary gold stock +1,259 Treasury and national bank currency , +141 provisions of section 13b of the Federal Reserve Items increases in which reduce reserves: Act; other securities such as Federal inter- Money in circulation +196 Treasury cash and deposits with Federal Re- mediate credit bank debentures and municipal serve banks -48 Nonmember deposits +92 warrants; and finally, Federal Reserve bank Other Federal Reserve accounts +29 float, which arises through transit items that Total 317 are credited to the account of depositing banks ^Tet change in member bank reserve balances held- prior to their actual collection by the Reserve bank.2 Net change in estimated required reserves +457 Net change in estimated excess reserves , +682 Monetary gold stock.—Monetary gold stock includes at the present time only gold held by the Treasury. Prior to January 30, 1934, Further analysis of these interrelationships monetary gold stock included gold held by the is given in a subsequent section dealing with Treasury and by the Federal Reserve banks, the significance of the individual items in the except gold held under earmark for foreign statement. account, and also included gold coin in circulation in the United States. The latter figure DESCRIPTION OF ITEMS was estimated by taking into consideration The following paragraphs give a brief ex- imports and exports of gold coin, mintings, planation of the source and nature of the meltings, and the use of gold coin in the arts as figures used in measuring the various factors well as payments of gold coin into circulation supplying and using reserve funds. and withdrawals from circulation. On January 30, 1934, title to all gold held by Federal FACTORS SUPPLYING RESERVE FUNDS Reserve banks was transferred to the United States Government. The Federal Reserve Reserve bank credit.—The total volume of Reserve bank credit outstanding represents 2 Federal Reserve bank float generally has a positive or debit balance, principally the loans and investments of the because in making interdistrict check collections the reserve balance or the depositing bank is credited according to a time schedule while the Federal Reserve banks. The various types bank on which collection is being made at times is not charged until tue of Reserve bank credit in use on June 29, 1935, following day. Exchanges for clearing house when received in the morning mail should, according to the time schedule, be collected the same are shown in table 3 at the end of this article. day but often are not sorted until too late to be included in the clearings for that day and it is this which usually gives rise to the debit balance. They are: A negative or credit balance is shown by Federal Reserve float when ^ (1) Bills discounted, which represent prin- items are charged against a member bank reserve balance or otherwise collected prior to being credited to the account of another member banfe. cipally rediscounts for and advances to mem- This situation happens chiefly in connection with the interdistrict collection of noncash items, such as notes, but also whenever the actual ber banks, although at times they include loans collection of checks is made prior to expected collection according to tne on gold to foreign central banks, advances to time schedule, which may occur when there is a bank holiday in some districts but not in others. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL EESERVE BULLETIN 423 banks now hold gold certificates or gold-certifi- These various items as of June 29, 1935, are cate credits on the books of the Treasury, shown in table 4. These figures include the against which the Treasury holds gold. There currency of these kinds that is held in the Treasis no circulation of gold coin and all imports, ury and the Federal Reserve banks as well as exports, and changes in earmarkings of gold are that in circulation. Treasury currency does not immediately reflected in Treasury holdings. include Federal Reserve notes, gold coin, or Beginning January -31, 1934, the estimated gold certificates. figure of gold coin in circulation, amounting National bank notes, issued by national to $287,000,000, was excluded from monetary banks upon pledge of Government bonds, are gold stock and from money in circulation.3 liabilities of issuing banks until lawful money is Figures prior to January 31, 1934, and subse- deposited with the Treasury for their retirequent to 1913, have recently been revised to ment. For the sake of simplicity all national exclude the $287,000,000 of gold coin, leaving bank notes are combined with Treasury curthe remainder of gold coin in circulation in the rency. Since there will be no bonds bearing the published figures. For the earlier years the circulation privilege after August 1, 1935, liaresulting figure is probably an understatement bility for all national bank notes will be transof gold coin actually in circulation, but fluctu- ferred to the Treasury by that time and these ations in the total, which alone are important notes will be retired as they are returned to the from the standpoint of this analysis, are not Treasury. After that date all of the types of affected by this revision. currency included in this item will be, strictly Treasury and national bank currency.— speaking, Treasury currency. Treasury and national bank currency outstand- Because of the interplay between "Treasury ing measures the contribution of the Treasury and national-bank currency" and "Treasury and the national banking system to the curren- cash and deposits with Federal Reserve banks" cy supply of the country. It represents the and because of the smallness of changes in stock of money for which the Treasury is each, the two items were combined prior to primarily responsible, comprising standard sil- February 1934 in one item called "Treasury ver dollars, silver bullion against the pledge of currency adjusted." The increase in Treasury which silver certificates and Treasury notes of cash resulting from reduction in the gold con- 1890 are outstanding, subsidiary silver and tent of the dollar, explained below, made minor coin, United States notes, national bank "Treasury currency adjusted" a negative notes, and the Federal Reserve bank notes for figure. This necessitated division into two the retirement of which funds have been depos- separate items. In addition, the new issues of ited with the Treasurer of the United States.4 silver certificates beginning in 1934 and the re- Since March 1935 all Federal Reserve bank tirement of national-bank notes now in process notes outstanding have been in this category. make "Treasury and national-bank currency" an important separate item. • The reasons for this change were as follows: (1) the amount of gold coin previously reported as "in circulation" is known to have been overstated during recent years by the amount of such coin that in course of FACTORS USING RESERVE FUNDS time had been lost, destroyed, or exported without record; (2) the results of official efforts during the war to concentrate gold and since March 1933 to secure its return from private hoards have indicated that the over- Money in circulation.—The figures for money statement has been large; (3) the Treasury order of December 28, 1933. in circulation include all kinds of United States requiring surrender of all gold coin (with minor exceptions) in effect prohibits anyone from using gold coin for circulation or from having it in money outside of the Reserve banks and the his possession; and (4) under the Gold Reserve Act of 1934, effective January 30, no gold coin may henceforth be put into circulation. Gold Treasury, with the exception that gold coin coin outside of the United States Treasury, therefore, is no longer a part known to have been exported was always of monetary gold stock or of money in circulation. * Those Federal Reserve bank notes which were not covered by lawful excluded and beginning January 31, 1934, all money deposited with the Treasury and were, therefore, liabilities of the *eaeral Reserve banks are not included in Treasury currency. Federal gold coin outstanding has been excluded. •Keserve bank notes of this sort were outstanding prior to June 1924 and Detailed items are shown in table 2. The again from March 1933 to March 1935. When issuance of Federal Reserve bank notes was discontinued, liability for the retirement of out- figures include, therefore, not only money held standing notes was transferred to the Treasury. During the period ? Jn ?« was takin£ P^ce the item of Treasury currency included such by the public but vault cash held by banks and * eaeral Reserve bank notes as were covered by deposits for their retire- such United States money as may have been ment made by the Reserve banks with the Treisury. For example, on •December 31, 1934, the situation as regards Federal Reserve bank notes carried abroad, other than gold coin known to was as follows: Amount outstanding (from circulation statement). $118,762 have been exported. For reasons explained Amount issued to Federal Reserve banks (from above in connection with monetary gold stock, Federal Reserve bank statement) 37,590 Amount covered by deposits for retirement (includ- figures previously published for the period from ed in Treasury and national bank currency) 81.172 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
424 FEDERAL RESERVE BULLETIN JULY 1935 January 1914 to January 1934 have been into conformity with the current figures. The revised to exclude $287,000,000 of gold coin.5 computation of this figure as of June 29, 1935, Treasury cash and deposits with Federal is shown in table 7. Reserve banks.—This item represents the cash Member bank reserve balances.—Member assets which the Treasury has at its disposal bank reserve balances as shown on the Federal without drawing on balances with depositary Reserve bank condition statement represent banks. Treasury deposits with Federal Re- reserve balances actually held by member banks seryo banks represent the general account of th at Federal Reserve banks. Figures for required United States Treasurer with the Reserve reserves and excess reserves are not shown on banks. Treasury cash includes gold bullion the Reserve bank statement, and • must be silver and minor coin, and currency held in the derived from reports obtained from member Treasury, excepting (a) gold held against gold banks as to their deposits. certificates, (b) silver held against silver certifi- (1) Reserve balances held.—These comprise cates, and Treasury notes of 1890, and (c) gold total net balances held by member banks with held for Federal Reserve banks. The various the Reserve banks. Since August 1917 only components are shown in table 5. balances with the Federal Reserve banks have The item of Treasury cash was increased by counted as legal reserves of member banks. $2,800,000,000 after the close of business on (2) Estimated required reserves.—Reserves January 31, 1934, as a result of reduction in the required by law to be held against net demand gold content of the dollar. Since the value of deposits amount to 13 percent for central the monetary gold stock was correspondingly reserve city banks in New York and Chicago, increased at the same time, this transaction in 10 percent for reserve city banks, and 7 percent and of itself had no effect on the amount of for country banks; all banks are required to hold member bank reserve balances. 3 percent against their time deposits. Under Nonmember deposits.—This item includes Board regulations reserves held are not required all deposits with the Reserve banks other than to equal the legal minimum at all times but over the Treasury general account and member certain designated periods of time must average bank reserve balances. It includes deposits for enough to cover the average minimum requirenonmember banks and for others, such as ments. Reserves held each day and those foreign central banks and governments, and in required are averaged semiweekly in the case of x933 and 1934 it also included special deposits banks in Federal Reserve bank and branch held for unlicensed member and nonmember cities and also in a few other designated reserve banks. cities; they are averaged weekly for banks in Other Federal Reserve accounts.—This item, other reserve cities and semimonthly for all formerly designated as " Unexpended capital country banks. For this reason on any given funds of Federal Reserve banks", is derived day reserves held may be substantially above or from the condition statement.of the Federal below computed requirements. For the same Reserve banks by adding " capital", "surplus ", reason, reports as to deposits and required "reserve for contingencies", and "all other reserves are not obtained every day from all liabilities" of the Reserve banks, and subtractmember banks. Approximate figures for reing the sum of "bank premises" and "all other quired reserves may be computed on the basis assets." Since some components of these items of daily reports of deposits from certain in earlier years were carried in accounts other member banks in New York City, weekly rethan those in which they now appear, adjustports from certain banks in other leading cities, ments have been made to bring the entire series and monthly reports for other member banks. (3) Estimated excess reserves represent the 1 No correction was made in the money in circulation figures for the difference between reserves actually held and removal of gold certificates, since the reasons for the elimination of sold the estimated required reserves. coin figures do not appear to hold as regards gold certificates. (1) Gold certificates appear to resemble in this respect other types of hoarded currency rather than gold coins; gold certificates have continued to come back from circulation throughout the past year, whereas the return flow SIGNIFICANCE OF INDIVIDUAL ITEMS of gold coin has practically ceased. (2) On June29,1935, about $44,000,000 of the old arge-s ze series were outstanding; thus the maximum adjust- Each of these items has a direct and measurment o gold certificates in 1929, when issuance of large-size currency was 2 d in i £ g s i c r o n e n ^ d t u in c S u e ° e d r d , d , e a « w S s i o m ° u i a l t l d h l e e b E r e u a & r m o 4 ? of e 0 u ? 0 n n 0 t c ,0 o w 0 u o 0 n u , t l a r d i n e d h s a s in v in e t c h t e o e t h p b i o e s s f c t i - h g w o u a s r e r e n p i . s e r c i ( o o 3 n d ) s g U ta o n n ld t t i l l y t h te e - a ab c l h e a e n ff g e e c t i n u o p n o e n i t t h e e m b i a s l a a n lw ce a d y s s t o a f t f e se m t e b n y t , a i n c o t r h r a e t certificates were seldom exported or imported; consequently, there is no sponding change in one or more other items. presumption of error In the circulation figures of goldI certificatesfariliSe from erroneous reports of exports and imports, as there is in the case of Each of them, however, represents factors go d com which regularly moved in and out of the country. (4) Finally which may result from different influences and gold certificates have no intrinsic value and cannot be reduced to bullion and taken out of the country as is the case with gold coin. which may set into operation different forces. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 425 The effects of changes in the various items upon investments. When member-bank borrowing market conditions and indirectly upon the is small and confined to relatively few banks, other items are of considerable importance, and money rates are low. If these conditions conknowledge of them makes the balanced state- tinue for an extended period, bond yields and ment useful in analyzing banking and credit rates charged by banks on loans to customers conditions. Some of the more important also begin to change. It is because of the effects are pointed out in the following para- tradition against borrowing at the Reserve graphs. The items are discussed in the order banks and because of repercussions in the in which they are described in the previous money market that the item of bills discounted section. is under ordinary conditions the most important item in the consolidated statement. FACTORS SUPPLYING RESERVE FUNDS (2) Bills bought.—All prime bankers7 acceptances offered for sale by member banks or Reserve bank credit.—All of the various dealers are purchased by Federal Reserve types of Reserve bank credit place funds at the banks at a fixed rate. Federal Reserve banks disposal of member banks to be used by them never sell acceptances, except when they have to meet demands for currency, export demands acquired them under resale agreements; defor gold, or Treasury withdrawals, or to build creases in their outright holdings are the result up reserve balances. From the standpoint of of an excess of maturities over new purchases. banking and credit policy, however, each of Increases in holdings of acceptances reflect in the three major types of Reserve bank credit part market conditions, such as the supply of is of different significance. acceptances available and the need of banks (1) Bills discounted.—An increase in the for reserve funds, and in part differentials amount of member bank borrowing generally between market rates and Federal Reserve indicates that a loss of reserve funds or an bank buying rates. Buying rates are a matter increase in required reserves has forced member of Reserve-bank policy. banks to obtain additional reserves by borrow- In general it may be said that the need for ing, while a decrease in borrowing indicates that reserves forces member banks, in the first additional reserve funds have become available instance, either to borrow at the Reserve banks, through some other channel or that required or to sell acceptances to the Reserve banks; reserves have declined. There is a well-estab- which of these alternatives they adopt depends lished tradition among member banks against upon a number of factors. In the past the being continuously in debt to the Reserve Reserve bank buying rates for bills have bank, and member banks usually try to keep generally been close to or below market rates their borrowings as small as possible. This and below the discount rate of the Federal tradition is based in part upon the fact that a Reserve Bank of New York, where most of the member bank is liable for assets rediscounted or transactions occur. Although member banks pledged against advances, and in part upon the may have some objection to selling bills, beindication which long-continued borrowing gives cause of liability on their endorsement, it is not that the bank is not in a strong condition. as strong as their feeling against borrowing. Consequently, when a member bank is in As a consequence, banks in need of reserves debt it is hesitant about extending additional prefer to sell acceptances to the Reserve bank credit and is likely to call loans or sell invest- rather than borrow. In the autumn when ments for the purpose of obtaining funds to both the supply of acceptances and the demand repay borrowings. When one bank contracts for reserves are seasonally large the Reserve its loans and investments, total bank deposits banks have ordinarily held a large portion of are reduced or reserves are obtained from other available acceptances. banks which either draw on excess reserves At times, nowever, member banks as a or increase their borrowings. group may be borrowing in considerable The pressure which increased borrowings on amount and at the same time may hold a the part of member banks exert is indicated substantial volume of acceptances. Banks by money-market developments. When mem- needing funds for only a few days sometimes ber banks are heavily in debt money rates rise, prefer to borrow rather than sell acceptances particularly in the well-organized open mar- with longer maturities. Acceptances are held kets, reflecting efforts of member banks to chiefly by the large money-market banks, obtain reserve funds by calling loans or selling which ordinarily borrow only for a few days 145047—35-^-3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
426 FEDERAL RESERVE BULLETIN JULY 1035 at a time, and many of the banks needing of Treasury currency and redemptions of both reserves may hold no acceptances and therefore Treasury and national-bank currency are made may have to borrow. by the Treasury, however, and their effect (3) United States Government securities.— upon member-bank reserves or borrowings Changes in Reserve bank holdings of United operates through a more involved process. States Government securities reflect action Changes in Treasury currency often take place taken entirely at the initiative of the Reserve in conjunction with changes in Treasury cash banks, except when United States Govern- and deposits with Federal Reserve banks. ment securities are purchased from dealers When the Treasury issues new currency it under resale agreements or from the Treasury either places the currency in its cash holdings in the form of 1-day certificates to offset or deposits it with Federal Reserve banks. temporary overdrafts. These securities are When the funds thus made available to the paid for by officers' checks of the Federal Treasury through the increase in Treasury Reserve banks, which upon presentation are currency are disbursed by the Treasury, credited to the reserve accounts of member Treasury cash and deposits are reduced and banks. By purchasing securities Reserve banks reserve balances of member banks are inmay supply member banks with funds to creased. When Treasury currency is retired reduce their borrowings, to increase their redemption is made by drawing down deposits reserves, or to meet withdrawals of currency, with Federal Reserve banks; to replenish these gold, or Treasury funds without borrowing deposits the Treasury ordinarily withdraws or losing reserves. Sales of securities by funds from its deposits with member banks the Reserve banks, on the other hand, reduce and thus reduces member-bank reserves. In member bank reserves and may force them this manner increases in Treasury currency to borrow. This item is important, there- indirectly tend to increase member bank refore, because, together with changes in dis- serve balances, while decreases tend to have count and bill-buying rates, it is an indica- the opposite effect. tion of the policy that is being followed by the Federal Reserve System, and shows whether FACTORS USING RESERVE FUNDS prevailing conditions are primarily reflections Money in circulation.—Currency needed for of developments in the market, or of active cash purchases, pay rolls, pocket change, or intervention by the Federal Reserve banks. till money is withdrawn by the public from Monetary gold stock.—Increases in the mone- banks, which in turn obtain it from the Federal tary gold stock of the United States are one Reserve banks, giving some value in exchange. of the most important sources of reserve Thus, increases in money in circulation result funds. Additions to the gold stock furnish in a reduction in member-bank reserves or funds to member banks and enable them, other an increase in their borrowings, while a defactors remaining unchanged, to increase cor- crease in currency permits member banks to respondingly their reserve balances or to reduce increase their reserves or reduce their borrowtheir borrowings at Reserve banks. Reduc- ings. Money in circulation ordinarily shows tions in gold stock have the opposite effect. significant seasonal changes, and from 1931 Increases in gold stock, therefore, tend to ease to 1933 when there were large withdrawals conditions in the money market, while decreases of currency from banks for hoarding it was a tend to tighten them. factor of especial importance. As previously explained, the large increase Treasury cash and deposits with Federal in monetary gold stock resulting from revalua- Reserve banks.—Substantial changes in the tion of the dollar on January 31, 1934, repre- amount of cash held by the Treasury and in sented a revaluation of existing gold holdings its deposits with Federal Reserve banks exert and was reflected in a corresponding increase an important, although generally temporary, in Treasury cash without immediate effect influence on the amount of member bank upon the amount of member bank reserve reserves or borrowings. Additions to this item balances. usually result in a decrease in reserves or an Treasury and national bank currency.—New- increase in borrowings, while reductions have issues of national-bank notes supplied currency the opposite effect, although often changes in directly to national banks and enabled these this item are partly offset by changes in Treasbanks to deposit an equivalent amount of ury currency. currency to the credit of their reserve balances Disbursements of the Government are made at the Federal Reserve banks. New issues largely by checks drawn on Treasury balances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 427 maintained with Reserve banks; these checks member-bank reserve balances; Treasury cash are deposited by member banks with the Re- has also increased and Treasury deposits at the serve banks, and member bank reserves are Reserve banks decreased, with no change in increased thereby. Tax receipts are deposited the total of these two. Subsequently, the by the Treasury in its account at the Reserve Treasury may restore its deposits at the banks, and collection is made through a charge Reserve banks by transferring to them gold against the reserve accounts of member banks. certificates or gold-certificate credits. This The sale of public-debt securities by the transaction decreases Treasury cash and in- Treasury for cash similarly results in an in- creases Treasury deposits at the Reserve banks crease in Treasury deposits at the Reserve without changing the total of these two items. banks and a reduction in member bank re- It results in an increase in Reserve-bank holdserves. Sales of short-term Treasury bills and ings of "gold certificates on hand and due from sales of all new Government securities to in- United States Treasury", an item that is not vestors other than banks are generally made included as such in the reserve analysis. on an immediate payment basis. On the other The addition to Treasury cash of the increhand, sales of longer term United States Gov- ment resulting from reduction in the gold conernment securities to banks are generally paid tent of the dollar was offset by a corresponding for by deposit credits to the account of the increase in monetary gold stock, as previously Treasury at the banks purchasing the secur- explained, and had no immediate effect upon ities. These transactions have no immediate the amount of member bank reserve balances. effect upon member bank reserves. As the When payments are made from this increment Treasury requires funds, however, withdrawals for various purposes—for the account of the are made from the depositary banks and the exchange stabilization fund, for example— amounts are placed to the credit of the Treas- other items in the statement are affected, and ury at the. Federal Reserve banks. These to the extent that such funds are paid out to transfers increase Government deposits at the the public, member bank reserves are increased. Reserve banks and reduce member bank reserve Under section 13b of the Federal Reserve Act, balances. as amended, the Secretary of the Treasury from Figures for cash held by the Treasury and for time to time transfers to each Federal Reserve Treasury deposits with the Reserve banks are bank, from the increment that has resulted from combined into one item, rather than shown revaluation, gold certificates or gold-certificate separately, because a number of Treasury credits against advances and commitments transactions involve merely a transfer of funds made by the Reserve banks to provide workfrom one of these categories to the other with- ing capital for industrial and commercial out having any effect upon member bank concerns. These transfers, which by June 29 reserves or borrowings. An increase in Trea- had amounted to about $21,000,000, reduce sury deposits at Reserve banks as a result of a Treasury cash and increase Reserve bank transfer of gold certificates or of gold-certificate surplus, which is included in other Federal credits from the Treasury to the Reserve Reserve accounts. Member bank reserves are banks, for example, does not affect the volume increased when the advances are made by the of member-bank reserves; it merely diminishes Reserve banks; these advances are included Treasury cash and correspondingly increases in other Reserve bank credit. Government deposits with the Reserve banks. Nonmember deposits.—Since these deposits When gold is received by the Treasury from are usually built up out of funds transferred imports or otherwise, the Treasury purchases from member banks, an increase in this item is the gold through the issuance of a check drawn likely to result in a decrease in member bank upon its account at a Federal Reserve bank. reserves or an increase in borrowings, while a This check is deposited by the seller of the gold decrease has an opposite effect. Sometimes, and finds its way to the Federal Reserve bank however, changes in these deposits may be where it is charged to the Treasury's account. reflected in changes in monetary gold stock, The deposit of the United States Treasury con- in Reserve bank holdings of bills and securities, sequently is reduced on the books of the Federal or in Treasury cash and deposits with Reserve Reserve bank and a credit is given to the reserve banks. . . account of a member bank. At this point the Other Federal Reserve accounts.—This item gold received by 'the Treasury has resulted in measures the amount of funds taken out of the an increase of monetary gold stock and ofI market directly or indirectly by Reserve-bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
428 FEDERAL RESERVE BULLETIN JULY 1935 capital, "other liabilities" and earnings, in DERIVATION OP STATEMENT excess of the amounts paid out by the Reserve The following series of tables show how the banks for premises, "other assets" and consolidated statement for June 29, 1935, is expenses. derived from the two basic statements—(a) Member-bank reserve balances.—As previ- Statement of Condition of Federal Reserve ously explained, prior to 1931 aggregate Banks and (6) Circulation Statement of reserve balances of member banks were usually United States Money. It will be noted that kept close to the minimum required by law, and there are certain items appearing in the two member banks did not carry any considerable volume of excess reserves. Reserve balances statements but not included in the analysis. fluctuated largely with changes in member- The reason for this is that they are not of direct bank deposit liabilities, which chiefly reflected significance in relation to reserves and are changes in member-bank loans and invest- offsetting accounts. ments. When member banks do not hold excess reserves and reserve requirements in- TABLE 1.—STATEMENT OF CONDITION OF FEDERAL crease, there is a corresponding increase in RESERVE BANKS, JUNE 29, 1935 member-bank borrowings, while a decline in [In thousands of dollars] reserve requirements results in a decrease in ASSETS borrowings. Gold certificates on hand and due from U. S. Treasury... 6,180,188 (a) When member banks are holding excess Redemption fund—Federal Reserve notes 22,882 (a) reserves and are practically out of debt at the Other cash 222,979 (b) Bills discounted 5,769 (3) Reserve banks, as is the case at present, Bills bought 4,689 (3) Industrial advances 27,638 (3) changes in required reserves do not affect the United States Government securities 2,432,746 (3) amount of borrowings or the amount of reserves Due from foreign banks 633 (3) Reserve bank float _ 8,548 (3) actually held, but are reflected in the volume Federal Reserve notes of other Reserve banks 18,951 (c) Uncollected items not included in float ^ 511,095 (d) of excess reserves. When member banks are Bank premises _ 49,826 (7) out of debt at Reserve banks, reserve balances All other assets 43,197 (7) actually held are the residual of the other Total assets 9,529,141 factors previously described, and excess reserves LIABILITIES reflect the net effect of all of these factors and Federal Reserve notes: Held by other Federal Reserve banks IS, 95X (c) required reserves. Outside Federal Reserve banks 3,238,889 (e) Member bank deposits—reserve account 4,978,770 (8) Excess reserves indicate the extent to which United States Treasurer—general account 102,235 (5) member banks may legally expand their loans Foreign bank deposits 23,772 (6) Other deposits 301,218 (6) and investments without having recourse to Deferred availability items 511,095 (d) the Federal Reserve banks. When a bank S C u a r p p i l t u a s l p (s a e id c. i 7 n ) 1 14 4 4 6 , , 8 5 9 7 3 5 ( ( 7 7 ) ) increases its loans and investments its own Surplus (sec. 13b) 20,870 (7) Reserve for contingencies 30,777 (7) or other banks' deposits increase by a similar All other liabilities II IIIZI IIIIII 11,096 (7) amount, unless there are offsetting influences, Total liabilities 9,529,141 and the additional deposits cause an increase NOTE.—The numbers beside the various items indicate the tables to in reserve requirements. which they are transferred. The letters indicate offsetting items, all of which are in tables 1 or 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 429 TABLE 2.—CIRCULATION STATEMENT OF UNITED STATES MONEY, JUNE 29, 1935 [In thousands of dollars] Money held in the Treasury Money outside of the Treasury Amount held Reserve as security against Kind of money Total amount against gold United Held for Held by c a e n r d ti f s ic il a v t e e r s no S te ta s t e a s nd Res F e e rv d e e r b a a l nks A m ll o o n th ey er Res F e e rv d e e r b al anks In circulation and Treas- Treasury and agents and agents ury notes notes of of 1890 1890 Gold 9,115,381 (8) 6,320,336 156,039 (5) 2,639,005 (5) Gold certificates 6,820,336 5,532,590 (a) 670,479 (a) 117,267 Standard silver dollars 545,642 (4) 506,348 3,677 (5) 3,409 (b) 32,208 Silver bullion 313,309 (4) 304,874 8,435 (5) Silver certificates 810,040 108,539 (b) 701,501 Treasury notes of 1890 - 1,182 1,182 Subsidiarv silver 313,451 (4 4,973 (5) 11,866 (b 296,612 Minor coin 133,102 4 4,585 (5) 3,278 (b 125,239 United States notes 346,681 4 1,894 (5) 59,379 (b 285,407 Federal Reserve notes 3,492,854 e 16,024 (5) 253,966 (e 3,222,864 Federal Reserve bank notes 84,354 4) 1,584 (5) 1,301 (b) 81,470 National bank notes 769,096 (4) 29,653 (5) 35,203 (b) 704,240 Total 15,113,870 7,131,558 156,039 5,532,590 2,709,830 1,147,422 5,567,988 (8) NOTE l.—Figures in italics are not included in the total since the gold or silver held as security against gold and silver certificates and Treasury notes of 1890 is included under gold, standard silver dollars, and silver bullion. NOTE 2.—The numbers beside the various items indicate the tables to which they are transferred. The letters indicate offsetting items, all of which are in tables 1 or 2. TABLE 3.—RESERVE BANK CREDIT OUTSTANDING TABLE 6.—NONAIEMBER DEPOSITS, JUNE 29, 1935 JUNE 29, 1935 [In thousands of dollars] [In thousands of dollarsl Foreign bank deposits 23,772 (1) Bills discounted 5.769 (1) Bills bought 4,689 (1) Other deposits 301,218 (1) United States Government securities 2,432,746 (1) Total 324,990 Other Reserve bank credit 36,819 Industrial advances— 27,638 (1) NOTE.—The numbers beside the various items indicate the tables Due from foreign banks 633 (1) from which they are transferred. Reserve bank float 8,548 (l) Total 2,480,023 TABLE 7.—OTHER FEDERAL RESERVE ACCOUNTS, NOTE.—The numbers beside the various items indicate the tables JUNE 29, 1935 from which they are transferred. [In thousands of dollars] TABLE 4.—TREASURY AND NATIONAL BANK CURRENCY Capital paid in 146,575 (1) JUNE 29, 1935 Surplus (sec. 7). 144,893 (1) [In thousands of dollars] Surplus (sec. 13b) 20,870 (1) Standard silver dollars 545,642 (2) Reserve for contingencies 30,777 (1) Silver bullion 313,309 (2) All other liabilities 11,096 (1) Subsidiary silver V. 313,451 (2) Minor coin 133,102 2 Total 354,211 United States notes 346,681 (2 Bank premises 49,826 (1) Federal Reserve bank notes 84,3s4 C2) All other assets 43,197 (1) National bank notes - - "69,096 (2) 93.02T Total 2,505,635 261,188 NOTE.—The numbers beside the various items indicate the tables from NOTE.—The numbers beside the various items indicate the tables from which they are transferred. which they are transferred. TABLE 5.—TREASURY CASH AND DEPOSITS WITH FED- ERAL RESERVE BANKS, JUNE 29, 1935 TABLE 8.—SUPPLY AND USE OP MEMBER BANK RESERVE FUNDS, JUNE 29, 1935 [In thousands of dollars] Gold reserve against United States notes and Treasury [In millions of dollars] notes of 1890 !„ —— 156,039(2) Gold in general fund and exchange stabilization fund 2 639,005 (2) Factors supplying reserve funds: Standard silver dollars t 3,677 2 Reserve bank credit outstanding 2,480 (3) Stilver b»ullion.:.. :.. : : : : :: 8,43i5S(2) M Tr o e n as e u ta ry ry a g n o d l d n a s t to io c n k a l bank currency-. 2 9 , , 5 1 0 1 6 5 ( ( 4 2 ) ) Factors using reserve funds: United States notes""" IIIIIIIII-I 1*894 (2) Money in circulation 5,568 (2) Federal Reserve notes"..IIIIIII 16.024 (2) Treasury cash and deposits with Federal Reserve banks.. 2,968 (5) Federal Reserve bank notes 1.584 (2) Nonmember deposits 325 (6) National-bank notes 29,653 (2) Other Federal Reserve accounts 261 (7) Member bank reserve balances 4,979 Total Treasury cash 2,865,869 United States Treasurer—general account (deposits with NOTE.—The numbers beside the various Items indicate the tables /rom Federal Reserve banks).! 102,235 (1) which they are transferred. Total ~ 2,968,104 NOTE.—The numbers beside the various items indicate the tables from which they are transferred. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
430 FEDERAL RESERVE BULLETIN JdT 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 22 and released for publication June 25] There was a further slight decline in indus- crop of about 670,000,000 bushels as compared trial production in May and factory employ- with 496,000,000 bushels last season and a 10mont and pay rolls also showed a decrease. year average of 828,000,000 bushels. Domes- Activity in residential construction continued tic stocks of wheat have been materially to bo above the level of a year ago. reduced this season. Production and employment.—Volume of in- Distribution.—Total volume of freight-car dustrial production, as measured by the Board's loadings increased in May by about the usual seasonally adjusted index, declined from 86 seasonal amount. Coal shipments showed a percent of the 1923-25 average in April to 85 marked increase, while loadings of miscellapercent in May,* which was the fourth con- neous freight declined. Department-store secutive month of gradual decline from the sales, as measured by the Board's seasonally recent high level of 90 in January. At steel adjusted index, increased from 73 percent of the mills output doclined somewhat in May and 1923-25 average in April to 76 percent in May the first 3 weeks of June, as is usual at this and were at approximately the same level as a season. In the automobile industry, where year ago. output this spring has been at a level substan- Commodity prices*—The general level of tially higher than in other recent years, pro- wholesale prices, which was 80.3 percent of the duction showed a marked decline in May, 1926 average at the end of April and also in the reflecting in part the effects of a strike. At week ending May 25, had declined to 79.S percotton mills there was little change in activity, cent by the week ending June 15, according to while at woolen mills production increased the index of the Bureau of Labor Statistics. further, contrary to seasonal tendency. Pro- Grain prices decreased considerably during duction of shoes declined seasonally. Output May and the first half of June. Cotton prices, of coal, which has fluctuated widely in recent after a sharp decline at the end of May and a months, reflecting partly developments in the subsequent increase, also were lower in the labor situation, showed a marked increase middle of June than at the beginning of May. during May and the early part of June. Prices of commodities other than farm products Factory employment and pay rolls declined and foods as a group advanced slightly during between the middle of April and the middle of this period. May. Decreases in employment were reported Bank credit.—During the 5 weeks ending for the automobile, radio, lumber, clothing, June 19 reserve balances of member banks incotton, silk, and shoe industries, while at woolen creased by $175,000,000 as a result of gold mills employment increased and in many other imports, offset in part by an increase in Treaslines little change was reported. ury cash and deposits with the Reserve banks. Value of construction contracts awarded, as Excess reserves of member banks on June 12 reported by the F. W. Dodge Corporation, was were above $2,500,000,000 for the first time, about the same in May as in April. Residen- but declined somewhat in the following week. tial work continued in excess of a year ago, At reporting member banks in leading cities while the volume of contracts for public proj- there was an increase of $540,000,000 in net ects was smaller than in the corresponding demand deposits in the 4 weeks ending June 12, month of 1934. due in part to gold imports. Time deposits Department of Agriculture estimates based declined by $150,000,000, of which $70,000,000 on June 1 reports indicate that conditions for represented a decline at New York City banks wheat, .oats, barley, rye, hay, and pastures consequent upon a ruling of the New York were at the 10-year average for 1923-32, in con- Clearing House in May prohibiting the paytrast with conditions a year ago, which were ment of interest on new time deposits maturing unusually poor as a consequence of a prolonged in less than 6 months. Total loans and investdrought. The winter-wheat crop this year is ments of reporting banks showed no important estimated to be somewhat larger than last year changes. and, with a considerable increase indicated for Short-term open-market interest rates conspring wheat, present conditions, according to tinued at low levels in May and the first half of the Department of Agriculture, suggest a total June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS - Weekly basis*. Wednesday series 1OOOO 9000 8000 7000 6000 5000 4000 4000 3000 3000 -^t^r^v*^ 2000 2000 RESERVE BANK +- CREDIT 100Q 1000 TREASURY CASH & DEPOSITS WITH F.R. BANKS 1930 1931 1932 1933 1934 1935 Based on Wednesday figures; lates* figures are for June 26. See table on page 432 431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
432 FEDERAL RESERVE BULLETIN JULY 193S FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES) [In millions of dollarsj Reserve bank credit outstanding Treasury Treasury cash and Other Date (Wednesday) B co il u ls n d te i d s- b B ou il g ls ht m G cu U e o r n v i . t e t S i r s e . n e s - - R c O b e r s a t e e h n d r e k i v r t e Total ta M r s y t o o n c g k e o - ld na r b t a e c i a u n n o n r d c n k - y al- M c o i t r n i c o e u n y la - in M b r a e b e l s a a m e n n r b c k v e e e s r d R F e b e e w p a s d o n i e e t s k r h r i v a s t e s l b m p N e o r e o s m n i d t - e s - - R F c e o e s a d u e c e n r - r v t a s e l 1934—May 2... 2,432 2,484 7,756 2,381 5,359 3,570 3,177 280 235 May 9—, 2,432 2,484 7,756 2,380 5,352 3,678 3,098 257 235 May 16... 2,430 2,473 7,753 2,380 5,344 3,694 3,082 252 May 23... 2,430 2,469 7,766 2,375 5,316 3,767 3,052 242 May 30... 2,430 2,470 7,776 2,371 5,338 3,763 3,051 233 232 June 6 2,430 2,475 7,790 2,365 5,342 3,787 3,034 230 237 June 13.. 2,430 2,472 7,820 2,361 5,313 3,895 2,956 251 238 June 20... 2,430 2,468 7,835 2,359 5,310 3,769 3,121 224 June 27... 2,430 2,465 7,846 2,364 5,301 3,837 3,077 225 July 3.. 2,432 2,483 7,866 2,365 5,397 3,746 3,113 230 July 11. 23 2,432 2,468 7,881 2,365 5,344 3,902 3,014 223 231 July 18. 23 2,432 2,460 7,897 5,328 3,987 2,954 222 229 July 25. 21 2,432 2,456 7,911 2,364 5,291 4,020 2,972 220 228 Aug. 1-— 21 2,432 2,463 7,932 2,361 5,315 3,915 3,074 219 232 Aug. 8-.- 21 2,432 2,458 7,957 2,357 5,334 4,059 2,941 209 229 Aug. 15— 20 2,431 2,468 7,979 2,375 5,343 4,064 2,976 211 228 Aug. 22... 20 2,432 0)' 2,457 7,983 2,390 5,347 4,072 2,972 211 228 Aug. 29... 21 2,432 2,463 7,981 2,403 5,345 4,127 2,944 204 226 Sept. 5 24 2,432 2,467 7,963 2,412 5,419 3,907 3,087 203 225 Sept. 12..... 23 2,431 2,469 7,968 2,414 5,409 3,948 3,058 213 224 Sept. 19. 22 2,431 2,466 7,972 2,412 5,412 3,889 3,124 195 230 Sept. 26..... 20 2,430 2,463 7,976 2,409 5,403 3,970 3,061 186 229 Oct. 3... 15 2,431 2,455 7,980 2,407 5,468 3,895 3,068 182 229 Oct. 10.. 12 2,430 0) 2,448 7,985 2,403 5,479 3,979 2,967 183 229 Oct. 17.. 12 2,430 2,457 7,990 2,410 5,469 3,996 2,968 183 239 Oct. 24.. 11 2,430 2,452 7,993 2,429 5,436 3,985 3,049 165 239 Oct. 31.. 11 2,430 2,455 8,002 2,434 5,453 4,006 3,031 164 237 Nov. 7— M3 2,430 2,440 8,008 2,442 5,503 4,032 2,944 172 240 Nov. 14.. '25 2,430 2,474 8,030 2,450 5,480 4,107 2,964 163 240 Nov. 21.. '21 2,430 2,470 8,076 2,459 5,455 4,196 2,956 159 239 Nov. 28.. '15 2,430 2,460 8,112 2,469 5,516 4,108 3,017 160 Dec. 5... 10 2,430 2,452 8,161 2,478 5,545 4,073 3,060 176 237 Dec. 12.. 9 2,430 2,462 8,180 2,486 5,532 4,112 3,060 184 239 Dec. 19.. 2,430 2,477 8,198 2,505 5,587 3,943 3,221 185 243 Dec. 26.. 2,430 2,470 8,228 2,504 5,623 3,961 3,181 188 244 1935-Jan. 2.... 2,431 2,461 8,243 2,514 5,534 4,090 3,164 190 240 Jan. 9.... 2,430 2,467 8,258 2,508 5,420 4,283 3,094 194 242 Jan. 16... 2,430 2,468 8,273 2,504 5,382 4,388 3,019 215 242 Jan. 23... 2,430 2,463 2,500 5,347 4,501 2,994 188 241 Jan. 30... 2,430 2,460 8,387 2,497 5,358 4,542 3,007 194 242 Feb. 6... 2,430 2,466 8,421 2,503 5,407 4,633 2,930 176 246 F F F e e e b b b . . . 2 2 1 7 0 3 . . . . . . 2 2 2 , , , 4 4 43 3 3 0 0 0 2 2 2 , , , 4 4 4 4 5 5 8 0 0 8 8 8 , , , 4 4 5 8 5 2 9 6 4 2 2 2 , , , 5 5 5 2 2 2 2 0 5 5 5 5 , , , 4 4 4 4 3 4 2 0 2 4 4 4 , , , 5 5 6 8 8 4 0 8 5 2 3 2 , , , 0 9 9 0 9 3 6 5 2 2 1 1 1 9 8 1 3 2 2 2 2 4 4 4 6 7 5 Mar. 6... 2,430 2,452 8,546 2,517 5,478 4,555 2,998 237 246 M M M a a a r r r . . . 1 2 2 0 7 3 . . . . . . 2 2 2 , , , 4 4 4 3 3 3 0 0 0 2 2 2 , , , 4 4 4 6 5 5 0 2 5 8 8 8 , , , 5 5 5 5 5 6 4 1 3 2 2 2 , , , 5 5 5 2 3 2 5 5 1 5 5 5 , , , 4 4 4 5 3 5 4 6 3 4 4 4 , , , 5 3 2 8 6 8 8 1 5 3 3 3 , , , 0 2 3 0 3 2 9 5 0 2 2 2 4 4 3 3 1 8 2 2 2 5 4 5 4 7 3 A Ap p r r . . 3 1 . 0 . . . . 2 2 , , 4 4 3 3 0 1 2 2 , , 4 4 6 6 3 2 8 8 , , 5 61 6 4 8 2 2 , , 5 5 4 4 9 8 5 5 , , 4 49 8 7 7 4 4 , , 2 1 8 9 7 3 3 3 , , 3 4 7 0 6 4 2 2 2 3 4 0 2 2 5 5 3 3 Apr. 17.. 2,431 2,470 8,672 2,549 5,512 4,501 3,149 271 257 Apr. 24.. 2,430 2,452 8,701 2,550 5,459 4,719 2,978 288 258 M M M M M a a a a a y y y y y 2 2 1 1 8 9 2 5 . . . . . . . . . . . . 2 2 2 2 2 , , , , , 4 4 4 4 4 3 3 3 3 3 0 0 0 0 0 2 2 2 2 2 , , , , , 4 4 4 4 4 6 5 6 7 6 7 9 6 3 3 8 8 8 8 8 , , , , , 8 7 7 7 7 3 6 2 3 2 5 2 8 7 1 2 2 2 2 2 , , , , , 5 5 5 5 5 2 3 3 3 4 6 4 6 1 3 5 5 5 5 5 , , , , , 6 4 4 4 4 8 9 1 8 9 1 6 1 9 4 4 4 4 4 4 , , , , , 8 8 7 8 7 2 2 5 2 2 7 1 8 2 1 2 2 2 2 2 , , , , , 9 9 9 9 9 0 0 3 7 7 1 6 8 8 0 2 2 2 2 2 8 7 6 7 6 5 6 2 7 7 2 2 2 2 2 5 5 6 5 6 9 8 3 9 1 J J J J u u u u n n n n e e e e 2 1 1 5 6 9 2 .. . . . , . . . 2 2 2 2 , , , , 4 4 4 4 3 3 3 3 0 0 0 0 2 2 2 2 , , , , 4 4 4 4 7 8 7 7 2 2 2 5 8 9 9 , , , 0 1 9 1 0 1 6 9 6 2 2 2 2 , , , , 5 5 5 5 1 1 0 2 4 0 3 1 5 5 5 5 , , , , 4 4 5 4 1 9 9 9 4 8 8 3 4 4 5 5 , , , , 9 0 9 0 2 4 9 1 9 9 6 4 3 3 2 2 , , , , 9 0 9 0 9 2 8 3 1 3 8 0 3 2 3 1 0 1 0 9 1 4 6 6 2 2 2 2 6 5 6 5 4 8 3 7 * Revised. ' Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 433 RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] Reserve bank credit outstanding Treasury Month or week B co il u ls n t d e i d s- b B ou il g ls ht G m U ov . e S e n . r t n- R O b e a s th e n r e k v r e Total ta M s ry t o o g c 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 u in 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 k v e e e s r c d R F a e e w e s p h d s i o e e t a s r h r v i n a t e l d s b p m N e o r e o s m n i d t - e s - - R F c O e o e a s d t u c h e e n - r e r t v r a s e l securities credit banks 1934—March 2,437 2,535 7,602 2,333 5,368 3,361 3,298 144 '208 April 2,439 2,507 7,736 2,377 5,366. 3,594 3,222 170 268 May 2,431 2,479 7,759 2,378 5,355 3,695 3,083 249 234 June 2,424 2,464 7,821 2,363 5,341 3,790 3,054 226 . 237 July 2,432 2,469 7,893 2,364 5,350 3,928 2,999 219 230 August 2,432 2,463 7,971 2,378 5,355 4,045 2,976 208 228 September 2,431 2,469 7,971 2,411 5,427 3,947 3,054 197 227 October , 2,430 2,457 7,989 2,415 5,473 3,964 3,011 177 234 November „_. 2,430 2,466 8,047 2,455 5,494 4,100 2,970 165 238 December 2,430 2,472 8,191 2,494 5,577 4,037 3,120 181 ••242 1935—January 2,430 2,465 8,284 2,504 5,411 4,355 3,053 194 '242 F M e a b r r c u h ary t 2 2 , , 4 4 3 3 0 1 2 2 , , 4 4 6 6 2 1 8 8 , , 4 5 6 5 5 2 2 2 , ,5 5 2 1 6 3 5 5 , , 4 4 7 3 7 9 4 4 , ,4 6 5 0 2 1 2 3 , , 9 1 6 2 5 2 2 1 3 S 6 9 2 2 4 5 6 0 April 2,431 2,471 8,641 2,548 5,500 4,436 3,209 258 256 May_. , 2,434 2,476 8,755 2,534 5,507 4,778 2,942 278 259 June 2,431 2,479 9,025 2,513 5,522 4,979 2,989 266 261 Week ended Saturday—i 1935—Mar. 2 2,430 2,455 8,526 2,520 5,465 4,595 2,980 214 247 Mar. 9 2,430 2,459 8,545 2,517 5,491 4,563 2,983 236 247 Mar. 16^.. 2,430 2,465 8,550 2,522 5,476 4,570 3,003 240 249 Mar. 23 2,430 2,458 8,554 2,526 5,470 4,389 3,183 242 254 Mar. 30.... 2,432 2,461 8,562 2,538 5,464 4,285 3,323 235 253 Apr. 6 2,433 2,466 8,571 2,545 5,508 4,193 3,401 228 253 A A p p r r . . 2 1 0 3 2 2 , , 4 4 3 3 0 0 ' 2 2 , , 4 4 8 6 1 8 8 8 , , 6 6 0 5 7 0 2 2 , , 5 5 5 4 0 9 5 5 , , 5 5 0 17 6 4 4,t2 45 4 9 0 3 3 , , 3 1 9 7 2 2 2 2 3 7 4 6 '2 2 5 5 3 6 Apr. 27 2,430 2,470 8,695 2,548 5,480 4,697 2,992 285 259 May 4 2,430 2,468 8,716 2,543 5,497 4,707 2,990 271 262 May 11 2,434 2,477 8,730 2,537 5,512 4,752 2,948 272 261 May 18.... 2,436 2,484 8,740 2,535 5,508 4,801 2,921 269 259 May 25 2,437 2,476 8,757 2,531 5,496 4,803 2,913 293 258 June 1 2,433 2,471 8,827 2,526 5,512 4,819 2,959 276 258 June 8 _ 2,431 2,476 8,902 2,520 5,529 4,892 3,012 209 257 June 15 2,430 2,481 9,008 2,513 5,514 5,017 2,976 237 258 June 22 2,430 2,482 9,090 2,510 5,512 5,018 2,982 307 263 June 29 2,431 2,475 9,109 2,508 5,524 5,006 2,990 264 ' Revised. 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 s l - l t s ed bo B u il g ls ht s G e m T c o T u v e . r S e n i . t r t i n e - s R c O b e r s a t e h e n d r e k i v r t e Total ta M s ry t o o g n ck 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 u in 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 k v e e e s r c d R F a b e e w e s a p h d s n i o e e t k s a r h r v i s n a t e s l d b p m N e o r e o s m i n d t - s e - - R F c O e o e a s u t d c e h n e - r e r t v r a s e l 1934—March 2,447 15 2,545 7,694 2,361 5,394 3,457 '3,292 157 299 April 2,431 6 2,485 7,757 2,378 5,368 3,599 3,148 268 236 May..:.... 2,430 -4 2,463 7,779 2,368 5,357 3,746 ' 3,052 222 232 J N J A D S O u u e o u e c n l p y c g v t e t o e u e e m b m s m t e b b b r e e e . r . r r . . . . 2 2 2 2 2 2 2 , , , , , , , 4 4 4 4 4 4 4 3 3 3 3 3 3 3 2 2 0 0 0 1 2 1 1 3 8 4 1 0 2 2 2 2 2 2 2 , , , , , , , 4 4 4 4 4 4 4 6 6 7 6 5 5 6 4 4 2 2 5 3 3 8 8 7 7 8 7 7 , , , , , , , 1 8 9 9 2 9 0 5 3 7 7 3 3 0 6 2 8 8 1 8 2 '2 2 2 2 2 2 2 ,3 , , , , , ,4 3 4 4 4 5 6 3 6 0 0 6 1 6 4 1 8 5 8 1 5 5 5 5 5 5 5 , , , , , , , 3 3 4 5 3 5 4 1 9 5 4 7 3 5 7 6 6 9 3 6 3 4 3 4 4 3 4 4 , , , , , , , 8 0 9 0 0 0 0 4 3 2 5 8 0 9 0 4 9 2 1 6 6 ' ' 2 2 3 3 3 3 3 , , , , , , , 9 0 0 9 0 0 1 7 5 3 6 2 1 5 1 1 1 8 2 5 0 2 2 2 1 1 1 1 3 0 0 6 8 7 6 3 7 8 1 9 8 4 '2 2 2 2 2 2 2 3 2 2 4 2 3 3 2 9 6 1 8 7 9 19 f 35— A J M M F u e J p a n a a b r y r e n i r c l u u h a a r r y y . . . . . 2 2 2 2 2 2 , , , , , , 4 4 4 4 4 4 3 3 3 3 3 3 0 7 0 0 0 3 2 2 2 2 2 2 , , , , , , 4 4 4 4 4 4 6 6 6 6 7 8 9 1 5 8 1 0 8 8 8 8 8 9 , , , , , H 7 3 5 5 8 1 9 2 6 5 6 0 1 7 7 8 2 2 2 2 2 2 , , , , , , 4 5 5 5 5 5 1 4 4 9 2 0 9 4 0 5 5 3 5 5 5 5 5 5 , , , , , , 3 4 5 4 5 4 8 6 4 6 7 9 0 7 0 8 8 3 4 4 4 4 4 4 , , , , , , 5 2 5 8 9 7 8 4 4 3 7 1 7 7 3 2 9 5 '2 3 3 2 2 2 , , , 9 , , , 0 3 9 9 9 9 0 5 9 6 6 1 4 8 6 9 8 2 2 1 2 2 3 2 0 9 7 5 2 6 7 1 1 4 5 2 2 2 2 2 2 4 5 4 6 5 6 3 3 6 1 7 3 * Preliminary. ' Revised. 145047—35 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
434 FEDERAL RESERVE BULLETIN JULY 1035 RESERVE ASSETS AND [In thousands of dollars] June 29,1935 May 31,1935 June 30,1934 ASSETS 6,180,188 5,878,298 4,782,053 22,882 22.248 25,724 222,979 207,444 214,011 6,426,049 6,107,990 5,021,788 4,335 Bills discounted: 5,740 8,385 24,188 For nonmember banks, etc 29 40 379 Total bills discounted 5,769 8,425 24,567 Bilk bought: 194 Payable in foreign currencies - 4,689 4,700 5,075 Total bills boueht ... 4,689 4,700 5,269 Industrial advances..-.. .. -** 27,638 26,967 U. S. Government securities: 2,432,246 2,430,220 2,430,294 Under resale agreement 500 1,600 Total U. S. Government securities... —- 2,432,746 2,430,220 2,431,894 Other Reserve bank credit: 519 633 700 3,129 Reserve bank float (uncollected items in excess of deferred availability Items) 8,548 i 2,113 6,690 Total Reserve bank credit outstanding * . . ....... 2,480,023 2,468,899 2,472,068 Federal Reserve notes of other Reserve banks . .... ... ... . 18,951 15,316 19,202 Uncollected items not included in float . .- 611,095 475,476 418,486 Bank premises _. 49,826 49,701 52,637 All other assets _ ..... .. ...,..._ . 43,197 47,227 186,124 Total assets . 9,529,141 9,164,609 8,174,640 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks . 18,951 15,316 19,202 Outside Federal Reserve banks - „ 3,238,889 3,173,219 3,082,112 Total notes in circulation.................... ____.. 3,257,840 3,188,535 3,101,314 Federal Reserve bank note circulation—net 46,682 Deposits: Member bank—reserve account... _ . 4,978,770 4,831,626 3,840,086 United States Treasurer—general account 102,235 60,449 64,183 Foreign bank 23,772 70,063 4,893 Other deposits 301,218 184,212 228,527 Total deposits 5,405,995 5,146,350 4,137,689 Deferred nvailability Items 511,095 475,476 418,486 Capital paid in 146,575 146,655 147,120 Surplus (sec. 7) 144,893 144,893 138,383 Surplus ($ec. 13b) 20,870 20,065 Reserve for contingencies 30,777 30,781 22,534 All other liabilities 11,096 11,854 162,432 Total liabilities 9,529,141 9,164,609 8,174,640 Contingent liability on bills purchased for foreign correspondents Commitments to make industrial advances on TQQ 19,507 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents 3,492,851 3,350,986 3,428,525 Collateral held by agents as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 3,294,639 3,271,979 3,041,656 Eligible paper „ '...'.Y.'.Vl 4,276 6,862 13,407 U. S. Government securities .. 231,000 237,900 322,000 Total collateral 3,529,915 3,516,741 3,377,063 - FEDERAL RESERVE BANE NOTE STATEMENT V Notes issued to Federal Reserve banks (outstanding). . 61,058 Collateral pledged against outstanding notes: Discounted and purchased bills U. S. Government securities 66,474 Total collateral 66,474 1 Excess of deferred availability items over uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 435 KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- S d 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 1 r t y a 8 e s 9 s - 0 S s u i i a b lv r s y e id r - M c i o n in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r v s a e l R F n b e e o a d se t n e e r r k v s a e l t n b i N o o a n t a n e - a k s l 1934— F J e a b n r u u a a r r y y . , . . . 5 5,t2 3 S 54 9 1 1 7 6 8 7 3 3 9 9 1 9 2 26 7 7 0 1 1 1 1 6 7 283 2 2 , , 9 8 4 9 9 4 2 1 0 9 2 4 9 9 3 2 8 7 March 5,394 161 403 272 118 3,005 178 936 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 2S0 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 September. 5,456 139 483 284 122 274 3,131 119 870 October... 5,453 136 510 288 123 273 3,124 112 856 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... 5,380 127 580 287 123 259 3,048 97 327 February.. 5,467 126 599 289 123 263 3,119 94 823 March 5,493 123 623 290 123 264 3,135 92 810 April 5,478 121 653 294 124 268 3,120 88 778 May 5,540 119 695 296 125 281 3,159 85 747 June * 5.568 117 702 297 125 285 3,223 81 704 v Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 479. Bach figures.—See Annual Report for 1933 (table 5G). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES * [In millions of dollars] [In thousands of dollars] s G to o c l k d Net June May January-May Year or month y m a e t o a o e n r f n t o d h r I i n n s c t r o g e c o a k l s d e im g N o p e l o d t rt m fr a o r m k 1 fa O c t t h o e rs r s From or to— p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s $l£5$io grains of gold Mo fine; i. e., an Belgium 1 1 ounce of fine gold=$20.67 England 939 1 1,689 152,449 466 1 1 9 9 3 3 2 3 . _ 4 4 , , 2 0 2 3 6 6 -19 5 0 2 .4 .9 - - 1 4 7 4 3 6 . . 5 2 - 4 5 5 8 7 . . 0 5 4 4 1 1 . . 1 6 F G r e a r n m ce a n - y - 194,298 6 124,052 216,99 2 0 7 29 1 6 4 Netherlands 22,061 3,885 113,093 41 $l=15Hi grains of gold %Q fine; i. e, an Switzerland 339 ounce of fine gold=$S5 Canada 8,734 3,061 S 35,963 56 1934— A M p a r r il ch .. 7 7 , , 6 7 9 5 4 7 « 2 6 5 2 6 . . 2 1 2 5 3 4 7 . . 7 3 - - 0 1 . . 8 1 « 1 8 9 . . 6 6 M Ce e n x t i r c a o l America.,. 2 84 1 4 0 165 2 9 4 9 3 0 ------ 8 1 , , 6 2 1 5 2 9 i87 May 7,779 22.4 33.6 .5 -11.6 11 June 7,856 77.1 63.7 1.0 12.5 Colombia 1,752 7,375 July 7,931 74.4 52.3 .6 21.4 Ecuador 177" 184 2,594 August 7,978 47.4 37.2 -1.1 11.2 Peru .-- - 59 277 885 September 7,978 .4 -18.7 2.4 16.6 N O o c v to e b m e b r e .. r . , 8 8 8 , , , 1 0 2 3 0 3 2 2 8 1 1 2 2 0 3 9 6 . . . 5 9 2 1 9 1 2 2 0 0 . . . 8 1 9 -.1 .3 1 1 9 2 4 . . . 1 4 1 V Br e i n ti e s z h u e In la d - i . a .,- 60 1 5 6 3 3 8 16,3 5 2 6 9 7 7 6 4 December- China and Hong Year.... 8,238 4,202.5 1,133.9 82.6 2,986.1 Kong 448 507 3,041 . : r = — - 1935—January... 8,391 153.3 149.4 1.1 2.8 February. 8,527 135.3 122.8 .2 12.3 Philippine Islands. 1,122 1,197 5,479 March 8,567 40.4 13.0 -.7 28.1 All other countries*. 1,581 2,005 9,496 April...::: 8,710 143.4 148.6 -2.3 -3.0 May 8,858 148.1 140.0 -1.5 9.6 Total 230,538 166 140,065 49 574,851 1,060 June » 9,115 256.9 230.4 1.0 25.5 i With some exceptions figures represent customs valuations at rate of m I l n A , * r® , l ea p s e P d re fr l o im m i n e a a r r y m . ark at Federa « l C R o e r s r e e r c v te e d , banks less gold * Includes all movements of unreported origin or destination. piacea under earmark (with allowance when necessary for changes in Back figures.—See table of gold movements, United States, p. 460, and goia earmarked abroad for account of Federal Reserve banks). Af lsures are derived from preceding columns and indicate net result Annual Report for 1933 (tables 53 and 54). n««2. rctors as domestic production, movements into and out of Hn^n.ltary use' Sports and exports that do not affect gold stock weight ofe Sonth or year» an<i increment resulting from reduction in Back figures.—See Annual Report for 1933 (table 51). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
436 FEDERAL RESERVE BULLETIN JULY 1935 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 N ' e C w i t Y y o * rk re c O s it e t i h r e v e s e r "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 J a r ll Ne C w i ty Y o i rk re O c s i t e t h i r e e v s r e "C b o a u n n k t s r a y" 1934-May 3,695 1,323 1,598 773 1,623.5 484.7 778.4 360.4 June 3,790 1,391 1,632 767 1,684'. 6 532.2 799.6 352.8 July 3,923 1,393 1,725 810 1,789.4 525.7 874.0 389.7 August 4,045 1,509 1,719 817 1,883.6 638.2 852.2 393.3 September.. 3,947 1,440 1,692 814 1,754.1 562.0 808.7 383.4 October 3,964 1,461 1,667 837 ' 1,730.6 568.1 766.4 396.1 November., 4,100 1,506 1,745 849 1,834.5 603.8 829.3 401.4 December.. 4,037 1,468 1,727 843 1,747.8 555.8 799.9 392.2 1935—January 4,355 1,651 1,837 867 2.035.2 715.9 907.7 411.6 February... 4,601 1,864 1,826 911 2,236.6 898.9 886.7 - 451.0 March 4,452 1,760 1,787 905 2,064.7 779.0 842.3 443.5 April 4,436 1,715 1,831 890 % 025.6 723.0 878.4 424.3 May 4,778 1,813 2,031 935 2,296.9 797.5 1,038.4 461 0 Week ending (Friday): 1935— Mar. 1 4,605 1,871 1,822 913 2,225.0 896.4 872.3 456.0 Mar. 8 4,562 1,800 1,833 929 2,186.0 820.8 888.7 477.0 Mar. 15 4,579 1,784 1,879 916 2,189.0 793.8 923.3 472.0 Mar. 22 4,414 1,725 1,787 902 2,002.0 746.6 838.6 417.0 Mar. 29 4,297 1,726 1,686 885 1,894.0 749.7 746.9 397.0 Apr. 6-. 4,202 1,684 1,652 866 1,817.0 699.6 731.7 386.0 A A A p p p r r r . . . 2 1 1 6 9 2 . . . , . . 4 4 , , 4 2 1 3 0 0 1 1 , , 7 6 0 4 1 8 1 1 , , 8 7 1 1 5 7 8 8 9 6 5 4 2 1 , , 0 8 0 5 8 7 . . 0 0 6 7 7 1 3 2 . . 6 5 8 7 5 7 5 7 . . 8 6 4 4 0 4 6 0 . . 0 0 4,670 1,779 1,985 905 2,224.0 773.1 "1,016.1 435.0 M M a a y y 1 3 0 .. .. 4,719 1,778 2,005 936 2,255.0 759.1 1,030.0 466.0 M M a a y y 2 1 4 7 . .. 4 4 , ,7 8 3 0 4 5 1 1 , , 7 8 5 2 7 0 2 2 , , 0 0 1 3 3 7 9 9 6 4 4 8 2 2 , , 2 3 8 4 1 0 . . 0 0 8 7 1 5 3 4 . . 8 4 1 1 , , 0 0 4 3 3 0. . 2 5 4 4 9 8 6 3 . . 0 0 May 31., 4,805 1,844 2,039 922 2,317.0 826.0 1,042.8 448.0 4,810 1,&63 2,047 900 2,308.0 834.0 1.046.3 42S.0 f Revised. i Central reserve city banks only. * Weekly figures of excess reserves of all member banks and of country banks are estimates. Back figures,—See Annual Report for 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 r O e c s i t t e h i r e e v s r e " b C a tr n o y u k " n si - m T b e o a m a t n a ll b k l— s er C Y N i o e ty r w k a r O e c s i t t e h i r e e v s r e " b C a tr n o y k u " n si - m T b e a o m a n t l k a l b s l e - i r C Y N i o e ty r w k a re O c s i e t t h r ie v e s e r " b C a tr n o y k u " s n - * W 1 1 9 9 e 3 3 e 4 5 k — — J J A D M S M N A F O e M u u J e n e u e p o c a n a l a p b d a n t c g y r v e r o y i t y r i u e u e c l e n b u . a m s m h m g e . a r t . . y r r b b * . b y ( . e e F e . r r r r . . - i . . day) [ : '. 8 8 7 7 7 8 7 7 7 7 7 7 7 . , , , , , , , , , , , , 3 1 0 9 6 4 5 3 4 2 2 1 0 1 4 5 9 2 6 1 0 0 3 5 6 0 8 5 0 4 6 5 2 0 9 6 2 8 1 9 9 9 9 8 9 8 9 8 8 8 9 , . , , , , , , , , , , 3 4 3 1 8 1 2 7 7 5 6 0 6 8 7 9 7 5 8 1 7 7 0 3 S 7 7 7 8 4 0 0 7 5 1 8 2 1 1 1 1 1 1 1 1 1 1 1 1 0 8 9 9 9 8 8 7 8 7 7 6 6 , , , , , , , , , , , , , 3 3 7 5 9 5 8 2 2 4 9 7 7 6 6 7 5 9 2 0 0 7 9 8 2 6 1 8 7 4 3 4 6 8 6 0 8 0 9 J7 6 6 6 6 7 7 7 6 6 6 6 7 6 , , , , , , , , , , , , 8 3 5 2 7 2 4 5 4 5 7 0 6 3 9 6 0 8 3 0 8 9 8 4 5 4 9 8 4 3 3 0 0 1 1 3 8 7 6 6 6 7 7 7 6 7 7 7 7 , , , , , , , , , , , , , 0 7 8 4 6 5 5 9 5 6 2 6 1 3 4 0 1 0 2 4 2 4 4 6 6 0 5 5 7 8 6 7 1 7 0 5 9 2 3 . 4 3 3 4 4 4 3 4 4 4 4 4 4 , , , , , , , , , , , , , 4 8 9 3 5 9 2 0 3 4 4 1 6 8 6 9 0 7 4 1 2 3 2 9 1 3 7 9 6 9 6 2 6 6 5 2 3 1 8 6 6 7 7 7 6 6 6 7 7 6 6 7 5 6 3 1 0 4 8 6 5 1 3 5 0 1 3 6 9 9 7 5 4 1 9 5 8 5 4 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , , 2 3 3 3 2 3 3 3 5 4 4 4 2 1 4 5 8 0 1 4 3 1 8 5 0 6 6 9 6 4 1 9 0 3 5 6 7 6 2 4 4 4 4 4 4 4 4 , , , , , , , , 6 7 8 7 6 8 8 7 7 4 2 6 9 2 0 6 9 1 9 7 1 1 2 1 1935—Mar. 1 Mar. 8.... 7,345 7,692 660 4,470 Mar. 15 7,386 7,637 648 4,487 Mar. 22. ;.; 7,470 7,753 647 4,478 A M p a r r . . 5 29 ... 7 7, , 3 3 5 7 9 8 7 7 , , 6 6 9 2 9 5 6 65 5 1 4 4 4 , , 4 4 9 7 5 9 A A A p p p r r r . . . 2 1 1 6 2 9 . . . . . . 8 8 8 , , , 2 1 0 5 1 1 1 2 0 7 7 7 , , , 4 3 4 4 1 4 6 9 8 7 7 7, , , 8 4 6 0 8 4 8 0 0 6 6 6 6 6 6 3 1 3 4 4 4 , , , 5 4 5 9 1 0 8 0 2 M M M M M a a a a a y y y y y 1 2 1 3 3 1 4 7 0 . . . . . . . . . . . , 8 8 8 8 8 , , , , , 4 3 2 2 3 2 4 5 2 5 3 3 6 3 3 7 7 7 7 7 , , , , , 6 5 6 5 5 9 8 8 5 8 0 6 0 9 6 '7 8 8 7 7 , , , , , 8 0 1 9 9 8 9 2 9 2 4 7 6 9 5 6 6 6 6 6 6 4 7 5 4 4 4 4 4 , , , , , 5 5 5 6 5 6 3 5 6 7 7 0 3 1 0 7,765 8,168 658 4,546 i Weekly figures are not reported. Back figures.—See Annual Report for 1933 (table 73). 'Central Reserve city banks only. •• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULT 1935 FEDERAL RESERVE BULLETIN 437 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Total Total Purchased paper loans Call date l a o n a d ns Lo to ans cu S r e e - d 8e- O w th is e e r- Lo to ans U Go .S v . - cu s r e e - d I m nv e e n s t t s - banks Total s b t a o o b n n c y d d k s s b e c y s u t r r a e e t d a e l s c u e a u c n n r u s e d r e d e - d] Total p A U a c n y i c i n a t e b e p d l t e a c p a A n e a b c p c y l e e t - - - s ,p C m c a o i p e a m r e l - - r Y N k b o i e r e n o r r w k s - i , Total m r s e i e t r e c i n e n u - s t - O r s i e t t c i h e u e s - r s b t a o o n n c d k d s s States abroad TOTAL—ALL MEMBER BANKS 1931—June 30.. 33,923 457 19,257 7,117 3,218 8,922 2,103 113 1,217 12,106 5,343 6,763 8,563 Sept. 29.. 33,073 599 18,713 6,842 3,149 8,722 1,563 70 296 928 12,199 5,564 6,635 8,081 Dec. 31... 30,575 790 17,570 6,290 3,038 8,242 901 146 41 140 575 11,314 5,319 5,996 7,320 1932—June 30.. 28,001 573 15,267 5,292 2,894 7,081 747 313 34 122 278 11,414 5,628 5,786 5,916 Sept. 30__ 28,045 457 14,497 5,086 2,885 6,527 970 407 34 115 414 12,121 6,366 5,755 5,770 Dec. 31. _ 27,469 444 13,905 4,848 2,862 6,195 855 375 30 93 357 12,265 6,540 5,726 5,447 1933-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 1934—Mar. 5—. 26,548 225 11,093 3,644 2,382 5,067 1,387 350 26 157 855 13,842 8,667 5,175 4,606 June 30... 27,175 153 10,804 3,516 2,357 4,931 1,566 264 20 200 1,082 14,652 9,137 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 9,186 6,081 4,178 Dec. 31... 28,150 155 10,509 3,296 2,273 4,940 1,363 256 31 232 843 16,122 9.S06 6,216 4,194 1935-Mar. 4..., 28,271 133 10,420 3,215 2,250 4,955 1,400 235 34 255 875 16,318 9,821 6,497 4,132 NEW YORK CITY * 1931—June 30,. 8,287 150 1,897 160 1,782 1,497 296 1,063 2,801 1,656 1,145 3,026 Sept. 29.- 8,253 250 3,850 1,816 152 1,881 1,121 201 839 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 1,768 928 2,474 1932—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 1,184 763 341 391 3,508 2,429 1,079 1,811 Dec. 31.. 7,327 216 2,621 1,247 160 1,214 701 330 337 3,789 2,603 1,186 1,699 1933—June 30 *_ 7,133 162 2,297 1,082 157 1,057 964 224 720 3,709 2,551 1,158 1,888 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 1,213 912 170 706 3,542 2,362 1,179 1,824 1934-Mar. 5... 7,351 112 2,321 985 156 1,180 986 276 687 3,932 2,768 1,164 1,724 June 30. _ 7,666 68 2,202 937 156 1,109 1,131 225 883 4,265 3,053 1,212 1,640 Oct. 17... 7,543 66 2,294 876 150 1,267 232 631 4,300 2,954 1,345 1,531 Dec. 31. _ 7,761 63 2,202 874 139 1,188 210 662 4,602 3,246 1,356 1,565 1935—Mar. 4 7,783 52 2,198 861 139 1,199 904 203 678 4,628 3,200 1,429 1,560 OTHER RESERVE CITIES 1931—June 30... 13,567 247 8,100 3,188 1,621 3.291 470 189 124 4,750 2,408 2,342 3,459 Sept. 29... 13,016 284 7,845 3,092 1,585 3,168 326 167 56 4,561 2,301 2,260 3,317 Dec. 3U_. 12,115 347 7,407 2,806 1,538 3,063 135 62 16 4,226 2,133 2,083 3,050 1932—June 30... 11,045 254 6,519 2,403 1,407 2,709 118 62 4,154 2,187 1,966 2,585 Sept. 30... 10,979 205 6,196 2,304 1,406 2,486 151 65 14 4,427 1,961 2,466 2,456 Dec. 31__. 10,535 178 5,879 2,169 1,398 2,312 115 46 12 4,362 2,462 l,S00 2,298 1933—June 30» 9,780 129 4,846 1,702 1,160 1,984 184 51 58 4,621 2,867 1,754 1,846 Oct. 25.... 9,951 120 4,912 1,660 1,144 2,108 274 91 100 4,645 2,889 1,757 1,836 Dec. 30... 10,157 103 4,797 1,630 1,151 2,016 258 78 112 5,000 3,209 1,760 1,809 1934-Af ar. 5.... 10,816 79 4,669 1,566 1,158 1,945 306 89 138 5,763 3,654 1,809 1,753 June 30... 11,054 53 4,586 1,526 1,145 1,915 311 115 154 6,104 4,102 2,002 1,708 Oct. 17,... 11,367 55 4,562 1,421 1,120 2,021 328 151 123 6,423 4,240 2,183 1,569 Dec. 31 . 11,609 65 4,459 1,412 1,108 1,939 320 135 131 6,764 4,551 2,213 1,567 1935-Mar. 4...! 11,739 56 4,436 1,373 1,093 1,970 315 142 134 6,933 4,601 2,331 1,526 "COUNTRY" BANKS 1931—June 30 12,068 7,318 2,031 1,437 3,849 135 101 4,555 1,279 3,276 2,078 Sept. 29.. 11,805 7,018 1,935 1,411 3,673 116 81 4,606 1,433 3,172 1,985 10,999 1,756 1,346 3,367 71 48 4,392 1,418 2,974 1,796 1932—June 3011" 10,240 5,892 1,546 1,328 3,018 64 36 4,226 1,432 2,794 1,574 Sept. 30.. 9,954 5,663 1,481 1,324 2,857 55 36 4,187 1,471 2,715 1,503 9,607 5; 405 1,432 1,304 2,669 39 28 4,114 1,474 2,640 1,450 1933—June 30~»" 7,873 4,194 1,132 1,055 2,007 43 27 3,598 1,469 2,129 1,150 Oct. 25..., 8,031 4,175 1,118 1,070 1,987 73 46 3,748 1,592 2,156 1,148 8,068 4,123 1,108 1,061 1,955 62 34 3,845 1,683 2,162 1,136 J O u c n t. e3 17 1 0 . _ ... 8 8 8 8 8 , , , , , 7 3 6 7 4 4 8 4 8 5 9 1 9 0 6 3 3 4 4 3 , , , , , 7 8 0 9 1 8 4 1 2 0 6 9 6 6 3 1 1 1 1 , , , , 0 0 0 0 9 1 2 5 9 8 0 7 3 3 1 1 1 1 1 1 , , , , , 0 0 0 0 0 2 1 5 2 6 6 8 6 6 8 1 1 1 1 1 , , , , , 7 9 9 8 8 8 0 4 7 1 6 6 2 3 3 1 1 1 1 9 8 4 2 5 5 1 9 4 0 * 1 5 7 9 9 0 2 5 2 4 9 4 4 4 4 4 , , , , , 1 7 2 5 7 4 5 8 4 5 8 7 3 5 6 2 1 2 1 1 , , , , , 9 9 9 1 0 4 8 9 0 2 6 2 2 8 0 2 2 2 2 2 , , , , , 2 6 7 3 5 0 4 3 5 0 2 7 7 2 1 1 1 1 1 1 , , , , , 0 0 1 0 1 6 7 4 0 2 2 8 7 2 9 . £°a?s (secured by stocks and bonds) to brokers and dealers in securities at New York City. 1 Beginning June 30,1933, figures relate to licensed banks only. 1 Central reseerrvvee cciittyy bbaannkkss oonnllyy.. BBakckffiig ures.-This classification of loans is not available for dates prior to OO ct. 3, 11992288, seeA Annual Report tor 1931 (table 53), but comparable figures of total loans secured by stocks and bonds are given for June 30, 1925-28, in the Annual Report for 1928 (table 52); for separate figures of uunniitteedd SSttaatteess aGnonvnerinmmoennt t esae«c.u,r«i-t^ieMs D ann^ dr tof>th,«e rc fslertcn-u.-rHitnioe sK bOaAcVk ftno I1O9T1A4 FR AseAe A Annnnuuala lR Reenpoortr tf ofro r1 9139333 ( t(atbalbel e7 87)8.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
438 FEDERAL RESERVE BULLETIN JOLT 193S ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks, and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, beginning with June 1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller of the Currency or a Federal Reserve bank] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Date Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Invest- Invest- Total Loans ments Total Loans ments 1930—Sept. 24.. 57,590 39,715 17,875 35.472 24,738 10,734 19,747 16,009 •3,739 12,371 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 35,813 19, 111 34,729 22,840 11,889 i 9,987 16,068 13,920 11,208 7,906 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 i10,506 i 6,169 14,337 9,786 6,707 3,079 Dec. 31— 49,704 31,305 18,399 30,675 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 D Se ec p . t . 3 3 1 0 — .- 4 4 5 4 , , 8 9 5 4 2 6 2 2 6 6. , 9 0 S 63 5 1 1 8 8 , , 8 8 6 8 7 3 2 2 8 7 , , 0 4 4 6 5 9 1 1 5 5 , , 2 9 0 2 4 4 1 1 2 2 , ,1 2 2 6 1 5 »1 1 0 0 , , 3 1 1 8 6 2 1 6 6 ,0 ,1 7 3 9 0 i 4,186 7 7 , , 4 2 9 9 1 5 4 4 , , 9 7 3 8 1 0 2 2, , 5 5 1 6 5 0 4,103 1U33—June 30 ».. 40,076 22,203 17,872 24,786 12,858 11,928 10,044 6,941 5,246 3,404 1,841 Oct. 25».. 24,953 13,059 11,894 4,103 Dec. 30— 40,319 21,977 18,342 25,220 12,833 12,386 '9,985 '5,906 ' 5,115 '3,238 ^4*079" 1934—Mar. 5»._ 26,548 12,706 13,842 June 30... 42,502 21,278 21,224 27,175 12,523 14,652 9,904 5,648 4,256 *5,423 3,108 '2,315 Oct. 17*.. 27,559 12,293 15,267 Dec. 31— 43,453 20,474 22,984 28,150 12,028 16,122 "9*782 5,491 4,291 ~5,~526" "2," 955" •"£571 1935-Mar.4».. 28,271 11,953 16,318 ' Revised. i Figures of preceding call carried forward. * Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. * Nonmember bank figures not available. * In connection with the increase over December, see the headnote; also BULLETIN for February 1935, p. 127. Back figures.—See Annual Report for 1933 (tables 67-69). DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Member banks Non b m an e k m s ber Nonmember banks Date All banks M b e a m nk b s er M sav u i t n u g a s l no O n t m he e r m* Date Total Total Na- State M sav u i t n u g a s l m O n t e o h m n e - - r banks ber banks tional banks ber banks 1930-Sept. 24_ 52,784 31,839 i 9,197 11,748 Dec. 31... 53,039 32,5C0 9,507 10,972 1931— J M un a e r . 3 2 0 5 - . - . . . 5 5 1 1 , , 4 7 2 8 7 2 3 3 1 1 , , 1 5 5 6 3 0 1 1 9 0 , , 5 0 0 1 7 7 1 10 0 , , 1 7 9 6 9 7 1930-S D e e p c. t . 3 2 1 4 2 22 3 , , 7 5 6 9 9 0 8 8 , , 2 0 4 5 6 2 7 7 , , 1 0 9 3 2 3 1 1 , , 0 0 5 1 4 9 16 6 0 0 6 3 1 1 4 4, , 1 7 1 3 4 8 1932— D S S J e e e u c p p n . t t e . . 3 3 2 3 1 0 9 0 . . . . . . . . . . . . 4 4 4 4 9 1 5 1 , , , , 8 1 9 9 2 5 6 4 1 2 3 2 2 2 2 2 9 4 7 4 , , , , 4 9 7 4 6 0 5 3 9 3 5 2 1 i 1 1 1 1 0 0 0 0 , , , , 0 0 1 0 1 2 0 2 7 0 5 0 8 7 7 , , . 0 2 1 2 8 8 0 4 8 . 1931— J D S M u e e n p c a e . r t . . 3 3 2 2 1 0 9 5 2 2 2 1 1 1 2 9 , , , , 2 3 9 9 9 7 0 6 4 2 3 6 7 7 7 7 , , , , 7 2 5 9 8 4 9 2 2 6 9 8 6 6 6 6 , , , , 9 3 6 8 6 3 5 0 8 0 3 0 9 9 9 8 4 9 8 7 6 8 2 8 1 1 6 6 6 5 0 0 9 0 0 3 7 0 1 1 1 1 2 3 3 3 , , , , 1 5 0 8 2 2 9 4 3 1 5 1 Dec. 31... 41,643 24,803 10,022 6,818 1933— D O J e u c c n t . . e 2 3 3 5 0 0 * . K . . . . 3 38 7 , , 5 9 0 9 5 8 2 2 2 3 3 3 , , , 7 4 3 7 5 3 1 3 8 '9 9 , , 7 7 0 1 8 3 '5 4 , , 0 9 2 4 6 6 1932— S D J e u e p n c. t e . 3 3 3 1 0 0 1 1 1 9 8 8 , , , 0 7 3 4 9 9 6 4 0 6 6 6 , , , 9 8 9 1 0 8 6 4 0 6 6 6 , , , 1 0 0 4 1 8 5 1 0 8 8 8 2 0 3 4 5 5 15 5 5 9 9 9 4 4 4 1 1 10 1 1 , , , 9 2 4 8 9 7 0 6 2 1934— J D O M u e c n c a t . e . r . 1 3 3 5 7 0 1 » » . . _ . . . , . . . '41,870 2 2 2 2 6 8 7 5 , , . , 6 9 4 2 1 4 8 9 5 3 4 3 9,780 ' " <5 " ,4 C 75 m 1933— D O Ju e c c n t . e 2 3 3 5 0 0 * »-_.- 1 1 4 5 , , 5 0 1 1 9 1 5 5 6 , , , 8 0 6 1 1 0 8 1 6 4 5 5 , , , 1 8 0 5 9 5 4 7 2 8 7 7 5 0 6 7 9 6 '5 5 7 7 9 6 '8 8 , , 4 3 2 3 1 7 1935—Mar. 4*.. 28,589 1934 Mar 1! 6,206 5,288 918 June 30 15,835 6,375 5,417 958 578 8,882 For footnotes see table above. D O e c c t . 1 3 7 1 3 16,042 6 6 , , 4 4 3 4 3 2 5 5 , , 4 4 6 6 1 2 9 9 7 8 2 0 579 9,021 NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank 0^000 on JhaTdate110 tomediate witnd™™l, which aggregated $103,- 1935—Mar. 4 ' 6,422 5,446 976 Back figures.—See Annual Report for 1933 (table 70). For footnotes see table above. Back figures.See Annual Report for 1933 (table 66). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 439 REPORTING MEMBER BANKS IN LEADING CITIES {Monthly data are averages of weekly figures. In millions of dollars) Total—all weekly reporting member banks New York City Other leading cities Loans and investments Loans and investments Month'or date Total c L o u n o r i a t s n i e e s - s o lo A t a h l n e l s r T I o n t v a e l stm U cu e . r n S it t . i s e s s e- b F r B i a o n . a n o w R g t k r s . - - s Total c L o u n o ri a t s i n e e s - s o lo A t a h l n e l s r T I o n t v a e l stm I c T u e . r n S it t . i s e s s e- b F r B i a o n . a n o w R g t k r s - . - s a m T n l v o d e o e a n s t n a t i t s - n l s - b F r B i a o n . a n o w R g t k r s . - - s 1934—June 17,542 3,553 4,511 9,478 6,442 5 7,190 1,727 1,537 3,926 2,848 10,352 5 July 17,749 3,531 4,455 9,763 6,676 6 7,273 1,727 1,501 4,045 2,930 10,476 6 August 17,721 3,295 4,533 9,893 6,650 5 7,127 1,520 1,522 4,085 2,883 10,594 5 September 17,770 3,137 4,697 9,936 6,589 a 7,120 1,455 1,610 4,055 2,820 10,650 6 October 17,835 3,062 4,757 10,016 6,647 7,105 1,413 1,644 4,043 2,801 10,730 1 November 17,762 3,008 4,705 10,049 6,696 1 7,050 1,381 1,633 4,036 2,827 10,712 2 December., ... 18,102 3,096 4,632 10,374 6,981 2 7,281 1,459 1,596 4,226 2,995 10,821 1 1 1935—January 18,229 3,049 4,548 10,632 7,218 2 7,410 1,445 1,546 4,419 3,154 10,819 2 February 18,247 2,996 4,564 10,687 7,217 7,366 1,422 1,548 4,396 3,111 10,881 March 18,486 3,081 4,587 10,818 7,278 1 7,564 1,493 1,554 4,517 3,189 10,922 1 April. 18,576 3,008 4,611 10,957 7,327 1 7,693 1,487 1,573 4,633 3,295 10,883 1 May. 18,520 3,048 4,569 10,903 7,267 7,682 1,619 1,543 4,520 3,227 10,838 June... 18,550 3.028 4,506 11,016 7,345 7,703 1,617 1,406 4,590 3,299 10,847 1935-Apr.3 18,509 2,974 4,635 10,900 7,280 7,661 1,412 1,592 4,657 3,290 10,848 Apr. 10 18,535 2,969 4,624 10,942 7,323 7,635 1,408 1,583 4.644 3,310 10,900 Apr. 17 18,644 3,023 4,609 11,012 7,371 1 7,741 1,519 1,572 4,650 3,319 10,903 1 Apr. 24 18,617 3,067 4,575 10,975 7,336 1 7,736 1,608 1,545 4,583 3,263 10,881 1 May l... 18,689 3,112 4,584 10,993 7,324 7,830 1,655 1,546 4,629 3,290 10,859 May 8 18,518 3,015 4,563 10,940 7.299 7,630 1,584 1,526 4,520 3,221 10,888 May 15 18,442 3,015 4,583 10,844 7,250 7,605 1,591 1,547 4,467 3,198 10,837 May 22 18,479 3,043 4,556 10,880 7,249 7,656 1,628 1,540 4,488 3,199 10,823 May 29 18,471 3,054 4,558 10,859 7,211 1 7,690 1.639 1,554 4,497 3,225 10,781 1 June 5 18,414 2,992 4,503 10,919 7,293 7,631 1,583 1,494 4,554 3,285 10,783 June 12 18,500 3,040 4,527 10,933 7,294 7,674 1,620 1,508 4,546 3,274 10,826 June 19 18,620 3,020 4,507 11,093 7,388 7,730 1,609 1,495 4,626 3,314 10,890 June 26 18,668 3,061 4,488 11,119 7,407 7,775 1,655 1,486 4,634 3,324 10,893 1 For additional data see p. 477. 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] From New From private For ac- Total an Y d o t r r k u s b t a n co k m s - f b o a r n ei k g s n , b b r a o n k k e i r n s g , Month or date Total ow F n o r ac- c o o u u t n -o t f o - f co F u o n r t a c o - f End of month panies agencies, etc. count town others banks * 1934 1935 1934 1935 1934 1935 1934 June* . 1,016 845 165 6 July.. 1,042 871 16S 3 J M F a e n a b u r r c a u h r a y ry "* ™ " 9 9 9 0 3 8 3 8 1 8 8 7 2 1 7 5 6 3 8 8 8 6 3 7 2 9 3 7 7 7 5 0 5 8 6 0 1 6 7 0 4 6 3 A S O e u c p t g o t u e b s m e t r ber - .... - .. * 8 7 7 2 7 4 7 6 6 6 6 6 7 3 1 0 3 2 1 1 1 5 3 4 6 3 2 1 1 1 afc -' 1,088 805 973 762 116 D N e o c v e e m m b b e e r r .... - .. » 7 78 1 4 3 6 5 3 7 9 3 1 1 3 4 9 4 1 1 1,016 793 912 759 104 June. IIIIIIH 1,082 776 102 Februarv -- - 7 7 7 5 7 6 6 6 3 1 5 4 1 1 4 4 0 0 2 2 S J A u e u l p y g t u e s m t ber...."^" 8 9 8 3 7 2 2 4 3 8 7 8 6 0 4 9 3 9 6 7 7 2 1 4 J M A M u p n a a r r y e i c l h - 8 8 8 8 8 7 3 0 3 9 8 3 8 8 6 7 6 5 9 1 5 6 8 4 1 8 1 4 1 8 1 6 9 2 3 1 October 827 761 66 November 831 765 66 June 5 ... - 851 833 18 D " " ! !" 813 67 June 12 882 864 18 June 19 — 876 858 IS June 26 922 904 18 Back figures.—See Annual Report for 1933 (table 93). i Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Report for 1933 (table 92). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
440 FEDERAL RESERVE BULLETIN JULY 1935 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES. BY HOLDERS (DOLLAR BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars [In millions of dollars] H er e a l l d b R a b n y e k s s e F r e v d e - Held b b y a n a k c s cepting s o t n B o ,, r a g e s d o e o d i d n s B go a o o s n e d d s End of month T s o t I o a u n t n t g a - d l ' c o F o a w c u o - n r nt o c c e F o f o a i c u r o g f - r o r n n e r t - - Total O bi w ll n s b B ou il g ls ht o H t b h e y e ld rs End of month Total B p U i i a n o o m . s n r t S e o - ts . dB o p f n r a o o s r e m t e x s d - .! | b s c U e ( S h h r w t e n i t o w o p a d a i u r t t p i r e s e e t e e e s e s d - d ) n D ch o e a x l n l - a g r e ! s f t s h t r c o w t i i o r o b e p i e u e e n r s i p - e e n g o e d n - n d r spond- domesticj foreign] ents points points 1933—January 707 626 256 370 38 OUTSTANDING February.. 704 325 201 124 42 1934—May 100 150 164 152 March 671 261 153 108 85 June 534 97 145 141 148 April 697 404 206 199 86 July 516 94 135 138 144 May 669 505 229 276 115 August 520 89 140 147 141 June 687 487 201 287 123 September 539 94 138 166 137 July 738 552 248 304 147 October 562 93 147 184 133 August 694 499 252 247 154 November 561 148 195 127 September- 715 517 236 282 156 December 543 140 193 119 N D O e o c c t v o e e m b m e b b r e . e . r r . . . . . 7 7 7 5 6 3 8 4 7 5 4 5 9 4 9 2 2 9 2 2 2 7 2 7 1 3 3 3 3 2 2 2 1 1 6 9 1 1 1 9 1 3 0 2 8 1935— M F J e a a b n r r u c u a h a ry ry ___ 5 4 4 1 9 6 6 3 6 1 9 0 2 1 1 1 1 3 2 2 3 2 3 1 1 1 7 6 3 9 6 4 1 1 1 0 0 1 9 6 4 1934— F J e a b nu ru ar a y ry. _ 7 7 7 5 1 0 5 5 8 6 1 7 2 2 6 5 6 5 3 3 1 1 5 2 1 9 0 5 8 A M p a r y il .... 4 3 1 7 3 5 1 10 0 7 3 1 1 0 1 0 4 9 7 6 6 9 9 9 1 March 6S5 576 252 324 81 HELD BY F. B. BANES April 613 536 236 299 70 (OWN ACCOTJNT) 1 J J A M u u u a l n g y y e ust 6 5 5 5 6 2 3 1 9 0 4 6 4 4 4 5 8 S 7 0 3 0 2 7 2 2 2 2 2 2 2 2 6 2 0 2 2 2 2 2 8 6 6 5 1 1 0 0 3 5 5 4 7 9 3 2 1934— J J M u u l n a y e y ( 8 *) 8 September. 539 503 223 280 35 August October 562 516 245 271 45 September 8, November. 561 517 252 265 44 October 8 December.. 543 497 243 254 46 November 8 December 1935—January 516 485 23S 247 30 1935—January (9 February. _ 493 452 217 235 41 February March 466 423 197 226 43 March April 413 391 178 214 22 April May 375 356 162 19 May i Less than $500,000. > Total holdings of Federal Reserve banks include a small amount of unclassified acceptances. Source: For acceptances outstanding (and held by accepting banks), «Less than $500,000. American Acceptance Council. Back figures.—See Annual Report for 1933 (table 100). Back figures.—See Annual Eeport for 1933 (tables 97 and 25). ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- COMMERCIAL PAPER OUTSTANDING * HOLDINGS OF FEDERAL RESERVE BANES [As reported by dealers. In millions of dollars] [In thousands of dollars] End of month 1932 1933 1934 1935 End of month 1932 1933 1934 1935 January 108 85 103 171 J M A M J J F u u a e p a n a n l b y r y r e u i r c l u a h r a y ry 3 3 3 3 3 3 3 0 0 0 0 0 3 3 , , , , , , , 6 7 8 7 7 4 4 4 3 7 3 6 7 4 5 6 8 7 2 8 4 2 2 2 7 6 7 6 4 9 8 , , , , , , , 9 8 1 0 7 0 9 8 2 8 8 8 3 9 1 1 1 9 8 6 7 5 5 5 5 5 5 5 , , , , , , , 0 2 0 0 0 8 9 8 7 7 7 7 8 7 1 5 5 0 6 7 7 4 4 5 4 5 5 , , , , , t3 6 6 7 5 5 0 9 0 8 0 0 6 0 9 5 4 2 J J A M A M F u u e p u a n a l b r g y r e y i r u c l u . h s . a t .. ry :.::::: 1 1 1 1 1 1 1 0 0 0 0 0 1 0 6 3 8 0 3 1 8 1 8 7 6 6 7 9 0 4 2 4 0 3 7 7 1 1 1 1 1 1 1 1 3 3 4 5 6 8 7 9 3 2 1 3 8 1 1 1 1 1 5 7 8 7 7 9 3 2 3 7 August 30,834 6,199 5,079 September 110 123 192 September™, 30,849 6,068 5,691 October 113 130 188 October 30,659 5,686 5,495 November 110 133 178 November™. . 30,652 5,841 5,499 December . 81 109 166 December 29,459 6,033 5,501 1 Includes some finance company paper sold In the open market. Back figures*—See Annual Report for 1933 (table 26). Back figures.—See Annual Report for 1933 (table 96). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
441 JULY 1935 FEDERAL RESERVE BULLETIN 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] Re s d ee is s c . o 1 u 3 n t a s nd a n 1 d 3 a a d o v f a n th ce e s F u e n d d er e a r l Prevailing rate on— Aver o a n g - e rate Aver o a n g — e yield Reserve Act Federal Reserve bank e R ff a ec te t i o n n Da l t i e s h e e s d tab- Pre ra v t i e ous Month or week P c r o i m m - e P b e r a i r n m s k ' e - Time c S ha t l o n o c g a k e n e s c x a - ll U. S. b i T ll r s e i asury Julyl mercial accept- loans, paper, ances, SO Boston Feb. 8,1934 m 4 o t n o t 6 hs da 9 y 0 s days' New ne R w e- al 18 b 2 il - l d s ay 27 b 3 il - l d s ay New York Feb. 2.1934 2 Philadelphia., Jan. 17,1935 2H Cleveland IK May 11,1935 2 1934 Richmond 2 May 9.1935 June H-l H-l 1.00 0.07 Atlanta 2 Jan. 14,1935 July H-l H-l 1.00 .08 Chicago. 2 Jan. 19,1935 2H August H-l H-l 1.00 .20 St. Louis 2 Jan. 3,1935 2lA September H-l H-H H-l 1.00 .27 Minneapolis.. 2 May 14,1935 October H-l H-l 1.00 .21 Kansas City.. 2 May 10,1935 November H-l H H-l 1.00 .22 Dallas... 2 May 8,1935 December H-l H H-l 1.00 .15 San Francisco. 2 Feb. 16,1934 1935 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- January H-l 1.00 .14 UALS, PARTNERSHIPS, AND CORPORATIONS February H-l 1.00 .12 0.17 March H-l 1.00 .10 .16 Advances secured by April H-l .64 .17 Discounts and advances direct obligations of May__ .25 U0 .15 u of n de t r h e p a F r. e 3 d e o r f a l s ec R . e 1 - 3 t ( h la e s t p U ar n a i g te r d a ph S of ta s t e e c s . June .25 *. 08 .IS serve Act 13 of the Federal Re- Federal Reserve serve Act) Week endingbank May 4 .25 .25 .15 e R f J f a u ec t l e t y i o l n n Da l t i e sh e e s d tab- e R f J f a u ec t l e t y i o l n n Da l t i e s h e e s d tab- M M M a a a y y y 2 1 1 5 1 8 . . . 2 2 2 5 5 5 . . . 2 2 2 5 5 5 . . .1 1 1 4 4 5 June 1 .25 .25 .15 June 8 .25 .25 .15 Boston 6 Aug. 11,1932 4 Oct. 20,1933 June 15. .25 .25 .13 New York 6 Aug. 10,1932 Feb. 8,1934 June 22 .25 .25 .12 Philadelphia 6 Aug. 12,1932 4 Oct. 20,1933 June 29 .25 .25 .11 Cleveland 5 July 24,1934 ZH May 11,1935 Richmond. 5H July 16,1934 4 Feb. 19,1934 Atlanta 5 Mar. 20,1934 4 Mar. 17,1934 i Stock exchange 90-day time loans. Chicago... 6 Aug. 13,1932 4 Oct. 16,1933 i Average rate of discount on issues offered by V. S. Treasury within period. When no rate is shown no bills of the stated maturity were St. Louis 5K July 10,1934 4 Feb. 21,1935 offered. Minneapolis... 6 Aug. 10,1932 Apr. 15,1933 s Rate on 133-day bills. Kansas City 5 July 10,1934 3H May 10,1935 Back figures.—See Annual Report for 1933 (tables 60 and 61). Dallas... 6 Sept. 8,1932 4 Mar. 12,1934 San Francisco 6 Sept. 2,1932 4 Oct. 19,1933 RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES NOTE.—For rates on industrial advances see p. 480. [Weighted averages of prevailing rates] BUYING RATES ON ACCEPTANCES 8 other northern 27 southern and New York City and eastern cities western cities [Buying rates at the Federal Reserve Bank of New York] Month Maturity e R ffe a c te t o in n Da l t i e s h e e s d tab- Pre ra v t i e ous 1933 1934 1935 1933 1934 1935 1933 1934 1935 July 1 January 4.12 3.58 2.83 4.89 4.65 4.08 5.60 5.40 4.95 February. _ 4.11 3.43 2.90 4.84 4.49 4.02 5.56 5.39 4.84 g 9 £ 3 1 1 1 2 1 6 - M - - 1 1 ? 6 - - 4 3 5 - 2 0 o 1 5 0 8 0 d d d d d 0 d a a a a a y a d y y y y y s a s s s s . s y s .* :: lH Oct. d d d d d d o o o o o o 20,1933 1 1 1 1 1 1 M J J M A S M A O u u e u c p a n a l p t y g r y r e o t i u c l e b h s m e t r ber- 3 3 4 4 3 3 4 4 . . . . . . . . 9 7 7 2 1 9 8 3 7 6 9 4 0 3 8 3 , 3 3 3 3 3 3 3 3 . . . . . . . . 2 3 4 3 2 3 3 3 6 0 2 9 8 3 0 1 2 2 2 2 . . . . 6 6 6 6 1 4 6 9 4 4 4 4 4 4 5 5 . . . . . . . . 6 3 0 6 5 8 9 9 8 9 9 5 1 2 9 7 4 4 4 4 4 4 4 4 . . . . . . . . 1 1 1 3 1 3 5 5 3 5 1 0 2 9 2 2 4 3 3 3 . . . . 9 8 7 0 9 8 8 5 5 5 5 5 5 5 5 5 . . . . . . . . 5 5 5 5 6 6 6 6 0 3 5 4 6 6 2 8 5 5 5 5 5 5 5 5 . . . . . . . . 0 0 0 0 3 1 2 4 4 5 7 5 4 9 8 0 4 4 4 4 . . . . 7 7 8 8 6 9 0 5 November. 3.52 3.22 4.54 4.08 5.42 4.93 December.. 3.48 3.18 4.59 3.98 5.43 192 1 acceptances-Higher rates may be Back fioures.-See Annual Report for 1933 (table 68). Back figures.—See Annual Report for 1933 (table 63). 145047—35 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
442 FEDERAL RESERVE BULLETIN JULY 1935 BOND PRICES i STOCK PRICESI Other bonds» Preferred Common stocks (index, 1926=100) stocks Year, month, or date (indus- U S n ta i t t e e s d Corpo- Corporate tr g ia r l a d h e ig )2 h- Total In tr d i u a s l - R ro a a i d l- Utility Year, month, or date Govern- rate and ment municbonds Total In tr d ia u l s- H ro a a i d l- Utility Number of issues 20 421 351 33 37 1932 average 96.1 48 46 26 79 1933 averace 104.8 63 66 38 78 1934 average 120.7 73 81 42 69 Number of issues— U4 '60 60 20 20 20 1934—June 122.1 74 81 44 72 1932 flV6r&G8 99.2 81.1 69.4 63.2 64.8 80.5 July 123.5 71 80 41 69 1933 average... . 102.2 84.0 73.4 69.2 70.5 80.6 August 122.6 68 77 36 65 1934 average 103.4 96.7 84.5 81.9 83.8 87.8 September 121.0 67 76 35 64 October 120.9 67 76 36 63 1934—June 104.7 99.0 86.3 82.5 87.1 89.4 November 124.1 69 80 35 61 July 105.2 99.3 83.1 83.2 85.8 89.4 December 127.8 69 80 36 58 August........ 104.1 97.8 S3.9 82.6 81.3 87.9 September 102.3 96.7 83.0 82.2 79.3 87.6 1935—January - 129.1 70 81 35 57 October 103.4 98.4 84.1 82.5 81.6 88.1 February .. 130.2 68 80 32 55 November 103.5 98.8 84.3 83.4 81.0 88.6 March . . 131.3 64 75 28 53 December 104.1 100.0 85.8 85.4 83.3 88.8 April 132.2 68 79 29 59 May 134.8 73 86 31 65 1935— F J e a b n r u u a a ry ry 1 10 0 5 5 . . 8 1 1 1 0 01 1 . . 3 3 8 87 7 . . 4 6 8 8 6 6 . . 7 7 8 8 5 2 . . 0 0 9 93 1 . . 4 2 June 134.0 76 88 33 70 March .... 106.6 99.9 84.5 85.2 74.7 93.6 June 5.. ..... 133 4 75 87 32 70 April .. 107.0 100.0 85.5 85.9 75.0 95.5 June 12 133.8 76 88 33 69 May 107.1 101.2 87.1 87.3 76.5 97.4 June 19 134.7 77 89 34 71 June 107.2 102.2 88.3 87.3 79.3 98.4 June 26 134.2 76 88 33 71 JuneS 107.0 101.4 87.0 86.6 76.8 97.7 June 12 107.3 102.0 83.1 87.3 79.2 97.7 i Monthly data are average of daily or weekly figures. June 19 107.3 102.6 88.8 87.5 80.6 98.4 * Average derived prices. June 26 107.4 102.6 89.2 87.6 80.7 99.2 Source.—Standard Statistics Co. » Average prices. Monthly data are averages of daily or weekly figures. CAPITAL ISSUES * Prices derived from average yields. » Now 14 Treasury bonds. New Treasury issues were added Aug. 15, (Long-term; I. e., 1 year or more. In millions of dollars] 1933, Nov. 1,1933, Apr. 16,1934, June 15,1934, Dec. 15,1934, and Mar. 15, 1935. The 3 Liberties were omitted beginning March 1935. * 45 corporate and 15 municipal. New issues Re- Source.—For United States Government bonds, Federal Reserve Bank fundof New York; for other bonds, Standard Statistics Co. Total Domestic is i s n u g es BOND YIELDS i Year or month m a ( f d e o n o s r d - t - ic Total» S m a t n a u d t - e Bo C n o d r s porate F ei o g r n - m a ( f d e o n o s r d - t - ic United Munic- Corporate, by ratings * eign) n p i a ci l - n a o n t d es Stocks eign) Year, month, or States ipal* date Treas- (highury1 grade) Aaa Aa Baa 1925. „ 6,201 5,125 1,352 2,452 1,153 1,076 925 1926 6,314 5,189 1,344 2,667 1,087 1,125 1,046 1927 7,556 6,219 1,475 3,183 1,474 1,337 2,220 Number of issues.- 7-11 30 30 30 1 19 9 2 2 9 8 . . . .. 1 8 0 , , 0 0 4 9 0 1 6 9 , , 7 4 8 2 9 0 1 1 , , 3 4 7 1 9 8 2 2 , , 3 0 8 7 5 8 2 5, , 9 9 2 6 4 1 1,2 6 5 7 1 1 1 1 , , 8 4 5 2 8 2 1 1 1 9 9 9 3 3 3 4 3 2 a a a v v v e e e r r r a a a g g g e e e . . . . . . . . . 3 3 3 . . . 1 3 6 0 1 6 4 3 4 . . . 9 7 6 5 1 5 4 4 5 . . . 0 4 0 0 9 1 5 5 4 . . . 9 4 2 7 4 3 6 5 7 . . . 0 0 2 9 8 0 . 9 6 7 . . . 3 3 7 0 2 6 1 1 1 1 9 9 9 9 3 3 3 3 2 3 1 0 6 3 1 , , , 0 9 1 7 8 0 9 2 9 9 6 2 6 2 1 , , , 0 8 1 7 0 6 6 1 4 0 6 0 1 1 , , 2 4 7 4 3 3 8 6 4 5 4 2 2 1 , , 9 2 3 8 4 4 0 0 0 0 5 1,5 3 1 0 2 1 2 0 3 1 0 9 2 2 0 2 1 9 5 9 2 9 7 5 3 4 4 3 1 9 4 8 1 1934-June £94 3.73 3.93 4.30 4.96 6.06 1934 1,402 1,402 819 144 35 0 792 July 2.85 3.75 3.89 4.28 4.93 6.13 1934—June 123 123 102 0 9 0 183 August 2.99 3.81 3.93 4.34 5.09 6.49 July 217 *217 91 19 2 0 157 September.. 3.20 3.84 3.96 4.42 5.17 6.57 August 180 M80 18 8 0 0 79 October 3.08 3.69 3.90 4.36 5.00 6.40 September.^ 43 43 36 5 2 0 26 November.. 3.05 3.57 3.86 4.27 4.93 6.37 October 122 '122 39 0 0 0 36 December... 2.97 3.52 3.81 4.27 4.86 6.23 November.. 107 107 89 8 0 0 35 1935— J A M M F u J e p a n a a n b r r e i u y c r l a u h . r a . y . r ™ y.. . . Z 2 2 2 2 2 . . . . . 6 6 6 6 8 7 4 1 9 1 3 3 3 3 3 3 3 3 . . . . . . 2 2 3 2 2 4 5 7 9 7 5 5 3 3 3 3 3 3 . . . . . . 7 7 7 7 7 7 4 2 2 2 1 8 4 4 4 4 4 4 . . . . . . 1 1 1 1 1 2 8 9 8 4 5 1 4 4 4 4 4 4 . . . . . . 6 7 6 6 7 7 2 2 6 9 5 7 6 6 5 5 5 5 . . . . . . 8 9 1 2 9 9 6 9 4 2 9 7 1935— . A J M M D F u J p a e e n a a n r c y r b e i u c l e r a h m u ry a b r e y r . . . . . 1 1 9 8 5 9 5 0 4 0 6 8 2 0 8 1 1 1 8 9 5 9 5 0 4 6 2 0 0 3 8 1 1 1 4 8 4 6 4 0 0 1 0 4 4 4 0 6 3 3 1 1 3 7 8 9 4 7 4 0 0 2 0 5 6 1 0 0 0 0 0 0 0 4 3 4 1 4 4 4 8 5 1 8 9 6 5 4 4 3 0 June 5 2.63 3.29 3.74 4.19 4.68 6.00 June 12 , 2.60 3.27 3.73 4.19 4.64 5.88 l Includes issues of Federal land banks and Federal intermediate credit June 19 , 2.61 3.23 3.71 4.18 4.59 5.76 banks, not shown separately. June 26 2.60 3.21 3.70 4.17 4.55 5.74 J Includes $100,260,300 bonds of Federal Farm Mortgage Corporation sold by public offeringduring month. J Includes bonds of Home Owners' Loan Corporation sold by public i Monthly data are averages of daily or weekly figures. offering amounting to $149,111,100 in August and $53,000,000 in October. 1 Average, computed by Treasury Department, of yields of all outstanding Treasury bonds except those due or callable within 8 years. Sources.—TOT domestic Issues, Commercial and Financial Chronicle; * Standard Statistics Co. for foreign issues (issues publicly offered) annual totals are as finally * Moody's Investors' Service. reported by Department of Commerce, while monthly figures are as compiled currently and are subject to revision. Back figures.—SQQ (for figures of new issues—annual and quarterly basis) Annual Report for 1933 (table 112). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 443 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Interest bearing Non- Interest-bearing debt Total inter- End of period (gross est Total Bondsl Notes Certif- Bills debt) Total Bonds Notes C ic e a r t t e if s - Bills b i e n a g r- icates Outstanding June 30,1935— Total.. 27,645 14,936 10,501 156 2,053 Fiscal year Obligations maturing: ending- Before Oct. 1,1935 1,633 *763 18 851 J J u u n n e e 1 1 9 9 3 3 3 2 . . 2 1 2 9 , , 5 4 3 8 9 7 2 1 2 9 , , 1 1 5 6 8 1 1 1 4 4, , 2 2 5 2 0 3 4 1 , ,4 7 6 8 5 0 2 2, , 2 8 0 3 0 1 9 6 5 1 4 6 381 J A O a p c n t r . . . 1 1 K - - M T D u e a n c r . e . 3 3 3 1 0 1 , , 1 ,1 1 9 9 9 3 3 5 3 6 6 . . . .. . . . 2 1, , 2 2 6 4 6 0 5 5 1 U»246 1,2 4 4 1 5 8 6 6 0 0 1 1 1934 July 1-Dec. 31,1936.— 1,236 ........ 1,236 J S & N J D A O u u e o u e c n l p y t c g v £ e o t e u e e b : m s m m e : t r : b b b : e e e : r r r : . . . . _ : . . . . . ' . , : 2 2 2 2 2 2 2 2 2 7 7 6 7 7 7 8 6 7 , . , , , , . , , 0 1 2 4 1 0 1 1 1 8 5 9 7 5 1 8 8 9 9 3 9 9 5 8 8 0 0 2 2 2 2 2 2 2 2 6 6 7 6 6 6 5 5 , , , , , , , , 5 5 6 9 7 4 6 6 9 8 2 4 6 9 4 0 9 8 6 4 1 5 3 5 1 1 1 1 1 1 1 1 1 6 6 6 5 6 5 5 5 5 , , , , , , , , , 5 2 6 5 7 5 9 7 8 1 9 1 4 1 1 2 0 6 6 4 0 5 8 3 2 8 8 8 9 6 8 6 6 6 8 , , , , , , , , 5 0 9 9 0 9 0 6 8 5 2 3 2 3 2 7 1 6 1 2 0 6 7 8 1 1 1 1 1 1 1 1 , , , , , , , , 1 6 6 1 1 1 8 6 8 5 3 8 5 5 5 8 1 1 8 5 3 3 6 4 2 4 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , 9 4 6 4 8 3 5 3 4 5 0 5 5 0 7 2 0 7 4 4 4 4 4 9 9 4 8 5 5 5 5 5 5 5 5 5 3 6 8 7 3 1 8 4 6 5 4 5 3 8 9 5 5 7 Othe 1 1 1 1 A 1 1 1 r 9 9 9 9 9 9 9 f 3 3 4 4 4 3 4 o t 9 7 3 8 5 0 e 1 b r . . l . i 1 g . . 9 . a 4 t 5 ions * 9 1 2 1 1 1 , , , , , , 2 9 7 1 4 6 8 8 7 9 4 4 0 1 2 3 9 9 4 6 9 1 7 9 4 8 7 9 1 , ,4 6 S 8 1 0 2 3 9 6 1 9 4 S 4 2 1 1 1 , , , , 2 9 7 1 4 9 4 4 1 7 4 9 6 7 8 156 1935 * Issues classified as of date of final maturity; most issues are callable January 28,476 27,952 16,250 9,585 163 1,954 524 at earlier dates. No outstanding issues, except postal-savings bonds, February.... 28,526 27,969 16,247 9,582 161 1,979 557 are callable before 1940. March 28,817 28,043 16,238 9,567 160 2,079 775 * Includes $89,0^000 of Fourth Liberties called for redemption Apr. 15, April.. 27, 766 15,394 10,236 158 1,978 902 1934, Oct. 15,1934, and Apr. 15,1935, and not yet redeemed; $600,000,000 May 28,638 27,738 15,157 10,471 157 1,953 901 of consols of 1930 called for redemption on July 1,1935, and $75,000,000 of June 28,701 27,645 14,936 10,501 156 2,053 1,056 Panama Canal loan bonds called for redemption on Aug. 1,1935. 1 Approximate amount of Fourth Liberties called for redemption on Oct* 15, 1935. 1 Includes $629,000,000 of Government liability for retirement of * Includes United States savings bonds and such issues as postalnational bank and Federal Beserve bank notes, as a result of deposit savings bonds, retirement-fund notes, and adjusted-service-certificate ot funds by banks; this compares with $309,000,000 on Feb. 28,1935. series, in which special funds are invested. SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of U. S. Treasury. In millions of dollars] Increase or de- General and special funds Trust crease during and con- period tributed Receipts Expenditures » funds,1 Period Excess of excess of Total Inc ta o x m In e ter P i n n r a o g l c t e r a e s x s v - enu O e ther C a c n e u o d l s l u t a o s n m m e i - s s - Total Generall E ge m n e c r y - t e r u x ( e r + p c e e e ) s i n p o ( d t r - s i- ) t e r u x e r c p e e e s i n p ( d t - i s - ) G ba f e u l n a n e n d r c a e l G de ro b s t s Fiscal year ending: June 1932 2,006 1,057 503 445 4,741 3 3,973 *768 -2,735 -5 -55 +2,686 J J u u n n e e 1 1 9 9 3 3 4 3 3 2 , , 1 0 1 8 6 0 8 7 1 4 8 6 353 1,470 4 4 7 7 5 5 4 6 , , 6 7 8 4 1 5 '3 2 , , 4 7 0 4 4 1 »1 4 , , 2 0 7 0 7 4 - -3 2 , , 6 6 3 0 0 2 +835 +1 + ,7 4 2 4 0 5 + +4 3 , , 5 0 1 5 4 2 June 1935.. 3,800 1,099 521 1,657 523 6,802 3,148 3,655 -3,002 «+613 -741 +1,648 April A93.4.. 182 15 32 105 30 674 305 370 -492 -1,993 -2,524 -39 May 237 25 44 119 50 542 191 350 -305 3 -272 +37 June... 391 183 39 130 33 " 733 .310 423 -342 +560 +S93 J S N O A D u e o u c e l p y c v t g o t e e u e m b m s m t e b b r b e e . : . r e r r... " 3 2 4 2 2 2 8 8 6 4 4 1 5 6 0 9 7 8 1 1 6 2 2 1 7 1 4 5 1 9 3 8 4 4 3 4 4 4 2 3 9 2 9 7 1 1 1 1 1 1 1 3 7 3 4 5 9 1 6 2 5 1 4 2 7 4 6 5 7 9 3 1 0 7 4 5 5 6 5 6 1 9 6 6 1 4 4 9 6 9 6 1 3 2 2 3 2 2 2 0 1 8 3 3 0 4 0 5 3 0 3 3 2 2 2 3 2 8 1 9 3 8 1 4 0 0 6 3 - - - - - 2 2 4 2 - 3 6 5 0 2 4 5 6 6 9 7 8 3 +29 + - - - + 2 3 1 9 3 1 8 1 5 6 3 4 1 0 6 6 5 +1 + + + - , 1 1 1 1 1 - 0 8 1 3 1 2 9 0 0 6 1 J J M T F a u e n a n b u r e r c a u . r h a . y . . r . y . 1935 4 6 2 2 2 2 6 2 4 0 1 0 4 8 6 1 4 3 2 3 2 5 2 2 2 1 3 4 8 9 6 9 4 4 4 4 3 4 7 4 3 6 5 4 1 1 1 1 1 1 8 3 1 0 1 3 9 7 6 9 4 8 4 3 3 3 3 2 3 7 3 9 9 5 5 7 4 4 5 6 4 4 4 1 9 6 2 0 6 1 6 2 3 2 2 3 2 2 0 3 1 4 1 5 6 2 5 4 0 8 3 2 4 2 2 2 3 2 8 7 5 5 6 5 8 9 2 2 - - - - - 2 + 2 2 3 2 9 7 6 8 8 5 6 7 3 0 1 5 « + + + + 3 1 2 9 4 9 1 9 8 + - - - - + 1 2 5 2 3 4 1 3 1 2 6 4 5 9 1 2 5 + - + + - 1 2 3 - 4 6 5 9 3 0 9 3 0 1 1 Excludes public debt retirement. Includes also increment resulting yicrement on gold, and, beginning Jun . J 1 4-J»» 4-1* An .A. J-. .m. JB — A.— » Prior to^uiy^ig^emSge^cy expenditures included only net expenditures for the Reconstruction Finance Corporation; other items subsequentllyy ccllaassssiiffiieedd aass eemmeerrggeennccyy eexxppeennddiittuurreess wweerree iinncclluuddeedd iinn ggeenneerral expenditures. 1 EX^xXcClulUddeesS eexxnpfeinnrdiiithuirrpesd ftonrr rreotHirreotmrmeTntit onff nrmatMionnnaal-l-bhaannkk nnootteess.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
444 FEDERAL RESERVE BULLETIN JULY 1935 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAY 31, 1935 (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 C F t R r o i u t n e r i c c p a o o t n o n i n c r o a - e n -C m C o C t o r r i o e p o 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 d r u a m o t b i r i l o n k i n c i s s- R C A C e o t t g g i u r r r o p e i r i o n c o a d n s u l r it a a l- - l C P C o r t t i o r r i o p e o d n d o n u s i r c t a - - S C h B c o F M i h r o p l p a e e a p o n e r r i - d r t t n a g - Other i tion ASSETS Loans—total . ... -. ---• 7,851 2,107 1,386 59 1 282 77 101 202 Preferred stock, capital notes, and debentures... 873 873 870 3 352 125 8 « 14 2 1 18 83 Investments: United States securities - 409 24 2 22 Obligations guaranteed by United States— 220 20 (') 20 Art* O oti t t h it e s r f i in n d v e o s t t h m er e n r t e s c eivables ..*. - . 8 1 2 6 7 5 1 5 2 6 3 39 1 I 3 97 2 6 1 4 6 Real estate and other business properties 152 143 1 50 93 Other assets 202 82 2 (*) 6 (*) 73 Total assets other than interagency 11,111 3,553 2,305 00 14 288 82 121 196 486 LIAFILITIE3 Bonds, notes, and debentures: Obligations guaranteed by United States— 3,775 250 250 All other 2,481 62 62 Other liabilities (including reserves) 200 54 20 (3)~ (2) (*) 14 IS Total liabilities other than interagency 6,456 365 269 (3) (*) (J) (2) 14 81 Excess of assets over liabilities, exclusive of inter- 4,655 3,187 2,035 '60 14 288 81 121 182 405 Privately owned interests 348 U. S. Government interests 4,307 3,187 2,035 60 14 288 81 121 182 405 Distribution of Government interests: Capital stock 6,734 5,655 500 3 14 3 433 45 120 50 * 4,491 339 232 73 1 12 1 132 12 Interagency interest (net).. .. -2,766 -2,699 1,462 56 -144 25 -4,098 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 - s a t te l F C r M F e a g o a d t a o r i r e g p o r m r e t o n a - - l . c B a o t a o f i o v n p r e k e s r s - H b l a o o n a m k n e s O C r H L a w o o t o r i n m a p o e n o n e r - s' S C I L a a n a o v n o s n r i c u a p d n e n r o g - - s c F s i a a e l a a v o s d t n i s i a e n d o o n r g n - a s s l D F C r I e a a n e o n t d p s r i c u e o o p e r r n s o a - i - t l i ; ration ASSETS Loans—total 5,743 2,105 188 716 32 76 2,626 Cash—total 227 44 15 4 5 26 115 1 16 Investments: United States securities 445 67 35 25 2 315 O O b th li e g r a i t n io v n e s s t g m u e a n ra ts nteed by United States 2 7 0 0 0 5 11 38 681 4 2 3 4 7 100 A Re c a c l o u e n st t a s te a n a d n d o t o h t e h r e r r e b ce u i s v in ab es le s s properties 11 9 0 4 6 4 4 19 (? 38 3 120 88 1 (*) 28 2 Total assets other than interagency 7,559 2,366 282 1,420 130 111 2,784 102 | 28 336 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States.... 3,526 1,188 «2,337 Other liabilities (including reserves) 2,4 1 1 4 9 6 1,89 6 8 7 19 4 8 28 (2) 4 3 3 2 8 3 —" 6 Total liabilities other than interagency 6,091 1,965 202 1,216 (*) 4 2,699 . <2) 6 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 ti i o n n terests 1,4 3 6 4 7 8 4 1 0 4 1 1 79 204 13 2 0 10 2 S 4 85 101 28 3 1 3 8 L 1 U. S. Government interests 1,120 260 79 204 128 83 85 101 28 150 Distribution of Government Interests* I C S n u a t r e p p r i a l t u a g l s e s n t c o y c k interest (net) 1, - 0 6 1 7 0 7 9 7 1 5 7 2 8 7 5 -2 7 3 5 0 4 20 4 0 12 3 5 82 2 -1 - 2 1 0 0 5 0 0 100 1 28 150 IT *u •1lt£?S!J?cy interests held °y the Treasury Department. ' Includes also War Finance Corporation not shown separately. * .Less tnan $500,000, • Includes unissued bonds covering loans in process. * Nonstock (or includes nonstock proprietary interests). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN 445 JULT 1935 RECONSTRUCTION FINANCE CORPORATION LOANS, SUBSCRIPTIONS, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds not yet Proceeds disbursed, less repayments disbursed May 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30, May 31, June Apr. 30, May 31, 1934 ' 1935 1935 1935 1935 1935 1935 * 1935 1935 LOANS AND SUBSCRIPTIONS Loans under sec. 5 of the Reconstruction Finance Corporation Act, as amended: Banks and trust companies (including receivers, liquidating agents, and conservators)... 606,074 595,717 568,814 538,431 522,471 503,000 480,404 107,009 112,256 Building and loan associations 44,530 15,640 13,567 12,281 11,303 10,385 9,80S 21,316 21,783 Insurance companies -- 35,398 24,023 22,664 22,035 21,184 20,060 19,231 135 200 Mortgage-loan companies 190,821 156,292 155,367 151,796 149,128 146,426 145,551 96,422 85,698 Credit unions - — 484 367 361 343 335 341 336 20 1 Federal land banks - 193,618 77,023 74,670 72,318 70,527 66,549 59,979 Joint stock land banks 10,168 5,530 5,031 4,078 3,720 3,167 3,095 550 550 Agricultural credit corporations _. _ 800 863 863 861 861 887 874 27 Regional agricultural credit corporations 8,884 Livestock credit corporations 1,672 1,314 1,272 1,256 1,255 1.-344 1,315 120 Railroads (including receivers) 344,950 379,087 379,713 380,199 386,617 413,438 414,344 26,859 2,128 State funds for insurance of public moneys.._. 1,774 2,146 2,400 Fishing industry 53 79 37 37 Processors or distributors for payment of processing taxes 1 Total.... ... 439,181 255,900 1,222,374 183,651 1,167,476 165,674 137,162 252,495 224,953 Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) 88,445 125,408 127,839 132,908 134,509 137,560 146,696 90,309 85,713 Forflnancingexportsofagriculturalsurpluses, sec. 201 (c) ". 12,750 15,176 15,164 14,953 14,963 14,926 14,532 2,895 For financing agricultural products, sec. 201 (d) 3,931 4,177 4,719 5,332 6,505 7,227 7,885 3,373 2,492 To commodity credit corporation 167,945 36,139 35,905 39,552 49,156 55,530 148,181 355,004 353,383 On preferred stock of banks 15,056 19,487 19,674 20,304 20,295 20,151 20,283 626 3 S3 On preferred stock of insurance companies 15,875 29,933 29,933 29,933 29,933 29,93,3 29,933 To drainage, levee, and irrigation districts 4,156 15,410 16,978 21,292 23,507 25,815 27,59S 60,032 59,968 To public school authorities To industrial and commercial businesses 8,516 10,649 12,740 14,693 17,759 21, 761 27,551 30,427 T O o n m as i s n e i t n s g o , f m c i l l o l s in ed g , b a a n n d k s s melting businesses... 34 ' 79 150* ""235 331 8 2 4 S 2 0 0 3,6 29 0 6 3 4,2 2 0 6 0 8 To tr a P n u s b a l c ic ti o W ns o rks Administration on security T- 71 1,356 17,490 15,282 15,753 16,167 1,345 1,345 Total 303,158 254,350 262,296 294,654 309,077 324,994 433,733 545,038 538,178 Purchases: Preferred stock of banks 417,473 598,112 621,055 627,876 632,144 634,490 639,977 22,674 19,465 Capital notes and debentures of banks 271,501 256,622 256,316 254,666 248,103 247,718 245,003 65,546 62,951 Preferred stock of insurance companies 100 100 100 100 100 100 Capital stock of the R. F. C. Mortgage Co... 10,000 10,000 10,000 Total „_ 688,974 854,834 877,472 882,642 890,346 892,307 895,079 88,220 82,415 Total loans and purchases 2,436,313 2,365.084 2,362,141 2,360,946 2,366,900 382,974 2,465,975 885,753 845,547 For relief: ALLOCATIONS Federal Emergency Relief Act of 1932 , 298,561 297,718 297,718 297,711 297,711 297,690 297,689 15 F E e m d e e r r g a e l n E c m y e A rg p e p n ro cy p r R ia e t l i i o e n f s A A ct c t o o f f 1 9 1 3 93 3 5 4S7,979 4 5 9 0 9 0 , , 9 0 8 0 7 0 4 5 9 0 9 0 , , 9 0 9 0 1 0 4 5 9 0 9 0 , , 9 0 9 0 4 0 4 5 9 0 9 0 , , 9 0 9 0 7 0 4 5 9 0 9 0 , , 9 0 9 0 8 0 5 5 0 0 0 0 , , 0 0 0 0 0 0 500,000 500,000 2 Emergency Relief Appropriation Act of 1935.. Total 786,641 1,297,705 1,297,709 ,297,704 1,297,708 1,297,688 i, 297,639 500,018 500,017 To other Government agencies: To Secretary of the Treasury for: Pu b r a c n h k a s se of stock of Federal Home Loan 80,946 81.646 81,646 81,6-16 81,646 81,646 81,6-16 43,095 43,095 A i A o O o f L F P e a e u d C n d r e c d e o r h r a r a B p a l l s o a F e H r n a a o k o t r i f m u o C s s n t i o M o n m c g o k m r A 'o t i g f d s a s m H g io o e i n n m C e i e s r o ~ tr r 6 a p ~ t o o w r r ~ at n i e o 7 n srLoan 1 1 5 1 4 5 4 7 , , , 0 6 0 0 0 0 0 0 0 2 1 0 5 4 2 7 0 5 5 , . , , 0 0 0 G 0 0 0 O 0 0 0 O 2 1 0 5 4 2 0 5 7 5 , , , , 0 6 0 0 0 0 0 0 0 0 0 0 2 1 0 4 5 2 0 7 5 5 , , , , 0 6 0 0 0 0 0 0 0 0 0 0 2 1 0 3 5 4 0 4 5 7 , , , . 0 6 0 0 0 0 0 0 0 0 0 0 2 1 3 0 5 4 0 4 5 7 , , , , 0 6 0 0 0 0 0 0 0 0 0 0 2 1 0 5 3 4 0 5 4 7 , , , , 0 6 0 0 0 0 0 0 0 0 0 0 97,400 97,400 lo S C ec ro re p t a J r o y a n o s f . Agricultu _ re for: 115,000 115,000 115,000 115,000 115,000 115,000 115,000 Re c a re ll d o i c t a c te o d rp a o s r c a a ti p o i n ta s l regional agricultural , 44,500 44,500 44,500 44,500 44,500 44,500 44,500 Real A lo d c m at i e n d i s t t o ra G tio ov n e . rnor of Farm Credit , 40,500 40,500 40,500 40,500 40,500 40,500 40,500 Total 597,546 709,246 709,246 709,246 718,246 718,246 718,246 140,495 140,495 Total allocations 1,384,086 2,006,951 2,006,955 2.006,950 2,015,953 2,015,934 2,015,934 640,513 640,512 To t t i a o l n l s oans, subscriptions, and alloca- 3,820,400 4,372,035 4,369,095 4,367,S96 4,382,854 4,398,908 4,481,909 1,526,26 1,486,059 r Revised. v Preliminary. 1 Includes $320,105,000 of loans for distribution to depositors of closed banks. tc figures.—See BULLETINS for December 1933, pp. 738-739, and February 1934, pp. 103 and 132. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
446 FEDERAL RESERVE BULLETIN JULY 1935 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives byand discounts for— End of month lan F d e d b e a ra n l ks C s o B L i m o a a n n n m e d k r is- a s c p o c g R a r d r o c r e n e e u i i r d d c g a d a c i u t i i t t t i o p t i i l o o o t n c r a n u o n o n a s s r - r s l - a - * l f c i i e n o n O t t x a o i s i o t c v n p t h i e n e c e t e p s s u i r r n a t - - g ti P a o t s r i n s o o o d n c c r u s i e * a c d - - it tu R i a r t r e g a a c g t r l o i i i o c o r c p u n r n e o l s a - d - l - c d r E g r o l o o e m p a u n e n a g c r s y n h - d t m F b c i e e n r a d e d t n e e d i k a r r i - s a t te l B C C c i a a n B o o t e n i c i f o o a n n k v o l p p n u g t s e r r e e k d s a f r r , - o - l - r M A i r n e t f g g a v u u i r n r o n r i A k g c a l d v e u l c t - l t - atives 1933 August ,121,461 2,188 28,467 73,068 158,394 135,854 5,479 176,553 September ,127,910 6,026 49,979 70,998 155,200 135,087 6,259 184 175,040 October 1,143,518 15,815 61,299 64,528 146,895 110,324 6,829 7,396 173,325 November 1,174,763 34,099 68,857 62,379 142,558 94,296 10,080 11,144 172,302 December ., 232,707 70,738 73,263 60,989 144,636 89,811 15,211 18,697 157,752 1934 January ,307,116 120,403 75,432 59,916 158 145,198 81,164 14,671 15,386 69,508 February ,390,743 174,308 76,515 58,199 665 145,760 72,727 13,297 14,835 69,214 March 1,478,373 237,858 86,081 59,073 4,409 144,905 68,310 11,189 15,824 68,353 April 1,503,155 258,730 102,781 59,569 14,392 144,671 84,138 9,997 17,144 67,257 May [, 568,097 311,375 120,282 61,830 28,117 143,127 90,147 8,528 19,243 54,642 June 1,650,779 378,526 127,470 62,092 38,518 138,485 90,517 8,123 20,539 54,877 July 1,710,977 429,830 128,090 63,392 49,826 128,830 94,411 10,106 21,493 55,437 August 1,766,361 477,822 125,270 64,203 58,074 117,664 100,209 9,969 23,019 55,250 September 1,810,559 516,276 118,402 63,002 60,887 106,724 105,446 9,987 23,057 54,870 October i, S48, 727 551,873 104,909 58,882 58,128 96,914 104,470 24,207 24,561 57,310 November 1,886,335 587,260 100,992 56,058 58,328 90,559 104,994 32,330 24,710 56,764 December 1,915,792 616,825 99,675 55,672 61,024 87,102 110,186 33,969 27,851 54,863 1935 J A M M F a e p n a a b r y r u i r c l a u h r a y ry 1 L i 1 , , , , , 9 9 9 9 9 6 4 9 7 7 1 2 8 5 , 4 , , , , 9 2 7 2 9 1 2 3 7 5 6 8 7 5 2 6 6 6 7 9 4 8 1 6 3 6 6 , , , , 8 6 2 2 3 0 4 9 4 6 3 1 1 1 1 1 9 2 0 2 1 9 9 3 4 5 , , , , , 9 7 3 3 2 5 7 6 1 8 4 6 0 5 1 5 5 5 5 56 3 4 5 3 , , , , , 8 1 4 8 5 9 7 4 3 0 7 2 2 2 9 1 6 8 9 7 0 5 4 7 1 5 , , , , , 8 6 4 1 0 1 9 3 0 9 9 6 7 0 2 8 8 7 7 7 4 2 9 6 8 , , , , , 7 3 9 5 3 2 4 8 0 5 6 2 8 8 1 1 1 1 1 1 1 9 6 2 3 6 3 5 4 2 , , , , , 8 9 1 5 0 4 6 2 9 0 6 9 4 7 0 3 3 3 3 2 0 4 1 4 6 , , , , , 0 1 8 4 4 3 5 7 4 2 2 0 3 5 0 2 2 2 3 3 0 9 8 8 1 , , , , , 1 4 0 4 7 1 4 2 9 4 9 5 5 8 1 4 5 4 4 4 9 9 7 9 3 , , . , , 7 4 6 8 7 6 5 8 8 2 1 6 7 0 1 discounted witn tne federal Intermediate credit banks. The amounts in this column are "thus included in the*2 columns under those 1 Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks. HOME OWNERS' LOAN CORPORATION FEDERAL HOME LOAN BANKS SUMMARY OF OPERATIONS * COMBINED STATEMENT OF ASSETS AND LIABILITIES Number Loans closed [In thousands of dollars] Months of applications Apr. 30, May 31, received Number Amount 1935 1935 1934 J J A S F O u u e r u c n l o p t y g e m o t u e b s m e o t r b p e e r ning to May 1,41 3 9 6 7 3 5 5 2 7 6 9 , , , , , , 6 9 0 6 1 3 2 7 5 1 7 5 2 9 7 7 5 3 2 7 6 6 7 5 7 5 8 9 9 1 3 , , , , , , 8 0 7 2 7 1 1 4 3 4 6 3 3 6 8 0 8 2 $ 2 2 2 2 8 1 0 2 3 0 1 7 1 3 5 5 2 9 , , , , , , 4 2 5 4 4 2 4 1 6 6 4 9 0 2 1 7 2 9 , , , , , , 1 3 6 5 8 8 9 4 C 3 6 5 1 9 6 2 4 7 L A I C O n o a c t v h a c s e h e n r s u r s t o e m a o d n s u e s h i t n e n s a t t t t s s n e a d r n e d s i t ng ASSETS : 3 7 5 0 4 , , , 2 9 0 3 6 5 1 2 8 5 1 2 2 7 G 5 8 , , , S 6 3 7 4 1 5 C 5 1 9 5 3 > 2 D N e o c v e e m m b b e e r r • 1 1 4 , , 8 1 6 7 4 1 5 54 4 , , 0 4 3 6 6 8 1 16 7 9 0 , , 0 5 1 4 8 4 , , 8 5 4 6 7 2 Total assets 110,595 111,171 January.. 1935 Current liabilities LIAEILJTIE3 3,474 3,616 A M M Fe p a a b r y r i r l c u h a . y . . . 3 2 5 1 3 6 4 3 , , , , 1 5 8 9 4 4 0 9 0 2 7 0 1 1 7 3 0 6 0 9 4 6 , , , , 6 4 9 8 6 7 1 3 9 4 5 6 , , , , 9 4 1 1 4 0 8 5 1 0 0 0 S C u a b p s M U i c ta n r e l i i m p t s e t t b i d o o e c n r S k s s t , a t f t o u e l s c l y a G p p o it a v a i e l d r s n a to m n c d e k n , o t l u e t s s s t a b n a d la i n n c g e : due— :. - . 2 81 1 1, , , 2 6 5 7 4 1 5 6 7 8 2 1 2 1 , , , 0 6 0 2 4 1 0 6 3 *2,914 13,5C3 41,235,897 Surplus 2,684 2,870 Cumulative total.. 1,745,752 868,313 2,620,119,376 Totalliabilities 110,595 111,171 1 Figures are subject to adjustment. * Revised adjustments for applications received in earlier months. 1 Applications received under order issuad May 23, 1935. 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JUIT 1935 FEDERAL RESERVE BULLETIN 447 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average^lOO. The terms "adjusted" and " unadjusted" refer to adjustment for seasonal variation] Industrial production* • Construction contracts awarded (value) * Fac- Factory em- tory FreiEht*car Y a e n a d r Total Manufactures Minerals Total Residential All other ployment * ro p l a l y s* loadings * •C m o od m - month ity " prices* Unad Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad-Unad- Adjusted justed justed justed justed justed justed justed justed justedjusted justed justed justed justedjusted ustec1 1919 83 84 77 63 44 79 107 97 84 139 1920.... 87 87 89 63 30 90 108 117 91..... 154 1921. 67 67 70 56 44 65 82 76 79 93 1922_... 85 86 74 79 68 33 91 81 87 97 1923.__. 101 101 105 84 81 86 104 103 100...... 101 1924_._. 95 94 96 94 95 94 97 • 96 97...... 98 1925 104 105 99 122 124 120 99 101 103 104 1926.... 108 108 108 129 121 135 101 104 106_____ 100 1927. 106 106 107 129 117 139 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 63 75 73 1932.. . 64 63 71 28 13 40 64 46 56 65 1933. . 76 75 82 25 11 37 69 49 58 65 1934.... 79 78 86 32 12 48 79 62 62 75 1932 Mar 63 67 66 64 78 85 26 26 16 15 35 36 68 63 53 58 61 66 Apr 64 63 63 61 72 80 31 27 16 14 43 33 66 66 50 57 66 May__ 61 60 60 59 65 67 31 26 14 12 45 37 63 64 47 53 54 64 June... 59 59 58 58 62 64 32 27 12 11 47 39 61 62 43 52 52 64 July.... 56 53 55 57 63 65 31 27 12 11 46 40 59 60 40 51 65 Aug.... 59 60 53 59 66 65 32 30 11 12 43 45 60 60 41 53 51 65 Sept.... 67 66 66 65 74 71 30 30 12 12 45 44 63 62 43 61 54 65 Oct.... 63 67 67 66 80 74 28 29 12 12 41 43 64 63 45 65 57 64 Nov.... 65 65 63 63 78 75 24 27 10 10 35 41 63 63 43 58 57 64 Dec 60 66 58 64 73 77 22 28 8 9 33 43 62 62 42 52 58 63 1933 Jan 64 65 63 63 72 75 18 22 7 8 27 33 60 61 40 51 56 61 Feb.... 64 63 62 61 77 80 16 19 7 8 23 27 61 62 40 M 54 60 Mar.... 60 59 53 56 74 81 14 14 8 8 IS IS 59 59 37 43 5C 60 Apr 67 66 68 65 65 73 16 14 11 10 19 17 60 60 39 51 53 60 May.. 79 78 80 77 77 79 19 16 13 11 24 20 63 63 43 55 55 63 June. 91 91 92 93 83 85 21 18 14 13 27 23 67 67 47 61 62 65 July... 96 100 97 102 90 91 24 21 13 13 32 28 72 73 51 66 65 69 Aug 90 91 89 91 95 91 25 24 12 12 36 33 76 76 57 65 61 70 Sept.... 85 84 84 83 94 87 30 30 12 12 45 45 80 7S 59 68 6C 71 Oet 78 76 76 76 S9 31 35 37 12 12 53 57 80 78 59 66 55 71 Nov... 72 72 70 70 85 32 42 48 12 13 66 76 76 76 56 60 59 71 Dec._._ 69 75 67 73 81 86 45 57 11 13 73 93 74 75 55 56 63 71 1934 Jan.__. 77 78 75 76 86 88 40 49 10 12 64 80 73 75 54 58 64 72 Feb... 33 81 82 80 89 92 38 44 10 12 60 70 78 78 61 61 64 74 Mar... 86 84 86 82 91 100 33 33 12 11 50 51 81 81 65 63 6G 74 Apr.... 83 85 89 85 81 90 36 32 14 12 54 43 82 82 67 60 62 73 May.. 89 86 89 86 86 88 32 26 13 11 47 38 S3 83 67 63 63 74 June 84 83 83 83 87 87 31 26 13 12 46 38 - 81 82 65 64 64 75 July__._ 73 76 71 74 S4 85 30 27 12 12 44 39 79 80 61 63 61 75 Aug 73 73 71 72 83 80 28 27 10 10 43 40 80 7D 62 63 59 76 Sept.... 73 71 70 69 87 82 30 29 11 11 45 44 76 74 58 67 59 78 Oet 75 73 73 72 87 81 29 31 12 12 43 46 78 • 77 61 64 57 77 Nov... 74 75 73 73 84 81 28 31 11 11 41 43 77 77 60 60 59 77 Dec 77 36 76 85 85 90 25 31 10 12 36 47 78 79 63 56 64 77 Jan.... S8 90 87 90 91 94 22 27 10 12 32 39 79 81 64 58 64 79 Feb.... 91 89 91 88 92 96 24 28 13 14 33 39 81 82 69 61 65 80 Mar... 90 88 91 86 90 97 26 26 16 16 34 35 82 82 71 62 65 79 89 86 91 79 87 30 27 22 IS 33 33 82 82 71 59 61 80 »87 83 89- 32 27 25 21 39 32 81 81 69 61 61 80 9 Preliminary. *Average per working day. 1 For indexes of groups and separate industries see pp. 487-488; for desciption see BULLETIN for February and March 1927; for revised figures at •»""*month: f For 1 The indexes ?or factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by the Federal Keserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries SBe ? Fofinlexes of groups see p. 448; for back figures for totalsee Annual Report for 1933 (table 115) and for groups see BULLETIN for February 'Index of Bureau of Labor Statistics; 1926-100. Index numbers for groups of commodities (also data by weeks) are given on p. 486. For back fibres sce Annual Report for 1933 (table 120). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
448 FEDEKAL EESERVE BULLETIN JULY 1935 MERCHANDISE EXPORTS AND IMPORTS Iln millions of dollars] Merchandise exports i Merchandise imports * Excess of exports Month 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 1931 1932 1933 1931 1935 250 150 121 172 17G 183 136 96 136 167 66 15 25 37 9 224 154 102 103 163 175 131 84 133 152 49 23 18 30 11 236 155 103 191 185 210 131 95 158 177 20 24 13 33 '8 April 215 135 105 179 1G4 1S6 127 88 147 171 29 9 17 33 -6 May . 204 132 114 160 180 112 107 155 24 20 7 6 p -5 187 114 120 171 173 110 122 130 14 4 -2 34 ju]y 1S1 107 144 162 174 70 143 127 6 27 1 34 Aucu^t - ..-- - - .. 165 109 131 172 167 91 155 120 -2 17 23 52 Soptember 180 132 160 '191 170 ' 98 147 132 10 34 13 60 205 153 193 206 169 105 151 130 36 48 42 77 194 139 184 195 149 104 129 151 44 34 56 44 December 184 132 193 171 154 97 134 132 30 35 59 38 Year 2,424 1,611 1,675 2,133 2,091 1,323 1,450 1,655 334 288 225 478 9 Preliminary. ' Revised. i Including both domestic and foreign merchandise. * General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Back figures—See BULLETIN for January 1931, p. 18, and for March 1931, p. 136. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers based on value figures; 1923-25 average-100] [Index numbers; 1923-25 average=100] Index of sales' Index of stocks (end of 1934 1935 month) May Jan. Feb. Mar. Apr. May Month 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 d- 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 dvariation justment variation justment Adjusted for seasonal variation 1934 1935 1934 1935 1934 1935 1934 1935 Total 63 64 65 65 61 61 Coal 69 73 75 82 63 67 J M F a e a n b r u r c u a h a ry ry . _ . 5 5 7 7 9 3 L F C G o i o r v r a k e e i e n s s t t o a p c n r k d o d g u r c ai t n s products. _ 3 7 5 5 3 5 2 8 3 5 4 6 1 6 2 2 3 5 3 6 5 9 9 2 5 3 6 3 2 3 7 9 3 4 4 7 3 1 9 4 5 6 3 4 0 8 3 1 J A M u p a n r y e il . - . . 7 7 7 0 3 7 M M Or i e e s r c c e h l a la n n d e i o se u s i 3 6 6 9 8 5 7 6 3 2 5 1 3 7 6 4 3 5 4 7 6 0 0 4 4 6 6 9 3 7 6 4 6 3 7 4 July 61 August 60 Without seasonal adjustment September 79 October 82 Total 63 58 61 62 59 61 November 83 Coal •" 61 82 81 77 53 60 December 135 Coke _ I 58 69 70 52 46 50 Grain and grain products. _ 61 54 57 57 57 55 Year.. 75 65 Livestock 49 44 37 34 38 38 Forest products 35 28 36 34 35 35 Ore 59 7 8 10 2.5 71 » » B P a r s e e li d m t i h n r a o r u y g . hout on figures of daily average sales—with allowance M M i e s r c c e h l a la n n d e i o se u s l 7 6 0 7 5 6 8 1 6 6 3 2 6 6 7 5 6 6 9 5 6 6 7 5 for changes from month to month in number of Saturdays and Sundays and for 6 holidays: New Year's Day, Memorial Day, Independ* ence Day, Labor Day, Thanksgiving Day, and Christmas. Adjust- 1 In less-than-carload lots. ment for seasonal variation makes allowance in March and April for the Based on daily average loadings. Source of basic data; Association effects upon sales of changes in the date of Easter. of American Railroads. Back figures.—See BULLETIN for April 1935, pp. 254-255. Back figures.—See BULLETIN for February 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN 449 JULY 1935 FOREIGN BANKING AND BUSINESS CONDITIONS ARGENTINE BANKING AND MONETARY LEGISLATION A series of six laws passed in March, by the of selection but leaves the number of directors Argentine Congress and promulgated on March unchanged. 28 accomplished a fundamental revision of the The new Central Bank of the Argentine banking system of the country. A Central Eepublic takes over the assets and liabilities Bank of the Argentine Republic was created, a of the Conversion Office and the balances in commercial bank law was enacted for the first the Exchange Profits Fund and the Fund of time, an institution to liquidate frozen assets Foreign Currencies. The Kediscount Comof the banks was established, the organic laws mittee, which was attached to the Bank of the of the two official banks were amended, and Argentine Nation, and the Autonomous Board measures to inaugurate the entire system were of Amortization, which performed certain authorized in an organization law. The new duties in connection with the Patriotic Loan Central Bank started operations on May 31. of 1932, are abolished. Full translations of the Central Bank law, All currency now in circulation is to be the organization law, and the new commercial replaced over a period of years by new notes. bank law are published below. No translation Subsidiary currency in denominations of 5 pesos or less is now an obligation of the National is given of the three remaining laws, but their Government without metallic guarantee. Note content may be briefly indicated. circulation of larger denominations is backed A new Government-owned establishment, the by the gold and foreign-exchange reserves held Institute for the Liquidation of Bank Investby the Central Bank. ments, is created to take over the frozen assets of the banks for gradual liquidation, giving CENTRAL BANK OF THE ARGENTINE them in return payment partly in cash and REPUBLIC partly in Government securities that are not subject to rediscount. To insure the Govern- Law 12,155 ment against loss, the banks guarantee the full Buenos Aires, March 28, 1935 recovery of the value assigned to these frozen assets. Within 8 years, at the request of the WHEREAS: The Senate and Chamber of Deputies of the Argentine Nation, assembled in Congress, etc., Central Bank, the Chief Executive must wind sanction with force of law. up the Institute and propose to Congress a method of handling any remaining assets. CREATION AND OBJECT OP THE CENTRAL BANK As a result of the new legislation, the status ARTICLE 1. There is hereby created the Central Bank of the Argentine Republic for the period of forty of the Bank of the Argentine Nation is altered. The new Central Bank takes over from the ART. 2. The Bank shall have its domicile in the city Bank of the Argentine Nation the duties of of Buenos Aires. It may establish branches or agencies banker to the Government and of manage- and appoint correspondents by resolution of the Board ment of the clearing system. By amendment of Directors. ART. 3. The objects of the Bank shall be: to the organic law of the Bank of the Argen- (a) To concentrate sufficient reserves to moderate tine Nation, the limit on total loans that the the consequences of fluctuations in exports and investbank may make to the National Government ments of foreign capital, on currency, credit and is reduced from 25 to 15 percent of the bank's commercial activity, in order to maintain the value of the currency; „ „, ... capital and surplus; and the bank is prohibited (b) To regulate the volume of credit and the means from making loans in any form, direct # or of payment, adapting them to the real volume of trade; indirect, to the provinces or municipalities. (c) To promote the liquidity and sound functioning Private advances on securities of the national of bank credit; and to apply the provisions of the and local governments are permitted up to banking law for the inspection, examination, and regulation of banks; 20 percent of the bank's capital and surplus. (d) To act as financial agent and counsellor of the The board of directors is increased from 6 Government in foreign or internal credit operations and members to 8, with representation for finan- in the issue and service of public loans. cial, industrial, and agricultural organizations. CAPITAL AND SUBSCRIPTION OF SHARES An amendment to the organic law of the ART. 4. The original capital of the Bank shall be National Mortgage Bank with regard to the 30 000.000 pesos national currency, divided into dO,UUU board of directors, alters somewhat the method shares of 1,000 pesos national currency each. 145047—35 0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
450 FEDERAL RESERVE BTJLLETIN JULY 1935 The shares shall be nominal and shall be registered The President and Vice-President of the Central in the Central Bank, and may be transferred only with Bank may be removed from office only in case of neglithe consent of the latter, which will have the right to gence or fraud in the discharge of their duties, or for refuse such transfer without stating its reasons for so common crimes, in accordance with the procedure esdoing. In the event of the refusal of a transfer, the tablished for political impeachment. shareholder can require the Bank to buy the shares ART. 11. If either the President or Vice-President at their nominal value, reducing its capital by the dies or resigns or otherwise vacates his office before the corresponding amount. expiration of the term for which he was appointed, an- ART. 5. When the Central Bank is organized, the other person shall. be appointed in the manner pre- National Government will subscribe 10,000,000 pesos scribed in article 10 to serve for the unexpired portion national currency in shares. The national and foreign of the term. banks established in Argentina, which have a sub- ART. 12. Of the twelve directors, one shall be selected scribed capital of not less than 1,000,000 pesos national by the Chief Executive; one by the Bank of the Argencurrency, will subscribe at par an amount of shares in tine Nation; six by groups which shall be formed for proportion to their paid-in capital, until the amount that purpose in the meeting of shareholding banks in the of 10,000,000 pesos national currency has been obtained. following manner: one by the representatives of the No bank, institution or person can hold shares with Bank of the Province of Buenos Aires and other proa nominal value exceeding the fifth part of the capital vincial or mixed banks in the country which hold shares; subscribed by the banks. three by the representatives of the national banks; ART. 6. The 10,000,000 pesos national currency of two by the representatives of the foreign banks; and the capital stock which are not subscribed at the time four elected by the entire meeting of shareholding of the organization of the Bank, will be at the disposal banks—on proposal by the Board and after consultation of the Bank for subscription in accordance with the between the Board and representative organizations— terms established in the next article. from among persons of recognized experience, ability, ART. 7. Banks which may subsequently be estab- and prestige as follows: one agriculturist, one livestock lished in Argentina with a capital of not less than producer, one business man, and one manufacturer. 1,000,000 pesos national currency, or which may None of these four persons shall be a director or emincrease their capital to 1,000,000 pesos national ployee of a bank; nor shall more than three foreigners currency, and shareholding banks which increase their be on the Board at the same time. capital, may be required by the Central Bank to sub- ART. 13. The directors elected in accordance with scribe for shares at a price to be established by the article 12 shall hold office for three years, and may be board, at or above par, taking into account the accumu- reelected, except those appointed by the foreign lated surplus, and in the same proportion as that banks, who may be reelected only after an intervening adopted for the original subscription. The Central period. Bank is authorized, for this purpose, to increase its The directors appointed by the foreign banks shall capital in case the 10,000,000 pesos national currency be of different nationality, and the respective banks reserved for this use in article 6 proves insufficient, with which they are connected shall not be of the same provided that the Government does not decide to sell country of origin. its shares to permit the stated subscription, or if, sub- ART. 14. If any member of the Board of Directors, sequent to such sale, the Bank shall deem an increase other than the President or Vice-President, dies or of capital advisable for the reasons set forth in this resigns or otherwise vacates his office before the expiraarticle. tion of the term for which he was elected, a new direc- ART. 8. The shares of the Bank shall not be pledged tor shall be elected in the manner provided in article for loans or other purposes, except in special circum- 12 to complete the term. stances and then only with the previous written con- ART. 15. The following may not be elected or onsent of the Central Bank. This article must be printed on the back of every share. tinue to hold office as members of the Board: (a) Employees or officials of any department of the Government, except in the case of the first director BOARD OP DIRECTORS referred to in article 12, who may be a national official, ART. 9. The Bank shall have a Board of Directors and the following one who may be an official of the consisting of a President, a Vice-president and twelve bank in question; and those who have held other paid Directors. or salaried positions, with any form of remuneration ART. 10. The President and Vice-President shall be whatsoever, connected directly or indirectly with the Argentines and persons of recognized banking and national, provincial or municipal Governments; financial experience and shall be designated by the (o) Insolvent persons and delinquent debtors of any Ohief Executive in agreement with the Senate from of the shareholding banks; among the three candidates for each post elected by (c) Persons who have been convicted for ordinarythe meeting of shareholding banks. They shall remain offenses. in office for seven years and may be reelected. ART. 16. The members of the Board shall serve in an The President and Vice-President shall devote their honorary capacity except in the case provided for in entire activities to the exclusive service of the Bank- article 18. and, while holding office, shall not occupy any other ART. 17. The President, or in his absence the Viceposition, whether salaried or not. President, shall, on behalf of the. Board of Directors, They shall be entitled to receive such salaries and exercise control over the Bank, with authority to act perquisites as the Board of Directors, subject to confirand make decisions in all matters which have not been mation by the meeting of shareholding banks, may from specifically reserved to the meeting of shareholding tune to time determine; but under no condition shall banks; he shall also represent the Bank in its dealings they be remunerated wholly or partly by any form of with third parties. commission, or the salaries and perquisites payable to ART. 18. The President may, if he deems it advisable, them be computed in relation to the profits of the Bank form an advisory committee composed of the Vice- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN 451 President and two directors designated by the Board for within 30 days of the receipt by the Board of Directors one year and eligible for reelection, at least one of of the corresponding application. whom must be a banker. The advisory committee ART. 23. The meetings shall be presided over by the shall meet at least once a week. The Board may fix a President or, in his absence, by the Vice-President, remuneration for these two directors, subject to con- or in the absence of the latter by the Syndic [a reprefirmation by the meeting of shareholding banks. sentative of the Board of Directors]. ART. 19. The President, or in his absence the Vice- Each share has one vote; but no shareholder shall President, may call Board meetings when deemed neces- have the right to assemble a number of votes sary, but at least once every fifteen days. Seven mem- representing more than a tenth part of the capital bers will constitute a quorum and, unless otherwise subscribed by the banks. provided, decisions will be taken by a simple majority The same person may not represent more than one of votes of those present. In case of a tie, the Presi- shareholding bank at the meetings. dent, or, as the case may be, the Vice-President, shall ART. 24. The powers of the meeting of shareholding have an extra vote. banks shall be the following: ART. 20. The Board shall supervise the operations of (a) Discussion, approval, or modification of the the Bank, and its powers and duties will be principally annual accounts and the report of the Board; the following: (6) Decision as to the distribution of the sums (a) To participate in the regulation and administra- assigned to surplus and to the special reserve fund if tion of the Bank, to approve the annual budget of such is created; salaries and expenditures, and to appoint, promote or (c) Declaration of the annual dividend; dismiss employees; (d) Selection of the lists of three candidates each for (&) To establish and to close branches and agencies; President and Vice-President, which must be submitted (c) To appoint correspondents in Argentina and to the Chief Executive; and election of the Directors abroad, defining the character of their relations with referred to in article 12; the Bank; (e) Decision as to the salaries and perquisites of (d) To determine the general conditions and limits the President, the Vice-President and the two members of the various operations authorized by this law; of the Board forming the advisory committee: (e) To fix rediscount and interest rates; (/) Deliberation upon all other matters included in (/) To acquire the properties necessary for the pur- the agenda; poses of the Bank and to dispose of the properties (g) Fixing the remuneration of the Syndic. acquired, in accordance with article 34, paragraph h; All the decisions of the meetings, unless otherwise (g) To review periodically, at least once every six provided, shall be adopted by a simple majority of months, all rediscounts and advances; votes. (h) To approve the renewals and replacements of REDISCOUNT COMMITTEES bills of exchange and promissory notes, in accordance with article 34, paragraph t; ART. 25. The Board of Directors shall appoint a (i) To decide on the transfer or pledging of the rediscount committee for the Head Office and, if neces- Bank's shares in accordance with articles 4 and 8; sary, for any branch of the Bank, the duty of which 0") To appoint the advisory committee when request- shall be to pass upon all documents offered for redised to do so by the President; count, purchase, or collateral on advances. The number (k) To appoint the rediscount committee or com- of persons on each committee shall be fixed by the mittees; Board. (I) To draw up the annual report and balance sheet ART* 26. Members of the rediscount committees and profit and loss account for the meeting of the share- shall be persons acquainted with the financial, comholding banks. mercial, industrial, or agricultural and livestock conditions of the country. They shall be appointed for a period of two years and not more than half of the MEETINGS OF SHAREHOLDING BANKS members may be reelected. ART. 21. The ordinary meeting of shareholding On the first occasion of the designation of the membanks which shall be called by the Board once a year bers of any rediscount committee, one-half of the shall take place within the first three months of the members shall be appointed for a period of one year. financial year. Members of the Board, their relatives up to the fourth Three weeks before the date stipulated for the ordi- degree of consanguinity and the second of affinity, nary meeting a notice shall be sent to each shareholding their partners or agents, and persons included in the bank giving the agenda and a statement of the matters provisions of article 15, shall not be eligible for memberto be brought up for discussion. ship on the rediscount committees. Any motion which the shareholders may wish to ART. 27. Membership on the rediscount committees submit to the meeting must be communicated to the shall be honorary, but the Board may authorize the Board during the month following the termination of reimbursement of expenses incurred by the said memthe financial year, accompanied by a statement of the bers in the performance of their duties. ART. 28. The deliberations of the rediscount comreasons for the motion. mittees shall be secret. ART. 22. Extraordinary meetings of shareholding No member of a rediscount committee shall express banks shall be called with at least two weeks' notice, opinions or vote on bills or documents in which he is when the Board deems it advisable, or when a request personally interested; and he shall withdraw from the is made in writing by a number of shareholding banks meeting while such bills or documents are under representing at least a third of the votes, in accordance discussion. „ with article 23. ART. 29. The Rediscount Committee of the Head These petitions must in each case set forth the under- Office shall be presided over by an official appointed by lying reasons for their presentation, with a statement the Board. In ^branch offices, meetings of the redisof the motions to be submitted to the meeting. The extraordinary meetings called by the Board at count committee shall be presided over by the branch the request of the shareholding banks shall take place manager* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
452 FEDERAL RESERVE BULLETIN JULY 103B The Board of Directors of the Bank shall determine (h) Buy and sell foreign currency or foreign exchange the number required to form a quorum. (divisas o cambio extranjero); ART. 30. Resolutions approving or rejecting bills or (i) Act as correspondent or agent for other central other documents shall be adopted by a simple majority banks or for the Bank for International Settlements, of votes, and in case of a tie the president of the com- or for any other organization which may be created mittee shall have an extra vote. with similar purposes of international cooperation; ART. 31. The Bank shall not be bound to discount (j) Take charge of the issue, purchase and sale of bills or accept securities approved by the Rediscount National Government securities, for the exclusive Committee. The bills or other securities which may account of the latter, without the Bank being perhave been rejected by the Rediscount Committee may mitted to subscribe for those securities or to guarantee be accepted by the Bank, on condition that they are their sale; approved by the Board, by vote of seven directors. (k) Administer the clearing system in Buenos Aires and in other markets; OPERATIONS OF THE BANK (I) Sell to other banks, or repurchase from them, the consolidated bonds of the National Treasury, received ART. 32. The Bank may, in accordance with the or purchased by the Bank in accordance with article 7 conditions to be established by the Board: of the Law of Organization, and the national securities (a) Issue notes in accordance with the provisions of purchased in accordance with article 34, paragraph (b), this law; last part. (b) Buy and sell gold; ART. 33. The Bank shall regularly publish rates for [c) Accept money on deposit in current account rediscounts and advances. Under no circumstances without interest; may it effect rediscounts or advances at rates below (d) Rediscount, for shareholding banks, or for those those stipulated. which are not shareholders, documents arising out of ART. 34. The Bank is forbidden to: commercial operations connected with trade in mer- (a) Issue notes in denominations of five pesos chandise, bearing at least two good signatures, one of national currency or less; which must be of a bank, maturing at the latest within (b) Grant loans to the National G o vernment, whether 90 days from the date of the rediscount and complying in the form of rediscounts, discounts, advances, overwith the requirements of the Commercial Code; or it drafts, purchase of Treasury bills, bonds, or other namay purchase such documents. When documents comtional government securities or obligations, but withply with the requirements previously stated, but bear out prejudice to: three or more good signatures, including at least one of (1) The operations authorized in articles 32, a bank, the rate of discount shall be lower than that charged in the case previously mentioned in this paragraph (f), item (2); and 44; paragraph; (2) The purchase of national securities, which under no circumstances may exceed the (c) Rediscount, for shareholding banks, or for those amount of the Bank's capital, its surplus, which are not shareholders, documents arising out of and the amortized amount of the consolioperations relating to the production, processing, or dated bonds of the National Treasury resale of agricultural, livestock, or industrial products, ceived or purchased by the Bank in bearing at least two good signatures, one of which accordance with article 7 of the Law of must be of a bank, maturing at the latest within 180 Organization; days from the date of rediscount and complying with (3) The rediscounting of documents pertaining the requirements of the Commercial Code; or it may purchase such documents. In case the documents meet to banking, commercial, industrial t or the previously stipulated conditions but mature within public service enterprises, belonging a maximum period of 90 days from the date of redis- wholly or in part to the National Governcount, or bear at least three good signatures, including ment, provided the documents in question one of a banking firm, the rate of rediscount shall be comply with the requirements of article lower than that charged in the case previously men- 32, paragraphs (d) or (e), and the entertioned in this paragraph; prises referred to have resources (patrimonio) independent of those of the (/) Grant advances to shareholding banks for a fixed National Government. period not exceeding 90 days, at a rate of interest at (c) Grant loans, directly or indirectly, to the provleast one point above the Central Bank's official mini- t inces, municipalities, or autonomous divisions dependmum rediscount rate for 90-day sight documents against the following securities: ent thereon, in the form of rediscounts, discounts, advances, overdrafts, or purchase of bills, securities, or (1) Bills of exchange and promissory notes conbonds, or in any other form whatsoever, with the excepforming to the conditions set forth in tion of the rediscounting of documents pertaining to paragraphs (d) or (e) of this article and banking, commercial, industrial or public utility enterup to 80 percent of their nominal value; prises belonging wholly or in part to the provinces or (2) Securities of the National Government municipalities, provided the documents in question quoted on the market, provided that the comply with the requirements of article 32, paragraphs amount of the advance does not exceed (d) or (e) and the enterprises referred to have resources 80 percent of the stock exchange quota- (patrimonio) independent of those of the provinces or tion of such securities, and that the total municipalities; of such advances, combined with the (d) Guarantee or endorse those bills or other oblinational securities belonging to the gations of the National Government, the provinces, mu- Bank (excluding the consolidated bonds nicipalities, autonomous bodies or similar institutions; of the National Treasury) does not (e) Engage directly or indirectly in any commercial, exceed the limit referred to in article 34, agricultural, industrial or other undertaking; paragraph b; if) Purchase shares, except those of the Bank itself (g) Make advances on gold, coined or in bars, up to 95 percent of its value; as indicated in article 4, and those of the Bank for International Settlements, or of any other/ body which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 453 may be created for similar purposes of international Bank; and the foreign currency or exchange shall be cooperation; or grant loans on the security of shares included in the reserve only to the extent of the net of any sort; balance, i. e., the free balance after all liabilities in gold (g) Make unsecured advances or grant overdrafts; and foreign currency and exchange have been deducted. except in case of reciprocal credit agreements with other If, during any fiscal period, the reserve in relation to central banks; the notes and demand liabilities falls below 33 percent (h) Purchase real estate, except such as shall be during 60 consecutive days, or over a total period of necessary to enable the Bank to conduct its business; 90 days, no dividend shall be paid to the shareholding purchase goods; or make advances on the security banks, and the corresponding profits shall be allocated of real estate or mortgages. In the event that any to the Bank's surplus. credit granted by the Bank becomes, in the opinion of Art. 40. Under no circumstances may the Bank hold the Board of Directors, endangered, the Bank may take foreign currency or foreign exchange amounting to more the necessary measures to secure itself with any real than 20 percent of its reserves; or include them in its property or goods of 'the debtor and may acquire such reserves for more than 10 percent. property or goods which shall, however, be resold as Art. 41. The Bank shall be obliged to exchange Us soon as practicable thereafter; notes at sight in amounts not less than the value in (i) Allow the renewal or replacement of matured bills national currency of a typical gold bar of 12.441 kiloof exchange or promissory notes rediscounted or taken grams (400 ounces "troy*'), for gold or, at the option of as collateral by the Bank, except under special circum- the Bank, for foreign currency or exchange. stances when the Board of Directors may authorize The rate at which notes shall be exchangeable into one renewal or replacement only, for a period not to foreign currency, or vice versa, shall not vary from exceed 90 days. parity by more than 2 percent either way. ISSUE OF NOTES AND METALLIC GUARANTEE RELATIONS WITH THE BANKS AnT. 35. During the entire term of its charter the ART. 42. National and foreign banks operating in Bank shall have the sole right of note issue throughout the country with a capital of not less than one million the Argentine Republic, except as regards the sub- pesos national currency shall at all times maintain at sidiary currency referred to in article 4 of the Law of the Central Bank two-thirds of the minimum cash Organization; and neither the National Government, reserve determined by the banking law in relation to nor the governments of the provinces, nor the munici- the volume of their deposits. These balances shall palities, banks, or any other institutions whatsoever form the basis of the clearing system which the Central shall issue notes or other documents which are likely to Bank shall operate in Buenos Aires, and in other pass as paper currency. centers; but in the event that the reserves of any bank ART. 36. The Bank shall be responsible for all the fall below the legal limit, the difference must be made notes in denominations exceeding 5 pesos national up immediately by the bank in question. The Central currency already issued by the Conversion Office, and Bank is empowered to arrange with the Bank of the will replace them with a new issue of Central Bank Argentine Nation for deposit in the branches of notes. the latter institution of the cash which interior banks The future issue or coining of subsidiary currency in must deposit in the Central Bank, and of the cash denominations of 5 pesos or less (including nickel and which interior branches wish to deposit as part of the copper coins) by the National Government, shall be cash reserves required to be held in the Central Bank effected exclusively at the request of and through the by the nks to which they belong. intermediary of the Central Bank, in accordance with public requirements; but in no case may it exceed 20 RELATIONS WITH THE GOVERNMENT pesos national currency per capita, according to the annual estimates of the National Statistics Department. ART. 43. The National Government shall entrust the One-half of the future issue or coining of subsidiary Bank with all its remittances, exchanges, and bankcurrency shall be effected by the simple exchange of an ing transactions both at home and abroad. The funds equivalent amount of notes of the Central Bank, with of the National Government shall be deposited in the the simultaneous cancellation of an equal part of Central Bank. The judicial deposits shall continue the bond without interest referred to in article 4 of the to be made in the Bank of the Argentine Nation. Law of Organization; the other half shall be delivered The Chief Executive shall issue a ruling on this article directly and without any exchange whatsoever to the and may exclude from its provisions autonomous insti- National Treasury, allowing for the deduction of the tutions as well as the guarantee deposits made for cost of the operation. Once the said bond has been the purpose of participating in public tenders. entirely cancelled, any future issue or coining of sub- ART. 44. The Bank may make temporary advances sidiary money shall be delivered directly and without to the National Government to cover seasonal or temany exchange to the National Treasury at its expense. porary deficiencies in revenue collections, to an amount ART. 37. The notes shall be in denominations of not exceeding 10 percent of the average cash receipts more than 5 pesos as determined by the Board of obtained by it in the previous three years; every Directors. advance made under this provision must be repaid ART. 38. The notes of the Bank shall be legal tender within 12 months from the time it was made; and if throughout the territory of the Argentine Republic any such advance remains unpaid after that date, for the amounts stated thereon. the power of the Bank to make further advances of ART. 39. The Bank shall at all times maintain a this kind in any subsequent year shall not be exercisable reserve sufficient to assure the value of the peso, until the amounts due have been repaid. On these m gold, foreign currency, or exchange, equivalent to advances, the Government shall pay interest not at least 25 percent of its notes in circulation and exceeding the current minimum rediscount rate. demand liabilities. ART. 45. The Ministry of Finance of the National The gold and foreign currency or exchange shall be Government shall inform the Central Bank every three unpledged and in the unrestricted ownership of the months regarding Treasury transactions, the progress Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
454 FEDERAL RESERVE BULLETIN JULY 1935 of revenue collections and expenditures, the condition ART. 55. The duties of the Syndic [a representative of the public debt, and other matters relating to the of the Board of Directors] shall be undertaken by one of financial situation* the following officials to be designated annually by the ART. 46. The Bank shall open a general account for Chief Executive: Members of the Tribunal of Accounts the General Treasury of the Nation, to which all re- or the Procurator of the Treasury. The remuneration ceipts, regardless of their nature, and all advances made to be received by the Syndic shall be fixed by the to the Government shall be credited, and shall make meeting with the same restrictions as those established payments or transfers from this account to subsidiary in the final paragraph of article 10. accounts only by order of the Treasury countersigned ART. 56. The General Inspection of Justice shall by the General Accounting Office of the Nation. participate in the meetings only for the purpose of AKT. 47. The Bank shall receive National Govern- assuring compliance with the respective provisions of ment funds and make disbursements therefrom without the present law. remuneration for such services. In conformity with the provisions governing all deposits, the Bank shall TRANSITORY ARTICLES not pay any interest on amounts deposited for the ART. 57. The first Vice-President of the Bank shall account of the Government. retire from his office after five years' service. Of the ART. 48. The relations of the Central Bank with the first directors, four shall retire from the Board after Government shall be maintained through the intermeone year's service, and four after two years' service, diary of the Ministry of Finance. the order of retirement being decided by lot. In ART. 49. In localities where the Central Bank has no elections held to fill the vacancies the restriction set branch, it may designate the Bank of the Argentine forth in article 13 regarding the reelection of Directors Nation to act as agent for the collection and payment chosen by the foreign banks shall not apply. of National Government funds. ART. 58. Until ordered by special law, the provisions AnT. 50. The premises of the Bank and its branches, of article 41 shall not be effective. the operations which it may undertake in accordance ART. 59. Employees and workmen coming within with article 32, and the dividends on its shares shall be the provisions of superannuation and civil pension exempt from all National, provincial, or municipal laws and other national laws which may apply to the taxes or dues. Central Bank, shall have the option, in the first year of PROFITS its operation, of continuing under the benefits of the said laws or accepting those of the bank pension laws. ART. 51. At the end of every financial year, after ART. 60. All matters not covered in the provisions suitable provision has been made for bad and doubtful of this law shall be governed by the provisions of the debts and depreciation in assets, 20 percent of the net banking law and the Commercial Code. profits shall be credited to surplus until such time All provisions in other laws which are inconsistent as this fund amounts to 25 percent of the subscribed capital. Once this amount has been reached, 10 per- with this law are hereby abrogated. cent of the net profits shall be credited to surplus ART. 61. Let it be communicated to the Executive. until the total has reached the amount of the sub- Given in the Session Chamber of the Argentine Conscribed capital. Of the balance, subject always to gress, in Buenos Aires, March 21, 1935 the provisions of article 39, the shareholders shall C. A. BRUCHMANN receive a dividend not greater than 5 percent per GUSTAVO FIGUEROA annum on their share capital. Of the balance remain- Secretary of the Senate ing 10 percent will be assigned to the Bank's surplus ANTENOR R. FERREIRA and the remainder will be credited to the account of the CARLOS GONZXLEZ BONORINO National Government. Secretary of the Chamber of Deputies THEREFORE: Let it become law of the Nation, ACCOUNTS AND RETURNS let it be observed, communicated, published, given to ART. 52. The financial period of the Bank shall be the National Register and filed. one year. Within 20 days of the end of the financial JUSTO year tho Bank shall prepare and publish its balance FEDERICO PINEDO sheet and profit and loss account as of the closing day of the period. The annual report of the Bank shall BANKING LAW be published by the Board of Directors before the date of the annual meeting. Law 12,156 ART. 53. Immediately after the 15th and after the last day of each month the Bank shall make up and Buenos Aires, March 28, 1935 publish a return of its assets and liabilities as of the WHEREAS: The Senate and the Chamber of close of business on such days respectively. Such Deputies of the Argentine Nation, assembled in statements shall be in accordance with the rulings Congress, etc., sanction with force of Law. established by the Chief Executive. REGIME OP THE BANKING LAW GENERAL PROVISIONS ARTICLE 1. No natural person or corporate body ART. 54. During the period fixed in article 1, the shall conduct, in the territory of the Republic, a relations established by this law between the Central business principally dependent on the acceptance of Bank and other banks, and the provisions governing demand or time deposits, or shall use in its firm name, direct or indirect loans to the Governments and the commercial signature, or title, the term bank, banker, composition of the Board of Directors and of the meet- or banking, or open branches similarly entitled, within68 cannot be modified without the consent of the out the previous authorization of the Chief Executive, shareholdings banks given at an extraordinary meeting who may grant this right only after consultation with specially summoned for this purpose. the Central Bank, and after satisfying himself that the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL EESERVE BULLETIN 455 conditions of the present law and the relevant provisions manner and within the same time limits as the real of the Central Bank law have been complied with. estate; Authorization from the Chief Executive will not be (d) Undertake the administration of property of its necessary in the case of official provincial banks. delinquent debtors for a period longer than two years, which may be extended by the Central Bank under MINIMUM PROPORTION BETWEEN DEPOSITS AND CASH special circumstances with the approval of two-thirds HOLDINGS of the Board of Directors; (e) Accept from another bank its own shares as ART. 2. National banks, or branches of foreign banks security. established in Argentina, shall at all times maintain in DEPOSITS the country a cash balance equal to at least 16 percent of their demand deposits and 8 percent of their time ART. 5. For the purpose of this law the term demand deposits. Banks having a capital of not less than one deposits means and includes all liabilities payable million pesos national currency shall keep at least within thirty days, or subject to less than thirty days' two-thirds of the said cash in demand deposits at the notice before payment; and the term time deposits Central Bank and the remainder necessary to make up signifies all liabilities, including savings deposits, subject the minimum cash holdings required shall consist of to the provisions of article 8, payable after 30 days or money either in notes or coin. subject to not less than thirty days' notice before payt ART. 3. The Central Bank may temporarily and ment. under special circumstances exempt any bank from ART. 6. The interest paid by the banks on demand the obligation of the minimum cash holding mentioned deposits shall be at least three points less than the miniin the previous article; but while this exemption re- mum rediscount rate of the Central Bank; on savings mains in force the bank in question must not distribute deposits the interest shall be at least one point less than profits without the authorization of the Central Bank. the said rediscount rate. If within two years the bank has not complied with ART. 7. The excess of savings deposits above $20,000 the provisions of article 2, or has not presented a plan national currency per person shall not bear any interest meeting the approval of the Central Bank, it will be whatsoever. In the case of cooperative societies and liquidated in accordance with the provisions of this mutual associations interest [on deposits] up to $50,000 law and the Commercial Code. national currency may be paid. ART. 8. The banks shall not accept savings deposits- PROHIBITED OPERATIONS with the obligation of repaying them without minimum advance notice of 30 days; but they may make ART. 4. The banks are forbidden to: payments at any time and for any amount, without (a) Purchase or permanently retain real estate not such notice. In any case they must repay at any required for the use of the bank and its branches. As time upon demand the small sums and small deposits regards real estate for a bank's own use, or the shares defined in the rules to be issued by the Central Bank. or obligations of the organization to which the real ART. 9. In the event of the liquidation of a bank, the estate in question belongs, there must be submitted savings deposits up to $5,000 national currency shall for approval of the Central Bank a plan of gradual have preference over its general assets, after the other amortization of the value in excess of 20 percent of the categories of privileged credits enumerated in the Combank's capital and of 50 percent of its surplus. As mercial and Civil Codes and the bankruptcy law. regards real properties owned by the banks at the date This same privilege will apply to the deposits of coopof this law, which are not intended for their own use, erative societies or mutual benefit associations up to there must also be submitted for approval of the Cen- $10,000 national currency. tral Bank a plan for their gradual liquidation or amortization. Any bank receiving real estate in payment BALANCE SHEETS AND REPORTS of debts or acquiring real estate to protect its credits must sell the properties within a period of four years ART. 10. Every bank must publish within 60 days of which may be extended by the Central Bank under the end of its financial period upon forms prescribed exceptional circumstances with the approval of two- by the Central Bank and in advance of its annual thirds of the Board; general meeting: (6) Retain shares two years after their acquisition (1) Its general balance sheet; (2) Its profit and loss except as provided in the preceding paragraph; or account. keep in their portfolios, after the same period, deben- The general balance sheet and the profit and loss tures representing more than 20 percent of the capital account must be approved by a national public acof each of the respective issuing organizations, or more countant. than 10 percent of the bank's capital and 25 percent ART. 11. Every bank established in Argentina must of its surplus. As regards the shares and obligations render confidential monthly statements to the Central which at the date of this law are outside the provi- Bank regarding its operations on a form to be detersions of this paragraph, the banks must submit for mined by the latter; and must submit to the Central the approval of the Central Bank a plan for their Bank any further information or amplification of gradual liquidation. Any bank receiving shares or the data given on this form, which the Central Bank obligations in payment or for the protection of its may require. These reports shall be signed by the credits, must comply with these provisions within a general manager and the chief accountant of the period of three years which under exceptional circum- bank, or by those next in order of responsibility. The stances the Central Bank may extend with the statements must show the position at the close of approval of two-thirds of the Board of Directors; business in every month: and must reach the Central (c) Participate directly in any commercial, agricul- Bank within 21 days of that date. tural, industrial, or other enterprise. Such partici- The Central Bank shall publish monthly a summary pation as the banks may have at the date of this law, of the banks' statements showing the totals under the or subsequently take over, for the payment or protec- different headings without, however, divulging the tion of their credits, shall be liquidated in the same individual details of every establishment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
456 FEDERAL RESERVE BULLETIN JULY 1935 INSPECTION OF THE BANKS ANTENOR R. FERREIRA CARLOS GONZALEZ BONORINO ART. 12. The banks shall be obliged to allow access Secretary of the Chamber of Deputies. to their books, documents, and accounts, by the inspec- THEREFORE: Let it become law of the Nation, tors periodically sent for that purpose by the Central let it be observed, communicated, published, given to Bank. In case of irregularities, or violations of this law the National Register and filed. or other legislative provisions, the Central Bank inspection service will advise the Fiscal Procurator who will JXJSTO take steps to impose the corresponding penalties. FEDERICO PINEDO ART. 13. The functions of inspection, control, and LAW OF ORGANIZATION examination of the banks, .including the request for balance sheets and information which have heretofore Law 12,160 been in charge of the General Inspection of the Department of Justice, shall be exclusively the duty of the Buenos Aires, March 28, 1935 Central Bank, which will be empowered to enforce this law. WHEREAS: The Senate and Chamber of Deputies ART. 14. The information gathered from the banks of the Argentine Nation, assembled in Congress, etc., by the Central Bank's inspection service shall be con- sanction with force of Law. sidered strictly confidential, and shall not be communicated to the members of the Board of the Bank, COMMITTEE OF ORGANIZATION with the exception of the President, who, in turn, may inform the Board of Directors when he deems it ARTICLE 1. The Chief Executive is hereby authorized advisable. to appoint an Organization Committee, presided over ART. 15. The Central Bank's inspection service shall by the Minister of Finance and composed of four memundertake liquidation of the banks when they fall bers, to take charge of all matters relating to the organiwithin the relevant provisions of the Commercial zation of the Central Bank of the Argentine Republic Code or of the present law. For the discharge of this (Law No. 12,155) and of the Institute for the Liquidaduty, neither the Bank nor its officials shall charge any tion of Bank Investments (Law. No. 12,157), and to fee; but the Bank may charge to the assets in receiver- propose to the Chief Executive the statutes and decrees ship its total expenses in the handling of the case. considered desirable for the fullest observance of the said laws and of the Banking Law (Law No. 12,156). MORTGAGE OPERATIONS ART. 16. Banks receiving deposits and also carrying ESTABLISHMENT OP THE CENTRAL BANK on mortgage operations shall establish a special section ART. 2. The Chief Executive in agreement with the for the latter, assigning to it a definite capital. Such Senate shall appoint the first President and Vice-Presioperations shall be financed exclusively with the said dent of the Central Bank without the necessity of the capital, plus the section's reserves and the proceeds of lists of three candidates prescribed by article 10 of the the sale of bonds and debentures. law establishing the Central Bank. ART. 17. The provisions of this law regarding ac- ART. 3. The Organization Committee shall decide counts and inspection shall be applicable to the mort- on the method of subscription of the Central Bank gage sections referred to in the previous article, but not shares, and on the time limits within which the banks to mortgage banks which do not receive deposits. shall take up the said shares and hand over to the Central Bank the cash reserves corresponding to their MISCELLANEOUS PROVISIONS deposits, according to the legal provisions. ART. 4. The Chief Executive is hereby authorized, ART. 18. The national banks, or branches of foreign at his discretion, and after consultation with the Organibanks established in Argentina, shall annually apply zation Committee, to: at least 10 percent of their liquid profits to the forma- (a) Abolish the Rediscount Committee, the Autonotion of a surplus fund, until such time as it represents mous Board of Amortization, and the Conversion a minimum of 50 percent of their paid-in capital, and until capital and surplus together represent 33 percent Office; , of savings deposits. (b) Transfer to the Central Bank the assets and liabilities of the Conversion Office together with the ART. 19. Banks which violate the provisions of this official deposits of the Bank of the Argentine Nation— law shall be liable to fines of from $500 to $50,000 except those of autonomous departments which it maj national currency; and the persons responsible for the be decided to exclude, as well as the guarantee deposits offense, provided that they are not subject to more required for public tenders—the Exchange P™nt? severe penalties under the Penal Code, shall be subject Fund, and the Fund of Foreign Currencies, bucn to similar fines or to imprisonment of from six months to transfers will be effected in accordance with the condifive years, or both, according to the amount and nature of the operations and repatition of the offense. tions and rates of equivalence to be determined «y^fte Chief Executive. For gold in the Conversion Otnce ART. 20. On all points not covered by this law, the the rate of equivalence shall not exceed 43,000 pesos banks shall continue to be governed by the provisions national currency for the fine gold content of a typicw of the Commercial Code. bar of 12.441 kilograms (400 ounces "troy")? - ART. 21. Provisions contained in other laws which f (c) Deduct from the present emission, before efleciare contrary to the present law, are hereby abrogated. ing the transfers mentioned, the subsidiary currency ART. 22. Let it be communicated to the Executive. in denominations of five pesos national currency or ie.s Given in the Session Chamber of the Argentine Con- (including nickel and copper coins) which will be taken gress, in Buenos Aires, March 21, 1935. over by the National Government along with the future C. A. BRUCHMANN coining or issue of this subsidiary money. , GUSTAVO FIGUEROA All gold in the Conversion Office at the time ot tne Secretary of the Senate. enactment of this law shall be transferred to the Central Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 457 Bank without the Government's taking any part of it ART. 9. The Chief Executive is hereby authorized to and on the understanding that the Bank shall not use arrange with the Bank of the Argentine Nation for a it for any purposes other than those expressly stipulated definitive settlement regarding the direct or indirect inin the law of its establishment. Until its assets and debtedness of the National Government to the latter, liabilities have been transferred to the Central Bank, after having complied with the provisions of this law the Conversion Office shall have the power to issue notes relative to the floating debt, and to issue for this purpose only in accordance with existing laws. Once this trans- such national securities as may be necessary. fer has been made the Central Bank shall not be permitted to increase the issue except by operations ESTABLISHMENT OF THE INSTITUTE FOR THE LIQUIDATION authorized by the law of its establishment. OF BANK INVESTMENTS When the transfer has taken place, the balance of the Conversion Office's credit against the National ART. 10. Before appointing the President and the Government for issues prior to law 3,871 after deduct- members of the Liquidation Institute, the Chief Execuing the amount of the subsidiary notes, shall be repre- tive shall approve the general methods for its functionsented in the Central Bank by a non-interest-bearing ing as outlined by the Organization Committee. bond, issued by the National Treasury. ART. 11. The Liquidation Institute will immediately Obligations expressed in gold pesos, which heretofore proceed to examine the frozen assets which the banks could be paid at 2.27 paper per gold peso, shall continue may offer to it and which the Institute may be prepared to be paid in the same manner. to buy, particularly in relation to rediscount liabilities, in order to propose to the Organization Committee terms EXCHANGE OF THE PRESENT ISSUES for the purchase of such assets by the Institute, along with the general plan for their liquidation. ART. 5. The notes of the present issue of the Con- ART. 12. When the provisions of the previous article version Office transferred to the Central Bank which have been complied with, and when the funds required are not presented within two years from the date on by the National Government for compliance with which the Bank starts the emission of the new notes article 5 of the law establishing the Central Bank (Law shall cease to be legal tender, but will be exchangeable No. 12,155) and of article 2 of the law establishing the at the Bank during the three subsequent years. Institute for Liquidation of Bank Investments (Law On the expiration of.this period the balance which No. 12,157) have been set aside, the Organization Comhas not been presented for exchange will be transferred mittee will decide "ad referendum" to the Chief.Executo the Reserve Fund of the Liquidation Institute, after tive, the ultimate sum of the Liquidation Institute's deducting the cost of replacing all the present note reserve fund which may be invested, similarly to its issues. However, the notes which are presented to the capital, in national securities or in national Treasury Central Bank after the expiration of the stated time consolidated bonds. limit and within a new period of ten years, will be ART. 13. The difference between the initial amount of exchanged for notes of the said Bank for the account the reserve constituted according to article 2 of the law of the Government. establishing the Liquidation Institute, and the ultimate ART. 6. Within two years from the beginning of the sum referred to in the previous article shall be transoperations of the Centra] Bank, and through the inter- ferred to the National Government to be utilized exmediary of the latter, the Chief Executive shall, in clusively for the cancelation of its actual banking inaccordance with article 36 of the law of its establishment debtedness. (Law No. 12,155), replace the subsidiary notes in denominations of five pesos or less with new notes of GRADUAL TRANSFER OF EXCHANGE OPERATIONS TO THE legal currency. CENTRAL BANK The balance of notes which has not been presented for exchange three years after the expiration of the period ART. 14. The Organization Committee, with the conof two years established in the preceding paragraph, currence of the Bank, shall advise the Chief Executive shall be provided for under the terms of the second part how and when the management of exchange operations should be turned over to the Cpntral Bank, which, howof the preceding article. ever, pending the restoration of freedom of the exchanges, When these time limits have expired, all the present will be guided by rules laid down by the Chief Executive. notes in denominations of 5 pesos or less shall cease to ART. 15. In the Exchange Profits Fund transferred be legal tender, but will be exchangeable for subsidiary to the Central Bank under the terms of article 4 of the money on presentation to the Central Bank, within a present law, there shall be entered as credits the differnew period of ten years. ences between buying and selling rates for foreign exchange arising out of exports. Such exchange shall be TRANSFORMATION OF THE FLOATING DEBT negotiated only by banks or authorized firms even when ART. 7. The Chief Executive is hereby authorized the Chief Executive authorizes its sale in the free market. to transform into National Treasury 3 percent consoli- This also applies to currencies obtained from all other dated bonds with J4 percent cumulative amortization exchange operations. There shall be entered as debits: the balance, up to a total of 400,000,000 pesos national (a) Exchange differentials in the service of the public currency, of the credit against collateral of patriotic loan debt and other foreign remittances of the National Govbonds and Treasury bills at present in circulation. This ernment; also the expenses of the Exchange Control measure will be adopted after consultation with the Board according to the budget approved by the Chief Organization Committee. Bonds originating in the Executive; transformation of the bills will be bought at par by the (6) The adverse differences between the purchase and Central Bank for the purpose of the operations referred selling prices of grain acquired by the Grain Board; and to in article 32, paragraph I, of the law of its establish- expenses of the latter as approved by the Chief Execument (Law No. 12,155). tive. Should the difference be a profit, it shall be ART. 8. The Conversion Fund referred to in article credited to this fund. 3 of law No. 3,871 shall be canceled, its assets being (c) The price differences which the Chief Executive, applied to paying off the floating debt of the National through emergency organizations which he may d^em Government." expedient, decides to assign directly or indirectly to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
458 FEDERAL RESERVE BULLETIN JULY 1935 tfhe agricultural and livestock producers, according to ART. 19. The functions of the Foreign Currency ithe margin obtained in the sale of foreign currencies Committee shall be: .or exchange resulting from the exportation of the (a) To propose to the Ministry of Finance the proproduct or group of products concerned in the said cedure for the approval and granting of advance .differences of quotations; and the expenditures of such permits by the Exchange Control Office, and to see organizations as approved by the Chief Executive. that the procedure approved by the Ministry is Art. 16. The funds which are not utilized in the complied with; manner stipulated in the preceding article may be (b) To study claims presented by importers to the incorporated in the Fund of Foreign Currencies referred Exchange Control Office and to advise the Ministry of to in article 43 of the current Budget Law, until such Finance thereupon. time as the Honorable Congress decides upon its definite (c) To appoint, at its discretion, advisory sub- .application. There will also be added to this fund the committees. surcharge up to 20 percent (including, for purposes of computation, the difference between the official rate MISCELLANEOUS PROVISIONS a-nd the free market rate) on the sum of foreign currency ART. 20. The Organization Committee shall submit (Corresponding to the value of imports without advance its budget for the approval of the Chief Executive. permits, which must be paid in foreign currency or The necessary funds will be advanced from general exchange to the authorized banks before the goods can revenues. They will later be refunded by the Central be cleared through the customs, in accordance with the Bank and by the Liquidation Institute, as and when -ruling of the Chief Executive and for the duration of the the latter have been put in operation. •system of advance exchange permits. ART. 21. The Procurator General of the Nation, ART. 17. The Chief Executive will decide upon the as well as the legal and technical advisers of the public .documents necessary, including the sworn statement, to authorities, shall give opinions at the request of the establish the character of all exchange operations. He Organization Committee. jnay require of exchange brokers, or of those who act as ART. 22. The Chief Executive shall make known to buyers, sellers, brokers, or in any other manner in ex- Congress, during the forthcoming period of ordinary change operations, any information relating thereto sessions, the manner in which the provisions of this which may be considered desirable, and may inspect law have been complied with. .all the pertinent books and documents. ART. 23. The Chief Executive is authorized to indi- Fines to be imposed in cases of infringements or false cate the numbers of the laws cited in each case, when declarations, according to the regulations issued by publishing the present law. *he Chief Executive, may not be more than ten times ART. 24. All provisions in other laws which are in ,the amount of the transactions. opposition to compliance with the present law are abrogated. THE FOREIGN CURRENCY COMMITTEE ART. 25. Let it be communicated to the Executive. ART. 18. The Foreign Currency Committee is hereby Given in the Session Chamber of the Argentine Con- •created as a temporary agency under the presidency of gress, in Buenos Aires, March 21, 1935. ihe Minister of Finance, or, in his absence, of the Under- C. A. BRUCHMANN secretary of Finance. The Committee shall be com- GUSTAVO FIGUEROA posed of a representative "ad honorem" designated by Secretary of the Senate each of the following bodies: Ministry of Foreign ANTENOR R. FERREIRA Affairs and Religion; Ministry of Finance; Ministry of CARLOS GONZXLEZ BONORINO Agriculture; Central Bank, or Organization Committee Secretary of the Chamber of Deputies so long as the Bank has not been organized; Buenos Aires THEREFORE: Let it become law of the Nation, ;Stock Exchange; Rosario Stock Exchange: Argentine let it be observed, communicated, published, given to Industrial Union; and the Importers' Association. the National Register and filed. The Director of the Exchange Control Office may attend meetings of the Committee, with the right to JUSTO ^peak but without the right to vote. i FEDERICO PINEDO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 459 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. $l=155Si grains of gold ?io fine; I. e.( an ounce of fine gold=$35] Europe End of month (5 T 0 o c t o a u l n- United Canada tries) c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany 1934—April 20 820 7 757 130 11HAn c 636 10 111 ATI May 20,957 7 779 130 11 426 t15 635 19 111 fin i C77 en June 21,166 7 856 132 11 ^a 15 625 19 111 fin E7Q e 074 00 July 21 302 7 931 133 }{592 15 618 19 111 fin 1 t •>'}! in August 21,487 7,978 131 n 747 I15 623 19 111 60 1,580 5,439 30 September. 21,528 7,978 131 n 787 i15 626 19 111 60 1,581 5,455 30 October... 21,584 8,002 132 n 813 i15 609 19 112 m 1,582 5,403 33 November- 21,646 8,132 133 n 730 \h 589 19 112 m 1,5S3 5,413 32 December- 21,771 8,238 134 n 751 '15 590 19 112 60 1,584 5,445 32 1935—January... 21,879 8,391 132 n 697 t15 599 19 112 60 1,5S6 5,438 32 February . 22,022 8,527 135 n 679 15 596 19 112 ,58G 5,439 32 March * 22,098 8,567 »19O n 633 i15 532 19 112 60 ],580 5,479 33 April., *21 861 8 710 187 97Q [5 518 19 112 GO ] 587 5 166 33 May. P 21 A&1 8 858 189 P 10 714 15 605 19 112 60 587 4 759 33 June » 9,115 188 634 1,58S 4,708 34 Europe—Continued End of month Greece Ilungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la i n tz d er- U. R S .a S. Y sl u av g i o a - c t o ri u e n s - 1934—April 41 23 GOO 539 61 92 65 101 730 167 534 TOfi 53 57 May 43 23 594 551 61 99 66 102 167 535 706 53 58 June 43 23 576 573 61 0? 67 102 7^q 168 535 71 fl 53 58 July __ 34 23 567 588 61 93 67 102 710 168 537 716 53 58 August 36 23 ^65 588 61 94 67 103 740 169 567 rie 53 58 September. 36 23 554 588 61 94 67 103 740 170 591 716 54 61 October.__ 37 23 Ml 601 61 94 67 103 740 163 621 716 54 61 November 40 23 ^20 582 61 95 67 103 740 160 624 716 54 61 December. 40 23 518 573 61 96 63 104 740 159 624 744 53 60 1935—January... 39 23 555 61 96 68 104 740 159 600 744 37 59 February. 39 23 ^19 ' 552 61 96 68 105 740 159 586 744 38 58 March 38 23 S19 553 61 96 68 106 741 160 560 748 36 59 April 37 23 519 439 61 P7 68 106 741 160 446 74S 38 5ti May 37 23 ^10 440 66 '63 J> 106 741 161 748 40 June »49S 427 75 391 Latin America Asia and Oceania Africa End of month T c tr o ( o i 1 e u t 0 s n a ) l - g t A i e n r n a - - Chile lo C b m i o a - - M ic e o x- Peru g U u r a u y - o c tr t o h i 4 u e e n s r - c T tr o o i ( e u 7 t s n a ) l - India Japan Java N l Z a e e n a w d - T k u ey r- o c tr t o h i 2 u e e n s r - c T tr o i o ( e u 4 t s n a ) - l Egypt A So fr u ic th a o c tr t o h i 2 u e e n s r - 1934-Apr.... 591 405 20 24 22 19 87 15 781 275 362 77 42 21 6 220 55 149 17 May... 594 405 20 24 23 19 87 16 803 275 382 79 42 20 6 226 55 154 17 June... 593 405 20 25 26 19 84 14 804 275 3S4 77 42 21 5 233 55 161 17 July... 597 405 24 26 27 19 82 15 806 275 386 77 42 21 6 244 55 172^ 17 Aug... 403 28 26 29 19 82 16 807 275 387 77 41 21 6 220 55 149 17 Sept... 602 403 28 24 28 19 82 17 803 275 388 77 36 22 6 226 55 155 17 Oct.... 403 29 22 25 19 82 18 795 275 390 77 26 22 5 245 55 173 17 Nov... 599 403 29 21 26 19 82 9 796 275 392 77 25 22 5 255 55 184 17 Dec... 595 403 29 19 23 19 82 20 798 275 394 77 25 22 6 255 55 184 17 1935—Jan.... 592 403 29 15 21 19 82 31 800 275 395 78 25 22 5 267 55 196 17 Feb.... 593 403 29 14 23 19 81 22 804 275 397 SO 25 22 5 285 . 55 214 17 A M M p a a r y r. . . . . . » ' J 5 > 5 9 9 5 5 7 97 "4 4 4 0 0 0 3 3 3 2 2 9 9 1 1 1 4 4 4 2 2 6 6 2 1 0 9 8 8 2 2 V p p. 2 2 Z 3 l 3 8 8 80 0 0 0 1 5 *2 2 2 7 7 7 5 5 5 3 4 4 0 0 9 0 3 8 8 7 7 0 1 6 2 2 2 5 3 3 2 2 2 2 3 2 5 5 1 t 3 2 2 9 8 0 5 6 8 5 5 5 5 5 5 2 2 2 1 2 3 4 3 6 » M 1 1 7 7 7 > * w F s i g ir u o r u es n a fo n r g M ur a e r s c , h i n 19 3 C 4 a ; n J a u d n i e a n 19 d 34 o ll D ar e s c ) e ; m Fr b o e m r 1 9 u 3 a 4 n , a o a r t M an a r m ch in 1 i 9 s 3 te 5 r c 0 ar 1 r i f e i d n a f n or c w e, a r w d w fo u r . s « ub w s , e q u u u e m n t W m » o IW nt I h B s U , fo " r " r w • h i i ch n S o r ^ K - ^ i.b « a « m K «n te ™ en ™ n^ .+ rt ^ ed. ' Beginning April 1935, represents gold heldi by Reserve Bank of India, which acquired the gold previously held in gold standard reserve and NOTB.-The countries for which ngures are not shown separately are in Europe: Albania, Danzig, Estonia, JSffin^iw^CMM Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Sum; and In Africa: Algeria and Be1^ Congo. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372, and uecemoer 1W4, p. WII. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
460 FEDERAL RESERVE BULLETIN JULY 1938 GOLD PRODUCTION fin thousands of dollars! Production reported monthly- Esti- Year or month m w a o t r e ld d Africa North and South America Far East production Total A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o lg ng ia o n Canada U S n ta i t t e e s d Mexico Co b l i o a m - ! Chile Au li s a tra- Japan India o grains of gold ^io fine; i. e.t an ounce of fine gold=$20.67 1929.. 404,069 359,347 215,242 11,607 4,297 2,390 39,862 45,835 13,463 2,823 683 8,712 6,927 7,50S 1030.. 430,725 373,154 221,526 11,476 4,995 2,699 43,454 47,123 13,813 3,281 428 9,553 8,021 6,785 1031-. 461,592 394,399 224.863 11,193 5,524 3,224 55,687 49,524 12,866 4,016 442 12,134 8,109 6,815 1932.. 499,241 421,650 238,931 12,000 5,992 3,642 62,933 50,626 12,070 5,132 788 14,563 8,198 6,782 1933.. 522,555 420,093 227,673 13,335 6,623 3,631 60,968 52,842 13,169 6,165 3,009 16,790 8,968 691& $l=15Hi grains of gold yi&fine; L c, an ounce of fine gold=$35 1934.. 722,716 366,795 24,264 12,153 6,549 103,769 107,632 23,135 12,045 8,350 30,447 16,354 11,223 March 53,676 30,550 2,042 965 571 8,726 8,409 1,194 940 554 2,415 1,390 921 ApriL. 58,250 30,173 2,014 941 509 7,975 8,059 2,233 843 648' 2,566 1,376 914 May 61,476 31,324 2,055 951 566 9,090 8,969 2,431 991 425 2,460 1,268 946 June 59,429 30,138 2,048 946 547 8,495 8,724 1,941 1,003 623 2,722 1,310 930 July 60,786 30,773 2,015 1,072 521 8,593 9,214 1,861 1,037 832 2,579 1,351 938 August 61,627 31,015 2,085 1,022 542 9,270 8,829 2,078 1,148 666 2,619 1,413 938 September 60,493 29,951 2,061 1,072 544 8,546 10,404 1,396 940 525 2,625 1,495 932 October 63,725 30,994 2,054 1,117 582 9,278 10,824 2,166 1,143 731 2,453 1,438 944 November 60,765 30,633 1,932 1,080 590 8,750 8,759 2,006 831 1,227 2,650 1,377 929 December 62,176 30,356 2,031 1,135 534 9,148 10,124 2,093 922 681 2,722 1,435 995 1935—January 60,252 31,202 2,024 1,075 599 8,353 8,610 2,410 830 366 2,374 1,463 946 February 55,725 28,717 1,920 1,097 557 8,027 7,700 2,280 991 '70S r 1,439 1,386 903 March p 61,070 31,015 P 1,995 1,078 587 8,732 9,415 *2,275 925 1,005 1,468 1,619 955 April P61,105 30,301 *2,065 p 1,330 *587 8,599 8,785 "2,275 1,015 »1,005 2,637 1,568 938 May p64,111 32,072 >2,065 »1,400 »587 » 9,135 9,660 P2,100 P945 v 1,005 *2,673 v 1,568 *938 p Preliminary. ' Revised. NOTE.—For monthly figures bank to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737, and March 1935, p. 170. For annual fieures of world production back to 1873 see Annual Report of Director of the Mint for 1034, p. 104. Figures for Canada since 1933 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars] United Stales Total Net imports from or net exports (—) to— Year or month net Imports China All e o x r p o n r e t t s England Franco Belgium N l e a t n h d e s r- Sw la i n tz d er- Canada Mexico Co b l i o a m- B In ri d ti i s a h H a o n n d g c o o th u e n r - Kong tries Customs valuations; with some exceptions at rate of $20.67 a fine ounce 1932., -446,21311 39,0431 85,737 1933., -173,45511 6,375|-216,035| -895| 7,9011 -11,6311 19,8061 4,28o| 981 12,8211 -21,898 Customs valuations; with some exceptions at rate of $35 a fine ounce 1934 i- 1,131,994 499,870 260,223 8,902] 04,348 ^^22^^402 30,270| 16,944 76,820 16,452 28,935 March 237,336 135,987 51,821 10,148 3,569 10,272 2,490 11,465 2,865 3,351 April 54.74S 24,054 1,786 7,234 640 2,495 4,613 3,067 1,790 May 33,583 5,927 233 10 8,673 2,086 2,554 10,240 1,865 1,987 June 63,705 31,288 10,750 2,837 37 12,191 2,286 2,190 D A O N J S u e u c e o l p t c g y v o t e u e e b m s m m e t r b b b e e e r r r . . . . . . - 1 1 9 3 5 2 1 8 2 7 2 0 0 , , , , , , 6 1 2 8 3 8 7 0 8 2 4 3 0 9 9 5 6 7 - 2 2 1 1 3 2 9 2 - , , , , , 9 1 6 6 9 8 5 1 8 4 7 7 0 8 9 7 8 2 -1 - 7 2 5 7 2 0 2 . , , 2 , , 7 4 2 3 3 4 1 3 5 2 8 3 2 0 1 6 - - 1 2 1 2 , , , 0 9 8 9 4 1 4 3 4 1 9 7 - , , 5 2 9 7 0 1 0 9 0 2 0 6 -254 8 8 8 3 9 . , , , , 7 6 5 0 2 9 7 3 0 7 0 8 9 5 9 7 0 2 3 6 2 , , , 8 2 5 3 0 6 6 S 9 1 7 6 0 9 5 5 4 6 2 2 3 , , , 1 1 4 - 1 1 8 8 8 1 1 2 4 1 1 8 5 2 1 . , , , 4 9 5 3 8 4 7 0 9 4 0 8 3, 5 6 5 7 2 2 5 1 0 7 5 9 0 3 0 2 4 3 2 3 1 1 1 , , , , , , 1 8 9 8 7 3 8 9 2 6 7 1 0 6 9 0 4 6 1935— J M A M F u J e p a n a a b n r y e r i u r c l u a h r a y ry... 2 1 1 1 1 3 4 4 4 2 1 0 8 0 9 3 2 , , , , , , 0 3 6 0 3 7 6 7 0 0 9 7 1 3 8 3 2 2 8 6 5 1 3 - 1 , , , , 1 9 4 5 6 4 8 8 3 8 2 7 7 1 8 9 4 7 1 1 3 4 1 9 2 2 5 4 4 4 , , , , , 5 7 2 5 0 1 9 6 9 5 5 0 8 6 2 2 6 9 2 1 3 4 2 2 1 , , , , , 8 0 8 4 8 6 8 6 9 1 1 5 6 0 2 339 1 1 4 8 5 3 2 0 , , , , , , 3 0 7 0 4 9 4 5 9 3 4 6 1 6 3 8 4 9 4,9 8 9 7 9 6 9 2 3 2 7 4 1 3 3 9 9 8 2 2 1 1 , , , , 1 4 1 7 0 0 5 1 2 1 7 2 2 1 2 2 0 , , , 5 1 9 6 1 3 2 2 1 6 2 6 9 4 7 1, 3 3 3 5 5 4 3 1 5 2 0 4 4 3 9 7 8 8 4 3 5 2 3 3 , , , , , , 5 9 0 9 7 2 9 7 8 6 1 1 B 2 3 2 1 5 v Preliminary- 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximate rate of $20.67 a fine ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JOLT 1935 FEDERAL RESERVE BULLETIN 461 GOLD MOVEMENTS—Continued Great Britain Net imports from or net exports (-) to: Total Year or month net imports South e o x r p n o e rt t s U S n ta i t t e e s d France m G a e n r y - g B iu el m - N la et n h d e s r-S l w an it d z e 1 r- A So i m c u a e t r h - Canada B In ri d ti i s a h S S m t e r e t a t n l i t e t s s - Au li s a tra- A d W R f e h r s o e i i c - s a a t , , c o t o A r th i u e l e n l s r - Africa Official figures converted at rate of $20.67 an ounce 1932.. 84,5851I -50,6421-297,0501 3331-13,4341 -71,3781-14,0191 5,7461 1 220,3941 10,7811 20,3641255,310! 18,279 677,4051| 7,9391 97,O16| 41.036J -808! -7,0651 —4,299] 9,610| 43,3741 118,817| 8,6821 60,8121 256,177| 46,110 Official figures converted at rate of$SS an ounce 1934. 716,269 -497,166 348,190 121,017 -13,585 32,575 -9,123 17,568 26,316| 206,711 4,863 41,790 335,253 101,860 March. 91,471 -130,087 65,579 358 5,522 -176 187 37,372 1,094 3,105 36,707 5,591 April 35,003 -19,851 3,524 44 523 -216 343 13,033 359 3,824 31,929 8,483 May 37,986 -5,197 8,243 -34 319 -252 284 14,147 485 3,086 42,935 4,750 June 53,056 -35,375 17,495 218 -659 -71 144 17,330 441 3,172 30,505 13,233 July 30,991 -29,369 -2,161 -46 -102 1,794 12,213 70 3,234 32,312 9,070 August 26,005 -15,420 1 45 -6,034 -5 -4,563 1,749 25,146 4,673 22,371 4,774 September.. 23,488 6,251 2,890 -2,157 -203 -1,849 2,052 7,266 962 151 3,507 11,315 1,491 October 49,999 950 105 -1,291 482 -1,118 655 4,992 245 3,438 24,420 12,790 November,. 49,585 -17,284 152 -5,198 -550 -60 670 1*697 18,791 190 2,686 18,495 2,970 December.. 27,215 -22,489 -1,087 310 -109 241 17,882 128 4,126 23,469 2,906 1935—January -4,279 -79,628 36 -349 8,780 -53 24,046 12 4,066 37,231 -3,071 February... -36,566 -74,127 28 -951 2,145 -305 2,057 19,093 88 3,067 11,410 March 66,557 66 53 -1,992 51 -67 1,195 2,970 15,457 296 2,685 12,601 6,570 April 36,529 -20,533 266 -1,013 33,237 -202 152 424 16,249 693 1,920 17,658 21,025 May 146,289 -3,247 209 -1,962 5,780 -54 410 2,696 2,962 484 2,838 55,847 11,197 June P.. 113,910 -18,622 -947 -11,471 -578 6,125 98 V" 6,730 362 1,991 41,804 -1,759 France Germany Net imports from or net exports (—) to: Ne,t imports from or net exports (—) to: Total Total Year or month net net 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 - m G a e n r- y g B iu e m l- 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 r th i u e l e n l s r - i e m o x r p p n o o e r r t t t s s E la n n g d - France N la e e n r t d - h s - U S. . S R . . o c t o A t r h i u l e e l n s r - Official figures converted at rats of $20.67 an ounce 1932 828,1781 468,0521 309,9841 37,8891-35,0101 37,5471-17,6681-27,3821 -27,2821I -2501-38,1701-24,4551 46,6561 11,063 1933 , 243,9441 223.8941-87,207 j 73,0011-28,9791 44,6911 10,4911 8,0531-102,8561| —37,044{—64,9221 —40,9501 40,317| -260 Official figures converted at rate of $3-5 an ounce 1934 _ '-406,949 -240,361 -351,729 31,036 -17,669 74,995 23,657 73,123 -90.920 -109,386 -42,907 -28,114 85,390 4,097 March..... -232,658 15,955 -11,305 April -1,373 -213 1,995 286 -8,073 -8,189 May 30,915 -9,299 676 427 -10,0S3 -12,363 June 6,437 -1,400 -1,696 -6,636 -12,286 -8,155 July -2,895 -320 -104 643 1 -16 8,457 August -15,105 -122 -39 1,163 -52 7,1""" September. 964 -44 10 898 52 October 22,710 -464 139 3 4 1,908 5,760 November. -65,568 -786 J18.251 7 238 313 December.. 37,733 -3,114 -232 165,517 -1 -99 1,162 1935— M A M F J e a p a a y b r n r i r c u l u h P a p a ry r . y.. -1 -3 9 9 1 2 0 7 7 9 , , , , 4 , 2 7 5 1 7 7 9 1 1 4 9 1 6 8 - - - - 1 2 2 3 0 6 - 9 , , , 4 9 8 , 3 1 9 9 5 9 9 7 4 1 5 5 3 - - , 8 2 9 2 8 0 0 4 5 1 7 9 1 4 1 1 7 4 1 1 1 , , , , , 9 2 6 9 2 3 8 2 7 9 1 9 1 5 2 »25 5 1 - - , 5 1 , ,2 0 8 6 4 6 1 4 5 7 3 5 9 -3 - - - 1 7 5 6 4 2 3 0 2 1 4 6,00 7 1 8 5 5 • Corrected. * Excep^ g January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately lWwJSto^^JJ ted SS?? France formom It Iatlay yin November 1934; ;$65,437,000 in December 1934; $25,755,000 in January 1935. NoTE.-Grw/ Britain and Germany.-In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. German net imports from individual countries for 1935 are subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
462 FEDERAL RESERVE BULLETIN JULY 193! GOLD MOVEMENTS—Continued Netherlands Year or month Total net Net imports from or net exports (-) to: imports or net U S n ta i t t e e s d England France Germany Belgium Poland Sw la i n tz d er- B In ri d ti i s a h c A o l u l n o t t r h ie e s r Official figures converted at rate of $$0.67 an ounce 1932 „ 116,149 I 106,623 1 50,070 t -34,009 I 26,886 I -12,727 j -13,630 I -16,137 I 16,423 I -7,346 1933 „ -67,510 | -1,624 | -72,183 | 40,818 I -17,873 | -6,030 | -16,974 | 9,632 | 667 Official figures converted at rate of $35 an ounce 1934 - -122,664 -46,040 } -31,038 | -78,610 25,716 9,285 -1,253 | -4,784 1,891 2,171 March -9,201 -6,248 -4,928 -4,132 345 6,116 -141 -532 360 -42 April 3,063 -4,439 -418 -287 7,951 -8 -102 196 5 164 May 13,859 -115 -158 11,835 -68 1,696 311 359 June 9,570 -225 277 1,701 7,704 -166 -291 -12 451 133 July 9,170 8,880 75 88 71 -53 -103 -112 322 August -2,737 -194 -23 3 -42 174 -278 -2,546 168 1 September -326 498 -327 7 34 -2 -44 -1,016 393 130 October -2,3S6 -637 166 -1,864 -178 -65 -4 70 126 November -16,849 "-17~770" 615 830 -6 -587 -65 -106 56 154 December -9,431 -9,270 -312 62 78 -95 -34 -25 165 1935—January -18,300 -15,605 -3,221 110 -66 —161 -30 27 476 171 M Fe a b r r c u h ary -2,8 5 9 1 9 0 1? -1 - , 3 29 5 9 2 6 6 1 4 7 -9 7 3 7 1 -1 ,0 5 6 9 6 .- - 3 8 - -1 1 3 9 6 7 "ill 1 1 7 8 1 1 April -120,492 -20,890 -20,966 -210 20,081 -41 -862 26 May -5,030 -97,632 -1,562 277 162 -1,084 71 156 -2,810 Switzerland British India Net imports from or net exports (—) to: Net imports from or net Change In— Total Total exports (—) tot Year or month net net Gold imports imports proe o x r p n or e t t s U S n ta i t t e e s d E la n n g d - France g B iu e m l- Italy N la e e n r t d - h s - c o t o A r th i u e l e n l s r - e o x r p n or e t t s U S n ta i t t e e s d E la n n g d - c o t o A r th i u l e e l n s r - t I i d n o u d n c i - a ins I e n R r i d n v e i e - a s ' P i I n h n r g o i d v s l i d a a i - t n » e Official figures converted at rate of$&O 67 an ounce 1 19 9 3 3 2 3 . - . 1 4 69 2 ,7 || 86111 1 24 0 , , 3 9 5 S 4 3 1 |--2 1 4 5 , ,3 5 4 3 2 6 1 ) -26 7 , , 7 41 8 8 1 1 | - 7 5 3 8 5 1 1 - - 1 2 5 , , 9 3 5 3 4 0 1 1 1 1 4 3 ,9 ,1 9 6 6 8 1 | 10r6 6 8 3 8 5 1 |- - 1 1 2 95 6 , , 6 0 6 4 2 8 1 || 1 - - 3 3 0 8 , , 3 0 4 9 0 4 | 1 - - 1 8 5 5 1 , , 4 0 6 5 3 9 1 ! -1 - 0 6 , , 2 5 4 0 4 8 1 1 6 6 , , 7 9 8 1 2 6 1 | 1 - 2 5 7 - 1 1 - 1 1 9 89 ,1 ,0 2 0 4 8 Official figures converted at rate of $35 an ounce 193L. -46,065 -12,784 -45,955 -29,235 18,397 19,431 2,580 1,500-230,720 '-70,015 -157,085 '-3,621 11,222 173 -219,671 N J J S D A M A O M u u e o e p u c a n a l p v c y r t g y e r t i o e e c e l u m m b h m s e t b b b . r e e . e . . r , r r - . . . - - - 1 - 4 2 - 2 2 1 1 1 8 1 3 5 1 6 2 - 2 , , . , , 9 3 3 , 5 , , , 7 4 5 5 3 8 5 9 S 7 5 0 9 3 6 5 0 0 2 2 3 3 7 2 9 3 -1 - , 8 6 2 1 1 9 6 7 7 1 2 9 - - - - - 1 5 5 4 1 2 4 2 - - - , , , , , 1 4 , , 7 3 6 6 1 1 0 3 9 1 5 7 4 8 7 1 0 6 5 7 0 1 8 2 1 0 7 7 - - - - - - 3 1 1 4 6 6 2 7 8 5 5 1 , , , , , , , , , 1 2 6 1 7 1 8 8 8 4 7 1 9 8 9 2 1 0 0 3 3 3 3 9 9 1 1 4 2 1 3 33 . , , ,5 5 2 3 1 1 2 3 9 9 3 2 5 2 4 2 6 8 8 7 0 6 6 6 1 8 2 3 6 2 2 1 1 , , , , , , , 0 3 1 3 9 2 2 3 1 1 9 0 0 0 8 6 8 8 6 1 2 5 1 4 7 9 0 7 6 3 -2 2 1 - - - - , 1 3 2 , 2 , - 1 1 5 3 1 4 8 2 0 7 0 3 6 1 1 1 6 2 5 5 5 2 6 4 1-6 7 - - - , 2 , 1 1 7 - 0 3 2 2 1 3 0 0 8 5 6 0 1 5 8 2 5 2 6 4 7 8 4 - - - - - - - - 2 2 2 1 2 2 2 1 - - 2 3 0 2 0 9 3 0 0 4 , , , , , , , , , , 5 3 1 8 1 2 7 7 4 5 3 4 3 0 0 5 3 0 3 6 4 4 0 6 5 5 3 0 1 5 - - - - - - - - - 1 1 1 7 2 1 8 1 3 3 1 2 , , , , , , , , , 4 2 5 7 6 2 1 9 3 6 2 7 4 5 0 4 7 3 4 9 7 0 0 1 3 3 5 - - - - - ' ' 2 1 - 1 1 - 1 - - - 7 7 2 7 2 0 8 3 2 1 , , , , , , , , , , 1 0 6 6 1 2 6 8 6 9 5 6 9 4 1 1 5 8 0 0 4 5 6 3 7 6 4 5 1 1 '-2 ' - - , 1 2 U 2 2 2 1 1 1 1 4 3 1 0 1 0 S 2 4 6 7 4 3 8 1 9 0 6 2 - - - - - - - - 2 2 1 1 1 1 2 - - 1 1 2 2 1 3 9 9 8 0 9 , , , , , , , , , , 6 6 2 1 4 7 3 1 0 8 0 2 5 9 9 9 7 6 0 8 2 8 7 6 6 1 1 3 5 0 1935— F A M M e p J a a b r a y r i r n c l u h u a a r r y y . - . - - — - 1 1 1 - 3 4 7 6 5 9 3 , , , , 1 8 0 , 6 2 3 2 2 3 2 0 5 5 3 9 — - 3 5 2 1 1 4 5 7 - - - 3 1 2 1 7 - , , , 1 2 6 8 0 1 1 7 8 6 9 8 - - - - 1 - 1 3 1 0 4 6 8 6 7 , , , , , 3 1 5 1 0 4 4 1 1 2 4 8 4 7 1 -5,9 4 2 7 1 2 2 7 5 5 4 2 2 , , , 7 1 6 4 3 3 1 8 7 0 4 0 9 2 3 1 - - - , 2 4 2 - 0 9 0 0 1 4 0 2 9 8 1 -4 - ,1 7 , 4 2 4 1 6 7 0 2 9 0 5 7 8 8 - - - 1 1 1 - - 5 3 6 7 8 , , , , , 5 3 6 7 4 0 3 4 3 7 7 4 6 9 5 - -2 1 , , 4 6 0 6 6 7 - - - 1 1 1 -3 8 4 4 , , , , 8 8 2 1 3 7 2 3 1 4 5 3 -1 - , 2 2 2 1 1 0 0 5 4 7 7 5 p 938 -6 P - - - 1 1 1 - - 2 6 7 5 4 , , , , , 7 8 4 3 5 3 4 7 8 6 7 4 9 6 9 Preliminary. r Revised. jwEf dinSSFfIt™ f™ *Sld by 9ovemme^ subsequently, gold held by Reserve Bank of India to which Government gold was transferred. Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. ^ ^ ^ d ^^ CaSeS the.annual aggregates of the official monthly figures differ somewhat from the revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JOIT 193S FEDERAL RESERVE BULLETIN 463 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England (in G o is l s d ue Note (Figures in millions of pounds sterling) m de e p n a t r ) t * - 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 ti c e u s ri- ci t r i c o u n la- Bankers' P D u e b p l o ic s its Other l O ia t t i b h e i e s l r i- 1934—May 30. 191.3 0.8 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. 191.0 .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 Bee. 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 77.5 9.3 92.7 374.9 99.0 20.9 42.1 18.2 Feb. 27. 192.5 75.1 6.2 92.0 377.4 95.5 19.4 40.7 18.2 Mar. 27. 192.5 71.1 5.6 99.0 381.4 96.6 20.1 41.2 18.3 Apr. 24. 192.6 .5 59.4 5.8 97.4 393.2 98.1 7.6 39.6 17.7 May 29. 192.6 62.2 5.3 96.7 390.4 88.0 23.1 36.0 17.8 June 26. 192.7 55.9 10.2 108.6 396.9 102.4 16.2 38.8 18.0 Assets Liabilities Bank of France Loans on- Deposits (Figures in millions of francs) Gold e F x o c r h e a i n g g n e Do b m il e l s s tic S se h G c o m o u r v t e r - i e n t t r e i t n e r s - m * s O e t c t i h e u s e ri r - N s e e t b c g i l e u o e s r t i i - a- Other ci N t r i c o o u t n l e a- G m ov e e n r t n- Other l O ia t t i b h e i e s l r i- 1934-May 25.. 77,466 1,094 5,011 3,060 5,950 8,202 79,992 2,996 15,681 2,114 June 29.. 79,548 1,157 4,336 3,076 5,929 8,278 82,058 3,291 15,188 1,837 July 27._ 80,252 1,155 4,248 3,054 5,913 8,150 80,809 3,515 16,547 1,901 Aug. 31.. 82,037 1,032 3,116 3,140 5,913 9,060 81,732 3,884 16,880 1,853 Sept. 28.. 82.2S1 962 4,146 3,134 5,898 8,254 81,479 3,674 17,673 1,850 Oct. 26.. 82,476 931 3,996 3,101 8,264 .79,467 5,287 17,966 1,942 Nov. 30.. 82,097 960 3,068 8,849 81,879 4,829 15,522 1,869 Dec. 28.. 82,124 3,971 3,211 5,837 83,412 3,718 15,359 1,907 1935—Jan. 25.. 82,014 962 4,003 3,149 5,837 7,970 81,686 3,751 16,473 2,024 Feb. 22.. 82,040 961 3,080 5,833 7,914 81,917 3,619 16,328 1,962 Mar. 29.. 82,635 1,017 4,170 20 3,119 5,833 8,074 83,044 3,668 16,213 1,943 Apr. 26.. 80,933 1,066 4,280 10 3,094 5,805 7,967 82,352 3,703 15,145 1,954 May 31.. 71,779 2,150 7,137 937 3,371 5,805 8,691 82,776 2,771 12,315 2.0C8 June 28. _ 71,017 1,210 8,021 735 3,277 5,805 7,999 82,099 2,983 2,013 Assets Liabilities Eeserves Securities (Figures in m R i e l i l c io h n s s b a o n f k reichsmarks) Gold e F x o c r h e a i n g g n e Tre b a il s l u s ry c O h ( b a e t i c h n ll k e d s s r ) Se lo c a u n ri s ty E a c s l o i v g n e i o b r t » l e e Other a O s t s h e e ts r ci N t r i c o o u n t l e a- De i p ts os- l O ia ti t b e h i s e li r - 1934—May 31..... 130 3,174 125 320 323 860 3,635 533 778 June 30 70 3,392 171 361 325 780 3,777 623 775 July 31 75 3,408 109 390 324 836 3,768 649 800 Aug. 31..... 75 3,540 128 413 324 867 3,824 717 813 Sept. 29.... 75 3.811 148 431 324 806 3,919 843 851 D N O e o c c t v . . . 3 3 3 1 1 0.... 8 7 7 3 9 9 4 3 3 , , , 0 7 8 2 2 4 1 6 8 1 1 9 1 4 1 9 6 4 4 44 3 3 5 6 5 3 3 3 1 1 1 9 6 6 8 8 88 2 9 1 7 0 3 3 3 , , , 0 8 8 0 2 1 1 3 0 9 8 9 3 6 5 4 1 6 1,0 8 9 0 6 2 1 8 0 1935-J M F M A a e p n a a b r y r . . . . 3 2 3 3 1 3 8 1 0 0.... 8 8 8 8 8 1 0 0 2 2 - 3 3 3 3 3 , , , , , 7 6 7 8 6 5 3 9 6 2 6 2 9 1 0 1 8 6 8 8 1 6 7 3 4 4 3 4 3 4 3 3 7 2 1 7 8 3 7 3 3 3 3 3 1 2 2 3 2 9 8 4 0 8 8 7 6 7 7 3 0 3 7 9 9 1 7 5 7 3 3 3 3 3 , , , , , 6 6 8 7 6 1 6 1 1 6 7 0 0 1 4 8 9 9 9 7 2 2 2 5 7 8 2 2 2 0 >8 9 8 8 8 3 3 6 0 2 0 7 6 0 4 June 29 3.879 337 324 781 3,895 819 1 In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by 1 First appeared on Bank of France statement for Mar. 1, 1935. Represents loans for not over 30 days secured by Government obligations maturing within 2 years (avances a trente jours au maximum sur effets publics a echeance dfiterminee n'exc6dant pas deux ans). Such Io3ns carry a lower rate of interest than other security loans of the bank. lrtnli,,*o ?„ •*,* • On Oct 27 1933 the Reichsbank was given the power to buy and sell domestic securities eligible as collateral for loans and to include in trie legal note cover these'securities as well as call loans secured by collateral. The bank's statement for Oct. 31,1933, first gave separately such securities held by the bank (Bestand an deckungsf&higen Wertpapieren). Call loans eligible as cover are included m security loans (Bestand an Lombardforderungen). • 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
464 FEDERAL RESERVE BULLETIN JULY 1935 CENTRAL BANKS-Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank May April March May May April March May National Bank of Albania (thousands Central Bank of Chile (millions of of francs): Gold 7,121 7,122 7,123 Gold and foreign exchange in re- Foreign exchange 22,448 22,342 serve 142 142 170 Loans and discounts 2,398 2,491 2,989 Loans and discounts 91 50 75 Other assets 3,232 3,241 2,897 Government debt 713 713 721 Note circulation 14,022 13,490 11,465 Note circulation 540 531 517 Demand deposits 10,669 10,847 14,683 Deposits 347 317 357 Other liabilities ___ 10,507 10,860 10,182 Central Bank of China > (millions of Commonwealth Bank of Australia yuan): (thousands of pounds): Gold 24 24 23 Issue department: Silver 115 109 123 Qold and English sterling... 15,994 15,994 15,708 15,508 Due from banks abroad 14 8 21 Securities 32,765 32,802 30,052 28,375 Due from domestic banks 53 41 62 Banking department: Loans and discounts 89 88 131 Coin, bullion, and cash , 846 985 995 Securities - 184 184 13 London balances 32,358 32,664 33,146 27,498 Other assets 61 73 42 Loans and discounts 13,232 11,970 13,398 14,706 Note circulation 93 93 72 Securities 35,873 35,873 36,123 36,330 Deposits—Government 237 230 219 Deposits . .-. 84,673 83,533 85,770 85,621 Bank 51 46 36 Note circulation ___ 47,050 48,550 47,050 46,301 Other 16 14 8 Austrian National Bank (millions of Other liabilities 144 144 82 schillings): Bank of the Bepublic of Colombia Gold 242 242 242 241 Foreign bills 61 43 32 38 Gold at home and abroad* 26,301 24,130 9,922 16,33& Domestic bills 232 234 234 278 Foreign exchangeJ 4,009 3,352 2,868 2,871 Government debts , 624 624 624 624 Loans to member banks 6,489 6,521 6,545 3,498 Note circulation 926 925 914 931 Note circulation 36,509 35,528 36,072 36,950 Deposits 233 209 199 100 * Deposits 25,889 24,306 23,206 25,406 National Bank of Belgium (millions National Bank of Czechoslovakia of belgas): (millions of koruny): GokU , 3,428 2,931 2,259 2,699 Gold 2,687 2,687 2,684 2,662 Domestic and foreign bills > 1,403 1,115 717 Foreign balances and currency. ~ 303 • 307 291 27 Loans to State 166 166 347 Loans and advances 982 1,069 1,124 1,390 Note circulation 4,031 3,813 3,770 3,517 Note circulation 5,567 5,500 5,560 5,179 Deposits _ 1,172 211 Deposits - 782 865 796 919 Central Bank of Bolivia (thousands of Danish National Bank (millions of bolivianos): kroner): Gold at home and abroad 14,955 Gold 133 133 133 133 Foreign exchange 1,191 Foreign bills, etc 18 19 23 10 Loans and discounts 22,486 Loans and discounts 76 73 73 69 Note circulation 175,031 Note circulation _ 375 370 358 Securities: Deposits - 89 118 National Government 2,907 Bank of Danzig (thousands of Other 61,784 gulden): Deposits 120,967 G" oMld«... 22,994 13;204 20,144 26,984 Bank of Brazil (millions of m lire Is): Foreign exchange of the reserve 1,476 253 1,090 16,778 Currency 331 354 495 Other foreign exchange . 136 83 148 2,776 Correspondents abroad , 146 174 300 Loans and discounts 27,422 31,098 24,614 15,739 N D Lo e o a p te n o s s c i i a t r s n c d u l d at i i s o c n o unts _ , , 2 2 , , 8 7 2 5 1 0 8 7 2 2 , , 8 8 2 5 3 0 8 2 3 2 , , 1 7 7 1 2 8 2 0 Cen N D ttraa o e ll p t e BB o c s aa i i nn r t k c k s u . o - l . a f - t E io c n uador (thousands 3 4 1 , , 8 9 1 1 2 7 38,5 63 6 9 3 39 1 , , 2 25 58 7 4 1 0 3, , 6 7 7 0 4 6 B N a n a o n a t f O T N U O i G S k G N O N T L G d G o l o t t e o i n o t o o o n o t e o o e h a o h t h v t l i a t v t a r t l v a n e e f d t e a G C e d e 2 l a O n l e l e r e i r l f r ) s c n r d h d C o o y r c v d : B l f a n i s g n i r a o i v e a e o r e a s a e i r m a S m r c r l a n e r p g s c n i e b n l t e u t g r d r e u o a h e e x 2 a e i a s k i n n l t l r t n l g r s c d n s t a i y a m d s e o i e t n h t a o l t t t ) t e e d i i r i s i s a i f : e s e s a x o a o o e n l e c s e n ( b b c r n b e B n x g t c o x s t i h s a l h c l e u u u c i s a n i h o g l r h n t n k g a i u i a a t g t e s n a t s s n i s e i g r e a o g i s e n a I n e : n d s s ( r m e o i s f l l e i C r o v n a e s - , , - 1 : 1 1 1 7 2 1 6 8 0 6 7 4 4 5 2 2 0 2 2 6 1 1 - 6 , , , , , , , , , , , , , , 1 5 3 8 7 5 1 0 3 9 2 1 8 4 0 6 5 9 1 2 3 6 3 1 9 7 0 9 8 2 5 8 3 9 8 3 4 5 3 1 0 8 1 7 4 0 9 7 7 3 8 8 6 3 1 1 1 1 9 1 2 5 6 1 1 0 1 6 3 1 5 8 6 9 3 5 6 2 1 , , , , , , , , , , , , , - 1 9 9 1 6 5 8 3 3 6 2 0 9 4 1 5 7 5 5 0 3 3 5 7 9 7 2 1 3 1 2 7 6 2 6 8 7 7 3 5 9 4 2 3 8 4 6 2 3 8 L [ . 9 1 3 4 1 0 5 9 7 2 9 6 1 2 1 1 8 5 6 , , , , , , , , , , , - . , 3 8 8 5 3 0 1 4 6 2 8 9 5 0 5 7 1 1 5 8 2 5 8 0 6 7 2 4 1 6 8 5 0 4 8 3 8 4 8 6 0 9 9 4 2 5 8 2 2 1 1 1 , , , , , 6 0 5 5 7 1 7 1 4 7 8 2 1 3 4 7 4 3 6 1 B N a k a o o n r t f f f i N L o k G D N O F L B O D L N G G FF o s p o o u o o o u e o n o r e t o e t o o o o o G n h a i c h t r r a p c a a l p l t ll t t u o e e i n r d d e e dd e e o l n r n o i o f ) f e n i i e s r s r . o s : v s s g g s B c c s a h s d r i l a e i a n ) n ) i i t a ) t e a , t i a t s : r r s n r : E s a s i n n c h ) n c h e n g s e — d b : d d s u u k o e x x n m E i t l t l m c l c d o G O d s a d a o g i e e h h i t n t i t f e i y n x s i o t a i a s i s i e h o c o t p c n E c v a n c a s e n o n h o g t o e g s n g r i u a e e u r e u d a y n n n c n n ( n p m g u t a t t t , s h s t s • e r b _ 3 e i o r _ t n a u i ( o t e t n s a h s d a d o n . u d _ s o s a t n h d o e s f r 3 1 1 2 1 , , , 7 3 5 2 6 5 1 1 2 2 3 1 4 1 5 2 1 1 1 8 5 8 3 7 5 2 4 3 6 2 3 8 2 6 5 2 , , , , , , , , , , , , , , , , , 1 5 5 1 6 8 8 0 2 0 7 9 6 4 6 1 8 4 2 0 0 3 4 5 0 1 6 3 8 0 7 5 9 5 8 1 6 1 0 9 5 3 9 5 1 2 8 8 6 0 2 2 3 1 5 4 2 1 1 1 1 5 8 4 3 8 8 4 3 4 6 7 9 2 3 2 5 1 , , , , , , , , , , , , , , , , , 3 0 5 2 1 6 6 1 9 2 2 0 8 1 6 1 2 7 7 4 5 3 1 5 9 9 0 9 4 5 5 6 2 1 4 0 5 8 9 5 5 9 1 3 3 6 5 4 2 0 8 2 1 4 3 4 2 1 1 1 4 6 7 3 0 2 5 9 1 1 7 6 4 7 8 7 8 , , , , , , , , , , , , , , , , , 4 6 5 4 7 2 5 2 7 2 0 4 7 5 8 0 2 5 1 6 7 0 8 3 2 4 5 1 5 7 4 7 9 5 4 9 0 2 7 3 9 5 8 1 9 6 6 0 6 8 8 Bulletin fo^May? 1935?p!Si).g°ld *** foreiglHSIchail2e swings as of Mar. 29 revalued on basis of 75 percent of former gold parity of belga (see 1 Items for issue and banking departments consolidated. s ! beginning Apr. 6,1935, gold and foreign exchange valued on basis of peso price of eold in New Yore « Parity of gulden reduced May 2, 1935, from $0.3296 to $0 lMO g * Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JtTLY 1935 FEDERAL RESERVE BULLETIN 465 CENTRAL BANKS—Continued 1935 1934 1935 1934 Central bank Central bank May April March May May April March May Bank of Estonia—Continued. Bank of Lithuania (millions of Mu): Note circulation 37,184 38,576 37,725 32,560 Gold 44 46 46 54 Deposits—Government 9,174 9,920 8,326 4,274 Foreign currency 6 6 8 12 Bank 9,388 '8,408 8,085 8,572 Loans and discounts 101 104 104 79 Other 2,105 2,108 2,546 3,219 Note circulation 97 99 98 S3 Bank of Finland (millions of mar- Deposits 50 53 56 62 *8 322 323 323 323 Bank G o o l f d Mexico (millions of peso . s .. ) . : .... 85 Balances abroad and foreign Silver 119 123 credits 1,416 1,386 1,317 985 Foreign exchange 4 6 Foreign bills 87 85 107 322 Loans to member banks 68 52 Domestic bills 784 797 750 803 Other loans and discounts.^ 17 21 Note circulation . 1,369 1,431 1,441 1,244 •Other assets 10 8 Other sight liabilities 543 463 344 491 Note circulation 104 94 Bank of Greece (millions of drach- Deposits 96 86 mas): Other liabilities 106 115 Gold and foreign exchange 3,604 3,787 4,131 Netherlands Bank (millions of flor- Loans and discounts 2,456 2,763 2,567 3,862 ins): Government obligations 3,289 3,284 3,267 3,355 Gold 646 645 813 810 Note circulation 5,319 5,664 5,541 5,117 Foreign bills.. 1 1 1 Other sight liabilities 3,774 3,761 3,770 6,780 Loans and discounts 186 246 154 178 Liabilities in foreign exchange- 114 119 170 46 Note circulation 837 871 848 901 National Bank of Hungary (mil- Deposits 49 63 163 122 lions of pengos): Reserve Bank of New Zealand (thou- Gold 79 79 79 79 sands of pounds): Foreign bills, etc 20 22 20 11 Gold 2,802 2, S02 3,002 Loans and discounts 533 527 535 565 Sterling exchange - 22,789 22,089 22,435 Advances to Treasury 60 58 58 49 Other assets 2,284 2,3U 2,300 Other assets 69 68 72 29 Note circulation 9,302 9,434 9,341 Note circulation 359 369 370 342 Demand deposits 16,985 16,183 16,837 Deposits 98 78 86 69 Bank 4,206 3,S33 4,79fi Certificates of indebtedness 109 109 115 118 Government 12,767 12,342 12,033 Miscellaneous liabilities 170 172 168 178 Other liabilities - - 1,588 1,588 1,558 Reserve Bank of India 1 (thou- Bank of Norway (millions of kroner): sands of rupees): Gold 145 135 135 135 Issue Department: Foreign balances and bills 48 55 45 7 • Gold at home and abroad- 444,213 444,217 Domestic credits.. 212 . 221 232 272 Sterling securities 506,202 486,295 Note circulation 322 322 323 314 Indian Government securi- Foreign deposits -. 7 6 7 2 ties 410,610 430,522 Total deposits 68 79 79 77 Rupee coin 503,335 501,750 Central Reserve Bank of Peru (thou- Note circulation 1,643,218 1,669,345 sands of soles): Banking Department: Gold and foreign exchange 43,099 43,597 42,084 Notes of issue department- 221,142 193,439 Bills 61,514 62,149 Balances abroad 175,140 123,495 Note circulation 72,349 71,793 67,078 Investments 54,992 50,933 Deposits 26,395 29,321 29,617 Dep O o O s t t i h h ts e e — r r l a B G i s a a s o b e n v i t k l s e it r i n e m s ent 1 1 1 4 0 9 2 4 9 9 , , , , 2 7 9 9 4 0 8 0 9 5 0 0 1 1 8 0 8 5 6 1 4 , , , , 0 4 5 9 4 2 3 5 2 3 3 3 Bank F L G o o o o r a f l e n d i s P g - n o a l n e a d x n d c d h i ( s a m c n o i g l u e li n . o . ts ns of zlote): 5 7 0 4 1 9 2 5 50 1 8 9 6 50 8 1 7 2 5 4 7 8 0 4 6 3 6 B B a a n n N A L P O G G C G k k u o o d r t o o o o h e b a v o t l l v e d d d e f n l a f e i r i s n c I c r t a J t n s d c i a t a a d r m e e n c a l p h e s p y d u n a p e o o a l n d n o m a d s ( n t s i t m i b e d t i i s ( s o b t a m c i s n d l o l o l a i i n i u l n s o l d n c c i n s o o t e s s n u s o s n a f t o s b l f i r r y o e e ) a : n d ) . : .. 1 4 5 2 , , , 8 8 8 8 3 4 6 5 3 7 2 8 0 2 7 5 4 4 8 9 3 0 1 7 4 4 1 4 2 , , 3 9 8 6 8 4 7 0 4 5 1 9 0 7 0 9 1 1 4 9 4 1 5 4 2 , , , 3 8 8 8 6 4 9 8 5 4 0 2 4 7 0 7 9 2 5 0 3 0 5 2 0 4 1 6 4 1 2 , , , , 3 4 4 9 7 6 4 8 9 3 0 5 1 0 2 6 8 1 5 0 2 0 4 6 9 7 Ba c n u k N D N O O G O G d o o i o o t t t o s h h h o s l t t v c d e e f ) e e e e : o r r r c r c u P n s s r i i n e r r i i o m g g c c s t r s u u e h h e t r u t l l t n a a a v g t l n l t t e i i a d i i a o s a o o l b b b n n a i i l d l ( l i i g i m v t t a i a i i e e t n l s i l s o c i . o e n s n s s of es ~ _ - . . 9 2 5 1 2 9 2 1 , ,0 0 9 4 8 9 2 2 4 3 0 6 8 2 4 9 8 2 * 6 3 1 5 6 2 1 , ,0 0 8 9 4 9 2 2 4 3 7 0 8 1 9 4 9 8 2 6 1 0 0 5 1 1 , , 3 8 9 8 3 2 0 9 1 0 1 8 6 5 2 1 7 8 1 7 7 0 1 4 Notes issued 1,170 1,332 1,334 1,135 National Bank of Rumania (millions B B a a n n T N F F L L N D B G G k G O k o o o o o i o o o t o e o l o r o r h a t a l t l t p v e l e a d e f n s e f n e d i e o i l s r g s g r c L J , . s d c n . n n . d a i a i < a . e r i - m v t e . n t c e r p b s v p a d u x c e o . i i o l . l c n a u s : l d a s ( h s i t _ m l t i i t a t i s s a ( , d s o n m i c t . l e n g o i l p i i e o u l o o l n n i n r s o • t e s " i _ s n t s . s o _ e s - r f . " o v . ! f . f e l . " o l . " a . r » i " t n s - " ) s - " : ) - ! : . 4 1 1 1 3 4 5 3 2 6 4 0 7 0 7 3 0 6 9 7 0 2 9 1 9 1 4 2 4 1 1 1 3 6 3 4 5 4 3 1 7 0 7 5 9 0 3 6 9 9 1 9 1 4 6 2 5 1 1 1 3 4 4 7 6 4 5 7 0 1 7 6 9 3 8 1 8 5 6 9 2 7 7 5 3 1 1 1 3 5 4 6 5 2 6 9 1 1 8 4 1 9 4 5 7 9 3 2 6 1 5 So o s o a f t N D L S S D n O F F O G G h l d p e t o o o o o e t o o t a s i e h h r r a A m m l l t ) t e e c d d e : e e n e o f i i i r r a e s f g a g r c d s n i l a n n l a i c p t e d i r s i l n a a o c b c e s o b n d b u d t e u x a i i b l t l e c n n l • d s l a R i i p h s s d l i t t l e o s a i i s s * e o c n s s - ) s n e o : i g t r — u e s v n e o - t f s B th a e n k r es (t e h r o v u e - .. 2 6 7 , , 0 1 3 0 7 4 0 4 2 2 1 5 9 7 9 6 1 5 0 , , , , , , , , f S 5 5 3 7 9 5 e 1 1 4 4 8 0 7 0 9 6 4 3 8 6 9 6 2 2 1 0 8 2 2 1 5 9 9 2 7 9 1 8 6 0 , , , , , , , , , , 9 8 8 8 4 2 4 7 9 6 5 1 2 8 7 6 9 1 5 0 0 2 5 8 6 4 6 1 1 7 4 4 3 0 8 2 2 1 1 8 6 5 8 5 7 1 3 0 8 , , , t , , , , . , 7 1 1 9 6 5 0 0 0 6 1 9 2 9 1 8 5 0 8 2 7 4 4 9 5 7 1 7 6 2 1 2 3 1 Bank commenced operations Apr. 1,1935. I tS^^S^SS^S^ SKtfl£fila£i£525t'£ connection wit* .osses on agricultural and urban loans and reported separately from "other assets" beginning with Dec. 31,1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
466 FEDERAL KESERVE BULLETIN JULY 1935 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank May April March May May April March May South African Reserve Bank—Con. Central Bank of the Republic of Note circulation „ — 13,639 12,317 13,076 10,933 Turkey—Continued. Deposits-Government 2,677 3,051 8,289 3,312 Government securities 151 152 151 153 Bank 25,063 24,656 25,122 28,679 Other securities—'- 35 35 35 31 Other 4,736 3,765 2,817 3,669 Other assets 34 30 33 32 Bank of Spain (millions of pesetas): Note circulation 158 159 159 153 Gold 2,270 2,269 2,269 2,263 Deposits 23 31 30 29 Silver.. 700 698 697 681 Other liabilities 79 70 59 Balances abroad 285 284 281 284 Bank of the Republic of Uruguay Loans and discounts 2,354 2,665 2,346 2,370 (thousands of pesos): Note circulation . 4,660 4,577 4,560 4,607 Gold 46,840 46,848 49,430 Bank D o e f p o S s w it e s den (millions of kronor): 959 023 1,049 1,000 L O o th a e n r s a a s n s d e t d s iscounts 9 4 7 7 , , 0 8 5 1 5 5 1 4 0 5 1 , , 0 1 2 4 8 7 9 4 5 1 , , 0 3 1 4 3 2 Gold , 354 352 352 Note circulation 73,978 75,016 74,978 Foreign bills, etc 627 612 603 462 Deposits—Demand 33,023 32,790 31,271 Loans and discounts 55 46 51 59 Time 39,407 41,537 Note circulation 683 675 705 601 Judicial and adminis- Deposits 605 485 455 457 trative 2,793 2,729 Swiss National Bank (millions of Other liabilities 42,509 43,191 35,220 francs): National Bank of the Kingdom of Gold 1,193 1,365 1,713 1,636 Yugoslavia (millions of dinars): Foreign balances and bills 31 31 6 8 Gold 1,332 1,282 1,266 1,766 Loans and discounts 281 195 109 132 Foreign exchange 220 239 207 146 Note circulation 1,302 1,319 1,358 1,354 Loans and discounts 1,789 1,787 1,820 1,835 Demand deposits 244 289- 481 444 Advances to State 2,291 2,290 2,289 2,319 Central Bank of the Republic of Note circulation 4,446 4,435 4,432 4,119 Turkey (millions of pounds); Other sight liabilities 1,239 1,236 1,191 1,135 Gold Foreign exchange... 13 BANK FOR INTERNATIONAL SETTLEMENTS fin thousands of Swiss francs] 1935 1934 1935 1934 Assets Liabilities May 31 April 30 May 31 May 31 April 30 May 31 Gold In bars 16,210 15,094 26,030 Demand deposits (gold) 14,930 12,038 25,681 Cash on hand and on current account with banks 2,514 2,285 10,360 Short-term deposits (various currencies): Demand funds at interest 14,903 15,121 11,983 Central banks for own account: Demand 22,722 26,652 57,165 Rediscountable bills and acceptances (at Time—Not exceeding 3 months.., 104,228 106,875 107,176 cost): Commercial bills and bankers' ac- Total 126,950 133,527 Tr c e e a p s t u a r n y c e b s ills 2 1 1 3 9 1 , , 9 0 7 2 4 0 2 1 2 3 2 2 , , 0 4 5 4 8 1 1 1 6 9 3 6 , , 1 1 1 9 1 0 Cen D tr e al m b a a n n d ks for account of others: S 9 =T , . 8 38 = 10,96 — 7 Total 350,994 359,301 Time—Not exceeding 3 months- 2,953 2,950 Other depositors: Time funds at interest—Not exceeding 3 Demand 1,577 1,458 months 33,881 41,429 Time—Not exceeding 3 months— 2,120 2,109 Long-term deposits: Sundry bills and investments: Annuity trust account 155,428 154,764 153,640 Maturing within 3 months: German Government deposit 77,714 77,382 76,820 Treasury bills 36,535 25,620 French Government guaranty fund- 61,930 61,930 40,824 Sundry investments 44,513 65,264 42,511 French Government deposit (Saar)... 2,031 2,031 Between 3 and 6 months: Treasury bills 32,269 29,478 55,923 Total , 297,102 296,106 Sundry investments— 63,313 31,783 52,472 Over 6 months: Capital paid In 125,000 "l25,000 Treasury bills 18,857 26,188 9,593 Reserves: Sundry investments 35,402 35,354 35,972 Legal reserve fund ;_.. 3,324 2,672 2,672 Dividend reserve fund 5,845 4,866 4,S66 Total 220,889 220,700 222,091 General reserve fund 11,690 9,732 9,732 Profits allocated for distribution on July 1, Other assets: S G u s u n o a d l r d a ry n t I y t em of s central banks on bills 6 4 , , 1 5 3 4 7 8 4 6 , , 3 0 7 7 6 3 4 5, , 1 5 1 1 5 1 D Pa i p v r e t i i r d c a e ip r n t a d ic t i l t o e o n 5 s h 3 o a f ( r e e l ) o h n o o g f l d - s t e t e a r r s t m u ( t 6 e d s p ep e o rc s e it n o t r ) s . 7 1, , 9 5 5 0 7 0 7 1 , , 5 9 0 4 0 3 Other liabilities: Guaranty on commercial bills sold.... 6,252 6,155 4,511 Sundry items 33,036 44,666 53,1 — 03 Total assets 650,075 652,246 680,821 Total liabilities—„.-.-..„........ = 6 : 50,07 J 5 .= "6527246 680,821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL EESERVE BULLETIN 467 JULY 1935 COMMERCIAL BANKS tFigures are as of end of month, except those for England, which are averages of weekly figures] Assets Liabilities England (10 clearing banks. Figures in millions Money at Loans to Deposits of pounds sterling) res C e a rv sh es 1 c n a s l o h l t o a ic r n t e d B co il u ls n t d e i d s- Se ti c e u s ri- cus e t r o s m- a O s t s h e e ts r Total Demand * Time* lia O b t i h li e t r ies 1934— N D S O A e o e c p c v u t t o e e g e m b m m u e s b b b r t e . e e . . r . r r - . . . . 2 2 2 2 1 1 0 1 1 9 6 7 0 3 6 1 1 1 1 1 3 5 3 3 3 5 1 6 9 7 2 2 2 2 2 5 1 2 1 3 5 6 2 3 3 5 5 5 5 59 8 7 5 6 4 9 6 7 3 7 7 7 7 7 5 6 5 5 5 9 0 9 9 7 2 2 2 2 2 3 3 2 1 4 6 6 2 9 7 1 -. , , , , , 9 9 8 8 8 1 5 7 9 5 1 6 1 1 8 1, 9 9 0 9 9 4 3 4 7 6 4 9 8 5 0 8 8 9 9 7 8 0 1 3 5 0 0 2 2 2 2 2 3 4 4 5 5 6 5 0 0 1 1935—January... 225 137 284 593 756 237 ,982 1,034 S99 251 February.. 213 127 265 606 759 231 ,954 1,009 898 248 March 214 133 207 614 771 231 ,923 994 886 248 April.-.__. 217 137 199 61S 779 240 ,940 1,004 895 250 May 219 142 218 620 774 233 ,S62 1,016 897 244 Assets Liabilities France (4 large banks. f F ra i n g c u s r ) es in millions of res C e a rv sh es * D b u a e n f k ro s m B co il u ls n t d e i d s- Loans a O s t s h e e ts r Total D D e e p m o a si n t d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1934—August , 6,263 1,393 18,024 8,327 1,316 31,165 30,275 183 3,976 September... 6,946 1,419 18,384 8,511 1,395 32,460 31,547 913 179 4,016 October 7,450 1,508 17,972 8,124 1,488 32,239 31,332 90S 183 4,119 November... 6,485 1,473 17,363 8,003 1,562 30,542 29,582 960 192 4,152 December 6.836 1,421 18,304 8,159 1,717 30,943 904 193 4,301 » 1935—January 5,864 1,662 18,024 8,052 992 29,830 763 220 3,779 February 5,607 1,603 18,300 7,840 1,010 30,342 29,591 751 228 3,789 March 6,066 1,586 19,042 7,713 1,090 31,449 30,685 765 237 3,810 April 5,196 1,642 18,302 7,802 1,141 29,999 29,218 781 251 3,833 Assets Liabilities Germany (5 u m l r a a e r r s g k e i s n ) B m er i l l i l n io b n a s n o k f s . r ei F c i h g s- - res C er a v s e h s * D b u a e n f k r s om c B o i u ll n s t d ed is- Loans Se ti c e u s ri- a O s t s h e e ts r Deposits o C b f t r r a e o i d m n i e ts d lia O b t i h li e t r ies Total Demand Time banks 1934—August.... 119 414 1,913 3,374 844 956 2,591 3,105 540 1,385 September. 172 415 1,918 3,387 853 976 5,777 2,711 3,066 629 1,416 October... 134 400 2,017 3,357 859 983 5,820 2,726 3,093 500 1.430 November. 115 2,037 874 983 5,816 2,731 3,085 485 1,432 1935—February *. 127 382 2,082 3,149 909 1,047 5,351 2,159 3,192 1,483 March 185 371 2,108 3,096 930 1,047 5,457 2,319 3,137 1,491 April 163 346 2,234 3,030 933 1,038 5,495 2,450 3,046 768 1,481 May 145 340 2,234 2,990 1,020 5,466 2,511 2,955 774 1,457 Assets Liabilities Canada Security Deposits payable in Canada Entirely in Canada loans excluding interbank deposits (10 u d r ia e c n s h a i d r n o t e l m l r a e i r d l s l ) io b n a s n k o s f . C F a i n g a - - res C e a rv sh es Se lo c a u n ri s ty l d o i O a sc n t o h s u e a r n n t d s d a a f u b n o b e a r d r e n o f i k r n g a o s e n d m t Se ti c e u s ri- a O s t s h e e ts r ci N r ti c o o u t n l e a- Total Demand Time lia O b t i h li e t r ies 1934—August.... 212 100 1,000 184 862 446 131 1,939 571 1,367 733 September. 219 101 1,010 178 888 434 136 1,971 594 1,377 724 October... 224 108 1,029 162 911 450 130 2,038 1,370 715 November 232 99 1,003 185 920 445 132 2,035 624 1,411 715 December. 228 103 977 155 967 449 124 2,035 1,407 718 1935—January... 230 91 958 147 973 441 117 2,014 602 1,412 710 February.. 230 86 * 957 149 984 434 119 2,003 575 1,428 717 March 207 81 965 152 970 431 118 2,006 560 1,447 681 April 214 81 981 142 1,000 472 114 2,086 634 1,452 May 204 82 971 155 1,005 459 117 2,064 617 1,447 . l Cash in vault and duo from central bank. In addition includes for Germany balances in postal checking accounts beginning with 1935, and for Canada deposits in central gold reserves previous to March 1935 when Bank of Canada began operations. 1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total. * Combined monthly balance sheets not published for December and January. NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-360. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
468 FEDEKAL RESERVE BULLETIN JULY 1935 DISCOUNT RATES OF-CENTRAL BANKS [Percent per annum] Centra] bank of— Date effective E la n n g d - France m G a e n r y - Italy N la e n th d e s r- Sw la i n tz d er- b C an e k n tr o a f— l H Ju a l t y e Date effective b C an e k n tr o a f— l R Ju a l t y e Date effective In effect June 1,1933. Albania 7H Nov. 16,1933 India Feb. 16,1933 June 29 Austria Feb. 23,1935 Japan 3.65 July 3,1933 July 15 Belgium 2 May 16,1935 Java July 1,1935 July 29 Bolivia 6 July 5,1932 Latvia Jan. 1,1933 J A S A S D N M F u U e e e e p o b n a K c p p r . v . r e . t t . . . . . 9 5 1 1 2 2 4 1 1 , 5 5 0 1 9 , 1 9 1 3 9 4 35 B C D D E C C C c u h a z a o e v u n n l i e n l a g l a o z a c e k m a d i d m h i g r a o a a i o b a r r s k i l a . o . _ - ., . 4 J J J J M N N M u a a a o o n n n a l a y v v . . . y r . . . 2 2 3 1 3 1 2 2 3 0 5 1 0 8 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 4 5 2 5 5 3 3 3 N N S L P P R S P p o o e o i u e o t r a u l r w m r h u a t i t w u n u n h a Z g a d a n y a n e A i l a a i f a l r a i n ca d . . M A M D D A M O O e e p u c c a a c c a t t g r . . y y y . . . . 2 2 2 2 1 1 1 0 9 6 4 3 5 1 1 5 . , . , . , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 2 3 4 3 4 4 4 0 3 Apr. 10 Estonia 5 Oct. 1,1934 Sweden Dec. 1,1933 May 3 Finland 4 Dec. 3,1934 Turkey _ Mar. 2,1933 May 16 Greece 7 Oct. 14,1933 TJ. S. S. R._- Mar. 22,1927 May 24 Hungary 4H Oct. 18,1932 Yugoslavia- Feb. 1,1935 May 27 May 29 Junol Changes since June 3: France—June 21, down from 6 to 5 percent; June 21 July 5, down from 5 to 4 percent; Netherlands—-June 27, down from 5 to 4 June 27 percent; July 6, down from 4 to 3H percent; Java—July 1, down from 4J4 July 5 to 4 percent. July 6 InelTectJuly6,1935. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum} England (London) Germany (Berlin) Netherlands (Amsterdam) Montb ac 3 B c e a m p n o t k a n e n t r c h s e 1 s s, T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e t ' s d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day d P is r r i c a v o te a u t n e t M 1 o m ne o y n t f h or 1934—April 0.96 0.89 0.88 3.87 5.11 4.76 2.07 1.85 May .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 .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 .75 3.81 5.13 4.63 .59 1.00 D N e o c v e e m m b b e e r r . . . .5 4 7 5 .47 . .7 6 0 8 3 3. . 5 6 0 3 4 3. . 5 3 6 7 4 4. . 2 2 8 1 . . 6 6 0 3 1 1 . . 0 0 0 0 1935—January... .26 .66 3.51 3.93 3.82 .59 1.00 February.. .28 .63 3.41 3.77 3.83 .58 1.00 March .57 .50 .72 3.38 3.60 3.94 .60 1.00 April .59 .51 .75 3.38 3.60 3.64 3.65 3.26 May .59 .51 .75 3.09 3.10 3.17 3.78 2.96 Sw la i n tz d er- ( B B e ru lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Hungary S ( h w S o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r c i a v o te a u t n e t d P is r r c i a v o te a 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 i c a v o te a u t n e t c c ia o P l m ri p m m a e p e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1934-April 1.50 2.14 2.70 3.00 5.29 2.46 May 1.50 "1.93 2.60 3.00 5.29 2.43 June 1.50 2.11 2.03 3.00 5.26 2.44 July 1.50 2.20 1.78 3.00 5.20 2.57 A S N D O e u o c e p g t v c o t u e e e b m s m m e t r b b b e e e r r r . . . . . . , 1 1 1 1 1 . . . . . 5 5 5 5 5 0 0 0 0 0 2 2 2 2 2 . . . . . 3 3 1 1 3 8 5 0 5 1 1 1 1 1 1 . . . . . 4 5 5 7 4 4 0 0 5 5 3 3 3 4 3 . . . . . 0 1 0 0 0 0 9 0 0 0 5 5 5 5 5 . . . . . 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 . . , . . 7 7 5 5 6 9 4 6 2 3 1935— M A M F J e p a a a b n r r y i r u c l u h a a ry ry 2 1 1 1 1 . . . . . 8 5 3 5 5 0 0 9 0 0 Z 2 2 2 . . . 3 3 3 3 8 8 8 8 2 2 2 2 1 . . . . .7 1 5 1 1 9 4 6 2 2 4 4 3 3 3 . . . . . 8 5 5 0 0 9 0 0 0 0 5 5 5 5 . . . . 1 1 1 1 1 1 1 1 2 2 2 2, . . . 5 7 6 5 4 0 2 9 and N M O a T y E 1 .— 930 F , or p . ex. 3 .p1 _ 8l„ .anation of table see BULLETIN for November 1826, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 469 FOREIGN EXCHANGE RATES [Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency.] Year or month A t r i g n e a n- t A ra u l s i - a A (s u c s h tr il i - a Belgium B ( r m a i z l i - l g B a u r l i - a Canada Chile China Co b l i o a m- Cuba s C l z o e v c a h k o ia - m D a e r n k - (peso)i (pound)1 ling)! (belga) reis)i (lev)* (dollar) (peso)' (yuan) (peso)* (peso) koruna) (krone) 1929 95.1274 480.83 14.0575 13.9124 11.8078 0.7216 99.2472 12.0601 41.9007 96.5512 99.9647 2.9609 26.6802 1930 83.5050 458.60 14.0891 13.9524 10.7136 .7209 99.8424 12.0785 29.9166 96.4930 99.9515 2.9640 26.7650 1931 66.7375 351.50 14.0227 13.9285 7.0290 .7163 96.3258 12.0669 22.4369 96.5697 99.9295 2.9619 25.0581 1932 58.4433 279.93 13.9599 13.9137 7.1223 .7193 88.0896 7.9079 21.7357 95.2750 99.9409 2.9618 18.8317 1933 3 72.8009 337.07 15.4478 17.8996 7.9630 1.0039 91.9587 7.6787 * 28.5979 81.6966 99.9464 3.8232 19.0709 1934 33.5793 400.95 18.7930 23.2S67 8.4268 1.2852 101.0060 10.1452 34.0937 61.7799 99.9362 4.2424 22.4998 June 33.6552 402.24 18.9021 23.3628 8.4734 1.2503 100.7936 10.2233 33.0523 57.8900 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 33.7661 403.52 18.9981 23.7056 8.4S9S 1.2881 102.3779 10.3266 34.8553 55.1596 '99.9165 4.1944 22.6215 September. _ 33.2904 396.50 19.0185 23.7332 8.3096 1.2814 102.9387 10.2974 35.5827 57.6496 99.9150 4.2141 22.2981 October 32.9458 391.52 18.9242 23.4579 8.1899 1.2428 102.1226 10.3090 34,5881 60.2012 99.9165 4.1996 22.0615 November.. 33.2625 395.73 18.7956 23.3212 8.2176 1.2134 102.4719 10.3496 33.3947 65.0391 99.9193 4.1777 22.2724 December 32.9513 392.27 18.7711 23.3939 8.1904 1.2110 101.3090 10.2367 34.2164 64.5284 99.9194 4.1803 22.0793 1935—January 32.6038 387.92 18.7725 23.3150 8.1451 1.1955 100.1825 5.0630 34.9924 64.1450 99.9215 4.1711 21.8447 February... 32.4607 386.37 18.7900 23.3293 8.1282 1.2665 99.8852 5,0761 36.5369 58.9577 99.9205 4.1784 21.7594 A J M M u p a n a r r e y i c l . h . 3 3 3 3 2 2 2 1 . . . . 5 8 2 8 5 6 2 0 7 8 2 3 2 7 0 3 3 3 3 3 7 8 9 8 8 7 1 3 . . . . 5 5 2 5 6 5 8 2 1 1 1 1 8 8 8 8 . . . . 7 7 8 8 8 6 8 8 8 9 2 2 0 8 7 1 2 1 1 1 2 6 6 6 . . . . 7 9 9 9 5 4 3 4 6 3 9 6 4 0 3 1 8 8 8 8 . . . . 2 2 2 3 5 7 3 1 7 9 6 2 8 7 3 2 1 1 1 1 . . . . 2 2 2 3 7 7 0 8 5 7 2 7 6 0 5 8 9 9 9 9 9 9 9 9 . . . . 0 5 8 9 2 6 9 0 7 4 7 7 7 7 7 8 5 5 5 5 . . . . 0 1 1 0 8 0 0 9 8 0 0 9 5 0 0 6 3 3 4 4 8 8 1 0 . . . . 7 2 0 4 9 9 9 0 0 6 7 0 8 0 9 2 5 5 5 5 4 2 5 4 . . . . 8 1 0 4 8 6 6 0 4 1 3 6 6 3 4 8 9 9 9 9 9 9 9 9 . . . . 9 9 9 9 1 2 2 1 9 0 0 8 4 0 4 2 4 4 4 4 . . . . 1 1 1 1 8 9 6 8 1 8 8 2 4 2 3 8 2 2 2 2 1 1 1 2 . . . . 3 5 8 0 2 9 1 4 4 0 7 5 4 2 5 8 Sear or month (p E o g u y n p d t ) E (p n o g u la n n d d ) ( F m i a n r l k a k nd a) 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 - ( H d K o o o l n n la g g r) ( H p g e a u n r n g y - o)» ( I r n up d e ia e) I (l t i a r l a y ) J ( a y p e a n n ) M (p e e x s i o c ) o N ( l f e a l t o n h r d e in s r " ) - 1929 . 498.0689 485.6879 2.5160 3.9161 23.8086 1.2934 47.1669 17.4414 36.2020 5.2334 46.0997 48.1830 40.1622 1930 498.6002 486.2126 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 33.6895 5.2063 48.8509 35.4919 40.2298 1932 359.5406 350.6067 1.5547 3.9276 23.7492 .8320 23.4604 17.4460 26.3468 5.1253 28.1112 31.8500 40.2949 1933 434.3908 423.6821 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 6.5688 39.3751 .9402 38.7156 29.5746 37.8793 8.5617 29.7153 27.7423 67.3831 June 517. 7111 504.8046 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 8.5750 29.8434 27.7481 67.7146 August 519.5273 506.5076 2.2403 6.6592 39.4786 .9565 38.6140 29.8832 38.0616 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 29.8995 37.1426 8.6056 28.6843 27.7514 68.0869 November.. 511.6889 498.9022 2.2019 6.5886 40.2054 .9392 41.2418 29.7126 37.4866 8.5386 29.0554 27.7620 67.5988 December... <507.2709 494.5793 2.1859 6.5971 40.1910 ,9375 42.2908 29.5993 37.1835 8.5427 28.8232 27.7615 67.6382 1935—January 501.7925 489.2457 2.1636 6.5820 40.0614 .9341 43.1695 29.5828 36.8611 8.5209 28.4725 27.7541 67.4562 February 499.7457 487.3466 2.1536 6.5936 40.1178 .9339 44.3362 29.6955 36.7994 8.4730 28.3913 27.7515 67.5602 March 489.7472 477.6211 2.1099 6.6232 40.3722 .9399 47.9147 29.6405 36.0210 8.3368 27.9837 27.7500 67.9506 April 495.9246 483.6812 2.1315 6.5970 40.2638 .9354 52.6702 29.4937 36.4393 8.2821 28.3679 27.9350 67.4576 May 501.1845 488.7755 2.1543 6.5883 40.2472 .9340 59.3095 29.4356 36.8602 8.2253 28.7295 27.7882 67.6195 June. „ .. 493.4922 2.1782 6.6121 40.4072 .9423 57.5162 29.5062 37.1944 8.2566 28.9931 27.7781 67.8743 Year or month ( Z p e N o a u e la n w n d d )3 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 d u o - ) R ( u n le m i u a 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 f i u r o u i n n c th d a o ) f 1 ( g p U e u r s a u o y - )i ( Y s d l u a in v g a i o a r - ) 1929 483.21 26.6827 11.1940 4.4714 0.5961 14.6833 56.0117 26.7839 19.2792 48.4105 483.27 98.6294 1.7591 1930 " 468.22 26.7598 11.2051 4.4940 .5953 11.6670 55.9639 26.8543 19.3820 47.0608 483.79 85.8650 1.7681 1931 415.29 25.0546 11.1970 4.2435 .5946 9.5453 52.4451 25.2540 19.4009 47.1814 480.76 55.3572 1.7680 1932 320.19 18.0039 11.1823 3.1960 .5968 8.0438 40.3970 18.4710 19.4049 47.2854 476.56 47.0639 1.6411 1933. . .. 340.00 21.4292 14.4135 3.9165 .7795 10.7189 49.2320 22.0324 24.8355 60.4396 414.98 60.3360 1.7607 1934 402.46 25.3161 18.8460 4.6089 1.0006 13.6150 59.0052 25.9815 32.3663 79.0472 498.29 79.9562 2.2719 June 403.39 25.3559 18.8879 4.6253 1.0020 13.6776 59.1709 26.0211 32.4969 79.4669 499.10 80.2668 2.2702 1935— J A M M F J S N A D O J u u e e p a o u c e a n a l b p n r t y g y v c r e o i u r t c u l e e b e u a h s m m e m r a t y r r b b b y e e e . r r r - . „ - . . 3 3 3 3 3 3 3 4 3 3 3 4 9 8 8 8 8 9 9 9 9 9 0 0 3 9 5 0 8 0 4 8 3 8 5 2 . . . . . . . . . . . . 5 9 8 9 6 2 6 7 6 0 0 8 4 0 5 1 9 5 3 7 7 7 9 1 2 2 2 2 2 2 2 2 2 2 2 2 4 4 4 4 4 4 4 5 4 5 5 5 . . . . . . . . . . . . 5 7 2 0 4 8 5 0 8 0 3 4 5 9 9 2 8 4 8 9 2 6 2 5 1 6 7 6 8 7 1 2 5 5 4 0 0 3 5 5 0 8 5 8 8 5 6 4 1 1 1 1 1 1 1 1 1 1 1 1 8 8 8 8 8 8 8 9 8 9 8 9 . . . . . . . . . . . . 8 9 8 9 8 8 8 0 8 1 8 0 4 1 6 6 7 5 9 9 0 9 4 8 2 4 1 1 2 3 4 7 7 1 1 2 6 6 7 1 1 5 1 6 1 7 3 4 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . . 4 3 4 3 4 4 4 5 5 6 5 6 8 9 4 4 3 5 9 3 0 2 1 5 5 3 0 3 2 0 8 7 4 7 2 9 6 0 7 0 8 0 4 7 4 3 9 3 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . . 0 0 0 9 0 9 0 0 0 0 0 0 0 0 0 5 0 9 0 0 0 1 1 0 7 5 7 9 9 9 2 2 6 4 2 4 4 7 8 2 3 8 7 5 9 4 6 5 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 6 6 7 6 6 6 6 8 7 6 8 6 5 9 2 6 6 4 7 0 2 5 2 6 2 8 3 9 2 0 1 0 7 3 6 6 2 2 2 3 6 8 9 2 2 2 9 8 5 5 5 6 5 5 5 5 5 5 5 5 6 7 6 5 7 7 7 8 8 7 9 9 . . . . . . . . . . . . 8 3 3 6 0 9 2 5 4 9 3 0 9 7 3 3 0 7 4 1 5 1 4 5 4 6 2 4 5 1 6 3 2 7 8 6 2 2 9 6 7 7 4 8 1 2 8 2 2 2 2 2 2 2 2 2 2 2 2 2 4 5 5 4 5 5 5 5 5 5 6 5 . . . . . . . . . . . . 9 4 6 1 1 2 4 7 4 9 1 7 3 2 4 9 2 2 9 2 7 8 1 4 6 2 0 8 5 6 2 7 5 8 8 8 4 5 8 3 6 7 0 5 6 0 2 3 3 3 3 3 3 3 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 3 2 2 . . . . . . . . . . . . 3 6 3 5 3 3 4 4 7 0 9 5 2 8 6 3 5 0 7 0 7 2 5 7 3 4 0 0 2 5 4 1 5 3 4 7 0 5 0 1 5 5 5 3 3 7 2 1 8 8 8 7 8 7 7 7 7 7 7 0 0 0 9 9 9 9 0 9 9 9 . . . . . . . . . . . 5 5 6 5 2 6 3 2 1 2 9 2 0 6 0 9 8 3 9 9 6 9 6 6 7 1 6 6 8 1 6 7 9 9 5 6 8 4 9 1 2 9 1 1 4 4 4 4 4 4 4 4 4 5 4 4 8 7 8 7 8 8 8 9 9 9 8 0 3 8 8 2 9 2 3 8 3 4 8 1 . . . . . . . . . . . . 3 2 0 2 3 3 9 4 4 2 4 2 4 7 6 4 1 0 9 4 2 3 3 7 8 8 8 8 8 8 8 8 8 8 8 8 0 0 0 0 0 0 0 1 0 0 0 0 . . . . . . . . . . . . 0 2 4 1 5 2 3 1 1 1 0 9 9 7 0 3 5 3 4 5 4 4 1 9 4 7 0 1 2 1 9 4 3 8 9 6 6 9 6 5 0 0 6 7 3 6 4 1 2 2 2 2 2 2 2 2 2 2 2 2 . , . . . . . . . . . . 2 2 2 3 2 2 2 2 2 3 2 2 7 7 7 1 7 7 7 8 9 0 7 9 5 3 7 5 1 5 1 5 9 7 8 1 7 7 3 6 7 6 6 2 3 5 5 3 j Partly or wholly nominal since April 1933. * Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933 Average for 1933 is for gold peso for Jan. 4 Beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9w waass 2200.2.2110033 c ceennttss. * Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is forr s siillvveerr ppeessoo ffoorr JJuullys 30-Dec. 31. Averagefor gold peso or Jan. 2-July 29 was 47.6510 cents. * Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
470 FEDERAL RESERVE BULLETIN JULY 1935 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 t e e 1 s d 00) (1 C 92 a 6 n = a 1 d 0 a 0) (1 E 9 n 3 g 0 l = a 1 n 0 d 0) (1 F 91 ra 3 n = c 1 e 00) (1 G 9 e 1 r 3 m = a 1 n 0 y 0) 19°6 - --- 100 100 695 134 1927 . 95 98 642 138 1928 97 96 645 140 1909 95 96 627 137 1930 86 87 100 554 125 1931 73 72 88 502 111 1932 65 67 86 427 97 I933 66 67 86 398 93 1934 75 72 88 376 98 72 71 89 405 96 74 72 89 400 96 March 74 72 88 394 96 April - 73 71 S3 387 96 74 71 87 381 96 75 . 72 88 379 97 July 75 72 87 374 99 August . . .. ..... 76 72 89 371 100 September .... .« 78 72 88 365 100 October 77 71 S8 357 101 77 71 88 356 101 77 71 88 344 101 1935—January 79 71 88 350 February 80 72 88 343 March 79 72 87 335 April SO 73 83 336 May 80 72 88 340 ooooo Japan Nether- Italy (October lands (1913 = 100) 1900=100) (1913=100) 602 237 145 495 225 148 462 226 149 445 220 142 383 181 117 328 153 97 304 161 79 280 180 74 273 178 78 276 176 79 275 178 80 275 177 79 273 177 79 273 176 77 272 175 76 270 174 77 271 177 78 270 179 77 272 132 77 274 181 77 276 181 78 277 182 78 278 184 77 288 184 75 296 182 It 302 182 75 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926^100) England (1930=100) France (1913=100) Germany (1913=100) Year and month Indus- Induspr 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 o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u c l t l s - P s r io o n v s i- a t f r n i i n d a i l s s r h e a e m w d i- p tr r i i o s a d h l e u f d c in ts products 1026 100 100 100 581 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1 1 1 1 9 9 9 9 3 3 3 3 4 3 2 1 6 4 6 5 5 8 5 1 7 6 6 7 5 1 1 1 7 7 7 7 1 8 5 0 8 8 5 9 8 9 8 8 7 0 7 5 4 4 4 5 2 1 8 4 0 0 2 2 3 4 3 3 8 6 6 8 0 1 4 0 1 9 8 9 0 1 7 6 4 9 8 7 7 6 6 5 6 103 1 U 1 1 3 1 1 S 6 3 6 1934— J J A N D M A M S F O u u J e e o u e p c a a n l a p b c y v g r t y r e n t i o r e e u c l e u u m h b m s m a a t e r b b r b y r - y e e e . _ . r r . . . r . . . . . , 6 6 6 6 6 5 6 7 7 7 7 7 1 1 0 3 5 9 0 0 3 1 1 2 6 6 6 6 6 7 7 7 7 7 7 7 4 7 7 6 7 0 1 4 6 5 5 5 7 7 7 7 7 7 7 7 7 7 7 7 9 8 9 9 9 8 8 8 8 8 3 8 8 8 8 8 8 8 9 8 8 8 8 8 4 4 2 2 2 4 0 4 8 7 6 7 9 9 9 9 9 9 8 1 1 2 1 0 0 9 4 4 4 4 4 4 3 3 3 3 3 3 1 0 0 1 0 9 2 9 8 6 6 4 3 5 4 6 6 6 4 3 3 6 8 4 3 3 3 3 3 3 3 3 3 3 3 3 8 5 5 5 8 6 7 7 4 5 4 4 6 6 1 4 7 0 8 2 7 0 7 3 1 1 1 1 1 9 9 9 9 9 9 9 0 0 0 0 0 3 2 1 1 2 4 3 0 0 1 1 1 7 7 7 7 7 7 7 7 7 7 7 7 3 3 3 4 4 6 6 8 8 8 9 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 5 4 7 6 5 5 5 5 5 8 1935—January... 78 SO 78 87 351 350 100 81 119 M A M Fe p a a b r y r i r c l u h ary., 7 8 S 7 8 0 I 9 8 8 8 8 3 2 4 5 7 7 7 7 7 7 8 7 8 8 8 7 5 5 3 3 3 3 2 2 9 9 5 3 3 3 3 4 4 5 4 6 1 3 5 1 1 1 9 0 0 0 9 0 1 0 8 8 8 8 1 3 4 4 1 1 1 11 2 2 2 9 0 0 0 Sources.—See BULLETIN for March 1931, p. 159, and March 1935, p. 180. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL KESERVE BULLETIN 471 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United England France Germany United England France Germany Year and month States (July (July (1913- Year and month States (Jan.-June (1913- 1914=100) 1914=100)« 14=100) (1913=100) 1914=100) 1914»100)J 14-100) 1926 161 161 113 1926- 175 170 103 1 1 9 9 2 2 7 8 1 1 5 5 5 4 1 1 5 5 6 7 1 1 1 1 3 2 153 1 1 9 9 2 2 7 8 . . . . 1 17 7 1 3 1 16 6 6 4 1 1 0 0 4 5 152 1929 157 154 124 156 1929,. 171 164 113 154 1930 147 145 125 146 1930.. 164 158 118 148 1931 121 131 124 131 1931.. 148 148 116 136 1932 102 126 109 116 1932.. 134 144 107 121 1933 100 120 100 113 1933.. 132 140 106 118 1934 111 122 118 1934.. 138 141 105 121 1934—March 109 120 100 117 1934—March 140 107 120 April 107 118 98 116 April 139 120 May 108 116 97 116 May 137 120 June 109 117 98 118 June 136 138 106 121 July 110 122 97 120 July 141 122 August 112 123 97 121 August 142 122 September. 117 126 95 119 September 143 104 122 October... 116 125 95 119 October 143 122 November. 115 127 94 120 November 139 144 122 December. 114 127 94 119 December 144 102 122 1935—January... 119 125 92 119 1935—January... 143 122 February.. 122 124 90 120 February. 142 123 March 122 122 88 119 March 141 100 122 April 124 119 85 119 April 139 122 May 124 118 86 120 May 139 123 1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. 1 Index represents prices converted to gold basis of 1914. * Hevised series 140.3 for March 1935 and 137.8 for November 1934; other back figures not yet available. Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique Ge"ne"rale, and for cost of living, Commission detudes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average*-100) Year and month ( U a S v t n e a i r t t a e e g s d e 1 ( E D 92 n e 1 c g = e l 1 a m 0 n 0 b d ) e » r ( a 1 F g 91 e r 3 = a 1 n a 0 c v e 0 e ) r- G ( p a e r v r i e m c r e a a )> g n e y U St n a i t te e d s England i France Germany price) Number of issues ^ 60 87 36 139 421 278 300 329 1926 97 0 110 0 57.4 100.0 100.0 100.0 100.0 1927. 98 9 110 7 71.7 118.3 107.0 123.2 145.0 1928 98.7 112.3 80.8 85.5 149.9 115.9 178.1 136.1 1929 95.7 110.2 85.1 81.4 190.3 119.5 217.6 122.8 1930 98.3 111.8 95.8 83.3 149.8 102.6 187.6 100.2 1931 . 96 1 10S.4 96.9 »S3.4 94.2 78.9 132,2 *78.0 1932 81 1 113.2 88.6 »67.1 48.4 67.9 105.2 >50.3 1933 84 0 119.7 81.3 82.5 63.4 78.6 99.6 61.7 1934 96.7 127.5 82.1 90.7 72.5 85.7 83.3 71.1 1934-March 95.1 126.2 76.91 91.9 77.1 87.3 85.0 70.6 April 97.0 126.9 81.9 91.3 79.6 88.1 88.8 68.8 May ::::::::: ::::"::: 97.6 125.8 84.7 90.7 71.8 87.1 90.1 67.2 June 99.0 125.3 85.6 88.9 73.5 86.0 87.6 69.9 July 99.3 127.1 82.7 87.8 71.4 84.8 83.3 71.3 August. 97.8 127.4 81.8 87.9 67.8 83.8 81.1 73.4 September 96.7 128.3 81.3 89.0 67.0 83.6 77.3 76.2 October 98.4 128.9 82.7 91.6 67.3 84.5 74.7 76.3 November 98.8 133.2 85.0 92.2 69.4 85.6 73.0 73.7 December 100.0 132.7 85.8 93.8 69.2 85.3 74.7 73.2 1935— M F J e a a b n r r u c u a h a ry ry 1 1 9 0 0 9 1 1 . . . 9 3 3 1 1 1 3 3 3 4 1 0 . . . 6 6 3 8 8 8 9 4 S . . . 5 1 9 9 9 9 6 5 6 . . . 1 5 0 6 6 6 9 7 3 . . . 7 8 9 8 8 8 2 6 5 . . . 6 9 4 8 8 7 3 3 0 . . . 7 1 3 8 7 7 0 9 6 . . . 6 3 6 April 100.0 131.3 84.8 95.1 67.5 S3.8 79.8 81.9 May 101.2 131.3 82* 95.3 73.1 86.0 8S.0 83.5 J Annual indexes are unweighted averages of monthly indexes. ,,,„„„ Index for 1931 represents average of months January- * Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11,1932. June; index for 1932 represents average of months May-Deccember. Sources.—See BULLETIN for February 1932, p. 121, and June 1935, p. 394. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
472 FEDERAL RESERVE BULLETIN JULY 1935 LAW DEPARTMENT Securities temporarily exempted by Securities and Joint resolution extending time for renewal of loans Exchange Commission to executive officers Ruling no. 44 interpreting Regulation T.—The There is printed below the text of a joint Securities and Exchange Commission,by its resolution of Congress approved by the Presirules AN6, AN7, and AN8 has exempted cer- dent June 14, 1935, extending to June 16, 1938, tain securities for limited periods from the the period within which loans made to execuoperation of section 7 (c) (2) of the Securities tive officers of member banks prior to June 16, Exchange Act of 1934 to the extent and upon 1933, may be renewed or extended in certain the conditions stated in such rules. circumstances: The Federal Reserve Board rules that, as a result of and to the extent specified in the Commission's rules AN6, AN7, and AN8, the [PUBLIC RESOLUTION—No. 25—74TH CONGRESS] securities mentioned therein are "exempted [H. J. JRes. 3201 securities" within the meaning of section 2 (f) of Eegulation T. However, the Board points JOINT RESOLUTION out that the maximum loan value of such To extend from Juno 16,1935, to June 16,1938, the period within which loans made prior to June 16,1933, to executive officers of member banks securities, instead of being that provided in of the Federal Reserve System may be renewed or extended. section 3 (e), is limited by the conditions of the Resolved by the Senate and House of Representatives of Commission's exemption to the maximum loan the United States of America in Congress assembled, value which such securities would have if during That subsection (g) of section 22 of the Federal Reserve the periods prescribed they were registered Act is hereby amended by striking out: "Provided, securities. That loans heretofore made to any such officer may be renewed or extended not more than two years from the date this paragraph takes effect, if in accord with Record to be kept in special cash account spund banking practice." and inserting in lieu thereof: Ruling no. 45 interpreting Regulation T.— "Provided, That loans made to any such officer prior The Federal Reserve Board, in reply to inquiries to June 16, 1933,-may be renewed or extended for regarding the provisions of section 6 of Regula- periods expiring not more than five years from such date where the board of directors of the member bank tion T, as amended May 10, 1935, rules that a shall have satisfied themselves that such extension or debit entry made by a broker in accordance renewal is in the best interest of the bank and that with common practice in a customer's "special the officer indebted has made reasonable effort to reduce cash account" as of the day on which the his obligation, these findings to be evidenced by resolubroker, in accordance with the usual custom of tion of the board of directors spread upon the minute book of the bank.'1 the trade and in the absence of "failures to Approved, June 14, 1935. receive", would ordinarily receive and pay for securities which have been purchased for the customer in such account, shall be deemed, for the purposes of the third paragraph of section Joint resolution extending temporary plan for deposit 6, to constitute the required record of "the insurance date ^of payment by the creditor" for such There is printed below the text of a joint securities in all cases except those in which resolution of Congress approved by the Presithe broker, having in fact received and paid for dent June 28, 1935, extending to August 31, the securities on a later day, shall have recorded 1935, the temporary plan for deposit insurance such later day in such account as the date of provided for by section 12B of the Federal payment by the creditor. Reserve Act: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN JULY 1935 [PUBLIC RESOLUTION—No. 38—74TH CONGRESS] Discounts for individuals, partnerships and corporations The authority granted by the Federal [S. J. Kes. 152] Reserve Board to all Federal Reserve banks in JOINT RESOLUTION its circular of July 26, 1932, as amended by its letter of January 8, 1935, to discount eligible To extend to August 31,1935, the temporary plan for deposit insurance provided for by section 12B of the Federal Reserve Act as amended. notes, drafts, and bills of exchange for individuals, partnerships, and corporations, subject to Resolved by the Senate and House of Representatives the provisions of the law, the Board's regulaof the United Stales of America in Congress assembled, That section 12B of the Federal Reserve Act, as tions, and that circular, will expire at the close amended, is amended (1) by striking out" July 1,1935" of business on July 31, 1935. The Board has wherever it appears in subsections (e), (1) and (y), decided to extend such authorization for an and inserting in lieu thereof "August 31, 1935'*; and additional six months, and accordingly has (2) by striking "June 30, 1935 " where it appears in the amended section II of its circular of July 26, first sentence of the eighth paragraph of subsection 1932, to read as follows: (y), and inserting in lieu thereof "August 31. 1935"; and (3) by adding to subsection (y) the following additional paragraph "The deposits in banks which AUTHORIZATION BY THE FEDERAL RESERVE BOARD are on June 30, 1935, members of the fund or the The Federal Reserve Board, pursuant to the power fund for mutuals shall continue to be insured during conferred upon it by the amendment hereinbefore such extended period to August 31, 1935, without quoted, hereby authorizes all Federal Reserve banks, for liability on the part of such banks to further calls or a period ending at the close of business on January 31, assessment." 1936, to discount eligible notes, drafts, and bills of Approved, June 28, 1935. exchange for individuals, partnerships, and corporations, subject to the provisions of the law, the Board's regulations, and this circular. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
474 FEDERAL KESERVE BULLETIN JULY 1935 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In thousands of dollars] [In thousands of dollars] 1935 1934 Wednesday series (1935) Federal Reserve bank Federal Reserve bank June May June June 5 June 12 June 19 June 26 Boston 937 630 931 Boston 1,107 779 655 1,114 New York... 4,232 3,896 13,909 New York 4,366 4,622 4,139 3,785 Philadelphia. 576 544 7,803 Philadelphia 625 641 521 549 Cleveland 247 127 1,205 Cleveland 332 272 182 275 Richmond 368 259 914 Richmond 214 213 376 423 Atlanta 201 305 561 Atlanta 273 199 162 158 Chicago 59 66 736 Chicago . 106 5 78 75 St. Louis 48 23 159 Pt Louis 64 64 14 14 Minneapolis.. 48 51 586 Minneapolis .. 85 56 21 24 Kansas City.. 117 286 Kansas City *„-- -. 96 107 118 116 Dallas 444 516 490 Dallas 549 530 370 395 San Francisco. 241 248 560 San Francisco 266 246 245 209 Total... 7,518 6,761 28,140 Total 8,083 7,734 6,881 7,137 Back figures.—See Annual 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 Total reserves Total deposits Federa c l ir R c e u s la e t r i v o e n n i otes in t R o e d s e e p rv o e s it n a o n t d e F l e ia d b e i r l a i l ties combined Federal Reserve bank 1935 1934 1935 1934 1935 1934 1935 1934 June May June June May June June May June June May June Boston 429,123 426,915 410,707 298,528 304,467 307,163 271,216 262,645 244,027 75.3 75.3 74.5 New York 2,390,035 2,227,359 1,665,903 2,388,897 2,251,013 1,703,024 681,313 656,242 645,704 77.8 76.6 70.9 Philadelphia 320,573 320,544 321,781 239,384 232,859 223,936 236,581 235,344 249,090 67.4 68.5 68.0 C Ri l c e h v m el o an nd d. „ 4 1 2 8 9 7 , , 0 1 8 1 2 9 4 1 5 9 1 3 , , 4 9 6 5 4 9 3 1 7 9 8 1 , , 1 2 0 0 5 1 3 1 1 5 1 1 , , 3 9 4 0 7 0 ' 3 1 3 5 0 6 , , 4 3 2 1 0 6 2 1 5 4 7 9 , , 5 0 5 2 2 1 3 1 1 4 4 9 , , 7 0 2 4 8 5 3 1 1 4 3 8 , , 8 91 0 0 5 3 1 0 4 5 2 , , 7 1 8 6 1 1 6 6 8 2 . . 5 2 7 63 0 . . 5 1 6 6 5 7 . . 7 1 Atlanta 134,560 130,241 138,338 96,093 92,253 86,315 125,825 125,790 135,405 60.6 59.7 62.4 Chicago „ _ 1,423,876 1,341,022 1,047,988 966,754 907,465 679,119 791,480 787,690 771,689 81.0 79.1 72.2 S M t. i n L n o e u a i p s o l - i s -_ ... . 1 1 8 5 S 4 , , 2 3 5 2 0 3 ' ' 1 1 4 6 9 3 , , 0 6 4 1 9 3 1 1 7 1 7 2 , ,1 0 7 1 7 3 1 1 5 2 1 3 , , 4 1 4 2 3 8 1 1 2 1 6 0 , , 7 8 8 2 7 1 1 7 3 8 0 , , 9 9 1 3 9 0 1 10 3 1 9 , , 9 1 2 0 4 0 ' 1 1 3 0 8 4 , , 7 7 4 3 6 4 1 9 3 5 2 , , 0 7 8 7 9 2 6 6 4 8 . . 8 5 '6 6 9 1 . . 1 6 6 6 7 4. . 5 1 Kansas City. _ _ 203,168 '208,555 161,812 188,068 193,335 143,756 120,898 120,476 107,509 65.8 66.5 64.4 T)ftlI{M 99,336 r 95,124 98,410 113,685 112,358 119,113 50,720 47,893 40,154 60.4 59.4 61.8 San Francisco 331,469 339,800 304,254 296,850 297,842 252,336 218,273 222,648 202,636 64.3 65.3 66.9 Total 6,290,914 ••6,047,645 5,007,689 5,326,077 '5,115,936 4,131,184 3,201,103 '3,164,923 3,072,017 73.8 73.0 69.5 ' Revised. »Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $18,172,005; month ago, '$16,802,000; year ago, $18,031,000. Back figures—See Annual Report for 1933 (table 9) andl932 (table 8). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 475 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE STATEMENT, JUNE 29, 1935 [In thousands of dollars] San Francisco ASSETS Gold certificates on hand and due from U. S. Treasury 870 2,384,207 300,108 416,810 414,699 204,528 137,662 192,619 Redemption fund—Federal Reserve notes Other cash Total reserves.. 423,543 2,449,777 332,0481427,231 190,270J135,1811,443,781 216,190 151,228 204,415 Bills discounted: Secured by U. S. Government obligations, direct and/or fully guaranteed Other bills discounted Total bills discounted.. Bills bought in open markets Industrial advances U. S. Government securities: Bonds 317,365 37,643 12,667 Treasury notes 1,510,50$ 225,654 68,114 Certificates and bills 604.87S 97,392 27,419 Total U. S. Government securities.. 360,689,108,200 Total bills and securities. 363,185|l08,767 Due from foreign banks : 633 211 72 67 26 25 18 49 Federal Reserve notes of other banks... 18,951 5,712 748 784 1,280 1,073 373 1,808 TJncollected items 519,643 149,012 33,897 46,801 38,197 16,972 15,391 26,489 Bank premises 49,826 11,882 4,622 6,629 3,028 2,328 1,685 3,869 All other assets 43,197 30,208 4,807 1,688 1,227 1,695 S61 459 Total assets , 3,404,846 557,778 703,449 355,446 252,902 1 ,631 200,029 577,668 LIABILITIES F. R. notes in actual circulation- 706,568 239,527 317,844 151,666 126,881 796,964 140,523 101,530 Deposits: Member bank—reserve account.. 4,978,770278,3132,158,694 233,650 295,876 143 109,058179,116 277,534 TJ. S. Treasurer—general account. 102,235 1,681 5,101 6,594 7,071 Foreign bank 23,772 1,838 613 68 1,787 301,218 4,126 6,656 1,232 18,777 Other deposits Total deposits 5,405,995285,958 2,424,010 250,109 307 95,46; Deferred availability items.. 511,095 53,327 33,953 45,984 37,065 17,003 71,421 20,022 13,788 32,364 17,092 24,653 Capital paid in 146,575 10,754 15,126 13,127 5,031 4,439 12,784 3,993 3,122 4,037 4,019 10,754 Surplus (sec. 7) 144,893 9,902 49,964 13,470 14,371 5,186 5,540 21,350 4,655 3,420 3,613 3,777 9,645 Surplus (sec. 13b) 20,870 2,165 6,578 2,098 1,007 2,918 754 1,391 547 1,003 775 939 695 Reserves for contingencies..., 30,777 1,648 7,500 2,996 3,000 1,416 2,602 5,325 891 1,171 826 1, 2,039 All other liabilities , ll,09C 225 6,414 499 203 216 1,729 346 168 847 126 186 Total liabilities 642,765 3,404,846 557778 703,449 355,446 252,902 1888,512 348,485 245,630 351 Ratio of total reserves to deposit and F. R. note liabilities combined (percent).... :.... Commitments to make industrial advances FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 451 328,706 159,169 141 Held by Federal Reserve bank In circulation. Collateral held b; Gold certificates on hand and due from U. S. Treasury 3,294,639 Eligible paper 4,276 U. S. Government securities 231,000 Total collateral-...! 800,371252,456 329,920 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
476 FEDERAL RESERVE BULLETIN JULY 1935 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [Averages of dally figures. In millions of dollars] Reserves heid Borrowings at Federa IReserve Federal Reserve district Total Excess May April March May April March May April March 296.6 295.7 296.0 161.2 161.8 164.6 0.6 0.6 0.5 New York 2,031.0 1,920.8 1,054.8 896.3 810.5 857.7 3.9 3.8 4.0 Philadelphia 221.3 221.5 222.2 89.8 92.4 93.5 .5 .5 .5 320.3 308.6 304.3 162.3 157.4 156.4 .1 .1 .6 Richmond... «. ..... .. .- ....... 149.6 142.4 151.9 76.2 70.5 79.4 .2 .2 .2 Atlanta „. . . - — _ ... 84.2 85.6 85.3 26.4 27.7 28.7 .3 .2 .2 Chicago —.. . -_—.«.. . 893.3 685.4 634.9 549.8 368.4 312.7 .1 .04 .04 St. Louis - 111.9 124.9 139.9 41.5 56.4 71.9 .02 .008 .03 Minneapolis - . . —. ... 101.6 96.3 100.9 54.1 48.2 52.8 .05 .05 .007 Kansas City - . . „ . 186.4 175.1 174.7 100.3 92.1 93.1 .1 .1 .1 Dallas - . .. 107.6 113.2 122.8 50.6 56.0 65.8 .5 .4 .1 San Francisco - 274.0 266.9 264.6 88.6 ' 84.1 88.1 .2 .1 .2 Total 4,777.8 4,436.3 4,452.2 2,296.9 2,025.6 2,064.7 6.7 6.2 6.5 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 under 15,000) Federal Reserve district Net demand Time Net demand Time May April March May April March May Apr March May April March Boston 1,221 1,203 1,178 591 591 592 83 122 121 120 New York 8,469 8,281 8,177 1,664 1,663 1,642 215 208 205 446 444 442 Philadelphia... 963 943 942 633 639 632 160 158 157 396 394 Cleveland 1,190 1,127 1,096 916 911 162 156 153 236 229 227 Richmond 557 544 551 324 324 321 122 119 119 167 165 165 Atlanta 454 458 445 270 267 262 102 102 101 73 70 70 Chicago 2,538 2,341 2,387 1,071 1,010 984 204 196 192 174 170 168 St. Louis 530 513 510 258 257 254 137 133 131 91 90 90 Minneapolis... 295 302 302 172 174 171 140 136 137 171 171 172 S K D 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 -. . 1,2 6 4 5 1 1 0 5 5 1,2 5 4 2 8 1 2 7 6 1,1 5 4 6 7 1 0 4 1 1,8 2 1 1 0 5 7 7 9 1,8 2 1 2 0 5 2 6 8 1,8 2 1 1 0 5 6 7 8 2 1 1 4 0 8 9 7 9 2 1 1 4 0 9 4 7 0 2 1 1 4 0 9 3 6 4 1 9 3 0 1 5 9 1 9 3 0 1 6 9 1 9 3 0 2 5 9 Total.... 18,503~ 17,936 17,733 8,081 8,022 7,949 1,874 1,821 2,113 2,092 2,082 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN 477 JULY 1935 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO Iln millions of dollars] 1Federal Reserve district City Total Boston 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 ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas 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: June 5 . 18,414 1,167 8,491 1 082 1,218 357 355 1,916 554 341 600 425 1,908 7,631 1,514 June 12 18,500 1,169 8,532 1,084 1,222 354 351 1,948 548 343 599 426 1,924 7,674 1,547 June 19 18,620 1,171 8,590 1,088 1,225 353 346 2,003 540 345 594 424 1,941 7,730 1,584 June 26 '18,668 1,173 ••8,631 1,094 1,227 351 345 2,011 540 347 592 421 1,936 '7,775 1,589 Loans on securities, total: Junes.. 2 992 193 1,762 187 164 49 47 233 58 33 47 42 177 1,583 198 June 12 . 3,040 193 1,798 186 168 50 47 241 57 33 47 42 178 1,620 206 June 19 3,020 193 1,791 185 165 50 44 236 56 34 47 42 177 1,609 201 June 26 3,061 192 1,837 186 164 49 46 230 59 33 46 41 17S 1,655 196 To brokers and dealers in New York: June 5.. 811 7 786 15 2 1 775 2 June 12 843 g 817 IS 2 . i 806 2 June 19 838 7 813 15 2 1 798 2 June 26 883 7 859 15 1 \ S44 I To brokers and dealers outside New York: June 5 162 30 60 13 7 1 3 27 4 1 3 1 12 58 25 June 12 170 29 60 12 7 1 3 35 4 2 3 1 13 58 33 June 19 167 29 62 12 6 1 3 32 4 2 3 1 12 60 30 June 26 166 30 62 11 6 1 3 28 5 2 3 1 14 60 26 To others: June 5 2 019 156 916 159 157 48 44 •>nik 54 32 43 41 165 750 171 June 12 2 027 156 921 159 161 49 44 204 53 31 43 41 165 756 171 June 19 2 015 157 916 158 159 49 41 202 52 32 43 41 165 751 169 June 26 2 012 155 916 160 158 48 43 201 54 31 42 40 164 751 169 Acceptances and commercial paper bought: Junes.. 352 41 180 25 5 7 2 33 9 6 23 2 19 178 23 June 12. 337 40 171 24 3 7 3 32 9 6 22 2 18 169 22 June 19 328 39 162 25 3 7 3 31 9 6 22 2 19 160 21 June 26.. 317 38 155 25 3 7 3 30 9 5 20 ? 2 19 153 20 Loans on real estate: June 5 961 89 245 71 73 16 12 31 37 6 13 25 343 128 16 June 12... 960 89 244 71 73 16 12 31 37 6 13 25 343 127 16 June 19 960 89 243 71 73 16 12 31 37 5 13 25 345 127 16 June 26 961 89 243 71 73 16 12 31 37 6 13 25 345 126 16 Other loans: K- June5 3 190 275 1 327 171 150 78 130 313 r106 99 111 110 320 1.188 241 June 12 3 230 274 1 351 176 149 77 126 323 105 101 112 110 327 1,212 250 June 19 3 219 274 1 348 176 150 77 126 319 104 101 110 109 325 1,208 243 June 26 r 3 210 272 r I 346 177 149 77 123 316 103 » 101 113 109 324 '1,207 244 vi?* Government direct obligations: June 5 7 293 372 3 483 291 613 127 96 919 215 138 247 166 626 3,285 713 June 12 7 294 376 3 474 289 615 122 95 930 214 137 244 166 632 3,274 725 June 19 7 388 382 3 513 290 614 123 93 988 206 138 240 165 636 3,314 761 June 26 7)407 385 3^521 288 619 123 92 1,006 204 139 238 163 629 3,324 777 Obligations fully guaranteed by U. S. Government: June 5 803 14 343 69 28 24 20 93 37 14 35 39 87 299 79 June 12. 805 14 340 69 28 25 20 92 37 16 37 39 RS 299 79 June 19... 846 15 368 68 31 24 20 91 39 16 39 39 96 329 80 June 26 841 15 354 73 31 24 20 92 39 17 43 39 94 316 80 Other securities- June 5 2 823 183 1 151 268 185 56 48 294 92 45 124 41 336 970 244 June 12 2 834 183 1 154 270 186 57 48 299 89 44 124 42 338 973 249 June 19 2 859 179 1 165 273 189 56 48 307 89 45 123 42 343 983 257 June 26 2,871 182 1,175 274 188 55 49 306 89 45 119 42 347 994 256 Reserve with Federal Reserve bank: June 5. 3 732 237 1 909 140 162 61 29 699 77 76 111 67 164 1,840 651 Cash J J J u u u m n n n e e e v 1 1 2 a 9 2 6 u . lt .. : 3 3 3 , , , 9 8 8 1 7 5 6 5 3 2 2 2 3 2 3 7 6 0 2 1 1 , , , 0 9 9 5 2 6 5 7 7 1 1 16 5 5 7 6 2 1 1 1 6 5 5 1 6 4 5 5 6 8 7 0 3 2 3 0 9 1 7 7 7 4 5 4 9 2 7 1 1 9 0 0 3 6 4 7 7 7 1 3 7 1 1 11 0 1 6 9 7 6 6 6 8 7 8 1 1 1 5 5 6 8 4 2 1 1 1 , , , 8 8 9 8 8 5 5 9 5 6 7 7 H 0 9 0 9 5 3 J J J J u u u u n n n n e e e e 1 1 2 5 2 9 6 . 3 2 2 2 0 9 8 9 2 3 0 0 8 8 9 7 5 2 0 9 5 5 5 5 5 9 6 8 1 1 1 1 4 4 3 3 2 2 2 2 0 1 0 2 1 1 1 1 3 2 2 1 6 7 7 7 4 4 4 4 5 7 5 7 9 9 9 9 4 5 5 5 1 1 1 1 2 1 2 2 0 9 9 9 1 1 1 1 7 6 7 7 4 4 4 4 3 5 3 6 3 3 3 3 5 5 6 4 Net demand deposits: J J J J u u u u n n n n e e e e 2 1 1 5 6 9 2 1 1 1 1 5 5 5 5 , , , , 0 4 3 3 4 2 3 5 1 3 2 3 1.0 9 9 9 0 9 9 9 3 8 9 4 8 8 8 7 , , , , 0 0 0 8 4 3 1 7 5 4 7 9 8 8 8 7 2 1 3 8 6 5 6 7 7 7 7 7 6 6 7 7 9 8 1 0 2 2 2 2 3 4 4 4 9 5 3 2 2 2 2 2 1 1 0 1 5 3 3 0 1 1 1 1 , , , , 9 8 9 9 5 6 3 5 7 3 4 3 4 4 4 4 0 2 1 2 9 4 9 0 2 2 2 2 7 8 7 7 7 5 6 5 5 5 5 5 3 4 3 3 3 4 3 2 3 3 3 3 2 2 2 2 6 6 3 2 *7 7 7 7 7 6 8 7 2 2 7 6 7 7 7 7 , , , , 4 5 5 5 4 2 5 7 7 9 6 8 1 1 1 1 , , , , 5 6 6 6 7 5 7 7 7 4 4 2 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
478 FEDERAL RESERVE BULLETIN JULY 1935 REPORTING MEMBER BANKS IN LEADING CITIES-Continued (In millions of dollars! Federal Reserve district City Total Boston 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 ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas 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 - Time deposits: June 5 „ ._ 4,424 311 978 291 454 140 134 589 168 122 158 123 956 564 440 June 12 4,398 310 967 276 455 139 133 590 168 122 157 123 958 559 441 June 19 „ — „. 4.434 310 965 275 457 140 134 620 168 122 157 123 963 559 471 June 26 4,427 310 955 276 461 139 133 619 168 122 156 123 965 550 470 Government deposits: June 5 732 51 411 45 32 7 22 36 15 3 15 33 62 389 25 June 12 . 728 50 410 45 32 7 22 35 15 3 16 32 61 3SS 25 June 19 675 47 382 42 SO 6 20 31 14 2 14 29 58 362 22 June 26 674 47 381 42 30 7 20 30 14 2 15 28 58 361 22 Due from banks: June 5 1.777 114 154 168 127 95 72 308 87 110 208 132 202 71 212 June 12 1,826 105 158 172 130 97 75 315 100 119 218 132 205 72 215 June 19 .— 1,799 112 159 159 125 100 79 291 96 115 231 133 199 71 206 June 26.. 1,842 102 199 162 130 96 80 303 100 103 223 136 208 103 227 Due to banks: June 5 ___ 4,394 214 1,963 259 205 105 85 620 182 125 294 135 207 1,896 504 June 12 4.388 212 1,955 257 203 102 85 627 184 126 293 132 212 1,888 514 June 19 -_ — 4,384 218 1,961 258 197 103 84 622 182 120 298 130 211 1,893 509 June 26 4,398 211 1,982 262 197 102 86 616 185 118 294 130 215 1,914 503 Borrowings from Federal Reserve banks: June 5 June 12 June 19 _ June 26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 479 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS AND CURRENCY TO AND FROM EUROPE SECURITIES HELD BY FEDERAL RESERVE BANES BY SELECTED BANKS IN NEW YOBK CITY [In thousands of dollars] (Paper currency only. In thousands of dollars] 1934 1935 Total W in i t 1 h 5 - 16 3 0 to 31 6 0 to 61 9 0 to 91 t o d a 6 ys Over 6 days days days days mos. mos. Month Ship- Re- Ship- Re- Bills disments ceipts Net ments ceipts Net Eu t r o ope E f u ro ro m pe receipts Eu t r o ope E f u ro ro m pe receipts co J u u n n t e e d 5 : 8,083 6,675 197 317 644 238 12 June 12 7,734 6.419 192 303 592 216 12 June 19 6,881 5,180 158 290 1,059 194 June 26 7,137 5,070 412 no 1,294 235 16 January 0 5,256 5,256 81 3,705 3,624 Bills bought in February 1 3,740 3,739 173 1,502 1,329 open market: March 0 2,200 2,200 167 2,026 1,859 Junes 4.700 1,121 1,648 1,197 734 April 1 2,900 2,899 373 1,465 1,092 June 12 4,706 1,998 838 671 1,199 May. ...„.„ 10 3,780 3,770 1,012 1,612 600 June 19 4,723 1,777 857 762 1,327 June..... 8 3,471 3,463 191 1,451- 1,260 June 26 4,690 870 607 714 2,499 July 63 3,601 3,538 Industrial ad* A S O e u c p t g o t u e b s m e t r ber. 2 0 0 3 4 2 5 , , , 2 5 1 5 2 9 4 4 3 5 4 2 , , , 1 5 2 9 2 3 3 4 1 va J J n u u c n n e e e s : 5 12 2 2 7 7 , , 2 0 8 2 2 2 1 1, , 3 2 1 5 7 6 2 1 2 6 4 3 3 29 2 9 0 4 3 6 4 0 9 2 2 , ,7 8 9 9 4 5 2 2 2 1 , , 2 9 4 7 9 8 November.. _ 199 2,129 1,930 June 19 27,386 1,387 141 266 557 2,825 22.210 December 40 1,539 1,499 June 26 27,518 1,203 183 305 525 2,794 22,508 Total 345 40,587 40,242 TuT* m oQ e . n t tu~ lor s iT e v7 c e*% u rwn r n i * ties* JuneS 2,430,206 137,42263,810186,00582,679160,6921,799,598 For description and back figures see BULLETIN for January 1932, June 12. 2,430,263 115,36566,160170,30672,484190,0321,815,916 pp. 7-9, and for January 1934, p. 51. June 19. 2,430,241 63,81045,550 94,61757,190294,0581.875.016 June 26 2,430,227 66,16051,055 83,63752,033315,2511,862,091 PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION (Outside Treasury and Federal Reserve banks. In millions of dollars] BANK DEBITS [Debits to individual accounts. In millions of dollars] 1934 1935 Denomination 1935 1934 May 31 Dec. 31 Jan.31 Feb. 28 Mar. 31 Apr. 30 May SI Number of centers May April May $1 396 423 401 407 410 411 420 $2..L 33 32 32 31 32 32 32 $5. 719 771 740 755 754 749 760 New York City.... 1 14,551 15,905 14,653 $10 1,225 1,288 1,240 1,275 1,285 1,266 1,290 Outside New York City 140 15,655 15,746 14,104 $20 1,288 1,326 1,293 1,314 1,309 1,300 1,309 $50 341 337 336 340 . 341 340 343 Federal Reserve districts: $100 579 577 571 575 578 580 588 Boston... „ 11 1,630 1,684 1,532 $500 116 112 111 112 113 116 115 New York 7 15,201 16,568 15,244 $1,000 228 216 214 217 221 230 225 Philadelphia 10 1,473 1,480 1,459 $5,000. 7 5 5 6 6 5 6 Cleveland.. 13 1,591 1,544 1,419 $10,000..... 9 7 7 8 8 8 9 Richmond- 7 551 565 517 Atlanta 15 702 697 665 Total.. 4,941 5,095 4,953 5,039 5,057 5,036 5,098 Chicago 21 4,042 4,164 3,569 St. Louis.- __ 5 827 757 724 Minneapolis 9 541 530 465 NOTE.—Figures include, in addition to currency outside the Treasury Kansas City.... 15 879 887 810 and Federal Reserve banks, unassorted currency held by these institu- Dallas 10 4SS 495 434 tions amounting to $7,009,000-$14,000,000, and also $1,000,000 of currency San Francisco IS 2,281 2,278 1,869 of unknown denominations reported by the Treasury as destroyed. Total- 141 30,206 31,651 28,757 UNITED STATES POSTAL SAVINGS [Balance to credit of depositors. In millions of dollars] End of month 1931 1932 1933 1934 1935 January 278.4 666.2 943.4 1,200.8 1,200.3 Februaryll""!!" 292.1 692.6 1,007.1 1,200.0 1,205.4 March 302.7 706.0 1,113.9 1,200.0 1,202.7 April 313.8 722.8 1,159.8 1,197.5 p 1,200.4 May 325.0 742.6 1, ISO. 3 1,196.9 v 1,204.5 June 347.4 784.8 1,187.2 1,197.9 July...::::: 372.5 829.5 1,178.4 1,190.3 D N S A O e e u o c p c g t v t o e u e e m b m s m t e b b r b e e . e . r r . r . . ... : 6 5 4 4 5 0 3 2 6 6 5 2 8 5 9 . . . . . 6 7 5 1 9 8 9 8 8 8 0 7 4 5 8 1 1 8 8 5 . . . . . 6 9 5 7 2 1 1 1 1 1 , , , , , 2 1 1 1 1 0 8 7 8 9 8 9 1 9 8 . . . . . 5 0 4 9 7 1 1 1 1 1 , , , , , 1 1 1 2 2 9 9 9 0 0 8 2 3 2 7 . . . . . 6 5 8 2 4 * Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
480 FEDERAL RESERVE BULLETIN JULY 1935 BANES SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1934 AND JANUARY-JUNE 1935 [Preliminary figures] Licensed banks suspendedl Nonlicensed b o a r n k re s c p e l i a v c e e r d sh i i n p * liquidation Number of banks D s e a p n o d s s i t o sa f d (i o n l l t a h rs o ) u- Number of banks D s e a p n o d s s i t o s f 3 d ( o in ll a th rs o ) u- Year 1934 Jan 1 . 9 - 3 Ju 5 ne Year 1934 Jan 1 . 9 - 3 J 5 une Year 1934 Jan 1 . 9 -J 3 u 5 ne Year 1934 Jan 1 . 9 - 3 Ju 5 ne National banks — 1 2 40 581 396 4 401,983 6,499 State bank members - <23 M * 39,606 «6,284 Nonmember banks 55 14 36,904 2,718 501 57 205,140 11,485 Total 56 16 36,944 3,299 920 46 646,729 24,268 »Includes banks placed on a restricted basis. * Includes nonlicensed banks absorbed or succeeded by other banks. * Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported closing of the banks. * Includes 14 banks with deposits of $12,504,000 in 1934 and 3 banks with deposits of $4,858,000 during January-April 1935, which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. RATES ON INDUSTRIAL ADVANCES [Approved by the Federal Reserve Board, under sec. 13b of Federal Reserve Act as amended June 19,1934. Percent per annum except as otherwise specified. In effect on July 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 i r s a a c n n o - Advances direct to industrial or commercial organizations 3M-6 4-6 4-6 4H-6 6 6 5-6 6 4-6 5-6 5-6 Advances to financing institutions: On portion for which institution is obligated 3 3 13 4-6 5 »3 S 4^-5 4 4 3-4 Com O m n i t r m em en a t i s n i t n o g m p a o k rt e i o a n dvances 4 1- - 2 5 1-2 1 4 1 - - 6 2 5 5 1 - - 6 2 4^5 J^-2 4 5-6 1 4-5 * Authorized rate 1 percent above prevailing discount rate. * Same as to borrower but not less than 4 percent. » Flat charge. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JtJLY 1935 FEDERAL EESERVE BULLETIN 481 ALL BANKS IN THE UNITED STATES ALL BANKS PRINCIPAL ASSETS AND LIABILITIES ON DEC. 31 AND JUNE 30, 1934, AND DEC. 30, 1933, BY DISTRICTS [Amounts in millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Deposits, exclusive of interbank deposits Number of btinks Total Loans Investments Federal Reserve district De- De- De- De- De- De- De- De- De- Decem- June com* cem- June cem- cem- June cem- cem- June cem- cem- June cember 1934 ber ber 1934 ber ber 1934 ber ber 1934 ber ber 1934 ber 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 ALL LICENSED BANKS 1 Boston... 5,441 ' 5,461 5,456 2,904 '3,035 3,130 2,537 2,426 2,326 5,479 5,457 5,275 912 911 905 New York 17,100 '17,028 16,222 8,394 '8,850 9,078 8,707 '8,178 7,144 16,933 '15,788 14,741 1,270 1,270 1,240 Philadelphia 3,172 3,127 3,002 1,383 1,436 1,446 1,788 1,691 1,556 3,039 2,972 2,695 950 028 8G6 Cleveland . . 3,036 2,953 2,731 1,288 1,356 1,403 1,748 1,597 1,328 3.07A 2,865 2,661 1,270 ,213 1,155 Richmond. . 1,682 1,578 1,494 767 774 792 916 805 702 1,794 1,653 1,494 1,057 ,034 985 Atlanta 1,105 1,024 930 588 528 564 517 496 416 1,182 1,046 953 1,105 ,092 1,023 Chicago 3,977 3,719 3,232 1,518 1,639 1,730 2,459 2,080 1,501 i(,531 4,033 3,433 2,579 2,450 2,137 St. Louis 1,289 1,224 1,145 607 579 625 682 644 520 1,375 1,239 1.131 1,669 ,0-48 1,553 Minneapolis 958 931 871 375 405 428 582 526 443 ,052 974 892 1,430 .437 1,390 Kansas City 1,182 1,127 1,075 432 499 513 700 629 563 .432 1,346 1,171 2,002 2,014 1,966 Dallas 850 817 758 418 410 423 432 407 335 1,001 931 828 1,064 1,074 1,055 San Francisco 3,666 3,511 3,355 1,750 1,767 1,846 1,916 1,744 1,503 3,823 3,561 3,330 734 734 736 Total 43,453 '42,502 40,319 20,474 '21,278 21,977 22,984 21,223 18,342 44,771 '41,870 38.505 16,042 15,835 15,011 ... •!' LICENSED MEMBER BANKS Boston 1,885 1,891 1,792 971 1,057 1,014 913 834 778 1,962 1,933 1,717 371 373 355 New York 10,216 10 078 9 415 4,314 4,624 4,725 5,902 5,454 4,690 10,032 9,120 8,210 791 783 758 Philadelphia 2,185 2,141 2,081 1,012 1,059 1,061 1,173 1,082 1,020 2,098 2,009 1,824 656 644 606 Cleveland.^ 2 366 2 308 2 099 944 1 002 1 033 1,422 1,306 1,065 2,383 2,218 1,935 627 613 544 Richmond 1,059 996 936 465 476 439 593 520 447 1,118 1,045 925 400 394 373 Atlanta 871 812 781 440 392 423 431 419 358 909 814 747 332 324 309 Chicago 3 146 2 878 2 479 1 074 1,124 1,208 2,072 1,754 1,271 3,534 3,163 2,728 632 653 535 St. Louis 933 '877 792 383 358 382 550 519 411 930 847 776 391 383 362 Minneapolis 699 633 631 263 283 299 435 400 332 755 699 637 524 631 502 Kansas City 956 905 849 351 361 365 606 543 434 1,061 997 872 734 736 70S Dallas.......:. 725 683 647 341 328 348 384 355 299 845 792 693 555 554 537 San Francisco 3,110 2,924 2,717 1,469 1,459 1,486 1,641 1,466 1,231 3,266 2,973 2,707 379 377 372 Total 28,150 27,175 25,220 12,028 12,523 12,833 16,122 14,652 12,386 28,943 126,615 23,771 6,442 6,375 6,011 ITT. " '7=7 -11 LICENSED NONMEMBER _ BANKS Boston... 3 556 r 3 5(J9 3 663 1 933 '1 978 2 115 1,624 1,592 1,548 3,517 3,524 3,558 541 533 550 New York 6,885 '6,951 6,807 4,080 '4,227 4,353 2,805 '2,724 2,455 6,856 '6,668 6,531 479 432 432 Philadelphia I. " 986 986 920 371 377 385 616 609 536 991 963 871 294 234 2G0 Cleveland 670 645 632 344 355 370 326 291 262 692 647 626 643 630 611 Richmond 623 582 557 301 298 303 322 234 254 676 607 569 657 640 612 Atlanta 234 213 199 148 136 141 86 77 53 273 232 207 773 768 714 Chicago 831 842 753 444 515 522 338 327 230 997 871 705 1,897 1,792 1,552 Bt. Louis 356 347 353 224 221 243 132 126 110 445 392 356 1,278 1,265 1,191 Minneapolis... . 259 249 240 112 122 129 147 127 111 297 275 255 906 906 388 Kansas City 226 223 226 132 137 147 94 85 79 371 349 299 1,268 1,278 1,258 Dallas 125 134 111 77 82 76 43 52 35 156 139 135 509 520 513 San Francisco 556 5S7 638 281 303 360 275 279 278 557 539 623 355 357 364 ' Total 5,303 '15,327 15,100 8,446 '8,755 9,144 6,862 '6,572 5,956 15,828 '15,255 14,734 9,600 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. 484. Backftgures.-Sto Annual Reports of the Federal Reserve Board for 1929 (tables 83-85) and 1931 (tables 93-95); also BULLETINS for October 1932 (p. 663), April 1933 (p. 254), and February 1935 (p. 123). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
482 FEDERAL RESERVE BULLETIN JULY 1935- ALL BANKS IN THE UNITED STATES—Continued ALL LICENSED BANKS IN THE UNITED STATES > — PRINCIPAL ASSETS AND LIABILITIES ON DEC. 31, AND JUNE 30, 1934, AND DEC. 30, 1933, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of interbank Loans Investments deposits Number of banks State De- Deb D e e r c 1 e 9 m 34 - June 1934 b D e e r c 1 e 9 m 3 - 3 b D e e r c 1 e 9 m 34 - June 1934 b D e e r c 1 e 9 m 3 - 3 b D e e r c e 1 m 93 - 4 June 1934 b D e e r c 1 e 9 m 33 - c b e e m r - J 1 u 9 n 3 e 4 c b e e m r - 1934 1933 New England: Maine 112,117 118,886 117,294 176,949 167,244 150,850 285,444 284,222 271,938 104 102 102- New* Hampshire—. ^ 110,284 111,476 118,074 156,736 154,389 151,196 249,713 247,996 245,911 113 113 Hi Vermont 93,618 99,413 103,334 80,716 75,575 64,196 165,337 167,545 170,556 98 95 9& Massachusetts 1,916,189 2,000,481 2,056,809 1,522,362 1,450,545 1,406,891 3,475,967 3,472,887 3,336,567 405 409 406 Rhode Island 190,920 203,302 216,541 252,977 253,093 249,854 441,381 439,917 438,162 35 35 3J Connecticut 622,279 652,784 672,265 452,474 420,080 394,122 1,114,183 1,091,714 1,052,970 200 201 196 Middle Atlantic: New York 7,592,747 •7,987,491 8,166,080 7,890,249 •7,415,471 6,419,394 15,222,878 14,126,76513,139,900 922 922 895- New Jersey 808,973 863,826 910,283 832.311 774,589 732,914 1,737,297 1,680,307 1,604,557 427 423 414 Pennsylvania 1,616,053 1,695,753 1,718,447 2,512,107 2,378,677 2,135,211 3,931,722 3,766,025 3,399,877 1,136 1,111 1.007 East North Central: Ohio 725,520 759,572 781,874 766,757 673,936 526,266 1,639,325 1,502,376 1,329,852 706 687 657 Indiana 205,696 213,578 222,334 249,310 209,164 161,266 535,629 475,858 415,406 548 520 510 Illinois 765,634 859,587 916,562 1,422,309 1,213,735 910,787 2,464,864 2,207,091 1,965,350 882 878 879- Michigan 2*4,079 298,310 330,416 474,587 278,334 886,206 771,442 615,212 486 435 364 Wisconsin 151,732 273,365 262,130 320,297 277,652 195,695 611,403 572,181 452,100 624 607 444 West North Central: Minnesota 253,936 271,754 292,895 391,975 353,797 290.355 682,251 632,395 584,977 689 691 Iowa 163,714 154,546 159,423 189,320 164,407 100,973 417,011 369,656 291,496 663 622 504 Missouri 345,095 348.843 365,181 502,049 476,957 391,856 953,942 887,653 786,434 710 702 638- North Dakota 22,483 25,720 23,283 31,846 28,104 23,508 65,366 58,122 54,891 206 210 202 South Dakota 26,770 28,981 30.787 34,914 31,479 30,036 74,492 67,227 60,480 212 21! 210 Nebraska 81,409 82,748 88,723 127,477 110,602 82,563 234,152 218,700 172,839 437 435 40O Kansas _ 115,382 125,688 127,902 125,927 108,504 103,921 317,352 290,628 253,012 743 752 76ft South Atlantic: Delaware 76,739 77,264 79,677 71,946 68,801 72,132 139,632 129,610 125.632 49 49 48- Maryland 204,850 218,770 227,280 420,392 373,633 324,605 629,339 607,068 535,743 201 192 179- District of Columbia 84,365 89,108 109,832 103,375 99,160 237,594 217,771 205,032 22 21 21 Virginia 240,010 246,831 252,615 166,593 141,251 122,978 393.713 379,837 343,969 329 328 31» West Virginia 118,388 125.597 129,968 83.857 79,493 63,171 221,170 216,066 186,715 182 181 171 North Carolina 107,187 96,696 95,691 115,582 91,200 77,924 258,158 204,017 190,621 216 214 202 South Carolina 41,703 29,107 30,857 37,774 33,500 30,617 105,158 79,453 77,574 136 126 120 Georgia 184,986 155,498 157,540 96,129 99,975 87,050 282,620 256,080 237,960 327 322 274 Florida 55,532 45,159 47,918 122,729 124,606 112,423 205,288 186,600 165.633 156 155 144 East South Central: Kentucky 187,255 191,911 209,913 152,185 137,373 103,313 327,065 297,324 270,224 439 444 427 Tennessee 174,649 159,190 176.861 127,447 117,305 89,745 313,056 278,248 249,215 332 329 329 Alabama 112,836 95,076 101,632 82,532 72,764 66,010 203,730 168,627 160,936 222 21 203 Mississippi 58,493 53,965 58,545 57,920 52,073 41,979 139,441 120,033 111,189 213 213 213 West South Central: Arkansas 55,979 47,201 46,521 46,563 42,833 36,971 112,882 98,543 88,282 23; 230 198 Louisiana 125,283 117,006 132,544 114,155 107,061 85,114 268,841 234,278 219,292 149 141 148 Oklahoma 95,016 96,485 100,634 141,214 135,965 130,393 275,516 273,061 258,238 412 41fi 41& Mou T n e t x a a i s n: 376,378 368,631 376,924 396.312 373,134 300,320 898.714 840,534 738,227 94; 957 934 Montana 25,027 27,205 29,744 53,177 48,445 47,856 102,783 92,204 91,929 123 125 129 Idaho 15,918 15,320 15,185 33,420 26,399 22,530 66,689 53,510 48,114 63 64 67 Wyoming 18.171 20,242 20,860 16,832 14,563 14,208 45,731 41,431 39,576 60 63 62 Colorado 61,323 60,012 65,136 116,833 110,996 103,166 224,486 206,213 187,688 161 160 157 New Mexico 9,316 9,561 9,704 13,916 11.872 12,215 35,897 29,385 26,715 42 43 •41 Arizona 15,361 14,986 15,384 22,276 22,601 20,922 52,460 49,491 44,564 17 17 IS Utah 38,582 40,48fi 57,142 57,256 49.863 42,783 104,657 92,04r 86,919 58 60 60 Nevada 3,430 3,599 3,941 11,461 9,368 7,244 19,638 16,446 13,993 10 10 12 Pacific: W O Ca r a e li s g f h o o i n r n n g ia ton 1,4 1 9 5 3 3 2 5 , , , 8 5 2 2 4 7 5 0 3 1, 1 5 5 2 1 4 9 3 , , , 2 7 6 8 7 7 3 9 2 1, 1 5 5 3 6 6 7 7 , . , 2 0 1 1 3 2 5 4 4 1,4 1 1 9 0 9 6 8 6 , , , 8 9 4 8 4 0 7 2 3 1,3 1 1 5 7 1 3 9 4 , , , 9 7 3 3 9 0 3 3 3 1, 1 1 9 5 6 9 9 7 , , , 5 6 7 0 6 6 7 5 6 3,0 3 1 5 5 9 7 0 2 . , , 7 1 4 9 3 8 6 5 2 2,8 3 1 7 1 8 3 5 2 , , , 2 5 7 2 6 0 7 8 3 2, 2 6 1 9 9 6 2 9 5 , , , 1 1 9 8 0 8 8 2 6 2 2 1 0 8 0 4 3 6 2 2 1 0 8 0 2 3 5 1 9 9 9 9 Total 20.473,975 '21.278,326 21,977,334 22,984,214 '21,223,570 18,341.035 44,770,636 '41,870,082 38,504.743 16,042 15. S3.1! 15.011 ' Revised. * Comprises all licensed national banks In the continental United States and all licensed nonnatioi* 1 banks described in footnote 1 on p. 484 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1035 FEDERAL RESERVE BULLETIN 4S3 ALL BANKS IN THE UNITED STATES—Continued LICENSED NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND JUNE 30, 1934, AND DECEMBER 30, 1933, BY STATES [Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter bank Number of banks deposits State De- De- Decem- June Decem- Decem- June Decem- Decem* June Decem- cem- June ber 1934 1934 ber 1933 ber 1934 1934 ber 1933 ber 1934 1934 ber 1933 ber 1934 ber 1934 1933 New England: Maine .. 35,611 38,991 37,361 61,126 54,885 46,282 98,429 98,081 90,899 40 40 New Hampshire 27,845 29,037 29,082 31,040 27,496 52,341 50,623 48,323 52 52 52 Vermont 20,609 21,809 21,866 26,777 24,280 19,498 42,439 40,301 35,563 43 42 40 Massachusetts 579,800 577,109 465,597 430,220 436,910 1,017,310 1,047,757 966,185 132 138 133 Rhode Island 41,862 21,481 39,374 33,049 20,362 74,166 71,538 31,769 12 12 10 Connecticut 107,093 114,745 118,675 95,865 86,185 80,705 221,397 212,220 200,352 54 54 54 Middle Atlantic: New York 477,975 , 527,3971,717,495 2,237,251 ,017,679 [,706,814 3,651,650 3,296,383 3,042,541 461 459 444 New Jersey 247,219 268,298 281,789 338,946 300,426 286,955 640,266 600,914 563,097 236 234 225 Pennsylvania 820,700 885,302 1,241,870 ,162,537 ., 020,3781,884,285 1,813,397 1,648,244 711 697 642 East North Central: Ohio 260,872 276,477 289,179 402,287 340,074 266,585 704,825 632,321 539,568 253 248 227 Indiana,... 75,372 77,542 80,591 143,788 124,563 94,170 256,953 223,213 188,631 125 120 113 Illinois 551,693 594,923 616,083 1,011,949 816,594 593,065 1,729,457 1,564,957 1,387,102 292 281 263 Michigan 113,149 119,132 144,357 281,926 229,499 170,569 468,056 404,030 317,168 85 86 70 Wisconsin 121,610 129,032 142,375 186,516 166,970 126,043 325,439 304,480 253,419 106 105 91 West North Central: Minnesota 183,264 194,945 207,215 284,087 259,345 205,092 478,581 440,874 401,029 211 211 205 Iowa 58,149 52,721 55,707 95,019 87,438 57,955 160,498 145,320 118,118 123 121 106. Missouri 133,828 133,009 251,741 215,336 173,384 375,363 347,562 ' 305,546 90 90 36 North Dakota 13,779 15,918 18,311 25,812 23,977 20,764 47,808 43,069 41,562 69 71 63 South Dakota 13,468 14,621 15,564 22,985 21,748 21,594 43,458 39,707 36,848 64 64 63 Nebraska 56,697 58,155 62,474 107,381 94,174 71,439 168,124 157,234 128,960 138 137 128 Kansas 54,966 59,482 56,901 79,620 71,223 172,243 156,205 137,603 192 196 195 South Atlantic: Delaware 8,323 8,535 8,872 9,647 9,168 8,978 14,602 14, 111 13,942 16 15 Maryland 54,995 58,302 183,635 159,103 129,459 230,002 215,186 177,062 62 59 District of Columbia 41,412 42,768 42,739 67,263 62,840 64,625 132,440 122,102 119,830 9 Virginia 136,570 143,224 151,249 117,784 99,212 89,255 247,692 238,162 218,526 133 132 129 West Virginia 58,136 61,238 63,045 50,343 47,925 35,889 115,659 113,973 94,162 79 78 69 North Carolina 30,501 28,561 28,429 27,524 21,215 18,652 71,115 55,271 50,409 44 42 40 South Carolina 15,652 11,004 11,861 17,552 15,602 14,672 39,505 30,862 28,979 19 18 16 Georgia. 112,453 98,371 100,129 73,869 79,498 72,799 188,250 178,947 163,744 53 54 50 Florida 40,881 32,469 35,265 99,583 102,727 92,589 155,660 141,013 129,449 50 50 46 East South Central: Kentucky 74,048 71,529 76,372 80,093 58,362 153,500 137,883 124,639 92 Tennessee 121,815 100,882 113,098 106,004 99,183 75,532 221,523 196,905 177,314 73 71 Alabama ___ 79,906 68,402 75,270 61,680 58,387 53,629 142,555 122,627 118,510 72 70 Mississippi 19,376 18,791 20,677 23,568 21,374 18,179 49,727 43,959 40,333 25 25 24 West South Central: Arkansas 29,401 24,637 22,613 31,634 30,217 23,991 64,577 58,549 45,770 51 51 46 Louisiana , 84,519 77,121 87,682 82,109 78,610 60,650 181,346 159,025 146,849 30 28 26 T O e k x l a a s h oma , , 3 8 0 3 4 , , 7 1 6 6 7 8 2 8 9 3 1 , , 6 2 0 0 6 0 3 8 0 8 6 , , 4 6 4 6 8 7 3 1 4 2 4 5 , , 8 6 5 4 0 7 3 1 1 2 8 1 , , 2 6 3 2 0 5 2 1 6 1 3 5 , , 9 9 2 6 6 5 2 7 3 4 6 2 , , 0 4 1 6 8 5 235,561 2 6 2 0 3 5 , , 7 5 1 2 9 6 4 2 5 1 6 7 4 2 5 1 6 9 2 4 1 4 7 5 Mou A I N N M W U C n d r e o t e t o a y i a w v l a z n h o o h a i o o r t m n d M n a a : a a i n d e n a o x g ico J 4 1 1 1 5 6 2 5 5 7 2 1 , , , , , , , , 9 1 8 8 2 5 2 3 9 4 1 1 4 2 4 0 1 7 6 1 1 3 1 7 4 1 1 1 5 4 2 5 7 6 3 2 , , , , , , , , 3 9 5 3 2 5 3 3 7 6 9 4 3 5 7 7 6 3 8 3 5 8 0 0 4 1 1 1 2 5 4 7 9 6 5 2 , , , , , , , , 7 7 6 8 9 5 0 7 5 2 2 7 8 0 4 9 8 6 8 9 2 4 2 0 1 2 1 1 0 1 1 9 8 0 3 3 5 1 , , , , , , , 0 7 6 7 3 3 7 9 6 5 2 5 4 1 9 9 4 2 2 0 2 3 9 2 1 1 1 8 7 9 1 6 0 1 1 , , , , , , , , 1 5 7 4 9 3 5 7 0 9 6 8 2 5 9 1 3 3 5 7 7 3 2 5 3 9 2 1 1 1 6 1 1 9 0 1 1 0 , , , , , , , , 5 5 9 4 0 7 0 1 6 7 7 6 7 2 7 3 1 6 9 9 6 7 5 2 1 2 6 3 4 2 2 1 8 0 1 6 1 6 8 6 5 , , , , , , , , 4 8 0 1 9 9 0 2 0 1 8 5 3 7 3 7 1 5 6 9 8 6 0 8 1 3 2 2 5 2 1 1 7 9 3 8 1 4 3 9 0 , , , , , , , , 9 8 7 8 1 6 1 6 5 7 8 6 4 9 3 9 5 1 4 9 5 0 8 7 1 3 2 5 2 2 1 1 5 3 2 7 5 0 1 7 5 , , , , , , , , 1 1 0 3 6 1 9 4 8 3 1 6 6 2 9 9 6 3 8 8 7 6 4 8 4 2 8 2 2 1 8 6 6 6 1 5 4 3 4 2 8 2 2 1 8 6 3 6 0 5 4 4 4 2 2 7 2 1 3 7 7 5 5 4 5 4 Paci W f O C ic a r a - e l s i g f h o o i n r n n g ia to n __. ,0 7 4 3 6 1 2 , , , 1 7 6 0 7 4 6 2 8 1,0 4 7 2 3 1 7 , , , 8 3 7 5 5 4 9 6 2 1,0 7 4 3 6 5 9 , , , 8 5 7 4 0 4 3 8 2 1, 1 0 9 3 3 6 0 9 , , , 3 1 2 8 6 7 2 0 4 9 1 1 0 2 0 2 3 4 , , , 3 9 5 5 0 0 8 6 9 7 1 9 3 1 1 8 7 , , , 9 3 9 0 1 2 3 9 4 2, 2 1 1 1 2 6 4 4 3 , , . 0 5 7 9 7 9 7 5 2 1, 1 1 9 9 5 2 2 7 2 , , , 3 9 3 8 1 3 1 8 0 1, 1 1 7 4 8 4 3 5 2 , , , 1 7 5 7 1 0 6 0 7 1 6 5 3 7 3 0 1 6 5 3 7 3 0 1 5 3 1 4 Total... 7,475,377 7,680,576 8,086,335 10,434,955 9,330,869 7,855,161 118,518,871 117,097,250 15,385,733 5,462 j 5,417 I 5,154 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
484 FEDERAL RESERVE BULLETIN JULY 1935 ALL BANKS IN THE UNITED STATES—Continued LICENSED STATE BANKS *—PRINCIPAL ASSETS AND LIABILITIES ON DEC. 31 AND JUNE 30, 1934, AND DEC. 30, 1933, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Loans Investments bank deposits Number of banks State De- Deb D er e ce 19 m 34 - June 1934 b D er e c 1 e 9 m 33 - b D er e ce 19 m 34 - June 1934 b D er e c 1 e 9 m 33 - b D er e ce 19 m 34 - June 1934 b D er e c 1 e 9 m 33 - c b e e m r - J 1 u 93 n 4 e ber 1934 1933 New England: Mnlne 76,506 79,895 79,933, 115,823 112,359 104,568 187,015 186,14: 181,039 63| 62 New Hampshire-. 82,439 82,439| 88,992 125,6961 125,696 123,700 197,372 197,373 197,588 61 64 Vermont 73,009 77,604 81,468 53,939 51,295 44,698, 122,898 127,244 134,988 55 53 53 Massachusetts 1, 407,196 1,420,681 1,479,700 1,056,765' 1,020,325 2,458,657 2,425,130 2,370,382 273 271 273 Rhode Island 151,961 161,440 195,060, 213,603 220,0441 229,492 367,215 368,379 406,393 23 23| 23 Connecticut 515,186 538,039 653,590 356,609 333,895 313,417 892,786, 879,494 852,618] 146 147 142 Middle Atlantic: New York , 6,114,772 •6,460.094 6,448.585 5,652,998 •5,397,792 4,712,580 111,,571,228 10,830,382 10,097,359 461 463, 451 New Jersey 561,751 595,523' 628,494 493,365 474,163 445,959 1,097,031 1,079,393 1,041,460 191 189 Pennsylvania 795,353 835,0641 833,145,1,270,237 l,216,140| 1,114,833 2,047,437| 1,952,628 1,751,633 425 1 365 East North Central: .as Ohio 464.G48 483,095 492,695 364,470 333,8621 259, 701 934,500 870,055 790,2841 453 430 Indiana. 130,324 136,036 141,743 105,522 84,601 67,096 278,676 252,645 226,775 423| 397 Illinois 213,941 264,664 300,479 410,360 397,141 317,722 735,407 642,134 i 578,248 590 597, 616 Michigan 170,930 179,178 186,059 192,661 159,593 107,765 418,150 367,412] 298,044 401 349 294 Wes W t N is o c r o t n h si C n entral: 130.122 144,333 119,755 133,781 110,682 69,652 285,964 267,701 193,681 518 502| 353 Minnesota.- 70,672 76,809 85,680 107,888 94,452 85,263 203,670 191,521 183,94s! 478 480 Sout N S N M I K h o o e o a i w u A s b n r a s t t r s h t h o a l a a u s s D D n r k i a t a a i k , c k o : o ta ta...... 2 1 2 6 1 0 U 8 0 4 3 5 , , , , , , 7 4 7 3 2 5 0 6 1 1 0 6 7 4 6 2 5 2 1 2 2 6 0 1 1 9 6 4 1 5 4 , , , , , , 8 2 5 8 8 3 0 2 0 9 3 6 6 5 3 4 2 0 2 1 2 7 2 0 1 9 6 1 5 3 5 , , , , , , 0 9 7 2 8 2 0 1 7 8 4 2 1 6 3 9 3 2 2 9 4 2 5 1 4 6 0 6 0 1 , , , , , , 3 0 3 0 3 9 0 9 0 3 2 0 1 6 7 9 8 4 2 3 7 1 6 9 4 8 6 6 1 , , , , , , 7 1 6 9 4 6 3 2 2 6 2 2 1 7 9 8 4 1 | 2 4 3 1 1 2 8 2 3 8 1 , , , , , , 6 7 0 4 4 1 9 1 4 4 2 7 8 8 4 4 2 2 i • 2 1 5 5 3 6 1 4 7 6 1 6 7 5 8 , , , , , , 5 0 0 5 1 5 1 3 5 2 0 7 3 4 8 8 9 9 , ' * 2 1 5 2 6 2 1 3 4 1 7 4 5 4 0 , , , , , , 3 4 5 0 4 0 3 6 2 5 2 9 6 6 0 3 3 1 ] ' U ' 4 1 8 4 2 1 7 1 0 3 3 3 3 5 , , , , , , 8 8 6 3 3 4 8 7 2 3 7 0 8 9 9 2 8 9 2 5 5 6 1 1 9 5 4 3 4 2 9 1 0 7 8 0 2 5 5 6 1 1 9 5 0 1 3 4 8 6 1 2 9 8 2 5 5 1 1 7 5 7 3 4 2 2 1 4 7 East D N F W S D M G V S l o i e o i e o e a o s r u o l r r g s r t u a t r t . t i y h i h g w t d o n h l V i a f i a a a C C a i n r C C a r e a d g r e r o o i o n l n l l u t i i i r a n m n a a a l b : ia... • 1 1 2 7 4 6 7 6 1 4 0 6 2 6 0 2 8 4 9 3 , , , , , , , , , 0 5 6 4 6 2 9 8 4 5 8 3 1 5 5 5 5 4 1 6 3 6 1 2 3 5 0 » 1 1 1 6 5 6 4 6 1 0 5 8 7 8 8 4 2 5 3 9 , , , , , , , , , 1 1 1 7 3 6 9 6 8 0 2 3 2 5 9 2 0 8 3 7 5 9 9 0 2 7 7 • 1 1 1 5 4 6 6 7 1 0 6 8 7 7 6 6 2 0 1 8 , , , , , , , , , 9 4 2 3 6 9 8 3 9 9 1 6 5 6 0 2 6 7 6 1 2 9 3 5 3 6 8 | • 2 2 8 2 2 4 3 6 4 3 0 2 3 8 8 3 2 2 6 , , , , , , , , , 2 2 1 0 5 8 2 5 7 2 6 4 5 1 0 9 6 5 2 0 6 8 4 9 9 9 7 » 2 2 2 3 4 4 5 1 1 0 1 1 2 0 9 4 7 , , , , , , , , 0 4 8 5 5 6 5 8 3 7 7 6 3 3 3 9 9 7 9 8 5 3 0 8 1 ! » 1 3 3 2 5 1 1 6 9 1 9 4 3 9 4 7 3 5 5 , , , , , , , , , 8 2 7 2 5 1 2 1 9 3 5 2 7 4 5 3 8 4 4 1 3 2 6 4 5 2 5 , * 1 3 1 1 1 1 9 4 8 4 0 9 0 2 6 4 9 7 6 5 9 5 5 5 t , , , , , , , 6 , 3 6 0 0 5 3 1 0 2 7 2 4 5 1 5 3 8 8 0 3 1 3 1 4 7 0 * 1 3 1 1 1 4 7 9 4 9 1 0 4 4 5 7 5 8 5 2 1 1 8 , , , , , , , , , 5 1 6 7 4 0 6 5 8 3 8 6 4 9 9 7 9 8 3 7 9 6 9 3 5 1 2 « 3 1 1 1 4 3 8 9 7 5 4 2 1 8 2 6 4 6 0 8 5 1 , , , , , , , , , 5 1 5 2 2 2 4 6 6 5 8 1 9 0 1 4 9 8 3 4 6 5 2 2 3 0 1 1 *1 2 1 1 1 1 1 1 6 9 7 0 0 3 1 7 9 2 6 3 8 3 6 , •1 2 1 1 1 1 1 0 9 6 0 7 0 1 3 6 8 8 5 2 3 0 : • 2 1 1 1 1 1 2 9 1 9 0 6 0 2 4 0 2 2 4 8 0 2 Weess A T M K tt e l e SS i a n s n oo b n s t uu a i e u s t m t s c hh s s k i a e C p C y . e p ee i in , tral: 1 3 5 3 1 9 2 2 3 , , , , 1 8 9 2 3 1 3 0 4 7 0 7 ' 1 3 2 5 2 5 6 8 0 , , , , 1 6 3 3 7 7 0 8 4 4 8 2 1 6 3 2 3 7 3 6 3 , , , , 8 7 3 5 6 6 6 4 8 2 3 1 6 2 2 3 1 3 0 4 , , , , 4 1 8 3 4 8 5 5 3 6 2 2 5 1 1 7 4 8 , , , 2 3 1 8 7 2 0 7 2 , 4 2 1 1 4 3 2 4 , , , , 9 3 8 2 5 8 0 1 1 1 0 3 » 1 9 8 6 7 1 9 1 3 , , , , 5 7 1 5 3 1 7 6 3 4 5 5 » 1 4 7 8 5 6 6 9 1 , , , , 0 4 0 3 4 0 7 4 1 0 4 3 [ » 1 4 7 4 7 2 0 5 1 , , , , 4 8 5 9 2 5 8 0 6 6 5 1 3 2 1 1 4 5 8 5 0 9 8 0 1 3 2 1 1 4 5 4 8 6 8 7 8 3 2 1 1 6 3 3 8 0 5 9 9 M „ ou A L T O n o e r k t k x u a la a a i i s n h n s i : o s a a m n s a a 4 7 2 1 0 2 6 2 , , , , 7 2 5 1 6 1 4 7 4 0 9 8 2 3 7 1 2 7 9 2 , , , , 5 4 8 8 6 3 8 7 4 1 5 9 ^ 4 7 2 1 4 0 3 2 , , , , 8 2 9 1 5 6 0 8 7 2 8 6 3 5 1 1 2 1 4 5 , , , , 0 4 9 5 4 6 2 6 6 2 9 7 5 2 1 1 4 8 4 2 , , , , 9 4 3 6 0 5 4 1 4 1 0 6 ^ 1 3 2 1 1 6 4 2 4 , , , , 3 4 9 4 9 6 8 2 4 4 0 8 1 4 8 3 5 8 9 7 6 , , , , 3 4 4 2 0 9 9 4 5 8 5 9 1 7 3 4 7 5 2 , , ,2 5 3 5 0 8 3 0 4 1 4 7 3 3 4 2 2 2 , , , , 5 5 4 7 1 1 4 0 9 2 3 1 1 4 1 1 1 9 1 9 8 1 9 5 6 5 1 1 1 0 1 7 9 1 9 9 7 1 1 19 2 5 9 2 2 Paci A N U N I M W C f d i e c r o e t a o y w i a : v l z h o n o h a o o r m t d M n a a a d a i n n e o a x g ico 2 1 1 1 1 6 2 3 0 2 0 3 , , , , , , , & 3 2 3 8 1 5 9 1 5 4 0 0 0 2 3 4 1 5 4 3 7 7 0 1 1 2 1 1 9 7 2 1 4 4 3 0 , , , , , , , , 0 2 8 7 0 8 6 2 3 1 8 1 5 3 1 4 6 6 6 5 3 4 8 0 4 1 1 1 9 8 2 1 0 5 0 4 , , , , , , , , 0 4 1 0 2 6 5 0 6 8 2 5 1 3 4 6 6 2 6 4 4 6 3 6 1 2 1 1 1 3 2 1 2 8 3 9 8 , , , , , , , , 3 5 2 5 6 0 3 0 6 0 0 6 2 0 3 8 2 4 4 4 4 8 4 0 2 1 1 1 1 3 2 3 1 1 3 6 4 , , , , , , , , 1 2 1 2 6 5 8 6 6 0 7 3 7 7 5 8 5 9 8 9 4 0 3 4 2 1 1 1 9 1 3 1 3 2 5 , , , , , , , 1 7 6 8 2 0 8 9 5 3 6 4 0 3 0 0 4 9 7 7 4 6 5 7 » » • 5 4 3 1 3 3 6 3 7 1 9 4 2 9 , , , , , , , , 6 9 8 2 6 3 3 7 0 2 4 0 9 3 2 3 8 2 8 7 0 1 2 0 * * 5 3 3 1 2 3 2 5 3 6 7 2 9 1 , , , , , , , , 0 2 5 0 3 7 7 7 6 5 4 3 9 5 9 3 3 6 4 3 9 0 4 9 • » 2 4 3 3 1 2 7 4 2 8 2 6 2 6 , , , , , , , , 9 5 9 7 2 2 2 5 1 9 0 3 6 0 3 9 6 7 5 3 2 8 5 7 ' 8 4 3 3 1 7 4 0 9 5 4 8 8 7 4 8 3 3 7 1 9 4 6 0 9 7 7 9 8 4 8 4 3 1 1 5 3 6 2 2 7 6 0 W O Ca r a e li s g f h o o i n r n n g ia ton "II" 4 5 6 1 9 1 0 , , , 1 1 7 6 9 5 7 2 3 48 5 1 5 7 0 , , , 9 9 9 4 1 2 1 6 0 5 6 2 10 0 7 , , , 7 3 1 0 8 9 7 2 1 1 4 6 5 1 7 6 2 , , , 6 2 5 0 4 6 8 3 5 45 5 9 1 5 , , , 5 7 8 7 9 8 5 4 7 4 4 2 1 9 7 , , , 7 5 4 9 4 4 6 9 2 9 1 3 2 3 2 8 6 , , , 5 6 6 6 9 9 0 9 0 9 1 5 2 2 0 4 3 , , , 9 7 1 3 8 4 8 5 6 9 1 5 2 06 6 2 , , , 4 5 8 7 9 0 8 9 6 ! 1 1 3 5 5 7 3 3 1 1 1 5 5 3 2 3 5 1 1 4 5 3 8 5 1 Total.. .2,993,598 13,597,750 2,549,259 11,892,701 10,486,824 26,251,765 24,772,832 23,119,010 10,580 10,418 9,857 r Revised. i pursuant to the Oct. NOTE-All a D n e k c- s . 3 M 1, a 1 r 9 . 3 3 4 0 , . c w ol a u s m - n T s U a W re « a ^ s o * f r ~ D - e c. * • 3 ^ 1, - i e — xc . e » p - t as ~ follows: rune _ columns are as of Dec. 30, except aTfollows:"New~Hamp"shuV, June .31; ither nonmember banks, June 30; Kentucky, June 30; Colorado, Nov. 25. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JULY 1935 FEDERAL RESERVE BULLETIN 485 ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DEC, 31 AND JUNE 30, 1934, AND DEC. 30, 1933, BY STATES [Figures In this table are also Included In the table on p. 484 covering " State banks." For December 1933 figures relate only to private banks under State supervision; for 1934 figures include private banks that have agreed to examination by the Comptroller of 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 Deposits b , a n e k x c d lu e s p i o v s e i ts of inter- Number of banks State Decem- June Decem- Decem- June Decem- Decem- June Decem- Decem- June December 1934 1934 ber 1933 ber 1934 1934 ber 1933 ber 1934 1934 ber 1933 ber 1934 1934 ber 1933 83 86 3 3 38 55 1 1 57 37 12 1 211 88 8 4 Connecticut ~- 411 3,505 274 339 629 671 4 5 Florida 1,158 1,098 104 151 995 977 4 3 Georgia 1,804 504 398 308 2,325 1,447 46 42 Indiana.-*- 2,282 2,534 3,160 1,077 882 814 4,779 4,410 4,825 33 33 41 Iowa 1,469 1,441 1,309 1,332 3,896 3,791 14 14 Kansas .- ^.~ 155 171 256 217 209 172 432 416 452 2 2 3 Massachusetts 41 41 1 Michigan 1,973 1,937 1,337 1,158 3,777 3 412 28 27 Missouri 114 15 •15 U8 16 '20 11 1 *l New Jersey 11 7 6 21 21 22 10 9 7 2 2 New York »85,174 ••89,644 «856 »294,024 r 199,169 *4,914 * 320,660 '186,267 M.S49 »2G 19 Ohio 1,784 8 2,395 3,518 491 '365 491 2,649 8 2,925 4,362 14 316 25 Pennsylvania „ 13,666 15,577 '403 37,145 38,988 1,465 57,088 57,968 1,818 31 33 12 South Carolina _~ 902 846 35 1,097 948 1 1 Texas 8,150 12,685 4,019 16,371 14,653 15,831 31 33 Total „. 119,134 '132,482 8,214 340,466 259,297 7,878 413,298 r 279,231 16,333 241 236 93 ' Revised. i Figures as of Nov. 5. * Figures as of June 25. * Figures as of Mar. 30,1935, except 2 banks not under State supervision which are as of Dec 31. 4 June 1933 figures repeated. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DEC. 31 AND JUNE 30,1934, AND DEC. 30, 1933, BY STATES [Figures in this table are also included in the table on p. 484 covering "State banks." Amounts in thousands of dollars] Loans Investments Deposits Number of banks State De 1 b 9 c e 3 e r 4 m- J 1 u 9 n 3 e 4 De 1 b 9 c e 3 e r 3 m- De 1 b 9 c e 3 e r 4 m- J 1 u 9 n 34 e De 1 b c 9 e 3 e r 3 m- De 1 b 9 c e 3 e r 4 m- J 1 u 9 n 34 e De 1 b c 9 e 3 e r 3 m- D 1 e b 9 c e 3 e r 4 m- J x u 9 n 34 e D 1 e b 9 c e 3 e r 3 m- Maine 36,662 37,555 38,531 87,143 85,198 82,909 119,277 118,888 116,584 33 33 33 New Hampshire 1.73,523 73,523 »76,728 1119,145 119,145 » 112,176 1183,441 183,441 »176,284 148 48 150 Vermont 35,518 39,071 42,000 31,970 31,549 27,710 71,688 75,499 77,559 19 19 19 Massachusetts 31,189,520 1,211,617 *l,258,038 »872,898 855,752 »820,454 12,052,306 2,051,112 »2,031,9l3 1193 193 a 193 Rhode Island 58,805 61,842 67,677 107,293 105,928 102,625 169,454 169,981 168,972 9 9 9 Connecticut: District no. 1 302,289 314,594 324,996 221,878 211,190 200,087 522,206 518,434 508,134 59 59 59 District no. 2 84,604 88,463 90,664 63,810 59,274 55,533 145,843 144,653 141,771 14 14 14 New York.. 3,245,620 3,330,851 13,484,016 1,907,165 1,943,942 11,892,611 5,156,251 5,139,593 15,134,980 137 138 139 New Jersey: District no. 2 151,392 157,775 165,790 142,089 136,459 114,421 301,820 297,661 292,483 22 22 22 District no. 3 5,386 5,603 5,834 7,907 7,884 6,928 13,775 13,889 13,522 3 3 3 Pennsylvania: District no. 3 85,629 91,756 101,146 353,254 348,698 336,037 478,421 466,519 462,892 7 7 7 District no. 4 14,400 14,752 14,923 33,719 32,396 31,523 46,749 46,464 45,646 1 1 1 Delaware 12,281 12,920 13,411 19,568 19,040 17,248 29,350 29,070 28,040 2 2 2 Maryland 59,231 62,921 67,046 136,933 130,804 123,930 200,303 196,250 187,716 13 13 12 Indiana: District no. 7 9,048 11,008 10,705 2,648 747 1,513 12,176 11,922 11,896 4 4 4 District no. 8 5,097 4,622 6,504 1,925 2,190 950 6,692 6,488 6,147 1 1 1 Minnesota 12,541 14,430 16,981 45,671 40,752 37,350 61,994 60,157 57,900 1 1 1 Wisconsin: D Di i s s t t r r i i c c t t n no o . . 7 9 2,53 8 4 5 2,962 1,489 1,57 2 7 3 1,301 551 4,24 9 8 5 4,249 1,910 4 1 3 2 W C O O a r h a e l i i s g o f h o o i n r n n g ia ton \ 4 3 2 1 6 8 , , , 2 7 6 4 7 3 6 8 2 4 0 > 4 2 3 3 8 9 , ,7 1 ,6 2 3 2 2 1 4 0 4 4 4 3 5 2 1 , , , 2 9 5 3 8 9 1 7 8 5 2 5 2 5 3 9 0 , , , 7 2 9 1 3 8 7 2 0 0 0 0 • 4 1 5 8 8 6 , , , 5 9 4 6 6 5 0 0 3 0 3 4 5 1 2 8 3 , , , 6 1 5 3 8 4 2 4 5 2 6 1 8 5 1 7 1 2 , , , 5 4 3 1 6 4 2 5 4 7 3 7 a 1 4 8 0 9 7 3 , , , 1 5 8 6 7 7 8 9 3 0 4 1 8 4 0 8 6 8 , , , 4 1 6 9 9 3 2 1 0 8 2 3 3 1 1 »3 3 1 1 3 3 1 1 Total _ 5,490,879 5,647,769 5,906,311 4,290,722 4,256,225 4,078,943 9,827,580 9,779,966 9,707,690 579 578 579 1 June figures repeated for December. »Figures as of Oct. 31. • Figures as of June 25. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
486 FEDERAL KESERVE BULLETIN JULY 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 i o e m d s i - - , p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c ls t t a s l m Bu at i e ld ri i a n l g s c C a d l h r s e u a m g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929 95.3 104.9 99,9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.0 1930 86.4 8S.3 90.fi 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.fi 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 -. - 64.8 48.2 61,0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60 5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1934—May 73.7 59.6 67.1 78.9 87.9 73.6 72.5 89.1 87.3 75.4 82.0 69.8 June 74.6 63.3 69.8 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 69.8 73.9 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 October . .. 76.5 70.6 74.8 78.0 83.8 70.3 74.6 86.3 85.2 77.1 81.7 69.7 November 76.5 70.8 75.1 78.0 84.2 69.7 74.4 86.2 85.0 76.9 81.3 70.6 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 1935 January 78.8 77.6 79.9 77.7 86.2 70.3 72.9 85.8 84.9 79.3 81.2 70.7 February ...... 79.5 79.1 82.7 77.4 86.0 70.1 72.5 85.8 85.0 80.4 80.7 70.1 March 79.4 78.3 81.9 77.3 85.4 69.4 73.0 85.7 84.9 81.5 80.7 69.2 April 80,1 80.4 84.5 77.2 86.3 69.2 72.8 85.9 84.6 81.0 80.7 68.7 May 80.2 80.6 84.1 77.6 88.3 69.4 73.1 86.6 84.8 81.2 80.6 68.7 a Week ending— 1935—Mar. 2 79.6 80.0 82.5 77.6 86.6 69.4 73.9 85.0 84.7 81.6 81.9 69.9 Mar. 9 79.6 80.0 82.1 77.5 86.4 69.3 73.8 85.1 85.0 81.6 82.0 69.8 Mar. 16 79.4 79.2 82.6 77.3 86.0 69.0 73.8 85.0 84.6 81.5 81.9 fi9.0 Mar. 23 . 78.8 77.6 81.1 77.3 85.8 68.8 74.0 84.9 85.0 80.9 81.9 68.8 Mar. 30 78.9 77.5 81.8 77.3 85.7 68.8 74.2 85.0 84.9 80.4 81.9 68.8 Apr. 6 79.2 78.6 82.9 77.2 85.6 68.7 74.1 85.0 84.3 80.2 81.9 68.4 Apr. 13 - 79.9 81.0 84.5 77.2 85.9 63.8 74.0 85 0 84 5 80.5 81.9 68.4 Apr. 20 80.3 81.8 85.3 77.3 86.5 69.0 74.0 85.1 84.3 80.7 81.9 68.7 Apr. 27 80.3 81.7 85.4 77.5 87.9 68.8 74.3 85.2 84.4 80.8 82.0 m 9 May 4 .. 80.1 81.1 84.9 77.5 88.0 68.7 74.4 85.2 84.9 80.8 82.0 68,9 May 11 79.9 80.8 84.1 77.5 88.1 68.7 74.4 85.2 84.7 80.7 82.0 68.9 May 18., 80.0 80.9 83.8 77.6 88.4 68.8 74.2 85.3 84.8 80.8 82.0 69.0 May 25 80.3 81.5 84.3 77.8 89.5 69.4 74.1 85.6 84.9 81.0 82.0 69.0 June 1 80.2 80.7 84.4 77.8 89.9 69.3 74.4 85.6 84.9 80.8 82.0 69.0 June 8......... 79.9 79.9 83.7 77.8 89.1 69.3 74.7 85.6 85.1 80.7 81.8 68.9 June 15 79.8 79.9 83.4 77.9 89.4 69.1 74.9 85.9 85.3 80.4 81.7 68.4 June 22 79.3 78.0 82.5 77.9 89.3 69.7 74.7 85.9 85.1 80.0 81.7 68.4 June 29.. 78.9 77.1 81.6 77.9 89.6 69.7 74.8 86.1 84.9 79.5 81.8 68.0 1934 1935 1934 1935 Subgroups Subgroups May Feb. Mar. Apr. May May Feb. Mar. Apr. May FAEM PRODUCTS: METALS AND METAL PRODUCTS: Grains 63.9 87.4 8Z8 87.9 83.2 Agricultural imnlfvmpnts 91 1 93 6 93.6 93.6 93.6 Livestock and poultry 47.8 78.4 85.8 85,9 87.6 Iron and steel 90.2 86.1 86.0 86.0 86.6 Other farm products. 65.0 76.8 72.1 74 A 75.0 Motor vehicles 97 3 93.6 93.6 93.6 94.4 FOODS: Nonferrous metals 68.1 67.2 67.1 68.2 69.2 Butter, cheese, and milk 67.1 87.0 82.9 81.9 77.7 BUILDING MATERIALS: Cereal products 87.3 91,9 92.1 93.3 92.3 Brick and tile 91 2 90 6 90.2 89.7 89.3 Fruits and vegetables 68,2 63.6 63.2 67.3 66.3 Cement _. 89.4 93.9 94.4 94.9 94.9 Other foods 60.8 77.2 9 7 1 3 . . 6 4 76.2 97.0 Lumber 8 80 5 .9 3 8 7 0 8 . 5 8 7 7 9 9 . . 9 4 79.2 7 7 9 9 . . 8 9 HIDES AND LEATHER PRODUCTS: 77.7 PPaluinmt bminagt earniadl sheating 75.0 67.1 67.2 67.1 67.1 Boots and shoes 98.5 97.2 97.2 97.2 97.2 Structural steel 94.5 92.0 92.0 92.0 92. U H Le id a e th s e a r nd skins 7 7 6 3 . . 3 5 6 7 9 4 .6 6 6 7 6 4 .2 6 7 7 4 1 .9 2 7 7 6 9 .6 1 CHEMICALS AND DRUGS: no n on 3 90 1 89 4 89 8 Other leather products 86.8 A4.fi 84.6 84 6 84.4 Chemicals 78 6 86 5 88.1 87.2 87.5 TEXTILE PRODUCTS: Drags and Pharmaceuticals 72.8 73.1 73.0 73.8 74.2 FUE A E G K S W B C L C C O i l o i a o n l n t l e o A t o h k s k t t u i c o t t h N t e e h m t o a l r r r D e g n i n a i i n n o t c c d n e L g o g i i x a o t I d o t r y G n e t u a o s i d s H y l d e o T s c w p n I o N o r a o G r l s d t u M e c d A t s e T o E o R d I s ALS: 8 9 9 8 8 6 8 7 7 2 8 4 4 f 8 4 6 1 7 5 6 2 i . . . . . . . . 6 9 6 7 3 5 3 7 K 3 0 8 a 9 8 6 9 8 6 2 7 7 s 7 0 2 8 6 3 8 3 3 8 . . . . . . . . . 7 3 3 6 4 1 6 5 3 6 s 8 8 8 9 8 6 6 2 7 8 8 1 6 7 2 7 2 8 . . . . . . . . . 3 6 1 3 7 4 3 5 5 8 8 9 8 8 6 7 6 2 T 7 * 7 8 5 8 1 7 5 7 1 8 X . . . . . . . . . 8 4 0 7 1 5 5 6 6 5 8 9 8 6 7 6 2 T 0 7 5 3 i 8 3 7 0 9 8 . . . . . . . K 7 7 2 6 0 4 5 7 H M O IS U C A F F P R O C F S E u E a u e u a u t L h r p r P r t b t L t n t n o e U e i b l A i l r r i e R s i e t t N z i m h u a N r f r e E e , n i r e I i r n e e O S d s s c d g H c m U r a s p u e I S a n N l d u : l t d e a G l e . p n r t i e u G a o b l O u s e O s s . D . S . ! .. 8 6 8 4 8 8 7 2 4 0 6 3 4 3 2 7 . . . . . . . . 1 1 4 7 6 6 5 7 1 8 6 4 8 8 T 7 2 0 O 4 0 0 7 6 7 6 9 . . . . . . . . 1 Q 1 9 5 2 2 2 0 1 8 8 6 4 8 T 7 2 0 O 0 4 6 6 0 3 7 2 . . . . . . . . 6 1 6 3 1 f 5 3 2 t 1 8 8 7 7 4 7 6 0 0 4 7 2 9 6 6 4 . . . . . . . . 4 2 1 9 0 9 3 0 1 8 4 8 7 7 2 7 6 0 * 7 4 5 0 9 4 5 7 . . . . . . . 1 4 0 0 9 9 0 1 1 Petroleum products.. 50.7 48.7 49.8 51.0 ooff L LabSoSr SSt!aStisft«ic«s. For f y ^ i 2 n d a e n x n e U s a c l o ^ ve ^ rin S g S 1 f 9 3 g 2 r? a u n p d s' 1 ^ 9 33 A , s n e n e u A al n R n e u P a ° l r t R f e or p 1 o 9 rt 3 3 f o < r to 1 b 9 to 3 3 1 2 ( 0 t > a * b l M e < 1 x 2 & 1 i ) a o n f d s B u U b L g L ro E u T p IN s a fo v r a i F la e b b l r e u a a r t y B 1 u 9 r 3 e 4 a , u p. 139. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
487 JoiY 1035 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1023-25 average-100] 1934 1935 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactures—TotaL. 88 83 74 73 85 00 83 '84 IRON AND STEEL., 84 85 47 43 64 79 79 65 Pig iron 66 66 42 32 34 49 57 53 66 Steel ingots... 85 87 48 50 67 82 82 63 66 TEXTILES 88 77 78 87 97 103 100 93 102 Cotton consumption - 95 74 79 94 90 92 98 95 90 84 85 Wool 65 63 61 59 69 85 102 97 95 ' 110 124 Consumption 63 61 62 63 82 97 116 97 102 131 153 Machinery activity i 72 68 67 65 61 68 92 110 116 99 '92 99 Carpet and rug loom activity K. 57 62 44 47 46 32 41 52 65 71 '80 80 Silk deliveries 112 109 101 96 135 111 140 119 122 135 117 111 FOOD PRODUCTS 102 106 120 107 102 102 91 81 77 80 78 Slaughtering and meat packing , 108 103 120 128 142 119 110 107 83 70 73 77 74 Hogs _._- 104 87 92 79 89 95 90 79 54 56 61 58 54 Cattle ,. 110 123 155 192 216 144 133 146 120 101 93 96 94 Calves , 128 139 198 244 225 145 121 130 132 109 112 113 103 Sheep 127 128 134 145 162 22S 143 139 133 131 151 157 161 Wheat flour 90 81 79 85 83 84 87 86 90 88 83 83 Sugar meltings 80 64 94 101 102 108 130 86 75 80 88 PAPER AND PRINTING: Newsprint production. __ 68 64 63 63 65 62 61 61 69 64 Newsprint consumption., 115 118 116 117 121 116 115 113 121 122 123 119 121 TRANSPORTATION EQUIPMENT: Automobiles 61 51 88 104 103 106 110 Locomotives 5 7 9 8 8 8 9 Shipbuilding 95 133 18 27 91 LEATHER AND PRODUCTS 118 101 97 83 104 107 108 103 '113 111 Tanning , 87 86 83 80 93 96 '97 96 97 100 Cattle hide leathers 85 81 82 79 92 93 93 91 '93 98 Calf and kip leathers 78 82 74 67 67 96 97 91 90 83 87 Goat and kid leathers 118 09 111 101 97 90 105 112 112 120 119 Boots and shoes 134 •110 103 106 94 112 114 116 117 '123 118 CEMENT AND GLASS: Cement 57 48 45 42 45 47 51 55 Glass, plate 140 174 166 183 185 155 NONTERROUS METALS: » Tin deliveries i 73 64 65 58 67 78 73 81 97 84 FUELS, MANUFACTURED: Petroleum refining 153 154 156 157 152 153 155 154 151 155 153 153 160 Gasoline * 191 195 201 202 193 196 199 194 191 196 191 194 204 Kerosene 95 94 92 91 85 92 91 89 99 105 108 91 94 Fuel oil i 101 103 100 103 102 93 101 103 99 102 101 96 104 Lubricating oil *.. 108 95 92 90 91 GO 89 98 91 94 94 100 100 Coke, byproduct 102 100 78 74 73 73 73 76 95 90 87 RUBBER TIRES AND TUBES., 81 84 83 79 79 82 107 133 115 101 75 Tires, pneumatic 83 87 85 82 82 85 110 139 119 104 96 91 78 Inner tubes 63 62 56 61 60 91 82 76 66 66 TOBACCO PRODUCTS.. 128 132 128 126 125 120 125 143 136 133 130 133 134 Cigars 62 65 63 66 66 66 69 76 72 69 67 67 66 Cigarettes 178 183 177 172 171 161 163 196 186 183 ISO 193 136 87 60 82 81 81 90 94 96 97 87 Bituminous coal 70 69 64 61 64 65 65 72 74 81 87 60 Anthracite 76 69 63 50 62 53 64 72 76 67 54 09 71 Petroleum, crude 127 130 128 124 122 122 121 124 131 132 132 130 131 Iron ore 40 54 52 47 44 35 14 53 Zinc... 65 58 57 60 61 76 77 "75 73 LLe:ad:.:.:::::::: 66 56 53 44 55 66 55 53 63 Silver 44 45 40 35 '49 61 1 Without seasonal adjustment. • Includes also lead and zinc; see "Minerals." p Preliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
488 FEDERAL RESERVE BULLETIN JULY 1935 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100] 1934 1935 Industry May June I July I Aug. I Sept. I Oct. I Nov. I Dec. Jan. Feb. Mar. Apr. May Manufactures—Total. 71 73 73 76 87 91 91 91 IRON AND STEEL 85 44 40 45 76 80 74 71 Pig iron * 66 40 35 31 32 49 58 56 57 Steel ingots 87 44 33 41 46 79 82 75 72 TEXTILES 73 73 76 92 91 108 105 100 100 101 Cotton consumption 97 71 72 77 62 97 93 102 101 94 90 88 Wool 62 60 57 57 62 73 104 101 96 '103 117. Consumption 58 55 •65 56 69 89 119 105 104 127 141 Machinery activity 72 68 67 65 40 61 68 92 110 116 99 r92 99 Carpet and rug loom activity. 57 62 44 47 41 46 32 41 52 65 71 '80 80 Silk deliveries 111 97 96 100 104 135 115 125 136 130 130 116 110 FOOD PRODUCTS 95 100 100 122 110 103 103 90 79 75 76 78 Slaughtering and meat packing... 105 102 113 115 138 120 123 123 94 75 69 69 72 Hogs 100 89 82 60 67 81 99 104 72 62 51 52 52 Cattle 107 116 154 138 240 168 159 153 121 89 86 85 91 Calves 144 144 192 224 216 152 124 124 123 101 114 123 122 Sheep 124 126 134 146 188 251 142 136 134 123 137 148 158 Wheat flour 84 80 78 85 100 93 90 83 84 87 83 80 78 Sugar meltings 95 84 72 100 61 84 88 93 99 PAPER AND PRINTING: Newsprint production 66 61 61 64 62 60 62 61 59 60 65 Newsprint consumption 119 117 103 104 118 123 123 121 116 121 128 127 124 TRANSPORTATION EQUIPMENT: Automobiles 93 92 67 56 111 130 141 108 L Sh o i c p o b m u o il t d iv in e g s £ 1 0 0 4 2 7 14 5 0 13 7 3 4 8 3 8 8 8 8 LEATHER AND PRODUCTS 108 97 107 102 110 111 '111 102 Tanning 88 86 85 85 87 92 100 94 '96 95 Cattle hide leathers 85 83 79 80 82 94 MOO 92 '93 94 Calf and kip leathers 74 79 86 81 77 80 84 80 79 83 Goat and kid leathers 109 99 105 99 102 100 116 115 119 110 Boots and shoes 122 104 106 122 112 103 117 122 '121 107 CEMENT AND GLASS: Cement 35 25 27 34 50 65 Glass, plate 85 105 155 179 199 205 169 NONFERROUS METALS: I Tin deliveries 73 68 64 65 58 67 SO 78 73 81 97 84 FUELS, MANUFACTURED: Petroleum refining 153 154 156 157 152 154 156 155 151 156 153 153 160 Gasoline 191 195 201 202 193 196 199 194 191 196 191 194 204 Kerosene 92 87 86 87 87 97 99 96 101 107 105 90 90 Fuel oil 101 103 100 103 102 98 101 103 99 102 101 96 104 Lubricating oil 108 95 92 90 91 90 89 93 91 94 94 100 100 Coke, byproduct 101 75 72 71 73 74 77 89 92 87 89 RUBBER TIRES AND TUBES 102 102 81 78 76 73 80 92 106 110 102 103 96 I T n i n re e s r , t p u n b e e u s matic 10 7 6 7 10 7 5 4 8 6 3 5 8 6 1 2 7 6 8 1 7 5 5 4 8 5 3 8 1 7 1 5 0 1 8 1 0 4 10 7 5 4 10 7 7 5 99 TOBACCO PRODUCTS 130 144 139 135 139 129 128 115 128 121 124 127 136 Cigars 64 70 67 69 76 81 82 57 55 60 61 63 68 Cigarettes , 179 202 194 186 188 169 166 161 182 166 171 175 188 Minerals-Total 87 84 87 87 84 i 8 * 5 91 92 90 79 88 Bituminous coal , 61 £3 58 68 71 73 76 82 85 87 51 60 Anthracite i , 76 60 52 50 62 63 65 71 82 72 45 72 71 Petroleum, crude 128 132 131 126 125 123 120 120 126 129 130 130 132 Iron ore GO 106 105 95 85 60 11 80 Zinc 66 55 53 56 58 73 77 78 73 Lead 65 57 51 43 52 53 57 57 62 Silver 43 44 34 34 38 '49 50 »Includes also lead and zinc; see "Minerals." » Preliminary. 'Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1 September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, *b"ox board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN 489 JCLT 1935 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1931. 1923-25 average* 100] Factory employment Factory pay rolls Without seasonal Adjusted for seasonal Without seasonal adjustment variation adjustment Industry and group 1935 1934 1935 1931 1935 1934 May April May May April May May April May Total 81.2 82 4 '82.5 81.3 82.3 '82.6 68.5 70.8 67.1 IRON AND STEEL AND PRODUCTS . 72.3 72.2 75.2 71.4 71.1 74.3 58.4 59.4 61.3 Blast furnaces and steel works 73 5 73.7 76.8 72.4 72.2 75.7 61.0 62.3 66.1 Cast-iron pipe _ 49.1 47.3 51.1 48.1 46.8 50.1 27.4 26.3 29.9 Cutlery and edge tools- 78.3 80.3 81.3 77.9 77.6 80.9 59.6 60.1 59.3 Hardware • 53.2 54.4 82.0 52.8 54.0 81.3 42.3 46.3 61.8 Steam, hot-water heating apparatus, etc 51.4 50.2 47.7 51.1 49.7 47.4 34.5 33.8 30.6 Stoves. 99 1 97.4 95.5 97.2 94.7 93.6 74.2 73.7 68.5 Structural metal work .. .. 55.8 55.3 58.5 56.1 56.0 58.9 41.0 39.8 41.5 Tin cans etc 90 4 88.3 91.2 89.5 87.9 90.3 87.0 85.4 86.9 Wirework 127.4 128.9 134.8 127.8 130.2 135.2 115.9 121.5 123.1 MACHINERY 84.5 85.1 81.3 84.9 86.0 82.0 67.8 67.6 62.2 Agricultural implements. . 97.0 97.0 83.0 94.1 91.6 80.5 110.5 108.8 87.2 Electrical machinery, etc 70.7 70.9 65.4 70.7 70.9 65.4 58.2 58.4 49.9 Engines, turbines, etc 101.4 97.5 68.9 99.9 96.0 67.9 74.2 69.6 45.2 Foundry and machine-shop products 73.8 74.3 73.6 72.7 73.1 72.4 67.9 58.0 56.8 Machine tools. 83 0 81.8 71.9 81.8 80.7 70.8 70.1 67.8 59.3 Radios and phonographs 168.0 182.4 201.2 200.0 231.2 239.4 101.5 107.0 112.4 Textile machinery... 63 6 65.8 75.9 62.6 65.3 74.7 51.6 51.6 62.9 TRANSPORTATION EQUIPMENT „. 102.7 104.8 '99.7 94.0 99.1 '91.2 94.2 102.7 '88.3 Automobiles 116 4 119.9 114.4 105.9 113.5 104.1 105.1 117.1 100.4 Cars, electric and steam railroad 60.3 59.1 '50.6 54.9 54.7 '46.1 65.8 65.1 '49.2 Locomotives 30 1 32.3 29.2 29.4 31.8 28.6 13.8 15.0 12.7 Shipbuilding.. 76 6 74.6 73.1 74.3 70.0 70.9 66.2 62.0 60.0 RAILROAD REPAIR SHOPS 53.6 52.9 59.6 53.3 52.6 59.2 52.5 50.7 53.8 Electric railroads . 65.7 65.6 66.7 65.7 65.6 66.7 60.2 60.4 59.4 Steam railroads 52 7 52.0 59.1 52.3 51.6 58.7 52.0 50.1 53.5 NON B T r E a R s R s, O b U r S o n M ze E , T a A n L d S c A op N p D e r PRODUCTS 8 8 0 0 . . 4 8 8 8 0 1 . . 9 8 8 7 1 7 . . 2 8 8 8 0 0. . 3 8 7 8 9 0 . . 9 4 8 7 0 8 . . 7 2 6 61 3 . . 5 3 6 6 4 4 . . 4 1 6 62 0 . . 1 6 L S S S i m t i l a g v e m h e l t t r p i i w n e n g d g a r e e a a q n n a u d d n i d e p r n e m p f a i l e m n a n i t e t n e l g d e d w w ar a e re 6 9 7 7 5 9 3 9 . . . . 6 2 9 5 7 7 9 7 7 7 1 0 . . . . 7 1 6 1 6 7 6 9 5 1 5 5 . . . . 6 6 1 3 8 7 9 7 0 4 4 0 . . . . 1 4 3 4 9 6 7 7 4 5 1 9 . . . . 9 5 6 3 9 6 7 6 4 6 1 5 . . . . 3 7 6 8 5 8 5 5 1 4 8 7 . . . . 1 8 2 0 4 8 5 9 9 1 . . . 8 6 2 4 8 5 3 2 2 . . . 6 0 0 LUM F B u E r R n i A tu N re D PRODUCTS 5 6 0 7 .9 0 5 6 1 8 . . 7 6 5 61 1 . . 3 0 5 7 1 0 . . 3 5 5 7 2 1 . . 4 1 5 6 1 4 . . 3 5 3 47 4 . . 1 9 3 4 7 9 . . 5 2 3 4 4 0 . . 6 5 Lumber, millwork 40.7 39.7 40.4 40.2 39.4 39.9 29.1 Lumber, sawmills 34.0 34.8 36.1 33.4 35.0 35.6 20.2 STON P C B E o e ri , t m c t C e k e L r , n y A t t i Y le , , A a N n D d t G e L r A ra S S c o P t R ta ODUCTS 2 5 5 9 7 9 7 5 4 1 . . . . 0 6 0 8 5 2 5 5 9 7 0 7 3 4 3 . . . . . 0 6 2 2 4 3 5 5 9 7 7 3 7 5 4 . . . . . 6 7 1 9 1 5 2 5 9 7 8 3 5 0 3 . . . . . 0 6 3 9 1 5 2 5 9 7 7 2 2 0 2 . . . . . 4 7 7 3 3 5 9 5 3 7 5 3 1 6 4 . . . . . 9 4 3 2 2 3 4 8 5 1 6 0 1 0 7 . . . . . 8 3 6 3 7 3 3 8 5 1 1 3 2 9 6 . . . . . 9 4 7 3 3 3 3 5 7 IS 5 0 9 5 . . . . . 8 2 5 8 1 TEX A T B I . . L W E F C D S M C K W S C C S a i h a o y l l n l e i o o o b k r i t e A a l i r o p t t t t r l i r t o N h h a l n i e i s i e g n n i i c n n D g t n n n o s a g s d e g g g o n a . P r a a , , , o d r d n a y R n n a o s d w m p , O d d y c d . p . D o o o s e w r _ f a n m l U n u i l o r n a C ' g e g e i r s r s T n o s s s l . h t S . ' o . . s . . e i . . d n . d g s g . g o - . ods 1 1 1 1 9 9 8 7 9 9 8 6 6 1 1 2 0 1 3 8 9 5 1 7 5 0 1 2 3 6 . . . . . . . . . . . . . 0 5 0 7 0 3 1 6 9 0 6 9 5 1 1 1 1 1 9 9 7 8 9 7 9 6 1 1 0 3 0 7 3 7 9 1 1 9 4 4 4 1 4 4 . . . . . . . . . . . . . 2 3 0 9 1 0 6 6 7 3 8 8 3 1 1 1 1 1 9 9 6 7 7 9 8 7 0 1 1 2 0 8 4 6 2 5 4 1 1 3 8 3 6 6 . . . . . . . . . . . . . 0 9 1 8 3 4 0 7 5 9 0 5 7 1 1 1 1 9 9 8 7 6 9 9 9 6 1 1 1 0 1 3 8 7 5 3 1 5 2 0 8 1 7 . . . . . . . . . . . . . 0 6 9 6 7 3 0 1 3 1 0 0 3 1 1 1 1 9 9 8 9 7 9 9 6 7 1 1 0 2 6 8 1 7 9 2 7 3 0 1 2 5 2 . . . . . . . . . . . . . 0 4 0 5 2 7 7 4 0 8 2 6 3 1 1 1 1 1 9 9 9 6 7 8 7 7 1 1 0 2 0 4 4 7 7 6 5 2 8 3 3 0 0 7 . . . . . . . . . . . . . 0 8 8 7 4 3 0 4 0 1 2 6 2 1 1 7 7 7 8 7 5 7 7 8 4 6 0 0 4 5 3 6 0 9 8 4 2 1 4 2 3 . . . . . . . . . . . . . 7 9 5 2 4 7 4 6 5 1 0 2 9 1 1 1 8 7 9 8 7 5 6 8 7 7 1 0 0 2 8 6 4 5 9 6 2 4 0 0 3 4 . . . . . . . . . . . . . 4 0 4 2 0 6 7 0 5 5 3 9 4 1 5 7 8 7 7 5 5 6 8 5 6 9 0 3 7 9 4 4 6 8 4 8 7 3 4 6 . . . . . . . . . . . . . 3 9 8 5 1 3 6 4 1 1 9 3 1 LEA B L TH e o E a o R t ts h e A a r n N . d . D . . s P h R o O es D UC . TS . . 8 8 93 5 7 . . . 2 9 3 9 9 9 1 0 4 . . . 5 8 5 9 9 9 1 1 2 . . . 4 3 1 8 8 9 9 3 4 . . . 8 6 5 9 9 9 2 1 4 , . . 2 7 3 9 9 9 4 3 4 . . . 0 4 2 7 6 9 3 0 7 . . . 0 7 1 7 7 9 9 5 L . . 4 1 1 7 7 8 8 2 7 . . . 9 0 6 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
490 FEDERAL RESERVE BULLETIN JULY 1035 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued [Adjusted to Census of Manufactures through 1931. 1923-25 averages 100] Factory employment Factory pay rolls Without seasonal Adjusted for seasonal Without seasonal adjustment variation adjustment Industry and group 1935 1934 1935 1934 1935 1934 May April May May April May May April May FOO B D a P k R in O g DUCTS 1 9 1 5 2 . . 1 7 1 9 1 4 1 . . 7 8 1 9 1 9 3 . . 6 2 1 1 0 1 2 2 . . 0 7 1 1 0 1 1 3 . . 4 6 1 1 0 1 6 3 . . 4 2 8 9 6 7 . . 9 3 8 9 5 5 . . 5 5 8 9 7 5 . . 2 3 Butter 73.2 70.4 84.4 72.3 71.8 83.4 57.4 54.7 64.7 Canning and preserving 69.1 70.7 67.9 108.0 95.5 106.1 78.7 78.7 68.6 Confectionery 74.3 77.6 71.6 82.6 85.4 79.6 63.4 64.7 60.6 Flour 73.5 74.2 74.0 74.8 75.3 75.4 62.3 62.5 61.2 Ice Cream 77.7 69.1 79.6 74.2 71.9 76.0 62.2 55.5 63.7 Slaughtering and meat packing 80.6 81.5 96.7 81.6 84.2 97.9 74.0 74.3 80.7 Sugar refining, cane 83.6 83.8 86.4 83.1 84.4 85.9 75.7 76.2 70.5 TOBA C C h C e O w i P n R g O a D n U d C s T m S oking tobacco, and snuff.. 5 6 6 6 . . 6 3 5 68 6 . . 7 8 6 76 1 . . 9 3 6 5 7 6 . . 9 8 7 5 0 7 . . 8 7 6 7 1 8 . . 6 8 4 6 3 4 . . 8 5 4 6 3 4 . . 1 9 4 6 6 5 . . 3 3 Cigars and cigarettes-- 55.3 55.3 59.3 55.4 56.0 59.4 41.2 40.3 43.9 PAP B ER o x A e N s, D p a P p R e IN r TING 8 9 4 6 . . 5 5 9 8 6 5 . . 9 7 8 95 5 . . 0 3 8 9 7 7 . . 8 1 8 9 8 7 . . 2 3 9 88 6 . . 7 5 8 7 4 5 . . 3 5 8 7 4 8 . . 6 1 8 7 0 6 . . 6 2 Paper and pulp 109.9 109.8 107.2 109.9 109.8 107.2 86.9 87.3 79.8 Book and job printing 86.2 87.1 86.6 87.2 87.7 87.6 78.8 77.1 73.4 Printing, newspapers and periodicals 99.6 99.4 99.1 99.3 99.1 93.8 90.4 90.5 88.4 CHEMICALS AND PETROLEUM PRODUCTS 108.0 111.5 106.1 109.3 108.1 107.9 94.9 95.9 88.3 A. Chemical group, except petroleum 108.0 112.3 105.3 109.5 108.0 107.4 94.2 95.6 87.0 Chemicals.... _...* .... ....... 107.1 106.9 111.2 109.0 106.3 113.1 97.8 96.2 94.4 Druggists' preparations 96.8 98.9 97.7 100.4 100.7 101.3 93.9 97.7 88.5 Explosives 87.3 84.6 98.3 90.6 87.1 102.0 74.4 69.3 75.2 Fertilizers 110.1 155.3 111.8 103.7 83.7 105.3 91.7 119.9 84.0 Paints and varnishes 112.6 109.2 107.4 108.6 108.8 103.6 95.1 91.9 87.9 Rayon and allied products 326.9 334.9 267.7 326.9 334.9 ?67.7 237.1 242.7 191.2 B. P S e o t a r p oleum refining ,_. 1 9 0 8 8 . . 2 3 1 1 0 0 2 8 . . 7 3 1 1 0 0 2 9. . 5 3 -1 9 0 8 8 . . 9 5 1 1 0 0 1 8 . . 4 3 1 L 0 0 9 3 . . 7 0 9 9 3 7 . . 8 1 9 9 7 6 . . 0 9 8 92 7 . . 7 1 RUBBER PRODUCTS 81.2 '82.fi 89.1 79.9 '82.3 87.5 66.8 '71.2 70.3 Rubber boots and shoes 47.2 '47.1 47.8 49.7 '49.2 50.3 43.2 '43.8 42,8 Rubber tires and inner tubes 73.5 74.9 82.7 70.1 73.6 78.9 59.2 65.4 615 'Revised. NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
491 JULY 1935 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Eocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts In millions of dollars] Public works Total Residential Factories Commercial and public Educational All other Month utilities 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 January.*... „ 186.5 99.8 15.1 22.4 . 10.7 7.1 9.4 10.8 113.7 44.4 19.6 3.7 17.9 11.4 February. 96.7 75.0 14.5 16.6 4.2 7.8 7.6 9.2 53.2 27.8 5.4 5.8 11.8 7.9 March 178.3 122.9 28.1 32.2 15.9 6.5 13.0 12.2 92.9 46.3 8.8 10.4 19.6 15.4 April 131.2 * 124- 0 22.6 r 42. 2 8.3 6.3 11.9 15.2 69.9 40.5 8.5 •"8.3 9.8 r 11 5 May... 134.4 126.7 24.8 44.9 8.3 9.8 24.6 13.9 56.8 31.4 10.4 9.0 9.5 17.7 June . 127 1 26.6 8.7 11.9 57 4 9.7 12 8 July 119 7 19 8 25 7 12.9 39 1 7.8 14 4 August 119.6 18.6 10.0 13.5 50.6 12.2 14.7 September . .-. 110.2 17.9 6.1 13.1 50.0 12.5 10.6 October 135.2 26 3 8.5 13.5 65.2 9.0 12.7 November 111.7 19 9 4.6 11.0 52.3 8.6 15.3 December 92.7 14 6 5.1 8.2 50.1 5.0 9.8 Year 1,543.1 248.8 116.1 150.6 751.2 117.5 158.9 * Revised. CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun <fe Bradstreet. Amounts in thousands of dollars] ,j for 37 States east of the Rocky Mountains, as reported by he F. W. Dodge Corporation. Value of contracts In thousands of dollars] ]Numba Liabilities Federal Reserve 1935 1934 district 1935 1934 1935 1934 Federal Reserve district May April May May April May May April May Boston 13,104 8,623 r 13,240 Boston ............. .... 114 122 97 1,675 1,524 1,397 New York 26,657 ••27,657 '33,633 New York 336 347 326 6,126 6,564 7,562 Philadelphia 5,214 M, 579 6,735 Philadelphia 43 49 36 900 1,058 2,118 Cleveland- 9,555 11,298 7,771 Cleveland 88 80 73 1,441 963 3,534 Richmond ^ 13,041 14,999 14,325 Richmond »- 27 45 64 60S 295 1,707 Atlanta 10,493 9,335 10,474 Atlanta — 39 38 19 319 297 181 Chicago 22,687 24,549 22,186 Chicago 110 124 115 1,992 2,558 1,769 St. Louis 8,106 8,689 8,385 St Louis 45 42 22 272 461 218 Minneapolis.. 4.712 6,083 5,727 22 39 24 208 516 442 Kansas City 5,772 '4,176 4,964 Kansas City ...... 39 40 32 394 704 851 Dallas 7,377 '4,231 6,924 Dallas 30 32 18 335 403 166 San Francisco 134 157 151 1,500 2,721 2,617 Total (11 districts) 126,720 ••124,020 ••134,364 Total 1,027 1,115 977 15,670 18,064 22,561 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE DISTRICTS -—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1935, June 30). Federal Reserve Bulletin, 1935-07. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193507
@misc{wtfs_bulletin_193507,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1935-07},
year = {1935},
month = {Jun},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193507},
note = {Retrieved via When the Fed Speaks corpus}
}