Federal Reserve Bulletin, 1935-12
FEDERAL RESERVE BULLETIN DECEMBER 1935 ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AT WASHINGTON Credit Developments and Gold Movements Regulations D, H, I, 0, P, Q. Condition of All Banks in the United States UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman. Ex-officio members: J. J. THOMAS, Vice Chairman. HENRY MORGENTHAU, Jr. CHARLES S. HAMLIN. Secretary of the Treasury. ADOLPH C. MILLER. J. F. T. O'CONNOR, GEORGE R. JAMES. Comptroller of the Currency. M. S. SZTMCZAK. LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT L. THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary J. C. NOELL, Assistant Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRTJDER WINGFIELD, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations FRANK J. DRINNEN, Federal Reserve Examiner E. A. GOLDENWEISER, Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics E. L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL 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 n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman and Federal Governor Deputy Governor Cashier Bank 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.1 W. S. Logan W. B. Matteson.i L. R. Rounds J. M. Rice.1 L. F. Sailer Allan Sproul.3 C.H. Coe H. H. KimbalU L. W. Knoke.i Philadelphia R. L. Austin G. W. Norris W. H. Hutt C. A. Mcllhenny. C. A. Mcllhenny WW . TG ." DMacvCisr e1edy.J L. E. Donaldson.1 Cleveland E. S. Burke, Jr.* M. J. Fleming F. J. Zurlinden W. F. Taylor. H. F. Strater C. W. Arnold.1 Richmond W. W. Hoxton G.J. Seay...- R. H. Broaddus. G. H. Keesee. Atlanta Oscar Newton _. HT . ^W ".W MalralPrTtii nTr M. W. Bell. H. F. Connifl _ W. S. McLarin, Jr.1 Chicago.- E. M. Stevens G.J. Schaller H. P. Preston W. H. Snyder.* C. R. McKay W. C. Bachman.» J. H. Dillard 0. J. Netterstrom.1 A. T. Sihler.1 E. A. Delaney.1 A. L. Olson.* St. Louis _ J. S.Wood W. McC. Martin 0. M. Attebery S. F. Gilmore.> J. G. McConkey A. H. Haill.» F. N. Hall.a G. 0. Hollocher.i 0. C. Phillips.' Minneapolis J. N. Peyton W. B. Geery_ Harry Yaeger H F. . C I. . Z D ie u m nl e o r p . .1 Kansas City G H Hamilton C A. Worthington J W Helm J. W. Helm Dallas C.O.Walsh B. A. McKinney R. R. Gilbert R. B. Coleman. R. B. Coleman W. 0. Ford.1 San Francisco J. U. Calkins _. W. A. Day W. M. Hale. Ira Clerk 1 Assistant Deputy Governor. 3 Assistant to the Governor. 1 Controller. * Acting chairman; W. H. Fletcher, acting Federal Reserve agent. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch 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. Birmingham branch _ J. H. Frye. San Antonio branch M. Crump. Jacksonville branch _ G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch W. N. Ambrose. New Orleans branch Marcus Walker. Portland branch__ R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch R. H. Buss. Seattle branch 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. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS Page Review of the month—Credit developments and gold movements—New regulations of Board 789-794 Redesignation of Federal Reserve agents and appointment of other directors 794 Uruguayan banking and monetary legislation 817-820 Condition of all banks in the United States on June 29, 1935 879-883 Earnings and expenses of member banks 872-873 Reporting member banks—monthly averages of weekly figures, January 1933-August 1934 876 Revised indexes of factory employment 888 National summary of business conditions 796 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 797-801 Member and nonmember bank credit: All banks in the United States 803 All member banks 802, 804, 805, 878 Weekly reporting member banks in leading cities 806, 807, 874, 876 Brokers' borrowings 808 Acceptances and commercial paper 808 Discount rates and money rates 809 Security prices, bond yields, and security issues 810 Treasury finance 811 Assets and liabilities of governmental credit agencies 812 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 813 Farm Credit Administration—Loans and discounts outstanding, by institutions 814 Federal Home Loan Bank Board—Loans outstanding, by institutions 814 Obligations fully guaranteed by the United States—Amounts outstanding, by agencies 814 Production, employment, car loadings, and commodity prices 815 Merchandise exports and imports 816 Department stores—Indexes of sales and stocks 816 Freight-car loadings, by classes 816 International financial statistics: Gold reserves of central banks and governments 821 Gold production 822 Gold movements 822-824 Central banks 825-828 Bank for International Settlements 828 Commercial banks 829 Discount rates of central banks 830 Money rates 830 Foreign exchange rates 831 Price movements: Wholesale prices 832 Retail food prices and cost of living 833 Security prices 833 Law department: Rulings of Board: Meaning of phrase "contiguous or adjacent thereto" as used in Clayton Act 834 Ruling no. 47 interpreting regulation T 834 Regulation D—Reserves of member banks 834 Regulation H—Membership of State banking institutions in the Federal Reserve System 838 Regulation I—Increase or decrease of capital stock of Federal Reserve banks and cancelation of old and issue of new stock certificates 849 Regulation O—Loans to executive officers of member banks 854 Regulation P—Holding company affiliates—Voting permits 857 Regulation Q—Payment of interest on deposits 862 Federal Reserve statistics by districts, etc.: Banking and financial statistics J 868-878 Industrial and commercial statistics 884-889 November crop report 890 Index to volume 21 891-913 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 21 DECEMBER 1935 No. 12 REVIEW OF THE MONTH obtained by sale of securities to banks. In the 4 weeks from October 30 to November 27 Reserves of member banks increased further adjusted demand deposits at reporting member during November, reflecting chiefly continued banks in 101 cities increased by $420,000,000, imports of gold from abroad. of which about $250,000,000 was at banks out- Member bank Reserves in excess of legal re- side New York City. Time deposits and United reserves quirements rose to the high level States Government deposits decreased someof $3,100,000,000, notwithstanding a more what, while bankers' balances continued to than seasonal increase in the demand for increase both in New York and in other cities. currency and a growth in required reserves Holdings of United States Government direct arising from a further increase in member obligations increased in the 4 weeks by nearly bank deposits. $125,000,000, reflecting principally purchases of From the end of July to the end of November additional issues of short-term Treasury bills the amount of money in circulation increased by by New York City banks. There were small about $330,000,000, largely in increases in brokers' loans and in customers' Money in circu- ased need loans, following declines in October. Holdings response to the incre for cash for expanded pay rolls of securities other than United States Governand retail trade. During the 4 months, August ment obligations, after increasing somewhat in to November, money in circulation usually previous months, showed a substantial decline increases; in 1934 this increase amounted to in November. $230,000,000, and in years prior to 1930 it The movement of gold to the United States averaged about $200,000,000. That the mag- has continued. From the middle of Septemnitude of the increase this year has been due to ber to December 5 gold imlarger pay rolls and retail trade is indicated by Current gold ports amounted to more than movement figures of money in circulation by denominations. $750,000,000, and additional Between the end of July and the end of October shipments were in progress at the end of the the total increase in money in circulation was period. Part of this gold has been drawn $195,000,000, of which $169,000,000 was in from such sources as mines and private hoards, paper currency of denominations of $20 and but the bulk of it has come from Government under and in coin. and central bank holdings in Europe. The retirement of gold certificates, national The movement from central gold reserves bank notes, and Federal Reserve bank notes has of European countries appears to reflect three continued during recent months and amounted major influences. One of these is of recent to $180,000,000 from the end of July to the end development. The disturbed European situaof November. This reduction, however, was tion which preceded and accompanied the outmore than offset by an increase of $380,000,000 break of hostilities in Ethiopia led to a transfer in Federal Reserve notes, $110,000,000 in silver of liquid balances from London to New York. certificates, and $20,000,000 in other kinds of The movement started in September and coin and currency. reached its height early in October. The Deposits at member banks in leading cities nationals of many countries who had employed continued to increase during November, reflect- London as a financial center, as well as the Member bank ing principally, as in previous British themselves, were active in the movecredit months, the influence of gold ment. Toward the end of October this imports and Government expenditure of funds movement subsided. 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
790 FEDERAL RESERVE BULLETIN DECEMBER 1935 The second factor in the situation has been movement of gold was reversed. Since the of somewhat longer duration. Foreign pur- beginning of October the Netherlands Bank chases of American securities began to exceed has lowered its discount rate from 6 to 3% sales last May and the net inflow of foreign percent. funds into American securities has continued The principal outflow of capital recently has practically without interruption up to the been from France. During the preparations present time. The intensification of this move- for the meeting of the French Parliament on ment in the autumn is attributable in some November 28 to debate the economy decrees degree to disturbed political conditions abroad, and the 1936 budget a heavy export of capital but the movement as a whole appears to reflect began. On October 29 a large majority of the a feeling among foreign investors that an oppor- Finance Commission of the French Chamber tunity for profitable investment of their funds of Deputies voted a report recommending that is offered by the American market. The the budget presented by the Cabinet be foreign purchases of American securities began amended so as to diminish the burden on the several months before the transfer of liquid lower income groups, and instructing the chairbalances from London to New York incidental man to study certain possible offsets to the to the growth of political tension in Europe, deficit created by the amendments. At the and the}7 have continued since these transfers request of the Cabinet the Finance Commisceased to be a significant factor. sion agreed to reconsider their original report, but uncertainty with regard to eventual action The third factor, which has been operative by the Commission and by Parliament on this now for several years, is the in- Gold-bloc ternational position of the gold- and other major issues has since dominated countries French financial markets. During November bloc countries. A special probprices of Government securities fell below the lem has been created for these countries by levels reached in the crisis last spring and the the general abandonment elsewhere in the discount on forward francs widened. world of previously existing exchange parities and the introduction of exchange controls by The gold shipped from France to the United several countries that still officially adhere to States as a result of the outflow of capital in the old parities. Capital in the gold-bloc recent weeks has been drawn from reserves of countries has proved to be more sensitive to the Bank of France, in contrast to the movethe condition of national budgets and to ment in September and October which reflected political difficulties than in the countries that for the most part British support of the pound have altered their currencies during the depres- sterling in Paris. At the beginning of Decemsion. A series of crises have occurred, differ- ber the movement of French gold to this ing in intensity, but each characterized by a country was still in progress notwithstanding sharp outward movement of capital and gold. increases in the discount rate of the Bank of The most general movement of this sort, France from 3 to 6 percent; and the Swiss although not the first, occurred last spring franc had also declined to the gold export after Belgium had devalued its currency. point. During the ensuing movement Switzerland, the The current movement of gold from Europe Netherlands, and France lost large amounts is the fourth major movement since the dollar of gold. In July and again in September Gold movement was revalued on January 31, there were further gold withdrawals from the since revalua- 1934. A table showing by Netherlands as a result of political difficulties tion of the dollar shipment the countrieg of connected with the Government's economy amount of gold received during these four program. When the substance of this pro- movements and during the period as a whole gram was 'approved early in October the is given below. The largest amount of gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 791 has come from France, but in part this is the Central Bank of China, and by the partially attributable to the fact that several other lead- Government-owned Bank of China and Bank ing countries deal in gold through the Bank of of Communications, will be full legal tender. France, which is the only central bank in the Notes of all other issuing banks are gradually world today that pays out gold at par for every to be withdrawn from circulation and replaced purpose. Hence much Swiss, Italian, English, by notes of the Central Bank of China. All and other gold has reached this country by bank-note reserves are to be placed under the way of France. On the other hand most of control of a currency reserve board which will the gold that has come to the United States also regulate the issue and retirement of notes. from England has been drawn from the London Further provisions are that all public and pribullion market, which receives new-mined or vate obligations, including those expressed in dishoarded gold from many foreign sources. terms of silver, shall be discharged by payment Gold from Canada represents the product of of legal-tender notes for the nominal amount the mines, and that from India represents sales due; that all standard silver dollars, other from the accumulations of the Indian public. silver dollars, and bullion must be exchanged for legal-tender notes; and that the use of NET IMPORTS OF GOLD TO THE UNITED STATES silver dollars or bullion as a currency medium [In millions of dollars] is forbidden. The task of maintaining a stable exchange value for the yuan through the pur- Four periods of largest gold movement chase and sale of foreign currencies in unlimited First Second Third Fourth Entire quantities has been entrusted to the three Gold shipped period period period period fro p m er i F od eb. Government banks. from— 1, 1934 to Dec. As early as October 1934 the Chinese Govern- F A e p 1 b 9 r . 3 . 9 4 1 0 to , F N 1 e 9 o 1 b 3 9 v . 4 3 . 2 5 t 8 1 o , , A Ju p 1 n r 9 . e 3 5 2 5 0 to , S t 5 o e , p D 1 t 9 . e 3 1 c 5 . 0 5, 1935 i m wh e i n c t h , h in a d o r r e d a e c r h e to d l c a h r e g c e k p r t o h p e o r e t x io p n o s r t in o f t h s e i l t v w e o r, preceding months, imposed on exports of silver England 376 146 2 151 778 France 127 152 347 471 1,087 a duty of 10 percent and a variable equaliza- Netherlands 74 42 118 58 324 India 15 42 3 39 154 tion charge equivalent to the difference be- Canada 20 31 17 27 172 Allother 36 45 13 19 189 tween the exchange rate in London and the Total 643 457 501 766 2,704 theoretical parity of the yuan as determined by the value of its silver content in the London i Includes net imports for dates not covered in selected periods shown, but excludes imports of gold acquired abroad by the United States market. Following this action the exchange Treasury prior to Feb. 1,1934. value of the yuan depreciated against its theo- Effective November 4 the Chinese Governretical parity and on November 2 of this year ment decreed currency and financial reforms the discount against dollar parity amounted to involving definitive abandonabout 38 percent. China ment of the silver standard and its replacement by an inconvertible paper currency to be managed with the object of The Board of Governors of the Federal maintaining a stable value in terms of foreign Reserve System late in November issued, currencies at about the then existing levels. effective January 1, 1936, six Reorganization of the Government-owned Cen- regulations, five of which supertral Bank of China along modern central sede similar regulations of banking lines is envisaged. Ownership of the earlier dates and contain revisions made to new bank would be vested principally in the conform to amendments to the law contained hands of the banks and the public. The bank in the Banking Act of 1935 as well as adjustwould hold the reserves of the banking system, ments based on past experience. The revised and would possess the exclusive right of note regulations are regulation D relating to reserves issue. In the interim period notes issued by of member banks; regulation H on membership Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
792 FEDERAL RESERVE BULLETIN DECEMBER 1935 of State banking institutions; regulation I on previous edition of regulation Q required that increase or decrease in capital stock of Federal savigs deposits consist of funds accumulated Reserve banks; regulation P on holding com- for "bona fide thrift purposes" and required pany affiliates-—voting permits; and regulation that the passbook be presented whenever a Q on payment of interest on deposits. Regu- withdrawal was made. The former of these lation O, a new regulation relating to loans to provisions has been eliminated and there has executive officers of member banks, was also been substituted a requirement that savings issued to become effective January 1, 1936. deposits shall consist of funds of one or more These regulations are reproduced on pages individuals or of an organization operated 834-867. primarily for religious, philanthropic, chari- The revised regulation Q, dealing with in- table, educational, fraternal, or other similar terest on deposits, contains changes of wide purposes and not operated for profit. interest to bankers and others. As under the former regulation, withdeposits °n Ttie regulation is accompanied drawals from savings deposits may be made by by a separate supplement stat- any authorized person presenting the passbook, ing the schedule of maximum rates established and in addition the new regulation permits by the Board. The use of such supplements withdrawals without presentation of passbook will enable the Board to change from time to where payment is made to the depositor in time the maximum rates of interest which may person or is remitted by an instrument payable be paid by member banks on time and savings to the depositor. The purpose of this prodeposits without revision of the regulation itself. vision is to enable member banks to take care Under the former regulation the maximum of all cases in which there is a legitimate rate payable by member banks on both time reason why the passbook cannot be presented and savings deposits was 2% percent per and yet to forbid the practice which has annum. Under the new regulation the Board existed in certain sections of the country of fixed the maximum rate payable on savings drawing checks on savings deposits, thus using deposits and on postal savings funds deposited them as ordinary checking accounts and in banks on time at 2% percent, the present evading the statutory prohibition against paylevel, but with regard to other time deposits ment of interest on demand deposits. the following schedule of maximum rates has The Board was also given the authority by been prescribed: On time deposits payable in the Banking Act of 1935 to determine what not less than 6 months, 2}{ percent; on time shall be deemed to be a payment of interest. deposits payable in less than 6 months and The regulation defines interest as a payment, not less than 90 days, 2 percent; and on time credit, service, or other thing of value which is deposits payable in less than 90 days, 1 percent. made or furnished by a bank as consideration The new regulation provides, as did the pre- for a deposit and which involves the payment vious one, that the maximum rate payable by or absorption by the bank of out-of-pocket a member bank on time or savings deposits expenses regardless of whether such payment, may not exceed the maximum rate authorized credit, service, or other thing of value varies to be paid upon such deposits by State banks with or bears a substantially direct relation to under the laws of the State in which such mem- the* amount of the depositor's balance. ber bank is located. The Banking Act of 1935 amended section Section 19 of the Federal Reserve Act, as 19 of the Federal Reserve Act so as to permit amended by the Banking Act of 1935, gave the payment of time deposits before maturity the Board of Governors of the Federal Reserve upon such conditions and in accordance with System authority to define various classes of such rules and regulations as may be prescribed deposits, including savings deposits. The defi- by the Board. Regulation Q permits the paynition of savings deposits contained in the ment of time deposits before maturity in an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 793 emergency where it is necessary to prevent posits which were originally payable in not less great hardship to the depositor. As a condi- than 30 days were counted as demand deposits tion to such payment, the depositor must sign when they become payable within 30 days. an application describing fully the circum- The new regulation makes no change from stances constituting the emergency. This state- existing requirements as to the percentages of ment must be approved by an officer of the reserves to be carried against deposits by membank and retained in the bank's files and made ber banks, that is, 7, 10, and 13 percent against available to examiners authorized to examine net demand deposits at country, reserve city, the bank. The depositor is also required to and central reserve city banks, respectively, forfeit accrued and unpaid interest on the and 3 percent against time deposits at all banks. amount withdrawn for a period of not more The new regulation, however, in accordance than 3 months. As under the previous regu- with the authority conferred upon the Board lation, withdrawals are permitted from savings by the Banking Act of 1935 to change reserve deposits without notice, subject to certain requirements, provides that the actual net conditions set forth in the regulation which balance which each member bank is required to require that all savings depositors be treated maintain on deposit with the Federal Reserve alike in this respect. bank of its district shall be changed by such The regulation permits loans by a bank to percentage, within the limits prescribed by law, its depositors on the security of time or savings as the Board shall prescribe from time to time deposits, provided that the rate of interest on in order to prevent injurious credit expansion such loans shall be not less than 2 percent per or contraction. annum in excess of the rate of interest on the Revisions in regulations H, I, and P were deposits securing them. made to conform to changes in existing law, Regulation D, relating to reserves which and the regulations were substantially rewritten member banks are required to carry with and simplified. In regulation H, among other Federal Eeserve banks, conthings, the standard conditions of membership meXr'banks tains substantially the same to be prescribed for State banking institutions definitions of the various classes admitted to membership in future were mateof deposits as regulation Q. For purposes of rially reduced in number and were clarified in reserves "gross demand deposits", "cashitems the light of experience gained since the previous in process of collection", and "net demand regulation was issued. deposits" are also defined so as to conform to The new regulation O, relating to loans to alterations in the law made by the Banking Act executive officers of member banks, is based on of 1935. The regulation gives effect to changes changes made by the Banking in the law, which became effective upon passage Loans to executive officers ^ct 0± ^o5 in section 12L (g) of the Banking Act of 1935, requiring that of the Federal Reserve Act. reserves be carried against deposits of the This section, originally enacted in the Banking United States Government, and that in com- Act of 1933, prohibited executive officers of puting deposits subject to reserve requirements member banks from borrowing from or otheramounts "due from banks" and "cash items wise becoming indebted to member banks of in process of collection" are deductible from which they were executive officers and likewise "gross demand deposits", rather than from prohibited member banks from making loans or amounts "due to banks" as in the previous law. The new regulation provides that a extending credit to their executive officers. deposit which at the time it was made was a Any violation of such provision was declared time deposit continues to be such until maturity to be a misdemeanor and the prosecution of or the expiration of the period of notice of violations came under the jurisdiction of the withdrawal. Under the former regulation de- Department of Justice. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
794 FEDERAL RESERVE BULLETIN DECEMBER 1935 In order to clarify the meaning of the term Regulation O also contains definitions of the "executive officer" and the question as to terms "loan" and "extension of credit", for whether or not certain transactions were loans the purposes covered by the regulation. or extensions of credit within the meaning of the provision of law, the Banking Act of 1935 REDESIGNATION OF FEDERAL RESERVE authorized the Board of Governors of the AGENTS AND APPOINTMENT OF OTHER Federal Reserve System to define the term DIRECTORS "executive officer", and to determine what The Board of Governors of the Federal shall be deemed to be a loan or extension of Reserve System issued the following statement credit. The act also repealed the criminal on December 4: penalties and made it clear that the Board of On February 1, 1936, the Board of Governors Governors of the Federal Reserve System could of the Federal Reserve System will be sucremove offending officers from office for violaceeded by a new Board as provided by the tions of the kind described. The act also pro- Banking Act of 1935. As of March 1, 1936, hibited partnerships in which one or more by the terms of the act, each Federal Reserve executive officers of a member bank are part- bank will elect, in lieu of its governor, a president, who will thereupon become and be ners having either individually or together a formally recognized in the law as the chief majority interest in the partnership from borexecutive officer of the bank when approved rowing from or otherwise becoming indebted to by the new Board. the member bank. Other provisions granted ex- In order that the new Board which takes ceptions which did not theretofore exist; namely, office on February 1, 1936, may be free to make executive officers of member banks are per- its own designations of chairmen and Federal Reserve agents at the same time that it is mitted to borrow from or become indebted required to pass upon the selection of the thereto in amounts not exceeding $2,500 on newly elected presidents of the Federal Reserve condition that a majority of the entire board of banks, the present Board of Governors has directors of the bank has approved such indebt- decided to have the designations of all chairmen and Federal Reserve agents expire on edness, and also to endorse or guarantee for the March 1, 1936, and has also decided for the protection of the member bank obligations same reasons not to fill existing vacancies. previously acquired by the member bank in The new Board will thus be enabled to be good faith; and to incur indebtedness to such represented at the different Federal Reserve bank for the purpose of protecting it against banks by chairmen and Federal Reserve agents of its own selection, chosen in accordance with loss or giving financial assistance to it. its views as to how the chairmanships may best The Board in regulation O has defined the be made to fit into the changed organization term "executive officer" as follows: of the Federal Reserve System. "The term 'executive officer' means the The following chairmen and Federal Reserve chairman of the board of directors, the presi- agents have, therefore, been designated by the dent, every vice president, the cashier, secre- Board for the period extending from January 1 tary, treasurer, and trust officer of a member to March 1, 1936: bank, and, in addition, every other officer of a Federal Eeserve Bank of— member bank who participates in the manage- F. H. Curtiss Boston. ment of the bank or any branch thereof, regard- J. H. Case New York. less of whether he has an official title or whether R. L. Austin Philadelphia. his title contains a designation of assistant, and W. W. Hoxton Richmond. E. M. Stevens Chicago. regardless of whether he is serving without sal- J.S. Wood St. Louis. ary or other compensation; but such term does J. N. Peyton . Minneapolis. not include a director or member of a committee C.C.Walsh Dallas. who is not also an executive officer within the The Board has been guided by the same conforegoing definition." siderations with reference to the appointment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 795 of deputy chairman, and has, therefore, ap- It is the intention of the Board to follow uniformly pointed the following deputy chairmen for in all districts the policy of selecting as its appointees individuals who are not officers of banks or primarily terms from January 1 to March 1, 1936: engaged in banking, although they may be stockholders Federal Reserve or directors of banks. Bank of— The Board expects to apply these principles in the Allen Hollis Boston. selection of directors appointed by it in the future. E. S. Burke, Jr Cleveland. In accordance therewith, the Board has F. A. Delano Richmond. W. H. Kettig Atlanta. reappointed class C directors, whose terms Paul Dillard St. Louis. expire on December 31, but who will not have H. P. Clark Minneapolis. served 6 or more consecutive years, and has E. P. Brown Kansas City. not reappointed class C directors whose terms S. B. Perkins Dallas. W. N. Moore San Francisco. expire on December 31 but who will have served 6 or more consecutive years. There- In acting upon other class C directorships fore, E. S. Burke, Jr., of Cleveland, Ohio, and expiring December 31, as well as upon the J. R. Stanley, of Evansville, Ind., whose terms appointments of such directors as it is authorexpire December 31, but who have not served ized to appoint at branches of the Federal 6 or more consecutive years, have been reap- Reserve banks, the Board of Governors has pointed class C directors, respectively, of the also been guided by the views it expressed by Federal Reserve Banks of Cleveland and St. letter of January 9, 1935, to directors of Federal Louis, and Owen D. Young of New York, who Reserve banks and of their branches, as follows: will have served 13 years (the last 9 years as a In view of the special character of the functions of class C director and 4 years as a class B directhese institutions and the public interest in them the Board believes that the composition of the boards and tor), James Simpson of Chicago, who will have the tenure of service of their members are matters of served 18 years, and E. R. Brown of Dallas, great importance. The Board recognizes that experi- who will have served 6 years, have not been ence gained from participation in the direction of the management of the Federal Reserve banks and their reappointed as class C directors, respectively, branches has its distinct value but it believes that this of the Federal Reserve Banks of New York, can be overstressed and that there are special advan- Chicago, and Dallas. tages that would come to these institutions from In conformity with the foregoing considerabringing to bear on their management from time to time new points or view and differing backgrounds of tions with respect to appointments, designaexperience. In consequence, the Board believes that tions, and vacancies, the Board has reapneither great length of service nor too frequent changes pointed the following directors of branches of are desirable and has endeavored to find a solution which on the whole and in the long run will be con- Federal Reserve banks: ducive to the best development of the policies of the banks and at the same time protect them against criticisms based either upon the fact or the possibility of crystallization of control of their managements by Branch Fed B er a a n l k R o e f— serve particular individuals or groups through long continuance in power. Therefore the Board has reached the conclusion that J. B. Hill Louisville St. Louis. 6 years of service represents the maximum period J. E. O'Connell. Helena Minneapolis. during which a director should remain continuously in R. E. Campbell Omaha, __ Kansas City. office. It will be guided by this view in future and H. M. Haller___ Portland _ San Francisco. will not continue in office as directors men appointed by S. A. Easton Spokane.. San Francisco. it who have served 6 or more consecutive years (except in the cases of chairmen of the Federal Reserve banks). It is also the view of the Board that the welfare of the Vacancies which will occur as of January 1, Federal Reserve banks will be served best by directors whose business and financial interests are primarily 1936, as a result of the application of the within and representative of the bank or branch terri- Board's policy, are not being filled at this time, tory for which they are selected rather than of interests controlled or owned outside of such territory. for the reasons stated, but will be left for the With respect to directors of branches, the new Board to fill in accordance with such Board also stated: policies as it may wish to adopt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
796 FEDERAL RESERVE BULLETIN DECEMBER 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Nov. 26 and released for publication Nov. 28] Industrial production increased more than dential building and in other types of construcseasonally in October and there was also a tion, but the volume is still at a relatively low considerable advance in factory employment level. and pay rolls. There was a continuous inflow Distribution.—Railroad freight-car loadings of gold from abroad and an increase in bank increased by a considerable amount from deposits. September to October, reflecting principally Production and employment.—Volume of larger shipments of coal and miscellaneous output at factories and mines, as measured freight. In the early part of November car by the Board's seasonally adjusted index of loadings were at a lower level than in October, industrial production, increased from 89 per- chiefly as a consequence of seasonal developcent of the 1923-25 average in September ments. Department store sales, which usually to 94 percent in October, reflecting larger increase at this season, showed little change output in a wide range of industries. Auto- from September to October on a daily average mobile production, which had been at a low basis, and the Board's seasonally adjusted index level in September when preparations were declined from 81 percent of the 1923-25 average being made for the manufacture of new models, to 77 percent. increased rapidly during October and the early Commodity prices.—The general level of part of November. At steel mills activity in- wholesale commodity prices, as measured by creased slightly in this period, contrary to the the index of the Bureau of Labor Statistics, usual seasonal tendency, and in the third week was slightly lower in October and the early part of November was at about 54 percent of capac- of November than in the latter part of Septemity. Lumber production showed little change. ber, reflecting reductions in the prices of farm Ainong the industries producing nondurable products and foods offset in part in the index manufactures, the principal changes in output by an advance in prices of other commodities, were increases of considerably more than the particularly hides and leather products and usual seasonal amount at cotton mills, woolen textiles. Prices of hogs and pork showed a mills, and meat packing establishments. At decrease, as is usual at this season, while cotton mines output of bituminous coal was in larger advanced. volume than in other recent months and output Bank credit.—Excess reserves of member of crude petroleum continued to increase. banks increased further by $190,000,000 during Factory employment, which ordinarily shows the 5-week period ended November 20, reflectlittle change at this season, increased consider- ing a continued inflow of gold from abroad. At ably between the middle of September and the the end of the period excess reserves were at a middle of October, reflecting substantial in- new high level of over $3,000,000,000. creases in the industries producing durable Total loans and investments of reporting manufactures. The most marked expansion banks in 101 leading cities increased by was in the automobile industry and there were $190,000,000 during the 5 weeks ended Novemsmaller increases at railroad repair shops and ber 20, reflecting principally an increase in in the iron and steel, machinery, and nonferrous holdings of United States Government securimetals industries. Employment at canning ties. Adjusted demand deposits of these banks factories showed a considerable decline, largely showed an increase of $550,000,000 for the period. of a seasonal character. The call money rate on New York Stock Total value of construction contracts Exchange loans was increased from one-fourth awarded, as reported by the F. W. Dodge of 1 percent to three-fourths of 1 percent in the Corporation, showed a considerable increase in last week of October. At the same time the October followed by a slight decline in the first rate on time loans was increased from onehalf of November. In this 6-week period total fourth of 1 percent to 1 percent, but few loans contracts were substantially larger than a year have been made. Other money rates have ago, reflecting marked increases both in resi- remained at former low levels. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 797 RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 10000 •"( Weekly basis: Wednesday figures 10000 9000 9000 8000 8000 7000 7000 6000 600C 5000 5000 4000 - 4000 3000 3000 2000 2000 1000 1000 TREASURY CASH & DEPOSITS WITH F. R. BANKS 1930 1931 1932 1933 1934 1935 Based on Wednesday figures; latest figures for November 27. See table on page 798. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
798 FEDERAL RESERVE BULLETIN DECEMBEB 1935 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY FIGURES) [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances Treas- Treasury ury cash and Other Mone- and Money deposits Non- Fed- Date (Wednesday) U.S. tary nation- in cir- with mem- eral co B d u i i n s ll t - s ed bo B u il g l h s t s m G e e c r e o u n n v r - t - i- R c O b e r a s t e h e n d r e k i v r t e Total s g to o c ld k a r l e c -b n u a c r- n y k c t u io la n - R F b e e a d s n e e k r r v a s e l b p e o r s d it e s - R c e o a s u c e n - r t v s e Total m E ( x a e c t s e t e i d s - s ) ties 1934—Oct 3 15 6 2,431 3 2,455 7,980 2,407 5,468 3,068 182 229 3,895 1,691 Oct. 10 12 6 2,430 2,448 7,985 2,403 5,479 2,967 183 229 3,979 1,771 Oct. 17 12 6 2,430 2,457 7,990 2,410 5,469 2,968 183 239 3,996 1,762 Oct 24 11 6 2,430 5 2,452 7,993 2,429 5,436 3,049 165 239 3,985 1,733 Oct. 31 11 6 2,430 8 2,455 8,002 2,434 5,453 3,031 164 237 4,006 1,748 Nov. 7 13 6 2,430 -9 2,440 8,008 2,442 5,503 2,944 172 240 4,032 1,783 Nov. 14 25 6 2,430 14 2,474 8,030 2,450 5,480 2,964 163 240 4,107 1,848 Nov. 21 . 21 6 2,430 13 2,470 8,076 2,459 5,455 2,956 159 239 4,196 1,912 Nov. 28 15 6 2,430 9 2,460 8,112 2,469 5,516 3,017 160 239 4,108 1,825 Dec. 5 .. 10 6 2,430 6 2,452 8,161 2,478 5,545 3,060 176 237 4,073 1,786 Dec. 12 9 6 2,430 17 2,462 8,180 2,486 5,532 3,060 184 239 4,112 1,813 Dec. 19 9 6 2,430 32 2,477 8,198 2,505 5,587 3,221 185 243 3,943 1,646 Dec. 26 9 6 2,430 25 2,470 8,228 2,504 5,628 3,181 188 244 3,961 1,678 1935—Jan. 2 7 6 2,431 17 2,461 8,243 2,514 5,534 3,164 190 240 4,090 1,802 Jan.9 - 7 6 2,430 24 2,467 8,258 2,508 5,420 3,094 194 242 4,283 1,986 Jan. 16 17 6 2,430 15 2,468 8,273 2,504 5,382 3,019 215 242 4,388 2,069 Jan. 23 9 6 2,430 19 2,463 8,308 2,500 5,347 2,994 188 241 4,501 2,162 Jan 30 7 6 2,430 16 2,460 8,387 2,497 5,358 3,007 194 242 4,542 2,203 Feb. 6 6 6 2,430 24 2,466 8,421 2,503 5,407 2,930 176 246 4,633 2,284 Feb 13 7 6 2,430 8 2,450 8,456 2,525 5,430 2,995 182 245 4,580 2,240 Feb. 20 6 6 2,430 7 2,448 8,489 2,522 5,442 2,932 193 247 4,645 2,272 Feb. 27 6 6 2,430 7 2,450 8,524 2,520 5,442 3,006 211 246 4,588 2,201 Mar 6 6 6 2,430 10 2,452 8,546 2,517 5,478 2,998 237 246 4,555 2,185 Mar. 13 6 6 2,430 18 2,460 8,551 2,525 5,454 3,009 238 247 4,588 2,191 Mar. 20 8 5 2,430 11 2,455 8,554 2,521 5,453 3,220 243 254 4,361 1,950 Mar 27 8 5 2,430 9 2,452 8,563 2,535 5,436 3,335 241 253 4,285 1,888 Apr 3 6 5 2,431 19 2,462 8,568 2,548 5,497 3,404 230 253 4,193 1,821 Apr. 10 6 5 2,430 21 2,463 8,614 2,549 5,487 3,376 224 253 4,287 1,907 Apr. 17_. 7 5 2,431 27 2,470 8,672 2,549 5,512 3,149 271 257 4,501 2,095 Apr 24 7 5 2,430 10 2,452 8,701 2,550 5,459 2,978 288 258 4,719 2,264 May 1 6 5 2,430 21 2,463 8,721 2,543 5,489 2,978 276 263 4,721 2,252 May 8 6 5 2,430 25 2,466 8,728 2,536 5,496 2,938 277 261 4,758 2,304 May 15 7 5 2,430 32 2,473 8,737 2,534 5,494 2,901 267 259 4,822 2,350 May 22. 7 5 2,430 18 2,459 8,762 2,531 5,481 2,906 285 259 4,821 2,328 May 29 8 5 2,430 24 2,467 8,835 2,526 5,511 2,970 262 258 4,827 2,322 June 5 8 5 2,430 32 2,475 8,916 2,521 5,514 3,030 196 257 4,914 2,400 June 12 8 5 2,430 29 2,472 9,016 2,514 5,493 2,988 214 258 5,049 2,521 June 19 7 5 2,430 40 2,482 9,089 2,510 5,498 3,023 301 264 4,996 2,445 June 26 7 5 2,430 30 2,472 9,109 2,508 5,498 2,991 306 263 5,029 2,471 July 3 8 5 2,431 24 2,468 9,119 2,504 5,619 3,002 312 258 4,900 2,320 July 10 7 5 2,430 31 2,473 9,123 2,503 5,551 2,932 302 263 5,052 2,456 July 17 7 5 2,430 30 2,472 9,127 2,501 5,530 3,086 302 258 4,924 2,340 July 24 6 ' 5 2,430 19 2,460 9,135 2,503 5,496 3,134 265 258 4,945 2,335 July 31 7 5 2,430 23 2,465 9,144 2,510 5,518 2,991 253 257 5,100 2,513 Aug. 7 6 5 2,430 34 2,476 9,158 2,477 5,550 2,932 253 261 5,115 2,547 Aug. 14 6 5 2,430 36 2,477 9,184 2,437 5,558 2,775 251 259 5,254 2,667 Aug. 21 7 5 2,430 26 2,468 9,189 2,421 5,574 2,722 230 260 5,291 2,682 Aug. 28 9 5 2,430 26 2,471 9,197 2,408 5,573 2,683 213 260 5,346 2,749 Sept. 4 11 5 2,430 25 2,472 9,209 2,395 5,650 2,746 193 259 5,228 2,643 Sept. 11 11 5 2,430 34 2,479 9,219 2,391 5,638 2,629 186 248 5,388 2,790 Sept. 18. . 10 5 2,430 27 2,472 9,240 2,390 5,632 2,839 244 250 5,136 2,527 Sept. 25 10 5 2,430 29 2,474 9,297 2,382 5,626 2,778 262 250 5,236 2,592 Oct. 2 10 5 2,430 24 2,470 9,414 2,399 5,688 2,814 306 251 5,224 2,569 Oct. 9 10 5 2,430 34 2,478 9,463 2,396 5,698 2,747 313 250 5,330 2,694 Oct 16 9 5 2,430 52 2,496 9,584 2,404 5,696 2,693 307 254 5, 534 2,878 Oct 23 7 5 2,430 31 2,472 9,629 2,397 5,684 2,694 292 254 5,575 2,900 Oct. 30 6 5 2,430 33 2,474 9,686 2,401 5,686 2,665 296 260 5,653 2,981 Nov. 6 7 5 2,430 21 2,462 9,714 2,401 5,754 2,655 236 260 5,671 2,993 Nov. 13 9 5 2,430 49 2,492 9, 747 2,399 5,746 2,641 249 257 5,746 3,052 Nov. 20 5 5 2,430 31 2,471 9,804 2,409 5,739 2,648 262 253 5,782 3,069 Nov. 27- 6 5 2,430 32 2,472 9,874 2,421 5,820 2,625 282 252 5,789 3,059 * Less than $500,000. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1934 (table 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 799 RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH FIGURES) [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances End of month co B d u i i n s l - l t s ed b B ou il g ls ht s m U G e e c r . e o u n n S v r - t - i . - R O c b e r a s t e h e n d r e k i v r t e Total M s g t t a o o o r l c n y d k e- a T t r n b i e c u o r d a u n e r n n y a r c n a k - s y a l - - - M i c n t o u i o c n la n i e r - y - T c d R F a r b e e w s e e p a h d s a n i o e e s t a k s r h u r v n i a s r t e d l s y b m p N e o r e o s m d n it e - s - - R c O e F o e a s t e u r c h e a d - n r e l - v t r s e Total m E ( x a e c t s e t e i d s - s ) ties 1934—May 2,430 -4 2,463 7,77P 2,368 5,357 3,052 222 232 3,746 1,662 June 2,432 10 2,472 7,856 2,366 5,373 3,015 233 232 3,840 1,732 July 2,432 3 2, 4G2 7,931 2,361 5,317 2,971 207 229 4,029 1,875 August 2,432 4 2, 464 7,978 2,408 5,396 2,968 208 226 4,052 1,867 September. 2,431 11 2,464 7,978 2,405 5,456 3,051 173 228 3,934 1,727 October 2,430 2, 455 8,002 2,434 5,453 3,031 164 237 4,006 1,748 November. 2,430 2,453 8,132 2,468 5,549 3,022 161 239 4,081 1,801 December. 2,430 2,463 8, 238 2,511 5, 536 3,150 189 241 4,096 1,814 1935—January.... 2,430 2, 401 8,391 2,495 5,380 2,991 191 243 4,543 2,206 February.. 2,430 2,465 8,527 2,519 5, 467 3,C04 207 246 4,587 2,199 March 2,437 2,471 8,567 2,540 5,493 3,358 226 253 4,247 1,846 April 2,430 2,468 8,710 2,544 5,478 2,996 271 263 4,715 2, 253 May _. 2,430 8.858 2,525 5,540 2,969 254 257 4,832 2,318 June 2,433 2,480 9,116 2,506 5,568 2,968 325 261 4,979 2,414 July 2,430 2,465 9,144 2,510 5,518 2,991 253 257 5,100 2,513 August 2,432 2,485 9,203 2,398 5,629 2,694 198 260 5.305 2,708 September. 2,430 2,477 9,368 2,386 5,683 2,740 304 250 5,254 2,600 October 2,430 2,482 9,693 '2,400 5,713 2,657 299 258 5,648 2,970 November. 2,430 2,480 *9,920 v 2,438 *5,486 v 2, 619 284 253 5,835 3,108 p Preliminary. «• Revised. Back figures.—See Annual Report for 1934 (table 5), and for excess reserves see BULLETIN for August 1935, pp. 499-500. See also note on p. 798 of this BULLETIN. RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances Year or month co B d u i i n s l - l t s ed bo B u il g ls ht s m U G e e c . r e o S u n n v . r - t - i- R c O b e r a s t e h e n d r e k i v r t e Total M s g t t a o o o r l n c y d k e- n a T r l a e c a u - r t b n u e n r io a y a r c d - n y s n - k - M i c n t o u i o c n la n i e r - y - T c d R F a r b e e w e s e a p h d s a n i o e e s t a k s r h u r v n i a s r t e d l s y b p m N e o r e o s m d n it e - s - - R c O F e o e a s t u e r c h e a d - n r e l - t v r s e Total Excess ties 1929—Average.._. 952 241 208 1,459 2,015 4,476 229 30 376 2,358 43 1930—Average.... 272 213 564 1,087 4,173 2,025 4,245 239 28 393 2,379 55 1931—Average..... 327 245 669 1,274 4,417 2,025 4,672 251 97 373 2,323 89 1932—Average.... 521 71 1,461 2,077 3,952 2,096 5,328 275 56 351 2,114 256 1933—Average.... 283 83 2,052 2,429 4,059 2,271 5,576 343 147 350 2,343 528 1934—Average.... 36 25 2,432 2,502 7,512 2,381 5,403 2,879 185 253 3,676 1,564 1934—May 2,431 2,479 7,759 2,378 5,355 249 234 1,623 June. 2,424 2,464 7,821 2,363 5,341 3,054 226 237 3,790 1,685 July 2,432 2,469 7,893 2,364 5,350 2,999 219 230 3,928 1,789 August 2,432 2,463 7,971 2,378 5,355 2,976 208 228 4,045 1,884 September. 2.431 2,469 7,971 2,411 5,427 3,054 197 227 3,947 1,754 October 2,430 2,457 7,989 2,415 5,473 3,011 177 234 3,964 1,731 November. 2,430 2,466 8,047 2,455 5,494 2,970 165 238 4,100 1,834 December. 2,430 2,472 8,191 2,494 5,577 3,120 181 242 4,037 1,748 1935—January.... 2,430 2,465 8,284 2,504 5,411 3,053 194 242 4,355 2.035 February.. 2,430 2,462 8,465 2,513 5,439 2,965 189 246 4,601 2,237 March 2,431 2,461 8,552 2,526 5,477 3,122 236 250 4,452 2,065 April 2,431 2,471 8,641 2,548 5,500 3,209 258 256 4,436 2,026 May ... 2,434 2,476 8,755 2, 534 5,507 2,942 278 259 4,778 2,297 June 2,431 2,479 9,025 2,513 5,522 2,989 266 261 4,979 2,438 July 2,473 9,128 2,504 5,550 3,032 293 259 4,970 2,385 August 2,431 2,476 9,180 2,441 5,576 2,795 233 261 5,232 2.63d September 2,430 2,480 9,246 2,389 5,651 2,734 236 252 5,243 2,628 October.... 2,430 2,482 9,545 2.398 5,704 307 253 5,469 2,820 November. 2,430 2,482 9,777 2,410 5,770 2,630 256 256 5,757 3,057 v Preliminary. Back figures.—See Annual Report for 1934 (table 2) and for excess reserves see BULLETIN for August 1935 pp. 499-500. See also note on p. 798 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
800 FEDERAL RESERVE BULLETIN DECEMBER 1935 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS [In thousands of dollars] Nov. 30, 1935 Oct. 31, 1935 Nov. 30, 1934 Gold certificates on hand and due from U. S. Treasury. 7, 329,649 7,033, 647 5,087,164 Redemption fund—Federal Reserve notes 17,669 19, 727 20,137 Other cash ___ ... 218, 557 231, 685 210,153 Total reserves 7, 565,875 7,285,059 5,317,454 Redemption fund—Federal Reserve bank notes. 2,166 Bills discounted: For member banks - 6,072 6,332 11, 227 For nonmember banks, etc 107 Total bills discounted. 6,179 6,341 11,296 Bills bought: Payable in dollars—bought outright... 183 Payable in foreign currencies 4,674 4,676 5,499 Total bills bought. 4,674 4,676 5,682 Industrial advances 32, 574 32, 729 10,062 U. S. Government securities: Bought outright 2,430,178 2,430,194 2,430,122 Total U. S. Government securities _ _. 2, 430,178 2,430,194 2,430,122 Other Reserve bank credit: Other securities _ 181 181 Due from foreign banks 645 641 803 Reserve bank float (uncollected items in excess of deferred availability items).. 5,514 6,765 i 5, 220 Total Reserve bank credit outstanding __ 2,479, 945 2,481,527 2,452, 745 Federal Reserve notes of other Reserve banks 20, 262 22,741 21,124 Uncollected items not included in float 620,167 534,139 434, 562 Bank premises 50, 279 50,169 53,164 All other assets._ _ _ ... _ 43, 538 42, 055 50, 590 Total assets... 10, 780, C 10,415,690 8, 331,805 Federal Reserve notes: Held by other Federal Reserve banks. 20,262 22, 741 21,124 Outside Federal Reserve banks 3,626,835 3, 509,150 3,192,181 Total notes in circulation 3,647,097 3, 531,891 3,213,305 Federal Reserve bank note circulation—net.. 27,523 Deposits: Member bank—reserve account 5,835,228 5,647, 701 4,081,350 United States Treasurer—general account. 46,425 52,647 70,621 Foreign bank 39,178 22,415 15, 577 Other deposits 245, 246 276,413 145,918 Total deposits _. 6,166,077 5,999,176 4,313,466 Deferred availability items. 620,167 534,139 434,562 Capital paid in 130,440 130,356 146,885 Surplus (sec. 7) 144,893 144,893 138,383 Surplus (sec. 13b) 23,457 23,457 2,682 Reserve for contingencies.._ 30,701 22, 291 All other liabilities 17,234 21,080 32, 708 Total liabilities... _ _.. 10,780,066 10,415,690 8,331,805 Contingent liability on bills purchased for foreign correspondents.. 491 Commitments to make industrial advances 28,036 277 036 • 6,510 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents 3,902,721 3,818,083 3,466,978 Collateral held by agents as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 3,818,343 3,713,518 3,246,416 Eligible paper 4,542 4,881 . 9,666 U. S. Government securities 123,100 141,000 256, 700 Total collateral. 3,945,985 3,859, 399 3, 512, 782 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) 38,829 Collateral pledged against outstanding notes: U. S. Government securities. 44,574 I Deferred availability items in excess of uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL EESERVE BULLETIN 801 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- d S s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y a e 8 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 s v a e l R F n b e e o d a se t n e e r k r s v a e l t n b i N o o a n t n a e - a k s l 1934—April . — „ 5,368 157 30 400 1 274 118 282 3,025 162 918 May . 5,357 153 30 402 1 277 120 279 3,038 151 906 June 5,373 150 30 401 1 280 119 280 3,068 142 902 July 5,317 146 30 399 1 280 121 277 3,044 133 885 August 5,396 143 31 438 1 282 122 274 3,103 125 878 September 5,456 139 31 483 1 284 122 274 3,131 119 870 October 5,453 136 31 510 1 288 123 273 3,124 112 856 November- 5,549 133 32 558 1 291 124 273 3,176 107 853 December _ _ 5,536 130 32 592 1 294 125 265 3,176 101 820 1035—January 5,380 127 31 580 1 287 123 259 3,048 97 827 February 5,467 126 31 599 1 289 123 263 3,119 94 823 March 5,493 123 31 623 1 290 123 264 3,135 92 810 April 5,478 121 32 653 1 294 124 268 3,120 88 778 May . ._ 5,540 119 32 695 1 296 125 281 3,159 85 747 June 5,568 117 32 701 1 297 125 285 3,223 81 704 July . . 5, 518 115 32 702 1 298 125 280 3,232 78 654 August 5,629 114 33 739 1 298 126 283 3,362 75 596 September 5,683 112 33 756 1 302 127 286 3,439 73 553 October _ _ 5,713 111 33 773 1 306 128 281 3,495 70 514 November p. . _.. 5,846 110 34 812 1 309 130 284 3,612 68 487 v Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 877. Back figures.—Bee Annual Report for 1934 (table 49). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars'] Gold November October January-October stock Net Year or month y a e t a o e r f n o d r I i n n s c t o r g e c o a k l s d e im g N o p e l o d t rt m f e r a o a r m r k - ^ fa O c t to h r e s r * 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 month Belgium 3 4 $io grains of gold %%fine; i. e., an England 7,210 109 109,954 300,492 466 ounce of ffii nge gold=$20.67 France.-- -. 180,141 156,977 608,772 59 1932 4,228 5522.99 -444466.22 457.5 I 41.6 Germany _. 1 33 296 1933 4,036 -190.4 -173.5 -58.0 41.1 Netherlands 2,676 17,605 219,823 41 Switzerland 629 968 i grains of gold ^io fine; i. e., an Union of Soviet ounce of fine gold=$% Socialist Re- 1934—August—- 7,978 4477.44 3377.22 -11.1 11.2 publics — 1,090 1,099 14,163 September. 7,978 .4 -18.7 2.4 16.6 Canada 5,865 9,368 80,320 74 October.. _ 8,002 23.5 10.8 .3 12.4 Central America. 328 183 2,282 November. 8 8 , , 1 2 3 3 2 8 1 1 0 2 6 9. . 9 2 1 9 2 2 0 . . 1 9 -.1 .1 1 9 4 . . 1 1 M Ar e g x e i n c t o i — na 1,013 133 839 76 *«? 612 December- Chile - 109 1,017 Year 8,238 4, 202.5 1,133.9 82.6 Colombia 28 ],746 5,498 Ecuador 172 690 10,872 1935—January _._ 8,391 153.3 149.4 1.1 Peru 49 186 4,561 February.. 8,527. 135.3 122.8 .2 Uruguay 1 796 March 8,567 40.4 13.0 -.7 Venezuela 51 42 532 April 8,710 143.4 148.6 -2.3 Australia.. __ 558 16 1,089 May 8,858 148.1 140.0 -1.5 British India.... 8,913 12,359 55, 247 June 9,116 257.1 230.4 1.0 China and Hong July 9.144 27.9 16.2 -.4 Kong 1,007 - - 1,125 6,819 August 9,203 59.5 46.0 1.4 Dutch East In- September. 9,368 165.0 156.7 1.0 dies October. __, 9,693 325.2 315.3 -1.9 Japan November. *9,920 v 226.6 210.6 0.6 Philippine Islands. _.- 1,502 1,340 12,014 1 All other coun- 9 Preliminary. tries* 96 246 2,037 1 Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance when necessary for changes in Total 210,810 242 315,424 76 1,339,990 1,548 gold earmarked abroad for account of Federal Reserve banks). 1 Figures are derived from preceding columns and indicate net result of such factors as domestic production, movements into and out of 1 With some exceptions figures represent customs valuations at rate'of nonmonetary use, imports and exports that do not affect gold stock $35 a fine ounce. during the month or year, and increment resulting from reduction in 2 Includes all movements of unreported origin or destination. weight of gold dollar. Back figures.—See table, p. 822, and Annual Report for 1934 (tablesI46 Back figures.—See Annual Report for 1934 (table 44). and 47) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
802 FEDERAL RESERVE BULLETIN DECEMBER 1935 MEMBER BANK RESERVE BALANCES [Average of daily figures. In millions of dollars] Reserves held Excess reserves Month or week T m o b t e a a m n l— k b s e a r ll Ne C w i t Y yi ork r O e c s i t t e h i r e e v s r e "C b o a u n n k t s ry" T m b o a t e a n m l k — b s e a 2 r ll Ne C w i t Y yi ork r O e c s i t t e h i r e e v s r e "C b o a u n n ks t r J y" 1934—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 2,025.6 723.0 878.4 424.3 May 4,778 1,813 2,031 935 2, 296.9 797.5 1,038.4 461.0 June 4,979 1,969 2,092 918 2,437.6 915.3 1,079.0 443.4 July 4,970 1,938 2,072 960 2, 385. 2 867.6 1,037. 5 480.1 August 5,232 2,306 1,989 937 2,635.8 1, 214. 2 956.4 465.3 September... 5,243 2,320 2,023 900 2, 628.0 1,177.3 979.5 471.2 October 5,469 2,460 2,101 908 2,819. 7 1,308.8 1,035.2 475.7 Week ending (Friday): 1935—Aug. 2 5,077 2,152 1,996 929 2,482.0 1,074.8 962.5 445.0 Aug. 9 5,105 2,187 1,968 949 2,530. 0 1,118. 3 940.2 472.0 Aug. 16 5,228 2,290 1,995 943 2,645. 0 1, 210.8 961.6 473.0 Aug. 23 5,287 2,351 2,003 933 2,683. 0 1, 261. 3 963.5 458.0 Aug. 30 5,330 2,400 2,006 924 2,734. 0 1, 271.0 973.2 490.0 Sept. 6 5,264 2,364 1,994 907 2,673. 0 1,235.4 962.1 476.0 Sept. 13 5,331 2,350 2,060 922 2, 736. 0 1, 215. 4 1,024. 0 497.0 Sept. 20 5,184 2,238 2,041 906 2, 573. 0 1,094.9 993.2 485.0 Sept. 27 5,199 2,302 2,021 876 2, 562. 0 1,149.0 965.9 447.0 Oct. 4 5,246 2,396 1,966 884 2,594. 0 1,232.9 916.7 444.0 Oct. 11 5,330 2,370 2,044 916 2,696. 0 1, 222.1 988.0 486.0 Oct. 18 5,462 2,426 2,115 922 2,814.0 1, 275. 8 1,049.4 489.0 Oct. 25 5,586 2,536 2,147 903 2,927.0 1,387.0 1,075.5 465.0 i Central Reserve city banks only. i Weekly figures of excess reserves of all member banks and of country banks are estimates. Back figures.—See Annual Report for 1934 (table 67). MEMBER BANK DEPOSITS [Averages of daily figures. In millions of dollars] Total deposits subject to reserve Net demand deposits Time deposits Month or week m T ba e o n a m t l k a l b s l e - » r C Y N i o e t r y w k * 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 " s n i - m T ba e o a m n t l k a l b s l e - i r C Y N i o e ty r w k » r O e c s i t t e h i r e e v s r e " b C t a r n o y k u " s n i - m T ba e o n a m t l k a l b s l e - * r 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 t a r o n y u k " n sl - 1934— October 28,034 7,409 11,587 9,038 18,208 6,704 7,269 4,235 9,826 705 4,319 4,802 November 28,364 7,465 11,744 9,154 18, 524 6,780 7,418 4,326 9,840 685 4,326 4,829 December 7,512 11,828 9,197 18,769 6,865 7,527 4,376 9,769 647 4,301 4,821 1935—January 28,907 7,694 11,933 9,280 18,993 7,043 7,527 4,422 9,914 651 4,406 4,857 February 29,357 7,926 12,063 9,368 19,361 7,268 7,606 4,487 9,996 658 4,457 4,881 March 29,586 8,050 12,148 9,387 19, 554 7,399 7,662 4,493 10,031 651 4,486 4,895 April 29,882 8,145 12, 260 9,477 19,768 7,481 7,745 4,542 10,114 664 4,515 4,935 May 30. 571 8,318 12,647 9,606 20, 377 7,655 8,085 4,638 10,194 663 4,562 4,969 June 31,003 8,565 12,814 9,624 20,899 7,967 8,275 4,657 10,103 597 4,539 4,967 July 31,401 8,702 12,979 9,720 21, 295 8,095 8,481 4,719 10,107 607 4,498 5,002 August 31,463 8,896 12,968 9,599 21,311 8,253 8,474 4,584 10,152 643 4,494 5,015 September 31,336 9,272 13,072 8,992 21,179 8,642 8,561 3,975 10,157 630 4,510 5,017 October.. 31, 753 9,382 13,311 9,061 21, 464 8,755 4,016 10, 289 4,556 5,045 Week ending (Friday): 1935—Aug. 2 8,758 12,976 8,142 8,473 616 4,504 Aug. 9 8,715 12. 935 8,073 8,432 642 4,503 Aug. 16 8,799 12, 987 8,153 8,480 646 4,507 Aug. 23 8,882 13, 023 8,237 8, 536 645 4,487 Aug. 30 9,176 12, 946 8,534 8,471 642 4,476 Sept. 6 9,167 12,936 8,531 8,458 636 4,479 Sept. 13 9,209 12, 983 8,580 8,491 629 4,493 Sept. 20_ 9,274 13,108 8,646 8,597 628 4,512 Sept. 27 - 9,357 13, 200 8,728 8,665 629 4,535 Oct. 4 9,443 13,154 8,803 8,610 640 4,544 Oct. 11 9,362 13, 215 8,674 8,675 688 4,540 Oct. 18 9,374 13,307 8,685 8,757 689 4,550 Oct. 25 9,379 13,373 8,672 8,806 707 4,567 i Weekly figures are not reported. 1 Central Reserve city banks only. NOTE.—The method of computing net demand deposits subject to reserve was changed by the Banking Act of 1935 approved Aug. 23, 1935. See BULLETIN for October, p. 644. Back figures.—See Annual Report for 1934 (table 67). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 803 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 Date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1930—Dec. 31 56, 209 38,135 18,074 34,860 23,870 10,989 9,987 6,068 3,920 11,362 8,196 3,165 1931—Mar. 25 55,924 36,813 19, 111 34,729 22,840 11,889 i 9,987 i 6,068 i 3,920 11, 208 7,906 3,302 June 30 55,021 35, 384 19, 637 33,923 21,816 12,106 10,506 6,169 4,337 10, 593 7,399 3,194 Sept. 29 _. . 53, 365 33, 750 19, 615 33,073 20,874 12,199 i 10, 506 i 6,169 i 4, 337 9,786 6,707 3,079 Dec. 31 49, 704 31, 305 18, 399 30, 575 19, 261 11, 314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46, 071 27,834 18, 237 28, 001 16, 587 11,414 10,316 6,130 4,186 7,755 5,117 - 2,637 Sept. 30 45,852 26,985 18,867 28,045 15,924 12,121 i 10, 316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31 44,946 26,063 18,883 27,469 15, 204 12, 265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30 2 40, 076 22, 203 17,872 24, 786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Oct. 25 3 .. 24, 953 13,059 11,894 Dec. 30 40, 319 21,977 18, 342 25, 220 12, 833 12, 386 9,985 5,906 4,079 5,115 3,238 1,877 1934—Mar. 5 3 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 3 27, 559 12, 293 15, 267 Dec. 31 43,458 20,474 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—Mar. 4 _. 43, 747 20, 394 23, 353 28, 271 11, 953 16, 318 9,775 5,478 4,297 5,701 2,963 2,738 June 29 44,416 20, 272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1» .- „ J> 29,055 »11,806 *>17,249 v Preliminary. 1 Figures of preceding call carried forward. 2 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. s Nonmember bank figures not available. * In connection with the increase over December, see the headnote regarding private banks; also BULLETIN for July 1935, p. 485. Back figures.—See Annual Report for 1934 (table 61). 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 Total Other 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- Total ti N on a a - l State s M a b v u an i t n u k g a s s l m n b o e e m n r - banks ber banks banks 1930—Dec. 31 _. 53,039 32,560 9,507 10,972 1930—Dec. 31 22,769 8,052 7,033 1,019 603 14,114 1931—Mar. 25 51,427 31,153 1 9,507 10,767 1931—Mar. 25 22, 372 7,928 6,930 998 1603 13,841 June 30 51,782 31,566 10,017 10,199 June 30 21,903 7,782 6,800 982 600 13,521 Sept. 29 49,152 29,469 1 10, 017 9,666 Sept. 29 21,294 7,599 6,653 946 1600 13,095 Dec 31 45,821 27,432 10,105 8,284 Dec. 31 19,966 7,246 6,368 878 597 12,123 1932—June 30 41,963 24, 755 10,020 7,188 1932—June 30 19,046 6,980 6,145 835 594 11,472 Sept. 30... 41,942 24,903 1 10,020 7,020 Sept. 30 18,794 6,904 6,080 824 1594 11,296 Dec. 31 41,643 24,803 10,022 6,818 Dec. 31 18,390 6,816 6,011 805 594 10,980 1933—June 30 * 37,998 23,338 9,713 4,946 1933—June 30«—. 14,519 5,606 4,897 709 576 8,337 Oct. 25 3 23,453 Oct. 25 3... 5,818 5,052 766 Dec. 30. 38, 505 23, 771 9,708 5,026 Dec. 30 15,011 6,011 5,154 857 579 8,421 1934—Mar. 5 3 25,293 1934—Mar 5 3 6,206 5,288 918 June 30 41,870 26,615 9,780 «5,475 June 30 15,835 6,375 5,417 958 578 8,882 Oct. 17 3 27,484 Oct. 17 3 6,433 5,461 972 Dec. 31 44,771 28,943 9,828 6,000 Dec. 31 16,042 6,442 5.462 980 579 9,021 1935—Mar. 4 44,455 28, 589 9,837 6,029 1935—Mar. 4 16, 024 6,422 5,446 976 579 9,023 June 29 45,766 29,496 9,920 6,350 June 29 15,994 6,410 5,425 985 571 9,013 For footnotes see table above. For footnotes see table above. NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank Back figures.—See Annual Report for 1934 (table 60). deposits not subject to immediate withdrawal, which aggregated $103,- 000,000 on that date. Back figures.—Bee Annual Report for 1934 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
804 FEDERAL RESERVE BULLETIN DECEMBER 1935 ALL MEMBER BANKS-LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U. S. Govern- Purchased paper ment obliga- Call date i m T n lo a v o e n a e n t n d a s t s t l s - Total C Y N k b o s T i r i e o u e o d t o r r w t - y e s - k i o se t t T o h i c e n o u e s r r s i- e l R o st a e a n a t l s e a b a p c o a R n i c o n w n c e e r g - k e p n t- s s t- ' O c c u w a u u n s t n e r h r i s s - e e d e e e d d r - - b L a o t n o a k n s s a a c p b A n e a l c c p e y - e t - m - s B p a a b i y l l l - e s p C m c a o i p e a m r e l - r - k L C Y N e b o r i r t o e s o o a t w r - y n i k i n s Total Direc ti t on a F g s n u u t a e ll r e y - d s O e t c h u e r r i- United abroad bought States TOTAL—ALL MEM- BER BANKS 1931—Dec. 31 30, 575 17,570 391 5,899 3,038 116 8,126 790 146 140 575 11,314 5,319 5,996 1932—June 30 28,001 15,267 283 5,009 2,894 189 6,892 573 313 122 278 11,414 5,628 5,786 Sept. 30 28,045 14. 497 258 4,828 2,885 158 6,368 457 407 115 414 12.121 6,366 5,755 Dec. 31 27,469 13,905 . 241 4,608 2,862 225 5, 970 444 375 93 357 12, 265 6,540 5,726 1933—June 30 2 24, 786 11, 337 165 3,752 2,372 192 4,857 330 291 87 788 11,928 6,887 5,041 Oct. 25 24, 953 11, 523 178 3,631 2,364 257 5,092 297 303 164 748 11,894 6,801 5,093 Dec. 30 25,220 11,315 166 3,606 2,359 213 4,972 287 223 132 840 12, 386 7,254 5,132 1934—Mar. 5 26, 548 11,093 164 3,480 2,382 250 4,817 225 350 157 855 13, 842 8,667 181 4,995 June 30 27,175 10, 804 208 3,309 2,357 210 4,721 153 264 2C0 1,082 14, 652 9,137 3 276 3 5,239 Oct. 17 27, 559 10,782 167 3,158 2,297 229 4,932 149 276 253 802 15,267 9,186 709 5,372 Dec. 31 28,150 10, 509 187 3,110 2, 273 232 4,708 155 256 232 843 16.122 9,906 989 5,227 1935—Mar. 4. 28, 271 10, 420 184 3,031 2,250 207 4,748 133 235 255 875 16,318 9,821 1,200 5,298 June 29 28, 785 10, 369 192 2,931 2,277 135 4,834 119 201 247 975 16,857 9,871 1,558 5,427 Nov. 1* 29,055 10,430 180 2,884 2,278 159 4,928 94 154 262 841 17,249 10,080 1,764 5,405 NEW YORK CITY * 1931—Dec. 31 7,460 3,694 1,641 153 77 1,735 374 107 542 2,697 1, 768 928 1932—June 30 6,715 2,856 1,279 160 138 1,216 260 262 258 3,033 2,008 1,025 Sept. 30 7,112 2,638 1,237 154 90 1,094 203 341 391 3,508 2,429 1,079 Dec. 31 7,327 2,621 1,1S6 160 148 1,066 216 330 337 3,789 2,603 1,186 1933—June 30 2 7,133 2,297 1,044 157 120 937 162 224 720 3,709 2,551 1,158 Oct. 25 6,971 2,436 985 149 179 1,075 143 233 624 3,501 2,320 1,181 Dec. 30 6,995 2,395 989 148 130 1,084 146 170 706 3,542 2,362 1,179 1934—Mar. 5 7,351 2,321 938 156 171 1,009 112 276 687 3,932 2,768 105 1,059 June 30 7,666 2,202 882 156 144 965 225 883 4,265 3,053 3157 31,056 Oct. 17 7,545 2,294 826 150 159 1,108 232 631 4,300 2,954 237 1,109 Dec. 31 -. 7,761 2,202 820 139 164 1,024 210 662 4,602 3,246 278 1,078 1935—Mar. 4 7,783 2,198 805 139 145 1,054 203 678 4,628 3,200 298 1,131 June 29 8,303 2,146 783 138 82 1,085 183 930 4,983 3,462 348 1,174 Nov. 1* 8,151 2,179 774 136 101 1,108 135 4,958 3,340 405 1,213 OTHER RESERVE CITIES 1931—Dec. 31 12,115 7,407 276 2,530 1,538 3,028 347 62 16 4,226 2,133 2,093 1932—June 30 11,045 6,519 198 2, 205 1,407 2,661 254 62 7 4,154 2,18'/ 1,966 Sept. 30 10,979 6,196 178 2,127 1,406 2,421 205 65 14 4,427 2,465 1,961 Dec. 31 10,535 5,879 164 2,005 1,398 2,237 178 46 12 4,362 2,462 1.90Q 1933—June 30 2 9,780 4,846 111 1,590 1,160 1,915 129 51 58 4,621 2,867 1,754 Oct. 25 9,951 4,912 117 1,542 1,144 2,033 120 91 100 4,645 2,889 1,757 Dec. 30 10,157 4,797 106 1,524 1,151 1,937 103 78 112 5,000 3,209 1,790 1934—Mar. 5 10,816 4,669 101 1,465 1,158 1,870 79 89 138 5,763 3,954 75 1,734 June 30 11,054 4,586 138 1,388 1,145 1,853 53 115 154 6,104 4,102 3 94 '1,908 Oct. 17 11,367 4,562 102 1,319 1,120 1,956 55 151 123 6,423 4,240 257 1,926 Dec. 31 11,609 4,459 118 1,294 1,108 1,873 65 135 131 6,764 4,551 356 1,857 1935—Mar. 4 11, 739 4,436 113 1,261 1,093 1,909 56 142 134 6,933 4,601 453 1,878 June 29 11, 743 4, 425 120 1,216 1,120 1,917 50 126 26 7,093 4,478 658 1,957 Nov. 1P 12, 225 4,517 108 1,209 1,117 2,029 40 126 10 7,506 4,867 751 1,888. COUNTRY BANKS 1931—Dec. 31 10,999 1,728 1,346 3,362 4,392 1,418 2,974 1932—June 30 10, 240 5,892 1,525 1,328 3,015 36 4,226 1,432 2,794 Sept. 30 9,954 5,663 1,464 1,324 2,854 36 4,187 1,471 2,715 Dec. 31 9,607 5,405 1,417 1,304 2,667 28 4,114 1,474 2, 640- 1933—June 30 » 7,873 4,194 1,117 1,055 2, 005 27 3,598 1,469 2,129 Oct. 25 8,031 4,175 1,104 1,070 1,984 46 3,748 1,592 2,156 Dec. 30 8,068 4,123 1,092 1,061 1,952 34 3,845 1,683 2,162 1934—Mar. 5. 8,381 4.103 1,077 1,068 1,937 54 4,148 1,946 2, 202 June 30 8,456 4,016 1,039 1,056 1,903 72 4,283 1,982 3 25 3 2, 276 Oct. 17 8,649 3,926 1,012 1,026 1,868 95 4,545 1,992 215 2,337 Dec. 31 8,780 3,849 1,026 1,810 92 4, 756 2,108 355 2,293 1935—Mar. 4 8,749 3,786 1,018 1,785 109 4,757 2,020 448 2,289 June 29 8,739 3,798 932 1,020 1,831 116 4,780 1,931 553 2,296 Nov. 1 P 8,679 3,734 901 1,025 1,792 132 4,785 1,873 609 2,304 * Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Beginning June 30, 1933, figures relate to licensed banks only. 3 An estimated small amount of Home Owners' Loan Corporation bonds guaranteed by the United States Government as to both Interest and principal are included in "Other securities." 4 Central reserve city banks only. p Preliminary figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 805 ALL MEMBER BANKS-RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash items Call date s b s w F e e a R R e r e r r n i v e e a t d v k h - - e l - e s s v C a i a n u s l h t b a w m a B n d t n i i a c e o c t k e l s - h - - s s 1 r o e t h p e o i f l d e p r a o r e o o s c o n n c i n a s o c - n d r 2 s - l t - - b m D a t I i n e n o c s k t - - e s rb b a F e a n i o n g k r k n - s S U m G e t e a r n o e d n t i v n e t - - - t s f P u l u n ic b d - s c c l C h e c c r a o f e t e e i e a f o n e t c f d r r s e f d d i t s k h i - r i ' t s - s , , s t I p p u i v n h c n o o a a o i e i d d n r p l r r r s a t i s s - - - - - , - , , j d i m u t e D s s a p t e a n e o - d d d s - - * b m D a I t n i n e o c t s k - e - s rb b a e F a n i o n g k r k n - s f P u l u n ic b d - s S P in t a o a g v s l s - - s t p I p u i v h n c n o o a a o i i e d d n r p l r r r s a t i s s - - - - - , - , , r B i o n o w g r s - etc3 etc. etc. TOTAL—ALL MEM- BER BANKS 1931—Dec. 31— 1,975 523 1,662 2,095 2,832 398 412 1,303 797 13,652 13,658 63 26 388 463 10,376 839 1932—June 30 1,998 478 1,731 1,337 2,870 172 387 1,314 566 f 11,890 12,433 70 7 337 610 9,613 815 Sept. 30 2,235 407 2,049 1,237 3,269 213 738 1,034 514 12,047 12,358 70 5 342 695 9,490 697 Dec. 31 2,511 423 2,416 1,122 3,609 243 475 1,119 422 12,273 12,691 87 1 342 708 9.411 547 1933—June 30 * 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11,830 12,089 89 1 300 788 7,803 191 Oct. 25 . 2,651 447 1,848 1,060 2,990 117 918 1,106 465 11,873 12, 384 87 6 270 781 7,971 188 Dec. 30- - 2,678 471 1,969 1,132 3,139 129 967 1,320 378 12,109 12,674 83 7 301 778 7,957 143 1934—Mar. 5 3,148 486 2,303 1,159 3,676 173 1,790 1,425 549 12, 252 13,066 92 7 305 755 8,258 91 June 30 3,819 473 2,666 1,057 4,070 155 1,658 1,598 372 13,349 14,261 122 8 333 585 8,763 35 Oct. 17-. 3,976 560 2,823 1,407 4,466 136 1,143 1,680 590 14, 449 15, 312 135 4 294 472 8,916 24 Dec 31 4 082 609 3,036 1,903 4,569 147 1,636 1,799 838 14,951 15,686 134 7 294 452 9,020 13 1935—Mar. 4 4,518 534 3.266 1,475 5,095 169 1,270 1,861 741 14,872 15,999 145 8 290 399 9,203 17 June 29 4,933 537 3,285 1,183 4,978 273 779 2,091 417 16, 206 17,530 136 5 285 307 9,462 9 NEW YORK CITY 8 1931—Dec. 31. 665 54 105 1,168 988 333 167 180 480 4,803 4,295 2 21 11 64 732 61 1932—June 30—. 772 52 96 722 1,103 146 118 117 359 4,287 4,041 3 5 10 68 715 14 Sept. 30 971 42 98 687 1,346 187 306 67 350 4,350 4,081 4 4 20 76 786 1 Dec. 31 1,132 47 115 491 1,562 216 173 93 177 4,540 4,319 6 1 7 80 843 13 1933—June 30 5 846 46 101 874 1,255 127 332 96 461 4,676 4,358 22 1 4 110 671 8 Oct. 25 968 42 90 553 1,215 100 379 71 299 4,513 4,330 1 5 10 106 680 31 Dec. 30 . 903 47 93 476 1,200 112 422 141 167 4,494 4,325 1 6 14 107 620 5 1934—Mar 5 1 170 67 91 631 1,402 154 843 109 368 4,422 4,268 7 13 105 600 June 30 1,417 64 97 415 1,591 135 802 167 154 4,894 4,800 1 7 12 69 649 Oct. 17 1,443 64 84 666 1,689 116 559 201 360 5,107 5,001 1 3 8 65 623 7 Dec 31 1 576 86 103 1,069 1,798 126 792 229 540 5,370 5,069 1 7 4 56 591 1935—Mar. 4_ 1,856 58 86 810 2,047 147 572 190 500 5,329 5,209 1 7 4 44 595 2 June 29 1 935 51 133 447 1 983 248 369 354 149 5,924 5,979 4 6 27 567 OTHER RESERVE CITIES 1931—Dec. 31 812 166 872 706 1,550 -, 63 184 430 196 5,245 5,165 54 5 271 219 4,295 337 1932—June 30 767 173 1,011 448 1,511 25 209 462 126 4,550 4,690 60 2 233 310 3,967 274 Sept. 30.. 823 134 L, 280 411 1,678 25 336 354 95 4,684 4,722 59 1 211 359 3,924 210 Dec. 31 931 144 L, 534 467 1,782 26 229 411 154 4,745 4,843 74 232 349 3,882 115 1933—June 308 937 156 1,205 462 1,575 17 356 437 124 4,578 4,677 59 209 394 3,299 16 Oct. 25 1 154 172 L, 101 389 1,545 16 425 455 98 4,727 4,892 74 172 382 3,339 21 Dec. 30 1,202 198 L, 134 484 1,685 17 434 557 126 4,822 5,021 72 1 204 371 3,364 16 1934—Mar. 5 1 293 189 L, 295 393 1,993 18 766 613 107 4,823 5,150 80 206 349 3,495 8 June 30 1,633 194 1,513 468 2,178 18 682 700 132 5,305 5,670 106 1 234 260 3,727 Oct 17 1 685 228 L 536 552 2 431 19 458 692 132 5,871 6,143 117 1 199 197 3,793 Dec. 31 1 683 247 L, 694 627 2,430 19 666 767 193 5,992 6,324 117 1 206 187 3,875 1935—Mar. 4. 1,746 231 1.814 502 2,684 22 546 826 151 5,901 6,376 128 211 167 3,985 1 June 29 2,079 250 1,801 544 2,649 24 319 872 164 6,522 7,013 119 1 203 118 4,139 COUNTRY BANKS 1931—Dec. 31 498 302 685 221 295 2 61 692 122 3,604 4,197 7 106 179 5,349 441 1932—June 30 458 253 624 167 257 1 60 734 82 3,052 3,701 7 94 231 4,931 527 Sept. 30 441 230 671 140 244 2 96 613 69 3,013 3,556 7 110 260 4,780 485 Dec. 31 448 232 767 164 263 1 72 615 90 2,988 3,530 7 104 279 4,686 418 1933—June 30 « 452 203 702 149 228 1 116 555 72 2,576 3,054 7 86 285 3,833 167 Oct. 25 529 232 657 118 230 1 114 579 68 2,633 3,162 12 87 293 3,953 136 Dec. 30 573 225 742 172 254 1 ill 622 85 2,793 3,328 10 83 300 3,973 123 1934—Mar. 5.. 685 230 917 135 281 1 181 702 74 3,007 3,648 11 87 3Q1 4,163 83 June 30 769 216 1,057 174 300 1 174 731 85 3,150 3,792 15 87 256 4,388 35 Oct. 17 848 258 1,204 189 345 1 125 787 98 3,472 4,168 17 87 210 4,500 17 Dec. 31 822 275 1,239 207 340 2 178 804 106 3,589 4,292 16 84 210 4,554 13 1935—Mar. 4 916 246 1,366 163 364 1 152 845 90 3,642 4,414 17 75 188 4,623 14 June 29 ._ 920 236 1,351 192 347 1 90 865 104 3,761 4,538 16 76 162 4,756 9 1 Including dollar balances due from American branches of foreign banks. 2 Does not include cash items in process of collection reported in balances with domestic banks. 3 Includes "Due to Federal Reserve banks (deferred credits)." * Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. « Beginning June 1933, figures relate to licensed banks only, o Central reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
806 FEDERAL RESERVE BULLETIN DECEMBER 1935 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Open-market Loans to customers (except banks) loans Investments Re- Date or month i m T n lo a v o e n a e n t n d a s t s l t s - Total b o d r N u e a o T a t n e k s l o d i w e e d r r e s s o se t t T o h i c e n o u e s r r s i- e R lo s e t a a a n t l s e - m c O lo u e t t a s h o r t n s e o s 2 r - b L a o t n o a k n s s m a c c a e A n o e n r c c p m c d - e t i - - s al b L Y r N o o t i o e k o n a r w e n k r s s Total U m . e S n t . t i o G o n b o F s l v u ig e l r a l n y - - s O e t c i t e h u s e ri r - s b s w F e e R a e r e r i n r e v a t d v - k h e l - e s s v C a i a n u s l h t b d f o a D r t n m o i u c k m e e s s * - York paper Cityi Direct guar- City* bought anteed TOTAL—101 CITIES 1934—September.._ 18,977 162 2,348 1,151 3,319 123 467 738 10,669 7,118 2,953 3,083 275 1,667 October 19,056 156 2,311 1,148 3,373 120 480 707 10,761 7,182 501 3,078 3,111 288 1,718 November. _. 18,989 6,909 157 2,286 1,143 3,323 122 477 675 10,806 7,243 601 2,962 3,236 306 1,762 December 19,345 6,865 168 2,289 1,139 3,269 127 457 747 11,149 7,545 618 3,159 330 1,868 1935—January 19.489 6,744 172 2,242 1,133 3,197 125 449 743 11,428 7,795 657 2,976 3,455 304 1,970 February 19,514 6,752 171 2,220 1,126 3,235 119 438 715 11,490 7,791 705 2,994 3,655 310 2,052 March 19,761 6,796 183 2,210 1,121 3,282 105 428 811 11,621 7,845 749 3,027 3,481 306 2,015 April _ 19,856 6,758 172 2,168 1,120 3,298 116 424 785 11,773 7,909 783 3,081 3,462 307 1,968 May _. 19,814 6,715 177 2,129 1,126 3,283 129 395 844 11,731 7,853 787 3,091 3,820 301 2,043 June 19,887 6,720 172 2,117 1,151 3,280 114 350 844 11,859 7,910 943 3,006 4,041 318 2,018 July 19,909 6,667 173 2,089 1,142 3,263 93 314 869 11,966 7,930 994 3,042 3,969 323 2,056 August 19,825 6,623 165 2,074 1,136 3,248 83 311 830 11,978 7,859 1,024 3,095 4,245 327 2,104 September 20,187 163 2,065 1,137 3,315 89 316 844 12,258 8,045 1,094 3,119 4,251 336 2,212 October 20,355 6,751 159 2,078 1,146 3,368 85 327 800 12,392 8,156 1,114 3,122 4,435 339 2,253 November—_ 20, 510 6,770 161 2,081 1,141 3,387 102 338 820 12,480 8,291 1,138 3,051 4,715 354 2,326 Nov. 6_. 20,426 6,759 156 2,081 1,142 3,380 87 326 796 12,458 8,236 1,138 3,084 4,641 349 2,263 Nov. 13 20.490 6,765 159 2,078 1,140 3,388 84 333 815 12,493 8,295 1,141 3,057 4,708 363 2,368 Nov. 20 20,490 6,757 155 2,082 1,141 3,379 86 340 819 12,488 8,333 1,135 3,020 4,754 346 2,350 Nov. 27 20,632 6,799 173 2,085 1,140 3,401 150 353 850 12,480 8,301 1,137 3,042 4,759 358 2,323 NEW YORK CITY 1934—September... 7,120 2,173 799 137 1,188 243 585 4,055 2,820 *253 <982 1,365 39 58 October. 7,105 2,193 784 135 1,225 242 563 4,043 2,801 232 1,010 1,403 41 62 November... 7,050 2,186 784 133 1,218 237 522 4,036 2,827 266 943 1,433 49 62 December 7,281 2,171 794 133 1,191 225 586 4,226 2,995 271 960 1,375 52 73 1935—January _ 7,410 2,115 780 130 1,150 231 581 4,419 3,154 271 994 1,579 45 75 February 7,366 2,129 781 131 1,159 225 556 4,396 3,111 280 1,005 1,792 53 72 March 7,564 2,138 775 131 1,178 216 642 4,517 3,189 278 1,050 1,668 51 65 April 7,693 2,123 754 130 1,184 216 659 4,633 3,295 272 1,066 1,618 49 67 May.. 7,682 2,089 737 128 1,166 197 801 4,520 3,227 259 1,034 1,739 45 71 June 7,703 2,082 733 127 1,163 165 806 4,590 3,299 311 980 1,892 44 79 July 7,694 2,070 729 123 1,158 141 833 3,253 328 1,017 1,865 44 102 August 7,531 2,050 720 122 1,152 129 797 4,512 3,108 357 1,047 2,241 43 94 September 7, 743 2,073 709 123 1,185 130 814 4,676 3,228 370 1,078 2,221 48 94 October 7,734 2,096 721 123 1,194 140 779 4,676 3,225 375 1,076 2,341 54 83 November. _. 7,828 2,092 727 123 1,183 155 800 4,718 3,313 378 1,027 2,424 81 Nov. 6 7,734 2,086 723 123 1,182 44 145 781 4,678 3,258 382 1,038 2,388 Nov. 13 7,812 2,093 723 123 1,187 45 150 795 4,729 3,317 381 1,031 2,415 58 82 Nov. 20 7,817 2,090 731 123 1,177 48 156 797 4,726 3,346 373 1,007 2,460 55 79 Nov. 27 7,949 2,102 732 123 1,187 114 169 827 4,737 3,332 373 1,032 2,435 61 81 OUTSIDE NEW YORK CITY 1934—September.. 11,857 4,807 113 1,549 1,014 2,131 224 153 6,614 4,298 '345 1,971 1,718 236 1,609 October 11,951 4,795 107 1,527 1,013 2,148 238 144 6,718 4,381 269 2,068 1,708 247 1,656 November.. 11,939 4,723 106 1,502 1,010 2,105 240 153 6,770 4,416 335 2,019 1,803 257 1,700 December... 12,064 4,694 115 1,495 1,006 2,078 232 161 6,923 4,550 347 2,026 1,784 278 1,795 1935—January 12,079 4,629 117 1,462 1,003 2,047 218 162 7,009 4,641 386 1,982 1,876 259 1,895 February. _. 12,148 4,623 113 1,439 995 2,076 213 159 7,094 4,680 425 1,989 1,863 257 1,980 March 12,197 4,658 129 1,435 990 2,104 212 169 7,104 4,656 471 1,977 1,813 255 1,950 April 12,163 4,635 117 1,414 990 2,114 126 7,140 4,614 511 2,015 1,844 258 1,901 May -.- 12,132 4,626 119 1,392 998 2,117 43 7,211 4,626 528 2,057 2,081 256 1,972 June 12,184 4,638 113 1,384 1,024 2,117 185 7,269 4,611 632 2,026 2,149 274 1,939 July 12,215 4,597 113 1,360 1,019 2,105 173 7,368 4,677 666 2,025 2,104 279 1,954 August 12,294 4,573 109 1,354 1,014 2,096 182 7,466 4,751 667 2,048 2,004 284 2,010 September.. 12,444 4,607 107 1,356 1,014 2,130 186 7,582 4,817 724 2,041 2,030 288 2,118 October 12, 621 4,655 101 1,357 1,023 2,174 187 7,716 4,931 739 2,046 2,094 285 2,170 November.. 12,682 4,678 102 1,354 1,018 2,204 183 7,762 4,978 760 2,024 2,291 295 2,245 Nov. 6 12,692 4,673 1,358 1,019 2,198 181 7,780 4,978 756 2,046 289 2,180 Nov. 13 12,678 4,672 99 1,355 1,017 2,201 183 7,764 4,978 760 2,026 2, 293 305 2,286 Nov. 20 12, 673 4,667 96 1,351 1,018 2,202 184 7,762 4,987 762 2,013 2,294 291 2,271 Nov. 27 12, 683 4,697 113 1,353 1,017 2,214 184 7,743 4,969 764 2,010 2,324 297 2,242 * Loans (secured by stocks and bonds) to brokers and dealers in securities. 8 Includes reporting banks' own acceptances. * Includes dollar balances due from American branches of foreign banks. 4 Securities guaranteed by U. S. Government as to interest only included with fully guaranteed obligations. For other figures and note, see next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
807 DECEMBER 1935 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Cash Demand deposits Time deposits items Total reported De- Date or month h a o s a r n o i d n n a O s t s h e e ts r Interbank U S n ta i t t e e s d C f e ie r d ti- : d t m s e — a p n o a d s d - - Interbank r B o o w r- - l O i i a t t i b h e i e s l r - t c C a o l a u p a n c i t - p o r f o c c e o s l- s l T ia o b t i a l l - Domes- Foreign G m ov e e n r t n- ch e e t c c k . s, Other justed Do- For- Other lection ities tic mestic eign TOTAL—101 CITIES 1934—September 1,646 26, 632 3,960 130 1,171 378 11,528 10,922 120 4,882 932 3,514 October 1,041 1,690 26, 904 4,091 126 1,037 386 11,806 11,150 121 4,869 944 3,518 November 1,119 1,693 27,105 4,181 126 857 391 12, 087 11, 360 121 4,833 979 3,522 December 1,097 1,676 27,475 4,257 134 1,131 453 12,115 11,471 121 4,761 975 3,519 1935—January 1,185 1,637 28,040 4,426 141 1,397 502 12, 224 11, 542 122 4,833 905 3,479 February 1,151 1,546 28,228 4,661 172 1,197 460 12, 355 11,666 128 4,875 3,482 March 1,167 1,534 28, 264 4,664 159 1,094 505 12,461 11,800 134 4,879 3,483 April 1,177 1,477 28, 247 4, 582 184 1,094 530 12, 563 11.916 131 4,922 739 3,490= May 1,270 1,466 28,714 4,628 213 891 553 13,090 12,373 130 4,970 719 3,506 June 1,132 1,407 28,803 4,627 269 754 467 13,478 12,814 120 4,874 705 3,499 July. 1,153 1,367 28, 777 4,721 257 483 467 13, 724 13,038 119 4,848 657 3,482 August 1,051 1,377 28,929 4,778 266 558 425 13, 756 13,131 123 4,861 663 3,489 September 1,169 1,389 29, 544 4,997 270 628 460 13,992 13, 283 119 4,853 718 3,492 October 1,218 1,374 29,974 5,125 351 633 453 14,124 13, 359 119 4,917 750 3,496 November 1,343 1,387 30, 635 5,282 385 519 484 14, 638 13, 779 118 4,883 807 3,514 Nov. 6 1,315 1,361 30, 355 5,246 368 546 493 14, 380 13. 558 116 4,895 793 3,514 Novl3._ 1,420 1,375 30, 724 5,355 363 526 439 14, 701 13, 720 119 4,892 3,515 Nov. 20..- 1,286 1,381 30, 607 5,313 377 502 476 14,629 13,819 117 4,872 3,514 Nov. 27 _. 1,350 1,433 30,855 5,217 434 504 526 14,842 14,018 119 4,872 825 3,513 NEW YORK CITY 1934—September 486 772 9,840 1,570 112 244 4,859 4,617 655 332 1,464 October. __ 520 807 9,938 1,633 109 532 245 4,969 4,693 652 330 1,463 November 565 792 9,951 1,652 108 446 244 5,056 4,735 630 344 1,465 December 571 756 10,108 1,720 115 580 292 4,998 4,719 332 1,468 1935—January _ 657 735 10,501 1,838 122 718 346 5,102 4,791 604 300 1,463 February 616 637 10, 536 1,948 152 601 315 5,161 4,861 611 281 1,458 March 645 622 10,615 1,938 138 527 357 5,287 4,999 606 292 1,457 April. 643 586 10, 656 1,893 162 527 371 5,333 5,061 619 277 1,46a May 708 580 10, 825 1,913 189 435 383 5,537 5,211 618 271 1,469 June— 583 533 10,834 1,898 245 375 311 5,730 5,459 555 257 1,456 July 604 510 10,819 1,953 231 223 304 5,827 5,526 566 248 1,453 August 533 508 10,950 2,023 239 248 280 5,847 5,594 600 256 1,451 September 591 498 11,195 2,132 243 264 310 5,927 5,646 589 267 1,459 October. 478 11,296 2,133 322 247 294 5,941 5,629 619 287 1,450 November 488 11,568 2,203 354 184 308 6,146 5,766 586 325 1,458 Nov. 6 713 470 11,448 2,173 196 316 6,058 5,661 585 321 1,458 Nov. 13 673 478 11,518 2,214 332 189 271 6,128 5,726 591 330 1,459 Nov. 20 660 483 11,554 2,229 345 176 299 6,138 5,777 585 320 1,459 Nov. 27 706 519 11, 751 2,197 401 176 346 6,258 5,898 583 1,457 OUTSIDE NEW YORK CITY 1934—September 874 16,792 2,390 573 134 6,305 119 4,227 600 2,050 October 521 16,966 2,458 505 141 6,837 6,457 120 4,217 614 2,055 November 554 901 17,154 2,529 411 147 7,031 6,625 120 4,203 635 2,057 December 526 920 17, 367 2,537 551 161 7,117 6,752 120 4,165 643 2,051 1935—January 528 902 17, 539 2,588 679 156 7,122 6,751 121 4,229 605 2,016 February 535 17, 692 2,713 596 145 7,194 6,805 127 4,264 601 2,024 March _ 522 912 17,649 2,726 567 148 7,174 6,801 133 4,273 577 2,026 April 534 891 17, 591 2,689 567 159 7,230 6,855 131 4,303 462 2,027 May 562 17,889 2,715 456 170 7,553 7,162 130 4,352 448 2,037 June 549 874 17,969 2,729 379 156 7,748 7,355 120 4,319 448 2,043 July 549 857 17, 958 2,768 260 163 7,897 7,512 119 4,282 409 2,029 August 518 17,979 2,755 310 145 7,909 7, 537 123 4,261 407 2,038 September 578 891 18,349 2,865 364 150 8,065 7,637 119 4,264 451 2,042 October 612 896 18,678 2,992 386 159 8,183 7,730 119 4,298 463 2,046 November 655 19,067 3,079 335 176 8,492 8,013 118 4,297 482 2,056 Nov. 6 602 891 18,907 3,073 350 177 8,322 7,897 116 4,310 472 2,056 Nov. 13 747 897 19,206 3,141 337 168 8,573 7,994 119 4,301 478 2,056 Nov. 20 626 19,053 3,084 326 177 8,491 8,042 117 4,287 483 2,055 Nov. 27 644 914 19,104 3,020 328 180 8,584 8,120 119 4,289 495 2,056 * Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. NOTE.—For description of figures and earlier figures for some of the items, see BULLETIN for November 1935, pp. 711-738. Reprints of this article may be obtained upon request from the Division of Research and Statistics. See also p. 876 of this BULLETIN and Annual Report for 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
808 FEDERAL RESERVE BULLETIN DECEMBER 1935 ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS' BORROWINGS BANKERS' ACCEPTANCES, BY HOLDERS (DOLLAR BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions ofdollars Held by Fed- Held by accepting Based Based eral b R a e n s k e s rve banks on goods on stored in goods End of month T s o t o a u t n t a - d l - For co F a u o c- n r t o H t b h e y e ld rs End of month Total B i i a n m s t e n dB o p f n r a o o s r e m e t x s d - c U S ( h r w e n t o a d a i u t t i r s e e t e e s s d - ) D ch o e a l x n l - a g r e f t s c r o t i o r o e i e u n r s i e n g o d - n r ing own of for- T'ntal Own Bills TT q U.S. or shipped ac- eign I OCai bills bought shipped becount corre- between tween spond- domestic foreign ents points points 1933— J A J u u u l n y g e ust 6 6 7 9 8 3 4 7 8 41 2 1 4 3 3 0 6 7 4 4 5 8 9 5 7 9 2 2 2 25 4 0 2 8 1 3 2 2 0 8 4 4 7 7 1 1 1 2 4 5 3 7 4 1933— J A u J u u ly g n u e s .. t 6 7 69 8 3 4 7 8 8 8 9 0 6 5 1 1 1C 6 6 8 8 0 2 2 2 1 2 5 7 9 5 1 9 4 0 2 2 2 0 1 1 6 9 3 September. 715 1 41 517 236 282 156 September 715 103 171 237 4 199 N O o c v to e b m e b r. e . r .. . 7 7 5 3 8 7 18 1 31 3 5 5 9 9 9 2 2 2 7 7 3 1 3 3 2 2 6 1 1 1 3 1 8 2 N O o ct v o e b m er ber _ 7 75 3 8 7 9 9 9 8 2 1 0 8 0 5 ' 2 2 7 5 8 3 5 4 1 1 8 9 0 5 December.. 764 127 4 442 223 219 190 December 764 94 207 277 4 182 1934— J J A M A D M S O N F u u J e e p u e o c n a a l a p b y c r g t v y r n e i t o e r c u e l e u u b m h s m m a a t e r b b b r r y e y . e e . . r . r . r . . . . . . . . 7 6 7 6 5 5 5 5 5 5 5 5 3 1 6 7 5 1 6 8 6 3 2 4 4 3 9 1 0 6 1 5 2 9 0 3 S 0 0 0 0 1 ) ) ) ) 5 2 0 i 6 3 , 3 5 0 0 ) ) 4 3 4 5 2 5 1 1 1 1 4 5 5 5 5 4 4 5 5 5 4 5 8 6 1 7 3 1 7 0 9 8 0 8 0 7 7 6 6 6 2 7 7 3 3 1 2 2 2 2 2 2 2 2 2 2 2 2 5 6 2 2 3 2 5 4 5 2 2 4 5 6 0 6 6 2 2 5 2 2 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 1 9 6 8 1 6 5 6 7 5 8 4 2 9 0 1 5 5 0 1 1 4 0 1 8 4 9 5 5 4 7 3 3 4 4 0 1 5 5 9 3 2 0 7 5 4 6 8 1934— J J A M A M N D F S O u u J e e p u e o c a n a l a p b c n t y r g v r e o y i t r e u c u e l e b u m . a h m s m . e a r t b y r r b b y e e e r r r 6 7 7 6 5 5 5 5 5 5 5 5 1 6 3 5 1 7 6 8 3 2 6 4 3 9 4 0 6 1 2 5 9 0 1 3 1 1 1 8 9 9 9 8 8 9 8 9 0 0 0 9 7 4 3 9 9 8 9 4 0 3 3 2 2 1 1 1 1 1 1 1 1 1 1 2 6 4 0 4 8 4 3 5 4 4 3 5 4 7 3 0 6 5 5 0 8 0 8 '1 2 2 2 1 1 1 1 1 1 1 1 4 7 2 6 8 9 6 4 8 9 3 6 7 7 6 1 4 5 4 1 6 3 8 6 4 5 4 3 3 4 2 2 3 4 4 4 1 1 1 1 1 1 1 1 1 1 1 1 8 7 4 5 2 4 5 1 6 3 3 4 4 5 S 2 7 4 8 9 8 7 3 1 1935— J J O M A M A S F u u J e e c p u a n a a l p b t n y r g r y e o t i u r c u e l b u a h s m e r a t y r b r . y e _ . r . . . . 4 4 4 3 3 5 3 3 8 3 6 1 6 7 1 9 2 4 2 2 6 3 3 5 6 3 2 3 8 1 0) 8 0) 4 4 4 3 3 3 2 2 3 3 2 8 5 9 1 5 3 9 9 0 3 5 2 1 7 6 9 6 2 1 2 2 1 1 1 1 1 1 1 1 3 1 9 7 6 5 7 4 4 4 8 7 7 8 2 4 8 8 8 5 2 2 2 2 1 1 1 1 1 1 1 4 2 3 5 9 6 4 6 4 4 7 6 5 4 3 1 7 3 8 1935— M A J J A F M O S u J u e e c u p a a n a l b p t n g y r r y e o r t u c i u e . b u a l h . s m - e a r t y r r . b y er . . .. 4 4 3 5 4 3 3 3 3 3 6 1 1 6 7 9 2 2 2 4 6 6 3 3 5 3 8 1 2 3 1 1 1 1 1 1 1 8 0 9 9 0 0 0 0 0 0 6 6 2 9 1 2 7 2 2 3 1 1 1 1 1 7 8 8 2 1 0 9 7 3 2 6 1 2 4 0 4 7 3 3 5 1 1 1 9 7 9 4 3 6 7 5 6 5 8 9 6 7 4 6 6 7 6 2 4 3 3 2 2 3 4 2 2 4 1 1 1 8 9 8 1 0 9 8 8 0 7 2 9 9 4 6 1 6 3 9 9 i Less than $500,000. Source: American Acceptance Council. Source: For acceptances outstanding (and held by accepting banks), American Acceptance Council. Back figures.—See Annual Report for 1933 (table 97). Back figures.—See Annual Report for 1933 (table 100). BROKERS' BORROWINGS COMMERCIAL PAPER OUTSTANDING i INet borrowings on demand and on time in New York City reported by [As reported by dealers. In millions of dollars] members of the New York Stock Exchange. In millions of dollars] End of month 1932 1933 1934 1935 From banks From private End of month Total and p tr a u n s i t e s com- f b o a a r g n e e i k g n s n c , i b e b s r a , o n e k k t e c i r n . s g , J F a e n b u r a u r a y r . y . - . 1 1 0 0 8 3 8 8 5 4 1 1 0 1 8 7 1 1 7 7 1 7 March 106 72 133 182 1934 1935 1934 1935 1934 1935 April 108 64 139 173 May 11] 60 142 173 June 103 73 151 159 January... 903 825 839 758 64 February.. 938 816 862 750 76 July 100 97 168 164 March 773 873 706 108 August 108 107 188 177 April 1,088 805 973 762 116 September. 110 123 192 183 May 1,016 793 912 759 104 October... 113 130 188 180 June. 1,082 808 980 776 102 November. 110 133 178 December. 81 109 166 July 923 769 849 741 74 August 874 772 803 750 71 September. 832 781 759 62 »Includes some finance company paper sold in the open market. October... 827 792 761 772 Back figures.—See Annual Report for 1934 (table 76). November. 831 846 765 821 December . 813 67 Bick figures.—See Annual Report for 1934 (table 75). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDEKAL RESERVE BULLETIN 809 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANKS [Percent per annum] Rediscounts and advances un- Advances under sec. d F e e r d e s r e a e l s . R e 1 s 3 e r a v n e d A 1 c 3 t a of the e 1 r 0 a l (b R ) es o e f r v t e h e A F ct ed- Prevailing rate on- Average rate A d v is e c ra o g u e n t r a o t n e — of Federal Reserve bank e R D ff a e ec c te . t o i 1 n n In g i e n f n fe in c g t — be- P r o r a e u t v s e i- e R D ff e a e c c te . t o i 1 n n In g i e n f n fe in c g t — be- Month or week m P c r e o i r m m ci - e al P b e a r r i n s m k ' e - c S h t e a o x n c - k g - e c S ha t l o n o c g a k e n - s e c x a - ll U w . b i t i S h ll . i s n T o p r f e e fe a r r i s e o u d d r * y paper, accept- time 4 to 6 loans, N Bo ew st o Y n ork 2 IK F F e e b b . . 2 8 , , 1 1 9 93 3 4 4 2 2 M 2 2 H S O e c p t. t . 2 1 0 0 , , 1 1 9 93 3 5 5 months 90 d 9 a 0 ys New n R ew e- al 18 b 2 il - l d s ay 27 b 3 il - l d s ay Philadelphia- 2 Jan. 17,1935 2H 2^ Nov. 2,1935 Cleveland IK May 11,1935 2 2 Oct. 19,1935 1934 Richmond 2 May 9,1935 2H 2K Sept. 23,1935 October 1.00 1.00 0.21 Atlanta. 2 Jan. 14,1935 2K 2H Sept. 14,1935 November 1.00 1.00 .22 Chicago 2 Jan. 19,1935 2K 2K Sept. 20,1935 December H 1.00 1.00 .15 St. Louis 2 Jan. 3,1935 2K 2M Oct. 3,1935 Minneapolis. .. 2 May 14,1935 2K Oct. 29,1935 1935 Kansas City... 2 May 10,1935 2M 2V2 Aug. 26,1935 January 1.00 1.00 .14 Dallas 2 May 8,1935 2K 2V2 Oct. 8,1935 February 1.00 1.00 .12 0.17 San Francisco. 2 Feb. 16,1934 2H VA Sept. 20,1935 March _. 1.00 1.00 .10 .16 April U-l .63 .64 .17 May .25 .25 .15 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- June .25 .25 .13 UALS, PARTNERSHIPS, AND CORPORATIONS July- - .25 .25 .07 August- .25 .25 .10 Advances secured by September .25 .25 .22 Discounts and advances direct obligations of under par. 3 of sec. 13 the United States October _ .29 .29 .20 of the Federal Re- (last paragraph of sec. November .75 .75 .14 serve Act 13 of the Federal Re- Federal Reserve serve Act) bank Week ending- Oct. 5 H .25 .25 e R D ff a e e c c te . t i o 1 n n In g i e n f n fe in c g t — be- e R D ff a e e c t c e . t i o 1 n n In g i e n f n fe in c g t — be- O O c c t t . . 1 1 9 2 M u . .2 2 5 5 . .2 2 5 5 . . 1 2 8 1 Oct. 26 H .25 .25 .17 Nov. 2 .55 .55 .16 Nov. 9 1 .75 .75 .14 Boston. 6 Aug. 11,1932 4 Oct. 20,1933 Nov. 16 1 .75 .75 .14 New York 6 Aug. 10,1932 3H Feb. 8.1934 Philadelphia- 6 Aug. 12,1932 4 Oct. 20,1933 Nov. 23 1 .75 .75 .13 Cleveland 5 July 24,1934 3K May 11,1935 Nov. 30 1 .75 .75 .12 Richmond— 5K July 16,1934 4 Feb. 19,1934 Atlanta. 5 Mar. 20,1934 4 Mar. 17,1934 1 When no rate is shown no bills of the stated maturity were offered. Chicago 6 Aug. 13,1932 4 Oct. 16,1933 Back figures.—See Annual Report for 1934 (tables 54 and 55). St. Louis by2 July 10,1934 4 Feb. 21,1935 Minneapolis 6 Aug. 10,1932 4K Apr. 15,1933 RATES CHARGED CUSTOMERS BY BANKS IN Kansas City 5 July 10,1934 3K May 10,1935 PRINCIPAL CITIES Dallas 6 Sept. 8,1932 4 Mar. 12,1934 San Francisco 6 Sept. 2,1932 4 Oct. 19,1933 [Weighted averages of prevailing rates] NOTE.—For rates on industrial advances see p. 869. New York City 8 other northern 27 southern and BUYING RATES ON ACCEPTANCES and eastern cities western cities Month [Buying rates at the Federal Reserve Bank of New York] 1933 1934 1935 1933 1934 1935 1933 1934 1935 Maturity e R D ff a e e t c c e . t i o 1 n n In g i e n f n fe in ct g — be- Pre r v at i e ous 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 March 4.88 3.31 2.64 5.39 4.52 4.05 5.66 5.40 4.85 1-15 days Oct. 20,1933 1 April 4.33 3.39 2.61 5.09 4.52 3.99 5.68 5.34 4.80 16-30 days.... .do. 1 May 4.24 3.42 2.69 4.99 4.39 3.88 5.66 5.28 4.79 31-45 days.... do 1 June 4.10 3.30 2.66 4.97 4.30 3.78 5.62 5.19 4.76 46-60 days—. do 1 July 3.93 3.30 2.61 4.82 4.15 3.87 5.54 5.07 4.58 61-90 days.... do 1 August 3.97 3.33 2.67 4.68 4.12 3.79 5.53 5.05 4.62 91-120 days... .....do. 1 September . 3.79 3.26 2.72 4.65 4.11 3.75 5.55 5.04 4.51 121-180 days- .....do m October 3.76 3.28 2.72 4.51 4.13 3.75 5.50 5.05 4.55 November. 3.52 3.22 2.77 4.54 4.08 3.63 5.42 4.93 4.51 NOTE.—Rates on prime bankers' acceptances. Higher rates may be December 3.48 3.18 4.59 3.98 5.43 4.92 charged for other classes of bills. Back figures.—See Annual Report for 1934 (table 51). Back figures.—Bee Annual Report for 1934 (table 57). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
810 FEDERAL RESERVE BULLETIN DECEMBER 1935 BOND PRICES * STOCK PRICES Other bonds' Preferred Common stocks (index, 1926=100) stocks Year, month, or date (indus- United trial high- States Corpo- Corporate grade) » Total *t»r*ia¥l• »ro«a*d Utility Year, month, or date Govern- rate and ment municbonds * g (h r ip a ig d a h l e) - Total In tr d i u al s- R ro a a i d l- Utility N 19 u 3 m 2 a b v e e r r o a f g e issues. 96. 2 1 0 421 351 33 3 79 7 1933 average 104.8 78 1934 average 120. 7 69 Number of issues 8-14 <60 60 20 20 20 1934— D N e o c v e e m m b b e e r r . - . 1 1 2 2 4 7 . . 1 8 6 5 1 8 1932 average 99.2 81.1 69.4 63.2 64 8 80.5 1933 average 102.2 84.0 73.4 69.2 70.5 80.6 1935—January 129.1 57 1934 average 103.4 96.7 84.5 81.9 83.8 87.8 February.. 130.2 55 March 131.3 53 1934—November 103.5 98.8 84.3 83.4 81.0 88.8 April 132.2 59 December 104.1 100.0 85.8 85.4 83.3 88.8 May 134.8 65 June 134.0 70 1935—January 105.1 101.3 87.6 86.7 85.0 91.2 July 134.8 74 February 105.8 101.3 87.4 86.7 82.0 93.4 August 135.4 82 March 106.6 99.9 84.5 85.2 74.7 93.6 September. 135.0 82 April 107.0 100.0 85.5 85.9 75.0 95.5 October 134.8 100 82 May 107.1 101.2 87.1 87.3 76.5 97.4 November. 136.9 108 91 June _. 107.2 102.2 88.3 87.3 79.3 98.4 Nov. 6 136.6 108 36" July 107.5 104.2 89.2 88.5 78.8 100.2 Nov. 13.... 136.6 108 37 90 August 106.8 104.2 89.9 89.0 79.6 100.9 Nov. 20.... 137.0 110 39 92 September 105.3 103.1 90.4 89.4 80.6 101.0 Nov. 27 137.3 95 109 41 October 105.3 101.9 89.8 89.8 78.4 101.0 November 105.7 103.5 91.1 90.8 79.8 102.7 i Monthly data are averages of daily or weekly figures. Nov. 6 105.9 102.9 90.8 90.6 79.4 102.4 * Average derived prices. Nov. 13 105.6 102.8 90.3 90.4 78.0 102.4 Nov. 20 105.7 103.9 91.3 91.4 79.5 103.0 Source.—Standard Statistics Co. Nov. 27 105.6 104.2 91.8 91.0 81.5 102.8 Back figures.—See Annual Report for 1934 (table 93). 1 Average prices. Monthly data are averages of daily or weekly figures. CAPITAL ISSUES « Average price of principal outstanding issues of Liberty and Treasury bond?; now 14 Treasury bonds. [Long-term; i. e., 1 year or more. In millions of dollars] * Prices derived from average yields. 4 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. Domestic >g Back figures.—See Annual Report for 1934 (table 93). Total issues Year or month (do- (do- BOND YIELDS1 mestic State Corporate For- mestic and and eign and Year, month, or U S n ta it t e e d s M ip u a n l i c 3 - Corporate, by ratings * e f i o g r n - ) Total i n m p i a c u l i - - B n a o o n n t d e d s s Stocks e f i o g r n - ) date Treas- (highury 2 grade) Aaa Aa A 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 15 30 30 30 30 1 1 9 9 2 2 8 9 1 8 0 , , 0 0 4 9 0 1 9 6 , , 4 7 2 8 0 9 1 1 , , 3 4 7 1 9 8 2 2 , , 3 0 8 7 5 8 2 5 , , 9 9 6 2 1 4 1,2 6 5 71 1 1 1 , , 8 4 5 2 8 2 1932 average 3. 66 4.65 5 01 5.97 7.20 9.30 1930 6,909 6,004 1,434 2,980 1,503 905 711 1933 average 3.31 4.71 4.49 5.23 6.09 7.76 1931 3,089 2,860 1,235 1,240 311 229 949 1934 average... 3.10 3.95 4.00 4.44 5.08 6.32 1932 1,194 1,165 762 305 20 29 538 1933 720 708 483 40 120 12 344 1934—November. _. 3.05 3.57 3.86 4.27 4.93 6.37 1934 1,402 1,402 819 144 35 0 792 December 2.97 3.52 3.81 4.27 4.86 6.23 1934—November. 107 107 89 8 0 0 35 1935—January 2.83 3.45 3.78 4.21 4.77 5.99 December _ 141 141 106 34 1 0 45 February 2.73 3.39 3.72 4.14 4.69 5.97 1935—January. .. 92 92 80 3 2 0 49 March 2.69 3.27 3.71 4.15 4.72 6.22 February._ 50 50 44 7 0 0 46 April 2.64 3.25 3.72 4. 19 4.75 6.14 March 108 108 100 8 0 0 180 May 2.61 3.27 3.74 4.18 4.66 5.99 April 90 90 64 17 5 0 413 June 2.61 3.25 3.72 4.18 4.62 5.86 May 86 86 41 39 6 0 384 July_. 2.59 2.95 3.70 4.15 4.54 5.77 June - 58 58 44 14 0 0 454 August- 2.66 2.87 3.77 4.15 4.57 5.69 July 134 134 79 27 28 0 510 September... 2.78 3.08 3.80 4.11 4.56 5.62 August 152 152 36 29 0 284 October 2.77 3.16 3.79 4.10 4.57 5.63 September. 177 177 132 42 (!)3 0 259 November... 2.73 3.02 3.75 4.03 4.53 5.50 October 144 144 56 70 3 0 217 Nov. 6 2.71 3.07 3.76 4.06 4.54 5.54 November. 116 116 82 30 3 0 261 Nov. 13 2.74 3.06 3.75 4.04 4.56 5.57 Nov. 20 2.73 2.99 3.74 4.02 4.53 5.48 1 Includes publicly offered issues of Federal land banks, Federal in- Nov. 27 2.74 2.97 3.74 4.00 4.49 5.42 termediate credit banks, Federal Farm Mortgage Corporation, and Home Owners' Loan Corporation, not shown separately. 2 Less than $500,000. 1 Monthly data are averages of daily or weekly figures. * Average, computed by Treasury Department, of yields of all out- Sources.—For domestic issues, Commercial and Financial Chronicle; standing Treasury bonds except those due or callable within 8 years. for foreign issues (issues publicly offered) annual totals are as finally » Standard Statistics Co. reported by Department of Commerce, while monthly figures are as * Moody's Investors' Service. compiled currently and are subject to revision. Back figures.—See (for figures of new issues—annual and quarterly Back figures.—See Annual Report for 1934 (table 94). basis) Annual Report for 1934 (table 92). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN 811 DECEMBER 1935 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 outstanding Octo- Total inter- ber 31,1935 End of period (gross est debt) Total Bonds Notes C ic e a r t t e if s - Bills b i e n a g r- Total Bonds» Notes C ic e a r t t e if s - Bills June 1932 19,487 19,161 14,250 1,465 2,831 616 326 June 1933 22,539 22,158 14,223 4,780 2,200 954 381 Total 28,617 14,008 11,957 249 2,404 June 1934 27,053 26,480 16,510 6,932 1,635 1,404 573 Obligations maturing: Before Jan. 1,1936 669 418 250 1934 Jan. 1-Mar. 31,1936— 1,053 1,053 November. .. 27,299 26,761 15,768 8,036 1,153 1,804 538 Apr. 1-June 30,1936 1,896 1,245 651 December 28,479 27,944 16,245 9,586 158 1,954 535 July 1-Sept. 30,1936 1,329 878 450 Oct. 1-Dec. 31,1936.>.. 358 358 1935 1937 1,749 1,749 January 28,476 27,952 16,250 9,585 163 1,954 524 1938- 1,946 1,946 February 28,526 27,969 16,247 9,582 161 1,979 557 1939 2,762 2,762 J M J M A A u u u p a a l n y g r y r e i c u l h st .- - ' ' 2 2 2 2 2 2 8 9 8 8 8 9 , . , , , , 6 1 8 6 7 0 3 2 2 6 0 3 9 3 4 9 1 3 2 2 2 2 2 2 8 7 7 7 7 7 , , , , , , 0 7 7 6 9 9 4 6 3 4 2 5 3 6 8 5 3 6 1 1 1 1 1 1 6 5 5 4 4 4 , , , , , , 3 2 1 5 9 7 9 3 5 7 3 1 4 8 7 6 6 5 1 1 1 1 1 9 0 1 0 1 0 , , , , , , 5 2 0 0 4 5 6 3 6 3 7 0 7 6 5 6 1 1 1 2 1 1 2 1 5 5 5 6 5 5 4 8 7 0 2 6 2 2 2 1 1 1 , , , , , , 0 9 9 0 9 0 7 7 5 5 2 5 9 8 2 8 3 3 1 1 1 , , , 7 9 9 0 0 2 0 0 8 5 7 0 1 4 2 6 6 0 Othe 1 1 A 1 1 r 9 9 9 9 f 4 4 4 4 o te 3 1 0 5 b r l 1 ig 94 a 5 tionsl 1 2 0 1 , , , 1 6 4 9 8 8 1 1 0 9 3 9 7 8 1 0 4 8 " 1 " 1 0 8 , ,6 4 3 2 8 1 0 5 9 4 8 1 7 8 " 2,1 4 1 8 7 4 249 September. ._ 29,421 28,432 14,300 11,929 251 1,952 989 October 29,462 28,380 13,998 11,929 250 2,204 1,081 November-.. 29,634 28,617 14,008 11,957 249 2,404 1,017 »Issues classified as of date of final maturity; most issues callable at earlier dates; postal-savings bonds only Issues callable before 1940. 1 Includes United States savings bonds and such issues as postal- 'Revised. savings bonds, retirement-fund notes, and adjusted-service-certificate »Includes $568,000,000 of Government liability for retirement of series, In which special funds are invested. national bank and Federal Reserve bank notes, as a result of deposit of funds by banks; this compares with $815,000,000 on July, 31, 1935, and $309,000,000 on Feb. 28, 1935. SUMMARY OF TREASURY OPERATIONS [On basis of daily statement of United States Treasury. In millions of dollars] General and special funds Trust ac- Receipts ExpendituresJ Excess co e u tc n 8 ts, I c n r c e r a e s a e s e d u o r r i n d g e- Period Miscel- General» Recovery and relief • ( c o + e f i ) p r o e ts - r c o e f i p re ts - period Total c ta o I x n m e - e s r l i a n e n v te e e r n o n u u a e s l oth A e l r l i Total p e I d u n s e t b t e b o l r t i n - c o A th l e l r Total Relief P w u o b r l k i s c oth A e l r l * p t e u e n r x e d - s i- ( p t + e u e n > r x e d o - s i r - b G a f e u l n a n e n d r c a e l G d r e o b s t s Fiscal year ending June: 1933 2,080 746 475 4,681 2,715 31,277 -2,602 -5 +445 +3,052 1934 3,116 818 1,470 828 6,745 757 1,981 4,004 1,844 645 1,515 -3,630 +835 +1,720 +4,514 1935 3,800 1,099 1,657 1,044 6,802 821 2,327 3,655 2,342 1,020 292 -3,002 +613 -741 +1, 648 5 months ending: November 1933... 1,137 192 630 315 1,904 247 964 355 131 207 -767 +17 +245 +995 November 1934... 1,460 256 724 480 2,764 285 983 1,497 901 560 36 -1,304 +73 -985 +246 November 1935.- 1,468 326 821 321 2,856 250 1,177 1,428 685 419 324 -1,387 +47 -407 +933 1934—November 247 21 119 107 599 15 195 390 199 100 91 -353 +28 -214 +111 December 385 164 131 89 641 129 191 321 208 80 33 -256 +43 +966 +1,180 1935—January 203 19 114 70 462 22 188 252 189 55 8 -260 +18 -244 -3 February 214 28 109 77 496 34 209 252 214 46 •9 -281 -8 -239 +50 March 601 326 189 86 546 90 169 288 203 75 10 +55 +19 +365 +291 April 228 29 116 83 611 118 213 279 192 45 43 -383 +21 -511 -149 May 246 23 137 86 542 24 181 336 178 78 81 -296 +348 +22 -30 June 464 254 138 72 740 119 197 425 258 82 85 -277 +99 -115 +63 July 279 23 165 91 673 8 318 347 114 146 -394 -77 -52 +419 August __. 299 24 219 56 508 27 193 289 158 139 -210 -17 -314 -87 September _- 421 231 143 47 563 101 217 245 142 87 16 -143 +78 +324 +389 October.. 235 30 153 53 624 104 234 286 145 123 19 -389 +23 -325 +40 November 234 19 142 74 487 10 216 262 127 130 4 -253 +42 -39 +172 i Includes processing taxes, customs, and miscellaneous receipts. * Excludes public-debt retirement. 8 Prior to July 1933, recovery and relief expenditures included only net expenditures of the Reconstruction Finance Corporation; other items subsequently classified as recovery and relief expenditures were included in general expenditures. * Includes expenditures classified by the Treasury as agricultural <iidf aid to home owners, and miscellaneous, which Includes direct loans and expenditures of the Reconstruction Finance Corporation. B Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against increment on gold (other than for retirement of national-bank notes), and beginning June 1935, transactions in checking accounts of certain special governmental agencies whose balances were transferred on May 31 to these accounts. • Excess of credits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
812 FEDERAL RESERVE BULLETIN DECEMBER 1935 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, OCTOBER 31, 1935 (Compiled by U. 8. Treasury Department from reports receivtd from organizations concerned. In millions of dollars] Financed wholly from Government funds U.S. Regional Shipping Total Total s C F t R r o i u n t e r i c c p a o t o o n n i n o r c a - n e -C m C C o t o r r i o p e o d m d o n it r i - y a t - E i b m x a p p n o o k r r s t t - A t W P r d a u m o t b i i r o l n k i n i c s s- C A C o t t g i u r r o p r e r i n a d o c s l r u i a t l - - C P C o r t t o i r r i o o e p d n d o n u s i r c t a - - C B c o M F h r o l p a e e a o n e r r r - d t t a- Other » tion ASSSTS Loans—total 8,318 2,269 1,418 268 5 225 52 98 208 Preferred stock, capital notes, and debentures... 881 881 877 Cash—total 363 77 5 w 6 4 18 44 Investments: United States securities 451 25 2 23 Obligations guaranteed by United States..« 215 20 20 874 122 98 19 4 Accounts and other receivables 193 57 36 5 8 3 1 6 6 Real estate and other business properties 164 154 1 41 112 Other assets __ 184 22 3 11 1 8 (*) Total assets other than interagency^ 11,643 3,626 2,340 273 12 236 58 121 183 404 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States._. 4,466 253 253 All other 2,094 Other liabilities (including reserves) 254 53 19 (2) (2) 4 (2) 13 18 Total liabilities other than interagency... 6,815 306 271 (2) (2) 4 (2) 13 18 Excess of assets over liabilities, exclusive of interagency transactions .. _ . 4,828 3,320 2,068 273 11 236 55 121 170 386 Privately owned interests 356 U. S. Government interests _.. 4,473 3,320 2,068 273 11 236 55 121 170 386 Distribution of Government interests: Capital stock . _. 6,715 5,603 500 3 11 »352 44 120 50 »4,522 Surplus 352 256 112 3 11 1 120 9 Interagency interest (net) ...__ -2,595 -2, 538 1,456 267 -116 -4,145 Financed partly from Government funds Federal Total« F b e l a a d n n e k d ra s l m F c b i e n e r a d e d t n e e d i k r a r i - a t s t e l F C r M F e a g o a d t a o r i r e g p o m r r e t o n a - - l c B a o t a f o i o n v p r k e e s r s - H b l a o o n a m k n e s O C r H L w a o o t o n i r m a o p e n n o r e s - ' S C I L a a n a o v n o s n r i c u a p n d e n r o g - - s c F s i a a e l a a v o s d t n s i i a e n o o d n r g n - a s s l D F C r I e a n a e o d t n p s r i e u c o o p r e r s o n a - i - l t ration ASSETS Loans—total _ 6,048 2,167 149 777 48 96 2,812 Preferred stock, capital notes, and debentures. 1 Cash—total 286 48 24 78 9 8 105 w 13 Investments: United States securities... 426 41 36 23 8 317 Obligations guaranteed by United States 195 2 38 43 11 101 Other investments. _ 752 737 15 Accounts and other receivables 137 41 5 28 1 1 57 2 2 Real estate and other business properties 10 6 4 Other assets 162 98 4 (2) 53 5 Total assets other than Interagency 8,017 2,403 253 1,622 139 123 2,982 103 53 338 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States. . 4,214 1,382 « 2,831 Allother _ 2,094 1,927 146 22 Other liabilities (including reserves) 201 75 5 36 (2) 7 70 (2) 8 Total liabilities other than interagency 6,509 2,001 151 1,418 (2) 7 2,923 (2) 8 Excess of assets over liabilities, exclusive of interagency transaction 1,508 402 102 204 139 116 60 103 53 330 Privately owned interests 356 146 2 27 180 U. S. Government interests __ 1,153 256 102 204 137 89 60 ' 103 53 150 Distribution of Government interests: Capital stock . 1,113 123 70 200 128 89 200 100 53 150 Surplus . . . _ . >_ 97 90 36 4 -36 3 Interagency interest (net) -57 43 -5 4 5 -104 »Includes interagency interests held by the Treasury Department* * Includes also War Finance Corporation not shown separately. »Less than $500,000. » Nonstock (or includes nonstock proprietary interests).. • Includes unissued bonds covering loans in process. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 813 RECONSTRUCTION FINANCE CORPORATION LOANS, PURCHASES, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds disbursed, less repayments Proceeds not yet disbursed Oct. 31, June 30, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Sept. 30, Oct. 31, 1934' 1935 1935 1935 1935 1935 1935 P 1935 1935 LOANS AND PURCHASES Loans under sec. 5 of the Reconstruction Finance Corporation Act, as amended: Banks and trust companies (including receivers, liquidating agents, and conservators).-. 579,817 480,404 455,928 441,825 427,657 411,729 387,288 115,227 114,288 Building and loan associations _ 24,604 9,808 10,307 9,494 8,954 8,359 7,866 141 121 Insurance companies 29,852 19,231 18,052 17,628 17,163 10,011 9,372 40 40 Mortgage-loan companies 158, 762 145,551 139,972 136,396 132,346 131,771 131,394 99,178 110,679 Credit unions 387 336 332 331 330 330 329 1 1 Federal land banks 115,155 59,979 58,330 57,975 56,340 52,156 50, 279 Joint stock land banks.._ __ _ 7,251 3,095 2,806 2,407 2,381 2,329 2,230 550 550 Agricultural credit corporations 603 874 874 m 872 866 853 768 Regional agricultural credit corporations 2,620 Livestock credit corporations. 1,543 1,315 1,225 1,108 1,024 901 931 164 Railroads (including receivers) 353,491 414,344 413,338 413,350 412,903 412,810 412,795 339 285 State funds for insurance of public moneys 1,233 2,146 1,606 1,513 1,407 1,047 1,029 Fishing industry.. __ __ _ 79 79 79 92 92 92 590 577 Processors or distributors for payment of processing taxes 2 1 1 1 1 1 Total 1, 275, 321 1,137,162 1,102,849 1,082,977 1,061,465 1,032,390 1, 004, 374 216, 065 226, 704 Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) __ 112,197 146,696 148,760 155,174 169,493 169,499 174,375 88, 650 85,882 For financing exports of agricultural surpluses, sec. 201 (c) . . 15, 216 14,532 14,517 14,517 14,300 14,300 14, 300 For financing agricultural products, sec. 201 (d) 5,657 7,885 8,463 8,413 8,402 8,372 8,239 788 758 To commodity credit corporation 42,969 148,181 231,166 249,556 258,739 263,746 265, 994 243, 535 238, 507 On preferred stock of banks... 18,848 20,283 20,176 20,031 19,988 19,887 19, 753 208 247 On preferred stock of insurance companies 25,785 29,933 29,933 30,083 30,083 30,083 30,083 To drainage, levee, and irrigation districts 11,147 27, 596 29,181 32, 790 34,176 43,086 45,488 68,172 73,258 To Public School Authorities 22,300 To industrial and commercial businesses 3,233 21,761 25,932 29,519 32,325 34,633 37,374 39, 381 39,670 To mining, milling, and smelting businesses 280 345 664 775 833 845 6,247 6,209 On assets of closed banks _ .. 23 420 10,869 8,317 7,888 580 595 1,082 942 To Public Works Administration on security transactions _ 16,167 16,190 112,849 105, 225 102,562 115,238 1,570 1,349 Total _ 257, 375 433,733 535, 532 661,913 681,394 687,581 712, 284 449, 632 446,821 Purchases: Preferred stock of banks. __ 562,335 639,977 639,015 640,983 641,991 645,271 647,152 38, 724 34,253 Capital notes and debentures of banks 256,559 245,003 244,317 241,615 242,362 241,742 240, 364 59,951 59,804 Preferred stock of insurance companies 100 100 100 100 100 100 100 Capital stock of the R. F. C. Mortgage Co___ lfr, 000 10,000 10,000 10,000 10,000 10,000 2,000 2,000 Total . 818,994 895,079 893,432 892,698 894, 453 897,113 897. 616 100, 674 96,057 Total loans and purchases 2, 351, 690 2,465,975 2, 531,813 2,637, 588 2,637,312 2,617,084 iv,{)]4,274 766, 372 769, 582 ALLOCATIONS For relief: Federal Emergency Relief Act of 1932. _ 298,006 297,689 297,688 297,621 297,099 296,803 296,701 15 15 Federal Emergency Relief Act of 1933 499, 590 500,000 499,998 499,998 499,999 499,987 499, 988 1 13 Emergency Appropriations Act of 1935 215, 000 500, 000 500,000 500,000 500,000 600,000 500, 000 Emergency Relief Appropriation Act of 1935.._ 300, 000 500, 000 500,000 Total 1, 012, 596 1,297, 689 1, 297, 686 1, 297, 620 1, 297,098 1,296,790 1, fi96, 687 500, 016 500,028 To other Government agencies: To Secretary of the Treasury for— Purchase of stock of Federal Home Loan banks 81, 646 81,646 81,646 82,346 85,246 88,796 90, 696 39,495 35,945 Purchase of stock of Home Owners' Loan Corporation 200,000 200,000 200,000 200,000 200,000 200,000 200,000 To Land Bank Commissioner 147,600 147,600 147,600 147, 600 147,600 147,600 147, 600 97,400 97,400 To Federal Farm Mortgage Corporation 55,000 55,000 55,000 55,000 55, 000 55,000 55, 000 To Federal Housing Administrator 15,000 34,000 34, 000 34,000 34,000 34,000 39, 000 To Secretary of Agriculture for— Crop loans 115, 000 115,000 115,000 115,000 1157000 115.000 115.000 Reallocated as capital regional agricultural credit corporations 44, 500 44, 500 44,500 44,500 44,500 44,500 44,500 Reallocated to Governor of Farm Credit Administration _. 40, 500 40,500 40, 500 40, 500 40, 500 40,500 40,500 Total _.__ 699, 246 718, 246 718, 246 718, 946 721,846 725,396 732, 296 136, 895 133, 345 Total allocations 1,711,842 2,015, 934 2,015,932 |2,016,566 2,018, 944 2,022,186 2, 328, 984 636,911 633, 373 Total loans, purchases, and allocations 4,063,532 4,481,909 4,547,745 4,654,154 4, 656,256 4,639,270 4, 943, 258 1,403, 283 1,402,955 ' Revised. Preliminary. i Includes $247,000,000 of loans for distribution to depositors of closed banks. Back figures.— mber 1933, pp. 738-739, and February 1934, pp. 103 and 132. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
814 FEDERAL RESERVE BULLETIN DECEMBER 1936 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 byby 1— and discounts for— Regional agri- Regional Emer- End of month la F nd e d b e a ra n l ks C s o B L i m o a a n n n m e k d r is- p s c p c o r r c o r o e c u e r d d i a l d a u t i t i t t u i c t i o r o c t a a n i o n o s l s r s - n , - , f c i i e n o n O t x i a o s o t n c p t h n i e c e t e s p i r u n r , a t - g - ti P a o t s r i n s o o o n d c c s u r i e a c a d - - it t i u a t r r g a a c t r l o i i o c r c p u n r o l e s - d - - c d r g r l o o o e p a n u a n c g s n y h d t 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 B C c i a a n o t e n c i o i n k v n l p u t s e g e r d s f a r , - o - l r M A i r n t e g a g u i v r n r r i o k A g c a l e u l v c t l t - - and banks tives Bank fund for cooperatives 2 1932—December. 1,128, 564 82,518 24,373 89,301 9,866 158,885 1933—December. 1, 232, 707 70, 738 73,263. 27 144,636 89,811 15,211 18,697 157,752 1934—October.... 1,848,727 551,873 104,909 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 27,851 54,863 1935—January. _. 1,942,916 643,291 99, 776 53, 509 64,637 84, 726 116,846 34,445 28,498 53, 721 February.. 1,961,275 664,886 103,360 53,172 71,192 82,342 125,124 34,132 29.445 49,687 , March 1,974,952 686,606 115,281 54,442 85,819 134,597 31,873 28,025 49,880 April 1,975,737 696,834 124,315 55,832 97,400 78,351 162,000 30,050 30,119 49,761 May 1,998,228 716,243 129,954 56,897 105,096 76,508 193,969 26,420 31,741 47,456 June. 2,016,825 733,489 130,559 57, 759 109,890 72,765 197,188 10,028 23,937 49,422 July 2,023,859 742,897 128,851 58,864 113,017 68, 670 197, 821 5,023 25,037 49,196 August 2,036,067 754,502 125,137 58, 761 112,104 64, 582 195,943 5,539 31,455 46,497 September. 2,047,390 765,319 115,426 55,661 104,712 59, 225 192,182 4,755 43,140 46,714 October 2, 058,693 777, 214 100,634 49,114 95 930 51,656 182, 678 4,084 48,179 46, 074 1 Does not include loans by joint stock land banks, which are now in liquidation. 8 Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the 3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. »Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks. FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY LOANS OUTSTANDING, BY INSTITUTIONS THE UNITED STATES l [Loans in thousands of dollars] AMOUNTS OUTSTANDING, BY AGENCIES Home mortgage loans by- [In millions of dollars] End cf month O H w o n m e e rs' a N ss u F o m e c d i b a e e t r i r a o a l o n s s f s s o a c v i i L a n t o g io a s n n a s s n 8 r d e p lo o a r n ted m l F o h b l e e a o o a m d n m a n s e n b k r t e e a o r l End of month Total M C F F o o e t r a d i r p o t r e g o m n r a r a a g l - e C O o t H L w i r o o o p n n a m o e n 2 r r e a s - ' s C F t R r o t i u i n e r o c c p a n o t o n i n 3 r c o a - e n - Loan Cor- instituporation i tions 3 1933—December. 180 180 Total p R i o n e r g - t- a a N s t s i e o o w n ci s - C e c d o ia n t a v i s o e s n o r s t - - 1934— A M M p a a r y r il ch 2 3 4 9 2 2 5 5 3 1 6 9 6 8 8 8 28 2 2 2 2 2 2 7 7 7 June 681 312 134 235 July 1,064 551 284 230 1932—December 838 August 1,614 672 702 241 1933—December 105,920 59 88,442 September. 1,875 733 896 246 1934—October. 1,857,424 577 332 6,934 26,944 87,446 October—. 2,596 805 1,543 248 November... 2,027,969 601 438 8,843 55,606 87, 714 November. 2,823 878 1,695 249 December 2,196,988 639 455 10,758 58,976 87,258 December. 3,063 980 1,834 249 1935—January 2,363,824 688 545 13,706 79,014 82,585 1935—January... 3,300 1,041 2,009 250 February 2,468,744 727 565 15,967 92,013 77,170 February.. 3,480 1,089 2,140 251 March 2,539,408 752 572 18,699 93,910 72,637 March 3,590 1,124 2,215 251 April 2,578,883 778 613 20,800 112,847 74,011 April 3,660 1,154 2,256 250 May 2, 620,119 808 623 24,081 123,741 75,836 May 3,728 1,188 2,290 250 June 2, 660,677 851 655 27,070 138,129 79,233 June 4,123 1,226 2,647 250 July 2, 702,247 894 691 32,850 146,161 80,877 July 4,204 1,274 2,681 249 August 2, 747, 022 922 758 37,345 192,959 86,025 August 4,247 1,282 2,715 250 September. __ 2, 788, 203 949 828 44,072 219,980 90,432 September. 4,367 ],368 2,747 253 October 2,838,086 979 »828 "48,967 P224.112 95,595 October.... 4,419 1,382 2,783 253 f Preliminary. 1 Principal amount of obligations guaranteed as to interest and prin- 1 Loans closed. cipal. »No monthly reports prior to September 1934; they now exclude largely 2 Excludes obligations guaranteed as to interest only. new associations recently chartered and inactive associations. * Excludes obligations held by U. S. Treasury and reflected in the 8 Includes loans to Federal savings and loan associations, all of which public debt; includes notes given in purchase of gold which were are members, and a negligible amount to others than member institutions. retired in February 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 PEDEEAL RESERVE BULLETIN 815 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production l * Construction contracts awarded (value) 2 Fac- Factory em- tory Freight-car ployment » pay loadings * * Com- Year Total Manufactures Minerals Total Residential All other rolls * modmo a n n t d h ity prices4 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justedjusted 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 98 1922 85 86 74 79 68 88 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 68 75 73 1932 64 63 71 28 13 40 64 48 56 65 1933 . 76 75 82 25 11 37 69 49 58 66 1934... 79 78 86 32 12 48 79 62 62 75 1932 Aug 59 60 58 59 66 65 32 30 11 12 48 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 68 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 51 54 60 Mar 60 59 58 56 74 81 14 14 8 8 18 18 50 59 37 48 50 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 6S Aug 90 91 89 91 95 91 25 24 12 12 36 33 76 r 77 57 65 61 70 Sept... 85 84 84 83 94 87 30 30 12 12 45 45 80 78 59 68 60 71 Oct_ — 78 76 76 76 89 81 35 37 12 12 53 57 80 78 59 66 58 71 Nov.... 72 72 70 70 85 82 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 75 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—. 83 81 82 80 89 92 38 44 10 12 60 70 78 78 61 61 64 74 Mar.... 87 84 86 82 91 100 33 33 12 11 50 51 81 81 65 63 66 74 88 86 89 85 81 90 36 32 14 12 54 48 82 82 67 60 62 73 MPaFy— 89 86 89 86 86 88 32 26 13 11 47 38 83 83 67 63 63 74 June... 84 84 84 83 86 87 31 26 13 12 46 38 81 82 65 64 64 75 July..._ 73 76 71 74 84 84 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 79 62 63 59 76 Sept._- 73 71 70 69 87 82 30 29 11 11 45 44 76 74 58 67 59 78 Oct 75 74 73 72 87 81 29 31 12 12 43 46 78 77 61 64 57 77 Nov 74 75 73 74 84 81 28 31 11 11 41 48 77 77 60 60 59 77 Dec—. 78 86 76 85 85 90 25 31 10 12 36 47 78 79 63 56 64 77 1935 Jan..- 88 91 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.... 91 88 91 86 90 97 26 26 16 16 34 35 83 83 71 62 65 79 Apr 89 86 91 86 79 87 30 27 22 18 38 33 83 82 71 59 61 80 May— 87 85 87 84 88 89 32 27 25 21 39 32 81 81 69 61 61 8C June... 86 86 84 84 97 98 35 30 28 24 43 36 80 80 66 63 63 80 July.... 83 86 83 86 84 84 39 35 25 25 50 43 80 80 65 60 58 79 Aug 86 87 87 88 85 81 40 38 24 24 54 50 82 82 70 64 60 81 Sept,-. 89 89 89 89 92 87 44 43 25 25 59 58 84 82 72 70 62 81 Oct *96 J»94 »95 »94 100 93 45 48 25 25 62 66 85 84 75 73 64 81 v Preliminary. r Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 885-886; for description see BULLETIN for February and March 1927. 1 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. • The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries see pp. 887-888. Underlying figures are for pay-roll period ending nearest middle of month. ' For indexes of groups see p. 816. 5 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 884. Back figures.—See Annual Report for 1934 (tables 95 and 100). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
816 FEDERAL RESERVE BULLETIN DECEMBER 1935 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports» Merchandise imports * Excess of exports Month 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 January 250 150 121 172 176 183 136 96 136 167 66 15 25 37 9 February _ _ 224 154 102 163 163 175 131 84 133 152 49 23 18 30 11 March 236 155 108 191 185 210 131 95 158 177 26 24 13 33 8 April 215 135 105 179 164 186 127 88 147 171 29 9 17 33 -6 May 204 132 114 160 165 180 112 107 155 171 24 20 7 6 —5 Juno - - -- _ - 187 114 120 171 170 173 110 122 136 157 14 4 -2 34 13 July . . . 181 107 144 162 173 174 79 143 127 178 6 27 1 34 ' -5 August . 165 109 131 172 172 167 91 155 120 169 -2 17 -23 52 3 September 180 132 160 191 198 170 98 147 132 162 10 34 13 60 37 October 205 153 193 206 P221 169 105 151 130 »189 36 48 42 77 J>32 November 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 » Preliminary. r Revised. 1 Including both domestic and foreign merchandise. 2 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 l Index of m s o to n c th k ) s (end of 1934 1935 Month fo A r d s j e u a s s t o e n d al se W as i o t n h a o l u a t d- fo A r d s j e u a s s t o e n d al se W aso it n h a o l u a t d- Oct. June July Aug. Sept. Oct. variation justment variation justment Adjusted for seasonal variation 1934 1935 1934 1935 1934 1935 1934 1935 Total.__ 57 63 58 60 62 64 Coal 60 83 54 58 61 67 January 71 74 57 59 66 64 59 57 Coke 45 54 46 48 57 60 February 71 75 59 61 66 64 63 61 Grain and grain products. _ 58 64 58 75 74 70 March 78 82 73 71 65 63 67 65 Livestock 62 35 -36 44 45 47 Forest products 30 35 39 40 42 42 April 74 73 73 79 65 64 68 66 Ore 30 46 48 51 55 56 J M u a n y e. 7 7 7 4 8 7 0 6 7 7 0 7 7 7 6 6 6 6 6 5 6 6 4 3 6 6 8 3 6 6 6 1 M M i e s r c c e h l a la n n d e i o se u s l 6 6 0 3 6 6 4 4 6 6 3 4 6 6 2 4 6 6 5 5 7 6 0 4 July 73 80 51 55 64 61 59 57 August 77 78 60 61 64 62 61 60 Without seasonal adjustment September 75 81 79 86 64 64 67 67 N D O o e c c t v o e e b m m e b r b e e r r _ 7 7 7 3 4 8 »8 7 0 7 1 8 8 3 2 3 5 86 6 6 6 4 5 4 66 7 7 6 1 4 0 72 Tota C C l o o a k l e 6 6 4 4 9 6 4 6 7 9 3 2 4 6 4 8 0 0 6 5 4 4 6 3 7 6 5 0 6 6 73 Grain and grain products. _ 65 56 69 90 90 78 Year 75 65 Livestock.__ _ 83 30 30 39 54 63 Forest products 31 37 38 42 44 43 Ore 42 83 87 87 90 79 for v i B P ch r a e a se l n i d g m e i t s n h a r fr o r o y u m . g ho m u o t n o th n t f o ig u m re o s n o th f d in ai l n y u a m v b e e ra r g o e f s a S l a e t s u — rd w a i y th s a al n lo d w S an u c n e - M Mi e s r c c e h l a la n n d e i o se u s i 7 6 0 6 6 6 4 7 6 6 3 7 6 6 4 8 6 7 7 7 82 days and for 6 holidays: New Year's Day. Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for i In less-than-carload lots. seasonal variation make? allowance in March and April for the effects upon sales of changes in the date of Easter. Based on daily average loadings. Source of basic data: Association of American Railroads. Back figures—See BULLETIN for April 1935, pp. 254-255, and Annual Report for 1934 (table 95). ' Revised. Back figures.—See BULLETIN for February 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 817 URUGUAYAN BANKING AND CURRENCY LEGISLATION A law enacted by the Congress of the Republic industry shall be selected jointly by the National of Uruguay on August 14, 1935, and approved Chamber of Commerce and the Chamber of Industries and those representing agriculture jointly by the Rural by the President on the same day provides, Federation and Rural Association. among other things, for the establishment of an ART. 5. The Board of Directors of the Bank of the independent issue department in the Bank of Republic, with the consent of the Comptroller General, the Republic, revaluation of the bank's gold shall prepare the budget of expenditures and salaries of the Issue Department for approval in accordance and silver reserves on the basis of the average with the provisions of articles 195 et seq. of the Conofficial exchange rate of the peso during the stitution of the Republic. preceding 12 months and utilization by the The said budget shall be charged to the Bank of the Government of the profits resulting from re- Republic. The personnel of the Issue Department shall be made valuation. The first statement of the Issue up entirely of employees of the Bank of the Republic Department was made as of September 30. at the time this law is enacted. A translation of the law, omitting certain ART. 6. The Issue Department of the Bank of the articles concerned chiefly with some of the de- Republic shall in the future have charge of the issue of notes as its exclusive privilege and also of the custody tails of allocating the proceeds of revaluation, and management of the legal reserve in gold and silver. is given below. ART. 7. The notes shall be of two classes: major issue and minor issue. The minimum value of major notes is fixed at ten pesos and the maximum value of LAW GRANTING AUTONOMY TO THE ISSUE minor notes at five pesos. They shall be legal tender DEPARTMENT OF THE BANK OF THE REPUB- throughout the territory of the Republic and shall be LIC, PROVIDING FOR THE REVALUATION OF guaranteed by the Government. GOLD, AND ESTABLISHING ADMINISTRATIVE ART. 8. The operations of the Department shall REGULATIONS include also: (a) The study of all questions relating to the mone- The Senate and the Chamber of Representatives of tary system and its management and direction. the Eastern Republic of Uruguay, meeting in General (b) The administration and supervision of the regu- Assembly, decree: lations established for the private banks, both national and foreign. (c) The minting of coins of gold, silver, and copper CHAPTER I.—ISSUE DEPARTMENT OF THE BANK OF when authorized by the Legislature (article 75, num- THE REPUBLIC ber 10 of the Constitution of the Republic). ARTICLE 1. From the date of promulgation of the ART. 9. The gold reserve not subject to the provipresent law, the Issue Department of the Bank of the sions of the law of November 9, 1934 on economic- Republic shall operate autonomously and with entire financial readjustment, together with the stock of silver, independence of other services of the Bank. shall become the property of the Treasury of the Issue ART. 2. The Issue Department shall operate under Department, thus inaugurating the new system estabthe immediate direction of an Honorary Council com- lished by this law. posed of the President and Directors of the Bank of ART. 10. The Issue Department shall deliver notes the Republic, one delegate of the national private to the Bank of the Republic under the following conbanks and another of the foreign banks affiliated with ditions: the Clearing House, and two representatives desig- (a) The equivalent of the paid-up capital of the nated respectively by industry and commerce and by Bank of the Republic, in major and minor notes at the agriculture according to the procedure established by option of the Bank and guaranteed by its liquid assets. article 4 of the present law. (b) Against delivery of gold, the corresponding ART. 3. The Chief Executive shall appoint every amount in major notes (article 19 of this law). four years, with the previous consent of the Senate, a (c) Against delivery of silver, the corresponding Comptroller General, whose salary shall be paid by the amount in minor notes (article 19 of this law). Government and who shall supervise in particular all The same basis of exchange shall apply to notes operations or transactions in notes and shall sign which the Bank receives in return for future deliveries jointly with the President of the Bank the notes issued of gold and silver, as well as to notes retired by the and the statements of the Department, after making Issue Department. such verification as he deems necessary in order to ART. 11. The Bank of the Republic shall maintain, certify to their correctness. at all times, a reserve of notes equal to twenty percent The salary of the Comptroller General, equal to that (20%) of total deposits of whatever type. received by the directors of the Bank, shall be included ART. 12. The minor notes shall not exceed the maxiin the budget of the Issue Department. mum amount authorized by the law of December 17, The term of the first Comptroller General shall cease 1929. at the expiration of the term of the present Board of ART. 13. For the purpose of regulating the inter- Directors of the Bank of the Republic. national value of the peso, the Bank of the Republic ART. 4. The representatives of commerce and in- shall establish a "Foreign Exchange Fund" (Fondo de dustry and of agriculture on the Honorary Council of Divisas) with foreign exchange and external obligathe Issue Department, shall be designated by the Chief tions, floated abroad and the service of which is Executive from among three candidates selected for payable abroad, that are in its exclusive ownership. each post by the trade associations representing these The holdings of foreign exchange and of external sections of the national economy, and in the following obligations, even though the service is payable abroad manner: the candidates representing commerce and in gold or in foreign currencies, shall not be considered Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
818 FEDERAL RESERVE BULLETIN DECEMBER 1935 as gold for the purpose of inclusion in the metallic CHAPTER III.—REVALUATION OF GOLD AND SILVER reserve or of obtaining notes. RESERVE ART. 14. The Issue Department shall also deliver ART. 19. The gold and silver reserve in possession of to the Bank of the Republic as much as ten million the Bank of the Republic shall be revalued on the (10,000,000) pesos in major notes to be used exclubasis of the average official exchange rate of the peso sively in the rediscount of bank documents of a maduring the twelve months preceding the passage of this turity of not more than ope hundred eighty days, law. excluding completely obligations of the Government or ART. 20. The proceeds of the revaluation shall inits agencies. The notes thus issued shall be called in clude the fair valuation of "metallic gold", or thirtyand delivered to the Issue Department as the redisseven million gold, excluding the amount authorized counted documents mature. by the Law of November 9, 1934 for use in the liquida- ART. 15. A period of six months is hereby fixed for tion of frozen credits, and that of the "silver" at the exchange of the notes issued or to be issued by the present in possession of the Bank of the Republic. Bank of the Republic, which period shall be reckoned Any surplus of metallic gold available to the Bank from the date on which the Issue Department places of the Republic in the "Foreign Exchange Fund" the new notes in circulation. Upon the expiration of shall be revalued upon delivery to the Issue Departthis period the notes issued by the Bank of the Rement (article 10, last paragraph). public shall cease to be legal tender and must be ART. 21. The Minister of Finance is authorized to exchanged at the Issue Department within one year. arrange with the Bank of the Republic the conditions At the expiration of this latter period, the Issue Departunder which the Government shall receive the increment shall notify the Bank of the Republic of the ment resulting from revaluation. amount of the notes not presented for conversion, the total of which shall be credited to a special reserve CHAPTER IV.—APPLICATION OF THE PROCEEDS OF fund in the Bank of the Republic set aside to provide REVALUATION for the exchange of the said notes immediately upon presentation. ART. 22. The profits from revaluation shalPbe This special reserve fund shall be used, in addition, applied to the purposes set forth in the following to cover the costs of new issues of notes required by the articles: Issue Department. I Until such time as the Issue Department issues new ACCOUNTS TO BE CANCELLED (WITH INTEREST CLOSED AS notes in accordance with the present law, there shall OF JULY 31, 1935) temporarily continue in circulation the notes of the To the Bank of the Republic: Bank of the Republic that on the date of the promul- 1. Credits granted to the Rural gation of this law are deemed valid and in circulation, Aid and Colonization Secand such other notes as may be issued to meet the t i o n (Secci6n Fomento necessities of a circulating medium within the limita- Rural) of the Mortgage Pesos tions for the issue of notes established by this law. Bank (accounts 1 and 2)_._ 1, 614, 061. 70 ART. 16. As of the effective date of this law, all silver 2. Credits granted to the Mortcoin of previous and current minting shall cease to be gage Bank (accounts 1 and legal tender, but these may be exchanged by the Issue 2) and Law of August 4, Department at their face value for a period of one year 1933, article 16 4, 708, 864. 69 thereafter. 3. Premiums on cattle (Ministry The Bank of the Republic is empowered to order the of Finance Account); Law minting, for the account of the Government, of fracof December 4, 1934 51, 643. 70 tional metal coins up to a total of five hundred thousand 4. Purchase of surplus wheat (500,000) pesos, subject to the approval of the Chief (crops of 1933-34 and Executive regarding the descriptions of the coin. 1934-35) 1, 463, 273. 55 5. Purchase of surplus wheat CHAPTER II.—INCREASE OP CAPITAL OF THE BANK OF (Seed. Law of November THE REPUBLIC 30, 1933) 207, 916. 66 6. Official Seed Distribution (3 ART. 17. There shall be applied toward increasing accounts) 436, 272. 14 the capital and surplus of the Bank of the Republic: 7. Credit to Old Age Pensions. , 402, 666. 67 (a) The bonds of external debt referred to in article 8. Credit to the Civil Retirement 49 of the present law. Office 222, 615. 11 (b) The balance of the account "Gold Redemption Fund" (Fondo de Rescate de Oro) opened in compli- 9, 107,314.22 ance with the provisions of article 5 of the Law of To the Autonomous Amortization January 20, 1932. Office: (c) The profits from the liquidation of the bonds of 9. Credit Mortgage Bank 1, 515, 291. 64 external public debt acquired by the Bank in accord- 10. Credit Civil Retirement Office. 520, 266. 66 ance with the provisions of the Law of January 20, 11. Credit to Old Age Pensions,, 791,643. 75 1932, and which in the statement of December 31, 1934, appear in the amount of pesos 6,093,425.60. 2, 827, 202. 05 ART. 18. The increase of capital beyond the amount To the Mortgage Bank: = = = =s of pesos 35,000,000, which constitutes the authorized 12. Cancellation Credit San Javier capital of the Bank of the Republic according to the Colony 50, 000. 00 Law of October 28, 1926, shall be assigned to "Surplus." 11,984,516.27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 819 II poses, in the preferential order of listing and under the administrative office and controller of the Ministries CASH ALLOTMENTS concerned. Mortgages: 1. The sum of one million (1,000,000) pesos for the Reduction to 4% rural mortgage Pesos renewal and improvement of the equipment of the interest 5,000,000. 00 Army and Navy. Special reserve for losses of Mort- 2. The sum of one hundred thousand (100,000) gage Bank 3, 000, 000. 00 pesos for the increase of the item "Reforestation", referred to in subparagraph r of article 30. 8, 000, 000. 00 3. The sum of thirty thousand (30,000) pesos for a permanent agricultural census (compiling of indexes Unemployment works: for the fiscal years 1936, 1937 and 1938). Public works authorized by pre- 4. The sum of thirty thousand (30,000) pesos for vious laws 9, 600, 000. 00 the encouragement of hog and poultry raising. Construction of rural housing 500, 000. 00 5. The sum of thirty-five thousand (35,000) pesos Unemployment relief 600, 000. 00 for the Research Laboratory of the Sanitary Live- Aid construction workers' dwell- stock Inspection Service (Policia Sanitaria de los ings, Montevideo 500, 000. 00 Animales) and five thousand (5,000) pesos for the Construction and alteration of Laboratory of the Sanitary Plant Control and the hotels 1, 200, 000. 00 Fumigation Chamber of the Office of Agronomy. Completion of Clinical Hospital 6. The sum of sixty thousand (60,000) pesos for and Completion of School of promoting the use and reducing the cost of fertilizers. Odontology 2,200,000.00 7. The sum of seventy thousand (70,000) pesos for Construction of rural police sta- organizing and promoting the export of fruit and farm tions 300, 000. 00 products (installation of a packing house, etc.). Construction of barracks _ 700, 000. 00 8. The sum of seventy thousand (70,000) pesos for indemnities to owners of milch cattle, for the condem- 15, 600, 000. 00 nation of tubercular animals, and to combat epizootics. 9. The sum of two hundred thousand (200,000) Education: pesos for the construction and improvement of depart- Rural and urban schools _ . 1, 700, 000. 00mental lyceums, under authorization of the Ministry Industrial Schools 300, 000. 00 of Public Instruction and Social Welfare. School for Seamen 150, 000. 00 10. The sum of three hundred thousand (300,000) Physical Education 100, 000. 00 pesos for the increase of the item of Public Instruction Orphanages 300, 000. 00 referred to in subparagraph c of article 30. Institute of Social Readjustment- 100, 000. 00 11. The sum of five hundred thousand (500,000) Agricultural and Ovine School. .. 100, 000. 00 pesos for the construction of tuberculosis hospitals. 12. The sum of four hundred fifty thousand (450,000) 2, 750, 000. 00 pesos for the construction of the building to house the Cattle premium fund 1, 948, 356. 30Historical Museum and National Library. Reforestation 100, 000. 00 13. The sum of fifty thousand (50,000) pesos to be Campaign against locust plague .. 450, 000. 00 used for the acquisition of works for the Libraries of Social welfare: the Schools and of the Secondary and Preparatory Stabilization of old-age pensions __ 3, 000, 000. 00Divisions. Contribution of the Government 14. The sum of three million (3,000,000) pesos for to the Civil Retirement Office. _ 3, 000, 000. 00 the Public Works fund, to be used for the continuation Indemnification to storm victims. 70, 000. 00 of railroad construction from Sarandf del Yi to the Paso de Pereira, across the Rfo Negro. 6, 070, 000. 00 15. The sum of six hundred thousand (600,000) Redemption of Bonds of Public pesos to enlarge the fund for construction of hotels, Health (Law 1933) 863, 800. 00referred to in subparagraph e of article 30 of this law. Expenses of registration of women ART. 39. The sum of one million five hundred for suffrage 300, 000. 00 thousand (1,500,000) pesos in bonds of the Consolidated Balance of profits from revaluation: Internal Debt of 1933, is to be used for highway con- Fund for the adjustment of acstruction north of the Rfo Negro. counts covering losses of in- ART. 40. The Chief Executive, in Council of Ministerest, etc 698, 766. 83 ters, shall prepare and submit to the Legislative Power plans for the utilization of the balance of the revalua- 36, 780, 923. 13 tion, referred to in the last subparagraph of article 20, SUMMARY after distribution of the appropriations provided for in Accounts canceled 11, 984, 516. 27 article 38. ART. 41. All the public construction provided for by Amounts allotted in cash 36, 780, 923. 13 this law, with the exception of military construction, Total proceeds of revaluation._ 48, 765, 439. 40 shall be conducted under the technical staff and controller of the Ministry of Public Works. The Chief (Articles 23 through 37, which deal largely with Executive shall give preference to those projects receivfurther details of handling the above allocations, are ing financial support from municipalities or districts. omitted.) ART. 42. The proceeds of revaluation shall be applied during the three years following the enactment of this ART. 38. The profits produced by the revaluation of law. the residue of metallic gold referred to in Article 20, last ART. 43. The Minister of Finance is empowered to. subparagraph, shall be applied to the following pur- formulate with the Board of Directors of the Bank of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
820 FEDERAL RESERVE BULLETIN DECEMBER 1935 the Republic and with the Honorary Administrative Conversion Loan of 1905, 5% Gold Bond Loan of Council of the Autonomous Amortization Office, plans 1914, and 5% Public Works Gold Loan of 1909. or agreements intended to guarantee that the applica- The service of this debt shall be met from general tion of the profits from revaluation shall not involve revenue, amortization of the same to begin when amorany increase in the fiduciary circulation. tization is resumed for other internal debts. ART. 44. The Bank of the Republic shall not grant ART. 48. The said bonds of the external debt shall be advances on security of bonds of any kind whatsoever exchanged for those of the new debt authorized by the released as a result of the present law, while such bonds oreceding article, and at the following rates: remain in the possession of the holding institutions. Consolidated Debt of Uruguay, at 85%. 5% Gold Conversion Loan of 1905, at 90% CHAPTER V.—FOREIGN EXCHANGE FUND 5% Public Works Gold Loan of 1909, at 90% 5% Gold Bond Loan of 1914, at 90%. ART. 45. The Exchange Fund established to regulate The coupons of the internal debt delivered in exthe international value of the peso and to provide exchange shall be exempt from the tax imposed by the change necessary for redemption of, amortization of, Law of September 26, 1933, and the Decree-Law of and payment of interest on the Amortizable Obligations May 4, 1934. of the 1st and 2nd series, shall be composed of: ART. 49. The bonds of the external debt that the (a) The balance of the available gold authorized by Chief Executive receives as a result of the exchange the Law of November 9, 1934, in the possession of the provided for in the preceding article shall become the Bank at the time of promulgation of the present law, property of the Bank of the Republic for its " Foreign (b) The foreign exchange owned by the Bank of the Exchange Fund." Republic; and Interest on these debts shall be paid in the appro- (c) The funds made available in the following priate foreign currency, such payments being exempt, articles: consequently, from the provisions established by ART. 46. The Chief Executive shall retire bonds of existing regulations for their payment in domestic the 6H% Public Works Debt of 1932, 1st series, 2nd currency. series or extensions (Laws of March 11, 1932 and Jan- ART. 50. All provisions in conflict with the present uary 5 and September 12, 1933), for pesos 13,000,000 law are annulled. and bonds of the Consolidated Internal Debt of 1933 ART. 51. Let it be communicated, etc. (article 148 of the Law of January 5, 1933) for pesos Hall of Sessions of the Chamber of Representatives, 9,500,000, pledged at the present time as collateral for in Montevideo, August 14, 1935. obligations not yet cancelled, in accordance with the provisions of this law and that of November 9, 1934; JULIO CESAR ESTOL, President, plus pesos 5,000,000 of the Loan for Rural Aid and GILBERTO ECHEVERRY, Secretary, Colonization, authorized by the Law of June 20, 1933; MINISTRY OF FINANCE, total, pesos 27,500,000. Montevideo, August 14 1935, t ART. 47. The Chief Executive is authorized to issue Let it be observed, acknowledged, communicated, up to pesos 20,000,000, face value, of Internal Debt of published, and inserted in the National Register of 6% annual interest and 1% annual accumulative am- Laws and Decrees. ortization, which shall be offered in exchange to res- TERRA idents in the country holding the following external CESAR CHARLONE. debts: Consolidated Debt of Uruguay 3#%, 5% Gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 821 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS lln millions of dollars. $1=15H i grains of gold <Ko fine, i. e., iin ounce of fine gok=$351 Europe Total End of month (50 coun- U S n ta i t t e e s d 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—September. 21,528 7,978 131 11,787 45 626 19 111 60 1,581 5s 455 30 October.. _ 21,584 8,002 132 11,813 45 609 19 112 60 1,582 5,468 33 November. 21,646 8,132 133 11,730 45 589 19 112 60 1,583 5,443 32 Docembor. 21,771 8,238 134 11, 751 45 590 19 112 60 1,584 5,445 32 1935—January... 21,879 8,391 132 11,697 45 599 19 112 60 1,586 5,438 32 February. 22,022 8,527 135 11, 679 45 596 19 112 60 ,586 5,439 32 March 22, 099 8,567 190 11,633 45 532 19 112 60 ,586 5,479 33 April 21,861 8, 710 187 11, 279 45 518 19 112 60 ,587 5,366 33 May 21,473 8,858 189 10, 714 45 605 19 112 60 ,587 4,759 33 June 21,678 9,116 188 10. 670 45 11 19 113 60 ,588 4,708 35 July c 21,675 9,144 188 10| 636 45 19 113 60 ,588 4,726 38 August 21,759 9,203 193 10, 664 45 612 19 113 54 ,593 4,756 38 September. P21,923 9,368 186 10, 678 45 604 19 113 54 ,595 4,770 38 October ',310 9,693 186 v 10, 714 45 609 19 113 54 ,604 4,773 33 November- *9,920 v 615 P 1,628 V4,388 '36 Europe—Continued End of month Greece JBLungary 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 it n z d er- U. S S. Y sl u av g i o a - 6 c t o o ri u t e h n s e - r 1934—September. 36 23 554 588 61 94 67 103 740 170 591 716 54 61 October. _. 37 23 541 601 61 94 67 103 740 163 621 716 54 61 November. 40 23 520 582 61 95 67 103 740 160 624 716 54 61 December. 40 23 518 573 61 96 68 104 740 159 624 744 53 60 1935—January... 39 23 i>19 555 61 96 68 104 740 159 600 744 37 59 February. 39 23 519 552 61 96 68 105 740 159 586 744 38 58 March 38 23 i)19 553 61 96 68 106 741 160 560 748 36 59 April- 37 23 519 439 61 97 68 106 741 160 446 748 38 56 May. . 37 23 519 440 66 97 68 106 741 161 390 748 40 57 June 36 23 4198 427 75 97 68 107 741 161 391 748 40 57 July. . 36 23 i168 380 75 97 68 107 741 162 421 748 40 57 August 35 23 LH9 402 84 97 68 108 741 162 446 748 ' 40 59 September- 36 23 IJ79 365 84 89 68 108 734 165 448 i339 40 62 October... 36 23 1 {551 401 84 86 68 108 734 174 453 *39 41 v 62 November. [551 *427 i 455 339 Latin America Asia and Oceania Africa End of month T co ( o 1 u t 0 n al - g A e r n - - Chile l C om o- - M ic e o x- Peru g U u r a u y - c o o th u 4 e n r - T co o ( u 7 t n al - India Japan Java N l Z a e e n a w d - T k u ey r- c o o th u 2 e n r - c T o o ( u 4 t n al - Egypt A So fr u ic th a c o o th u 2 e n r tries) tina bia tries tries) tries tries) tries 1934—Sept... 602 403 28 24 28 19 82 17 803 275 388 77 36 22 6 226 55 155 17 Oct 597 403 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 19 796 275 392 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 21 800 275 395 78 25 22 5 267 55 196 17 Feb.... 593 403 29 14 23 19 81 22 804 275 397 80 25 22 5 285 55 214 17 Mar... 596 403 29 14 26 19 82 23 805 275 398 80 25 22 5 308 55 236 17 Apr 597 403 29 14 3 26 20 82 23 801 275 400 76 23 22 5 286 55 214 17 May... 616 420 29 14 26 20 82 25 800 275 403 71 23 23 5 295 55 223 17 June..- 611 420 29 14 26 20 76 26 802 275 407 68 23 23 6 291 55 220 17 July... 609 420 29 14 26 20 74 26 797 275 410 fil 23 23 5 301 55 230 17 Aug.... 611 420 29 14 26 20 74 27 798 275 413 58 23 23 5 290 55 219 17 Sept-._ i613 420 29 14 26 20 74 V28 797 275 416 55 23 23 6 284 55 212 17 Oct t'633 441 J>29 26 ,20 P74 p28 t 800 275 418 55 23 23 5 *284 p55 212 17 p Preliminary. c Corrected. 1 Bank of Italy suspended publication of its statement after Oct. 20, 1935. Figure as of that date is given for October 1935 and carried forward for subsequent months. 2 Figures for June 1934, December 1934, March 1935, or September 1935, carried forward for subsequent months for which no figures have been reported. 3 Figure for March 1935 carried forward for subsequent months for which no figures have been reported. NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria and Belgian Congo. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372; December 1934, p. 801; and No vember 1935, p. 758. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
822 FEDERAL RESERVE BULLETIN DECEMBER 1935 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year or month world 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 n i g a o n Canada U S n ta i t t e e s d Mexico Co b l i o a m- Chile Au l s ia tra- Japan India $1=£5${Q grains of gold Ma fine; i. e.t an ounce of fine gold=$20.67 1929 404,969 359,347 215,242 11,607 4,297 2,390 39,862 45,835 13,463 2,823 683 8,712 6,927 7,508 1930 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 1931 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 499,241 421,656 238,931 12,000 5,992 3,642 62,933 50,626 12,070 5,132 788 14,563 8,198 6,782 1933 522,655 420,093 227,673 13,335 6,623 3,631 60,968 52,842 13,169 6,165 3,009 16,790 8,968 6,919 $l=155Ai grains of gold Ho fine; i. e., an ounce of fine gold=$35 1933 884,737 711,260 385,474 22,578 11,214 6,148 103,224 89,467 22,297 10,438 5,094 28,428 15,183 11,715 1934 942,106 722,970 366,795 24,264 12,153 6.549 104,023 107,632 23,135 12,045 8,350 30,447 16,354 11,223 September- 78,787 60,514 29,951 2,061 1,072 544 8,567 10,404 1,396 940 525~ 2,625 1,495 932 October... 82,021 63,747 30,994 2,054 1,117 582 9,300 10,824 2,166 1,143 731 2,453 1,438 944 November, 79,060 60,786 30,633 1,932 1,080 8,771 8,759 2,006 831 1,227 2,650 1,377 929 December.. 80,470 62,196 30,356 2,031 1,135 534 9,168 10,124 2,093 681 2,722 1,435 995 1935—January... 82,026 60,252 31,202 2,024 1,075 8,353 8,610 2,410 2,374 1,463 946 February.. 77,499 55,725 28,717 1,920 1,097 657 8,027 7,700 2,280 991 708 1,439 1,386 903 March 82,419 60,645 31,015 2,009 1,078 587 8,732 9,415 1,836 925 1,005 1,468 1,619 955 April 82,014 60,240 30,301 2,052 1,106 594 8,599 8,785 1,750 1,015 895 2,637 1,568 938 May 84,918 63,145 32,072 2,177 1,162 627 9,423 9,835 1,048 945 651 2,633 ,717 954 June 84,988 63,215 31,089 2,101 1,095 588 10,002 9,800 1,166 857 1,113 2,623 ,844 937 July ' 89,005 ' 67,231 32,458 2,150 1,095 615 9,988 12,005 » 2,170 1,001 '546 2,635 ,610 958 August ' 89,154 '67,380 32,667 2,155 1,152 631 10,303 10,815 '2,520 1,125 537 2,844 ,669 961 September. "89,833 '68,059 31,472 2,009 '1,400 590 9,813 12,320 '3,290 978 '537 2,939 ,750 »961 October ' 91,807 '70,033 32,596 '2,100 ' 1,400 '590 ' 10,675 12,915 '2,660 '537 '2,939 L, 680 '961 ' Preliminary. * Revised. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737, March 1935, p. 170, and October 1935, p. 668. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1934, p. 104. Figures for Canada beginning January 1935 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars] United State Total Net imports from or net exports (-) to: Year or month net imports e o x r p n or e t t s England France 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 I r n i d ti i s a h C H a h o n i n d n g a c o o A th u l e n l r - Kong tries Customs valuations; with some exceptions at rate of $20.67 a fine ounce 1932— -446,21311 53,5851--441,6491 —82,5711 -96,5861-118,2731 64,5741 20,0871 3,2401 26,5971 39,0431 85,737 1933... -173,455j| 6,375|--216,035| — 895| 7,90l| -ll,63l| 19,896| 4,280| 98| 25,629| 12,8211 -21,898 Customs valuations; with some exceptions at rate of $35 a fine ounce 1934^ 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 76,820 16,452 28,935 August 37,225 -5,238 -1,943 212 8,200 515 2,484 5,489 672 3,960 September. -18,670 -17,748 -2,094 -500 539 399 -8 513 1,180 October.. __ 10,837 26 3,775 3,265 3,112 50 1,729 November. 120,889 70,351 12,814 9,906 -254 9,609 880 1 11,300 700 1,896 December.. 92,109 22,430 17,790 8,077 6,076 2,111 12,574 529 2,874 1935—January 149,392 14,592 12,812 12,091 4,991 2,101 10,616 1,528 5,083 February.... 122,772 45,766 1,466 339 6,346 729 2,112 622 359 2,711 March 13,003 56 4,449 833 1,407 2,139 334 3,972 April 148,608 32,510 94,890 10,968 923 2 2,924 313 4,596 May , 140,061 124,052 3,885 3,053 948 1,752 167 507 3,962 June. 230,373 194,298 22,061 8,734 679 448 3,215 July 16,229 975 5,770 722 1,750 28 438 6,515 August 45,983 40 28,277 5,398 753 6,671 1,127 3,711 September... 156,719 40,423 37,811 15,069 699 1 19,821 640 6,141 October 315,347 156,977 17,605 629 762 1,746 12,359 1,125 4,817 November—. 210,567 180,140 2,676 5,865 880 8,913 1,007 3,956 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximate rate of $20.67 a fine ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 823 GOLD MOVEMENTS—Continued England 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 e m l- N l e a t n h d e s r- A So m u e t r h - Canada B In ri d ti i s a h S S m e tr e t a t n l i e t t s s - Au li s a tra- A d W R e fr h s e i i c o s a a - t , , t c o r o A t ie h u s l e n l * r - Africa Official figures converted at rate of $20.67 an ounce 1932 84,58511-50,6421-297,0501 3331—13,4341—71,3781 5,7461 1 220,3941 10,7811 20,3641255,3101 4,260 1933 677,405| | 7,939| 97,016} 41,0361 -808| -7,065| 9,6io| 43,374| 118,817| 8,682| 60,812| 256,177| 41,811 Official figures converted at rate of $85 an ounce 1934 716,269 -497,166 348,190 121,017-13,585 32,575 17,568 26,316 206,711 41,790 335,253 92,737 August 26,005 -15,420 -6,797 45 -6,034 -5 1,749 25,146 4,673 22,371 211 September 23,488 6,251 -8,188 2,890 -2,157 -203 2,052 7,266 962 151 3,507 11,315 -358 October 49,999 950 -339 105-1,291 482 655 4,992 245 24,420 11,672 November 49,585 -17,284 27,026 152-5,198 -550 670 18,791 190 2,686 18,495 2,910 December. 27,215 -22,489 1,769 69 -1,087 310 241 17,882 128 4,126 23,469 2,797 1935—'January -4,279 -79,628 4,270 36 8,780 24,046 12 4,066 37,231 -3,124 February. -74,127 -17,739 28 -951 2,145 2,057 3,067 18,669 11,105 March 66,557 66 26,612 53 -1,992 51 1,195 2,970 15,457 2,685 12,661 April -20,533 -33,348 266-1,013 33,237 152 424 16,249 693 1,920 17,658 20,823 May 146,289 -3,247 69,128 209-1,962 5,780 410 2,696 2,962 484 2,838 55,847 11,143 June 118,067 -18,547 86,926 -943 -11,601 -593 292 3,570 7,159 429 1,969 42,473 6,933 July 16,289 -1,141 -5,719 -4,416 118 -11,888 261 2,831 5,663 405 5,375 33,532 -8,731 August 39,016 -12,871 -5,697 -26 82 1,642 287 449 26,102 420 4,148 35, 512-11,032 September -36,086 -81,032 -5,663 23 2 -36 322 25,301 70 3,662 29,949 -3,683 October -36,158 -87,929 -2,739 68 217 -1,136 2,535 28 11,900 134 3,414 44,995 -7,644 November 16,698 -32,826 25,097 46 -20,048 1,648 12,333 55 2,820 32,177 -4,964 France Germany Net imports from or net exports (-) to: Net imports from or net exports (-) to: Total Total Year or month net net i 7 m or p ? n or e t t 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 t r h u ie l e n l s r - im or p n o e rt t s l E a n nd g- France N la e e n r t d - h s - S U . .S R . . c o t o A r th i u e l e n l s r - Official figures converted at rate of $20.67 an ounce 1932 828,1781 468,0521 309,9841 37,8891 -35,0101 37,5471-17,6681 27,382! -27,28211 —2501--38,1701-24,455! 46,6561-11,063 1933 243,944| 223,894J -87,207| 73,00l| -28,979| 44,69l| 10,49l| 8,053|-102,856|| -37,044|•-64,922J-40,950| 40,3171 -260 Official figures converted at rate of $85 an ounce 1934 r-407,1241 240,361 '-352,084 31,036 -17,669 74,995 '23,831 73,130 -90,920 -109,3 -42,907 -28,114 85,390 4,097 August -7,290 '3,006 145 -122 '-9,058 1,163 5,327 -2, 604 -52 7,828 153 September- -3 -44 10-15,492 61 52 274 October 26,296 3,706 -464 139 -6,972 7,873 4 1,908 5,760 257 November.. -64,337 -17,936 -2,633 -786 1,786 l 18,251 2,954 -167 7 238 313 2,562 December — -19,918 -8,738 -3,114 -232 4,220 1 65,517 1,206 -85 -1 -99 1,162 227 1935—January 7,796 -15,376 -2,931 115 -994 -96 1,231 125,849 287 67 4 84 144 -10 February. __ -32,479 -50,314 8,670 1 -2,497 249 11,975 -565 295 -49 5 75 263 March 19,118 648 14,676 3 -3,851 -201 7,989 -147 112 -19 6 -107 232 April '99,395 -28,566 38,332 -474 -26, 395 3,907 111, 292 '1,297 735 -50 745 87 44 -91 May -195,876 -77,803 '-53,283 -594 -109,195 -885 44,621 1,263 6,666 -206 418 237 6,100 117 June -393,551 -223,070 -110,834 -190 -56,265 -1,101 -3,431 1,341 2,876 1,057 271 1,014 530 July -12,206 414 -13,150 -1 -45 -650 1,295 -70 9,525 4,483 4 697 4,341 August 50,770 14 4,905-1,990 -1,148 25,759 -3,418 126,646 4,769 30 -1 345 4,395 September >. 26,482 -23,688 8,811 —700 27,224 -132 236 114,731 4,355 -41 59 479 3,858 October »._._ -157,172 -72 -9,178 4,697 5,221 -1,172 189,082 10,517 -49 177 2,177 8,261 ' Revised. * Preliminary. i $19,218,000 imported by France from Italy in November, $65,437,000 in December 1934; $25,755,000 in January, $27,417,000 in August, $5,561,000 in September, $89,393,000 in October 1935; and $9,481,000 imported from South Africa in September 1935. « Figures for France preliminary. NOTE.—Great 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 gold movements by individual countries, beginning with June 1935, are subject to official revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
824 FEDERAL RESERVE BULLETIN DECEMBER 1935 GOLD MOVEMENTS—Continued Netherlands Year or month Total net Net imports from or net exports (-) to: imports or net exports 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 $20.67 an ounce 1932. 116,149 I 50,070 I -34,009 I -12,727 | -13, 630 I -16,137 16,423 I -7,346 1933. -67,510 I -3,839 | -1,624 I -72,183 | 40,818 | -17,873 | -6,030 | -16,974 9,632 I 567 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 August- -194 -23 -42 174 --• 27• 8= -2,546 168 1 September. 498 -327 7 34 -2 -44 -1,016 393 130 October -637 166 -1,864 -178 -65 -4 70 126 November. 645 830 -6 -587 -65 -106 56 154 December. -312 62 78 -95 -34 -25 165 1935—January.. -15,605 -3, 221 110 -161 -30 27 476 171 February.. -2,495 -352 64 77 -159 -8 -197 171 March . 37 -1,299 617 -93 1,066 -3 -136 181 ApriL. -97, 632 -20,890 -20,966 -210 20,081 -41 -862 26 May. -2,810 -1,562 111 162 -289 -1,084 71 156 June. -19,259 1,375 667 -862 3,379 -107 113 -103 July.. -29, 215 15,702 -21,909 -462 9, 5G3 51 -8 58 118 Auguss.. -152 -9,436 -86 2,900 -253 -23 2,356 180 September. 40,868 2,861 249 -160 133 -317 9 772 33 October •10,373 514 -1,339 -2, 046 275 -204 -114 140 Switzerland British India Net imports from or net Total Net imports from or net exports (-) to: Total exports (-) to: Gold Change in— Year or month net net proimports imports duce 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 el m - 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 t r h i u e l e n l s r - * In ti i d o n i n a s In e R r d i v n e ia - e * s P I in h n r g i o d v s l i d a a i - t « n e Official figures converted at rate of $20.67 an ounce 1932. 169, 786! I124,3541 15,3421 7, 4181 -581 -2,954! 14,996110,688|-195,662||-38,094|-151,059J -6,50816,782! 1271-189,008 1933.. -41,12111 10,983|-24,536| -26,7811 735|-15,330| 13,168| 635| -126,048||-30,340| -85,463|-10,244| 6,9161 -5|-119,124 Official figures converted at rate of $35 an ounce 1934. -46,065| -12,784 -45,955 -29,235 18,397 19,431 2,580 1,500-230,720 -70,765-155,929 -4,026 11,222 173 -219,671 August.. _ 26,569 2 4,007 -983 -2,450 938 -2,628 September 21,532 2,367 -2,643 932 -1,602 October. _ 12,853 -195 -1,650 -12,901 944 -13,491 November 12,397 "291 -771 -2,229 -18,617 929 -19,771 December -1,950 -417 -3, 201 -20,216 995 -3 -22,257 1935—January.. -4,125 -17 -216 -16,334 -1,667 -14,874 946 -2 -15,386 February -15,025 -51 -2,108 -17,746 -2,406 -14,133 903 -16,844 March... -17,830 5 -18,439 -18,225 955 -5 -17,479 April -139,633 324-31, 619 -3,675 -3,831 938 -2,737 May -63, 229 -17,878 -6,604 -6,558 954 -5, 650 June -5,640 49 549 -3,824 -4,078 937 -2,887 July 1,417 3 1,610 -22,383 10 -21,575 958 -21,425 August 9,328 64 -38 -25,464 -6,309 -18,922 961 -24,503 September 5,845 107 3,017 -11,400 -2, 648 -9,117 p-10,439 October... 1,367 163 1,085 p-11,174 *-10, 213 p Preliminary. i Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred. J Figures derived from preceding columns; net imports plus production minus increase in reserves in India. NOTE.—Netherlands and Switzerland.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
825 DECEMBER 1935 FEDERAL RESERVE BULLETIN 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 - i C C o a in sh rese N rv o e t s es D a v i n s a d c n o c a u e d n s - ts Se ti c e u s ri- cir ti c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e li r - 1934—Sept. 26- 191.9 74.9 7.2 92.2 377.0 82.0 37.9 36.8 18.3 Oct. 31.- 192.0 73.6 8.9 91.6 378.4 100.4 16.9 39.8 17.7 Nov. 28-. 192.1 72.4 9.2 90.6 379.7 89.1 27.7 38.1 17.8 Dec. 20.. 192.3 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 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 July 31... 192.8 44.5 10.8 100.7 408.3 75.7 24.4 38.5 18.1 Aug. 28.. 193.4 53.8 12.9 93.5 399.6 96.9 9.4 36.5 18.2 Sept. 25- 193.6 55.4 12.4 95.4 398.2 87.2 19.5 39. 0 18.3 Oct. 30... 194.7 54.8 11.2 98.2 399.9 82.5 26.2 38.6 17.7 Nov. 27_. 197.6 56.3 9.5 98.4 401.3 90.9 19.7 36.5 17.8 Assets Liabilities Bank of France Loans on— Deposits (Figures in millions of francs) Gold e F x o ch re a i n g g n e Do b m il e ls stic Sh G o o r v t- e t r e n r - m Other N b e l g e o s t e ia - - a O s t s h e e ts r ci N rc T u o l t a e - Govern- l O ia t b h i e li r ment se- securi- curities tion ment Other ties curities ties 1934—Sept. 28. 82, 281 962 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 5,898 8,264 79, 467 5,287 17, 966 1,942 Nov. 30.. 82, 097 960 3,068 3,228 5,898 81, 879 4,829 15, 522 1,869 Dec. 28- 82,124 963 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 3,998 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 2,008 June 28- 71,017 1, 210 8,021 735 3,277 5,805 7,999 82,099 2,983 10,969 2,013 July 26-_ 71, 277 1,240 7,301 692 3,171 5, 805 8,077 81,128 3,241 « 11,090 2,105 Aug. 30- 71, 742 1,236 7,575 543 3,103 5,800 8,212 82, 240 3,244 10, 666 2,062 Sept. 27. 71, 952 1,232 8,060 192 3,098 5,800 8,023 82, 399 3,051 10,848 2,060 Oct. 30... 71,990 1,262 8,373 371 3,141 5,800 7,939 83,306 2,862 10.647 2,059 Nov. 2S v 66,190 1,385 11,004 1,090 3,267 5,800 (2) 82,447 2,825 9,362 () Assets Liabilities Reichsbank Reserves Other Note Other (Figures in millions of reichsrnarks) Gold e F x o ch re a i n g g n e Tre b a il s l u s ry ch ( b e a i c n ll k d s s) Se lo c a u n ri s ty E a l c s i o g n v i o e b t r l e e Other O as t s h e e t r s ci t r i c o u n la- Deposits li t ab i i e l s i- 1934—Sept. 29 3,811 148 431 324 806 3,919 848 851 Oct. 31 3,726 91 435 316 890 3,823 856 868 Nov. 30 3,848 119 436 316 881 3,810 961 920 Dec. 31 4,021 146 445 319 827 3,901 934 1,001 1935—Jan. 31. 3,620 81 441 319 837 3,660 822 900 Feb. 28 3,656 188 437 328 697 3,617 928 Mar. 30. 3,799 66 427 330 701 3,664 922 Apr. 30 3,861 87 373 328 739 3,711 952 837 May 31. 3,732 86 338 324 775 3,810 770 824 June 29. 3,879 89 337 324 781 3,895 819 838 July 31 3,833 52 337 324 814 3,878 743 845 Aug. 31 4,000 54 340 324 781 4,032 743 860 Sept. 30 4,144 73 346 324 770 4,143 774 879 Oct. 31. 4,058 66 345 316 868 4,159 728 911 Nov. 30 4,096 78 346 315 922 4,186 913 p Preliminary. «Corrected. 1 In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. 2 Figures not yet available. NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, and July, 1935, p. 463. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
826 FEDERAL RESERVE BULLETIN DECEMBER 1935 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank Octo- Sep- Au- Octo- Octo- Sep- Au- October tember gust ber ber tember gust ber National Bank of Albania (thou- Bank of Canada* (thousands of Casands of francs): nadian dollars): Gold. 7,557 7,557 7,121 Gold 181,493 181,372 180,321 Foreign exchange 19,781 19,949 22,768 Sterling exchange 245 218 1,693 Loans and discounts 2,803 2,682 2,781 United States exchange 3,285 2,453 7,255 Other assets 5,447 5,462 3,082 Advances to Government 15, 725 2,759 1,247 Note circulation 13,757 13,925 11,212 Government securities: Demand deposits 10,841 10,821 13, 623 2 years or less 25,904 24,732 26,218 Other liabilities 10,988 10,905 10,916 Over 2 years 80,887 79,466 80,293 Central Bank of the Argentine Other assets 4,315 5,150 4,830 Republic * (millions of pesos): Note circulation 96,058 85,067 80,022 Gold at home 1,224 1,224 1,224 Total deposits.. 209,601 205,172 216,220 Gold abroad and foreign ex- Chartered banks 190,854 183,829 192,355 change 142 111 109 Government 18, 255 20,705 23,272 Negotiable Government bonds.. 217 160 150 Other liabilities 6,195 5,912 5,615 Other assets 149 148 145 Central Bank of Chile (millions of Note circulation 939 932 920 pesos): Deposits: Gold and foreign exchange in re- Member bank 216 241 213 142 142 144 Government 199 146 165 Loans and discounts 79 83 62 Liquidation Institute 174 174 174 Government debt 710 710 717 Other 162 110 121 Note circulation 526 518 492 Other liabilities 42 42 37 Deposits 350 347 359 Commonwealth Bank of Australia Central Bank of China « (millions of (thousands of pounds): yuan): Issue G o d l e d p a a n rt d m E e n n g t: lish sterling... 15,994 15,994 15,994 15,708 S G i o lv ld er 12 1 9 7 12 1 0 3 1 3 2 2 0 Securities 34,634 34,634 34,634 29,625 Due from banks abroad 7 5 18 Banking department: Due from domestic banks 34 38 44 Coin, bullion, and cash 843 856 874 800 Loans and discounts 201 178 178 London balances 17,318 15,591 17,302 21,217 Securities 175 180 18 Loans and discounts 14,953 16,379 13,407 17,072 Other assets 45 43 43 Securities 35,755 36,163 35,735 Note circulation 119 111 84 Note D c e i p rc o u si l t a s tion 4 6 7 9 , , 0 5 4 9 5 5 4 6 7 9 , , 0 0 4 4 5 2 4 6 7 8 , , 0 3 4 0 5 9 4 7 7 8 , , 5 3 5 4 0 7 Deposits— B G a o n v k ernment 2 8 4 4 5 2 8 3 0 4 2 4 3 2 7 Austrian National Bank (millions of Other 37 18 10 N s a c ti D h N D G G F o i o o e n o o o ll r p m l a v t i e d e n l o e i e g g s r B c s n i n s i t t a r ) m s i : c n c b u k e i b l l n l a o i s t l t f l i d s o B e n e b l t g s ium (millions 2 9 2 6 2 1 3 6 4 2 5 3 0 3 2 4 4 7 2 6 9 2 2 1 5 2 3 4 7 3 3 4 0 2 4 9 6 9 2 2 2 1 6 2 3 4 4 1 3 4 1 2 4 9 2 6 9 2 1 2 5 5 4 4 8 4 4 0 3 2 0 Ba ( n th k N G F L O o o o o o t o u h r a l t f e d s e e n i a r s g t a c n h n l t i t d i e o r a h s c e b m u R o x o i l c m l f e e a i h p p t m t e a i i u e e o n b a s b s n g n e o l e r d i s c ) • b : a o a b f n r o k C s a o d l » ombia 2 3 3 5 3 8 , , , , 3 1 6 2 5 6 2 1 7 0 2 8 8 2 2 2 3 6 4 3 7 , , , , 1 2 4 7 8 3 2 0 8 9 3 4 3 1 4 1 3 2 4 7 6 , , , , 3 5 4 6 0 8 4 9 6 3 7 8 ofbelgas): Deposits 29,453 29,919 26,852 Gold* 3,449 3,419 3,464 2,588 National Bank of Czechoslovakia Domestic and foreign bills a 1,363 1,350 1,373 619 (millions of koruny): Loans to State 162 162 162 344 Gold 2,691 2,692 2,675 Note circulation 4,207 4,140 4,115 3,563 Foreign balances and currency.. 105 104 199 154 Deposits 994 1,084 187 Loans and advances._ 1,292 1,165 1,015 1,409 Central Bank of Bolivia (thousands Note circulation 5,715 5,730 5,524 5,461 of bolivianos): Deposits 477 412 655 Gold at home and abroad 15,102 9,337 Danish National Bank (millions of Foreign exchange 7,746 9,028 kroner): Loans and discounts 10,585 28,959 Gold 118 118 118 133 Secu N O ri a t t h t i i e e o s r n : al Government 36 3 1 , , 2 4 7 7 1 3 20 3 9 , , 8 6 4 0 8 3 N L Fo o o r a t e e n i s g c n i a r n c b d u i l l l d a s t i , i s o e c n t o c unts 38 7 1 7 5 4 36 7 1 8 5 3 3 7 7 1 5 5 5 38 6 7 4 9 Note circulation 140,719 76,040 Deposits 46 71 119 Deposits 209,229 137,927 Bank of Danzig (thousands of Ban C k a o s f h Brazil (millions of milreis): 223 211 206 313 gulden): Correspondents abroad 280 256 250 247 Gold« 17,120 17,043 16,972 25,987 Loans and discounts., 3,146 3,152 3,152 2,606 Foreign exchange of the reserve*. 6,130 6,618 8,073 2,150 Note circulation 20 20 20 20 Other foreign exchange 8,007 4,116 2,493 M54 Deposits 3,129 3,070 2,941 Loans and discounts 21,700 20,175 21,858 18,892 National Bank of Bulgaria (millions Note circulation 29,638 30,635 29,896 39,147 of leva): Deposits 2,412 1,235 3,506 3,150 Gold 1,583 1,583 1,583 1,547 Central Bank of Ecuador (thousands Net foreign exchange in reserve. -126 -80 -89 -68 of sucres): Total foreign exchange 246 192 178 178 Gold at home and abroad 16,174 15,168 15,707 Loans and discounts 1,360 1,194 991 1,107 Foreign exchange. _ 8,999 9,764 12,604 Government obligations 2,671 2,671 2,698 2,755 Loans and discounts 59,086 58,599 49,886 Note circulation 2,413 2,408 2,266 2,633 Note circulation 45,641 43,924 45,971 Other sight liabilities 1,916 1,911 1,939 1,750 Deposits 20,846 21,584 30,000 *Bank commenced operations May 31,1935. * By law of Mar. 30,1935, gold and foreign-exchange holdings as of Mar. 29 revalued on basis of 75 percent of former gold parity of belga (see BULLETIN for May 1935, p. 291). 1 Bank commenced operations Mar. 11,1935. * Items for issue and banking departments consolidated. 1 Beginning Apr. 6,1935, gold and foreign exchange valued on basis of peso price of gold in New York. * Parity of gulden reduced May 2,193S, from $0.3296 to $0.1899. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 827 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank Octo- ep- Au- Octo- Octo- Sep- Au- October tember gust ber ber tember gust ber National Bank of Egypt i (thousands Bank of Italy (millions of lire): of pounds): Gold at home 13,936 4,251 4,704 6,071 Gold 6,545 6,545 6,545 Credits and balances abroad 379 392 438 h 28 Foreign exchange 2,006 1,974 2,669 Loans and discounts 7,827 7,566 6,140 5,095 Loans and discounts 4,382 3,455 5,403 Note circulation 15,278 15,273 14,095 13,251 British, Egyptian, and other Public deposits 300 300 300 300 Government securities 36,106 33,930 32,953 Other deposits 997 1,083 872 Other assets 3,751 3,623 3,934 Bank of Japan (millions of yen): Note circulation 21,406 17,134 20,957 Gold 495 492 490 462 Deposits—Government 5,868 6,540 6,027 Advances and discounts 856 877 704 764 Other 17,198 17,518 16,005 Government bonds. _ 452 342 422 358 Other liabilities 8,319 8,335 8,516 Notes issued 1,295 1,301 1,296 1,204 Central Reserve Bank of El Salva- Total deposits 481 458 296 dor (thousands of colones): Bank of Java (millions of florins): Gold 12,433 12,398 11,919 Gold 85 113 Foreign exchange 1,314 1,650 775 Foreign bills 2 1 Loans and discounts 814 644 164 Loans and discounts 69 64 Government securities 7,100 7,112 8,226 Note circulation 165 183 Other assets 1,059 1,269 1,319 Deposits. _ 19 31 Note circulation.. 13,089 13,215 15,375 Bank of Latvia (millions of lats): Other sight liabilities 6,037 6,250 3,613 Gold 46 46 46 46 Other liabilities 3,594 3,608 3,415 Foreign-exchange reserve 6 5 4 4 Bank of Estonia (thousands of Bills... 52 52 55 62 krooni): Loans 54 52 59 70 Gold 34,191 34,186 32,827 27, 781 Note circulation 37 36 33 34 Net foreign exchange 710 1,053 2,525 3,891 Government deposits 28 29 37 45 Loans and discounts 11,433 10,707 10,403 14,147 Other deposits 112 110 112 119 Note circulation 40,124 38,138 37,318 36,222 Bank of Lithuania (millions of litu): Deposits—Government— 13,818 13,660 12,802 5,663 Gold. 35 34 37 53 Bank 6,451 7,887 8,445 7,249 Foreign exchange « 19 15 12 8 Other 1,946 1,917 1,937 2,323 Loans and discounts « 89 89 88 86 Ba k n k k a a o ): f Finland (millions of mar- N D o ep te o s c i i t r s culation. 1 3 0 9 4 9 4 6 2 9 4 3 1 8 5 6 9 Gold 462 461 401 323 Ne in t s h ) e : rlands Bank (millions of flor- B N F D O o a o o t c h r l t m r a e e e e n i r e d g c c s n s i i e t t r i i s s g c c b . u h i b l t l a l a i s b l l t i l i r a s o o b n a i d li tie a s nd foreign 1 1 , , 6 6 2 3 5 7 8 8 0 9 6 7 1 2 5 6 8 3 5 3 0 5 1 1 , , 6 6 3 2 9 0 1 6 4 7 2 2 5 7 1 1 , , 3 6 2 1 1 8 4 9 6 8 5 0 4 2 7 Rese L N D F G r o o e o v o r a p e t l e e d n o i s s g c B i n i a t r s a n c b n d u i k l l d l a s i t s i o o c f n ou N nt e s w Zealand 1 7 5 8 9 1 5 9 2 8 5 2 4 1 3 7 2 9 6 8 5 7 1 4 9 9 8 0 0 5 1 3 2 1 0 7 1 1 8 Bank of Greece (millions of drach- (thousands of pounds): mas): Gold 2,802 2,802 2,802 3,202 L G G o o o a l v d n e s r a n a n m n d d e f n o d t r i e s o i c g b o n l u ig e n a x ts t c i h o a n n s ge 3 4 3 , , , 1 6 28 5 6 1 3 1 3 3 3 , , , 2 6 9 8 2 3 1 1 8 3 3 3 , , , 5 2 2 5 8 9 1 1 8 4 2 3 , , , 0 0 3 1 8 5 1 6 3 N S O t o t e h t r e e l i r n c a g ir s c s e u e x l t c s a h ti a o n n ge 1 8 1 6 , , , 9 7 8 5 8 3 1 9 1 1 2 8 9 , , , 3 8 6 6 9 8 3 4 9 2 2 0 , , 3 8 4 14 8 2 8 3 1 , , , 6 8 2 8 7 2 9 2 8 N L O a o t b h te i e l r i c t s i i r i e g c s u h i l t n a l t i f i a o o b r n e il ig it n ie s exchange 6 4, , 0 2 1 8 1 6 1 5 1 3 6 , , 1 9 0 2 2 7 9 4 8 3 5 , , 1 4 7 4 9 7 3 0 6 3 5 , ,9 4 1 1 8 4 9 8 3 Dem B G a a o n n v d k e d rn e m po e s n i t ts 1 4 5 0 , , , 6 4 8 9 9 7 1 6 5 1 9 4 4 , , , 1 6 3 9 4 8 8 5 8 1 1 4 5 0 , , , 4 6 9 3 7 7 1 8 2 1 1 5 7 2 , , , 0 6 7 2 7 0 0 7 0 National Bank of Hungary (mil- Other liabilities.... 1,597 1,571 1,564 1,636 lions of pengod): Bank of Norway (millions of kroner): Gold 79 79 79 79 Gold— 185 185 185 135 Foreign bills, etc.. 23 15 17 14 Foreign balances and bills 35 28 24 22 Loans and discounts 566 548 548 598 Domestic credits 203 191 197 251 Advances to Treasury 72 73 66 47 Note circulation 329 331 331 316 Other assets 81 73 72 31 Foreign deposits 3 1 7 8 Note circulation 412 389 391 373 Total deposits 79 66 73 77 Deposits.. _ 102 97 90 73 Central Reserve Bank of Peru (thou- Certificates of indebtedness 104 109 109 115 sands of soles): Miscellaneous liabilities 171 161 161 178 Gold and foreign exchange 45,461 45,334 41,662 Reserve Bank of India3 (millions Bills 57,530 60,471 of rupees): Note circulation 80,293 77,114 71,848 Issue department: Deposits 18,675 23,521 23,045 Gold at home and abroad. __ 444 444 444 Bank of Poland (millions of zlotys): Sterling securities 662 662 652 Gold 454 512 497 Indian Government securi- Foreign exchange._ 17 27 11 36 ties. 255 255 265 Loans and discounts 799 765 745 Rupee coin 586 580 569 Note circulation 1,047 981 983 1,010 Note circulation 1,602 1,563 1,545 Other sight liabilities. 130 158 159 181 Banking department: Bank of Portugal (millions of es- Notes of issue department 345 378 cudos): Balances abroad.. 103 168 138 Gold.. 909 909 909 902 Investments 54 54 63 Other reserves 451 443 449 383 Other assets 6 12. 6 Discounts and advances 344 322 325 314 Deposits—Government 102 134 128 Government obligations 1,047 1,047 1,047 1,049 Bank 295 358 357 Note circulation— 2,070 2,087 2,118 2,074 Other liabilities 113 110 108 Other sight liabilities 901 844 816 725 1 Items for issue and banking departments consolidated. » Bank commenced operations Apr. 1,1935. »All figures as of Oct. 20,1935, after which date Bank of Italy suspended publication of its statement. < Beginning with July 1935, foreign exchange includes foreign bills previously reported with loans and discounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
828 FEDERAL RESERVE BULLETIN DECEMBER 1935 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Octo- Sep- Au- Octo- Central bank Octo- Sep- Au- October tember gust ber ber tember gust ber National Bank of Rumania (millions Swias National Bank—Continued of lei): Loans and discounts __ 198 208 196 134 Gold... 10,7*1 10,688 10, 646 10, 208 Note circulation 1,325 1,317 1,283 1,384 Foreign exchange of the reserve - 91 91 91 83 Demand deposits 327 338 Loans and discounts 5,450 5,411 5,416 6.517 Central Bank of the Republic of Special loans * ___ 2,724 2,739 2,752 3,474 Turkey (millions of pounds): State debt2 10,372 10,353 10, 290 5,668 Gold... - 29 29 29 27 Other assets 12,546 12,087 11, 577 11, 483 Foreign exchange. _ 3 2 1 6 Note circulation ... 22,430 21, 993 21, 751 21, 650 Government securities 150 148 150 153 Demand deposits _ 8,417 8,563 8,609 7,350 Other securities 37 36 36 33 Other liabilities 11,056 10,812 10, 413 8,434 Other assets __ 54 53 52 31 South African Reserve Bank Note circulation 159 158 158 158 (thousands of pounds): Deposits 28 30 31 30 Gold 25,742 25,748 26, 542 21,017 Other liabilities _ 85 79 62 Foreign bills _ ._ ' 6,576 6,796 4,751 9,125 Bank of the Republic of Uruguay Domestic bills 22 23 25 97 (thousands of pesos): Note circulation __ 12,247 13,350 13, 589 11, 264 Issue department: Deposits—Government.- 2,655 2,481 1,680 2,338 Gold and silver 41,091 Bank 26,238 27,077 31,072 20, 738 Note circulation 73, 222 3 71,517 3 72,842 Other .._. 3,378 2,425 1,428 3, 645 Banking department: Bank of Spain (millions of pesetas): Cash reserves 45,372 46,545 51,040 Gold 2,258 2,267 2,269 2,266 Loans and discounts... 87,964 95,942 100,124 Silver 692 698 703 673 Other assets 49,484 48,665 41,575 Balances abroad 281 282 282 281 Deposits—Demand 33,148 34,123 30, 485 Loans and discounts. 2,198 2,227 2,371 2,377 Time 40,130 40,056 43,910 Note circulation 4,740 4,633 4,661 4,714 Ministry of Fi- Deposits 1,255 1,215 902 887 nance 31, 252 Bank of Sweden (millions of Others 5,782 2,897 2,697 kronor): Other liabilities 72, 508 42,559 42,805 Gold -. 384 363 358 359 National Bank of the Kingdom of Foreign assets 649 665 631 513 Yugoslavia (millions of dinars): Domestic discounts and advances 44 41 43 45 Gold 1,379 1,351 1,342 1,807 N T O G o o t o h t t v a e e B G e l r r c a o d n a i n v r e s m k c e p s u e r e o n l t n s s a m t i t t i s e s o e n n c t urities 7 4 1 3 1 7 4 1 4 3 0 9 3 1 4 5 4 7 3 2 1 1 7 9 7 6 1 2 9 0 1 0 9 2 7 3 2 1 1 2 9 7 1 1 5 2 9 9 7 1 8 4 6 1 1 3 7 6 0 4 4 2 6 A N F L O o o d o t r h a v t e e e n a i r s g n c n s c i a r i e n g c e s d u h x t t l c d o a h l i t i a s i S a o c n t b n o g a i e u t l e i n t i t e s s _ _ 4 2 1 1 , , , , 3 9 2 8 2 1 1 2 8 6 5 6 2 0 7 4 2 1 1 , , , , 3 2 7 8 2 2 7 7 0 6 6 9 8 7 2 4 2 1 1 , , , , 7 6 2 2 2 8 1 6 9 5 7 5 1 3 4 4 2 1 1 , , , , 3 8 3 1 1 4 7 8 8 2 9 1 9 0 0 Other liabilities 104 100 106 101 Swiss National Bank (millions of francs): Gold 1,387 1,372 1,366 1,902 Foreign balances and bills— 22 21 18 19 1 Agricultural and urban loans in process of liquidation. (See note 2.) 2 Includes Treasury obligations received from Government in connection with losses on agricultural and urban loans and reported separately from "Other assets" beginning with Dec. 31, 1934. 3 Liabilities of banking department. Issue department, established by law of Aug. 14, 1935 (see pp. 817-820), took over liabilities for notes In September. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] Assets 1935 1934 Liabilities 1935 1934 Oct. 31 Sept. 30 Oct. 31 Oct. 31 Sept. 30 Oct. 31 Gold in bars 32,231 25, 384 11, 744 Demand deposits (gold) 20,496 21, 699 11,662 Cash on hand and on current account Short-term deposits (various currenwith banks 2,924 2,621 7,705 cies): Demand funds at interest 19, 294 17. 049 7,646 Central banks for own account: Rediscountable bills and acceptances Demand. .. 40,393 32,589 46,546 (at cost): Time—Not exceeding 3 months- 104, 467 104,471 107,589 Commercial bills and bankers' ac- Total 144,860 137,059 154,135 127,486 124, 668 170,896 Treasury bills _ 211,611 217,449 159, 682 Central banks for account of others: 10,420 10,393 11,911 Total 339,097 342,116 330,577 Time—Not exceeding 3 months- 2,966 2,964 Time funds at interest—Not exceeding Other depositors: 3 months 40, 283 42,648 39,317 Demand 2,227 397 1,201 Sundry bills and investments: Time—Not exceeding 3 months. 500 2,719 Maturing within 3 months: Long-term deposits: Treasury bills 34,996 33,356 20,311 Annuity trust account 154,811 154,811 154,764 Sundry investments 64, 712 64, 084 73,200 German Government deposit 77,406 77,406 77,382 Between 3 and 6 months: French Government guaranty fund- 61,930 61,930 40,811 Treasurv bills 34,844 30, 558 57,452 French Government deposit (Saar). 2,031 2,031 Over S u 6 n m dr o y n t i h n s v : estments 31, 796 32,334 32,016 Total 296,177 296,177 272, 956 Treasurv bills _ 22, 215 25,375 35,147 Capital paid in.., 125,000 125,000 125,000 Sundry investments 34,358 34, 493 35,917 Reserves: Total 222,920 220, 202 254,043 L D e i g v a id l e r n es d e r r v e e se f r u v n e d fund 3 5 , , 3 8 2 4 4 5 3 5 , , 3 8 2 4 4 5 4 2 , , 8 6 6 7 6 2 Other assets: General reserve fund 11, 690 11,690 9,732 Guaranty of central banks on bills Other liabilities: sold _ 6,201 6,185 6,172 Guaranty on commercial bills sold. 6,244 6,224 6,172 Sundry items _ ._. 5,412 4,669 2,725 Sundry items 38,611 37,383 59,621 Total assets _ 668,362 660.873 659,930 Total liabilities _ 668,362 660,873 659,930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 829 COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures] Assets Liabilities England (10 clearin o g f b po an u k n s d . s s F t i e g r u li r n e g s ) in millions re C se a r s v h es M c n a o s l o h n l t o e a ic y r n t e d at B co il u ls n t d e i d s- Se ti c e u s ri- L cu o s a e t n r o s s m to - Other Total D D e e m po a s n i d ts 1 Time lia O b t i h li e t r ies 1935—January... 225 137 284 593 756 237 1,982 1,034 899 251 February.. 213 127 265 606 759 231 1,954 1,009 248 March 214 133 207 614 771 231 1,923 994 248 April 217 137 199 618 779 240 1,940 1,004 895 250 May 219 142 218 620 774 233 1,962 1,015 897 244 June 217 143 244 624 780 235 2,004 1,072 907 239 July 219 145 274 615 778 215 2,019 1,084 899 227 August 213 149 287 615 768 205 2,013 1,068 899 224 September 208 147 299 619 766 205 2.024 1,080 903 221 October... 204 141 297 626 777 213 2,036 1,064 921 224 Assets Liabilities France Deposits (4 large banks. f F ra i n g c u s r ) es in millions of re C se a r s v h es D b u a e n f k r s om B co il u ls n t d e i d s- Loans a O s t s h e e ts r Total Demand 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 1935—January-_ 5,864 1,662 18,024 8,052 992 30, 593 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 May 4,648 2,506 17,181 8,544 1,276 29,958 29,129 830 312 3,885 June 4,151 2,308 17,949 7,902 1,313 29, 521 28,756 766 312 3,790 July 4,348 2,151 17,464 7,702 1,383 28,649 27,932 718 293 4,106 August 4,211 2,399 17.226 7,592 1,414 28,589 27,916 673 257 3,995 September 4,075 2,364 17, 585 7,450 1,489 28,684 28,016 236 4,043 Assets Liabilities Germany (5 large Berlin banks. Fig- Deposits Credits u m r a e r s k i s n ) millions of reichs- re C se a r s v h es D b u a e n f k r s om B co il u ls n t d e i d s- Loans Se ti c e u s ri- a O s t s h e e ts r ob f t r a o i m ned lia O b t i h li e t r ies Total Demand Time banks 1935—February.. 127 382 2,082 3,149 1,047 5,351 2,159 3,192 1,483 March 185 371 2,108 3,096 1,047 5,457 2,319 3,137 789 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 2,990 968 1,020 5,466 2,511 2,955 774 1,457 June 194 363 2,264 2,953 991 996 5,507 2,546 3,021 758 1,436 July 185 360 2,284 990 991 5,525 2,482 3,043 716 1,455 August 151 341 2,221 2,899 1,019 992 5,464 2,419 3,045 705 1,154 September. 195 341 2,035 2,918 1,061 996 5.382 2,436 2.947 701 1.463 October. _. 156 314 2,167 2,889 1,033 993 5,408 2,451 2,957 682 1,463 Assets Liabilities (10 u d r ia e c n s h a i d r n o t e l m l r C a e i r d a l s l n ) io a b n d a s a n k o s f . C F a i n g a - - re C se a r s v E h e n s tire S ly e lo c i a u n n r i s t C y ana l d o d i O a s a n c t o h s o u a r n n t d s d S a a u b n e f l b o e o c a d r r a u n o e f n n r r k i a o g i s e s d t m n t y Se t c ie u s ri- O as t s h e e ts r ci N rc o u t l e a- e D T x e o c p l t u a o l d s i i n ts g p i D a n y t e e a m r b b a l a e n n d i k n d C e a T p n o i a m s d i e t a s lia O b t i h li e ti r es 1935—January... 230 958 147 973 441 117 2,014 602 1,412 710 February.. 230 957 149 984 434 119 2,003 575 1,428 717 March 207 965 152 970 431 118 2,006 560 1,447 681 April 214 981 142 1,000 472 114 2,086 634 1,452 690 May 204 971 155 1,005 459 117 2,064 617 1,447 June 207 955 127 1,018 468 122 2,039 613 1,426 July 209 938 134 1,031 460 114 2,032 604 1,428 702 August 228 955 142 1,041 473 123 2,065 631 1,434 728 September 223 965 157 1,103 464 123 2,131 687 1,444 734 October... 235 982 132 1,116 476 121 2,151 685 1,465 744 i Excluding deposits of the National Bank relating to offices outside England, which are included in the total. NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and Juno 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
830 FEDERAL RESERVE BULLETIN DECEMBER 1035 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central 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 it n z d er- b C an e k n tr of a — l R D a e 1 t c e . Date effective b C an e k n tr of a — l R D a e 1 t c e . Date effective In effect June 1,1935. Albania Nov. 16,1933 India 3 Nov. 28,1935 June 1 Austria July 10,1935 Japan 3.65 July 3,1933 June 21 Belgium May 16,1935 Java 4 July 1,1935 June 27 Bolivia July 5,1932 Latvia... Jan. 1,1933 Julys Bulgaria Aug. 15,1935 Lithuania- Apr. 1,1930 July 6 Canada Mar. 11,1935 New Zea- July 18 Chile.— June 12,1935 land Aug. 1.1934 July 19 Colombia- July 18,1933 Norway May 24.1933 July 25 Czechoslo- Peru._ May 20.1932 July 26 vakia Jan. 25,1933 Poland Oct. 26,1933 Aug. 3 Danzig 5 Oct. 21,1935 Portugal Dec. 13.1934 Aug. 9_ Denmark- Aug. 22,1935 Rumania Dec. 15.1934 Aug. 12 Ecuador Nov. 30,1932 South Africa May 15.1933 Sept. 9 El Salvador- 5 July 5,1934 Spain July 15.1935 Sept. 17 Estonia Oct. 1,1935 Sweden Dec. 1,1933 Oct. 17 5 Finland Dec. 3,1934 Turkey Mar. 2,1933 Oct. 22 Greece Oct. • 14,1933 U. S. S. R-._ Mar. 22,1927 Nov. 5. Hungary Aug. 29,1935 Yugoslavia.- Feb. 1.1935 Nov. 13 Nov. 15 Nov. 22 Changes since Nov. 5: France—Nov. 15, up from 3 to 4 percent; Nov. Nov. 26 22, up from 4 to 5 percent; and Nov. 26, up from 5 to 6 percent; Nether- In'eflect Dec. 1,1935. lands—Nov. 13, down from 4 to 3^ percent; India—Nov. 28, down from 334 to 3 percent. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] England (London) Germany (Berlin) Netherlands (Amsterdam) Month ac 3 B c e m a p n o t k a n e n t r c h s e 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 i c 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 -d y ay d P is r r i c a v o t a u e t n e t M 1 o m ne o y n t f h or 1934—September 0.73 0.61 0.78 3.81 5.13 4.71 0.61 1.00 October. __ .77 .75 3.81 5.13 4.63 .59 1.00 November. .45 .29 .68 3.63 4.37 4.21 .63 1.00 December. .57 .47 .70 3.50 3.56 4.28 1.00 1935—January... .66 3.51 3.93 3.82 1.00 February.. .28 .63 3.41 3.77 3.83 58 1.00 March .57 .50 .72 3.38 3.60 3.94 1.00 April .51 .75 3.38 3.60 3.64 3.65 3.26 May .51 .75 3.09 3.10 3.17 3.78 2.96 June .71 .64 .75 3.00 2.93 3.16 4.42 3.83 July .65 .59 .75 3.00 2.97 3.10 3.25 2.77 August .60 .58 .75 3.00 3.00 3.06 4.78 4.72 September. .58 .55 .75 3.02 3.07 3.21 5.48 5.65 October... .63 .62 .75 3.04 3.26 3.13 4.70 5.00 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 i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t c c i o a P l m r i 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—September 1.50 2.15 1.50 3.00 5.11 2.63 October 1.50 2.10 1.45 3.00 5.11 2.52 November 1.50 2.35 1.44 3.19 5.11 2.56 December 1.50 2.38 1.50 4.00 6.11 2.74 1935—January 1.50 2.38 1.79 4.00 5.11 2.59 February 1.50 2.38 2.12 4.00 5.11 2.62 March. 1.50 2.38 2.12 3.89 5.11 2.70 April 1.80 2.38 2.14 3.50 5.11 2.54 May 2.39 2.12 2.56 3.50 6.11 2.40 June 2.60 1.88 5.72 3.50 5.11 2.45 July 2.79 1.88 4.06 3.50 5.11 2.45 August 2.47 1.88 3.06 4.17 5.11 2.60 September 2.40 1.88 2.85 4.87 4 -7 5.11 2.62 October 2.37 1.88 2.71 5.00 NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 603; November 1929, p. 736, and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDEKAL BESERVE BULLETIN 831 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 ia - A (s u c s h tr il i - a Belgium B (m ra i z l i - l g B a u ri l a - Canada Chile China Co b l i o a m- Cuba s C lo z v ec a h k o ia - m De a n rk - (peso)* (pound)' ling)^ (belga) reis)i (lev)i (dollar) (peso)' (yuan) (peso)i (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 29.9168 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 »72.8009 337.07 15.4478 17.8996 7.9630 L. 0039 91.9587 7. 6787 «28.5979 81.6966 99.9464 3.8232 19.0709 1934 33.5793 400.95 18.7930 23.2867 8.4268 I. 2852 101.0060 10.1452 34.0937 61. 7799 99.9362 4. 2424 22.4998 November. _ 33.2625 395.73 18.7956 23.3212 8.2176 L. 2134102.4719 10.3496 33.3947 65.0391 99.9193 4.1777 22.2724 December-. 32.9513 392.27 18.7711 23.3939 8.1904 L. 2110101. 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 L. 1955100.1825 5.0630 34.9924 64.1450 99.9215 4.1711 21.8447 February... 32.4607 386. 37 18. 7900 23.3293 8.1282 L. 2665 99.8852 5.0761 36.5369 58.9577 99.9205 4.1784 21. 7594 March 31.8033 378. 56 18.8827 22.7564 8. 2363 L. 2878 99.0647 5.0885 38.2960 54.1613 99.9200 4.1982 21. 3244 April 32. 2220 383. 52 18. 7898 16.9430 8. 2578 L. 2725 99.5277 5.1000 38.7908 52.8846 99.9194 4.1814 21. 5902 May 32. 5572 387. 55 18. 7680 16.9461 8. 2797 L. 2756 99.8977 5.1000 41.0979 55.0634 99.9204 4.1683 21.8175 June ._ 32.8687 391. 28 18.8821 16.9393 8.3122 L. 3070 99.9078 5.0996 40.4002 54.4068 99.9182 4.1828 22.0458 July 33.0262 393.31 18.9148 16.9117 8.3146 L. 3149 99. 8322 5.0990 38.6791 52.9692 99.9194 4.1729 22.1303 August 33.1204 394.52 18.9405 16.8878 8. 3657 L. 3332 99. 7799 5.0633 36.8645 53. 2263 99.9185 4.1571 22.1848 September.. 32.8563 391. 52 18.8453 16. 8618 8.3378 L. 2935 99. 2563 5.0515 37.6226 55.9846 99.9200 4.1363 « 22.0112 October 32.7140 389.61 18.8117 16.8468 8. 3791 L. 3239 98.5800 5.0694 35.6091 57. 3115 99. 9200 4.1411 21.9092 November. . 32.8152 390.90 18. 7753 16.8946 8.3792 ]L 3404 98. 9236 5.0950 29.6485 56.5948 99. 9200 4.1363 21.9834 Year or month Egypt England Finland France m G a e n r y - G (d r r e a e c c h e - H K o o n n g g H ga u r n y - India Italy Japan Mexico N la e n th ds er- (pound) (pound) (markka) (franc) (reichs- ma) (dollar) (pengo)1 (rupee) (lira) (yen) (peso) (florin) mark) 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 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 505.9839 493. 4922 2.1782 6. 6121 40. 4072 .9423 57. 5162 29. 5062 37.1944 8. 2566 28.9931 27. 7781 67.8743 July 508. 3151 495.7659 2.1859 6. 6242 40.3538 .9442 53.0310 29.6809 37.3467 8. 2259 29.1510 27. 7660 67.9862 August 509.5780 496.9880 2.1907 6. 6262 40.3456 .9437 50.3262 29. 7010 37.4849 8. 2074 29. 3192 27. 7521 67.7819 September. . 505.5597 493.0654 2.1742 6. 5908 40. 2278 .9384 50. 0547 29. 6240 37. 2082 8.1409 28.9378 27. 7558 67.5556 October 503.2065 490. 7834 2.1645 6. 5892 40. 2251 .9391 48.9702 29. 6367 37.0217 8.1243 28.6687 27.7631 67.7416 November 492.4950 2.1719 6. 5862 40. 2251 .9390 36.4772 29. 6242 37.1419 « 8.1024 28. 6828 27. 7673 67.8024 Year or month ( Z p e N o a u e l n w an d d )1 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 ia u a ) - (p S A o o f u r u i n c th d a )' (p S e p s a e i t n a) ( S S m d e t o e r 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 ) (p U g e u r s a u o y - )i ( Y s d l i u a n v g a i o a r - ) 1929 483.21 26.6827 11.1940 4.4714 0.5961 483.27 14.6833 56.0117 26.7839 19.2792 48.4105 98. 6294 1.7591 1930 468.22 26.7598 11.2051 4.4940 .5953 483. 79 11.6670 55.9639 26.8543 19.3820 47.0608 85.8650 1.7681 1931 415. 29 25.0546 11.1970 4. 2435 .5946 480. 76 9.5453 52.4451 25.2540 19.4009 47.1814 55.3572 1.7680 1932 320.19 18.0039 11.1823 3.1960 .5968 476.56 8.0438 40.3970 18.4710 19.4049 47.2854 47.0639 1.6411 1933 340.00 21.4292 14.4135 3. 9165 .7795 414.98 10. 7189 49. 2320 22.0324 24.8355 60.4396 60.3360 1.7607 1934 402.46 25.3161 18. 8460 4. 6089 1.0006 498. 29 13. 6150 59. 0052 25.9815 32.3663 79.0472 79.9562 2. 2719 November.. 398.07 25.0655 18.8976 4. 5384 .9998 493. 42 13.6532 58.4538 25. 7220 32.4713 79.1991 80.1486 2. 2785 December. _ 394.63 24.8478 18.8941 4.4977 1.0025 489. 24 13. 6719 57.9717 25.4975 32.4053 79. 2964 80. 2310 2. 2756 1935—January 390. 25 24. 5815 18.8535 4.4500 1.0027 483.99 13. 6408 57. 2421 25. 2267 32.3055 79. 3381 80.1094 2. 2716 February... 388.69 24.4880 18.8721 4.4328 .9592 482. 30 13. 6626 57.0057 25.1256 32. 3525 79. 5018 80.1306 2. 2717 March 380.91 24.0265 18.9611 4.3430 1.0093 472. 31 13. 7232 55. 6346 24. 6264 32. 5301 80. 6676 80.4779 2. 2852 April 385.85 24.2975 18.8617 4. 3930 1.0074 478. 27 13. 6693 56.3329 24.9325 32. 3645 80. 5065 80. 2015 2.2757 May 389. 90 24. 5563 18.8426 4.4407 1.0057 483. 34 13.6522 56.8942 25.1988 32. 3230 80. 5269 80. 0946 2.2737 June 393.54 24. 7910 18.9146 4.4856 1.0078 488.06 13. 6982 57.3762 25.4408 32. 6800 80. 6688 80. 3547 2.2913 July 395. 65 24.9062 18^9574 4. 5095 1.0004 490. 61 13. 7259 57. 5466 25. 5583 32. 7474 80.6550 80. 4841 2.2965 August 396.86 24.9482 18.9567 4. 5153 .9351 488. 74 13. 7296 57.8282 25. 6227 32. 7180 80.8063 80. 5377 2.2973 September- 393. 69 24. 7710 18.8450 4.4868 .8077 488.42 13.6569 57.6180 25.4219 32. 5042 80.2667 80.1204 2.2823 October 391.86 24. 6570 18.8361 4.4703 .7965 485. 63 13. 6537 57.4404 25. 3030 32.5326 80.2442 80.1885 2. 2834 November.. 393. 74 24. 7399 18.8249 4.4787 .7899 487.08 13.6477 57. 6071 25.3877 32.4449 80.1500 2.2858 «Corrected. i Partly or wholly nominal since April 1933. 8 Partly or wholly nominal since April 1934. » Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. « Beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. « Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso for Jan. 2-July 29 was 47.6510 cents. «Nominal beginning Nov. 23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
832 FEDERAL RESERVE BULLETIN DECEMBER 1935 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U St n a i t t e e s d Canada England France Germany Italy (O Ja ct p o a b n er N l e a t n h d e s r- (1926=100) (1926=100) (1930=100) (1913=100) (1913 = 100) (1913=100) 1900=100) (1926-30= 100) 1926 100 100 695 134 602 237 106 1927 . .. 95 98 642 138 495 225 103 1928 97 96 645 140 462 226 102 1929 95 96 627 137 445 220 100 1930 - - 86 87 100 554 125 383 181 90 1931 __ _ 73 72 88 502 111 328 153 76 1932 65 67 86 427 97 304 161 65 1933 „ 66 67 86 398 93 280 180 63 1934 75 72 88 376 98 273 178 63 1934—May _ 74 71 87 381 96 273 176 June 75 72 88 379 97 272 175 July 75 72 87 374 99 270 174 August 76 72 89 371 100 271 177 September 78 72 88 365 100 270 179 October. >. 77 71 88 357 101 272 182 November 77 71 88 356 101 274 181 December _ _ 77 71 88 344 101 276 181 1935—January. .- .- 79 71 88 350 101 277 182 62 February 80 72 88 343 101 278 184 62 March 79 72 87 335 101 288 184 61 April 80 73 88 336 101 296 182 61 May 80 72 88 340 101 302 182 61 June 80 72 88 330 101 308 180 61 July . 79 72 88 322 102 310 180 61 August 81 72 88 330 102 323 183 61 September 81 72 90 '332 102 330 189 62 October 81 73 91 342 103 194 63 r Revised. 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) Indus- Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods pr I o n tr d d ia u u l c s t - s 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 o g u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n i i n d a i l s s h r e e a m d w i- tr I i i n s a d h l u e f d i s n - products products 1926 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 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 . 65 71 78 85 90 410 361 96 76 91 116 1934—May 60 67 79 82 90 405 360 92 74 90 115 June... 63 70 78 84 90 406 356 94 76 91 115 July 65 71 78 84 89 396 354 98 76 92 115 August. - 70 74 78 90 89 393 351 100 78 92 116 September 73 76 78 88 89 383 350 100 78 92 117 October 71 75 78 87 88 368 347 101 78 92 118 November 71 75 78 86 88 366 347 101 79 92 119 December 72 75 78 87 89 344 343 101 79 92 119 '935—January 78 80 78 87 89 351 350 100 81 92 119 February 79 83 77 87 89 339 346 100 81 92 120 March . 78 82 77 85 88 329 341 99 83 91 120 April 80 85 77 85 89 325 345 100 84 91 120 May - 81 84 78 86 90 324 353 101 84 91 119 June ._._.» 78 83 78 86 89 307 351 102 86 91 119 July 77 82 78 85 90 292 347 103 85 91 119 August 79 85 78 86 90 311 347 104 85 91 119 September- 80 86 78 88 90 322 '341 104 84 92 119 October 78 85 78 89 92 331 351 104 84 93 119 * Revised. Sources.—See BULLETIN for March^1931, p. 159, March 1935, p. 180, and October 1935f p. 678. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
833 DECEMBER 1935 FEDERAL RESERVE BULLETIN 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 or month States (July (July (1913- Year or month States (July (Jan.-June (1913- (1913=100)! 1914=100) 1914 = 100)' 14 = 100) (1913=100) 1914=100) 1914=100)2 14 = 100) 1926 161 161 113 146 1926 175 170 103 142 1927 155 156 113 153 1927 173 164 104 148 1928 154 157 112 153 1928 171 166 105 i52 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 98 118 1934 . - 138 141 105 121 1934—August 112 123 97 121 1934—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 (3) 141 100 122 April 124 119 85 119 April 139 122 May 124 118 86 120 May 139 123 June 123 120 86 121 June 140 99 123 July . 122 126 83 123 July (3) 143 124 August 122 126 81 123 August 143 125 September 124 125 81 121 September 143 95 123 October 124 128 85 120 October 145 123 1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. 2 Index represents prices converted to gold basis of 1914. 3 Revised series 140.2 for July 1935, 140.4 for March 1935, and 137.8 for November 1934. Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6n6rale, and for cost of living, Commission d'etudes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) Year or month United England France Germany ( S a p v t r a e ic r t a e e g ) s e 1 (D 92 e 1 c = e 1 m 00 b ) e r i ( a 1 g 9 e 1 3 = 1 a 0 v 0 e ) r- ( p a r v i e c r e a ) g * e U St n a it t e e d s England » France Germany Number of issues. 60 87 36 421 278 300 329 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 96.1 108.4 96.9 2 83.4 94.2 78.9 132.2 2 78.0 1932 81.1 113.2 88.6 2 67.1 48.4 67.9 105.2 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—August 97.8 127.4 81.8 87.9 67.8 81.1 73.4 September- 96.7 128.3 81.3 89.0 67.0 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—January 101.3 134.6 88.9 96.0 69.7 86.9 83.7 76.6 February- 101.3 131.6 89.5 95.5 67.8 85.4 80.3 79.3 March 99. 9 130.3 84.1 96.1 63.9 82.6 78.1 80.6 April 100.0 131.3 84.8 95.1 67.5 83.8 79.8 81.9 May 101.2 131.3 82.4 95.3 73.1 86.0 88.0 83.5 June 102.2 130.3 82.8 95.3 76.0 86.9 82.4 86.0 July 104.2 131.5 82.4 95.3 79.4 86.9 77.7 86.8 August 104.2 129.8 83.9 95.4 83.3 88.3 79.0 87.6 September- 103.1 124.3 82.7 95.1 85.0 84.7 76.4 85.0 October 101.9 125.5 82.1 94.9 86.1 84.6 77.3 83.5 1 Annual indexes are unweighted averages of monthly indexes. J Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19, 1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. Sources.—Bee BULLETIN for February 1932, p. 121, and June 1935, p. 394. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
834 FEDERAL RESERVE BULLETIN DECEMBER 1935 LAW DEPARTMENT Meaning of phrase "contiguous or adjacent thereto" Interpretation of New York Stock Exchange margin as used in Clayton Act rules for "when issued" dealings The provisions of section 8 of the Clayton Ruling No. 47 interpreting regulation T.— Act, as amended by the Banking Act of 1935, The Board of Governors of the Federal Reserve which prohibit directors, officers, or employees System has been asked to interpret section of member banks of the Federal Reserve 3(f)(4) of regulation T with respect to the System from serving other banks at the same application of the "margin rules covering time in like capacities are, by the terms of the 'when issued' contracts" adopted by the New law, not applicable to certain classes of banks York Stock Exchange on November 12, 1935. including In reply to this inquiry the Board rules that (5) A bank, banking association, savings bank, the "required margin" in sections l(a), l(b), or trust company not located and having no branch and l(c) of such rules of the exchange constiin the same city, town, or village as that in which tutes for members of the exchange "the amount such member bank or any branch thereof is of margin customarily required by the creditor located, or in any city, town, or village contiguous or adjacent thereto. on every future commitment in unissued securities * * * plus any unrealized loss on The Board of Governors of the Federal each such commitment and/or minus any un- Reserve System has recently been requested to realized gain on each such commitment not interpret the phrase "contiguous or adjacent exceeding the margin thereon" referred to in thereto" contained in the above quoted exsection 3(f)(4) of regulation T. ception to the provisions of the Clayton Act. In reply to this request, the Board expressed the opinion that the word "contiguous" as Regulations of the Board of Governors of the Federal used in the Clayton Act should be defined as Reserve System referring to cities, towns, and villages whose The Board has recently revised its regulation corporate limits touch or coincide at some D, relating to reserves of member banks; regupoint. lation H, relating to membership of State bank- With reference to the word "adjacent", the ing institutions in the Federal Reserve System; Board stated that it was of the opinion that regulation I, relating to the increase or decrease this term as used in the Clayton Act was inof capital stock of Federal Reserve banks and tended to refer to cities, towns, and villages the cancelation of old and issue of new stock which, although not actually "contiguous" certificates; regulation P, relating to holding within the above definition of that word, are company affiliates and voting permits; and located in such close proximity and are so regulation Q, relating to the payment of interest readily accessible to each other as to be in on deposits. It has also adopted a regulation practical effect a single city, town, or village, relating to loans to executive officers of member as, for example, cities, towns, or villages banks, called regulation O. separated only by a water-course, or a suburb The five revised regulations, together with of a city separated from that city by an the new regulation O, will become effective intervening suburb. January 1,1936. The texts of these regulations In any case in which there is doubt as to the are printed below. applicability of this provision of the Act in the light of the definitions given above, it is believed REGULATION D that consideration may properly be given to (Revised, effective Jan. 1,1936. Superseding Regulation D, Series of 1930) the question whether there is any substantial conflict of competitive interest between the RESERVES OF MEMBER BANKS banks of one city, town, or village and the CONTENTS banks of the other, since the underlying purpose Authority for regulation. of the Clayton Act is to prevent monopolies Sec. 1. Definitions: and substantial lessening of competition, and (a) Demand deposits. since, in using the phrase "contiguous or (6) Time deposits. (c) Time certificates of deposit. adjacent",'it seems probable that Congress was (d) Time deposits, open account. describing cities, towns, and villages in which (e) Savings deposits. it felt that such conflict of competitive interest (/) Gross demand deposits. would exist. (g) Cash items in process of collection, (A) Net demand deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 835 Sec. 2. Computation of Reserves: to the expiration of the period of notice which must be (a) Amounts of reserves to be maintained. given by the depositor in writing not less than 30 days (6) Deductions allowed in computing reserves. in advance of withdrawal.3 (c) Availability of cash items as reserve. (d) Reserves against trust funds. (e) Savings deposits.—The term "savings deposit" (e) Continuance of "time deposit" status. means a deposit, evidenced by a pass book, consisting Sec. 3. Deficiencies in Reserves: of funds (i) deposited to the credit of one or more (a) Computation of deficiencies. individuals, or of a corporation, association, or other (6) Penalties. (c) Notice to directors of banks deficient in reserves. organization operated primarily for religious, philan- (d) Continued deficiencies. thropic, charitable, educational, fraternal, or other Sec. 4. Loans and Dividends While Reserves are Deficient. similar purposes and not operated for profit,4 or (ii) Appendix. in which the entire beneficial interest is held by one or AUTHORITY FOR REGULATION more individuals or by such a corporation, association, This regulation is issued under authority of provi- or other organization, and in respect to which deposit— sions of section 19 of the Federal Reserve Act which, (1) The depositor is required, or may at any together with related provisions of law, are published in time be required, by the bank to give notice in the Appendix hereto. writing of an intended withdrawal not less than 30 days before such withdrawal is made; SECTION 1. DEFINITIONS (2) Withdrawals are permitted in only two (a) Demand deposits.—The term " demand deposits" ways, either (i) upon presentation of the pass includes all deposits except "time deposits" as defined book, through payment to the person presenting below. the pass book, or (ii) without presentation of the (b) Time deposits.—The term "time deposits" pass book, through payment to the depositor himmeans "time certificates of deposit", "time deposits, self but not to any other person whether or not open account", and "savings deposits", as defined acting for the depositor.5 below. The presentation by any officer, agent, or employee (c) Time certificates of deposit.—The term "time of the bank of a pass book or a duplicate thereof recertificate of deposit" means a deposit evidenced by a tained by the bank or by any of its officers, agents, or negotiable or nonnegotiable instrument which provides employees is not a presentation of the pass book within on its face that the amount of such deposit is payable to the meaning of this regulation except where the pass bearer or to any specified person or to his order— book is held by the bank as a part of an estate of which (1) On a certain date, specified in the instruthe bank is a trustee or other fiduciary, or where the ment, not less than 30 days after the date of the pass book is held by the bank as security for a loan. deposit, or If a pass book is retained by the bank, it may not be (2) At the expiration of a certain specified time delivered to any person other than the depositor for not less than 30 days after the date of the instruthe purpose of enabling such person to present the pass ment, or book in order to make a withdrawal, although the bank (3) Upon notice in writing which is actually may deliver the pass book to a duly authorized agent required to be given not less than 30 days before the date of repayment,1 and of the depositor for transmittal to the depositor. (4) In all cases only upon presentation and Every withdrawal made upon presentation of a pass surrender of the instrument. book shall be entered in the pass book at the time of (d) Time deposits, open account.—The term "time the withdrawal, and every other withdrawal shall be deposit, open account" means a deposit, other than a entered in the pass book as soon as practicable after "time certificate of deposit" or a "savings deposit", the withdrawal is made. with respect to which there is in force a written contract with the depositor that neither the whole nor any part • A deposit with respect to which the bank merely reserves the right to require notice of not less than 30 days before any withdrawal is made is of such deposit may be withdrawn, by check or othernot a "time deposit, open account", within the meaning of the above wise, prior to the date of maturity, which shall be not definition. less than 30 days after the date of the deposit,2 or prior 4 Deposits in joint accounts of 2 or more individuals may be classified as savings deposits if they meet the other requirements of the above * A deposit with respect to which the bank merely reserves the right to definition, but deposits of a partnership operated for profit may not be so require notice of not less than 30 days before any withdrawal is made is classified. Deposits to the credit of an individual of funds in which any not a "time certificate of deposit" within the meaning of the above beneficial interest is held by a corporation, partnership, association, or definition. other organization operated for profit or not operated primarily for > Deposits, such as Christmas-club accounts and vacation-club ac- religious, philanthropic, charitable, educational, fraternal, or other simicounts, which are made under written contracts providing that no with- lar purposes may not be classified as savings deposits. drawal shall be made until a certain number of periodic deposits have • Presentation of a pass book may be made over the counter or through been made during a period of not less than 3 months constitute "time the mails; and payment may be made over the counter, through the mails deposits, open account" even though some of the deposits are made or otherwise, subject to the limitations of par. (2) above as to the person to within 30 days from the end of such period. whom such payment may be made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
836 FEDERAL RESERVE BULLETIN DECEMBER 1935 (/) Gross demand deposits.—The term " gross extension of the city's corporate limits, such bank demand deposits" means the sum of all demand de- may, upon the affirmative vote of five members posits, including demand deposits made by other of the Board of Governors of the Federal Reserve banks, the United States, States, counties, school System, be permitted to maintain 7 percent or 10 districts, and other governmental subdivisions and percent reserves against its net demand deposits. municipalities, and all outstanding certified and Notwithstanding any other provision of this regulaofficers' checks (including checks issued by the bank tion, the actual net balance which each member bank in payment of dividends), letters of credit and travelers' is required to maintain on deposit with the Federal checks sold for cash, and drafts drawn upon or? other Reserve bank of its district in accordance with the authorizations to charge the member bank's reserve foregoing shall be changed by such percentage, within account at the Federal Reserve bank. the limitations prescribed by law,6 as the Board of (g) Cash items in process of collection.—The term Governors of the Federal Reserve System shall pre- "cash items in process of collection" means— scribe from time to time pursuant to the sixth paragraph (1) Checks in process of collection, drawn on a of section 19 of the Federal Reserve Act, as amended bank, private bank, or any other banking institu- by the Banking Act of 1935, in order to prevent tion, which are payable immediately upon pre- injurious credit expansion or contraction. sentation in the United States, including checks (b) Deductions allowed in computing reserves.—In with a Federal Reserve bank in process of collec- determining the reserve balances required under the tion and checks on hand which will be presented terms of this regulation, member banks may deduct for payment or forwarded for collection on the from the amount of their gross demand deposits the following business day; amounts of balances subject to immediate withdrawal (2) Government checks and warrants drawn due from other banks and cash items in process of on the Treasurer of the United States which are collection as defined in subsection (g) of section 1 of in process of collection; this regulation. Balances "due from other banks" do (3) Such other items in process of collection, not include balances due from Federal Reserve banks, payable immediately upon presentation in the balances (payable in dollars or otherwise) due from United States, as are customarily cleared or col- foreign banks or branches thereof wherever located, lected by banks as cash items. or balances due from foreign branches of domestic Items handled as noncash collections may not be banks. The word "banks " in the term "due from other treated as "cash items in process of collection" within banks" refers to incorporated banks and does not the meaning of this regulation. include private banks or bankers.7 (h) Net demand deposits.—The term "net demand (c) Availability of cash items as reserve.—Cash deposits" means gross demand deposits as defined in items forwarded to a Federal Reserve bank for collecsubsection (f) of this section less the deductions allowed tion and credit cannot be counted as part of the miniunder the provisions of subsection (b) of section 2 of mum reserve balance to be carried by a member bank this regulation. with its Federal Reserve bank until the expiration of such time as may be specified in the appropriate time SECTION 2. COMPUTATION OF RESERVES schedule referred to in Regulation J. If a member bank draw against checks before such time, the draft (a) Amounts of reserves to be maintained.—Every will be charged against its reserve balance if such member bank of the Federal Reserve System is required balance be sufficient in amount to pay it; but any by law to maintain on deposit with the Federal Reserve resulting impairment of reserve balances will be subbank of its district an actual net balance equal to 3 ject to the penalties provided by law and by this percent of its time deposits plus— regulation. Seven percent of its net demand deposits if not (d) Reserves against trust funds.—A member bank in a reserve or central reserve city. exercising trust powers need not maintain reserves Ten percent of its net demand deposits if in a against trust funds which it keeps properly segregated reserve city, except that if located in an outlying as trust funds and apart from its general assets or district of a reserve city or in territory added to such city by the extension of the city's corporate e The amount of the reserves required to be maintained by any such limits such bank may, upon the affirmative vote member bank as a result of any such change may not be less than the of five members of the Board of Governors of the amount of the reserves specified above nor more than twice such amount. ? A member bank exercising fiduciary powers may not include in bal- Federal Reserve System, be permitted to maintain ances "due from other banks" amounts of trust funds deposited with 7 percent reserves against its net demand deposits. other banKs and due to it as trustee or other fiduciary. If trust funds Thirteen percent of its net demand deposits if are deposited by the trust department of a member bank in its commerlocated in a central reserve city, except that if cial or savings department and are then redeposited in another bank located in an outlying district of a central reserve subject to immediate withdrawal they may be included by the member bank in balances "due from other banks", subject to the provisions of city or in territory added to such city by the subsec. (b) above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 837 which it deposits in another institution to the credit approval of the Board cf Governors of the Federal of itself as trustee or other fiduciary. If, however, Reserve System. such funds are mingled with the general assets of the (6) Penalties. bank, as permitted to national banks under authority (1) Penalties for such deficiencies will be of section 11 (k) of the Federal Reserve Act, a deposit assessed monthly on the basis of average daily liability thereby arises against which reserves must be deficiencies during each of the reserve computamaintained. tion periods ending in the preceding calendar (e) Continuance of "time deposit" status.—A de- month. posit which at the time of deposit was a " deposit (2) Such penalties will be assessed at a rate of 2 evidenced by a time certificate of deposit'', "time percent per annum above the Federal Reserve bank deposit, open account", or "savings deposit" con- rate applicable to discounts of 90-day commercial tinues to be a "time deposit" until maturity or the paper for member banks, in effect on the first day expiration of the period of notice of withdrawal, of the calendar month in which the deficiencies although it has become payable within 30 days. occurred. After the date of maturity of any time deposit, such (c) Notice to directors of banks deficient in redeposit is a demand deposit. After the expiration of serves.—Whenever it shall appear that a member bank the period of notice given with respect to the repayment is not paying due regard to the maintenance of its of any savings deposit or other time deposit, such reserves, the Federal Reserve bank shall address a deposit is a demand deposit, except that, if the owner letter to each director of such bank calling attention to of such deposit advise the bank in writing that the the situation and advising him of the requirements of deposit will not be withdrawn pursuant to such notice the law and of this regulation regarding the mainteor that the deposit will thereafter again be subject to nance of reserves and the personal liability of the directhe contract or requirements applicable to such deposit, tors permitting violations of the laws. the deposit will again constitute a savings deposit or (d) Continued deficiencies.—If, after the notice other time deposit, as the case may be, after the date provided for in subsection (c) of this section 3 has been upon wrhich such advice is received by the bank. given, it shall appear that the member bank is continuing its failure to pay due regard to the maintenance SECTION 3. DEFICIENCIES IN RESERVES of its reserves, the Federal Reserve bank shall report such fact to the Board of Governors of the Federal (a) Computation of deficiencies. Reserve System with a recommendation as to whether (1) Deficiencies in reserve balances of member or not the Board should— banks in cities where Federal Reserve banks or (1) In the case of a national bank, direct the branches thereof are located, and in such other Comptroller of the Currency to bring suit to reserve cities as the Board of Governors of the forfeit the charter of such national bank pursuant Federal Reserve System may designate from to section 2 of the Federal Reserve Act; or time to time shall be computed on the basis of (2) In the case of a State member bank, instiaverage daily net deposit balances covering semi- tute proceedings to require such bank to surrender weekly periods. Deficiencies in reserve balances its stock in the Federal Reserve bank and to of member banks in all other reserve cities shall forfeit all rights and privileges of membership be computed on the basis of average daily net pursuant to section 9 of the Federal Reserve deposit balances covering weekly periods. Defi- Act; or ciencies in reserve balances of other member banks (3) In either case, take such other action as shall be computed on the basis of average daily the Federal Reserve bank may recommend or the net deposit balances covering semimonthly Board of Governors of the Federal Reserve System periods.8 may consider advisable. (2) In computing such deficiencies the required reserve balance of each member bank at the close SECTION 4. LOANS AND DIVIDENDS WHILE RESERVES of business each day shall be based upon its net ARE DEFICIENT deposit balances at the opening of business on the It is unlawful for any member bank the reserves of same day; and the semiweekly, weekly, and semiwhich are deficient to make any new loans or pay any monthly periods referred to in paragraph (1) dividends unless and until the total reserves required hereof shall end at the close of business on days to by law are fully restored, and the payment of penalties be fixed by the Federal Reserve banks with the for deficiencies in reserves does not exempt member 8 Deficiencies in reserve balances of member banks in outlying sections banks from this prohibition of lawr. As provided in of central reserve and reserve cities which have been authorized by the section 3 of this regulation, penalties for deficiencies Board of Governors of the Federal Reserve System, under the provisions in reserves are computed on the basis of the average of subsec. (a) of sec. 2 of this regulation, to maintain 7 percent reserves reserve balances for semiweekly, weekly, or semiagainst demand deposits, will also be computed on the basis of average monthly periods; but this prohibition of law applies daily net deposit balances covering semimonthly periods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
838 FEDERAL RESERVE BULLETIN DECEMBER 1935 whenever the reserves are deficient for one day or maintained by any such member bank as a result of any such change shall not be less than the amount of more, regardless of whether or not the average reserve the reserves required by law to be maintained by such balances for the semiweekly, weekly, or semimonthly bank on the date of enactment of the Banking Act of period are deficient. 1935 nor more than twice such amount. * * * * ** * APPENDIX The required balance carried by a member bank with STATUTORY PROVISIONS a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Section 19 of the Federal Reserve Act provides in Board of Governors of the Federal Reserve System, be checked against and withdrawn by such member bank part as follows: for the purpose of meeting existing liabilities: Provided, The Board of Governors of the Federal Reserve however. That no bank shall at any time make new System is authorized, for the purposes of this section, loans or shall pay any dividends unless and until the to define the terms "demand deposits", "gross de- total balance required by law is fully restored. mand deposits", "deposits payable on demand", In estimating the reserve balances required by this "time deposits", "savings deposits", and "trust Act, member banks may deduct from the amount of funds", to determine what shall be deemed to be a their gross demand deposits the amounts of balances payment of interest, and to prescribe such rules and due from other banks (except Federal Reserve banks regulations as it may deem necessary to effectuate and foreign banks) and cash items in process of collecthe purposes of this section and prevent evasions tion payable immediately upon presentation in the thereof: Provided, That, within the meaning of the United States, within the meaning of these terms as provisions of this section regarding the reserves re- defined by the Board of Governors of the Federal quired of member banks, the term "time deposits" Reserve System. shall include "savings deposits". * * * * * ** Every bank, banking association, or trust company Notwithstanding the provisions of the First Liberty which is or which becomes a member of any Federal Bond Act, as amended, the Second Liberty Bond Act, reserve bank shall establish and maintain reserve as amended, and the Third Liberty Bond Act, as balances with its Federal reserve bank as follows: amended, member banks shall be required to maintain (a) If not in a reserve or central reserve city, the same reserves against deposits of public moneys by as now or hereafter defined, it shall hold and the United States as they are required by this section to maintain with the Federal reserve bank of its maintain against other deposits. district an actual net balance equal to not less than seven per centum of the aggregate amount Section 11 of the Federal Reserve Act provides in of its demand deposits and three per centum of pait as follows: its time deposits. (b) If in a reserve city, as now or hereafter The Board of Governors of the Federal Reserve defined, it shall hold and maintain with the System shall be authorized and empowered: * * * Federal reserve bank of its district an actual net (c) To suspend for a period not exceeding thirty days, balance equal to not less than ten per centum of and from time to time to renew such suspension for periods not exceeding fifteen days, any reserve requirethe aggregate amount of its demand deposits and ments specified in this Act: Provided, That it shall three per centum of its time deposits: Provided, establish a graduated tax upon the amounts by which however, That if located in the outlying districts the reserve requirements of this Act may be permitted of a reserve city or in territory added to such a to fall below the level hereinafter specified * * *. city by the extension of its corporate charter, it may, upon the affirmative vote of five members of the Board of Governors of the Federal Reserve System, hold and maintain the reserve balances REGULATION H specified in paragraph (a) hereof. (c) If in a central reserve city, as now or here- (Revised, effective Jan. 1,1936. Superseding Regulation H of 1930) after defined, it shall hold and maintain with the MEMBERSHIP OF STATE BANKING INSTITU- Federal reserve bank of its district an actual net TIONS IN THE FEDERAL RESERVE SYSTEM balance equal to not less than thirteen per centum of the aggregate amount of its demand deposits CONTENTS and three per centum of its time deposits: Pro-' Authority for regulation. vided, however. That if located in the outlying dis-Sec. 1. Dentitions. tricts of a central reserve city or in territory added (a) State bank. to such city by the extension of its corporate (6) Mutual savings bank. charter, it may, upon the affirmative vote of five (c) Board. members of the Board of Governors of the Federal (d) Board of directors. Reserve System, hold and maintain the reserve (e) Federal Reserve bank stock. balances specified in paragraphs (a) or (b) thereof. (/) Capital and capital stock. Notwithstanding the other provisions of this section, Sec. 2. Eligibility requirements. the Board of Governors of the Federal Reserve System, (a) Capital requirements. upon the affirmative vote of not less than four of its (6) Waiver of eligibility requirements. members, in order to prevent injurious credit expan- Sec. 3. Insurance of deposits. sion or contraction, may by regulation change the Sec 4. Application for membership. requirements as to reserves to be maintained against (a) State bank, other than a mutual savings bank. demand or time deposits or both by member banks in (6) Mutual savings bank. reserve and central reserve cities or by member banks (c) Mutual savings bank not authorized to purchase stock not in reserve or central reserve cities or by all member of Federal Reserve bark at time of admission. banks; but the amount of the reserves required to be (cO Execution and filing of application. 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839 DECEMBER 1935 FEDERAL RESERVE BULLETIN Sec. 5. Approval of application. (d) The term "board of directors" means the (a) Matters given special consideration by Board. governing board of any institution performing the usual (6) Procedure for admission to membership after approval functions of a board of directors, of application. Sec. 6. Conditions of membership. (e) The term ' 'Federal Reserve bank stock" includes (a) Conditions applicable to all institutions applying for the deposit which may be made with a Federal Reserve membership. bank in lieu of a subscription for stock by a mutual (6) Conditions applicable to institutions exercising trust savings bank which is not permitted to purchase stock powers. Sec. 7. Powers and restrictions. in a Federal Reserve bank, unless otherwise indicated. Sec. 8. Establishment or maintenance of branches, (/) The terms "capital" and "capital stock" mean (a) In general. common stock, preferred stock, and legally issued (6) Branches in the United States. capital notes and debentures purchased by the Re- (c) Application for approval of branches in United States. (d) Foreign branches. construction Finance Corporation which may be con- (e) Application for approval of foreign branches. sidered capital and capital stock for purposes of mem- Sec. 9. Publication of reports of member banks and their affiliates. bership in the Federal Reserve System under the pro- (a) Reports of member banks. visions of section 9 of the Federal Reserve Act. (6) Reports of affiliates. Sec. 10. Voluntary withdrawal from Federal Reserve system. (a) General. SECTION 2. ELIGIBILITY REQUIREMENTS (6) Notice of intention of withdrawal. (c) Time and method of effecting actual withdrawal. (a) Capital requirements.—Under the terms of (d) Withdrawal of notice. section 9 of the Federal Reserve Act, as amended, to Sec. 11. Board forms. be eligible for admission to membership in the Federal Appendix. Reserve System— AUTHORITY FOR REGULATION (1) A State bank, other than a mutual savings bank, This regulation is based upon and issued pursuant to must possess a paid-up unimpaired2 capital sufficient provisions of section 9 of the Federal Reserve Act and to entitle it to become a national banking association in related provisions of law. (Sec. 9 of the Federal Re- the place where it is situated under the provisions of the serve Act is printed in the appendix.) National Bank Act, except in the following circumstances, in which case such a bank may be admitted SECTION 1. DEFINITIONS to membership with a lesser capital as indicated: (A) Any such institution organized prior to For the purposes of this regulation— June 16, 1933 (the date of the approval of the (a) The term *'State bank" means any bank or trust Banking Act of 1933), situated in a place the company incorporated under a special or general law of population of which does not exceed 3,000 inhabia State or under a general law for the District of Columtants and at the time of admission having a capital bia, any mutual savings bank (unless otherwise indiof not less than $25,000; cated), and any Morris Plan bank or other incorporated banking institution engaged in similar business.1 (B) Any such institution (whether or not organized prior to June 16, 1933) situated in a (6) The term "mutual savings bank" means a bank place the population of which does not exceed without capital stock transacting a savings bank busi- 3,000 inhabitants and which at the time of admisness, the net earnings of which inure wholly to the benesion is entitled to the benefits of insurance under fit of its depositors after payment of obligations for any section 12B of the Federal Reserve Act and has a advances by its organizers, and in addition thereto incapital of not less than $25,000; cludes any other banking institution the capital of (C) Any such institution which is required under which consists of weekly or other time deposits which the provisions of subsection (y) of section 12B of are segregated from all other deposits and are regarded as capital stock for the purposes of taxation and the » Sec. 345 of the Banking Act of 1935 provides in part that:" If any part declaration of dividends. of the capital of a national bank, State member bank, or bank applying (c) The term * 'Board'' means the Board of Governors for membership in the Federal Reserve System consists of preferred stock, the determination of whether or not the capital of such bank is of the Federal Reserve System. impaired and the amount of such impairment shall be based upon the par value of its stock even though the amount which the holders of such i Under the provisions of sec. 19 of the Federal Reserve Act, national preferred stock shall be entitled to receive in the event of retirement or banks, or banks organized under local laws, located in Alaska or in a liquidation shall be in excess of the par value of such preferred stock. dependency or insular possession or any part of the United States out- If any such bank or trust company shall have outstanding any capital side the continental United States are not required to become members notes or debentures of the type which the Reconstruction Finance of the Federal Reserve System but may, with the consent of the Board, Corporation is authorized to purchase pursuant to the provisions of become members of the System. However, this regulation H is appli- sec. 304 of the Emergency Banking aid Bank Conservation Act, ap* cable only to the admission of banks eligible for admission to membership proved Mar. 9,1933, as amended, the capital of such bank may be deemed under sec. 9 of the Federal Reserve Act and does not cover the admission to be unimpaired if the sound value of its assets is not less than its total of banks eligible under sec. 19 of the ect. Any bank desiring to be ad- liabilities, including capital stock, but excluding such capital notes or mitted to the System under the provisions of sec. 19 should communicate debentures and any obligations of the bank expressly subordinated with the Federal Reserve bank with which it desires to do business. thereto." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
840 FEDERAL RESERVE BULLETIN DECEMBER 1935 the Federal Reserve Act to become a member SECTION 3. INSURANCE OF DEPOSITS of the Federal Reserve System in order to be an insured bank or continue to have any part of its Any State bank becoming a member of the Federal deposits insured under the provisions of section Reserve System after the date of the enactment of the 12B of the Federal Reserve Act3 and for which Banking Act of 1935 (Aug. 23, 1935) and which is not the Board, pursuant to subsection (b) of this at the time an insured bank under the provisions of section of this regulation, waives in whole or in section 12B of the Federal Reserve Act, will become an part compliance with the capital requirements of insured bank under the pro visions of that section on the section 9 of the Federal Reserve Act relating to date upon which it becomes a member of the Federal the admission of banks to membership in the Reserve System.4 In the case of an insured bank Federal Reserve System. which is admitted to membership in the Federal Re- (2) A mutual savings bank must possess surplus and serve System, the bank will continue to be an insured undivided profits not less than the amount of capital bank. required for the organization of a national bank in the place where it is situated. SECTION 4. APPLICATION FOR MEMBERSHIP (3) The minimum capital required for the organiza- (a) State bank, other than a mutual savings bank.— tion of a national bank, referred to hereinbefore in A State bank, other than a mutual savings bank, connection with the capital required for admission to applying for membership, shall make application on membership in the Federal Reserve System, is as form 83A to the Board for an amount of capital stock in follows: the Federal Reserve bank of its district equal to 6 percent of the paid-up capital stock and surplus of the Minimum If located in a city or town with a population- capital applying institution. (b) Mutual savings bank.—A mutual savings bank Not exceeding 6,000 inhabitants applying for membership shall make application on Exceeding 6,000 but not exceeding 50,000 inhabitants form 83 B to the Board for an amount of capital stock Exceeding 50,000 inhabitants (except as stated below) In an outlying district of a city with a population exceeding in the Federal Reserve bank of its district equal to six- 50,000 inhabitants; provided State law permits organization of State banks in such location with a capital of tenths of 1 percent of its total deposit liabilities as $100,0G0 or less shown by the most recent report of examination of such institution preceding its admission to membership, or, if such institution be not permitted by the laws under (6) Waiver of eligibility requirements.—The Board which it was organized to pure hase stock in a Federal is authorized to waive requirements relating to the Reserve bank, on form 83C, for permission to deposit admission of State banks to membership in the Federal with the Federal Reserve bank an amount equal to Reserve System for any State bank which is required the amount which it wTould have been required to pay to^ become a member of the System in order to be in on account of a subscription to capital stock. an insured bank or continue to have any part of its (c) Mutual savings bank not authorized to purchase deposits insured. However, under applicable provistock of Federal Reserve bank at time of admission.— sions of law (see footnote 3 of this regulation), it cannot be determined before the end of the year 1941 what If a mutual savings bank be admitted to membership banks will be required to become members of the on the basis of a deposit of the required amount with System in order to be insured baiiks or continue to have the Federal Reserve bank in lieu of payment upon any part of their deposits insured, and, therefore, the capital stock because the laws under which such bank Board cannot exercise its authority to waive eligibility was organized do not at that time authorize it to purrequirements before the end of the year 1941. chase stock in the Federal Reserve bank, it shall subscribe on form 83 D for the appropriate amount of * The first paragraph of subsec. (y) of sec. 12B of the Federal Keserve stock in the Federal Reserve bank whenever such laws Act provides that: "No State bank which during the calendar year 1941 or any succeeding calendar ye?r shall have average deposits of $1,000,000 * In the case of a State bank which at the time of its admission to memor more shall be an insured bank or continue to have any part of its bership in the Federal Reserve System is not ar insured bank, the Board deposits insured after July 1 of the year following any such calendar year is required under the provisions of subsecs. (e) and (g) of sec. 12B of the during which it shall have had such amount of average deposits, unless Federal Reserve Act to issue a certificate to the Federal Deposit Insur such bank shall be a member of the Federal Reserve System: Provided, ance Corporation to the effect that the bank 'is a member of the Federal That for the purposes of this paragraph the term 'State bank' shall not Reserve System and that consideration has been given to the financial include a savings bank, a mutual savings bank, a Morris Plan bank or history and condition of the bank, the adequacy of its capital structure, other incorporated banking institution engaged only in a business similar its future earnings prospects, the general character of its management, to that transacted by Morris Plan banks, a State trust company doing the convenience and needs of the community to be served by the bank, no commercial banking business, or a bank located in Hawaii, Alaska, and whether or not its corporate powers are consistent with the purposes Puerto Rico, or the Virgin Islands." of sec. 12B of the Federal Reserve Act. 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DECEMBER 1935 FEDERAL RESERVE BULLETIN 841 are amended so as to authorize it to purchase stock in bank in place of a payment on account of a subscription a Federal Reserve bank.5 to stock is issued to it pursuant to its application for (d) Execution and filing of application.—Each membership. application made under the provisions of this section and the exhibits referred to in the application blank SECTION 6.~C0NDITI0NS OP MEMBERSHIP shall be executed and filed, in duplicate, with the (a) Conditions applicable to all institutions applying Federal Reserve agent at the Federal Reserve bank of for membership.—Pursuant to the authority contained the district in which the applying bank is located. in the first paragraph of section 9 of the Federal Reserve Act, which authorizes the Board to permit apply- SECTION 5. APPROVAL OF APPLICATION ing State banks to become members of the Federal Re- (a) Matters given special consideration by Board.— serve System l'subject to the provisions of this act and In passing upon an application, the following matters to such conditions as it may prescribe pursuant will be given special consideration: thereto", the Board, except as hereinafter stated, will (1) The financial history and condition of the prescribe the following conditions of membership for applying bank and the general character of its each State bank hereafter applying for admission to the management; Federal Reserve System, and, in addition, such other (2) The adequacy of its capital structure and its conditions as may be considered necessary or advisable future earnings prospects; in the particular case— (3) The convenience and needs of the com- 1. Such bank at all times shall conduct its busimunity to be served by the bank; and ness and exercise its powers with due regard to the (4) Whether its corporate powers are consistent safety of its depositors, and, except with the perwith the purposes of the Federal Reserve Act. mission of the Board of Governors of the Federal (6) Procedure for admission to membership after Reserve System, such bank shall not cause or approval of application.—If an applying bank con- permit any change to be made in the general forms to all the requirements of the Federal Reserve character of its business or in the scope of the Act and this regulation and is otherwise qualified for corporate powers exercised by it at the time of membership, its application will be approved subject admission to membership.7 to such conditions as may be prescribed pursuant to the 2. The net capital and surplus funds of such provisions of the Federal Reserve Act. When the bank shall be adequate in relation to the character conditions prescribed have been accepted by the apply- and condition of its assets and to its deposit liaing bank, it should pay to the Federal Reserve bank of bilities and other corporate responsibilities,8 and its district one-half of the amount of its subscription its capital9 shall not be reduced except with the and, upon receipt of advice from the Federal Reserve bank as to the required amount, one-half of 1 percent 7 If, after admission of any bank to membership, it should desire to make any change in the general character of its business or in the scope of its of its paid-up subscription for each month from the corporate powers exercised at the time of admission, it will be necessary period of the last dividend.8 The remaining half of for it to obtain the permission of the Board before making any such the bank's subscription shall be subject to call when change. deemed necessary by the Board. The bank's member- The acquisition by a bank of the assets of another institution through merger, consolidation, or purchase may result in p. change in the character ship in the Federal Reserve System shall become effecof its assets or the scope of its functions within the meaning of condition tive on the date as of which a certificate of stock of the numbered 1, and if at any time a member State bank subject to such Federal Reserve bank is issued to it pursuant to its condition anticipates making any such acquisition a detailed report application for membership or, in the case of a mutual setting forth all of the facts in connection with the trai saction should be savings bank which is not authorized to subscribe for made promptly to the Federal Reserve bank of the district in which such bank is located. stock, on the date as of which a certificate representing s If at any time, in the light of all the circumstances, the aggregate the acceptance of a deposit with the Federal Reserve amount of the bank's net capital and surplus funds appears to be inadequate, the bank, within such period as shall be deemed by the Board to * The Federal Keserve Act provides that, if the laws under which any- be reasonable for this purpose, shall increase the amount thereof to an such savings bank was organized be not amended at the first session of amount which in the judgment of the Board shall be adequate in relation the legislature followiLg the admission of the savings bank to member- to the bank's aggregate deposit liabilities and other corporate responsiship so as to authorize mutual savings banks to purchase Federal Reserve bilities. bank stock, or if such laws be so amended and the bank fail within 6 • This applies to capital stock of all classes and to capital notes and months thereafter to purchase such stock, all of its rights and privileges debentures legally issued and purchased by the Reconstruction Finance as a member bank shall be forfeited and its membership in the Federal Corporation which, under the Federal Reserve Act, are considered as Reserve System shall be terminated in the manner prescribed in sec. 9 capital for purposes of membership. of the Federal Reserve Act. A reduction in capital, however, shall not be deemed to be contrary to 6 In the case of a mutual savings bank which is not permitted by the this provision if, at the same time, the capital is correspondingly increased laws under which it was organized to purchase stock in a Federal Reserve or a specific reserve in an amount not less than the amount of the capital bank, it shall deposit with the Federal Reserve bank an amouDt equal reduction is set aside to provide for an increase in capital and can be used to the amount which it would have been required to pay in on account for no other purpose; provided, of course, the transaction does not violate of a subscription to capital stock. any provision of applicable laws. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
842 FEDERAL RESERVE BULLETIN DECEMBER 1930 permission of the Board of Governors of the Federal or otherwise used in the conduct of its business, it Reserve System.10 shall deposit with its trust department security in 3. Such bank shall not engage as a business in the same manner and to the same extent as is issuing or selling either directly or indirectly required of national banks exercising fiduciary (through affiliated corporations or otherwise) powers.14 notes, bonds, mortgages, certificates, or other SECTION 7. POWERS AND RESTRICTIONS evidences of indebtedness representing real-estate loans or participations therein, either with or Every State bank while a member of the Federal without a guarantee, endorsement, or other obliga- Reserve System— tion of such bank or an affiliated corporation.11 (a) Shall retain its full charter and statutory rights (6) Conditions applicable to institutions exercising subject to the provisions of the Federal Reserve Act trust powers.—The Board will also prescribe for each and other acts of Congress applicable to member State trust company or State bank exercising trust powers banks, to the regulations of the Board made pursuant at the time of its admission to membership the follow- to law, and to the conditions prescribed by the Board ing conditions of membership which are appropriate and agreed to by such bank prior to its admission; for institutions exercising trust powers: (b) Shall enjoy all the privileges and observe all the 4. Such bank shall not invest funds held by it requirements of the Federal Reserve Act and other as fiduciary in obligations of or property acquired acts of Congress applicable to member State banks and from the bank or its directors, officers, employees, of the regulations of the Board made pursuant to law members of their families, or their interests, or in which are applicable to member State banks; and obligations of or property acquired from affiliates (c) Shall comply at all times with any and all conof the bank.12 ditions of membership prescribed by the Board in 5. Such bank shall not invest funds held by connection with the admission of such bank to memberthe bank as fiduciary in participations in pools of ship in the Federal Reserve System. mortgage bonds or other securities, and the securi- SECTION 8. ESTABLISHMENT OR MAINTENANCE OF ties and investments of each trust shall be kept BRANCHES separate from those of all other trusts and separate also from the properties of the bank itself;13 (a) In general.—Every State bank which is or provided, however, that the Board of Governors hereafter becomes a member of the Federal Reserve of the Federal Reserve System will not object to System is subject to the provisions of section 9 of the the collective investment of trust funds where the Federal Reserve Act relating to the establishment and <5ash balances to the credit of certain trust estates maintenance of branches in the United States or in a are too small to be invested separately to ad- dependency or insular possession thereof or in a foreign vantage, if the bank owns no participation in the country. Under the provisions of section 9, member securities in which such collective investments are State banks establishing and operating branches in the made and has no interest in them except as United States beyond the corporate limits of the city, trustees or other fiduciary, and if such collective town, or village in which the parent bank is situated investment is not prohibited by State law or the must conform to the same terms, conditions, limitainstrument creating the trust. tions, and restrictions as are applicable to the establishment of branches by national banks under the pro- 6. If funds held by such bank as fiduciary are visions of section 5155 of the Revised Statutes of the deposited in its commercial or savings department United States relating to the establishment of branches w This condition will not be prescribed in connection with the admis- in the United States, except that the approval of any sion of mutual savings banks to membership in the Federal Reserve such branches must be obtained from the Board rather System. 11 This condition does not apply to the sale of mortgages covered by than from the Comptroller of the Currency. Under Insurance under the provisions of, the National Housing Act. the provisions of section 9, member State banks estab- 12 Under established principles regarding the handling of trust funds, lishing and operating branches in a dependency or a trustee or other fiduciary should not have any interest in the funds of insular possession of the United States or in a foreign a trust except as a fiduciary, and the condition contemplates that a trust country must conform to the terms, conditions, limi- Institution will not invest trust funds in the obligations of any organization in which officers, directors, or employees of the trust institution or tations, and restrictions contained in section 25 of the their families have such an interest as might affect the exercise of the Federal Reserve Act relating to the establishment by best judgment of the management of the trust institution in investing trust funds. " Such requirements applicable to national banks are contained in sec. This condition shall not be deemed to prevent investments which are 11 (k) of the Federal Reserve Act and the Board's Regulation F issued expressly required by the trust instrument creating the trust or by pursuant to sec. 11 (k). •court order. In cases where trust funds are fully protected by a statutory prefer- *' This does not prevent a bank from investing the funds of several ence in all of the assets of the bank over its general creditors, the Board •trusts in a single real-estate loan of the kind which could be made by a may waive compliance with this condition. However, if compliance be national bank under the provisions of sec. 24 of the Federal Reserve Act,waived in any case, the Board expressly reserves the right to require «s amended, if the bank owns no participation in the loan and has nocompliance with the condition if, at any time, it feels that such trust interest therein except as trustee or other fiduciary. funds are not adequately protected. 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843 DECEMBER 1935 FEDERAL RESERVE BULLETIN national banks of branches in such places. The prin- aggregate minimum capital stock required by law cipal applicable provisions of law have been interpreted for the establishment of an equal number of as follows: national banking associations situated in the (6) Branches in the United States.— various places where such member State bank and 1. Branches established within the corporate its branches are situated. limits of the city, town, or village in which the 6. A member State bank may not establish a parent bank is situated do not require the approval branch beyond the corporate limits of the city, of the Board. town, or village in which it is situated unless such 2. Before a member State bank establishes a establishment and operation are at the time branch beyond the corporate limits of the city, authorized to State banks by the statute law of the town, or village in which it is situated, it must State in question by language specifically granting obtain the approval of the Board. such authority affirmatively and not merely by 3. Before any nonmember State bank having a implication or recognition, and subject to the branch or branches established after February 25, restrictions as to location imposed by the law of 1927, beyond the corporate limits of the city, town, the State on State banks. or village in which the bank is situated is admitted 7. Any member State bank which, on February to membership in the Federal Reserve System, it 25, 1927, had established and was actually operatmust obtain the approval of the Board for the ing a branch or branches in conformity with the retention of such branches; and any provisions State law is permitted to retain and operate the contained in this section of this regulation which same while remaining a member of the Federal by their terms relate to the establishment or Reserve System, regardless of the location of such retention of branches by member State banks are branch or branches. equally applicable to the retention by a non- 8. In order to remain a member of the Federal member State bank applying for membership and Reserve System, every member State bank must having any branches previously established. relinquish any branch or branches established 4. A member State bank located in a State after February 25, 1927, beyond the corporate which by statute law permits the maintenance of limits of the city, town, or village in which the branches within county or greater limits may, ^ parent bank is situated, unless such branch or with the approval of the Board, establish and branches are in conformity with or are brought operate, without regard to the capital require- into conformity with the same terms, conditions, ments of section 5155 of the Revised Statutes, a limitations, and restrictions as would be applicable seasonal agency in any resort community within in the case of the establishment of such branches. the limits of the county in which the main office of 9. The removal of a branch from one town to such bank is located for the purpose of receiving another town constitutes the establishment of a and paying out deposits, issuing and cashing branch in such other town within the meaning of checks and drafts, and doing business incident the provisions of the Federal Reserve Act. thereto, if no bank is located and doing business (c) Application for approval of branches in United in the place where the proposed agency is to be States.—Any member State bank desiring to establish located; and any permit issued for the establish- a branch beyond the corporate limits of the city, town, ment of such an agency shall be revoked upon the or village in which it is located and any nonmember opening of a State or national bank in the com- State bank applying for membership and desiring to munity where the agency is located. retain any branch established after February 25, 1927, 5. Except as stated in the immediately pre- beyond the corporate limits of the city, town, or village ceding paragraph, a member State bank which in which the bank is situated should submit a request establishes a branch beyond the corporate limits for the approval by the Board of any such branch to of the city, town, or village in which it is situated the Federal Reserve agent at the Federal Reserve bank must have a paid-in and unimpaired capital stock of the district in which the bank is located. Any such of not less than $500,000, except that, in a State request should be accompanied by advice as to the with a population of less than 1,000,000, and which scope of the functions and the character of the business has no city located therein with a population which are or will be performed by the branch and exceeding 100,000, the capital stock shall be not detailed information regarding the policy followed or less than $250,000, and except that, in a State proposed to be followed with reference to supervision with a population of less than 500,000, and which of the branch by the head office; and the bank may be has no city located therein with a population required in any case to furnish additional information exceeding 50,000, the capital stock shall be not which will be helpful to the Board in determining less than $100,000. In any such case, the aggre- whether to approve such request. gate capital stock of the member State bank and (d) Foreign branches.—Before a member State its branches shall at no time be less than the bank establishes a branch in a foreign country, or de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
844 FEDERAL RESERVE BULLETIN DECEMBER 1935 pendency or insular possession of the United States, it published statement. All signatures shall be the same must have a capital and surplus of $1,000,000 or more in the published statement as in the original report suband obtain the approval of the Board. mitted to the Federal Reserve bank, but the signatures (e) Application for approval of foreign branches.— may be typewritten or otherwise copied on the report Any member State bank desiring to establish such a for publication. branch and any nonmember State bank applying for A copy of the printed report shall be submitted to the membership and desiring to retain any su3h branch es- Federal Reserve bank attached to the publisher's tablished after February 25, 1927, should submit a certificate on form 105e. request for the approval by the Board of any such (6) Reports of affiliates.16—Each report of an branch to the Federal Reserve agent at the Federal affiliate of a member State bank, including a holding Reserve bank of the district in which the bank is company affiliate, shall be published at the same time located. Any such request should be accompanied by and in the same newspaper as the affiliated bank's own advice as to the scope of the functions and the charac- condition report submitted to the Federal Reserve ter of the business which are or will be performed by bank, unless an extension of time for submission of the the branch and detailed information regarding che report of the affiliate has been granted under authority policy followed or proposed to be followed with refer- of the Board of Governors of the Federal Reserve Sysence to supervision of the branch by the head office; tem. When such extension of time has been granted, and the bank may be required in any case to furnish the report of the affiliate must be submitted and pubadditional information which will be helpful to the lished before the expiration of such extended period in Board in determining whether to approve such request. the same newspaper as the condition report of the bank was published. SECTION 9. PUBLICATION OF REPORTS OF MEMBER The copy of the report for the use of the printer for BANKS AND THEIR AFFILIATES 15 publication should be prepared on form 220a. The (a) Reports of member banks.—Each report of published information shall agree in every respect with condition made by a member State bank, which is re- that shown on the face of the report of the affiliate quired to be made to the Federal Reserve bank of its furnished to the Federal Reserve bank by the affiliated district as of call dates fixed by the Board of Governors member bank, except that any item appearing under of the Federal Reserve System, shall be published by the caption "Financial relations with bank" against such member bank within 20 days from the date the which the wx>rd "none" appears on the report furnished call therefor is issued. to the Federal Reserve bank may be omitted in the The report shall be printed in a newspaper published published statement of the affiliate, provided that if in the place where the bank is located or, if there be no the word "none" is shown against all of the items newspaper published in the place where the bank is appearing under such caption in the report furnished located, then in a newspaper published in the same or to the Federal Reserve bank the caption "Financial ia an adjoining county and in general circulation in the relations with bank" shall appear in the published place where the bank is located. The term "news- statement followed by the word "none." All signapaper", for the purpose of this regulation, means a tures shall be the same in the published statement as publication with a general circulation published not in the original report submitted to the Federal Reserve less frequently than once a week, one of the primary bank, but the signatures may be typewritten or otherfunctions of which is the dissemination of news of wise copied on the report for publication. general interest. A copy of the printed report shall be submitted to the The copy of the report for the use of the printer for Federal Reserve bank attached to the publisher's publication should be prepared on form 105e. The certificate on form 220a. published information shall agree in every respect with that shown on the face of the condition report rendered SECTION 10. VOLUNTARY WITHDRAWAL FROM FEDERAL to the Federal Reserve bank, except that any item for RESERVE SYSTEM which no amount Is reported may be omitted in the (a) General.—Any State bank desiring to withdraw ifi Under the provisions of sec. 9 of the Federal Reserve Act, reports of from membership in a Federal Reserve bank may do condition of member State banks which, under that section, must be made to the respective Federal Reserve banks on call dates fixed by the w Sec. 21 of the Federal Reserve Act, among other things, provides as Board of Governors of the Federal Reserve System "shall be published follows: "Whenever member banks are required to obtain reports from by the reporting banks in such manner and in accordance with such regu- affiliates, or whenever affiliates of member banks are required to submit lations as the said Board may prescribe." to examination, the Board of Governors of the Federal Reserve System Sec. 9 also provides that the reports of affiliates of a member State bank or the Comptroller of the Currency, as the case may be, may waive such which are required by that section to be furnished to the respective Fed- requirements with respect to any such report or examination of any eral Reserve banks "shall be published by the bank under the same con- affiliate if in the judgment of the said Board or Comptroller, respectively, ditions as govern its own condition reports." The term "affiliates", such report or examination is not necessary to disclose fully the relations as used in this provision of sec. 9, under the express terms of that section, between such affiliate and such bank and the effect thereof upon the includes "holding company affiliates as well as other affiliates", but a affairs of such bank." Therefore, of course, in any case where the Board member State bank is not required to furnish to a Federal Reserve bank of Governors waives the filing of a report of an affiliate of a member State the report of an affiliated member bank. bank, no publication of a report of such affiliate is required. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 845 so after 6 months' written notice has been filed with or after the waiver of such notice by the Board, or the Board 17; and the Board, in its discretion, may unless the bank requests and the Board grants an waive such 6 months' notice in any individual case extension of time, such bank will be presumed to have and may permit such bank to withdraw from member- abandoned its intention of withdrawing from membership in a Federal Reserve bank, subject to such con- ship and will not be permitted to withdraw without ditions as the Board may prescribe, prior to the expira- again giving 6 months' written notice or obtaining the tion of 6 months from the date of the written notice waiver of such notice. of its intention to withdraw. (d) Withdrawal of notice.—Any bank which has (6) Notice of intention of withdrawal.—Any State given notice of its intention to withdraw from memberbank desiring to withdraw from membership in a ship in a Federal Reserve bank may withdraw such Federal Reserve bank should signify its intention to notice at any time before its stock has been canceled do so in a letter addressed to the Board and mailed and upon doing so may remain a member of the Federal to the Federal Reserve agent at the Federal Reserve Reserve System. The notice rescinding the former bank of which such bank is a member. Such letter notice should be accompanied by a certified copy of an should state clearly the reason for the bank's desire appropriate resolution duly adopted by the board of to withdraw. Any such bank desiring to withdraw directors of the bank. from membership prior to the expiration of 6 months from the date of written notice of its intention to SECTION 11. BOARD FORMS withdraw should so state in the letter signifying its intention to withdraw and should state the reason for its All forms referred to in this regulation and all such desire to withdraw prior to the expiration of 6 months. forms as they may be amended from time to time shall Every notice of intention of a bank to withdraw from be a part of this regulation. membership in the Federal Reserve System and every application for the waiver of such notice should be APPENDIX accompanied by a certified copy of a resolution duly adopted by the board of directors of such bank author- STATUTORY PROVISIONS izing the withdrawal of such bank from membership Section 9 of the Federal Reserve Act provides as in the Federal Reserve System and authorizing a follows: certain officer or certain officers of such bank to file Applications for membership by State banks 20 such notice or application, to surrender for cancelation the Federal Reserve bank stock held by such bank, to Any bank incorporated by special law of any State, or organized under the general laws of any State or receive and receipt for any moneys or other property of the United States, including Morris Plan banks and due to such bank from the Federal Reserve bank and other incorporated banking institutions engaged in to do such other things as may be necessary to-effect similar business, desiring to become a member of the the withdrawal of such bank from membership in the Federal Reserve System, may make application to the Board of Governors of the Federal Reserve System, Federal Reserve System. under such rules and regulations as it may prescribe, Notice of intention to withdraw or application for for the right to subscribe to the stock of the Federal waiver of 6 months' notice of intention to withdraw reserve bank organized within the district in which the applying bank is located. Such application shall by any bank which is in the hands of a conservator be for the same amount of stock that the applying or other State official acting in a capacity similar to bank would be required to subscribe to as a national that of a conservator should be accompanied by advice bank. For the purposes of membership of any such from the conservator or other such State official that 18 The 6 months' period begins to run on the date when the notice of he joins in such notice or application. intention to withdraw is received by the Federal Reserve agent, the (c) Time and method of effecting actual with- Board's official representative at the Federal Reserve bank. drawal.—Upon the expiration of 6 months after notice 19 A bank's withdrawal-from membership in the Federal Reserve of intention to withdraw18 or upon the waiving of such System is effective on the date on which the Federal Reserve bank stock held by it is duly canceled. Until such stock has been canceled, such 6 months' notice by the Board, such bank may surrenbank remains a member of the Federal Reserve System, is entitled to all der its stock and its certificate of membership to the the privileges of membeiship, and is required to comply with all provisions Federal Reserve bank and request that same be can- of law and all regulations of the Board pertaining to member banks and celed and that all amounts due to it from the Federal with all conditions of membership applicable to it. Upon the cancelation Reserve bank be refunded.19 Unless this is done within of such stock, all rights and privileges of such bank as a member bank shall terminate. 2 months after the expiration of such 6 months' notice Upon the cancelation of such stock, and after due provision has been made for any indebtedness due or to become due to the Federal Reserve 17 Under specific provisions of sec. 9 of the Federal Reserve Act, how- bank, such bank shall be entitled to a refund of its cash paid subscription ever, ro Federal Reserve bank shall, except upon express authority of with interest at the rate of one-half of 1 percent per month from the date the Board, cancel within the same calendar year more than 25 percent of of last dividend, the amount refunded in no event to exceed the book its capital stock for the purpose of effecting voluntary withdrawals during value of the stock at that time, and shall likewise be entitled to the repaythat year. All applications for voluntary withdrawals are required by ment of deposits and of any other balance due from the Federal Reserve the law to be dealt with in the order in which they are filed with the bank. Board. 20 This and subsequent catchlines are not a part of the law. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
846 FEDERAL RESERVE BULLETIN DECEMBER 1035 bank the terms "capital" and " capital stock" on dates to be fixed by the Board of Governors of the shall include the amount of outstanding capital notes Federal Reserve System. Failure to make such reand debentures legally issued by the applying bank ports within ten days after the date they are called and purchased by the Reconstruction Finance Corpora- for shall subject the offending bank to a penalty of tion. The Board of Governors of the Federal Reserve $100 a day for each day that it fails to transmit such System, subject to the provisions of this Act and to report; such penalty to be collected by the Federal such conditions as it may prescribe .pursuant thereto reserve bank by suit or otherwise. Such reports of may permit the applying bank to become a stockholder condition shall be in such form and shall contain such of such Federal leserve bank. information as the Board of Governors of the Federal Reserve System may require and shall be published by Branches of State member banks the reporting banks in such manner and in accordance Any such State bank which, at the date of the ap- with such regulations as the said Board may prescribe. proval of this Act, has established and is operating a branch or branches in conformity with the State law, Examinations may retain and operate the same while remaining or As a condition of membership such banks shall likeupon becoming a stockholder of such Federal reserve wise be subject to examinations made by direction of bank; but no such State bank may retain or acquire the Board of Governors of the Federal Reserve System stock in a Federal reserve bank except upon relinquish- or of the Federal reserve bank by examiners selected ment of any branch or branches established after the or approved by the Board of Governors of the Federal date of the approval of this Act beyond the limits of Reserve System. the city, town, or village in which the parent bank is Acceptance of State examinations; expenses; reports situated. Provided, however, That nothing herein contained shall prevent any State member bank from of examinations establishing and operating branches in the United States Whenever the directors of the Federal reserve or any dependency or insular possession thereof or in bank shall approve the examinations made by the State any foreign country, on the sape terms and conditions authorities, such examinations and the reports thereof and subject to the same limitations and restrictions may be accepted in lieu of examinations made by exas are applicable to the establishment of branches by aminers selected or approved by the Board of Governational banks except that the approval of the Board nors of the Federal Reserve System: Provided, however, of Governors of the Federal Reserve System, instead That when it deems it necessary the board may order of the Comptroller of the Currency, shall be obtained special examinations by examiners of its own selection before any State member bank may hereafter estab- and shall in all cases approve the form of the report. lish any branch and before any State bank hereafter The expenses of all examinations, other than those admitted to membership may retain any branch made by State authorities, may, in the discretion of the established after February 25, 1927, beyond the limits Board of Governors of the Federal Reserve System, of the city, town, or village in which the parent bank be assessed against the banks examined and, when so is situated. assessed, shall be paid by the banks examined. Copies of the reports of such examinations may, in the dis- Financial condition, management and powers cretion of the Board of Governors of the Federal Re- In acting upon such application the Board of Gover- serve System, be furnished to the State authorities nors of the Federal Reserve System shall consider the having supervision of such banks, to officers, directors, financial condition of the applying bank, the general or receivers of such banks, and to any other proper character of its management, and whether or not the persons. corporate powers exercised are consistent with the Forfeiture of membership purposes of this act. If at any time it shall appear to the Board of Gov- Payment of subscription ernors of the Federal Reserve System that a member Whenever the Board of Governors of the Federal bank has failed to comply with the provisions of this Reserve System shall permit the applying bank to section or the regulations of the Board of Governors of become a stockholder in the Federal reserve bank of the Federal Reserve System made pursuant thereto, or the district its stock subscription shall be payable on has ceased to exercise banking functions without a call of the Board of Governors of the Federal Reserve receiver or liquidating agent having been appointed System, and stock issued to it shall be held subject therefor, it shall be within the power of the board after to the provisions of this act. hearing to require such bank to surrender its stock in the Federal reserve bank and to forfeit all rights and Provisions of law to be complied with; reports of privileges of membership. The Board of Governors of condition the Federal Reserve System may restore membership All banks admitted to membership under authority upon due proof of compliance with the conditions of this section shall be required to comply with the re- imposed by this section. serve and capital requirements of this act and to con- Voluntary withdrawal from membership form to those provisions of law imposed on national banks which prohibit such banks from lending on or Any State bank or trust company desiring to withpurchasing their own stock, which relate to the with- draw from membership in a Federal reserve bank may drawal or impairment of their capital stock, and which do so, after six months* written notice shall have been relate to the payment of unearned dividends. Such filed with the Board of Governors of the Federal Rebanks and the officers, agents, and employees thereof serve System, upon the surrender and cancellation of shall also be subject to the provisions of and to the all of its holdings of capital stock in the Federal reserve penalties prescribed by section fifty-two hundred and bank: Provided, That the Board of Governors of the nine of the Revised Statutes, and shall be required to Federal Reserve System, in its discretion and subject make reports of condition and of the payment of divi- to such conditions as it may prescribe, may waive such dends to the Federal reserve bank of which they become six months' notice in individual cases and may permit a member. Not less than three of such reports shall any such State bank or trust company to withdraw be made annually on call of the Federal reserve bank from membership in a Federal reserve bank prior to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
847 DECEMBER 1935 FEDERAL RESERVE BULLETIN the expiration of six months from the date of the writ- shall not be subject to examination under the proviten notice of its intention to withdraw: Provided, sions of the first two paragraphs of section fifty-two however, That no Federal reserve bank shall, excepthundred and forty of the Revised Statutes as amended under express authority of the Board of Governors of by section twenty-one of this act. Subject to the prothe Federal Reserve System, cancel within the same visions of this act and to the regulations of the board calendar year more than twenty-five per centum of its made pursuant thereto, any bank becoming a member capital stock for the purpose of effecting voluntary of the Federal Reserve System shall retain its full withdrawals during that year. All such applications charter and statutory rights as a State bank or trust shall be dealt with in the order in which they are filed company, and may continue to exercise all corporate with the board. Whenever a member bank shall sur- powers granted it by the State in which it was created, render its stock holdings in a Federal reserve bank, or and shall be entitled to all privileges of member banks: shall be ordered to do so by the Board of Governors Provided, however, That no Federal reserve bank shall of the Federal Reserve System, under authority of law, be permitted to discount for any State bank or trust all of its rights and privileges as a member bank shall company notes, drafts, or bills of exchange of any one thereupon cease and determine, and after due provision borrower who is liable for borrowed money to such has been made for any indebtedness due or to become State bank or trust company in an amount greater due to the Federal reserve bank it shall be entitled to than that which could be borrowed lawfully from such a refund of its cash paid subscription with interest at State bank or trust company were it a national bankthe rate of one-half of one per centum per month from ing association. The Federal reserve bank, as a condate of last dividend, if earned, the amount refunded dition of the discount of notes, drafts, and bills of in no event to exceed the book value of the stock at exchange for such State bank or trust company, shall rethat time, and shall likewise be entitled to repayment quire a certificate or guaranty to the effect that the of deposits and of any other balance due from the borrower is not liable to such bank in excess of the Federal reserve bank. amount provided by this section, and will not be permitted to become liable in excess of this amount while Capital required for membership such notes, drafts, or bills of exchange are under dis- No applying bank shall be admitted to membership count with the Federal reserve bank. in a, Federal reserve bank unless it possesses a paid-up unimpaired capital sufficient to entitle it to become a False certification of checks national banking association in the place where it is It shall be unlawful for any officer, clerk, or agent of situated under the provisions of the National Bank any bank admitted to membership under authority of Act, as amended: Provided, That this paragraph shallthis section to certify any check drawn upon such bank not apply to State banks and trust companies organized unless the person or company drawing the cheeky has prior to the date this paragraph as amended takes on deposit therewith at the time such check is certified effect and situated in a place the population of which an amount of money equal to the amount specified in does not exceed three thousand inhabitants and having such check. Any check so certified by duly authorized a capital of not less than $25,000, nor to any State bank officers shall be a good and valid obligation against or trust company which is so situated and which, while such bank, but the act of any such officer, clerk, or it is entitled to the benefits of insurance under section agent in violation of this section may subject such bank 12B of this Act, increases its capital to not less than to a forfeiture of its membership in the Federal Reserve $25,000. System upon hearing by the Board of Governors of the Federal Reserve System. Waiver of membership requirements as to insured Government depositaries and financial agents banks In order to facilitate the admission to membership in All banks or trust companies incorporated by spjecial the Federal Reserve System of any State bank which is law or organized under the general laws of any State, required under subsection (y) of section 12B of this which are members of the Federal reserve system, when Act to become a member of the Federal Reserve System designated for that purpose by the Secretary of the in order to be an insured bank or continue to have Treasury, shall be depositaries of public money, under any part of its deposits insured under such section 12B, such regulations as may be prescribed by the Secrethe Board of Governors of the Federal Reserve System tary; and they may also be employed as financial may waive in whole or in part the requirements of this agents of the Government; and they shall perform all section relating to the admission of such bank to mem- such reasonable duties, as depositaries of public money bership: Provided, That, if such bank is admitted withand financial agents of the Government, as may be rea capital less than that required for the organization of quired of them. The Secretary of the Treasury shall a national bank in the same place and its capital and require of the banks and trust companies thus desigsurplus are not, in the judgment of the Board of Gover- nated satisfactory security, by the deposit of United nors of the Federal Reserve System, adequate in rela- States bonds or "otherwise, for the safe keeping and tion to its liabilities to depositors and other creditors, prompt payment of the public money deposited with the said Board may, in its discretion, require such bank them and for the faithful performance of their duties as to increase its capital and surplus to such amount as the financial agents of the Government. Board may deem necessary within such period pre- Admission to membership of mutual savings banks scribed by the Board as in its judgment shall be reasonable in view of all the circumstances: Provided, Any mutual savings bank having no capital stock however, That no such bank shall be required to increase(including any other banking institution the capital of its capital to an amount in excess of that required for which consists of weekly or other time deposits which the organization of a national bank in the same place. are segregated from all other deposits and are regarded as capital stock for the purposes of taxation and the Laws to which subject declaration of dividends), but having surplus and undi- Banks becoming members of the Federal Reserve vided profits not less than the amount of capital re- System under authority of this section shall be subject quired for the organization of a national bank in the to the provisions of this section and to those of this same place, may apply for and be admitted to memberact which relate specifically to member banks, but ship in the Federal Reserve System in the same manner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
848 FEDERAL RESERVE BULLETIN DECEMBER 1935 and subject to the same provisions of law as State banks discretion, extend such time for good cause shown. and trust companies, except tnat any such savings bank Each such report shall contain such information as in shall subscribe for capital stock of the Federal reserve the judgment of the Board of Governors of the Federal bank in an amount equal to six-tenths of 1 per centum Reserve System shall be necessary to disclose fully of its total deposit liabilities as shown by the most the relations between such affiliate and such bank and recent report of examination of such savings bank pre- to enable the Board to inform itself as to the effect of ceding its admission to membership. Thereafter such such relations upon the affairs of such bank. The subscription shall be adjusted semiannually on the reports of such affiliates shall be published by the same percentage basis in accordance with rules and bank under the same conditions as govern its own regulations prescribed by the Board of Governors of the condition reports. Federal Reserve System. If any such mutual savings Additional reports of affiliates bank applying for membership is not permitted by the laws under which it was organized to purchase stock Any such affiliated member bank may be required in a Federal reserve bank, it shall, upon admission to to obtain from any such affiliate such additional the system, deposit with the Federal reserve bank an reports as in the opinion of its Federal reserve bank amount equal to the amount which it would have been or the Board of Governors of the Federal Reserve required to pay in on account of a subscription to System may be necessary in order to obtain a full and capital stock. Thereafter such deposit shall be ad- complete knowledge of the condition of the affiliated justed semiannually in the same manner as subscrip- member bank. Such additional reports shall be transtions for stock. Such deposits shall be subject to the mitted to the Federal reserve bank and the Board of same conditions with respect to repayment as amounts Governors of the Federal Reserve System and shall paid upon subscriptions to capital stock by other mem- be in such form as the Board of Governors of the ber banks and the Federal reserve bank shall pay Federal Reserve System may prescribe. interest thereon at the same rate as dividends are Failure to obtain reports of affiliates actually paid on outstanding shares of stock of such Federal reserve bank. If the laws under which any Any such affiliated member bank which fails to such savings bank was organized be amended so as to obtain from any of its affiliates and furnish any report authorize mutual savings banks to subscribe for Fed- provided for by the two preceding paragraphs of this eral reserve bank stock, such savings bank shall there- section shall be subject to a penalty of $100 for each upon subscribe for the appropriate amount of stock in day during which such failure continues, which, by the Federal reserve bank, and the deposit hereinbefore direction of the Board of Governors of the Federal provided for in lieu of payment upon capital stock shall Reserve System, may be collected, by suit or otherwise, be applied upon such subscription. If the laws under by the Federal reserve bank of the district in which which any such savings bank was organized be not such member bank is located. For the purposes of amended at the next session of the legislature following this paragraph and the two preceding paragraphs of the admission of such savings bank to membership so this section, the term " affiliate" shall include holding as to authorize mutual savings banks to purchase company affiliates as well as other affiliates. Federal reserve bank stock, or if such laws be so Dealings in investment securities and stock amended and such bank fail within six months there- State member banks shall be subject to the same after to purchase such stock, all of its rights and limitations and conditions with respect to the purchasprivileges as a member bank shall be forfeited and its ing, selling, underwriting, and holding of investment membership in the Federal Reserve System shall be securities and stock as are applicable in the case of terminated in the manner prescribed elsewhere in this national banks under paragraph "Seventh" of section section with respect to State member banks and trust 5136 of the Revised Statutes, as amended. companies. Each such mutual savings bank shall comply with all the provisions of law applicable to Divorce of stock from stock of other corporations State member banks and trust companies, with the After the date of the enactment of the Banking regulations of the Board of Governors of the Federal Act of 1935, no certificate evidencing the stock of any Reserve System and with the conditions of member- State member bank shall bear any statement purporting ship prescribed for such savings bank at the time of to represent the stock of any other corporation, except admission to membership, except as otherwise herein- a member bank or a corporation engaged on June 16, before provided with respect to capital stock. 1934 in holding the bank premises of such member bank, nor shall the ownership, sale, or transfer of any Reports of affiliates certificate representing the stock of any State member Each bank admitted to membership under this bank be conditioned in any manner whatsoever upon section shall obtain from each of its affiliates other the ownership, sale, or transfer of a certificate representthan member banks and furnish to the Federal reserve ing the stock of any other corporation, except a member bank of its district and to the Board of Governors of bank or a corporation engaged on June 16, 1934 in the Federal Reserve System not less than three reports holding the bank premises of such member bank: during each year. Such reports shall be in such form Provided, That this section shall not operate to prevent as the Board of Governors of the Federal Reserve the ownership, sale, or transfer of stock of any other System may prescribe, shall be verified by the oath or corporation being conditioned upon the ownership, affirmation of the president or such other officer as sale, or transfer of a certificate representing stock of may be designated by the board of directors of such a State member bank. affiliate to verify such reports, and shall disclose the information hereinafter provided for as of dates identi- Holding company affiliates cal with those fixed by the Board of Governors of the Each State member bank affiliated with a holding Federal Reserve System for reports of the condition company affiliate shall obtain from such holding of the affiliated member bank. Each such report of company affiliate, within such time as the Board of an affiliate shall be transmitted as herein provided at Governors of the Federal Reserve System shall prethe same time as the corresponding report of the scribe, an agreement that such holding company affiliated member bank, except that the Board of affiliate shall be subject to the same conditions and Governors of the Federal Reserve System may, in its limitations as are applicable under section 5144 of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 849 Revised Statutes, as amended, in the case of holding Sec. 9. Other closed State member banks. company affiliates of national banks. A copy of each Sec. 10. Voluntary withdrawals from membership. such agreement shall be filed with the Board of Gov- Sec. 11. CanceJation of old and issue of new stock certificates. ernors of the Federal Reserve System. Upon the Sec. 12. Board forms. failure of a State member bank affiliated with a holding Appendix. company affiliate to obtain such an agreement within STATUTORY PROVISIONS the time so prescribed, the Board of Governors of the Federal Reserve System shall require such bank to This regulation is based upon and issued pursuant to surrender its stock in the Federal reserve bank and to various provisions of the Federal Reserve Act, the most forfeit all rights and privileges of membership in the Federal Reserve System as provided in this section. important of which are published in the Appendix Whenever the Board of Governors of the Federal hereto. Reserve System shall have revoked the voting permit of any such holding company affiliate, the Board of SECTION 1. NATIONAL BANKS IN PROCESS OF Governors of the Federal Reserve System may, in its discretion, require any or all State member banks ORGANIZATION affiliated with such holding company affiliate to Each national bank,1 while in process of organization2 surrender their stock in the Federal reserve bank and to forfeit all rights and privileges of membership in (including each nonmember State bank converting into the Federal Reserve System as provided in this section. a national bank,8 while in process of such conversion) shall file with the Federal Reserve agent at the Federal Examination of affiliates Reserve bank of its district an application on Form 30, In connection with examinations of State member banks, examiners selected or approved by the Board of or, if a nonmember State bank converting into a Governors of the Federal Reserve System shall make national bank, on Form 30a, for an amount of capital such examinations of the affairs of all affiliates of suchstock of the Federal Reserve bank of its district equal banks as shall be necessary to disclose fully the relato 6 percent of the paid-up 4 capital and surplus of tions between such banks and their affiliates and the effect of such relations upon the affairs of such banks. such national bank. If such application be found to be The expense of examination of affiliates of any Statein proper form it shall be approved by the Federal member bank may, in the discretion of the Board of Reserve agent effective if and when the Comptroller of Governors of the Federal Reserve System, be assessed against such bank and, when so assessed, shall be paid 1 Under the provisions of sec. 19 of the Federal Reserve Act, national by such bank. In the event of the refusal to give any banks located in Alaska or in a dependency or insular possession or any information requested in the course of the examination part of the United States outside the continental United States are not of any such affiliate, or in the event of the refusal to required to become members of the Federal Reserve System but may, permit such examination, or in the event of the refusal with the consent of the Board, become members of the System. Any to pay any expense so assessed, the Board of Governors such bank desiring to be admitted to the System under the provisions of the Federal Reserve System may, in its discretion, of sec. 19 should communicate with the Federal Reserve bank with require any or all State member banks affiliated with which it desires to do business. such affiliate to surrender their stock in the Federal 1A new national bank with no capital or board of directors which is reserve bank and to forfeit all rights and privileges of organized by the Federal Deposit Insurance Corporation pursuant to membership in the Federal Reserve System, as provided the provisions of par. (9) of subsec. (1) of sec. 12B of the Federal Reserve in this section. Act, as amended, should not apply for stock of the Federal Reserve bank NOTE.—The provisions of law specifically referred of its district until it is in process of organization as a national bank with to in section 9 and other provisions to which a State capital pursuant to the provisions of par. (11) of subsec. (1) of sec. 12B bank which is a member of the Federal Reserve System of the Federal Reserve Act, as amended. is subject are printed in the Federal Reserve Act or the » Whenever any State member bank is converted into a national bank Appendix thereto as compiled under the direction of under sec. 5151 of the Revised Statutes, as amended by sec. 8 of the Board of Governors of the Federal Reserve System. the Federal Reserve Act, it may continue to hold as a national bank its shares of Federal Reserve bank stock previously held as a State bank, and need not file any application for additional shares of Federal Reserve bank stock or for cancelation of Federal Reserve bank stock unless the aggregate amount of its capital and surplus is increased or decreased, in REGULATION I which event it should file an application for additional stock or for (Revised, effective Jan. 1,1936. Superseding Regulation I, Series of 1930) cancelation of part of its holdings of such stock, as the case may be, as provided in sec. 3 of this regulation. The certificate of stock issued INCREASE OR DECREASE OF CAPITAL STOCK in the old name of the member bank, however, should be surrendered OF FEDERAL RESERVE BANKS AND CAN- and canceled, and a new certificate should be issued in lieu thereof in CELATION OF OLD AND ISSUE OF NEW the new name of the member bank, as provided in sec. 11 of this STOCK CERTIFICATES regulation. * Subscriptions to the capital stock of the Federal Reserve bank must CONTENTS be made in an amount at least equal to 6 percent of the amount of the Statutory provisions. capital and surplus of the applying bank which is to be paid in at the Sec. 1. National banks in process of organization. time the Comptroller of the Currency authorizes it to commence busi- Sec. 2. State banks becoming members. ness. In order to avoid the necessity of making applications for addi- Sec. 3. Increase or decrease of capital or surplus by member banks. tional stock in the Federal Reserve bank, as additional installments of Sec. 4. Increase or decrease of deposits by mutual savings banks. the capital and surplus of the applying bank are paid in, application Sec. 5. Consolidation of member banks. may be made for stock in the Federal Reserve bank in an amount equal Sec. 6. Insolvency of member bank. to 6 percent of the authorized capital of the applying bank, plus 6 percent Sec. 7. Voluntary liquidation of member bank. of the amount of surplus, if any, which the subscribers to the capital of Sec. 8. Other closed national banks. the applying bank have agreed to pay in. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
850 FEDERAL RESERVE BULLETIN DECEMBER 1935 the Currency issues to such bank his certificate of for the cancelation of such amount, a& the case may authority to commence business. If its application be be, of the capital stock of the Federal Reserve bank approved, the applying bank shall thereupon 6 pay the of its district as may be necessary to make its total Federal Reserve bank of its district one-half of the subscription to stock of the Federal Reserve bank amount of its subscription and, upon receipt of advice equal to 6 percent of its combined capital and surplus. from the Federal Reserve bank as to the required After an application for additional Federal Reserve amount, one-half of 1 percent of its paid-up subscription bank btock has been approved by the Federal Reserve for each month from the period of the last dividend; agent, the applying member bank ohall pay to the and upon receipt of the payment for Federal Reserve Federal Reserve bank of its district one-half of its bank stock the Federal Reserve bank shall issue a additional subscription, plus one-half of 1 percent receipt therefor, place the amount in a suspense ac- a month from the period of the last dividend on such count, and notify the Comptroller of the Currency Federal Reserve bank stock, whereupon the approprithat it has been received. When the Comptroller of ate certificate of stock shall be issued by the Federal the Currency issues to such applying bank his certifi- Reserve bank. The remaining half of such additional cate of authority to commence business the Federal subscription shall be subject to call when deemed Reserve bank shall issue a stock certificate to the necessary by the Board of Governors of the Federal applying bank as of the date upon which the Comp- Reserve System. After an application for the canceltroller of the Currency issues his certificate of authority ation of Federal Reserve bank stock has been approved to commence business. The remaining half of the by the Federal Reserve agent, the Federal Reserve subscription of the applying bank shall be subject to bank shall accept and cancel the stock which the call when deemed necessary by the Board of Governors applying bank is required to surrender, and shall pay of the Federal Reserve System. to the member bank a sum equal to all cash paid subscriptions made on the stock canceled with one- SECTION 2. STATE BANKS BECOMING MEMBEBS half of 1 percent a month from the period of the last dividend, not to exceed the book value thereof. Any State bank, Morris Plan bank, or mutual savings bank, as defined in the Board's Regulation H, desiring to become a member of the Federal Reserve SECTION 4. INCREASE OR DECREASE OF DEPOSITS BY System shall make application as provided in Regula- MUTUAL SAVINGS BANKS tion H, and when such application has been approved Whenever, as shown by the last report of condition by the Board of Governors of the Federal Reserve as of a date preceding January 1 or July 1 of each year, System and all applicable requirements have been the total deposit liabilities of a mutual savings bank complied with the Federal Reserve bank shall issue which is a member of the Federal Reserve System shall an appropriate certificate of stock as provided in have increased or decreased since the last adjustment Regulation H. of its holdings of Federal Reserve bank stock, the bank shall file with the Federal Reserve agent at the Federal SECTION 3. INCREASE OR DECREASE OF CAPITAL OR Reserve bank of its district an application on form 56a SURPLUS BY MEMBER BANKS for such additional amount or for the cancelation of Whenever any member bank shall increase or de- such amount, as the case may be, of the capital stock crease the aggregate amount of its paid-up capital6 of the Federal Reserve bank of its district as may be and surplus,7 it shall file with the Federal Reserve necessary to make its total subscription to stock of the agent at the Federal Reserve bank of its district an Federal Reserve bank equal to six-tenths of 1 percent application on Form 56 for such additional amount or of its total deposit liabilities as shown by such last report of condition. After an application for addi- 5 Payment may be made, if desired, at any time prior to approval of tional Federal Reserve bank stock has been approved the application. «In view of the provisions of section 9 of the Federal Reserve Act, asby the Federal Reserve agent, the applying member amended June 16, 1934, the amount of outstanding capital notes and bank shall pay to the Federal Reserve bank of its debentures legally issued by the applying bank and purchased by the district one-half of the amount of its additional sub- Reconstruction Finance Corporation should be included, and the scription, plus one-half of 1 percent a month from the amount sold to others should not be included, in determining the amount of Federal Reserve bank stock which a member bank is required period of the last dividend on such Federal Reserve to hold. bank stock, whereupon the appropriate certificate of ? In the case of a member bank which sets up a reserve for dividends stock shall be issued by the Federal Reserve bank. payable in common stock, whether in connection with the retirement The remaining one-half of such additional subscription of preferred stock, capital notes or debentures or otherwise, such reserve shall be subject to call when deemed necessary by the shall be regarded as surplus for the purpose of determining the amount of Federal Reserve bank stock which the bank is required to hold, Board of Governors of the Federal Reserve System. provided such reserve is established pursuant to a resolution of the After an application for the cancelation of Federal board of directors of the bank involved, will become a part of the perma- Reserve bank stock has been approved by the Federal ment capital of the bank and will not be used for any other purpose Reserve agent, the Federal Reserve bank shall accept than the payment of dividends in common stock. 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851 DECEMBER 1935 FEDERAL RESERVE BULLETIN and cancel the stock which the applying bank is re- appointment, file with the Federal Reserve agent at the quired to surrender and shall pay to the member bank Federal Reserve bank of the district an application on a sum equal to all cash paid subscriptions made on the Form 87 for the cancelation of the stock held by such stock canceled with one-half of 1 percent a month from insolvent member bank and for the refund of all balances the period of the last dividend, not to exceed the book due to it. If the receiver shall fail to make such applivalue thereof. In the case of any mutual savings bank cation within the time specified, the Federal Reserve which is not permitted by the laws under which it was agent shall report the facts to the board of directors of organized to purchase stock in the Federal Reserve the Federal Reserve bank with a recommendation as to bank and has a deposit with the Federal Reserve bank the action to be taken, whereupon the board of directors in lieu of such subscription, such deposit shall be of the Federal Reserve bank will either issue an order to adjusted in the same manner as subscriptions for stock. cancel such stock, or, if the circumstances warrant it, grant the receiver additional time in which to file an SECTION 5. CONSOLIDATION OF MEMBER BANKS application. Upon approval of such an application by Whenever two or more member banks consolidate the Federal Reserve agent, or upon the issuance of such and such consolidation results in the consolidated bank an order, the Federal Reserve bank shall cancel such acquiring by operation of law8 the Federal Reserve stock and shall adjust accounts between the member bank stock owned by the other consolidating bank or bank and the Federal Reserve bank by applying to any banks, and which also results in the consolidated bank indebtedness of the insolvent member bank to such having an aggregate capital and surplus in excess of, Federal Reserve bank all cash paid subscriptions made or less than, the aggregate capital and surplus of the on the stock canceled with one-half of 1 percent a month consolidating member banks, such consolidated bank from the period of the last dividend, not to exceed the shall file with the Federal Reserve agent at the Federal book value thereof, and the balance, if any, shall be paid Reserve bank of its district an application on form 56 for to the duly authorized receiver of such insolvent memsuch additional amount, or for the cancelation of such ber bank. amount, as the case may be, of the capital stock of the Federal Reserve bank of its district as may be necessary SECTION 7. VOLUNTARY LIQUIDATION OF MEMBER to make its total subscription to the stock of the Federal BANK Reserve bank equal to 6 percent of its combined capital and surplus, as provided in section 3 of this regulation. Whenever a member bank goes into voluntary liqui- In the case of any such consolidation the consolidated dation, the liquidating agent or some other person or bank shall surrender to the Federal Reserve bank the persons duly authorized by the stockholders or board certificates of Federal Reserve bank stock held by the of directors to act on behalf of such bank shall, within consolidated bank and a new certificate will be issued as 3 months from the date of the vote to place such bank provided in section 11. in voluntary liquidation, file with the Federal Reserve agent at the Federal Reserve bank of the district an SECTION 6. INSOLVENCY OF MEMBER BANK application on Form 86 for the cancelation of the stock Whenever a member bank shall be declared insolvent and a receiver9 appointed by the proper authorities, held by it and for the refund of all balances due to such liquidating member bank. If such application be not such receiver shall, withiu 3 months from the date of his filed within the time specified, the Federal Reserve 8 Section 5 of the Federal Reserve Act provides that "Shares of the agent shall report the facts to the board of directors of capita] stock of Federal Reserve banks owned by member banks shall not the Federal Reserve bank with a recommendation as be transferred or hypothecated." This provision prevents a transfer of Federal Reserve bank stock by purchase, but does not prevent a transfer to the action to be taken, whereupon the board of by operation of law. When there is a merger of member banks involving directors of the Federal Reserve bank will either issue the liquidation of one of such banks and the purchase of the assets of the an order to cancel such stock, or, if the circumstances liquidating bank by the bank continuing in existence, or where one member bank purchases all or a substantial portion of the assets of another warrant it, grant additional time in which to file an member bank, the latter being put into liquidation, it is necessary for the application. Upon approval of such an application liquidating bank to surrender its Federal Reserve bank stock and for the by the Federal Reserve agent, or upon the issuance of purchasing bank, if its capital and surplus is increased or decreased, to adjust its holdings of Federal Reserve bank stock as provided in sec. 3 of such an order, the Federal Reserve bank shall cancel this regulation. such stock and shall adjust accounts between the liqui- If member banks consolidate, under a statute which does not require dating member bank and the Federal Reserve bank by the liquidation of any of the consolidating banks, and the assets and obligations of the consolidating banks are transferred to the consolidated bank applying to any indebtedness of the liquidating memby operation of law, the consolidated bank becomes the owner of the ber bank to such Federal Reserve bank all cash paid Federal Reserve bank stock of the consolidating banks as soon as the con- subscriptions made on the stock canceled with one-half solidation takes effect and such stock need not be surrendered. A consolidation under the act of Congress entitled "An act to provide for the of 1 percent a month from the period of the last diviconsolidation of national banking associations", approved Nov. 7,1918, dend, not to exceed the book value thereof, and the as amended, meets all of these conditions. balance, if any, shall be paid to the duly authorized • The term "receiver" includes any person, commission or other agency agent of such liquidating member bank. charged by law with the duty of winding up the affairs of the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
852 FEDERAL RESERVE BULLETIN DECEMBER 1935 SECTION 8. OTHER CLOSED NATIONAL BANKS SECTION 10. VOLUNTARY WITHDRAWALS FROM Whenever a national bank which has not gone into MEMBERSHIP liquidation as provided in section 5220 of the Revised Any State member bank desiring to withdraw from Statutes of the United States, as amended, and for membership in the Federal Reserve System shall which a receiver has not been appointed, shall discon- follow the procedure set forth in Regulation H, and tinue its banking operations for a period of 60 days, the when all applicable requirements of that regulation Federal Reserve agent shall report the facts to the have been complied with the Federal Reserve bank Comptroller of the Currency with a statement of hisshall cancel the stock held by the member bank and reasons as to whether a receiver should be appointed make appropriate refund thereon. for the national bank. If such receiver be appointed, SECTION 11. CANCELATION OF OLD AND ISSUE OF NEW the Federal Reserve bank stock held by the national STOCK CERTIFICATES bank shall be canceled in the manner described in section 6 of this regulation. Whenever a national Whenever a member bank changes its name it shall bank hab been placed in the hands of a conservator, surrender to the Federal Reserve bank the certificate of the Federal Reserve bank stock held by such bank may Federal Reserve bank stock which was issued to it be canceled upon submission of an application by theunder its old name. If the Federal Reserve bank has conservator in the same manner as provided in section or is furnished with proper proof of the change of name, 6 of this regulation; provided a certificate is furnished it shall cancel the certificate so surrendered and shall by the Comptroller of the Currency to the effect that issue in lieu thereof to and in the name of the member the conservator has been authorized to apply for the bank surrendering it a new certificate for the number cancelation of Federal Reserve bank stock, and that of shares represented by the certificate so surrendered. the bank is to be liquidated and is not to be permitted If a member bank has filed an application for an increase to resume business or to reorganize. or a decrease in its holdings of Federal Reserve bank stock pursuant to the provisions of section 3 of this regulation, or has acquired the Federal Reserve bank SECTION 9. OTHER CLOSED STATE MEMBER BANKS stock from another bank by virtue of a consolidation of Whenever a State member bank, as denned in the the kind described in section 5 of this regulation, it Board's Regulation H, shall cease to exercise banking shall surrender the stock certificate previously issued functions without being placed in liquidation in accord- to it and the certificate representing any stock so ance with the laws of the State in which it is located acquired, and the Federal Reserve bank shall issue a and without a receiver 10 having been appointed for it new certificate for the number of shares represented and such bank has not within 60 days of the cessation by the surrendered certificate or certificates decreased of banking functions applied for withdrawal from by the number of shares canceled or increased by the membership in the Federal Reserve System as pro-number of additional shares to be issued. vided in the Board's Regulation H, the Federal Reserve agent at the Federal Reserve bank of the district in SECTION 12. BOARD FORMS which such State member bank is located shall furnish All forms referred to in this regulation and all such the Board of Governors of the Federal Reserve System forms as they may be amended from time to time with full information with reference to the facts in- shall be a part of this regulation. volved in the case and with a definite recommendation as to whether the board should require the State APPENDIX member bank to surrender its stock in the Federal Section 2 of the Federal Reserve Act reads in part as Reserve bank and to forfeit all rights and privileges of follows: membership in the Federal Reserve System. Upon Under regulations to be prescribed by the organizareceipt of this advice, if termination of the membership tion committee, every national banking association in of the State member bank appears desirable, the Board the United States is hereby required, and every eligible bank in the United States and every trust company will give the member bank notice of the date upon within the District of Columbia, is hereby authorized which a hearing will be held to determine whether its to signify in writing, within sixty days after the passage membership should be forfeited. If, after such hear- of this act, its acceptance of the terms and provisions ing, the membership of a State member bank be hereof. When the organization committee shall have designated the cities in which Federal Reserve banks are forfeited, the Board will direct the Federal Reserve to be organized, and fixed the geographical limits of bank of the Federal Reserve district in which the the Federal Reserve districts, every national banking member bank is located to cancel the Federal Reserve association within that district shall be required within bank stock it holds and make appropriate refund thirty days after notice from the organization committee, to subscribe to the capital stock of such Federal thereon. Reserve bank in a sum equal to six per centum of the paid-up capital stock and surplus of such bank, oneio The term "receiver" includes any person, commission or other sixth of the subscription to be payable on call of the agency charged by law with the duty of winding up the affairs of the organization^committee or of the Board of Governors bank. 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DECEMBER 1935 FEDERAL RESERVE BULLETIN 853 of the Federal Reserve System, one-sixth within three and for which a receiver has not already been appointed months and one-sixth within six months thereafter, for other lawful cause, shall discontinue its banking and the remainder of the subscription, or any part operations for a period of sixty days the Comptroller thereof, shall be subject to call when deemed necessary of the Currency may, if he deems it advisable, appoint by the Board of Governors of the Federal Reserve a receiver for such bank. The stock held bv the said System, said payments to be in gold or gold certificates. national bank in the Federal reserve bank of its district * * * ** shall thereupon be canceled and said national bank shall The poard of Governors of the Federal Reserve receive in payment therefor, under regulations to be System is hereby empowered to adopt and promulgate prescribed by the Board of Governors of the Federal rules and regulations governing the transfers of said Reserve System, a sum equal to its cash-paid substock. scriptions on the shares canceled and one-half of one per centum a month from the period of the last divi- Section 5 of the Federal Reserve Act reads as follows: dend, if earned, not to exceed the book value thereof, less any liability of such national bank to the Federal Sec. 5. The capital stock of each Federal Reserve reserve bank. bank shall be divided into shares of $100 each. The outstanding capital stock shall be increased from time Section 9_pf the Federal Reserve Act reads in part as to time as member banks increase their capital stock follows: and surplus or as additional banks become members, and may be decreased as member banks reduce their SEC. 9. Any bank incorporated by special law of capital stock or surplus or cease to be members. any State, or organized under the general laws of any Shares of the capital stock of Federal reserve banks State or of the United States, including Morris Plan owned by member banks shall not be transferred or banks and other incorporated banking institutions hypothecated. When a member bank increases its engaged in similar business, desiring to become a memcapital stock or surplus, it shall thereupon subscribe ber of the Federal Reserve System, may make applicafor an additional amount of capital stock of the tion to the Board of Governors of the Federal Reserve Federal reserve bank of its district equal to six per System, under such rules and regulations as it may centum of the said increase, one-half of said subscrip- prescribe, for the right to subscribe to the stock of the tion to be paid in the manner hereinbefore provided for Federal Reserve bank organized within the district in original subscription, and one-half subject to call of which the applying bank is located. Such application the Board of Governors of the Federal Reserve System. shall be for the same amount of stock that the applying A bank applying for stock in a Federal reserve bank at bank would be required to subscribe to as a national any time after the organization thereof must subscribe bank. For the purposes of membership of any such for an amount of the capital stock of the Federal reserve bank the terms "capital" and "capital stock7' shall bank equal to six per centum of the paid-up capital include the amount of outstanding capital notes and stock and surplus of said applicant bank, paying there- debentures legally issued by the applying bank and for its par value plus one-half of one per centum a purchased by the Reconstruction Finance Corporation. month from the period ol the last dividend. When a The Board of Governors of the Federal Reserve System, member bank reduces its capital stock or surplus it subject to the provisions of this Act and to such conshall surrender a proportionate amount of its holdings ditions as it may prescribe pursuant thereto may permit in the capital stock of said Federal Reserve bank. the applying bank to become a stockholder of such Any member bank which holds capital stock of a Federal reserve bank. Federal Reserve bank in excess of the amount required on the basis of six per centum of its paid-up capital stock and surplus shall surrender such excess Whenever the Board of Governors of the Federal stock. When a member bank voluntarily liquidates it Reserve System shaH permit the applying bank to shall surrender all of its holdings of the capital stock of become a stockholder in the Federal reserve bank of the said Federal Reserve bank and be released from its district, its stock subscription shall be payable on call stock subscription not previously called. In any such of the Board of Governors of the Federal Reserve case the shares surrendered shall be canceled and the System, and stock issued to it shall be held subject to membei bank shall receive in payment therefor, under the provisions of this act. regulations to be prescribed by the Board of Governors * * * * ** * of the Federal Reserve System, a sum equal to its If at any time it shall appear to the Board of cash-paid subscriptions on the shares surrendered and Governors of the Federal Reserve System that a one-half of one per centum a month from the period oi member bank has failed to comply with the provisions the last dividend, not to exceed the book value thereof, of this section or the regulations of the Board of Goverless any liability of such member bank to the Federal nors of the FederaUReserve System made pursuant Reserve bank. thereto, or has ceased to exercise banking functions Section 6 of the Federal Reserve Act reads as follows: without a receiver or liquidating agent having been appointed therefor, it shall be within the power of the SEC. 6. If any member bank shall be declared board after hearing to require such bank to surrender insolvent and a receiver appointed therefor, the stock its stock in the Federal reserve bank and to forfeit all held by it in said Federal reserve bank shall be canceled, rights and privileges of membership. without impairment of its liability, and all cash-paid subscriptions on said stock, with one-half of one per centum per month from the period of last dividend, Any State bank or trust company desiring to withif earned, not to exceed the book value thereof, shall draw from membership in a Federal reserve bank may be first applied to all debts of the insolvent member do so, after six months' written notice shall have been bank to the Federal reserve bank, and the balance, if filed with the Board of Governors of the Federal any, shall be paid to the receiver of the insolvent bank. Reserve System, upon the surrender and cancelation of If any national bank which has not gone into liqui- all of its holdings of capital stock in the Federal reserve dation as provided in section 5220 of the Revised bank: Provided, That the Board of Governors of the Statutes (United States Code, title 12, section 181) Federal Reserve System, in its discretion and subject to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
854 FEDERAL RESERVE BULLETIN DECEMBER 1935 such conditions as it may prescribe, may waive such If the laws under which any such savings bank was six months' notice in individual cases and may permit organized be not amended at the next session of the any such State bank or trust company to withdraw from legislature following the admission of such savings membership in a Federal reserve bank prior to the bank to membership so as to authorize mutual savings expiration of six months from the date of the written banks to purchase Federal reserve bank stock, or if notice of its intention to withdraw: Provided, howevers,uch laws be so amended and such bank fail within six That no Federal reserve bank shall, except under ex- months thereafter to purchase such stock, all of its press authority of the Board of Governors of the rights and privileges as a member bank shall be for- Federal Reserve System, cancel within the same calen- feited and its membership in the Federal Reserve dar year more than twenty-five per centum of its capital System shall be terminated in the manner prescribed stock for the purpose of effecting voluntary withdrawals elsewhere in this section with respect to State member during that year. All such applications *shall be dealt banks and trust companies. with in the order in which they are filed with the board. Whenever a member bank shall surrender its stock holdings in a Federal reserve bank, or shall be ordered to do so by the Board of Governors of the Federal REGULATION 0 Reserve System, under authority of law, all of its rights and privileges as a member bank shall thereupon cease (Effective Jan. 1,1936) and determine, and after due provision has been made for any indebtedness due or to become due to the LOANS TO EXECUTIVE OFFICERS OF MEMBER Federal reserve bank it shall be entitled to a refund of BANKS its cash paid subscription with interest at the rate of one-half of one per centum per month from date of last CONTENTS dividend, if earned, the amount refunded in no event to exceed the book value of the stock at that time, and Statutory provisions. shall likewise be entitled to repayment of deposits and Sec. 1. Definitions. of any other balance due from the Federal reserve (a) "Memberbank." bank/ (6) "Executive officer." * * * * ** * (c) "Loan", "loaning", "extension of credit", and "extend credit." Any mutual savings bank having no capital stock (<f) "Borrow" and "become Indebted." (including any other banking institution the capital of which consists of weekly or other time deposits wrhich Sec. 2. General provisions. (a) Executive officers and partnerships prohibited are segregated from all other deposits and are regarded from borrowing. as capital stock for the purposes of taxation and the (6) Member banks prohibited from loaning to execudeclaration of dividends), but having surplus and untive officers and partnerships. divided profits not less than the amount of capital Sec. 3. Exceptions. required for the organization of a national bank in the (a) (1) Loans or indebtedness not in excess of $2,500. same place, may apply for and be admitted to member- (a) (2) Endorsing or guaranteeing for the protection of ship in the Federal Reserve System in the same manner bank, and subject to the same provisions of law as State (a) (3) Protecting member bank against loss or giving banks and trust companies, except that any such financial assistance to it. savings bank shall subscribe for capital stock of the (6) Approval and recordation of excepted loans. Federal reserve bank in an amount equal to six-tenths Sec. 4. Renewals or extensions of loans made prior to June 16,1933. of one per centum of its total deposit liabilities as (a) Loans may be renewed under certain conditions. shown by the most recent report of examination of (6) Limitations not applicable to excepted loans. such savings bank preceding its admission to member- Sec. 5. Reports by executive officers of member banks of their ship. Thereafter such subscription shall be adjusted indebtedness to other banks. semiannually on the same percentage basis in accord- Sec. 6. Penalties. ance with rules and regulations prescribed by the Board (a) Executive officers subject to removal from office. of Governors of the Federal Reserve System. If any (6) Member banks subject to forfeiture of membership. such mutual savings bank applying for membership is Appendix. not permitted by the laws under which it was organized to purchase stock in a Federal reserve bank, it shall, STATUTORY PROVISIONS upon admission to the system, deposit with the Federal reserve bank an amount equal to the amount which it This regulation is based upon and issued pursuant would have been required to pay in on account of a to the provisions of subsection (g) of section 22 of the subscription to capital stock. Thereafter such deposit Federal Reserve Act which, together with related proshall be adjusted semiannually in the same manner as subscriptions for stock. Such deposits shall be subject visions of law, are published in the appendix hereto. to the same conditions with respect to repayment as amounts paid upon subscriptions to capital stock by SECTION 1. DEFINITIONS other member banks and the Federal reserve bank shall pay interest thereon at the same rate as dividends For the purpose of this regulation— are actually paid on outstanding shares of stock of such (a) The term "member bank" means any national Federal reserve bank. If the laws under which any such savings bank was organized be amended so as to bank, State bank, savings bank, trust company, Morris authorize mutual savings banks to subscribe for Plan bank, mutual savings bank, or other banking in- Federal reserve bank stock, such savings bank shall stitution which is a member of the Federal Reserve thereupon subscribe for the appropriate amount of System. stock in the Federal reserve bank, and the deposit hereinbefore provided for in lieu of payment upon (6) The term "executive officer" means the chaircapital stock shall be applied upon such subscription. man of the board of directors, the president, every vice Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
855 DECEMBER 1935 FEDERAL RESERVE BULLETIN president, the cashier, secretary, treasurer, and trust shall not borrow from ©r otherwise become indebted to officer of a member bank, and, in addition, every other the member bank of which he is an executive officer officer of a member bank who participates in the man- and a partnership in which one or more executive agement of the bank or any branch thereof, regardless officers of a member bank are partners having either of whether he has an official title or whether his title individually or together a majority interest in the contains a designation of assistant, and regardless of partnership shall not borrow from or otherwise become whether he is serving without salary or other compen- indebted to such member bank. sation; but such term does not include a director or (6) Member banks prohibited from loaning to member of a committee who is not also an executive executive officers and partnerships.—Except as proofficer within the foregoing definition. vided in section 3 of this regulation, no member bank (c) The terms "loan", "loaning", "extension of shall make any loan or extend credit in any manner to credit", and "extend credit "mean the making of a any of its own executive officers and no member bank loan or the extending of credit in any manner whatso- shall make any loan or extend credit in any manner to ever, and include— a partnership in which one or more executive officers (1) Any advance by means of an overdraft, of such member bank are partners having either cash item, or otherwise; individually or together a majority interest in the (2) The acquisition by discount, purchase, ex- partnership. change, or otherwise of any note, draft, bill of ex- SECTION 3. EXCEPTIONS change, or other evidence of indebtedness upon (a) The provisions of section 2 of this regulation which an executive officer may be liable as maker, shall not apply— drawer, indorser, guarantor, or surety; (1) To any loan or extension of credit by a (3) The increase of an existing indebtedness, member bank, provided that, as a result of such except on account of accrued interest or on acloan or extension of credit, an executive officer of count of taxes, insurance, or other expenses incithe member bank does not become indebted to it dental to the existing indebtedness and advanced in an amount in excess of $2,500, and provided by the bank for its own protection; further that a majority of the entire board of (4) Any advance of unearned salary or other directors of the member bank has in each case unearned compensation for periods in excess of given prior approval to such loan or extension of 30 days; and credit;1 (5) Any other transaction as a result of which (2) To the indorsing or guaranteeing for the an executive officer becomes obligated to a bank, protection of a member bank of any loan or other directly or indirectly by any means whatsoever, asset which shall have been previously acquired by reason of an indorsement on an obligation or by the member bank «n good faith, regardless of otherwise, to pay money or its equivalent. the amount thereof; or Such terms, however, do not include (i) advances (3) To any loan, indebtedness, or extension of against accrued salary or other accrued compensation, credit, regardless of the amount thereof, for the or for the purpose of providing for the payment of purpose of protecting a member bank agairst loss authorized travel or other expenses incurred or to be or giving financial assistance to it. incurred on behalf of the bank, (ii) the acquisition by (b) The approval of any loan or extension of credit a bank of any check deposited in or delivered to the under the provisions of paragraph (1) of subsection (a) bank in the usual course of business unless it results in of this section shall be evidenced by a resolution of the the granting of an overdraft to or the carrying of a board of directors spread upon the minute book of the cash item for an executive officer, or (iii) the acquisition bank; and any indorsement, guarantee, loan, indebtedof any note, draft, bill of exchange, or other evidence ness, or extension of credit under the provisions of of indebtedness, through a merger or consolidation of paragraph (2) or (3) of subsection (a) of this section banks or a similar transaction by which a bank acquires shall be reported to the board of directors of the bank assets and assumes liabilities of another bank or other and a record thereof incorporated in the minute book organization, or through foreclosure on collateral or of the bank. similar proceeding for the protection of the bank. (d) The terms "borrow" and "become indebted" SECTION 4. RENEWALS OR EXTENSIONS OF LOANS MADE mean any transaction by which an executive officer, PRIOR TO JUNE 16, 1933 directly or indirectly by any means whatsoever, (a) Loans may be renewed under certain condireceives a loan or extension of credit as defined above. tions.—Loans made to an executive officer prior to June 16, 1933, by the member bank of which he is an SECTION 2. GENERAL PROVISIONS (a) Executive officers and partnerships prohibited i It is not contemplated that a renewal or extension of a loan previously made and approved under the provisions of this paragraph must be from borrowing.—Except as provided in section 3 of approved by the board of directors if such renewal or extension does not this regulation, an executive officer of a member bank include an increase in the indebtedness of the executive officer involved Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
856 FEDERAL RESERVE BULLETIN DECEMBER 1935 executive officer, may be renewed or extended with the forfeiture of all rights, privileges, and franchises granted prior approval of the board of directors of the member to it under the National Bank Act, in the manner bank for periods expiring not later than June 16, 1938. prescribed in section 2 of the Federal Reserve Act and, Any such renewal or extension shall be made only in the case of any State member bank, be subject to where the board of directors of the member bank shall the forfeiture of all of its rights and privileges of memhave satisfied itself that such renewal or extension is bership in the Federal Reserve System, in the manner in the best interest of the member bank and that the prescribed in section 9 of the Federal Reserve Act. executive officer indebted has made a reasonable effort APPENDIX to reduce his obligation. The findings of the board of directors with respect thereto shall be evidenced by a Subsection (g) of section 22 of the Federal Reserve resolution spread upon the minute book of the bank. Act, as amended by section 326 (c) of the Banking Act No such loan shall be renewed or extended, by con- of 1935, provides as follows: version into a demand loan or otherwise, for periods SEC. 22. * * * expiring subsequent to June 16, 1938. (g) No executive officer of any member bank shall (6) Limitations not applicable to excepted loans.— borrow from or otherwise become indebted to any member bank of which he is an executive officer, and The limitations prescribed in the foregoing subsection no member bank shall make any loan or extend credit shall not apply to any loan, indebtedness, extension of in any other manner to any of its own executive ofcredit or to the indorsing or guaranteeing of any loan ficers: Provided, That loans made to any such officer or other asset referred to in section 3 of this regulation. prior to June 16, 1933, may be renewed or extended for periods expiring not more than five years from such date where the board of directors of the member SECTION 5. REPORTS BY EXECUTIVE OFFICERS OF MEMBER bank shall have satisfied themselves that such exten- BANKS OF THEIR INDEBTEDNESS TO OTHER BANKS sion or renewal is in the best interest of the bank and that the officer indebted has made reasonable effort to Any executive officer of any member bank who on reduce his obligation, these findings to be evidenced the effective date of this regulation is or thereafter by resolution of the board of directors spread upon the becomes indebted to any bank, banking association, or minute book of the bank: Provided further, That with the prior approval of a majority of the entire board of trust company (including a member bank) other than directors, any member bank may extend credit to any the member bank of which he is an executive officer executive officer thereof, and such officer may become shall, within 30 calendar days after the effective date of indebted thereto, in an amount not exceeding $2,500. this regulation or within 10 calendar days after he If any executive officer of any member bank borrow from or if he be or become indebted to any bank other becomes so indebted, as the case may be, make a written than a member bank of which he is an executive officer, report thereof to the board of directors of the member he shall make a written report to the board of directors bank of which he is an executive officer.2 Each such of the member bank of which he is an executive officer, stating the date and amount of such loan or report shall state the name of the bank to which he is indebtedness, the security therefor, and the purpose indebted, the date such indebtedness was incurred and for which the proceeds have been or are to be used. the date of maturity thereof, the amount of such in- Borrowing by, or loaning to, a partnership in which debtedness, the form of the indebtedness, the security one or more executive officers of a member bank are partners having either individually or together a matherefor, if any, and the purpose for which the proceeds jority interest in said partnership, shall be considered have been or are to be used. A record of the receipt within the prohibition of this subsection. Nothing of each such report shall be made in the minute book of contained in this subsection shall prohibit any executhe member bank receiving it and all such reports shall tive officer of a member bank from endorsing "or guaranteeing for the protection of such bank any loan or be retained by such member bank and made available, other asset which shall have been previously acquired upon request, for inspection by duly authorized by such bank in good faith or from incurring any examiners. indebtedness to such bank for the purpose of piotecting such bank against loss or giving financial assistance SECTION 6. PENALTIES to it. The Board of Governors of the Federal Reserve System is authorized to define the term " executive (a) Executive officer subject to removal from officer", to determine what shall be deemed to be a office.—Any executive officer of a member bank who borrowing, indebtedness, loan, or extension of credit, violates any provision of subsection (g) of section 22 offor the purposes of this subsection, and to prescribe the Federal Reserve Act will be subject to removal from such rules and regulations as it may deem necessary to effectuate the provisions of this subsection in accordoffice in the manner prescribed in section 30 of the ance with its purposes and to prevent evasions of such Banking Act of 1933. provisions. Any executive officer of a member bank (b) Member banks subject to forfeiture of member- accepting a loan or extension of credit which is in violaship.—Any member bank which violates any provision tion of the provisions of this subsection shall be subject to removal from office in the manner prescribed in of subsection (g) of section 22 of the Federal Reserve section 30 of the Banking Act of 1933: Provided, That Act will, in the case of a national bank, be subject to the for each day that a loan or extension of credit made in violation cf this subsection exists, it shall be deemed 8 No report Deed be made in the case of renewals or extensions of an to be a continuation of such violation within the meanindebtedness which has been previously reported, provided the indebted- ing of said section 30. ness is not increased. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 857 Section 30 of the Banking Act of 1933, as amended, Sec. 2. Organizations not engaged as a business in holding stock provides as follows: of, or managing or controlling, banks. Sec. 3. State member banks must obtain and file agreements by SEC. 30. Whenever, in the opinion of the Compholding company affiliates. troller of the Currencjr, any director or officer of a Sec. 4. Necessity for obtaining voting permits. national bank, or of a bank or trust company doing Sec. 5 Granting of voting permits. business in the District of Columbia, or whenever, in Sec. 6. Procedure relating to applications for voting permits. the opinion of a Federal reserve agent, any director or Sec. 7. Reserve requirements. officer of a State member bank in his district shall have Sec. 8. Revocation of permit. continued to violate any law relating to such bank or Sec. 9. Participation by subsidiary member banks in nominatrust company or shall have continued unsafe or untion or election of directors of Federal reserve banks. sound practices in conducting the business of such bank Sec. 10. Forms. or trust company, after having been warned by the Appendix. Comptroller of the Currency or the Federal reserve agent, as the case may be, to discontinue such viola- STATUTORY PROVISIONS tions of law or such unsafe or unsound practices, the Comptroller of the Currency or the Federal reserve This regulation is based upon and issued pursuant agent, as the case may be, may certify the facts to to various provisions of section 5144 of the Revised the Board of Governors of the Federal Reserve System. Statutes of the United States and of the Federal In any such case the Board of Governors of the Federal Reserve Act, the most important of which, together Reserve System may cause notice to be served upon such director or officer to appear before such Board to with related provisions of law, are published in the show cause why he should not be removed from office. Appendix hereto. A copy of such order shall be sent to each director of the bank affected, by registered mail. If after granting SECTION 1. DEFINITIONS the accused director or officer a reasonable opportunity to be heard, the Board of Governors of the Federal For the purposes of this regulation— Reserve System finds that he has continued to violate (a) Holding company affiliate.—The term "holding any law relating to such bank or trust company or has company affiliate" shall have the meaning given to it continued unsafe or unsound practices in conducting the business of such bank or trust company after having by section 2 (c) of the Banking Act of 1933.1 (See been warned by the Comptroller of the Currency or the Appendix, page 860.) Federal reserve agent to discontinue such violation of (6) Affiliate.—The term "affiliate" shall have the law or such unsafe or unsound practices, the Board of Governors of the Federal Reserve System, in its dis- meaning given to it by section 2 (b) of the Banking cretion, may order that such director or officer be Act of 1933. (See Appendix, page 860) .2 removed from office. A copy of such order shall be (c) Subsidiary.—The term "subsidiary" means any served upon such director or officer. A copy of such corporation, business trust, association, or other similar order shall also be served upon the bank of which he i s a director or officer, whereupon such director or officer organization engaged in any kind of business whatshall cease to be a director or officer of such bank: soever (including any member or nonmember bank) — Provided, That such order and the findings of fact upon (1) Of which any corporation, business trust, which it is based shall not be made public or disclosed association, or other similar organization owns or to anyone except the director or officer involved and the directors of the bank involved, otherwise than in con- controls, directly or indirectly, a majority of the nection with proceedings for a violation of this section shares of capital stock; or Any such director or officer removed, from office as (2) Of which any corporation, business trust, herein provided who thereafter participates in any association, or other similar organization owns or manner in the management of such bank shall be fined not more than $5,000, or imprisoned for not more than controls, directly or indirectly, more than 50 per five years, or both, in the discretion of the court. centum of the number of shares voted for the election of the directors, trustees, or other persons exercising similar functions at the preceding REGULATION P election; or ( Revised, effective Jan. 1,1936. Superseding Regulation P, Series of 1933} (3) Of which any corporation, business trust, association, or other similar organization controls HOLDING COMPANY AFFILIATES—VOTING in any manner the election of a majority of the PERMITS directors, trustees, or other persons exercising CONTENTS similar functions; or Statutory provisions. (4) Of which all or substantially all the capital Sec. 1. Definitions. stock is held by trustees for the benefit of the share- (a) Holding company affiliate. (6) Affiliate. holders or members of any corporation, business (c) Subsidiary. trust, association, or other similar organization. (d) Affiliated. (e) Member bank. 1 An organization is not a holding company affiliate of a bank (national (/) Nonmember bank. or State) unless the bank is a member of the Federal Reserve System. (g) General voting permit. 2 For the purposes of certain provisions of sees. 9 and 23A of the Federal (h) Limited voting permit, Reserve Act and sec. 5211 of the Revised Statutes of the United States, (i) Board. the term "affiliate" also includes any "holding company affiliate." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
858 FEDERAL RESERVE BULLETIN DECEMBER 1935 (d) Affiliated.—Any corporation, business trust, mined by the Board not to be engaged, directly or association, or other similar organization (including indirectly, as a business in holding the stock of, or any member or nonmember bank) shall be deemed to managing or controlling, banks, banking associations, be "affiliated" with another such organization: saving banks, or trust companies. The Board will (1) If either organization owns or controls, consider this matter in acting upon applications for directly or indirectly, a majority of the shares or of voting permits and if, on the basis of the available the voting shares of-the other or more than 50 information, it determines that an applicant is not so per centum of the number of shares of the other engaged within the meaning of the law, it will advise voted for the election of directors, trustees, or such applicant accordingly. other persons exercising similar functions at the If any organization which does not have a voting preceding election; or permit application pending before the Board desires (2) If either controls in any manner the election that the Board determine that it is not engaged, of a majority of the other's directors, trustees, or directly or indirectly, as a business in holding the other persons exercising similar functions; or stock of, or managing or controlling, banks, banking (3) If control of either is held, directly or in- associations, savings banks, or trust companies, it directly, through stock ownership or in any shall file a request for such determination. other manner, by shareholders of the other who Any such request shall be accompanied by full inforalso own or control a majority of the shares of the mation concerning all matters having a bearing on latter or more than 50 per centum of the number the question, including the purpose for which the orof shares of the latter voted for the election of ganization filing the request was organized, the nature directors, trustees, or other persons exercising and purpose of its present activities, the description similar functions at the preceding election; or and value of its various classes of assets, its relation- (4) If control of either is held, directly or in- ships with affiiliated organizations (including name directly, through stock ownership or in any other and address of each such organization, the character manner, by trustees for the benefit of the share- of its business or other activities, and the nature of the holders of the other; or relationship), and the bank stocks which it directly (5) If a majority of the directors, trustees, or or indirectly owns or controls (including the number other persons exercising similar functions of either and value of the shares owned or controlled of each have similar connections with the other. bank, the total number of outstanding shares of each (e) Member bank.—The term "member bank" bank, and the manner in and purpose for which such means any national bank, State bank, savings bank, stock, or control thereof, was acquired and is held) .3 trust company, Morris Plan bank, mutual savings Any such request and the supporting information bank, or other banking institution which is a member shall be in writing and shall be filed in duplicate with of the Federal Reserve System. the Federal Reserve agent at the Federal Reserve (/) Nonmember bank.—The term "nonmember bank of the district in which the principal office of bank" means any banking institution which is not a such organization is located. The Federal Reserve member of the Federal Reserve System. agent shall forward to the Board the original thereof (g) General voting permit.—The term "general together with his recommendations and the opinion voting permit" means any voting permit entitling a of counsel for the Federal Reserve bank of such district. holding company affiliate to vote the stock which it owns or control? of a subsidiary member bank at all SECTION 3. STATE MEMBER BANKS MUST OBTAIN AND meetings of the shareholders of such bank and for all FILE AGREEMENTS BY HOLDING COMPANY AFFILIATES purposes. Each State member bank which is or hereafter (h) limited voting permit.—The term "limited becomes a subsidiary of a holding company affiliate voting permit" means any voting permit authorizing a shall obtain from such holding company affiliate an holding company affiliate to vote the stock which it agreement (form P-5) that such holding company owns or controls of a subsidiary member bank only affiliate will be subject to the same conditions and at a designated meeting or meetings of the shareholders limitations as are applicable to holding company of such bank or at a meeting or meetings held within a affiliates of national banks under the provisions of designated period of time and for only such purposes section 5144 of the Revised Statutes. Such agreeas are stated in the permit. ment shall be obtained within 90 days after such (i) Board.—The term "Board" means the Board of member bank shall have become a subsidiary of the Governors of the Federal Reserve System. holding company affiliate. Upon the failure of a State member bank which is SECTION 2. ORGANIZATIONS NOT ENGAGED AS A BUSInow or hereafter becomes a subsidiary of a holding com- NESS IN HOLDING STOCK OF, OR MANAGING OR CONpany affiliate to obtain the requisite agreement within TROLLING, BANKS 3 If the organization filing the request has previously been granted a The term "holding company affiliate" does not general voting permit, it need only file such information as is necessary include (except for the purposes of sec. 23A of the to supplement and bring up to date the information contained in its Federal Reserve Act) any organization which is deter- application for such permit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
859 DECEMBER 1935 FEDERAL RESERVE BULLETIN the time prescribed, the law makes it the duty of the for its benefit or the benefit of its shareholders or Board to require such bank to surrender its stock of members so to vote such shares. the Federal Reserve bank and to forfeit all rights and In acting upon an application for a voting permit, privileges of membership in the Federal Reserve the Board is required to consider the financial condi- System. tion of the applicant, the general character of its The original and one copy of such agreement must be management, and the probable effect of the granting filed promptly with the Federal Reserve agent at the of such permit upon the affairs of each of its subsidiary Federal Reserve bank of the district in which the hold- member banks. The Board is vested with discreing company affiliate's principal office is located, and tionary authority to grant or withhold any voting the original of such agreement shall be sent by such permit applied for as the public interest may require, Federal Reserve agent to the Board. provided, however, that no voting permit shall be Any State banking institution applying for member- granted except upon certain conditions prescribed by ship in the Federal Reserve System will be required to law. Accordingly, each applicant for a voting permit obtain and file a similar agreement (form P-6) by any will be required to execute certain agreements which corporation, business trust, association, or other similar are contained in form P-l (the application form) and organization which will become a holding company the Board, in granting voting permits, will prescribe affiliate of such banking institution upon the latter's such additional conditions as it may, in the circumadmission to membership in the Federal Reserve stances, deem reasonable and proper and in the public System. interest. SECTION 4. NECESSITY FOR OBTAINING VOTING PERMITS SECTION 6. PROCEDURE RELATING TO APPLICATIONS FOR No holding company affiliate of a national bank or of VOTING PERMITS a State member bank which has executed the agreement " An applicant for a voting permit need file only one required by section 3 of this regulation may lawfully application, notwithstanding the fact that it may vote any share of stock of such bank for any purpose, desire permission to vote shares of more than one bank. other than to place such bank in voluntary liqui- The application shall be submitted on form P-l and dation or to take any other action pertaining to the the applicant shall furnish the exhibits referred to voluntary liquidation of such bank, unless such holding therein as a part of its application. Exhibits C, L, company affiliate shall have first obtained a voting N, P, and Q shall be furnished on forms P-2, P-3, permit, pursuant to the provisions of section 5144 of the P-4, P-5, and P-6, respectively. All forms (except Revised Statutes and of this regulation, and unless signatures of persons executing same) should be filled such voting permit shall be in force at the time such out by typewriter. Instructions concerning the prepshares are voted. aration of the other exhibits should be obtained from No State banking institution will be admitted to the Federal Reserve agent. membership in the Federal Reserve System until each The application and the exhibits referred to in the corporation, business trust, association, or other similar application blank shall be executed and filed in dupliorganization which will become a holding company cate with the Federal Reserve agent at the Federal affiliate of such banking institution upon the latter's Reserve bank of the district in which the applicant's admission to membership in the Federal Reserve principal office is located and a copy thereof shall be System has filed an application for a voting permit. filed with the Federal Reserve agent at the Federal At its discretion, the Board will either (a) require Reserve bank of each other district in which a subthat each such applicant for a voting permit comply sidiary member bank or subsidiary nonmember bank with all conditions to the granting of a general voting applying for membership is located. permit prior to the admission of the bank to member- The Federal Reserve agent at the Federal Reserve ship, or (b) admit the bank to membership subject to bank of the district in which the applicant's principal the condition that each such applicant obtain a general office is located will forward the original application to voting permit within a reasonable time. the Board, with his recommendation and that of the executive committee of the Federal Reserve bank of SECTION 5. GRANTING OF VOTING PERMITS his district. The Federal Reserve agent at the Federal Any holding company affiliate of a member bank, Reserve bank of any other district in which a suband any such organization of which a nonmember sidiary member bank or a subsidiary nonmember bank bank applying for membership in the Federal Reserve applying for membership is located will forward to the System is a subsidiary, may make application to the Board his recommendation and that of the executive Board for a voting permit entitling it to vote the committee of the Federal Reserve bank of such district. shares owned or controlled by it at any or all meetings If a holding company affiliate which has filed an of shareholders of each of its subsidiary member banks application for a voting permit desires to vote shares or entitling the trustee or trustees holding the shares of a subsidiary member bank at any meeting of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
860 FEDERAL RESERVE BULLETIN DECEMBER 1935 bank's shareholders before the Board grants it a gen- SECTION 10. FORMS eral voting permit, such holding company affiliate may All forms referred to in this regulation and all such request the Board to grant a limited permit entitling it forms as they may be amended from time to time shall to vote tha shares at such meeting. The request shall be a part of this regulation. be in writing and shall be signed by a duly authorized officer of the applicant. It shall state the approxi- APPENDIX mate date of the meeting and shall contain full information concerning the matters to be acted upon at Section 2, Banking Act of 1933.—Section 2 of the such meeting. It shall be filed in duplicate with the Banking Act of 1933 (as amended by sec. 301 of the Federal Reserve agent with whom the application for Bank'ng Act of 1935) reads in part as follows: a voting permit has been filed, and the Federal Reserve Definition of "affiiliate'V— agent shall forward the original of such request to the (b) Except where otherwise specifically provided, the Board with his recommendation. term "affiliate" shall include any corporation, business trust, association, or other similar organization— SECTION 7. RESERVE REQUIREMENTS (1) Of which a member bank, directly or indirectly, owns or controls either a majority or the voting shares Beginning June 16, 1938, every holding company or more than 50 per centum of the number of shares affiliate must, duiing the life of any voting permit voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding granted to it, comply with the provisions of section election, or controls in any manner the election of a 5144 of the Revised Statutes relating to reserves of majority of its directors, trustees, or other persons readily marketable assets other than bank stock. exercising similar functions; or (See Appendix, page —.) The assets required to be (2) Of which control is held, directly or indirectly, maintained as reserves may be used by the holding through stock ownership or in any other manner, by the shareholders of a member bank who own or control company affiliate for replacement of capital in banks either a majority of the shares of such bank or more affiliated with it and for the elimination of losses than 50 per centum of the number of shares voted for incurred in such banks; but any deficiency in such the election of directors of such bank at the preceding assets resulting from such use must be made up wiohin election, or by trustees for the benefit of the shareholders of any such bank; or a period of 2 yeart> after the date such assets are so (3) Of which a majority of its directors, trustees, or depleted, unless the Board, in its discretion, extends other persons exercising similar functions are directors such period for cause. of any one member bank. Definition of *'holding company affiliate".— SECTION 8. REVOCATION OP PERMIT (c) The term "holding company affiliate" shall If it appears to the Board thai any holding company include any corporation, business trust, association, or affiliate has violated any of the provisions of the Bank- other similar organization— ing Act of 1933 or of any agreement made pursuant to (1) Which owns or controls, directly or indirectly, either a majority of the shares of capital stock of a section 5144 of the Revised Statutes, the Board may, member bank or more than 50 per centum of the number in its discretion, revoke any voting permit theretofore of shares voted for the election of directors of any one granted to such holding company affiliate after giving bank at the preceding election, or controls in any 60 days' notice by registered mail of its intention to manner the election of a majority of the directors of any one bank; or the holding company affiliate and affording it an (2) For the benefit of whose shareholders or members opportunity to be heard. all or substantially all the capital stock of a member bank is held by trustees. SECTION 9. PARTICIPATION BY SUBSIDIARY MEMBER Notwithstanding the foregoing, the term "holding BANKS IN NOMINATION OR ELECTION OF DIRECTORS OF company affiliate" shall not include (except for the purposes of section 23A of the Federal Reserve Act, as FEDERAL RESERVE BANKS amended) any corporation all of the stock of which is Whenever two or more member banks within the owned by the United States, or any organization which is determined by the Board of Governors of the Federal same Federal Reserve district are subsidiaries of the Reserve System not to be engaged, directly or indisame holding company affiliate, only one such bank may rectly, as a business in holding the stock of, or managparticipate in any nomination or election of directors of ing or controlling, banks, banking associations, savings the Federal Reserve bank for such district, and the banks, or trust companies. holding company affiliate of such subsidiary member Section 5144, Revised Statutes.—Section 5144 of the banks may designate the particular subsidiary member Revised Statutes of the United States reads in part as bank which is to participate in such nomination or follows: election. A holding company affiliate may designate Voting of shares of national bank controlled by holding one of its subsidiary member banks in each of the three company affiliate.— groups into which member banks of each Federal Re- SEC. 5144. In all elections of directors, each shareserve district are divided for electoral purposes to holder shall have the right to vote the number of shares participate in the nomination and election of each owned by him for as many persons as there are direcdirector chosen by the group of which such bank is a tors to be elected, or to cumulate such shares and give member. « This and subsequent catchlines are not a part of the law. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 861 one candidate as many votes as the number of direc- the life of such permit, free and clear of any lien, pledge, tors multiplied by the number of his shares shall equal, or hypothecation of any nature, readily marketable or to distribute them on the same principle among as assets other than bank stock in an amount not less than many candidates as he shall think fit; and in deciding 12 per centum of the aggregate par value of all bank all other questions at meetings of shareholders, each stocks controlled by such holding company affiliate, shareholder shall be entitled to one vote on each share which amount shall be increased by not less than 2 per of stock held by him; except that * * * shares centum per annum of such aggregate par value until controlled by any holding company affiliate of a national such assets shall amount to 25 per centum of the aggrebank 5 shall not be voted unless such holding company gate par value of such bank stocks; and (2) shall affiliate shall have first obtained a vo]ting~permit as reinvest in readily marketable assets other than bank hereinafter provided, which permit is in force at the stock all net earnings over and above 6 per centum per time such shares are voted, but such holding company annum on the book value of its own shares outstandaffiliate may, without obtaining such permit, vote in ing until such assets shall amount to such 25 per centum of the aggregate par value of all bank stocks controlled favor of placing the association in voluntary liquidaby it; tion or taking any other action pertaining to the voluntary liquidation of such association. * * * (c) Notwithstanding the foregoing provisions of this Shares deemed to be controlled.— section, after five years after the enactment of the Banking Act of 1933, (1) any such holding company affiliate For the purposes of this section shares shall be the shareholders or members of which shall be individdeemed to be controlled by a holding company affiliually and severally liable in proportion to the number ate if they are owned or controlled directly or indirectly of shares of such holding company affiliate held by by such holding company affiliate, or held by any them^ respectively, in addition to amounts invested trustee for the benefit of the shareholders or members therein, for all statutory liability imposed on such thereof. holding company affiliate by reason of its control of Application for and granting of voting permits.— shares of stock of banks, shall be required only to Any such holding company affiliate may make appli- establish and maintain out of net earnings over and cation to the Board of Governors of the Federal Reserve above 6 per centum per annum on the book value of its System for a voting permit entitling it to vote the own shares outstanding a reserve of readily marketable stock controlled by it at any or all meetings of share- assets in an amount of not less than 12 per centum of holders of such bank or authorizing the trustee or the aggregate par value of bank stocks controlled by trustees holding the stock for its benefit or for the bene- it, and (2) the assets required by this section to be fit of its shareholders so to vote the same. The Board possessed by such holding company affiliate may be of Governors of the Federal Reserve System may, in used by it for replacement of capital in banks affiliated its discretion, grant or withhold such permit as the pub- with it and for losses incurred in such banks, but any lic interest may require. In acting upon such applica- deficiency in such assets resulting from such use shall tion, the Board shall consider the financial condition of be made up within such period as the Board of Govthe applicant, the general character of its management, ernors of the Federal Reserve System may by regulaand the probable effect of the granting of such permit tion prescribe; and the provisions of this subsection, upon the affairs of such bank, but no such permit shall instead of subsection (b), shall apply to all holding be granted except upon the following conditions: company affiliates with respect to any shares of bank stock owned or controlled by them as to which there is Examinations; publication of statements.— no statutory liability imposed upon the holders of such (a) Every such holding company affiliate shall, in bank stock; making the application for such permit, agree (1) to receive, on dates identical with those fixed for the Penalties for false entries.— examination of banks with which it is affiliated, exam- (d) Every officer, director, agent, and employee of iners duly authorized to examine such banks, who shall every such holding company affiliate shall be subject to make such examinations of such holding company the same penalties for false entries in any book, report, affiliate as shall be necessary to disclose fully the rela- or statement of such holding company affiliate as are tions between such banks and such holding company applicable to officers, directors, agents, and employees affiliate and the effect of such relations upon the affairs of member banks under section 5209 of the Revised of such banks, such examinations to be at the expense Statutes, as amended (U. S. C, title 12, sec. 592); and of the holding company affiliate so examined; (2) that the reports of such examiners shall contain such infor- Relationships with "securities companies"; payment mation as shall be necessary to disclose fully the rela- of dividends.— tions between such affiliate and such banks and the (e) Every such holding company affiliate shall, in its effect of such relations upon the affairs of such banks; application for such voting permit, (1) show that it (3) that such examiners may examine each bank owned does not own, control, or have any interest in, and is or controlled by the holding company affiliate, both not participating in the management or direction of, individually and in conjunction with other banks owned any corporation, business trust, association, or other or controlled by such holding company affiliate; and similar organization formed for the purpose of, or (4) that publication of individual or consolidated state- engaged principally in, the issue, flotation, underwriting, ments of condition of such banks may be required; public sale, or distribution, at wholesale or retail or Reserve requirements.— through syndicate participation, of stocks, bonds, debentures, notes, or other securities of any sort (here- (b) After five years after the enactment of the Bankinafter referred to as "securities company"); (2) agree ing Act of 1933, every such holding company affiliate that during the period that the permit remains in force (1) shall possess, and shall continue to possess during it will not acquire any ownership, control, or interest «Under sec. 9 of the Federal Reserve Act holding company affiliates in any such securities company or participate in the of State member banks must agree to be subject to the same conditions management or direction thereof; (3) agree that if, at and limitations as are applicable to holding company affiliates of national the time of filing the application for such permit, it banks under this section of the Revised Statutes. owns, controls, or has an interest in, or is participating Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
862 FEDERAL RESERVE BULLETIN DECEMBER 1935 in the management or direction of, any such securities Section 4, Federal Reserve Act. Election of Federal company, it will, within five years after the filing of such Reserve bank directors.—The provisions of section 4 application, divest itself of its ownership, control, and interest in such securities company and will cease of the Federal Reserve Act relating to the nomination participating in the management or direction thereof, and election of class A and class B directors of the and will not thereafter, during the period that the Federal Reserve banks include the following proviso: permit remains in force, acquire any further ownership, control, or interest in any such securities company or Provided, That whenever any two or more member participate in the management or direction thereof; banks within the same Federal Reserve district are and (4) agree that thenceforth it will declare dividends affiliated with the same holding company affiliate, only out of actual net earnings. participation by such member banks in any such nomination or election shall be confined to one of such Revocation of voting permits; effect of revocation.— banks, which may be designated for the purpose by If at any time it shall appear to the Board of Gover- such holding company affiliate. nors of the Federal Reserve System that any holding company affiliate has violated any of the provisions of the Banking Act of 1933 or of any agreement made REGULATION Q pursuant to this section, the Board of Governors of the Federal Reserve System may, in its discretion, revoke (Revised, effective Jan. 1,1936. Superseding Regulation Q, Series of 1935) any such voting permit after giving sixty days' notice by registered mail of its intention to the holding com- PAYMENT OF INTEREST ON DEPOSITS pany affiliate and affording it an opportunity to be heard. Whenver the Board of Governors of the Federal Reserve System shall have revoked any such voting CONTENTS permit, no national bank whose stock is controlled by the holding company affiliate whose permit is so re- Authority for and scope of regulation. voked shall receive deposits of public moneys of the Sec. 1. Definitions. United States, nor shall any such national bank pay (a) Demand deposits. any further dividend to such holding company affiliate (6) Time deposits. upon any shares of such bank controlled by such hold- (c) Time certificates of deposit. ing company affiliate. (d) Time deposits, open account. Whenever the Board of Governors of the Federal (e) Savings deposits. Reserve System shall have revoked any voting permit (/") Interest. as hereinbefore provided, the rights, privileges, and Sec. 2. Demand deposits. franchises of any or all national banks the stock of (a) Interest prohibited. which is controlled by such holding company affiliate (6) Exceptions. shall, in the discretion of the Board of Governors of the Sec. 3. Maximum rate of interest on time and savings deposits. Federal Reserve System, be subject to forfeiture in (a) Maximum rate prescribed from time to time. accordance with section 2 of the Federal Reserve Act, as (6) Modification of contracts to conform to regulation. amended. (c) Member banks limited to maximum rate for State banks. (d) Savings deposits received during first 5 days of month. Section 9, Federal Reserve Act. Holding Company (e) Continuance of time deposit status. affiliates of State member banks.—Section 9 of the (/) No interest after maturity or expiration of notice. Federal Reserve Act reads in part as follows: Sec. 4. Payment of time deposits before maturity. (a) Time deposits payable on a specified date. Each State member bank affiliated with a holding (6) Time deposits payable after a specified period. company affiliate shall obtain from such holding com- (c) Time deposits payable after a specified notice. pany affiliate, within such time as the Board of Gover- (d) Payment in emergencies. nors of the Federal Reserve System shall prescribe, (e) Loans upon security of time deposits. an agreement that such holding company affiliate shall Sec. 5. Notice of withdrawal of savings deposits. be subject to the same conditions and limitations as are (a) Requirements regarding notice. applicable under section 5144 of the Revised Statutes, (6) Requirements regarding change of practice. as amended, in the case of holding company affiliates (c) Change of practice for purpose of discrimination. of national banks. A copy of each such agreement (d) Requirements applicable although no interest paid. shall be filed with the Board of Governors of the Federal (e) Loans upon security of savings deposits. Reserve System. Upon the failure of a State member Appendix. bank affiliated with a holding company affiliate to obtain such an agreement within the time so prescribed, AUTHORITY FOR AND SCOPE OF REGULATION the Board of Governors of the Federal Reserve System shall require such bank to surrender its stock in the This regulation is issued under authority of provi- Federal Reserve bank and to forfeit all rights and privi- sions of section 19 of the Federal Reserve Act which, leges of membership in the Federal Reserve System as together with related provisions of law, are published provided in this section. Whenever the Board of in the Appendix hereto. Governors of the Federal Reserve System shall have revoked the voting permit of any such holding company This regulation relates to the payment of deposits affiliate, the Board of Governors of the Federal Reserve and interest thereon by member banks of the Federal System may, in its discretion, require any or all State Reserve System and not to the computation and member banks affiliated with such holding company affiliate to surrender their stock in the Federal Reserve maintenance of the reserves which member banks are bank and to forfeit all rights and privileges of member- required to maintain against deposits. The rules ship in the Federal Reserve System as provided in this concerning reserves of member banks are contained in section. Regulation D. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 863 The provisions of this regulation do not apply to any similar purposes and not operated for profit,4 or (ii) in deposit which is payable only at an office of a member which the entire beneficial interest is held by one or bank located outside of the States of the United States more individuals or by such a corporation, association, and the District of Columbia. or other organization, and in respect to which deposit— (1) The depositor is required, or may at any SECTION I. DEFINITIONS time be required, by the bank to give notice in (a) Demand deposits.—The term " any deposit which writing of an intended withdrawal not less than is payable on demand", hereinafter referred to as a 30 days before such withdrawal is made; "demand deposit", includes every deposit which is (2) Withdrawals are permitted in only two not a "time deposit" or "savings deposit", as defined ways, either (i) upon presentation of the passbook, below. through payment to the person presenting the (b) Time deposits.—The term "time deposits" passbook, or (ii) without presentation of the passmeans "time certificates of deposit" and "time de- book, through payment to the depositor himself posits, open account", as defined below. but not to any other person whether or not acting (c) Time certificates of deposit.—The term "time for the depositor.5 certificate of deposit" means a deposit evidenced by a The presentation by any officer, agent, or employee negotiable or nonnegotiable instrument which provides of the bank of a passbook or a duplicate thereof retained on its face that the amount of such deposit is payable to by the bank or by any of its officers, agents, or employbearer or to any specified person or to his order— ees is not a presentation of the passbook within the (1) On a certain date, specified in the instrument, meaning of this regulation except where the passbook not less than 30 days after the date of the deposit, or is held by the bank as a part of an estate of which the (2) At the expiration of a certain specified time bank is a trustee or other fiduciary, or where the passnot less than 30 days after the date of the instru- book is held by the bank as security for a loan. If a ment, or passbook is retained by the bank, it may not be deliv- (3) Upon notice in writing which is actually ered to any person other than the depositor for the required to be given not less than 30 days before the purpose of enabling such person to present the passdate of repayment,1 and book in order to make a withdrawal, although the bank (4) In all cases only upon presentation and may deliver the passbook to a duly authorized agent surrender of the instrument. of the depositor for transmittal to the depositor. (d) Time deposits, open account.—The term "time Every withdrawal made upon presentation of a passdeposit, open account", means a deposit, other than a book shall be entered in the passbook at the time of the "time certificate of deposit" or a "savings deposit", withdrawal, and every other withdrawal shall be with respect to which there is in force a written contract entered in the passbook as soon as practicable after with the depositor that neither the whole nor any part the withdrawal is made. of such deposit may be withdrawn, by check or other- (f) Interest.—The term "interest" means a paywise, prior to the date of maturity, which shall be not less than 30 days after the date of the deposit,2 or ment, credit, service, or other thing of value which is made or furnished by a bank as consideration for the prior to the expiration of the period of notice which use of the funds constituting a deposit and which must be given by the depositor in writing not less than 30 days in advance of withdrawal.3 involves the payment or absorption by the bank of outof-pocket expenses (i. e., expenses arising out of specific (e) Savings deposits.—The term "savings deposit" transactions for specific customers and definitely means a deposit, evidenced by a passbook, consisting attributable to such transactions as distinguished from of funds (i) deposited to the credit of one or more indioverhead and general operating expenses), regardless viduals, or of a corporation, association, or other of whether such payment, credit, service, or other thing organization operated primarily for religious, philanof value varies with or bears a substantially direct thropic, charitable, educational, fraternal, or other relation to the amount of the depositor's balance. 1 A deposit with respect to which the bank merely reserves the right to require notice of not less than 30 days before any withdrawal is made is not 4 Deposits in joint accounts of two or more individuals may be classified a "time certificate of deposit" within the meaning of the above definition. as savings deposits if they meet the other requirements of the above 2 Deposits, such as Christmas club accounts and vacation club accounts,definition, but deposits of a partnership operated for profit may not be so which are made under written contracts providing that no withdrawal classified. Deposits to the credit of an individual of funds in which any shall be made until a certain number of periodic deposits have been madebeneficial interest is held by a corporation, partnership, association, or during a period of not less than 3 months constitute " time deposits, openother organization operated for profit or not operated primarily for reliaccount", even though some of the deposits are made within 30 days gious, philanthropic, charitable, educational, fraternal, or other similar from the end of such period. purposes may not be classified as savings deposits. »A deposit with respect to which the bank merely reserves the right to • Presentation of a passbook may be made over the counter or through require notice of not less than 30 days before any withdrawal is made isthe mails; and payment may be made over the counter, through the mails not a "time deposit, open account", within the meaning of the above or otherwise, subject to the limitations of par. (2) above as to the person definition. to whom such payment may be made. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
864 FEDERAL RESERVE BULLETIN DECEMBER 1935 The term "interest" includes the payment or absorp- or extended unless it be modified to eliminate any tion of exchange and collection charges which involve provision for the payment of interest on demand out-of-pocket expenses, but does not include the pay- deposits, and every member bank shall take such ment or absorption of taxes upon deposits whether action as may be necessary, as soon as possible levied against the bank or the depositor nor the pay- consistently with its contractual obligations, to ment or absorption of premiums on bonds becuring eliminate from any such certificate of deposit or deposits where such bonds are required by or under other contract any provision for the payment of authority of law. interest on demand deposits. Notwithstanding the foregoing, the payment or absorption of isolated items of out-of-pocket expense SECTION 3. MAXIMUM RATE OF INTEREST ON TIME AND in trivial amounts and not of a regularly recurrent SAVINGS DEPOSITS nature, where the charging of such items to customers (a) Maximum rate prescribed from time to time.— would cause undue friction or misunderstanding, will Except in accordance with the provisions of this regunot be deemed to be a payment of interest, provided lation, no member bank shall pay interest on any time that the the bank acts in good faith and does not utilize deposit or savings deposit in any manner, directly or the absorption of such items as a basis for soliciting indirectly, or by any method, practice, or device whataccounts or obtaining an advantage over competitors soever. No member bank shall pay interest on any and provided further that the bank maintains and time deposit or savings deposit at a rate in excess of makes available to the examiners authorized to such applicable maximum rate as the Board of Goverexamine the bank a record showing the amounts of nors of the Federal Reserve System shall prescribe such items paid or absorbed by it, the dates of such from time to time; and any rate or rates which may be payment or absorption, and the names of the customers so prescribed by the Board will be set forth in supplefor whom such items were paid or absorbed. ments to this regulation, which will be issued in advance of the date upon which such rate or rates become SECTION 2. DEMAND DEPOSITS effective. (a) Interest prohibited.—Except as hereinafter pro- (b) Modification of contracts to conform to reguvided, no member bank of the Federal Reserve System lation.—No certificate of deposit or other contract shall, directly or indirectly, by any device whatsoever, shall be renewed or extended unless it be modified to conform to the provisions of this regulation, and every pay any interest on any demand deposit. member bank shall take such action as may be neces- (b) Exceptions.—The prohibition stated in subsecsary, as soon as possible consistently with its contion (a) above does not apply to— tractual obligations, to bring all of its outstanding cer- (1) Payment of interest accruing before August tificates of deposit or other contracts into conformity 24, 1937, on any deposit made by a savings bank with the provisions of this regulation. as defined in section 12B of the Federal Reserve Act, as amended,6 or by a mutual savings bank; (c) Member banks limited to maximum rate for (2) Payment of interest accruing before August State banks.—The rate of interest paid by a member 24, 1937, on any deposit of public funds 7 made by bank upon a time deposit or savings deposit shall not or on behalf of any State, county, school district, in any case exceed (i) the applicable maximum rate or other subdivision or municipality, or on any prescribed pursuant to the provisions of subsection (a) deposit of trust funds, if the payment of interest of this section, or (ii) the applicable maximum rate with respect to such deposit of public funds or of authorized by law to be paid upon such deposits by trust funds is required by State law when such State banks or trust companies organized under the deposits are made in State banks; laws of the State in which such member bank is located, (3) Payment of interest in accordance with the whichever may be less. terms of any certificate of deposit or other contract (d) Savings deposits received during first five days which was lawfully entered into in good faith of month.—A member bank may pay interest on a before June 16, 1933 (or, if the bank became a savings deposit received during the first 5 days of any member of the Federal Reserve System thereafter, calendar month at the applicable maximum rate prebefore the date upon which it became a member), scribed pursuant to the provisions of subsection (a) of which was in force on such date, and which may this section calculated from the first day of such calennot legally be terminated or modified by such bank dar month until such deposit is withdrawn or ceases to at its option or without liability; but no such cer- constitute a savings deposit under the provisions of this tificate of deposit or other contract may be renewed regulation, whichever shall first occur. (e) Continuance of time deposit status.—A deposit «Sec. 12B (c) (7) of the Federal Reserve Act which defines the term which was a time deposit at the date of deposit con- "savings bank" is quoted in the appendix hereto (p. 17). tinues to be such until maturity although it has become 7 Deposits of moneys paid into State courts by private parties pending payable within 30 days, and interest at a rate not exceedthe outcome of litigation are not deposits of "public funds", within the meaning of the above provision. ing that prescribed pursuant to the provisions of sub- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 865 section (a) of this section may be paid until maturity period thereafter has expired, except as provided in upon such deposit. A time deposit or a savings deposit subsection (d) of this section. with respect to which notice of withdrawal has been (d) Payment in emergencies.—In an emergency given continues to be such until the expiration of the where it is necessary to prevent great hardship to the period of such notice, and interest may be paid upon depositor, a member bank may pay before maturity a such deposit until the expiration of the period of such time deposit or the portion thereof necessary to meet notice at a rate not exceeding that prescribed pursuant such emergency, provided that before making such to the provisions of subsection (a) of this section. payment the depositor shall sign an application Interest at a rate not exceeding that prescribed pur- describing fully the circumstances constituting the suant to the provisions of subsection (a) of this section emergency which is deemed to justify the payment of may be paid upon savings deposits with respect to the deposit before maturity, which application shall be which notice of intended withdrawal has not actually approved by an officer of the bank who shall certify been required or given. No interest shall be paid by a that, to the best of his knowledge and belief, the statemember bank on any amount which, by the terms of ments in the application are true. Such application any certificate or other contract or agreement or other- shall be retained in the bank's files and made available wise, the bank may be required to pay within 30 days to the examiners authorized to examine the bank. from the date on which such amount is deposited in Where a time deposit is paid before maturity the such bank.8 depositor shall forfeit accrued and unpaid interest for (J) No interest after maturity or expiration of a period of not less than 3 months on the amount withnotice.—After the date of maturity of any time deposit, drawn if an amount equal to the amount withdrawn such deposit is a demand deposit, and no interest may has been on deposit 3 months or longer, and shall forfeit be paid on such deposit for any period subsequent to all accrued and unpaid interest on the amount withsuch date. After the expiration of the period of notice drawn if an amount equal to the amount withdrawn has given with respect to the repayment of any time deposit been on deposit less than 3 months. When a portion or savings deposit, such deposit is a demand deposit of a time certificate of deposit is paid before maturity, and no interest may be paid on such deposit for any the certificate shall be canceled and a new certificate period subsequent to the expiration of such notice, shall be issued for the unpaid portion of the deposit except that, if the owner of such deposit advise the with the same terms, rate, date, and maturity as the bank in writing that the deposit will not be withdrawn original deposit. pursuant to such notice or that the deposit will there- (e) Loans upon security of time deposits.—A memafter again be subject to the contract or requirements ber bank may make a loan to the depositor upon the applicable to such deposit, the deposit will again con- security of his time deposit provided that the rate of stitute a time deposit or savings deposit, as the case interest on such loan shall be not less than 2 percent may be, after the date upon which such advice is re- per annum in excess of the rate of interest on the time ceived by the bank. deposit. SECTION 4. PAYMENT OF TIME DEPOSITS BEFORE SECTION 5. NOTICE OF WITHDRAWAL OF SAVINGS DEPOSITS MATURITY (a) Requirements regarding notice.—A member (a) Time deposits payable on a specified date.—No bank shall observe the requirements set forth below member bank shall pay any time deposit, which is in requiring notice of intended withdrawal of any payable on a specified date, before such specified date, savings deposit, or in waiving such notice, or in repaying except as provided in subsection (d) of this section. any savings deposit, or part thereof, without requiring (6) Time deposits payable after a specified period.— such notice, whether such notice of intended with- No member bank shall pay any time deposit, which is drawal is required to be given in each case by the terms payable at the expiration of a certain specified period, of the bank's contract with the depositor or may, under before such specified period has expired, except as such contract, be required by the bank at any time at provided in subsection (d) of this section. its option. (c) Time deposits payable after a specified notice.— (1) If a member bank waive such notice of No member bank shall pay any time deposit, with intended withdrawal as to any amount or perrespect to which notice is required to be given a certain centage of the savings deposits of any depositor, specified period before any withdrawal is made, until it shall waive such notice as to the same amount such required notice has been given and the specified or percentage of the savings deposits of every 8 Deposits, such as Christmas club accounts and vacation club accounts' other depositor which are subject to the same which are made under written contracts providing that no withdrawal requirement. shall be made until a certain number of periodic deposits have been made (2) If a member bank pay any amount or perduring a period of not less than 3 months constitute "time deposits, open centage of the savings deposits of any depositor, account" even though some of the deposits are made within 30 days from the end of such period. without requiring such notice, it shall, upon re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
866 FEDERAL RESERVE BULLETIN DKCEMBEB 1935 quest and without requiring such notice, pay the SEC. 19. The Board of Governors of the Federal Reserve System is authorized, for the purposes of this same amount or percentage of the savings deposits section, to define the terms "demand deposits", "gross of every other depositor which are subject to the demand deposits", "deposits payable on demand", same requirement. "time deposits", "savings deposits", and "trust (3) If a member bank require such notice before funds", to determine what shall be deemed to be a payment of interest, and to prescribe such rules and the payment of any amount or percentage of the regulations as it may deem necessary to effectuate the savings deposits of any depositor, it shall require purposes of this section and prevent evasions thereof: such notice before the payment of the same amount * * * # or percentage of the savings deposits of any other * * * * * depositor which are subject to the same require- No member bank shall, directly or indirectly, by any device whatsoever, pay any interest on any deposit ment. which is payable on demand: Provided, That nothing A member bank is not prevented from paying during herein contained shall be construed as prohibiting the the next succeeding interest period, without requiring payment of interest in accordance with the terms of notice of withdrawal, interest on a savings deposit any certificate of deposit or other contract entered into in good faith which is in force on the date on which the which has accrued during the preceding interest period, bank becomes subject to the provisions of this paraprovided that it shall, upon request and without re- graph; but no such certificate of deposit or other quiring such notice, pay in the same manner interest contract shall be renewed or extended unless it shall be wshich has accrued during the preceding interest period modified to conform to this paragraph, and every memberjbank shall take such action as may be neceson the savings deposits of every other depositor. sary to conform to this paragraph as soon as possible (b) Requirements regarding change of practice.— consistently with its contractual obligations: Provided No member bank shall change its practice with respect furtherj That this paragraph shall not apply to any to the requiring or waiving of notice of intended with- deposit of such bank which is payable only at an office thereof located outside of the States of the United drawal of savings deposits except after duly recorded States and the District of Columbia: Provided further, action of its board of directors or of its executive com- That until the expiration of two years after the date of mittee properly authorized, and no practice in this enactment of the Banking Act of 1935 this paragraph respect shall be adopted which does not conform to the shall not apply (1) to any deposit made by a savings bank as defined in section 12B of this Act, as amended, requirements of paragraphs (1), (2), or (3) of subsection or by a mutual savings bank, or (2) to any deposit of (a) of this section. public funds made by or on behalf of any State, county, (c) Change of practice for purpose of discrimina- school district, or other subdivision or municipality, or to any deposit of trust funds if the payment of tion.—No change in the practice of a member bank interest with respect to such deposit of public funds or with respect to the requiring or waiving of notice of of trust funds is required by State law. So much of intended withdrawal of savings deposits shall be made existing law as requires the payment of interest with for the purpose of discriminating in favor of or against respect to any funds deposited by the United States, by any Territory, District, or possession thereof (inany particular depositor or depositors. cluding the Philippine Islands), or by any public (d) Requirements applicable although no interest instrumentality, agency, or officer of the foregoing, as paid.—A member bank shall observe the requirements is inconsistent with the provisions of this section as of this section with respect to savings deposits even amended, is hereby repealed. though no interest be paid on such deposits. The Board of Governors of the Federal Reserve System shall from time to time limit by regulation the (e) loans upon security of savings deposits.—If it rate of interest which may be paid by member banks is not the practice of a member bank to require notice on time and savings deposits, and shall prescribe differof intended withdrawal of savings deposits, no restric- ent rates for such payment on time and savings deposits having different maturities, or subject to different tions are imposed by this regulation upon loans by conditions respecting withdrawal or repayment, or such bank to its depositors upon the security of such subject to different conditions by reason of different deposits. If it is the practice of a member bank to locations, or according to the varying discount rates require notice of intended withdrawal of savings de- of member banks in the several Federal Reserve posits or any amount or percentage thereof, such bank districts. No member bank shall pay any time deposit before its maturity except upon such conditions and in may make loans to its depositors upon the security of accordance with such rules and regulations as may be such deposits and, in each such case, the rate of interest prescribed by the said Board, or waive any requirement on such loan shall be not less than 2 percent per annum of notice before payment of any savings deposit except in excess of the rate of interest on the savings deposit. as to all savings deposits having the same requirement: Provided, That the provisions of this paragraph shall not apply to any deposit which is payable only at an APPENDIX office of a member bank located outside of the States of the United States and the District of Columbia. STATUTORY PROVISIONS Section 24 of the Federal Reserve Act, as amended Section 19 of the Federal Reserve Act, as amended by the act of February 25, 1927, and the Banking Act by the Banking Act of 1933 and the Banking Act of of 1935, provides with respect to national banking 1935, provides in part as follows: associations in part as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 867 Any such association may continue hereafter as (A) On any savings deposit, heretofore to receive time and savings deposits and to (B) On any time deposit having a maturity pay interest on the same, but the rate of interest which such association may pay upon such time deposits date 6 months or more after the date of deposit or or upon savings or other deposits shall not exceed the payable upon written notice of 6 months or more, maximum rate authorized by law to be paid upon (C) On any Postal Savings deposit which such deposits by State banks or trust companies organized under the laws of the State in which such constitutes a time deposit, association is located. except that a member bank may pay interest on any such deposits in accordance with the terms of any Section 12B (c) (7) of the Federal Reserve Act, as certificate of deposit or other contract which was amended by the Banking Act of 1935, provides as lawfully entered into in good faith before December 18, follows: 1934 (or, if the bank became a member of the Federal (c) As used in this section— Reserve System thereafter, before the date upon which it became a member), which was in force on such date (7) The term "savings bank" means a bank (other and which may not legally be terminated or modified than a mutual savings bank) which transacts its ordinary banking business strictly as a savings bank under by such bank at its option or without liability. State laws imposing special requirements on such banks (2) Maximum rate of 2 percent.—No member bank governing the manner of investing their funds and of shall pay interest accruing after January 1, 1936, at a conducting their business: Provided, That the bank maintains, until maturity date or until withdrawn, rate in excess of 2 percent per annum, compounded all deposits made with it (other than funds held by it quarterly, regardless of the basis upon which such in a fiduciary capacity) as time savings deposits of the interest may be computed— specific term type or of the type where the right is (A) On any time deposit (except Postal Savings reserved to the bank to require written notice before permitting withdrawal: Provided further', That such deposits which constitute time deposits) having a bank to be considered a savings bank must elect to maturity date less than 6 months and not less than become subject to regulations of the Corporation with 90 days after the date of deposit or payable upon respect to the redeposit of maturing deposits and written notice of less than 6 months and not less prohibiting withdrawal of deposits by checking except in cases where such withdrawal is permitted by law than 90 days, on the effective date from specifically designated except that a member bank may pay interest on such deposit accounts totaling not more than 15 per centum deposits in accordance with the terms of any certificate of the bank's total deposits. of deposit or other contract which was lawfully entered SUPPLEMENT TO REGULATION Q into in good faith before December 1, 1935 (or, if the bank became a member of the Federal Reserve System (Issued by the Board of Governors of the Federal Reserve System. Effective Jan. 1, 1936) thereafter, before the date upon which it became a member), which was in force on such date and which MAXIMUM RATES OF INTEREST PAYABLE ON TIME AND may not legally be terminated or modified by such SAVINGS DEPOSITS BY MEMBER BANKS OF THE bank at its option or without liability. FEDERAL RESERVE SYSTEM (3) Maximum rate of 1 percent.—No member bank Pursuant to the provisions of section 19 of the Federal shall pay interest accruing after January 1, 1936, at a Reserve Act and section 3 of its Regulation Q, the rate in excess of 1 percent per annum, compounded Board of Governors of the Federal Reserve System quarterly, regardless of the basis upon which such hereby prescribes the following maximum rates 1 of interest may be computed— interest payable by member banks of the Federal (A) On any time deposit (except Postal Savings Reserve System on time and savings deposits: deposits which constitute time deposits) having a (1) Maximum rate of 2 V2 percent.—No member bank maturity date less than 90 days after the date of shall pay interest accruing after January 31, 1935, at deposit or payable upon written notice of less a rate in excess of 2)6 percent per annum, compounded quarterly,2 regardless of the basis upon which such than 90 days, interest may be computed— except that a member bank may pay interest on such deposits in accordance with the terms of any certificate 1 The maximum rates of interest payable by member banks of the of deposit or other contract which was lawfully entered Federal Reserve System on time and savings deposits as prescribed herein are not applicable to any deposit which is payable only at an office into in good faith before December 1, 1935 (or, if the of a member bank located outside of the States of the United States and bank became a member of the Federal Reserve System the District of Columbia. thereafter, before the date upon which it became a a This limitation is not to be interpreted as preventing the compounding of interest at other than quarterly intervals, provided that the aggre- member), which was in force on such date and which gate amount of such interest so compounded does not exceed the aggre- may not legally be terminated or modified by such gate amount of interest at the rate above prescribed when compounded quarterly. bank at its option or without liability. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
868 FEDERAL RESERVE BULLETIN DECEMBER 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 figures 1935 Federal Reserve bank Federal Reserve bank Novem- October ber Nov. 6 Nov. 13 Nov. 20 Nov. 27 B N P e h o w i s l t a o d Y n e o lp r h k i . a .. . . . 4,6 3 2 1 7 8 6,0 5 2 8 2 2 6 0 3 6 1 , ,4 8 9 6 9 2 5 4 2 N B P e h o w i s l t a o Y d n e o l r p k hia.. 4,8 2 2 8 4 9 9 6 1 7,2 2 2 3 9 3 0 0 3 3,6 3 2 6 5 5 3 3 5 3 9 4 5 3 6 5 0 8 A R C i l t e c la v h n e m t l a a o n n d d 7 7 3 4 0 4 2 1 1 3 5 8 4 1 1 0 3 3 4 3 3 A C R l i t e c la v h n e m t l a a o n n d d 3 4 6 9 7 0 2 5 6 8 1 8 2 7 7 8 6 7 6 2 7 6 5 7 M S C t. h i i n L c n a o e g u a o i p s olis.. 7 3 7 2 7 3 4 6 2 7 4 1 5 6 2 7 4 2 M S C t. h i n ic L n a o e g a u o p is olis— 4 7 4 0 3 4 7 2 5 7 4 2 7 2 1 0 2 9 7 1 5 4 2 K D Sa a a n l n l s F a a s r s a n C c i is t c y o .. . 7 8 4 9 5 9 9 3 6 1 6 2 4 1 3 0 2 4 5 1 7 5 0 K D Sa a a n l n l s a F a s r s a n C ci i s t c y o - 9 1 1 6 3 1 7 4 9 8 0 5 0 9 3 73 3 7 6 0 1 6 5 3 4 2 0 8 Total... 6,607 8,481 10,506 Total— 6,801 9,066 5,422 6,032 Back figures.—See Annual Report for 1934 (table 10). TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO LIABILITIES [Averages of daily figures. Amounts in thousands of dollars] Ratio of total reserves to Total reserves Total deposits Federal Reserve notes in cir- deposits and Federal culation i Reserve note liabilites combined Federal Reserve bank 1935 1934 1935 1934 1935 1934 1935 1934 No b v er em- October No b v e e r m- No b v e e r m- October No b v er em- No b v e e r m- October No b v er em- ve N m o- ber O b c e t r o- ve N m o- ber Boston 490,092 470,067 394,883 326,305 311,070 273,245 306,042 300,911 264,690 77.5 76.8 73.4 New York- 3,049,192 2,905,492 1,768,235 2,956,280 2,832,790 1,797,803 773,222 759,613 658,505 81.8 80.9 72.0 Philadelphia.. 387,943 424,249 295,209 289,571 333,561 205,924 263, 569 254,844 239,837 70.1 72.1 66.2 Cleveland 507, 572 468,580 387,269 367,664 335,513 280,954 332,146 300,653 71.8 70.2 66.6 Richmond 244,428 230,484 203,666 176,225 170,305 132,765 183,467 174,281 173,141 68.0 66.9 66.6 Atlanta 179,474 172,599 130,830 115,574 111, 123 151,653 149,196 137,793 67.2 66.3 59.9 Chicago 1,394,452 1,289,944 1,085,088 894,136 799, 036 713,636 823,645 814, 716 771,569 81.2 79.9 73.1 St. Louis 232,839 224,030 211,053 180,996 176,722 155,195 154, 235 150,136 143,304 69.5 68.5 70.7 153,196 150,201 152,510 116,372 115,069 107, 516 107,969 106, 754 106,585 68.3 67.7 71.2 Minneapolis- Kansas City- 207,637 204,865 191,426 176, 088 176,325 163, 676 137, 084 134,187 117,440 66.3 66.0 68.1 123,268 117,511 117,669 124,175 119,886 127,732 70, 672 66,997 54,375 63.3 62.9 64.6 Dallas 427,493 430,278 332,021 338, 813 349,235 270,564 273,460 265, 211 214,284 70.0 68.5 San Francisco 7,397,586 7,088,300 5,269,859 6, 062,199 5,830, 635 4,309,704 3,583,967 3,508,992 3,182,176 76.7 75.9 70.3 Total— i Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $22,396,000; month ago, $21,878,000; year ago, $20,799,000. Back figures.—See Annual Report for 1934 (table 9). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 869 RATES ON INDUSTRIAL ADVANCES Approved by the Board of Governors of the Federal Reserve System, under sec. 13b of Federal Reserve Act as amended June 19,1934. Percent per annum except as otherwise specified. In effect on Dec. 1,1935] Boston Y N o e r w k d P e h lp il h a i - j 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 4-6 4-6 5-6 4-6 5-6 6-6 Advances to financing institutions: On portion for which institution is obligated _ 3 4-6 13 4^-5 4 3-4 On remaining portion 4-5 () 4-6 5-6 4^-5 5-6 4-5 Commitments to make advances 1-2 1-2 1-2 1-2 1 M-2 * Authorized rate 1 percent above prevailing discount rate. * Same as to borrower but not less than 4 percent. » Flat charge. INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT JUNE 19, 1934, TO NOV. 27, 1935 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Applications re- dustrial Advi- Date ( e la ac st h W m e o d n n th es ) day of ceived to date s o t ( o e w u r e t i y s t c h o n a to d n C i d o ti m o d w n m a i s t t ) i h e t - - Total R F b e e a d se n e r k r v a e l c R F o b e e m a d se n e m r r k v a it e l - A b p u p t r o n v o e t d E o r x r e p p w a ir i i e t d h d , - , i F n p t g i a u n r t i a t i n i o n c s n c i t - - iadvances ments com- drawn by pations Number Amount Number Amount Number Amount sta o n u d t i - ng sta o n u d t i - ng pleted * a c p a p n l t i- stan o d u i t n - g 8 1934—Nov. 28 4,635 166,433 961 46,599 828 42,202 9,769 6,657 20,390 4,398 Dec. 26. 5,053 187,696 1,122 54,531 984 49, 634 13,589 8,225 20,966 5,558 1,296 1035-Jan. 30. 5,283 195,710 1,341 73,470 1,168 64,518 17,493 11,739 7,160 1,764 Feb. 27. 5,595 205,581 1,432 76,575 1,268 72,525 19,163 13,963 26,591 10,727 2,081 Mar. 27. 6,897 217,756 1,521 79,490 1,364 76,441 20,785 15,732 23,552 13,900 2,472 Apr. 24. 6,130 225,900 1,633 86,374 1,467 81,134 26,206 16,908 16,956 17,185 3,879 May 29. 6,428 245,078 1,734 90,799 1,571 26,977 19,425 13,850 21,802 4,228 June 26. 6,618 263,482 1,815 102,331 1,646 88,778 27,518 20,579 11,248 24,900 4,533 July 31. 6,863 271,768 1,907 iO9,603 1,739 103,633 28,354 23,022 19,735 26,911 5,611 Aug. 28. 7,029 278,022 1,970 112,629 1,786 107,244 29,447 26,314 15,319 29,556 6,608 Sept. 25 7,195 292,747 2,009 121,837 1,834 115,350 30,132 26,892 18,791 32,475 7,060 Oct. 30- 7,388 299,927 2,083 126,192 1,901 118,378 32,719 27,057 13,357 36,565 Nov. 27 7,500 302, 331 2,134 130, 502 1,948 121,947 32, 634 28,002 13,466 38,952 8,893 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 1 Does not include financing institution guarantees of advances and commitments made by Federal Reserve banks. NOTE.—On Nov. 27, 1935, there were 147 applications amounting to $8,554,000 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
870 FEDERAL RESERVE BULLETIN DECEMBER 1935 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE SmTEMENT, NOV. 30, 1935 [In thousands of dollars] Total B to os n - 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 Chicago 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 - D la a s l- F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury 7,329,649466,218 3,114,201 343,132 494,613 231,547 166,716 1,421,263 216,096 139,424 193,864 117,374 425,201 Redemption fund—Federal Reserve notes _ 17,669 3,190 1.! 1,365 1,239 1,191 2,960 714 846 263 711 2,947 Other cash 218,557 31,331 44,884 29,721 12,853 10,997 9,677 25,615 13,551 7,177 13,784 5,835 13,132 Total reserves 7,565,875500,739 3,160,445 374,218 508,705 243,735 179,353 1,447,592 230,493 146,864 208,531123,920 441, Bills discounted: Secured by U. S. Government obligations, direct and/or fully guaranteed.— _ __. 3,231 449 1,535 362 275 123 10 39 10 Other bills discounted 2,948 16 2,016 46 104 12 7 607 30 7 Total bills discounted 6,179 465 3,551 466 77 287 130 76 646 30 17 Bills bought in open market 4,674 345 1,797 474 173 168 555 79 64 126 122 327 Industrial advances 32,574 2,987 7,778 6,901 4,408 960 1,887 409 1,720 1,140 1,791 861 _____ U. S. Government securities: Bonds ___ 219,940 14,420 60,664 16,348 10,209 8,240 25,623 9.420 12,965 9,514 16,033 17,435 Treasury notes... 1,650,756 108,478 449988,,3366771.2222,,228888 150,660 80,653 65,101 243,634 74,923 47,543 73,703 47,664 13377i,742 Certificates and bills 559,482 34,773 182,786 38,484 25,854 20,868 86,432 23,857 15,074 23,627 15,278 44,154 Total U. S. Government securities 2,430,178 157,671 741,817 177,120 218,024 116,716 94,209 355,689 108,200 75,582106,844 78,975 199,331 Other securities 181 181 Total bills and securities 2,473,786 161,468 754,943 184,894 220,235 121, 95,414 358,418 108,818 77,442108,937 80,918 200,536 Due from foreign banks 645 48 260 61 23 78 4 17 16 45 Federal Reserve notes of other banks__ 20,262 507 5,041 1,134 865 1,409 2,532 1,365 929 1,219 383 1,998 .Uncollected items _ 625,681 65,343 186,687 41,940 56,364 22,984 83,150 24,976 15,606 31,286 21,601 28,324 Bank premises 50 279 3,168 12,136 4,805 6,632 2,331 4,967 2,628 1,580 3,449 1,686 3,869 All other assets 43,538 522 32,016 4,035 1,497 1,502 611 266 470 258 887 397 Total assets - 10,780,066 731,795 4,151,528 611,092 794,359 419,927303,016 1,897,348 368,550 242,894 353,697 229,411 676,449 LIABILITIES Federal Reserve notes in actual circulation 3,647,097 311,411 796,169 268,865 344,238185,427152,325 832,915 157,088 109,712 139,31173,213 276,423 Deposits: Member bank—reserve account... 5,835,228323,7872,840,002 252,412 350,816164,620108,068 917,909 164,018 101,447 168,699 113,843 329,607 U. S. Treasurer—general account.. 46,425 1,850 9,978 799 5, 5,049 2,324 12,175 1,536 910 2,208 1,493 3,017 F O o th re e i r g n d e b p a o n s k its _ „.. 2 3 4 9 5 , , 1 2 7 4 8 6 3 2 , , 0 5 8 7 3 4 18 1 2 2 , , 8 1 6 1 2 7 . 1 3 4 , , 4 2 8 3 7 9 4,068 2 1 , ,5 0 8 0 4 0 3 1 , .5 6 4 1 1 5 4 3, , 3 9 0 6 1 7 8 1 , , 5 2 3 8 2 5 5 1 , , 3 0 7 2 4 8 1 1 , , 1 1 1 5 2 6 5 1 , , 6 1 84 1 3 1 4 2 , , 0 9 9 9 1 7 2,614 Total deposits 6,166,077331,2943,044,959 270,937 362,584173,253115,548 938,352 175,371108,759 173,175 122,133 349,712 Deferred availability items 620,167 64,891 183,679 39,843 56,289 46,407 83,449 25,875 15,604 31,440 27,187 Capital paid in _. 130,440 9,434 51,003 12,326 12,299 4,591 11,994 3,730 3,001 3,910 10,197 Surplus (sec. 7) _ 144,893 9,902 49,964 13,470 14,371 5,186 21,350 4,655 3,420 3,613 9,645 Surplus (sec. 13b) 23,457 2,874 7,250 2,098 1,007 3,335 1,391 647 1,003 1,142 804 Reserve for contingencies 30,701 1,648 7,500 2,995 3,000 1,411 5,325 891 1,169 837 2,046 All other liabilities 17,234 341 11,004 558 571 317 2,572 226 435 Total liabilities 10,780,066 731,7954,151,528 611,092 794,359 419,927 016 1,897,348 368,550 242,894 353,697 229,411 676,449 Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) _ 77.1 82.3 69.3 72.0 68.0 81.7 69.3 67.2 63.4 70.5 Commitments to make industrial advances 28,036 9,954 875 1,816 2,050 523 2,310 4,655 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent.l 3,902,721 339,918 884,740 2791,,463359,247193,940 170,591 861,192 163,240 112,675 146,20178,296 313,218 Held by Federal Reserve bank.... 255,624 28,507 88,571 10,598 15,009 8,513 18,266 28,277 6,152 2,963 6,890 5,083 36,795 In circulation 3,647r097311,411 796,169 268,865 344,238 185,427152,325 832,915 157,088 109,712 139,31173,213 276,423 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 346,617 893,706 275,000 359,940 178,000 125,685 871,000 157,632 107,500 133,00074,000 296,263 Eligible paper 4,542 458 2,083 389 362 73 275 127 72 641 27 10 U. S. Government securities 123,100 5,000 18,000 47,000 7,000 6,100 15,000 5,000 20,000 Total collateral _ 3,945,985347,075 895,789 280,389 359,965 196,362 172,758 871,275164,759 113,672148,641 79,027 316,273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 871 MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANES [Averages of daily figures, In millions of dollars] Reserves held Borrowings at Federal Reserve banks Federal Reserve district Total Excess October Sep b t e e r m- August October Sep b t e e r m- August October Septem- August Boston 303.5 305.8 296.4 164.7 167.5 157.9 0.5 1.1 0.9 New York 2, 655.7 2,518.1 2,507.2 1,389.1 1,261.2 1,294.4 6.1 6.6 4.4 Philadelphia - - - _ - 262.1 242.5 232.3 123.2 106.9 95.9 .2 .5 .5 Cleveland 327.8 330.2 316.1 170.4 171.7 153.3 .1 .2 .1 Richmond - - 163.2 159.5 156.9 89.1 87.4 81.9 .2 .3 .2 Atlanta - 104.7 102.8 101.7 45.9 46.1 44.5 .1 .1 .1 Chicago. - . 784.0 742.9 778.6 423.0 388.5 419.7 .003 .008 .04 St. Louis 163.8 147.4 144.6 92.4 77.7 74.3 .04 .1 .1 Minneapolis - 106.0 104.9 115.1 59.0 60.7 67.9 .1 .1 .1 Kansas City . . - - - . 170.5 172.8 173.8 87.4 90.2 87.3 .6 .2 .1 Dallas 107.3 106.7 120.8 51.0 51.7 61.0 .4 .6 .6 San Francisco 319.9 309.2 288.7 124.3 118.3 97.8 .1 .2 .3 Total 5,468.6 5,242.8 5,232.2 2,819.7 2,628.0 2,635.8 8.5 10.0 7.4 NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers (places over 15,000) Member banks in smaller centers (places under 15,000) Federal Reserve district Net demand Time Net demand Time October te S m ep b - er August October te S m ep b - er August October te S m e b p e - r August October te S m ep b - er August Boston 1.251 1,242 1,244 585 587 589 86 87 98 126 125 124 New York 9,467 9,401 9,067 1,689 1,622 1,633 188 191 224 460 458 456 Philadelphia 1,046 1,014 1,020 610 613 613 150 148 164 409 405 405 Cleveland 1,189 1,203 1,234 944 937 937 123 123 157 242 238 238 Richmond 572 553 573 323 322 321 104 101 121 165 166 166 Atlanta 475 452 454 271 271 271 75 75 89 72 72 72 Chicago 2,660 2,613 2,663 1,062 1,044 1,046 163 161 196 186 184 182 St. Louis 544 527 530 262 260 260 124 125 134 92 91 92 Minneapolis 303 278 299 171 170 169 116 112 133 171 170 171 Kansas City _ 616 607 623 199 199 197 202 207 246 108 108 107 Dallas 417 405 448 158 158 159 164 163 182 36 36 36 San Francisco _.__ 1,345 1,306 1,303 1,859 1,827 1.814 82 85 109 93 92 93 Total 19,887 19,602 19,459 8,132 8,011 8,009 1,578 1,577 1,852 2,157 2,146 2,143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
872 FEDERAL RESERVE BULLETIN DECEMBER 1935 EARNINGS AND EXPENSES OF MEMBER BANKS STATE MEMBER BANKS, BY DISTRICTS, FIRST SIX MONTHS OF 1935 [In thousands of dollars] Federal Reserve District Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is a M p n o i e n l - i - s K C an it s y as Dallas F c S r is a a c n n o - Earnings: Interest and discount on loans . 79,575 5,552 36,179 5,609 10,733 3,203 1,239 4,926 2,599 442 844 656 7,593 Interest and dividends on investments 76,801 3,816 38,545 5,830 8,640 2,344 718 7,163 2,907 454 1,051 286 5,047 Interest on balances with other banks 379 4 250 36 15 5 4 6 14 1 24 1 19 Collection charges, commissions, fees, etc 4,295 146 1,981 73 162 137 131 600 236 94 43 70 622 Foreign department 2,852 29 2,599 20 53 5 19 9 3 115 Trust department- 23,172 1,782 14,050 2,854 1,663 139 1,189 367 7 92 8 544 Service charges on deposit 477 accounts 5,186 409 2,112 292 461 223 81 734 213 56 108 70 427 Other current earnings 14,883 779 5,609 1,327 2,396 549 330 988 652 68 430 247 1,508 Total earnings fronTcurrent operations _ 207,143 12,517 101,325 16,041 24,123 6,943 2,642 15,625 6,997 1,122 2,595 1,338 15,875 Expenses: Interest on deposits: Time . 28,255 2,243 8,504 2,157 4,618 1,200 439 3,242 1,151 271 212 110 4,108 Demand 1,391 11 412 75 329 35 26 156 31 13 44 10 249 Bank 596 32 274 161 45 1 10 3 13 3 54 Total 30,242 2,286 9,190 2,393 4,992 1,236 465 3,408 1,185 284 269 123 4,411 Salaries and wages 61,181 3,534 32, 239 4,922 5,607 1,945 691 4,555 1,782 345 724 397 4,440 Interest and discount on hnrrnwp.rl mrynfty 438 1 64 16 6 5 11 30 304 1 Taxes __ _ _ 10, 597 759 4,806 798 1,563 423 197 601 517 60 107 68 698 Other expenses 41,068 2,192 21, 638 3,586 3,398 1,250 491 2,904 1,183 217 694 246 3,269 Total current expenses 143, 526 8,772 67,937 11,715 15,566 4,859 1,855 11,498 4,971 906 1,794 834 12,819 Net earnings from current operations _. 63, 617 3,745 33,388 4,326 8,557 2,084 787 4,127 2,026 216 801 504 3,056 Recoveries, profits on securities, etc.: On loans 9,253 314 5,754 931 302 203 136 464 479 53 64 109 444 On investments 47,681 1,532 28,521 3,198 3,036 1,456 308 3,214 2,553 253 500 74 3,036 All other.. 4,876 332 2,775 193 168 159 18 379 55 13 22 17 745 Total 61,810 2,178 37, 050 4,322 3,506 1,818 462 4,057 3,087 319 586 200 4,225 Losses and depreciation: On loans 57,970 1,266 38, 978 4,575 4,199 1,449 271 2,513 1,481 185 254 161 2,638 On investments 49,260 1,387 30, 741 3,564 6,418 481 153 1,832 1,762 238 824 12 1,848 On banking-house furniture and fixtures 3,973 384 1,954 287 372 212 36 224 156 13 18 14 303 All other 10, 751 280 4,097 2,362 722 175 59 623 449 35 358 36 1,555 Total losses and depreciation 121,954 3,317 75, 770 10,788 11,711 2,317 519 5,192 3,848 471 1,454 223 6,344 Net addition to profits 3,473 2,606 -5,332 -2,140 352 1,585 730 2,992 1,265 64 -67 481 937 Cash dividends declared- 34,442 1,212 23,209 3,316 2,743 546 280 934 712 56 118 94 1,222 Capital funds,* June 29,1935.. _.2, 033,274 90,922 1,222,129 155,958 222, 731 50,476 22,910 102,446 49,833 8,136 17,206 7,895 82,632 Number of banks, June 29,1935. 985 46 166 60 98 63 54 172 70 68 50 59 79 i The aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred stock and/or capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 873 EARNINGS AND EXPENSES OF MEMBER BANKS -Continued NATIONAL BANKS, BY DISTRICTS, FIRST SIX MONTHS OF 1935 NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. [In thousands of dollars] Federal Reserve District Total Boston Y N o ew rk 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 o t u . 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 - Earnings: Interest and discount on loans _ . . 168,774 14,477 30,609 16,276 13,019 8,558 9,289 16,948 6,063 5,613 9,124 10,289 28,509 Interest and dividends on investments 160,613 10,811 35,355 16,778 15,632 7,567 6,038 20,511 5,979 6,611 8,267 5,580 21,484 Interest on balances with other banks 654 15 54 31 37 31 39 52 9 70 89 16 211 Collection charges, commissions, fees, etc._ 9,717 288 1,271 226 378 360 951 1,939 532 1,333 751 522 1,166 Foreign department 3,971 473 1,873 172 98 10 100 415 8 35 4 12 771 Trust department- 13,001 876 3,095 571 801 376 373 3,677 158 468 470 191 1,945 Service charges on deposit accounts 12,165 1,070 1,804 542 590 623 696 2,171 431 496 1,232 783 1,727 Other current earnings 27,252 2,231 5,595 1,634 2,050 1,069 1,516 3,588 868 1,201 1,848 1,771 3,881 Total earnings from current operations 396,147 30,241 79,656 36,230 32,605 18,594 19,002 49,301 14,048 15,827 21,785 19,164 69,694 Expenses: Interest on deposits: Time 74,503 5,110 11,110 9,733 7,121 4,233 3,232 7,174 2,574 3,243 2,719 1,902 16,352 Demand 3,850 13 678 206 518 65 191 625 131 72 319 243 789 Bank 872 119 111 121 148 40 55 36 28 86 71 9 48 Total 79,225 5,242 11,899 10,060 7,787 4,338 3,478 7,835 2,733 3,401 3,109 2,154 17,189 Salaries and wages . _ 104,848 7,981 22,770 7,650 7,333 4,401 5,216 14,184 3,664 4,503 6,393 5,278 15,475 Interest and discount on 224 29 59 26 15 5 37 7 2 16 4 15 9 Taxes 21,087 1,361 4,608 1,594 1,525 987 1,135 2,529 907 1,204 1,039 1,499 2,699 Other expenses.. 69, 211 5,031 16,064 4,839 5,000 2,687 3,773 8,596 2,356 3,172 4,143 3,570 9,980 Total current expenses.. 274,595 19,644 55,400 24,169 21,660 12,418 13,639 33,151 9,662 12,296 14,688 12,616 45,352 Net earnings from current operations __ 121,552 10,597 24, 256 12,061 10,945 6,176 5,363 16,150 4,386 3,531 7,097 6,648 14,342 Recoveries, profits on securities, etc.: On loans 16,035 825 4,080 345 761 671 298 4,167 465 1,077 1,197 1,260 889 On investments 105,164 6,515 26,304 7,871 6,682 6,300 4,409 14,661 4,485 3,458 5,902 5,841 12,736 Allother 4,290 445 1,301 287 227 208 115 402 117 402 255 313 218 Total 125,489 7,785 31,685 8,503 7,670 7,179 4,822 19,230 5,067 4,937 7,354 7,414 13,843 Losses and depreciation: On loans _ 81,273 5,192 15,828 7,184 5,596 3,822 3,810 17, 528 2,554 3,591 4,518 3,878 7,772 On investments 67,641 4,009 15,248 6,858 6,153 5,344 2,663 10,131 3,613 2,563 3,136 2,857 5,066 On banking house, furniture and fixtures 9,587 661 2,622 535 530 531 490 1,077 324 164 760 468 1,425 Allother 12,408 1,022 2,323 981 719 509 520 1,680 537 460 792 837 2,028 Total losses and depreciation... 170,909 10,884 36,021 15,558 12,998 10,206 7,483 30,416 7,028 6,778 9,206 8,040 16,291 Net addition to profits. 76,132 7,498 19,920 5,006 5,617 3,149 2,702 4,964 2,425 1,690 5,245 6,022 11,894 Cash dividends declared 52,729 5,120 18,066 5,437 2,706 1,978 1,854 2,811 1,771 1,750 1,889 2,025 7,322 Capital funds i June 29, 1935- 3,080,352 282, 220 772,351 324, 259 258, 745 131,836 136,251 373,079 97,343 106,895 137,150 135,935 324,288 Number of banks, June 29,1935 5,425 319 626 594 526 338 274 522 320 441 678 495 292 For footnote, see p. 872. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
874 FEDERAL RESERVE BULLETIN DECEMBER 1935 REPORTING MEMBER BANKS IN 101 LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO » [In millions of dollars] Federal Reserve District City Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - L S ou t. is n M e l a i i s p n o - - K C an it s y as 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: Nov. 6 ..- 20,426 1,146 8,599 1,098 1,689 595 509 2,669 586 381 632 451 2,071 7,734 1,794 Nov 13 20,490 1,142 8,679 1,098 1,697 579 508 2,673 588 379 632 445 2,070 7,812 1,793 Nov. 20 . 20,490 1,141 8,684 1,098 1,699 575 508 2,671 588 380 630 440 2,076 7,817 1,794 Nov. 27 20,632 1,142 8,813 1,101 1,702 572 510 2,658 586 385 630 438 2,095 7,949 1,791 Loans to brokers and dealers in New York: Nov 6 796 4 782 6 1 2 1 781 Nov 13 815 4 801 6 1 2 1 795 Nov 20 819 5 804 6 1 2 1 797 Nov 27 850 5 833 8 1 2 1 827 Loans to brokers and dealers outside New York: Nov. 6 156 23 60 13 10 3 4 26 5 1 3 1 7 58 23 Nov. 13 . 159 25 62 13 9 2 4 27 5 1 3 1 7 60 23 Nov. 20—. 155 24 61 12 9 2 4 27 4 1 3 1 7 59 23 Nov. 27 173 26 62 14 10 2 5 32 4 1 3 1 13 60 28 Loans on securities to others (except banks): Nov. 6 2,081 151 884 148 226 65 49 219 58 31 43 40 167 723 153 Nov. 13-.. 2,078 150 884 148 226 65 48 218 58 31 43 40 167 723 152 Nov. 20 2,082 149 890 148 225 65 48 218 58 31 42 40 168 731 151 Nov. 27 2,085 152 890 147 226 66 48 216 59 31 43 40 167 732 149 Acceptances and commercial paper bought: 326 41 148 23 4 6 5 31 10 9 24 1 24 145 18 Nov. 13 333 42 153 22 4 6 5 32 10 8 25 1 25 150 18 Nov. 20-. 340 41 159 22 3 7 6 31 11 9 25 1 25 156 17 Nov. 27—_ 353 41 172 22 3 7 6 31 11 9 25 2 24 169 17 Loans on real estate: Nov. 6 1,142 87 240 68 189 20 21 65 39 5 15 21 372 123 16 Nov. 13 1,140 86 241 68 189 20 21 65 39 6 14 21 370 123 16 Nov. 20 1,141 86 241 69 189 20 21 65 39 6 15 21 369 123 16 Nov. 27 1,140 86 241 68 189 20 21 65 39 6 15 21 369 123 16 Loans to banks: Nov. 6 87 3 45 4 6 1 11 8 1 6 1 1 44 6 Nov 13 84 3 46 3 4 1 11 8 6 1 1 45 6 Nov 20 86 3 48 3 5 1 1 10 8 6 1 48 6 Nov. 27 150 2 115 3 4 1 1 10 8 5 1 114 6 Other loans: Nov. 6 -. 3,380 282 1,320 169 179 106 143 332 112 131 125 128 353 1,182 235 Nov. 13 3,388 283 1,325 170 178 106 145 334 112 129 125 128 353 1,187 237 Nov. 20 _ 3,379 285 1,317 169 177 106 145 335 111 129 125 128 352 1,177 239 Nov. 27 3,401 287 1,326 169 175 106 145 338 111 130 127 128 359 1,187 242 U. S. Government direct obligations: Nov. 6 8,236 375 3,487 286 758 278 175 1,457 210 141 244 164 661 3,258 982 Nov. 13 8,295 374 3,544 288 773 262 171 1,467 212 142 244 158 660 3,317 987 Nov. 20 8,333 373 3,573 287 777 262 168 1,476 208 142 244 154 669 3,346 996 Nov. 27 8,301 370 3,558 286 780 258 168 1,465 204 146 242 151 673 3,332 996 Obligations fully guaranteed by U. S. Government: Nov. 6 1,138 19 411 94 74 40 38 161 50 18 52 51 130 382 96 Nov. 13 1,141 19 410 94 74 42 39 162 50 18 52 51 130 381 97 Nov. 20 . 1,135 20 403 94 74 38 41 161 53 18 52 51 130 373 97 Nov. 27- 1,137 20 402 94 74 38 42 162 53 18 52 51 131 373 97 Other securities: Nov. 6 .. 3,084 161 1,222 287 243 77 73 366 94 44 118 44 355 1,038 265 Nov. 13_ 3,057 156 1,213 286 240 76 74 356 94 44 118 44 356 1,031 257 Nov. 20 3,020 155 1,188 288 240 74 74 347 96 44 116 44 354 1,007 249 Nov. 27 3,042 153 1,214 290 241 74 74 338 97 44 116 44 357 1,032 240 Reserve with Federal Reserve bank: Nov. 6 4,641 251 2,460 192 271 115 62 728 121 65 108 67 201 2,388 600 Nov. 13 4,708 243 2,488 185 274 113 67 758 128 66 114 70 202 2,415 618 Nov. 20- 4,754 262 2,536 193 276 112 66 753 126 58 107 69 196 2,460 614 Nov. 27.. 4,759 268 2,514 177 271 114 62 777 125 57 106 67 221 2,435 633 Cash in vault: Nov. 6 349 93 74 15 30 16 10 57 11 5 12 9 17 60 36 Nov. 13. 363 94 73 16 33 17 10 61 12 5 13 10 19 58 37 Nov. 20 346 94 69 15 30 16 9 58 11 5 12 9 18 55 36 Nov. 27 358 94 74 16 31 17 10 61 11 5 12 9 18 61 38 Due from domestic banks: Nov. 6— 2,263 134 172 157 215 148 151 411 134 104 262 159 216 83 189 Nov. 13 2,368 131 168 157 228 173 156 431 138 111 275 173 227 82 203 Nov. 20 . 2,350 131 165 156 217 167 150 421 136 109 278 180 240 79 201 Nov. 27 2,323 122 159 145 217 164 149 431 136 108 273 183 236 81 202 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 875 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO— Continued [In millions of dollars] Federal Reserve District City Total 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 - At t l a an- c C a h g i o - L S ou t. is n M e l a i i s p n o - - K C an it s y as 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 - Other assets—net: Nov. 6 1,361 82 538 95 110 36 45 118 27 20 35 29 226 470 81 Nov. 13 1,375 81 546 95 111 35 46 118 27 20 37 29 230 478 80 Nov. 20 1,381 82 552 95 110 36 46 116 27 20 37 29 231 483 80 Nov. 27 1,433 83 588 98 112 40 45 120 27 20 37 29 234 519 83 Demand deposits—adjusted: Nov. 6 13, 558 901 6,124 723 942 358 290 2,049 367 267 445 314 778 5,661 1,432 Nov. 13 13, 720 891 6,187 721 957 362 296 2,082 373 272 462 326 791 5,726 1,448 Nov. 20 13,819 912 6,248 733 968 360 296 2,092 373 266 450 324 797 5,777 1,464 Nov. 27 14,018 917 6,364 723 966 364 298 2,117 375 271 452 321 850 5,898 1,481 Time deposits: Nov. 6 4,895 302 988 266 675 191 172 750 173 120 146 122 990 585 412 Nov. 13 4,892 301 992 263 676 191 172 751 173 120 146 121 986 591 412 Nov. 20 4,872 302 986 258 673 191 172 739 174 120 146 122 989 585 398 Nov. 27 4,872 302 982 256 675 191 172 739 173 120 146 122 994 683 398 U. S. Government deposits: Nov. 6 546 12 218 26 45 19 23 86 10 8 10 19 70 196 62 Nov. 13 526 11 210 25 43 18 22 84 10 8 9 18 68 189 61 Nov. 20 502 11 196 24 41 17 21 83 9 8 9 17 66 176 60 Nov. 27 504 11 196 24 42 18 21 83 10 8 9 16 66 176 60 Interbank deposits, domestic: Nov. 6 5,362 233 2,238 296 308 222 197 718 238 117 358 179 258 2,173 535 Nov. 13 5,474 229 2,283 295 322 228 201 740 245 118 363 181 269 2,214 548 Nov. 20. 5,430 226 2,294 294 306 221 195 720 241 114 367 184 268 2,229 538 Nov. 27 5,336 217 2,259 284 306 217 191 711 236 112 359 185 259 2,197 530 Interbank deposits, foreign: Nov 6 372 8 342 3 1 1 5 1 1 10 341 4 Nov 13 367 8 337 3 1 2 5 1 1 9 336 4 Nov 20 380 8 349 4 1 1 6 1 10 348 5 Nov 27 437 9 406 4 1 1 5 1 10 404 6 Borrowings: Nov. 6 Nov 13 2 2 Nov 20 1 1 Nov. 27 Other liabilities: Nov 6 793 20 335 20 15 31 11 34 10 5 2 5 305 321 30 Nov. 13 808 21 345 20 15 32 11 37 10 5 3 5 304 330 33 Nov 20 803 21 334 20 15 31 11 38 10 6 3 5 309 320 34 Nov. 27 825 23 345 22 15 32 10 50 10 6 3 6 303 330 46 Capital account: Nov. 6 3,514 230 1,598 223 329 89 83 341 81 57 88 75 320 1,458 225 Nov. 13 3,515 230 1,598 224 329 86 83 342 82 57 88 75 321 1,459 225 Nov. 20 3,514 230 1,598 224 328 86 83 341 81 57 89 75 322 1,459 226 Nov 27 3,513 230 1,596 224 328 85 83 342 81 67 89 76 322 1,457 227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
876 FEDERAL RESERVE BULLETIN DECEMBER 1935 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued MONTHLY AVERAGES OF WEEKLY FIGURES, JANUARY 1933-AUGUST 1934 [In millions of dollars] Loans on securities Investments Re- Bor- Month i m T n l a o v o e n a e n t d n a s t s t l s - Total Y N C a T I o e n i n o w t r d y k - b d r e o a k Y N O s l e e i o e u d r r r w s s t k e - - ot T h o ers o lo A t a h l n e l s r > d m U t G e b i i o r r e . l o e n i S n n g v c - . s t a - t - s O i e t t c i h e u e s r r - s b w F e e a R r e r i n v e a t d k h - e l - s s v C a i a n u s l h t m p N o d d a s e e e n i - - t t d s p T o d i s m e i - t e s p m U G e o d r e o . s e n S n v i - - t . t - s b f D a ro n u m k e s b D a t n o u k e s b s F r i e a R e o n a e r n r e w g t a d v k - s l - e - s City TOTAL, 101 CITIES 1933—January 18,665 4,224 327 231 3,666 5,902 5,260 3,279 2,090 214 11,902 5,691 282 1,809 3,528 64 February 18,532 4,217 362 221 3,634 5,819 5,206 3,290 1,895 234 11,609 5,595 221 1,604 3,249 95 March 16,794 3,934 320 218 3,396 4,982 4,717 3,161 1,460 409 9,927 4,756 204 830 2,028 623 April 16,596 3,749 326 201 3,222 4,921 4,788 3,138 1,593 239 10,369 4,666 234 1,181 2,535 171 May 17,096 3,866 508 189 3,169 5,014 5,128 3,088 1,620 220 10,975 4,655 237 1,373 2,834 124 June 17,415 3,936 689 172 3, 075 5,050 5,362 3,067 1.730 209 11,306 4,700 418 1,507 3,013 62 July_. 17,560 4,028 857 170 3,001 5,075 5,388 3,069 1,721 212 11,074 4,927 611 1,306 2,836 25 August 17,494 3,970 816 166 2,988 5,088 5,376 3,060 1,827 205 10,865 4,952 788 1,210 2,616 31 September 17,482 3,925 790 168 2,967 5,156 5,342 3,059 1,974 214 10,958 4,928 904 1,283 2,669 23 October 17,462 3,841 728 172 2,941 5,273 5,261 3,087 2,021 228 11, 061 4,912 846 1,310 2,781 21 November 17,630 3,774 669 171 5,318 5,433 3,105 2,016 238 11,128 4,902 980 1,287 2,819 24 December 17,589 3,796 707 164 2,925 5,188 5,534 3,071 2,004 274 11,248 4,802 845 1,269 2,814 26 1934—January 17,593 3,743 747 147 2,849 5,058 5,692 3,100 2,084 256 11,583 4,820 652 1,369 3,048 20 February 18,333 3,764 830 152 2,782 6,469 3,070 2,168 251 11,821 4,836 1,291 1,489 3,324 11 March 18, 556 3,731 834 166 2,731 4, 6,686 3,159 2,678 256 12,254 4,872 1,568 1.647 3,591 April 18, 559 3,757 927 174 2,656 4,965 6,622 3,215 2,830 264 12,737 4,911 1,342 i;737 3,769 May 18, 365 3,691 886 171 2,634 4,870 6,657 3,147 2,913 261 12,925 4,945 1,064 1,730 3,811 June_ 18,627 3,726 958 182 2,586 4,821 6,881 3,199 3,024 266 13,148 4,969 1,215 1,770 3,861 July. 18,920 3,701 990 183 2,528 4,769 7,182 3,268 3,074 260 13,329 5,020 1,429 1,840 4,023 August 18,931 3,459 778 171 2,510 4,848 7,181 3,443 3,192 254 13, 503 5,020 1,344 1,723 3,942 NEW TORE CITY 1933—January 7,077 1,571 305 1,206 1,839 2,575 1,092 1,082 5,832 110 1,596 February 7,046 1,621 354 62 1,205 1,797 2,537 1,091 862 5,626 83 1,446 March 6,477 1,633 311 1,260 1,492 2,234 1,118 664 4,690 748 111 826 306 April 6,490 1,558 314 1,184 1,555 2,232 1,145 830 5,112 746 136 1,125 17 May 6,821 1,704 497 1,149 1,628 2,380 1,109 827 5,530 704 110 1,279 June 6,979 1,805 663 1,093 1,653 2,441 1,080 836 5,644 719 186 1,349 July. 6,865 1,848 763 1,042 1,598 2,347 1,072 742 5,344 786 265 1,138 August 6,722 1,781 706 1,034 1, 594 2,297 1,050 803 5,210 767 338 1,111 September 6,724 1,772 697 1,031 1,620 2,280 1,052 878 5,255 760 388 1,153 October 6,728 1,683 617 1,020 1,715 2,232 1,098 859 5, 261 761 363 1,175 November.. . 6,775 1,643 567 1,032 1,763 2,238 1,131 817 5,224 767 419 1,175 December. __ 6,717 1,670 588 1,039 1,694 2,256 1,097 779 5,198 713 1,111 1934—January 6,675 1,676 613 1,020 1,672 2,233 1,094 5,328 702 300 1,222 February 6,997 1,711 685 980 1,699 2,517 1,070 875 5,388 695 620 1,322 March 7,168 1,683 688 947 1,650 2,702 1,133 1,203 5,704 788 1,475 April 7,269 1,718 766 905 1,631 2,745 1,175 1,234 5,980 695 1,567 May _. 7,050 1,680 720 914 1,560 2,735 1,075 1,281 6,011 673 563 1,577 June._ 7,190 1,727 792 881 1,537 2,848 1, 078 1,340 6,146 688 629 1,617 July- 7,273 1,727 815 856 1,501 2,930 1,115 1,306 6,161 687 726 1,640 August 7,127 1.520 615 850 1,522 2,883 1,202 1,429 6, 216 685 1,583 OUTSIDE NEW YORK CITY 1933—January 11,588 2,653 22 171 2,460 4,063 2,685 2,187 1,008 175 6,070 4,798 172 1,724 1,932 64 February 11,486 2,596 8 159 2,429 4,022 2,669 2,199 1,033 193 5,983 4,756 138 1,530 1,803 95 March 10,317 2,301 9 156 2,136 3,490 2,483 2,043 796 326 5,237 4,008 93 774 1,202 317 April 10,106 2,191 12 141 2,038 3,366 2,556 1,993 768 196 5,257 3,920 98 1,122 1,410 154 May 10,275 2,162 11 131 2,020 3,386 2,748 1,979 793 181 5,445 3,951 127 1,292 1,555 124 June 10,436 2,131 26 123 1,982 3,397 2,921 1,987 894 170 5,662 3,981 232 1,428 1,664 02 July 10, 695 2,180 94 127 1,959 3,477 3,041 1,997 979 173 5,730 4,141 346 1,232 1,648 25 August 10,772 2,189 110 125 1,954 3,494 3,079 2,010 1,024 168 5,655 4,185 450 1,143 1,505 31 September.... 10,758 2,153 93 124 1,936 3,536 3,062 2,007 1,096 176 5,703 4,168 516 1,216 1,516 23 October 10,734 2,158 111 126 1,921 3,558 3,029 1,989 1,162 188 5,800 4,151 483 1,234 1,606 21 November.... 10,855 2,131 102 127 1,902 3,555 3,195 1,974 1,199 197 5,904 4,135 561 1,210 1,644 24 December 10,872 2,126 119 121 1,886 3,494 3,278 1,974 1,225 228 6,050 4,089 476 1,193 1,703 26 1934—January 10,918 2,067 134 104 1,829 3,386 3,459 2,006 1,245 217 6,255 4,118 352 1,293 1,826 20 February, 11,336 2,053 145 106 1,802 3,331 3,952 2,000 1,293 211 6,433 4,141 671 1,412 2,002 11 March 11,388 2,048 146 118 1,784 3,330 3,984 2,026 1,475 217 6,550 4,186 780 1,563 2,116 9 April 11, 290 2,039 161 127 1,751 3,334 3,877 2,040 1,596 226 6,757 4,217 647 1,655 2,202 7 May 11,315 2,011 166 125 1,720 3,310 3,922 2,072 1,632 223 6,914 4,272 501 1,653 2,234 6 June 11,437 1,999 166 128 1,705 3,284 4,f~~ 2,121 1,684 227 7,002 4,281 586 1,685 2,244 5 July.— 11,647 1,974 175 127 1,672 3,268 4,252 2,153 1,768 222 7,168 4,333 703 1,752 6 August. 11,804 1,939 163 116 1,660 3,326 4,298 2,241 1,763 216 7,287 4,351 659 1,660 2,359 5 NOTE.—For monthly averages beginning with September 1934, see p. 806 of this BULLETIN; for back data, see Annual Report for 1932 (tables 78-82); for weekly figures beginning with 1933, see reprint of pp. 711-738 of BULLETIN for November 1934. 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DECEMBER 1935 FEDERAL RESERVE BULLETIN 877 OTHER BANKING AND FINANCIAL STATISTICS PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Unassorted in Total in Federal End of month circu- $1 $2 $5 $10 $20 $50 $100 $500 $1,000 $5,000 $10,000 Reserve lation i banks and Treasury* 1934—September 5,019 411 32 755 1.266 1.311 336 571 113 223 5 7 12 October 5,012 410 32 752 1,265 1,314 335 671 112 221 5 7 13 November 5,102 422 32 776 L, 300 L,332 337 571 111 214 5 10 8 December. 5,084 423 32 771 ,288 L, 326 337 577 112 216 5 7 11 1935—Janaury ._ 4,940 401 32 740 ,?40 L,293 336 571 111 214 5 7 13 February. 5,024 407 31 755 ,275 ,314 340 575 112 217 6 8 15 March 5,048 410 32 754 L.285 1,309 341 578 113 221 6 8 9 April __ 5,028 411 32 749 1,266 L,300 340 580 116 230 5 8 8 May 5,087 420 32 760 L.290 1,309 343 588 115 225 6 9 11 June 6,114 419 32 760 L, 296 L, 309 349 598 116 225 6 8 5 July 5,063 415 31 755 ,273 1,289 344 596 116 231 7 10 4 August 5,172 424 32 778 1,324 1,313 347 598 116 233 7 11 11 September . . 5,220 433 32 788 334 1,321 349 603 118 no Q 7 14 12 October ._ 5,245 435 32 787 1,337 1,329 354 610 119 233 7 14 11 i Total of amounts shown by denominations less unassorted amounts in Federal Reserve banks and Treasury. 1 Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures.—See Annual Report for 1934 (table 50). SHIPMENTS AND RECEIPTS OF UNITED BANK DEBITS STATES PAPER CURRENCY [Debits to individual accounts. Amounts in millions of dollars] BY SELECTED BANKS IN NEW YORK CITY [In thousands of dollars] 1935 1934 Number 1934 1935 of centers Septem- October ber October Month Ship- Re- Ship- Rements ceipts Net ments ceipts Net New York City 1 15,733 14,014 12,286 to from receipts to from receipts Outside New York City 140 16,962 15,127 14,464 Europe Europe Europe Europe Federal Reserve districts: Boston . _ 11 1,808 1,470 1,612 January 0 5,256 5,256 81 3,705 3,624 New York 7 16,362 14,583 12,889 February 1 3,740 3,739 173 1,502 1,329 Philadelphia 10 1,598 1,398 1,278 M Ap a r r i c l h 0 1 2 2, , 9 2 0 0 0 0 2 2, , 8 2 9 0 9 0 3 1 7 6 3 7 2 1, , 4 0 6 2 5 6 1 1 , , 0 8 9 5 2 9 R Cl i e c v h e m la o n n d d __ . _ . 1 7 3 1,6 6 7 6 6 4 1,5 6 5 5 9 1 1,4 5 0 9 9 3 May 10 3,780 3,770 1,012 1,612 600 Atlanta 15 796 665 732 June 8 3,471 3,463 191 1,451 1,260 Chicago 21 4,146 3,876 3,495 July 63 3,601 3,538 286 2,261 1,975 St. Louis 5 918 747 772 August 0 5,193 5,193 282 2,289 2,007 Minneapolis 9 629 597 544 Rpptftmbpf 23 4,254 4,231 721 1,157 436 Kansas City . - .. 15 979 897 841 October 0 2,524 2,524 2,536 864 »-l,672 Dallas 10 590 497 622 November __ 199 2,129 1,930 4,203 782 1—3,421 San Francisco 18 2,528 2,301 2,062 December 40 1,539 1,499 Total 141 32,695 29,141 26,750 Total 345 40,587 40,242 Back figure*.—Bee Annual Report for 1934 (table 78). * Net shipments. For description and back figures see BULLETIN for January 1932, £pp. 7-9, and for January 1934, p. 51. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
878 FEDEEAL RESERVE BULLETIN DECEMBER 1936 BANES SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1934 AND JANUARY-NOVEMBER 1935 [Preliminary figures) Licensed banks suspended l Nonlicensed b o a r n re k c s e p iv la e c r e s d h ip in * liquidation Deposits * (in thou- Deposits»(in thou- Number of banks sands of dollars) Number of banks sands of dollars) Year 1934 Jan 1 . 9 -N 35 ov. Year 1934 Jan 1 . 9 - 3 N 5 ov. Year 1934 Jan 1 . 9 -N 35 ov. Year 1934 Jan 1 . 9 -N 35 ov. 1 4 40 5,387 398 4 390,218 6,499 «23 *6 4 39,492 4 8,613 NTvnTnpTTihpr insured banks 8 17 1,912 3,152 48 8 34.985 998 506 47 195,211 14,251 Total 57 29 36,937 9,537 927 57 624,921 29,363 * Includes banks placed on a restricted basis. i Includes nonlicensed banks absorbed or succeeded by other banks. s 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. 4 Includes 14 banks with deposits of $12,504,000 in 1934 and 5 banks with deposits of $7,395,000 during January-November 1935, which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. Back figures.—See Annual Report for 1934 (tables 79-84). POSTAL SAVINGS SYSTEM MATURITY DISTRIBUTION OF BILLS AND SECURITIES HELD BY FEDERAL RESERVE [In millions of dollars] BANKS [In thousands of dollars] Assets 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 U. S. Government days days days days months months securities End of month Bills discounted: Nov. 6—. 6,801 4,374 553 853 194 207 620 C3 08 Nov. 13 __ 9,066 7,116 41 847 307 746 9 03'~ Nov. 20... 5,422 3,566 712 162 275 705 2 s2 Nov. 27— 6,032 3,761 784 231 118 1,136 2 Bills bought in open 1934—August 1,192 1,221 598 519 418 101 market: September 1,193 1,222 574 565 451 114 Nov. 6____ 4,676 156 722 407 October 1,199 1,229 561 571 457 114 Nov. 13— 4,677 761 632 403 2,981 November 1,204 1,236 551 581 467 114 Nov. 20— 4,674 1,524 644 2,350 156 December 1,207 1,237 540 597 467 130 Nov. 27 4,674 532 1,958 713 1,471 Industrial ad- 1935—January 1,201 1,232 609 614 467 147 109 vances: February 1,205 1,237 491 633 467 166 113 Nov. 6.... 32, 677 1,566 370 690 937 2,123 26,991 March 1,203 1,232 478 691 508 183 63 Nov. 13— 32,689 1,512 363 749 845 2,144 27,076 April 1,200 1,231 452 685 639 146 94 Nov. 20— 32,562 1,665 295 812 773 2,023 26,994 May 1,205 1,237 412 709 562 147 116 Nov. 27— 32,634 1,530 435 684 987 I,: ' 27,130 June 1,205 1,236 385 777 630 147 74 U. S. Govern- July 1,189 1,221 364 777 634 143 80 ment secu- August »1,191 rities: September- ,192 Nov. 6—.2,430,197 22,760 32,550 145.360 50,495 404,5981.774,434 October , 196 Nov. 13—2,430,172 23,360 33,830 139,300 76,993 381," ,775,303 N N o o v v . . 2 2 7 0 . . . . . .2 2 . , 4 4 3 3 0 0 , , 2 1 4 7 4 9 3 3 2 3 , , 5 8 5 3 0 0 1 1 1 1 1 2 . 0 1 5 1 0 0 5 5 6 9 , . 9 3 2 2 5 0 6 6 2 2 , , 7 6 4 1 3 8 3 39 8 4 8 , ,0 38 8 6 6 1 l , t, 7 7 7 7 6 0 , , 0 1 7 3 0 5 » Preliminary. 1 Includes working cash with postmasters, 5-percent reserve fund and ties: miscellaneous working funds with the Treasurer of the United States, Nov. 6.... 181 181 accrued interest on bond investments, and accounts due from late post- Nov. 13... 181 181 masters. Nov. 20... 181 181 Nov. 27... 181 181 Back figures.—See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 879 ALL BANKS IN THE UNITED STATES ALL BANKS »—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 29 AND MAR. 4, 1935, AND JUNE 30, 1934, BY DISTRICTS [Amounts in millions of dollars; figures for nonmember banks are for dates indicated or for call dates nearest thereto for which figures are available] Loans and investments Deposits, exclusive of interbank deposits Number of t anks Federal Reserve district Total Loans Investments June March June June March June June March June June March June June March June 1935 1935 1934 1935 1935 1934 1935 1935 1934 1935 1935 1934 1935 1935 1934 ALL BANKS * Boston.__ _ _ 5,456 '5,446 5,461 2,813 ' 2,924 3,035 2,642 2,521 2,426 5,545 5,501 5,457 897 905 911 New York 17,734 ' 17,249 17,028 8,435 8,366 8,850 9,298 8,883 8,178 16,881 16,494 15,788 1,268 1,271 1,270 Philadelphia 3,221 3,203 3,127 1,335 1,363 1,436 1,887 1,840 1,691 3,162 3,112 2,972 951 947 928 Cleveland __ . 2,140 3,031 2,953 1,307 1,275 1,356 1,833 1,756 1,597 3,199 3.054 2,865 1,277 1,273 1,243 Richmond 1,651 1,676 1,578 757 761 774 894 915 805 1,832 ,804 1,653 1,063 1,059 1,034 Atlanta 1,070 1,114 1,024 560 586 528 511 529 496 1,171 ,196 1 046 1,103 1,105 1,092 Chicago.. _. ._ 4,188 4,104 3,719 1,462 1,507 1,639 2,726 2,597 2,080 5,039 1,597 4,038 2,611 2,597 2,450 St. Louis 1,287 1,294 1,224 582 612 579 705 683 644 1,432 ,396 1,239 1,669 1,674 1,648 Minneapolis 958 969 931 385 372 405 573 598 526 1,099 ,063 974 1,411 1,420 1,437 Kansas City. 1,205 1,186 1,127 491 481 499 715 705 629 1,513 ,447 1.346 1,968 1,989 2,014 Dallas 833 830 817 414 416 410 419 413 407 977 .015 931 1,053 1,051 1,074 San Francisco 3,672 3,649 3,511 1,730 1,735 1,767 1,941 1,914 1,744 3,916 3,775 3,561 723 733 734 Total _ 44,416 r 43,750 42,502 20,272 ' 20,397 21,278 24,145 23,353 21,223 45,766 44,455 41,870 15,994 16,024 15,835 MEMBER BANKS Boston . _. . 1,905 1,892 1,891 938 995 1,057 967 896 834 1,985 1,971 1,933 365 365 373 New York 10, 710 10, 202 10, 078 4,417 4,296 4,624 6,293 5,906 5,454 9,916 9,717 9,120 792 792 788 Philadelphia 2,212 2,214 2,141 978 993 1,059 1,234 1,220 1,082 2,139 2,103 2,009 654 655 644 Cleveland 2,438 2,359 2,308 966 930 1,002 1,473 1,429 1,306 2,460 2,346 2,218 624 624 613 Richmond. 1,029 1,072 996 458 465 476 571 607 520 1,144 1,139 1,045 401 400 394 Atlanta 836 877 812 412 438 392 424 439 419 900 917 814 328 332 324 Chicago _ _ . - ._ 3,276 3,257 2,878 1,002 1,058 1,124 2,274 2,199 1,754 3,924 3,562 3,168 694 686 658 St. Louis __ 906 930 877 357 380 358 549 550 519 945 926 847 390 391 383 Minneapolis 684 704 683 266 258 283 419 446 400 788 755 699 509 518 531 Kansas City 972 956 905 354 346 361 618 610 543 1,123 1,077 997 728 730 736 Dallas 706 703 683 333 336 328 373 367 355 829 857 792 554 552 554 San Francisco 3,111 3,106 2,924 1,448 1,458 1,459 1,662 1,649 1,466 3,343 3,218 2,973 371 377 377 Total .._. 28, 785 28,271 27,175 11,928 11,953 12,523 16,857 16,318 14, 652 29,496 28,589 26,615 6,410 6,422 6,375 NONMEMBER BANKS Boston 3,551 '3,554 3,569 1,875 '1,929 1,978 1,676 1,625 1,592 3,560 3,531 3,624 532 540 538 New York 7,024 ' 7,047 6,951 4,019 4,070 4,227 3,005 2,977 2,724 6,965 6,777 6,668 476 479 482 Philadelphia 1,009 989 986 356 369 377 653 620 609 1,023 1,009 963 297 292 284 Cleveland 701 672 645 341 345 355 361 327 291 739 708 647 653 649 630 Richmond 622 603 582 300 295 298 323 308 284 688 665 607 662 659 640 Atlanta 235 237 213 148 148 136 87 89 77 271 279 232 775 773 768 Chicago 912 847 842 460 449 515 452 398 327 1,114 1,034 871 1,917 1,911 1,792 St. Louis 381 364 347 225 231 221 156 133 126 487 470 392 1,279 1,283 1,265 Minneapolis . >. > 274 266 249 119 114 122 155 152 127 312 308 275 902 902 906 Kansas City 234 230 223 137 135 137 97 94 85 391 370 349 1,240 1,259 1,278 Dallas .. 127 127 134 81 81 82 45 46 52 148 158 139 499 499 520 San Francisco 561 543 587 282 277 308 279 266 279 573 557 589 352 356 357 Total 15,632 '15,479 15,327 8,344 ' 8,444 8,755 7,288 7,035 6,572 16,270 15,866 15,255 9,584 9,602 9,460 ' Revised. i Comprises all licensed national banks in the United States and all licensed nonnational banks described in footnote 1 on p. 882. Back figures.—See 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
880 FEDERAL RESERVE BULLETIN DECEMBER 1935 ALL BANKS IN THE UNITED STATES-Continued ALL BANKS >—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 29 AND MAR. 4, 1935, AND JUNE 30, 1934, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Loans Investments bank deposits Number of banks State June 1935 Mar. 1935 June 1934 June 1935 Mar. 1935 June 1934 June 1935 Mar. 1935 June 1934 J 1 u 9 n 3 e 5 M 19 a 3 r 5 . J 1 u 9 n 3 e 4 New England: Maine 113,638 112,718 118,886 181, 762 184,368 167,244 293,035 289,930 284,222 104 104 102 New Hampshire 104,730 110,009 111,476 160,371 156,587 154,389 253,710 250,027 247,996 112 113 113 Vermont. _ _ 90,577 91,873 99,413 78,579 80,209 75,575 165,314 162,525 167,545 92 97 95 Massachusetts 1,849,222 1,940,243 2,000,481 1,616,172 1,511,536 1,450,545 3,526,244 3,488,034 3,472,887 398 399 409 Rhode Island 184,526 190,339 246,734 235,980 253,093 442,014 444,615 439,917 35 35 35 Connecticut- 608,619 '618,913 652,784 466,362 453,561 420,080 1,119,368 1,118,581 1,091,714 200 201 Middle Atlantic: New York.. 7,670,093 7,577,105 7,987,491 8,446,225 8,057,830 7,415,47115,129,842 14, 766,09314,126,765 917 920 922 New Jersey.. 768, 723 795,550 863,826 876,219 850,801 774, 589 1,783,479 1,757,019 1,680,307 430 430 423 Pennsylvania— 1,576,235 1,587,781 1, 695, 7532,644,415 2,569,314 2,378,677 4,002,041 3,935,978 3,766,025 1,135 1,132 1,111 East North Central: Ohio 750,037 727,067 759, 572 804,261 762,453 673,936 1,745,245 1,633,225 1,502,376 714 710 687 Indiana 208,802 204,740 213,578 278,225 251,895 209,164 591,811 536,364 475,858 552 548 520 Illinois... 726,409 770,886 859, 587 1, 521,2921,548,513 1, 213,7352, 761,5252,452,274 2,207,091 882 878 Michigan 281,819 279, 617 298,310 549, 710 505,902 977,756 927,154 771,442 506 435 Wisconsin 229,085 238, 523 273,365 365,544 298,771 277,652 653, 430 622,436 572,181 623 625 607 West North Central: Minnesota. 256, 457 252,422 271,754 389,103 402,902 353, 797 718,154 692,039 632,395 685 685 Iowa.. 168,745 163,970 154,546 216,852 190,268 164,407 466,794 448,734 369,656 669 668 622 Missouri 333,484 344,744 348,843 548,271 506,365 476,957 1,014,752 952,665 887,653 706 709 702 North Dakota 24,665 21,910 25,720 29,187 33,385 28,104 64,984 58,122 202 205 210 South Dakota __ 29,702 26,831 28,981 30,993 35,974 31,479 75,967 73,836 67,227 206 212 212 Nebraska 83.432 82, 748 121,899 125, 274 110,602 242,993 239,457 218, 700 431 436 435 Kansas 117,370 113,775 125,688 129,627 129,940 108, 504 323,868 317,106 730 737 752 South Atlantic- Delaware 73,732 75,106 77,264 74,775 72,050 68,801 143,445 133, 796 129, 610 49 49 49 Maryland 201,894 205, 227 218, 770 406, 716 415, 290 373, 633 643, 535 624, 311 607,068 202 202 192 District of Columbia. 82,565 83,015 117,162 112,103 103, 375 244,126 253, 332 217, 771 22 22 21 Virginia- 231, 770 233,481 246,831 154,692 166, 516 141,251 410, 652 401, 265 379,837 329 327 328 West Virginia 116, 544 117,202 125, 597 82,479 79,493 226,623 222,997 216,066 182 183 181 North Carolina- 108,186 110, 258 115,353 121, 419 91,200 261,939 256, 546 204,017 217 217 214 South Carolina 44,927 40,704 29,107 33,499 34,804 33,500 99,940 98,667 79,453 140 137 126 Georgia. 175,435 190, 707 155,498 89, 573 94, 344 99,975 274,459 285, 787 256,080 333 327 322 Florida- 52,616 56,612 45,159 127, 578 129,758 124,606 214,078 226,643 186,600 155 156 155 East South Central: Kentucky 180, 716 194, 261 191,911 150,925 160,810 137,373 331, 691 346,175 297,324 442 440 444 Tennessee 161,857 170, 279 159,190 124,605 128,062 117,305 321, 564 314,605 278,248 328 332 329 Alabama 109,134 109,887 95,076 78,758 81,942 72,764 193,272 200, 740 168,627 219 222 217 Mississippi 55, 280 58,541 53,965 58,864 59, 742 52,073 135,003 142,935 120,03a 209 213 213 West South Central: Arkansas 53,919 56, 333 47, 201 43,533 43,654 42,833 116.116 109,897 98,543 242 243 230 Louisiana 115,475 120,416 117,006 112,100 114,076 107,061 253,683 258,659 234, 278 150 149 147 Oklahoma 106,093 97,348 96, 485 140, 748 138,220 135,965 301, 377 283,000 273,061 406 410 416 Texas 372,052 375, 545 368, 631 385,197 373,134 887,332 919,538 840,534 957 Mountain: Montana 27,264 24.433 27,205 49,758 53, 755 48,445 104,424 102, 291 92,204 118 118 125 Idaho- _ 17,821 15,616 15, 320 31,905 31,445 26, 399 68,217 64,921 53, 510 61 6 64 Wyoming 19,165 17,961 20,242 16,495 16,149 14,563 47,410 45,364 41,431 59 59 63 Colorado 57,957 58,390 60,012 111,639 116,809 110,996 233,641 228,487 206,213 159 159 160 New Mexico, 10, 767 9,682 9,561 15,519 14,327 11,872 38, 544 36,064 29,385 41 4: 43 Arizona 15,956 15, 392 14,986 22,049 21,775 22,601 54,854 53,550 49,491 15 16 17 Utah 40, 791 38,230 40,486 52, 703 50,575 49,863 106,277 104, 477 92,047 59 59 60 Nevada 4,140 3,512 3,599 12, 518 11,552 9,368 21,922 20,154 16,446 10 10 10 Pacific: Washington 138,397 132,282 129,779 187,712 192, 720 179,793 354.117 344, 750 315, 527 204 205 202 Oregon 56,403 53, 403 54, 283 118,664 122,203 114, 303 208, 590 195,118 182, 703 105 106 105 California 1,461,152 1,480,757 1, 513, 6721,521,448 1,489, 5301,353,933 3,117,129 3,007,037 2,873,268 275 281 283 Total 20,271,884'20,397,02821,278, 326 24,144, 599 23,353,13421, 223,570 45, 766, 286 44, 454, 506 41,870,082 15,994 16,024 15,835 i Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on p. 882. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 881 ALL BANKS IN THE UNITED STATES-Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 29 AND MARCH 4, 1935, AND JUNE 30, 1934, BY STATES [Amounts in thousands of dollars] Loans Investments Deposi b ts a , n e k x c d l e u p si o v s e i ts of inter- Number of banks State June March June June March June June March June June March June 1935 1935 1934 1935 1935 1934 1935 1935 1934 1935 1935 1934 New England: Muine 36,815 35, 483 38,991 62,101 61, 523 54,885 102,162 100, 631 98,081 40 40 New Hampshire 28,390 27, 570 29,037 29,788 30,891 28,693 53, 613 52, 655 50, 623 52 52 52 Vermont 21,223 20.150 21,809 26,780 24, 280 44, 668 43, 070 40, 301 43 43 42 Massachusetts 482,413 532,005 579,800 503,216 447,762 430,220 1,025,703 1,021, 981 1,047, 757 129 129 138 Rhode Island __. 37,229 40, 703 41,862 35,006 31,997 33,049 73,371 75, 220 71, 538 12 12 12 Connecticut 105,964 107,465 114,745 97, 007 92,837 86,185 219,780 218,124 212,220 54 54 54 Middle Atlantic: New York 1,543,707 1,496,214 1,527, 3972, 321,0572, 221,0772,017, 6793, 573,8813, 539,8293,296,383 459 460 459 New Jersey 228,002 239,262 353, 662 350, 214 300, 426 643,189 600,914 237 237 234 Pennsylvania 1,316,066 1,296, 391 1,162, 5371,961,879 1,907,939 1, 813,397 709 709 697 East North Central: Ohio.,... 258,910 265,224 276,477 414,019 396,791 340,074 737,423 632,321 252 252 248 Indiana 75,467 74,416 77,542 160,918 146,373 124, 563 282,378 257, 688 223,213 125 125 120 Illinois.-- 521, 743 565, 690 594,923 1,040,476 1,124, 560 816. 594 1,908,133 1, 710,4771, 564,957 295 293 281 Michigan 106,023 110, 359 119,132 319,055 301, 583 229,499 518, 691 492,042 404,030 85 85 86 Wisconsin. 100, 342 108,401 129,032 216,408 164,990 166,970 339,153 336,472 304,480 106 107 105 West North Central: Minnesota 180,932 179,706 194,945 274,995 290,009 259, 345 502, 507 477,057 440,874 206 207 211 Iowa 55,900 54,324 52, 721 103,711 93,353 87,438 168,992 164,615 145, 320 121 123 121 Missouri 128,671 133,477 133,009 259.435 256,057 215,336 382, 569 374,086 347, 562 87 89 90 North Dakota 15,075 13,206 15,918 23,098 27,351 23,977 47,861 47,750 43,069 67 68 71 South Dakota 14,908 13,440 14,621 19, 331 24,088 21,748 44, 630 42, 677 39, 707 58 64 64 Nebraska 60, 655 57,171 58,155 103, 592 106, 389 94,174 178,389 173,040 157. 234 137 138 137 Kansas _ 54, 566 63,736 59, 482 83,080 83,812 177,113 171,834 156, 205 191 190 196 South Atlantic: Delaware 8,155 8,535 8,965 9,621 9,168 15,286 14,898 14,111 16 16 16 Maryland 55,332 53, 766 58,883 159,191 185,173 159,103 222,485 224,431 215,186 63 63 62 District of Columbia._ 38, 658 39,945 42, 768 72, 346 66,961 62,840 132, 902 141.532 122,102 9 9 9 Virginia 127,665 132, 769 143.224 105, 255 119,981 99, 212 253,149 246, 218 238,162 132 131 132 West Virginia 56, 757 57,021 61,238 49,937 49,214 47,925 117,944 116,910 113,973 79 80 78 North Carolina 32, 355 31,239 28, 561 23,180 25, 502 21,215 69,966 55, 271 44 44 42 South Carolina 22,495 20, 645 11,004 17,545 18,952 15,602 53,642 51, 599 30,862 19 19 18 Georgia 102,443 118,174 98,371 70,186 72,084 79,498 186.923 191,417 178,947 58 58 54 Florida 37, 724 41, 503 32,469 102,875 105,994 102, 727 160,152 172, 488 141,013 50 50 50 East South Central: Kentucky. 77,947 81,054 71, 529 91.847 97, 624 165, 725 172, 610 137,883 100 100 Tennessee- _ 108,450 117,445 100,882 102,703 106, 619 99,183 225.924 223,072 196,905 73 73 71 Alabama 76,491 76,957 68, 402 59,014 61,090 58, 387 138,380 139,565 122, 627 69 72 70 Mississippi 18,485 19,134 18,791 23,769 24,091 21, 374 49,471 50, 276 43,959 25 25 25 West South Central: Arkansas.-- _. 26, 728 29, 276 24,637 28,976 29,446 30, 217 67,396 62, 640 58, 549 51 51 51 Louisiana 74,405 81,061 77,121 77,122 82,142 78, 610 169,989 174,155 159,025 30 30 28 Oklahoma 91,879 84,807 83, 606 126,857 123,451 121,625 261,457 243.533 235, 561 215 216 219 Texas 295,382 300,075 291, 200 339,683 337, 267 318, 230 739,047 759,865 698,150 457 456 456 Mountain: Montana 13,278 11,878 13,370 32,868 34,516 31, 592 61,955 60,961 54,845 46 45 48 Idaho 6,800 5,645 5,570 13,692 15, 360 11,715 28,410 26, 745 21, 771 24 25 25 Wyoming 11,845 11,177 12, 358 13,267 12,955 11, 385 33,160 31,489 28,638 26 26 26 Colorado 44,084 45, 244 45, 996 96,408 103, 223 97,457 192, 227 186, 251 170,169 81 81 80 New Mexico 8,169 7,223 7,345 13, 268 12,028 9,763 31,591 29,175 23,855 23 24 24 Arizona 9,844 9,527 4,373 14.848 14,232 10,927 35,068 34,441 19,697 7 8 8 Utah 16, 382 15,115 16, 238 24,095 26, 445 26,593 46, 506 46,197 39,984 13 13 14 Nevada _ 3,162 2,608 2,563 10, 774 10,092 8,103 17,809 16, 395 13,190 6 6 Pacific: Washington 77, 321 74,700 71,859 121,570 124,937 123.906 213,531 208,001 192, 381 67 67 Oregon __. 45, 678 42, 905 43, 342 104, 035 108,962 104,509 177, 924 166,091 157,918 52 53 53 California 1,006,119 1,022, 927 1,027,756 1, 031, 0821,035, 626 902, 358 2,162,007 2,091, 302 1,922, 330 125 128 130 Total- - 7,353,254 7, 478, 829 7,680,576 10, 698,159 10, 588, 334 9, 330,869 19,030,839 18,501,522 17,097, 255,0425 5,446 5,417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
882 FEDERAL RESERVE BULLETIN DECEMBER 1935 ALL BANKS IN THE UNITED STATES-Continued STATE BANES -PRINCIPAL ASSETS AND LIABILITIES ON JUNE 29 AND MARCH 4, 1935, AND JUNE 30, 1934, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Loans Investments bank deposits Number of banks State June 1935 M 1 a 9 r 3 c 5 h June 1934 June 1935 M 1 a 9 r 3 c 5 h June 1934 June 1935 M 1 a 9 r 3 c 5 h June 1934 J 1 u 9 n 3 e 5 M 1 a 9 r 3 c 5 h J 1 u 9 n 3 e 4 New England: Maine 76.823 77,235 79,895 119,661 122,845 112,359 190,873 189,299 186,141 64 64 63 New Hampshire 76,340 82,439 130,583 125, 696 125, 696 200,097 197,372 197,373 60 61 61 Vermont 69,354 71,723 77,604 51,799 53,511 51,295 120,646 119,455 127,244 49 54 53 Massachusetts 1,366,809 1,408,238 1,420,681 1,112,956 1,063, 7741,020,325 2,500,541 2,466,053 2,425,130 270 270 271 Rhode Island 147,297 149,636 161,440 211, 728 203,983 220,044 369,395 368,379 23 23 23 Connecticut _ 502,655 ' 511,448 538,039 369,355 360,724 333,895 900,457 879,494 144 146 147 Middle Atlantic: New York 6,126,386 6,080,891 6,460,094 6,125,168 5,836,753 5,397,792 11.,, 555,961LI, 226,264L0,830,382 458 460 463 New Jersey 540,721 556, 288 595,528 522,557 500,587 474,163 1,122, 5761,113,830 1,079,393 193 193 189 Pennsylvania 773,949 779,083 835,064 1, 1, 272,9231,216,140 2, 040,1622,028,039 1,952,628 426 423 414 East North Central: Ohio 491,127 461,843 483,095 390, 242 365,662 333,862 1,007,822 934,302 870,055 462 458 439 Indiana 133, 335 130,324 136,036 117,307 105,522 84, 601 309,433 278, 676 252,645 427 423 400 Illinois 204,666 205,196 264,664 480,816 423,953 397,141 853,392 741,797 642,134 587 587 697 Michigan 175,796 169,258 179,178 230, 655 204,319 159,593 459,065 435,112 367,412 421 413 349 Wisconsin 128, 743 130,122 144,333 149,136 133,781 110,682 314,277 285,964 267, 701 617 518 502 West North Central Minnesota 75, 525 72,716 76,809 114,108 112,893 94,452 215,647 214,982 191,521 479 478 480 Iowa _ 112,845 109,646 101,825 113,141 96,915 76,969 297,802 284,119 224,336 548 545 501 Missouri ... 204,813 211,267 215,834 288,836 250,308 261,621 a 632,183 » 578,579 2 540,091 618 620 612 North Dakota 9,590 8,704 9,802 6,034 4,127 17,123 17,558 15, 053 135 13' 139 South Dakota 14, 794 13,391 14,360 11,662 11,886 9,731 31,337 31,159 27,520 148 148 148 Nebraska 26, 283 26,261 24,593 18,307 18,885 16,428 64,604 66,417 61,466 294 298 298 Kansas 62,804 60,039 66,206 46,547 46,128 38,624 »146,755 2145,272 2134,423 539 54' 556 South Atlantic: Delaware 65,577 66,797 68, 729 65,810 62,429 59,633 128,159 118,898 115,499 33 33 33 Maryland 146,562 151,461 159,887 247,525 230,117 214,530 421,050 399,880 391,882 139 139 130 District of Columbia- 43,907 43,070 45,922 44,816 45,142 40, 535 111, 224 111,800 95,669 13 13 12 Virginia... 104,105 100,712 103,607 49,437 46,535 42,039 157,503 155,047 141,675 197 196 196 West Virginia 59, 787 60,181 64,359 34,532 33,265 31,568 108,679 106,087 102,093 103 103 103 North Carolina 75,831 79,019 68,135 92,173 95,917 69,985 194,959 186,580 148.746 173 173 172 South Carolina3 22,432 20,059 18.103 15,954 15,852 17,898 46,298 47,068 48,591 121 118 108 Georgia 72,992 72, 533 57,127 19,387 22,260 20,477 87, 536 94,370 77,133 275 269 268 Florida 14,892 15,109 12, 690 24,703 23,764 21,879 53,926 54,155 45,587 105 106 105 East South Central: Kentucky 102,769 113, 207 120,382 59,078 63,186 57,280 165,966 173,565 159,441 342 340 346 Tennessee 53,407 52,834 58, 308 21,902 21,443 18,122 2 95,640 2 91, 533 2 81,343 255 259 258 A M l i a s b s a is m si a ppi. _ 36,795 3 3 2 9 , , 9 4 3 0 0 7 3 2 5 6 , , 1 6 7 7 4 4 3 1 5 9 , , 0 7 9 4 5 4 2 35 0 , , 6 8 5 5 1 2 14,377 3 8 5 5 4 , , 5 8 3 9 2 2 2 9 6 2 1 , , 6 1 5 7 9 5 4 7 6 6 , , 0 0 0 7 0 4 1 1 5 8 0 4 1 1 5 8 0 8 1 1 4 8 7 8 West South Central: Arkansas 27,191 27,057 22,564 14,557 14,208 12,616 48,720 47,257 39,994 191 192 179 Louisiana 41,070 39,355 39,885 34,978 31,934 28,451 83,694 84,504 75,253 120 119 119 Oklahoma 14,214 12,541 12,879 13,891 14,769 14,340 39,920 39,467 37,500 191 194 197 Texas _ 76,670 75,470 77,431 49,353 47,930 64,904 148,285 159,673 142,384 479 479 501 Mountain: Montana 13,986 12, 555 13,835 16,890 19,239 16,853 42,469 41,330 37,359 72 73 77 Idaho 11,021 9,971 9,750 18, 213 16,085 14,684 2 39,80" 2 38,176 2 31,739 37 37 39 Wyoming 7,320 6,784 7,884 3,228 3,194 3,178 14,250 13,875 12,793 33 33 37 Colorado 13,873 13,146 14,016 15,231 13,586 13,539 41,414 42,236 36,044 78 78 80 New Mexico 2,598 2,459 2,216 2,251 2,299 2,109 6,953 6,889 5,530 18 18 19 Arizona 6,112 5,865 10,613 7,201 7,543 11,674 a 19,786 219,109 2 29,794 8 Utah 24, 409 23,115 24, 248 28, 608 24,130 23, 270 59,771 58,280 52,063 46 Nevada 978 904 1,036 1,744 1,460 1,265 4,113 3,759 3,256 Pacific: Washington 61,076 57,582 57,920 66,142 67,783 55,887 140,586 136,749 123,146 137 138 135 Oregon 10,725 10, 498 10,941 14,629 13, 241 9,794 30,666 29,027 24,785 53 53 52 California 455,033 457,830 485,916 490,366 453,904 451,575 955,122 915,735 950,938 150 153 153 Total- ly 918,630 12,918,199 3,597,75013, 446,44012,764,800 11,892,70126,735,447 25,952,984 24,772,832 10,569 10,578 10,418 ' Revised. i Comprises all licensed State commercial banks, trust companies, mutual and stock savings banks, and such private and industrial[banks as are included in abstracts issued by State banking departments. Also includes, beginning with June 1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, agreed to examination by the Comptroller of the Currency or a Federal Reserve bank and rendered condition reports to the,Comptroller of the Currency under the same conditions as national banks; for comparative figures of private banksjncluded in this compilation, see the next following table. 3 Includes interbank deposits. * Includes cash depositories. NOTE.—All figures in the June 1935 columns are as of June 29, except those for Tennessee, which are as of May 20, For call dates of figures Included in columns "March 1935" and "June 1934", see BULLETIN for October 1935 (p. 693) and July 1935 (p. 484). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
883 DECEMBER 1935 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES-Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 29 AND MAR. 4, 1935, AND JUNE 30, 1934, BY STATES [Figures in this table are also included in the table on p. 882 covering " State banks." Figures include private banks that agreed to examination by the Comptroller of the Currency or a Federal Reserve bank under provisions of sec. 21 (a) of the Banking Act of 1933. Amounts in thousand of dollars] Loans Investments Deposi b ts a , n e k x c d l e u p si o v s e it o s f inter- Number of banks State June 1935 M 1 a 9 r 3 c 5 h June 1934 June 1935 M 1 a 9 r 3 c 5 h June 1934 June 1935 M 1 a 9 r 3 c 5 h J 1 u 9 n 3 e 4 J 1 u 9 n 3 e 5 M 1 a 9 r 3 c 5 h J 1 u 9 n 3 e 4 Alabama 522 183 86 15 i 3 3 46 138 55 2 i 1 1 Arkansas 102 117 37 29 17 1 314 331 88 14 13 4 Connecticut: District No. 1__ 282 201 258 180 130 252 353 325 311 3 3 3 District No. 2 147 149 3,247 99 99 87 350 328 360 1 1 2 Florida. 1,240 1,240 1,098 118 118 151 1,093 1,093 977 4 14 3 Georgia 1,335 1 1,804 504 309 1398 308 1,817 1 2, 325 1,447 51 46 42 Illinois (District No. 7) 11 10 21 15 1 1 Indiana: Distrcit No. 7. 1,979 i 2,008 2,230 1,083 i 957 785 4,460 i 4,234 3,965 28 128 28 District No. 8_ 290 1274 304 119 i 120 97 554 i 545 445 5 15 5 Iowa. _. _ 1,585 1,494 1,441 1,235 1,309 1,332 4,059 4,047 3,791 13 14 14 Kansas 166 2177 171 239 2 238 209 481 2 422 416 2 22 2 Massachusetts 42 42 43 43 1 1 Michigan: District No. 7_ 1,646 1,685 1,838 1,034 1,018 1,105 3,356 3,487 3,257 24 25 25 District No. 9 234 241 99 89 126 53 340 379 155 3 3 2 Missouri (District No. 8) 13 3 14 15 14 3 18 16 1 1 New Jersey (District No. 2).. 11 12 7 18 21 21 13 12 9 2 2 2 New York 86,813 4 85,173 89, 644 348,529 4 296,804 199,169 335,158 4 327,338 186, 267 20 4 20 19 Ohio 1,889 1,799 2,395 431 502 365 2,903 2,717 2,925 14 14 16 Pennsylvania: District No. 3._ 13,518 12, 708 14, 054 41,172 36,513 38,221 61,164 59,413 56,093 19 19 24 District No. 4 1,521 . 1, 465 1,523 938 919 767 2,181 2,013 1,875 8 9 South Carolina _ 891 905 846 2 35 1,063 1,084 948 1 1 1 Texas 8,162 9,352 12, 685 3,978 3,899 16, 371 12, 268 14,012 15,831 29 29 33 Total 122,399 120,953 132, 482 399,617 343,226 259,297 432,051 424,219 279,231 246 242 236. i Dec. 31 figures repeated. 3 Mar. 25 figures. 3 Nov. 5 figures. * Mar. 30 figures, except 2 banks not under State supervision which are as of Mar. 4. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON JUNE 29 AND MAR. 4, 1935, AND JUNE 30, 1934, BY STATES [Figures in this table are also included in the table on p. 882 covering " State banks." Amounts in thousands of dollars] Loans Investments Deposits Number of banks State June March June June March June June March June June March June 1935 1935 1934 1935 1935 1934 1935 1935 1934 1935 1935 1934 Maine 35,496 1 36,122 37,555 88,901 i 88, 710 85,198 120, 768 1 119,911 118,888 33 133 33 New Hampshire 68,095 2 73,523 73, 523 122, 769 2 119,145 119,145 185,324 2 183,441 183,441 47 2 48 Vermont 33, 067 34,261 39,071 31,274 31, 34" 31,549 69,953 69,799 75,499 14 19 19 Massachusetts 1,148,54" 3 1,189, 520 1,211,61 916,434 3 872,898 855, 752 2,079,595 2,052,306 2,051,112 193 3 193 193 Rhode Island 56,450 4 58,805 61,842 114,249 4 107, 293 105,928 169,574 4 169,454 169,981 49 Connecticut: District No. 1 295,994 ' 300, 571 314, 594 228,143 225,067 211,190 527,496 526,642 518,434 59 59 District No. 2 83,197 r 84,104 88,-463 65,199 63, 676 59,274 147, 768 146, 760 144,653 14 14 14 New York 3,175,298 * 3,245,620 3,330,851 2,026,864 1,907,166 1,943,942 5,193,401 5,156,251 5,139,593 135 *137 138 New Jersey: District No. 2 146,438 149,085 157, 775 147,452 142, 242 136,459 306,206 303,678 297, 661 22 22 22 District No. 3 5,361 5,419 5,608 7,572 7,818 7,884 14,028 13,832 3 3 3 Pennsylvania: District No. 3 82, 371 84, 234 91, 756 362,969 354, 553 480,096 480,396 466, 519 7 7 7 District No. 4 13, 979 14, 211 14, 752 34, 547 33, 925 32, 396 47, 692 46,867 46,464 1 1 1 Delaware 12,081 12,192 12, 920 21, 256 20, 437 19,040 30,419 29,996 29,070 2 2 2 Maryland 55,466 < 59,231 62, 921 145,034 4136, 938 130,804 205,883 4 200, 303 196,250 13 4 13 13 Indiana: District No. 7 8,876 < 9,048 11,008 2,487 4 2,1 747 12,513 4 12,176 11,922 4 44 4 District No. 8 4, "" < 5,097 4,622 1,571 41, 925 2,190 6,913 4 6,692 6,488 1 1 Minnesota 11, 569 »11, 768 14,430 47,846 »47,175 40, 752 62,849 * 63,347 60,157 1 1 Wisconsin: District No. 7 2,374 4 2,534 2,962 1,411 41, 577 1,301 4,161 4 4,248 4,249 4 District No. 9 66 <85 33 4 23 84 4 95 1 Ohio 37,131 38, 216 « 39, 624 ' 67, 285 57,449 8 56, 403 114,526 112,035 6 108,884 3 «3 Washington 25, 756 26, 078 28, 721 25,155 24,076 18,963 52, 782 51,837 49,169 3 3 California 38,639 '40,734 43,134 52,422 51,060 48, 560 87,181 86, 727 87,573 1 1 Oregon 93 <34 20 342 4 120 50 451 4 157 70 1 1 Total 5,341,224 '5,480,492 5,647,769 4,511,215 4,297,268 4,256,225 9,919,663 9,836,950 9,779,966 571 579 578, ' Revised. i Figures as of Mar. 30. 3 Figures as of Oct. 31. «Figures as of Apr. 18. 2 June figures repeated. 4 December figures repeated. « Figures as of June 25. * Includes $6,436,000 of U. S. bonds set aside as legal reserve but not reported separately on Mar. 4,1935, and June 30,1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
884 FEDERAL RESERVE BULLETIN DECEMBER 1935 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u e a 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 n a g l d s a p n M r d o e d m t u a e c l t s 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 u e a m g n s i d - in f H u g r o n g u i o s s o h e d - - s l M an i e sc o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 H ?, 94.3 82.8 1930 - 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 39 1 92.7 77.7 1931 73.0 64.8 74.6 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 R 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 7? 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—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 1035—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 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 ? 80.6 68.7 79.8 78.3 82.8 78.0 88.9 70.1 74.2 86.9 85.3 80 7 80.5 68.4 July 79.4 77.1 82.1 78.0 89.3 70.2 74.7 86.4 85.2 78 7 80.4 67.7 August 80.5 79.3 84.9 77.9 89.6 70.9 74.1 86.6 85.4 78.6 80.5 67.3 September 80.7 79.5 86.1 77.8 90.9 71.8 73.0 86.6 85.9 80.2 80.5 67.1 October 80.5 78.2 85.0 78.3 93.6 72.9 73.4 86.5 86.1 81.1 80.6 67.5 Week ending— 1935—Aug. 3 . _- 79.6 78.4 83.4 77.9 90.0 70.0 75.0 85.8 85.3 78.5 81.9 67.5 Aug. 10. 80.1 79.7 84.2 78.0 90.1 70.1 75.4 85.8 85.0 78.5 81.7 67.5 Aug. 17 80.5 80.3 85.4 78.0 90.1 70.5 75.4 85.8 85.1 78.7 81.7 67.2 Aug. 24 80.8 80.7 86.1 78.1 90.2 70.7 75.4 86.0 85.1 79.3 81.7 67.2 Aug. 31 80.5 79.2 86.0 78.1 90.4 70.9 75.4 86.0 85.3 79.0 81.8 67.1 Sept. 7 80.4 79.9 85.9 77.9 90.5 71.0 74.6 86.0 85.4 79 ? 81.8 66.8 Sept. 14 80.8 81.2 86.4 78.0 91.6 71.2 74.7 86.0 85.3 78.9 81.8 66.9 Sept 21 81.0 81.3 86.2 78.2 91.8 71.3 74.8 86.3 86.3 79.2 81.7 67.0 Sept. 28 81.0 80.9 86.6 78.2 91.8 71.6 74.5 86.2 86.1 79 3 81.7 67.2 Oct 5 80.5 79.5 85.3 78.3 92.5 71.7 74.6 86.3 86.1 30.2 81.8 67.2 Oct. 12 80.7 80.1 85.7 78.2 93.8 72.1 74.1 85.8 86.1 30.7 81.8 67.5 Oct. 19 _ 80.7 79.5 85.6 78.4 94.4 72.5 74.2 85.9 86.2 31.1 81.8 67.6 Oct. 26 80.3 78.6 84.8 78.4 95.1 72.8 74.3 85.9 85.9 31 3 81.9 67.4 Nov. 2 79.8 77.4 83.8 78.4 95.1 72.7 74.3 85.9 85.6 31.1 82.0 67.5 Nov. 9 80.1 77.5 84.1 78.9 95.6 72.8 75.5 86.2 85.7 31.1 82.1 67.4 Nov. 16 80.4 77.8 84.9 79.0 95.8 73.0 75.6 86.3 86.0 31.1 82.1 67.4 Nov. 23 80.6 78.2 85.8 79.0 95.7 73.1 75.7 86.4 85.8 30.9 82.1 67.4 Nov. 30 80.8 78.5 85.9 79.0 95.5 72.9 75.9 86.3 85.4 31.0 82.1 67.5 1934 1935 1934 1935 Subgroups Subgroups Oct. July Aug. Sept. Oct. Oct. July Aug. Sept. Oct. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains - 85.0 78.3 79.3 83.5 86 4 Agricultural implements 92.0 93 6 93.6 93.7 93.7 Livestock and poultrv 55.3 82.8 91.6 92.0 86 6 Iron and steel 86 2 87 (1 87.1 86.8 86.9 Other farm products - 75.4 72.9 71.4 70.4 70.3 Motor vehicle; 94.7 94.7 94.7 94.3 92.9 FOODS* Nonferrous mtjtals 68.1 66 1 66.9 68.6 70.9 Butter, cheese, and nlilk 77.1 74.0 75.7 76.0 76.9 BUILDIJJG MATER]ALS: Ceroal products 91.0 92.7 94.6 96.8 98.9 Brie;k and tile 91.2 89.1 89.0 88.8 88.3 Fruits and vegetables 67. 6 65.1 60.5 60.0 59.1 Cenlent 93.9 94.9 94.9 94.9 95.5 Meats 70.0 93.3 102.0 102.9 97.1 Lunn_ber 82.0 81 7 82.0 82.1 82.0 Other foods -- -- 71.0 76.7 78.6 80.8 81.2 Paint materials _ _ 79.4 79 1 78.6 80.8 81.9 HIDES AND LEATHER PRODUCTS: Plumbing andheating 68.1 68.8 71.1 71.1 71.1 Boots and shoes 97.7 97.8 98.3 98.3 98.8 Structural stee1 92 0 9? fl 92.0 92.0 92.0 Hides and skins 59.7 79.8 80.4 83.8 92.9 Other building materials 89.3 89 7 90.1 90.3 90.5 Leather _ 70.5 80.2 80.2 83.0 86.6 CHEMICALS AND DRUGS: Other leather products 85.9 84.4 84.4 84.5 85.0 Chemicals 81.1 84 fl 84.3 86.9 88.3 TEXTILE PRODUCTS: Drugs and phiirmaceuticals 73.5 74.0 73.8 73.8 74.2 Clothing 79.1 80.7 80.5 80.8 80.8 Fertilizer mat(irials 65.7 65.7 66.8 67.2 67.2 Cotton goods 86.6 82.0 82.5 83.2 84.5 Mixed fertilizers 73.0 68 fl 68.1 67.8 67.9 Knit goods 60.5 59.9 60.2 61.6 63.2 HOUSEFURNISHING GOODS: Silk and rayon 24.8 27.9 31.0 32.9 35.1 Furnishings 84.4 84 (1 84.0 84.0 84.2 Woolen and worsted ?oods 74.8 76.4 76.4 76.9 79.1 1 Furniture. 79.0 76 8 77.0 76.9 76.9 Other textile products 68. 5 69.1 69.1 69.9 68.3 MISCELLANEOUS: FUE A L n A t N h D ra c L i I t G e HTING MADERIALS: 82.0 77.0 78.6 80.6 82.5 A Ca u t t t o le t ir f e e s e d an .. d . tubes 4 97 4 . . 6 7 4 78 5 .0 fl 4 7 5 1 . . 0 3 4 6 5 7 . . 0 9 4 7 5 1 . . 0 6 Bituminous coal 96.4 96.5 96.0 96.2 98.0 Paper and pu]p »-- 82.4 79.7 79.7 79.7 79.7 Coke 85.6 88.6 88.6 88.6 88.8 Rubber, crude 28.6 ?5 fl 24.5 24.0 26.0 Electricity 94.5 87.8 86.7 87.5 O ther miscellaneous 81.1 80 1 80.0 80.0 80.2 Gas 96.9 94.0 91.8 91.9 Petroleum products- 50.4 52.9 52.4 50.6 50.1 Back figures.—For monthly and annual indexes of groups, see Annual Report for 1934 (table 100); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1934, see Annual Report for 1934 (table 101). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1935 FEDERAL RESERVE BULLETIN 885 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100] 1934 1935 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactures—Total 72 74 85 90 88 86 86 84 84 86 88 1 89 i *94 IRON AND STEEL 41 49 65 80 80 72 67 66 66 69 81 84 88 Pig iron 31 32 34 49 57 55 53 56 53 53 60 62 65 Steel ingots 42 51 68 83 83 73 69 67 67 70 83 86 90 TEXTILES 89 87 97 103 100 98 98 102 100 105 104 106 113 Cotton consumption _ 94 90 92 98 95 90 84 85 82 82 85 95 99 Wool. 59 69 85 102 97 95 110 124 122 128 132 112 126 Consumption . 63 82 97 116 97 102 131 153 148 156 160 127 146 Machinery activity 1 61 68 92 110 116 99 92 99 107 108 110 108 121 Carpet and rug loom activity * 46 32 41 52 65 71 80 80 71 76 83 74 78 Silk deliveries 135 111 140 119 122 135 117 111 116 133 113 134 132 FOOD PRODUCTS 107 102 102 91 81 77 80 78 74 74 76 78 83 Slaughtering and meat packing 119 110 107 83 76 73 77 74 67 69 76 76 82 Hogs... 95 90 79 54 56 51 58 54 44 46 50 50 57 Cattle . 144 138 146 120 101 98 96 94 92 93 107 107 111 Calves 145 121 130 132 109 112 113 108 106 115 119 124 117 Sheep 228 143 139 133 131 151 157 161 151 154 159 144 154 Wheat flour 83 84 87 86 90 88 88 83 91 80 73 82 88 Sugar meltings 101 102 108 130 86 75 80 88 75 83 78 81 78 PAPER AND PRINTING: Newsprint production 62 60 66 61 61 59 59 64 63 60 58 62 61 Newsprint consumption 116 115 118 121 122 123 119 121 124 118 120 127 124 TRANSPORTATION EQUIPMENT: Automobiles. _ 41 40 88 104 103 106 110 86 100 95 64 150 189 Locomotives _. 8 10 9 8 8 8 9 14 10 3 2 1 Shipbuilding 17 14 18 27 68 89 91 56 21 15 35 64 LEATHER AND PRODUCTS 85 92 104 107 108 108 113 113 103 107 104 '103 104 Tanning _ 81 89 93 96 97 96 97 100 97 95 93 94 97 Cattle hide leathers 80 89 92 93 93 91 93 98 90 89 91 '90 97 Calf and kip leathers 68 80 96 97 91 90 88 87 104 86 78 '83 76 Goat and kid leathers 95 98 90 105 112 112 120 119 106 121 114 115 119 Boots and shoes 88 94 112 114 116 117 123 121 107 115 111 ' 109 10S CEMENT AND GLASS: Cement 46 48 45 42 45 47 51 55 58 52 44 47 52 Glass, plate 87 83 140 174 166 183 185 155 162 169 167 179 193 NONFERROUS METALS: * Tin deliveries 2 58 67 80 78 73 81 97 84 73 85 91 92 92 FUELS, MANUFACTURED: Petroleum refining 153 155 154 151 155 153 153 160 166 168 169 172 176 Gasoline 2 196 199 194 191 196 191 194 204 214 220 219 223 227 Kerosene... 92 91 89 99 105 108 91 94 99 91 93 92 95 Fuel oil* 98 101 103 99 102 101 96 104 105 100 103 110 110 Lubricating oil2 . 90 89 98 91 94 94 100 100 97 92 100 102 103 Coke, byproduct 73 73 76 88 95 90 87 89 87 84 91 95 97 RUBBER TIRES AND TUBES 82 107 133 115 101 93 88 75 79 83 Tires, pneumatic 85 110 139 119 104 96 91 78 82 86 Inner tubes 60 80 91 82 76 68 66 56 55 60 TOBACCO PRODUCTS.. _ 120 125 143 136 133 130 138 134 138 140 130 129 138 Cigars... 66 69 76 72 69 67 67 66 67 70 67 69 70 Cigarettes 161 168 196 186 183 180 193 186 193 196 178 175 190 Minerals—Total 81 81 90 94 96 97 87 89 98 84 81 87 93 Bituminous coal 65 65 72 74 81 87 60 69 79 55 58 58 74 Anthracite 53 64 72 76 67 54 69 71 97 62 36 65 48 Petroleum, crude . __ 121 121 123 131 132 132 130 131 133 134 133 135 140 Iron ore 35 14 53 : 53 50 54 62 62 Zinc 76 77 74 71 74 73 75 73 \ 79 80 82 83 80 Lead 56 55 60 48 50 55 58 63 55 59 60 59 68 Silver 39 35 53 50 65 50 49 51 47 73 59 71 75 1 Revised seasonal adjustment factors for automobiles used in September and October 1935. > Without seasonal adjustment. *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 1932, pp. 194-196^nd 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
886 FEDERAL RESERVE BULLETIN DECEMBER 1935 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1934 1935 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactures—Total 73 73 76 87 91 91 91 87 84 83 87 89 *95 IRON AND STEEL -- - 40 45 57 77 84 81 74 72 66 64 79 83 85 Pig iron 31 32 34 49 58 58 56 57 53 50 58 60 65 Steel ingots 41 46 59 80 87 83 76 73 67 66 81 85 87 TEXTILES 92 91 92 108 105 100 100 101 95 97 99 106 116 Cotton consumption 97 93 84 102 101 94 90 88 79 75 77 92 102 Wool - 62 73 86 104 101 96 108 117 114 119 126 115 134 Consumption 69 89 98 119 105 104 127 141 133 139 149 133 161 Machinery activity 61 68 92 110 116 99 92 99 107 108 110 108 121 Carpet and rug loom activity 46 32 41 52 65 71 80 80 71 76 83 74 78 Silk deliveries 135 115 125 136 130 130 116 110 103 126 117 141 132 FOOD PRODUCTS 110 108 103 90 79 75 76 78 73 74 74 81 86 Slaughtering and meat packing 120 123 123 94 75 69 69 72 66 66 68 74 84 Hogs 81 99 104 72 62 51 52 52 45 41 38 37 49 Cattle 168 159 153 121 89 86 85 91 86 92 104 119 12S Calves 152 124 124 123 101 114 123 122 110 111 109 119 123 Sheep 251 142 136 134 123 137 148 158 147 154 160 168 170 Wheat flour 93 90 83 84 87 83 80 78 80 77 78 97 99 Sugar mailings 96 80 61 86 84 88 93 99 89 102 88 86 74 PAPER AND PRINTING: Newsprint production 62 60 66 62 61 59 60 65 64 58 56 62 61 Newsprint consumption __ 123 123 121 116 121 128 127 124 123 105 107 125 132 TRANSPORTATION EQUIPMENT; Automobiles 37 26 48 86 111 130 141 108 114 100 69 29 78 Locomotives _ .. __ 8 11 10 7 8 8 8 13 10 3 2 1 Shipbuilding __ 12 12 14 19 48 69 88 71 27 22 51 64 LEATHER AND PRODUCTS 93 88 89 99 110 111 111 104 99 106 115 118 114 Tanning . 86 87 90 92 100 94 96 95 95 95 95 '100 103 Cattle hide leathers 82 88 90 94 100 92 93 93 89 86 90 94 100 Calf and kip leathers— 81 76 82 80 84 80 79 83 100 100 95 '96 90 Goat and kid leathers 99 97 97 100 116 115 119 110 106 113 111 ••121 124 Boots and shoes 98 89 88 103 117 122 121 110 102 113 128 ••130 120 CEMENT AND GLASS: Cement— 53 47 35 25 27 34 50 65 71 63 57 59 59 Glass, plate 87 79 105 155 179 199 205 169 165 168 169 181 193 NONFERROUS METALS: i Tin deliveries 58 67 80 78 73 81 97 84 73 85 91 92 92 FUELS, MANUFACTURED: Petroleum refining . J.^J_.._ 154 156 155 151 156 153 153 160 166 167 169 173 176 Gasoline 196 199 194 191 196 191 194 204 214 220 219 223 227 Kerosene 97 99 96 101 107 105 90 90 92 85 88 94 100 Fuel oil. _ 98 101 103 99 102 101 96 104 105 100 103 110 110 Lubricating oil 90 89 98 91 94 94 100 100 97 92 100 102 103 Coke, byproduct 73 74 77 89 98 92 87 89 85 81 88 93 97 RUBBER TIRES AND TUBES 73 80 92 106 110 102 103 96 95 81 Tires, pneumatic 75 83 96 110 114 105 107 99 99 84 Inner tubes 54 58 66 75 80 74 75 68 65 57 TOBACCO PRODUCTS 129 128 115 128 121 124 127 136 150 152 139 143 148 Cigars 81 82 57 55 60 61 63 68 73 73 70 79 85 Cigarettes 169 166 161 182 166 171 175 188 212 215 192 193 200 Minerals—Total 87 84 85 91 92 90 79 88 97 84 85 92 100 Bituminous coal _ 71 73 76 82 85 87 51 60 71 60 57 61 82 Anthracite 68 65 71 82 72 45 72 71 85 51 36 65 62 Petroleum, crude 123 120 120 126 129 130 130 132 136 137 136 139 141 Iron ore 60 11 80 105 102 109 119 105 Zinc 73 77 76 75 79 78 78 73 76 74 76 79 78 Lead .. 58 67 60 49 52 56 57 62 56 57 57 56 70 Silver 39 38 64 60 70 55 49 50 46 62 59 68 74 1 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 1932, pp. 194-196, and September 1933, pp. 584-687. 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
DECEMBER 1935 FEDERAL RESERVE BULLETIN 887 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Adjusted for seasonal Without seasonal adjustment Without seasonal adjustment variation Industry and group 1935 1934 1935 1934 1935 1934 October Sep b t e e r m- October October Sep b t e e r m- October October Se b p e te r m- October TotalJ 85.3 83.5 78.4 83.7 81.9 76.8 75.1 72.1 61.0 IRON AND STEEL AND PRODUCTS * . 76.4 74.7 66.0 75.9 74.1 65.6 65.5 '62.7 42.8 Blast furnaces and steelworks 75.6 74.4 65.4 76.1 74.4 65.9 66.1 64.2 39.2 Cast-iron pipe - - - 50.7 51.9 50.8 50.5 51.2 50.6 28.9 '29.9 27.5 Cutlery and edge tools -_ -» 79.3 76.6 78.3 78.8 79.1 77.8 64.3 59.8 55.9 Hardware 55.6 51.8 44.2 55.3 52.0 43.9 52.0 46.0 31.8 Steam, hot-water heating apparatus, etc. 57.8 54.7 49.6 56.9 53.7 48.8 43.4 39.2 32.4 Stoves 110.1 107.3 95.3 99.5 100.3 86.2 96.7 89.6 71.9 Structural metal work 59.0 58.6 57.1 57.7 57.0 55.8 46.0 45.6 40.8 Tin cans, etc -- - 100.5 105.4 93.9 100.7 99.4 94.1 100.2 105.7 82.5 Wirework " 132.8 117.6 121.4 132.0 116.9 120.7 124.0 ' 101.2 95.9 MACHINERY 2 __ 93.1 91.1 77.9 90.6 88.8 75.8 78.4 75.2 57.0 Agricultural implements 116.6 118.5 72.9 122.4 126.6 76.4 136.1 136.8 74.4 Electrical machinery, etc - - 75.3 73.3 65.0 75.3 73.3 65.0 65.2 62.1 49.3 Engines, turbines, etc - 101.3 101.2 72.3 102.4 101.7 73.1 75.0 74.4 48.4 Foundry and machine-shop products 76.8 76.0 66.4 77.4 75.8 66.9 64.6 62.2 47.6 Machine tools - 98.5 96.4 69.1 97.6 96.4 68.4 89.5 85.2 50.3 Radios and phonographs 279.1 254.9 222.8 196.8 190.9 157.1 185.8 166.3 137.8 Textile machinery 64.3 62.9 60.8 65.5 63.3 62.0 54.4 50.4 44.8 TRANSPORTATION EQUIPMENT *J 92.3 75.8 64.2 99.5 81.4 69.3 86.4 65.7 49. 7 Automobiles 1 105.0 84.0 68.7 113.8 91.0 74.7 97.7 72.1 52.0 Cars, electric and steam railroad 40.0 33.5 36.6 41.7 32.8 38.2 41.0 31.8 34.4 Locomotives 21.3 21.0 38.0 22.0 21.5 39.3 9.5 8.9 17.0 Shipbuilding 79.8 76.1 71.2 85.3 81.1 76.1 70.4 65.6 56.2 RAILROAD REPAIR SHOPS 55.1 52.6 53.9 54.8 52.4 53.7 53.1 49.1 46.8 Electric railroads - 64.5 64.6 65.1 64.5 64.6 65.1 60.0 59.1 57.1 Steam railroad^ 54.4 51.7 53.1 54.1 51.4 52.8 52.7 48.5 46.2 NONFERROUS METALS AND PRODUCTS 3 92.1 86.9 '77.2 91.0 87.4 '76.2 78.4 70.9 '57.8 Brass bronze and copper 86.8 81.8 71.0 87.9 82.7 71.9 72.5 65.8 49.5 Lighting equipment 86.9 78.1 67.1 84.3 77.7 65.1 81.6 69.5 56.3 Silverware and plated ware. 72.4 69.8 70.6 69.4 69.0 67.7 59.9 56.0 53.8 Smelting and refining 85.7. 83.7 73.1 84.8 85.8 72.3 58.6 56.1 45.9 Stamped and enameled ware -- 112.7 106.2 '92.7 112.6 107.9 '92.6 99.9 89.8 '69.1 LUMBER AND PRODUCTS 2 57.6 57.0 49.5 55.4 55.5 47.7 48.6 47.3 35.2 Furniture 77.9 76.3 66.5 71.7 73.9 61.2 63.0 60.2 47.2 Lumber, mill work _ __ 49.5 50.1 36.3 49.1 49.7 36.0 41.9 40.8 24.1 Lumber, sawmills - - -__ 37.6 37.4 33.9 37.0 36.2 33.3 29.5 29.4 22.6 STONE, CLAY, AND GLASS PRODUCTS 2 56.7 55.8 51.9 54.6 53.9 50.0 44.5 42.2 35.5 Brick tile and terra cotta 35.3 34.0 29.9 34.4 32.1 29.2 24.0 22.5 16.9 Cement - -- 52.9 51.9 50.7 50.9 48.9 48.8 35.1 35.2 32.4 Glass 97.5 95 8 86.1 92.5 93 6 81 7 90.9 85.6 69.4 Pottery - - -- 68.6 69.5 68.4 68.2 69.6 68.0 53.3 50.3 45.7 TEXTILES AND PRODUCTS 2 . . 97.8 95.9 92.3 96.1 96.0 90.7 84.6 84.6 74.7 A Fabrics 2 - -- 94.6 92.1 89.7 93.6 93.2 88.8 83.3 80.4 73.1 Carpets and rugs 84.3 85.9 63.4 84.6 89.2 63.7 73.8 83.4 46.3 Cotton goods - - - 88.8 84.8 94.5 88.2 85.7 93.8 75.8 70.7 78.6 Dyeing and finishing 109.0 104.7 106.7 108.4 106.1 106.2 88.4 86.0 83.0 Knit goods 117.4 114.0 109.5 116.0 115.9 108.2 120.8 114.8 107.1 Silk and rayon goods - - 77.6 78.0 75.9 77.1 78.7 75.4 68.2 67.2 63.7 Woolen and worsted goods 98.5 95.9 68.1 96.2 97.0 66.5 79.0 75.8 46.9 B. Wearing apparela - 100.9 100.5 94.4 97.7 98.3 91.3 82.0 87.8 73.4 Clothing, men's 94.8 95.4 86.8 93.8 92.7 85.9 74.8 80.4 62.6 Clothing, women's - - 131.7 130.1 121.7 125.3 127.5 115.8 103.3 109.0 94.8 Millinery _ 60.4 66.8 68.8 59.4 63.4 67.7 49.2 76.1 54.8 Shirts and collars - - 113.6 109.5 103.4 109.1 107.9 99.3 113.8 109.1 99.8 LEATHER AND PRODUCTS 86.6 88.8 83.4 84.5 85.4 81.4 73.8 76.9 64.3 Boots and shoes 84.0 87.3 82.3 81.4 83.1 79.7 65.9 71.1 60.4 Leather _ _ _ _ 97.0 95.2 88.2 97.1 95.1 88.3 99.4 95.2 76.9 FOOD PRODUCTS 2 - - 107.2 116.0 119.5 97.2 98.8 109.3 97.2 104.3 103.4 Baking . ._ 114.6 114.6 116.1 112.8 112.6 114.3 100.8 101.6 98.3 Butter 71.5 74.9 77.7 70.6 70.1 76.7 55.5 59.8 58.3 Canning and preserving « . 125.8 213.3 137.3 86.8 94.0 94.7 142.0 229.4 134.4 Confectionery. _ _ . 90.6 87.9 96.6 75.1 79.2 80.0 81.1 86.1 84.1 Flour 77.1 77.0 80.5 75.2 75.4 78.5 73.7 72.6 68.5 Ice cream - - - - - 65.7 73.8 69.8 67.1 67.6 71.3 54.0 60.2 55.2 Slaughtering and meat packing 79.7 78.9 117.6 79.1 79.7 116.7 75.6 74.1 107.0 Sugar refining, cane 81.3 78.0 90.9 80.0 76.2 89.4 68.3 70.2 74.0 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN DECEMBER 1935 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued [Adjusted to Census of Manufactures through 1931. 1923-25 average* 100] Factory employment Factory pay rolls Adjusted for seasonal Without seasonal adjustment variation Without seasonal adjustment Industry and group 1935 1934 1935 1934 1935 1934 Septem- Septem- Septem- October ber October October October October ber October TOBACCO PRODUCTS 60.0 58.9 65.3 57.4 57.3 62.5 50.5 49.4 49.0 Chewing and smoking tobacco and snuff 66.2 65.3 73.5 66.7 66.0 74.1 65.4 66.7 63.9 Cigars and cigarettes 59.2 58.1 64.2 56.3 56.1 61.0 48.6 47.2 47.1 PAPER AND PRINTING _ 98.3 97.3 96.4 97.8 97.6 96.0 88.2 86.2 82.7 Boxes, paper 92.6 88.8 89.7 87.9 87.4 85.1 91.8 85.3 82.6 Paper and pulp 109.1 109.2 106.6 109.1 109.2 106.6 93.3 90.7 83.2 Book and job printing 88.2 87.6 87.0 89.0 88.1 87.8 78.3 77.6 73.7 Printing, newspapers and periodicals 100.7 99.4 99.2 100.4 100.5 99.0 92.1 90.5 89.9 CHEMICALS AND PETROLEUM PRODUCTS 2 113.1 110.7 109.4 111.3 110.3 107.5 100.6 99.0 91.6 A. Chemical group, except petroleum 2 113.7 110.8 108.5 111.3 110.8 106.2 ]00.1 97.8 89.6 Chemicals 108.9 108.0 106.5 107.7 108.5 105.3 100.1 98.8 92.4 Druggists' preparations 101.6 99.5 106.8 97.1 97.4 102.1 99.9 97.3 99.1 Explosives _- 89.8 86.2 91.8 86.9 84.7 88.9 80.2 71.3 72.5 Fertilizers 88.8 82.6 91.5 95.0 90.0 97.9 78.6 77.1 73.5 Paints and varnishes 109.2 106.7 99.6 108.9 108.0 99.3 94.8 89.5 78.1 Eayon and allied products 356.8 353.6 307.0 356.8 353.6 307.0 263.5 264.1 217.2 Soap__ _ 105.4 103.1 105.7 102.4 102.1 102.7 101.3 99.4 94.6 B. Petroleum refining 110.9 110.1 112.9 111.1 108. 2 113.1 102.2 102.8 97.9 RUBBER PRODUCTS 2 81.1 '78.7 83.4 81.7 '79.4 70.8 68.8 Rubber boots and shoes 58.2 '61. 5 56.4 57.2 '58.9 52.9 50.4 50.3 Rubber tires and inner tubes 70.7 70.3 69.4 73.2 71.6 71.8 59.0 59.0 49.6 1 Revised seasonal adjustment factor for automobiles used in September and October 1935. 2 Includes current statistics for one or more industries not shown separately. r Revised. NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by the F. R. Board of Governors, see BULLETIN for June 1934, pp. 324-343. REVISED INDEXES OF FACTORY EMPLOYMENT [Adjusted for seasonal variation. 1923-25 average= 100] Nonferrous Rubber Nonferrous Rubber All metals products All metals products manu- manufactur- factur- Year and month ing Stamped Rubber Year and month ing Stamped Rubber in tr d i u es s- Group ena a m nd eled Group b a o n o d ts in tr d ie u s s- Group ena a m nd eled Group b a o n o d ts ware shoes ware shoes 1933 169.0 62.3 78.2 74.8 54.7 1934—April- 182.3 77.6 102.2 91.1 65.1 1934 78.9 76.0 96.7 84.2 60.6 May 182.6 79.9 105.4 88.7 56.5 June i 81.5 7S.4 103.9 84.3 55.1 1933—January 161.4 152.9 163.6 162.8 146.6 July 79.6 76.6 102.2 84.1 62.0 February 161.7 i 52.6 167.2 i 62.5 145.7 August 79.4 76.4 99.6 83.3 65.0 March 158.9 149.8 160.5 160.5 143.5 September 74.0 75.9 95.9 80.3 62.3 April- i 59.9 i 51.3 165.3 i 59.5 144.3 October i 76.8 76.2 92.6 79.4 58.9 May i 62.9 i 54.4 i 69.0 62.1 43.4 November 76.8 77.1 93.9 78.1 55.8 June _. i 67.4 159.1 175.2 68.3 46.2 Dpspfimber 79.0 78.4 98.9 80.7 55.2 July i 72.5 i 63.2 181.0 77.2 52.5 August- 76.5 i 70.4 i 91.3 89.1 62.2 1935—January 80.6 79.2 102.9 84.6 57.6 September i 78.0 i 74.8 193.9 90.8 68.9 February 82.0 80.6 104.2 85.0 59.0 October 77.9 174.8 193.2 90.8 68.3 ! March 82.6 81.4 104.4 85.8 60.2 November 76.0 73.1 89 2 88.3 66.9 April 82.4 82.4 106.1 83.4 55.3 December. 75.1 70.9 88.4 85 6 68.2 May 81.3 83.3 105.4 81.1 55.9 June 80.0 82.8 102.4 78.8 55.7 1934—January 75.2 69.3 84.0 '84.7 65.2 July 180.4 82.2 101.6 77.4 52.7 February i 78.4 71.4 88.1 86.4 62.6 August i 81.7 83.7 104 2 80 4 60 4 March 81.1 75.1 94.2 89.6 63.8 September 81.9 87.4 107.9 81.7 57.2 i Unchanged from figures previously published. NOTE.—Revised indexes based on revision of Bureau of Labor Statistics indexes unadjusted for seasonal variation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
889 DECEMBER 1935 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION IFigures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Total Residential Factories Month 1934 1935 1934 1935 1934 January 186.5 99.8 15.1 22.4 10.7 February 96.7 75.0 14.5 16.6 4.2 March __ _ _ . _ . 178.3 122.9 28.1 32.2 15.9 April.. _ _ 131.2 124.0 22.6 42.2 May 134.4 126.7 24.8 44.9 June. _ _ _ 127.1 148.0 26.6 49.8 July. 119.7 159.3 19.8 48.4 August 119.6 168.6 18.6 40.5 September 110.2 167.4 17.9 41.8 October. _ 135.2 200.9 26.3 55.1 November 111.7 19 9 December 92.7 14.6 Year 1, 543.1 248.8 opoo» Public works Commercial and public Educational All other utilities 1935 1934 1935 1934 1935 1934 1935 1934 1935 7.1 9.4 10.8 113.7 44.4 19.6 3.7 17.9 11.4 7.8 7.6 9.2 53.2 27.8 5.4 5.8 11.8 7.9 6.5 13.0 12.2 92.9 46.3 8.8 10.4 19.6 15.4 6.3 11.9 15.2 69.9 40.5 8.5 8.3 9.8 11.5 9.8 24.6 13.9 56.8 31.4 10.4 9.0 9.5 17.7 9.5 11.9 15.0 57.4 39.1 9.7 17.7 12.8 16.8 25.7 14.6 12.9 15.8 39.1 53.9 7.8 9.2 14.4 17.4 10.0 10.6 13.5 17.3 50.6 69.5 12.2 8.7 14.7 21.9 6.1 6.0 13.1 13.6 50.0 76.1 12.5 4.3 10.6 25.8 8.5 12.0 13.5 16.6 65.2 86.3 9.0 9.2 12.7 21.6 4.6 11.0 52.3 8.6 15.3 5.1 8.2 50.1 5.0 9.8 116.1 150.6 751.2 117.5 158.9 CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Number Liabilities 1935 1934 Federal Reserve district Federal Reserve 1935 1934 1935 1934 October September October district Oc- Sep- Oc- Oc- Sep- Oc- Boston 13,666 9,222 15, 293 tober tember tober tober tember tober New York 36,422 44,890 26,382 Philadelphia 9.060 10,006 12,817 Cleveland 27,762 13,042 10,304 Boston 91 76 138 1,720 1,162 1,686 Richmond 25,841 14, 692 10,937 New York 410 244 346 9,714 13, 329 6,839 Atlanta 16,547 12, 436 7,920 Philadelphia 53 50 50 1,062 1,403 1,268 Chicago 36, 276 29,157 22,960 Cleveland _. ., 78 63 65 1,385 1,044 1,515 St. Louis... 14,461 12,017 10, 734 Richmond 40 32 48 1,251 403 778 Minneapolis 6,620 8,375 5,618 Atlanta 37 40 25 369 1,120 967 Kansas City 7,513 8,128 7,539 Chicago -_.-_- 121 97 124 2,570 1,150 2,607 Dallas 6,697 5,412 4,720 St. Louis 37 25 36 477 323 432 Minneapolis 19 19 22 305 161 459 Total (11 districts) 200,864 167,376 135, 225 Kansas City 27 31 54 287 287 321 Dallas 13 14 20 152 195 189 San Francisco 171 115 163 2,952 1,261 2,907 Total 1,097 806 1,091 22, 244 21,838 19,968 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
890 FEDERAL RESERVE BULLETIN DECEMBER 1935 NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of Nov. 1,1935 * ] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Pro 1 d 9 u 3 c 4 tion E N st o 1 i 9 v m 3 . 5 a 1 t , e Pro 1 d 9 u 3 c 4 tion E N st 1 o i 9 v m 3 . 5 a 1 t , e Pro 1 d 9 u 3 c 4 tion E N st o 1 i 9 v m 3 . 5 a 1 t , e Pro 1 d 9 u 3 c 4 tion E N s o t 1 i 9 v m 3 . 5 a 1 t , e Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston _ ._ . -- _ __ 7,703 7,668 168 160 New York 25,132 26,814 5,039 7,211 132 148 Philadelphia 48,105 51,120 13,781 17, 297 85 102 Cleveland _ _ 128,893 168,687 37,479 45,150 71 87 Richmond 1,345 1,382 132,408 143,194 22,908 26,112 Atlanta 2,407 2,672 160, 725 155,690 3,841 3,753 Chicago 482,658 819,634 49, 293 55,468 1,632 2,266 St. Louis » 2,323 3 2,322 167,923 259,373 47,197 45,870 40 64 Minneapolis . _ 107,474 232, 213 10,044 16,388 53, 228 121,959 Kansas City _ 263 604 53,194 214,320 140,671 136,229 3,542 8,624 Dallas 2,934 3,812 54,929 122,869 26,090 10,380 51 114 San Francisco ____._. _ 364 349 7,982 9,686 49,209 67,851 32,428 33,702 Total 9,636 11,141 1,377,126 2,211,268 405,552 431,709 91,377 167,226 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1934 N 1 o 9 v 3 . 5 1, 1934 No 19 v 3 . 5 1, 1934 < No 19 v 3 . 5 1, 1934 No 19 v 3 . 5 1, Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston _ 7,015 6,570 2,867 3,260 19,096 20,423 65,226 44,790 New York 24,745 27,560 3,812 5,738 447 548 37,212 26,855 Philadelphia 15,724 16,206 1,947 2,429 18,255 22, 750 31, 787 22,092 Cleveland 36, 450 55,337 3,365 4,950 94,419 96,310 22,086 20,824 Richmond 15,475 21,100 2,898 3,372 580,183 774,158 32,805 27,806 Atlanta 10,091 10,881 2,067 2,152 110,635 149,796 15,109 13,064 Chicago 183,361 442,514 9,856 17,825 12,764 16,848 66,027 50,852 St. Louis 18,141 40,217 4,151 6,165 206,861 214,769 9,681 12,701 Minneapolis.— 109, 517 326,257 5,214 9,059 828 1,183 43,361 55,000 Kansas City 50, 782 166,982 4,994 9,019 2,172 3,251 14,816 33,149 Dallas 33,976 42,974 724 982 4,665 4,085 San Francisco 20,612 27,272 10,374 11,756 42,646 42,587 Total 525,889 1,183,870 52,269 76, 707 1,045,660 1,300,036 385,421 353,805 * Figures for spring wheat, oats, and tame hay from estimates for Oct. 1; for winter wheat from Aug. 1; no estimates made for Nov. 1. * Includes 16,000 bales grown in miscellaneous territory. 8 Includes 8,000 bales grown in miscellaneous territory. * Revised production of tobacco for 1934 is exclusive of 28,500,000 pounds estimated to have been harvested and rendered unmarketable by growers operating under contract with the Agricultural Adjustment Administration. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 21 Acceptances: Agricultural implements: Pago Bankers', holdings of 20, 85, 156, Factorv employment and pay rolls 66, 131, 217, 275, 351, 440, 514, 580, 658, 749, 808 198, 251, 326, 409, 489, 554, 636, 699, 784, 887 Buying rates: Wholesale prices 63, 128, At New York 21, 8Q 157, 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 f 218, 276, 352, 441, 515, 581, 659, 750, 809 Albania, National Bank of: In England 48, 103, 178, Condition of 45, 100, 175, 232, 235, 301, 391, 468, 532, 598, 676, 767, 830 298, 385, 464, 528, 594, 672, 763, 826 Discount rates, open-market: Discount rates 48, 103, 178, 235, Foreign countries 48, 103, 178, 301, 391, 468, 532, 598, 676, 767, 830 235, 301, 391, 468, 532, 598, 678, 767, 830 Amendments to Federal Reserve Act made by New York City 21,86, 157, 218, 276, 352, 441, 515, 581, 659, 750, 809 Banking Act of 1935 559-564, 602-622 Held by Federal Reserve banks, payable in Amendments to foreign banking laws: foreign currencies 20, 85, 156, 217, Argentina 449 275, 351, 440, 514, 580, 658, 749 Belgium 290, 378 Held by member banks: Germany 30 All banks on calls dates. 17, 82, 153, 214, 272, Uruguay 817 348, 437, 511, 577, 655, 722, 804. Amendments to Regulations of Board: Reporting banks 59, 118, 191, 243, Regulation D—Reserves of member banks. 834 319, 401, 477, 547, 629, 686, 777, 874. Regulation H—Membership of State bank- Acts: ing institutions 838 Argentine banking 449 Regulation I—Increase or decrease of Banking Act of 1935: capital stock of Federal Reserve banks. _ 849 Requests for interpretation of, method Regulation O—Loans to executive officers of transmitting 602 of banks 854 Summary of 559-564 Regulation P—'Holding company affiliates; Text of 602 voting permits 857 Belgian currency and foreign exchange. _ 290, 378 Regulation Q—Payment of interest on de- German credit 30 posits 862 Uruguayan banking 817 Regulation T 308, 309, 536, 772 Advances to industries by Reserve banks. (See Annual reports: Loans to industries.) Bank for International Settlements 360 Advances to member banks by Reserve banks: Bank of France 165 Discount rates on 21,86, 157, German Reichsbank 284 218, 276, 352, 441, 515, 581, 659, 750, 809 Argentina: Provisions of Banking Act of 1935 relative Banking and monetary legislation 449 to security for 560, 614 Central Bank of: Advisory Council, Federal: Condition of 594, 672, 763, 826 Election of officers 145 Gold reserves 39,94, 169, Expenses of conferences 186, 684 226, 292, 380, 459, 523, 589, 667, 758, 821 Meeting of 145 Foreign exchange rates 49, 104, 179, Affiliates: 236, 302, 392, 469, 533, 599, 677, 768, 831 Examination of, provisions of Banking Act Gold movements to and from United of 1935 relative to 362, 618 States 15, 80, 151, Exemption of holding company affiliate; 212, 270, 346, 435, 509, 575, 653, 745, 801 ruling of Board 772 Marketability of stock collateral as security Government note issues and reserves 43, 98, for loans to; ruling of Board 395 173, 230, 296 Provisions of Banking Act of 1935 relative Assessment for expenses of Federal Reserve to 362, 614 Board 186, 684 Regulation P of Board 857 Assets and liabilities: Africa, gold production 40, 95, All banks in United States on call dates: 170, 227, 293, 381, 460, 524, 590, 668, 759, 822 By districts 123, 481, 690, 879 Agricultural credit corporations: By States 124^127, Assets and liabilities 23, 24, 88, 482-485, 691-694, 880-883 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Bank for International Settlements: Loans to: By Farm Credit Administration 26, 90, Balance sheet 377 161, 223, 281, 357, 446, 520, 586, 664, Monthly figures 43, 98, 173, 230, 755, 814. 296, 387, 466, 530, 596, 674, 765, 828 By Reconstruction Finance Corpora- Country banks, on call dates 58, 190, 400, 628 tion 25, 89, 160, 222, Federal Deposit Insurance Corporation. _ 567-569 280, 356, 445, 519, 585, 663, 754, 813 Federal home loan banks 26, 90, 161, 223, 281, 357, 446, 518, 584, 662, 753, 812 891 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
892 INDEX TO VOLUME 21 Assets and liabilities—Continued. Balance sheets—Continued. Federal Reserve banks: Page Change in reporting figures for Berlin Page All banks combined 14, 79, 150, 211, banks 389, 390 269, 345, 434, 508, 574, 652, 744, 800 German Reichsbank 289 Each bank 55, llO, 185, 241, (See also Assets and liabilities; Condition 311, 397, 475, 538, 625, 683, 775, 870 of banks.) Foreign central banks 44, 99, 174, 231, Balances, reserve, of member banks. (See 297, 384, 463, 527, 593, 671, 762, 825 Reserves.) Foreign commercial banks: Bank credit. (See Credit.) Change in reporting figures for Berlin Bank debits: banks 389, 390 Monthly figures 47, 102, 177, 234, Discussion of 707 300, 388, 467, 531, 597, 675, 766, 829 Monthly figures 61, 120, Governmental credit agencies 23, 24, 88, 159, 193, 245, 321, 403, 479, 549, 631, 688, 779, 877 221, 279, 355, 444, 518, 584, 662, 753, 812 Bank deposits. (See Deposits.) Insured banks 247, 263, 695 Bank failures: Member banks: All banks, on call dates: Discussion of 2 October 17, 1934 57,58 Monthly figures 62, 121, December 31, 1934 189, 190 194, 246, 322, 404, 480, 550, 632, 689, 780, 878 March 4, 1935 399,400 Bank for International Settlements: June 29, 1935 627,628 Annual report 360 Description of statistics 711-738 Condition of: Reporting banks 59, 118, 191, 243, Balance sheet 377 319, 401, 477, 547, 629, 686, 777, 874, 876 Monthly figures 43, 98, 173 Mutual savings banks, on call dates 127, 230, 296, 387, 466, 530, 596, 674, 765, 828 485, 694, 883 Bank premises, Federal Reserve banks: National banks, on call dates 58, 190, 400, 628 By States 125, 483, 692, 881 All banks combined 14, 79, Nonmember banks, on call dates 123, 150, 211, 269, 345, 434, 508, 574, 652, 744, 800 481, 690, 879 Each bank 55, 110, Private banks, on call dates. __ 127, 485, 694, 883 185, 241, 311, 397, 475, 538, 625, 683, 775, 870 Reserve city banks, on call dates 58, Bank stock: 190, 400, 628 Double liability on: State banks, on call dates: Reporting of, by executive officers of All banks, by States 126, 484, 693, 882 banks; ruling of Board 771 Member banks 58, 190, 400, 628 Terminated by Banking Act of 1935_ 563, 615 Australia: Loans on, by Reconstruction Finance Bank of, condition of 45, 100, 175, Corporation 25, 89, 232, 298, 385, 464, 528, 594, 672, 763, 826 160, 222, 280, 356, 445, 519, 585, 663, 754, 813 Foreign exchange rates 49, 104, Bank suspensions: 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Discussion of 2 Gold movements to and from United States 15, 80, 151, Monthly figures 62, 121, 212, 270, 346, 435, 509, 575, 653, 745, 801 194, 246, 322, 404, 480, 550, 632, 689, 780, 878 Gold'production 40, 95, 170, Bankers' acceptances. (See Acceptances.) 227, 293, 381, 460, 524, 590, 668, 759, 822 Bankers' balances: Austria: All member banks, on call dates. 57, 189, 399, 627 Foreign exchange rates 49, 104, 179, Private bankers, amounts due to and from, 236, 302, 392, 469, 533, 599, 677, 768, 831 in computing reserves; ruling of Board__ 108 National Bank of: Reporting member banks 60, 119, Condition of 45, 100, 175, 192, 244, 320, 402, 478, 547, 630, 687, 778, 875 232, 298, 385, 464, 528, 594, 672, 763, 826 Banking Act of 1933, regulations of Comptroller Discount rates: of Currency defining "investment securities" Changes in 145,499 under 52 Monthly figures 48, 103, 178, 235, Banking Act of 1935: 301, 391, 468, 532, 598, 676, 767, 830 Requests for interpretation of, method of Gold reserves 39, 94, 169, transmitting 602 226, 292, 380, 459, 523, 589, 667, 758, 821 Summary of 559-564 Automobiles: Text of 602 Factory employment and pay rolls. - 66, 131, 198, Banking laws: 251, 326, 409, 489, 554, 636, 699, 784, 887 Argentine banking and monetary legisla- Production: tion ; 449 Chart showing 330 Banking Act of 1935: Index 64, 129, 196, Requests for interpretation, method of 249, 324, 407, 487, 552, 634, 697, 782, 885 transmitting 602 Balance of international payments of United Summary of 559-564 States 264, 503, 739 Text of 602 Balance sheets: Belgian currency and foreign exchange __ 290, 378 Bank for International Settlements 377 German credit act 30 Bank of France 165 Uruguayan monetary and banking legislation 817 Bankruptcies. (See failures.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 21 893 Banks: Bills—Continued. Page Licensed, increase in, discussion of 2 Discounted by Federal Reserve banks—Con. Loans to, by Reconstruction Finance Cor- Maturities 61, 120, 193, poration 25, 89, 160, 245, 321, 403, 479, 549, 631, 689, 780, 878 222, 280, 356, 445, 519, 585, 663, 754, 813 Wednesday figures 12, 77, 148, Number of, in United States 18, 83, 209, 267, 343, 432, 506, 572, 650, 742, 798 154, 215, 273, 349, 438, 512, 578, 656, 747, 803 Black, Eugene R., governor of Federal Reserve (See also Insured banks; Federal Reserve Bank of Atlanta, death of 6 banks; Member banks; National banks; Board of Governors of the Federal Reserve Nonmember banks; State banks.) System: Banks for cooperatives: Title of Federal Reserve Board changed to, Assets and liabilities 23, 24, 88, by Banking Act of 1935 561, 613 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 (See Federal Reserve Board.) Loans to 26, 90, Bolivia, Central Bank of: 161, 223, 281, 357, 446, 520, 586, 664, 755, 814 Condition of 45, 100, 175, Belgium: 232, 298, 385, 464, 528, 594, 672, 763, 826 Exchange equalization fund 261 Discount rates 48, 103, 178, Foreign exchange rates 49, 104, 235, 301, 391, 468, 532, 598, 676, 767, 830 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Bonds: Gold movements to and from United Issues of 27, 91, 162, States 51, 80, 219, 277, 353, 442, 516, 582, 660, 751, 810 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 Prices of: Legislation relative to currency and foreign Domestic 27, 91, 162, exchange 290, 378 219, 277, 353, 442, 516, 582, 660, 751, 810 Money rates 48, 103, Principal countries 51, 106, 181, 178, 235, 301, 391, 468, 532, 598, 676, 767, 830 238, 304, 394, 471, 535, 601, 679, 770, 833 National Bank of: Refunding of 334, 709 Condition of 45, 100, 175, United States Government. (See United 232, 298, 385, 464, 528, 594, 672, 763, 826 States Government securities.) Discount rates: Yield on: Change in 336 Chart showing 418 Monthly figures 48, 103, 178, 235, Discussion of 708 301, 391, 468, 532, 598, 676, 767, 830 Monthly figures 27, 91, 162, Gold reserves: 219, 277, 353, 442, 516, 582, 660, 751, 810 Discussion of 5, 335 Boots and shoes: Monthly figures 39, 94, 169, 226, Factory employment and pay rolls. _ 66, 131, 198, 292, 380, 459, 523, 589, 667, 758, 821 251, 326, 409, 489, 554, 636, 699, 784, 887 Bills: Production index 64, 129, 196, Bought by Federal Reserve banks: 249, 324, 407, 487, 552, 634, 697, 782, 885 All banks combined 14, 79, 150, Wholesale prices 63, 128, 195, 211, 269, 345, 434, 508, 574, 652, 744, 800 248, 323, 406, 486, 551, 633, 696, 781, 884 Averages of daily figures 13, 78, 149,210, Borrowings of member banks at Reserve banks: 268, 344, 433, 507, 573, 651, 743, 799 In each district 56, 111, 188, Each bank 55,110,185, 242, 312, 398, 476, 539, 626, 685, 776, 871 241, 311, 397,475, 538, 625, 683, 775, 870 On call dates 805 Earnings on 186, 684 Reporting banks: End-of-month figures 13, 78, 149, Monthly figures, averages 19, 84, 155, 210, 268, 344, 433, 507, 573, 651, 743, 799 216, 274, 350, 439, 513, 579, 657, 748, 806 Explanation of figures used as reserve- Weekly figures 60, 119, 192, bank credit 422, 425 244, 320, 402, 478, 547, 630, 687, 778, 875 Maturities 61, 120, 193, Bradley, Philip E., appointed assistant chief of 245, 321, 403, 479, 549, 631, 689, 780, 878 Wednesday figures 22, 77, 148, Division of Security Loans . 6 209, 267, 343, 432, 506, 572, 650, 742, 798 Branch banks, number of 336, 405 Buying rates: Branches of Federal Reserve banks: Foreign countries 48, 103, 178, Directors of: * 235, 301, 391, 468, 532, 598, 676, 767, 830 List of 136-139 In New York 21, 86, 157, Rules and regulations for selection of_ _ 3, 52 218, 276, 352, 441, 515, 581, 659, 750, 809 Havana agency, status of 336 Discounted by Federal Reserve banks: Brazil: All banks combined 14, 79, 150, Bank of, condition of 45, 100, 175, 211, 269, 345, 434, 508, 574, 652, 744, 800 232, 298, 385, 464, 528, 594, 672, 763, 826 Averages of daily figures 13, 78, 149, Foreign exchange rates 49, 104, 179, 210, 268, 344, 433, 507, 573, 651, 743, 799 236, 302, 392, 469, 533, 599, 677, 768, 831 Each bank 55, 110, 185, Brick, wholesale prices 63, 128, 195, 241, 311, 397, 475, 538, 625, 683, 775, 870 248, 323, 406, 486, 551, 633, 696, 781, 884 Earnings on 186, 684 British India, gold imports and exports: End-of-month figures 13, 78, 149, Net 42, 97, 172, 210, 268, 344, 433, 507, 573, 651, 743, 799 229, 295, 383, 462, 526, 592, 670, 761, 824 Explanation of figures used as reserve- To and from United States 15, 80, 151, bank credit 422, 425 212, 270, 346, 435, 509, 575, 653, 745, 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
894 INDEX TO VOLUME 21 Brokers and dealers in securities: Canada—Continued. Page Loans to: Page Gold movements to and from United States. 15, By all member banks on call dates.. 17, 82, 153, 80, 151, 212, 270, 346, 435, 509, 575, 653, 214, 272, 348, 437, 511, 577, 655, 722, 806 745, 801. By reporting member banks: Gold production 40, 95, 170, In New York City 19, 84, 155, 216, 227, 293, 381, 460, 524, 590, 668, 759, 822 274, 350, 439, 513, 579, 657, 748, 808 Government note issues and reserves 43, Weekly statement 59, 118, 191, 243, 98, 173, 230, 296 319, 401, 477, 547, 629, 686, 777, 874 Prices, wholesale 50, 105, 180, Chart showing 709 237, 303, 393, 470, 534, 600, 678, 769, 832 Discussion of 708 Capital: Reported by New York Stock Ex- Federal Reserve banks: change 19, 84, 155, All banks combined 14, 79, 150, 211, 216, 274, 350, 439, 513, 579, 657, 748, 808 269, 345, 434, 508, 574, 652, 744, 800 Regulation T: Each bank 55, 110, 185, 241, Amendments to 308, 309, 772 311, 397, 475, 538, 625, 683, 775, 870 Interpretations of. (See Law depart- Member banks, on call dates. 57, 189, 399, 627, 720 ment.) Stock of Federal Reserve banks, increase Transfer of transactions from cash accounts or decrease in; revision of Regulation H_ 838 after extension of time: ruling of Board. 536 Capital issues: Building: Discussion of 334, 709 Contracts awarded: Monthly figures 27, 91, 162, By types of building and by districts-- 67, 219, 277, 353, 442, 516, 582, 660, 751, 810 68, 133, 199, 253, 328, 411, 491, 556, Car loadings, freight: 638, 701, 786, 889. By classes: Discussion of 73, 331, 705 Annual figures 133 Total 28,92, 163, 224, Monthly figures 29, 93, 164, 225, 282, 358, 447, 521, 587,665, 756, 815 283, 359, 448, 522, 588, 666, 757, 816 Materials, wholesale prices 63, 128, 195, 248, Total 28, 92, 163, 323, 406, 486, 551, 633, 696, 781, 884 224, 282, 358, 447, 521, 587, 665, 756, 815 Building and loan associations, loans to, by Cash: Reconstruction Finance Corporation 25, 89, 160, Held by Federal Reserve banks: 222, 280, 356, 445, 519, 585, 663, 754, 813 All banks combined 14, 79, 150, 211, Bulgaria: 269, 345, 434, 508, 574, 652, 744, 800 Foreign exchange rates 49, 104, 179, Each bank 55, 110, 185, 241, 236, 302, 392, 469, 533, 599, 677, 768, 831 311, 397, 475, 538, 625, 683, 775, 801 National Bank of: Held by reporting member banks 59, 119, 191, Condition of 45, 100, 175, 232, 243, 319, 402, 477, 547, 629, 686, 778, 875 298, 385, 464, 528, 594, 672, 763, 826 Cement: Discount rates: Factory employment and pay rolls. _ 66, 131, 198, Change in 566 251, 326, 409, 489, 554, 636, 699, 784, 887 Monthly figures-. 48, 103, 178, 235, 301, Production index 64, 129, 196, 391, 468, 532, 598, 676, 767, 830 249, 324, 407, 487, 552, 634, 697, 782, 885 Gold reserves 39, 94, 169, 226, Wholesale prices 63, 128, 195, 292, 380, 459, 523, 589, 667, 758, 821 248, 323, 406, 486, 551, 633, 696, 781, 884 Business and financial conditions: Central America, gold movements to and from Discussion of 72, 329, 703-707 United States 15, 80, 151, National summary 10, 75, 146, 207, 212, 270, 346, 435, 509, 575, 653, 745, 801 265, 341, 430, 504, 570, 648, 740, 796 Central banks, foreign: Business failures 68, 133, Condition of 44, 99, 174, 200, 253, 328, 411, 491, 556, 638, 701, 786, 889 231, 297, 384, 463, 527, 593, 671, 762, 825 Cagle, C. E., appointed assistant chief of Divi- Gold reserves 39,94, 169, sion of Examinations 262 226, 292, 380, 459, 523, 589, 667, 758, 821 Call-money rates: Chairmen of board of directors of Federal Re- Discussion of 257,334,708 serve banks. (See Federal Reserve agents.) Foreign countries 48, 103, 178, Charts: 235, 301, 391, 468, 532, 598, 676, 767, 830 Belgian belga, stabilization of 261 New York City 21, 86, 157, Debt, United States Government 204 218, 276, 352, 441, 515, 581, 659, 750, 809 Deposits and loans and investments of Call of United States bonds securing national- member banks in leading cities 644 bank-note circulation 202, 415 Deposits of member banks 714 Canada: Durable and nondurable manufactures, Bank of: output of 73 Condition of. 385, 464, 528, 594, 672, 763, 826 Excess reserves of member banks 69, 334, 495 Discount rates 235, French franc, decline in value of 70 301, 391, 468, 532, 598, 676, 767, 830 Loans and investments and deposits of Gold reserves 39, 94, 169, 226, member banks 141 292, 380, 459, 523, 589, 667, 758, 821 Loans and investments of banks in United Commercial banks, condition of 47, 102, 177, States 712 234, 300, 388, 467, 531, 597, 675, 766, 829 Paris money market 414 .Foreign exchange rates 49, 104, 179, Prices, wholesale 332 236, 302, 392, 469, 533, 599, 677, 768, 831 Production, industrial 330, 704 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
895 INDEX TO VOLUME 21 Charts—Continued. Page C ollat er al—C ontinu ed. Reserve bank credit and related items H>76, Held against Federal Reserve notes—Con. page 147, 208, 266, 342, 431, 505, 571, 649, 741, 797 Each Reserve bank 55, 110, 185, Reserve bank credit, factors in 420 241, 311, 397, 475, 538, 625, 683, 775, 870 Security loans and stock prices 709 Pledged against Federal Reserve bank Supply and use of member bank reserve notes 14, 79, 150, funds 494 211, 269, 345, 434, 508, 584, 652, 744, 800 Yield on United States Government Colombia: bonds 206, 418 Bank of: Chemicals: Condition of 45, 100, 175, Factory employment and pay rolls 67, 132, 199, 232, 298, 385, 464, 528, 594, 672, 763, 826 252, 327, 410, 490, 555, 637, 700, 785, 888 Discount rates 48, 103, 178, Wholesale prices 63, 128, 235, 301, 391, 468, 532, 598, 676, 767, 830 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 Gold reserves 39, 94, 169, Chile: 226, 292, 380, 459, 523, 589, 667, 758, 821 Central Bank of: Foreign exchange rates 49, 104, Condition of 45, 100, 175, 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 232, 298, 385, 464, 528, 594, 672, 763, 826 Gold movements to and from United Discount rates 48, 103, States 15, 80, 178, 235, 301, 391, 468, 532, 598, 676, 767, 830 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 Gold reserves 39, 94, 169, Gold production 40, 95, 226, 292, 380, 459, 523, 589, 667, 758, 821 170, 227, 293, 381, 460, 524, 590, 668, 759, 822 Foreign exchange rates 49, 104, Commercial failures 68, 133, 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 200, 253, 328, 411, 491, 556, 638, 701, 786, 889 Gold movements to and from United Commercial paper: States 575, 653, 745, 801 Held by member banks on call dates 17, 82, Gold production 40, 95, 153, 214, 272, 348, 437, 511, 577, 655, 722, 804 170, 227, 293, 381, 460, 524, 590, 668, 759, 822 Held by reporting member banks 59, 118, China: 191, 243, 319, 401, 477, 547, 629, 686, 777, 874 Central Bank of, condition of 45, 100, Open-market discount rates 21, 86, 175, 232, 298, 385, 464, 528, 594, 672, 763, 826 157, 218, 276, 352, 441, 515, 581, 659, 750, 809 Currency and financial reforms 791 Outstanding 20, 85, Foreign exchange rates 49, 104, 156, 217, 275, 351, 440, 514, 580, 658, 749, 808 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Commodity Credit Corporation: Gold movements to and from United Assets and liabilities 23, 24, 88, States 15, 80, 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 Loans by, discussion of 498 Cigars and cigarettes: Commodity prices. (See Prices.) Factory employment and pay rolls 67, 132, Comptroller of the Currency: 199, 252, 327, 410, 490, 555, 637, 700, 785, 888 Letter of, relative to limitations on pur- Production index 64, 129, chase of investment securities by national 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 banks 183 Circulation, currency. (See Currency.) Regulations of defining term "investment Cities, list of, reporting bank statistics 738 securities" under Banking Act of 1933— 52 Clayton Act: Condition statements: Meaning of term "contiguous or adjacent All banks in United States on call dates: thereto" as used in 834 By districts 123, 481, 690, 879 Provisions of Banking Act of 1935 relating By States— 124-127, to 563,615 482-485, 691-694, 880-883 Clearing-house bank debits: Bank for International Settlements: Discussion of 707 Balance sheet 377 Monthly figures 61, 120, Monthly figures 43, 98, 173, 193, 245, 321, 403, 479, 549, 631, 688, 779, 877 230, 296, 387, 466, 530, 596, 674, 765, 828 Clothing: Country banks, on call dates 58, 190, 400, 628 Factory employment and pay rolls 66, 131, Description of member bank statistics. 711-738 198, 251, 326, 409, 489, 554, 636, 699, 784, 887 Federal Deposit Insurance Corporation... 567-569 Wholesale prices 63, 128, Federal home loan banks 26, 90, 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 161, 223, 281, 357, 446, 518, 584, 662, 753, 812 Coal: Federal Reserve banks: Freight-car loadings 29, 93, All banks combined 14, 79, 150, 164, 225, 283, 359, 448, 522, 588, 666, 757, 816 211, 269, 345, 434, 508, 574, 652, 744, 800 Production: Each bank 55, 110, 185, Chart showing 130 241, 311, 397, 475, 538, 625, 683, 775, 870 Index 64, 129, 196, Foreign central banks 44, 99, 249, 324, 407, 487, 552, 634, 697, 782, 885 174, 231, 297, 384, 463, 527, 593, 671, 762, 825 Wholesale prices 63, 128, 195, Foreign commercial banks: 248, 323, 406, 686, 551, 633, 694, 781, 884 Change in reporting figures for Berlin Coin circulation 15, 80, banks 389, 390 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 Monthly figures 47, 102, 177, Collateral: 234, 300, 388, 467, 531, 597, 675, 766, 829 Held against Federal Reserve notes: Governmental credit agencies 23,24,88, All Reserve banks combined 14, 79, 150, 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 211, 269, 345, 434, 508, 574, 652, 744, 800 Insured banks 247, 263, 695 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
896 INDEX TO VOLUME 21 Condition statement—Continued. Credit, bank—Continued. Member banks: Report on availability of bank credit in the Page All banks on call dates: Pag° seventh Federal Reserve district 7 October 17, 1934 57, 58 Credit unions, loans to, by Reconstruction Fi- *Mj December 31, 1934 189,190 nance Corporation 25, March 4, 1935 399,400 89,160, 222, 280, 356, 445, 519, 585, 663, 754, 813 June 29, 1935 627,628,720 Crop estimates 68, 557, 639, 702, 787, 890 Description of statistics 711-738 Cuba, foreign exchange rates 49, Reporting banks 59, 118, 191, 104, 179,236,302,392,469, 533, 599, 677, 768, 831 243, 319, 401, 477, 547, 629, 686, 777, 874 Currency: Mutual savings banks, on call dates 127, Acceptances payable in foreign, held by 485, 694, 883 Federal Reserve banks 20, National banks, on call dates 58, 85, 156, 217, 275, 351, 440, 514, 580, 658, 749 190, 400, 628, 720 Argentine legislation regarding 449 By States 125, 483, 692, 881 Belgian legislation regarding 290, 378 Nonmember banks, on call dates 123, China legislation regarding 791 481, 690, 879 Uruguayan legislation regarding 817 Private banks, on call dates 127, 485, 694, 883 Circulation: Reserve city banks, on call dates 58, Averages of daily figures 13, 78, 149, 190, 400, 628, 720 210, 268, 344, 433, 507, 573, 651, 743, 799 State banks, on call dates: By kinds 15, 80, 151, All banks, by States 126,484,693,882 212, 270, 346, 435, 509, 575, 653, 745, 801 Member banks 58, 190, 400, 628, 720 Discussion of 1, 70, 257, 496, 789 Congress, joint resolutions of: End of month figures 13, 78, 149, Extending temporary plan for deposit in- 210, 268, 344, 433, 507, 573, 651, 743, 799 surance 472 Federal Reserve bank notes 14, 79, 150, Extending time for renewal of loans to 211, 269, 345, 434, 508, 574, 652, 744, 800 executive officers of banks 472 Federal Reserve notes: Withdrawing right to sue United States on All Reserve banks combined 14, gold-clause securities 622 79, 150, 211, 269, 345, 434, 508, 574, Construction contracts awarded: 652, 744, 800. By types of building and by districts- 67, 68, 133, Each Reserve bank___ 55, 110, 185, 241, 199, 253, 328, 411, 491, 556, 638, 701, 786, 889 311, 397, 475, 538, 625, 683, 775, 870 Discussion of 73,331, 705 Total, by districts 54, 109, 184, 240, Total 28, 92, 310, 396, 474, 537, 624, 681, 773, 868 163, 224, 282, 358, 447, 521, 587, 665, 756, 815 Paper, of each denomination 61, 120, 193, Corn crop estimates 68, 557, 639, 702, 787, 890 245, 321, 403, 479, 549, 631, 688, 779, 877 Cost of living 51, 106, Retirement of national bank notes 202, 181, 238, 304, 394, 471, 535, 601, 679, 770, 833 415, 496, 789 Cotton: Wednesday figures 12, 77, 148, Consumption, index of 64, 129, 209, 267, 343, 432, 506, 572, 650, 742, 798 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 Explanation of figures used as Reserve bank Crop estimates 68, 639, 702, 787, 890 credit 423, 426 Manufactures, wholesale prices 63, 128, Shipments to and from Europe 61, 120, 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 193, 245, 321, 403, 479, 549, 631, 688, 779, 877 Country member banks: Customs receipts, United States Treasury 22, Condition of, on call dates-_ 58, 190, 400, 628, 720 87, 158, 220, 278, 354, 443, 517, 550, 583, 661, Deposits, time and demand 16, 81, 752, 811. 152, 213, 271, 347, 436, 510, 576, 654, 746, 802 Czechoslovakia: Loans and investments on call dates 17, 82, Foreign exchange rates 49, 104, 153, 214, 272, 348, 437, 511, 577, 655, 723, 804 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Reserve balances 16, 81, National Bank of: 152, 213, 271, 347, 436, 510, 576, 654, 746, 802 Condition of 45,100,175, Credit, bank: 232, 298, 385, 464, 528, 594, 672, 763, 826 Availability of, in seventh Federal Reserve Discount rates 48, 103, 178, district, report on 5, 7-9 235, 301, 371, 468, 532, 598, 676, 767, 830 Discussion of 703 Gold reserves 39, 94, 169, Federal Reserve: 226, 292, 380, 459, 523, 589, 667, 758, 821 Averages of daily figures 13, 78, 149> Danzig: 210, 268, 344, 433, 507, 573, 651, 743, 799 Bank of: Chart, Wednesday figures 11, 76, 147, Condition of 45, 100, 175, 208, 266, 342, 431, 505, 571, 649, 741, 797 232, 298, 385, 464, 528, 594, 672, 763, 826 Discussion of 69, 703 Discount rates: End of month figures 13, 78, 149, Changes in 261, 767 210, 268, 344, 433, 507, 573, 651, 743, 799 Monthly figures 48, 103, 178, 235, Factors accounting for changes in_ _ 419-429 301, 391, 468, 532, 598, 676, 767, 830 Wednesday figures 12, 77, 148, 209, Gold content of gulden 261 267, 343, 432, 506, 572, 650, 742, 798 Member bank, discussion of 1, Debits to individual account: 71, 141, 260, 333, 415, 789 Discussion of 707 National summary 10, 75, Monthly figures 61, 120, 193, 146, 207, 265, 341, 430, 504, 570, 648, 740, 796 245, 321, 403, 479, 549, 631, 688, 779, 877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 21 897 Debt, United States Government: Page Deposits—Continued. Chart showing 204 Held by member banks—Continued. Page Discussion of 204, 416, 709 Growth in, discussion of 1, Interest rates, reduction in 204, 206 71, 142, 259, 333, 415, 564, 643, 707, 789 Monthly figures 22, 87, 158, Licensed and not licensed 62, 220, 278, 354, 443, 517, 550, 583, 661, 752, 811 121, 194, 246, 322, 404 Deferred availability items, Reserve banks: On call dates 805 All banks combined 14, 79, State banks, on call dates 58, 150, 211, 269, 345, 434, 508, 574, 652, 744, 800 190, 400, 628, 720 Each bank 55, 110, Time and demand: 185, 241, 311, 397, 475, 538, 625, 683, 775, 870 In larger and smaller centers 56, Deficiencies in reserves, penalties for 186, 684 111, 188, 242, 312, 398, 476, 539, 626, Definition of "investment securities" under 685, 776, 871. Banking Act of 1933, regulations of Comp- In New York City, reserve cities, troller of Currency regarding 52 and country banks._. 16, 81, 152, 213. Denmark: 271, 347, 436, 510. 576, 654, 746, 802 Foreign exchange rates 49, 104, Reporting banks 59, 119, 191, 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 243, 402, 477, 547, 629, 686. 778, 875 National Bank of: Insured: Condition of 45, 100, 175, Amendments to law relating to, made 232, 298, 385, 464, 528, 594, 672, 763, 826 by Banking Act of 1935 562, 602 Discount rates: By States 122 Change in 566 Commercial banks and trust compa- Monthly figures 48, 103, 178, 235, nies 144, 200 301, 391, 468, 532, 598, 676, 767, 830 Joint resolution of Congress extending Gold reserves 39, 94, 169, plan 472 226, 292, 380, 459, 523, 589, 667, 758, 821 Members and nonmembers of Federal Department-store sales and stocks: Reserve System 122 Discussion of 72, 332, 706 Permanent plan under provisions of Monthly figures 29,93, Banking Act of 1935 562, 603 164, 225, 283, 359, 448, 522, 588, 666, 757, 816 Licensed banks 62, 121, 194, 246, 322, 404 Revision of index 206, 254, 255 Mutual savings banks on call dates, by Deposits: States 127, 485, 694, 883 All banks in United States on call dates: National banks, on call dates 58, By districts 123, 481, 690, 879 190, 400, 628, 720 By States 124-127, By States 125, 483, 692, 881 482-485, 691-694, 880-883 Payment of interest on: Call dates 18, 83, 154, Postal Savings, under Banking Act of 215, 273, 349, 438, 512, 578, 656, 747, 803 1935 563, 622 Banks suspended 62, 121, Provisions of Banking Act of 1935 rela- 194, 246, 322, 404. 480, 550, 632, 689, 780, 878 tive to 563, 618 Definition of, under Banking Act of 19£5_ 563, 618 Regulation Q, revision of 792, 862 Description of member bank statistics 713, Ruling of Board relative to 107 721, 724 Postal Savings: Foreign central banks 44, 99, Detailed statistics covering operations 174, 231, 297, 384, 463, 527, 593, 671, 762, 825 since inauguration of system 501, 502 Held by Reserve banks: Monthly data 1 61, 120, All banks combined 14, 79, 150, 193, 245, 321, 403, 479, 631, 689, 780, 878 211, 269, 345, 434, 508, 574, 652, 744, 800 Payment of interest on, under Banking Each bank 55, 110, 185, Act of 1935 563,622 241, 311, 397, 475, 538, 625, 683, 775, 870 Private banks, on call dates 127, 485, 694, 883 Averages of daily figures, end of month State banks, on call dates 126, 484, 693, 882 figures 13, 78, 149, United States Government: 210, 268, 344, 433, 507, 573, 651, 743, 799 Held by Federal Reserve banks: Explanation of figures used as Reserve All banks 14, bank credit 424, 426 79, 150, 211, 269, 345, 434, 508, 574, Total, by districts 54, 109, 184, 652, 744, 800. 240, 310, 396, 474, 537, 624, 681, 773, 868 Each bank 55, Wednesday figures 12, 77, 148, 110, 185, 241, 311, 397, 475, 538, 625, 209, 267, 343, 432, 506, 572, 650, 742, 798 683, 775, 870. Held by member banks: Held by reporting member banks 60, All banks on call dates: 119, 192, 244, 320, 402, 478, 547, 630, October 17, 1934 57,58 687, 778, 875. December 31, 1934 189, 190 Description of member bank statistics 711-738 March 4, 1935 399,400 Directorates, interlocking, provisions of Bank- June 29, 1935 627, 628, 720 ing Act of 1935 relating to 563,615 By size of account and by class 316 Directors of Federal Reserve banks: By size of account and by districts 317 Annual election of 73, 74 By size of account and by States 318 Appointment of class C directors for period Chart showing 644, 714 Jan. 1-Mar. 1,1936 794 Description of statistics 713, 721, 724 Expenses of meetings 186, 684 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
898 INDEX TO VOLUME 21 Directors of Federal Reserve banks—Contd. Page Due to and from banks: Page List of 134-136 Private bankers, amounts due to and from, Rules and regulations for selection of 3, 52 in computing reserves; ruling of Board 108 (See also Federal Reserve agents.) Reporting member banks 60, 119, Discount rates: 192, 244, 320, 402, 478, 547, 630, 687, 778, 875 Charged customers by banks in principal Due to Reserve banks from foreign banks: cities 21, All banks combined 14, 79, 86, 157, 218, 276, 352, 441, 515, 581, 659, 750, 150, 211, 269, 345, 434, 508, 574, 652, 744, 800 809. Each bank 55, 110, Federal Reserve banks: 185, 241, 311, 397, 475, 538, 625, 683, 775, 870 Changes in 6, 73, 336 Dutch East Indies, gold movements to and from Monthly data 21,86, 157, United States 15, 80, 218, 276, 352, 441, 515, 581, 659, 750, 809 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 Provisions of Banking Act of 1935 re- Earmarked gold 15, latingto 560, 614 80, 151, 212, 270, 435, 509, 575, 653, 745, 801 Under sec. 10 (b) of Federal Reserve Earnings and expenses: Act; ruling of Board 771 Federal Reserve banks i* 186, 684 Foreign central banks: Insured commercial State banks 546 Changes in: Member banks 112-117, Bank of Danzig 261, 767 313-315, 540-545, 872-873 Bank of Denmark 566 National banks '____ 116, 315, 544, 873 Bank of Estonia 676 State member banks 117,313,314,545,872 Bank of Finland 6 Ecuador: Bank of France 336, 418, 499, 830 Central Bank of: Bank of India 830 Condition of 45, 100; 175, Bank of Italy 206, 566, 676 232, 298, 385, 464, 528, 594, 672, 763, 826 Bank of Java 336, 418 Discount rates 48, 103, 178, Bank of Netherlands 206, 235, 301, 391, 468, 532, 598, 676, 767, 830 336, 418, 499, 676, 767, 830 Gold movements to and from United Bank of Portugal 6 States 15, 80, Bank of Spain 499 151, 212,270,346,435, 509, 575,653, 745, 801 Bank of Switzerland 262 Egypt: Bank of Yugoslavia 73 Foreign exchange rates 49, 104, National Bank of Austria 145, 499 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 National Bank of Belgium 336 National Bank of: National Bank of Bulgaria 566 Condition of 45, 100, 175 National Bank of Hungary 566 232, 298, 385, 464, 528, 595, 673, 764, 827 National Bank of Rumania 6 Gold reserves 39, 94, 169, Discussion of 414 226, 292, 380, 459, 523, 589, 667, 758, 821 Monthly figures 48, Election of directors of branches of Federal Re- 103, 178, 235, 301, 391, 468, 532, 598, 676, serve banks, rules and regulations of Board 767, 830. governing 3, 52 Industrial advances under sec. 13 (b) of Eligible paper held as security for Federal Re- Federal Reserve Act 60, serve notes: 119, 192, 244, 320, 402, 480, 550, 632, 682, All Reserve banks combined 14, 79, 774, 869. 150, 211, 269, 345, 434, 508, 574, 652, 744, 800 Open-market rates in New York 21, 86, Each Reserve bank 55, 110, 157, 218, 276, 352, 441, 515, 581, 659, 750, 809 185, 241, 311, 397, 475, 538, 625, 683, 775, 870 (See also Interest rates.) El Salvador, Reserve Bank of: Discounts, Federal Reserve banks, by districts. 54, 109, Condition of 528, 595, 673, 764, 827 184, 240, 310, 396, 474, 537, 624, 681, 773, 868 Discount rates 532, 598, 676, 767, 830 Discounts for individuals, partnerships, and cor- Employment, factory: porations: Discussion of 72,331,705 Rates 21, 86, Index of: 157, 218, 276, 352, 441, 515, 581, 659, 750, 809 By industries 66, 131, 198, Time limit extended by Board 108, 473 251, 326, 409, 489, 554, 636, 699, 784, 887 Dividends: TotaL 28, 92, 163, Federal Reserve banks 187, 684 224, 282, 358, 447, 521, 587, 665, 756, 815 Insured commercial banks 546 National summary 10, 75, Member banks.._ 112-117, 313-315, 540, 545, 872 146, 207, 265, 341, 430, 504, 570, 648, 740, 796 Dollar exchange acceptances 20, 85, England: 156, 217, 275, 351, 440, 514, 580, 658, 749, 808 Bank of: Double liability on bank stock: Condition of 44, 99, 174, Reporting of, by executive officers of banks; 231, 297, 384, 463, 527, 593, 671, 762, 825 ruling of Board 771 Discount rates - 48, 103, Terminated by Banking Act of 1935 563, 615 178, 235, 390, 391, 468, 598, 676, 767, 830 Drugs: Gold reserves 39, 94, 169, Factory employment and pay rolls 67, 226, 292, 380, 459, 523, 589, 667, 758, 821 132, 199, 252, 327, 410, 490, 555, 637, 700, Commercial banks, condition of 47,102, 785, 888. 177, 234, 300, 388, 467, 531, 597, 675, 766, 829 Wholesale prices 63, 128, Foreign exchange rates 49, 104, 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 21 899 England—Continued. Farm products, prices of: Page Gold imports and exports: Page Chart showing 332 Net 41, 96, 171, Principal countries 50, 105, 228, 294, 382, 461, 525, 591, 669, 760, 823 180, 237, 303, 393, 470, 534, 600, 678, 769, 832 To and from United States 15, 80, 151, United States 63, 128, 212, 270, 346, 435, 509, 575, 653, 745, 801 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 Money rates 48, 103, Federal Advisory Council: 178, 235, 301, 391, 468, 532, 598, 676, 767, 830 Election of officers . 145 Retail food prices and cost of living 51, 106, Expenses of conferences 186, 684 181, 238, 304, 394, 471, 535, 601, 679, 770, 833 Meeting of 145 Security prices (stocks and bonds) 51, 106, Federal Deposit Insurance Corporation: 181, 238, 304, 394, 471, 535, 601, 679, 770, 833 Amendments to law relating to, made by Wholesale prices 50, 105, Banking Act of 1935 602 180, 237, 303, 393, 470, 534, 600, 678, 769, 832 Assets and liabilities 23, 24, 88, Estonia, Bank of: 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Condition of 45, 100, Regulations of, defining deposit liabilities__ 646 175, 232, 298, 385, 464, 529, 595, 673, 764, 827 Report of 72, 122, 247, 263, 567-569 Discount rates: Federal Farm Mortgage Corporation: Change in 676 Allocations to, by Reconstruction Finance Monthly figures 48, 103, 178, Corporation 25, 89, 235, 301, 391, 468, 532, 598, 676, 767, 830 160, 222, 280, 356, 445, 519, 585, 663, 754, 813 Examination of affiliates, provisions of Banking Assets and liabilities 23, 24, 88, Act of 1935 relating to 362, 618 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Excess reserves. (See Reserves.) Guaranteed obligations of, outstanding 520, Exchange rates, foreign 49, 104, 586, 664, 755, 814 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Federal Home Loan Bank Board, loans out- Executive officers of banks: standing 498, 520, 586, 664, 755, 814 Double liability on bank stock, reporting of, Discussion of 498 under sec. 22 (g) of Federal Reserve Act; Federal home loan banks: ruling of Board 771 Assets and liabilities 26, 90, Extension of time for renewal of loans to; 161, 223, 281, 357, 446, 518, 584, 662, 753, 812 joint resolution of Congress 472 Loans by, discussion of 498 Indebtedness to receivers of banks, report- Stock of, purchased by Reconstruction ing of, under sec. 22 (g) of Federal Re- Finance Corporation 25, 89, serve Act; ruling of Board 771 160, 222, 280, 356, 445, 519, 585, 663, 754, 813 Regulation O, relating to loans to 793, 854 Federal Housing Administration, allocations to, Expenditures and receipts, United States by Reconstruction Finance Corporation 25, 89, Treasury: 160, 222, 280, 356, 445, 519, 585, 663, 754, 813 Discussion of. 204, 334, 416, 497, 709 Federal intermediate credit banks: Monthly figures 22, 87, 158, Assets and liabilities 23, 24, 88, 220, 278, 354, 443, 517, 550, 583, 661, 752, 811 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Export-import banks, assets and liabilities. _ 23, 24, 88, Bills discounted for 14, 79, 150, 211, 269 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Federal land banks: Exports. (See Imports and exports.) Assets and liabilities 23, 24, 88 t Expressage, Federal Reserve banks, cost of__ 186, 684 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Factory employment and pay rolls: Loans to: By Farm Credit Administration 26, 90, Discussion of 72, 331, 705 161,223,281,357,446,520,586,664,755,814 Index of: By Reconstruction Finance Corpora- By industries 66, 131, tion 25, 89, 198,251,326,409,489,554,636,699,784,887 160,222,280,356,445,519,585,663,754,813 Total 28, 92, Federal Open Market Committee, composition 163,224,282,358,447,521,587,665,756,815 of, under Banking Act of 1935 559, 613 National summary 10, 75, Federal Reserve Act: 146, 207, 265, 341, 430, 504, 570, 648, 740, 796 Amendments to, made by Banking Act of Failures: 1935 559-564, 602-622 Bank: Reprint of 566 Discussion of 2 Federal Reserve agents: Monthly figures 62, 121, Appointment of: 194,246,322,404,480,550,632,689,780,878 For year 1935 74 Commercial 68, 133, For period Jan. 1-Mar. 1, 1936 794 200, 253, 328, 411, 491, 556, 638, 701, 786, 889 Expenses of conferences 186,684 Fancher, E. R., governor of Federal Reserve Newton, Oscar, resignation of, at Atlanta, 74 Bank of Cleveland, death of 74 Federal Reserve bank notes: Farm Credit Administration: Circulation: Expenditures by Federal Reserve banks All Reserve banks 14, 79, for, reimbursable 684 150,211,269,345,434,508,574,652,744,800 Loans and discounts outstanding 26, 90, Outside Treasury and Reserve banks. 15, 80, 161, 223, 281, 357, 446, 520, 586, 664, 755, 814 151,212,270,346,435,509,575,653,745,801 Loans by, discussion of 498 Tax on 186, 684 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
900 INDEX TO VOLUME 21 Federal Reserve bank notes—Continued. Page Federal Reserve notes—Continued. Collateral pledged against 14, 79, Federal Reserve agents' accounts—Con. Page 150, 211, 269, 345, 434, 508, 574, 652, 744, 800 Each Reserve bank 55, 110, 185, Redemption fund 14, 79, 241, 311, 397, 475, 538, 625, 683, 775, 870 150, 211, 269, 345, 434, 508, 574, 652, 744, 800 Proclamation of President extending time Federal Reserve banks: for Government securities as collateral Branches of: for 182 Directors: Federal savings and loan associations: List of 136-139 Assets and liabilities 23, 24, 88, Regulations governing election of_ 3, 52 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Havanna agency, status of 336 Loans outstanding 520, 586, 664, 755, 814 Condition of. (See Condition statements.) Federal Savings and Loan Insurance Corpora- Directors: tion, assets and liabilities 23, 24, 88 t Annual election of 73, 74 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Appointment of class C for period Jan. Financing, Treasury: 1-Mar. 1, 1936 794 Discussion of 204, 334, 416, 497, 709 Expenses of meetings 186, 684 Monthly figures 22, 87, 158, List of 134-136 " 220, 278, 354, 443, 517, 583, 661, 752, 811 Regulations governing selection of 3, 52 Finland: Discount rates. (See Discount rates.) Bank of: Dividends paid 187, 684 Condition of 45, 100, 175, Earnings and expenses 186, 684 232, 298, 385, 465, 529, 595, 673, 764, 827 Fiscal agency expenses 187, 684 Discount rates: President and vice president, creation of Change in 6 offices of, under Banking Act of 1935__ 561, 613 Monthly figures 48, 103, 178, 235, Federal Reserve Board: 301, 391, 468, 532, 598, 676, 767, 830 Assessment for expenses of 186, 684 Foreign exchange rates 49, 104, 179, Authorization by, extending time limit for 236, 302, 392, 469, 533, 599, 677, 768, 831 discounts to individuals, partnerships, Fiscal agency expenses of Federal Reserve and corporations 473 banks " 187, 684 Bradley, Philip E., appointed assistant Fishing industry, loans to, by Reconstruction chief of Division of Security Loans 6 Finance Corporation 25, 89, Cagle, C. E., appointed assistant chief of 160, 222, 280, 356, 445, 519, 585, 663, 754, 813 Division of Examinations 262 Fleming, M. J., appointed governor of Federal Horbett, J. E., appointed assistant chief of Reserve Bank of Cleveland 74 Division of Bank Operations 262 Float, Reserve bank: Leonard, R. F., appointed assistant chief Explanation of figures used as Reserve of Division of Examinations 262 bank credit 422 Regulations of. (See Regulations.) Monthly figures 14, 79, Reorganization of, under provisions of 150, 211, 269, 345, 434, 508, 574, 652, 744, 800 Banking Act of 1935 561, 613 Flour: Rulings of. (See Law department.) Factory employment and pay rolls 67, 131, Thurston, Elliott L., appointed special assistant to Governor 336 199, 251, 327, 410, 490, 555, 637, 699, 785, 888 Title changed to Board of Governors of the Production index 64, 129, Federal Reserve System bv Banking Act 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 of 1935 I 1 561, 613 Food and food products: Vest, George B., appointed assistant gen- Factory employment and pay rolls 67, 131, eral counsel 262 199, 251, 327, 410, 490, 555, 637, 699, 785, 888 Wingfield, B. M., appointed assistant gen- Prices: eral counsel 262 Federal Reserve notes: Chart showing 332 Circulation: Discussion of 333 All Reserve banks combined 14, 79, 150, Retail, principal countries 51, 106, 181, 211, 269, 345, 434, 508, 574, 652, 744, 800 238, 304, 394, 471, 535, 601, 679, 770, 833 Each Reserve bank 55, 110, 185, Wholesale: 241, 311, 397, 475, 538, 625, 683, 775, 870 Principal countries 50, 105, 180, 237, Outside Treasury and Reserve banks. . 15, 303, 393, 470, 534, 600, 678, 769, 832 80, 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 United States 63, 128, 195, 248, Total, by districts 54, 109, 184, 323, 406, 486, 551, 633, 696, 781, 884 240, 310, 396, 474, 537, 624, 681, 773, 868 Production index: Collateral held as security for: Adjusted 64, 129, 196, 249, All Reserve banks combined 14, 79, 150, 324, 407, 487, 552, 634, 697, 782, 885 211, 269, 345, 434, 508, 574, 652, 744, 800 Unadjusted 65, 130, 197, 250, Each Reserve bank 55, 110, 185, 325, 408, 488, 553, 635, 698, 783, 886 241, 311, 397, 475, 538, 625, 683, 775, 870 Foreign banks: Extension of Glass-Steagall Act 144, 182 Central banks: Cost of 186, 684 Federal Reserve agents' accounts: Annual reports: All Reserve banks combined 14, 79, 150, Bank for International Settle- 211, 269, 345, 434, 508, 574, 652, 744, 800 ments 360 Bank of France 165 German Reichsbank 284 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 21 901 Foreign banks—Continued. France—Continued. Central banks—Continued. Retail food prices and cost of living _ 51, 106, 181, Balance sheets: Page 238, 304, 394, 471, 535, 601, 679, 770, 833 Bank for International Settle- Security prices (stocks and bonds) __ 51, 106, 181, ments 377 238, 304, 394, 471, 535, 601, 679, 770, 833 Bank of France 165 Wholesale prices 50, 105, 180, Change in reporting figures for 237, 303, 393, 470, 534, 600, 678, 769, 832 Berlin banks 389, 390 Freight-car loadings: German Reichsbank 289 By classes: Condition of 44, 99, 174, Annual figures 133 231, 297, 384, 463, 527, 593, 671, 762, 825 Monthly figures 29, 93, 164, Discount rates. (See Discount rates.) 225, 283, 359, 448, 522, 588, 666, 757, 816 Goldreserves 39, 94, 169, Discussion of 73 226, 292, 380, 459, 523, 589, 667, 758, 821 Total 28, 92, 163, Commercial banks, condition of 47, 102, 177, 224, 282, 358, 447, 521, 587, 665, 756, 815 234, 300, 388, 467, 531, 597, 675, 766, 829 Fuels: Deposits of, held by Reserve banks: Production index 64, 129, 196, All banks combined 14, 79, 150, 249, 324, 407, 487, 552, 634, 697, 782, 885 211, 269, 345, 434, 508, 574, 652, 744, 800 Wholesale prices 63, 128, 195, Each bank 55, 110, 185, 248, 323, 406, 486, 551, 633, 696, 781, 884 241, 311, 397, 475, 538, 625, 683, 775, 870 Furniture: Due from, to Federal Reserve banks: Factory employment and pav rolls. > 66, 131, 198, All banks combined 14, 79, 150, 251, 326, 409, 489, 554, 636, 699, 784, 887 211, 269, 345, 434, 508, 574, 652, 744, 800 Wholesale prices 1 62, 128, 195, Each bank 55, 110, 185, 248, 323, 406, 486, 551, 633, 696, 781, 884 241, 311, 397, 475, 538, 625, 683, 775, 870 Gasoline production 64, 129, Foreign currencies: 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 Acceptances payable in, held by Reserve Germany: banks 20, 85, 156, Commercial banks: 271, 275, 351, 440, 514, 580, 658, 749 Change in reporting figures for Berlin Bills bought by Reserve banks payable in_ 14 79, banks 389, 390 150, 211,~269 345, 434, 508, 574, 652, 744, 800 Condition of 47, 102, 177, ; Foreign exchange: 234, 300, 388, 467, 531, 597, 675, 766, 829 Belgian exchange equalization fund 261 Credit Act, text of 30 Belgian legislation regarding 290, 378 Foreign excha rige rates 49, 104, 179, Chart showing decline in value of 70 236, 302, 392, 469, 533, 599, 677, 768, 831 Rates 49, 104, 179, Gold imports and exports: 236, 302, 392, 469, 533, 599, 677, 768, 831 Net 41,96,171, Statement of Secretary of Treasury relative 228, 294, 382, 461, 525, 591, 669, 760, 823 to ". 144 To and from United States 15, 80, 151, Foreign silver coins, importation of, statement 212, 270, 346, 435, 509, 575, 653, 745, 801 of Secretary of Treasury regarding 336 Money rates 48, 103, Foreign trade: 178, 235, 301, 391, 468, 532, 598, 676, 767, 830 Balance of international payments of Reichsbank: United States "____ 264, 503, 739 Annual report 284 Discussion of 332, 706 Condition of 44, 99, 174, France: 231, 297, 384, 463, 527, 593, 671, 762, 825 Bank of: Discount rates 48, 103, 178, Annual report 165 235, 301, 391, 468, 532, 598, 676, 767, 830 Condition of 44, 99, 174, Gold reserves 39, 94, 169, 231, 297, 384, 463, 527, 593, 671, 762, 825 226, 292, 380, 459, 523, 589, 667, 758, 821 Discount rates: Retail food prices and cost of living 51, 106, Changes in 336, 418, 499, 830 181, 238, 304, 394, 471, 535, 601, 679, 770, 833 Monthly figures 48, 103, 178, 235, Security prices (stocks and bonds) 51, 106, 301, 391, 468, 532, 598, 676, 767, 830 181, 238, 304, 394, 471, 535, 601, 679, 770, 833 Gold reserves: Wholesale prices 50, 105 Discussion of 5, 335, 413 180, 237, 303, 393, 470, 534, 600, 678, 769, 832 Monthly figures 39, 94, 169, 226, Glass, factory employment and pay rolls 66, 131, 292, 380, 459, 523, 589, 667, 758, 821 198, 251, 326, 409, 489, 554, 636, 699, 784, 887 Chart showing decline in value of franc 70 Glass-Steagall Act, extension of 144, 182 Commercial banks, condition of 47, 102, 177, Gold: 234, 300, 388, 467, 531, 597, 675, 766, 829 Certificates: Foreign exchange rates 49, 104, 179, Circulation 15, 80, 151, 236, 302, 392, 469, 533, 599, 677, 768, 831 212, 270, 346, 435, 509, 575, 653, 745, 801 Gold imports and exports: Held by Federal Reserve agents as Net 41, 96, 171, security for Federal Reserve notes: 228, 294, 382, 461, 525, 591, 669, 760, 823 All Reserve banks combined 14, To and from United States 15, 80, 151, 79, 150, 211, 269, 345, 434, 508, 574, 212, 270, 346, 435, 509, 575, 653, 745, 801 652, 744, 800. Money rates 48, 103, 178, Each Reserve bank 55, 235, 301, 391, 468, 532, 598, 676, 767, 830 110, 185, 241, 311, 397, 475, 538, 625, Paris money market, chart showing 414 683, 775, 870. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
902 INDEX TO VOLUME 21 Gold—Continued. Greece: Certificates—Continued. Bank of: Page Held by Federal Reserve banks. 14, 79, 150, Condition of 45, 100, 211, 269, 345, 434, 508, 574, 652, 744, 800 175, 232, 298, 386, 465, 529, 595, 673, 764, Earmarked 15, 80, 151, 827 212, 270, 346, 435, 509, 575, 653, 745, 801 Discount rates 48, 103, Imports and exports: 178, 235,, 301, 391, 468, 532, 598, 676, 767, Discussion of 5, 830 70, 141, 260, 335, 413, 641, 789 Gold reserves 39, 94, Net, principal countries 40, 95, 170, 169, 226, 292, 380, 459, 523, 589, 667, 758, 227, 293, 381, 460, 524, 590, 668, 759, 822 821 To and from United States 15, 80, 151, Foreign exchange rates 49, 104, 212, 270, 346, 435, 509, 575, 653, 745, 801 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Joint resolution of Congress withdrawing Guaranteed obligations of United States Govright to sue United States on gold-clause ernment, amounts outstanding 498, securities 622 520, 586, 664, 755, 814 Production, world 40, 95, 170, Habana agency, status of 336 227, 2§3, 381, 460, 524, 590, 668, 759, 822 Hay crop estimates 68, 557, 639, 702, 787, 890 Reserves held by foreign central banks: Home Loan Bank Board, loans by: Discussion of 5, 260, 335, 642, 789 Discussion of 498 Monthly figures 39, 94, 169, Outstanding 520, 586, 664, 755, 814 226, 292, 380, 459, 523, 589, 667, 758, 821 Home loan banks: Statement of Secretary of Treasury relative Assets and liabilities 23, 24, 88, to : 144 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Stock, monetary, in United States: Loans by, discussion of 498 Analysis of changes in 15, 80, 151, Stock of, purchased by Reconstruction 212, 270, 346, 435, 509, 575, 653, 745, 801 Finance Corporation 25, 89, Averages of daily figures 13, 78, 149, 160,222,280,356,445, 519, 585, 663, 754, 813 210, 268, 344, 433, 507, 573, 651, 743, 799 Home Owners' Loan Corporation: Chart showing 11, 76, 147, Assets and liabilities 23, 24, 88, 208, 266, 342, 431, 505, 571, 649, 741, 797 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 End of month figures 13, 78, 149, Guaranteed obligations of, outstanding 520, 210, 268, 344, 433, 507, 573, 651, 743, 799 586, 664, 655, 814 Explanation of figures used as Reserve Loans by, discussion of 498 bank credit 422, 426 Loans outstanding 520, 586, 664, 755, 814 Wednesday figures 12, 77, 148, Stock of, purchased by Reconstruction Fi- 209, 267, 343, 432, 506, 572, 650, 742, 798 nance Corporation 25, 89, Government debt: 160,222, 280, 356, 445, 519, 585, 663, 754, 813 Summary of operations 26, Chart showing 204 Discussion of 204, 416, 709 90, 161, 223, 281, 357, 446 Interest rates, reduction in 204, 206 Hong Kong, foreign exchange rates 49, 104, Monthly figures 22, 87, 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 158, 220, 278, 354, 443, 517, 583, 661, 752, 811 Horbett, J. E., appointed assistant chief of Divi- Government deposits. {See United States sion of Bank Operations 262 Hungary: Government deposits.) Foreign exchange rates 49, 104, Government financing: 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Discussion of 204, 334, 416, 497, 709 Money rates 48, 103, Monthly figures 22,87, 158, 178, 235, 301, 391, 468, 532, 598, 676, 767, 830 220, 278, 354, 443, 517, 550, 583, 661, 752, 811 National Bank of: Government note issues and reserves, Argentina, Condition of 46, 101, 176, Ireland, Canada, India 43, 98, 173, 230, 296 233, 299, 386, 465, 529, 595, 673, 764, 827 Governmental credit agencies, condition of._ 23, 24, 88, Discount rates: 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Change in 566 Governor of Federal Reserve Board: Monthly figures 48, 103, 178, 235, Title changed by Banking Act of 1935__ 561, 613 301, 391, 468, 532, 598, 676, 767, 830 Thurston, Elliott L., appointed special Gold reserves 39, 94,169,226, assistant to 336 292, 380, 459, 523, 589, 667, 758, 821 Governors of Federal Reserve banks: Imports and exports: Black, Eugene R., death of, at Atlanta 6 Acceptances based on 20, 85, Expenses of conferences 186, 684 156, 217, 275, 351, 440, 514, 580, 658, 749, 808 Fancher, E. R., death of, at Cleveland 74 Gold: Fleming, M. J., appointed at Cleveland 74 Discussion of 5, Newton, Oscar, appointed at Atlanta 74 70, 141, 260, 335, 413, 641, 789 Title changed by Banking Act of 1935 612 Net, principal countries 40, 95,, 170 Grain: 227, 293, 381, 460, 524, 590, 668, 759, 822 Freight-car loadings 29, 93, To and from United States 15, 80, 151, 164, 225, 283, 359, 448, 522, 588, 666, 757, 816 212, 270, 346, 435, 509, 575, 653, 745, 801 Wholesale prices 63, 128, Imports of foreign silver coins, statement of 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 Secretary of Treasury regarding 336 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 21 903 Imports and exports—Continued. Page Industries, loans to, by Reserve banks—Con. Page Merchandise 29, 93, Maturities 61, 120, 164, 225, 283, 359, 448, 522, 5S8, 666, 757, 820 193, 245, 321, 403, 479, 549, 631, 689, 780, 878 Income tax receipts 22, 87, 158, Meeting of industrial advisory com- 220, 278, 354, 443, 517, 550, 583, 661, 752, 811 mittees 4 Index numbers: Monthly figures 632, 682, 774, 869 Department store sales and stocks 29,93, Rates of discount: 164, 225, 283, 359, 448, 522, 588, 666, 757, 816 Monthly figures . 60, 119, 192, Factory employment and pay rolls 66, 131, 244, 320, 402, 480, 550, 632, 682, 774, 869 198, 251, 326, 409, 489, 554, 636, 699, 784, 8S7 Ruling of Board 771 Revision of 888 Summary of loans made to May 29,1935_ 337-340 Freight-car loadings 29, 93, Insurance, cost of, Federal Reserve banks 186, 684 164, 225, 283, 359, 448, 522, 588, 666, 757, 816 Insurance companies, loans to, by Reconstruc- Industrial production 64, 129, tion Finance Corporation 25, 89, 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 160, 222, 280, 356, 445, 519, 585, 663, 754, 813 Merchandise exports and imports 29, 93, Insured banks: 164, 225, 283, 359, 448, 522, 588, 666, 757, 816 Amendments to law relating to, made by Production, employment, car loadings, and Banking Act of 1935 562, 602 commodity prices 28, 92, Condition of 247, 263, 695 163, 224, 282, 358, 447, 521, 587, 665, 756, 815 Deposits of: Wholesale prices 63, 128, By States 122 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 Commercial banks and trust com- India: panies 144, 200 Bank of: Members and nonmembers of Federal Condition of.. 386, 465, 529, 595, 673, 764, 827 Reserve System 122 Discount rates: Earnings, expenses, and dividends of com- Change in 830 mercial banks 546 Monthly figures 48, 103, 178, 235, Joint resolution of Congress extending plan 301, 391, 468, 532, 598, 676, 767, 830 for deposit insurance 472 Gold reserves 39, 94, 169, Number of banks, accounts, and deposits, 226, 292, 380, 459, 523, 589, 667, 758, 821 by size of deposits 144, 200 Foreign exchange rates 49, 104, Number and deposits, by States 122 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Regulations defining deposit liabilities 646 Gold production 40, 95, (See also Federal Deposit Insurance Corpor- 170, 227. 293, 381, 460, 524, 590, 668, 759, 822 ation.) Government note issues and reserves 43, 98, Interest rates: 173, 230, 296 Charged customers by banks in principal Individuals, partnerships, and corporations: cities 21, 86, 157, Discount rates: 218, 276, 352, 441, 515, 581, 659, 750, 809 Monthly figures 21, 86, 157, Open market, in New York City 21, 86, 157, 218, 276, 352, 441, 515, 581, 659, 750, 809 218, 276, 352, 441, 515, 581, 659, 750, 809 Under sec. 10 (b) of Federal Reserve Payment of, on deposits: Act; ruling of Board 771 Regulation Q, revision of 792, 862 Discounts for, time limit extended by Ruling of Board regarding 107 Board 108 On Government bonds, reduction in 204, Industrial advisory committees: 206, 334, 416 Conference of 4 Reduction in, discussion of 257, 334 Expenses of 186, 684 (See also Discount rates.) Industrial production: Interlocking bank directorates: Chart showing 73, 330, 704 Meaning of phrase "contiguous or adjacent Discussion of 704 thereto" as used in Clayton Act 834 Durable and nondurable manufactures, Provisions of Banking Act of 1935 relative chart showing 73 to 563,615 Index of: Intermediate credit banks: Adjusted 64, 129, 196, Assets and liabilities 23, 24, 88, 159, 249, 324, 407, 487, 552, 634, 697, 782, 885 221, 279, 355, 444, 518, 584, 662, 753, 812 Unadjusted 65, 130, 197, Bills discounted for 14, 79, 150, 211, 269 250, 325, 408, 488, 553, 635, 698, 783, 886 Internal revenue receipts, United States Treas- Physical volume of manufactures in United States, 1919-34 500 ury 22, 87, 158, 220, Total 28, 92, 163, 278, 354, 443, 517, 550, 583, 661, 752, 811 224, 282, 358, 447, 521, 587, 665, 756, 815 Internationa] payments of United States, bal- National summary 10, 75, ance of 264, 503, 739 146, 207, 265, 341, 430, 504, 570, 648, 740, 796 Investment securities: Industries, loans to, by Reserve banks: Limitations on purchase of, by national All banks combined 14, 79, banks; letter of Comptroller of the Cur- 150, 211, 269, 345, 434, 508, 574, 652, 744, 800 rency relative to 183 Discussion of 4, 258 Earnings on 186, 684 Regulations of Comptroller of the Currency Each bank _ 55,110, defining 52 185, 241, 311, 397, 475, 538, 625, 652, 775, 870 Investments. (See Loans and investments.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
904 INDEX TO VOLUME 21 Iron and steel: Page Law department; rulings of Board: Page Chart showing production 130 Advances under sec. 10(b) of Federal Re- Factory employment and pay rolls. _ 66, 131, 198, serve Act, rates of discount 771 251, 326, 409, 489, 554, 636, 699, 784, 887 Affiliates: Production index: Exemption of holding company affili- Adjusted 64, 129, 196, ates 772 249, 324, 407, 487, 552, 634, 697, 782, 885 Loans by member banks to, market- Unadjusted 65, 130, 197, ability of stock collateral 395 250, 325, 408, 488, 553, 635, 698, 783, 886 Amounts due to and from private bankers as Wholesale prices 63, 128, 195, amounts due to and from "other banks" 248, 323, 406, 486, 551, 633, 696, 781, 884 in computing reserves under sec. 9 of Italy: Federal Reserve Act 108 Bank of: Banking Act of 1935: Condition of 46, 101, 176, Interpretations of, requests for, method 233, 299, 386, 465, 529, 595, 673, 764, 827 of transmitting 602 Discount rates: Text of 602 Changes in 206, 566, 676 Branches of Federal Reserve banks, direc- Monthly figures, _ 48, 103, 178, 235, 301, tors of, rules and regulations for selection 391, 468, 532, 598, 676, 767, 830 of 52 Gold reserves: Circular letter of Comptroller of the Cur- Discussion of 5, 642 rency relative to limitations on purchase Monthly figures 39, 94, 169, 226, of investment securities by national 292, 380, 459, 523, 589, 667, 758, 821 banks 183 Foreign exchange rates 49, 104, 179, Decision of Supreme Court of United 236, 302, 392, 469, 533, 599, 677, 768, 831 States upholding validity of State bank Money rates 48, 103, 178, organization statute of State of Missis- 235, 301, 391, 468, 532, 598, 676, 767, 830 sippi 305 Prices, wholesale 50, 105, 180, Definition of phrase "contiguous or adja- 237, 303, 393, 470, 534, 600, 678, 769, 832 cent thereto" as used in Clayton Act 834 Japan: Definition of term "investment securities" Bank of: under Banking Act of 1933, regulations Condition of___ 46,101,176, of Comptroller of the Currency regarding. 52 233, 299, 386, 465, 529, 595, 673, 764, 827 Deposits, payment of interest on, under Discount rates 48, 103, 178, regulation Q 107 235, 301, 391, 468, 532, 598, 676, 767, 830 Directors of branches of Federal Reserve Gold reserves 39, 94, 169, banks, rules and regulations for selection 226, 292, 380, 459, 523, 589, 667, 758, 821 of 52 Foreign exchange rates 49, 104, 179, Discount rates under sec. 10(b) of Federal 236, 302, 392, 469, 533, 599, 677, 768, 831 Reserve Act 771 Gold movements to and from United States. 15, 80, Discounts for individuals, partnerships, and 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 corporations, time limit extended 108, 473 Gold production 40, 95, 170, Double liability on bank stock, reporting of, 227, 293, 381, 460, 524, 590, 668, 759, 822 by executive officers of banks under sec. Money rates 48, 103, 178, 22 (g) of Federal Reserve Act 771 235, 301, 391, 468, 532, 598, 676, 767, 830 Executive officers of banks: Prices, wholesale 50, 105, 180, Double liability on bank stock, report- 237, 303, 393, 470, 534, 600, 678, 769, 832 ing of, under sec. 22(g) of Federal Java, Bank of: Reserve Act 771 Condition of 46, 101, 176, Indebtedness to receivers of banks, re- 233, 299, 386, 465, 529, 595, 673, 764, 827 porting of, under sec. 22(g) of Federal Discount rates: Reserve Act 771 Changes in 336, 418 Joint resolution of Congress extending Monthly figures 48, 103, 178, time for renewal of loans to 472 235, 301, 391, 468, 532, 598, 676, 767, 830 Interest on deposits, payment of, under Gold reserves 39, 94, 169, regulation Q 107 226, 292, 380, 459, 523, 589, 667, 758, 831 Interpretations of Banking Act of 1935, Joint resolutions of Congress: requests for, method of transmitting 602 Extending temporary plan for deposit in- Interpretations of regulation T: surance 472 Authority of business conduct commit- Extending time for renewal of loans to tee of a national securities exchange executive officers 472 to grant more than one extension of Withdrawing right to sue United States time 305 on gold-clause securities 622 Discontinuance of securities division of Joint stock land banks, loans to, by Recon- New York Produce Exchange, securstruction Finance Corporation 25, 89, 160, ities affected by 182 222, 280, 356, 445, 519, 585, 663, 754, 813 New York Stock Exchange margin Latvia, Bank of: rules for "when issued" dealings 834 Condition of 46, 101, Record to be kept in special cash ac- 176, 233, 299, 386, 465, 529, 595, 673, 764, 827 count 472 Discount rates 48, 103, Securities temporarily exempted by 178, 235, 301, 391, 468, 532, 598, 676, 767, 830 Securities Exchange Commission 472 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 21 905 Law department; rulings of Board—Continued. Leather—Continued. Interpretations of regulation T—Con. Tage Production index—Continued. Transfer of transactions from cash ac- Unadjusted 65, 130,197, counts after extension of time 536 250, 325, 408, 488, 553, 635, 698, 783, 886 Unsecured loans between members not Wholesale prices 63, 128, for purpose of purchasing or carrying 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 securities 305 Legal fees, Federal Reserve banks 186, 684 Investment securities: Leonard, R. F., appointed assistant chief of Definition of, regulations of Comptrol- Division of Examinations 262 ler of the Currency regarding 52 Licensed banks, number and deposits 62, Limitations on purchase of, by national 121, 194, 246, 322, 404 banks, circular letter of Comptroller Lithuania, Bank of: of the Currency regarding 183 Condition of 46, 101, Purchase by State member bank of 176, 233, 299, 386, 465, 529, 595, 673, 764, 827 securities which are not 680 Discount rates 48, 103, Joint resolutions of Congress: 178, 235, 301, 391, 468, 532, 598, 676, 767, 830 Extending temporary plan for deposit Livestock: insurance 472 Freight-car loadings 29, 93, Extending time for renewal of loans to 164, 225, 283, 359, 448, 522, 588, 666, 757, 816 executive officers of banks 472 Wholesale prices 63, 128, Withdrawing right to sue United States 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 on gold-clause securities 622 Livestock credit corporations, loans to, by Re- Payment of interest on deposits under regu- construction Finance Corporation 25, 89, lation Q 107 160, 222, 280, 356, 445, 519, 585, 663, 754, 813 Private bankers, amounts due to and from, Living, cost of 51, 106, in computing reserves under sec. 19 of 181, 238, 304, 394, 471, 535, 601, 679, 770, 833 Federal Reserve Act 108 Loans: Proclamations of President of United States: By Farm Credit Administration 26, 90, Extending period for use of Govern- 161, 223, 281, 357, 446, 520, 586, 664, 755, 814 ment securities as collateral for Fed- By Federal Home Loan Bank Board 520. eral Reserve notes 182 586, 664, 755, 814 Silver seigniorage 262 By Government credit agencies, discussion Purchase by State member bank of securi- of 498 ties which are not " investment securi- By Home Owners' Loan Corporation 26, ties" 680 90, 161, 223, 281, 357, 446 Regulation T: By Reconstruction Finance Corporation 25, 89, Amendments to 308, 309, 536, 772 160, 222, 280, 356, 445, 519, 585, 663, 754, 813 Interpretations of. (See above, Inter- On real estate. {See Real estate, loans on.) pretations.) On securities, by member banks: Regulations of Board: Discussion of 708 Revision of. {See Regulations.) Chart showing 709 Selection of directors of branches of Reporting banks 59, 118,, 191 Federal Reserve banks 52 243, 319, 401, 477, 547, 629, 686, 777, 874 Regulations of Comptroller of the Cur- To brokers. (See Brokers and dealers in rency defining term " investment securi- securities, loans to.) ties" 52 To executive officers of banks: Reserves, amounts due to and from private Double liability on bank stock, reportbankers in computing 108 ing of; ruling of Board 771 Savings accounts, presentation of passbooks Extension of time limit for renewal of; on withdrawals from 239 joint resolution of Congress 472 Stock collateral, marketability of, as secu- Indebtedness to receivers of banks, rity for loans to affiliates by member reporting of; ruling of Board 771 banks 1 395 Regulation O 793,854 Laws, banking: To individuals, partnerships, and corpora- Banking Act of 1935: tions: Requests for interpretation of, method Discount rates 21,86, 157, of transmitting 602 218, 276, 352, 441, 515, 581, 659, 750, 809 Summary of 559-564 Discount rates under sec. 10 (b) of Text of 602 Federal Reserve Act; ruling of Board 771 Foreign: Time limit extended by Board 108 Argentina 449 To industries, by Reserve banks: Belgium 290, 378 All banks combined 14, 79, 150, Germany 30 211, 269, 345, 434, 508, 574, 652, 744, 800 Uruguay 817 Each bank 55, 110, 185, Lead, production 64, 129, 241, 311, 397, 475, 538, 625, 683, 775, 870 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 Discussion of 4, 258 Leather: Earnings on 186, 684 Factory employment and pay rolls 66, 131, Maturities 61, 120, 193, 198, 251, 326, 409, 489, 554, 636, 699, 784, 887 245, 321, 403, 479, 549, 631, 689, 780, 878 Production index: Meeting of Industrial Advisory Com- Adjusted 64, 129, 196, mittees 4 249, 324, 407, 487, 552, 634, 697, 782, 885 Monthly figures 632, 682, 774, 869 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
906 INDEX TO VOLUME 21 Loans—Continued. Manufactures—Continued. To industries, by Reserve banks—Con. Index of production—Continued. Rates of discounts on: Page Physical volume, 1919-34 500 Monthly figures 60, 119, 192, 244, Total 28, 92, 163, 320, 402, 480, 550, 632, 682, 774, 869 224, 282, 358, 447, 521, 587, 665, 756, 815 Ruling of Board 771 Margin rules covering "when issued" contracts; Summary of loans made to May 29, interpretation of regulation T 834 1935 337-340 Maturities: To member banks by Reserve banks: Bills and short-term securities 61,120, Discount rates on 21,86, 157, 193, 245, 321, 403, 479, 549, 631, 689, 780, 878 218, 276, 352, 441, 515, 581, 659, 750, 809 Interest-bearing debt of United States 22, 87, Provisions of Banking Act of 1935 rela- 158, 220, 278, 354, 443, 517, 583, 661, 752, 811 tive to security for 560, 614 Meat packing, chart showing production 130 Loans'and investments: Meats, wholesale prices 63, All banks in United States on call dates: 128, 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 By districts 123,481,690,879 Member bank statistics: By States...! 124-127, Description of 711-737 482-485, 691-694, 880-883 List of cities reporting 738 Chart showing 712 Monthly table 18, 83, 154, Member banks: 215, 273, 349, 438, 512, 578, 656, 747, 803 Bills discounted for. (See Bills discounted.) Classification of 17, 82, Branches, number of 405 153, 214, 272, 348, 437, 511, 577, 655, 722, 804 Borrowings at Federal Reserve banks. (See Description of statistics 713, 721-723 Borrowings.) Member banks: Condition of. (See Condition statements.) All banks on call dates: Deposits. (See Deposits.) October 17, 1934 57,58 Dividends paid 112-117, December 31, 1934 189,190 313-315, 540-545, 872-873 March 4, 1935 399,400 Earnings and expenses 112-117, June 29, 1935 627,628,720 313-315, 540-545, 872-873 Chart showing 644, 712 Insured. (See Insured banks.) Description of statistics 713, 721-723 Loans and investments. (See Loans and Discussion of 1, 71, investments.) 141, 260, 333, 415, 565, 645, 708 National banks. (See National banks.) Reporting banks: Number of.... 18, 83, 154, 215, 273, Monthly figures, averages. 19,84,155,216, 349, 438, 512, 578, 656, 747, 803 274, 350, 439, 513, 579, 657, 748, 806 By districts 123, 481, 690, 879 Weekly figures 59, 118, 191, 243, Reserves. (See Reserves.) 319, 401, 477, 547, 629, 686, 777, 874 State banks. (See State banks.) Mutual savings banks, on call dates. _ 18, 83, 154, Membership of State banks in Federal Reserve 215, 273, 349, 438, 512, 578, 656, 747, 803 System: By States 127, 485, 694, 883 Provisions of Banking Act of 1935 relative National banks, on call dates 58, 190, 400, 628 to 362,612 By States 125, 483, 692, 881 Regulation H, revision of 838 Private banks on call dates 127, 485, 694, 883 Merchandise: State banks, on call dates: Balance of international payments__ 264, 503, 739 All banks, by States 126, 484, 693, 882 Freight-car loadings 29, 93, Member banks 58, 190, 400, 628 164, 225, 283, 359, 448, 522, 588, 666, 757, 816 Loans, unsecured, between members of a na- Imports and exports 29, 93, tional securities exchange not for purpose of 164, 225, 283, 359, 448, 522, 588, 666, 757, 816 purchasing or carrying securities; ruling of Metals, wholesale prices. 63, 128, Board interpreting regulation T 305 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 Lumber: Mexico: Factory employment and pay rolls 66, 131, Bank of: 198, 251, 326, 409, 489, 554, 636, 699, 784, 887 Condition of._ 46, 101, 176, 233, 299, 386, 465 Production index: Gold reserves 39, 94, 169, Adjusted 64, 129, 196, 249 226, 292, 380, 459, 523, 589, 667, 758, 821 Unadjusted . 65, 130, 197, 250 Foreign exchange rates 49, 104, 179, Wholesale prices 63, 128, 236, 302, 392, 469, 533, 599, 677, 768, 831 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 Machinery, factory employment and pay rolls. 66, 131, Gold movements to and from United 198, 251, 326, 409, 489, 554, 636, 699, 784, 887 States 15, 80, Manufactures: 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 Chart showing output of durable and non- Gold production 40, 95, durable . 73 170, 227, 293, 381, 460, 524, 590, 668, 759, 822 Index of production: Minerals, index of production: By industries: By industries 64, 129, Adjusted 64, 129, 196,249, 324, 407, 487, 552, 634, 697, 782, 885 196, 249, 324, 407, 487, 552, 634, 597, 782, 885 Unadjusted 65, 130, 197, 250, Total. 28, 92, 325, 408, 488, 553, 635, 698, 783, 886 163, 224, 282, 358, 447, 521, 587, 665, 756, 815 Monetary gold stock. (See Gold.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 21 907 Monetary legislation: Page National banks—Continued. Argentina 449 Insured banks: Page Belgium 290,378 Condition of 247, 695 China 791 Number and deposits 122 Germany 30 Limitations on purchases of investment Uruguay 817 securities by; letter of Comptroller of the Money: Currency 183 Circulation: Number and deposits of banks licensed and Averages of daily figures 13, 78, 149, not licensed 62, 121, 194, 246, 322, 404 210, 268, 344, 433, 507, 573, 651, 743, 799 Number of 18, 83, 154, By kinds 15, 80, 151, 215, 273, 349, 438, 512, 578, 656, 747, 803 212, 270, 346, 435, 509, 575, 653, 745, 801 By States 125, 483, 692, 881 Chart showing 11, 76, 147, Suspensions 62, 121, 208, 266, 342, 431, 505, 571, 649, 741, 797 194, 246, 322, 404, 480, 550, 632, 689, 780, 878 Discussion of 1, 70, 257, 496, 789 National securities exchange: End of month figures 13, 78, 149, Amendments to Regulation T 308, 309, 536 210, 268, 344, 433, 507, 573, 651, 743, 799 Authority of business committee of, to grant Explanation of figures used as reserve more than one extension of time; ruling bank credit 423, 426 of Board 305 Paper currency of each denomination. 61, 120 Transfer of transactions from cash accounts 193, 245, 321, 403, 479, 549, 631, 688, 779, after extension of time; ruling of Board. 536 877 Unsecured loans between members not for Retirement of national bank notes 202, purpose of purchasing or carrying securi- 415, 496, 789 ties; ruling of Board 305 Wednesday figures 12, 77, 148, National summary of business conditions 10, 75, 209, 267, 343, 432, 506, 572, 650, 742, 798 146, 207, 265, 341, 430, 504, 570, 648, 740, 796 Gold. {See Gold.) Netherlands: Rates: Bank of: Charged customers by banks in princi- Condition of 46,101, 176, pal cities 21, 86, 157, 218, 233, 299, 386, 465, 529, 595, 673, 764, 827 276, 352, 441, 515, 581, 659, 750, 809 Discount rates: Discussion of 257, 334, 708 Changes in 206, Foreign countries 48, 103, 178, 336, 418, 499, 676, 767, 830 235, 301, 391, 468, 532, 598, 676, 767, 830 Monthly figures 48, 103, 178, 235, France, chart showing „. 414 301, 391, 468, 532, 598, 676, 767, 830 Open-market, in New York City 21, 86, Gold reserves: 157, 218, 276, 352, 441, 515, 581, 659, 750, Discussion of 5, 335, 413 809 Monthly figures 39, 94, 169, 226, (See also Currency.) 292, 380, 459, 523, 589, 667, 758, 821 Mortgage loan companies, loans to, by Recon- Foreign exchange rates 49, 104, struction Finance Corporation 25, 89, 160, 179, 236, 302, 392, 469, 533, 599, 677, 76a, 831 222, 280, 356, 445, 519, 585, 663, 754, 813 Gold imports and exports: Municipal warrants held by Reserve banks 14, Net 42, 97, 172, 79, 150, 211, 269, 345, 434, 508, 574, 652 229, 295, 383, 462, 526, 592, 670, 761, 824 Mutual savings banks: To and from United States 15, 80, 151, Branches, number of 405 212, 270, 346, 435, 509, 575, 653, 745, 801 Condition of, on call dates 127, 485, 694, 883 Money rates 48, 103, Deposits, on call dates 18, 178, 235, 301, 391, 468, 532, 598, 676, 767, 830 83,154,215,273,349,438,512, 578, 656, 747, 803 Prices, wholesale 50, 105, Insured banks, number and deposits 122 180, 237, 303, 393, 470, 534, 600, 678, 769, 832 Loans and investments on call dates 18, 83, 154, 215, 273, 349, 438, 512, 578, 656, 747, 803 Newton, Oscar: Number of 18, 83, Appointed Governor of Federal Reserve 154, 215, 273, 349, 438, 512, 578, 656, 747, 803 Bank of Atlanta 74 Number, by States 127, 485, 694, 883 Resignation as Federal Reserve agent at National-bank notes: Atlanta 74 Circulation 15, 80, New York Produce Exchange, discontinuance of 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 securities division of, securities affected by; Retirement of 202, 415, 496, 789 ruling of Board 182 National banks: New Zealand: Branches, number of 405 Foreign exchange rates 49, 104, Condition of, on call dates__ 58, 190, 400, 628, 720 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 By States 125, 483, 692, 881 Reserve Bank of: Deposits: Condition of 46, 101, 176, By size of account and by class 316 233, 299, 386, 465, 529, 595, 673, 764, 827 By size of account and by districts .__ 317 Discount rates 235, Double liability on stock: 301, 391, 468, 532, 598, 676, 767, 830 Reporting of, by executive officers of Gold reserves 39, 94, 169, banks 771 226, 292, 380, 459, 523, 589, 667, 758, 821 Terminated under provisions of Bank- Nonferrous metals: ing Act of 1935 563, 615 Factory employment and pay rolls 66, 131, Earnings and expenses 116, 315, 544, 873 198, 251, 326, 409, 489, 554, 636, 699, 784, 887 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
908 INDEX TO VOLUME 21 Nonferrous metals—Continued. Yage Page Production index 64, 129, Oil production index 64,129 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 Wholesale prices 63, 128, Open-market operations of Federal Reserve 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 banks, provisions of Banking Act of 1935 re- Nonmember banks: garding 559, 613 Bills discounted for 14, 79, Opinion of Supreme Court of United States rel- 150, 211, 269, 345, 434, 508, 574, 652, 744, 800 ative to reorganization of State banks in State Branches, number of _ 405 of Mississippi 305 Condition of, on call dates 123, 481, 690, 879 Paper: Deposits of, held by Federal Reserve banks: Factory employment and pay rolls 67, 132, Averages of daily figures, end of month 199, 252, 327, 410, 490, 555, 637, 700, 785, 888 figures 13, 78, 149, 210, Production index: 268, 344, 433, 507, 573, 651, 743, 799 Adjusted 64, 129, 196, Explanation of figures used as reserve 249, 324, 407, 487, 552, 634, 697, 782, 885 bank credit 424, 427 Unadjusted 65, 130, 197, Wednesday figures 12, 77, 148, 209, 250, 325, 408, 488, 553, 635, 698, 783, 886 267, 343, 432, 506, 572, 650, 742, 798 Wholesale prices 63, 128, Deposits on call dates 18, 83, 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 154, 215, 273, 349, 438, 512, 578, 656, 747, 803 Par value of capital stock, member banks on call Insured banks: dates 57, 189,399,627 Condition of 247, 695 Passbooks, presentation of, on withdrawals from Number and deposits 122 savings accounts; ruling of Board 239 Loans and investments on call dates 18, 83, Pay rolls, factory: 154, 215, 273, 349, 483, 512, 578, 656, 747, 803 Discussion of 73, 705 Number and deposits of banks licensed and Index of: not licensed 62, 121, 194, 246, 322, 404 By industries 66, 131, 198, Number of 18, 83, 154, 251, 326, 409, 489, 554, 636, 699, 784, 887 215, 273, 349, 438, 512, 578, 656, 747, 803 Total 28, 92, 163, By districts 123, 481, 690, 879 224, 282, 358, 447, 521, 587, 665, 756, 815 Suspensions 62, 121, 194, Penalties for deficient reserves 186, 684 246, 322, 404, 480, 550, 632, 689, 780, 878 Peru: Norway: Central Bank of: Bank of: Condition of 46, 101, 176, Condition of 46,101,176, 233, 299, 386, 465, 529, 595, 673, 764, 827 233, 299, 386, 465, 529, 595, 673, 764, 827 Discount rates 48, 103, 178, Discount rates 48,103,178, 235, 301, 391, 468, 532, 598, 676, 767, 830 235, 301, 391, 468, 532, 598, 676, 767, 830 Gold reserves 39, 94, 169, Gold reserves 39,94, 169, 226, 292, 380, 459, 523, 589, 667, 758, 821 226, 292, 380, 459, 523, 589, 667, 758, 821 Gold movements to and from United Foreign exchange rates 49,104, States 15, 80, 151, 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 212, 270, 346, 435, 509, 575, 653, 745, 801 Number of banks in the United States: Petroleum refining: Monthly table 18, 83, Factory employment and pay rolls 67, 132, 154, 215, 273, 349, 438, 512, 578, 656, 747, 803 199, 252, 327, 410, 490, 555, 637, 700, 785, 888 On call dates: Production index 64, 129, 196, 249, By districts 123, 481, 690, 879 324, 407, 487, 552, 634, 697, 782, 885 By States 124-127, Wholesale prices 63, 128, 195, 248, 482-485, 691-694, 880-883 323, 406, 486, 551, 633, 696, 781, 884 Number of banks licensed and not licensed 62, Philippine Islands, gold movements to and 121, 194, 246, 322, 404 from United States 15, 80, 151, Number of banks suspended 62,121, 212, 270, 346, 435, 509, 575, 653, 745, 801 194, 246, 322, 404, 480, 550, 632, 689, 780, 878 Poland: Number of branch banks 336, 405 Bank of: Number of insured banks 122 Condition of 46, 101, 176, 233, Number of member banks 18, 83, 299, 386, 465, 529, 595, 673, 764, 827 154, 215, 273, 349, 438, 512, 578, 656, 747, 803 Discount rates 48, 103, 178, 235, By districts 123, 481, 690, 879 301, 391, 468, 532, 598, 676, 767, 830 Number of mutual savings banks 18,83, Gold reserves 39, 94, 169, 226, 154, 215, 273, 349, 438, 512, 578, 656, 747, 803 292, 380, 459, 523, 589, 667, 758, 821 By States 127, 485,694,883 Foreign exchange rates 49, 104, 179, 236, 302,392,469,533,599,677,768,831 Number of national banks 18, 83, 154, 215, 273, 349, 438, 512, 578, 656, 747, 803 Bank of: By States 125, 483, 692, 881 Condition of 46, 101, 176, 233, Number of private banks 127, 485, 694, 883 299, 386, 465, 529, 595, 673, 764, 827 Number of State banks: Discount rates: By States 126, 484, 693, 882 Change in 6 Member banks 18,83, Monthly figures 48, 103, 178, 235, 154, 215, 273, 349, 512, 578, 656, 747, 803 301, 391, 468, 532, 598, 676, 767, 830 Oats crop estimates 68, 557, 639, 702, 787, 890 Gold reserves 39, 94, 169, 226, Obligations guaranteed by United States Gov- 292, 380, 459, 523, 589, 667, 758, 821 ernment, amounts outstanding 498, Foreign exchange rates 49, 104, 179, 236, 520, 586, 664, 755, 814 302, 392, 469, 533, 599, 677, 768, 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 21 909 Page Production, industrial—Continued. Postage, Federal Reserve banks, cost of 186, 684 National summary 10, 75, Postal savings deposits: 146, 207, 265, 341, 430, 504, 570, 648, 740, 796 Detailed statistics covering operations of Profit and loss account of Federal Reserve banks. 186 system since its inauguration 501, 502 Public Works Administration, assets and lia- Interest on, pavment of, under provisions bilities 23,24,88, of Banking Act of 1935 563, 622 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Monthly data 61, 120, 193, 245, Railroads: 321, 403, 631, 689, 780, 878 Loans to, by Reconstruction Finance Cor- Potato crop estimates 68, 557, 639, 702, 787, 890 poration 25, 89, 160, President of the United States, proclamations of: 222, 280, 356, 445, 519, 585, 663, 754, 813 Extending period for Government securi- Stocks and bonds, prices of 27, 91, 162, ties as collateral for Federal Reserve 219, 277, 353, 442, 516, 582, 660, 751, 810 notes 182 Rates. (See Discount rates; Foreign exchange Silver seigniorage 262 rates; Money rates.) Prices: Ratio of total reserves to liabilities, Federal Re- Bonds, domestic 27, 91, 162, serve banks: 219, 277, 353, 442, 516, 582, 660, 751, 810 By districts 54,109,184, Commodity, wholesale: 240, 310, 396, 474, 537, 624, 681, 773, 868 By groups 63, 128, 195, Each bank 55, 110, 185, 248, 323, 406, 486, 551, 633, 696, 781, 884 241, 311, 397, 475, 538, 625, 683, 775, 870 Chart showing 332 Real estate, loans on: Discussion of 332, 706 By member banks on call dates 17, 82, 153, National summary 10, 75, 146, 214, 272, 348, 437, 511, 577, 655, 722, 804 207, 265, 341, 430, 504, 570, 648, 740, 796 By national banks, provisions of Banking Principal countries 50, 105, 180, ~Act of 1935 relating to 561, 614 237, 303, 393, 470, 534, 600, 678, 769, 832 By reporting member banks 59, 118, 191, Total 28, 92, 163, 243, 319, 401, 477, 547, 629, 686, 777, 874 224, 282, 358, 447, 521, 587, 665, 756, 815 Receipts and expenditures of United States Food, retail: Treasury: Discussion of 333 Discussion of 204, 334, 416, 497, 709 Principal countries 51, 106, 181, Monthly figures 22, 87, 158, 238, 304, 394, 471, 535, 601, 679, 770, 833 220, 278, 354, 443, 517, 550, 583, 661, 752, 811 Security (stocks and bonds) : Reconstruction Finance Corporation: Chart showing 709 Assets and liabilities 23, 24, 88, Discussion of 708 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Domestic 27, 91, 162, Expenditures by Federal Reserve banks 219, 277, 353, 442, 516, 582, 660, 751, 810 for, reimbursable 187,684 Principal countries 51, 106, 181, Guaranteed obligations of, outstanding 520, 238, 304, 394, 471, 535, 601, 679, 770, 833 586, 664, 755, 814 Printing and stationery, Federal Reserve banks, Loans by, discussion of 2, 498 cost of 186, 684 Loans, purchases, and allocations 25, 89, 160, Private banks: 222, 280, 356, 445, 519, 585, 663, 754, 813 Amounts due to and from, in computing Redemption fund, Federal Reserve banks: reserves; ruling of Board 108 All banks combined 14,79, 150, Branches, number of 405 211, 269, 345, 434, 508, 574, 652, 744, 800 Condition of, on call dates, by States 127, Each bank 55, 110, 185, 485, 694, 883 241, 311, 397, 475, 538, 625, 683, 775, 870 Number of 127, 485, 694, 883 Refunding operations: Processing tax receipts, United States Treasury _ 22, Domestic corporations 417, 709 87, 158,220, 278, 354, 443, 517, 550, 583, 661, 752, 811 Government agencies 417, 709 Proclamations of President of United States: • Treasury 204, 334, 416, 497, 709 Extending period for use of Government Regional agricultural credit corporations: securities as collateral for Federal Re- Assets and liabilities 23, 24, 88, serve notes 182 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Silver seigniorage 262 Loans to, by Reconstruction Finance Cor- Production Credit Corporation, assets and lia- poration 25, 89, bilities 23, 24, 88, 160, 222, 280, 356, 445, 519, 585, 663, 754, 813 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Regulations: Production, industrial: Comptroller of the Currency, defining "in- Chart showing 73, 330, 704 vestment securities" under Banking Act Discussion of 72, 330, 704 of 1933 52 Durable and nondurable manufactures, Federal Deposit Insurance Corporation, chart showing 73 defining *' deposit liabilities " 646 Index of: Federal Reserve Board: Adjusted 64, 129, 196, Election of directors of branches of 249, 324, 407, 487, 552, 634, 697, 782, 885 Federal Reserve banks 3, 52 Unadjusted 65, 130, 197, Regulation D—Reserves of member 250, 325, 408, 488, 553, 635, 698, 783, 886 Physical volume of manufactures in banks 793, 834 United States, 1919-34 500 Regulation H—Membership of State Total 28, 92,163, banking institutions in the Federal 224, 282, 358, 447, 521, 587, 665, 756, 815 Reserve System 838 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
910 INDEX TO VOLUME 21 Regulations—Continued. Reserves—Continued. Federal Reserve Board—Continued. Page Held by member banks—Continued. Regulation I—Increase or decrease of Balances—Continued. Page capital stock of Federal Reserve banks End of month figures. _ 13, 78, 149, 210, and cancelation of old and issue of 268, 344, 433, 507, 573, 651, 743, 799 new stock certificates 849 Explanation of figures used as Re- Regulation 0—Loans to executive serve bank credit 424, 428 officers of member banks 793, 854 Growth in, discussion of 1, 69, 141, Regulation P—Holding company af- 201, 257, 334, 413, 493, 564, 641, 789 filiates—Voting permits 857 New York City banks, Reserve Regulation Q—Payment of interest on city banks, and country banks._ 16> deposits 792, 862 81, 152, 213, 271, 347, 436, 510, 576, Regulation T: 654, 746, 802. Amendments to 308, 309, 536, 722 Wednesday figures 12, Interpretations of. (See Law de- 77, 148, 209, 267, 343, 432, 506, 572, partment.) 650, 742, 798. Secretary of the Treasury, amending silver Excess: regulations 145 Back figures, 1929-34 499,500 Reichsbank, German. (See Germany.) Chart showing 69, 334, 495 Reimbursable expenditures of Federal Reserve Growth in, discussion of 1, 69, banks 187, 684 141, 201, 257, 334, 413, 495, 564, 641 Relief: In each district 56, 111, 188,242, Allocations for, by Reconstruction Finance 312, 398, 476, 539, 626, 685, 776, 871 Corporation 25,89, 160, New York City banks, Reserve 222, 280, 356, 445, 519, 585, 663, 754, 813 city banks, and country banks. 16, Expenditures of Treasury for.__ 22, 87, 158, 81, 152, 213, 271, 347, 436, 510, 576, 220, 278, 354, 443, 517, 550, 583, 661, 752, 654, 746, 802, 805. 811 Growth in, discussion of__l, 69, 141, 201, 257, Rent paid by Federal Reserve banks 186, 684 334, 413, 493, 564, 641 Report on the availability of bank credit in the In each district 56, 111, 188, 242, seventh Federal Reserve district 7 312, 398, 476, 539, 626, 685, 776, 871 Reserve city member banks: On call dates 805 Condition of, on call dates 58, 190, 400, 628 Reporting banks 59, 118, 191, Deposits, time and demand 16, 81, 243, 319, 401,477, 547, 629, 686, 778, 875 152, 213, 271, 347, 436, 510, 576, 654, 746, 802 Private bankers, amounts due to and from, Loans and investments on call dates 17,82, in computing; ruling of Board 108 153, 214, 272, 348, 437, 511, 577, 655, 723, 804 Provisions of Banking Act of 1935 relating Reserve balances 16, 81, to changes in requirements 560, 614 152, 213, 271, 347, 436, 510, 576, 654, 746, 802 Regulation D, revision of 793,834 Reserve funds of member banks, factors ac- Resources and liabilities. (See Assets and counting for changes in 419-429 liabilities.) Reserves: Retail food prices, principal countries 51, Computation of, under provisions of Bank- 106, 181,238, 304, 471, 535, 601, 679, 770, 833 ing Act of 1935 563, 618 Retail trade, department stores: Deficient, penalties for 186, 684 Discussion of 72, 332, 706 Excess, of member banks: Monthly figures 29, 93, 164, Averages of daily figures 507, 225, 283, 359, 448, 522, 588, 666, 757, 816 573, 651, 743, 799 Revision of index 206, 254, 255 Back figures, 1929-34 499, 500 Retirement system, contributions by Federal Chart showing 69, 334, 495 Reserve banks 186, 684 End of month figures. _ 507, 573, 651, 743, 799 Revision of index of department store sales 206, Growth in, discussion of • 1, 254, 255 69, 141, 201, 334, 413, 495, 564, 641 Revision of index of factory employment 888 Wednesday figures.... 506, 572, 650, 742, 798 Revision of member bank statistics 711-738 Gold, held by foreign central banks: Rubber: Discussion of 5, 260, 335, 642 Crude, wholesale prices 63, 128, Monthly figures 39, 94, 169, 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 226, 292, 380, 459, 523, 589, 667,758, 821 Products, factory employment and pay Held by Federal Reserve banks: rolls 67, 132 All banks combined 14, 79, 150, 199, 252, 327, 410, 490, 555, 637, 700, 785, 888 ; 211, 269, 345, 434, 508, 574, 652, 744, 800 Tires and tubes: Total, by districts 54,109, 184, 240, Production index 64, 129, 196, 310, 396, 474, 537, 524, 681, 773, 868 249, 324, 407, 487, 552, 634, 697, 782, 885 Held by member banks: Wholesale prices 63, 128, 195, Balances: 248, 323, 406, 486, 551, 633, 696, 781, 884 Averages of daily figures 13, Rulings of the Federal Reserve Board. (See 78, 149, 210, 268, 344, 433, 507, 573, Law Department.) 651, 743, 799 Rumania: Chart showing 11, 76, 147, 208, Foreign exchange rates 49, 104, 266, 342, 431, 505, 571, 649, 741, 797 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 21 911 Rumania—Continued. South Africa: Page National Bank of: Page Foreign exchange rates 49, 104, Condition of 46, 101, 176, 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 233, 299, 386, 465, 529, 596, 674, 765, 828 Reserve Bank: Discount rates: Condition of 46, 101, 176, Change in 6 233, 299, 386, 465, 529, 596, 674, 765, 828 Monthly figures 48, 103, 178, 235, Discount rates 48, 103, 178, 301, 391, 468, 532, 598, 676, 767, 830 235, 30.1, 391, 468, 532, 598, 676, 767, 830 Gold reserves 39, 94, 169, Gold reserves 39, 94, 169, 226, 292, 380, 459, 523, 589, 667, 758, 821 226, 292, 380, 459, 523, 589, 667, 758, 821 Russia. (See Union of Soviet Socialist Repub- Spain: lics.) Bank of: Salaries, Federal Reserve banks 186, 684 Condition of 46, 101, 176, Savings deposits: 233, 299, 386, 466, 530, 596, 674, 765, 828 Passbooks, presentation of, on withdrawal Discount rates: of; ruling of Board 239 Change in 499 (See also Postal Savings deposits.) Monthly figures 48, 103, 178, 235, Secretary of Agriculture, allocations to, by 301, 391, 468, 532, 598, 676, 767, 830 Reconstruction Finance Corporation 25, 89, Gold reserves 39,94, 169, 160, 222, 280, 356, 445, 519, 585, 663, 754, 813 226, 292, 380, 459, 523, 589, 667, 758, 821 Secretary of the Treasury: Foreign exchange rates 49, 104, Silver regulations, amendment to, relative 179, 236, 302, 392, 469, 533, 399, 677, 768, 831 to filing reports 145 State banks: Statement of, relative to importation of for- Branches, number of 405 eign silver coins 336 Condition of, on call dates: Statement of, relative to stabilization fund_ 144 All banks, by States 126, 484, 693, 882 Securities: Member banks 58, 190, 400, 628, 720 Foreign purchases, discussion of 790 Decision of Supreme Court of United Held by member banks on call dates. 17, 82, 153, States relative to reorganization of, in 214, 272, 348, 437, 511, 577, 655, 722, 804 Mississippi 305 Loans on: Deposits of member banks: Chart showing 709 By size of account and by class 316 Discussion of 708 By size of account and by districts 317 Purchase by State member banks of, which Earnings and expenses of member banks__ 117, are not "investment securities"; ruling 313,314,545,872 of Board 680 Insured banks: Security issues: Condition of 247, 695 Discussion of 334, 709 Number and deposits 122 Monthly figures 27, 91, 162, Membership in Federal Reserve System: "219, 277, 353, 442, 516, 582, 660, 751, 810 Provisions of Banking Act of 1935 Security prices (stocks and bonds): regarding 362, 612 Chart showing 709 Regulation H, revision of 838 Discussion of 708 Number and deposits of banks licensed and Domestic 27, 91, 162, not licensed 62, 121, 194, 246, 322, 404 219, 277, 353, 442, 516, 582, 660, 751, 810 Number of, by States 126, 484, 693, 882 Principal countries 51, 106, Number of member banks 18, 83, 181, 238, 304, 394, 471, 535, 601, 679, 770, 833 154, 215, 273, 349, 438, 512, 578, 656, 747, 803 Shipbuilding: Purchase of securities by, which are not " in- Factory employment and pay rolls 66, 131, vestment securities"; ruling of Board 680 198, 251, 326, 409, 489, 554, 636, 699, 784, 887 Suspensions 62, 121, Production index 64, 129, 294, 246, 322, 404, 480, 550, 632, 689, 780, 878 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 Stocks and bonds: Shipments of currency to and from Europe 61, 120, Issues of: 193, 245, 321, 403, 479, 549, 631, 688, 779, 877 Discussion of 334, 709 Silk manufactures, wholesale prices 63, 128, Monthly figures 27,91, 162, 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 219, 277, 353, 442, 516, 582, 660, 751, 810 Silver: Loans by member banks secured by 17, 82, Amendment to regulations relative to 153, 214, 272, 348, 437, 511, 577, 655, 722, 804 filing reports 145 Marketability of stock collateral as security Circulation 15. 80, for loans by member banks to affiliates; 151, 212, 270, 346, 435, 509, 575, 653, 745,801 ruling of Board 395 Foreign coins, importation of; statement of Secretary of Treasury regarding 336 Prices of: Proclamation of President relative to 262 Chart showing 709 Production index 64, 129, Discussion of 708 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 Domestic 27, 91, 162, Slaughtering and meat packing: 219, 277, 353, 442, 516, 582, 660, 751, 810 Factory employment and pay rolls 67, 132, Principal countries 51, 106, 181, 199, 251, 327, 410, 490, 555, 637, 699, 785, 888 238, 304, 394, 471, 535, 601, 679, 770, 833 Production index 64, 129, Straits Settlements, foreign exchange rates 49, 104, 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
912 INDEX TO VOLUME 21 Supply and use of member bank reserve funds, Page Tires and tubes, rubber—Continued. Page factors accounting for changes in 419-429 Production index 64, 129, Supreme Court of United States, decision of, 196, 249, 324, 407, 487, 552, 634, 697, 782, 885 relative to reorganization of State banks in Wholesale prices 63, 128, Mississippi 305 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 Surplus, Federal Reserve banks: Tobacco: All banks combined 14, 79 Crop estimates 68, 557, 639, 702, 787, 890 150, 211, 269, 345, 434, 508, 574, 652, 744, 800 Manufactures: Amounts transferred 187 Factory employment and pay rolls 67, Each bank 55, 110, 132, 199, 252, 327, 410, 490, 555, 637, 700, 185, 241, 311, 397, 475, 538, 625, 683, 775, 870 785, 888. Suspensions, bank 62, 121 roduction index 64, 129, 196, 194, 246, 322, 404, 480, 550, 632, 689, 780, 878 P 249, 324, 407, 487, 552, 634, 697, 782, 885 Sweden: holesale prices 63, 128, 195, Bank of: 248, 323, 406, 486, 551, 633, 696, 781, 884 Condition of 46, 101, 176, Trade 233, 299, 386, 466, 530, 596, 674, 765, 828 Foreign: Discount rates 48, 103, 178, Balances of international payments of 235, 301, 391, 468, 532, 598, 676, 767, 830 United States 264, 503, 739 Gold reserves 39, 94, 169, Discussion of 332, 706 226, 292, 380, 459, 523, 589, 667, 758, 821 Retail: Foreign exchange rates 49, 104, Discussion of 72, 332, 705 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Monthly figures 29, 93, 164, Money rates 48, 103, 225, 283, 359, 448, 522, 588, 666, 757, 816 178, 235, 301, 391, 468, 532, 598, 676, 767, 830 Traveling expenses, Federal Reserve banks __ 186, 684 Switzerland: Treasury bills. (See United States Government Bank of: securities.) Condition of 46, 101, 176, Treasury certificates of indebtedness: 233, 299, 387, 466, 530, 596, 674, 765, 828 Held by Federal Reserve banks 55, 110, Discount rates: 185, 241, 311, 397, 475, 538, 625, 683, 775, 870 Change in 262 Issues of 22, 87, Monthly figures 48, 103, 178, 235, 158, 220, 278, 354, 443, 517, 583, 661, 752, 811 301, 391, 468, 532, 598, 676, 767, 830 Treasury Department: Gold reserves: Expenditures by Federal Reserve banks for, Discussion of 335, 413 reimbursable 187, 684 Monthly figures 39, 94, 169, 226, Silver regulations, amendment to, relative 292, 380, 459, 523, 589, 667, 758, 821 to filing reports 145 Foreign exchange rates 49, 104, Statement of, relative to expiration of circu- 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 lation privilege on certain United States Gold imports and exports: bonds 145 Net 42,97, 172, 229, 295, 383, 462, 526, 592, 670, 761, 824 Treasury financing: To and from United States 15, 80, 151, Discussion of 204, 334, 416, 497, 709 212, 270, 346, 435, 509, 575, 653, 745, 801 Monthly figures 22, 87, Money rates 48, 103, 158, 220, 278, 354, 443, 517, 583, 661, 752, 811 178, 235, 301, 391, 468, 532, 598, 676, 767, 830 Treasury notes of 1890, circulation 15, 80, Taxes: 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 Federal Reserve bank note circulation 186, 684 Turkey: Federal Reserve bank premises 186, 684 Central Bank of: Income, receipts by United States Treas- Condition of 46, 101, 176, ury 22, 87, 158, 233, 299, 387, 466, 530, 596, 674, 765, 828 220, 278, 354, 443, 517, 550, 583, 661, 752, 811 Discount rates 48, 103, 178, Internal revenue receipts by United States 235, 301, 391, 468, 532, 598, 676, 767, 830 Treasury 22, 87, 158, Gold reserves 39, 94, 169, 220, 278, 354, 443, 517, 550, 583, 661, 752, 811 226, 292, 380, 459, 523, 589, 667, 758, 821 Telephone and telegraph expenses of Federal Foreign exchange rates 49, 104, Reserve banks 186, 684 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Textiles: Union of Soviet Socialist Republics: Production: Bank of: Chart showing 130 Discount rates 48, 103, 178, Adjusted index 64, 129, 196, 235, 301, 391, 468, 532, 598, 676, 767, 830 249, 324, 407, 487, 552, 634, 697, 782, 885 Gold reserves 39, 94, 169, Unadjusted index 65, 130, 197, 226, 292, 380, 459, 523, 589, 667, 758, 821 250, 325, 408, 488, 553, 635, 698, 783, 886 Gold movements to and from United States. 575, Wholesale prices 63, 128, 653, 745, 801 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 United States Government debt: Thurston, Elliott L., appointed special assistant Chart showing 204 to Governor of Board 336 Discussion of 204, 416, 709 Tires and tubes, rubber: Interest rates, reduction in 204, 206 Factory employment and pay rolls 66, 131, Monthly figures 22, 87, 158, 198, 251, 326, 409, 489, 554, 636, 699, 784, 887 220, 278, 354, 443, 517, 583, 661, 752, 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 21 913 United States Government deposits: United States Government securities—Continued. Held by Federal Reserve banks: Treasury bills, yield on—Continued. Page All banks 14, 79, 150, Monthly figures 21, 86, 157, 211, 269, 345, 434, 508, 574, 652, 744, 800 218, 276, 352, 441, 515, 581, 659, 750, 809 Each bank 55, 110, 185, Treasury notes held by Federal Reserve 241, 311, 397, 475, 538, 625, 683, 775, 870 banks _' ._ 55, 110, 185, Held by reporting member banks 60, 119, 192, 241, 311, 397, 475, 538, 625, 683, 775, 870 244, 320, 402, 478, 547, 630, 687, 778, 875 Yield on: United States Government securities: Discussion of 206, 334, 418 Bonds: Monthly figures, 21, 86, 157, Call of, securing national bank note 218, 276, 352, 441, 515, 581, 659, 750, 809 circulation 203, 415 United States notes, circulation 15, Circulation privilege, expiration of; 80, 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 statement by Treasury Department _ 145 United States Postal Savings deposits: Held by Federal Reserve banks . 55, 110, 185, Detailed statistics covering operations of 241, 311, 397, 475, 538, 625, 683, 775, 870 system since its inauguration 501, 502 Issues of 22, 87, 158, Interest on, payment of, under provisions of 220, 278, 354, 443, 517, 583, 661, 752, 811 Banking Act of 1935 563,622 Refunding of 204, 334, 416, 497 Monthly data 61, Savings, on sale by Treasury 205 120, 193, 245, 321, 403, 479, 631, 689, 780, 878 Yield on: United States Shipping Board Merchant Fleet Chart showing 206, 418 Corporation, assets and liabilities 24, Discussion of ._ 206, 334, 418 88, 159, 221, 279, 355, 444, 518, 584, 662, 753, 812 Monthly figures 27, 91, 162, 219, United States Treasury, receipts and expendi- 277, 353, 442, 516, 582, 660, 751, 810 tures 1 22, 87, Years 1919-25 500 158, 220, 278, 354, 443, 517, 550, 583, 661, 752, 811 Certificates of indebtedness: Uruguay: Held by Federal Reserve banks- 55, 110, 185, Bank of: 241, 311, 397, 475, 538, 625, 683, 775, 870 Condition of 46, 101, 176, Issues of 22, 87, 158, 233, 299, 387, 466, 530, 596, 674, 765, 828 220, 278, 354, 443, 517, 583, 661, 752, 811 Gold reserves. 39, 94, 169, Held against Federal Reserve bank notes by 226, 292, 380, 459, 523, 589, 667, 758, 821 Reserve banks . 14, 79, 150, Foreign exchange rates 49, 104, 211, 269, 345, 434, 508, 574, 652, 744, 800 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Held as security for Federal Reserve notes: Gold movements to and from UnitedS tates . 15, 80, 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 All Reserve banks 14, 79, 150, 211, 269, 345, 434, 508, 574, 652, 744, 800 Monetary and banking legislation 817-820 Each Reserve bank 55, 110, 185, Venezuela, gold movements to and from United States 15, 241, 311, 397, 475, 538, 625, 683, 775, 870 80, 151, 212, 270, 346, 435, 509, 575, 653, 745, 801 Held by Federal Reserve banks: Vest, George B., appointed assistant general All banks combined 14, 79, 150, counsel of Board 262 211, 269, 345, 434, 508, 574, 652, 744, 800 Warehouse receipts, acceptances based on 20, Averages of daily figures 13, 78, 149, 85, 156, 217, 275, 351, 440, 514, 580, 658, 749, 808 210, 268, 344, 433, 507, 573, 651, 743, 799 Warrants, municipal, held by Reserve banks— 14, Each bank 55, 110, 185, 79, 150, 211, 269, 345, 434, 508, 574, 652 241, 311, 397, 475, 538, 625, 683, 775, 870 Wheat, crop estimates 68, 557, 639, 702, 787, 890 Earnings on 186, 684 Wholesale prices. (See Prices.) End of month figures 13, 78, 149, Wingfield, B. M., appointed assistant general 210, 268, 344, 433, 507, 573, 651, 743, 799 counsel of Board 262 Explanation of figures used as Reserve Withdrawals from savings accounts, presentabank credit 422, 426 Maturities 61, 120, 193, tion of passbook; ruling of Board 239 245, 321, 403, 479, 549, 631, 689, 780, 878 Wool and woolens: Wednesday figures 12,77, 148, Factory employment and pay rolls 66, 131, 198, 251, 326, 409, 489, 554, 636, 699, 784, 887 209, 267, 343, 432, 506, 572, 650, 742, 798 Production index 64, 129, Held by member banks: 296, 249, 324, 407, 487, 552, 634, 697, 782, 885 All banks on call dates 17, 82, 153, Wholesale prices 63, 128, 214, 272, 348, 437, 511, 577, 655, 722, 804 195, 248, 323, 406, 486, 551, 633, 696, 781, 884 Reporting banks: Yugoslavia: Monthly figures 19, 84, 155, 216, Bank of: 274, 350, 439, 513, 579, 657, 748, 806 Condition of. 46, 101, 176, Weekly figures 59, 118, 191, 243, 233, 299, 387, 466, 530, 596, 674, 765, 828 Discount rates: 319, 401, 477, 547, 629, 686, 777, 874 Change in 73 Interest rates, reduction in 204, 206, 334, 416 Monthly figures 48, 103, 178, 235, Proclamation of President extending time 301, 391, 468, 532, 598, 676, 767, 830 for, as collateral for Federal Reserve Gold reserves 39,94, 169, notes 182 226, 292, 380, 459, 523, 589, 667, 758, 821 Sale of, discussion of__ 201 Foreign exchange rates 49, 104, Treasury bills, yield on: 179, 236, 302, 392, 469, 533, 599, 677, 768, 831 Discussion of 206, 334, 418 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS KANSAS CITY KANS. OKLA. Oklahoma City BOUNDARIES OF FEDERAL RESERVE DISTRICTS —-—BOUNDARIES OF FEDERAL RESERVE. 8RANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1935, November 30). Federal Reserve Bulletin, 1935-12. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193512
@misc{wtfs_bulletin_193512,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1935-12},
year = {1935},
month = {Nov},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193512},
note = {Retrieved via When the Fed Speaks corpus}
}