Federal Reserve Bulletin, 1936-09
FEDERAL RESERVE BULLETIN SEPTEMBER 1936 •3? ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AT WASHINGTON Recent Banking Developments New Statistics on Margin Accounts Growth and Distribution of Large Deposits Member Bank Call Report UNITED STATES OP AMERICA 1936 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS PAGE Review of the month—Recent banking developments 681-685 National summary of business conditions 686-687 Summary of financial and business statistics . _ _ 689 Law department: Rulings of the Board: Report by executive officer of a member bank of his indebtedness evidenced by a note discounted by another bank 690 Report by executive officer of a member bank of indebtedness to another bank in its capacity as trustee 690 Deposit of collateral with trust department for use of trust funds in conduct of bank's business 691 National bank not permitted to invest trust funds in obligations executed by an officer of such bank as a receiver 691 Record of pending litigation required by Board's Regulation F 692 New statistics on margin accounts 693-695 Growth and distribution of large deposits 696-699 Statistics of gross demand and time deposits of member banks . 700-701 Earnings and expenses of Federal Reserve banks 702 Condition of all member banks on June 30, 1936 (from Member Bank Call Report No. 70) 703-704 French financial legislation 705 Swiss foreign exchange restrictions 707 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 710 Federal Reserve bank statistics 711-713 Reserve position of member banks; depositsjn larger and smaller centers 714 Money in circulation 715 Gold stock and gold movements 716 All banks in the United States 717 All member banks 718-719 Reporting member banks in leading cities 720-723 Banks suspension; bank debits; Postal Savings System 724 Acceptances, commercial paper, and brokers' borrowings 725 Federal Reserve bank discount rates 726 Money rates and bond yields 727 Security markets 728 Treasury finance 729 Governmental corporations and credit agencies 730-731 Production, employment, and trade 732-738 Wholesale prices 739 August crop report 740 International financial statistics: Gold reserves of central banks and governments 742 Gold production 743 Gold movements 743-745 Central banks 746-749 Bank for International Settlements 749 Commercial banks 750 Discount rates of central banks 751 Money rates 751 Foreign exchange rates. 752 Price movements: Wholesale prices 753 Retail food prices and cost of living 754 Security prices 754 Board of Governors and staff; Open market Committee and staff; Federal Advisory Council 756 Senior officers of Federal Reserve banks; managing directors of branches 757 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 22 SEPTEMBER 1936 No. 9 REVIEW OF THE MONTH in leading cities declined by about $210,000,- 000, of which $110,000,000 was withdrawn The action of the Board of Governors, anfrom New York City banks and the renounced on July 14, increasing by 50 percent mainder from banks in other cities. In the the reserve requirements of last half of July there had been declines of Increase all member banks, went into in reserve effect after the close of busi- approximately the same amounts that may requirements have reflected preparation by banks for the ness August 15, 1936. On that increase in requirements. Inasmuch as bankdate member banks held about $6,200,000,000 ers' balances at reporting banks had inof reserve balances with Federal Reserve creased by $700,000,000 in June and the first banks and their required reserves on the old half of July and on August 19 still totalled basis were estimated at $2,940,000,000, leavabout $5,750,000,000, or more than at any ing excess reserves of $3,260,000,000. The time prior to last March, these withdrawals increase in requirements raised required rewere of relatively minor importance. serves by $1,470,000,000 to $4,410,000,000 and reduced excess reserves by the same From July 15 to August 19 total reserve amount to $1,790,000,000. Subsequently, balances of member banks increased by about member bank reserves increased somewhat, $360,000,000, reflecting prinand excess reserves increased to $1,890,000,- Recent changes cipally large disbursements 000 on August 26. This is a larger amount Lnanr™sbeerrves by the Treasury from its than was held by member banks at any time funds held on deposit with before the middle of 1934. A chart showing Federal Reserve banks. The reduction in changes in member bank reserve balances Treasury deposits reflected an excess of curin recent years is given on page 688 of this rent expenditures over receipts, offset in part BULLETIN. by repayments obtained by the Reconstruc- Excess reserves were so widely distributed tion Finance Corporation and the proceeds of among the member banks that few banks had a public sale of its notes by the Commodity an insufficient amount to meet Credit Corporation. On August 15, however, Effect of the increase in requirements. additional disbursements were made from member banks In the week including the in- Treasury funds in retiring about $50,000,000 crease a few scattered banks of Home Owners' Loan Corporation obligaborrowed at the Reserve banks but the total tions. Expenditures on account of adjusted amount borrowed was negligible. Total bills service payments, which totalled $850,000,000 discounted at the Reserve banks declined by in June, amounted to $340,000,000 in July, $2,000,000 in the week ending August 19, re- and to about $60,000,000 from August 1 to 19. flecting the repayment of one loan of $3,500,- In the last three weeks of June, when large 000 made in the preceding week and small adjusted service payments were being made, borrowings by other banks. Some banks the amount of money in circudrew upon their balances with other banks in Moneyin j ased by $310,000,lation ncre order to meet the increase in requirements. circulation 000 and since that time has In the week ending August 19 deposits of doshown only a moderate decline. There is mestic banks with reporting member banks usually some seasonal increase in the amount 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
682 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 of money in circulation during this period, about the usual seasonal amount, while the averaging in past years about $50,000,000. $10 to $100 denominations showed a total Some of the additional increase this year may return of $75,000,000, which is considerably reflect increasing wage payments and ex-larger than usual, but in every denomination panding amount of retail trade, but the larger up to $100 the return flow was less than the part evidently resulted from adjusted service increase in June. payments in the form of currency. During the first half of 1936 member bank From July 1 to 29 slightly more currency reserves showed little change, following rapid returned from circulation than is usual, growth in 1934 and 1935, but indicating some return of this unusual out- Condition of all member banks continued to member banks flow. The actual return during this period put into active use a portion amounted to $130,000,000, whereas usually of their large supply of idle funds. As shown there has been a return flow of about $80,- by the call report for June 30, they increased 000,000. In the first three weeks of August their loans and investments by $2,300,000,there was an outflow of $60,000,000, which is 000. As during the three previous years, about the usual amount. Taking various most of this increase was in United States factors into consideration, it appears that Government obligations, but a much larger approximately one-half of the outflow aris- amount than usual was in long-term United ing from adjusted service payments has not States Government bonds, and in further yet returned to the banks. contrast to previous years member banks Additional light is thrown upon the nature substantially increased their holdings of doof this movement by changes in the various mestic corporate securities and made a larger denominations of money in circulation, which volume of new loans to their customers. The are shown in the following table. In June increase in loans and investments resulted currency of all denominations up to and in-in a further growth of deposits at banks. cluding $100 increased more than in the same On June 30, 1936, demand and time deposits month last year, but the largest increases of the general public at all member banks were in denominations of from $10 to $100.amounted to $30,800,000,000, an increase of In these denominations alone the increase nearly $2,000,000,000 in the half-year and amounted to $230,000,000. Since the ad-the largest amount of such deposits ever rejusted service bonds were issued in denomi- ported by member banks. Interbank deposits showed a smaller increase than in other re- PAPER CURRENCY IN CIRCULATION, BY cent years, when reserves were rapidly ex- DENOMINATIONS panding. Detailed statistics from the call [In millions of dollars] reports are published in this issue of the Increase or on pages 703-704 and 718-719. decrease BULLETIN May 31, June 30, July 31, Since June 30, while the reserves of mem- Denominations 1936 1936 1936 In In ber banks have increased substantially, de- June July posits have shown little change, and at weekly $l-$5 1,303 1,345 1,337 +42 - 8 reporting member banks in leading cities $10 1,402 1,468 1, 459 +66 - 9 $20. 1,369 1,466 1,431 +97 -35 total loans and investments were $360,000,- $50 363 398 383 +35 -15 $100 648 683 667 +35 -16 000 smaller on August 19 than on July 1. The $500 and over.. . ._ 398 397 399 - 1 + 2 latter decline reflects in part a reduction in nations of $50, it is likely that currency of loans on securities, including brokers' loans, these denominations was largely used in cash- and in part a decrease at New York City ing them. In July the return from circula- banks in holdings of Government obligations, tion in the smaller denominations was ofwhich had increased considerably in June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 683 Loans to customers, which include loans for year, as did holdings of Federal land bank industrial, commercial, and agricultural pur- and intermediate credit bank obligations. poses, increased further at reporting banks From July 1 to August 19 there was some outside New York City. decline in investment holdings of weekly re- The growth in deposits in the first half of porting member banks in leading cities, rethis year was, as shown in the following flecting in part distribution to other holders table, fairly evenly divided among of new Treasury bonds bought by banks in Growth in ^he various classes of memberJune and the retirement of $50,000,000 of banks. From June 1933 to theHome Owners' Loan Corporation bonds on end of 1935 country banks showed a slightly August 15. larger rate of increase in deposits than central reserve city banks. That deposits at INVESTMENTS OF MEMBER BANKS [In millions of dollars] banks in central reserve cities are now so much larger than in 1929 while those at June 30,Dec. 31,June 31, 1936 1935 1933 country banks are still smaller is due to the fact that the decline in deposits from 1929 toU. S. Government obligations: Direct 11,722 10, 501 6,887 1933 was much greater at country banks Fully guaranteed ._ 1,950 1,768 Obligations of State and local governments. __ 2,264 2,159 1,744 than at the large city banks. Other domestic securities 3,530 3,138 2,942 Foreign securities 250 244 355 Total investments 19, 717 17,810 11,928 TOTAL ADJUSTED DEPOSITS AT MEMBER BANKS * [In millions of dollars] Growth in member bank holdings of direct obligations of the United States Government June 30,Dec. 31, June 30, Dec. 31, 1936 1935 1933 1929 was exceptionally large in the first half of this year, reflecting the substantial volume Central reserve city banks: New York 7,367 6,796 5,034 5,894 Chicago 1,990 1,814 1,271 1,347 ALL MEMBER BANKS-LOANS AND INVESTMENTS Reserve city banks 10, 790 10, 223 6,914 10,034 Country banks 10, 614 10,009 6,973 12,234 CALL DATES All member banks... 30, 761 28,842 20,191 29, 509 1 Total demand and time deposits minus United States # Government, Postal Savings and interbank deposits and cash items in process of collection. About $1,200,000,000 of the increase in investments of member banks during the first half of 1936, as shown in Increase in fae following table and in the investments . .. , , ~ TT o chart, was m United States Government direct obligations, nearly $200,000,- 000 in guaranteed obligations, and $500,000,- 1929 1930 1931 1932 1933 of new issues sold by the Treasury in March 000 in other securities. The increase in other and June. The total interest-bearing debt securities reflected principally substantially larger purchases of domestic corporate secu- of the United States Government, excluding rities by banks than in any other period since adjusted service bonds and other issues not 1930. All of the various reserve classes of offered for public sale, increased by about banks shared in this increase. Member bank $2,500,000,000 between December 31, 1935, holdings of obligations of State and local and June 30, 1936. Member banks increased governments, which have increased steadily their holdings by nearly half of this amount. with few interruptions since 1929, showed a Growth in the public debt in this period was further small growth in the first half of this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
684 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 principally in long-term bonds. New Treas- declined slightly in the first two months of ury bonds, maturing in 1951 and 1954, were this year, in the next four months showed sold in the amount of $2,850,000,000, while an increase of nearly $400,000,000, larger about $400,000,000 of maturing Treasury than was reported in any other period since notes were retired. United States Savings 1929, and, as previously mentioned, weekly bonds, which are currently offered for sale in reporting banks have shown a further insmall denominations through the post offices, crease since June. The growth from March showed an increase of $160,000,000. Correto June was divided among banks in New sponding to these changes in the public debt, York City, those in other reserve cities, and the increase in member bank holdings of country banks. The total amount of such United States Government obligations, as loans outstanding is now larger than at any shown in the following table, was almost time since the banking holiday in 1933 but wholly in Treasury bonds maturing after much smaller than in earlier years. Real 1949. All classes of banks shared in this inestate loans in the first six months of the year crease in holdings of long-term bonds but it showed an increase of nearly $60,000,000, was relatively larger at city banks, which most of which was at country banks and on generally hold mostly short-term obligations. real estate other than farm lands. New York City banks also increased their holdings of shorter-term bonds (maturing before 1950), while holdings of these bonds by CHANGES IN LOANS OF MEMBER BANKS other classes of banks declined. Holdings of Out- Increase or decrease Treasury notes declined somewhat, while stand- Dec. 31, 1935, to June 30, 1936 ing all those of Treasury bills showed little change. member All Central Re- Notwithstanding these changes, member banks mem- reserve serve Coun- June 30, ber city city try banks, particularly in the cities, continued to 1936 banks banks banks banks hold substantial amounts of short-term Gov- To brokers and dealers in ernment obligations. securities 1,345 +102 + 57 +32 + 13 To others on securities 2,863 - 30 + 16 -13 - 32 To banks 81 - 17 - 14 - 2 - 1 Real estate loans 2,340 + 56 + 6 + 7 + 44 CHANGES IN HOLDINGS OF DIRECT OBLIGATIONS OF Acceptances and commer- THE UNITED STATES GOVERNMENT cial paperi 557 QA - 91 -19 + 16 Other loans 5,355 +349 +178 +90 + 81 Increase or decrease since Total loans 12, 542 +367 +151 +95 +121 Hold- December 31, 1935 ings all memba b n er ks m A e l m l - C re e s n e t r r v a e l s R er e v - e Coun- op 1 e n I n m cl a u r d k e e s t. own acceptances held, as well as those bought in the June 30, ber city city try 1936 banks banks banks banks Loans to brokers and dealers in securities in New York City increased $30,000,000 in the Bonds: M Ot a h t e u r ring after 1949 2 2 , , 5 7 1 8 2 3 + +1 ,37 1 3 7 + + 5 1 9 5 6 2 + - 50 7 3 4 + - 27 6 4 2 first half of 1936, and similar T T r r e e a a s s u u r r y y n bi o l t l e s s 5 1 , , 1 26 6 5 1 + - 2 7 4 4 3 + - 4 7 7 1 + -1 8 3 5 0 + - 1 3 3 New statistics loans outside New York incredUCk"market creased $70,000,000. During Total 11,721 +1, 221 +724 +274 +223 this period there were wide The growth in member bank loans during fluctuations in these loans, as shown by the the first half of 1936, as shown in the fol- weekly figures for reporting member banks lowing table, occurred princi- in leading cities. Some of these fluctuations, Increase^in u j the category of "other particularly the increases early in March and pa y n loans," which include loans to June and subsequent decreases, reflected to a customers for commercial, industrial and large extent changes in borrowings by dealagricultural purposes. These loans, which ers in Government securities, rather than in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
685 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN borrowings by brokers carrying margin ac- sharply early in June and subsequently decounts. Monthly statistics of borrowings, clined by fully as much. together with other related information, compiled from the statements reported by mem- Designation of Vice Chairman of Board of bers of the New York Stock Exchange who Governors Effective as of August 6, Ronald Ransom carry margin accounts for customers, are was designated by the President as Vicepublished for the first time in this issue of the Chairman of the Board of Governors of the BULLETIN (see pages 693-695). They indicate Federal Reserve System for a term of four that there were increases in brokers' bor- years. Mr. Ransom has been a member of the Board since February 3,1936. rowings in March and April, the March increase being principally to finance additional advances to their customers, while that in Annual Report April appeared to be in anticipation of the The complete edition of the Annual Report of the Board of Governors for 1935 is now effective date of the Board's Regulation U, available. This edition includes the text of which fixed for the first time margin requirethe report and the record of action on quesments on loans by banks, including loans to tions of policy by the Board of Governors brokers, for purchasing or carrying stocks. and by the Federal Open Market Committee Borrowings by these reporting brokers de- which were available earlier this year in the brief edition of the Annual Report and in clined in May and have since shown little addition contains the usual statistical tables change, although loans by banks to both and other matters of record usually published brokers and dealers in securities increased in the complete edition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
686 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 26 and released for publication August 28] Production, employment, and trade in- creased at textile mills and meatpacking creased further in July, when allowance is plants, and declined less than seasonally at made for the usual seasonal changes, and establishments producing wearing apparel. commodity prices continued to advance. Factory payrolls decreased by a smaller Money rates remained at extremely low amount than is usual in July. levels. Production and employment.—Industrial PERCI PER CENT production, which usually declines consider- 120 FACTC)RYENIPLOYItfENT 120 ably in July, was maintained at the level of 110 110 the preceding three months, and the Board's 100 100 PER CENT PERCENT 140 INDUSTRIAL PRODUCTION 140 90 \ 90 130 130 \ 80 r- 80 120 120 \ J 110 110 70 V 70 J \ 100 \ A 100 60 60 V 90 \ \ A / 90 50 50 80 80 1929 1930 1931 1932 1933 1934 1935 1936 V 70 70 Monthly index of number employed at factories, adjusted for seasonal variation, 1923-1925 average = 100. 60 60 The value of construction contracts 50 50 awarded increased considerably from June 1929 1930 1931 1932 1933 1934 1935 1936 to July, according to the F. W. Dodge Corpo- Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average — 100. ration, with large increases reported for both publicly - financed and privately - financed seasonally adjusted index advanced to 108 work. percent of the 1923-1925 average as com- Agriculture.—Crop prospects declined durpared with 103 percent in June. Output of ing July as a result of continued drought. steel continued at about the June rate, al- On the basis of August 1 conditions, the corn though a sharp decrease is usual, and auto- crop was estimated by the Department of mobile production declined by less than the Agriculture at 1,439,000,000 bushels, a reducusual amount. In the first three weeks of tion of 37 percent from last season, and esti- August there was little change in activity at mates for spring wheat, oats, hay, and potasteel mills, while at automobile factories outtoes were also considerably under the put was curtailed as preparations were made harvests of a year ago. The cotton crop was for the production of 1937 models. Output forecast at 12,481,000 bales as compared with of nondurable products was larger in July 10,638,000 bales last year and an average of than in June, reflecting chiefly a sharp rise in 14,667,000 bales during the five years 1928activity at cotton mills and greater than sea- 1932. sonal increases in production at shoe fac- Distribution. —Retail trade was sustained tories, silk mills and flour mills. At coal in July at a higher level than is usual in that mines output increased and crude petroleum continued to be produced in large volume. month. The Board's adjusted index of department store sales, which allows for a con- Factory employment increased further in July, contrary to seasonal tendency. The siderable seasonal decline, increased from 88 number of workers was larger than in June percent of the 1923-1925 average in June to at steel mills, foundry and machine shops, 91 percent in July and mail order and variety and furniture factories, while at railroad re- store sales also showed smaller decreases pair shops there was a decline. Among the than are usual for the season. Freight-car nondurable goods industries employment in- loadings increased in July. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
687 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 banks. The money market was not affected 250 DEPARTMENT STORE SALES 250'. by the action, and interest rates remained at extremely low levels. In the week ending 200 200" August 19 a few scattered banks borrowed at the Reserve banks, but the total amount 150 150 BILLIONS OF DOLLARS 100 V V 50 _ Adjusted for seasonal variation Without seasonal adjustment 0 1929 1930 1931 1932 1933 1934 1935 1936 Indexes of value of sales, 1923-1925 average = 100. Commodity prices.—Wholesale commodity prices continued to advance between the to Customers Street L middle of July and the middle of August. Prices of wheat, flour, feed grains, and dairy products rose considerably, owing primarily Wednesday figures for reporting member banks in 101 leading cities, September 5, 1934 to August 19, 1936. Loans on real to the drought, and livestock prices also ad- estate, loans to banks, and acceptances and commercial paper bought included in total loans and investments but not shown vanced while cotton declined. There was a separately. considerable increase in the price of steel scrap. borrowed was negligible and some banks drew upon their balances with other banks Bank credit.—Excess reserves of member in order to meet the increase in requirements. banks decreased from $2,920,000,000 on July Deposits of domestic banks with reporting 15 to $1,810,000,000 on August 19. About member banks in leading cities declined by $1,470,000,000 of excess reserves were ab- $210,000,000 in the week. sorbed by the increase of 50 percent in re- Between July 15 and August 19 loans and serve requirements of member banks, which investments of reporting member banks in went into effect August 15. This decrease leading cities declined by $260,000,000, rewas offset in part by a growth of $360,000,flecting reductions of $130,000,000 in loans 000 in total reserve balances, reflecting prin- en securities and of $160,000,000 in holdings cipally large disbursements by the Treasury of United States Government direct obligafrom its funds held on deposit with Federal tions, partly offset by an increase of $60,- Reserve banks. 000,000 in other loans to customers. Ad- After the increase in reserve requirements justed demand deposits, which increased to there remained a large amount of excess re- a new high level on July 22, were slightly serves widely distributed among member smaller on August 19. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
688 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 MEMBER BANK RESERVES AND RELATED ITEMS Wednesday figures BILLIONS OF DOLLARS BILLIONS OF DOLLARS 11 • 1 1 I MEMBER BANK RESERVE BALANCES 1930 1931 1932 1933 1934 1935 1936 Latest figures for August 19, 1936. See table on page 710. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 689 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1936 1935 Annual averages July June May July June May 1932 1933 1934 1935 RESERVE BANK CREDIT, MEMBER BANK RESERVES, (Averages of daily figures; in millions of dollars) AND RELATED ITEMS Reserve bank credit—total 2,474 2,478 2,476 2,473 2,479 2,476 1,459 2,077 2,429 2,502 2,475 Bills discounted 3 6 5 7 8 7 952 521 283 36 Bills bought 3 3 4 5 5 5 241 71 83 25 5 U. S. Government securities 2,430 2,430 2,430 2,430 2,431 2,434 208 1,461 2,052 2,432 2,431 Monetary gold stock 10, 629 10, 514 10, 324 9, 128 9,025 8,755 3,996 3,952 4,059 7,512 9,059 Treasury currency 2,497 2,492 2,495 2,504 2,513 2,534 2,015 2,096 2,271 2,381 2,478 Money in circulation 6, 203 6,062 5,918 5, 550 5,522 5,507 4, 476 5,328 5,576 5,403 5,585 Treasury cash and deposits with Federal Reserve banks.. 2,999 3,372 3,133 3,032 2,989 2,942 229 275 343 2,879 2,919 Nonmember deposits and other accounts 536 567 606 552 527 537 406 407 497 438 507 Member bank reserve balances: Total 5,861 5,484 5, 638 4, 970 4,979 4,778 2, 358 2, 114 2,343 3,676 5,001 Excess 2,907 r2, 593 2,800 2,385 2,438 2,297 43 256 528 1, 564 2,469 (Averages of Wednesday figures; in millions of dollars) REPORTING MEMBER BANKS Total loans and investments 22, 484 22, 373 21, 832 19, 909 19, 88719, 814 22, 599 19,080 17, 505 18, 672 19, 997 Loans to brokers in New York City. 936 1,074 973 869 844 844 1,405 337 591 815 820 Other loans on securities 2,307 2,334 2,290 2,262 2,289 2,306 6,251 4,508 3,343 2,711 2,301 All other loans 5,131 5,127 5,092 4,812 4,895 4,933 9,231 6,578 5,222 4,965 4,907 U. S. Government obligations: Direct 9,484 9,202 8,877 7,930 7,910 7,853 2,865 4,413 5,228 6,856 7,989 Fully guaranteed 1,278 1,303 1,286 994 943 787 «325 928 Other securities 3,348 3,333 3,314 3,042 3,006 3,091 2,847 3,245 3,121 "3,000 3,052 Reserve with Federal Reserve banks 4,710 4,389 4,577 3,969 4,041 3,820 1,725 1,673 1,822 2,875 4,024 Cash in vault 386 387 378 323 318 301 248 214 240 271 326 Balances with domestic banks 2,493 2,290 2,283 2,056 2,018 2,043 1,142 1,250 1,322 1,688 2,112 Demand deposits—adjusted 14, 752 14, 563 14, 371 13,038 12, 81412, 373 (0 0) 0) 0) 12, 729 Time deposits (excluding interbank)2 5,007 5, 037 5,051 4,848 4,874 4,970 6,788 5,666 4,946 4,937 4,883 Deposits of domestic banks3 6,037 5,503 5,477 4,840 4,747 4,758 2,787 2,772 2,822 3,814 4,938 Borrowings 3 14 6 6 674 228 115 8 MONEY RATES AND BOND YIELDS (Averages of weekly figures; percent per annum) Commercial paper .75 .75 .75 .75 .75 .75 5.85 2.73 1.72 1.02 .76 Stock exchange call loans 1.00 1.00 .93 .25 .25 .25 7.61 2.05 1.16 1.00 .56 U. S. Treasury bills .14 .23 .18 .07 .13 .15 .52 .14 U. S. Treasury bonds, long term 2.50 2.50 2.50 2.59 2.61 2.61 3.60 3.66 3.31 3.10 2.70 Corporate high grade bonds (Moody's Aaa) _ 3.50 3.55 3.58 3.70 3.72 3.74 4. 73 5.01 4.49 4.00 3.74 CAPITAL ISSUES (Amounts per month; in millions of dollars) All issues—total 338 731 413 640 512 472 959 146 89 180 New 103 217 112 134 58 87 841 100 60 116 124 Refunding 236 514 302 506 454 384 118 46 29 64 265 Domestic corporate issues—total.. 294 528 305 542 129 127 781 54 32 41 189 New 70 152 38 55 14 45 667 27 13 15 34 Refunding 225 376 267 487 115 82 115 27 18 26 155 PRICES (Index numbers) Common stocks (1926=100) 106 101 79 76 73 190 48 63 72 78 Wholesale commodity prices (1926=100): All commodities 79 79 79 80 80 95 65 66 75 80 Farm products 78 75 77 78 81 105 48 51 65 79 Foods 80 78 82 83 84 100 61 61 71 84 Other commodities 79 79 78 78 78 92 70 71 78 78 Retail food prices (1923-25=100) 84 80 80 82 81 105 68 66 74 BUSINESS INDEXES (Index numbers, adjusted for seasonal variation, 1923-25=100) Industrial production 103 101 86 86 85 119 64 76 79 90 Manufactures 104 100 86 84 84 119 63 75 78 90 Minerals 99 101 84 98 89 115 71 82 86 91 Construction—total 52 46 35 30 27 117 28 25 32 37 Residential 36 32 25 24 21 87 13 11 12 21 All other 65 57 43 36 32 142 40 37 48 50 Factory employment 86 86 81 80 81 105 64 69 79 82 Factory payrolls (unadjusted). '79 79 65 66 '68 109 46 49 62 70 Freight car loadings 70 70 58 63 61 106 56 58 62 63 Department store sales r87 87 80 79 74 111 69 67 75 79 MERCHANDISE EXPORTS AND IMPORTS (Amounts per month; in millions of dollars) Exports, including re-exports.. General imports.. p Preliminary. r Revised. e Partly estimated. i Figures not available. 2 Includes time deposits of banks, domestic and foreign, 1929-1934. » Does not include time deposits 1929-1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
690 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 LAW DEPARTMENT Report by executive officer of a member bank of his officer to the board of directors of the member indebtedness evidenced by a note discounted by bank of which he is an executive officer in another bank order to comply with the requirements of The advice of the Board was recently re- section 22 (g) of the Federal Reserve Act and quested as to whether an executive officer of section 5 of the Board's Regulation 0. a member bank who gives his note to a com- From the statement of facts presented in mercial house which later discounts it with the inquiry, it appeared that the executive another bank is required under Regulation 0 officer became personally indebted to a brokto report such indebtedness to the board of erage firm as a result of losses sustained by directors of the member bank of which he is him in connection with certain stock transan executive officer. actions ; that upon the death of a partner in Section l(c) of Regulation 0 defines such firm the indebtedness in question was the terms "loan," "loaning," "extension of included in the assets of such partner's estate credit," and "extend credit" to include "the being administered by the trust company as acquisition by discount, purchase, exchange, trustee; and that the executive officer gave or otherwise of any note, draft, bill of exhis renewal note covering such indebtedness change or other evidence of indebtedness to the trust company in 1929. upon which an executive officer may be liable Section 22 (g) of the Federal Reserve Act, as maker, drawer, indorser, guarantor, or which was added to the law by the Banking surety," with certain exceptions not ap- Act of 1933, provides, in part, that if any plicable to the question under consideration. executive officer of a member bank be in- Section 5 of such regulation provides, in subdebted to any bank other than a member bank stance, that if an executive officer of a memof which he is an executive officer he shall ber bank becomes indebted to any bank other make a written report of such indebtedness than the member bank of which he is an to the board of directors of the member bank executive officer he shall make a written reof which he is an executive officer, and secport of such indebtedness to his board of tion 5 of the Board's regulation 0 provides, directors. Therefore, when an obligation of among other things, that an executive officer an executive officer is acquired by another of a member bank who, on the effective date bank in the manner described above he thereupon becomes indebted to such bank within of such regulation (January 1, 1936), is the meaning of the Board's Regulation 0 and indebted to any bank other than the member such indebtedness is required to be reported bank of which he is an executive officer shall as provided in section 5 of such regulation. make the report required by the law. It appeared from the facts stated above that The Board realizes, of course, in the case the executive officer was indebted to the trust of obligations of executive officers of member company as trustee on the date of the enactbanks given to others than banks, that the ment of section 22 (g) and also on the effecexecutive officer involved will not always tive date of the Board's Regulation 0 as well know when his obligation has been acquired by another bank. However, when the execu- as at the time of the Board's consideration tive officer becomes aware of such fact, he of the matter, and the only question was should make a written report of such indebt- whether the indebtedness to the trust comedness as required in section 5 of the Board's pany in its capacity as trustee is required to Regulation 0. be reported. The Board's ruling published in the May 1936 issue of the FEDERAL RESERVE BUL- Report by executive officer of a member bank of LETIN at page 324 related to an indebtedness indebtedness to another bank in its capacity as of an executive officer of a member bank to trustee another bank arising as a result of the lending The Board has received an inquiry as to of trust funds but the effect of such ruling whether the indebtedness of an executive offi- was to disregard any technical distinction cer of a member bank to a trust company in between a bank's lending funds in its own its capacity as trustee of the estate of an indi- right and lending funds in its capacity as vidual should be reported by the executive trustee. The fact that the original indebted- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 691 ness of the executive officer did not arise as held by the bank in a fiduciary capacity, and a result of the lending of trust funds by the this is a matter which must be determined on trust company but accrued to the trust com- the basis of all the facts and circumstances pany by virtue of its appointment as trustee involved. The Board does not deem it desiris not sufficient to remove the transaction able to attempt to prescribe any general rule from the provisions of the law. It is appa- as to what funds are or are not held in a rent that Congress contemplated that the fiduciary capacity and, in this connection, board of directors of a member bank should attention is invited to the ruling of the Board be advised of the indebtedness of the execu- published in the FEDERAL RESERVE BULtive officers of such bank to other banks LETIN for May 1922, at page 572, in which without regard to the manner in which the the principle was laid down that "all funds indebtedness may arise and, therefore, the received by a bank in the course of its comindebtedness in question should be reported mercial or fiduciary business must be treated by the executive officer as provided in section either as deposits against which reserves 5 of the Board's Regulation 0. must be carried, or as trust funds subject to the ordinary restrictions and safeguards imposed upon the custody and use of trust Deposit of collateral with trust department for use of funds, and that whether a certain deposit trust funds in conduct of bank's business falls in one category or the other must depend The Board of Governors has recently had in each case upon the particular terms and occasion to consider whether, under the pro- conditions under which it was made." Howvisions of subsection (b) of section 9 of ever, if it is evident in a particular case that its Regulation F, relating to the exercise of no fiduciary relationship exists, subsection trust powers by national banks, collateral of (b) of section 9 of Regulation F does not the kinds specified therein is required to be require collateral to be pledged with the trust pledged as security with the trust depart- department when funds received or held by ment of a national bank if agency, escrow, such department are used by the bank in the receivership and custodianship funds are conduct of its business; but where doubt deposited by the trust department in the com- exists as to the status of any such funds, and mercial department. the funds are used in the commercial or sav- Subsection (b) of section 9 of Regulation ings department of the bank, such funds F provides that funds received or held by a should be protected by collateral in the mannational bank as fiduciary awaiting invest- ner required by the regulation, the presumpment or distribution shall not be used by the tion being that an account handled through bank in the conduct of its business unless it the trust department involves a fiduciary first delivers to its trust department, as col- relationship. lateral security: (1) Bonds, notes, bills, certificates of indebtedness or other direct obligations of the United States, National bank not permitted to invest trust funds in or obligations fully guaranteed by the United States obligations executed by an officer of such bank as as to principal and interest; or a receiver (2) Other readily marketable securities of the The Board recently received an inquiry classes in which State trust companies or State banks concerning the question whether subsection exercising trust powers are authorized or permitted to invest trust funds under the laws of the State in (a) of section 11 of its Regulation F, Trust which such national bank is located; or Powers of National Banks, revised effective (3) Other readily marketable securities of the June 1, 1936, prohibits the investment of classes defined as "investment securities" pursuant to section 5136 of the Revised Statutes of the United trust funds by a national bank in obligations States, as amended. executed by an officer of the bank as a receiver appointed by a Federal court. The question whether it is necessary to The pertinent provisions of the regulation deliver to the trust department securities of read as follows: the kinds specified when funds are deposited by the trust department in the commercial or (a) Obligations of trustee bank or its directors, savings department of the bank depends upon officers, etc.—Funds received or held by a national bank as fiduciary shall not be invested in stock or whether the particular funds so deposited are obligations of, or property acquired from, the bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
692 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 or its directors, officers, or employees, or their inter- Record of pending litigation required by Board's ests, or in stock or obligations of, or property ac- Regulation F quired from, affiliates of the bank. Subsection (b) of section 7 of the Board's Regulation F, Trust Powers of National With respect to such provisions, footnote Banks, revised effective June 1, 1936, reads numbered 10 states: as follows: * * * this requirement contemplates that the national bank will not invest trust funds in the (b) Record of pending litigation.—Every such obligations of any organization in which officers, national bank shall keep an adequate record of all litigation pending against it in connection with its directors, or employees of the bank have such an administration of any trust. interest as might affect the exercise of the best judgment of the management of the bank in investing In reply to a recent inquiry, the Board trust funds. * * * stated that the above-quoted provision is intended to apply only to litigation involving In response to such inquiry, the Board alleged negligence or misconduct of the bank ruled that such an investment comes within for which the bank is answerable individthe intent and purpose of the prohibition conually. The Board further stated that, while tained in the above-quoted provisions of the such provision does not apply to litigation regulation, stating that, while the interest of involving the validity of a will or claims the officer of the bank when acting as receiver against an estate where there is no allegation would be an official interest rather than a of negligence or misconduct of the bank for personal interest in the obligation, it felt that which the bank is answerable individually, it even an official interest of this kind is such is assumed that the bank will, of course, keep as might influence the action of the bank and such records in that connection as will enable affect the exercise of the best judgment of the it properly to discharge its duties as a bank in investing trust funds. fiduciary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 693 STATISTICS ON MARGIN ACCOUNTS For a number of years statistics have been accounts for customers. It is estimated that available with reference to the volume of at the present time these firms extend at least credit extended by banks and others to brok- 90 percent of the credit that is extended to ers and dealers in securities. The principal customers by all brokers and dealers in secuseries of figures from the point of view of rities in the United States. the lender has been published weekly by the The principal items shown on these reports Board of Governors of the Federal Reserve are "Customers' debit balances," represent- System showing the volume of loans on se-ing credit extended by brokers to their cuscurities made by weekly reporting member tomers, and "Money borrowed," representing banks, both in New York City and elsewhere, most of the credit obtained by these brokers. to brokers and dealers in securities, while The reports also show other items from both figures from the point of view of the bor-sides of the ledger which facilitate the interrower have been published monthly by thepretation of changes from month to month in New York Stock Exchange. In addition to the principal items. Borrowing by brokers these figures there is initiated in this issue at the present time is principally for the purthe regular publication of statistics of the pose of relending to customers, but part of the volume of credit extended by brokers to funds borrowed are for other purposes and their customers, together with related items. part of the credit extended to customers is These figures are derived from monthly re- from other sources. The fact that loans by ports of member firms of national securities brokers to their customers exceed the brokexchanges inaugurated by the Board in con- ers' borrowings is accounted for by the fact nection with its responsibilities under the that they hold, in addition to the brokers' own Securities Exchange Act of 1934. capital funds, substantial credit balances for The new figures cover the period since the customers. end of September 1935 when the Board ob- The table at the bottom of this page, which tained its first comprehensive reports.1 The will be brought to date currently in subseconsolidated figures published herewith are quent issues of the BULLETIN, shows the based on the reports of member firms of thecourse during recent months of the volume of New York Stock Exchange carrying margin credit extended to customers and of the volume of credit obtained from banks and other 1A copy of the form on which these figures are reported, lenders by the brokers who have extended this together with accompanying instructions and illustrative figures, credit to customers, together with principal appears at the end of this article. STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS—CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS [Member firms of New York Stock Exchange. Ledger ban-nces in millions of dollars] Debit balances Credit balances Customers' credit balances1 Other credit balances Debit Debit End of month Customers' balances in balances in Cash on debit partners' firm hand Money In In balances investment investment and in bor- partners' firm In (net)i an a d c c t o r u a n d t i s ng an a d c c t o r u a n d t i s ng banks rowed2 Free O (n th et e ) r m in en v t e s a t n - d m i e n n v t e a s n t- d a c c a c p o i u t n al ts trading trading (net) accounts accounts 1935—September 1, 098 65 119 182 771 257 89 23 12 396 October._ - _ 1,147 68 119 187 806 277 93 22 10 405 November 1,212 73 134 189 859 294 92 22 13 415 December .. __ 1,258 75 135 179 930 286 79 24 10 410 1936—January .__ 1,297 63 139 193 922 319 91 26 17 416 February 1,290 64 147 208 908 328 98 26 15 425 March _ - 1,351 67 168 181 995 303 89 23 15 429 \pril 1, 295 65 173 268 1,033 301 88 28 13 426 May 1, 257 65 159 229 970 282 83 25 14 422 June 1, 267 67 164 219 985 276 86 24 14 420 July 1, 295 68 158 221 981 287 96 24 14 422 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
694 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 related items. It shows that "Customers' erage business. Such operations are reflected debit balances" increased from the end of in the item "Debit balances in firm invest- September 1935 to the end of March 1936 by ment and trading accounts," changes in about $250,000,000, to the level of $1,350,- which arise to some extent from increase or 000,000, and that during the next two months decrease in the firms' holdings of securities these debit balances decreased by about carried for distribution to customers as well $100,000,000, followed by an increase of as from changes in investment and speculaabout $40,000,000 during June and July. tive holdings. Attention is also called to the The table also indicates that, with occasional fact that the reported figures are derived altoexceptions, the movements in the volume of gether from money balances as shown by the brokers' borrowings have in general corre- ledger and that they do not show the value of sponded with these movements in customers' the securities carried by the reporting firms debit balances. An exception appeared last for customers nor the current market value of April when, prior to the effective date of the the securities owned by these firms them- Board's Regulation U, governing loans by selves. For this reason, and for the further banks to brokers, the latter's borrowings reason that some firms eliminate from their increased while the customers' debit balances books such assets as exchange seats, the sumdecreased, with a consequent sharp increase marized figures of ledger balances do not in brokers' cash holdings. disclose the "financial condition" of the reporting firms. Neither does the total amount It is apparent that the principal factor in reported against Item 19, "Net balance in changes from time to time in the volume capital and profit and loss accounts and partof brokers' borrowings is changes in the ners' drawing accounts," represent the actual amount of credit extended by them to their net capital of these houses—which is a figure customers, but changes in other items are that can be fairly arrived at only on the basis sometimes important factors. These include of more voluminous reports such as the semichanges in the total of customers' credit balannual audited reports made confidentially ances, changes in the amount of cash curby member firms, some at one time and some rently held by brokers on deposit in banks, at another, to the Business Conduct Commitand changes in the firms' financial require- tee of the New York Stock Exchange. ments for purchasing or carrying securities Figures showing the value of securities for their own account or for the account of held are not collected monthly by the Board, their partners, who are not included among for the reason that such figures are not neces- "customers" for the purposes of this report. sary on a current basis in a reporting service Changes in other items shown in the table are that is intended primarily to show currently at times of some significance. the course of stock exchange credit, and for The figures here presented as "Money borthe further reason that the preparation of rowed" will be found to differ somewhat from these figures would be a task too burdensome the figures on brokers' loans which have been to impose frequently on the reporting firms. published monthly by the New York Stock From time to time, however, the New York Exchange. The latter series includes the Stock Exchange has collected figures showing borrowings of all member firms of that the value of securities held in the principal exchange, while the present figures include classes of customers' accounts. A summary only the borrowings of member firms carry- of such figures collected as of three dates in ing margin accounts. On the other hand, the the spring of 1936 was released to the press figures in this table include all money bor- by the Exchange early in July 1936 and a rowed, except from other member firms, summary of figures so collected in the sumregardless of where the borrowing is ar- mer of 1934 was published in the FEDERAL ranged and regardless of the collateral RESERVE BULLETIN for October 1934. pledged, whereas the Stock Exchange figures For purposes of reference, a table is also include only money borrowed in New York appended showing for two dates—Decem- City on security collateral. ber 31, 1935, and June 30, 1936—the total While the reporting firms covered by the of each reported item for all of the reporttable include no firms which do not carry ing firms. The items are stated and nummargin accounts for customers, they do in- bered as they appear on the form—Form clude firms which engage in operations as F. R. 240—which is used by member firms in dealers in securities, which they buy and sell making their reports. Following the table for their own account, as well as in the brok- there is published a copy of the instructions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 695 which will serve to indicate in some detail the with a debit balance and the other with a method used by the reporting firms in deriv- credit balance, the two are combined and the ing the reported figures from their ledgers. firm reports only the net credit balance or the The technical nomenclature of the items to be net debit balance as the case may be. For taken into account follows in general the example, in case a customer has a security commonly accepted rules of brokerage ac- account showing a debit balance of $10,000 counting which are explained in available and an account in commodity futures showmanuals on that subject. A special point to ing a credit balance of $2,000, the firm be noted, however, is that many of the items would include an item of $8,000 against the are reported on a "net basis." On this basis, appropriate caption—Customers' net debit if a given customer has two accounts, one balances. CONSOLIDATION OF REPORTS OF MEMBER FIRMS OF NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS (ABOUT 420 FIRMS) Total of LEDGER BALANCES (in millions of dollars) Dec. 31, 1935 June 30,1936 DEBITS 1. Cash on hand and in banks 179 219 2. Securities borrowed 32 41 3. Securities sold, delivery pending (Failed to deliver) 51 44 4. NET debit balances due from member firms of national securities exchanges: (a) Member firms of New York Stock Exchange 102 92 (b) Member firms of other national securities exchanges 20 18 5. NET debit balances due from all other customers exclusive of partners of this firm 1,258 1, 267 6. NET debit balances in partners' individual investment and trading accounts 75 67 7. Debit balances in firm investment and trading accounts 135 161 8. Commodity margins on deposit with banks, and commodity guaranty funds on deposit- 18 12 9. All other debit balances 93 93 10. TOTAL OF ITEMS 1-9 1,962 2,017 CREDITS 11. Money borrowed: (a) From bank^ and trust companies in New York City 882 914 (b) From banks and trust companies elsewhere in the United States 36 59 (c) From other lenders (NOT INCLUDING members of national securities exchanges)_ 11 12 12. Securities loaned 42 55 13. Securities bought, delivery pending (Failed to receive) 51 39 14. NET credit balances due to member firms of national securities exchanges: (a) Member firms of New York Stock Exchange 97 88 (b) Member firms of other national securities exchanges 3 4 15. Credit balances of other customers exclusive of partners of this firm: (a) Free credit balances 286 276 (b) Other NET credit balances 79 86 16. NET credit balances in partners' individual investment and trading accounts 24 24 17. Credit balances in firm investment and trading accounts 10 14 18. All other credit balances (EXCEPT those included in Item 19) 31 26 19. Net balance in capital and profit and loss accounts and partners' drawing accounts 410 420 20. TOTAL OF ITEMS 11-19 1,962 2,017 21. (Memorandum) Valuation of short security positions carried— Against reported debit balances: at. For member firms (of exchanges other than N. Y. S. E.) (Item 4b)_. 1 1 bl. For other customers (exclusive of partners of this firm) (Item 5) 12 13 cl. In partners' individual investment and trading accounts (Item 6)_ 1 1 dl. In firm investment and trading accounts (Item 7) 1 2 Against reported credit balances— a2. For member firms (of exchanges other than N. Y. S. E.) (Item 14b) _ 0) 1 b2. For other customers (exclusive of partners of this firm) (Item 15b)... 33 45 c2. In partners' individual investment and trading accounts (Item 16)... 0) 0) d2. In firm investment and trading accounts (Item 17) 7 9 1 Less than $500,000. INSTRUCTIONS General instructions—-Make single combined report covering main office and all branches (domestic and foreign). TOTALS only are to be reported, with no separate listing of individual accounts. ITEM 1.—Include only cash on hand and deposited in banks in the United States. ITEMS 4 AND 14—An account carried for a firm, or with a firm, which is a member both of the Naw York Stock Exchange and of one or more other national securities exchanges, should be included among accounts of member firms of the New York Stock Exchange. ITEMS 4, 5,14, AND 15—Where NET balances are called for, ALH accounts of EACH firm or other customer should be combined and the net balanca of each firm or other customer included under the proper caption. ITEMS 6 AND 16—NET balances should be determined for EACH partner and reported under the proper caption. Include ALL of the partner's accounts, except capital and drawing accounts, wThich are to be included in Item 19. ITEMS 7 AND 17—Balances in firm investment and trading accounts should NOT be combined, but all debit balances in such accounts should be included in Item 7 and all credit balances in such accounts should be included in Item 17. ITEM 10—Item 10 must agree with Item 20. ITEM 14—Should include not only net credit balances of correspondents, etc., who are members of national securities exchanges, but also any "money borrowed" from members of such exchanges. ITEM 21—Valuation of short security positions may be on the basis of market value or on the basis of proceeds of sale, whichever procedure is in accordance with the customary practice of the firm in bringing dowTn customers' positions. 1 Including security accounts, both long and short, commodity accounts, and all othar accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
696 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 GROWTH AND DISTRIBUTION OF LARGE DEPOSITS Since 1933 deposits in banks have in- was about 10,800 on October 25, 1933, and creased rapidly, following a sharp decrease 11,600 on November 1, 1935, and the dollar in the three previous years. At present the amount of deposits in all accounts reported depression losses have been approximately on the latter date aggregated $6,200,000,000. regained and the total amount of deposits in About 9,900 identical accounts, with deposits all banks in the country is about as large as it aggregating about $5,600,000,000 on Novemhas ever been. Although it is known that total ber 1, 1935, were reported as of both dates. deposits have increased and that the growth Further details regarding the scope and nahas been broadly distributed throughout the ture of the survey and its representativeness country, little information has been available are given in a later section of this article. as to the distribution of deposits among Results of this survey, as discussed more various types of holders. For the purpose of fully below, indicate that the rapid growth obtaining information of this nature, the which has occurred in bank deposits in the Board of Governors recently made a survey period of business recovery since 1933 has of the ownership of large deposit accounts been widely distributed among various ecoin 1933 and in 1935. The study was under- nomic classes of depositors, as well as regiontaken to ascertain the distribution of depos- ally. Deposits of consumers have grown, as its among large and small depositors and well as those of a business or financial nature. among different economic groups and the sig- The growth of deposits of concerns engaged nificance of changes in the distribution. in trade, commerce, and industry not only For the purpose of the survey special tabu- indicates that business has been building up lations were made by 98 large member banks large cash balances but also helps to explain of their largest individual demand and time the small demand for commercial and indusdeposit accounts 1 for two dates—October 25, trial borrowing at banks and also in part the 1933, and November 1, 1935. The accounts small amount of securities issued to obtain new capital. The growth of large deposit balances to the credit of individuals and finan- LARGE DEPOSITS IN 98 MEMBER BANKS cial concerns reflects the accumulation of idle [Amounts in millions of dollars] funds awaiting investment and also explains Number of Total amount of in part the active demand for securities. The accounts balances growth in both business and financial deposits is an important factor in the prevail- Oct. 25 Nov. 1 Oct. 25 Nov. 1 Percentage 1933 1935 1933 1935 change ing low level of interest rates on long-term as well as on short-term obligations and indi- Total accounts reported: cates that there is a large volume of idle funds Demand deposits. __ 9,589 10, 478 3,707 5,716 +54 Time deposits 1,260 1,146 676 513 -24 available for current use in business or for Total 10, 849 11, 624 4,383 6, 229 +42 investment, independent of any further expansion that may occur in loans and invest- Identical accounts: Demand deposits___ 9,188 3,592 5,243 +46 ments of banks. Time deposits "t55 375 373 - 1 Total 9,943 3,967 5,616 +42 Growth of large deposits.—Total large deposits covered by the survey, as shown in the were divided into 9 groups according to broad above table, increased by about 40 percent in economic classifications of depositors. For the two years from the autumn of 1933 to the the two largest banks the reports covered autumn of 1935. In the same period it is only accounts that amounted on either date estimated that total deposits at all banks in to more than $500,000, for 8 other large the country, excluding interbank deposits, banks accounts of over $250,000, and for the increased by about 25 percent. In large deremaining 88 large banks accounts of over mand deposits the increase amounted to 54 $100,000. The total number of large accounts percent for all reported accounts and to 46 reported, as shown in the above table, percent for identical accounts open on both dates, the latter percentage being the same 1 Individual demand and time deposits, as the term is here as that for total individual demand deposits 2 used, excludes deposits of banks, U. S. Government, Postal Savings System, and other public bodies, also certified and officers' checks and Christmas savings and similar special savings accounts. 2 See footnote 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 697 in all member banks. It would seem, there- the various economic groups is shown in the fore, that large deposits in checking accounts following table: showed about the same growth in the period as did all other demand deposits. In this con- REPORTED LARGE DEMAND DEPOSITS IN IDENTICAL nection, however, it is believed, for reasons ACCOUNTS explained later, that the figures shown for [Amounts in millions of dollars] large deposits may somewhat understate the concentration of cash funds in large holdings. Total amount of balances Number One striking development shown by the Groups of survey is the relatively small amount of large accounts Oc 1 t 9 . 3 3 25, No 19 v 3 . 5 1, Pe c r h c a e n n g ta e ge time deposits reported and also the decline in time deposits held in large balances, while Manufacturing and mining._ 3,489 1,323 1,883 +42 both total time deposits and large demand P R u a b il l r i o c a u d t s i l a it n ie d s shipping 7 5 2 1 7 5 3 2 7 7 5 2 4 5 0 2 2 6 + + 4 4 8 0 accounts were increasing. The small volume Trade and service _ - 822 231 272 +18 of time deposits reported indicates that large Total industry, comholdings of cash by corporations and individ- merce, and trade 5,553 2,201 3,083 +40 uals are mainly kept in demand accounts. Insurance, real estate, and securities ._ _ 1,846 836 1,150 +37 The decline in large time deposits in the Individuals and personal period covered no doubt reflects the growing Ba h n o k ld s i ' ng o w co n m p tr a u n s ie t s depart- _ 1,114 257 359 +40 practice among banks to pay no interest on ments __ __ 54 125 424 +240 large time deposits, owing to the prevailing Total financial 3,014 1,219 1,933 +59 low rate of return on money. In these cir- A Fo ll r e o i t g h n er 5 8 3 8 3 1 2 5 1 2 17 5 7 1 + + 1 1 4 6 6 cumstances there is no advantage in holding Total 9,188 3, 592 5,244 +46 funds in a time deposit rather than in a somewhat more convenient checking account. Because of this situation most of the discussion Probably the most striking characteristic in this article is concerned with changes in of the above table is that most of the impordemand deposits. tant groups showed increases of around 40 Although the total amount of deposits in percent, which is not much different from large accounts showed a substantial increase the increase in all reported large demand in the period from October 25, 1933, to No-deposits or, as previously shown, from that vember 1, 1935, many accounts reported in total individual demand deposits of all showed decreases. As shown in the follow- member banks. Increases in individual deing table about one-third of the demand ac- mand deposits at member banks in the varicounts reported on both dates declined, and ous reserve classes in the same period a few showed no change. amounted to 36 percent at central reserve city banks, to 53 percent at reserve city banks, and to 55 percent at country banks. LARGE DEMAND DEPOSIT ACCOUNTS SHOWING INCREASES AND DECREASES,1 OCT. 25, 1933, The relatively close similarity of all these TO Nov. 1, 1935 various changes would indicate that from 1933 to 1935, except for some reverse flow Number of Amount of funds from New York to banks in the inteaccounts of change rior, there was little change in the economic in deposits distribution of demand deposits. The per- Incr easing __. 5,857 +$2,419, 700,000 centage distribution among the groups is U D n ec c r h e a a n s g in ed g. . . . 3,1 9 6 6 0 -777, 300, 000 shown in the table on the following page. Depositors engaged in industry, commerce, TotaL 9,113 +$1, 642, 400, COO and trade held about 60 percent of the total, 1 Based upon reports from 97 banks. and those classified as financial, which include accounts of individuals and of the re- Distribution by classes of depositors.—As a porting banks' own trust departments, as part of this survey of large deposit accounts well as those of insurance, real estate, and there was obtained for the first time informa- investment firms, dealers in securities and tion regarding the distribution of bank the like, held about a third, with small deposits by economic status of depositors. amounts held for foreign depositors and in Distribution of large demand deposits among unclassified accounts. Between the two dates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
698 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 shown there was little important change in the accumulation of idle funds awaiting inthis distribution. While some of the smaller vestment. groups showed percentage changes in the vol- In addition to the funds held in trust deume of their deposits' that varied consider- partments of banks the survey shows that there were substantial increases in deposits of individuals and personal holding com- PERCENTAGE DISTRIBUTION OF LARGE DEMAND DEPOS- ITS BY ECONOMIC GROUPS panies, and in those of insurance, mortgage, real estate, and securities companies and the [Based on reports for identicalaccounts] like. A large part of these increases no doubt Groups O 1 c 9 t 3 . 3 25, N 1 o 9 v 3 . 5 1, also represents the accumulation of funds awaiting investment. Manufacturing and mining _ _ _ 36.9 35.9 Large deposits for foreign account showed Public utilities 10.4 10.0 a substantial percentage growth but the in- Railroads and shipping- 7.6 7.7 Trade and service 6.4 5.2 crease in amount of deposits, $30,000,000, is Total industry, commerce, and trade 61.3 58.8 small considering the large flow of foreign balances to this country in the period. In Insurance, real estate, and securities.. 23.3 21.9 Individuals and personal holding companies 7.1 6.8 1934 and 1935 deposits for the account of Banks' own trust departments __ 3.5 8.1 foreigners at domestic banks, according to Total financial 33.9 36.8 the Department of Commerce, increased by Foreign 0.6 1.0 Allother 4.2 3.4 about $650,000,000. Of this amount member Total 100.0 100.0 bank statistics show that about $350,000,000 was in deposits held for foreign banks and foreign branches of American banks. A subably from the general average, most of the stantial portion of the remainder is no doubt larger groups showed closely similar inheld by private and other banks not reportcreases and thus the distribution was not ing in the large deposit survey. A part is greatly affected. held in smaller balances, some of which may Balances of depositors engaged in trade represent working balances of business conand service showed a much smaller increase cerns, which were replenished in this period than the average. This may reflect in part after being sharply depleted in 1932 and the building up of inventories with the in- 1933. A considerable part of the flow of forcrease in business and in part the fact that eign funds to this country, moreover, has the large concerns in this field, which are been used to purchase securities and does not principally engaged in sale of merchandise appear in deposit balances for foreign acor service through chains or branches, gencount. erally distribute their balances among a number of communities and do not accumu- Scope and nature of survey. —For the purlate large balances with any one bank. In pose of the survey, which was made with cothe period from 1929 to 1933 there was a operation of the Federal Reserve banks and marked tendency for deposits to be concen- of 98 member banks, reports were requested trated in large financial centers, whereas in only from the largest banks covering *mly the next two years, the period covered by this their largest deposit accounts. The 98 banks survey, they were undergoing a redistribu- reporting included, with two exceptions, all tion. member banks having individual demand The largest increase occurred in deposits deposits of more than $22,000,000 at the end to the account of the reporting banks' own of 1935. They held on November 1, 1935, intrust departments, which represent the com- dividual demand and time deposits1 totalling bined funds of the separate trust accounts $15,400,000,000 or 56 percent of the total of of many individuals and institutions. Some similar deposits at all member banks. These of the individual accounts were doubtless banks were distributed among 37 cities loover $100,000, while others may have been cated in various sections of the country. relatively small. Some represented funds Most of the analysis of figures obtained in earmarked for the redemption of securities the survey has been based upon the data for to be retired. Such deposits in any case may demand deposits in identical accounts open be considered as available for investment, on both report dates. As previously exand their growth reflects to a large extent 1 See footnote 1, page 696. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
699 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN plained, the figures reported on large time included in those reported in the survey. In deposits are not particularly significant. The the period from 1929 to 1933 there was a tenfigures covering identical accounts open on dency for deposits to be concentrated in banks both dates are believed to be more compar- in the large financial centers, whereas since able than those covering all large accounts. 1933 there has been some tendency toward The substantial number of new large ac- broader distribution of deposits. It is likely counts opened in reporting banks indicates that in the later period, when cash balances that there were many transfers of accounts were increasing, many depositors distributed to the reporting banks from non-reporting their funds among a number of accounts in banks and in some cases from closed banks. more than one bank. It is probable, there- The opening of new accounts by depositors fore, that the results of the survey somewhat who continued to hold accounts in other understate the growth of cash holdings of banks may have been another factor in the corporations and individuals with large balances, and consequently overstate the extent increase of accounts. to which deposit balances of smaller holders Demand deposits in the identical accounts may have increased. included in the study comprised 46 percent of all individual demand deposits 1 held by the The survey was limited to the largest deposits in the largest banks, largely because of 98 reporting banks on November 1, 1935, the amount of work involved in classifying and 29 percent of those held by all member deposits. By this method of selection reports banks. It is believed that the figures cover could be obtained regarding the maximum a considerable portion of what may be called amount of deposits with the minimum of the large deposit accounts in the country, work. It is estimated from Bureau of Intersince the bulk of such accounts are probably nal Revenue figures that the figures reported held in the 98 banks reporting in this survey. in the various groups in 1933 cover about 50 Many of the remaining large balances are percent of the cash balances of corporations probably contained in the 10 banks reporting with assets of $1,000,000 or over engaged in in the survey only their accounts of $250,000 manufacturing and mining, about 60 percent and over or $500,000 and over. of corporations of similar size in transpor- The figures do not include, however, all tation and other public utilities, and nearly 40 the deposit balances of holders who have per cent of those in trade and service. Nonlarge aggregate cash funds. Many corporafinancial corporations, with total assets of tions, particularly those in trade and service over $1,000,000, held 80 percent of the cash industries, have their funds scattered among balances of all non-financial corporations in several banks, both large and small, and may 1933. It is not likely that many of the smaller have none or only a part of their accounts corporations would have had deposit balances of $100,000 or over. 1 See footnote 1, page 696. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
700 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 STATISTICS OF GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS In this issue of the BULLETIN is published latest call date for which net demand deposits a new series of monthly statistics showing on the old basis were computed, are shown in average daily gross demand deposits of mem- the following table. ber banks, and publication of similar statistics of time deposits, discontinued in the DEMAND DEPOSITS AT MEMBER BANKS, JUNE 30, 1935 May and June issues of the BULLETIN, is resumed. These figures are shown separately [In millions of dollars] for central reserve city banks in New York City and Chicago, for all reserve city banks, Central reserve city and for country banks, and also for banks in banks Relarger and smaller centers by Federal Re- Total serve Councity try serve districts. Figures for the first six New Chi- banks banks months of this year are shown in the table on York cago the next page and those for July are given in Demand deposits1 18, 322 6,281 1,406 6,006 4,628 tables on page 714. The latter tables will in U.S. Government deposits 779 369 20 299 90 the future be regularly published in the BUL- D Ce u r e t i t f o ie d b an a k n s d officers' checks 5,276 2,227 507 2,157 385 LETIN. The new statistics of gross demand a tr n a d v e c l a e s r h s' l c e h tt e e c r k s s of credit and 367 149 24 130 65 deposits are available on this basis only since January 1936; back figures for time deposits Deduc G ti r o o n s s s d n em ow an d a l d lo e w po e s d i ts in 24, 744 9, 026 1,958 8,592 5,168 are available in previous BULLETINS, see computing reserves2 4,469 581 321 2,024 1,543 April 1936 BULLETIN, pages 269 and 299. Net demand deposits: New basis—estimated2 20, 275 8,445 1, 637 6,568 3,625 These figures, which are collected pri- Old basis3 21, 045 8,113 1,634 6,641 4,658 marily for the purpose of computing required reserves of member banks, take the 1 Except those shown in the other categories. place of those previously published showing 2 Deductions under Banking Act of 1935 include demand balances with domestic banks, except private banks and American net demand and time deposits for the same branches of foreign banks, plus cash items in process of collection. Figures here shown are approximate, because (1) balances groups of banks. The publication of figureswith American branches of foreign banks and part of balances for net demand deposits was discontinued with private banks were reported as balances with domestic banks, (2) a certain amount of cash items not in process of colbecause, as explained in the May BULLETIN, lection were not reported separately and consequently were deducted above as cash items in process of collection, and (3) the page 387, with the change in the method of sum of net demand deposits as computed for individual banks computing reserve requirements they were would differ somewhat because a number of banks have an excess of allowable deductions over gross demand deposits. no longer comparable with those previously 3 Sum of net demand deposits of individual banks as computed by adding to demand deposits (excluding U. S. Government depublished. This change particularly affected posits, due to banks, and certified and officers' checks, etc.) the the figures for country banks because it per- combined excess of amounts due to banks over amounts due from banks. Under the old law amounts due to banks included certified mits the deduction in full of balances due and officers' checks, etc. from banks and collection items from gross demand deposits, whereas previously deduc- At New York City banks practically the tions were permitted only from balances due only difference between the two series of to other banks, and country banks generally net demand deposits arises from the inclucarry much larger balances due from banks sion of United States Government deposits than they hold of balances due to banks. since August 1935. At Chicago banks and The new statistics of gross demand de- at reserve city banks taken in groups net posits are generally not comparable with the demand deposits were of approximately the earlier series of net demand deposits. They same magnitude under either method of cominclude United States Government deposits, putation, but there were wide differences in which prior to last August were not included individual banks and fluctuations from time in net demand deposits, and they also include to time might also show great differences. in full balances due to banks, which prior to At country banks, taken together, the figure last August were either partly or wholly for gross demand deposits is more nearly excluded from net demand deposits of indi- comparable with that for net demand devidual banks because of the deduction, of posits on the old basis, differing by approxitems in process of collection and balances imately the sum of balances held by these due from other banks. Differences between banks due to other banks, certified checks, the various series as of June 30, 1935, the etc., and United States Government deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
701 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN Similar comparisons are not available for the earlier statistics of net demand deposits. banks in larger and smaller centers but it These earlier figures of net demand deposits seems probable that at the banks in smaller have been used as an indication of conditions centers, where balances due to banks and in rural sections, and the new figures of gross Government deposits are relatively small or demand deposits make possible their connegligible, the current statistics of gross de- tinuation on an approximately comparable mand deposits are fairly comparable with basis. GROSS DEMAND AND TIME DEPOSITS OF MEMBER BANKS, JANUARY-JUNE, 1936 [Averages of daily figures. In millions of dollars] Gross demand deposits Time deposits Ja a n ry u- r F u e a b ry - March April May June Ja a n ry u- r F u e a b ry - March April May June All member banks _ _ 27, 312 27,636 27, 459 27,620 28,136 28, 714 10,412 10,400 10, 474 10,545 10,675 10,694 Central Reserve city banks .. . 11,938 12,163 12,081 12,039 12,356 12, 677 1,029 1,007 1,015 1,049 1,100 1,094 New York 9,790 9,997 9,966 9,997 10,181 10, 425 620 600 607 607 645 613 Chicago. _ __ _ 2,148 2,166 2,115 2,042 2,174 2,251 409 407 407 441 455 481 Reserve city banks 9,617 9,692 9,565 9,689 9,806 9,961 4,274 4,290 4,320 4,339 4,406 4,398 Country banks... 5, 757 5,781 5,813 5,893 5,974 6,076 5,109 5,103 5,140 5,157 5,170 5,203 MEMBER BANKS BY FEDERAL RESERVE DISTRICTS: In larger centers (places over 15,000): Boston 1,571 1, 570 1,553 1,616 1,586 1,578 577 578 580 579 580 580 New York*.. _ _ _ _ 1,015 1,020 1,012 1,056 1,081 1,086 996 978 979 981 977 980 Philadelphia 1,398 1,398 1,403 1,417 1,404 1,416 616 616 626 633 633 629 Cleveland.. ______ 1,566 1,571 1,595 1,651 1,644 1,674 971 988 1,002 1,008 1,028 1,037 Richmond 836 831 840 848 854 875 324 327 328 330 331 334 Atlanta... __ _ 780 785 807 812 800 807 270 265 267 268 269 274 Chicago1 1,362 1,371 1,396 1,404 1,432 1,487 687 694 706 709 717 727 St. Louis . _ . . 785 786 772 769 769 768 263 261 266 268 269 271 Minneapolis 448 445 438 423 419 459 174 175 174 173 171 172 Kansas City 951 988 979 970 980 1,005 198 199 199 200 200 200 Dallas 695 704 705 702 703 718 158 158 157 156 157 157 San Francisco.-- 1,778 1,801 1,667 1,686 1,866 1,896 1,952 1,950 1,964 1,975 2,024 2,009 Total* 13,185 13, 271 13,167 13, 351 13, 539 13, 769 7,186 7,190 7,250 7,280 7,355 7,368 In smaller centers (places under 15,000): Boston. _. 104 103 102 104 105 106 127 128 127 127 126 122 New York 239 248 245 249 258 257 459 452 454 455 455 457 Philadelphia - _ .__ .. _ 184 182 185 192 193 195 412 414 416 417 417 420 Cleveland 180 185 187 190 192 196 249 249 251 252 254 255 Richmond _ _ . 149 148 149 150 149 150 169 170 171 170 170 174 Atlanta 125 128 136 137 132 127 73 74 74 74 78 76 Chicago.. ---_-. ._. 229 231 238 243 247 254 195 198 199 202 204 209 St. Louis 168 165 165 163 165 168 94 95 95 95 95 95 Minneapolis ._ ._ __ . _._ 167 166 166 166 166 173 176 176 177 178 177 177 Kansas City . - 288 290 288 287 287 288 112 112 112 113 113 113 Dallas . 231 233 229 226 224 225 38 39 39 39 38 39 San Francisco.__ . _ . 124 123 123 124 123 126 94 95 96 95 93 95 Total 2,189 2,202 2,212 2,231 2,242 2,268 2,197 2,204 2,210 2,216 2,220 2,232 1 Excluding central reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 6 MONTHS ENDING JUNE 30, 1936 Total Boston Xew York Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San ci s F c r o an- Earnings: Discounted bills $52,917 $3, 778 $33,477 $4,633 $649 $1,095 $311 $954 $2,819 $2, 382 $1, 636 Purchased bills 16, 349 1,199 5,936 1,669 1,549 642 572 2,032 401 281 460 459 1,149 Industrial advances 843,212 69,607 197,250 166,046 48,449 116, 765 25,150 56, 641 11,166 43,916 25,824 49, 970 32, 428 United States Government securities 17, 615,195 1,180,125 5,191, 659 1, 336, 904 1, 624, 603 869, 782 728, 772 2,054, 698 916,961 624, 666 844, 941 756, 900 1, 485,184 Commitments to make industrial advances. _ 149,013 13, 624 56,224 1, 743 8,705 11,091 861 986 10,085 554 6, 029 2,889 36, 222 Deficient reserve penalties 1,818 134 131 204 89 105 35 473 57 108 115 113 254 Miscellaneous 451,142 11,967 48, 462 25,947 37, 274 23, 244 28, 275 113,892 24, 999 6,915 92, 316 8,239 29, 612 Total earnings 19,129, 646 1, 280, 434 5, 533,139 1, 537,146 1,721,164 1,022, 278 784, 373 2, 229, 817 963, £ 677,394 972, 504 820,932 1, 586, 485 Current expenses: Salaries Officers 1, 245, 366 66, 454 275, 509 87, 308 94,511 67, 335 93,139 154,829 79, 689 60, 675 82, 223 75, 533 108,161 Clerical employees 5,397,853 380, 296 1, 521, 475 483,146 489, 444 294, 624 183, 974 627, 962 246,852 182, 503 291, 247 210,511 485,819 Other employees 1, 476,320 76, 065 386, 517 84, 331 191, 750 81,117 40, 332 173, 588 75, 932 61, 661 101,819 47,898 155,310 Contributions—Retirement system 1,843, 927 123,385 513, 474 182, 600 157,611 114, 782 62,439 210,971 92, 707 56,965 111,365 70,979 146, 649 Presidents' conferences 4,523 465 384 47 510 106 177 507 407 415 466 596 443 Federal Advisory Council 8,467 750 478 550 551 412 616 783 704 780 850 893 1,100 Directors' meetings 67,107 2,560 8,181 4,495 3,486 3,493 6,810 4,341 7,192 4,922 9,970 4,042 7,615 Industrial Advisory Committee 2,877 227 482 106 83 158 11 175 52 872 405 36 270 Traveling expenses l 147, 642 30, 399 14,964 14, 667 11,353 9,618 19, 473 5,053 13, 368 4,609 7,036 10, 403 Assessments for expenses of Board of Governors 810,156 59,925 295,666 75,190 74, 682 35, 452 28, 435 93, 872 24,171 19, 293 23,397 23, 777 56,296 Legal fees 33, 595 485 5,571 2,769 317 3,310 256 3 4, 987 6,009 4,520 5,368 Insurance on currency and security shipments 128, 376 17, 208 27,188 13,563 12, 697 7,786 7,434 15, 544 2,714 4,040 4,492 4,517 11,193 Other insurance 134,828 8,836 17,840 10, 459 10, 624 8,220 9,102 10, 937 12,015 10,876 14, 806 8,810 12,303 Taxes on banking house 703, 231 71, 820 197,944 34, 884 75, 567 33, 540 28,846 86, 622 26, 613 40, 410 43, 464 16, 237 47, 284 Light, heat, power, and water 201,931 11,999 36,920 20, 045 24, 541 13, 828 9,605 22, 031 11, 868 11,474 17, 853 8,153 13,614 Repairs and alterations, banking house 66, 700 5,820 7,961 4,710 4,874 1,175 1,645 14, 457 10, 699 2,339 7,358 818 4,844 Rent 87,763 120 525 41, 243 7,653 2,261 8,909 1,500 790 24, 762 Office and other supplies 158,172 8,711 39,363 20, 602 13, 777 5,692 7,942 13,178 5,605 6,598 11,705 8,316 16,683 Printing and stationery 178,880 14,414 39,477 16,025 12, 934 11,740 8,646 20, 672 10, 623 10, 424 8,690 7,728 17, 507 Telephone 104, 302 8,784 31, 620 14, 544 7,576 4, 694 3,216 7,591 6,038 3,449 3,428 4,461 8,901 Telegraph 207,130 4,518 23, 915 7, 393 20, 058 16, 095 27, 736 15, 921 14,816 7,282 24, 328 14, 078 30, 990 Postage 1,170,100 130,288 198, 661 113,273 102,389 81,936 64,649 140,405 52,896 52,800 81,040 57,272 94,491 Expressage 278, 796 29, 731 61, 964 26, 926 22, 391 27,144 19, 885 30, 998 10, 061 5,135 14,175 12, 999 17, 387 Miscellaneous expenses 286, 445 15,081 49, 430 33,555 21,335 14,527 13,966 34,393 20, 228 19, 293 17, 589 13, 658 33,390 Total, exclusive of cost of currency 14, 744, 487 1,044,641 3, 764, 848 1,254,812 1,400,070 843,179 633, 794 1, 708, 415 718, 438 580, 561 881, 288 603, 658 1,310, 783 Federal Reserve currency: Original cost 1, 029, 525 95, 564 273, 665 77, 805 68,042 52, 099 42, 958 167, 472 35, 694 30,321 38, 285 60, 858 86, 762 Cost of redemption 77,646 5,546 16,433 6,332 5,304 6,972 12,104 5,793 2,388 2,702 2,956 6,417 Total current expenses 15,851,658 1,145, 751 4,054,946 1, 338,949 1, 473, 416 •9, 977 683, 724 1, 887, 991 759, 925 613, 270 922, 275 667, 472 1, 403, 962 Current net earnings 3,277,988 134, 683 1, 478,193 198,197 247,748 122, 301 100, 649 341,826 204, 055 64,124 50,229 153, 460 182, 523 Dividends paid 3, 921, 346 281, 834 1, 528, 421 369, 593 375, 543 138,590 126, 741 360, 608 112,905 90, 424 118,256 113,834 304, 597 Reimbursable expenditures of Federal Reserve banks (expenditures as fiscal agents and custodians for the Treasury Department and United States Government agencies. Not included in "current expenses" above): Treasury Department2 . 630, 559 35,135 249,157 22, 397 46, 555 20, 800 14, 670 40,951 20, 389 59,101 33,458 65, 327 22, 619 Reconstruction Finance Corporation 988, 951 17,387 93,416 43, 827 80,371 88,941 190,029 177,172 119,961 28, 270 32,963 67,166 49, 448 Other U. S. Government agencies 1,403, 913 113,170 261,813 104, 509 139,159 33, 408 128, 005 260, 567 83, 935 22, 725 133,448 28,302 94, 872 Total 3,023,423 165, 692 604, 386 170, 733 266, 085 143,149 332, 704 478, 690 224, 285 110, 096 160, 795 166, 939 1 Other than those connected with presidents' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committees. 2 Includes expenditures account U. S. Government direct issues only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 703 ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, JUNE 30, 1931, TO JUNE 30, 1936 [Amounts in thousands of dollars] 1931 1932 1933 i 1934 i 1935 i 1936 i 1936 i June 30 June 30 June 30 June 30 June 29 Mar 4 June 30 ASSETS Loans (including overdrafts) 21,816,24316,587,18512,858,099 12,522,980 11,927,96612,098,51612,541,845 United States Government direct obligations 5,343,032 5,627,854 6,887,123 9,136,684 9,871,12610,564,400 ,721,475 Securities fully guaranteed by United States Government. 276,144 ,558,381 1,879,722 ,950,457 Other securities 6,763,247 5,785,764 041,149 ,239,031 ,427,145 5,745,350 ,045,033 Total loans and investments 33,922,,,522 28,000,803 24,786,371 27,174,839 28784,618 30287,988 32,258,810 Customers' liability on account of acceptances 888,454 458,952 424,263 252,916 157,751 167,534 156,954 Banking house, furniture, and fixtures 1,234,404 1,166,263 982,036 997,817 998,645 998,653 994,921 Other real estate owned 206,569 233,014 227,074 286,348 339,086 371,344 379,457 Reserve with Federal Reserve banks 2,396,421 1,997,656 2,235,179 3,819,410 4,933,277 ,784,077 ,607,119 Cash in vault. . 519,135 478,224 404,502 472,643 537,010 623,518 713,421 Balances with private banks and American branches of for- De e m ig a n n b d a b n a k l s ances with other domestic banks 2,517,096 1,730,770 2,008,218 2,666,277 3,285,403 3,8 3 1 8 3 ,0 ,0 7 6 0 5 ,7 3 9 4 2 , , 4 7 6 3 3 8 Time balances with other domestic banks (2) 94,009 110,700 119,033 116,311 Balances with banks in foreign countries 169,014 101 070 108,070 140,680 71,244 56,429 51,698 Due from own foreign branches 182,306 91 549 106,041 91,926 10,958 3,000 2,502 C C a a s s h h i i t t e e m m s s n in o t p r i o n c p es ro s c o e f s s c o o l f l e c c o ti l o le n ction •2,488,088 1,337 138 1,485,343 1,056,779 1,183,373 1,71 1 8 0 , , 3 0 0 5 6 2 ,1 1 4 1 7 , , 0 4 2 9 7 3 Redemption fund and due from United States Treasurer. . 32,001 32 548 37,261 36,249 11,842 Acceptances of other banks and bills sold with endorsement. 452,045 55 022 7,948 1,920 6,042 7,221 10,340 Securities borrowed 20,279 11664 6,654 2,524 918 720 555 Other assets 260,254 216 388 227,820 290,474 293,117 241,688 256,178 Total assets. 45,288,588 35,911,06133,046,780 37,384,81140,724,644 44,240,698 46,533,987 LIABILITIES Demand deposits: Individuals, partnerships, and corporations 15,065,93211,890,16311,830,24613,348,724 16,206,24317,927,04519,321,998 United States Government._ 395,397 387,463 806,297 1,657,793 778,716 599,587 1,036,575 States, counties, and municipalities 1,556,292 1,313,569 1,087,329 1,597,870 2,090,608 2,173,455 2,320,453 Banks in United States. 4,004,077 2,870,029 3,056,527 4,070,319 4,978,426 6,148,144 5,985,886 Banks in foreign countries 511,949 172,383 145,750 154,842 273,179 394,026 464,642 Certified and officers' checks, cash letters of credit and travelers' checks, etc 1,073,614 566,173 656,918 371,666 416,611 779,297 789,137 Time deposits: Individuals, partnerships, and corporations— Evidenced by savings pass books 9,316,020 7,491,268 6,127,412 7,168,239 7,985,646 ,309,030 8,565,632 Certificates of deposit 1,906,471 1,349,514 1,037,747 930,705 868,780 833,941 843,255 Open accounts 3578,812 4 604,845 542,607 596,197 613,013 Christmas savings and similar accounts [1,237,301 772,363 58,656 59,449 64,733 44,548 77,295 Postal savings 278,974 609,746 788,492 585,027 306,603 167,114 152,234 States, counties, and municipalities 507,855 336,929 299,659 332,674 285,076 343,873 377,998 Banks in United States 113,753 69,525 89,084 122,078 135,750 151,833 151,248 Banks in foreign countries 155,094 6,676 998 8,136 5,149 5,358 6,198 Tota S l e d cu e r p e o d s i b t y s pledge of loans and/or investments 36,122,729 27 ,835,801 26,56 (5 3 ) ,927 3 3 1 , , 8 0 2 1 4 2 , , 1 3 3 6 7 7 3 3 4 , , 0 9 8 3 3 8 , , 5 1 9 2 5 73 2 8 , , 7 4 7 7 3 3 , , 5 4 2 4 0 8 4 3 0 , ,, 4 7, 3 0 2 5 , , 8 5 2 64 2 Not secured by pledge of loans and/or investments. . . . 277,118888,2"3031,854,532 35,66999,99"28 377,27772,742 Due to own foreign branches 145,336 28,186 23,529 4,241 70,831 101,159 National-bank notes outstanding 636,041 648,906 727,110 694,790 222,045 Agreements to repurchase securities sold 15,371 62,983 14,244 5,314 7,409 13,493 13,697 Bills payable and rediscounts 216,898 815,123 191,228 34,840 8,867 10,776 5,850 Acceptances of other banks and bills sold with endorsement. 452,045 55,022 7,948 1,920 6,042 7,221 10,340 Acceptances executed for customers 901,351 483,064 434,997 266,646 160,219 164,302 151,155 Acceptances executed by other banks for reporting banks 11,514 6,912 7,302 11,352 14,350 19,280 27,066 Securities borrowed 20,279 11,664 6,654 2,524 918 720 555 Interest, taxes, and other expenses accrued and unpaid 127,345 109,927 67,111 70,759 69,889 81,244 80,105 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures () () () () 36,276 16,830 43,999 Other liabilities 209,455 192,553 165,648 179,375 142,635 200,328 159,130 Capital notes and debentures 154,839 117,332 109,827 106,844 Capital stock 2,620,606 2,440,467 2,220,330 2,497,343 2,565,987 2,511,884 2,460,353 Surplus 2,741,351 2,366,239 1,847,462 1,690,560 1,647,024 1,721,348 1,806,516 Undivided profits—net 804,199 510,696 373,258 387,228 436,366 493,141 520,283 Reserves for contingencies 264,068 343,518 396,032 374,257 343,528 339,405 331,310 Retirement fund for preferred stock and capital notes and debentures 697 3,389 6,620 10,061 Total liabilities (including capital account).. 45,288,58835,911,06133,046,78037,384,81140, 724,644 44,240,698 46,533,987 Number of banks 7,782 6,980 5,606 6,375 6,410 6,377 6,400 1 Beginning with June 30, 1933, figures relate to licensed banks only. 2 Included in "Other Assets." 3 Includes $33,418,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. 4 Includes $14,473,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. 5 Not reported separately. 6 Included in "Undivided profits." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
704 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 ALL MEMBER BANKS—CONDITION ON JUNE 30, 1936, BY CLASSES OF BANKS [Amounts in thousands of dollars] m b e a A m n l k b l s er n m b a e t a A m i n o l b k l n s e a r l m b S e a A t m n a l b l k te s er N C ew e m n Y t e r m o al r b k r e e r s e b C r a v h n e i k c c s a i g ty o m R b e e c a s m i n e ty k b rv s e e r C m b o e a u m n n k b t s e ry r Loans (including overdrafts) ,541,845 748,496 ,793,349 3,528,067 532,685 4,442,697 4,038,396 United States Government direct obligations ,721,475 062,593 ,658,882 4,195,632 1,013,998 4,349,220 2,162,625 Securities fully guaranteed by United States Government.. . ,950,457 372,433 578,024 567,200 92,499 650,885 639,873 Other securities ,045,033 024,111 ,020,922 1,265,065 312,161 1,862,840 2,604,967 Total loans and investments ,258,810 201207; 63312,051,177 9,555,964 1,951,34311,305,642 9,445,861 Customers' liability on account of acceptances 156,954 81,373 75,581 122,067 3,730 28,489 2,668 Banking house, furniture, and fixtures 994,921 639,838 355,083 237,217 24,520 342,526 390,658 Other real estate owned 379,457 184,015 195,442 31,965 7,526 150,428 189,538 Reserve with Federal Reserve banks 5,607,119 3,520,901 ,086,218 2,105,614 748,596 1,763,433 989,476 Cash in vault 713,421 528,433 184,988 64,740 37,598 289,484 321,599 Balances with private banks and American branches of for- - eign banks 34,463 21,198 13,265 2,764 6,154 21,856 3,689 Demand balances with other domestic banks 3,792,738 2,938,113 854,625 111,438 187,850 1,830,529 1,662,921 Time balances with other domestic banks 116,311 91,494 24,817 26 950 54,492 60,843 Balances with banks in foreign countries 51,698 32,428 19,270 33,611 2,164 12,825 3,098 Due from own foreign branches 2,502 2,502 2,502 Cash items in process of collection 2,147,493 1,235,699 911,794 981,658 146,925 763,217 "255',693 Cash items not in process of collection 11,027 7,493 3,534 867 784 4,657 4,719 Acceptances of other banks and bills sold with endorsement... 10.340 6,083 4,257 8,066 46 2,056 172 Securities borrowed 555 388 167 80 475 Other assets 256,178 151,050 105,128 75,625 43,876 78,212 58,465 Total assets 46,533,987 29,648,64116,885,346 13,331,622 3,162,062 16,650,428 13,389,875 LIABILITIES Demand deposits: Individuals, partnerships, and corporations 19,321,99811,650,881 7,671,117 6,891,078 1,444,372 6,419,406 4,567,142 United States Government 1,036,575 690,171 346,404 214,829 101,552 513,355 206,839 States, counties, and municipalities 2,320,453 1,782,087 538,366 357,406 221,226 733,385 1,008,436 Banks in United States 5,985,886 3,843,615 2,142,271 2,389,549 635,466 2,550,985 409,886 Banks in foreign countries 464,642 194,184 270,458 428,013 5,163 30,089 1,377 Certified and officers' checks, cash letters of credit and travelers' checks, etc 789,137 352,477 436,660 489,058 27,456 152,073 120,550 Time deposits: Individuals, partnerships, and corporations— Evidenced by savings pass books ,565,632 6,050,574 2,515,058 330,330 367,695 3,432,152 4,435,455 Certificates of deposit 843,255 661,812 181,443 44,533 43,450 202,211 553,061 Open accounts 613,013 288,390 324,623 222,442 29,597 300,340 60,634 Christmas savings and similar accounts 77,295 50,597 26,698 4,191 3,062 24,804 45,238 Postal savings 152,234 136,829 15,405 21 64,994 87,219 States, counties, and municipalities 377,998 321,716 56,282 9,942 29 288,395 79,632 Banks in United States '. 151,248 124,565 26,683 35 26 135,174 16,013 Banks in foreign countries 6,198 4,903 1,295 5,136 1,062 Total deposits 40,705,564 26,152,80114,552,76311,386,542 2,879,11514,848,425 11,591,482 Secured by pledge of loans and/or investments 3,432,822 2,597,358 835,464 466,229 388,149 1,605,066 973,378 Not secured by pledge of loans and/or investments 37,272,74223,555,44313,717,29910,920,313 2,490,96613,243,35910,618,104 Due to own foreign branches 101,159 75,164 25,995 101,159 Agreements to repurchase securities sold 13,697 586 13,111 12,708 Bills payable and rediscounts 5,850 2,872 2,978 Acceptances of other banks and bills sold with endorsement... 10,340 6,083 4,257 Acceptances executed for customers 151,155 81,843 69,312 Acceptances executed by other banks for reporting banks... 27,066 13,794 13,272 Securities borrowed 555 388 167 Interest, taxes, and other expenses accrued and unpaid 80,105 47,278 32,827 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures 43,999 28,043 15,956 Other liabilities 159,130 80,537 78,593 Capital notes and debentures 106,844 106,844 Capital stock 2,460,353 1,687;600 772,753 Surplus 1,806,516 971,472 835,044 Undivided profits—net 520,283 345,963 174,320 Reserves for contingencies 331,310 146,515 184,795 Retirement fund for preferred stock and capital notes and debentures 10,061 7,702 2,359 Total liabilities (including capital account) Number of banks 00 326 663 65 5,785 ,066 46 2,056 172 118,623 3,773 26,684 2,075 19,711 252 6,426 677 80 475 20,873 10,325 31,732 17,175 16,638 2,306 15,941 9,114 57,624 29,864 38,801 32,841 25,650 250 35,825 45,119 591,100 136,550 785,011 947,692 740,948 44,670 552,325 468,573 129,684 22,230 176,072 192,297 102,263 32,507 126,624 69,916 33 174 4,035 5,819 46,533,987 29,648,64116,885,346 13,331,622 3,162,06216,650,428 13,389,875 6,400 5,368 1,032 37 15 338 6,010 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
705 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN FRENCH FINANCIAL LEGISLATION ARTICLE 5. The Governor shall receive annually from the Bank a salary equal to that of the Vice- During the session of Parliament which President of the Council of State; the two Deputy began June 1 and ended August 14, a number Governors shall each receive a salary equal to that of a president of a section of the Council of State. of important financial laws were passed. ARTICLE 6. The General Council shall determine Translations of a law and convention dealing the conditions under which the Governor and the principally with Treasury borrowing at the Deputy Governors shall receive an entertainment al- Bank of France were published in the BUL- lowance and reimbursement for unusual expenses. LETIN for July 1936, p. 536. Translations of ARTICLE 7. During their incumbency the Governor and the Deputy Governors are forbidden to acquire two laws passed subsequently are given beor to accept any participation or any interest, whether low. The first of these alters fundamentally it be in return for services or counsel, in any private the statutes of the Bank of France as regards industrial, commercial, or financial enterprise. the administrative organization of the bank ARTICLE 8. The Governor and the Deputy Governors upon ceasing to hold office shall continue to and modifies certain provisions governing its receive their salary for three years, on condition that operations. The second provides increased they shall not, during this period, hold any public penalties for incomplete or inaccurate decla- office. Furthermore, they are forbidden during the ration for tax purposes of income-bearing same period to lend their assistance to private enterprises and to receive from the latter remuneration foreign assets with the exception of foreign for counsel or services. securities held in France. The fine for false ARTICLE 9. The Bank shall be administered by declaration, formerly equal to half the value twenty councilors and inspected by three censors. of the concealed assets, is made equal to full The Governor, the Deputy Governors, the councilors value in the new law. and the censors compose the General Council. The censors shall have the right of discussion in the Other financial measures, of which the full General Council. texts are not yet available, are understood to Two councilors shall be chosen from among the include a law providing for the extension of shareholders, nine shall represent economic and social interests, and nine shall represent the collective incredit at low rates of interest to manufacterests of the nation. turers, merchants, and exporters adversely The councilors shall be selected as follows: affected by the social reform measures insti- I. Two shall be elected by the General Meeting tuting the 40-hour week, paid vacations, and from among industrialists, manufacturers, or mercollective labor contracts; two laws designed chants, excluding persons rendering services or counto make it easier for exporters to borrow sel to or acting as directors of a banking establishment. francs against the security of blocked bal- II. One shall be appointed by the National Ecoances abroad; and three laws extending the nomic Council from among its vice-presidents; field within which the Government may guar- One shall be appointed by the Superior Committee antee export credits. of Savings Banks from among its members; One shall be elected by secret ballot by the personnel of the Bank of France; LAW MODIFYING AND COMPLETING THE LAWS AND Six shall be chosen by the Minister of Finance from STATUTES WHICH GOVERN THE BANK OF FRANCE.1 lists of three names presented by each of the following organizations: National Federation of Consum- The Senate and the Chamber of Deputies have ers' Cooperatives, General Confederation of French adopted, Artisans, Assembly of Presidents of Chambers of The President of the Republic promulgates the Commerce of France, General Confederation of following law: Labor, Permanent Assembly of Presidents of Chambers of Agriculture, and Professional Commercial Sections of the National Economic Council. TITLE I. ADMINISTRATION OF THE BANK The latter shall be chosen provisionally by the ARTICLE 1. The General Meeting shall be composed Minister of Commerce from the most qualified repreof all shareholders of French nationality. Each sentatives of retail trade. member shall have the right to one vote regardless of III. Three shall represent the Ministers of Finance, the number of shares that he holds. of National Economy, and of the Colonies. ARTICLE 2. The General Meeting shall elect three Six shall be members ex officio: censors. To it shall be rendered an annual account The President of the Finance Section of the Counof all the operations of the Bank. cil of State; ARTICLE 3. The Governor and the two Deputy Gov- The Manager of the Mouvement General des Fonds; ernors shall not be required to prove ownership of The General Manager of the Caisse des Depots et shares of the Bank. Consignations; ARTICLE 4. The Governor shall take oath before The Governor of the Credit Foncier; the President of the Republic to administer well and The General Manager of the Credit National; faithfully the business of the Bank in conformity The General Manager of the Caisse Nationale du with the laws and statutes. Credit Agricole. No member of Parliament may be a member of the 1 Published in the Journal Ofiiciel of July 25, 1936. General Council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
706 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 ARTICLE 10. The councilors elected or chosen by ART. 1. Article 124 of the code of direct taxes is the ministers on recommendation of interested par- superseded by the following provisions: ties may not serve longer than three consecutive "Any person of French nationality, domiciled or years. Each year one-third of their number shall be usually resident in France, holding abroad movable replaced. Retiring councilors may be reappointed or real property [biens mobiliers ou immobiliers], or reelected only after an interval of three years. or possessing in France foreign credits bearing interest or which are not represented by securities held TITLE II. THE PERMANENT COMMITTEE in France, or who has concluded any agreements whatever assuring him participation, interest, or in- ARTICLE 11. The General Council of the Bank may come abroad, directly or indirectly, must file each delegate all or part of its powers to a permanent year within the period specified in article 123, with committee comprising the Governor, the Deputy Govthe collector of direct taxes, a declaration showernors, and four councilors, including one appointed ing the value and the nature of such property, securiby the Minister of Finance from among the ex officio ties, or agreements, and the income derived theremembers and three appointed by the General Council. from. This declaration must cover all income derived from foreign sources during the preceding year and TITLE III. OPERATIONS OF THE BANK all capital funds held abroad during the same year. ARTICLE 12. Decrees adopted before December 15, "This declaration is obligatory, whether or not 1936, in the Council of Ministers on the proposal of the taxpayer is subject to the general tax [impot the General Council of the Bank of France, may general]. The declaration, as regards both the difmodify the regulations governing the internal ad- ferent categories of assets and income, is to be made ministration of the Bank and determine the rules for under oath." setting up the balance sheet. ART. 2. The first paragraph of article 133 of the ARTCLE 13. All bills of the floating debt issued by code of direct taxes is superseded by the following the public Treasury and coming to maturity within provision: a maximum period of three months are admitted "Knowingly inaccurate declaration of the assets without limit to rediscount at the bank of issue, ex- held abroad specified in article 124, as well as absence cept for the benefit of the Treasury [sauf au profit du of declaration, is punishable, in addition to the penal- Tresor public]. ties provided by article 366 of the penal code, by a fine equal (including decimes) to the value of the TITLE IV. SPECIAL PROVISIONS assets concealed, without prejudice to the posting of ARTICLE 14. Beginning July 16,1 1936, and until o th f e th n e am o e f fe o n f c e t , h e o n o ff t e h n e d e d r o o a r n d o f th t e h e g r c o i u ty n d h s a ll [ m o o f t if t s h ] e promulgation of the present law transactions in seplace of its imposition as well as on the door of the curities of the Bank of France shall be considered offender's residence." null and void, except by special authorization granted ART. 3. Article 274 of the code of registry is superby the Minister of Finance for minors, legally inseded by the following provision: competent persons, or public establishments. "Heirs, donees, or legatees who shall have know- ARTICLE 15. All provisions contrary to the present ingly failed to declare, within the period prescribed law are abrogated. The legislative or statutory texts by the laws in force, the movable or real property governing the Bank of France shall be codified by placed or existing abroad and who shall have taken decree before December 31, 1936. possession thereof without complying with the pro- ARTICLE 16. The procedure for application of the visions of the preceding article, shall be liable, in present law, and especially that which shall govern addition to the penalties prescribed by article 366 the conduct of the General Meetings of shareholders, of the penal code, to a fine equal (including decimes) shall be fixed by decree. to the value of the concealed assets, without prejudice tio A n R o T f IC t L h E e 1 p 7 r . e s A e n d t e c la r w ee . 2 s h T al h l e f ix G e th n e e ra d l a t C e o o u f n c a i p l p s l h ic a a l - l to the posting of their names and the grounds of the offence on the door of the city hall in the place be duly constituted upon the election or appointment of imposition as well as on the door of the offender's of fifteen members. residence. The present law, deliberated and adopted by the "Articles 59 and 60 of the penal code are applicable Senate and by the Chamber of Deputies, shall be to the offence specified in the present article." executed as law of the State. ART. 4. The provisions of articles 2 and 3 above Done at Paris, July 24, 1936. apply only to offences subsequent to the publication ALBERT LEBRUN of the present law.1 By the President of the Republic: ART. 5. Failures to declare, or inaccurate or in- President of the Council complete declarations relative to the income tax on movable property, to inheritance taxes, to the general LEON BLUM Minister of Finance tax on income arising from assets held abroad, as well as failures to declare or omissions in the detailed VINCENT AURIOL declaration of assets held abroad, shall not give rise LAW INCREASING' THE PENALTIES FOR CONCEALMENT to fiscal penalties nor to punitive proceedings [pour- OF ASSETS HELD ABROAD 3 suites correctionnelles]. The above provision applies only to offences for The Senate and the Chamber of Deputies have which, within the period of one month from the date adopted, of publication of the present law in the Journal The President of the Republic promulgates the Officiel,1 and prior to any administrative and judicial following law: action, voluntary reparation shall have been made. The declaration of assets held abroad provided for 1 Retroactive. 2 Date fixed as August 17 by decree published August 14. 3 Published in the Journal Ofliciel for July 31, 1936. 1 Published in the Journal Officiel for July 31, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
707 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN by article 124 must be made in the manner specified specifically forbidden and subject to the penalties in that article, as amended by article 1 of the present mentioned under art. 1 : law. (a) Forward purchase or sale of gold; For income tax the taxpayer shall be held account- (b) Granting of advances on gold or foreign exable only for declarations and payment relative to change ; taxes due on account of the year 1936. (c) Forward purchase of foreign exchange, if The present law, deliberated and adopted by the such operation is not based on a commercial Senate and the Chamber of Deputies, shall be extransaction which justifies it. ecuted as law of the State. Done at Paris, July 30, 1936. The Federal Council reserves the right to subject other specifically designated acts to the penalties men- ALBERT LEBRUN tioned in article 1. By the President of the Republic : If the Federal Council has not made a particular President of the Council action subject to article 1, the judge is free to decide whether the conditions to which article 1 applies are LEON BLUM fulfilled. Minister of Finance ART. 3. Any person who intentionally issues or VINCENT AURIOL spreads inaccurate reports liable to injure the national credit or undermine confidence in the national currency shall be punished by a fine of not more than 20,000 francs, or by imprisonment. The two penal- SWISS FOREIGN EXCHANGE ties may be imposed together. RESTRICTIONS If the accused has acted through negligence the penalty shall be a fine of up to 5,000 francs. Prior to issuance of the Swiss Federal ART. 4. If the acts forbidden in articles 1 to 3 are committed by a legal person or by a partnership or order of June 19,1936, a translation of which a limited partnership, the penalties apply to the peris published below, dealings in gold and for- sons who acted or should have acted for it, the legal eign exchange in Switzerland were free from person or the partnership, however, being jointly and severally responsible for the payment of the fine and legal restrictions. A so-called "Gentlemen's the costs. Agreement," however, designed to restrict ART. 5. The general provisions, as well as articles speculative activity, was concluded between 69 and 72 of the Federal Penal Code of February 4, the Swiss National Bank and the private 1853, are applicable. A person guilty of committing abroad any acts subbankers in June 1935. The text of this agreeject to the penalties in the present order is also punment and of a previously issued circular to ishable. Aliens may be subjected to deportation. banks are given in the Annual Report of the ART. 6. The Federal Penal Court has jurisdiction Swiss National Bank for 1935.1 over the offences mentioned in the present order. The Federal Department of Justice and Police may delegate to the Cantonal authorities the right to con- Order of the Federal Council for the protection of duct the inquiry and to impose sentence. the national currency. ART. 7. If any offence mentioned in articles 1, 2 or (June 19, 1936) 3 has been committed by the press or by any other means of publication, the Federal legal authority The Swiss Federal Council, by virtue of article 53 [Bundesanwaltschaft] is empowered to order seof the Federal order of January 31, 1936, concerning questration, or to propose sequestration to the Fednew extraordinary measures to reestablish financial eral Council, after consulting the Swiss National equilibrium in the Federal accounts for 1936 and Bank. 1937, orders: In case of penal proceedings, the penal authorities ARTICLE 1. Any person who, with intent to specu- are competent to decide on definitive confiscation. late, commits an act liable to injure the national ART. 8. Claims deriving from operations punishcurrency or the national credit, or who is a party to able under articles 1 to 3 of the present order are such an act, or who incites to such act, shall be invalid. punished by imprisonment or by a fine not exceeding ART. 9. The present order is effective June 22,1936. 100,000 francs. The two penalties may be imposed Berne, June 19, 1936. together. In the name of the Swiss Federal Council: ART. 2. The following types of speculation are The President of the Confederation, MEYER 1 See BULLETIN for May 1936, pp. 345-346. The Chancellor of the Confederation, G. BOVET Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
710 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank Reserve bank credit outstanding Treasury reserve balances Other Mone- Treas- Money cash and Non- Fed- U. S. tary ury in cir- deposits mem- eral Date co B d u i i n l s l t - s ed bo B u il g ls ht s m G e e c r o e u n v n r - - t i- R c O b e r a s t e h e n d e r k i v r t e Total s g t o o l c d k re cu n r c - y c t u io la n - F R b e w e a d s n i e e t k r h r v s a 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 E m ( x e a c s t t e e i s - d s ) ties End of month figures; 1935—June 30 6 5 2,433 37 2,480 9,116 2,506 5,568 2,968 325 261 4,979 2,414 July 31 7 5 2,430 23 2,465 9,144 2,510 5,518 2,991 253 257 5,100 2,513 Aug. 31 11 5 2,432 37 2,485 9,203 2,398 5,629 2,694 198 260 5,305 2,708 Sept. 30__._ 10 5 2,430 32 2,477 9,368 2,386 5,683 2,740 304 250 5,254 2,600 Oct. 31 6 5 2,430 40 2,482 9,693 2,400 5,713 2,657 299 258 5,648 2,970 Nov. 30—. 6 5 2,430 39 2,480 9,920 2,438 5,846 2,619 284 253 5,835 3,100 Dec. 31 5 5 2,431 45 2,486 10,125 2,476 5,882 3,110 255 253 5,587 2,844 1936-Jan. 31 9 5 2,430 35 2,479 10,182 2,493 5,737 3,001 304 253 5,860 3,084 Feb. 29 7 5 2,430 40 2,482 10,167 2,499 5,846 2,937 327 254 5,784 2,986 Mar. 31___. 8 5 2,430 31 2,474 10,184 2,504 5,877 3,607 332 259 5,087 2,305 Apr. 30 5 5 2,430 34 2,475 10,225 2,500 5,886 3,213 356 260 5,486 2,664 May 30.... 5 3 2,430 35 2,474 10,402 2,490 5,953 3,101 337 256 5,719 2,866 June 30 4 3 2,430 35 2,473 10,608 2,498 6,241 3,187 262 257 5,633 2,717 July 31 4 3 2,430 24 2,462 10, 648 2,496 6,162 2,879 306 253 6,005 3,029 Wednesday figures: 1935-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 3.051 Dec. 4 5 5 2,430 29 2,470 10,009 2,442 5,843 2,626 283 262 5,905 3,173 Dec. 11 6 5 2,430 33 2,474 10,068 2,447 5,841 2,558 280 270 6,040 3,304 Dec. 18 7 5 2,430 41 2,483 10,098 2,458 5,902 3,161 281 258 5,437 2,706 Dec. 24 7 5 2,431 81 2,523 10,115 2,464 5,991 3,156 266 259 5, 429 2,693 Dec. 31 5 5 2,431 45 2,486 10,125 2,476 5,882 3,110 255 253 5,587 2,844 1936 -Jan. 8 5 5 2,430 35 2,476 10,144 2,476 5,783 3,049 265 253 5,745 3,002 Jan.15 5 5 2,430 45 2,485 10,158 2,492 5,722 3,018 284 253 5,859 3,095 Jan. 22 6 5 2,430 36 2,477 10,172 2,498 5,704 3,093 296 253 5,802 3,030 Jan. 29 7 •6 2,430 28 2,470 10,179 2,492 5,693 3,031 301 254 5,863 3,087 Feb.5 10 5 2,430 44 2,489 10,168 2,491 5,742 2,958 324 255 5,869 3,089 Feb. 12... . 8 5 2,430 65 2,508 10,155 2,496 5,763 2,993 364 254 5,784 3,007 Feb. 19 7 5 2,430 64 2,505 10,160 2,499 5,771 2,979 327 255 5,832 3,045 Feb. 26 7 5 2,430 33 2,475 10,163 2,502 5,775 2,949 323 254 5,839 3,062 Mar. 4 6 5 2,431 34 2,475 10,167 2,506 5,848 2,898 321 269 5,813 3,043 Mar. 11.... 5 5 2,430 33 2,473 10,170 2,503 5,840 2,909 337 274 5,786 3,008 Mar. 18_._. 6 5 2,430 44 2,485 10,173 2,503 5,841 3,587 328 261 5,144 2,388 Mar. 25_._. 6 5 2,430 45 2,485 10,177 2,502 5,837 3,667 340 261 5,059 2,315 Apr. 1 7 5 2,430 34 2,477 10,185 2,504 5,884 3,614 331 259 5,077 2,338 Apr. 8 6 5 2,430 38 2,479 10,190 2,505 5,906 3,502 346 258 5,161 2,384 Apr. 15 6 5 2,430 35 2,477 10,200 2,502 5,877 3,374 335 260 5,333 2,548 Apr. 22 5 5 2,430 35 2,475 10, 209 2,501 5,860 3,269 355 260 5,442 2,640 Apr. 29 5 5 2,430 32 2,472 10,221 2,501 5,859 3,208 362 259 5,506 2,686 May 6 5 5 2,430 38 2,478 10, 248 2,497 5,912 3,175 345 259 5,532 2,697 May 13 5 5 2,430 30 2,469 10,302 2,496 5,888 3,161 351 257 5,611 2,774 May 20 5 5 2,430 30 2,470 10,375 2,493 5,896 3,138 353 258 5,694 2,859 May 27 5 4 2,430 26 2,466 10,388 2,494 5,902 3,116 326 256 5,747 2,901 June 3 6 3 2,430 50 2,489 10, 409 2,493 5,953 3,084 349 292 5, 713 2,844 June 10 5 3 2,430 32 2,471 10, 480 2,489 5,937 3,064 306 299 5, 833 2,948 June 17 7 3 2,430 40 2,480 10, 543 2,490 6,048 4,028 282 261 4,894 2,043 June 24 6 3 2,430 32 2,472 10,600 2,500 6,173 3,577 252 261 5,308 2,438 July 1 4 3 2,430 35 2,473 10,612 2,498 6,250 3, 232 256 256 5,589 2,670 July 8 3 3 2,430 36 2,472 10, 622 2,498 6,242 3,015 263 256 5,814 2,883 July 15 3 3 2,430 42 2,478 10, 629 2,496 6,190 3,021 266 255 5, 872 2,923 July 22 3 3 2,430 30 2,466 10,634 2,497 6,153 2,955 300 254 5,935 2,986 July 29..._ 4 3 2,430 23 2,460 10, 642 2,496 6,123 2,907 298 253 6,016 3,049 Aug. 5 4 3 2,430 26 2,463 10, 650 2,496 6,163 2,866 321 254 6,005 3,051 Aug. 12.... 8 3 2,430 36 2,477 10, 661 2,498 6,170 2,759 337 255 6,116 3,167 Aug. 19 6 3 2,430 18 2,457 10, 678 2,499 6,184 2,625 342 255 6,229 1,813 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 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 689. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
711 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS; ALSO FEDERAL RESERVE NOTE STATEMENT, AUGUST 19, 1936 [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - At t l a an- Chicago L S ou t. is n M o e i l a i n p s - - K C s a i a t n s y - Dallas F c S r i a s a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury 8, 255, 038 503, 661 145, 661409, 854 276, 642228, 5781, 641, 681224, 338 90, 924261, 356163, 364 Redemption fund—Federal Reserve notes 13,07C 1,' 1, 627 865 439 400 2.956 528 840 199 922 367 1,941 Other cash 282, 433 34, 756 71,201 37, 548 26,101 14, 452 10,639 33,335 13, 364 7.304 12, 654 6,818 14, 261 Total reserves 5,550,541 540,403 ,218,489 448,267 641, 537291, 494 1, 675, 544238, 542 .98, 427274, 932170, 549B10,184 Bills discounted: For member banks 3, 405 2,130 321 160 268 100 For nonmember banks, etc.. 3,072 11 454 11 2,400 Total bills discounted 6,47: 722 Bills bought: Payable in foreign cur- 4,530 rencies.. 3, 094 225 31' 294 121 108 386 87 61 s: 8: 218 Industrial advances 28, 662 3, 098 1,103 5,063 1,482 3,606 704 1,804 532 1,166 l, 55: 1,668 7,075 907 U. S. Government securities: Bonds 324, 721 21, 60; 88, 263 28, 217 31, 507 17,104 13,142 38, 630 17, 361 11,571 16, 425 12, 502 28, 392 Treasury notes 1, 496, 719 99, 596 406, 823130, 061145, 220 78, 839 60, 57." 178, 054 80,018 53,334 75, 708 57, 628130, 863 Treasury bills 608, 787 40, 510 165, 475 52, 902 59,068 32,067 24,639 72,423 32, 548 21, 693 30, 794 23,440 53. 228 Total Government securities 2, 430, 227]161,713 660, 561211,180 235, 795128, 010 98, 356 289,107 129, 927 :6, 598122, 927 93, 570212,483 Other Reserve bank credit: Other securities 181 181 Due from foreign banks 219 6 Reserve bank float (uncollected items in excess of deferred availability items) 1 11, 759 514 i 5, 266 i 763 511 610 i 1,191 2,128 1, 094 1838 2,948 i 148 Total Reserve bank credit outstanding 2, 457,101 165, 728 668, 085217, 884237, 000132, 469 >, 861 290,132 128, 518 i, 734123, 349 92, 994214, 347 Federal Reserve notes of other banks.__ 21, 540 336 6,395 728 1,494 1,422 1, 655 1,991 1,91! 1,060 1, 602 561 2,384 Uncollected items not included in float- 601, 610 60, 429 150, 236 45,163 57, 881 49, 966 19,630 81, 795 26, 418 19,132 32, 689 25, 963 32, 308 Bank premises 48,054 3,113 10, 854 5,079 6, 52f 2, 919 2,284 4,830 2, 453 1, 531 3,360 1, 526 3.580 All other assets 43,644 471 32,910 3,389 1,721 1,112 1,472 707 254 356 462 269 521 Total assets 11,722,490 770,4804, 086, 969'20, 510946,158 479, 382367, 0752,054, 999398, 09: 307, 240 436, 394 291 863, 324 LIABILITIES F. R. notes in actual circulation.. 3, 988,055 355, 584 818, 529293, 992389, 811183, 21' 175, 766 916, 751170,107 125, 960152, 989 84, 994320, 355 Deposits: Member bank—reserve account._. i,228,518 3091,,102 2, 733, 685329, 260433,375 208,166 137, 209 973, 40' 162, 441128, 439221, 512146, 838445, 084 U. S. Treasurer—general account.. 215,424 11,188 30,426 8,840 20, 770 16, 598 14, 792 26, 842 18, 81' 18, 379 16, 513 18, 479 13,785 Foreign banks 90,126 6, 660 32, 980 8, 370 8,279 3, 960 3,150 10, 439 2, 700 2,160 2, 609 2, 610 6,209 Other deposits 251, 437 3, 651 197, 660 1,743 4,74' 2,727 3,141 2,051 7,488 3,964 281 1, 996 21, 988 Total deposits i, 785, 505 3301,,6012, 994, 751348, 213467,171 231, 451158, 2921,012,739 191,,441 152, 942240, 915169, 923487,066 Deferred availability items 601, 610 60, 429 150,236 45,163 57, "" 49, 966 19, 630 81, 795 26, 418 19, 132 32, 689 25, 963 32, 308 Capital paid in 130,169 9, 408 50,181 12, 22 12, 573 4,724 4,246 12,136 3,761 2, 96f: 3,948 3,816 10,189 Surplus (sec. 7) 145, 501 9, 902 50, 825 13, 406 14,37 5,186 5, 616 21,350 4, 655 3,149 3,613 3,783 9,645 Surplus (sec. 13b) 27, 088 2,874 7,744 4,23 1,007 3,448 1,39 546 1,003 1,142 1,252 1,696 Reserve for contingencies 34, 236 1, 513 8, 849 3, 000 3,111 1,282 2, 555 7,573 894 1,442 840 1,328 1,84 All other liabilities 10, 326 169 5,854 284 233 108 216 1,264 275 646 258 21 Total liabilities 11, 722,490 770, 4804,C 969 720, 51C946,158 479, 382367,07 2, 054, 999 398, 09' 307, 240436, 394291, 862863, 324 Commitments to make industrial advances 23, 271 2,704 9,041 1, 379 2, 2,1c 282 1, 745 91 394 512 4,451 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents 4, 297, 480 378, 916 923, lot311,496 411,33 195, 316194, 935 950, 84: 178,92J 130,154165, 447 95, 273361,091 Collateral held by agents as security for notes issued: Gold certificates on hand and due from U. S. Treasury 4, 301, 338 396, 000 935, 706314, 00C414,00C 197, 00C161, 00C .6, 00C155, 632132,000165, 000 96, 000369, 000 Eligible paper 5, 038 161 3,146 32: r" 21 7c 96 7- 672 111 U. S. Government securities.. 73,000 45,00C 25,00C 3,000 Total collateral 4, 379, 376 396,161 938, 852314,32 414,17 197, 21 206, 07," 966, 00C180, 7 132,00C168, 074 16, 672 19,111 1 Deferred availability in excess of uncollected items. Reserve ratio— Ratio of total reserves to deposit and Federal Reserve note liabilities combined, all Federal Reserve banks, 79.4 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
712 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 PRINCIPAL ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i 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 - Dallas F c S i r s a a c n n o - Total reserves: July 29 8, 500, 276536,043 3, 297,592 440,494 609,047 277,983 221,016 1, 700,912 240, 591488, 788 252, 745 157, 935 577,127 Aug. 5 8, 513,401 445,997 601,132 282, 519 226, 437 1,647, 542128, 696 190,160 259, 567164,832 579, 626 Aug. 12 8,528,738 363 3,296,486 441,164 " 234, 556 189, 729 268,935 164, 425492,019 Aug. 19 8, 550, 541 403 3,218,489 448,267 641, 537 291, 494 242,173 l', 675, 544 238, 542 198,247247,932 170, 549 610,184 Total bills discounted: July 29 3,668 16 2,734 191 35 56 386 70 Aug. 5 3,960 56 3,040 160 25 56 393 73 Aug. 12 7,!"'" 65 6,655 195 100 71 546 30 Aug. 19 6,477 161 4,530 321 171 211 722 111 Bills bought, payable in foreign currencies: July 29 3,092 224 1,110 316 293 120 108 384 87 61 217 Aug. 5 3,092 226 1,100 317 294 121 108 386 87 61 87 218 Aug. 12 3,094 225 1,103 317 294 121 108 87 61 8; 218 Aug. 19 3,094 225 1,103 317 294 121 108 87 61 87 87 218 Industrial advances: July 29 29, 584 3,104 7,278 5,140 1,571 3,635 723 2,052 537 1,239 973 1,600 1,732 Aug. 5 28,888 3,101 7,104 5,087 1,504 3,613 716 1,816 534 1,199 1, 587 1,729 Aug. 12 28, 782 3,096 7,090 5,089 1,500 3,611 705 1,804 534 1,170 893 1,562 1,728 Aug. 19 28, 662 3,1 7,075 5,063 1,482 3,606 704 1,804 532 1,166 907 1,557 1,668 U. S. Government securities: July 29 2, 430, 227161,713 660,561211,180 235, 795 128, 01098, 356 289,107129,927 86, 598 122,92793, 570 212, 483 Aug. 5 2, 430, 227161,713 660, 561211,180 235,795 128,010 289,107129,927 86,598 122,927 93, 570 212,483 Aug. 12 2,430, 227161, 713 660, 561211,180 235,795 128,,010 98,356 289,107129,927 86, 598 122,927 93,570 212,483 Aug. 19 2, 430,227161, 713 660, 561211,180 235, 795128,010 98,356 289,107 129i;,927 122,927 93, 570 212, 483 Total Reserve bank credit outstanding: July 29 2,460, 629165,191 674, 543 217, 202 2316,,907132, 72599, 758 289,760128,700 88, 259 122,,039 93,399 2122,,146 Aug. 5 2,463, 200165, 906 674, 986218,061237, 531132, 52799, 970 291, 075125, 93288,199120,359 93,420 2155,,:234 Aug. 12 2, 477, 395164, 744 682, 217218,024 237,955132,894100,106 291,361129,006 87, 664124,887 93,805 214, 732 Aug. 19 2,457,101 165, 728 668,085217,884 237,000 132,469 99,861 290,132128, 51886, 734123, 349 92, 994 214, 347 LIABILITIES Federal Reserve notes in circulation: July 29 3,951,101 356,695 808,382 295,125 386, 581184,467 171,,855 909,519 169,898 121, 247 151,45083,383 312, 499 Aug. 5 3,979, 814356, 939 817,367 293, 568 387,602183, 570 17^4,,567 914, 256 171,101 123, 874 153, 70485,052 3181,,214 Aug. 12 3, 983,473356,191 815,166 295,659 393,414182,914174,831 914,255 170,139 124, 522 152,88384,878 318,,662211 Aug. 19 3,988,055 355, 584 818,529 293,992 389,811183,217175, 766 916, 751 170,107 125,960 152, 98984, 994320,355 Deposits: Member bank—reserve account: July 29 6,016,170298,865 2, 721,024 312, 750 404, 769 187,383 112, 741965,890 160, 218 121, 568 196, 981432, 635 401,343 Aug. 5 6,004, 7963~0~2~, 954 2, 776, 763 315, 280 382,426 195, 885 117, 967918, 490 146, 7541 2~lj 722 195, 478 133, 889 397,188 Aug. 12 6,116,084305, 430 2, 762, 499 315, 689 414,142402,063 124,240 934,730 159,085 123, 770 209,838 136,932 427, 664 Aug. 19 6, 228, 518309,102 2,733,685 329, 260 433,375 20"8;,, 166 137, 2099-7-3-,4•0-7• 1-6-2•, •4•4 112-8 ,439 221, 512146,838445,084 U. S. Treasurer—general account: July 29 466,210 18,943 169,897 18,765 22, 708 23,979 23,754 70,998 23,286 22, 513 20,061 23, 208 28,098 Aug. 5 439,391 20, 721 132,751 22, 713 35,056 19,898 59,817 21, 483 21, 236 24,032 27,249 33, 569 Aug. 12 338,062 17, 712 99,445 14,168 24,390 19, 275 17, 770 45, 749 18,378 16, 949 24,185 23,853 16,188 Aug. 19 215, 424 11,188 8,840 20, 770 16, 598 14, 792 26,842 18,812 18, 379 16, 513 18, 479 13, 785 Foreign bank: July 29 57,158 4,225 20, 905 5,310 5,253 2,512 1,998 6,623 1,713 1,370 1,653 1,656 3,940 Aug. 5 71,040 5,253 25,960 6,602 6,531 3,124 2,485 8,235 2,130 1,704 2,058 2,059 4,899 Aug. 12 86,438 6,392 31, 587 8,034 7,947 3,801 3,023 10, 021 2,592 2,073 2,502 2,505 5,961 Aug. 19 90,126 6,660 32,980 8,370 8,279 3,960 3,150 10,439 2,700 2,160 2,609 2,610 6,209 Other deposits: July 29 240, 676 2,637 181,998 1,855 5,002 3,163 2,303 1, 770 8,180 4,287 291 1,844 27, 346 Aug. 5 249, 675 2,984 191, 994 2,066 5,442 3,282 2,326 1,976 7,932 3,934 264 2,007 25, 468 Aug. 12 250,309 3,416 196,188 1,724 5,167 3,010 2,068 2,215 7,632 4,007 271 1,573 23,038 Aug. 19 251,437 3,651 197,660 1,743 4,747 2,727 3,141 2,051 7,' 3,964 281 1,996 21, 988 Commitments to make industrial advances: July 29 23,711 2,749 9,151 326 1,526 2,328 1,804 397 536 4,440 Aug. 5 23,453 2,745 9,061 315 1,434 2,322 284 1,770 397 536 4,422 Aug. 12 23, 394 2,768 9,047 304 1,427 2,319 283 1,745 536 4,404 Aug. 19 23, 271 2,704 9,041 282 1,379 2,313 282 1,745 394 512 4,451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
713 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO AUGUST 19, 1936 [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 dustrial Advi- Date ( e la ac st h W m e o d n n th e ) sday of received to date s o t ( e o w u e r t i s y t c h o n a t d C n o i d o ti m o w n d m i s a t ) i h t t e - - Total R F b e e a d se n e r r k v a e l c R F o b e e m a d se n e m r k r v a it e l - A b p u p t r o n v o e t d E o r r x 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 - i - advances ments com- drawn by pations out- out- pleted i appli- out- Number Amount Number Amount Number Amount standing standing cant standing* 1935—Jan. 30 .. 5,283 195,710 1,341 73,470 1,168 64, 518 17,493 11,739 26,362 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 5,897 217, 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 86, 282 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 1,907 109, 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 8,680 Nov. 27 7,500 302, 331 2,134 130, 502 1,948 121,947 32,534 28,002 13,466 38,952 Dec. 31 (Tuesday) 7,615 306, 708 2,176 132, 460 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—Jan. 29 7,714 311,081 2,212 134, 243 2,023 125,810 32,483 27,004 10,888 46, 736 Feb. 26 7,831 315,081 2,245 135,320 2,049 126, 643 32,129 25,866 10, 434 50, 636 7,578 Mar. 25 7,934 319, 595 2,294 138, 450 2,097 129, 580 30,947 25,421 11,008 54, 654 7,550 Apr. 29 8,046 2,338 140,104 2,139 131,195 30,800 25,576 9,730 57, 351 7,737 May 27 8,113 329, 316 2,374 141, 749 2,162 132,549 30,958 25,095 9,343 59, 512 7,641 June 24 8,158 331, 391 2,394 142, 811 2,183 133, 343 30,486 24,452 9,381 61, 422 7.598 July 29 8,197 331,659 2,413 143, 978 2,198 134,233 30, 217 23,711 8,429 64,342 7,534 Aug. 193 8,227 332. 776 2, 428 145, 635 2,213 135,165 29, 376 23, 271 9,147 66, 036 7,337 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks. 3 Aug. 26 figures not yet available. NOTE —On Aug. 19, 1936, there were 50 applications amounting to $3,627,451 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. MATURITY DISTRIBUTION OF BILLS AND SECURITIES HELD BY RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a t y o s 30 31 d a t y o s 60 61 d a t y o s 90 6 9 m 1 t o d o n ay th s s m O o v n e t r h 6 s Bills discounted: July29.._ 3,668 2,028 31 673 278 658 Aug. 5_ 3,960 2,290 28 813 207 622 Aug. 12 7,863 6,097 34 873 205 654 Aug. 19 6,477 4,534 600 256 623 Bills bought in open market: July 29 3,092 352 769 244 1,727 Aug. 5. 3,092 4 880 133 2,075 Aug. 12 3,094 768 233 236 1,857 Aug. 19 3,094 122 283 1,809 Industrial advances: July 29 29,448 1,550 179 575 930 1,924 24,290 Aug. 5 1,434 279 589 948 1,780 23,858 Aug. 12 28, 782 1,395 294 674 876 1,731 23,812 Aug. 19 28, 662 1,472 294 799 1,865 23, 548 U. S. Government securities: July 29 2,430,227 28,459 31,956 123, 716 79,282 319,096 1,847, 718 Aug. 5 2,430,227 28,580 36,956 129,459 70, 804 323,260 1,841,168 Aug. 12 2,430,227 31,956 37,930 130,275 85, 659 302,345 1,842,062 Aug. 19 2,430, 227 36, 956 81,016 87,452 66,816 406,017 1,751,970 Other securities: July 29 181 181 Aug. 5 181 181 Aug. 12 181 181 Aug. 19 181 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
714 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, JULY 1936 BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Classes of banks de- de- Time banks mem- serve Counand districts mand mand de- ber city try de- de- posits banks1 New Chi- banks banks1 posits1 posits2 Re- Ex- York cago quired Held cess Total reserves held: All member banks,. 29, 714 24,107 10, 743 2,953 5, 861 2,907 1935—August 5, 232 2, 306 490 937 September 5,243 2,320 484 900 Central reserve city banks: October 5,469 2.460 541 908 New York 10, 405 9, 670 622 1, 276 1,004 November 5,757 2, 563 614 941 Chicago 2,389 2,093 427 285 369 December 5,716 2,541 608 935 1936—January 5,780 2,593 495 978 Reserve city banks: February 5,808 2,579 487 998 Boston 993 879 130 92 192 100 March ___ 5,420 2,271 463 978 New York 217 174 137 22 37 16 April 5, 300 2,163 506 956 Philadelphia 1,125 931 235 100 213 113 May 5, 638 2,384 636 961 Cleveland 1,442 1,126 729 134 307 173 June 5,484 2,183 682 954 Richmond 627 473 197 53 126 73 July 5,861 2,279 653 1,042 Atlanta 561 390 161 44 67 23 Week ending (Friday): Chicago 1,130 799 437 93 213 120 1936—July 3 5,581 2,085 714 St. Louis 684 515 168 57 120 63 July 10 5,760 2,145 689 1,057 Minneapolis 373 257 91 28 64 36 July 17 5,881 2,250 675 1,043 Kansas City 993 627 162 68 130 62 July 24 5, 907 2,349 622 1,037 Dallas 579 373 110 41 75 34 July 31 5,998 2,460 609 1,036 San Francisco.__ 1,797 1,383 1,858 194 341 146 Excess reserves: 1935—August 2, 636 1,214 258 465 Total 10, 520 7,928 4,414 925 961 September 2,628 1,177 246 734 471 Country banks: October 2,820 1,309 297 738 476 Boston 762 592 566 58 107 48 November 3,061 1,393 359 803 506 New York 1,206 930 1, 325 105 226 121 December 2,983 1,350 353 780 499 Philadelphia... 560 416 829 54 102 48 1936—January 3,033 1, 395 239 852 547 Cleveland 526 367 573 43 95 52 February 3,038 1,360 226 885 567 Richmond 451 287 319 30 65 35 March 2, 653 1,056 208 846 543 Atlanta 401 260 197 24 52 28 April 2,510 940 262 796 512 Chicago 684 469 526 49 137 88 May 2,800 1,134 377 778 511 St. Louis 343 208 201 21 49 28 June 2,593 908 414 775 496 Minneapolis.. _ 290 178 262 20 51 31 July 2,907 1,004 369 961 575 Kansas City__. 427 245 154 22 60 39 Week ending (Friday): Dallas 421 257 90 21 62 41 1936—July 3 2,649 436 871 535 San Francisco.. 329 206 238 22 37 16 July 10 2,819 874 407 948 590 July 17 2,923 971 390 576 Total 6,400 4,416 5,280 467 1,042 July 24 2,946 1,072 336 569 July 31 3,039 1,184 322 568 1 All deposits other than time deposits. 2 Gross demand deposits minus demand balances with domestic banks 1 Weekly figures of excess reserves of all member banks and of country (except private banks and American branches of foreign banks) and banks are estimates. cash items in process of collection. Back figures.—Gross demand and time deposits by classes of banks since January 1936, see page 701 this BULLETIN; see also April 1936 BULLETIN, pages 269 and 299. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS (Averages of daily figures. In millions of dollars) Member banks n larger centers1 Member banks in smaller centers (places o^Ter 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time July June Mav July June Mav Julv June May July June May 1936 1936 1936 1936 1936 1936 1936 1936 1936 1936 1936 1936 Boston.._ __ _. _ _ _ __ _ 1,640 1,578 1,586 575 580 580 115 106 105 121 122 126 New York1 _ _ __ _ 1,150 1,086 1,081 999 980 977 274 257 258 464 457 455 Philadelphia 1,476 1,416 1,404 642 629 633 208 195 193 422 420 417 Cleveland _ _ _ . 1,759 1,674 1,644 1,043 1,037 1,028 208 196 192 259 255 254 Richmond. _. _ __ 916 875 854 338 334 331 161 150 149 178 174 170 Atlanta 833 807 800 281 274 269 129 127 132 77 76 78 Chicago1 1,550 1,487 1,432 748 727 717 263 254 247 215 209 204 St. Louis 849 768 769 273 271 269 178 168 165 95 95 95 Minneapolis . _ _ . 482 459 419 173 172 171 181 173 166 179 177 177 Kansas City _. __ 1,110 1,005 980 201 200 200 311 288 287 114 113 113 Dallas 764 718 703 159 157 157 235 225 224 40 39 38 San Francisco ._ 1,994 1,896 1,866 2,000 2,009 2,024 132 126 123 96 95 93 Total 14, 525 13, 769 13, 539 7,434 7,368 7,355 2,394 2,268 2,242 2,260 2,232 2,220 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. Back figures.—See page 701 this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
715 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [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 o i l l l v a e 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 t 1 a y e 8 s s 9 - 0 S s u i i a l b v r s y e id r - M co in 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 a d 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 1935—July 5,518 115 702 298 125 280 3,232 654 August 5,629 114 739 298 126 283 3,362 596 September.. 5,683 112 756 302 127 286 3,439 553 October 5, 713 111 773 306 128 281 3,495 514 November.. 5,846 110 812 309 130 284 3,612 487 December.. 5,882 109 312 131 275 3,667 458 1936—January... 5,737 107 303 129 259 3,598 436 February.. 5. 846 106 841 304 129 254 3,696 421 March 5,877 104 864 307 131 245 3,727 406 April 5,886 103 886 309 132 249 3.726 391 May 5,953 102 914 312 133 265 3, 760 378 June 6, 241 101 955 316 135 278 4. 002 366 July 6,162 100 958 318 136 274 3, 937 352 Back figures.—See Annual Report for 1935 (table 38). PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total* $1 $2 $5 $10 $20 $50 $100 $500 $1,000 $5,000 $10,000 s U or n t a e s d - 2 1935—July 5,063 415 31 755 1,273 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 1,334 1,321 349 603 118 232 7 14 12 October 5,245 435 32 787 1,337 1 329 354 610 119 233 7 14 11 November _ _ 5,374 448 32 815 1,380 1, 354 356 617 120 234 7 15 5 December 5,404 460 33 815 1,373 1,359 358 627 122 239 7 16 6 1036 —January 5,272 434 32 782 1,333 1,332 355 627 122 240 7 17 8 February 5,379 434 32 802 1,373 1,360 361 633 123 243 8 18 8 March. _ _ 5,405 439 32 804 1, 378 1,361 362 641 125 247 7 17 9 April 5 411 442 31 804 1 379 1 360 360 643 126 249 7 19 10 Mav 5^ 473 451 32 820 1,402 1, 369 363 648 127 245 7 19 11 June __ 5. 755 463 33 850 1, 468 1,466 398 683 127 245 7 18 3 July 5,672 460 32 8i4 1,459 1,431 383 667 127 247 7 19 4 1 Total of amounts shown by denominations less unassorted amounts in Treasury and Federal Reserve banks. 2 Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures—See Annual Report for 1935 (table 39). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation, In millions of dollars] [By selected banks in New York City. In thousands of dollars] d S o il l v la e r r s Sub- F e e ra d l - Na- Month m E S e u n h r t i o s p p - t e o R E e f u r c o r e o m i p p e ts rec N e e i t pts End of month Total s a il n v d er i s a id r - y M co in in or U S n ta i t t e ed s s R er e v - e t b io a n n a k l bul- silver notes bank notes 1935—July 286 2, 261 1,975 lion* notes August 282 2,289 2,007 September. 721 1,157 436 October 2,536 864 11, 672 1935-July 2, 510 884 315 134 347 81 750 N D o ec v e e m m b b e e r r . . 4,2 6 0 03 3 8 7 5 8 1 2 13, 4 24 2 8 1 August 2,398 905 316 134 347 78 619 September. 2,386 940 317 134 347 75 573 1936—January... 748 2,743 1,995 October 2,400 997 320 134 347 72 530 February. . 13 3, 317 3,304 November. 2,438 1,066 322 135 347 70 499 March 1,757 3,109 1,352 December.. 2,476 1,124 328 136 347 68 473 April 3, 095 938 12,157 1936-January 2,493 1,172 328 137 347 64 446 J M un a e y.. 3 3 , . 0 8 3 5 7 2 1 1 , , 6 16 8 4 5 1 1 1 2 , , 1 8 6 ? 7 3 February.. 2,499 1,197 328 137 347 62 429 July 900 2,348 1,448 March 2,504 1,218 329 137 347 59 413 April 2,500 1,230 330 138 347 57 398 May 2,490 1,236 330 138 347 55 384 June 2,498 1,255 332 139 347 53 372 1 Net shipments. July 2,496 1,264 335 140 347 51 358 For description and back figures see BULLETIN for January 1932, pp. 7-9. 1 Includes silver held against silver certificates amounting to $1,159,000,- 000 on July 31, 1936, and $828,000,000 on July 31, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
716 FEDERAL RESERVE BULLETIN SEPTEMBER 1930 GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars] Year or month y m a s e G t t o a o o o e r n c f l n t d o k h d r I i n n st c o g r c e o k a ld se im g N o p e l o d t rt m re f N e r a l o e a r e a r m k - t s i e f O ac t t h o e rs r 2 From or to— July Ju 1 n 9 e 36 January-July Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1932 4,226 52.9 -446.2 457.5 41.6 1933 4,036 -190.4 -173.5 -58.0 41.1 1934 8,238 4, 202. 5 1,133.9 82.6 2,986.1 Belgium 2 2 4 683 692 3,717 72 16,042 5,806 1935—February 8,527 135.3 122.8 .2 12.3 France. __ __ 27 202, 983 341 258 17,180 March 8,567 40.4 13.0 -.7 28.1 Germany 7 April 8,710 143.4 148.6 —2.3 -2.9 Netherlands... 38 811 47 563 3,765 May.. 8,858 148.1 140.0 —1.5 9.6 Switzerland 0 June 9,116 257.1 230.4 1.0 25.8 Union of Soviet July... . . 9,144 27.9 16.2 -.4 12.1 Socialist Re- August 9,203 59.5 46.0 1.8 11.7 publics 978 2,571 9 309 September 9,368 165.0 156.7 1.0 7.3 Canada _ 885 3 552 1 27,098 42 October 9,693 325.2 315.3 —1.9 11.8 Central America 340 219 2 189 November. __ 9,920 226.7 210.6 .6 15.5 Mexico 869 14, 587 3 23,007 325 December... 10,125 205.2 190.0 1.3 13.9 Argentina 0 4 10 Year.. _ 10,125 1,887. 2 1,739.0 .2 148.0 C Co h l i o le m bia - 2, 6 1 6 0 4 fi 2,1 3 0 1 4 4 4 9 , , 7 5 9 2 4 3 Ecuador 242 371 2, 486 1936— F J e a b nu ru ar a y ry 1 1 0 0 , , 1 1 8 6 2 7 -1 5 5 7 . . 5 2 — 4 1 5 6 . . 6 6 - — 1 9 .7 .5 1 10 3 . . 6 3 U Pe r r u u guay _. 97 190 1 583 March 10,184 17.2 5.5 1.0 10.7 Venezuela 2 4 250 April. 10,225 41.0 28.1 —.2 13.1 Australia ._ 856 2,511 12,115 May 10,402 176.7 170.0 -3.2 10.0 British India... ... 5,654 5,947 38,172 June 10, 608 206.6 277.8 -24.8 -46.4 China and Hong July .. 10, 648 39.2 15.4 2.3 21.5 Kong 603 3,751 Dutch East Indies. Japan place 1 d G o u l n d d e re r le e a a s r e m d a r f k rona w e it a h r m a a ll r o k w a a n t c F e e w de h r e a n l n R e e c s e e s r s v a e r y b a fo n r k s c h l a e n ss g e g s o i ld n A Ph ll i l o ip th p e in r e co u Is n la tr n ie d s s 2, 2,4 2 2 4 5 3 2,1 2 2 3 4 7 1 1 2 , , 2 3 7 3 1 5 gold 3 e F a i r g m u a re rk s e a d r e a b d r e o r a iv d e i d o r f r a o c m co p u r n e t c e o d f i F ng ed c e o r l a u l m R n e s s e a r n v d e i b n a d n ic k a s t ) e . net result Total 16,074 695 277,851 77 552, 766 27,118 of such factors as domestic production, movements into and out of nonmonetary use, imparts and exports that do notaffect gold stock during the nnnth or year, and increment resultingfrom reduction in 1 Figures represent customs valuations which, with some exceptions, weight of gold dollar. are at rate of $35 a fine ounce. 1 Includes all movements of unreported origin or destination. Back fig ares.—See Annual Report for 1935 (table 32) Back figures.—See table, p. 743, and Annual Report for 1935 (tables 34 and 35). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 717 ALL BANKS IN THE UNITED STATES [Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and May 1936, p. 398.] NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS Member banks Nonmember [In millions of dollars] banks Member banks Nonmember banks Call date Total Other Total ti N on a a - l State M s b a a u v n t i u n k g s a s l b m n a b o e n e m n k r - s - Call date ba A n l k l s Total ti N on a- al State M s b av a u n i t n u k g a s s l n be o O r n t m b h a e e n r m k - s 1931—Dec. 31. _ 19,966 7,246 6,368 878 597 12,123 1931—Dec. 31— 45,821 27,432 17, 271 10,161 10,105 8,284 1932—June 30 19,046 6,980 6,145 835 594 11,472 1932—June 30. _. 41,963 24,755 15,629 9,126 10,020 7,188 Sept. 30_ 18,794 6,904 6,080 824 1594 11,296 Sept. 30.. 41,942 24,903 15, 635 9,268 i 10,020 7,020 Dec. 31 18,390 6,816 6,011 805 594 10,980 Dec. 31, - 41,643 24, 803 16,101 8,702 10,022 6,818 1933—June 30 * 14, 519 5,606 4,897 709 576 8,337 1933—June 30 2. _37,998 23,338 14,772 8,566 9,713 4,946 Oct. 25 3 5,818 5,052 766 Oct. 25 3 23, 453 15,070 8,383 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30___ 38, 505 23, 771 15, 386 8,385 9,708 5,026 1934—Mar. 5 3 6,206 5,288 918 1934—Mar 53 25, 293 16,203 9,090 J O u c n t e . 1 3 7 0 3 15,835 6 6, , 4 3 3 7 3 5 5 5 , , 4 4 1 6 7 1 9 9 5 7 8 2 578 8,882 J O u c n t e . 1 3 7 0 . 3 __ 41,870 2 2 7 6 , , 4 6 8 1 4 5 1 17 7 , , 0 6 9 9 7 3 9 9, , 5 7 1 9 8 1 9,780 5,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31... 44, 770 28,943 18, 519 10, 424 9,828 6,000 1935-Mar. 4. 16,024 6,422 5,446 976 579 9,023 1935—Mar. 4_._. 44, 455 28, 589 18, 502 10,087 9,837 6,029 June 29 15,994 6,410 5,425 985 571 9,013 June 29. __ 45, 766 29, 496 19,031 10, 465 9,920 6, 350 Nov. 1. 15,904 6,400 5,403 997 571 8,933 Nov. 1.... 47, 522 31,072 20,128 10, 944 9,936 6, 513 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31.._ 48, 964 32,159 20, 886 11, 273 9,963 6,842 1936— J M un a e r. 3 4 0 p. 15,808 6 6 , , 3 4 7 0 7 0 5 5 , , 3 3 6 7 8 5 1 1 , , 0 0 0 3 2 2 569 8,862 1936— J M un a e r. 3 4 0 . 3 ... 48, 771 3 31 4 , , 0 7 9 7 8 4 2 2 0 1 , , 9 6 8 0 6 5 1 1 1 2 , , 1 1 6 1 9 2 9,972 7,025 For footnotes see table below- For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Call date 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 ts t- 1931—Dec. 31 49, 704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 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 « 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 26,518 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, 473 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 45,008 20,140 24,868 29,301 11,841 17, 460 9,854 5,302 4,552 5,853 2,997 2,856 Dec. 31 45, 717 20, 329 25, 388 29, 985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—Mar. 4 46,157 20, 275 25,882 30,288 12,099 18,189 9,795 5,202 4,592 6,074 2,974 3,100 June 303 32, 259 12, 542 19, 717 1 Figures of preceding call carried forward. 2 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. 3 Nonmember bank figures not available. * Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Back figures.—SeeA nnual Report for 1935 (tables 47-48). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
718 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 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 n T lo a v o e n a e n t n d a s t s t l s - Total C Y N k o b s T i i r e o u e d o t o r r t y w - e s - k i o se t t T o h i c e n u e o s r ri s - e l R o st a e a n a t s l e a . b a c p o a i R n c o w n n e c e r f k p e - t n - t s s , - O c c u w a u u n s t n e r r h i s s e e - d e e e d d r - . L ba o t n o a k n s s a U a b c p n A n e l a e c i p c y t e - e t i - s n dab B p a r b a i o l y l l a e s - d b p C m o c a o u i p e a m g r e l h - r - t k L C Y N e b o r r t i o e o s a o t r y w - n k i i n s Total Direc ti t on a F g n s u u te a l e l r y d - s O e ti c t e u h s r e i r - States TOTAL—ALL MEM- BER BANKS 1929— Dec. 31 35, 934 23,193 803 7, 685 3,191 11,515 714 212 291 1, 660 9,784 3,863 5,921 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 1934—June 30 27,175 10, 804 208 3,309 2, 357 210 4,721 153 264 200 1,082 14, 652 9,137 3 276 5 5, 239 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, 301 10, 465 179 2, 885 2,279 159 4,963 94 154 260 841 17,460 0,080 1,764 5, 615 Dec. 31 29, 985 10, 548 196 2,893 2,284 169 5,006 98 181 272 1,047 17,810 0, 501 1,768 5, 541 1936—Mar. 4 30, 288 10, 460 211 2,832 2,301 156 4, 960 82 164 280 1,089 18,189 0, 564 1,880 5,745 June 30 32, 259 10,943 266 2,863 2,340 117 5, 355 81 144 278 1,079 19, 717 1, 721 1,950 6,045 NEW YORK CITY * 1929—Dec. 31 8,774 4, 964 2,145 169 2,595 322 128 1,202 2,091 1,112 979 1933—June 30? 7,133 2,297 1,044 157 120 937 162 224 720 3,709 2, 551 1,158 1934—June 30 7, 666 2,202 882 156 144 965 68 225 883 4, 265 3,053 3 157 3 1,055 Dec. 31 7, 761 2,202 820 139 164 1,024 63 210 662 4, 602 3,246 278 1,078 1935—Mar. 4 7, 783 2,198 805 139 145 1, 054 52 203 678 4,628 3,200 298 1,131 June 29 8,303 2,146 783 138 82 1,085 48 183 930 4,983 3, 462 348 1,174 Nov. 1 8,167 2,185 775 136 101 1,114 35 135 828 4, 968 3,340 405 1,223 Dec. 31 8,418 2,196 793 140 107 1,096 42 158 1,018 4,985 3, 425 401 1,159 1936—Mar. 4 8, 802 2,215 792 148 99 1,112 29 141 1,043 5, 355 3,602 505 1,248 June 30 9,556 2,338 813 146 65 1,238 123 1,028 6,028 4,196 567 1,265 CITY OF CHICAGO 4 1929—Dec. 31 1, 757 1,330 240 533 5 5 309 116 193 1933—June 30 2 1,287 589 48 251 237 610 384 226 1934—June 30 1, 445 491 41 188 219 889 585 3 76 3 228 Dec. 31 1, 581 435 29 170 202 1,049 743 78 229 1935—Mar. 4 1,704 462 30 171 232 1,167 877 78 212 June 29 1, 592 458 33 163 236 1,107 766 87 254 Nov. 1 1,792 433 154 227 1, 336 973 96 267 Dec. 31 1, 868 455 149 249 1, 392 1, 061 88 243 1936—Mar. 4 1,946 456 148 251 1,470 1,131 89 250 June 30 1,951 513 145 284 1, 419 1,014 312 RESERVE CITY BANKS 1929—Dec. 31 12, 029 8,418 425 2, 775 1,538 3, C79 258 102 239 2,944 1, 368 1, 576 1933—June 30 2 8,492 4,258 63 1, 340 1,131 1,678 99 38 45 4,011 2,483 1, 528 1934—June 30 9, 609 4,096 97 1,200 1,124 1,634 40 97 135 5,214 3,516 3 19 3 1,679 Dec. 31 10, 028 4,024 90 1,124 1, 090 1,671 55 108 105 5,715 3,809 279 1, 628 1935—Mar. 4 10, 036 3,974 83 1,090 1, 077 1, 677 48 122 106 5,766 3,724 376 1, 666 June 29 10, 151 3, 967 87 1, 053 1, 105 1, 682 43 112 25 5, 986 3, 712 571 1,703 Nov. 1 10,521 4,089 82 1,055 1,103 1,806 34 111 9 6,253 3, 892 655 1, 706 Dec. 31 10, 780 4,144 96 1,057 1,094 1,851 34 120 21 6,432 4,076 656 1,701 1936—Mar. 4 10, 655 4,071 101 1, 027 1, 096 1,805 31 120 30 6,375 3, 958 656 1,761 June 30 11, 306 4,242 115 1,044 1,101 1,941 31 .113 34 6,863 4,349 651 1,863 COUNTRY BANKS 1929—Dec. 31 13, 375 8,481 2,231 1,462 705 163 4,439 1, 267 3,172 1933—June 30 2 7,873 4,194 1,117 1, 055 2,005 27 10 3, 598 1,469 2,129 1934—June 30 8,456 4,016 1,039 1,056 1,903 72 4,283 1,982 3 25 3 2, 276 Dec. 31 8,780 3,849 996 1, 026 1,810 92 4, 756 2,108 355 2,293 1935—Mar. 4 8,749 3,786 966 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 8,821 3,758 902 1,026 1,815 132 4,903 1,874 609 2,419 Dec. 31 8,919 3,754 894 1, 035 1,810 135 5,002 1,940 623 2,439 1936—Mar. 4 8,885 3,716 865 1,043 1.791 145 4,989 1,873 630 2,486 June 30 9,446 3,850 861 1,078 1,891 152 5, 407 2,163 640 2,605 1 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 fully guaranteed by the United States Government is included in "Other securities" on this date. 4 Central reserve city banks. Back figures.— See Annual Report for 1935 (table 52). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
719 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Re- items serves Bal- report- Interbank Certi- Indi- Interbank Indi- Call date b s w F e a e R e r n r i e a t v d - k h l e - s C va i a n u sh lt b a w m a n d t n e o i i c s c t - k e - h s s1 o e p t f l d e i r e i o o s n c c - s a c n o s - 2 l- b m D a t e n i o s c - k - s b F e a i o n g r k n - s S U m G e t e r a n e o d n t i n v e - t t - - s f P u l u n ic b d - s c l h c c e o a f e e i a t f o n e c f t r s f d i d e s k h - ' r s s , s t p p u i v n h c o o a a i o e i l r d n r p r r s a t - - - s s , - - , , j i d m u t e s D s a p t e n a e o - d d d s - - 4 b m D a t e n i o c s k - - s b e F a i o n g r k n - s f P u u l n i b c d - s P s i t a o n a v l g s - - - s s t p p u i v h n c o o a a o i i e r l n r d p r r s a t - - - s s , - - , , r B i o n o w g r s - credit3 etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 2,374 558 2,168 3, 896 3,517 544 143 1,335 1,681 17, 526 16, 647 95 154 595 122 12, 267 879 1933—June 30 6 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 1934—June 30 3, 819 473 2,760 1,057 4,070 155 1, 6581,598 372 13,349 14,261 122 8 333 585 8,763 35 Dec. 31 4,082 609 3,149 1,903 4, 569 147 1, 6361, 799 838 14, 951 15, 686 134 7 294 452 9,020 13 1935—Mar. 4 4,518 534 3,386 1,475 5,095 169 1, 2701,861 741 14, 872 15, 999 145 8 290 399 9, 203 17 June 29 4, 933 537 3,396 1,183 4.978 273 779 2, 091 417 16, 206 17, 530 136 5 285 307 9, 462 Nov. 1 5, 662 541 3,760 1, 756 5,558 361 650 2, 251 686 17, 327 18, 509 132 6 310 227 9, 671 Dec. 31 5,573 665 3,776 2, 255 5, 696 444 844 2,139 882 18,035 18, 801 151 5 361 218 9, 680 1936—Mar. 4 5, 784 624 3,970 1,718 6,148 394 600 2,173 779 17,927 19,161 152 5 344 167 9,784 11 June 30 5,607 713 3,944 2,147 5,986 465 1,037 2,320 789 19, 322 20, 284 151 378 152 10, 099 6 NEW YORK CITY 6 1929—Dec. 31 827 179 2,406 1,198 464 20 128 1,180 5,847 4,750 133 18 1,112 179 1933—June 30 s 846 101 874 1, 255 127 332 96 461 4, 676 4,358 1 110 671 8 1934—June 30 1,417 97 415 1, 592 135 802 167 154 4,894 4,800 7 69 649 Dec. 31 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 7 56 591 1935—Mar. 4 1,856 86 810 2,047 147 572 190 500 5,329 5,209 7 44 595 June 29 1,935 133 447 1,983 248 369 354 149 5,924 5,979 4 27 567 Nov. 1 2, 590 109 873 2, 203 327 219 468 413 6,104 6,112 4 3 680 Dec. 31 2,541 111 1,133 2,338 410 224 323 524 6,479 6,193 4 3 591 1936— J M un a e r. 3 4 0 2 2 , , 4 1 9 0 3 6 1 1 0 1 8 4 8 9 2 8 9 2 2 2, , 5 3 2 9 7 0 3 4 6 2 3 8 2 1 1 4 5 0 2 3 6 5 0 7 4 4 9 8 6 9 6 6 , , 4 7 8 1 91 6 6, , 3 7 9 5 8 6 4 5 5 60 8 1 6 CITY OF CHICAGO 6 1929—Dec. 31 169 133 158 310 42 1,041 957 332 1933—June 30 5 232 203 61 259 46 87 870 912 358 1934—June 30 436 162 57 391 47 174 944 1,077 361 Dec. 31 415 207 90 445 46 182 1,073 1,189 381 1935—Mar. 4 359 182 70 505 41 184 1,047 1,179 374 June 30 675 249 73 504 20 198 1,208 1, 357 469 Nov. 1 581 188 83 527 62 204 1,274 1,416 403 Dec. 31 511 209 135 522 98 208 1,301 1,401 413 1936—Mar. 4 480 195 96 594 81 217 1, 243 1,390 407 June 30 749 195 147 635 102 221 1,444 1, 546 444 RESERVE CITY BANK! 1929—Dec. 31 _. 751 156 947 1,041 1,604 76 423 300 5, 547 5,229 30 41 4, 433 292 1933—June 30 s 705 122 1,002 401 1,315 312 349 108 3. 708 3,764 59 388 2, 941 16 1934—June 30 1,197 154 1,397 411 1, 785 635 526 117 4, 360 4, 593 105 234 259 3, 366 Dec. 31 1,268 207 1,543 537 1,984 620 585 169 4,919 5,136 117 206 186 3,494 1935—Mar. 4 1,386 197 1,690 432 2,179 505 643 132 4, 854 5,197 128 211 167 3, 611 June 29 1,403 213 1,607 471 2,145 299 674 140 5,314 5, 656 119 203 118 3, 670 Nov. 1 1,591 218 1,849 579 2,428 273 685 146 5, 855 6, 107 115 218 84 3, 765 Dec. 31 1,594 256 1,779 752 2,422 385 707 204 6, 001 6,161 134 266 79 3,796 1936—Mar. 4 1,794 264 1,910 607 2, 594 285 733 151 5,961 6,238 135 251 72 3, 853 June 30 1,763 1,907 763 2,551 513 733 152 6,419 6,541 135 65 3, 960 COUNTRY BANKS 1929—Dec. 31 627 321 291 405 39 742 169 5,091 5,711 133 61 6, 390 367 1933—June 30 « 452 203 702 149 228 116 555 72 2,576 3,054 86 285 3,833 167 1934—June 30 769 216 1,104 174 303 174 731 85 3,150 3,792 87 256 4,388 35 Dec. 31 822 275 1,296 207 342 178 804 106 3,589 4,292 84 210 4, 554 13 1935—Mar. 4 916 246 1,427 163 364 152 845 90 3,642 4,414 75 188 4, 623 14 June 29 920 236 1,406 192 347 90 865 104 3, 761 4, 538 76 162 4, 756 Nov. 1 900 237 1,613 221 399 95 895 106 4, 095 4,875 78 140 4,824 Dec. 31 927 305 1,676 235 415 137 901 127 4, 254 5,047 83 136 4,879 1936—Mar. 4 1, 017 268 1,757 187 433 93 965 106 4, 252 5,136 82 95 4, 938 June 30 322 1,727 256 410 207 1,008 121 4, 567 5,440 5,094 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that such balances were reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in " Other assets." 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. s Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 5 Beginning June 1933 figures relate to licensed banks only. 6 Central reserve city banks. Back figures—See Annual Report for 1935 (table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
720 FEDERAL RESERVE BULLETIN SEPTEMBER 1930 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Loans to customers (except banks) Open-market Investments loans p. Date or month i m T n l a o v o e n a e n t n d a s t s l t s - Total C Y N k o b s T i i r o e u e t d o o r y r t w - e s - k * o o c t t n T u h i e r o e s s i e r - s - 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 e o s s r 2 - b L a o t n o a k n s s b p a c c m o a c A n a e o u n i p c e p c m a g d - e r e t l h - - - s r t t k L o C Y N e o r i o b e s t a y r w r n k i o s i n - Total U D m . i e r S e n . t c t i t G o o n o a b F g s n v l u u i t e g a e l r l a r e n y - - d - s O e t t i c h e u s e r r i- b s s w F e a ±" e e j D t e r n r r i v v a o t v d v e k h e l - e - e s - v C a i a n u s l h t d b a w o a B n t n m i i c a c k t e l e h s - s s 3 - TOTAL—101 CITIES 1935—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 1936—March 21,445 6,810 196 2,076 1,147 3,391 73 345 996 13, 222 8, 737 1,247 3,238 4,363 366 2,334 April 21, 745 6,932 215 2,077 1,141 3,499 70 351 1,008 13,384 8.767 1,273 3,344 4,180 370 2,262 May 21,832 6,967 212 2,078 1,146 3.531 82 333 973 13,477 8,877 1,286 3,314 4,577 378 2,283 June 22, 373 7,050 238 2.096 1,149 3,567 92 319 1, 074 13,838 9.202 1.303 3.333 4,389 387 2.290 July 22,484 7,065 235 2,072 1,145 3,613 58 315 936 14,110 9,484 1,278 3,348 4,710 386 2,493 June 3 22,148 7,065 238 2,094 1,147 3,586 92 315 1,154 13, 522 8,909 1,305 3,308 4,594 369 2,363 June 10 22,163 7,059 232 2,096 1,148 3,583 107 318 1,093 13, 586 8,975 1,303 3,308 4,744 386 2, 359 June 17 22, 659 7,062 244 2,100 1,150 3,568 106 319 1,051 14,121 9,449 1,302 3,370 3,937 389 2,201 June 24 22. 520 7,011 237 2,094 1,149 3,531 65 324 996 14,124 9,474 1,302 3.348 4,282 403 2. 235 July 1 22 619 7,110 253 2,093 1,145 3,619 62 315 973 14,159 9,510 1,289 3.360 4,487 388 2,470 July 8 22, 462 7,064 238 2.082 1,147 3,597 58 313 922 14,105 9,493 1, 277 3,335 4,672 398 2,487 July 15 22, 514 7,105 236 2.083 1,145 3,641 58 310 939 14,102 9,488 1,276 3,338 4,717 380 2,557 July 22 22,446 7, 035 227 2,054 1,145 3,609 56 319 938 14,098 9,471 1,277 3. 350 4,816 380 2,508 July 29 22,378 7,010 220 2,046 1,144 3,600 58 319 907 14,084 9,456 1,272 3,356 4,859 385 2,443 August 5 22, 345 7,021 214 2,020 1,147 3, 640 59 321 915 14, 029 9,442 1,271 3,316 4, 786 368 2,443 August 12 22,324 7,058 210 2,019 1.146 3,683 64 321 909 13, 972 9,380 1,277 3, 315 4,855 383 2,408 August 19 22, 256 7,080 205 2,024 1,146 3, 705 63 323 903 13, 887 9,332 1,232 3,323 4,884 373 2,288 NEW YORK CITY 1935—July 7,694 2,070 60 729 123 1,158 52 141 833 4,598 3, 253 328 1,017 1,865 44 102 1936—March 8,391 2,089 63 750 135 1,141 39 158 960 5,145 3,479 519 1,147 2,138 51 77 April 8,547 2,121 67 747 132 1,175 36 164 967 5,259 3,511 551 1,197 1,968 51 79 May 8,585 2,141 72 750 133 1,186 48 144 928 5,324 3,647 545 1,132 2,234 52 74 June 8,987 2,178 74 762 133 1,209 59 132 1,027 5,591 3,896 561 1,134 2,049 53 76 July 8,860 2,192 73 745 133 1,241 26 131 897 5,614 3,946 522 1,146 2,178 52 80 June 3 8,959 2,184 73 756 133 1,222 57 128 1,103 5,487 3,809 557 1,121 2,163 51 76 June 10 8,917 2,179 73 761 133 1,212 74 132 1,042 5,490 3,814 563 1,113 2, 335 52 74 June 17 9,075 2,182 76 767 133 1,206 72 130 1,008 5,683 3,954 564 1,165 1,791 52 78 June 24 8,998 2,169 75 765 133 1,196 31 139 955 5,704 4,007 559 1,138 1,906 55 76 July 1 9,063 2,228 71 765 133 1,259 27 136 933 5,739 4,036 546 1,157 2,004 54 82 July 8 8,906 2,223 74 760 133 1,256 27 134 886 5,636 3,976 521 1,139 2,076 54 78 July 15 8,884 2,216 74 753 132 1, 257 26 133 904 5.605 3,945 519 1,141 2,173 50 81 July 22 .... 8,754 2,148 73 727 133 1,215 25 128 897 5,556 3,894 516 1,146 2,289 51 78 July 29 8,694 2,142 72 722 133 1,215 27 126 866 5,533 3,880 505 1,148 2,350 53 78 August 5 8,627 2,130 73 698 133 1,226 29 122 872 5,474 3, 863 491 1,120 2, 369 50 74 August 12 8, 621 2,138 75 692 133 1,238 33 121 868 5, 461 3, 853 488 1,120 2,355 54 75 August 19 8, 596 2,155 74 696 132 1,253 32 116 862 5,431 3,856 446 1,129 2,290 50 71 OUTSIDE NEW YORK CITY 1935—July. 12,215 4,597 113 1, 360 1,019 2, 105 41 173 36 7, 368 4,677 666 2,025 2,104 279 1,954 1936—March 13, 054 4,721 133 1, 326 1,012 2,250 34 187 35 8,077 5,258 728 2,091 2,225 315 2.257 April 13, 198 4,811 148 1, 330 1,009 2,324 34 187 41 8,125 5, 256 722 2,147 2,212 319 2,183 May 13, 247 4,826 140 1, 328 1,013 2,345 34 189 45 8,153 5,230 741 2,182 2,343 326 2,209 June 13, 386 4, 872 164 1,334 1,016 2, 358 33 187 47 8.247 5, 306 742 2,199 2,340 334 2.214 July 13, 624 4,873 162 1,327 1,012 2, 372 32 184 39 8,496 5, 538 756 2,202 2,532 334 2,413 June 3 13,189 4,881 165 1,338 1,014 2, 364 35 187 51 8,035 5,100 748 2,187 2,431 318 2,287 June 10 13, 246 4,880 159 1,335 1,015 2,371 33 186 51 8,096 5,161 740 2,195 2,409 334 2,285 June 17 13, 584 4,880 168 1,333 1,017 2,362 34 189 43 8,438 5,495 738 2,205 2,146 337 2,123 June 24 13, 522 4,842 162 1, 329 1, 016 2,335 34 185 41 8.420 5,467 743 2.210 2,376 348 2,159 July l.___ 13, 556 4,882 182 1,328 1,012 2, 360 35 179 40 8,420 5,474 743 2,203 2,483 334 2,388 July 8 13, 556 4, 841 164 1,322 1,014 2.341 31 179 36 8,469 5,517 756 2,196 2,596 344 2,409 July 15 13, 630 4,889 162 1, 330 1, 013 2,384 32 177 35 8,497 5,543 757 2,197 2,544 330 2,476 July 22 13, 692 4,887 154 1,327 1,012 2,394 31 191 41 8,542 5,577 761 2,204 2,527 329 2,430 July 29 13,681 4,868 148 1,324 1,011 2, 385 31 193 41 8,551 5,576 767 2,208 2,509 332 2,365 August 5 13, 718 4,891 141 1,322 1,014 2,414 30 199 43 8,555 5,579 780 2,196 2,417 318 2, 369 August 12 13, 703 4,920 135 1, 327 1,013 2,445 31 200 41 8,511 5,527 789 2,195 2,500 329 2, 333 August 19 13, 660 4,925 131 1,328 1,014 2,452 31 207 41 8,456 5,476 786 2,194 2, 594 323 2,217 i Loans (secured by stocks and bonds) to brokers and dealers in securities. »Includes reporting banks' own acceptances. 3 Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on Dec. 31, 1935, was approximately $38,000,000 at all weekly reporting member banks. For other figures and note, see next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 721 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Cash Total Demand deposits Time deposits items assets De- Date or month i r c n e e o d p p l o l r e a r o c t s c - - - a O s t s h e e ts r l T i o a t bi a l l - Do t I m ic n e te s- rb F a o n r k eign G U S m o n t v a e i e t t n e e r t s d n- c C h f e e i e t e c r c d . t k i- s, Other j i u d m ts s e — t a p e n o d a d s d - 2 - m D I e n o s - t t e ic rba F e n i o k g r n - Other r B i o n o w g r s - - 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 i c t - tion i ities banks banks banks banks TOTAL—101 CITIES 1935—July . 1,153 1,367 28, 777 4,721 257 483 467 13,724 13,038 119 4,848 657 3,482 1936—March 1,413 1,334 31, 255 5,516 376 646 580 14, 714 13,881 133 4,923 838 3,512 April 1,526 1,354 31, 437 5,351 356 758 576 14, 932 13,982 133 4,971 822 3,527 May 1,269 1,376 31,715 5,346 375 752 420 15,220 14,371 131 5,051 874 3,541 June 1, 385 1,371 32,195 5,371 447 797 499 15, 449 14, 563 132 5,037 913 3,543 July 1,552 1, 323 32,948 5,904 427 545 15, 760 14, 752 133 5,007 851 June 3 1,479 1,389 32, 342 5,453 404 746 577 15,482 14, 580 131 5,035 959 3,551 June 10 1,255 1,395 32,302 5,500 456 742 465 15, 467 14, 677 133 5,033 956 3,546 June 17 1,535 1,358 32, 079 5,217 476 852 544 15, 422 14, 431 131 5,021 861 3,539 June 24 1,272 1,344 32,056 5,315 452 846 408 15,427 14, 563 132 5,059 875 3,537 July 1 2,222 1,348 33, 534 5,878 430 839 853 16, 048 14, 679 132 5,011 847 3,491 July 8 1,294 1,302 32, 615 5,941 432 836 441 15, 483 14, 630 133 4,999 857 3,489 July 15 1,611 1,312 33,091 6,019 427 823 495 15, 862 14, 746 135 4,999 838 3,489 July 22 1,268 1,324 32, 742 5,876 428 823 421 15, 704 14, 857 134 5,014 851 3,487 July 29 1, 365 1,329 32, 759 5,805 417 823 513 15, 702 14, 850 133 5, 015 861 3,485 August 5 1,186 1,300 32, 428 5,870 412 822 390 15, 477 14, 681 131 5,015 825 3,481 August 12 1, 352 1, 308 32, 630 5,827 408 821 399 15, 705 14, 752 131 5,021 824 3,485 August 19 1, 218 1,296 32, 315 5,621 406 820 379 15, 633 14, 794 129 5,014 813 3,491 NEW YORK CITY 1935—July 604 510 10,819 1, 953 231 223 304 5,827 5, 526 566 248 ,453 1936—March 737 465 11,859 2,343 347 164 409 6,229 5,901 542 348 ,463 April 789 478 11,912 2,292 325 197 390 6,366 5,968 547 321 ,466 May 565 494 12,004 2,303 345 196 261 6,478 6,175 581 366 ,470 June 650 496 12,311 2,310 416 194 326 6,635 6.311 547 407 ,470 July 745 466 12, 381 2,477 391 192 361 6,604 6,221 556 ,429 June 3 716 504 12, 469 2,326 374 195 384 6,717 6,385 549 447 ,473 June 10 570 510 12, 458 2,408 425 194 286 6,671 6,387 550 448 ,472 June 17 744 495 12, 235 2,242 444 196 378 6,587 6,221 542 365 ,467 June 24 571 476 12, 082 2,263 419 192 257 6,565 6,251 547 367 ,468 July 1 1,244 481 12,928 2,535 394 192 615 6,844 6,215 550 363 ,431 July 8 546 460 12,120 2,464 397 193 273 6,443 6,170 549 368 ,429 July 15 759 456 12, 403 2,521 390 191 312 6,641 6,194 551 364 ,429 July 22 524 465 12,161 2,437 393 191 254 6,525 6,255 561 367 , 429 July 29 652 470 12, 297 2,429 379 191 352 6, 569 6,269 570 375 ,428 August 5 474 451 12, 045 2,460 377 191 225 6,444 6,195 573 344 ,427 August 12 544 459 12,108 2,425 372 191 236 6,537 6,229 571 345 1,427 August 19 507 451 11,965 2,314 191 227 6,520 6,240 562 348 1,428 OUTSIDE NEW YORK CITY 1935—July 549 857 17, 958 2,768 260 163 7,897 7,512 119 4,282 409 2,029 1936—March 676 869 19,396 3,173 482 171 8,485 7,980 133 4,381 490 2,049 April 737 876 19, 525 3,059 561 186 8,566 8,014 133 4,424 501 2,061 May 704 882 19, 711 3,043 556 159 8,742 8,196 131 4,470 508 2,071 June 735 875 19, 884 3,061 603 173 8,814 8,252 132 4,490 506 2,073 July 807 857 20, 567 3,427 637 184 9,156 8,531 133 4,451 484 2,059 June 3 763 885 19, 873 3,127 551 193 8,765 8,195 131 4,486 512 2,078 June 10 685 885 19, 844 3,092 548 179 8,796 8,290 133 4,483 508 2,074 June 17 791 863 19, 844 2,975 656 166 8,835 8,210 131 4,479 496 2,072 June 24 701 868 19, 974 3,052 654 151 8,862 8,312 132 4,512 508 2,069 July 1 978 867 20, 606 3,343 647 238 9,204 8,464 132 4,461 484 2,060 July 8 748 842 20, 495 3,477 643 168 9,040 8,460 133 4,450 489 2,060 July 15 852 856 20, 688 3,498 632 183 9,221 8,552 135 448 474 2,060 July 22 744 859 20, 581 3,439 632 167 9,179 8,602 134 4,453 484 2,058 July 29 713 859 20, 462 3,376 632 161 9,133 8,581 133 4,445 486 2,057 August 5 712 849 20, 383 3,410 631 165 9, 033 8,486 131 4,442 481 2,054 August 12 808 849 20, 522 3,402 630 163 9,168 8,523 131 4,450 479 2, 058 August 19 711 845 20, 350 3,307 629 152 9,113 8,554 129 4,452 465 2,063 1 Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount of cash items on hand but not in process of collection. * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash items reported as on hand but not in process of collection. NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
722 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total Bos- New Phila- Cleve- Rich- Atlan- Chica- St. Min- Kan- San New Chicaton York del- land mond ta go Louis neap- sas Dallas Fran- York go phia olis City Loans and investments, total: July 29 22, 378 1,231 9,565 1,187 1,840 634 552 3,048 644 376 692 472 2,137 8,694 2,077 August 5 22, 345 1,229 9,501 1,189 1,846 629 551 3,047 647 386 704 473 2,143 8,627 2,079 August 12 22, 324 1,230 9,485 1,189 1,831 637 3,048 647 391 694 473 2,151 8,621 2,078 August 19 22, 256 1,231 9,464 1,188 1,826 636 549 3,007 646 393 687 473 2,156 8,596 2,043 Loans to brokers and dealers in New York: July 29 907 871 August 5 915 877 872 August 12 873 868 August 19 903 Loans to brokers and dealers outside New York: July 29 220 43 August 5 214 40 August 12 210 37 August 19 205 35 Loans on securities to others (except banks): July 29 2,046 152 865 147 214 201 67 163 722 142 August 5 2,020 147 839 147 215 201 166 141 August 12 2,019 148 832 148 216 201 168 141 August 19 2,024 148 835 148 215 202 168 142 Acceptances and commercial paper bought: July 29 319 44 133 7 5 126 20 August 5 321 44 129 7 5 122 20 August 12 321 46 128 6 5 121 20 August 19 323 47 123 7 4 116 20 Loans on real estate: July 29 1,144 82 247 183 23 43 133 15 August 5 1,147 83 245 183 24 43 368 133 15 August 12 1,146 82 245 183 24 43 367 133 15 August 19 1,146 82 244 184 24 43 368 132 15 Loans to banks: July 29 58 3 27 4 1 7 1 27 5 August 5 59 3 29 4 1 7 3 1 29 5 August 12 64 3 33 2 4 2 7 3 1 33 5 August 19- 63 3 32 2 4 1 7 3 1 32 5 Other loans: July29_._ 3,600 305 1,356 183 207 132 472 115 100 140 135 357 1,215 332 August 5 3,640 303 1,374 185 209 132 480 117 104 142 135 360 1,226 340 August 12 3,683 307 1,387 187 208 100 132 490 118 108 142 136 368 1,238 348 August 19 3,705 306 1,403 188 209 101 132 499 117 111 141 136 362 1,253 358 U. S. Government direct obligations: July 29 9,456 427 4,123 320 882 314 1,625 227 168 269 191 3,880 1,121 August 5 9,442 432 4,106 319 887 308 209 1,626 228 175 271 190 691 3,863 1,124 August 12 9,380 429 4,087 318 874 305 207 1,619 226 175 262 190 688 3,853 1,120 August 19 9,332 431 4,090 318 302 1,574 227 173 261 190 690 3,856 1,081 Obligations fully guaranteed by U. S. Government: July 29 1,272 18 533 103 152 58 159 505 93 August 5 1,271 19 519 103 151 58 163 491 92 August 12 1,277 19 516 99 151 58 165 488 91 August 19 1,232 17 474 100 152 57 171 446 91 Other securities: July 29 3,356 163 1,336 315 262 426 111 136 357 1,148 306 August 5 3,316 159 1,308 315 261 421 111 135 357 1,120 302 August 12.. 3,315 158 1,307 317 261 420 111 135 358 1,120 301 August 19 3,323 160 1,319 316 260 416 110 135 358 1,129 296 Reserve with Federal Reserve bank: July 29 4, 233 2,446 219 292 126 814 113 132 264 2,350 615 August 5 4,786 232 2,462 217 271 132 765 98 128 259 2,369 573 August 12._ 4,855 231 2,447 214 295 139 769 109 141 276 2,355 567 August 19 4, 228 2,409 214 307 139 801 108 148 282 2,290 594 Cash in vault: July 29.. 385 124 15 33 19 58 11 12 19 53 32 August 5 368 123 14 32 17 54 11 11 18 50 30 August 12 383 123 15 33 18 57 11 12 19 54 32 August 19 373 123 14 32 17 56 11 12 19 50 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
723 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued [In millions of dollars] Federal Reserve District City Total B to os n - Y N o ew rk P p d h h e i i l l a - a- C la le n v d e m R o i n c d h- Atlan- Ch g i o ca- Lo St u . is n M o e i l a i n p s - - K C s a i a n t s - y Dallas F S r a a n n- Y N o ew rk Chica- Balances with domestic banks: July 29 2,443 116 197 156 247 151 147 439 129 104 298 189 270 78 193 August 5 2,443 120 194 163 243 155 145 445 131 98 295 183 271 74 194 August 12 2,408 115 206 154 237 144 142 452 129 96 300 180 253 75 197 August 19 2,288 107 182 145 228 131 133 443 122 92 287 171 247 71 201 Other assets: July 29 1,329 78 540 113 37 39 109 24 17 24 27 232 470 75 August 5 1,300 77 522 88 112 39 39 103 24 17 24 27 228 451 69 August 12 1,308 77 530 87 112 39 39 103 24 17 24 27 229 459 70 August 19 1,296 77 522 88 111 39 41 104 24 17 24 27 222 451 70 Demand deposits—adjusted: July 29 14,850 6,793 762 1,024 394 308 2,268 392 473 360 833 1,551 August 5 14,681 976 6,718 763 1,001 395 307 2,211 380 265 473 359 833 6,195 1,507 August 12 14, 752 973 6,750 754 1,013 401 306 2,212 389 263 491 362 838 6,229 1,497 August 19 14, 794 6,774 756 1,021 390 307 2,228 389 263 487 362 848 6,240 1,518 Time deposits: July 29 5,015 965 276 719 197 177 178 121 146 120 1,025 570 434 August 5 5,015 288 968 276 718 196 177 804 179 121 146 120 1,022 573 434 August 12 5,021 288 967 275 713 197 177 815 179 121 147 120 1,022 571 444 August 19 5, 014 287 958 275 715 197 177 816 179 121 147 120 1,022 562 444 IT. S. Government deposits: July 29.. 823 12 231 71 77 43 52 147 11 23 37 116 191 101 August 5 822 12 231 71 77 43 51 147 11 23 37 116 191 101 August 12 821 12 230 71 77 43 51 148 11 22 37 116 191 101 August 19 820 12 231 71 76 43 52 148 11 22 37 114 191 101 Interbank deposits, domestic: July 29 5,938 234 2,498 311 357 215 185 870 248 124 426 184 286 2,429 650 August 5 6,00L 238 2, 530 315 360 219 184 879 249 127 430 182 288 2,460 652 August 12 5,958 236 2,495 312 357 217 186 880 248 133 421 180 293 2,425 651 August 19 5,750 230 2,382 299 343 214 186 845 239 131 412 175 294 2,314 624 Interbank deposits, foreign: July 29. 422 11 385 1 1 7 1 13 383 August 5 417 10 383 1 1 7 1 12 381 August 12 414 10 378 1 1 7 1 13 376 August 19 411 11 375 1 1 1 12 373 Borrowings: July 29 August 5 August 12 .. 3 3 August 19 4 3 Other liabilities: July 29 861 387 22 14 31 328 375 24 August 5 825 356 22 13 28 328 344 22 August 12 824 357 22 13 28 325 345 22 August 19 813 360 21 13 25 315 348 20 Capital account: July 29 3,485 1,557 221 333 342 321 1,428 227 August 5 3,481 234 1,557 222 334 338 320 1,427 223 August 12 3,485 234 1,557 222 334 339 321 1,427 223 August 19 3,491 1. 558 224 334 343 321 1,428 227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
724 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 BANK SUSPENSIONS1 POSTAL SAVINGS SYSTEM [In millions of dollars] Member Nonmember banks banks Total, Assets all banks ti N on a- al State su I r n e - d2 in N su o r t ed U. S. Government securities Depos- Number of banks suspended: End of month itors' Cash Cash, 1933, Mar. 16-Dec. 31.— 179 9 6 164 bal- in de- Guar- re- 1934 57 1 8 48 ances Total posi- Di- an- serve 1935 . .._ 34 4 22 8 tory rect teed funds, 1936, January-July 31 29 2 banks Total obli- obli- etc.* ga- ga- Deposits of suspended banks tions tions (in thousands of dollars):3 1933, Mar. 16-Dec. 31 145, 710 17, 322 3,527 124,861 1934 36, 937 40 1,912 34, 985 1935—March 1,203 ,232 478 691 508 183 63 1935_. 10,099 5,313 3,847 939 April 1,200 ,231 452 685 539 146 94 1936, January-July 6,369 5,826 543 May . . .. 1,205 ,237 412 709 562 147 116 June 1,205 [,236 385 777 630 147 74 July _ . 1,189 L,221 364 777 630 147 80 1 Represents licensed banks suspended; does not include non-licensed August 1,192 L, 224 348 780 633 147 96 banks placed in liquidation or receivership after the banking holiday. September 1,192 ,224 319 805 658 147 100 For statistic of latter see Annual Report for 1935 (table 69). October 1,196 .230 306 824 677 147 100 2 Federal deposit insurance became operative January 1,1934. November 1,199 1,234 294 853 706 147 87 3 Deposits of member banks and insured non-member banks suspended December 1,201 1,237 287 853 706 147 97 are as of dates of suspension, and deposits of non-insured non-member banks are based on the latest data available at time of the report of closing 1936—January . 1,208 1,241 248 876 709 167 117 of the banks. February 1,214 1,248 225 876 710 166 147 March. _ 1,216 1,251 221 902 736 166 128 Back figures.—See Annual Report for 1935 (table 69). Anril 1,215 1,248 216 925 759 166 107 May 1,214 1,248 211 940 773 167 97 June _. PI, 232 July PI 234 BANK DEBITS [Debits to individual accounts. Amounts in millions of dollars] p Preliminary. i Includes working cash with postmasters, 5-percent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late post- 1936 1935 masters. Number of centers Back figures.—See BULLETIN for August 1935, p. 502. July June July New York City . _ 1 16,199 18,623 16, 737 Outside New York City 140 18, 617 '18,880 '16, 550 Federal Reserve districts: Boston __ 11 2,001 1,943 2,035 New York 7 16, 874 19, 406 17, 390 Philadelphia 10 1,592 1,665 1,486 Cleveland 13 1,964 1,960 1,599 Richmond 7 683 680 589 Atlanta 15 768 748 692 Chicago 21 4,881 5,256 4,287 St. Louis 5 923 952 786 Minneapolis 9 670 624 526 Kansas City . 15 1,185 1,059 943 Dallas 10 616 593 620 San Francisco . 18 2,658 '2,617 '2, 334 Total 141 34, 816 '37, 503 '33, 287 ' Revised. Back figures.—See Annual Report for 1935 (table 68). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 725 ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS' BORROWINGS BANKERS' ACCEPTANCES, BY HOLDERS BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) (DOLLAR ACCEPTANCES) [In millions of dollars] [In millions of dollars] Held by Fed- Held by accepting Based Based eral b a R n e k s s erve banks o st n o r g e o d o d i s n go o o n ds End of month s T t o i a o n u n t g t a d - l - c o F o a w u c o - n n r t o c c e o o F f a i r u c g o f r o - n n r e r t - - Total O bi w lls n bo B u il g ls ht o H t b h e y e ld rs End of month s T o t o i u a n t t n g a - d l - B p U i a i o o . n m s r n t S - t e o . s d o B p U f n a o r . s r o S e t e x . m s d - s b c U S ( h h r e n t w e i o t i o a a d p u w t r t i r p s e t e e e e e s e s d - d ) n c Do h e l a x l n - a g r e s t f s h t r c o w t i i o r b o e p i e e u e n r s p i e - e n g o e n d - n d r spond- domestic foreign ents points points 1934—April 613 4 536 236 299 1934—April 613 103 164 186 3 58 May 569 0) 3 507 226 281 May 569 100 150 164 3 152 June 534 0) 2 480 220 260 June 534 97 145 141 4 148 July 516 0) 1 472 222 250 July 516 94 135 138 4 144 August 520 0) 1 483 222 261 August 520 89 140 147 4 141 September. 539 (0 1 503 223 280 September. 539 94 138 166 4 137 October- 562 0) 516 245 271 October.... 562 93 147 184 4 133 November- 561 0) 517 252 265 November. 561 89 148 195 2 127 December- 543 0) 0) 497 243 254 December. 543 89 140 193 2 119 1935—January. __. 516 0) 485 238 247 1935—January.... 516 86 133 179 3 114 February.. 493 452 217 235 February._ 493 92 123 166 3 109 March 466 423 197 226 March 466 101 122 134 2 106 ApriL 413 391 178 214 April 413 103 114 96 2 99 May 375 356 162 193 May 375 107 100 76 2 91 June _ 343 317 154 163 June 343 102 94 57 2 89 July.. 321 296 148 148 July 321 99 86 47 3 86 August 322 292 145 147 August 322 102 81 52 4 83 September- 328 301 148 154 September. 328 102 77 66 4 79 October, 363 339 178 161 October 363 106 75 98 4 82 November. 387 358 182 175 November. 387 105 84 111 3 84 December.. 397 183 185 December. 397 107 94 110 2 1936—January 384 353 181 172 1936—January 384 108 94 96 3 84 February. _. 377 340 172 168 February.. 377 114 94 81 2 86 March 359 321 150 171 March 359 113 91 66 2 87 April 344 31U 143 167 April 344 111 86 57 2 May 331 297 155 142 May 331 110 81 55 1 June 316 276 129 147 June 316 107 74 49 2 85 July 316 278 131 147 July 31G 105 68 57 2 84 ;Less than $500,000. Back figures.—See Annual Report for 1935 (table 67). Back figures—See Annual Report for 1935 (table 66). BROKERS' BORROWINGS COMMERCIAL PAPER OUTSTANDING1 [Net borrowings on demand and on time in New York City reported by members of the New York Stock Exchange. In millions of dollars] [As reported by dealers. In millions of dollars] From private From banks banks, brokers, End of month 1932 1933 1934 1935 1936 Total and trust com- foreign banking End of month panies agencies, etc. January.... 108 85 108 171 178 February.. 103 84 117 177 176 March 106 72 133 182 180 1935 1936 1935 1936 1935 1936 J A M u p n a r y e il 1 1 1 0 1 0 8 1 3 6 6 7 0 4 3 1 1 1 3 5 4 9 1 2 1 1 1 7 7 5 3 3 9 1 1 1 8 6 7 4 9 4 J M F a e n a b r u r c a u h r a y r . y .. . . . 8 8 7 2 1 7 5 6 3 9 9 9 2 2 9 5 4 7 7 7 7 5 5 0 8 0 6 8 8 9 9 8 5 1 8 6 3 4 3 4 1 6 J A u u ly gust 1 1 0 0 0 8 1 9 0 7 7 1 1 6 8 8 8 1 1 6 7 4 7 188 April 805 1,064 762 1,028 35 September. 110 123 192 183 May 793 970 759 934 36 June 776 955 34 October 113 130 188 180 November. 110 133 178 178 July 967 741 925 42 December. 81 109 166 172 August 772 750 September. 781 759 i Includes some finance company paper sold in the open market. October.... 792 772 November. 846 821 Back figures.—See Annual Report for 1935 (table 66). December- 938 907 Back figures.—See Annual Report for 1935 (table 65). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
726 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 FEDERAL RESERVE BANK DISCOUNT RATES Advances secured by Rediscounts and advances un- Advances under sec. d t i h r e e ct U o n b it l e ig d a t S io t n a s te o s f der sees. 13 and 13a of the Fed- 10 (b) of the Federal (last paragraph of eral Reserve Act Reserve Act sec. 13 of the Federal Federal Reserve Bank Reserve Act) Rate In effect v P io re u - s Rate In effect Rate In effect Aug. 26 beginning— rate Aug. 26 beginning- Aug. 26 beginning— Boston Feb. 8,1934 Sept.20,1935 Oct. 20,1933 New York Feb. 2.1934 Oct. 10,1935 Feb. 8,1934 Philadelphia- Jan. 17,1935 Nov. 2,1935 Oct. 20.1933 Cleveland May 11,1935 Oct. 19,1935 May 11,1935 Richmond May 9.1935 Sept.23,1935 Feb. 19.1934 Atlanta Jan. 14,1935 Sept. 14,1935 Mar. 17.1934 Chicago Jan. 19,1935 Sept.20,1935 Oct. 16,1933 St. Louis Jan. 3,1935 Oct. . 3,1935 Feb. 21.1935 Minneapolis- May 14,1935 Oct. 29,1935 Apr. 15.1933 Kansas City- May 10,1935 Aug. 26,1935 May 10,1935 Dallas May 8,1935 Oct. 8,1935 Mar. 12.1934 San Francisco. Feb. 16,1934 Sept.20,1935 Oct. 19,1933 NOTE.—This table has heretofore included rates on loans to individuals, partnerships, etc., under the terms of par. 3 of sec. 13 of the Federal Reserve Act. The authorization by the Board of Governors for the Federal Reserve Banks to make such loans expired July 31,1936. Back figures—See Annual Report for 1935 (table 40). RATES ON INDUSTRIAL ADVANCES BUYING RATES ON ACCEPTANCES [Approved by the Board of Governors of the Federal Reserve System, [Buying rates at the Federal Reserve Bank of New York] under Sec. 13(b) of the Federal Reserve Act as amended June 19,1934. Percent per annum except as otherwise specified. In effect Aug. 26, Advances to financ- Maturity e A R ff u a e g c te t . i 2 o n 6 n In g i e n f n fe in ct g — be- Pre ra v t i e ous ing institutions— Advances direct to Commit- 1-15 days Oct. 20, 1933 1 Federal Reserve Bank industrial On por- ments 16-30 days.... do 1 m ga o e n r r i c z c i a o a t l m i o o - n r- s t i w t i n i o s o h n t n i i c t f i u o h s - r m p O o a n r in t i r i o e n n - g a t d o v m an a c k e e s 3 9 4 6 1 1 1 6 - - - - 1 9 4 6 2 0 5 0 0 d d d d a a a y y a y s s y s _ s . _ . . _ . . . . . . . d d d d o o o o 1 1 1 1 obligated 121-180 days- Boston 3H-6 3 VA New York- 4-6 3 4-5 1-2 NOTE.—Rates on prime bankers' acceptances. Higher rates may be Philadelphia.. 4-6 3 (2) charged for other classes of bills. Cleveland 4^-6 VA 4 2 1 Back figures.—See Annual Report for 1935 (table 41). Richmond 6 4-6 4-6 1-2 Atlanta 6 5 5 Chicago 5-6 13 5-6 1-2 St. Louis 8K Minneapolis— 6 4H-5 4^-5 Kansas City- 4-6 4 4 1 Dallas 5-6 4 5-6 San Francisco 5-6 3-4 4-5 2 1 1 Authorized rate 1 percent above prevailing discount rate. 2 Same as to borrower but not less than 4 percent. 8 Flat charge. Back figures.—See Annual Report for 1935 (table 40). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
727 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] Prevailing rate on— Average rate on- Aver- 1928 1929 1930 1931 1932 1933 1934 1935 1936 age Prime Prime Stock- Stock ex- u. s. yield on New York City: Month or week com- bank- ex- change call Treas- U. S. January 4.56 5.74 5.64 4.24 4.71 4.12 3.58 2.83 2.64 mercial ers' change loans ury 273- Treas- February 4.44 5.73 5.35 4.31 4.71 4.11 3.43 2.90 2.56 paper, accept- time day bills ury March _ ___ __4.59 5.81 5.22 4.20 4.72 4.88 3.31 2.64 2.61 4 to 6 ances , loans, offered 3-5 year April 4.72 5.85 4.91 4. 17 4. 69 4.33 3.39 2.61 2.54 months 90 90 New Re- within notes 1 May . -_ 4.97 5.88 4.74 4.11 4.55 4.24 3.42 2.69 2.51 days days newal period June 5.09 5.93 4.59 4.13 4.61 4.10 3.30 2.66 2.44 July 5.38 5.88 4.48 4.05 4.42 3.93 3.30 2.61 2.44 August 5.56 6.05 4.41 3.97 4.45 3.97 3.33 2.67 1935 September 5 63 6 06 4 29 3 93 4 30 3 79 3.26 2 72 June V y y .25 .25 .13 1.14 N O o ct v o e b m er ber 5 5 .6 5 3 6 6 5 .0 8 8 6 4 4 . 2 1 6 7 4 4 . 2 6 7 7 4 4 .3 1 5 2 3 3 . 7 5 6 2 3 3 . 2 2 8 2 2 2 . 7 7 7 2 July .25 .25 .07 1.16 December 5.63 5 74 4 16 4.64 4 2P 3.48 3 18 ?, 61 August 3/ y X .25 .25 .10 1.22 September ¥ y% K .25 .25 .22 1.43 Year 5.15 5.88 4.69 4.22 4.49 4.02 3.33 2.70 October .29 .29 .20 1 37 8 other northern and November % y% 1 .75 .75 .14 1.29 eastern cities: December % y& 1 .75 .75 .09 1.26 January _ 4.73 5.87 5.88 4.61 5.07 4 89 4. 65 4.08 3 62 February 4.76 5.86 5.66 4.63 5.13 4.84 4.49 4.02 3.63 1936 March . 4.81 5.91 5.47 4.62 5.14 5.39 4.52 4.05 3.60 January V y 1 .75 .75 .10 1.21 A M p a r y il - 4 5 . . 9 0 1 4 6 6 . . 0 0 0 9 5 5 . . 2 1 2 3 4 4 . . 5 5 7 5 5 5. . 1 1 4 0 5 4 . . 0 9 9 9 4 4 . . 3 5 9 2 3 3 . . 8 9 8 9 3 3 . . 4 4 7 5 February... _ 3/ 1/ 1 .75 .75 .08 1.15 June 5.36 6.02 5.06 4.49 5.13 4.97 4.30 3.78 3.51 March _ _ 3/ y 1 .75 .75 . 11 1.09 July 5.57 6.08 4.81 4.48 5.05 4.82 4.15 3.87 3.61 April iz 1 .75 .75 .10 1.10 August 5.59 6.11 4.79 4.47 5.12 4.68 4.12 3.79 May % y .93 .93 .18 1.09 September 5.80 6.24 4.74 4.48 5.03 4.65 4.11 3.75 June _ _ 3/ ys \K 1.00 1.00 .23 1.12 October 5.80 6.25 4.75 4.62 4.96 4.51 4.13 3. 75 July % IK 1.00 1.00 .14 1.17 November 5.82 6.12 4.66 4.87 4.88 4.54 4.08 3.63 Week ending: December 5.91 5.94 4.68 4.91 4.88 4.59 3.98 3.67 May 30— % y% IK 1.00 L. 00 .22 1.09 Year 5.34 6.04 5.07 4.61 5.05 4.83 4.29 3.86 June 6 % IK 1.00 .00 .23 1.07 27 southern and June 13 ... y& 1.00 L. 00 .24 1.09 western cities: J J u u n n e e 2 2 7 0 . . . . . . y lAs I I K X 1 1 . . 0 0 0 0 L LO . O 00 . . 2 1 4 9 1 1. . 1 1 8 6 J F a e n b u ru a a r r y y ... _. _ 5 5 . . 5 5 3 3 5 5 . . 9 9 4 6 6 6 . . 1 0 2 5 5 5 . . 5 4 0 3 5 5 . . 6 6 1 1 5 5 .5 6 6 0 5 5 . . 4 3 0 9 4 4 . . 8 9 4 5 4 4 . .4 5 7 1 J J u u l l y y 1 4 1— % y ys» \ I K X 1 1 . . 0 0 0 0 L LO . O 00 . . 0 0 7 7 1 1. . 1 1 4 7 M Ap a r r i c l h __ 5 5 . . 5 5 4 4 6 6 . . 0 0 4 7 5 5. . 8 9 6 8 5 5 . . 4 3 0 6 5 5 . . 6 6 4 3 5 5 . . 6 6 8 6 5 5. . 3 4 4 0 4 4. . 8 8 0 5 4 4 . . 4 4 4 0 July 18— y% 1.00 LOO .12 1.18 May _ 5.56 6.10 5.75 5 26 5.64 5.66 4.79 4.43 July 25 3^ Vie IK 1.00 1.00 .22 1.20 June _ _ 5.67 6.16 5.69 5.34 5.62 5.62 5.19 4.76 4.39 Aug. 1 X Vie 1.00 1.00 .23 1.16 July 5.77 6.17 5 63 5.30 5.63 5.54 5.07 4.58 4.35 Aug. 8 X Vie IK 1.00 1.00 .21 1.14 August 5.80 6.22 5.58 5.28 5.68 5.53 5.05 4.63 Aug. 15— X Vie IK 1.00 1.00 .19 1.13 September 5.82 6.27 5.55 5.32 5.63 5.55 5.04 4.51 Aug. 22— X Vie IK 1.00 1.00 .17 1.12 October 5.87 6.29 5.54 5.38 5.56 5.50 5.05 4.55 November 5.90 6.29 5.50 5.53 5.55 5.42 4.93 4.51 1 For description of average and back figures, see May Bulletin, p. 317. December 5.91 6.20 5.43 5.56 5.60 5.43 4.92 4.55 Back figures.—See Annual Report for 1935 (tables 42 and 43), except Year 5.70 6.14 5.72 5.39 5.62 5.56 5.17 4.69 for average yield on U. S. Treasury 3-5 year notes. BOND YIELDS1 Corporate1 U. S. Munic- Year, month, or date Treas- ipal By ratings By groups ury 2 gr (h a i d g e h )3 Total Indus- Rail- Public Aaa Aa Baa trial road utility Number of issues. 6-11 15 120 30 30 30 40 40 40 1933 average 3.31 4.71 5.88 4.49 5.23 6.09 7.76 5.32 6.06 6.25 1934 average 3.10 3.95 4.96 4.00 4.44 5.08 6.32 4.52 4.96 5.40 1935 average. 2.70 3.16 4.58 3.74 4.13 4.62 5.81 4.25 4.95 4.53 1935—August 2.66 2.87 4.54 3.77 4.15 4.57 5.69 4.26 4.95 4.42 September. 2.78 3.08 4.52 3.80 4.11 4.56 5.62 4.24 4.91 4.41 October 2.77 3.16 4.52 3.79 4.10 4.57 5.63 4.20 4.97 4.39 November. 2.73 3.02 4.45 3.75 4.03 4.53 5.50 4.13 4.90 4.33 December.. 2.73 2.97 4.38 3.72 3.97 4.44 5.37 4.09 4.73 4.31 1936—January 2.68 2.93 4.23 3.66 3.85 4.31 5.10 3.93 4.50 4.26 February. _. 2.62 2.86 4.15 3.62 3.80 4.24 4.93 3.88 4.32 4.25 March 2.54 2.78 4.15 3.61 3.77 4.23 4.99 3.84 4.35 4.27 April 2.51 2.76 4.17 3.60 3.79 4.26 5.04 3.84 4.41 4.27 May 2.50 2.76 4.16 3.58 3.74 4.25 5.08 3.80 4.42 4.26 June 2.50 2.72 4.13 3.55 3.70 4.23 5.03 3.77 4.38 4.24 July... 2.50 2.70 4.08 3.50 3.65 4.19 4.97 3.73 4.34 4.17 July 29 2.49 4.05 3.49 3.63 4.15 4.91 3.69 4.29 4.16 Aug. 5. 2.47 2.70 4.03 3.48 3.61 4.14 4.89 3.67 4.28 4.15 Aug. 12 2.44 2.68 4.01 3.45 3.60 4.11 4.86 3.65 4.23 4.14 Aug. 19 2.42 2.67 4.00 3.44 3.59 4.10 4.86 3.64 4.24 4.12 1 Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 8 years, s Standard Statistics Co. * Moody's Investors' Service. Since the early part of 1934 less than 40 industrial bonds have been included owing to the fact that the number of industrial bonds with Aaa ratings has been reduced from 10 to 4 and with Aa ratings from 10 to 3. Back figures.—See Annual Report for 1935 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
728 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 BOND PRICES 1 STOCK PRICES 1 Corporate3 Preferred Common stocks (index, 1926=100) U. S. Munic- stocks Year, month, or date Treas- ipal Year, month, or date (indusury2 g ( r h a i d g e h ) - 3 Total I t n r d ia u l s- R ro a a i d l- Utility tr g ia r l a d h e i ) g 2 h- Total In tr d ia u l s- R ro a a i d l- Utility Number of issues. 6-11 15 20 20 20 Number of issues. 20 419 347 32 40 1933 average 102.5 87.1 73.4 69.2 70.5 80.6 1933 average 104.8 63 78 1934 average 103.5 97.3 84.5 81.9 83.8 87.8 1934 average 120.7 72 69 1935 average 106.0 109.4 88.2 79.4 98.2 1935 average 133.8 78 71 1935—July 107.3 112.9 89.2 88.5 78.8 100.2 1935—July 134.8 79 73 August 106.5 114.4 89.9 89.0 79.6 100.9 August 135.4 83 81 September- 104.7 110.7 90.4 89.4 80.6 101.0 September. 135.0 85 82 October 104.9 109.4 89.8 89.8 78.4 101.0 October.-.. 134.8 85 81 November. 105.3 111.6 91.1 90.8 79.8 102.7 November- 136.9 93 107 90 December.. 105.2 112.6 92.5 91.0 83.1 103.1 December.. 137.0 95 109 92 1936—January.... 105.8 113.2 95.3 92.5 88.7 104.7 1936—January 137.3 100 115 97 February. _ 106.3 114.4 97.2 93.0 93.6 105.1 February._ 138.7 106 121 103 March 106.6 116.0 96.6 92.1 92.7 105.1 March 139.6 109 125 103 April 107.0 116.2 95.9 91.2 91.6 104.8 April 138.8 109 125 102 May 107.1 116.2 95.5 90.6 90.8 105.0 May 138.6 101 116 95 June 106.6 116.9 96.2 90.6 92.5 105.5 June 138.8 106 121 102 July 106. 6 117.4 97.1 91.1 94.2 106.0 July 139.1 109 124 106 July 29 106.7 117.5 97.6 91.5 95.4 105.8 July 29 139.5 113 129 109 Aug. 5 106.9 117.3 97. 91.8 95.3 105.6 Aug. 5 139.4 113 128 109 Aug. 12 107.1 117.7 97.9 91.7 96.2 105.7 Aug. 12 139.4 115 130 110 Aug. 19—. 107.3 117.9 97.7 91.5 95.8 105.9 Aug. 19 139.4 113 129 109 1 Monthly data are averages of daily figures except for municipal bonds, 1 Monthly data are averages of Wednesday figures. wh 2 i A ch v e a r r a e g e a v p e ri r c a e g s e s o f o a f l W l o e u d ts n t e a s n d d a i y n g f i b g o u n re d s s . due or callable after 8 years. 2 Average derived prices. 8 Prices derived from average yields. Source.—Standard Statistics Co. Source.—U. S. Treasury bonds, based on price quotations from Treasury Department; for other bonds, Standard Statistics Co. Back figures.—See Annual Report for 1935 (table 73). Back figure?.—See Annual Report for 1935 (table 73); for U. S. Treasury bonds, see May BULLETIN, p. 317. CAPITAL ISSUES [In millions of dollars] ?or new capital For refunding Total Domestic Domestic Y m e o a n r t o h r f ( i u a n n r n n e e g - d d w ) - m T a ( f o e d o n s o t r d a - t - i l c Total S m a t n a u d t - e F e e ra d l - Co B rp o o n r d a s te e F i o gn r- 1 m T a ( f e o d o n s o r t d - t a - i l c Total S m a t n a u d t - e F e e ra d l - C B o o rp n o d r s ate e F ig o n r- 1 eign) nici- agen- Total and Stocks eign) nici- agen- Total and Stocks pal cies2 notes pal cies2 notes 1926 7,359 6,314 5,189 1,344 91 3,754 2,667 1,087 1,125 1,044 881 22 40 820 687 133 163 1927 _ 9,774 7, 556 6,219 1, 475 87 4,658 3,184 1, 474 1, 337 2,218 1, 978 35 93 1, 850 1,586 264 241 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 2, 961 1, 251 1, 858 1, 620 36 0 1^ 584 1, 054 530 238 1929 11,513 10, 091 9,420 1,418 0 8,002 2,078 5,924 671 1,422 l', 387 13 0 l' 374 542 833 35 1930 7,619 6,909 6,004 1,434 87 4,483 2,980 1,503 905 709 527 53 0 ' 474 451 23 182 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 311 229 949 893 21 51 821 789 32 56 1932 1,751 1,194 1,165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933 1,063 720 70S 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 o 774 765 136 317 312 312 o 9 1935 __ 4,672 1,486 1,438 884 150 404 334 69 48 3,186 3,160 309 987 1,864 1,782 81 26 1935—July— 640 134 134 79 0 55 27 28 0 506 506 9 11 487 482 5 0 Aug 424 198 152 36 85 30 29 (3) 46 227 208 28 (3) 180 156 24 18 Sept— 436 177 177 132 0 45 42 3 0 259 259 15 13 231 230 1 0 Oct 362 145 144 56 15 73 70 3 1 217 213 10 24 179 164 16 4 Nov.— 380 116 116 82 0 33 30 3 0 264 261 26 17 217 216 1 4 Dec 417 231 231 124 40 67 48 19 0 186 186 4 81 101 85 16 0 1936—Jan 400 122 115 50 0 65 61 4 7 278 240 38 (3) 201 201 (3) 39 Feb..__ 302 107 107 89 4 13 4 10 0 195 195 8 6 181 170 11 0 Mar 763 130 130 60 11 59 46 13 0 634 614 69 9 536 525 11 19 April... 1,004 177 177 49 0 128 102 26 0 827 782 53 199 530 492 38 45 May... 413 112 112 68 6 38 13 24 0 302 302 31 4 267 252 16 0 June 731 217 216 63 1 152 123 29 1 514 512 43 93 376 325 50 2 July—. 338 103 103 33 0 70 39 31 0 236 236 9 2 225 222 3 0 1 Includes issues of noncontiguous U. S. Territories and Possessions. 2 Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and Home Owners' Loan Corporation. » Less than $500,000. Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1935 (table 72) for figures of new issues—annual and quarterly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
729 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 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 July 31, Total inter- 1936 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 Bondsi 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 32,679 18,303 11,906 117 2,353 June 1934 27,053 26,480 16,510 6.932 1,635 1.404 573 Obligations maturing: June 1935 28,701 27, 645 14,936 10, 501 156 2,053 1,056 Before Oct. 1, 1936 983 532 451 Oct. 1-Dec. 31, 1936 . - 1,410 358 1,052 1935 Jan. 1-Mar. 31, 1937 1,080 429 651 July. 29,123 27,923 14, 576 11,065 254 2,028 1,200 Apr. 1-June 30, 1937 702 502 200 August 29,033 27,956 14, 715 11, 036 252 1,952 1,076 July 1-Sept. 30, 1937 817 817 September. __ 29, 421 28,432 14, 300 11,929 251 1,952 989 1938. _. 1,946 1,946 October 29,462 28, 380 13,998 11,929 250 2,204 1,081 1939 ___ __ 2,762 2,762 November. __ 29,634 28, 617 14,008 11, 957 249 2,404 1,017 1940 2,854 2,854 December __ 30, 557 29, 596 14, 672 12, 274 247 2,404 961 1941 2,015 834 1,181 1943 898 898 1936 1945 1,401 1,401 January _ 30,516 29,618 14,688 12, 272 254 2,404 899 1946 1,519 1,519 February 30, 520 29, 646 14, 713 12, 270 258 2,405 874 1947 1,697 1,697 March 31,459 30, 591 15,981 12,400 258 1,953 868 1948 1,036 1,036 April 31, 425 30, 601 16,005 12, 383 259 1,953 825 1949 _. 819 819 May 31, 636 '30, 822 16,030 12,381 258 2,153 814 After 1949 9,043 9,043 June 33, 779 32,989 18, 628 11,861 146 2,354 790 Other obligations2 __ _ __ 1,698 1,057 525 117 July 33, 444 32,679 18, 303 11,906 117 2,353 1764 1 Issues classified as of date of final maturity; most issues callable at r Revised earlier dates; postal-savings bonds only issues callable before 1940; adi Includes $409,000,000 of Government liability for retirement of justed service bonds and most of the U. S. savings bonds are redeemable national bank and Federal Reserve bank notes, as a result of deposit at option of holder. of funds by banks; this compares with $815,000,000 on July 31, 1935. 2 Includes United States savings bonds and such issues as postalsavings bonds and notes, retirement-fund notes, and adjusted-servicecertificate series, in which special funds are invested; also includes $597,000,000 of adjusted service bonds. SUMMARY OF TREASURY OPERATIONS [On basis of daily statement of United States Treasury. In millions of dollars] General and special funds Trust Receipts Expenditures J c e o a t u c c n . - t s s, In cr c e r a e s a e s e d u o r r i n d g e- Excess period Period c M el i l s a - - General2 Recovery and relief3 ( c o + e f i ) p r o t e s r - ( c o + e f i ) p r e o ts - r Total c ta o I x n m e - s e n i r n n e e n t u o v a e e u e l r - s - ot A he ll r Total e I p d n s u e t t b 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 ot A he ll r* p t e u e n r x e d - s i- p t e u e n r x e d - s i- G b f a 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 2,080 746 858 475 4,681 2,715 31,277 -2,602 -5 +445 +3,052 1934 3,116 818 1,470 828 6,745 757 1,984 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 2,325 3,657 2,342 1,020 294 -3,002 +613 -741 +1,648 1936 4,116 1,427 2,010 680 8,477 749 14, 436 3,291 985 2,092 213 -4, 361' +123 +840 +5,078 1935-July 279 23 165 91 673 318 347 114 146 -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 December 434 228 153 52 591 107 237 247 97 148 2 -157 +8 +774 +923 1936 — F J e a b nu ru a a ry ry 2 2 2 1 8 8 3 4 5 3 1 1 3 3 8 2 5 4 5 3 4 4 5 9 6 6 3 1 1 9 1 1 9 6 7 4 2 3 4 0 1 1 6 4 4 3 2 2 1 2 8 5 8 4 40 9 - - 2 2 2 7 8 7 + + 6 3 4 7 - - 2 2 0 3 5 7 - + 41 3 March 752 412 291 48 570 131 226 214 11 254 « 51 +181 -22 +1,099 +939 April 231 36 152 43 614 72 228 314 33 259 22 -383 -7 -424 -34 May 256 35 158 63 558 8 258 291 21 264 7 -302 -84 +211 June 529 310 164 55 2,337 132 71,949 256 32 306 8 83 -1,807 +323 +2,142 July 294 39 201 412 320 35 275 • 228 -118 +2 -451 -335 i Includes processing taxes, customs, and miscellaneous receipts. a Excludes public-debt retirement. 3 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. 4 Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and expenditures of the Reconstruction Finance Corporation. 6 Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against increment on gold (other than for retirement of national-bank notes), and beginning June 1935 transactions in checking accounts of certain special governmental agencies whose balances were transferred on May 31, 1935, to these accounts. 6 Excess of credits. 'Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
730 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JUNE 30, 1936 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds Financedpartly f u f n ro d m s Government Total Total Recon- Com- Public Agricul- Farm Other Home s F t C r i u n o c a rp t n i o c o - e n m C C o o re r d p d i o t i y t - A W i d s o t m r r a k i - n s - in c t r u s e t r i d a t i l u t - Other in m g s a o t g i r t e t u - - in c f r s a e t r i d m t i u t - in m g s a o t g i r t t e u - - Other 3 J 0 u ,1 n 9 e 36 31 M ,1 a 9 y 36 30 Ju ,1 n 9 e 35 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions._ 432 1 119 4 556 565 792 Preferred stock etc 789 (i) 10 799 848 876 TTnrne mortgage loans 2,945 2,945 2,962 2,658 Farm Tnortga^fi loans 2,954 2,954 2,954 2,859 Other agricultural loans 1 239 36 148 232 0) 658 678 610 All other loans 821 139 239 1,199 1,180 1,100 Total loans and preferred stock ;_ 2,044 239 139 36 389 2,954 232 3,073 4 9,111 9,187 8,895 Cash 6 (i) 3 76 92 17 62 23 279 298 453 United States direct obligations 4 24 40 101 7 310 486 468 444 Obligations of Government credit agencies: Fullv guaranteed bv U S 17 2 84 7 101 211 213 220 Prod O u t c h t e io r n 2 credit association class 25 2 (2) 1 28 28 46 A stock 75 75 74 77 Accounts and other receivables 39 4 2 14 141 4 59 2 264 260 175 All other assets 4 0) 13 0) 204 153 0) 3 197 6 577 542 374 Total assets other than interagency 2___ 2,092 244 152 161 709 3,382 438 3,404 447 11,030 11, 070 10, 683 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States- 252 1 422 4 3,045 4,719 4,719 4,168 Other 2 1 2 1, 215 173 3 0) 1,392 1,392 1,515 Other liabilities (including reserves) 36 0) 5 26 130 4 111 37 349 316 219 Total liabilities other than interagency 2 288 0) 5 27 2,767 177 3,160 37 6,460 6,427 5,902 Excess of assets over liabilities, excluding interagency transactions.. 1,804 244 152 156 682 615 261 244 411 4,570 4,642 4,781 Privately owned interests 158 2 30 157 347 347 352 U. S. Government interests- 1,804 244 152 156 682 457 259 215 254 4,223 4,295 4,428 i Less than $500,000. 2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Includes $102,000,000 of unclassified assets of Federal savings and loan associations. < Includes unissued bonds covering loans in process. NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] July 31, Jan. 31, Feb. 29, Mar. 31, Apr. 30, May 31, June 30, July 31, 1935 1936 1936 1936 1936 1936 1936 1936 Loans to financial institutions 637, 310 497, 289 474,596 423,061 410,383 403.148 386, 343 i 374,630 Loans on preferred stock of banks and insurance companies. _ 48, 203 47, 573 46, 730 '46, 720 '45,953 f-45, 992 '45, 863 44, 818 Preferred stock, capital notes, and debentures 873, 557 877, 679 861, 749 '851,086 '844,720 r839,714 r788, 922 691,047 Agricultural loans 22,979 21, 994 21, 910 21,873 8, 623 8,684 1,499 1,456 Loans to railroads (including receivers) 413,338 393,712 390,202 389, 239 394,168 393,154 388, 432 350, 841 Loans for self-liquidating projects 148, 745 154, 947 156, 592 160,951 164,891 174.149 170, 269 176, 256 Loans to industrial and commercial businesses 25, 917 43, 686 48,287 50,194 50, 779 52, 651 55,120 Loans to drainage, levee, and irrigation districts 29,181 51, 790 51,853 53,420 54, 713 55, 228 56,114 60,103 Other loans 2,030 1,858 3,876 3,917 3, 587 3,518 3,115 2,796 Securities purchased from Public Works Administration 16,190 124, i " 154, 242 151, 593 143, 838 129, 634 134,170 128, 921 Total loans and investments, other than interagency— 2, 217, 452 2, 215, 216 2, 208, 238 2,150,148 •2,121,071 103,999 -2,027, 377 1,885,987 Loans to Federal land banks 58, 277 35,819 35,215 34, 723 34,365 33,948 33, 538 32,959 Loans to Commodity Credit Corporation 231,166 297,091 297, 449 297, 279 291, 961 172, 800 162,280 Capital stock of Commodity Credit Corporation 97,000 97,000 97,000 Capital stock of, and loans to R. F. C. Mortgage Co 10,000 15, 523 15,952 16, 725 17, 623 18, 429 19,165 30,218 Preferred stock of Export-Import banks 10,000 10,000 10, 000 10,000 17,000 17, 000 17,000 17,000 Total loans and investments.. 2, 526, 895 2, 573, 649 2, 566,854 2, 508,875 2,482, 020 2, 443,175 2,356, 360 2,155, 532 r Revised. i Includes $135,000,000 of loans for distribution to depositors of closed banks. NOTE.—For explanation of table and back figures, see April BULLETIN, p. 220. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 731 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm m b o y rt i g — age loans F c a e r n e d d d e i r t d a i l b s a c in n o t k u e n r l t m o s a e f n o d s r i — a to te Loans to cooperatives by- Regional End of month la F nd e d b e a ra n l ks Co B L m a a n n m d k is- p a s c p c r o n r c o r o e c d u e r a d d i a l d a g u t i t b i t t u r i c t i a i o r o c t - a n a n i o n s o l k s r s - n , s - , f c i i n e o n t O t x i a o s i o t n c v p t h n i e c e e t e s p i s r u n r , a t - g - ti P a o s r t n s i o o o d c n c u r i s e a c d - - it t R i u a t r r e g a a c g t r l o i i i o c o r c p u n n r o l s e a - - d l - c d r E g r l o o o e m p a u n e n a c g r s y n 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 in C c a a c B o t n e l i o a n u k v p n d t s e e r k i s a r f n , - o l g r i M A i n r n e t g g a g u v r r o r i f k A c a u l e u v l n c t l - t d - for cooperatives J 1933—December. 1, 232, 707 70, 738 73, 263 60,989 27 144,636 89,811 15, 211 18, 697 157, 752 1934—December. 1,915,792 616, 825 99, 675 55, 672 60, 852 87,102 110,186 33,969 27,851 54, 863 1935—July 2, 023,859 742, 897 128,851 58,864 110,030 68,670 196, 732 5,023 25,037 49,196 August 2, 036,067 754, 502 125,137 58, 761 109,020 64, 582 195, 943 5,539 31,455 46, 497 September. 2, 047, 390 765,319 115, 426 55, 661 101,427 59, 225 192,182 4,755 43,140 46,714 October.... 2,058, 693 777, 214 100, 634 49,114 92, 573 51, 656 182, 678 4,084 48,179 46,074 November. 2,065, 620 785, 898 100, 343 46,867 91, 522 46, 220 175,438 3,221 51, 246 44, 688 December. 2,071, 925 794, 726 104, 706 46, 490 94, 096 43,400 172, 489 2,731 50,013 44,433 1936—January... 2,066,308 802, 782 105, 457 46,045 96, 240 41,489 170, 072 2,241 46, 566 44, 286 February.. 2, 058, 512 810,811 110,806 46, 679 103,002 40, 510 168, 700 2,117 42, 720 44,155 March 2, 059,978 817,899 122,849 48,045 116,392 39, 617 167,826 2,074 41,083 44, 306 April 2,061, 881 823,110 132, 715 50, 015 127, 511 38, 665 175,151 1,685 40,015 43, 523 May 2, 062, 986 827,052 140,177 52,158 135, 467 37, 711 176, 789 932 39, 688 41, 696 June 2,064. 037 827, 248 144,155 53, 231 139, 468 36,026 176, 234 247 39, 500 44, 556 July 2, 064, 759 829, 464 146,243 53, 041 140, 982 34, 610 174, 207 225 43, 018 44,431 1 Does not include loans by joint stock land banks, which are now in liquidation. 3 Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the 3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY LOANS OUTSTANDING, BY INSTITUTIONS THE UNITED STATES * [Loans in thousands of dollars] AMOUNTS OUTSTANDING, BY AGENCIES [In millions of dollars] Home mortgage loans by- Federal savings and Federal Federal Home Reconloan associations 2 home Farm Owners' struction loan End of month Total Mortgage Loan Finance End of month O H w o n m e e rs' Number of lo b a a n n s k to Co t r i p o o n ra- Co ti r o p n o 2 ra- Co ti r o p n o r s a- Loan Cor- associations member poration l Loans institure- tions 3 1933—December.. 180 180 Total p R o e r - t- ported 1934—December.. 3,063 980 1,834 249 ing 1935—January 3,300 L,041 2,009 250 February... 3,480 L,089 2,140 251 J 1 1 9 9 9 3 3 3 2 4 3 — — — D D D e e e c c c e e e m m m b b b e e e r r r . . . . . . 2,1 1 9 0 6 5 , , 9 9 2 8 0 8 63 5 9 9 455 69, 734 8 86 5 , , 8 4 6 3 4 5 8 2 8 J M A M u p a n a r y r e i c l h 4 3 3 3 , , , , 1 5 6 7 2 9 6 2 3 0 0 8 L L , ,2 1 , , 2 8 1 1 6 8 2 5 4 4 2 2 2 2 , , , , 2 2 6 2 1 9 4 5 5 0 7 6 2 2 2 2 5 5 5 5 1 0 0 0 1935— A S N D O J e u u o e c p l t c g v y o t e u e e b m s m m e t r b b b e e e r r r . . . . . . 2 2 2 2 2 2 , , , , , , 8 9 8 7 7 7 8 4 3 8 0 4 6 0 8 8 2 7 , , , , , , 0 0 0 2 0 2 2 1 2 9 8 0 4 3 2 6 3 7 1 1 , , 0 0 9 9 9 0 2 4 7 2 2 3 9 9 2 8 8 8 8 6 7 8 5 5 2 9 5 1 1 1 1 8 8 3 2 2 2 2 1 3 9 8 1 6 7 0 5 9 5 4 9 , , , , , , 6 0 0 4 6 3 8 5 1 8 0 2 3 2 2 0 3 5 1 8 8 9 9 9 0 7 0 0 5 6 2 , , , , , , 0 8 4 0 5 7 8 7 3 2 9 9 9 7 2 5 5 5 J N A D S O u e o u e c l p t y c g v o t e u e e b m m s m e t r b b b e e e r r r . . . . . . 4 4 4 4 4 4 , , , , , , 3 2 2 4 4 4 6 4 0 9 6 2 9 8 5 4 0 1 L L L L L ,2 , , , , , 3 8 2 3 3 3 8 2 8 7 8 6 2 7 4 7 8 2 2 2 2 2 2 , , , , , , 7 8 7 7 8 6 1 1 8 4 5 8 6 9 6 8 5 2 2 2 2 2 2 2 5 4 5 5 5 5 3 9 2 3 3 0 1936— J J A M F M u u J e p a a n a l b y r n y r e r i c u l u h . a a r r y y . . . . . 3 3 3 2 3 3 3 , , , , , , , 0 0 0 0 0 9 0 9 1 6 4 8 9 8 2 0 4 0 3 2 4 , , , , , , , 1 3 8 0 4 4 3 1 8 7 2 2 3 7 2 7 1 3 9 8 1 1 1 1 1 1 1 1 , , , , , , , 1 1 0 0 0 1 1 3 6 6 7 4 1 0 5 1 5 8 4 4 2 1 1 1 , , , 0 0 0 9 0 0 1 9 6 6 7 6 3 3 3 4 4 4 3 9 5 3 6 2 4 0 0 3 6 6 9 4 4 , , , , , , , 0 7 8 2 6 4 6 4 2 4 1 0 4 4 6 2 1 0 5 3 6 1 1 1 1 1 1 1 0 0 0 1 1 2 0 3 2 5 8 0 2 2 , , , , , , , 9 9 1 9 3 8 5 2 4 0 5 7 0 8 2 2 1 8 2 0 7 1936— J J A M M F u J u e p a a n a l b n y r y r e i r u c l u a h r a y ry. _ _ _ . 4 4 4 4 4 4 4 , , , , , , , 7 6 6 7 6 5 7 1 3 7 5 0 6 1 9 0 6 4 2 2 8 1 L L L L 1 L , , , , , , 4 , 4 4 2 2 4 4 4 3 2 2 2 0 0 1 9 2 7 7 1 9 2 3 2 3 3 2 3 , , , , , , , 9 9 0 0 0 0 9 1 7 2 4 4 1 9 1 0 9 4 5 3 5 2 2 2 2 2 2 2 5 5 5 5 5 5 5 3 3 2 2 2 2 2 1 Loans closed. Applications for loans filed after June 27, 1935 were 1 Principal amount of obligations guaranteed as to interest and princinot considered; all lending operations discontinued on June 12, 1936. pal. Also guaranteed are debentures issued by Federal Housing Admin- 2 No monthly reports prior to September 1934; they now exclude istrator. The amount outstanding July 31, 1936, was $4,500. largely new associations recently chartered and inactive associations. 2 Excludes obligations guaranteed as to interest only. Separate figures, previously shown, for loans by new associations and 3 Excludes obligations held by U. S. Treasury and reflected in the converted associations are no longer available. public debt. Figure for December 1933 includes notes given in purchase 3 Includes loans to Federal savings and loan associations, all of which of gold which were retired in February 1934. .-jure members, and a negligible amount to others than member institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
732 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production 1 * Construction contracts awarded (value) 2 Fac- Factory em- tory Freight-car Department Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Residential All other ployment3 ro p l a l y s 3 loadings 4 * (value) month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjusted justedjustedjustedjusted justedjustedjustedjustedjustedjusted justedjustedjustedjustedjusted 1919.. _ 83 84 77 63 44 79 107 97 84 78 1920 87 87 89 63 30 90 108 117 91 94 1921... 67 67 70 56 44 65 82 76 79 87 1922 85 86 74 79 68 88 91 81 87 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 97 96 97 99 1925 104 105 99 122 124 120 99 101 103 103 1926 108 108 108 129 121 135 101 104 106 106 1927.. 106 105 107 129 117 139 99 102 103 107 1928 111 112 106 135 126 142 99 102 103 108 1929.. 119 119 115 117 87 142 105 109 106 111 1930 96 95 99 92 50 125 92 89 92 102 1931 81 80 84 63 37 84 77 68 75 92 1932 64 63 71 28 13 40 64 46 56 69 1933 76 75 82 25 11 37 69 '48 58 67 1934 79 78 86 32 12 48 79 '61 62 75 1935. 90 90 91 37 21 50 82 70 63 79 1933 July 100 96 102 97 91 90 21 24 13 13 28 32 73 72 '50 65 66 69 48 Ausr 91 90 91 89 91 95 24 25 12 12 33 36 77 76 '56 61 65 74 59 Sept 84 85 83 84 87 94 30 30 12 12 45 45 78 80 59 60 68 68 73 Oct 76 78 76 76 81 89 37 35 12 12 57 53 78 80 59 58 66 70 77 Nov 72 72 70 70 82 85 48 42 13 12 76 66 76 76 '55 59 60 67 75 Dec. 75 69 73 67 86 81 57 45 13 11 93 73 75 75 '54 63 56 69 121 1934 Jan. 78 77 76 75 88 86 49 40 12 10 80 64 75 73 54 64 58 73 57 Feb.— 81 83 80 82 92 89 44 38 12 10 70 60 78 78 '60 64 61 73 59 Mar 84 87 82 86 100 91 33 33 11 12 51 50 81 81 '64 66 63 76 73 April.... 86 88 85 89 90 81 32 36 12 14 48 54 82 82 67 62 60 76 73 May 86 89 86 89 88 86 26 32 11 13 38 47 83 83 '66 63 63 75 77 June 84 84 83 84 87 86 26 31 12 13 38 46 82 81 '64 64 64 73 70 July 76 73 74 71 84 84 27 30 12 12 39 44 80 79 '60 61 63 73 51 Aug 73 73 72 71 80 83 27 28 10 10 40 43 79 80 62 59 63 76 60 Sept 71 73 69 70 82 87 29 30 11 11 44 45 74 76 58 59 67 74 79 Oct 74 75 72 73 81 87 31 29 12 12 46 43 77 78 61 57 64 74 82 Nov 75 74 74 73 81 84 31 28 11 11 48 41 77 77 '59 59 60 75 83 Dec 86 78 85 76 90 85 31 25 12 10 47 36 79 78 63 64 56 77 135 1935 Jan. 91 88 90 87 94 91 27 22 12 10 39 32 81 79 64 64 58 76 59 Feb.. 89 91 88 91 96 92 28 24 14 13 39 33 82 81 '68 65 61 77 61 Mar 88 91 86 91 97 90 26 26 16 16 35 34 83 83 '70 65 62 79 71 April. __. 86 89 86 91 87 79 27 30 18 22 33 38 82 83 '70 61 59 75 79 May 85 87 84 87 89 88 27 32 21 25 32 39 81 81 '68 61 61 74 76 June 86 86 84 84 98 97 30 35 24 26 36 43 80 80 66 63 63 79 76 July.... 86 83 86 83 84 84 35 39 25 25 43 50 81 80 65 58 60 80 55 Aug 87 87 88 87 81 85 38 40 24 24 50 54 82 82 '69 60 64 77 61 Sept 90 90 91 89 87 92 43 44 25 25 58 59 82 84 72 62 70 81 86 Oct 95 97 95 96 93 100 48 45 25 25 66 62 84 85 '74 64 73 78 86 Nov 97 97 98 98 92 95 60 53 26 25 88 76 85 85 '74 66 67 82 91 Dec 104 96 104 95 101 96 67 53 26 22 101 79 86 85 76 71 62 83 145 1936 Jan 98 95 97 95 103 99 61 50 25 21 90 73 85 83 '72 70 63 81 63 Feb 94 95 ' 91 93 110 106 52 44 25 22 73 62 84 83 '72 70 65 83 66 Mar 93 96 93 97 95 89 47 47 26 28 63 62 84 84 76 66 62 84 77 April 100 103 99 105 105 94 47 53 30 35 60 67 85 85 '77 69 66 84 85 May 101 105 100 105 101 100 46 56 32 38 57 70 86 86 79 70 71 87 89 June 103 104 104 105 99 100 52 60 36 39 65 78 86 86 '79 70 72 '87 84 July .... P108 P104 P109 P105 P102 P103 P57 P70 P81 88 87 78 73 75 91 63 p Preliminary. ' Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 733-734; for description see BULLETIN for February and March 1927. * 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. 3 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888. For current indexes of groups and separate industries see pp. 735-736. Underlying figures are for pay-roll period ending nearest middle of month. 4 For indexes of groups see p. 738. 5 Revised series. Back figures—See Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for August, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
733 SEPTEMBER ] FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100] 1935 1936 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactures—Total 91 95 104 97 91 100 104 P109 IRON AND STEEL 81 103 83 83 100 105 113 119 Pig iron 53 60 71 63 64 77 85 90 Steel ingots 70 83 106 85 85 102 107 122 TEXTILES . ••104 104 106 106 111 105 102 100 100 100 107 115 Cotton consumption 82 85 95 98 108 106 99 100 105 103 111 124 Wool >-125 132 112 126 118 114 107 111 89 97 103 105 Consumption 156 160 127 146 134 125 117 120 93 103 121 125 Machinery activity * ••102 110 108 121 118 122 114 117 95 101 95 93 Carpet and rug loom activity r 71 83 74 78 72 66 75 68 68 68 66 64 Silk deliveries 133 113 134 132 112 119 91 107 102 97 101 108 FOOD PRODUCTS _. 74 76 78 82 83 92 84 87 90 84 92 Slaughtering and meat packing... 69 76 76 79 80 84 77 83 84 85 92 Hogs 46 50 50 57 54 54 61 52 61 66 64 72 Cattle 93 107 107 111 107 110 111 109 109 114 104 113 116 Calves 115 119 124 117 118 126 120 109 115 116 111 119 130 Sheep 154 159 144 154 148 145 152 145 151 134 128 133 135 Wheat flour 80 73 82 88 86 84 91 96 92 88 87 94 101 Sugar meltings 83 78 81 78 86 92 124 93 95 78 77 PAPER AND PRINTING: Newsprint production 60 58 62 61 64 63 62 59 62 60 Newsprint consumption 118 120 127 124 125 133 124 132 131 136 137 TRANSPORTATION EQUIPMENT: Automobiles 94 77 114 125 110 90 109 124 118 ••118 123 Locomotives 3 2 1 1 3 3 0 0 1 3 5 7 Shipbuilding 15 35 64 48 119 179 129 141 138 120 94 77 LEATHER AND PRODUCTS 109 105 104 105 109 124 118 111 107 .110 112 101 Tanning 95 93 94 97 105 105 103 96 93 97 '97 91 Cattle hide leathers 91 90 98 105 103 96 95 94 94 93 84 Calf and kip leathers 77 83 74 84 95 103 85 77 85 •78 88 Goat and kid leathers 121 114 115 119 124 118 122 110 103 115 124 113 Boots and shoes 118 113 110 110 111 137 127 121 116 119 122 108 CEMENT AND GLASS: Cement 52 44 47 52 59 59 47 49 58 71 74 74 Glass, plate 167 179 193 200 225 161 178 211 212 192 200 NONFERROUS METALS:2 Tin deliveries i 85 91 92 92 81 103 105 95 101 128 FUELS, MANUFACTURED: Petroleum refining 169 172 176 176 173 169 172 178 180 181 Gasoline i 220 219 223 227 225 220 214 215 210 223 227 233 Kerosene 91 93 92 95 94 86 94 94 98 104 97 98 Fuel oil i 100 103 110 110 115 121 121 130 119 119 120 117 Lubricating oil1 92 100 102 103 106 104 96 98 105 116 116 108 Coke, byproduct 84 91 95 97 100 106 104 103 100 112 120 123 RUBBER TIRES AND TUBES 83 92 102 104 133 142 116 82 77 95 107 Tires, pneumatic 96 105 106 137 147 120 84 80 98 111 Inner tubes 62 84 102 104 90 64 62 73 75 TOBACCO PRODUCTS 140 130 129 138 137 147 148 148 140 152 145 147 154 Cigars 70 67 69 70 69 73 73 75 71 74 71 70 76 Cigarettes _ 196 178 175 190 191 205 208 207 193 214 204 209 216 Minerals—Total 84 81 87 93 92 101 103 110 105 101 Bituminous coal 55 58 58 75 71 78 92 84 74 Anthracite 62 36 65 48 48 71 70 93 63 66 Petroleum, crude 134 133 135 140 144 146 148 143 146 150 149 146 Iron ore 50 54 62 62 44 80 80 81 Zinc 80 81 84 82 94 103 104 Lead 59 60 59 67 75 69 71 Silver ..... 73 59 71 91 103 Without seasonal adjustment. » Includes also lead and zinc; see "Minerals." P Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March, 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
734 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1935 1936 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactures—Total 83 87 89 96 98 95 95 93 97 105 105 105 P105 IRON AND STEEL 64 79 83 85 89 90 83 87 94 111 114 113 111 Pig iron 50 58 60 65 70 69 67 64 67 82 87 88 85 Steel ingots 65 81 85 87 91 92 85 89 96 114 117 115 113 TEXTILES r96 99 106 116 111 105 110 108 102 103 100 101 106 Cotton consumption 75 77 92 102 101 100 111 106 105 112 106 106 113 Wool 126 115 134 124 114 108 117 98 88 92 97 98 Consumption 139 149 133 161 146 126 120 131 107 90 95 109 112 Machinery activity... '102 110 108 121 118 122 114 117 99 95 101 95 93 Carpet and rug loom activity.. 83 74 78 72 66 66 75 68 68 68 66 64 Silk deliveries __ 126 117 141 132 116 106 112 98 103 101 96 90 103 FOOD PRODUCTS.. 74 74 81 86 86 82 92 82 86 85 82 87 90 Slaughtering and meat packing. _ . 66 68 74 84 87 91 96 75 78 80 81 84 87 Hogs 41 38 37 49 60 71 81 57 62 61 64 65 64 Cattle 92 104 119 129 123 115 112 96 95 101 101 106 115 Calves . 111 109 119 123 120 120 112 101 116 126 126 124 126 Sheep 154 160 168 170 146 142 154 136 137 126 126 131 135 Wheat flour 77 78 97 99 93 81 89 93 86 80 82 83 98 Sugar meltings 102 88 86 74 67 52 82 91 113 110 87 106 94 PAPER AND PRINTING: Newsprint production 58 56 62 61 63 63 61 60 61 61 60 64 59 Newsprint consumption 105 107 125 132 134 137 119 125 138 141 140 135 TRANSPORTATION EQUIPMENT: Automobiles ... 98 69 28 77 124 125 108 93 124 149 142 134 128 Locomotives 3 2 1 4 3 o 0 1 3 5 7 Shipbuilding 22 51 64 35 105 138 92 100 107 116 118 97 LEATHER AND PRODUCTS 107 116 120 115 104 106 109 113 110 108 103 97 P110 Tanning 95 95 100 103 103 102 99 99 92 95 91 90 Cattle hide leathers 86 90 94 101 104 100 97 101 95 94 88 83 Calf and kip leathers 100 93 96 88 80 81 85 78 69 76 r74 85 Goat and kid leathers 113 111 121 124 122 127 116 114 105 114 116 113 Boots and shoes 115 130 132 123 105 108 116 122 122 117 111 102 CEMENT AND GLASS: Cement 63 57 59 59 58 46 29 29 42 70 87 92 Glass, plate __ 168 169 181 193 192 202 201 174 194 235 231 196 198 NONFERROUS METALS*. l Tin deliveries... 85 91 92 92 80 81 103 105 95 101 98 112 128 FUELS, MANUFACTURED: Petroleum refining 167 169 173 176 176 174 170 172 168 178 179 181 Gasoline 220 219 223 227 225 220 214 215 210 223 227 233 Kerosene. . 85 88 94 100 101 93 96 96 95 103 93 91 Fuel oil 100 103 110 110 115 121 121 130 119 119 120 117 Lubricating oil 92 100 102 103 106 104 96 98 105 116 116 108 Coke, byproduct 81 88 93 97 102 107 105 106 103 114 119 121 118 RUBBER TIRES AND TUBES 81 91 97 91 99 99 107 89 85 113 121 130 Tires, pneumatic 84 94 99 93 103 102 110 92 87 117 125 135 Inner tubes 57 68 80 76 75 75 82 67 67 86 89 90 TOBACCO PRODUCTS 152 139 143 148 140 119 141 135 132 140 147 161 167 Cigars 73 70 79 85 82 55 56 65 64 70 73 76 80 Cigarettes 215 192 193 200 189 168 204 188 183 195 206 230 238 Minerals—Total _ _ 84 85 92 100 95 96 99 106 89 94 100 100 P103 Bituminous coal 50 57 61 82 80 83 88 98 70 71 66 66 Anthracite 51 36 65 62 50 69 75 99 40 65 69 57 P60 Petroleum, crude 137 136 139 141 143 142 142 140 145 150 150 149 Iron ore 102 109 119 105 37 120 157 164 Zinc 75 75 79 78 82 86 89 82 90 95 95 99 97 Lead . 57 57 56 70 70 70 63 64 60 69 73 70 68 Silver 62 59 68 74 73 68 81 100 99 97 88 101 i Includes also lead and zinc; see "Minerals." p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
735 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Adjust v e a d r i f a o ti r o s n easonal Without seasonal adjustment Without seasonal adjustment Industry and group 1936 1935 1936 1935 1936 1935 July June July July June July July June July Total l _ _ _ 87.7 86.3 '80.6 86.8 86.0 '79.7 77.8 '78. 7 '64.8 IEON AND STEEL AND PRODUCTS1 __ 85.1 82.2 72.4 83.8 82.4 71.3 75.8 78.5 '52. 6 Blast furnaces and steel wTorks 87.0 83.4 72. 7 85.8 83.2 71.7 82. 1 '84.0 52.4 Cast-iron pipe _ ._ _ . _ 59.6 58.8 50.0 61. 5 60.2 51.6 42.2 41.9 28.3 Cutlery and edge tools 76.9 78.1 74.0 74.0 76.9 71.2 60.0 65.8 54. 1 Hardware 56. 0 54.2 50.8 54. 6 54.6 49.5 49.0 53.1 40.3 Steam, hot-water heating apparatus, etc 64. 1 62.1 50.2 63.1 62.5 49.4 46. 6 48.1 32.3 Stoves _ _ 117.7 '110. 1 108.1 106.9 '110.7 98.2 82.3 93.4 71.8 Structural metal work 73.8 72 2 55. 7 75.3 72 6 56. 9 66. 1 65. I 42.2 Tin cans, etc _ _ . 100. 3 99.2 96.2 104. 3 102.7 100.0 102.4 102.1 97.7 Wirework 145.6 144 7 119.1 142.4 144 3 116.5 130. 0 143.3 '95.0 MACHINERY1 101.0 100.7 86.1 100.4 100.3 85.6 87.5 '90.6 67. 5 Agricultural implements 125.0 133. 5 123. 2 118.4 132.6 116.7 130. 5 156. 5 135.2 Electrical machinery, etc 80.9 79.1 69.6 80.9 79.1 69.6 72.6 '73. 0 54.7 Engines, turbines, etc. __ _ _ 113.0 119. 1 100. 3 113.9 120.4 101. 1 84.2 92.0 72.6 Foundry and machine-shop products 88.2 86.1 73.4 88.2 87.0 73.4 77.4 79.6 56. 7 Machine tools _ _ _ _ _ _ _ 113.1 108.9 89.9 112.0 109.8 89.0 103.1 104. 2 75. 8 Radios and phonographs 244.0 267. 7 192.7 234.2 242. 5 185.0 149.9 162.0 112.9 Textile machinery . ._ _ _ 71.4 71.2 63. 7 71.1 70.8 63.4 61.6 61.4 51.2 TRANSPORTATION EQUIPMENT1 98.2 '99.1 '84.9 101.0 '104.6 '87.3 93.3 '99.5 '68.1 Automobiles ______ 106.4 108. 2 97.7 109.6 114.3 100.6 99.5 '107.1 '76.8 Cars, electric and steam railroad 56.0 '58 3 '28. 9 60 0 '63 3 '31 0 65. 7 '70. 2 '27.8 Locomotives • 43.0 '40 8 '22.8 45. 1 '42.6 '23.9 23.7 '21. 9 '9.7 Shipbuilding . _ . 99.0 94.7 73.0 96.7 95.8 71.3 92.5 91.8 59.4 RAILROAD REPAIR SHOPS 58.6 60 1 53 2 58 9 60 6 53.5 58.0 62.3 48.2 Electric railroads 65.8 '65 6 65. 2 65. 8 '65. 6 65.2 61.7 '61. 9 58.8 Steam railroads 58.1 59.7 51.9 58.4 60.2 52.6 57.8 62.4 47.5 NONFERROUS METALS AND PRODUCTS1 90.9 90.8 '82.2 88.7 89.7 '80.2 73.6 76. 1 '59.9 Brass, bronze, and copper _ __ 89.0 88.4 78.2 88. 1 87.9 77.4 72.3 73.2 57. 5 Lighting equipment 83.2 84 0 72 4 79 3 82.7 69. 0 74.3 80.9 58.9 Silverware and plated ware - 59.2 65. 0 70.4 54. 9 64.0 65. 3 39.7 47.3 48.1 Smelting and refining 91.0 90 3 81 5 89 5 89 4 80 2 65. 7 66.8 53.0 Stamped and enameled ware _ _ _ 110.7 112.2 '101.6 109.4 112.3 '100. 4 91.9 98.8 '73.9 LUMBER AND PRODUCTS1 _ 58.2 57.3 52.0 58.1 57.5 51. 9 48.5 '49.4 38.3 Furniture 81.4 77 2 72 4 77. 7 74.4 69. 1 60. o 59. 3 48.4 Lumber, mill work _ 51.0 51. 1 44.4 51. 5 51.7 44.8 44. 2 45.9 34.2 Lumber, sawmills 37.6 37 5 33 2 38 4 38 5 33.9 30.0 '31.4 23.3 STONE, CLAY, AND GLASS PRODUCTS1 60.5 58.3 54.4 61.1 60.7 54.7 48.8 49.5 38.9 Brick tile and terra cotta 39.7 39 4 30 4 43.0 42.3 32. 9 31. 3 31.4 20.2 Cement _ _ __ _ 55.8 55. 3 53. 4 60.0 58.9 57.5 46.9 45. 5 37.9 Glass _ _ 101.0 94 1 96. 6 97.0 97.3 92.7 89. 1 91. 9 77.0 Pottery 69.6 68. 1 64.8 67.0 68.2 62.4 48. 1 50.0 41.5 TEXTILES AND PRODUCTS1 _ _ 98.2 94.5 92.2 93.4 93.2 87.8 76. 3 68.4 A Fabrics1 95.9 91 8 91 2 92. 0 90. 6 87.5 78.5 7(15 70.1 Carpets and rugs _ 84.4 82.4 87.3 79. 9 80.4 82.7 70.4 68.2 75.8 Cotton goods 96.4 91.6 85. 0 93. 4 90.7 82.3 80.7 77.9 64.2 Dyeing and finishing 109. 0 108 0 108 0 102.2 104. 1 101.3 85.0 83. 5 73. 5 Knit goods .. 117.8 112.6 109. 4 111.8 112.3 103. 9 104. 0 104.1 85. 8 Silk and rayon goods 65. 4 62. 3 69.7 64.0 61.5 68.2 54.3 51.0 55. 4 Woolen and worsted goods 92.8 88.6 99.3 88.3 87.0 94.4 69.2 67.7 74.6 B. Wearing apparel1 _ _ _ _ 99. 3 96. 7 90.3 92.5 95.2 84.4 67. 4 69.6 60. 8 Clothing, men's 92. 9 91.2 88. 1 93.7 91.5 88.9 71.2 70.2 65. 6 Clothing, women's _ 129. 9 123. 4 112. 1 109.8 119.7 94.7 72. 5 77.0 63.0 Millinery 55.8 58 4 49.1 48. 1 55.0 42.3 36.8 43.3 30.3 Shirts and collars _ _ _ 108.6 108.7 102.6 104.8 105.9 99. 0 94.1 99. 7 91.2 LEATHER AND PRODUCTS _ _ _ _ 86.4 85.9 86.9 86.9 82.4 87.3 76.5 66. 7 77.5 Boots and shoes _ _ __ 83.8 83.4 84.5 85.1 79.7 85.8 70.8 58.2 73.1 Leather 97.2 95.8 96.2 94.5 93.5 93.5 94.7 94.6 91.2 FOOD PRODUCTS X 103.9 102.4 '101. 6 107.7 100.4 '105.7 103.6 95.8 '96. 9 Baking _____ 114.9 114.6 109.9 116.6 115.9 111.5 106.9 106.0 96. 5 Butter 73.2 74 7 70.7 80.8 79.6 78.0 65.6 65. 0 61. 4 Canning and preserving 101.4 106. 2 '121. 0 125.8 91.3 '150. 0 135.0 100. 3 '177.8 Confectionery _ _ _ 75.9 75.2 78.9 65.8 67.5 68.4 55.1 58.6 57.0 Flour 75.3 72. 7 73.9 76. 1 70.8 74.6 73.8 65. 5 64.1 Ice cream 75.6 75.3 73.2 90.4 86.4 87.6 79.3 71.7 71.8 Slaughtering and meat packing 89.7 84.6 80.9 89.2 84.2 80.4 85.6 80. 2 75.0 Sugar refining, cane - - 77.5 81.2 82.2 80.6 80.8 85.5 74.8 71.8 72.7 r Revised i Includes current statistics for one or more industries not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
736 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 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 Without seasonal adjustment variation Industry and group 1936 1935 1936 1935 1936 1935 July June July July June July July June July TOBACCO PRODUCTS 57.6 57.2 58 2 57 0 56 9 57 6 49 2 48 3 47 6 Chewing and smoking tobacco and snuff 67.4 65.6 69.3 64.0 64.3 65.8 65.4 63.1 66.8 Cigars and cigarettes 56.4 56.1 56.8 56.1 55.9 56.5 47.1 46.4 45. 1 PAPER AND PRINTING 98.9 99.2 96.5 97 9 98 3 95 5 87.7 •"90 5 81.4 Boxes, paper 88.2 88.1 85.7 85.7 84.8 83.3 79.4 79.8 73.9 Paper and pulp 109.8 110.3 108.9 109.8 110.3 108.9 93.2 95.8 85.1 Book and job printing 91.1 90.0 87.7 89.9 88.8 86.6 78.9 "80.4 75.8 Printing, newspapers and periodicals 101.2 102.8 98.3 99.9 102.5 97.0 93.4 98.1 85.3 CHEMICALS AND PETROLEUM PRODUCTS1 114.2 111.8 110.7 110.7 108.3 106.8 103.7 r102. 6 95.4 A. Chemical group, except petroleum1. 114.8 112.3 111.1 109.7 107.8 105.7 102.3 -101.7 93.8 Chemicals ._ .. _ 118.1 113.9 111.7 115 3 111 7 109.0 110.5 108.9 101.6 Druggists' preparations 101.7 101.0 100.4 96.3 96.5 95.1 94.6 93.3 92.3 Explosives _ _ 93.2 91.8 87.1 92 2 88 4 86.1 88.3 87.6 70.0 Fertilizers 99.4 99.3 100.3 67.4 68.1 68.0 64.1 67.1 62.0 Paints and varnishes _ _ 113.1 111.1 108.8 112.9 115.3 108.6 100.4 105.6 88.9 Rayon and allied products 353.3 '342. 0 327.9 353.3 ••342. 0 327.9 272.8 262.4 240.2 Soap . 97.6 100.4 102.4 94.6 98 0 99.3 93.5 95.7 94.4 B. Petroleum refining 112.1 '109. 7 108.8 114.6 110.7 111.2 108.4 105.6 100.5 RUBBER PRODUCTS1 83 6 r81 7 r77 4 84 5 r83 7 r78 3 77.0 r79 0 61.3 Rubber boots and shoes . 62.1 60.4 r52. 7 60.1 57 4 r51. 0 51.5 53. 2 41.7 Rubber tires and inner tubes 70.4 68.2 67.2 73.6 72.6 70.3 70.0 •70.9 54.2 ' Revised. i Includes current statistics for one or more industries not shown separately. 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, and December 1935, p. 888. Underlying figures are for pay-roll period ending nearest middle of month. July 1936 figures are preliminary, subject to revision. REVISED INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS [Adjusted to Census of Manufactures through 1931. 1923-25 average = 100] Transportation equipment All manufacturing industries Payrolls—unadjusted Group total Automobiles Payrolls—unadjusted Payrolls—unadjusted 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 January ._ . *53.5 39.2 53.6 63.6 71.9 *47.8 32.8 48.1 72.3 86.2 *50.4 34.5 52.2 82.6 95.7 February *54. 6 40.0 60.0 68.3 72.0 *51. 8 29.4 65.4 86 1 77 8 *55.0 30 6 73.7 98.8 83.9 March. _ . _. 52.7 36.9 64.1 70.0 75.5 47.0 25.5 76.7 89.5 87.7 48.6 25.6 87.9 100.9 914 April 49.1 38.6 66.5 70.0 77.2 44 3 29.1 84.0 93 5 100 8 44.6 30.6 96.2 104 9 109.1 May . 46.4 42.5 66.4 67.8 78.5 47.8 35.3 80.4 85.0 102.4 50.8 38.4 89.9 94.1 111. 1 June 43.0 46.9 64.3 65.8 42 4 37.0 71.8 75 2 44.6 41 1 76.8 83 7 July... . 39.5 50.4 60.0 64.8 39.6 39.7 60.4 68.1 41.2 43.7 63.3 76.8 August 40.3 56 4 61 7 69.1 31 0 45.3 64 4 65 4 31.0 49 9 68.5 72 2 September 42.7 58.8 57.6 71.7 23.4 43.9 48.0 60.0 21.1 47.6 48.6 64.6 October 44.5 59 1 60 6 74 3 24 5 39 7 45 7 78 6 22 2 41 2 46 6 87 5 November 42.6 55.2 59.2 73.7 27.1 35.4 413 92 1 26.2 35.4 45.9 1015 December 41.3 512 62.7 75.6 30.5 40.2 61.5 92.9 30.3 41.2 68.4 103. 8 * Unchanged from figures previously published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 737 REVISED INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS—Continued [Adjusted to Census of Manufactures through 1931. 1923-25 average = 100] Transportation equipment Group total Cars, electric and steam Locomotives Employment Employment Payrolls Employment Payrolls Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed 1935—June *93.7 *88.7 48.5 44.7 47.4 29.5 28.2 13.2 Julv . 87.3 84.9 31.0 28.9 27 8 23.9 22.8 9.7 August 83.6 83.7 32.0 30.4 30.7 25.0 24.7 10.4 September __ .. .. ... .. ... 75.9 81.6 32.5 31.8 31.0 25.9 26.5 11.1 October *92.3 *99.5 37.9 39.5 38.7 27.6 28.5 12.7 November... __. - _ __.. . __ _ _ •101.0 •109. 0 43.4 48. 1 44.6 29.7 30.9 13.4 December . 103.2 110.9 47.4 51.6 51.9 29.2 29.4 14.0 1936—January. 101.7 103.0 45.4 50.9 47.9 26.9 27.8 11.2 February.. ...... . _ . . 99.0 96.6 48.6 52.3 51.7 29.0 29.4 13.4 March _ . . .. •100.3 •96. 3 55.0 55.4 59. 8 32.2 31.9 15.3 April •104.3 *98.7 60.9 56.4 68.1 35. 1 34.5 17.5 Mav •105 5 *96. 7 61.1 55.6 67.2 39.4 38.6 20 2 * Unchanged from figures previously published. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Public works Total Residential Factories Commercial and public Educational All other Month utilities 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 January 99.8 204.8 22.4 37.4 7.1 9.0 10.8 15.5 44.4 76.9 3.7 39.5 11.4 26.5 February 75.0 142.1 16.6 31.2 7.8 13.4 9.2 12.6 27.8 48.3 5.8 21.1 7.9 15.5 March __ _ 122.9 199.0 32.2 55.2 6.5 18.4 12.2 17.3 46.3 62.3 10.4 19.2 15.4 26.6 April 124.0 234.6 42.2 •67.2 6.3 25.5 15.2 24.3 40.5 73.4 8.3 23.2 11.5 21.1 May __ 126.7 216.1 44.9 70.3 9.8 12.9 13.9 18.8 31.4 63.6 9.0 20.7 17.7 29.8 June 148.0 233.1 49.8 73.6 9.5 10.2 15.0 21.9 39.1 80.4 17.7 18.3 16.8 28.7 July 159.3 294.8 48.4 72.1 14.6 19.1 15.8 28.6 53.9 126.6 9.2 23.3 17.4 25.1 August 168.6 40.5 10.6 17.3 69.5 8.7 21.9 September 167.4 41 8 6 0 13 6 76.1 4 3 25.6 October 200.6 55.1 12.0 16.6 86 3 9.2 21.3 November 188.1 39 7 8.9 12.8 80.3 24 7 21.7 December 264.1 45.1 9.9 12.0 94.5 62.6 40.1 Year 1,844 5 478 8 108.9 164 5 690 2 173 5 228.7 CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars.] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars.] Number Liabilities 1936 Federal Reserve district 1936 1935 1936 1935 Federal Reserve district July June July July June July July June July Boston 20,283 17, 707 10,946 New York 61, 726 46,410 32, 867 Boston 71 67 87 750 848 770 Philadelphia 17, 764 14,442 7,161 New York 202 217 316 4,229 2,661 6,140 Cleveland 28, 040 20,286 22, 472 Philadelphia 38 54 44 472 926 979 Richmond 21, 492 22,143 14, 751 Cleveland 53 54 69 580 682 1,656 Atlanta 33,312 18, 962 17, 896 Richmond _ 40 40 30 703 266 602 Chicago 49, 207 39,577 26, 227 Atlanta 24 15 41 237 164 761 St. Louis 26,144 26,154 9,747 Chicago 72 120 88 824 1,749 2,817 Minneapolis 11,883 7,874 4,261 St. Louis. _. 24 33 29 205 443 304 Kansas City 13, 082 12,049 4,372 Minneapolis 21 17 21 126 106 133 Dallas 11, 902 7,450 8,556 Kansas City 25 28 35 185 97 528 Dallas __ __ 12 17 19 63 148 197 Total (11 districts) 294, 835 233, 055 159, 258 San Francisco 57 111 123 1,531 1,087 1,636 Total 639 773 902 9,904 9,177 16, 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
738 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports i Merchandise imports 2 Excess of exports Month 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 January 150 121 172 176 199 136 96 136 167 187 15 25 37 9 11 February __ 154 102 163 163 182 131 84 133 152 193 23 18 30 11 -11 March . 155 108 191 185 195 131 95 158 177 r198 24 13 33 8 r — 3 April 135 105 179 164 193 127 88 147 171 203 9 17 33 -6 -10 May _ _ _ 132 114 160 165 201 112 107 155 171 191 20 7 6 —5 9 June 114 120 171 170 185 110 122 136 157 190 4 -2 34 13 July. __ 107 144 162 173 P178 79 143 127 177 P193 27 1 34 3 August 109 131 172 172 91 155 120 169 17 -23 52 3 September 132 160 191 199 98 147 132 162 34 13 60 37 October 153 193 206 221 105 151 130 189 48 42 77 32 November 139 184 195 270 104 129 151 169 34 56 44 100 December __ 132 193 171 223 97 134 132 187 35 59 38 37 Year 1,611 1,675 2,133 2,283 1,323 1,450 1,655 2,047 288 225 478 235 * 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 1932, p. 160. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1935 1936 Index of sales l Index o m f s o to n c th k ) s (end of July Mar. April May June July Adjusted Without Adjusted Without Month for seasonal seasonal for seasonal seasonal Adjusted for seasonal variation variation adjustment variation adjustment Total 58 66 69 70 70 73 1935 1936 1935 1936 1935 1936 1935 1936 Coal 54 63 77 73 70 74 Coke 46 55 61 70 75 83 Grain and grain products ___ 58 85 86 84 89 98 January 76 81 59 63 64 66 57 58 Livestock.. 36 41 41 39 41 49 February 77 83 61 66 64 65 61 62 Forest products 39 40 40 44 46 48 March 79 84 71 77 63 65 65 67 Ore 48 64 53 71 72 77 Miscellaneous ___ __ 63 77 77 80 79 80 April _ 75 84 79 85 64 65 66 68 Merchandise i__ 64 62 63 64 66 67 May 74 87 76 89 64 65 66 67 June . 79 '87 76 84 63 64 61 62 Without seasonal adjustment July 80 91 55 63 61 64 57 59 August 77 61 62 60 September 81 86 64 67 Total _. 60 62 66 71 72 75 Coal 48 60 64 65 61 65 October 78 86 66 72 Coke _ 40 56 58 70 69 73 November 82 91 67 75 Grain and grain products... 69 72 66 69 77 117 December 83 145 65 61 Livestock.. 30 35 38 37 35 41 Forest products 38 42 42 46 48 47 Year 79 64 Ore 87 15 27 107 130 139 Miscellaneous 67 73 79 83 83 84 Merchandise i 63 63 65 66 66 66 r Revised. i Based throughout on figures of daily average sales—with allowance for changes from month to month in number of Saturdays and Suni In less-than-carload lots. days and for 6 holidays: New Year's Day, Memorial Day, Independence Day. Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects Based on daily average loadings. Source of basic data: Association of upon sales of changes in the date of Easter. American Railroads. Back figures.—Department store sales, see p. 631 of BULLETIN for August, 1936; department store stocks, see pp. 254-255 of BULLETIN for Back figures.—See BULLETIN for February 1931, pp. 108-109. April 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
739 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 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 ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d pr T o e d x u ti c le ts m F li a u g t e e h l r t i i a a n n l g d s a p n M r d o e d m t u a e c ls t t a s l m B a u t i e l r d i i a n ls g c C a d l h r s e u m a g n s i d - i f n H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 M 2 94 3 82 6 1930.. . 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 S9.1 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 5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72 6 75.8 62.5 1934... . _ 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75 9 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 30.5 80.6 68.3 1935—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 SO. 2 80.5 67.1 October 80.5 78.2 85.0 78.3 93.6 72.9 73.4 86 5 86 1 SI 1 80 6 67.5 November _ 80.6 77.5 85.1 78.8 95.0 73.4 74.5 86.9 85.8 SI 9 81.0 67.4 December 80.9 78.3 85.7 78.7 95.4 73.2 74.6 86.8 85.5 SO. 6 81.0 67.5 1936—January 80.6 78.2 83 5 78.8 97.1 71.7 75.1 86.7 85.7 SO. 5 81.4 67.8 February.. . __- 80.6 79.5 83. 2 79.0 96.1 71.0 76.1 86.7 85.5 SO 1 81.5 68.1 March 79.6 76.5 80. 1 78.9 94.9 70.8 76.2 86.6 85.3 79.3 81.4 68.3 April 79.7 76.9 80.2 78.9 94.6 70 2 76.4 86 6 85. 7 78 5 81 5 68.6 May 78.6 75.2 78.0 78.8 94.0 69.8 76.0 86.3 85. 8 77.7 81.5 69.2 June __ _ _ 79. 2 78.1 79.9 78.8 93.8 69.7 76.1 86.2 85.8 78 0 81.4 69.7 Julv 80.5 81.3 81.4 79.5 93.4 70.5 76.2 86.9 86.7 79.4 81.2 71.0 Week ending— 1936—Apr 4 79.2 76.3 79.7 78.8 95.1 70.1 76.8 85 9 85 3 79 1 82.7 68.2 Apr. 11 79.5 76.9 80.2 79.0 95.1 69 9 77.6 85.9 85.4 79.0 82.8 68.3 Apr. 18 79.7 77.4 81.1 79.1 95.2 69.9 77.5 86.0 85.4 78.9 82.8 68.6 Apr. 25 _ . 79.6 77.8 80.4 79.0 95.2 69 7 77.4 86.0 85.5 78 ?, 82.8 68.6 Mav 2 79.1 77.1 79.1 78.9 94.9 69.7 77.3 86.0 85.5 77.8 82.8 68.6 May 9 . _ 78.6 76.2 78.0 78.9 94.9 69.6 77.2 86.0 85.6 77.5 82.8 68.4 May 16 78.1 74.4 77.4 78.8 94.8 69.5 76.9 85.7 85.5 77.3 82.8 69.2 May 23 _ 78.2 75.0 77.5 78.7 94.3 69.2 76.8 85.7 85.6 77 3 82.8 69.1 May 30 78.4 75.9 78.4 78.8 94.3 69.2 76.8 85 7 85 7 77 4 82.9 69.1 June 6__ _ _ _ 78.4 76.5 78.7 78.7 94.6 69.1 76.7 85.7 85.7 77 3 82.9 69.0 June 13 78.7 77.4 79.4 78.8 94.6 69.3 76.6 85 7 85 8 77 3 82.9 69.3 June 20 78.7 77.4 79.7 78.7 94.4 69.4 76.4 85.5 85.6 77 6 82.9 69.6 June 27 79.4 80.2 81.0 78.8 94.4 69.5 76.4 85.4 85.6 78.0 82.6 70.1 Julv 4 79.5 80.2 80.8 78.9 94.2 69.5 76.4 85.6 85.7 78.3 82.6 70.3 July 11 80.3 82.5 81.8 79.2 94.3 69.6 77.0 86.1 86.1 78.6 82.4 70.7 July 18 80.1 80.8 81.3 79.4 93.8 70.1 76.9 86.1 86.1 79 0 82.5 71.4 July 25 80.2 81.4 81.0 79.5 94.0 70.2 76.8 86.2 86.8 79.1 82.6 71.3 Aug. 1 _ 80.3 81.5 81.0 79.4 94.1 70.3 77.0 86.3 86.8 78 9 82.6 70.5 Aug. 8 81.1 83.2 82.9 79.6 94.4 70.5 77.0 86.3 86.9 78.8 82.4 71.3 Aug. 15.._. 81.1 83.6 82.6 79.6 94.2 70.6 76.9 86.3 86.9 79 ?, 82.5 71.1 Aug. 22 81.5 84.6 82.8 79.7 94.3 70.4 77.0 86.3 86.9 79.5 82.6 71.6 1935 1936 1935 1936 Subgroups Subgroups July Apr. May June July July Apr May June July FARM PRODUCTS: METALS AND MET/a PRODUCTS: Grains _ _ 78.3 73.9 70.6 73.0 88.9 Agricultural implements 93.6 94.2 94.2 94.2 94.2 Livestock and poultry 82.8 88.3 82.5 83.2 82.0 Iron and steel- 87.0 86. 3 86. 3 86.3 87.6 Other farm products 72.9 70.4 71 4 75.8 78.2 Motor vehicles 91 7 94.0 93.0 92. 9 92. 9 FOODS: Nonferrous metals 66.1 70 4 70.7 70.0 70.4 Butter, cheese, and Enilk . . 74.0 78.8 75.0 77.6 83.8 BUILDING MATERIALS: Cereal products 7 84.2 82. 2 81.6 84.4 Brick and tile 89 1 H9 0 88.8 89.2 89.2 Fruits and vegetables 65.1 67 8 72 3 82 0 79 7 Cement 94 9 95 5 95 5 95. 5 95.5 Meats __ _ _ 91.0 85. 1 85.1 84.9 Lumber. 81.7 83 9 83.0 82.1 83.7 Other foods 76 7 72.4 71 5 72.3 73.4 Paint materials 79 1 79. 3 78.8 79.5 80.4 HIDES AND LEATHER PRODUCTS: Plumbing and heating 68.8 73.8 73.8 73.8 76.5 Boots and shoes 978 100.3 100.2 99.7 99.3 Structural steel 92 0 <)? n 92.0 92. 5 97.1 Hides and skins 79.8 90.1 87.3 89.0 87.8 Other building materials 89.7 89.1 89.9 90.1 90.2 Leather 80.2 84.5 84.4 83.2 83.0 CHEMICALS AND DRUGS: Other leather products 84.4 95.4 95.4 95.4 95.4 Chemicals 84.6 85. 5 84.1 84.3 85.9 TEXTILE PRODUCTS: Drugs and pharmaceutics 74 0 73. 2 73.2 73.2 73.0 Clothing _. 80.7 80.8 81.1 80.9 80.7 Fertilizer materials 65.7 64.6 64. 7 64.0 65. 2 Cotton goods 0 76.2 75 5 75 4 78 7 Mixed fertilizers 68 6 64 5 65 3 60. 0 68.7 Knit goods 59.9 62.0 60.6 60.3 59. 3 HOUSEFURNISHING GOODS: Silk and rayon 97Q 30.1 29 1 29 3 30 7 Furnishings 84 0 85 0 85 0 85.2 85.1 Woolen and worsted sroods 764 82.2 82.2 82.6 82. 0 Furniture 76 8 78 0 77.9 77.5 77.2 Other textile products 69.1 67.5 67.5 66.9 66.8 MISCELLANEOUS: FUEL AND LIGHTING MATERTALS: Auto tires and tubes 45 0 45.0 47.5 47.5 47.5 Anthracite 77.0 80.0 76.6 77.0 78.5 Cattle feed ._ 78.6 74.0 71. 2 80.7 107.9 Bituminous coal 96.5 96.8 96 5 96 5 96 0 Papt^r and nnln 79 7 80.5 80. 5 80. 6 80.6 Coke 88.6 93.7 93.7 93.7 93.7 Rubber, crude- 25.0 33.0 32.3 33.0 34.3 Electricity.. 87.8 82.8 84.2 83.4 Other miscellaileous 80.1 80.. 6 80.7 80.8 80.8 94.0 84.8 87.3 88.0 Petroleum products. 599 57. 9 58.2 57.7 58.1 • Back figures.—For monthly and annual indexes of groups, see Annual Report for 1935 (table 80); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
740 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of August 1, 1936] fin thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1935 Aug. 1,1936 1935 Aug. 1,1936 1935 Aug. 1,1936 1935 Aug. 1,1936 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston _ _ . 8,245 7,852 170 133 New York 29, 575 25,006 7,219 6,537 132 98 Philadelphia . - 54,140 45, 703 18, 893 17, 284 190 134 Cleveland 196,279 132, 654 52,160 46, 783 164 193 Richmond _ . ... 1, 346 1, 112 138, 381 117,374 26, 723 25,075 Atlanta 2,649 2, 663 171, 898 149, 791 5,587 6,157 Chicago 880,218 501, 551 57, 807 62,938 2,134 2,127 St. Louis i 2, 243 2 3,188 262, 799 198, 815 51,017 59, 624 122 167 Minneapolis 237,631 102,356 17, 658 9,222 118, 794 55, 646 Kansas City . . . - 471 386 200.468 70,861 141,955 205,945 8,915 6,696 Dallas 3,569 4,568 105; 386 80, 470 12,015 18,178 105 86 San Francisco . . . 360 564 6,609 6,702 73,169 61, 354 28, 515 48, 368 Total . 10, 638 12, 481 2,291,629 1, 439,135 464, 203 519,097 159, 241 113, 648 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1935 Aug. 1, 1936 1935 Aug. 1,1936 1935 Aug. 1,1936 Aug. 1,1936 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,835 6, 514 3,350 3,023 22,958 26, 428 46,810 48,860 New York 26,992 19, 960 5,884 4,417 567 747 32, 267 28,874 Philadelphia.. 16,699 14,084 2,412 1,784 28, 488 29,430 24,888 21,408 Cleveland 61,382 42, 271 5,131 3,936 88,046 75, 764 25, 216 16, 572 Richmond 19,771 14,305 3,208 2,219 800,376 634,637 28, 290 19,405 Atlanta 10,644 9,180 2,572 2,109 147,469 142,668 12,042 9,533 Chicago 453,391 363,465 17, 450 12,649 15,835 15, 792 57,484 39, 789 St. Louis 38,122 36, 593 5, 835 4,165 189,075 177,550 13,707 8,120 Minneapolis.. 329, 799 130, 325 9,249 7,374 1,131 1,127 56, 496 23, 455 Kansas City_. 161, 035 77, 688 8,578 6,545 2,865 2,658 36, 742 23,510 Dallas.. 41, 259 27, 500 1,135 1,295 3,441 3, 635 San Francisco. 30, 739 29, 818 11,342 12, 337 50, 295 51,375 Total... 1,196, 668 771, 703 76, 146 61,853 1, 296, 810 1, 106, 801 387, 678 294, 537 1 Includes 9,000 bales grown in miscellaneous territory. 2 Includes 18,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL FINANCIAL STATISTICS 741 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
742 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Latin Asia Europe End of month T c tr o o ( i 5 u e ta 2 s n U ) - U S n ta i t t e e s d C ad an a - E c tr u o ( i r 2 u e o 6 s n p ) - e A c tr o m i ( i c 1 u e a e 1 s n r ) - - O c t i r a c o a i n e e u ( d a s n 8 n ) - - A c tr o f i ( r u e 5 i s c n ) a - U K d n i o i n m t g ed - France m G a e n r y - Italy g B iu e m l- N la e n th d e s r- t B i S N o a w n a n - i a k t l zer B la . n I. d S. 1935-March 21,377 8,567 190 10,889 602 814 315 1,586 5,479 33 519 532 553 560 4 April 21,140 8,710 187 10, 536 603 810 293 1,587 5,366 33 519 518 439 446 5 May 20, 755 8,858 189 9,972 622 812 302 1,587 4,759 33 519 605 440 390 5 June 20, 963 9,116 188 9,931 617 812 299 1,588 4,708 35 498 634 427 391 9 July 20, 954 9,144 188 9,896 615 803 308 1,588 4,726 38 468 624 380 421 8 August 21,038 9,203 193 9,924 617 803 298 1,593 4,756 38 419 612 402 446 8 September 21,115 9,368 186 9,847 619 804 291 1,595 4,770 38 379 604 365 448 8 October 21, 500 9,693 186 9,880 641 807 291 1,604 4,773 35 346 609 401 453 11 November 21, 396 9,920 188 9,543 641 813 291 1,628 4,388 36 330 615 427 455 9 December. 21, 583 10,125 189 9,517 645 816 291 L, 648 4,395 33 270 611 438 454 8 1936—January... 21, 598 10,182 186 9,467 646 817 300 L, 652 4,324 31 2 270 600 455 454 11 February._ 21, 665 10,167 186 9,529 648 825 310 1,653 4,362 29 270 593 463 472 10 March 21,711 10,184 184 9,547 642 830 323 1,653 4,348 29 270 586 486 493 8 April J»21, 469 10, 225 187 9,312 P642 836 268 L,670 4,106 28 270 581 483 495 8 May P21, 362 10, 402 188 9,024 P641 P839 268 1,701 3,781 28 270 610 465 485 11 June P21, 405 10, 608 187 P8,866 P633 ^842 P268 1,782 3,580 29 270 638 404 460 12 July 10, 648 187 P9, 159 1,977 3,643 29 270 633 437 471 10 Europe—Continued End of month Austria g B a u ri l a - C v z s a e l k o c - i h a o- m D a e r n k - Greece H ga u r n y - N w o ay r- Poland Po g r a t l u- Ru n m ia a- Spain S d w en e- Y sl u a g vi o a - 6 c t o o ri u t e h n s e - r 1935—March 45 19 112 60 38 23 61 96 68 106 741 160 36 59 April 45 19 112 60 37 23 61 97 68 106 741 160 38 56 May 45 19 112 60 37 23 66 97 68 106 741 161 40 57 June 45 19 113 60 36 23 75 97 68 107 741 161 40 57 July 45 19 113 60 36 23 75 97 68 107 741 162 40 57 August 45 19 113 54 35 23 84 97 68 108 741 162 40 59 September 45 19 113 54 36 23 84 89 68 108 734 165 40 62 October... 45 19 113 54 36 23 84 86 68 108 734 174 41 62 November 45 19 113 54 35 23 84 84 68 109 735 180 43 63 December. 46 19 112 54 34 23 84 84 68 109 735 185 43 63 1936—January. __ 46 19 112 54 34 23 84 84 68 109 735 194 44 63 February. _ 46 19 112 54 33 23 84 85 68 110 735 200 44 65 March 46 19 113 54 32 23 84 81 68 110 726 206 44 67 April 46 19 113 54 32 23 84 72 68 111 726 209 45 67 May 46 20 113 54 35 23 84 71 68 111 718 220 45 68 June 46 20 113 54 33 23 89 70 68 718 231 46 70 July 46 20 113 54 31 23 89 69 718 231 46 P71 Latin America Asia and Oceania Africa End of month g t A i e n r n a - - Chile l C o b m i o a - - M ic e o x- Peru g U u r a u y - c o t o r th i u 5 e e n s r - I B n i r s d i h i t a - China Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th i 2 u e e n s r - Egypt A So fr u ic th a c o t o r th i 3 u e e n s r - 1935—March 403 29 14 26 19 82 29 275 9 398 80 25 22 5 55 236 24 April. 403 29 14 3 26 20 82 29 275 9 400 76 23 22 5 55 214 24 May 420 29 14 26 20 82 31 275 12 403 71 23 23 5 55 223 24 June 420 29 14 26 20 76 32 275 10 407 68 23 23 6 55 220 24 July 420 29 14 26 20 74 32 275 6 410 61 23 23 5 55 230 24 August 420 29 14 26 20 74 34 275 5 413 58 23 23 5 55 219 24 September 420 29 14 26 20 74 35 275 7 416 55 23 23 6 55 212 24 October 441 29 15 26 20 74 36 275 8 418 55 23 23 5 55 212 24 November 441 29 16 26 20 74 35 275 11 422 54 23 24 5 55 212 24 December. 444 29 16 26 20 74 36 275 10 425 54 23 24 6 55 212 24 1936—January. __ 444 29 17 26 20 74 36 275 11 428 54 23 24 3 55 221 24 February.. 444 29 18 26 20 74 37 275 15 431 54 23 24 3 55 231 24 March 438 29 18 26 20 74 38 275 15 433 58 23 24 3 55 244 24 April 438 P29 17 26 20 74 38 275 15 435 61 23 24 3 55 189 24 May 438 P29 16 26 19 74 P39 275 P15 439 61 23 24 3 55 189 24 June 435 P29 16 26 68 *>39 275 . 442 60 23 24 3 55 189 P24 July 26 P437 24 P Preliminary. 1 See notes under Italy and Mexico. 2 Figure for December 1935 carried forward for subsequent months. 8 Figure for March 1935 carried forward for subsequent months. NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Brazil, Ecuador, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318; June 1933, pp. 368-372; July 1936, pp. 544-547; and August 1936, p. 667. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 743 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year or month p w ro o d r u ld c- Africa North and South America Far East tion Total A So fr u ic th a d R e h s o ia - A W fr e ic st a B C e o l n g g ia o n Canada U S n ta i t t e e s d Mexico Co b l i o a m- Chile Au l s ia tra- Japan B I r n i d ti i s a h %l=*25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$2O.67 1929. 404,969 359,347 215, 242 11, 607 4,297 2,390 39, 862 45,835 13, 463 2,823 683 8,712 6,927 7,508 1930. 430,725 373,154 221, 526 11,476 4,995 2,699 43,454 47,123 13,813 3,281 428 9,553 8,021 6,785 1931. 461,592 394,399 224,863 11,193 5,524 3,224 55, 687 49, 524 12,866 4,016 442 12,134 8,109 6,815 1932. 499,241 421, 656 238,931 12,000 5,992 3,642 62, 933 50, 626 12, 070 5,132 788 14, 563 8,198 6,782 1933. 524,390 420,093 227,673 13,335 6,623 3,631 60,968 52,842 13,189 6,165 3,009 16,790 8,968 6,919 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5 1933 887,845 711, 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 963, 369 722,970 366, 795 24, 264 12,153 6,549 104,023 107,632 23,135 12,045 8,350 30,447 16, 354 11,223 1935 1,044,472 771, 673 377,090 25,477 13, 625 7,159 114,816 126,325 23,858 11,517 9,251 31,117 20,043 11,394 1935—June 86, 670 63,186 31,089 2,101 1,095 588 10,002 9,772 1,166 857 1,113 2,623 1,844 937 July 95,097 67, 214 32, 458 2,150 1,095 615 9,988 11, 977 2,181 1,001 546 2,635 1,610 958 August 96, 246 67, 363 32, 667 2,155 1,152 631 10, 303 10,787 2,532 1,125 536 2,844 1,669 961 September. 97,134 68, 250 31, 472 2,009 1,160 590 9,813 12,292 3,287 978 1,088 2,939 1,674 949 October 100, 780 69,197 32, 596 2,403 1,249 614 10, 560 12,887 1,671 1,035 506 2,923 1,779 974 November. 94,633 66, 050 31, 671 2,205 1,181 614 10, 261 11, 067 1,115 981 937 3,279 1,785 953 December.. 90,675 70,492 31,829 2,272 1,174 542 10, 756 13, 342 2,583 834 905 3,423 1,866 1936—January. __. 83,355 65, 771 32, 275 2,320 1,221 592 9,714 10,195 2,092 1,335 770 2,690 1,595 971 February.. 82, 450 64, 665 31,290 2,201 1,164 574 9,325 9,650 2,819 1,159 918 2,801 1,843 920 March P$7, 034 P68, 123 32, 709 2,359 1,326 544 10, 469 10,969 P 1, 645 1,040 1,147 2,882 2,065 968 April ?86, 972 P67, 836 31, 991 2,410 1,258 543 10,474 11,062 P 2,625 1,095 499 3,127 1,808 944 May *>93, 323 P69, 639 32,826 2,413 1,289 547 10, 797 11, 894 P 2, 380 1,086 M99 3,045 1,885 979 June P99, 223 P70, 640 33, 086 *>2,415 Pl, 289 *>547 11,083 11, 897 P 2, 380 1,065 P499 3,476 P 1, 925 P 979 p Preliminary. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737, April 1936, p. 284, and July 1936, p. 600. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1935, pp. 107-108. Figures for Canada beginning January 1935 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Net imports from or net exports (—) to: Total Year or month net imports China All e o x r p n o e rt t s K U in n g it d e o d m 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 H a o n n d g c o o th u e n r - () Kong tries 1934 i 1,131,994 499,870 260, 223 8,902 12,402 30, 270 16,944 76,820 16,452 28,935 1935. _. 1,739,019 315, 727 934, 243 3 95,171 13, 667 10,899 75,268 9,431 56,453 1935— April 148, 608 1,481 32, 510 10,968 923 2 2,924 313 4,596 May 140,016 1,689 124,052 3,053 948 1,752 167 507 3,962 June.. 230,373 938 194, 298 22,061 8,734 679 448 3,215 July. 16, 229 31 975 5,770 722 1,750 438 6,515 August 45,983 5 40 28, 277 5,398 753 6,671 1,127 3,711 September. 156, 719 37,114 40,423 37,811 15,069 699 1 19,821 640 5,141 October 315, 347 109,954 156,977 17,605 629 9,368 762 1,746 12,359 1,125 4,817 November. 210, 567 7,101 180,141 2,676 5,865 880 28 8,913 1,007 3,956 December. 190,010 8,600 145,388 4,727 9,060 748 11,108 1,605 8,774 1936—January.... 45, 643 5,786 3,514 10, 745 764 1,743 11, 744 1,176 10,170 February.. -16,635 -2,890 -17,180 -3, 421 273 659 740 5,185 March 5,480 —1, 792 13 -343 1,677 772 5,154 April 28,055 1,493 1,564 11, 232 713 1,742 5,106 385 5,819 May 169, 952 4,003 133,157 8,751 1,695 4,322 2,100 9,720 847 5,357 June 277, 775 3,644 202,983 38, 811 551 14,584 2,104 5,947 603 8,546 July 15, 379 27 869 2,106 5,654 5,847 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
744 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Total Year or month net im- South ports Africa, All e o x r ( p ) o n r e t 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 ic u a e t r h - Canada B I r n i d ti i s a h S S m t e e r t a n tl i t e t s s - Au li s a tra- d W R e h s e o i s - a t , c o t o r th i u e e n s r - Africa 1934 _ 716,269 -497,166 -13,585 32, 575 17, 568 26,316 206, 711 4,! 41, 790 335, 253 92, 737 1935 369,747 -435, 502 -17,476 10, 796 8,832 16, 565 181, 627 3,198 37, 981 404, 295 22,020 1935—February.. -36, 566 -74,127 -951 2,145 2,057 19,093 88 3,067 18,669 11,105 March 66, 557 66 -1,992 51 1,195 2,970 15,457 296 2, 685 12, 661 6,503 April 36, 529 -20, 533 -1,013 33, 237 152 424 16, 249 693 1,920 17,658 20, 823 May 146,289 -3, 247 -1, 962 5,780 410 2,696 2,962 484 2,838 55,847 11,143 June — 118,067 -18, 547 -11,601 -593 292 3,570 7,159 429 1,969 42,473 6,933 July 16,289 -1,141 118 -11,888 261 2,831 5,663 405 5,375 33, 532 -8, 731 August 39,016 -12,871 82 1,642 287 449 26,102 420 4,148 35, 512—11,032 September. -36,086 -81,032 2 -36 322 25, 301 70 3,662 29,949 -8, 683 October. __ -36,158 -87,929 217 -1,136 2,535 28 11,900 134 3,414 44,995 -7, 644 November. 18,286 -33, 744 -20, 204 461 1,798 12,857 56 2,842 33, 325 -4, 353 December. 40,811 -22,075 -27 -6,982 480 1,798 14,838 54 1,995 42,442 7,265 1936—January.__ 41,974 -12,059 3,202 94 -591 311 11,035 56 1,! 39,852 1,893 February.. 38,649 1,136 -3,253 33 -7, 569 138 5,958 11, < 2,037 26, 454 1,792 March 47,666 3,440 6,738 99 -13, 354 430 4,090 10, 896 2,574 31,033 1,558 April 77,137 -9, 465 12, 710 -1,383 -1,409 145 899 9,413 87 3,329 55,108 3.409 May. 74, 590 -12,611 26,936 -17,602 1,761 317 1,708 13, 289 64 2,167 53, 802 2,883 June 69, 447 -26, 802 27, 060 -536 605 2,564 10, 860 133 1,610 45,147 4,902 Julyp 185, 742 -1,587 142, 792 -598 -3,105 171 247 9,240 2,216 32, 747 1,557 France Net imports from or net exports (—) to: Year or month Total net imports or po n r e t t s ex ( - -) U S n ta i t t e e s d K U in n g it d e o d m m G a e n r y - Belgium Italy N l e a t n h d e s r- Poland A So fr u ic th a Sw la i n tz d er- c A o l u l n o t t r h ie e s r 1934 _ -408,961 -242,363 -351, 729 31,036 91,021 74, 995 -1,371 746 23. 648 -17,276 1935. -817,037 -909, 665 -120,053 -13,592 -186,937 195,369 '21, 282 7,227 10, 241 176,177 '2,911 1935—February.. -32,479 -50, 314 8,670 1 -2, 497 249 11, 975 -629 March 19,118 648 14, 676 3 -3, 851 -201 -12 7,989 -137 April 108,100 -28, 566 '38, 856 -474 -26, 395 •"3,940 1,995 681 119,187 r-1,125 May -204, 309 -77, 803 '-53,807 -594 -109,195 -406 ••-819 2 '36,483 1, 829 June -393, 551 -223,070 -110,834 -190 -56, 265 620 -1,101 391 -3, 431 321 July —12, 206 414 -13,150 -1 -45 2,093 -650 -180 1,295 -1,981 August 50,770 14 4,905 -1,990 -1,148 27, 417 25, 759 -482 1 -3,418 -290 September. 26, 482 -23, 688 8,811 -700 27, 224 5.561 -132 -917 1,482 236 606 October -68, 693 -157,153 -72 -9,178 4,597 89, 062 5,221 -898 -1,172 900 November. -246,615 -258, 554 -15,060 11 -8, 235 35, 433 -11, 245 7,539 1,100 2,397 December. -71,450 -76,217 -117 -595 -10,133 9,834 357 4,70f 719 1936—January.... 40, 393 -890 -4, 695 2,636 -40 36, 598 -789 -127 8,110 -411 February.. 23,375 2,364 -2, 740 -221 -5 18,299 -43 -330 6,992 -940 March .... 13, 923 12,209 -5, 915 2,037 1,495 -8,138 -174 3,619 i 8, 791 April —57, 613 -6,234 -12, 241 -1 -13,165 -27,604 -175 1,060 748 May -169,706 -120,660 -24, 575 3 -27,139 -2, 019 8,309 -3,912 282 June P -222, 654 -185,001 -25, 452 25 -18,496 -825 -2,097 1 9,192 p Preliminary. r Revised. i $9,079,000 imported by France from Spain in March, and $8,354,000 in June 1936. NOTE.— United Kingdom.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 745 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] Germany Netherlands Total Net imports from or net exports (—) to: Total Net imports from or net exports (—) to: Year or month net net imports imports e o x r ( p ) n o e r t ts U K d n i o i n t m g e - d France N l e a t n h d e s r- e S r w la i n tz d - S U . . R S. . c o t o A r th i u e l e n l s r - e o x r p ( n ) o e rt t s U S n ta i t t e e s d U K d n i o n i m t g e - d France m G a e n r- y g B iu el m - e S r w la i n tz d - c o t o A r th i u e l e n l s r - 1934.. -90,920 -109,386 -42,907 163 85,390 3,934-122, 664 -46,040 -31,038 -78,610 25, 716 9,285 -4,784 2,608 1935.. 42,969 5,180 13,225 6,376 905-198,549 -221, 245 18,397 -41, 260 -5,142 48,004 -1, 257 3,956 1935— Feb... 295 -49 46 218 -2,899 -2,495 -352 77 -159 -197 163 Mar.. 112 -19 i 241 510 37 -1,299 -93 1,066 -136 319 April.. 735 -50 745 -16: 44 71 -120,492 -97, 632 -20,890 -210 -862 -15 May.. -206 418 26 6,100 91 -5,080 -2,810 -1, 562 162 -289 71 -929 June._ 2,876 1,057 275 12 517 -14, 797 -19,259 1,375 -862 3,379 113 -210 July.. 9,525 4,504 4 4,113 94 -26,102 -29, 215 15, 702 -462 9,563 -8 227 Aug... 4,769 33 3,972 17 54 -4, 514 -152 -86 2,900 -23 2,283 Sept... 4,355 -4 142 4,014 -276 -37, 290 -40,868 2,861 -160 133 9 488 Oct—. 10, 566 -49 7,058 2,532 1,116 -93 -13,080 -10,373 514 -2,046 275 -114 2 Nov_. 780 -17 5 67 45 38,746 -3,026 20,084 -239 11, 248 -86 199 Dec— 2,004 -87 591 671 4,749 5,334 -561 -52 183 1936-Jan.. _ -2, 584 -71 -2,441 61 16, 967 1,761 192 14,291 -11 564 Feb... -1,307 35 -2, 029 27 -140 10,425 3,435 7,664 -339 -3 -474 181 Mar.. -258 -59 -19 20 -59 35,806 574 12,842 -312 13,693 -47 569 April. -1,201 -4, 277 13 22 -37 31,083 1,384 -1, 568 73 -66 -166 May- -630 -3,935 76 -28 -27,093 -10,153 -2, 206 -3,010 •11,829 -391 427 June-. 1,130 -1,720 23 4 -61, 601 -37, 430 -500 -3,192 •19,941 -658 34 July._ 14, 226 1,966 -167 -3, 388 14, 868 -27 974 Switzerland British India Y m e o a n r t o h r im T n p o e o t t a r l ts Net imports from or net exports (—) to: im T n p o e o t t a r l ts Net e im xp p o o r r ts ts ( f — rom ) t o o r : net G d p u r o o c l - - d Change in: or net Neth- All or net All tion Re- Private exports U S n ta it te e s d U K n i i n t g ed - France g B iu el m - Italy la e n r d - s c o o th u e n r - exports U S n ta it te e s d U K n i i n t g ed - c o o th u e n r - In i d n ia ser in ves in h g o s l d i - n dom tries dom tries India* India 3 1934. -46,065 -12,784 -45,955 -29,235 18,397 19,431 2,580 1,500 -230, 720 -82,183 -144,185-4,352 11, 222 173 -219, 671 1935 -230, 788 647 -54,858 -181,725 -13,940 25, 542 342-6,795 -161,872 -17,394 -145,510 1,032 11, 393 -150,472 1935—Feb.. -15,025 -51 -2,108 -16,117 225 2,689 -90 -17, 746 -2, 367 -271 903 -16,844 Mar.. -17,830 5 -6,839 -16,148 415 4,734 -202 -18,439 146 955 -5 -17,479 April. -139, 633 324 -31,619 -107,021 7 2,110 1,041 -3, 675 "-30 155 938 -2, 737 May. -63, 229 -17,878 -38, 514 -5,972 303 -409 -6,604 653 954 -5, 650 June.. -5, 640 49 549 2,684 -8, 651 -74 153 -3,824 254 937 -2, 887 July.. 1,417 3 1,610 2,998 -1 262 -22,383 10 -818 958 -21,425 Aug.. 9,328 64 -38 1,273 4,080 519 -25,464 -6, 309 -233 961 -24, 503 Sept.. 5,845 107 3,017 -24 16 3,312 -766 -11,400 -2, 648 365 949 -10,451 Oct... 1,367 163 1,085 881 1,343 241 -11,160 -1, 330 202 974 -10,186 Nov.. -934 -332 -3, 227 1,849 -49 -14, 540 -1, 573 232 953 -13,587 Dec. -2, 330 -2, 088 -4,166 21 4,724 -139 -10,303 -1,199 139 -9, 337 1936—Jan... 2,462 -195 -6, 783 47 9,496 -137 -13,809 -559 -362 971 -12,838 Feb.. 6,571 -518 -5, 705 1,821 9,612 1,377 -9,846 -230 920 -8, 926 Mar.. 21,413 -841 -3, 492 1,724 21, 537 567 -7,667 -122 -287 968 -6, 699 April. 22, 570 -131 7,292 -3 6,970 29 -10, 351 -8 249 944 -9, 407 M ay- 13, 386 32 -4,298 284 -8 1,449 132 -11,357 -1,8 979 -10,378 June.. 5,188 -4 -1,704 2,057 -235 2,952 2,113 P- 10, 347 P979 P-9, 368 p Preliminary i $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,933,000 in May 1936. » Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred. ' Figures derived from preceding columns: net imports plus production minus increase in reserves in India. NOTE.—Germany, Netherlands, and Switzerland.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. German gold movements by individual countries, beginning with January 1936, have been officially revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
746 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in issue Note (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of d m e e p n a t r ) t 1 - Cash reserves a c n o D d u i s n a - t d s - Se ti c e u s ri- ci t r i c o u n la- Deposits l O ia t b h i e li r - Coin Notes vances Bankers' Public Other ties 1935—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 Dec. 25. __ 200.1 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Jan. 29... 200.5 63.3 18.8 94.0 397.1 106.0 15.9 36.7 18.2 Feb. 26. _ 200.6 .7 60.7 11.0 96.2 400.0 106.2 8.8 35.5 18.2 Mar. 25.. 200.6 54.1 5.0 97.0 406.5 83.6 18.0 37.0 18.3 Apr. 29 _. 202.7 45.9 8.3 114.0 416.9 104.7 7.5 39.0 17.7 May 27.. 206.4 40.3 6.7 104.7 426.1 78.3 19.8 36.7 17.8 June 24.. 216.3 1.0 41.5 7.6 116.1 434.8 90.8 20.0 37.4 17.9 July 29.. 239.9 1.0 51.4 7.1 115.5 448.6 75.2 42.3 39.4 18.1 Assets Liabilities Loans on- Deposits Bank of France Ad- For- vances (Figures in millions of francs) Gold ch e e a i x g n - n ge Do b m il e l s s tic m G e t r e o o n n v - t - m G S e t o h e n v o r t e m r r s t n - e - - s O e ti c t e h u s e ri r - N c b u e l g r e i o t s i t e e ia - s - Other c N i t r i c o o u t n e la- G m ov e e n r t n- Other l O i t a t i b h e i s e l r icurities 1935—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 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. 29_. 66,191 1,385 11,005 1,090 3,267 5,800 8,032 82,447 2,826 9,361 2,136 Dec. 27.. 66, 296 1,328 9,712 573 3,253 5,800 7,879 81,150 2,862 8,716 2,113 1936—Jan. 31... 65, 223 1,324 9,210 3,350 5,708 8,724 81, 503 2,798 8,088 2,119 Feb. 28- 65, 789 1,309 9,758 3,250 5,708 8,186 81, 239 2,854 8,706 2,134 Mar. 27.. 65, 587 1,297 12, 053 671 3,325 5,708 8,028 83,197 2,889 8,434 2,148 Apr. 24.. 61,937 1,305 14, 392 623 3,349 5,708 8,193 82, 557 2,722 7,895 2,334 May 29.. 57,022 1,427 19, 381 796 3,381 5,708 8,134 84, 705 1,850 6,909 2,383 June 26.. 53, 999 1,297 7,750 14,333 1,048 3,441 5,708 8,015 85,106 1,305 6,528 2,652 July 31__ 54, 942 1,270 6,041 14,333 1,461 3,555 5,708 8,699 85, 892 1,594 6,254 2,267 Assets Liabilities Reichsbank Reserves Securities (Figu r r e e ic s h i s n m m ar il k l s io ) ns of Gold e F x o c r h e a i n g g n e Tr b e i a ll s s ury b c il O h l e s t c h ( k e a s r n ) d Se lo c a u n ri s ty E a c l s i o g n v i o e b r t l e e Other a O s t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia t t i b e h i s e li r - 1935—May 31.. 3,732 338 324 775 3,810 770 824 June 29.. 3,879 337 324 781 3,895 819 838 July 31... 3,833 337 324 814 3,878 743 845 Aug. 31_. 4,000 340 324 781 4,032 743 860 Sept. 30_. 4,144 346 324 770 4,143 774 879 Oct. 31... 4,058 345 316 868 4,159 728 911 Nov. 30- 4,096 346 315 922 4,186 806 913 Dec. 31._ 4,498 349 315 853 4,285 1,032 923 1936—Jan. 31... 3,884 349 315 4,098 679 891 Feb. 29.. 4,026 348 315 861 4,177 652 914 Mar. 31.. 4,201 336 321 771 4,267 768 782 Apr. 30.. 4,353 240 319 702 4,348 688 798 May 30.. 4,606 219 319 648 4,430 729 807 June 30__ 4,699 220 311 704 4,389 960 815 July 31... 4,623 220 310 711 4,471 787 840 1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463, and July 1936, p. 603. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
747 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank July June May July July June May July National Bank of Albania (thou- Bank of Canada (thousands of Casands of francs): nadian dollars): Gold 7,556 7,556 7,558 Gold 179,564 179, 992 179,733 179, 937 Foreign exchange _ _ 17, 756 18, 095 20,795 Sterling exchange 296 262 1 918 701 Loans and discounts 3, 507 3,009 2,593 United States exchange 12, 854 9,498 13, 390 11,265 Other assets _ 4,768 5,061 5,622 Advances: Note circulation __ 11, 491 11,697 13,851 Dominion Government ... 1,241 Demand deposits 10, 322 10, 401 11,941 Provincial Governments 3,000 3,000 3,000 Other liabilities 11, 774 11,624 10, 776 Government securities: Central Bank of the Argentine 2 years or less 30, 624 28 049 30 607 15,217 Republic (millions of pesos): Over 2 years 81, 252 83,638 80, 241 79,989 Gold at home _. . 1,224 1,224 1,224 Other assets 5,774 6 584 4 891 9,882 Gold abroad and foreign ex- Note circulation _ _ 100, 041 95, 764 93,397 77,135 change _ ___ 106 121 119 Total deposits 205 473 207 668 213 503 215 091 Negotiable Government bonds __ 72 93 150 Chartered banks 185, 884 189, 463 185,071 169, 917 Other assets ... 141 cl41 149 Government 19 316 17 878 27 235 44 364 Note circulation 1,013 1,018 939 Other liabilities 7,850 7,593 6,880 6,006 Deposits: Central Bank of Chile (millions of Member bank 326 338 220 pesos) * Government _ . . ._ 158 181 161 Gold and foreign exchange in re- Liquidation Institute 174 serve 143 142 142 Other _ . 8 11 114 Loans and discounts 117 108 96 Other liabilities 38 32 34 Government debt 702 706 710 Commonwealth Bank of Aus- Note circulation.. 612 614 505 tralia (thousands of pounds 0: Deposits 278 261 381 Issue department: Central Bank of China^millions of Gold and English sterling 16,004 15, 999 16,003 15, 994 yuan): Securities 39, 059 39,342 39, 343 34, 634 Gold 45 58 16 Banking department: Silver 270 248 121 Coin, bullion, and cash 1,314 1,201 1,223 929 Foreign exchange. 52 64 5 London balances _ _ 20, 646 21,018 20, 664 22, 636 "Drift from domestic banks 92 131 35 Loans and discounts __ 11,752 13, 602 11,364 12, 696 Loans and discounts- 365 208 154 Securities 36, 276 36, 338 35, 657 36, 253 Securities 184 314 180 Deposits 66, 681 70, 388 65,901 73, 607 Other assets 53 51 55 Note circulation .. . _ 47, 039 47, 045 47,045 47,045 Note circulation 300 279 108 Austrian National Bank (millions Deposits—Government 295 311 226 of schillings): Bank 316 330 69 Gold 243 243 243 242 Other 28 32 16 Foreign bills. _ . 99 87 86 101 Other liabilities 122 123 146 Domestic bills 219 220 220 233 Bank of the Republic of Colombia Government debts __ 624 624 624 624 (thousands of pesos): Note circulation 952 950 958 942 Gold at home and abroad 28 537 28 013 26 627 Deposits 232 221 213 250 Foreign exchange 3,933 4,900 4,137 National Bank of Belgium (mil- "Loans to member banks 3 570 2,382 3,762 lions of belgas): Note circulation 45, 330 43,260 38, 457 Gold 3, 736 3,762 3,597 3,534 Deposits 29 038 29,095 28, 372 Domestic and foreign bills 1,413 1,402 1,323 1,431 National Bank of Czechoslovakia Loans to State 157 160 160 162 (millions of koruny): Note circulation... 4,462 4,354 4,284 4,079 Gold 2 698 2 697 2 695 2,693 Deposits 1,007 1,142 969 1,258 Foreign balances and currency. _ 21 30 36 262 Central Bank of Bolivia (thousands Loans and advances 1,533 1,922 1,261 949 of bolivianos): Note circulation . 5,426 5, 701 5,482 5, 454 Gold at home and abroad 22, 350 15,128 Deposits 626 851 464 787 Foreign exchange __. 20,861 9,906 Bank of Danzig (thousands of Loans and discounts 7,702 30, 828 gulden): Securities: Gold 20, 795 20, 785 20, 785 16, 949 National Government 418, 072 326, 477 Foreign exchange of the reserve _. _ 4,386 3,580 2,325 8,772 Other 2,921 3, 326 Other foreign exchange 5,161 6,235 5,934 1,468 Note circulation 162,106 136, 835 Loans and discounts 14 683 15 168 14 919 24 862 Deposits _ _ _ 260, 859 201, 378 Note circulation 31 345 29 956 29, 298 30, 352 Bank of Brazil (millions of milreis): Deposits 5,550 4,743 3,480 5,556 Cash 230 249 National Bank of Denmark (mil- Correspondents abroad 343 216 lions of kroner): Loans and discounts 3,003 3,091 Gold 118 118 118 133 Note circulation _ _ 10 20 Foreign exchange 31 30 32 17 Deposits 3,324 2, 993 Loans to Government agencies 209 239 198 223 National Bank of Bulgaria (mil- Other loans and discounts 136 129 158 169 lions of leva): Investments 66 72 76 131 Gold 1,607 1,607 1,607 1,583 Other assets 93 86 43 22 Net foreign exchange in reserve._. -143 -140 o-129 -98 Note circulation 373 381 392 361 Total foreign exchange 446 448 489 198 Deposits 123 138 119 238 Loans and discounts. 1,266 1,402 1,385 881 Other liabilities 157 155 113 97 Government obligations 2,671 2,671 2,671 2,698 Central Bank of Ecuador (thou- Note circulation _ . . 2,304 2,453 2,247 2,133 sands of sucres): Other sight liabilities 1,952 2,051 2,181 2,015 Golds 33, 334 27, 881 12,893 Foreign exchange 5,492 6,974 8,297 Loans and discounts . 32, 348 36, 480 57, 955 Note circulation 47, 241 47,441 42, 575 Deposits 17, 084 12, 574 19, 516 e Corrected. 1 Beginning March 1936 all items valued by bank in Australian currency; previously valued partly in Australian currency, partly in sterling. 2 Figures not yet available. • Items for issue and banking departments consolidated. < Bank reorganized under law of April 7, 1936 (see BULLETIN for July 1936, p. 537, and August 1936, p. 632). First balance sheet on new basis was as of June 30, 1936. 5 Gold in vault revalued at rate of 9.968331 sucres per gram of fine gold by decree of Dec. 18,1935 and at rate of 11.6466 sucres per gram of fine gold by decree of June 13, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
748 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank July June May July July June May July National Bank of Egypt1 (thou- Bank of Japan (millions of yen): sands of pounds): Gold 528 524 520 485 Gold 6,545 6,545 6,545 Advances and discounts 614 692 730 654 Foreign exchange 2,679 2,576 2,152 Government bonds 477 545 562 508 Loans and discounts 3,387 3,494 3,175 Notes issued 1,306 1,439 1,371 1,223 British, Egyptian, and other Total deposits 401 332 444 381 Government securities __. 40, 575 40, 589 35, 360 Bank of Java (millions of florins): Other assets 5,224 5,387 3,465 Gold 88 89 89 Note circulation 19, 578 20, 529 17, 250 Foreign bills 2 1 2 Deposits—Government _ 7,044 6,271 7,982 Loans and discounts 63 62 65 Other 23,419 23, 485 17,297 Note circulation __ 156 156 167 Other liabilities 8,368 8,307 8,169 Deposits 23 22 22 Central Reserve Bank of El Salva- Bank of Latvia (millions of lats): dor (thousands of colones): Gold 46 46 46 46 Gold 13,004 12,965 12, 347 Foreign exchange reserve 8 8 7 4 Foreign exchange . 3,473 3,903 2,096 Bills 50 51 52 55 Loans and discounts 238 124 529 Loans 68 61 62 62 Government securities 6,782 6,798 7,184 Note circulation 34 36 37 33 Other assets _. 1,403 1,792 1, 285 Government deposits _ 47 45 46 41 Note circulation 13, 856 14,076 13,698 Other deposits 115 109 107 112 Other sight liabilities 5,860 7,361 6,141 Bank of Lithuania (millions of litu): Other liabilities 5,184 4,144 3,602 Gold 62 59 54 42 Bank of .Estonia (thousands of Foreign exchange 2 13 16 21 12 krooni) : Loans and discounts 2 71 73 74 87 Gold 34,144 34,135 32, 815 Note circulation... 105 106 108 91 Net foreign exchange 3,071 3,220 2,064 Deposits 48 48 45 46 Loans and discounts 21, 858 22,444 12, 273 Netherlands Bank (millions of flor- Note circulation 39 372 40,997 36,466 ins) : Deposits—Government- 13, 716 13, 580 11,214 Gold 642 594 684 558 Bank 9,831 9,402 8,936 Foreign bills 2 2 1 0.4 Other 3,428 2,756 2,568 Loans and discounts 159 190 159 272 Bank of Finland (millions of mark- Note circulation 748 767 763 819 kaa): Deposits _ 95 62 121 55 Gold 557 531 501 325 Reserve Bank of New Zealand Balances abroad and foreign (thousands of pounds): credits 1,150 1 114 1 248 1 353 Gold 2 802 2,802 2,802 Foreign bills . . 85 93 88 86 Sterling exchange 22,122 23, 738 21,054 Domestic bills 803 848 870 690 Other assets 2,502 2,447 2,264 Note circulation 1, 460 1,465 1,501 1,310 Note circulation 10,041 10,157 8,849 Other sight liabilities 777 695 652 619 Demand deposits., _ 15, 796 17, 252 15, 696 Bank of Greece (millions of drach- Bank 6,697 8,078 4,262 mas): Government ._ 8,840 8,983 11, 288 Gold and foreign exchange 2,830 3,039 3,265 3,495 Other liabilities 1,590 1,578 1,575 Loans and discounts 5,699 5,654 5,130 2,984 Bank of Norway (millions of Government obligations 4,172 4,172 4,172 3,289 kroner): Note circulation 5,396 5,608 5,641 5,366 Gold 195 195 185 165 Other sight liabilities 6,493 6,597 6,154 3,954 Foreign balances and bills 83 66 72 44 Liabilities in foreign exchange _ 187 193 271 97 Domestic credits.. 223 190 190 200 National Bank of Hungary (mil- Note circulation 382 376 366 330 lions of pengos): Foreign deposits 4 4 5 8 Gold _ 79 79 79 79 Total deposits 119 76 83 74 Foreign bills, etc 24 26 26 17 Central Reserve Bank of Peru Loans and discounts 489 512 506 515 (thousands of soles): Advances to Treasury... 91 90 80 66 Gold and foreign exchange 44,070 44, 801 Other assets 112 110 110 70 Bills 74, 273 60, 921 Note circulation 396 393 385 376 Note circulation. _ 88, 673 77, 451 Deposits- 111 134 119 78 Deposits 25, 563 23,652 Certificates of indebtedness 96 98 98 109 Bank of Poland (millions of zlotys): Miscellaneous liabilities 163 164 172 156 Gold 366 370 375 511 Reserve Bank of India (millions Foreign exchange 8 7 7 15 of rupees): Loans and discounts 818 838 851 741 Issue department: Note circulation... 998 1,019 1,061 932 Gold at home and abroad 444 444 444 Other sight liabilities 175 173 123 210 Sterling securities 683 683 652 Bank of Portugal (millions of es- Indian Gov't securities 234 235 265 cudos): Rupee coin _ _ _ 633 605 547 Gold 910 910 909 Note circulation __ _ 1,641 1,659 1,559 Other reserves 501 478 433 Banking department: Discounts and advances 354 365 327 Notes of issue department. 353 308 349 Government obligations 1,046 1,046 1,048 Balances abroad 158 153 103 Note circulation.._ 2,053 2,025 2,116 Investments 60 62 59 Other sight liabilities 1 017 1,041 805 Other assets 9 8 8 National Bank of Rumania (mil- Deposits—Government 163 179 117 lions of lei): Bank 305 240 296 Gold 11,005 10,595 Other liabilities—. 112 111 106 Foreign exchange of the reserve 92 Loans and discounts ____ _. 5,467 5,157 Special loans 3_ . 2,445 2,744 State debt. 11,193 10, 220 i Items for issue and banking departments consolidated. 1 Beginning with July, 1935, foreign exchange includes foreign bills previously reported with loans and discounts. 1 Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN 749 SEPTEMBER 1936 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank July June May July July June May July National Bank of Rumania—Con. Swiss National Bank—Continued Other assets 11, 549 11,392 Loans and discounts 169 190 151 219 Note circulation 21,983 21, 234 Note circulation 1,292 1,301 1,302 1,281 Demand deposits 8,780 9,015 Demand deposits 353 340 373 307 Other liabilities 10,896 9,949 Central Bank of the Republic of South African Reserve Bank Turkey (millions of pounds): (thousands of pounds): Gold 30 30 30 29 Gold 22, 916 22,923 27, 856 Foreign exchange 10 11 20 0.7 Foreign bills 9,771 10,389 5,000 Loans and discounts 29 25 11 12 Domestic bills 25 67 116 Investments 188 188 187 185 Note circulation 14, 244 15,013 12,110 Other assets 26 25 25 34 Deposits—Government 2, 364 2,918 2,528 Note circulation _ _ 163 163 163 158 Bank __ 24,103 22, 648 27, 688 Deposits 48 44 39 28 Other 2,804 4,423 3,793 Other liabilities 72 72 73 73 Bank of Spain (millions of pesetas): Bank of the Republic of Uruguay Gold 2,202 2,202 2,202 2,269 (thousands of pesos): Silver . _ 656 669 669 704 Issue department: Balances abroad 292 302 287 280 Gold and silver 41, 091 41,091 Loans and discounts 2,756 2, 377 2,690 2, 336 Note circulation 77,481 79, 600 73, 512 Note circulation 5,455 5,371 5,424 4,559 Banking department: Deposits 1,140 1,118 1,079 940 Cash reserves 44. 270 46,157 42, 320 Bank of Sweden (millions of Loans and discounts 83, 026 90, 388 94, 263 kronor): Other assets 60, 940 57,339 53, 676 Gold 510 509 484 356 Deposits— Foreign assets 525 504 522 634 Demand 30, 510 29, 317 32,424 Domestic discounts and advances 51 56 42 47 Time 43, 294 42, 517 40, 372 Government securities 29 29 29 109 Ministry of Finance 19,161 20, 461 Other assets 230 229 209 118 Other 13, 633 20, 867 2,848 Note circulation 780 792 773 685 Other liabilities 81, 638 80, 722 41,104 Total deposits 468 440 413 477 National Bank of the Kingdom of Bank 270 146 88 273 Yugoslavia (millions of dinars): Government 175 269 293 174 Gold 1,531 1,531 1,522 1,341 Other liabilities 97 95 99 102 Foreign exchange 448 439 341 240 Swiss National Bank (millions of Loans and discounts 1,602 1,606 1,623 1,766 francs): Advances to State _ __ 2,261 2,261 2,273 2,292 Gold 1,441 1,407 1,484 1,289 Note circulation 4,957 4,833 4,844 4,513 Foreign balances and bills 8 7 6 21 Other sight liabilities 1,484 1,616 1,625 1,311 1 Liability of banking department. See BULLETIN for December 1935. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1936 1935 1936 1935 Assets Liabilities July June July July June July Gold in bars 29, 870 37,334 23,616 Demand deposits (gold) 24,057 25, 484 22,123 Cash on hand and on current account with banks 13,145 8, 563 3,889 Short-term deposits (various curren- Demand funds at interest 21,928 16,867 12, 274 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 25, 862 22, 476 27,478 (at cost): Time—Not exceeding 3 months 119,072 117, 466 103, 691 Commercial bills and bankers' acceptances 121,472 151, 925 133, 718 Total 144,934 139, 942 131,170 Treasury bills 203,020 180, 922 215, 527 Central banks for account of others: Total 324, 492 332,847 349, 246 Demand 6,055 10, 606 11,060 Time—Not exceeding 3 months 2,958 Time funds at interest—Not exceeding Other depositors: 3 months 38, 699 39, 956 36,587 Demand 136 257 Time—Not exceeding 3 months 606 28 2,371 Sundry bills and investments: Maturing within 3 months: Long-term deposits: Treasury bills 22, 759 21, 229 27, 679 Annuity trust account 154, 529 154,059 154, 529 Sundry investments 32, 281 30, 814 32, 714 German Government deposit __ 77,264 77,029 77, 264 Between 3 and 6 months: French Government guaranty fund_ 61, 930 61, 930 61, 930 Treasury bills 24, 432 23,164 28, 669 French Government deposit (Saar)_ 2,031 2,031 2,031 Sundry investments 62,849 94, 778 64,110 Over 6 months: Total 295, 754 295,049 295, 754 Treasury bills 43,125 45, 943 29, 645 Sundry investments 34,096 1,768 34, 728 Capital paid in 125,000 125,000 125,000 Reserves: Total 219,542 217, 696 217, 545 Legal reserve fund 3,784 3,784 3,324 Dividend reserve fund... 6,092 6,092 5,845 Other assets: General reserve fund— _. 12,183 12,183 11, 690 Guaranty of central banks on bills Profits allocated for distribution on sold 1,385 1,351 6,243 July 1, 1936: Sundry items 6,622 6,854 4,438 Dividends to shareholders (6 percent) 7,500 Total assets _ 655,682 661,468 653,837 Participation of long-term depositors per article 53 (e) of statutes.. 494 Other liabilities: Guaranty on commercial bills sold. 1,386 1,351 6,248 Sundry items _ 35, 695 33,698 35, 401 Total liabilities.. 655,682 661, 468 653,837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
750 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 COMMERCIAL BANKS [Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures] Assets Liabilities United Kingdom (Figures in millions of pounds sterling) 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 t n o s m to - a O s t s h e e ts r Total D De e m po a s n i d ts * Time* lia O b t i h li e t r ies 10 London clearing banks 1935—October... 204 141 297 626 777 213 2,036 1,064 921 224 November 214 147 293 621 778 214 2,040 1,080 918 227 December. 221 159 322 605 784 231 2,091 1,140 924 231 1936—January... 220 155 337 601 791 218 2 092 230 February.. 221 151 288 601 804 218 2,053 231 March 210 155 249 605 829 221 2,038 230 April 220 154 264 607 843 224 2,082 229 May 213 152 304 610 843 218 2,113 228 June 218 152 322 612 852 227 2,155 228 July 217 152 311 610 857 218 2,169 226 11 London clearing banks J 1936—January.. 228 159 346 630 815 227 2,164 1,166 937 242 February. 229 157 295 629 828 227 2,123 1,125 940 242 March.... 217 162 252 635 854 230 2,108 1,123 951 241 April 227 161 268 637 868 233 2,154 1,145 974 240 May 220 159 309 640 870 227 2,185 1,156 992 239 Jane 225 158 323 642 878 237 2,229 1,215 995 240 July 225 158 349 639 884 227 2, 242 237 Liabilities France (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 D D e e p m o a s n it d s Time a a c O n c w e c p e n s t* lia O b t i h li e ti r es 1935—October... 3,996 2,413 17, 692 7, 505 1,620 28,800 28,101 699 4,158 November. 3,909 2,759 16, 529 7,718 1,751 28,110 27,406 704 329 4,226 December. 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 694 337 4,399 1936—January- 3,451 2,563 16,601 7,765 1,086 27, 548 26, 859 689 349 3,568 February. 3,431 2, 528 16, 470 8,006 1,101 27, 603 26, 903 700 338 3, 595 March 3,587 2,617 16,135 7,700 1,222 27,194 26, 522 672 391 3,677 April 3,517 2,902 16,199 7, 677 1,270 27, 410 26, 714 696 397 3,757 May 3,513 3,032 16,014 7,542 1,333 27,199 26, 523 676 424 3,812 Assets Liabilities Germany (5 large B l e io rl n in s o b f a n re k i s c . h sm Fi a g r u k r s e ) s in mil- re C se a r s v h es b f D a ro n u m k e s 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 Total D D e e p m o a s n it d s Time o C b b f r t a r e a o n d i m n k it s e s d l O ia t b h i e li r - 1935—October 156 314 2,167 1,033 993 5,408 2,451 2,957 682 1,463 November- 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 686 1,449 December3 . 1936—January 134 306 2,294 2,847 1,003 958 5,460 2,480 2,980 659 1,423 February... 128 307 2,275 2,900 987 945 5,472 2,409 3,063 652 1,417 March 186 317 2,285 2,890 982 935 5,544 2,560 2,985 651 1,399 April 136 301 2,429 2,847 973 916 5,595 2,585 3,010 644 1,363 May 141 2, 406 2,884 980 873 5,621 2,622 2,999 636 1,327 June 175 2,435 2,858 1,008 839 5,712 3,023 622 1,276 Assets Liabilities (10 cha l r io te n r s e d o f b C a C a n a n k n a s d . a i d a a F n ig d u o r l e la s r s i ) n mil- Ca E sh ntire S ly e c i u n r i C ty ana O l d o a t a h n e s r S a a n l e f b d o r d c r o a u o u m n e n a r s i e d t t y Se ti c e u s ri- Other ci N t r i c o o u t n l e a- D a e d p a o e s x it c s l u d p d e a p i y n o g a s b it i l s e n t i e n r b C a a nk n- l O ia t b h i e li r loans and dis- foreign Total Demand Time counts banks 1935— October.. _. 235 74 132 476 121 2,151 685 1,465 744 November. 229 151 453 124 2,174 699 1,474 748 December. 228 945 141 485 111 2,180 694 1,486 745 1936—January... 220 874 150 472 112 2,144 645 1,499 745 February.. 224 151 444 118 2,152 635 1,517 761 March 227 864 154 459 117 2,197 665 1,532 783 April 228 862 145 478 114 2,229 1,536 767 May . 225 131 446 116 2,193 1,527 753 June 230 777 113 502 115 2,207 702 1,505 757 i Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total. J District Bank included beginning January 1936. 8 Combined monthly balance sheet not published for December. NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
751 SEPTEMBER 1936 FEDERAL RESERVE BULLETIN DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective K U in n g i d te o d m France m G a e n r- y Italy N l e a t n h d e s r- Sw la i n tz d er- b C an e k n t o r f a — l A R 2 a u 6 t g e . ef D fe a ct t i e ve b C an e k n t o r f a — l A R 2 u a 6 t g e . ef D fe a ct t i e ve In effect Aug. 1,1935 2 4 3^ 3 Albania 7 June 15, 1936 Italy _- 4H May 18, 1936 Aug. 3 ._ 5 Argentina... 3K Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Aug. 9 3 Austria &A July 10, 1935 Java 4 July 1, 1935 Aug. 12 Belgium 2 May 16, 1935 Latvia VA Jan. 1, 1933 S S O e e c p p t. t t . . 1 9 1 7 7 . . 5 5 6*~ B B B u r o i l l t i g i v s a i h r a ia India 3 6 6 N J A u u o l g y v . . 2 1 5 8 5 , , , 1 1 1 9 9 9 3 3 3 5 5 2 N N Li e e t w t h h u e a rl n Z a i e n a a d . - s _ . J J u u l l y y 1 7 , , 1 1 9 9 3 3 6 6 Oct. 22 4H Canada 2H Mar. 11, 1935 land V/2 Mar. 2, 1936 N N o o v v . . 1 5 4 3H - --- C C h o i l l o e mbia J J a u n ly . 1 8 9 , , 1 1 9 9 3 3 6 3 N Pe o r r u way VA M M a a y y 2 2 4 0 , , 1 1 9 9 3 3 3 2 Nov. 15 . 4 Czechoslo- Poland 6 Oct. 26, 1933 Nov. 22 5 vakia 3 Jan. 1, 1936 Portugal 5 May 12, 1936 Nov. 26 _ 6 Danzig 5 Oct. 21, 1935 Rumania 4^ Dec. 15, 1934 J J J F F a a a e e n n n b b . . . . . 1 1 2 4 7 0 6 , 19 . 36 4 5 3 D E E F E i l s c e n t u n S o l a a m n a d n l i a o v a d r r a k dor. 3 & 5 H A A J N D O u u e o c l c t g y v . . . . 3 2 5 3 0 2 1 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 2 4 5 5 4 S S S S T p o w w u a u r e i i k t t d n h z e e e y A n rl . f _ a r n i _ c d a . 4 V 5 2 2 /^ H A A 2 J D M M M u e a a a l c y y y r . . 1 1 3 2 5 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 3 5 3 3 5 Mar. 28 _ 5 France «3 July 10, 1936 United,King- VA May 7 6 Germany 4 Sept. 22, 1932 dom 2 June 30, 1932 May 18 4M> Greece 7 Oct. 14, 1933 U. S. S. R.._ 8 Mar. 22, 1927 J M un ay e 4 30 z 4 y lA 2 Hungary 4 Aug. 29, 1935 Yugoslavia- 5 Feb. 1, 1935 June 24 5 4 c Corrected JJuunnee 2256 . _ 4 June 30 __ 3K July 7 3 July 10 3 In effect Aug. 26, 1936 2 3 4 4M 3 2V2 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- United Kingdom (London) Germany (Berlin) dam) Month ac 3 B c a e m p n o t k a n e n r t c h s e 1 s s, T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n l l a d o n e w k p a e o n r s c s i e ' ts d P is r r i c a v o te a u t n e t M 1 o m ne o y n f t o h r Da m y o -t n o e - y day 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 f t o h r 1935—July.. .65 3.00 2.97 3.10 3.25 2.77 August .60 3.00 3.00 3.06 4.78 4.72 September. .58 3.02 3.07 3.21 5.48 5.65 October .63 3.04 3.26 3.13 4.70 5.00 November. .57 3.01 3.10 3.07 3.15 3.00 December. .71 3.00 3.23 3.15 3.20 3.08 1936—January ___. .56 3.00 3.09 2.81 2.37 2.29 February.. .55 3.00 2.97 2.77 1.31 1.63 March .56 3.00 3.07 2.99 1.20 1.68 April .55 3.00 3.04 2.83 1.19 1.27 May .55 2.92 2.89 2.76 2.27 1.82 June .78 2.88 2.74 2.67 4.05 3.95 July .58 2.88 2.73 2.96 P2.03 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o te a u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c ia o 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 t o o 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 1935-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 5.11 2.62 October. __ 2.37 1.88 2.71 5.00 4 -7 5.11 2.69 November. 2.44 1.88 3.89 5.00 4 -7 5.11 2.78 December. 2.50 1.88 5.89 5.00 4 -7 5.11 2.69 1936—January... 2.48 1.52 4.26 5.00 4 -& 2% 5.11 2.64 February.. 2.37 1.45 3.81 5.00 4 -6 5.11 2.56 March 2.26 1.38 3.74 5.00 4 -6 5.11 2.87 April 2.25 1.38 5.03 5.00 4 -d 2M 4.97 3.11 J M u a n y e. 2 2 . . 2 2 5 5 1 1. . 3 3 7 7 5 5 5 5 . . 6 6 0 0 4 4 . . 5 7 0 8 4 -6 2% 2^-43- 4 4 . . 9 8 3 3 2 2 . . 7 6 3 3 July 2.25 p Preliminary. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
752 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month Ar t g i e n n a - t A r u a s l - ia A ( u s s c t hi r l i - a g B i el u - m Br (m a i z l i - l B I r n i d ti i s a h g B a u r l i - a Canada Chile China Co b l i o a m- Cuba C sl z o e v c a h k o i - a (peso)1 (pound)2 ling)! (belga) reis)i (rupee) (lev)i (dollar) (peso)1 (yuan) (peso) i (peso) (koruna) 1929 . 95.1274 480.83 14. 0575 13.9124 11.8078 36. 2020 0. 7216 99.2472 12.0601 41.9007 96. 5512 99.9647 2.9609 1930 83. 5050 458. 60 14.0891 13.9524 10. 7136 36.0672 .7209 99. 8424 12.0785 29.9166 96.4930 99.9515 2.9640 1931 66. 7375 351. 50 14.0227 13. 9285 7.0290 33.6895 .7163 96. 3528 12.0669 22.4369 96. 5697 99.9295 2.9619 1932 58. 4433 279. 93 13.9599 13.9137 7.1223 26. 3468 .7193 88.0896 7. 9079 21. 7357 95. 2750 99. 9409 2. 9618 1933 s 72.8009 337.07 15.4478 17. 8996 7. 9630 31. 8159 1.0039 91.9587 7. 6787428. 5979 81. 6966 99. 9464 3. 8232 1934 33. 5793 400.95 18.7930 23. 2867 8.4268 37.8793 1. 2852101.0060 10.1452 34.0937 61. 7799 99.9362 4. 2424 1935 32. 6585 388. 86 18. 8309 18. 4241 8. 2947 36. 9640 1. 2951 99. 4933 5. 0833 36. 5707 56.0110 99.9198 4.1642 1935—July 33.0262 393. 31 18.9148 16.9117 8. 3146 37. 3467 1.3149 99. 8322 5. 0990 38. 6791 52. 9692 99. 9194 4.1729 August 33.1204 394. 52 18.9405 16. 8878 8. 3657 37.4849 1. 3332 99.7799 5.0633 36.8645 53. 2263 99.9185 4.1571 September _ 32.8563 391. 52 18. 8453 16. 8618 8. 3378 37. 2082 1. 2935 99. 2563 5. 0515 37. 6226 55. 9846 99.9200 4.1363 October 32. 7140 389. 61 18. 8117 16. 8468 8. 3791 37.0217 1. 3239 98. 5800 5. 0694 35. 6091 57.3115 99. 9200 4.1411 November.. 32.8152 390.90 18. 7753 16. 8946 8. 3792 37.1419 1. 3404 98.9236 5. 0950 29. 6485 56. 5948 99. 9200 4.1363 December.. 32. 8542 391. 28 18. 7828 16. 8565 8. 3902 37. 2008 1. 3309 99. 0453 5. 0937 29. 4496 57.0300 99. 9200 4.1433 1936—January 33. 0742 394. 50 18. 8320 16. 9355 8.4167 37. 4606 1. 3446 99. 9297 5. 0950 29.6594 57. 3900 99. 9231 4.1602 February ___ 33. 3291 398. 06 18. 9708 17.0416 8. 3803 37.7344 1. 3380100.1136 5. 0950 29.9116 58.2683 99. 9209 4.1936 March 33.1346 396. 01 18. 8548 16. 9787 8. 4871 37. 5101 1. 2902 99. 8421 5.0930 29.8243 57. 2235 99. 9025 4.1637 April 32. 9541 393. 72 18. 7242 16. 9146 8. 5564 37. 3153 1. 2812 99. 5019 5. 0853 29. 7339 57.0023 99. 9025 4.1359 May 33.1114 396. 09 18. 7222 16. 9378 8. 5755 37. 5038 1. 2844 99. 8060 5. 0775 29. 6900 57.0044 99.9000 4.1432 June 33. 4181 399. 99 18. 7587 16. 9065 8. 6310 37. 8716 1. 2838 99. 7206 5. 0659 29. 8896 56. 9000 99. 9000 4.1375 July........ 33. 4887 400.15 18. 8484 16. 8989 8. 5349 37. 8890 1. 2913 99. 8999 5.1243 29. 9671 56. 9000 99. 9000 4.1497 Year or month ( m D k e a r n o r n - k e) ( E p g o y u p n t d) ( F m i a n r l k a k n a d ) F ( r fr a a n n c c e ) ( m m G r a a e e i r r n c - k h y ) s- G ( r d m r e a a e c ) c h e - ( H K do o o l n n la g g r) ( H p g u e a n n r g - y o)1 I (l t i a r l a) y * J ( a y p e a n n ) M ( e p x e i so c ) o N ( l e f a t lo n h r d e i s r n - ) Z ( e p N a o e u l n w a d n ) d 2 1929 26. 6802498.0689 2.5160 3.9161 23. 8086 1. 2934 47.1669 17.4414 5. 2334 46.0997 48.1830 40.1622 483. 21 1930 . . . 26.7650 498. 6002 2. 5169 3.9249 23. 8541 1. 2959 33. 8530 17.4939 5. 2374 49. 3898 47.1331 40. 2251 468. 22 1931 25.0581 465.1111 2.3875 3.9200 23. 6302 1. 2926 24. 3305 17. 4522 5. 2063 48. 8509 635.4919 40. 2298 415. 29 1932 18. 8317 359. 5406 1. 5547 3. 9276 23.7492 .8320 23. 4604 17. 4460 5.1253 28.1112 31. 8500 40. 2949 320.19 1933 19.0709 434. 3908 1. 8708 5. 0313 30. 5179 .7233 29. 4516 22. 3598 6. 7094 25. 6457 28.1025 51. 7209 340.00 1934 22. 4998 516.8549 2. 2277 6. 5688 39. 3751 .9402 38. 7156 29. 5746 8. 5617 29. 7153 27. 7423 67. 3831 402.46 1935 21.8834 502. 6007 2.1627 6. 6013 40. 2575 .9386 48. 2173 29.6023 8. 2471 28. 7067 27.7779 67. 7147 391. 26 1935—July 22.1303 508. 3151 2.1859 6. 6242 40. 3538 .9442 53.0310 29. 6809 8.2259 29.1510 27. 7660 67. 9862 395. 65 August 22.1848 509. 5780 2.1907 6. 6262 40. 3456 .9437 50. 3262 29. 7010 8.2074 29. 3192 27. 7521 67. 7819 396.86 September _ 22.0112 505.5597 2.1742 6. 5908 40.2278 .9384 50. 0547 29. 6240 8.1409 28.9378 27. 7558 67.5556 393. 69 October 21. 9092 503. 2065 2.1645 6. 5892 40.2251 .9391 48. 9702 29. 6367 8.1243 28. 6687 27. 7631 67. 7416 391. 86 November.. 21.9834 504. 9614 2.1719 6. 5862 40. 2251 .9390 36. 4772 29. 6242 8.1024 28. 6828 27. 7673 67. 8024 393.74 December __ 22.0012 505.3533 2.1745 6. 5986 40. 2167 .9383 32. 7016 29. 6185 8. 0750 28.7386 27. 7675 67. 7696 394.32 1936—January 22.1526 508. 8316 2.1890 6. 6251 40. 3966 .9424 32. 2051 29. 6778 8.0276 28. 9932 27. 7677 68.1734 397. 53 February... 22. 3211 512. 7045 2. 2063 6. 6810 40. 6870 .9509 32. 7955 29. 7856 8.0373 29.1299 27. 7691 68. 6769 401.15 March 22.1898 509. 6623 2.1928 6.6338 40. 4389 .9457 32. 5619 29. 6168 7.9830 28.9381 27.7666 68. 3526 399.08 April 22. 0644 506. 7796 2.1807 6. 5898 40. 2383 .9389 32. 5247 29. 4781 7.8936 28. 8688 27. 7679 67. 8854 396. 80 May 22. 1838 509. 5541 2.1901 6. 5858 40. 2845 .9338 32. 4629 29. 4241 7. 8560 29.0754 27. 7625 67. 6335 399. 02 June 22. 4054 514. 6163 2. 2098 6. 5934 40. 2730 .9316 32. 2598 29. 4581 7. 8645 29. 3924 27. 7644 67. 6861 402. 84 July 22. 4189 2. 2106 6. 6202 40. 3210 .9400 32. 0395 29. 4917 7. 8845 29. 3263 27. 7646 68. 0781 403. 26 Year or month N ( o k r ro w n a e y ) P (z o l l o a ty n ) d 7 P (e o g s r c a t u l u d - o) Ru ( n l m i eu a a ) - ( S A p f o o r u u i n t c d h a )2 ( S pe p s a e i t n a) S S ( m t d e e o r t l n a t l i l t a t e s r s - ) S ( w k e ro d n e a n ) Sw ( l f i r a t a n z n e d c r ) - T ( u p r o k un e d y ) ( U K p n d i o i o n u t m g n e - d d ) ( U g p r u e u s a o - y )1 Y ( s d l u i a g n v o a i r - a ) 1929 26. 6827 11.1940 4.4714 0.5961 483.27 14.6833 56.0117 26. 7839 19. 2792 48.4105 485. 6879 98. 6294 1. 7591 1930 26. 7598 11. 2051 4. 4940 .5953 483. 79 11. 6670 55. 9639 26.8543 19.3820 47. 0608 486. 2126 85. 8650 1. 7681 1931 25.0546 11.1970 4. 2435 .5946 480.76 9. 5453 52. 4451 25.2540 19.4009 47.1814 453. 4990 55. 3572 1.7680 1932 _ _ 18.0039 11.1823 3.1960 .5968 476. 56 8.0438 40. 3970 18. 4710 19. 4049 47. 2854 350. 6067 47.0639 1. 6411 1933 21. 4292 14.4135 3. 9165 .7795 414. 98 10. 7189 49. 2320 22.0324 24.8355 60.4396 423. 6821 60. 3360 1. 7607 1934 25.3161 18.8460 4.6089 1.0006 498. 29 13.6150 59.0052 25.9815 32. 3663 79.0472 503. 9302 79.9562 2.2719 1935 . . 24. 6268 18.8824 4.4575 .9277 484. 66 13.6783 57.1733 25. 2710 32.4972 80.3123 490.1761 80. 2513 2. 2837 1935—July 24.9062 18.9574 4. 5095 1.0004 490. 61 13. 7259 57. 5466 25. 5583 32. 7474 80.6550 495. 7659 80.4841 2. 2965 August 24. 9482 18.9567 4. 5153 .9351 488. 74 13. 7296 57.8282 25.6227 32. 7180 80.8063 496. 9880 80. 5377 2. 2973 September _ 24. 7710 18.8450 4. 4868 .8077 488. 42 13. 6569 57. 6180 25.4219 32. 5042 80. 2667 493. 0654 80.1204 2.2823 October 24. 6570 18.8361 4. 4703 .7965 485. 63 13.6537 57.4404 25. 3030 32. 5326 80. 2442 490. 7834 80.1885 2.2834 November. _ 24. 7399 18. 8249 4. 4787 .7899 487.08 13.6477 57. 6071 25. 3877 32.4449 80.2674 492. 4950 80.1500 2. 2858 December. _ 24. 7605 18.8486 4. 4854 .7879 487.44 13.6704 57. 6112 25.4092 32.4323 80.1536 492. 8772 80.2075 2.2886 1936—January 24.9316 18.9311 4. 5120 .7879 490.83 13.7274 58.0574 25. 5829 32. 6622 80. 6850 496. 2696 79.9466 2. 2991 February... 25.1214 19.1315 4. 5489 .7632 494. 51 13.8412 58. 5530 25. 7779 33.0330 81.3030 500.0469 80.2582 2. 3196 March 24. 9735 18.9623 4. 5155 .7377 491. 56 13. 7450 58. 2430 25. 6258 32.8206 80.8184 497.0675 80.0216 2.3030 April 24.8335 18.8262 4.5092 .7330 488. 76 13.6540 57.9389 25.4817 32. 5800 80. 2835 494.2682 79. 7692 2.2882 May __ 24.9689 18. 7922 4. 5115 .7309 491. 59 13. 6454 58. 2400 25. 6194 32. 3905 80. 2776 496. 9742 79. 7200 2. 2866 June. __ 25. 2178 18. 7998 4. 5455 .7273 496. 53 13. 6591 58. 8329 25. 8769 32. 4254 80. 2704 501. 9239 79. 7091 2. 2871 July 25. 2329 18. 9146 4. 5568 .7279 497.07 813.7144 58. 8733 25. 8933 32. 7244 502. 2475 79. 8197 2. 2985 i Partly or wholly nominal since April 1933. s Partly or wholly nominal since April 1934. 3 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. 6 Nominal from Nov. 23, 1935, to Apr. 1, 1936, inclusive. • Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso for Jan. 2-July 29 was 47.6510 cents. i Nominal, beginning Apr. 28, 1936. » Nominal on July 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER 1936 FEDERAL RESERVE BULLETIN 753 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 92 n t 6 a i = t t e e 1 s d 00) (1 C 92 a 6 n = a d 10 a 0) K (1 U 9 i 3 n n 0 g i = t d e o 1 d m 00) (1 F 91 ra 3 n = c 1 e 00) G (19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = l 1 y 00) 1 ( 9 O J 0 a c 0 p t = o a 1 b n 0 e 0 r ) ( N 19 l e a 2 t 6 n h - d 3 e s 0 r - = 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 1935 _ 80 72 90 338 102 186 62 1935—April 80 73 88 336 101 296 182 61 May 80 72 88 340 101 302 182 61 June 80 •71 88 330 101 308 180 61 July- 79 •71 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 November 81 73 91 348 103 194 63 December.. . 81 73 91 354 103 192 63 193(5—January 81 73 92 359 104 192 62 February 81 73 92 372 104 191 62 March 80 72 92 376 104 191 62 April 80 72 92 371 104 192 61 May __ 79 72 92 374 104 192 61 June 79 72 93 378 104 194 62 July . _ 81 74 94 391 104 197 62 p Revised. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926=100) (1930=100) France (1913 = 100) Germany (1913 = 100) 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 p I r n o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t o g u r d r i u c a u c l t l s - P s r io o n v s i- a p t f r n I i r i n n o d a i d d l s s u u h r e a s c e m - w t d s i- p tr I r i i n o s a d h d l e u u f d s c in - ts - 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 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1935—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 November. _ 78 85 79 88 93 338 357 105 84 93 119 December 78 86 79 89 93 350 356 105 84 93 119 1936—January 78 84 79 89 93 364 355 105 84 93 120 February . 80 83 79 88 94 391 356 105 85 94 120 March . __ 77 80 79 87 94 396 358 105 85 94 120 April 77 80 79 87 94 385 359 105 85 94 120 May. 75 78 79 88 94 392 358 105 85 93 121 June. 78 80 79 89 94 394 364 106 85 93 121 July 81 81 80 90 96 405 378 106 85 93 121 Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, and October 1935, p. 678. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
754 FEDERAL RESERVE BULLETIN SEPTEMBER 1936 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month (1 U S 92 n 1 ta 3 0 i 0 - t t 2 ) e e 1 5 d s = E 19 n 1 ( g J 4 u = la l 1 y n 0 d 0) 19 F 1 ( r 4 J a = u n 1 l c y 0 e 0)2 G 1 e 4 ( r 1 = m 9 1 1 0 a 3 0 n - ) y Year or month U 2 S 5 (1 n t = a 9 i 1 2 t t 0 e e 3 0 d s - ) E 19 n 1 ( g J 4 u = la l 1 y n 00 d ) ( 1 J 9 F a 1 r n 4 a = .- n 1 J c 0 u 0 e n ) e 2 G 1 e ( 4 1 r = 9 m 1 1 0 a 3 0 - n ) y 1926 161 113 146 1926 103 170 103 142 1927 156 113 153 1927 102 164 104 148 1928 157 112 153 1928 100 166 105 152 1929 105 154 124 156 1929 99 164 113 154 1930 . 100 145 125 146 1930 97 158 118 148 1931 _. 82 131 124 131 1931 89 148 116 136 1932 68 126 109 116 1932 80 144 107 121 1933 66 120 100 113 1933 76 140 106 118 1934 74 122 98 118 1934 78 141 105 121 1935 _. 80 125 86 120 1935 81 143 98 123 1935—July . 80 126 83 123 1935—July . 80 143 124 August 80 126 81 123 August 143 125 September 80 125 81 121 September _ 143 95 123 October 80 128 85 120 October 81 145 123 November 82 131 87 120 November. 147 123 December 82 131 88 121 December 147 97 123 1936—January 82 131 90 122 1936—January 81 147 124 February 81 130 91 122 February 147 124 March 80 129 91 122 March 146 99 124 April 80 126 90 122 April 81 144 124 May 80 125 93 122 May 144 124 June 84 126 93 123 June 144 101 125 July 84 129 91 124 July 146 125 1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. 1 Index represents prices converted to gold basis of 1914. 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 G6ne"rale, and for cost of living, Commission d'6tudes relatives au cotit de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average= 100) Year or month United ( S a p v t r e a ic r t e a e ) g s e1 ( 1 E D 92 n e 1 c g e = l m a 1 n 0 b d 0 e ) r 2 ( a 1 F g 9 e r 1 a 3 = n 1 a c 0 v e 0 e ) r- G ( e a p v r r e m ic ra e a g ) n e 2 y U St n a i t t e e s d ^ England 2 France Germany Number of issues ___ 60 87 36 139 419 278 300 329 1926_ 97.6 110 0 57 4 100 0 100 0 100 0 100.0 1927 100 7 110 7 71 7 118 3 107 0 123 2 145 0 1928 100.8 112.3 80 8 85 5 149. 9 115.9 178. 1 136. 1 1929 98 0 110 2 85 1 81 4 190 3 119 5 217 6 122.8 1930 99.3 111.8 95.8 83.3 149.8 102.6 187.6 100.2 1931 90.9 108.4 96 9 4 83 4 94.7 78 9 132 2 4 78.0 1932 „ 69 5 113 2 88 6 4 67 1 48 6 67 9 105 2 4 50. 3 1933 73.4 119.7 81.3 82.5 63 0 78.6 99.6 61.7 1934 _. 84.5 127.5 82.1 90 7 72 4 85.7 83.3 71.1 1935- 88.6 129.9 83.5 95.3 78.3 86.3 79.7 82.9 1935—July 89.2 131.5 82.4 95.3 78.8 86.9 77.7 86.8 August 89.9 129.8 83.9 95.4 83.0 88.3 79.0 87.6 September 90.4 124.3 82.7 95 1 85 0 84.7 76.4 85.0 October 89.8 125.5 82.1 94.9 85.2 84.6 77.3 83.5 November 91 1 128.9 78 8 94 9 93 3 88 9 76 8 82.1 December __ 92.5 129.5 79.1 94.9 95.3 90.2 77.3 81.9 1936—January... __ 95.3 130.1 78.9 95.1 100.1 93.1 83.7 84.2 February 97.2 131.0 77.9 95.2 106.1 95.2 86.7 86.0 March-- 96.6 130.2 75 2 95 3 108 7 94 1 84 1 85.6 April 95.9 131.5 75.8 95.3 108.9 95.5 82.8 88.3 May 95.5 131.1 74.7 95.5 101.0 93.8 71.2 91.1 June __ 96.2 130.6 73.8 95.8 105 6 94.0 ••66.1 93.2 July 97.1 131.0 73.2 95.9 109.2 94.7 59.2 94.6 r Revised. 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. This series replaces former series now discontinued which included 45 corporate and 15 municipal bonds. 2 Annual indexes are unweighted averages of monthly indexes. » Number of issues revised to represent more accurately the stocks included. Averages revised back to 1930. * 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.—See BULLETIN for February 1932, p. 121, and June 1935, p. 394. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman JOSEPH A. BRODERICK JOHN K. MCKEE M. S. SZYMCZAK CHESTER C. DAVIS CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRTJDER WINGFIELD, Assistant General Counsel J. P. DREIBELBIS, 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 E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics E. L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELE. GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) JAMES H. PERKINS. JOSEPH A. BRODERICK District No. 3 (PHILADELPHIA) HOWARD A. LOEB, CHESTER C. DAVIS Vice-President. M. J. FLEMING G. H. HAMILTON District No. 4 (CLEVELAND) ARTHUR E. BRAUN. JOHN K. MCKEE District No. 5 (RICHMOND) CHARLES M. GOHEN. B. A. MCKINNEY District No. 6 (ATLANTA) H. LANE YOUNG. RONALD RANSOM District No. 7 (CHICAGO) EDWARD E. BROWN. GEORGE J. SCHALLER District No. 8 (ST. LOUIS) WALTER W. SMITH, M. S. SZYMCZAK President. District No. 9 (MINNEAPOLIS) THEODORE WOLD. CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY) W. T. KEMPER. WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel District No. 11 (DALLAS) JOSEPH H. FROST. E. A. GOLDENWEISER, Economist District No. 12 (SAN FRANCISCO) __M. A. ARNOLD. JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 756 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R o e f— serve Cha R ir e m s a er n v e an A d g F e e n d t eral President First Vice President Vice Presidents Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett.2 New York Owen D. Young1 Q. L. Harrison Allan Sproul. _ W. R. Burgess. L. F. Sailer. W. S. Logan. J. H. Williams. C. H. Coe. Philadelphia R. L. Austin J. S. Sinclair. _ .. F. J. Drinnen . C. A. Mcllhenny.3 W. J. Davis. Cleveland— E. S. Burke, Jr M. J. Fleming. F. J. Zurlinden H. F. Strater. W. H. Fletcher. W. F. Taylor.2 Richmond F. A. Delano Hugh Leach R. H. Broaddus. J. S. Walden, Jr. J. G. Fry. G. H. Keesee.2 Atlanta _ H. W. Martin Oscar Newton R. S. Parker H. F. Conniff. L. M. Clark. W. S. McLarin, Jr. M. W. Bell.2 Chicago R. E. Wood* Q. J. Schaller H. P. Preston W. H. Snyder.» C. S. Young. J. H. Dillard. St. Louis Paul Dillard1 W. McC. Martin 0. M. Attebery J. S. Wood. J. G. McConkey. Minneapolis W. B. Qeery _ J. N. Peyton _ Harry Yaeger. H. I. Ziemer.' E. W. Swanson. 0. S. Powell. Kansas City J. J. Thomas G. H. Hamilton C. A. Worthington.... A. M. McAdams. J. W. Helms Dallas.. . _. _. C. C. Walsh B. A. McKinney R. R. Gilbert.. R. B. Coleman.3 San Francisco W. N. Moore W. A. Day Ira Clerk . S. G. Sargent. W. M. Hale. C. E. Earhart.' 1 Deputy chairman. 2 Cashier. 3 Also cashier. 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 W. R. Milford 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. 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS N.DAK. i - 2. \ MINNEAPOLIS' _..-2 IOWA CH1CAG KANSAS CITY MO KANS. •ST.LOUIS OKLA. ARK. "^ Oklahoma City Little#Rock/ Birmingham ALA JErKs6""J j ll BOUNDARIES OF FEDERAL RESERVE DISTRICTS -—BOUNDARIES OF FEDERAL RESERVE BRANCH 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 (1936, August 31). Federal Reserve Bulletin, 1936-09. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193609
@misc{wtfs_bulletin_193609,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1936-09},
year = {1936},
month = {Aug},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193609},
note = {Retrieved via When the Fed Speaks corpus}
}