federal reserve bulletin february 1936 - st. louis fed · 2018-11-06 · federal reserve bulletin...

FEDERAL RESERVEBULLETIN

OF

FEBRUARY 1936

ISSUED BY THE

BOARD OF GOVERNORSTHE FEDERAL RESERVE SYSTEM

AT WASHINGTON

Appointment of New BoardIncrease in Margin RequirementsMoney Markets AbroadLoans of Federal Credit Agencies

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UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1936

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

JOSEPH A. BRODERICK RONALD RANSOMM. S. SZYMCZAK RALPH W. MORRISONJOHN K. MCKEE

CHARLES S. HAMLIN, Special CounselLAWRENCE CLAYTON, Assistant to the ChairmanELLIOTT THURSTON, Special Assistant to the ChairmanCHESTER MORRILL, Secretary

LISTON P. BETHEA, Assistant SecretaryS. R. CARPENTER, Assistant SecretaryJ. C. NOELL, Assistant Secretary

WALTER WYATT, General CounselGEORGE B. VEST, Assistant General CounselB. MAGRUDER WINGFIELD, Assistant General CounselJ. P. DREIBELBIS, Assistant General Counsel

LEO H. PAULGER, Chief, Division of ExaminationsR. F. LEONARD, Assistant Chief, Division of ExaminationsC. E. CAGLE, Assistant Chief, Division of ExaminationsFRANK J. DRINNEN, Federal Reserve Examiner

E. A. GOLDENWEISER, Director, Division of Research and StatisticsWOODLIEF THOMAS, Assistant Director, Division of Research and StatisticsLAUCHLIN CTJRRIE, Assistant Director, Division of Research and Statistics

E. L. SMEAD, Chief, Division of Bank OperationsJ. R. VAN FOSSEN, Assistant Chief, Division of Bank OperationsJ. E. HORBETT, Assistant Chief, Division of Bank Operations

CARL E. PARRY, Chief, Division of Security LoansPHILIP E. BRADLEY, Assistant Chief, Division of Security Loans

O. E. FOULK, Fiscal AgentJOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL ADVISORY COUNCIL

District no. 1 (BOSTON) THOMAS M. STEELE.District no. 2 (NEW YOBK) JAMES H. PERKINS.District no. 3 (PHILADELPHIA) HOWARD A. LOEB, Vice President.District no. 4 (CLEVELAND) ARTHUR E. BRAUN.District no. 5 (RICHMOND) CHARLES M. GOHEN.District no. 6 (ATLANTA) H. LANE YOUNG.District no. 7 (CHICAGO) EDWARD E. BROWN.District no. 8 (ST. LOUIS) WALTER W. SMITH, President.District no. 9 (MINNEAPOLIS) - - THEODORE WOLD.District no. 10 (KANSAS CITY) W. T. KEMPER.District no. 11 (DALLAS) JOSEPH H. FROST.District no. 12 (SAN FRANCISCO) M. A. ARNOLD.

WALTER LICHTENSTEIN, Secretaryn


OFFICERS OF FEDERAL RESERVE BANES

Federal ReserveBank of-

BostonNew York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago..

St. Louis _.

Minneapolis

Kansas City

Dallas

San Francisco

Chairman and FederalReserve agent

F. H. CurtissJ.H. Case

R. L. Austin

E. 8. Burke, Jr.s

E. M. Stevens

J. 8. Wood

J. N. Peyton

J. J. Thomas...

O.O.Walsh

Governor

R. A. YoungG. L. Harrison

G. W. Norrls

M. J. Fleming

G. J. Seay_

Oscar Newton _

G.J. Schaller

W. McO. Martin

W. B. GeeryG. H. Hamilton

B. A. McKlnney

J. IT. Calkins

Deputy Governor

W. W. PaddockW. R. BurgessL. R. RoundsL. F. SailerW. 8. LoganJ. H. Williams.Allan SprouL—0. H. CoeW. H. Hutt

0. A. Mcllhenny

F. J. ZurlindenH. F. StraterR. H. BroaddusJ. S. Walden, Jr.H. W. Martin . .H. F. ConniffH. P. PrestonC. R. McKayJ. H. Dillard

0. M. AtteberyJ. G. McConkey

Harry YaegerH T Ziemfir0. A. WorthingtonT w TTftimR. R.GilbertR. B. Coleman.-W. A. DayIra Clerk

Cashier

W. Willett.J. W. Jones.*W. B. Matteson.iJ. M. Rice.iH. H. Kimball.iL. W. Knoke.iValentine Willis, iA. Phelan. i0. A. Mcllhenny.W J T>ft\ri<i 1W. G. McCreedy.*L. E. Donaldson.1W. F. Taylor.0. W. Arnold.*G. H. Keesee.

M. W. Bell.W. S. McLarin, Jr.*W. H. Snyder.«W. 0. Bachman.*0. J. Netterstrom.1A. T. Sihler.iE. A. Delaney.*A. L. Olson.*S. F. Gilmore.*A. H. HallUF. N. Hall.«G. 0. Hollocher.*0. 0. Phillips.*H. I. Ziemer.F. C. Dunlop.*J. W. Helm.

R. B. Coleman.W. 0. Ford.iW. M. Hale.

^Assistant Deputy Governor.»Controller.

3 Acting chairman; W. H. Fletcher, acting Federal Reserve agent.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo branch._ _

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branchCharlotte branch

Atlanta:Birmingham branchJacksonville branchNashville branchNew Orleans branch

Chicago:Detroit branch

St. Louis:Little Rock branchLouisville branchMemphis branch

Managing director

R. M. O'Hara.

B. J. Lazar.T. 0. Griggs.

Hugh Leach.W. T. Clements.

J. H. Frye.G. 8. Vardeman, Jr.J. B. Fort, Jr.Marcus Walker.

R. H. Buss.

A. F. Bailey.J. T. Moore.W. H. Glasgow.

Federal Reserve Bank of—

Minneapolis:Helena branch

Kansas City:Denver branch _Oklahoma City branchOmaha branch

Dallas:El Paso branchHouston branchSan Antonio branch

San Francisco:Los Angeles branchPortland branch..Salt Lake City branchSeattle branchSpokane branch

Managing director

R. E. Towle.

J. E. Olson.0. E. Daniel.L. H. Earhart.

J. L. Hermann.W. D. Gentry.M. Crump.

W. N. Ambrose.R. B. West.W. L. Partner.0. R. Shaw.D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the Board's medium of communication with memberbanks of the Federal Reserve System and is the only official organ or periodical publication ofthe Board. The BULLETIN will be sent to all member banks without charge. To others thesubscription price, which covers the cost of paper and printing, is $2. Single copies will be soldat 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;,single copies, 25 cents.

m


TABLE OF CONTENTSPage

Review of the month—Appointment of new Board—Increase in margin requirements—Money marketsabroad 71

Membership of the Federal Reserve Board, 1913-1936 - 84Retiring Board Members 77Loans and investments of all member banks 77Loans of United States Government corporations and credit agencies 78Proclamation of President extending powers conferred by Gold Reserve Act 82Earnings and expenses of Federal Reserve banks for year 1935 128-129National summary of business conditions 85Financial, industrial, and commercial statistics:

Reserve bank credit, gold stock, money in circulation, etc 86-90Member and nonmember bank credit:

All banks in the United States 92All member banks ._ 91, 93, 94, 130Weekly reporting member banks in leading cities 95, 96,131, 132

Acceptances, commercial paper, and brokers' borrowings 97Discount rates and money rates : 98Security prices, bond yields, and security issues 99Treasury finance 100Assets and liabilities of governmental credit agencies 101Reconstruction Finance Corporation—Loans, purchases, and allocations 102Farm Credit Administration—Loans and discounts outstanding, by institutions 103Federal Home Loan Bank Board—Loans outstanding, by institutions 103Obligations fully guaranteed by the United States—Amounts outstanding, by agencies— 103Production, employment, car loadings, and commodity prices— 104Merchandise exports and imports 105Department stores—Indexes of sales and stocks 105Freight-car loadings, by classes 105

International financial statistics:Gold reserves of central banks and governments 106Gold production 107Gold movements 107-109Central banks 110-113Bank for International Settlements 113Commercial banks 114Discount rates of central banks 115Money rates._, 115Foreign exchange rates 116Price movements:

Wholesale prices 117Retail food prices and cost of living 118Security prices 118

Law department:Rulings of Board:

Classification of various types of deposits as savings deposits 119Deposits of credit unions and citrus growers' associations not classified as savings deposits 120Classification as savings deposit of funds of an individual used in his business 120Christmas Club accounts not within classification of savings deposits 120Appointment as executive officer of member bank of person indebted to such bank 121Granting of overdrafts or carrying of cash items for executive officers of member banks 121

Amendment no. 7 of regulation T 122Supplement to regulation T 122Ruling No. 48 interpreting regulation T 122Discounts for individuals, partnerships, and corporations—Extension of time limit 123

Federal Reserve statistics by districts, etc.:Banking and financial statistics 125-134Industrial and commercial statistics 135-140

IV


FEDERAL RESERVE BULLETINVOL. 22 FEBRUARY 1936 No. 2

REVIEW OF THE MONTH

On January 27, 1936, the President sent tothe Senate the nominations of six members of

the Board of Governors of thef Federal Keserve System, ap-

pointed under the provisionsof the Banking Act of 1935, for terms beginningFebruary 1, 1936. These appointments wereapproved by the Senate on January 30.

The initial terms of office of the newly ap-pointed members of the Board are so arrangedas to provide for the expiration of terms at2-year intervals and vary from 2 to 14 years.Members holding office subsequent to theexpiration of these terms will be appointed forterms of 14 years each.

The newly appointed members of the Board,the Federal Reserve districts from which theyare appointed, and their terms are as follows:

Marriner S. Eccles, San Francisco district,4 years.

Joseph A. Broderick, New York district, 14years.

M. S. Szymczak, Chicago district, 12 years.John K. McKee, Cleveland district, 10 years.Ronald Ransom, Atlanta district, 6 years.Ralph W. Morrison, Dallas district, 2 years.A seventh member with an 8-year term is

still to be appointed. The President hasdesignated Marriner S. Eccles to be Chairmanof the Board for a term of 4 years.

On page 84 of this BULLETIN is a table whichgives a list of all members of the FederalReserve Board from the beginning of theFederal Reserve System, with informationregarding the districts from which they wereappointed and their terms of office.

The Board as constituted prior to February 1,1936, consisted of eight members, includingthe Secretary of the Treasury and the Comp-troller of the Currency as ex officio members.

Under the terms of the Banking Act of 1935,on August 23, the name of the Federal ReserveBoard was changed to the Board of Governorsof the Federal Reserve System, and the Gov-ernor and Vice Governor became Chairman andVice Chairman, respectively, but the member-ship of the Board remained unchanged untilFebruary 3, 1936.

Mr. Eccles was appointed to the FederalReserve Board and designated as Governor

effective November 15, 1934,Members of new r • r>n • A J.Board. becoming Chairman on August

23, 1935, upon passage of theBanking Act of 1935. He came to Washingtonin January 1934 as an assistant to the Secretaryof the Treasury. He was born in Logan, Utah,September 9, 1890. Prior to coming to Wash-ington he had been engaged in banking andindustry in the West for more than 20 years.

Mr. Broderick was born in New York Cityin December 1881. He began his bankingcareer in New York City. After being chiefclerk and auditor in a trust company, he becamean examiner in the New York State BankingDepartment. He was a member of the com-mittee appointed by the Secretary of theTreasury to work out technical organizationof the Federal Reserve banks. He was thefirst Chief Examiner of the Federal ReserveBoard, and in 1918 he became the Secretaryof the Board. He resigned in 1919 to become avice president in the foreign department of theNational Bank of Commerce in New York.Ten years later he was appointed superin-tendent of banks for the State of New York,serving throughout the most difficult period inbanking history.

Mr. Szymczak was appointed a member ofthe Federal Reserve Board effective June 14,1933. He was born in Chicago, August 15,1894, received his A. B. and A. M. degrees at St.

71


72 FEDERAL RESERVE BULLETIN FEBRUARY 1936

Mary's College, Kentucky, and De PaulUniversity, Chicago, and pursued furtherstudies at other schools. He spent someyears in business and also taught businessadministration, economics, and allied subjectsin the College of Commerce at De Paul Uni-versity and in other schools for many years.At the time of his appointment to the Boardhe was comptroller of the city of Chicago.

Mr. McKee was born in Pittsburgh, Novem-ber 19, 1891, and received his education inthe public schools there, Allegheny Prepara-tory School, and the University of Pittsburgh,specializing in banking and commercial law.He has had a wide general experience in busi-ness and banking. In 1931-32 he representedthe Comptroller of the Currency as receiver forinsolvent national banks in Ohio and Pennsyl-vania, and subsequently became examiner forthe Keconstruction Finance Corporation incharge of bank reorganizations. Since 1933he has been Chief of the Examining Divisionof the Reconstruction Finance Corporation.

Mr. Ransom was born in Columbia, S. C ,January 21, 1882, received his LL. B. degreeat the University of Georgia in 1903 and wasadmitted to the bar the same year. He en-gaged in the general practice of law in Atlantauntil 1922, when he became vice president ofthe Fulton National Bank. At the time of hisappointment to the Board he was executivevice president of that bank and in charge of itstrust department. He has been a director inseveral corporations, president of the AtlantaClearing House Association, president of theGeorgia Bankers' Association, and for manyyears has been active in the American Bankers'Association and the Reserve City Bankers'Association.

Mr. Morrison was born in Howell County,Mo., September 7, 1882, and educated inpublic schools and college at West Plains, Mo.He began his business career in the operatingdepartment of a railroad and then engaged inthe sale of railroad equipment in the UnitedStates and various foreign countries. Heafterward became interested in developmentof water power and the operation of electric

power plants which in 1916 were incorporatedinto the Central Power & Light Co., andoperated until sold in 1925. Since then he hasbeen in business in San Antonio and engagedin the development of a large ranch. In 1933Mr. Morrison served as a member of theAmerican delegation to the World Monetaryand Economic Conference at London.

On January 24 the Board of Governors,acting under the powers granted it by the

Securities Exchange Act of1934> announced an increaseeffective February 1 in margin

requirements on loans made by brokers anddealers in securities. Under the new rule,the minimum required margin on a loan col-lateraled by a security that has advanced inprice by less than 33 percent above its lowestprice since July 1, 1933, will continue to be 25percent of current market price, while themargin on loans on securities that have had thelargest increases in price will be 55 percent,rather than 45 percent as heretofore. Marginsrequired on other securities will vary between25 percent and 55 percent of current marketprice, depending upon the degree of their priceadvance. An amendment to Regulation Tadopted by the Board and a supplement pre-scribing the new margin requirements areprinted on page 122.

Since March of last year the stock markethas shown increasing activity at advancing

prices. Beginning in Marchprices1!1 S t°Ck a n d A P r i l 1935> P r i c e s advanced

with little interruption for aperiod of nearly 8 months and the volumeof transactions increased. Average prices ofcommon stocks, as measured by the index of theStandard Statistics Co. for more than 400stocks, increased by about 50 percent in thisperiod. For the most part the increase inprices reflected cash purchases and was notaccompanied by a corresponding increase inbank loans on securities. The absence offlotation of new issues, other than for refundingoutstanding issues, contributed in an importantdegree to the rise in prices of existing securities.


FEBRUARY 1936 FEDERAL RESERVE BULLETIN 73

The rise in prices from March to Novemberwas the most sustained advance in the stockmarket since 1929. After the middle ofNovember the upward movement was inter-rupted but was resumed late in December andcontinued in January. In the third week ofJanuary the average level of prices of com-mon stocks, as measured by the StandardStatistics Co. index, was again at a new highlevel. The advance was accompanied by anincreasing volume of trading on the New YorkStock Exchange and other securities exchanges.

The chart shows by weeks for the past 5years the course of prices for common stockson the New York Stock Exchange. It indi-cates that the lowest level of stock prices afterthe collapse of 1929 was reached in 1932, that

PER CENT

140

80

60

4 0

0

U

STOCK PRICES421 Common Stocks, 1926=100

V

A

/V. /

PER CENT

f

\ —

.. . , ...I.. ..

140

80

60

0

the advance in stock prices since that timehas approximated 200 percent, that there hasbeen a sustained and substantial advancesince the spring of 1935, and that in Jan-uary 1936 the advance was proceeding atan accelerated rate. The level reached inJanuary was the highest in more than 4 yearsand was somewhat above the level of 1926.The accompanying table gives separate figuresfor industrial, railroad, and utility issues for1926, the middle of 1932, the spring of 1935,and January 1936. It brings out the factthat as compared with the levels of 10 yearsago the industrial issues in the third week ofJanuary were about 16 percent higher, whilethe railroad issues were about 55 percentlower and the utilities at about the 1926 level.

INDEX OF PKICBS OF 421 COMMON STOCKS

[Standard Statistics Co.]

Year, month, or date

1926 averageJune 1932March 1935Jan. 22,1936

Total

100.034.063.9

101.5

Indus-trial

100.033.575.4

115.9

Railroad

100.014.127.844.9

Utility

100.055.053.298.7

Loans^by member banks in leading cities tobrokers and dealers in securities to finance

customers' transactions andd e a l e r S > h 0 l d i n S s s h ° W e d K t t l e

increase in the first three quar-ters of 1935, and most of the fluctuations duringthe year reflected principally borrowings bydealers in Government securities in connectionwith public-debt operations and seasonal andother temporary influences. In the last 2months of the year there was a substantial in-crease, which was also partly seasonal, but onJanuary 29, 1936, brokers' loans by reportingbanks were about $130,000,000 larger than onOctober 30, 1935.

Customers' borrowings from brokers showeda continuous increase after the^ middle of theyear. Since late summer, figures as of the endof each month have been reported currently tothe Board by member firms of the New YorkStock Exchange showing total debit balancesin customers' accounts with the reporting firms,representing extensions of credit by brokers tocustomers, and the amount of the firms' bor-rowings from banks. About 400 of these firmscarry margin accounts for customers, and forthis group of firms customers' borrowings fromthem and their own borrowings from the banksduring the last 4 months of 1935 increased.In this period customers' borrowings fromthese brokers increased by about $200,000,000,and the brokers' borrowings from banks in-creased by approximately $150,000,000, orabout 20 percent. The funds making it pos-sible for brokers to increase their extensionsof credit to customers more rapidly thantheir borrowings arose chiefly from an increase


74 FEDERAL RESERVE BULLETIN FEBRUARY 193G

in the credit balances held with brokers by suchof their customers as were not indebted tothem.

The course of bank loans on securities toborrowers other than brokers and dealers insecurities is indicated by the weekly figures re-ported to the Board by member banks in lead-ing cities. These figures, after decreasing con-tinuously over a period of years, increased fromSeptember 18 to December 31, 1935, by ap-proximately $50,000,000, which represented atemporary increase arising partly from end-of-year needs for cash. In January they againdeclined.

It is an unusual development for a rise of 50percent in stock prices in a short period of time

not to be accompanied by a sub-Margins as an stantial increase in the amountinstrument ofcredit control. oi bank credit used lor carrying

securities. The abundance offunds in the hands of investors is in large partresponsible for this unusual turn of events in1935, and the margin requirements appear alsoto have been a factor, in that they limited with-drawals of cash from margin accounts for thepurpose of realizing profits from a rise in stockprices and thereby reduced the need of bor-rowing by brokers.

By the latter part of 1935, however, moststocks had advanced in price to a point atwhich, by reason of the mechanical effect ofthe price advance on margin requirements,withdrawal of profits or their use as margin forfurther commitments was again possible.There were evidences of increased borrowingby brokers' customers, and to some extent bythe brokers themselves, for the purpose ofpurchasing and carrying securities. In orderto forestall an excessive growth in the use ofcredit for these purposes, the Board increasedthe margin requirements on the stocks thathave risen most in price.

The power of the Board to raise margin re-quirements provides an instrument for control-ling the demand for credit from speculators inthe stock market without restricting the supplyavailable for other borrowers. It differs fromother means of credit control in that it affects

directly the demand for credit rather than theavailable supply or cost. Through the use ofthis instrument it may be possible for the Boardto exert a restraining influence on the use ofcredit for speculation in the stock marketbefore it has reached a stage at which thegeneral business and credit situation is un-favorably affected. The use of the instrumentexercises a restraint on speculation withoutlimiting the supply or raising the cost of creditto agriculture, trade, and industry.

It will be recalled that the Securities Ex-change Act contains a formula on which margin

requirements shall be based butEffect of margin p r o v ides that the Board mayrequirements on ^ .. 1 _ . _ J

loans. prescribe lower or higher re-quirements, if conditions make

it desirable to do so. The statutory formulawas adopted by the Board on October 1, 1934,,and continues in effect, except that the highestrequired margin has been increased by theBoard's recent action. The statutory formulaprovides in effect that a loan on a securitymust not be greater than whichever is thehigher of:

(1) Fifty-five per centum of the currentmarket price of the security, or

(2) One hundred per centum of the lowestmarket price of the security since July 1, 1933,but not more than 75 per centum of the currentmarket price.

The theory on which the statutory marginformula was based was to provide for a con-stant increase of restraining influences as theprices of stocks advanced above their lows.So long as the price of a stock is less than 133percent of the low price in the period prescribeda customer may borrow from a broker as muchas 75 percent of its market price, because up tothat point 75 percent of the market price wouldnot exceed 100 percent of the low price. Whenthe price of a security advances above 133percent of its low price, the amount that canbe borrowed on it does not increase and thepercentage margin requirement, therefore, in-creases as the price advances. Under thestatutory formula this condition continueduntil the price rose above 182 percent of its


FEBBUARY 1936 FEDERAL RESERVE BULLETIN 75

low, when a constant 45-percent margin re-quirement became effective. The reason thatthe situation changed at the 182-percent linewas that 55 percent of 182 is 100, so that atprices above 182 percent of the low a loan of55 percent of the market price would be morethan a loan of 100 percent of the low priceand would, therefore, be the alternative chosenas the basis of calculating margin requirementsand loan values.

One effect of this formula has been that, dur-ing the rise of the price of a security from 133 to182 percent of the low price, no additionalamount could be borrowed on the security, andconsequently the profits arising out of the risecould not be withdrawn or used as margin foradditional borrowing. In other words profitscould not be pyramided, and the stretch of valuebetween 133 and 182 percent of the low price ofa stock has come to be known as the "anti-pyramiding zone." When a rise in the priceof a stock carried it above 182 percent of itslow, however, each additional advance of $1enabled the borrower to withdraw 55 cents ofhis profits or to use that amount as marginfor additional borrowing. Profits could oncemore be pyramided.

In recent months stocks in which three-fourths of the trading has been done, includingmost of the more active and important stocks,were subject to the 45-percent margin require-ment; less than 8 percent required a margin of25 percent, the lowest permitted under theregulation; and on the remainder required mar-gins ranged from 25 percent to 45 percent oftheir current market prices.

It is estimated that at the end of 1935 marginsrequired on active issues averaged about 40percent of current market prices, as com-pared with about 30 percent at the time theBoard's regulation was put into effect in Octo-ber 1934. This automatic increase in marginrequirements as stock prices advanced repre-sents the effects of the operation of the statu-tory formula. During a part of the advancepyramiding of profits was not possible for most

45-347—36 2

stocks, but the rise in prices brought an increas-ing number of stocks to the level at whichpyramiding (with a 45-percent margin) wasagain possible. Thus the statutory formula hadceased to operate as a prevention of pyramidingon the majority of active stocks.

The recent action of the Board in raisingfrom 45 to 55 percent of market price themargin required for the securities that haverisen most in price has the effect of raising from182 to 222 percent of the low price, the level towhich the price must have advanced beforepyramiding of profits again becomes possible,because not until the price rises above 222percent is 45 percent of the market price morethan 100 percent of the low price.

It is estimated that after this change is ineffect there will be in the so-called antipyra-miding zone stocks with a volume of tradingamounting to about one-third of the totaldollar volume of trading in stocks on the NewYork Stock Exchange. Stocks in which nearlytwo-thirds of the trading is done will be sub-ject to the maximum margin requirement of55 percent. On this group of stocks, pyra-miding of profits will still be possible, since foreach dollar of price advance 45 cents willbecome available to margin additional bor-rowing.

Reserve balances of member banks in excessof legal requirements amounted to approxi-

mately $3,080,000,000 on Jan-uary 31, as compared with a

peak of about $3,300,000,000 on December 11and a subsequent low level of $2,690,000,000 onDecember 24. There was an increase of$240,000,000 in January. The contributingfactors in this increase were a return of $140,-000,000 of currency to the banks from holidaycirculation and net disbursements by theTreasury from its cash holdings and depositswith the Federal Reserve banks. Gold im-ports, which averaged about $63,000,000 a weekfrom September 18 to December 18, 1935, werein relatively small volume during the last halfof December and in January.

Excess reserves.


76 FEDEKAL RESERVE BULLETIN

With the cessation of the gold outflow fromFrance early in December the movement of gold

from Europe to the United£ b X maFketS S t a t e s t h a t h a d b e ^ u n 3 months

earlier subsided. On January2 the Bank of France reduced its discount rateto 5 percent, and a week later to 4 percent.The lower rate was retained in the face of therenewed loss of gold accompanying the over-turn of the Laval government, and open-market discount rates remained close to the 4percent level to which they had becomeadjusted.

A similar process of reduction of centralbank and open-market discount rates hadbegun in October in the Netherlands, and bythe end of January open-market rates inAmsterdam had fallen substantially below the3 percent rate established in the middle of themonth by the Netherlands Bank. Notwith-standing these recent declines, however, thelevel of rates in the three gold-bloc countries—France, Netherlands, and Switzerland—remained considerably higher than rates inLondon and New York.

This higher level of rates in the gold-bloccountries began to develop, somewhat irregu-larly, early in 1933 but did not become pro-nounced until the spring of 1935. The un-usually easy conditions that prevailed in worldmoney markets in the last half of 1932, exceptin Berlin, where the crisis of 1931 had seriouslyimpaired the lending power of the commercialbanks, arose from the large volume of bankfunds seeking short-term investment and thelow volume of business activity. Subsequentdevelopments have reflected chiefly the alteredreserve position of the commercial banks andcentral bank discount policies.

In the past 3 years reserves of commercialbanks in the gold-bloc countries have re-peatedly been reduced by outward movementsof capital. To some extent commercial bankshave met the withdrawal of funds by borrowingat the central bank. This has been particu-larly marked since the spring of 1935 in Swit-zerland and France, and as a result centralbank rates in those countries have largely

FEBRUARY 1936

governed market rates. In the Netherlands,the commercial banks have also borrowedheavily at those periods when the outwardmovement of gold has been severe, and promptaction by the Netherlands Bank has beenfollowed by sharp advances in open-marketrates. Subsequently, however, most of theborrowings have been repaid, leaving the mar-ket relatively independent of the central bank.This is reflected at the present time in thespread between central bank and open-marketrates in Amsterdam.

In the table the outward movement of fundsis reflected in the decline in central gold re-serves, and the accompanying shifts in com-mercial bank reserve balances and borrowingare indicated by the changes in deposits andloans of the central banks, although both ofthese items also include central bank transac-tions with the general public.

M O N E Y M A R K E T FACTORS I N G O L D - B L O C C O U N T R I E S

[Figures for last report date of month]

France:November 1932January 1936

Switzerland:November 1932January 1936

Netherlands:November 1932January 1936 _

Central bank accounts(in millions of national

currency)

Gold

83,34265, 223

2,5531,389

1,033669

Depos-its i

22, 9698,088

1,157405

30169

Loansand dis-counts

5,76613,529

59222

112157

Discount rates(percent per

annum)

Centralbank

2H4

2

2\b3

Openmarket

2H

%m1 Government deposits excluded, except in Switzerland, where they

are not reported separately.

Borrowing operations in the gold-bloc coun-tries have only partially offset the heavy with-drawal of funds. In January 1936 commer-cial bank reserves in these countries appear tohave been little more than a third as large asin the autumn of 1932. Commercial bankreserves in the United States and England, onthe other hand, were at a high level, and open-market rates in New York and London werewell below 1 percent.



Except for temporary variations, cash re-serves of the English commer-c i a l b a n k s d u r i n g t h e P a s t 3

years have been maintained atthe high figure reached at the end of 1932, andshort-term money rates have shown onlyminor fluctuations. Early in 1932 the Bank ofEngland began to increase its holdings of securi-ties and gold, and this contributed to furtherease in the money market and facilitated theGovernment's program of converting the publicdebt to a lower interest basis. Between Apriland December 1932 the cash reserves of theLondon clearing banks increased nearly 20percent; and largely on the basis of these addedreserves the banks expanded by two-thirdstheir holdings of bills and securities, the bulkof which consists of Government obligations.In part the increase represented the employ-ment of resources released by the continuedcontraction of commercial loans. At the endof 1932 both short-term money rates and high-grade bond yields were substantially lower thanthey had been earlier in the year.

Since the end of 1932 high-grade bond yieldshave declined further. There has been littlefurther increase in commercial bank reserves,but the banks have continued to purchasesecurities with resources released by the reduc-tion in their holdings of Treasury bills thataccompanied refunding operations of the Gov-ernment. At the end of 1935 long-term invest-ments constituted about a third of the earningassets of the London clearing banks, which ismore than double the portfolio maintained inthe years immediately preceding the depression.

At the present time the London clearingbanks, in contrast with member banks in theUnited States, have no reserves in excess of thecustomary ratio to deposits. The inflow offunds since the abandonment of the goldstandard in 1931 has gone only in small partinto bank reserves. Much private foreigncapital transferred to England has been utilizedto purchase gold, which has thus been tem-porarily withdrawn from monetary use. Goldoperations of the Exchange Equalization Ac-count have also been without effect. When, as

the result of an excess of payments due toGreat Britain from abroad, the account buysgold, the funds so placed in the market areautomatically withdrawn by the sale of securitiesto finance the gold purchase. Similarly, whenthe account sells gold, the proceeds are investedin securities and so returned to the market. TheBank of England has purchased gold only at itsown discretion and in conformity with its otheroperations. Consequently neither inward noroutward movements of gold since 1931 havematerially influenced the available volume ofmoney market resources in England.

Retiring Board Members

At the request of the Board of Governors ofthe Federal Reserve System, Mr. Adolph C.Miller, who was a member of the Federal Re-serve Board from the time it was establishedin 1914, will continue, in an advisory capacity,the supervision he has exercised over the plansfor and construction of the Board's new build-ing since its inception.

Mr. Charles S. Hamlin, another member ofthe original Board, who was also its first gov-ernor, has accepted appointment as a specialcounsel to the Board, acting in an advisorycapacity.

Mr. J. J. Thomas has been appointed a classC director of the Federal Reserve Bank ofKansas City and designated as chairman andFederal Reserve agent to fill the vacancy whichhas existed since the death of Mr. M. L. Mc-Clure. Judge Thomas' appointment as a classC director is for the unexpired term endingDecember 31, 1938, and his designation aschairman and Federal Reserve agent is for theremainder of the current year.

Mr. George R. James, who had accepted re-appointment in 1931 for the emergency period,will resume his business connections in Mem-phis, Tenn.

LOANS AND INVESTMENTS OF ALL MEMBERBANKS

According to preliminary figures tabulatedfrom December 31 call reports, total loans andinvestments of all member banks inci eased byan additional $630,000,000 during the periodfrom November 1 1935, to December 31, 1935,making a total increase of $1,780,000,000 for



the entire year. Detailed figures are shown inthe table on page 93 of this BULLETIN.

The largest increase during the last 2 monthsof 1935 occurred in the banks' holdings ofdirect obligations of the United States Govern-ment, which rose by $420,000,000, comparedwith an increase of $170,000,000 for the pre-ceding 10 months. Holdings of obligationsfully guaranteed by the Government remainedpractically unchanged in the last 2 months,after a substantial increase during the pre-ceding year and a half. Holdings of othersecurities declined somewhat at the end of theyear but showed an increase for 1935 as awhole. Loans to customers on securities,which had decreased steadily since 1930,showed little change in November and De-cember 1935, while other loans to customerscontinued the increase which characterizedthe entire year. Loans to security biokersand dealers, which showed little change in thefirst 10 months of 1935, increased by $230,000,-

000 in the last 2 months, reflecting in partseasonal influences.

The largest expansion in loans and invest-ments in the last 2 months of 1935, as well asfor the year as a whole, occurred at centralreserve and reserve city banks. Holdings ofdirect Government obligations increased dur-ing November and December by $170,000,000at central reserve city banks, by $190,000,000at reserve city banks, and by $60,000,000 atcountry banks. For the year as a wholeholdings of direct obligations of the Govern-ment by country banks decreased somewhat,reflecting the retirement of bonds held ascollateral for national bank notes, while theirholdings of guaranteed obligations and of othersecurities showed substantial increases. Cus-tomers7 loans increased during the year atreserve city banks and declined at countrybanks. The increase in brokers' loans occurredalmost entirely at New York City banks,which now make the bulk of these loans.

LOANS OF UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES

On December 31, 1935, the outstandingloans of United States Government corpora-tions and credit agencies totaled $8,300,000,000,an increase of $1,000,000,000 from December31, 1934. The growth reflected principallyincreases in farm and home mortgage loansmade by agencies of the Farm Credit Adminis-tration and by the Home Owners' LoanCorporation and in crop loans made by theCommodity Credit Corporation. Investmentsof Government corporations and credit agenciesin preferred stock and capital notes anddebentures of private companies, chiefly invest-ments by the Reconstruction Finance Corpora-tion in banks and trust companies, totaledabout $880,000,000 on December 31, 1935, anincrease of $40,000,000 during the year.

Loans and investments of the variousagencies on December 31, 1935, as shown in astatement published by the Treasury Depart-ment, appear in the table on page 101, which isregularly published in the BULLETIN. Figuresfor the Reconstruction Finance Corporationand the credit agencies under the Farm CreditAdministration and the Home Loan Bank Boardappear in more detail on pages 102 and 103.

As shown in the following table, the increasein loans of Government corporations and creditagencies during 1935 was largely in loans ofagencies which derived nearly all of their fundsfrom issuing their own securities, some of which

are fully guaranteed by the United States asto payment of interest and principal. Loansby corporations and agencies thus financedpartly from Government funds and partlyfrom private funds amounted to $6,100,000,000on December 31, 1935, an increase of about$900,000,000 during the year.

Loans of the corporations and agencies whichare financed wholly from Government fundsincreased by about $100,000,000 during 1935,to a total of $2,200,000,000 at the end of theyear, and their holdings of preferred stock andcapital notes and debentures increased by$40,000,000, to a total of about $880,000,000.Most of the loans were made directly by theReconstruction Finance Corporation, whichsells its obligations to the United StatesTreasury, or by other agencies from fundsadvanced by the Reconstruction Finance Cor-poration. The increase during 1935 reflectedchiefly an increase of more than $250,000,000in loans on crops, livestock, and commoditiesand was principally in loans of the CommodityCredit Corporation, which is financed throughthe Reconstruction Finance Corporation. Italso included an increase in such loans made bythe Farm Credit Administration from Govern-ment funds. A more detailed discussion ofthe changes in the loans and investments of theReconstruction Finance Corporation and incrop loans appears in subsequent paragraphs.



ASSETS AND LIABILITIES OF GOVERNMENT CORPORA-TIONS AND CREDIT AGENCIES, DEC. 31, 1935

[In millions of dollars]

ASSETSLoans:

Mortgage loansCrop, livestock, and commodity

loans _All other _ _

Total loans __

Preferred stock, capital notes, etcInvestments:

United States direct obligations._Securities of Government credit

agencies:Fully guaranteed by United

States-All other .__ - .__

OtherCashOther assets.. _

Total assets, excluding inter-agency

LIABILITIES

Bonds, notes, and debentures:Fully guaranteed by United

StatesAll other .

Other liabilities _

Total liabilities, excluding in-teragencv

Excess of assets over liabilities, ex-cluding interagency transactions...

Privately o"wned interestsUnited States Government interests-

Financedwholly fromGovernment

funds

Dec. 31,1935

6

4491,721

2,175

875

25

2010021

105241

3,564

252

W 5 0

312

3,252

3,252

Changefrom

Dec. 31,1934

+6

+255-152

+108

+38

+2

+16- 7- 2

- 1 02-48

2+97

+3- 8 8

q

- 8 8

2 +186

2+186

Financedpartly fromGovernment

funds

Dec. 31,1935

5,821

143158

6,122

2

424

195759

(i)213390

8,106

4, 2932,089

226

6,609

1,497340

1,157

Changefrom

Dec. 31,1934

+830

+2G+9

+865

+2

- 2 2

- 3 1+180

—4+6

+220

+1,215

+1.231-193

+64

+1,102

+113+69+44

1 Less than $500,000.2 Previously published figures for Dec. 31, 1934, adjusted for re-vision in tabulation during 1935.

Investments of Government corporations andcredit agencies, other than holdings of preferredstock and capital notes and debentures, consistchiefly of direct obligations of the United States

Government and securities of Government creditagencies. Of the total of $450,000,000 ofdirect obligations of the Government held bythese agencies on December 31, 1935, nearly$300,000,000 represented investment by theFederal Deposit Insurance Corporation of thecapital stock of that corporation subscribed bythe United States Treasury and by the FederalReserve banks. Investment in obligationsof other Government credit agencies in-cluded about $200,000,000 of obligations fullyguaranteed by the United States and about$850,000,000 of other obligations of theseagencies. Fully guaranteed Federal FarmMortgage Corporation bonds are held byagencies under the Farm Credit Administra-tion, principally the banks for cooperatives,the production credit corporations, and theFederal intermediate credit banks, while prac-tically all the investment in guaranteed bondsof the Home Owners7 Loan Corporation is heldby the Federal home loan banks and the Fed-eral Savings and Loan Insurance Corporation.About $750,000,000 of the investment in othersecurities of Government credit agencies areFederal land bank bonds held by the FederalFarm Mortgage Corporation, which has takenthe bonds in exchange for its fully guaranteedobligations. The latter have been used by theland banks largely in exchange for mortgageloans.

Liabilities of Government corporations andagencies on December 31, 1935, included about$4,500,000,000 of obligations fully guaranteedby the United States as to principal and interest,issued by the Reconstruction Finance Corpora-tion, the Federal Farm Mortgage Corporation,and the Home Owners' Loan Corporation,$1,900,000,000 of Federal land bank bonds and$130,000,000 of Federal intermediate creditbank debentures. Increases during the yearreflected largely issues of fully guaranteedbonds, part of which w ere used to retirepartially guaranteed bonds.


80 FEDERAL RESERVE BULLETIN FBBEUABY 1936

Reconstruction Finance Corporation.—Al-though total loans and investments of theReconstruction Finance Corporation, exclud-ing funds advanced to the Commodity CreditCorporation, showed little change in 1935,there were substantial changes in various typesof loans, as shown in the following table. Ingeneral, loans to credit agencies decreased,while other loans increased.

The principal increase was $152,000,000 inholdings of securities purchased from thePublic Works Administration, representingloans to railroads and State and local govern-ments for public works. During the year theCorporation paid $264,000,000 to the PublicWorks Administration on account of securitiestaken over and received $112,000,000 frompublic sales of part of these securities. Therewere also further increases during 1935 in out-standing loans made to business enterprisesand public bodies other than credit agencieslargely for productive purposes, amounting toabout $60,000,000 in loans for self-liquidatingprojects and to drainage, levee, and irrigationdistricts, more than $30,000,000 in loans toindustrial and commercial enterprises, and$20,000,000 in loans to railroads.

Repayments by banks and other privatecredit agencies continued in 1935, as in 1934, tobe substantially larger than new loans made.In 1935 they included large repayments of loansmade to aid distributions to depositors of closedbanks. The amount of such loans repaid dur-ing the year totaled $312,000,000 as comparedwith new loans of $114,000,000, and outstand-ing loans for such purposes were nearly $200,-000,000 smaller on December 31, 1935, than ayear earlier. Other loans to banks declined byabout $60,000,000 to $185,000,000, while hold-ings of preferred stock and capital notes anddebentures of banks increased by less than$40,000,000, as compared with an increase of$600,000,000 in 1934. Only a small amount ofnew loans were made in 1935 to mortgage com-panies for purposes other than payments todepositors of closed banks, and there werepractically no loans to insurance companies andbuilding and loan associations, while repay-ments were substantial. As a consequence thetotal of loans to these private credit agenciesdeclined by more than $50,000,000 during theyear.

LOANS AND INVESTMENTS OF THE RECONSTRUCTIONFINANCE CORPORATION DURING 1935


Loans:For distribution to depositors in

closed banksOther loans to banks.Other loans to mortgage companies.Building and loan associationsInsurance companiesRailroadsFor self-liquidating projectsTo drainage, levee, and irrigation

districtsTo industrial, commercial, mining,

etc., businessesTo Public Works Administration

on security transactionsAll other 2 . > ._

Total loans3 ._

Investments:Preferred stock, capital notes, and

debentures of banksAll other

Total investments

Total loans and investments 3

Dis-bursed

1141017

61

38

37

2649

591

10310

113

704~

Repaid

312674014182136

0)2

11243

665

66

66

731

Outstand-ing Dec.31, 1935

246185987

37396148

50

41

15473

1,434

88210

892

2,326

1 Less than $500,000.2 Largely to Federal land banks.3 Excluding advances to Commodity Credit Corporation.

Mortgage loans.—Farm-mortgage and home-mortgage loans made in 1935 were considerablysmaller than in 1934, reflecting a marked lessen-ing in the pressure for loans to assist distressedmortgagors. Farm-mortgage loans by Federalagencies are made by the Land Bank Commis-sioner with funds obtained from the FederalFarm Mortgage Corporation and by the Fed-eral land banks. Home-mortgage loans, whichhave been largely emergency loans, have beenmade by the Home Owners' Loan Corporation.The United States Treasury owns a large partof the capital stock of the Federal land banksand all of the capital stock of the Federal FarmMortgage Corporation and the Home Owners'Loan Corporation.

On December 31,1935, the outstanding farm-mortgage loans of the Federal land banks andthe Land Bank Commissioner totaled $2,870,-000,000, which was $330,000,000 larger than atthe end of 1934. The increase during 1935compares with an increase of $1,230,000,000during 1934, when lending activities weredirected largely toward relieving emergency



situations. By December 31, 1935, the HomeOwners' Loan Corporation had made home-mortgage loans in an aggregate amount of$2,940,000,000. Of this amount $740,000,000was advanced during 1935 and practically theentire balance during the calendar year 1934.

In 1935, as in 1934, the majority of loans weremade by giving obligations fully guaranteed bythe United States in exchange for mortgages.During 1935, however, conditions became morefavorable for financing of mortgage obligationsthrough publicly offered issues. The practiceof disbursing Federal Farm Mortgage Corpora-tion bonds, rather than cash, in connection withfarm-mortgage loans was discontinued for loansclosed during the latter part of the year. TheFederal land banks refunded about $500,000,000of their bonds, bearing interest rates of A.% and5 percent, into 3 and 3% percent bonds. In De-cember, for the first time since 1930, a sub-stantial amount of Federal land bank bondswas issued to obtain funds for other than re-funding purposes, An issue of $100,000,000 of3-percent bonds was sold at 98% to provide$37,000,000 for new mortgage loans and theremainder for refunding called bonds.

Repayments of principal on mortgage loansof the Home Owners7 Loan Corporation arerequired by law to be applied to retirement ofbonds and by December 31, 1935, about$60,000,000 of the various issues of HomeOwners' Loan Corporation bonds had beenretired in this manner.

Institutions under the Home Loan BankBoard, with the exception of the Home Owners'Loan Corporation, are permanent home mort-gage financing agencies. The Home Loanbanks are organized with capital stock sub-scribed largely by the United States Treasury.They supply funds to member institutions,including Federal savings and loan associationsand other building and loan associations, whichmake home-mortgage loans directly to thepublic. During the first 3 months of 1935,loans of the home loan banks declined by about$15,000,000, but from March to the end of theyear they increased by about $30,000,000 andon December 31, 1935, exceeded $100,000,000.This increase occurred in a period when resi-dential building activity and the number ofassociations eligible to borrow were increasing.

There was a steady increase during 1935 inthe number of Federal savings and loan asso-ciations chartered. These are local organiza-tions for making home-mortgage loans whichare organized under Federal charter and receivea part of their operating capital from the United

States Treasury. At the end of the year over1,000 associations had been chartered, including600 new associations and 400 associationswhich, originally organized under State laws,have taken out Federal charters. Reports byabout 750 of these associations showed mort-gage loans on December 31, 1935, aggregatingabout $270,000,000, about one-fifth of whichwere made by the new associations formedunder Federal charter and the remainder byconverted associations.

The growth in number of Federal savings andloan associations was accompanied by an in-crease of nearly $40,000,000 m the capital stocksubscribed by the United States. In Septem-ber the Home Owners' Loan Corporation beganto use an allotment of $300,000,000 of HomeOwners' Loan Corporation bonds provided bylaw to make funds available to private homeloan institutions through the purchase of theirstock. By the end of the year it had investednearly $20,000,000 in this manner, the majorpart in shares of Federal savings and loanassociations.

Short-term agricultural loans.—The principalchanges during 1935 in short-term agriculturalloans of Federal agencies, as shown in the fol-lowing table, were increases in the crop loansof the Commodity Credit Corporation and inemergency crop and drought relief loans underthe Farm Credit Administration. There wereseasonal changes in other crop loans and anincrease in the lending activity of the banks forcooperatives.

SHORT-TERM AGRICULTURAL LOANS OF FEDERALCREDIT AGENCIES X


Commodity Credit Corporation . - .Agencies under the Farm Credit Ad-

ministration:Emergency crop and drought loans-Production credit associationsRegional agricultural credit asso-

ciations . -. _ -_ _Loans to cooperatives:

Banks for cooperatives, includ-ing central bank

OtherFederal intermediate credit banks 3_

Dec. 31,1934

37

11061

87

288956

June 30,1935

»59

197110

73

245958

Dec. 31,1935

271

17297

43

504746

i Other than by Reconstruction Finance Corporation,a May 31, 1935.3 Other than loans and discounts for agencies under the Farm Credit

Administration and loans direct to cooperatives.

Emergency crop and drought loans on De-cember 31, 1935, were $60,000,000 larger thana year earlier. These loans increased by about$90,000,000 during the spring months, largely


82 FEDERAL RESERVE BULLETIN FEBRUARY 193$

as a result of an appropriation in March of$60,000,000 of Federal funds to provide for theneeds of farmers unable to obtain credit else-where for feed, seed, and fertilizer. In theautumn months loans were partially repaid ascrops were harvested. Aggregate loans ofproduction credit associations and of regionalagricultural credit corporations, which are beingreplaced by the production credit associations,showed a seasonal increase of about $30,000,000during the spring for crop and livestockfinancing, as well as for general agriculturalpurposes. In the latter part of the year theseloans declined by $40,000,000.

Loans are made to cooperatives by severallending agencies and for a variety of purposes,including processing and marketing of farmproducts, purchase and distribution of farmsupplies, and furnishing farm business services.These loans may run for longer periods thanthe usual crop loan depending on the creditneeds of the borrowing association. Afterdeclining slightly through June, outstandingloans to cooperatives by the banks for coopera-tives, including the central bank, increased$26,000,000 between June^ and the end of theyear. Greater lending activity resulted in partfrom the Farm Credit Act of 1935, approved inJune, which broadened the lending powers ofthese banks, reduced the interest rates, andprovided for rediscount of loans with theFederal intermediate credit banks. The in-crease in loans by the banks for cooperativeswas more than offset by a decline in otherloans to cooperatives made under the FarmCredit Administration, chiefly direct loans bythe Federal intermediate credit banks.

The Commodity Credit Corporation hasused funds advanced by the ReconstructionFinance Corporation to finance loans on com-modities connected with the adjustment andmarketing programs of the Agricultural Adjust-ment Administration. It has made crop loansdirectly to producers and has also taken overloans made by banks and other private lendingagencies with a purchase guarantee by theCorporation. Lending activities of the Cor-poration during 1935 comprised chiefly thepurchase of producers' notes for 12-cent loanson the 1934 cotton crop. The greater part ofthe increase took place in the summer, whenthe maturity date on these loans was extendedto February 1, 1936, and the Corporation tookover from private lending agencies a substantialportion of their holdings of producers' notes.

On December 31, 1935, the Corporation hadoutstanding loans of about $270,000,000, ascompared with less than $40,000,000 a yearearlier. The loans included more than$250,000,000 on 1934 cotton at 12 cents apound and small amounts on 1935 cotton at10 cents a pound, on the 1935 corn crop, andon gum, turpentine, and rosin.

EXTENDING POWERS CONFERRED BY SECTION10 OF THE GOLD RESERVE ACT OF 1934 ANDSECTION 43 OF THE ACT APPROVED MAY12, 1933

BY THE PRESIDENT OF THE UNITED STATES OFAMERICA

A PROCLAMATION

Whereas, section 10 of the Gold Reserve Actof 1934, approved January 30, 1934 (Public,Numbered 87, Seventy-third Congress), pro-vides among other things:

SEC. 10. * * *(c) All the powers conferred by this section shall

expire two years after the date of enactment of thisAct, unless the President shall sooner declare theexisting emergency ended and the operation of thestabilization fund terminated; but the President mayextend such period for not more than one additionalyear after such date by proclamation recognizing thecontinuance of such emergency.

and whereas, paragraph (b) (2), of section 43,.Title III, of the Act approved May 12, 1933(Public, Numbered 10, Seventy-third Congress)as amended, provides among other things:

(2) * * * The powers of the President specifiedin this paragraph shall be deemed to be separate,,distinct, and continuing powers, and may be exercisedby him, from time to time, severally or together, when-ever and as the expressed objects of this section in hisjudgment may require; except that such powers shallexpire two years after the date of enactment of theGold Reserve Act of 1934 unless the President shallsooner declare the existing emergency ended, but thePresident may extend such period for not more thanone additional year after such date by proclamationrecognizing the continuance of such emergency.and whereas, such emergency which existed onJanuary 30, 1934, the date of approval of saidGold Reserve Act of 1934, has not been termi-nated by international monetary agreement orotherwise, but, on the contrary, continues andhas been intensified in divers respects by un-settled conditions in international commerceand finance and m foreign exchange; and



Whereas, by virtue of the continuance ofsuch emergency, it is necessary to extend theperiod during which the powers conferred bysaid Section 10 of said Gold Reserve Act of1934 and the powers specified in said paragraph(b) (2), of Section 43, Title III, of said Actapproved May 12, 1933, as amended, may beexercised,

Now, therefore, be it known that I, FranklinD. Roosevelt, President of the United Statesof America, by virtue of the authority vestedin me by the Acts of Congress above set forth,and by virtue of all other authority in mevested, recognizing the continuance of theemergency existing on January 30, 1934, dohereby proclaim, order, direct and declare:That the period of two years within which thepowers conferred by Section 10 of the GoldReserve Act of 1934, and the powers specifiedin paragraph (b) (2), of Section 43, Title III,

of the Act approved May 12, 1933, as amended,may be exercised be, and it hereby is, extendedfor one additional year from January 30, 1936.

In witness whereof I have hereunto set myhand and have caused the seal of the UnitedStates of America to be affixed.

Done at the City of Washington this 10 dayof January, in the year of our Lord nineteenhundred and thirty-six, and of the independenceof the United States of America the onehundred and sixtieth.

[SEAL]

FRANKLIN D ROOSEVELT.

By the President:

CORDELL HULL,Secretary of State,



MEMBERSHIP OF THE FEDERAL RESERVE BOARD,1 1913-1936APPOINTIVE MEMBERS

Federal ReserveDistrict

Effective date ofappointment

Charles S. Hamlin

Paul M. WarburgFrederic A. DelanoW. P. G. HardingAdolph C. Miller.. ._

Albert StraussHenry A. MoehlenpahEdmund PlattDavid C. WillsJohn It. MitchellMilo D. CampbellDaniel R. CrissingerGeorge R. James

Edward H. CunninghamRoy A. YoungEugene MeyerWay land W. MageeEugene R. BlackM. S. SzymczakJ. J. Thomas

Marriner S. Eccles

Boston.

New YorkChicagoAtlantaSan Francisco.

Aug. 10, 1914

-do.-do.-do.-do.

New York...ChicagoNew York__.ClevelandMinneapolis _ChicagoClevelandSt. Louis

ChicagoMinneapolisNew YorkKansas CityAtlantaChicagoKansas City

San Francisco

Oct. 26,1918Nov. 10,1919June 8, 1920Sept. 29,1920May 12, 1921Mar. 14,1923May 1,1923May 14, 1923

doOct. 4, 1927Sept. 16, 1930May 18, 1931May 19, 1933June 14, 1933

do

Nov. 15, 1934

Reappointed 1916 and 1926. Served untilFeb. 3, 1936, on which date his successortook office.

Term expired Aug. 9, 1918.Resigned July 22, 1918.Term expired Aug. 9, 1922.Reappointed in 1924. Reappointed in 1934

from the Richmond district. Served untilFeb. 3, 1936, on which date his successortook office.

Resigned Mar. 15, 1920.Term expired Aug. 9, 1920.Reappointed in 1928. Resigned Sept. 15,1930.Term expired Mar. 4, 1921.Resigned May 12, 1923.Died Mar. 22, 1923.Resigned Sept. 15, 1927.Reappointed in 1931. Served until Feb. 3,

1936, on which date his successor tookoffice.

Died Nov. 28, 1930.Resigned Sept. 1, 1930.Resigned May 10, 1933.Term expired Jan. 24, 1933.Resigned Aug. 15, 1934.Reappointed effective Feb. 3, 1936.Served until Feb. 10, 1936, on which date his

successor took office.Reappointed effective Feb. 3, 1936.

GOVERNORS 1

Charles S. Hamlin Aug. 10, 1914-Aug. 9, 1916.W. P. G. Harding Aug. 10, 1916-Aug. 9, 1922.D. R. Crissinger May 1, 1923-Sept. 15, 1927.Roy A Young Oct. 4, 1927-Sept. 1, 1930.Eugene Meyer_ Sept. 16, 1930-May 10, 1933.Eugene R. Black May 19, 1933-Aug. 15, 1934.Marriner S. Eccles Nov. 15, 1934

VICE GOVERNORS »

F. A. Delano Aug. 10, 1914-Aug. 9, 1916.Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918.Albert Strauss Oct. 26, 1918-Mar. 15, 1920.Edmund Platt July 23, 1920-Sept. 15, 1930.J. J. Thomas Aug. 21, 1934-Feb. 10, 1936.

EX-OFFICIO MEMBERS

SECRETARIES OF THE TREASURY

W. G. McAdoo Dec. 23,1913-Dec. 15, 1918.Carter Glass Dec. 16, 1918-Feb. 1, 1920.David F. Houston Feb. 2, 1920-Mar. 3, 1921.Andrew W. Mellon Mar. 4, 1921-Feb. 12,1932.Ogden L. Mills Feb. 12, 1932-Mar. 4, 1933.William H. Woodin Mar. 4, 1933-Dec. 31, 1933.Henry Morgenthau, Jr_- Jan. 1, 1934-Feb. 1, 1936.

COMPTROLLERS OF THE CURRENCY

John Skelton Williams.. Feb. 2, 1914-Mar. 2, 1921.D. R. Crissinger Mar. 17, 1921-Apr. 30, 1923.Henry M. Dawes May 1, 1923-Dec. 17, 1924.Joseph W. Mclntosh.... Dec. 20,1924-Nov. 20, 1928.J. W. Pole Nov. 21, 1928-Sept. 20, 1932J. F. T. O'Connor May 11, 1933-Feb. 1, 1936.

i Under the provisions of the original Federal Reserve Act the Federal Reserve Board was composed of seven members, including five ap-pointive members, the Secretary of the Treasury, who was ex-officio chairman of the Board, and the Comptroller of the Currency. The originalterm of office was 10 years, and the five original appointive members had terms of 2, 4, 6, 8, and 10 years, respectively. In 1922 the number ofappointive members was increased to six, and in 1933 the term of office was increased to 12 years.

The Banking Act of 1935, approved August 23,1935, changed the name of the Federal Reserve Board to the Board of Governors of the FederalReserve System and provided that thereafter the Board should be composed of seven members; that the appointive members in office on that dateshould continue to serve until February 1,1936, or until their successors were appointed and had qualified; and that the Secretary of the Treas uryand the Comptroller of the Currency should continue to serve as members until February 1,1936. The Act also provided that the Governor andVice Governor of the Board should be known as the Chairman and Vice Chairman, respectively, and that the designation of Chairman and ViceChairman should be for a term of 4 years.


FEDERAL RESERVE BULLETIN 85

NATIONAL SUMMARY OF BUSINESS CONDITIONS

[Compiled Jan. 25 and released for publication Jan. 27]

Industrial production and emplovmentshowed a further increase in December, whenallowance is made for the usual seasonalchanges, and distribution of commodities toconsumers was in increased volume.

Production and employment.—The Board'sseasonally adjusted index of industrial produc-tion, which takes account of the considerabledecline that usually occurs in December,advanced from 98 percent of the 1923-25 aver-age in November to 103 percent in December,the highest level reached by this index since thespring of 1930. As in other months during thelast half of 1935, the rise in the index was duein large part to increases in output of durablemanufactures, particularly iron and steel andautomobiles. During the first half of Januaryproduction of steel and automobiles increasedsomewhat, following declines in the holidayperiod. Output at mines was also larger inDecember than in November. Activity atcotton and silk textile mills declined less thanis usual in December, while at woolen millsthere was a more than seasonal decrease inoperation. Output at shoe factories increased.

Factory employment showed little changebetween the middle of November and the mid-dle of December, when a slight decline is cus-tomary. The number employed continued toincrease at steel mills, automobile factories,foundries and machine shops, and at railroadcar-building plants. There was also an increasein employment at shoe factories. Seasonaldeclines were reported by many other impor-tant industries. Factory pay rolls were larger inthe middle of December than a month earlier.

The value of construction contracts awardedincreased sharply in December, according to

figures of the F. W. Dodge Corporation, al-though a decline is usual in that month.There was a further substantial growth in thevolume of awards for publicly financed proj-ects, and residential building also increased.

Distribution.—Sales at department storesand variety stores, as well as sales by chainstores and mail-order houses serving ruralareas, showed larger increases than are usualin December. Freight-car loadings decreasedby less than the usual seasonal amount inDecember, and the Board's adjusted indexincreased from 66 percent of the 1923-25 aver-age in November to 71 percent, continuing theadvance begun last August.

Commodity prices.—The general level ofwholesale prices showed little change duringDecember. In the first 3 weeks of Januarythere was some decline in the general index,reflecting in part lower prices for cotton graygoods, flour, pork, and silk. Prices of hogs,rubber, and petroleum increased.

Bank credit.—Excess reserves of memberbanks, which declined by $600,000,000 in thethird week of December, increased by $320,-000,000 dunng the following 5 weeks, reflectingthe usual seasonal return flow of currency fromcirculation, a decline in Treasury balances withthe Federal Reserve banks, and a small increasein monetary gold stock. On January 22 excessreserves totaled $3,030,000,000, as comparedwith the peak of $3,300,000,000 on December11, 1935.

Changes in the condition of reporting memberbanks in leading cities between December 18and January 15 reflected largely the influencesof seasonal factors.


86 FEDERAL RESERVE BULLETIN FEBEUAET 1936

BILLIONS OF DOLLARS

11

10

MEMBER BANK RESERVES AND RELATED ITEMSBILLIONS OF DOLLARS

11~( Wednesday figures)

8

1 - 5

MONEY IN CIRCULATION

TREASURY CASH 8.DEPOSITS WITH F. R. BANKS

1930 1931 1932 1933 1934 1935 1936Based on Wednesday figures; latest figures for January 29, See table on page 87.



FEDERAL RESERVE BANK CREDITRESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY FIGURES)


!Reserve bank credit outstanding

Date (Wednesday)Billsdis-

countedBills

bought

U.S.Gov-ern-

mentsecuri-

ties

OtherReserve

bankcredit

Mone-tarygold

Total s t o c k

Treas-uryand

nation-al-bank

cur-rency

Moneyin cir-cula-tion

Treasurycash anddeposits

withFederalReservebanks

Non-mem-ber de-posits

OtherFed-eral

Reserveac-

counts

Member bankreserve balances

TotalExcess(esti-

mated)

1934—Dec. 5. .Dec. 12.Dec. 19.Dec. 26.

1935—Jan. 2...Jan. 9...Jan. 16..Jan. 23..Jan. 30..

Feb. 6-_.Feb. 13..Feb. 20..Feb. 27..

Mar. 6...Mar. 13..Mar. 20..Mar. 27-.

Apr. 3_-Apr. 10..Apr. 17_.Apr. 24 _

May 1. .May 8. .May 15.May 22-May 29.June 5._June 12.June 19_.June 26.July 3July 10—.July 17____July 24....July 31. . . .Aug. 7Aug. 14...Aug. 21- . .Aug.28_-Sept. 4.._.Sept. 11...Sept. 1 8 —Sept. 25...Oct. 2Oct. 9Oct. 16..-.Oct. 23....Oct. 30.—Nov. 6_ —Nov. 13...Nov. 20-.Nov. 27. __Dec. 4Dec. 11--.Dec. 18....Dec. 24....Dec. 31...

1936—Jan. 8...Jan. 15..Jan. 22..Jan. 29..

2,4302,4302,4302,430

2,4312,4302,4302,4302,430

2,4302,4302,4302,430

2,4306 2,4305 2,4305 i 2,430

2,4312,4302,4312,430

2,4302,4302,4302,4302,430

2,4302,4302,4302,430

2,4312,4302,4302,4302,430

2,4302,4302,4302,430

2,4302,4302,430

5 ; 2,430

55

2,4302,4302,4302,4302,4302,4302,4302,4302,430

2,4302,4302,4302,4312,431

2,4302,4302,4302,430

24877

1018119

19212710

2125321824

32294030

2431301923

34362626

25342729

2434523133

21493132

2933418145

35453628

2,4522,4622,4772,470

17 2,46124 2,46715 ! 2,46819 i 2,46316 2,460

2,4662,4502,4482,450

2,4522,4602,4552,452

2,4622,4632,4702,452

2,4632,4662,4732,4592,467

2,4752,4722,4822,472

2,4682,4732,4722,4602,465

2,4762,4772,4682,471

2,4722,4792,4722,474

2,4702,4782,4962,4722,474

2,4622,4922,4712,472

2,4702,4742,4832,5232,486

2,4762,4852,4772,470

8,1618,1808,1988,228

8,2438,2588,2738,3088,387

8,4218,4568,4898,524

8,5468,5518,5548,563

8,5688,6148,6728,701

8,7218,7288,7378,7628,835

8,9169,0169,0899,109

9,1199,1239,1279,1359,144

9,1589,1849,1899,197

9,2099,2199,2409,297

9,4149,4639,5849,6299,686

9,7149,7479,8049,874

10, 00910,06810, 09810,11510,125

10,14410,15810,17210,179

2,4782,4862,5052,504

2,5142,5082,5042,5002,497

2,5032,5252,5222,520

2,5172,5252,5212,535

2,5482,5492,5492,550

2,5432,5362,5342,5312,526

2,5212,5142,5102,5082,5042,5032,5012,5032,5102,4772,4372.4212,408

2,3952,3912,3902,382

2,3992,3962,4042,3972,4012,4012,3992,4092,421

2,4422,4472,4582,4642,4762,4762,4922,4982,492

5,5455,5325,5875,628

5,5345,4205,3825,3475,358 ;

5,407 i5,4305,4425,442

5,4785,4545,4535,436

5,4975,4875,5125,459

5,4895,4965,4945,4815,511

5,5145,4935,4985,498

5,8195,5515,5305,4965,518

5,5505,5585,574 !5,573

5,6505,6385,6325,626

3,0603,0603,2213,181

3,1643,0943,0192,9943,007

2,9302,9952,9323,006

2,9983,0093,2203,335

3,4043,3763,1492,978

2,9782,9382,9012,9062,970

5,6985,6965,6845,6865,7545,7465,7395,820

5,8435.8415,9025,9915,882

5,7835,7225, 7045,693

3,0232,991

3,0022,9323,0863,1342,991

2,9322,7752,7222,683

2,7462,6292,8392,7782,8142,7472,6932,6942,665

2,6552,6412,6482,625

2,6262,5583,1613,1563,110

3,0493,0183,0933,031

176184185188

190194215188194

176182193211

237238243241

230224271

276277267285262196214301306312302302265253

253251230213193188244262306313307292296236249262282283280281266255

265284296301

237239243244

240242242241242

246245247246

246247254253

253253257258

263261259259258257258264263

258263258258257261259260260259248250250251250254254260260257253252262270258259253253253253254

4,0734,1123,9433,961

4,0904,2834,3884,5014,542

4,6334,5804,6454,588

4,5554,5884,3614,285

4,1934,2874,5014,719

4,7214,7584,8224,8214,8274,9145,0494,9966,029

4,9005,0524,9244,9455,100

5,1155,2546,2915,346

6,2286,3885,1365,236

5,2245,3305, 5345,5755,8535,6715,7465,7825,789

5 9056,0405,4375,4295,587

5, 7455,8595,8025,1

1,7861,8131,6461,678

1,8021,9862,0692,1622,203

2,2842,2402,2722,201

2,1852,1911,9501,888

1,8211,9072,0962,264

2,2522,3042,3502,3282,322

2,4002,5212,4452,471

2,3202,4562,3402,3362,513

2,5472,6672,6822,7492,6432,7902,5272,502

2,5692,6942,8782,9002,981

3,0523,069

'3,051

'3,173'3,304'2,706'2,693'2,844

3,0023,0953,0303,087

' Revised.NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of articles,

together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown inAnnual Report for 1934 (table 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500.



RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH FIGURES)


End of monthBillsdis-

counted

Reserve bank credit outstanding

Billsbought

U.S.Gov-ern-

mentsecuri-

ties

Other

bankcredit

Total

Mone-tarygoldstock

Treas-ury

and na-tional-bankcur-

rency



withFederalReservebanks

Non-mem*ber de-posits

OtherFed-eral

Reserveac-

counts

Member bankreserve balances

TotalExcess(esti-

mated)

1934—AugustSeptember.October..-.November.December.

1935—January....February..MarchAprilMayJuneJulyAugustSeptember.October-November.December.

1936—January

2,4322,4312,4302,4302,430

2,4302,4302,4372,4302,4302,4332,4302,4322,4302,4302,4302,431

2,430

2,4642,4642,4552,4532,463

2,4612,4652,4712,4682,4692,4802,4652,4852,4772,4822,4802,486

2,479

7,9787,9788,0028,1328,238

8,3918,5278,5678,7108.8589,1169,1449,2039,3689,6939,920

10,125

P10, 182

2,4082,4052,4342,4682,511

2,4952,5192,5402,5442,5252,5062,5102,898

2,4002,4382,476

2,493

5,3965,4565,4535,5495,536

5,3805,4675,4935,4785,5405,5685,5185,6295,6835,7135,8465,882

"5,737

2,9683,0513,0313,0223,150

2,9913,0043,3582,996

2,9682,9912,6942,7402,6572, 6193,110

»3,001

208173164161189

191207226271254325253198304299284255

304

226228237239241

243246253263257261257260250258253253

253

4,0523,9344,0064,0814,096

4,5434,5874,2474,7154,8324,9795,1005,3055,2545,6485,8355,587

5,860

1,8671,7271,7481,8011,814

2,2062,1991,8462,2532,3182,4142,5132,7082,6002,970

'3,100'2,844

3,084

» Preliminary. r Revised.

Back figures.—See Annual Report for 1934 (table 5), and for excess reserves sea BULLETIN for August 1935, pp. 499-500. See also note on p. 87of this BULLETIN.

RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)[In millions of dollars]

Year or month

Reserve bank credit outstanding

Billsdis-

countedBills

bought

U.S.Gov-ern-mentsecuri-

ties

OtherReserve

bankcredit

Total

Mone-tarygoldstock

Treas-uryand

nation-al-bank

cur-rency



withFederal

banks

Non-mem-ber de-posits

OtherFed-eral

Reserveac-

counts

Member bankreserve balance!

Total Excess

1929—Average1930—Average1931—Average1932—Average1933—Average1934—Average1935—Average

1934—AugustSeptember-OctoberNovember-December

1935—JanuaryFebruary. . .March ,AprilMay ,JuneJulyAugustSeptember...OctoberNovember—.December—

1936—January

952272327521283367

2122121810

86767877

1087

241213245718325

564669

1,4612,0522,4322,431

2,4322,4312,4302,4302,430

2,4302,4302,4312,4312,4342,4312,4302,4312,4302,4302,4302,430

2,430

1,4591,0871,2742,0772,4292.5022,475

2,4632,4692,4572,4662,472

2,4652,4622,4612,4712,4762,4792,4732,4762,4802,4822,4822,494

2,484

3,9964,1734,4173,9524,0597,5129,059

7,9717,9717,9898,0478,191

8,2848,4658,5528,6418,7559,0259,1289,1809,2469,5459,777

10,072

10,158

2,0152,0252,0252,0962,2712,3812,478

2,3782,4112,4152,4552,494

2,5042,5132,5262,5482,5342,5132,5042,4412,3892,3982,4102,454

2,486

4,4764,2454,6725,3285,5765,4035,585

5,3555,4275,4735,4945,577

5,4115,4395,4775,5005,5075,5225,5505,5765,6515,7045,7705,897

5,757

229239251275343

2,8792,919

2,9763,0543,0112,9703,120

3,0532,9653,1223,2092,9422,9893,0322,7952,734

2,6302,869

3,058

30289756147185252

208197177165181

194189236258278266293233236307256276

280

376393373351350253255

228227234238242

242246250256259261259261252253256263

253

2,3582,3792,3232,1142,3433.6765,001

4,0453,9473,9644,1004,037

4,3554,6014,4524,4364,7784,9794,9705,2325,2435,4695,7575,716

5,780

435589256528

1,6642,469

1,8841,7541,7311,8341,748

2,0302,2372,0652,0262,2972,4382,3852,63a2,6282,8203,0612,983

*3,021

» Preliminary.

Back figures.—See Annual Report for 1934 (table 2) and for excess reserves see BULLETIN for August 1935, pp. 499-500.this BULLETIN.

See also note on p. 87 of



ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVENOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS

[In thousands of dollars]

Jan. 31,1936 Dec. 31,1935 Jan. 31,1935

ASSETS

Gold certificates on hand and due from U. S. Treasury.Redemption fund—Federal Reserve notesOther cash

Total reservesRedemption fund—Federal Reserve bank notes-

Bills discounted:For member banksFor nonmember banks, etcTotal bills discounted..

Bills bought:Payable in dollars—bought outright.Payable in foreign currencies

Total bills bought.Industrial advances

U. S. Government securities:Bought outrightUnder resale agreement...

Total U. S. Government securitiesOther Reserve bank credit:

Other securitiesDue from foreign banks _Reserve bank float (uncollected items in excess of deferred availability items)..

Total Reserve bank credit outstanding ..Federal Reserve notes of other Reserve banksUncollected items not included in float _Bank premises.All other assets _

Total assets-

Federal Reserve notes:Held by other Federal Reserve banks _Outside Federal Reserve banks

Total notes in circulation.

Federal Reserve bank note circulation—netDeposits:

Member bank—reserve accountUnited States Treasurer—general account..Foreign bank _Other deposits _

Total depositsDeferred availability items.Capital paid inSurplus (sec. 7)Surplus (sec. 13b)Reserve for contingencies.._All other liabilities

Total liabilitiesContingent liability on bills purchased for foreign correspondents.Commitments to make industrial advances

FEDERAL RESERVE NOTE STATEMENT

Notes issued to Federal Reserve banks by Federal Reserve agents

Collateral held by agents as security for notes issued to banks:Gold certificates on hand and due from U. S. TreasuryEligible paperU. S. Government securities

Total collateral.

FEDERAL RESERVE BANK NOTE STATEMENT

Notes issued to Federal Reserve banks (outstanding) _Collateral pledged against outstanding notes: U. S. Government securities..

7,651,86315,684

338,020

8,005,567

8,384

8,743

4,671

4,671

2,430,247

2, 430,247

181650

2,267

2,478,84818,077

496,28847,79941,057

11,087,636

18,0773,614,987

3, 633,064

5,860,064452,524

48,155256,073

6, 616,816496,288130, 647145,50126, 40633,899

5,015

11,087,636

26," 957

3, 950,194

3,871,3436,855

135,400

4, 013, 598

7,553,35717,444

264,550

5,389,0561 15,875

f 276,346

7,835,351

4,316356

4,672

4,656

4,65632,493

2,430,231500

2,430,731

181665

12,233

2,485,63127,445

591,55647,72338,094

11,025,800

27,4453,681,629

3,709,074

5,587, 208543,770

28,935225,896

6,385,809591,556130, 512

' 145,50124,235

r 35,081' 4,032

11,025,800

27," 649"

4,047,052

3,970,8432,716

127,500

4,101,059

5,680,277* 1,841

65

6,660

5,502

5,53817,545

2,430,309

2,430,309

805206

2,461,06319,145

459,12549,30748,657

8,719,415

19,1453,065,377

~~3,084,522

26~412

4,543,33175,58814,184'

176,475

4,809,578459,125146,896144,893

11,56030,820

8,719,415317

11,738

3,369,781

3,256,3505,190

186,000

3,447,540

36,35442,074

Revised.



KINDS OF MONEY IN CIRCULATION[Money outside Treasury and Federal Reserve banks. In millions of dollars]

End of month TotalGold

certifi-cates

Stand-ard

silverdollars

Silvercertifi-

Treas-ury

notesof 1890

Subsid-iary

silver

280282284288291294

287289290294296297298298302306309312

303

Minorcoin

121122122123124125

123123123124125125125126127128130131

129

UnitedStatesnotes

277274274273273265

259263264268281285280283286281284275

258

FederalReserve

notes

3,0443,1033,1313,1243,1763,176

3,0483,1193,1353,1203,1593,2233,2323,3623,4393,4953,6123, 667

3,598

FederalReserve

banknotes

133125119112107101

979492888581787673706866

63

Na-tionalbanknotes

1934—JulyAugustSeptember.October. _.November.December.

1935—January...February. ,MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December.

1936—January *>_.

6,3175,3965,4565,4535,5495,536

5,3805,4675,4935,4785,5405,5685,5185,6295,6835,7136,8465,882

5, 737

146143139136133130

127126123121119117115114112111110109

107

303131313232

313131323232323333333434

33

399438483510558

580599623653695701702739756773812828

809

* \l S11111111111

1

878870856853820

827823810778747704654596553514487458

436

» Preliminary figures.

NOTE.—For figures of paper currency of each denomination in circulation see p. 133.Back figures.See Annual Report for 1934 (table 49).

ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK


Year or month

1932...1933..-1934

1935—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

1936—January.

Goldstockat end

ofyear ormonth

4,2264,0368,238

8,3918,5278,5678,7108,8589,1169,1449,2039,3689,6939,920

10,125

Increasein goldstock

52.9-190.44, 202. 5

153.3135.340.4

143.4148.1257.127.959.5

165.0325.2226.7205.2

1,887.2

Netgold

import

-446.2-173.51,133.9

149.4122.813.0

148.6140.0230.4

16.246.0

156.7315.3210.6190.0

Netreleasefromear-

mark i

457.5-58 .0

82.6

1.1.2

- . 7- 2 . 3- 1 . 5

1.0- . 41.81.0

- 1 . 9.6

1.3

Otherfactors >

41.641.1

2,986.1

2.812.328.1

- 2 . 99.6

25.812.111.77.3

11.816.613.9

v Preliminary.1 Gold released from earmark at Federal Reserve banks less gold

placed under earmark (with allowance when necessary for changes ingold earmarked abroad for account of Federal Reserve banks).

'Figures are derived from preceding columns and indicate net resultof such factors as domestic production, movements into and out ofnonmonetary use, imports and exports that do not affect gold stockduring the month or year, and increment resulting from reduction inweight of gold dollar.

Back figures—See Annual Report for 1934 (table 44).

MOVEMENT OF GOLD TO AND FROMUNITED STATES1

[In thousands of dollars}

From or to—

BelgiumEnglandFrance - .GermanyNetherlandsSwitzerlandUnion of Soviet

Socialist Re-publics

CanadaCentral America.MexicoArgentinaChileColombiaEcuadorPeruUruguayVenezuelaAustraliaBritish IndiaChina and Hong

KongDutch East In-

diesJapanPhilippine Is-

landsAll other coun-

tries*

Total

1936

January

Im-ports

16,0393,514

00

1,73910,748

358845

3666

1,743553168

445,196

11,744

1,176

1,236

206

45,981

Ex-ports

253

3

82

338

1935

December

Im-ports

8,600145,388

294,727

2,8469,060

204918

2986

451304

371,851

11,108

1,605

19

1,820

226

190,180

Ex-ports

170

170

January-December

Im-ports

4316,302934, 302

63227,225

968

18,09995,2452,814

14,58319

6,59310,8995,1852,148

6203,498

75, 267

9,431

19

15, 335

2,359

1, 740,979

Ex-ports

bib59

29641

74

915

1

1,960

i With some exceptions figures represent customs valuations at rate of$35 a fine ounce.

2 Includes all movements of unreported origin or destination.Back figures.—See table, p. 107, and Annual Report for 1934 (tables 46

and 47).



MEMBER BANK RESERVE BALANCES[Average of daily figures. In millions of dollars]

Month or week

Reserves held

Total—allmemberbanks

New YorkCity*

Otherreservecities

'Country"banks

Excess reserves

Total-allmemberbanks J

New YorkCity i

Otherreservecities

'Country"banks'

1934—December1935—January

FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember*

Week ending (Friday)1935—Oct. 4.

Oct. 11Oct. 18Oct. 25Nov. 1Nov. 8Nov. 15Nov. 22Nov. 29Dec. 6_Dec. 13Dec. 20Dec. 27

4,037

4,3554,6014,4524,4364,7784,9794,9705,2325,2435,4695,7575,716

1,4681,6511,8641,7601,7151,8131,9691,9382,3062,3202,4602,5632,541

1,7271,8371,8261,7871,8312,0312,0922,0721,9892,0232,1012,2532,239

843

867911905890935918960937900908941935

5,2465,3305,4625,5865,6545,6935,7405,7835,8125,8736,0165,6255,448

2,3962,3702,4262,5362,5652,5352,5402,5722,5932,6472,6932,4802,376

1,9662,0442,1152,1472,1882,2172, 2532, 2752,2872,2792,3342,2342,167

884916922903901941947936931947990911905

1,747.82,035.22, 236.62,064.72,025.62,296.92,437.82,385.22,635.82, 628.02,819.73,061. 22,982. 7

2, 594. 02,696. 02,814.02,927.02,985. 03,014.03,054.03, 074.0* 3,083. 03,135.03,281.02,881.02,715.0

555.8715.9

779.0723.0797.5915.3867.6

1,214.21,177.31,308.81,392.71,350.4

1,232.91,222.11, 275. 81,387. 01,414.11,378.91,380. 31,399.81,403. 21,446.91,493.81,286. 91,202. 3

799.9907.7886.7842.3878.4

1,038.41,079.01,037.5956.4979.5

1,035.21,162.11,133.1

916.7988.0

1.049.41.075.51,106.11,130.81,162. 31,183.01,191.0

1,184.01, 235. 71.124.61, 051. 5

392.2411.6451.0443.5424.3461.0443.4480.1465.3471.2475.7506.4499.2

444.0486.0489.0465.0465.0504.0511.0491.0

r 489.0504.0552.0470.0461.0

* Revised.* Central Reserve city banks only.* Weekly figures of excess reserves of all member banks and of country banks are estimates.'For total reserves and estimated excess reserves of all member banks during ths following month, see tables on pages 87 and 88.

Back figures.—See Annual Report for 1934 (table 67).

MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS[Averages of daily figures. In millions of dollars]

Month or week

1934—D ecember1935—January

FebruaryMarchAprilMayJuneJuly _AugustSeptemberOctober _"NTnvflTnfafirDecember _.

Week ending (Friday):1935—Oct. 4

Oct. 11Oct. 18Oct. 25Nov 1Nov. 8 „Nov. 15Nov. 22Nov. 29Dec. 6Dec. 13Dec. 20 . . „Dec 27

Total deposits subject to reserve

Tota l -all

memberbanks l

28, 53828,90729,35729,68629,88230,57131,00331,40131,46331, 33631,75332,16132,480

NewYorkCity *

7,5127,6947,9268,0508,1458,3188,5658,7028,8969,2729,3829,5089,644

9,4439,3629,3749,3799,3829,4039,4289,5229,6569,7239,7119,6609,510

Otherreservecities

11,82811,93312,06312,14812, 26012,64712,81412,97912,96813,07213,31113, 55913, 719

13,15413, 21513,30713,37313,47013,51813,55913,56513, 59713, 58613, 63013, 74613, 830

"Coun-try"

banks*

9,1979,2809,3689,3879,4779,6069,6249,7209,5998,9929,0619,0959,117

Net demand deposits

Tota l -all

memberbanks1

18,76918,99319,36119,55419,76820, 37720,89921, 29521, 31121,17921, 46421,87222, 200

NewYorkCity*

6,8657,0437,2687,3997,4817,6557,9678,0958,2538,6428,6938,8509,013

8,8038,6748,6858,6728,6928,7398,7708,8639,0069,0799,0749,0348,884

Otherreservecities

7,5277,5277,6067,6627,7458,0858,2758,4818,4748,5618,7558,9779,119

8,6108,6758,7578,8068,8928,9348,9738,9869,0229,0249,0489,1439, 208

"Coun-try"

banks l

4,3764,4224,4874,4934,5424,6384, 6574,7194,5843,9754,0164,0454,069

Time deposits

Total -all

memberbanks *

9,7699,9149,996

10,03110,11410,19410,10310,10710,15210,15710, 28910, 28910, 280

NewYorkCity a

647651658651664663597607643630688657632

640688689707690664658659650644637626626

Otherreservecities

4,3014,4064,4574,4864,5154,5624,5394,4984,4944,5104,5564,5814,600

4,5444,5404,5504,5674,5794,5844,5864,5794,5754,5634,5834,6034,622

"Coun-t ry"

banks i

4,8214,8574,8814,8954,9354,9694,9675,0025,0155,0175,0455,0505,049

i Weekly figures are not reported. J Central Reserve city banks only.NOTE.—The method of computing net demand deposits subject to reserve was changed by the Banking Act of 1935 approved Aug. 23, 1935.

See BULLETIN for October 1935, p. 644.

Back figures.—See Annual Report for 1934 (table 67).45347—36 4



ALL BANKS IN THE UNITED STATES[Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks,

and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, beginning with June1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptrollerof the Currency or a Federal Reserve bank]

LOANS AND INVESTMENTS[In millions of dollars]

Date

1931—Mar. 25June 30 . .Sept 29Dec. 31

1932—June 30Sept. 30Dec. 31

1933—June 30 >Oct. 25»Dec. 30

1934—Mar. 5»June 30Oct. 17 »Dec. 31

1935—Mar. 4June 29Nov. 1*Dec. 31»

All banks

Total

55,92455,02153,36549,70446,07145,85244,94640,076

40,319

42,502

43,45843,74744,416

Loans

36,81335,38433,75031,30527,83.426,98526,06322,203

21,977

21,278

20,47420,39420,272

Invest-ments

19, 11119, 63719,61518,39918,23718,86718,88317,872

18,342

21,224

22,98423,35324,145

Member banks

Total

34,72933,92333,07330,57528,00128,04527,46924,78624,95325,22026, 54827,17527,55928,15028,27128, 78529,301

* 29,934

Loans

22,84021,81620,87419,26116,58715,92415,20412,85813,05912,83312,70612,52312,29312,02811,95311,92811,841

p 12,159

Invest-ments

11,88912,10612,19911,31411,41412,12112,26511,92811,89412,38613,84214,65215,26716,12216,31816,85717,460

v 17,775

Nonmember banks

Mutual savings banks

Total

i 9,98710,506

i 10,50610,48810,316

U0,31610,18210,044

9,985

9,904

9,7829,7759,852

Loans

i 6,0686,169

i 6,1696,2186,130

i 6,1306,0795,941

5,906

5,648

5,4915,4785,341

Invest-ments

» 3,9204,337

i 4,3374,2704,186

i 4,1864,1034,103

4,079

4,256

4,2914,2974,511

Other nonmember banks

Total

11,20810,5939,7868,6417,7557,4917,2955,246

5,115

«5,423

5,5265,7015,779

Loans

7,9067,3996,7075,8275,1174,9314,7803,404

3,238

3,108

2,9552,9633,003

Invest-ments

3,3023,1943,0792,8142,6372,5602,5151,841

1,877

2,315

2,5712,7382,777

v Preliminary.i Figures of preceding call carried forward.» Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember

banks.» Nonmember bank figures not available.* In connection with the increase over December 1933, see the headnote regarding private banks; also BULLETIN for July 1935, p. 485.


DEPOSITS, EXCLUSIVE OF INTERBANKDEPOSITS


Date

1930—Dec. 311931—Mar. 25

June 30. .Sept. 29Dec. 31


1933—June 30»Oct. 25 * . .Dec. 30

1934—Mar. 5 >June 30Oct. 17*Dec. 31

1935—Mar. 4June 29Nov. 1»

All banks

53,03951,42751,78249,15245,82141,96341,94241,64337,998

38,505

41,870

44,77144,45545,766

Memberbanks

32,56031,15331,56629,46927,43224,75524,90324,80323,33823,45323,77125,29326,61527,48428,94328,58929,49631,072

Nonmember banks

Mutualsavingsbanks

9,507i 9,50710,017

i 10,01710,10510,020

i 10,02010,0229,713

9,708

9,780

9,8289,8379,920

Othernonmem-ber banks

10,97210,76710,1999,6668,2847,1887,0206,8184,946

5,026

<5,475

6,0006,0296,350

For footnotes see table above.

NOTE.—Prior to Dec. 30,1933, member-bank figures include interbankdeposits not subject to immediate withdrawal, which aggregated $103,-000,000 on that date.

Back figure*.—See Annual Report for 1934 (table 60).

NUMBER OF BANES

Date

1930—Dec. 311931—Mar. 25

June 30Sept. 29Dec. 31


1933—June 30».—Oct. 25 *Dec. 30

1934—Mar 5 *June 30Oct. 17» . .Dec. 31

1935—Mar. 4June 29Nov. 1». .

Total

22,76922,37221,90321,29419,96619,04618,79418,39014,519

15,011

15,835

16,04216,02415,994

Member banks

Total

8,0527,9287,7827,5997,2466,9806,9046,8165,6065,8186,0116 2066,3756,4336,4426,4226,4106,400

Na-tional

7,0336,9306,8006,6536,3686,1456,0806,0114,8975,0525,1545,2885,4175,4615.4625,4465,4255,403

State

1,019998982946878

835824805

709766857

918958972980

976985997

Nonmemberbanks

Mutualsavingsbanks

603

1603600

1600597

5941594

594

576

579

578

579579571

Othernon-

mem-ber

banks

14,11413,84113,52113,09512,12311,47211,29610,9808,337

8,421

8,882

9,0219,0239,013

For footnotes see table above.Back figures.—See Annual Report for 1934 (table 60).


FEBBTJARY 1936 FEDERAL RESERVE BULLETIN 93

ALL MEMBER BANKS-LOANS AND INVESTMENTS[In millions of dollars]

Call date

Total

andinvest-ments

Loans to customers (except banks)

Total

Tobro-kersout-sideNewYorkCityi

Toothers

onsecuri-

ties

Realestateloans

Re-port-ing

banks'own

accept-ances

Other-wisese-

curedand

unse-cured

Loansto

banks

Open-market loans

Purchased paper

Ac-cept^ancespay-able inUnitedStates

313407375291303223350264276256235201154181

262341330224233170276225232210203183135158

385844636850643439422614lfi20

1381423105556333

Billspay-able

abroad

3434302524372620303134172729

2118151081781012161971216

11141313141715815141381311

22212322322222

Com-mer-cial

paperbought

Loansto

bro-kers in

NewYorkCityi

Investments

Total

U. S. Govern-ment obliga-

tions

DirectFullyguar-anteed

Othersecuri-

ties

TOTAL—ALL MEM-BER BANKS


1933—June 30»Oct. 25Dec. 30

1934—Mar. 5June 30Oct. 17

28,00128,04527,46924,78624,95325,22026,54827,17527,559

Dec. 31 1 28,150- * * - A 28,271

28,78529,30129, 934

1935—Mar. 4June 29Nov. 1Dec. 31 p

NSW YORK CITY «

1932-June 30Sept. 30Dec. 31

1933-June30*Oct. 25Dec. 30

1934-Mar. 5-June 30Oct. 17Dec. 31

1935—Mar. 4June 29Nov. 1Dec. 31 v

OTHER RESERVECITIES


1933—June 30 *Oct. 25Dec. 30

1934—Mar. 5June 30Oct. 17Dec. 31

1935—Mar. 4June 29Nov. 1Dec. 31 p

COUNTRY BANKS1932—June 30

Sept. 30Dec. 31

1933-June30»Oct. 25Dec. 30

1934—Mar. 5June 30Oct. 17 ,Dec. 31

1935-Mar. 4June 29Nov. 1Dec. 31 p

6,7157,1127,3277,1336,9716,9957,3517,6667,5457,7617,7838,3038,1678,400

11,04510,97910,5359,7809,95110,15710,81611,05411,36711,60911,73911,74312.31312,632

10,2409,9549,6077,8738,0318,0688,3818,4568,6498,7808,7498,7398,8218,901

15,26714,49713,90511,33711,52311,31511,09310,80410,78210,50910,42010, 36910.46510, 531

2,8562,6382,6212,2972,4362,3952,3212,2022,2942,2022,1982,1462,1852,191

6,5196,1965,8794,8464,9124,7974,6694,5864,5624.4594,4364,4254,5224,594

5,8925,6635,4054,1944,1754,1234,1034,0163,9263,8493,7863,7983,7583,746

283258241165178166164208167187184192179206

178164111117106101138102118113120107126

5,0094,8284,6083,7523,6313,6063,4803,3093,1583, llO3,0312,9312,8852,881

1,2791,2371,1861,044985989938882826820805783775791

2,2052,1272,0051,5901,542, 524,465,388,319294261216209

1,204

932902

2,8942,8852,8622,3722,3642,3592,3822,3572,2972,2732,2502,2772,2792,284

160154160157149148156156150139139138136140

1,4071,4061,3981,1601,1441,1511,1581,1451,1201,1081,0931,1201,1171,109

1,3281,3241,3041,0551,0701,0611,0681,0561,0261,0261,0181,0201,0261,035

225192257213250210229232207135159169

1389014812017913017114415916414582101107

6,3685,9704,8575,0924,9724,8174,7214,9324,7084,7484,8344.9634,991

1,2161,0941,066937

1,0751,0841,009

9651,1081,0241,0541,0851,1141,091

2,6612,4212,2371,9152,0331,9371,8701,8531,9561,8731,9091,9172,0342,096

3,0152,8542,6672,005, 984,952,937

,810,785

1,8311,8151,804

57345744433029728722515314915513311994

26020321616214314611268666352483542

2542051781291201037953556556504040

1221159387164132157200253232255247260272

62654651917889115151135142126124131

36362827463454729592109116132135

278414357788748840855

1,082802843875975841

1,048

258391337720624706687883631662678930828

1,018

7141258100112138154123131134261022

11,41412.12112,26511,92811,89412,38613,84214,65215,26716.12216,31816,85717,46017,775

3,0333,5083,7893,7093,5013,5423,9324,2654,3004,6024,6284,9834,9684,972

4,1544,4274,3624,6214,6455,0005,7636,1046,4236,7646,9337,0937,5897,813

4,2264,1874,1143,5983,7483,8454,1484,2834,5454,7564,7574,7804,9034,989

5,6286,3666,5406,8876,8017,2548,6679,1379,1869,9069,8219,871

10,08010,500

2,0082,4292,6032,5512,3202,3622,7683,0532,9543,2463t2003,462

3,425

2,18/2,4652,4622,8672,8893,2093,9544,1024,2404,5514,6014,4784,8655,138

1,4321,4711,4741,4691,5921,6831,9461,9821,9922,1082,0201,9311,8741,937

181»276709989

1,2001,5581,7641,768

105«157237278298348405401

75*94257356453658751744

3 25215355448553609623

5,7865,7555,7265,0415,0935,1324,995

»5,2395,3725,2275,2985,4275,6155,506

1,0251,0791,1861,1681,1811,1791,059

* 1,0561,1001,0781,1311,1741,2231,146

1,9661,9611,9001,7541,7571,7901,734

3 1,9081,9261,8571,8781,9571,9731,931

2,7942,7152,6402,1292,1562,1622,202

3 2,2762,3372,2932,2892,2962,4192,42»

p Preliminary.* Loans (secured by stocks and bonds) to brokers and dealers in securities.»Beginning June 30, 1933, figures relate to licensed banks only.«An estimated small amount of Home Owners' Loan Corporation bonds guaranteed by the United States Government as to both interest and

principal are included in "Other securities."* Central reserve city banks.Back figures.—See BULLETIN for November 1935, pp, 722 and 723.


94 FEDERAL RESERVE BULLETIN F E B R U A R Y 1936

ALL MEMBER BANKS-RESERVES, DEPOSITS, AND BORROWINGS[In millions of dollars]

Call date

TOTAL—ALL MEM-BER BANKS


1933—June 30 »Oct. 25Dec. 30


1935-Mar . 4June 29Nov. 1

MEW YORK CITY «


1933—June 30*Oct. 25Dec. 30

1934—Mar. 5June 30Oct. 17Dec. 31 _

1935—Mar. 4June 29Nov. 1

OTHER RESERVECITIES


1933—June 30«Oct. 25Dec. 30


1935—Mar. 4June 29-Nov. 1

COUNTRY BANKS


1933—June 30«Oct. 25Dec. 30.


1935—Mar. 4June 29Nov. 1

Re-serveswithFed-eralRe-

servebanks

1,9982,2352,5112,2352,6512,6783,1483,8193,9764,0824,5184,9335,662

772971

1,132846968903

1,1701,4171,4431,5761,8561,9352,590

767823931937

1,1541,2021,2931,6331,6851,6831,7462,0792,172

458441448452529573685769848822916920900

Cashin

vault

Bal-anceswithdo-

mes-tic

banksi

Cashitemsreport-ed as

onhandor inproc-ess

of col-lec-

tion 2

Do-mes-tic

banks

478407423405447471486473550609534537541

173134144156172198189194228247231250251

253230232203232225230216258275246236237

1,7312,0492,4162,0081,8481,9692,3032,6662,8233,0363,2663,2853,646

115101909391978410386133109

1,0111,2801,5341,2051,1011,1341,2951,5131,5361,6941,8141,8011,982

624671767702657742917

1,0571,2041,2391,3661,3511,555

1,3371,2371,1221,4851,0601,1321,1591,0571,4071,9031,4751,1831,756

722687491874553476631415666

1,069810447873

448411467462389484393468552627502544662

167140164149118172135174189207163HJ2221

Demand deposits

Interbank

2,8703,2693,6093,0572,9903,1393,6764,0704,4664,5695,0954,9785,558

1,1031,3461,5621,2551,2151,2001,4021, 5911,6891,7982,0471,9832,203

1,5111,6781,7821,5751,5451,6851,9932,1782,4312,4302,6842,6492,955

2572442632282302542813003453403643473G9

For-eign

banks

172213243145117129173155136147169273361

146187216127100112154135116126147248327

Unit-ed

StatesGov-ern-

ment

Pub-lic

funds

387738475806918967

1,7901,6581,1431,6361,270779650

118306173332379422843802559792572369219

209336229356425434766682458666546319335

609672116114ill1811741251781529095

Certifiedandoffi-cers'

checks,cash

lettersof

credit,etc.'

1,3141,0341,1191,0871,1061,3201,4251,5981,6801,7991,8612,0912,251

11767

711411091672012291903544GS

462364411437455557613700

872889

734613615555579622702731787804845865895

566514422657465378549372590838741417

359350177461299167368154360540500149413

1269515412498126107132132193151164167

82699072688574859810690104106

Indi-vid-uals,part-ner-

cor-pora-tions,

etc.

11,89012,04712,27311,83011,87312,10912,25213,34914,44914,95114,87216, 20617,327

4,2874,3504,5404,6764,5134,4944,4224,8945,1075,3705,3295,9246,104

4,5504,6844,7454,5784,7274,8224,8235,3055,8715,9925,9016,5227,128

3,0523,013

De-manddepos-its ad-justed *

2,5762,6332,7933,0073,1503,4723,5893,6423,7614, 095

12, 43312,35812,69112,08912, 38412,67413,06614,26115,31215,68615,99917,53018,509

4,0414,0814,3194,3584,3304,3254,2684,8005,0015,0695,2095,9796,132

4,6904,7224,8434,6774,8925,0215,1505,6706,1436,3246,3767,0137,523

3,7013,5563,5303,0543,1623,3283,6483,7924,1684,2924,4144,5384, 875

Time deposits

Interbank

Do-mes-tic

>anks

70708789878392

122135134145136132

346

2211

1111

60597459747280

106117117128119115

7777

121011151716171617

For-eign3anks

75110

77847856

5411567737744

21

1

111

11

Pub-lic

funds

337342342300270301305333294294290285310

1020

74

101413128446

13

233211232209172204206234199206211203218

94110104

86878387878784757678

Pos-tal

Sav-ings

610695708788781778755585472452399307227

687680

1101061071056965564427

3

31035934939438237134926019718716711884

2312602792852933003012562-10210188162140

Indi-vid-uals,part-ner-

ships,cor-

pora-tions,etc.

9,6139,4909,4117,8037,9717,9578,2588,7638,9169,0209,2039,4629,671

715786843671680620600649623591595567680

3,9673,9243,8823,2993,3393,3643,4953,7273,7933,8753,9854,1394,168

4,9314,7804,6863,8333,9533,9734,1634,3884,5004,5544,6234,7564,824

Bor-row-ings

815697547191188143913524131799

141

13

274210llfi162116

8

527488418167136123833517131498

i Including dollar balances due from American branches of foreign banks.* Does not include cash items in process of collection reported in balances with domestic banks.> Includes "Due to Federal Reserve banks (deferred credits)."4 Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection.* Beginning June 1933, figures relate to licensed banks only.•..Central reserve city banks.

Back figures.-—See BULLETIN for November 1935, pp. 724-726.


FEBEVARY 1936 FEDERAL RESERVE BULLETIN 95

REPORTING MEMBER BANKS IN 101 LEADING CITIES[Monthly data are averages of weekly figures. In millions of dollars)

Date or month

JOTAL—101 CITIES

1935—-JanuarySeptember. _.OctoberNovember.—.December...

1936—January1935—Nov. 6

Nov. 13Nov. 20Nov. 27Dec. 4.Dec. 11Dec. 18Dec. 24Dec. 31

1936-Jan. 8..Jan. 15Jan. 22Jan. 29

NEW YORK CITY

1935—JanuarySeptember.,.OctoberNovember, _.December...

1936—January1935—Nov. 6

Nov. 13Nov. 20Nov. 27Dec. 4Dec. 11Dec. 18Dec. 24Dec. 31

1936—Jan. 8Jan.15Jan. 22Jan. 29

OUTSIDE NEW YORKCITY

1935—JanuarySeptember. _.OctoberNovemberDecember

1936—January _1935—Nov. 6 _.

Nov. 13Nov. 20Nov. 27Dec. 4Dec. 11Dec. 18Dec. 24Dec. 31

1936—Jan. 8Jan. 15Jan. 22Jan. 29

Totalloansand

invest-ments

19, 48920,18720,35520,51020,76920,92820,42620,49020,49020,63220, 51820, 52120, 97020,93920,89520,83420,91320,96920,995

7,4107,7437,7347,8287,9217,9377,7347,8127,8177,9497,8567,8837,9937,9557,9177,9007,9067,9408,000

12,07912,44412, 62112.68212,84812,99112, 69212, 67812,67312.68312,66212,63812, 97712,98412,97812, 93413,00713,02912, 995

Loans to customers (except banks)

Total

6,7446,6806,7516.7706,8246,7236,7596,7656,7576,7996,8206,8156,8436,8146,8316,7436,7496,7166,681

2,1152t0732,0962,0922,0952,036

Tobrokers

anddealersoutside

NewYorkCity i

2,0932,0902,1022,0972,0992,1072. 0832,0902,0412,0442,0352,025

4,6294,6074,6554,6784,7294,6874,6734,6724,6674,6974, 7234,7164,7364,7314,7414,7024,7054,6814,656

Toothers

onsecuri-

172163159161174176156159155173170169177171183175180178171

55565859595958

117107101102115117989996113111110118112124117121117113

2,2422,0652,0782,0812,1072,0712,0812,0782,0822,0852,0942,1022,1182,1112,1112,0792,0742,0662,064

780709721727745730723723731732734744757746743735730728729

1,4621,3561,3571,3541,3621,3411,3581,3551,3511,3531,3601, 3581,3611,3651,3681,3441,3441,3381,335

Real-estateloans

Otherloans

tocusto-mers 2

Loansto

banks

1,1331,1371,1461,1411,1391,1421,1421,1401,1411,1401,1411,1401,1381,1401,1361,1371,1451,1431,142

130123123123125128123123123123124124124128127127128128127

1,0031,0141,0231,0181,0141,0141,0191,0171,0181,0171,0171,0161,0141,0121,0091,0101,0171,0151,015

3,1973,3153,3683,3873,4043,3343,3803,3883,3793,4013,4153,4043,4103,3923,4013,3523,3503,3293,304

1,1501,1851,1941,1831,1661,1191,1821,1871,1771,1871,1801,1721,1671,1501,1611,1211,1271.1181,131

2,0472,1302,1742,2042,2382,2152,1982,2012,2022,2142,2352,2322,2432,2422,2402,2312,2232,2112,193

andcom-

mercialpaper

bought

Open-marketloans

Ac-cept-

Loansto

brokersin

NewYorkCity i

1258985

1028170878486

1509874 |79 i767678716765

645043634634444548114623945424242363128

449316327338358364326333340353356357357356

367360

231130140155171173145150156169170170169170174175174173168

218186187183187191181183184184186187188186188191192194192

743844800820921923796815819850882915909918980937939923893

581814779800897895781795797827860891886895955909912893866

162302120242815202223222423232528273027

Investments

Total

11,42812, 25812,39212,48012,58512,84812,45812,49312,48812,48012,36212, 36012, 78212,77512,64612,71012,78812,89612,996

4,4194,6764,6764,7184,7124,7994,6784,7294,7264,7374,6674,6844,7864,7654,6564,7334,7404,8084,913

7,0097,5827,7167,7627,8738,0497,7807,7647,7627,7437,6957,6767, 9968,0107,9907,9778,048

8,083

U. S. Govern-ment obliga-

tions

Direct

7,7958,0458,1568,2918,4338,5998,2368,2958,3338,3018,2218,2168,6438,6168,4688,5168,5768,6518,655

3,1543,2283,2253,3133,3203,3463,2583,3173,3463,3323,2763,2893,4153,3783,2433,3153,311

3,391

Fullyguar-anteed

4,6414,8174,9314,9785,1135,2534,9784,9784,9874,9694, 9454,9275, 2285,2385, 2255, 2015,2655,2835,264

6571,0941,1141,1381,1311,1551,1381,1411,1351,1371,1341,1361,1291,1311,1261,1351,149],1621,172

271370375378379399382381373373374377376382383387395401413

i386724739760752756756760762764760759753749743748754761759

Othersecuri-

ties

2,9763,1193,1223,0513,0213,0943,0843,0573,0203,0423,0073,0083,0103,0283,0523,0593,063

3,169

9941,0781,0761,0271,0131,0541,0381,0311,0071,0321,0171.018995

1,0051,0301,0311,0341,0391,109

1,9822,0412,0462,0242,0082,0402,0462,0262,0132,0101,9901,9902,0152,0232,0222,0282, 0292,0442,060

Re-serveswithFed-eralRe-

servebanks

3,4554,2514,4354,7154,6944,7734,6414,7084,7544,7594,8945,0244,4924,4664,5974,7074,7784,7644,843

1,5792,2212,3412,4242,4302,4982,3882,4152,4602,4352,5652,6102,2652,2642,4462,4312,4902,5092,561

1,8762,0302,0942,2912,2642.2752,2532, 2932,2942,3242,3292.4142; 2272,2022,1512,2762,2882,2552,282

Cashin

vault

Bal-anceswith

domes-tic

banks8

304336339354376354349363346358361379387386369370346347

259288285295316301289305291297304320326323312314293295300

1,9702,2122,25a2,3262,3122,3362,2632,3682,3502,3232,3702,3422,2932,246'2,3082,284'2,3662,328

759483818276-83-82?79-8187

sa88797777787575

1,8952,1182,1702,2452,2302,2602,1802,2862,2712,2422,2832,2622,2052,167

'2,2312,2072,2882,2532,291

r Revised.1 Loans (secured by stocks and bonds) to brokers and dealers in securities.2 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 De*.

193.% was approximately $38,000,000 at all weekly reporting member banks.

For other figures and note, see next page.



REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued[Monthly data are averages of weekly figures. In millions of dollars}

Date or month

Cashitems

reportedas onhandor in

processof col-lection

Otherassets

Total

Totalliabil-ities

Demand deposits

Interbank

Domes-tic Foreign

UnitedStates

Govern-ment

Certi-fied

checks,etc.

Other

De-manddepos-

its—ad*Justed i

Time deposits

Interbank

Do-mestic

For-eign

Other

Bor-row-ings

Otherliabil-ities

Capi-tal ac-count

TOTAL—101 CITIES

1935—JanuarySeptemberOctoberNovemberDecember

1936—January

1935-Nov. 6...Nov l3_ .Nov. 20..Nov. 27..Dec. 4 . . .Dec. 1 1 -Dec. 18..Dec. 24..Dec. 31 . .

1936—Jan. 8—.Jan. 15...Jan. 22...Jan. 29. .

NEW YORK CITY

1935—JanuarySeptember-OctoberNovember-December..

1936—January

1935—Nov. 6Nov. 13Nov. 20Nov. 27Dec. 4Dec. 11Dec. 18Dec. 24Dec. 31

1936—Jan. 8Jan. 15Jan. 22Jan. 29

OUTSIDE NEW YORKCITY

1935—JanuarySeptember-OctoberNovember..December..

1936—January

1935-Nov. 6....Nov. 13...Nov. 20...Nov. 27..Dec.4—.Dec. 11. . .Dec. 18...Dec. 24..Dec. 3 1 . .

1936—Jan. 8.....Jan. 15...Jan. 22...Jan. 29.. .

1,1851,1691,2181,3431,4291,335

1,3151,4201,2861,3501,2231,2951,4391,3171, 8721,2711,5361,3311,203

657691606688754670

713673660706622662779654

1,055635794655

528578612655675665

602747626644601633660663

'817636742676605

1,6371,3891,3741,3871,4031,330

1,3611,3751,3811,4331,4211,4221,3861,3901,3951,3161,3371,3311,336

735498478488483472

470478483519503493476472471463478473473

902891896899920858

891897898914918929910918924853859858863

28,04029,54429,97430,635

31,056

30,35530,72430,60730,85530,787

30,96730,74431,43630,78231,27631,07031,096

10,50111,19511,29611,56811,73011,706

11,44811,51811,55411,75111,69011,78711,66211,48712,02311,56211, 79911,70411, 760

17, 53918.34918,67819,06719,25319.350

18,90719,20619,05319,10419,09719,19619,30519,25719,41319, 22019,47719,36619,336

4,4264,9975,1255,2825,2685,485

5,2465,3555,3135,217

5,3385,2195,1715,2225,4095,5185,5265,486

1,8382,1322,1332,2032,2102,359

2,1732,2142,2202,1972,2862,2652,1732,1252,200

» 2,3142,3702,3832,368

2,5882,8652,9923,0793,0583,126

3,0733,1413,0843,0203,1033,0733,0463,0463,0223,0953,1483,1433,118

141270351385438427

363377434440438436436440424432427424

122243

354403

338332345401407401399401408395403397397

1,397628633519609654

546526502504482452705705701702699611604

718264247184182180

196189176176167152196197198197197162162

679364

427474

350337326328315300509508503505502449442

502460453484556537

493439476526522476562493727553594532471

346310294308355348

316271299346321289

359398341294

156150159176201189

177168177180201187193178244194196191177

12, 22413,99214,12414,63814,77614,622

14,38014,70114,62914,84214,61214,91114,72014,60915,03214,39114,71214,63514, 749

5,1026,9275,9416,1466,2176,101

6,0586,1286,1386,2586,1136,2936,1776,1086,394

6,1156,0996,211

7,1228,0658,1838,4928,5598,521

8,3228,5738,4918,584

8,6188,5438,501

8,4118,5978,5368,538

11,54213,28313,35913,77913,90413,824

13,55813,72013,81914,01813,91114,09213,84313,78513,88713,67313,77013,83614,017

4,7915,6465,6295,7665,8185,779

5,6615,7265,777

5,8125,9205,7675,7695,822

>5,7045,7195,7855,907

6,7517,6377,7308,013

8,045

7,8977,9948,0428,1208,0998,1728,0768,016'8,0657,9698,0518,0518,110

122119119118120135

116119117119116120117118128135135134135

121119119118120135

116119117119116120117118128135135134135

4,8334,8534,9174,8834,8724,892

4,8954,8924,8724,8724,8434,8564,8684,8834,911

604589619586669540

585591585583575572563568566544543541535

4,2294,2644,2984,297

4,352

4,3104,3014,2874,2894,2684,2844,3054,3154,3454,3454,3554,3514,353

905718750807821796

793

825852866818804765773783799829

300267287325332314

321330320330356354325313313310309313326

605451463482489482

472478483495496512493491452463474486503

3,4793,4023,4963,5143,5183,503

3,5143,5153,5143,5133,5273,5223,5193,5183,5063,5013,5003.5063,505

1,4631,4501,4501,4581,4591,462

1,4581,4591,4501,4571,4621,4581,4581,4581,4581,4601,4611,4631,464

2,0162,0422,0462,0562,0592,041

2,0562,0562,0552,0562,0652,0642,0612,0602,0482,0412,0392,0432,041

»• Revised.1 Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection.2 See footnote 2 on page 132.NOTE.—For description of figures and earlier figures for some of the items, see B ULLETIN for November 1935, pp. 711-738. Reprints of this article

may be obtained upon request from the Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for1932 (tables 78-82).



ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS9 BORROWINGS

BANKERS' ACCEPTANCES, BY HOLDERS (DOLLARACCEPTANCES)


End of month

1933—AugustSeptember..OctoberNovember. .December

1934—JanuaryFebruary. . .MarchAprilMayJuneJulyAugustSeptember. .OctoberNovember--December

1935—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. .OctoberNovember __December.. .

Totalout-

stand-ing

694715737768764

771750685613569534516520539562561543

516493466413375343321322328363387397

Held by Fed-eral Reserve

banks

Forownac-

count

111

18• 127

10556233

81

0)

Forac-

countof for-eign

corre-spond-ents

40413134

45543211

O ) 1

(*)

Held by acceptingbanks

Total

499517592599442

567581576536507480472483603616517497

485452423391856317296292301339358368

Ownbills

252236271273223

255266252236226220222222223245252243

238217197178162154148145148178182183

Billsbought

247282321326219

312315824299281260250261280271265254

247235226214193163148147154161175185

Heldby

others

154156112138190

9510881705953423735454446

304143221926243027242929

»Less than $500,000.Source: For acceptances outstanding (and held by accepting banks),

American Acceptance Council.Back figures.—See Annual Report for 1933 (table 100).

B R O K E R S ' BORROWINGS

(Net borrowings on demand and on time in New York City reported bymembers of the New York Stock Exchange. In millions of dollars]

End of month

January. _.February..March

AprilMayJune

JulyAugustSeptember.

October. . .November.December-

Total

1935 1936

825816773

805793808

769772781

792846

925

From banksand trust com-

panies

1935 1936

758750706

762759776

741750759

772821907

891

From privatebanks, brokers,foreign banking

agencies, etc.

1935 1936

34


BANKERS' ACCEPTANCES, BY CLASSES (DOLLARACCEPTANCES)


End of month

1933—August- .September..OctoberNovember.December...-

1934—January.. . .February.March. IAprilMayJuneJulyAugust .SeptemberOctoberNovember.. . . .December

1935—January . . . .FebruaryMarch..... . . . . .AprilMay. . .June . . . . .JulyAugustSeptemberOctoberNovember.....December _

Total

694715737758764

771750685613569534616520539562561543

516493466413375343821322328363387397

Basedj m

intoU S

95103999894

8998

10310310097948994938989

8892

10110310710299

102102106105107

Basedon ex-portsfromU.S.

160171185200207

225203186164150145135140138147148140

13312312211410094868177758494

Basedon goodsstored inUnitedStates(ware-house

credits)or

shippedbetweendomesticpoints

229237253278277

111261226186164141138147166184195193

17916613496765747526698

111110

Dollarex-

change

44544

543334444422

832222344432

Basedon

goodsstored

inforeigncoun*

tries orshipped

be-tweenforeignpoints

206199195180182

175184168158152148144141137133127119

• 11410910699918986837fl828484

Source: American Acceptance Council.


COMMERCIAL PAPER OUTSTANDING *

[As reported by dealers. In millions of dollars!

End of month

JanuaryFebruary-. .March

April-May . .June . .

JulyAugustSeptember.

OctoberNovemberDecember

1932

108103106

108111103

100108110

11311081

1933

858472

U6073

97107123

130133109

1934

108117133

139142151

168188192

188178166

1935

171177182

173173159

164177183

180178172

1 Includes some finance company paper sold in the open market.



98 FEDERAL KESERVE BULLETIN FEBRUARY 1936

FEDERAL RESERVE BANK RATES

RATES ON REDISCOUNTS FOR AND ADVANCES TOM E M B E R BANES

Federal Re-serve bank

BostonNew YorkPh i l ade lph ia -ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. ~Kansas C i t y -DallasSan Francisco-

Rediscounts and advances un-der sees. 13 and 13a of theFederal Reserve Act

Rate ineffect onFeb. 1

2IX2VA22222222

In effect be-ginning—

Feb. 8,1934Feb. 2,1934Jan. 17,1935May 11,1935May 9,1935Jan. 14,1935Jan. 19,1935Jan. 3,1935May 14,1935May 10,1935May 8,1935Feb. 16,1934

Previ-ousrate

2M22y2

2VA2HVAVA2M2H2H2H

Advances under sec.10 (b) of the Fed-eral Reserve Act

Rate ineffect onFeb. 1

2H22 ^22M2H2HVA

2V2

2lA%

In effect be-g inn ing-

Sept. 20,1935Oct. 10,1935Nov. 2,1935Oct. 19,1935Sept. 23,1935Sept. 14,1935Sept. 20,1935Oct. 3,1935Oct. 29,1935Aug. 26,1935Oct. 8,1935Sept. 20,1935

RATES ON DISCOUNTS FOR AND ADVANCESSTO INDIVID-UALS, PARTNERSHIPS , AND CORPORATIONS

Federal Reservebank

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Discounts and advancesunder par. 3 of sec. 13of the Federal Re-serve Act

Rate ineffect on

Feb. 1

66665H565H6566


Aug. 11,1932Aug. 10,1932Aug. 12,1932July 24,1934July 16,1934Mar. 20,1934Aug. 13,1932July 10,1934Aug. 10,1932July 10,1934Sept. 8,1932Sept. 2,1932

Advances secured bydirect obligations ofthe United States(last paragraph of sec.13 of the Federal Re-serve Act)

Rate ineffect on

Feb. 1

43M43H4444

4M3H44


Oct. 20,1933Feb. 8.1934Oct. 20,1933May 11,1935Feb. 19,1934Mar. 17,1934Oct. 16,1933Feb. 21,1935Apr. 15,1933May 10,1935Mar. 12,1934Oct. 19,1933

NOTE.—For rates on industrial advances see p . 127.

BUYING RATES ON ACCEPTANCES

[Buying rates at the Federal Reserve Bank of New York]

Maturity

1-15 days16-30 days31-45 days46-60 days61-90 days91-120 days. . . .121-180 d a y s -

Rate ineffect on

Feb. 1In effect be-

ginning—

Oct. 20,1933dodododododo

Previousrate

NOTE.—Rates on prime bankers' acceptances. Higher rates may becharged for other classes of bills.

Back figures.—Bee Annual Report for 1934 (table 51).

OPEN-MARKET RATES

SHORT-TERM RATES IN NEW YORK CITY

[Percent per annum]

Month or week

Prevailing rate o n - Average rate

Primecom-

mercialpaper,4 to 6

months

1935JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember. . . .December

1936

January

Week ending:Nov. 23Nov. 30Dec. 7Dec. 14Dec. 21Dec. 28Jan .4Jan. 11Jan.18Jan.25

4-1

Primebank-

ers'accept-ances,

90days

H

HHHHXHHH

y%

Stock-ex-

changetime

loans,90

3/4-1H-lH-lH-l

Stock-ex-change call

loans

New Re-newal

1.001.001.00.63.25.25.25.25.25.29.75.75

.75

1.001.001.00.64.25.25.25.25.25.29.75.75

.75

.75

.75

.75

.75

.75

.75

.75

.75

.75

.75

Average rate ofdiscount on—

U. S. Treasurybills offered

within period»

182-daybills

.14

.12

.10

273-daybills

0.17.16.17.15.13.07.10.22.20.14.09

.10

.13

.12

.11

.09

.08

.08

.11

.10

.09

.10

» When no rate is shown no bills of the stated maturity were offered.Back figures—Sen Annual Report for 1934 (tables 54 and 55).

RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES

[Weighted averages of prevailing rates]

Month

JanuaryFebruary. _MarchApril . .MayJuneJulyAugustSeptember.OctoberNovember.December..

New York^City

1934

3.583.433.313.393.423.303.303.333.263.283.223.18

1935

2.832.902.642.612.692,662.612.672.722.722.772.61

1936}

2.64

8 other northernand eastern cities

1934

4.654.494.524.524.394.304.154.124.114.134.083.98

1935

4.084.024.053.993.883.783.873.793.753.753.633.67

1936

3.62

27 southern andwestern cities

1934

5.405.395.405.345.285.195.075.055.045.054.934.92

1935

4.954.844.854.804.794.761584.634.514.554.514.55

1936

4.47

" I I "

Back figures.—See;Annual Report for 1934 (table 57).



BOND PRICES1


Number of issues1933 average1P34 average1935 average -

1935—JanuaryFebruaryMarch _AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1936—JanuaryJan. 8 _.Jan. 15Jan. 22Jan. 29

UnitedStates

Govern-ment

bonds 2

8-14102.2103.4106.3

105.1105.8106.6107.0107.1107.2107.5106.8105. 3105.3105.7105.8

106.3106.2106.3106.3106.3

Other bonds«

Corpo-rate andmunic-

ipal(high-grade)

<60

84.096.7

102.3

101.3101.399.9

100.0101.2102.2104.2104.2103.1101.9103.5104.5

106.5106.0106.4106.8106.9

Corporate

Total

60

73.484.588.6

87.687.484.585.587.188.389.289.990.489.891.192.5

95.394.395.695.996.4

Indus-trial

20

69.281.988.2

86.786.785.285.987.387.388.589.089.489.890.891.0

92.592.092.892.792.8

Rail-road

20

70.583.879.4

85.082.074.775.076.579.378.879.680.678.479.883.1

88.686.589.089.991.1

Utility

20

80.687.898.2

91.293.493.695.697.498.4

100.2100.9101.0101.0102.7103.1

104.7104.3104.8105.0105.1

1 Average prices. Monthly data are averages of daily or weekly figures.» Average price of principal outstanding issues of Liberty and Treasury

bonds; now 14 Treasury bonds.' Prices derived from average yields.* 45 corporate and 15 municipal.Source.—For United States Government bonds, Federal Reserve Bank

of New York; for other bonds, Standard Statistics Co.Back figures.—See Annual Report for 1934 (table 93).

BOND YIELDS *

Year, month, ordate

Numbor of issue3—1933 average1934 average1935 average

1935—JanuaryFebruaryMarchAprilMayJuneJuly.. .AugustSeptember. _.OctoberNovember,. .December

1936—JanuaryJan. 8Jan. 15--Jan. 22,-Jan. 29

UnitedStatesTreas-ury *

7-113.313.102.70

2.832.732.692.642.612.612.592.662.782.772.732.73

2.682.692.672.672.67

Munic-ipal 3(high-grade)

15

4.713.953.16

3.453.393.273.253.273.252.952.873.083.163.022.97

2.932.992.922.912.90

Corporate, by ratings *

Aaa

30

4.494.003.74

3.783.723.713.723.743.723.703.773.803.793.753.72

3.663.673.653.643.63

Aa

30

5.234.444.13

4.214.144.154.194.184.184.154.154.114.104.033.97

3.853.893.843.833.82

A

30

6.095.084.62

4.774.694.724.754.664.624.544.674.564.574.534.44

4.314.344.314.284.28

Baa

30

7.766.325.81

5.995.976.226.145.995.865.775.695.625.635.505.37

5.105.175.095.055.02

1 Monthly data are averages of daily or weekly figures.* Average, computed by Treasury Department, oi yields of all out-

standing Treasury bonds except those due or callable within 8 years.8 Standard Statistics Co.* Moody's Investors' Service.


45347—36 5

STOCK PRICES1


Preferredstocks(indus-

trial high-grade) »

Number of issues..1933 average1934 average1935 average

1935—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember. _December...

1936—JanuaryJan. 8Jan. 15Jan. 22Jan. 29

20

129.1130.2131.3132.2134.8134.0134.8135.4135.0134.8136.0137.0

137.3

136.8136.5137.6138.2

Common stocks (index, 1926 •» 100)

Total trial' rod mm*

421

—w7378

706864687376798385869496

100101102104

351668191

818075798688929598100108110

116

114115116118

37

~78

72

575553596570748282829192

99

"98

102

1 Monthly data are averages of daily or weekly figures.* Average derived prices.Source.—Standard Statistics Co.


CAPITAL ISSUES

[Long-term; i. e., 1 year or more. In millions of dollars]

Year or month

19261927 . -19281929193019311932193319341935

1935—January--.February._MarchAprilMayJuneJulyAugustSeptember-October—-November.December..

1936—January...

New issues

Total(do-

mesticandfor-

eign)

6,3147,5568,040

10,0916,9093,0891,194

7201,3861,438

9250

108908658

134152177144116231

122

Domestic

Total i

5,1896,2196,7899,4206,0042,8601,165

7081,3861,438

9250

108908658

134152177144116231

115

Stateandmu-nici-pal

1,3441,4751,3791,4181,4341,235

762483803884

8044

1006441447936

1325682

124

50

Corporate

Bondsandnotes

2,6673,1832,3852,0782,9801,240

30540

144334

378

173914272942703048

61

Stocks

1,0871,4742,9615,9241,503

31120

1203569

200560

28

( \33

194

For-eign

1,1251,3371,251

671905229291200

000000000000

7

Refund-ing

issues(do-

mesticandfor-

eign)

1,0482,2201,8581,422

711949538344826

3,284

4946

18041338445461028425921726122«

287

1 Includes publicly offered issues of Federal land banks, Federal in-termediate credit banks, Federal Farm Mortgage Corporation, andHome Owners' Loan Corporation, not shown separately.

«Less than $500,000.Sources.—YOT domestic issues, Commercial and Financial Chronicle;

for foreign issues (issues publicly offered) annual totals are as finallyreported by Department of Commerce, while monthly figures are ascompiled currently and are subject to revision.

Back figures.—See (for figures of new issues—annual and quarterlybasis) Annual Report for 1934 (table 92).



TREASURY FINANCEUNITED STATES GOVERNMENT DEBT

VOLUME AND KIND OF SECURITY


End of period

June 1932June 1933June 1934

1935JanuaryFebruaryMarch.Apr i l -May. . .June.—July....August.September. __OctoberNovember-December

1936January

Total(grossdebt)

19,48722,53927,053

28,47628,52628,82428,66928,63928,70129,12329,03329,42129,46229,63430,557

30,516

Total

19,16122,15826,480

27,95227,96928,04327,76627, 73827,64527,92327,95628,43228,38028,61729,596

29,618

Interest bearing

Bonds

14,25014,22316,510

16,25016,24716,23815,39415,15714,93614,57614,71514,30013,99814,00814,672

14,688

Notes

1,4654,7806,932

9,6859,5829,567

10,23610,47110,50111,06511,03611,92911,92911,95712,274

12, 272

Certif-icates

2,8312,2001,635

163161160158157156254252251250249247

254

Bills

616954

1,404

1,9541,9792,0791,9781,9532,0532,0281,9521,9522,2042,4042,404

2,404

Non-inter-est

bear-ing

326381573

524557782904901

1,0561,2001,076

9891,0811,017

961

1899

i Includes $510,000,000 of Government liability for retirement ofnational bank and Federal Reserve bank notes, as a result of depositof funds by banks; this compares with $815,000,000 on July 31, 1935,and $309,000,000 on Feb. 28, 1935.

MATURITIES


TotalObligations maturing:

Before Apr. 1, 1936Apr. 1-June 30,1936July 1-Sept. 30,1936Oct. 1-Dec. 31,1936Jan. 1-Mar. 31,1937Apr. 1-Dec. 31,1937193819391940194119431945194619471948After 1948

Other obligations 2 _..

Interest-bearing debt outstanding Jan. 31,1936

Total

29,618

8531,8961,579

558429

1,3201,9462,7622,854

834898

1,4011,5191,6971,0367,0111,025

Bonds1

14, 688

834898

1,4011,5191,6971,0367,011

292

Notes

12,272

1,245878358429

1, 3201,9462,7622,854

480

Certifi-cates

254

254

Bills

2,404

853651701200

i Issues classified as of date of final maturity; most issues callable atearlier dates; postal-savings bonds only issues callable before 1940.

* Includes United States savings bonds and such issues as postal-savings bonds, retirement-fund notes, and adjusted-service-certificateseries, in which special funds are invested.

SUMMARY OF TREASURY OPERATIONS(On basis of daily statement of United States Treasury. In millions of dollars]

Period

Fiscal year ending June:193319341935 . . .

7 months ending:January 1934January 1935January 1936

1935—JanuaryFebruaryMarch .AprilMayJune __JulyAugustSeptPmberOctober _ .NovemberDecember

1936—January

General and special funds

Receipts

Total

2,0803,1163,800

1,6802,0482,130

203214601228246464279299421235234434228

In-cometaxes

746818

1,099

335439590

1928

3262923

2542324

2313019

22835

Miscel-laneousinternalrevenue

8581,4701,657

870969

1,112114109189116137138165219143153142153138

Allother »

475828

1,044

474640427

70778683867291564753745255

Expenditures >

Total

4,6816,7456,802

3,5503,8673,902

462496546611542740673508563624487591456

General«

Inter-est onpublicdebt

689757821

375436377223490

11824

1198

2710110410

10719

Allother

2,7151,9842,327

1,2111,3621,610

18820916921318119731819321723421fi237197

Recovery and relief •

Total

«1,2774,0043,855

1,9642,0691,916

252252288279336425347289245286262247241

Relief

1,8442,342

8421,297

8461892142031921782581141581421451279764

Publicworks

6451,020

27569579255467545788288• 987

123130148225

Allother *

1,515292

84777

2788

6910438185

146139161942

•49

Excessof re-ceipts(+) or

ex-pendi-tures

. (-)

-2.602- 3 , 630

-3,002

-1 ,870-1,819-1 ,773

-260- 2 8 1+55

-383-296-277-394-210-143-389-253—157-228

Trustac-

counts,etc.*

excessof re-ceipts<+) or

ex-pendi-tures(-)

- 5+835+613

+16+134+120+18- 8

+19+21

+348+99-77- 1 7

+78+23+42+8

+64

Increase or de-crease during

period

Generalfund

balance

+445+1,720

- 7 4 1

+675-263+163-244—239+365-511+22

-115- 5 2

-314+324-325- 3 9

+774-205

Grossdebt

+3,052+4,514+1,648

+2,529+1,423+1,816

- 3+50

+291—149

- 3 0+63

+419-87

+389+40

+172+923

- 4 1

* Includes processing taxes, customs, and miscellaneous receipts • Excludes public-debt retirement» Prior to July 1933, recovery and relief expenditures included only net expenditures of the Reconstruction Finance Corporation; other items

subsequently classified as recovery and relief expenditures were included in general expenditures.*Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and

expenditures of the Reconstruction Finance Corporation.»Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against

increment on gold (other than for retirement of national bank notes), and beginning June 1935, transactions in checking accounts of certain specialgovernmental agencies whose balances were transferred on May 31,1935, to these accounts. ° Excess of credits.


FEBRUARY] FEDERAL RESERVE BULLETIN 101

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31, 1935(Compiled by U. 8. Treasury Department from reports received from organizations concerned. In millions of dollars]

ASSETSLoans—total.... _Preferred stock, capital notes,and debentures...Cash—total . .Investments:

United States securities .Obligations guaranteed by United States. . .Other investments

Accounts and other receivablesReal estate and other business propertiesOther assets

Total assets other than InteragencyLIABILITIES

Bonds, notes, and debentures:Obligations guaranteed by United States. . .All other

Other liabilities (including reserves)

Total liabilities other than interageucy...

Excess of assets over liabilities, exclusive of inter-agency transactions..

Privately owned interests

U. S. Government interests

Distribution of Government interests:Capital stock . . . .SurplusIntarflRenov interest (net)

ASSETSLoans—totalPreferred stock, capital notes, and debenturesCash—totalInvestments:

United States securitiesObligations guaranteed by United StatesOther Investments.

Accounts and other receivablesReal estate and other business propertiesOther assets _ _

Total assets other than InteragencyLIABILITIES

Bonds, notes, and debentures:Obligations guaranteed by United StatesAllother

Other liabilities (including reserves)Total liabilities other than interagency-

Excess of assets over liabilities, exclusive of inter-agency transaction

Privately owned interestsU. S. Government interests . - . . . .

Distribution of Government Interests:Capital stock _SurplusInteragency Interest (net) .._ ._

Total

8,298877319

449215881243165223

11, 670

4,5462,089

286

6,920

4,749

340

4,409

6,634353

- 2 , 578

Financed wholly from Government funds

Total

2,175875105

2520

12161

15525

3,564

252

59

312

3,252

3, 252

5, 496249

- 2 , 493

Recon-structionFinanceCorpora-

tion

1,401872

12

3913

2,327

252

26

278

2,049

2,049

500116

1,433

Com-modityCredit

Corpora-tion

271

7

279

(2)

(2)

279

279

34

272

Export-importbanks

4

7

12

(2)

(2)

11

11

11

PublicWorks

Adminis-tration

165

13

177

177

177

3 293

-116

RegionalAgricul-

turalCredit

Corpora-tions

43

3

2

49

3

3

46

46

3511

Produc-tion

CreditCorpora-

tions

98

121

(2)

( 2 ) •

121

121

1201

u. s.Shipping

BoardMer-chantFleet

Corpora-tion

94

18

196

361

173

13

13

160

160

50110

Other i

1973

64

23

46

1188

425

16

16

409

409

3 4, 4837

-4 ,082

Financed partly from Government funds

Total *

6,1222

213

424195760182

10199

8,106

4,2932,089

226

6,609

1,497340

1,157

1,138104

- 8 5

Federalland

banks

2,129

39

392

886

98

2,401

1,93876

2,015

386141

246

1239428

Federalinter-

mediatecreditbanks

146

10

3638

3

232

1313

134

95

98

7036

- 8

FederalFarmMort-gage

Corpo-ration

795

49

75525

1,624

1,387

32

1,419

205

205

200

5

Banksfor

cooper-atives

50

12

3843

51

150

(2)

(2)

1503

147

13458

Homeloan

banks

103

7

811

1

129

8

8

12127

94

94

HomeOwners'

LoanCorpo-ration

2,8972

63

6

624

26

3,060

5 2,9062086

3,011

49

49

200- 3 3

-118

FederalSavings

andLoanInsur-ance

Corpo-ration

101

1

(2)

102

(2)

(2)

102

102

1002

Federalsavings

andloanasso-

ciations

67

67

67

67

67

FederalDepositInsur-ance

Corpo-ration

3

33

297

1

7

341

22

22

320170

150

150

1 Includes Interagency interests held by the Treasury Department.* Less than $500,000.' Nonstock (or Includes nonstock proprietary interests).

* Includes also War Finance Corporation not shown separately.B Includes unissued bonds covering loans in process.



RECONSTRUCTION FINANCE CORPORATIONLOANS, PURCHASES, AND ALLOCATIONS

[Amount outstanding at end of month. In thousands of dollars]

LOANS AND PURCHASES

Loans under sec. 5 of the Reconstruction FinanceCorporation Act, as amended:

Banks and trust companies (including receiv-ers, liquidating agents, and conservators)...

Building and loan associations

Mortg&gA-loan companiesCredit unionsFederal land banksJoint stock land banks _ _Agricultural credit corporations --Regional agricultural credit corporationsLivestock credit corporationsRailroads (including receivers) __State funds for insurance of public moneysFishing industryProcessors or distributors for payment of

processing taxes--Total

Other loans:For self-liquidating projects, sec. 201 (a) (In-

cluding repairs to property damaged byearthquakes, etc.)

For financing exports of agricultural surpluses,sec. 201 (c)

For financing agricultural products, sec. 201 (d)To commodity credit corporationOn preferred stock of banksOn preferred stock of insurance companiesTo drainage, levee, and irrigation districtsTo industrial and commercial businessesTo mining, milling, and smelting businessesOn assets of closed banks .To Public Works Administration on security

transactionsTotal

Purchases:Preferred stock of banks.Capital notes and debentures of banksPreferred stock of insurance companies--Capital stock of the R. F. C. Mortgage Co.—

Total —Total loans and purchases

ALLOCATIONSFor relief:

Federal Emergency Relief Act of 1932Federal Emergency Relief Act of 1933Emergency Appropriations Act of 1935-Emergency Relief Appropriation Act of 1935

Total _To other Government agencies:

To Secretary of the Treasury for—Purchase of stock of Federal Home Loan

banksPurchase of stock of Home Owners' Loan

Corporation .To Land Bank Commissioner _To Federal Farm Mortgage CorporationTo Federal Housing Administrator.To Secretary of Agriculture for—

Crop loansReallocated as capital regional agricultural

credit corporationsReallocated to Governor of Farm Credit

AdministrationTotal —Total allocations.—Total loans, purchases, and alloca-

tions

Proceeds disbursed, less repayments

Dec. 31,1934 r

626,39019,95124,745

159,736385

78,4556,487

863

1,333376,894

47925

1

1,295, 745

122, 696

15,1764,190

33,36219,12030,03312, 2986,626

22

1,529

245,052

584,883259,982

100

844.965

2,385, 763

297, 774499,588470, 000

1,267,362

81, 646

200,000147,60055,00025,000

115,000

44, 500

40,500

709, 246

1,976, 608

4,362, 370

Aug. 31,1935

441,8259,494

17,628136,396

33157,9752,407

872

1,108413,350

1,51379

1

1,082,977

155,174

14,5178,413

249,55620,03130,08332,79029,519

6648,317

112,849

661,913

640,983241,615

10010,000

892, 698

2, 637, 588

297,621499,998500,000

1,297,620

82,346

200,000147,60055,00034,000

115,000

44,500

40,500

718,946

2,016, 566

4, 654,154

Sept. 30,1935

427,6578,954

17,163132,346

33056,3402,381

866

1,024412,903

1,40792

1

1,061, 465

169,493

14,3008,402

258, 73919,98830,08334,17632,325

7757,888

105, 225

681,394

841,991242,362

10010,000

894,453

2,637,312

297,099499,999500,000

1,297,098

85,246

200,000147,60055,00034,000

115,000

44,500

40,500

721,846

2,018,944

4,656,256

Oct 31,1935

411,7298,359

10,011131,771

33052,1562,329

853

901412,810

1,04792

1

1,032,390

169,499

14,3008,372

263,74619,88730,08343,08634,633

833580

102,562

687,581

645,271241,742

10010,000

897,113

2,617,084

296,803499,987500,000

1,296,790

88,796

200,000147,60055,00034,000

115.000

44,500

40,500

725,396

2,022,186

4,639,270

Nov. 30,1935

387, 2887,8669,372

131,394329

50, 2Z92,230

768

931412, 795

1,02992

1,004,374

174,375

14,3008,239

265,99419, 75330,08345,48837,374

845595

115,238

712, 284

647,152240,364

10010, 000

897. 616

2,614,274

296,701499,988500,000300,000

1, 596,687

90, 696

200,000147,60055,00039,000

115,000

44,500

40,500

732, 296

2, 328, 984

4,943,258

Dec. 31,1935

381,2067,3596,460

128,215328

45,0742,297

760

987396,250

779572

970, 288

147,563

14,0278,219

267,54117,72630,08350,02540,055

9321,235

154,001

731,408

643,268238,492

10010,000

891,860

2,593,555

296,627499,988500,000300,000

1,596,615

94,396

200,000147,60055,00039,000

115,000

44,500

40,500

735,996

2, 332, Gil

4,926,166

Jan. 31,1936 P

357,7756,7436,075

126,826315

35, 8192,123

760

979393, 712

393578

932, 097

154, 947

14,0277,967

297, 09117, 59029, 98351, 79043,686

8871,217

124,689

743,874

652,328235, 251

10010,000

897,679

12,573,649

296,626499,990500,000400,000

1, 696, 615

97, 396

200,000147,60055,00039, 000

115, 000

44,500

40, 500

738,996

2,435,611

5, 009, 260

Proceeds not yetdisbursed

Nov. 30,1935

123,21812140

106,240

21

89285

548

230,562

79,705

682251,032

219

70,90538,8275,877

911

1,893

450,050

37,50859, 294

2,000

98, 802

779,413

1512

200,000

200,027

34,045

97,400

131,445

331, 473

1,110,886

Dec. 31r

1935

106,81211140

104,118

191

76

211,347

76,647

5,733249,352

141

66,98739,4235,813

116

1,605

445,818

42,85159,099

2,000

103,950

761,115

1512

200,000

200,027

30,345

97,400

127, 745

327, 772

1, 088, 887

* Revised. * Preliminary. »Includes $225,000,000 of loans for distribution to depositors of closed bank*.

Back figures.—Qee BULLETINS for December 1933,"pp. 738-739, and February 1934, pp. 103 and 132.



FARM CREDIT ADMINISTRATIONLOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS


End of month

Farm mortgage loansby»—

Federalland banks

LandBank

Commis-sioner

Regionalagri-

culturalcredit cor-porations,productioncredit as-

sociations,and banks

for coopera-tives J

Federal intermediatecredit bank loans toand discounts for—

Otherfinancinginstitu-tions,except

coopera-tives

Produc-tion credit

associa-tions »

Regionalagricul-

tural cred-it corpo-rations

Emer-gency

crop anddrought

loans

Loans to cooperatives by—

Federalinter-

mediatecreditbanks

9,86615,21133,96934,44534,13231,87330,05026,42010,0285,0235,5394,7554,0843, 2212, 731

Banks forcooper-atives,includ-

ingCentralBank

18,69727,85128,49829,44528,02530,11931,74123,93725,03731,45543,14048,17951,24650,013

Agricul-tural

Market-ing Actrevolv-

ingfund

1932—December.1933—December.1934—December.1935—January. _.

February..MarchAprilMayJune .JulyAugustSeptember.OctoberNovember.December.

1,128,5641,232,7071,915,7921,942,9161,961,2751,974,9521,975,7371,998,2282,016,8252,023,8592,036,0672,047,3902,058,6932,065, 6202, 071, 925

70,738616,825643, 291664,886686,606696,834716,243733,489742,897754,602765,319777, 214785,898794,726

73, 26399, 67599, 776103, 360115,281124,315129,954130. 559128,851125,137115,426100.634100, 343104, 706

82, 51860,98955, 67253, 50953,17254,44255,83256,89757, 75958,86458, 76155,66149,11446,86746,490

2761.02464, 63771,19286,81997.400105,096109,890113,017112,104104,7129.\ 93094, 39796, 660

24,373144,63687,10284,72682, 34279,98878, 35176,50872,7R568,67064,58259, 22551,65646,22043, 400

89,30189,811110,186116,846125,124134,597162,000193,969197,188197,821195,943192,182182,678175,438172,489

158,885157,75254,86353,72149.68749,88049,76147,45649,43249,19646,49746,71446,07444.68844, 433

* Does not include loans by joint stock land banks, which are now in liquidation.1 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 the3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended.

> Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks.

FEDERAL HOME LOAN BANK BOARDLOANS OUTSTANDING, BY INSTITUTIONS

[Loans in thousands of dollars]

End of month

1932—December1933—December1934—December....

I93lh-JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember.. .December

Home mortgage loans b y -

HomeOwners'

Loan Cor-poration 1

105,9202,196,988

2,363,8242,468,7442,539,4082,578,8832,620,1192,660,6772,702,2472,747,0222, 788,2032,838,0662,886,0132,940,029

Federal savings and loanassociations *

Number ofassociations

Total

59639

688727752778808851894922949979

1,0021,023

Re-port-ing

455

545565672613623655691758828851851

*746

Loans reported

Newassoci-ations

10,758

13,70615,96718,69920.80024, 08127, 07032,85037,34544,07253,36254, 703

*49, 527

Convert-ed asso-ciations

58,976

79,01492,01393,910

112,847123,741138,129146, 161192,959219,980239, 263240, 777

*217,690

Federalhomeloanbank

loans tomemberinstitu-tions *

838'85,442'86,658

'81,985'76,57072,63774,01175,83679,23380,87786, 02590,43295,59597,089

102,795

'Revised.9 Preliminary.1 Loans closed.* No monthly reports prior to September 1934; they now exclude largely

new associations recently chartered and inactive associations.* Includes loans to Federal savings and loan associations, all of which

are members, and a negligible amount to others than member institutions.

OBLIGATIONS FULLY GUARANTEED BYTHE UNITED STATES l

AMOUNTS OUTSTANDING, BY AGENCIES[In millions of dollars]

End of month

1933—December.

1934—MayJuneJulyAugustSeptember.October—November.December.

1935—January. . .February..MarchAprilMayJuneJulyAugustSeptember.October.November.December.

Total

180

423681

1,0641,6141,8752,5962,8233,063

3,3003,4803,5903,6603,7284,1234,2054,248

'4,3694,4194,4604,546

FederalFarm

MortgageCorpora-

tion

168312551672733805878980

1,0411,0891,1241,1541,1881,2261,2741,2821,3681,3821,3871,387

HomeOwners'

LoanCorpora-

tion1

Recon-structionFinanceCorpora*

tion1

28134284702896

1,5431,6951,834

2,0092,1402,2152,2562,2902,6472,6822,716

'2,7482,7832,8192,906

180

227235230241246248249249

250251251250250250249250253253253252

* Revised.* Principal amount of obligations guaranteed as to interest and prin-

cipal.' Excludes obligations guaranteed as to interest only.1 Excludes obligations held by U. S. Treasury and reflected in the

public debt; includes notes given in purchase of gold which wereretired in February 1934.



PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES[Index numbers; 1923-25 average=lOO. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]

Yearand

month

19'919201921 —19221923 .19241925-—19261927 . .19281929193019311932. . .19331S34 „1935

1932OctNovD e c —

1933JanFeb .—Mar-._.AprMayJune...July....AugSept---OetNov....Dec—

1934Jan. . . .Feb....MarAprMay...June...July....AugSept...Oct-_-Nov.__.Dee—-

1935JanFeb....Mar....AprMayJune.. .July....Aug....Sept.-.OctNovDec

Industrial production * •

Total

Unad-justed

83876785

10195

1041081061111199681647fi70

686560

646460677991969086787269

778387888984737373757478

8891918987868387909797

»95

Ad-justed

676566

656359667891

1009184767275

788184868684767371747586

91898886858G8687909598

»104

Manufactures

Unad-justed

848767S6

10194

105108100U 2119

9580637578

p 90

676358

636258688092978984767067

758286898984717170737376

879191918784S387899698

Ad-justed

666364

636156657793

1029183767073

76808285gg83747269727485

9088868684848688919598

Minerals

Unad-justed

77897074

1059699

108107IOC11599847182

91

807873

727774657783909594898581

868991818686848387878485

91929079889784S592

1009596

Ad-justed

747577

758081737985919187818286

8892

100908887848082818190

949697878998848187Q392

101

Construction contracts awarded (value) *

Total

Unad-justed

636356798494

122129129135117926328253237

282422

181614161921242530354245

403833363231302830292825

222426303235394044455353

Ad-lusted

292728

221914141618212430374857

494433322626272729313131

272826272730353843486067

Residential

Unad-justed

443044688195

12412111712687503713111221

12108

778

111314131212121211

101012141313121011121110

101316222526252425252522

Ad-justed

1210

9

888

101113131212121313

121211121112121011121112

121416182124252425252626

All other

Unad-justed

799065S88694

1201351391421421258440374850

413533

272318

> 1 92427323645636673

64605C544746444345434136

323334383943505459627679

Ad-justed

434143

332718172023283345577693

807051483838394044464847

3939353332364350586688

101

Factory em-ployment «

Unad-justed

1071088291

1049799

1019999

105927764697982

646362

606159606367727680807675

737881828381798076787778

798183838180808284858585

Ad-justed

636362

616259606367737778787675

757881828382807974777779

8182838281808C8282848586

Fac-torypay.

rolls1

Unad-justed

97117

7681

10396

1C1104102102109896846496270

454342

404037394347515759595655

546165676765616258616063

646971716966657072757577

Freight-carloadings«*

Unad-justed

84917987

10097

103106103103106927556686263

655852

515148515561666568666056

586163eo636463636764RO56

586162596163606470736762

Ad-justed

575758

565450535562656160585963

648466626364615959575964

646565616163586062646671

Whole-sale

com-mod-ity

prices'

1391549897

10198

1C4100959795867365667580

646463

6160

m906366697071717171

72747473747675767j777777

798079808080798181818181

» Preliminary. * Average per working day.1 For indexes of groups and separate industries see pp. 136-137; for description see BULLETIN for February and March 1927.13 month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358.1 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. Fordescription and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factoryemployment compiled by F. R. Board of Governors see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888. For current indexes ofgroups and separate industries see pp. 138-139. Underlying figures are for pay-roll period ending nearest middle of month.

* For indexes of groups see p. 105.1 Index of Bureau of Labor Statistics: 1926*100. Index numbers for groups of commodities (also data by weeks) are given on p. 135.Bach figure*.—See Annual Report tor 1934 (tables 95 and 100).



MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

January -_FebruaryMarch

April . : .May _June

JulyAugustSeptember

OctoberNovemberDecember _.

Year

Merchandise exports 1

1931

250224236

215204187

181165180

205194184

2,424

1932

150154155

135132114

107109132

153139132

1,611

1933

121102108

105114120

144131160

193184193

1,675

1934

172163191

179160171

162172191

206195171

2,133

1935

176163185

164165170

173172198

221269

*224

*2,282

Merchandise imports *

1931

183175210

186180173

174167170

169149154

2,091

1932

136131131

127112110

790198

10510497

1,323

1933

968495

88107122

143155147

151129134

1,450

1934

136133158

147155136

127120132

130151132

1,655

1935

167152177

171171157

'177169162

189169

»187

*2,048

Excess of exports

1931

664926

292414

6- 210

364430

334

1932

152324

9204

271734

48

35

288

1933

251813

177

- 2

1- 2 3

13

425659

225

1934

373033

336

34

345260

774438

478

1935

9118

—6- 513

- 43

37

32100

»234

» Preliminary. r Revised.i Including both domestic and foreign merchandise.* General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.

Back figures.—See BULLETIN for January 1931, p. 18, and for March 1931, p. 136.

DEPARTMENT STORES—SALES, STOCKS[Index numbers based on value figures; 1923-25 average** 100]

Month

January. _February.March

April.May-June.-

JulyAugustSeptember-

OctoberNovember..December..

Year—

Index of sales l

Adjustedfor seasonal

variation

1934' 1935

Withoutseasonal ad-

justment

1934 1935

575973

737770

516079

8283

135

75

91145

79

Index of stocks (end ofmonth)

Adjustedfor seasonal

variation

1934 1935

Withoutseasonal ad-

justment

1934 1935

65

596367

686863

576165

666661

64

* Revised.1 Based throughout on figures of daily average sales—with allowance

for changes from month to month in number of Saturdays and Sun-days and for 6 holidays: New Year's Day, Memorial Day, IndependenceDay, Labor Day, Thanksgiving Day, and Christmas. Adjustment forseasonal variation makes allowance in March and April for the effectsupon sales of changes in the date of Easter.

NOTE.—Preliminary figures for sales in January 1936: Index adjustedfor seasonal variation, 79; index without seasonal adjustment, 63.

Back figures.—See BULLETIN for April 1935, pp. 254-255, and AnnualReport for 1934 (table 95).

FREIGHT-CAR LOADINGS, BY CLASSES

[Index numbers; 1923-25 average*" 100]

TotalCoalCoke .Grain and grain products._LivestockForest products _.OreMiscellaneous.Merchandise »

TotalCoalCoke _Grain and grain products _ _LivestockForest productsOreMiscellaneousMerchandise *

1934

Dec.

1935

Aug. Sept. Oct. Nov. Dec.

Adjusted for seasonal variation

647151585132347166

605848754440516264

626157744542556565

646760704742567064

666761654440467764

717468623945588660

Without seasonal adjustment

567654575126

s5562

645643903942876864

706656905444907767

737661786343798267

677462695039327666

627973613937146762

i In less-than-carload lots.

Based on daily average loadings. Source of basic data: Association ofAmerican Railroads.

Back figures.—See BULLETIN for February 1931, pp. 108-110.



INTERNATIONAL FINANCIAL STATISTICSGOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS


End of month

1934—December.

1935—January...February.MarchApril...MayJuneJulyAugust—September.October. __November-December.

1936—January.

End of month

1934—December.

1935—January...February.MarchAprilMayJuneJulyAugust....September-October. ._November-December.

1936—January

End of month

1934—Nov...D e c . . .

1935—Jan....Feb. . . .Mar . . .Apr....May...June.. .July. . .AugSept...Oct... .Nov. . .Dec

Total(50 coun-

tries)

21,771

21,87922,02222,09921,86121.47321,67821,67521, 75921,926

P 22,313p 22,225P 22,472

UnitedStates

8,238

8,3918,5278,5678,7108,8589,1169,1449,2039,3689,6939,920

10,125

p 10,182

Canada

134

132135190187189188188193186186188189

186

Total (27countries)

11,751

11,69711,67911,63311,27910,71410,67010,63610, 66410, 67810.71410,394

P 10, 429

Austria

45

454545454545454545454545

Belgium

590

599596532518605634624612604609615611

600

Bulgaria

19

191919191919191919191919

Europe

Czecho-slovakia

112

112112112112112113113113113113113112

Denmark

60

606060606060605454545454

England

1

11;;•

:

:

]

,584

,586,586,586,587,587,588,588,593,595,604,628,648

,652

France

p

5,445

5,4385,4395,4795,3664,7594,7084,7264,7564,7704.7734,3884,395

4,324

Germany

32

323233333335383838353633

31

E urope—C ontinued

Greece I

40

393938373736363536363534

lungary

23

232323232323232323232323

Italy

I

iii

i

518

519519519519519

m168119$79351551551

Nether-lands

573

555552553439440427380402365401427438

P455

Norway

61

616161616675758484848484

Poland

Latin America

Total(10

coun-tries)

vp

V

599595

592593596597616611609611613536636639

Ar-gen-tina

403403

403403403403420420420420420441441

J»444

Chile

2929

2929292929292929292929

.29

Co-lom-bia

2119

151414141414141414151616

Mex-ico

2623

212326

1262626262626262626

Peru

1919

1919192020202020202020

J»20

Uru-guay

8282

828182828276747474

v 74v 74, 7 4

4othercoun-tries

p

1920

212223232526262728302930

96

969696979797979789868484

Total(7

coun-tries)

796798

800804805801800802797798797800803807

Portu-gal

68

6868686868686868636868

"68

India

275275

275275275275275275275275275275275275

Ruma-nia

104

104105106106106107107108108108109

*109

Asia and

Japan

392394

395397398400403407410413416418422425

Spain

-

r40

?40r40*41r4i741741741741734734735735

735

Sweden

Oceania

Java

7777

788080767168615855555454

NewZea-land

2525

252525232323232323232323

159

159159160160161161162162165174180185

Tur-key

2222

222222222323232323232424

Switzer-land

624

60058656044639039142144644S453455454

454

2othercoun-tries

5C

555556556556

U. S. S.

•

i

744

744744748748748748748748539339339

'839

Total(4

coun-tries)

255255

267285308286295291301290284284284

P284

Yugo-slavia

53

373836384040404040414343

6 othercoun-tries

Africa

Egypt

II

i

I

p

55>5

555555555555555555555555

SouthAfrica

184184

196214236214223220230219212212212212

60

5958595657575759626363

*63

2othercoun-tries

1717

171717171717171717171717

p Preliminary.1 Bank of Italy suspended publication of its statement after Oct. 20, 1935. Figure as of that date is given for October 1935 and carried forward

for subsequent months.3 Figures for December 1934, March 1935, or September 1935. carried forward for subsequent months for which no figures have been reported.3 Figure for March 1935 carried forward for subsequent months for which no figures have been reported.

NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania.In Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria and Belgian Congo.

For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372; December 1934, p. 801; andNovember 1935, p. 758.


FBBBDAKT 1936 FEDERAL RESERVE BULLETIN 107

GOLD PRODUCTION[In thousands of dollars]

Year or month

Esti-matedworld

produc-tion'

Production reported monthly

Total'

Africa

SouthAfrica

Rho-desia

WestAfrica

BelgianCongo

North and South America

Canada UnitedStates' Mexico

Colom-bia Chile

Far East

Austra-lia Japan India

of gold Ho fine; i. e.t an ounce of fine gold=$20 67

19291930193119321933

193319341935

1934—NovemberDecember

1935—JanuaryFebruaryMarchAprilMayJuneJu ly—AugustSeptemberOctoberNovemberDecember

404,969430,725461,592499,241522,665

359,347373,154394,399421, 656420,093

215, 242221,526224,863238,931227,673

11, 60711,47611,19312,00013,335

4,2974,9955,5245,9926,623

2,3902,6993,2243,6423,631

39,86243,45455,68762,93360,968

45,83547,12349,52450, 62652,842

13,46313,81312,86612,07013,169

2,8233,2814,0165,1326,165

683428442788

3,009

8,7129,553

12,13414, 56316, 790

6,9278,0218,1098,1988,968

7,5086,7866,8186,7826,919

i grains of gold 94 o fine; i. e., an ounce of fine gold=$S5

711,260722,970

v 767,824

60,78662,196

60,04055,51360,43360,02862,93263,00267,03067,178

v 68,069v 68,923* 65,253p69,423

385, 474366, 795377,090

30, 63330,356

31, 20228, 71731,01530,30132,07231,08932,45832,66731,47232, 59631,67131,829

22,57824, 264

p 25,411

1,9322,031

2,0241,9202,0092,0522,1772,1012,1502,1552,0092,4032,205

»2,205

11,21412,153

p 14,070

1

:

:]]

p

L,0801,135

L,075L,0971,0781,106L, 162L,0951,095L, 1621,1601,2491,400

p 1,400

6,1486,549

J>7,231

590~534

599557587594627588615631590614614

J>614

103,224104,023

v 114,735

9,168

8,3538,0278,7328,5999,423

10,0029,988

10,3039,813

10.56010,261

* 10, 675

89,467107,632124,116

8,75910,124

8,3987,4889,2038,5739,6239,588

11,79310,60312,10812, 70310,88313,158

22, 29723,135

p 23,882

2,0062.093

2,4102,2801,8361,7501,0481,1662,1812,532

»3,290»1.680P 1,120v 2,590

10,43812,04511,517

831922

830991

- 9251,015

945857

1,0011,125

9781,035

981834

5,0948.350

*8,428

1,227681

366708

1,005895651

1,113546536

' 1,088506

v 506P 5 0 6

28,42830.447

* 30,260

2,6502,722

2,3741, 4391,4682,6372,5332,6232,6352,8442,9392,923

p 2,923v 2,923

15,18316.354

p19,661

V

V

1,3771,435

L, 4631,386L,619L, 5681,717,844

1,610,669

1,6741,6801,715

P I , 715

946903955938954937958961949974

*974*974

p Preliminary.' Revised. Monthly figures for United States (including Philippine Islands) for 1935 represent estimates of American Bureau of Metal Sta-

tistics revised by subtracting from each monthly figure a constant amount so that the aggregate for 1935 is equal to the annual estimate compiledby Bureau of Mint in cooperation with Bureau of Mines.

NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,November 1934, p. 737, March 1935, p. 170, and October 1935, p. 668. For annual figures of world production back to 1873 see Annual Report ofDirector of the Mint for 1934, p. 104. Figures for Canada beginning January 1935 are subject to official revision.

GOLD MOVEMENTS[In thousands of dollars at approximately $35 a fine ounce]

Year or month

United States

Totalnet

importsor net

exports

Net imports from or net exports (—) to:

England France Belgium Nether-lands

Switzer-land Canada Mexico Colom-

biaBritishIndia

Chinaand

HongKong

Allothercoun-tries

1934 11935 .__..

1934—OctoberNovember. . .December....

1936—JanuaryFebruaryMarch ,AprilMayJuneJuly .AugustSeptember. _.OctoberNovember....December. . .

1936—January

1,131,9941,739,019

499,870315,727

260,223934,243

8,9023

94,348227,185

12,402 86,82995,171

30,27013,667

16,94410,899

76,82075,268

16,4529,431

10,837120,88992,109

149,392122.77213,003

148,608o 140,016

230,37316,22945,983

156,719315,347210 567190,010

45,643

- 1 , 1 1 83,687

19,649

85,57763,424

- 1 8 71,4811,689

93831

537,114

109,9547.1018.600

5,786

2670,35122, 430

14,59245,766

5632,510

124,052194,298

12,814 9,90617,790

- 2 5 4

12,8121,466

4040, 423

156,977180.141145,388

3,514

94,8903,885

22,061975

28,27737,81117,6052,6764,727

629

3,7759,6098,077

12,0915,3464,44910,9683,0538,7345,7705,398

15,0699,3685,86>e

9,060

10,741

3,265880

6,076

4,991729833923948679722753699762880748

764

3,1121

2,111

2,1012,1121,407

21,752

11,30012,574

10,616522

2,1392,924167

1,750

11,746

1,743

286,67119,82112,3598.91311,108

11,744

50700529

1,528359334313507448438

1,127640

1,1251, fX)71,605

1,176

28,93556,453

1,7291,8962,874

5,0832,7113,9724,5963,9623,2156,5153,7115,1414,8173.9568,774

10,170

• Corrected. p Preliminary.* Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.



GOLD MOVEMENTS—Continued[In thousands of dollars at approximately $35 a fine ounce]

Year or month

England

Totalnet im-portsor net

exports()


UnitedStates France Ger-

manyBel-

giumNether-

landsSouthAmer-

icaCanada British

IndiaStraitsSettle-ments

Austra-lia

SouthAfrica,Rho-desia,WestAfrica

AHother

utries »

19341935 •1934—October.—.

November.December-.

1935—January—.February..MarchAprilMayJuneJulyAugustSeptember.October....November.December..

716,269369, 747

-497,166-435, 502

49,99949, 58527,215

- 4 , 2 7 9

66, 55736, 529

146, 289118,067

16, 28939, 016

-36 ,086-36 ,158

18,28640,811

348,190142,137

- 3 3 927,026

1,769

4,270- 1 7 , 739

26, 612- 3 3 , 348

69,12886,926

- 5 , 7 1 9- 6 , 697- 5 , 6 6 3- 2 , 73925,198

910

121,017- 4 , 726;

-13, 585-17,476

10515269

362853

266209

- 9 4 3- 4 , 4 1 6

- 2 6236850

114

- 1 , 2 9 1- 5 , 1 9 8- 1 , 0 8 7

- 3 4 9- 9 5 1

- 1 , 9 9 2- 1 , 0 1 3- 1 , 9 6 2

-11,60111882

2217

- 2 7

32, 57510, 796

•--• —

482- 5 5 0

310

8,7802,145

5133, 237

5,780- 5 9 3

-11,8881,642

- 3 6- 1 , 1 3 6

-20 , 201- 6 , 9 8 2

17,5688,832

655670241

2,0571,195

152410292261287322

2,535461480

26,31816, 565

4,1,697

2,970424

3,5702,831

449

281,7981 , 7 "

206,711181,627

4,99218, 79J17,882

24,04619,09315,45716, 2492,9627,1595,663

26,10225,30111,90012,85714,838

4,8633,198

245190128

1288

296693484429405420

701345654

41,79037,981

•••• • l . V . l i U

3,4382,6864,126

4,0663,0672,6851,9202,8381,9695,3754,1483,6623,4142,8421,995

335,253404, 295

24,42018, 49523, 469

37, 23118,66912,66117, 65855,84742,47333, 53235, 51229,94944,99533, 32542, 442

11, 6722,9102,797

- 3 , 1 2 411,1056,503

20,82311,1436,933

- 8 , 7 3 1-11,032- 8 , 6 8 3—7,644- 4 , 353

7,265

Year or month

France

Totalnet

importsor net

exports()


UnitedStates

Eng-land

Ger-many

Bel-gium

Germany

Totalnet

importsor net

exports

Net imports from or net exports(-)to:

Neth-er-

landsU.S.S. R.

Allothercoun-tries r

19341935 v

1934—OctoberNovember..December _-

1935—JanuaryFebruary.—MarchApr i l . . - .MayJuneJulyAugustSeptember-OctoberNovember'.December *>.

-408,877-817,309

-240,361-909, 665

'-353,832-120,053

31,036-13,592

-90. 92042,971

-109, 38(i5,093

-28,1146,296

85,3906,376

-38,81025, 207

'22,694> -67,128

37,733

7,796-32, 47919.11899,395

-195,876-393,551-12,20650,77026,482

-68,693-246,615-71,450

26,296-64,337-19,918

-15,376-50,314

648-28, 566-77,803-223,070

41414

-23,688-157.153-258.554-76, 217

-2,9318,67014,67638,332

-53,283-110,834-13,150

4,9058,811-72

-15,060-117

11513

-474-594-190-1

-1,990-700

-9,17811

-595

7,8732,9541,206

287295112735

6,6662,8769,5254,7694,355

10,567780

2,005

- 1 6 7—85

67- 4 9- 1 9- 5 0

- 2 0 61,05'4,483

30- 4 1- 4 9- 4 5

1,8

8475

- 1 0 787

2371,014

697345479

2,177604605

5,760313

1,162

144

446,100

2612,569

226

238654534805

4,3454,3943,9178,439

2211,398

» Preliminary.* Revised. France.—"All other countries" revised to exclude Italy, now given separately. Germany.—"All other countries" revised to include

France, heretofore given separately.* $9,481,000 imported by France from South Africa in September and $7,625,000 imported from Poland in November 1935.* Figures for France preliminary.

NOTE.—Great Britain and Germany.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised officialtotals published for the year as a whole. German gold movements by individual countries, beginning with June 1935, are subject to official revision.


FlBBUAKY 1936 FEDERAL RESERVE BULLETIN 109

GOLD MOVEMENTS—Continued[In thousands of dollars at approximately $35 a fine ounce]

Year or month

Netherlands

Total netimportsor net

exports


UnitedStates England France Germany Belgium Poland Switzer-

landBritishIndia

All othercountries

1934..1935..

-122,664-198, 549

-46,040-221,245

-31,03818, 397

-78,610-41 , 260

25,716-5,142

9,28548,004

- 1 , 253-2, 043

-4,784-1,257

1,8913,942

2,1712,057

1934—OctoberNovember. _December...

1935—JanuaryFebruary—MarchAprilMayJuneJulyAugustSeptember..OctoberNovember...December...

-2 ,386-16,849-9 ,431

-18,300-2,899

510-120,492

-5 ,080-14,797-26,102-4,514

-17,770-9 ,270

-15,605-2,495

37-97,632

- 2 , 810- 1 9 , 259-29,215

-37 , 290-13,080

38,7464,749

-40,868-10,373-3,026

645-312

-3 ,221-352

-1,299-20,890-1 ,562

1,37515, 702

-1522,861

51420,0845,334

166830

11064

617—20,966

277667

-21,909-9 ,436

249-1,33910,564

-149

-1,864- 678

- 6 677

- 9 3-210

162-862-462

- 8 6-160

-2,046-239-561

-178-587- 9 5

-161-1591,066

20,081-2893,3799,5632,900

133275

11,248

- 6 5- 6 5- 3 4

- 3 0- 8- 3

- 4 1-1,084

-10751

-253-317-204—11- 3 5

-4-106

27-197-136

71113-8-23

9-114-86-52

7056

476

141

582,356772140

126154165

17117118126

156-103

1181803366

210217

Year or month

Switzerland

Totalnet

importsor net

exports


UnitedStates

Eng-land France Bel-

gium ItalyNeth-

er-lands

Allothercoun-tries

British India

Totalnet

importsor net

exports()

Net imports from or netexports (~) to:

UnitedStates

Eng-land

Allothercoun-tries

Gold

Sro-uc-

tionin

India

Re- iserves

inIndiaV

Change i n -

Privatehold-

ings inIndia»

1934.1935.

-46,065-230,788

-12,784647

-45,955-54,858

-29,235-181,725

1934—October. .NovemberDecember

1935—January-FebruaryMarch. _.AprilMayJuneJulyAugust...SeptemberOctober _NovemberDecember

12,85312,397

-1,950

-4,125-15,025-17,830-139,633-63,229-5 ,640

1,4179,3285,8451, 367-934

-2 ,330

291

- 1 7- 5 1

324

64107163

-195-771-417

-216-2,108-6,839

-31,619-17,878

5491,610

- 3 83,011,085-332

-2 ,088

5,821-6 ,273-4 ,143

—4,344-16,117-16,148

-107,021-38,514

2,6842,9981,273

- 2 4881

—3,227-4,166

18,397-13,940

• • -

3,53813r 526

226

19,43125, 542

2,580342

1,500-6,795

225415

-5,972-8,65

3,9876,0012,280

472

4,7342,110303-74

4,0803,3121,3431,8494,724

-305-275114

-218-90-2021,041-409153262519

-766241-49

-139

-102-15

198428207

-4,475-760-352

-3,4553,430

184-2, 344

825-682

-230, 720f-161,857

-14,431-20,700-23, 255

-16,334-17,746-18,439-3,675-6,604-3,824-22, 383-25, 464-11,400-11,160-14,540

v-10, 288

•"-77,928 '-148,824 '-3,968 11, 222*11,423

173- 6

-219,671-150, 428

-4 ,441'-6,601- 3 , 201

-2,406

10-6,-2,648-1,330-1,573

-10,149—14,264-20,216

-14,874-14,133-18,225-3,831-6, 558-4,078-21,575-18,922-9,117-10,032-13,199

159165162

207- 1 , 207

- 2 1 4155653254

- 8 1 8- 2 3 3

20223:

944929995

946903955938954937958961949

*974

- 3

- 5

-13,491-19,771-22,257

- 1 5 , 386-16,844-17 , 479

- 2 , 737-5,650-2,887

- 2 1 , 425-24 , 503-10,451

=-10,186v-13,565

- 9 , 314

v Preliminary. »• Revised. «Corrected.i 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.—Netherlands and Switzerland.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revisedofficial totals published for the year as a whole.



CENTRAL BANES

Bank of England

(Figures in millions of pounds sterling)

Gold(in issuedepart-ment) *

Assets of banking department

Cash reserves

Coin Notes

Discountsand ad-vances

Securi-ties

Notecircula-

tion

Liabilities of banking department

Deposits

Bankers'

89.189.1

99.095.596.698.188.0

102.475.796.987.282.590.972.1

106.0

Public

27.79 9

20.919.420.17.6

23.116.224.49.4

19.526.219.712.1

15.9

Other

38.136.4

42.140.741.239.636.038.838.536.539.038.636.537.1

36.7

Otherliabili-

ties

1934—Nov. 28-Dec. 26..

1935—Jan. 30—Feb. 27..Mar. 27.Apr.24-.May 29..June 26-.July 3 1 -Aug. 28.8ept. 25-Oct. 30-Nov. 27..Dec. 25-

1936—Jan. 29 „

192.1192.3

192.4192.5192.5192.6192.6192.7192.8193.4193.61W.7197.6200.1

200.5

72.447.1

77.575.171.159.462.255.944.553.855.454.856.335.5

9.27.6

9.36.25.65.85.3

10.210.812.912.411.29.58.5

18.8

90.698.2

92.792.099.097.496.7

108.6100.793.595.498.298.494.7

94.0

379.7405.2

374.9377.4381.4393.2390.4396.9408.3399.6398.2399.9401.3424.5

397.1

17.818.0

18.218.218.317.717.818.018.118 218 317 717.818.0

18.2

Bank of France

(Figures in millions of francs)

Assets

Gold Foreignexchange

960963

962961

1,0171,0662,1501,2101,2401,2361,2321,2621,3851,328

1,323

Domesticbills

3,0683,971

4,0033,9984,1704,2807,1378,0217,3017,5758,0608,373

11,0059,712

9,210

Loans o n -

Short-termGovern-ment se-curities

Othersecuri-

ties

Negotia-ble se-

curities

Other

Liabilities

Notecircula-

tion

Deposits

Govern-ment Other

Otherliabili-

ties

1934—Nov. 30..Dec. 2 8 -

1935—Jan. 25...Feb. 22—Mar. 29..Apr. 26...May 3 1 -June 28...July 26—A.ug. 3 0 -Sept. 27..Oct. 30.,.Nov. 29-Dec. 27—

1936—Jan. 31 P.

82.09782,124

82,01482,04082,63580,93371,77971,01771,27771,74271,95271,99066.19166,296

65,223

2010

937735692643192371

1,090573

3,2283,211

3,1493,0803,1193,0943,3713,2773,1713,1033,0983,1413.2673,253

3,350

5,8985,837

5,8375,8335,8335,8055,8055,8055,8055,8005,8005,8005.8005,800

5,707

8,8498,288

7,9707,9148,0747,9678,6917,9998,0778,2128.0237,9398,0327,879

(•)

81,87983, 412

81, 68681,91783,04482, 35282,77682,09981,12882,24082,39983,30682, 44781,150

81,503

4,8293,718

3,7513,6193,6683,7032,7712,9833,2413,2443,0512,8622,8262,862

2,797

15, 52215, 359

16,47316,32816, 21315,14512, 31510,96911,09010, 66610, 84810,6479,3618,716

8,088

1,8691,907

2,0241,9621,9431,9542,0082,0132,1052,0622,0fi02,0592,1362,113

Assets

Reichsbank

(Figures in millions of reichsmarks)

Reserves

Gold Foreignexchange

Treasurybills

Otherbills(and

checks)Security

loans

Securities

Eligibleas notecover

OtherOtherassets

Liabilities

Notecircula-

tionDeposits

Otherliabili

ties

1934—Nov. 30.Dec. 31—

1935-Jan.31.Feb. 28—Mar. 30.Apr. 30May 31June 29July 31—Aug. 31Sept. 30.Oct. 31—Nov. 30Dec. 3 1 . .

1936—Jan. 3 1 . .

3,8484,021

3,6203,6563,7993,8613,7323,8793,8334,0004,1444,0584,0964,498

3,884

119146

8118866878689525473667884

72

436445

441437427373338337337340346345346349

316819

319328330328324324324324324316315315

315

827

837697701739775781814781770868922853

3,8103,901

3,6603,6173,6643,7113,8103,8953,8784,0324,1434,1594,1864,285

4,098

961984

822928922952770819743743774728806

1,032

679

1,001

900866830837824838845860879911913923

891

9 Preliminaryi Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixod by law at £260,000,000.»Figures not yet available.

NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, and July, 1935, p . 463.



CENTRAL BANKS—Continued,[Figures as of last report date of month]

Central bankDecem-

ber

1935

berOcto-ber

1934

Decem-ber

Central bank

1935

Decem-ber

Novem-ber

Octo-ber

1934

Decem-ber

National Bank of Albania (thou-sands of francs):

GoldForeign exchangeLoans and discountsOther assetsNote circulationDemand depositsOther liabilities

Central Bank of (he ArgentineRepublicl (millions of pesos):

Gold at homeGold abroad and foreign ex-

changeNegotiable Government bonds—Other assetsNote circulationDeposits:

Member bankGovernmentLiquidation InstituteOther

Other liabilitiesCommonwealth Bank of Australia

(thousands of pounds):Issue department:

Gold and English sterling...Securities

Banking department:Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits

Note circulation.Austrian National Bank (millions of

schillings):GoldForeign billsDomestic bills..Government debtsNote circulationDeposits __

National Bank of Belgium (millionsof belgas):

Gold*Domestic and foreign bills J

Loans to StateNote circulationDeposits

Central Bank of Bolivia (thousandsof bolivianos):

Gold at home and abroadForeign exchangeLoans and discountsSecurities:

National GovernmentOther

Note circulationDeposits

Bank of Brazil (millions of milreis):CashCorrespondents abroad- ,Loans and discountsNote circulationDeposits

National Bank of Bulgaria (millionsof leva):

Gold -Net foreign exchange in reserve.Total foreign exchangeLoans and discountsGovernment obligationsNote circulation—Other sight liabilities

15,99439,182

12,93813,42835,76461,99751,295

242112225624976216

3,4571,293162

4,117981

277311

3,11320

3, 299

1,591-118583

1,5202,6712,4971,907

7,55616,8553,1725,53712, 5859,33611,199

1,224

125238153940

20418717419640

15,99434,634

92717,18215,12635,49569,30247,045

242124228624953254

7,55620,0173,1155,51413,13911,81411,248

1,224

142217149939

21619917416242

1,364162

4,1581,054

17,1059,9049,200

206282

3,11820

3,142

1,583-122509

1,3092,6712,3032,030

7,12222,6292,7233,04011,01913,37211,123

15,99434,634

84317,31814,95335,75569,59547,045

242137230624963254

3,4491,363162

4,207969

15,70832,369

65717,49719,73335,89875,94150,300

24235236624964154

2,505673344

3,530234

9,5095,160

43, 881

397,1633,076

145,046243, 516

223280

3,14620

3,129

1,583-126246

1,3602,6712,4131,916

207, 2853,84883,597139,917

312173

2,72120

3,023

1,547-52200

1,0252,7552,4491,758

Bank of Canada* (thousands of Ca-nadian dollars):

GoldSterling exchangeUnited States exchangeAdvances to GovernmentGovernment securities:

2 years or less —Over 2 years

Other assetsNote circulationTotal deposits

Chartered banksGovernment

Other liabilitiesCentral Bank of Chile (millions of

180,509219

4,0043,466

30,87383,4105,04599,677200,319181,63617,9177,659

Gold and foreign exchange in re-serve

Loans and discountsGovernment debtNote circulationDeposits

Central Bank of China < (millions ofyuan):

GoldSilverDue from banks abroadDue from domestic banksLoans and discountsSecuritiesOther assetsNote circulationDeposits—Government

BankOther

Other liabilitiesBank of the Republic of Colombia

(thousands of pesos):Gold at home and abroad «Foreign exchange'Loans to member banksNote circulationDeposits

National Bank of Czechoslovakia(millions of koruny):

GoldForeign balances and currency. .Loans and advances ._Note circulationDeposits

Danish National Bank (millions ofkroner):

GoldForeign bills, etcLoans and discountsNote circulationDeposits

Bank of Danzig (thousands ofgulden):

Gold«Foreign exchange of the reserved-Other foreign exchangeLoans and discountsNote circulationDeposits „

Central Bank of Ecuador (thousandsof sucres):

Gold at home and abroadForeign exchangeLoans and discountsNote circulationDeposits

2,69081

1,3455,761

411

1181678

384

20, 7442,0527,26416,94529,2083,293

181, 394314

8,6592,223

84,1934,46995,260215,894186,72328,1516,483

14282710544335

49160

23320649152240171104134

27,8964,0662,76338,68531,624

2,69180

1,0845,599320

118147538465

20,730364

8,10517, 22529,897

995

13,27812, 22060,34247,87822,190

181,493245

3,28515,725

25,90480,8874,31596,058209, 601190,85418,2556,195

142'77710

r 531'336

21145831208176451342239454130

26,905

3,04839,078

2,691105

1,2925,716477

118147538746

17,1206,1308,00716,45829,6382,412

17,56612,05459, 70946, 92221, 505

14249714516346

2010410388517447861973914143

14,2511,8928,07840,13724,819

2,680229

1,3795,640766

1331475386123

23,5772,899

3822,26538,9203,824

15,82410,67051,14246,56227,548

* Revisedi Bank commenced operations May 31,1935. , , , , , , . ,» By law of Mar. 30,1935, gold and foreign-exchange holdings as of Mar. 29 revalued on basis of 75 percent of former gold parity of bolga Ceee

BULLETIN for May 1935, p. 291).• Bank commenced operations Mar. 11,1935.«Items for issue and banking departments consolidated.« Beginning Apr. 6,1935, gold and foreign exchange valued on basis of peso price of gold in New York.«Parity of gulden reduced May 2,1935, from $0.3296 to $0.1899.



CENTRAL BANKS—Continued[Figures as of last report date of month)

Central bank

1935

Decem-ber

No-vember

Octo-ber

Decem-ber

Central bank

1935

Decem-ber

No-vember

Octo-ber

1934

Decem-ber

National Bank of Egypt * (thousandsof pounds):

Sold—-Foreign exchangeLoans and discountsBritish, Egyptian, and other

Government securitiesOther assetsNote circulation *Deposits—Government

OtherOther liabilities

Central Reserve Bank of El Salva-dor (thousands of colones):

GoldForeign exchange. -Loans and discountsGovernment securitiesOther assetsNote circulationOther sight liabilitiesOther liabilities

Bank of Estonia (thousands ofkrooni):

GoldNet foreign exchangeLoans and discountsNote circulationDeposits—Government

BankOther

Bank of Finland (millions of mark-kaa):

GoldBalances abroad and foreign

creditsForeign billsDomestic bil ls . .Note circulationOther sight liabilities

Bank of Greece (millions of drach-mas):

Gold and foreign exchangeLoans and discountsGovernment obligationsNote circulationOther sight liabilitiesLiabilities in foreign exchange . .

National Bank of Hungary (mil-lions of pengost):

GoldForeign bills, etcLoans and discountsAdvances to TreasuryOther assetsNote circulationDeposits.-,Certificates of indebtednessMiscellaneous liabilities

Reserve Bank of India > (millionsof rupees):

Issue department:Gold at home and abroad_._Sterling securitiesIndian Gov't. securitiesRupee coinNote circulation

Banking department:Notes of issue department—_Balances abroadLoans to GovernmentInvestmentsOther assetsDeposits—Government

BankOther liabilities

12,7401,2371,1077,025656

13,3966,0283,342

34,1181,56322,89639,95515,78711,5212,689

472

1,26782669

1,381623

3,4904,8343,281

4,784

79335877796417147104174

444662255571

1,721

2X21802052771282120

6,5453,9996,721

39,3814,03824,6039,08218,7128,288

12,4991,0761,0887,0391,31513,1966,1573,664

34,180405

14,24839,94515,4406,9792,100

467

1,24076684

1,319604

T3,55914,24613,281.5,91014,319

205

792856074

130104176

444662255588

1,604

346113

527

119282117

6,5451,9095,971

38,9144,06224, 3816,52618,1778,317

12,4651,201947

7,0651,13213,0376,1573,616

34,191710

11,43340,12413,8186,4511,946

1,28176687

1,302

3,6614,1533,2816,2154,081161

79235667281412102104171

444662255586

1,602

345103

546

102295113

6,545

5,542

32,1773,35219,8037,04316, 5158,118

11,919722369

8,1561,01915,1633,5233,498

27,6734,38916,58736,6767,7489,6032,757

323

1,328119543

1,277370

4,1052,5733,3535,6864,165

93

79206315034381106115184

Bank of Japan (millions of yen):Gold._Advances and discounts —Government bonds-Notes issuedTotal deposits

Bank of Java (millions of florins):GoldForeign billsLoans and discountsNote circulationDeposits

Bank of Latvia (millions of lats):Gold. _Foreign-exchange reserveBillsLoansNote circulationGovernment depositsOther deposits

Bank of Lithuania (millions of litu):GoldForeign exchange *Loans and discounts'Note circulationDeposits

Netherlands Bank (millions of flor-ins):

GoldForeign billsLoans and discountsNote circulationDeposits

Reserve Bank of New Zealand(thousands of pounds):

GoldSterling exchangeOther assetsNote circulationDemand deposits

BankGovernment

Other liabilitiesBank of Norway (millions of kroner):

Gold._Foreign balances and bills—Domestic creditsNote circulationForeign depositsTotal deposits—

Central Reserve Bank of Pern(thousands of soles):

Gold and foreign exchangeBillsNote circulation -Deposits

Bank of Poland (millions of zlotys):GoldForeign exchange. _Loans and discountsNote circulationOther sight liabilities

Bank of Portugal (millions of es-cudos):

GoldOther reservesDiscounts and advancesGovernment obligationsNote circulationOther sight liabilities

National Bank of Rumania (millionsof lei):

GoldForeign exchange of the reserve .Loans and discountsSpecial loans *State debt« _

504893746

1,767404

8027115725

46652

31110

189510446

6432

17380950

2,80221,3991,87110,72113,7379,6793,6961,614

18536223348380

44427866

1,007210

500920570

1,443580

36615721

46652593830112

189210442

6281

17778775

2,80217,4591,7789,12411,3156,2576,7171,599

18534203331376

46.61456,31582.61516,804

44319

8591,034133

910455336

1,0472,077873

10,75791

5,2722,74010,678

495856452

1,295481

8026716020

46662543728112

35198910439

119278955

2,80216,8311,7898,95110,8764,4965,6911,597

18535203329379

46,09257,42383,37716,529

45417

8681,047

909451344

1,0472,070

901

10,72191

5,4502,724

10,372

466987647

.,660341

1141

6217736

463

62753645

113

528

101

8421

174912146

3,00222,0921,9899,772

15,7719,0726,6931,640

13640

782

44,11261,78273,67528,310

50328

757981241

437316

1,0492,121

758

10,28591

6,7292,9469,668

1 Items for issue and banking departments consolidated.2 Bank commenced operations Apr. 1,1935.3 Beginning with July 1935, foreign exchange includes foreign bills previously reported with loans and discounts< Agricultural and urban loans in process of liquidation. (See note 2.)8 Includes Treasury obligations received from Government in connection with losses on agricultural and urban loans and reported separately

from "Other assets" beginning with Dec. 31,1934.



CENTRAL BANKS—Continued[Figures as of last report date of month]

Central bank Decem- Novem- Octo-ber ber ber

1935 1934Decem-

berCentral bank

1035Decem- Novem- Octo-

ber ber ber

1934Decem-

ber

1441,440

624

271310

18522

1653262

0)79,606

50,818104,84938,22032,04239,242

2,702

National Bank of Rumania—Con.Other assetsNote circulationDemand depositsOther liabilities

South African Reserve Bank(thousands of pounds):

GoldForeign billsDomestic billsNote circulationDeposits—Government

BankOther _._

Bank of Spain (millions of pesetas):GoldSilverBalances abroadLoans and discountsNote circulationDeposits.

Bank of Sweden (millions ofkronor):

GoldForeign assetsDomestic discounts and advancesGovernment securitiesOther assetsNote circulation __Total deposits _

BankGovernment

Other liabilitiesSwiss National Bank (millions of

francs):GoldForeign balances and bills

25,72311,871

32114,1332,436

28,4354,474

2,255689280

2,1834,8001,294

408641

5129

15078639418118097

12,71722,3298,611

11,315

25, 73510,117

25613,9612,263

28,1464,463

2,255696281

2,2094,7341,289

6305279

14473347217626596

1,3925

12,54622,4308,41711,056

25,7426,676

2212,2472,65526,2383,378

2,258692281

2,1984,7401,255

3846494479135743444311104104

1,38722

9,20222,3077,2329,383

22,28710,517

5113,0071,882

21,4715,216

2,268677281

2,5254,696

35155557149110708407

108

1,910

Swiss National Bank—ContinuedLoans and discountsNote circulationDemand deposits

Central Bank of the Republic ofTurkey (millions of pounds):

Gold.Foreign exchangeLoans and discountsInvestmentsOther assetsNote circulationDepositsOther liabilities

Bank of the Republic of Uruguay(thousands of pesos):

Issue department:Gold and silverNote circulation

Banking department:Cash reservesLoans and discountsOther assetsDeposits—Demand

TimeMinistry of Fi-

nance.Others

Other liabilities.National Bank of the Kingdom of

Yugoslavia (millions of dinars):GoldForeign exchangeLoans and discountsAdvances to StateNote circulationOther sight liabilities

2951,366401

291029187221703079

1,432364

1,7812,2714,8901,386

2081,323337

29628186261622985

41,09176,602

42,37699.46747,01127,73340,271

25,65220,05875,141

1,426314

1,8102,2814,8381,375

1,325327

29326186281592885

41,09173,752

43,01899,05046,38427,10540,223

27,65219,37374, 098

1,379315

1,8222,2804,9161,267

40,295

1,785225

1,7642,2874,384

i Liabilities of banking department. (See Bulletin for December 1935.)

BANK FOR INTERNATIONAL SETTLEMENTS[In thousands of Swiss francs}

Assets

Gold in barsCash on hand and on current account

with banksDemand funds at interestRediscountable bills and acceptances

(at cost):Commercial bills and bankers' ac-

ceptancesTreasury bills

TotalTime funds at interest—Not exceeding

3 monthsSundry bills and investments:

Maturing within 3 months:Treasury billsSundry investments

Between 3 and 6 months:Treasury billsSundry investments

Over 6 months:Treasury billsSundry investments

TotalOther assets:

Guaranty of central banks on billssold

Sundry Items —Total assets

1935

Dec. 31

24,285

3,24815,422

131, 695205, 654337, 350

33,933

45,25232,482

21,36663, 379

33,44234, 391

230,311

6,1445,712

656, 405

Nov. 30

27,647

2,68815, 647

131,389201,252332, 641

36,265

33,76243,426

27,55053,064

30, 60434,384

222,791

6,1745,336

649,188

1934

Dec. 31

11,008

2,3544,988

175,391179,384354, 775

40,638

34, 43132,823

45,87863,472

18,89536,182

231, 681

6,1352,805

654,384

Liabilities

Demand deposits (gold)Short-term deposits (various curren-

cies):Central banks for own account:

DemandTime—Not exceeding 3 months-

TotalCentral banks for account of others:

DemandTime—Not exceeding 3 months.

Other depositors:Demand.Time—Not exceeding 3 months.

Long-term deposits:Annuity trust accountGerman Government deposit-French Government guaranty fund-French Government deposit (Saar).

TotalCapital paid InReserves:

Legal reserve fundDividend reserve fundGeneral reserve fund

Other liabilities:Guaranty on commercial bills sold.Sundry items _

Total liabilities... _

1935

Dec. 31

19,912

28, 286108,156136, 442

8,1352,972

70240

154, 38877,19461,9302,031

295, 542125, 000

3,3245,845

11, 690

6,16240,638

656, 405

Nov. 30

21, 687

22,089103,704125, 793

9,8692,969

462299

154,90577, 45261,9302,031

296,318 •125,000

3,3245,845

11,690

6,22139, 711

649,188

1934

Dec. 3110,921

36,472110,662147,134

12,342

1,232

154, 52977,26440,678

272, 471125,000

2,6724,8669,732

6,13561,878

654,384



COMMERCIAL BANKS{Figures are as of end of month, except those for England, which are averages of weekly figures]

England

(10 clearing banks. Figures in millionsof pounds sterling)

Assets

Cashreserves

213214217219217219213208204214221

Money atcall and

shortnotice

127133137142143145149147141147159

Bills discounted

265207199218244274287299297293322

Securi-ties

606614618620624615615619626621605

Loans tocustom-

ersOtherassets

Liabilities

Deposits

Total Demand l Time »

Otherliabilities

1935—February-.MarchAprilMayJuneJulyAugustSeptemberOctober.._November.December.

759771779774780778768766777778784

231231240233235215205205213214231

1,9541,9231,9401,9622,0042,0192,0132,0242,0362,0402,091

1,009994

1,0041,0151,0721,0841,0681,0801,0641,080

898886895897907899899903921918

248248250244239227224221224227231

Assets LiabilitiesFrance

(4 large banks. Figures in millions offrancs) Cash

reserves

5,6076,0665,1964,6484,1514,3484,2114,0753,9963,909

Due frombanks

1,6031,5861,6422,5062,3082,1512,3992,3642,4132,759

Bills dis-counted

18,30019,04218,30217,18117,94917,46417.22617,58517, 69216, 529

7,8407,7137,8028,5447,9027,7027,5927,4507,5057,718

DepositsOtherassets

Total Demand Time

Ownaccept-ances

Otherliabilities

1935—February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.

1,0101,0901,1411,2761,3131,3831,4141,4891,6201,751

30,34231,44929,99929,95829,52128,64928,589

28, 80028,110

29,59130,68529,21829,12928,75627,93227,91628,01628,10127,406

751765781830766718673

7G4

228237251312312293257236268329

3,7893,8103,8333,8853,7904,1063,9954,0434,1584,226

Germany

(5 large Berlin banks. Fig-ures in millions of reichs-mnrks)

Assets Liabilities

Cashreserves

185163145194185151195156139

Due frombanks

371346340363360341341314316

Bills dis-counted

2,1082,2342,2342,2642,2842,2212,0352,1672,162

3,0963,0302,9902,9532,8862,8992,9182,8892,884

Securi-ties

930933968991990

1,0191,0611,0331,027

Otherassets

Deposits

Total Demand Time

Creditsobtained Other

from ; liabilitiesbanks :

1935—MarchAprilMayJuneJulyAugustSeptember.October.,.November.

1,0471,0381,020996991992996993983

6,4575,4955,4665,5G75,5255,4645,3825,4085,376

2,3192,4502,5112,5462,4822,4192,4362,4512,435

3,1373,0462,9553,0213,0433,0452.9472,9572,941

768774758716705701682

1,4911,4811,4571,4361,455lf 4541.4631,4631,449

Assets Liabilities

Canada(10 chartered banks. Fig-

ures in millions of Cana-dian dollars)

Entirely in Canada

Cashreserves

Securityloans

Otherloam anddiscounts

Securityloans

abroadand netdue from

foreignbanks

Securi-ties

Otherassets

Notecircula-

119118114117122114123123121124111

Deposits payable In Canadaexcluding interbank deposits

Total

2,0032,0062,0862,0642,0392,0322,0652,1312,1512,1742,180

Demand

575560634617613604631687685699694

Time

1,4281,4471,4521,4471,4261,4281,4341,4441,4651,4741,486

Otherliabilities

1935—FebruaryMarchAprilMayJuneJuly.AugustSeptember-OctoberNovember...December...

230207214204207209228223235229228

957965981971955938955965982980945

149152142155127134142157132151141

984970

1,0001,0051,0181,0311,0411,1031,1161,1371,155

434431472459468460473464476453485

717681690

702728734744748745

* Excluding deposits of the National Bank relating to offices outside England, which are included in the total.NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390.



DISCOUNT RATES OF CENTRAL BANKS[Percent per annum]

Date effective

Central bank of—

Eng-land France Ger-

manyTtfl1_ Nether- Switzer-i t a l y lands land

Centralbank of—

RateFeb.

7Date effective Central

bank of—RateFeb.

7Date effective

In effect July 1,1935-July5July 6July 18July 19July 25July 26Aug. 3Aug. 9.Aug. 12Sept. 9 _.Sept. 17Oct. 17Oct. 22Nov. 5.Nov. 14Nov. 15Nov. 22Nov. 26Jan. 2, 1936Jan. 10Jan. 16Feb. 4Feb. 7In effect Feb. 7,1936-

AlbaniaAustriaBelgiumBoliviaBulgariaCanadaChileColombia—Czechoslo-vakia

DanzigDenmark-EcuadorEl Salvador.EstoniaFinlandGreeceHungary...

Nov. 16,1933July 10,1935May 16,1935July 5,1932Aug. 15,1935Mar. 11,1935June 12,1935July 18,1933

Jan. 1,1936Oct. 21,1935Aug. 22,1935Nov. 30,1932July 5,1934Oct. 1,1935Dec. 3,1934Oct. 14,1933Aug. 29,1935

IndiaJapanJavaLatviaLithuania. ~New Zea-

landNorwayPeruPolandPortugalRumaniaSouth AfricaSpainSwedenTurkeyU. S. S. R—Yugoslavia—

3.654

Nov. 28,1935July 3,1933July 1,1935Jan. 1,1933Apr. 1,1930

Aug.MayMayOct.Dec.Dec.MayJulyDec.Mar.Mar.Feb.

1.193424,193320.193226.193313.193415.193415,193315.19351,19332,1933

22,19271.1935

e Corrected.Changes since Jan. 10: Netherlands—Jan. 16, down from 3 ^ to 3 per

cent and on Feb. 4, down from 3 to 2lA percent; France— Feb. 7, downfrom 4 to ZH percent.

Month

MONEY RATES IN FOREIGN COUNTRIES[Percent per annum]

1934—November.December.

1935—January...February..MarchAprilMayJuneJuly.AugustSeptember.October...November.December.

England (London)

Bankers'acceptances,

3 months

.45

.57

.36

.38

.57

.59

.59

.71

.65

.60

.58

.63

.57

.71

Treasurybills, 3months

Day-to-daymoney

Bankers'allowance

on deposits

Germany (Berlin)

Privatediscount

rate

3.633.50

3.513.413.383.383.093.003.003.003.023.043.013.00

Money for1 month

4.373.56

3.933.773.603.603.102.932.973.003.073.263.103.23

Day-to-daymoney

4.214.28

3.823.833.943.643.173.163.103.063.213.133.073.15

Netherlands(Amsterdam)

Privatediscount

rate

.63

.60

.59

.58

.603.653.784.423.254.785.484.703.153.20

Money for1 month

1.001.00

1.001.001.003.262.963.832.774.725.655.003.003.08

Month

Switzer.land

Belginm(Brussels)

France(Paris)

Italy(Milan)

Hungary'

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Primecommer-cial paper

Day-to-daymoney

Sweden(Stock-holm)

Loans upto 3

months

Japan (Tokyo)

Discountedbills

Callmoney

overnight

1934—November.December .

1935—January...February..MarchAprilMayJuneJulyAugustSeptemberOctober-..November.December.

1.501.501.501.501.501.802.392.602.792.472.402.372.442.50

2.352.382.382.382.382.382.121.881.881.881.881.881.881.88

1.441.501.792.122.122.142.565.724.063.062.852.713.895.89

3.194.004.004.003.893.503.503.503.504.174.875.005.005.00

5.115.115.115.115.115.115.116.115.115.115.115.115.11

2.562.742.592.622.702.542.402.452.452.602.622.692.78

TNOTK.—For explanation of table ;

and May 1930, p. 318.BULLETIN for November 1926, pp. 794-7S6; April 1927, p. 289; July 1929, p. 503; November 1929 ,p. 736



FOREIGN EXCHANGE RATES[Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]

Year or month

1929 .1930193119321933193419351935-January

February. . .MarchAprilMayJuneJulyAugust,.September-OctoberNovember. .December . .

1936—January

Year or month

1929193019311932.193319341935 - .1935—January

February. _ .MarchAprilMayJuneJulyAugustSeptember—OctoberNovember. _December _ _

1936—January

Year or month

19291930193119321933193419351935—January

February . . .MarchAprilMayJuneJulyAugustSeptember. .OctoberNovember. .December _ .

1936—January

Argen-tina

(peso)1

95.127483.505066. 737558. 4433

3 72.800933.579332. 658532. 603832.460731.803332.222032. 557232.868733.026233.120432.856332.714032.815232.854233.0742

Egypt(pound)

498.0689498.6002465.1111359.5406434.3908516. 8549502.6007501.7925499. 7457489.7472495.9246501.1845505.9839508.3151509.5780505.5597503.2065504.9614505.3533

NewZealand(pound)1

483.21468.22415.29320.19340.00402.46391. 26390.25388.69380.91385.85389.90393.54395.65396.86393. 69391.86393.74394.32397.53

Aus-tralia

(pound)s

480.83458.60351.50279.93337.07400.95388.86387.92386.37378. 56383.52387. 55391.28393.31394.52391.52389.61390.90391. 28394.50

England(pound)

485.6879486.2126453.4990350.6067423.6821503.9302490.1761489. 2457487.3466477.6211483.6812488. 7755493.4922495. 7659496.9880493.0654490.7834492.4950492. 8772496.2696

Norway(krone)

26.682726.759825.054618.003921.429225.316124.626824.581524. 488024.026524. 297524. 556324. 791024.906224.948224. 771024.657024. 739924. 760524. 9316

Austria(schil-ling)!

14. 057514.089114.022713.959915. 447818. 793018.830918.772518. 790018.882718. 789818. 768018.882118.914818.940518.845318.811718. 775318. 782818.8320

Finlandmarkka)

2.51602.51692.38751.55471.87082.22772.16272.16362.15362.10992.13152.15432.17822.18592.19072.17422.16452.17192.17452.1890

Poland(zloty)

11.194011.205111.197011.182314.413518.846018.882418.853518.872118.961118.861718.842618.914618.957418.956718.845018.836118.824918. 848618.9311

Belgium(belga)

13.912413.952413.928513.913717.899623.286718.424123.315023. 329322. 756416.943016.946116.939316.911716.887816.861816.846816.894616.856516. 9355

France(franc)

3.91613.92493.92003.92765.03136.56886.60136. 58206.59366.62326.59706.58836. 61216. 62426. 62626.59086.58926.58626.59866.6251

Portu-gal

(escudo)

4.47144.49404.24353.19603.91654. 60894.45754.45004.43284.34304.39304.44074.48564.50954.51534.48684.47034.47874. 48544.5120

Brazil(mil-reis)i

11.80781U. 71367.02907.12237.96308.42688. 29478.14518.12828. 23638. 25788. 27978.31228.31468.36578.33788.37918. 37928.39028.4167

Ger-many

(reichs-inark)

23.808823.854123.630223.749230.517939.375140.257540.061440.117840.372240. 263840. 247240. 407240. 353840.345640. 227840.225140.225140. 216740.3966

Ruma-nia

(leu)

0.5961.5953.5946.5968.7795

1.0006.9277

1.0027.9592

1.00931.00741.00571.00781.0004.9351.8077.7965.7899.7879.7879

Bul-garia(lev)i

0. 7216.7209.7163.7193

:

]]

L. 0039L. 2852L 2951L. 1955L. 2665L 2878L. 2725L. 2756L.3070L. 31491.33321.2935L. 3239L. 3404.3309

L. 3446

Greece(drach-

ma)

1.29341.29591. 2926.8320.7233.9402.9386.9341.9339.9399.9354.9340.9423.9442.9437.9384.9391.9390.9383.9424

SouthAfrica

(pound)1

483.27483.79480.76476. 56414.98498. 29484. 66483.99482.30472.31478.27483.34488.06490.61488. 74488. 42485.63487.08487. 44490.83

Canada(dollar)

99. 247299.842496. 325888. 089691.9587

101.006099. 4933

100.182599. 885299.064799. 527799.897799.907899.832299. 779999. 256398. 580098.923699.045399.9297

HongKong

(dollar)

47.166933.853024.330523.460429.451638.715648. 217343.169544. 336247.914752.670259.309557.516253.031050.326250.054748.970236.477232. 701632.2051

Spain(peseta)

14.683311.66709.54538.0438

10.718913.615013. 678313. 640813. 662613.723213. 669313. 652213. 698213. 725913. 729613. 656913.653713.647713.670413.7274

Chile(peso)1

12.060112.078512. 06697.90797. 6787

10.14525.08335. 06305.07615. 08855.10005.10005.09965.09905.06335.05155.06945.09505.09375.0950

H u n -gary

(pengo)i

17.441417.493917.452217.446022.359829. 574629. 602329. 582829.695529. 640529. 493729.435629.506229. 680929. 701029. 624029.636729. 624229. 618529.6778

StraitsSettle-ments(dollar)

56.011755.963952.445140. 397049. 232059.005257.173357. 242157.005755. 634656.332956. 894257.376257. 546657.828257. 618057.440457.607157. 611258.0574

China(yuan)

41.900729.916622. 436921. 7357

•28.597934.093736. 570734.992436. 536938. 296038. 790841. 097940. 400238. 679136.864537. 622635. 609129. 648529.449629.6594

India(rupee)

36.202036.067233.689526.346831.815937.879336. 964036.861136.799436.021036. 439336.860237.194437.346737. 484937.208237.021737.141937.200837. 4606

Sweden(krona)

26.783926.854325.254018.471022.032425.981525.271025. 226725.125624. 626424.932525.198825. 440825. 558325. 622725. 421925.303025. 387725.409225.5829

Colom-bia

(peso)i

96. 551296. 493096. 569795. 275081. 696661. 779956.011064.145058.957754.161352.884655.063454. 406852.969253.226355.984657.311556. 594857.030057.3900

Italy(lira)

5.23345.23745.20635.12536.70948.5617

8 8.24718. 52098.47308.33688.28218.22538.25668.22598.20748.14098.1243

• 8.10248 8.0750

8.0276

Switzer-land

(franc)

19.279219.382019.400919.404924.835532.366332.497232.305532.352532.530132.364532.323032.680032. 747432.718032.504232.532632. 444932. 432432.6622

Cuba(peso)

99.964799.951599.929599.940999.946499.936299.919899.921599. 920599.920099.919499.920499.918299.919499.918599.920099.920099.920099.920099.9231

Japan(yen)

46.099749.389848.850928.111225.645729.715328.706728.472528.391327.983728.367928.729528.993129.151029.319228.937828.668728. 682828. 738628.9932

Turkey(pound)

48.410547.060847.181447.285460.439679.047280.312379.338179.501880.667680.506580.526980.668880.655080.806380.266780. 244280. 267480.1536

Czecho-slovakia(koruna)

2.96092.96402.96192.96183.82324. 24244.16424.17114.17844.19824.18144.16834.18284.17294.15714.13634.14114.13634.14334.1602

Mexico(peso)

48.183047.1331

«35.491931.850028.102527.742327. 777927.754127. 751527. 750027.935027.788227. 778127. 766027. 752127. 755827.763127. 767327. 767527.7677

Uru-guay

(peso)*

98.629485.865055.357247.063960.336079.956280.251380.109480.130680. 477980.201580.094680.354780. 484180.537780.120480.188580.150080.207579.9466

Den-mark

(krone)

26.680226. 765025.058118.831719.070922.499821.883421.844721.759421.324421. 590221.817522.045822.130322.184822.011321.909221.983422.001222.1526

Nether-lands

(florin)

40.162240.225140.229840.294951.720967.383167.714767.456267.560267.950667.457667.619567.874367.986267.781967.555667.741667.802467.769668.1734

Yugo-slavia(dinar)

1.75911.76811.76801.64111.76072.27192.28372.27162.27172.28522.27572.27372.29132.29652.29732.28232.28342.28582.28862.2991

» Partly or wholly nominal since April 1933.» Partly or wholly nominal since April 1934.* Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for

Jan. 1-Dec. 10.* Beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver.

Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents.« Silver peso quoted in place of gold peso beginning July 30,1931. Averape for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso

for Jan. 2-July 29 was 47.6510 cents.*Nominal beginning Nov. 23.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES

WHOLESALE PRICES—ALL COMMODITIES[Index numbers]

Year or month

192619271928192919301931193219331934

1934—JulyAugust . —SeptemberOctoberNovember

1935—January.February .MarchAprilMayJune. . . . . . . . .JulyAugust . .September.. . . . .OctoberNovember _ ._December _

UnitedStates

(1926=100)

1009597958673656675

757678

V,77

798079808080798181818181

Canada(1926=100)

1009896968772676772

727272717171

717272737272727272737373

England(1930=100)

10088868688

878988888888

888887888888888890919191

France(1913=100)

695642645627564502427398376

374371365357356344

350343335336340330322330332342348354

Germany(1913=100)

134138140137125111979398

99100100101101101

101101o

oo

c

102102102103103103

Italy(1913=100)

602495462445383328304280273

270271270272274276

277278288296302308310323330

Japan(October

1900=100)

237225226220181153161180178

174177179182181181

182184184182182180180183189194194192

Nether-lands

(1926-30=100)

1061031021009076656363

626261616161616162636363

WHOLESALE PRICES—GROUPS OF COMMODITIES[Indexes for groups included in total index above]

Year or month

19261927Ifl2819291930 „1931193219331934

1934—July ....AugustSeptemberOctober . .NovemberDecember

1935—JanuaryFebruaryMarchAprilMayJuneJuly . .August -September. . . . .OctoberNovember . __December

United States (1926=100)

Farmproducts

10099

1061058865485165

657073717172

787978808178777980787878

Foods

10097

1011009175616171

717476757575

808382858483828586858586

Othercommod-

ities

1009493928575707178787878787878

787777777878787878787979

England (1930=100)

Foods

10089838385849088878687

878785858686858688898889

Indus-trial

products

10087858790

898989888889

898988899089909090929393

France (1913=100)

Farmend foodproducts

581599584579526542482420410

396393383368366344

351339329325324307292311322331338350

Indus*trial

products

793678697669579464380380361

354351350347347343

350346341345353351347347341351357356

Germany (1913=100)

Agricul-tural

products

129138134136113104918796

98100100101101101

10010099

100101102103104104104105105

Provi-sions

13212913312511396867576767878787979

818183848486858584848484

Indus-trial rawand semi-finishedproducts

130132134132120103898891

929292929292

929291919191919192939393

Indus-trial fin-

ishedproducts

ISO147159157150136118113116

115116117118119119

119120120120119119119119119119119119

Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, and October 1935, p. 678.


118 FEDEKAL RESERVE BULLETIN FEBRUARY 1936

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued

RETAIL FOOD PRICES[Index numbers]

Year or month

19261927. .192819291930..1931193219331934

1934—OctoberNovemberDecember

1935—JanuaryFebruaryMarchAprilM a y . . _.JuneJulyAugust.SeptemberOctoberTsJovflTnbQi*.,December

UnitedStates

(1913=100)*

161155154157147121102100111

116115114

119122122124124123122122124124

England(July

1914=100)

161156157154145131126120122

125127127

125124122119118120126126125128131131

France(July

1914 -100) »

11311311212412512410910098

959494

929088858686838181858788

Germany(1913-

14=100)

146153153156146131116113118

119120119

119120119119120121123123121120120121

COST OF LIVING[Index numbers]

Year or month

192619271928192919301931.. -193219331934

1934—OctoberNovemberDecember.. -.

1935—JanuaryFebruaryM a r c h . . . . -AprilMayJuneJulyAugust..SeptemberOctoberNovemberDecember

UnitedStates(1923—

25=100)

103102100999789807678

79

81

80

81

England(July

1914-= 100)

170164166164158148144140141

143144144

143142141139139140143143143145147147

France(Jan.-June1914=100)"

103104105113118116107106105

102

100

99

95

Germany(1913-

14=100)

142148152154148136121118121

122122122

122123122122123123124125123123123123

1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. In-dexes for revised series, 1923—25=100, are 80 for October, 82 for November, and 82 for December.

3 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—Ministryof Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique^Q6n6rale, and for cost of living, Commission d'fitudesrelatives au cout de la vie a Paris.

SECURITY PRICES[Index numbers except as otherwise specified]

Year or month

Number of issues19261927192819291930.-.19311932..1933 _..19341934—October

NovemberDecember

1935—JanuaryFebruaryMarchAprilMayJuneJuly . .August ._ .-SeptemberOctoberNovemberDecember

Bonds

UnitedStates

(averageprice)

60

97.098.998.795.798.396.181.184.096.798.498.8

100.0101.3101.399.9

100.0101.2102.2104.2104.2103.1101.9103.5104.5

England(December1921=100) »

87

110.0110.7112.3110.2111.8108.4113.2119.7127.5128.9133.2132.7134.6131.6130.3131.3131.3130. 3131.5129.8124.3125.5128.9129.5

France(1913 aver-age =100)

36

57.471.780.885.195.896.988.681.382.182.785.085.888.989.584.184.882.482.882.483.982.782.178.879.1

Germany(averageprice) i

139

85.581.483.3

»83.4«67.1

82.590.791.692.293.896.095.596.195.195.395.395.395.495.194.994.994.9

Common stocks (1926 average=

UnitedStates

421

100.0118.3149.9190.3149.894.248.463.472.567.369.469.269.767.863.967.573.176.079.483.385.086.194.295.7

England 1

278

100.0107.0115.9119.5102.678.967.978.685.784.585.685.386.985.482.683.886.086.986 988.384.784.688.990.2

France

300

100. 0123.2178.1217.6187.6132 2105.299 683.374.773.074.783.780.378.179.888.082.477 779.076.477 376.877.3

= 100)

Germany

329

100.0145,0136.1122.8100.2> 78 0»50.3

61 771.176.373.773.276.679.380.681.983.586.086 887.685.083 582 181.9

i Annual indexes are unweighted averages of monthly indexes.* Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11, 1932

June; index for 1932 represents average of months May-December.

Sources.—See BULLETIN for February 1932, p. 121, and June 1935, p. 394.

Index for 1931 represents average of months January-


FEBEUAKY 1936 FEDERAL RESERVE BULLETIN 119

LAW DEPARTMENTClassification of various types of deposits as savings

deposits.The Board has recently ruled upon a number

of questions relating to the classification ofdeposits as savings deposits within the defini-tion contained in section 1 (e) of Kegulation Q.

The first question was whether accounts inthe following names may be classified as savingsdeposits: "Richard Roe by John Doe"; "JohnDoe and Richard Roe"; "John Doe, Trustee";"John Doe, Attorney"; "John Doe, Executor orAdministrator of Richard Roe's Estate"; "JohnDoe, Trustee, Equity Cause No. —"; "JohnDoe, Committee for (Insane)"; " ,Trustee"; " , Executor"; " , Re-ceiver"; " , Guardian"; " , Ad-ministrator"; and " , Agent."

In answer to this question the Board statedthat, assuming that such deposits comply withall of the other requirements of the definitionof savings deposits contained in section 1 (e) ofRegulation Q, such deposits would be savingsdeposits if the beneficial interest therein w ereheld by one or more individuals or by a cor-poration, association or other organizationoperated primarily for religious, philanthropic,charitable, educational, fraternal, or othersimilar purposes and not operated for profit,and that it is the duty of a member bank toascertain the facts with regard to the benefici-aries of such accounts and to classify as savingsdeposits only the accounts in which the benefi-cial interest is held by one or more individuals orby an organization of the type described above.

The second question was whether deposits ofthe following organizations may be classifiedas savings deposits: Mutual fire and life in-surance companies, Federal credit unions, andnational trade associations, such as the UnitedStates Chamber of Commerce and NationalLime Association. The Board expressed theopinion that deposits of these organizationsmay not be considered as savings deposits be-cause such organizations are not operatedprimarily for religious, philanthropic, charita-ble, educational, fraternal, or other similarpurposes.

In answer to the question whether depositsof social clubs may be classified as savings de-posits, the Board stated, that the term "socialclubs" is so general that it is impossible to makea ruling applicable to all such clubs. However,the Board stated that small social clubs, such

as college fraternities and sororities, may beconsidered as organizations operated primarilyfor fraternal purposes and not operated forprofit and, accordingly, deposits of such organi-zations may be classified as savings deposits ifthey meet the other requirements of thedefinition. 4

The Board also stated that an account in thename of a parent as trustee or agent for a childmay be classified as a savings deposit if it meetsthe other requirements contained in section1 (e) of Regulation Q.

Another question presented was whetherdeposits of "publications of nonprofit organiza-tions" may be classified as savings deposits.The Board stated that, if such nonprofit or-ganizations are operated primarily for religious,philanthropic, charitable, educational, frater-nal, or other similar purposes, and if the publi-cations of such organizations are issued only asan incident to the fulfillment of their purposesand not for profit, deposits of such publicationsmay be classified as savings deposits, if suchdeposits meet the other requirements of thedefinition.

The Board expressed the opinion that for-eign government accounts and the accountsof their embassies or legations, and quasi-goyernment accounts, such as deposits ofPhilippine funds and Shipping Board funds,may not be classified as savings deposits be-cause such organizations are not operatedprimarily for the purposes stated in section1 (e) of Regulation Q. The Board said that itwas unable to express an opinion at the timewith regard to a deposit of the Pan-AmericanUnion since it did not have before it necessaryinformation relating to such organization.

A question was also presented as to thepenalties, if any, under Regulation Q. TheBoard stated that no specific penalties areprovided for violations of such regulation, butattention was invited to the provisions of lawrelating to forfeiture of the charters of na-tional banks and forfeiture of membership inthe Federal Reserve System of State memberbanks and, in addition to such provisions, tosection 30 of the Banking Act of 1933 whichprovides that the Board may remove directorsand officers of member banks for continuedviolations of law or for continued unsafe orunsound practices in conducting the businessof such banks.


120 FEDERAL RESERVE BULLETIN FEBRUABY 1936

Deposits of credit unions and citrus growers associa-tions not classified as savings deposits.The Board has recently been requested to

rule upon the question whether deposits ofcredit unions or of citrus growers associationsmay be classified as savings deposits withinthe definition contained in section 1 (e) ofRegulation Q.

The letter of inquiry stated that credit unionsare formed, usually within an industry or busi-ness, primarily for the purpose of affordingtheir members a place where they can borrowmoney in small amounts at a reasonable rateof interest and that citrus growers associationsusually own a packing house and pick andpack the fruit from the crops of their membersfor a charge fixed at the beginning of the season.

The Board stated that, without regard tothe question whether credit unions or citrusgrowers associations are operated for profit,it w as of the opinion that such organizationsare not operated primarily for religious, phil-anthropic, charitable, educational, fraternal,or other similar purposes, and, therefore,deposits maintained by them may not be clas-sified as savings deposits within the definitioncontained in section 1 (e) of Regulation Q.

Classification as savings deposit of funds of an indi-vidual used in his business.In response to an inquiry, the Board recently

ruled that a deposit in a member bank consist-ing of funds of an individual used in his business,as for example, the funds bf John Smith doingbusiness as Smith & Co., may be classified as asavings deposit within the definition containedin section 1 (e) of Regulation Q.

The Board stated that, prior to the issuanceof the regulation, careful thought was given tothis question and it was decided that it wouldbe impracticable to attempt to distinguishbetween funds of an individual which are usedin his business and other funds of the individual.I t was thought, however, that a distinctioncould properly be made between funds of anindividual and funds of a partnership in whichhe is a partner. Accordingly, footnote 4 ofRegulation Q provides that a deposit of a part-nership operated for profit may not be classifiedas a savings depos t.

Christmas Club accounts not within classification ofsavings deposits.

The Board has recently had occasion to ruleupon the question whether a Christmas Clubaccount could be classified as a savings de-posit within the meaning of section 1 (e) ofRegulation Q.

The first paragraph of section l(e) statesthat "the term 'savings deposit' means a de-posit, evidenced by a passbook, * * *."The last paragraph of such section reads asfollows:

Every withdrawal made upon presentation of a pass-book shall be entered in the passbook at the time of thewithdrawal, and every other withdraw^al, shall beentered in the passbook as soon as practicable afterthe withdrawal is made.

In view of the above provisions, the Boardexpressed the opinion that the term "passbook"as used in such definition means an accountbook in which deposits and withdrawals areentered.

In the case presented, it appeared that theChristmas Club book used in connection withthe account was a book containing couponswhich are stamped "Paid" at the time thedeposits are made and are torn out by the bankand retained for its records as evidence of eachof the 50 weekly deposits or "payments" madeby the depositor. The book also contained astub for each coupon which is stamped to showthat a deposit has been made, such stub beingretained by the depositor. It appeared, how-ever, that such book contained no provisionfor entries of withdrawals and, accordingly, theBoard expressed the view that it was not a"passbook" within the meaning of such termas used in section 1 (e) of Regulation Q.

The Board stated that, since the ChristmasClub book did not constitute a "passbook"within the meaning of such section, the depositwas not a savings deposit even though it mighthave some of the other characteristics of a sav-ings deposit. The Board also stated that, asindicated in footnote 2 of Regulation Q, such aChristmas Club account might constitute a timedeposit, open account, if it met the other re-quirements of the definition contained in sec-tion 1 (d) of such regulation.


FEBRUAKY 1936 FEDERAL RESERVE BULLETIN 121

Appointment as executive officer of member bank ofperson indebted to such bank.

The Board has recently had occasion to ruleupon the question whether it would be a viola-tion of section 22 (g) of the Federal ReserveAct for a person to be appointed as an executiveofficer of a national bank while he is indebtedto such bank upon a note executed by him ata time when he was not an executive officerthereof. The Board observed that the appli-cable provision of section 22(g) provides that:—

No executive officer of any member bank shall borrowfrom or otherwise become indebted to any member bankof which he is an executive officer, and no member bankshall make any loan or extend credit in any other man-ner to any of its own executive officers * * *.

and stated that such provision refers to an ex-ecutive officer of a member bank who is an ex-ecutive officer thereof at the time he borrowsfrom or otherwise becomes indebted to themember bank.

The Board expressed the opinion that whena loan is made in good faith by a member bankto an individual who is not at that time an ex-ecutive officer thereof and the loan is not madein contemplation of his becoming an executiveofficer of the bank, there is nothing in the stat-ute which would prohibit such person from be-coming an executive officer of the bank. Itwas observed, however, that there may be cir-cumstances in a particular case which would in-volve an attempted evasion of the provision oflaw, in which case the above ruling would notbe applicable. Since it did not appear fromthe facts presented that the loan in questionwas made with a view to evading the provisionof law in question, the Board held that the elec-tion of such person as an executive officer ofthe national bank would not constitute a viola-tion of the provisions of section 22 (g) of theFederal Reserve Act.

Granting of overdrafts or carrying of cash items forexecutive officers of member banks.

The Board was recently requested to con-strue the applicable provisions of section 22 (g)of the Federal Reserve Act and Regulation Owith regard to a situation where a memberbank holds a cash item in the form of a checkwhich, if put through the books of the bank,would cause an overdraft in the account of anexecutive officer thereof in an amount not inexcess of 30 days' advance pay, or not in excessof the salary which has accrued to the execu-tive officer. The question was also asked as towhether it would be a violation of section 22 (g)

or the Board's Regulation O if an actual over-draft had been created in the executive officer'saccount, or if the executive officer in questionhad substituted his personal note for theamount of the overdraft. It did not appearthat the granting of the overdraft to or thecarrying of the cash item for the executiveofficer had been previously approved by amajority of the entire board of directors of thebank, thereby bringing the transaction withinthe $2,500 exemption as provided in section3 (a) (1) of the Board's Regulation O, or that theexecutive officer had been advanced any sal-ary, accrued or unaccrued, as such.

In section 1 (c)(l) of the Board's RegulationO, the terms "loan", "loaning", "extension ofcredit", and "extend credit" are defined to in-clude "any advance by means of an overdraft,cash item, or otherwise;" and, under the secondclause of the unnumbered paragraph of section1 (c) it is provided that such terms do not in-clude—the acquisition by a bank of any check deposited in ordelivered to the bank in the usual course of businessunless it results in the granting of an overdraft to or thecarrying of a cash item for an executive officer.

On the other hand, it is provided in such sub-section that advances of unearned salary orother unearned compensation for periods not inexcess of 30 days and advances against accruedsalary or other accrued compensation are notincluded within the definition of such terms.

On the basis of the above facts, the Boardexpressed the opinion that if the bank carries acash item in the form of a check which, if putthrough the books of the bank, would cause anoverdraft in the account of the executiveofficer, the carrying of such cash item or thegranting of such overdraft, as the case may be,would be a loan or extension of credit as definedin the Board's Regulation O. Likewise thesubstitution of the personal note of the execu-tive officer for the amount of the cash item oroverdraft would be a loan or extension of creditas defined in such regulation. The fact thatthe executive officer is entitled to compensationwhich has been earned or accrued or mayobtain an advance of unearned salary for aperiod not in excess of 30 days, the amount ofwhich would be equal to or in excess of the cashitem, overdraft, or personal note, would not besufficient to remove the transaction from theclassification of a loan or extension of credit.In other words, the existence of an offset,under the circumstances described above,would not render legitimate a loan or extensionof credit which is prohibited.



Amendment No. 7 of Regulation T—Effective February1, 1936.

Subsections (a), (b), and (c) of section 3 ofKegulation T are hereby amended to read asfollows:

(a) General rule.—No creditor shall make any initialextension of credit to any customer on any registeredsecurity (other than an exempted security) for thepurpose of purchasing or carrying any security, in anamount which causes the total credit extended on suchregistered security to exceed the maximum loan value ofsuch registered security. Except as specifically pro-vided elsewhere in this regulation, the maximum loanvalue of a registered security (other than an exemptedsecurity) shall be the maximum loan value which theBoard of Governors of the Federal Reserve Systemshall prescribe as of general application under thisregulation from time to time in supplements to thisregulation, which will be issued in advance of the dateupon which such maximum loan value becomeseffective.

(b) Extension of credit to other members, brokers,and dealers.—In a special account recorded separately,any creditor may extend credit on any registeredsecurity to any other member, broker or dealer in anamount not greater than the maximum loan value ofsuch security, which (except in the case of an exemptedsecurity) shall be such special maximum loan value asthe Board of Governors of the Federal Reserve Systemshall prescribe for the purposes of this subsection (b)from time to time in supplements to this regulation,which will be issued in advance of the date on whichsuch maximum loan value becomes effective: Provided,That (1) such other member, broker, or dealer issubject to the provisions of this regulation or has placesof business only in foreign countries, (2) such creditis extended or maintained solely for the purpose ofenabling such member, broker, or dealer to carryaccounts for his customers other than his partners, and(3) any credit extended or maintained by such creditorto or for such other member, broker, or dealer for thepurpose of purchasing or carrying securities for hisown account or for the account of his firm or any of hispartners shall not be included in such special accountand shall be subject to the other provisions of thissection.

(c) Extension of credit to distributors, syndicates,etc.—In a special account recorded separately, anycreditor may extend credit on any registered securityto the persons and for the purposes specified below inan amount not greater than the maximum loan valueof such security, which (except in the case of an ex-empted security) shall be such special maximum loanvalue as the Board of Governors of the Federal ReserveSystem shall prescribe for the purposes of this sub-section (c) from time to time in supplements to thisregulation, which will be issued in advance of the dateupon which such maximum loan value becomes effec-tive: Provided, That such credit is extended:

(1) To any dealer, for the purpose of financing thedistribution of an issue of securities at wholesale orretail; or

(2) To any group, joint account or syndicate, for thepurpose of underwriting or distributing an issue ofsecurities.

Supplement to Regulation T—Effective February 1,1936.

MAXIMUM LOAN VALUES OF REGISTERED SECURI-TIES (OTHER THAN EXEMPTED SECURITIES)FOR PURPOSES OF REGULATION T

Pursuant to the provisions of section 7 of theSecurities Exchange Act of 1934 and section 3of its Regulation T, as amended, the Board ofGovernors of the Federal Reserve System here-by prescribes the following maximum loanvalues of registered securities (other thanexempted securities) for the purposes of Regula-tion T:

(1) General rule.—Except as provided in para-graphs (2) and (3) of tnis supplement, the maximumloan value of a registered security (other than anexempted security) shall be whichever is the higher of:

(A) 45 percent of the current market value ofthe security; or

(B) 100 percent of the lowest market value ofthe security computed at the lowest market pricetherefor during the period of 36 calendar monthsimmediately prior to the first day of the currentmonth, but not more than 75 percent of the cur-rent market value: Provided, That until July 1,1936, for the purpose of this regulation, the lowestprice at which a security has sold on or after July 1,.1933, but prior to the first day of the currentmonth, shall be considered as the lowest marketprice of such security during the preceding 36calendar months; And provided, That the lowestmarket price which could be used under the pro-visions of this regulation during any calendarmonth may be used during the first *7 calendardays of the succeeding calendar month.

(2) Extension of credit to other members, brokers,and dealers.—The maximum loan value of a registeredsecurity (other than an exempted security) in a specialaccount with another member, broker or dealer, whichspecial account complies with subsection (b) of section 3of Regulation T, as amended, shall be 80 percent of thecurrent market value of the security.

(3) Extension of credit to distributors, syndicates,,etc.—The maximum loan value of a registered security(other than an exempted security) in a special accountwith a distributor, syndicate, etc., which special accountcomplies with subsection (c) of section 3 of RegulationT, as amended, shall be 80 percent of the cuirentmarket value of the securitv.

Interpretation of provision in section 6 of RegulationT regarding the 7-day period.

Ruling No. 48 interpreting Regulation T.—In reply to an inquiry regarding the provisionsof section 6 of Regulation T, as amended May10, 1935, the Board of Governors of the FederalReserve System rules that the 7-day periodreferred to in that section, which deals with



"cash transactions'', ends at midnight of theseventh day following the date on which theperiod commences to run.

Discounts for individuals, partnerships, and corpora-tions.

The authority granted by the Board to allFederal Reserve banks in its circular of July26, 1932, to discount eligible notes, drafts, andbills of exchange for individuals, partnerships,and corporations subject to the provisions oflaw, the Board's regulations, and that circularhas been extended from time to time and hasrecently been again extended by the Boardfor an additional 6-months' period ending atthe close of business on July 31, 1936. Thelaw on this subject, which is contained in thethird paragraph of section 13 of the FederalReserve Act, was amended by the BankingAct of 1935 so that it is no longer necessarythat paper discounted for individuals, partner-ships, and corporations under this authoritybe both indorsed and secured and it is nownecessary only that such paper be eitherindorsed or secured to the satisfaction of theFederal Reserve bank. Accordingly, in orderto conform to the law, the provisions of theBoard's circular on this subject have beenamended in certain respects, effective February1, 1936, and the circular in its revised form isset forth below:

BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM,

WASHINGTON, February 1, 1936.

DISCOUNTS FOR INDIVIDUALS, PARTNERSHIPS, ANDCORPORATIONS

To all Federal Reserve banks:The third paragraph of section 13 of the Federal

Reserve Act, as amended by the acts of July 21, 1932,and August 23, 1935, provides as follows:

"In unusual and exigent circumstances, the Board ofGovernors of the Federal Reserve System, by theaffirmative vote of not less than five members, mayauthorize any Federal reserve bank, during such pe-riods as the said board may determine, at rates estab-lished in accordance with the provisions of section 14,subdivision (d), of this Act, to discount for any indi-vidual, partnership, or corporation, notes, drafts, andbills of exchange of the kinds and maturities madeeligible for discount for member banks under other pro-visions of this Act when such notes, drafts, and billsof exchange are indorsed or otherwise secured to thesatisfaction of the Federal reserve bank: Provided, Thatbefore discounting any such note, draft, or bill of ex-change for an individual or a partnership or corporationthe Federal reserve bank shall obtain evidence that suchindividual, partnership, or corporation is unable tosecure adequate credit accommodations from other

banking institutions. All such discounts for individ-uals, partnerships, or corporations shall be subject tosuch limitations, restrictions, and regulations as theBoard of Governors of the Federal Reserve Systemmay prescribe/7

In view of the fact that the power conferred by thisprovision can be exercised only in "unusual and exigentcircumstances", the Board of Governors of the FederalReserve System has not prescribed any formal regula-tions governing the exercise of this power; but therequirements of the law and the procedure which theBoard will expect to be followed are outlined below forthe information of the Federal Reserve banks and anyindividuals, partnerships, or corporations that maycontemplate applying to them for discounts.

1. LEGAL REQUIREMENTS

Ifc will be observed that, by the express terms of thelaw:

(a) The power conferred upon the Board of Gover-nors of the Federal Reserve System to authorizeFederal Reserve banks to discount eligible paper forindividuals, partnerships, or corporations may beexercised only:

(1) In unusual and exigent circumstances,(2) By the affirmative vote of not less than

five members of the Board of Governors, and(3) For such periods as the Board of Gover-

nors may determine.(6) When so authorized, a Federal Reserve bank

may discount for individuals, partnerships, or cor-porations only notes, drafts, and bills of exchange ofthe kinds and maturities made eligible for discountfor member banks, under other provisions (sees. 13,13a, and 24) of the Federal Reserve Act. (Such papermust, therefore, comply with the applicable require-ments of the regulations of the Board of Governors ofthe Federal Reserve System.)

(c) Paper discounted for individuals, partnerships,or corporations must be either (1) indorsed or (2)otherwise secured to the satisfaction of the FederalReserve bank.

(d) Before discounting paper for any individual,partnership, or corporation, a Federal Reserve bankmust obtain evidence that such individual, partner-ship, or corporation is unable to secure adequatecredit accommodations from other banking institu-tions.

(e) Such discounts may be made only at rates estab-lished by the Federal Reserve banks, subject to reviewand determination by the Board of Governors of theFederal Reserve System.

(/) All discounts for individuals, partnerships, orcorporations are subject to such limitations, restric-tions, and regulations as the Board of Governors of theFederal Reserve System may prescribe.

2. AUTHORIZATION BY THE BOARD OF GOVERNORS

The Board of Governors of the Federal ReserveSystem, pursuant to the power conferred upon it bythe amendment hereinbefore quoted, hereby authorizesall Federal Reserve banks, for a period ending at theclose of business on July 31, 1936, to discount eligiblenotes, drafts, and bills of exchange for individuals,partnerships, and corporations, subject to the provi-sions of the law, the Board's regulations, and thiscircular.



3. FOR WHOM PAPER MAY BE DISCOUNTED

A Federal Reserve bank may discount for individuals,partnerships, or corporations notes, drafts, or bills ofexchange, which are the obligations of such individuals,partnerships, or corporations or which are the obliga-tions of other parties actually owned by such individ-uals, partnerships, or corporations.

Within the meaning of this circular, the term"corporations" does not include banks.

4. APPLICATIONS FOR DISCOUNT

Each application of an individual, partnership, orcorporation for the discount of eligible paper by theFederal Reserve bank must be addressed to the FederalReserve bank of the district in which the principalplace of business of the applicant is located, must bemade in writing on a form furnished for that purposeby the Federal Reserve bank, and must contain, or beaccompanied by, the following:

(a) A statement of the circumstances giving riseto the application and of the purposes for which theproceeds of the discount are to be used;

(b) Evidence sufficient to satisfy the Federal Reservebank as to (1) the legal eligibility of the paper offeredfor discount under the provisions of the FederalReserve Act and the regulations of the Board ofGovernors of the Federal Reserve System and (2) itsacceptability from a credit standpoint;

(c) A statement of the efforts made by the applicantto obtain adequate credit accommodations from otherbanking institutions, including the names and addressesof all other banking institutions to which applicationsfor such credit accommodations were made, the datesupon which such applications were made, whether suchapplications were definitely refused and the reasons,,if any, given for such refusal;

(d) A list showing each bank with which the appli-cant has had banking relations, either as a depositoror as a borrower, during the preceding year, with theapproximate date upon which such banking relationscommenced and, if such banking relations have beenterminated, the approximate date of their termination;

(e) Complete credit data regarding the financialcondition of the principal obligors and indorsers, ifany, on the paper offered for discount;

(/) A list and description of any collateral or othersecurity offered by the applicant;

(g) A waiver by the applicant of demand, notice,and protest as to applicant's obligation on all paperdiscounted by the Federal Reserve bank or held bythe Federal Reserve bank as security; and

(h) An agreement by the applicant, in form satisfac-tory to the Federal Reserve bank, (1) to furnish addi-tional credit information to the Federal Reserve bank,when requested, (2) to submit to audits, credit investi-gations or examinations by representatives of theFederal Reserve bank at the expense of the applicant,whenever requested by the Federal Reserve bank,

and (3) to furnish additional security whenever re-quested to do so by the Federal Reserve bank.

5. GRANT OR REFUSAL OF APPLICATION

Before discounting notes, drafts, or bills of exchangefor any individual, partnership, or corporation, theFederal Reserve bank shall ascertain to its satisfactionby such means as it may deem appropriate:

(a) That the financial condition and credit standing ofthe applicant justify the granting of such creditaccommodations;

(b) That the paper offered for discount is acceptablefrom a credit standpoint and eligible from a legalstandpoint;

(c) That the indorsement or the security offered isadequate to protect the Federal Reserve bank againstloss;

(d) That there is a reasonable need for such creditaccommodations; and

(e) That the applicant is unable to obtain adequatecredit accommodations from other banking institu-tions.

A special effort should be made to determine whetherthe banking institution with which the applicant ordi-narily transacts his banking business or any otherbanking institution to which the applicant ordinarilywould have access is willing to grant such creditaccommodations.

A Federal Reserve bank should not discount suchpaper unless it appears that the proceeds of such dis-counts will be used to finance current business opera-tions and not for speculative purposes, for permanentor fixed investments, or for any other capital purposes.Except with the permission of the Board of Governorsof the Federal Reserve System, no such paper shouldbe discounted if it appears that the proceeds will beused for the purpose of paying off existing indebtednessto other banking institutions.

In discounting paper for individuals, partnerships, orcorporations, a Federal Reserve bank should not makeany commitment to renew or extend such paper or togrant further or additional discounts.

6. LIMITATIONS

Except with the permission of the Board of Governorsof the Federal Reserve System, no Federal Reservebank shall discount for any one individual, partnershipor corporation paper amounting in the aggregate tomore than 1 percent of the paid-in capital stock andsurplus of such Federal Reserve bank.

7. ADDITIONAL REQUIREMENTS

Any Federal Reserve bank may prescribe such addi-tional requirements and procedure respecting discountshereunder as it may deem necessary or advisable; pro-vided that such requirements and procedure are con-sistent with the provisions of the law, the Board'sregulations and the terms of this circular.

CHESTER MORRILL, Secretary.


FEBRUABY 1936 FEDERAL RESERVE BULLETIN 125

FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.

DISCOUNTS BY MONTHS[Averages of daily figures. In thousands of dollars]

Federal Reserve bank

Boston -New York . - .Philadelphia

Cleveland.. . . . _ . _RichmondAtlanta —

ChicagoSt. Louis. .Minneapolis

Kansas CityDallasSan Francisco

Total

1936

January

2794 146

421

498489

1052063

5328056

5,924

1935

Decem-ber

5253 971

491

498787

2447063

6375927

6,310

January

5684 833

946

441211152

29955

11121

208

7,845

DISCOUNTS BY WEEKS[In thousands of dollars]


BostonNew York—.Philadelphia.

Cleveland.,.Richmond-Atlanta

ChicagoSt. LouisMinneapolis

Kansas City. . .DallasSan Francisco.

T o t a l -

Wednesday figures (1936)

Jan .8 Jan.15 Jan.22 Jan.29

2723,785

394

3358

411842

5715425

5,381

2803,773

324

335887

411880

5399425

5,352

1954,374

360

11895

54118

5025435

6,420

3565,063

479

48138119

411875

467156105

7,065


TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TOLIABILITIES

[Averages of daily figures. Amounts in thousands of dollars]


Total reserves

1936

January

1935

Decem-ber January

Total deposits

January

1035

Decem-ber January

Federal Reserve notes incirculation i

1936

January

1935

Decem-ber January

Ratio of total reservesto deposit and FederalReserve note liabili-ties combined

1936

Janu-ary

1935

Decem-ber

Janu-ary

BostonNew York.. . .Philadelphia..

Cleveland..Richmond-Atlanta

ChicagoSt. LouisMinneapolis..

Kansas CityDallasSan Francisco.

Total.—

579,5983,446,474431,603

526,543241,642185,102

1,382,088218,089158,684

216,362135,063414,832

546,9163,253,459

516,837253,073186,594

1,436,479243,067153,664

214,282131,367427,495

429,3791,952,832307,063

390,819195,379131,263

1,085,859217,555153,824

199, 752117,229

412,0953,340,460329,317

377,844180.495120.496

852,412174,087121,302

182,010138,209324,840

370,9983,133,127289,372

364,366183,037118,827

917,667184,465114,247

178,010128,446332,710

308,7081,993,704225,417

285,051137,07190,499

710,912165,930111, 774

174,454130,647287,028

309,419787,740265,505

348,209176,019153,098

842,189160,796108,912

139, 48373,162

275,383

317,381799,557273,121

352,449185, 386155,912

844,044161,484111, 071

141,33975, 056

280,259

261,717655,020231,653

299,517160,494128,966

772,196138, 743103,835

114,63350,555

201,289

80.383.572.6

72.567.867.7

81.665.168.9

67.363.969.1

79.482.770.5

72.168.767.9

81.570.368.2

67.164.669.7

75.373.767.2

66.965.759.8

73.271.471.3

69.164.768.7

7,936,080 7,759,832 5,516,280 6,553,567 6,315,272 4,621,195 3,639,915 3,697,059 3,118,618 77.9 77.5 71.3

i Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $26,214,000; month ago, $21,103,000; 3rear ago, $24,313,000.

Back figure?.—See annual report for 1934 (table 9).



ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTESTATEMENT JAN. 31, 1936


TotalBos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta Chicago St.

LouisMin-neap-olis

Kan-sas

CityDal- San

Fran-cisco

ASSETS

Gold certificates on hand and due fromU. S. Treasury

Redemption fund—Federal Reservenotes—-

Other cash

Total reserves

Bills discounted:Secured by U. S. Government ob-

ligations direct and/or fullyguaranteed -.

Other bills discounted

Total bills discountedBills bought in open marketIndustrial advances

U. S. Government securities:BondsTreasury notesTreasury bills

Total U. S. Government securi-ties

Other securities

Total bills and securitiesDue from foreign banksFederal Reserve notes of other banks..Uncollected itemsBank premisesAll other assets

Total assets _

LIABILITIES

Federal Reserve notes in actual circu-lation _

Deposits:Member bank—reserve accountU. S. Treasurer—general account..Foreign bankOther deposits

Total deposits --Deferred availability itemsCapital paid in _Surplus (sec. 7).Surplus (sec. 13 b)Reserve for contingenciesAll other liabilities

Total liabilitiesRatio of total reserves to deposit and

Federal Reserve note liabilities com-bined (percent)

Commitments to make industrial ad-vances _ _

FEDERAL RESERVE NOTE STATEMENT

Federal Reserve notes:Issued to Federal Reserve bank by

Federal Reserve agent.Held by Federal Reserve bank

In circulation _

Collateral held by agent as security fornotes issued to bank:

Gold certificates on hand and duefrom U. S. Treasury _.

Eligible paperU. S. Government securities

Total collateral

7, 651, 863

15, 684338,020

524,903 3,497,716 371, 561 486,099 225, 456 173, 602 1, 326,090 196,924 153,875192, 538 128,964 374,135

2,88240,370

1,05075,185

93839,654

82127,970

1,30117,559

2,65813,995

67344,428

73320, 524

5019,900

76521,988

6176,368

2,74520,079

8,005, 567 568,155 3, 573, 951 412,153 514,890 244,316 190,255 1,371,191 218,181164,276 215, 291135,949 396f 959

5,7273,016

47957

8,7434,67132,089

536343

2,931

4,1522, 228j

6,3801,7537,704

53485

215,6801, 616, 559598,008

2,430, 247181

14,420107,70735, 544

157,671

55,252493,439 120,185,692

734,383

2,475,931650

18,077498,55547, 79941,057

161,48150366

51,1353,113137

750,220 184,896 220,165 121,158250 69 63 25

5,319 718 1,168 1,359158,716 33,607 40,678 36,32410,810 4,875 6,525 2,91931,051 4,258 1,418 978

11,087, 636 784,437 4, 530, 317 640, 576 784,907 407,079 307,588

3,633,064 310,306 784,888 265,633 347, 525 176,446 151,591

5,860,064452, 52448,155256,073

6, 616,816

130, 647145, 50126,40633,8995,015

399, 757 3, 468, 103 308, 518 366,21050,599 157,435 32,549 40,0459,409 51,024 12,322 12,4249,902 50,825 13,406 14,3712,876 7,744 4,231 1,0071,413 8,849 3,000 3,111175 1,449 917 214

11,087,636

78.1

26, 957

3,950,194317,130

80.0

3,254

335,84625,540

84.0

9,871

3,633,064 310,306

3,871, 3436,855

135,400

356, 61510

619484

6,673

1533

48444

1,648

12013

15344

133175

4,135

197165

41

41577

2,138

1887

475

75

7561

1,505

44391

ul435128

1,117

156126

1, 761

16,848"1,93539,337

19,070149, 59049, 365

10,208SO, 08026,427

8,24064,63821, 331

24, 529207, 571in, r""

10, 73284,68627,782

12,96247, 21415,409

9,51473,18024,150

16,47050,75116,750

177,120 218,025 116,715 94,209 343,189 123,200 75, 585 106,844181

83,975 199,331

95,46924

1,51116, 9432,2841,102

345,945 123,780 86,018 200,868

1,48523,1633,580

133

1, 786, 346J365, 901 256,106 355,249 242,895 626, 235

2,56461,4484,826292

41,095

20, 2022,452187

77,226 108,7053

73311,8711, 531466

181,

26, 2473,360259

375, 292 2,904,764 285,659 353, 508 172,416 120,39117,241 352,501 7,677 5,052 4,030 1,8703,427 18,078 4,711 4,521 1,761 1,7133,797 192,760 10,471 3,129 2,315 2,697

180,522 126,67135,5374,5955,1863,4351,261

97

784,437 4, 530,317 640,576 784,907 407,079 307, 588 1,786, 346 365,901 256,106 355, 249 242,895 626,235

71.8

652

72.1

1,712

68.4

2,260

919,179 282,230 363, 286 184,958 172,16216, 597 15, 761 8,512 20,571134, 291

784,888 265,633 347, 525 176,446 151, 591

938,706 283,000 366,4404,734 584 15

171,000 130120

16,000

4,013,598 357,127 943, 440 283, 584 366,455 187,120

845,100 160,567 108,214 139,257

778,922 161,842 117,78147,1035,5212,426

16, 3514,2055,616754

2,288112

833,972 175,08164,00011,99221,3501, 3917,573

68.4

468

81.7

109

30,817

1,685184

42,000

172, 869

72,088 271,449

3,9191,4287,892

175,355 128,249 287,8854 3 2 7

1,1425,110

3,5761,285

2,2401,237

11,228

20,1873,7584,655546892215

127,02112,0043,0533,1491,0031,492170

181,078 140,954 308,92925,2473,9223,6131,142843147

19,3663,7913,7831,2561,328329

65.0

2,095

69.8

135

67.2

1,351

63.8

590

875,917 166,196 112,070 147,4378,1805,629 3,856 6,521

845,100 160, 567 108, 214 139, 257

876,000 144, 632 111, 000 138,000

24,00066

2,400407

11,000147

876,000 168, 640 113,466149,407

8025

105328

1,104

17,435136, 76445,132

4 3 2 7

3,33113,386

22,96810,1529,6451,0211,849222

8.4

78,609 312,30440,855

72,088 271,449

80,000 275,26380

40,000

80,147 315,343


FEBRUARY 1936 FEDEKAL KESERVE BULLETIN 127

RATES ON INDUSTRIAL ADVANCES[Approved by the Board of Governors of the Federal Reserve System, under sec. 13b of Federal Reserve Act as amended June 10,1934. Percent

per annum except as otherwise specified. In effect on Feb. 1,1936]

Advances direct to industrial or commer-cial organizations

Advances to financing institutions:On portion for which institution is ob-

ligatedOn remaining portion

Commitments to make advances

Boston NewYork

Phila-delphia

4-6

34-51-2

4-6

3(*)fc2

Cleve-land

4H-6

Rich-mond

4-64-61-2

At-lanta

Chi-cago

5-6

13

1-2

St.Louis

Minne-apolis

KansasCity

4-6

Dallas

5-6

45-6

1

SanFran-cisco

5-6

3-44-5

* Authorized rate 1 percent above prevailing discount rate. 1 Same as to borrower but not less than 4 percent. • Flat charge.

INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERALRESERVE ACT JUNE 19, 1934, TO JAN. 29, 1936

[Amounts in thousands of dollars]

Date (last Wednesday ofeach month)

Applicationsreceived to date

| Number Amount

Applications rec-ommended forapproval by In-dustrial Advi-sory Commit-tees to da t e(with and with-out conditions)

Number Amount

Applications approved to date by Federal Reserve banks (with andwithout conditions)

Total

Number Amount

FederalReserve

bankadvances

out-standing

FederalReserve

bankcommit-mentsout-

standing

Approvedbut not

com-pleted i

Expired,repaid,or with-

drawn byappli-cant

Financ-ing insti-

tutionpartici-pations

out-standing*

1934—Nov. 28.. .Deo. 26

1035—Jan. 30Feb. 27Mar. 27Apr. 24May 29June 26July 31Aug. 28Sept 25Oct. 30Nov. 27Dec. 31 (Tuesday)

1936—Jan. 29 _._.

4,6355,053

5,2835,5956,8976,1306,4286,6186,8637,0297,1957,3887,5007,615

7,714

166,433187,696

195,710205,581217,756225,900245,078263,482271, 768278,022292, 747299,927302,331306,708

311,081

9611,122

1,3411,4321,5211,6331,7341,8151,9071,9702,0092,0832,1342,176

2,212

46,59954,531

73,47076,57579,49086,37490,799102,331iO9,603112,629121,837126,192130,502132,460

134,243

828

1,1681,2681,3641,4671,5711,6461,7391,7861,8341,9011,9481,993

2,023

42,20249, 634

64,51872, 52576,44181,13486,28288,778103,633107,244115,350118,378121,947124,493

125,810

9,76913,589

17,49319,16320,78526,20626,97727,51828,35429,44730,13232,71932,63432,493

32,483

6,6578,225

11,73913,96315,73216,90819,42520,57923,02226,31426,89227,05728,00227,649

27,004

20,39020,966

26,36226,59123,55216,95613,85011,24819,73515,31918,79113,35713,46611,548

10,888

4,3985,558

7,16010,72713,90017,18521,80224,90026,91129,55632,47536,56538,95244,025

46,736

1,296

1,7642,0812,4723,8794,2284,5335,6116,6087,0608,6808,8938,778

i Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.* Does not include financing institution guarantees of advances and commitments made by Federal Reserve banks.

NOTE.—On Jan. 29, 1936, there were 118 applications amounting to $8,065,000 under consideration by the Industrial Advisory Committeesand the Federal Reserve banks.


EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1935

EARNINGS

Discounted billsPurchased billsIndustrial advancesUnited States Government securities.Commitments to make industrial

advances -_ .Deficient reserve penaltiesMiscellaneous

Total earnings - - . _ _.

Total

$156,16035,894

1,484,04039,796,177

241,5806,560

1,031,548

42,751,959

Boston

$13,1452,626

120,0322,559,709

23,598463

7,669

2,727,242

New York

$87,06913, 619

294,13212,569, 700

85,163722

80, 981

13,131, 386

Philadel-phia

$12,3243,615

255,2112,820,465

2,258473

29, 572

3,123,918

Cleveland

$7,5843,407

88,4563,488,442

18,335417

68,225

3, 674,866

Richmond

$6,4311,329

236,2211,836,042

18, 939329

132, 563

2,231,854

Atlanta

$3,0361,323

63,0071,524, 200

3,2751,118

76, 647

1, 672, 606

Chicago

$1,8794,240

99,1075, 837, 040

8,501824

226,024

6,177,615

St. Louis

$992734

25,0161, 728, 739

20, 623543

73,948

1,850,595

Minne-apolis

$1,039587

116,1671,292, 200

934394

44,556

1,455,877

KansasCity

$8,762969

44,4821,683,344

16,842241

192,262

1,946,902

Dallas

$6,651934

97,4251,382,121

3,178819

16,116

1,507,244

San Fran-cisco

$7,2482,511

44,7843,074,175

39,934217

82,985

3> 251,854

to

CURRENT EXPENSES

Salaries:OfficersClerical employeesOther employees

Contributions-—Retirement system..Governors' conferencesFederal Advisory CouncilDirectors' meetingsIndustrial Advisory CommitteeTraveling expenses »Assessments for Federal Reserve

Board's expensesLegal fees _Insurance on currency and security

shipments _Other insurance _Taxes on banking houseLight, heat, power, and waterRepairs and alterations, banking

houseRent _ _Office and other supplies.._Printing and stationeryTelephone _Telegraph _ _PostageExpressageM iscellaneous expenses

Total, exclusive of cost of cur-rency

Federal Reserve currency:Original costCost of redemptionTaxes on Federal Reserve bank-

note circulation _

Total current expenses..

$2,612,49011,464,4993,277,3513,452,174

6,40716,271

142,76912,310

263,007

1,405,89880,027

247,267273,923

1,401,641370,299

194,649178,699344,615351,518225,065317,911

2,324,990530,042607,141

30,100,863

1,315,924144,840

15,816

31,577,443

$149,650764,940163,625227,980

3631,3925,2971,3496,516

101,9482,507

33,36215,986

174,92024,876

6,136240

18,91434,73618,2106,196

269,55253,85030,932

2,113,487

108,44612,667

1,083

2,235,683

$583,3403,267,462

847, 615803,109

616955

20,0351,231

49,813

519,6742,842

54,79548,970

72,467

88,222

82,79368,95973,56239, 518

395,771125,723122,243

7, 768,542

389,33627,918

14,733

8,200,529

$152,9101,034,042179, 630258,275

90750

7,407384

33,398

138,6417,582

26,02319, 8£071,01632,336

6, 77C1,158

37,26229,04730,83711,992

215,66052,89863,861

2,412,099

105,08914,224

2,531,422

$192,0121,040,425441,731282, 323

683823

9,420657

28,216

ISO, 7005,782

23,01417,355131,57442,189

13,46285,09834,08835,08616,70020,752189,87243,20149,051

2,854,244

89, 66310, 977

2,954,884

$184, 597618,194185, 408215,652

2311,2476,475552

19, 244

55,5295,480

15, £6415,71665,21517,3^8

4,46115, 73918, 91721,8918,80823,042171,14852, 61433,426

1,757,078

74,0978,808

1,840, CS3

$2C0,3514G5,84297,014128, 013

1£6897

17, 240382

18,1C6

49,19111,070

12,89218, 93657,08118,448

25,0124,57317,85223,3,577,33843,941134,87735,8C430, 582

1,359,345

69,9557,885

1,437,185

$327,8161,326,400378,277475,4C0

CC71,1358,113820

27,853

161, 587502

28,61220,800154,35440,107

14,38815,33827, 53938,31615,10624,610276,22260,43966, 564

3,480,915

184,18222,433

3, 697, 540

$165,661535,254168,630187,920

5C61,35013,460

6218,642

42,12031

5,07021,78352,93622,487

7,8553,00016,11720,64011,94826,37788,87918,18637,282

1,456,755

97,75410,429

1, 564, 938

$119,679421,027139,682119,2C2

6191,61711,3013,31527,022

34,11811, 878

7,77520,50782,07919,994

6,977

14,08618,2327,30212,480

106, 7269,87140,980

1,236,479

51,1475,424

1, 293,050

$154,453592,923224,829222,849

5851,350

21, 7221,0928,487

37,65512,716

8,30631,71486,42833,860

11,066

24,02517,9867,204

42,824160,73626,19835,787

1,764,795

42,3755,592

1,812,762

$153,455424,073114,285144,0291,1142,0556,005540

10,105

37,9749,511

9,32317,76332,21718,830

2,7101,28016,51113,9729,02721,722113,29623,03627,317

1,210,150

14,2804,738

1,229,168

1,033,817336,625277,412

7972,60016,2941,367

25,545

96,76110,116

22,13124,53394,91427,387

7,58052,17336,41129,18618,92344,447192,25128,12269,016

2,676,974

89,58013,645

2,780,199

g

wd

'Other than those connected with governors' and agents' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committee.


PROFIT AND LOSS ACCOUNT

EarningsCurrent expenses

Current net earnings

Additions to current net earnings:Profit on U. S. Government

securities soldWithdrawn from reserves for

lossesForeign exchange profitAllother

^ Total additions

Deductions from current net earn-ings:

Bank pi emises—depreciationFurniture and equipmentReserve for lossesReserve for self-insuranceAssessment for building for

Board of GovernorsAllother _

Total deductions.-

Net deductions from current netearnings _

Net earnings

Dividends paidPaid United States Treasurer (sec.

13-b)Transferred to surplus (sec. 13-b)Transferred to surplus (sec. 7)

Total

$42,751,95931,577,443

11.174,516

6,518,931

3 057221,155170,903

6,914,046

2,675,700235,775

2,567,20363,402

1,001,1872,108,170

8,651,437

1,737,391

9,437,125

8,504,974

290,85033,993

607,308

Boston

$2,727,2422,235,683

491,559

355,512

15,92315,896

387,331

55,8329,783

64,932

72,0835,695

208,325

+179,006

670, 565

621, 553

46, 5032,509

New York

$13,131,3868,200,529

4,930,857

2,678,196

81,384412

2,759,992

1,394,68851, 659

1,290,41358,843

368,635190,347

3,354, 585

594, 593

4,336,264

3,411,268

64,238

860,758

Phila-delphia

$3,123,9182,531,422

592, 496

389,903

21,894118

411,915

32,3864,601

99,052609

136,648

+275, 267

867, 763

856, 286

41,98433,340

-63,847

Cleve-land

$3, 674,8662, 954,884

719,982

488,850

21, 010504

510,364

156, 77623, 634

112, 593

94,67561,807

449, 485

+60,879

780,861

772,127

8,734

Rich-mond

$2,231,8541,840,083

391, 771

257, 648

8,1838,939

274,770

109, 68821, 670

101,147

37,1418,567

278, 213

3,443

388, 328

293, 644

66,71427, 970

Atlanta

$1,672,6061,437,185

235,421

213,954

7,96211, 295

233, 211

47,29313, 3341,443

35, 61825, 276

122,964

+110, 247

345, 668

260, 538

9,066

76,064

Chicago

$6,177,6153, 697, 540

2, 480,075

901,875

25, 65423, 775

951,304

140,62426, 516

902,868

116,1941,473,957

2, 660,159

1, 708,855

771,220

753, 583

17, 637

St. Louis

$1,860,5951,564,938

285,657

244,755

6,6357,185

258,575

176,91720, 83379, 337

30, 4851,372

308,944

50, 369

235,288

236,187

—899

Minne-apolis

$1,455,8771,293,050

162.827

148,210

3905,308

37,492

191,400

48,91715,095

24,403334,991

423,406

232,006

-69,179

185,448

16,854

-271,481

KansasCity

$1,946,9021,812,762

134,140

235,400

5,9716,174

247,545

93,3273,7769,8694,559

26,6373,658

141,826

+105, 719

239,859

239,859

Dallas

$1,507,2441,229,168

278,076

172,443

1,9835,7503,834

184,010

162,4656,438

26,143183

195, 229

11, 219

266,857

237, 615

19,1204,3085,8t4

San Fran-cisco

$3,251,8542,780,199

471,655

432,185

68415,48155,279

503,629

289,17310,651

. 70,1211,708

371,653

+131,976

603,631

636,866

-33,235

REIMBURSABLE EXPENDITURES OF FEDERAL RESERVE BANKS DURING 1935[Expenditures as fiscal agents and custodians for the Treasury Department and U. S. Government agencies. Not included in "current expenses" as shown in preceding table]

Treasury DepartmentReconstruction Finance Corporation.Other U. S. Government agencies

Total

$1,469,6602,103,845

687,669

4,261,174

$62, 57035,51620,843

124,929

$484,839163,081148,985

796,905

$64,059102, 492

13, 355

179,906

$160, 806191,00548,611

400,422

$65.199210. 75129, 530

305, 480

$30, 441367, 751

44, 877

443,069

$208,658445, 322

65, 580

719, 560

C56,815219,13960,935

336.889

$64, 50163,91354,162

182, 576

$151, 84474, 30199,381

325, 526

$47,980140, 21539, 766

227,961

$71,94890,35955,644

217,951

i-



MEMBER BANKS IN EACH DISTRICT

RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS[Averages of daily figures. In millions of dollars]

Federal Reserve district

BostonNew York _ __ _ .Philadelphia

ClevelandRichmondAtlanta -- _. T_ _ _

Chicago .St LouisMinneapolis - -_ -

Kansas CityDallasSan Francisco...

Total

Reserves held

Total

Decem-ber

336.52, 756. 4

266.3

335.8170.0108.3

880.4165.0104.2

171.8119.5301.4

5, 715. 6

Novem-ber

318.82, 769. 5

268.6

358.8169.1109.1

880.0168.9108.2

171 0116.5318.7

5, 757. 2

October

303.52,655. 7

262.1

327.8163.2104.7

784.0163.8106.0

170.5107.3319.9

5, 468. 6

Excess

Decem-ber

196.01,448.9

124.1

172.993.645.9

502.990.955.8

89.662.499.8

2,982. 7

Novem-ber

179.91,483.0

128.7

198.394.048.9

504.795.860.3

88.159.4

120.0

3, 061. 2

October

164.71,389.1

123.2

170.489.145.9

423.092.459.0

87.451.0

124.3

2,819. 7

Borrowings at FederalReserve banks

Decem-ber

0.53.9.5

.03

. l

.1

.2

.1.1

.6

.1

.008

6.0

Novem-ber

0.44.6.3

.03

. l

.1

.1

.03

.1

.8

.05

.1

6.5

October

0.56.1.2

.1

.2

.1

.003:

.04

.1

.6

.4

.1

8.5

NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS[Averages of daily figures. In millions of dollars]


BostonNew YorkPhiladelphia J

ClevelandRichmondAtlanta

ChicagoSt. LouisMinneapolis.

Kansas CityDallasSan Francisco

Total

Member banks in larger centers (places over 15,000)

Net demand

Decem-ber

1,2779,8141,087

1,242599511

2,796572320

615439

1,391

20, 662

Novem-ber

1,2569,6331,058

1,216583488

2,774560313

615427

1,370

20,293

Octo-ber

1,2519,4671,046

1,189572475

2,660544303

616417

1,345

19,887

Time

Decem-ber

5751, 619

599

942321270

1,073262171

199159

1,922

8,110

Novem-ber

5801,652

605

049322271

1,070264171

200159

1,878

8,121

Octo-ber

5851,689

610

944323271

1,062262171

199158

1,859

8,132

Member banks in smaller centers (places under 15,000)

Net demand

Decem-ber

78183150

12410579

164123114

19214780

1,539

Novem-ber

85189150

12210578

164124115

20016283

1,579

Octo-ber

86188150

12310475

163124116

20216482

1,578

Time

Decem-ber

125457410

24716772

19193

173

1073692

2,170

Novem-ber

126459411

24416771

18993

172

1083594

2,169

Octo-ber

126460409

24216572

18692

171

1083693

2,157



REPORTING MEMBER BANKS IN 101 LEADING CITIES

PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO[In millions of dollars]

Loans and investments, total:Jan 8Jan. 15Jan 22Jan. 29

Loans to brokers and dealersin New York:

Jan 8Jan 15Jan 22Jan 29

Loans to brokers and dealersoutside New York:

Jan. 8Jan. 15Jan. 22Jan. 29

Loans on securities to others(except banks):

Jan.8Jan. 15Jan. 22Jan. 29

Acceptances and commercialpaper bought:

Jan. 8 _Jan.15Jan. 22Jan. 29

Loans on real estate:Jan. 8Jan. 15Jan. 22Jan 29

Loans to banks:Jan 8Jan 15Jan 22Jan 29

Other loans:Jan. 8 . .Jan. 15Jan. 22Jan. 29__

U. S. Government direct ob-ligations:

Jan. 8_ __Jan.15 - .Jan. 22Jan. 29- . .

Obligations fully guaranteedby U. S. Government:

Jan. 8Jan. 15Jan. 22.Jan. 29

Other securities:Jan. 8Jan 15Jan. 22Jan. 29

Reserve with Federal Re-serve bank:

Jan. 8._Jan. 15Jan. 22Jan. 29

Cash in vault:Jan. 8Jan.15Jan. 22Jan. 29

Total

20,83420,91320,96920,995

937939923893

175180178171

2,0792,0742,0G62,064

366366367360

1,1371,1451,1431,142

78716765

3,3523,3503,3293,304

8,516r 8,576

8,6518,655

1,135r 1,149

1,1621,172

3,0593,0633,0833,169

4,7074,7784,7644,843

370346347353

Federal Reserve District

Bos-ton

1,1181,1271,1301,123

5465

25252724

149148148148

43454444

85858585

4333

278283284286

360357355349

18191818

151158160161

310316318319

10310099

100

NewYork

8,7628,7708,7918,851

918921903874

61616360

889884879880

178178177171

243245245241

42363129

1,2591,2661,2571,251

3,5453,5413,5873,606

415423430443

1,2121,2151,2191,293

2,5182,5752,5982,653

71666566

Phila-del-phia

1,1191,1211,1261,142

9999

15141414

146146145147

21212121

67676767

3333

171172171167

297297295305

100103109112

290289292297

210213222215

15141414

Cleve-land

1,7391,7371,7371,734

13121111

219218218218

5333

186190190190

5555

175174174174

811••816

817814

74' 7 3

7271

251246247248

249255256261

33303132

Rich-mond

601612612610

3322

69686767

7777

21212121

105105102102

285294297296

38404242

73747473

110109116116

17151617

At-lanta

522518517514

6565

48484948

5555

21212121

1111

145144141140

181180180182

38373838

77777674

60636368

1099

10

Chi-cago

2,7602,8372,8762,874

1111

29393636

219219216213

30303131

65656565

10101010

354357356351

1,5701,6351,6701,070

144144145144

338337346353

691667627647

62585859

St.Louis

626625625617

5455

60626262

12121211

38383838

777

116113112111

231233234227

57575758

100999898

102110112124

12111111

Min-neap-olis

382382382374

2111

32323232

10101010

5666

126125124123

150150151144

14151414

43434444

67687068

5555

Kan-sas

City

622608606602

2222

3322

43434444

28282929

15151515

5555

130128128126

229218217216

47464543

120120119120

113115113113

12111212

Dal-las

446443439435

2222

41404040

2222

22222121

I

129126125123

150151148146

52525252

48484948

85868279

109

109

SanFran-cisco

2,1372,1332,1282,119

2222

111199

164166166165

25252626

369370369369

1121

364357355350

707704700700

138140140137

356357359360

192201187180

20181718

City

NewYork

7,9007,9067,9408,000

909912893866

58596158

735730728729

175174173168

127128128127

42363128

1,1211,1271,1181,111

3,3153, 3113, 3683, 391

387395401413

1,0311,0341,0391,109

2,4312,4902,5092,561

56535253

Chi-cago

1,8801,9451,9851,986

24343131

150150149148

15151515

16161516

6666

258261260256

1,0831,1361,1731,174

89899C90

239238246250

534508463479

37363636

r Revised.



REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued

PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO—Continued


Balances with domesticbanks i:

Jan.8Jan. 15Jan. 22Jan. 29

Other assets—net:Jan. 8Jan. 15Jan. 22Jan. 29

Demand deposits—adjusted:Jan. 8Jan 15Jan. 22Jan. 29

Time deposits:Jan. 8 .Jan. 15 _Jan. 22 _Jan. 29

U. S. Government deposits:Jan. 8Jan. 15Jan. 22Jan. 29

Interbank deposits, domestic:Jan. 8Jan. 15Jan. 22Jan. 29

Interbank deposits, foreign:Jan. 8Jan. 15Jan. 22Jan. 29

Borrowings:Jan. 8Jan. 15 _Jan. 22Jan 29

Other liabilities:Jan. 8Jan.15Jan. 22Jan 29

Capital account:Jan. 8Jan. 15Jan. 22Jan. 29

Total

' 2 , 2842,3662,3282,366

1,3161,3371,3311,336

'13,67313,77013,83614,017

' 4, 8894,8984,8924,888

702699611604

5,5445,6535,6605,621

428435430427

1252

773783799829

3,5013,5003,5063,505

Federal Reserve District

Bos-ton

142139134131

80828181

927938945939

300300299300

15141010

249249245243

8-787

25262625

229230229230

NewYork

167175168218

531547542543

'6,1776,1926,2506,433

'946949947941

227227187187

2,3792,4362,4502, 433

399407401401

1242

322321326338

1,5981,5991,5991,596

Phila-del-phia

174173172170

85858683

759761780781

256256257258

44433838

300305302304

3232

19171718

222222223223

Cleve-land

205214210216

111111111111

950949953957

678685687688

55554949

312317312316

1111

13121514

328328328329

Rich-mond

144144141134

38373838

363371372371

191192192193

33332927

207205211208

29293129

87878887

At-lanta

147154155148

41414141

294293295297

170170169170

33333030

192197200193

1111

7877

83838383

Chi-cago

424412411399

110111111115

2,0452,0712,0712,071

759758758757

130129120118

740750757761

5555

1

31373545

337335336337

St.Louis

120124121118

25242525

366369370377

172172172172

11118

245251253248

9999

82828282

Min-neap-olis

' 9 69794

100

19181819

' 2 6 5262258257

120121121121

8887

114117119117

1111

5556

56565757

Kan-sas

City

276311302300

25242424

432447443440

146144144144

16161414

364373366363

2222

88878888

Dal-las

165178184182

28282828

322329328326

120119119119

27272423

184188191184

11

5555

75757676

SanFran-cisco

224245236250

223229226228

773788771768

1,0311,0321,0271,025

1031039494

258265254251

910109

306312321331

316316317317

City

NewYork

77787575

463478473473

'2 5,7045,7195,7855,907

' 5 4 4543541535

197197162162

2 2,3142,3702,3832,368

398406400400

2

310309313326

1,4601,4611 4631,464

Chi-cago

190-183183173

77777780

1,409-1,4161,4171,416

416415414

9&989191

538559-563565

4444

27343141

224222

223

' Revised.i 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.« Prior to January 8, deposits standing to the credit of private banks were included by some banks in demand deposits, rather than in interbank

deposits; the amount so included on Dec. 31,1935, was approximately $80,000,000.



OTHER BANKING AND FINANCIAL STATISTICSPAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION

[Outside Treasury and Federal Reserve banks. In millions of dollars]

End of monthTotal in

circu-lation i

$1 $2 $10 $20 $50 $100 $500 $1,000 $5,000 $10,000

Unas-sorted inTreasury*

andFederalReservebanks *

W34—October-November.December.

1935—January...February..MarchAprilMayJuneJulyAugustSeptember.October...November.December.

5,0125,1025,084

4,9405,0245,0485,0285,0875,1145,0635,1725,2205,2455,3745,404

410422423

401407410411420419415424433435448460

752776771

740755754749760760755778788787815815

1,2651,3001,288

1,2401,2751,2851,2661,2901,2961,2731,3241,3341,3371,3801,373

1,3141,3321,326

1,2931,3141,3091,3001,3091,3091,2891,3131,3211,3291,3541,359

335337337

340341340343349344347349354356358

571571577

571575578580588598596598603610617627

112111112

111112113116115116116116118119120122

221214216

214217221230225225231233232233234239

13g

11

131598

1154

1112115&

i Total of amounts shown by denominations less unassorted amounts in Treasury and Federal Reserve banks* Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed.Back figures—Sea Annual Report for 1934 (table 50).

SHIPMENTS AND RECEIPTS OF UNITEDSTATES PAPER CURRENCY

BY SELECTED BANES IN NEW YORK CITY


Month

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December-

Total

1934

Ship-ments

toEurope

0101

108

630

230

19940

345

Re-ceiptsfrom

Europe

5,2563,7402,2002,9003,7803,4713,6015,1934,2542,5242,1291,539

40,587

Netreceipts

5,2563. 7392,2002,8993,7703,4633,5385,1934,2312,5241,9301,499

40,242

1935

Ship-ments

toEurope

81173167373

1,012191286282721

2,5364,203

603

10,628

Re-ceiptsfrom

Europe

3,7051,5022,0261,4651,6121,4512,2612,2891,157

804782851

19,965

Netreceipts

3,6241,3291,8591,092600

1,2601,9752,007436

»~1,6721-3,421

248

9,337

* Net shipments.

For description and back figures see BULLETIN for January 1932.pp. 7-9, and for January 1934, p. 51.

BANK DEBITS[Debits to individual accounts. Amounts in millions of dollars]

New York City

Outside New York City-

Federal Reserve districts:BostonNew YorkPhiladelphia--ClevelandRichmondAtlantaChicagoSt. Louis. , .Minneapolis.Kansas CityDallas •San Francisco

Total

Numberof centers

1140

1935

Decem-ber

17,684

2,00518,3371,6871,900

665841

5,115918602

1,021641

2,640

36,373

Novem-ber

15,542' 16, 696

1,94716,1101,4601,656

618737

4,329885567931553

' 2,446

r 32,238

' Revised.

Back figures—See Annual Report for 1934 (table 78).

1934

Decem-ber

15,214•• 15,597

1,72815,7801,4971,661

598781

3,903796537884529-

' 2,117

r 30, 811



BANES SUSPENDED AND NONLICENSED BANES PLACED IN LIQUIDATION OR RECEIVERSHIPDURING 1935 AND JANUARY 1936

[Preliminary figures]

National banksState bank members - . -Nonmember insured banksOther noniriernber bftpfrs.

Total -

Licensed banks suspended i

Number of banks

Year 1935

4

228

34

January1936

NoneNoneNoneNone

None

Deposits * (in thou-sands of dollars)

Year 1935

5,313

3,847998

10,158

January1936

NoneNoneNoneNone

None

Nonlicensed banks placed in liquidationor receivership»

Number of banks

Year 1935

4<e

48

58

January1936

9

9

Deposits * (in thou-sands of dollars)

Year 1935

6,499« 8,613

14,306

29,418

January1936

16,614

16,614

1 Includes banks placed on a restricted basis.1 Includes nonlicensed banks absorbed or succeeded by other banks.» Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or

receivership are as of dates of conservator3hip; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearestcall dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reportedclosing of the banks.

* Includes 5 banks with deposits of $7,395,000 in 1935, which did not receive licenses following the banking holiday and withdrew from the FederalReserve System before being placed in liquidation.

Back figures.—See Annual Report for 1934 (tables 79-84).

POSTAL SAVINGS SYSTEM


End of month

1934—SeptemberOctoberNovemberDecember

1935—JanuaryFebruaryMarchApril _MayJuneJuly____AugustSeptemberOctoberNovemberDecember

1,1931,1991,2041,207

1,2011,2051,2031,2001,2051,2051,1891,1921,1921,196

»1,1991,201

Assets

1,2221,2291,2361,237

1,2321,2371,2321,2311,2371,2361,2211,2241,2241,230

574561551540

509491478452412385364348319306

U. S. Governmentsecurities

565571581597

614

685709777777780805824

451457467467

467467508539562630630633658677

114114114130

147166183146147147147147147147

8397104100

1091136394116748096100100

v Preliminary.* 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-masters.

Back figuret.See BULLETIN for August 1935,p. 50&

MATURITY DISTRIBUTION OF BILLS ANDSECURITIES HELD BY RESERVE BANKS


B i l l s d i s -

counted:Jan. 8Jan.15Jan. 22Jan. 29

Bills bought ino p e n mar-ket:

Jan. 8Jan.15Jan.22Jan. 29__~__

Industrial ad-vances:

Jan. 8Jan. 15Jan. 22Jan. 29

U. S. Govern-ment securi-ties:

Jan. 8Jan.15Jan. 22Jan. 29

Other securi-ties:

Jan. 8Jan. 15-_Jan. 22Jan. 29.11-

Total

5,3815,3526,4207,065

4,6564,6574,6574,670

32,01432, 23932, 21032,148

2,430, 2392,430, 2432, 430, 2642, 430,263

181181181181

With-in 15days

3,0283,0944,0494,789

6562,3762,699

651

1,5821,6201,7591,632

29,67525, 42527,60537, 317

26 to30

days

275571

132

1,151671552322

382253277586

27,60537,31836,01331, 025

31 to 60days

203174927

1,398

597681444

1, 271

886914774494

71, 64370,320

108,925110, 710

61 to 90days

1,8581,7951,221

585

2,252929962

2,426

788699717685

104,06978, 579

183, 785178,275

91 daysto 6mos.

257224142148

1,3271,4341,4331,463

372,937391,421238,041245, 316

Over 6months

8101013

27,04927,31927,25027,288

1,824,3101,827,1801,835,8951, 827,620

181181181181



WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics. 1926=100]

Year, month, or weekAH

com-modi-

Farmprod-ucts

Foods

Other commodities

Total

91.685.275.070.271.278.477.9

77.777.477.377.277.678.078.077.977.878.378.878.7

78.378.278.478.478.478.979.079.079.078.978.978.878.8

78.878.878.979.0

Hides andleather

products

109.1100.086.172.980.986.689.6

86.286.085.486.388.388.989.389.690.993.695.095.4

92.593.894.495.195.195.695.895.795.594.895.496.296.4

96.697.797.897.7

Textileproducts

90.480.366.354.964.872.970.9

70.370.169.469.269.470.170.270.971.872.973.473.2

71.772.172.572.872.772.873.073.172.972.972.872.772.8

72.972.471.070.8

Fuel andlighting

materials

83.078.567.570.366.373.373.5

72.972.673.072.873.174.274.774.173.073.474.574.6

74.674.174.274.374.375.575.675.775.975.975.775.775.6

75.575.47fi.477.0

Metalsand metalproducts

100.592.184.580.279.886.986.4

85.885.885.785.986.686.986.486.686.686.586.986.8

86.385.885.985.985.986.286.386.486.386.486.386.285.9

85.986.086.086.1

Buildingmaterials

95.489.979.271.477.086.285.3

84.985.084.984.684.885.385.285.485.986.185.885.5

86.186.186.285.985.685.786.085.885.485.485.385.285.1

85.285.285.285.3

Chemi-cals anddrags

94.289.179.373.572.675.980.5

79.380.481.581.081.280.778.778.680.281.181.280.6

80.280.781.181.381.181.181.180.981.080.780.580.280.0

80.180.280.380.6

House-furnish-

ing goods

94.392.784.975.175.881.580.6

81.280.780.780.780.680.580.480.580.580.681.081.0

81.881.881.881.982.082.182.182.182.182.282.282.282.2

82.282.482.282.3

Miscel-laneous

1929193019311932193319341935

1035—JanuaryFebruaryMarchAprilMayJuneJuly . .AugustSeptember.OctoberNovember.December. _

Week ending—1935—Oct. 5 -

Oct. 12.Oct. 19.Oct. 26.Nov. 2.Nov. 9.Nov. 16Nov. 23Nov. 30Dec. 7__Dec. 14.Dec. 21.Dec. 28.

1936—Jan. 4 . .Jan. 11.Jan .18 .Jan. 25.

95.386.473.064.865.974.980.0

78.879.579.480.180.279.879.480.580.780.580.680.9

80.580.780.780.379.880.180.480.680.880.980.880.480.6

80.580.280.2

104.988.364.848.251.465.378.8

77.679.178.380.480.678.377.179.379.578.277.578.3

79.580.179.578.677.477.577.878.278.579.179.277.378.4

79.378.378.178.1

90.574.661.060.570.583.7

79.982.781.984.584.182.882.184.986.185.085.185.7

85.385.785.684.883.884.184.985.885.986.485.885.385.3

85.884.682.982.7

82.677.769.864.462.569.7

70.770.169.268.768.768.467.767.367.167.567.467.5

67.267.567.667.467.567.467.467.467.567.467.467.567.5

67.567.867.867.8

Subgroups

Annualindex

1934

1934 1935 Dec.

J935

Nov. Dec,

Subgroups

Annualindex

1934 1935

1934

Dec.

1935

Nov. Dec.

FARM PRODUCTS:Grains _Livestock and poultryOther farm products-.

FOODS:Butter, cheese, and milkCereal productsFruits and vegetablesMeats _Other foods

HIDES AND LEATHER PRODUCTS:Boots and shoes _Hides and skinsLeatherOther leather products

TEXTILE PRODUCTS:ClothingCotton goodsKnit goods...Silk and rayonWoolen and worsted goodsOther textile products

FEUL AND LIGHTING MATERIALS:AnthraciteBituminous coalCokeElectricityGasPetroleum products

74.551.570.5

72.788.767.562.966.6

98.168.675.086.6

82.586.563.226.779.773.1

80.194.584.891.893.450.5

82.585.173.4

94.163. 694.577.7

98.080.880.185.0

79.883.461.830.276.168.5

79.796.7

51.3

91.557.275.1

79.692.262.469.074.3

97.267.471.885.7

78.484.361.927.174.068.6

82.396.585.693.189.349.8

77.983.173 5

81.197.263.294.380.8

99.696.088.186.3

80.785.863.235.080.768.5

83098.588.986.286.652.5

76.687.472.8

83.797.263.797.577.5

100.196.587.687.1

81.086.062.233.781.068.1

82.998.789.6

52.8

METALS AND METAL PRODUCTS:Agricultural implementsIron and steel.Motor vehiclesNonferrous metals

BUILDING MATERIALS:Brick and tileCementLumberPaint materialsPlumbing and heatingStructural steelOther building materials

CHEMICALS AND DRUGS:Chemicals _Drugs and Pharmaceuticals.Fertilizer materialsMixed fertilizers

HOUSEFURNISHING GOODS:FurnishingsFurniture

MISCELLANEOUS:Auto tires and tubesCattle feedPaper and pulp _.Rubber, crudeOther miscellaneous

86.795.967.7

90.293.284.579.572.690.890.3

79.672.167.172.5

84.179.0

44.989.482.726.582.1

93.786.763.968.6

89.495.381.179.868.992.090.1

86.973.966.370.6

84.277.0

45.788.380.025.480.0

92.785.694.667.5

91.293.981.278.868.892.089.8

82.273.465.373.7

84.278.2

47.5123.181.526.480.7

94.687.093.871.3

88.395.581.880.371.192.090.6

88.474.767.567.6

84.277.1

45.069.179.427.180.2

93.670.6

95.581.580.071.192.090.0

87.774.764.567.7

84.777.1

45.070.879.227.280.2

Back figures.—For monthly and annual indexes of groups, see Annual Report for 1934 (table 100); indexes of subgroups available at Bureauof Labor Statistics. For weekly indexes covering 1934, see Annual Report for 1934 (table 101).


136 FEDEKAL RESEBVE BULLETIN FEBRUARY 1936

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)[Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average -1001

Industry

Manufactures—Total

IRON AND STEELPig iron . . _ . ._Steel ingots...

TEXTILESCotton consumption . .Wool

ConsumptionMachinery activity1 . . .Carpet and rug loom activity l

Silk deliveries *.

FOOD PRODUCTS..Slaughtering and meat packing —

HogsCattle. . . . . . .CalvesSheep

Wheat flourSugar meltings . . .

PAPER AND PRINTING:Newsprint productionNewsprint consumption

TRANSPORTATION EQUIPMENT:Automobiles . .LocomotivesShipbuilding

LEATHER AND PRODUCTSTanning .

Cattle hide leathersCalf and kip leathersGoat and kid leathers

Boots and shoes

CEMENT AND GLASS:Cement . . . . . .Glass, plate.

NONFERROUS METALS: *Tin deliveries i

FUELS, MANUFACTURED:Petroleum refining- . .

Gasoline l .KeroseneFuel oil iLubricating oil 1

Coke, byproduct

RUBBER TIRES AND TUBESTires, pneumaticInner tubes ._ _

TOBACCO PRODUCTS..CigarsCigarettes- '

Minerals—Total

Bituminous coalAnthracite . . .Petroleum, crudeIron oreZincLeadSilver

1934

Dec.

85

653468

979285979241

140

102107

7914613013987

'106

66118

889

18

10493929690

112

45140

80

15419489

1039876

13313991

14376

196

90

7272

123

746053

1935

Jan.

90

804983

10398

102116110

52119

'928354

12013213386

'136

61121

1048

27

107969397

105114

42174

78

15119199999188

11511982

13672

186

94

7476

131

704850

Feb.

88

805783

100959797

11665

122

817656

1011091319086

61122

1038

68

108979391

112116

45166

73

1551961051029495

101104

76

13369

183

96

8167

132

735065

Mar.

86

725573

989095

1029971

135

77735198

1121518875

59123

1068

89

108969190

112117

47183

81

1531911081019490

939668

13067

180

97

8754

132

745550

Apr.

86

675369

9884

1101319280

117

80775896

1131578880

59119

1109

91

113979388

120123

51185

97

1531949196

10087

889166

13867

193

87-

6069

130

755849

May

84

665667

10285

1241539980

111

78745494

1081618388

64121

861456

1131009887

119121

55155

84

160204

9410410089

757856

13466

186

89

6971

13153736351

June

84

665367

10082

122148107

71116

74674492

1061519175

63124

1001021

1039790

104106107

58162

73

16621499

1059787

798255

13867

193

98

7997

13353795547

July

86

695370

10582

128156108

76133

74694693

1151548083

60118

953

15

10795

'8886

121115

52169

85

16822091

1009284

838660

14070

196

84

5562

13450805973

Aug.

88

816083

10485

132160110

83113

767650

107119159

7378

58120

782

35

1049391

'77114111

44167

91

16921993

10310091

929662

13067

178

81

5836

13354816059

Sept.

91

840286

10695

112127108

74134

787650

1071241448281

62127

711

64

103949083

115109

47179

92

172223

9211010295

10210580

12969

175

87

5865

13562845971

Oct.

95

886590

11399

126146121

78132

838257

1111171548878

61124

941

48

10497

'98'74119109

52193

92

176227

9511010397

10410684

13870

190

93

7448

14062806875

Nov.

98

966999

10698

118134118

72112

8279

'541071181488686

64125

1153

119

10910510684

124r U l

'59200

80

176225

94115106100

133137102

13769

191

92

7148

14444826768

Dec.

»104

10371

106

11110811312512265

119

838054

1101261458492

63

126

12410410395

118137

59269

81

173220

86121104106

14773

205

101

7771

146

8470

.68

* Without seasonal adjustment. i Includes also lead and zinc; see "Minerals." Preliminary. 'RevisedNOTE.—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, mechanicalwood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.


FEBRUARY 1936 FEDERAL KESERVE BULLETIN 137

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)[Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average-100]

Industry

Manufactures—Total_._

IEON AND STEEL.Pig ironSteel ingots

TEXTILESCotton consumptionWool

ConsumptionMachinery activityCarpet and rug loom

activity ._Silk deliveries

FOOD PRODUCTSSlaughtering and meat

packingHogsCattleCalvesSheep

Wheat flourSugar meltings >. >. . . .

PAPER AND PRINTING:Newsprint productionNewsprint consumption

TRANSPORTATION EQUIPMENT:AutomobilesLocomotivesShinbuildin0"

LEATHER AND PRODUCTSTanning

Cattle hide leathersCalf and kip leathers..Goat and kid leathers__

Boots and shoes

CEMENT AND GLASS:Cement .Glass, plate...

NONFERROUS METALS: [

Tin deliveries

FUELS, MANUFACTURED:Petroleum refining

Gasoline..KeroseneFuel oil.. _Lubricating oil

Coke, byproduct

RUBBER TIRES AND T U B E S . . . .Tires, pneumaticInner tubes

TOBACCO PRODUCTSCigars „ . _Cigarettes

Minerals—Total

Bituminous coalAnthracitePetroleum, crudeIron oreZincLeadSilver.. ._

Annual index

1934

78

604462

8588656771

48113

99

11088

1391501468779

64116

695

50

100888576

107108

5294

66

15119191

1009383

929669

12867

175

86

6971

12343665742

1935

795981

10491

114131109

72122

79

7652

1031161498584

61*»123

1016

58

109979487

115117

51181

84

16421095

1059892

13569

187

91

7063135

54785960

1934

Dec,

76

573459

9284869892

41125

103

12310415312413683

' 6 0

66121

481014

899090829788

35105

80

15519496

1039877

929666

11557

161

85

76'70120

706054

1935

Jan.

87

774980

108102104119110

52136

r91

9472

12112313484

'89

62116

867

19

99929480

100103

25155

78

151191101999189

10611075

12855

182

91

8282

126

754950

Feb.

91

845887

105101101105116

65130

79

756289

1011238784

61121

111g

48

11010010084

116117

27179

73

1561961071029498

11011480

12160

166

92

8572

129

795270

Mar.

91

SI5883

1009496

10499

71130

75

695186

1141378388

59128

130g

69

111949280

115122

34199

81

1531911051019492

10210574

12461

171

90

8745

130

785655

Apr .

01

745676

10090

10812792

80116

76

695285

1231488093

60127

141g

88

111969379

119121

50205

97

1531949096

10087

10310776

12763

175

79

5172

130

785749

May

87

725773

10188

11714199

80110

78

725291

122158

7899

65124

1081371

104959383

110110

65169

84

16020490

10410089

969968

13668

188

88

6071

13280736260

June

84

665387

9579

114133107

71103

73

664586

1101478089

64123

1141027

999589

100106102

71165

73

166214

921059785

959965

15073

212

97

7185

136105765646

July

83

645066

9775

119139108

76126

74

664192

111154

77102

58105

1003

22

1069586

100113113

63168

85

167220

851009281

818457

15273

215

84

5051

137102755762

Aug.

87

795881

9977

126149110

83117

74

6838

104109160

7888

56107

692

51

11595903

111128

57169

91

169219

8810310088

919468

13970

192

85

5736

136109756759

Sept.

89

836085

10692

115133108

74141

81

7437

1191191689786

62125

291

64

1181009496

121130

59181

92

17322394

11010293

979980

14379

193

92

6165

139119795668

Oct.

96

856587

116102134161121

78132

86

8449

1291231709974

61132

781

35

114103

'101'87124121

59193

92

17622710011010397

919376

14885

200

100

8262

141105787074

Nov.

98

897091

111101124146118

72116

86

8760

1231201469367

63134

1254

105

10510310480

122'105

58192

80

176225101115106102

99103

75

14082

189

95

8050

14337827073

Dec.

906992

105100114126122

65106

82

9171

1151201428152

63

126

10510210081

127108

46202

81

17422093

121104107

11955

168

96

8269

142

867068

i Includes also lead and zinc; see "Minerals." 9 Preliminary. 'Revised.NOTB.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and

September 1933, pp. 584-537. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanicalwood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.



FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]

Industry and group

Factory employment


1935

Decem-ber

Novem-ber

1934

Decem-ber


1935

Decem-ber

Novem-ber

1934

Decem-ber

Factory pay rolls


1935

Decem- I Novem-ber ber

1934

Decem-ber

Total.IRON AND STEEL AND PRODUCTS l

Blast furnaces and steel works. _Cast-iron pipe ___ ._.Cutlery and edge tools _HardwareSteam, hot-water heating apparatus, etcStovesStructural metal work.Tin cans, etc__Wirework _

MACHINERYIAgricultural implementsElectrical machinery, etc _—Engines, turbines, etcFoundry and machine-shop products-Machine toolsRadios and phonographsTextile machinery _

TRANSPORTATION EQUIPMENT 1Automobiles _Cars, electric and steam railroad..LocomotivesShipbuilding _

RAILROAD REPAIR SHOPS..Electric railroadsSteam railroads

NONFERROUS METALS AND PRODUCTS »..Brass, bronze, and copperLighting equipmentSilverware and plated ware.Smelting and refiningStamped and enameled ware

LUMBER AND PRODUCTS »_.FurnitureLumber, mill workLumber, sawmills

STONE, CLAY, AND GLASS PRODUCTS I .Brick, tile, and terra cotta__CementGlass..Pottery.

TEXTILES AND PRODUCTS 1A. Fabrics

Carpets and rugsCotton goods __Dyeing and finishingKnit goods __ _.Silk and rayon goodsWoolen and worsted goods.

B. Wearing apparelClothing, men's.__Clothing, women's...Millinery _.Shirts and collars

LEATHER AND PRODUCTS.Boots and shoesLeather

84.6

76.677.052.880.957.657.099.856.692.9

144.4

93.1128.974.0

105.379.0

101. 5230.068.0

103.4118.250.122.882.9

55.864.855.1

92.388.586.971.389.7

117.0

54.574.846.935.1

55.233.945.097.869.1

96.996.482.392.2

111.0115.274.0

102.493.889.4

120.449.3

105.6

86.382.8

100.4

84.9

76.876.251.280.956.8

'58.7108.558.695.3

138.4

93.8123.875.4

103.077.6

100.1271.666.0

101.0115.545.922.882.3

55.765.155.0

93.189.086.973.088.0

116.2

56.077.048.736.0

56.434.649.698.470.0

97.096.182.690.6

111.7117.672.5

103.194.888.9

121.950.1

109.8

82.377.8

100.3

'78.1

66.666.948.576.650.448.686.157.685.5

126.1

78.583.865.676.766.872.2

207.962.5

78.488.934.036.568.5

52.065.551.0

'79.274.069.870.774.7

'97.8

47.865.036.731.6

50.128.041.687.470.6

92.894.063.896.0

114.8110.476.385.686.079.1

111.655.990.5

84.882.992.7

85.6

77.978.354.180.357.159.3

102.057.196.6

145.7

93.9129.374.0

107.780.9

100.4225.467.7

111.1128.154.623.082.9

55.964.855.2

91.489.184.868.189.0

118.3

54.572.447.635.8

56.435.847.498.268.9

96.294.780.690.7

109.1113.173.999.095.391.7

123.752.3

102.6

90.388.0

100.0

84.8

77.177.152.179.056.659.3

102.458.499.6

138.1

93.0127.875.4

105.279.1

100.7222.367.3

109.0125.150.923.785.6

55.865.155.2

'91.990.083.269.588.8

116.3

54.471.648.7

'35.7

56.134.749.297.269.9

96.294.481.589.3

110.4115.072.699.296.090.8

125.753.9

104.4

84.180.299.6

'79.0

67.768.049.776.150.050.688.058.188.9

127.2

79.284.165.678.468.471.4

203.862.3

84.496.637.036.968.5

52.165.551.1

'78.474.568.167.574.1

47.862.937.332.2

51.229.543.987.870.4

92.192.462.494.4

112.9108.376.182.887.480.9

114.759.387.9

88.988.192.3

76.6

68.872.034.171.257.440.780.745.091.5

145.7

80.7155.265.179.068.596.0

143.761.1

104.4118.855.210.677.2

57.161.856.9

79.473.484.758.765.9

102.8

44.368.439.025.9

44.623.331.194.255.9

81.985.373.581.293.5

113.063.984.370.567.184.036.3

103.7

75.466.7

103.7

74.5

65.166.430.467.955.741.486.044.791.5

135.5

78.9145.064.676.165.390.2

179.854.4

101.5116.747.410.172.5

54.559.354.2

78.572.983.560.561.9

101.0

45.059.339.626.5

43.923.433.391.254.6

79.782.670.576.888.2

120.060.979.469.264.481.334.9

111.3

66.656.1

101.4

63.2

47.646.527.457.641.131.461.139.279.6

107.2

60.291.252.252.749.756.4

132.050.9

67. G76.431.516.655. a

44.458.443.5

' 6 1 . 855.660.155.646. &

'77.6

33.345.924.620.0

34.415. a24.171.950.0

75.380.251.081.299.6

109.264.966.661.352.677.644.179.7

69.163.786.5

1 Includes current statistics for one or more industries not shown separately.r Revised.


FlBBUAB? 1936 FEDERAL RESERVE BULLETIN 139

FACTORY EMPLOYMENT AND PAY ROLLS BY INDUSTRIES—Continued[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]

Industry and group

FOOD PRODUCTS 1 . _ . . _ _BakingButter . . .Canning and preservingConfectionery _Flour %

Ice cream.. _ __ .Slaughtering and meat packing _.Sugar refining, cane

TOBACCO PRODUCTSChewing and smoking tobacco and snuffCigars and cigarettes _ . _

PAPER AND PRINTING. . .Boxes, paperPaper and pulpBook and job printing ._Printing, newspapers and periodicals

CHEMICALS AND PETROLEUM PRODUCTS 1

A. Chemical group, except petroleum *ChemicalsDruggists' preparationsExplosives _ _ _ __FertilizersPaints and varnishesRayon and allied productsSoap

B. Petroleum refining

R U B B E R PRODUCTS l

Rubber boots and shoesRubber tires and inner tubes

Factory employment


1935

Decem-ber

96.2112.468.561.786.673.259.884.377.6

58.266.857.1

99.790.4

110.091.2

102.4

111.1111.4108.898.886.784.5

107.9357.9

97.3109.6

83.060.170.5

Novem-ber

99.7113.670.176.185.275.861.582.876.8

59.766.258.8

98.792.9

109.089.1

101.2

' 112.4' 112. 9

109.5100.389.983.9

109.3356.1103.7

' 110.3

'82.758.5

'69.8

1934

Decem-ber

103.8115.472.369.091.377.261.0

105.587.7

61.971.560.6

97.588.5

107.489.3

100.4

108.8108.3103.9102.890. 699.599.5

329.599.6

110.8

'80.2'59.3

71.9


1935

Decem-ber

99.6112.471.1

102.8' 78.5

73.468.480.780.7

58.065.657.0

98.086.8

110.089.0

100.6

110.3110.1106. 697.384.394.2

109.7357.9

96.6110.9

83.455.972.9

Novem-ber

97.4111.8

70.786.474.174.568.282.075.6

57.066.055.8

97.487 0

109.088.699.9

' 110.8110. 6107.296.887.392.6

110.2356.1101.0

'111.4

83.053.9

'72.1

1934

Decem-ber

107.9115.4

75.1115.082.877.569.9

101.191.2

61.670.260.4

95.884 9

107.487.198.6

108.1107.1101.8101.388.0

110.9101.1329. 5

98.9112.1

'80 7'55.2

74.4

Factory pay rolls


1935

Decem-ber

90.199.455.073.081.364.551.179.770.7

49. 666.947.4

91.887.694.484.796.8

100.899.8

102.197.276.275.293.7

268.094.6

104.0

74.556.663.8

Novem-ber

91.599 754.484.373.767.751.277.762.4

48.963.747.0

88.089 191.778.493.1

'99.1'99.2101.994.780. 272.594.0

263.398.3

'98.8

' 70.350.1

'59.9

1934

Decem-ber

92.998 753.072.582.863.649.198.472.5

49.967.447.7

86.382 783.580.194.2

91.789.990.094.870.775.578.1

240.190.797.8

66.052.160.0

1 Includes current statistics for one or more industries not shown separately.' Revised.

NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics.For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted indjsx of factoryemployment compiled by the F. R. Board of Governors, see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888. Underlying figuresare for pay-roll period ending nearest middle of month. December 1935 figures are preliminary, subject to revision.



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]

Month

January.....February. - -March .AprilMayJunoJulyAugustSeptemberOctoberNovember

Year

Total

1934

186.596.7

178.3131.2134.4127.1119.7119.6110.2135.2111.792.7

1,543.1

1935

99.875.0

122.9124.0126.7148.0159.3168.6167.4200.6188.1264.1

1,844.5

Residential

1934

15.114.528.122.624.826.619.818.617.926.319.914.6

248.8

1935

22.416.632.242.244.949.848.440.541.855.139.745.1

478.8

Factories

1934

10.74.2

15.98.38.38.7

25.710.06.18.54.65.1

116.1

1935

7.17.86.56.39.89.5

14.610.66.0

12.08.99.9

108.9

Commercial

1934

9.47.6

13.011.924.611.912.913.513.113.511.08.2

150.6

1935

10.89.2

12.215.213.916.015.817.313.616.612.812.0

164.5

Public worksand public

utilities

1934

113.763.292.969.956.857.439.150.650.065.252.350.1

751.2

1935

44.427.846.340.531.439.163.969.576.186.380.394.5

690.2

Educational

1934

19.65.48.88.5

10.49.77.8

12.212.59.08.65.0

117.5

1935

3.75.8

10.48.39.0

17.79.28.74.39.2

24.762.6

173.5

All other

1934

17.911.819.69.89.5

12.814.414.710.612.715.39.8

158.9

1935

11.47.9

15.411.517.716.817.421.925.621.321.740.1

228.7

CONSTRUCTION CONTRACTS AWARDED,BY DISTRICTS

[Figures for 37 States east of the Rocky Mountains, as reported by theF. \V. Dodge Corporation. Value of contracts in thousands of dollars]


BostonNew York.PhiladelphiaClevelandRichmondAtlanta -Chicago _St. Louis__MinneapolisKansas CityDallas _

Total (11 districts)

' Revised.

1935

December November

23, 32345,70017, 77221, 32229, 28520, 39453,15519,48410, 70215, 0727,928

264,137

13, 96442, 0369,783

14,26516,41719, 05129, 211

' 15, 7226,538

' 11, 066r 10, 062

188,115

1934

December

7,92815,2866,0096,67113, 6995,70917, 6165,0884,0185,4585,203

92, 685

COMMERCIAL FAILURES, BY DISTRICTS

[Figures reported by Dun & Bradstreet. Amounts in thousands ofdollars]

Federal Reservedistrict

BostonNew YorkPhiladelphiaCleveland . .RichmondAtlanta _ _ __ChicagoSt. LouisMinneapolisKansas CityDallas . __ _San Francisco

Total

Number

1935

De-cember

103353545944298633204415

100

940

No-vember

87358467034338734112130

116

927

1934

De-cember

12029739614532

11545235121

114

963

Liabilities

1935

De-cember

1 2257,564

9031,069

2611,1982,021

403687362193

1,557

17,443

No-vember

1,70911,861

731888547192

1,745341370114314

1,212

20, 023

1934

De-cember

1,6125,615

769729667

1,0724,213

506181755554

3,240

19,911


FEDERAL RESERVE DISTRICTS

"MINNEAPOLISJ

— BOUNDARIES OF FEDERAL RESERVE DISTRICTS-—BOUNDARIES OF FEDERAL RESERVE. BRANCH TERRITORIES

FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY

O


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