frb_041935

FEDERAL RESERVEBULLETIN

APRIL 1935

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Member Bank Reserves and Treasury Opera-tions

National Summary of Business Conditions

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON; 1935

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD

Ex-ofl5cio members:HENRY MORGENTHAU, Jr.,

Secretary of the Treasury, Chairman,J. F. T. O'CONNOR,

Comptroller of the Currency.

MARRINER S. ECCLES, Governor.

J. J. THOMAS, Vice Governor.CHARLES S. HAMLIN.

ADOLPH C. MILLER.

GEORGE R. JAMES.

M. S. SZYMCZAK.

LAWRENCE CLAYTON, Assistant to the Governor.

CHESTER MORRILL, Secretary.

J. C. NOELL, Assistant Secretary.LISTON P. BETHEA, Assistant Secretary.

S. R. CARPENTER, Assistant Secretary.WALTER WYATT, General Counsel.

GEORGE B. VEST, Assistant Counsel.

LEO H. PATJLGER, Chief, Division of Examinations.FRANK J. DRINNEN, Federal Reserve Examiner.E. A. GOLDENWEISER, Director, Division of Research

and Statistics.LAUCHLIN CURRIE, Assistant Director, Division of

Research and Statistics.

WOODLIEF THOMAS, Assistant Director, Division ofResearch and Statistics.

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

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

Loans.O. E. FOULK, Fiscal Agent.JOSEPHINE E. LALLY, Deputy Fiscal Agent.

District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.District no.

II

FEDERAL ADVISORY COUNCIL

1 (BOSTON) THOMAS M. STEELE.2 (NEW YORK) JAMES H. PERKINS.3 (PHILADELPHIA) HOWARD A. LOEB, Vice President.4 (CLEVELAND) ARTHUR E. BRATJN.5 (RICHMOND) CHARLES M. GOHEN.6 (ATLANTA) H. LANE YOUNG.7 (CHICAGO) SOLOMON A. SMITH.8 (ST. LOUIS) WALTER W. SMITH, President.

9 (MINNEAPOLIS) THEODORE WOLD.10 (KANSAS CITY) W. T. KEMPER.

11 (DALLAS) JOSEPH H. FROST.

12 (SAN FRANCISCO) M. A. ARNOLD.

WALTER LICHTENSTEIN, Secretary


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bankof-

Chairrnan and FederalReserve agent Governor Deputy governor Cashier

BostonNew York

Philadelphia..

F. H. CurtissJ. H. Case

R. L. Austin,

R. A. YoungG. L. Harrison

G. W. Norris..

Cleveland..

Richmond-

Atlanta

Chicago

E. S. Burke, Jr.*..

W. W. Hoxton—.

E. M. Stevens

M. J. Fleming-.

G. J. Seay

Oscar Newton...

G. J. Schaller...

W. W. Paddock-.W. R. BurgessJ. E. CraneW. S. LoganL. R. RoundsL. F. SailerC. H. CoeW. H. HuttJ. S. SinclairC. A Mcllhenny..

F. J. Zurlinden.—H. F. StraterC. A. PepleR. H. Broaddus.-H. W. MartinH. F. ConniflH. P. PrestonC. R. McKayJ. H. Dillard

St. Louis.._

Minneapolis.

Kansas City

Dallas

San Francisco

J. S. Wood

J. N. Peyton

C. C. Walsh

W. McC. Martin..

W. B. Geery

G. H. Hamilton—

B. A. McKinney-

J. U. Calkins

0. M. AtteberyJ. G. McConkey

Harry YaeserH. I. ZieraerC. A. Worthington-J. W. Helm._.R. R. GilbertR. B. ColemanW. A. DayIra Clerk

W. Willett.J. W. Jones.*W. B. Matteson.'J. M. Rice.iAllan Sproul.'H. H. Kimball.'L W. Knoke.iC. A. Mcllhenny.W. J. Davis.*L. E Donaldson.1W. G. McCreedy.*W. F. Taylor.C. W. ArnoldsG. H. Keesee.J. S. Walden, Jr.*M. W. Bell.W. S. McLarin, Jr.*W. H. Snyder.aW. C. Bachman.iO. J. Netterstrom.'A. T. Sihler.iE. A. Delaney.1A. L. Olson.'S. F. Gilmore.2A. H. Haill.iF. N. Hall.*G. 0. Hollocher.*O. C. Phillips.'H. I. Ziemer.F. C. Dunlop.1J. W. Helm.

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

1 Assistant deputy governor.2 Controller.

» Assistant to the governor.* 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 branch— _Memphis branch

Managing director

R. M. O'Hara.

B. J. LazarT. C. Griggs.Hugh Leach.W. T. Clements.

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

R. H. Buss.

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

i

Federal Reserve Bank of—

Minneapolis:Helena branch

Kansas City;Denver branchOklahoma City branchOmaha branch

Dallas:El Paso branch _Houston branchSan Antonio branch

San Francisco:Los Angeles branch ___Portland branchSalt Lake City branchSeattle branchSpokane branch _

Managing director

R. E. Towle.

J. E. Olson.C. 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 BULLETIIV 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 besold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions,$2.60; single copies, 25 cents.

in


TABLE OF CONTENTS

Page

Review of the month—Member bank reserves and Treasury operations 201Federal Deposit Insurance Corporation—Condition of insured commercial banks and trust companies,

Dec. 31, 1934, and June 30, 1934 '_ 247Department-store sales and stocks—Revised indexes 254-255

National summary of business conditions 207Financial, industrial, and commercial statistics:

Reserve bank credit, gold stock, money in circulation, etc 208-212Member and nonmember bank credit:

All banks in the United States 215All member banks -_ 213, 214, 242, 246Weekly reporting member banks in leading cities -- 216, 243

Brokers1 loans 216Acceptances and commercial paper _ 217Discount rates and money rates 218Security prices, bond yields, and security issues 219Treasury finance _ _ - 220Assets and liabilities of governmental credit agencies 221Reconstruction Finance Corporation—Loans, subscriptions, and allocations 222Farm Credit Administration—Loans and discounts outstanding, by institutions 223Home Owners' Loan Corporation—Summary of operations 223Federal home loan banks—Assets and liabilities - 223Production, employment, car loadings, and commodity prices 224Merchandise exports and imports -- - 225Department stores—Indexes of sales and stocks 225Freight-car loadings, by classes 225

Financial statistics for foreign countries:Gold reserves of central banks and governments 226Gold production __. 227Gold movements— - 227-229Government note issues and reserves - 230Bank for International Settlements 230Central banks - -- -- 231-233Commercial banks 234Discount rates of central banks 235Money rates — 235Foreign exchange rates 236Price movements:

Wholesale prices 237Retail food prices and cost of living 238Security prices 238

Law department:Rulings of the Federal Reserve Board:

Transactions constituting withdrawals from savings accounts 239

Federal Reserve statistics by districts, etc.:Banking and financial statistics 240-246Industrial and commercial statistics 248-253

IV


FEDERAL RESERVE BULLETINVOL. 21 APRIL 1935 No. 4

REVIEW OF THE MONTH

Member bank excess reserves, which reacheda peak of $2,300,000,000 on February 9, declined

to about $1,850,000,000 at theJ S S e balances end of March. Most of the de-

cline occurred during March, asthe result of a temporary increase of $350,-000,000 in the amount of cash held by theTreasury and Treasury balances with Reservebanks. Other factors in fluctuations in mem-ber bank reserves were relatively unimportantduring March.

The decline in excess reserves in Marchoccurred first at New York City banks, sincea substantial part of the Treasury's financingoperations takes place at these banks. Duringthe latter part of the month outside bankslost reserves. For the month as a whole excessreserves of all member banks showed a declineof $350,000,000, of which $130,000,000 occurredat New York City banks. Changes in excessreserves during March by banks classified as tolocations are shown in the following table.

EXCESS RESERVES OF MEMBER BANKS

[In millions of dollars]

New York City member banksC hicago member banks _.0 ther licensed member banks

Total

Feb. 28,1935

883186

1,130

2,199

Mar. 31,1935

74999

998

1,846

Change

-134- 8 7

-132

-353

The increase in the amount of cash held bythe Treasury and its balances with Federal

Eeserve banks in March re-

opSons and fleCted P r i n c iPa l ly i n c ™ taxbank reserves collections of about $330,000,-

000, unusually large gift taxcollections, the deposit of lawful money bynational banks for the retirement of their cir-

culating notes in the amount of $220,000,000,and the sale of $100,000,000 of Treasury billsin excess of maturities and $40,000,000 of newsavings bonds. These and other Treasury re-ceipts exceeded Treasury expenditures and in-creased the total of Treasury cash and balancesat Federal Reserve banks to an unusually highlevel.

Substantial changes in the amount of cashheld by the Treasury and in its deposits withFederal Reserve banks exert an importantthough temporary influence on the volume ofmember bank reserves. Expenditures of theGovernment are made largely from Treasurybalances maintained with Reserve banks, andthese balances are constantly being replenishedby receipts from taxes, cash sales of public-debtsecurities, and withdrawal of funds from de-pository banks. When the Reserve banksreceive funds for account of the Treasury fromany of these various sources, funds are therebywithdrawn from the market and member bankreserves are reduced by a corresponding amount.On the other hand, when the Treasury makesdisbursements, funds are returned to the mar-ket and member bank reserves are increasedthereby.

As explained above, the sale of securities bythe Treasury in exchange for cash results in animmediate withdrawal of funds from the mar-ket and a reduction in member bank reserves.On the other hand, the sale of new United StatesGovernment securities to a member bank inexchange for a deposit balance to the credit ofthe Treasury at that bank has no effect uponmember bank reserves until the deposit thuscreated, or a part of it, is transferred to theReserve bank. Short-term Treasury bills aregenerally sold on an immediate payment basis,while most other securities, when sold to banks,are paid for by credits to the account of the

201


202 FEDERAL RESERVE BULLETIN APRIL 1935

Government on the books of banks purchasingthe securities. Purchases by investors otherthan banks result in withdrawals of reservefunds from member banks and increases inTreasury deposits at Reserve banks.

Over a period of time the amount of cashheld by the Treasury and its balances atReserve banks are maintained at a fairly con-stant level. Over short periods, however, theremay be changes of considerable magnitude.During the past year or more Treasury opera-tions have had a larger influence in changingthe volume of member bank reserves than informer years, as is indicated by fluctuations inTreasury cash and deposits with Federal Re-serve banks, shown in the chart on page 208.

In January 1934 sales of Treasury securitiestook $300,000,000 of funds from the market.On February 1, 1934, there was an increase inTreasury cash holdings of $2,800,000,000, repre-senting the increment resulting from the reduc-tion in the weight of the gold dollar. Since thischange arose from a revaluation of existinggold holdings, it represented no withdrawalfrom member banks. Between that time andJune 13, 1934, there was a decline of about$450,000,000 in Treasury cash and deposits atFederal Reserve banks. Subsequently, therehave been further considerable fluctuations inTreasury balances which have had a substan-tial effect on member bank reserves. Increasesoccurred around quarterly income tax datesand at times of new issues of Government se-curities, while between these dates there weregradual decreases.

In view of the large volume of excess reservesin the hands of member banks, however, thesefluctuations have not seriously affected theirposition. The fluctuations have been in fact tosome extent a consequence of the existence ofexcess reserves, since an increasing number ofbanks appear to follow the practice of sub-scribing to new Treasury issues through animmediate charge against their reserve balancesrather than through the creation of Govern-ment deposits on their books.

The Treasury Department announced onMarch 9 the call of the 2-percent Consols ofRetirement of 1 9 3 0 f o r redemption on Julynational bank 1, 1935, and of the 2-percentn o t e s Panama Canal loans of 1916-36and of 1918-38 for redemption on August 1,1935. The former issue was outstanding onFebruary 28 in the amount of $599,724,050and the latter issues in the amount of $74,-901,580. In addition to effecting some reduc-tion in the interest-bearing debt of the Gov-ernment, this measure will necessitate the re-tirement of the national bank note circulation.The called bonds are the only outstanding Gov-ernment securities which permanently containthe privilege for the issuance of circulatingnotes against their pledge. The provisions ofthe Federal Home Loan Bank Act which tem-porarily extended the circulation privilege toall United States Government bonds bearinginterest at a rate not exceeding 3% percentexpire on July 22, 1935. Consequently, uponthe retirement of the Panama Canal issues onAugust 1, there will be no bonds outstandingbearing the circulation privilege.

The following table shows the situation as tonational bank notes on February 28, 1935:

NATIONAL BANK NOTES, FEB. 28, 1935

Total outstanding: $837,712,095Held by the treasury $18,071,880Held by Federal Reserve banks 26,839,770

44) 911 t 63o

In circulation 822,800,465

Lawful money on deposit to redeem circulation 214,371,617United States bonds on deposit to secure circulation 657,937,080National bank note redemption fund 31,447, 706

Amounts of various issues of bonds on depositwith the Treasury on February 28 to securecirculation of national bank notes are given inthe following table, which also shows the totalamounts of these issues outstanding. It willbe noted that the issues bearing permanentcirculation privilege, which have been called,accounted for $521,000,000 of the total of $658,-000,000 of bonds on deposit. The remainder,amounting to $137,000,000, was comprisedmostly of various issues of Treasury bonds.


APRIL 1935 FEDERAL RESERVE BULLETIN 203

The table also shows that most of the calledbonds outstanding, amounting to $675,000,000,were deposited to secure circulation.

UNITED STATES GOVERNMENT BONDS WITHTION PRIVILEGE, FEB. 28, 1935

Issues with permanent circulation privilege:2-percent Consols of 1930 . - .2-percent Panama Canal loan of 1916-36_2-percent Panama Canal loan of 1918-38.

Total

Other pre-war issues:3-percent Panama Canal loan of 1961 . . .3-percent Conversion bonds of 1946-47-.

Total.

Treasury bonds:3J4-percent Treasury bonds of 19413 -percent Treasury bonds of 1941-43..3^1-percent Treasury bonds of 1940-43._3^-percent Treasury bonds of 1943-45..3J4-percent Treasury bonds of 1944-46..3%-pereent Treasury bonds of 1943-47..3-percent Treasury bonds of 1946-483^-percent Treasury bonds of 1946-49..3H-percent Treasury bonds of 1949-52..3-percent Treasury bonds of 1951-55

Total

Grand total

Amount out-standing

$599,724,05048,954,18025,947,400

674,625,630

49,800,00028,894,500

78,694,500

834,474,100544,914,050352,993,950

1,400,570,5001,518,858,800

454,135,200824,508,050818,646,500491,377,100755,478,850

7,995,957,100

8, 749, 277, 230

ClRCULA-

On depositto secure

circulation

$480,506,25025,683,06014,923,020

521,112,330

1,00015,000

16,000

19,022,65021,481,0007,419,050

337,5009,393,500

22,415,25010,835,75015,387,4503,759,000

26,757,600

136,808,750

657,937,080

This action will simplify and make moreuniform the currency system of the country by

eliminating national bank notes,Effect upon a n actiOn contemplated at thethe currency r

system time ol the passage ol the Fed-eral Reserve Act, and by con-

centrating the currency issue in the Govern-ment and Reserve banks. Retirement of na-tional bank notes will not result in any con-traction in the amount of currency in circula-tion, since Federal Reserve notes will be issuedin place of the retired bank notes. This willleave in active circulation only three types ofpaper currency: Federal Reserve notes, silvercertificates, and United States notes. Typesof currency that are being retired as rapidly asthey return from circulation are gold certificates,Treasury notes of 1890, and Federal Reservebank notes, to which list there have now beenadded national bank notes.

Under the procedure to be followed in retir-ing national bank notes, this action will have

only a temporary effect uponEffect on ^he total volume of membermember bank , _ _ . . ,reserves bank reserves. Each national

bank with notes in circulationwill, before redemption of the bonds or beforeexpiration of the circulation privilege, depositwith the United States Treasury a sufficientamount of lawful money to cover its liabilityagainst its notes outstanding, and this liabilitywill thereby be transferred to the Treasury.In making this deposit the issuing bank willreceive credit for the 5-percent redemptionfund already held by the Treasury. Thedeposit made to retire its circulating notes willat the time reduce the amount of member bankreserves. When the called bonds are redeemed,however, the funds thus disbursed will re-plenish member bank reserves.

Since the amount of called bonds outstand-ing at the end of February, $675,000,000, plusthe 5-percent redemption fund, $31,000,000,exceeded the amount of notes outstanding notalready covered by deposits of lawful money,$654,000,000, the net effect of these varioustransactions, when completed, will be a smallincrease in the total volume of member bankreserve balances. In the interim, however, tothe extent that deposits are made by nationalbanks for retirement of their notes before thecalled bonds are redeemed, there will be somereduction in reserve balances. This has alreadyoccurred in March to the extent of $220,000,000.The existing large volume of excess reserves issufficient to absorb these relatively small andtransitory influences without difficulty. Indi-vidual national banks, which have depositedTreasury bonds against their note issues anddo not hold called bonds in an amount corre-sponding to their notes outstanding, may losereserves, and there may occur, therefore, acertain amount of shifting of excess reservesamong member banks.



Recent changesin public debt

The Treasury will obtain funds for retire-ment of these called bonds from the incrementresulting from reduction in the weight of thegold dollar. The Federal Reserve banks willreceive from the Treasury gold certificates orcredits payable in such certificates, and theTreasury deposit thus established will be drawndown in redeeming the bonds. In this way anew source of reserve funds will be supplied toreplace the reserves withdrawn by the retire-ment of national bank notes. The net resultupon the various reserve factors, when thebonds have been redeemed and the notesretired, will be a decrease in Treasury andnational bank currency and a decrease inTreasury holdings of cash. The volume ofmember bank reserve balances and of money incirculation will remain practically unchanged.

Redemption of bonds bearing the circulationprivilege is a part of a broader series of changes

in the public debt of the UnitedStates Government that havebeen completed in the past 2

years or are now in process. The changesalready completed have brought about areduction in the average rate of interest paidon outstanding obligations and an extension ofmaturities over a longer period of years. InMarch $1,560,000,000 of Fourth Liberty Loan&){ percent bonds that had been called forredemption on April 15 were offered in exchangefor a corresponding amount of 20-25-yearTreasury bonds, bearing an interest rate of 2%percent. In addition, over $500,000,000 of 1%percent 5-year Treasury notes were issued inexchange for a similar amount of 2% percentnotes maturing on March 15. After theseexchanges $310,000,000 of the Fourth LibertyLoan bonds called for April 15 and $50,000,000called for earlier dates remained outstanding.On April 13 the Treasury issued a call forredemption on October 15 of the remaining$1,250,000,000 of Fourth Liberties not previ-ously called. Thus all of the $6,270,000,000outstanding 18 months ago have been redeemedor called for redemption.

In addition to calling bonds bearing perma-nent circulation privilege, the Secretary of the

Treasury during March also called for redemp-tion on June 15 the $1,930,000,000 of FirstLiberty Loan bonds now outstanding. As aresult of these calls and regular maturities, theTreasury will redeem during the remainder of1935 about $4,200,000,000 of bonds and$1,200,000,000 of maturing notes, as well as meetregular weekly maturities of short-term bills.

Changes in the maturity distribution of theinterest-bearing debt of the United StatesGovernment in the past 2 years are indicatedOD the accompanying chart, which shows byyears maturities of obligations outstanding onMarch 31, 1933, and again on March 31, 1935.

U. S. GOVERNMENT INTEREST-BEARING DEBTDISTRIBUTION BY MATURITY DATES

BILLIONS OF DOLLARS7

BILLIONS OF DOLLARS

7

March 31,1933

• Bills[xl Certificatesffl NotesH Bonds

I • I ill5 5

March 31,1935

] Bills\ Notesj Bonds

!!••• I ••• t1 i n i l l i l l 111 H I H i IS H i I I i l l

In the 2-year period since March 31, 1933,as a result of emergency expenditures by theGovernment, the total interest-bearing debthas been increased from $21,000,000,000 to$28,000,000,000. In March 1933, in additionto a substantial volume of short-term issuesmaturing in 1933 and various issues of notesmaturing within 5 years, a major problemrequiring early consideration was the disposi-tion of the $6,270,000,000 of Fourth LibertyLoan bonds, bearing an interest rate of 4}£percent, soon callable, and maturing in a littleover 5 years. Of less urgency were the$1,930,000,000 of First Liberty Loan bonds,



bearing a rate of 3% percent on about 70 per-cent of the issue and 4% percent on most ofthe remainder, then callable, but not maturinguntil 1947.

As a result of a series of offers, the first ofwhich was in October 1933 and the latest in

March of this year, as described,JSScddebt°f a11 b u t $1,250,000,000 of the

Fourth Liberty Loan bonds hadby early in April been redeemed or called forredemption. In addition to the $1,560,000,000recently offered in exchange for 20-25-yearbonds bearing a rate of 2% percent, about$2,200,000,000 of the retired bonds were ex-changed for 10-12-year bonds bearing aninterest rate of Sji percent, $600,000,000 for4-year 2% percent notes, and about $700,000,000have been redeemed in cash or are subject tocash redemption. The effect of these exchangeswas to reduce the interest burden on the$5,000,000,000 of debt redeemed by more than1 percent per annum, as well as to spreadmaturities over a longer period.

In addition to exchanges for the FourthLiberty bonds, the Treasury has in the past 2years sold for cash or issued in exchange for ma-turing certificates or notes, the following bonds:$800,000,000 maturing in 1941, $500,000,000maturing in 1945, and $200,000,000 maturingin 1946, all at 3% percent, $500,000,000 at 3%percent maturing in 1952, and $800,000,000 at3 percent maturing in 1948. The volume ofTreasury notes, issued to mature in from 1 to5 years, was< increased from about $3,500,000,-000 to $9,500,000,000, and the short-termTreasury bill issues outstanding increased from$800,000,000 to $2,000,000,000, while short-term certificates of indebtedness which wereoutstanding in the amount of $2,400,000,000on March 31, 1933, have been entirely elimi-nated except for $160,000,000 of issues madefor special purposes.

The chart illustrates how maturities ofTreasury obligations have been spread outduring the past 2 years. As a result there arenow no large maturities of bonds in any single

bonds°f

year, as was the case 2 years ago. The amountof bonds outstanding and the number ofindividual issues have been increased, but theaverage amount per issue has been reduced andthe average maturity lengthened. As a resultof the April 15 call for the remaining FourthLiberty Loan bonds the amount of maturitiesshown in the chart for 1935 will be increased by$1,250,000,000, while that for 1938 will bedecreased by the same amount.

On February 18 the Secretary of the Treasuryannounced an offering of a new form of security,

United States savings bonds,S e r i e s A> t 0 b e o n s a l e a t P° s t

offices on March 1, in denomi-nations of from $25 to $1,000 (maturity value).These bonds mature in 10 years and are sold ona discount basis, a $100 bond selling at $75, toprovide a yield, if held to maturity, of about 2.9percent per annum compounded semiannually.The bonds will be redeemed at the owner's op-tion any time after 60 days from the issue date,in accordance with a special table of redemp-tion values, which provide lower yields forearly redemption. The savings bonds are nottransferable and are payable only to the ownernamed thereon. They are designed to providean attractive medium of investment for thesavings of individuals and to encourage thepractice of investing savings in Governmentsecurities. About $38,000,000 of the bonds, atpurchase value, were sold during March.

From February 27 to March 27 weeklyofferings of Treasury bills amounted to $100,-000,000, divided into $50,000,000 of 6-monthbills and $50,000,000 of 9-month bills, insteadof $75,000,000 of 6-month bills, which hadbeen the regular offering for several months.Prior to February 1934 Treasury bills sold hada maturity of 3 months. In view of thelarge increase in Treasury balances duringMarch, the offering of bills made in the lastweek of March for sale on April 3 was reducedto $50,000,000 of 9-month bills, being $25,-000,000 less than the maturity on April 3.



Compared with an increase in the totalinterest-bearing debt of the United StatesDecline in interest Government of one third in thecharge on public past 2 years, the computed

e annual interest charge on thisdebt increased from $720,000,000 to $800,-000,000, or 11 percent, and the average rate ofinterest paid declined from 3.43 percent to2.86 percent. This decline reflects both theunusually low rates paid at present upon short-

PER CENT

5

YIELD ON U.S. GOVERNMENT BONDSLONG-TERM ISSUES

(Monthly averages ) PER CENT

J\\ Vv >

1929 1930 1932 1933 1934 1935

term borrowings and the refunding of high-coupon Liberty bonds into lower-couponsecurities. The chart shows fluctuations in theaverage yield on long-term Treasury bondssince the beginning of 1928. The presentlevel is the lowest of the post-war period.

The decline during the past 2 years in yieldson various types of United States Governmentobligations computed on the basis of currentmarket prices is shown in the following table.

YIELDS ON UNITED STATES GOVERNMENT SECURITIES

[Monthly averages]

Treasury bonds: Average yield on long-termissues

Treasury notes:4-5 years12 months. __

Treasury bills: 3-6 months..

March1935

2.69

1.35)

.10

0)

January1933

3.19

2.47.66

.21

1 Negative yield.

Foreign Central Bank Discount Rates

On March 11 the Bank of Canada com-menced operations with a discount rate of 2%percent. On March 25 the Bank of Italyreduced its discount rate from 4 to 3K percent;on April 5 the Netherlands Bank raised itsdiscount rate from 2){ to 3% percent and onApril 10 to 4% percent.

Revision of Index of Department Store Sales

The Board's seasonally adjusted index ofdepartment-store sales has been revised from1929 to date to take account of changes whichhave developed in recent years in the typicalseasonal fluctuations. The principal effectsof the revision are to lower the level of theindex in April, August, and October, and toraise the index in January, November, andDecember. The adjusted and unadjustedindexes and the seasonal adjustment factorsfor both sales and stocks are shown from 1919to date on pages 254 and 255 of this BULLETIN.



NATIONAL SUMMARY OF BUSINESS CONDITIONS

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

In February industrial production increasedby less than the usual seasonal amount, follow-ing sharp advances in December and January.Wholesale prices of many leading commoditiesshowed little change in February and declinedin the early part of March; prices of livestockand meats, however, advanced further inFebruary and continued at relatively highlevels during the first 3 weeks of March.

Production and employment.—Daily averageoutput of basic industrial commodities in-creased in February by an amount smaller thanis usual at this season, and the Federal ReserveBoard's index, which makes allowance forseasonal variations, declined from 91 percentof the 1923-25 average in January to 89 percentin February. At steel mills activity increasedfurther during the early part of February; laterin the month and in the first 3 weeks of March,however, activity declined, contrary to seasonaltendency. In the automobile industry pro-duction continued to increase and the outputindicated for the first quarter is larger than inthe corresponding period of any other yearsince 1929. Lumber production remained at alow level. At textile mills activity in Februarydeclined somewhat from the relatively highrate of the preceding month. In the meat-packing industry output continued to decline.

Factory employment increased between themiddle of January and the middle of Februaryby more than the usual seasonal amount, re-flecting substantial increases in working forcesin the automobile, machinery, iron and steel,and wearing-apparel industries, and smaller in-creases in many other lines. At meat-packingestablishments employment continued to de-cline and at tobacco factories it showed lessthan the usual seasonal growth. Pay rolls atmanufacturing establishments also increasedconsiderably in February. In nonmanufactur-ing industries employment and pay rolls showedlittle change.

Total value of construction contractsawarded in the period from January 1 to March15, as reported by the F. W. Dodge Corpora-tion, w as smaller than in the correspondingperiod last year, reflecting a reduction in thevolume of public projects. The value of con-tracts awarded for residential building during

this period showed a slight increase over thelow level of a year ago.

Distribution.—Daily average volume of reve-nue freight-car loadings showed a seasonalincrease in February and little change in thefirst half of March. Department-store salesincreased in February, a month when there isusually little change, and the combined totalfor the first 2 months of the year was largerthan a year ago by 5 percent.

Wholesale commodity prices.—During theperiod from the beginning of February to themiddle of March there were wide movementsin prices of many individual commodities,while the general level of wholesale prices, asmeasured by the Bureau of Labor Statisticsindex, showed little change. In the third weekof March prices of cotton and other textiles,grains other than wheat, coffee, rubber andtires, scrap steel and tin were considerablylower than at the beginning of February, whileprices of livestock, meats, and sugar werehigher.

Bank credit.—During the 4 weeks endedMarch 20 member-bank reserve balances de-clined by $280,000,000, principally in conse-quence of an increase in Treasury depositswith Federal Reserve banks built up in connec-tion with March 15 fiscal operations. Excessreserves of member banks declined to about$1,950,000,000.

Demand deposits (net) of weekly reportingmember banks in leading cities increasedfurther by $380,000,000 during the 4 weeksended March 13. The balances of other bankswith reporting banks increased by $100,000,000,while Government deposits declined, reflectingthe withdrawal of funds from depository banks.Loans and investments of reporting banks in-creased by $275,000,000. There was a furthergrowth of $85,000,000 in holdings of directobligations of the United States Governmentand a smaller increase in obligations guaranteedby the Government. Loans to brokers anddealers in securities increased by $130,000,000,while other loans showed little change.

Yields on United States Government obli-gations declined slightly further, and open-market money rates continued at a low level.



RESERVE BANK CREDIT AND RELATED ITEMSMILLIONS OF DOLLARS

9000

8000

7000

6000

5000

4000

3000

2000

1000

Weekly basis: Wednesday series MILLIONS OF DOLLARS

9000

8000

RESERVE BANK« - CREDIT

TREASURY CASH& DEPOSITS WITH F. R. BANKS

7000

6000

5000

4000

3000

2000

1000

1930 1931 1932 1933 1934 1935Based on Wednesday figures; latest figures are for March 27. See table on page 209.


APRIL 1935J FEDERAL RESERVE BULLETIN 209

FEDERAL RESERVE BANK CREDIT

RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES)

[Tn millions of dollars]

Date (Wednesday)

Reserve bank credit outstanding

Bills dis-counted

736866645955516348434040383734343429282827292323212121202021

24232220

1512121111

119

111210999

77

17976

66

6688

Billsbought

978675624637332926171310876555555555555565

555666666

66666666666666666

6655

U.S.Govern-ment se-curities

2,4322,4322,4322,4322,4322,4322,4322,4322,4322,4322,4302,4302,4322,4322,4302,4302,4302,4302,4302,4302,4302,4322,4322,4322,4322,4322,4322,4312,4322,4322,4322,4312,4312,4302,4312,4302,4302,4302,4302,4302,4302,4302,4302,4302,4302,4302,4302,4312.4302,4302,4302,4302,4302.4302,4302,4302,4302,4302,4302,430

Otherreservebankcredit

47

18828

- 954

(J)95

693

- 11

10853

228

(')- 3

5(»)

11(»)

56

10873

(')958

- 72923126

173225

172415191624877

1018119

Total

2,6062,5932,5922,5672,5392,5322,5082,5192,5092,4922,4932,4862,4842,4842,4732,4692,4702,4752,4722,4682,4652,4882,4682,4602,4562,4632,4582,4682,4572,4632,4672,4692,4662,4632,4552,4482,4572,4522,4552,4402,4742,4702,4602,4522,4622,4772,4702,4612,4672,4682,4632.4602,4662,4502,4482,4502,4522,4602,4552,452

Mone-tary gold

stock

17,0367,0897,2037,4387,5567,6057,6407,6817,7037,7327,7467,7557,7567,7567,7537,7667,7767,7907,8207,8357,8467,8667,8817,8977,9117,9327,9577,9797,9837,9817,9637,9687,9727,9767.9807,9857,9907,9938,0028,0088,0308,0768,1128,1618,1808,1988,2288,2438,2588,2738,3088,3878,4218,4568,4898,5248,5468,5518,5548,563

Treasuryand

national-bankcur-

rency

2,3012,3012,3012,3022,3122,3322,3432,3562,3692,3812,3812,3802,3812,3802,3802,3752,3712,3652,3612,3592,3642,3652,3652,3632,3642,3612,3572,3752,3902,4032,4122,4142,4122,4092,4072,4032,4102,4292,4342,4422,4502,4592,4692,4782,4862,5052,5042,5142,5082,5042,5002,4972,5032,5252,5222,5202,5172,5252,5212,535

Money incircula-

tion

5,3175,3215,3445,3555,3745,3455,3345,3365,3715,3475,3475,3245,3595,3525,3446,3166,3385,3425,3135,3105,3016,3975,3445,3285,2915,3155,3345,3435,3475,3455,4195,4095,4125,4035,4685,4795,4695,4365,4535,5035,4805,4555,5165,5455,5325,5875,6285,5345,4205,3825,3475,3585,4075,4305,4425,4425,4785,4545,4535,436

Memberbank re-

servebalances

2,7362,8512,8303,0933,3133,4543,4493,4393,4503,5603,6653,7443,5703,6783,6943,7673,7633,7873,8953,7693,8373,7463,9023,9874,0203,9154,0594,0644,0724,1273,9073,9483,8893,9703,8953,9793,9963,9854,0064,0324,1074,1964,1084,0734,1123,9433,9614,0904,2834,3884,5014,5424,6334, 5804, 6454,5884,5554,5884,3614,285

Treasurycash anddeposits

withFederalReservebanks

13,4493.3913,4993,4403,2943,2263,2523,3183,3233,2393,2043,1483,1773,0983,0823,0523,0513,0342,9563,1213,0773,1133,0142,9542,9723,0742,9412,9762,9722,9443,0873,0583,1243,0613,0682,9672,9683,0493,0312,9442,9642,9563,0173,0603,0603,2213,1813,1643,0943,0192,9943,0072,9302,9952,9323,0062,9983,0093,2203,335

\T ._

j\on»mem-ber de-posits

142130132127133143154161140148167167280257252242233230251224225232223222220219209211211204203213195186

182183183165164

172163159160176184185188190194216188194

176182193211

237238243241

OtherFederalReserve

ac-counts

1934—Feb. 7_...Feb. 14...Feb. 21...Feb. 28...Mar. 7—.Mar. 14...Mar. 21...Mar. 28...Apr. 4... .Apr. 11...Apr. 18...Apr. 25...May 2....May 9....May 16--Mav 23...May 30...June 6....June 13...June 20...June 27—.

July 3 . . . .July 11.. .July 18...July 25...Aug. l_-_.Aug. 8Aug. 15...Aug. 22...Aug. 29...Sept. 5-_.Sept. 12..Sept. 19..Sept. 26..

Oct. 3.-..Oct. 10__.Oct. 17-..Oct. 24...Oct. 31-_.

Nov. 7....Nov. 14..Nov. 21...Nov. 28..

Dec. 5Dec. 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...

299290291292

294301302303

297312237237

235235233233232

237238239236

230231229228

232229228228220

225224230229

229229239239237

240240239239

237239243244

240242242241242

246245247246

246247254253

i Increase from previous date represents principally increment resulting from reduction in weight of gold dollar on Jan. 31,1934.• Less than $500,000.



RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)


Month or week

1934—JanuaryFebruaryMarchApril...M a y . . .JuneJulyAugustSeptemberOctoberNovemberDecember

1935—JanuaryFebruaryMarch

Weekending Saturday-1934—Dec. 1

Dec. 8Dec. 15Dec. 22Dec. 29

1935—Jan. 5.Jan.12Jan.19Jan. 26

Feb. 2Feb.9Feb. 16Feb. 23

Mar. 2Mar. 9Mar. 16Mar. 23Mar. 30


Billsdis-

counted

1017055433628232122121110

867

! U.S.Bills I Govern-

bought 1 ment! securities

11387401665555

2,4322,4322,4372,4392,4312,4242,4322,4322,4312,4302,4302,430

2,4302,4302,431

2,4302,4302,4302,4302,430

2,4312,4312,4302,430

2,4302,4302,4302,430

2,4302,4302,4302,4302,432


Total

2,6562,5972,5352,5072,4792,4642,4692,4632,4692,4572,4662,472

2,4652,4622,461

Mone-tary gold

stock

4,035i 7,138

7,6027,7367,7597,8217.8937,9717,9717,9898,047 !8.191

i

8,284 !8,465 ;8,552

Treasuryand na-tional-bank

currency

2,3022,3032,3332,3772,3782,3632,3642,3782,4112,4152,4552,494

2,5042,5132,526

1313194033

21232224

19232618

1317231515

2,4602,4602,4652,4862,478

2,4652,4662,4662,468

2,4622,4662,4682,460

2,4552,4592,4652,4582,461

8,1128,1528,1788,2048,225

8,2418,2578,2708,304

8,3728,4218,4538,497

8,5268,5458,5508,5548,562

2,4692,4762,4872,5012,508

2,5132,5082,5042,500

2,4972,5002,5152,523

2,5202, 5172,5222,5262.538

Moneyin cir-

culation

5,3825,3395,3685,3665,3555,3415,3505,3555,4275,4735,4945,577

5,4115,4395, 477

5,5115,5565,5545,6045,609

5,5235,4355,3915,364

5,3775,4235,4405,452

5, 4655,4915,4765,4705,464

Memberbank

reservebalances

2,7642,8223,3613,5943,6953,7903,9284,0453,9473,9644,1004,037

4,3554,6014,452

4,1264,0934,0933,9433,995

4,1174,2704,3734,473

4,5224,6024,5904,625

4,5954,5634,5704,3894,285



397» 3,448

3,2983,2223,0833,0542,9992,9763,0543,0112,9703,120

3, 0532,9653,122

3,0053,0283,0613,2143,180

3,1463,0903,0283,001

3,0082,9432,9842,957

2,9802,9833,0033,1833,323

Non-mem-

ber de-posits

146136144170249226219208197177165181

194189236

160172183185184

192194206192

180174177200

214236240242235

OtherFederalReserve

ac-counts

30429329926823423723022822723423«241

241246250

239239240244244

241242242242

244245245246

247247249254253

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


End of month


Billsdis-

countedBills

bought

U.S.Govern-

mentsecurities


Total

Mone-tary gold

stock

Treasuryand na-tional-bank

currency

Moneyin cir-

culation

Memberbank

reservebalances



Non-mem-ber de-posits

OtherFederalReserve

ac-counts

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

1035—January...February-March

111622995555

2,4342,4322,4472,4312,4302,4322,4322,4322,4312,4302,4302,430

2,4302,4302,437

156

- 41034118620

192321

2,6302,5672,5452,4852,4632,4722,4622,4642,4642,4552,4532,463

2,4612,4652,471

4,033» 7,4387,6947,7577,7797,8567,9317,9787,9788,0028,132' 8, 238

8,3918,527

» 8, 567

2,3022,3022,3612,3782,3682,3672,3612,4082,4052,4342,4682,511

2,4962,5192,540

5,2895,3555,3945,3685,3575,3735,3175,3965,4565,4535,5405,538

5,3805,467

v 5, 494

2,6523,0933,457

3,7463,8404,0294,0523,9344,0064,0814,096

4,5434,5874,247

597I 3,4403,2933,1483,0533,0162,9712,9683,0513,0313,022' 3,151

3,004v 3,358

141127157268222233207208178164161189

191207226

287292299236232233229226228237230241

243246252

» Preliminary. T Revised.1 Increase from previous date represents principally increment resulting from reduction in the weight of gold dollar on Jan. 31 1934.



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

[In thousands of dollars]

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

Total reserves.Redemption fund—Federal Reserve bank notes.Bills discounted:

For member banksFor nonmember banks, etc

Total bills discounted.

Bills bought:Payable in dollarsPayable in foreign currencies _

Total bills boughtIndustrial advancesU. S. Government securities:

Bought outrightUnder resale agreement-

Total U. S. Government securities _Other reserve bank credit:

Municipal warrantsDue from foreign banksReserve 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 floatBank premisesAll 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—net .Deposits:

Member bank—reserve accountU. S. Treasurer—general accountForeign bankOther deposits

Total depositsDeferred availability items..Capital paid inSurplus (sec. 7)Surplus (sec. 13b).Reserve for contingenciesAll 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 bank:

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:

D iscounted and purchased billsU. S. Government securities

Total collateral.

Mar. 31, 1935 Feb. 28, 1935 Mar. 31, 1934

5, 576, 02315, 649

232,933

5,824, 605

7,373243

7, 616

5, 305

5, 30721,173

2, 437, 303

2, 437, 303

7021904

2, 471,195

15, 067429, 666

49, 52442, 947

8. 833. 004

15,0673,150, 582

3,165, 649

4, 247. 242418,858

19,186207, 306

4, 892, 592429, 666146, 922144, 893

14, 78130,804

7, 697

8,833,00498

15,964

3,416. 088

3, 268,1795,761

231,100

3, 505. 040

5, 542, 56716, 299

247,913

5,806, 779250

'5,693'269

5,962

5,504

5,50419,397

2,430, 282

2,430, 282

8033,144

2, 465,092

18, 445485,883

49, 43646, 694

8, 872, 579

18,4453,135, 869

3,154, 3141,301

4, 587,08395,15614,602

192,116

4,888, 957485,883147, 002144,893

13,44530,824

5,960

8,872, 579405

14,435

3,423,147

3,287, 4733,955

203, 000

3,494,428

11, 719

17,000

17,000

4, 303, 58732, 748

200, 647

4, 536,9829,086

53, 670

54, 068

23, 2735, 275

28, 548

2, 445, 6361.600

2, 447, 236

5633,131

11, 536

2, 545, 082

16, 569387, 639

52, 442120, 630

7. 668, 430

16, 5693,021,734

3,038, 303116, 876

3,457, 06939, 220

5, 941151,166

3, 653,396387,639146, 221138, 383

22, 530165, 082

7,668,4304,937

3, 264,452

2,861,73454, 621

385,300

3,301, 655

132,895

971161,774

162,745

' Revised.i Deferred availability items in excess of uncollected items.



KINDS OF MONEY IN CIRCULATION

[Money outside Treasury and Federal Reserve banks. In millions of dollars]

End of month Total Goldcoin

Goldcertifi-

Stand-ard

silverdollars

Silvercertifi-cates

Treas-ury

notesof 1890

Subsid-iary

silverMinorcoin

UnitedStatesnotes

FederalReserve

notes

FederalReserve

banknotes

Na-tionalbanknotes

1933—October...November.December _

1934—January__.February..MarchAprilMayJuneJulyAugustSeptember.October...November.December.

1935—January...February-March *>—

5,3475,4555,518

5,2895,3545,3945,3685,3575,3735,3175,3965,4565,4535,5495,536

5,3805,4675,493

225219213

178167161157153150146143139136133130

127126123

387394407

391399403400402401399438483510558592

580599623

267269272

267270272274277280280282284288291294

287289291

116117117

116117118118120119121122122123124125

123123123

277285286

283289289282279280277274274273273265

259263264

2,9302,9983,044

2,8942,9493,0053,025

3,0683,0443,1033,1313,1243,1763,176

3,0483,1193,135

189206208

202194178162151142133125119112107101

979492

903913918

927938936918906902885878870856853820

827823810

v Preliminary figures.

NOTE.—For figures of paper currency of each denomination in circulation see p. 245.Back figures.—See Annual Report for 1933 (table 56).

ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK


Year and month

1932—Total

1933—December

Total (12 mo.) . .

1934—January _-

February --MarchAprilMay

JulyAugust -

October . . -NovemberDecember

Total

1935—JanuarvFebruaryMarch *

Goldstockat end

ofmonth

$1=.

4,035

4,033$1 =

7,4387,6947,7577,7797,8567,9317,9787,9788.0028,1328,238

8,3918,5278,567

Increasein goldstock

W o grairounce o

62.9

- 0 . 5

-190.4

- 2 . 1t6Hi grair

ounce3,405.0

256.161.522.477.174.447.4

0.423.5

129.9106.2

4,202. 5

153.3135.340.3

Net goldimport

s of gold 9ffine gold

-446.2

- 9 . 1

-173.5

- 2 . 8is of gold 9of fine gol

452.6237.354.733.663.752.337.2

-18.710.8

120.992.1

1,133. 9

149.4122.813.0

Net re-lease

from ear-mark*

io fine; I=$20.67

457.5

11.8

-58.0

12.2io fine; i.d=*$85

68.7- 0 . 8- 1 . 1

0.51.00.6

—1.12.40.3

- 0 . 10.1

82.6

1.10.2

- 0 . 7

Otherfactors•

«., an

41.6

- 3 . 1

41.1

-11.6«., an

2,883.819.6

7.9-11.6

12.521.411.216.612.49.1

14.1

2,986.1

2.812.327.9

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

under earmark (with allowance when necessary for changes in gold ear-marked 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 of non-monetary use, imports and exports that do not affect gold stock duringthe month or year, and increment resulting from reduction in weight ofgold dollar.

Back figures.—See Annual Report for 1933 (table 51).

MOVEMENT OF GOLD TO AND FROMUNITED STATES^


From or to—

Belgium _.EnglandFranceGermanyNetherlandsSwitzerlandCanadaCentral America. __MexicoArgentinaColombiaEcuador ._PeruUruguay.VenezuelaAustraliaBritish IndiaChina and Hong

KongDutch East Indies.

Philippine Islands.All other countries2-

Total

March

Im-ports

27870

4,466178876

1,407349128

55

2,139

334

1,3461,916

13,543

Ex-ports

46614

18

43

540

February

Im-ports

63,42445, 766

261,507

3395,350

231729

12,112

174

44

522

359

1, 0861,149

122,817

Ex-ports

41

4

46

January-March

Im-ports

149, 27960, 428

2614,318

33921,914

7686,657

65, 6212,075

445

161289

13, 276

2,221

3,3584,935

286,116

Ex-ports

46614

29641

29

103

949

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

* Includes all movements of unreported origin or destination.

Back figures.—See Annual Report for 1933 (tables 53 and 54).



MEMBER BANK RESERVE BALANCES[Averages of daily figures. Figures are for licensed banks only. In millions of dollars]

Month or week

Reserves held

Total—allmember

banks

2,7993,3453,5823,6953,7903,9284, 0453,9473,9644,1004,0374,3554,601

4,0904,1133,9443,972

4,1084,2444,3654,456

4,5194,5884,5934,624

New YorkCity i

8721,2271,2901,3231,3911,3931,5091,4401,4611,5061.4681,6511,864

1,4691,4571,4211,482

1,5641,5941,6061,678

1,8021,8721,8441,869

OtherReserve

cities

1,2711,4221,5361,5981,6321,7251,7191,6921,6671,7451,7271,8371,826

1,7521,7791,7061,677

1,7051,7941,8841,904

1,8341,8091,8401,839

"Country"banks

656696756773767810817814837849843867911

869877818813

839856876873

883907909915

Excess reserves

Total—allmemberbanks J

890.81,375.11,541.01,623.51,684.61,789.41,883.61,754.11, 730. 61,834. 51, 747.82,035.22, 236. 6

1,805.01,818.01, 643.01,685.0

1,823.0l,95i.O2,054. 02,125. 0

2,177. 02, 243. 02, 253. 02,265. 0

New YorkCi ty i

118.3432.2454.6484.7532.2525.7638.2562.0568.1603.8555.8715.9898.9

558. 7538.0508.1576.1

647.5674.7670.6736.0

845.5910.9882.5905.5

OtherReserve

cities

509.1645.5736.4778.4799.6874.0852.2808.7766.4829.3799.9907.7886.7

825.2847.7778.1755.2

783.9870.6950.7972.2

902.6880.1903.4893.4

"Country"banks'

263.4297.4350.1360.4352.8389.7393.3383.4396.1401.4392.2411.6451.0

421.0432.0357.0354.0

392.0406.0433.0417.0

429.0452.0467.0466.0

1934—February—March...AprilMay ._June. _-J u l y -AugustSeptember—October _.NovemberDecember

1935—JanuaryFebruary—

Week ending (Friday):1934—Dec. 7

Dec. 14Dec. 21Dec. 28

1935—Jan. 4 __.Jan. 11Jan. 18Jan. 25

Feb. 1Feb. 8Feb. 15Feb. 22

1 Central Reserve city banks only. 2 Weekly figures of excess reserves of all member banks and of country banks are estimates.Back figures.—See Annual Report for 1933 (table 73).

MEMBER BANK DEPOSITS[Averages of daily figures. Figures are for licensed banks only. In millions of dollarsl

Month or week

1934—February . . _MarchAprilM a yJuneJulyAugus t ._->_ .Rftpt.p.mhorOctoberNovemberDecember

1935—January..February . _ _

Week ending (Friday):1934—Dec, 7 . . .

Dec. 14Dec. 21 . . ,Dec. 28

1935—Jan. 4Jan 11Jan 18Jan. 25

Feb. 1Feb. 8Feb. 15 .Feb 22

Net demand and time deposits

Total—all mem-

berbanks *

24,67425,28826,00926, 36326, 69827,07327,31027, 61528,03428,36428, 538

28,90729, 357

NewYorkCity *

6,3706,6716,9927,0017,1687,2367,2527,3007,4097,4657,512

7,6947,926

7, 5067,5677,5147,467

7,5457,5667,6937,751

7,8667,8957,9057,920

OtherReserve

cities

10,12410,30310,56810,78710,92911,12711, 28011,43611, 58711,74411,828

11,93312,063

11,81311,84711,82811, 793

11,84411,87811,96811,963

11,96411,94712,03812,125

"Coun-try"

banks1

8,1808,3148,4498,5758,6018,7108,7778,8789,0389,1549,197

9,2809,368

Net demand deposits

T o t a l -all mem-

berbanks l

15,34115,85116,4576,720

16,98817, 27617,49017,80518,20818,52418,769

18, 99319,361

NewYorkCity a

5,6245,9436,2566,2836,4336,5006,5346,5916,7046,7806,865

7,0437,268

6,8506,9226,8726,822

6,8976,9207,0447,098

7,2097,2407,2467,262

OtherReserve

cities

6,0486,1726,3846,5416,6456,8076,9407,1037,2697,4187,527

7,5277,606

7,5397,5747,5357,476

7,4687,4837,5657,547

7,5387,5087,5817,658

"Coun-try"

banks *

3,6683,7363,8173,8963,9093,9694,0164,1114,2354,3264,376

4,4224,487

Time deposits

T o t a l -all mem-

berbanks *

9,3339,4379,5529,6439,7119,7969,8199,8099,8269,8409,769

9,9149,996

NewYorkCity»

746728736719735736719709705685647

651658

656645641645

648646649653

657655658658

OtherReserve

cities

4,0754,1314,1844,2464,2844,3194,3404,3334,3194,3264,301

4,4064,457

4,2744,2734,2934,316

4,3764,3944,4044,416

4,4274,4394,4574,467

"Coun-try"

banks'

4,5124,5784,6324,6794,6914,7414,7614,7674,8024,8294,821

4,8574,881

i Weekly figures are not reported.Back figures.—See Annual Report for 1933 (table 73).

1 Central Reserve city banks only*


214 FEDEKAL RESERVE BULLETIN APRIL 1935

ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS[In millions of dollars]

Call date

TOTAL—ALL MEMBERBANKS

1931—Mar. 25June 30Sept. 29—Dec. 31

1932—June 30Sept. 30—Dec. 31

1933—June 30 «_—.Oct. 25Dec. 30

1934—Mar. 5June 30Oct. 17Dec. 31

NEW YORK CITY *

1931—Mar. 25—June 30—Sept. 29-Dec. 31—

1932—June 30-..Sept. 30-Dec. 31—

1933—June 30»..Oct. 25...Dec 30—

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

OTHER RESERVE CITIES

1931—Mar. 25—June30__.Sept. 29—Dec. 31-_.

932—June 30—Sept. 30—Dec. 3 1 . -

1933—June 30 »..Oct. 2 5 . . .Dec. 30 . . .

1934—Mar. 5 —June 30_-Oct. 1 7 . . .Dec. 31—.

Totalloansand

invest-ments

"COUNTRY" BANKS

34,72933,92333,07330,57528,00128,04527,46924,78624,95325,22026,54827,17527,55928,150

8,4738,2878,2537,4606,7157,1127,3277,1336,9716,9957,3517,6667,5437,761

13,96513,56713,01612,11511,04510,97910, 5359,7809,95110,15710,81611,05411,36711,609

Loansto

banks

Loans to other customers

Total

1931—Mar. 25 ! 12,290June 30 | 12,068Sept. 29 —-l 11,805Dec. 31 10,999

1932—June 30 10,240 ISept. 30 9,954Dec. 31 9,607

1933—June 30 * 7,873Oct. 25 8,031Dec. 30 8,068

1934—Mar 5_. 8,381June 30 8,456Oct. 17 8,649Dec. 31 1 8,780

446457599790573457444330297287225153149155

154150250374260203216162143146112

63

235247284347254205178129120103

79535565

19,94019,25718, 71317,57015,26714,49713,90511,33711,52311,31511,09310,80410,78210,509

4,0073,8393,8503,6942,8562,6382,6212,2972,4362,3952,32i2,2022,2942,202

8,4098,1007,8457,4076,5196,1965,8794,8464,9124,7974,6694,5864,5624,459

7,5247,3187,0186,4695, 8925,6635,4054,1944,1754,1234,1034,0163,9263,849

Se-cured

bystocks

andbonds

Se-cured

by realestate

7,4237,1176,8426,2905,2925,0864,8483,9163,8093,7723,6443,5163,3253,296

1,9601,8971,8161,7281,3431,3001,2471,0821,0321,034

985937876874

3,3663,1883,0922,8062,4032,3042,1691,7021,6601,6301,5661,5261,4211,412

2,0972,0311,9351,7561, 5461,4811,4321,1321,1181,1081,0931,0531,0271,010

3,2203,2183,1493,038

2,8852,8622,3722,3642,3592,3822,3572,2972,273

150160152153160154160157149148156156150139

1,6191,6211,5851,5381,4071,4061,3981,1601,1441,1511,1581,1451,1201,108

Other-wise

securedand

unse-cured

I

9,2988,9228,7228,2427,0816,5276,1955,0495,3505,1845,0674,9315,1614,940

1,8961,7821,8811,8131,3531,1841,2141,0571,2541,2131,1801,1091,2671,188

3,4233,2913,1683,0632,7092,4862,3121,9842,1082,0161,9451,9152,0211,939

1,449 i1,4371,4111,3461,3281,3241,3041,0551,0701,0611,0681,0561,0261,026

Open-market loans Investments

TotalAccept-ances

payablein

UnitedStates

3,9783,8493,6733,3673,0182,8572,6692,0071,9871,9551,9421,9061,8731,813

2,4542,1031,563

901747970855

1,1911,2381,2311,3871,5661,3611,363

1,6511,4971,121

695565763701964891912986

1,131883

645470326135118151115184274258306311328320

1581351167164553943736295124150149

Purchased paper

361389268146313407375291303223350264276256

199296201107262341330224233170276225232210

15891673538584463685064343942

Ac-cept-ancespay-able

abroad

101113704134343025243726203031

Com-mer-cial

paper

3613842961401221159387

164132157200253232

2121891676262654651917889

115151135

114101814836362827463454729592

Loansto

bro-kersin

NewYorki

1,6301,217928575278414357788748840855

1,082802843

1,3671,063

839542258391337720624706687883631

Total

11,88912,10612,19911,31411,41412.12112,26511,92811,89412,38613,84214,65215,26716.122

2,6622,8013,0322,6973,0333,5083,7893,7093,5013,5423,9324,2654,3004,602

U.S.Gov-ern-mentsecu-rities

Othersecu-rities

Totalloans

se-cured

bystocks

andbonds

5,0025,3435,5645,3195,6286,3666,5406,8876,8017,254 i8,667 I9,1379,1869,906

1,4661,6561,8301,7682,0082,4292,6032,5512,3202,3622,7683,0532,9543,246

22712456167141258100112138154123131

36303236139810232230454850

4,6764,7504,5614,2264,1544,4274,3624,6214,6455,0005,7636,1046,4236,764

4,5504,5554,6064,3924,2264,1874,1143,5983,7483,8454,1484,2834,5454,756

i 2,313I 2,4082,3012,1332,1871,9612,4622,8672,8893,2093,9544,1024,2404,551

1,2241,2791,433

: 1,418i 1,4321,4711,474

i 1,4691,5921,6831,9461,9821,9922,108

6,7636,6355,9965,7865,7555,7265,0415,0935,1325,1755,5156,0816,216

1,1961,1451,202

9281,0251,0791,1861,1581,1811,1791,1641,2121,3451,356

2,3642,3422, 2602,0931,9662,4661,9001,7541,7571,7901,8092,0022,1832,213

3,3263,2763,1722,9742,7942,7152,6402,1292,1562,1622,2022,3012, 5522,647

9,2728,5638,0817,3205,9165,7705,4474,8844,7134,7604,6064,6514,1784,194

3,3973,0262,7802,4741,7571,8111,6991,8881,7281,8241,7241,8401,5311,565

3,7293,4593,3173,0502,5852,4562,2981,8461,8361,8091,7531,7081,5691,567

2,1472,0781,9851,7961,5741,5031,4501,1501,1481,1361,1291,1021,0781,062

» Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.1 Beginning June 30,1933, figures relate to licensed banks only.1 Central reserve city banks only.

Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparablefigures of total loans secured by stocks and bonds are given for June 30, 1925-28, in the Annual Report fox 1928 (table 52); for separate figures ofUnited States Government securities and other securities back to 1914, see Annual Report for 1933 (table 78).


APRIL 1935 FEDEKAL EESERVE BULLETIN 215

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

1930—Mar. 27June 30Sept. 24Dec. 31

1931—Mar. 25June 30 _ „ . . .Sept. 29Dec. 31

1932—June 30Sept. 30Dec. 31

1933—June 30»Oct. 25 3

Dec. 30

1934—Mar. 5 3June 30Oct. 17 » _Dec. 313 _

Total

57,38658,10857,59056,209

55,92455,02153, 36549,704

46, 07145,85244,946

40,076

40, 319

42,503

All banks

Loans

40,68640,61839,71538,135

36,81335,38433, 75031,305

27,83426, 98526, 063

22, 203

21,977

21,279

Invest-ments

16,70017,49017,87518,074

19, 11119,63719, 61518,399

18, 23718, 86718,883

• 17,872

18,342

21, 224

Member banks

Total

35,05635,65635,47234,860

34, 72933,92333,07330,575

28,00128,04527,469

24,786 i24, 95325, 220

26,54827,17527, 55928,150

Loans

25,11925,21424, 73823,870

22,84021,81620,87419,261

16, 58715,92415, 204

12,85813, 05912,833

12, 70612,52312, 29312,028

Invest-ments

9,93710,44210,73410,989

11, 88912,10612,19911,314

11,41412,12112,265

11,92811,89412, 386

13,84214,65215,26716,122

Nonmember banks

Mutual savings banks

Total

i 9,4639,747

i 9, 7479,987

i 9,98710,506

i 10,50610,488

10, 316i 10,316

10,182

10, 044

9,989

9,904

Loans

i 5,9456,009

i 6,0096,068

i 6,0686,169

1 6,1696,218

6,130i 6,130

6,079

5,941

5,909

5,648

Invest-ments

i 3, 5183,739

i 3, 7393,920

i 3,9204,337

i 4,3374,270

4,186i 4,186

4,103

4,103

4,080

4,256

Other nonmember banks

Total

12,86812, 70612,37111,362

11,20810, 5939,7868,641

7,7557,4917,295

5,246

5,111

* 5, 425

Loans

9,6239,3958,9688,196

7,9067,3996,7075,827

5,1174,9314,780

3,404

3,235

3,108

Invest-ments

3,2453,3093,4023,165

3,3023,1943,0792,814

2,6372,5602,515

1,841

1,876

2,316

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.« Non-member bank figures not available.4 In connection with the increase over December, see the headnote; also BULLETIN for February 1935, p. 127.

Back figures.—See Annual Report for 1933 (tables 67-69).

DEPOSITS, EXCLUSIVE OF INTERBANKDEPOSITS


Date All banks

1930—Mar. 27 53,185June 30_ - ; 54,954Sept. 24 ; 52,784Dec. 3 1 - - ! 53,039 !

1931—Mar. 25 ' 51,427June 30 | 51,782Sept. 29 ._! 49,152Dec. 31 J 45,821

1932—June 30. ! 41,963Sept. 30 I 41,942Dec. 31 ' 41,643

1933—June 30» \ 37,998Oct. 25 3 |Dec. 30 i 38,505

1934—Mar. 5 « IJune30...._ J 41,857Oct. 17 » JDec. 31 i

Memberbanks

Nonmember banks

Mutualsavingsbanks

32,08233,69031,83932,560

31,15331, 56629, 46927, 432

24,75524,90324,803

23, 33823, 45323, 771

25, 29326, 61527, 48428,943

18,9169,197

i 9,1979, 507

i 9,50710,017

i 10,01710,105

10, 0201 10, 020

10,022

9,713

9,711

9,780

Othernonmem-ber banks

12,18712,06711, 74810,972

10,76710,1999,6688,2847,1887,0206,818

4,946

5,023

* 5, 462

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.


NUMBER OF BANKS

Date

1930—Mar. 27June 30Sept. 24_Dec. 31

1931—Mar. 25June 30Sept. 29Dec. 31

1932—June 30Sept. 30Dec. 31

1933—June 30 *Oct. 25 3Dec. 30 _.

1934—Mar. 5 3

June 30Oct. 17»Dec. 313

Total

24,22323,85223, 59022, 769

22, 37221,90321, 29419, 966

19, 04618, 79418, 390

14,519

15, 011

15,835

Member banks

Total

8,4068,3158,2468,052

7,9287,7827,5997,246

6,9806,9046,816

5,6065,8186,011

6,2066,3756,4336,442

Na-tional

7,3117,2477,1927,033

6,9306,8006,6536,368

6,1456,0806,011

4,8975, 0525,154

5,2885,4175,4615,462

State

1,0951,0681,0541,019

998982946878

835824805

709766857

918958972980

Nonmemberbanks

Mutualsavingsbanks

i 609606

1606603

1603600

i 600597

5941594

594

576

581

578

Othernon-

mem^ber

banks

15,20814,93114,73814,114

13,84113, 52113,09512,123

11,47211, 29610, 980

8,337

8,419

8,882

For footnotes see table above.



216 FEDERAL RESERVE BULLETIN A P R I L 1935

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

Month or date

1934—MarchAprilMayJuneJulyAugustSeptember.October. __November.December-

1935—January...February..March

1935—Jan. 2Jan. 9Jan.16Jan. 23Jan. 30

Feb. 6Feb. 13_ —Feb.20..._Feb. 27.—

Mar. 6Mar. 13-—Mar. 20—Mar. 27—

Total—all weekly reporting member banks

Loans and investments

Total

17,48417, 52617,32817, 54217, 74917,72117,77017,83517, 76218,102

18,22918, 247

18,22118,15818,26418,25718,244

18, 20818,24518, 21518,321

18,46218,52218,49818, 463

Loanson se-

curities

3,5393,5703,5163,5533,5313,2953,1373,0623,0083,096

3,0492,9963,081

3,0813.0253,0703,0453,024

2,9923,0162,9832,995

3,1253,1213,0503,028

Allotherloans

4,6634,6484,5554,5114,4554,5334,6974,7574,7054,632

4,5484,5644,587

4,5654,5534,5374,5464,537

4,5344,5514,5674,603

4,5984,5784,5904,581

Investments

Total

9,2829,3089,2579,4789,7639,8939,93610,01610,04910,374

10,63210,68710,818

10,57510, 58010, 65710,66610, 683

10,68210,67810, 66510,723

10,73910,82310,85810,854

U.S. se-curities

6,2516,2296,2566,4426,6766,6506,5896,6476,6966,981

7,2187,2177,278

7,1927,1927,2347,2357,237

7,2277,1987,2177,227

7,2227,2847,3247,281

Bor-row-ingsat

F. R.banks

New York City

Loans and investments

Total

7,1687,2697,0507,1907,2737,1277,1207,1057,0507,281

7,4107,3667,564

7,3467,3327,4877,4657,422

7,3637,3927,3077,401

7,5477,6027,5397,566

Loanson se-

curities

1,6831,7181,6801,7271,7271,5201,4551,4181,3811,459

1,4451,4221,493

1,4531,4151,4651,4541,437

1,4131,4371,4101,428

1,5301,5291,4661,447

Allotherloans

1,6501,6311,5601,5371,5011,5221,6101,6441,6331,596

1,5461,5481,554

,551,544L, 539,557,543

,527,551,551

1,564

1,5641,5511,5571,542

Investments

T o t a l

3,8353,9203,8103,9264,0454,0854,0554,0434,0364,226

4,4194,3964,517

4,3424,3734,4834,4544,442

4,4234,4044,3464,409

4,4534,5224,5164,577

U.S. se-curities

2,7022,7452,7352,8482,9302,8832,8202,8012,8272,995

3,1543,1113,189

3,1033,1273,2093,1793,150

3,1293,1173,0903,108

3,1283,1983,2023,230

Bor-row-ingsat

F. R.banks

Other leadingcities

Totalloans

and in-vest-

ments

10,31610,25710,27810,35210,47610, 59410,65010, 73010, 71210, 821

10,81910,88110, 922

10, 87510,82610, 77710, 79210,822

10,84510,85310, 90810,920

10,91510,92010,95910,897

Bor-row-ingsat

F. R.banks

10765

i For additional data see p. 243.

Back figures.—See Annual Report for 1933 (tables 88-90).

BROKERS' LOANSREPORTED BY THE NEW YORK STOCK EXCHANGE

[Net borrowings on demand and on time. In millions of dollars]

End of month

JanuaryFebruaryMarch

AprilMay.June

JulyAUffUStSeDtember

OctoberNovemberDecember

Total

1934

903938981

1,0881,0161,082

923874832

827831880

1935

825816773

! From Newi York banksand trust com-

panies

! 1934

I 839i 862i 873

I 973! 912i 980

i 849! 803! 769

i 761i 765i 813j

1935

758750706

From privatebanks, brokers,foreign bankingagencies, etc .

1934

6476

108

116104102

747162

666667

1935

676667


MADE BY REPORTING MEMBER BANKS IN N.Y. CITY

[Monthly data are averages of weekly figures. In millions of dollars]

Month or date

1934—March—...AprilMayJuneJulyAugustSeptember-OctoberNovember-December..

1935—January..February .March

Mar. 6—M a r . 13..M a r . 20..M a r . 27_.

Total

886975937

1,0161,042

827776746713784

777756839

876876808796

Forown ac-count

736813766845871670633612573639

635614696

731732663658

For ac-count ofout-of-town

banks l

148156163165168156142133139144

140140141

144143143135

For ac-count ofothers

2686311111

222

1123

i Member and nonmember banks outside New York City (domesticbanks only).

Back figures.—Bee Annual Report for 1933 (table 92).



ACCEPTANCES AND COMMERCIAL PAPERBANKERS' ACCEPTANCES, BY HOLDERS (DOLLAR

ACCEPTANCES){In millions of dollars]

End of month

1932—December...

1933—JanuaryFebruaryMarchApril. . .MayJuneJu ly . . . .AugustSeptember-OctoberNovember...December...!

1934—JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptember..OctoberNovember..December..

1935—JanuaryFebruary...

Held by Fed-eral Reserve

banks

Total 11out- !|

stand-11 T?^** 1 own

i| ac-;j count

710

707704671697669687738694715737758764

771750685613569534516520539562561543

516493

23072801631341211118127

10556233

0)(*)(00)0)1

0)0)0)

Forac-

countof for-eigncorre-spond-ents

40

4130454336363740413134

455432111

0)

0)0)

Held by acceptingbanks

Total

604

626325261404505487552499517592599442

567581576536507480472483503516517497

485452

Ownbills

Billsbought

224

256201153206229201248252236271273223

255266252236226220222222223245252243

238217

380

370124108199276287304247282321326219

312315324299281260250261280271265254

247235

Heldby

others

62

38428586115123147154156112138190

9510881705953423735454446

3041

* Less than $500,000.

Source: For acceptances outstanding (and held by accepting banks),American Acceptance Council.


ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES-HOLDINGS OF FEDERAL RESERVE BANES


End of month

January.._February..March . . . .AprilMayJuneJUlyAugustSeptember.October...November.December.

1932

33, 44433, 47830, 77830, 73630,83730,76230, C4530,83430,84930,65930,65229, 489

1933

29,03628, 99724,7887,1816,9817,0896,8216,1996,0685,6S65,8416,033

1934

5,9775,8875,2755,0705,0765,0755,0815,0795,6915,4955,4996,501

1935

5,5025,5045,305


BANKERS' ACCEPTANCES, BY CLASSES (DOLLARACCEPTANCES)


End of month

OUTSTANDING

1934—FebruaryMarchAprilMayJuneJulyAugust.SeptemberOctober >November..December

1935—January -February .

HELD BY F. E: BANKS(OWN ACCOUNT)!

1934—FebruaryMarchAprilMayJuneJulyAugustSeptember .OctoberNovemberD ecember

1935—January

Total

750685613569534516520539662561543

516493

5623

3(2)

(2)1

(2)

(2)

Based

i m

intoU S

9810310310097948994938989

8692

1151

(2)

(2)

Basedon ex-portsfromU.S .

203186164150145135140138147148140

133123

1161

(2)(2)

Basedon goodsstored inUnitedStates(ware-house

credits)or

shippedbetweendomestic

points

261226186164141138147166184195193

179166

157

(2)

(2)

(2)

8(2)

Dollarex-

change

43334444422

33

22

(2)

Basedon

goodsstored

inforeigncoun-

tries orshipped

be-tweenforeignpoints

184168158152148144141137133127119

114109

1142

0)

(2)

(*)

i Total holdings of Federal Reserve banks include a small amount ofunclassified acceptances,

i Less than $500,000.


COMMERCIAL PAPER OUTSTANDING *

[As reported by dealers in New York City. In millions of dollars]

End of month

January...February.MarchApril-May.JuneJulyAugustSeptember.OctoberNovember.December..

1932

10810310610811110310010811011311081

1933

85847264607397

107123130133109

1934

108117133139142151168188192188178166

1935

171177

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

Back figures —See Annual Report for 1933 (table 96).


218 FEDEKAL RESEKVE BULLETIN APRIL 1935

FEDERAL RESERVE BANK RATESRATES ON REDISCOUNTS FOR AND ADVANCES TO

MEMBER BANKS

Federal Reservebank

BostonNew YorkPhiladelphia....ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City.—DallasSan Francisco.-

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

Rate ineffect on

Apr. 1

21H222Y,2222tt2H2H2

Date estab-lished

Feb. 8,1934Feb. 2,1934Jan. 17,1935Feb. 3,1934Jan. 11,1935Jan. 14,1935Jan. 19,1935Jan. 3,1935Jan. 8.1935Dec. 21,1934Jan. 8,1935Feb. 16,1934

Previ-ous rate

2H22H2U32H

2H3332H

Advances under sec.10b of the FederalReserve Act

Rate ineffect onApr. 1

42M44

444fc5444

Date estab-lished

Oct. 20,1933Jan. 31,1935Oct. 20,1933Oct. 21,1933July 16,1934Jan. 14,1935Oct. 16,1933Oct. 21,1933Mar. 14,1933July 10,1934Mar. 12,1934Oct. 19,1933

RATES ON DISCOUNTS FOR AND ADVANCES TO 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

Apr. 1

6665

m565H6566

Date estab-lished

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)


43H444444

444

Date estab-lished

Oct. 20,1933Feb. 8,1934Oct. 20,1933Oct. 21,1933Feb. 19,1934Mar. 17,1934Oct. 16,1933Feb. 21,1935Apr. 15,1933Feb. 23,1934Mar. 12,1934Oct. 19,1933

NOTE.—For rates on industrial advances see p. 244.

BUYING RATES ON ACCEPTANCES

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

Maturity

1-15 days.. .16-30 days..31-45 days..46-60 days-61-90 days...91-120 days.121-180 days


Date estab-lished

Oct. 20,1933.— do.....do

do.do.do

— d o

Previousrate

NOTE.—Rates on prime bankers' acceptances,charged for other classes of bills.

Higher rates may be

Back figures.—See Annual Report for 1933 (table 58),

OPEN-MARKET RATESSHORT-TERM RATES IN NEW YORK CITY

[Percent per annum]

Month or week

1934MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1935JanuaryFebruaryMarch

Week ending-Feb. 23 . . . .Mar. 2Mar. 9Mar. 16Mar. 23... .Mar. 30

Prevailing rate o n -

Primecom-

mercialpaper,4 to 6

months

L -1ML - I N

1H-lH-lH-lH-iH-lH-l

Primebank-ers'

accept-ances,

90days

H- H

M- HH- HH- HH-

HH

Timeloans,

90days *

H-l

H-lH-lH-lH-lH-lH-l

H-lU-l

H-l%-iH-iH-isA-iH-i

Average rateon—

Call loans«

New

1.001.001.001.001.001.001.001.C01.001.00

1.001.001.00

1.001.001.001.001.001.00

Re-newal

1.001.001.001.001.001.001.001.001.001.00

1.001.001.00

1.001.001.001.001.001.00

Average yield

U. S. Treasurybills»

182-daybills

0.27.18.14.07.08.20.27.21.22.15

.14

.12

.10

.11

.10

.09

.09

.11

273-daybills

.17

.16

.17

.15

.14

.15

.18

.16

1 Stock exchange 90-day time loans.* Stock exchange call loans; new and renewal rates.» Average rate of discount on issues offered by U S Treasury within

period. When no rate is shown no bills of the stated maturity wereoffered. Average rates on 91-day bills as follows: March 1934, 0.08;April 1934, 0.08; May 1934, 0.06.


RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES

[Weighted averages of prevailing rates]

Month

JanuaryFebruaryMarchApril . .May .JuneJulyAugust-Sep tember -OctoberNovemberDecember.-_

New York City

1933

4.124.114.884.334.244.103.933.973.793.763.523.48

1934

3.583.433.313.393.423.303.303.333.263.283.223.18

1935

2.832.902.64

8 other northernand eastern cities

1933

4.894.845.395.094.994.974.824.684.654.514.544.59

1934

4.654.494.524.524.394.304.154.124.114.134.083.98

1935

4.084.024.05

I

27 southern andwestern cities

1933

5.605.565.665.685.665.625.545.535.555.505.425.43

1934

5.405.395.405.345.285.195.075.055.046.054.934.92

1935

4.954.844.85



Ai-KIL 1935 FEDERAL RESERVE BULLETIN 219

BOND PRICES1

Year, month, or date

Number of issues

1932 average1933 average1934 average

1934—March,...AprilMay ,June -July —AugustSeptemberOctoberNovemberDecember _


March 6March 13March 20March 27

UnitedStates

Govern-mentbonds

3 14

Corpo-rate andmunic-

ipal(high-grade)

4 60

99.2102.2103.4

102.8103. 7104.4104.7105.2104.1102.3103.4103.5104.1

105.1105.8106.6

107.0106.7106.2106.6

Other bonds *

81.181.096.7

95.107.097.699.099.397.896.798.498.8

100.0

101.3101.399.9

100.999.799.999.1

Corporate

Total

60

69.473.484.5

84.887.086. 186.386.183.983.084.184.385.8

87.687.484.5

85.683.983.883.2

Indus'trial

20

63.269.281.9

80.582.882.582.583.282.682.282.583.485.4

86.786.785.2

86.585.684.083.6

Hail-road

20

64.870.583.8

86.488.786.987.185.881.379.381.681.083.3

85.082.074.7

76.473.873.972.3

Utility

20

80.580.687.8

87.789.789.189.489.487.987.688.188.688.8

91.293.493.6

94.092.392.993.8

1 Average prices. Monthly data are average of daily or weekly figures.2 Prices derived from average yields.3 Now 14 Treasury bonds. New Treasury issues were added Aug. 15,

1933, Nov. 1,1933, Apr. 16,1934, June 15,1934, Dec. 15,1934, and Mar. 15,1935. The 3 Liberties were omitted beginning March 1935.

* 45 corporate and 15 municipal.

Source.—For United States Government bonds, Federal Reserve Bankof New York; for other bonds, Standard Statistics Co.

BOND YIELDS1

Year, month, ordate

Number of issues


1934—MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1935—January _.FebruaryMarch

March 6March 13March 20March 27

UnitedStatesTreas-ury 2

7-11

3.663.313.10

3.213.123.012.942.852.993.203.083.052.97

2.832.732.69

2.662.702.722.68

Munic-ipals(high-grade)

15

4.654.713.95

4.244.113.933.733.753.813.843.693.573.52

3.453.393.27

3.313.313.243.23

Corporate, by ratings *

Aaa

30

5.014.494.00

4.134.074.013.933.893.933.963.903.863.81

3.783.723.71

3.683.733.723.71

Aa

30

5.975,234.44

4.554.434.374.304.284.344.424.364.274.27

4.214.144.15

4.114.134.194.21

A

30

7.206.095.08

5.124.974.964.964.935.095.175.004.934.86

4.774.694.72

4.664.744.754.78

Baa

30

9.307.766.32

6.26fl.016.056.066.136.496.576.406.376.23

5.995.976.22

6.076.296.336.35

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

standing Treasury bonds except those due or callable within 8 years.» Standard Statistics Co.< Moody'a Investors' Service.

STOCK PRICES1

Year, month, or date

Preferredstocks(indus-

trial high-grade) >

Number of issues...


1934—MarchAprilMayJuneJulyAugustSeptember...OctoberNovember. _.December

1935—January.FebruaryMarch

March 6March 1 3 . . .March20March 27

20

96.1104.8120.7

117.5120.2121.0122.1123.5122.6121.0120.9124.1127.8

129.1130.2131.3

131.7130.8131.5131.1

Common stocks (index, 1926=100)

T t , Indus- Rail- m i l i t vl 0 t a l trial rnaH Utility

421 351

road

37

7978

76767072696564636158

575553

53525255

1 Monthly data are average of daily or weekly figures.2 Average derived prices.Source.—Standard Statistics Co.

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

Year and month

1925192619271 9 2 8 - -19291930—193119321933. -1934

1934—March _Apr i l -M a y . .J u n e . .Ju ly . . .AugustSeptember. .OctoberNovember. _December...

1935—JanuaryFebruary. __March.

New issues

Total(do-

mesticandfor-

eign)

6,2016,3147,5568,040

10,0916,9093,0891,196

7221,402

9714310312321718043

122107141

9250

108

Domestic

Total J

5,1255,1896,2196,7899,4206,0042,8601,166

7101,402

97143103123

2 217»180

433 122

107141

9250

108

Stateandmu-nici-pal

1,3521,3441,4751,3791,4181,4341,235

762484819

8110061

1029118363989

106

8044

100

Corporate

Bondsand

notes

2,4522,6673,1832,3852,0782,9801,240

30540

144

924260

198508

34

378

Stocks

1,1531,0871,4742,9615,9241,503

31120

12035

5539202001

200

For-eign

1,0761,1251,3371,251

671905229

29120

0000000000

000

Re-fund-ing

issues(do-

mesticandfor-

eign)

9251,0462,2201,8581,422

711949538344792

509339

1831577926363545

46180

1 Includes issues of Federal land banks and Federal intermediate creditbanks, not shown separately.

* Includes $100,260,300 bonds of Federal Farm Mortgage Corporationsold by public offering during month.

*Includes bonds of Home Owners' Loan Corporation sold by publicoffering amounting to $149,111,100 in August and $53,000,000 in October.

Sources.—For 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 1933 (table 112



TREASURY FINANCEUNITED STATES GOVERNMENT DEBT

VOLUME AND KIND OF SECURITY[In millions of dollars]

End of period

Fiscal yearend ing -

June 1932_June 1933.

1934JanuaryFebruaryMarch.AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1935JanuaryFebruary.March _.

Total(grossdebt)

19,48722,539

25,07126,05526,15726,11826,15527,05327.18927,08027.19027,18827,29928,479

28,47628,52628,817

Interest bearing

Total

19,16122,158

24,72025,70725,69825,59925, 58826,48026, 60526,49526,62626,64326,76127, 944

27,95227, 96928,043

Bonds

14,25014, 223

15,60015,57915,57915, 71815,69416,51016, 51616, 51315,92215,80815,76816, 245

16, 25016,24716, 238

Notes

1,4654,780

5,6266,4726,925

6,6786,9326,9516,9218,0208,0278,0369,586

9,5859,5829,567

Certif-icates

2,8312,200

2,2802,2781,8161,8141,8121,6351,6831,6821,1561,1541,153

158

163161160

Bills

Nonin-terestbear-ing

616954

1,2141,3791,3781,3781,4041,4041,4541,3791,5291,6541,8041,954

1,9541,9792,079

326381

351348459519567573585585564545538535

524557

1775

i Includes $504,000,000 of Government liability for retirement ofnational bank and Federal Reserve bank notes, as a result of depositof funds by banks; this compares with $309,000,000 on Feb. 28,1935.

MATURITIES[In millions of dollars]

Outstanding Mar. 31,1935—Total

Obligations maturing:Before July 1,1935July 1-Sept. 30,1935Oct. 1-Dec. 31,1935Jan. 1-Mar. 31,1936Apr. 1-Dec. 31, 1936193719381939 - -1940194119431945 -.After 1945 -

Other obligations 4

Interest-bearing debt

Total

28,043

3,7901,880

669559

1,9231,7493,1931,294

514834898

1,4018,685

656

Bonds»

16, 238

2 2,3973 675

1,246

834898

1,4018,685

102

Notes

9,567

417354418559

1,9231,7491,9461,294

514

394

Certif-icates

160

160

Bills

2,079

977851250

i Issues classified as of date of final maturity; most issues are callableat earlier dates. Amount callable before Apr. 1,1936, and not yet called$1,348,000,000, including postal savings bonds and the uncalled 4th Lib-erties.

»Includes $464,000,000 of 4th Liberties called for redemption Apr. 15,1934, Oct. 15,1934, and Apr. 15,1935, and not yet redeemed; and $1,933-000,000 of 1st Liberties called for redemption June 15, 1935.

3 Includes $600,000,000 of Consols of 1930 called for redemption on July 1,1935, and $75,000,000 of Panama Canal loan bonds called for redemptionon Aug. 1, 1935.

* Includes such issues as Postal Savings bonds, retirement-fund notes,and adjusted-service-certificate series, in which special funds are in-vested. The 2-percent Consols of 1930, formerly included, are calledfor redemption on July 1,1935.

SUMMARY OF TREASURYIOPERATIONS[On basis of daily statements of United States Treasury. In millions of dollars!

Period

Fiscal year ending:June 1932June 1933 . .June 1934

9 months ending:March 1933March 1934March 1935

1934JanuaryFebruary .MarchAprilMayJuneJulyAugust.SeptemberOctoberNovember.,December _

1935JanuaryFebruaryMarch

General and special funds

Receipts

Total

2,0062,0803,116

1,5222,3062,863

211206420182237391218286449260247385

203214601

Internal revenue

Incometax

1,057746818

564590793

1023

2321525

1881825

1731921

164

1928

326

Process-ing tax

353

238399

353337324439394342494742

464447

Other

503858

1,470

5891,1161,267

128116130105119130132145176151119131

114109189

Customsand mis-cellan-eous

445475475

369362403

383421305033297357416047

253339

Expenditures^

Total

4,7414,6816,745

3,3224,7964,909

956635610674542733466514516669599641

462496546

General»

»3,973»3,404

2,741

2,4291,9352,295

148188160305191310230204233385210320

210244258

Emer-gency

•768»1,277

4,004

8932,8612,614

808447450370350423236310283284390321

252252288

Excess ofreceipts

or expend-itures(-)

-2,735--2,602-3,630

-1,800-2,490-2,046

-745-430-190-492-305—342-248-227- 6 6

-409-353-256

-260—281+55

Trustand con-tributedfunds,2

excess ofreceipts

ar expend-itures(-)

-5—5

+835

(')+2,827+146

+2+2,810

+1—1,993

—4+4+2+2

+13+29+28+43

+18- 8

+19

Increase ordecrease during

period

Generalfund

balance

-55+445

+1,720

+76+3,956

-136

+511+3,365

-84—2,524

-272+560-110-335+56

—381-214+966

-244—239+365

Grossdebt

+2,68«+3,052+4,514

+1,875+3,619+1,764

+1,254+984+105—39+37

+898+136-109+110

—2+111

+1,180

- 3+50

+291

1 Excludes public debt retirement.«Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable

against increment on gold.8 Prior to July 1933, emergency expenditures included only net expenditures for the Reconstruction Finance Corporation; other items subse-

quently classified as emergency expenditures were included in general expenditures.< Less than $500,000.


APRIL 1935 FEDEEAL RESERVE BULLETIN 221

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEB. 28, 1935[Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]

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

United States securitiesObligations guaranteed by United StatesOther investments

Accounts and other receivables _Real estate and other business propertiesOther assets

Total assets other than interagency

LIABILITIES

Bonds, notes, and debentures:Obligations guaranteed by United StatesAll other

Other liabilities (including reserves) .- -

Total liabilities other than interagency __

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

Privately owned interests

TT s Government interests

Distribution of Government interests:Capital stockSurplus - -Interacencv interest (net)

ASSETSLoans—totalCash—total. > - . -Investments:

United States securitiesObligations guaranteed by United States _.Other investments

Accounts and other receivables _.Real estate and other business propertiesOther assets _

Total assets other than interagency _LIABILITIES

Bonds, notes, and debentures:Obligations guaranteed by United StatesAll other

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 stockSurplusInteragency inter est (net)

Total

7,548868337

467226762155141488

10,992

3,5962,405

224

6,225

4, 767327

4,439

6,573337

- 2 , 4 7 1

Financed wholly from Government funds

Total

2,027868107

2410

12450

133383

3,727

2517255

378

3,349

3,349

5,515240

- 2 , 4 0 5

Recon-structionFinanceCorpora-

tion

1,374865

4

311

299

2,574

251

19

270

2,305

2,305

50069

1,736

Com-modityCredit

Corpora-tion

40

(2)

(2)(2)(2)

40

(2)

(2)

40

40

31

36

Export-importbanks

4

10

(2)(2)(2)

14

(2)

(2)

14

14

14(2)

PublicWorks

Administration

276

3

279

279

279

3 400

- 1 2 1

RegionaAgricul-

turalCredit

Corporations

82

2

(2)

4

88

1

1

88

88

451132

Produc-tion

CreditCorpora

tion

2

21099

(2)

114

1

1

113

113

- ,: • =

1121

U.S.Shipping

BoardMer-chantFleet

Corporation

112

18

219

501

209

17

17

193

193

50~143

Other»

1393

71

22

46

8380

408

7217

89

318

318

3 4,39115

-4,088

Financed partly from Government funds

Total *

5,520230

443215638105

8105

7,265

3,3462,333

169

5,847

1,417327

1,090

1,05897

- 6 6

Federalland

banks

2,04724

6716

140

584

2,284

1,83582

1,917

366121

245

1146566

Federalinter-

mediatecreditbanks

15814

3441

<\

(2)(2)

251

1754

179

72

72

7034

- 3 2

FederalFarmMort-gage

Corpo-ration

66518

62719

(2)

1,330

1,089

36

1,126

204

204

2004

Banksfor

cooper-atives

296

2558101

(2)(2)

130

(2)

(2)

1302

128

1253

Homeloan

banks

7730

11

(2)(2)(2)(2)

110

3

3

10624

82

821

HomeOwners'Loan

Corpo-ration

2,544122

373

(2)2,706

5 2, 256322

39

2,617

89

89

200- 1 1

- 1 0 0

FederalSavings

andLoanInsur-ance

Corpo-ration

1

100

(2)

102

(2)

(2)

102

102

1002

Federalsavings

andloanasso-

ciations

18

18

18

18

18

FederalDepositInsur-ance

Corpo-ration

15

316

2

W 2

335

5

5

3316 181

150

150

i Includes interagency interests held by the Treasury Department.

» Nonstock (or includes nonstock proprietary interests).* Includes also War Finance Corporation not shown separately.

«Includes unissued bonds covering loans inprocess.e Includes $41,000,000 of assessments paid in by member banks and

trust companies formerly included under U. S. Government interests.



RECONSTRUCTION FINANCE CORPORATIONLOANS, SUBSCRIPTIONS, AND ALLOCATIONS

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

LOANS AND SUBSCRIPTIONS

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

Banks and trust companies (including receivers,liquidating agents, and conservators)

Building and loan associationsTnsiiranftfi cnrnpaniftsMortgage-loan companies . . .Credit unionsFpdsral land banksJoint stock land banksAgricultural credit corporationsRegional agriculturalcredit corporations __Livestock crpfiit cornorationsRailroads (including receivers)State funds for insurance of public moneysFishing industryProcessors or distributors for payment of proc-

essing 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 banks . . .On preferred stock of insurance companiesTo drainage levee, and irrigation districtsTo Dublic school authoritiesTo industrial and nnmmfirnial hiisinfissp.sTo mining, milling, and smeltering businesses..On assets of closed banksTo Public Works Administration on security

transactions _Total _

Purchases:Preferred stock of banks _ .Capital notes and debentures of banksPreferred stock of insurance companies.

Total _Total loans and purchases

ALLOCATIONSFor relief:

Federal Emergency Relief Act of 1932Federal Emergency Relief Act of 1933Emercencv ADDroDriations Act of 1935

Total

To other Government agencies:To Secretary of the Treasury for:

Purchase of stock of Federal Home Loanbanks

Purchase of stock of Home Owners' LoanCorporation

To Land Bank CommissionerTo Federal Farm Mortgage CorporationTo Federal Housing AdministratorTo Secretary of Agriculture for:

Crop loansReallocated as capital regional agricultural

credit corporationsReallocated to Governor of Farm Credit

Administration

Total

Total allocations

Total loans, subscriptions, and allocations

Proceeds disbursed, less repayments

Feb. 28,1934 r

690,47159,55254,059

167,315499

193,61813,1581,214

29,1452,071

345,1785,055

13

1,561,348

71,217

10,0534,448

153,52510,7574,3752,414

256,788

261,438192,897

454,335

2,272,472

299,003478,244

777, 247

79,146

39,000147,60055,000

115,000

44,500

40,500

520,746

1,297,993

3,570,464

Oct. 31,1934

583,45225,20529,982

159,327388

115,2637,323

6052,6731,546

353,1701,233

2

1, 280,168

112, 291

15, 2715,717

42,96918,84925,78511,14722, 3003,248

23

257, 600

562,410256,671

100

819,180

2,356,949

298,006499, 590215,000

1,012,596

81,646

200,000147,60055,00015,000

115,000

44, 500

40, 500

699, 246

1,711,842

4,068,791

Nov. 30,1934

599,39723,25929,420

155,874387

110,9977,132

600866

1,464361,506

81125

2

1,291,739

117,027

14,9926,090

30,24218,96525, 78511,32122, 3004,166

22

250,911

571,193259,662

100

830,955

2,373,605

297r 774499, 586325,000

1,122, 360

81,646

200,000147,60055,00015,000

115,000

44,500

40, 500

699,246

1,821,606

4,195,211

Dec. 31,1934

632,20920,08224,829

160,591386

78,6476,495

863

1,334376,555

54125

1

1,302,558

122,743

15,1764,258

33,36219,12430,03312,298

6,627

20

1,529

245,169

585,858260,102

100

846, 060

2,393,787

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

4,370,395

Jan. 31,1935

595,71715,64024,023

156,292367

77,0235,530

863

1,314379,087

43

1

1,255,900

125,408

15,1764,177

36,13919,48729,93315,410

8,516

34

71

254,350

598,112256,622

100

854,834

2,365,084

297,718499,987500,000

1,297,705

81,646

200,000147,60055,00025,000

115,000

44,500

40,500

709,246

2,006,951

4,372,035

Feb. 281935

568,81413,56722,664

155,367361

74,6705,031

863

1,272379,713

53

1

1,222,374

127,839

15,1644,719

35,90519,67429,93316,978

10,649

79

1,356

262, 296

621,055256,316

100

877,472

2,362,141

297,718499,991500,000

1,297,709

81,646

200,000147,60055,00025,000

115,000

44,500

40,500

709,246

2,006,955

4,369,095

Mar. 31,1935 v

538,43112,28122,035

151,796343

72,3184,078

861

1,256380,199

53

1

1,183, 651

132,908

14, 9535,332

39, 55220,30429,93321, 292

12, 740

150

17,311

294,475

627,876254,666

100

882, 642

12,360,767

297, 711499,994500,000

1,297, 704

81, 646

200,000147,60055, 00025,000

115,000

44,500

40,500

709, 246

2,006,950

4,367,717

Proceeds not yetdisbursed

Jan. 31,1935

117,97021,367

135101,317

634

1,504

85

243,011

101,336

3,0954,202

376, 5061,534

65,489

23, 247

171

7,098

582, 677

60,95468,127

129,081

954,770

1513

28

43, 095

97,400

140, 495

140, 523

1, 095, 293

Feb. 28,1935

113,00521,367

13599,226

621

753

78

235,184

97,588

3,0883,689

372,0341,345

65,147

24,050168219

2,407

569, 734

36,83565,914

102, 748

907,667

159

24

43,095

97,400

140,495

140, 519

1, 048,186

»Includes $372,065,000 of loans for distribution to depositors of closed banks. ' Revised.

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

9 Preliminary



FARM CREDIT ADMINISTRATIONLOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS

fin thousands of dollars]

End of month

Farm mortgage loansby—i

Federalland banks

LandBank

Commis-sioner

Regionalagriculturalcredit cor-porationsand pro-duction

credit as-sociations 2

Federal intermediatecredit bank loans toand discounts for—

Otherfinancinginstitu-tionsexcept

coopera-tives

Produc-tion credit

associa-tions 3

Regionalagricul-

tural cred-it corpo-rations

Emer-gency

crop anddrought

loans

Loans to cooperatives b y -

Federalinter-

mediatecreditbanks

Banks forcooper-atives,includ-

ingCentral

Bankfor

Cooper-atives

Agricul-tural Mar-

ketingAct

revolv*ing

fundloans

to coop-eratives

1933MayJune .-JulyAugustSeptember . .OctoberNovemberDecember

1934JanuaryFebruaryMarchAprilMayJune ---JulyAugustSeptemberOctoberNovember _December

1935JanuaryFebruary

1,102,8911,102,0881,101, 4461,104,1771,110,1941,125, 6811,156,1701, 213,523

1, 287, 5621,371,4681,458,3111,483,9401, 548, 5541, 630, 9001, 690,4961, 746,1491, 792,4101,828, 6981, 866,1601,896,415

1, 923,1981, 944, 976

40180664

2,1886,02615,81534, 09970, 738

120, 403174,308237,858258,730311,375378, 526429, 830477, 822516, 276551,873587, 260616,825

643, 291664, 886

1,8382,483

10, 39928,46749,97961, 29968,85773, 263

75,432-76,51586,081102, 781120, 282127, 470128, 090125, 270118,402104,909100,99299,675

99, 776103,360

76, 56475, 71974, 32173,06870,99864, 52862, 37960, 989

59, 91658,19959,07359, 56961,83062,09263, 39264, 20363, 00258,88256,05855, 672

53, 50953,172

158665

4,40914, 39228,11738, 51849, 82658,07460, 88758,12858, 32861, 024

64, 63771,192

127, 731»• 145, 412

154, 321158,394155, 200146, 895142, 558144, 636

145,198145, 760144,905144,671

r 143,127r 138, 485r 128,830

117, 664106, 72496,91490, 55987,102

84,72682,342

137,309139,158138,727135,854135, 087110, 32494, 29689, 811

81,16472, 72768,31084,13890,14790,51794,411

100, 209r 105, 446

104, 470•" 104, S94

110,186

116,846125,124

4,2663,9344,4655,4796,2596,829

10, 08015,211

14, 67113, 29711,1899,9978,5288,123

10,1069,9699,987

24, 20732,33033,969

34,44534,132

1847,396

11,14418, 697

15, 38614,83515,82417,14419, 24320, 53921,49323, 01923, 05724, 56124, 71027,851

29,445

«• 181,054r181,195

177,537176,553175,040173, 325172, 302157,752

69,50869,21468, 35367, 25754, 64254,87755,43755, 25054,87057,31056, 76454,863

53,72149,687

1 Does not include loans by joint stock land banks, which are now in liquidation.2 Some of the loans made by the regional agricultural credit corporations and most of the loans made by the production credit associations are

discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the two columns under those headings.s Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks.

HOME OWNERS' LOAN CORPORATIONSUMMARY OF OPERATIONS1

Months

1934

From opening to Feb. 28..MarchApril__MayJuneJuly -AugustSeptemberOctoberNovemberDecember

January. _.February..

1935

Cumulative total. .

Numberof appli-cations

received

982,117168, 273145,772119,79197,67966,15772,02239, 31735, 67514,1712 2,173

1, 743,147

Loans closed

Number Amount

100,52852, 26056,17264,17271, 76878,04669, 73859, 24065,81354,46854,036

54,99036, 542

817, 773

$285, 564,176150, 213, 639171,490, 768208, 293, 766223, 440,191235,467, 606202, 442,864179, 299, 857201, 211, 532170, 544, 562169,018,847

166,836,150104, 919, 941

2, 468, 743, S

FEDERAL HOME LOAN BANKSCOMBINED STATEMENT OF ASSETS AND

LIABILITIESfin thousands of dollars]

Cash on hand.Loans outstanding.Accrued interest-..InvestmentsOther assets

Total assets.

LIABILITIESCurrent liabilitiesCapital stock, fully paid and oustanding:

Members __United States Government

Subscriptions to capital stock, less balance dueSurplus

Total liabilities..

Jan. 31,1935

18,15482,585

4228,846

89

110,096

4,253

20,85981, 646

1,2602,078

110,096

Feb. 28,1935

30,27277,170

4352,241

44

110,162

3,851

21,01081,646

1,3082,348

110,162

* Figures are subject to adjustment.2 Revised adjustments for applications received in earlier months.


224 FEDERAL RESERVE BULLETIN AFBIL 1935

PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]

Year andmonth

19191920 . .19211922 . ,19231924 , .1925192619271928192919301931 , .19321933

1931NovemberDecember

1932January..February-MarchApril .MayJuneJulyAugust...SeptemberOctober. _NovemberDecember

1933January..February-MarchAprilMayJuneJulyAugust. _>SeptemberOctober-_NovemberDecember

1934January. _February-March....AprilMayJuneJulyAugust.._SeptemberOctober. _NovemberDecember

1935January..February.

Industrial production i •

Total

Unad-justed

83876785

10195

104108106111119

9681647679

7268

717168646159565967686560

646460677991969085787269

778386888984737373757478

88•91

Ad-justed

7374

726967636059586066676566

656359667891

1009184767275

788184858683767371737486

90»89

Manufactures

Unad-justed

84876786

10194

105108106112119

9580637578

7066

707066636058555866676358

636268688092978984767067

75828589898371717073

' 7 377

87• 91

Ad-lusted

7172

716864615958575965666364

636156657793

1029183767073

768082858683747269727386

90

Minerals

Unad-justed

77897074

1059699

108107106115

9984718286

8479

747578726562636674807873

727774657783909594898581

858891818787858387878485

9192

Ad-justed

8184

777885806764656571747577

758081737985919187818286

8891

100908987858082818189

9496

Construction contracts awarded (value)J

Total

Unad-justed

636356798494

1221291291351179263282532

4330

252326313132313230282422

181614161921242530354245

403833363231302830292825

2224

Ad-justed

4938

312726272627273030292728

221914141618212430374857

494433322626272729313131

2728

Residential

Unad-justed

443044688195

124121117126

875037131112

2620

161516161412121112

1 1 2

108

778

111314131212121211

101012141313121011121110

1013

Ad-justed

2723

19171514121111121212109

888

101113131212121313

121211121112121011121112

1214

All other

Unad-justed

799065888694

120135139142142125

84403748

5739

333035434547464845413533

272318192427323645536673

646050544746444345434136

3233

Ad-justed

6750

413536383739404544434143

332718172023283345577693

807051483838394044464847

3939

Factory em-ployment 3

Unad-justed

107108

8291

1049799

1019999

1059277646979

7271

697068666361596063646362

606159606367727680807674

737881828381798076787778

7981

Ad-justed

7272

707068666462606062636362

616259606367737678787675

757881828382807974777779

' 8 182

Fac-torypay

rolls 3

Unad-justed

97117

7681

10396

101104102102109

8968464962

5858

545553504743404143454342

404037394347515759595655

546165676765616258616063

6469

Freight-carloadic

Unad-justed

84917987

10097

103106103103106

9275565862

7061

585958575352515361655852

515148515561666568666056

586163606364636367646056

5861

gs<*

Ad-justed

6869

646261595452515154575758

565450535562656160585963

646466626364615959575964

6465

Corn-mod-ity

3nces«

139154

9897

10198

104100

9597958673656675

7069

676666666464656565646463

61606060636569707J717171

727474737475757678777777

7980

* Preliminary. r Revised. * Average per working day.1 For indexes of groups and separate industries see pp. 249-250; for description see BULLETIN for February and March 1927; for revised figuresback to 1919 see BULLETIN for September 1933, pp. 584-585.1 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. Forback figures see Annual Report for 1933 (table 115).

» 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 the Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industriessee pp. 251-252.4 For indexes of groups see p. 225; for back figures for total see Annual Report for 1933 (table 115) and for groups see BULLETIN for February1931, p. 108.

' Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 248. For backfigures see Annual Report for 1933 (table 120).



MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

JanuaryFebruary .March

AprilMayJUD6

JulyAugust

December

Year

1931

250224236

215204187

181165180

205194184

2,424

Merchandise exports l

1932

150154155

135132114

107109132

153139132

1,611

1933

121102108

105114120

144131160

193184193

1,675

1934

172163191

179160171

162172192

206195171

2,133

1935

176*163

Merchandise imports •

1931

183175210

186180173

174167170

169149154

2,091

1932

136131131

127112110

799198

10510497

1,323

1933

968495

88107122

143155147

151129134

1,450

1934

136133158

147155136

127120132

130151132

1,655

1935

167*153

1931

664926

292414

6o

10

364430

334

Excess of exports

1932

152324

9204

271734

483435

288

1933

251813

177

—2

1-23

13

425659

225

1934

373033

336

34

345260

774438

478

1935

9»10

v Preliminary.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

JanuaryFebruarvMarch

AprilMayJune

JulyAugustSeptember

October

December

Year

I

Adjifor se*varij

1934

717178

747774

737775

737478

ndex of sales i

istedisonalition

1935

7475

Withoutseasonal ad-

justment

1934

575973

737770

516079

8283

135

75

1935

5961

*>70

Index of stocks (end ofmonth)

Adjustedfor seasonalvariation

1934

666665

656665

646464

646564

1935

6464

Withoutseasonal ad-justment

1934

596367

686863

596167

717460

65

1935

5761

9 Preliminary.i 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, Indepen-dence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustmentfor seasonal variation makes allowance in March and April for the effectsupon sales of changes in the date of Easter.

Back figures.—See pp. 254-255 of this BULLETIN; seasonally adjustedindex of sales revised from 1929 to date.

FREIGHT-CAR LOADINGS, BY CLASSES[Index numbers; 1923-25 average=100]

TotalCoalCokeGrain and grain productsLivestockForest productsOreMiscellaneousMerchandise i _

TotalCoalCokeGrain and grain productsLivestockForest productsOre,_MiscellaneousMerchandise l

1934

Feb. Oct. Nov. j Dec. Jan. Feb.

1935

Adjusted for seasonal variation

647876684830346767

576045586230306063

596443565530206464

647151585132347166

647362564231317265

657562593935347365

Without seasonal adjustment

646946658331427066

607044606429146365

5676545751268

5562

5882695444287

5861

6181

L 7(1

r w37368

6263

1 In less-than-carload lots.

Based on daily average loadings. Source of basic data: Associationof American Railroads.

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



INTERNATIONAL FINANCIAL STATISTICSGOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS

[In millions of dollars. $l=15^i grains of gold *Ko fine; i. e., an ounce of fine gold=$35]

End of month

1934—JanuaryFebruary...MarchApril.MayJuneJulyAugustSeptember-OctoberNovember-December. .

1935—JanuaryFebruary...March

Total[50 coun-

tries)

20,22920,51620,72420,82020,95721,16621,30421,48921, 53021,58621,64621,771

v 21,880v 22,022

UnitedStates

7,4387,6947,7577,7797,8567,9317,9787,9788,0028,1328,238

8,3918,527

*8,567

Canada Total (27countries)

130130130130130132133131131132133134

132135180

Europe

11,69711,35811,31311,34011,42611,54811, 59211, 74711, 78711,81311,73011, 751

11,696v 11, 679

Austria Belgium

646639635636635625618623

599596532

Bulgaria

86112111111111111111111111112112112

112112

Denmark

60

England France

1,5731,5741,5741,5751,5771,5781,5791,5801,5811,5821,5831,584

1,5861,5861,586

5,1094,9044,9475,0235,1365,2745,3215,4395,4555,4685,4435,445

5,4385, 439

v 5,479

Germany

152134968352283030

3232

323233

E urope—C ont inued

End of monthGreece Hungary

1934—January——.February,-.MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..

1935—JanuaryFebruary—.March

39

Italy

633633613609594576567565554541520518

519519

Nether-lands

626539535539551573588588588601582573

555552553

Norway Poland Portu-gal

68

Ruma-nia

100101101101102102102103103103103104

104105

Spain

739739739739739739740740740740740740

740740741

Sweden

169169170167167168168169170163160159

159159

Switzer-land

653600570634535535537567591621624624

600586560

U.S.S.R.1

704704706706706716716716716716716744

744744

Yugo-slavia

6 othercoun-tries

585959575858585861616160

59

End of month Total(10

coun-tries)

1934—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1935—January _February

L a t i n America

579588

591594

605604599599

J>592

Ar-gen-tina

405405405405405405405403403403403403

403

Chile

202020202020242828292929

29»29

Co-lom-bia

Mex- Peru Uru-guay

4othercoun-tries

Total(7

coun-tries)

Asia and Oceania Africa

778780778781803804806807803795796

800804

India Japan

274274274275275275275275275275275275

275275

359359362382384386387388390392394

395397

JavaNewZea-land

Tur-key

othercoun-tries

Total(4

coun-tries)

215222218220226233244220226245255255

267' 2 8 5

SouthEgypt A f r i c a

143150146149154161172149155173184184

196214

2othercoun-tries

171717171717171717171717

17

» Preliminary.1 Figures for December 1933, March 1934, June 1834, or December 1934 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; and December 1934, p. 801.


APEIL 1935 FEDERAL RESERVE BULLETIN 227

GOLD PRODUCTION[In thousands of dollars]

Year and month

Esti-matedworld

produc-tion

Production reported monthly

TotalAfrica

SouthAfrica

Rho-desia

WestAfrica

BelgianCongo

North and South America

Canada UnitedStates

Mexico Colom-bia Chile

Far East

Austra-lia Japan India

$l=25¥io grains of gold ¥10 fine; i. e., an ounce of fine gold=$2O.67

1932—Total — .1933—Total

1934—January

FebruaryMarchAprilMay . . . _JuneJuly _AugustSeptemberOctoberNovemberDecember _

Total (12 mo.).Total (new par)

1935—JanuaryFebruary

499,241522,555

238,931 12,000227,673 13,335

788 14,5633,009 16,790

5,322 1,080 697

e., an ounce oj fine gold=$35

546 320

grains of gold 9/io

28,89330, 55030,17331,32430,13830,77331,01529,95130, 99430,63330, 356

927965941951946

1,0721,0221,0721,1171,0801,135

1,9061,1942,2332,4311,9411,8612,0781,3962,1662,0062,030

1,067940843991

1,0031,0371,148940

1,143831922

2,2692,4152,5662,4602,7222,5792,6192,6252,4532,6502,722

1,1,3901,3761,1,3101,3511,4131,4951,4381,3771,435

72,98176,94976, 52579,75077,70279,06079,90078,76681,99979,03980,394

54,70758,676

r 58, 25161,4759,42960, 78661, 62760,49263, 72560, 765

P 62,120

1,8932,0422,0142,0552,0482,0152,0852,0612,0541,9322.031

7,8,7267,975

,0908,495,593

9, 2708,5469,2788,7509,148

8,7249,2148,82910,40410,8248,75910,124

•p Preliminary. * Revised.* January figures placed on same basis as those for subsequent months, i. e., $35 an ounce.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, and March 1935, p. 170. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for1934, p. 104. Figures for Canada since 1933 are subject to official revision.

GOLD MOVEMENTS[In thousands of dollars]

Year and month

United States

Totalnet

importsor net

exports

Net imports from or net exports (—) to—

England France Belgium Nether-lands

Switzer-land Canada Mexico Colombia British

India

Chinaand

HongKong

Allothercoun-tires

1932—Total (12 months).

1933—December _._.

Total (12 months).

1934—January

February...MarchAprilMayJuneJuly.AugustSeptember.OctoberNovember.December..

Total (12 mo.)—Total (new par) i.

1935—January...February..March

-446, 213

-9,128

452, 571237,33654, 74833,58363, 70552, 34637, 225

-18,67010,837120,88992,109

1,133,9121,131,994

149,392122, T13,003

Customs valuations; with some exceptions at rate of $20.67 a fine ounce-441,649 -82,571 -96,586-118,273 64,574 20,087 3,240 26,597

-216 , 035

- 1 0

- 8 9 5 7,901

- 8 , 8 8 3

-11 ,631

347

19,896 4,280 25, 629

- 4 6 1 - 1 0 - 1 , 6 7 8 313 :

Customs valuations; with some exceptions at rate of $35 a fine ounce

39,043

12,821

85,737

932

-21 ,898

239,800135, 987

24,0545,927

31, 28822,97822,872

- 9 5 0- 1 , 1 1 8

3,68719, 649

501,632499,870

85, 57763, 424

- 1 8 7

124, 38151,821

1,786233

10, 7502,212

- 5 , 238-17 ,748

2670,35122,430

260, 543260, 223

14, 59245, 766

56

131

10

- 1 , 9 4 3- 2 , 0 9 4

12,814

8,9098,902

57,27210,1487,234

- 4 , 8 6 5- 1 7212

- 5 0 0

9,90617,790

95, 51094, 348

12,81:1,466

9,08713,569

-254

12,40212,402

339

12,11410,2729,0698,6736,9898,9828,200

5393,7759,6098,077

86, 61286,829

12,0915,3464,449

5,1245,368

6402,0862,8372,664

515399

3,265880

6,076

30, 09030, 270

4,991729833

1,6602,4902,4952,554

378

2,484- 8

3,1121

2,111

16,94416,944

2,1012,1121,407

11, 4654,613

10, 24012,1918,9485,489

11,30012,574

76,82076,820

10,616522

2,139

6512,8653,0671,8652,2863,254

672513

50700529

16,45216,452

1,528359334

1,365

2,3523,3511,7901,9872,1903,3163,9601,7801,7291,8962,874

27,93528,990

5,0832,7113,972

i January figures placed on same basis as those for subsequent months, i. e., $35 an ounce.


228 FEDERAL RESERVE BULLETIN APEIL 1935

GOLD MOVEMENTS—Continued[In thousands of dollars]

Year and month

Great Britain

Totalnet im-portsor net

exports()

Net imports from or net exports (—) to:

UnitedStates France Ger-

manyBel-gium

Nether- Slands

Switzer-land i I

SouthAmer-

icaCanada

BritishIndia

StraitsSettle-ments

Austra-lia

SouthAfrica,Rho-desia,WestAfrica

Allothercoun-tries

1932—Total.

1933—December

Total (12 mo.)—

1934—January

FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Total (12 mo.) " .Total (new par.)

1935—JanuaryFebruaryMarch v

84,585

79,426

677,405

62,146

184,82091,47135,00337,98653,05630,99126, 00523,48849,99949,58527, 215

-50,642

4,441

7,939

Official figures converted at rate of $20.67 an ounce

-297,050 333-13,434-71,378-14,019 5,746 _. 220,394

15,130

97,016

673,194716, 269

- 4 , 218- 3 6 , 566

63,953

4,788

-238,842-130,087-19,851-5,197

-35,375-29,369-15,420

6,251950

-17,284-22,489

9,805

42

41,036

147

-500,484-497,166

-79,628-74,127

67

66,180-7,038

-30,8566,622-121

-6,797-8 ,188

-33927,026

1,

341,394348,190

4,270-17,739

26,958

- 1 3

18,83765,5793,5248,243

17,4954,099

452,890

10515269

- 7 , 065

-196

- 4 , 299

8,143

9,610

- 2 0 5,310 -170

Official figures converted at

4,186

43,374

5,892

118,817

121,026121,017

3,79035844

- 3 4218

-2,161-6,034-2,157-1 ,291-5,198-1,087

-13,571- 1 3 , 585

-951-1,602

17,8915,522

523319

-659- 4 6- 5

-203482

-550310

28,89532, 575

8,7802,145

142

-320-176-216-252- 7 1

-102- 4 , 563-1,849-1,118

- 6 0-109

-9,005-9,123

- 5 3-3054,738

5, 500 4,530 8,642

rate of $85 an ounce

4,870 30,19339 37,37247 13,03375

10,7811

423

60,812

187343284144

1,7941,7492,052

655670241

13,75617, 568

3812,057-341

7,266

1,697

23,19326,316

2,949

14,14717,33012,21325,146

9624,99218,79117,882

200,704206, 711

24,04619,09314,040

583

6471,0943594854417066151245190128

255, 310

19,460

256,177

4,4584,863

1288258

2,353

2,9513,105

3,0863,1723,2344,6733,5073,4382,6864,126

40,15941, 790

4,0663,0672,539

17,667

30,88136,70731,92942,93530,50532,31222,37111,31524,42018,49523,469

18,279

12,871

46,110

323,007335, 253

37, 23118, 66911, 772

3,170

30,5875,591

4,75013,2339,0704,7741,491

12,7902,9702,906

99, 662101,860

-3 ,07111,4102,380

France Germany

Year and month Totalnet

importsor net

exports


UnitedStates

Eng-land

Ger-many

Bel-gium

Neth-er-

lands

Swit-zer-land

Allothercoun-tries

Totalnet

importsor net

exports


Eng-land France

Neth-er-

lands

U. S.S. R.

Allothercoun-tries

1932—Total

1933—December

Total (12 m o . ) - -

1934—January _

828,178

-45,447

Official figures converted at rate of $20.67 an ounce

468,052 309,984 37,889-35,010 37,547-17,668 27,382 —27,282| -250

223,894

-19,387

- 8 7 , 207

FebruaryMarchAprilMayJuneJuly.August.-SeptemberOctober.- _November *»December *

-175,869-232,658

-1 ,37330,9156,437

-2,895-15,105

96422, 710

- 6 5 , 56837, 733

Total (12 mo.)"—Total (new par.)

1935—January P_February *

-401,945406,949

7,796- 3 2 , 479

1,215

-92,336-79,158

997124

-9,779-3 ,003-7,290

5,98726,296

- 6 4 , 337-19,918

-772

73,001

-5 ,259 - 2

-474

-28,979

701

44,691

-23,443

10,491

-2 ,071

8,053

15

-37,044

-173 - 7 0 -1,187 -1 ,761 1,246|

Official figures converted at rate of $35 an ounce

- 1 9

-38,170 -24,455

691

-64,922

590

-40,950

-241,202-240, 361

-15,376-50 , 314

-160,187-155,636-37,010

33,581-11,411

926264

9,6063,706

-17,936- 8 , 738

-348, 094-351, 729

-2 ,9318,670

12, 5363

781

18,191

145- 3

2

31,03831,036

115

-166398

-213-9,299-1,400

-320-122- 4 4

-464- 2 , 633-3,114

17,549-17,669

-994-2,497

59,19615,9551,995

676- I , 1

-104- 3 9

10139

-786-232

75,04474,995

- 9 6249

-1,765-2,91432,4925,405

19,168-1,038-9,226-15,492-6,972

1,7864,220

6,853-11,305

286427

- 6 , 636643

1,163

318,2513 65, 517

24,47723, 657

1,23111,975

74,33973,123

3 25, 849-561

-20,472-39,440-5 ,655

-29,040-20,312

4,4695,327

617,8732,9541,206

-91,783-90,920

1,312295

-29,660-55,529-3, 515-13,382

-4,090-2,604-269-59-167-85

-109,372-109,386

23-49

-2,615

-8,054- 2

-8,073-10,083-12,286

12647

- 1

46,656 -11,063

2,668-1,336

41,09442,907

293

-946-988

-8 ,189-12,363-8 ,155

- 1 6- 5 2

521,908

238- 9 9

28,31728,114

527-62

3,610

18,03416,99213,9716,761

8,4577,r "•

5,760313

1,162

85,390

75

1558615a27123117153274257

2,562227

4,1114,097

685404

* Preliminary.1 Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately

in the official monthly statistics.2 January figures placed on same basis as those for subsequent months—i. e., $35 an ounce.3 $19,218,000 imported by France from Italy in November 1934; $65,437,000 in December 1934; $25,755,000 in January 1935.

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.


APKIL 1935 FEDERAL RESERVE BULLETIN 229

GOLD MOVEMENTS—Continued

Year and month

1932-Total.

1933—November.December..

Total (12 mo.)

1934—January

February.MarchAprilMayJune _JulyAugustSeptemberOctoberNovemberDecember

Total (12 mo.) _Total (new par)1

1935—January.February


Netherlands

Total netimportsor net

exports


UnitedStates England France Germany Belgium Poland Switzer-

landBritishIndia

All othercountries

116,149

-9,294

-67,510

-8,629

-102,784-9,2013,06313,8599,5709,170

-2,737-326

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

106,623

-116,681-122, 664

-18,300- 2 , 899

-3,839

-17,262-6,248-4,444

Official figures converted at rate of $20.67 an ounce50,070 -34,009 26,886 -12,727 -13,630

-1 ,942- 7 , 111

-1 ,624

- 7 , 0

6,096- 6 0 1

-72,183

5,369- 8 2 1

40,818=

- 3 6 7

- 9 0- 230

-17,873

- 3 0- 5

-6,030

-16,137

-297- 6 5 8

-16,974

Official figures converted at rate of $85 an ounce

-2258,880-194

498

-17,770- 9 , 270

-46,040-46,040

-15,605- 2 , 495

-13,283-4 ,928

-418-115

27775

- 2 3-327-637

645-312

-26,128-31,038

- 3 , 221-352

-76,485-4 ,132

-287-1581,701

8837

166830

62

-78,444-78,610

11064

233345

7,95111,8357,704

71- 4 2

34-1,864

- 678

25,97225,716

77

4,0776,116

-166- 5 3174- 2

-178-5S7- 9 5

9,2859,285

-161-159

- 6 2-141-102- 6 8

- 2 9 1-103-278- 4 4- 6 5- 6 5- 3 4

- 1 , 253-1 ,253

- 3 0

-1 ,220

-257-532

2011,696

- 1 2-112

-2,546-1,016

- 4-106

- 2 5

16,423

44131

9,632

-3,938-4, 784

27-197

33

21360

5311451

-7,346

14299

567

16839370

1,8681,891

476

246

235- 4 2164359133322

1130126154165

1,9972,171

171171

Year and monthTotalnet

importsor netexports

()

Switzerland


United 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

Goldpro-duc-

tion inIndia

Change in—

Govt.re-

servesin

India

Privatehold-

ings inIndia 2

1932—Total

1933—November..December-

g, 786

3,55323,996

(12

1934—January

Totalmo.). -41,121

FebruaryMarchAprilMayJune . . .JulyAugustSeptember..OctoberNovember..December...

Total (12mo.)

Total (newpar)i

1935—JanuaryFebruary. _.

1,266

-30,109-25,403-43,753-11,582-8,372

-39026,56921,53212,85312,397

- 1 , 950

124,354

8,756

10,983

15,342

-1,444-9,474

-24 , 536

-46,942

-46,065

-4,125-15,025

110

-10,898-1,617

-81769

2

-247j

Official figures converted at rate of $20.67 an ounce7,418 -58 —2,954 14,996 10,688 -195,662-38,094-151,059

4,68423, 299

-26,781

35125

735

291

-12,860

-12,784

- 1 7- 5 1

-21,567-12,110-4,682-5,350-5,648-1 ,171

4,0072,367-195-771-417

-45,784

-45,955

-216-2,108

180

2,333- 7 , 799-38,189-6 ,613-2,193

1111,80215,8045,821

- 6 , 273-4 ,143

-15,330

191741

13,168

125

635

-5,847-5,734

-126,048 -30,340

-6 ,023-5 .438

-85,463

115 -421 1,187 342 -14,063Official figures converted at rate of $5J an ounce

-6,508

176-296

—10,244

-29, 359

-29, 235

- 4 , 344-16,117

3632697

12898

1413056

3,53813, 526

226

18,317

18,397

225

1382,2691,392

113166387

1,1052,3043,9876,0012,280

19,721

19.431

4722,689

-365311

-2,132-222-186- 4 1

2,5661,105-305-275

114

1,757

2,580

-218- 9 0

314- 6 , 782

-238364208214

7,056-105

7-102-15

1,263

1,500

428

-39,307-20,806-20,733-20,344-19,105-22,130-3 , 565- 2 , 534-14,431-20, 700-23, 255

-220,973

-230, 720

-16,334v-16,958

-7,703-8,862-10,697-13,143-7,464- 8 , 740-1,577

-1,650- 2 , 229-3,201

-65, 266

-65, 266

-1,667

-12,683

-31,678-11,664-9,758- 7 , 054-11,854-13,601-2,196- 2 , 643-12,901-18,617-20, 216

6,782

560573

6,916

-154,865

-163,657

-14,874

-1,380

74-280-278-147213211208109120146162

127

-1

-5

-842

-1,797

207

560

921914946930

932944929995

-189,008

-5,287-5,160

-119,124

10,833

11, 222

946*946

- 5186- 2-12

41

-3

173

173

- 21

-13,503

-38,421-19,880-20,005-19,396-18,163-21,196-2,628-1,602-13,491-19,771-22,257

-210,313

-219,671

-15,386p-16,013

J> Preliminary.1 January figures placed on same basis as those for subsequent months—i. e., $35 an ounce.2 Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.

NOTE.—Netherlands and Switzerland—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised officialtotals published for the year as a whole.



GOVERNMENT NOTE ISSUES AND RESERVES[Figures are for last report date of month]

Argentine Conversion Office (millions ofgold pesos):

Gold . .Currency issued

[rish Currency Commission (thousandsof pounds sterling) :

Legal tender note fund:British legal tender and bank

balancesBritish securities _ . .Notes issued

Consolidated bank notes: *Issued __ _. _Deemed such under sec. 60 (4) of

Currency Act, 1927

1935

Feb.

247529

1517,1767,327

4,867

1,125

Jan.

247521

2117,1767,387

4,857

1,130

1934

Dec.

247515

5347,5288,062

4,852

1,137

Feb.

247553

326,8636,895

4,759

1,223

Canadian Minister of Finance (millionsof Canadian dollars):

Gold reserve against Dominion notesAdvances to banks under finance act__.Dominion notes:

IssuedOutside chartered bank holdings. _

Indian Government (millions of rupees):Gold standard reserve:

Gold. .Foreign exchange

Paper currency reserve:GoldSilverOther assets ._Notes issued

1935

Feb.

7235

22045

29505

416915502

1,832

Jan.

7035

21732

29505

416939482

1,836

1934

Dec.

7235

21734

29505

416951473

1,839

Feb.

6950

17628

68465

376989408

1,773

i Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Feb. 2 and Jan. 5,1935, Dec. 8 and Feb. 3,1934. Figure:for notes deemed to be consolidated bank notes are as of close of business on these dates.

BANK FOR INTERNATIONAL SETTLEMENTSIn thousands of Swiss francs]

Assets

Gold in bars ___ -_.Cash on hand and on current account with

banks -Demand funds at interest

Eediscountable bills and acceptances (atcost):

Commercial bills and bankers' accept-ances ._-

Treasury bills _._

Total

Time funds at interest—Not exceeding 3months __.

Sundry bills and investments:Maturing within 3 months:

Treasury bills _Sundry 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

Feb. 28 Jan. 31

11,008

2,3384,224

163,500194,896

358, 396

41, 771

30, 75154,037

36,91742,459

20,30736, 247

220, 718

6,0843,481

11,008

2,6114,794

164,959184,810

349, 769

40,229

29, 50333, 514

34, 234

23,09436, 253

220,230

6,1292,956

1934

Feb. 28

17,962

3,81917,681

157,071189,926

346,998

37, 047

30,18457, 291

18, 50444,717

35,86937,934

224,499

4,1634,976

648,018 637, 726 657,145

Liabilities

Demand deposits (gold)

Short-term deposits (various currencies)Central banks for own account:

DemandTime—Not exceeding 3 months—.

Total

Central banks for account of others:Demand

Other depositors:Demand...Time—Over 6 months

Long-term deposits:Annuity trust accountGerman Government depositFrench Government guaranty fund..

TotalCapital paid inReserves:

L«gal reserve fundDividend reserve fundGeneral reserve fund

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

Total liabilities

1935

Feb. 28 Jan. 31

10,921

27,987107, 759

135,746

15,398

1,428488

154,29477,14761,930

293,371125,000

2,6724,8669,732

6,08442, 312

10,921

21,461107,605

129,065

12,491

1,413

154,48177, 24141,062

272,784125,000

2,6724,8669,732

6,18862,594

648,018 637,726

1934

Feb. 28

17,962

42,142109,777

151,919

924

153, 64076, 82040,903

271, 363125,000

2,0223,89577224,16363,757

657,145



CENTRAL BANKS

Bank of England

(Figures in millions of pounds sterling)

1934—Jan. 3 1 -Feb. 28_Mar. 28.Apr. 25_May 30.June 27.July 25.Aug. 29.Sept. 26.Oct. 31..Nov. 28.Dec. 26.

1935—Jan. 30..Feb. 27.Mar. 27.

Gold(in issuedepart-ment) 1

190.9191.0191.1191.2191.3191.5191.6191.8191.9192.0192.1192.3

192.4192. 5192.5

Assets of banking department

Cash reserves

Coin

1.01.1

. 5

.6

Notes

Discountsand

advances

84.283.672.377.573.269.867.672.574.973.672.447.1

77.575.171.1

8.25.85.65.35.66.17.55.67.28.99.27.6

9.36.25.6

Securi-ties

88.487.988.186.387.691.994.292.592.291.690.698.2

92.792.099.0

Notecircula-

tion

366.7367.4378.8373.7378.1381.7383.9379.3377.0378.4379.7405.2

374.9377.4381.4

Liabilities of banking department

Deposits

Bankers'

100.690.394.599.599.496.3

104.883.782.0

100.489.189.1

99.095.59P..6

Public

25.232.117.515.814.017.610.934.037.916. S27.79.9

20.919.420.1

Other

37.837.736.937.036.136.536.135.236.839.838.136.4

42.140.741.2

Otherliabili-

ties

18.118.218.317.717.818.018.118.218.317.717.818.0

18 218.218.3

Assets Liabilities

Bank of France

(Figures in millions of francs) Gold Foreignexchange

1,1301,0701,0681,0661,0941,1571,1551,082

962931960963

962961

1,017

Domesticbills

4,4865,9636,1985,7075,0114,3864,2483,1164,1463,9963,0683,971

4,0033,9984,170

Securityloans

2,8932,9322,9723,0163,0603,0763,0543,1403,1343,1013,2283,211

3,1493.0803,119

Negotia-ble

securi-ties

6,1196,1146,0075,9735,9505,9295,9135,9135,8985,8985,8985,837

5,8375,8335,833

Other Notecircula*

tion

Deposits

Govern-ment

2,2701,8681,7212,0242,9963,2913,5153,8843,6745,2874,8293,718

3,7513,6193,667

Other

15,83613,06712,63214,19915,68116,18816, 54716,88017,67317,96615,52215,359

16,47316,32816,213

Otherliabili-

ties

1934—Jan. 26Feb. 23.Mar. 30Apr. 27.May 25.June29_July 27.Aug. 31.Sept. 28Oct. 26Nov. 30Dec. 28

1935—Jan. 25Feb. 22Mar. 29

77,05573,97174,61375,75677, 46679, 54880,25282,03782, 28182, 47682,09782,124

82,01482,04082,634

7,8707,9608,2298,1528,2028,2788,1509,0608,2548,2648,8498,288

7,9707,914(2)

79,47481,02482,83381, 50279,99282,05880,80981,73281,47979,46781,87983,412

81, 68681,91783,043

1,9722,0521,9001,9442,1141,8371,9011,8531,8501,9421,8691,907

2,0241.962

(2)

Assets Liabilities

Reichsbank

(Figures in millions of reichsmarks)Reserves

Gold Foreignexchange

Treasurybills

Otherbills (andchecks)

Securityloans

Securi-ties

Other Notecircula-

tion

3,4583,4943,6753,6403,6353,7773,7683,8243,9193,8233,8103,901

3,6603,6173,664

Deposits

498530547515538623649717848856961984

822928922

Otherliabili-

1934—Jan. 31...Feb. 28_.Mar. 29.Apr. 30..May 31..June 30..July31_.Aug. 31..Sept. 29.Oct. 31..Nov. 30.Dec. 31.

1935—Jan. 31...Feb. 28.Mar. 30.

37633323720513070757575837979

808081

2,8452,7663,1443,1403,1743,3923,4083,5403,8113,7263,8484,021

3,6203, 6563,799

8124814414012517110912814891119146

81188

620666681639643685713737755750752763

759764757

843801685760860780886867806890881827

837697701

863802768788778775800813851868920

1,001

900866830

v Preliminary.»In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by

law at £260,000,000.1 Not yet available.

NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83.



CENTRAL BANKS-Continued[Figures are for last report date of month]

Central bank

1935

Feb. Jan

1934

Dec. Feb.Central bank

1935

Feb. Jan,

1934

Dec. ! Feb,

National Bank of Albania (thousandsof francs):

Gold.Foreign exchangeLoans and discountsOther assets. _Note circulation.-Demand depositsOther liabilities

Commonwealth Bank of Australia(thousands of pounds):

Issue department:Gold and English sterlingSecurities

Banking department:Coin, bullion, and cash _London balancesLoans and discountsSecurities _ _.Deposits _

Note circulation- -Austrian National Bank (millions of

schillings):Goldi__Other foreign bills i _.Domestic billsGovernment debtsNote circulation-.Deposits

National Bank of Belgium (millionsof belgas):

GoldDomestic and foreign billsLoans to State _Note circulation--Deposits

Central Bank of Bolivia (thousands ofbolivianos):

Gold at home and abroadForeign exchangeLoans and discountsNote circulationDeposits

Bank of Brazil (millions of milreis):CurrencyCorrespondents abroad.Loans and discounts _Note circulation __Deposits

National Bank of Bulgaria (millionsof leva):

Qold _ _Net foreign exchange in reserve--.Total foreign exchangeLoans and discountsGovernment obligations __Note circulation.Other sight liabilities

Central Bank of Chile (millions of0:

15,70826,314

20,33917,66036,12377,00747,050

24238

234624902212

2,531671340

3,647237

341189

2,88620

2,778

1,547- 8 7365919

2,1762,195

Gold and foreign exchange in re-serve

Loans and discountsGovernment debtNote circulation. _Deposits

Central Bank of China • (millions ofyuan):

GoldSilverDue from banks abroadDue from domestic banksLoans and discounts _.SecuritiesOther assets.__ _Note circulation.

7,12222,9692,5762,252

12,73911,81510,365

15,70825, 555

87019,09219, 57935,87377,22147, 550

24236237624902215

2,543684340

3,636241

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

15,708

377168

2,56820

2,899

1,547-69203940

2,6982,2261,980

14251713511351

65717,49719,73335,89875,94150,300

24235236624964154

2,505673344

3,530234

, 9,509I 5,160i 43,88183,597139, 917

312173

2,72120

3,023

1,547-52200

1,0252,7552,4491,758

14249714516346

2010410388517447

7,22324,9332,9132,47811,41715,89310,237

15,50828,875

1,01524,46614,88835,85879,70741,155

18922

297624993138

2,714760347

3,473

14,3643,841

22,13656,53960,690

386302

2,76620

3,009

1,5474

1091,1232,7832,4001,963

170121682523359

351121651

137133572

Central Bank of China—Continued.Deposits—Government

Bank.Other_.._

Other liabilities.—Bank of the Republic of Colombia

(thousands of pesos):Gold at home and abroad •Foreign exchange.Loans to member banks . . .Note circulationDeposits . . .

National Bank of Czechoslovakia(millions of koruny):

GoldForeign balances and currencyLoans and advancesNote circulationDeposits. _

Danish National Bank (millions ofkroner):

GoldForeign bills, etcLoans and discounts.Note circulationDeposits. _ _.

Bank of Danzig (thousands ofgulden):

Gold.Foreign exchange of the reserveOther foreign exchangeLoans and discountsNote circulationDeposits _

Central Bank of Ecuador (thousandsof sucres):

Gold at home and abroadForeign exchangeLoans and discountsNote circulationDeposits

National Bank of Egypt» (thousandsof pounds):

GoldForeign exchangeLoans and discountsB r i t i s h , Egyptian, and o t h e r

Government securitiesOther assetsNote circulationDeposits—Government

OtherOther liabilities _

Bank of Estonia (thousands of krooni):GoldNet foreign exchangeLoans and discountsNote circulationDeposits—Government

Bank.Other

Bank of Finland (millions of mark-kaa):

GoldBalances abroad and foreign

creditsForeign bills..Domestic billsNote circulationOther sight liabilities _.

Bank of Greece (millions of drach-mas) :

Gold and foreign exchangeLoans and discounts.._Government obligationsNote circulation.._Other sight liabilities._Liabilities in foreign exchange

10,4952,2636,74835,35724, 398

2841,0605,253975

133157736392

20,0101,478

8421, 35837,6471,764

27, 7395,59814,14437, 7108,5517,7802,393

323

1,268115660

1,372294

3,9361,9033,2625,2213,652

96

2,3783,3085,2684,094

81

197 ) 20039 i 4314 i 13

143 j 71

10,8841,6156,46535,02823,906

2,682305

1,1805,0281,317

133167336191

20,4852,703125

21, 25338,0722,621

15,97311,30651,02145,50629,629

6,5454,3785,169

31, 7914,19519, 5277,66316, 7828,106

27, 7005,07114,09335,9849,0087,6352,481

323 ,

1,330 I113606 j

1,268 '381

14, 2511,8928,07840,13724,819

1331475386123

23,5772,899

3822,26538,920

15,82410,67051,14246, 56227,548

6,5453,8635,542

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

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

1,328119543

1,277370

4,1052,5733,3535,6864,165

14, 7192,9963,66233,29724,848

2,680 | 2,668229 I 78

1,379 ! 1,3465, 640 5,523766 444

1331071351L78

30,1619,133523

15,24639,22010,757

15,0827,19547,47136,47722,188

6,5463,4504,992

34,6043,48919,6246,64918,8147,995

20,4244,03819,09933,6124,0847,0062,860

323

1,044311658

1,286390

3,9623,5323,3555,0446,030

761 Beginning Apr. 30,1934, gold valued at rate of 1 schilling =0.16667 gram of fine gold, instead of 0.21172 as formerly, and foreign exchange valued

at market.*Items for issue and banking departments consolidated.8 Gold acquired since Mar. 20,1934, valued at purchase price.


AFIIL 1935 FEDERAL RESERVE BULLETIN 233

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

Central bank

National Bank of Hungary (millionsof pengos):

GoldForeign bills, etcLoans and discountsAdvances to TreasuryOther assetsNote circulationDepositsCertificates of indebtednessMiscellaneous liabilities

Bank of Italy (millions of lire):Gold at home _-_Credits and balances abroadLoans and discountsNote circulationPublic depositsOther deposits

Bank of Japan (millions of yen):Gold___ ___Advances and discountsGovernment bondsNotes issuedTotal deposits

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

Bank of Latvia (millions of lats):Gold _Foreign-exchange reserveBillsLoans _ _Note circulationGovernment depositsOther deposits

Bank of Lithuania (millions of litu):Gold.__Foreign currencyLoans and discountsNote circulationDeposits. . _

Bank of Mexico (millions of pesos):Gold. . .SilverForeign exchangeLoans to member banksOther loans and discountsOther assetsNote circulationDeposi ts . . .Other liabilities

Netherlands Bank (millions of flor-ins):

GoldForeign bills _Loans and discountsNote circulationDeposits

Reserve Bank of New Zealand (thou-sands of pounds):

GoldSterling exchange _Other assetsNote circulationDemand deposits

BankGovernment

Other l iabili t ies. . . . _Bank of Norway (millions of kroner):

Gold _ _Foreign balances and billsDomestic creditsNote circulationForeign deposits _.Total deposits

Central Reserve Bank of Peru (thou-sands of soles):

Gold and foreign exchangeBillsNote circulationDeposits. .

1935

Feb. Jan,

7920

5695255

35384

115199

5,82450

4,93712,634

300923

470720404

1,186363

1171

6417442

467

59733846

111

469

1029360

8111

156857155

3,00221,8112,2649,327

16, 2055,954

10,2471,545

13540

227311

670

7922

5805018

35387

115170

5,82282

5,13612, 787

300

468771507

1,326366

1151

6117635

466

61733749

114

478

1019063

7211616651811

10093

107

8161

171855179

3,00221,8682,2039,534

15,9887,6878,2951,551

13542

237312

782

1934

Dec. Feb

7920

6315034

381106115184

5,81172

6,45513,145

300805

466987647

1,669341

1141

6217736

463

62753645

113

528

1018869

7611710661610

10089

105

8421

174912146

3,00222,0921,9899,772

15,7719,0726,6931,540

13540

263333

782

44,11261, 78273,67528,310

7915

5884927

34790

120176

7,10583

5,81012, 708

3001,426

425771528

1,138384

1161

5719028

443

66643358

106

5215838759

61118

244518

8480

120

7921

173898110

13510

263313

2

44, 43851, 63966,19822, 704

Central bank

Bank of Poland (millions of zlote):GoldForeign exchangeLoans and discounts _Note circulationOther sight liabilities _

Bank of Portugal (millions of escudos):GoldOther reservesDiscounts and advancesGovernment obligationsNote circulationOther sight liabilities..

National Bank of Rumania (millionsof lei):

Gold _Foreign exchange of the reserve. _.Loans and discountsSpecial loans *State debt « _Other assetsNote circulationDemand deposits.Other liabilities.

South African Reserve Bank (thou-sands of pounds):

GoldForeign billsDomestic billsNote circulationDeposits—Go vernment

BankOther

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

Bank of Sweden (millions of kronor):Gold _Foreign bills, etc ,Loans and discounts ^. . .Note circulationDeposits

Swiss National Bank (millions offrancs):

GoldForeign balances and billsLoans and discountsNote circulationDemand deposits

Central Bank of the Republic of Tur-key (millions of pounds):

GoldForeign exchangeGovernment securitiesOther securitiesOther assetsNote circulationDeposits.__Other liabilities..

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

GoldLoans and discountsOther assetsNote circulationDeposits—Demand

TimeJudicial and adminis-

trativeOther liabilities..

National Bank of the Kingdom ofYugoslavia (millions of dinars):

Gold _Foreign exchangeLoans and discountsAdvances to StateNote circulationOther sight liabilities

1935

Feb. Jan

50618

673940230

905476298

1,0492,049

10,41492

6,2762,8939,7999,308

21, 2258,1529,406

25,9396,788121

11,477

24,9803,329

2,269691284

2,3304,5901,051

35155750659454

1,794796

1,330556

281415235331622971

1,260164

1,8282,2884,3221,241

505

937234

905466302

1,0492,079810

10,34691

6,5882,9119,7179,18821,6177,6189,607

23, 7437,136

1411, 5413,36921,1213,948

2,268688279

2,3514,591959

35156350651475

1,838395

1,334592

271315235351643168

46, 643102, 95741, 60975, 58433,16639, 371

2,62640,462

1,251159

1,8032,2874,2881,292

1934

Dec. Feb.

50328757981241

903437316

1,0492,121758

10,28591

6,7292,9469,6689,202

22, 3077,232

22,28710,517

5113,0071,88221,4715,216

2,268677281

2,5254,696

35155557708407

1,9108

1441,440624

271315333321653262

46,643104,849'42,39579,60632,04239, 242

2,70240,295

1,785225

1,7642,2874,384

47978

752939271

833382330

1,0511,925771

9,974146

8,8923,1685,6818,43720,8157,4498,034

18, 25521, 206

20110,4291,899

32, 2611,735

2,262663281

2,5194,748912

37351158597562

1,8373

1161,390557

254

15531321602860

49,86195,95045,33278,23133,98842, 682

2,71033, 532

1,765169

1,9592,3174,233

« Corrected.1 Agricultural and urban loans in process of liquidation. See note 2.2 Includes Treasury obligations received from Government in connection with losses on agricultural and urban loans and reported sepa-

rately from "other assets'* beginning with Dec. 31, 1934.



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

Cash invault anddue fromBank ofEngland

222218199210196207213210216

225213

Money atcall and

shortnotice

132131141138139137136135151

137127

Bills dis-counted

212223228224222213216233255

284265

Secu-rities

534542549550557563576589594

593606

Loans tocustom- Other

Liabilities

Deposits

Total Demand Time*Other

liabilities

1934—AprilMayJuneJulyAugustSeptember. _OctoberNovember..December

1935—JanuaryFebruary

763759761762759757760759759

756759

225229220219222236236247

237231

1,8531,8581,8701,8711,8561,8581,8911,9112,222

2,2332,202

919925954960939948960975

1,044

890887888874869873885900910

1,034(2)

899

240238237235236240245250251

251248

Liabilities

France

(4 large banks. Figures in millions offrancs)

Cash invault anddue fromBank ofFrance

1934-AprilMayJuneJulyAugustSeptember.OctoberNovember..December..

1935—January

5,3065,5675,5476,1056,2636,9467,4506,4856,8365,864

Due frombanks

1,5901,4961,4781,4071,3931,4191,5081,4731,4211,662

Bills dis-counted

17,97318,04318,43518,70518,02418,38417,97217,36318,30418,024

Loans,includingsecurity

loans

8,6168,3568,1998,5268,3278,5118,1248,0038,1598,052

DepositsOther

Total

1,2201,1851,2011,2701,3161,3951,4881,5621,717

30,67730,621

31,88831,16532,46032,23930,54230,943

Demand

29,81929,74629,916

30,27531,54731,33229,58230,03929,830

Time

857875904926889913908960904763

Ownaccept-

320261208201183179183192193220

Otherliabilities

3,7083,7663,8333,9253,9764,0164,1194,1524,3013,779

Germany

(Reporting banks. FiguresIn millions of reichsmarks)

Assets Liabilities

Cash invault anddue fromReichs-bank

Due frombanks

603619619601594595579586

Bills dis-counted

2,1032,1602,1282,1652,2232,2512,3642,378

Loans,includingsecurity

loans

4,3904,3094,2204,2394,2114,2494,2274,206

Secu-rities

2,4772,4782,5122,5152,4322,4552,4782,502

DepositsOther

Total Demand Time

Creditsobtained

frombanks forcustomers

Otherliabilities

1934—AprilMayJuneJulyAugustSeptember.October-_.November.

166169226176145210163140

1,1951,1841,1581,1751,1671,1861,1951,200

7,1667,1857,1647,1517,0687,2007,2447,254

3,2603,2603,3613,2723,1893,3443,3603,372

3,9063,9253,8043,8793,8793,8563,8843,882

648631609594581570559541

3,1203,1033,0913,1273,1233,1753,2043,218

Assets Liabilities

Canada

(10 chartered banks. Fig-ares in millions of Canadiandollars)

Entirely In Canada

Cash invault and

in cen-tral goldreserves

187187185206212219224232228

230230

Securityloans

1011039998

10010110899

103

9186

Otherloans andbills dis-counted

1,0441,0371,018

9961,0001,0101,0291,003

977

958957

Securityloans

and netdue fromforeignbanks

169176183163184178162185155

147149

Secu-rities

837830837850862888911920967

973984

Other Notecircula-

tion

121119129122131136130132124

117119

Deposits payable in Canadaexcluding interbank deposits

Total

1,9441,9641,9221,9291,9391,9712,0382,0352,035

2,0142,003

Demand

568597557568571594668624628

602575

Time

1,3761,3681,3651,3601,3671,3771,3701,4111,407

1,4121,428

Otherliabilities

1934-April -MayJuneJuly—AugustSeptember-OctoberNovember..December..

1935—JanuaryFebruary...

448469452455446434450445449

441434

722719723717733724715715718

710717

1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total.* Figures not yet available.NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646.



DISCOUNT RATES OF CENTRAL BANES[Percent per annum]

Date effective

In effect Apr. 1,1932-Apr. 9Apr 19Apr. 21Apr. 28May 2May 12June 30Sept. 22Jan 9,1933May 12June 29July 15July 29Aug 156ept. 4•Sept 19Dec. 11Feb 9 1934June 1Nov. 26Mar 25Apr. 5 .Apr 10,In effect Apr. 10,1935

Central bank of—

Eng-land

ZH

3

2

2

France

2H

32H

2H

Ger-many

6

5

4

4

Italy

6

5

4

ZH3

4ZH

ZH

Nether-lands

3

2H

ZH

4ZH3

2H

ZH

Switzer-land

2

2

Centralbank of—

AlbaniaAustriaBelgiumBolivia

BulgariaCanadaChile _.ColombiaCzechoslo-

vakia

DanzigD e n m a r k . . .Ecuador

EstoniaFinlandGreeceHungary

RateApr.

10

42H6

72H44

ZH

42H4

547

Date effective

Nov. 16,1933Feb. 23,1935Aug. 28,1934July 5,1932

Jan. 2,1934 \Mar. 11,1934 ;

Jan. 23,1935July 18,1933

Jan. 25,1933

Sept. 21,1934Nov. 30,1933Nov. 30,1932

Oct. 1,1934 ;Dec. 3,1934 jOct. 14,1933 !

Oct. 18,1932 :I

Centralbank of—

IndiaJapanJavaLatvia

LithuaniaNew Zealand..NorwayPeru __Poland

PortugalRumaniaSouth Africa .Spain

SwedenTurkeyU.S.S. R____Yugoslavia...

RateApr.

10

3.65ZHbH

64ZH65

5

ZH

2H

85

Date effective

Feb. 16,1933July 3,1933Nov. 1,1934Jan. 1,1933

Apr. 1,1930Aug. 1,1934May 24,1933May 20,1932Oct. 26,1933

Dec. 13,1934Dec. 15,1934May 15,1933Oct. 29,1934

Dec. 1,1933Mar. 2,1933Mar. 22,1927Feb. 1,1935

Change since Mar. 1: Italy—Mar. 25, down from 4 to ZH percent;Netherlands—Apr. 5, up from 2H to ZH percent; Apr. 10, up from ZH to\H percent.

MONEY RATES IN FOREIGN COUNTRIES[Percent per annum]

Month

1934—January—.February.MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

1935—January-February..

England (London)

Bankers'accept-ances,

3 months

1.01.95.95.96.91.91.87.79.73.77.45.57

Treasurybills, 3months

Day-to-daymoney

Bankers'allowance

on deposits

Germany (Berlin)

Privatediscount

rate

3.873.873.873.873.873.763.753.753.813.813.633.50

3.513.41

Money for1 month

4.784.915.005.115.134.674.445.025.135.134.373.56

3.933.77

Day-to-daymoney

4.744.784.894.764.724.574.674.724.714.634.214.28

3.823.83

Netherlands (Amster-dam)

Privatediscount

rate

.50

.781.242.071.33.78.74.75.61.59.63

.58

Money for1 month

LOO1.001.071.851.221.001.001.001.001.001.001.00

1.001.00

Month

1934—January...February .MarchAprilMayJuneJulyAugustSeptemberO c t o b e r -November.December.

1935—January...February..

Switzer-land

Belgium(Brussels)

France(Paris)

Italy(Milan)

HungarySweden(Stock-holm)

Japan (Tokyo)

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Primecommer-cial paper

Day-to-daymoney

1.501.501.501.501.501.501.501.501.501.501.501.50

1.501.50

2.142.052.072.141.932.112.202.31

.2.152.102.232.38

2.382.38

2.122.592.752.702.602.091.781.751.501.451.441.50

1.792.12

3.003.003.003.003.003.003.003.003.003.003.194.00

4.004.00

4H-7J-iH-7)>

iH-7H4H-7H4^-7"

Loans upto 3

monthsDiscounted

bills

znZ'

mZHZHZHZHZHZH

2HAH2H-4H2YW

2H4H2H-4H2H4H

2H-4H

Hm

5.11-5. 485.11-5.485.11-5. 485.11-5. 485.11-5. 485.11-5. 29

5.115.115.115.115.115.11

5.11

Callmoney

overnight

2.372.562.562.372.372.372.562.742.562.562.562.74

2.56

NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p 289; July 1929, p . 503; November 1929, p . 736; andMay 1930, p . 318.


236 FEDEKAL RESERVE BULLETIN APEIL 1935

FOREIGN EXCHANGE RATES[Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]

Year and month

1929193019311932. __..193319341934—March

AprilMayJuneJulyAugustSeptember. .OctoberNovember. _December....


Argen-tina

(peso)i

95.127483. 505066. 737558.4433

*72. 800933.579333.955334.347534.041333.655233. G07733. 766133.290432.945833. 262532.951332. 603832.460731. 8033

Aus-tralia

(pound)2

480.83458.60351. 50279.93337.07400.95405. 86410. 54407.10402. 24401. 70403. 52396.50391. 52395. 73392. 27387. 92386.37378. 56

Austria(schil-ling) 3

Belgium(belga)

14.057514.089114.022713.959915.447818.7930 i18.9114 '18.872418.942918.902118.8786 ,18.998119.018518.924218. 795618.771118. 7725 !18.7900 I18. 8827 !

13.912413. 952413.928513.913717.899623.286723.298123. 441623.413723. 362823.360623. 705623. 733223.457923.321223. 393923. 315023. 329322. 7564

Brazil(mil-reis)i

11.807810.71367.02907.12237.9C308.42688. 54208.60048. 60468.47348.43848.48988.30968.18998. 21768.19048.14518.12828. 2363

Bul-garia(lev)3

Canada(dollar)

0.7216.7209.7163.71931.00391.28521.33241.32951. 31541. 25031. 26081.28811.28141. 24281. 21341.21101.19551. 26651. 2878

99.247299. 842496. 325888.089691.9587101.006099.7871100. 2070100.1859100. 7936101. 2034102.3779102. 9387102.1226102.4719101.3090100.182599.885299.0647

I

Chile(peso)i

12.060112.078512.06697.90797. 678710.145210.129410. 259510. 253110. 223310. 270510. 326610. 297410. 309010.349610. 23675. 06305.07615. 0885

China(yuan)

41.900729.916622.436921. 7357'28.597934.093734. 619034.150632.462133.052333.911834.855335. 582734.588133.394734.216434. 992436. 536938. 2960

Colom-bia

(peso)i

96. 551296.493096. 569795. 275081. 696661.779967. 666359.922861.464257. 890056.105255.159657. 649660. 201265. 039164.528464.145058.957754.1613

Cuba(peso)

99.964799.951599.929599.940999. 946499.936299.953599.928899. 932999. 972699. 940499.915699.915099.916599. 919399.919499.921599.920599. 9200

Czecho-slovakia(koruna)

2.96092.96402.96192.96183.82324.24244.15314.17204.17554.15904.15404.19444.21414.19964.17774.18034.17114.17844.1982

Den-mark

(krone)

26.680226.765025.058118.831719.070922.499822. 738423.005122.794822. 539522.510322. 621522. 298122.061522. 272422. 079 &21. 844721.759421. 3244

Year and month Egypt(pound)

192919301931.19321933.1934.1934—March

April __MayJuneJuly—AugustSeptember. _.OctoberNovember . . .December

1935—JanuaryFebruaryMarch.

498.0689498.6002465.1111359. 5406434.3908516.8549522. 3447528.4813523. 7236517.7111516.9506519.5273512.2619506*6711511. 6889494. 5793501.7925499. 7457

!

England Finland(polnd) | (™«k-

i

485.6879486.2126453.4990350.6067423. 6821503.9302509.3917515.3425510.6279=504.8046504.0705506. 5076499.4056494.0809498.9022494.5793489. 2457487. 3466477. 6211

2. 51602.51692.38751. 65471.87082.22772.24702. 27022. 25402.23112. 23022. 24032. 21012.18262. 20192.18592.16362.15362.1099

France(franc)

3.91613.92493.92003.92765.03136.56886.58016. 61616.61316. 59936.59396. 65926.67146. 62476. 58866. 59716. 58206. 59366. 6232

Ger-many

(reicns-mark)

Greece(drach- j

ma) j

HongKong

(dollar)

Hun-gary

(pengo)1India Italy ! Japan

(lira) (yen)

23.808623.854123.630223. 749230.517939.375139.659939.589039.471238. 295338. 493839.478640. 276040.450740. 205440.191040. 061440.117840. 3722

1.2934 I1.2959 |1.2926 !.8320.7233.9402.9413.9452.9462.9449.9453.9565.9562.9476.9392.9375. 9341.9339.9399

47.166933.853024.330523.460429.451638.715638.684238.155636.229336.489037.623138. 614039.332440. 469541. 241842.290843.169544. 336247. 9147

17.441417.493917.452217.446022. 359829.574629.612529.765229. 755929. 752929. 711229.883230.021929.899529.712629.599329. 582829. 695529. 6405

I

36.202036.067233.689526.346831.815937.879338.333538.755738. 332937.907237.877438.061637. 548137.142637.486637.183536. 8nll36. 799436. 0210

5. 23345.23745.20635.12536.70948.56178.57638. 56418.51768.59898. 57508. 66328. 67948.60568. 53868.54278. 52098.47308. 3368

i 46.0997i 49.3898i 48.8509I 28.111225.645729.7153! 30.0093! 30.3124! 30.2276! 29.904129.843429.993329.769328.684329.055428.823228. 472528.391327. 9837

Mexico(peso)

Nether-lands(florin)

48.183047.1331

«35.491931.850028.102527.742327.722427. 722227.743227. 749227. 748127.729827.745827.751427. 762027. 761527. 754127.751527. 7500

40.162240.225140.229840.294951.720967.383167. 295667. 847167.905667. 814867. 714668.380868.574468. 086967.598867.638267. 456267.560267.9506

Year and monthNew

Zealand(pound) 2

Norway(krone)

Poland(zloty)

Portu-gal

(escudo)

Ruma-nia

(leu)Spain

(peseta)

StraitsSettle-ments(dollar)

Sweden(krona)

Switzer-land

(franc)Turkey(pound)

Union ofSouthAfrica

(pound)

Uru-guay

(peso)

Yugo-slavia(dinar)

19291930193119321933 .19341034—March

AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


483. 21468. 22415. 29320.19340. 00402.46406.84411.63408. 28403.39402.81405. 09398. 77393. 67398. 07394.63390. 25388.69380. 91

26.682726.759825.054618.003921.429225.316125.583425.882425. 646325.355925. 324625. 450425. 092824.825825. 065524.847824.581524.488024.0265

11.194011.205111.197011.182314.413518.846018.904318.955418.951418. 887918.891719. 082419.141319. 007118.897618.894118.853518.872118. 9611

4. 47144. 49404.24353.19603. 91654.60894. 67094. 70854. 66774.62534. 61294. 62744. 55934. 50434. 53844.49774. 45004.43284. 3430

0.5961.5953.5946.5968.77951.00061.00131.00601.00321.00201.00451.01261. 01441. 0069.99981.00251.0027.95921.0093

14. 683311. 66709. 54538.043810. 718913.615013.617513. 702413. 705013. 677613. 666813. 800213. 826913.727213. 653213. 671913.640813. 662613. 7232

56.011755.963952.445140. 397049. 232059.005259. 600760.348759.817359.170959.056259. 348858.516457.917258. 453857.971757. 242157.005755. 6346

26.783926.854325. 254018.471022. 032425.981526.262026.564326.319926. 021125.988026.118225. 748325.475625. 722025.497525. 226725.125624. 6264

19.279219.382019.400919.404924.835532.366332. 285732. 459332. 527732. 496932. 577132.954233.023732. 774532.471332. 405332. 305532.352532. 5301

48. 410547.060847.181447. 285460.439679.047279.150779.636479. 620479. 466979. 291279.996980. 267179. 686979.199179.296479. 338179. 5018

483.27483. 79480. 76476. 56414.98498.29503. 42509.43504.80499.10498.44501. 27494. 23488.43493.42489. 244S3. 99482.30472. 31

98.629485.865055.357247.063960.336079.956280.192180. 608180. 553980. 266880.143380. 996181.149680. 552080.148680. 231080. 019480.130680. 4779

1.75911.76811.76801.64111. 76072. 27192.26482. 27182. 27252. 27022. 27732.30752.31562.29932.27852.27562. 27162. 27172.2852

I1 Nominal since April 1933. » Nominal since April 1934. 3 Partly nominal since April 1933.

4 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.

fl Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold pesofor Jan. 2-July 29 was 47.6510 cents.

* Corrected.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year and monthUnitedStates

(1926=100)

1926 ' 1001927 1 951928 _ | 971929 - J 951930 861931 _ _ 731932 651933_ _ - 66

1933—November ! 71December _ 71

1934—January _ i 72February _ ___ 74March 74April , 73May - • 74June _.- _ 75July i 75August. - \ 76September _ i 78October j 77November.. _ j 77December __ 77

1935—January _ ! 79February.. j 80

Canada ' England(1926=100) ! (1930=100)

10098969687726767

6969

717272717172727272717171

7272

100888686

8888

898988888788878988888888

8888

France(1913=100)

695642645627554502427398 ,'

403 |407

405400394387381379374371 .365357356344

350344

Germany(1913 = 100)

1341381401371251119793

9696

96969696969799100100101101101

101101

Italy(1913 = 100)

602495462445383328304280

273275

276275275273273272270271270272274276

277278

Japan(October

1900=100)

Nether-lands

(1913=100)

237225226220181153161180

179176

176178177177176175174177179182181181

182184

145148149142117977974

7677

798079797776777877777778

7877

WHOLESALE PRICES—GROUPS OF COMMODITIES[Indexes for groups included in total index above]

United States (1926=100) England (1930 -100) France (1913=100) Germany (1§13=100)

Indus-trial rawand semi-finishedproducts

Indus-trial fin-

ishedproducts

Indus-trial

products

Indus-trial

products

Agricul-tural

products

192619271928-19291930193119321933_ -.

1933—NovemberDecember.

1934—January _..February.MarchAprilMay -JuneJulyAugustSeptemberO c t o b e r -NovemberDecember.

1935—January-February..

Sources.—See BULLETIN for March 1931, p. 159, and March 1935, p. 180,



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—ContinuedRETAIL FOOD PRICES

[Index numbers]

COST OF LIVING[Index numbers]

Year and monthUnitedStates

(1913=100)1

England(July

1914=100)

France(July

1914=100)3

Germany(1913-

14=100)Year and month

UnitedStates

(1913=100)

England(July

1914=100)

France(Jan.-June1914=100)3

Germany(1913-

14-100)

1926_1927192819291930193119321933

1933—November.December.

1934—January-February..MarchAprilMayJuneJulyAugustSeptember.October. __November.December.

1935—January...February..

161155154157147121102100

107104

105108109107108109110112117116115114

119122

161156157154145131126120

126126

124122120118116117122123126125127127

125124

113113112124125124109100

103104

105103100989798979795959494

9290

1926-

153156146131116113

117118

118117117116116118120121119119120119

119120

1927.1928-1929-1930-1931-1932-1933-

175173171171164148134132

170164166164158148144140

103104105113118116107106

1933—November.December _

1934—JanuaryFebruaryMarch __AprilMayJuneJulyAugust «SeptemberOctober JNovemberDecember

1935—January...

135

136

139

February.

143

14214114013Q137138141142143143144144

143142

107

107

106

104

102

152154148136121118

120121

120120120120120121122122122122122122

122123

i Since August 1933 the Bureau of Labor Statistics has published biweekly indexes1 Index represents prices converted to gold basis of 1914.

Figures given are for the date nearest 15th of month.

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 G6n6rale, and for cost of living, Commission d'etudesrelatives au cotit de la vie a Paris.

SECURITY PRICES[Index numbers except as otherwise specified]

Year and month

Number of issues

1926192719281929193019311932__1933

1933—NovemberDecember

1934—JanuaryFebruaryMarch. . . _.April.M a y -June.- . _ __ . „.-JulyAugustSeptember.— .OctoberNovemberDecember . _ .

1935—January. _February

Bonds

UnitedStates

(averageprice)

60

97.098.998.795.798.396.181.184.0

82.683.6

88.392.995.197.097.699.099.397.896.798.498.8

100.0

101.3101.3

England(December1921=100)1

87

110.0110 7112.3110.2111.8108.4113.2119.7

122.3122.0

123. 6124.3126.2126.9125.8125. 3127.1127.4128.3128.9133.2132.7

134.6131.6

France(1913 aver-age =100)

36

57.471.780.885.195.896.988.681.3

79.679.9

78.778.776.981.984.785.682.781.881.382.785.085.8

88.989.5

Germany(averageprice)1

169

85 581.483 3

»83.4»67.1

82.5

87.989.6

92.091.691.991.390.788.987.887.989.091.692 293.8

96.095.5

Common stocks <1926 average5

UnitedStates

421

100.0118 3149.9190.3149.894.248.463.4

69.170.4

75.680.577.179.671.873.571.467.867.067.369.469.2

69.767.8

England i

278

100.0107 0115.9119.5102.678.967.978.6

80.981.4

85.587.087.388.187.186.084.883.883.684.585 685.3

86.985.4

France

300

100 0123 2178.1217.6187.6132.2105.299.6

95.795.3

92.391.885 088.890.187.683.381.177.374.773 074.7

83.780.3

= 100)

Germany

329

100.0145 0136.1122.8100.2»78.0»50.3

61.7

58.761.8

64.467.870.668.867.269.971.373.476.276.373.773.2

76.679.3

i Annual indexes are unweighted averages of monthly indexes.« Exchange closed from July 13 to Sept. 2S1931, 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.

Index for 1931 represents average of months January-


APHIL 1935 FEDERAL RESERVE BULLETIN 239

LAW DEPARTMENT

Transactions constitutingaccounts

withdrawals from savings

In response to an inquiry the Federal Re-serve Board recently expressed an opinion as towhether certain transactions constituted with-drawals from savings deposits requiring thepresentation of the passbooks.

In the first situation, a few customers of themember bank had left with the note depart-ment and escrow department of the bank in-structions to charge their savings accounts withinterest and payments due on their notes orescrows as they matured. The bank desired toknow whether or not the Board regarded suchtransactions as being withdrawals requiring thepresentation of the passbooks in each instancein order that the accounts could be classifiedas savings deposits. The Federal ReserveBoard expressed the opinion that chargesagainst savings accounts pursuant to such

instructions constituted payments to the de-positor or his designee and should be regardedas withdrawals from the savings depositsrequiring the presentation of the passbooks ineach instance.

In the second situation, the member bankwished to know whether it was permissible forit to charge to its customers' savings accounts,without the presentation of the passbooks,out-of-pocket expenses incurred by the bankin connection with these accounts, such ascosts of telegrams, exchange charges, andpostage. The Federal Reserve Board statedthat in its opinion such charges did not con-stitute withdrawals within the meaning of theapplicable provisions of the Board's regulationsand, accordingly, that such charges could bemade by the bank without the presentation ofthe passbooks.



FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.

DISCOUNTS BY MONTHS

[Averages of daily figures. In thousands of dollars]

Federal Reserve bank

Boston _New YorkPhiladelphia..

ClevelandEichmondAtlanta

ChicagoSt. LouisMinneapolis-Kansas C i t y -DallasSan Francisco

Total—

1935

March

4974,090

557

248203

753512

133178

6,810

February

2101,977

791

561231163

100222

973650

6,240

1934

March

1,87525,36117,126

3,3341,9681,177

1,804363920

37487961

55,350


DISCOUNTS BY WEEKS



BostonNew YorkPhiladelphia..

ClevelandRichmondAtlanta _.

ChicagoSt. LouisMinneapolis-Kansas City-DallasSan Francisco.

Total. _.

Wednesday series (1935)

Mar. 6

1533,456

609

865266191

23285

13967

306

6,108

Mar . 13

2134,008

524

836259222

234820

1157978

6,425

Mar . 20

3014,502

553

664276206

232520

71165851

7,657

Mar. 27

1,2684,414

552

566203187

23255

81223131

7,678


TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TOLIABILITIES

[Averages of daily figures. Amounts in thousands of dollars]


Total reserves

1935

March February

1934

March

Total deposits

1935

March February

1934

March

Federal Reserve notes incirculation *

1935

March February

1934

March

Ratio of total reservesto deposit and Fed-eral Reserve noteliabilities combined

1935

March Febru-ary

1934

March

BostonNew Y o r k -Philadelphia-.

Cleveland..Richmond-Atlanta

ChicagoSt. LouisMinneapolis-

Kansas City—Dallas -—San Francisco.

439,7082,175,433

327,682

443, 634211, 516134, 643

1,077,898199,764153,537

201,041111, 279343, 246

435,7052,164,880

405, 787199,932128, 762

1,079,300204,949150, 577

204, 440122, 680340, 592

327, 5151, 354,115

306, 393

359, 964165,768139, 520

938,497180,481116, 334

179,095106, 215272,035

314, 6292,199,866

241,165

327,336167,55996, 356

662,821161,453111, 750

182, 321129,425295,903

311,2152, 204,404

224,117

296, 280145,39590,494

692,052164,990107, 718

177,491138,414293,318

229, 2091,425,455

211,106

243, 297106,89789,106

556,667122,129

75, 687

149,167124, 500214, 612

265,106664,118235,031

309, 754153,438125, 737

787,987140, 090103,948

118, 53148,183

203,048

264, 372659, 404234,022

302,791155,325126, 220

775,897138, 626104, 209

116,10048, 301

199,154

225,143617,505238,300

294,651147,881126, 052

772, 542136, 395

109,19141,064

198,553

75.876.0

69.665.960.6

74.366.271.2

62.7

75.775.667.4

67.766.559.4

73.567.571.1

69.665.769.2

72.166.368.2

66.965.164.8

70.669.867.4

69.364.265.8

Total.. 5,819,381 5, 746, 597 4,445,932 4,890, 584 4,845,888 3, 547, 832 3,154,971 3,124,421 3,004,165 72.3 72.1 67.9

i Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $15,787,000; month ago, $18,067,000; year ago, $15,217,000.

Back figures—See Annual Report for 1933 (table 9) and 1932 (table 8).



ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTESTATEMENT, MARCH 31, 1935

[In thousands of dollarsl

Total Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond lanta Chicago St.

LouisMin-neap-olis

Kan-sas

CityDal-las

SanFran-cisco

Gold certificates on hand and due fromU. S. Treasury

Redemption fund—Federal Reserve notes-Other cash _

Total reserves

Bills discounted:Secured by U. S. Government obliga-

tions, direct and/or fully guaranteed_Other bills discounted

Total bills discountedBills bought in open marketIndustrial advances

U. S. Government securities:BondsTreasury notes

Certificates and bills __.

Total U. S. Government securities..

Total bills and securities

Due from foreign banksFederal Reserve notes of other banksUncollected items. ._Bank premisesAll other assets. _ _

Total assets _.

LIABILITIES

Federal Reserve notes in actual circula-tion _ _

Deposits:Member bank—reserve accountU. S. Treasurer—general accountForeign bank __,Other deposits.._

Total depositsDeferred availability itemsCapital paid in _Surplus (sec. 7)__ _Surplus (sec. 13b)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 agentHeld by Federal Reserve bank

In circulation

Collateral held by agent as security fornotes issued to banks:

Gold certificates on hand and duefrom U. S. Treasury

Eligible paperU. S. Government securities

Total collateral

5, 576,02315,649

232,933

415, 633279

24, 770

2, 223, 56i,806

68, 213

295, 738 454.969 208,0711 , 8 7 8 • • •"•

33,1581,411

10, 5071,4959,253

114,4013,305

11, 6761,37

24,771

293 176,341383

9,615

134, 988 187, 820905

10,489445

10, 666

94, 782 300,188

5,518

),4183,178

14, 297

5,824,605 440,682 2, 292, 588 330, 774 466,88'218, 81<J129,382 995,440 186, 339 146,099 199, 21400,488 317,893

4,3513,265

1,605112

1,3472,465

351173

7,6165,3C521,173

1,717389

2,146

3,8122,0321,876

524536

3,786

35831

389504

1,350

15365

60125

300 50170

10017

218196

3,535

185191

1,085

323627

1,603

2599

490

579

1,957

81143959

220138

1,699

117371687

391,9171,494, 726

550, 660

23,45397,60736,619

25,38603, 54038,194

136, 433447, 515 103, 540 132,162, 370

30,879.32,45349,692

16,46170,61126,491

13,66358,58721,976

50,015249,82690,002

16,11266,96525,123

16,20939, 76314, 708

15,64766,31724,88C

19,63541, 33315,507

28,024120,20945,0a8

2,437, 303 157,679 746, 318 167,120 213,024 113, 563 94, 226 389,843 108, 200 70,680 106,844 76, 475193,331

2, 471,397 161,931 754,038 171,966 215, 267 117,512 95,687 392,396 108,814 72,721 108,027 78, 532 194, 506

70S15,067

428, 76249, 52442,947

53416

44, 0943,168674

2783,434

109, 54111,65829,812

73680

30,3404,5534,502

67564

40,1456,6291,587

261,103

32, 7683,0281,311

251,343

15, 6462,3251,750

852,281

67, 2834,955780

51,30218,8312,628225

4832

9,9061,580

19864

24,4073,447262

18399

14,9521,684841

491,849

20,8493,869523

8,833,004 651, 0183, 201, 34S 542,888 731,146 374, 56'246,158 1,463, 220 318,144231,822 336, 24C196,914 539, 538

3,165,649 266, 535 669,813 236, 684 311,439 151, 335 125,141 792,489 139,995 102,806 119,082 47,162 203,168

4, 247, 242418,85819,186

207,306

279,485 1,926,198 216,953 309,962 145,99831,227 218,277 19,790 32,816 29,1101,206 8,602 1,658 1,591 6203,840 147,432 3,651 3,959 1,

82, 9545,288603

3,318

520, 296 127, 238"" "~ 7,'"

50212,999

34, 3171,9433,319

96,304 174,724 115,220 251,9105,015 7,971 4,906 22,203402 452 435 1,172

7,236 634 2,883 16,546

4,892, 592429,666146,922144,89314, 78130,8047, """

315,758 2, 300, 509 242,052 348, 328 177, 21743,955 108,645 30,113 39,537 32,12010,772 59,575 15,148 13,123 5,0359,902 49,964 13,470 14,371 5,1862,165 1,778 2,098 1,007 2,0851,648 7,501 2,996 3,000 1,416283 3,564 327 341 173

92,16315,3444,4065,540754

2,600210

559,875 148,677 108,957 183, 78168,734 18,983 10,864 24,03212,794 4,072 3,131 4,05321,350 4,655 3,420 3,6131,351 547 1,003 6725,325 891 1,211 8121,302 324 430 195

123,444 29116, 3184,0183,777626

1,363206

,83121,02110,7959,645695

2,041342

8,833, 004

72.3

15,964

651,018 3, 201, 349 542, 888 731,146 374, 567 246,158 1, 463, 220 318,144 231,822 336, 240 196, 914 539, 538

75.7

2,663

77.2

6,223

3,416,088250, 439

283,34216,807

751,844 249, 732 325, 399 160, 567 142, 69!82,031

3,165, 649 266, 53/

3, 268,1795,749

231,100

301, 6171,703 2,174

3, 505,040 303, 320

69.1

439

70.8

1,315

66.6 73.6

453

64.6

1,

69.0

33

65.8

309

58.9 64.2

1,506

13,048 13,960 9,232 17, 554823,859 144, 566 108, 478 126,33831,370 4,571 5,672 7,256

54,058 245, 21042,042

669, 813 236, 684 311, 439 151, 335 125,141 792,489 139, 995 102,806 119,082 47,162 203,168

788, 706 228,000 321, 215 148,340504

22,000370

5,000187

13,000

85, 68516:

60,000

796, 546 121, 632 103, 500 117, 000300 11 36

40,000 24,000 6,100 10,000

53, 675 202, 26390

50,000212

1,000

790,880 250, 504 326, 585 161, 527 145,847 836,846 145, 643 109, 600 127,036 54,887 252, 365


242 FEDERAL RESERVE BULLETIN A P R I L 1935

LICENSED 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

Reserves held

Total

1935

February January

1934

Decem-ber

Excess

1935

February January

1934

Decem-ber

Borrowings at Federal Reservebanks

1935

February January

1934

Decem-ber

BostonNew York...Philadelphia..

ClevelandRichmondAtlanta

ChicagoSt. LouisMinneapolis..

Kansas City..DallasSan Francisco.

Total...

303.22,069.5

216.2

287.5139.183.2

680.1146.399.0

173.2133.9270.1

302.11,841. 4

216.9

274.7130.882.4

695.9146.4103.0

169.0128.3266.0

261.01, 647. 2

203.8

280.7123.078.5

672.2131.4102.2

157.6124.0255.7

172.7988.489.6

141.767.128.4

354.479.652.0

92.376.693.6

173.3791.091.9

129.459.628.7

375.880.155.9

70.790.3

134.5620.580.1

133.952.824.6

353.265.754.5

77.167.783.1

0.23.9

.5

.2

.2

.1

.02

0.64.8

.3

.2

.2

.3

.1

.1

.03

.05

.1

.02

.2

4, 601. 4 4, 354.9 4,037. 4 2, 236. 6 2, 035. 2 1, 747.8 6.0 7.7

1.46.11.0

.4

.1

.05

.1

.2

.01

.1

.01

.1

9.7

NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLERCENTERS

[Averages of daily figures. In millions of dollars]


BostonNew YorkPhiladelphia

ClevelandRichmond .Atlanta .

Chicago . - .-_St LouisMinneapolis

Kansas CityDallasSan Francisco.

Total

Member banks in larger centers (places over 15,000)

Net demand

1935

Febru-ary

1,1708,057

919

1,079546428

2,414495293

567410

1,165

17,543

Janu-ary

1,1527,821

907

1,082539414

2,375497294

565397

1,160

17, 204

1934

Decem-ber

1,1247,639

899

1,101531419

2,374494300

567404

1,143

16,993

Time

1935

Febru-ary

5931,645

637

902315266

969251172

206162

1,798

7,916

Janu-ary

5931,637

631

883309261

959250171

203162

1,782

7,840

1934

Decem-ber

5891,635

613

880306266

920246169

201161

1,731

7,718

Member banks in smaller centers (places under 15,000)

Net demand

1935

Febru-ary

85209155

15012098

187133135

241199105

1,818

Janu-ary

85200155

14712199

181128135

238194106

1,789

1934

Decem-ber

88200155

14411894

177125136

236194109

1,776

Time

1935

Febru-ary

120441393

22716568

16691

172

1093692

2,080

Janu-ary

120440390

22616472

16489

172

1093592

2,074

1934

Decem-ber

122438385

22416068

16288

171

1093490

2,052



REPORTING MEMBER BANKS IN LEADING CITIES

PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO[In millions of dollars]

Total


Bos-ton

NewYork

Phila-del-phia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Min-neapo-

lis

Kan-sas

CityDal-las

SanFran-cisco

City

NewYork

Chi-cago

Loans and investments, total:Mar. 6Mar. 13M<ir. 20Mar. 27

Loans on securities, total:Mar. 6Mar. 13Mar. 20Mar. 27To brokers and dealers in

New York:Mar. 6Mar. 13Mar. 20Mar. 27 ._

To brokers and dealersoutride New York:

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

To others:Mar. 6Mar. 13Mar. 20Mar. 27

Acceptances and commercialpaper:


Loans on real estate:Mar. 6..Mar. 13Mar. 20Mar. 27

Other loans:Mar. 6Mar. 13Mar. 20Mar.27

U* S. Government direct obliga-tions:


Obligations fully guaranteed byU.S . Government:

Mar. 6_. .„_Mar. 13Mar. 20.—Mar, 27

Other securities:Mar. 6Mar 13Mar. 20.Mar.27

Reserve with Federal Reservebanks:

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

Cash in vault:Mar. 6 _Mar. 13Mar. 20Mar.27..

Net demand deposits:Mar. 6Mar. 13Mar. 20Mar.27

18, 46218, 52218, 49818, 463

3,1253,1213,0503,028

834834755740

173171174188

2,1182,1162. 1212,100

431420422429

903962964967

3, 2043,1963,2043,185

7,2227,2847,3247,281

673674674681

2,8412,8652 S602,892

3,3703,4203,1963,174

274282279

14,29414,47914,15514,150

1,1491,1601,1781,175

217212212210

38373635

160160160160

484948

90909090

296301298297

330337355356

12121212

156160162162

246255231223

942965957946

8,4338,4918, 4218,441

1,7401, 7391, 6671,635

71S722644

57565656

965961967953

223214213222

248248248248

1,3571,3531,3601,336

3,3093,3863,4003,433

324312304307

1,2321,2391,2291,260

1,7621,7621,6811,703

62646562

7,5107, 5517,3627,429

1,0851, 0851,0881,085

198199199201

14151516

164163164164

23232425

72727272

167167168168

302299300294

269269269

153152148141

14141314

753764751746

1,1831,1861,1781,172

174174173174

67

166165165165

2222

73737373

132134135135

589590584578

23232323

190190188187

171173166

20202121

710725709721

372374373371

57575858

136136132128

58535048

11121112

252252241240

352346354357

52525253

2222

12121212

124123125126

9499101

206209207

2,0532,0402,0181,991

279278284292

34343948

215216216215

62606060

33323232

302303304307

1,0341,021989943

255256259264

443467419390

45464646

1,7811,7991,7161,654

547540563560

108107108107

205199223222

96105S3

88

401404403401

363361363364

34353434

66

101100100101

151149150151

63645958

4555

265270269270

577578580578

53545454

20212021

14131313

107108108107

246244246245

20212221

117117117117

100101102103

111211VI

474493485484

413419427425

4949

5

1,9351,9421,9551,944

205205203203

1111

43434342

3333

23232324

112110110111

161166173171

25282929

40404039

80837473

9999

309321316318

109911

175177176172

22212221

339340342345

320312311310

660663673659

61666769

328335337337

170176154157

15161617

701729737734

7, 5477, 6027, 5397. 566

1, 5301,5291, 4661,447

676678609604

545454

799797803789

221212211220

131130130130

1,2121,2091,2161,192

3,1283,1983,2023,230

284270274276

1,0411,0481,0401,071

1.7011,7041,6221,644

49515350

7,0527,1006,9246,994

1,6821, 6711, 6501, 599

238237244252

202727

32323746

178179180179

504948

18171717

230230230234

857848317750

78787S73

211212216220

373394356331

35353535

1,5211,5331,4531,384



REPORTING MEMBER BANKS IN LEADING CITIES—Continued

PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO—Con.


Time deposits:Mar. 6 -Mar. 13Mar. 20 . . . .Mar **7

Government deposits:Mar. 6.Mar 13Mar. 20Mar 27

Due from banks:Mar. 6Mar 13 . .Mar 20Mar 27

Due to banks:Mar 6M a r 1 3 . . .Mar. 20 -.Mar. 27

Borrowings from Federal Re-serve banks:

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

Total

4,4464,4334, 4514 4fifi

•

]

/L

t

I

L, 015L, 015,016

L, 016

,8351,855,778

L, 749

1,548I,5331,3471,282

1121


Bos-ton

316312312312

72717171

116110106106

210207204200

1

NewYork

1,0251,0271,0281,037

556557557557

150137131140

2,0862,0721,9441,909

Phila-del-phia

309302306315

62626262

173175158168

261257248248

Cleve-land

45i451452452

45454545

138133134143

203206199196

111

Rich-mond

138139139139

8888

80828281

10710710198

At-lanta

129129128128

31313131

83948584

88898686

Chi-cago

521522538530

58585858

296297292276

620625611611

St.Louis

165166166166

22?22222

11111610398

194191187185

Min-neapo-

lis

127127127127

5555

97969393

123127124121

Kan-sas

City

165165166166

21212222

236249232225

293292287282

Dal-las

123123123123

52525252

16?164161150

150147147142

SanFran-cisco

974970969971

83838383

187202201185

213213209204

1

City

NewYork

609612615610

526527527527

6665oe64

2,0182,0061,8811,846

Chi-cago

380380394386

42414241

188185

176

503609495496

RATES ON INDUSTRIAL ADVANCES[Approved by the Federal Reserve Board, under sec. 13 (b) of Federal Reserve Act as amended June 19,1934. Percent per annum except as other-

wise specified. In effect on Apr. 1, 1935]

Boston NewYork

Phila-delphia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Minne-apolis

KansasCity Dallas

SanFran-cisco

Advances direct to industrial or commercialorganizations __.

Advances to financing institutions:On portion for which institution is obli-

gatedOn remaining portion

Commitments to make advances

3^-6

33

4-6

34-51-2

4-6

13 4

H-2

4-64-61-2

5-6

5-6*5-6

1-2

4H4M

4^-54^-5

1

4-6 5-6

45-6e 1

5-6

3-44-5

1 Authorized rate 1 percent above prevailing discount rate.2 Same as to borrower but not less than 4 percent.3 1 percent below rate charged borrower by financing institution but not less than 4 percent.< With respect to loans received from financing institutions, Federal Reserve bank allows out of interest received on portion of loans retained by-

it 1 percent per annum to financing institutions which agree to service loans and report regularly on status of borrower,fi No general rate established on commitments.« Flat rate.



OTHER BANKING AND FINANCIAL STATISTICS

SHIPMENTS AND RECEIPTS OF AMERICANCURRENCY TO AND FROM EUROPE

BY SELECTED BANES IN NEW YORK CITY

[Paper currency only. In thousands of dollars]

Month

JanuaryFebruaryMarch .AprilMayJuneJulyAugust. .SeptemberOctoberNovemberDecember

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

Ship-ments

toEurope

81173167

Re-ceiptsfrom

Europe

3,7051.5022,026

Netreceipts

3,6241,3291,859

For description and back figures see BULLETIN for January 1932,pp. 7-9, and for January 1934, p. 51.

PAPER CURRENCY OF EACH DENOMINATIONIN CIRCULATION

[Outside Treasury and Federal Reserve banks. In millions of dollars]

Denomina-tion

$1$2$5$10$20$50$100$500$1,000....$5,000....$10,000

Total .

1934

Feb. 28 Sept. 30 Oct. 31 Nov. 30 Dec. 31

39333

7221,2121,304

347587117225

710

4,957

41132

7551,2661,311

336571113223

57

41032

7521,2651,314

335571112221

57

5,031 I 5,025

42232

7761,3001,332

337571111214

510

5,110

42332

7711,2881,326

337577112216

57

5,095

1935

Jan. 31 Feb,

40132

7401,2401,293

336571111214

57

4,953

40731

7551,2751,314

340575112217

5,039

NOTE.—Figures include, in addition to currency outside the Treasuryand Federal Reserve banks, unassorted currency held by these institu-tions amounting to $7,000,000-$18,000,000, and also $1,000,000 of currencyof unknown denominations reported by the Treasury as destroyed.

UNITED STATES POSTAL SAVINGS[Balance to credit of depositors. In millions of dollars]

End of month

January...February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

1931

278.4292.1302.7313.8325.0347.4372.5422.7469.9538.1565.5605.6

1932

666.2692.6706.0722.8742.6784.8829 5848.5858.7871.9885.2901.6

943.4007.1113.9159.8180.3187.2178.4179.4181.5189.0198.7208.9

1934

1, 200.81, 200. 01, 200. 01,197. 51.196. 91.197. 91,190. 31,192. 21,192.81.198. 61, 203. 51, 207. 4

1935

vl, 200. 8n, 205. 7

v Preliminary.

BANK DEBITS[Debits to individual accounts. In millions of dollars]

New York CityOutside New York City.

Federal Reserve districts:BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

Numberof

centers

1140

141

1935

Febru-ary

12,54913,181

1,36913,1501,2501,311

498628

3,336645408747472

1,916

25, 730

January

14,998r 15,065

1,62715, 6241,5171,497

565718

3,874758474847488

2,074

r 30,063

1934

Febru-ary

13,23111,784

1,32213,7141,1091,158

438618

2,852647364689423

1,682

25, 015

«• Revised.

MATURITY DISTRIBUTION OF BILLS ANDSECURITIES HELD BY FEDERAL RESERVEBANKS


Bills dis-counted:

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

Bills boughtin open mar-Irpf*KtJL.

Mar. 6Mar. 13 ~Mar. 20Mar. 27...

Industrial ad-vances:

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

U. S. Govern-ment securi-ties:

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

Total

6,1086,4257,6577,678

5,5065,5055,2995,306

19,47019,86920,40920, 785

2,430,4862,430,3612,430,3072,430,305

With-i n ^days

4,6875,0735,6135,533

112702608208

197625623508

125, 685137,10040, 55028,250

16 to30

days

20514958

244

751193538

4,042

56099

590652

40,55028, 25034,00937,078

31 to60

days

276338333170

6291,1894,004

529

1,3541,609

' 1,1731,118

177,761176,62189,84390, 571

61 to90

days

680619

1,5681,639

4,0143,421

149527

312530425501

91, 54693,784

272,839270,013

91 daysto 6mos.

2472316977

1,078932

1,0901,069

510,783495,080352, 539371,976

Over6 in os.

13151615

15,96916,07416, 50816.937

1,484,1611,499, 5261, 640, 5271,632,417



BANKS LICENSED AND NOT LICENSED

All member banks:Mar. 15, 1933 _Apr. 12, 1933June 30, 1933Dec. 30, 1933.-June 30, 1934 _..Dec. 26, 1934Mar. 27, 1935

National banks:Mar. 15, 1933 _Apr. 12, 1933—June 30, 1933.— _ _. . . __..Dec. 30, 1933_—r_... _.June 30, 1934Dec. 26, 1934Mar. 27, 1935

State-bank members:Mar. 15, 1933Apr. 12, 1933June 30, 1933Dec. 30, 1933June 30, 1934Dec. 26, 1934Mar. 27, 1935

Nonmember banks other than mutual savings banks:3

Apr. 12, 1933June 30, 1933Dec. 30, 1933June 27, 1934 ••___ ..._Oct. 17, 1934 rDec. 26, 1934 ••Mar. 27, 1935

Number of banks

Total

6,6996,6816,7016,5236,4886,4606,425

5,9075,8975,8825,6065,5125,4775,447

792784819 j917976983978

10, 35110,1719,5909,2699,1679,1139,044

Licensed Notlicensed i

5,0785,4255,60G6,0116,3756,4506,422

4,5074,7894,8975,1545,4175,4715,447

7,3928,1888,3338,7608,9018,9338,949

1,6211,2561,095

51211310

1,4001,108

45295

571636709857958979975

221148110601843

2,9591,9831,257

50926618095

Deposits *(in thousands of dollars)

Total

28,421,03828,646,10627,829,94227,694,82831,124, 36132, 278,95733,855,332

18,137,71918, 313,09017, 769, 63617,990, 21719,993,89620, 771, 52121,6G8,238

10, 283, 31910, 333,01610,060, 3069, 704, 61111,130,46511,507,43612,187,094

6,341,3706,135,6485,559,9965,547, 7995,484,1475,471,3185,425, 587

Licensed

25, 554, 28725,986,18326,563,92727,166,97431,012,36732, 270,38033,853,686

16,195,14516,494, 54916,741, 28917,555,23919,895,89720, 764, 70621,668,238

9, 359,1429, 491, 6349,822,6389,611, 73511,116,47011,505,67412,185,448

5,020,0615,071,6645,062,9085,313,5655,356,3845,383,7515,372, 528

Notlicensed

2,866, 7512, 659,9231, 266,015

527,854111,994

8,5771,646

1,942,5741,818,5411,028,347

434,97897,9996,815

924,177841,382237,66892,87613,9951,7621,646

1,321, 3091,063,984

497,088234, 234127,763

87, 56753,059

1 Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on the datesgiven, were still included in the Comptroller of the Currency's records of unlicensed banks.

2 Deposits of national banks and State bank members are as of the nearest available call dates; deposits of nonmember banks for Apr. 12 andJune 30,1933, are as of Dec. 31,1932, or the nearest available call date prior thereto; deposits of nonmember banks for Dec. 30,1933, and subsequentdates are as of Dec. 30, 1933, or the nearest available call date prior thereto.

3 Also exclusive of any trust companies and other financial institutions which do not receive deposits but are included in State bank abstracts*Nonmember bank figures are not available for some of the dates for which data are shown for member banks.

' Revised (in BULLETIN for February 1935) to include private banks which, under the provision of sec. 21 (a) of the Banking Act of 1933, becamesubject to State or Federal supervision in June 1934. Banks reporting to the Comptroller of the Currency under sec. 21 (a) of the Banking Act of1933 numbered 131 on June 30, 1934, 135 on Oct. 17, 1934, and 140 on Dec. 31, 1934, and their deposits aggregated $28,202,000, $55,842,000, and$52,220,000, respectively.

BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIPDURING 1934 AND JANUARY-MARCH 1935

[Preliminary figures]

National banksState bank members -Nonmember banks. .

Total _.

Licensed banks suspended l

Number of banks

Year Jan.-Mar.1934 1935

1 1

55 5

56 6

Deposits 3 (inthousands of

dollars)

Year Jan.-Mar.1934 ! 1935

40 368

36,904 1,168

36, 944 1,536

Nonlicensed banks placed in liquidationor receivership 2

Number of banks

Year1934

3964 23501

920

Jan.-Mar.1935

Deposits 3 (inthousands of

dollars)

Year1934

4 4fli Q82M25

33

4 39 606205,140

Jan.-Mar.1935

6 4994 6 076

9,680

646,729 j 22,255

1 Includes banks placed on a restricted basis.2 Includes nonlicensed banks absorbed or succeeded by other banks.3 Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or

receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the 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.

4 Includes 14 banks with deposits of $12,504,000 in 1934 and 3 banks with deposits of $4,858,000 during January-March 1935, which did not receivelicenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation.



FEDERAL DEPOSIT INSURANCE CORPORATION

CONDITION OF INSURED COMMERCIAL BANKS AND TRUST COMPANIES IN CONTINENTALUNITED STATES DEC. 31, 1934, AND JUNE 30, 1934

[Amounts in thousands of dollars]

Dec. 31, 1934

All banks 1 Nationalbanks

Statebanks

membersof FederalReserveSystem

Statebanks notmembersof FederalReserveSystem

June 30, 1934

All banks iNational

banks

Statebanks

membersof FederalReserveSystem

Statebanks notmembersof FederalReserveSystem

Number of banks _

ASSETS

Loans and discounts (including overdrafts)U. S. Government direct obligationsObligations fully guaranteed by U. S. Government.Other bonds, stocks, securities, etc-—

Total loans and investments

Customers' liability on account of acceptancesBanking house, furniture and fixturesOther real estate ownedReserve with Federal Reserve banksCash in vaultBalances with other banksExchanges, outside checks, and other cash items.-.Redemption fund and due from U. S. Treasurer. _.Acceptances of other banks and bills sold with

endorsementSecurities borrowed __Other assets

Total assets

LIABILITIES

Demand deposits of individuals, firms, or corpora-tions

Time deposits of individuals, firms, or corporations-Public fundsU. S. Government and postal-savings depositsDeposits of other banks; cash letters'of credit; certi-

fied, officers', and travelers' checks outs tanding. . .

14,135 5,462 13,896 5,417 958 7,521

14, 602,31710, 502, 6061,209,835

2 6, 458,188

7,475, 3776, 250,822

696, 7283,487,405

4, 552, 7263, 654, 870

292,4801, 739,870

2, 574, 214596, 914220, 627

1, 230, 913

15,188, 6789, 707,9762 593, 524

6,196, 585

7, 680, 5765, 637, 5222 357, 618

3, 335, 729

4,842,4043,499,1622 151,025

1, 670, 803

2, 665, 698571, 2922 84,881

1,190, 053

32, 772,946 17,910,332 10, 239,946 4, 622, 668 31, 686,763 17,011,445 10,163, 394

243,0931,212,373

465,3054,081, 565

792,4914,977, 2061,350,159

33,956

1,9323,641

502,135

135,687652,000161,891

2, 525,448453,749

2,910,877592,08033,956

7501,529

202,633

106,264349,0.87151,665

1,556,117154,853

1,013,598720, 240

1,142211,286151,749

183,8891,052,731

37,839

1,011367

203, 111

1711,745

96,391

254, 3601, 212,843

426, 9963,819, 410

622,7494,286,797

613, 83936, 249

2,3715,110

468,301

129, 097654,135151, 859

2,497,400349,870

2, 529,716311,34636, 249

1,4082,112

180,897

123, 819343,682134,489

1,322,010122,773845,060271,623

4, 511,924=

1,444215,026140,648

150,106912, 021

30, 870

512412

201, 503

46,436,802 25, 580,932 14,496, 259 6,359, 611 43,435, 788 23,855, 534 13, 529, 277

4512,586

85,901

3, 050,977

16, 716, 50611,653,1522, 600, 5522, 210,808

5,813, 246

8, 980, 7756, 293, 2271, 639,1051, 234, 989

3,489,054

5, 970, 3942, 727, 215

454, 782852, 515

2, 206. 349

1, 765, 3372,632, 710

506,665123, 304

317,843

14,881, 07011, 320,1982,407, 5802, 369, 468

4,835, 278

8, 028, 5036,057, 7491, 497,1841, 327, 369

2,985,092

5, 320, 2212, 705, 489

433,360915,451

1,741,949

Total deposits. 38,994, 264 21, 637,150 12, 211, 255 5,145,859 35, 813, 594 19,895, 897 11,116, 470

1, 532, 3462, 556,960

477,0361.26, 648

108,237

4,801, 227

Circulating notes outstandingAgreements to repurchase U. S. Government obliga-

tions or other securities soldBills payableRediscountsSecurities borrowedAcceptances executed by other banks for account of

reporting banksAcceptances of other banks and bills sold with en-

dorsementAcceptances executed for customersExpenses accrued and unpaidDividends declared but not yet payableOther liabilitiesCapital stock and capital notes and debenturesSurplusUndivided profits—netReserves for contingencies, etcRetirement fund for preferred stock or capital notes

and debentures

650,935

6,94240, 5041,3223,641

1,932254, 312

70, 64142, 287

209, 3623, 348, 6781,914,751

469,996414, 086

3, 789

650, 935

2,3617,342

3831,529

4,717

750138,91338,91122, 64251,187

1, 782, 746836, 056261,456141, 534

2,320

3,9804,779

283367

4,259

1,011114,87824,46717, 67082,927

881, 340825, 600129,557193, 684

202

60128,383

6561,745

384

171521

7,2631,975

75, 248684, 592253,09578,98378, 868

1,267

694, 790

6,27568, 4634,1125,110

11, 670

2,371267, 54279,376

694, 790

4,39913,6722,0072,112

1,408133,19041,662

91518.0801,0S1

412

4,669

512133, 45629, 097

96136, 711

1,0242, 586

318

451896

8,617

238,1583, 319, 2161, 962,163

470,668491,126

1,154

64, 3631,734,164

852,225257,238151,153

571

115,012918,018838, 335129,990223,104

126

58, 783667, 034271, 603

83, 440116, 869

457

Total liabilities. 46, 436, 802 25, 580,932 14, 496, 259 6, 359, 611 43, 435,788 23, 855,534 13, 529, 277 6,050,977

1 Exclusive of insured mutual savings banks.2 Includes Home Owners' Loan Corporation 4-percent bonds guaranteed by the United States as to interest only.



WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics. 1926=100]

Year, month , and week

1929__193019311932-_19331934

1934—FebruaryMarchApri l . . .MayJune_._July.AugustSeptemberOctober..November-December

1935—January.._February

Weekending—1934—Dec. 1

Dec. 8Dec. 15Dec. 22Dec. 29 . .

1935—Jan. 5J a n . 1 2Jan . 19Jan. 26 . . . .Feb . 2Feb . 9Feb . 16Feb . 23Mar. 2Mar. 9Mar . 16Mar . 23Mar . 30

Subgroups

F A R M PRODUCTS:GrainsLivestock and poultryrr" Other farm products

F O O D S :Butter, cheese, and milCereal productsFruits and vegetables..MeatsOther foods

Allcom-modi-ties

95.386.473.064.865.974.9

73.673.773.373.774.674.876.477.676.576.576.9

78.879.5

76.576.776.776.777.1

77 978.678.579.079.179.179 479.679.679.679.478 878.9

k

HIDES AND LEATHER PRODUCTS:Boots and shoesHides and skinsLeather .Other leather products.

TEXTILE PRODUCTS:ClothingCotton goods.Knit goodsSilk and rayonWoolen and worsted goodsOther textile products..

F U E L AND LIGHTING M A T IAnthraciteBituminous coalCokeElectricityGasPetroleum products

s RIALS:

Farmprod-ucts

104.988.364.848.251.465.3

61.361.359.669.663.364.569 873.470.670.872.0

77.679.1

71.171.771.171.272.6

75.677.276.779.078 378.179.279.980.080.079.277.677.5

Foods

99.990.574.661.060.570.5

66.767.366.267.169.870.673.976.174.875.175.3

79.982.7

75.074.975.475.476.3

78 579.779.880.981.582.383.183.282.582.182.681.181.8

1934

Feb.

63.248.268.3

69.185.771.753.364.1

98.478.080.186.9

87.288.667.031.084.377.8

81.291.183.591.889 350.3

Nov.

87.254.075.8

78.691.065.368.474.0

97.363.170.885.7

78.484.461.025.874.168.5

82.196.485.694.092 450.5

Other commodities

Total

91.685.275.070.271.278.4

78.778.578.678.978.278.478.378.378.078.078.0

77.777.4

78.278.378.278.278.1

78 078.177 977.977 977.877 777.777.677.577.377.377.3

Dec.

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

Hides andleather

products

109.1100.086.172.980.986.6

89.688.788.987.987.186.383.884.183.884.285.1

86.286.0

84.985 085.786.486.6

86 886.986 886.886 886.686 786.886.686.486.085.885.7

1935

Jan.

88.873.376.6

83.591.662.881.676.2

97.171.174.385.0

78.484.163.528.673.868.8

82.396.386.489.987.648.8

Feb.

87.478.476.8

87.091.963.687.977.2

97.269.674.684.6

78.583.363.628.173.668.6

82.396.488.8

48.7

Textileproducts

90.480.366.354.964.872.9

76.976.575.373.672.771.570.871.170.369.770.0

70.370.1

69.369 369.469.769.7

70.070.070 070.069 969.669 769.769.469.369.068.868.8

Fuel andlightingmaterials

83.078.567.570.366.373.3

72.471.471.772.572.873.974.674.674.674.473.7

72.972.5

75.776.075.275.074.7

74.174.274.074.374.474.374.073.973.973.873.874.074.2

Metalsand metalproducts

100.592.184.580.279.886.9

87.087.187.989.187.786.886.786.686.386.285.9

85.885.8

85.385.485.485.5-85.5

85.685.685.385.285 285.285.185.185.085.185.084.985.0

Buildingmaterials

95.489.979.271.477.086.2

86.686.486.787.387.887.085.885.685.285.085.1

84.985.0

84.985.185.084.784.9

84.684.884.884.984.984.784.684.884.785.084.685.084.9

| Subgroups

i M E T A L S AND M E T A L PRODUCTS:Agricultural implements

i Iron and steel __Motor vehicles

i Nonferrous me talsBUILDING M A T E R I A L S :

Brick and tileCem ent

her _ _ _ .Paint materialsPlumbing andStructural steelOther building

CHEMICALS AND D ICherDrugFertiMixe

HOUSEFtFurnFurn

heating

materials.IUGS:

nicalsrS and pharmanentinalslizer mateid fertilizerJRNISHINGishings

rialssG O O D S :

itureMISCELLANEOUS:

Auto tires and tubesCattPapeRubOthe

e feedr and pulpaer, crude,r miscellarleous

Chemi-cals and

drugs

94.289.179.373.572.675.9

75.575.775.575.475.675.475 776.577.176.978.1

79.380.4

77.477.878.078.178.3

79.179.679.880.080.280.480.481.081.681.681.580.980.4

House-furnish-

ing goods

94.392.784.975.175.881.5

81.081.481.682.082.081.681.881.881.781.381.2

81.280.7

82.782.482.482.582.5

82.382.282.182.182.282.382.181.981.982.081.981.981.9

1934

Feb.

85.286.397.865.8

87.293.987.379.372.786.890.3

78.871.569.272.5

83.079.2

43.573.482.721.483.2

Nov.

91.986.094.767.7

91.293.981.278.868.892.089.4

80.973.564.673.5

84.378.4

47.5108.282.126.680.8

Dec.

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

Miscel-laneous

82 A77.769 864.462.569.7

68.569.369.569.870.269,970.270 ?69 770 671,0

70.770.1

70 871.071.271 171.1

70.971.070.770.670.270.170.270.269.969.869 068.868.8

1935

Jan.

92.785.794.167.6

91.193.979.979.068.092.090.3

84.573.166.573.3

84.378.2

47.5L16. 281.526.580.4

Feb.

93.686.193.667.2

90.693.980.578.867.192.090.3

86.573.166.272.8

84.177.2

47.5109.080.926.280.1

Back figures—For month ly and annual indexes of groups, see Annual Report for 1933 (table 120); indexes of subgroups available at Bureau ofLabor Statistics., For weekly indexes covering 1932 and 1933, see Annual Report for 1933 (table 121) and B U L L E T I N for February 1934, p . 139



INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average—100]

Industry

Manufactures—Total .

IRON AND STEELPig ironSteel ingots . ...

TEXTILES _ „ _„ . __Cotton consumption .Wool..

Consumption. _ ____Machinery activity *Carpet and rug loom activity * .

Silk deliveries

FOOD PRODUCTSSlaughtering and meat packing

Hogs.CattleCalves - . .Sheep

Wheat flour _.Sugar meltings

PAPER AND PRINTING:Newsprint productionNewsprint consumption

LUMBER-

TRANSPORTATION EQUIPMENT:AutomobilesLocomotivesShipbuilding

LEATHER AND PRODUCTS .Tanning

Cattle hide leathersCalf and kip leathersGoat and kid leathers -- . .

Boots and shoes

CEMENT AND GLASS:Cement _Glass, plate

NONFERROUS METALS: »Tin deliveries*

FUELS, MANUFACTURED:Petroleum refining..

Gasoline *KeroseneFuel oil iLubricating oil * — . . . . .

Coke, byproduct

R U B B E R TIRES AND T U B E S . .Tires, pneumaticInner tubes

TOBACCO PRODUCTS .CigarsCigarettes

Minerals—Total

Bituminous coalAnthracitePetroleum, crudeIron ore .Zinc . .LeadSilver

1934

Feb.

80

634565

919573728554

114

919480

1121221339473

63112

29

710

30

108948978

124118

6198

54

14418187988685

10010374

13266

181

91

7589

118

676436

Mar.

82

665168

949772718259

129

848669

1061221319265

66112

38

780

59

107898572

116118

58106

58

14317795

1019091

10611082

11966

158

100

84109122

685747

Apr.

85

765578

909766687153

115

9310295

1101201299164

68115

33

851065

117959085

118131

5598

71

1521919899

10093

9710076

12866

175

90

7273

125

655645

May

86

846685

889565637257

112

981081041101281278971

68115

33

781039

118938978

118134

5783

73

15319195

101108102

818363

12862

178

89

7276

12740656644

June

83

856687

777463616862

109

9610387

1231391289080

64118

31

822

38

10187858299

110

5877

68

15419594

10395

100

848762

13265

183

87

6769

13054585645

July

74

474248

787961626744

101

10212092

1551981348169

63116

29

783

28

99868174

114108

5392

64

15620192

1009278

838568

12863

177

85

6563

12852575340

Aug.

72

383639

80865960654796

10612879

1922441457964

63117

36

615

95

97838267

101106

4886

65

15720291

1039074

798256

12666

172

80

6150

12447604439

Sept.

69

373138

63643837404199

12014289

2162251628594

65121

32

517

133

888079679794

5084

68

15219385

1029173

798261

12566

171

82

6462

12244615536

Oct.

72

413142

899459636146

135

10711995

14414522883

101

62116

29

418

17

858180689588

4687

58

15319692989073

828560

12066

161

81

6453

12235765639

Nov.

73

483250

879069826832

111

10211090

13812114384

102

60115

26

371014

928989809894

4883

67

15519991

1018973

10711080

12569

168

81

6564

12114775535

Dec.

86

643467

979285979241

140

10210779

14613013987

108

66118

29

1059

18

10493929690

112

45140

80

r 15419489

1039876

13313991

14376

196

89

6972

124

746053

1935

Jan.

90

794982

10398

102116110

52119

918354

12013213386

130

61121

33

104' 827

107969397

105••114

42174

78

15119199999188

11511982

13672

186

94

7476

131

715050

Feb.

»88

795782

100959797

11665

122

817656

1011091319086

61

30

1058

68

108969391

110115

45166

73

1551961051029495

13369

183

96

8067

132

735065

r Revised.» Without seasonal adjustment. «Includes also lead and zinc; see "Minerals." » Preliminary.

NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, andSeptember 1933, pp. 684-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanicalwood pulp, chemical wood pulp, and paper boxes, usually published in this table, are in process of revision.



INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)[Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100]

Industry

1934

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

1935

Jan. Feb

Manufacturers—Total.

IRON AND STEEL.Pig ironSteel ingots-.

TEXTILESCotton consumptionWool..

ConsumptionM achinery activityCarpet and rug loom activity-

Silk deliveries.

FOOD PRODUCTS - -Slaughtering and meat packing —

Hogs _Cattle -- --Calves -Sheep. -

Wheat flour- _. -Sugar meltings ^

P A P E R AND PRINTING:Newsprint productionNewsprint consumption _

LUMBER _

TRANSPORTATION EOUIPMENT:AutomobilesLocomotives —Shipbuilding

LEATHER AND PRODUCTSTanning

Cattle hide leathers.._Calf and kip leathers..Goat and kid leathers.

Boots and shoes

CEMENT AND GLASS:Cement.Glass, plate

NONFERROUS METALS: iTin deliveries

FUELS, MANUFACTURED:Petroleum refining

GasolineKerosene- —Fuel oilLubricating oil

Coke, byproduct

RUBBER TIRES AND T U B E S .Tires, pneumaticInner t ubes . .

TOBACCO PRODUCTS..CigarsCigarettes

Minerals—Total.

Bituminous coal..AnthracitePetroleum, crude-Iron oreZ i n cLead.Silver

82

9710176798554122

9094

1141259171

63110

28

76021

110979572129119

37106

54

144181

87

10811278

12057164

8095116

71

10273738259124

828169921241198677

65117

39

046

110888564119124

42115

58

143177921019094

117121

11360150

8489121

10465657153114

879284971311218375

123

35

109963

114939076117128

53108

152191979910094

11511887

11862159

81

6076125

9762587257111

1051001071441248480

119

35

1050

108888574109122

15319192101108101

10210677

13064179

87

627612860666543

83

856687

73716055686297

95102891161441268095

66117

32

93247

9786837999104

1541958710395

10210574

14470202

87

132106555744

444044

73725755674496

100113821541921347884

61103

29

82

7986105106

64

156201861009275

818365

13967194

85

5952131105535134

71

383538

767757566547100

100115601882241468572

61104

38

675

140

10785808199122

65

157202871039072

788162

13569186

83

6050126955643

70

373038

636239384041104

12213867240216188100100

64118

33

567

133

102858277102112

152193871029171

767861

13976188

87

6212585585234

73

403141

929762696146135

110120811681522519396

62123

30

58

15419697989073

737554

12981169

87

12360735839

'73

453246

919373896832115

1081239915912414290

60123

25

87

67

156199991018974

8358

12882166

84

726512011775738

9241125

1031231041531241368381

66121

26

35105

80

rl55194961039877

9296

11557161

85

7471120

87

764979

10810210411911052136

90947212112313484

62116

29

100'103

25155

78

151191101

10611075

12855182

91

8282126

58

10510110110511665130

797562891011238784

61

29

112

1109910084115116

27179

1561961071029498

12160166

92

8572129

785170

iIncludes also lead and zinc; see "Minerals." v Preliminary. ' Revised.NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and

September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanicalwood pulp, chemical wood pulp, and paper boxes, usually published in this table, are in process of revision.


APEIL 1935 FEDERAL RESERVE BULLETIN 251

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES[Adjusted to Census of Manufacturers through 1931. 1923-25 average^-100]

Industry and group

Total . -.

IRON AND STEEL AND PRODUCTS. .Blast furnaces and steel worksCast-iron pipeCutlery and edge toolsHardwareSteam, hot-water heating apparatus, etc _ __StovesStructural metal work __ _ . _.Tin cans, etcWire work _ _ ._ . _ _ .

MACHINERY . . _Agricultural implementsElectrical machinery, etc -- -Engines, turbines, etcFoundry and machine-shop productsMachine tools _ _ -Radios and phonographsTextile machinery _ _ -

TRANSPORTATION EQUIPMENTAutomobilesCars, 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 PRODUCTSFurnitureLumber millworkLumber, sawmills

.STONE, CLAY, AND GLASS PRODUCTSBrick tile, and terra cottaCementGlass - . -_ .-Pottery

TEXTILES AND PRODUCTS . . . .A Fabrics

Carpets and rugs -Cotton goodsDyeing and finishingKnit goodsSilk and rayon goodsWoolen and worsted goods -- -

B Wearing apparelClothing men'sClothing, women'sMillinery - -Shirts and collars

LEATHER AND PRODUCTSBoots and shoesLeather - - - -

FOOD PRODUCTS - . - - -BakingButterCanning and preservinfConfectioner vFlour -- -- - - - - - - -Ice creamSlaughtering and meat packing. - _Sugar refining, cane

Fa ctory employment


1935

Feb.

81.2

70.672.948.678.456.249.689.053.883.9

122.5

82.192.767.585.572.076.9

188.864.8

100.9117.543.630.972.8

52.965.951.9

79.280.868.367.575.094.3

49.466.937.932.7

49.625.737.891.771.4

98.497.269.796.7

117.8112.581.393.996.891.8

125.166.599.8

91.690.795.6

93.8111.367.658.380.376.561.387.281.5

Jan.

'78.7

r67.869.449.975.851.647.981.055.9

••85.0120.7

79.689.665.979.569.273.1

191.464.1

92.4108.134.230.368.3

51.665.350.6

75.975.466.367.873.689.1

47.164. 135.930.9

47.224.837.286.569.9

95.295.866.596.3

117.1109.280.791.889.483.9

117.362.490.4

88.387.094.0

94.4106.768.361.378.676.260.894.384.4

1934

Feb.

77.7

66.667.349.674.273.745.475.452.879.6

120.7

72.975.659.262.864.167.8

177.574.1

84.697.437.719.566.0

53.465.852.5

70.972.762.066.764.179.8

47.162.436.131.3

49.825.641.089.569.3

96.896.469.799.8

113.1107.185.585.993.485.5

119.083.998.6

90.389.693.6

93.9108.474.254.379.275.457.195.583.2


1935

Feb.

81.9

70.472.250.476.155.849.292.255.387.7

120.0

83.287.167.585.071.675.1

230.264.0

98.4114.146.931.469.3

53.665.952.7

78.379.368.467.673.493.2

50.867.638.434.2

52.429.642.494. 170.6

96.695.668.195.3

113.6111.180.192.194.789.4

121.461.6

100.8

89.788.993.2

105.0113.875.8

121.481.976.870.485.784.9

Jan.

'80.5

r69.469.952.276.451.649.095.457.4

'90.8121.3

81.486.765.981.070.372.4

227.364.2

93.5109.238.331.366.3

52.465.351.4

76.875.867.970.472.492.0

48.866.437.032.4

51.728.241.994.071.3

95.194.864.994.8

115.4109.281.289.991.384.4

120.362.893.4

89.188.492.3

104.8109.075.8

127.780.276.870.591.687.9-

1934

Feb.

78.4

66.466.651.572.073.145.078.154.383.2

118.2

74.071.159.262.463.866.2

216.473.2

82.594.640.519.862.8

54.265.853.3

70.171.362.166.862.778.9

48.463.036.632.7

52.729.446.191.868.4

95.194.868.198.3

109.1105.784.284.291.383.3

115.577.899.6

88.487.891.2

104.3110.883.2

113.180.875.765.693.986.7

Factory pay rolls


1935

Feb.

69.1

58.963.825.660.049.633.163.337.675.5

114.2

64.3100.955.059.955.763.2

105.252.6

94.7110.343.413.659.7

48.059.747.2

63.463.257.451.548.086.8

34.847.125.321.4

34.815.022.175.650.3

84.584.560.582.8

100.6112.170.074.979.571.8

101.658.795.7

82.579.292.6

83.493.752.264.870.366.149.676.569.6 '

Jan.

64.1

r51.953.926.855.541.731.055.439.5

••80.7102.7

60.897.552.454.551.558.2

112.552.0

79.492.231.713.256.2

43.858.042.9

58.458.354.847.546.577.6

31.743.523.019.1

31.613.021.269.946.9

78.582.255.581.8

102.7106.268.473.166.657.087.854.077.8

76.472.588.5

83.389.651.764.367.463.848.684.071.1

1934

Feb.

60.6

45.746.127.053.055.726.848.333.570.592.5

51.875.740.939.645.454.296.560.6

71.982.335.4

7.749.0

45.656.444.9

52.251.448.346.637.766.2

30.540.521.719.1

33.313.122.573.544.1

77.978.348.080.696.598.969.664.472.360.694.171.384. C

81.781.082.6

81.191.456.556.967.261.644.378.666.4

r Revised.



FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued[Adjusted to Census of Manufacturers through 1931. 1923-25 average=100]

Industry and group

TOBACCO PRODUCTS _C h e w i n g a n d s m o k i n g t o b a c c o a n d s n u f fC i g a r s a n d c i g a r e t t e s _ _ _ ___

PAPER AND PRINTING _ .Boxes, paperPaper and pulpBook and job printing _ _Printing, newspapers and periodicals

CHEMICALS AND PETROLEUM PRODUCTSA. Chemical group, except petroleum

ChemicalsDruggists' preparationsExplosives . . ._FertilizersPaints and varnishesRayon and allied productsSoap

B. Petroleum refining

RUBBER PRODUCTSRubber boots and shoes.Rubber tires and inner tubes . _ ,

Factory employment


1935

Feb.

57.372.655.3

96.784.6

108.789.398.0

109.4109.9102.8102.489.3

120.3102.2346.8102.1107.3

83.252.575.7

Jan.

56.573.554.3

95.683.2

106.887.798.4

108.4108.2103.0101.388.1

111.098.7

338.099.1

109.0

81.8'52. 6

74.7

1934

Feb.

62.181.059.7

93.180.7

102.585.098.0

110.6110.6104.8102.495.6

121.597.6

325.298.0

110.6

84.656.174.6


1935

Feb.

57.768.756.3

96.485.8

108.788.497.8

108.6108.6101.2101.489.3

114.0102.3346.8101.7108.7

83.852.476.4

Jan.

60.770.159.4

94.983.7

106.885.798.0

108.4107.9101.699.187.3

115.0101.0338.0100.8111.1

r83.4'51.2

77.0

1934

Feb.

62.676.660.7

92.981.8

102.584.297.8

109.6109.0103.1101.495.6

115.297.7

325.297.6

112.1

85.156.075.4

Factory pay rolls


1935

Feb.

40.866.737.5

84.176.586.878.188.8

93.292.591.097.975.591.183.7

252.394.395.3

71.949.465.8

Jan.

41.568.538.1

83.474.983.578.189.5

91.690.590.896.868.383.679.4

245.490.795.2

69.4'51.3

62.2

1934

Feb.

45.574.141.9

76.069.676.468.384.0

87.2J-6.188.091.868.881.674.5

220.083.590.8

65.247.757.9

' Revised.NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics.

For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index offactory employment compiled by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343.



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

JanuaryFebruaryMarch - . .AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Total

1934

186.596.7

178.3131.2134 4127.1119.7119.6110.2135 2111.792.7

1,543.1

1935

99.875.0

Residential

1934

15.114.528.122.624 826.619.818.617.926 319.914 6

248.8

1935

22.416.6

Factories

1934

10.74.2

15.98.38.38.7

25.710.06.18.54.65.1

116.1

1935

7.17.8

Commercial

1934

9.47.6

13.011.924.611.912.913.513.113.511.08.2

150.6

1935

10.89.2

Public worksand public

utilities

1934

113.753.292.969.956 857.439.150.650.065.252.350.1

751.2

1935

44.427.8

Educational

1934

19.65.48.88.5

10 49.77.8

12 212.59 08.65 0

117.5

1935

3.75.8

All other

1934

17.911.819.69 89 5

12.814 414 710 612 715 39 8

158.9

1935

11.47.9

CONSTRUCTION CONTRACTS AWARDED,BY DISTRICTS

[Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in thousands of dollars]


BostonNew YorkPhiladelphiaCleveland _RichmondAtlanta --Chicago -St. L o u i s . . . . . .MinneapolisKansas City.Dal las . . -

Total (11 districts)..

1935

Feb. Jan

3,80213, 2144,4936,5358,2048,702

11,3506,7942,5483,4795,927

75, 047

6,42417,6605,20811,45210, 32511,53413,9836,0552,0278,5606,547

19,774

1934

Feb.

5,35712, 7465,4028,48519,34211,72416, 0825,8641,7194,0955,901

96,716

COMMERCIAL FAILURES, BY DISTRICTS[Figures reported by Dun & Bradstreet. Amounts in thousands of

dollars]

Federal Reservedistrict

BostonNew York....Philadelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco.

Total. ..

Number

1935

Feb. Jan

10532361763933

11640184028

126

1,005

14637771

1036533

13626193724

147

1,184

1934

Feb.

10034750866224

13332294426

116

1,049

Liabilities

1935

Feb. Jan

1,3309,1011,087961806248

2,363635233202315

1,457

18, 738

3,6776,470797

1,201502204

1,834180219238405

3,096

18, 824

1934

Feb,

2,3666,8531,3011,353850406

3,381289337543367

1,399

19,445


254 FEDERAL RESERVE BULLETIN APRIL 1935-

DEPARTMENT-STORE SALES[Index numbers based on daily averages of dollar volume of sales; 1923-25=100]

Month

Without seasonal adjustment:JanuaryFebruary -- --MarchAprilMayJune -JulyAugust - --SeptemberOctoberNovemberDecember - -

Yearly average.

Adjusted for seasonal variation:JanuaryFebruaryMarchAprilMayJune .JulyAugust -September .-. . ..October - _November .. .December

1919

60596577737659607689101137

78

667172726976808083818686

1920

8274909110196737388102112

r 144

94

9089939396969897959296'90

1921

8376888791866463759597135

87

929289898787878482868384

1922

736977908985646685102108152

88

838384878786868891939293

1923

7977939710099737594111117164

98

919395100981019810110010110099

1924

8684881039897717296105117166

99

9910199989710096961019610099

1925

84859410510398

'747697122122176

103

99103103102102102

r 100101101111104104

1926

9087971021091007782104120124

r 181

106

106105101105109105106108106109106

-•107

1927

9189951091051017685103117126182

107

107108106106105106105111104107108106

1928

9188971051071028081113118125192

108

108106107106107107110107112108108111

1929

90911071031091087984117122125191

111

110

no112110109113109111113111108110

1930

888993110105987177103112113165

102

107108107105105103100102991019996

1931

818192101'97926668889497143

92

999998102'9796948985858583

1932

6464697372664649717573106

69

797873747269666468686462

1933

4949506867644859737775121

67

616057646768707569696670

1934

5759737377705160798283135

75

71717874777473

75737478

1935

5961

P70

7475

p Preliminary. »• Revised.NOTES.—The seasonally adjusted indexes have been revised for the period from January 1929 to date; other figures are shown as previously pub-

lished.The daily average sales are computed on the basis of the number of working days, with an extra one-third of a day added in each 5-Saturday

month; allowance is made for the number of Sundays in each month and for 6 holidays: New Year's Day, Memorial Day, Independence Day,Labor Day, Thanksgiving Day, and Christmas.

For description of this index see Federal Reserve BULLETIN for April 1928, pp. 236-242 and revised statement available at the Division ofResearch and Statistics.

SEASONAL ADJUSTMENT FACTORS FOR INDEX OF DEPARTMENT-STORE SALES[Average for year=100]

Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935

January. _.February.March L.-April iMayJuneJulyAugustSeptemberOctober. _.NovemberDecember.

91838910610599747592110117159

747592

no117159

9083989710499747592110117161

839110410399747593110117163

9710298747594110117165

87838910510197747595110117167

85839110310196747596110117169

8583969710095737698110117170

8583901031009573

109116171

84839199

100957376

101109116173

94100957276

104

no115173

8287

105100957176

104111114173

82829499

100957076

104111114173

9598

100956977

105111114173

808288

105100956978

105112113173

829499

100956978

105112113173

8286

10710095

105112113173

i Adjustments for the effects of changes in the date of Easter are made on the same basis as heretofore; description of method is available at theDivision of Research and Statistics.

NOTE.—Revised, 1929-35 inclusive.


APK1L 1935 FEDERAL, RESERVE BULLETIN 255

DEPARTMENT-STORE STOCKS[Index

End of month

Without seasonal adjustment:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember - . . . .OctoberNovemberDecember

Yearly average

Adjusted for seasonal variation :JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

numbers based on dollar volume of stocks at end of month

1919

65687273727073829298

10087

79

737170707172788588898893

1920

8696

10711010710410310811711911490

105

9710110410610510711011311310810196

1921

788288908986848997

10010183

89

888685878788909393918989

1922

80849191888582869396

10085

89

908989878688889090888990

1923

839098

10199939196

10511011394

98

93949597979697

10010110010069

1924

8996

105107103979396

10511111294

101

10010110210310110010010010110199

100

1925

9096

105106103989498

107112115

97

102

102101102102101101101102103101102103

1926

9398

107107104989397

10711411796

103

1051041041031021011002

22

22

1927

9398

107107104989598

10811411796

103

104103103103102101102102104104104103

; 1923-25 average=100]

1928

92982

22

^

9397

103112115

94

101

10310310110110099

100101

99102102100

1929

8995

102103101959296

10411211594

100

100100

9999999899

100100101102100

1930

8893

1001019893878795

10110485

94

999897979696949191929291

1931

788187878580757784899073

82

888684848482818081817977

1932

666973726965595963676956

66

757370696867646160616160

1933

5254555556

566273

7862

61

58575453555760647070G965

1934

596367686863596167717460

65

6666656566656464

646564

1935

5761

6464

NOTE.—The constant seasonal adjustment factors for stocks, which have not been revised, are as follows, the average for the year being equal to100: January 89, February 95, March 103, April 104, May 102, June 97, July 93, August 96, September 104, October 110, November 113, December 94.


FEDERAL RESERVE DISTRICTS

——BOUNDARIES OF FEDERAL RESERVE DISTRICTS. . . . BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY


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