frb_071935

FEDERAL RESERVEBULLETIN

JULY 1935

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Recent Credit DevelopmentsSupply and Use of Member Bank Reserve FundsArgentine Banking and Monetary Legislation

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1935

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

FEDERAL RESERVE BOARD

Ex-officio members: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.

ELLIOTT L. THURSTON, Special 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 General Counsel.B. MAGRUDER WINGFIELD, Assistant General Counsel.LEO H. PAULGER, Chiefs Division of Examinations.R. F. LEONARD, Assistant Chief, Division of Examina-

tions.C. E. CAGLE, Assistant Chief\ Division of Examinations.FRANK J. DRINNEN, Federal Reserve Examiner. ,

E. A. GOLDENWEISER, Director, Division of Researchand Statistics.

LAUCHLIN CTJRRIE, Assistant Director, Division ofResearch 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.J. E. HORBETT, Assistant Chief, Division of Bank

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

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

FEDERAL ADVISORY COUNCIL

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

District no. 12 (SAN FRANCISCO) M. A. ARNOLD.

WALTER LICHTENSTEIN, Secretary


OFFICERS OF FEDERAL RESERVE BANES

Federal Reserve Bankof-

BostonNew York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis. _

Kansas City

Dallas

flan Francisco -.- -.

Chairman and FederalReserve agent

F. H. CurtissJ. H. Case

R. L. Austin

E. S. Burke, Jr.*

W. W. Hoxton

E. M. Stevens

J. S. Wood

J. N. Peyton—

C. C. Walsh

Governor

R. A. YoungG. L. Harrison

G. W. Norris .

M. J. Fleming

G. J. Seay

Oscar Newton

G. J. Schaller

W. McC. Martin

W. B. Geery

G. H. Hamilton

B. A. McKinney

J. U. Calkins

Deputy governor

W.W. PaddockW. R. BurgessW. S. LoganL. R. RoundsL. F. SailerC. H. Coe

W. H. HuttJ. 8. SinclairC. A. Mcllhenny

F. J. ZurlindenH. F. StraterC. A. PepleR. H. BroaddusH. W. Martin..H. F. ConnifEH. P. PrestonC. R. McKayJ. H. Dillard

0. M. AtteberyJ. G. McConkey

Harry YaegerH. I. Ziemer—C. A. Worthington—.J. W. Helm...R. R. GilbertR. B. ColemanW. A. DayIra Clerk

Cashier

W. Willett.J. W. Jones.iW. B. Matteson.iJ. M. Rice.iAllan Sproul.3H. H. Kimball.iL. W. Knoke.iC. A. Mcllhenny.W. J. Davis.»W. G. McCreedy.iL. E. Donaldson.W. F. Taylor.C. W. Arnold.*G. H. Keesee.J R. Walden, Jr.JM. W. Bell.W. S. McLarin, Jr.iW. H. Snyder.iW. C. Bachman.i0. J. Netterstrom.iA. T. Sihler.iE. A. Delaney.iA. L. Olson.iS. F. Gilmore.*A. H. Haill.aF. N. Hall.*G. 0. Hollocher.»0. C. Phillips.*H. I. Ziemer.F. C. Dunlop.1J. W. Helm.

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

» Assistant deputy govern or.> 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 branch....Charlotte branch

Atlanta:•RipTjinghftTn branchJacksonville branchNashville branchNew Orleans branch

Chicago:Detroit branch _

St. Louis:Little Rock branch..__—~Louisville branchMemphis branch

Managing director

R. M, O'Hara.

B. J. Lazar.T. 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.

Federal Reserve Bank of—

Minneapolis:Helena branch

Kansas City:Denver branchOklahoma City branchOmaha branch

Dallas:El Paso branchHouston branchSan Antonio branch

San Francisco:Los Angeles branchPortland branchSalt I-ake 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.C. R. Shaw.D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

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

nx


TABLE OF CONTENTS

PageReview of the month—Recent credit developments 413Supply and use of member bank reserve funds 419-429Argentine banking and monetary legislation 449-458Condition of all banks in the United States on December 31, 1934 481-485National summary of business conditions 430Financial, industrial, and commercial statistics:

Reserve bank credit, gold stock, money in circulation, etc 431-435Member and nonmember bank credit:

All banks in the United States 438, 481-485All member banks 436,437,476,480Weekly reporting member banks in leading cities 439, 477

Brokers' loans . 439Acceptances and commercial paper - 440Discount rates and money rates 441Security prices, bond yields, and security issues 442Treasury finance 443Assets and liabilities of governmental credit agencies 444Reconstruction Finance Corporation—Loans, subscriptions, and allocations 445Farm Credit Administration— Loans and discounts outstanding, by institutions 446Home Owners' Loan Corporation—Summary of operations 446Federal home loan banks—Assets and liabilities .- 446Production, employment, car loadings, and commodity prices 447Merchandise exports and imports 448Department stores—Indexes of sales and stocks 448Freight-car loadings, by classes 448

Financial statistics for foreign countries:Gold reserves of central banks and governments 459Gold production 460Gold movements . 460-462Central banks 463-466Bank for International Settlements 466Commercial banks 467Discount rates of central banks 468Money rates 468Foreign exchange rates 469Price movements:

Wholesale prices 470Retail food prices and cost of living 471Security prices : 471

Law department:Rulings of the Federal Reserve Board:

Ruling No. 44 interpreting regulation T ' 472Ruling No. 45 interpreting regulation T 472

Joint resolution extending time for renewal of loans to executive officers of banks 472Joint resolution extending temporary plan for deposit insurance 472Discounts for individuals, partnerships, and corporations—extension of time limit 473

Federal Reserve statistics by districts, etc.:Banking and financial statistics 474-480Industrial and commercial statistics 486-491


FEDERAL RESERVE BULLETINVOL. 21 JULY 1935 No. 7

REVIEW OF THE MONTH

Member bank reserve balances on depositwith the Federal Reserve banks and excessMember bank reserves^ during June were thereserve bal- largest in the history of thea n c e s Federal Reserve System. Theincrease in reserve balances during the month,amounting to $150,000,000, was entirely dueto further large imports of gold.

On February 1, 1934, immediately after re-valuation of the dollar, excess reserves of mem-ber banks were about $800,000,000 and werelargely the consequence of purchases of UnitedStates Government securities by the Reservebanks in 1932 and 1933. Since that date theincrease in the monetary gold stock of thecountry from about $7,000,000,000 to $9,100,-000,000 on June 29, 1935, has been the principalfactor in the growth of $2,260,000,000 in mem-ber bank reserve balances. In the same periodrequired reserves increased by $660,000,000, theremaining $1,600,000,000 being added to excessreserves.

Of the $260,000,000 added to monetary goldstock of the United States in June, four-fifths

came from France. Nearly allMoney markets Q£ ^ j ^ ^ g o W w a g w i t h _

drawn from the Bank of Franceduring the last week in May when, in additionto private operations, gold was being placedunder earmark for account of the United StatesTreasury in accordance with an arrangementfor supplying dollars to the French authorities.An additional $20,000,000 was shipped to thiscountry after the fall of the Bouisson Cabinetearly in June; but with the acceptance of theLaval Cabinet on June 7 the franc rose abovethe point at which it is profitable to send goldabroad, and drafts on reserves of the Bank ofFrance ceased. The decline in reserves of the

Netherlands Bank and of the Swiss NationalBank also ceased at this time. About $20,000,-000 of gold was imported into the UnitedStates from Holland during June; but this goldwas withdrawn from the Netherlands Bank inthe last week of May.

During the spring movement these three goldbloc countries lost more than $1,000,000,000 ofgold. The effect of these losses upon theposition of the central banks and on reservesand borrowings of the commerical banks isindicated in the accompanying table.

C H A N G E S IN M A J O R ACCOUNTS OF C E N T R A L B A N K SIN GOLD BLOC C O U N T R I E S

[In millions of dollarsl

Approximate period

Mar. 7-May 7:GoldDiscounts and advancesDeposits .

May 7-June 7:GoldDiscounts and advancesDeposits

Total (Mar. 7-June7):GoldDiscounts and advancesDeposits

Bankof

France

-155—4

-117

-634+366-234

-789+362-351

Nether-landsBank

-113+61-55

-18-20-14

-131+42-69

SwissNational

Bank

-144+45-89

-59+37-15

-203+82

-104

In all three countries substantial withdrawalswere made from reserve balances of commercialbanks. Through the first week of May theFrench banks obtained in this manner, withoutborrowing, practically the full amount of goldrequired for export. In the Netherlands andin Switzerland, however, the banks found itnecessary to borrow from the central bank inaddition to drawing upon their reserve balances.In the latter two countries central bank dis-count rates were raised long before any changeoccurred in the discount rate of the Bank ofFrance. The rate of the Netherlands Bank

413


414 FEDEBAL KESERVE BULLETIN JULY 1935

was increased twice early in April, and fromthe third week in April until the latter part ofMay gold withdrawals from the bank werenegligible. The rate of the Swiss NationalBank was raised on May 3 from 2 to 2% percent,but gold losses continued through the first weekof Juno.

DISCOUNT RATES OF THREE CENTRAL BANKS,APR. 1-JULY 6, 1935

Date effective

In effect—Apr. l—_.Apr, 5—-Apr. 10Mar 3 . . . .May 16.-.May 2-i...May 27...May 29...Jano1Juno 21...June 27...Julys.. . . ,July 6.—

Bank ofFrance

Nether-landsBank

5

"i

SwissNational

Bank

When the gold movement from Francereached large proportions in the latter halfof May the banks, which hitherto had ob-tained gold by drawing upon their deposits,began to borrow, and the increase in the dis-count rate of the Bank of France to 6 percentat that time was reflected in an advance inmarket rates to a corresponding level. At thebeginning of June rates in the Paris moneymarket were higher than at any time since thefranc was stabilized at the end of 1926, andthis continued to be the case even when theBank of France relaxed the situation some-what by lowering its discount rate to 5 percenton June 21. On July 5 the bank reduced itsrate to 4 percent.

The prevailing tendency of French reserveshas been downward since England's departurefrom the gold standard in September 1931.The decline in sterling immediately after thatsvent reduced the realizable value of the ster-ling balances of the Bank of France; and there-after throughout 1932 there was a gradual•decline in the gold and foreign-exchange re-serves at the bank, reflecting the fact thatthe international balance of payments of

France was such as to attract gold only inperiods when the movement of capital wasinward. At first this altered position was notperceptible in the market. The bank wasconverting large amounts of its foreign bal-ances into gold, and its gold reserves wereincreasing notwithstanding the decline in itsinternational reserves as a whole. The com-mercial banks in turn had exceptionally largecash reserves, amounting to 35 percent of theirdeposits; and although these reserves weresomewhat diminished by the adverse balanceof international payments, the pressure ofdomestic funds seeking reinvestment was suffi-

BlUJON^OF FRANCS

90

PARIS MONEY MARKET

10

wt——

M O N E Y R A T E Sf Dn'W V

BANK OF FRANCEW3C0UOT RATE - ~ l _

* OPEN-MAKKtlBILL RATE

1934 1935

cient to reduce open-market bill rates to alevel of 1 percent in the second half of the year.

In December 1932, however, gold began toflow out of the country, and reserves of thecommercial banks were sharply reduced. A e

extent of this reduction is indicated in tnchart by the line showing deposits whicfc,however, include not only deposits of the banbut deposits of the Government and otn


JULY 1935 FEDERAL EESERVE BULLETIN 415

customers of the bank as well. Accompany-ing the loss of reserves there was an advance inbill rates in the open market. Succeedinggold drains culminated in serious difficultiesearly in 1934. After March 2, 1934, goldreturned to France, partially restoring thelosses of the previous period. The recentoutflow, however, has left the bank's goldreserves smaller than in March 1934.

Each of the two periods of gold outflowhas been accompanied by heavy drafts on thereserve balances of the commercial banks,increased borrowing at the Bank of France,and a firmer money market. The drain thatculminated in March 1934, however, wasmostly met from reserve balances, which werestill high. Such borrowing as there was at theBank of France was at a comparatively mod-erate cost. Hence the open-market bill raterose only to a point just short of 3 percent.

During the recent crisis the pressure wasmuch more severe. Reserve balances at theoutset were lower and the banks borrowedmore heavily from the Bank of France. Thebank in turn raised its discount rate to doublethe level reached in February 1934, and theopen market followed the rate set by theBank of France.

Largely as a result of heavy gold importsduring the last week of May and most of June,Member bank deposits of reporting membercre !t banks have continued to in-crease at a rapid rate. Much of the increaseoccurred at banks in New York City, wherethe gold was received, but transfers of fundsfrom New York in connection with Treasuryoperations resulted in an increase at reportingbanks outside New York. In the 5 weeks endedJune 26, adjusted demand and time depositsat New York City banks, excluding interbankbalances, United States Government deposits,and checks and cash items on hand or inprocess of collection, increased by $180,000,000,and at member banks in leading cities outsideNew York there was a similar increase.Remand deposits showed a larger increase astone deposits declined, reflecting a ruling of the

e w York Clearing House in May prohibiting

the payment of interest on new time depositsmaturing in less than 6 months and reductionsin other cities of interest rates paid on thesedeposits. Deposits of foreign banks in NewYork showed an increase of about $50,000,000in the period.

Loans and investments of reporting mem-ber banks in leading cities increased by$180,000,000 in the 5 weeks ended Juno 26,reflecting principally a largely temporary in-crease of $160,000,000 in holdings of directobligations of the United States Government.At the beginning of June there was an increasein the reporting banks' holdings of securitiesguaranteed by the United States and a similardecrease in holdings of other securities, reflect-ing the exchange of a called issue of HomeOwners' Loan Corporation bonds guaranteedas to interest only for a new issue guaranteedas to both principal and interest.

Early in March the United States Treasurycalled for redemption on July 1 all outstandingRetirement of 2 Percent Consols of 1930 andnational-bank for redemption on August 1 alln o t e s 2 percent Panama Canal loanbonds. These issues were the only outstandingUnited States Government securities that car-ried permanently the privilege of being pledgedwith the Treasury as collateral against theissuance of national-bank notes. Because ofthe expiration on July 22 of the temporarygrant of the circulation privilege to certainother bonds, provision for issuing national-banknotes will cease by August 1, when the last ofthe permanent circulation bond issues will beredeemable.

Between the time of the calling of thesebonds and June 29, national banks depositedwith the United States Treasury about $410,-000,000 of funds, thereby transferring to theTreasury the liability for redeeming these noteswhen they return from circulation. Duringthis period also about $90,000,000 of national-bank notes were retired, largely as they becameunfit for further circulation and were returnedto the Treasury. The difference between thesetwo amounts, $320,000,000, represents fundstemporarily placed at the disposal of the


416 FEDERAL RRESEVE BULLETIN JULY 1935

Treasury. These funds were not specificallyearmarked but were placed in the general-fundbalance of the Treasury. Since the Treasurymade disbursement of an equivalent amountof funds, this deposit of cash by national banksin extinction of their note liabilities did notresult in a reduction of member bank reservebalances.

Elimination of national-bank notes from thecirculating medium of the country is beingcarried out by a method which will result in aminimum of disturbance to the money market.On July 1, national banks which still hadnational-bank notes outstanding against thepledge of Consols were allowed to offset thisliability against (1) their holdings of Consolsand (2) any balance remaining in their redemp-tion fund with the Treasury not applicable tonational-bank notes outstanding against 2 per-cent Panama's or against "bonds on depositwith the temporary circulation privilege.The difference payable by the Treasury,chiefly to redeem Consols, required approxi-mately $500,000,000 of Treasury funds. Toassist in meeting these and other disbursementsthe Treasury on July 1 deposited $90,000,000of gold-certificate credits with the FederalReserve banks and withdrew $350,000,000from depositary banks. In this manner largepayments were made without any substantialchange in member bank reserve balances. Thetransactions on July 22 and on August 1 willnot be sufficiently large to cause any disturb-ance in the money market. From time totime, as national-bank notes return from cir-culation and are retired, the Treasury willdeposit additional gold-certificate credits withthe Federal Reserve banks and will thus beable to meet its liability without at the sametime reducing member bank reserve balances.When the bonds have been redeemed and thenotes retired, the net result on the variousfactors affecting reserves will be a decrease inthe item known as " Treasury and national-bank currency" and a corresponding andoffsetting decrease in Treasury cash.

Treasury financ-ing during the Government. Theresecond quarter

From the end of March to the end of Junethere was little net change in the total public

debt of the United Stateswere a

number of changes in the com-position of the debt as the result of refundingoperations. In April and May the debtdecreased, reflecting in part weekly maturitiesof short-term Treasury bills in excess of newissues and in part cash redemptions of calledFourth Liberty bonds. Beginning May 22weekly bill offerings were raised from $50,000,-000 to $100,000,000, as contrasted with weeklymaturities of $75,000,000. Offerings continuedat $100,000,000 each week during June.

During the latter part of May about $100,-000,000 of cash was secured by an additionaloffering of 3-percent Treasury bonds of 1946-48 on a competitive-bid basis at not less thanpar and accrued interest, and in June there wasa similar offer. The average price of the firstseries sold was 103%2 and of the second 103%,representing yields to the earliest call date ofabout 2.67 percent and 2.62 percent, respec-tively. The usual procedure of the Treasuryhas been to issue its securities other than Treas-ury bills at a stipulated price and rate of inter-est determined in accordance with estimates ofmoney-market conditions. These offerings ofa small amount of bonds on a bid basis representthe first time since 1911 that a Treasury issue,other than Treasury bills, has been sold in thismanner. Other Treasury obligations sold forcash during the quarter were United StatesSavings bonds, the sales of which, at purchasevalue, have continued at about $20,000,000 amonth.

The most important operation in the quarterwas the refunding of a major part of the $1,933,-000,000 of First Liberty Loan bonds called inMarch for redemption on June 15. DuringApril and May about $864,000,000 of thesebonds were exchanged for 1% percent 5-yearnotes, and $744,000,000 for 2% percent 20-25-year bonds. The new securities issued wereadditions to the series of bond and note issues



offered by the Treasury in March as a part ofthe quarterly financing. In offering thesesecurities at par in exchange for First Libertiesthe Treasury reserved the right to increase theissue price. The issue price of the notes wasnot changed, but for exchanges on subscriptionsto the new bonds after May 7 the issue pricewas increased from 100 to 100^. The ex-change offering reduced to about $320,000,000the amount of the First Liberties subjectto redemption in cash on June 15, and of thisamount there were outstanding on June 29about $145,000,000 which had not been pre-sented for redemption.

In June the Treasury issued $738,000,000 of5-year 1 -percent notes in exchange for themajor part of $417,000,000 of notes maturing onJune 15 and $354,000,000 of notes maturing onAugust 1. This exchange offering completedall large refunding operations prior to theredemption of the remaining Fourth Libertiescalled for October 15. The redemption in Julyand August of $675,000,000 of the 2-percentConsols and Panama Canal loan bonds is to bemet from the increment resulting from thereduction in the weight of the gold dollar. Aspreviously explained, however, gold-certificatecredits are actually being deposited with theFederal Reserve banks only as national-banknotes are retired.

During the second quarter of the year asubstantial amount of outstanding bonds ofFederal credit agencies was refunded into issuesRefunding issues bearing lower interest rates.J ^ The Federal Land Bank System

engaged in the largest refundingoperations of its history. In April the Fed-eral land banks offered $162,000,000 of 3Ji-Percent 10-20-year consolidated bonds at 100%to provide for the retirement of an equivalentamount of 5-percent bonds called for redemp-tion on May 1. In June $239,000,000 of 3-per-cent 10-20-year consolidated bonds were of-fered at 98K to provide for the retirement ofthe major part of the $269,000,000 of 4}£-percent bonds called for redemption onJ % 1

145047—35

In May the Home Owners' Loan Corpora-tion called for redemption on July 1 the $325,-000,000 of outstanding Home Owners' LoanCorporation 4-percent bonds, which are theonly outstanding obligations guaranteed bythe United States Government as to interestonly. During May and June $245,000,000 ofthese bonds were exchanged for an offering bythe Treasury of 1 -percent 4-year bonds of theHome Owners' Loan Corporation which areguaranteed as to both interest and principalby the United States, and funds were providedfor the redemption of the remaining called bondsthrough sale by the Treasury of an additionalamount of the 1^-percent 4-year bonds.

There was a marked increase during thesecond quarter of the year in corporationRefunding by financing, particularly bonddomestic cor- financing for the refunding ofporations outstanding callable issues withhigh coupon rates. Securities publicly offeredby domestic corporations for refunding purposesreached a total of $134,000,000 for April andthen continued in relatively large volume at$82,000,000 for May and $115,000,000 for June,making a total of $331,000,000 for the quarter.New capital raised by domestic corporationsthrough publicly offered security issues totaled$81,000,000 for the 3 months, which is largerthan for any corresponding period since thethird quarter of 1932.

Public utilities have led in the recent move-ment to redeem obligations through the sale ofsecurities bearing lower coupon rates. Thetotal for the quarter of the refunding issuesoffered in this group was $192,000,000, including1 issue of $73,000,000 and 2 issues of about$30,000,000 each. Securities offered by indus-trial corporations, although they were prin-cipally for refunding purposes, also providedabout $50,000,000 of new capital. The twolargest offerings by industrial corporations of$50,000,000 and $25,000,000 were in the ironand steel industry. Publicly offered issues ofrailroads were smaller in amount and werelargely for refunding outstanding bonds andfor payment of bank loans.


418 FEDERAL RESERVE BULLETIN JULY 1935

During the second quarter of the yearyields on the highest-grade bonds showed little^ , . fJ change and remained near theBond yields i A i i • 4 l l

lowest levels since the war,while average yields on the lower-grade bondsof domestic corporations recovered the groundlost during March and early April. Changessince 1931 in the average yield on long-termUnited States Government bonds, high-grademunicipal bonds, and corporate bonds by rat-ings are shown in the chart.

BOND YIELDS

1931

Sources of bond yields: United States Government, Treasury Depart-ment; municipal, Standard Statistics Co.; corporate, by ratinesMoody's Investors' Service. Latest figures are for week ending

Average yields on outstanding Treasurybonds continued to decline during April andremained at an average yield around 2.60 per-cent during May and June, except for a briefperiod near the end of May when the averagewas slightly higher. For high-grade municipalbonds and for the highest-grade bonds of cor-porations average yields during the quarterremained near the lows established in March ofabout 3K percent for municipals and about Z%

percent for the corporation issues. The aver-age yield on lower-grade corporation bondsdeclined during April and again during Juneand at the end of June was about 5% percent,which was less than the preceding low near theend of February. Changes in average yieldson the lower-grade bonds reflected largelyfluctuations in the prices of railroad bonds.During March there was a sharp decrease inthe prices of lower-grade railroad securitiesfollowed by an increase in April and again inJune. Prices on the lower-grade public utilitybonds also improved during April.

Changes in Foreign Central Bank Discount Rates

The following changes in discount rates dur-ing the period June 4 to July 6 have beenreported by central banks in foreign countries:Bank of France, June 21, from 6 to 5 percent;July 5, from 5 to 4 percent; Netherlands Bank,June 27, from 5 to 4 percent; July 6, from 4 toZ}{ percent; Bank of Java, July 1, from 4J4 to 4percent.

All Licensed Banks, by States

Tabulations appearing on pages 481-485 pre-sent the number, loans, investments, and de-posits, exclusive of interbank deposits, of alllicensed banks by Federal Reserve districts andby States for December 31, 1934, as well as forJune 30, 1934, and December 30, 1933. fig-ures by States are also presented by class oibank. Among mutual savings banks, the de-posits of which aggregated $9,827,580,000 onDecember 31, 1934, changes during the yearwere small. Among other banks, however,large increases occurred in deposits and invest-ments. Deposits of all licensed banks increasedduring the year by $6,266,000,000 and loansand investments by $3,139,000,000. Loans de-clined $1,503,000,000 and investments increased$4,642,000,000.


1935 FEDERAL EESERVE BULLETIN 419

SUPPLY AND USE OF MEMBER BANK RESERVE FUNDS

For several years the Federal Reserve Boardand the Federal Reserve banks have employeda method of presenting figures derived fromFederal Reserve bank condition statementsand from Treasury circulation statementsorganized in such a manner as to define thechannels connecting banking and monetaryconditions of the country with the FederalReserve banks. These figures are presentedin the form of a balanced statement, whichshows the various currency and credit elementsthat correspond to increases or decreases in thesupply of and in the demand for reserves ofmember banks.

The importance of factors of supply and useof member bank reserves lies in the fact thatthe ability of member banks to make loans orinvestments and their attitude in the matterare influenced by the availability to them ofreserves and by the method through whichthese reserves are obtained. There is an im-portant difference in cost, in liability, and inattitude of the banks between reserves obtainedat the banks' initiative through discountingpaper and reserves obtained either throughopen-market operations by the Reserve banksor through the inflow of gold from abroad or ofcurrency from circulation.

Computation of the various items comprisingthis statement has been previously explained inpublications of the Board.1 Within the lastfew years, however, there have been funda-mental changes in the significance and relativeimportance of these items and also in the ar-rangement of the statement and in the contentof individual items. The following table givesthe various items which comprise the state-ment, together with figures for each as ofJune 29, 1935. Subsequent paragraphs givefirst a discussion of the interrelationship of thevarious items and then a description of thesource and derivation of each item and anexplanation of the significance of each item.

Amount outstanding in millions of dollars June 89t 1935

Factors supplying reserve funds:Reserve bank credit outstanding—total 2,480

Bills discounted 6Bills bought 5U. S. Government securities 2,433Other Reserve bank credit 37

Monetary gold stock 9,115Treasury and national bank currency 2,606

1 See FEDERAL RESERVE BULLETIN, July 1929, pp. 427-433, and see alsog . W. Riefler, Money Rates and Money Markets In the United States,Harper*, New York, 1930, ch. VII and appendix II .

Amount outstanding in millions of dollars June 29t1935—Continued.

Factors using reserve funds:Money in circulation 5,568Treasury cash and deposits with Federal Reserve banks 2,968Nonmember deposits 325Other Federal Reserve accounts 261

Member bank reserve balances held 4,979Estimated required reserves 2,565Estimated excess reserves 2,414

This statement is in effect a consolidatedbalance sheet, combining the statement ofcondition of the Federal Reserve banks withsuch items in the circulation statement of theUnited States Treasury as have a direct rela-tionship to the supply of or demand for reservefunds. All of the items except required andexcess reserves are derived from these twostatements. The need for combining theFederal Reserve bank statement with the cir-culation statement for the purpose here in viewarises from the fact that the Treasury hasimportant monetary and currency functionsthat have a direct effect on the volume of mem-ber bank reserves. At the end of this articlethese two basic statements for June 29, 1935,are given in slightly condensed form, togetherwith other tables, which show the calculationsby which the two statements are consolidatedinto one. The figures for recent months, ex-cept for required and excess reserves, are shownin the tables on pages 432-433 of this BUL-LETIN and for back years in the Board's AnnualReport for 1934, soon to be published.

The sum of the three items, total Reservebank credit, monetary gold stock, and Treas-ury and national-bank currency, equals thesum of the other five items, money in circula-tion, Treasury cash and deposits with FederalReserve banks, nonmember deposits, otherFederal Reserve accounts, and member-bankreserve balances held. The reason for thebalancing character of the statement is implicitin the accounting method by which it is derived.The first three items may be considered asprimary sources of reserve funds and the othersas reflecting uses made of these funds. Theways in which changes in any of the items areconnected with changes in other items, however,are different at different times. For example,sometimes the demand for reserve funds in-creases because an increase in member-bankdeposits increases their reserve requirements;at other times reserves increase because of aninflow of gold, a decrease in circulation, or open-


420 FEDEKAL RESERVE BULLETIN JULY 1935

BILUONS OF DOLLARS

10

RESERVE BANK CREDIT AND RELATED ITEMSMonthly overages of daily figures )rr

BILUONS OF DOLLARS

1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 . 1933 1934 1935

BILUONS OF DOLLARS

4RESERVE BANK CREDIT

~f Monthly averages of daily figures}*BILUONS OF DOLLARS

4

1918 ©19 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935


JULY 1935 FEDERAL RESERVE BULLETIN 421

market purchases by the Keserve banks, andthe increase in member-bank reserves may beabsorbed by a commensurate growth in depositsand reserve requirements, or it may result in anaccumulation of idle or excess reserves. Theitems are all mutually related, and changes inany one of them can be accounted for by bal-ancing changes in all the others. These inter-relationships are illustrated in the accompany-ing chart, which shows fluctuations in monthlyaverages of the major items from 1918 to date.

INTERRELATIONSHIP OF VARIOUS FACTORS

One line of classification of the items isaccording to whether changes in them are pri-marily and directly caused by actions of themember banks or the Federal Reserve banks,or are the result of influences not directlycontrolled by member banks or Reserve banks.In the latter category belong gold movements,changes in money in circulation, and in Treas-ury cash and deposits with Reserve banks, inall of which the member banks and the Reservebanks are primarily passive. On the otherhand there are changes in which the activeelement may be supplied by member banks,such as a growth in reserve requirementsarising from a growth in deposits caused by anexpansion of loans; and there are other changesin which the active element is supplied by theReserve banks, such as the purchase ofsecurities in the open market.

Generally in the past, bills discounted, repre-senting borrowings of member banks at theReserve banks, have been the most significantelement in the statement. When memberbanks have used all available reserves, any in-crease in reserve requirements, resulting froman expansion of deposits, makes it necessaryfor member banks to borrow from the Reservebanks. This was the case during most of thehistory of the Federal Reserve System until1932.

Increases in those items which supply reservefunds—Reserve bank holdings of bills and ofUnited States Government securities, monetarygold stock, and Treasury and national bankcurrency—enable member banks to repay bor-rowings, while decreases in these items resultin increased borrowings. Increases in theitems shown in the second group, on the otherhand, reduce reserve funds and require anincrease in borrowings, while decreases in theseitems enable member banks to reduce theirborrowings.

When, as has been the case in more recentyears, member banks are almost entirely out ofdebt at the Federal Reserve banks, changes in

the various factors are reflected in the reservebalances of member banks, rather than in theirborrowings. There are nearly always somebanks that are holding a small amount ofreserves in excess of requirements, but in thesummer of 1931 and from April 1932 to date,excess reserves held by member banks havebeen large and widely held, and since aboutthe end of 1933 member bank indebtedness atthe Reserve banks has been small in amountand confined to relatively few banks. Whena number of member banks are borrowing atthe Reserve banks and at the same time a largenumber are out of debt, as in 1931 and fromApril 1932 to the latter part of 1933, changesin the various reserve factors are in partreflected in borrowings and in part in excessreserves.

In the last half of 1933 there was a sub-stantial increase in the total amount of Reservebank credit, reflecting an increase in holdingsof United States Government securities inexcess of a reduction in bills discounted. Thisincrease added to the supply of reserve fundsavailable to member banks. In addition, sinceearly in 1934 large gold imports have furnishedmember banks with a further supply of funds.In this situation member banks, having prac-tically no borrowings to repay, added the addi-tional reserve funds to their reserve balances.When during this period they lost funds forany reason, principally because of Treasurytransactions or seasonal increases in money incirculation, their reserve balances were reducedwhile their borrowings being negligible werelittle affected. Since the increase that hastaken place in this period in required reserves,as a result of expansion in member bankdeposits, has not been as great as the increasein reserves held, member banks have held agrowing amount of excess reserves.

As a consequence of these developments,member bank reserve balances, or more par-ticularly excess reserves, have in recent yearstaken the place of the volume of discountsas the most significant element in the state-ment. In the practical absence of discounts,increases in those items shown in the statementas factors supplying reserves—the various typesof Reserve bank credit, monetary gold stock,and Treasury and national bank currency—have had the effect of increasing member bankreserve balances, other factors remaining un-changed, while decreases in these items havereduced reserve balances. Increases in thesecond group of items—money in circulation,Treasury cash and deposits with FederalReserve banks, nonmember deposits, and other



Federal Reserve accounts—on the other hand,have resulted in reductions, and decreases inthese items have resulted in increases in thesupply of funds available for reserves.

The following table shows changes in thevarious items of the statement from June 30,1934, to June 29, 1935, arranged in accordancewith their effect upon member bank reserves.This form of table is useful in analyzing theeffect of changes that occur in any period oftime.

SUPPLY AND USE OP MEMBER BANK RESERVE FUNDS

I In millions of dollars]

Items increases in which add to reserves:Reserve bank credit ___Monetary gold stockTreasury and national bank currency ,

Items increases in which reduce reserves:Money in circulationTreasury cash and deposits with Federal Re-

serve banksNonmember depositsOther Federal Reserve accounts

Total

^Tet change in member bank reserve balances held-

Net change in estimated required reservesNet change in estimated excess reserves ,

June 30, 1934-June 29,1935

Changesthat

added to

+8+1,259

+141

-48

Changesthat

reduced

+196

+92+29

317

+457+682

Further analysis of these interrelationshipsis given in a subsequent section dealing withthe significance of the individual items in thestatement.

DESCRIPTION OF ITEMS

The following paragraphs give a brief ex-planation of the source and nature of thefigures used in measuring the various factorssupplying and using reserve funds.

FACTORS SUPPLYING RESERVE FUNDS

Reserve bank credit.—The total volume ofReserve bank credit outstanding representsprincipally the loans and investments of theFederal Reserve banks. The various typesof Reserve bank credit in use on June 29, 1935,are shown in table 3 at the end of this article.They are:

^ (1) Bills discounted, which represent prin-cipally rediscounts for and advances to mem-ber banks, although at times they include loanson gold to foreign central banks, advances to

nonmember banks, to Federal intermediatecredit banks, and to individuals, partnerships,and corporations under special legislation.

(2) Bills bought, which represent bankers'acceptances purchased by the Federal Reservebanks from bill dealers or banks, either out-right or under resale agreements, and accept-ances payable in foreign currencies purchasedfrom foreign central banks and guaranteed bythem.

(3) United States Government securities, whichare purchased by Federal Reserve banks inthe open market. In recent years most ofthese securities have been held in the so-calledSystem Special Investment Account, which ishandled by the Federal Open Market Com-mittee and is participated in by all of theFederal Reserve banks.

(4) Other Reserve bank credit, which includesfunds held on deposit in foreign banks; inrecent months advances made for the purposeof providing working capital to industrial andcommercial concerns in accordance with theprovisions of section 13b of the Federal ReserveAct; other securities such as Federal inter-mediate credit bank debentures and municipalwarrants; and finally, Federal Reserve bankfloat, which arises through transit items thatare credited to the account of depositing banksprior to their actual collection by the Reservebank.2

Monetary gold stock.—Monetary gold stockincludes at the present time only gold held bythe Treasury. Prior to January 30, 1934,monetary gold stock included gold held by theTreasury and by the Federal Reserve banks,except gold held under earmark for foreignaccount, and also included gold coin in circu-lation in the United States. The latter figurewas estimated by taking into considerationimports and exports of gold coin, mintings,meltings, and the use of gold coin in the arts aswell as payments of gold coin into circulationand withdrawals from circulation. On Janu-ary 30, 1934, title to all gold held by FederalReserve banks was transferred to the UnitedStates Government. The Federal Reserve

2 Federal Reserve bank float generally has a positive or debit balance,because in making interdistrict check collections the reserve balance orthe depositing bank is credited according to a time schedule while thebank on which collection is being made at times is not charged until tuefollowing day. Exchanges for clearing house when received in the morn-ing mail should, according to the time schedule, be collected the sameday but often are not sorted until too late to be included in the clearingsfor that day and it is this which usually gives rise to the debit balance.A negative or credit balance is shown by Federal Reserve float whenitems are charged against a member bank reserve balance or otherwisecollected prior to being credited to the account of another member banfe.This situation happens chiefly in connection with the interdistrict col-lection of noncash items, such as notes, but also whenever the actualcollection of checks is made prior to expected collection according to tnetime schedule, which may occur when there is a bank holiday in somedistricts but not in others.



banks now hold gold certificates or gold-certifi-cate credits on the books of the Treasury,against which the Treasury holds gold. Thereis no circulation of gold coin and all imports,exports, and changes in earmarkings of gold areimmediately reflected in Treasury holdings.

Beginning January -31, 1934, the estimatedfigure of gold coin in circulation, amountingto $287,000,000, was excluded from monetarygold stock and from money in circulation.3Figures prior to January 31, 1934, and subse-quent to 1913, have recently been revised toexclude the $287,000,000 of gold coin, leavingthe remainder of gold coin in circulation in thepublished figures. For the earlier years theresulting figure is probably an understatementof gold coin actually in circulation, but fluctu-ations in the total, which alone are importantfrom the standpoint of this analysis, are notaffected by this revision.

Treasury and national bank currency.—Treasury and national bank currency outstand-ing measures the contribution of the Treasuryand the national banking system to the curren-cy supply of the country. It represents thestock of money for which the Treasury isprimarily responsible, comprising standard sil-ver dollars, silver bullion against the pledge ofwhich silver certificates and Treasury notes of1890 are outstanding, subsidiary silver andminor coin, United States notes, national banknotes, and the Federal Reserve bank notes forthe retirement of which funds have been depos-ited with the Treasurer of the United States.4Since March 1935 all Federal Reserve banknotes outstanding have been in this category.

• The reasons for this change were as follows: (1) the amount of goldcoin previously reported as "in circulation" is known to have been over-stated during recent years by the amount of such coin that in course oftime had been lost, destroyed, or exported without record; (2) the resultsof official efforts during the war to concentrate gold and since March 1933to secure its return from private hoards have indicated that the over-statement has been large; (3) the Treasury order of December 28, 1933.requiring surrender of all gold coin (with minor exceptions) in effectprohibits anyone from using gold coin for circulation or from having it inhis possession; and (4) under the Gold Reserve Act of 1934, effectiveJanuary 30, no gold coin may henceforth be put into circulation. Goldcoin outside of the United States Treasury, therefore, is no longer a partof monetary gold stock or of money in circulation.

* Those Federal Reserve bank notes which were not covered by lawfulmoney deposited with the Treasury and were, therefore, liabilities of the*eaeral Reserve banks are not included in Treasury currency. Federal•Keserve bank notes of this sort were outstanding prior to June 1924 andagain from March 1933 to March 1935. When issuance of Federal Re-serve bank notes was discontinued, liability for the retirement of out-standing notes was transferred to the Treasury. During the period? J n ? « w a s t a k i n £ P^ce the item of Treasury currency included such* eaeral Reserve bank notes as were covered by deposits for their retire-ment made by the Reserve banks with the Treisury. For example, on•December 31, 1934, the situation as regards Federal Reserve bank noteswas as follows:

Amount outstanding (from circulation statement). $118,762Amount issued to Federal Reserve banks (from

Federal Reserve bank statement) 37,590Amount covered by deposits for retirement (includ-

ed in Treasury and national bank currency) 81.172

These various items as of June 29, 1935, areshown in table 4. These figures include thecurrency of these kinds that is held in the Treas-ury and the Federal Reserve banks as well asthat in circulation. Treasury currency does notinclude Federal Reserve notes, gold coin, orgold certificates.

National bank notes, issued by nationalbanks upon pledge of Government bonds, areliabilities of issuing banks until lawful money isdeposited with the Treasury for their retire-ment. For the sake of simplicity all nationalbank notes are combined with Treasury cur-rency. Since there will be no bonds bearing thecirculation privilege after August 1, 1935, lia-bility for all national bank notes will be trans-ferred to the Treasury by that time and thesenotes will be retired as they are returned to theTreasury. After that date all of the types ofcurrency included in this item will be, strictlyspeaking, Treasury currency.

Because of the interplay between "Treasuryand national-bank currency" and "Treasurycash and deposits with Federal Reserve banks"and because of the smallness of changes ineach, the two items were combined prior toFebruary 1934 in one item called "Treasurycurrency adjusted." The increase in Treasurycash resulting from reduction in the gold con-tent of the dollar, explained below, made"Treasury currency adjusted" a negativefigure. This necessitated division into twoseparate items. In addition, the new issues ofsilver certificates beginning in 1934 and the re-tirement of national-bank notes now in processmake "Treasury and national-bank currency"an important separate item.

FACTORS USING RESERVE FUNDS

Money in circulation.—The figures for moneyin circulation include all kinds of United Statesmoney outside of the Reserve banks and theTreasury, with the exception that gold coinknown to have been exported was alwaysexcluded and beginning January 31, 1934, allgold coin outstanding has been excluded.Detailed items are shown in table 2. Thefigures include, therefore, not only money heldby the public but vault cash held by banks andsuch United States money as may have beencarried abroad, other than gold coin known tohave been exported. For reasons explainedabove in connection with monetary gold stock,figures previously published for the period from



January 1914 to January 1934 have beenrevised to exclude $287,000,000 of gold coin.5

Treasury cash and deposits with FederalReserve banks.—This item represents the cashassets which the Treasury has at its disposalwithout drawing on balances with depositarybanks. Treasury deposits with Federal Re-seryo banks represent the general account of thUnited States Treasurer with the Reservebanks. Treasury cash includes gold bullionsilver and minor coin, and currency held in theTreasury, excepting (a) gold held against goldcertificates, (b) silver held against silver certifi-cates, and Treasury notes of 1890, and (c) goldheld for Federal Reserve banks. The variouscomponents are shown in table 5.

The item of Treasury cash was increased by$2,800,000,000 after the close of business onJanuary 31, 1934, as a result of reduction in thegold content of the dollar. Since the value ofthe monetary gold stock was correspondinglyincreased at the same time, this transaction inand of itself had no effect on the amount ofmember bank reserve balances.

Nonmember deposits.—This item includesall deposits with the Reserve banks other thanthe Treasury general account and memberbank reserve balances. It includes deposits fornonmember banks and for others, such asforeign central banks and governments, and inx933 and 1934 it also included special depositsheld for unlicensed member and nonmemberbanks.

Other Federal Reserve accounts.—This item,formerly designated as " Unexpended capitalfunds of Federal Reserve banks", is derivedfrom the condition statement.of the FederalReserve banks by adding " capital", "surplus ","reserve for contingencies", and "all otherliabilities" of the Reserve banks, and subtract-ing the sum of "bank premises" and "all otherassets." Since some components of these itemsin earlier years were carried in accounts otherthan those in which they now appear, adjust-ments have been made to bring the entire series

1 No correction was made in the money in circulation figures for theremoval of gold certificates, since the reasons for the elimination of soldcoin figures do not appear to hold as regards gold certificates. (1) Goldcertificates appear to resemble in this respect other types of hoardedcurrency rather than gold coins; gold certificates have continued to comeback from circulation throughout the past year, whereas the return flowof gold coin has practically ceased. (2) On June29,1935, about $44,000,000of the old arge-s ze series were outstanding; thus the maximum adjust-ment o gold certificates in 1929, when issuance of large-size currency wasdiscontinued, would be &4f000,000, and since this figure is constantly te-ing reduced, a smaller amount would have to be chosen. (3) Until the2 £ i n ^ S°r d e«Si°i t h e E u r o ? e ? n countries in the post-war period goldcertificates were seldom exported or imported; consequently, there is nopresumption of error In the circulation figures of goldI certificatesfariliSefrom erroneous reports of exports and imports, as there is in the case ofgo d com which regularly moved in and out of the country. (4) Finallygold certificates have no intrinsic value and cannot be reduced to bullionand taken out of the country as is the case with gold coin.

into conformity with the current figures. Thecomputation of this figure as of June 29, 1935,is shown in table 7.

Member bank reserve balances.—Memberbank reserve balances as shown on the FederalReserve bank condition statement representreserve balances actually held by member banksat Federal Reserve banks. Figures for requiredreserves and excess reserves are not shown onthe Reserve bank statement, and • must bederived from reports obtained from memberbanks as to their deposits.

(1) Reserve balances held.—These comprisetotal net balances held by member banks withthe Reserve banks. Since August 1917 onlybalances with the Federal Reserve banks havecounted as legal reserves of member banks.

(2) Estimated required reserves.—Reservesrequired by law to be held against net demanddeposits amount to 13 percent for centralreserve city banks in New York and Chicago,10 percent for reserve city banks, and 7 percentfor country banks; all banks are required to hold3 percent against their time deposits. UnderBoard regulations reserves held are not requiredto equal the legal minimum at all times but overcertain designated periods of time must averageenough to cover the average minimum require-ments. Reserves held each day and thoserequired are averaged semiweekly in the case ofbanks in Federal Reserve bank and branchcities and also in a few other designated reservecities; they are averaged weekly for banks inother reserve cities and semimonthly for allcountry banks. For this reason on any givenday reserves held may be substantially above orbelow computed requirements. For the samereason, reports as to deposits and requiredreserves are not obtained every day from allmember banks. Approximate figures for re-quired reserves may be computed on the basisof daily reports of deposits from certainmember banks in New York City, weekly re-ports from certain banks in other leading cities,and monthly reports for other member banks.

(3) Estimated excess reserves represent thedifference between reserves actually held andthe estimated required reserves.

SIGNIFICANCE OF INDIVIDUAL ITEMS

Each of these items has a direct and measur-able effect upon the balanced statement, in thata change in one item is always offset by a corre-sponding change in one or more other items.Each of them, however, represents factorswhich may result from different influences andwhich may set into operation different forces.



The effects of changes in the various items uponmarket conditions and indirectly upon theother items are of considerable importance, andknowledge of them makes the balanced state-ment useful in analyzing banking and creditconditions. Some of the more importanteffects are pointed out in the following para-graphs. The items are discussed in the orderin which they are described in the previoussection.

FACTORS SUPPLYING RESERVE FUNDS

Reserve bank credit.—All of the varioustypes of Reserve bank credit place funds at thedisposal of member banks to be used by themto meet demands for currency, export demandsfor gold, or Treasury withdrawals, or to buildup reserve balances. From the standpoint ofbanking and credit policy, however, each ofthe three major types of Reserve bank creditis of different significance.

(1) Bills discounted.—An increase in theamount of member bank borrowing generallyindicates that a loss of reserve funds or anincrease in required reserves has forced memberbanks to obtain additional reserves by borrow-ing, while a decrease in borrowing indicates thatadditional reserve funds have become availablethrough some other channel or that requiredreserves have declined. There is a well-estab-lished tradition among member banks againstbeing continuously in debt to the Reservebank, and member banks usually try to keeptheir borrowings as small as possible. Thistradition is based in part upon the fact that amember bank is liable for assets rediscounted orpledged against advances, and in part upon theindication which long-continued borrowing givesthat the bank is not in a strong condition.

Consequently, when a member bank is indebt it is hesitant about extending additionalcredit and is likely to call loans or sell invest-ments for the purpose of obtaining funds torepay borrowings. When one bank contractsits loans and investments, total bank depositsare reduced or reserves are obtained from otherbanks which either draw on excess reservesor increase their borrowings.

The pressure which increased borrowings onthe part of member banks exert is indicatedby money-market developments. When mem-ber banks are heavily in debt money rates rise,particularly in the well-organized open mar-kets, reflecting efforts of member banks toobtain reserve funds by calling loans or selling

145047—35-^-3

investments. When member-bank borrowingis small and confined to relatively few banks,money rates are low. If these conditions con-tinue for an extended period, bond yields andrates charged by banks on loans to customersalso begin to change. It is because of thetradition against borrowing at the Reservebanks and because of repercussions in themoney market that the item of bills discountedis under ordinary conditions the most impor-tant item in the consolidated statement.

(2) Bills bought.—All prime bankers7 accept-ances offered for sale by member banks ordealers are purchased by Federal Reservebanks at a fixed rate. Federal Reserve banksnever sell acceptances, except when they haveacquired them under resale agreements; de-creases in their outright holdings are the resultof an excess of maturities over new purchases.Increases in holdings of acceptances reflect inpart market conditions, such as the supply ofacceptances available and the need of banksfor reserve funds, and in part differentialsbetween market rates and Federal Reservebank buying rates. Buying rates are a matterof Reserve-bank policy.

In general it may be said that the need forreserves forces member banks, in the firstinstance, either to borrow at the Reserve banks,or to sell acceptances to the Reserve banks;which of these alternatives they adopt dependsupon a number of factors. In the past theReserve bank buying rates for bills havegenerally been close to or below market ratesand below the discount rate of the FederalReserve Bank of New York, where most of thetransactions occur. Although member banksmay have some objection to selling bills, be-cause of liability on their endorsement, it is notas strong as their feeling against borrowing.As a consequence, banks in need of reservesprefer to sell acceptances to the Reserve bankrather than borrow. In the autumn whenboth the supply of acceptances and the demandfor reserves are seasonally large the Reservebanks have ordinarily held a large portion ofavailable acceptances.

At times, nowever, member banks as agroup may be borrowing in considerableamount and at the same time may hold asubstantial volume of acceptances. Banksneeding funds for only a few days sometimesprefer to borrow rather than sell acceptanceswith longer maturities. Acceptances are heldchiefly by the large money-market banks,which ordinarily borrow only for a few days



at a time, and many of the banks needingreserves may hold no acceptances and thereforemay have to borrow.

(3) United States Government securities.—Changes in Reserve bank holdings of UnitedStates Government securities reflect actiontaken entirely at the initiative of the Reservebanks, except when United States Govern-ment securities are purchased from dealersunder resale agreements or from the Treasuryin the form of 1-day certificates to offsettemporary overdrafts. These securities arepaid for by officers' checks of the FederalReserve banks, which upon presentation arecredited to the reserve accounts of memberbanks. By purchasing securities Reserve banksmay supply member banks with funds toreduce their borrowings, to increase theirreserves, or to meet withdrawals of currency,gold, or Treasury funds without borrowingor losing reserves. Sales of securities bythe Reserve banks, on the other hand, reducemember bank reserves and may force themto borrow. This item is important, there-fore, because, together with changes in dis-count and bill-buying rates, it is an indica-tion of the policy that is being followed by theFederal Reserve System, and shows whetherprevailing conditions are primarily reflectionsof developments in the market, or of activeintervention by the Federal Reserve banks.

Monetary gold stock.—Increases in the mone-tary gold stock of the United States are oneof the most important sources of reservefunds. Additions to the gold stock furnishfunds to member banks and enable them, otherfactors remaining unchanged, to increase cor-respondingly their reserve balances or to reducetheir borrowings at Reserve banks. Reduc-tions in gold stock have the opposite effect.Increases in gold stock, therefore, tend to easeconditions in the money market, while decreasestend to tighten them.

As previously explained, the large increasein monetary gold stock resulting from revalua-tion of the dollar on January 31, 1934, repre-sented a revaluation of existing gold holdingsand was reflected in a corresponding increasein Treasury cash without immediate effectupon the amount of member bank reservebalances.

Treasury and national bank currency.—New-issues of national-bank notes supplied currencydirectly to national banks and enabled thesebanks to deposit an equivalent amount ofcurrency to the credit of their reserve balancesat the Federal Reserve banks. New issues

of Treasury currency and redemptions of bothTreasury and national-bank currency are madeby the Treasury, however, and their effectupon member-bank reserves or borrowingsoperates through a more involved process.Changes in Treasury currency often take placein conjunction with changes in Treasury cashand deposits with Federal Reserve banks.When the Treasury issues new currency iteither places the currency in its cash holdingsor deposits it with Federal Reserve banks.When the funds thus made available to theTreasury through the increase in Treasurycurrency are disbursed by the Treasury,Treasury cash and deposits are reduced andreserve balances of member banks are in-creased. When Treasury currency is retiredredemption is made by drawing down depositswith Federal Reserve banks; to replenish thesedeposits the Treasury ordinarily withdrawsfunds from its deposits with member banksand thus reduces member-bank reserves. Inthis manner increases in Treasury currencyindirectly tend to increase member bank re-serve balances, while decreases tend to havethe opposite effect.

FACTORS USING RESERVE FUNDS

Money in circulation.—Currency needed forcash purchases, pay rolls, pocket change, ortill money is withdrawn by the public frombanks, which in turn obtain it from the FederalReserve banks, giving some value in exchange.Thus, increases in money in circulation resultin a reduction in member-bank reserves oran increase in their borrowings, while a de-crease in currency permits member banks toincrease their reserves or reduce their borrow-ings. Money in circulation ordinarily showssignificant seasonal changes, and from 1931to 1933 when there were large withdrawalsof currency from banks for hoarding it was afactor of especial importance.

Treasury cash and deposits with FederalReserve banks.—Substantial changes in theamount of cash held by the Treasury and inits deposits with Federal Reserve banks exertan important, although generally temporary,influence on the amount of member bankreserves or borrowings. Additions to this itemusually result in a decrease in reserves or anincrease in borrowings, while reductions havethe opposite effect, although often changes inthis item are partly offset by changes in Treas-ury currency.

Disbursements of the Government are madelargely by checks drawn on Treasury balances



maintained with Reserve banks; these checksare deposited by member banks with the Re-serve banks, and member bank reserves areincreased thereby. Tax receipts are depositedby the Treasury in its account at the Reservebanks, and collection is made through a chargeagainst the reserve accounts of member banks.The sale of public-debt securities by theTreasury for cash similarly results in an in-crease in Treasury deposits at the Reservebanks and a reduction in member bank re-serves. Sales of short-term Treasury bills andsales of all new Government securities to in-vestors other than banks are generally madeon an immediate payment basis. On the otherhand, sales of longer term United States Gov-ernment securities to banks are generally paidfor by deposit credits to the account of theTreasury at the banks purchasing the secur-ities. These transactions have no immediateeffect upon member bank reserves. As theTreasury requires funds, however, withdrawalsare made from the depositary banks and theamounts are placed to the credit of the Treas-ury at the. Federal Reserve banks. Thesetransfers increase Government deposits at theReserve banks and reduce member bank reservebalances.

Figures for cash held by the Treasury and forTreasury deposits with the Reserve banks arecombined into one item, rather than shownseparately, because a number of Treasurytransactions involve merely a transfer of fundsfrom one of these categories to the other with-out having any effect upon member bankreserves or borrowings. An increase in Trea-sury deposits at Reserve banks as a result of atransfer of gold certificates or of gold-certificatecredits from the Treasury to the Reservebanks, for example, does not affect the volumeof member-bank reserves; it merely diminishesTreasury cash and correspondingly increasesGovernment deposits with the Reserve banks.

When gold is received by the Treasury fromimports or otherwise, the Treasury purchasesthe gold through the issuance of a check drawnupon its account at a Federal Reserve bank.This check is deposited by the seller of the goldand finds its way to the Federal Reserve bankwhere it is charged to the Treasury's account.The deposit of the United States Treasury con-sequently is reduced on the books of the FederalReserve bank and a credit is given to the reserveaccount of a member bank. At this point thegold received by 'the Treasury has resulted inan increase of monetary gold stock and of

member-bank reserve balances; Treasury cashhas also increased and Treasury deposits at theReserve banks decreased, with no change inthe total of these two. Subsequently, theTreasury may restore its deposits at theReserve banks by transferring to them goldcertificates or gold-certificate credits. Thistransaction decreases Treasury cash and in-creases Treasury deposits at the Reserve bankswithout changing the total of these two items.It results in an increase in Reserve-bank hold-ings of "gold certificates on hand and due fromUnited States Treasury", an item that is notincluded as such in the reserve analysis.

The addition to Treasury cash of the incre-ment resulting from reduction in the gold con-tent of the dollar was offset by a correspondingincrease in monetary gold stock, as previouslyexplained, and had no immediate effect uponthe amount of member bank reserve balances.When payments are made from this incrementfor various purposes—for the account of theexchange stabilization fund, for example—other items in the statement are affected, andto the extent that such funds are paid out tothe public, member bank reserves are increased.

Under section 13b of the Federal Reserve Act,as amended, the Secretary of the Treasury fromtime to time transfers to each Federal Reservebank, from the increment that has resulted fromrevaluation, gold certificates or gold-certificatecredits against advances and commitmentsmade by the Reserve banks to provide work-ing capital for industrial and commercialconcerns. These transfers, which by June 29had amounted to about $21,000,000, reduceTreasury cash and increase Reserve banksurplus, which is included in other FederalReserve accounts. Member bank reserves areincreased when the advances are made by theReserve banks; these advances are includedin other Reserve bank credit.

Nonmember deposits.—Since these depositsare usually built up out of funds transferredfrom member banks, an increase in this item islikely to result in a decrease in member bankreserves or an increase in borrowings, while adecrease has an opposite effect. Sometimes,however, changes in these deposits may bereflected in changes in monetary gold stock,in Reserve bank holdings of bills and securities,or in Treasury cash and deposits with Reservebanks. . .

Other Federal Reserve accounts.—This itemmeasures the amount of funds taken out of the

I market directly or indirectly by Reserve-bank



capital, "other liabilities" and earnings, inexcess of the amounts paid out by the Reservebanks for premises, "other assets" andexpenses.

Member-bank reserve balances.—As previ-ously explained, prior to 1931 aggregatereserve balances of member banks were usuallykept close to the minimum required by law, andmember banks did not carry any considerablevolume of excess reserves. Reserve balancesfluctuated largely with changes in member-bank deposit liabilities, which chiefly reflectedchanges in member-bank loans and invest-ments. When member banks do not holdexcess reserves and reserve requirements in-crease, there is a corresponding increase inmember-bank borrowings, while a decline inreserve requirements results in a decrease inborrowings.

When member banks are holding excessreserves and are practically out of debt at theReserve banks, as is the case at present,changes in required reserves do not affect theamount of borrowings or the amount of reservesactually held, but are reflected in the volumeof excess reserves. When member banks areout of debt at Reserve banks, reserve balancesactually held are the residual of the otherfactors previously described, and excess reservesreflect the net effect of all of these factors andrequired reserves.

Excess reserves indicate the extent to whichmember banks may legally expand their loansand investments without having recourse tothe Federal Reserve banks. When a bankincreases its loans and investments its ownor other banks' deposits increase by a similaramount, unless there are offsetting influences,and the additional deposits cause an increasein reserve requirements.

DERIVATION OP STATEMENT

The following series of tables show how theconsolidated statement for June 29, 1935, isderived from the two basic statements—(a)Statement of Condition of Federal ReserveBanks and (6) Circulation Statement ofUnited States Money. It will be noted thatthere are certain items appearing in the twostatements but not included in the analysis.The reason for this is that they are not of directsignificance in relation to reserves and areoffsetting accounts.

TABLE 1.—STATEMENT OF CONDITION OF FEDERALRESERVE BANKS, JUNE 29, 1935

[In thousands of dollars]

ASSETS

Gold certificates on hand and due from U. S. Treasury... 6,180,188 (a)Redemption fund—Federal Reserve notes 22,882 (a)Other cash 222,979 (b)Bills discounted 5,769 (3)Bills bought 4,689 (3)Industrial advances 27,638 (3)United States Government securities 2,432,746 (3)Due from foreign banks 633 (3)Reserve bank float _ 8,548 (3)Federal Reserve notes of other Reserve banks 18,951 (c)Uncollected items not included in float ^ 511,095 (d)Bank premises _ 49,826 (7)All other assets 43,197 (7)

Total assets 9,529,141

LIABILITIESFederal Reserve notes:

Held by other Federal Reserve banksOutside Federal Reserve banks 3,

Member bank deposits—reserve account 4,United States Treasurer—general accountForeign bank depositsOther depositsDeferred availability itemsCapital paid inSurplus (sec. 7)Surplus (sec. 13b)Reserve for contingenciesAll other liabilities II IIIZI IIIIII

IS, 95X (c)238,889 (e)978,770 (8)102,235 (5)23,772 (6)301,218 (6)511,095 (d)146,575 (7)144,893 (7)20,870 (7)30,777 (7)11,096 (7)

Total liabilities 9,529,141

NOTE.—The numbers beside the various items indicate the tables towhich they are transferred. The letters indicate offsetting items, allof which are in tables 1 or 2.



TABLE 2.—CIRCULATION STATEMENT OF UNITED STATES MONEY, JUNE 29, 1935


Kind of money

GoldGold certificatesStandard silver dollarsSilver bullionSilver certificatesTreasury notes of 1890 -Subsidiarv silverMinor coinUnited States notesFederal Reserve notesFederal Reserve bank notesNational bank notes

Total

Total amount

9,115,381 (8)6,820,336

545,642 (4)313,309 (4)810,040

1,182313,451 (4133,102 4346,681 4

3,492,854 e84,354 4)

769,096 (4)

15,113,870

Money held in the Treasury

Amount heldas security

against goldand silvercertificatesand Treas-ury notes

of 1890

6,320,336

506,348304,874

7,131,558

ReserveagainstUnitedStates

notes andTreasurynotes of

1890

156,039 (5)

156,039

Held forFederal

Reserve banksand agents

5,532,590 (a)

5,532,590

All othermoney

2,639,005 (5)

3,677 (5)8,435 (5)

4,973 (5)4,585 (5)1,894 (5)

16,024 (5)1,584 (5)

29,653 (5)

2,709,830

Money outside of theTreasury

Held byFederal

Reserve banksand agents

670,479 (a)3,409 (b)

108,539 (b)

11,866 (b3,278 (b

59,379 (b253,966 (e

1,301 (b)35,203 (b)

1,147,422

In circulation

117,26732,208

701,5011,182

296,612125,239285,407

3,222,86481,470

704,240

5,567,988 (8)

NOTE l.—Figures in italics are not included in the total since the gold or silver held as security against gold and silver certificates and Treasurynotes of 1890 is included under gold, standard silver dollars, and silver bullion.

NOTE 2.—The numbers beside the various items indicate the tables to which they are transferred. The letters indicate offsetting items, all ofwhich are in tables 1 or 2.

TABLE 3.—RESERVE BANK CREDIT OUTSTANDING

JUNE 29, 1935

[In thousands of dollarslBills discounted 5.769 (1)Bills bought 4,689 (1)United States Government securities 2,432,746 (1)Other Reserve bank credit 36,819

Industrial advances— 27,638 (1)Due from foreign banks 633 (1)Reserve bank float 8,548 (l)

Total 2,480,023NOTE.—The numbers beside the various items indicate the tables

from which they are transferred.

TABLE 4.—TREASURY AND NATIONAL BANK CURRENCY

JUNE 29, 1935

[In thousands of dollars]Standard silver dollars 545,642 (2)Silver bullion 313,309 (2)Subsidiary silver V. 313,451 (2)Minor coin 133,102 2United States notes 346,681 (2Federal Reserve bank notes 84,3s4 C2)National bank notes - - "69,096 (2)

Total 2,505,635NOTE.—The numbers beside the various items indicate the tables from

which they are transferred.

T A B L E 5 .—TREASURY C A S H AND D E P O S I T S W I T H F E D -ERAL R E S E R V E BANKS, J U N E 29, 1935

[In thousands of dollars]Gold reserve against United States notes and Treasury

notes of 1890 ! „ — — 156,039(2)Gold in general fund and exchange stabilization fund 2t 639,005 (2)Standard silver dollars 3,677 2Silver bullion... . . 8,435(2)t » : : : : : : : : iSUnited States n o t e s " " " IIIIIIIII-I 1*894 (2)Federal Reserve notes". .IIIIIII 16.024 (2)Federal Reserve bank notes 1.584 (2)National-bank notes 29,653 (2)

Total Treasury cash 2,865,869United States Treasurer—general account (deposits with

Federal Reserve banks).! 102,235 (1)

Total ~ 2,968,104NOTE.—The numbers beside the various items indicate the tables

from which they are transferred.

TABLE 6.—NONAIEMBER DEPOSITS, JUNE 29, 1935


Foreign bank deposits 23,772 (1)Other deposits 301,218 (1)

Total 324,990

NOTE.—The numbers beside the various items indicate the tablesfrom which they are transferred.

TABLE 7.—OTHER FEDERAL RESERVE ACCOUNTS,JUNE 29, 1935


Capital paid in 146,575 (1)Surplus (sec. 7). 144,893 (1)Surplus (sec. 13b) 20,870 (1)Reserve for contingencies 30,777 (1)All other liabilities 11,096 (1)

Total 354,211Bank premises 49,826 (1)All other assets 43,197 (1)

93.02T

261,188

NOTE.—The numbers beside the various items indicate the tables fromwhich they are transferred.

TABLE 8.—SUPPLY AND USE OP MEMBER BANKRESERVE FUNDS, JUNE 29, 1935

[In millions of dollars]

Factors supplying reserve funds:Reserve bank credit outstanding 2,480 (3)Monetary gold stock 9,115 (2)Treasury and national bank currency-. 2,506 (4)

Factors using reserve funds:Money in circulation 5,568 (2)Treasury cash and deposits with Federal Reserve banks.. 2,968 (5)Nonmember deposits 325 (6)Other Federal Reserve accounts 261 (7)Member bank reserve balances 4,979

NOTE.—The numbers beside the various Items indicate the tables /romwhich they are transferred.


430 FEDERAL RESERVE BULLETIN J d T 1935

NATIONAL SUMMARY OF BUSINESS CONDITIONS

[Compiled June 22 and released for publication June 25]

There was a further slight decline in indus-trial production in May and factory employ-mont and pay rolls also showed a decrease.Activity in residential construction continuedto bo above the level of a year ago.

Production and employment.—Volume of in-dustrial production, as measured by the Board'sseasonally adjusted index, declined from 86percent of the 1923-25 average in April to 85percent in May,* which was the fourth con-secutive month of gradual decline from therecent high level of 90 in January. At steelmills output doclined somewhat in May andthe first 3 weeks of June, as is usual at thisseason. In the automobile industry, whereoutput this spring has been at a level substan-tially higher than in other recent years, pro-duction showed a marked decline in May,reflecting in part the effects of a strike. Atcotton mills there was little change in activity,while at woolen mills production increasedfurther, contrary to seasonal tendency. Pro-duction of shoes declined seasonally. Outputof coal, which has fluctuated widely in recentmonths, reflecting partly developments in thelabor situation, showed a marked increaseduring May and the early part of June.

Factory employment and pay rolls declinedbetween the middle of April and the middle ofMay. Decreases in employment were reportedfor the automobile, radio, lumber, clothing,cotton, silk, and shoe industries, while at woolenmills employment increased and in many otherlines little change was reported.

Value of construction contracts awarded, asreported by the F. W. Dodge Corporation, wasabout the same in May as in April. Residen-tial work continued in excess of a year ago,while the volume of contracts for public proj-ects was smaller than in the correspondingmonth of 1934.

Department of Agriculture estimates basedon June 1 reports indicate that conditions forwheat, .oats, barley, rye, hay, and pastureswere at the 10-year average for 1923-32, in con-trast with conditions a year ago, which wereunusually poor as a consequence of a prolongeddrought. The winter-wheat crop this year isestimated to be somewhat larger than last yearand, with a considerable increase indicated forspring wheat, present conditions, according tothe Department of Agriculture, suggest a total

crop of about 670,000,000 bushels as comparedwith 496,000,000 bushels last season and a 10-year average of 828,000,000 bushels. Domes-tic stocks of wheat have been materiallyreduced this season.

Distribution.—Total volume of freight-carloadings increased in May by about the usualseasonal amount. Coal shipments showed amarked increase, while loadings of miscella-neous freight declined. Department-storesales, as measured by the Board's seasonallyadjusted index, increased from 73 percent of the1923-25 average in April to 76 percent in Mayand were at approximately the same level as ayear ago.

Commodity prices*—The general level ofwholesale prices, which was 80.3 percent of the1926 average at the end of April and also in theweek ending May 25, had declined to 79.S per-cent by the week ending June 15, according tothe index of the Bureau of Labor Statistics.Grain prices decreased considerably duringMay and the first half of June. Cotton prices,after a sharp decline at the end of May and asubsequent increase, also were lower in themiddle of June than at the beginning of May.Prices of commodities other than farm productsand foods as a group advanced slightly duringthis period.

Bank credit.—During the 5 weeks endingJune 19 reserve balances of member banks in-creased by $175,000,000 as a result of goldimports, offset in part by an increase in Treas-ury cash and deposits with the Reserve banks.Excess reserves of member banks on June 12were above $2,500,000,000 for the first time,but declined somewhat in the following week.

At reporting member banks in leading citiesthere was an increase of $540,000,000 in netdemand deposits in the 4 weeks ending June 12,due in part to gold imports. Time depositsdeclined by $150,000,000, of which $70,000,000represented a decline at New York City banksconsequent upon a ruling of the New YorkClearing House in May prohibiting the pay-ment of interest on new time deposits maturingin less than 6 months. Total loans and invest-ments of reporting banks showed no importantchanges.

Short-term open-market interest rates con-tinued at low levels in May and the first half ofJune.


RESERVE BANK CREDIT AND RELATED ITEMSMILLIONS OF DOLLARS1OOOO

9000

8000

7000

6000

5000

4000

3000

2000

100Q

- Weekly basis*. Wednesday series

-^t^r^v*^

RESERVE BANK+- CREDIT

TREASURY CASH& DEPOSITS WITH F.R. BANKS

4000

3000

2000

1000

1930 1931 1932 1933 1934 1935Based on Wednesday figures; lates* figures are for June 26. See table on page 432

431


432 FEDERAL RESERVE BULLETIN JULY 193S

FEDERAL RESERVE BANK CREDIT

RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES)[In millions of dollarsj

Date (Wednesday)

Reserve bank credit outstanding

Bills dis-counted

Billsbought

U.S .Govern-ment se-curities

OtherReserve

bankcredit

Total

Mone-tary gold

stock

Treasuryand

national-bankcur-

rency

Money incircula-

tion

Memberbank

reservebalances

Treasurycash anddeposits

withFederalReservebanks

Non-mem-ber de-posits

OtherFederalReserve

ac-counts

1934—May 2 . . .May 9—,May 16...May 23...May 30...

June 6June 13..June 20...June 27...

July 3 . .July 11.July 18.July 25.

Aug. 1-—Aug. 8-.-Aug. 15—Aug. 22...Aug. 29...

Sept. 5Sept. 12.....Sept. 19.Sept. 26.....

Oct. 3...Oct. 10..Oct. 17..Oct. 24..Oct. 31..

Nov. 7 —Nov. 14..Nov. 21..Nov. 28..

Dec. 5...Dec. 12..Dec. 19..Dec. 26..

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

Feb. 6...Feb. 13..Feb. 20..Feb. 27..

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

Apr. 3...Apr. 10..Apr. 17..Apr. 24..

May 1...May 8...May 15..May 22..May 29..

June 5..,June 12..June 19..June 26..

232321

2121202021

24232220

1512121111

M3'25'21'15

109

2,4322,4322,4302,4302,430

2,4302,4302,4302,430

2,4322,4322,4322,432

2,4322,4322,4312,4322,432

2,4322,4312,4312,430

2,4312,4302,4302,4302,430

2,4302,4302,4302,430

2,4302,4302,4302,430

2,4312,4302,4302,4302,430

2,4302,4302,4302,430

2,4302,4302,4302,430

2,4312,4302,4312,430

2,4302,4302,4302,4302,430

2,4302,4302,4302,430

0)'

0)

2,4842,4842,4732,4692,470

2,4752,4722,4682,465

2,4832,4682,4602,456

2,4632,4582,4682,4572,463

2,4672,4692,4662,463

2,4552,4482,4572,4522,455

2,4402,4742,4702,460

2,4522,4622,4772,470

2,4612,4672,4682,4632,460

2,4662,4502,4482,450

2,4522,4602,4552,452

2,4622,4632,4702,452

2,4632,4662,4732,4592,467

2,4752,4722,4822,472

7,7567,7567,7537,7667,776

7,7907,8207,8357,846

7,8667,8817,8977,911

7,9327,9577,9797,9837,981

7,9637,9687,9727,976

7,9807,9857,9907,9938,002

8,0088,0308,0768,112

8,1618,1808,1988,228

8,2438,2588,273

8,387

8,4218,4568,4898,524

8,5468,5518,5548,563

8,5688,6148,6728,701

8,7218,7288,7378,7628,835

8,9169,016

2,3812,3802,3802,3752,371

2,3652,3612,3592,364

2,3652,365

9,109

2,364

2,3612,3572,3752,3902,403

2,4122,4142,4122,409

2,4072,4032,4102,4292,434

2,4422,4502,4592,469

2,4782,4862,5052,504

2,5142,5082,5042,5002,497

2,5032,5252,5222,520

2,5172,5252,5212,535

2,5482,5492,5492,550

2,5432,5362,5342,5312,526

2,5212,5142,5102,503

5,3595,3525,3445,3165,338

5,3425,3135,3105,301

5,3975,3445,3285,291

5,3155,3345,3435,3475,345

5,4195,4095,4125,403

5,4685,4795,4695,4365,453

5,5035,4805,4555,516

5,5455,5325,5875,623

5,5345,4205,3825,3475,358

5,4075,4305,4425,442

5,4785,4545,4535,436

5,4975,4875,5125,459

5,4895,4965,4945,4815,611

5,5145,4935,4985,498

3,5703,6783,6943,7673,763

3,7873,8953,7693,837

3,7463,9023,9874,020

3,9154,0594,0644,0724,127

3,9073,9483,8893,970

3,8953,9793,9963,9854,006

4,0324,1074,1964,108

4,0734,1123,9433,961

4,0904,2834,3884,5014,542

4,6334,5804,6454,588

4,5554,5884,3614,285

4,1934,2874,5014,719

4,7214,7584,8224,8214,827

4,9145,0494,9965,029

3,1773,0983,0823,0523,051

3,0342,9563,1213,077

3,1133,0142,9542,972

3,0742,9412,9762,9722,944

3,0873,0583,1243,061

3,0682,9672,9683,0493,031

2,9442,9642,9563,017

3,0603,0603,2213,181

280257252242233

230251224225

223222220

219209211211204

203213195186

182183183165164

172163159160

176184185188

3,1643,0943,0192,9943,007

2,9302,9952,9323,006

2,9983,0093,2203,335

3,4043,3763,1492,978

2,9782,9382,9012,9062,970

3,0302,9883,0232,991

190194215188194

176182193211

237238243241

230224271288

276277267285262

196214301306

235235

232

237238

230231229228

232229228228226

225224230229

229229239239237

240240239

237239243244

240242242241242

246245247246

246247254253

253253257258

263261259259258

257258264263

* Revised.' Less than $500,000.



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

Month or week


Bills dis-counted

Billsbought

U.S.Govern-

mentsecurities

OtherReserve

bankcredit

Total

Mone-tary gold

stock

Treasuryand na-tional-bank

currency

Moneyin cir-

culation

Memberbank

reservebalances



Non-mem-

ber de-posits

OtherFederalReserve

ac-counts

'208268234

. 237230228227234238

••242

'242246250256259261

247247249254253

253'253256259

262261259258

258257258263264

1934—MarchAprilMayJuneJulyAugustSeptemberOctober ,November „_.December

1935—JanuaryFebruary tMarchAprilMay_. ,June

Week ended Satur-day—i

1935—Mar. 2Mar. 9Mar. 16^..Mar. 23Mar. 30....

Apr. 6Apr. 13Apr. 20Apr. 27

May 4May 11May 18.. . .May 25

June 1June 8 _June 15June 22June 29

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

2,4302,4302,4312,4312,4342,431

2,4302,4302,4302,4302,432

2,4332,4302,4302,430

2,4302,4342,4362,437

2,4332,4312,4302,4302,431

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

2,4652,4622,4612,4712,4762,479

7,6027,7367,7597,8217,8937,9717,9717,9898,0478,191

8,2848,4658,5528,6418,7559,025

2,4552,4592,4652,4582,461

2,466' 2,4682,4812,470

2,4682,4772,4842,476

2,4712,4762,4812,4822,475

8,5268,5458,5508,5548,562

8,5718,6078,6508,695

8,7168,7308,7408,757

8,8278,9029,0089,0909,109

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

2,5042,5132,5262,5482,5342,513

2,5202,5172,5222,5262,538

2,5452,5502,5492,548

2,5432,5372,5352,531

2,5262,5202,5132,5102,508

5,3685,366.5,3555,3415,3505,3555,4275,4735,4945,577

5,4115,4395,4775,5005,5075,522

5,4655,4915,4765,4705,464

5,5085,5065,5175,480

5,4975,5125,5085,496

5,5125,5295,5145,5125,524

3,3613,5943,6953,7903,9284,0453,9473,9644,1004,037

4,3554,6014,4524,4364,7784,979

4,5954,5634,5704,3894,285

4,1934t2404,4594,697

4,7074,7524,8014,803

4,8194,8925,0175,0185,006

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

3,0532,9653,1223,2092,9422,989

2,9802,9833,0033,1833,323

3,4013,3923,1722,992

2,9902,9482,9212,913

2,9593,0122,9762,9822,990

144170249226219208197177165181

1941S9236258278266

214236240242235

228234276285

271272269293

276209237307

' Revised.

RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)[In millions of dollars]

End of month

1934—MarchAprilMay. . : . . . .JuneJulyAugustSeptember.October...November.December.

1935—January...f February..

MarchAprilMayJune


Billsdis-

countedBills

bought

TT.S.Govern-

mentsecurities

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

2,4302,4302,4372,4302,4302,433

OtherReserve

bankcredit

156

- 41034

118

Total

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

2,4612,4652,4712,4682,4692,480

Mone-tary gold

stock

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

8,3918,5278,5678,7108,8589H6

Treasuryand na-tional-bank

currency

2,3612,3782,368

'2,3662,3612,4082,4052,4342,4682,511

2,4952,5192,5402,5442,5252,503

Moneyin cir-

culation

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

5,3805,4675,4935,4785,5405,568

Memberbank

reservebalances

3,4573,5993,7463,8404,0294,0523,9344,0064,0814,096

4,5434,5874,2474,7154,8324,979



'3,2923,148

' 3,052' 3,0152,9712,9683,0513,0313,022' 3,150

'2,9913,0043,3582,9962,9692,968

Non-mem-ber de-posits

OtherFederalReserve

ac-counts

157268222233207208178164161189

191207226271254325

299236232

'232229226228237239241

243246253263257261

* Preliminary.' Revised.

145047—35 4



ASSETS AND RESERVE


ASSETS

Bills discounted:

For nonmember banks, etc

Total bills discounted

Bilk bought:

Payable in foreign currencies -

Total bills boueht . . .Industrial advances..-.. . . -**

U. S. Government securities:

Under resale agreement

Total U. S. Government securities... —-Other Reserve bank credit:

Reserve bank float (uncollected items in excess of deferred availability Items)

Total Reserve bank credit outstanding * . . . . . . . . .Federal Reserve notes of other Reserve banks . . . . . . . . . . . .Uncollected items not included in float . .-Bank premises _.All other assets _ . . . . . . . . . . , . . . _ .

Total assets .

LIABILITIESFederal Reserve notes:

Held by other Federal Reserve banks .Outside Federal Reserve banks - „

Total notes in circulat ion. . . . . . . . . . . . . . . . . . . . ____..Federal Reserve bank note circulation—net

Deposits:Member bank—reserve account... _ .United States Treasurer—general accountForeign bankOther deposits

Total depositsDeferred nvailability ItemsCapital paid inSurplus (sec. 7)Surplus ($ec. 13b)Reserve for contingenciesAll other liabilities

Total liabilitiesContingent liability on bills purchased for foreign correspondentsCommitments to make industrial advances

FEDERAL RESERVE NOTE STATEMENT

Notes issued to Federal Reserve banks by Federal Reserve agents

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

Total collateral-

FEDERAL RESERVE BANE NOTE STATEMENT

Notes issued to Federal Reserve banks (outstanding). .

Collateral pledged against outstanding notes:Discounted and purchased billsU. S. Government securities

Total collateral

June 29,1935

6,180,18822,882

222,979

6,426,049

5,74029

5,769

4,689

4,68927,638

2,432,246500

2,432,746

6338,548

2,480,02318,951

611,09549,82643,197

9,529,141

18,9513,238,889

3,257,840

4,978,770102,23523,772

301,2185,405,995

511,095146,575144,89320,87030,77711,096

9,529,141

on TQQ

3,492,851

3,294,6394,276

231,0003,529,915

May 31,1935

5,878,29822.248

207,444

6,107,990

8,38540

8,425

4,700

4,70026,967

2,430,220

2,430,220

700i 2,113

2,468,89915,316

475,47649,70147,227

9,164,609

15,3163,173,219

3,188,535

4,831,62660,44970,063

184,2125,146,350

475,476146,655144,89320,06530,78111,854

9,164,609

19,507

3,428,525

3,271,9796,862

237,9003,516,741

June 30,1934

4,782,05325,724

214,011

5,021,788

4,335

24,188379

24,567

1945,075

5,269

2,430,2941,600

2,431,894

5193,1296,690

2,472,06819,202

418,48652,637

186,124

8,174,640

19,2023,082,112

3,101,31446,682

3,840,08664,1834,893

228,5274,137,689

418,486147,120138,383

22,534162,432

8,174,640

3,350,986

3,041,65613,407

322,0003,377,063

V

61,058

66,47466,474

1 Excess of deferred availability items over uncollected items.



KINDS OF MONEY IN CIRCULATION

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

End of month TotalGold

certifi-cates

Stand-ard

silverdollars

Silvercertifi-cates

Treas-ury

notesof 1890

Subsid-iary

silverMinorcoin

UnitedStatesnotes

FederalReserve

notes

FederalReserve

banknotes

Na-tionalbanknotes

1934—January...February,.MarchAprilMayJuneJulyAugustSeptember.October...November.December.

1935—January...February..MarchAprilMayJune *

5t2S95,3545,3945,3685,3575,3735,3175,3965,4565,4535, 5495,536

5,3805,4675,4935,4785,5405.568

178167161157153150146143139136133130

127126123121119117

391399403400402401399438483510558592

580599623653695702

2672702722742772S0280282284288291294

287289290294296297

116117118118120119121122122123124125

123123123124125125

283

282279280277274274273273265

259263264268281285

2,8942,9493,0053,0253,0383,0683,0443,1033,1313,1243,1763,176

3,0483,1193,1353,1203,1593,223

202194178162151142133125119112107101

979492888581

927938936918906902885878870856853820

327823810778747704

v Preliminary figures.

NOTE.—For figures of paper currency of each denomination in circulation see p. 479.Bach figures.—See Annual Report for 1933 (table 5G).

ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK


Year or month

1932. _1933

1934—March . .AprilMayJuneJulyAugustSeptemberOctober. . .November,December-

Y e a r . . . .

1935—January...February.MarchApr i l . . . : : :MayJune »

Goldstockat end

ofyear ormonth

Increasein goldstock

Netgold

import

Net

from

mark 1

Otherfactorss

$l£5$io grains of gold Mo fine; i. e., anounce of fine gold=$20.67

4,226 52.9 -446.2 457.5 41.64,036 -190.4 -173.5 -58.0 41.1

$l=15Hi grains of gold %Q fine; i. e,ounce of fine gold=$S5

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

8,238

8,3918,5278,5678,7108,8589,115

256.1«62.222.477.174.447.4

.423.5

129.9106.2

4,202.5

153.3135.340.4

143.4148.1256.9

237.354.733.663.752.337.2

-18.710.8

120.992.1

1,133.9. : r =

149.4122.813.0

148.6140.0230.4

-0 .8- 1 . 1

.51.0.6

- 1 . 12.4.3

- . 1

82.6

1.1.2

- . 7- 2 . 3-1 .5

1.0

an

19.6«8.6

-11.612.521.411.216.612.49.1

14.1

2,986.1— -

2.812.328.1

- 3 . 09.6

25.5

I n ,* , p Preliminary. « Corrected,ml A r®leased from earmark at Federal Reserve banks less goldpiacea under earmark (with allowance when necessary for changes ingoia earmarked abroad for account of Federal Reserve banks).Af lsures are derived from preceding columns and indicate net resultn««2. r c t o r s a s domestic production, movements into and out ofH n ^ n . l t a r y u s e ' Sports and exports that do not affect gold stockweight ofe S o n t h o r year» a n < i increment resulting from reduction in

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

MOVEMENT OF GOLD TO AND FROMUNITED STATES *[In thousands of dollars]

From or to—

BelgiumEnglandFrance - -GermanyNetherlandsSwitzerlandCanadaCentral America.,.Mexico

ColombiaEcuadorPeru .-- -

Venezuela-..,-

British IndiaChina and Hong

Kong

Philippine Islands.All other countries*.

Total

June

Im-ports

939194,298

622,061

8,734210844

177"59

60

448

1,1221,581

230,538

Ex-ports

1

165

166

May

Im-ports

11,689

124,052

3,885

3,061243990

1,752184277

533

168

507

1,1972,005

140,065

Ex-ports

S- - - - - -

49

January-May

Im-ports

1152,449216,990

27113,093

33935,9631,2598,612

117,3752,594

885

274596

16,367

3,041

5,4799,496

574,851

Ex-ports

46614

29641

56

i87

1,060

i With some exceptions figures represent customs valuations at rate of* Includes all movements of unreported origin or destination.Back figures.—See table of gold movements, United States, p. 460, and

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—allmemberbanks

3,6953,7903,9234,0453,9473,9644,1004,0374,3554,6014,4524,4364,778

4,6054,5624,5794,4144,2974,2024,2304,4104,6704,7194,7344,8054,8054,810

New York' City *

1,3231,3911,3931,5091,4401,4611,5061,468

1,6511,8641,7601,7151,813

1,8711,8001,7841,7251,7261,6841,6481,7011,7791,7781,7571,8201,8441,&63

Otherreservecities

1,5981,6321,7251,7191,6921,6671,7451,727

1,8371,8261,7871,8312,031

1,8221,8331,8791,7871,6861,6521,7171,8151,9852,0052,0132,0372,0392,047

"Country"banks

773767810817814837849843

867911905890935

913929916902885

866864895905

936964948922900

Excess reserves

Total—allmemberbanksJ

1,623.51,684'. 61,789.41,883.61,754.1

' 1,730.61,834.51,747.82.035.22,236.62,064.7% 025.62,296.9

2,225.02,186.02,189.02,002.01,894.01,817.01,857.02,008.02,224.02,255.02,281.02,340.02,317.02,308.0

New YorkCity i

484.7532.2525.7638.2562.0568.1603.8555.8715.9898.9779.0723.0797.5

896.4820.8793.8746.6749.7699.6673.6712.5773.1759.1754.4813.8826.0834.0

Otherreserve

cities

778.4799.6874.0852.2808.7766.4829.3799.9907.7886.7842.3878.4

1,038.4

872.3888.7923.3838.6746.9731.7777.6855.8

"1,016.11,030.01,030.21,043.51,042.81.046.3

"Country"banksa

360.4352.8389.7393.3383.4396.1401.4392.2411.6

- 451.0443.5424.3461 0

456.0477.0472.0417.0397.0386.0406.0440.0435.0466.0496.0483.0448.042S.0

1934-MayJuneJulyAugustSeptember..OctoberNovember.,December..

1935—JanuaryFebruary...MarchAprilMay

Week ending (Friday):1935— Mar. 1

Mar. 8Mar. 15Mar. 22Mar. 29Apr. 6-.Apr. 12..Apr. 19..Apr. 26.,May 3 . .May 10..May 17..May 24.May 31.,

f Revised.i Central reserve city banks only.* Weekly figures of excess reserves of all member banks and of country banks are estimates.Back figures,—See Annual Report for 1933 (table 73).

MEMBER BANK DEPOSITS

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

Month or week

1934—MayJuneJulyAugustSeptember-OctoberNovember..December..

1935—JanuaryFebruaryMarch. *April ['.May. . . . . .

Week ending (Friday):1935—Mar. 1

Mar. 8....Mar. 15Mar. 22. ;.;Mar. 29Apr. 5 . . .Apr. 12..Apr. 19..Apr. 26..May 3 . . .May 10..May 17..May 24..,May 31..

Net demand and time deposits

Otherreservecities

7,0017,1687,2367,2527,3007,4097,4657,5127,6947,9268,0508,1458.318

8,0108,1128,2518,3538,2238,2568,3438,423

"Coun-try"

banksi

8,5758,6018,7108,7778,8789,0389,1549,1979,2809.36S9,3879,477

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

Net demand deposits

Total—all

memberbanks

16,72016,98817,27617,49017,80618,20818,52418, 76918,99319,36119,55419,76820,377

NewYorkCity a

6,2836,4336,5006,5346,5916,7046,7806,8657,0437,2687,3997,481

J76

7,3457,3867,4707,3787,3597,4197,3467,4487,5867,6867,5597,5907,6807,765

Otherreservecities

6,5416,6456,8076,9407,1037,2697,4187,5277,5277,6067,6627,7458,035

7,6927,6377,7537,6997,6257,4807,6407,808

'7,8847,9257,9998,0978,1268,168

"Coun-try"

banksi

3,8963,9093,9694,0164,1114,2354,3264,3764,4224,4874,4934,542

. 4,638

Time deposits

To ta l -all

memberbanksi

NewYorkCity a

719735736719709705685647651658651664663

660648647651654

661663663665667664

658

Otherreserve

cities

4,2464,2844,3194,3404,3334,3194,3264,3014,4064,4574,4864,5154, 562

4,4704,4874,4784,4794,4954,5024,4984,5104,5304,5534,5674,5704,6614,546

"Coun-try"

banks *

4,6794,6914,7414,7614,7674,8024,8294,821

'Central Reserve city banks only. •• Revised.


J U L T 1935 FEDERAL RESERVE BULLETIN 437

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

Call date

Totalloansand

Invest-ments

Loansto

banks

Loans to other customers

Total

Se-cured

bystocksand

bonds

8e-cured

by realestate

Other-wise

secured]and

unse-cured

Open-market loans

Total

Purchased paper

Accept

payablein

UnitedStates

Ac-cept-ancespay-able ,

abroad

Com-mer-cial

paper

Loansto

bro-kersin

New ,York i

Investments

Total

U.S.Gov-ern-

mentsecu-rities

Othersecu-rities

Totalloans

se-cured

stocksand

bonds

TOTAL—ALL MEMBERBANKS

1931—June 30 . .Sept. 29..Dec. 3 1 . . .

1932—June 30 . .Sept. 30__Dec. 3 1 . _

1933-June 30 ».Oct. 25__.Dec. 30 . . .

1934—Mar. 5 — .June 30 . . .Oct. 17.. . .Dec. 3 1 . . .

1935-Mar. 4 . . . ,

NEW YORK CITY *

1931—June 30 , .Sept. 29.-Dec. 31 __

1932—June 30 . .Sept. 30..Dec. 3 1 . .

1933—June 30 *_Oct. 2 5 . . .Dec. 3 0 . .

1934-Mar. 5 . . .June 30. _Oct. 17. . .Dec. 31 . _

1935—Mar. 4

OTHER RESERVE CITIES

1931—June 30. . .Sept. 29...Dec. 3U_.

1932—June 30. . .Sept. 30...Dec. 31__.

1933—June 30»Oct. 25. . . .Dec. 3 0 . . .

1934-Af ar. 5 . . . .June 30 . . .Oct. 17,.. .Dec. 31 .

1935-Mar. 4 . . . !

"COUNTRY" BANKS

1931—June 30Sept. 29..

1932—June 3011"Sept. 30..

1933—June 30~»"Oct. 25...,

June30_Oct. 17....

1

33,92333,07330,57528,00128,04527,46924,78624,95325,22026,54827,17527,55928,15028,271

8,2878,2537,4606,7157,1127,3277,1336,9716,9957,3517,6667,5437,7617,783

13,56713,01612,11511,04510,97910,5359,7809,95110,15710,81611,05411,36711,60911,739

12,06811,80510,99910,2409,9549,6077,8738,0318,0688,3818,4568,6498,7808,749

457599790573457444330297287225153149155133

15025037426020321616214314611268666352

2472843472542051781291201037953556556

19,25718,71317,57015,26714,49713,90511,33711,52311,31511,09310,80410,78210,50910,420

3,8503,6942,8562,6382,6212,2972,4362,3952,3212,2022,2942,2022,198

8,1007,8457,4076,5196,1965,8794,8464,9124,7974,6694,5864,5624,4594,436

7,3187,018

5,8925,6635; 4054,1944,1754,1234,1034,0163,9263,8493,786

7,1176,8426,2905,2925,0864,8483,9163,8093,7723,6443,5163,3253,2963,215

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

985937876874861

3,1883,0922,8062,4032,3042,1691,7021,6601,6301,5661,5261,4211,4121,373

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

981

3,2183,1493,0382,8942,8852,8622,3722,3642,3592,3822,3572,2972,2732,250

160152153160154160157149148156156150139139

1,6211,5851,5381,4071,4061,3981,1601,1441,1511,1581,1451,1201,1081,093

1,4371,4111,3461,3281,3241,3041,0551,0701,0611,0681,0561,0261,0261,018

8,9228,7228,2427,0816,5276,1955,0495,3505,1845,0674,9315,1614,9404,955

1,7821,8811,8131,3531,1841,2141,0571,2541,2131,1801,1091,2671,1881,199

3.2913,1683,0632,7092,4862,3121,9842,1082,0161,9451,9152,0211,9391,970

3,8493,6733,3673,0182,8572,6692,0071,9871,9551,9421,9061,8731,8131,786

2,1031,563901747970855

1,1911,2381,2311,3871,5661,3611,3631,400

1,4971,121695565763701964891912986

1,131

904

470326135118151115184274258306311328320315

1351167164553943736295124150149181

146313407375291303223350264276256235

296201107262341330224233170276225232210203

11370413434302524372620303134

2961401221159387164132157200253232255

1891676262654651917889115151135142

1018148363628274634

* 54729592109

1,217928575278414357788748840855

1,082802843875

1,063839542258391337720624706687883631662678

1245616

141258100112138154123131134

12,10612,19911,31411,41412,12112,26511,92811,89412,38613,84214,65215,26716,12216,318

2,8013,0322,6973,0333,5083,7893,7093,5013,5423,9324,2654,3004,6024,628

4,7504,5614,2264,1544,4274,3624,6214,6455,0005,7636,1046,4236,7646,933

4,5554,6064,3924,2264,1874,1143,5983,7483,8454,1484,2834,5454,7564,757

5,3435,5645,3195,6286,3666,5406,8876,8017,2548,6679,1379,1869.S069,821

1,6561,8301,7682,0082,4292,6032,5512,3202,3622,7683,0532,9543,2463,200

2,4082,3012,1332,1871,9612,4622,8672,8893,2093,6544,1024,2404,5514,601

1,2791,4331,4181,4321,4711,4741,4691,5921,6831,9461,9821,9922,1082,020

6,7636,6355,9965,7865,7555,7265,0415,0935,1325,1755,5156,0816,2166,497

1,1451,202

9281,0251,0791,1861,1581,1811,1791,1641,2121,3451,3561,429

2,3422,2602,0831,9662,466l,S001,7541,7571,7601,8092,0022,1832,2132,331

3,2763,1722,9742,7942,7152,6402,1292,1562,1622,2022,3012,5522,6472,737

8,5638,0817,3205,9165,7705,4474,8844,7134,7694,6064,6514,1784,1944,132

3,0262,7802,4741,7571,8111,6991,8881,7281,8241,7241,6401,5311,5651,560

3,4593,3173,0502,5852,4562,2981,8461,8361,8091,7531,7081,5691,5671,526

2,0781,9851,7961,5741,5031,4501,1501,1481,1361,1291,1021,0781,0621,047

. £° a ? s (secured by stocks and bonds) to brokers and dealers in securities at New York City.1 Beginning June 30,1933, figures relate to licensed banks only.1 Central reserve city banks only.Bkfi O 1928 A

erve city banks only.Backfigures.-This classification of loans is not available for dates prior to Oct. 3, 1928, see Annual Report tor 1931 (table 53), but comparable

figures of total loans secured by stocks and bonds are given for June 30, 1925-28, in the Annual Report for 1928 (table 52); for separate figures ofunited States a n n n i m o n t ea«.,«-^M D n ^ rtf>,« cflrtn-.-Hno KOAV fn IOTA RAA Annual Renort for 1933 (table 78).united States Government securities and other securities back to 1914F see Annual Report for 1933 (table 78).


438 FEDERAL RESERVE BULLETIN JOLT 193S

ALL BANKS IN THE UNITED STATESComprises 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

All banks

Total Loans Invest-ments

Member banks


Nonmember banks

Mutual savings banks


Other nonmember banks


1930—Sept. 24..Dec. 31...

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

1932—June 30...Sept. 30.-Dec. 31—

1U33—June 30 »..Oct. 25»..Dec. 30—

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

1935-Mar.4»..

57,59056,209

55,92455,02153,36549,704

46,07145,85244,946

40,076

39,71538,135

35,81335,38433,75031,305

27,83426.9S526,063

22,203

17,87518,074

19, 11119,63719,61518,399

18,23718,86718,883

17,872

40,319 21,977 18,342

42,502 21,278 21,224

43,453 20,474 22,984

35.47234,860

34,72933,92333,07330,675

28,00128,04527,469

24,78624,95325,220

26,54827,17527,55928,150

28,271

24,73823,870

22,84021,81620,87419,261

16,58715,92415,204

12,85813,05912,833

12,70612,52312,29312,028

11,953

10,73410,989

11,88912,10612,19911,314

11,41412,12112,265

11,92811,89412,386

13,84214,65215,26716,122

16,318

19,7479,987

i 9,98710,506

i10,50610,488

10,316»10,316

10,182

10,044

16,0096,068

16,0686,169

i 6,1696,218

6,1301 6,130

6,079

6,941

'9 ,985 '5 ,906

•3,7393,920

13,9204,337

14,3374,270

4.186i 4,186

4,103

4,103

^4*079"

12,37111,362

11,20810,5939,7868,641

7,7557,4917,295

5,246

8,196

7,9067,3996,7075,827

5,1174,9314,780

3,404

3,4023,165

3,1943,0792,814

2,6372,5602,515

1,841

' 5,115 '3 ,238

9,904

"9*782

5,648 4,256

5,491 4,291

*5,423

~5,~526"

3,108

"2," 955"

'2,315

•"£571

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

banks.* Nonmember bank figures not available.* In connection with the increase over December, see the headnote; also BULLETIN for February 1935, p. 127.

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

DEPOSITS, EXCLUSIVE OF INTERBANKDEPOSITS


Date All banks

1930-Sept. 2 4 _Dec. 3 1 . . .

1931—Mar. 25.. .June 30--.Sept. 29...Dec. 3 1 . . .

1932—June 30 . . .Sept. 30...Dec. 3 1 . . .

1933—June 30 KOct. 25*. .Dec. 30 . . .

1934—Mar. 5 »_.June 30.. ,Oct. 17»..Dec. 3 1 . . .

1935—Mar. 4 * . .

52,78453,03951,42751,78249,15245,821

41,96341,94241,643

37,998

38,505

'41,870

Memberbanks

31,83932,5C0

31,15331,56029,46927,432

24,75524,90324,803

23,33823,45323,77125,29326,61527.48428,94328,589

Nonmember banks

Mutualsavingsbanks

i 9,1979,507

19,50710,017

110,01710,10510,020

i 10,02010,022

9,713

'9,708

9,780

Othernonmem*ber banks

11,74810,972

10,76710,199

8,2847.1887,020.6,818

4,946

'5,026

'<5,475

""Cm

For footnotes see table above.

NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank

0^000 on JhaTdate110 tomediate w i t n d ™™l, which aggregated $103,-


NUMBER OF BANKS

Date

1930-Sept. 24Dec. 31

1931—Mar. 25June 30Sept. 29Dec. 31

1932—June 30Sept. 30Dec. 31

1933—June 30 »-_.-Oct 25 *Dec. 30

1934 Mar 1 !June 30Oct 173

Dec. 31

1935—Mar. 4 '

Total

23,59022,769

22,37221,90321,29419,966

19,04618,79418,390

14,519

15,011

15,835

16,042

Member banks

Total

8,2468,052

7,9287,7827,5997,246

6,9806,9046,816

5,6065,8186,011

6,2066,3756,4336,442

6,422

Na-tional

7,1927,033

6,9306,8006,6536,368

6,1456,0806,011

4,8975,0525,154

5,2885,4175,4615,462

5,446

State

1,0541,019

998982946878

835824805

709766857

918958972980

976

Nonmemberbanks

Mutualsavingsbanks

1606603

1603600

1600597

5941594

594

576

'579

578

579

Othernon-

mem-ber

banks

14,73814,114

13,84113,52113,09512,123

11,47211,29610,980

8,337

'8,421

8,882

9,021

For footnotes see table above.

Back figures.See Annua l Repor t for 1933 (table 66).



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

Month'or date

1934—JuneJulyAugustSeptemberOctoberNovemberDecember., ...

1935—JanuaryFebruaryMarchApril.May.June...

1935-Apr.3Apr. 10Apr. 17Apr. 24

May l . . .May 8May 15May 22May 29

June 5June 12June 19June 26

Total—all weekly reporting member banks

Loans and investments

Total

17,54217,74917,72117,77017,83517,76218,102

18,22918,24718,48618,57618,52018,550

18,50918,53518,64418,617

18,68918,51818,44218,47918,471

18,41418,50018,62018,668

Loanson se-

curities

3,5533,5313,2953,1373,0623,0083,096

3,0492,9963,0813,0083,0483.028

2,9742,9693,0233,067

3,1123,0153,0153,0433,054

2,9923,0403,0203,061

Allotherloans

4,5114,4554,5334,6974,7574,7054,632

4,5484,5644,5874,6114,5694,506

4,6354,6244,6094,575

4,5844,5634,5834,5564,558

4,5034,5274,5074,488

Investments

Total

9,4789,7639,8939,936

10,01610,04910,374

10,63210,68710,81810,95710,90311,016

10,90010,94211,01210,975

10,99310,94010,84410,88010,859

10,91910,93311,09311,119

U. S. se-curities

6,4426,6766,6506,5896,6476,6966,981

7,2187,2177,2787,3277,2677,345

7,2807,3237,3717,336

7,3247.2997,2507,2497,211

7,2937,2947,3887,407

Bor-row-ingsat

F.R.banks

565a1212

11

11

1

New York City


Total

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

7,4107,3667,5647,6937,6827,703

7,6617,6357,7417,736

7,8307,6307,6057,6567,690

7,6317,6747,7307,775

Loanson se-

curities

1,7271,7271,5201,4551,4131,3811,459

1,4451,4221,4931,4871,6191,617

1,4121,4081,5191,608

1,6551,5841,5911,6281.639

1,5831,6201,6091,655

Allotherloans

1,5371,5011,5221,6101,6441,6331,596

1,5461,5481,5541,5731,5431,406

1,5921,5831,5721,545

1,5461,5261,5471,5401,554

1,4941,5081,4951,486

Investments

Total

3,9264,0454,0854,0554,0434,0364,226

4,4194,3964,5174,6334,5204,590

4,6574.6444,6504,583

4,6294,5204,4674,4884,497

4,5544,5464,6264,634

IT. S. se-curities

2,8482,9302,8832,8202,8012,8272,995

3,1543,1113,1893,2953,2273,299

3,2903,3103,3193,263

3,2903,2213,1983,1993,225

3,2853,2743,3143,324

Bor-row-ingsat

F.R.banks

Other leadingcities

Totalloans

and in-vest-

ments

10,35210,47610,59410,65010,73010,71210,821

10,81910,88110,92210,88310,83810,847

10,84810,90010,90310,881

10,85910,88810,83710,82310,781

10,78310,82610,89010,893

Bor-row-ingsat

F.R.banks

5656121

2

11

11

1

1 For additional data see p. 477.

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

JanuaryFebruary " * "March ™

afc -'June. IIIIIIHJulyAugustSeptember...."^"OctoberNovemberD " " ! ! "

Total

1934

903938981

1,0881,0161,082

923874832

827831

1935

825816773

805793

From NewYork banks

and trust com-panies

1934

839862873

973912

849803769

761765813

1935

758750706

762759776

From privatebanks, brokers,foreign banking

agencies, etc.

1934

6476

103

116104102

747162

666667

1935


MADE BY REPORTING M E M B E R BANKS IN N. Y. CITY

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

Month or date

1934 June* .July..August - -September . . . . . . *OctoberNovember . . . . . . »December -

Februarv -- -MarchAprilMay -June

June 5 . . . -June 12June 19 —June 26

Total

1,0161,042

827776746713784

777756839803878883

851882876922

Forown ac-count

845871670633612573639

635614696714858865

833864858904

For ac-count ofout-of-town

banks *

16516S156142133139144

140140141861918

1818IS18

For ac-count of

others

6311111

22231

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




ACCEPTANCES AND COMMERCIAL PAPER

BANKERS' ACCEPTANCES. BY HOLDERS (DOLLARACCEPTANCES)

[In millions of dollars

End of month

1933—JanuaryFebruary. .MarchAprilMayJuneJulyAugustSeptember-October.. . .November.December..

1934—JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

1935—JanuaryFebruary. _MarchAprilMay

Totalout-stand'Ing

707704671697669687738694715737758764

7717506S5613669534516520539562561543

516493466413375

Held by Fed-eral Reserve

banks

Forownac-

count

Forac-

countof for-eign

corre-spond-ents

Held by acceptingbanks

Total

626325261404505487552499517592599442

5675815765365074S0472483503516517497

485452423391356

Ownbills

256201153206229201248252236271273223

255266252236226220222222223245252243

23S217197178162

Billsbought

370124108199276287304247282321326219

312315324299281260250261280271265254

247235226214

Heldby

others

38428586

115123147154156112138190

9510881705953423735454446

3041432219

i 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

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember™,OctoberNovember™.December

1932

33,44433,47830,77830,73630,83730,76230,64530,83430,84930,659

. 30,65229,459

1933

29,03628,99724,7887,1816,9817,0896,8216,1996,0685,6865,8416,033

1934

5,9775,8875,2755,0705,0765,0755,0815,0795,6915,4955,4995,501

1935

5,5025,5045t3054,6964,7004,689

Back figures*—See Annual Report for 1933 (table 26).

BANKERS' ACCEPTANCES, BY CLASSES (DOLLARACCEPTANCES)


End of month

OUTSTANDING

1934—MayJuneJulyAugustSeptemberOctoberNovemberDecember

1935—JanuaryFebruary ___MarchAprilMay. . . .

HELD BY F. B . BANES(OWN ACCOTJNT) 1

1934—MayJuneJulyAugustSeptemberOctoberNovemberDecember

1935—JanuaryFebruaryMarchAprilMay

Total

534516520539562561543516493466413375

(*)

88,8

Basedonim-

portsintoU.S .

Based |on ex-ports.!from

1009794899493

92101103107

150145135140138147148140133123122114100

8

Basedon,, goodsstored inUnitedStates(ware-house

credits)or

shippedbetweendomesticj

points

Dollar!ex-

change

164141138147166184195193

1791661349676

(9

Basedon

goodsstored

inforeigncoun-

tries orshipped

be-tweenforeign]points

1521481441411371331271191141091069991

8

> Total holdings of Federal Reserve banks include a small amount ofunclassified acceptances.

«Less than $500,000.

Back figures.—See Annual Eeport for 1933 (tables 97 and 25).

COMMERCIAL PAPER OUTSTANDING *[As reported by dealers. In millions of dollars]

End of month

JanuaryFebruaryMarchAprilMay : . : : : : :JuneJu ly . . . .AugustSeptemberOctoberNovemberDecember .

1932

10810310610811110310010811011311081

1933

85847264607397

107123130133109

1934

103117133139142151163188192188178166

1935

171177182173173159

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




FEDERAL RESERVE BANK RATESRATES ON REDISCOUNTS FOR AND ADVANCES TO

MEMBER BANES

Federal Reserve bank

BostonNew YorkPhiladelphia.,ClevelandRichmondAtlantaChicago.St. LouisMinneapolis..Kansas City..Dallas...San Francisco.

Rediscounts and advances undersees. 13 and 13a of the FederalReserve Act

Rate ineffect onJ u l y l

IK22222222

Date estab-lished

Feb.Feb.Jan.MayMayJan.Jan.Jan.MayMayMayFeb.

8,1934

2.1934

17,1935

11,1935

9.1935

14,1935

19,1935

3,1935

14,1935

10,1935

8,193516,1934

Previousrate

2

2H2

2H2lA

RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID-UALS, PARTNERSHIPS, AND CORPORATIONS

OPEN-MARKET RATESSHORT-TERM RATES IN NEW YORK CITY

[Percent per annum]

Month or week

Federal Reservebank

BostonNew YorkPhiladelphiaClevelandRichmond.AtlantaChicago...St. LouisMinneapolis...Kansas CityDallas...San Francisco

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

Rate ineffect onJ u l y l

66655H565K6566

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)

Rate ineffect on

J u l y l

4

4ZH4444

3H44

Date estab-lished

Oct. 20,1933Feb. 8,1934Oct. 20,1933May 11,1935Feb. 19,1934Mar. 17,1934Oct. 16,1933Feb. 21,1935Apr. 15,1933May 10,1935Mar. 12,1934Oct. 19,1933

NOTE.—For rates on industrial advances see p. 480.

BUYING RATES ON ACCEPTANCES

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

Maturity

1-15 days.16-30 days31-45 days£-60 days .*g-?odays ::9M20days121-180 days

Rate ineffect on

July 1

lH

Date estab-lished

Oct. 20,1933dodododododo

Previousrate

11111

1M

1 a c c e p t a n c e s - H i g h e r r a t e s m a y b e

Back fioures.-See Annual Report for 1933 (table 68).

145047—35 5

1934

JuneJulyAugustSeptemberOctoberNovemberDecember

1935

JanuaryFebruaryMarchAprilMay__June

Week ending-May 4May 11May 18May 25June 1June 8June 15.June 22June 29

Prevailing rate on—

Primecom-

mercialpaper,4 to 6

months

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

H-l

Primebank-ers'

accept-ances,

90days

H-H

HH

Timeloans,

SOd a y s '

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

H-lH-lH-l

Average rateo n -

Stock ex-change call

loans

New

.25

.25

.25

.25.25.25.25.25.25

Re-newal

1.001.001.001.001.001.001.00

1.001.001.00.64.25.25

.25

.25

.25

.25.25.25.25.25.25

Average yieldon—

U. S. Treasurybills i

182-daybills

0.07.08.20.27.21.22.15

.14

.12

.10

U0*. 08

273-daybills

0.17.16.17.15.IS

.15

.14

.15

.14

.15

.15

.13

.12

.11

i Stock exchange 90-day time loans.i Average rate of discount on issues offered by V. S. Treasury within

period. When no rate is shown no bills of the stated maturity wereoffered.

s Rate on 133-day bills.

Back figures.—See Annual Report for 1933 (tables 60 and 61).

RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES

[Weighted averages of prevailing rates]

Month

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.December..

New York City

1933 1934 1935

4.124.114.884.334.244.103.933.97,3.793.763.523.48

3.583.433.313.393.423.303.303.333.263.283.223.18

2.832.902.642.612.692.66

8 other northernand eastern cities

1933 1934 1935

4.894.845.395.094.994.974.824.684.654.514.544.59

4.654.494.524.524.394.304.154.124.114.134.083.98

4.084.024.053.993.883.78

27 southern andwestern cities

1933 1934 1935

5.605.565.665.685.665.625.545.535.555.505.425.43

5.405.395.405.345.285.195.075.055.045.054.93192

4.954.844.854.804.794.76




BOND PRICES i

Year, month, or date

Number of issues—

1932 flV6r&G81933 average.. . .1934 average

1934—JuneJulyA u g u s t . . . . . . . .SeptemberOctoberNovemberDecember

1935—JanuaryFebruaryMarch . . . .April . .M a yJune

JuneSJune 12June 19June 26

UnitedStates

Govern-mentbonds

U 4

99.2102.2103.4

104.7105.2104.1102.3103.4103.5104.1

105.1105.8106.6107.0107.1107.2

107.0107.3107.3107.4

Other bonds»

Corpo-rate andmunic-

' 6 0

81.184.096.7

99.099.397.896.798.498.8

100.0

101.3101.399.9

100.0101.2102.2

101.4102.0102.6102.6

Corporate

Total

60

69.473.484.5

86.383.1S3.983.084.184.385.8

87.687.484.585.587.188.3

87.083.188.889.2

Indus-trial

20

63.269.281.9

82.583.282.682.282.583.485.4

86.786.785.285.987.387.3

86.687.387.587.6

Hail-road

20

64.870.583.8

87.185.881.379.381.681.083.3

85.082.074.775.076.579.3

76.879.280.680.7

Utility

20

80.580.687.8

89.489.487.987.688.188.688.8

91.293.493.695.597.498.4

97.797.798.499.2

» Average prices. Monthly data are averages of daily or weekly figures.* Prices derived from average yields.» 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 YIELDS i

Year, month, ordate

Number of issues.-

1932 average...1933 average...1934 average...

1934-JuneJulyAugustSeptember..OctoberNovember..December...

1935—JanuaryFebruary...MarchAprilM a y . . . ™ .June

June 5June 12 ,June 19 ,June 26

UnitedStatesTreas-ury1

7-11

3.663.313.10

£942.852.993.203.083.052.97

2.832.732.69Z642.612.61

2.632.602.612.60

Munic-ipal*(high-grade)

4.654.713.95

3.733.753.813.843.693.573.52

3.453.393.273.253.273.25

3.293.273.233.21

Corporate, by ratings *

Aaa

30

5.014.494.00

3.933.893.933.963.903.863.81

3.783.723.713.723.743.72

3.743.733.713.70

Aa

5.975.234.44

4.304.284.344.424.364.274.27

4.214.144.154.194.184.18

4.194.194.184.17

30

4.684.644.594.55

Baa

30

7.206.095.08

4.964.935.095.175.004.934.86

4.774.694.724.754.664.62

9.30.7.766.32

6.066.136.496.576.406.376.23

5.995.976.226.145.995.86

6.005.885.765.74

i Monthly data are averages of daily or weekly figures.1 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's Investors' Service.

STOCK PRICES

Year, month, or date

Number of issues

1932 average1933 averace1934 average

1934—JuneJulyAugustSeptemberOctoberNovemberDecember

1935—January -February . .March . .AprilMayJune

June 5. . . . . . .June 12June 19June 26

Preferredstocks(indus-

trial high-grade)2

20

96.1104.8120.7

122.1123.5122.6121.0120.9124.1127.8

129.1130.2131.3132.2134.8134.0

133 4133.8134.7134.2

I

Common stocks (index, 1926=100)

Total

421

486373

74716867676969

706864687376

75767776

Indus-trial

351

466681

81807776768080

818075798688

87888988

Rail-road

33

263842

44413635363536

353228293133

32333433

Utility

37

797869

72696564636158

575553596570

70697171

i Monthly data are average of daily or weekly figures.* Average derived prices.

Source.—Standard Statistics Co.

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

Year or month

1925. „192619271928...1929..193019311932193319341934—June

JulyAugustSeptember.^OctoberNovember..December..

1935—January. February...

MarchAprilMayJune

New issues

Total(do-

mesticandfor-

eign)

6,2016,3147,5568,040

10,0916,9093,0891,196

7221,402

12321718043

1221071419250

108908658

Domestic

Total»

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

7101,402

123*217M80

43'122

1071419250

108908653

Stateandmu-nici-pal

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

7624848191029118363989

1068044

100644144

Corporate

Bondsand

notes

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

30540

1440

198508

34378

173914

Stocks

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

31120

120359202001200560

For-eign

1,0761,1251,3371,251

671905229291200000000000000

Re-fund-ing

issues(do-

mesticandfor-

eign)

9251,0462,2201,8581,422

711949538344792

18315779263635454946

180413384454

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

J Includes $100,260,300 bonds of Federal Farm Mortgage Corporationsold by public offeringduring month.J Includes bonds of Home Owners' Loan Corporation sold by public

offering amounting to $149,111,100 in August and $53,000,000 in October.Sources.—TOT 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.—SQQ (for figures of new issues—annual and quarterlybasis) Annual Report for 1933 (table 112).



TREASURY FINANCEUNITED STATES GOVERNMENT DEBT

VOLUME AND KIND OF SECURITY


End of period

Fiscal yeare n d i n g -

June 1932.June 1933.

1934

&£::::::::June _',JulyAugustSeptember...OctoberNovember...December....

1935JanuaryFebruary....MarchApril..MayJune

Total(grossdebt)

19,48722,539

26,11826,15527,05327.18927,08027.19027,18827,29928,479

28,47628,52628,817

28,63828,701

Interest bearing

Total

19,16122,158

25,59925,588

26, 60526,49526,62626,64326,76127,944

27,95227,96928,04327, 76627,73827,645

Bonds

14,25014,223

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

16,25016,24716,23815,39415,15714,936

Notes

1,4654,780

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

9,5859,5829,56710,23610,47110,501

Certif-icates

2,8312,200

1,8141,8121,6351,6831,6821,1561,1541,153158

163161160158157156

Bills

616954

1,9541,9792,0791,9781,9532,053

Non-inter-est

bear-ing

381

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

519567573585585564545538535

524557775902901

1,056

1 Includes $629,000,000 of Government liability for retirement ofnational bank and Federal Beserve bank notes, as a result of depositot funds by banks; this compares with $309,000,000 on Feb. 28,1935.

MATURITIES


Outstanding June 30,1935—Total . .

Obligations maturing:Before Oct. 1,1935Oct. 1-Dec. 31,1935Jan. 1-Mar. 31,1936... .Apr. KTune30, 1936....July 1-Dec. 31,1936.—1937 . . .1938.193919401941. .19431945After 1945

Other obligations *

Interest-bearing debt

Total

27,645

1,6332,265

6011,2451,2361,7491,9461,2942,117

834898

1,4019,629

797

Bondsl

14,936

*763U»246

. . . . . . . .

834S9S

1,4019,629

164

Notes

10,501

18418

1,2451,2361,7491,9461,2942,117

478

Certif-icates

156

156

Bills

2,053

851601601

* Issues classified as of date of final maturity; most issues are callableat earlier dates. No outstanding issues, except postal-savings bonds,are callable before 1940.

* Includes $89,0^000 of Fourth Liberties called for redemption Apr. 15,1934, Oct. 15,1934, and Apr. 15,1935, and not yet redeemed; $600,000,000of consols of 1930 called for redemption on July 1,1935, and $75,000,000 ofPanama Canal loan bonds called for redemption on Aug. 1,1935.

1 Approximate amount of Fourth Liberties called for redemption on Oct*15, 1935.

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

SUMMARY OF TREASURY OPERATIONS[On basis of daily statements of U. S. Treasury. In millions of dollars]

Period

Fiscal year ending:June 1932June 1933June 1934June 1935..

April A93.4..MayJune...July :AugustSeptember... "October..NovemberDecember

T 1935JanuaryFebruaryMarch...

June . . .

General and special funds

Receipts

Total

2,0062,0803,1163,800

182237391218286449260247385

203214601228246464

Internal revenue

Incometax

1,057746818

1,099

1525

1831825

1731921

164

1928

3262923

254

Process-ing tax

353521

324439394342494742

464447444335

Other

503

1,4701,657

105119130132145176151119131

114109189116137138

Customsand mis-cellane-

ous

445475475523

305033297357416047

253339394337

Expenditures »

Total

4,7414,6816,7456,802

674542

" 733466514516669599641

462496546611542740

Generall

3 3,973'3,404

2,7413,148

305191

.310230204233385210320

210244258332206315

Emer-gency

*768»1,277

4,0043,655

370350423236310283284390321

252252288279336425

Excess ofreceipts(+) or

expendi-tures (-)

-2,735-2,602-3,630-3,002

-492-305-342-248-227- 6 6

-409-353-256

-260-281+55

- 3 8 3- 2 9 6- 2 7 7

Trustand con-tributedfunds,1

excess ofreceipts

expendi-tures ( - )

- 5

+835«+613

-1,993

3+29

+19+21

+348«+99

Increase or de-crease during

period

Generalfund

balance

-55+445

+1,720-741

-2,524-272+560-110

335+56

-381-214+966

-244-239+365-511+22

-115

Grossdebt

+2,686+3,052+4,514+1,648

- 3 9+37

+S93+136-109+110

- 2+111

+1,180

- 3+50

+291-149-30+63

1 Excludes public debt retirement.Includes also increment resulting

yicrement on gold, and, beginning Jun .

» Prior toûiyîgêmSge^cy expenditures included only net expenditures for the Reconstruction Finance Corporation; other items subse-quently classified as emergency expenditures were included in general expenditures.

1 X^XClUdeS exnfinriihirpd tnr roHrotrmTit nf rmMnnal-hank notes.

J 1 4-J»» 4 - 1 * A n .A. J-. .m. JB — A.—

ly classified as emergency expenditures were included in generExcludes expenditures for retirement of national-bank notes.



GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAY 31, 1935

(Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]

ASSETS

Loans—total . . . . -. ---•Preferred stock, capital notes, and debentures...

Investments:United States securities -Obligations guaranteed by United States—Other investments -

Art*otitits find other receivables ..*..Real estate and other business propertiesOther assets

Total assets other than interagencyLIAFILITIE3

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

Other liabilities (including reserves)Total liabilities other than interagency

Excess of assets over liabilities, exclusive of inter-

Privately owned interestsU. S. Government interests

Distribution of Government interests:Capital stock

Interagency interest (net).. . .

ASSETS

Loans—totalCash—totalInvestments:

United States securitiesObligations guaranteed by United StatesOther investments

Accounts and other receivablesReal estate and other business properties

Total assets other than interagencyLIABILITIES

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

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 interest (net)

Total

7,851873352

409220827165152202

11,111

3,7752,481

200

6,456

4,655348

4,307

6,734339

-2,766

Financed wholly from Government funds

Total

2,107873125

2420

12356

14382

3,553

2506254

365

3,187

3,187

5,655232

-2,699

Recon-structionFinanceCorpora-

tion

1,386870

8

3912

2,305

250

20

269

2,035

2,035

50073

1,462

Com-modityCredit

Corpora-tion

59

«

1

(*)

00

(3)~

(3)

' 6 0

60

31

56

Export-importbanks

1

14

I14

(2)

(*)

14

14

14

PublicWorks

Adminis-tration

282

6

288

288

288

3 433

-144

RegionalAgricul-

turalCredit

Corpora-tions

77

2

(')

3

82

(*)

(J)

81

81

451225

Produc-tion

CreditCorpora-

tions

1

22097

121

(2)

121

121

1201

U.S .Shipping

BoardMer-chantFleet

Corpora-tion

101

18

216

50(*)

196

14

14

182

182

50132

Other i

2023

83

22

46

9373

486

62IS

81

405

405

* 4,49112

-4 ,098

Financed partly from Government funds

Total *

5,743227

445200705110

9120

7,559

3,5262,419

146

6,091

1,467348

1,120

1,079107

- 6 7

Federalland

banks

2,10544

6711

446

88

2,366

1,89867

1,965

401141

260

1257758

Federalinter-

mediatecreditbanks

18815

3538

4

282

1984

202

79

79

7034

- 2 5

FederalFarmMort-gage .

Corpo-ration

7164

681

19

1

1,420

1,188

28

1,216

204

204

2004

Banksfor

cooper-atives

325

254324

(?130

(2)

(*)

1302

128

1253

Homeloan

banks

7626

27

111

4

4

10S24

83

822

HomeOwners'Loan

Corpo-ration

2,626115

38

2,784

«2,33732338

2,699

85

85

200- 1 5

-100

FederalSavings

andLoanInsur-ance

Corpo-ration

1

100

(*)

Federalsavings

andloanasso-

ciations

28102 | 28

. <2)

101

101

1001

28

28

28

FederalDepositInsur- iance ;

Corpo-ration

16

315

3

2

336

— " 6

6

33L181

150

150

I T *u •1lt£?S!J?cy i n t e r e s t s h e l d °y the Treasury Department.* .Less tnan $500,000,* Nonstock (or includes nonstock proprietary interests).

' Includes also War Finance Corporation not shown separately.• Includes unissued bonds covering loans in process.


JULT 1935 FEDERAL RESERVE BULLETIN 445

RECONSTRUCTION FINANCE CORPORATION

LOANS, SUBSCRIPTIONS, AND ALLOCATIONS[Amount outstanding at end of month. In thousands of dollars]

Proceeds disbursed, less repayments

May 31,1934 '

Jan. 31,1935

Feb. 28, Mar. 31,1935 1935

Apr. 30,1935

May 31,1935

June1935 *

Proceeds not yetdisbursed

Apr. 30,1935

May 31,1935

LOANS AND SUBSCRIPTIONS

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

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

Building and loan associationsInsurance companies --Mortgage-loan companiesCredit unions - —Federal land banks -Joint stock land banksAgricultural credit corporations _. _Regional agricultural credit corporationsLivestock credit corporationsRailroads (including receivers)State funds for insurance of public moneys.._.Fishing industryProcessors or distributors for payment of

processing taxesTotal. . . . . . .

606,07444,53035,398

190,821484

193,61810,168

8008,8841,672

344,9501,774

595,71715,64024,023

156,292367

77,0235,530

863

568,81413,56722,664

155,367361

74,6705,031

863

538,43112,28122,035

151,796343

72,3184,078

861

522,47111,30321,184

149,128335

70,5273,720

861

503,00010,38520,060

146,426341

66,5493,167

887

480,4049,80S

19,231145,551

33659,9793,095

874

107,00921,316

13596,422

20

55027

1,314379,087

1,272379,713

1,256380,199

1,255386,617

1.-344413,438

53

1,315414,344

2,14679

1

12026,859

37

439,181Other loans:

For self-liquidating projects, sec. 201 (a) (in-cluding repairs to property damaged byearthquakes, etc.)

Forflnancingexportsofagriculturalsurpluses,sec. 201 (c) ".

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

transactions T-Total

Purchases:Preferred stock of banksCapital notes and debentures of banksPreferred stock of insurance companiesCapital stock of the R. F . C. Mortgage C o . . .

Total „_

88,445

12,7503,931

167,94515,05615,8754,156

255,900

125,408

15,1764,177

36,13919,48729,93315,410

1,222,374 183,651 1,167,476 165,674

127,839

15,1644,719

35,90519,67429,93316,978

132,908

14,9535,332

39,55220,30429,93321,292

134,509

14,9636,50549,15620,29529,93323,507

137,560

14,9267,22755,53020,15129,93,325,815

137,162

146,696

14,5327,885

148,18120,28329,93327,59S

252,495

90,309

2,8953,373

355,004626

60,032

8,516

34

71

10,649

' 79

1,356

12,740

150*

17,490

14,693

" " 2 3 5

15,282

17,7598

331

15,753

21, 7612S0420

16,167

27,5513,603

296

1,345

303,158 254,350 262,296 294,654 309,077 324,994 433,733 545,038

417,473271,501

598,112256,622

100

621,055256,316

100

627,876254,666

100

632,144248,103

10010,000

634,490247,718

10010,000

639,977245,003

10010,000

22,67465,546

688,974 854,834 877,472

Total loans and purchases

For relief: ALLOCATIONSFederal Emergency Relief Act of 1932 ,Federal Emergency Relief Act of 1933Emergency Appropriations Act of 1935Emergency Relief Appropriation Act of 1935..

Total

2,436,313

298,5614S7,979

2,365.084

297,718499,987500,000

2,362,141

297,718499,991500,000

882,642

2,360,946

890,346 892,307 895,079 88,220

2,366,900 382,974

297,711499,994500,000

297,711499,997500,000

297,690499,998500,000

2,465,975

297,689500,000500,000

885,753

500,000

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

Purchase of stock of Federal Home Loanbanks

Purchase of stock'of Home~6~w~ne7srLoanCorporation

AO Land Bank Commissionerio federal Farm Mortgage CorporationAo Federal Housing Administratorlo Secretary of Agriculture for:

Crop Joans. _Reallocated as capital regional agricultural

credit corporations ,Reallocated to Governor of Farm Credit

Administration. ,Total

786,641 1,297,705 1,297,709 ,297,704 1,297,708 1,297,688

80,946

114,000147,60055,000

115,000

44,500

40,500

81.646

200.000147, GOO55,00025,000

115,000

44,500

40,500

81,646

200,000147,60055,00025,000

115,000

44,500

40,500

81,6-16

200,000147,60055,00025,000

115,000

44,500

40,500

81,646

200,000147,60055.00034,000

115,000

44,500

40,500

81,646

200,000147,60055,00034,000

115,000

44,500

40,500

i, 297,639

81,6-16

200,000147,60055,00034,000

115,000

44,500

40,500

500,018

43,095

97,400

597,546 709,246 709,246 709,246 718,246 718,246 718,246

Total allocations

Total loans, subscriptions, and alloca-tions

1,384,086

3,820,400

2,006,951

4,372,035

2,006,955 2.006,950 2,015,953 2,015,934 2,015,934

4,369,095 4,367,S96 4,382,854 4,398,908 4,481,909

140,495

640,513

1,526,26

112,25621,783

20085,698

1

550

2,1282,400

37

224,953

85,713

2,492353,383

3 S3

59,968

30,4274,200

268

1,345538,178

19,46562,951

82,415

845,547

152

500,000500,017

43,095

97,400

140,495

640,512

1,486,059

r Revised. v Preliminary. 1 Includes $320,105,000 of loans for distribution to depositors of closed banks.tc figures.—See BULLETINS for December 1933, pp. 738-739, and February 1934, pp. 103 and 132.


446 FEDERAL RESERVE BULLETIN J U L Y 1935

FARM CREDIT ADMINISTRATION

LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS[In thousands of dollars]

End of month

Farm mortgage loans

Federalland banks

LandBank

Commis-sioner

Federal intermediatecredit bank loans toand discounts for—

Regionalagriculturalcredit cor-porationsand pro-duction

credit as-sociations *

Otherfinancinginstitu-

tionsexcept

coopera-tives

Produc-tion creditassocia-tions*

Regionalagricul-

tural cred-it corpo-rations

Emer-gency

crop anddrought

loans

Loans to cooperatives b y -

Federalinter-

mediatecreditbanks

Banks forcooper-atives,includ-

ingCentralBank

forCooper-atives

Agricul-tural

Market-ing Actrevolv-

ingfund

1933AugustSeptemberOctoberNovemberDecember

1934JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1935JanuaryFebruaryMarchAprilMay

,121,461,127,910

1,143,5181,174,763., 232,707

,307,116,390,7431,478,3731,503,155[, 568,0971,650,7791,710,9771,766,3611,810,559i, S48, 7271,886,3351,915,792

1,942,916, 961, 275

L, 974,952i, 975,7371,998,228

2,1886,026

15,81534,09970,738

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

643,291

686,606696,834716,243

28,46749,97961,29968,85773,263

75,43276,51586,081

102,781120,282127,470128,090125,270118,402104,909100,99299,675

99,776103,360115,281124,315129,954

73,06870,99864,52862,37960,989

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

53,50953,17254,44255,83256,897

158665

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

64,63771,19285,81997,400

105,096

158,394155,200146,895142,558144,636

145,198145,760144,905144,671143,127138,485128,830117,664106,72496,91490,55987,102

84,72682,34279,98878,35176,508

135,854135,087110,32494,29689,811

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

100,209105,446104,470104,994110,186

116,846125,124134,597162,000193,969

5,4796,2596,829

10,08015,211

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

10,1069,9699,987

24,20732,33033,969

34,44534,13231,87330,05026,420

1847,396

11,14418,697

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

28,49829,44528,02530,11931,741

176,553175,040173,325172,302157,752

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

53,72149,68749,88049,76147.456

discounted witn tne federal Intermediate credit banks. The amounts in this column are "thus included in the*2 columns under those 1Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks.

HOME OWNERS' LOAN CORPORATION

SUMMARY OF OPERATIONS *

Months

1934

From opening to MayJuneJulyAugustSeptemberOctoberNovemberDecember

January..Februay.March. . .AprilMay

1935

Cumulative total..

Numberof appli-cations

received

1,415,95397,67966,15772,02239,31735,67514,171•1,864

*2,914

1,745,752

Loans closed

Number Amount

273,13271,76878,04669,73859,24065,81354,46854,036

54,99036,54223,14013,80713,5C3

868,313

$815,562,349223,440,191235,467,6C6202,442,864179,299,857201,211,532170,544,562169,018,847

166,836,150104,919,94170,664,40039,475,18041,235,897

2,620,119,376

FEDERAL HOME LOAN BANKS

COMBINED STATEMENT OF ASSETS ANDLIABILITIES


ASSETSCash on handLoans outstandingAccrued interestInvestments :Other assets

Total assets

LIAEILJTIE3Current liabilitiesCapital stock, fully paid and outstanding:

MembersUnited States Government : . .

Subscriptions to capital stock, less balance due—-Surplus

Totalliabilities

Apr. 30,1935

30,95874,011

3225,265

110,595

3,474

21,51781,646

1,2752,684

110,595

M a y 31,1935

2G, 15275,S3C>

4598,671

53

111,171

3,616

22,01381,646

1,0202,870

111,171

1 Figures are subject to adjustment.* Revised adjustments for applications received in earlier months.1 Applications received under order issuad May 23, 1935.


JUIT 1935 FEDERAL RESERVE BULLETIN 447

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

Yearand

month

19191920....1921.1922_...1923.__.1924_._.19251926....1927.1928_...1929.1930.1931....1932.. .1933. .1934....1932

MarAprMay__June...July....Aug....Sept....Oct....Nov....Dec

1933JanFeb....Mar....AprMay..June.July...AugSept....OetNov...Dec._._1934

Jan.__.Feb...Mar...Apr....May..JuneJuly__._AugSept....OetNov...Dec

Jan....Feb....Mar...

Industrial production* •

Total

Unadjusted

83876785101951041081061111199681647679

63646159565967636560

646460677991969085787269

773386838984737373757477

S8919089

»87

Ad-justed

67636059536066676566

6563596678911009184767275

788184858683767371737536

90898886

Manufactures

Unad-justed

84876786101941051081061121199580637578

66636058555366676358

636253688092978984767067

758286898983717170737376

87919191

Ad-justed

64615958575965666364

6361566577931029183767073

768082858683747269727385

908886

Minerals

Unad-justed

7789707410596991081071061159984718286

78726562636674807873

727774657783909594S98581

868991818687S48387878485

9192907983

Ad-justed

85806764656571747577

758081737985919187313286

8892100908887858082818190

9496978789-

Construction contracts awarded (value) *

Total

Unad-justed

6363567984941221291291351179263282532

26313132313230282422

181614161921242530354245

403833363231302830292825

2224263032

Ad-justed

26272627273030292728

221914141618212430374857

494433322626272729313131

2728262727

Residential

Unad-justed

443044688195124121117126875037131112

1616141212111212108

778111314131212121211

101012141313121011121110

1013162225

Ad-justed

1514121111121212109

888101113131212121313

121211121112121011121112

121416IS21

All other

Unad-justed

79906533869412013513914214212584403748

35434547464345413533

2723IS192427323645536673

646050544746444345434136

3233343339

Ad-justed

36333739404544434143

3327IS172023283345577693

807051433838394044464347

3939353332

Factory em-ployment *

Unad-justed

1071088291104979910199991059277646979

68666361596063646362

606159606367727680807674

73788182S3

- 81798076787778

7981828281

Ad-justed

•

. . . . . . .

63666462606062636362

61625960636773767S787675

757881828382807D74

• 7 7

7779

8182828281

Fac-torypayrolls*

Unad-justed

971177681103961011041021021098963464962

53504743404143454342

404037394347515759595655

546165676765616258616063

6469717169

FreiEht*carloadings * •

Unad-justed

84917987100971031061031031069275565862

58575352515361655852

51M43515561666568666056

586163606364636367646056

5861625961

Ad-ustec

.....

......

......

_____.......................

61

5452

5154575758

56545C53556265616C555963

64646G626364615959575964

6465656161

Com-mod-ity

" prices*

1

1391549397101981041009597958673656575

66666464656565646463

616060606365697071717171

727474737475757678777777

7980798080

9 Preliminary. *Average per working day.1 For indexes of groups and separate industries see pp. 487-488; for desciption see BULLETIN for February and March 1927; for revised figures

a t • » " " * m o n t h : fF o r

1 The indexes ?or 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 Keserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industriesSBe ? Fofinlexes of groups see p. 448; for back figures for totalsee Annual Report for 1933 (table 115) and for groups see BULLETIN for February

'Index of Bureau of Labor Statistics; 1926-100. Index numbers for groups of commodities (also data by weeks) are given on p. 486. For backfibres sce Annual Report for 1933 (table 120).


448 FEDEKAL EESERVE BULLETIN JULY 1935

MERCHANDISE EXPORTS AND IMPORTS

Iln millions of dollars]

Month

AprilMay .

j u ]yAucu^t - . . - - - - . .Soptember

December

Year

Merchandise exports i

1931

250224236

215204187

1S1165180

205194184

2,424

1932

150154155

135132114

107109132

153139132

1,611

1933

121102103

105114120

144131160

193184193

1,675

1934

172103191

179160171

162172

'191

206195171

2,133

1935

17G163185

1G4

Merchandise imports *

1931

183175210

1S6180173

174167170

169149154

2,091

1932

136131131

127112110

7091

' 98

10510497

1,323

1933

968495

88107122

143155147

151129134

1,450

1934

136133158

147155130

127120132

130151132

1,655

1935

167152177

171

Excess of exports

1931

664920

292414

6- 2

10

364430

334

1932

152324

9204

271734

483435

288

1933

251813

177

- 2

12313

425659

225

1931

373033

336

34

345260

774438

478

1935

911' 8

- 6p - 5

9 Preliminary. ' Revised.i Including both domestic and foreign merchandise.* General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.Back figures—See BULLETIN for January 1931, p. 18, and for March 1931, p. 136.

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

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

Month

January. _February.March

April.May..June -

JulyAugustSeptember

OctoberNovemberDecember

Year..

Index of sales'

Adjustedfor seasonalvariation

1934 1935

Withoutseasonal ad-justment

1934

575973

737770

616079

8283

135

75

1935

Index of stocks (end ofmonth)

Adjustedfor seasonalvariation

1934 1935

Withoutseasonal ad-justment

1934

65

1935

» Preliminary.» 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, Independ*ence Day, Labor Day, Thanksgiving Day, and Christmas. Adjust-ment for seasonal variation makes allowance in March and April for theeffects upon sales of changes in the date of Easter.

Back figures.—See BULLETIN for April 1935, pp. 254-255.

TotalCoalCokeGrain and grain products. _LivestockForest productsOreMiscellaneousMerchandise i

TotalC o a l •"Coke _ IGrain and grain products. _LivestockForest productsOreMiscellaneousMerchandise l

1934 1935

May Jan. Feb. Mar. Apr. May

Adjusted for seasonal variation

636958755233396865

647362564231317265

657562593935347365

658252673933407064

616349744133496763

616750684133476463

Without seasonal adjustment

636158614935597067

5882695444287

5861

618170573736

86263

627752573434106765

5953465738352.56965

616050553835716765

1 In less-than-carload lots.Based on daily average loadings. Source of basic data; Association

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



FOREIGN BANKING AND BUSINESS CONDITIONS

ARGENTINE BANKING AND MONETARY LEGISLATION

A series of six laws passed in March, by theArgentine Congress and promulgated on March28 accomplished a fundamental revision of thebanking system of the country. A CentralBank of the Argentine Republic was created, acommercial bank law was enacted for the firsttime, an institution to liquidate frozen assetsof the banks was established, the organic lawsof the two official banks were amended, andmeasures to inaugurate the entire system wereauthorized in an organization law. The newCentral Bank started operations on May 31.

Full translations of the Central Bank law,the organization law, and the new commercialbank law are published below. No translationis given of the three remaining laws, but theircontent may be briefly indicated.

A new Government-owned establishment, theInstitute for the Liquidation of Bank Invest-ments, is created to take over the frozen assetsof the banks for gradual liquidation, givingthem in return payment partly in cash andpartly in Government securities that are notsubject to rediscount. To insure the Govern-ment against loss, the banks guarantee the fullrecovery of the value assigned to these frozenassets. Within 8 years, at the request of theCentral Bank, the Chief Executive must windup the Institute and propose to Congress amethod of handling any remaining assets.

As a result of the new legislation, the statusof the Bank of the Argentine Nation is altered.The new Central Bank takes over from theBank of the Argentine Nation the duties ofbanker to the Government and of manage-ment of the clearing system. By amendmentto the organic law of the Bank of the Argen-tine Nation, the limit on total loans that thebank may make to the National Governmentis reduced from 25 to 15 percent of the bank'scapital and surplus; and the bank is prohibitedfrom making loans in any form, direct # orindirect, to the provinces or municipalities.Private advances on securities of the nationaland local governments are permitted up to20 percent of the bank's capital and surplus.The board of directors is increased from 6members to 8, with representation for finan-cial, industrial, and agricultural organizations.An amendment to the organic law of theNational Mortgage Bank with regard to theboard of directors, alters somewhat the method

145047—35 0

of selection but leaves the number of directorsunchanged.

The new Central Bank of the ArgentineEepublic takes over the assets and liabilitiesof the Conversion Office and the balances inthe Exchange Profits Fund and the Fund ofForeign Currencies. The Kediscount Com-mittee, which was attached to the Bank of theArgentine Nation, and the Autonomous Boardof Amortization, which performed certainduties in connection with the Patriotic Loanof 1932, are abolished.

All currency now in circulation is to bereplaced over a period of years by new notes.Subsidiary currency in denominations of 5pesos or less is now an obligation of the NationalGovernment without metallic guarantee. Notecirculation of larger denominations is backedby the gold and foreign-exchange reserves heldby the Central Bank.

CENTRAL BANK OF THE ARGENTINEREPUBLIC

Law 12,155

Buenos Aires, March 28, 1935

WHEREAS: The Senate and Chamber of Deputies ofthe Argentine Nation, assembled in Congress, etc.,sanction with force of law.

CREATION AND OBJECT OP THE CENTRAL BANK

ARTICLE 1. There is hereby created the CentralBank of the Argentine Republic for the period of forty

ART. 2. The Bank shall have its domicile in the cityof Buenos Aires. It may establish branches or agenciesand appoint correspondents by resolution of the Boardof Directors.

ART. 3. The objects of the Bank shall be:(a) To concentrate sufficient reserves to moderate

the consequences of fluctuations in exports and invest-ments of foreign capital, on currency, credit andcommercial activity, in order to maintain the value ofthe currency; „ „, . . .

(b) To regulate the volume of credit and the meansof payment, adapting them to the real volume of trade;

(c) To promote the liquidity and sound functioningof bank credit; and to apply the provisions of thebanking law for the inspection, examination, andregulation of banks;

(d) To act as financial agent and counsellor of theGovernment in foreign or internal credit operations andin the issue and service of public loans.

CAPITAL AND SUBSCRIPTION OF SHARES

ART. 4. The original capital of the Bank shall be30 000.000 pesos national currency, divided into dO,UUUshares of 1,000 pesos national currency each.


450 FEDERAL RESERVE BTJLLETIN JULY 1935

The shares shall be nominal and shall be registeredin the Central Bank, and may be transferred only withthe consent of the latter, which will have the right torefuse such transfer without stating its reasons for sodoing. In the event of the refusal of a transfer, theshareholder can require the Bank to buy the sharesat their nominal value, reducing its capital by thecorresponding amount.

ART. 5. When the Central Bank is organized, theNational Government will subscribe 10,000,000 pesosnational currency in shares. The national and foreignbanks established in Argentina, which have a sub-scribed capital of not less than 1,000,000 pesos nationalcurrency, will subscribe at par an amount of shares inproportion to their paid-in capital, until the amountof 10,000,000 pesos national currency has been obtained.

No bank, institution or person can hold shares witha nominal value exceeding the fifth part of the capitalsubscribed by the banks.

ART. 6. The 10,000,000 pesos national currency ofthe capital stock which are not subscribed at the timeof the organization of the Bank, will be at the disposalof the Bank for subscription in accordance with theterms established in the next article.

ART. 7. Banks which may subsequently be estab-lished in Argentina with a capital of not less than1,000,000 pesos national currency, or which mayincrease their capital to 1,000,000 pesos nationalcurrency, and shareholding banks which increase theircapital, may be required by the Central Bank to sub-scribe for shares at a price to be established by theboard, at or above par, taking into account the accumu-lated surplus, and in the same proportion as thatadopted for the original subscription. The CentralBank is authorized, for this purpose, to increase itscapital in case the 10,000,000 pesos national currencyreserved for this use in article 6 proves insufficient,provided that the Government does not decide to sellits shares to permit the stated subscription, or if, sub-sequent to such sale, the Bank shall deem an increaseof capital advisable for the reasons set forth in thisarticle.

ART. 8. The shares of the Bank shall not be pledgedfor loans or other purposes, except in special circum-stances and then only with the previous written con-sent of the Central Bank. This article must be printedon the back of every share.

BOARD OP DIRECTORS

ART. 9. The Bank shall have a Board of Directorsconsisting of a President, a Vice-president and twelveDirectors.

ART. 10. The President and Vice-President shall beArgentines and persons of recognized banking andfinancial experience and shall be designated by theOhief Executive in agreement with the Senate fromamong the three candidates for each post elected bythe meeting of shareholding banks. They shall remainin office for seven years and may be reelected.

The President and Vice-President shall devote theirentire activities to the exclusive service of the Bank-and, while holding office, shall not occupy any otherposition, whether salaried or not.

They shall be entitled to receive such salaries andperquisites as the Board of Directors, subject to confir-mation by the meeting of shareholding banks, may fromtune to time determine; but under no condition shallthey be remunerated wholly or partly by any form ofcommission, or the salaries and perquisites payable tothem be computed in relation to the profits of the Bank

The President and Vice-President of the CentralBank may be removed from office only in case of negli-gence or fraud in the discharge of their duties, or forcommon crimes, in accordance with the procedure es-tablished for political impeachment.

ART. 11. If either the President or Vice-Presidentdies or resigns or otherwise vacates his office before theexpiration of the term for which he was appointed, an-other person shall. be appointed in the manner pre-scribed in article 10 to serve for the unexpired portionof the term.

ART. 12. Of the twelve directors, one shall be selectedby the Chief Executive; one by the Bank of the Argen-tine Nation; six by groups which shall be formed forthat purpose in the meeting of shareholding banks in thefollowing manner: one by the representatives of theBank of the Province of Buenos Aires and other pro-vincial or mixed banks in the country which hold shares;three by the representatives of the national banks;two by the representatives of the foreign banks; andfour elected by the entire meeting of shareholdingbanks—on proposal by the Board and after consultationbetween the Board and representative organizations—from among persons of recognized experience, ability,and prestige as follows: one agriculturist, one livestockproducer, one business man, and one manufacturer.None of these four persons shall be a director or em-ployee of a bank; nor shall more than three foreignersbe on the Board at the same time.

ART. 13. The directors elected in accordance witharticle 12 shall hold office for three years, and may bereelected, except those appointed by the foreignbanks, who may be reelected only after an interveningperiod.

The directors appointed by the foreign banks shallbe of different nationality, and the respective bankswith which they are connected shall not be of the samecountry of origin.

ART. 14. If any member of the Board of Directors,other than the President or Vice-President, dies orresigns or otherwise vacates his office before the expira-tion of the term for which he was elected, a new direc-tor shall be elected in the manner provided in article12 to complete the term.

ART. 15. The following may not be elected or o n -tinue to hold office as members of the Board:

(a) Employees or officials of any department of theGovernment, except in the case of the first directorreferred to in article 12, who may be a national official,and the following one who may be an official of thebank in question; and those who have held other paidor salaried positions, with any form of remunerationwhatsoever, connected directly or indirectly with thenational, provincial or municipal Governments;

(o) Insolvent persons and delinquent debtors of anyof the shareholding banks;

(c) Persons who have been convicted for ordinary-offenses.

ART. 16. The members of the Board shall serve in anhonorary capacity except in the case provided for inarticle 18.

ART. 17. The President, or in his absence the Vice-President, shall, on behalf of the. Board of Directors,exercise control over the Bank, with authority to actand make decisions in all matters which have not beenspecifically reserved to the meeting of shareholdingbanks; he shall also represent the Bank in its dealingswith third parties.

ART. 18. The President may, if he deems it advisable,form an advisory committee composed of the Vice-


FEDERAL RESERVE BULLETIN 451

President and two directors designated by the Board forone year and eligible for reelection, at least one ofwhom must be a banker. The advisory committeeshall meet at least once a week. The Board may fix aremuneration for these two directors, subject to con-firmation by the meeting of shareholding banks.

ART. 19. The President, or in his absence the Vice-President, may call Board meetings when deemed neces-sary, but at least once every fifteen days. Seven mem-bers will constitute a quorum and, unless otherwiseprovided, decisions will be taken by a simple majorityof votes of those present. In case of a tie, the Presi-dent, or, as the case may be, the Vice-President, shallhave an extra vote.

ART. 20. The Board shall supervise the operations ofthe Bank, and its powers and duties will be principallythe following:

(a) To participate in the regulation and administra-tion of the Bank, to approve the annual budget ofsalaries and expenditures, and to appoint, promote ordismiss employees;

(&) To establish and to close branches and agencies;(c) To appoint correspondents in Argentina and

abroad, defining the character of their relations withthe Bank;

(d) To determine the general conditions and limitsof the various operations authorized by this law;

(e) To fix rediscount and interest rates;(/) To acquire the properties necessary for the pur-

poses of the Bank and to dispose of the propertiesacquired, in accordance with article 34, paragraph h;

(g) To review periodically, at least once every sixmonths, all rediscounts and advances;

(h) To approve the renewals and replacements ofbills of exchange and promissory notes, in accordancewith article 34, paragraph t;

(i) To decide on the transfer or pledging of theBank's shares in accordance with articles 4 and 8;

0") To appoint the advisory committee when request-ed to do so by the President;

(k) To appoint the rediscount committee or com-mittees;

(I) To draw up the annual report and balance sheetand profit and loss account for the meeting of the share-holding banks.

MEETINGS OF SHAREHOLDING BANKS

ART. 21. The ordinary meeting of shareholdingbanks which shall be called by the Board once a yearshall take place within the first three months of thefinancial year.

Three weeks before the date stipulated for the ordi-nary meeting a notice shall be sent to each shareholdingbank giving the agenda and a statement of the mattersto be brought up for discussion.

Any motion which the shareholders may wish tosubmit to the meeting must be communicated to theBoard during the month following the termination ofthe financial year, accompanied by a statement of thereasons for the motion.

ART. 22. Extraordinary meetings of shareholdingbanks shall be called with at least two weeks' notice,when the Board deems it advisable, or when a requestis made in writing by a number of shareholding banksrepresenting at least a third of the votes, in accordancewith article 23.

These petitions must in each case set forth the under-lying reasons for their presentation, with a statementof the motions to be submitted to the meeting.

The extraordinary meetings called by the Board atthe request of the shareholding banks shall take place

within 30 days of the receipt by the Board of Directorsof the corresponding application.

ART. 23. The meetings shall be presided over by thePresident or, in his absence, by the Vice-President,or in the absence of the latter by the Syndic [a repre-sentative of the Board of Directors].

Each share has one vote; but no shareholder shallhave the right to assemble a number of votesrepresenting more than a tenth part of the capitalsubscribed by the banks.

The same person may not represent more than oneshareholding bank at the meetings.

ART. 24. The powers of the meeting of shareholdingbanks shall be the following:

(a) Discussion, approval, or modification of theannual accounts and the report of the Board;

(6) Decision as to the distribution of the sumsassigned to surplus and to the special reserve fund ifsuch is created;

(c) Declaration of the annual dividend;(d) Selection of the lists of three candidates each for

President and Vice-President, which must be submittedto the Chief Executive; and election of the Directorsreferred to in article 12;

(e) Decision as to the salaries and perquisites ofthe President, the Vice-President and the two membersof the Board forming the advisory committee:

(/) Deliberation upon all other matters included inthe agenda;

(g) Fixing the remuneration of the Syndic.All the decisions of the meetings, unless otherwise

provided, shall be adopted by a simple majority ofvotes.

REDISCOUNT COMMITTEES

ART. 25. The Board of Directors shall appoint arediscount committee for the Head Office and, if neces-sary, for any branch of the Bank, the duty of whichshall be to pass upon all documents offered for redis-count, purchase, or collateral on advances. The numberof persons on each committee shall be fixed by theBoard.

ART* 26. Members of the rediscount committeesshall be persons acquainted with the financial, com-mercial, industrial, or agricultural and livestock con-ditions of the country. They shall be appointed for aperiod of two years and not more than half of themembers may be reelected.

On the first occasion of the designation of the mem-bers of any rediscount committee, one-half of themembers shall be appointed for a period of one year.Members of the Board, their relatives up to the fourthdegree of consanguinity and the second of affinity,their partners or agents, and persons included in theprovisions of article 15, shall not be eligible for member-ship on the rediscount committees.

ART. 27. Membership on the rediscount committeesshall be honorary, but the Board may authorize thereimbursement of expenses incurred by the said mem-bers in the performance of their duties.

ART. 28. The deliberations of the rediscount com-mittees shall be secret.

No member of a rediscount committee shall expressopinions or vote on bills or documents in which he ispersonally interested; and he shall withdraw from themeeting while such bills or documents are underdiscussion. „

ART. 29. The Rediscount Committee of the HeadOffice shall be presided over by an official appointed bythe Board. In ^branch offices, meetings of the redis-count committee shall be presided over by the branchmanager*


452 FEDERAL RESERVE BULLETIN JULY 103B

The Board of Directors of the Bank shall determinethe number required to form a quorum.

ART. 30. Resolutions approving or rejecting bills orother documents shall be adopted by a simple majorityof votes, and in case of a tie the president of the com-mittee shall have an extra vote.

ART. 31. The Bank shall not be bound to discountbills or accept securities approved by the RediscountCommittee. The bills or other securities which mayhave been rejected by the Rediscount Committee maybe accepted by the Bank, on condition that they areapproved by the Board, by vote of seven directors.

OPERATIONS OF THE BANK

ART. 32. The Bank may, in accordance with theconditions to be established by the Board:

(a) Issue notes in accordance with the provisions ofthis law;

(b) Buy and sell gold;[c) Accept money on deposit in current account

without interest;(d) Rediscount, for shareholding banks, or for those

which are not shareholders, documents arising out ofcommercial operations connected with trade in mer-chandise, bearing at least two good signatures, one ofwhich must be of a bank, maturing at the latest within90 days from the date of the rediscount and complyingwith the requirements of the Commercial Code; or itmay purchase such documents. When documents com-ply with the requirements previously stated, but bearthree or more good signatures, including at least one ofa bank, the rate of discount shall be lower than thatcharged in the case previously mentioned in thisparagraph;

(c) Rediscount, for shareholding banks, or for thosewhich are not shareholders, documents arising out ofoperations relating to the production, processing, orsale of agricultural, livestock, or industrial products,bearing at least two good signatures, one of whichmust be of a bank, maturing at the latest within 180days from the date of rediscount and complying withthe requirements of the Commercial Code; or it maypurchase such documents. In case the documents meetthe previously stipulated conditions but mature withina maximum period of 90 days from the date of redis-count, or bear at least three good signatures, includingone of a banking firm, the rate of rediscount shall belower than that charged in the case previously men-tioned in this paragraph;

(/) Grant advances to shareholding banks for a fixedperiod not exceeding 90 days, at a rate of interest atleast one point above the Central Bank's official mini-mum rediscount rate for 90-day sight documentsagainst the following securities:

(1) Bills of exchange and promissory notes con-forming to the conditions set forth inparagraphs (d) or (e) of this article andup to 80 percent of their nominal value;

(2) Securities of the National Governmentquoted on the market, provided that theamount of the advance does not exceed80 percent of the stock exchange quota-tion of such securities, and that the totalof such advances, combined with thenational securities belonging to theBank (excluding the consolidated bondsof the National Treasury) does notexceed the limit referred to in article 34,paragraph b;

(g) Make advances on gold, coined or in bars, upto 95 percent of its value;

(h) Buy and sell foreign currency or foreign exchange(divisas o cambio extranjero);

(i) Act as correspondent or agent for other centralbanks or for the Bank for International Settlements,or for any other organization which may be createdwith similar purposes of international cooperation;

(j) Take charge of the issue, purchase and sale ofNational Government securities, for the exclusiveaccount of the latter, without the Bank being per-mitted to subscribe for those securities or to guaranteetheir sale;

(k) Administer the clearing system in Buenos Airesand in other markets;

(I) Sell to other banks, or repurchase from them, theconsolidated bonds of the National Treasury, receivedor purchased by the Bank in accordance with article 7of the Law of Organization, and the national securitiespurchased in accordance with article 34, paragraph (b),last part.

ART. 33. The Bank shall regularly publish rates forrediscounts and advances. Under no circumstancesmay it effect rediscounts or advances at rates belowthose stipulated.

ART. 34. The Bank is forbidden to:(a) Issue notes in denominations of five pesos

national currency or less;(b) Grant loans to the National G o vernment, whether

in the form of rediscounts, discounts, advances, over-drafts, purchase of Treasury bills, bonds, or other na-tional government securities or obligations, but with-out prejudice to:

(1) The operations authorized in articles 32,paragraph (f), item (2); and 44;

(2) The purchase of national securities, whichunder no circumstances may exceed theamount of the Bank's capital, its surplus,and the amortized amount of the consoli-dated bonds of the National Treasury re-ceived or purchased by the Bank inaccordance with article 7 of the Law ofOrganization;

(3) The rediscounting of documents pertainingto banking, commercial, industrial t orpublic service enterprises, belongingwholly or in part to the National Govern-ment, provided the documents in questioncomply with the requirements of article32, paragraphs (d) or (e), and the enter-prises referred to have resources (patri-monio) independent of those of theNational Government.

t (c) Grant loans, directly or indirectly, to the prov-inces, municipalities, or autonomous divisions depend-ent thereon, in the form of rediscounts, discounts,advances, overdrafts, or purchase of bills, securities, orbonds, or in any other form whatsoever, with the excep-tion of the rediscounting of documents pertaining tobanking, commercial, industrial or public utility enter-prises belonging wholly or in part to the provinces ormunicipalities, provided the documents in questioncomply with the requirements of article 32, paragraphs(d) or (e) and the enterprises referred to have resources(patrimonio) independent of those of the provinces ormunicipalities;

(d) Guarantee or endorse those bills or other obli-gations of the National Government, the provinces, mu-nicipalities, autonomous bodies or similar institutions;

(e) Engage directly or indirectly in any commercial,agricultural, industrial or other undertaking;

if) Purchase shares, except those of the Bank itselfas indicated in article 4, and those of the Bank forInternational Settlements, or of any other/ body which



may be created for similar purposes of internationalcooperation; or grant loans on the security of sharesof any sort;

(g) Make unsecured advances or grant overdrafts;except in case of reciprocal credit agreements with othercentral banks;

(h) Purchase real estate, except such as shall benecessary to enable the Bank to conduct its business;purchase goods; or make advances on the securityof real estate or mortgages. In the event that anycredit granted by the Bank becomes, in the opinion ofthe Board of Directors, endangered, the Bank may takethe necessary measures to secure itself with any realproperty or goods of 'the debtor and may acquire suchproperty or goods which shall, however, be resold assoon as practicable thereafter;

(i) Allow the renewal or replacement of matured billsof exchange or promissory notes rediscounted or takenas collateral by the Bank, except under special circum-stances when the Board of Directors may authorizeone renewal or replacement only, for a period not toexceed 90 days.

ISSUE OF NOTES AND METALLIC GUARANTEE

AnT. 35. During the entire term of its charter theBank shall have the sole right of note issue throughoutthe Argentine Republic, except as regards the sub-sidiary currency referred to in article 4 of the Law ofOrganization; and neither the National Government,nor the governments of the provinces, nor the munici-palities, banks, or any other institutions whatsoevershall issue notes or other documents which are likely topass as paper currency.

ART. 36. The Bank shall be responsible for all thenotes in denominations exceeding 5 pesos nationalcurrency already issued by the Conversion Office, andwill replace them with a new issue of Central Banknotes.

The future issue or coining of subsidiary currency indenominations of 5 pesos or less (including nickel andcopper coins) by the National Government, shall beeffected exclusively at the request of and through theintermediary of the Central Bank, in accordance withpublic requirements; but in no case may it exceed 20pesos national currency per capita, according to theannual estimates of the National Statistics Department.

One-half of the future issue or coining of subsidiarycurrency shall be effected by the simple exchange of anequivalent amount of notes of the Central Bank, withthe simultaneous cancellation of an equal part ofthe bond without interest referred to in article 4 of theLaw of Organization; the other half shall be delivereddirectly and without any exchange whatsoever to theNational Treasury, allowing for the deduction of thecost of the operation. Once the said bond has beenentirely cancelled, any future issue or coining of sub-sidiary money shall be delivered directly and withoutany exchange to the National Treasury at its expense.

ART. 37. The notes shall be in denominations ofmore than 5 pesos as determined by the Board ofDirectors.

ART. 38. The notes of the Bank shall be legal tenderthroughout the territory of the Argentine Republicfor the amounts stated thereon.

ART. 39. The Bank shall at all times maintain areserve sufficient to assure the value of the peso,m gold, foreign currency, or exchange, equivalent toat least 25 percent of its notes in circulation anddemand liabilities.

The gold and foreign currency or exchange shall beunpledged and in the unrestricted ownership of the

Bank; and the foreign currency or exchange shall beincluded in the reserve only to the extent of the netbalance, i. e., the free balance after all liabilities in goldand foreign currency and exchange have been deducted.

If, during any fiscal period, the reserve in relation tothe notes and demand liabilities falls below 33 percentduring 60 consecutive days, or over a total period of90 days, no dividend shall be paid to the shareholdingbanks, and the corresponding profits shall be allocatedto the Bank's surplus.

Art. 40. Under no circumstances may the Bank holdforeign currency or foreign exchange amounting to morethan 20 percent of its reserves; or include them in itsreserves for more than 10 percent.

Art. 41. The Bank shall be obliged to exchange Usnotes at sight in amounts not less than the value innational currency of a typical gold bar of 12.441 kilo-grams (400 ounces "troy*'), for gold or, at the option ofthe Bank, for foreign currency or exchange.

The rate at which notes shall be exchangeable intoforeign currency, or vice versa, shall not vary fromparity by more than 2 percent either way.

RELATIONS WITH THE BANKS

ART. 42. National and foreign banks operating inthe country with a capital of not less than one millionpesos national currency shall at all times maintain atthe Central Bank two-thirds of the minimum cashreserve determined by the banking law in relation tothe volume of their deposits. These balances shallform the basis of the clearing system which the CentralBank shall operate in Buenos Aires, and in othercenters; but in the event that the reserves of any bankfall below the legal limit, the difference must be madeup immediately by the bank in question. The CentralBank is empowered to arrange with the Bank of theArgentine Nation for deposit in the branches ofthe latter institution of the cash which interior banksmust deposit in the Central Bank, and of the cashwhich interior branches wish to deposit as part of thecash reserves required to be held in the Central Bankby the nks to which they belong.

RELATIONS WITH THE GOVERNMENT

ART. 43. The National Government shall entrust theBank with all its remittances, exchanges, and bank-ing transactions both at home and abroad. The fundsof the National Government shall be deposited in theCentral Bank. The judicial deposits shall continueto be made in the Bank of the Argentine Nation.The Chief Executive shall issue a ruling on this articleand may exclude from its provisions autonomous insti-tutions as well as the guarantee deposits made forthe purpose of participating in public tenders.

ART. 44. The Bank may make temporary advancesto the National Government to cover seasonal or tem-porary deficiencies in revenue collections, to an amountnot exceeding 10 percent of the average cash receiptsobtained by it in the previous three years; everyadvance made under this provision must be repaidwithin 12 months from the time it was made; and ifany such advance remains unpaid after that date,the power of the Bank to make further advances ofthis kind in any subsequent year shall not be exercisableuntil the amounts due have been repaid. On theseadvances, the Government shall pay interest notexceeding the current minimum rediscount rate.

ART. 45. The Ministry of Finance of the NationalGovernment shall inform the Central Bank every threemonths regarding Treasury transactions, the progress



of revenue collections and expenditures, the conditionof the public debt, and other matters relating to thefinancial situation*

ART. 46. The Bank shall open a general account forthe General Treasury of the Nation, to which all re-ceipts, regardless of their nature, and all advances madeto the Government shall be credited, and shall makepayments or transfers from this account to subsidiaryaccounts only by order of the Treasury countersignedby the General Accounting Office of the Nation.

AKT. 47. The Bank shall receive National Govern-ment funds and make disbursements therefrom withoutremuneration for such services. In conformity withthe provisions governing all deposits, the Bank shallnot pay any interest on amounts deposited for theaccount of the Government.

ART. 48. The relations of the Central Bank with theGovernment shall be maintained through the interme-diary of the Ministry of Finance.

ART. 49. In localities where the Central Bank has nobranch, it may designate the Bank of the ArgentineNation to act as agent for the collection and paymentof National Government funds.

AnT. 50. The premises of the Bank and its branches,the operations which it may undertake in accordancewith article 32, and the dividends on its shares shall beexempt from all National, provincial, or municipaltaxes or dues.

PROFITS

ART. 51. At the end of every financial year, aftersuitable provision has been made for bad and doubtfuldebts and depreciation in assets, 20 percent of the netprofits shall be credited to surplus until such timeas this fund amounts to 25 percent of the subscribedcapital. Once this amount has been reached, 10 per-cent of the net profits shall be credited to surplusuntil the total has reached the amount of the sub-scribed capital. Of the balance, subject always tothe provisions of article 39, the shareholders shallreceive a dividend not greater than 5 percent perannum on their share capital. Of the balance remain-ing 10 percent will be assigned to the Bank's surplusand the remainder will be credited to the account of theNational Government.

ACCOUNTS AND RETURNS

ART. 52. The financial period of the Bank shall beone year. Within 20 days of the end of the financialyear tho Bank shall prepare and publish its balancesheet and profit and loss account as of the closing dayof the period. The annual report of the Bank shallbe published by the Board of Directors before thedate of the annual meeting.

ART. 53. Immediately after the 15th and after thelast day of each month the Bank shall make up andpublish a return of its assets and liabilities as of theclose of business on such days respectively. Suchstatements shall be in accordance with the rulingsestablished by the Chief Executive.

GENERAL PROVISIONS

ART. 54. During the period fixed in article 1, therelations established by this law between the CentralBank and other banks, and the provisions governingdirect or indirect loans to the Governments and thecomposition of the Board of Directors and of the meet-i n 6 8 cannot be modified without the consent of theshareholdings banks given at an extraordinary meetingspecially summoned for this purpose.

ART. 55. The duties of the Syndic [a representativeof the Board of Directors] shall be undertaken by one ofthe following officials to be designated annually by theChief Executive: Members of the Tribunal of Accountsor the Procurator of the Treasury. The remunerationto be received by the Syndic shall be fixed by themeeting with the same restrictions as those establishedin the final paragraph of article 10.

ART. 56. The General Inspection of Justice shallparticipate in the meetings only for the purpose ofassuring compliance with the respective provisions ofthe present law.

TRANSITORY ARTICLES

ART. 57. The first Vice-President of the Bank shallretire from his office after five years' service. Of thefirst directors, four shall retire from the Board afterone year's service, and four after two years' service,the order of retirement being decided by lot. Inelections held to fill the vacancies the restriction setforth in article 13 regarding the reelection of Directorschosen by the foreign banks shall not apply.

ART. 58. Until ordered by special law, the provisionsof article 41 shall not be effective.

ART. 59. Employees and workmen coming withinthe provisions of superannuation and civil pensionlaws and other national laws which may apply to theCentral Bank, shall have the option, in the first year ofits operation, of continuing under the benefits of thesaid laws or accepting those of the bank pension laws.

ART. 60. All matters not covered in the provisionsof this law shall be governed by the provisions of thebanking law and the Commercial Code.

All provisions in other laws which are inconsistentwith this law are hereby abrogated.

ART. 61. Let it be communicated to the Executive.Given in the Session Chamber of the Argentine Con-

gress, in Buenos Aires, March 21, 1935C. A. BRUCHMANNGUSTAVO FIGUEROA

Secretary of the SenateANTENOR R. FERREIRACARLOS GONZXLEZ BONORINO

Secretary of the Chamber of DeputiesTHEREFORE: Let it become law of the Nation,

let it be observed, communicated, published, given tothe National Register and filed.

JUSTOFEDERICO PINEDO

BANKING LAW

Law 12,156

Buenos Aires, March 28, 1935WHEREAS: The Senate and the Chamber of

Deputies of the Argentine Nation, assembled inCongress, etc., sanction with force of Law.

REGIME OP THE BANKING LAW

ARTICLE 1. No natural person or corporate bodyshall conduct, in the territory of the Republic, abusiness principally dependent on the acceptance ofdemand or time deposits, or shall use in its firm name,commercial signature, or title, the term bank, banker,or banking, or open branches similarly entitled, with-out the previous authorization of the Chief Executive,who may grant this right only after consultation withthe Central Bank, and after satisfying himself that the



conditions of the present law and the relevant provisionsof the Central Bank law have been complied with.

Authorization from the Chief Executive will not benecessary in the case of official provincial banks.

MINIMUM PROPORTION BETWEEN DEPOSITS AND CASHHOLDINGS

ART. 2. National banks, or branches of foreign banksestablished in Argentina, shall at all times maintain inthe country a cash balance equal to at least 16 percentof their demand deposits and 8 percent of their timedeposits. Banks having a capital of not less than onemillion pesos national currency shall keep at leasttwo-thirds of the said cash in demand deposits at theCentral Bank and the remainder necessary to make upthe minimum cash holdings required shall consist ofmoneyt either in notes or coin.

ART. 3. The Central Bank may temporarily andunder special circumstances exempt any bank fromthe obligation of the minimum cash holding mentionedin the previous article; but while this exemption re-mains in force the bank in question must not distributeprofits without the authorization of the Central Bank.If within two years the bank has not complied withthe provisions of article 2, or has not presented a planmeeting the approval of the Central Bank, it will beliquidated in accordance with the provisions of thislaw and the Commercial Code.

PROHIBITED OPERATIONS

ART. 4. The banks are forbidden to:(a) Purchase or permanently retain real estate not

required for the use of the bank and its branches. Asregards real estate for a bank's own use, or the sharesor obligations of the organization to which the realestate in question belongs, there must be submittedfor approval of the Central Bank a plan of gradualamortization of the value in excess of 20 percent of thebank's capital and of 50 percent of its surplus. Asregards real properties owned by the banks at the dateof this law, which are not intended for their own use,there must also be submitted for approval of the Cen-tral Bank a plan for their gradual liquidation or amor-tization. Any bank receiving real estate in paymentof debts or acquiring real estate to protect its creditsmust sell the properties within a period of four yearswhich may be extended by the Central Bank underexceptional circumstances with the approval of two-thirds of the Board;

(6) Retain shares two years after their acquisitionexcept as provided in the preceding paragraph; orkeep in their portfolios, after the same period, deben-tures representing more than 20 percent of the capitalof each of the respective issuing organizations, or morethan 10 percent of the bank's capital and 25 percentof its surplus. As regards the shares and obligationswhich at the date of this law are outside the provi-sions of this paragraph, the banks must submit forthe approval of the Central Bank a plan for theirgradual liquidation. Any bank receiving shares orobligations in payment or for the protection of itscredits, must comply with these provisions within aperiod of three years which under exceptional circum-stances the Central Bank may extend with theapproval of two-thirds of the Board of Directors;

(c) Participate directly in any commercial, agricul-tural, industrial, or other enterprise. Such partici-pation as the banks may have at the date of this law,or subsequently take over, for the payment or protec-tion of their credits, shall be liquidated in the same

manner and within the same time limits as the realestate;

(d) Undertake the administration of property of itsdelinquent debtors for a period longer than two years,which may be extended by the Central Bank underspecial circumstances with the approval of two-thirdsof the Board of Directors;

(e) Accept from another bank its own shares assecurity.

DEPOSITS

ART. 5. For the purpose of this law the term demanddeposits means and includes all liabilities payablewithin thirty days, or subject to less than thirty days'notice before payment; and the term time depositssignifies all liabilities, including savings deposits, subjectto the provisions of article 8, payable after 30 days orsubject to not less than thirty days' notice before pay-ment.

ART. 6. The interest paid by the banks on demanddeposits shall be at least three points less than the mini-mum rediscount rate of the Central Bank; on savingsdeposits the interest shall be at least one point less thanthe said rediscount rate.

ART. 7. The excess of savings deposits above $20,000national currency per person shall not bear any interestwhatsoever. In the case of cooperative societies andmutual associations interest [on deposits] up to $50,000national currency may be paid.

ART. 8. The banks shall not accept savings deposits-with the obligation of repaying them without mini-mum advance notice of 30 days; but they may makepayments at any time and for any amount, withoutsuch notice. In any case they must repay at anytime upon demand the small sums and small depositsdefined in the rules to be issued by the Central Bank.

ART. 9. In the event of the liquidation of a bank, thesavings deposits up to $5,000 national currency shallhave preference over its general assets, after the othercategories of privileged credits enumerated in the Com-mercial and Civil Codes and the bankruptcy law.This same privilege will apply to the deposits of coop-erative societies or mutual benefit associations up to$10,000 national currency.

BALANCE SHEETS AND REPORTS

ART. 10. Every bank must publish within 60 days ofthe end of its financial period upon forms prescribedby the Central Bank and in advance of its annualgeneral meeting:

(1) Its general balance sheet; (2) Its profit and lossaccount.

The general balance sheet and the profit and lossaccount must be approved by a national public ac-countant.

ART. 11. Every bank established in Argentina mustrender confidential monthly statements to the CentralBank regarding its operations on a form to be deter-mined by the latter; and must submit to the CentralBank any further information or amplification ofthe data given on this form, which the Central Bankmay require. These reports shall be signed by thegeneral manager and the chief accountant of thebank, or by those next in order of responsibility. Thestatements must show the position at the close ofbusiness in every month: and must reach the CentralBank within 21 days of that date.

The Central Bank shall publish monthly a summaryof the banks' statements showing the totals under thedifferent headings without, however, divulging theindividual details of every establishment.



INSPECTION OF THE BANKS

ART. 12. The banks shall be obliged to allow accessto their books, documents, and accounts, by the inspec-tors periodically sent for that purpose by the CentralBank. In case of irregularities, or violations of this lawor other legislative provisions, the Central Bank inspec-tion service will advise the Fiscal Procurator who willtake steps to impose the corresponding penalties.

ART. 13. The functions of inspection, control, andexamination of the banks, .including the request forbalance sheets and information which have heretoforebeen in charge of the General Inspection of the Depart-ment of Justice, shall be exclusively the duty of theCentral Bank, which will be empowered to enforce thislaw.

ART. 14. The information gathered from the banksby the Central Bank's inspection service shall be con-sidered strictly confidential, and shall not be com-municated to the members of the Board of the Bank,with the exception of the President, who, in turn,may inform the Board of Directors when he deems itadvisable.

ART. 15. The Central Bank's inspection service shallundertake liquidation of the banks when they fallwithin the relevant provisions of the CommercialCode or of the present law. For the discharge of thisduty, neither the Bank nor its officials shall charge anyfee; but the Bank may charge to the assets in receiver-ship its total expenses in the handling of the case.

MORTGAGE OPERATIONS

ART. 16. Banks receiving deposits and also carryingon mortgage operations shall establish a special sectionfor the latter, assigning to it a definite capital. Suchoperations shall be financed exclusively with the saidcapital, plus the section's reserves and the proceeds ofthe sale of bonds and debentures.

ART. 17. The provisions of this law regarding ac-counts and inspection shall be applicable to the mort-gage sections referred to in the previous article, but notto mortgage banks which do not receive deposits.

MISCELLANEOUS PROVISIONS

ART. 18. The national banks, or branches of foreignbanks established in Argentina, shall annually applyat least 10 percent of their liquid profits to the forma-tion of a surplus fund, until such time as it representsa minimum of 50 percent of their paid-in capital, anduntil capital and surplus together represent 33 percentof savings deposits.

ART. 19. Banks which violate the provisions of thislaw shall be liable to fines of from $500 to $50,000national currency; and the persons responsible for theoffense, provided that they are not subject to moresevere penalties under the Penal Code, shall be subjectto similar fines or to imprisonment of from six months tofive years, or both, according to the amount and natureof the operations and repatition of the offense.

ART. 20. On all points not covered by this law, thebanks shall continue to be governed by the provisionsof the Commercial Code.

ART. 21. Provisions contained in other laws whichare contrary to the present law, are hereby abrogated.

ART. 22. Let it be communicated to the Executive.Given in the Session Chamber of the Argentine Con-

gress, in Buenos Aires, March 21, 1935.C. A. BRUCHMANNGUSTAVO FIGUEROA

Secretary of the Senate.

ANTENOR R. FERREIRACARLOS GONZALEZ BONORINO

Secretary of the Chamber of Deputies.THEREFORE: Let it become law of the Nation,


JXJSTOFEDERICO PINEDO

LAW OF ORGANIZATION

Law 12,160

Buenos Aires, March 28, 1935

WHEREAS: The Senate and Chamber of Deputiesof the Argentine Nation, assembled in Congress, etc.,sanction with force of Law.

COMMITTEE OF ORGANIZATION

ARTICLE 1. The Chief Executive is hereby authorizedto appoint an Organization Committee, presided overby the Minister of Finance and composed of four mem-bers, to take charge of all matters relating to the organi-zation of the Central Bank of the Argentine Republic(Law No. 12,155) and of the Institute for the Liquida-tion of Bank Investments (Law. No. 12,157), and topropose to the Chief Executive the statutes and decreesconsidered desirable for the fullest observance of thesaid laws and of the Banking Law (Law No. 12,156).

ESTABLISHMENT OP THE CENTRAL BANK

ART. 2. The Chief Executive in agreement with theSenate shall appoint the first President and Vice-Presi-dent of the Central Bank without the necessity of thelists of three candidates prescribed by article 10 of thelaw establishing the Central Bank.

ART. 3. The Organization Committee shall decideon the method of subscription of the Central Bankshares, and on the time limits within which the banksshall take up the said shares and hand over to the Cen-tral Bank the cash reserves corresponding to theirdeposits, according to the legal provisions.

ART. 4. The Chief Executive is hereby authorized,at his discretion, and after consultation with the Organi-zation Committee, to:

(a) Abolish the Rediscount Committee, the Autono-mous Board of Amortization, and the ConversionOffice; ,

(b) Transfer to the Central Bank the assets andliabilities of the Conversion Office together with theofficial deposits of the Bank of the Argentine Nation—except those of autonomous departments which it majbe decided to exclude, as well as the guarantee depositsrequired for public tenders—the Exchange P™nt?Fund, and the Fund of Foreign Currencies, bucntransfers will be effected in accordance with the condi-tions and rates of equivalence to be determined «y^ f te

Chief Executive. For gold in the Conversion Otncethe rate of equivalence shall not exceed 43,000 pesosnational currency for the fine gold content of a typicwbar of 12.441 kilograms (400 ounces "troy")? - f

(c) Deduct from the present emission, before efleci-ing the transfers mentioned, the subsidiary currencyin denominations of five pesos national currency or ie.s(including nickel and copper coins) which will be takenover by the National Government along with the futurecoining or issue of this subsidiary money. ,

All gold in the Conversion Office at the time ot tneenactment of this law shall be transferred to the Central



Bank without the Government's taking any part of itand on the understanding that the Bank shall not useit for any purposes other than those expressly stipulatedin the law of its establishment. Until its assets andliabilities have been transferred to the Central Bank,the Conversion Office shall have the power to issue notesonly in accordance with existing laws. Once this trans-fer has been made the Central Bank shall not be per-mitted to increase the issue except by operationsauthorized by the law of its establishment.

When the transfer has taken place, the balance ofthe Conversion Office's credit against the NationalGovernment for issues prior to law 3,871 after deduct-ing the amount of the subsidiary notes, shall be repre-sented in the Central Bank by a non-interest-bearingbond, issued by the National Treasury.

Obligations expressed in gold pesos, which heretoforecould be paid at 2.27 paper per gold peso, shall continueto be paid in the same manner.

EXCHANGE OF THE PRESENT ISSUES

ART. 5. The notes of the present issue of the Con-version Office transferred to the Central Bank whichare not presented within two years from the date onwhich the Bank starts the emission of the new notesshall cease to be legal tender, but will be exchangeableat the Bank during the three subsequent years.

On the expiration of.this period the balance whichhas not been presented for exchange will be transferredto the Reserve Fund of the Liquidation Institute, afterdeducting the cost of replacing all the present noteissues. However, the notes which are presented to theCentral Bank after the expiration of the stated timelimit and within a new period of ten years, will beexchanged for notes of the said Bank for the accountof the Government.

ART. 6. Within two years from the beginning of theoperations of the Centra] Bank, and through the inter-mediary of the latter, the Chief Executive shall, inaccordance with article 36 of the law of its establishment(Law No. 12,155), replace the subsidiary notes indenominations of five pesos or less with new notes oflegal currency.

The balance of notes which has not been presentedfor exchange three years after the expiration of the periodof two years established in the preceding paragraph,shall be provided for under the terms of the second partof the preceding article.

When these time limits have expired, all the presentnotes in denominations of 5 pesos or less shall cease tobe legal tender, but will be exchangeable for subsidiarymoney on presentation to the Central Bank, within anew period of ten years.

TRANSFORMATION OF THE FLOATING DEBT

ART. 7. The Chief Executive is hereby authorizedto transform into National Treasury 3 percent consoli-dated bonds with J4 percent cumulative amortizationthe balance, up to a total of 400,000,000 pesos nationalcurrency, of the credit against collateral of patriotic loanbonds and Treasury bills at present in circulation. Thismeasure will be adopted after consultation with theOrganization Committee. Bonds originating in thetransformation of the bills will be bought at par by theCentral Bank for the purpose of the operations referredto in article 32, paragraph I, of the law of its establish-ment (Law No. 12,155).

ART. 8. The Conversion Fund referred to in article3 of law No. 3,871 shall be canceled, its assets beingapplied to paying off the floating debt of the NationalGovernment."

ART. 9. The Chief Executive is hereby authorized toarrange with the Bank of the Argentine Nation for adefinitive settlement regarding the direct or indirect in-debtedness of the National Government to the latter,after having complied with the provisions of this lawrelative to the floating debt, and to issue for this purposesuch national securities as may be necessary.

ESTABLISHMENT OF THE INSTITUTE FOR THE LIQUIDATIONOF BANK INVESTMENTS

ART. 10. Before appointing the President and themembers of the Liquidation Institute, the Chief Execu-tive shall approve the general methods for its function-ing as outlined by the Organization Committee.

ART. 11. The Liquidation Institute will immediatelyproceed to examine the frozen assets which the banksmay offer to it and which the Institute may be preparedto buy, particularly in relation to rediscount liabilities,in order to propose to the Organization Committee termsfor the purchase of such assets by the Institute, alongwith the general plan for their liquidation.

ART. 12. When the provisions of the previous articlehave been complied with, and when the funds requiredby the National Government for compliance witharticle 5 of the law establishing the Central Bank (LawNo. 12,155) and of article 2 of the law establishing theInstitute for Liquidation of Bank Investments (LawNo. 12,157) have been set aside, the Organization Com-mittee will decide "ad referendum" to the Chief.Execu-tive, the ultimate sum of the Liquidation Institute'sreserve fund which may be invested, similarly to itscapital, in national securities or in national Treasuryconsolidated bonds.

ART. 13. The difference between the initial amount ofthe reserve constituted according to article 2 of the lawestablishing the Liquidation Institute, and the ultimatesum referred to in the previous article shall be trans-ferred to the National Government to be utilized ex-clusively for the cancelation of its actual banking in-debtedness.

GRADUAL TRANSFER OF EXCHANGE OPERATIONS TO THECENTRAL BANK

ART. 14. The Organization Committee, with the con-currence of the Bank, shall advise the Chief Executivehow and when the management of exchange operationsshould be turned over to the Cpntral Bank, which, how-ever, pending the restoration of freedom of the exchanges,will be guided by rules laid down by the Chief Executive.

ART. 15. In the Exchange Profits Fund transferredto the Central Bank under the terms of article 4 of thepresent law, there shall be entered as credits the differ-ences between buying and selling rates for foreign ex-change arising out of exports. Such exchange shall benegotiated only by banks or authorized firms even whenthe Chief Executive authorizes its sale in the free market.This also applies to currencies obtained from all otherexchange operations. There shall be entered as debits:

(a) Exchange differentials in the service of the publicdebt and other foreign remittances of the National Gov-ernment; also the expenses of the Exchange ControlBoard according to the budget approved by the ChiefExecutive;

(6) The adverse differences between the purchase andselling prices of grain acquired by the Grain Board; andexpenses of the latter as approved by the Chief Execu-tive. Should the difference be a profit, it shall becredited to this fund.

(c) The price differences which the Chief Executive,through emergency organizations which he may d^emexpedient, decides to assign directly or indirectly to



tfhe agricultural and livestock producers, according toithe margin obtained in the sale of foreign currencies.or exchange resulting from the exportation of theproduct or group of products concerned in the said.differences of quotations; and the expenditures of suchorganizations as approved by the Chief Executive.

Art. 16. The funds which are not utilized in themanner stipulated in the preceding article may beincorporated in the Fund of Foreign Currencies referredto in article 43 of the current Budget Law, until suchtime as the Honorable Congress decides upon its definite.application. There will also be added to this fund thesurcharge up to 20 percent (including, for purposesof computation, the difference between the official ratea-nd the free market rate) on the sum of foreign currency(Corresponding to the value of imports without advancepermits, which must be paid in foreign currency orexchange to the authorized banks before the goods canbe cleared through the customs, in accordance with the-ruling of the Chief Executive and for the duration of the•system of advance exchange permits.

ART. 17. The Chief Executive will decide upon the.documents necessary, including the sworn statement, toestablish the character of all exchange operations. Hejnay require of exchange brokers, or of those who act asbuyers, sellers, brokers, or in any other manner in ex-change operations, any information relating theretowhich may be considered desirable, and may inspect.all the pertinent books and documents.

Fines to be imposed in cases of infringements or falsedeclarations, according to the regulations issued by*he Chief Executive, may not be more than ten times,the amount of the transactions.

THE FOREIGN CURRENCY COMMITTEE

ART. 18. The Foreign Currency Committee is hereby•created as a temporary agency under the presidency ofihe Minister of Finance, or, in his absence, of the Under-secretary of Finance. The Committee shall be com-posed of a representative "ad honorem" designated byeach of the following bodies: Ministry of ForeignAffairs and Religion; Ministry of Finance; Ministry ofAgriculture; Central Bank, or Organization Committeeso long as the Bank has not been organized; Buenos Aires;Stock Exchange; Rosario Stock Exchange: ArgentineIndustrial Union; and the Importers' Association.The Director of the Exchange Control Office mayattend meetings of the Committee, with the right to^peak but without the right to vote. i

ART. 19. The functions of the Foreign CurrencyCommittee shall be:

(a) To propose to the Ministry of Finance the pro-cedure for the approval and granting of advancepermits by the Exchange Control Office, and to seethat the procedure approved by the Ministry iscomplied with;

(b) To study claims presented by importers to theExchange Control Office and to advise the Ministry ofFinance thereupon.

(c) To appoint, at its discretion, advisory sub-committees.

MISCELLANEOUS PROVISIONS

ART. 20. The Organization Committee shall submitits budget for the approval of the Chief Executive.The necessary funds will be advanced from generalrevenues. They will later be refunded by the CentralBank and by the Liquidation Institute, as and whenthe latter have been put in operation.

ART. 21. The Procurator General of the Nation,as well as the legal and technical advisers of the publicauthorities, shall give opinions at the request of theOrganization Committee.

ART. 22. The Chief Executive shall make known toCongress, during the forthcoming period of ordinarysessions, the manner in which the provisions of thislaw have been complied with.

ART. 23. The Chief Executive is authorized to indi-cate the numbers of the laws cited in each case, whenpublishing the present law.

ART. 24. All provisions in other laws which are inopposition to compliance with the present law areabrogated.

ART. 25. Let it be communicated to the Executive.Given in the Session Chamber of the Argentine Con-gress, in Buenos Aires, March 21, 1935.

C. A. BRUCHMANNGUSTAVO FIGUEROASecretary of the Senate

ANTENOR R. FERREIRACARLOS GONZXLEZ BONORINO

Secretary of the Chamber of DeputiesTHEREFORE: Let it become law of the Nation,


JUSTOFEDERICO PINEDO



INTERNATIONAL FINANCIAL STATISTICS

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS

[In millions of dollars. $l=155Si grains of gold ?io fine; I. e.( an ounce of fine gold=$35]

End of month

1934—AprilM a yJuneJulyAugustSeptember.October...November-December-

1935—January...February .MarchApril.,May.June

End of month

1934—AprilMayJuneJuly __AugustSeptember.October.__NovemberDecember.

1935—January...February.MarchAprilMayJune

End of month

1934-Apr....May.. .June.. .July. . .Aug. . .Sept...Oct.. . .Nov. . .D e c . . .

1935—Jan....Feb... .Mar. . .AprMay.. .

Total(50 coun-

tries)

20 82020,95721,16621 30221,48721,52821,58421,64621,771

21,87922,022

* 22,098*21 861P 2 1 A&1

United

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

8,3918,5278,5678 7108 858

» 9,115

Canada

130130132133131131132133134

132135

»19O187189188

Total (27countries)

11 HAn

11 42611 ^ a}{nnnnnnnn

592747787813730751

69767963397Q

P 10 714

Greece I

414343343636374040

3939383737

Total(10

coun-tries)

591594593597

602

599595

592593

J> 597»597' 5 9 5

Ar-gen-tina

405405405405403403403403403403403403403

"403

lungary

232323232323232323

2323232323

Italy

GOO594576567^65554Ml^20518

^19S19519^ 1 0

»49S

Nether-lands

539551573588588588601582573

555' 552

553439440427

Latin America

Chile

202020242828292929

29292929

Co-lom-bia

2424252626242221191514141414

Mex-ico

222326272928252623

21232626

Peru

191919191919191919

19191920

Austria

Norway

616161616161616161

616161616675

t

I

i

i

'

t

i

c

151515151515\h15

151515[515

Belgium

636635625618623626609589590

599596532518605634

Bulgaria

101919191919191919

1919191919

Europe—Continued

Poland

Uru-guay

878784828282828282

82818282

4othercoun-tries

V

p

p .

151614151617189

20

31222323Zl

92990?939494949596

969696P7

Total(7

coun-tries)

781803804806807803795796798

800804805801800

Portu-gal

656667676767676763

68686868

' 6 3

India

275275275275275275275275275

275275275

*275275

Ruma-nia

101102102102103103103103104

104105106106

J> 1 0 6

Europe

Czecho-slovakia

1 1 1

111111111111111112112112

112112112112112

Spain

730

7^q710740740740740740

740740741741741

Denmark

Sweden

167167168168169170163160159

159159160160161

ATI

finfinfin6060

mm60

60

60GO60

England

i

1

11111

1

]]

1

Switzer-land

534535535537567591621624624

600586560446

391

Asia and Oceania

Japan

3623823S4386387388390392394

395397398400403

Java

777977777777777777

78SO807671

NewZea-land

424242424136262525

2525252323

Tur-key

2120212121222222222222222223

2othercoun-tries

6656665565555

C77E7Q

,580,581,582,5S3,584

,5S6,58G,580587587

,58S

U.SR.

France

e 074t •>'}!

5,4395,4555,4035,4135,445

5,4385,4395,4795 1664 7594,708

Germany

S.a

TOfi70671 fl716rie716716716744

74474474874S748

Yugo-slavia

535353535354545453

3738363840

e n0 0

in

3030333232

323233333334

coun-tries

575858585861616160

5958595ti

Africa

Total(4

coun-tries)

1t

220226233244220226245255255267285308286295

Egypt

55555555555555555555

. 55555555

SouthAfrica

149154161172^149155173184184196214236214223

2othercoun-tries

171717171717171717171717

» 17M7

>ws irouna ngures, in Canadian dollars); From uanaatan minister 01 finance, wwu.«w, uum W»IWIBU ""r • i Sr - i.-«« K«n ™™.+^* Figures for March 1934; June 1934 December 1934, or March 1935 carried forward for subsequent months, for which no K ^ bam teenn^rted.' Beginning April 1935, represents gold heldi by Reserve Bank of India, which acquired the gold previously held in gold standard reserve and

NOTB.-The countries for which ngures are not shown separately are in Europe: Albania, Danzig, Estonia, J S f f i n ^ i w ^ C M MLatin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Sum; and In Africa: Algeria and B e 1 ^ Congo.

For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372, and uecemoer 1W4, p. WII.



GOLD PRODUCTION

fin thousands of dollars!

Year or month

Esti-matedworld

produc-tion

Production reported monthly-

Total

Africa

SouthAfrica

Rho-desia

WestAfrica

BelgianCongo

North and South America

Canada UnitedStates Mexico Colom-

bia ! Chile

Far East

Austra-lia Japan India

o grains of gold ^io fine; i. e.t an ounce of fine gold=$20.67

1929..1030..1031-.1932..1933..

404,069430,725461,592499,241522,555

359,347373,154394,399421,650420,093

215,242221,526224.863238,931227,673

11,60711,47611,19312,00013,335

4,2974,9955,5245,9926,623

2,3902,6993,2243,6423,631

39,86243,45455,68762,93360,968

45,83547,12349,52450,62652,842

13,46313,81312,86612,07013,169

2,8233,2814,0165,1326,165

683428442788

3,009

8,7129,55312,13414,56316,790

6,9278,0218,1098,1988,968

7,50S6,7856,8156,782691&

$l=15Hi grains of gold yi&fine; L c , an ounce of fine gold=$35

1934..

MarchApriL.MayJuneJulyAugustSeptemberOctoberNovemberDecember


722,716

53,67658,25061,47659,42960,78661,62760,49363,72560,76562,176

60,25255,725

p 61,070P61,105p64,111

366,795

30,55030,17331,32430,13830,77331,01529,95130,99430,63330,356

31,20228,71731,01530,30132,072

24,264

2,0422,0142,0552,0482,0152,0852,0612,0541,9322,031

2,0241,920

P 1,995*2,065>2,065

12,153

965941951946

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

1,0751,0971,078

p 1,330»1,400

6,549

571509566547521542544582590534

599557587

*587»587

103,769

8,7267,9759,0908,4958,5939,2708,5469,2788,7509,148

8,3538,0278,7328,599

» 9,135

107,632

8,4098,0598,9698,7249,2148,82910,40410,8248,75910,124

8,6107,7009,4158,7859,660

23,135

1,1942,2332,4311,9411,8612,0781,3962,1662,0062,093

2,4102,280

*2,275"2,275P2,100

12,045

940843991

1,0031,0371,148940

1,143831922

830991925

1,015P945

8,350

554648'425623832666525731

1,227681

366'70S1,005

»1,005v 1,005

30,447

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

2,374r 1,4391,4682,637

*2,673

16,354

1,3901,3761,2681,3101,3511,4131,4951,4381,3771,435

1,4631,3861,6191,568

v 1,568

11,223

921914946930938938932944929995

946903955938

*938

p Preliminary. ' Revised.NOTE.—For monthly figures bank to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,

November 1934, p. 737, and March 1935, p. 170. For annual fieures of world production back to 1873 see Annual Report of Director of the Mint for1034, p. 104. Figures for Canada since 1933 are subject to official revision.

GOLD MOVEMENTS[In thousands of dollars]

Year or month

United Stales

Totalnet

Importsor net

exports

Net imports from or net exports (—) to—

England Franco Belgium Nether-lands

Switzer-land Canada Mexico Colom-

biaBritishIndia

Chinaand

HongKong

Allothercoun-tries

1932.,1933.,

1934 i-

MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1935—JanuaryFebruary...MarchAprilMayJune

-446,21311-173,45511

1,131,994

237,33654.74S33,58363,70552,34637,225

-18,67010,837120,88992,109149,392122,77213,003148,608140,061230,373

Customs valuations; with some exceptions at rate of $20.67 a fine ounce

6,375|-216,035| -895| 7,9011 -11,6311 19,8061 4,28o| 981Customs valuations; with some exceptions at rate of $35 a fine ounce

499,870

135,98724,0545,92731,28822,97822,872-950

-1,1183,68719,64985,57763,424-1871,4811,689938

260,223

51,8211,786

23310,7502,212

-5 .238-17,743

2670,35122,430

14,59245,766

5632,510

124,052194,298

8,902] 04,348

10

-1,943-2,094

12,814

10,1487,234

212-500

9,90617,79012,8121,466

94,8903,88522,061

^2^^2^402

3,569

-254

339

30,270| 16,944

10,272

8,673

8,9828,200539

3.7759,6098,077

12,0915,3464,44910,9683,0538,734

6402,0862,8372,664515399

3,2658S0

6,0764,991729833923948679

2,4902,4952,554

378

2,484- 8

3,1121

2,1112,1012,1121,407

21,752

76,820

11,4654,61310,24012,1918.9485,489

11,30012,57410,616

5222,1392,924167

39,043112,8211

16,452

2,8653,0671,8652,2863,25467251350700529

1,528359334313507448

85,737-21,898

28,935

3,3511,7901,9872,1903,3163,9601,1801,7291,8962,8745,0832,7113,9724,59B3,9623,215

v Preliminary-1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximate rate of $20.67 a fine ounce.


JOLT 1935 FEDERAL RESERVE BULLETIN 461

GOLD MOVEMENTS—Continued

Year or month

Great Britain

Totalnet im-portsor net

exports

Net imports from or net exports (-) to:

UnitedStates France Ger-

manyBel-gium

Nether-lands

Switzer-land 1

SouthAmer-

icaCanada British

IndiaStraitsSettle-ments

Austra-lia

SouthAfrica,

Rho-desia,WestAfrica

Allothercoun-tries

Official figures converted at rate of $20.67 an ounce

1932.. 84,5851677,4051

I -50,6421-297,0501| 7,9391 97,O16|

3331-13,4341 -71,3781-14,019141.036J -808! -7,0651 —4,299]

5,7461 1 220,39419,610| 43,3741 118,817|

1934.

March.AprilMayJuneJulyAugustSeptember..OctoberNovember,.December..

1935—JanuaryFebruary...MarchAprilMayJune P . .

716,269 -497,166

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

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

6,251950

-17,284-22,489

-79,628-74,127

66-20,533-3,247

-18,622

91,47135,00337,98653,05630,99126,00523,48849,99949,58527,215

-4,279-36,566

66,55736,529

146,289113,910

Official figures converted at rate of$SS an ounce

348,190 121,017 -13,585 32,575 -9,123 17,568 26,316| 206,711

65,5793,5248,243

17,495

1 452,890

105152

362853

266209

-947

35844

- 3 4218

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

-349-951

-1,992-1,013-1,962

-11,471

5,522523319

-659- 4 6- 5

-203482

-550310

8,7802,145

5133,2375,780-578

-176-216-252- 7 1

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

- 6 0-109

- 5 3-305- 6 7

-202- 5 4

6,125

187343284144

1,7941,7492,052

655670241

2,0571,195

15241098

7,266

1*697

2,970424

2,696V"

37,37213,03314,14717,33012,21325,146

10,7811 20,3641255,310! 18,2798,6821 60,8121 256,177| 46,110

4,863 41,790 335,253 101,860

1,09435948544170

9624,99218,79117,882

24,04619,09315,45716,2492,9626,730

151245190128

1288296693484362

3,1053,8243,0863,1723,2344,6733,5073,4382,6864,126

4,0663,0672,6851,9202,8381,991

36,70731,92942,93530,50532,31222,37111,31524,42018,49523,469

37,231

12,60117,65855,84741,804

5,5918,4834,75013,2339,0704,7741,491

12,7902,9702,906

-3,07111,4106,570

21,02511,197

-1,759

Year or month

France

Totalnet

importsor netexports

Net imports from or net exports (—) to:

UnitedStates

Eng-land

Ger-many

Bel-gium

Neth-er-

lands

Swit-zer-land

Allothercoun-tries

Germany

Totalnet

importsor netexports

Ne,t imports from or net exports (—) to:

Eng-land France

Neth-er-

landsU.S.S. R.

Allothercoun-tries

Official figures converted at rats of $20.67 an ounce

19321933 ,

1934 _

March . . . . .AprilMayJuneJulyAugustSeptember.OctoberNovember.December..

1935—January.February..MarchApril pMay P

828,1781243,9441

' -406,949

468,0521223.8941

309,9841 37,8891-35,0101-87,207 j 73,0011-28,9791

37,5471-17,6681-27,3821 -27,282144,6911 10,4911 8,0531-102,8561

I -2501-38,1701-24,4551 46,6561| —37,044{—64,9221 —40,9501 40,317|

-232,658-1 ,37330,9156,437

-2 ,895-15,105

96422,710

-65,56837,733

7,796-32,479

19,11897,511

-190,274

-240,361 -351,729 31,036

Official figures converted at rate of $3-5 an ounce

-17,669 74,995 23,657 73,123 -90.920 -109,386

-213-9,299-1,400

-320-122- 4 4

-464

-3,114

-994-2,497-3,851

-26,395-109,195

15,9551,995

676-1,696

-104- 3 9

10139

-786-232

249-2013,907-885

1,23111,9757,989

111,29244,621

-11,305286427

-6,636643

1,163898

3J18.251165,517

»25,849-565-1475,0151,263

-42,907

-8,073-10,0S3-12,286

1

47

- 1

-28,114

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

- 1 6- 5 2

521,908

238- 9 9

- 7 3- 6 2

-341- 5 0124

85,390

8,4577,1"""

5,760313

1,162

75

156,008

11,063-260

4,097

• Corrected.

* Excep^ g January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately

^ J S ? om Italy in November 1934; $65,437,000 in December 1934; $25,755,000 in January 1935.lWwJSto^Jted S? France from Itay ;NoTE.-Grw/ Britain and Germany.-In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official

totals published for the year as a whole. German net imports from individual countries for 1935 are subject to revision.


462 FEDERAL RESERVE BULLETIN JULY 193!

GOLD MOVEMENTS—Continued

Year or month

Netherlands

Total netimportsor net

Net imports from or net exports ( - ) to:

UnitedStates England France Germany Belgium Poland Switzer-

landBritishIndia

All othercountries

Official figures converted at rate of $$0.67 an ounce

1932 „1933 „

1934 -

MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


116,149 I-67,510 |

-122,664

106,623 1 50,070 t -34,009 I-1,624 | -72,183 |

26,886 I -12,727 j -13,630 I40,818 I -17,873 | -6 ,030 |

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

-2,737-326

-2,3S6-16,849-9,431

-18,300-2,899

510-120,492-5,030

Official figures converted at rate of $35 an ounce

-46,040 } -31,038 | -78,610 25,716 9,285 -1 ,253 |

-6 ,248-4,439

-2258,880-194498

"-17~770"-9,270

-15,605

1 ?-97,632-2,810

-4,928-418-115

27775

- 2 3-327-637

615-312

-3,221-352

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

-4,132-287-1581,701

8837

16683062

11064

617-20,966

277

3457,951

11,8357,704

71- 4 2

34-1,864

- 678

- 6 677

- 9 3-210

162

6,116- 8

-166- 5 3174- 2

-178-587- 9 5

—161-1591,066

20,081

-16,137 I-16,974 |

-4,784

-141-102- 6 8

-291-103-278- 4 4- 6 5- 6 5- 3 4

- 3 0- 8

. - 3- 4 1

-1,084

-532196

1,696- 1 2

-112-2,546-1,016

- 4- 1 0 6- 2 5

27-197-136- 8 6 2

71

16,423 I9,632 |

1,891

3605

311451

168393

7056

476

"ill

-7,346667

2,171

- 4 2164359133322

1130126154165

17117118126156

Year or month

Switzerland

Totalnet

importsor net

exports

Net imports from or net exports (—) to:

UnitedStates

Eng-land France Bel-

gium ItalyNeth-

er-lands

Allothercoun-tries

British India

Totalnet

importsor net

exports

Net imports from or netexports (—) tot

UnitedStates

Eng-land

Allothercoun-tries

Goldpro-duc-

tion inIndia

Change In—

Re-serves

inIndia'

Privatehold-

ings inIndia»

Official figures converted at rate of$&O 67 an ounce

1932..1933-

193L.

169,7861142||

-46,065

124,354110,9S3|-

15,3421-24,536)

7,4181 -581 -2,954114,9961 10r6881-195,66211-38,0941-151,059! -6,5081 6,7821-26,781 | 7351-15,3301 13,168| 635|-126,048||-30,340| -85,4631-10,2441 6,916|

1271-189,008- 5 - 1 1 9 , 1 2 4

Official figures converted at rate of $35 an ounce

MarchAprilMayJuneJulyAugust... -SeptemberOctober.,.November.December.

1935—January-February..MarchAprilMay

-25,403-43,753-11.5S2-8,372

-39026,56921,53212,85312,397

-1,950

-4,125-15,025-17,830-139,633—63,229

-12,784

-1,617

-817692

291

—17- 5 1

5324

-45,955

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

4,0072,367- 1 9 5-771-417

-216-2,108

-31,619-17,878

-29,235 18,397

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

1111,80215,8045,821 .

-6,273 13,-4,143

-4,344-16,117-16,148-107,021-38,514

32697

12898

1413056

3,5383,526

226

225415

7-5,972

19,431

2,2691,392

113166387

1,1052,3043,9876,0012,280

4722,6894,7342,110

303

2,580 1,500-230,720 '-70,015

311-2,132

-222-186- 4 1

2,5661,105-305-275

114

-218- 9 0

-2021,041 - 4 ,-409

-6,782-238

364208214

7,056-105

7-102- 1 5

198428207

1,475-760

-20,806-20,733-20,344-19,105-22,130

- 3 , 565-2,534

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

-16,334-17,746-18,439-3,675-5,507

-12,973-11,335-13,143-7,464-8 ,740-1 ,577

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

-1 ,667-2,406

-157,085 ' - 3 , 6 2 1 11,222 173 -219,671

-19,880-20,005-19,396-18,163-21,196-2,628-1,602

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

-15,386-16,844-17,479

-2,737p 938 P -4 ,569

' - 7 , 6 8 5' -7 ,165-7,054

-11,854-13,601

-2,196-2 ,643

-12,901-18,617-20,216

-14,874-14,133-18,225-3 ,831

' - U S' -2 ,234

- 1 4 7213211208109120146162

207-1 ,207

-214155

- 6

Preliminary. r Revised.j w E f dinSSFfIt™ f™ *S ld b y 9ovemme^ subsequently, gold held by Reserve Bank of India to which Government gold was transferred.Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.

^ ^ ^ d ^ ^ CaSeS t h e . a n n u a l aggregates of the official monthly figures differ somewhat from the revised


JOIT 193S FEDERAL RESERVE BULLETIN 463

CENTRAL BANKS

Bank of England

(Figures in millions of pounds sterling)

Gold(in issuedepart-ment) *

Assets of banking department

Cash reserves

Coin Notes

Discountsand

advancesSecuri-

ties

Notecircula-

tion

Liabilities of banking department

Deposits

Bankers' Public Other

Otherliabili-

ties

1934—May 30.June 27.July 25,.Aug. 29.Sept. 26.Oct. 31.,Nov. 28.Bee. 26.

1935—Jan. 30..Feb. 27.Mar. 27.Apr. 24.May 29.June 26.

191.3191.5191.6191.8191.0192.0192.1192.3

192.4192.5192.5192.6192.6192.7

0.8.7.6.6.6.6.6.5

.5

73.269.867.672.574.973.672.447.1

77.575.171.159.462.255.9

5.66.17.55.67.28.99.27.6

9.36.25.65.85.3

10.2

87.691.994.292.592.291.690.698.2

92.792.099.097.496.7

108.6

378.1381.7383.9379.3377.0378.4379.7405.2

374.9377.4381.4393.2390.4396.9

99.496.3

104.883.782.0

100.489.189.1

99.095.596.698.188.0

102.4

14.017.610.934.037.916.927.79.9

20.919.420.17.6

23.116.2

36.136.536.135.236.839.838.136.4

42.140.741.239.636.038.8

17.818.018.118.218.317.717.818.0

18.218.218.317.717.818.0

Bank of France

(Figures in millions of francs)

Assets

Gold Foreignexchange

Domesticbills

Loans o n -

Short-termGovern-

mentsecurities *

Othersecuri-

ties

Negotia-ble

securi-ties

Other

Liabilities

Notecircula-

tion

Deposits

Govern-ment Other

Otherliabili-

ties

1934-May 25..June 29..July 27._Aug. 31..Sept. 28..Oct. 26..Nov. 30..Dec. 28..

1935—Jan. 25. .Feb. 22..Mar. 29..Apr. 26..May 31..June 28. _

77,46679,54880,25282,03782.2S182,47682,09782,124

82,01482,04082,63580,93371,77971,017

1,0941,1571,1551,032

962931960

962961

1,0171,0662,1501,210

5,0114,3364,2483,1164,1463,9963,0683,971

4,003

3,0603,0763,0543,1403,1343,101

5,9505,9295,9135,9135,898

4,1704,2807,1378,021

2010

937735

3,211

3,1493,0803,1193,0943,3713,277

5,837

5,8375,8335,8335,8055,8055,805

8,2028,2788,1509,0608,2548,2648,849

7,9707,9148,0747,9678,6917,999

79,99282,05880,80981,73281,479.79,46781,87983,412

81,68681,91783,04482,35282,77682,099

2,9963,2913,5153,8843,6745,2874,8293,718

3,7513,6193,6683,7032,7712,983

15,68115,18816,54716,88017,67317,96615,52215,359

16,47316,32816,21315,14512,315

2,1141,8371,9011,8531,8501,9421,8691,907

2,0241,9621,9431,9542.0C82,013

Assets

Reichsbank(Figures in millions of reichsmarks)

Eeserves

Gold Foreignexchange

Treasurybills

Otherbills(and

checks)

Securityloans

Securities

Eligibleas notecover»

Other

Otherassets

Liabilities

Notecircula-

tionDepos-

itsOtherliabili-

ties

1934—May 31.. . . .June 30July 31Aug. 31.. . . .Sept. 29. . . .Oct. 31Nov. 30 . . . .Dec. 31

1935-Jan. 31Feb. 28Mar. 30. . . .Apr. 30May 31June 29

13070757575837979808081-8282

3,1743,3923,4083,5403.8113,7263,8484,021

3,6203,6563,7993,8613,7323.879

12517110912814891119146

811836687

320361390413431435436445441437427373338337

323325324324324316316319

319328330328324324

860780836867806890881827

837697701739775781

3,6353,7773,7683,8243,9193,8233,8103,0013,6603,6173,6643,7113,8103,895

533623649717843856961934822928922952770819

778775800813851868920

1,001

900866

>830837824

1 In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by1 First appeared on Bank of France statement for Mar. 1, 1935. Represents loans for not over 30 days secured by Government obligations

maturing within 2 years (avances a trente jours au maximum sur effets publics a echeance dfiterminee n'exc6dant pas deux ans). Such Io3ns carrya lower rate of interest than other security loans of the bank. lrtnli,,*o ?„ •*,*

• On Oct 27 1933 the Reichsbank was given the power to buy and sell domestic securities eligible as collateral for loans and to include in trielegal note cover these'securities as well as call loans secured by collateral. The bank's statement for Oct. 31,1933, first gave separately such secu-rities held by the bank (Bestand an deckungsf&higen Wertpapieren). Call loans eligible as cover are included m security loans (Bestand anLombardforderungen).

• 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 bank1935

May April March

1934

MayCentral bank

1935

May April March

1934

May

National Bank of Albania (thousandsof francs):

GoldForeign exchangeLoans and discountsOther assetsNote circulationDemand depositsOther liabilities ___

Commonwealth Bank of Australia(thousands of pounds):

Issue department:Qold and English sterling...Securities

Banking department:Coin, bullion, and cash ,London balancesLoans and discountsSecuritiesDeposits . . - .

Note circulation ___Austrian National Bank (millions of

schillings):GoldForeign billsDomestic billsGovernment debts ,Note circulationDeposits

National Bank of Belgium (millionsof belgas):

GokU ,Domestic and foreign bills >Loans to StateNote circulationDeposits _

Central Bank of Bolivia (thousands ofbolivianos):

Gold at home and abroadForeign exchangeLoans and discountsNote circulationSecurities:

National GovernmentOther

DepositsBank of Brazil (millions of m lire Is):

CurrencyCorrespondents abroad ,Loans and discounts ,Note circulation _ ,Deposits

National Bank of Bulgaria (millionsof leva):

GoldNet foreign exchange In reserve-Total foreign exchangeLoans and discountsGovernment obligations ,Note circulation ,Other sight liabilities

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

GoldSterling exchangeUnited States exchangeGovernment securities:

2 years or lessOver 2 years

Other assetsNote circulationTotal deposits

Chartered banksGovernment

Other liabilities

15,99432,765

32,35813,23235,87384,67347,050

24261232624926233

3,4281,403166

4,0311,172

7,12122,4482,3983,23214,02210,66910,507

15,99432,802

84632,66411,97035,87383,53348,550

24243234624925209

2,9311,115166

3,813

1,583-114437884

2,0982,1232,309

106,936191

10,257

22,09017,8605,51774,738181,688:66,97114,3336,525

331146

2,85820

2,717

1,568-72428624

2,1731,958

106,936557

13,212

28,373115,0145,13593,692169,379156,83311,9076,156

7,12222,3422,4913,24113,49010,84710,860

15,70830,052

98533,14613,39836,12385,77047,050

24232234624914199

2,259

3,770211

354174

2,85820

2,832

1,568-75468603

2,2291,842

.06,5851,1566,818

39,324L15.0142,58897,080

[48,97919,8545,310

7,123

2,9892,89711,46514,68310,182

15,50828,375

99527,49814,70636,33085,62146,301

24138

278624931100

2,699717347

3,517

14,9551,191

22,486175,031

2,90761,784

120,967

495300

2,71220

3,178

1,54726

1111,0142,7832,5741,673

Central Bank of Chile (millions of

Gold and foreign exchange in re-serve

Loans and discountsGovernment debtNote circulationDeposits

Central Bank of China > (millions ofyuan):

GoldSilverDue from banks abroadDue from domestic banksLoans and discountsSecurities -Other assetsNote circulationDeposits—Government

BankOther

Other liabilitiesBank of the Bepublic of Colombia

Gold at home and abroad*Foreign exchangeJ

Loans to member banksNote circulation

* DepositsNational Bank of Czechoslovakia

(millions of koruny):GoldForeign balances and currency. ~Loans and advancesNote circulationDeposits -

Danish National Bank (millions ofkroner):

GoldForeign bills, etcLoans and discountsNote circulation _Deposits -

Bank of Danzig (thousands ofgulden):

" M « . . .GoldForeign exchange of the reserveOther foreign exchange .Loans and discountsNote circulationDeposits.-.-

Central Bank of Ecuador (thousandsf )

26,3014,0096,48936,50925,889

2,687303982

5,567782

1331876

37589

22,9941,476136

27,42231,9174,812

t a l Bankof sucres):

Gold t hF

ucres):old at home and abroad.

Foreign exchangeLoans and discountsNote circulation _Deposits

National Bank of Egypt3 (thousandsof pounds):

GoldForeign exchangeLoans and discountsBritish, Egyptian, and other

Government securitiesOther assetsNote circulation •__Deposits—Government

OtherOther liabilities

Bank of Estonia (thousands ofkrooni):

Gold.Net foreign exchangeLoans and discounts

31, 5522,72111,361

14291713540347

2411514538918461932375116144

24,1303,3526,52135,52824,306

2,687• 3071,0695,500865

1331973370

13;20425383

31,09838,563

639

15,15612,85253,73142,49022,678

6,5452,5004,148

35,0693,21318,9828,05516,6087,831

28,8095,12613,601

14250

713531317

241098418818473932304614144

9,9222,8686,54536,07223,206

2,684291

1,1245,560796

1332373

20,1441,090148

24,61439,2581,257

15,16211,21852,62043,15422,855

6,5453,0704,374

34,9993,69119,0468,20317,2938,138

28,6155,25914,155

17075721517357

231232162131134272219368

82

16,33&2,8713,49836,95025,406

2,66227

1,3905,179919

1331069358118

26,98416,7782,77615,73940,70613,674

17,2587,87849,41941,09021,776

6,5462,2514,056

34,2333,472

18,7485,519

18,5077,785

20,4546,660

17,229

Bulletin fo^May? 1935?p!Si).g° l d *** f o r e i g l H S I c h a i l 2 e s w i n g s as of Mar. 29 revalued on basis of 75 percent of former gold parity of belga (see1 Items for issue and banking departments consolidated. s

! beginning Apr. 6,1935, gold and foreign exchange valued on basis of peso price of eold in New Yore« Parity of gulden reduced May 2, 1935, from $0.3296 to $0 lMO g *


JtTLY 1935 FEDERAL RESERVE BULLETIN 465

CENTRAL BANKS—Continued

Central bank

Bank of Estonia—Continued.Note circulationDeposits—Government

BankOther

Bank of Finland (millions of mar-

*8Balances abroad and foreigncredits

Foreign billsDomestic billsNote circulation .Other sight liabilities

Bank of Greece (millions of drach-mas):

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

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

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

Reserve Bank of India 1 (thou-sands of rupees):

Issue Department:• Gold at home and abroad-

Sterling securitiesIndian Government securi-

tiesRupee coinNote circulation

Banking Department:Notes of issue department-Balances abroadInvestmentsOther assets

Deposits—GovernmentBank

Other liabilitiesBank of Italy (millions of lire):

Gold at homeCredits and balances abroad...Loans and discountsNote circulationPublic depositsOther deposits

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

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

Bank of Latvia (millions of lats):Gold,.. .Foreign-exchange reserveBillsLoans..< _, •__. . . . . .»--- .Note c i rcula t ion" . -" !"""""!Government depositsOther deposits.

1935

May April March

37,1849,1749,3882,105

322

1,41687784

1,369543

3,6042,4563,2895,3193,774

114

7920

533606935998109170

444,213506,202

410,610503,335

1,643,218

221,142175,14054,9922,780

199,905144,249109,900

5,82954

4,83412,878

300883

477644521

1,170420

1041

6217230

46359713749109

38,5769,920

'8,4082,108

323

1,38685797

1,431463

2,7633,2845,6643,761

119

7922527586836978109172

444,217486,295

430,522501,7501,669,345

193,439123,49550,9335,042

184,42386,533101,953

4,94412,891

300811

474709659

1,332439

1111

6017233

46559743949106

37,7258,3268,0852,546

323

1,317107750

1,441344

3,7872,5673,2675,5413,770

170

7920535587237086115168

5,82552

4,90012,894

300845

472870643

1,334578

11716517543

46659723948107

1934

May

32,5604,2748,5723,219

323

985322803

1,244491

4,1313,8623,3555,1176,780

46

7911

565492934269118178

6,66735

4,90412,889

3001,426

452710491

1,135392

116

5918529

44465633157111

Central bank

Bank of Lithuania (millions of Mu):GoldForeign currencyLoans and discountsNote circulationDeposits

Bank of Mexico (millions of pesos):Gold ........SilverForeign exchangeLoans to member banksOther loans and discounts.^•Other assetsNote circulationDepositsOther liabilities

Netherlands Bank (millions of flor-ins):

GoldForeign bi l ls . .Loans and discountsNote circulationDeposits

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

GoldSterling exchange -Other assetsNote circulationDemand deposits

BankGovernment

Other liabilities - -Bank of Norway (millions of kroner):

GoldForeign balances and billsDomestic credits. .Note circulationForeign deposits -.Total deposits

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

Gold and foreign exchangeBillsNote circulationDeposits

Bank of Poland (millions of zlote):G o l d -Foreign exchange..Loans and discountsNote circulationOther sight liabilities.

Bank of Portugal (millions of es-cudos):

Gold _.Other reservesDiscounts and advancesGovernment obligationsNote circulation ~ .Other sight liabilities

National Bank of Rumania (millionsof lei):

Gold -Foreign exchange of the reserve..Loans and discountsSpecial loans *State debt •Other assetsNote circulationDemand depositsOther liabilities

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

Gold — -Foreign billsDomestic bills

1935

May April March

446

1019750

6461

18683749

2,80222,7892,2849,302

16,9854,206

12,7671,588

14548

212322

768

50915

742952219

27,1006,034

74

466

1049953

6451

24687163

2, S0222,0892,3U9,434

16,1833,S33

12,3421,588

13555

. 221322

679

43,099

72,34926,395

50819

94622*

906463295

1,0482,032

881

10,50291

5,S02

9,54821,7867,fe609,549

25,9766,313

148

468

1049856

1194

681710

10496

106

813

154848163

3,00222,4352,3009,341

16,8374,79fi

12,0331,558

13545

232323

779

43,59761,51471,79329,321

50715

682945210

906481290

1,0492,038

872

10,46191

5,9182,8769,8249,88621,9047,7009,453

28,6246,558217

1934

May

541279S362

851236522189486115

8101

178901122

1357

272314277

42,08462,14967,07829,617

48646703911220

887367317

1,0511,914808

10,057143

6,9155,1295,6818t797

21,0217,5068,194

18,67223.082

1 Bank commenced operations Apr. 1,1935.

I tS^^S^SS^S^ S K t f l £ f i l a £ i £ 5 2 5 t ' £ connection wit* .osses on agricultural and urban loans and reported sep-arately from "other assets" beginning with Dec. 31,1934.


466 FEDERAL KESERVE BULLETIN JULY 1935

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

Central bank1935

May April March

1934

May

Central bank

1935

May April March

1934

May

South African Reserve Bank—Con.Note circulation „ —Deposits-Government

BankOther

Bank of Spain (millions of pesetas):GoldSilver..Balances abroadLoans and discountsNote circulation .Deposits

Bank of Sweden (millions of kronor):Gold ,Foreign bills, etcLoans and discountsNote circulationDeposits

Swiss National Bank (millions offrancs):

GoldForeign balances and billsLoans and discountsNote circulationDemand deposits

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

GoldForeign exchange...

13,6392,677

25,0634,736

2,270700285

2,3544,660

959

35462755

683605

1,19331

2811,302

244

12,3173,051

24,6563,765

2,269698284

2,6654,577

023

35261246

675485

1,36531

1951,319

289-

13,0768,289

25,1222,817

2,269697281

2,3464,5601,049

35260351

705455

1,7136

1091,358

481

13

10,9333,312

28,6793,669

2,263681284

2,3704,6071,000

46259

601457

1,6368

1321,354

444

Central Bank of the Republic ofTurkey—Continued.

Government securitiesOther securities—'-Other assetsNote circulationDepositsOther 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):

GoldForeign exchangeLoans and discountsAdvances to StateNote circulationOther sight liabilities

15135341582379

1,332220

1,7892,2914,4461,239

152353015931

46,84097,05547,81573,97833,02339,407

2,79342,509

1,282239

1,7872,2904,4351,236

1513533

1593070

46,848101,14745,02875,01632,790

43,191

1,266207

1,8202,2894,4321,191

15331321532959

49,43095,01341,34274,97831,27141,537

2,72935,220

1,766146

1,8352,3194,1191,135

BANK FOR INTERNATIONAL SETTLEMENTSfin thousands of Swiss francs]

Assets

1935

May 31 April 30

1934

May 31Liabilities

1935

May 31 April 30

1934

May 31

Gold In barsCash on hand and on current account

with banksDemand funds at interest

Rediscountable bills and acceptances (atcost):

Commercial bills and bankers' ac-ceptances

Treasury bills

Total

Time funds at interest—Not exceeding 3months

Sundry bills and investments:Maturing within 3 months:

Treasury billsSundry investments

Between 3 and 6 months:Treasury billsSundry investments—

Over 6 months:Treasury billsSundry investments

Total

Other assets:Guaranty of central banks on bills

soldSundry Items

Total assets

16,210

2,51414,903

15,094

2,28515,121

131,020219,974

132,441222,058

350,994

33,881

36,53544,513

32,26963,313

18,85735,402

65,264

29,47831,783

26,18835,354

220,889

6,1374,548

650,075

220,700

6,0734,376

652,246

26,030

10,36011,983

163,111196,190

359,301

41,429

25,62042,511

55,92352,472

9,59335,972

222,091

4,5115,115

680,821

Demand deposits (gold)

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

DemandTime—Not exceeding 3 months..,

TotalCentral banks for account of others:

DemandTime—Not exceeding 3 m o n t h s -

Other depositors:DemandTime—Not exceeding 3 months—

Long-term deposits:Annuity trust accountGerman Government depositFrench Government guaranty f u n d -French Government deposit (Saar)...

Total ,

Capital paid InReserves:

Legal reserve fund ;_..Dividend reserve fundGeneral reserve fund

Profits allocated for distribution on July 1,

Dividend to shareholders (6 percent).Participation of long-term depositors

per article 53 (e) of statutesOther liabilities:

Guaranty on commercial bills sold....Sundry items

Total l i ab i l i t i e s—„. - . - . . „ . . . . . . . .

14,930

22,722104,228

12,038

26,652106,875

126,950S =T. =

9,8382,953

1,5772,120

133,527—

10,9672,950

1,4582,109

155,42877,71461,9302,031

154,76477,38261,9302,031

297,102

125,000

3,3245,84511,690

7,500

1,957

296,106

"l25,000

2,6724,8669,732

6,25233,036

=: J . =

650,075

6,15544,666

"6527246

25,681

57,165107,176

153,64076,82040,824

2,6724,S669,732

7,500

1,943

4,51153,103

—680,821



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

England

(10 clearing banks. Figures in millionsof pounds sterling)

Assets

Cashreserves 1

196207213210216

225213214217219

Money atcall and

shortnotice

139137136135151

137127133137142

Bills dis-counted

222213216233255

284265207199218

Securi-ties

557563576589594

59360661461S620

Loans tocustom-

ersOtherassets

Liabilities

Deposits

Total Demand * Time*

Otherliabilities

1934—August..-September.October.. .November.December.

1935—January...February. .MarchApril.-.__.May

759757760759759

756759771779774

219222236236247

237231231240233

1,856-.,858,891,911,971

,982,954,923,940,S62

939948960975

1,044

1,0341,009994

1,0041,016

873885900910

S99898886895897

236240245250251

251248248250244

Assets Liabilities

France

(4 large banks. Figures in millions offrancs) Cash

reserves *Due from

banksBills dis-counted Loans Other

assets

Deposits

Total Demand Time

Ownaccept-ances

Otherliabilities

1934—August ,September...OctoberNovember. . .December

1935—JanuaryFebruaryMarchApril

6,2636,9467,4506,4856.836

5,8645,6076,0665,196

1,3931,4191,5081,4731,421

1,6621,6031,5861,642

18,02418,38417,97217,36318,304

18,02418,30019,04218,302

8,3278,5118,1248,0038,159

8,0527,8407,7137,802

1,3161,3951,4881,5621,717

9921,0101,0901,141

31,16532,46032,23930,54230,943

30,27531,54731,33229,582

30,34231,44929,999

29,83029,59130,68529,218

91390S960904»763751765781

183179183192193

220228237251

3,9764,0164,1194,1524,301

3,7793,7893,8103,833

Germany

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

Assets Liabilities

Cashreserves *

Due frombanks

Bills dis-counted Loans Securi-

tiesOtherassets

Deposits

Total Demand Time

Creditsobtained

frombanks

Otherliabilities

1934—August....September.October. . .November.

1935—February *.MarchAprilMay

119172134115

127185163145

414415400

382371346340

1,9131,9182,0172,037

2,0822,1082,2342,234

3,3743,3873,357

3,1493,0963,0302,990

844853859874

909930933

956976983983

1,0471,0471,0381,020

5,7775,8205,816

5,3515,4575,4955,466

2,5912,7112,7262,731

2,1592,3192,4502,511

3,1053,0663,0933,085

3,1923,1373,0462,955

540629500485

768774

1,3851,4161.4301,432

1,4831,4911,4811,457

Assets Liabilities

Canada

(10 chartered banks. Fig-ures in millions of Cana-dian dollars)

Entirely in Canada

Cashreserves

Securityloans

Otherloans anddiscounts

Securityloans

abroadand netdue fromforeignbanks

Securi-ties

Otherassets

Notecircula-

tion

Deposits payable in Canadaexcluding interbank deposits

Total Demand Time

Otherliabilities

1934—August....September.October...NovemberDecember.

1935—January...February..MarchAprilMay

212219224232228

230230207214204

10010110899

103

9186818182

1,0001,0101,0291,003977

958* 957965981971

184178162185155

147149152142155

862888911920967

973984970

1,0001,005

446434450445449

441434431472459

131136130132124

117119118114117

1,9391,9712,0382,0352,035

2,0142,0032,0062,0862,064

571594

624

602575560634617

1,3671,3771,3701,4111,407

1,4121,4281,4471,4521,447

733724715715718

710717681

. l Cash in vault and duo from central bank. In addition includes for Germany balances in postal checking accounts beginning with 1935, andfor Canada deposits in central gold reserves previous to March 1935 when Bank of Canada began operations.

1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total.* Combined monthly balance sheets not published for December and January.NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-360.


468 FEDEKAL RESERVE BULLETIN JULY 1935

DISCOUNT RATES OF-CENTRAL BANKS

[Percent per annum]

Date effective

In effect June 1,1933.June 29July 15July 29AUK. 15Sept. 4Sept. 19Dec. 11Feb. 9, 1934June 1Nov. 20Mar. 25, 1935Apr. 5Apr. 10May 3May 16May 24May 27May 29JunolJune 21June 27July 5July 6InelTectJuly6,1935.

Centra] bank of—

Eng-land France Ger-

manyItaly Nether-

landsSwitzer-

land

Centralbank of—

AlbaniaAustriaBelgiumBoliviaBulgariaCanadaChileColombia..,Czechoslo-

vakiaDanzigDenmark. _.EcuadorEstoniaFinlandGreeceHungary

HateJuly

7H

26

4

5474H

Date effective

Nov. 16,1933Feb. 23,1935May 16,1935July 5,1932Jan. 2,1934Mar. 11,1935Jan. 23,1935July 18,1933

Jan. 25,1933May 2,1935Nov. 30,1933Nov. 30,1932Oct. 1,1934Dec. 3,1934Oct. 14,1933Oct. 18,1932

Centralbank of—

IndiaJapanJavaLatviaLithuaniaNew Zealand.NorwayPeruPolandPortugalRumaniaSouth Africa.SpainSwedenTurkey _TJ. S. S. R._-Yugoslavia-

RateJuly

3.65

Date effective

Feb. 16,1933July 3,1933JulyJan.Apr.Aug.MayMayOct.Dec.Dec.MayOct.Dec.Mar.Mar.Feb.

1,19351,19331,19301,1934

24,193320.193226.193313.193415,193415,193329,19341,19332,193322,19271,1935

Changes since June 3: France—June 21, down from 6 to 5 percent;July 5, down from 5 to 4 percent; Netherlands—-June 27, down from 5 to 4percent; July 6, down from 4 to 3H percent; Java—July 1, down from 4J4to 4 percent.

MONEY RATES IN FOREIGN COUNTRIES

[Percent per annum}

Montb

1934—AprilMayJuneJulyAugustSeptember-October.,.November.December.


England (London)

Bankers1

acceptances,3 months

0.96.91.91.87.79.73.77.45.57

.57

.59

.59

Treasurybills, 3months

0.89.85.85.76.74.61

.47

.26

.28

.50

.51

.51

Day-to-daymoney

0.88.85.92.85.81.78.75.68.70.66.63.72.75.75

Bankers'allowance

on deposits

Germany (Berlin)

Privatediscount

rate

3.873.873.763.753.753.813.813.633.503.513.413.383.383.09

Money for1 month

5.115.134.674.445.025.135.134.373.563.933.773.603.603.10

Day-to-daymoney

4.764.724.574.674.724.714.634.214.283.823.833.943.643.17

Netherlands(Amsterdam)

Privatediscount

rate

2.071.33.78.74.75.61.59.63.60.59.58.60

3.653.78

Money for1 month

1.851.221.001.001.001.001.001.001.001.001.001.003.262.96

Month

Switzer-land

Belgium(Brussels)

France(Paris)

Italy(Milan)

HungarySweden(Stock-holm)

Japan (Tokyo)

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Privatediscount

rate

Primecommer-

cial paper

1934-AprilMayJuneJulyAugustSeptember...,OctoberNovemberDecember...


1.501.501.501.501.501.501.501.501.501.501.501.501.802.39

2.14"1.932.112.202.312.152.102.352.382.382.382.38Z38

2.702.602.031.781.751.501.451.441.501.792.122.122.142.56

3.003.003.003.003.003.003.003.194.004.004.003.893.503.50

Day-to-daymoney

Loans upto 3

monthsDiscounted

bills

5.295.295.265.205.115.115.115.115.115.115.115.115.11

Callmoney

overnight

2.462.432.442.572.792.632.522,562.742.592.622.702,54

NOTE.—For . . _ „and May 1930, p. 318.explanation of table see BULLETIN for November 1826, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736;



FOREIGN EXCHANGE RATES

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

Year or month

192919301931193219331934

JuneJulyAugustSeptember. _OctoberNovember..December

1935—JanuaryFebruary.. .MarchAprilMay..June

Sear or month

1929 .19301931 .193219331934

JuneJulyAugustSeptember-OctoberNovember..December...

1935—JanuaryFebruaryMarchAprilMayJune. „ ..

Year or month

19291930 "193119321933. . ..1934

JuneJulyAugustSeptember-OctoberNovember-.December..

1935—JanuaryFebruary. „MarchAprilMayJune

Argen-tina

(peso)i

95.127483.505066.737558.4433

3 72.800933.579333.655233.607733.766133.290432.945833.262532.951332.603832.460731.803332.222032.557232.8687

Egypt(pound)

498.0689498.6002465.1111359.5406434.3908516.8549517. 7111516.9506519.5273512.2619506.6711511.6889

<507.2709501.7925499.7457489.7472495.9246501.1845

NewZealand(pound)3

483.21468.22415.29320.19340.00402.46403.39402.81405.09398.77393.67398.07394.63390.25388.69380.91385.85389.90393.54

Aus-tralia

(pound)1

480.83458.60351.50279.93337.07400.95402.24401.70403.52396.50391.52395.73392.27387.92386.37378.56383.52387.55391.28

England(pound)

485.6879486.2126453.4990350.6067423.6821503.9302504.8046504.0705506.5076499.4056494 0809498.9022494.5793489.2457487.3466477.6211483.6812488.7755493.4922

Norway(krone)

26.682726.759825.054618.003921.429225.316125.355925.324625.450425.092824.825825.065524.847824.581524.488024.026524.297524.556324.7910

Austria(schil-ling)!

14.057514.089114.022713.959915.447818.793018.902118.878618.998119.018518.924218.795618.771118.772518.790018.882718.789818.768018.8821

Finland(markka)

2.51602.51692.38751.55471.87082.22772.23112.23022.24032.21012.18262.20192.18592.16362.15362.10992.13152.15432.1782

Poland(zloty)

11.194011.205111.197011.182314.413518.846018.887918.891719.082419.141319.007118.897618.894118.853518.872118.961118.861718.842618.9146

Belgium(belga)

13.912413.952413.928513.913717.899623.2S6723.362823.360623.705623.733223.457923.321223.393923.315023.329322.756416.943016.946116.9393

France(franc)

3.91613.92493.92003.92765.03136.56886.59936.59396.65926.67146.62476.58866.59716.58206.59366.62326.59706.58836.6121

Portu-gal

(escudo)

4.47144.49404.24353.19603.91654.60894.62534.61294.62744.55934.50434.53844.49774.45004.43284.34304.39304.44074.4856

Brazil(mil-reis)i

11.807810.71367.02907.12237.96308.42688.47348.43848.4S9S8.30968.18998.21768.19048.14518.12828.23638.25788.27978.3122

Ger-many

(reichs-mark)

23.808623.854123.630223.749230.517939.375138.295338.493839.478640.276040.450740.205440.191040.061440.117840.372240.263840.247240.4072

Ruma-nia

(leu)

0.5961.5953.5946.5968.7795

1.00061.00201.00451.01261.01441.0069.9998

1.00251.0027.9592

1.00931.00741.00571.0078

Bul-garia(lev)*

0.7216.7209.7163.7193

1.00391.28521.25031.26081.28811.28141.24281.21341.21101.19551.26651.28781.27251.27561.3070

Greece(drach-

ma)

1.29341.29591.2926.8320.7233.9402.9449.9453.9565.9562.9476.9392,9375.9341.9339.9399.9354.9340.9423

Spain(peseta)

14.683311.66709.54538.0438

10.718913.615013.677613.666813.800213.826913.727213.653213.671913.640813.662613.723213.669313.652213.6982

Canada(dollar)

99.247299.842496.325888.089691.9587

101.0060100.7936101.2034102.3779102.9387102.1226102.4719101.3090100.182599.885299.064799.527799.897799.9078

HongKong

(dollar)

47.166933.853024.330523.460429.451638.715636.489037.623138.614039.332440.469541.241842.290843.169544.336247.914752.670259.309557.5162

StraitsSettle-ments(dollar)

56.011755.963952.445140.397049.232059.005259.170959.056259.348858.516457.917258.453857.971757.242157.005755.634666.332956.894257.3762

Chile(peso)'

12.060112.078512.06697.90797.6787

10.145210.223310.270510.326610.297410.309010.349610.23675.06305,07615.08855.10005.10005.0996

Hun-gary

(pengo)»

17.441417.493917.452217.446022.359829.574629.752929.711229.883230.021929.899529.712629.599329.582829.695529.640529.493729.435629.5062

Sweden(krona)

26.783926.854325.254018.471022.032425.981526.021125.988026.118225.748325.475625.722025.497525.226725.125624.626424.932525.198325.4408

China(yuan)

41.900729.916622.436921.7357

* 28.597934.093733.052333.911834.855335.582734,588133.394734.216434.992436.536938.296038.790841.097940.4002

India(rupee)

36.202036.067233.689526.346831.815937.879337.907237.877438.061637.548137.142637.486637.183536.861136.799436.021036.439336.860237.1944

Switzerland

(franc)

19.279219.382019.400919.404924.835532.366332.496932.577132.954233.023732.774532.471332.405332.305532.352532.530132.364532.323032.6800

Colom-bia

(peso)*

96.551296.493096.569795.275081.696661.779957.890056.105255.159657.649660.201265.039164.528464.145058.957754.161352.884655.063454.4068

Italy(lira)

5.23345.23745.20635.12536.70948.56178.59898.57508.66328.67948.60568.53868.54278.52098.47308.33688.28218.22538.2566

Turkey(pound)

48.410547.060847.181447.285460.439679.047279.466979.291279.996980.267179.686979.199179.296479.338179.501880.667680.506580.5269

Cuba(peso)

99.964799.951599.929599.940999.946499.936299.972699.9404

'99.916599.915099.916599.919399.919499.921599.920599.920099.919499.920499.9182

Japan(yen)

46.099749.389848.850928.111225.645729.715329,904129.843429.993329.769328.684329.055428.823228.472528.391327.983728.367928.729528.9931

Union ofSouthAfrica

(pound)1

483.27483.79480.76476.56414.98498.29499.10498.44501.27494.23488.43493.42489.24483.99482.30472.31478.27483.34488.06

Czecho-slovakiakoruna)

2.96092.96402.96192.96183.82324.24244.15904.15404.19444.21414.19964.17774.18034.17114.17844.19824.18144.16834.1828

Mexico(peso)

48.183047.133135.491931.850028.102527.742327.749227.748127.729827.745827.751427.762027.761527.754127.751527.750027.935027.788227.7781

Uru-guay

(peso)i

98.629485.865055.357247.063960.336079.956280.266880.143380.996181.149680.552080.148680.231080.019480.130680.477980.201580.094680.3547

Den-mark

(krone)

26.680226.765025.058118.831719.070922.499822.539522.510322.621522.298122.061522.272422.079321.844721.759421.324421.590221.817522.0458

Nether-lands"(florin)

40.162240.225140.229840.294951.720967.383167.814867.714668.380868.574468.086967.598867.638267.456267.560267.950667.457667.619567.8743

Yugo-slavia(dinar)

1.75911.76811.76801.64111.76072.27192.27022.27732.30752.31562.29932.27852.27562.27162.27172.28522,27572.27372.2913

j Partly or wholly nominal since April 1933.

* Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933 Average for 1933 is for gold peso for Jan.4 Beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver.

Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents* Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for Juls

or Jan. 2-July 29 was 47.6510 cents.* Corrected.

was 20.2103 cents.r silver peso for July 30-Dec. 31. Averagefor gold peso



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES

WHOLESALE PRICES—ALL COMMODITIES[Index numbers]

Year and month

19°6 - - - -1927 .19281909193019311932I9331934

MarchApril -

JulyAugust . . . . . . . . .September . . . . . «October


UnitedStates

(1926=100)

1009597958673656675

727474737475757678777777

798079SO80

Canada(1926=100)

1009896968772676772

7172727171

. 72727272717171

7172727372

England(1930=100)

10088868688

898988S38788878988S88888

8888878388

France(1913=100)

695642645627554502427398376

405400394387381379374371365357356344

350343335336340

Germany(1913=100)

134138140137125111979398

96969696969799

100100101101101

oo

oo

o

Italy(1913 = 100)

602495462445383328304280273

276275275273273272270271270272274276

277278288296302

Japan(October

1900=100)

237225226220181153161180178

176178177177176175174177179132181181

182184184182182

Nether-lands

(1913=100)

14514814914211797797478

798079797776777877777778

787775It75

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

Year and month

United States (1926^100) England (1930=100) France (1913=100)

Farmproducts Foods

Othercommod-

itiesFoods

Indus-trial

products

Farmand foodproducts

Indus-trial

products

Germany (1913=100)

Agricul-tural

productsProvi-sions

Indus-trial rawand semi-finishedproducts

Indus-trial fin-

ishedproducts

1026

19271928192919301931193219331934

1934—January...February..MarchAprilMayJune -_ .JulyAugustSeptemberOctober. . .November,December.

1935—January...February.,MarchAprilMay

10099

1061058865485165

596161606063657073717172

78797880SI

100971011009175616171

646767666770717476757575

SO83828584

1009493928575707178

787979797978787878787378

7877777778

10089

85

848482828284849088878687

87878585

10087858790

919291919090

89

581599584579526542482420410

424416413404405406396393383368366344

351339329325

793678697669579464380380361

387386378372360356354351350347347343

350346341345353

129138134130113104918796

93929191929493100100101101101

10010099100101

13212913312511396867576

737373747476767878787979

8181838484

130132134132120103

150147159157150136US113116

114115115115115115115116117118119119

119120120120119

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


JULY 1935 FEDERAL KESERVE BULLETIN 471

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued

RETAIL FOOD PRICES[Index numbers]

Year and month

192619271928192919301931193219331934

1934—MarchAprilMayJuneJulyAugustSeptember.October...November.December.


UnitedStates

161155154157147121102100111

109107108109110112117116115114

119122122124124

England(July

1914=100)

161156157154145131126120122

120118116117122123126125127127

125124122119118

France(July

1914=100)«

113113112124125124109100

100989798979795959494

9290888586

Germany(1913-

14=100)

153156146131116113118

117116116118120121119119120119

119120119119120

COST OF LIVING[Index numbers]

Year and month

1926-1927..1928..1929,.1930..1931..1932..1933..1934..

1934—MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1935—January...February.MarchAprilMay

UnitedStates

(1913=100)

175173171171164148134132138

136

139

England

1914=100)

170164166164158148144140141

France(Jan.-June1914»100)J

103104105113118116107106105

140139137138141142143143144144

143142141139139

107

106

104

102

100

Germany(1913-14-100)

152154148136121118121

120120120121122122122122122122

122123122122123

1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month.1 Index represents prices converted to gold basis of 1914.* Hevised series 140.3 for March 1935 and 137.8 for November 1934; other back figures not yet available.Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry

of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique Ge"ne"rale, and for cost of living, Commission detudesrelatives au cout de la vie a Paris.

SECURITY PRICES[Index numbers except as otherwise specified]

Year and month

Number of issues ^

19261927.1928192919301931 .1932193319341934-March

AprilMay : : : : : : : : : : : : : " : : :JuneJulyAugust.SeptemberOctoberNovemberDecember


Bonds

UnitedStates

(averageprice)

60

97 098 998.795.798.396 181 184 096.795.197.097.699.099.397.896.798.498.8

100.0101.3101.399.9

100.0101.2

England(December1921=100)»

87

110 0110 7112.3110.2111.810S.4113.2119.7127.5126.2126.9125.8125.3127.1127.4128.3128.9133.2132.7134.6131.6130.3131.3131.3

France(1913 aver-age=100)

36

57.471.780.885.195.896.988.681.382.176.91

81.984.785.682.781.881.382.785.085.88S.989.584.184.88 2 *

Germany(averageprice)>

139

85.581.483.3

»S3.4»67.1

82.590.791.991.390.788.987.887.989.091.692.293.896.095.596.195.195.3

Common stocks (1926 average*

UnitedStates

421

100.0118.3149.9190.3149.894.248.463.472.577.179.671.873.571.467.867.067.369.469.269.767.863.967.573.1

England i

278

100.0107.0115.9119.5102.678.967.978.685.787.388.187.186.084.883.883.684.585.685.386.985.482.6S3.886.0

France

300

100.0123.2178.1217.6187.6132,2105.299.683.385.088.890.187.683.381.177.374.773.074.783.780.373.179.88S.0

-100)

Germany

329

100.0145.0136.1122.8100.2*78.0>50.3

61.771.170.668.867.269.971.373.476.276.373.773.276.679.380.681.983.5

J Annual indexes are unweighted averages of monthly indexes. , , , „ „ „* Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11,1932.

June; index for 1932 represents average of months May-Deccember.Sources.—See BULLETIN for February 1932, p. 121, and June 1935, p. 394.

Index for 1931 represents average of months January-



LAW DEPARTMENTSecurities temporarily exempted by Securities and

Exchange Commission

Ruling no. 44 interpreting Regulation T.—TheSecurities and Exchange Commission,by itsrules AN6, AN7, and AN8 has exempted cer-tain securities for limited periods from theoperation of section 7 (c) (2) of the SecuritiesExchange Act of 1934 to the extent and uponthe conditions stated in such rules.

The Federal Reserve Board rules that, as aresult of and to the extent specified in theCommission's rules AN6, AN7, and AN8, thesecurities mentioned therein are "exemptedsecurities" within the meaning of section 2 (f)of Eegulation T. However, the Board pointsout that the maximum loan value of suchsecurities, instead of being that provided insection 3 (e), is limited by the conditions of theCommission's exemption to the maximum loanvalue which such securities would have if duringthe periods prescribed they were registeredsecurities.

Record to be kept in special cash account

Ruling no. 45 interpreting Regulation T.—The Federal Reserve Board, in reply to inquiriesregarding the provisions of section 6 of Regula-tion T, as amended May 10, 1935, rules that adebit entry made by a broker in accordancewith common practice in a customer's "specialcash account" as of the day on which thebroker, in accordance with the usual custom ofthe trade and in the absence of "failures toreceive", would ordinarily receive and pay forsecurities which have been purchased for thecustomer in such account, shall be deemed, forthe purposes of the third paragraph of section6, to constitute the required record of "thedate of payment by the creditor" for suchsecurities in all cases except those in whichthe broker, having in fact received and paid forthe securities on a later day, shall have recordedsuch later day in such account as the date ofpayment by the creditor.

Joint resolution extending time for renewal of loansto executive officers

There is printed below the text of a jointresolution of Congress approved by the Presi-dent June 14, 1935, extending to June 16, 1938,the period within which loans made to execu-tive officers of member banks prior to June 16,1933, may be renewed or extended in certaincircumstances:

[PUBLIC RESOLUTION—No. 25—74TH CONGRESS]

[H. J. JRes. 3201

JOINT RESOLUTION

To extend from Juno 16,1935, to June 16,1938, the period within whichloans made prior to June 16,1933, to executive officers of member banksof the Federal Reserve System may be renewed or extended.

Resolved by the Senate and House of Representatives ofthe United States of America in Congress assembled,That subsection (g) of section 22 of the Federal ReserveAct is hereby amended by striking out: "Provided,That loans heretofore made to any such officer may berenewed or extended not more than two years fromthe date this paragraph takes effect, if in accord withspund banking practice." and inserting in lieu thereof:"Provided, That loans made to any such officer priorto June 16, 1933,-may be renewed or extended forperiods expiring not more than five years from suchdate where the board of directors of the member bankshall have satisfied themselves that such extension orrenewal is in the best interest of the bank and thatthe officer indebted has made reasonable effort to reducehis obligation, these findings to be evidenced by resolu-tion of the board of directors spread upon the minutebook of the bank.'1

Approved, June 14, 1935.

Joint resolution extending temporary plan for depositinsurance

There is printed below the text of a jointresolution of Congress approved by the Presi-dent June 28, 1935, extending to August 31,1935, the temporary plan for deposit insuranceprovided for by section 12B of the FederalReserve Act:


JULY 1935 FEDERAL RESERVE BULLETIN

[PUBLIC RESOLUTION—No. 38—74TH CONGRESS]

[S. J. Kes. 152]

JOINT RESOLUTION

To extend to August 31,1935, the temporary plan for deposit insuranceprovided for by section 12B of the Federal Reserve Act as amended.

Resolved by the Senate and House of Representativesof the United Stales of America in Congress assembled,That section 12B of the Federal Reserve Act, asamended, is amended (1) by striking ou t " July 1,1935"wherever it appears in subsections (e), (1) and (y),and inserting in lieu thereof "August 31, 1935'*; and(2) by striking "June 30, 1935 " where it appears in thefirst sentence of the eighth paragraph of subsection(y), and inserting in lieu thereof "August 31. 1935";and (3) by adding to subsection (y) the followingadditional paragraph "The deposits in banks whichare on June 30, 1935, members of the fund or thefund for mutuals shall continue to be insured duringsuch extended period to August 31, 1935, withoutliability on the part of such banks to further calls orassessment."

Approved, June 28, 1935.

Discounts for individuals, partnerships and corporationsThe authority granted by the Federal

Reserve Board to all Federal Reserve banks inits circular of July 26, 1932, as amended by itsletter of January 8, 1935, to discount eligiblenotes, drafts, and bills of exchange for individ-uals, partnerships, and corporations, subject tothe provisions of the law, the Board's regula-tions, and that circular, will expire at the closeof business on July 31, 1935. The Board hasdecided to extend such authorization for anadditional six months, and accordingly hasamended section II of its circular of July 26,1932, to read as follows:

AUTHORIZATION BY THE FEDERAL RESERVE BOARD

The Federal Reserve Board, pursuant to the powerconferred upon it by the amendment hereinbeforequoted, hereby authorizes all Federal Reserve banks, fora period ending at the close of business on January 31,1936, to discount eligible notes, drafts, and bills ofexchange for individuals, partnerships, and corpora-tions, subject to the provisions of the law, the Board'sregulations, and this circular.



FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.

DISCOUNTS BY MONTHS

[Averages of daily figures. In thousands of dollars]


BostonNew York. . .Philadelphia.

ClevelandRichmondAtlanta

ChicagoSt. LouisMinneapolis..

Kansas City..DallasSan Francisco.

Total.. .

1935

June

9374,232

576

247368201

594848

117444241

7,518

May

6303,896

544

127259305

662351

516248

6,761


1934

June

93113,9097,803

1,205914561

736159586

286490560

28,140

DISCOUNTS BY WEEKS



BostonNew YorkPhiladelphia


Chicago .Pt LouisMinneapolis . .

Kansas City *„-- - .DallasSan Francisco

Total

Wednesday series (1935)

June 5

1,1074,366

625

332214273

1066485

96549266

8,083

June 12

7794,622

641

272213199

56456

107530246

7,734

June 19

6554,139

521

182376162

781421

118370245

6,881

June 26

1,1143,785

549

275423158

751424

116395209

7,137


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


BostonNew YorkPhiladelphia

Cleveland. „RichmondAtlanta

Chicago „ _St. Louis - -_Minneapolis . . . .

Kansas City. _ _T)ftlI{MSan Francisco

Total

[Averages of daily figures

Total reserves

1935

June

429,1232,390,035

320,573

429,082187,119134,560

1,423,87618S, 323154,250

203,16899,336

331,469

6,290,914

May

426,9152,227,359

320,544

451,464193,959130,241

1,341,022' 163,613' 149,049

'208,555r 95,124339,800

••6,047,645

1934

June

410,7071,665,903

321,781

378,105191,201138,338

1,047,988177,013112,177

161,81298,410

304,254

5,007,689

. Amounts in thousands of dollars]

Total deposits

1935

June

298,5282,388,897

239,384

311,347151,90096,093

966,754151,443123,128

188,068113,685296,850

5,326,077

May

304,4672,251,013

232,859

330,420' 156,316

92,253

907,465126,787110,821

193,335112,358297,842

'5,115,936

1934

June

307,1631,703,024

223,936

257,552149,02186,315

679,119130,93078,919

143,756119,113252,336

4,131,184

Federal Reserve notes incirculation i

1935

June

271,216681,313236,581

314,728149,045125,825

791,480139,100101,924

120,89850,720

218,273

3,201,103

May

262,645656,242235,344

313,805148,910125,790

787,690138,746

' 104,734

120,47647,893

222,648

'3,164,923

1934

June

244,027645,704249,090

305,781142,161135,405

771,689132,77295,089

107,50940,154

202,636

3,072,017

Ratio of total reservesto deposit and FederalReserve note liabili-ties combined

1935

June

75.377.867.4

68.562.260.6

81.064.868.5

65.860.464.3

73.8

May

75.376.668.5

70.163.559.7

79.161.6

' 6 9 . 1

66.559.465.3

73.0

1934

June

74.570.968.0

67.165.762.4

72.267.164.5

64.461.866.9

69.5

' Revised.»Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $18,172,005; month ago, '$16,802,000; year ago, $18,031,000.Back figures—See Annual Report for 1933 (table 9) andl932 (table 8).



ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTESTATEMENT, JUNE 29, 1935


SanFran-cisco

ASSETS

Gold certificates on hand and due fromU. S. Treasury

Redemption fund—Federal Reservenotes

Other cash

Total reserves..

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

ligations, direct and/or fully guar-anteed

Other bills discounted

Total bills discounted..Bills bought in open marketsIndustrial advances

U. S. Government securities:BondsTreasury notesCertificates and bills

Total U. S. Government securi-ties..

Total bills and securities.

Due from foreign banks :Federal Reserve notes of other banks. . .TJncollected itemsBank premisesAll other assets

Total assets ,

LIABILITIES

F. R. notes in actual circulation-

Deposits:Member bank—reserve account..TJ. S. Treasurer—general account.Foreign bankOther deposits

Total depositsDeferred availability items..Capital paid inSurplus (sec. 7)Surplus (sec. 13b)Reserves for contingencies...,All other liabilities ,

Total liabilitiesRatio of total reserves to deposit and

F. R. note liabilities combined (per-cent) . . . . : . . . .

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 b;

Gold certificates on hand and duefrom U. S. Treasury

Eligible paperU. S. Government securities

Total collateral-...!

870 2,384,207 300,108 416,810 414,699 204,528 137,662 192,619

423,543 2,449,777 332,0481427,231 190,270J135,181 1,443,781 216,190 151,228 204,415

317,3651,510,50$

604.87S

37,643 12,667225,654 68,11497,392 27,419

360,689,108,200

363,185|l08,767

491,80826,4893,869459

63318,951

519,64349,82643,197

2115,712

149,01211,88230,208

72748

33,8974,6224,807

67784

46,8016,6291,688

261,280

38,1973,0281,227

251,07316,9722,3281,695

18373

15,3911,685S61

3,404,846 557,778 703,449 355,446 252,902 1 ,631 200,029 577,668

706,568 239,527 317,844 151,666 126,881 796,964 140,523 101,530

2,158,694 233,650 295,876 143 109,0585,101

6136,656

179,1166,594

681,232

277,5347,0711,78718,777

4,978,770102,23523,772301,218

278,3131,6811,8384,126

285,958 2,424,010 250,109 307 95,46;17,0034,4395,540754

2,602216

5,405,995511,095146,575144,89320,87030,777ll,09C

13,7883,1223,4201,0031,171168

32,3644,0373,613775826847

17,0924,0193,777939

1,126

24,65310,7549,645695

2,039186

37,0655,0315,1862,9181,416

71,42112,78421,3501,3915,3251,729

20,0223,9934,655547891346

53,32710,7549,9022,1651,648225

33,95315,12613,4702,0982,996499

45,98413,12714,3711,0073,000203

49,9646,5787,5006,414

888,512 348,485 245,630 351642,765 3,404,846 557 778 703,449 355,446 252,902 1

451 328,706 159,169 141

3,294,6394,276

231,000

800,371252,456 329,920



LICENSED MEMBER BANKS IN EACH DISTRICT

RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS[Averages of dally figures. In millions of dollars]

Federal Reserve district

New YorkPhiladelphia

Richmond... «. . . . . . . . .- . . . . . . .Atlanta „ . . . - — _ . . .

Chicago — . . . -_—.«.. .St. Louis -Minneapolis - . . —. . . .

Kansas City - . . „ .Dallas - . . .San Francisco -

Total

Reserves heid

Total

May

296.62,031.0

221.3

320.3149.684.2

893.3111.9101.6

186.4107.6274.0

4,777.8

April

295.71,920.8

221.5

308.6142.485.6

685.4124.996.3

175.1113.2266.9

4,436.3

March

296.01,054.8

222.2

304.3151.985.3

634.9139.9100.9

174.7122.8264.6

4,452.2

Excess

May

161.2896.389.8

162.376.226.4

549.841.554.1

100.350.688.6

2,296.9

April

161.8810.592.4

157.470.527.7

368.456.448.2

92.156.0

' 84.1

2,025.6

March

164.6857.7

93.5

156.479.428.7

312.771.952.8

93.165.888.1

2,064.7

Borrowings at Federa IReserve

May

0.63.9.5

.1

. 2

. 3

.1

.02

.05

. 1

. 5

. 2

6.7

April

0.63.8. 5

. 1

. 2

. 2

.04

.008

.05

. 1

. 4

. 1

6.2

March

0.54.0

.5

.6

. 2

. 2

.04

.03

.007

.1

.1

.2

6.5

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

[Averages of daily figures. In millions of dollars]


BostonNew YorkPhiladelphia...


ChicagoSt. LouisMinneapolis.. .

Kansas City.-.DallasSan Francisco.

Tota l . . . .

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

Net demand

May

1,2218,469

963

1,190557454

2,538530295

615415

1,250

18,503~

April

1,2038,281

943

1,127544458

2,341513302

587416

1,222

17,936

March

1,1788,177

942

1,096551445

2,387510302

574411

1,160

17,733

Time

May

5911,664

633

916324270

1,071258172

207159

1,817

8,081

April

5911,663

639

911324267

1,010257174

206158

1,822

8,022

March

5921,642

632

321262

984254171

207158

1,816

7,949

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

Net demand

May

215160

162122102

204137140

249189107

1,874

Apr

208158

156119102

196133136

244190107

March

83205157

153119101

192131137

243194106

1,821

Time

May

122446

23616773

17491

171

1093591

2,113

April

121444396

22916570

17090

171

1093691

2,092

March

120442394

22716570

16890

172

1093592

2,082



REPORTING MEMBER BANKS IN LEADING CITIES

PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGOIln millions of dollars]

Loans and investments,total:

June 5 .June 12June 19June 26

Loans on securities, total:J u n e s . .June 12 .June 19June 26To brokers and dealers

in New York:June 5 . .June 12June 19June 26

To brokers and dealersoutside New York:


To others:June 5June 12June 19June 26

Acceptances and commercialpaper bought:

J u n e s . .June 12.June 19June 2 6 . .

Loans on real estate:June 5June 12. . .June 19June 26

Other loans:June5June 12June 19June 26

vi?* Government directobligations:


Obligations fully guaranteedby U. S. Government:

June 5June 12.June 19. . .June 26

Other securities-June 5June 12June 19June 26

Reserve with Federal Re-serve bank:

June 5.June 12June 19June 26...

Cash m vault:June 5June 12.June 19June 26

Net demand deposits:June 5June 12June 19June 26

Total

18,41418,50018,620

'18,668

2 9923,0403,0203,061

811843838883

162170167166

2 0192 0272 0152 012

352337328317

961960960961

3 1903 2303 219

r 3 210

7 2937 2947 3887)407

803805846841

2 8232 8342 8592,871

3 7323,9163,8533,875

280293290302

15,04115,33215,35315,423

Boston

1,1671,1691,1711,173

193193193192

7g77

30292930

156156157155

41403938

89898989

275274274272

372376382385

14141515

183183179182

237237226230

79828590

994999998

1.003

NewYork

8,4918,5328,590

••8,631

1,7621,7981,7911,837

786817813859

60606262

916921916916

180171162155

245244243243

1 3271 3511 348

r I 346

3 4833 4743 5133^521

343340368354

1 1511 1541 1651,175

1 9092,0271,9671,955

56585559

7,8798,0178,0348,045

Phila-del-phia

1 0821,0841,0881,094

187186185186

15IS1515

13121211

159159158160

25242525

71717171

171176176177

291289290288

69696873

268270273274

140152156167

13141413

786815826837

Cleve-land

1,2181,2221,2251,227

164168165164

7766

157161159158

5333

73737373

150149150149

613615614619

28283131

185186189188

162156161154

20212022

768770769771

1

Rich-mond

357354353351

49505049

1111

48494948

7777

16161616

78777777

127122123123

24252424

56575655

61585760

11131212

245243239242


At-lanta

355351346345

47474446

3333

44444143

2333

12121212

130126126123

96959392

20202020

48484849

29302931

6777

215213203210

Chi-cago

1,9161,9482,0032,011

233241236230

2221

27353228

•>nik

204202201

33323130

31313131

313323319316

919930988

1,006

93929192

294299307306

699747752749

45474547

1,8531,9341,9571,963

St.Louis

554548540540

58575659

4445

54535254

9999

37373737

r106105104103

215214206204

37373939

92898989

7793

104106

9999

409419420424

Min-neap-olis

341343345347

33333433

1222

32313231

6665

6656

99101101

» 101

138137138139

14161617

45444545

76737177

5455

275276277285

Kan-sas

City

600599594592

47474746

1. i

1\

3333

43434342

23222220

13131313

111112110113

247244240238

35373943

124124123119

111117109116

11121212

533544532533

Dallas

425426424421

42424241

1111

41414140

222

? 2

25252525

110110109109

166166165163

39393939

41424242

67686768

9990

322326326323

SanFran-cisco

1,9081,9241,9411,936

17717817717S

12131214

165165165164

19181919

343343345345

320327325324

626632636629

87RS9694

336338343347

164158154162

16171717

762776

*772787

City

NewYork

7,6317,6747,730

'7,775

1,5831,6201,6091,655

775806798S44

58586060

750756751751

178169160153

128127127126

1.1881,2121,208

'1,207

3,2853,2743,3143,324

299299329316

970973983994

1,8401,9551,8891,885

43454346

7,4297,5477,5567,578

Chi-cago

1,5141,5471,5841,589

198206201196

222I

25333026

171171169169

23222120

16161616K-

241250243244

713725761777

79798080

244249257256

651695709703H34353536

1,5771,6541,6741,672

'Revised.



REPORTING MEMBER BANKS IN LEADING CITIES-Continued

(In millions of dollars!

Time deposits:June 5 „ ._June 12June 19 „ — „.June 26

Government deposits:June 5June 12 .June 19June 26

Due from banks:June 5June 12June 19 .—June 26 . .

Due to banks:June 5 ___June 12June 19 -_ —June 26

Borrowings from FederalReserve banks:

June 5June 12June 19 _June 26

Total

4,4244,3984.4344,427

732728675674

1.7771,8261,7991,842

4,3944.3884,3844,398


Boston

311310310310

51504747

114105112102

214212218211

NewYork

978967965955

411410382381

154158159199

1,9631,9551,9611,982

Phila-del-phia

291276275276

45454242

168172159162

259257258262

Cleve-land

454455457461

3232SO30

127130125130

205203197197

Rich-mond

140139140139

7767

9597

10096

105102103102

At-lanta

134133134133

22222020

72757980

85858486

Chi-cago

589590620619

36353130

308315291303

620627622616

St.Louis

168168168168

15151414

8710096

100

182184182185

Min-neap-olis

122122122122

3322

110119115103

125126120118

Kan-sas

City

158157157156

15161415

208218231223

294293298294

Dallas

123123123123

33322928

132132133136

135132130130

SanFran-cisco

956958963965

62615858

202205199208

207212211215

City

NewYork

564559559550

3893SS362361

717271

103

1,8961,8881,8931,914

Chi-cago

440441471470

25252222

212215206227

504514509503



OTHER BANKING AND FINANCIAL STATISTICSSHIPMENTS AND RECEIPTS OF AMERICAN

CURRENCY TO AND FROM EUROPEBY SELECTED BANKS IN NEW YOBK CITY

(Paper currency only. In thousands of dollars]

Month

JanuaryFebruaryMarchAprilMay. .. .„.„June.....JulyAugustSeptember.OctoberNovember.. _December

Total

1934

Ship-ments

toEurope

0101

108

630

230

19940

345

Re-ceiptsfrom

Europe

5,2563,7402,2002,9003,7803,4713,6015,1934,2542,5242,1291,539

40,587

Netreceipts

5,2563,7392,2002,8993,7703,4633,5385,1934,2312,5241,9301,499

40,242

1935

Ship-ments

toEurope

81173167373

1,012191

Re-ceiptsfrom

Europe

3,7051,5022,0261,4651,6121,451-

Netreceipts

3,6241,3291,8591,092

6001,260

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

Total..

1934

May 31

39633

7191,2251,288

341579116228

79

4,941

Dec. 31

42332

7711,2881,326

337577112216

57

5,095

1935

Jan.31

40132

7401,2401,293

336571111214

57

4,953

Feb. 28

40731

7551,2751,314

340575112217

68

5,039

Mar. 31

41032

7541,2851,309. 341

578113221

68

5,057

Apr. 30

41132

7491,2661,300

340580116230

58

5,036

May SI

42032

7601,2901,309

343588115225

69

5,098

NOTE.—Figures include, in addition to currency outside the Treasuryand Federal Reserve banks, unassorted currency held by these institu-tions amounting to $7,009,000-$14,000,000, 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

JanuaryFebruaryl l""!!"MarchAprilMayJuneJuly. . . : : : : :AugustSeptember :October....November...December.

* Preliminary.

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

1933 1934

943.41,007.11,113.91,159.81, ISO. 31,187.21,178.41,179.41,181.51,189.01,198.71,208.9

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

1,200.31,205.41,202.7

p 1,200.4v 1,204.5

MATURITY DISTRIBUTION OF BILLS ANDSECURITIES HELD BY FEDERAL RESERVEBANES


B i l l s d i s -counted:


Bills bought inopen market:

JunesJune 12June 19June 26

Industrial ad*vances:


TT Q t~lriT7*%wnu* o. uovern*ment securi-ties*JuneS

June 12.June 19.June 26

Total

8,0837,7346,8817,137

4.7004,7064,7234,690

27,02227,28227,38627,518

2,430,2062,430,2632,430,2412,430,227

With-in 15days

6,6756.4195,1805,070

1,1211,9981,777

870

1,2561,3171,3871,203

137,422115,36563,81066,160

16 to30

days

197192158412

1,648838857607

224163141183

63,81066,16045,55051,055

31 to60

days

317303290no

1,197671762714

320299266305

186,005170,30694,61783,637

61 to90

days

644592

1,0591,294

7341,1991,3272,499

349460557525

82,67972,48457,19052,033

91 daysto 6mos.

238216194235

2,8952,7942,8252,794

160,692190,032294,058315,251

Over 6mos.

1212

16

21,97822,24922.21022,508

1,799,5981,815,9161.875.0161,862,091

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

New York Ci ty . . . .Outside New York City

Federal Reserve districts:Boston... „New YorkPhiladelphiaCleveland..Richmond-AtlantaChicagoSt. Louis . - __MinneapolisKansas City... .DallasSan Francisco

T o t a l -

Numberof centers

1140

117

10137

152159

1510IS

141

1935

May

14,55115,655

1,63015,201

1,4731,591

551702

4,0428275418794SS

2,281

30,206

April

15,90515,746

1,68416,568

1,4801,544

565697

4,164757530887495

2,278

31,651

1934

May

14,65314,104

1,53215,2441,4591,419

517665

3,569724465810434

1,869

28,757



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

[Preliminary figures]

National banks —State bank members -Nonmember banks

Total

Licensed banks suspendedl

Number of banks

Year 1934

1

55

56

Jan.-June1935

2

14

16

Depositsa (in thou-sands of dollars)

Year 1934

40

36,904

36,944

Jan .-June1935

581

2,718

3,299

Nonlicensed banks placed in liquidationor receivership *

Number of banks

Year 1934

396<23501

920

Jan.-June1935

4M57

46

Deposits3 (in thou-sands of dollars)

Year 1934

401,983* 39,606205,140

646,729

Jan.-June1935

6,499«6,28411,485

24,268

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

receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearestcall dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reportedclosing of the banks.

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

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

wise specified. In effect on July 1,1935]

Advances direct to industrial or commer-cial organizations

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

gatedOn remaining portion

Commitments to make advances

Boston

3M-6

3

NewYork

4-6

34-51-2

Phila-delphia

4-6

13

1-2

Cleve-land

4H-6

1

Rich-mond

6

4-64-61-2

At-lanta

6

55

Chi-cago

5-6

»35-61-2

St.Louis

S

Minne-apolis

6

4^-54^5

KansasCity

4-6

44J ^-2

Dallas

5-6

45-6

1

SanFran-cisco

5-6

3-44-5

* Authorized rate 1 percent above prevailing discount rate.* Same as to borrower but not less than 4 percent.» Flat charge.


JtJLY 1935 FEDERAL EESERVE BULLETIN 481

ALL BANKS IN THE UNITED STATES

PRINCIPAL ASSETS AND LIABILITIES ON DEC. 31 AND JUNE 30, 1934, AND DEC. 30,1933, BY DISTRICTS

ALL BANKS

[Amounts in millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available]


ALL LICENSED BANKS 1

Boston...New YorkPhiladelphiaCleveland . .Richmond. .AtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

LICENSED MEMBER BANKS

BostonNew YorkPhiladelphiaCleveland.^RichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDa l l a s . . . . . . . : .San Francisco

Total

LICENSED NONMEMBER_ BANKS

Boston...New YorkPhiladelphia I . "ClevelandRichmondAtlantaChicagoBt. LouisMinneapolis... .Kansas CityDallasSan Francisco

' Total


Total

De-cem-ber1934

5,44117,1003,1723,0361,6821,1053,9771,289

9581,182

8503,666

43,453. . . •!'

1,88510,2162,1852 3661,059

8713 146

933699956725

3,110

28,150

3 5566,885

986670623234831356259226125556

5,303

June1934

' 5,461'17,028

3,1272,9531,5781,0243,7191,224

9311,127

8173,511

'42,502

1,89110 0782,1412 308

996812

2 878'877633905683

2,924

27,175

r 3 5(J9'6,951

9866455822138423472492231345S7

'15,327

De-com*ber1933

5,45616,2223,0022,7311,494

9303,2321,145

8711,075

7583,355

40,319

1,7929 4152,0812 099

936781

2 479792631849647

2,717

25,220

3 6636,807

920632557199753353240226111638

15,100

Loans

De-cem-ber1934

2,9048,3941,3831,288

767588

1,518607375432418

1,750

20,474

9714,3141,012

944465440

1 074383263351341

1,469

12,028

1 9334,080

37134430114844422411213277

281

8,446

June1934

'3,035'8,850

1,4361,356

774528

1,639579405499410

1,767

'21,278

1,0574,6241,0591 002

476392

1,124358283361328

1,459

12,523ITT. " '7=7 -11

'1 978'4,227

37735529813651522112213782

303

'8,755

De-cem-ber1933

3,1309,0781,4461,403

792564

1,730625428513423

1,846

21,977

1,0144,7251,0611 033

439423

1,208382299365348

1,486

12,833

2 1154,353

38537030314152224312914776

360

9,144

Investments

De-cem-ber1934

2,5378,7071,7881,748

916517

2,459682582700432

1,916

22,984

9135,9021,1731,422

593431

2,072550435606384

1,641

16,122

1,6242,805

616326322

863381321479443

275

6,862

June1934

2,426'8,178

1,6911,597

805496

2,080644526629407

1,744

21,223

8345,4541,0821,306

520419

1,754519400543355

1,466

14,652

1,592'2,724

609291234

773271261278552

279

'6,572

De-cem-ber1933

2,3267,1441,5561,328

702416

1,501520443563335

1,503

18,342

7784,6901,0201,065

447358

1,271411332434299

1,231

12,386

1,5482,455

536262254

532301101117935

278

5,956

Deposits, exclusive ofinterbank deposits

De-cem-ber1934

5,47916,9333,0393.07A

i

1,7941,182(,5311,375,052.432

1,0013,823

44,771

1,96210,0322,0982,3831,118

9093,534

930755

1,061845

3,266

28,943

3,5176,856

991692676273997445297371156557

15,828

June1934

5,457'15,788

2,9722,8651,6531,0464,0331,239

9741,346

9313,561

'41,870

1,9339,1202,0092,2181,045

8143,163

847699997792

2,973

126,615

3,524'6,668

963647607232871392275349139539

'15,255

De-cem-ber1933

5,27514,7412,6952,6611,494

9533,4331.131

8921,171

8283,330

38.505

1,7178,2101,8241,935

925747

2,728776637872693

2,707

23,771

3,5586,531

871626569207705356255299135623

14,734

Number of bt

De-cem-ber1934

9121,270

9501,2701,0571,1052,5791,6691,4302,0021,064

734

16,042

371791656627400332632391524734555379

6,442

541479294643657773

1,8971,278

9061,268

509355

9,600

June1934

9111,270

028,213,034,092

2,450,0-48.437

2,0141,074

734

15,835

373783644613394324653383631736554377

6,375

533432234630640768

1,7921,265

9061,278

520357

9,460

inks

De-cem-ber1933

9051,240

8G61,155

9851,0232,1371,5531,3901,9661,055

736

15,011

35575860654437330953536250270S537372

6,011

5504322G0611612714

1,5521,191

3881,258

513364

9,000

» Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on p. 484.Backftgures.-Sto Annual Reports of the Federal Reserve Board for 1929 (tables 83-85) and 1931 (tables 93-95); also BULLETINS for October

1932 (p. 663), April 1933 (p. 254), and February 1935 (p. 123).


482 FEDERAL RESERVE BULLETIN J U L Y 1935-

ALL BANKS IN THE UNITED STATES—ContinuedALL LICENSED BANKS IN THE UNITED STATES > — PRINCIPAL ASSETS AND LIABILITIES ON DEC.

31, AND JUNE 30, 1934, AND DEC. 30, 1933, BY STATES

[Amounts in thousands of dollars]

State

New England:MaineNew* Hampshire—. VermontMassachusettsRhode IslandConnecticut

Middle Atlantic:New YorkNew JerseyPennsylvania

East North Central:OhioIndianaIllinoisMichiganWisconsin

West North Central:MinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaKansas _

South Atlantic:DelawareMarylandDistrict of Colum-

biaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFlorida

East South Central:KentuckyTennesseeAlabamaMississippi

West South Central:ArkansasLouisianaOklahomaTexas

Mountain:MontanaIdahoWyomingColoradoNew MexicoArizonaUtahNevada

Pacific:WashingtonOregonCalifornia

Loans

Decem-ber 1934

112,117110,28493,618

1,916,189190,920622,279

7,592,747808,973

1,616,053

725,520205,696765,6342*4,079151,732

253,936163,714345,09522,48326,77081,409115,382

76,739204,850

84,365240,010118,388107,18741,703184,98655,532

187,255174,649112,83658,493

55,979125,28395,016376,378

25,02715,91818.17161,3239,31615,36138,5823,430

135,27352,525

1,493,840

June 1934

118,886111,47699,413

2,000,481203,302652,784

•7,987,491863,826

1,695,753

759,572213,578859,587298,310273,365

271,754154,546348.84325,72028,98182,748125,688

77,264218,770

246,831125.59796,69629,107

155,49845,159

191,911159,19095,07653,965

47,201117,00696,485368,631

27,20515,32020,24260,0129,56114,98640,48fi3,599

129,77954,283

1,513,672

Decem-ber 1933

117,294118,074103,334

2,056,809216,541672,265

8,166,080910,283

1,718,447

781,874222,334916,562330,416262,130

292,895159,423365,18123,28330.78788,723127,902

79,677227,280

89,108252,615129,96895,69130,857157,54047,918

209,913176.861101,63258,545

46,521132,544100,634376,924

29,74415,18520,86065,1369,70415,38457,1423,941

137.03456,215

1,567,124

Investments

Decem-ber 1934

176,949156,73680,716

1,522,362252,977452,474

7,890,249832.311

2,512,107

766,757249,310

1,422,309474,587320,297

391,975189,320502,04931,84634,914127,477125,927

71,946420,392

109,832166,59383.857115,58237,77496,129122,729

152,185127,44782,53257,920

46,563114,155141,214396.312

53,17733,42016,832

116,83313,91622,27657,25611,461

196,403108,947

1,496,882

Total 20.473,975 '21.278,326 21,977,334 22,984,214 '21,223,570 18,341.035 44,770,636 '41,870,082 38,504.743

June 1934

167,244154,38975,575

1,450,545253,093420,080

•7,415,471774,589

2,378,677

673,936209,164

1,213,735

277,652

353,797164,407476,95728,10431,479

110,602108,504

68,801373,633

103,375141,25179,49391,20033,50099,975124,606

137,373117,30572,76452,073

42,833107,061135,965373,134

48,44526,39914,563

110,99611.87222,60149.8639,368

179,793114,303

1,353,933

Decem-ber 1933

150,850151,19664,196

1,406,891249,854394,122

6,419,394 15,222,878732,914

2,135,211

526,266161,266910,787278,334195,695

290.355100,973391,85623,50830,03682,563

103,921

72,132324,605

99,160122,97863,17177,92430,61787,050

112,423

103,31389,74566,01041,979

36,97185,114130,393300,320

47,85622,53014,208

103,16612,21520,92242,7837,244

159,66599,507

1,167,766

Deposits, exclusive of interbankdeposits

Decem-ber 1934

285,444249,713165,337

3,475,967441,381

1,114,183

1,737,2973,931,722

1,639,325535,629

2,464,864886,206611,403

682,251417,011953,94265,36674,492234,152317,352

139,632629,339

237,594393.713221,170258,158105,158282,620205,288

327,065313,056203,730139,441

112,882268,841275,516898.714

102,78366,68945,731

224,48635,89752,460104,65719,638

350,796192,482

3,057.135

June 1934

284,222247,996167,545

3,472,887439,917

1,091,714

14,126,7651,680,3073,766,025

1,502,376475,858

2,207,091771,442572,181

632,395369,656887,65358,12267,227218,700290,628

129,610607,068

217,771379,837216,066204,01779,453256,080186,600

297,324278,248168,627120,033

98,543234,278273,061840,534

92,20453,51041,431206,21329,38549,49192,04r16,446

315,527182,703

2,873,268

Decem-ber 1933

271,938245,911170,556

3,336,567438,162

1,052,970

13,139,9001,604,5573,399,877

1,329,852415,406

1,965,350615,212452,100

584,977291,496786,43454,89160,480

172,839253,012

125.632535,743

205,032343,969186,715190,62177,574237,960165.633

270,224249,215160,936111,189

88,282219,292258,238738,227

91,92948,11439,576187,68826,71544,56486,91913,993

292,188165,982

2,699,106

Number of banks

De-cem-ber1934

10411398

40535

200

922427

1,136

706548882486624

689663710206212437743

49201

22329182216136327156

439332222213

23;14941294;

1236360

16142175810

204106283

16,042

June1934

10211395

40935

201

922423

1,111

687520878435607

62270221021!435752

49192

21328181214126322155

44432921213

230141

41fi957

1256463

16043176010

202105283

15. S3.1!

De-cem-ber1933

102-Hi9&

4063J

196

895-414

1.007

657510879-364444

691504638-20221040O76ft

48-179-

2131»171202120274144

427329203213

19814841&934

1296762

157•41IS6012

19999

15.011

' Revised.* Comprises all licensed national banks In the continental United States and all licensed nonnatioi* 1 banks described in footnote 1 on p. 484


J U L Y 1035 FEDERAL RESERVE BULLETIN 4S3

ALL BANKS IN THE UNITED STATES—Continued

LICENSED NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER31 AND JUNE 30, 1934, AND DECEMBER 30, 1933, BY STATES


State

Loans

Decem-ber 1934

June1934

Decem-ber 1933

Investments

Decem-ber 1934

June1934

Decem-ber 1933

Deposits, exclusive of inter bankdeposits

Decem*ber 1934

June1934

Decem-ber 1933

Number of banks

De-cem-ber1934

June1934

De-

ber1933

N e w England:Maine ..N e w HampshireVermontMassachusettsRhode IslandConnecticut

Middle Atlantic:New YorkNew JerseyPennsylvania

East North Central:OhioIndiana, . . .IllinoisMichiganWisconsin

West North Central:MinnesotaIowaMissouriNorth DakotaSouth DakotaNebraskaKansas

South Atlantic:DelawareMarylandDistrict of Colum-

biaVirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgia.Florida

East South Central:KentuckyTennesseeAlabama ___Mississippi

West South Central:ArkansasLouisiana ,Oklahoma ,Texas ,

Mountain:MontanaIdahoWyomingColoradoN e w MexicoArizona JUtahNevada

Pacific-WashingtonOregonCalifornia __.

35,61127,84520,609

107,093

477,975247,219820,700

260,87275,372551,693113,149121,610

183,26458,149133,82813,77913,46856,69754,966

8,32354,995

41,412136,57058,13630,50115,652112,45340,881

74,048121,81579,90619,376

29,40184,51983,767304,168

12,2235,81111,34147,8166,9915,14715,2412,507

76,10641,772

,032,648

38,99129,03721,809579,80041,862114,745

, 527,397268,298

276,47777,542594,923119,132129,032

194,94552,721133,00915,91814,62158,15559,482

8,535

37,36129,08221,866577,10921,481118,675

1,717,495281,789885,302

289,17980,591616,083144,357142,375

207,21555,707

42,768143,22461,23828,56111,00498,37132,469

71,529100,88268,40218,791

24,63777,12183,606291,200

13,3705,57012,35845,9967,3454,37316,2382,563

71,85943,342

1,027,756

18,31115,56462,47456,901

8,87258,302

42,739151,24963,04528,42911,861100,12935,265

76,372113,09875,27020,677

22,61387,68288,448306,667

15,0785,72912,79449,5027,6824,84016,9262,758

76,84345,508

1,039,742

61,12631,04026,777465,59739,37495,865

2,237,251338,946

1,241,870

402,287143,788

1,011,949281,926186,516

284,08795,019251,74125,81222,985107,38179,620

9,647183,635

67,263117,78450,34327,52417,55273,86999,583

106,00461,68023,568

31,63482,109125,647344,850

Total...

15,34013,324103,76911,7129,75228,65210,099

130,16096,382

1,039,274

54,885

24,280430,22033,04986,185

,017,679300,426,162,537

340,074124,563816,594229,499166,970

259,34587,438215,33623,97721,74894,174

9,168159,103

62,84099,21247,92521,21515,60279,498102,727

80,09399,18358,38721,374

30,21778,610121,625318,230

31,59211,71511,38597,4579,76310,92726,5938,103

123,906104,509902,358

46,28227,49619,498436,91020,36280,705

[,706,814286,955., 020,378

266,58594,170593,065170,569126,043

205,09257,955173,38420,76421,59471,43971,223

8,978129,459

64,62589,25535,88918,65214,67272,79992,589

58,36275,53253,62918,179

23,99160,650115,965263,926

31,9799,72511,06990,13210,46111,07621,5766,577

117,91991,903738,324

98,42952,34142,439

1,017,31074,166221,397

3,651,650640,266

1,884,285

704,825256,953

1,729,457468,056325,439

478,581160,498375,36347,80843,458168,124172,243

14,602230,002

132,440247,692115,65971,11539,505188,250155,660

153,500221,523142,55549,727

64,577181,346236,018742,465

61,08626,95931,401185,27828,97620,13846,81516,030

214,097163.792

2,124,575

98,08150,62340,301

1,047,75771,538212,220

3,296,383600,914

1,813,397

632,321223,213

1,564,957404,030304,480

440,874145,320347,56243,06939,707157,234156,205

14, 111215,186

122,102238,162113,97355,27130,862178,947141,013

137,883196,905122,62743,959

58,549159,025235,561

54,84521,77128,638170,16923,85519,69739,98413,190

192,381157,918

1,922,330

7,475,377 7,680,576 8,086,335 10,434,955 9,330,869 7,855,161 118,518,871 117,097,250 15,385,733

90,89948,32335,563966,18531,769200,352

3,042,541563,097

1,648,244

539,568188,631

1,387,102317,168253,419

401,029118,118

' 305,54641,56236,848128,960137,603

13,942177,062

119,830218,52694,16250,40928,979163,744129,449

124,639177,314118,51040,333

45,770146,849223,719605,526

55,69420,19827,368155,42622,11817,96733,18611,033

185,710143,176

1,742,507

4052431321254

461236711

25312529285106

211123906964138192

1337944195350

737225

5130217456

46252681248136

6753130

52421381254

459234697

24812028186105

211121907164137196

1662

91327842185450

717025

5128219456

43252680248146

6753130

4052401331054

444225642

2271132637091205106.366363128195

1559

1296940165046

92

24

4626217445

47252574253147

51134

5,462 j 5,417 I 5,154



ALL BANKS IN THE UNITED STATES—Continued

LICENSED STATE BANKS *—PRINCIPAL ASSETS AND LIABILITIES ON DEC. 31 AND JUNE 30, 1934,AND DEC. 30, 1933, BY STATES


State

Loans

Decem-ber 1934 June 1934 Decem-

ber 1933

Investments


ber 1933

Deposits, exclusive of inter-bank deposits


ber 1933

Number of banks

De-cem-ber1934

June1934

De-

ber1933

New England:MnlneNew H a m p s h i r e - .VermontMassachusettsRhode IslandConnecticut

Middle Atlantic:New York ,New JerseyPennsylvania

East North Central:OhioIndiana .IllinoisMichiganWisconsin

West North Central :Minnesota . -IowaMissouriNor th D a k o t a . . . . . .South DakotaNebraska ,Kansas

South Atlantic:DelawareMarylandDist. of Columbia. . .VirginiaWest VirginiaNor th CarolinaSouth CarolinaGeorgiaFlorida

East South Central :Ken tuckyTennesseeAlabama.Mississippi,

est South CeiWest South Central:ArkansasLouisianaOklahoma

„ TexasMountain:

MontanaIdahoWyomingColoradoNew MexicoArizonaUtahNevada

Pacific:WashingtonOregon " I I "California

76,50682,43973,009

1, 407,196151,961515,186

6,114,772561,751795,353

464.G48130,324213,941170,930130.122

70,672105,5652U, 267

8,70413,30224,71260,416

68,416149,85542,953

103,44060,25276,686

•26,05172,53314,651

113,20752,83432,93039,117

26,57840,76412,14972,210

12,80410,1076,&30

13,5072,355

10,21423,341

923

59,16710,753

461,192

79,89582,439|77,604

1,420,681161,440538,039

•6,460.094595,523'835,0641

483,095136,036264,664179,178144,333

76,809101,825215,8349,80214,36024,59366,206

68,729159,88745,922103,60764,35968,135

»18,10357,12712,690

120,38258,30826,674

'35,174

22,564^39,88512,87977,431

13,8359,7507,88414,0162,21610,613

1 24,2481,036

57,92010,941

485,916

79,933,88,99281,468

1,479,700195,060,653,590

6,448.585628,494833,145,

492,695141,743300,479186,059119,755

85,680103,716225,8839,97215,22326,24971,001

70,805168,97846,369

101,36666,92367,262

•18,99657,41112,653|

133,54163,76326,36237,868

23,90844,86212,18670,257

14,0669,4568,066

15,6342,022

10,54440,2161,183

60,19110,7071

527,382

115,823125,696153,939

1,056,765'213,603356,609

5,652,998493,365

1,270,237

364,470105,522410,360192,661133,781

107,88894,301250,3086,03411,92920,09646,307

62,299236,75742,56948,80933,51488,058

•20,22222,26023,146

63,18621,44320,85234,352

14,92932,04615,56751,462

19,33418,0803,50813,0642,20412,52428,6041,362

66,24312,565

457,608

112,359125,69651,295

1,020,325220,0441333,895

•5,397,792474,163

l,216,140|

333,862184,601

397,141159,593110,682

94,45276,969

261,6214,1279,731

16,42838,624|

59,633214,53040,53542,039131,568!

104,568123,70044,698,

229,492313,417

187,015197,372122,898

2,458,657367,215892,786,

186,14:197,373127,244

2,425,130368,379879,494

181,039197,588134,988

2,370,382406,393852,618]

4,712,580 11,445,959

1,114,833

259, 70167,096

317,722107,76569,652

1,571,2281,097,0312,047,437|

934,500278,676735,407418,150285,964

10,830,382 10,097,359

» 17,89820,47721,879

57,280,18,12214,377

Total..

12,61628,451114,34054,904^

16,85314,6843,17813,5392,10911,67423,2701,265

55,8879,794

451,575

85,26343,018218,4722,7448,44211,12432,698

63,154195,14634,53533,72327,28259,272

» 15,94514,25119,834,

44,95114,21312,38123,800

12,98024,46414,42836,394

15,90712,8053,13913,0341,7549,84621,207

667

41,7467,599

429,442

203,670256,513,• 578,579

17,55831,03466,028

i 145,109

125,080399,337105,154146,021105,511187,043* 65,653

94,37049t628

173,565»91,53361,17589,714

48,30587,49539,498156,249

41,697» 39,73014,33039,208

• 6,921» 32,32257,8423,608

136,69928,690932,560

1,079,3931,952,628

870,055252,645642,134 i367,412]267,701

191,521224,336]

* 540,09115,05327,52061,466

' 134,423

115,499391,88295,669141,675102,093148,746* 48,59177,13345,587

159,441[» 81,343

46,00076,074

.2,993,598 13,597,750

75,25337,500142,384

37,359* 31,73912,79336,0445,530

* 29,79452,0633,256

123,14624,785

950,938

1,041,4601,751,633

790,2841226,775578,248298,044193,681

183,94s!U 73,378'480 ,888

13,32923,63243,879

' 115,409

111,690358,68186,202

125,44392,5531

140,212«48,595

74,21636,184

145,585» 71,901

42,42670,856

42,51272,44334,5191

132,701

55273

23146

461191425

453423|590401518

478540620137148299551

13813

196,103172

*117269106

3401259150188

186119195491

36,235•27,916

12,20832,2624,597

» 26,59748,733

2,905

77383480189

'454

106,478!22,806956,599

137153

153

63|6153

27123|

147

463,

.as1597,349502|480501612139148298556

1301

196:103172

•108268105

346258147188

179119197501

77393780199

464

13552

153

2,549,259 11,892,701 10,486,824 26,251,765 24,772,832 23,119,010 10,580 10,418

626453

27323

142

451189365

430397616294353

552134147272571

12012

190102162

• 10422498

335260139189

152122199

824237831610465

13148

155

9,857

r Revised.

i pursuant to the

Oct.N O T E - A l l Dec- 31,1934, columns are as of Dec. 31, except as follows:

anks. Mar. 30. was- T U W « ^ *r~- *• -i—.»- ~rune.31;

_ columns are as of Dec. 30, except aTfollows:"New~Hamp"shuV, Juneither nonmember banks, June 30; Kentucky, June 30; Colorado, Nov. 25.


J U L Y 1935 FEDERAL RESERVE BULLETIN 485

ALL BANKS IN THE UNITED STATES—ContinuedPRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DEC, 31 AND JUNE 30, 1934, AND

DEC. 30, 1933, BY STATES[Figures In this table are also Included In the table on p. 484 covering " State banks." For December 1933 figures relate only to private banks under

State supervision; for 1934 figures include private banks that have agreed to examination by the Comptroller of the Currency or a FederalReserve bank, under the provisions of sec. 21 (a) of the Banking Act of 1933]


State

Connecticut ~-Florida

GeorgiaIndiana.-*-IowaKansas . - ^.~MassachusettsMichiganMissouriNew JerseyNew York

OhioPennsylvania „South Carolina _~Texas

Total „ .

Loans

Decem-ber 1934

8357

4111,158

1,8042,2821,469

15541

1,973114

11»85,174

1,78413,666

9028,150

119,134

June1934

8637

3,5051,098

5042,5341,441

171

1,937157

••89,6448 2,39515,577

84612,685

'132,482

Decem-ber 1933

3,160

256

•156

«856

3,518'403

8,214

Investments

Decem-ber 1934

312

274104

3981,0771,309

217

1,337

21»294,024

49137,145

354,019

340,466

June1934

31

339151

308882

1,332209

1,158

21r 199,169

'36538,988

16,371

259,297

Decem-ber 1933

814

172

22*4,914

4911,465

7,878

Deposits, exclusive of inter-bank deposits

Decem-ber 1934

38211629995

2,3254,7793,896

43241

3,777U8

10* 320,660

2,64957,0881,097

14,653

413,298

June1934

5588

671977

1,4474,4103,791

416

3 412169

'186,267

8 2,92557,968

94815,831

r 279,231

Decem-ber 1933

4,825

452

'207

M.S49

4,3621,818

16,333

Number of banks

Decem-ber 1934

1844

46331421

2811

2»2G

1431

131

241

June1934

1453

4233142

2712

19

31633

133

236

Decem-ber 1933

41

3

*l

2512

93

' Revised.i Figures as of Nov. 5.* Figures as of Mar. 30,1935, except 2 banks not under State supervision which are as of Dec 31.

* Figures as of June 25.4 June 1933 figures repeated.

MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DEC. 31 AND JUNE 30,1934,AND DEC. 30, 1933, BY STATES

[Figures in this table are also included in the table on p. 484 covering "State banks."

State

MaineNew HampshireVermontMassachusettsRhode IslandConnecticut:

District no. 1District no. 2

New York..New Jersey:


Pennsylvania:District no. 3District no. 4

DelawareMarylandIndiana:


MinnesotaWisconsin:


Ohio \WashingtonCaliforniaOregon

Total _

Loans

Decem-ber1934

36,6621.73,523

35,51831,189,520

58,805

302,28984,604

3,245,620

151,3925,386

85,62914,40012,28159,231

9,0485,097

12,541

2,53485

38,66026,77241,248

34

5,490,879

June1934

37,55573,52339,071

1,211,61761,842

314,59488,463

3,330,851

157,7755,603

91,75614,75212,92062,921

11,0084,622

14,430

2,962

> 39,62428,72143,134

20

5,647,769

Decem-ber1933

38,531»76,728

42,000*l,258,038

67,677

324,99690,664

13,484,016

165,7905,834

101,14614,92313,41167,046

10,7056,504

16,981

1,489

42,98831,59545,237

12

5,906,311

Investments

Decem-ber1934

87,1431119,145

31,970»872,898

107,293

221,87863,810

1,907,165

142,0897,907

353,25433,71919,568

136,933

2,6481,925

45,671

1,57723

59,97023,73050,280

120

4,290,722

June1934

85,198119,14531,549

855,752105,928

211,19059,274

1,943,942

136,4597,884

348,69832,39619,040

130,804

7472,190

40,752

1,301

• 56,40318,96348,560

50

4,256,225

Decem-ber1933

82,909» 112,176

27,710»820,454

102,625

200,08755,533

11,892,611

114,4216,928

336,03731,52317,248

123,930

1,513950

37,350

551

58,18513,54242,634

26

4,078,943

Amounts in thousands of dollars]

Deposits

Decem-ber1934

119,2771183,441

71,68812,052,306

169,454

522,206145,843

5,156,251

301,82013,775

478,42146,74929,350

200,303

12,1766,692

61,994

4,24895

112,34751,56487,423

157

9,827,580

June1934

118,888183,44175,499

2,051,112169,981

518,434144,653

5,139,593

297,66113,889

466,51946,46429,070

196,250

11,9226,488

60,157

4,249

a 103,88449,16987,573

70

9,779,966

Decem-ber1933

116,584»176,284

77,559»2,031,9l3

168,972

508,134141,771

15,134,980

292,48313,522

462,89245,64628,040

187,716

11,8966,147

57,900

1,910

108,62246,49188,190

38

9,707,690

Number of banks

Decem-ber1934

33148

191193

9

5914

137

223

712

13

411

413311

579

Junex934

334819

1939

5914

138

223

712

13

411

3

»3311

578

Decem-ber1933

33150

19a 193

9

5914

139

223

712

12

411

2

3311

579

1 June figures repeated for December. »Figures as of Oct. 31. • Figures as of June 25.



WHOLESALE PRICES, BY GROUPS OF COMMODITIES

(Index of Bureau of Labor Statistics. 1926-100]

Year, month, and week

1929193019311932 - . -19331934

1934—MayJuneJulyAugustSeptemberOctober . . .NovemberDecember

1935 JanuaryFebruary . . . . . .MarchAprilMay

Week ending—1935—Mar. 2

Mar. 9Mar. 16Mar. 23 .Mar. 30Apr. 6Apr. 13 -Apr. 20Apr. 27May 4 . .May 11May 18.,May 25June 1June 8 . . . . . . . . .June 15June 22June 29..

Allcom-,modi-ties

95.386.473.064.865.974.9

73.774.674.876.477.676.576.576.9

78.879.579.480,180.2

79.679.679.478.878.979.279.980.380.380.179.980.080.380.279.979.879.378.9

Farmprod-ucts

104.98S.364.848.251.465.3

59.663.364.569.873.470.670.872.0

77.679.178.380.480.6

80.080.079.277.677.578.681.081.881.781.180.880.981.580.779.979.978.077.1

Subgroups

FAEM PRODUCTS:GrainsLivestock and poultryOther farm products.

FOODS:Butter, cheese, and mCereal productsFruits and vegetables

ilk

Other foodsHIDES AND LEATHER PRODUCTS:

Boots and shoesHides and skinsLeatherOther leather products

TEXTILE PRODUCTS:ClothingCotton goodsKnit goodsSilk and rayonWoolen and worsted eoodsOther textile products

FUEL AND LIGHTING MATERIALS:AnthraciteBituminous coalCokeElectricityGasPetroleum products..

Foods

1934

May

63.947.865.0

67.187.368,2

60.8

98.573.576.386.8

82.786 365.326.581 077.3

7fi.794.684 K88.994.650.7

99,990.fi74.fi61,060 570.5

67.169.870.673.976.174.875.175.3

79.982.781.984.584.1

82.582.182.681.181.882.984.585.385.484.984.183.884.384.483.783.482.581.6

Other commodities

Total

91.685.275.070.271.278.4

78.978.278.478.378.378.078.078.0

77.777.477.377.277.6

77.677.577.377.377.377.277.277.377.577.577.577.677.877.877.877.977.977.9

Hides andleather

products

109.1100.086.172.980.986.6

87.987.186.383.884.183.884.285.1

86.286.085.486.388.3

a

86.686.486.085.885.785.685.986.587.988.088.188.489.589.989.189.489.389.6

1935

Feb.

87.478.476.8

87.091,963.6

77.2

97.269 674.6A4.fi

78.583 363.628.173 668.6

82.396.4as. s90.387.748.7

Mar.

8Z885.872.1

82.992.163.291.673.497.266 674.284.6

78.582.462.527.3

67.7

81.196.3

88.388.649.8

Apr.

87.985,974 A

81.993.367.3

76.2

97.271 274.984 6

78.581 861.627.6T*X 167.5

75.595.488.787.888.051.0

May

83.287.675.0

77.792.366.397.077.797.276 179.684.4

78.509 760.427.6Ti K68.2

73.095.783.7

Textileproducts

90.480.366.354.964.872.9

73.672.771.570.871.170.369.770.0

70.370.169.469.269.4

69.469.369.068.868.868.763.869.068.868.768.768.869.469.369.369.169.769.7

Fuel andlighting

materials

83.078.567.570.366.373.3

72.572.873.974.674.674.674.473.7

72.972.573.072.873.1

73.973.873.874.074.274.174.074.074.374.474.474.274.174.474.774.974.774.8

Metalsand metalproducts

100.592.184.580.279.886.9

89.187.786.886.786.686.386.285.9

85.885.885.785.986.6

85.085.185.084.985.085.085 085.185.285.285.285.385.685.685.685.985.986.1

Buildingmaterials

95.489.979.271.477.086.2

87.387.887.085.885.685.285.085.1

84.985.084.984.684.8

84.785.084.685.084.984.384 584.384.484.984.784.884.984.985.185.385.184.9

Subgroups

METALS AND METAL PRODUCTS:Agricultural imnlfvmpntsIron and steelMotor vehiclesNonferrous metals

BUILDING MATERIALS:Brick and tileCement _.LumberPaint materialsPlumbing and heatingStructural steel

CHEMICALS AND DRUGS:ChemicalsDrags and PharmaceuticalsFertilizer materials

HOUSEPURNISHING GOODS!FurnishingsFurniture . . . . . .

MISCELLANEOUS:Auto tires and tubesCattle feedPaper and pulpRubber, crudeOther miscellaneous

Chemi-cals and

drugs

94.289.179.373.572.675.975.475.675.475.776.577.176.978.1

79.380.481.581.081.2

81.681.681.580.980.480.280.580.780.880.880.780.881.080.880.780.480.079.5

1934

M a y

91 190.297 368.1

91 289.485.980 375.094.5no n

78 672.866.4

84.180.144.672.583.727.783.6

House-furnish-ing goods

94.392.784.975.175.881.582.082.081.681.881.881.781.381.2

81.280.780.780.780.6

81.982.081.981.981.981.981.981.982.082.082.082.082.082.081.881.781.781.8

Miscel-laneous

82.077.769.864.462.569.769.870.269.970.270.269.770.671.0

70.770.169.268.768.7

69.969.8fi9.068.868.868.468.468.7m 968,968.969.069.069.068.968.468.468.0

1935

Feb.

93 686.193.667.2

90 693.980.578 867.192.0on 3

86 573.166.2TO Q

84.177.247.5

109.080.926.280.1

Mar.

93.686.093.667.1

90.294.479.979.467.292.090 1

88.173.066.3TO ft

84.177.346.6

102.280.623.580.1

Apr.

93.686.093.668.2

89.794.9

79.267.192.089 487.273.866.072.9

84.277.146.3

104.980.4

79.0

May

93.686.694.469.2

89.394.979.879.967.192. U89 8

87.574.265.97* 1

84.177 1

45.0107.080.024.979.4

of L S S S!Sf««of Labor Statistics. For f ^ 2 a n n U a l ^ ^ S S f g r ? u p s ' ^ A n n u a l R e P ° r t f o r 1 9 3 3 < t o b t o 120>* M<x&i of subgroups available at Bureauy indexes covering 1932 and 1933, see Annual Report for 1933 (table 121) and BULLETIN for February 1934, p . 139.


JoiY 1035 FEDERAL RESERVE BULLETIN 487

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1023-25 average-100]

Industry

Manufactures—TotaL.

IRON AND STEEL.,Pig ironSteel ingots...

TEXTILESCotton consumption -Wool

ConsumptionMachinery activity iCarpet and rug loom activity K.

Silk deliveries

FOOD PRODUCTSSlaughtering and meat packing ,

Hogs _._-Cattle ,.Calves ,Sheep

Wheat flourSugar meltings

PAPER AND PRINTING:Newsprint production. __Newsprint consumption.,

TRANSPORTATION EQUIPMENT:AutomobilesLocomotivesShipbuilding

LEATHER AND PRODUCTSTanning ,

Cattle hide leathersCalf and kip leathersGoat and kid leathers

Boots and shoes

CEMENT AND GLASS:CementGlass, plate

NONTERROUS METALS: »Tin deliveries i

FUELS, MANUFACTURED:Petroleum refining

Gasoline *KeroseneFuel oil iLubricating oil *..

Coke, byproduct

RUBBER TIRES AND TUBES.,Tires, pneumaticInner tubes

TOBACCO PRODUCTS..CigarsCigarettes

Bituminous coalAnthracitePetroleum, crudeIron oreZinc...L : : : : : : : : : : :Lead..Silver

1934

May

88

846685

889565637257

112

108104110128127

68115

118

78118134

57

73

15319195

101108102

818363

12862

178

7076

12740656644

June

83

856687

777463616862

109

10387

1231391289080

64118

10187858209

•110

1541959410395100

848762

13265183

87

696913054585645

July

74

474248

787961626744101

1021209215519813481

63116

868174111103

64

156201921009278

8385

12863177

646312852575340

Aug.

654796

106128791922441457964

63117

61595

97838267101106

48

65

157202911039074

798256

12666172

60

6150124476044

Sept.

120142892162251628594

65121

517

133

838079679794

152193851029173

798261

12566171

82

6462122446155

Oct.

9459636146135

1071199514414522S83101

62116

58

1531969293GO73

828560

12066161

81

6553122357666

Nov.

73

433250

879069826832111

1021109013312114384102

115

67

155199911018973

107110

12569163

81

656412114775535

Dec.

85

643467

979285979241140

1021077914613013987108

113

88918

10493929690112

45140

154194891039876

13313991

14376196

90

7272124

1935

Jan.

00

794982

1039810211611052119

91835412013213386130

61121

104827

107969397105114

42174

78

151191999991

11511982

13672186

94

7476131

Feb.

83

795782

10095979711665122

8170561011091319086

61122

1038

108'979391112116

45166

73

1551961051029495

10110476

13369183

96

8167132

Mar.

90951029971135

777361931121518875

123

1068

103969190112117

47183

81

1531911081019490

96

13067ISO

97

8754132

Apr.

53639384

' 110131'92'80117

807758961131578380

69119

110991

'11397

'9383120'123

51185

97

153194919610087

9166

13367193

87

6009130

"7553

'49

May

'84

656666

102851241539980111

787454941031618388

64121

1111009887119118

55155

84

160204

94104100

757866

13466

136

7113153736361

1 Without seasonal adjustment. • Includes also lead and zinc; see "Minerals." p Preliminary. ' Revised.

NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, andSeptember 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanicalwood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.



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

Industry

1934

May June I July I Aug. I Sept. I Oct. I Nov. I Dec.

1935

Jan. Feb. Mar. Apr. May

Manufactures—Total.

IRON AND STEELPig iron *Steel ingots

TEXTILESCotton consumptionWool

ConsumptionMachinery activityCarpet and rug loom activity.

Silk deliveries

FOOD PRODUCTSSlaughtering and meat packing...

HogsCattleCalvesSheep

Wheat flourSugar meltings

PAPER AND PRINTING:Newsprint productionNewsprint consumption

TRANSPORTATION EQUIPMENT:AutomobilesLocomotivesShipbuilding

LEATHER AND PRODUCTSTanning

Cattle hide leathersCalf and kip leathersGoat and kid leathers

Boots and shoes

CEMENT AND GLASS:CementGlass, plate

NONFERROUS METALS: ITin deliveries

FUELS, MANUFACTURED:Petroleum refining

GasolineKeroseneFuel oilLubricating oil

Coke, byproduct

RUBBER TIRES AND TUBESTires, pneumaticInner tubes

TOBACCO PRODUCTSCigarsCigarettes ,

Minerals-Total

Bituminous coal ,Anthracite i ,Petroleum, crudeIron oreZincLeadSilver

9762587257

111

10510010714412484

119

9310£0

108888574109122

73

15319192101108101

10210677

13064179

6176128GO666543

856687

73716055686297

95102891161441268095

66117

92247

9786837999104

68

1541958710395

10210574

14470202

87

£360132106555744

444044

737257•65674496

100113821541921347884

61103

7986105106

64

156201861009275

818365

13967194

84

5852131105535134

71

3533

767757566547100

100115601382241468572

61104

675

140

10785808199122

65

157202871039072

788162

13569186

50126955643

62

4041104

12213867240216188100100

64118

567

133

102858277102112

85

152193871029171

767861

13976188

87

686212585585234

73

403141

929762696146135

1101208116815225193

62123

58

15419697989073

737554

12981169

87

7163123607353

73

453246

919373896832115

1031239915912414290

60123

87

67

156199991018974

808358

12882166

84

736512011775738

76

9241125

1031231041531241368361

121

35105

SO

155194961039377

92

11557161i*

85

7671120

87

764979

10810210411911052136

90947212112313484

62116

929480100103

25155

78

151191101999189

10611075

12855182

91

8282126

91

10510110110511665130

797562891011238784

61121

111843

110100

MOO84116117

27179

73

15619610710294

11011480

12160166

92

8572129

91

805882

10094961049971130

756951861141378388

59128

1308

81

1531911051019492

10210574

12461171

90

8745130

91

745675

10090

'103127r92'80116

766952851231488093

60127

141888

111949280115122

34199

'111'96'9379119

'121

50205

97

153194909610087

10310775

12763175

79

5172130

7857

'49

715772

10188117.1419980110

787252911221587899

65124

108

102959483

110107

65169

84

16020490

10410089

9699

13668

188

88

6071

13280736250

»Includes also lead and zinc; see "Minerals." » Preliminary. 'Revised.

NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, *"wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision.

box board, mechanical


JCLT 1935 FEDERAL RESERVE BULLETIN 489

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES[Adjusted to Census of Manufactures through 1931. 1923-25 average* 100]

Industry and group

Total

IRON AND STEEL AND PRODUCTS .Blast furnaces and steel worksCast-iron pipe _Cutlery and edge tools-HardwareSteam, hot-water heating apparatus, etcStoves.Structural metal work . . . .Tin cans etcWirework

MACHINERYAgricultural implements. .Electrical machinery, etcEngines, turbines, etcFoundry and machine-shop productsMachine tools.Radios and phonographsTextile machinery...

TRANSPORTATION EQUIPMENT „ .AutomobilesCars, electric and steam railroadLocomotivesShipbuilding..

RAILROAD REPAIR SHOPSElectric railroads .Steam railroads

NONTERROUS METALS AND PRODUCTSBrass, bronze, and copperLighting equipmentSilverware and plated wareSmelting and refiningStamped and enameled ware

LUMBER AND PRODUCTSFurnitureLumber, millworkLumber, sawmills

STONE, CLAY, AND GLASS PRODUCTSBrick, tile, and terra cottaCement

Pottery

TEXTILES AND PRODUCTS.A. Fabr ics . ,

Carpets and rugs. .Cotton goodsDyeing and finishing. .Knit goods g

Silk and rayon goods -Woolen and worsted goods

B. Wearing appa re l . . .Clothing, men ' s . . .Clothing, women'sMil l inery, . . _Shirts and collars

LEATHER AND PRODUCTS .Boots and shoes . .Leather. . . .

Factory employment

Without seasonaladjustment

1935

May

81.2

72.373 549.178.3

• 53.251.499 155.890 4

127.4

84.597.070.7

101.473.883 0

168.063 6

102.7116 460.330 176 6

53.665.752 7

80.480.869.273.979.595.6

50.967 040.734.0

55.029.657.094.871 5

93.591.079.788.0

110.0112.065.991.195.387.6

123.961.6

106.5

87.385.993.2

April

82 4

72.273.747.380.354.450.297.455.388.3

128.9

85.197.070.997.574.381.8

182.465.8

104.8119.959.132.374.6

52.965.652.0

80.981.870.171.777.197.6

51.768.639.734.8

53.227.650.094.273.4

97.293.379.191.9

114.6114.371.087.0

101.894.7

134.869.6

104.3

91.590.894.5

1934

May

'82.5

75.276.851.181.382.047.795.558.591.2

134.8

81.383.065.468.973.671.9

201.275.9

'99.7114.4'50.6

29.273.1

59.666.759.1

77.881.265.671.165.395.6

51.061.340.436.1

57.733.157.695.174.9

96.194.968.0

101.4113.0113.972.875.394.781.5

126.578.0

106.7

91.491.392.1

Adjusted for seasonalvariation

1935

May

81.3

71.472.448.177.952.851.197.256.189.5

127.8

84.994.170.799.972.781.8

200.062.6

94.0105.954.929.474.3

53.365.752.3

80.880.370.474.480.194.3

51.370.540.233.4

53.628.055.393.170.9

93.691.078.987.3

110.0111.365.693.195.392.1

118.061.7

107.0

89.883.694.5

April

82.3

71.172.246.877.654.049.794.756.087.9

130.2

86.091.670.996.073.180.7

231.265.3

99.1113.554.731.870.0

52.665.651.6

79.980.469.371.675.594.9

52.471.139.435.0

52.727.450.392.772.3

96.092.777.091.5

111.8112.270.088.499.297.7

122.363.4

105.6

92,291.794.3

1931

May

'82.6

74.375.750.180.981.347.493.658.990.3

135.2

82.080.565.467.972.470.8

239.474.7

'91.2104.1'46.1

28.670.959.266.758.778.280.766.771.665.894.3

51.364.539.935.656.231.355.993.474.2

96.094.867.3

100.6113.0113.272.477.094.885.7

120.478.1

107.2

94.094.293.4

Factory pay rolls


1935

May

68.5

58.461.027.459.642.334.574.241.087.0

115.9

67.8110.558.274.267.970.1

101.551.694.2

105.165.813.866.252.560.252.063.361.558.257.051.184.8

34.947.129.120.240.317.736.881.650.3

75.574.973.770.786.2

102.054.571.272.164.489.448.6

103.9

73.167.790.0

April

70.8

59.462.326.360.146.333.873.739.885.4

121.5

67.6108.858.469.658.067.8

107.051.6

102.7117.165.115.062.050.760.450.164.464.1

51.249.889.6

37.549.2

39.316.331.982.753.4

82.478.074.274.095.7

110.359.666.586.482.5

103.970.0

104.4

79.175.19L4

1934

May

67.1

61.366.129.959.361.830.668.541.586.9

123.1

62.287.249.945.256.859.3

112.462.9

'88.3100.4'49.2

12.760.053.859.453.560.662.1

52.042.083.6

34.640.5

39.5IS. 135.875.850.2

74.174.953.379.587.8

106.456.354.168.153.388.667.994.1

78.977.682.0

r Revised.



FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued[Adjusted to Census of Manufactures through 1931. 1923-25 averages 100]

Industry and group

Factory employment


1935

May April

1934

May

Adjusted for seasonalvariation

1935

May April

1934

May

Factory pay rolls


1935

May April

1934

May

FOOD PRODUCTSBakingButterCanning and preservingConfectioneryFlourIce CreamSlaughtering and meat packingSugar refining, cane

TOBACCO PRODUCTSChewing and smoking tobacco, and snuff..Cigars and cigarettes--

PAPER AND PRINTINGBoxes, paperPaper and pulpBook and job printingPrinting, newspapers and periodicals

CHEMICALS AND PETROLEUM PRODUCTSA. Chemical group, except petroleum

Chemicals.... _...* . . . . . . . . . . .Druggists' preparationsExplosivesFertilizersPaints and varnishesRayon and allied productsSoap

B. Petroleum refining ,_.

RUBBER PRODUCTSRubber boots and shoesRubber tires and inner tubes

95.1112.773.269.174.373.577.780.683.6

56.666.355.3

96.584.5

109.986.299.6

108.0108.0107.196.887.3

110.1112.6326.998.2

108.3

81.247.273.5

94.7111.870.470.777.674.269.181.583.8

56.868.755.3

96.985.7

109.887.199.4

111.5112.3106.998.984.6

155.3109.2334.9102.7108.3

'82.fi'47.1

74.9

99.6113.284.467.971.674.079.696.786.4

61.376.959.3

95.085.3

107.286.699.1

106.1105.3111.297.798.3

111.8107.4267.7102.3109.5

89.147.882.7

102.0112.772.3

108.082.674.874.281.683.1

56.867.955.4

97.187.8

109.987.299.3

109.3109.5109.0100.490.6

103.7108.6326.998.9

-108.5

79.949.770.1

101.4113.671.895.585.475.371.984.284.4

57.770.856.0

97.388.2

109.887.799.1

108.1108.0106.3100.787.183.7

108.8334.9101.4108.3

'82.3'49.2

73.6

106.4113.283.4

106.179.675.476.097.985.9

61.678.859.4

96.588.7

107.287.693.8

107.9107.4113.1101.3102.0105.3103.6?67.7L03.0109.7

87.550.378.9

86.997.357.478.763.462.362.274.075.7

43.864.541.2

84.375.586.978.890.4

94.994.297.893.974.491.795.1

237.193.897.1

66.843.259.2

85.595.554.778.764.762.555.574.376.2

43.164.940.3

84.678.187.377.190.5

95.995.696.297.769.3

119.991.9

242.797.096.9

'71.2'43.8

65.4

87.295.364.768.660.661.263.780.770.5

46.365.343.9

80.676.279.873.488.4

88.387.094.488.575.284.087.9

191.287.192.7

70.342,8615

'Revised.

NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics



CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION

[Figures for 37 States east of the Eocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts In millions of dollars]

Month

January.*... „February.MarchAprilM a y . . .June .JulyAugustSeptember . .-.OctoberNovemberDecember

Year

Total

1934

186.596.7

178.3131.2134.4127 1119 7119.6110.2135.2111.792.7

1,543.1

1935

99.875.0

122.9* 124- 0

126.7

Residential

1934

15.114.528.122.624.826.619 818.617.926 319 914 6

248.8

1935

22.416.632.2

r 42. 244.9

Factories

1934

. 10.74.2

15.98.38.38.7

25 710.06.18.54.65.1

116.1

1935

7.17.86.56.39.8

Commercial

1934

9.47.6

13.011.924.611.912.913.513.113.511.08.2

150.6

1935

10.89.2

12.215.213.9

Public worksand public

utilities

1934

113.753.292.969.956.857 439 150.650.065.252.350.1

751.2

1935

44.427.846.340.531.4

Educational

1934

19.65.48.88.5

10.49.77.8

12.212.59.08.65.0

117.5

1935

3.75.8

10.4•"8.3

9.0

All other

1934

17.911.819.69.89.5

12 814 414.710.612.715.39.8

158.9

1935

11.47.9

15.4r 11 5

17.7

* Revised.

CONSTRUCTION CONTRACTS AWARDED, BYDISTRICTS

, j for 37 States east of the Rocky Mountains, as reported byhe F. W. Dodge Corporation. Value of contracts In thousands of

dollars]


BostonNew YorkPhiladelphiaCleveland-Richmond ^AtlantaChicagoSt. LouisMinneapolis..Kansas CityDallas

Total (11 districts)

1935

May

13,10426,6575,2149,555

13,04110,49322,6878,1064.7125,7727,377

126,720

April

8,623••27,657M, 57911,29814,9999,335

24,5498,6896,083

'4,176'4,231

••124,020

1934

May

r 13,240'33,633

6,7357,771

14,32510,47422,1868,3855,7274,9646,924

••134,364

COMMERCIAL FAILURES, BY DISTRICTS

[Figures reported by

Federal Reservedistrict

Boston ............. ....New YorkPhiladelphiaClevelandRichmond »-Atlanta —ChicagoSt Louis

Kansas City . . . . . .DallasSan Francisco

Total

D u n <fe

]

Bradstreet. Amountsdollars]

Numba

1935

May

11433643882739

11045223930

134

1,027

April

12234749804538

12442394032

157

1,115

1934

May

9732636736419

11522243218

151

977

in thousands of

Liabilities

1935

May

1,6756,126

9001,441

60S319

1,992272208394335

1,500

15,670

April

1,5246,5641,058

963295297

2,558461516704403

2,721

18,064

1934

May

1,3977,5622,1183,5341,707

1811,769

218442851166

2,61722,561

r Revised.


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

o


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