federal reserve bulletin may 1935 - st. louis fed · federal reserve bulletin vol. 21 may 1935 no....

FEDERAL RESERVEBULLETIN

MAY 1935

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Recent Banking DevelopmentsAnnual Report of the German ReichsbankNational Summary of Business Conditions

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON: 1935

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

FEDERAL RESERVE BOARD

Ex-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.

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, Chief, 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. GOKDENWEISER, Director, Division of Research

and 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 Security

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

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

FEDERAL ADVISORY COUNCIL

1 (BOSTON) THOMAS M. STEELE.2 (NEW YORK) JAMES H. PERKINS.3 (PHILADELPHIA) HOWARD A. LOEB, Vice President.4 (CLEVELAND) ARTHUR E, BRAUN.5 (RICHMOND) CHARLES M. GOHEN.

6 (ATLANTA) H. LANE YOUNG.

7 (CHICAGO) SOLOMON A. SMITH.

8 (ST. LOUIS) WALTER W. SMITH, President.9 (MINNEAPOLIS) THEODORE WOLD.

10 (KANSAS CITY) W. T. KEMPER.

11 (DALLAS) JOSEPH H. FROST.

12 (SAN FRANCISCO) M. A. ARNOLD.

WALTER LICHTENSTEIN, Secretary


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bankof—

Chairman and FederalReserve agent Governor Deputy governor Cashier

BostonNew York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago _.

F. H. CurtissJ. H. Case

R. L. Austin

E. S. Burke, Jr. «_.

R. A. YoungG. L. Harrison

W. W. Paddock.W. R. Burgess...W. S. LoganL. R. RoundsL. F. SailerC. H. Coe

W. W. Hoxton

St. Louis.

E. M. Stevens

J. S. Wood.

Minneapolis...

Kansas C i t y -

Dallas

San Francisco..

J. N. Peyton

C. C. Walsh

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

W. H. HuttJ. S. SinclairC. A. Mcllhenny

F. J. ZurlindenH. F. StraterC A. PepleR. H. Broaddus.H.W.MartinH. F. Conniff__H. P. PrestonC. R. McKayJ. H. Dillard

O. M. Attebery....J. G. McConkey

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

W. Willett.J. W. Jones.*W. B. Matteson.iJ. M. Rice.*Allan Sproul.1H. H. Kimball.1L. W. Knoke.iC. A. Mcllhenny.W. J. Davis.iW. G. McCreedy.iL. E. Donaldson.1W. F. Taylor.C. W. Arnold.'G. H. Keesee.J. S. Walden, Jr.»M. W. Bell.W. S. McLarin, Jr.*W. H. Snyder.*W. C. Bachman.1O. J. Netterstrom.»A. T. Sihler.iE. A. Delaney.1A. L. Olson.iS. F. Gilmore.1A. H. HailUF. N. Hall.»G. O. Hollocher.»O. C. Phillips.*H. I. Ziemer.F. C. Dunlop.*J. W. Helm.

R. B. Coleman.W. O. Ford.»W. M. Hale.

i Assistant deputy governor.1 Controller.* Assistant to the governor.< Acting chairman; W. H. Fletcher, acting Federal Reserve agent.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo branch

Cleveland:Cincinnati branchPittsburgh branch.

Richmond:Baltimore branchCharlotte branch

Atlanta:Birmingham branchJacksonville branchNashville branch.New Orleans branch

Chicago:Detroit branch

St. Louis: ,Little Rock branchLouisville branchMemphis branch

Managing director

R. M. O'Hara.

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

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

R. H. Buss.

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

Federal Reserve Bank of—

Minneapolis:Helena branch

Kansas City:Denver branchOklahoma City branch _Omaha branch __

Dallas:El Paso branchHouston branchSan Antonio branch

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

Managing director

R. E. Towle.

J. E. Olson.0. E Daniel.L. H. EarhartJ. L. Hermann.W. D. Gentry.M. Crump.

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

SUBSCRIPTION PRICE OF BULLETIN

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

m


TABLE OF CONTENTS

Page

Review of the month—Recent banking developments 257Federal Deposit Insurance Corporation—Condition of insured banks, Dec. 31, 1934 263Balance of international payments of the United States 264Annual report of the German Reichsbank 284-289Belgian legislation on currency and foreign exchange 290-291Earnings and expenses of member banks 313-315Deposits of member banks by size of account 316-318National summary of business conditions 265

Financial, industrial, and commercial statistics:Reserve bank credit, gold stock, money in circulation, etc 266-270Member and nonmember bank credit:

All banks in the United States 273All member banks - 271, 272, 312, 322Weekly reporting member banks in leading cities 274, 319

Brokers' loans 274Acceptances and commercial paper 275Discount rates and money rates 276Security prices, bond yields, and security issues 277Treasury finance 278Assets and liabilities of governmental credit agencies 279Reconstruction Finance Corporation—Loans, subscriptions, and allocations 280Farm Credit Administration—Loans and discounts outstanding, by institutions 281Home Owners' Loan Corporation—Summary of operations 281Federal home loan banks—Assets and liabilities 281Production, employment, car loadings, and commodity prices 282Merchandise exports and imports 283Department stores—Indexes of sales and stocks 283Freight-car loadings, by classes 283

Financial statistics for foreign countries:Gold reserves of central banks and governments 292Gold production - . 293Gold movements 293-295Government note issues and reserves 296Bank for International Settlements 296Central banks 297-299Commercial banks 300Discount rates of central banks 301Money rates 301Foreign exchange rates 302Price movements:

Wholesale prices 303Retail food prices and cost of living 304Security prices 304

Law department:Rulings of the Federal Reserve Board:

Ruling No. 42 interpreting Regulation T 305Ruling No. 43 interpreting Regulation T 305

Decision of Supreme Court of United States in case involving the validity of a State bank reorgani-zation statute 305

Amendments to Regulations T 308

Federal Reserve statistics by districts, etc.:Banking and financial statistics _ 310-312, 319-322Industrial and commercial statistics 323-328

IV


FEDERAL RESERVE BULLETINVOL. 21 MAY 1935 No. 5

REVIEW OF THE MONTH

Continued imports of gold from abroad anddisbursements by the Treasury from its hold-

ings of cash and deposits withtoe Reserve banks in April re-suited in a growth of member

bank balances with the Reserve banks and arestoration of excess reserves to a level of nearly$2,300,000,000. The decrease in Treasury cashand deposits with Reserve banks during April,following a substantial increase in March, re-flected interest payments on public debt, otherexpenditures in excess of receipts, cash redemp-tions of Fourth Liberty bonds called for retire-ment on April 15, and maturities of Treasurybills in excess of sales. A factor tending to de-crease reserve balances was the deposit bynational banks with the Treasury of about$160,000,000 for retirement of national banknotes. Similar deposits in March amounted to$220,000,000.

From January 23, when the amount of moneyin circulation was at a seasonal low level, toMoney in April 24 circulation showed acirculation n e t in c r e ase of $110,000,000, asomewhat larger increase than is usual at thistime of year. Part of this growth is accountedfor by an increase in retail trade and pay rollsin excess of the usual seasonal expansion. OnApril 24 the volume of money in circulation was$135,000,000 larger than a year ago. This re-flected partly an increase in wage payments andretail trade, partly increased use of currency asagainst checking accounts because of servicecharges and the absence of banking facilities insome communities, and partly an increase invault cash holdings of some member banks.

The increase in vault cash holdings of banksis a reflection of the large amount of excessreserves held by member banks. Banks havingbalances with the Reserve banks in excess oflegal requirements are under no pressure tobuild up these balances by depositing with theReserve banks all the currency that comes intotheir possession above current over-the-counterrequirements, and consequently such banks arelikely to hold somewhat larger amounts ofvault cash than was previously their custom.For all member banks cash in vault on March 4,1935, totaled $534,000,000, an increase of$48,000,000 over the amount held a yearearlier. A portion of this increase reflects anincrease in the number of member banks, butthe major part represents larger holdings ofvault cash by individual banks. Weekly report-ing member banks on April 24, 1935, held about$40,000,000 more in vault cash than on thecorresponding report date in 1934.

Rates for call and time loans on the NewYork Stock Exchange were reduced about the

middle of April to }i percentfrom the levels of 1 percent for

call money and of %-l percent for time money,which had prevailed for more than a year.These changes bring rates on stock-exchangeloans more nearly in line with other New Yorkopen-market rates. The rate on 90-day bank-ers' acceptances has been % percent since Octo-ber 1934, and the prevailing rate on open-market commercial paper has been % percentsince January 1935. Rates at which short-termTreasury bills have sold have generally dur-ing the past year averaged between }i and ){percent.

257

Interest rates


2 5 8 FEDERAL RESERVE BULLETIN

Rates charged customers by New York Citybanks have also declined further in recentmonths. In April reported rates averagedabout 2% percent as compared with about 3}ipercent last autumn. In other principal citiesrates have declined slightly in the last 6 monthsand on the average are lower than a year agoby a margin of about one-half of 1 percent. In8 other northern and eastern cities the averagerate is now about 4 percent, while in 27 southernand western cities it is about 4% percent. Atthese levels customers' rates are lower than atany other time in the entire post-war period.

Industrial advances by Federal Reserve banksand commitments to make such advances have

continued to increase duringadvances by 1935. By April 24, $81,000,000Federal Reserve of applications had been ap-banks j A I • ^

proved. Approvals since thefirst of the year amounted to $29,000,000. Thevolume of industrial advances outstanding onApril 24 was $26,000,000 and of commitmentsoutstanding $17,000,000. Of the remainingapprovals $18,000,000 have conditions yet tobe satisfied by the applicants, $5,000,000 havebeen withdrawn or reduced or have expiredunused, $5,000,000 are covered by financinginstitution participations, nearly $3,000,000have been advanced and repaid, and over$7,000,000 are in process of completion.

Applications received have been smaller inboth number and amount since the first of theyear than in the period from August to Decem-ber 1934. Since January 2 applications actedon have exceeded those received and the totalamount involved in applications awaiting actionby the Federal Reserve banks has decreased.Since the beginning of the year the amount ofapplications approved has been a larger per-centage of total applications acted on than inthe earlier period. Prior to January 2 approv-als by the Federal Reserve banks amounted to35 percent of the total of approvals and rejec-tions, whereas between January 2 and April 24approvals practically equaled rejections. About

M A T 1935

one-fourth of the applications rejected wereineligible for loans under the provisions of thelaw, and most of the remainder were rejectedbecause of unsatisfactory financial condition,inadequate security, or unsatisfactory businessprospects. The following table compares indus-trial loan activity on January 2 and April 24,1935, and shows changes between these dates.

INDUSTRIAL ADVANCES AND COMMITMENTS UNDERSECTION 13 (b) OF FEDERAL RESERVE ACT

[In thousands of dollars]

Net applications received J

Federal Reserve bank action:Approved—total 2Rejected _.

Applications under considerationAdvances outstanding3Commitments outstanding

Apr. 24,1935

225,900

81,134125, 672

15, 20126, 20616,908

Jan. 2,1935

190, 798

52, 25795, 721

41, 38714, 31510, 213

Change

+35,102

+28,877+29, 951

-26,186+11, 891+6, 695

* Excluding applications withdrawn before review and reductions inamounts applied for.

2 Including applications withdrawn, reduced, or expired (unused) inthe amount of $1,899,000 by Jan. 2, and $4,926,000 by Apr. 24.

> Excluding repayments in the amount of $547,000 by Jan. 2, and$2,850,000 by Apr. 24.

Deposits and total loans and investments ofmember banks continued to increase during theCondition of first 4 months of the year. Atreporting reporting member banks inmember banks l e a d i n g c i t i e s t h e i n c r e a se inloans and investments did not equal the growthin deposits, and reserves and other idle balancesof member banks increased. National bankshave also deposited considerable amounts withthe United States Treasury for retirement ofnational-bank notes. At banks in New YorkCity a large part of the additional funds thathave become available have been employedin making loans and investments, while atbanks in other cities total loans and invest-ments showed no increase in the period. Thefollowing table shows changes from Decem-ber 26, 1934, to April 24, 1935, in the princi-pal types of loans and investments at report-ing banks in New York City and in othercities.


M A Y 1935 FEDERAL RESERVE BULLETIN 259

LOANS AND INVESTMENTS OF M E M B E R B A N K S INLEADING C I T I E S

[In millions of dollars]

Totalpoans and investments

Loans on securities—total

To* brokers and dealersTo others .

Acceptances and commercial paperbought

Loans on real estateAll other loans

Investments—total. _

U. S. Government direct obliga-tions._ __

Obligations fully guaranteed byU. S. Government—

Other securities. __

All re-portingbanks

Apr. 24,1935

18, 617

3,067

1,0182,049

395963

3,217

10,975

7,336

7112,928

Change since Dec. 26,1934

All re-portingbanks

+341

- 5

+135-140

- 4 0- 1 4+48

+352

+145

+145+62

NewYorkCity

banks

+401

+167

+221-54

-16- 4+1

+253

+177

- 6+82

Otherbanks

- 6 0

- 1 7 2

86- 8 6

- 2 4- 1 0+47

+99

-32

+151-20

Most of the increase in investments of thereporting banks was in direct obligations ofthe United States Government and in obliga-tions fully guaranteed by the Government,but holdings of other securities also showedan increase. The increase in holdings of directobligations of the Government, which has oc-curred almost entirely since the early part ofMarch, reflects principally purchases by NewYork City banks of bonds recently called forredemption by the Treasury. The calling ofthese bonds made them attractive to banks asshort-term investments. At reporting memberbanks outside of New York City holdings ofGovernment securities declined, while holdingsof obligations fully guaranteed by the UnitedStates Government increased.

Total loans on securities showed little change,although during the period loans to brokers anddealers showed an increase, reflecting to a largeextent transactions by dealers in Governmentsecurities. About the middle of April therewas a substantial increase in brokers' loans byNew York City banks, but a decline at otherbanks. This shift was due to the reduction inrates on street loans to one-fourth of 1 percent,a level at which it was no longer profitable foroutside banks to make loans to brokers through

New York City banks and pay the commissioncharged by these banks for negotiating the

loans. Loans on securities to customers con-tinued to decline. There was an increase inall other loans at outside banks. Loans ofthis type, which include loans to commercial,industrial, and agricultural customers andwhich declined almost steadily from 1930 to1933, have been relatively stable for the pastyear at banks outside New York.

Total deposits at banks in leading cities in-creased by about $1,200,000,000 betweenDecember 26 and April 24. Although com-parable figures are not available for earlieryears, deposits of this group of banks areprobably almost as large as at any previoustime. Much of the increase in total deposits inrecent weeks was in interbank balances, whichshowed a growth of over $500,000,000, whileUnited States Government deposits declinedby $330,000,000. When allowance is made forthese factors and for an increase in collectionitems, it would appear that adjusted deposits,as shown in the accompanying table, increasedby more than $800,000,000.

D E P O S I T S OF M E M B E R B A N K S IN LEADING C I T I E S


United States GovernmentInterbank balances 1Other customers:

DemandTime2

Certified and officers' checks, cashletters of credit, and travelers'checks

Total deposits..Adjusted deposits *....

All re-portingbanks

Apr. 24,1935

1,0144,773

11,9894,375

626

22, 77715,814

Change since Dec. 26,1934

All re-portina'banks

-330+517+637+128

+259

+1,211+816

NewYorkCity

banks

-209+323

+384+25

+222

+745+424

Otherbanks

-121+194

+253+103

+37

+466+392

1 Includes amounts due to United States and foreign banks and de-mand and time deposits of banks.

2 Includes Postal Savings deposits which are not reported separately.3 All deposits other than United States Government and interbank

deposits minus checks and other cash items reported as on hand or inprocess of collection.

Adjusted deposits increased by similaramounts at New York City banks and at banksin other leading cities. Interbank balances


260 FEDERAL RESERVE BULLETIN MAY 1935

Loans andinvestments, allmember banks

showed a much larger increase at New YorkCity banks but increased also at outside banks.Some of the increase in interbank balances re-flected the transfer of funds by banks outsideof New York from brokers7 loans to balanceswith other banks. Since in the period fromDecember 26 to April 24 reporting banksshowed an increase of only about $150,000,000in their balances due from banks, it would ap-pear that most of the increase in balances dueto banks occurred in those held for nonreport-ing banks. The largest relative increases indeposits by Federal Reserve districts, outside ofNew York, were in the Boston, Philadelphia,and Chicago districts.

Figures from the latest member-bank callreport show changes in loans and investments

of all member banks betweenDecember 31, 1934, and March4, 1935. In this period total

loans and investments at New York Citybanks and at reserve city banks, except inChicago, showed little change; at Chicagobanks they increased by $120,000,000; andat country banks they declined by $30,000,000.These changes are somewhat different fromthose shown by weekly reporting banks inthe period to April 24, partly because ofdifferences in the banks covered, but princi-pally because between March 4 and April 24holdings of Government securities and brokers'loans increased substantially at New York Citybanks and decreased at banks in other leadingcities.

Country banks, which are not covered bythe weekly reports, showed little change intheir total loans and investments betweenDecember 31, 1934, and March 4, 1935. Theirholdings of direct obligations of the UnitedStates Government decreased, while those ofobligations guaranteed by the Governmentincreased. Loans to customers continued todecline, but brokers' loans and paper purchasedin the open market increased somewhat.

Recent changes in member-bank loans andinvestments are in general continuations oftrends that were noted last year. Holdings of

both direct and guaranteed obligations of theUnited States Government increased substan-tially in the past year, and there was also someincrease in holdings of other securities. Loansto customers secured by stocks and bonds andby real estate declined considerably through-out the year, while other loans to customers,following a temporary increase in the thirdquarter of 1934, have shown no net declinesince last June. The accompanying tableshows the various kinds of loans and invest-ments of all member banks on March 4, 1935,together with changes since December 31 andMarch 5 of last year.

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

Loans to banks

Loans to other customers:Secured by stocks and bonds.—Secured by real estateOtherwise secured and unsecured

Open-market loans - _ _ _

Total loans .

Direct obligations of U. S. GovernmentObligations fully guaranteed by U. S. Gov-

ernmentOther securities _..

Total investments

Total loans and investments

Out-standingMar. 4,

1935

133

3,2152,2504,955

1,400

11,953

9,821

1,2005,298

16,318

28,271

Change since-

Dee. 31,1934

-22

-81-23+15

+37

-75

-85

+210+70

+196

+121

Mar. 5,1934

- 9 2

- 4 2 8- 1 3 2- 1 1 2

+12

-753

+1,154

+1,019+303

+2,476

+1,723

The heavy shipments of gold from Europeto the United States which began in JanuaryT . , came to an end about theInternational . , ni „ ̂ , __ _

gold movements middle of February. The chartshows that at the beginning of

March European gold currencies were abovepar on the exchange market. Later in themonth, however, weakness developed andthe movement of gold to the United States wasresumed. To the end of April $130,000,000was shipped to this country from France andNetherlands. Much of the gold coming fromFrance was indirectly drawn from Belgiumand Switzerland. Central reserves reportedin these four gold bloc countries declined$425,000,000 from the middle of March to the


MAY 1935 FEDERAL RESERVE BULLETIN 261

end of April. This was nearly $300,000,000greater than the amount of gold shipped to theUnited States. During the same period a sub-stantial amount of gold became available fromthe world's mines and Indian hoards. Al-though the figures are not complete, it appearsthat some $350,000,000 of gold was absorbedinto unreported European holdings during theperiod. A part of this gold represents transfersto the newly created Belgian exchange equaliza-tion fund. The remainder went largely intounreported holdings in London.

The Belgian exchange equalization fund wasset up after developments in Belgium had cul-

minated in a suspension of theBelgium gold standard. For some time

previous Belgium's position inworld markets had been difficult. The coun-try's major exports—coal, iron and steel, ma-chinery, textiles, chemicals—competed directlywith the products of larger industrial countrieshaving depreciated currencies. Furthermore,the banks were not in position to meet a sus-tained export of funds abroad, notwithstandingthe steps previously taken by the Governmentto convert a portion of their assets into Gov-ernment-guaranteed securities.

On March 18 regulations for the control ofgold and foreign exchange transactions wereput into effect, and on the following day thecabinet resigned. A new cabinet, includingmembers of the chief parties, was formed onMarch 25 by M. Paul van Zeeland, vice gov-ernor of the National Bank of Belgium. OnMarch 30 a law was passed providing for ulti-mate devaluation of the currency to not morethan 75 percent and not less than 70 percentof its existing gold parity, for revaluationmeanwhile of the gold and foreign exchangeholdings of the National Bank as of March 29on the basis of 75 percent of the existing parity,and for the creation of an exchange equalizationfund from the proceeds of the increment ongold and foreign exchange. The fund is tobuy and sell exchange at rates to be fixed byroyal decree within the limits of ultimatedevaluation set by the law. On March 31the initial rate for the fund's transactions was

fixed at 72 percent of the former gold parity ofthe belga, or 16.95 cents as compared with theformer rate of 23.54 cents. The obligation ofthe National Bank to redeem its notes in goldor gold exchange has been suspended indefi-nitely. The announced program of the Gov-ernment includes guarantee of bank despositsand other measures to improve the banking sit-

CENTS

23.8

23.4

23.0

22.6

22.2

2 1 8

21.4

21.0

20.6

20.2

19.8

19.4

19.0

186

18.2

17-8

17.4

17.0

33.0

32.5

32.0

GOLD CURRENCIES, JANUARY-APRIL 1935NOON FOREIGN EXCHANGE RATES IN NEW YORK

BULCA

DUTCH FLORIN '

/^N^i ^ " "Vvy-

SWISS FRANC

FRENCH FRANC^

V^r

-OLD PAR - _

>s/Vt

1L\ i1IIUMMAIM1

111II\11

y^ \ PAR

S**~± PAR

/ " * " % PAR

V-̂ —— r̂

69.0

68.0

67.0

uation and to facilitate the supply of credit atmoderate rates to business.

On May 2 the gold content of the Danziggulden was reduced to 0.1687923 gram, a re-

duction of 42.37 percent. TheDanzig new parity, which is equiva-

lent to 18.99 cents, is the sameas that of the Polish zloty.

Changes in Foreign Central Bank Discount Rates

During the period April 10-May 3 the follow-ing changes in discount rates have been reportedin foreign countries: Bank of Danzig, May 2,



from 4 to 6 percent, Swiss National Bank, May3, from 2 to 2% percent.

Changes in the Board's Staff

Effective May 1, 1935, the Federal ReserveBoard appointed Messrs. George B. Vest andB. Magruder Wingfield assistant general coun-sel; Messrs. R. F. Leonard and C. E. Cagle wereappointed assistant chiefs of the Division ofExaminations; and Mr. J. E. Horbett wasappointed assistant chief of the Division ofBank Operations

SILVER SEIGNIORAGE—PROCLAMATIONS BYTHE PRESIDENT

On April 10 and April 24, 1935, the Presidentissued the following proclamations:

BY THE PRESIDENT OF THE UNITED STATES OFAMERICA

A PROCLAMATION

Whereas, by proclamation of the twenty-first day of December 1933 as modified by proc-lamation of the ninth day of August 1934 theUnited States coinage mints are directed toreceive for coinage and addition to the mone-tary stocks of the United States silver minedsubsequent to December 21, 1933, from naturaldeposits in the United States or any place sub-ject to the jurisdiction thereof; and

Whereas, such proclamation as so modifiedis subject to revocation or further modificationas the interest of the United States may seemto require.

Now, therefore, finding that the interests ofthe United States require further modificationof said proclamation of the twenty-first day ofDecember 1933; by virtue of the power in mevested by the act of Congress cited in said proc-lamation, and other legislation designated fornational recovery, and by virtue of all otherauthority in me vested;

I, Franklin D. Roosevelt, President of theUnited States of America, do proclaim and

direct that, with respect to all silver receivedby a United States coinage mint under theprovisions of the proclamation of the twenty-first day of December 1933 which such mint,subject to regulations prescribed hereunder bythe Secretary of the Treasury, is satisfied has beenmined on or after April 10,1935, from natural de-posits in the United States or any place subject tothe jurisdiction thereof, the deduction for seign-iorage and services performed by the Go ver nmentshall be 45 percent and there shall be returnedtherefor in standard silver dollars, silver certifi-cates, or any other coin or currency of theUnited States the monetary value of the silverso received (that is, $1.2929+ a fine ounce), lesssuch deduction of 45 percent.

Notice is hereby given that I reserve the rightby virtue of the authority vested in me torevoke or modify this proclamation as the inter-est of the United States may seem to require.

In witness whereof I have hereunto set myhand and caused the seal of the United Statesto be affixed.

Done at the city of Washington this 10thday of April, in the year of our Lord nineteenhundred and thirty-five, and of the Independ-ence of the United States of America the onehundred and fifty-ninth.

[SEAL] FRANKLIN D ROOSEVELT.By the President:

CORDELL HULL,Secretary of State.

BY THE PRESIDENT OF THE UNITED STATES OPAMERICA

A PROCLAMATION

Whereas, by proclamation of the twenty-firstday of December 1933 as modified by procla-mations of the ninth day of August 1934 andthe tenth day of April 1935 the United Statescoinage mints are directed to receive for coinageand addition to the monetary stocks of theUnited States silver mined subsequent to De-cember 21, 1933, from natural deposits in theUnited States or any place subject to the juris-diction thereof; and


MAY 1935 FEDEKAL RESERVE BULLETIN 263

Whereas, such proclamation as so modified issubject to revocation or further modification asthe interest of the United States may seem torequire;

Now, therefore, finding that the interests ofthe United States require further modificationof said proclamation of the twenty-first day ofDecember 1933; by virtue of the power in mevested by the act of Congress cited in saidproclamation, and other legislation designatedfor national recovery, and by virtue of all otherauthority in me vested;

I, Franklin D. Roosevelt, President of theUnited States of America, do proclaim anddirect that with respect to all silver receivedby a United States coinage mint under the pro-visions of the proclamation of the twenty-firstday of December 1933 which such mint, subjectto regulations prescribed hereunder by theSecretary of the Treasury, is satisfied has beenmined on or after April 24, 1935, from naturaldeposits in the United States or any place sub-ject to the jurisdiction thereof, the deductionfor seigniorage and services performed by theGovernment shall be 40 percent and there shallbe returned therefor in standard silver dollars,silver certificates, or any other coin or currencyof the United States, the monetary value ofthe silver so received (that is, $1.2929+ a fineounce), less such deduction of 40 percent.

Notice is hereby given that I reserve theright by virtue of the authority vested in meto revoke or modify this proclamation as theinterest of the United States may seem torequire.

In witness whereof I have hereunto set myhand and caused the seal of the United Statesto be affixed.

Done at the city of Washington this 24th dayof April, in the year of our Lord nineteen hun-dred and thirty-five, and of the Independenceof the United States of America the one hun-dred and fifty-ninth.

[SEAL] FRANKLIN D. ROOSEVELT.By the President:

CORDELL HULL,Secretary of State.

CONDITION OF INSURED BANKS,DECEMBER 31, 1934

The Federal Deposit Insurance Corporationreleased on April 24 a pamphlet giving dataon the condition of all insured banks and trustcompanies on December 31, 1934. Importanttabulations shown include a summary ofcondition by class of bank as well as conditionin detail by class of bank and by States for allinsured banks, exclusive of mutual savingsbanks. Condition of insured banks not mem-bers of the Federal Reserve System is shown indetail by size of bank.

On December 31, 1934, there were 14,137banks and trust companies, exclusive of mutualsavings banks, insured by the Federal DepositInsurance Corporation, of which 6,442 weremembers of the Federal Reserve System.Since the last call for condition reports, June30, 1934, there has been an increase of 241banks in the number insured. Total depositsiii insured banks, other than mutual savingsbanks, on December 31, 1934, amounted to

SELECTED CONDITION ITEMS OF INSURED BANKS,EXCLUSIVE OF MUTUAL SAVINGS BANKS, NOTMEMBERS OF FEDERAL RESERVE SYSTEM, BY SIZE OFBANK, DEC. 31, 1934

Deposits ofNum-ber ofbanks

$100,000 and under$100,001 to $250,000$250,001 to $500,000$500,001 to $750,000$750,001 to $1,000,000$1,000,001 to $2,000,000$2,000,001 to $5,000,000$5,000,001 to $50,000,000.—$50,000,001 and over.. . .

All banks..

1,2502,6131,781

664393599 1262116 1

TotalLoansand

invest-ments

Totaldeposits

Totalcapitalaccount

(000 omitted)

$119,546551,637758,420491,280406,358

L, 005,413927,561

L, 637,971400,757

$75,400363,883521,095348,051296,967735,668702,069198,356 1342,009

7,682 6,298,943 4, 583,498 5,098,112

$84,053436,790620,480404,831337,060820,019753,066, 287,048354,765

$33,611110,400130,64681,98665,667170,293158,024289,95443,690

1,084,261

PERCENTAGE DISTRIBUTION

$100,000 and under$100,001 to $250,000$250,001 to $500,000$500,001 to $750,000 •___$750,001 to $1,000,000$1,000,001 to $2,000,000$2,000,001 to $5,000,000$5,000,001 to $50,000,000—.$50,000,001 and over

All banks..

16.334.023.28.65.17.83.41.5.1

100.0

1.98.8

12.07.86.5

16.014.726.06.3

100.0

1.67.9

11.47.66.5

16.115.326.17.5

100.0

1.68.6

12.27.96.6

16.114.825.27.0

100.0

3.110.212.07.66.1

15.714.626.74.0

100.0



$38,996,340,000, an increase of $3,182,746,000since June 30, 1934. The 68 mutual savingsbanks which were participating in depositinsurance on December 31, 1934, had depositsof $1,044,806,000. Banks not participating ininsurance included about 500 mutual savingsbanks with deposits of about $8,700,000,000and more than 1,000 other incorporated bankswith deposits of about $575,000,000.

The accompanying tabulation presents se-lected items from the condition statements of

insured commercial banks not members of theFederal Reserve System by size of bank as ofDecember 31, 1934. Over 87 percent of theseinsured nonmember banks had deposits of lessthan $1,000,000 each; but these banks heldonly 37 percent of the total deposits of insurednonmember commercial banks. The summaryof condition of insured banks by class of bankfor December 31, 1934, as well as June 30,1934, was published in the BULLETIN for April,page 247.

BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATESThe Department of Commerce has published a preliminary summary of the international

transactions of the United States in 1934. The summary is given below in substantially thesame form as that employed by the Department of Commerce.

Balance

Dollarreceipts

Dollarpayments

1. Merchandise:We sold goods in the amount of $2,133,000,000and bought goods in the amount of 1,855,000,000 $478,000,000

Net receipts from merchandise. 478,000,000

2. Service items:We received for shipping and freight servicesand made payments for shipping and freight services amounting to..

We received from foreign tourists.,and our tourists spent abroad

We received interest and dividends on our investments abroadand remitted interest and dividend payments to foreign investors

Our immigrant remittances and contributions for various causes amounted net to.

We received from raiscellaneous trade and service transactionsand made payments for miscellaneous trade and service imports

58,000,00095,000,000

94,000,000322, 000, 000

390,000,000125,000,000 265,000, 000

$37,000,000

228, 000,000

124, 000, 000

200,000, 000179, 000,000 27, 000, 000

Net payments on service items.. 97,000,0003. Gold and silver:

We received payment for gold exported in the amount of... 53,000,000and we paid for gold imported in the amount of 1,187,000,000

We paid net for gold released from earmark for account of foreigners.

We received payment for silver exported in the amount of.and we paid for silver imported in the amount of

17,000,000103,000,000

1,134, 000,000

83, 000,000

86, 000,000

Net payments on gold and silver. 1 1,303,000,000

Capital items (based on reported data):We sold stocks and bonds in the amount of -.-and bought stocks and bonds in the amount of...

We received net on account of sinking fund and bond redemption, direct investments, net inflowof funds from arbitrage transactions, etc

990,000,000885,000,000

The year's estimated net inflow of short-term banking funds resulting from (a) changes in for-eigners' banking funds in the United States and (6) changes in United States biforeign countries amounted to.

We paid net for paper currency returned from abroad...

Net receipts from capital items.

5. Residual item (largely unestimated capital transactions)2.

Total of summary items

s banking funds in

105,000,000

116,000,000

200,000,000

48,000,000

373,000,000

549, 000,000

., 400, 000, 000 1,400,000,000

1 Differs from Department of Commerce total because of transfer of $48,000,000 net movement of currency from section 3 to section 4. Foreignholdings of dollar currency are regarded as similar to foreign holdings of dollar deposits.

2 This item consists largely of (a) special transactions (such as the inflow of private, commercial, and other nonbanking funds, and miscellaneousforward exchange operations) following the devaluation of the dollar on January 31 and (b) unreported international security transactions.



NATIONAL SUMMARY OF BUSINESS CONDITIONS

[Compiled Apr. 25 and released for publication Apr. 271

Volume of industrial production, whichusually increases somewhat at this season,showed little change in March. Buildingactivity in the residential field increased inMarch and the first half of April, reflecting inpart seasonal factors. Wholesale prices offarm products and foods, after declining inMarch, showed a considerable increase in thefirst 3 weeks of April.

Production and employment.—The FederalReserve Board's adjusted index of industrialproduction, which makes allowance for changesin the number of working days and for usualseasonal variations, was 88 percent of the1923-25 average in March as compared with89 percent in February and 90 in January.Steel production, after declining in the latterpart of February, showed little change duringMarch and the first 3 weeks of April. Outputof automobiles increased further and was largerthan in the corresponding period of any otheryear since 1929. In the cotton textile industrydaily average output declined in March and,according to trade reports, showed a furtherconsiderable decrease in the early part of April.Activity at woolen mills also decreasedsomewhat in March, while shoe productionshowed little change. Activity in the meat-packing industry in March, as in other recentmonths, was at a lower level than a year ago.Output of bituminous coal declined sharply inthe early part of April, following an increaseearlier in the year.

Factory employment and pay rolls increasedbetween the middle of February and the middleof March by somewhat more than the usualseasonal amount. The most marked increaseswere in industries producing machinery, furni-ture, and clothing, while employment in indus-tries producing textile fabrics and foods showeda decline.

Value of construction contracts awarded forresidential building increased in March andthe first half of April, according to reports by

the F. W. Dodge Corporation, while contractsfor public projects continued at a lower levelthan a year ago.

Distribution.—Distribution of commodities byrail showed little change in March; in the earlypart of April, however, shipments declined, re-flecting a sharp reduction in loadings of coal.Department-store sales increased from Febru-ary to March by more than the estimatedseasonal amount.

Commodity prices.—The general level ofwholesale commodity prices, as measured bythe index of the Bureau of Labor Statistics,advanced from 78.8 percent of the 1926 averagein the week ending March 23 to 80.3 percentin the week ending April 20, reflecting chieflyadvances in the prices of farm products andfoods. The increase in the general index fol-lowed a decline from a level of 79.6 percent inthe early part of March.

Bank credit.—During the 4 weeks endedApril 17 member bank balances with the Fed-eral Reserve banks increased by $140,000,000and excess reserves rose to $2,100,000,000.This increase reflected gold imports of $120,-000,000 and disbursement of $105,000,000 bythe Treasury from the balance with the Re-serve banks, offset in part by an increase of$60,000,000 in the demand for currency.

Total loans and investments of weekly re-porting member banks in leading cities in-creased by $150,000,000 in the 4 weeks endedApril 17. Loans on securities declined some-what during this period, while other loans andholdings of investments increased. Net de-mand deposits of these banks increased by$380,000,000.

The rate for call money on the New YorkStock Exchange was reduced in April to one-fourth percent from the 1 percent level that hadbeen in effect for more than a year. Quotationsfor 90-day time money were also lowered toone-fourth percent, and there was a reductionin rates on acceptances of the longer maturities.



MILLIONS OF DOLLARS

9000

8000

7000

6000

5000

4000

3000

2000

1000

RESERVE BANK CREDIT AND RELATED ITEMSWeekly basis: Wednesday series

RESERVE BANK« - CREDIT

TREASURY CASH& DEPOSITS WITH F. R. BANKS

MILLIONS OF DOLLARS

9000

8000

7000

6000

5000

4000

3000

2000

1000

1930 1931 1932 1933 1934 1935Based on Wednesday figures; latest figures are for April 24. See table on page 267,



FEDERAL RESERVE BANK CREDIT

RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES)


Date (Wednesday)

Reserve bank credit outstanding

Bills dis-counted

59555153

48434040

3837343434

2928282729232321

2121202021

242322201512121111119

1112

1099977

1797676666886677

Billsbought

46373329

26171310

87655

55556555555555556666666666

6666666666666

6655

5555

U.S.Govern-ment se-curities

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

Otherreservebankcredit

28

- 954

0)95693

- 11

10853

228

0)- 3

5(9

11( l )

56

10873

(9958

- 7292312

6173225172415191624877

1018119

19212710

Total

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

Mone-tary gold

stock

7,5567,6057,6407,6817,7037,7327,7467,7657,7567,7567,7537,7667,7767,7907,8207,8357,8467,8667,8817,8977,9117,9327,9577,9797,9837,9817,9637,9687,9727,9767,9807,9857,9907,9938,0028,0088,0308,0768,1128.1618,1808,1988,2288,2438,2588,2738,3088,3878,4218,4568,4898,5248,5468,5518,5548,5638,5688,6148,6728,701

Treasuryand

national-bankcur-

rency

2,3122,3322,3432,3562,3692,3812,3812,3802,3812,3802,3802,3752,3712,3652,3612,3592,3642,3652,3652,3632,3642,3612,3572,3752,3902,4032,4122,4142,4122,4092,4072,4032,4102,4292,4342,4422,4502,4592,4602,4782,4862,5052,5042,5142,5082,5042,5002,4972,5032,5252,5222,5202,5172,5252,5212,5352,5482,5492,5492,550

Money incircula-

tion

5,3745,3455,3345,3365,3715,3475,3475,3245,3595,3525,3445,3165,3385,3425,3135,3105.3015,3975,3445,3285,2915,3155,3345,3435,3475,3455,4195,4095,4125,4035,4685,4795,4695,4365,4535,5035,4805,4555,5165,5455,5325,5875,6285,5345,4205,3825,3470,3585,4075,4305,4425,4425,4785,4545,4535,4365,4975,4875,5125,459

Memberbank re-

servebalances

3,3133,4543,4493,4393,4503,5603,6653,7443,5703,6783,6943,7673,7633,7873,8953,7693,8373,7463,9023,9874,0203,9154,0594,0644,0724,1273,9073,9483,8893,9703,8953,9793,9963,9854,0064,0324,1074,1984,1084,0734,1123,9433,9614,0904,2834,3884,5014,5424,6334,5804,6454,5884,5554,5884,3614,2854,1934,2874,5014,719

Treasurycash anddeposits

withFederalReservebanks

3,2943,2263,2523,3183,3233,2393,2043,1483,1773,0983,0823,0523,0513,0342,9563,1213,0773,1133,0142,9542,9723,0742,9412,9762,9722,9443,0873,0583,1243,0613,0682,9672,9683,0493,0312,9442,9642,9563,0173,0603,0603,2213,1813,1643,0943,0192,9943,0072,9302,9952,9323,0062,9983,0093,2203,3353,4043,3763,1492,978

mem-ber de-posits

133143154161

140148167167

280257252242233

230251224225

232223222220

219209211211204203213195186

182183183165164172163159160176184185188190194215188194176182193211

237238243241

230224271288

OtherFederalReserve

ac-counts

1934—Mar. 7—.Mar. 14._.Mar. 21...Mar. 28...Apr. 4 . . . .Apr. 11...Apr. 18...Apr. 25...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. 5...Sept. 12..Sept. 19..Sept. 26..Oct. 3...Oct. 10. _.Oct. 17-..Oct. 24...Oct. 31. ..Nov. 7....Nov. 14..Nov. 21...Nov. 28..

Dec. 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...

294301302303

297312237237235235233233232

237

230231229228232229

22S224230229

229229

237240240239239237239243244

240242242241242246245247248

247254283253253257258

i Less than $500,000.


268 FEDERAL RESERVE BULLETIN M A Y 1935

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


Month or week


Billsdis-

countedBills

bought

U.S.Govern-

mentsecurities


Total

Mone-tary gold

stock

Treasuryand na-tional-bank

currency

Moneyin cir-

culation

Memberbank

reservebalances



Non-mem-ber de-posits

OtherFederalReserve

ac-counts

1934—JanuaryFebruaryMarchAprilMayJuneJuly-AugustSeptemberOctober..NovemberDecember

1935—JanuaryFebruaryMarchApril

Week ending Saturday-1935—Jan. 5

Jan. 12Jan. 19Jan. 26

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

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

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

1017055433628232122121110

867

1138740166555566

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

2,4302,4302,4312,431

2,4312,4312,4302,430

2,4302,4302,4302,430

2,4302,4302,4302,4302,432

2,4332,4302,4302,430

2,6562,5972,5352,5072,4792,464

2,4632,4692,4572,4662,472

2,4652,4622,4612,471

4,0351 7,1387,6027,7367,7597,8217,8937,9717,9717,9898,0478.191

8,2848,4658,5528,641

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

2,5042,5132,5262,548

5,3825,3396,368

5,3555,3416,3505,3555,4275,4735,4945,577

5,4115,4395,4775,500

2,7642,8223,3613,5943,6953,7903,9284,0453,9473.9644,1004,037

4,3554,6014,4524,436

2,4652,4662,4662,468

2,4622,4662,4682,460

2,4552,4592,4652,4582,461

2,4662,4672,4812,470

8,2418,2578,2708,304

8,3728,4218,4538,497

8,5268,5458,5508,5548,562

8,5718,6078,6508,695

2,5132,5082,5042,500

2,4972,5002,5152,523

2,5202,5172,5222,5262.538

2,5452,5502,5492,548

5,5235,4355,3915,364

5,3775,4235,4405,452

5,4655,4915,4765,4705,464

5,5085,5065,5175,480

4,1174,2704,3734,473

4,5224,6024,5904,625

4,5954,5634,5704,3894,285

4,1934,2404,4594,697

39713,448

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

3,0532,9653,1223,209

3,1463,0903,0283,001

3,0082,9432,9842,957

2,9802,9833,0033,1833,323

3,4013,3923,1722,992

146136144170249226219208197177165181

194189236258

192194206192

180174177200

214236240242235

228234276285

304293299268234237230228227234238241

241246250256

241242242242

244245245243

247247249254253

253252256259

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


End of month


Billsdis-

countedBills

bought

U.S.Govern-

mentsecurities


Total

Mone-tary gold

stock

Treasuryand na-tional-bank

currency

Moneyin cir-

culation

Memberbank

reservebalances



Non-mem-ber de-posits

OtherFederalReserve

ac-counts

1934—January. ._February..MarchAprilMayJuneJulyAugustSeptember.October. _.November.December.

1935—January...February. .MarchApril

I l l6229955556666

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

2,4302,4302,4372,430

156

- 41034

1186

20

19232127

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

2,4612,4652,4712,468

4,033» 7,438

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

8,3918,5278,5678,709

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

'2,4952,5192,5402,544

5,2895,3555,3945,3685,3575,3735,3175,3965,4565,4535,5495,536

5,3805,467

r 5,4935,478

2,6523,0933,4573,5993,7463,8404,0294,0523,9344,0064,0814,096

4,5434,5874,2474,715

59713,440

3,2933,1483,0533,0162,9712,9683,0513,0313,0223,151

'2,9923,0043,3582,994

141127157268222233207208178164161189

191207226271

287292299236232233229226228237239241

243246

'253263

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



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


ASSETS

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

Total reserves _ _ _ _

Redemption fund—Federal Reserve bank notesBills discounted:

For member banks _ _For nonmember banks, etc _____ _-_ _ _.

Total bills discounted _ _ ___

Bills bought:Payable in dollarsPayable in foreign currencies -

Total bills bought -Industrial advances ___ _ __

U. S. Government securities:Bought outrightUnder resale agreement

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

Federal intermediate credit bank debentures _ _Municipal warrantsDne frorn foreign bfvnksReserve bank float (uncollected items in excess of deferred availability items)

Total reserve bank credit outstandingFederal Reserve notes of other reserve banks __ _ _ _Uncollected items not included in floatBank premises _ . _All other assets _

Total assets. __ _ _

Federal Reserve notes: LIABILITIESHeld by other Federal Reserve banks _ - - _Outside Federal Reserve banks.. ___ _ _._

Total notes in circulationFederal Reserve bank note circulation—net

Deposits:Member bank—reserve account _ __United States Treasurer—general accountForeign bank_.Other deposits _._ __ _ _

Total deposits .Deferred availability itemsCapital paid inSurplus (sec. 7)Surplus (sec. 13b)Reserve for contingencies _ _ _ _ _ _ _All other liabilities . .

Total liabilities __ _ _Contingent 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 bank:Gold certificates on hand and due from U. S. TreasuryEligible paper.U. S. Government securities

Total collateral _FEDERAL RESERVE BANK NOTE STATEMENT

Notes issued to Federal Reserve banks (outstanding) __ _

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

Total collateral

Apr . 30, 1935

5, 748,84420, 520

244,137

6, 013, 501

5,678144

5,822

4,696

4,69626, 309

2, 430, 215

2, 430, 215

70227

2,467, 77118,150

506, 43449,61740, 205

9,095,678

18,1503,134,629

3,152, 779

4, 714, 78798, 36015, 252

255, 419

5, 083,818506,434146,662144,893

19,20930,80711,076

9,095, 67820

16,929

3,425, 781

3, 285, 9794,110

226,100

3, 516.189

M a r . 31,1935

5,576,02315,649

232,933

5,824,605

7,373243

7,616

5,305

5,30521,173

2, 437,303

2, 437,303

702

2,471,19515,067

429, 66649, 52442,947

8,833,004

15, 0673,150,582

3,165, 649

4, 247,242418,858

19,186207,306

4,892,592429, 666146,922144,893

14,78130,804

7,697

8,833, 00498

15,964

3,416,088

3, 268,1795,761

231,100

3, 505, 040

Apr . 30, 1934

4, 589, 99031, 047

222,034

4,843,071

6,333

38, 641401

39,042

3,4925,070

8,562

2, 431, 273

2,431, 273

200548

3,1312,574

2,485,33018, 414

364, 27952, 567

183, 071

7,953, 065

18,4143, 041, 690

3,060,10474, 582

3, 598, 528115, 302

6,228262, 041

3,982,099364, 279146, 395138,383

22,529164, 694

7,953,0654,296

3,316, 776

2,987,27123, 025

350,400

3,360,696

88,852

9110,774

110, 783

i Deferred availability items in excess of uncollected items.



KINDS OF MONEY IN CIRCULATION

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

End of month Total GoldcoinGold

certifi-cates

Stand-ard

silverdollars

Silvercertifl-

Treas-ury

notesof 1890

Subsid-iary

silverMinorcoin

UnitedStatesnotes

FederalReservenotes

FederalReserve

banknotes

Na-tionalbanknotes

1933—-November..December—.

1934—JanuaryFebruary...MarchAprilMayJune.JulyAugustSeptember . .OctoberNovember..December..

1935—JanuaryFebruaryMarchApril *

5,4555,518

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

5,3805,4675r4935,478

219213

178167161157153150146143139136133130

127126123121

407

391399403400402401399438483610558592

580

272

267270272274277280280282284288291294

287289290294

117117

116117118118120119121122122123124125

123123123124

285286

283

282279280277274274273273265

259263264

2,9983,044

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

3,0483,1193,1353,119

206208

202194178162151142133125119112107101

979492

913918

927938936918906902885878870856853820

827823810778

v Preliminary figures.

NOTE.—For figures of paper currency of each denomination in circulation see p. 320Back figures—Be* Annual Report for 1933 (table 56).

ANALYSIS OF CHANGES IN MONETARY GOLDSTOCK


Year and month

1932—Total.1933—Total.1934—January-

February __.MarchAprilMayJuneJuly— —August—SeptemberOctoberNovemberDecember

Total .

1935—January ._February.MarchApri l P

Goldstockat end

ofmonth

Increasein goldstock

Net goldimport

Net re-

from ear-mark *

Otherfactors»

4,033

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

M A T 1935 FEDERAL RESERVE BULLETIN 271

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

3,3453,5823,6953,7903,9284,0453,9473,9644,1004,0374,3554,6014,452

4,1084,2444,3654,456

4,5194,5884,5934,624

4,6054,5624,5794,4144,297

New YorkCity *

1,2271,2901,3231,3911,3931,6091,4401,4611,5061.4681,6511,8641,760

1,5641,5941,6061,678

1,8021,8721,8441,869

1,8711,8001,7841,7251,726

OtherReserve

cities

1,4221,5361,5981,6321,7251,7191,6921,6671,7451,7271,8371,8261,787

1,7051,7941,8841,904

1,8341,8091,8401,839

1,8221,8331,8791,7871,686

'Country"banks

696756773767810817814837849843867911905

839856876873

883907909915

913929916902885

Total—allmemberbanks *

1,375.11,541.01, 623. 51, 684. 61, 789. 41,883. 61,754.11, 730. 61,834. 51, 747.82,035.22,236. 62,064.7

1,823. 01,95i. 02,054.02,125. 0

2,177.02,243.02,253.02,265.0

2, 225. 02,186.02,189. 02,002. 01,894. 0

Excess i

New YorkCity i

432.2454.6484.7532.2525.7638.2562.0568.1603.8555. 8715.9898.9779.0

647.5674.7670.6736.0

845.5910.9882.5905.5

896.4820.8793.8746.6749.7

•eserves

OtherReserve

cities

645.5736.4778 4799.6874.0852.2808.7766.4829.3799.9907.7886.7842.3

783.9870.6950.7972.2

902.6880.1903.4893.4

872.3888.7923.3838.6746.9

"Country"banks*

297.4350.1360.4352.8389.7393.3383.4396.1401.4392.2411.6451.0443.5

392.0406.0433.0417.0

429.0452.0467.0466.0

456.0477.0472.0417.0397.0

1934—MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember _.

1935—January _..FebruaryMarch

Week ending (Friday)1935—Jan. 4

Jan. 11Jan. 18.Jan. 25

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

Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29

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

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

Month or week

1934—MarchApriL.MayJuneJulyAugust __ . . __SeptemberOctober _.November..December

1935—January.. _FebruaryMarch

Week ending (Friday):1935—Jan. 4

Jan.11. _ _Jan. 18Jan. 25Feb. 1Feb. 8Feb. 15Feb. 22Mar. 1.Mar. 8Mar. 15Mar. 22Mar. 29

Net demand and time deposits

Total—all

memberbanks *

25,28826,00926,36326, 69827,07327,31027,61528,03428,36428, 53828,90729,35729, 586

NewYorkCity»

6,6716,9927,0017,1687,2367,2527,3007,4097,4657,5127,6947,9268,050

7,5457,5667,6937,7517,8667,8957,9057,9208,0058,0348,1178,0288,013

OtherReserve

cities

10,30310,56810, 78710,92911,12711, 28011,43611,58711,74411,82811,93312,06312,148

11,84411,87811,96811,96311,96411,94712,03812,12512,16112,12412, 23112,17812,119

"Coun-try"

banks1

8,3148,4498,5758,6018,7108,7778,8789,0389,1549,1979,2809,3689,387

Net demand deposits

T o t a l -all

memberbanks l

15,85116,4576,720

16,98817, 27617,49017,80618, 20818,52418, 76918,99319, 36119, 554

NewYorkCity*

5,9436,2566,2836,4336,5006,5346,5916,7046,7806,8657,0437,2687,399

6,8976,9207,0447,0987,2097,2407,2467,2627,3457,3867,4707,3787,359

OtherReserve

cities

6,1726,3846,5416,6456,8076,9407,1037,2697,4187,5277,5277,6067,662

7,4687,4837,5657,5477,5387,5087,5817,6587,6927,6377,7537,6997,625

"Coun-try"

banks J

3,7363,8173,8963,9093,9694,0164,1114,2354,3264,3764,4224,4874,493

Time deposits

T o t a l -all

memberbanks l

9,4379,5529,6439,7119,7969,8199,8099,8269,8409,7699,9149,996

10,031

NewYorkC i t y '

728736719735736719709705685647651658651

648646649653657655658658660648647651654

OtherReserve

cities

4,1314,1844,2464,2844,3194,3404,3334,3194,3264,3014,4064,4574,486

4,3764,3944,4044,4164,4274,4394,4574,4674,4704,4874,4784,4794,495

"Coun-try"

banks J

4,5784,6324,6794,6914,7414,7614,7674,8024,8294,8214,8574,8814,895

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

a Central Reserve city banks only.



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

Call date

TOTAL—ALL MEMBERBANKS

1931—June 30Sept. 29Dec. 31

1932—June 30Sept. 30—-.Dec. 31

1933—June 30»—.Oct. 25Dec. 30

1934—Mar. 5June 30Oct. 17Dec. 31

1935—Mar. 4

NEW YORK CITY *



1933—June 30 »—.Oct. 25D e c 30

1934—Mar. 5June 30Oct. 17Dec. 31

1935—Mar. 4

OTHER RESERVE CITIES

1931—June 3 0 —Sept. 29Dec. 3 1 . . .

1932—June 30. __Sept. 30—Dec. 3 1 - . -

1933—June 30 >„Oct. 25-- -Dec. 30___

1934—Mar. 5 .—June 30Oct. 1 7 . . .Dec. 3 1 . . . .

1935—Mar. 4 — -

"COUNTRY" BANKS

1931—June 30Sept. 29.—Dec. 31

1932—June 30Sept. 30Dec. 31 . . . . .

1933—June 30 «...Oct. 25Dec. 30

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

1935—Mar. 4

Totalloansand

invest-ments

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

13,56713,01612,11511,04510,97910,5359,7809,951

10,15710,81611,05411,36711, 60911, 739

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

Loansto

banks

457599790573457444330297287225153149155133

150250374260203216162143146112

52

2472843472542051781291201037953556.156

Loans to other customers

Total

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

3,8393,850

2,8562,6382,6212,2972,4362,3952,3212,2022,2942,2022,198

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

7,3187,0186,4695,8925,6635,4054,1944,1754,1234,1034,0163,9263,8493,786

Se-cured

bystocksand

bonds

Se-cured

by real

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

1,8971,8161,7281,3431,3001,2471,0821,0321,034985937876874861

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

3,2183,1493,0382,8942,8852,8622,3722,3642,359

2,3572,2972,2732,250

160152153160154160157149148156156150139139

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

1,4371,4111,3461,3281,3241,3041,0551,0701,0611,0681,0561,0281,0261,018

Other-wise

securedand

unse-cured

8,9228,7228,2427,0816,5276,1955,0495,3506,1845,0674,9315,1614,9404,955

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

Open-market loans

Total

2,1031,563

901747970855

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

1,4971,121695565763701964891912986

1,131883894904

470326135118151115184274258306311328320315

1351167164553943736295124150149181

Purchased paper

Accept-ances

payablein

UnitedStates

Ac-cept-ancespay-able

abroad

268146313407375291303223350264276256235

296201107262341330224233170276225232210203

11370413434302524372620303134

Com-mer-cial

paper

3842961401221159387164132157200253232255

1676262654651917889115151135142

101814836362827463464729592

109

Loansto

bro-kersin

NewYork*

1,217928675278414357788748840855

1,082802843875

1,063839542258391337720624706687883631662678

12456167141258100112138154123131134

Investments

Total

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

U.S.Gov-ern-mentsecu-rities

5,3435,5645,3195,6286,3666,5406,8876,8017,2548,6679,1379,1869,9069,821

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

2,4082,3012,1332,1871,9612,4622,867

3,2093,9544,1024,2404,5514,601

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

Othersecu-rities

6,7636,6355,9965,7865,7555,7266,0415,0935,1325,1755,5156,0816,2166,497

1,1451,202

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

2,3422,2602,0931,9662,4661,9001,7541,7571,7901,8092,0022,1832,2132,331

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

Totalloans

se-cured

bystocks

andbonds

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

3,0262,7802,4741,7571,8111,6991,8881,7281,8241,7241,8401,6311,5651,560

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

2,0781,9851,7961,6741,5031,4501,1501,1481,1361,1291,1021,0781,0621,047

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

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


MAY 1935 FEDEEAL RESERVE BULLETIN 273

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

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

LOANS AND INVESTMENTS[In millions of dollars]

Date

1930—SeDt. 24Dec. 31

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


1933—June 30».Oct. 25*Dec. 30

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

1935—Mar. 4 3

All banks

Total

57, 59056,209

55,92455,02153,36549,704

46,07145,85244,946

40, 076

40, 319

42,503

Loans

39,71538,135

36,81335, 38433,75031,305

27, 83426,98526,063

22, 203

21,977

21,279

Invest-ments

17,87518, 074

19,11119, 63719, 61518, 399

18, 23718,86718,883

17, 872

18, 342

21, 224

Member banks

Total

35,47234,860

34,72933,92333, 07330,575

28,00128,04527,469

24, 78624,95325, 220

26, 54827,17527, 55928,150

28, 2711

Loans

24,73823,870

22,84021,81620,87419,261

16,58715,92415, 204

12,85813,05912,833

12, 70612, 52312, 29312,028

11, 953

Invest-ments

10,73410,989

11,88912,10612,19911,314

11,41412,12112,265

11,92811,89412, 386

13,84214,65215, 26716,122

16, 318

Nonmember banks

Mutual savings banks

Total

i 9, 7479,987

i 9,98710,506

i 10, 50610,488

10, 316i 10,316

10,182

10,044

9,989

9,904

Loans

16,0096,068

i 6,0686,169

i 6,1696,218

6,130i 6,130

6,079

5,941

5,909

5,648

Invest-ments

i 3,7393,920

13,9204,337

i 4,3374,270

4,186i 4,186

4,103

4,103

4,080

4,256

Other nonmember banks

Total

12,37111,362

11,20810, 5939,7868,641

7,7557,4917,295

5,246

5,111

* 5, 425

Loans

8,9688,196

7,9067,3996,7075,827

5,1174,9314,780

3,404

3,235

3,108

Invest-ments

3,4023,165

3,3023,1943,0792,814

2,6372,5602,515

1,841

1,876

2,316

1 Figures of preceding call carried forward. &•''1 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to conmember

banks.» Non-member 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

1930—Sept. 24 . . .Dec 31

1931—Mar. 25June 30Sept. 29Dec. 31

1932—June 30 _Sept. 30Dec. 31 _-.

1933—June 30 »Oct. 25 3Dec. 30

1934—Mar. 5 *June 30Oct. 17»Dec 31

1935—Mar. 4 3

All banks

62, 78453, 039

51, 42751, 78249,15245,821

41,96341,94241,64337,998

38,505

41, 857

Memberbanks

31,83932,560

31,15331, 56629, 46927, 432

24, 75524, 90324, 80323, 33823, 45323, 77125, 29326, 61527, 48428,94328, 589

Nonmember banks

Mutualsavingsbanks

i 9,1979,507

i 9, 50710, 017

i 10,01710,105

10, 020i 10, 020

10,0229,713

9,711

9,780

Othernonineni-ber banks

11,74810, 972

10, 76710,1999, 66f>8,284

7,1887,0206,8184,946

5,023

« 5, 462

For footnotes see table above.NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank

deposits not subject to immediate withdrawal, which aggregated $103,«000,000 on that date.

Back figures.—See Annual Report for 1933 (table 70).

NUMBER OF BANKS

Date

1930—Sept. 24Dec. 31

1931—Mar. 25June 30Sept. 29Dec. 31

1932—June 30Sept. 30Dec. 31 _

1933—June 30 «Oct 25 3Dec. 30

1934—Mar 5 3June 30Oct 17 lDec. 31 *

1935—Mar 4 3

Total

23,59022, 769

22,37221,90321, 29419,966

19, 04618, 79418, 390

14,519

15, 011

15,835

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

i 606603

1603600

1600597

5941594

594

576

581

578

Othernon

mem-ber

banks

14,73814,114

13,84113, 52113,09512,123

11,47211,29610,980

8,337

8,419

8,882

For footnotes see table above.




REPORTING MEMBER BANKS IN LEADING CITIES»IMonthly data are averages of weekly figures. In millions of dollars]

Month or date

1934—AprilMayJuneJulyAugustSeptember.October. __November.December.

1935—January. _.February..MarchApril

1935—Feb. 6Feb. 1 3 —Feb. 20.. . .Feb. 27-...

Mar. 6Mar. 13....Mar. 20—-Mar. 27—

Apr. 3Apr. 10Apr. 17. - -Apr. 2 4 —

Total—all weekly reporting member banks

Loans and investments

Total

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

18,22918,24718, 48618,576

18, 20818, 24518, 21518,321

18,46218,52218,49818, 463

18, 50918, 53518, 64418, 617

Loanson se-

curities

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

3,0492,9963,0813,008

2,9923,0162,9832,995

3,1253,1213,0503,028

2,9742,9693,0233,067

Allotherloans

4,6484,5554,6114,4554,5334,6974,7574,7054,632

4,5484,5644,5874,611

4,5344,5514,5674,603

4,5984,5784,5904,581

4,6354,6244,6094,575

Investments

Total

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

10,63210,68710,81810,957

10, 68210, 67810, 66510,723

10,73910,82310,85810,854

10, 90010, 94211,01210,975

U.S. se-curities

6,2296,2566,4426,6766,6506,5896,647

6,981

7,2187,2177,2787,327

7,2277,1987,2177,227

7,2227,2847,3247,281

7,2807,3237,3717,336

Bor-row-ingsat

F. R.banks

New York City

Loans and investments

Total

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

7,4107,3667,5647,693

7,3637,3927,3077,401

7,5477,6027,5397,566

7,6617,6357,7417,736

Loanson se-

curities

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

1,4451,4221,4931,487

1,4131,4371,4101,428

1,5301,5291,4661,447

1,4121,4081,5191,608

An-otherloans

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

1,5461,6481,5541,573

1,5271,5511,5511,564

1,5641,5511,5571,542

1,5921,5831,5721,545

Investments

Total

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

4,4194,3964,5174,633

4,4234,4044,3464,409

4,4534,5224,5164,577

4,6574,6444,6504,583

U.S. se-curities

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

3,1543,1113,1893,295

3,1293,1173,0903,108

3,1283,1983,202

3,2903,3103,3193,263

Bor-row-ingsat

F. R.banks

Other leadingcities

Totalloans

and in-vest-

ments

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

10,81910,88110,92210,883

10,84510,85310,90810,920

10,91510,92010,95910,897

10,84810,90010, 90310,881

Bor-row-ingsat

F. Rbanks

i For additional data see p. 319.

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

BROKERS' LOANSREPORTED BY THE NEW YORK STOCK EXCHANGE[Net borrowings on demand and on time. In millions of dollars]

End of month

JanuaryFebruaryMarch

AprilMay.June

JulyAugustSeptember

OctoberNovemberDecember

Total

1934

903938981

1,0881,0161,082

923874832

827831

1935

825816773

From NewYork banks

and trust com-panies

1934

839862873

973912980

849803769

761765813

1935

758750706

762

From privatebanks, brokers,foreign bankingagencies, etc.

1934

6476

108

116104102

7471

1935

676667

43


MADE BY REPORTING MEMBER BANKS IN N.Y. CITY

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

Month or date

1934—AprilMayJuneJulyAugustSeptember.October...November.December.

1935—January...February..MarchAprilApr. 3Apr. 10- —Apr. 17-.-.Apr. 24

Total

975937

1,0161,042

827776746713784

111756839803

771774792876

Forown ac-count

813766845871670633612673639

635614696714

631632746846

For ac-count ofout-of-town

banks1

156163165168156142133139144

14014014186

1361364429

For ac-count ofothers

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



M A T 1935 FEDERAL RESERVE BULLETIN 275

ACCEPTANCES AND COMMERCIAL PAPER

BANKERS' ACCEPTANCES, BT HOLDERS (DOLLARACCEPTANCES)


End of month

1932—December...

1933—JanuaryFebruaryMarchAprilMayJuneJuly. .AugustSeptemberOctober.November...December...

1934— JanuaryFebruaryMarchApril...MayJuneJulyAugustSeptember...OctoberNovember...December...

1935—JanuaryFebruaryMarch

Totalout-

stand-ing

710

707704671697669687738094715737758764

771750685613569534516520539562561543

516493466

Held by Fed-eral Reserve

banks

Forownac-

count

4

23072801631341

2111

18127

10556233

0)(*)(00)0)

0)

0)

0)

0)

Forac-

countof for-eign

corre-spond-ents

40

41304543363637404131

34

455432111

0)0)

0)

0)

Held by acceptingbanks

Total

604

626325261404505487552499617592699442

567581576536507480472483503516517497

485452423

Ownbills

224

2/56201153206229201248252236271273223

255266252236226220222222223245252243

238217197

Billsbought

380

370124108199276287304247282321326219

312315324299281260250261280271265254

247235226

Heldby

others

62

38428586

115123147154156112138190

9510881705953423735454446

304143

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 BANKS


End of month

January...February.March . . . .AprilMayJune _July.AugustSeptemberOctober...NovemberDecember.

1932

33, 44433, 47830.77830, 73630,83730, 76230, C4530,83430, 84930, 65930, 65229.189

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

5,5025,6045,3054,696


BANKERS' ACCEPTANCES, BY CLASSES (DOLLARACCEPTANCES)


End of month

OUTSTANDING

1934—MarchAprilMayJuneJulyAugustSeptember...OctoberNovemberDecember

1935—January..FebruaryMarch

HELD BY 1". R. BANES(OWN ACCOUNT)*

1934—MarchAprilMayJune .JulyAugustSeptemberOctoberNovemberDecember

1935—JanuaryFebruaryMarch _

Total

685613569534516520539562561643

516493466

233

(2)

(2)

1

(2)

(2)

Basedoniminto

TT Q

10310310097948994938989

8692

101

51

(2)

(2)

(2)

Basedon ex-portsfromU.S.

186164150145135140138147148140

133123122

61

7j\(2)(2)

(2)

Basedon goodsstored inUnitedStates(ware-house

credits)or

shippedbetweendomestic

points

226186164141138147166184195193

179166134

7

(J)

(2)

(2)(2)

(2)

Dollarex-

change

3334444422

332

2

Basedon

goodsstored

inforeigncoun-

tries orshipped

be-tweenforeignpoints

168158152148144141137133127119

114109106

42

(2)

(»)

i Total holdings of Federal Reserve banks included small amount ofunclassified acceptances.

1 Less than $500,000.

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

COMMERCIAL PAPER OUTSTANDING »

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

End of month

J a n u a r y -February.MarchAprilMayJuneJuly-AugustSeptember .OctoberNovember.December..

1932

108103106108111103100108110113

3 11081

1933

85847264607397

107123130133109

1934

108117133139142151168188192188178166

1935

171177182

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




FEDERAL RESERVE BANK RATES

RATES ON REDISCOUNTS FOR AND ADVANCES TOMEMBER BANES

Federal Reserve bank

BostonNew York.._.Philadelphia-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. .Kansas City..DallasSan Francisco

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

Rate ineffect onMay 1

Date estab-lished

Feb.Feb.Jan.Feb.Jan.Jan.Jan.Jan.Jan.

8,1934

2,1934

17,1935

3.1934

11,1935

14,1935

19,1935

3.1935

8,1935

Dec. 21,1934

Jan. 8,1935

Feb. 16,1934

Previousrate

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

Federal Reservebank

BostonNew YorkPhiladelphiaClevelandRichmond,. _AtlantaChicagoSt. LouisMinneapolisKansas CityDallas _San Francisco _.

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


6665

565H6566

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

M a y 1

4

444444

444

Date estab-lished

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

NOTE.—For rates on industrial advances see p. 320.

BUYING RATES ON ACCEPTANCES

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

Maturity

1-15 days16-30 days. .31-45 days. .46-60 days. .61-90 days. .91-120 days.121-180 days


Date estab-lished

Previousrate

Oct. 20,1933do.

-do._do...do..do.do

111111

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

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

OPEN-MARKET RATES

SHORT-TERM RATES IN NEW YORK CITY

[Percent per annum]

Month or week

1934AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1935JanuaryFebruaryMarchApril ._.-

Week ending-Mar. 2Mar. 9Mar. 16Mar. 23Mar. 30Apr. 6._Apr. 13Apr. 20Apr. 27

Prevailing rate o n - Average rateo n -

Primecom-

mercialpaper,4 to 6

months

1 -IN

H-H-:H-:H-:

H-:54-1

H-l

Primebank-

ers'accept-ances,

90days

H- H

H- H

Timeloans,

90days i

H - l94-1

H-l

H-lH-iH-lH-lH-lH-lH-HH-H

Call loans J

New

1.001.001.00

.63

1.00LOO1.001.001.001.001.00.38.25

Re-newal

1.001.001.001.001.001.001.001.001.00

1.001.001.00.64

1.001.001.001.001.001.001.00.44.25

Average yield

U. S. Treasurybills»

182-daybills

0.18.14.07.08.20.27.21.22.15

.14

.12

.10

.10

.09

.09

.11

273-daybills

0.17.16.17

.15

.14

.15

.18

.16.18.18.17

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

period. When no rate is shown no bills of the stated maturity wereoffered. Average rates on 91-day bills as follows: April 1934, 0.08; May1934, 0.06.

Back figures.—See Annual Report for 1933 (

federal reserve bulletin may 1935 - st. louis fed · federal reserve bulletin vol. 21 may 1935 no....

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