FEDERAL RESERVE BULLETIN APRIL 1935 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Member Bank Reserves and Treasury Opera- tions National Summary of Business Conditions UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON; 1935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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FEDERAL RESERVEBULLETIN
APRIL 1935
ISSUED BY THE
FEDERAL RESERVE BOARDAT WASHINGTON
Member Bank Reserves and Treasury Opera-tions
National Summary of Business Conditions
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON; 1935
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FEDERAL RESERVE BOARD
Ex-ofl5cio members:HENRY MORGENTHAU, Jr.,
Secretary of the Treasury, Chairman,J. F. T. O'CONNOR,
Comptroller of the Currency.
MARRINER S. ECCLES, Governor.
J. J. THOMAS, Vice Governor.CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
M. S. SZYMCZAK.
LAWRENCE CLAYTON, Assistant to the Governor.
CHESTER MORRILL, Secretary.
J. C. NOELL, Assistant Secretary.LISTON P. BETHEA, Assistant Secretary.
S. R. CARPENTER, Assistant Secretary.WALTER WYATT, General Counsel.
GEORGE B. VEST, Assistant Counsel.
LEO H. PATJLGER, Chief, Division of Examinations.FRANK J. DRINNEN, Federal Reserve Examiner.E. A. GOLDENWEISER, Director, Division of Research
and Statistics.LAUCHLIN CURRIE, Assistant Director, Division of
Research and Statistics.
WOODLIEF THOMAS, Assistant Director, Division ofResearch and Statistics.
E. L. SMEAD, Chief, Division of Bank Operations.J. R. VAN FOSSEN, Assistant Chief, Division of Bank
Operations.CARL E. PARRY, Chief, Division of Security Loans.PHILIP E. BRADLEY, Assistant Chief, Division of Security
Loans.O. E. FOULK, Fiscal Agent.JOSEPHINE E. LALLY, Deputy Fiscal Agent.
1 (BOSTON) THOMAS M. STEELE.2 (NEW YORK) JAMES H. PERKINS.3 (PHILADELPHIA) HOWARD A. LOEB, Vice President.4 (CLEVELAND) ARTHUR E. BRATJN.5 (RICHMOND) CHARLES M. GOHEN.6 (ATLANTA) H. LANE YOUNG.7 (CHICAGO) SOLOMON A. SMITH.8 (ST. LOUIS) WALTER W. SMITH, President.
9 (MINNEAPOLIS) THEODORE WOLD.10 (KANSAS CITY) W. T. KEMPER.
11 (DALLAS) JOSEPH H. FROST.
12 (SAN FRANCISCO) M. A. ARNOLD.
WALTER LICHTENSTEIN, Secretary
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OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bankof-
Chairrnan and FederalReserve agent Governor Deputy governor Cashier
BostonNew York
Philadelphia..
F. H. CurtissJ. H. Case
R. L. Austin,
R. A. YoungG. L. Harrison
G. W. Norris..
Cleveland..
Richmond-
Atlanta
Chicago
E. S. Burke, Jr.*..
W. W. Hoxton—.
E. M. Stevens
M. J. Fleming-.
G. J. Seay
Oscar Newton...
G. J. Schaller...
W. W. Paddock-.W. R. BurgessJ. E. CraneW. S. LoganL. R. RoundsL. F. SailerC. H. CoeW. H. HuttJ. S. SinclairC. A Mcllhenny..
F. J. Zurlinden.—H. F. StraterC. A. PepleR. H. Broaddus.-H. W. MartinH. F. ConniflH. P. PrestonC. R. McKayJ. H. Dillard
St. Louis.._
Minneapolis.
Kansas City
Dallas
San Francisco
J. S. Wood
J. N. Peyton
C. C. Walsh
W. McC. Martin..
W. B. Geery
G. H. Hamilton—
B. A. McKinney-
J. U. Calkins
0. M. AtteberyJ. G. McConkey
Harry YaeserH. I. ZieraerC. A. Worthington-J. W. Helm._.R. R. GilbertR. B. ColemanW. A. DayIra Clerk
W. Willett.J. W. Jones.*W. B. Matteson.'J. M. Rice.iAllan Sproul.'H. H. Kimball.'L W. Knoke.iC. A. Mcllhenny.W. J. Davis.*L. E Donaldson.1W. G. McCreedy.*W. F. Taylor.C. W. ArnoldsG. H. Keesee.J. S. Walden, Jr.*M. W. Bell.W. S. McLarin, Jr.*W. H. Snyder.aW. C. Bachman.iO. J. Netterstrom.'A. T. Sihler.iE. A. Delaney.1A. L. Olson.'S. F. Gilmore.2A. H. Haill.iF. N. Hall.*G. 0. Hollocher.*O. C. Phillips.'H. I. Ziemer.F. C. Dunlop.1J. W. Helm.
R. B. Coleman.W. O. Ford.iW. M Hale.
1 Assistant deputy governor.2 Controller.
» Assistant to the governor.* Acting chairman; W. H. Fletcher, acting Federal Reserve agent
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
St. Louis:Little Rock branchLouisville branch— _Memphis branch
Managing director
R. M. O'Hara.
B. J. LazarT. C. Griggs.Hugh Leach.W. T. Clements.
J. H. Frye.G. S. Vardeman, Jr.J. B. Fort, Jr.Marcus Walker.
R. H. Buss.
A. F. Bailey.J. T. Moore.W. H. Glasgow,
i
Federal Reserve Bank of—
Minneapolis:Helena branch
Kansas City;Denver branchOklahoma City branchOmaha branch
Dallas:El Paso branch _Houston branchSan Antonio branch
San Francisco:Los Angeles branch ___Portland branchSalt Lake City branchSeattle branchSpokane branch _
Managing director
R. E. Towle.
J. E. Olson.C. E. Daniel.L. H. Earhart.
J. L. Hermann.W. D. Gentry.M. Crump.
W. N. Ambrose.R. B. West.W. L. Partner.0. R. Shaw.D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIIV is the Board's medium of communication with memberbanks of the Federal Reserve System and is the only official organ or periodical publication ofthe Board. The BULLETIN will be sent to all member banks without charge. To others thesubscription price, which covers the cost of paper and printing, is $2. Single copies will besold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions,$2.60; single copies, 25 cents.
in
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TABLE OF CONTENTS
Page
Review of the month—Member bank reserves and Treasury operations 201Federal Deposit Insurance Corporation—Condition of insured commercial banks and trust companies,
Dec. 31, 1934, and June 30, 1934 '_ 247Department-store sales and stocks—Revised indexes 254-255
National summary of business conditions 207Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc 208-212Member and nonmember bank credit:
All banks in the United States 215All member banks -_ 213, 214, 242, 246Weekly reporting member banks in leading cities -- 216, 243
Brokers1 loans 216Acceptances and commercial paper _ 217Discount rates and money rates 218Security prices, bond yields, and security issues 219Treasury finance _ _ - 220Assets and liabilities of governmental credit agencies 221Reconstruction Finance Corporation—Loans, subscriptions, and allocations 222Farm Credit Administration—Loans and discounts outstanding, by institutions 223Home Owners' Loan Corporation—Summary of operations 223Federal home loan banks—Assets and liabilities - 223Production, employment, car loadings, and commodity prices 224Merchandise exports and imports -- - 225Department stores—Indexes of sales and stocks 225Freight-car loadings, by classes 225
Financial statistics for foreign countries:Gold reserves of central banks and governments 226Gold production __. 227Gold movements— - 227-229Government note issues and reserves - 230Bank for International Settlements 230Central banks - -- -- 231-233Commercial banks 234Discount rates of central banks 235Money rates — 235Foreign exchange rates 236Price movements:
Wholesale prices 237Retail food prices and cost of living 238Security prices 238
Law department:Rulings of the Federal Reserve Board:
Transactions constituting withdrawals from savings accounts 239
Federal Reserve statistics by districts, etc.:Banking and financial statistics 240-246Industrial and commercial statistics 248-253
IV
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FEDERAL RESERVE BULLETINVOL. 21 APRIL 1935 No. 4
REVIEW OF THE MONTH
Member bank excess reserves, which reacheda peak of $2,300,000,000 on February 9, declined
to about $1,850,000,000 at theJ S S e balances end of March. Most of the de-
cline occurred during March, asthe result of a temporary increase of $350,-000,000 in the amount of cash held by theTreasury and Treasury balances with Reservebanks. Other factors in fluctuations in mem-ber bank reserves were relatively unimportantduring March.
The decline in excess reserves in Marchoccurred first at New York City banks, sincea substantial part of the Treasury's financingoperations takes place at these banks. Duringthe latter part of the month outside bankslost reserves. For the month as a whole excessreserves of all member banks showed a declineof $350,000,000, of which $130,000,000 occurredat New York City banks. Changes in excessreserves during March by banks classified as tolocations are shown in the following table.
EXCESS RESERVES OF MEMBER BANKS
[In millions of dollars]
New York City member banksC hicago member banks _.0 ther licensed member banks
Total
Feb. 28,1935
883186
1,130
2,199
Mar. 31,1935
74999
998
1,846
Change
-134- 8 7
-132
-353
The increase in the amount of cash held bythe Treasury and its balances with Federal
Eeserve banks in March re-
opSons and fleCted P r i n c iPa l ly i n c ™ taxbank reserves collections of about $330,000,-
000, unusually large gift taxcollections, the deposit of lawful money bynational banks for the retirement of their cir-
culating notes in the amount of $220,000,000,and the sale of $100,000,000 of Treasury billsin excess of maturities and $40,000,000 of newsavings bonds. These and other Treasury re-ceipts exceeded Treasury expenditures and in-creased the total of Treasury cash and balancesat Federal Reserve banks to an unusually highlevel.
Substantial changes in the amount of cashheld by the Treasury and in its deposits withFederal Reserve banks exert an importantthough temporary influence on the volume ofmember bank reserves. Expenditures of theGovernment are made largely from Treasurybalances maintained with Reserve banks, andthese balances are constantly being replenishedby receipts from taxes, cash sales of public-debtsecurities, and withdrawal of funds from de-pository banks. When the Reserve banksreceive funds for account of the Treasury fromany of these various sources, funds are therebywithdrawn from the market and member bankreserves are reduced by a corresponding amount.On the other hand, when the Treasury makesdisbursements, funds are returned to the mar-ket and member bank reserves are increasedthereby.
As explained above, the sale of securities bythe Treasury in exchange for cash results in animmediate withdrawal of funds from the mar-ket and a reduction in member bank reserves.On the other hand, the sale of new United StatesGovernment securities to a member bank inexchange for a deposit balance to the credit ofthe Treasury at that bank has no effect uponmember bank reserves until the deposit thuscreated, or a part of it, is transferred to theReserve bank. Short-term Treasury bills aregenerally sold on an immediate payment basis,while most other securities, when sold to banks,are paid for by credits to the account of the
201
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202 FEDERAL RESERVE BULLETIN APRIL 1935
Government on the books of banks purchasingthe securities. Purchases by investors otherthan banks result in withdrawals of reservefunds from member banks and increases inTreasury deposits at Reserve banks.
Over a period of time the amount of cashheld by the Treasury and its balances atReserve banks are maintained at a fairly con-stant level. Over short periods, however, theremay be changes of considerable magnitude.During the past year or more Treasury opera-tions have had a larger influence in changingthe volume of member bank reserves than informer years, as is indicated by fluctuations inTreasury cash and deposits with Federal Re-serve banks, shown in the chart on page 208.
In January 1934 sales of Treasury securitiestook $300,000,000 of funds from the market.On February 1, 1934, there was an increase inTreasury cash holdings of $2,800,000,000, repre-senting the increment resulting from the reduc-tion in the weight of the gold dollar. Since thischange arose from a revaluation of existinggold holdings, it represented no withdrawalfrom member banks. Between that time andJune 13, 1934, there was a decline of about$450,000,000 in Treasury cash and deposits atFederal Reserve banks. Subsequently, therehave been further considerable fluctuations inTreasury balances which have had a substan-tial effect on member bank reserves. Increasesoccurred around quarterly income tax datesand at times of new issues of Government se-curities, while between these dates there weregradual decreases.
In view of the large volume of excess reservesin the hands of member banks, however, thesefluctuations have not seriously affected theirposition. The fluctuations have been in fact tosome extent a consequence of the existence ofexcess reserves, since an increasing number ofbanks appear to follow the practice of sub-scribing to new Treasury issues through animmediate charge against their reserve balancesrather than through the creation of Govern-ment deposits on their books.
The Treasury Department announced onMarch 9 the call of the 2-percent Consols ofRetirement of 1 9 3 0 f o r redemption on Julynational bank 1, 1935, and of the 2-percentn o t e s Panama Canal loans of 1916-36and of 1918-38 for redemption on August 1,1935. The former issue was outstanding onFebruary 28 in the amount of $599,724,050and the latter issues in the amount of $74,-901,580. In addition to effecting some reduc-tion in the interest-bearing debt of the Gov-ernment, this measure will necessitate the re-tirement of the national bank note circulation.The called bonds are the only outstanding Gov-ernment securities which permanently containthe privilege for the issuance of circulatingnotes against their pledge. The provisions ofthe Federal Home Loan Bank Act which tem-porarily extended the circulation privilege toall United States Government bonds bearinginterest at a rate not exceeding 3% percentexpire on July 22, 1935. Consequently, uponthe retirement of the Panama Canal issues onAugust 1, there will be no bonds outstandingbearing the circulation privilege.
The following table shows the situation as tonational bank notes on February 28, 1935:
NATIONAL BANK NOTES, FEB. 28, 1935
Total outstanding: $837,712,095Held by the treasury $18,071,880Held by Federal Reserve banks 26,839,770
44) 911 t 63o
In circulation 822,800,465
Lawful money on deposit to redeem circulation 214,371,617United States bonds on deposit to secure circulation 657,937,080National bank note redemption fund 31,447, 706
Amounts of various issues of bonds on depositwith the Treasury on February 28 to securecirculation of national bank notes are given inthe following table, which also shows the totalamounts of these issues outstanding. It willbe noted that the issues bearing permanentcirculation privilege, which have been called,accounted for $521,000,000 of the total of $658,-000,000 of bonds on deposit. The remainder,amounting to $137,000,000, was comprisedmostly of various issues of Treasury bonds.
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APRIL 1935 FEDERAL RESERVE BULLETIN 203
The table also shows that most of the calledbonds outstanding, amounting to $675,000,000,were deposited to secure circulation.
UNITED STATES GOVERNMENT BONDS WITHTION PRIVILEGE, FEB. 28, 1935
Issues with permanent circulation privilege:2-percent Consols of 1930 . - .2-percent Panama Canal loan of 1916-36_2-percent Panama Canal loan of 1918-38.
Total
Other pre-war issues:3-percent Panama Canal loan of 1961 . . .3-percent Conversion bonds of 1946-47-.
Total.
Treasury bonds:3J4-percent Treasury bonds of 19413 -percent Treasury bonds of 1941-43..3^1-percent Treasury bonds of 1940-43._3^-percent Treasury bonds of 1943-45..3J4-percent Treasury bonds of 1944-46..3%-pereent Treasury bonds of 1943-47..3-percent Treasury bonds of 1946-483^-percent Treasury bonds of 1946-49..3H-percent Treasury bonds of 1949-52..3-percent Treasury bonds of 1951-55
This action will simplify and make moreuniform the currency system of the country by
eliminating national bank notes,Effect upon a n actiOn contemplated at thethe currency r
system time ol the passage ol the Fed-eral Reserve Act, and by con-
centrating the currency issue in the Govern-ment and Reserve banks. Retirement of na-tional bank notes will not result in any con-traction in the amount of currency in circula-tion, since Federal Reserve notes will be issuedin place of the retired bank notes. This willleave in active circulation only three types ofpaper currency: Federal Reserve notes, silvercertificates, and United States notes. Typesof currency that are being retired as rapidly asthey return from circulation are gold certificates,Treasury notes of 1890, and Federal Reservebank notes, to which list there have now beenadded national bank notes.
Under the procedure to be followed in retir-ing national bank notes, this action will have
only a temporary effect uponEffect on ^he total volume of membermember bank , _ _ . . ,reserves bank reserves. Each national
bank with notes in circulationwill, before redemption of the bonds or beforeexpiration of the circulation privilege, depositwith the United States Treasury a sufficientamount of lawful money to cover its liabilityagainst its notes outstanding, and this liabilitywill thereby be transferred to the Treasury.In making this deposit the issuing bank willreceive credit for the 5-percent redemptionfund already held by the Treasury. Thedeposit made to retire its circulating notes willat the time reduce the amount of member bankreserves. When the called bonds are redeemed,however, the funds thus disbursed will re-plenish member bank reserves.
Since the amount of called bonds outstand-ing at the end of February, $675,000,000, plusthe 5-percent redemption fund, $31,000,000,exceeded the amount of notes outstanding notalready covered by deposits of lawful money,$654,000,000, the net effect of these varioustransactions, when completed, will be a smallincrease in the total volume of member bankreserve balances. In the interim, however, tothe extent that deposits are made by nationalbanks for retirement of their notes before thecalled bonds are redeemed, there will be somereduction in reserve balances. This has alreadyoccurred in March to the extent of $220,000,000.The existing large volume of excess reserves issufficient to absorb these relatively small andtransitory influences without difficulty. Indi-vidual national banks, which have depositedTreasury bonds against their note issues anddo not hold called bonds in an amount corre-sponding to their notes outstanding, may losereserves, and there may occur, therefore, acertain amount of shifting of excess reservesamong member banks.
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204 FEDERAL RESERVE BULLETIN APRIL 1935
Recent changesin public debt
The Treasury will obtain funds for retire-ment of these called bonds from the incrementresulting from reduction in the weight of thegold dollar. The Federal Reserve banks willreceive from the Treasury gold certificates orcredits payable in such certificates, and theTreasury deposit thus established will be drawndown in redeeming the bonds. In this way anew source of reserve funds will be supplied toreplace the reserves withdrawn by the retire-ment of national bank notes. The net resultupon the various reserve factors, when thebonds have been redeemed and the notesretired, will be a decrease in Treasury andnational bank currency and a decrease inTreasury holdings of cash. The volume ofmember bank reserve balances and of money incirculation will remain practically unchanged.
Redemption of bonds bearing the circulationprivilege is a part of a broader series of changes
in the public debt of the UnitedStates Government that havebeen completed in the past 2
years or are now in process. The changesalready completed have brought about areduction in the average rate of interest paidon outstanding obligations and an extension ofmaturities over a longer period of years. InMarch $1,560,000,000 of Fourth Liberty Loan&){ percent bonds that had been called forredemption on April 15 were offered in exchangefor a corresponding amount of 20-25-yearTreasury bonds, bearing an interest rate of 2%percent. In addition, over $500,000,000 of 1%percent 5-year Treasury notes were issued inexchange for a similar amount of 2% percentnotes maturing on March 15. After theseexchanges $310,000,000 of the Fourth LibertyLoan bonds called for April 15 and $50,000,000called for earlier dates remained outstanding.On April 13 the Treasury issued a call forredemption on October 15 of the remaining$1,250,000,000 of Fourth Liberties not previ-ously called. Thus all of the $6,270,000,000outstanding 18 months ago have been redeemedor called for redemption.
In addition to calling bonds bearing perma-nent circulation privilege, the Secretary of the
Treasury during March also called for redemp-tion on June 15 the $1,930,000,000 of FirstLiberty Loan bonds now outstanding. As aresult of these calls and regular maturities, theTreasury will redeem during the remainder of1935 about $4,200,000,000 of bonds and$1,200,000,000 of maturing notes, as well as meetregular weekly maturities of short-term bills.
Changes in the maturity distribution of theinterest-bearing debt of the United StatesGovernment in the past 2 years are indicatedOD the accompanying chart, which shows byyears maturities of obligations outstanding onMarch 31, 1933, and again on March 31, 1935.
U. S. GOVERNMENT INTEREST-BEARING DEBTDISTRIBUTION BY MATURITY DATES
BILLIONS OF DOLLARS7
BILLIONS OF DOLLARS
7
March 31,1933
• Bills[xl Certificatesffl NotesH Bonds
I • I ill5 5
March 31,1935
] Bills\ Notesj Bonds
!!••• I ••• t1 i n i l l i l l 111 H I H i IS H i I I i l l
In the 2-year period since March 31, 1933,as a result of emergency expenditures by theGovernment, the total interest-bearing debthas been increased from $21,000,000,000 to$28,000,000,000. In March 1933, in additionto a substantial volume of short-term issuesmaturing in 1933 and various issues of notesmaturing within 5 years, a major problemrequiring early consideration was the disposi-tion of the $6,270,000,000 of Fourth LibertyLoan bonds, bearing an interest rate of 4}£percent, soon callable, and maturing in a littleover 5 years. Of less urgency were the$1,930,000,000 of First Liberty Loan bonds,
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APRIL 1935 FEDERAL RESERVE BULLETIN 205
bearing a rate of 3% percent on about 70 per-cent of the issue and 4% percent on most ofthe remainder, then callable, but not maturinguntil 1947.
As a result of a series of offers, the first ofwhich was in October 1933 and the latest in
March of this year, as described,JSScddebt°f a11 b u t $1,250,000,000 of the
Fourth Liberty Loan bonds hadby early in April been redeemed or called forredemption. In addition to the $1,560,000,000recently offered in exchange for 20-25-yearbonds bearing a rate of 2% percent, about$2,200,000,000 of the retired bonds were ex-changed for 10-12-year bonds bearing aninterest rate of Sji percent, $600,000,000 for4-year 2% percent notes, and about $700,000,000have been redeemed in cash or are subject tocash redemption. The effect of these exchangeswas to reduce the interest burden on the$5,000,000,000 of debt redeemed by more than1 percent per annum, as well as to spreadmaturities over a longer period.
In addition to exchanges for the FourthLiberty bonds, the Treasury has in the past 2years sold for cash or issued in exchange for ma-turing certificates or notes, the following bonds:$800,000,000 maturing in 1941, $500,000,000maturing in 1945, and $200,000,000 maturingin 1946, all at 3% percent, $500,000,000 at 3%percent maturing in 1952, and $800,000,000 at3 percent maturing in 1948. The volume ofTreasury notes, issued to mature in from 1 to5 years, was< increased from about $3,500,000,-000 to $9,500,000,000, and the short-termTreasury bill issues outstanding increased from$800,000,000 to $2,000,000,000, while short-term certificates of indebtedness which wereoutstanding in the amount of $2,400,000,000on March 31, 1933, have been entirely elimi-nated except for $160,000,000 of issues madefor special purposes.
The chart illustrates how maturities ofTreasury obligations have been spread outduring the past 2 years. As a result there arenow no large maturities of bonds in any single
bonds°f
year, as was the case 2 years ago. The amountof bonds outstanding and the number ofindividual issues have been increased, but theaverage amount per issue has been reduced andthe average maturity lengthened. As a resultof the April 15 call for the remaining FourthLiberty Loan bonds the amount of maturitiesshown in the chart for 1935 will be increased by$1,250,000,000, while that for 1938 will bedecreased by the same amount.
On February 18 the Secretary of the Treasuryannounced an offering of a new form of security,
United States savings bonds,S e r i e s A> t 0 b e o n s a l e a t P° s t
offices on March 1, in denomi-nations of from $25 to $1,000 (maturity value).These bonds mature in 10 years and are sold ona discount basis, a $100 bond selling at $75, toprovide a yield, if held to maturity, of about 2.9percent per annum compounded semiannually.The bonds will be redeemed at the owner's op-tion any time after 60 days from the issue date,in accordance with a special table of redemp-tion values, which provide lower yields forearly redemption. The savings bonds are nottransferable and are payable only to the ownernamed thereon. They are designed to providean attractive medium of investment for thesavings of individuals and to encourage thepractice of investing savings in Governmentsecurities. About $38,000,000 of the bonds, atpurchase value, were sold during March.
From February 27 to March 27 weeklyofferings of Treasury bills amounted to $100,-000,000, divided into $50,000,000 of 6-monthbills and $50,000,000 of 9-month bills, insteadof $75,000,000 of 6-month bills, which hadbeen the regular offering for several months.Prior to February 1934 Treasury bills sold hada maturity of 3 months. In view of thelarge increase in Treasury balances duringMarch, the offering of bills made in the lastweek of March for sale on April 3 was reducedto $50,000,000 of 9-month bills, being $25,-000,000 less than the maturity on April 3.
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206 FEDERAL RESERVE BULLETIN APRIL 1935
Compared with an increase in the totalinterest-bearing debt of the United StatesDecline in interest Government of one third in thecharge on public past 2 years, the computed
e annual interest charge on thisdebt increased from $720,000,000 to $800,-000,000, or 11 percent, and the average rate ofinterest paid declined from 3.43 percent to2.86 percent. This decline reflects both theunusually low rates paid at present upon short-
PER CENT
5
YIELD ON U.S. GOVERNMENT BONDSLONG-TERM ISSUES
(Monthly averages ) PER CENT
J\\ Vv >
1929 1930 1932 1933 1934 1935
term borrowings and the refunding of high-coupon Liberty bonds into lower-couponsecurities. The chart shows fluctuations in theaverage yield on long-term Treasury bondssince the beginning of 1928. The presentlevel is the lowest of the post-war period.
The decline during the past 2 years in yieldson various types of United States Governmentobligations computed on the basis of currentmarket prices is shown in the following table.
YIELDS ON UNITED STATES GOVERNMENT SECURITIES
[Monthly averages]
Treasury bonds: Average yield on long-termissues
Treasury notes:4-5 years12 months. __
Treasury bills: 3-6 months..
March1935
2.69
1.35)
.10
0)
January1933
3.19
2.47.66
.21
1 Negative yield.
Foreign Central Bank Discount Rates
On March 11 the Bank of Canada com-menced operations with a discount rate of 2%percent. On March 25 the Bank of Italyreduced its discount rate from 4 to 3K percent;on April 5 the Netherlands Bank raised itsdiscount rate from 2){ to 3% percent and onApril 10 to 4% percent.
Revision of Index of Department Store Sales
The Board's seasonally adjusted index ofdepartment-store sales has been revised from1929 to date to take account of changes whichhave developed in recent years in the typicalseasonal fluctuations. The principal effectsof the revision are to lower the level of theindex in April, August, and October, and toraise the index in January, November, andDecember. The adjusted and unadjustedindexes and the seasonal adjustment factorsfor both sales and stocks are shown from 1919to date on pages 254 and 255 of this BULLETIN.
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APRIL 1935 FEDERAL RESERVE BULLETIN 207
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Mar. 25 and released for publication Mar. 27]
In February industrial production increasedby less than the usual seasonal amount, follow-ing sharp advances in December and January.Wholesale prices of many leading commoditiesshowed little change in February and declinedin the early part of March; prices of livestockand meats, however, advanced further inFebruary and continued at relatively highlevels during the first 3 weeks of March.
Production and employment.—Daily averageoutput of basic industrial commodities in-creased in February by an amount smaller thanis usual at this season, and the Federal ReserveBoard's index, which makes allowance forseasonal variations, declined from 91 percentof the 1923-25 average in January to 89 percentin February. At steel mills activity increasedfurther during the early part of February; laterin the month and in the first 3 weeks of March,however, activity declined, contrary to seasonaltendency. In the automobile industry pro-duction continued to increase and the outputindicated for the first quarter is larger than inthe corresponding period of any other yearsince 1929. Lumber production remained at alow level. At textile mills activity in Februarydeclined somewhat from the relatively highrate of the preceding month. In the meat-packing industry output continued to decline.
Factory employment increased between themiddle of January and the middle of Februaryby more than the usual seasonal amount, re-flecting substantial increases in working forcesin the automobile, machinery, iron and steel,and wearing-apparel industries, and smaller in-creases in many other lines. At meat-packingestablishments employment continued to de-cline and at tobacco factories it showed lessthan the usual seasonal growth. Pay rolls atmanufacturing establishments also increasedconsiderably in February. In nonmanufactur-ing industries employment and pay rolls showedlittle change.
Total value of construction contractsawarded in the period from January 1 to March15, as reported by the F. W. Dodge Corpora-tion, w as smaller than in the correspondingperiod last year, reflecting a reduction in thevolume of public projects. The value of con-tracts awarded for residential building during
this period showed a slight increase over thelow level of a year ago.
Distribution.—Daily average volume of reve-nue freight-car loadings showed a seasonalincrease in February and little change in thefirst half of March. Department-store salesincreased in February, a month when there isusually little change, and the combined totalfor the first 2 months of the year was largerthan a year ago by 5 percent.
Wholesale commodity prices.—During theperiod from the beginning of February to themiddle of March there were wide movementsin prices of many individual commodities,while the general level of wholesale prices, asmeasured by the Bureau of Labor Statisticsindex, showed little change. In the third weekof March prices of cotton and other textiles,grains other than wheat, coffee, rubber andtires, scrap steel and tin were considerablylower than at the beginning of February, whileprices of livestock, meats, and sugar werehigher.
Bank credit.—During the 4 weeks endedMarch 20 member-bank reserve balances de-clined by $280,000,000, principally in conse-quence of an increase in Treasury depositswith Federal Reserve banks built up in connec-tion with March 15 fiscal operations. Excessreserves of member banks declined to about$1,950,000,000.
Demand deposits (net) of weekly reportingmember banks in leading cities increasedfurther by $380,000,000 during the 4 weeksended March 13. The balances of other bankswith reporting banks increased by $100,000,000,while Government deposits declined, reflectingthe withdrawal of funds from depository banks.Loans and investments of reporting banks in-creased by $275,000,000. There was a furthergrowth of $85,000,000 in holdings of directobligations of the United States Governmentand a smaller increase in obligations guaranteedby the Government. Loans to brokers anddealers in securities increased by $130,000,000,while other loans showed little change.
Yields on United States Government obli-gations declined slightly further, and open-market money rates continued at a low level.
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208 FEDERAL RESERVE BULLETIN APRIL 1935
RESERVE BANK CREDIT AND RELATED ITEMSMILLIONS OF DOLLARS
9000
8000
7000
6000
5000
4000
3000
2000
1000
Weekly basis: Wednesday series MILLIONS OF DOLLARS
9000
8000
RESERVE BANK« - CREDIT
TREASURY CASH& DEPOSITS WITH F. R. BANKS
7000
6000
5000
4000
3000
2000
1000
1930 1931 1932 1933 1934 1935Based on Wednesday figures; latest figures are for March 27. See table on page 209.
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APRIL 1935J FEDERAL RESERVE BULLETIN 209
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES)
» Preliminary. T Revised.1 Increase from previous date represents principally increment resulting from reduction in the weight of gold dollar on Jan. 31 1934.
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APRIL 1935 FEDERAL RESERVE BULLETIN 211
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANES IN DETAIL; ALSO FEDERAL RESERVENOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS
[In thousands of dollars]
Gold certificates on hand and due from U. S. Treasury..Redemption fund—Federal Reserve notesOther cash
Total reserves.Redemption fund—Federal Reserve bank notes.Bills discounted:
For member banksFor nonmember banks, etc
Total bills discounted.
Bills bought:Payable in dollarsPayable in foreign currencies _
Total bills boughtIndustrial advancesU. S. Government securities:
Bought outrightUnder resale agreement-
Total U. S. Government securities _Other reserve bank credit:
Municipal warrantsDue from foreign banksReserve bank float (uncollected items in excess of deferred availability items) _
Total reserve bank credit outstanding
Federal Reserve notes of other reserve banksUncollected items not included in floatBank premisesAll other assets
Total assets _
Federal Reserve notes:Held by other Federal Reserve banks.Outside Federal Reserve banks
Total notes in circulation __Federal Reserve bank-note circulation—net .Deposits:
Member bank—reserve accountU. S. Treasurer—general accountForeign bankOther deposits
Total depositsDeferred availability items..Capital paid inSurplus (sec. 7)Surplus (sec. 13b).Reserve for contingenciesAll other liabilities
Total liabilitiesContingent liability on bills purchased for foreign correspondents_Commitments to make industrial advances _
FEDERAL RESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks by Federal Reserve agents...Collateral held by agents as security for notes issued to bank:
Gold certificates on hand and due from U. S. TreasuryEligible paperU. S. Government securities..
Total collateral..FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding) _Collateral pledged against outstanding notes:
D iscounted and purchased billsU. S. Government securities
Total collateral.
Mar. 31, 1935 Feb. 28, 1935 Mar. 31, 1934
5, 576, 02315, 649
232,933
5,824, 605
7,373243
7, 616
5, 305
5, 30721,173
2, 437, 303
2, 437, 303
7021904
2, 471,195
15, 067429, 666
49, 52442, 947
8. 833. 004
15,0673,150, 582
3,165, 649
4, 247. 242418,858
19,186207, 306
4, 892, 592429, 666146, 922144, 893
14, 78130,804
7, 697
8,833,00498
15,964
3,416. 088
3, 268,1795,761
231,100
3, 505. 040
5, 542, 56716, 299
247,913
5,806, 779250
'5,693'269
5,962
5,504
5,50419,397
2,430, 282
2,430, 282
8033,144
2, 465,092
18, 445485,883
49, 43646, 694
8, 872, 579
18,4453,135, 869
3,154, 3141,301
4, 587,08395,15614,602
192,116
4,888, 957485,883147, 002144,893
13,44530,824
5,960
8,872, 579405
14,435
3,423,147
3,287, 4733,955
203, 000
3,494,428
11, 719
17,000
17,000
4, 303, 58732, 748
200, 647
4, 536,9829,086
53, 670
54, 068
23, 2735, 275
28, 548
2, 445, 6361.600
2, 447, 236
5633,131
11, 536
2, 545, 082
16, 569387, 639
52, 442120, 630
7. 668, 430
16, 5693,021,734
3,038, 303116, 876
3,457, 06939, 220
5, 941151,166
3, 653,396387,639146, 221138, 383
22, 530165, 082
7,668,4304,937
3, 264,452
2,861,73454, 621
385,300
3,301, 655
132,895
971161,774
162,745
' Revised.i Deferred availability items in excess of uncollected items.
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212 FEDERAL RESERVE BULLETIN APRIL 1935
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks. In millions of dollars]
v Preliminary.»Gold released from earmark at Federal Reserve banks less gold placed
under earmark (with allowance when necessary for changes in gold ear-marked abroad for account of Federal Reserve banks).
» Figures are derived from preceding columns and indicate net resultof such factors as domestic production, movements into and out of non-monetary use, imports and exports that do not affect gold stock duringthe month or year, and increment resulting from reduction in weight ofgold dollar.
Back figures.—See Annual Report for 1933 (table 51).
MOVEMENT OF GOLD TO AND FROMUNITED STATES^
[In thousands of dollars]
From or to—
Belgium _.EnglandFranceGermanyNetherlandsSwitzerlandCanadaCentral America. __MexicoArgentinaColombiaEcuador ._PeruUruguay.VenezuelaAustraliaBritish IndiaChina and Hong
KongDutch East Indies.
Philippine Islands.All other countries2-
Total
March
Im-ports
27870
4,466178876
1,407349128
55
2,139
334
1,3461,916
13,543
Ex-ports
46614
18
43
540
February
Im-ports
63,42445, 766
261,507
3395,350
231729
12,112
174
44
522
359
1, 0861,149
122,817
Ex-ports
41
4
46
January-March
Im-ports
149, 27960, 428
2614,318
33921,914
7686,657
65, 6212,075
445
161289
13, 276
2,221
3,3584,935
286,116
Ex-ports
46614
29641
29
103
949
i With some exceptions figures represent customs valuations at rate of$35 a fine ounce.
* Includes all movements of unreported origin or destination.
Back figures.—See Annual Report for 1933 (tables 53 and 54).
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APRIL 1935 FEDERAL RESERVE BULLETIN 21
MEMBER BANK RESERVE BALANCES[Averages of daily figures. Figures are for licensed banks only. In millions of dollars]
1934—February—March...AprilMay ._June. _-J u l y -AugustSeptember—October _.NovemberDecember
1935—JanuaryFebruary—
Week ending (Friday):1934—Dec. 7
Dec. 14Dec. 21Dec. 28
1935—Jan. 4 __.Jan. 11Jan. 18Jan. 25
Feb. 1Feb. 8Feb. 15Feb. 22
1 Central Reserve city banks only. 2 Weekly figures of excess reserves of all member banks and of country banks are estimates.Back figures.—See Annual Report for 1933 (table 73).
MEMBER BANK DEPOSITS[Averages of daily figures. Figures are for licensed banks only. In millions of dollarsl
Month or week
1934—February . . _MarchAprilM a yJuneJulyAugus t ._->_ .Rftpt.p.mhorOctoberNovemberDecember
» Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.1 Beginning June 30,1933, figures relate to licensed banks only.1 Central reserve city banks only.
Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparablefigures of total loans secured by stocks and bonds are given for June 30, 1925-28, in the Annual Report fox 1928 (table 52); for separate figures ofUnited States Government securities and other securities back to 1914, see Annual Report for 1933 (table 78).
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APRIL 1935 FEDEKAL EESERVE BULLETIN 215
ALL BANKS IN THE UNITED STATES[Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks,
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, beginning with June1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptrollerof the Currency or a Federal Reserve bank]
LOANS AND INVESTMENTS[In millions of dollars]
Date
1930—Mar. 27June 30Sept. 24Dec. 31
1931—Mar. 25June 30 _ „ . . .Sept. 29Dec. 31
1932—June 30Sept. 30Dec. 31
1933—June 30»Oct. 25 3
Dec. 30
1934—Mar. 5 3June 30Oct. 17 » _Dec. 313 _
Total
57,38658,10857,59056,209
55,92455,02153, 36549,704
46, 07145,85244,946
40,076
40, 319
42,503
All banks
Loans
40,68640,61839,71538,135
36,81335,38433, 75031,305
27,83426, 98526, 063
22, 203
21,977
21,279
Invest-ments
16,70017,49017,87518,074
19, 11119,63719, 61518,399
18, 23718, 86718,883
• 17,872
18,342
21, 224
Member banks
Total
35,05635,65635,47234,860
34, 72933,92333,07330,575
28,00128,04527,469
24,786 i24, 95325, 220
26,54827,17527, 55928,150
Loans
25,11925,21424, 73823,870
22,84021,81620,87419,261
16, 58715,92415, 204
12,85813, 05912,833
12, 70612,52312, 29312,028
Invest-ments
9,93710,44210,73410,989
11, 88912,10612,19911,314
11,41412,12112,265
11,92811,89412, 386
13,84214,65215,26716,122
Nonmember banks
Mutual savings banks
Total
i 9,4639,747
i 9, 7479,987
i 9,98710,506
i 10,50610,488
10, 316i 10,316
10,182
10, 044
9,989
9,904
Loans
i 5,9456,009
i 6,0096,068
i 6,0686,169
1 6,1696,218
6,130i 6,130
6,079
5,941
5,909
5,648
Invest-ments
i 3, 5183,739
i 3, 7393,920
i 3,9204,337
i 4,3374,270
4,186i 4,186
4,103
4,103
4,080
4,256
Other nonmember banks
Total
12,86812, 70612,37111,362
11,20810, 5939,7868,641
7,7557,4917,295
5,246
5,111
* 5, 425
Loans
9,6239,3958,9688,196
7,9067,3996,7075,827
5,1174,9314,780
3,404
3,235
3,108
Invest-ments
3,2453,3093,4023,165
3,3023,1943,0792,814
2,6372,5602,515
1,841
1,876
2,316
i Figures of preceding call carried forward.» Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember
banks.« Non-member bank figures not available.4 In connection with the increase over December, see the headnote; also BULLETIN for February 1935, p. 127.
Back figures.—See Annual Report for 1933 (tables 67-69).
NOTE.—Prior to Dec. 30,1933, member-bank figures include interbankdeposits not subject to immediate withdrawal, which aggregated $103,-000,000 on that date.
Back figures.—See Annual Report for 1933 (table 70).
NUMBER OF BANKS
Date
1930—Mar. 27June 30Sept. 24_Dec. 31
1931—Mar. 25June 30Sept. 29Dec. 31
1932—June 30Sept. 30Dec. 31
1933—June 30 *Oct. 25 3Dec. 30 _.
1934—Mar. 5 3
June 30Oct. 17»Dec. 313
Total
24,22323,85223, 59022, 769
22, 37221,90321, 29419, 966
19, 04618, 79418, 390
14,519
15, 011
15,835
Member banks
Total
8,4068,3158,2468,052
7,9287,7827,5997,246
6,9806,9046,816
5,6065,8186,011
6,2066,3756,4336,442
Na-tional
7,3117,2477,1927,033
6,9306,8006,6536,368
6,1456,0806,011
4,8975, 0525,154
5,2885,4175,4615,462
State
1,0951,0681,0541,019
998982946878
835824805
709766857
918958972980
Nonmemberbanks
Mutualsavingsbanks
i 609606
1606603
1603600
i 600597
5941594
594
576
581
578
Othernon-
mem^ber
banks
15,20814,93114,73814,114
13,84113, 52113,09512,123
11,47211, 29610, 980
8,337
8,419
8,882
For footnotes see table above.
Back figures.—See Annual Report for 1933 (table 66).
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216 FEDERAL RESERVE BULLETIN A P R I L 1935
REPORTING MEMBER BANKS IN LEADING CITIES[Monthly data are averages of weekly figures. In millions of dollars)
1 Stock exchange 90-day time loans.* Stock exchange call loans; new and renewal rates.» Average rate of discount on issues offered by U S Treasury within
period. When no rate is shown no bills of the stated maturity wereoffered. Average rates on 91-day bills as follows: March 1934, 0.08;April 1934, 0.08; May 1934, 0.06.
Back figures.—See Annual Report for 1933 (tables 60 and 61).
RATES CHARGED CUSTOMERS BY BANKS INPRINCIPAL CITIES
1 Average prices. Monthly data are average of daily or weekly figures.2 Prices derived from average yields.3 Now 14 Treasury bonds. New Treasury issues were added Aug. 15,
1933, Nov. 1,1933, Apr. 16,1934, June 15,1934, Dec. 15,1934, and Mar. 15,1935. The 3 Liberties were omitted beginning March 1935.
* 45 corporate and 15 municipal.
Source.—For United States Government bonds, Federal Reserve Bankof New York; for other bonds, Standard Statistics Co.
1934—March _Apr i l -M a y . .J u n e . .Ju ly . . .AugustSeptember. .OctoberNovember. _December...
1935—JanuaryFebruary. __March.
New issues
Total(do-
mesticandfor-
eign)
6,2016,3147,5568,040
10,0916,9093,0891,196
7221,402
9714310312321718043
122107141
9250
108
Domestic
Total J
5,1255,1896,2196,7899,4206,0042,8601,166
7101,402
97143103123
2 217»180
433 122
107141
9250
108
Stateandmu-nici-pal
1,3521,3441,4751,3791,4181,4341,235
762484819
8110061
1029118363989
106
8044
100
Corporate
Bondsand
notes
2,4522,6673,1832,3852,0782,9801,240
30540
144
924260
198508
34
378
Stocks
1,1531,0871,4742,9615,9241,503
31120
12035
5539202001
200
For-eign
1,0761,1251,3371,251
671905229
29120
0000000000
000
Re-fund-ing
issues(do-
mesticandfor-
eign)
9251,0462,2201,8581,422
711949538344792
509339
1831577926363545
46180
1 Includes issues of Federal land banks and Federal intermediate creditbanks, not shown separately.
* Includes $100,260,300 bonds of Federal Farm Mortgage Corporationsold by public offering during month.
*Includes bonds of Home Owners' Loan Corporation sold by publicoffering amounting to $149,111,100 in August and $53,000,000 in October.
Sources.—For domestic issues, Commercial and Financial Chronicle;for foreign issues (issues publicly offered) annual totals are as finallyreported by Department of Commerce, while monthly figures are ascompiled currently and are subject to revision.
Back figures.—See (for figures of new issues—annual and quarterlybasis) Annual Report for 1933 (table 112
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220 FEDERAL RESERVE BULLETIN APRIL 1935
TREASURY FINANCEUNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY[In millions of dollars]
i Includes $504,000,000 of Government liability for retirement ofnational bank and Federal Reserve bank notes, as a result of depositof funds by banks; this compares with $309,000,000 on Feb. 28,1935.
i Issues classified as of date of final maturity; most issues are callableat earlier dates. Amount callable before Apr. 1,1936, and not yet called$1,348,000,000, including postal savings bonds and the uncalled 4th Lib-erties.
»Includes $464,000,000 of 4th Liberties called for redemption Apr. 15,1934, Oct. 15,1934, and Apr. 15,1935, and not yet redeemed; and $1,933-000,000 of 1st Liberties called for redemption June 15, 1935.
3 Includes $600,000,000 of Consols of 1930 called for redemption on July 1,1935, and $75,000,000 of Panama Canal loan bonds called for redemptionon Aug. 1, 1935.
* Includes such issues as Postal Savings bonds, retirement-fund notes,and adjusted-service-certificate series, in which special funds are in-vested. The 2-percent Consols of 1930, formerly included, are calledfor redemption on July 1,1935.
SUMMARY OF TREASURYIOPERATIONS[On basis of daily statements of United States Treasury. In millions of dollars!
Period
Fiscal year ending:June 1932June 1933 . .June 1934
1 Excludes public debt retirement.«Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable
against increment on gold.8 Prior to July 1933, emergency expenditures included only net expenditures for the Reconstruction Finance Corporation; other items subse-
quently classified as emergency expenditures were included in general expenditures.< Less than $500,000.
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APRIL 1935 FEDEEAL RESERVE BULLETIN 221
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEB. 28, 1935[Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
ASSETSLoans—totalPreferred stock, capital notes, and debenturesCash—totalInvestments:
United States securitiesObligations guaranteed by United StatesOther investments
Accounts and other receivables _Real estate and other business propertiesOther assets
Total assets other than interagency
LIABILITIES
Bonds, notes, and debentures:Obligations guaranteed by United StatesAll other
Other liabilities (including reserves) .- -
Total liabilities other than interagency __
Excess of assets over liabilities, exclusive of inter-agency transactions -
Privately owned interests
TT s Government interests
Distribution of Government interests:Capital stockSurplus - -Interacencv interest (net)
ASSETSLoans—totalCash—total. > - . -Investments:
United States securitiesObligations guaranteed by United States _.Other investments
Accounts and other receivables _.Real estate and other business propertiesOther assets _
Total assets other than interagency _LIABILITIES
Bonds, notes, and debentures:Obligations guaranteed by United StatesAll other
Other liabilities (including reserves) .Total liabilities other than interagency
Excess of assets over liabilities, exclusive of inter-agency transaction
Privately owned interestsU. S. Government interests _.
Distribution of Government interests:Capital stockSurplusInteragency inter est (net)
Total
7,548868337
467226762155141488
10,992
3,5962,405
224
6,225
4, 767327
4,439
6,573337
- 2 , 4 7 1
Financed wholly from Government funds
Total
2,027868107
2410
12450
133383
3,727
2517255
378
3,349
3,349
5,515240
- 2 , 4 0 5
Recon-structionFinanceCorpora-
tion
1,374865
4
311
299
2,574
251
19
270
2,305
2,305
50069
1,736
Com-modityCredit
Corpora-tion
40
(2)
(2)(2)(2)
40
(2)
(2)
40
40
31
36
Export-importbanks
4
10
(2)(2)(2)
14
(2)
(2)
14
14
14(2)
PublicWorks
Administration
276
3
279
279
279
3 400
- 1 2 1
RegionaAgricul-
turalCredit
Corporations
82
2
(2)
4
88
1
1
88
88
451132
Produc-tion
CreditCorpora
tion
2
21099
(2)
114
1
1
113
113
- ,: • =
1121
U.S.Shipping
BoardMer-chantFleet
Corporation
112
18
219
501
209
17
17
193
193
50~143
Other»
1393
71
22
46
8380
408
7217
89
318
318
3 4,39115
-4,088
Financed partly from Government funds
Total *
5,520230
443215638105
8105
7,265
3,3462,333
169
5,847
1,417327
1,090
1,05897
- 6 6
Federalland
banks
2,04724
6716
140
584
2,284
1,83582
1,917
366121
245
1146566
Federalinter-
mediatecreditbanks
15814
3441
<\
(2)(2)
251
1754
179
72
72
7034
- 3 2
FederalFarmMort-gage
Corpo-ration
66518
62719
(2)
1,330
1,089
36
1,126
204
204
2004
Banksfor
cooper-atives
296
2558101
(2)(2)
130
(2)
(2)
1302
128
1253
Homeloan
banks
7730
11
(2)(2)(2)(2)
110
3
3
10624
82
821
HomeOwners'Loan
Corpo-ration
2,544122
373
(2)2,706
5 2, 256322
39
2,617
89
89
200- 1 1
- 1 0 0
FederalSavings
andLoanInsur-ance
Corpo-ration
1
100
(2)
102
(2)
(2)
102
102
1002
Federalsavings
andloanasso-
ciations
18
18
18
18
18
FederalDepositInsur-ance
Corpo-ration
15
316
2
W 2
335
5
5
3316 181
150
150
i Includes interagency interests held by the Treasury Department.
» Nonstock (or includes nonstock proprietary interests).* Includes also War Finance Corporation not shown separately.
«Includes unissued bonds covering loans inprocess.e Includes $41,000,000 of assessments paid in by member banks and
trust companies formerly included under U. S. Government interests.
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222 FEDERAL RESERVE BULLETIN APRIL 1935
RECONSTRUCTION FINANCE CORPORATIONLOANS, SUBSCRIPTIONS, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
LOANS AND SUBSCRIPTIONS
Loans under sec. 5 of the Reconstruction FinanceCorporation Act, as amended:
Banks and trust companies (including receivers,liquidating agents, and conservators)
Building and loan associationsTnsiiranftfi cnrnpaniftsMortgage-loan companies . . .Credit unionsFpdsral land banksJoint stock land banksAgricultural credit corporationsRegional agriculturalcredit corporations __Livestock crpfiit cornorationsRailroads (including receivers)State funds for insurance of public moneysFishing industryProcessors or distributors for payment of proc-
essing taxes -_.Total _
Other loans:For self-liquidating projects, sec. 201 (a) (in-
cluding repairs to property damaged byearthquakes, etc.) .
For financing exports of agricultural surpluses,sec. 201 (c).
For financing agricultural products, sec. 201 (d).To commodity credit corporationOn preferred stock of banks . . .On preferred stock of insurance companiesTo drainage levee, and irrigation districtsTo Dublic school authoritiesTo industrial and nnmmfirnial hiisinfissp.sTo mining, milling, and smeltering businesses..On assets of closed banksTo Public Works Administration on security
transactions _Total _
Purchases:Preferred stock of banks _ .Capital notes and debentures of banksPreferred stock of insurance companies.
Total _Total loans and purchases
ALLOCATIONSFor relief:
Federal Emergency Relief Act of 1932Federal Emergency Relief Act of 1933Emercencv ADDroDriations Act of 1935
Total
To other Government agencies:To Secretary of the Treasury for:
Purchase of stock of Federal Home Loanbanks
Purchase of stock of Home Owners' LoanCorporation
To Land Bank CommissionerTo Federal Farm Mortgage CorporationTo Federal Housing AdministratorTo Secretary of Agriculture for:
Crop loansReallocated as capital regional agricultural
credit corporationsReallocated to Governor of Farm Credit
Administration
Total
Total allocations
Total loans, subscriptions, and allocations
Proceeds disbursed, less repayments
Feb. 28,1934 r
690,47159,55254,059
167,315499
193,61813,1581,214
29,1452,071
345,1785,055
13
1,561,348
71,217
10,0534,448
153,52510,7574,3752,414
256,788
261,438192,897
454,335
2,272,472
299,003478,244
777, 247
79,146
39,000147,60055,000
115,000
44,500
40,500
520,746
1,297,993
3,570,464
Oct. 31,1934
583,45225,20529,982
159,327388
115,2637,323
6052,6731,546
353,1701,233
2
1, 280,168
112, 291
15, 2715,717
42,96918,84925,78511,14722, 3003,248
23
257, 600
562,410256,671
100
819,180
2,356,949
298,006499, 590215,000
1,012,596
81,646
200,000147,60055,00015,000
115,000
44, 500
40, 500
699, 246
1,711,842
4,068,791
Nov. 30,1934
599,39723,25929,420
155,874387
110,9977,132
600866
1,464361,506
81125
2
1,291,739
117,027
14,9926,090
30,24218,96525, 78511,32122, 3004,166
22
250,911
571,193259,662
100
830,955
2,373,605
297r 774499, 586325,000
1,122, 360
81,646
200,000147,60055,00015,000
115,000
44,500
40, 500
699,246
1,821,606
4,195,211
Dec. 31,1934
632,20920,08224,829
160,591386
78,6476,495
863
1,334376,555
54125
1
1,302,558
122,743
15,1764,258
33,36219,12430,03312,298
6,627
20
1,529
245,169
585,858260,102
100
846, 060
2,393,787
297, 774499,588470,000
1, 267, 362
81, 646
200,000147, 60055,00025,000
115,000
44,500
40,500
709, 246
1,976, 608
4,370,395
Jan. 31,1935
595,71715,64024,023
156,292367
77,0235,530
863
1,314379,087
43
1
1,255,900
125,408
15,1764,177
36,13919,48729,93315,410
8,516
34
71
254,350
598,112256,622
100
854,834
2,365,084
297,718499,987500,000
1,297,705
81,646
200,000147,60055,00025,000
115,000
44,500
40,500
709,246
2,006,951
4,372,035
Feb. 281935
568,81413,56722,664
155,367361
74,6705,031
863
1,272379,713
53
1
1,222,374
127,839
15,1644,719
35,90519,67429,93316,978
10,649
79
1,356
262, 296
621,055256,316
100
877,472
2,362,141
297,718499,991500,000
1,297,709
81,646
200,000147,60055,00025,000
115,000
44,500
40,500
709,246
2,006,955
4,369,095
Mar. 31,1935 v
538,43112,28122,035
151,796343
72,3184,078
861
1,256380,199
53
1
1,183, 651
132,908
14, 9535,332
39, 55220,30429,93321, 292
12, 740
150
17,311
294,475
627,876254,666
100
882, 642
12,360,767
297, 711499,994500,000
1,297, 704
81, 646
200,000147,60055, 00025,000
115,000
44,500
40,500
709, 246
2,006,950
4,367,717
Proceeds not yetdisbursed
Jan. 31,1935
117,97021,367
135101,317
634
1,504
85
243,011
101,336
3,0954,202
376, 5061,534
65,489
23, 247
171
7,098
582, 677
60,95468,127
129,081
954,770
1513
28
43, 095
97,400
140, 495
140, 523
1, 095, 293
Feb. 28,1935
113,00521,367
13599,226
621
753
78
235,184
97,588
3,0883,689
372,0341,345
65,147
24,050168219
2,407
569, 734
36,83565,914
102, 748
907,667
159
24
43,095
97,400
140,495
140, 519
1, 048,186
»Includes $372,065,000 of loans for distribution to depositors of closed banks. ' Revised.
Back figures.—'See BULLETINS for December 1933, pp. 738-739, and February 1934, pp. 103 and 132.
9 Preliminary
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APRIL 1935 FEDERAL RESERVE BULLETIN 223
FARM CREDIT ADMINISTRATIONLOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
1 Does not include loans by joint stock land banks, which are now in liquidation.2 Some of the loans made by the regional agricultural credit corporations and most of the loans made by the production credit associations are
discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the two columns under those headings.s Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks.
HOME OWNERS' LOAN CORPORATIONSUMMARY OF OPERATIONS1
Months
1934
From opening to Feb. 28..MarchApril__MayJuneJuly -AugustSeptemberOctoberNovemberDecember
FEDERAL HOME LOAN BANKSCOMBINED STATEMENT OF ASSETS AND
LIABILITIESfin thousands of dollars]
Cash on hand.Loans outstanding.Accrued interest-..InvestmentsOther assets
Total assets.
LIABILITIESCurrent liabilitiesCapital stock, fully paid and oustanding:
Members __United States Government
Subscriptions to capital stock, less balance dueSurplus
Total liabilities..
Jan. 31,1935
18,15482,585
4228,846
89
110,096
4,253
20,85981, 646
1,2602,078
110,096
Feb. 28,1935
30,27277,170
4352,241
44
110,162
3,851
21,01081,646
1,3082,348
110,162
* Figures are subject to adjustment.2 Revised adjustments for applications received in earlier months.
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224 FEDERAL RESERVE BULLETIN AFBIL 1935
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
* Preliminary. r Revised. * Average per working day.1 For indexes of groups and separate industries see pp. 249-250; for description see BULLETIN for February and March 1927; for revised figuresback to 1919 see BULLETIN for September 1933, pp. 584-585.1 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. Forback figures see Annual Report for 1933 (table 115).
» The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. Fordescription and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factoryemployment compiled by the Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industriessee pp. 251-252.4 For indexes of groups see p. 225; for back figures for total see Annual Report for 1933 (table 115) and for groups see BULLETIN for February1931, p. 108.
' Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 248. For backfigures see Annual Report for 1933 (table 120).
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APRIL 1935 FEDERAL RESERVE BULLETIN 225
MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]
Month
JanuaryFebruary .March
AprilMayJUD6
JulyAugust
December
Year
1931
250224236
215204187
181165180
205194184
2,424
Merchandise exports l
1932
150154155
135132114
107109132
153139132
1,611
1933
121102108
105114120
144131160
193184193
1,675
1934
172163191
179160171
162172192
206195171
2,133
1935
176*163
Merchandise imports •
1931
183175210
186180173
174167170
169149154
2,091
1932
136131131
127112110
799198
10510497
1,323
1933
968495
88107122
143155147
151129134
1,450
1934
136133158
147155136
127120132
130151132
1,655
1935
167*153
1931
664926
292414
6o
10
364430
334
Excess of exports
1932
152324
9204
271734
483435
288
1933
251813
177
—2
1-23
13
425659
225
1934
373033
336
34
345260
774438
478
1935
9»10
v Preliminary.i Including both domestic and foreign merchandise.• General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—See BULLETIN for January 1931, p. 18, and for March 1931, p . 136.
DEPARTMENT STORES—SALES, STOCKS[Index numbers based on value figures; 1923-25 average—100]
Month
JanuaryFebruarvMarch
AprilMayJune
JulyAugustSeptember
October
December
Year
I
Adjifor se*varij
1934
717178
747774
737775
737478
ndex of sales i
istedisonalition
1935
7475
Withoutseasonal ad-
justment
1934
575973
737770
516079
8283
135
75
1935
5961
*>70
Index of stocks (end ofmonth)
Adjustedfor seasonalvariation
1934
666665
656665
646464
646564
1935
6464
Withoutseasonal ad-justment
1934
596367
686863
596167
717460
65
1935
5761
9 Preliminary.i Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and Sun-days and for 6 holidays: New Year's Day, Memorial Day, Indepen-dence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustmentfor seasonal variation makes allowance in March and April for the effectsupon sales of changes in the date of Easter.
Back figures.—See pp. 254-255 of this BULLETIN; seasonally adjustedindex of sales revised from 1929 to date.
FREIGHT-CAR LOADINGS, BY CLASSES[Index numbers; 1923-25 average=100]
TotalCoalCokeGrain and grain productsLivestockForest productsOreMiscellaneousMerchandise i _
TotalCoalCokeGrain and grain productsLivestockForest productsOre,_MiscellaneousMerchandise l
1934
Feb. Oct. Nov. j Dec. Jan. Feb.
1935
Adjusted for seasonal variation
647876684830346767
576045586230306063
596443565530206464
647151585132347166
647362564231317265
657562593935347365
Without seasonal adjustment
646946658331427066
607044606429146365
5676545751268
5562
5882695444287
5861
6181
L 7(1
r w37368
6263
1 In less-than-carload lots.
Based on daily average loadings. Source of basic data: Associationof American Railroads.
Back figures.—See BULLETIN for February 1931, pp . 108-110.
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226 FEDERAL RESERVE BULLETIN APRIL 1935
INTERNATIONAL FINANCIAL STATISTICSGOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS
[In millions of dollars. $l=15^i grains of gold *Ko fine; i. e., an ounce of fine gold=$35]
» Preliminary.1 Figures for December 1933, March 1934, June 1834, or December 1934 carried forward for subsequent months, for which no figures have
been reported.NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in
Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam: and in Africa: Algeria and Belgian Congo.For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372; and December 1934, p. 801.
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APEIL 1935 FEDERAL RESERVE BULLETIN 227
GOLD PRODUCTION[In thousands of dollars]
Year and month
Esti-matedworld
produc-tion
Production reported monthly
TotalAfrica
SouthAfrica
Rho-desia
WestAfrica
BelgianCongo
North and South America
Canada UnitedStates
Mexico Colom-bia Chile
Far East
Austra-lia Japan India
$l=25¥io grains of gold ¥10 fine; i. e., an ounce of fine gold=$2O.67
•p Preliminary. * Revised.* January figures placed on same basis as those for subsequent months, i. e., $35 an ounce.NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
November 1934, p. 737, and March 1935, p. 170. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for1934, p. 104. Figures for Canada since 1933 are subject to official revision.
Official figures converted at rate of $35 an ounce
- 1 9
-38,170 -24,455
691
-64,922
590
-40,950
-241,202-240, 361
-15,376-50 , 314
-160,187-155,636-37,010
33,581-11,411
926264
9,6063,706
-17,936- 8 , 738
-348, 094-351, 729
-2 ,9318,670
12, 5363
781
18,191
145- 3
2
31,03831,036
115
-166398
-213-9,299-1,400
-320-122- 4 4
-464- 2 , 633-3,114
17,549-17,669
-994-2,497
59,19615,9551,995
676- I , 1
-104- 3 9
10139
-786-232
75,04474,995
- 9 6249
-1,765-2,91432,4925,405
19,168-1,038-9,226-15,492-6,972
1,7864,220
6,853-11,305
286427
- 6 , 636643
1,163
318,2513 65, 517
24,47723, 657
1,23111,975
74,33973,123
3 25, 849-561
-20,472-39,440-5 ,655
-29,040-20,312
4,4695,327
617,8732,9541,206
-91,783-90,920
1,312295
-29,660-55,529-3, 515-13,382
-4,090-2,604-269-59-167-85
-109,372-109,386
23-49
-2,615
-8,054- 2
-8,073-10,083-12,286
12647
- 1
46,656 -11,063
2,668-1,336
41,09442,907
293
-946-988
-8 ,189-12,363-8 ,155
- 1 6- 5 2
521,908
238- 9 9
28,31728,114
527-62
3,610
18,03416,99213,9716,761
8,4577,r "•
5,760313
1,162
85,390
75
1558615a27123117153274257
2,562227
4,1114,097
685404
* Preliminary.1 Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately
in the official monthly statistics.2 January figures placed on same basis as those for subsequent months—i. e., $35 an ounce.3 $19,218,000 imported by France from Italy in November 1934; $65,437,000 in December 1934; $25,755,000 in January 1935.
NOTE.—Great Britain and Germany.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised officialtotals published for the year as a whole.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
J> Preliminary.1 January figures placed on same basis as those for subsequent months—i. e., $35 an ounce.2 Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.
NOTE.—Netherlands and Switzerland—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised officialtotals published for the year as a whole.
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230 FEDERAL RESERVE BULLETIN APRIL 1935
GOVERNMENT NOTE ISSUES AND RESERVES[Figures are for last report date of month]
Legal tender note fund:British legal tender and bank
balancesBritish securities _ . .Notes issued
Consolidated bank notes: *Issued __ _. _Deemed such under sec. 60 (4) of
Currency Act, 1927
1935
Feb.
247529
1517,1767,327
4,867
1,125
Jan.
247521
2117,1767,387
4,857
1,130
1934
Dec.
247515
5347,5288,062
4,852
1,137
Feb.
247553
326,8636,895
4,759
1,223
Canadian Minister of Finance (millionsof Canadian dollars):
Gold reserve against Dominion notesAdvances to banks under finance act__.Dominion notes:
IssuedOutside chartered bank holdings. _
Indian Government (millions of rupees):Gold standard reserve:
Gold. .Foreign exchange
Paper currency reserve:GoldSilverOther assets ._Notes issued
1935
Feb.
7235
22045
29505
416915502
1,832
Jan.
7035
21732
29505
416939482
1,836
1934
Dec.
7235
21734
29505
416951473
1,839
Feb.
6950
17628
68465
376989408
1,773
i Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Feb. 2 and Jan. 5,1935, Dec. 8 and Feb. 3,1934. Figure:for notes deemed to be consolidated bank notes are as of close of business on these dates.
BANK FOR INTERNATIONAL SETTLEMENTSIn thousands of Swiss francs]
Assets
Gold in bars ___ -_.Cash on hand and on current account with
banks -Demand funds at interest
Eediscountable bills and acceptances (atcost):
Commercial bills and bankers' accept-ances ._-
Treasury bills _._
Total
Time funds at interest—Not exceeding 3months __.
Sundry bills and investments:Maturing within 3 months:
Treasury bills _Sundry investments
Between 3 and 6 months:Treasury billsSundry investments
Over 6 months:Treasury billsSundry investments
TotalOther assets:
Guaranty of central banks on billssold
Sundry items
Total assets
1935
Feb. 28 Jan. 31
11,008
2,3384,224
163,500194,896
358, 396
41, 771
30, 75154,037
36,91742,459
20,30736, 247
220, 718
6,0843,481
11,008
2,6114,794
164,959184,810
349, 769
40,229
29, 50333, 514
34, 234
23,09436, 253
220,230
6,1292,956
1934
Feb. 28
17,962
3,81917,681
157,071189,926
346,998
37, 047
30,18457, 291
18, 50444,717
35,86937,934
224,499
4,1634,976
648,018 637, 726 657,145
Liabilities
Demand deposits (gold)
Short-term deposits (various currencies)Central banks for own account:
DemandTime—Not exceeding 3 months—.
Total
Central banks for account of others:Demand
Other depositors:Demand...Time—Over 6 months
Long-term deposits:Annuity trust accountGerman Government depositFrench Government guaranty fund..
TotalCapital paid inReserves:
L«gal reserve fundDividend reserve fundGeneral reserve fund
Other liabilities:Guaranty on commercial bills sold...Sundry items..
Total liabilities
1935
Feb. 28 Jan. 31
10,921
27,987107, 759
135,746
15,398
1,428488
154,29477,14761,930
293,371125,000
2,6724,8669,732
6,08442, 312
10,921
21,461107,605
129,065
12,491
1,413
154,48177, 24141,062
272,784125,000
2,6724,8669,732
6,18862,594
648,018 637,726
1934
Feb. 28
17,962
42,142109,777
151,919
924
153, 64076, 82040,903
271, 363125,000
2,0223,89577224,16363,757
657,145
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v Preliminary.»In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by
law at £260,000,000.1 Not yet available.
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83.
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232 FEDERAL RESERVE BULLETIN APRIL 1935
CENTRAL BANKS-Continued[Figures are for last report date of month]
Central bank
1935
Feb. Jan
1934
Dec. Feb.Central bank
1935
Feb. Jan,
1934
Dec. ! Feb,
National Bank of Albania (thousandsof francs):
Gold.Foreign exchangeLoans and discountsOther assets. _Note circulation.-Demand depositsOther liabilities
Commonwealth Bank of Australia(thousands of pounds):
Issue department:Gold and English sterlingSecurities
Banking department:Coin, bullion, and cash _London balancesLoans and discountsSecurities _ _.Deposits _
Note circulation- -Austrian National Bank (millions of
schillings):Goldi__Other foreign bills i _.Domestic billsGovernment debtsNote circulation-.Deposits
National Bank of Belgium (millionsof belgas):
GoldDomestic and foreign billsLoans to State _Note circulation--Deposits
Central Bank of Bolivia (thousands ofbolivianos):
Gold at home and abroadForeign exchangeLoans and discountsNote circulationDeposits
Bank of Brazil (millions of milreis):CurrencyCorrespondents abroad.Loans and discounts _Note circulation __Deposits
National Bank of Bulgaria (millionsof leva):
Qold _ _Net foreign exchange in reserve--.Total foreign exchangeLoans and discountsGovernment obligations __Note circulation.Other sight liabilities
Central Bank of Chile (millions of0:
15,70826,314
20,33917,66036,12377,00747,050
24238
234624902212
2,531671340
3,647237
341189
2,88620
2,778
1,547- 8 7365919
2,1762,195
Gold and foreign exchange in re-serve
Loans and discountsGovernment debtNote circulation. _Deposits
Central Bank of China • (millions ofyuan):
GoldSilverDue from banks abroadDue from domestic banksLoans and discounts _.SecuritiesOther assets.__ _Note circulation.
7,12222,9692,5762,252
12,73911,81510,365
15,70825, 555
87019,09219, 57935,87377,22147, 550
24236237624902215
2,543684340
3,636241
7,12222,6292,7233,04011,01913,37211,123
15,708
377168
2,56820
2,899
1,547-69203940
2,6982,2261,980
14251713511351
65717,49719,73335,89875,94150,300
24235236624964154
2,505673344
3,530234
, 9,509I 5,160i 43,88183,597139, 917
312173
2,72120
3,023
1,547-52200
1,0252,7552,4491,758
14249714516346
2010410388517447
7,22324,9332,9132,47811,41715,89310,237
15,50828,875
1,01524,46614,88835,85879,70741,155
18922
297624993138
2,714760347
3,473
14,3643,841
22,13656,53960,690
386302
2,76620
3,009
1,5474
1091,1232,7832,4001,963
170121682523359
351121651
137133572
Central Bank of China—Continued.Deposits—Government
Bank.Other_.._
Other liabilities.—Bank of the Republic of Colombia
(thousands of pesos):Gold at home and abroad •Foreign exchange.Loans to member banks . . .Note circulationDeposits . . .
National Bank of Czechoslovakia(millions of koruny):
GoldForeign balances and currencyLoans and advancesNote circulationDeposits. _
Danish National Bank (millions ofkroner):
GoldForeign bills, etcLoans and discounts.Note circulationDeposits. _ _.
Bank of Danzig (thousands ofgulden):
Gold.Foreign exchange of the reserveOther foreign exchangeLoans and discountsNote circulationDeposits _
Central Bank of Ecuador (thousandsof sucres):
Gold at home and abroadForeign exchangeLoans and discountsNote circulationDeposits
National Bank of Egypt» (thousandsof pounds):
GoldForeign exchangeLoans and discountsB r i t i s h , Egyptian, and o t h e r
Government securitiesOther assetsNote circulationDeposits—Government
OtherOther liabilities _
Bank of Estonia (thousands of krooni):GoldNet foreign exchangeLoans and discountsNote circulationDeposits—Government
Gold and foreign exchangeLoans and discounts.._Government obligationsNote circulation.._Other sight liabilities._Liabilities in foreign exchange
10,4952,2636,74835,35724, 398
2841,0605,253975
133157736392
20,0101,478
8421, 35837,6471,764
27, 7395,59814,14437, 7108,5517,7802,393
323
1,268115660
1,372294
3,9361,9033,2625,2213,652
96
2,3783,3085,2684,094
81
197 ) 20039 i 4314 i 13
143 j 71
10,8841,6156,46535,02823,906
2,682305
1,1805,0281,317
133167336191
20,4852,703125
21, 25338,0722,621
15,97311,30651,02145,50629,629
6,5454,3785,169
31, 7914,19519, 5277,66316, 7828,106
27, 7005,07114,09335,9849,0087,6352,481
323 ,
1,330 I113606 j
1,268 '381
14, 2511,8928,07840,13724,819
1331475386123
23,5772,899
3822,26538,920
15,82410,67051,14246, 56227,548
6,5453,8635,542
32,1773,35219,8037,04316, 5158,118
27,6734,38916,58736, 6767,7489,6032,757
1,328119543
1,277370
4,1052,5733,3535,6864,165
14, 7192,9963,66233,29724,848
2,680 | 2,668229 I 78
1,379 ! 1,3465, 640 5,523766 444
1331071351L78
30,1619,133523
15,24639,22010,757
15,0827,19547,47136,47722,188
6,5463,4504,992
34,6043,48919,6246,64918,8147,995
20,4244,03819,09933,6124,0847,0062,860
323
1,044311658
1,286390
3,9623,5323,3555,0446,030
761 Beginning Apr. 30,1934, gold valued at rate of 1 schilling =0.16667 gram of fine gold, instead of 0.21172 as formerly, and foreign exchange valued
at market.*Items for issue and banking departments consolidated.8 Gold acquired since Mar. 20,1934, valued at purchase price.
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AFIIL 1935 FEDERAL RESERVE BULLETIN 233
CENTRAL BANKS—Continued[Figures are for last report date of month]
Central bank
National Bank of Hungary (millionsof pengos):
GoldForeign bills, etcLoans and discountsAdvances to TreasuryOther assetsNote circulationDepositsCertificates of indebtednessMiscellaneous liabilities
Bank of Italy (millions of lire):Gold at home _-_Credits and balances abroadLoans and discountsNote circulationPublic depositsOther deposits
Bank of Japan (millions of yen):Gold___ ___Advances and discountsGovernment bondsNotes issuedTotal deposits
Bank of Java (millions of florins):GoldForeign bills _Loans and discountsNote circulationDeposits
Bank of Latvia (millions of lats):Gold _Foreign-exchange reserveBillsLoans _ _Note circulationGovernment depositsOther deposits
Bank of Lithuania (millions of litu):Gold.__Foreign currencyLoans and discountsNote circulationDeposits. . _
Bank of Mexico (millions of pesos):Gold. . .SilverForeign exchangeLoans to member banksOther loans and discountsOther assetsNote circulationDeposi ts . . .Other liabilities
Netherlands Bank (millions of flor-ins):
GoldForeign bills _Loans and discountsNote circulationDeposits
Reserve Bank of New Zealand (thou-sands of pounds):
Bank of the Republic of Uruguay(thousands of pesos):
GoldLoans and discountsOther assetsNote circulationDeposits—Demand
TimeJudicial and adminis-
trativeOther liabilities..
National Bank of the Kingdom ofYugoslavia (millions of dinars):
Gold _Foreign exchangeLoans and discountsAdvances to StateNote circulationOther sight liabilities
1935
Feb. Jan
50618
673940230
905476298
1,0492,049
10,41492
6,2762,8939,7999,308
21, 2258,1529,406
25,9396,788121
11,477
24,9803,329
2,269691284
2,3304,5901,051
35155750659454
1,794796
1,330556
281415235331622971
1,260164
1,8282,2884,3221,241
505
937234
905466302
1,0492,079810
10,34691
6,5882,9119,7179,18821,6177,6189,607
23, 7437,136
1411, 5413,36921,1213,948
2,268688279
2,3514,591959
35156350651475
1,838395
1,334592
271315235351643168
46, 643102, 95741, 60975, 58433,16639, 371
2,62640,462
1,251159
1,8032,2874,2881,292
1934
Dec. Feb.
50328757981241
903437316
1,0492,121758
10,28591
6,7292,9469,6689,202
22, 3077,232
22,28710,517
5113,0071,88221,4715,216
2,268677281
2,5254,696
35155557708407
1,9108
1441,440624
271315333321653262
46,643104,849'42,39579,60632,04239, 242
2,70240,295
1,785225
1,7642,2874,384
47978
752939271
833382330
1,0511,925771
9,974146
8,8923,1685,6818,43720,8157,4498,034
18, 25521, 206
20110,4291,899
32, 2611,735
2,262663281
2,5194,748912
37351158597562
1,8373
1161,390557
254
15531321602860
49,86195,95045,33278,23133,98842, 682
2,71033, 532
1,765169
1,9592,3174,233
« Corrected.1 Agricultural and urban loans in process of liquidation. See note 2.2 Includes Treasury obligations received from Government in connection with losses on agricultural and urban loans and reported sepa-
rately from "other assets'* beginning with Dec. 31, 1934.
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234 FEDERAL RESERVE BULLETIN APRIL 1935
COMMERCIAL BANKS[Figures are as of end of month, except those for England, which are averages of weekly figures]
England
(10 clearing banks. Figures in millionsof pounds sterling)
1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total.* Figures not yet available.NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646.
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APRIL 1935 FEDERAL RESERVE BULLETIN 235
DISCOUNT RATES OF CENTRAL BANES[Percent per annum]
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p 289; July 1929, p . 503; November 1929, p . 736; andMay 1930, p . 318.
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236 FEDEKAL RESERVE BULLETIN APEIL 1935
FOREIGN EXCHANGE RATES[Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
I1 Nominal since April 1933. » Nominal since April 1934. 3 Partly nominal since April 1933.
4 Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933. Average for 1933 is for gold peso for Jan.1-Dec. 10.
• Beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver.Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents.
fl Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold pesofor Jan. 2-July 29 was 47.6510 cents.
* Corrected.
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APRIL 1935 FEDERAL RESERVE BULLETIN 237
PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES
i Since August 1933 the Bureau of Labor Statistics has published biweekly indexes1 Index represents prices converted to gold basis of 1914.
Figures given are for the date nearest 15th of month.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministryof Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6n6rale, and for cost of living, Commission d'etudesrelatives au cotit de la vie a Paris.
SECURITY PRICES[Index numbers except as otherwise specified]
Year and month
Number of issues
1926192719281929193019311932__1933
1933—NovemberDecember
1934—JanuaryFebruaryMarch. . . _.April.M a y -June.- . _ __ . „.-JulyAugustSeptember.— .OctoberNovemberDecember . _ .
i Annual indexes are unweighted averages of monthly indexes.« Exchange closed from July 13 to Sept. 2S1931, and from Sept. 19,1931, to Apr. 11,1932.
June; index for 1932 represents average of months May-December.
Sources.—See BULLETIN for February 1932, p . 121.
Index for 1931 represents average of months January-
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APHIL 1935 FEDERAL RESERVE BULLETIN 239
LAW DEPARTMENT
Transactions constitutingaccounts
withdrawals from savings
In response to an inquiry the Federal Re-serve Board recently expressed an opinion as towhether certain transactions constituted with-drawals from savings deposits requiring thepresentation of the passbooks.
In the first situation, a few customers of themember bank had left with the note depart-ment and escrow department of the bank in-structions to charge their savings accounts withinterest and payments due on their notes orescrows as they matured. The bank desired toknow whether or not the Board regarded suchtransactions as being withdrawals requiring thepresentation of the passbooks in each instancein order that the accounts could be classifiedas savings deposits. The Federal ReserveBoard expressed the opinion that chargesagainst savings accounts pursuant to such
instructions constituted payments to the de-positor or his designee and should be regardedas withdrawals from the savings depositsrequiring the presentation of the passbooks ineach instance.
In the second situation, the member bankwished to know whether it was permissible forit to charge to its customers' savings accounts,without the presentation of the passbooks,out-of-pocket expenses incurred by the bankin connection with these accounts, such ascosts of telegrams, exchange charges, andpostage. The Federal Reserve Board statedthat in its opinion such charges did not con-stitute withdrawals within the meaning of theapplicable provisions of the Board's regulationsand, accordingly, that such charges could bemade by the bank without the presentation ofthe passbooks.
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240 FEDERAL RESERVE BULLETIN APRIL 1935
FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS BY MONTHS
[Averages of daily figures. In thousands of dollars]
Federal Reserve bank
Boston _New YorkPhiladelphia..
ClevelandEichmondAtlanta
ChicagoSt. LouisMinneapolis-Kansas C i t y -DallasSan Francisco
Total—
1935
March
4974,090
557
248203
753512
133178
6,810
February
2101,977
791
561231163
100222
973650
6,240
1934
March
1,87525,36117,126
3,3341,9681,177
1,804363920
37487961
55,350
Back figures.—See Annual Report for 1933 (table 11).
Due to banks:Mar 6M a r 1 3 . . .Mar. 20 -.Mar. 27
Borrowings from Federal Re-serve banks:
Mar. 6Mar 13Mar. 20 . . . -Mar. 27
Total
4,4464,4334, 4514 4fifi
•
]
/L
t
I
L, 015L, 015,016
L, 016
,8351,855,778
L, 749
1,548I,5331,3471,282
1121
Federal Reserve district
Bos-ton
316312312312
72717171
116110106106
210207204200
1
NewYork
1,0251,0271,0281,037
556557557557
150137131140
2,0862,0721,9441,909
Phila-del-phia
309302306315
62626262
173175158168
261257248248
Cleve-land
45i451452452
45454545
138133134143
203206199196
111
Rich-mond
138139139139
8888
80828281
10710710198
At-lanta
129129128128
31313131
83948584
88898686
Chi-cago
521522538530
58585858
296297292276
620625611611
St.Louis
165166166166
22?22222
11111610398
194191187185
Min-neapo-
lis
127127127127
5555
97969393
123127124121
Kan-sas
City
165165166166
21212222
236249232225
293292287282
Dal-las
123123123123
52525252
16?164161150
150147147142
SanFran-cisco
974970969971
83838383
187202201185
213213209204
1
City
NewYork
609612615610
526527527527
6665oe64
2,0182,0061,8811,846
Chi-cago
380380394386
42414241
188185
176
503609495496
RATES ON INDUSTRIAL ADVANCES[Approved by the Federal Reserve Board, under sec. 13 (b) of Federal Reserve Act as amended June 19,1934. Percent per annum except as other-
wise specified. In effect on Apr. 1, 1935]
Boston NewYork
Phila-delphia
Cleve-land
Rich-mond
At-lanta
Chi-cago
St.Louis
Minne-apolis
KansasCity Dallas
SanFran-cisco
Advances direct to industrial or commercialorganizations __.
Advances to financing institutions:On portion for which institution is obli-
gatedOn remaining portion
Commitments to make advances
3^-6
33
4-6
34-51-2
4-6
13 4
H-2
4-64-61-2
5-6
5-6*5-6
1-2
4H4M
4^-54^-5
1
4-6 5-6
45-6e 1
5-6
3-44-5
1 Authorized rate 1 percent above prevailing discount rate.2 Same as to borrower but not less than 4 percent.3 1 percent below rate charged borrower by financing institution but not less than 4 percent.< With respect to loans received from financing institutions, Federal Reserve bank allows out of interest received on portion of loans retained by-
it 1 percent per annum to financing institutions which agree to service loans and report regularly on status of borrower,fi No general rate established on commitments.« Flat rate.
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APRIL 1935 FEDERAL RESERVE BULLETIN 245
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICANCURRENCY TO AND FROM EUROPE
NOTE.—Figures include, in addition to currency outside the Treasuryand Federal Reserve banks, unassorted currency held by these institu-tions amounting to $7,000,000-$18,000,000, and also $1,000,000 of currencyof unknown denominations reported by the Treasury as destroyed.
UNITED STATES POSTAL SAVINGS[Balance to credit of depositors. In millions of dollars]
1 Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on the datesgiven, were still included in the Comptroller of the Currency's records of unlicensed banks.
2 Deposits of national banks and State bank members are as of the nearest available call dates; deposits of nonmember banks for Apr. 12 andJune 30,1933, are as of Dec. 31,1932, or the nearest available call date prior thereto; deposits of nonmember banks for Dec. 30,1933, and subsequentdates are as of Dec. 30, 1933, or the nearest available call date prior thereto.
3 Also exclusive of any trust companies and other financial institutions which do not receive deposits but are included in State bank abstracts*Nonmember bank figures are not available for some of the dates for which data are shown for member banks.
' Revised (in BULLETIN for February 1935) to include private banks which, under the provision of sec. 21 (a) of the Banking Act of 1933, becamesubject to State or Federal supervision in June 1934. Banks reporting to the Comptroller of the Currency under sec. 21 (a) of the Banking Act of1933 numbered 131 on June 30, 1934, 135 on Oct. 17, 1934, and 140 on Dec. 31, 1934, and their deposits aggregated $28,202,000, $55,842,000, and$52,220,000, respectively.
BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIPDURING 1934 AND JANUARY-MARCH 1935
[Preliminary figures]
National banksState bank members -Nonmember banks. .
Total _.
Licensed banks suspended l
Number of banks
Year Jan.-Mar.1934 1935
1 1
55 5
56 6
Deposits 3 (inthousands of
dollars)
Year Jan.-Mar.1934 ! 1935
40 368
36,904 1,168
36, 944 1,536
Nonlicensed banks placed in liquidationor receivership 2
Number of banks
Year1934
3964 23501
920
Jan.-Mar.1935
Deposits 3 (inthousands of
dollars)
Year1934
4 4fli Q82M25
33
4 39 606205,140
Jan.-Mar.1935
6 4994 6 076
9,680
646,729 j 22,255
1 Includes banks placed on a restricted basis.2 Includes nonlicensed banks absorbed or succeeded by other banks.3 Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or
receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearestcall dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reportedclosing of the banks.
4 Includes 14 banks with deposits of $12,504,000 in 1934 and 3 banks with deposits of $4,858,000 during January-March 1935, which did not receivelicenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation.
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APRIL 1935 FEDERAL RESERVE BULLETIN 247
FEDERAL DEPOSIT INSURANCE CORPORATION
CONDITION OF INSURED COMMERCIAL BANKS AND TRUST COMPANIES IN CONTINENTALUNITED STATES DEC. 31, 1934, AND JUNE 30, 1934
[Amounts in thousands of dollars]
Dec. 31, 1934
All banks 1 Nationalbanks
Statebanks
membersof FederalReserveSystem
Statebanks notmembersof FederalReserveSystem
June 30, 1934
All banks iNational
banks
Statebanks
membersof FederalReserveSystem
Statebanks notmembersof FederalReserveSystem
Number of banks _
ASSETS
Loans and discounts (including overdrafts)U. S. Government direct obligationsObligations fully guaranteed by U. S. Government.Other bonds, stocks, securities, etc-—
Total loans and investments
Customers' liability on account of acceptancesBanking house, furniture and fixturesOther real estate ownedReserve with Federal Reserve banksCash in vaultBalances with other banksExchanges, outside checks, and other cash items.-.Redemption fund and due from U. S. Treasurer. _.Acceptances of other banks and bills sold with
endorsementSecurities borrowed __Other assets
Total assets
LIABILITIES
Demand deposits of individuals, firms, or corpora-tions
Time deposits of individuals, firms, or corporations-Public fundsU. S. Government and postal-savings depositsDeposits of other banks; cash letters'of credit; certi-
fied, officers', and travelers' checks outs tanding. . .
Circulating notes outstandingAgreements to repurchase U. S. Government obliga-
tions or other securities soldBills payableRediscountsSecurities borrowedAcceptances executed by other banks for account of
reporting banksAcceptances of other banks and bills sold with en-
dorsementAcceptances executed for customersExpenses accrued and unpaidDividends declared but not yet payableOther liabilitiesCapital stock and capital notes and debenturesSurplusUndivided profits—netReserves for contingencies, etcRetirement fund for preferred stock or capital notes
1 Exclusive of insured mutual savings banks.2 Includes Home Owners' Loan Corporation 4-percent bonds guaranteed by the United States as to interest only.
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248 FEDERAL RESERVE BULLETIN APRIL 1935
WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index of Bureau of Labor Statistics. 1926=100]
Year, month , and week
1929__193019311932-_19331934
1934—FebruaryMarchApri l . . .MayJune_._July.AugustSeptemberOctober..November-December
Back figures—For month ly and annual indexes of groups, see Annual Report for 1933 (table 120); indexes of subgroups available at Bureau ofLabor Statistics., For weekly indexes covering 1932 and 1933, see Annual Report for 1933 (table 121) and B U L L E T I N for February 1934, p . 139
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APRIL 1935 FEDERAL RESERVE BULLETIN 249
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average—100]
r Revised.» Without seasonal adjustment. «Includes also lead and zinc; see "Minerals." » Preliminary.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, andSeptember 1933, pp. 684-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanicalwood pulp, chemical wood pulp, and paper boxes, usually published in this table, are in process of revision.
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250 FEDERAL RESERVE BULLETIN APRIL 1935
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)[Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100]
Industry
1934
Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1935
Jan. Feb
Manufacturers—Total.
IRON AND STEEL.Pig ironSteel ingots-.
TEXTILESCotton consumptionWool..
ConsumptionM achinery activityCarpet and rug loom activity-
Silk deliveries.
FOOD PRODUCTS - -Slaughtering and meat packing —
Hogs _Cattle -- --Calves -Sheep. -
Wheat flour- _. -Sugar meltings ^
P A P E R AND PRINTING:Newsprint productionNewsprint consumption _
Cattle hide leathers.._Calf and kip leathers..Goat and kid leathers.
Boots and shoes
CEMENT AND GLASS:Cement.Glass, plate
NONFERROUS METALS: iTin deliveries
FUELS, MANUFACTURED:Petroleum refining
GasolineKerosene- —Fuel oilLubricating oil
Coke, byproduct
RUBBER TIRES AND T U B E S .Tires, pneumaticInner t ubes . .
TOBACCO PRODUCTS..CigarsCigarettes
Minerals—Total.
Bituminous coal..AnthracitePetroleum, crude-Iron oreZ i n cLead.Silver
82
9710176798554122
9094
1141259171
63110
28
76021
110979572129119
37106
54
144181
87
10811278
12057164
8095116
71
10273738259124
828169921241198677
65117
39
046
110888564119124
42115
58
143177921019094
117121
11360150
8489121
10465657153114
879284971311218375
123
35
109963
114939076117128
53108
152191979910094
11511887
11862159
81
6076125
9762587257111
1051001071441248480
119
35
1050
108888574109122
15319192101108101
10210677
13064179
87
627612860666543
83
856687
73716055686297
95102891161441268095
66117
32
93247
9786837999104
1541958710395
10210574
14470202
87
132106555744
444044
73725755674496
100113821541921347884
61103
29
82
7986105106
64
156201861009275
818365
13967194
85
5952131105535134
71
383538
767757566547100
100115601882241468572
61104
38
675
140
10785808199122
65
157202871039072
788162
13569186
83
6050126955643
70
373038
636239384041104
12213867240216188100100
64118
33
567
133
102858277102112
152193871029171
767861
13976188
87
6212585585234
73
403141
929762696146135
110120811681522519396
62123
30
58
15419697989073
737554
12981169
87
12360735839
'73
453246
919373896832115
1081239915912414290
60123
25
87
67
156199991018974
8358
12882166
84
726512011775738
9241125
1031231041531241368381
66121
26
35105
80
rl55194961039877
9296
11557161
85
7471120
87
764979
10810210411911052136
90947212112313484
62116
29
100'103
25155
78
151191101
10611075
12855182
91
8282126
58
10510110110511665130
797562891011238784
61
29
112
1109910084115116
27179
1561961071029498
12160166
92
8572129
785170
iIncludes also lead and zinc; see "Minerals." v Preliminary. ' Revised.NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanicalwood pulp, chemical wood pulp, and paper boxes, usually published in this table, are in process of revision.
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APEIL 1935 FEDERAL RESERVE BULLETIN 251
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES[Adjusted to Census of Manufacturers through 1931. 1923-25 average^-100]
Industry and group
Total . -.
IRON AND STEEL AND PRODUCTS. .Blast furnaces and steel worksCast-iron pipeCutlery and edge toolsHardwareSteam, hot-water heating apparatus, etc _ __StovesStructural metal work __ _ . _.Tin cans, etcWire work _ _ ._ . _ _ .
NONFERROUS METALS AND PRODUCTS . _-Brass bronze and copperLighting equipmentSilverware and plated ware. --- -Smelting and refiningStamped and enameled ware
LUMBER AND PRODUCTSFurnitureLumber millworkLumber, sawmills
.STONE, CLAY, AND GLASS PRODUCTSBrick tile, and terra cottaCementGlass - . -_ .-Pottery
TEXTILES AND PRODUCTS . . . .A Fabrics
Carpets and rugs -Cotton goodsDyeing and finishingKnit goodsSilk and rayon goodsWoolen and worsted goods -- -
B Wearing apparelClothing men'sClothing, women'sMillinery - -Shirts and collars
LEATHER AND PRODUCTSBoots and shoesLeather - - - -
77.978.348.080.696.598.969.664.472.360.694.171.384. C
81.781.082.6
81.191.456.556.967.261.644.378.666.4
r Revised.
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252 FEDERAL RESERVE BULLETIN APRIL 1935
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued[Adjusted to Census of Manufacturers through 1931. 1923-25 average=100]
Industry and group
TOBACCO PRODUCTS _C h e w i n g a n d s m o k i n g t o b a c c o a n d s n u f fC i g a r s a n d c i g a r e t t e s _ _ _ ___
PAPER AND PRINTING _ .Boxes, paperPaper and pulpBook and job printing _ _Printing, newspapers and periodicals
CHEMICALS AND PETROLEUM PRODUCTSA. Chemical group, except petroleum
ChemicalsDruggists' preparationsExplosives . . ._FertilizersPaints and varnishesRayon and allied productsSoap
B. Petroleum refining
RUBBER PRODUCTSRubber boots and shoes.Rubber tires and inner tubes . _ ,
Factory employment
Without seasonal adjustment
1935
Feb.
57.372.655.3
96.784.6
108.789.398.0
109.4109.9102.8102.489.3
120.3102.2346.8102.1107.3
83.252.575.7
Jan.
56.573.554.3
95.683.2
106.887.798.4
108.4108.2103.0101.388.1
111.098.7
338.099.1
109.0
81.8'52. 6
74.7
1934
Feb.
62.181.059.7
93.180.7
102.585.098.0
110.6110.6104.8102.495.6
121.597.6
325.298.0
110.6
84.656.174.6
Adjusted for seasonal variation
1935
Feb.
57.768.756.3
96.485.8
108.788.497.8
108.6108.6101.2101.489.3
114.0102.3346.8101.7108.7
83.852.476.4
Jan.
60.770.159.4
94.983.7
106.885.798.0
108.4107.9101.699.187.3
115.0101.0338.0100.8111.1
r83.4'51.2
77.0
1934
Feb.
62.676.660.7
92.981.8
102.584.297.8
109.6109.0103.1101.495.6
115.297.7
325.297.6
112.1
85.156.075.4
Factory pay rolls
Without seasonal adjustment
1935
Feb.
40.866.737.5
84.176.586.878.188.8
93.292.591.097.975.591.183.7
252.394.395.3
71.949.465.8
Jan.
41.568.538.1
83.474.983.578.189.5
91.690.590.896.868.383.679.4
245.490.795.2
69.4'51.3
62.2
1934
Feb.
45.574.141.9
76.069.676.468.384.0
87.2J-6.188.091.868.881.674.5
220.083.590.8
65.247.757.9
' Revised.NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics.
For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index offactory employment compiled by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343.
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APRIL 1935 FEDERAL RESERVE BULLETIN 253
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
p Preliminary. »• Revised.NOTES.—The seasonally adjusted indexes have been revised for the period from January 1929 to date; other figures are shown as previously pub-
lished.The daily average sales are computed on the basis of the number of working days, with an extra one-third of a day added in each 5-Saturday
month; allowance is made for the number of Sundays in each month and for 6 holidays: New Year's Day, Memorial Day, Independence Day,Labor Day, Thanksgiving Day, and Christmas.
For description of this index see Federal Reserve BULLETIN for April 1928, pp. 236-242 and revised statement available at the Division ofResearch and Statistics.
SEASONAL ADJUSTMENT FACTORS FOR INDEX OF DEPARTMENT-STORE SALES[Average for year=100]
i Adjustments for the effects of changes in the date of Easter are made on the same basis as heretofore; description of method is available at theDivision of Research and Statistics.
NOTE.—Revised, 1929-35 inclusive.
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APK1L 1935 FEDERAL, RESERVE BULLETIN 255
DEPARTMENT-STORE STOCKS[Index
End of month
Without seasonal adjustment:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember - . . . .OctoberNovemberDecember
Yearly average
Adjusted for seasonal variation :JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
numbers based on dollar volume of stocks at end of month
1919
65687273727073829298
10087
79
737170707172788588898893
1920
8696
10711010710410310811711911490
105
9710110410610510711011311310810196
1921
788288908986848997
10010183
89
888685878788909393918989
1922
80849191888582869396
10085
89
908989878688889090888990
1923
839098
10199939196
10511011394
98
93949597979697
10010110010069
1924
8996
105107103979396
10511111294
101
10010110210310110010010010110199
100
1925
9096
105106103989498
107112115
97
102
102101102102101101101102103101102103
1926
9398
107107104989397
10711411796
103
1051041041031021011002
22
22
1927
9398
107107104989598
10811411796
103
104103103103102101102102104104104103
; 1923-25 average=100]
1928
92982
22
^
9397
103112115
94
101
10310310110110099
100101
99102102100
1929
8995
102103101959296
10411211594
100
100100
9999999899
100100101102100
1930
8893
1001019893878795
10110485
94
999897979696949191929291
1931
788187878580757784899073
82
888684848482818081817977
1932
666973726965595963676956
66
757370696867646160616160
1933
5254555556
566273
7862
61
58575453555760647070G965
1934
596367686863596167717460
65
6666656566656464
646564
1935
5761
6464
NOTE.—The constant seasonal adjustment factors for stocks, which have not been revised, are as follows, the average for the year being equal to100: January 89, February 95, March 103, April 104, May 102, June 97, July 93, August 96, September 104, October 110, November 113, December 94.
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FEDERAL RESERVE DISTRICTS
——BOUNDARIES OF FEDERAL RESERVE DISTRICTS. . . . BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY
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