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Federal Reserve Bulletin June 1935

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Federal Reserve Bulletin June 1935 FEDERAL RESERVE BULLETIN JUNE 1935 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Business and Credit Conditions Industrial Advances by Federal Reserve Banks Annual Report of the Bank for International Settlements UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD Ex-officio members: MARRINER S. ECCLES, Governor. HENRY MORGENTHAU, Jr., J. J. THOMAS, Vice Governor. Secretary of the Treasury, Chairman, CHARLES S. HAMLIN. J. F. T. O'CONNOR, ADOLPH C. MILLER. Comptroller of the Currency. GEORGE R. JAMES. M. S. SZYMCZAK. LAWRENCE CLAYTON, Assistant to the Governor. LAUCHLIN CURRIE, Assistant Director, Division of ELLIOTT L. THURSTON, Special Assistant to the Governor. Research and Statistics. CHESTER MORRILL, Secretary. WOODLIEF THOMAS, Assistant Director, Division of J. C. NOELL, Assistant Secretary. Research and Statistics. LISTON P. BETHEA, Assistant Secretary. E. L. SMEAD, Chief, Division of Bank Operations. S. R. CARPENTER, Assistant Secretary. J. R. VAN FOSSEN, Assistant Chief, Division of Bank WALTER WYATT, General Counsel. Operations. GEORGE B. VEST, Assistant General Counsel. J. E. HORBETT, Assistant Chief, Division of Bank B. MAGRUDER WINGFIELD, Assistant General Counsel. Operations. LEO H. PAULGER, Chief, Division of Examinations. CARL E. PARRY, Chief, Division of Security Loans. R. F. LEONARD, Assistant Chief, Division of Examina- PHILIP E. BRADLEY, Assistant Chief, Division of Security tions. Loans. C. E. CAGLE, Assistant Chief, Division of Examinations. O. E. FOULK, Fiscal Agent. FRANK J. DRINNEN, Federal Reserve Examiner. JOSEPHINE E. LALLY, Deputy Fiscal Agent. E. A. GOLDENWEISER, Director, Division of Research and Statistics. FEDERAL ADVISORY COUNCIL District no. 1 (BOSTON) THOMAS M. STEELE. District no. 2 (NEW YORK). JAMES H. PERKINS. District no. 3 (PHILADELPHIA) HOWARD A. LOEB, Vice President. District no. 4 (CLEVELAND) ARTHUR E. BRAUN. District no. 5 (RICHMOND) CHARLES M. GOHEN. District no. 6 (ATLANTA) H. LANE YOUNG. District no. 7 (CHICAGO) SOLOMON A. SMITH. District no. 8 (ST. LOUIS).. WALTER W. SMITH, President. District no. 9 (MINNEAPOLIS) THEODORE WOLD. District no. 10 (KANSAS CITY) W. T. KEMPER. District no. 11 (DALLAS) JOSEPH H. FROST. District no. 12 (SAN FRANCISCO) M. A. ARNOLD. WALTER LICHTENSTEIN, Secretary II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairman and Federal Cashier of- Reserve agent Governor Deputy governor Boston.. F. H. Curtiss R. A. Young _ W. W. Paddock W. Willett. New York J. H. Case. G. L. Harrison W. R. Burgess.. J. W. Jones.* W. S. Logan W. B. Matteson.i L. R. Rounds J. M. Rice.i L. F. Sailer Allan Sproul.' C. H. Coe H. H. KimbalU L. W. Knoke.i Philadelphia R. L. Austin G. W. Norris W. H. Hutt C. A. Mcllhenny. W. J. Davis.i J.S.SinclaiC. A, Mcllhennr y W. G. McCreedy.i L. E. Donaldson.1 Cleveland E. S. Burke, Jr.* M. J. Fleming F. J. Zurlinden W. F. Taylor. H. F. Strater 0. W. Arnold.' Richmond W. W. Hoxton G. J. Seay C. A. Peple G. H. Keesee. 0 R. H. Broaddus J. S. Walden, Jr.i Atlanta Oscar Newton H. W. Martin M. W. Bell. H. F. ConnifE W. S. McLarin, Jr.* Chicago E. M.Stevens G.J. Schaller H. P. Preston W. H. Snyder.» C. R. McKay W. 0. Bachman.1 J, H. Dillard 0. J. Netterstrom.i A. T. Sihler.» E. A. Delaney.i A. L. Olson.* St. Louis J. S. Wood W. McC. Martin 0. M. Attebery S. F. Gilmore.1 J. G. McConkey A. H. HailU F. N. Hall.« G. 0. Hollocher.» 0. 0. Phillips.' Minneapolis.., J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. F. C. Dunlop.1 Kansas City G. H. Hamilton C. A. Worthington. J. W. Helm. J. W. Helm Dallas C.C.Walsh..._ B. A. McKinney R. R. Gilbert R. B. Coleman. San Francisco J. U. Calkins W. A. Day W. M. Hale. Ira Clerk 1Assistant deputy governor. • Assistant to the governor. * Controller. * Acting chairman; W. H. Fletcher, acting Federal Reserve agent, MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch B. J. Lazar Denver branch J. E. Olson. Pittsburgh branch T. C. Griggs. Oklahoma City branch 0. E. Daniel. Richmond: Omaha branch L. H. Earhart. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch J. H. Frye. San Antonio branch M. Crump. Jacksonville branch.. G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch W. N. Ambrose. New Orleans branch.. Marcus Walker. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch R. H. Buss. Seattle branch 0. R. Shaw. St. Louis: Spokane branch D. L. Davis. Little Rock branch A. F. Bailey. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. rri Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS Page Review of the month—Business and credit conditions 329 Industrial advances by Federal Reserve Banks 337 Annual report of the Bank for International Settlements 360-377 Belgian financial and economic legislation 378 Condition of all member banks on March 4, 1935 (from Member Bank Call Report No. 65) 399-400 Branch offices of banks, December 31, 1934 336, 405 National summary of business conditions 341 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 342-346 Member and nonmember bank credit: All banks in the United States 349 All member banks 347, 348, 398, 404 Weekly reporting member banks in leading cities 350, 401 Brokers' loans 3 50 Acceptances and commercial paper 351 Discount rates and money rates 352 Security prices, bond yields, and security issues 353 Treasury finance 354 Assets and liabilities of governmental credit agencies 355 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 356 I arm Credit Administration—Loans and discounts outstanding, by institutions 357 Home Owners' Loan Corporation—Summary of operations 357 Federal home loan banks—Assets and liabilities 357 Production, employment, car loadings, and commodity prices 358 Merchandise exports and imports 359 Department stores—Indexes of sales and stoeks 359 Freight-car loadings, by classes 359 Financial statistics for foreign countries: Gold reserves of central banks and governments 380 Gold production 381 Gold movements 381-383 Central banks 384-387 Bank for International Settlements 387 Commercial banks 388-390 Discount rates of central banks , 391 Money rates 391 Foreign exchange rates 392 Price movements: Wholesale prices 393 Retail food prices and cost of living 394 Security prices 394 Law department: Rulings of the Federal Reserve Board: Marketability of collateral securing loans by member banks to affiliates 395 Federal Reserve statistics by districts, etc.: Banking and financial statistics..- 396-398, 401-404 Industrial and commercial statistics 406-411 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 21 JUNE 1935 No. 6 REVIEW OF THE MONTH With increased income this year as compared The national income has been larger this with last year, there has been a larger volume of spring than in the spring of any of the 3 pre- domestic trade in such durable manufactures as ceding years. Increased in- automobiles, household equipment, and agri- frediTcondmons come in industrial communities cultural implements. Export trade in these has reflected chiefly increased commodities has also increased and production, activity, while growth in agricultural income employment, and pay rolls in the industries has been the result of higher prices and benefit manufacturing these goods have shown marked payments. Government expenditures for re- advances. At the same time exports of agri- lief and for public works have continued to be a cultural products have been considerably factor in sustaining spending power. reduced. In industries producing nondurable The following table summarizes the statistics goods, such as food and clothing, employment on the recent course of business. has been maintained with little change from last year. RECENT COURSE OF BUSINESS [Index numbers adjusted for seasonal variation. 1923-25=100] In the building industry, while the volume of new public work being undertaken has been 1934 1935 considerably smaller than last year, actual ex- Sep- Janu- penditures have been maintained at about the May tember ary April same level and considerable additional work is provided for in the new act currently being put Industrial production_ 90 Construction contracts awarded: into operation. Contracts for residential build- Total 29 27 Kesidential — 11 12 ing have shown a definite increase, partly owing All other 44 39 Factory employment 74 81 to the increased demand for housing and the Factory pay rolls _ 58 67 Department-store sales. 77 75 74 73 greater availability of mortgage money. Wholesale prices i— 74 78 79 80 Retail food prices 2 108 117 119 124 In general, goods produced during the spring have been sold to consumers and have not gone p Preliminary. J Without seasonal adjustment; 1926=100.
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