Full text of Federal Reserve Bulletin : February 1934

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FEDERAL RESERVE
BULLETIN




FEBRUARY 1934

ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Monetary and Banking Developments
Gold Reserve Act of 1934
National Summary of Business Conditions

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1934

FEDERAL RESERVE BOARD
Ex officio members:
HENRY MORGENTHAU, Jr.,

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

Comptroller of the Currency,

H. WARNER MARTIN, Assistant to the Governor,
CHESTER MORRILL, Secretary.

J. C. NOELL, Assistant Secretary.
L. P. BETHEA, Assistant Secretary.
S. R. CARPENTER, Assistant Secretary.
WALTER WYATT, General Counsel.
GEORGE B. VEST, Assistant Counsel.

LEO H. PAULGER, Chieff Division of Examinations.
FRANK J. DRINNEN, Federal Reserve Examiner.

EUGENE R. BLACK, Governor.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
J. J. THOMAS.
M. S. SZYMCZAK.

E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant Director, Division of Research
and Statistics.
E. L. SMEAD, Chief, Division of Bank Operations.
J. R. VAN FOSSEN, Assistant Chieff Division of Bank
Operations.
0 . E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.

FEDERAL ADVISORY COUNCIL
District no.
District no.
District no,
District no.
District no.
District no.
District no.
District no.
District no.
District no.
District no,
District no,

1 (BOSTON)
__ THOMAS M. STEELE.
2 ( N E W YORK)
WALTER E. FREW.
3 (PHILADELPHIA)
HOWARD A. LOEB.
4 (CLEVELAND)
H. C. MCELDOWNEY.
5 (RICHMOND)
HOWARD BRUCE.
6 (ATLANTA)
H. LANE YOUNG.
7 (CHICAGO)
MELVIN A. TRAYLOR, Vice President.
8 (ST. LOUIS)
WALTER W. SMITH, President.
9 (MINNEAPOLIS)
THEODORE WOLD.
10 (KANSAS CITY)
W. T. KEMPER.
11 (DALLAS)
JOSEPH H. FROST.
12 (SAN FRANCISCO)
M. A. ARNOLD.
WALTER LICHTENSTEIN, Secretary




OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
o—
f
Boston
New York

Philadelphia
Cleveland
Richmond
Atlanta
Chicago

R. A. Young
G. L. Harrison

F. H. Curtiss
J. H. Case

R. L. Austin
L. B. Williams
.. W. W. Hoxton

__. G. W. Norris
_ E. R. Fancher

_ J. S. Wood

Minneapolis
Kansas City
Dallas

J. N. Peyton
_ M. L. McClure
_
C.C.Walsh

San Francisco
1

.._ B. A. McKinney

Isaac B. Newton

Assistant deputy governor.

2

W. W. Paddock
W. R. Burgess
J. E. Crane.
W.S.Logan
L. R. Rounds
L. F. Sailer.
R. M. Gidney.
__
W. H. Hutt
T Q CJmnlair
M. J. Fleming
F. J. Zurlinden
C. A. Peple — .
R. H. Broaddus
H. F. Conniff
C. R. McKay
..._ H. P. Preston
J. H. Dillard
—.

Cashier
W. Willett.
C. H. Coe.i
J. W. Jones.*
W. B. Matteson.i
J. M. Rice.i 5
Allan Sproul. 1
L. W. Knoke
C. A. Mcllhenny.
W. G. McCreedy.s
H. F. Strater.

G. H. Keesee.
J. S. Walden, Jr.*
M. W. Bell.
"W Q A/f/^T o r i n Tr 1
W. H. Snyder.2
W. C. Bachman.1
R. H. Buss.1
0. J. Netterstrom.i
A. T. Sihler.i 1
E. A. Delaney.
S. F. Gilmore.3
0. M. Attebery
W. McC. Martin
A. H. Haill.2
J. G. McConkey
F. N. Hall."
G. 0. Hollocher.a
0. C. Phillips.2
- H. I. Ziemer. 2
W. B. Geery
..-. Harry Yaeger
F. C. Dunlop.
H. I Ziemer
C. A. Worthington_... J. W. Helm.
G. H. Hamilton
G. J. Seay

W. S.Johns 3
J. B. McDougaU
G. J. Schaller3

Oscar Newton
E. M. Stevens.

St. Louis

Deputy governor

Governor

Chairman

Controller.

J. U. Calkins
« Acting governor.

T "W TTnlm

- R. R. Gilbert
R. B. Coleman..
W. A. Day .
Ira Clerk
4

On leave.

Fred Harris.
W. 0. Ford.i
W. M. Hale.

* Assistant to the governor.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
New York:
B uffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch...
Jacksonville branch
Birmingham branch.__
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch

Managing director

R. M. O'Hara.
C. F. McCombs.
J. C. Nevin.
Hugh Leach.
W. T. Clements.
Marcus Walker.
Hugh Foster.
J. H. Frye.
J. B. Fort, Jr.
W. R. Cation.
J. T. Moore.
W. H. Glasgow.
A. F. Bailey.

Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch..
Dallas:
El Paso branch
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch..
Seattle branch
Spokane branch

Managing director

R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.

SUBSCRIPTION PRICE OF BULLETIN

The FEDERAL RESERVE BULLETIN is the Board's medium of communication with 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.




in

TABLE OF CONTENTS
Page

Review of the month—Monetary and banking developments
61
Statement of Governor Black concerning Gold reserve bill (S.2366)
73
Regulations and orders relating to gold and foreign exchange
76
Regulations of the Federal Deposit Insurance Corporation
89
Condition of all member banks on October 25, 1933 (from Member Bank Call Report no. 59)
129-130
National summary of business conditions
91
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
92-95
Member and nonmember bank credit:
All banks in the United States
98
All member banks
96, 97, 127, 128
Weekly reporting member banks in 90 leading cities
99, 131
Brokers' loans
99
Acceptances and commercial paper
100
Discount rates and money rates
101
Treasury
finance
102
Reconstruction Finance Corporation—Loans, subscriptions, and allocations
103
Security prices, bond yields, and security issues
104
Production, employment, car loadings, and commodity prices
105, 135-139
Merchandise exports and imports
106
Department stores—Indexes of sales and stocks
106
Freight-car loadings, by classes
106
Financial statistics for foreign countries:
Gold reserves of central banks and governments
107
Gold production
108
Gold movements
108-110
Government note issues and reserves
111
Bank for International Settlements
111
Central banks
112-114
Commercial banks
115, 116
Discount rates of central banks
117
Money rates
117
Foreign exchange rates
118
Price movements:
Security prices
119
Wholesale prices
119, 120
Retail food prices and cost of living
120
Law department:
Rulings of the Federal Reserve Board:
Effect of insurance of bank deposits upon requirement of security for trust funds used by member
bank in conduct of its business
121
Municipal ordinance requiring payment of interest on public funds
121
Computation of reserve balances in connection with the payment of dividends
121
Individual trustees as a holding company affiliate
122
Necessity for permit under Clayton Act in case in which permit has been issued under section
32 of Banking Act of 1933
123
Continuance of authority of Reconstruction Finance Corporation (text of act)
123
Eligibility of Federal Farm Mortgage Corporation bonds for purchase or as security for advances by
Federal Reserve banks
123
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
_ _ 124-134
Industrial and commercial statistics
135—140
IV




FEDERAL RESERVE BULLETIN
VOL. 20

FEBRUARY 1934

REVIEW OF THE MONTH

In the monetary field the most important
events in January were enactment of the Gold
Reserve Act of 1934 and the issue by the
President of a proclamation reducing the weight
of the gold dollar.
On February 10 the President sent the following letter to Governor Black:
THE WHITE HOUSE,
WASHINGTON, February 10, 1934.
M Y DEAR GOVERNOR:

Several days ago I approved the Gold
Reserve Act of 1934.
The law itself in no way impairs the strength of
the Federal Reserve banks. They have simply
exchanged their gold for gold certificates issued
by the Treasury and collateralled by one hundred percent of gold. These gold certificates
so collateralled with gold supply all reserve
requirements of the Reserve Act. This bill
interferes in no way with the credit, currency,
or supervisory responsibilities of the Reserve
banks. Their powers will continue to be exercised in the interest of agriculture, commerce,
and industry, just as they have been for the
past twenty years.
It gives me pleasure at this time to express
my appreciation of the splendid services that
the Federal Reserve System has rendered in
connection with our efforts to bring about
recovery. It has been an institution of incalculable value throughout the twenty years of
its existence; soon after its organization it was
an important factor in enabling this country
to aid in winning the war; and more recently it
has given firm support to the Government's
efforts in fighting the depression. It has stood




No. 2

loyally by the interests of the people by supplying them with a sound currency, by placing at
the disposal of member banks a large volume of
reserves available to finance recovery, by
exerting a powerful influence toward the rehabilitation of the commercial banking structure, and by cooperating in every way with the
Government's financial program.
Very sincerely yours,
Hon.

FRANKLIN D. ROOSEVELT.
EUGENE R. BLACK,

Governor Federal Reserve Board,
ington, D.C.

Wash-

A copy of the President's message delivered
to Congress on January 15 and a copy of the
Gold Reserve Act as approved
Gold Reserve Act
January 30 are printed below,
of 1934
followed by the President's
statement and proclamation of January 31 and
two statements by the Secretary of the
Treasury.
MESSAGE TO CONGRESS

To the Congress:

In conformity with the progress we are
making in restoring a fairer price level and
with our purpose of arriving eventually at a
less variable purchasing power for the dollar,
I ask the Congress for certain additional legislation to improve our financial and monetary
system. By making clear that we are establishing permanent metallic reserves in the
possession and ownership of the Federal
Government, we can organize a currency system
which will be both sound and adequate.
The issuance and control of the medium of
exchange which we call "money" is a high
prerogative of government. It has been such
for many centuries. Because they were scarce,
because they could readily be subdivided and
transported, gold and silver have been used
61

62

FEDERAL RESERVE BULLETIN

either for money or as a basis for forms of
money which in themselves had only nominal
instrinsic value.
In pure theory, of course, a government
could issue mere tokens to serve as money—
tokens which would be accepted at their face
value if it were certain that the amount of
these tokens were permanently limited and
confined to the total amount necessary for the
daily cash needs of the community. Because
this assurance could not always or sufficiently
be given, governments have found that reserves
or bases of gold and silver behind their paper or
token currency added stability to their financial
systems.
There is still much confusion of thought
which prevents a world-wide agreement creating
a uniform monetary policy. Many advocate
gold as the sole basis of currency; others
advocate silver; still others advocate both
gold and silver whether as separate bases, or
on a basis with a fixed ratio, or on a fused
basis.
We hope that, despite present world confusion, events are leading to some future form
of general agreement. The recent London
agreement in regard to silver was a step,
though only a step, in this direction.
At this time we can usefully take a further
step, which we hope will contribute to an
ultimate world-wide solution.
Certain lessons seem clear. For example,
the free circulation of gold coins is unnecessary,
leads to hoarding, and tends to a possible
weakening of national financial structures in
times of emergency. The practice of transferring gold from one individual to another or
from the Government to an individual within a
nation is not only unnecessary but is in every
way undesirable. The transfer of gold in bulk
is essential only for the payment of international trade balances.
Therefore it is a prudent step to vest in the
government of a nation the title to and possession of all monetary gold within its boundaries
and to keep that gold in the form of bullion
rather than in coin.
Because the safe-keeping of this monetary
basis rests with the Government, we have
already called in the gold which was in the possession of private individuals or corporations.
There remains, however, a very large weight
in gold bullion and coins which is still in the
possession or control of the Federal Keserve

FEBRUARY

1934

in the possession or control of the Reserve
banks, this is a step of such importance that I
prefer to ask the Congress by specific enactment to vest in the United States Government
title to all supplies of American-owned monetary gold, with provision for the payment
therefor in gold certificates. These gold certificates will be, as now, secured at all times
dollar for dollar by gold in the Treasury—gold
for each dollar of such weight and fineness as
may be established from time to time.
Such legislation places the right, title, and
ownership to our gold reserves in the Government itself; it makes clear the Government's
ownership of any added dollar value of the
country's stock of gold which would result from
any decrease of the gold content of the dollar
which may be made in the public interest.
It would also, of course, with equal justice,
cast upon the Government the loss of such
dollar value if the public interest in the future
should require an increase in the amount of
gold designated as a dollar.
The title to all gold being in the Government, the total stock will serve as a permanent
and fixed metallic reserve which will change in
amount only so far as necessary for the settlement of international balances or as may be
required by a future agreement among the
nations of the world for a redistribution of the
world stock of monetary gold.
With the establishment of this permanent
policy, placing all monetary gold in the ownership of the Government as a bullion base for
its currency, the time has come for a more certain determination of the gold value of the
American dollar. Because of world uncertainties, I do not believe it desirable in the public
interest that an exact value be now fixed. The
President is authorized by present legislation
to fix the lower limit of permissible revaluation
at 50 percent. Careful study leads me to
believe that any revaluation at more than 60
percent of the present statutory value would
not be in the public interest. I, therefore,
recommend to the Congress that it fix the
upper limit of permissible revaluation at 60
percent.
That we may be further prepared to bring
some greater degree of stability to foreign
exchange rates in the interests of our people,
there should be added to the present power of
the Secretary of the Treasury to buy and sell
gold at home and abroad, express power to
deal in foreign exchange as such. As a part of
Although under existing law there is author- this power, I suggest that, out of the profits of
ity? by Executive act, to take title to the gold any devaluation, there should be set up a fund




FEBRUARY 1934

of $2,000,000,000 for such purchases and sales
of gold, foreign exchange, and Government
securities as the regulation of the currency, the
maintenance of the credit of the Government,
and the general welfare of the United States
may require.
Certain amendments of existing legislation
relating to the purchase and sale of gold and to
other monetary matters would add to the convenience of handling current problems in this
field. The Secretary of the Treasury is prepared to submit information concerning such
changes to the appropriate committees of the
Congress.
The foregoing recommendations relate chiefly
to gold. The other principal precious metal—
silver—has also been used from time immemorial as a metallic base for currencies as well as
for actual currency itself. It is used as such
by probably half the population of the world.
It constitutes a very important part of our
own monetary structure. It is such a crucial
factor in much of the world's international
trade that it cannot be neglected.
On December 21, 1933, I issued a proclamation providing for the coinage of our newly
mined silver and for increasing our reserves of
silver bullion, thereby putting us among the
first nations to carry out the silver agreement
entered into by 66 governments at the London
Conference. This agreement is distinctly a
step in the right direction and we are proceeding
to perform our part of it.
All of the 66 nations agreed to refrain from
melting or debasing their silver coins, to replace paper currency of small denominations
with silver coins, and to refrain from legislation
that would depreciate the value of silver in
the world markets. Those nations producing
large quantities of silver agreed to take specified amounts from their domestic production
and those holding and using large quantities
agreed to restrict the amount they would sell
during the 4 years covered by the agreement.
If all these undertakings are carried out by
the governments concerned, there will be a
marked increase in the use and value of silver.
Governments can well, as they have in the
past, employ silver as a basis for currency, and
I look for a greatly increased use. I am, however, withholding any recommendation to the
Congress looking to further extension of the
monetary use of silver because I believe that
we should gain more knowledge of the results
of the London agreement and of our other
monetary measures.
Permit me once more to stress two principles.
Our national currency must be maintained as




63

FEDERAL RESERVE BULLETIN

a sound currency which, insofar as possible,
will have a fairly constant standard of purchasing power and be adequate for the purposes
of daily use and the establishment of credit.
The other principle is the inherent right of
government to issue currency and to be the
sole custodian and owner of the base or reserve
of precious metals underlying that currency.
With this goes the prerogative of government
to determine from time to time the extent and
nature of the metallic reserve. I am confident
that the Nation will well realize the definite
purpose of the Government to maintain the
credit of that Government and, at the same
time, to provide a sound medium of exchange
which will serve the needs of our people.
FRANKLIN D. ROOSEVELT.
T H E WHITE HOUSE,

January 15, 1934.
GOLD RESERVE ACT OF 1934
[PUBLIC—No. 87—73D CONGRESS]

[H.R. 6976]
AN ACT
To protect the currency system of the United States, to provide for the

better use of the monetary gold stock of the United States, and for
other purposes.

Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled,
That the short title of this Act shall be the "Gold
Reserve Act of 1934."
SEC. 2. (a) Upon the approval of this Act all right,
title, and interest, and every claim of the Federal
Reserve Board, of every Federal Reserve bank, and of
every Federal Reserve agent, in and to any and all gold
coin and gold bullion shall pass to and are hereby vested
in the United States; and in payment therefor credits
in equivalent amounts in dollars are hereby established
in the Treasury in the accounts authorized under the
sixteenth paragraph of section 16 of the Federal Reserve Act, as heretofore and by this Act amended
(U.S.C., title 12, sec. 467). Balances in such accounts
shall be payable in gold certificates, which shall be in
such form and in such denominations as the Secretary
of the Treasury may determine. All gold so transferred, not in the possession of the United States, shall
be held in custody for the United States and delivered
upon the order of the Secretary of the Treasury; and
the Federal Reserve Board, the Federal Reserve banks,
and the Federal Reserve agents shall give such instructions and shall take such action as may be necessary
to assure that such gold shall be so held and delivered.
(b) Section 16 of the Federal Reserve Act, as
amended, is further amended in the following respects:
(1) The third sentence of the first paragraph is
amended to read as follows: "They shall be redeemed
in lawful money on demand at the Treasury Department of the United States, in the city of Washington,
District of Columbia, or at any Federal Reserve bank."
(2) So much of the third sentence of the second
paragraph as precedes the proviso is amended to read
as follows: "The collateral security thus offered shall

64

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

be notes, drafts, bills of exchange, or acceptances bank as may be issued under section 18 of this Act
acquired under the provisions of section 13 of this Act, upon security of United States 2 per centum Governor bills of exchange endorsed by a member bank of any ment bonds, become a first and paramount lien on all
Federal Reserve district and purchased under the pro- the assets of such bank.
"Any Federal Reserve bank may at any time reduce
visions of section 14 of this Act, or bankers' acceptances
purchased under the provisions of said section 14, or its liability for outstanding Federal Reserve notes by
depositing with the Federal Reserve agent its Federal
gold certificates."
(3) The first sentence of the third paragraph is Reserve notes, gold certificates, or lawful money of
amended to read as follows: "Every Federal Reserve the United States. Federal Reserve notes so deposited
bank shall maintain reserves in gold certificates or shall not be reissued, except upon compliance with the
lawful money of not less than 35 per centum against conditions of an original issue.
"The Federal Reserve agent shall hold such gold
its deposits and reserves in gold certificates of not less
than 40 per centum against its Federal Reserve notes certificates or lawful money available exclusively for
exchange for the outstanding Federal Reserve notes
in actual circulation: Provided, however, That when the
Federal Reserve agent holds gold certificates as collat- when offered by the Reserve bank of which he is a
eral for Federal Reserve notes issued to the bank such director. Upon the request of the Secretary of the
gold certificates shall be counted as part of the reserve Treasury the Federal Reserve Board shall require the
which such bank is required to maintain against its Federal Reserve agent to transmit to the Treasurer of
the United States so much of the gold certificates held
Federal Reserve notes in actual circulation."
(4) The fifth and sixth sentences of the third para- by him as collateral security for Federal Reserve notes
graph are amended to read as follows: " Notes presented as may be required for the exclusive purpose of the
for redemption at the Treasury of the United States redemption of such Federal Reserve notes, but such
shall be paid out of the redemption fund and returned gold certificates when deposited with the Treasurer
to the Federal Reserve banks through which they were shall be counted and considered as if collateral security
originally issued, and thereupon such Federal Reserve on deposit with the Federal Reserve agent."
(6) The eighth paragraph is amended to read as
bank shall, upon demand of the Secretary of the
Treasury, reimburse such redemption fund in lawful follows: .
"All Federal Reserve notes and all gold certificates
money or, if such Federal Reserve notes have been
redeemed by the Treasurer in gold certificates, then and lawful money issued to or deposited with any
such funds shall be reimbursed to the extent deemed Federal Reserve agent under the provisions of the
necessary by the Secretary of the Treasury in gold Federal Reserve Act shall hereafter be held for such
certificates, and such Federal Reserve bank shall, so agent, under such rules and regulations as the Federal
long as any of its Federal Reserve notes remain out- Reserve Board may prescribe, in the joint custody of
standing, maintain with the Treasurer in gold certifi- himself and the Federal Reserve bank to which he is
cates an amount sufficient in the judgment of the accredited. Such agent and such Federal Reserve
Secretary to provide for all redemptions to be made by bank shall be jointly liable for the safe-keeping of such
the Treasurer. Federal Reserve notes received by the Federal Reserve notes, gold certificates, and lawful
Treasurer otherwise than for redemption may be money. Nothing herein contained, however, shall be
exchanged for gold certificates out of the redemption construed to prohibit a Federal Reserve agent from
fund hereinafter provided and returned to the Reserve depositing gold certificates with the Federal Reserve
bank through which they were originally issued, or Board, to be held by such Board subject to his order,
they may be returned to such bank for the credit of or with the Treasurer of the United States for the
purposes authorized by law."
the United States."
(7) The sixteenth paragraph is amended to read as
(5) The fourth, fifth, and sixth paragraphs are
follows:
amended to read as follows:
"The Secretary of the Treasury is hereby authorized
"The Federal Reserve Board shall require each Federal Reserve bank to maintain on deposit in the Treas- and directed to receive deposits of gold or of gold certifiury of the United States a sum in gold certificates cates with the Treasurer or any Assistant Treasurer of
sufficient in the judgment of the Secretary of the the United States when tendered by any Federal ReTreasury for the redemption of the Federal Reserve serve bank or Federal Reserve agent for credit to its or
notes issued to such bank, but in no event less than 5 his account with the Federal Reserve Board. The
per centum of the total amount of notes issued less the Secretary shall prescribe by regulation the form of
amount of gold certificates held by the Federal Reserve receipt to be issued by the Treasurer or Assistant
agent as collateral security; but such deposit of gold Treasurer to the Federal Reserve bank or Federal
certificates shall be counted and included as part of Reserve agent making the deposit, and a duplicate of
the 40 per centum reserve hereinbefore required. The such receipt shall be delivered to the Federal Reserve
Board shall have the right, acting through the Federal Board by the Treasurer at Washington upon proper
Reserve agent, to grant in whole or in part, or to reject advices from any Assistant Treasurer that such deposit
entirely the application of any Federal Reserve bank has been made. * Deposits so made shall be held subject
for Federal Reserve notes; but to the extent that such to the orders of the Federal Reserve Board and shall be
application may be granted the Federal Reserve payable in gold certificates on the order of the Federal
Board shall, through its local Federal Reserve agent, Reserve Board to any Federal Reserve bank or Federal
supply Federal Reserve notes to the banks so apply- Reserve agent at the Treasury or at the Subtreasury of
ing, and such bank shall be charged with the amount of the United States nearest the place of business of such
notes issued to it and shall pay such rate of interest as Federal Reserve bank or such Federal Reserve agent.
may be established by the Federal Reserve Board on The order used by the Federal Reserve Board in making
only that amount of such notes which equals the total such payments shall be signed by the governor or vice
amount of its outstanding Federal Reserve notes less governor, or such other officers or members as the Board
the amount of gold certificates held by the Federal may by regulation prescribe. The form of such order
Reserve agent as collateral security. Federal Reserve shall be approved by the Secretary of the Treasury."
(8) The eighteenth paragraph is amended to read as
notes issued to any such bank shall, upon elivery,
together with such notes of such Federal Reserve follows:




FEBRUARY

1934

FEDERAL RESERVE BULLETIN

"Deposits made under this section standing to the
credit of any Federal Reserve bank with the Federal
Reserve Board shall, at the option of said bank, be
counted as part of the lawful reserve which it is required to maintain against outstanding Federal Reserve notes, or as a part of the reserve it is required to
maintain against deposits."
SEC. 3. The Secretary of the Treasury shall, by regulations issued hereunder, with the approval of the President, prescribe the conditions under which gold may be
acquired and held, transported, melted or treated,
imported, exported, or earmarked: (a) for industrial,
professional, and artistic use; (b) by the Federal
Reserve banks for the purpose of settling international
balances; and, (c) for such other purposes as in his
judgment are not inconsistent with the purposes of this
Act. Gold in any form may be acquired, transported,
melted or treated, imported, exported, or earmarked
or held in custody for foreign or domestic account
(except on behalf of the United States) only to the
extent permitted by, and subject to the conditions
prescribed in, or pursuant to, such regulations. Such
regulations may exempt from the provisions of this
section, in whole or in part, gold situated in the Philippine Islands or other places beyond the limits of the
continental United States.
SEC. 4. Any gold withheld, acquired, transported,
melted or treated, imported, exported, or earmarked or
held in custody, in violation of this Act or of any regulations issued hereunder, or licenses issued pursuant
thereto, shall be forfeited to the United States, and
may be seized and condemned by like proceedings as
those provided by law for the forfeiture, seizure, and
condemnation of property imported into the United
States contrary to law; and in addition any person
failing to comply with the provisions of this Act or of
any such regulations or licenses, shall be subject to a
penalty equal to twice the value of the gold in respect
of which such failure occurred.
SEC. 5. No gold shall hereafter be coined, and no
gold coin shall hereafter be paid out or delivered by
the United States: Provided, however, That coinage
may continue to be executed by the mints of the United
States for foreign countries in accordance with the Act
of January 29, 1874 (U.S.C., title 31, sec. 367). All
gold coin of the United States shall be withdrawn from
circulation, and, together with all other gold owned by
the United States, shall be formed into bars of such
weights and degrees of fineness as the Secretary of the
Treasury may direct.
SEC. 6. Except to the extent permitted in regulations
which may be issued hereunder by the Secretary of
the Treasury with the approval of the President, no
currency of the United States shall be redeemed in gold:
Provided, however, That gold certificates owned by the
Federal Reserve banks shall be redeemed at such times
and in such amounts as, in the judgment of the Secretary of the Treasury, are necessary to maintain the
equal purchasing power of every kind of currency of
the United States: And provided further, That the
reserve for United States notes and for Treasury notes
of 1890, and the security for gold certificates (including
the gold certificates held in the Treasury for credits
payable therein) shall be maintained in gold bullion
equal to the dollar amounts required by law, and the
reserve for Federal Reserve notes shall be maintained
in gold certificates, or in credits payable in gold certificates maintained with the Treasurer of the United
States under section 16 of the Federal Reserve Act, as
heretofore and bv this Act amended.




65

No redemptions in gold shall be made except in gold
bullion bearing the stamp of a United States mint or
assay office in an amount equivalent at the time of
redemption to the currency surrendered for such
purpose.
SEC. 7. In the event that the weight of the gold
dollar shall at any time be reduced, the resulting
increase in value of the gold held by the United States
(including the gold held as security for gold certificates
and as a reserve for any United States notes and for
Treasury notes of 1890) shall be covered into the Treasury as a miscellaneous receipt; and, in the event that
the weight of the gold dollar shall at any time be
increased, the resulting decrease in value of the gold
held as a reserve for any United States notes and for
Treasury notes of 1890, and as security for gold certificates shall be compensated by transfers of gold
bullion from the general fund, and there is hereby
appropriated an amount sufficient to provide for such
transfers and to cover the decrease in value of the gold
in the general fund.
SEC. 8. Section 3700 of the Revised Statutes (U.S.C.,
title 31, sec. 734) is amended to read as follows:
" S E C . 3700. With the approval of the President, the
Secretary of the Treasury may purchase gold in any
amounts, at home or abroad, with any direct obligations, coin, or currency of the United States, authorized by law, or with any funds in the Treasury not
otherwise appropriated, at such rates and upon such
terms and conditions as he may deem most advantageous to the public interest; any provision of law relating to the maintenance of parity, or limiting the
purposes for which any of such obligations, coin, or
currency, may be issued, or requiring any such obligations to be offered as a popular loan or on a competitive
basis, or to be offered or issued at not less than par,
to the contrary notwithstanding. All gold so purchased shall be included as an asset of the general fund
of the Treasury."
SEC. 9. Section 3699 of the Revised Statutes (U.S.C.,
title 31, sec. 733) is amended to read as follows:
" S E C . 3699. The Secretary of the Treasury may
anticipate the payment of interest on the public debt,
by a period not exceeding one year, from time to time,
either with or without a rebate of interest upon the
coupons, as to him may seem expedient; and he may
sell gold in any amounts, at home or abroad, in such
manner and at such rates and upon such terms and
conditions as he may deem most advantageous to the
public interest, and the proceeds of any gold so sold
shall be covered into the general fund of the Treasury:
Provided, however, That the Secretary of the Treasury
may sell the gold which is required to be maintained as
a reserve or as security for currency issued by the
United States, only to the extent necessary to maintain
such currency at a parity with the gold dollar."
SEC. 10. (a) For the purpose of stabilizing the
exchange value of the dollar, the Secretary of the
Treasury, with the approval of the President, directly
or through such agencies as he may designate, is
authorized, for the account of the fund established in
this section, to deal in gold and foreign exchange and
such other instruments of credit and securities as he
may deem necessary to carry out the purpose of this
section. An annual audit of such fund shall be made
and a report thereof submitted to the President.
(b) To enable the Secretary of the Treasury to carry
out the provisions of this section there is hereby appropriated, out of the receipts which are directed to be
covered into the Treasury under section 7 hereof, the

66

FEDERAL RESERVE BULLETIN

sum of $2,000,000,000, which sum when available shall
be deposited with the Treasurer of the United States in
a stabilization fund (hereinafter called the "fund")
under the exclusive control of the Secretary of the
Treasury, with the approval of the President, whose
decisions shall be final and not be subject to review by
any other officer of the United States. The fund shall
be available for expenditure, under the direction of the
Secretary of the Treasury and in his discretion, for any
purpose in connection with carrying out the provisions
of this section, including the investment and reinvestment in direct obligations of the United States of any
portions of the fund which the Secretary of the Treasury, with the approval of the President, may from
time to time determine are not currently required for
stabilizing the exchange value of the dollar. The proceeds of all sales and investments and all earnings and
interest accruing under the operations of this section
shall be paid into the fund and shall be available for the
purposes of the fund.
(c) All the powers conferred by this section shall
expire two years after the date of enactment of this
Act, unless the President shall sooner declare the
existing emergency ended and the operation of the
stabilization fund terminated; but the President may
extend such period for not more than one additional
year after such date by proclamation recognizing the
continuance of such emergency.
SEC. 11. The Secretary of the Treasury is hereby
authorized to issue, with the approval of the President,
such rules and regulations as the Secretary may deem
necessary or proper to carry out the purposes of this
Act.
SEC. 12. Paragraph (b) (2), of section 43, title III,
of the Act approved May 12, 1933 (Public, Numbered
10, Seventy-third Congress), is amended by adding
two new sentences at the end thereof, reading as follows:
" Nor shall the weight of the gold dollar be fixed in
any event at more than 60 per centum of its present
weight. The powers of the President specified in this
paragraph shall be deemed to be separate, distinct, and
continuing powers, and may be exercised by him, from
time to time, severally or together, whenever and as
the expressed objects of this section in his judgment
may require; except that such powers shall expire two
years after the date of enactment of the Gold Reserve
Act of 1934 unless the President shall sooner declare
the existing emergency ended, but the President may
extend such period for not more tlian one additional
year after such date by proclamation recognizing the
continuance of such emergency."
Paragraph (2) of subsection (b) of section 43, title
III, of an Act entitled "An Act to relieve the existing
national economic emergency by increasing agricultural purchasing power, to raise revenue for extraordinary expenses incurred by reason of such emergency,
to provide emergency relief with respect to agricultural
indebtedness, to provide for the orderly liquidation of
joint-stock land banks, and for other purposes",
approved May 12, 1933, is amended by adding at the
end of said paragraph (2) the following:
"The President, in addition to the authority to
provide for the unlimited coinage of silver at the ratio
so fixed, under such terms and conditions as he may
prescribe, is further authorized to cause to be issued
and delivered to the tenderer of silver for coinage, silver
certificates in lieu of the standard silver dollars to which
the tenderer would be entitled and in an amount in
dollars equal to the number of coined standard silver
dollars that the tenderer of such silver for coinage
would receive in standard silver dollars.




FEBRUARY

193#

"The President is further authorized to issue silver
certificates in such denominations as he may prescribe
against any silver bullion, silver, or standard silver
dollars in the Treasury not then held for redemption
of any outstanding silver certificates, and to coin standard silver dollars or subsidiary currency for the redemption of such silver certificates.
"The President is authorized, in his discretion, to
prescribe different terms and conditions and to makedifferent charges, or to collect different seigniorage, for
the coinage of silver of foreign production than for the
coinage of silver produced in the United States or its
dependencies. The silver certificates herein referred to
shall be issued, delivered, and circulated substantially
in conformity with the law now governing existingsilver certificates, except as may herein be expressly
provided to the contrary, and shall have and possess
all of the privileges and the legal tender characteristics
of existing silver certificates now in the Treasury of theUnited States, or in circulation.
"The President is authorized, in addition to other
powers, to reduce the weight of the standard silver
dollar in the same percentage that he reduces the weight
of the gold dollar.
"The President is further authorized to reduce and
fix the weight of subsidiary coins so as to maintain the
parity of such coins with the standard silver dollar and
with the gold dollar."
SEC. 13. All actions, regulations, rules, orders, and
proclamations heretofore taken, promulgated, made or
issued by the President of the United States or the
Secretary of the Treasury, under the Act of March 9,
1933, or under section 43 or section 45 of title III of
the Act of May 12, 1933, are hereby approved, ratified,
and confirmed.
SEC. 14. (a) The Second Liberty Bond Act, as
amended, is further amended as follows:
(1) By adding at the end of section 1 (U.S.C., title
31, sec. 752; Supp. VII, title 31, sec. 752), a new
paragraph as follows:
"Notwithstanding the provisions of the foregoing
paragraph, the Secretary of the Treasury may from
time to time, when he deems it to be in the public
interest, offer such bonds otherwise than as a popular
loan and he may make allotments in full, or reject or
reduce allotments upon any applications whether or
not the offering was made as a popular loan."
(2) By inserting in section 8 (U.S.C., title 31, sec.
771), after the words "certificates of indebtedness", a
comma and the words "Treasury bills".
(3) By striking out the figures "$7,500,000,000"
where they appear in section 18 (U.S.C., title 31,
sec. 753) and inserting in lieu thereof the figures
"$10,000,000,000."
(4) By adding thereto two new sections, as follows:
"SEC. 19. Notwithstanding any other provisions of
law, any obligations authorized by this Act may be
issued for the purchase, redemption, or refunding, at
or before maturity, of any outstanding bonds, notes,
certificates of indebtedness, or Treasury bills, of the
United States, or to obtain funds for such purchase,
redemption, or refunding, under such rules, regulations,,
terms, and conditions as the Secretary of the Treasury
may prescribe.
"SEC. 20. The Secretary of the Treasury may issue
any obligations authorized by this Act and maturing
not more than one year from the date of their issue on
a discount basis and payable at maturity without
interest. Any such obligations may also be offered
for sale on a competitive basis under such regulations,
and upon such terms and conditions as the Secretary

FEBRUARY 1934

FEDERAL RESERVE BULLETIN

of the Treasury may prescribe, and the decisions of the
Secretary in respect of any issue shall be final."
(b) Section 6 of the Victory Liberty Loan Act
(U.S.C., title 31, sec. 767; Supp. VII, title 31, sees. 767767a) is amended by striking out the words "for refunding purposes", together with the preceding comma,
at the end of the first sentence of subsection (a).
(c) The Secretary of the Treasury is authorized to
issue gold certificates in such form and in such denominations as he may determine, against any gold held by
the Treasurer of the United States, except the gold
fund held as a reserve for any United States notes and
Treasury notes of 1890. The amount of gold certificates issued and outstanding shall at no time exceed
the value, at the legal standard, of the gold so held
against gold certificates.
SEC. 15. As used in this Act the term " United
States" means the Government of the United States;
the term "the continental United States" means the
States of the United States, the District of Columbia,
and the Territory of Alaska; the term "currency of the
United States" means currency which is legal tender
in the United States, and includes United States notes,
Treasury notes of 1890, gold certificates, silver certificates, Federal Reserve notes, and circulating notes of
Federal Reserve banks and national banking associations; and the term "person" means any individual,
partnership, association, or corporation, including the
Federal Reserve Board, Federal Reserve banks, and
Federal Reserve agents. Wherever reference is made
in this Act to equivalents as between dollars or currency
of the United States and gold, one dollar or one dollar
face amount of any currency of the United States equals
such a number of grains of gold, nine tenths fine, as,
at the time referred to, are contained in the standard
unit of value, that is, so long as the President shall not
have altered by proclamation the weight of the gold
dollar under the authority of section 43, title III, of
the Act approved May 12, 1933, as heretofore and by
this Act amended, twenty-five and eight tenths grains
of gold, nine tenths fine, and thereafter such a number
of grains of gold, nine tenths fine, as the President
shall have fixed under such authority.
SEC. 16. The right to alter, amend, or repeal this
Act is hereby expressly reserved. If any provision
of this Act, or the application thereof to any person
or circumstances, is held invalid, the remainder of
the Act, and the application of such provision to other
persons or circumstances, shall not be affected thereby.
SEC. 17. All Acts and parts of Acts inconsistent with
any of the provisions of this Act are hereby repealed.
Approved January 30, 1934.
STATEMENT TO THE PRESS BY THE PRESIDENT
ON JANUARY 31

(1) Acting under the powers granted by title
3 of the act approved May 12, 1933 (Thomas
amendment to the Farm Relief Act), the President today issued a proclamation fixing the
weight of the gold dollar at 15%i grains nine
tenths fine. This is 59.06 plus percent of the
former weight of 25%o grains, nine tenths fine,
as fixed by section 1 of the act of Congress of
March 4, 1900. The new gold content of the
dollar became effective immediately on the
signing of the proclamation by the President.




67

Under the Gold Reserve Act of 1934, signed
by the President Tuesday, January 30, title
to the entire stock of monetary gold in the
United States, including the gold coin and gold
bullion heretofore held by the Federal Reserve
banks and the claim upon gold in the Treasury
represented by gold certificates, is vested in
the United States Government and the "profit"
from the reduction of the gold content of the
dollar, made effective by today's proclamation,
accrues to the United States Treasury. Of this
"profit" two billion dollars, under the terms
of the Gold Reserve Act and of today's proclamation, constitutes a stabilization fund under
the direction of the Secretary of the Treasury.
The balance will be covered into the general
fund of the Treasury.
Settlement for the gold coin, bullion, and
certificates taken over from the Federal Reserve
banks on Tuesday upon the approval of the
act was made in the form of credits set up on
the Treasury's books. This credit due the
Federal Reserve banks is to be paid in the new
form of gold certificates now in course of production by the Bureau of Engraving and Printing. These certificates bear on their face the
wording:
This is to certify that there is on deposit in the
Treasury of the United States of America
dollars in gold, payable to bearer on demand as
authorized by law.

They also will carry the standard legal tender
clause, which is as follows:
This certificate is a legal tender in the amount
thereof in payment of all debts and dues public
and private.

The new gold certificates will be of the same
size as other currency in circulation and the
only difference, other than the changes in wording noted above, is that the backs of the new
certificates will, as used to be done, be printed
in yellow ink. The certificates will be in
denominations up to $100,000.
In his proclamation of today the President
gives notice that he reserves the right, by virtue
of the authority vested in him, to alter or
modify the present proclamation as the interest
of the United States may seem to require. The
authority by later proclamations to accomplish
other revaluations of the dollar in terms of
gold is contained in the Gold Reserve Act
signed on Tuesday.
(2) The Secretary of the Treasury, with the
approval of the President, issued a public
announcement that beginning February 1,
1934, he will buy through the Federal Reserve
Bank of New York as fiscal agent, for the

68

FEDERAL RESERVE BULLETIN

account of the United States, any and all gold
delivered to any United States mints or the
assay of&ces in New York or Seattle, at the
rate of $35 per fine troy ounce, less the usual
mint charges and less one fourth of 1 percent
for handling charges. Purchases, however, are
subject to compliance with the regulations
issued under the Gold Reserve Act of 1934.
(3) The Secretary of the Treasury today
promulgated new regulations with respect to
the purchase and sale of gold by the mints.
Under these regulations [see p. 82] the mints are
authorized to purchase gold recovered from
natural deposits in the United States or any
place subject to. its jurisdiction, unmelted
scrap gold, gold imported into the United
States after January 30, 1934, and such other
gold as may be authorized from time to time by
rulings of the Secretary of the Treasury. No
gold, however, may be purchased which has
been held in noncompliance with previous acts
or orders, or noncompliance with the Gold
Reserve Act of 1934, or these regulations.
Affidavits as to the source from which the gold
was obtained are required, except in the case of
nuggets or dust of less than 5 ounces, where a
statement under oath will suffice. In the case
of imported gold, the mints may purchase only
that which has been in customs custody after
its arrival in the continental United States.
The price to be paid for gold purchased by
the mints is to be $35 per troy ounce of fine
. gold, less one fourth of 1 percent and less mint
charges. This price may be changed by the
Secretary of the Treasury at any time without
notice.
The mints are authorized to sell gold to
persons licensed to acquire it for use in the
industries, professions, or arts, but not to
sell more than is required for a 3 months'
supply for the purchaser. The price at which
gold is to be sold by the mints will be $35 per
troy ounce, plus one fourth of 1 percent.
This price also may be changed by the Secretary of the Treasury without notice.
BY THE PRESIDENT OF THE UNITED STATES OF
AMERICA

A PROCLAMATION
Whereas, by virtue of section 1 of the act of
Congress approved March 14, 1900 (31 Stat.
L. 45), the present weight of the gold dollar is
fixed at 25.8 grains of gold nine tenths fine; and
Whereas, by section 43, title I I I of the act
approved May 12, 1933 (Public, No. 10, 73d
Cong.), as amended by section 12 of the Gold




FEBRUARY 1934

Reserve Act of 1934, it is provided in part as
follows:
Whenever the President finds, upon investigation,
that (1) the foreign commerce of the United States is
adversely affected by reason of the depreciation in the
value of the currency of any other government or
governments in relation to the present standard value
of gold, or (2) action under this section is necessary in
order to regulate and maintain the parity of currency
issues of the United States, or (3) an economic emergency
requires an expansion of credit, or (4) an expansion of
credit is necessary to secure by international agreement
a stabilization at proper levels of the currencies of
various governments, the President is authorized, in
his discretion—
(a) To direct the Secretary of the Treasury to enter
into agreements with the several Federal Reserve banks
and with the Federal Reserve Board whereby the
Federal Reserve Board will, and it is hereby authorized
to, notwithstanding any provisions of law or rules and
regulations to the contrary, permit such reserve banks
to agree that they will (1) conduct, pursuant to existing
law, throughout specified periods, open-market operations in obligations of the United States Government or
corporations in which the United States is the majority
stockholder, and (2) purchase directly and hold in portfolio for an agreed period or periods of time Treasury
bills or other obligations of the United States Government in an aggregate sum of $3,000,000,000 in addition
to those they may then hold, unless prior to the termination of such period or periods the Secretary shall
consent to their sale. No suspension of reserve requirements of the Federal Reserve banks, under the terms
of section 11 (c) of the Federal Reserve Act, necessitated by reason of operations under this section, shall
require the imposition of the graduated tax upon any
deficiency in reserves as provided in said section 11 (c).
Nor shall it require any automatic increase in the rates
of interest or discount charged by any Federal Reserve
bank, as otherwise specified in that section. The
Federal Reserve Board, with the approval of the Secretary of the Treasury, may require the Federal Reserve
banks to take such action as may be necessary, in the
judgment of the Board and of the Secretary of the
Treasury, to prevent undue credit expansion.
(b) If the Secretary, when directed by the President,
is unable to secure the assent of the several Federal
Reserve banks and the Federal Reserve Board to the
agreements authorized in this section, or if operations
under the above provisions prove to be inadequate to
meet the purposes of this section, or if for any other
reason additional measures are required in the judgment of the President to meet such purposes, then the
President is authorized—
(2) By proclamation tofixthe weight of the gold
dollar in grains nine tenthsfineand also tofixthe weight
of the silver dollar in grains nine tenths fine at a definite fixed ratio in relation to the gold dollar at such
amounts as hefindsnecessary from his investigation to
stabilize domestic prices or to protect the foreign commerce against the adverse effect of depreciated foreign
currencies, and to provide for the unlimited coinage of
such gold and silver at the ratio sofixed,or in case the
Government of the United States enters into an agreement with any government or governments under the
terms of which the ratio between the value of gold and
other currency issued by the United States and by any
such government or governments is established, the

FEBRUARY

1934

President may fix the weight of the gold dollar in accordance with the ratio so agreed upon, and such gold
dollar, the weight of which is so fixed, shall be the
standard unit of value, and all forms of money issued or
coined by the United States shall be maintained at a
parity with this standard and it shall be the duty of the
Secretary of the Treasury to maintain such parity, but
in no event shall the weight of the gold dollar be fixed
so as to reduce its present weight by more than 50 per
centum. Nor shall the weight of "the gold dollar be
fixed in any event at more than 60 per centum of its
present weight. The powers of the President specified in this paragraph shall be deemed to be separate,
distinct, and continuing powers, and may be exercised
by him, from time to time, severally or together, whenever and as the expressed objects of this section in his
judgment may require; except that such powers shall
expire two years after the date of enactment of the
Gold Reserve Act of 1934 unless the President shall
sooner declare the existing emergencj7 ended, but the
President may extend such period for not more than
one additional year after such date by proclamation
recognizing the continuance of such emergency"; and

Whereas, I find, upon investigation, that the
foreign commerce of the United States is adversely affected by reason of the depreciation in
the value of the currencies of other governments in relation to the present standard value
of gold, and that an economic emergency requires an expansion of credit; and
Whereas, in my judgment, measures additional to those provided by subsection (a) of
said section 43 are required to meet the purposes of such section; and
Whereas, I find, from my investigation, that,
in order to stabilize domestic prices and to
protect the foreign commerce against the adverse effect of depreciated foreign currencies,
it is necessary to fix the weight of the gold
dollar at 15%i grains nine tenths fine,
Now, therefore, be it known that I, Franklin
D. Roosevelt, President of the United States,
by virtue of the authority vested in me by
section 43, title III of said act of May 12, 1933,
as amended, and by virtue of all other authority vested in me, do hereby proclaim, order,
direct, declare, and fix the weight of the gold
dollar to be 15%i grains nine tenths fine, from
and after the date and hour of this proclamation. The weight of the silver dollar is not
altered or affected in any manner by reason of
this proclamation.
This proclamation shall remain in force and
effect until and unless repealed or modified by
act of Congress or by subsequent proclamation;
and notice is hereby given that I reserve the
right by virtue of the authority vested in me to
alter or modify this proclamation as the interest
of the United States may seem to require.
In witness whereof I have hereunto set my
hand and have caused the seal of the United
States to be affixed.




69

FEDERAL RESERVE BULLETIN

Done in the City of Washington at 3:10
o'clock in the afternoon, eastern standard time,
this 31st day of January, in the year of our
Lord one thousand nine hundred and thirtyfour, and of the Independence of the United
States the one hundred and fifty-eighth.
FRANKLIN D. ROOSEVELT.

By the President:
CORDELL HULL,

Secretary of State.
STATEMENT TO THE PRESS BY THE SECRETARY
OF THE TREASURY ON JANUARY 31

In connection with the announcement today
(Jan. 31) that the Treasury will buy gold, the
Secretary of the Treasury states that, until
further notice, he will also sell gold for export
to foreign central banks whenever our exchange
rates with gold standard currencies reach gold
export point. Like the purchases, all such
sales of gold will be made through the Federal
Reserve Bank of New York as fiscal agent of
the United States upon the following terms and
conditions which the Secretary of the Treasury
deems most advantageous to the public interest:
Sales of gold will be made at $35 per fine
ounce plus one quarter percent handling charge
and will be governed by the regulations issued
under the Gold Reserve Act of 1934.
STATEMENT TO THE PRESS BY THE SECRETARY
OF THE TREASURY ON FEBRUARY 1

Amplifying his statement issued yesterday
(Wednesday, Jan. 31), with respect to the
purchase of imported gold by the Federal
Reserve bank as fiscal agent of the United
States and his regulations of the same date,1
with respect to purchases of imported gold by
the mints, the Secretary of the Treasury today
made public the following announcement:
" Beginning Thursday, February 1, 1934, and
until further notice, I will buy imported fine
gold bars through the Federal Reserve Bank
of New York as fiscal agent of the United
States; and other gold, foreign or domestic,
through any United States mint or the United
States assay offices at New York or Seattle,
both at the following rate and upon the following terms and conditions deemed by me most
advantageous to the public interest:
" Purchases will be made at the rate of $35
per fine troy ounce, less the usual mint charges
and less one quarter of 1 percent for handling
charges, all subject to compliance with the
regulations issued under the Gold Reserve
Act of 1934."
i See p . 82.

70

FEDERAL RESERVE BULLETIN

It was explained that the phrase "fine gold
bars" means gold bars of a fineness of 0.899 or
finer, such as are ordinarily used in the settlement
of international balances, carrying a recognized
stamp indicating the weight and degree of
fineness. The mints will purchase imported
gold in other condition, such as unrefined
gold and gold in other forms than in stamped
bars, along with the domestic gold specified
in section 35 of the regulations issued yesterday.
Regulations as to hoarded gold are unchanged.
Volume of industrial production, as measured
by the Board's seasonally adjusted index
representing both manufacBusiness
tures and minerals, advanced in
conditions
December, following 4 months
of decline, and was in that month about
29 percent above the low point reached in
July 1932. The advance in the index from
72 to 75 percent of the 1923-25 average reflected the fact that industrial output, which
ordinarily declines in December, declined by
less than the usual amount. The volume of
construction work continued to increase, reflecting chiefly further expansion in public
works but also in part an increase in private
construction. The number of employees in
factories declined by somewhat more than the
usual seasonal amount, while employment on
public projects increased substantially. Sales
of merchandise by department stores increased
somewhat more than usual in December.
Sales were larger than a year ago in all of the
Federal Reserve districts, the largest increases
being reported for the Southern districts.
Wholesale prices of commodities, particularly
cotton and grains, advanced in the latter part
of December and in January, and at the end
of January the index of the Bureau of Labor
Statistics was about 21 percent above the low
level of last spring.
Value of exports of domestic commodities,
which had declined to a low level in the early
part of 1933, showed increases during each of
the last three quarters of the year. In the
second half of the year the value of exports
was about a third larger than in the second




FEBRUARY

1934

half of 1932, reflecting in part increases.in the
prices of certain commodities, such as cotton
and tobacco, and in part increases in the physical volume of exports of certain commodities,
such as iron and steel products and automobiles. Value of imports increased substantially in the second and third quarters of 1933
and declined moderately in the last quarter.
Imports in the second half of the year as a
whole were about 50 percent larger in value
than in the corresponding period of 1932,
reflecting increases in both the prices and the
quantities of commodities imported.
The usual post-holiday return flow of currency from circulation to the Federal Reserve
banks continued in January.
Member bank
reserve

The

^ ^

return

flow

.

from

balances

December 22, when the circulation was at the highest point of
the season, to the end of January, approximated
$300,000,000. A large part of this currency,
EXCESS RESERVES OF MEMBER BANKS
3F DOLLARS

_

( Wednesday figures J

—

-

—IOOO

100

upon being deposited at the Federal Reserve
banks, was added to the reserve balances of
member banks. Additional reserve funds became available to member banks through
purchases by the Federal Deposit Insurance
Corporation of United States Government
securities, with funds derived in part from the
payment by the Reserve banks of subscriptions
to the stock of the Corporation. The amount
of these subscriptions, as required by the

FEBRUARY

1934

71

FEDERAL RESERVE BULLETIN

Banking Act of 1933, equaled one half of the
banks' surplus as of January 1, 1933, and
amounted to $139,000,000. One half of this
amount has been paid in by the Reserve banks
and the other half has been called for payment on
April 15. The reserve funds from this source,
together with those arising from the inflow of currency, contributed to the growth of the reserve
balances of member banks, with the consequence
that these balances increased near the end of
January to a new high level about $950,000,000
in excess of legal requirements. The chart
shows the course of the excess reserves of member banks since the beginning of 1932.
Member banks in leading cities reported a
decrease from December 27 to January 24 of
about $225,000,000 in the volMember bank
ume of their loans and investcredit
ments, reflecting chiefly a decline of $200,000,000 in their loans. A part
of the reported decline in loans resulted from
the writing down by the banks at the end of the
year of loans regarded as slow or doubtful
assets. A part represented a seasonal decline
in security loans by New York City banks,
following a seasonal increase at the end of the
calendar year. Demand deposits of these
banks increased by about $200,000,000 during
these four weeks, reflecting return to banks by
the public of currency after the holiday season
and also expenditure by the Government of a
part of its deposits with banks. There was
also a growth of bankers' balances. During
the last week in January there was a sharp
increase in Government deposits at the reporting member banks and in the loans and investments of these banks. The increase in loans
was largely in loans to brokers at New York
City and the increase in investments was
chiefly in United States Government securities.
Figures of the Federal Deposit Insurance
Corporation as of February 5 show that 13,570
institutions were members of
Deposit
^ e temporary Federal deposit

of the System. The total number of insured
accounts as of January 31 was reported at
54,250,240, and the volume of insured deposits,
$15,346,000,000, as given by States in the table
on page 134. The Corporation has issued
regulations (1) prohibiting the payment by any
bank belonging to the fund of any interest accruing after March 1, 1934, on any deposit,
with specified exceptions, payable on demand,
and (2) providing that no bank belonging to the
fund shall pay interest on any time deposit,
with specified exceptions, at a rate in excess of
3 percent per annum.1
The Reconstruction Finance Corporation
has reported that up to late in January loans
authorized for the purpose of
Reconstruction making; payments to depositors
Finance

*

I

J 1

i

*. A ' *.

Corporation

oi closed banks amounted to
$630,000,000, affecting 1,684
banks. At that time the Corporation had
authorized the purchase of $910,000,000 of
preferred stock and capital notes of 5,653
banks, representing chiefly operations during
the late months of 1933 in connection with
strengthening the capital structure of banks
for admission to membership in the Federal
Deposit Insurance Corporation.
On January 20, 1934, an act was passed
extending until February 1, 1935, or such
earlier date as the President may fix by proclamation, the period during which the -Reconstruction Finance Corporation is authorized
to continue "to perform all functions which it
is authorized to perform under existing law"
and increasing by $850,000,000 the volume of
obligations which the Corporation is authorized
to have outstanding at any one time. A copy
of this act is printed on page 123.

During the latter part of December and the
early part of January aggregate gold reserves
of the principal European
countries increased by $8,000,000 (at par), reflecting gains of
Insurance
.
<. -,
^^
• T $8,000,000 by France and $2,000,000 by
Corporation
insurance fund—5,222 national Belgium, a loss of $3,000,000 by Germany, and
banks, 904 State-chartered i Recent regulations of the Federal Deposit Insurance Corporation
on page 89. These regulations in
banks belonging to the Federal Reserve System, are printedRegulation Q issued by the Federalno way supersede the provisions of
Reserve Board.
and 7,444 State-chartered banks not members




72

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

smaller changes in the reserves of other coun- 000 francs as compared with a loss of 1,100,tries. These figures include only reserves that 000,000 francs of gold in the 9 months preare currently reported by central banks and
B A N K OF F R A N C E
governments.
[In millions of francs]
GOLD RESERVES OF SELECTED CENTRAL BANKS
Change from—
Jan. 19,
1934
Dec. 22, Jan. 20,
1933

[In millions of dollars at par]
Change fromCentral bank o—
f

Date,
1934

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

England
France
Germany
Italy
Belgium
NetherlandsSwitzerland. ,

24
19
22
20
18
22
23

Gold reserves

Month
before

+1
+8
-3
+1
+2

929
3,025
91
P374

382
369
386

Year
before
+327
-202
-102
+66
+20
-46
-91

» Preliminary.

The British Government drew upon its deposits at the Bank of England in the four
weeks ending January 24, and
Bank of
notes returned from circulation
England
after the passing of the Christmas demand for currency. The combined
effect of currency inflow and Treasury operations in increasing the supply of funds available
to the London banks was only partly offset by
BANK OF ENGLAND
[In thousands of pounds sterling]
Change from—
Jan. 24,
1934

Gold..
Discounts and advances
Securities
Bankers' deposits
_
Public deposits
Other depositsNotes in circulation

190,818
8,098
346. 757
118, 060
12, 815
36,906
364, 213

Dec. 20,
1933
+94
-272

-6,008
+26,157
- 7 , 221
+229
-25, 651

Jan. 25,
1933
+67, 208
- 3 , 464
-32, 426
+14, 688
+1,162
+4,430
+10,975

the Bank of England through the sale of securities on the open market, and bankers' balances
consequently increased.
At the Bank of France in the 4 weeks
ending January 19 deposits increased as a
result of the return flow of
Bank of France
notes from circulation over the
year end. The recent drain on gold reserves
was halted. This drain, which began in
September 1933 and continued into the latter
part of December, amounted to over 5,300,000,-




Gold
Foreign exchange
Domestic discounts and advances
Government deposits
_
Other deposits
Notes in circulation

77,161
1,144
6,838
2,181
15,349
79, 694

+215
-33
+76
-70
+1,006

-5,145
-3,286
+1,674
-232
-4,754
-3,332

ceding. The net gold loss in the earlier period
reflected an outward movement from December
1932 through March 1933 of nearly 3,000,000,000 francs, two thirds of which subsequently
returned. The reversal of the outward movement in the spring followed upon the announcement that the French Government had obtained a credit of 30,000,000 pounds from a
group of London banks. The credit was later
repaid with sterling that the Bank of France
had acquired prior to England's departure
from the gold standard. Owing to the loss of
gold and exchange during the period as a whole,
deposits at the Bank of France, in which
reserve balances of the commercial banks are
included, were reduced. On January 19 they
amounted to 15,350,000,000 francs, as compared with 22,969,000,000 francs on November
25, 1932, just before the outward gold movement began.
In the month ending January 23 total gold
and foreign-exchange reserves of the Reichsbank declined 5,000,000 reichsReichsbank
marks. Money returning from
circulation was utilized by the market partly
to build up deposits but chiefly to retire
REICHSBANK

[In millions of reichsmarks]
Jan. 23,
1934
Gold
Foreign-exchange reserves
Nonreserve cash
Securities
_._
Discounts and advances
Deposits .
,- . .
Notes in circulation

_

380
13
363
609
2,698
537
3,230

Change from—
Dec. 23,
1933
-11
+6
+122
+38
-298
+88
-221

Jan. 23,
1933
-427
-101
—4
+210
+334
+150
+86

FEBRUARY

1934

FEDERAL RESERVE BULLETIN

indebtedness at the bank. The Reichsbank was passed by the House Saturday, January
continues to add small amounts of securities 20, and sent to the Senate Monday, January 22.
to its holdings eligible as cover for notes in
On January 17 a corresponding bill (S. 2366)
circulation.
was introduced in the Senate, which was
referred to the Committee on Banking and
Changes in Discount Rates
Currency. The committee held hearings in
executive session January 17 and 18 and
The rate on discounts for and advances to
member banks under sections 13 and 13a of the public hearings January 19, 20, and 22. On
Federal Reserve Act was reduced from 2 to V/2 January 23 the House bill (H.R. 6976) was
percent at the Federal Reserve Bank of New reported to the Senate (Report No. 201) with
York, effective February 2; at the Federal Reserve Bank of Cleveland from 2%, to 2 percent, amendments, and the Senate passed the bill
effective February 3; at the Federal Reserve January 27. The House on January 29 agreed
Bank of Boston from 2% to 2 percent, effective to the amendments made by the Senate.
February 8; at the Federal Reserve Bank of
The act (Public, No. 87, 73d Cong.) was
St. Louis from 3 to 2% percent, effective Feb- approved by the President January 30, 1934.
ruary 8; at the Federal Reserve Bank of Dallas
from 3K to 3 percent, effective February 8;
Concerning Gold Reserve
at the Federal Reserve banks of Richmond and Statement of Governor Black2366)
Bill (S.
Kansas City from 3% to 3 percent, effective
February 9; and at the Federal Reserve Bank
Eugene R. Black, Governor of the Federal
of Atlanta from 3}i to 3 percent, effective Reserve Board, made a statement relative to
February 10.
the gold reserve bill (S. 2366) to the Senate
Committee on Banking and Currency during a
Changes in Foreign Central Bank Discount Rates
meeting on Wednesday, January 17, 1934.
The following changes in discount rates dur- This statement, which had been approved by
ing the period January 2-February 9 have been the Federal Reserve Board, is as follows:
reported by central banks in foreign countries:
" I would like to make perfectly clear to the
National Bank of Bulgaria—January 2, from 8 to 7
committee the position of the Federal Reserve
percent.
Bank of France—February 9, from 2}^ to 3 percent. Board upon some of the different matters
National Bank of The Kingdom of Yugoslavia— presented in this bill.
February 9, from 7% to 7 percent.
"In order to do this it will be necessary to
inform the committee of events leading to
consideration of these matters by the Board
Gold Reserve Act of 1934—Legislative History
and the Reserve banks and the action by the
On January 16, after the President's message Board upon them.
"There are three primary matters involved:
had been read on the previous day to the
" (1) Devaluation of the dollar by changing
Congress (73d Cong., 2d sess.), there was its gold content.
introduced in the House of Representatives a
"(2) The allocation of the so-called profit
bill (H.R. 6976) entitled "A bill to protect the in event of devaluation upon the gold holdings
currency system of the United States, to pro- of the Reserve System.
" (3) The transfer of the title to the gold of
vide for the better use of the monetary gold
the System from the Reserve banks to the
stock of the United States, and for other pur- Treasury.
poses." The bill was referred to the Commit"The Board has recognized that the Congress
tee on Coinage, Weights, and Measures, which has expressed itself on the governmental policy
held public hearings, closing on January 19, as to devaluation in the Thomas amendment,
and reported the bill to the House with amend- and the Board has given consideration to that
policy only in connection with its effect in
ments on January 18 (Report No. 292). On producing the other two questions involved,
January 19 a minority report was presented to wit: So-called profits upon and title to
(Report No. 292, pt. 2). The bill (H.R. 6976) the System's gold holdings. These two ques-




74

FEDERAL RESERVE BULLETIN

tions have been considered with governmental
officials.
" I have always maintained that these two
questions were not interdependent and that
the solution of one of them was not of necessity
involved in the solution of the other.
"On the question of the so-called profits
upon our gold I have felt that these profits
arose from a purely monetary policy of the
Government, and arising from such purely
monetary policy should and could go to the
Government independently of and irrespective
of the question of where the title to the Reserve
System's gold was vested.
"This conviction has been held irrespective
of my knowledge that this gold has been bought
by the System under authority of law to buy
and sell gold, and under the usual practice of
Reserve banks authorized by provisions of the
Federal Reserve Act, and under the usual
practice and procedure of the central banks of
every country.
"The fact remains that this enhanced value
of the System's gold has resulted from no work
or investment or act or effort on the part of
the System, but solely from a governmental
policy, and having so resulted, the profit, or
enhanced value, as I prefer to call it, should
enure to the Government. This position was
made plain in my conferences with the Government officials. My conclusion as to the allocation of this enhanced value of our gold
involved in no way the necessity of a change
in the title to that gold.
"The profits could be allocated to the
Government by a simple amendment to the
Thomas amendment providing that in the
event of devaluation such profit should go to
the Government through one of the legal
expedients necessary to that end. I have
urged that this method be followed in the
matter of such profits. Under such method
the profits could be paid over by the Reserve
banks to the Government in any form meeting
the Government's requirements. This would
leave the gold in the Reserve banks where it
could continue as the base of the System's
currency and credit operations, to be held
even under such restrictions as are now placed
upon gold by the Government. At the same
time the Government w^ould have received all
enhanced value upon that gold as the result of
devaluation. This is the process followed in
France upon the devaluation of the franc.
"On the 14th day of December 1933, at a
conference with Government officials there
arose for the first time the question of the




FEBRUARY

1934

Government's taking title to the gold of the
Reserve banks. The opinion was expressed
that the Government had this right under section 11, paragraph (n) of the Federal Reserve
Act, with which law you gentlemen are familiar,
and based on this opinion a plan was proposed
for taking title to the gold under this law.
" I objected seriously to the plan and asked
time for its consideration. This time was
granted and I thereupon presented in writing
my objections to the plan and to its purpose.
"A suggestion was then made that the
Reserve banks could voluntarily exchange
their gold for gold certificates of the character
described in this bill.
"A conference of the governors of the Reserve
banks was held and the two plans, namely,
the one requisitioning the gold under section 11,
paragraph (n) of the Federal Reserve Act, or the
voluntary exchange of the gold for gold certificates, were considered. The governors asked
for an expression of the Board's views in the matter and these views were expressed as follows:
"In event, first, the President should write
the Board with respect to the plan embracing
action under the Thomas amendment and the
placing of title of the gold holdings of the
Federal Reserve System in the Treasury so
that profits on that gold would accrue to the
Government if, as and when devaluation is
effected; and, second, if the Secretary of the
Treasury should requisition the gold holdings
of the Federal Reserve System under section
11 (n) of the Federal Reserve Act and should
offer gold certificates in payment of such gold
holdings, then the Federal Reserve Board feels:
"(1) That it should express its strong conviction that appropriate legislation by Congress
should be had covering this question of profits
upon the gold holdings of the Federal Reserve
System, although it is of opinion that this
profit, being the result of the monetary policy
of the Government, should ultimately go to
the Government.
" (2) That neither the Federal Reserve banks
nor the Federal Reserve agents can enter into
voluntary agreement covering the transfer of
the title in this gold to the Government because
of their responsibility as officers and directors
of the Reserve bank and of their trusteeship in
connection with their duties as such, and
" (3) That if demand is made by the Secretary of the Treasury under section 11 (n) of the
Federal Reserve Act for the gold holdings of the
Federal Reserve System, then the Federal
Reserve banks and the Federal Reserve agents
should yield possession of the gold to the

FEBRUARY 1934

Treasury or its representatives and receive any
gold certificates tendered to them, but only
under protest fully preserving all legal rights.
"The conference with Government officials
decided at my request that these two plans
should be considered by the directors of the
12 Reserve banks. The governors returned to
their banks and called meetings of their respective directors.
"I had urged all along that this question of
the title to the Reserve System's gold was of
such large import and of so great consequence
to the Nation that it should be solved by Congress and that Congress should determine where
the title to this gold should vest, whether in the
Reserve banks or in the Treasury.
"This position was taken because—
"(1) We were advised by counsel that section 11, paragraph (n) of the Reserve Act was
not applicable under its terms to the Reserve
banks and that under that law the Secretary
was not authorized to requisition our gold, and
that there was no other law so empowering him.
" (2) That the officers and directors of the
Reserve banks, as trustee, should not exchange
their gold for the certificates described in this
bill, because as such trustees they had no right
to so change the character of the assets entrusted to them.
" (3) That Congress only could have the
right under the law to determine this question.
" (4) That we felt the gold should remain
with the central banks of the Nation for manifest purposes of currency and credit needs.
"While the directors of the Reserve banks
were considering these matters I called upon
the President and presented the reasons against
the two plans suggested and urged the necessity
of congressional action in determination of these
questions. The President agreed with me and
on December 29 the matter was withdrawn
from consideration of the Board and the Reserve banks, and as I understand it has now been
presented to Congress for its determination.
"In reference to this gold I will simply state
that at present it is pledged under the law as
security for $3,238,810,000 of Federal Reserve
notes issued by the 12 banks and constitutes
the reserves required by law upon notes issued
by the Reserve banks and upon deposits made
with Reserve banks.
" I t may be of value to the committee to have
before it a statement of the gold in the Treasury
and in the Reserve banks. The following two
pages give this information as of recent date.
"The gold coin and the gold bullion held by
the Reserve banks speak for themselves. The




75

FEDERAL RESERVE BULLETIN

gold certificates held by the Reserve banks
were issued by the Treasury under authority
in the United States Code, title 31, section 429,
the first paragraph of which is as follows:
"The Secretary of the Treasury is hereby authorized
and directed to receive deposits of gold coin with the
Treasury, or any assistant treasurer of the United
States, in sums of not less than twenty dollars and to
issue gold certificates therefor in denominations of not
less than ten dollars, and the amount so deposited shall
be retained in the Treasury and held for the payment
of such certificates on demand and used for no other
purpose/'

"The Reserve banks' gold in the Federal
Reserve agents' gold fund deposited with the
Treasury amounts to $1,105,174,000 and is
provided for in section 16 of the Reserve Act.
This gold is part of the collateral held by the
Federal Reserve agent for Federal Reserve
notes and deposited as authorized by law in
the custody of the Treasury.
"The gold of the Reserve banks in the gold
redemption fund in the Treasury amounts to
$40,888,000 and is provided for in section 16
of the Reserve Act and is gold deposited by
the Reserve banks with the Treasury for the
purpose of redeeming in gold Federal Reserve
notes.
"The gold of the Reserve banks in the gold
settlement fund in the custody of the Treasury
amounts to $673,403,000 and is authorized by
the same section of the Reserve Act, and is
gold placed by the Reserve banks with the
Treasury for clearing purposes between the
Reserve banks.
"The Board is of opinion that both the
allocation of the profits upon the System's gold
and the question of title to its gold are properly
matters for the determination of Congress."
TABULATION ATTACHED TO STATEMENT OF E. R. BLACK,
GOVERNOR OF FEDERAL RESERVE BOARD
[Figures for Nov. 29, 1933.]
Total gold in the Treasury and in Federal Reserve banks is
$4,012,918,000.
Of this $4,012,918,000, $3,201,941,000 is held in the different agencies of
the Treasury as follows:
San Francisco Mint—
___
_._
$1,439,799,000
New York Assay Office
879,610,000
503,075,000
Philadelphia Mint
Denver Min-t__
__
365,022,000
2,194, 000
Seattle Assay Office
_..
_.
1,308,000
New Orleans Assay Office
Cashier's Office, Washington
10,933,000
Total

3,201,941,000

The remaining $810,977,000 of gold coin and bullion is located in the
Federal Reserve banks as follows:
New York
$406,430,000 St. Louis
$12,476,000
Chicago
134,707,000 Minneapolis
11,848,000
San Francisco. _
92,905,000 Kansas City
- 11,289,000
Boston
47,616,000 Atlanta
9,172,000
Richmond
29,443,000 Dallas
11,805,000
Cleveland22,738,000
Total
810,977,000
Philadelphia
20,548,000

76

FEDERAL RESERVE BULLETIN

In addition to gold coin and bullion the Federal Reserve banks hold
gold certificates as follows:
$16,180,000
New Y o r k . . . .
$264,797,000 St. Louis
12,478,000
Chicago
--314,059,000 Dallas
-. 18,462,000
San Francisco _ _
29,160,000 Minneapolis
18,087,000
Boston
—
48,644,000 Kansas City
15,010,000
Richmond.—
23,717,000 Atlanta
Cleveland..
89,332,000
Total
942,796,000
Philadelphia.
92,870,000
Gold of the Federal Reserve banks in the Treasury is as follows:
Collateral for gold certificates held by Federal Reserve
banks
$942,794,000
Federal Reserve agents' gold fund (collateral for Federal
Reserve notes)
1,105,174,000
Gold settlement fund
673,403,000
Gold redemption fund
40,888,000
Total
2,762,259,000
The total gold reserves of the 12 Federal Reserve banks are. 3,573,236,000
Gold in the Treasury other than Federal Reserve gold is. 439,682,000
Of this, $219,391,000 is collateral for gold certificates in circulation outside of Federal Reserve banks and $156,039,000 is reserves against United
States notes, $30,329,000 against redemption funds for national bank
notes and Federal Reserve bank notes, and $33,923,000 free gold.
Gold certificates in circulation outside of Federal Reserve banks,
$217,391,000, and gold in circulation outside of Federal Reserve and
Treasury, $311,045,000.

FEBRUARY

1934

Conference of Governors of Federal Reserve Banks

The governors of the Federal Reserve banks
held a conference in Washington on Saturday,
January 20, 1934, after which on January 22
Eugene R. Black, Governor of the Federal
Reserve Board, issued the following statement
to the press:
A conference of the governors of the Reserve banks
was held on Saturday.
• At this conference Secretary Morgenthau presented
the immediate program of the Government's financing.
The governors gave full consideration to this program,
and assurance of full cooperation in the success of the
program was given by the governors.

REGULATIONS AND ORDERS RELATING TO GOLD AND FOREIGN EXCHANGE
On January 13, 1934, the Treasury Department issued the following statement to the
press:
"The Secretary of the Treasury today (January 13, 1934), made public an order amending
his order of December 28, 1933, so as to permit
collectors of rare coins to hold quarter eagles
($2.50 gold pieces) when they form a part of a
collection of rare coins. The provision is made,
however, that not more than 4 quarter eagles
of the same date and design and struck by the
same mint may be held by any one collector.
"An amendment by the President to the
Executive order of August 28, 1933, was also
made public. This amendment brings the
Executive order into harmony with the latest
order of the Secretary of the Treasury and at
the same time will permit collectors of rare
coins to acquire them from one another and to
export collections of rare gold coin under
license by the Secretary of the Treasury."

said order of December 28, 1933, by inserting
after the word "pieces" in the parenthetical
phrase in paragraph (B) of the first section
thereof a comma and the following:
"unless held, together with rare and unusual
coin, as part of a collection for historical, scientific, or numismatic purposes, containing not
more than 4 quarter eagles of the same date
and design, and struck by the same mint."
This order may be modified or revoked at
any time.

ORDER OF THE SECRETARY OF THE TREASURY
AMENDING THE ORDER OF DECEMBER 28, 1933,
REQUIRING THE DELIVERY OF GOLD COIN,
GOLD BULLION, AND GOLD CERTIFICATES TO
THE TREASURER OF THE UNITED STATES

The first paragraph of section 4 of Executive
Order No. 6260 of August 28, 1933, relating
to the hoarding, export, and earmarking of
gold coin, bullion, or currency, and to transactions in foreign exchange is hereby amended to
read as follows:
"SEC. 4. Acquisition of gold coin and gold
bullion.—No person other than a Federal
Reserve bank shall after the date of this order
acquire in the United States any gold coin,
gold bullion, or gold certificates except under
license therefor issued pursuant to this Executive order, provided that member banks of

Whereas in my judgment the order of
December 28, 1933, requiring the delivery of
gold coin, gold bullion, and gold certificates to
the Treasurer of the United States may be
amended as hereinafter provided without adversely affecting the purposes thereof,
Now, therefore, I, Henry Morgenthau, Jr.,
Secretary of the Treasury, do hereby amend




H. MORGENTHAU, Jr.,

Secretary of the Treasury.

Approved:
FRANKLIN D. ROOSEVELT.
THE WHITE HOUSE,

January 11, 1934.
EXECUTIVE ORDER NO. 6556
AMENDMENT OF EXECUTIVE ORDER NO. 6260
OF AUGUST 28, 1933

FEBRUARY

FEDERAL RESERVE BULLETIN

1934

the Federal Reserve System may accept delivery of such coin, bullion, and certificates for
surrender promptly to a Federal Reserve bank,
and provided further that persons requiring
gold for use in the industry, profession, or art in
which they are regularly engaged may replenish
their stocks of gold up to an aggregate amount
of $100, by acquisitions of gold bullion held
under licenses issued under section 5 (b), without necessity of obtaining a license for such acquisitions, and provided further that collectors
of rare and unusual coin may acquire from one
another and hold without necessity of obtaining
a license therefor gold coin having a recognized
special value to collectors of rare and unusual
coin (but not including quarter eagles, otherwise known as $2.50 pieces, unless held, together with rare and unusual coin, as part of a
collection for historical, scientific, or numismatic purposes, containing not more than four
quarter eagles of the same date and design and
struck by the same mint)."
Section 6 of the aforesaid order is hereby
amended by adding thereto the following subparagraph :
" (e) Through any agency that he may
designate, the export of gold coin having a
recognized special value to collectors of rare
and unusual coin (but not including quarter
eagles, otherwise known as $2.50 pieces, unless
held, together with rare and unusual coin, as
part of a collection for historical, scientific, or
numismatic purposes, containing not more than
four quarter eagles of the same date and design
and struck by the same mint)."
FRANKLIN D. ROOSEVELT.
THE WHITE HOUSE,

January 12, 1934.
On January 15, 1934, the following statement was issued from the White House:
"The President issued today three Executive
orders with respect to foreign exchange and
related matters. Taken together, the orders
establish substantially the same regulation of
foreign exchange as was established in the
Executive order of March 10, 1933, but instead




77

of applying only to banks which were licensed
under the Executive order of March 10, they
apply to all persons dealing in foreign exchange.
"The Executive orders are further designed
to permit of greater elasticity in the regulation
of foreign exchange and related transactions.
This continues in another form the authority
given to the Secretary of the Treasury in the
Executive orders of April 20 and August 28,
1933."
EXECUTIVE ORDER NO. 6558
RELATING TO RECEIPT OF GOLD ON CONSIGNMENT
BY THE MINTS AND ASSAY OFFICES

By virtue of the authority vested in me by
section 5 (b) of the act of October 6, 1917, as
amended by section 2 of the act of March 9,
1933, entitled "An act to provide relief in the
existing national emergency in banking and
for other purposes", I, Franklin D. Roosevelt,
President of the United States of America, do
declare that a period of national emergency
exists, and by virtue of said authority and of
all other authority vested in me, do hereby
prescribe the following regulations for receiving
gold on consignment for sale:
SECTION 1. The United States mints and
assay offices are hereby authorized, subject to
such regulations as may from time to time be
prescribed by the Secretary of the Treasury,
to receive on consignment gold which the mint
or assay office concerned is satisfied has not
been held in noncompliance with the Executive
orders, or the orders of the Secretary of the
Treasury, issued under sections 2 and 3 of the
act of March 9, 1933, or in noncompliance
with any regulations or rulings made thereunder
or licenses issued pursuant thereto.
SEC. 2. The Secretary of the Treasury is
hereby authorized and empowered to issue
such regulations as he may deem necessary to
carry out the purposes of this Executive order.
SEC. 3. This Executive order and any regulations issued hereunder may be modified or
revoked at any time.
FRANKLIN D. ROOSEVELT.
THE WHITE HOUSE,

January 15, 1934-

78

FEDERAL RESERVE BULLETIN
EXECUTIVE ORDER NO. 6559

AMENDING THE EXECUTIVE ORDER OF MARCH 10,
1933, AND THE PROCLAMATION OF DECEMBER
30, 1933, CONCERNING THE OPERATION OF
BANKS

FEBRUARY

1934

obligation of complying with the terms of the
Executive order of January 15, 1934, relating
to the export of coin and currency and transactions in foreign exchange, or the regulations
or licenses issued thereunder, or of any other
provision of law affecting transactions in foreign
exchange.

By virtue of the authority vested in me by
FRANKLIN D. ROOSEVELT.
section 5 (b) of the act of October 6, 1917 (40
Stat.L. 411), as amended by the act of March 9,
THE WHITE HOUSE,
1933, and by section 4 of said act of March 9,
January 15, 1934.
1933, and by virtue of all other authority vested
in me, I, Franklin D. Roosevelt, President of
the United States of America, do hereby issue
EXECUTIVE ORDER NO. 6560
the following Executive order:
SECTION 1. The last two paragraphs of the REGULATING TRANSACTIONS IN FOREIGN EXCHANGE, TRANSFERS OF CREDIT, AND THE
Executive order of March 10, 1933, concerning
EXPORT OF COIN AND CURRENCY
the operation of banks, are amended, effective
from the date of this order, by striking out the
By virtue of the authority vested in me by
following:
section 5 (b) of the act of October 6, 1917 (40
"nor to engage in any transaction in foreign exchange Stat.L., 411) as amended by section 2 of the
except such as may be undertaken for legitimate and act of March 9, 1933, entitled "An act to pronormal business requirements, for reasonable traveling
and other personal requirements, and for the fulfillment vide relief in the existing national emergency
in banking and for other purposes ", I, Franklin
of contracts entered into prior to March 6, 1933.
"Every Federal Reserve bank is authorized and in- D. Roosevelt, President of the United States
structed to keep itself currently informed as to trans- of America, do declare that a period of national
actions in foreign exchange entered into or consum- emergency continues to exist, and by virtue of
mated within its district and shall report to the Secretary of the Treasury all transactions in foreigr said authority and of all other authority vested
exchange which are prohibited."
in me, do hereby prescribe the following reguThe Secretary of the Treasury is authorized lations for the investigation, regulation, and
to amend the licenses heretofore issued with his prohibition of transactions in foreign exchange,
approval by the Federal Reserve banks under transfers of credit between or payments by
the Executive order of March 10, 1933, by banking institutions as herein defined, and
issuing through the Federal Reserve banks export of currency or silver coin, by any
amendatory licenses removing the restriction person within the United States or any place
upon transactions in foreign exchange con- subject to the jurisdiction thereof:
SECTION 1. Every transaction in foreign extained in the licenses heretofore issued.
SEC. 2. The proclamation of December 30, change, transfer of credit between any banking
1933, relating to the licensing of banking insti- institution within the United States and any
tutions which are not members of the Federal banking institution outside of the United States
Reserve System, is amended, effective from the (including any principal, agent, home office,
date of this order, by striking out the following: branch, or correspondent outside of the United
"nor to engage in any transaction in foreign exchange States of a banking institution within the
except such as may be undertaken for legitimate and United States), and the export or withdrawal
normal business requirements, for reasonable traveling from the United States of any currency or
and other personal requirements, and for the fulfill- silver coin which is legal tender in the United
ment of contracts entered into prior to March 6, 1933.', States, by any person within the United States,
SEC. 3. The amendment of such Executive is hereby prohibited, except under license
order of March 10, 1933, or of any licenses therefor issued pursuant to this Executive
issued thereunder, and the amendment of such order: Provided, however, That, except as proproclamation of December 30, 1933, shall not hibited under regulations prescribed by the
affect any act done, or any order, decision, or Secretary of the Treasury, foreign exchange
finding made, or relieve any person from the transactions and transfers of credit may be
consequences of any unauthorized act com- carried out without a license for (a) normal
mitted prior to the date of this Executive order; commercial or business requirements, (b) reanor shall the amendment of the Executive order sonable traveling and other personal requireof March 10, 1933, or the proclamation of ments, or (c) the fulfillment of legally enforceDecember 30, 1933, relieve any person from the able obligations incurred prior to March 9,1933.




FEBRUARY 1934

FEDERAL RESERVE

SEC. 2. Possessions of the United States.—
Except as prohibited in regulations prescribed
by the Secretary of the Treasury, transfers of
credit between banking institutions in the continental United States and banking institutions
in other places subject to the jurisdiction of
the United States (including principals, agents,
home offices, branches, or correspondents in
such other places, of banking institutions within
the continental United States), may be carried
out without a license.
SEC. 3. Licenses.—The Secretary of the
Treasury, acting directly or through any
agencies that he may designate, and the
Federal Reserve banks acting in accordance
with such rules and regulations as the Secretary
of the Treasury may from time to time prescribe, are hereby designated as agencies for
the granting of licenses as hereinafter provided.
Licenses may be granted authorizing such
transactions in foreign exchange, transfers of
credit, and exports of currency (other than
gold certificates) or silver coin in such specific
cases or classes of cases as the Secretary of the
Treasury may determine in regulations prescribed hereunder and rulings made pursuant
thereto.
SEC. 4. Reports.—The Federal Reserve
banks shall keep themselves currently informed
as to foreign exchange transactions entered into
or consummated, and transfers of credit made
between banking institutions outside of the
continental United States and banking institutions, in their districts, and report to the Secretary of the Treasury all transactions in foreign
exchange and all such transfers of credit not
permitted under sections 1 or 2 hereof which
are effected or attempted in their districts
without a license.
SEC. 5. Regulations.—The Secretary of the
Treasury is authorized and empowered to
prescribe from time to time regulations to
carry out the purposes of this order, and to
provide in such regulations or by rulings made
pursuant thereto, the conditions under which
licenses may be granted by the Federal Reserve banks and by such other agencies as the
Secretary of the Treasury may designate; and
the Secretary of the Treasury may require any
person engaged in any transaction, transfer,
export, or withdrawal referred to in this
Executive order to furnish under oath complete
information relative thereto, including the
production of any books of account, contracts,
letters, or other papers, in connection therewith in the custody or control of such person
either before or after such transaction, transfer,
export, or withdrawal is completed.




BULLETIN

79

SEC. 6. Penalties.—Whoever willfully violates or knowingly participates in the violation of any provision of this Executive order
or of any license, order, rule, or regulation
issued or prescribed hereunder, shall be subject
to the penalties provided in section 5 (b) of
the act of October 6, 1917, as amended by
section 2 of the act of March 9, 1933.
SEC. 7. Definitions.—As used in this Executive order the term "United States" means
the United States and any place subject to the
jurisdiction thereof; the term "continental
United States" means the States of the United
States, the District of Columbia, and the
Territory of Alaska; the term "person" means
an individual, partnership, association, or
corporation; and the term "banking institution" includes any person engaged primarily
or incidentally in the business of banking, of
granting or transferring credits, or of purchasing and selling foreign exchange or procuring
purchasers and sellers thereof, as principal or
agent; and, for the purposes of this order, each
home office, branch, principal, agent, or correspondent of any person so engaged shall be
regarded as a separate "banking institution."
SEC. 8. Section 8 of the Executive order of
August 28, 1933, relating to the hoarding,
export, and earmarking of gold coin, bullion,
or currency and to transactions in foreign
exchange, is hereby revoked.
This Executive order and any rules, regulations, or licenses prescribed or issued hereunder
may be modified or revoked at any time.
FRANKLIN D. ROOSEVELT.
T H E WHITE HOUSE,

January 15, 1934*
ORDER OF THE SECRETARY OF THE TREASURY
SUPPLEMENTING THE ORDER OF DECEMBER
28, 1933, REQUIRING THE DELIVERY OF GOLD
COIN, GOLD BULLION, AND GOLD CERTIFICATES
TO THE TREASURER OF THE UNITED STATES

Whereas on December 28, 1933, I, Henry
Morgenthau, Jr., as acting Secretary of the
Treasury, issued an order under authority of
section 11 of the Federal Reserve Act of
December 23, 1913, as amended by section 3
of the act of March 9, 1933, entitled "An act
to provide relief in the existing national
emergency in banking, and for other purposes ";
Whereas said order, as amended by an order
of January 11, 1934, required every person
subject to the jurisdiction of the United States
forthwith to pay and deliver to the Treasurer of
the United States all gold coin, gold bullion,

80

FEDERAL RESERVE BULLETIN

and gold certificates situated in the United
States, owned by such person, except as follows:
A. Gold bullion owned by a person now
holding such gold under a license heretofore
granted by or under authority of the Secretary
of the Treasury, pursuant to the Executive
order of August 28, 1933, relating to the
hoarding, export, and earmarking of gold coin,
bullion, or currency and to transactions in
foreign exchange;
B. Gold coin having a recognized special
value to collectors of rare and unusual coin
(but not including quarter eagles, otherwise
known as $2.50 pieces, unless held, together
with rare and unusual coin, as part of a collection for historical, scientific, or numismatic
purposes, containing not more than four
quarter eagles of the same date and design, and
struck by the same mint) ;
C. Unmelted scrap gold and gold sweepings
in an amount not exceeding in the aggregate
$100 belonging to any one person; and gold
which has been put through a process of fabrication for a specific and customary industrial,
professional, or ornamental use;
D. Gold coin, gold bullion, and gold certificates owned by a Federal Reserve bank or the
Reconstruction Finance Corporation; and
E. Gold bullion and foreign gold coin now
situated in the Philippine Islands, American
Samoa, Guam, Hawaii, Panama Canal Zone,
Puerto Rico, or the Virgin Islands of the
United States, owned by a person not domiciled
or doing business in the continental United
States.
Whereas a reasonable time has elapsed
within which any person required to deliver
gold coin, gold bullion, and gold certificates
could pay and deliver to the Treasurer of the
United States in the manner provided in said
order of December 28, 1933, the gold coin,
gold bullion, and gold certificates situated in
the United States, owned by such person; and
Whereas in my judgment such action is
necessary to protect the currency system of the
United States;
Now, therefore, I, Henry Morgenthau, Jr.,
Secretary of the Treasury, do hereby fix midnight of Wednesday, January 17, 1934, as the
expiration of the period within which uny gold
coin, gold bullion, or gold certificates may be
paid and delivered to the Treasurer of the
United States in compliance with the requirements contained in such order of December 28,
1933, as amended.
In the event that any gold coin, gold bullion,
or gold certificates withheld in noncompliance




FEBRUARY

1934

with said order and of this order are offered
after January 17, 1934, to the Secretary of the
Treasury, the Treasurer of the United States,
any United States mint or assay office, or to
any fiscal agent of the United States, there shall
be paid therefor only such part or none of the
amount otherwise payable therefor as the
Secretary of the Treasury may from time to
time prescribe and the whole or any balance
shall be retained and applied to the penalty
payable for failure to comply with the requirements of such order and of this order. The
acceptance of any such coin, bullion, or certificates after January 17, 1934, whether or not a
part or all of the amount otherwise payable
therefor is so retained, shall be without prejudice to the right to collect by suit or otherwise the full penalty provided in section 11 (n)
of the Federal Reserve Act, as amended, less
such portion of the penalty as may have been
retained as hereinbefore provided.
The definitions of the terms "person",
"United States", "gold coin", and "gold
bullion" contained in section 4 of said order of
December 28, 1933, apply equally to such
terms as used in this order.
H. MORGENTHAU, Jr.,

Secretary of the Treasury,

Approved:
FRANKLIN D. ROOSEVELT.
T H E WHITE HOUSE,

January 15, 193 4.
The following statement was released at the
Treasury Department on January 18, 1934:
"The Secretary of the Treasury issued
instructions tonight (Jan. 17), authorizing the
Treasurer of the United States, the United
States mints and assay offices, and the Federal
Reserve banks to continue, until further notice,
to receive gold coin and gold certificates and to
pay therefor in other currency at their face
value. They were also authorized to receive
gold bullion and to pay for it at the statutory
rate of $20.67 per ounce.
"The instructions issued tonight are made
subject to the rights reserved in the Secretary's
order of January 15 setting midnight of January 17 as the final date on which gold coin,
gold certificates, and gold bullion might be
delivered in compliance with the Secretary's
order of December 28, 1933.
"Inquiries have been received by the Treasury Department from business men who desire
to know whether they may continue to accept

FEBRUARY 1934

gold coin and certificates in payment for
merchandise and services. The instructions
which were sent out tonight will provide a way
by which they may dispose of receipts of gold
coin and gold certificates and receive payment
for them.
INSTRUCTIONS SENT BY THE SECRETARY OF THE
TREASURY ON JANUARY 17, 1934, TO THE
TREASURER OF THE UNITED STATES, THE
UNITED STATES MINTS AND ASSAY OFFICES,
AND THE FISCAL AGENTS OF THE UNITED
STATES, CONCERNING WRONGFULLY WITHHELD
GOLD COIN, GOLD BULLION, AND GOLD CERTIFICATES DELIVERED AFTER JANUARY 17, 1934

The order of the Secretary of the Treasury
dated January 15, 1934, supplementing the
order of December 28, 1933, requiring the
delivery of gold coin, gold bullion, and gold
certificates to the Treasurer of the United States
provides, in part, as follows:
* * * I, Henry Morgenthau, Jr., Secretary of the
Treasury, do hereby fix midnight of Wednesday,
January 17, 1934, as the expiration of the period within
which any gold coin, gold bullion, or gold certificates
may be paid and delivered to the Treasurer of the
United States in compliance with the requirements
contained in such order of December 28, 1933, as
amended.
In the event that any gold coin, gold bullion, or
gold certificates withheld in noncompiiance with said
order and of this order are offered after January 17,
1934, to the Secretary of the Treasury, the Treasurer
of the United States, any United States mint or assay
office, or to anyfiscalagent of the United States, there
shall be paid therefor only such part or none of the
amount otherwise payable therefor as the Secretary
of the Treasury may from time to time prescribe and
the whole or any balance shall be retained and applied
to the penalty payable for failure to comply with the
requirements of such order and of this order. The
acceptance of any such coin, bullion, or certificates
after January 17, 1934, whether or not a part or all of
the amount otherwise payable therefor is so retained,
shall be without prejudice to the right to collect by
suit or otherwise the full penalty provided in section
11 (n) of the Federal Reserve Act, as amended, less
such portion of the penalty as may have been retained
as hereinbefore provided.

Subject to the rights reserved in said order
of January 15, 1934, supplementing the order
of December 28, 1933, requiring the delivery
of gold coin, gold bullion, and gold certificates
to the Treasurer of the United States, and without prejudice to the right to alter or amend
these instructions from time to time by notice
to the Treasurer of the United States, the
United States mints and assay offices, and the
Federal Reserve banks, I do hereby prescribe
that in the event that any gold coin, gold bullion, or gold certificates held in noncompiiance
with said order of December 28, 1933, as




81

FEDERAL RESERVE BULLETIN

amended, and said order of January 15, 1934,
are offered after January 17, 1934, to the
Secretary of the Treasury, the Treasurer of
the United States, any United States mint or
assay office or to any fiscal agent of the United
States, the Secretary of the Treasury, the
Treasurer of the United States, any United
States mint or assay office, and the fiscal agents
of the United States shall pay for such gold
coin and gold certificates the dollar face amount
thereof, and for gold bullion $20.67 an ounce.
Member banks of the Federal Reserve System
may receive such gold coin, gold bullion and
gold certificates for account of the Treasurer
of the United States and forthwith forward
the same to the Secretary of the Treasury,
the Treasurer of the United States, any United
States mint or assay office or any fiscal agent
of the United States, whichever is nearest.
H. MORGENTHAU, Jr.,

Secretary of the Treasury.

On January 30, 1934, the following statement was issued by the Treasury Department:
"The President today approved the Gold
Reserve Act of 1934 and at the same time approved provisional regulations of the Secretary
of the Treasury under the act. These regulations provide substantially as follows:
"(1) Gold in any form may be acquired,
transported, melted or treated, imported, exported or earmarked or held in custody for
foreign or domestic account (except on behalf
of the United States) only to the extent permitted by and subject to the conditions prescribed in these regulations or licenses issued
pursuant to them.
" (2) Violation of the regulations will subject
the holder of gold to its forfeiture and to a
penalty equal to twice the value of the gold.
"(3) Gold may be transported by carriers
only for persons licensed to hold and transport
it or permitted by the regulations to hold and
transport it.
" (4) Gold situated outside the United States
may be dealt in freely.
"(5) Similarly, gold situated in the possessions of the United States, but not including
United States gold coin, may be dealt in freely
by persons not domiciled in the United States.
"(6) Fabricated gold may be acquired, exported, or imported without a license, but in
the case of export an affidavit is required that
the shipment is not being made for the purpose
of disposing of fabricated gold primarily for the
value of the gold content. Travelers leaving

82

FEDERAL RESERVE BULLETIN

the United States may carry with them fabricated gold articles for personal use not exceeding 15 ounces, without filing an affidavit or
obtaining an export license.
"(7) Metals containing not more than 5
troy ounces of fine gold per short ton are not
subject to license.
"(8) Unmelted scrap gold in amounts of
not more than 5 troy ounces per fine gold may
be held or transported without a license.
" (9) Gold in its natural state as mined may
be acquired, held, and transported without a
license.
"(10) Gold coins recognized as of special
value to collectors are exempt from license
regulations, but may be exported only under
license issued by the Director of the Mint.
"(11) Persons acquiring gold for use in
industry, profession, or art in which they are
regularly engaged may hold up to a three
months' supply, but not more than 25 ounces,
of fine gold without a special license.
"(12) The mints will issue special licenses
for buying, holding, transporting, treating,
importing, and exporting gold for use in industries, professions, or arts to dealers and refiners
and to persons requiring a stock of more than
25 ounces at a time. Licenses so issued shall
be for no greater quantities than the estimated
requirement of the licensee for a period of 3
months. Such licenses will not entitle the
licensee to hold gold coin. License holders
are required to keep exact records of acquisitions and deliveries of gold and make quarterly
reports on them to the mints.
"(13) Federal Reserve banks are authorized
to acquire from the United States mints,
through redemption of gold certificates, such
amounts of gold bullion 'as in the judgment of
the Secretary of the Treasury are necessary to
settle international balances, or to maintain
the equal purchasing power of every kind of
currency of the United States.' The Federal
Reserve banks are also authorized to acquire
gold abroad, or to acquire in the United
States gold that is not being held unlawfully.
Gold so acquired may be held, transported,
imported, exported, or earmarked, or held in
custody for foreign or domestic account for
the purposes of settling international balances
or maintaining the equal purchasing power of
every kind of currency in the United States.
It is provided, however, that if the gold is
not used for any of these purposes within 6
months of the date of its acquisition it must
be delivered over to the Treasurer of the
United States for credits in equivalent amounts




FEBRUARY

1934

of dollars, unless the Secretary of the Treasury
shall have granted an extension.
"(14) No person is permitted to acquire gold
from a Federal Reserve bank, except to the
extent that the license issued to him specifically
provides.
"(15) Gold which is refined from goldbearing ore imported into the United States
may be exported under licenses to be issued by
the assay office at New York, or the mint at
San Francisco. The gold-bearing ore must be
declared on its entry and careful records must
be kept. This continues the regulations heretofore enforced under the Executive order.
"(16) Gold may be imported for reexport if
it remains in customs custody while it is within
the customs limits of the United States. If it
is to be transported within the United States a
special license is required.
"(17) Licenses heretofore issued by the
United States mints and assay offices, and also
by the Secretary of the Treasury, under previious orders are validated until March 15, 1934.
PROVISIONAL REGULATIONS ISSUED UNDER THE
GOLD RESERVE ACT OF 1934
ARTICLE I. GENERAL PROVISIONS

1. Authority for regulations.—These regulations, deemed necessary and proper by the Secretary
of the Treasury to carry out the purposes of the Gold
Reserve Act of 1934, approved January 30, 1934, are
issued by the Secretary of the Treasury, with the
approval of the President, under authority of said act.
SEC. 2. Scope.—Articles II, III, IV, and V of these
regulations refer particularly to section 3 of the Gold
Reserve Act of 1934; and articles VI and VII refer
particularly to sections 8 and 9, respectively, thereof.
The provisions of these regulations may be revoked
or modified at any time and any license outstanding
at the time of such revocation or modification shall be
modified thereby to the extent provided in such revocation or modification.
SEC. 3. Titles and subtitles.—The titles and subtitles
of these regulations are inserted for purposes of ready
reference and are not to be construed as constituting a
part of these regulations.
SEC. 4. Definitions.—As used in these regulations,
the term—
"Act" means the Gold Reserve Act of 1934, approved
January 30, 1934.
"United States" means the Government of the
United States, or, where used to denote a geographical
area, means the continental United States and all other
places subject to the jurisdiction of the United States.
"Continental United States" means the States of the
United States, the District of Columbia, and the
Territory of Alaska.
"Currency of the United States" means currency
which is legal tender in the continental United States,
and includes United States notes, Treasury notes of
1890, gold certificates, silver certificates, Federal Reserve notes, and circulating notes of Federal Reserve
banks and national banking associations.
SECTION

FEBRUARY 1934

FEDERAL RESERVE BULLETIN

"Person" means any individual, partnership, association, or corporation, including the Federal Reserve
Board, Federal Reserve banks, and Federal Reserve
agents.
"Mint" means a United States mint or assay office,
and wherever authority is conferred upon a "mint"
such authority is conferred upon the person locally in
charge of the respective United States mint or assay
office acting in accordance with the instructions of the
Director of the Mint or the Secretary of the Treasury.
"Mint district" means one of the following areas:
The mint district of Philadelphia, which for the purposes of these regulations consists of the States of
Illinois, Indiana, Kentucky, Maryland, Missouri, North
Carolina, Ohio, Pennsylvania, South Carolina, Virginia, and West Virginia, and the District of Columbia.
The mint district of New York, which for the purposes of these regulations consists of the States of Connecticut, Delaware, Maine, Massachusetts, Michigan,
New Hampshire, New Jersey, New York, Rhode Island,
Vermont, and Wisconsin, and Puerto Rico, the Virgin
Islands of the United States, and the Panama Canal
Zone.
The mint district of Denver, which for the purposes
of these regulations consists of the States of Colorado,
Iowa, Kansas, Minnesota, Nebraska, New Mexico,
North Dakota, Oklahoma, South Dakota, Utah, and
Wyoming.
The mint district of San Francisco, which for the
purposes of these regulations consists of the States of
Arizona, California, and Nevada, and the Territories
and possessions of the United States not specifically
included in other mint districts.
The mint district of Seattle, which for the purposes
of these regulations consists of the States of Idaho,
Montana, Oregon, and Washington, and the Territory
of Alaska.
The mint district of New Orleans, which for the purposes of these regulations consists of the States of
Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Tennessee, and Texas.
"Gold coin" means any coin containing gold as a
major element, including gold coin of a foreign country.
"Gold bullion" means any gold which has been put
through a process of smelting or refining, and which is
in such state or condition that its value depends primarily upon the gold content and not upon its form;
but it does not include metals containing less than 5
troy ounces of fine gold per short ton, nor does it
include gold coin.
"Fabricated gold" means gold which has, in good
faith and not for the purpose of evading, or enabling
others to evade, the provisions of the act or of these
regulations, been processed or manufactured for some
one or more specific and customary industrial, professional, or artistic us^s, but does not include gold
coin or scrap gold.
"Scrap gold" means gold sweepings and fabricated
gold, the value of which depends primarily upon its
gold content and not upon its form, which is no longer
held for the use for which it was processed or manufactured.
Wherever reference is made in these regulations to
equivalents as between dollars or currency of the United
States and gold, $1 or $1 face amount of any currency
of the United States equals such a number of grains of
gold, nine tenths fine, as, at the time referred to, are
contained in the standard unit of value, that is, so
long as the President shall not have altered by proclamation the weight of the gold dollar under the authority
of section 43, title III, of the act approved May 12,




83

1933, as heretofore and by the act amended, 25.8 grains
of gold, nine tenths fine, and thereafter such a number
of grains of gold, nine tenths fine, as the President shall
have fixed under such authority.
Wherever reference is made in these regulations to
"articles" or "sections", the reference is, unless otherwise indicated, to the designated articles and sections
of these regulations.
SEC. 5. General provisions affecting applications,
affidavits, and reports.—Every application, affidavit,
and report required to be made hereunder shall be
made upon the appropriate form prescribed by the
Secretary of the Treasury and, except insofar as these
regulations may otherwise specify, shall be executed
under oath before an officer authorized to administer
oaths. Duplicate copies properly executed shall be
filed with the agencies designated in these regulations
for that purpose. Action upon any application or
affidavit may be withheld pending the furnishing of
any or all of the information required in such forms or
of such additional information as may be deemed
necessary by the Secretary of the Treasury, or the
agency authorized or directed to act hereunder. There
shall be attached to the applications, affidavits, or
reports such instruments as may be required by the
terms thereof and such further instruments as may be
required by the Secretary of the Treasury, or by such
agency. Whenever additional information is requested
it shall be furnished under oath.
SEC. 6. General provisions affecting licenses.—(1)
Licenses issued pursuant to these regulations shall be
upon the appropriate form prescribed by the Secretary
of the Treasury. Licenses shall be nontransferable
and shall entitle the licensee to acquire, transport, melt,
or treat, import, export, or earmark, or hold in custody
for foreign or domestic account, gold only in such form
and to the extent permitted by, and subject to the
conditions prescribed in, these regulations and such
licenses.
(2) Licenses may be modified or revoked at any
time in the discretion of the Secretary of the Treasury
acting directly, or through the agency which issued
the license, or any other agency designated by the
Secretary of the Treasury. In the event that a license
is modified or revoked (other than by a modification
or revocation of these regulations), the Secretary of the
Treasury, or the agency through which the license
was issued, or such other agency designated by the
Secretary of the Treasury, shall advise the licensee by
letter mailed to the address of the licensee set forth in
the application. The licensee, upon receipt of such
advice, shall forthwith surrender his license as directed
in such advice. If the license has been modified but
not revoked, the Secretary of the Treasury, or the
agency through which the original license was issued,
shall thereupon issue a modified license.
(3) No license issued hereunder shall authorize the
licensee to hold any gold coin, or any gold melted by
any person from gold coin, unless the license contains a
specific provision to that effect.
(4) No license issued hereunder shall exempt the
licensee from the duty of complying with the legal
requirements of any State or Territory or local authority.
(5) No license shall be issued to any person doing
business under a name which, in the opinion of the
Secretary of the Treasury or the designed agency
issuing the license, is designated or is likely to induce
the belief that gold is purchased, treated, or sold on behalf of the United States or for the purpose of carrying
out any policy 6f the United States.
SEC. 7. General provisions affecting export licenses.—
At the time any license to export gold is issued, the

84

FEDERAL RESERVE BULLETIN

Federal Reserve bank or mint issuing the same shall
transmit a copy thereof to the collector of customs at
the port of export designated in the license. Collectors
of customs shall not permit the export or transportation from the continental United States of gold in any
form except upon surrender of a license to export, a
copy of which has been received by him from the Federal Reserve bank or the mint issuing such license:
Provided, however, That the export, or transportation
from the continental United States, of fabricated gold
may be permitted subject to the provisions of section
16(2): And -provided further, That gold held by the
Federal Reserve banks under article IV may be exported for the purposes of such article without a
license. The collector of customs to whom a license
to export is surrendered shall cancel such license and
return it to the Federal Reserve bank or mint which
issued the same. In the event that the shipment is to
be made by mail, a copy of the export license shall be
sent to the postmaster of the post office designated in
the application, who will act under the instructions of
the Postmaster General in regard thereto.
SEC. 8. General provisions affecting import licenses.—
No gold in any form imported into the United States
shall be permitted to enter until the person importing
such gold shall have satisfied th6 collector of customs
at the port of entry that he holds a license authorizing
him to import such gold or that such gold may be imported without a license under the provisions of article II or IV. Postmasters receiving packages containing gold will deliver such gold subject to the instructions
of the Postmaster General.
SEC. 9. Forms available.—Any form, the use of
which is prescribed in these regulations, may be obtained at, or on written request to, any United States
mint or assay office, Federal Reserve bank, and at the
Treasury Department, Washington, D.C.
SEC. 10. Representations by licensees.—Licensees
may include in public and private representations or
statements the clause "licensed on form TGL
(here inserting the number of the form of license held
by the licensee) pursuant to the regulations prescribed
under the Gold Reserve Act of 1934", but any representation or statement which might induce the belief
that the licensee is acting or is especially privileged to
act on behalf of or for the United States, or is purchasing, treating, or selling gold for the United States, or in
any way dealing in gold for the purpose of carrying out
any policy of the United States, shall be a violation of
the conditions of the license. Each agency issuing
licenses hereunder which receives notice of any such
representations or statements made by or with the
acquiescence of any licensee shall promptly notify the
Secretary of the Treasury in order that he may advise
it whether or not the license of the person making such
representations or statements, or permitting such
representations or statements to be made, should be
revoked.
SEC. 11. Penalties.—Any gold withheld, acquired,
transported, melted or treated, imported, exported, or
earmarked or held in custody in violation of the act, or
of any regulations issued thereunder, including these
regulations, or of any licenses issued pursuant thereto
or hereto, shall be forfeited to the United States and
may be seized and condemned by like proceedings as
those provided by law for the forfeiture, seizure, and
condemnation of property imported into the United
States contrary to law; and, in addition, any person
failing to comply with the provisions of the act or of
any such regulations or licenses shall be subject to a
penalty equal to twice the value of the gold in respect
of which such failure occurred.




FEBRUARY

1934

ARTICLE II. CONDITIONS UNDER WHICH GOLD MAY BE
ACQUIRED AND HELD, TRANSPORTED, MELTED OR
TREATED, IMPORTED, EXPORTED, OR EARMARKED OR
HELD IN CUSTODY FOR FOREIGN OR DOMESTIC ACCOUNT

SEC. 12. Gold in any form may be acquired, transported, melted or treated, imported, exported, or earmarked or held in custody for foreign or domestic
account (except on behalf of the United States), only
to the extent permitted by, and subject to the conditions
prescribed in, these regulations or licenses issued pursuant to these regulations.
SEC. 13. Transportation of gold.—Gold may be transported by carriers for persons who are licensed to hold
and transport such gold or who are permitted by these
regulations to hold and transport gold without a license.
SEC. 14. Gold situated outside of the United States.—
Gold in any form situated outside of the United States
may be acquired, transported, melted or treated, or earmarked or held in custody for foreign or domestic
account without the necessity of holding a license.
SEC. 15. Gold situated in the possessions of the
United States.—Gold in any form (other than United
States gold coin) situated in places subject to the
jurisdiction of the United States beyond the limits of
the continental United States may be acquired, transported, melted or treated, imported, exported, or
earmarked, or held in custody for the account of persons other than residents of the continental United
States by persons not domiciled in the continental
United States: Provided, however, That gold may be
transported from the continental United States to the
possessions of the United States only under license
for export issued pursuant to sections 25(3), 32, 33,
or 34, or, if fabricated gold, subject to the conditions
specified in section 16(2).
SEC. 16. Fabricated gold.—(1) Fabricated gold may
be acquired, transported within the United States,
imported, or held in custody for domestic account
without the necessity of holding a license therefor:
Provided^ however, That it may be transported from
the continental United States to other places subject
to the jurisdiction of the United States only subject
to the conditions hereinafter specified in paragraph (2)
of this section.
(2) Fabricated gold may be exported, or transported
from the continental United States, without the necessity of obtaining a license, provided that an affidavit
shall have been executed on form TG-10 and filed in
duplicate with the collector of customs at the port of
shipment from the continental United States, or with
the postmaster at the place of mailing; and such
collector or postmaster shall have endorsed on the
duplicate copy of such affidavit that he is satisfied
that the shipment from the continental United States
is not being made for the purpose of holding or disposing
of the fabricated gold outside the continental United
States primarily for the value of the gold content:
Provided, further, That persons leaving the continental
United States may carry with them fabricated gold
owned by them and for their personal use in its fabricated form of a fine gold content not exceeding 15 ounces
without the necessity of filing such affidavit or obtaining an export license.
SEC. 17. Metals containing gold.—Metals containing
not more than 5 troy ounces of fine gold per short ton
may be acquired, transported within the United States,
imported, or held in custody for domestic account
without the necessity of obtaining a license therefor.
Such metals may be melted or treated, exported, and
held in custody for foreign account only to the extent
permitted by, and subject to the conditions prescribed
in, or pursuant to, article III.

FEBRUARY

1934

FEDERAL RESERVE BULLETIN

SEC. 18. Unmelted scrap gold.—Unmelted scrap gold
may be held and transported within the United States
in amounts containing not more than 5 troy ounces
of fine gold without the necessity of holding a license.
SEC. 19. Gold in its natural state.—Gold in its natural
state (i.e., gold recovered from natural sources which
has not been melted, smelted, or refined or otherwise
treated by heating or by a chemical or electrical
process) may be acquired, transported within the
United States, imported, or held in custody for domestic
account without the necessity of holding a license
therefor. Such native gold may be melted or treated
or exported only to the extent permitted by, and subject to the conditions prescribed in, or pursuant to,
article III.
SEC. 20. Rare coin.—Gold coin of recognized special
value to collectors of rare and unusual coin (but not
including quarter eagles, otherwise knowTn as $2.50
pieces, unless held, together with rare and unusual coin
and as part of a collection for historical, scientific, or
numismatic purposes, containing not more than four
quarter eagles of the same date and design, and struck
by the same mint) may be acquired and held, transported within the United States, imported, or held in
custody for domestic account without the necessity of
holding a license therefor. Such coin may be exported
only under license on form TGL-11 issued by the
Director of the Mint. Application for such a license
shall be executed on form TG-11 and filed with the
Director of the Mint, Washington, D.C.
ARTICLE III. GOLD FOR INDUSTRIAL, PROFESSIONAL, AND
ARTISTIC USE

SEC. 21. "Twenty-five-ounce exemption."—Any person requiring gold for use in the industry, profession,
or art in which he is regularly engaged may replenish
his stocks of gold (in addition to fabricated gold) up
to the amount actually required for a period not exceeding 3 months (but in no event in an aggregate
amount exceeding 25 ounces of fine gold held at any
one time) by acquisitions of gold bullion held under
licenses issued pursuant to section 23, without the
necessity of obtaining a license for such acquisitions;
and the gold so acquired may be held, transported,
melted or treated, for use by such person in his industry, profession, or art but for no other purpose. Gold
may not be acquired and held under this section by
persons engaged primarily or incidentally in the business of buying and selling gold other than fabricated
gold.
SEC. 22. Licenses required.—Except as permitted in
article II and in section 21 of this article, gold may be
acquired and held, transported, melted or treated, imported, exported, or earmarked for industrial, professional, or artistic use only to the extent permitted by
licenses issued under section 23 hereof.
SEC. 23. Purposes for which licenses shall be issued.—
The mints shall issue licenses authorizing the acquisition
and holding, transportation, melting and treating,
importing, exporting, and holding for domestic account
of gold which the mint is satisfied is required for legitimate and customary use in industry, profession, or art,
by an applicant regularly engaged in the mint district
of such mint (1) in the business of furnishing or processing gold for industry, profession, or art, or for sale
to the United States, (2) in an industry, profession, or
art in which stocks of gold in excess of 25 fine ounces
are required to be maintained by the applicant.
SEC. 24. Applications.—Every application for a
license under section 23 shall be made on form TG-12
(except that applications for export shall be made on
form TG-15) and stall be filed in duplicate with the
United States mint for the mint district in which is




85

located the applicant's principal place of business. No
person shall make application to more than one mint;
and, in the event any one person is, through misrepresentation or mistake, issued a license under this
article by more than one mint, all licenses issued to
such person shall be void from the date of issuance to
such person of a license by a second mint. Every
applicant for a license under section 23 shall state
in his application whether or not any applications have
been filed by or licenses issued to any partnership,
association, or corporation in which the applicant has
a substantial interest or if the applicant is a partnership, association, or corporation, by or to a person having a substantial interest in such partnership, association, or corporation. No mint shall issue any license
to any person if in its judgment more than one license
for the same purpose will be held for the principal use
or benefit of the same persons or interests. Any person licensed under this article acquiring a principal
interest in any partnership, association, or corporation
holding a license under this article for this purpose
shall immediately so inform the mints which issued
the licenses.
SEC. 25. licenses.—(1) Upon receipt of the application and after making such investigation of the case as
it may deem advisable, the mmt, if satisfied that gold
is necessary for the legitimate and customary requirements of the applicant's industry, profession, art, or
business, shall issue to the applicant a license on form
TGL-12, TGL-13, or TGL-14, whichever is designated
in rulings of the Secretary of the Treasury for the kind
of business, industry, profession, or art in which the
applicant is engaged.
(2) Licenses issued under this article may entitle
the licensee to acquire and hold not to exceed a maximum amount specified therein, which amount shall
not be greater than the estimated requirements of the
licensee for a period of 3 months; and such license may
authorize the licensee to transport such gold from place
to place within the United States, melt or treat it to
the extent necessary to meet the requirements of the
industry, profession, or art for which it was acquired
and held or otherwise to carry out the purposes for
which it is held under license, and may authorize the
licensee to import gold so long as the maximum amount
of gold held after importation does not exceed the
maximum amount authorized by the license to be held.
(3) No license on form TGL-12, TGL-13, or
TGL—14 shall authorize the licensee to export or
transport from the continental United States, without
a supplementary license on form TGL-15 issued by
the mint which issued the license on form TGL—12,
TGL-13, or TGL-14, gold in any form (except that
fabricated gold may be exported or transported from
the continental United States subject to the conditions
specified in section 16 (2)). Export licenses on form
TGL-15 shall be issued only with the approval of the
Secretary of the Treasury, and upon application made
on form TG-15 showing to the satisfaction of the
mint and the Secretary of the Treasury that the export
or transport from the continental United States is for
a specific and customary industrial, professional, or
artistic use connected wTith the applicant's business,
and not for the purpose of using or holding or disposing
of such gold beyond the limits of the continental United
States as, or in lieu of, money, or for the value of its
gold content.
(4) No license issued under this article shall entitle
the licensee to acquire and hold, transport, melt or
treat, import or export, or hold in custody any gold coin.
SEC. 26. Records.—Every person holding a license
issued pursuant to section 23 shall keep exact records of
all his acquisitions and deliveries of gold. His records

86

FEDERAL RESERVE BULLETIN

shall contain the name, address, and license number of
each person from whom he acquires, or to whom he
delivers, gold (other than fabricated gold) and shall
show the amount, date, and description of each such
acquisition and delivery, and such records shall be
available for examination by a representative of the
Treasury Department for at least 1 year after the date of
the disposition of such gold.
SEC. 27. Reports.—Every person holding a license
on form TGL-12, TGL-13, or TGL-14 shall file with
the mint which issued his license, on or before the 15th
day of February, May, August, and November, a
report on form TGR-12, TGR-13, or TGR-14,
respectively, for the quarter ending on the first day of
such months.
ARTICLE IV. GOLD FOR THE PURPOSE OF SETTLING
INTERNATIONAL BALANCES, AND FOR OTHER PURPOSES

SEC. 28. The Federal Reserve banks may from time
to time acquire from the United States by redemption of
gold certificates in accordance with section 6 of the
act, such amounts of gold bullion as, in the judgment
of the Secretary of the Treasury, are necessary to settle
international balances or to maintain the equal purchasing power of every kind of currency of the United
States. Such banks may also acquire gold abroad or
may acquire gold in the United States which has not
been held in noncompliance with the Executive orders,
or the orders of the Secretary of the Treasury, issued
under sections 2 and 3 of the act of March 9, 1933,
entitled "An act to provide relief in the existing national
emergency in banking and for other purposes", or in
noncompliance with any regulations or rulings made
thereunder or licenses issued pursuant thereto or
acquired and held, transported, melted or treated, Imported, exported, earmarked or held in custody for foreign or domestic account in violation of the act or regulations issued thereunder, including these regulations.
SEC. 29. The gold acquired under section 28 may be
held, transported, imported, exported, or earmarked
or held in custody for foreign or domestic account for
the purposes of settling international balances or
maintaining the equal purchasing power of every kind
of currency of the United States: Provided, That if the
gold is not used for such purposes within 6 months from
the date of acquisition, it shall (unless the Secretary of
the Treasury shall have extended the period within
which such gold may be so held) be paid and delivered
to the Treasurer of the United States against payment
therefor by credits in equivalent amounts in dollars in
the accounts authorized under the sixteenth paragraph
of section 16 of the Federal Reserve Act, as amended.
Sec. 30. The provisions of this article shall not be
construed to permit any person subject to the jurisdiction of the United States, other than a Federal Reserve bank, to acquire gold for the purposes specified in
this article, or to permit any person to acquire gold
from a Federal Reserve bank except to the extent that
his license issued hereunder specifically so provides.
ARTICLE V. GOLD FOR OTHER PURPOSES NOT INCONSISTENT WITH THE PURPOSES OF THE GOLD RESERVE
ACT OF 1934

SEC. 31. licenses required.—Gold may be acquired
and held, transported, melted or treated, imported,
exported, or earmarked or held in custody for foreign or
domestic account, for purposes other than those specified in articles III and IV not inconsistent with the
purposes of the act only to the extent permitted in
article II or under a license issued under section 32,
33, or 34.




FEBRUARY 1934

SEC. 32. Gold imported in gold-bearing materials for
reexport.—The United States assay office at New York
or the United States mint at San Francisco shall issue
licenses on form TGL-16, authorizing the export of
gold which such assay office or mint is satisfied was refined (or is equivalent to gold refined) from gold-bearing
materials imported into the United States, provided
such gold is imported, acquired, and held, transported,
melted, and treated as permitted in article II or in accordnace with a license issued under section 23 hereof
and subject to the following provisions:
(1) Notation upon entry.—Upon the formal entry
into the United States of any gold-bearing materials,
the importer shall declare to the collector of customs
at the port where the material is formally entered that
the importation is made with the intention of exporting the gold refined therefrom. The collector shall
make on the entry a notation to this effect and forward
a copy of the entry to the United States assay office at
New York or to the United States mint at San Francisco, whichever is designated by the importer.
(2) Sampling and assaying.—Promptly upon the receipt of each importation of gold-bearing material at
the plant where it is first to be treated, it shall be
weighed, sampled, and assayed for the gold content.
A reserve commercial sample shall be retained by such
plant for at least 1 year from the date of importation,
unless the assay is sooner verified by the Treasury
Department.
(3) Plant records.—The importer shall cause an exact
record, covering each importation, to be kept at the
plant of first treatment. The records shall show the
gross wet weight of the importation, the weight of containers, if any, the net wet weight, the percentage and
weight of moisture, the net dry weight, and the gold
content shown by the settlement assay. An attested
copy of such record shall be filed promptly with the
assay office at New York or the mint at San Francisco,
whichever has been designated to receive a copy of the
entry. The plant records herein required to be kept
shall be available for examination by a representative
of the Treasury Department for at least 1 year after
the date of the disposition of such gold.
(4) Application for export license.—Not later than 3
months from the date of entry the importer shall file
with the New York assay office or the mint at San
Francisco, whichever has been designated to receive a
copy of the entry, an application on form TG-16 for a
permit to export refined gold not in excess of the
amount shown by the settlement sheet covering the
importation. The application shall be accompanied
by two duly attested copies of the settlement sheet.
(5) Issuance of serial numbered certificates.—If the
mint is satisfied as to the accuracy of the data shown
on such application, it shall issue to the importer a
dated serial numbered certificate, which shall show the
amount of gold specified by the application and the
amount specified by the settlement sheet. The Director of the Mint shall prescribe the form of such certificate.
(6) Issuance of export license.—Upon delivery of the
serial numbered certificate to the assay office at New
York or to the mint at San Francisco, whichever has
issued the certificate, within 120 days from the date the
certificate was issued, the mint shall issue to the applicant
an export license on form TGL-16 to export refined
gold in an amount not exceeding the amount specified
in the settlement sheet as shown on such certificate.
(7) Exportation prior to receipt of settlement sheet.—
Upon a showing in the application that an exportation
with respect to any gold-bearing materials imported
into the United States for refining js necessary prior to

FEBBUARY

1934

FEDERAL RESERVE BULLETIN

the time the settlement sheet can be procured, the
assay office at New York or the mint at San Francisco,
whichever was designated by the importer, may
receive the application with duplicate certified copies
of the report of the applicant's actual test assay. If
prior reports of such applicant have been approximately
substantiated by the settlement sheets, a license to
export up to 90 percentT of the amount of gold which
such report estimates w ill be realized from such goldbearing materials may be granted.
SEC 33. Gold imported for reexport.—Gold may be
imported, transported, and exported without the necessity of holding a license, provided the gold remains
under customs custody throughout the period during
which it is within the customs limits of the United
States. Except as provided in the foregoing sentence,
gold may be imported for reexport, held, and transported within the United States under the provisions of
this section only under license. The United States
assay office at New York or the United States mint at
San Francisco may, subject to the following provisions,
issue licenses on form TGL-17, authorizing the importation, holding, transportation, and exportation of
gold which the office or mint is satisfied is imported for
prompt reexport.
(1) Notation upon entry.—Upon the formal entry
into the United States of gold intended for prompt
reexport, the importer shall declare to the collector of
customs at the port where the gold is formally entered
that it is entered for prompt reexport. The collector
shall make a notation of this declaration upon the entry
and forward a copy of the entry to the assay office at
New York or the mint at San Francisco, whichever is
designated by the importer.
(2) Application for license.—The importer shall
forthwith file an application on form TG-17 with the
assay office at New York or the mint at San Francisco,
whichever has been designated to receive a copy of the
entry.
(3) License.—Upon receipt of the application and
after making such investigation of the case as it may
deem advisable, the assay office or mint to which the
application is made, if satisfied that the gold was imported for prompt reexport, shall issue to the applicant
a license on form TGL-17.
SEC. 34. The Secretary of the Treasury, with the
approval of the President, shall issue licenses authorizing the acquisition, transportation, melting or treating,
importing, exporting, or earmarking or holding in custody for foreign or domestic account of gold, for purposes other than those specified in articles III and IV,
and sections 32 and 33 of this article, which, in the
judgment of the Secretary of the Treasury, are not
inconsistent with the purposes of the act, subject to the
following provisions:
(1) Applications.—Every application for a license
under this section shall be made on Form TGr-18 and
shall be filed in duplicate with the Federal Reserve
bank for the district in which the applicant resides or
has his principal place of business. Upon receipt of the
application and after making such investigation of the
case as it may deem advisable, the Federal Reserve
bank shall transmit to the Secretary of the Treasury
the original of the application, together with any supplemental information it may deem appropriate. The
Federal Reserve bank shall retain the duplicate of the
application for its records.
(2) Licenses.—If the issuance of a license is approved, the Federal Reserve bank which received and
transmitted the application will be advised by the
Secretary of the Treasury and directed to issue a license
on form TGL-18. If a license is denied, the Federal
Reserve bank will be so advised and shall immediately




87

notify the applicant. The decision of the Secretary of
the Treasury with respect to the granting or denying
of a license shall be final. If a license is granted, the
Federal Reserve bank shall thereupon note upon the
duplicate of the application therefor, the date of approval and issuance and the amount of gold specified
in such license.
(3) Reports.—Within 7 days of the disposition of the
gold acquired or held under a license issued under this
section, or within 7 days of export, if such exportation
is authorized, the licensee shall file a report in duplicate
on form TGR-18 with the Federal Reserve bank through
wThich the license was issued. Upon receipt of such
report, the Federal Reserve bank shall transmit the
original thereof to the Secretary of the Treasury and
retain the duplicate for its records.
ARTICLE VI. PURCHASE OF GOLD BY MINTS

SEC. 35. The mints, subject to the conditions specified
in these regulations, and the general regulations governing the mints, are authorized to purchase:
(a) Gold recovered from natural deposits in the
United States or any place subject to the jurisdiction
thereof, and which shall not have entered into monetary
or industrial use;
(b) Unmelted scrap gold;
(c) Gold imported into the United States after
January 30, 1934; and
(d) Such other gold as may be authorized from time
to time by rulings of the Secretary of the Treasury:
Provided, however, That no gold shall be purchased by
any mint or assay office under the provisions of this
article which, in the opinion of the mint, has been held
at any time in noncompliance with the act of March 9,
1933, any Executive orders or orders of the Secretary
of the Treasury issued thereunder, or in noncompliance
with any regulations prescribed under such orders or
licenses issued pursuant thereto or which, in the
opinion of the mint, has been acquired and held, transported, melted or treated or held in custody in violation
of the act or of regulations issued thereunder, including
these regulations.
SEC. 36. Deposits.—Gold in the form of unmelted
scrap gold, coins, bars, kings, and buttons will be
received in amounts of not less than 1 troy ounce of
fine gold. Gold in the form of retort sponge, lumps,
nuggets, grains, and dust, in their native state, free from
earth and stone, or nearly so, will be received in
amounts of not less than 2 troy ounces of find gold.
Deposits of gold shall not contain less than 200 parts
of gold in 1,000 by assay. In the case of gold forwarded
to a mint by mail or express, a letter of transmittal shall
be sent with each package. When there is a material
discrepancy between the actual and invoice weights of
a deposit, further action in regard to it will be deferred
pending communication with the depositor.
SEC. 37. Rejection of gold by mint.—Deposits of gold
which do not conform to the requirements of sections
35 or 36, or which otherwise are unsuitable for mint
treatment shall be rejected and returned to the person
delivering the same at his risk and expense. Any
deposit of gold which has been held at any time in
noncompliance with the act of March 9, 1933, any Executive orders or orders of the Secretary of the Treasury
issued thereunder, or in noncompliance with any
regulations prescribed under such orders or licenses
issued pursuant thereto, or in noncompliance with the
act and any regulations issued thereunder, including
these regulations, or any licenses issued pursuant thereto
or hereto may be held subject to the penalties provided
in section 12 hereof, or sections 2 or 3 of said act of
March 9, 1933.

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FEDERAL RESERVE BULLETIN

FEBRUARY

1934

SEC. 38. Gold recovered from natural deposits in the may be changed by the Secretary of the Treasury withUnited States or any place subject to the jurisdiction out notice other than by notice of such change mailed or
thereof.—(1) the mints shall not purchase any gold telegraphed to the mints.
under clause (a) of section 35 unless the deposit of
ARTICLE VII. SALE OF GOLD BY MINTS
such gold is accompanied by a properly executed
affidavit as follows:
SEC. 43. Each mint is authorized to sell gold to
An affidavit on form TG-19 shall be filed with each delivery of gold persons licensed by it to acquire such gold for use in
by persons who have recovered such gold by mining or panning in the
United States or any place subject to the jurisdiction thereof: Provided, industry, profession, or art: Provided, however, That
however, That such persons delivering gold in the form of nuggets or dust no mint may sell gold to any person in an amount which,
having an aggregate weight of not more than 5 ounces, which they have in the opinion of such mint, exceeds the amount actually
recovered from mining or panning in the United States or any place
subject to the jurisdiction thereof, may accompany such delivery with required by such licensee for a period of 3 months.
full and complete information on form TG-19 without the requirement of Prior to the sale of any gold under this article, the mint
an oath.
shall require the purchaser to execute and file in dupliAn affidavit on form TG-20 shall be filed with each delivery of gold by
persons who have recovered such gold from gold-bearing materials in the cate an affidavit on form TG-24, or, if such purchaser
regular course of their business of operating a custom mill, smelter, or is in the business of furnishing gold for use in industries,
refinery.
professions, and arts, on form TG-25. The mints are
An affidavit on form TG-21 together with a statement also under oath
giving (a) the names of the persons from whom gold was purchased; authorized to refuse to sell gold in amounts less than
(b) amount and description of each lot of gold purchased; (c) the location 25 ounces, and shall not sell gold under the provisions
of the mine or placer deposit from which each lot was taken; and (d) the of this article to any person who has failed to comply
period within which such gold was taken from the mine or placer deposit,
shall be filed with each such delivery of gold by persons who have pur- with these regulations or the terms of his license.
SEC. 44. Sale price.—The mints shall charge for all
chased such gold directly from the persons who have mined or panned
such gold.
gold sold under this article $35 (plus one fourth of
In addition such persons shall show that the gold 1 percent) per troy ounce of fine gold. This price may
was acquired, held, me]ted and treated, and transported be changed by the Secretary of the Treasury without
by them in accordance with a license issued pursuant notice other than by notice of such change mailed or
to section 23 hereof, or that such acquisition, holding, telegraphed to the mints.
melting and treating, and transportation is permitted
ARTICLE VIII. TRANSITORY PROVISIONS
under article II without necessity of holding a license.
SEC. 39. Unmelted scrap gold.—No deposit of unSEC. 45. Licenses issued by the United States mints
melted scrap gold shall be accepted unless accompanied and assay offices on form TGL-4 and TGL-4A, shall
by a properly executed affidavit on form TG-22. In until March 15, 1934, be deemed licenses under section
addition the depositors of such gold shall establish to 23 hereof. Such licenses on form TGL-4 will authorize
the satisfaction of the mint that the gold was acquired, the licensee until March 15, 1934, to acquire—
held, and transported by them in accordance with a
(1) gold held under license TGL-4 or TGL-4A
license issued pursuant to these regulations.
or under license TGL-12, TGL-13, or TGL-14
SEC. 40. Imported gold.—The mints are authorized
issued pursuant to these regulations;
to purchase only such gold imported into the United
(2) unmelted scrap gold from persons who acStates as has been in customs custody throughout the
quired and hold such gold lawfully; or
period in which it shall have been situated within the
(3) gold bullion from the mint which issued his
customs limits of the contintental United States, and
licenses;
then only subject to the following provisions:
and to hold, transport, melt, and treat gold now law(1) Notation upon entry.—Upon formal entry into the fully held or so acquired in amounts authorized by the
United States of any gold intended for sale to a mint license. Such licenses on form TGL-4A will authorize
under this article, the importer shall declare to the the licensee until March 15, 1934, to acquire unmelted
collector of customs at the port of entry where the gold scrap gold—
is formally entered that the gold is entered for such
(1) held under license TGL-4A or under license
3ale. The collector shall make a notation of this
TGL-12, issued pursuant to these regulations; or
declaration upon the entry and forward a copy to the
(2) from persons who acquired and hold unmint designated by the importer.
melted scrap gold lawfully;
(2) Upon the deposit of the gold with the mint and to hold and transport unmelted scrap gold now
designated by the importer, the importer shall file an lawfully held or so acquired in amounts authorized by
affidavit executed in duplicate on form TG-23.
the license.
SEC. 41. Records and reports. — Every person
SEC. 46. Licenses to hold gold in custody, issued by
delivering gold in accordance with this article, who is direction of the Secretary of the Treasury on forms
required to be licensed to hold gold, shall keep an TGL-1 and TGLr-2 up to and including March 15,
exact record of all gold mined, acquired, and all deliv- 1934, shall be deemed licenses to hold such gold in
eries of gold made by such person as provided in section custody subject to the conditions prescribed therein,
26 hereof and shall file with the mint which issued the unless sooner terminated by the terms thereof.
license the reports required under section 27 hereof.
HENRY MORGENTHAU, Jr.,
The mints shall not purchase gold under the provisions
Secretary of the Treasury.
of this article from any person who has failed to comply
Approved:
with these regulations or the terms of his license.
FRANKLIN D. ROOSEVELT.
SEC. 42. Purchase price.—The mints shall pay for
THE WHITE HOUSE.
all gold purchased by them in accordance with this
article $35 (less one fourth of 1 percent) per troy
Articles I, II, III, IV, V, and VIII approved Januounce of fine gold, but shall retain from such purchase ary 30, 1934.
price an amount equal to all mint charges. This price
Articles VI and VII approved January 31, 1934.




89

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

REGULATIONS OF THE FEDERAL DEPOSIT INSURANCE CORPORATION
SEC. 4. Each payment to a depositor which is proThe Federal Deposit Insurance Corporation
be considered a separate
has promulgated regulations A, B, C, and D, hibited by this regulation shall sum of $100 may be rebreach. For each breach the
as follows:
covered, or the same may be deducted from the amount
REGULATION A

(Effective Nov. 22, 1933)
Pursuant to section 12B of the Federal Reserve Act
the Federal Deposit Insurance Corporation prescribes
the following regulation relating to announcement of
membership or prospective membership in the temporary fund of this Corporation:
No bank shall hereafter advertise its prospective
connection with the temporary fund of this Corporation, by any form of announcement or publicity, nor
shall any bank announce or advertise that it is, in fact,
a member of the temporary fund of this Corporation or
that its deposits are insured within the limitations of
the Banking Act of 1933 until announcement of the
name of such bank as a member of the fund has been
made under the authority of the board of directors of
this Corporation.

of any refund or dividend which may become due to
such banking institution. Nothing herein contained
shall be deemed to exclude other remedies to secure
equal benefits available under the Banking Act of 1933.

NOTE.—On Jan. 17,1934, section 3 was amended so as to permit interest
to be compounded quarterly, at the option of the bank, and the section
as printed above is in its amended form.
REGULATION C

(This regulation was approved Jan. 17, 1934, and is
effective including and after Jan. 25, 1934)

SECTION 1. Pursuant to section 12B of the Federal
Reserve Act the Federal Deposit Insurance Corporation
prescribes the following regulation relating to prohibiting with certain exceptions the payment of interest on
deposits payable on demand or within 30 days in banking institutions whose deposits are or become insured
NOTE.—Banks, which prior to Jan. 1, 1934, received notice of being by this Corporation.
entitled to membership in the temporary Federal deposit insurance
The Corporation expressly reserves the right to alter,
fund, were advised by telegraph not to announce such membership
until Jan. 1,1934. Subject only to the prohibition against announcement amend, or repeal this regulation in whole or in part.
prior to Jan. 1,1934, announcement of the name of a bank as a member of
SEC. 2. The term "deposit" as used herein includes
the fund has been made under the authority of the board of directors of
this Corporation when, but not until the bank has received from this any amount, whether insured or not insured, of a banking institution's liabilities which by law are made a
Corporation advice of admittance to the fund
basis in whole or in part for assessment, subscription,
or payment in lieu of subscription to secure insurance
REGULATION B
benefits under section 12B of the Federal Reserve Act.
(This regulation was approved Jan. 1, 1934, and is
SEC. 3. (a) No banking institution whose deposit
effective including and after Jan. 2, 1934. Amended liabilities are in any manner or to any extent insured
Jan. 17, 1934)
by the Federal Deposit Insurance Corporation, shall
pay or contract to pay interest accruing after March
SECTION 1. Pursuant to section 12B of the Federal 1, 1934, on—
Reserve Act the Federal Deposit Insurance Corpora(1) Any deposit which by agreement is payable on
tion prescribes the following regulation relating to the
maximum rates of interest payable on deposits in bank- demand.
(2) Any deposit after it becomes payable on demand.
ing institutions whose deposits are or become insured
(3) Any deposit receiving upon terms under which
by the Corporation.
The Corporation expressly reserves the right to alter, the banking institution may be required to pay the
amount of the deposit after notice of less than 30 days
amend, or repeal this regulation in whole or in part.
SEC. 2. The term "deposit" as used herein includes or within 30 days from the date of deposit.
any amount of the liabilities of a banking institution
which by law are made a basis in whole or in part for Except as follows:
Exceptions.—This regulation shall not apply to—
assessment, subscription, or payment in lieu of sub(1) Any deposit which is payable only at an office of
scription to secure insurance benefits under section 12B
such banking institution not located in any of the 48
of the Federal Reserve Act.
SEC. 3. No banking institution, whose deposit liabili- States of the United States or in the District of Coties are in any manner or to any extent insured by the lumbia.
(2) Any deposit made by a mutual savings bank.
Federal Deposit Insurance Corporation, shall pay or
(3) Any deposit of public funds made by or on behalf
contract to pay interest accruing after January 2,
1934, on any deposit whether insured or not insured at of any State, county, school district, or other subdivision or municipality with respect to which the paya rate in excess of 3 percent per annum, compounded
semiannually or quarterly at the option of the bank, ment of interest is required under State law.
(4) Any deposit made under the terms of any contract,
except as follows:
Interest may be paid on any deposit in accordance which was lawfully entered into on or before TJanuary
with the terms of any contract which was lawfully 25, 1934, or in case of banking institutions w hich had
entered into prior to January 3, 1934, or in case of not qualified for membership in the temporary Federal
banking institutions which had not qualified for mem- deposit insurance fund on or before January 25, 1934,
bership in the temporary Federal deposit insurance lawfully entered into on or before the date such banking
fund on January 3, 1934, prior to the date such bank- institution became entitled to the insurance benefits of
ing institution became entitled to the insurance benefits the Banking Act of 1933, provided that in case any
of the banking act of 1933, provided that in case any such contract contains an option whereby such banking
such contract contains an option whereby such banking institution may, without liability, make such contract
institution may, without liability, reduce the rate of conform to the prohibitory requirement of this section,
it shall exercise such option.
interest to 3 percent, it shall exercise such option.




90

FEDERAL RESERVE BULLETIN

SEC. 4. (a) Nothing in this regulation shall be interpreted as prohibiting the payment of interest on any
deposit originally payable more than 30 days from the
date of deposit, although such deposit subsequently
becomes payable within 30 days, provided no interest
shall be paid on such deposit accruing after the date of
maturity while such deposit remains payable on demand.
(b) Nothing in this regulation shall be interpreted
as prohibiting the payment of interest on any deposit
received upon terms under which the banking institution may require notice of 30 days or more, even
though the banking institution does not exercise its
right to require such notice.
(c) Nothing in this regulation shall be interpreted
as prohibiting, with respect to any deposit received
upon terms under which the banking institution may
require notice of 30 days or more, the payment of
interest thereon between the date such notice is given
and the expiration of the period of such notice.
(d) After the expiration of the period of notice given
with respect to the intended withdrawal of any deposit
subject to not less than 30 days' notice before payment,
no interest may be paid thereon for any period subsequent to the expiration of such notice, unless the owner
of such deposit advises the bank in writing that the
deposit will not be withdrawn pursuant to such notice
or that the deposit will thereafter again be subject to
the requirement of notice of not less than 30 days
before payment, in which event interest may be paid
on such deposit after the date upon which such advice
is received by the banking institution.
(e) Applicable to member banks of the Federal Reserve System only—neither this regulation nor amended
regulation B of this Corporation is intended to make
any requirement or impose any restriction as to member banks of the Federal Reserve System inconsistent
with any regulation concerning interest payable by
such member banks and regulation Q of the Federal
Reserve Board is in no manner affected by this regulation or amended regulation B.




FEBRUARY

193

(f) This regulation shall supplement and not supersede amended regulation B of this Corporation on the
maximum rate of interest of 3 percent.
SEC. 5. Each payment to a depositor which is
prohibited by this regulation shall be considered a
separate breach. For each breach the sum of $100 may
be recovered, or the same may be deducted from the
amount of any refund or dividend which may become
due to such banking institution. Nothing herein
contained shall be deemed to exclude other remedies
to secure equal benefits available under the Banking
Act of 1933.
REGULATION D

(This regulation was approved Jan. 17, 1934, and is
effective from date of approval)
SECTION 1. Any bank which had deposit liability as
of the close of business on December 15, 1933, that
was not eligible for insurance by reason of deferment of
payment or restrictions imposed preventing such deposits from being available for withdrawal in the usual
course of the banking business, shall report to this
Corporation any proposed alteration in the terms of
any deferment agreement, or any modification of any
restrictive order, whereby any such deferred or restricted
deposit liability is to be made available for withdrawal
in the usual course of the banking business.
SEC. 2. Where any amount of the deposit liability of
a bank, which has become a member of the temporary Federal deposit insurance fund, has been rendered eligible for insurance through any alteration
or modification mentioned in section 1 hereof, the bank
shall immediately make an additional certified statement upon a form and according to instructions furnished by the Corporation, and the bank shall make an
appropriate remittance on account of the resulting
assessment.
SEC. 3. Insurance upon additional amounts of deposit liability rendered eligible for insurance in the
manner hereinabove mentioned shall become effective
only from the date of full compliance with sections 1
and 2 hereof.

FEBRUARY

1934

FEDERAL RESERVE BULLETIN

91

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Jan. 24 and released for publication Jan. 26]

Industrial activity, as measured by the Federal Reserve Board's seasonally adjusted index,
showed an increase in December, following
upon 4 months of decline. Factory employment declined somewhat, while employment
by public agencies showed a considerable increase.
Production and employment.—The Board's
index of industrial production, which is adjusted to allow for seasonal variation, advanced
from 73 percent of the 1923-25 average in
November to 74 percent in December. For
the fourth quarter of 1933 as a whole the volume
of industrial output was 13 percent larger than
for the corresponding period of 1932. Activity
in the steel industry, contrary to seasonal
tendency, increased considerably in December, and there was also an increase in the output of automobiles. Shoe production declined by an amount smaller than is usual in
December. At textile mills, activity declined
further by considerably more than the usual
seasonal amount to about the low level of last
spring.
The number of employees at factories declined between the middle of November and
the middle of December by somewhat more
than the usual seasonal amount, reflecting
chiefly reductions in working forces at cotton,
woolen, andsilk mills, and at clothing factories.
At automobile factories there was a substantial
increase in employment.
Value of construction contracts awarded, as
reported by the F. W. Dodge Corporation,
increased further in December and the first
half of January. There was a large increase in
contracts awarded for public works, and private
construction also increased. In the fourth
quarter of 1933 as a whole construction contracts in 37 States totaled $500,000,000 as compared with $300,000,000 in the last quarter of
1932.




Distribution.—Freight-car loadings, particularly of miscellaneous freight, declined in
December as compared with November by less
than the usual seasonal amount. Dollar value
of sales by department stores showed an increase slightly larger than is usual for December.
Dollar exchange.—The foreign exchange
value of the dollar, which had fluctuated around
64 percent of parity from the end of November
to January 13, declined to 62 percent on January 17, and subsequently advanced to a range
from 62 to 63 percent.
Prices.—Wholesale commodity prices, which
had shown a slight decline between the middle
of November and the third week of December,
advanced in the following month, reflecting
chiefly increases in the prices of farm products
and foods. Cotton and grains showed marked
increases, and livestock prices also advanced
somewhat.
Bank credit.—At the Reserve banks the
seasonal return of currency from circulation
after the holiday demand amounted to about
$250,000,000 from the high point on December
22 to January 17. A large part of the funds
arising from this inflow of currency to the
Reserve banks was added to the reserve balances of member banks, with the consequence
that these balances increased by January 17 to
$900,000,000 in excess of legal requirements.
The return flow of currency from circulation
and the reduction of balances held by commercial banks for the United States Government
were reflected in an increase of demand deposits at reporting member banks. Loans of
the banks declined between December 13 and
January 17, while holdings of United States
Government and other securities increased.
Short-term money rates in the open market,
which had show^n a slight advance in December,
declined in January to the previous level.

92

FEDERAL RESERVE BULLETIN

FEBRUARY

RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
Weekly Basis: Wednesday Series

MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

7000

'7000

6000

6000

MEMBER BANK
RESERVE BALANCES

1000

1926




1929

1930

1931

1932

Based on Wednesday figures; latest figures are for Jan. 31.

1933

ml

1934

93

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND RELATED ITEMS
[In millions of dollars. Wednesday series; for other series, see p. 126]
Reserve bank credit outstanding
Date (Wednesday)

1933-Jan 4
Jan. 11
Jan. 18
Jan 25
Feb. 1
Feb. 8 _ . . .
Feb 15
Feb. 22
Mar. 1
Mar. 8.
Mar. 15
Mar. 22
_.
Mar 29
Apr 5
Apr. 12
Apr 19
Apr. 26 .
May 3
.
May 10
May 17
May 24
May 31
June 7
June 14
June 21
June 28
July 5
July 12
July 19
July 26
Aug 2
Aug. 9
Aug 16
Aug. 23
Aug 30
Sept 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct 25
Nov. 1
Nov. 8
N o v . 15
Nov. 22
Nov. 29 . . . —
Dec 6
Dec. 13 .
Dec. 20
Dec. 27
1934—Jan. 3
Jan. 10
Jan.17
Jan 24
Jan. 31

Bills discounted

Bills
bought

251
248
249
265
269
253
286
327
712
1,414
1,232
671
545
436
428
414
385
400

33
32
32
31
31
31
31
174
384
417
403
352
310
286
247
208
177
144

338
330

113
78

254
222

10
9

312
302
277

43
20
11

191
182

8
23

168
163

13
10

161
164

10
8

156
166
150

8
7
7

153
145
133

130
133
123
119
113

7
7

7
7
7
7
7

115
117
112
111

7
7
7
15

112

20

119
116
118
115
111
106
104
101
97

24
61
116
113
111
121
113
112
104

83

111

United Other reStates
serve
Governbank
ment se- credit
curities
1,851
1,812
1,778
1,763
1,764
1,784
1,809
1,834
1,836
1,881
1,899
1,864
1,838
1,837
1,837
1,837
1,837
1,837
1,837
1,837
1,862
1,890
1,912
1,932
1,955
1,975
1,995
2,007
2,017
2,028
2,038
2,048
2,059
2,094
2,129
2,166
2,203
2,238
2,274
2,309
2,344
2,375
2,400
2,420
2,430
2,432
2,431
2,432
2,431
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432

29
13
9
7
7
17
10
16
4
68
9

1
6
15
16
30
12
15
9
9

3
7
15
15
8

7
6
13
7

2
1
8
8
7

9
12
14

13
7
10
7
18

5
7

. n

6
-1

7
7
11
25
20
29
7
1
—2
2

Total

2,163
2,106
2,068
2,067
2,070
2,085
2,136
2,351
2,936
3,644
3,525
2,887
2,688
2,574
2,528
2,490
2,412
2,396
2,297
2,254
2,219
2,218
2,214
2,212
2,194
2,182
2,206
2,201
2,197
2,201
2, 208
2,220
2, 240
2, 258
2,298
2,330
2,357
2,388
2,421
2,449
2,477
2,513
2, 526
2,550
2,542
2,564
2,562
2,581
2,615
2,677
2,686
2,674
2,688
2,655
2,646
2,631
2,630

Treasury
Treasury
cash
and
Money in Member and deMonetary national- circula- bank reposits
gold stock bank
serve
tion
cur-x 2
balances with
F. R.
rency
banks I 3
4,524
4,549
4,566
4,556
4,548
4,535
4,511
4,460
4,344
4,243
4,251
4,264
4,272
4,283
4,293
4,313
4,310
4,312
4,313
4,313
4,314
4,315
4,316
4,318
4,317
4,318
4 318
4,319
4,319
4,320
4,320
4,320
4,321
4,328
4,328
4,329
1,327
4,327
4,324
4,324
4,324
4,323
4,323
4,323
4,323
4,322
4, 323
4,323
4,323
4,323
4,323
4, 323
4,323
4,323
4,322
4,322
«4,035

2,204
2, 205
2,205
2,204
2,204
2,203
2,203
2,203
2,218
2,230
2,256
2,273
2,287
2,297
2,303
2,308
2,306
2,305
2,303
2,299
2,299
2, 298
2,296
2, 295
2,295
2,296
2,285
2,284
2,283
2,282
2,281
2,281
2,281
2,280
2,281
2,280
2,281
2,280
2,279
2,279
2,278
2,277
2,277
2,276
2,275
2,275
2,276
2,277
2,277
2,295
2, 299
2,304
2,303
2,302
2,302
2,301
2,302

5,669
5,589
5,602
5,611
5,652
5, 705
5,854
5,988
6,720
7,538
7,269
6,608
6,353
6,261
6,147
6,068
5,994
5,954
5,892
5,852
5,795
5,812
5,767
5,723
5,696
5,675
5,752
5,667
5,635
5,601
5,618
5,608
5,612
5,592
5,592
5,648
5,602
5,605
5,595
5,652
5,673
5,650
5,608
5,640
5,673
5,654
6,654
5,743
5,758
5,763
5,849
5,824
5,791
5,684
5,643
5,581
8 5,292

2,514
2,574
2,545
2,513
2,438
2,419
2,236
2,271
2,038
1,776
1,964
1,918
1,987
1,976
2,096
2,159
2,136
2,034
2,089
2,114
2,194
2,167
2,204
2,281
2,205
2,286
2,219
2,269
2,290
2,306
2,319
2,376
2,371
2,432
2.427
2,439
2,542
2,543
2,596
2,523
2,567
2,655
2,693
2,591
2,578
2,645
2,687
2,573
2,561
2,638
2,636
2,675
2,710
2,777
2,788
2,851
2,652

305
294
294
292
319
285
330
325
303
317

Other
Nonmem- Federal
Reserve
ber deacposits « counts »

49
49
45
61
66
68
88
88
91
138

353
353
352
349
348
345
342
343
345
348
349
341

317

132

432
428
441
390
366
371
487

126
144
135
143
163
172
182

399
370

178
175

329
345
307

161
155
197

316
405

153
152

317
331

169
164

353
335

169
194

366
333

186
188

292
315
319

195
197
175

339
327

202
178

317

157

334
331
372
338
284

302
388
373
345
316
369
386
379
329
315
311
353
407
398
596

164
156
159
155
166

167
178
161
163
149

142
156
160
132
124
145
172
143
137
141

334
342
349
355
354
356
355
355
353
353
352
351
348
349
344
345
344
344
350
350
347
348
347
346
346
348
347
346
345
358

359
353
356
355
355
354
354
355
362
362
358
295
288
287

287

1 In earlier presentations of these data the two items, "Treasury and national-bank currency" and "Treasury cash and deposits with Federal
Reserve banks", were combined under "Treasury currency adjusted", which was derived by deducting the second of the items from the first.
2 Comprises outstanding United States notes, national-bank notes, silver certificates (included in lieu of the silver dollars or silver bullion pledged
against them), Treasury notes of 1890, standard silver dollars (excepting those pledged against silver certificates), subsidiary silver and minor coin,
and the Federal Reserve bank notes for the retirement of which lawful money has been deposited with the Treasurer of the United States (comprising at present such of these notes still outstanding as were issued under the Federal Reserve Act prior to its amendment by the Act of Mar. 9,
1933)—including the currency of these kinds that is held in the Treasury and in the Federal Reserve banks as well as that in circulation (see p. 95).
3 Government funds on deposit with the Federal Reserve banks and cash (including gold bullion)held in the Treasury excepting (a) gold and
silver held against gold and silver certificates and (6) amounts held for the Federal Reserve banks.
4
Designated heretofore as "Nonmember deposits, etc." Item includes all deposits in Federal Reserve banks except Government deposits and
member bank reserve balances.
* Designated heretofore as "Unexpended capital funds." This item is derived from the condition statement of the Federal Reserve banks by
adding capital, surplus, unpaid portion of subscription to stock in the Federal Deposit Insurance Corporation, and "all other liabilities" and subtracting the sum of bank premises and "all other assets."
• Includes (in contrast with previous figures) no "gold coin in circulation" (estimated for this date at $287,000,000); see p. 95.




94

FEDERAL RESERVE BULLETIN

FEBRUARY

1934

ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE
NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT
[In thousands of dollars]
Jan. 31, 1934 Dec. 31, 1933 Jan. 31, 1933
Gold certificates on hand and due from U.S. TreasuryGold.
Redemption fund—Federal Reserve notes.
Other cash l
_
_
Total reserves
Redemption fund—Federal Reserve bank notes.
Bills discounted:
For member banks
For intermediate credit banks. _.
For nonmember banks, etc
Total bills discounted

730, 604
2,488,239
37,148
280,387
3,536,378

82,127
205
400
82,732

96,873
310
407
97,590

273,582
864
274,446

108,108
19,284
6,033
133,425

"29,"036
31,339

~~~5,~977'
111,397

United States Government securities:
Bought outright
_
Under resale agreement
Total United States Government securities
Other Reserve bank credit:
Municipal warrants
Due from foreign banks
.__
Reserve bankfloat(uncollected items in excess of deferred availability items).
Total Reserve bank credit outstanding
Federal Reserve notes of other Reserve banks
_
_
Uncollected items not included in
float..
_
Bank premises
...
Federal Deposit Insurance Corporation stock
_.
All other assets
_
Total assets .

2,303

2,432, 370
1,600
2,433,970

2,435,245
2,245

1,763,292

2,437, 490

1,763, 292

1,293
3,392
2 2, 423
2, 630,361
15,780
366,476
52,339
69,650
49,025

1,493
3,333
14,745
2,688,076
18,460
430,883
51,884

3,421
3,505
834
2,076,837
12,899
303,499
53,880

44, e
7,040, 688

49, 351
6,032,844

15, 780
2,910,463
2,926,243
203, 057

18,460
3,061,083
3,079, 543
208,997

12,899
2, 712,522
2,725,421

2,651,945
241,860
3,952

2,729,442
2,837
4,233

2,445,662
44,381
40,003

43, 248
10,183
83,847
3,035,035
366,476
145,359
138,383

46,691
9,961
71,386
2,864,550
430,883
144,693
277,680

23, 791
2, 553,837
303,499
151,086
278,599

34, 342
7,040, 688
3,810

20,402
6,032,844
40,914

LIABILITIES

Federal Reserve notes:
Held by other Federal Reserve banks.
Outside Federal Reserve banks

Total notes in circulation
Federal Reserve bank notes in actual circulation
Deposits:
Member bank—reserve account
Government
Foreign bank
Special deposits:
Member bank
Nonmember bank
Other deposits

946,133
2,578,104
44,739
224, 634
3, 793,610
13,082

105,420

Bills bought:
Payable in dollars:
Bought outright
Under resale agreement-..
Payable in foreign currencies..
Total bills bought...

43,356
234,848
3,792,088
12,977

3,513,884

_

_

Total deposits
_
Deferred availability items..
._
Capital paid in..._
Surplus
_
Subscription for Federal Deposit Insurance Corporation stock:
Paid...
__
Called for payment on Apr. 15.
All other liabilities.

Total liabilities
_
Contingent liability on bills purchased for foreign correspondents..

69, 650
69,650
34,843
4,477

FEDERAL RESERVE NOTE STATEMENT

Notes issued to Federal Reserve banks by Federal Reserve agentsCollateral held by agents as security for notes issued to bank:
Gold certificates on hand and due from U.S. Treasury
Eligible paper,.
United States Government securities
Total collateral.

3,180,943

3,349,805

2,937,270

2,516,317
158,736
570,100
3,245,153

2,625,053
188,440
600,500
3,413,993

2,406,947
256,497
313,300
2,976,744

225,500

233,725

1,495
253,774
255,269

2,021
256,774
258,795

FEDERAL RESERVE BANK NOTE STATEMENT

Notes issued to Federal Reserve banks (outstanding)
Collateral pledged against outstanding notes:
Discounted and purchased bills
United States Government securities
Total collateral
2 "Other

cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
Deferred availability items in excess of uncollected items.




95

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED
STOCK
STATES
[In millions of dollars at par]
Analysis of changes
Gold
stock
at end Increase
Net reof
Other
Net gold
month in gold import from ear- factors
stock
mark i

Month

1932—July
August
SeptemberOctober
NovemberDecember..

58.0
111.7
104.8
70.8
75.6
173.5

-3.4
6.1
27.9
20.6
21.7
100.9

56.2
100.5
72.3
45.8
48.6
71.0

5.2
5.1
4.6
4.5
5.3
1.6

52.9

-446.2

457.5

41.6

128.5
17.8
-22.1
-10.0
-21.1
-3.2
-83.9
-80.4
-56.7
-32.4
-1.1
-9.1
-0.5
_
-190.4 I _ 173.7

-91.5
-178.3
-100.1
33.7
22.1
3.5
84.5
79.5
49.3
26.9
0.6
11.8

3.0
-12.9
25.0
5.7
2.6
1.9
2.1
8.4
3.6
4.8
0.4
-3.1

-58.0

41.4

12.2

2-296. 5

3,977
4,088
4,193
4,264
4,340
4,513

Total (12 mos.) _
-January
February...
March
April
May
June
July.
August
SeptemberOctober
November..
December..

4,553
4,380
4,282
4,312
4,315
4,318
4,320
4,328
4,324
4,323
4,323
4,323

Total (12 mos.)1934—January P

[In thousands of dollars at par]

_. 24,035

40.0
-173.4
-97.2
29.5
3.6
2.2
2.7
7.5
e-3.8
-0.7

2

-287.7

-3.4

« Corrected.
p Preliminary figures.
1 Gold released from earmark at Federal Reserve banks less gold
placed under earmark (with allowance when necessary for changes in
gold earmarked abroad for account of Federal Reserve banks).
2 Change during January reflects primarily omission from gold stock
for end of January of ''gold coin in circulation"; see note at bottom of
this page.
Back figures.—See Annual Reports for 1932 (table 47), 1931 (table 30). .

1933

1934

From or to—

January
(preliminary)

December

JanuaryDecember

ImImImports Exports ports Exports ports Exports
Belgium
England
France
Germany
Netherlands
Switzerland
Canada
Central America
Mexico
Argentina
Colombia . .
Ecuador
Peru. . .
Uruguay
VenezuelaAustralia
British India
China and Hong
Kong
Dutch East I n d i e s Japan
Philippine Islands
All other countries J .

10
1,650
203
28

1,261
447

1,678
384
56
338

8,883
37
5

98

1,687

895
48,826
246,113
3,603
11,445
11, 631
247
6
579
15
1
24
864
150

12,821
801
6,702
5,742
3,333 2 42,255

489
157
3,386

20,141
850
4,859
14
97
1,007
1,537
506
3,176
25,629

166

Total...

55,204
30,079
1,071
19,347

10,815 192,917

366,652

1

Includes all movements of unreported origin or destination.
2 $24,044,000 exported to Italy.

KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks. In millions of dollars]

End of month

Total

1932—December.

5,645
6,545
6,320
6,003
5,812
5,721
5,630
5,612
5,650
5,635
5,742
5,806

1934—January p..

i 5,292

United Federal Federal NaGold Stand- Silver Treas- Subard
ury
certifi- silver certifi- notes sidiary Minor States Reserve Reserve tionalbank
bank
coin
notes notes notes notes
cates of 1890 silver
dollars
371

258

113

294

2,716

820

591
649
393
323
280
265
252
242
232
225
219
213

350
362
376
360
359
361
365
372
385
387
394
407

250
252
258
255
256
257
258
261
265
267
269
272

111
111
112
112
112
113
113
114
115
116
117
117

287
301
266
261
265
269
275
277
280
277
285
286

2,707
3,405
3,621
3,362
3,167
3,061
2,974
2,953
2,966
2,930
2,998
3,044

3
17
50
99
125
129
133
156
189
206
208

836
861
879
915
922
920
914
911
909
903
913
918

184

391

267

116

283

2,894

200

927

601

5,675

1933—January...
February_
March
April
May
June
July
August
September.
October. _.
November.
December.

Gold
coin

479
571
367
335
324
321
320
319
312
312
311
311

(0

29

v Preliminary figures.
i Omission of figures for gold coin reflects change in reporting practice of Treasury and Federal Reserve banks (effective Jan. 31,1934, when figure would have been $287,000,000). Change based chiefly on following grounds: (1) Amount of gold coin previously reported as "in circulation"
is known to have been overstated during recent years by whatever amount of such coin as in course of time has been lost, destroyed, or exported
without record; (2) results of official efforts during the war to concentrate gold and more recently, since Mar. 6,1933,to secure its return from private
hoards, have indicated that the oveistatement has been large; (3) Treasury order of Dec. 28,1933, requiring surrender of all gold coin (with minor
exceptions) in effect prohibits anyone from using gold coin for circulation; (4) under Gold Reserve Act of 1934, effective January 30, no gold coin
may henceforth be put into circulation.
NOTE.—For figures of paper currency of each denomination in circulation see p. 133.
Back figures—See Annual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22).




96

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

MEMBER BANK RESERVE BALANCES
[In millions of dollars]
Average of daily figures
Reserves held

Month of week
Total—all
member
banks

New York
City i

1,979
1,907
1,899
1,996
2,138
2,062
2,003
2,073
2,181
2,307
2,378
2,435

Excess reserves

Other
reserve
cities

724
681
687
780
874
783
767
832
927
1,001
1,050
1,083

932—January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December..

'Country'
banks

Total—all
member
banks

New York

488
473
465
466
464
459
455
444
443
444
441
440

35.4
43.8
59.0
152.1
277.1
234.4
204.4
269.9
345.5
435.9
482.2
525.8

4.5
7.2
17.8
88.1
155.1
89.4
75.0
127.7
193.4
241.6
266.8
283.2

1.8
11.3
17.3
35.7
91.5
111.4
91.6
108.9
119.6
160.5
181.8
206.9

29.2
25.3
23.8
28.3
30.5
33.6
37.9
33.3
32.4
33.7
33.7
35.7

442
441
431
418
441
489
501
499
529
553
567

583.8
417.3

286.2
74.5

254.2
291.0

43.4
51.8

379.1
319.1
363.1
435.7
565.5
674.5
758.4
794.1
765.7

150.2
106.0
68.9
43.2
101.8
155.2
149.0
129.8
96.0

129.4
132.0
198.0
252.9
312.3
371.5
437.9
474.7
472.6

99.5
81.2
96.2
139.6
151.3
147.8
171.5
189.6
197.1

767
753
747
749
800
819
781
797
12
863
887
911

1933—January
2,516
1,109
965
February
2,291
860
March 2
Aprils
742
2,040
867
2,069
878
773
May 3
__
2,160
861
858
June 3
_.
2,221
796
936
Julys
2,331
837
993
3
2,451
1,056
August
2,557
1,135
September 3.
2,599
1,181
Octobers
2,588
1,193
November33.
December ._
1
Central reserve city banks only.
2
March data not available.
3
Licensed banks only.
Back figures.—See Annual Reports for 1932 (tables 69 and 77), 1931 (tables 49 and 56).

Other
reserve
cities

Cityi

Country'1
banks

MEMBER BANK DEPOSITS
[In millions of dollars]
Averages of daily figures

Net demand and time deposits

Net demand deposits

Time deposits

Month
Total-

all member
banks

New
York
City*

Other "Coun- Totalmemreserve try" all ber
cities
banks banks

New
York
City i

Other
reserve
cities

Total' Coun- all memtry"
ber
banks banks

New
York
City i

Other
reserve
cities

' Country"
banks

1932—January
February...
March
April
May
June
July
August
SeptemberOctober
November.
December..

26, 592
25, 715
25, 431
25,386
25, 466
25,075
24, 712
24, 744
24,973
25, 292
25,476
25, 492

6,165
5,797
5,760
5,950
6,159
5,957
5,951
6,084
6,308
6,559
6,762
6,877

10, 706
10,413
10,291
10,109
10,081
10,032
9,830
9,833
9,853
9,939
9,964
9,941

9,720
9,505
9,380
9,327
9,226
9,087
8,931
8,827
8,811
8,795
8,751
8,674

15,447
14,789
14, 575
14, 589
14,679
14,413
14,157
14,141
14, 408
14,679
14,864
14,965

5,343
5,001
4,959
5,138
5,342
5,154
5,133
5,217
5,440
5,629
5,804
5,937

5,921
5,723
5,622
5,492
5,425
5,433
5,304
5,283
5,316
5,402
5,432
5,424

4,183
4,064
3,993
3,959
3,911
3,826
3,720
3,641
3,652
3,649
3,628
3,604

11,145
10,926
10,856
10, 797
10, 787
10,663
10,555
10, 603
10, 565
10, 612
10, 612
10, 527

822
796
800
811
816
803
818
867
869
929
957
940

4,786
4,690
4,668
4,618
4,656
4,599
4,526
4,550
4,538
4,537
4,532
4,517

5,537
5,440
5,387
5,368
5,315
5,261
5,211
5,186
5,159
5,145
5,123
5,071

1933—January
February
March 2
Aprils
May?
June3
Julys
__.
August
September 3_.
October 3 3
November 3 ..
December ..

25,641
24,978

7,050
6,722

10,023
9,847

8,568
8,409

15,116
14,645

6,109
5,842

5,470
5,368

3,537
3,435

10,525
10,333

941

4,553
4,479

5,031
4,974

21,710
22, 509
22, 974
23,160
23,039
23,140
23,369
23, 486
23,646

6,120
6,517
6,669
6,424
6,282
6,318
6,341
6,289
6,215

8,520
8,842
9,031
9,309
9,318
9,345
9,453
9,531
9,659

7,071
7,150
7,273
7,427
7,439
7,477
7,575
7,666
7,772

13,078
13,815
14, 241
14,100
13,920
14,027
14, 243
14, 347
14, 567

5,331
5,766
5,923
5,597
5,468
5,516
5,535
5,475
5,452

4,756
4,991
5,162
5,329
5,299
5,333
5,459
5,543
5,691

2,990
3,058
3,156
3,174
3,153
3,178
3,249
3,330
3,424

8,633

788
751
746
826
814
802
805
814
763

3,764
3,851

4,081
4,092
4,117
4,253
4,286
4,299
4,326
4,336
4,348

2
i Central reserve city banks only.
March data not available.
Back figures.—See Annual Reports for 1932 (table 69), 1931 (table 49).




8,732
9,060
9,119
9,113
9,126
9,139
9,078
J

Licensed banks only.

3,980
4,019
4,012
3,994
3,988
3,968

97

FEDERAL RESERVE BULLETIN

FEBRUARY 1931

ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
Loans to other customers

Call date

Open-market loans

Investments

Purchased paper

Total
loans Loans
and
to
invest- banks
ments

Total

Loans
OtherSeto
wise
cured
SebroAccept- Accured secured Total ances cept- Com- kers Total
by
stocks by real and
in
paya- ances merand estate unseNew
ble in paya- cial
cured
bonds
United ble paper York*
States abroad

35, 056
35, 656
35, 472
34, 860
34, 729
33,923
33, 073
30, 575
28, 001
28, 045
27,469
24, 786
24,953

527
535
466
631
446
457
599
790
573
457
444
330
297

21, 494
21, 565
21, 010
21, 007
19, 940
19, 257
18, 713
17, 570
15, 267
14, 497
13, 905
11, 337
11,523

7,730 3,170
8,061 3,155
7,864 3,163
7,942 3,234
7,423 3,220
7,117 3,218
6,842 3,149
6,290
5,292 2,894
5,086 2,885
4,848 2,862
3,916 2,372
3,809 2,364

8,238
8, 557
8,582
8,473
8,287
8,253
7,460
6,715
7,112
7,327
7,133
6,971

199
196
169
283
154
150
250
374
260
203
216
162
143

4,338
4,308
4,278
4,338
4,007

13,575
13, 701
13,971
13, 758
13,965
13,567
13,016
12,115
11,045
10,979
10, 535
9,780
9,951

263
277
235
286
235
247
284
347
254
205
178
129
120

Total
loans
seU.S.
cured
Gov- Other
by
ern- secument rities stocks
and
secubonds
rities

TOTAL—ALL MEMBER
BANKS

1930—Mar. 27...
June 30-.Sept. 24...
Dec. 3 1 . . .
1931— Mar. 25...
June 30__.
Sept. 29...
Dec. 3 1 . . .
1932—June 30...
Sept. 30—
Dec. 31.-.
1933—June 30 K.
Oct. 25 2..

10, 595
10, 349
9,982
9,831
9,298
8,922
8,722
8,242
7,081
6,527
6,195
5,049
5,350

3,097
3,113
3,262
2,233
2,454
2,103
1,563
901
747
970
855
1,191
1,238

175
170
205
315
361
389
268
146
313
407
375
291
303

3,850
3,694
2,856
2,638
2,621
2,297
2,436

1,936
2,022
2,031
2,137
1,960
1,897
1,816
1,728
1,343
1,300
1,247
1,082
1,032

150
157
157
147
150
160
152
153
160
154
160
157
149

2,252
2,129
2,090
2,054
1,896
1,782
1,881
1,813
1,353
1,184
1,214
1,057
1,254

1,655
2,091
1,912
1,525
1,651
1,497
1,121
695
565
763
701
964
891

8,951
9,029
8,726
8,906
8,409
8,100
7,845
7,407
6,519
6,196
5,879
4,846
4,912

3,604 1,544
3,811 1,524
3,632 1,526
3,656 1,631
3,366 1,619
3,188 1,621
3,092 1,585
2,806 , 1,538
2,403 1,407
2,304 1,406
2,169 1,398
1,702 1,160
1,660 1,144

3,802
3,693
3,567
3,620
3,423
3,291
3,168
3,063
2,709
2,486
2,312
1,984
2,108

945
710
1,064
531
645
470
326
135
118
151
115
184
274

18
54
122
158
91
67
35
38
58
44
63

8,206
8,229
8,007
7,762
7,524
7,318
7,018
6,469
5,892
5,663
5,405
4,194
4,175

2,190
2,227
2,200
2,149
2,097
2,031
1,935
1,756
1,546
1,481
1,432
1,132
1,118

4,541
4,527
4,326
4,158
3,978
3,849
3,673
3,367
3,018
2,857
2,669
2,007
1,987

496
312
286
177
158
135
116
71
64
55
39
43
73

499 2,344 9,937 4,085 5,852
507 2,365 10, 442 4,061 6,380
523 2,472 10,734 4,095 6,639
366 1,498 10, 989 4,125 6,864
361 1,630 11, 889 5,002
384 1,217 12,106 5,343 6,763
296
928 12,199 5,564 6,635
140
575 11, 314 5,319 5,996
122
278 11, 414 5,628 5,786
115
5,755
414 12,121
93
357 12, 265 6,540 5,726
87
788 11,928 6,887 5,041
164
748 11,894 6,801 5,093

144
148
188
199
296
201
107
262
341
330
224
233

79
71
62
55
101
113
70
41
34
34
30
25
24

10,334
10, 656
10,511
9,754
9,272
8,563
8,081
7,320
5,916
5,770
5,447
4,884
4,713

NEW YORK CITY 3

1930—Mar. 27—
June 30-..
Sept. 24...
Dec. 3 1 . . .
1931—Mar. 25—
June 30...
Sept. 29—
Dec. 31—
1932—June 30—
Sept. 30...
Dec. 31—
1933—June 30 2_.
Oct. 25 2..

1,477
1,883
1,714
1,281
1,367
1,063
839
542
258
391
337
720
624

2,046
2,203
2,198
2,435
2,662
2,801
3,032
2,697
3,033
3,508
3,789
3,709
3,501

1,150
1,147
1,091
1,239
1,466
1,656
1,830
1,768
2,008
2,429
2,603
2,551
2,320

897
1,056
1,107
1,197
1,196
1,145
1,202
928
1,025
1,079
1,186
1,158
1,181

3,504
3,983
3,798
3,550
3,397
3,026
2,780
2,474
1,757
1,811
1,699
1,888
1,728

353
643
167
227
124
56
16
7
14
12
58
100

3,416
3,685
3,947
4,035
4,676
4,750
4,561
4,226
4,154
4,427
4,362
4,621
4,645

1,662
1,686
1,785
1,727
2,313
2,408
2,301
2,133
2,187
2,466
2,462
2,867
2,889

1,754
1,999
2,161
2,308
2,364
2,342
2,260
2,093
1,966
1,961
1,900
1,754
1,757

4,368
4,306
4,387
3,991
3,729
3,459
3,317
3,050
2,585
2,456
2,298
1,846
1,836

4,475
4,555

1,273
1,229
1,219
1,159
1,224
1,279
1,433
1,418
1,432
1,471
1,474
1,469
1,592

3,202
3,326
3,370
3,359
3,326
3,276
3,172
2,974
2,794
2,715
2,640
2,129
2,156

2,462
2,367
2,326
2,213
2,147
2.078
1,985
1,796
1,574
1,503
1,450
1,150
1,148

OTHER RESERVE CITIES

1930—Mar. 27..
June 30. _
Sept. 24.
Dec. 31 —
1931—Mar. 25.
June 30. _
Sept. 29.
Dec. 31 —
1932—June 30-.
Sept. 30.
Dec. 31 —
1933—June 30 2
Oct. 25 2.

242
301
337
212
212
189
167
62
62
65
46
51
91

"COUNTRY" BANKS

1930—Mar. 27—
June 30...
Sept. 24__
Dec. 31—
1931—Mar. 25—
June 30...
Sept. 29. _
Dec. 31 —
1932—June 30—
Sept. 30...
Dec. 31...
1933—June 30 K.
Oct. 25 2..
1
2

13,243
13,157
12,944
12, 519
12, 290
12,068
11,805
10,999
10,240
9,954
9,607
7,873
8,031

1,475
1,475
1,480
1,455
1,449
1,437
1,411
1,346
1,328
1,324
1,304
1,055
1,070

207
171
164
120
114
101
81
48
36
36
28
27
46

258
129
115
49
36
30
32
16
13

4,519
4,550
4,555
4,606
4,392
4,226
4,187
4,114
3,598
3,748

Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
Licensed banks (banks operating on an unrestricted basis).
3 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 comparable
figures of total loans secured by stocks and bonds are given for June 30,1925-28, in the board's Annual Report for 1928 (Table 52); for separate figures
of United States Government securities and other securities back to 1914, see Annual Report for 1932 (Table 73).




98

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

ALL BANKS IN THE UNITED STATES
[Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State
supervision]
LOANS AND INVESTMENTS
[In millions of dollars]

Nonmember banks

Member banks

All banks

Mutual savings banks

Date
Total

Loans

Invest- Total
ments j

Loans

Investments

Other nonmember banks

Total

Loans

Investments

Total

Loans

Investments

1928—June 30
Oct. 3
Dec. 31

57,265
57,219
58,266

39,464
39,671
40,763

17,801
17,549
17,504

35,061
34,929
35,684

24,303
24, 325
25,155

10,758
10,604
10, 529

9,242
i 9,242
9,390

5,518
i 5,518
5,694

3,723
i 3,723
3,696

12,962
13,049
13,192

9,643
9,828
9,913

3,320
3,222
3,279

1929—Mar. 27
June 29
Oct. 4
Dec. 31

58,019
58, 474
58,835
58,417

40,557
41, 512
42, 201
41,898

17,462
16,962
16,634
16, 519

35,393
35,711
35,914
35, 934

24,945
25,658
26,165
26,150

10,448
10, 052
9,749
9,784

i 9,390
9,556
1 9, 556
9,463

i 5, 694
5,892
i 5,892
5,945

1

3, 696
3,664
i 3, 664
3,518

13, 236
13, 207
13,366
13,020

9,918
9,961
10,144
9,803

3,317
3,246
3,221
3,217

1930—Mar. 27..__
June 30
Sept. 24
Dec. 31

57,386
58,108
57,590
56,209

40,686
40,618
39,715
38,135

16,700
17,490
17,875
18,074

35,056
35, 656
35, 472
34,860

25,119
25, 214
24, 738
23,870

9,937
10,442
10, 734
10,989

'9.463
9,747
1 9, 747
9,987

i 5,945
6,009
16,009
6,068

i 3, 518
3,739
i 3,739
3,920

12,868
12, 706
12, 371
11, 362

9,623
9,395
8,968
8,196

3,245
3 309
3,402
3,165

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

55,924
55,021
53, 365
49, 704

36, 813
35, 384
33, 750
31,305

19, 111
19,637
19,615
18,399

34, 729
33,923
33,073
30, 575

22,840
21,816
20, 874
19, 261

11,889
12,106
12,199
11,314

i 9,987
10,506
10, 506
10, 488

16,068
6,169
i 6,169
6,218

13,920
4,337
i 4,337
4,270

11, 208
10, 593
9,786
8,641

7,906
7,399
6,707
5,827

3,302
3,194
3,079
2,814

1932—June 30
Sept. 30
Dec. 31

46,071
45, 852
44, 946

27, 834
26,985
26,063

18, 237
18,867
18, 883

28,001
28,045
27,469

16, 587
15,924
15, 204

11,414
12,121
12, 265

10,316
10,316
10,182

6,130
i 6,130
6,079

4,186
4,186
4,103

7,755
7,491
7,295

5,117
4,931
4,780

2,637
2,560
2,515

1933—June 30....
Oct. 25.

40, 089

22, 215

17,874

a 24, 786
2
24,953

10,044

5,941

4,103

2 5, 258

2 3,415

U,843

1

a 12,858 * 11,928
2 13, 059 2 11, 894

1

1

2

Figures of preceding call carried forward.

DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS

1

Licensed banks only.

NUMBER

[In millions of dollars]

OF BANKS
Member banks

Nonmember
banks

Total

National

State

Mu- Other
tual
nonsav- memings
ber
banks banks

Nonmember banks
Date

All
banks

Member
banks Mutual Other
savings nonmembanks ber banks

Date

Total

1928—June 30..
Oct. 3 . . .
Dec. 3 1 . .

53,398
53,720
56,766

32,133
32,138
34,826

8,653
i 8,653
8,849

12,612
12,929
13,091

1928—June 30
Oct. 3
Dec. 31

25,941
25,828
25,576

8,929
8,896
8,837

7,685
7,670
7,629

1,244
1,226
1,208

1615
612

615

16,397
16,317
16,127

1929—Mar. 27..
June 29...
Oct. 4 . . . .
Dec. 31. _

54,545
53,852
55,180
55, 289

33, 215
32,284
33,004
33, 865

18,849
8,983
i 8,983
8,916

12,481
12,584
13,193
12,507

1929—Mar. 27
June 29
Oct. 4
Dec. 31

25,341
25,110
24,951
24,630

8,755
8,707
8,616
8,522

7,569
7,530
7,468
7,403

1,186
1,177
1,148
L, 119

1612
611
1611
609

15,974
15,792
15,724
15,499

1930—Mar. 27...
June 30...
Sept. 24..
Dec. 31...

53,185
54,954
52,784
53,039

i 8,916
9,197
i 9,197
9,507

12,187
12,067
11,748
10,972

1930—Mar. 27
June 30
Sept. 24
Dec. 31

24,223
23,852
23,590
22, 769

8,406
8,315
8,246
8,052

7,311
7,247
7,192
7,033

1,095
1,068
1,054
1,019

1609
606
1606
603

15,208
14,931
14,738
14,114

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

51,427
51,782
49,152
45,821

32,082
33, 690
31, 839
32, 560
31,153
31,566
29,469
27,432

i 9,507
10,017
i 10,017
10,105

10,767
10,199
9,666
8,284

1931—Mar. 25
June 30
Sept. 29
Dec. 31

22,372
__ 21,903
21,294
19,966

7,928
7,782
7,599
7,246

6,930
6,800
6,653
6,368

998
982
946
878

1603
600
1600
597

13,841
13,521
13,095
12,123

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

41,963
41,942
41,643

24, 755
24,903
24,803

10,020
U0,020
10,022

7,188
7,020
6,818

1932—June 30
Sept. 30
Dec. 31

19,046
18,794
18,390

6,980
6,904
6,816

6,145
6,080
6,011

835
824
805

594
1594
594

11,472
11,296
10,980

1933—June 30.
Oct. 25..

38,011

2 23,338
2 23,453

9,713

2 4,961

1933—June 30
Oct. 25

14,530

»5,606
2 5,818

2
'4,897
2 5,052

2 709
2 766

576

2 8,348

i Figures of preceding call carried forward.
Licensed banks only.
8




1 Figures of preceding call carried forward.
2
Licensed banks only.

99

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

REPORTING MEMBER BANKS IN 90 LEADING CITIES
[In millions of dollars]
Total—90 leading cities
Loans and investments

Loans and investments

Date
Investments
All
Loans
on se- other
;urities loans

Total

89 other leading
cities

New York City

U.S. seTotal curities

Borrowings
atF.R.
banks Total

Total
BorBorloans
rowings and in- rowings
at F.R. vest- atF.R.
banks ments banks

Invest
Loans
All
on se- other
curities loans

U.S. seTotal curities

16,557
16,524
16, 708
16, 605
16,607

3,772
3,768
3,795
3,737
3,766

4,774
4,770
4,788
4,768
4,767

8,011
7,986
8,125
8,100
8,074

5,048
5,037
5,186
5,155
5,131

6,732
6,722
6,743
6,685
6,726

1,778
,775
L,800
,757
L, 794

1,596
1,590
1,603
1,589
1,591

3,358
3,357
3,340
3,339
3,341

2,300
2,307
2,299
2,287
2,293

9,825
9,965
9,920
9,881

31
28
38
29
30

16,562
16,580
16, 592
16,529

3,748
3,773
3,703
3,687

4,790
4,823
4,857
4,853

8,024
7,984
8,032
7,989

5,083
5,044
5,086
5,056

6,711
6,744
6,742
6, 698

L, 795
1,820
1,743
L, 731

1,610
,624
1,631
1,613

3,306
3,300
3,368
3,354

2,257
2, 252
2,314
2,297

9,851
9,836
9,850
9,831

27
22
20
22

Oct. 4__
Oct. 11.
Oct. 18.
Oct. 25.

16,548
16,536
16, 592
16,467

3,651
3,637
3,673
3,584

4,914
4,933
4,970
4,959

7,983
7,966
7,949
7,924

5,022
4,994
4,987
4,956

6,728
6,733
6,782
6,670

1,699
L, 683
1,712
L, 636

L, 666
1,706
1,749
1,741

3,363
3,344
3,321
3,293

2,271
2,236
2,226
2,194

9,820
9,803
9,810
9,797

Nov.
Nov.
Nov.
Nov.
Nov.

1815.
22.
29.

16,749
16, 719
16,681
16, 619
16,672

3,604
3,590
3,557
3,549
3,569

4,989
5,003
5,000
4,959
4,999

8,156
8,126
8,124
8,111
8,104

5,164
5,147
5,138
5,111
5,114

6,822
6,778
6,754
6,719
6,804

1,666
1,657
1,624
1.618
1,651

1,759
1,771
1,769
1,728
1,790

3,397
3,350
3,361
3,373
3,363

2,274
2,231
2,231
2,230
2,225

9,927
9,941
9,927
9,900

20
23
20
22
t_
24
21
21
22
25

Dec.
Dec.
Dec.
Dec.

6_.
13.
20.
27.

16, 600
16,519
16, 694
16,666

3,556
3,596
3,600
3,628

4,941
4,875
4,859
4,774

8,103
8,048
8,235
8,264

5,136
5,148
5,288
5,267

6,733
6,650
6,730
6, 756

,630
L, 663
L, 666
,722

1,737
1,681
1,695
1,664

3,366
3,306
3,369
3,370

2,249
2,251
2,269
2,253

9,964
9,910

24
25
23
24

1934—Jan. 3...
Jan. 10Jan. 17Jan. 24Jan. 31-

16, 595
16, 388
16,447
16, 396
17,121

3,620
3,497
3,486
3.498
3,609

4,765
4,712
4,732
4,713
4,740

8,210
8,179
8,229
8,185
8,772

5,205
5,210
5,223
5,245
5,786

6,707
6,536
6,579
6,569
6,986

1,744
[,624
,620
L,646
1,748

,670
L, 644
1,659
,666
1,718

3,293
3,268
3,300
3,257
3, 520

2,187
2,170
2,185
2,201
2,421

9,888
9,852
9,868
9,827
10,135

25
21
21
20
13

1933—Aug. 2__
Aug. 9Aug. 16.
Aug. 23.
Aug. 30.
Sept.
Sept.
Sept.
Sept.

6..
13.
20.
27.

Back figures—See BULLETIN for August 1933, p p . 519-523.

BROKERS' LOANS
REPORTED BY THE NEW YORK STOCK EXCHANGE

MADE BY REPORTING MEMBER BANKS IN N.Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]

[Net borrowings on demand and on time. In millions of dollars]
From New
From private
York banks banks, brokers,
and trust com- foreign banking
agencies, etc.
panies

Total
End of month
1933

1934

1933

1934

1933

January
February
March

359
360
311

April
May
June

322

268

529

461

780

694

54
68
86

July . .
August
September

916
917
897

822
841
806

94
76
91

October
November.
December

776
789
845

706
712
776

1934

70
77
69

. .

903

270
298
247

839

90
62
64

64

Backfigures.—SeeAnnual Reports for 1932 (table 84) and 1927 (table 47).




Month or date

1933—January. __
February. .
March
April
May
June
July
August
SeptemberOctober. __
NovemberDecember.
1934—January...
January 3.
January 10
January 17.
January 24
January 31

Total

433
398
399
578
755
919
877
847
779
723
759
802
837
746
758
779

For acFor
count of For acown ac- out-of- count of
town
count
others
banks »
365
416
373
374
555
712
806
747
741
663
611
631
657

11
10
18
21
17
36
105
122
98
111
106
122
137

709
605
608
630
731

119
132
144
142
146

9
6
7
11

* Member and nonmember banks outside New York City (domestic
banks only).
Back figures.—See Annual Reports for 1932 (table 83), 1931 (table 62),
1930 (table 56), etc.

100

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

ACCEPTANCES AND COMMERCIAL PAPER
CLASSES OF BANKERS' ACCEPTANCES (DOLLAR
ACCEPTANCES)

BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR
ACCEPTANCES)

[In millions of dollars]

[In millions of dollars]
Held by Federal Reserve
banks

End of month

Total
outstanding

For
acFor count
own of forac- eign
count correspond-

Held by accepting
banks
Held
by
others
i oiai

End of month

Own Bills
bills bought

Based
on goods
stored in
Based Based United
States
on ex- (ware- Dollar
im
ports house
Total
exfrom credits) change
or
U.S. U.S. shipped
between
domestic
points

Based
on
goods
stored
in
foreign
countries or
shipped
tween
foreign
points

ents
OUTSTANDING

1931—August
1,090
September..
996
1,040
October
November.. 1,002
974
December—

70
420
647
418
305

228
100
99
126
251

606
410
230
296
262

168
162
112
125
131

438
248
118
171
131

186
67
63
161
156

1932—January
February.. _
March
April... .
May
June .
July...
August
September..
October
November..
December.._

961
919
911
879
787
747
705
681
683
699
720
710

119
76
36
16
4
36
12
3
2
3
4
4

314
312
335
292
183
98
59
49
43
39
32
40

332
343
377
455
510
518
563
574
573
605
655
604

159
175
155
188
225
200
197
198
159
199
268
224

174
168
222
268
286
318
366
376
414
406
386
380

195
189
163
115
90
96
70
55
64
52
28
62

1933—January
February...
March
April...
May
June,.
July.
August
September..
October
November..
December.. _

707
704
671
697
669
687
738
694
715
737
758

2
307
280
164
13
41
2
1
1
1
18
127

41
30
45
43
36
36
37
40
41
31
3
4

626
325
261
404
505
487
552
499
517
592
599
442

256
201
153
206
229
201
248
252
236
271
273
223

370
124
108
199
276
287
304
247
282
321
326
219

38
42
85
86
115
123
147
154
156
112
138
190

764

Figures for acceptances outstanding (and held by accepting banks)
from American Acceptance Council.
Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70),
1930 (table 64), 1929 (table 58), and 1928 (table 61).
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIESHOLDINGS OF FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month

January...
February.
March
April
May
June
July
August
September
October. __
November.
December.

1931
36,119
23,958
1,063
1,074
1,073
10, 551
34,371
145,215
48,804
33, 501
33, 386
33,429

1932
33,444
33, 478
30,778
30, 736
30,837
30, 762
30, 645
30,834
30, 849
30, 659
30, 652
29, 489

Back figures—See Annual Report for 1932 (table 24).




1934
29,036
28, 997
24, 788
7,181
6,981
7,089
6,821
6,199
6,068
5,686
5,841
6,033

5,977

1932—December . .
1933—January
February
March
April
May
June
July... .._.
August
September
October
November.. . .
December

710

79

164

230

10

228

707
704
671
696
669
687
738
694
715
737
758
764

71
71
73
77

166
174
175
176
174
168
168
160
171
185
200
207

222
219
184
199
185
217
255
229
237
253
278
277

11
9
8
10
9
9
10
4
4
5
4
4

237
231
230
234
225
213
219
206
199
195
180
182

1

2

(2)
58
56
35
3
6
1

1
105
87
38
2
11

77
80
86
95
103
99
98
94

HELD BY F. R. BANKS
(OWNjACCOUNT) 1

1932—December

4

1933—January
February
March...
April
May..
June...
July
August
September
October
November
December

2
307
280
164
13
41
2
1
1
1
18
127

(2)

31
33
20
2

7

(2)
(2)

(2)

(2)
(2

1

(2)

(2)

7

2

23

1
107
97
66
6
16
1

5
4
2

(2)

(2)
(2)

1

22

(2)

4
39

4
39

1

1
Total holdings of Federal Reserve banks include a small amount of
unclassified acceptances.
2 Less thanl$500,000.
»"'
Back figures.—See Annual Reports for 1932 (tables 88 and 23), 1931
(table 15), 1930 (tables 61 and 14).
COMMERCIAL PAPER OUTSTANDING
[In millions of dollars]

End of month
JanuaryFebruary..
March
April
May
June
July
August
September.
October...
November.
December.

1930
404
457
529
553
541
527
528
526
513
485
448
358

1931
327
315
311
307
305
292
289
271
248
210
174
118

Back figures.—See Annual Report for 1930 (table 60).

1932

108
103
106
108
111
103
100
108
110
113
110
81

1933

85
84
72
64
60
73
97
107
123
130
133
109

101

FEDERAL RESERVE BULLETIN

PEBRUASY 1934

OPEN-MARKET RATES

FEDERAL RESERVE BANK RATES
DISCOUNT RATES

RATES IN NEW YORK CITY
[Percent per annum]

[Rates on rediscounts for and advances to member banks under sections
13 and 13 (a) of the Federal Reserve Act]

Federal Reserve bank

Rate in
effect on
Feb. 10

Date established
Feb.
Feb.
Nov.
Feb.
Feb.
Feb.
Oct.
Feb.
Sept.
Feb.
Feb.
Nov.

Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

Prevailing rate on—

Previous
rate

8,1934
2,1934
16,1933
3,1934
9,1934
10,1934
21,1933
8,1934
12,1930
9,1934
8,1934
3,1933

Month or week

Back figures.—See Annual Reports for 1932 (table 53), 1931 (table 36).

The following special rates were also in effect at the
Federal Reserve banks on February 10, 1934:
Percent
Advances to member banks under sec. 10 (b) of the Federal Reserve Act, as amended by sec. 402 of the act of Mar. 9,1933:
At the Boston, New York, Philadelphia, Cleveland, Chicago,
and San Francisco Federal Reserve Banks
4
At the Atlanta, St. Louis, and Dallas Federal Reserve Banks. 4}4
At the Richmond, Minneapolis, and Kansas City Federal
Reserve Banks
_._
5
Advances to nonmember banks and trust companies under sec. 404
of the act of Mar. 9,1933, as amended by the act of Mar. 24,1933:
At the Boston, New York, Philadelphia, Cleveland, Chicago,
and San Francisco Federal Reserve Banks
4
At the Atlanta and Dallas Federal Reserve Banks
4>6
At the Richmond, St. Louis, Minneapolis, and Kansas City
Federal Reserve Banks
5
Discounts for individuals, partnerships, and corporations under
the third paragraph of sec. 13 of the Federal Reserve Act, as
amended by sec. 210 of the act of July 21, 1932
6
Advances to individuals, partnerships, and corporations secured
by direct obligations of the United States under the last paragraph of sec. 13 of the Federal Reserve Act, as amended by sec.
403 of the act of Mar. 9,1933:
At the New York Federal Reserve Bank
_. Z}4
At the Boston, Philadelphia, Cleveland, Chicago, and San
Francisco Federal Reserve Banks
4
At the Richmond, Atlanta, St. Louis, Minneapolis, Kansas
City, and Dallas Federal Reserve Banks
4H

1933
January
February
March
April
May
June
July
August
September
October
November
December

Prime
commercial
paper,
4 to 6
months

Average rate Average yield
on—
on—

Call loans 1 U.S.
TreasPrime
ury
bank- Time
notes Treasers'
and
accept- loans,
ury
90
ances, days 2 New Re- certifi- bonds8
90
newal cates,
3 to 6
days
months

1.00
1.00
3.27
1.29
1.00
1.00
1.00
.98
.75
.75
.75
.94

1.00
1.00
3.32
1 37
1.00
1.00
1.00
.98
.75
.75
.75
.94

0.07
.01
<1.34
.45
.29
«.07
.19
.01
'.04
.09
.22
«.29

3.47
3.68
3.55
3.47
3.40
3.38
3.40
3.40
3.42
3.60
3.64

1.00

1.00

.25

3.62

1.00
l -IX 1.00
1 ~1H 1.00
l - I K 1.00

1.00
1.00
1.00
1.00

.25
.25
.25
.25

3.59
3.67
3.63
3.62

__

1934
January..
Week endingJan. 6
Jan.13
Jan. 20
Jan. 27

1

-l
1

J_
1 Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
» 3 issues—3%, 3M, 4 percent; yields calculated on basis of last redemption dates—1947, 1956, and 1954.
< Change of issue on which yield is computed.
Back figures.—See Annual Report for 1932 (tables 56 and 57), 1931
(tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc.
2

RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates]

BUYING RATES ON ACCEPTANCES

New York City

Maturity

y
16-30 days..
31-45 d a y s . .
46-60 days..
61-90 days..
91-120 days.
121-180 days

Rate in
effect on
Feb. 10

Date established
Oct. 20,1933
do
do
.do.
do
do
do

27 southern and
western cities

1933

1934

1932

1933

1934

1932

1933

4.71
4.71
4.72
4.69
4.55
4.61
4 42
4.45
4.30
4.35
4.12
4.22

4.12
4.11
4.88
4.33
4.24
4.10
3 93
3.97
3.79
3.76
3.52
3.48

3.58

5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4 96
4.88
4.88

4.89 4.65
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4 51
4.54
4.59

5.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5.63
5.56
5.55
5.60

5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43

Month

Previous
rate
1
1
1
1
1
1

IK

NOTE.—Rates on prime bankers* acceptances. Higher rates may be
charged for other classes of bills.
Back figures.—Bee Annual Reports for 1932 (table 54) and 1928 (table 35).




8 other northern
and eastern cities

1932

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

January
February
March
AprilMay
June
July
August
SeptemberOctober
NovemberDecember...

1934
5.40

Back figures.—See Annual Reports for 1932 (table 59), 1931 (table 42).

102

FEDERAL RESERVE BULLETIN

FEBRUARY

1934

TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
MATURITIES
[Amounts in millions of dollars]

VOLUME AND KIND OF SECURITY
[In millions of dollars]
Total
End of month (gross
debt)

Interest bearing
Total

Bonds

Noninterest
Certif- Bills bearNotes icates
ing

Interest-bearing debt
Total

Bondsi

24,717

15,597

1932
April
May
-.._
June
July
„
August
September—
October
November
December
1933
January
February
March
April
May
June
_-July.
_...
August
September
October
November
December
1934
January

796
1,041
1,465
1,487
2,197
3,031
3,539
3,539
3,299

2,562
2,792
2,831
2,907
2,656
2,385
2,044
2,038
2,284

622
619
616
647
648
623
645
643
642

309

19, 758
20,296
20,485
20,476
20,448

14,307
14,277
14, 250
14, 257
14, 257
14, 257
14, 257
14, 257
14, 223

20,802
20,935
21,362
21,441
21,853
22, 539
22,610
23,099
23,051
23,050
23, 534
23,814

20,454
20, 584
20,992
21,087
21,469
22,158
22, 240
22, 723
22,672
22, 669
23,161
23,450

14, 230
14, 230
14, 230
14, 230
14,223
14, 223
14,239
15,074
15,074
15,074
15, 569
15, 569

3,298
3,576
3,575
3,575
4,148
4,780
4,801
5,153
5,151
5,150
5,148
5,125

2,285
2,138
2,369
2,363
2,119
2,200
2,246
1,543
1,495
1,493
1,492
1, 753

641
641
817
918
979
954
954
953
952
952
952
1, 003

348
350
371
354
385
381
370
376
379
381
373
364

25,068

24, 717

15,597

5,626

2,280

1,214

Notes Certificates

Bills

351

18,597
19,037
19,487
19,612
20,067
20, 611
20,813
20,807
20,805

18,287
18,729
19,161
19,297

314
309
315
328
331
357

Outstanding Jan. 31,1934—
Total
Obligations maturing—
Before M a y 1,1934
M a y 1-July 31,1934
Aug. 1,1934-Jan. 31,1935.
F e b . 1-Dec. 31,1935
1936
1937..
1938
1939-43
After 1943

Other obligations *

_.

5,626

1,024
2,548
569
1,862
1,298
1,330
49
1,320
5,283 "4," 388"
1,732
1,732
7,726
7,726
1,049
678

244
345
1,298
1,281
1,320
895
243

2,280

1,214

460
175
1,517

1,064
150

128

1 Issues classified as of date of final maturity; most issues are callable
at earlier dates. Amount callable before Feb. 1, 1935, and not yet
called, $6,970,000,000, including certain pre-war issues that are held as
collateral for circulating notes.
2
Includes the 2 percent Consols of 1930, which are held as collateral for
circulating notes, and such issues as Postal Savings bonds, retirementfund notes, and adjusted service certificate series, in which special funds
are invested.

SUMMARY OF TREASURY OPERATIONS
[In millions of dollars. On basis of daily statement of United States Treasury]
Receipts

Month
Total»

Fiscal year ending:
June 1932
June 1933.
7 months ending:
January 1933
January 1934

Internal revenue
Income Other
tax

2,121
2,238

1,057
746

1,230
1,773

_

Increase or decrease
Excess of
during month
receipts
or expendi- General Gross
Emertures
fund
General * gency *
debt
balance

Expenditures

359
335

Customs
and
miscellaneous

Total 2

4,862
4,845

«3,973
«3,404

274
306

503
858

2,634
3,627

1,956
1,586

27
29
31
37
31
93

373
281
457
283
386

26
20
22
22
45
29
37
38
39
50
63
41

'416

-55
+445

589

-1,404
-1.854

-90
+675

351
236
252
358
235
297

150
116
15
83
37
76

-397
-262
-21
-309
-158
-34

-272
+194
+523
-107
-165
-35

+125
+455
+544
+201
-6

357
360
439
461
456
494
278
321
339
509
505
703

226
200
273
338
249
388
U96
171
248
396
201
227

112
147
157
109
192
82
«75
139
81
104
294
463

-223
-239
-156
-331
-289
-188
-99
-123
-6
-236
-286
-361

-227
-106
+271
-252
+124
+498
-28
+366
-54
-236
+198
-81

-4
+133
+428
+79
+412
+685
+71
+489
-48
0
+484
+280

972

148

-743

+511 '

1932

101
111
260
148
125
352

July
August
September
October
November
December

17
15
142 I
15
141

42
55
73
78
67
73

134
121
283
131
167
306
179
197
333
273
219
342

16
24
181
19
16
147
13
14
136
10
19
133

70
64
67
69
94
106
113
135
146
195
127
158

229

10

14 I

1933
January
February
March...
April
May
June
July
—
August
September
October
November
December

--._

+2, 686
+3,052
+1,315
+2, 529

- 2 , 741
-2, 607

1,277

1934
January

163 I

+1,254

« Corrected.
1
2 Total includes trust and contributed fund receipts and before July 1933 special fund receipts not shown separately.
Total includes trust and contributed fund expenditures not shown separately.
3 Includes also special fund expenditures and excludes public-debt retirement. Beginning July 1933, on the basis of a new classification of accounts,
certain items formerly included in general expenditures are carried as emergency expenditures.
4
Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures,
later classified as emergency, are included in general expenditures.
5 Beginning with July 1933figuresare not strictly comparable with those for earlier months.




103

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

RECONSTRUCTION FINANCE CORPORATION
LOANS, SUBSCRIPTIONS, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds not yet
disbursed

Proceeds disbursed, less repayments
Dec. 31,
1932

S e p t . 30,
1933

Oct. 31,
1933

N o v . 30,
1933 r

D e c . 31,
1933 v

N o v . 30,
1933

Dec. 31,

682,319
75, 604
67,795
158,199
556
28,800
10, 448
2,229
71,366
3,176
331, 754

666,463
72,192
67,596
157,101
540
36,300
12,093
2,181
50, 321
3,232
330,157

689,391
68, 534
65,050
160, 612
527
72,800
13,556
1,977
36,408
2,893
333,423
5,888
7

718,921
67,051
62,160
176,529
517
142,118
14,191
1,749
30,628
2,633
337,080
5,813
7

135,664
1,979
7,185
110,150

214,504
3,056
7,146
151,093

63,818
4,728
38
2,214
234
17,487

50,505
3,804
77
2,634
309
13,668

1,127, 770 1,432, 246 1,398,176 1,451,066 1,559,397

343, 500

446,813

156, 532
48,271
373,886
555

152, 747
45, 738
387,953
14,026
11,350

1933 v

LOANS AND SUBSCRIPTIONS

Loans under sec. 5 of the Reconstruction Finance Corporation Act, as
amended:
Banks and trust companies (including receivers, liquidating agents,
and conservators)
_
Building and loan associations
_
Insurance companies
_
.
Mortgage-loan companies
Credit unions
_
Federal land banks
Joint stock land banks
Agricultural credit corporations
Regional agricultural credit corporations
_
Livestock credit corporations—
Railroads (including receivers) _.
_
State funds for insurance of public moneys
Processors or distributors for payment of processing taxes
TotalOther loans:
Self-liquidating projects, sec. 201 (a) (including repairs to property
damaged by earthquakes, etc.)
Financing exports of agricultural surpluses, sec, 201 ( c ) . . .
Financing agricultural products, sec. 201 (d)
Loans on preferred stock of banks
Loans on preferred stock of insurance companies
Loan to Secretary of Agriculture for purchase of cotton
Loans to drainage, levee, and irrigation districts

594,633
84, 247
62,449
77,080
431
18,500
2,465
2,374
5,371
7,748
272,472

15,737

48, 540
3,687
2,570
12, 942

56,038
3,912
3,170
13,484

60,020

3,300

1, 325

3,300

3,300

34,405
13, 461

63,451
6,909
68,110
14,290
4,025

17

2,414

17,062

Total-

200
13,351

14,456

71, 039

79,904

115, 684

159,199

592,795

626,270

49,453
700

51,868
700

55,896
40, 740

132,911
116, 990

20,968
56, 704

339,171
225,078

50,153

52,568

96,636

249,901

77, 672

564,249

1,144,832 1, 553,438 1, 530, 648 1,663,386 1,968,497 1,013,967

637,332

Subscriptions:
Subscriptions for preferred stock of banks
Purchases of capital notes and debentures of banks..
Total
Total loans and subscriptions _
ALLOCATIONS

For relief:
Federal Emergency Relief Act of 1932
Federal Emergency Relief Act of 1933

_.

Total.
To other Government agencies:
" To Secretary of the Treasury for:
Purchase of stock of Federal home loan banks
Purchase of stock of Home Owners' Loan Corporation
To Land Bank Commissioner
To Secretary of Agriculture, for:
Crop loans
_
_
Reallocated as capital regional agricultural credit corporation
Reallocated to Governor of Farm Credit Administration
Total
Total allocations
Total loans, subscriptions, and allocations..

_

79,967

299,015
164, 720

299,015
207,669

299,015
272, 515

299,015
314,561

15
18, 058

79,967

463,735

506,684

571,530

613,576

18, 073

820

57,370
2,000
10,600

63, 346
4,000
20, 600

69, 246
14,000
37,600

75, 246
19, 000
82,600

55,495
186,000
262,400

49, 495
181,000
217, 400

60,000
25,500

115, 000
44,500

115,000
44, 500
12,000

115,000
44, 500
40,500

115,000
44, 500
40, 500

86,320

229, 470

259, 446

320,846

376,846

503,895

447,895

766,130

892, 376

990,422

521,968

166,287

1,311,119 2, 246,643 2, 296, 778 2,555,762 2,958,919 1, 535,935

r Revised.
p Preliminary.

1

Figures have not yet been published for relief grants authorized and not disbursed as of Dec. 31,1933. Congress allocated a total of $500,000,000
to be expended for this purpose.
2
Not yet available.
Back figures.—S©8 BULLETIN for December 1933, pp. 738-9. Since the above classification differs from that given in the December
BULLETIN, revised group totals for months prior to September 1933 are shown in the table on p. 132.




104

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

STOCK PRICES

BOND PRICES
[Averages]
Other bonds

Year, month, or date

United
States CorpoYear, month, or date Govern- rate and
ment municbonds
ipal
(highgrade)

Preferred Common stocks (index, 1926=100)
stocks
(industrial highIndus- Rail- Utility
Total
grade)
road
trial

l

Corporate
Total

Indus- Rail- Utility
trial road

1932 average
1933 average

_

1933—January
February
March
April.
May..
June
July
August
September
October..
November
December

2 13

3 60

60

20

20

20

1932 average
1933 average.

99.2
102.2

81.1
84.0

69.4
73.4

63.2
69.2

64.8
70.4

80.5
80.6

1933—January
February
March
April
May
June
July...
August
September.,.
October
November,,.
December...

103.3
102.4
101.0
101.3
102.4
103.2
103.3
102.9
103.0
102.9
100.5
100.0

84.1
82.5
76.7
75.4
82.0
86.8
89.6
89.9
87.9
86.5
82.6
83.6

70.7
68.5
66.0
64.8
72.4
77.7
81.5
80.8
77.5
75.3
72.1
73.6

64.9
62.1
60.7
61.0
68.2
72.8
75.6
75.9
74.5
72.7
70.5
71.5

63.4
62.9
60.6
58.9
69.4
76.1
82.2
81.2
76.8
73.5
68.5
72.2

1934—January

100.3

88.3

78.5

75.6

79.0

80.9

100.6
99.3
100.5
100.5
101.2

85.4
86.4
88.9
89.9
90.8

75.2
75.5
79.1
81.2
82.0

72.8
73.8
76.1
77.6
78.3

75.1
75.1
79.8
82.5
83.1

77.7
77.5
81.4
83.5
84.5

January 3
January 10...
January 17, _
January 24 __
January 31. _

421

96.1
104.8

..

33

37

26

79
78

82
73
67
64
79
97
98
87
80
75
70
67

97.8
95.7
93.1
95.7
103.3
109.7
112.5
112.9
112.0
109.8
107.5
107.7

83.9
80.7
76.8
74.7
79.5
84.2
86.8
85. 3
81.4 1934—January...
79.7
Jan.3
77.3
Jan. 10
77.1

Number of issues

351
46

20

N u m b e r of issues

_
_

111.2

Jan. 17
Jan. 24
Jan.31

73

108. 7
109. 5
111.3
113.3
113.3

66
70
75
77
77

80

Source.—Standard Statistics Co.

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

1
2

Price averages computed from yields.
3 Liberty bonds and now 10 Treasury bonds; prior to Nov. 1, 1933,
9 Treasury bonds, and prior to Aug. 15, 1933, 8 Treasury bonds.
3
45 corporate and 15 municipal.
Source.—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds, Standard Statistics Co.

Number of issues
1932 average
_
1933 average
1932—September
October
_
_
November
December
1933—January.
February
March
April
_
_
May
June
July—
August
September
October
_
_
November
December
1934—January
January 3
January 10
January 17
January 24
January 31

U.S. Municipal 2
Treas- (highury grade)

Domestic
Year and month

BOND YIELDS1
Year, month, or
date

New issues

Corporate, by ratings 3
Aaa

A

Aa

Total
(domestic
and
foreign)

tali

6,201
6,314
7, 556
8,040
10, 091
6,909
3,099
1,165
710

5,125
5,189
6,219
6,789
9,420
6,004
2,860
1,157
710

1,352
1,344
1,475
1,379
1,418
1,434
1,235
755
484

To-

Corporate
ForState
eign
and
mu- Bonds
nici- and Stocks
pal notes

Refunding
issues
(domestic
and
foreign)

Baa
1925
1926
1927
1928
1929
1930
1931
1932
1933

925
1,046
2,220
1,858
1,422
711
949
583
337

2,452
2,667
3,183
2,385
2,078
2,980
1,240
305
40

1,153
1,087
1,474
2,961
5,924
1,503
311
20
120

1,076
1,125
1,337
1,251
671
905
229
8
0

99

6

4

0

35

33
17
13
8
40
98
28
32
37
56
82
41

19
1
0
16
1
3
0
0
0
0
0
0

3
0
3
1
3
9
53
14
9
3
6
16

0
0
0
0
0
0
0
0
0
0
0
0

45
37
3
20
ol6
112
45
7
30
1
2
18

37

0

6

0

42

3

15

30

30

30

30

3.74
3.47

4.65
4.71

5.01
4.49

5.97
5.23

7.20
6.09

3.54
3.54
3.55
3.48

4.39
4.37
4.38
4.37

4.70
4.64
4.63
4.59

5.54
5.51
5.57
5.60

6.45
6.44
6.53
6.61

9.30
7.76
7.61
7.87
8.24
8.42

1932—December. .

124

124

3.39
3.47
3.58
3.55
3.47
3.40
3.38
3.40
3.40
3.42
3.60
3.64

4.23
4.28
4.88
5.05
5.27
4.71
4.60
4.54
4.59
4.60
4.89
4.89

4.44
4.48
4.68
4.78
4.63
4.46
4.36
4.30
4.35
4.34
4.54
4.50

5.30
5.35
5.61
5.81
5.40
5.09
4.83
4.77
4.96
4.97
5.35
5.27

6.16
6.30
6.64
6.85
6.29
5.88
5.58
5.51
5.70
5.76
6.22
6.21

8.01
8.36
8.91
9.12
7.74
7.07
6.62
6.77
7.27
7.49
7.98
7.75

1933—January
February,._
March
April
May
June
July.
August
September..
October
November. _
December..

65
20
16
25
44
110
117
46
64
59
88
57

65
20
16
25
44
110
117
46
64
59
88
57

3.62

4.67

4.35

5.00

5.72

7.01

1934—January

48

48

3.58
3.70
3.63
3.62
3.55

4.83
4.73
4.63
4.59
4.59

4.42
4.41
4.34
4.29
4.25

5.17
5.12
4.96
4.86
4.82

6.06
5.95
5.65
5.51
5.40

7.52
7.46
6.87
6.67
6.47

Corrected.
i Includes issues of Federal land banks and Federal intermediate credit
banks, not shown separately.
Sources.—For domestic issues: Commercial and Financial Chronicle;
for foreign issues (issues publicly offered) annual totals are as finally
reported by Department of Commerce, while monthly figures are as
compiled currently and are subject to revision.
Back figures.See (for figures of new issues—annual and quarterly
basis) Annual Report for 1932 (table 103).

1
2

Monthly data are averages of daily or weekly figures.
Standard Statistics Co.
3 Moody's Investors' Service.




105

FEDERAL RESERVE BULLETIN

FEBRUARY 1834

PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-25 average = 100.

The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Construction contracts awarded (value) 2

Industrial production i *

Factory employment 3
Year and
month

Total

Manufactures

Minerals

Total

Residential

All other

Factory
pay
rolls s

Freight-car
loadings i *

Commodity

.

prices 8

Unad- Ad- Unad- A d - Unad- Ad- Unad- A d - Unad- A d - Unad- Ad- Unad- Ad- Unad- Unad- A d justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929 _ .
1930.
1931
1932
1933

83
87
67
85
101
95
104
108
106
111
119
96
81
64

84
87
67
86
101
94
105
108
106
112
119
95
80
63
*>76

P76

77
89
70
74
105
96
99
108
107
106
115
99
84
71
*81

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37

107
108
82
90
104
96
100
101
99
97
101
88
74
62
66

139
154
98
97
101
98
104
100
95
97
95
86

98
118
77
81
103
96
101
104
102
102
108
87
66
45
48

84
91
79
87
100
97
103
106
103
103
106
92
75
56
58

94
91
83
82
83
81
75
74

97
95
95
96
99
97
86
74

96
93
92
89
87
86
84
84

89
87
84
84
84
83
81
80

74
74
75
77
79
77
78
76
78
78
70
61

82
80
80

78

73
70
69
69

68
73
75
74
72
68
64
64
62
59
56
56

76
72
69
69
68
69

77
76
75
73
72
72
72
71
70
70
69

73
65
66

1930

May .
June
Julv
August. __
September
October..
November
December

105
99
90
90
92
90
84
76

102
98
93
90
90
88
86
84

106
98
89
88
90
87
82
74

101
97
92
88
89
86
85
82

102
103
100
101
101
105
96
89

104
102
100
96
94
95
92
93

125
116
107
85
82
75
68
59

105
99
95
81
81
78
76
73

61
54
48
48
52
51
46
37

52
49
47
49
52
52
48
43

178
166
155
115
108
94
86

82
87
89
90
89
83
80
78
77
75
72
68

83
86
87
88
87
83
82
78
76
73
73
74

81
88
91
91
90
83
79
77
76
72
70
66

83
86
87
87
87
82
82
78
75
71
71
72

87
84
82
83
84
86
86
82
83
90
84
79

89
87
89
91
87
87
86
79
78
83
81
84

58
68
82
78
74
68
63
59
52
43
30

71
79
77
73
65
63
61
59
59
55
49
38

37
42
50
52
47
41
36
32
32
29
26
20

January..
February.
March
April
May
June
July
August-..
September
October. _
November
December

71
71
68
64
61
59
56
59
67
68
65
60

72
69
67
63
60
59
58
60
66
67
65
66

70
70
66
63
60
58
55
58
66
67
63
58

71
68
64
61
59
58
57
59
65
66
63
64

74
75
'78
72
65
'62
63
66
'74
80
78
'73

78
'85
'80
67
'64
65
65
'71
74
75
'77

25
23
26
31
31
32
31
32
30
28
24
22

31
27
26
27
26
27
27
30
30
29
27
28

1933
January..
FebruaryMarch
April
May
June
July
August...
September
October. _
November
December

64
64
60
67
80
91
96
90
85
78
72
*69

65
63
60
66
78
92
100
91
84
77
72

63
63
58
68
80
93
97
89
84
77
70
*>67

64
61
56
66
78
93
101
91
84
76
71
*73

71
76
74
65
76
82
89
94
93
88
84
80

73
79
81
72
78
84
90
91
87
81
81
85

18
16
14
16
19
21
24
25
30
35
42
46

22
19
14
14
16
18
21
24
30
37
48
58

77

148
140
135
106
105
99
99
98

91
89
86
85
86
84
81
79

44
47
47
44
40
37
35
33
32
30
27
23

75
89
98
107
104
101
94
87
81
71
57
39

93
104
100
96
85
84
82
81
80
76
67
50

76
77
78
78

77
75
74
74
75
71
69
68

16
15
16
16
14
12
12
11
12
12
10
8

19
17
15
14
12
11
11
12
12
12
10
9

33
30
35
43
45
47
46
48
45
41
35
33

41
35
36
38
37
39
40
45
44
43
41
43

66
67
66
64
61
59
57
59
62
62
61
60

68
68
66
64
62
60
58
59
60
61
61
61

52
54
52
49
46
43
40
40
42
44
42
41

58
59
58
57
53
52
51
53
61
65
58
52

64
62
61
59
64
52
51
51
54
57
57
58

67
66
66
66
64
64
65
65
65
64
64
63

7
7
8
11
13
14
13
12
12
12
12
11

8
8
8
10
11
13
13
12
12
12
13
13

27
23
18
19
24
27
32
36

33
27
18
17
20
23
28
33

58
59
57
58
60
64
69

59
59
57
58
61
65
70
73

45
57
76
94

51
51
48
51
56
60
66
65
68
66
61
55

56
54
50
53
56
60
65
61
60
58
60
62

61
60
60
60
63
65
69
70

45
53
66
73

39
40
37
39
42
46
50
56
58
57
54
53

91
90
87
84
83
82
81

80

1931

January..
FebruaryMarch
April
Mav
June
Julv
August.._
September
October. _
November
December

77

78
78
78
78
78
76
75
74

80
79
77

1932

»75

77

73
77
76
73
71

74
74
72
72

71
71
71
71

v Preliminary.
' Revised.
* Average per working day.
1
For indexes of groups and separate industries see pp. 135-136; for description see BULLETIN for February and March 1927; for revised figures
from 1919 to date see BULLETIN for September 1933, pp. 584-585.
> 3-month moving average, centered at second month; for description and back figures sec BULLETIN for July 1931, p. 358.
a For indexes of groups and separate industries see p. 137; for description and back figures see BULLETIN for November 1929 and November 1930.
* For indexes of groups see p. 106; for back figures see BULLETIN for February 1931, p. 108.
« Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on pp. 138-139.




106

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2

Merchandise exports 1

Excess of exports

Month
1929

January..
February
March

1930

1931

1932

1929

1933

1930

1931

1932

1933

1929

1930

1931

1932

1933

488
442
490

411
349
370

250
224
236

150
154
155

121
102
108

369
369
384

311
282
300

183
175
210

136
131
131

96
84
95

119
72
106

100
67
69

66
49
26

15
23
24

25
18
13

425
385
393

332
320
295

215
204
187

135
132
114

105
114
120

411
400
353

308
285
250

186
180
173

127
112

88
107
122

15
—15
40

24
35
44

29
24
14

9
20
4

17
7
-2

403
381
437

267
298
312

181
165
180

107
109
132

144
131
160

353
369
351

221
218
226

174
167
170

79
91
98

143
155
147

50
11
86

46
79
86

6
-2
10

27
17
34

1
-23
13

October
November
December

529
442
427

327
289
275

205
194
184

153
139
132

194
184
P192

391
338
310

247
204
209

169
149
154

105
104
97

151
129
*133

137
104
117

80
85
66

36
44
30

48
34
35

P59

Year

5,241

3,843

2,424

1,611

p 1,675

4,399

3,061

2,091

1,323

p 1,449

842

782

334

288

P226

April
May
June -_

-.

July
August
September._

...

no

43
56

p Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for warehouse.
Back figures.—See BULLETIN for January 1931, p. 18.

1
2

DEPARTMENT STORES—SALES, STOCKS

FREIGHT-CAR LOADINGS, BY CLASSES

[Index numbers; 1923-25 average=100]

[Index numbers; 1923-25 average=100]

Index of stocks (end of
month)

Index of sales l
Month

1933

Aug.

Without
Adjusted
Without
Adjusted
for seasonal seasonal ad- for seasonal seasonal adjustment
variation
justment
variation
1932

1933

1932

1933

1932

1933

1932

1933

78

60

49
50

75
73
70

58

60
57

64
64
69

49

78
72

57
54

66
69
73

52
54
55

April
May
June

79
72
69

67
67
68

74
72
66

68
67
64

69
68
67

53
55
57

72
69
65

55
56
56

July
August
September

65
65
68

70
77
70

46
49
71

49
59
73

64
61
60

60
64
70

59
59
63

October
November
December

69
63
60

70
65
69

75
73
106

77
75
121

61
61
60

70
69
65

67
69
56

77
78
62

69

67

66

61

._

Year

1 Based throughout on figures of daily average sales—with allowance
for changes from month to month in number of Saturdays and for 6
national holidays: New Year's Day, Memorial Day, Independence Day,
Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects
upon sales of changes in the date of Easter.
NOTE.—Preliminary sales for January 1934—adjusted for seasonal
variation, 68; without seasonal adjustment, 56.
Back figures—See BULLETIN for November 1930, p. 686.




Oct.

Nov.

Dec.

Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain products
Livestock
Forest products.
_.
Ore._
Miscellaneousl
Merchandise

56
62
73

January
February
March

Sept.

61
74
61

60
67
60

58
62
53

60
66
53

62
64
54

53
56
35
53
57
69

57
53
33
59
57
68

57
51
32
49
59
66

63
52
34
24
62
67

59
47
31
33

Without seasonal adjustment
Total
.-._
Coal
„_.
Coke
Grain and grain products
_
Livestock
_.
Forest products.
Ore
Miscellaneous
Merchandise *
1

65
72
55

68
72
59

66
70
54

61
72
54

55
68
58

64
50
37
90
63
69

69
63
35
96
68
70

64
68
33
68
69
70

67
60
33
17
61
68

57
47
25
8
54
63

In less-than-carload lots.
Based on daily average loadings. Source of basic data: American
Railway Association.
Back figures.—See p. 140; also BULLETIN for February 1931, pp. 108-110.

107

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars at par]
Europe
End of month

1933—January
February
March
_
April
May
June.
July
August
September...
October
November...
December...

Total
(50 countries)

11, 925
11, 741
11, 939
11,
11, 889
U , 864
11, 951
12, 010
12, 063
12,070
971
* 11, 940

1934—January

United
OfofflO

1

Canada

4,074
3,808
3,916
3 977
3,991
3 997
4,001
4,009
4,011
4,011
4,012
4,012

Total (27
countries)

84
84
81
77
77
77
77
77
77
77
77
77

v 4,035

p

Austria

6,818
6,884
6,992
6,988
6,896
6,856
6,932
6,989
7,038
7,040
6,942
P 6, 915

Belgium Bulgaria

21
21
21
21
21
21
21
21
24
24
24
27

France

Germany

11
11
11
11
11
11
11
11
11
11
11
11

36
36
36
36
36
36
36
36
36
36
36
36

51
51
51
51
51
51
51
51
51
51
51
51

382

602
692
836
905
907
922
925
926
926
927
928
928

3,221
3,176
3,152
3 170
3,173
3 185
3,213
3,223
3,218
3,176
3,051
3,022

196
183
176
98
89
45
58
73
87
94
97
92

36

362
366
371
371
371
372
374
375
376
377
378
380

77

Czechoslovakia Denmark England

929

3,021

P90

Europe—Continued
End of month
Greece JHungary

1933—January
February
March
April...
May
June . .
July...
August
September...
October
November...
December...

7
8
q
11
14
17
19
21
21
23
24

Nether- Norway Poland
lands

Italy

17
17
17
17
17
17
17
17
17
17
14
14

1934—January,

57
58
55
55
53
53
53
53
53
53
53
53

39
39
40
40
40
40
40
39
41
40
40
38

413
410
381
374
336
309
311
332
338
359
370
371

308
325
331
343
352
356
368
370
371
371
373
373

Portu- Rumagal
nia

25
27
30
30
31
31
32
32
32
32
33
34

436
436
436
436
436
436
436
436
436
436
436
436

57
57
58
58
58
58
58
59
59
59
59
*59

477
488
489
460
397
361
351
351
356
373
386
386

55
55
62
71
71
71
91
97
101
101
99
99

2 368
2 368
2
368
2
368
2 368
401
M01
2 401
416
*416
2 416

29
31
31
31
34
34
36
35
35
35
35

31
31
31
31
32
32
32
32
32
32
32
32

P415

P35

386

436

370

Asia and Oceania

Latin America
End of month

6 other
Spain Sweden Switzer- U.S.S.R. Yugo- counland
slavia
tries

Africa

2
4
Total
Total
Total ArCo(10 gen- Chile lom- Mex- Peru Uru- other (7 Aus- India Japan Java New Siam Tur- (4 Egypt South other
Zeacoun- coun- tracounAfrica counico
guay
counkey
bia
land
tries tries) lia
tries)
tries
tries) tina

1933—January
347
February _. 348
352
March
355
April
362
May
368
June
July
-. 365
363
August
September,. 369
365
October
November.. *359
December...

249
249
249
249
249
249
249
249
249
249
244
P239

10
10
11
11
11
11
11
11
11
11
11

p 11

12
13
13
14
14
15
15
15
15
15
15
14

5
6
9

n

v

19
?4
21
20
26
23
20
20

11
11
11
11
11
11
11
11
11
11
p 11
• 11

V

•9
50
49
50
50
50
50
50
50
19
50
50

10
9
9
8
8
8
8
7
7
7
7
>7

521
524
503
483
455
454
453
453
452
453
456

42
42
21
4
3
3
3
3
3
3
3

457

3

162
162
162
162
162
162
162
162
162
162
162
162

212
212
212
212
212
212
212
212
212
212
212
212

42
45
45
43
43
4?,
40
40
39
40
42
44

25
25
25
25
25
25
25
25
24
25
25
24

28
28
28
28
0
0
0
0
0
0
0
0

10
81
10
93
10
96
10
95
10
107
11
112
123
11
11
118
11
115
11
123
11 P 125
12 *126

33
33
33
33
33
33
33
33
33
33
P 33
»33

38
50
54
52
65
70
80
75
72
80
82
83

10
10
10
1(1
10
10
10
10
10
10
10
P10

p Preliminary.
i Differences prior to January 1934 between these figures and those shown elsewhere in BULLETIN for total monetary gold stock in United States
are due to exclusion from the former of gold coin in circulation.
^Figures of last preceding statement issued by State Bank of the U.S.S.R. carried forward.
NOTE.—Figures for 35 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they
are as of last report date of month.
The countries for which figures are not shown separately are for Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; Latin
America: Bolivia, Brazil, Ecuador, Guatemala; and Africa: Algeria and Belgian Congo. None of these countries has had gold reserves during this
period in excess of $10,000,000.
For back figures and for additional details relating to this table, see BULLETIN for May 1932, pp. 311-318, and June 1933, pp. 368-372.




108

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

GOLD PRODUCTION
[In thousands of dollars at par]
Production reported monthly
Year and month

1932—January
February..
_
March.._
April
_.
May
June
July
August
September
October.November
December
Total (12 mos.)
1933—January
February
March
April
_
May
June
JulyAugust
September
October
November
December
Total (12 mos.)

Estimated
world
production r

Africa
Total r

39,870
38,830
40, 551
40,033
41, 729
41, 823
42, 205
43, 361
42,816
43, 007
42,627
42,198

SouthAfrica

Rhodesia

19,587
18,935
19,877

35,324
35,418
35,800
36,956
36,411
36,602
36, 222
35,794

19,970
19,871
20,268
20,475
19,888
20,157
20,190
20,118

921
956
996
976
977
1,011
981
1,019
1,041
1,044
997
1,080
12,000

422,129

238,931

41, 625
38,026
42, 715
39,966
40,887
39,942
41,356
41,476
41,964
v 43,162
v 42,092
v 42,143

35, 215
31,616
36,305
33,556
34,477
33,532
34,946
35,066
35,554
v 36, 752
v 35,681
P 35,733

20,152
18,176
19,658
18,430
19,519
19,008
19,228
19,235
18,664
18,822
18,613
18,168

P495, 353

418,434

319
330
304
314
307
294
3,642

4,835
4,680
5,308
5,059
5, 556
5, 595
5,176
5,473
5,452
5,264
5,115
5,420
r 62,933

5,085
5,271
4,858
4,651

1,106
948
862
1,057
1,026
960
924
1,138
1,122
1,091
1,165
671

50,626

12,070

263
302
281
308
308
306
325
307
302
327
»327

4,826
4,718
5,378
4,900
4,913
5,404
5,285
5,304
4,870
5,029
4,981
P 5,271

4,341
' 3,059
' 5, 230
r 3,928
' 3,866
' 2,956
3,638
3,742
5,602
5,209
5,292
5,581

1,194
1,095
1,059

295

453
484
466
481
482
546
510
509
515
526
539
5,992
532
531
522
528
520
561
571
579
546
567
586
»559

227,673 *13,296

Far East

West Belgian
Colom AustraUnited
Africa Congo Canada States i Mexico bia
lia « Japan

33,465
32,425
34,146

499,049

North and South America

6,642

304
281

' 3 , 6 3 7 *60,878

3,597
3,535
3,494
3,390
4,114
4,362
4,610

India

450
386
404
380
447
405
455
524
456
455
415
353
5,132

657
741
671
653
647
692
696
702
727
715

534
525
545
590
567
603
585
588
559
547
556
581

14, 563

8,198

6,782

513
344
487
644
576
490
797
782
555
1,342
686
509

' 1,129
654
' 1,178
747
' 1,259
726
' 1.522
734
'1,344
' 1, 434 711
r
755
1,479
722
' 1,438
847
' 1,591
825
' 1,436
' 1, 501 794
P 1,501 P827

574
603
626
585
554
543
589
575
672
*572
*572

7,726

905
1,035
986
1,165
1,198
820
1,501
1,178
1,240
50,338 *13,378

1,032
1,063
1,131
1,164
1,234
1,172
1,244
1,221
1,292
1,216
1,376
1,418

16,812 P 9,007

P6.942

P572

r
Revised.
P Preliminary.
1 Monthly figures for United States are those compiled by American Bureau of Metal Statistics of New York City; annual figures represent
official estimates made by Bureau of the Mint in cooperation with Bureau of Mines.
2 Figures beginning January 1933 have been revised to exclude production in South Australia, which is no longer reported monthly (see BULLETIN
for October 1933, p. 632). Monthly average production in South Australia for the year 1932 is included in the monthly figures for estimated world
production in 1933.
NOTE.—For comparable monthly figures back to January 1929 and for explanation of table, see BULLETIN for April 1933, pp. 233-235.

GOLD MOVEMENTS
[In thousands of dollars at par]

United States
Net imports from—
Year and month

Total
net imports

-3,437
July
6,103
August."
27,897
September
20, 613
October
21, 740
November
100,859
December
Total (12
-446, 213
mos.)

1933—January
128,465
17, 776
February
- 2 2 , 081
March
e _ 9 967
April
-21,139
May
- 3 , 244
June
-83,879
July
-80,388
August
- 5 6 , 736
September
- 3 2 , 351
October
-1,064
November
-9,128
December
Total (12
-173,736
mos.)
1934—January P

-3,386

England

France

1,405 -21,513
6,093 -17,950
5,868
50
1,251
72
1,376
7
51,928
16, 357

Germany

Belgium

China
Nether- Switzer- Can- Mex- Argen- Co- British and Japan
lands
land
ada
ico
tina lombia India Hong
Kong

1,021
320
10

5,543
2,381
2,685
8,082

-225
-8
219
25
7

4,573
5,257
3,904
506
5,622
7,546

1,284
2,273
2,843
1,345
893
744

53,585 -441,649 -13,356 -82,571 -96,586 -118,273 64, 574 20,087
29,490
-3,709
- 3 , 630
—8 993
-122
-72
- 7 9 , 617
-73,173
-48,717
-26,923
-366
-203

1,067
-1,546
-250

-109
-5
-28

-27
-13
-18
-28
-10

6,375 -216, 035

- 2 , 532

-895

50, 248
3,310
-8,935
—2 191
-15,715
-2,845
-713
-1,535
- 5 , 099
- 6 , 240
- 2 , 260
-1,650

- 1 , 261

-447

-600
-199

5,274
4,206
8,418
«333
110
154
203
143
224
268
216
347

634
552
483
488
344
141
369
125
518
48
240
338

7,901 -11,631 19,896

4,280

15,123
802
-5,005
—724
-115

-1,614
-681

-1,445
-216

-2,171
-9

-453
-8,883

3,124

3,064
4,122
2,039
1,933
3,322
3,353

3,240 26,597 39,043 49,719

36,383

13
45
52
28
94
43

42
-1

12,991
-15
4
2

240
467
2,855
6,068
4,773
4,697

52 15,193
35 9,446
5
990
1
1

3,524
4,783
4,205
3,600
2,964
4,974

5,612
3,700
2,135
1,281
83
10

1
8
1
2

-1

-1,678

• Corrected.
* Preliminary figures,
i $17,054,000 exported to Italy.
Backfigures.—Torgold imports and exports of United States see Annual Report for 1932 (tables 49 and 50.)




All

other
countries

98 25,629 12,821

4,197
3,362

2,042
3,208
1-15,413
-3,137
2,973
-5,729
812
-4,121
-5,708
-1,486
1,085
1,139
960
3,729

6,702 -26,355

109

FEDERAL RESERVE BULLETIN

FEBBTJARY 1934

GOLD MOVEMENTS—Continued
[In thousands of dollars at par]
Great Britain
Net importsf rom—
Year and month

1932—July...
August
September
October
November
December

Total
net imports

22, 675
1,296
5,204
5,814
13,857
-29, 582

Total (12 mos.) r -

United
States France

Germany

-1,671
-4,259
-6,887
-284
- 1 , 634
-58, 561

-11,361
-20,269
-27,521
-24,895
-13, 519
- 3 , 277

84,585 -50,642

-297,050

-43, 260
18,400
77,198
64,767
97,386
77, 671
89,056
25,628
48,260
63,918
79,138
79,426

1933—January
February,...
March
April
May....
June
July
August...
September
October
November
December

-48,314
-6,559
11,821
-6
2,761
15,923
4,763
733
3,120
12, 520
6,878
4,441

-2,109
- 4 , 623
3,406
-1,519
32,486
- 7 , 421
18,051
6,259
2,163
1,865
33,338
15,130

677,405

7,939

Total (12mos.) r .

Belgium

South
Africa, All
South
Nether- Switzer- AmerBritish Straits Austra- Rho- other
Settle- lia
Canada India
desia, counlands
land
ments
ica
West tries
Africa

4 -4,778 -7,812
45 -4,015 -10,438
5
- 8 5 -2,571
-20
-104 -2,969
370
-476 -4,188
- 2 9 -1,104 -6,138
333 -13,434

-753
-75
-214
-120
-88
-108

500
300
187
189
527
181

14,204
14, 279
13,009
11,973
10,488
13, 684

2,122
829
584
943
710

-71,378 -14,019

5,747

220, 394

10, 781

9,495
7,175
9,178
10, 278
14,948
11,281
11,942
4,994
12, 685
16,122
4,852
5,1"""

587
554
461
1,001
624
1,359
810
848
526
782
708
423

793
794
22,659
20,316
1,789
1,717
2,692
1,910
1,991
1,942
2,315

14, 056 43, 374 118,817

8,682

60,812 256,177 41,667

-634 -17,471
-11
28
-507 -7,816
5,003 - 1 , 294 - 5 , 225
18,092
-89
128
1,850
656
17,365
15,254
8
6,477
486
1,114
13, 528
179 -1,034 -13,583
32
- 1 1 -3,633
-11
18 -4,163
94
817
329
42
147

97, 016 41,036

-79
-588
-893
-463
-479
-118
-380
-101
-217
-771
-196

- 7 , 065 - 4 , 299

374
296
198
140
401
414
436
920

3,611
120
8,143

8,924
9,129
4,141
3,703
4,108
6,579
5,013
4,186

1932—July
August
September.
October
November.
DecemberTotal (12
mos.)_.
1933—January....
February..
March
April
May
June
July.
August
September.
October
November..!
December *
>

'33,516
1
42, 554
' 8,858
• 32, 585
33,498
25,494

16,746
24,149
-625
11,927
241
-10,634

Eng- Ger- Netherland many lands
12,472
16,241
4,424
19, 995
26,003
34,479

-5
483
5,382
-17
3,918
1,448
329
565
6,122
672
2 -3,138

468, 052 309,984 37, 889
2,900
-37,399 -35,361
2,559
-144
-l,r~~
1,005
9,287
16,729
48, 252 18, 583
2,283
96,140
7,680 -5,819
46,840
5 -18,537
50,808 39, 263 -12,572
53, 694 75, 680 -11,533
43,043
60, 990 -1,396
26, 233 47, 745
-52, 675
177 - 2 4 ! 646
-45,911
-19,387

Total (12
mos.) V. 224,092 223,905 -86,829 57,425

Switzerland

All
other
countries

Total
net
imports United

1,001
-369
249
-270
-186
4,306

37, 547 -17,668

- 7 , 718 - 2 7 , 282

States

-21,460
701

-197
-432
749
2 10, 574
a 16,102

4,424
-1,126
-13,076
-7,127
-13,163
-23,356
-68,750
-6,377
-9,938
37,113
30, 797
3,695 -36,432
4,592
16, 598 3—21,605
-676
-1,397 -2,174
19,120
-2,176
-152
5,845
-3,369
1,
2,572
-5,674 -1,067
2,627
-23,368 - 3 , 0 8 4

England
-42
2
-2
29
-367
24

r 4,821 -13,718
4,189
-2,833
8,552
' -555
5,560
r 139
2,314
645
483 - 3 , 293

200 -3,814
678
2,805
1,266 27, 778
22, 520
670
1,277 39, 785
22,903
7,976
23,430
5,f~"
- 4 6 -6,837
-8,059 -6,166
-12, 427
-5,f
-772

19,351
19,712
25,866
18,378
20,006
23,326

3,207
5,010
1,326
1,853
831
602

20,264 255,310 18,279
16, 530 -2,120
27,815 1,245
28,923 2,556
19,343 -2,083
19, 476 -3,169
17,954 6,069
19, 519 11, 715
24,774 -3,212
21,027 5,434
20, 467 4,403
20,885 4,558
19,460 12,871

Net imports from—

Net imports from—
Total
net imports United
States

1,505
870
830
854

Germany

France

Year and month

9,661
175

367

1
46
1,453
216

France

Netherlands

-4,753 -5,435
13
8 3^456
33
41
-6,169
2,584
17 -3,331

Switzerland
65

U.S.
S.R.

All
other
countries

534 -4,087
4,622 -1,791
5,410
-361
5,461
-60
6,275
-52
-78

-250 -38,170 -24,455 -7,915 46,656 - 3 , 515
4 -1,976
22 - 5 , 980 -10,429
-4,945 -7,365 - 4 , 925
-17,822 -51,893 - 4 , 541
-292 -6,435 -10,102
-13,676 -22,658 - 5 , 392
-162
153
270
-256
-186
9
—32
1,173
17,910
41
-94
5,933
4,710 - 5 , 268
--13
691
590
15

107 6,293
3,336
3,956
75 5,411
- 6 1 7,023
3,833
- 4 4 4,612
3
16 3,182
2,V~

-11
-118
70
19
-119
-26
-238
-372
12
33
-133
-1,383

206 40, 317 - 2 , 265
4,348 -102,856
34,706 10,538
1,799 -37,044 -64,922 -40,950
I
r
v Preliminary
figures.
Revised.
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 $9,832,000 imported by France from South Africa in April; $14,412,000 in May.
3 $20,305,000 exported by France to Belgium.
NOTE.— Great Britain and Germany—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official
totals published for the year as a whole.




110

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

GOLD MOVEMENTS—Continued
[In thousands of dollars at par]
Netherlands
Net imports from—

Year and month
Total net
imports

States1
1932—July...
August
September.__
October.
November
December

7,204
-13,797
-6,230
-4,857
894

France

Sland
5,565
8,715
1,198
1,252
1,939
4,251

—276
-334
-1,708
52

Germany
5,376
-1,280
-3,496
-61
-3,085
3,745

- 5 , 242
-26
1,759
-5,729
-1,313

.._

-847
-579
-402
42
-537
-1,134

941
3,212
1,994
1,006
3,030
2, 773

-52-2, 222
-5,852

-12,727

-13,630

-16,137

16, 423

-7,346

-976

2,199
166
679

-1,479
-353
-1,174

-1,100
-3, 452
-2,324
-1,259
-3,069
-1,702
-1,466
-174
-241
-1,232
-297
-658

-38
-34
-1
-79
179
-18
20

-6,030

106,623

50,070

-34,009

-14,101
-3,432
10,785
603

14,069
8,177
3,436
-906
-11,384
-15,750
12,996
1,798
1,385
-1,942
- 7 , 111

-837
-6,722
-19,367
-18,188
-37,068
-41,046
6,065
11,183
13,849
14,457
6,096
-601

10,300
4,986
3,609
11,178
5, 581
-180
47
-903
-357
5,369
-821

673
-5,055
-7,009
-1,522
-1,068
-1.797
-1,432
17
-338
-22
-90
-230

-1,624

-72,183

40,818

-17,873

2,191

-9,294

Total (12 mos.)-

-3,839

-67,510

- 6 , 390

2,009

Switzerland

Total
net imports United
States

14,993
1932—July
1,503
August
-604
September..
October
November.. -1,395
1,203
December...

9,779
81
—361
-50
-7
5

Total (12
mos.)--- 169,786 124,354
1933—-January
February—
March.
April
iay.
May
June.
July
August
September-.
October
November,.
DecemberTotal (12
mos.)

4,658
8,502
.24,440
-12,078
-42,481
-41,596
14,302
-1,542
1,656
4,073
3,553
23,996
-41,121

-14
653
"I,"377
-307

16
502
8,756

England

15,342
123
82
907
-307
-4,082
-3,152
-5,739
-229
-431
-790
-1,444
-9,474

1,507
744
453
-280
480
837

7,418 7,880

101 14,996

-77
-77
-40
-62

1,176
2,461
48 3,802
994
2,778
288
1,866
-1,339
130
149
78
1
191
741

2,393

6,987
21, 306
-10,745
-38,776
-34, 751
-8,324
1,135
1,767
4,243
4,684
23, 299

-44
57
-41
-86
71
-17

10,983 -24,536 -26,781 -379

-194
-10
-64
-30
1

I

1,107
108
291
275
2, 236
2,099
441
31
9,632 "
'

-16, 974

Net imports from—

NetherFrance Ger- South
many Africa lands

111 3,734 - 5 1
38
90
718
154
-540 - 3 4
82 -3,087 -102
85 -2,347 - 6 7
96
320 -111

-881
-506
-358

-14

-52'
-68

97
105
142
99
567

British India

Net imports from—
Year and month

All other

-281
-923
-217
-188
-20

1,898
-933
-9,320
-18,102
-41,605
-45,503
-13,628
24,239
16,488
18, 562
9,688

115

British
India

Switzerland

Poland

116,149

Total (12mos.)1933—January
February
March..
April
May
June
July
August
September
October
November..
December

-6,367
-1,916
-3, 765

En

Increase
or decrease
(-)in
private
holdings in
India' *

Gold
producAll
tion in
other India

Increase
or decrease
(-)in
government
reserves
n India

-1,488
-920
-1,388
-652
-997
-676

585
588
559
547
556
581

34

- 3 0 4 -195,792 -38,094 151,391 - 6 , 3 0 7

6,782

-189,137

574
608
626
585
554
543
589
575
572
*572
»572

-11,342
-12,179
-12,096
-11,113
-12,462
-13,461
-5,707
-10,395
-12,839
P - 7 , 071
p - 5 , 275
p-4,990

v 6,942

-118,930

All
other

-87
-260
-277
48
461
55

1,040
-937
-2, 236
-1,958
-3,709
-3,988
-1,756
-1,166
64
124
50
689

Total
net imports

-16,437
-11,674
-17,201
-14,482
-16,662
-24,964

-11,916
-12,788
-12,722
-11,698
-13,016
-14,004
-10,971
-13,411
-7,643
-5,847
*-5,563

205 13,168 -13,781 -125,877

I
United
States

England

-374 -14,575
- 2 , 775 -7,979
-5,978 - 9 , 835
-4,820 -9,010
- 2 , 420 -13,244
-18,002 - 6 , 286

-10, 247
- 9 , 589
-5,314
-4,311
-1,561

-1,965
-3,082
- 5 , 833
- 5 , 956
-8,096
-12,823
- 4 , 734
-9,105
-12,789
-7,301
-6,023

297
-116
-1,576
-1,430
-3,359
-1,181
-1,565
-lff"
-622
-342
176

P572

-1

-15,852
-11,086
-16,676
-13,935
-16,106
-24,382

v Preliminary.
r
Figures for gold production in India have been revised to represent only production in Mysore State, as officially reported monthly. Production in rest of India, which is not reported monthly, amounted to $32,508 in 1932.
1 $2,199,000 exported by Netherlands to Czechoslovakia in August; $5,847,000 in September.
* 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
official totals published for the year as a whole.




111

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

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

Dec. Nov.
Argentine Conversion Office (millions of
gold pesos) :
Gold
Currency issued
Irish Currency Commission (thousands of
pounds sterling):
Legal tender note fund:
British legal tender and bank
balances
British securities
Notes issued
_
_.
Consolidated bank notes: l
Issued
Deemed such under sec. 60 (4) of
currency act, 1927

Oct.

252
522

247
534

1932

1932

1933

257
526

Dec.

Dec.

257
589

141
7,611
7,753

48
7,513
7,560

142
7,364
7,506

686
6,987
7,673

4,738

4,732

4,722

4,602

1,241

1,250

1,261

1,376

Nov.

Canadian Minister of Finance (millions
of Canadian dollars):
Gold reserve against Dominion notes..
Advances to banks under finance act..
Dominion notes:
Issued
183
Outside chartered bank holdings..
Indian Government (millions of rupees):
Gold standard reserve:
140
Gold
393
Foreign exchange
Paper currency reserve:
305
Gold
1,012
Silver coin and bullion.
Other assets
_
464
Notes issued
1,781

Oct.

Dec.

72
57
193
29

175
29

191
29

142
392

147

257
276

302
1,034
461
1,796

297
1,042
461
1,800

187
1,107
455
1,748

* Figures of consolidated bank notes issued represent daily averages for 4 weeks ended Dec. 9, Nov. 11, Oct. 14,1933, and Dec. 10, 1932. Figures
for notes deemed to be consolidated bank notes are as of close of business on these dates.

BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
1932

1933

Assets
Dec. 31 Nov. 30
7,578
Gold in bars
-.
Cash on hand and on current account with
banks
2,686
19,680
Demand funds at interest
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' accept181,891
ances
Treasury bills
169,759

Total

_

Time funds at interest—Not exceeding 3
months
Sundry bills and investments:
Maturing within 3 months:
Treasury bills..
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments
Total
.-._
Other assets:
Guaranty of central banks on bills
sold
Sundry items.
_..
_
Total assets
1

Not available.




1932

1933
Liabilities

351,650

5,554

0)

2,869
20,192

15,051
100,502

214,827
158,494

336, 761
169,906

373,320

506, 667

38,385

231, 504

31, 528
33,817

17,944
44, 898

54, 082
59,351

23,365
67, 559

42,896
56,076

1,299
47, 689

34, 575
38,001

8,513
37,827

621

228,845

208,154

163, 043

654,888

Demand deposits (gold).
Short-term deposits (various currencies):
Central banks for own account:
Demand
Time—Not exceeding 3 months

} 2,618

0)

7,578

5,554

48,952
107,306

52.954
105,956

507,317
23,820

156,258

158,909

531,137

11,839

11,235

13, 711

783

2,853

100
6,235

Long-term deposits:
154,481
Annuity trust account.
77, 241
German Government deposit
French Government guaranty fund... 43,659

154, 575
77,288

153, 769
76,884

275,380
125,000

275, 561
125,000

299,301
125,000

2,022
3,895
7,790

2,022
3,895
7,790

1,318
2,690
5, 379

4,257
60,087

• 58, 274

38,925

Total.—.

37,310

4,257
2,883

Dec. 31 Nov. 30 Dec. 31

Dec. 31

Central banks for account of others:
Demand
Other depositors:
Demand
Time—Not exceeding 3 months..

Total
_
Capital paid in
_
Reserves:
Legal reserve fund
_
Dividend reserve fund
General reserve fund
Other liabilities:
Guaranty on commercial bills sold
Sundry items

7,029

651,092 1,023, 796

Total liabilities-

654,888

651,092 1,023, 796

112

FEDERAL RESERVE BULLETIN

FEBRUARY

1934

CENTRAL BANKS
[For explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83]
Liabilities of banking department

Assets of banking department
Bank of England

Gold (in
issue
department) 1

Cash reserves
Coin

Millions of pounds sterling:
1932—Nov. 30
Dee. 28
1933—Jan. 25
Feb.^22
Mar. 29
Apr. 26
May 31
June 28
July 26
Aug. 30._
Sept. 27
Oct. 25_
Nov. 29
Dec. 27
1934—Jan. 31

139.4
119.8
123.6
142.2
171.8
185.9
186.3
189.4
190.1
190.3
190.4
190.4
190.6
190.7
190.9

Notes

1.0
.7
.8
.9
1.1
1.2
1.3
1.4
1.4
1.3
1.2
1.0

Discounts
and
advances

55.6
23.6
45.4
61.0
79.7
74.0
72.3
74.2
72.8
76.3
79.6
81.2
80.4
58.7
84.2

11.9
18.5
11.6
11.9
11.8
11.6
11.2
16.6
11.2
10.0
9.2
8.5
8.6
16.8
8.2

Securities

87.1
120.1
107.9
104.0
74.9
80.0
83.5
87.2
103.0
94.9
85.8
92.5
84.7
101.4
88.4

Note
circulation

Deposits
Bankers'

358.8
371.2
353.2
356.2
367.1
371.9
374.1
375.1
377.2
374.0
370.8
369.3
370.2
392.0
366.7

90.5
102.4
103.4
98.3
92.8
100.9
77.5
105.1
98.5
79.4
97.3
104.1
106.9
101.2
100.6

Assets

Millions of francs:
1932—Nov. 25
Dec. 30.
1933—Jan. 27..
Feb. 24.
Mar. 31.
Apr. 28.
M a y 26.
June 30.
July 28.
Aug. 25.
Sept. 29.
Oct. 27.
Nov. 24.
Dec. 29.
1934—Jan. 26..

83,342
83,017
82,167
81,017
80,409
80,866
80, 951
81,243
81,976
82, 227
82,095
81,032
77,822
77,098
77, 055

Foreign Domestic Security
loans
bills
exchange

4,853
4,484
4,434
4,401
4,376
3,846
3,887
3,990
3,975
2,652
2,632
2,586
1,250
1,158
1,130

3,266
3,438
3,142
3,303
3,352
3,805
3,449
2,791
3,461
3,207
3,475
3,560
4,092
4,739
4,486

Other

37.1
33.8
32.5
35.0
35.0
37.1
39.5
42.2
57.7
42.9
44.0
45.8
36.5
36.5
37.8

10.1
8.9
11.7
26.2
21.2
10.8
33.2
14.1
14.1
42.0
16.5
15.9
13.6
22.2
25.2

17.3
18.0
18.1
18.2
18.2
17.7
17.8
18.0
18.1
18.2
18.2
17.7
17.8
18.0
IS. 1

Liabilities

Bank of France
Gold

Public

Other
liabilities

2,500
2,515
2,537
2,580
2,714
2,649
2,675
2,766
2,661
2,688
2,765
2,781
2,814
2,921
2,893

Negotiable
securities

6f621
6,802
6,647
6,621
6,595
6,582
6,489
6,463
6,417
6,238
6,186
6,122
6,119

Deposits
Other
assets

9,008
9,196
9,172
9,119
9,801
8,861
8,534
9,243
8,503
8,543
8,716
8,450
8,533
8,251
7,870

Note
circulation

81, 536
85,028
83,314
86,096
84,992
83,267
84, 708
82,853
81,143
82,994
81,099
80,368
82, 613
79,474

Government

2,931
2,311
2,269
2,226
2,235
2,340
2,265
2,338
2,752
2,775
2,685
4,027
2,956
2,322
2,270

Other

22,969
20, 072
20, 474
18,731
16,850
17,181
18,393
17,376
19, 267
19,657
17,242
17, 301
15,016
13,414
15, 836

Other
liabilities

2,153
2,041
2,074
2,124
2,093
2,109
2,152
2,100
2,168
2,158
2,156
2,220
2,359
1,940
1,972

Liabilities
Reichsbank

Reserves
Gold

Millions of reichsmarks:
1932—Nov. 30
Dec. 3 1 . .
1933—Jan. 31
Feb. 28
Mar. 31
Apr. 29..
May 31
June 30
July31__.
Aug. 31
Sept. 30.
Oct. 31
Nov. 30
Dec. 30
1934—Jan. 31 p
1

827
806
822
769
739
411
372
189
245
307
367
396
405
386
376

Foreign
exchange

110
114
101
152
97
100
77
85
78
74
40
18
3
9

7

Other
Treasury bills (and Security
bills
loans
checks)

35

1
44
21
53
7
61
0
10
13
30
15
26
49
48

2,731
2,806
2,459
2,439
2,763
3,142
3,078
3,212
3,171
3,151
3,147
3,001
3,177
2,845

207
176
93
279
210
177
166
210
165
163
205
143
163
183
81

Securities

395
398
401
401
401
317
317
321
320
320
320
319
518
581620

Other

959
1,114
1,097
1,040
869
582
618
747
736
749
688
799
773
735
843

Note
circulation

3,531
3,560
3,338
3,356
3,520
3,538
3,482
3,492
3,521
3,625
3,571
3,542
3,645
3,458

Deposits

418
540
345
402
443
406
439
447
412
415
465
416
478
640

Other
liabilities

1,314
1,313
1,333
1,343
1,169
791
782
834
820
841
850
850
871

In addition, the issue department holds Government and other securities and silver coin as cover for fiduciary issue, which is fixed by law at
£260,000,000. From Aug. 1,1931, to Mar. 31,1933, an increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized by British Treasury under section 8 of the Currency and Bank Notes Act, 1928.
v Preliminary figures.




113

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

CENTRAL BANKS
[Figures are for last report date of month]
1933

1932

Central bank
Dec.

Nov.

Oct

National Bank of Albania (thousands of francs):
7,355 7,341
Gold
23, 795 20,567
Foreign exchange
2,883 2,826
Loans and discounts
3,014
Other assets
_.
11,843 12,314
Note circulation
17,489 15,583
Demand deposits
_.
11,169 5,851
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling.._ 13,007 12,007 11,507
Securities
32,360 29, 375 29,125
Banking department:
666
973
Coin, bullion, and cash
15,883 19,818 17,948
London balances—
Loans and discounts
_. 14,323 13,689 18,966
35,372 35, 531 36,000
Securities
67,454 71,397 74, 636
Deposits
50,301 42, 429
Note circulation
Austrian National Bank (millions of
schillings):
170
189
170
Gold...
19
0
19
Foreign exchange of the reserve..
8
8
13
Other foreign bills
_
218
227
275
Domestic bills.
624
624
624
Government debts.._
913
941
952
Note circulation. _
117
101
142
Deposits
National Bank of Belgium (millions
of belgas):
2,733 2,721 2,710
Gold
776
751
786
Domestic and foreign bills.
355
355
351
Loans to State
3,419 3,453
Note circulation.
556
539
601
Deposits
Central Bank of Bolivia (thousands
of bolivianos):
7,800 10,811
Gold at home and abroad
4,013 4,051
Foreign exchange
55,696 46,080
Loans and discounts
50,730 49, 588
Notecirculation___
48,271 43,834
Deposits
Bank of Brazil (millions of milreis):
510
379
496
Currency
276
222
229
Correspondents abroad
2,768 2,612 2,720
Loans and discounts
_.
20
20
20
Note circulation
2,852 2,949 3,806
Deposits
National Bank of Bulgaria (millions
of leva):
1,545 1,522 1,522
Gold
41
48
61
Net foreign exchange in reserve._
205
201
190
Total foreign exchange
1,287 1,226 1,197
Loans and discounts
2,844 2,843 2,851
Government obligations. _
2,984 2,854 2,845
Note circulation
1,565 1,648 1,627
Other sight liabilities
Central Bank of Chile (millions of
pesos):
92
Gold at home and abroad
Foreign exchange for account of:
72
72
Bank
2
5
Exchange commission
435
437
Loans and discounts
343
343
Securities
479
486
Note circulation. __
356
361
Deposits
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home and abroad
14,283 14,910 15,249
2,479 1,383 2,470
Foreign exchange
4,877 1,673 1,568
Loans to member banks
31,813 28, 520 27, 268
Note circulation.
__
22,176 21,066 24, 234
Deposits
__
1 Items for issue and banking departments consolidated.




1933

1932

Central bank
Dec.

5,511
31,320
3,439
5,194
13,052
20,912
11,499

11,199
38, 253
836
17,520
14,933
29,839
64,143
46,192
149
39
0
379
663
914
219

728
364
3,627
217
27,036
2,416
87, 607
37, 614
42,341
458
311
2,664
170
2,886
1,519
7
208
846
2,900
2,635
1,593
84
70
5
308
461
488
319
12,275
4,896
7,475
22, 458
19,001

Dec.
National Bank of Czechoslovakia
(millions of koruny):
Gold
Foreign balances and currency...
Loans and advances
Note circulation
_.
Deposits
Danish National Bank (millions of
kroner):
Gold....
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Bank of Danzig (thousands of gulden):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts
Note circulation
Deposits
Central Bank of Ecuador (thousands
of sucres):
Gold at home and abroad
Foreign exchange...
Loans and discounts.
Note circulation..
Deposits
National Bank of Egypt 1 (thousands
of pounds) :
Gold
Foreign exchange—_
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities..
Bank of Estonia (thousands of
krooni") :
Gold
._
Net foreign exchange
Loans and discounts
Note circulation
Deposits—Government
Bankers'..
Other
-Bank of Finland (millions of markkaa):
Gold—
-..
Balances abroad and foreign
credits
-Foreign bills.
Domestic bills
Note circulation
Demand liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange
Loans and discounts..
G overnment obligations
Note circulation
Other sight liabilities.
Liabilities in foreign exchange....
National Bank of Hungary (millions
of pengos):
Gold
—.
Foreign bills, etc
Loans and discounts-.
Advances to treasury
Other assets. __
Note circulation
Deposits
Certificates of indebtedness
Miscellaneous liabilities.

Nov.

Oct.

1,707

1,707

1,708
933
1, 550
6,148
420

926

922

1,751
5,906
871

1,402
5,705
715

133
9
74
375
78

133
12

Dec.

l,70&
l,02&
1,675
6,267

133
29
70
368
82

133
22
82
332
131

29,902 29, 902 30,631
9,950 10,034 10,643
157 1,322
127
14,494 13,841 13,811
40,248 38,809 39,416
10,854 10,707 11,517

21,37a
14,007
252
12,227
36,536
9,034

14,419 14,448
4,419 4,571
50,766 48,286
33,029 33,167
20,938 21,470

14,797
2,612
28,663
24,024
13,875

6,663
2,274
5,880

6,663
2,861
6,160

33,254
3,685
20,846
3,125
19,686
8,098

33,307
3,029
18,751
5, 709
20,103
7,456

20,132 20,081 20,077
916
2,305 1,066
21,423 20, 792 20, 747
32,240 32, 561 33,153
4,725 3,844 3,202
6,826 6,189 5,999
3,078 2,831 2,676

15,229
4,481
22,084
31,217
3,352
6,821
3,064

354
64

323

323

323

304

954
371
575
1,184
400

922
350
679
1,115

922
302
710
1,103
502

505
236
1,003
1,085
381

3,721
2,769
3,355
5,565
4,652

1,824
2,982
3,368
4,714
3,451
225

97
9
483
50
31
362
77

97
14
472
52
25
353
78

200

201

4,020
3,319
3.355
5,449
5,424

12
636
50
38
369
103
120

2,875
3,355
5,426
4,970
71
79
10
612
50
37
341
101
120
197

114

FEDERAL RESERVE BULLETIN

FEBRUARY

1934

CENTRAL BANKS—Continued
[Figures are for last report date of month]
1933

1932

Central bank
Dec.
Bank of Italy (millions of lire):
Gold at home
Credits and balances abroad
Loans and discounts
Note circulation
Public deposits
Other deposits
Bank of Japan (millions of yen):
Gold
Advances and discounts...
Government bonds
Notes issued.
Total deposits
.._
Bank of Java (millions of florins):
Gold
Foreign bills.
Loans and discounts
Note circulation
Deposits
Bank of Latvia (millions of lats):
Gold
Foreign-exchange reserve
Bills.
Loans
Note circulation
Government deposits._
Other deposits
Bank of Lithuania (millions of litu):
Gold
Foreign currency
.Loans and discounts.
Note circulation
Deposits..
Netherlands Bank (millions of florins):
Gold
Foreign bills
Loans and discounts.
Note circulation
_
Deposits
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
_
Domestic credits...
Note circulation
Foreign deposits
Total deposits
Central Reserve Bank of Peru (thousands of soles) :
Gold
Foreign exchange
Bills..
Note circulation
Deposits
Bank of Poland (millions of zlote):
Gold
Foreign exchange
Loans and discounts.
Note circulation
_
Other sight liabilities
Bank of Portugal (millions of escudos):
Gold
Other reserves
Discounts and advances
Government obligations
Note circulation
_
Other sight liabilities

Preliminary.




1933

1932

Central bank
Nov.

Oct.

7,092 7,082 7,057
305
310
306
4,693 4,652 5,092
13,243 13,112 13,170
300
300
300
1,269 1,304 1,392
425
950
667
1,598
377

425
765
728
1,135
705

425
833
465
1,174
454

108
1
62
186
28

104
1
63
185

100
0
66
187

46
2
66
65
37
57
85

47
1
67
54
35
59
100

52
15
84

50
11
84
93
48

922
1
177
912
230

922
1
173
903
244

2
173
929
181

143
5
274
327
1
63

148
4
254
309
1 I

149
13
246
307
1
70

41, 280
4,539
48,882
66,150
20,730

39,777
5,251
47,945
66,255
20,521

476
88
817
1,004
262

474
91
806
995
223

474
86
822
1,046
179

759
328
305
1,052
1,982
512

738
316
307
1,052
1,957
519

732
282
323
1,052
1,942
515

Dec.
National Bank of Rumania (millions
of lei):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts
State d e b t . . . .
Note circulation
425
Demand deposits
846 South African Reserve Bank (thou565
sands of pounds):
1,426
Gold.—
387
Foreign bills
Domestic bills
._
104
Note circulation
19
Deposits—Government
44
Bank
205
Other
31 Bank of Spain (millions of pesetas):
Gold
36
Silver
10
Balances abroad
70
Loans and discounts
57
Note circulation
36
Deposits
__.
65 Bank of Sweden (millions of kronor):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Swiss National Bank (millions of
francs):
Gold
Foreign balances and bills
1,033
Loans and discounts
71
Note circulation
118
Demand deposits
962
304 Central Bank of the Republic of
Turkey (thousands of pounds) :
Gold
144
Foreign exchange
30
Government securities
256
Other securities
315
Other assets
2
Note circulation
74
Deposits
Other liabilities..39,347 Bank of the Republic of Uruguay
(thousands of pesos):
734
20, 713
Gold
50,134
Loans and discounts
5,551
Other assets.
Note circulation
Deposits—Demand
_
502
Time
137
Judicial and admin700
istrative
1,003
220
Other liabilities..
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
523
Foreign exchange
527
Loans and discounts
338
1,058
Advances to State
Note circulation
1,995
Other sight liabilities
430

Dec.

5,83'
1,305
6,539
13, 672
300
1,322

Nov.

Oct.

Dec.

9,848
304
365
21
34
9,485 9,801
5,704 5,704
20,671 20,885
7,685 7,558

9,527
495
64
10,545
5,726
21, 594

17,144 16,845 16,381
18,886 19,496 18,451
8
9
9
11,859 9,784 10,315
942 1,911 1,741
26, 991 28, 285 27,521
3,164 2,666 1,849

7,173
I,~203
8,335
1,175
3,833
141

2,261
644
279
2,760
4,825

2,261
646
281
2,655
4,750

2,261
642
286
3,336
4,731
818

2,259
601
285
2,806
4,834

370
449
65
648
472

369
426
67
574
516

377
398
58
589
500

206
214
217
598
202

1,998
18
146
1,510
684

1,998
14
121
1,436
751

1,931
29
97
1,408
677

2,471
87
69
1,611
1,037

25,022
4,803
152,011
30,000
39,741
160,699
28, 704
62,174

24,193
4,880
152,162
28, 661
37,481
160,850
28,149
58, 378
48, 639
98, 350
46, 342
75,407
33,036
41,953

23,775 20, 514
1,809
756
152,199 154,835
28, 648 28,081
41,117
24,105
160,887 163, 523
25,195
15,317
61, 466 49, 450
46, 730
107,302
38,114
84,641
32,201
37, 677

2,615 2,611
40, 320 41,051
1,795
166
2,102
2,316
4,327
1,031

47,460
99,969
43,943
74,223
31,583
41,903

2,907
34, 719

1,795
151
2,164
2,320
4,257
1,105

1,795
145
2,185
2,319
4,343
1,026

1,761
209
2,457
2,409
4,773

115

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

COMMERCIAL BANKS
[For back figures and explanation of these tables see BULLETIN for October 1933, pp. 639-642]
Liabilities

Assets
England
(10 clearing banks)

Millions of pounds sterling:
1932—January
February
March—
April.-..
May
June.
July
August
September
October
November
December
1933—January
February...
March
April
May
June
July
August
September..
October
November..
December..

Cash in
vault
and due
from
Bank of
England

Money
at call
and
short
notice

Deposits
Bills dis- Securicounted
ties

Loans to
customers

Other
assets

Demand

180
173
174
173
179
191
191
193
193
193
193
207

117
110
113
112
113
113
123
118
114
117
116
127

239
208
217
240
247
278
317
374
392
391
391
408

283
280
282
288
300
340
349
364
383
412
425
472

909
906
906
884
875
856
840
820
806
799
789
778

211
201
211
208
212
207
196
188
180
189
194
208

214
208
207
219
206
213
205
208
215
218
216
213

114
112
109
105
98
101
96
91
91
89
99
119

431
386
348
338
346
352
362
359
355
343
317
311

472
498
510
517
530
544
554
563
563
559
569
565

768
769
769
767
779
779
771
762
753
752
741
740

202
208 i
205 '
207
209
213
221
216
215
222
228
237

1

818
775
799
789
810
865
903
898
907
914
925
991
955
936
950
962
1,006
993
990

1,015

Millions of francs:
1932—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
1933—January...
February..
March
April
May
June
July..
August
September
October...
November

Cash in
vault and Due from Bills dis- Loans, including
due from banks
counted security
Bank of
loans
France

1,714
1,659
1,676
1,681
1,699
1,764
1.804
1,851
1,865
1,893
1,898
1,983

226
218
226
225
226
220
211
206
202
206
210
216

953
947
935
940
938
942
933
928
924
916
905
900

1,983
1,957
1,925
1,930
1,944
1,978
1,973
1,966
1,958
1,951
1,928
1,941

219
223
223
222
224
225
235
233
233
233
241
244

Deposits
Other
assets

Demand

Time

Total

Own ac- Other liaceptances bilities

36.196
36,435
35,983
35,929
35,826
36,351
36,031
36,148
36, 372
36.197
37, 257
36,491

1,179
1,218
1,201
1,239
1,284
1,250
1,263
1,286
1,280
1,342
1,312
1,268

37,375
37,653
37,184
37,167
37,109
37,601
37, 294
37,435
37,652
37, 539
38, 568
37, 759

587
444
554
532
453
404
394
350
328
334

21, 266
22,014

1,300
1,135
1,315
1,327
1,304
1,316
1,379
1,422
1,462
1,546
1,576
1,749

3,580
3,565
3,643
3,720
3,773
3,814
3,971
3,976
4,054
4,178
4,229
4,331

22, 209
21, 287
20, 261
20,852
20,048
19,889
20, 236
19,851
19,835
20,229
19,876

7,785
8,326
8,586
7,799
7,777
7,824
7,848
7,813
7,792
7,880
8,127

1,131
1,096
1,163
1,206
1,227
1,420
1,521
1,565
1,540
1, 626
1,707

35,308
34,477
34,163
33,655
34,145
34,307
34, 671
33, 419
33,217
32,811
32,075

1,221
1,117
1,045
979
979
988
1,005
1,007
964
976
933

36,528
35,573
35,208
34,634
35,124
35,295
35,676
34,426
34,181
33, 786
33,009

336
323
305
291
247
372
379
360
253
257
258

3,703
3,696
3,730
3,850
3,824
3,895
4,011
4,069
4,144
4,266
4,322

10, 375
11,578
11, 072
10, 574
10,571
9,007

18,454
17, 347
17,482
18,043
18,998
18,994
20,136
18,745
19,034
19,757

7,445
6,832
7,181
6,959
8,184
8,499
8, 738
8,027
7,907
7,094
6,333

1,996
2,072
2,052
1,958
1,960
1,931
1,723
1,600
1,504
1,480
1,545

8,612

Excluding deposits of the National Bank relating to offices outside England, which are included in the total.




832
838
832
845
854
876
873
908
921
932
929
963

8,308
7,934
7,970
8,306
7,904
8,211
8,268
8,058
7,898
7,850

2,098
2,259
2,404
1,836
1,776
1,727
1,866
1,804
2,200
2,117
1,774
1,766

11,079
12,113
11,874
12,280
11, 288
11,475

Total

Liabilities

Assets
France
(4 large banks)

Time i

Other
liabilities

116

FEDERAL RESERVE BULLETIN

FEBRUARY

1934

COMMERCIAL BANKS—Continued
[For back figures and explanation of these tables see BULLETIN for October 1933, pp. 643-646
Liabilities

Assets
Germany
(Reporting banks)

Millions of reichsmarks:
1932—January l
February
March
April
May
June
July....
August
September
October
November
December i
1933—January i__.
February...
March
April
May
June
July
August
September..
October
November..
December L

Cash in
Loans,
vault and Due from Bills dis- including
due from banks
counted security Securities
Reichsloans
bank

Deposits
Other
assets

Demand

245
319
206
200
248
188
172
204
178
173

779
865
771
825
770
763
746
762
734
727

1,752
1,605
1,844
1,888
1,904
1,904
1,908
1,885
1,911
1,866

5,831
5,925
6,092
5,976
5,732
5,683
5,627
5,601
5,584
5,549

2,164
2,125
2,143
2,169
2,364
2,364
2,372
2,366
2,373
2,369

1,342
1,307
1,311
1,296
1,249
1,242
1,224
1,212
1,226
1,216

3,771
3,829
3,772
3,643
3,597
3,637
3,566
3,494

140
200
166
169
205
169
150
186
152
159

701
712
701
675
659
646
637
657
614
621

1,983
1,908
1,940
1,934
1,914
1,907
1,937
1,870
1,962
1,970

5,225
5,152
4,983
4,882
4,832
4,682
4,677
4,627
4,642
4,608

2,381
2,385
2,379
2,387
2,390
2,383
2,297
2,303
2,304
2,331

1,193
1,177
1,180
1,189
1,163
1,163
1,175
1,178
1,207
1,222

3,350
3,354
3,329
3,268
3,344
3,237
3,155
3,242
3,200
3,155

3,591

Time

Total

Credits
obtained
Other
from
banks for liabilities
customers

3,835
3,891
3,898
3,888
3,951
3,948

7,492
7,501
7,690
7,697
7,607
7,534
7,495
7,525
7,517
7,442

1,251
1,256
1,282
1,271
1,324
1,297
1,288
1,266
1,245
1,223

3,369
3,389
3,394
3,385
3,336
3,313
3,267
3,239
3,244
3,233

3,945
3,884
3,843
3,833
3,748
3,781
3,816
3,717
3,793
3,859

7,296
7,237
7,172
7,101
7,092
7,018
6,971
6,960
6,993
7,015

1,141
1,116
1,012
968
924
852
805
753
733
709

3,186
3,181
3,165
3,168
3,146
3,081
3,097
3,110
3,155
3,187

3,901
3,810
3,918

Liabilities
Deposits payable in Canada
(exclusive of interbank deposits)

Entirely in Canada

Canada
(10 chartered banks)

Millions of Canadian dollars:
1932—January
February
March
April
_.
May
June
July
August
September
October
November
December
1933—January
February. .
March
April
May
June
July
August
September .
October
November.
December..
1

Figures not available.




Security
loans
abroad
and net
Cash in
Other
vault and Security loans and due from
foreign
in cenbills dis- banks
loans
tral gold
counted
reserves

Securities

Other
assets

Note
circulation

Other
liabilities
Demand

Time

Total

197
187
182
174
177
189
186
176
174
183
220
211

131
130
131
122
114
110
112
114
115
117
108
103

1,247
1,259
1, 264
1,263
1,247
1,211
1,179
1,147
1,142
1,161
1,140
1,104

118
122
122
122
117
120
124
149
143
151
199
155

674
664
672
666
663
669
674
703
699
727
760
778

477
482
483
482
481
482
445
448
463
472
469
439

123
122
122
125
119
126
123
117
124
120
116
115

622
596
608
584
568
546
511
527
528
579
609
538

1,368
1,390
1,389
1,393
1,387
1,373
1,363
1,367
1,359
1,371
1,379
1,378

1,991
1,986
1,996
1,977
1,955
1,919
1,874
1,893
1,888
1,949
1,988
1,916

731
735
735
726
726
736
724
727
724
742
791
760

204
199
200
192
193
198
197
192
187
191
210
197

100
97
96
94
94
102
109
105
110
111
105
106

1,083
1,069
1,086
1,088
1,073
1,057
1,042
1,026
1,031
1,037
1,008
1,036

132
129
117
135
139
145
151
146
176
156
149
134

784
798
793
806
836
860
866
866
881
882
861 |
861 •

425
437
443
452
456
481
448
437
435
450
444
432

108
112
123
124
119
129
120
121
129
122
121
121

504
491
494
514
549
570
578
551
591
633
567
563

1, 383
1,397
1,389
1,400
1,397
1,387
1,380
1,373
1,372
1,350
1,358
1,357

1,887
1,888
1,883
1,914
1,946
1,957
1,958
1,924
1,964
1,983
1,925
1,920

734
729
729
729
725
757
733
727
727
721
732
725

117

FEDEKAL RESERVE BULLETIN

FEBRUARY 1934

DISCOUNT RATES OF CENTRAL BANKS
Central bank of—
Date effective

England

In effect Oct. 1,1931.
Oct. 10
Dec. 10 . Feb. 18, 1932
Mar. 9
Mar. 10
Mar. 17
Mar. 21
Apr. 9.
. _ _
Apr. 19
Apr. 21
.__.
Apr. 28
May 2
May 12
June 30
Sept. 22
Jan. 9, 1933
May 12 _
June 29
July 15
July 29 .
. .
Aug 15
Sept. 4
Sept. 19
Dec. 11
Feb. 9,1934
In effect Feb. 9,1934.

6

GerFrance many
2

Switzerland

7 j

8
7

5
6

3

2

::::::::

i

Bulgaria
Chile
Colombia-.Czechoslovakia

6

5H
2M

3

5

2H
2

4

Nov.
Mar.
Jan.
July

5
3K
6
7
4H
4

16,1933
24,1933
14,1932
5,1932

Jan. 2,1934
Aug. 23,1932
July 18,1933

VA Jan. 25,1933

Danzig
Denmark
Ecuador
Estonia ._

1

VA
VA
4

3
2lA
4
5K

May
Nov.
Nov.
Feb.

6,1933
30,1933
30,1932
1,1932

Finland
Greece
Hungary...
India..

5 1

4

In effect
since—

m

Albania
Austria
Belgium

1

4

ty2

Rate
Feb.
9

Central
bank o—
f

4M Dec.
Oct.
4H Oct.
3H Feb.

20,1933
14,1933
18,1932
16,1933

Central
bank of—

Rate
Feb.
9

In effect
since—

Japan
3.65
Java
_. VA
Latvia
&A
Lithuania
6

July
Aug.
Jan.
Apr.

Norway
Peru
Poland
Portugal

May 24,1933
May 20,1932
Oct. 26,1933
Dec. 8,1933

VA
6
5
5V2
6

3,1933
16,1933
1,1933
1,1930

Rumania
South Africa . VA
Spain
_. 6

Apr. 5,1933
May 15,1933
Oct. 26,1932

Sweden
VA
U.S.S.R
Yugoslavia—- 8
7

Dec. 1,1933
Mar. 22,1927
Feb. 9,1934

3
VA
2

3
3

3
4

3

Changes since Jan. 1: Bulgaria—Jan. 2, down from 8 to 7 percent;
France—Feb. 9, up from 2lA to 3 percent; Yugoslavia—Feb. 9, down
from 1XA to .7 percent.

2M
2

V/2

MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month

Netherlands (Amsterdam)

Germany (Berlin)

Bankers'
acceptances,
3 months

Treasury
bills, 3
months

1932—December.

1.02

1.04

0.81

3.87

5.08

4.91

0.37

1.00

1933—January—
February..
March
April
May
June
July
August—
September
October. __
November.
December.

.87
.83
.62
.59
.50
.50
.48
.41
.44
.79
1.05
1.06

.76
.78
.46
.50
,37
.40
.40
.30
.31
.73
.94
1.15

.73
.73
.64
.61
.58
.62
.62
.62
.63
.75
.75
.77

3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87

5.03
5.00
5.00
5.25
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50

4.98
4.86
4.97
5.05
5.24
4.93
5.19
4.94
5.00
5.11
5.18
4.97

.37
.37
.64
.66
2.11
2.18
3.54
1.11
.77
.50
.45
v . 38

1.00
1.00
1.11
1.00
1.69
2.06
2.64
1.08
1.00
1.00
1.00
v 1.00

Bankers'
Day-to-day allowance
money
on deposits

Switzerland
Month

Belgium
(Brussels)

France
(Paris)

Italy
(Milan)

Private
discount
rate

Private
discount
rate

Private
discount
rate

Private
discount
rate

Private
discount
rate

Money for Day-to-day
1 month
money

Hungary

Sweden
(Stockholm)

Private
discount
rate

Money for
1 month

Japan (Tokyo)

Prime
Loans up Discounted
Call
commer- Day-to-day
to 3
money
money
bills
cial paper
months
overnight

1932—December—

1.50

2.94

0.91

5.00

5. 66-5.84

2.74

1033—January
February..
March
April
May
June
July
August
SeptemberOctober
November..
December-

1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50

2.88
2.78
2.62
2.50
2.41
2.31
2.31
2.31
2.27
2.21
2.12
2.25

1.12
1.89
2.04
1.87
1.76
1.50
1.39
1.45
1.13
1.25
1.85
2.26

4.42
4.25
4.20
4.00
4.00
4.00
4.00
4.00
3.55
3.50
3.50
3.00

5.48-5. 84
5.48-5.84
5.48-5. 84
5.48-5.84
5.11-5.84
5.11-5.48
5.11-5.48
5.11-5. 48
5.11-5. 48
5.11-5.48
5.11-5.48

3.10
2.92
2.92
2.37
2.19
2.74
2.37
2.37
2.56
2.56
2.56

3M-6
3H5
33^-6
3 -5
3 -5
3 -6
3 -5
3 -5
3 -5

v Preliminary.
NOTE.—For sources and back figures, see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736;
and May 1930, p. 318.




118

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

FOREIGN EXCHANGE RATES
[Monthly averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency]

K?

Month

1933—January.. February.
March
April
May
June
July
August
September
October...
November
December.
1934—January...

Month
1933—January
February-_
March
April
May
June
July
August
September.
October
November.
December..
1934—January

Month
1933—January
February
March
April
May
June
July
August
September
October
November
December
1934—January

58. 5847
58. 5804
58. 2974
60.4864
67.9019
71.0601
80. 7251
79.4328
86.0861
86.1188
92.0439
4
33.3311
33.5007

Egypt
344.6451
350.8940
351.9434
366.8480
403.1202
424.0440
477.0204
461. 7534
478.1479
460.4633
527.4832

tfaiia

Austria'Bdgium Brazil.

267.19
272.17
272. 73
284. 79
313.07
329. 22
369.44
358.13
371.26
371.47
409. 75
407. 50
402.44

13.9715
13.9867
14.0121
14.0700
14. 5582
14. 2007
15. 6719
15.4794
16. 6534
16.7694
18.0434
17.6811
17.9115

England Finland
336.1385
342. 2073
343. 2800
357.9313
393.2381
413. 5581
464.9915
450. 2670
466.4722
466.8290
514.9737
511.5890
504.9336

1.4577
1. 4919
1. 5153
1.5806
1.7467
1.8241
2.0511
2.0008
2.0693
2.0683
2. 2700
2. 2700
2. 2449

New
Zealand Norway Poland
292.13
272.87
273.45
285.48
313.86
330. 09
370.19
359. 02
372.17
372. 40
411. 04
408. 72
403. 47

17. 2684
17. 5270
17. 5913
18. 3161
20. 0164
20.8811
23. 3627
22.6451
23. 4400
23.4451
25. 8723
25. 7075
25.3722

11.1872
11.1940
11.1834
11. 3755
13. 0873
13.8229

15. 6202
15.4348
16. 6963
16. 7103
18. 0564
17. 7024
17.9281

3.9034
3.9228
3.9361
4.1019
4. 5927
4.8035
5.4588
5.3749
5. 7724
5.8167
6. 2678
6.1216
6.2110

0. 7195
.7200
.7210
.7223
.7825
.8142
.9977
1.0347
1. 2434
1. 2590
1.6378
1.3436
1. 3472

87.4621
6.0275 19.7916
83.5084 6.0278 20.1136
83. 5205 6.0281 20.7250
84.7233
6. 0300 3 22.1953
87. 5930 6. 2846 24. 5193
89.8853
7.5210 26.1289
94.4683 8.3752 29. 2666
94. 2796 8.1986 28.0737
96.4734 8.6743 29.6843
97. 5958 8.8731 29.8462
101.1829 10.0983 32.9030
100. 5515 9.5952 33.4468
99. 5246 9. 4476 34. 0007

Germany

France

Canada Chile»

7. 6352
7. 6348
7.6330
7.6348
7. 6354
7. 6369
7.8727
8.0331
8.1508
8.4634
8.5660
8. 5995
8. 5637

13.8629
13.9638
13.9803
14. 5285
16.2711
17.0460
19. 4505
19.1458
20. 6994
20. 7215
22. 3176
21.7280
22. 0360

ȣ,

Greece

23. 7703 0. 5392
23.8291
.5610
23.8519
.5673
24.3873
.5865
27.3629
.6582
28.8097 .6917
33. 2627 .7902
32.7144 .7743
35.4307 .8372
35.4267 .8397
38. 2361 .9053
37.3247
.8856
37. 5872 .8949

China

Hong
Kong

Hunggary 2

India

21. 7525
22. 0710
22. 7442
23.7714
27.1586
29.1358
32.9584
31. 5922
33.1050
33. 2821
36.6896
37.1537
37. 6811

17.4260
17.4359
17.4392
17.4812
18.8766
21. 2415
24.5147
24.2387
26.0897
26.3520
28.2302
27.6855
28. 0425

25.4055
25. 8336
25. 7900
26.8721
29. 5729
31.0652
34.9283
33.8489
35. 0051
35.0366
38.3408
38.3870
37.9739

Colom-

Cuba

95. 2400
94. 4191
86. 2100
86. 2100
86. 2100
86.2100
86.2100
86.2100
78.1476
65. 7136
66.7200
63.9668

99.9411
99.9790
100. 0162
99.9322
99.9196
99.9212
99.9199
99.9481
99.9583
99.9223
99.9617
99. 9579
66. 9396 99.9578

Czecho- Den2.9614
2.9632
2.9743
3.1155
3. 5075
3. 6527
4.1545
4.0777
4.4089
4. 4172
4.7600
4. 6487
4. 7039

Italy

Japan

Mexico Netherlands

5.1177
5.1156
5.1372
5. 3662

20. 7393
20. 7945
21. 2631
22.0867
23.9967
25.7587
28.7727
26.9026
27. 2539
27.7670
30. 3618
30. 7418
30.1136

30.1631
28.4212
28. 3164
27. 0201
28.8721
27.6650
27.9968
28.1103
28.1492
28.1692
27. 7989
27. 7355
27. 7434

6.3789
7.3697
7. 2176
7.8075
7.8208
8.4331
8.2204
8. 3076

Portugal

Rumania

Spain

Straits
Union of UruSettle- Sweden Switzer- Turkey South guay 1
land
ments
Africa

3.0364
3.1017
3.1362
3. 2133
3. 5781
3. 7694
4. 2468
4.1521
4. 4655
4. 5315
4. 8623
4. 6892
4. 6505

0. 5972
.5958
.5974
.6107
.7025
.7448
.8766
.8374
.8934
.9112
.9817
.9547
. 9614

8.1777
8. 2446
8. 4431
8. 8804
9.9875
10. 3638
11. 6540
11. 4565
12. 4087
12. 4343
13.1129
12. 7918
13. 0042

38.9884
39. 5818
39. 6078
41. 2350
45.6611
47.9630
54.0460
52. 3634
54. 2920
54. 5740
60.0625
59. 7025
58.9185

18. 2982
18. 2670
18.1884
18. 8108
20. 2413
21. 2819
23.9784
23. 2263
24.0532
24. 0690
26. 5491
26.3911
26. 0418

19. 2836
19.3707
19. 3716
20.1281
22.5368
23. 5665
26.9583
26.5265
28. 7299
28.7902
31. 0223
30. 2473
30. 6420

16.9097
15. 2612
15. 3180
15.9502
17. 5193
18.4423
20. 7682
20.1157
20. 8344
20.8413
22. 9975
22.8463
22. 5487

40.1797
40. 2691
40. 3572
41.9490
46.9507
49.0086
56.1833
55. 3799
59.8831
59.9529
64. 5642
62.8466
63. 6167
Yugoslavia

47.3366
47. 3363
47. 3458
47. 7646
53.1875
55.9871
65.1372
64. 7589
70.1510
70. 7755
76. 2484
74. 5870
75. 8051

1.3555
1. 3593
1. 3714
1.4228
1. 6073
1. 6708
1. 9032
1. 8909
2. 0274
2. 0443
2. 2035
2.1628
2,1818

Country

Monetary unit

Par of
exchange

Poland
Portugal..
Rumania
Spain
S t r a i t s Settlements.
Sweden
_
Switzerland
Turkey
Union of South
Africa.
Uruguay.
Yugoslavia

Zloty
Escudo
Leu_
Peseta
•Singapore dollar..
Krona
Franc
Turkish pound.•Pound
Peso
Dinar

47.0260
47.1982
47.4384
49. 3996
55.3596
57.8085
65.7080
64. 4507
69.8292
67. 2262
75. 7400

340. 63
338.90
339. 88
353. 74
388.74
408.76
459. 33
444. 39
448.57
461. 23
509. 29
505. 76
499. 09

Monetary units and pars of exchange (as of period Jan. 1-31,1934):

Country
Argentina

Australia
Austria
Belgium..
Brazil
Bulgaria
Canada
Chile
China
Colombia
Cuba...
Czechoslovakia...
Denmark—
Egypt

Monetary unit
Peso
Pound
Schilling
Belga
Milreis—
Lev.

Dollar
Peso
Yuan.
Peso
.—.do
Koruna
Krone
Egyptian pound.

Par of
exchange
42.45
486.66
14.07
13.90
11.96
.72
100. 00
12.17
5 33. 61
97.33

100.00
2.96
26.80
494. 31

Country
E ngland
Finland...

France
Germany
Greece
Hong Kong
Hungary
India
Italy
Japan
Mexico
Netherlands
New Zealand
Norway

Monetary unit

Par of
exchange

Pound...
2.52
Markka3.92
Franc.
23.82
Reichsmark
Drachma.
1.30
Hong Kong dollar. «34. 71
Pengo
17.49
Rupee
36.50
Lira.
5.26
Yen49.85
49.85
Peso
40.20
Florin.
486. 66
Pound
26.80
Krone

11.22
4.42
.60
19.30
8 58. 91
26.80
19.30
439. 65
486. 66

103.42
1.76

1 Nominal since April 1933.
2 Partly nominal since April 1933.
3 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 quotation shown for April based on new yuan for Apr. 10-30. Average quotation of old yuan for Apr. 1-9 was 20.5383 cents.
* Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average quotation shown for December
1933 based on paper peso for Dec. 13-31. Average quotation of gold peso for Dec. 1-10 was 75.8904 cents. No quotations Dec. 11 and 12.
« Silver currencies—figures given for dollar parity in January 1934 computed by multiplying silver content of unit by New York average price
of silver for January 1934, which was $0.44498 per fine ounce.
6
Singapore dollar is legally equivalent to seven sixtieths of an English pound. Figure given for parity in January 1934 represents seven six
tieths of average quotation of pound in New York for January 1934.
Back figure*.—See BULLETIN for January 1933, 1932, 1931, 1930, and 1928.




119

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
(average
price)

Year and month

Number of issues
1926
1927
1928 .
1929
1930
1931
1932

__ _ _

60

87

36

Germany
(average
price) 3
169

United
States

England 2

France

Germany

421

278

300

100.0
107.0
115.9
119.5
102.6
78.9
67.9

100.0
123.2
178.1
217.6
187.6
132. 2
105.2

100.0
145.0
136.1
122.8
100.2
•78.0
< 50.3

329

..

1932—July

__

_

1933—January
February .._
March _
Apr 1. .
._
May
June
_
_ _ _.
July.August
September. _
_ _ _ _ _ __
October
November
_
December

110.0
110.7
112.3
110.2
111.8
108.4
113.2

57.4
71.4
80.8
85.1
95.8
96.9
88.6

85.5
81.4
83.3
<83.4
< 67.1

100.0
118.3
149.9
190.3
149.8
94.2
48.4

c 75.1
*84.3
«87.0
* 85.2
<83.1
<=82. 2

115.6
116.1
118.4
120.3
115.9
116.1

87.4
88.6
89.5
89.1
88.9
87.8

62.2
63.2
67.4
70.1
72.9
76.3

35.9
53.3
58.2
49.9
47.5
47.4

63.5
69.5
72.7
72.4
72.7
72.0

100.4
103.4
104.3
97.4
100.0
104.3

45.8
47.9
54.1
52.5
53.4
56.7

84.1
82.5
e 76.7
75.4
82.0
86.8
89.6
89.9
87.9
86.5
82.6
83.6

.

August
September...
October
November
December

France
England
(December2 (1913 average =100)
1921=100)

97.0
98.9
98.7
95.7
98.3
96.1
81.1

_
_.

Common stocks (1926 average== 100)1

116.9
118.4
118.4
120.2
118.1
118.7
117.9
120.1
121.2
122.3
122.3
122.0

86.4
85.3
81.9
81.5
78.5
79.5
80.0
80.2
81.4
81.1
79.6
79.9

81.4
79.9
83.6
85.8
81.5
80.1
78.2
78.5
78.2
84.7
87.9
89.6

49.1
44.9
43.2
47.5
62.9
74.9
80.4
75.1
74.8
69.5
69.1
70.4

72.4
72.2
72.3
72.4
75.4
79.0
83.9
84.4
85.3
82.9
80.9
81.4

101.3
97.9
92.7
94.0
100.4
105.2
106.0
105.2
103.0
98.3
95.7
95.3

59.3
59.4
64.5
66.8
67.2
65.7
62.8
60.7
57.3
57.0
58.7
61.8

e
1
2
3

Corrected.
Stock price series for England, France, and Germany have been converted from original bases to a 1926 base.
Annual indexes for English bonds and stocks are unweighted averages of monthly indexes.
New series compiled by the Statistisches Reichsamt beginning with January 1928; weighted average of the prices of 169 six percent bonds.
Annual indexes for German bonds are unweighted averages of monthly indexes.
* Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11, 1932. Index for 1931 represents average of months, JanuaryJune; index for 1932 represents average of months May-December.
Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited.

WHOLESALE PRICES—ALL COMMODITIES
United
States

Year and month

1926
1927
1928
1929
1930
1931
1932

.

_ .

_.

1932—July

August.- ,
September
October November
December.

1933—January.
February
March
April
May
June... _
July

August
September
October
November
December

r

._

-__

_

.__
...

.

. -

__

Revised.




__

_.

Germany
Italy
France
(1913=100) (1913=100) (1913=100)

Japan
(October
1900=100)

Netherlands
(1913=100)

Canada
(1926=100)

England
(1913=100)

100
95
97
95
86
73
65

100
98
96
96
87
72
67

148
142
140
137
120
104
102

695
642
645
627
554
502
427

134
138
140
137
125
111
97

602
495
462
445
383
328
304

237
225
226
220
181
153
161

145
148
149
142
117
97
79

65
65
65
64
64
63

67
67
66
65
65
64

98
100
102
101
101
101

430
415
413
412
413
413

96
95
95
94
94
92

296
296
300
299
298
296

148
156
167
169
178
185

76
75
76
77
77
76

61
60
60
60
63
65
69
70
71
71
71
71

64
64
64
65
67
68
71
69
69
68
69
69

100
99
98
97
99
102
102
103
103
103
103
103

411
404
390
387
383
403
401
397
397
397
'403
407

91
91
91
91
92
93
94
94
95
96
96
96

292
286
281
279
279
281
279
278
276
274
273
275

185
180
177
176
177
180
182
180
182
180
179
176

75
74
72
71
72
73
73
73
75
75
76
77

(1926=100)

120

FEDERAL RESERVE BULLETIN

FEBRUARY

1934

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those included in indexes shown in preceding table]
United States (1926=100)

Year and m o n t h

1926
1927
1928
1929
1930
1931
1932

Farm
products

- -

"Dpppmber
19^3 January
Fpforunrv

-

March

- -

---

April

May
June
July

-

- ---

August
September
October

_

November
December...

Farm
Indusand food
trial
products products

_

- _

100
94
93
92
85
75
70

155
152
152
145
127
112
111

144
136
134
132
116
100
97

581
599
584
579
526
542
482

793
678
697
669
579
464
380

129
138
134
130
113
104
91

132
129
133
125
113
96
86

85
132
134
132
120
103
89

150
147
159
157
150
136
118

61
62
62
61
61
58

70
70
70
70
70
69

108
107
107
106
107
108

92
95
99
98
98
97

498
453
445
450
458
456

370
382
384
379
373
375

93
91
89
88
88
84

84
83
85
83
81
80

87
88
89
88
88
87

117
116
115
115
114
114

56
54
55
56
59
61
66
65
65
64
64
63

67
66
66
65
67
69
72
74
76
77
77
78

107
105
102
101
102
104
101
104
105
104
104
103

97
96
95
95
98
101
103
102
102
102
102
103

455
443
417
407
390
418
414
407
413
417
425
432

373
370
368
369
376
390
389
389
383
379
••384
385

81
82
83
82
84
85
87
88
90
93
94
94

81
80
79
77
77
78
77
76
75
73
73
73

87
87
87
87
88
89
90
90
89
89
89
89

113
112
112
111
112
112
113
113
114
114
114
114

I

Germany
(191314=100) 2

COST OF LIVING

United
States
(1913 = 100)

England
(July
1914=100)

France
(July
1914=100) i

--•

161
155
154
157
147
121
102

161
156
157
154
145
131
126

113
113
112
124
125
124
109

144
152
152
155
143
128
112

1926—
1927—
1928...
1929—
1930...
1931—

1932—July
•
August
September.
October
November.
December.

101
101
100
100
99
99

125
123
123
125
125
125

108
104
102
102
104
103

114
112
111
110
110
109

1932—July
August
September..
October
November..
December..

1933—January—.
February..
March
April
May
June
July
August
September.
October.. _.
November.
December.

95
91
91
90
94
97
105
3 107
3 107
3 107
3 107
3 104

123
122
119
115
114
114
118
119
122
123
126
126

102
103
101
99
97
97
95
97
98
101
103
104

107
107
106
106
110
111
111
110
111
112
113
114

-January
February._
March
April
May
June_
July
August
SeptemberOctober
November,.
December..

1926
1927
1928
1929
1930...
1931
1932

IndusIndustrial raw
and semi- trial finished
finished
products products

Provisions

100
97
101
100
91
75
61

RETAIL FOOD PRICES
Year and month

Indus- Agricultrial
tural
products products

43
41
43
45
50
53
60
58
57
56
57
56

.
. _

November

Foods

100
99
106
105
88
65
48

---

1QQ9 JulV
August
September
- O c*tober

Other
commodities

Germany (1913 = 100)

48
49
49
47
47
44

-

Foods

England ( 1913 = 100) France (1913=100)

Year and month

1932_.._

United
States

England

France
(Jan.-June

Germany
(191314=100) »

913 = 100)

(July
1914=100)

1914=100) i

175
173
171
171
164
148
134

170
164
166
164
15$
148
144

85
104
105
113
118
116
107

141
148
152
154
147
136
121

105 I

132

143
141
141
143
143
143

122
120
120
119
119
118

128

135

142
141
139
137
136
136
138
139
141
141
143
143

105

106
105
105

117
117
117
117
118
119
119
118
119
120
121
121

r Revised.
i This index, unlike t h a t for wholesale prices in France, represents prices converted to the gold basis of 1914.
* Average of October 1913, January, April, a n d J u l y 1914=100.
3 Figures for the period nearest the 15th of the m o n t h . Since August 1933 the Bureau of Labor Statistics has published semimonthly indexes
as follows: Aug. 15, 106.7; Aug. 29, 107.1; Sept. 12, 107.0; Sept. 26, 107.4; Oct. 10, 107.3; Oct. 24, 106.6; Nov. 7, 106.7; N o v . 21, 106.8; Dec. 5, 105.5;
Dec. 19,103.9; Jan. 2, 1934, 104.5.
SOURCE: Wholesale prices.—For original sources, see BULLETIN for March 1931 (p. 159). Retail food prices and cost of living.—United States—
Bureau of Labor Statistics, D e p a r t m e n t of Labor; England—Ministry
of Labour; Germany—Statistisches
Reichsamt; France— For retail food
prices, Statistique Generate, and for cost of living Commission d'etudes relatives a u cout de la vie a Paris.




FEBRUARY

1934

FEDERAL RESERVE BULLETIN

121

LAW DEPARTMENT
Effect of insurance of bank deposits upon requirement
of security for trust funds used by member bank in
conduct of its business

of bank deposits return to the bank any portion
of the securities required to be pledged with
the trust department under the requirement
It was recently suggested to the Federal in question.
Reserve Board that, in view of the provisions
of law relating to the insurance of bank deposits
after January 1, 1934, the trust department of Municipal ordinance requiring payment of interest on
public funds
a member bank may properly return to the
The Federal Reserve Board recently had
bank the portion of the bonds pledged to
secure deposits of trust funds in other depart- under consideration a case in which it appeared
ments of the bank for which insurance became that the provisions of a valid city ordinance required the payment of interest on deposits of
effective on that date.
Section 11 (k) of the Federal Reserve Act municipal funds but it was understood that the
requires that funds deposited or held in trust State statutes did not contain a requirement
by a national bank awaiting investment shall that interest be paid on such funds. The quesbe carried in a separate account and " shall not tion was raised whether such a municipal ordibe used by the bank in the conduct of its busi- nance constitutes "Statelaw" within the meanness unless it shall first set aside in the trust ing of that provision of section 19 of the Feddepartment United States bonds or other eral Reserve Act, as amended, which excepts
securities approved by the Federal Reserve from the prohibition upon the payment of inBoard/' Tins provision of section 11 (k) was terest upon deposits payable on demand denot repealed or qualified by the provisions of posits of public funds "with respect to which
the Banking Act of 1933 relating to the insur- payment of interest is required under State
ance of bank deposits and, accordingly, this law."
It may be conceded that for certain purrequirement is still effective since January 1,
1934, with respect to trust funds of national poses a municipal ordinance may be regarded
banks which are used by the banks in the as "State law", as, for example, within the
meaning of that provision of the Federal Conconduct of their business.
One of the conditions of membership to which stitution which prohibits the impairment of
a number of State member banks agreed at the obligation of contracts. As a general rule,
the time of their admission to membership in however, the term "State law" does not include a municipal ordinance, and the term
the Reserve System is as follows:
may be used to indicate the law of the State
If trust funds held by such bank are deposited in its
banking department or otherwise used in the conduct declared by the State legislature, as distinof its business, it shall deposit with its trust depart- guished from the local law declared by cities,
ment security in the same manner and to the same counties, and other political subdivisions of
extent as is required of national banks exercising the State. The fact that in other provisions of
fiduciary powers.
the Federal Reserve Act Congress employed
It was the intention of the Board in pre- the phrase "State or local law" appears to
scribing the condition of membership above indicate that Congress had this distinction
quoted in connection with the admission of in mind.
such State banks to the Federal Reserve
Accordingly, having in mind the general rule
System that they should be subject to the same that an exception to a statutory provision
requirement in this respect as are national should be strictly construed, the Federal Rebanks which exercise fiduciary powers. As serve Board expressed the opinion that a municthe requirement is not changed as to national ipal ordinance is not "State law" within the
banks by reason of the insurance of bank meaning of the provision of the Federal Redeposits the Federal Reserve Board does not serve Act here in question.
feel that it should be modified on that account
for State member banks which are subject to
Computation of reserve balances in connection with
the condition in question.
the payment of dividends
The Board expressed the view therefore that
the trust department of a national bank or a
An inquiry was recently received from a
State member bank which is subject to the member bank regarding the computation of
condition of membership above mentioned may its required reserve balances in connection
not by reason of the provisions for insurance with the payment of dividends by the bank.




122

FEDERAL RESERVE BULLETIN

FEBRUARY

1934

In this connection, section 19 of the Federal the meaning of section 2 (c) of the Banking
Act of 1933 so as to make it necessary for such
Reserve Act provides in part as follows:
The required balance carried by a member bank trustees to obtain permission from the Board to
with a Federal Reserve bank may, under the regu- vote the stock so held by them.
lations and subject to such penalties as may be preThe trust agreement entered into between
scribed by the Federal Reserve Board, be checked the trustees and the stockholders of the naagainst and withdrawn by such member bank for the
purpose of meeting existing liabilities: Provided, tional bank contained the following preliminary
however, That no bank shall at any time make new statement:

loans or shall pay any dividends unless and until the
* * * the parties hereto desire to prevent the
total balance required by law is fully restored.
control of said association falling into the hands of any
competitor or any
that
manage said assoPursuant to the authority of this provision ciation for his or its partybenefitmaythe detriment of the
own
to
of law, the Federal Reserve Board has pre- interests of such stockholders of said corporation, and
scribed certain rules governing penalties for to that end desire to grant mutual options to each other
deficiencies in reserves in section IV of its for the purchase of their interests in shares of the stock
shall
under the
regulation D, and has provided therein that thereof as the same have existstock now terms of this
agreement, and to
the
belonging to
"in computing such deficiencies the required them respectively voted as a unit.

reserve balance of each member bank at the
close of business each day shall be based upon
its net deposit balances at the opening of
business on the same day * * *." Thus,
member banks have until the close of business
each day in which to adjust their reserve balances so as to meet the requirements of their
deposit balances at the close of business of the
preceding day. Deficiencies in reserves should
be computed on this basis in determining the
amount of penalties, if any, to which a member
bank is subject.
Since, however, the law provides that "no
bank shall at any time make any new loans or
shall pay any dividends unless and until the
total balance required by law is fully restored77,
a member bank may not lawfully pay any
dividends when its reserves are actually
deficient at the time of such payment; and the
fact that its reserve balances at the close of
business on the date of payment of dividends
may be adequate in relation to its deposit
balances at the opening of business on such
date is not in itself a compliance with this
provision of the law. For this purpose, the
required reserve balance at the time of payment of dividends must be based upon net
deposit balances existing at that time and,
accordingly, if the reserve balance at the
opening of business on the date of payment of
the dividend is adequate in relation to the net
deposit balances existing at the opening of
business on such date, the dividend, if otherwise proper, may lawfully be paid.
Individual trustees as a holding company affiliate

The Federal Keserve Board has recently had
occasion to determine whether certain individuals holding stock of a national bank as trustees
for stockholders of that bank should be regarded as a holding company affiliate within




In order to effectuate the purposes of the
agreement as above set forth, it was provided
that the agreeing stockholders should grant
mutual options to each other for the purchase
of their interests in shares of the stock held by
them in any case in which a stockholder might
receive a bona fide offer from one or more other
stockholders to purchase the shares of stock
owned by him. The agreement also provided
that the stock held by the agreeing stockholders should be transferred to the trustees on the
books of the bank; and that the trustees should
have power to vote the stock held by them,
either as directed by those holding the interest
in a majority of such shares of stock or, failing
such direction, as the trustees in their discretion
might deem best for the interests of the bank.
The trustees were required to issue to each of
the agreeing stockholders certificates showing
the number of shares of the bank's stock held in
trust for him subject to the terms of the agreement and were authorized to collect all dividends which might be declared upon the stock
and to distribute such dividends to the agreeing
stockholders in proportion to their respective
interests. The agreement conferred upon the
trustees no powers other than those above outlined. It empowered them to deal with the
stock held by them only as specifically authorized by the agreement in order to effectuate the
desire of the stockholders to grant mutual
options to each other for the purchase of their
shares of stock.
In these circumstances, the Board expressed
the view that the trustees under the trust agreement in question do not perform any of the
characteristic functions of a "business trust"
and do not constitute a "corporation, business
trust, association, or other similar organization", within the meaning of the definition of a
"holding company affiliate" contained in
section 2 (c) of the Banking Act of 1933.

FEBRUARY

1934

123

FEDERAL RESERVE BULLETIN

Necessity for permit under Clayton Act in case in
which permit has been issued under section 32 of
Banking Act of 1933

The question recently arose whether a
permit issued by the Federal Reserve Board
pursuant to section 32 of the Banking Act of
1933 was in itself sufficient to render lawful a
relationship which fell within the prohibitory
provisions both of that section and of section
8A of the Clayton Act.
Section 32 of the Banking Act of 1933 applies
to certain specified relationships which are not
the same as those covered by section 8A of
the Clayton Act and renders unlawful the
relationships to which it applies " unless in any
case there is a permit therefor issued by the
Federal Reserve Board; and the Board is
authorized to issue such permit if in its judgment it is not incompatible with the public
interest." There is no reason to assume that
the Board is authorized by this provision in
section 32 to issue permits which will make the
service in question lawful regardless of any
other provision of law which might be applicable in a particular case; and it is felt that an
interpretation which would reach such a result
would be an unwarranted extension of the
authority contained in section 32.
In this connection it is important to note
that while the Federal Reserve Board is
authorized under the provisions of the Clayton
Act to grant permits covering relationships
between banks, banking associations, or trust
companies, it has no authority to grant such
permits covering relationships with nonbanking
organizations which are affected by the prohibitory provisions of section 8A.
Accordingly, it is the view of the Federal
Reserve Board that a permit issued under
section 32 will not render lawful the relationship covered thereby in a case in which such
relationship falls also within the prohibitory
provisions of the Clayton Act and no permit
has been issued pursuant to the provisions of
that act.

[PUBLIC—No. 84—73D CONGRESS]

[S. 2125]
AN ACT
To continue the functions of the Reconstruction Finance Corporation, to provide additional funds for the Corporation, and for other
purposes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That until February 1, 1935, or such earlier
date as the President may fix by proclamation, the Reconstruction Finance Corporation is hereby authorized
to continue to perform all functions which it is authorized to perform under existing law, and the liquidation
and winding up of its affairs as provided for by section
13 of the Reconstruction Finance Corporation Act, as
amended, are hereby postponed during the period that
the functions of the Corporation are continued pursuant
to this act.
SEC. 2. No funds shall be disbursed on any commitment or agreement to make a loan or advance hereafter
made by the Reconstruction Finance Corporation after
the expiration of one year from the date of such commitment or agreement; but within the period of such
one-year limitation no provision of law terminating
any of the functions of the Reconstruction Finance
Corporation shall be construed to prohibit disbursement of funds on prior commitments or agreements to
make loans or advances.
SEC. 3. The amount of notes, debentures, and bonds
or other such obligations which the Reconstruction
Finance Corporation is authorized and empowered to
have outstanding at any one time pursuant to section 9
of the Reconstruction Finance Corporation Act, as
amended, is hereby increased by $850,000,000.
Approved, January 20,1934.
Eligibility of Federal Farm Mortgage Corporation bonds
for purchase or as security for advances by Federal
Reserve banks

There is printed below the text of section 16
of the Federal Farm Mortgage Corporation
Act, approved January 31, 1934 (Public, No.
88, 73d Cong.), amending sections 13 and 14
of the Federal Reserve Act and relating to the
use of Federal Farm Mortgage Corporation
bonds as security for advances by Federal
Reserve banks to their member banks and to
the authority of Federal Reserve banks to
purchase such bonds.

SEC. 16. (a) The first sentence of the eighth paragraph of section 13 of the Federal Reserve Act, as
amended, is further amended by inserting before the
semicolon after the words "section 13 (a) of this Act"
a comma and the following: "or by the deposit or
Continuance of Authority of Reconstruction Finance pledge of Federal Farm Mortgage Corporation bonds
Corporation
issued under the Federal Farm Mortgage Corporation
Act."
There is printed below the text of an act of
(b) Paragraph (b) of section 14 of the Federal
Congress approved January 20, 1934, extending Reserve Act, as amended (U.S.C. title 12, sees. 353the period within which the Reconstruction 358), is further amended by inserting after the words
"bonds and notes of the
Finance Corporation is authorized to perform the following: "bonds of United States" a comma and
the Federal Farm Mortgage
its functions and increasing the amount of Corporation having maturities from date of purchase of
not exceeding six months."
obligations which it may have outstanding.




124

FEDERAL RESERVE BULLETIN

F E B R U A R Y 1934

FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS BY WEEKS

DISCOUNTS BY MONTHS

[In thousands of dollars]

[Averages of daily figures. In millions of dollars]

Wednesday series (1934)

1933

1934

Federal Reserve bank

Federal Reserve bank

Jan. 3

Jan. 24

3,405
47, 734
24, 568

2,584
47, 605
24, 371

4,014
45, 036
23,401

3, 577
36, 909
21, 784

Jan.31

12.3
57.7
47.0

Boston
New York
Philadelphia

7.1
4.0
5.4

10.3
5.4
6.9

24.5
16.2
17.5

Cleveland
Richmonh
Atlanta _

6,781
4,384
5,422

7,083
4,127
5,803

7,804
3, 909
5,438

6, 899
3, 742
5,339

4,983
3, 426
4,336

3.3
1.3
1.7

-

_.

6.3
46.9
25.6

5.9
1.5
2.3

16.1
7.9
10.2

Chicago
St. Louis
Minneapolis

3,890
1,593
1,874

3, 510
1,407
1,813

3,042
1,280
1,736

2,905
1, 052
1,593

2, 465
872
1,447

Kansas City
Dallas
San Francisco

1,396
897
2,485

1,294
1,131
1,817

1,172
425
1,949

1,031
263
1,895

811
241
1,881

106,119

103,692

101,315

97, 230

82, 732

__ _.

Chicago
St. Louis_
Minneapolis
Kansas City
Dallas
San Francisco

Jan. 17

3.7
45.6
24.5

Boston ._
New York
Philadelphia
Cleveland
Richmond
Atlanta

Jan.10

4,264
47,156
25, 977

January December January

1.2
.7

2.0
.9

2.2

2.9

11.7
4.4
29.8

100.6

116.9

255.3

_

Total

Back figures—See Annual Reports for 1932 (table 9), 1931 (table 80),
1928 (table 72), and 1927 (table 55).

Total

Back figures—See Annual Reports for 1932 (table 13), 1931 (table 83),
1930 (table 78), etc.

TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES
TO LIABILITIES
[Amounts in thousands of dollars]
Averages of daily figures

Federal Reserve notes in
circulation

Total deposits

Total reserves
Federal Reserve bank
1934
January

1931

1933
December

January

January

1934
December

January

January

1933

ber

Ratio of total reserves
to deposit and Federal
Reserve note liabilities combined
1934

January

1933

Janu- Decem- Januber
ary

Boston
New York
Philadelphia-

262, 520
987, 750
233, 664

259, 610 182,916 ! 174,609
151, 576
951, 699 1, 094, 743 1,114,688 1,032,559 1,257,902
232, 330 215, 805 154, 738 140, 278 131, 778

225, 985
618, 707
230, 754

230,940
655,420
236, 364

189, 696
564,858
231, 820

64.2
57.0
60.6

65.7
56.4
61.7

76.1
60.1
59.4

Cleveland..
RichmondAtlanta

313,599
178, 870
128,015

298, 255
176,081
126,548

261, 905
103, 390
89,705

211,649
101,686
75,122

185, 910
93,217
70,119

149, 223
58, 807
47, 759

284,902
151,790
122, 342

289,620
157,935
124, 609

280, 226
98, 530
97,563

63.2
70.6
64.8

62.7
70.1
65.0

61.0
65.7
61.7

Chicago
St. Louis
Minneapolis-

8C6,002 I 934,853
178, 665 1 172, 295
103, 044
95,163

124, 568
64,184

520,853
121, 275
66, 701

541, 597
107, 885
60,707

430, 958
64,158
40,466

765, 646
139, 454
92, 874

776,136
144, 861
92,122

689, 087
122, 653
81, 294

69.6
68.5
64.6

70.9
68.2
62.3

79.4
66.7
52.7

Kansas City.__
Dallas
San Francisco.

166,119
86, 565
263, 594

99, 787
46,978
251,316

134, 310
102,908
210, 950

119, 794
101,335
201, 935

69, 702
49, 426
150, 461

106, 393
41, 660
203,332

106,863
42,357
214.374

91, 847
37, 525
229, 559

69.0
59.9
63.6

67.2
65.1
65.4

61.8
54.0
66.1

2, 997, 796 2, 829,975 2,002,216 2,983,839 3,071,601 12,714,658

63 5

63.9

65.8

Total..
1

152,417
93,481
272, 355

3, 798, 407 3, 771, 973 3, 500, g

Includes "Federal Reserve notes of other reserve banks" as follows: Latest month, I 9, 573, 000; month ago, $16,058,000; year ago, $16,702,000
Back figures.—See Annual Report for 1931 (table 8) and 1928 (table 2).




125

FEDERAL RESERVE BULLETIN

FEBRUARY 1634

EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES; ALSO FEDERAL RESERVE NOTE
AND FEDERAL RESERVE BANK NOTE STATEMENT, JAN. 31, 1934
[In thousands of dollars]
Philadelphia

Total

MinCleve- RichSt.
land mond lanta Chicago Louis neapolis

KanSan
sas Dallas Francisco
City

ASSETS
Gold certificates on h a n d and due from |
!
I
I,
U.S. Treasury
3,513,884! 228, 043 903, 054 207,166 306,810 160, 954114, 834
Redemption fund—F.R. notes
43, 356i 3, 24G
9,717 4,155! 4, 283 1, 402. 3, 008
!
Other cash
i 234.848: 22,142
53. 468 34,706! 16,908 12,085i 12,593
Total reserves
Redemption fund—F.R. bank notes
Bills discounted:
Secured b y U.S. Govt. obligations
Other bills discounted

3,792, 088| 253, 431
i 12, 9771 1. 250!
j
j
26, 377: 2, 440;
I 56,355
1.137i

Total bills discounted
Bills bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills—

|

82, 732111, 397i
j
445, 012i
1, 028,139;
I 960,819

Total U.S. Govt. securities.
Other securities
Total bills and securities
Due from foreign banks
F.R. notes of other banks
Uncollected items
Bank premises
Fed. Dep. Ins. Corp. stock
All other assets
Total assets.

3, 5771
28, 947s

966, 239 246, 027:328, 001 174,441130,435
2,879 1, lOOj 1, 496
252:
612

1,390
344 1,494
3,593 3,082; 2,842
4,983 3,4261 4,336
12, 040 3, 430; 3, 691

14, 983 4,157
21, 926 17, 627
36, 909 21. 784
6, 570 5. 830

857, 662 161, 693 96,041158,208 81,508 237,911
7, 357J l, 210 1,482! 1, 063
811 5, 622
30,708; 9,361 8,581 9,293j 6,216 18,787
895, 727.172, 264 106,104168, 564 88, 535:262, 320
2. 25fii
2,256j

5fi2

S7O
579

623
43
374 1,404
1, 842
2,465
872 1,447
13, 886 4.096 2,523

Kf\(\\

71 2i
713!

777
777

40
326
39
20l! 1,555
772
241 1,881
811
3,713 12.937 13,734

11, 860
34, 627
32, 0'

2, 433, 970 157, 671
1.2931

172, 237 28, 068 32,159
353, 258 72. 200 93, 892
308, 451 66, 852 86, 974
833, 946 167,120 213, 025
510
783

16, 329
25, 587
23, 703
65,619

14,114
35, 991
33, 339
83, 444

18, 527 25,110
24. 892 73,311
23, 056 67, 910
66, 475 166, 331

2, 629, 392 190,195
3, 392:
256
453
15, 780
364. 053 40, 590
52, 339: 3.224
5,115
69, 650
916
49, 025

878, 208 195, 244 230, 048 85,419
369
325
1,289
129
733 1,294
3,684 1, 090
26, 899 34, 486 30, 800
96,916
11,423| 3, 936 6,788 3,128
21, 265 7,310 7,073 2,904
28, 437 5, 565 1,540 2,394

79, 260 453, 694 98,168 69, 589
448
119
11
15
2,230 1,164
1, 068
951
11,019 46, 833 16,316 9,067
7,375 3. 110] 1,657
2,372
9,874 2,547 1, 755
2,636
409 1,421
1,465
3,729

87, 968
95
1,430
20. 737
3,485
2. 066
1, 043

79, 653 181, 946
241
95
304 1,379
13. 534 16, 856
1, 751 4,090
2,180 4,925
910 1,196

24, 389
69,1901
64. 092

10, 774 76, 952 14. 493
31, 385 172, 948 40, 858
29, 074 187, 443 37. 849
78, 563 71, 233 437, 343 93, 200

6, 988, 696 495. 4302, 010, 340487, 540 610. 490300. 761 231, 250 1, 419, 902294. 556 191.134^285. 8S8 187, 675 473. 730

LIABILITIES

F.R. notes in actual circulation
F.R. bank notes in actual circulation
Deposits:
Member bank—reserve account.
Government
Foreign bank
Special deposits:
Member bank
Nonmember bank
Other deposits

'2,926, 243J221, 688 597, 683 228, 799 280, 736 147, 658 120, 252 756, 006 137, 465 93, 322 106, 419 40, 630 195, 585
203,057 j I 21, 639 52, 308 19, 913 23, 640 4,452 4, 715 27, 840 7,818 7,049 9,489 9, 665 14, 529
ir
2, 651,945! 166,347 929, 209 146,953 21
.5,152 89,144 65,950 475, 050 96,8971 55,441 126, 824 101,776 183,202
241,860! 9,746 143, 723 9, 792 5, 576 7,719 2,703
36, 207 4,010j 5,824 2, 516 1,973 12, 071
3, 95211
268
1, 516
387
358
142
469
265
130
123
86
104
104
43, 248
10,183!
83,847j!

200
2,000

2,477
734
27,404

6,153
1,897
720

4, 540
130
3,343

1, 654
773
2,028

Total deposits
3,035, 035 78, 561 1,105, 063 165,902 229, 099 101, 460
Deferred ayailabity items
366, 476; 41,562
96,459, 25,871 33, 660 29, 842
Capital paid in
145,359 10, 643
58, 607| 15,713 12, 531 5, 037
Surplus
1 138, 383j 9, 610
45, 217 13,352 14,090 5,171
Subscription for Fed. Dep. Ins. Corp. I
j
stock:
j
,|
Paid
! 69,650; 5,115
21, 265 7,310 7, 073 2,904
Called for p a y m e n t on Apr. 15
69. 650
5,11.c
21, 265 7,310 7,073 2,904
All other liabilities
34,843
1,497
12,473 3,370 2, 588| 1,333

1, 664
281
7,176

17,927 2,631
5,476
1, 219 8, 635

77,904 530, 872 117, 772
10,635 47,945 16, 645
4, 457 12,894 3,938
5,145 20, 681 4, 756
2, 636
2, 636
2,870

9,874
9,874
3,916

946 1,909
34: 2,800
517
375
7, 718 4, 912 4,547 14,145
70, 390 136, 265
9,176 21,057
2, 873 4,122
3,420 3, 613

108, 747 213, 000
14,865 18,759
3,906 10, 638
3, 683 9,645

2, 547 1, 755 2, 066 2,180
2, 547 1,755 2, 066 2,180
1,068 1, 394
791 1,819

4,925
4,925
1,724

Total liabilities
JO, 988, 696, 495, 430 2, 010, 340 487, 540,610, 490 300, 761 231, 250 1, 419, 902^294, 556J191,134|285,888 187, 675 473, 730
Ratio of total reserves to deposit and
Federal Reserve note liabilities com62.3
63.3
56.'
bined.
64.3
63. 6
70.0
65. 8
59.3
i4. 2
69.6 67.5
69.5
FEDERAL RESERVE NOTE

STATEMENT

Federal Reserve notes:
Issued to F.R. bank by F.R. agent.__ 3,180,943 234, 752
254,700 13, 064
Held by Federal Reserve bank.

669, 321 242, 298 295, 287155, 793 139, 662
71, 638| 13,499 14,5511 8,135 19, 410

In actual circulation _
2,926, 243 221,688 597, 683!228, 799 280, 736147, 658 120, 252i
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U.S. Treasury
2, 516, 317 178, 672 538, 706 170, 500 218,886 132, 598 90, 385
30,416| 15,144 15, 213 5,510 6,497
158,736 31, 769
Eligible paper
570,100 26,000 125, O O 57,000 70,000 21,000 48, 000
Oi
U.S. Government securities
Total collateral
3, 245,153 236, 441 694,122 242,644 304, 099J159,108 144, 882

798,776 142, 759 98,429 112, 616 45,128 246,122
42, 770 5,294 5,107 6,197 4 4 50, 537
,
756, 006

137, 465 93, 322106,419 40,630 195, 585

672, 713 121, 697 77,944 108, 290 33,163 172, 763
14,164 4, 668 3,376 4,034 13,010 14,935
65, 000
120,000 18, 000 18,100 2,000
806,877 144, 365| 99, 420 114, 324| 46,173J252, 698

F.R. BANK NOTE STATEMENT

Federal Reserve bank notes:
Issued to F.R. Bank (outstanding)
Held by Federal Reserve bank
In actual circulation
Collateral pledged against outstanding
notes:
Discounted and purchased bills
U.S. Government securities
Total collateral.




225, 500 23, 987
22, 44311 2,348

62,113 25,142 24, 295
9, 805| 5, 229
655

,
9,661 10, 543 14, 867
8,003 7 8
172!
878
338
760
185
27, 840 7,818| 7,049 9,489| 9,665 14, 529

203, 057

21, 639

52,308; 19,913 23, 640

4, 452

4, 715!

1,495
253, 774

30, 000

1, 235
64,274, 26,500 30, 000|

5,000

255, 269

30,000

64,274| 26,500 31,235

5,000

2011.
59! _
7,000J 36,000 9,000! 10,000 10,000| 11,000 15,000
7, 2011 36,000 i,059| 10,000 10, oooj 11,000 15,000

I

126

FEDEKAL RESERVE BULLETIN

FEBRUARY 1934

FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Month or week

United
States
! Bills
Bills
| dis- bought Govern! counted
ment
securities

1933—January
February-..
March
April
May
June
July
August
September.
October
November..
December..

255
307
999
429
339
250
170

1934—January

101

Treasury
cash and
deposits
with
Federal
Reserve
banks*

Other
Non- Federal
member Reserve
deposits*
accounts*

1, 933
2,016
2, 064
2, 202
2,355
2,437
2,432

4,547
4,491
4, 260
4,301
4,313
4,317
4,319
4,323
4,327
4,324
4,323
4,323

2, 204
2,204
2, 256
2,302
2,301
2, 295
2, 283
2,280
2,280
2,277
2,275
2, 293

5,631
5,892
6,998
6,137
5,876
5,742
5,675
5,616
5,632
5,656
5,681
5,811

2,516
2,291
1,914
2,086
2,125
2,211
2, 268
2,375
2,489
2,590
2,629
2,616

303
314
359
390
371
353
347
316
328
333
349
357

60
79
134
156
173
164
179
186
169
163
158
143

351
344
348
350
355
350
345
348
347
352
355
358

2,432

2,656

4,323

2,302

5,669

2,764

397

146

305

125
120
119
116

2,295
2,333
2, 368
2,397

2,436
2,468
2,512
2,530

4,324
4,324
4,324
4,323

2,278
2,277
2,277
2, 277

5,663
5,679
5,665
5,627

2,503
2,544
2,608
2, 663

342
319
315

157
158
165
167

347
346
356
358

2,556
2,570
2,578
2, 575

4,323
4,323
4,323
4,323

2,275
2,275
2,275
2,276

5,652
5,682
5,673
5,672

2,625
2,603
2,649
2, 671

349
358
336
329

173
169
163
146

355
357
356
356

I
I
!
j

113

Total

Member
bank
reserve
balances

2,110
2,224
3, 237
2,515
2,286
2,208
2,211
2,239
2,358
2, 492
2, 574
2,669

159
138
119
114
117

32
102
379
230
86
12
16
8
7
7
15
101

Other
reserve
bank
credit

Treasury
Mone- and na- Money
tary gold tionalin cirstock
bank
culation
currency*

1,806
1,804
1,875
1,837
1,846

Week ending Saturday—
1933—Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov.
Nov.
Nov.
Nov.

4__.
11..
18..
25_.

116
113
112
113

16
20

2,424
2,439
2,439
2. 437

Dec.
Dec.
Dec.
Dec.
Dec.

2...
O.16.
23.
30_

120
122
118
117
110

27
67
117
114
120

2,437
2,431
2,432
2,432
2,434

2,591
2,628
2,683
2,693
2,689

4,323
4,323
4,323
4,323
4,323

2,277
2,279
2,293
2, 298
2,303

5,731
5,773
5,784
5,855
5,840

2,597
2,550
2,635
2,614
2,669

363
397
369
347
317

146
154
155
135
128

355
355
357
363
361

6—
13.
2027.

103
105
102

122
113
112
109

2,434
2,432
2,432
2,432

2,679 I
2,661 I
2,656 I
2,641 |

4,323
4,323
4, 322
4,322

2,303
2,302
2,302
2,301 |

5, 787
5,701
5,656
5, 603

2,701
2,719
2,797
2,850

320
402
396
385

145
157
144
139

351
307
288
287

1934—Jan.
Jan.
Jan.
Jan.

RESERVE BANK CREDIT OUTSTANDING AND RELATED ITEMS (END OF MONTH SERIES)
[In millions of dollars]
Reserve bank credit outstanding

End of month

United
Bills
States
disbills Governcount- bought ment
ed
securities

Other
reserve
bank
credit

Total

Treasury Money
Monetaand
ry gold nationalin
circulabank
stock
tion
currency*

Member
bank
reserve
balances

1933—January. _.
February..
March
April
May
June
July
August
September.
October
November.
December.

274
582
426
435
302
164
167
153
128
116
119
98

31
336
305
171
20
48
9
7
7
7
24
133

1,763
1,866
1,838
1,837
1,890
1,998
2,028
2,129
2,277
2,421
2,432
2,437

9
10
3
16
7
10
6
8
9
5
7
20

2,077
2,794
2,572
2,459
2,218
2,220
2,209
2,297
2,421
2,548
2,581
2,688

4,553
4,379
4,282
4,312
4,315
4,318
4,320
4,329
4,324
4,323
4,323
4,323

2, 204
2,217
2, 289
2, 305
2,298
2,285
2,281
2, 281
2.278
2,276
2,277
2,303

5,645
6, 546
6,320
6,003
5,812
5,721
5, 630
5,613
5,650
5, 635
5,743
5,804

2,446
2,141
1,949
2,132
2,167
2,292
2,294
2,409
2,538
2,685
2,573
2,729

1934—January...

83

111

2,432

2

2, 630

*4,035

2,302

*5,292

2,652

Treasury
cash and
deposits
with
Federal
Reserve
banks*

*See footnotes to table for Wednesday series on p. 93.




596

287

127

FEDEKAL RESERVE BULLETIN

FEBRUARY 1934

LICENSED MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[In million of dollars]
Averages of daily figures
Reserves held
Federal Reserve district

Total
December

November

Boston
New York
Philadelphia.

166.4
949.9
121.2

184.3
986.6
118.2

Cleveland—
Richmond.
Atlanta

165.3
82.6
59.4

Chicago
St. Louis
Minneapolis
Kansas C i t y . . .
Dallas
San Francisco-

Borrowings at Federal Reserve
banks

Excess
November

October

December

November

171.5
1, 015. 2
124.5

56.6
116.0
17.0

75. 0
148.9
17.2

61.6
170.0
24.5

6.3
43.3
13.8

5.3
36.4
12.6

4.1
35.0
12.9

144.8
76.0
57.7

136.6
69.9
55.8

53.9
28.5
17.5

34.9
23.7
17.5

26.0
18.7
16.5

9.1
4.6
5.5

8.5
5.7
5.0

8.7
6.7
4.5

506.7
92.3
55.8

530.7
82.8
53.4

516.5
73.7
50.8

280.8
40.9
18.5

308.4
33.5
15.8

298.1
26.3
14.1

4.7
1.4
2.3

4.8
1.3
3.0

3.8
1.6
3.1

111.1
98.0
178.9

106.8
83.9
174.0

102.1
75.6
164.3

48.8
50.6
36.5

46.1
38.7
34.4

42.6
33.2
26.8

1.5
.8
1.7

2.7
1.0
3.4

2.8
2.0
5.9

2, 587. 6

Total,

December

2, 599. 3

2, 556.5

765.7

794.1

758.4

October

October

91.0

NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND
SMALLER CENTERS
[In millions of dollars]
Averages of daily figures for October-December 1933
Member banks in larger centers (places over 15,000)
Federal Reserve district

Net demand

Time

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

Time

Decem- Novem- October Decem- Novem- October Decem- Novem- October Decem- NovemOctober
ber
ber
ber
ber
ber
ber
ber
ber
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas City__.
Dallas
San Francisco _
Total




936
6,108
732

6,115
697

932
6,171
685

635
1, G83
586

643
1,750
585

645
1,743
587

76
180
129

78
180
129

79
181
130

105
417
344

102
416
346

101
417
348

785
395
312

768
383
293

777
373
288

796
283
258

805
277
260

799
276
263

111
85
65

109
79

110
74
55

193
135
57

191
133
57

190
133
57

1,645
379
226

1,615
357
230

1,579
341
220

778
226
162

768
229
166

762
229
169

112
89
98

107
88
95

106
84
93

131
77
159

129
78
159

129
77
158

426
334
924

411
316
900

402
293
881

155
1, 497

201
157
1,478

204
156
1,476

178
160

173
150
82

167
143
78

31
74

101
31
75

101
31
75

| 13,201

13,014

12, 943

7,256

7,319

1,333

1,300

1,822

1,820

1,817

128

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

MEMBER BANKS LICENSED AND NOT LICENSED AS OF JAN. 24, 1934
Deposits on Oct. 25, 1933, of banks
licensed and not licensed on Jan.
24,1934 (in thousands of dollars)

Number of banks
Federal Reserve district
Not

Total I Licensed i licensed
All member banks:
Boston
New York
Philadelphia. _.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco. -

372
806
665
632
401
328
686
407
534
752
559
399

364
771
615
565
377
311
592
367
509
715
548
373

Total

Licensed

2,008,234
9, 704,636
2, 008. 352
2,153,011
1, 028, 752
806, 691
3, 040, 360
875, 893
723, 079
1, 052, 622
783,447
2, 763,152

4,889
51,352
107,656
88,874
17, 579
12, 917
83, 823
25, 877
12, 782
12,511
4,286
11,194

27, 381, 969 26, 948, 229

433, 740

1, 573, 407
4, 034, 219
1,390, 038
1, 257, 004
733, 064
726, 852
2, 387, 251
583, 386
680, 552
929, 440
744,329
2,173,875

4,889
31, 320
88,961
76, 278
17, 305
12,917
70, 589
24, 344
12, 782
12,511
4,286
9,621

2, 013,123
9, 755, 988
2,116, 008
2, 241, 885
1, 046, 331
819, 608
3,124,183
901,770
735,861
1,065,133
787, 733
2, 774, 346

j
|
I
|
I
!
j

TotalNational banks:
Boston
New York
Philadelphia_-_
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _.
Kansas City—Dallas
San Francisco.

6,541

330
646
600
536
342
273
525
332
470
709
500
324

322
615
555
478
319
256
456
297
445
672
489
303

Total.
State bank members:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

5,587

5,207

42
160
65
96
59
55
161
75
64
43
59
75

42
156
60
87
58
55
136
70
64
43
59
70

434,827
5, 690, 449
637,009
908, 603
295,962
79, 839
666, 343
294, 040
42, 527
123,182
39,118
590,850

434,827
5, 670, 417
618,314
896,007
295, 688
79, 839
653,109
292, 507
42, 527
123,182
39,118
589,277

954

900 i

9, 802, 749

9, 734, 812

Total.
1

Not
licensed l

' 107
,

1, 578, 296
4, 065. 539
1,478,999
1, 333, 282
750, 369
739,769
2, 457, 840
607, 730
693,334
941,951
748,615
2,183,496
380

17, 579, 220 17,213,417

365, 803

20,032
18,695
12, 596
274
13, 234
1,533

1,573
67,937

Exclusive of banks placed in liquidation or receivership.

NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, JAN. 24, 1934
[Preliminary figures, subject to change; based on information received by Federal Reserve banks]
Number of banks

Deposits on Dec. 31,
1932, or latest available call date (in
thousands of dollars)

Federal Reserve district
Total i

On unrestricted
basis

Total i

Banks on
unrestricted basis

Boston
New York...,
Philadelphia.Cleveland
Richmond. _
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

188
309
267
677
664
736
2,068
1,360
938
1,405
500
364

155
299
245
595
583
701
1,490
1,200
895
1,247
489
338

482,166
1,086,473
451,626
554, 434
429, 249
199, 621
973,171
354, 232
235,045
260, 717
120, 809
496, 257

427,179
1,044,313
403,819
468, 799
380, 500
190,449
715, 767
319,967
226, 301
239,591
117,933
487,067

Total...

9,476

8,237

5, 643,800

5, 021, 685

i Exclusive of banks placed in liquidation or receivership.




ALL MEMBER BANKS—CONDITION ON CALL DATES JUNE 30, 1930, TO OCT. 25, 1933
[Amounts in thousands of dollars]
1930
June 30

Sept. 24

1932

1931
Dec. 31

M a r . 25

June 30

Sept. 29 Dec. 31

June 30

1933

Sept. 30 Dec. 31 June 30

Oct. 25 1

ASSETS

;
Loans (including overdrafts)
_ 15, 213, 770 24, 738, Oil 23,i 870, 488 22, 839, 946 21 816, 243 20, 874, 08419. 260, 16,587, 185 15,923,841 15, 204, 050 12, 858, 099 13, 058,, 608
, 870,
6,539,706 6,887,123 6,801,360
United States Government securities
_._
4,061,3951 4.095,270 4,124, 776 5, 002, 262 " 343, 032 5, 564, 461 5, 318, 654 5, 627, 854 6, 366,099 6 3 9 7
""'
,
Other securities
_
_
.
6, 380, 494 6. G38, 969 6,864, 247 > 886. 357 763. 247 » 634, 6895, 995, 786 5, 785, 764 5, 754, 743 5, 725. 714 5, 041, 149 5, 092, 856
,
,
7 694
!
234
922,
Total loans and investments...
_
_
_ 35, 655, 659|35,472, 250 34!,859,51134 , 728,565 33, 522 33,, 073,2r 30,575,125 28,000,803 28,044, 68327,, 469,470 24,786,371 24[, 952, K24
662, 415 718, 500 458, 952 440, 276 412, 248 424, 263 392,814
Customers' liability on account of acceptances
928.8071
912,852 1,117,833 1, 035, 978 888, 454
412248
424263
Banking house, furniture, and fixtures _
_ 1,217,963 1,230,754 1, 240, 444 1, 239, " ., 234, 404 1, 220, 317 1,174, 95' 1,166, 263 1,167, 763 1,150, 245 982, 036 987, 366
209, 518 211, 755 233, 014 253, 342 268, 945 227, 074 268, 215
191,169
199. 935 206, 569
Other real estate owned
_
.__
190, 995
197, 869
Cash in vault
_ 484, 262 470, 367 592, 504 461, 267 519,135 554,150 522, 551 478, 224 406, 688 422, 838 404, 502 446, 9S3
2, 407,960 2, 414, 991 2, 474, 509 2, 364, 478 I, 396, 421 2, 339, 230 1, 975,169 1,997,656| 2,234,919 2,511,374 2,235,179 2,651,476
Reserve with Federal Reserve banks
531, 691 598, 285 419, 706 i 387, 225 449, 848! 423,163 433, 626
836, 471 698, 871 757, 216 524, 765 629, 418
Items with Federal Reserve banks in process of collection
2, 360, 377 2, 462, 827 2, 455, 948 2, 791, 204 I, 517, 096 1, 935,119 1, 662, 226 1, 730, 770 2, 048, 644 2,415,656 2, 008, 218 1,848,418
Due from banks in United States
_
193,881
Due from banks in foreign countries (including own branches)... 220, 793 202, 447 260, 818 296, 376 351, 320 215, 692 174,183 192, 619 175,3'
214, 111 257, 598
959, 218 1, 388, 409 859, 340 802,, 881
594, 695 1, 008, 400 591, 596
2, 645, 057 1, 146, 915 2, 076,189 975; 215 ,771,312
Exchanges for clearing house and other checks on local banks
43, 344
58, 092
87, 358
50, 696 108,128
77, 406
34, 863
118,552
Outside checks and other cash items
53, 780
51, 706
92, 766
47,102
32, 264
32, 548
32, 001
31, 524
39, 242
38, 220
31, 372
32, 658
37, 261
32, 604
32, 318
Redemption fund and due from United States Treasurer
37, 627
Acceptances of other banks and bills of exchange or drafts sold with
8. 172
14,869
18,558
endorsement
_
_ 557, 748 592, 73: 662, 686 524,104 452, 045 329, 756 310, 502 55, 022
7,948
12,928
5. 566
11, 664
20, 279
23, 866
24,822
17,150
13, 473
11,259
26. 324
6, 654
21, 069
Securities borrowed
_
_
Other assets
_
_ 223, 114 242, 062 222,911 300, 024 260, 254 249, 067 223, 687 216, 388 233, 501 226, 281 227, 820 258, 804
36,
47, 906, 740 46,153,113 47, 057, 891 45, 542, 276 45, 288, 588 42, 378, 777 39, 688, 322 35, 911, 061 36, 309,845 259,926 33, 046, 780 33,176.541

Total assets.
LIABILITIES

Demand deposits
Time deposits
United States deposits.
_
_
Due to Federal Reserve banks
_ _
Due to other banks in United States
_
Due to banks in foreign countries (including own branches)
_
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding
Total deposits
_
_
National-bank notes outstanding
Agreements to repurchase United States Government or other
securities sold
Bills payable and rediscounts:
With Federal Reserve banks
_._
_
Allother
Acceptances of other banks and bills of exchange or drafts sold
with endorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting
banks
Securities borrowed
_
Interest, taxes, and other expenses accrued and unpaid
Other liabilities
Capital stock
Surplus
_._
.-_
Undivided profits—net
-_
_
Reserves for contingencies
._
Total liabilities, including capital accountNumber of banks

__

-

_

18.061.977 16,838, 351 17, 501, 550 16, 338, 728 16, 622, 224 15,
14,
i 526,182 955, 400 13, 203, 732 13, 081,
.
12,776,33: 11,315,842 10,636,021 10,001.
13.811.978 13,944, 868 13, 546, 201 13, 663, 258 13, 515, 468 ."
*
411,845
387,463 737,
280, 769 257,185
267, 415
502. 204 395, 397 526,161
48.381
38,362
32,
41, 070
46, 206
47,147
49,267
43,323
41,073
3,831,656 817,132 3,872,842 4,236,451 4,004,077 3, 222, 466 2,832,296 2,870,029 3,268,
433,740
200,569 262,
74
571, 766 660.612 634,927
566,579
657,285
729,301
503,336 464,
1, 493, 437 771,941 1,223,777 626,747 999,310 617.053
19,581
24,475
17.
23. 701
41, 389
26,638
20,960
22.506
33,231
1,480,247 30,746,3S6 27,863,987 2S, 466,
38,139,178 36, ; 874 37,116,939 35,999,796 36,268,065 33,
,
" • 234
739,
649, 098
639, 640 642, 284 636, 041 628,334 624, -- • 648, 906

13, 393. 235 12,927, 78 12, 993. 682
0,549,579 8, 980,
9, 114,380
474, 741
806.
917,881
36, 66!
34.
37.441
3, 607, 64« 3, 047,
2, 975. 675
295. 989
168,
135, 581
369, 891
609.
418. 434
15,250
9, 367
13,
28,742,997 26,587, 456 26, 602, 444
776, 749
743, 589
727, 110

37,164

38,144

158,141

23, 599

15, 371

25, 303

81, 583

62, 983

42,111

45, 579

14, 244

172, 578
143, 402

248, 017
107,151

165,106
116, 336

146, 819
70, 079

323, 354
142, 357

622, 652
216, 476

440, 504
374, 619

331, 345
365, 404

234, 524
312, 261

99, 226
92, 002

H
<^
W
F

20, 306

273, 880
161, 090

F

84, 464
103, 965

592, 732 662, 686 524,104 452,045 329, 756 310, 502
14. 869
55. 022
8. 532
18, 5581
7.948
929, 337 1,138, 624 1, 063, 334 901, 351 681,145
732, 253 483, 064
448, 440
434, 997
429, 738
410, 150
11,514
34, 998
18,127
15, 553
15, 031
13,197
14,169
7,302
14, 555
6.912
5,416
7.335
26, 324
23, 866
24, 822
21, 069
20, 279
13, 473
6, 654
17,150
11, 664
11,259
12.
5, 566
148, 960 182, 397 121,190 158,416
127, 345 162, 507
98, 668 109. 927
67,111
129, 969
73, 276
94, 640
226, 915 212, 698 236, 366 210, 885 209. 455 216, 728 228, 597 192. 553
179, 998 i 200.501
165.648
180,816
2, 721, 997 2, 728, 664 2,665, 151 2, 657,172 2, 620. 606 2, 580, 550 2, 499, 098 2, 440. 467 2.431,688| 2.409,859 2, 220. 330 2, 273, 720
2, 870, 800 2, 903, 258 2, S22,091 2, 804, 906 2,741,351 2, 695, 285 2, 524, 460 2, 366, 239 2, 262. 122 2. 148, 260 1, 847, 462 1,817, 194
950, 072 1, 009, 435 894, 388 910, 480 804, 199 811,456
516,491
605, 403 510. 696
438, 521
373. 258
412,990
182, 940 185, 602 211, 407| 225, 483 264, 068 271, 408 370, 368 343, 518
360, 860
396, 032
412,529
403,610
557, 748
925, 576

47, 906, 740 46,153,113 47, 057, 891 45, 542, 276 45, 288, 588 42, 378, 777

8,315

8,246

8,052

7,782

7,599

>,688,322 35, 911, 061 36, 309, 845 36, 259. 926 33, 046, 780,33,176, 541
7, 2461

6, 980

6, 904J

6,816

5, 6061

5,818

1 Licensed banks (banks operating on an unrestricted basis).




to
CD

LICENSED NATIONAL AND STATE MEMBERS—CONDITION ON OCT. 25, 1933, BY CLASSES OF BANKS

CO
O

[Amounts in thousands of dollars]

Total
ASSETS

Loans (including overdrafts)
United States Government securities
Other securities
Total loans and investments
Customers' liability on account of acceptances.
Banking house, furniture, and fixtures
Other real estate owned
__.
Cash in vault
_
Reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Due from banks in United States
Due from banks in foreign countries (including own branches)
Exchanges for clearing house and other checks on local banks
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with
endorsement
Securities borrowed
Other assets
Total assets .
LIABILITIES

Demand deposits
Time deposits
_
_
__.
United States deposits
__.
Due to Federal Reserve banks
Due to other banks in United States
Due to banks in foreign countries (including own branches)
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding
Total deposits
_
National-bank notes outstanding
Agreement to repurchase U.S. Government or other securities sold....
Bills payable and rediscounts:
With Federal Reserve banks
Allother
Acceptances of other banks and bills of exchange or drafts sold with
endorsement
Acceptances executed for customers
Acceptances executed by other banks for account or reporting banks..
Securities borrowed...
Interest, taxes, and other expenses accrued and unpaid
Other liabilities
Capital stock (see memorandum below)
Surplus.
Undivided profits-net
Reserves for contingencies.
Total liabilities, including capital account.
Par value of capital stock:
First preferredSecond preferred
Common...
TotalNumber of banks—
1




Central
reserve
city
banks

13,058,608
6,801,360
5,092,856
24, 952,824
392,814
987,366
268,215

4,170,729
2, 603. 918
1, 391, 702
8,166,349
342,238
273,718
40,986
79,304
2,651,476 1, 383, 371
433,626
136,639
1,848,418
273, 809
257,598
211, 087
591,596
464, 516
34,863
2,360
38, 220
2,568

Licensed State bank members

Licensed national banks i

All licensed member banks
Other
reserve
city
banks

Country
banks

4, 604,954
2, 605,192
1, 545, 503
8, 755,649
47,021
338, 399
102, 582
135,283
738, 750
212,619
917,356
44,476
103,935
21,800
14,150

4,282,921
1, 592, 250
2,155, 651
8,030,826
3,555
375,249
124,647
232, 396
529, 35,
84,368
657, 253
2,035
23,145
10, 703
21, 502

Total

Central Other
reserve reserve Country
banks
city
city
banks banks

8,243,712 1, 930, 313 3,159, 670 3,, 153, 729
),
4,104, 829;
;,9721, 938, 488 1, 302, 369
.;
3, 373, 336i 716,071 980,980 1.,676, 285
15,721,877 3,510,356 6, 079,138 6,,132,383
i,
1,309
198,799
154,797
42,693
115,341 235,626 293,6p6
644, 573
89,657
22,879
158,307
45,771
327,131
40,036
99, 288 187,807
1,684,024
708,217 555,900 419, 907
61,869
73,720 159,199
294,788
170, 530 743, 507 538,974
1,453,011
1,394
144,520
38,634
184, 548
15,171
161,710
80, 259
257,140
8,264
1,022
15, 986
25,272
21, 502
2,568
14,150
38, 220

Total

Central Other
reserve reserve Country
city
city
banks
banks banks

4,814,896
240,416 1,445,284 1, 129,196
2, 696, 531 1, 739,946 666, 704 289,881
675,631 564, 523 479,300
1, 719, 520
9,230,947 4,655,993 2,,676,5111 ,898,443
187,441
2,246
194,015
4,328
158,377 102, 773
81, 043
342, 793
56,811 34, 990
18,107
109,908
35,995 44, 589
39, 268
119,852
675,154 182, 850 109,448
967, 452
53,420 22,499
62,919
138,838
103, 279 173,849 118, 279
395,407
641
5,842
66,567
73,050
7,974
23,676
302,806
334,456
2,439
5,814
1,
9, 591

475
4,330
531
2,227
1,628
3,842
298
3,488
56
2,926
3,699
4,418
773
350
25
1,492
1,867
52, 789
159,708
28, 402
71, 381
78, 517
35,124 18, 592
45, 380
99,096
33,176,541 11,456,407 11, 548, 710 10,171, 364 21,155,427 5,136, 325 8,191, 069 7,828, 033 12, 021,114 6,320,142 3, 357, 041 2, 343, 331
8,172
5,566
258,804

12,993,682
9,114,380
917,881
37,441
2,975,675
135, 584
418,434
9,367
26,602,444
743,589
20,306
84,464
103,965

5,715
25
73, 782

1,926
1,123
113,641

5, 590, 649 4, 189, 355 3, 213, 678 8, 046, 320 ,508,161 3, 042, 912 2, 495, 247
1,155, 255 3, 613, 972 4, 345,153 6, 316, 457 592, 093 2, 416, 013 6, 308, 351
093
-----------85,389
375, 061
514, 03,
429, 205
113,615
169,526 259,120
23, 039
6,744
5,584
28, 623
30, 697
1,479, 458 1, 267, 732
228, 485 1, 867, 326
683,117 1, 007, 279 176, 930
507
13, 928
10,125
74, 667
120, 685
971
64, 035
28, 284
75, 215
57, 064
306, 270
187,179
36, 949
101,831
73
3,102
2,762
6, 086
5,969
179
3, 134
9,087,608 9,545,109 7,969,727 17,040,576 4,121, 897 6,800^859 6,117,820
1,800, "
46, 292
269, 944
743,589
427, 353
46, 292 269, 944 427, 353
4,087
4,253
10, 455
8,856
13,412
5, 598
469
188
30, 450

6,075
8, 532
359,690
410,150
8,555
14,555
25
5,566
28,813
94,640
87, 775
180,816
754, 865
2, 273,720
720, 098
1,817,194
117, 505
412,990
204, 275
403,010
33,176,541 11,456,46; 11,

10,813
10, 534

73, 463
62, 981

52,192
48,174

5,687
5,351

7,200

4, 947, 362 3, 082, 488 . 146, 443
,
1,
2, 797, 923 563,102 1,197,959
259, 679 115,941
403,846
1,160
8,818
796, 341 260, 453
1,108, 349
3,803
56, 650
60, 917
204, '" 18,151
231, 255
340
2, 952
3, 398
<»
9,561,868 4,965,7112, 744, 50 1
2

46, 505
35, 623

1,926
48,132
4,584
1,123
40, 765
40, 569
746, 574
559, 221
136, 859
122,102

475
531
4, 330
1,628
2,227
1, 077
2, 328
205, 603
43, 846
160, 680
305
1,416
7,77
3,152
4,320
2, 926
4,418
3, 699
773
15, 276
25, 062
59, 949
25, 92'
18, 746
13, 580
52, 472
59, 229
13, 496
32.153
772, 281 1, 5fi3, 273 412, 975 544,311 605, 937
209, 863 303, 415 401, 042
537, 875
914, 320
158, 620
263, 851
98, 663 128, 671
36, 517
27, 306
77, 233
175, 453
84.154
63, 993
548, 710 10,171, 364 21,155, 427 5,136, 325 8,191, 069 7, 828,033 12,

6,894
32, 272
55, 791

1,1

3,7
188
23, 250

5,126
5,183

298
3,848
4,
199. 010
204.
4,:
5, 403
6,
204
25
1,
350
10, 007 14, 838
34,
55, 622 27, 073
121,
341,890 202, 263
710,
510, 235 255,800
902,
80, 988 38,190
149,
120,121 58,109
228,
021,114 0, 320,142 3, 357, 041

W
el
1,511
26, 958
27, 358
1, 251
1,111
1,492
9,786
38, 892
166. 294
136, 833
29, 955
49, 927

2, 343, 331

MEMORANDUM

53, 343

81,488
4,300
2,189,060

754,865

3,100
690,131

28,145
1,200
744, 064

75,119
3,800
1,485,257

412, 975

49,793
3,100
491, 418

25, 320
700
580, 864

6,369
500
703, 803

2, 274,848

754, 865

746,574

773, 409

1, 564,176

412, 975

544,311

606.890

710,672

5,818

62

294

5,462

5, 052

22

214

4,816

700

Member banks only, i.e., exclusive of national banks in Alaska and Hawaii

2

Retirable value, $5,666,000.

3,550

»2,819
»500

341,890 198, 713 163,200
341, 890 202, 203 186, 519
40

3 Retirable value, $650,000.

80

640

I

131

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
City

Federal Reserve district

Total

Total loans and investments:
Jan. 3
» 16, 595
Jan.10
16,388
Jan. 17
16, 447
Jan 24
10, 390
17,121
Jan 31
Loans:
8,385
Jan 3
J-?n 10

8,209
8,218
8,211
8,349

Jan. 17
Jan 24
Jan.31
On securities:
3, 020
Jan 3
-- -Jan 10
3 497
3, 486
Jan 17
Jan 24
3,498
Jan 31
3,609
All other:
4, 705
Jan 3
4,712
Jan 10
4,732
Jpn 17
4,713
Jan 24
4,740
Jan 31
Investments:
Jan 3
'8,210
8,179
Jan 10
8,229
Jan. 17
8,185
Jan. 24
8,772
Jan 31
- U.S. Government securities:
5 205
Jan 3
5, 210 I
Jan 10
--- 5,223
Jan 17
5, 245
Jpn 24
5,786
Jan 31
All other:
' 3,005
Jan 3
2,909
Jan 10
- 3, 000
Jan 17 .
2,940
Tan 24
2,986
Jan 31
Reserve with Federal Reserve
banks:
1,923
Jan. 3
1,983
Jan 10
1,974
Jan.17
- 2,047
Jan 24
Jan 31
1,871
Cash in vault:
'246
Jan 3
Jan. 10
- 248
229
Jan 17
232
Jan 24
Jan 31
217
Net demand deposits:
Jan. 3
.- 10, 952
10,951
Jan. 10
11, 094
Jan 17
Jan. 24
- - --- 11,138
Jan 31
11,118
Time deposits:
4,351
Jan 3
4,343
Jan 10
4,352
Jan.17
4,372
Jan 24
4,367
Jon 31
Government deposits:
712
Jan 3
571
Jan.10
- 463
Jan. 17
370
Jan. 24
975
Jan.31
r
Revised.




San New
St. M i n n e - •Kansas
Louis apolis City Dallas Fran- York
cisco

Boston

New Phila- Cleve- Rich- ; AtdelYork phia land m o n d • lanta

1,194
1,144
1,148
1,143
1,181

7, 039
7, 404
7, 506
7, 471
7,916

1, 020
1,014
1,014
1, 004
1,026

1,105
1,099
1,088
1,082
1,118

336
336
336
339
347

338 ' 1,535
333 1,583
332 1,617
331 1,610
346 1,677

483
478
473
475
493

328
325
327
322
324

515
513
510
509
537

392
395
395
395
417

1,704
1,704
1,701
1,709
1,739

6,707
6, 530
0,579
0, 509
6,986

' 1, 220
1, 273
1,303
1,300
1,349

680
608
007
008
659

3,942
3 795
3,806
3,824
3,986

502
503
511
504
501

446
444
439
438
438

169
168
167
170
169

190
189
187
186
187

752
747
751
743
740

231
228
228
227
227

175
172
172
168
165

205
205
204
203
201

204
202
200
199
197

889
888
886
881
879

3,414
3, 268
3, 279
3,312
3,466

584
579
582
576
574

200
261
251
256
255

1,967
1 847
1,843
1,857
1,970

237
240
248
245
246

221
220
217
217
216

59
59
59
60
59

57
56
55
56
57

340
342
341
338
340

90
90
90
89
88

48
47
46
45
44

59
60
61
61
61

59
60
60
60
58

217
215
215
214
215

1,744
1,624
1,620
1,646
1,748

286
282
280
278
281

420
407
410
412
404

1,975
1,948
1,903
1,907
2,010

265
203
203
259
255

225
224
222
221
222

110
109
108
110
110

133
133
132
130
130

406
405
410
405
400

141
138
138
138
139

127
125
126
123
121

146
145
143
142
140

145
142
140
139
139

672
673
671
667
664

1, 670
1,644
1,659
1,666
1,718

298
297
302
298
293

514
476
481
475
522

3, 697
3, 669
3,700
3, 647
3,930

524
511
503
500
525

659
655
649
644
680

167
168
169
169
178

148
144
145
145
159

'783
836
866
873
937

252
250
245
248
266

153
153
155
154
159

310
308
306
300
336

188
193
195
196
220

815
816
815
828
860

3,293
3,268
3,300
3,257
3,520

636
694
721
724
775

317
305
313
308
358

2, 358
2,339
2, 351
2 365
2,602

284
271
205
203
286

458
455
451
448
484

119
120
121
121
129

101
97
98
97
112

481
533
538
542
608

153
150
144
147
165

96
96
98
97
102

202
200
201
199
229

135
140
141
143
165

501
504
502
515
546

2,187
2,170
2,185
2,201
2,421

377
435
437
437
490

197
171
108
167
164

1,339
1,330
1,349
1,282
1,328

240
240
238
237
239

201
200
198
196
196

48
48
48
48
49

47
47
47
48
47

'302
303
328
331
329

99
100
101
101
101

57
57
57
57
57

108
108
105
107
107

53
53
54
53
55

314
312
313
313
314

1,106
1,098
1,115
1,056
1,099

'259
259
284
287
285

117
140
118
125
119

871
927
899
946
796

76
83
81
89
90

90
95
108
114
121

36
34
36
36
34

25
25
23
23
26

381
343
359
358
351

m

32
33
32
31
28

71
75
82
88
77

58
56
58
62
62

104
107
107
106
105

821
879
846
902
749

346
307
324
322
313

36
39
37
36
35

54
56
48
49
47

'12
12
11
11
11

17
19
17
18
15

11
11
11
11
9

6
6
6
6
5

56
54
52
52
50

11
9
8
8
7

5
5
5
5

12
12
11
12
11

9
9
8
9
8

17
16
15
15
14

42
41
37
38
37

46
43
42
42
41

744
111
779
789
769

5,721
5, 663
5 738
5,761
5,746

600
607
612
015
618

539
538
547
552
558

198
195
190
198
196

154
149
152
153
152

1,270
1,286
1,310
1,309
1,323

313
312
316
317
313

201
195
193
188
184

370
374
388
383
384

258
267
271
276
277

584
588
592
597
598

5,319
5,200
5,335
5,384
5,342

1,078
1,096
1,117
1,112
1,120

356
333
333
332
335

1 117
1,113
1,114
1,124
1,118

303
303
305
304
304

425
428
427
429
434

128
130
130
131
133

128
129
131
131
131

451
452
453
455
448

157
159
159
160
160

124
126
127
128
128

163
165
164
166
165

122
122
122
123
124

877
883
887
889
887

700
697
696
708
707

337
337
337
338
330

73
65
47
31
76

358
291
239
196
521

46
32
26
20
43

42
33
27
22
60

9
7
6
5
11

24
18
14
11
29

47
36
33
31
76

15
10
8
6
23

1
1
1

9
7
6
5
21

24
19
17
14
38

64
52
39
29
74

335
272
224
184
487

36
28
28
27
65

Chicago

65
71
69
62

3

Chicago

132

FEDERAL

RESERVE

FEBRUARY 1934

BULLETIN

WEEKLY REPORTING MEMBER BANKS IN 90 LEADING CITIES—Continued
PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGOContinued
[In millions of dollars]

Federal Reserve district

|
Total
Boston

D u e from b a n k s :
Jan. 3
J a n . 10
___. _ ,
Jan.17
J a n . 24 Jan.31___
_ ,
Due to banks:
Jan. 3
Jan.10
Jan.17
J a n . 24
Jan. 31
Borrowings from Federal Reserve banks:
Jan. 3
J a n . 10
Jan. 17
._ .
Jan 24
Jan. 31

New
York

PhilaCleve- Richdelland mond
phia

Atlanta

Chicago

Citj

San
St. Minne- Kansas
Louis apolis City Dallas Francisco

New
York

Chicago

1, 256
1,210
1,274
1,308
1,304

106
111
119
105
98

133
118
112
112
124

87
85
97
105
102

62
59
70
75
78

62
53
55
62
62

50
51
51
51
51

246
240
236
250
238

62
67
72
76
81

69
67
67
71
69

130
129
144
149
149

103
99
101
102
108

146
131
150
150
144

83
71
74
74
76

194
184
182
194
188

2,828
2 804
2,908
3 001
2 968

169
173
174
170
160

1,234
1, 229
1,275
1,329
1,315

156
153
164
170
174

128
124
129
137
139

81
72
73
76
74

64
63
62
64
62

346
349
364
378
366

109
111
115
120
122

78
78
81
80
79

187
185
198
202
199

122
121
125
129
129

154
146
148
146
149

1,178
1,174
1,221
1,276
1 260

278
280
294
307
294

25
21
21
20
13

1

16
15
15
14
8

3

2
2
2
2
1

2
2
2

2
2
2
2

RECONSTRUCTION FINANCE CORPORATION
REVISED GROUP TOTALS OF LOANS, SUBSCRIPTIONS, AND ALLOCATIONS FOR PERIOD AUGUST
1932—AUGUST 1933 *
[Proceeds disbursed, less repayments; amount outstanding at end of month; in thousands of dollars]
1932

Aug.
Loans and subscriptions:
Loans under sec 5.
Other loans
_.
Subscriptions
Total .
Allocations:
For relief
To other agencies
Total
Grand total

Oct.

1933

Sept.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

967,658

984, 664 1, 057, 453 1,069,1
'450
1,636

967,658

984,664 1,057,903 1,071,280 1,144, 832 1,190,194 1,314,315 1,396, 213 1, 432,133 1, 529,035 1, 554,825 1, 555, 868 1, 565, 623

, 127, 77 , 170,1
, 294, 424 1,361,;
,458,183
, 384, 230 1. 473, 598 1.,478,
,
L 401,
,
17,062
19,891
22,139
27,820
31,204
60,887
19, 549
45,055
54,!
12, 500
20, 083
24, 233
46, 553
31, 283
39, 428

3,948
75,000

14,160
75,000

30,978
83,000

51, 441
75, 020

79,967
86, 320

120,147
93, 020

159, 555
100, 220

201, 374
138, 620

242,741
180, 820

295,924
194,870

335,984
202, 670

379,105
209, 720

424,166
218, 370

78,948

89,160

113,978

126, 461

166, 287

213,167

259, 775

339,994

423,561

490, 794

538, 654

588,825

642, 536

1,046, 606 1, 073,824 1,171,881 1,197, 7411, 311,119 1, 403, 361 1, 574, 090 1, 736, 207 1,855, 694 2, 019,829 2, 093, 479 2,144, 693 2, 208,159

For months beginning with September 1933, see table on p. 103.




133

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS AND
SHORT-TERM SECURITIES HELD BY FEDERAL
CURRENCY TO AND FROM EUROPE
RESERVE BANKS
BY SELECTED BANKS IN NEW YORK CITY

[In thousands of dollars]

[Paper currency only. In thousands of dollars]

I

Total

1934

1933

Net
Net
ShipShipReshipshipRements ments ceipts ments
ments ceipts
to
from (-) or
(-)or
to
from
FCurope Europe receipts Europe Europe receipts

Month

(+)

January
February._
March
Aprii
May
June
July
August
September.
October
November.
December. _

3
105
101
25
1
0
4
5
122
89
57
42

5, 304
5, 589
13, 786
8, 049
12, 523
6, 866
11,755
6,153
4,756
5,905
3, 397
6, 976

Bills discounted:
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan.31
Bills bought in
open market:
Jan. 3.
Jan.. 10.
Jan. 17.
Jan. 24.
Jan.31
Treasury certificates and bills:
Jan. 3
Jan. 10
Jan.17
Jan. 24
Jan. 31
Municipal warrants:
Jan. 3
Jan.10
Jan. 17
Jan. 24
Jan. 31

(+)

+5, 301
+5,484
+ 13,685
+8,024
+12, 522
+6, 866
+11,751
+6,148
+4, 634
+5,816
+3, 340
+6,934

5,256

+5, 256

For description and back figures see BULLETIN for January 1933, p. 43.

PAPER CURRENCY OF EACH DENOMINATION
IN CIRCULATION
[Outside Treasury and Federal Reserve banks.

In millions of dollars]

$1

June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 30
355
• 32
654
1,143
1,335
391
662
145
273
9
10

$2

$5._
$10
$20

$50
$100
$500
$1,000
$5,000
$10,000
Total.

360
32
656
1,138
1,312
377
636
136
254
8
10

366
33
664
1,153
1,300
367
620
131
246
7
10

380
33
685
1,181
1,302
362
612
127
239
7
10

382
33
682
1,178
1,303
357
607
124
232
7
12

388
33
702
1,205
1, 336
362
613
125
239
7
12

5,009

4,917

4, 896

4, 937

4, 916

5,022

Date

402
33
719
1,229
1,342
364
618
125
237
8
5,085

Jan 2
Jan. 3
Jan 4
J^n 5
Jan 6
Jan 8
Jan. 9
Jan 10
Jan 11
Jan 12
Jan 13
Jan 15
Jan. 16

10

NOTE.—Figures include, in addition to currency outside the Treasury
and Federal Keserve banks, unassorted currency held by these institutions, amounting to $5,000,000-$6,000,000, and also $1,000,000 of currency
of unknown denominations reported by the Treasury as destroyed.

UNITED STATES POSTAL SAVINGS

January
February
March
April
May
June
Juiy
August
September
October
November
December

1928
! 148. 9
151.1
152.0
152. 2
152.0
152.1
151.7
152. 2
152. 3
153. 1
153.9
153.9

» Preliminary.




78,426
77,116
76, 555
76, 294
61, 744

121, 062
113,211
111,939
104,126
111,397

21, 960
20, 354
23, 989
29, 242
33,092

935, 853
935, 825
935, 820
935, 820
960,819

73, 348 46, 703 121, 430 312, 054 196, 756 185, 56!
31, 513 160,444 321, 890 167, 446 185, 534
46, 703 47, 260 297, 554 148,170 210, 604
185,529
'
• - - • • - • - • 185, 529
31,513 5 8 , 4 0 1 —
45, 260 74,170 316,687 128,893 210,881185,
"1,528

1,493
1,462
1,413
1, 293
1,293

1,410
1, 399
1,360
1,240
1,240

6,110 10,711
7,135 8, 827
6,334 11, 190
4,041 12,367
7,341 9,730

24, 618
28, 907
27,943
25, 400
31,661

52, 690
48, 707
47, 211
40, 431
29,153

36

9,497 1,152
9,168 1,226
6, 285
873
3, 707
749
3,245
619
21, 633
15, 089
12, 66:
8, 943
17,431

223
220
78
72
53

161
154
104
110
60

17

1929

1930

1931

1932

153.5
154. 8
155.0
154. 3
153.8
153. 6
157. 8
160.1
160. 3
161.6
163. 7
164. 3

165. 1
167.9
169. 5
170. 2
171.2
175. 3
180.7
186.5
189. 8
192. 5
200.7
245.4

278.4
292. 1
302. 7
313.8
325. 0
347.4
372. 5
422. 7
469. 9
538.1
565. 5
605.1

665. 6
691. 8
705. 3
722.1
742. 6
784.8
828.5
848. 5
857. 4
870.8
885. 2
900.8

Price 1 (per
ounce of
fine gold)
$34.06
34.06
34.06
34.06
34. 06
34.06
34.06
34 06
34 06
34.06
34. 06
34 06
34. 45

Date

Jan.17
Jan. 18
Jan 19
Jan. 20
Jan 22
Jan. 23
Jan. 24
Jan 25
Jan 26
Jan 27
Jan. 29
Jan 30
Jan. 31

Price i (per
ounce of
fine gold)
$34. 45
34. 45
34.45
34. 45
34. 45
34. 45
31. 45
34. 45
34 45
34. 45
34. 45
34. 45
34. 45

1
For period Jan. 2-15, rate for subscriptions to R . F . C notes payable
in gold newly mined in United States. For period Jan. 16-31 price
fixed by Secretary of Treasury for purchases by Federal Reserve Bank
of New York (less a handling charge of one fourth of 1 percent) of gold
newly mined in United States, the Treasury to purchase from the bank
equivalent amounts of gold coins.

[Balance to credit of depositors. In millions of dollars]
End of month

106,119
103, 692
101,315
97, 230
82, 732

OFFICIAL PRICE OF GOLD *—JANUARY 1934

1933
Denomination

91 days
Within 15 16 to 30 31 to 60 •1 to 90 to 6 6Over
mos.
days days days days mos.

942. 5
1,006. 2
1,112.7
1.158. 4
1,178.8
1,185.1
1.176. 7
1.177. 7
1,180. 7
1,188.9
'1,199. 3
'1, 209. 4

i

134

FEDERAL RESERVE BULLETIN

FEBRUARY

1934

FEDERAL DEPOSIT INSURANCE CORPORATION—TEMPORARY INSURANCE FUND: NUMBER
OF PARTICIPATING BANKS, NUMBER OF INSURED ACCOUNTS, AND AGGREGATE OF
INSURED DEPOSITS, BY STATES, JANUARY 31, 1934
[Figures released by the Corporation Feb. 4]

State

Num- Number of
ber of insured acbanks
counts

Aggregate
of insured
deposits

State

Num- Number of
ber of insured acbanks
counts

Aggregate
of insured
deposits

Alabama..
Arizona
Arkans: s.California ,
Colorado..

194
15
200
206
136

596,281
69, 047
283,377
3, 619,824
383,293

$77,610,675
17, 204,826
48, 689,024
1,155,145,981
91,815,983

Nebraska
Nevada
New Hampshire
New Jersey
New Mexico

327
10
55
399
43

426,617
21,861
149,000
3,121,162
66,020

Connecticut
Delaware
District of Columbia.
Florida
Georgia

111
45
21
138
251

604, 739
209,941
403,067
406,474
733, 342

168,931,175
55,181,057
96,812, 713
63,842,865
108,937,388

New York
North Carolina..
North Dakota..
Ohio
Oklahoma

222
191
634
394

11, 257, 839
540, 253
145,915
2,803,916
700, 028

5,242,201,567
88,750,117
32,007,797
646,032,423
107,904,640

Idaho
Illinois....
Indiana..
Iowa
Kansas,..

64
837
439
446
377

104, 734
2,912,823
1,043,873
692, 295
607,055

23,158,698
691,433,855
202, 521,878
145, 384, 253
102, 257,827

Oregon
Pennsylvania
Rhode Island
South Carolina..
South Dakota...

100
995
15
79

421, 562
5,863,469
341, 309
186,878
172, 041

90,017,933
1, 570,954, 711
87,112,727
29,732,332
31,365,488

Kentucky
Louisiana
Maine
Maryland
Massachusetts-.

378
142
86
178
208

830, 562
569,632
532,308
1,061,411
1,419,916

145, 290,632
87,975, 511
158,121,712
269,074,925
466,033,668

Tennessee
Texas
Utah
Vermont
Virginia

291
817
61
42
313

773, 776
1, 799, 606
193,235
99,423
1,088, 245

121,491,706
346,832, 673
39,976,216
26, 664,497
194, 074,012

Michigan. . .
Minnesota _ _
Mississippi.
Missouri
Montana. _.

334
648
192
579
122

1,079,975
1, 269,090
331,405
1,467,404
149,280

258, 631, 565
296, 348,447
57,485, 673
312, 638,360
41, 436, 233

Washington
West Virginia--.
Wisconsin
Wyoming

184
157
530
62

651,316
662,806
1,272, 666
110,149

143, 792,873
100,729,665
274,053,041
21,800,367




Total

$92,010,174
6, 724,456
32, 572,690
863,568,551
13,497,375

13,434 54, 250, 240 15,345,832,955

135

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average = 100]
1932

1933

Industry
Dec.

Manufactures—Total _

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept

Oct.

Dec.

64

TEXTILES

Cotton consumption _
_ __
Wool
Consumption
_
Machinery activity *
Carpet and rug loom activity l
Silk
Deliveries
Loom activity *

___ _

FOOD PRODUCTS

Slaughtering and meat packing
Hogs
_ Cattle
Calves
Sheep
Wheat flour
Sugar meltings

-

PAPER AND PRINTING

Wood pulp and paper
Newsprint
Book paper
Wrapping paper
Fine paper
Box board
"Wood pulp mechanical
Wood pulp, chemical
Paper boxes
Newsprint consumption

-_ -

61

56

66

78

93

101

91

84

76

71

P73

30
19
31

31
20
32

22
17
22

35
20
37

49
29
51

100
62
103

80
63
82

66
53
67

61
45
63

47
36
48

61
40
63

91
93
67
76
74
32
123
133
103

87
88
66
72
76
31
118
121
111

83
87
67
70
82
32
97
95
101

76
86
46
48
52
29
98
111
72

85
91
58
66
56
34
113
132
76

108
113
90
105
91
42
123
136
96

72
43
75
133
139
116
134
118
60
147
172
96

130
135
124
141
129
62
131
143
105

p 114
120
107
118
115
61

P89

103
96
105
96
67

95
88
97
83
67

89
80
86
81
63

p 78
77
67
73
69
48

113

91

82

103

92

84
79
83
67
83
129
92
89

88
86
87
78
93
137
90
93

84
88
84
87
89
144
88
65

84
85
81
85
91
149
92
68

101
102
107
90
98
156
110
82

100
105
107
99
102
152
97
82

100
106
109
98
103
145
95
83

95
110
113
102
105
146
64
84

105
127
147
95
106
144
70
75

85
90
85
91
104
151
76
76

92
98
101
87
104
142
82
83

86
89
85
88
106
147
81
77

86
80
64
88
58
67
105
65
75
137
94

Pig iron
Steel ingots

64

28
18
29

IRON AND STEEL

84
76
59
82
61
75
88
56
85
135
98
26

P82
P78

P85
P 77

p 101
v 96
64
103
95
121

p 111
p 106
67
p 118
p 107
p 137

p 106
p 102
69
p 112

p 104

P99

P77

66
p 103

71
p 102
p 70

p 126

60
p 118
p 93
p 103

69
113
183
100

p 76
p 135
213
102

p 75
p 139
173
103

» 141
' 167
106

68
p 137
143
105

p 126
131
30

59
88
60
76

59
87
62
82

61
83
68
71

99
102
106
92
101
153
97
89
v 92
p 85
60
92
80
96

56
86
124
96

55
87

56
88
149
95

61
99
172
96

no
89

P

P95
P 90

p

90
67

P61

104

149
106
32

30

38

46

46

36

33
3
181
92
76
66
77
101
102

27
1
144

44
1
32

51
0
25

66
0
16

70
1
19

61
1
15

56
1
20

46
0
39

32
2
41

47

85
74
69
76
84
93

48
3
91
86
76
66
76
105
93

84
70
62
71
90
93

93
70
64
71
85
107

110
79
74
79
93
129

114
89
76
102
109
131

116
92
78
91
132
131

102
88
76
82
126
110

92
82
74
99

93
82
76
69
109
100

'92
91
86
84
111
'93

94
89
84
90
103
97

43
72

38
88

41
63

40
54

35
55

42
88

51
118

56
150

50
135

37
112

35
73

39
55

36
111

23

LUMBER

Automobiles
Locomotives
Shipbuilding

-

LEATHER AND PRODUCTS

Tanning
Cattle hide leathers
Calf and kip leathers
Goat 'ind kid leathers
Boots and shoes

60
2
78

20

22

CO CO

24

33

TRANSPORTATION EQUIPMENT:

CEMENT AND GLASS:

Cement
Glass, plate
NONFERROUS METALS*

Nov.

2

1

50

55

58

55

68

80

94

109

125

112

95

80

56

132
169
76
90
68
56

132
165
86
94
76
56

132
166
81
95
75
56

140
179
85
94
81
54

147
187
87
95
88
61

154
198
92
101
80
75

155
198
92
106
82
91

153
198
87
98
84
96

157
205
82
99
88
91

152
195
77
102
88
82

145
184
77
93
102
75

137
172
80
92
92
77

67
70
44

59
61
42

54
56
41

135
171
80
95
75
51
41
42
29

65
67
47

94
97
68

115
120
80

143
148
111

103
107
72

90
93
68

97
100
72

108
113
68

_

112
60
149

113
68
147

115
63
154

99
51
132

116
61
153

143
61
204

. 135
66
186

117
69
151

111
116
75
123
68
163

115
68
151

108
57
143

95
62
118

123
67
166

._

'77

73

79

81

72

78

84

90

91

87

81

81

85

'67
'76
96

57
53
107

63
64
110

51
77
122

55
44
108

39
45
36

43
40
30

44
45
44

45
45
36

64
65
134
15
55
41
24

76
67
132
40
71
36
34

75
61
134
57
77
36
28

65
74
125
68
77
57
39

61
55
120
63
77
64
33

65
73
116
23
72
71
33

66
68
11

39
39
30

57
43
134
14
45
37
30

Tin deliveries __ _

FUELS, MANUFACTURED:

Petroleum refining
Gasoline l
Kerosene
Fuel oil i
Lubricating oil'
Coke, byproduct

_

-

__

RUBBER TIRES AND TUBES

Tires pneumatic
Inner tubes
TOBACCO PRODUCTS

Cigars
Cigarettes
Minerals—Total
Bituminous coal
Anthracite coal
Petroleum crude
Iron ore
Zinc
Lead
Silver

-

- -

-

Preliminary-

r

67
67
29

Revised.

1 Without seasonal adjustment.
2
Includes also lead and zinc; see "Minerals."
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.




136

FEDERAL RESERVE BULLETIN

FEBRUARY 1934

INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; without seasonal adjustment.

1923-25 average =100]

Industry
Jan.

Feb.

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

Manufactures—Total
IRON AND STEEL

Pig iron
Steel ingots
TEXTILES

Cotton consumption
Wool
Consumption
Machinery activity
Carpet and rug loom activity
silk
:
Deliveries
Loom activity

;

85

FOOD PRODUCTS

Slaughtering and meat-paekini
Hogs
Cattle
Calves
S heep
'
Wheat Hour
Sugar meltings

PAPER AND PRINTING

Wood pulp and paper
Newsprint
Book paper
Wrapping paper
Fine paper
Box board
Wood pulp, mechanical
Wood pulp, chemical
Paper boxes
Newsprint consumption
LUMBER
TRANSPORTATION EQUIPMENT:

Automobiles
Locomotives
Shipbuilding
LEATHER AND PRODUCTS.

Tanning
Cattle hide leathers.
Calf and kip leathers.
Goat and kid leathers
Boots and shoes.

CEMENT AND GLASS:

Cement
Glass, plate
NONFERROUS METALS: 1 Tin deliveries
FUELS, MANUFACTURED:

Petroleum refining
Gasoline
Kerosene.
Fuel oil
Lubricating oil.
Coke, byproduct

RUBBER TIRES AND TUBES.

Tires, pneumatic.
Inner tubes.

TOBACCO PRODUCTS

Cigars.
Cigarettes.
Minerals—Total
Bituminous coal
Anthracite coal
Petroleum, crude
Iron ore
Zinc
Lead.
Si] vcr
v Preliminary.
Includes also lead and zinc; see "Minerals."
NOTE.—For description see BULLETINS for February and March 1927.
September 1933, pp. 584-587.

r

Revised.

1




For latest revisions see BULLETINS for March 1932, pp. 194-196 and

137

FEDERAL RESERVE BULLETIN

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Index, numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average = 100]
Factory employment

Factory pay rolls

Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
i

Industry

1933
Dec.

Total
IRON AND STEEL AND PRODUCTS .

Steel works and rolling mills
Hardware.
. . _
Structural iron work
Heating apparatus
._
Steam fittin°s
Stoves
Cast-iron pipe

_ ..
_ ._

MACHINERY

Foundry and machine-shop products
Machine tools
Agricultural implement s
Electrical machinery
.
-

__. _

TEXTILES AND PRODUCTS

4 Fabrics
Cotton goods
Wollen and worsted manufactures
Woolen and worsted goods.
Carpets and rugs
Hosiery and knit goods _
Silk manufactures
Dyeing and finishing textiles.B Wealing apparel
Clothing, men's
.
Shirts and collars
Clothing, women's
._ _
Millinerv
... .
.

..

FOOD AND PRODUCTS

Baking
Slaughtering and meat packing
Confectionery. .
.
Ice cream
Flour . _
Sugar refining, cane

_.__

P A P E R AND PRINTING

Printing, book and job
_. .
Printing, newspapers and periodicals
Paper and pulp
-- -.
Paper boxes-.
_.
______

...
.„.

LUMBER AND PRODUCTS

Lumber sawmills
Lumber, millwork
Furniture
THAIMPORTATION KQUIPMENT

Car building and repairing
Automobiles
Shipbuilding

_

L E A T H E R AND MANUFACTURES

Boots and shoes
Leather

._ _ .

. .

_

C E M E N T , CLAY, AND GLASS PRODUCTS

Clay products
Brick, tile, and terra cotta
Pottery
.
Glass
NONFERROUS METAL PRODUCTS
Stamned and enameled ware
Brass bronze and copper
CHEMICALS AND PRODUCTS

Chemicals and drugs
Petroleum refining
Fertilizers
R U B B E R PRODUCTS

_

.

.

...

_. .
.

Automobile tires and tubes
Rubber boots and shoes
TOBACCO MANUFACTURES

Cigars and cigarettes .
. .
Chewing and smoking tobacco, snulT

-

.

71.0
70.4
76.8
59. 1
50. 6
00.8
48.4
72.2
39 8
01 9
60. 3
65. 1
57.9
65.4
79.6
87.3
96.0
74.1
75.6
66.3
91.4
63.3
103.3
(50. 3
52.1
71. 7
63.5
68.1
92 0
91.4
101.2
90.9
67.9
84.3
79.9
{)') g
83.1
104.1
95. 6
86. 2
4(5. 3
42 6
38. 8
61.fi
51 3
43. 4
5S. 6
75. 4
75. 2
72. 3
87.4
51.9
41.8
28.6
77.8
81. I
34 7
01. 6
30 4
72 3
100. 6
109.4
89. 6
82.6
81.3
84.4
72.1
67.5
67.1
70.8

1932
Nov.
72.6
71. 7
77.8
56. 0
57. 4
08. 5
50.2
S5.3
38. 1
02. 4
01. 1
63.7
53.1
66.4
83.7
90.9
98.8
77.6
78.8
71.3
97.2
07.1
104. S
65.6
55. ;
79. 7
70.7
73. 5
95.1
92. 8
102.1
101.7
70.6
86.1
89. 2
92 4
80.0
102.6
96.7
91. 1
48.9
44. 3
39. 7
67. 6
47. 9
44. 0
50.1
71.2
75.4
73.2
84.3
53.2
43.4
30.8
77.8
80.3
39 0
64.4
33. 5
75.0
100.3
110.0
88.6
79. 2
81.8
85.2
71.6
71.9
71.8
72.4

Dec.
59. 6
52. 1
54. 9
50. 7
45.8
45. 4
37.6
52. 5
33 1
46.0
44.4
39. 0
34.1
51.6
71. 1
74.1
75. 2
61.2
63.7
48.4
89.7
61.4
88.3
63.4
50. 4
73. 2
82.8
51.4
81.5
83.1
81.7
89.6
63.4
74.2
72.7
81 6
78.2
95. J
75. 8
74.1
36.6
31.6
33. 9
52. 6
44.8
42.7
45.2
62.4
70.0
70.3
68.6
41.4
36.1
25.4
65. 3
56.2
34 0
46.8
23 6
54. 8
75.4
79.6
75.4
47.8
61.8
62.2
60.3
68.8
68.7
70.0

1933
Dec.
71.8
71.4
78.1
59.
57.1
01.7
50. 9
71.7
40. 8
02. 6
61.4
65.0
58.1
65. 4
78.8
85.9
94. 1
71.8
73.1
65.0
91.1
63.2
101.8
60.9
53.0
69. 0
64.4
70.5
90. 3
92.2
96.4
82.4
77.3
83.7
85.6
91.2
81.1
102.3
95. 6
82.7
46. 7
43.4
39. 4
00. 2
54. 7
43.5
66. 9
75.4
77.2
74.9
87.0
53.3
42.9
30.2
77.6
83.1
36 0
62. 3
31.7
72.8
100. 4
107.6
90.7
89.3
83.4
88.8
67.4
66.4
66.1
68.7

1932
Nov.
72.4
72.0
78.7
56.0
57.3
50^4
80.4
38.7
63. 3
62. 3
63.7
54. 8
66.4
82.7
89.3
97.2
75.0
75.8
70.4
95.9
67.3
103.9
05.9
56. 8
77.1
71.9
71.0
92. 8
91. 8
101.1
88.4
79.4
84.3
90.1
91 2
79.6
101. 3
96. 7
85. 3
47.9
44.0
40.4
03. 3
50 7
44.1
56.4
74.1
75.8
73.9
83.8
52.8
43.4
30.9
77.6
79.0
38 5
65. 2
34.1
75.8
99. 8
107. 9
89.4
83.8
85.3
91.0
67.9
67.8
67.3
72.0

Dec.
60.6
52. 8
55. 8
50. 7
46.2
46.1
39. 5
52.1
33.9
46 4
45. 3
38 9
34 2
51. 5
70 4
72.9
73 7
59.3
61.6
47.4
89.4
61.2
87.0
64.0
51.3
70 4
84 0
53.4
80.0
83 7
77.8
81.2
72.3
73.7
77.9
80 2
76.3
93. 4
75. 9
71.1
36.8
32. 2
34.4
51.3
47.4
42.8
51. 6
62.4
72.0
72.9
68.3
42,6
37.1
26.8
65.1
57.7
35.3
47.4
24.6
55. 2
75. 2
78.3
76.3
51.7
63.2
65.4
56.3
67.7
67.7
68.0

1933
Dec.
53.1
44.8
48.3
37.7
36.8
37. 5
32. 0
42.8
25. 7
43 0
39. 2
47.4
54.8
50. 0
58.1
66.8
75.0
53.1
55.2
43.6
76.8
49.4
79.1
40.3
34.2
56 4
43. A
41.9
78.1
76.2
91.2
75.8
55. 2
68.4
56.0
77 2
69. 9
93. 6
66. 9
72.3
27. 5
25.7
23. 1
34. 4
40.2
35. 6
43.3
61.2
54.4
48.6
75.4
32.0
22.2
12.9
46.7
59. 5
18 9
46.2
20.7
53. 7
78. 8
85.5
72.5
53.8
60.7
59.0
67.6
50.4
49.2
61.4

NOTE.—For description of these indexes see BULLETIN for November, 1929, pp. 706-716, and November 1930, pp. 662-677,




1932
Nov.
53.6
44.4
47.4
32.6
38. 3
43.6
31.9
54.9
22.2
43 3
39.2
45 4
49.2
51.9
63.0
71.1
79.1
54 4
55.7
48.6
86.5
53.7
81.9
46.5
40.2
66. 4
48.9
48.2
77.2
76.9
85.1
78.3
57. 7
08.3
63.1
75 6
65.8
91.7
67.6
75.2
30. 0
28.0
23. 3
38.7
3S. 0
36. 5
37. 3
58.0
53. 3
48.4
70.9
32.8
23.3
13.9
48.0
58.2
22.8
47.2
24.4
53. 9
78.2
84.6
72.9
49. 4
57.8
55.8
65.9
54.4
53.8
60.1

Dec.
40.9
24.2
23.8
26.7
25. 6
25.0
21.8
28.1
16.9
28 0
24.9
23 6
25 1
36.2
46.4
50. 1
48 4
40.8
43.6
27.7
68.5
41 9
64. 0
39. 1
26. 7
49 3
54. 4
32.8
66. 1
68. 7
67. 6
67. 5
52.1
61.1
55.9
69 8
66.2
90. 1
50. 0
60. 4
18.8
15.2
18.4
27.0
33 ft
33. 5
32. 0
52. 4
42.0
38.7
53. 9
23.3
17.5
10.2
36.8
37.8
18.4
30.1
15.6
34.3
59.8
60. 5
62.8
34.1
39.8
36.7
52.2
50.4
49.4
57.8

138

FEpERAL RESERVE BULLETIN

FEBRUARY 1934

WHOLESALE PRICES, BY GROUPS OF COMMODITIES, BY MONTHS
[Index of Bureau of Labor Statistics.

1926=100]
Other commodities

All
commodities

Farm
products

Foods

1929..
19301931..
1932..
1933..

95.3
86.4
73.0
64.8
65.9

104.9
88.3
64.8
48.2
51.4

90.5
74.6
61.0
60.5

91.6
85.2
75.0
70.2
71.2

109.1
100.0
86.1
72.9
80.9

90.4
80.3
66.3
54.9
64.8

83.0
78.5
67.5
70.3
66.3

100.5
92.1
84.5
80.2
79.8

95.4
89.9
79.2
71.4
77.0

94.2
89.1
79.3
73.5
72.6

94.3
92.7
84.9
75.1
75.8

82.6

1932—December..

62.6

44.1 |

58. 3

69.0

69.6

53.0

69.3

79.4

70.8

72.3

73.6

63.4

1933—January
February..
March
April
May
June
July
August
September.
October
November.
December-

61.0
59.8
60.2
60.4
62.7
65.0
68.9
69.5
70.8
71.2
71.1
70.8

42.6
40.9
42.8
44.5
50.2
53.2
60.1
57.6
57.0
55.7
56.6
55.5

55. 8
53. 7
54. 6

67. 3
66.0
65.8
65.3
66.5
68.9
72.2
74.1
76.1
77.2
77.2
77.5

68.0
68.1
69.4
76.9
82.4
86.3
91.7
92.3
89.0
88.2
89.2

51.9
51.2
51.3
51.8
55.9
61.5
68.0
74.6
76.9
77.1
76.8
76.4

66.0
63.6
62.9
61.5
60.4
61.5
65.3
65.5
70.4
73.6
73.5
73.4

78.2
77.4
77.2
76.9
77.7
79.3
80.6
81.2
82.1
83.0
82.7
83.5

70.1
69.8
70.3
70.2
71.4
74.7
79.5
81.3
82.7
83.9
84.9
85.6

71.6
71.3
71.2
71.4
73.2
73.7
73.2
73.1
72.7
72.7
73.4
73.7

72.9
72.3
72.2
71.5
71.7
73.4
74.8
77.6
79.3
81.2
81.0
81.0

61.2
59.2
58.9
57.8
58.9
60.8
64.0
65.4
65.1
65.3
65.5
65.7

Year and month

56.1
59.4
61.
65
64
64
64
64

2
5
8
9
2
3

62.5

Annual index
Subgroups

Hides and Textile Fuel and Metals Building Chemi- House- Miscelleather
lighting and metal materials cals and furnish- laneous
products
products products
drugs ing goods

Total

1932

77.7
69.8
64.4
62.5

1933

1932

1933

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

39.4
48.2
51.4

53.1
43.4
55.8

31.7
38.7
51.3

32.9
37.8
48.7

32.7
40.1
44.2

36.0
43.0
45.3

44.8
41.0
46.7

52.8
46.8
51.8

57.4
46.6
56.2

73.4
47.4
63.7

64.6
45.9
62.5

63.9
46.7
61.2

58.2
45.4
61.2

61.3
41.2
64.3

60.4
38.0
64.3

61.3
66.4
58.0
58.2
60.7

60.7
75.0
61.7
50.0
61.1

59.5
61.7
52.8
49.4
66.1

55.2
60.9
53.0
49.5
60.1

52.4
60.4
52.4
50.2
54.1

50.9
62.7
54.3
50.5
55.8

53.1
65.9
57.8
50.3
56.6

58.8
69.3
58.8
52.3
60.4

63.1
70.7
63.9
52.4
61.1

66.1
83.3
75.6
50.8
63.7

65.7
84.8
71.1
51.0
62.6

65.8
84.7
66.8
51.5
64.5

66.0
85.0
62.5
51.0
64.4

67.2
85.8
61.7
48.2
66.4

65.1
84.7
63.0
46.0
63.4

86.1
42.1
65.1
90.1

90.2
67.1
71.4
81.1

83.8
41.7
59.2
81.9

83.3
43.0
57.1
78.2

83.3
40.9
55.3
77.9

83.2
41.4
55.6
77.9

83.2
45.8
57.2
77.2

83.6
67.3
68.3
77.2

85.5
81.4
74.3
78.5

88.3
88.7
78.0
80.0

96.1
91.5
82.5
81.2

98.9
84.1
85.4
84.6

98.9
71.2
83.2
85.1

99.0
70.1
79.3
87.9

98.6
74.9
80.1
87.6

63.0
54.0
51.6
31.0
57.7
07. 9

72.2
71.2
58.9
30.6
69.3
72.5

62.5
51.7
49.3
29.3
54.2
66.0

61.9
50.1
48.4
27.0
53.4
66,3

61.2
49.1
48.3
25.6
53.2
66. 2

61.3
50.0
47.1
25.5
53. 2
66.7

61.4
50.7
47.2
26.3
53.3
67. 5

61.9
57. 9
48.0
29.1
61,5
70.7

64.5
67.1
50.9
35.2
68.8
73. 0

70.6
80.2
55.2
37.9
72.3
76.7

74.4
93.5
69.4
34.6
78.9
77.8

81.1
91.3
74.8
34.5
82.7
76. 5

84.8
88.8
74.7
32. 0
84.5
75. 3

88.0
86.0
72.5
30.4
84.4
75.8

87.9
85.5
71.2
29.0
84.:*
7fi. y

88.4
82.0
77.7
104.7
101.3
45.4

82.2
82.8
77.9
95.0
98.0
41.0

88.7
80.2
75.3
104.1
96.5
45.0

88.7
79.8
79.4
75.3 75.2
103. 2 102.9
96.7
96.6
38.7
34.3

88.3
79.3
75.2
100.5
96. 6
33.1

81.4
78.1
75.2
98.3
97.5
32.5

78.5
78.3
75.2
94.6
103.3
31.2

76.8
78.3
75.3
91.4
101.7
34.4

77.9
81.0
76.0
89.4
100.2
41.3

79.2
83.6
77.4
88.8
99.5
40.9

82.0
84.7
79.7
90.4
101.5
49.0

81.8
89.8
82.6
92. 3
100.5
52.7

81.8
90.7
83.2
93.8
94.6
51.6

8 1 . r»

84.9
79.4
94.1
49.8

83.5
78.6
90.2
59.6

84.5
78.8
93.0
48.3

84.5
78.5
91.3
46.4

83. 1
77.3
90.9
46.2

83.1
76.4
90.9
47.9

83.1
75.7
90.4
49.2

83.0
75.2
90.4
56.6

83.0
76.2
90.4
63.2

83.0
77.7
90.4
67.6

83.2
78.6
90.4
68.2

83.2
80.3
90.4
68.5

83.7
82.4
90.9
67.0

83.7
81.5
90.9
68.0

85. 1
83. 0
90.9
66.0

77.3
77.2
58.5
71.1
66.8
80.9
79.5

79.2
86.1
70.7
73.3
67.1
83.1
82.7

75.1
81.1
56.5
68.1
67.5
81.7
80.1

74.9
81.2
55.9
68.1
62.8
81.7
79.4

75.1
81.8
56.4
68.0
59.4
81.7
78.5

74.9
81.8
57.8
68.4
59.4
81.7
78.4

75.0
81.8
57.9
68.9
59.4
81.7
77.9

75.2
81.8
59.6
70.7
61.3
81.7
78.8

77.0
81.8
67.4
71.9
67.4
81.7
80.6

78.2
88.2
75.9
77.9
69.4
81.7
83.3

81.5
90.3
79.4
77.5
70.3
81.7
85.0

82.6
90.8
82.0
77.3
74.7
82.4
85.9

84.6
91.2
84.2
76.1
74.7
86.8
87.1

84.7
91.2
86.5
76.3
73.7
86.8
88.4

85.7
91.2
88.0
77.5
72.5
86.8

79.5
57.7
66.9
69.3

79.6
56.3
65.9
64.5

79.7
54.7
63.1
65.6

79.3
54.9
62.3
62.7

79.0
54.8
61.5
62.4

79.3
54.8
61.9
60.1

79.5
54.6
62.9
60.0

80.9
55.0
66.8
63.1

81.5
55.5
68.0
63.0

80.3
56.8
68.6
63.3

79.6
57.6
69.0
64.4

78.8
56.8
66.6
67.8

78.6
56.8
67.6
68.3

79.2
58.4
67.8
68.5

79.2
59.0
68.1
69.9

75.4
75.0

76.6
75.1

74.7
72.7

73.5
72.3

72.9
71.9

71.7
71.5

72.0
71.6

73.6
73.4

75.1
74.6

78.6
76.8

82.8
79.4

82.9
79.3

42.1
57.9
76.6
12.2
76.2

44.6
37.1
73.0
6.8
81.3

44.6
38.2
72.0
6.5

42.6
40.6
72.1
6.1
73.3

37.4
49.5
70.6
7.4
72.7

37.6
54.4
70.7
10.2
74.0

40.1
55.8
73.5
12.6
75.0

41.4
82.4
78.1
16.3
76.3

43.2
78.0
81.0
14.9
77.8

80.5
78.4
43.2
64.2
82.2
14.9
78.1

82.8
79.8

41.1
46.0
75.5
7.3
83.7

72.9
71.8
41.3
47.3
72.2
6.3
72.6

43.2
60.4
82.4
15.6
78.6

43.2
63.5
82.5
17.5
78.4

43.2
60.3
82.5
18.0
79.0

FARM PRODUCTS:

Grains
Livestock and poultry
Other farm products
FOODS:

Butter, cheese, and milk
Cereal products
Fruits and vegetables
Meats
Other foods

H I D E S AND LEATHER PRODUCTS:

Boots and shoes
Hides and skins
Leather
Other leather products

TEXTILE PRODUCTS:

Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products

F U E L AND LIGHTING MATERIALS:

Anthracite coal
Bituminous coal _
Coke
Electricity
Gas
Petroleum products

METALS AND M E T A L PRODUCTS:

Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals

BUILDING MATERIALS:

Brick and tile
Cement
Lumber
Paint materials
Plumbing and heating
Structural steel
Other building materials

CHEMICALS AND D R U G S :

_.

Chemicals
Drugs and Pharmaceuticals..
Fertilizer materials
Mixed fertilizers
HOUSEFURNISHING GOODS:
Furnishings
Furniture
MISCELLANEOUS:

Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
O ther miscellaneous

Nov. Dec.

Back figures.—For indexes of groups see BULLETIN for March 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics.




90.6
83. 0
51.0

139

FEDERAL RESERVE BULLETIN

FEBRUABY 1934

WHOLESALE PRICES, BY GROUPS OF COMMODITIES, BY WEEKS
[Index of Bureau of Labor Statistics. 1926=100]
Other commodities
Week ending
(Saturday)—

1933
7..
14...
21—
28...

All comFarm
modities products

Foods
Total

Hides and Textile Fuel and Metals Building Chemileather
lighting and metal
cals and
products products materials products materials drugs

House
furnishings
goods

Miscellaneous

61.9
62.0
61.2
60.4

43.8
45.2
43.0
41.3

58.1
58.2
56.0
54.1

68.2
68.1
67.6
67.0

68.9
69.2
69.0

52.7
52.3
51.9
51.8

68.1
67.8
67.6
65.2

79.1
79.0
78.2
78.2

70.7
70.6
70.3
70.2

72.0
72.1
71.9
71.9

73.3
73.3
72.8
72.8

61.4
61.5
60.8
60.8

Feb. 4 . . .
Feb. 11-.
Feb. 18..
Feb. 25..

60.0
60.2
60.1
59.7

40.2
41.2
41.9
40.8

53.6
54.4
54.3
53.7

66.8
66.6
66.3
66.2

68.3
68.1
67.9
67.6

51.4
51.0
51.0
50.7

64.7
64.7
64.4
64.3

70.0

69.9

71.8
71.4
71.4
71.3

72.8
72.7
72.7
72.7

60.8
60.6
59.7
59.6

Mar.
Mar.
Mar.
Mar.

4...
111825-

59.6
60.2
60. 4
60.5

40.6
42.7
43.4
43.6

53.4
55. 0
54.8
55.4

66.2
66.0
66.1
66.1

67.6
67.5
68.1
68.8

50.6
50.7
51.1
51.1

64.4
63.9
63.7
63.6

78.1
77.9
77.6
77.4
77.4
77.2
77.5
77.4

70.1
70.0
70.1
70.2

71.3

71.4
71.5
71.7

72.7
72.3
72.3
72.3

59.6
59.2
59.3
59.3

Apr.
Apr.
Apr.
Apr.
Apr.

l._.
8--.
15.
22.
29.

60.1
60.1
60.3
60.4
61.5

43.4
44.0
44.5
44.6
46.4

54.7
55.3
55.7
56.2
58.1

65.7
65.5
65.6
65.5

68.7
68.5
68.3
69.1
71.8

51. 0
50.9
50.9
51.4
52.4

63.2
62.9
62.6
62.4
62.5

77.0
76.7
76.9
76.8
77.6

70.4
69.9
70.4
70.2
70.5

71.6
71.3
71.2
71.3
72.0

72.3
72.3
72.2
72.2
72.3

57.7
57.6
57.9
57.7
58.6

May 6.-.
May 13May 20..
May 27-

61.9
62.3
63.0
63.3

47.8
49.0
50.9
52.4

58.2
59.1
59.9
60.3

66.4
66.5
66.8
67.0

73.3
75.8
77.9
78.9

53.7
54.0
55.3
56.2

62.1
61.3
61.2
61.0

77.5
77.9
77.9
78.1

70.8
70.8
71.1
71.5

72.4
72.6
72.9
73.2

71.7
71.8
71.9
71.9

58.8
59.0
58.9
58.8

June 3--June 10..
June 17-.
June 24..

63.8
64.0
64.5
65.1

53.2
52.5
52. 8
53.2

61.0
61.0
61.0
61.4

67.3
67.8
68.5
69.4

79.9
80.9
82.8
83.5

57.5
58.7
60.2
61.5

61.1
60.8
61.4
63.6

78.2
78.7
78.9
78.9

71.8
72.9
73.4
74.2

73.2
73.8
73.8
73.6

71.9
72.4
72.8
72.8

59.2
59.5
60.6
61.1

July
July
July
July
July

1..
8-.
15.
22.
29.

66.3
67.2
68.9
69.7
69.2

56.9
58.5
61.1
62.7
59.6

62.6
62.9
65.9
66.5
66.1

70.1
71.1
72.2
72.9
73.2

83.7
85.4
87.8
88.3

62.2
64.1
66.5
68.3
68.4

64.3
65.7
66.7
66.8
67.0

79.2
79.9
80.6
80.7
80.8

75.9
77.0
78.8
79.1
80.1

73.5
73.0
72.9
73.2
73.4

73.2
73.6
74.0
74.3
74.6

62.1
62.9
63.5
64.6
65.1

Aug.
Aug.
Aug.
Aug.

5—
12_.
19_.
26_.

69.2
69.4
69.3
69.6

58.7
58.5
57.5
58.2

65.1
64.9
64.4
65.0

73.6
74.1
74.2
74.4

90.4
91.4
90.9
92.8

70.8
72.9
74.1
74.2

66.6
66.8
66.5
66.7

80.8
80.8
80.8
81.2

80.7
80.8
80.7

73.4
73.1
72.9
72.5

75.4
76.0
76.4
76.9

65.0
65.2
65.5
65.2

69.7
69. 7
70.5
71.5
71.1

57.1
56.6
55.9
59.3
58.0

65.3
65.0
65.1
65.9
64.9

74.6
74.8
76.1
76.5
76.6

92.9
92.8
92.0
92.0
91.9

74.2
73.9
75.5
76.4
76.3

67.2
67.6
72.5
72.8
72.6

81.4
81.7
81.7
81.8
82.0

81.0
81.4
82.0
82.3
83.2

72.2
72.3
72.1
72.1
72.1

77.0
78.6
78.7
78.8
79.4

65. 2
64. 9
64.8
65. 1
65. 1

Oct. 7_.
Oct. 14_
Oct. 21 _
Oct. 28_

71.3
71.1
70.4
70.9

57.5
56.7
54.2
55.6

65.0
64.8
63.7
64.2

71.1
77.0
77.0
77.1

91.8

76.3
76.2
76.2
76.3

73.4
73.8
74.0
74.5

82.4
82.3
82.0
82.4

83.7
83.9
83.6
83.5

72.7
72.7
72.6
72.7

81.1
81.2
81.3
81.3

65.0
65.0
64.9
65.2

Nov.
Nov.
Nov.
Nov.

70.9
71.2
71.7
71.0

55.5
55.6
58.7
56.8

64.2
65.0
65.4
63.9

77.2
77.5
77.5
77.5

87.6
87.5
88.5

76.1
76.0
75.8
75.8

74.6
74.7
74.5
73.9

82.5
83.4
83.5
83.5

83.8
84.4
84.7
85.1

72.6
73.2
73.5
73.8

81.3
82.2
82.1
82.0

65.3
65.4
65.4
65.4

70.7
70.9
70.8
70.4
70.8

55.9
56.0
55.9
54.8
56.0

63.2
63.3
63.0
61.6
62.5

77.4
77.6
77.5
77.6
77.6

89. 1
89.0
88.6
89.2
89.6

75.4
75.9
76.0
76.0
76.0

73.8
74.5
74.2
74.4
74.5

83.4
83.3
83.1
83.2
83.3

85.2
85.3
85.3
85.3
85.4

73.7
73.6
73.4
73.4
73.3

82.0
81.8
81.7
81. £
81.9

65.3
65.6
65.6
65. 5
65.6

71.0
71.7
72.3
72.4

57.4
58.6
59. 0
59.5

62.7
64.2
64.6
65.0

77.6
77.9
78.6
78.5

90.0
90.2
90.3
90.4

76.0
76.1
76.4
76.4

74.3
74.4
74.2
74.0

83.3
83.7
85.1
84.7

85.5
85.6
86.5
86.2

73.3
73.5
75.0
75.1

81.7
81.7
81.7
81.7

65.9

72.8

60.5

65.7

78.7

90.5

76.5

73.9

85.1

86.4

75.0

81.8

68.4

Jan.
Jan.
Jan.
Jan.

Sept.
Sept.
Sept.
Sept.
Sept.

2__
9__
16_
23_
30_

4
11
18
25

Dec. 2...
Dec. 9._
Dec. 16.
Dec. 23.
Dec. 30..
Jan.6_
Jan.13Jan. 20_
Jan. 27.

Feb. 3.

1934

87.7

Back figures.—See (for figures covering 1932) Annual Report for 1932 (table 111).




67. 5
68.1

140

FEDERAL RESERVE BULLETIN

FEBRUARY i934

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation]

Residential

To tal

Commercial

Public works
and public
utilities

Educational

1932

Factories

1932

1932

Month
1933

1932

- -- - -.

August
September
October
November
December

12.0
11.8
16.0
19.1
26.5
27.7
23.6
21.9
21.5
21.5
23.6
23.9

3.4
4.4
4.5
4.5
3.0
2.1
3.5
3.3
6.3
3.2
1.9
3.3

249. 3

43.5

83.4
52.7
60.0
56.6
77.2
102.3
'82.6
106.0
' 120.1
145.4
162.3
207.2

84.8
89.0
112.2
121.7
146.2
113.1
128.8
134.0
127.5
107.3
105.3
81.2

-

February
March
April
May
June
July

27.5
24.4
33.2
28.9
25.6
23.1
19.7
20.8
22.8
21.9
19.2
13.0

1, 351. 2 ' 1, 255. 7 ! 280. 1

Janaury

--

Year
T

1932

1933

1932

1933
4.3
2.8
6.4
6.2
9.4

1933

9.8
7.3
7.1

24.1
28.3
29.9
47.3
61.7
50.1
60.0
64.2
68.7
58.5
54.2
43.3

42.7
17.2
17.6
13.6
19.0
24.4
18.9
51.4
60.7
92.7
111.1
133.3

99.4

590.3

602.7

9.1

10.1
10.6
12.9
12.2
13.0

26.8
17.8
14.1
T
15.1

8.3

18.4

9.8
8.2
6.7

8.8
7.0
6.7
5.7

127.5

122.7

1933

5.8
7.6
7.2
6.6
8.9
9.6

11.5
10.5
7.4

r

All other

1933

4.4

1932
16.3
11 0
24.2
17 5
37.2
17.6
30.8
21.9
13 5
13.1
19 9

1.4
2.2
1.3

10.8
9.8

10.7

1.1

6.5
7.2
6.4
5.5
7.4
3.6
3.4
6.7

1.7
3.5

'2.9
2.6
2.2
2.2
2.6

17.3
11 0
11.5
99
11 6
10.3
78
5.6

13 0
9.3

9.2

40.0

96
20.0

232.3

16.3

82.3

1933

136.9

Revised.

CONSTRUCTION

CONTRACTS AWARDED, BY
DISTRICTS

FREIGHT-CAR LOADINGS, BY CLASSES
[Annual indexes; 1923-25 average—100]

[Value of contracts in thousands of dollars; figures for 37 States east of the
Rocky Mountains, as reported by the F. W. Dodge Corporation]
1933

1932

Federal Reserve district

Total

Nov

16,433
40, 290
8,243
30,130
15,454
21,819
33,014
19, 986
5,231
11.079
5,530

11,871
20, 529
9,054
16, 774
14, 566
42,854
23, 255
9,678
4,023
5,891
3,837

5.643
19,496
5,984
5,108
12, 585
6,348
9,298
4,887
1,745
4,705
5,422

207,210

162,331

81,219

1
2

Dec.
Boston
New York

Philadelphia

Dec.

.

1932

1933
Dec.

Nov.

Dec.

2,480
9,030
803
1,586
1,545

2,525
6,930
2,602
2,192
1,495

459

172
47
46
75
32
152

114

579

150
32
41
56
33
135

390
114
74
145
75
247

6,245
524
687
521
303
3,019

4,618
579
661
869
527
1,778

4, 675
16, 609
4,599
8, 239
2,742
1,749
13, 078
1,834
945
2,326
1, 644
5,749

. . 1,132

1,237

2,469

27,200

25, 353

64,189

141

_

Cleveland
_
Richmond
Atlanta
Chicago _ . St. Louis
Minneapolis _ _ _
Kansas City
Dallas
San Francisco
Total

Nov.




138

219

284
43
90
76

311
68
83
64

590
156
197
148

51

49

1933 1

92

75

56

58

88
79
95
75
64
83
99

72
53
85
68
40
43
78

59
36
69
55
24
10
55

63
48
69
52
29
35
58

105

97

87

72

67

BANK DEBITS
[Debits to individual accounts; in millions of dollars]
1933
Number
of centers Decem- November
ber

1932
December

]Liabilities

1932

1933

1932

For monthly indexes see p. 106.
In less than carload lots.

I Amounts in thousands of dollars; figures reported by Dun & Bradstreet]

Federal Reserve
district

1931

106

COMMERCIAL FAILURES, BY DISTRICTS

Number

1930

101
103
100
82
87
113
115

Coal
Coke
Grain and grain products
Livestock
Forest products
Ore
M iscellaneous
Merchandise 2

Dec.

Dec.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _
Kansas City...
Dallas...
Total (11 districts)

1929

New York City
Outside New York City
Federal Reserve district:
Boston
New York
Philadelphia
Cleveland.__
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.—
San Francisco
Total

1
140

13,013
13, 288

12, 204
11,927

13,967
12,820

11
7
10
13
7
15
21
5
9
15
10
18

1,515
13, 546
1,367
1,247
487
687
3,040
713
460
780
496
1,962

1,398
12, 660
1,124
1,125
439
590
2,844
639
456
717
441
1,697

1,439
14, 502
1,327
1,274
512
636
2,979
657
412
705
434
1,910

141

26,301

24,131

26,787

FEDERAL RESERVE DISTRICTS

IOWA

CHICAG

KANSAS CITY
KANS.
—
OKLA.

Oklahoma City

ARK.

LittlAock/
DALLAS®
TEXAS

•BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY