Full text of Federal Reserve Bulletin : January 1934
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FEDERAL RESERVE
BULLETIN
JANUARY 1934
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Review of Business in 1933
National Summary of Business Conditions
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1934
FEDERAL RESERVE BOARD
Ex-officio members:
EUGENE R. BLACK, Governor.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
J. J. THOMAS.
M. S. SZYMCZAK.
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.
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.
WALTER WYATT, General Counsel.
GEORGE B. VEST, Assistant Counsel,
LEO H. PAULGER, Chief, Division of Examinations.
FRANK J. DRINNEN, Federal Reserve Examiner.
J. R. VAN FOSSEN, Assistant Chief, Division of Bank
Operations.
O. E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.
FEDERAL ADVISORY COUNCIL
District no. 1 (BOSTON)
District no. 2 ( N E W YORK)
District no. 3 (PHILADELPHIA)
District no. 4 (CLEVELAND)
District no. 5 (RICHMOND)
District no. 6 (ATLANTA)
District no. 7 (CHICAGO)
District no. 8 (ST. LOUIS)
District no. 9 (MINNEAPOLIS)
District no. 10 (KANSAS CITY)
District no. 11 (DALLAS)
District no. 12 (SAN FRANCISCO)
_
THOMAS M. STEELE.
WALTER E. FREW.
HOWARD A. LOEB.
H. C. MCELDOWNEY
HOWARD BRUCE.
JOHN K. OTTLEY.
MELVIN A. TRAYLOR, Vice President.
WALTER W. SMITH, President.
THEODORE WOLD.
W. T. KEMPER.
JOSEPH H. FROST.
HENRY M. ROBINSON.
WALTER LICHTENSTEIN, Secretary
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
of—
Boston...
New York.
|
Chairman
R. A. Young
G. L. Harrison
_ F. H. Curtiss -_.
J. IT. Case
Philadelphia
\ R. L. Austin
i Cleveland
L. B. Williams
! Richmond
| W. W. Hoxton...
j Atlanta
8t. Louis
Minneapolis
Kausas City
.._
G. J. Seay.
W. 8. Johns*
J. B. MoDougal *.
G. J. Schallera..
i J. S. Wood
W. McC. Martin
J. N. Peyton
W. B. Geery
M. L. McCIure..
G. H. Hamilton
Dallas
C. C. Walsh
B. A. McKinney
San Francisco
Isaac B. Newton.
J. U. Calkins
1
i Assistant deputy governor
_. W. Willett.
C. H. Coe.i
R. M. Gidney.i
J. W. Jones, i
W. B. Matteson.i
J. M. Rice.i 1
Allan Sproul.
L. W. Knoke.»
W. H. Hutt
C A. Mcllhenny.
J. S. Sinclair
W. G. McCreedy. 1
M.J. Fleming..
( H. F. Strater.
F. J. Zurlinden
\
C. A. Peple . . . . . j (5. U. Keesee.
R. II. Broaddus. . .
J. S. Walden, Jr.«
~
M. W. Bell.
H. F. Connitf.
W. S. McLarin, Jr.»
C. R. McKay..
W. H. Snyder»
H. P . Preston.
W. C Bachman.i
J. H. Dillard . .
R. H. Buss.»
O. J. Netterstroin. 1
A. T. Sihler.i 1
E. A. Delaney.
S. F. Gilmore.'
0. M. Attebery
A.
H. Haill.*
J. G. McConkey
F. N. nail."
G. O. Hollocher.1
O. C. Phillips.*
Harry Yaeger.
H. I. Ziemer. 1
H. I. Ziemer.
F. C. Dunlop.
C. A. Worthington.... J. W. Helm.
J. W. H e l m . . .
Fred Harris
R. R. Gilbert
W. O. Ford. 1
R. B. Coleman
W.
M. Hale.
W. A. Day
Ira Clerk
E. R. Fancher
| K.M.Stevens....
Controller
Cashier
J W. W. Paddock
.J W. R. Burgess
I J. E. Crane._
I W. S. Logan..
] L. R. Rounds.
L. F. Sailer
G. W. Norris.
Oscar Newton
j Chicago
Deputy governor
Governor
3
Acting governor.
4
On leave.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo Branch.
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Charlotte branch
_.
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Ohicaeo:
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. 11. Frve.
J. B. Fort, Jr.
W. R. Cation
J. T. Moore
W. FI. Glasgow
A. F. Bailey.
Federal Reserve Bank of—
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. II. 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
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in
TABLE OF CONTENTS
~"~
Page
Review of the month—Review of business in 1933
1
Condition of all banks in the United States on June 30, 1933
18, 52-54
National summary of business conditions
12
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
13-16
Member and nonmember bank credit:
All banks in the United States
18
All member banks
17, 47, 48
Weekly reporting member banks in 90 leading cities
19, 49
Brokers' loans
19
Acceptances and commercial paper
20
Discount rates and money rates
21, 50
Treasury finance
22
Security prices, bond yields, and security issues
23
Production, employment, car loadings, and commodity prices
24, 55-58
Merchandise exports and imports
25
Department stores—Indexes of sales and stocks
25
Freight-car loadings, by classes
25
Financial statistics for foreign countries:
Gold reserves of central banks and governments
26
Gold production
27
Gold movements
27-29
Government note issues and reserves
30
Bank for International Settlements
30
Central banks
31-33
Commercial banks
34-35
Discount rates of central banks
36
Money rates
36
Foreign exchange rates:
By months, December 1932-December 1933
37
Annual averages, 1925-33
38
Price movements:
Security prices
39
Wholesale prices
39, 40
Retail food prices and cost of living
40
Law department:
Rulings of the Federal Reserve Board:
Partnership as holding company affiliate of member bank
41
Questions arising under section 21 of the Banking Act of 1933 relating to the receipt of deposits
by nonbanking institutions
41
Applicability of section 8A of Clayton Act to directors of a corporation which extends or renews
loans previously made
41
Applicability of section 32 of Banking Act of 1933 to corporation engaged solely in holding
stocks
42
Applicability of section 32 of Banking Act of 1933 to corporation in process of liquidation
42
Applicability of section 32 of Banking Act of 1933 to a member bank having certain business
relations with a dealer in securities
42
Certificates of deposit payable 6 or 12 months after date or on 30 days' notice
43
Analysis of customers' accounts by member banks for purpose of determining whether service
charges should be assessed
43
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
45-54
Industrial and commercial statistics
55-59
December crop report, by Federal Reserve districts
60
IV
FEDERAL RESERVE BULLETIN
VOL. 20
JANUARY 1934
No. 1
REVIEW OF THE MONTH
production, which had declined rapidly from
Banking and business developments in re- July to the end of October, showed little more
cent weeks have been largely influenced by than the usual seasonal decline during Novemseasonal conditions. At the Federal Reserve ber, and the aggregate volume of employRecent banking banks the usual increase in the ment increased, reflecting the increase in public
and business
demand for reserve funds to works and in activities of Government relief
developments
require- agencies. Employment at factories, which had
meet
the
currency
ments of holiday trade was met in large part advanced rapidly from March to September,
through the purchase by the Reserve banks of declined from September to November by
acceptances in the open market. Member somewhat more than the usual seasonal
banks, therefore, were in a position to meet the amount. The growth in the volume of public
holiday demands without increasing their in- works was reflected in increased activity in the
debtedness to the Reserve banks or substantially construction industry. The general average of
reducing their reserve balances, which continued wholesale commodity prices continued in the
near a level $750,000,000 above legal require- last quarter of the year at a level about 20 perments. Money rates in the open market showed cent above the low point of last spring.
a slight advance. In the loan account of the
Income of wage earners increased considermember banks there was an increase of loans | ably in the second half of the year, reflecting
on securities, reflecting a growth in brokers) | increased pay rolls of industrial establishments
loans, while all other loans, which include and public works. There was also a large inholdings of acceptances, declined as the conse- crease in the income of farmers, arising from the
quence of sales of bills to the Reserve banks.
higher level of prices of many agricultural comDuring the last quarter of the year the capital modities and from the distribution among prostructure of many of the country's banks having ducers by the Agricultural Adjustment Adminlicenses to operate on an unrestricted basis istration of benefit payments in connection with
was strengthened by the issue of preferred i the production control program. Financial
stock or capital notes to the Reconstruction | reports of a representative group of large corpoFinance Corporation. By the end of December | rations showed an increase in net profits during
the Corporation had authorized the purchase of I the second and third quarters of 1933, and in
more than $800,000,000 in preferred stock and I the latter period profits were larger than at any
capital notes in approximately 4,500 banks. time since the second quarter of 1931.
The extent to which this increase in the inOn January 1, 1934, the temporary Federal Deposit Insurance Fund provided for by the j come of different groups of the population was
Banking Act of 1933, under which deposits up I reflected in the distribution of commodities to
to $2,500 are insured, went into operation. j consumers cannot be determined accurately
The membership of the fund on the opening day from available information. The volume of
consisted of 13,423 banks, including in addition shipments of commodities by rail was relatively
to the member banks of the Federal Reserve j stable in the autumn months at a level above
System, which are required by law to belong to I that of a year ago. Sales at department stores,
I which reflect chiefly purchases by city residents,
the fund, about 7,400 nonmember banks.
Business activity showed relative stability \ after considerable rise in volume earlier in the
in the last 2 months of 1933. Industrial j year, showed a smaller increase in the autumn
l
FEDERAL RESERVE BULLETIN
months than is usual at this season. In the
South there was a large increase in department
store sales while in the industrial Northeast
sales showed little change. Sales of automobiles and commodities distributed by mailorder houses and chain stores showed increases
for the country as a whole, the largest increases
in sales of automobiles and in mail orders being
reported from the Southern States.
The general course of industrial production
during the years 1926-33, with adjustment for
Industrial pro- usual seasonal changes, is
duction
shown on the chart. During
the first quarter of 1933 there was a decline in
output to approximately the low level reached
in July 1932. Beginning in April there was a
rapid recovery from this low level, stimulated
by the reopening of banks, the general expectation of increasing prices and costs, and the
building up of the stocks of certain commodities
producing durable manufactures, like steel and
automobiles, as well as in industries manufacturing less durable products, such as textiles
and leather products.
In general, activity increased much more
rapidly in industries manufacturing raw mateSemifinished and rials into semifinished products
finished goods
t ban [n t h o s e engaged in later
stages of manufacture. Statistics relating to
the output of manufacturing industries do not
permit of analysis on this basis, but figures of
employment, which are more comprehensive,
can be so classified for certain major groups of
industries. The accompanying chart shows
relative changes since 1928 in the number employed in producing semifinished and finished
goods in four important groups. The figures
are shown as index numbers, expressed in terms
of the 1929 average as 100, and are adjusted
for the usual seasonal variations. The charts
VOLUME OF INDUSTRIAL PRODUCTION
PER CENT
Index of F. R Board. Adjusted for Seasonal Variation
1923-25 = 100
JANUARY I I J34
FACTORY EMPLOYMENT
Adjusted for Seasonal Variation, 1929 = 100
PER CENT
\-y-,—v\
120
! 2 0 [•
\'^Semi-Finished;
1928
o l _ _ J.
1926 {927
1928
1929
1930
1931
depleted during 3 years of reduced output.
The increase in industrial output between
March and July was more rapid than at any
other time in recent years and was widespread,
including most of the manufacturing and mining industries. There was a considerable increase of output at this time in industries
1929 1930 1931 1932 1933
1928 1929 1930 1931 1932 1933
indicate that in each of these instances the
number of persons employed in industries producing semifinished products increased during
the spring and summer of 1933 much more
rapidly than the number employed in manufacturing the corresponding finished products,
and that in the steel and textile groups subsequent declines in employment were smaller in
establishments producing finished goods. These
JANUARY
1934
FEDERAL RESERVE BULLETIN
differences may have been due in part to the
fact that manufacturers of semifinished products being more immediately affected by advances in prices of raw materials tended to
increase the volume of their operations more
promptly during a period of actual and anticipated advances in these prices. These differences may have been also due in part to the
fact that demands for semifinished products are
not so much influenced by changes in style and
in character of product, and, therefore, manufacturers and distributors of these products
were in a better position to build up their stocks
in anticipation of demand. Another reason for
these differences was that disbursement of
wages to persons employed in the semifinished
goods industries increased the demand for finished goods by consumers.
In the leather industry differences between
the course of employment in tanneries and in
shoe factories have been due in part to differences in industrial processes and probably
variations in the reduction of working hours.
In the iron and steel group the increase in
employment at steel works and rolling mills
from March to September amounted to 60 percent, while the increases reported in later stages
of manufacture were 45 percent in the machinery group, 47 percent in the automobile industry, 9 percent at car-building shops, and 44
percent in factories producing other finished
steel products. Subsequently employment at
steel works declined while employment in the
production of finished steel products showed
the usual seasonal changes. In the textile
group, employment in the production of fabrics
increased by about 60 percent between March
and August to a level above that of 1929, while
in the clothing industries the increase was about
20 percent to a level considerably below that of
1929. In recent months there has been a
larger reduction in employment in the earlier
stages of textile production than in the later
stages, as indicated in the chart. Changes in
employment during 1933 were considerably
larger at paper mills than at printing establishments.
This difference between the course of activity in industries producing semifinished goods
and those manufacturing finished products has
been reflected in the differences in the movements of available indexes of production and of
employment. Industries producing semifinished goods have a larger weight in the indexes
of production than in indexes of employment.
The Federal Reserve Board's index of production, for example, includes data on output of
steel ingots but not on output of many kinds of
machinery; it includes data for textile mills, but
not for the manufacture of clothing. These
differences in composition of the index numbers
account for a part of the more rapid advance
last spring in the index of production than in
that of employment, and also for a part of the
continued rise in the employment index last
autumn when the production index declined
rapidly.
Changes in the dollar volume of construction
during the years 1926-33 are shown on the chart
of contracts awarded for resiConstruction
dential and other types of construction. The figures plotted are 3-month
moving averages of the F. W. Dodge data for
37 States, adjusted for the usual seasonal variaCONSTRUCTION CONTRACTS AWARDED
MILLIONS Or DOLLARS
;
700 !
6 0 0 -.
Z = DOLLARS
:- —
tions. The last figure in each instance is based
on reports for October and November and an
estimate for December. The chart indicates
FEDERAL RESERVE BULLETIN
that activity in the construction industry,
which had been declining since 1928, showed a
further decrease in the early months of 1933,
the value of contracts reaching a level of about
$55,000,000 a month as compared with
$550,000,000 in 1928. The figures somewhat
overstate the decline because they do not
include maintenance and other work carried on
by the employees of governmental agencies and
public utilities, which have not shown so large
a decrease, but even with allowance for this
omission it is apparent that the volume of
construction activity fell to an extremely low
level last spring.
In the summer months the volume of public
works began to increase and continued to
increase rapidly to the end of the year. During
the spring and summer there was also some
increase in the volume of building of 1-family
houses for occupancy by the owners. House
rents declined somewhat further during the year
and vacancies in apartment houses and in office
buildings continued to be large.
A summary of the position of some of the
principal business indexes in November 1933,
Record of busi- compared with their level at
ness improvethe low point of the depression,
men
after allowance for seasonal
changes, is presented on the chart. Advances
JANUARY 1034
the low point of 58 reached in July 1932; construction contracts were about 50 percent of
the 1923-25 average, compared with 14 percent
at the low point of last March; factory employment increased 28 percent and factory pay
rolls 49 percent from their low points; the
movement of commodities by freight in November was 20 percent larger in volume than
at the low point in March, and department
store sales were 14 percent above their low
point.
It appears, therefore, that in November all
the lines of activity covered by the chart, while
still far below their average level for the years
1923, 1924, and 1925, were materially above
the low points of the depression, and that trade
and industry enter upon the year 1934 at a
considerably higher level of activity than that
which prevailed in the early months of 1933.
Central gold reserves of the leading European
countries taken as a whole declined about
$76,000,000 (at par) in the
latter
P a r t o f November and
*"
the early part of December,
reflecting a loss of $88,000,000 by France and
a gain of $11,000,000 by Switzerland, while
reserves in England, Germany, Italy, Belgium,
and Netherlands showed little change.
GOLD RESERVES OF SELECTED CENTRAL
[In millions of dollars at par]
- * 1923-25 Average <
BANKS
Change from—
Central bank of—
4°
— I <+o
England
France
Germany
Italy
Belgium
Netherlands .
Switzerland..
Date,
1933
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
20
15
15
20
14
18
15
Gold
Month
before
928
P3,020
93
*373
379
370
386
+1
-88
-2
+1
+1
Year
before
+345
-245
-97
+77
+18
-45
+11
» Preliminary.
Bank of England notes in circulation increased during the 4 weeks ending December 20
Figures for lowest month of depression relate to March 1933, except
^ , of*^
, J i n response
to the additional
those for industrial production, which are for July 1932.
Bank
England
.r
requirements ol the public tor
are shown for all the lines of activity repre- currency for the Christmas trade. To obtain
sented. Industrial production at 73 percent currency from the bank the market utilized
of the 1923-25 average was 26 percent above funds made available by the bank through the
FEDERAL RESERVE BULLETIN
JAANURY 1934
purchase of securities on the open market and
in addition drew upon its reserve balances, as
indicated by a decline of bankers' deposits at
the Bank of England.
in obtaining these reserves from the bank, drew
upon its deposits, utilized funds disbursed by
the French Treasury, and redeemed Bank of
France notes returning from circulation.
BANK OF FRANCE
B A N K OF E N G L A N D
[In millions of francs; figures preliminary]
fin thousands of pounds sterling]
Change from—
Change from—
! Dec. 20,
i 1933
Odd
Discounts and advances
Securities
Bankers' deposits
Public deposits
Other deposits..Notes in circulation
_
_
j
._!
j
;
190,724
8,370
352,765
91,903
20,036
36,677
389,864
Nov. 22,
1933
+186
-178
+ 13,067
-11,088 !
+1,270
+98
+22,336
Dec. 15,
1933
Dec. 21,
1932
+70, 936
-3,463
-39,676
-6,995
+12,210
+2, 688
+19,766
Gold
Foreign exchange
_
Domestic discounts and advances
Government deposits
Other deposits
Notes in circulation
77,031
1,195
6,329
2,406
14,390
80, 203
Nov. 17,
1933
-2, 252
-84
+150
-838
-827
-503
Dec. 16,
1932
-6,238
-3,515
+ 1,220
+79
- 7 , 789
-1,732
Total gold and foreign-exchange reserves of
These balances, which represent the major the Reichsbank, after increasing steadily since
last July, showed little change
part of the reserves of the London banks, have Reichsbank
in the month ending Decemfluctuated around £100,000,000 since the end
of 1932. In the meantime, however, the ber 15. As the result of a demand for addiLondon banks have added appreciably to their tional currency, discounts at the bank invault holdings of Bank of England notes, with creased.
REICHSBANK
the consequence that the reserve position of the
[In millions of reichsmarks]
banks has improved, notwithstanding an increase in deposits. In November, the latest
Change from—
month for which figures are available, the ratio
Dec. 15,
1933
Nov. 15, Dec. 15,
of total cash of the clearing banks to deposits
1933
1932
stood at 11.2 percent as compared with 10.2
391
-408
Gold
percent in November 1932. Notwithstanding Foreign-exchanee
10
+2
-108
reserves
_.
-30
239
cash
this easier reserve position, advances to custom- Nonreserve
+34
548
+ 151
Securities .
+ 130
+293
3,053
ers have continued to decline in the face of Discounts and advances
3
7
-250
507
Other assets . .
-4
+71
425
improvement in British business. With ad- Deposits
+76
+45
3,445
Notes in circulation
+21
-441
878
vances declining the banks have sought an out- Other liabilitieslet for their surplus funds in the investment
market. In the year ending with November,
The Reichsbank has announced that the
advances by the clearing banks to customers partial moratorium on the payment abroad of
declined by £48,000,000 while security holdings both principal and interest of a large part of
increased by £144,000,000.
Germany's foreign indebtedness, which went
Losses in recent months reduced the gold into effect July 1, 1933, will continue throughstock of the Bank of France to 77,031,000,000 out the first half of 1934 with some modificafrancs ($3,020,000,000 at par) tions. Present plans call for reducing from 50
Bank of France
on December 15, the smallest to 30 percent the portion of interest payments
figure since April 1932. Losses were heaviest that the Reichsbank will permit to be made in
at the close of October and during Novem- j foreign currencies, or in reichsmarks at the free
ber. In the week ending November 24 I disposal of the holder. The remainder would
they amounted to 1,461,000,000 francs ($57,- | continue to be paid in reichsmark scrip, foreign
000,000 at par); but in the 3 weeks following j currencies being converted into reichsmarks at
they were in diminished volume. The market, | the market rate of exchange. This scrip can
6
FEDERAL RESERVE BULLETIN
either be-held unused or sold to the Konversionskasse at the rate of 2 reichsmarks of scrip
for 1 free reichsmark. The latter can be freely
employed in any transaction including the
purchase of foreign currencies at the market
rate.
Change of Secretary of the Treasury
On December 13, 1933, Hon. William H.
Woodin tendered his resignation as Secretary of
the Treasury. On January 1, 1934, the President accepted Mr. Woodin's resignation and
appointed as his successor Hon. Henry
Morgenthau, Jr., who had been Under Secretary and Acting Secretary since November
17, 1933.
Changes in Foreign Central Bank Discount Rates
The following changes in discount rates
during the month ending January 1, 1934,
have been reported by central banks in foreign
countries:
Bank of Finland—December 20, from 5 to 4/2
percent.
Bank of Italy—December 11, from Z}{ to 3 percent.
Bank of Portugal—December 8, from 6 to §}{
percent.
COINAGE OF SILVER—STATEMENT BY THE
PRESIDENT
The following statement by the President
was released to the press on December 21, 1933:
" Under the clear authority granted to me by
the last session of the Congress, I have today,
by proclamation, proceeded to ratify the
London agreement with regard to silver, which
has already been put into effect by the Government of India, and which I understand other
nations concerned are about to act on.
"This proclamation, in accordance with the
act of Congress, opens our mints to the coinage
of standard silver dollars from silver hereafter
produced in the United States or its possessions, subject to the depositors of such silver
surrendering to the Government one half of it
as seigniorage and to cover all usual charges
and expenses. The dollars coined from half of
such newly mined silver will be returned to the
depositor. The half surrendered to the Government will be retained in the Treasury.
JANUARY
1934
" I t will be remembered that at the London
Conference 66 governments unanimously adopted the silver resolution proposed by our
Government, providing in substance that these
governments would refrain from the policy
and practice of melting up and debasing silver
coins; that they would replace low-valued
paper money with silver coins; and that they
would not enact legislation that would depreciate the value of silver in the world market.
This resolution, however, w^as contingent upon
an agreement between the governments of
those countries producing large quantities of
silver and the governments of those countries
holding or using large quantities, looking to the
elimination of an unnatural over supply of
silver on the markets of the world. This
agreement, of course, was for the purpose of
allowing demand and supply to govern the
price of silver by the limitation and neutralization of this over supply derived from the
melting up of silver coins.
"India had the power to dispose of, on the
markets of the world, at any time, and at any
price, hundreds of millions of ounces of silver.
In fact, India had the power and capacity to
dump silver derived from the melting up of
Indian silver coins in an amount equal to the
world's production from the mines for the
period of 2 years. This power and the uncertainty attending its execution was destructive
of the value and stability of silver throughout
the world.
"China agreed, during the period of 4 years
commencing January 1, 1934, and ending January 1, 1938, not to permit the sale of any silver
derived from the debasing or melting up of
silver coins. India agreed to limit the sales of
such silver to a maximum of 35,000,000 ounces
annually during such period and Spain agreed
not to sell in excess of 5,000,000 ounces of such
silver annually during such period. After such
sales, these governments are to be bound by the
general resolution adopted at the London Conference to which I have heretofore referred.
"As a condition of the agreement by China,
India, and Spain, however, it was required
that Australia, Canada, Mexico, Peru, and the
United States should take silver from the production of their respective mines to the gross
amount of 35,000,000 ounces annually for such
period of four years. The United States, by
reason of its large population and its large
silver production, agreed to take from its mines
annually at least 24,421,410 ounces of silver
during such period.
JANUARY
1934
FEDERAL RESERVE BULLETIN
"The production of the United States for of 4 years commencing January 1, 1934, and
1932 was approximately 24,000,000 ounces of Spain agreed not to dispose of over 5,000,000
silver."
ounces of silver annually during said period,
and both of said Governments agreed that at
the end of said period of 4 years they would then
''COINAGE OF SILVER
subject themselves to the general resolution
" B Y THE PRESIDENT OF THE UNITED STATES adopted at the London Conference, and in
consideration of such limitation it was agreed
OF AMERICA
that the Governments of the five producing
countries would each absorb from the mines in
"A PROCLAMATION
their respective countries a certain amount of
"Whereas, by paragraph (2) of section 43, silver, the total amount to be absorbed by said
title III, of the act of Congress, approved May producing countries being 35,000,000 ounces per
12, 1933 (Public, No. 10), the President is annum during the 4 years commencing the
authorized 'By proclamation to fix the weight 1st day of January 1934; that such silver so
of the gold dollar in grains nine-tenths fine and absorbed would be retained in each of said
also to fix the weight of the silver dollar in respective countries for said period of 4 years,
grains nine-tenths fine at a definite fixed ratio to be used for coinage purposes or as reserves
in relation to the gold dollar at such amounts for currency, or to otherwise be retained and
as he finds necessary from his investigation to kept off the world market during such period
stabilize domestic prices or to protect the for- of time, it being understood that of the
eign commerce against the adverse effect of de- 35,000,000 ounces the United States was to
preciated foreign currencies, and to provide absorb annually at least 24,421,410 ounces of
for the unlimited coinage of such gold and the silver produced in the United States during
silver at the ratio so fixed, * * *'; and such period of time.
"Whereas, from investigations made by me.
"Now ; therefore, finding it proper to coopI find it necessary, in aid of the stabilization of erate with other Governments and necessary to
domestic prices and in accordance with the assist in increasing and stabilizing domestic
policy and program authorized by Congress, prices, to augment the purchasing power of
which are now being administered, and to pro- peoples in silver-using countries, to protect our
tect our foreign commerce against the adverse foreign commerce against the adverse effect of
effect of depreciated foreign currencies, that depreciated foreign currencies, and to carry
the price of silver be enhanced and stabilized; out the understanding between the 66 Governand
ments that adopted the resolution hereinbefore
"Whereas, a resolution presented by the referred to; by virtue of the power in me vested
delegation of the United States of America by the act of Congress above cited, the other
was unanimously adopted at the World legislation designated for national recovery,
Economic and Monetary Conference in London and by virtue of all other authority in me
on July 20, 1933, by the representatives of 66 vested;
" I , Franklin D. Roosevelt, President of the
Governments, which in substance provided
that said Governments will abandon the policy United States of America, do proclaim and
and practice of melting up or debasing silver direct that each United States coinage mint
coins; that low-valued silver currency be shall receive for coinage into standard silver
replaced with silver coins and that no legisla- dollars any silver which such mint, subject to
tion should be enacted that will depreciate the regulations prescribed hereunder by the Secretary of the Treasury, is satisfied has been
value of silver; and
"Whereas, a separate and supplemental mined, subsequently to the date of this procagreement was entered into, at the instance of lamation, from natural deposits in the United
the representatives of the United States, States or any place subject to the jurisdiction
between China, India, and Spain, the holders thereof. The Director of the Mint, with the
and users of large quantities of silver, on the voluntary consent of the owner, shall deduct
one hand, and Australia, Canada, Mexico, and retain of such silver so received 50 percent
Peru, and the United States on the other hand, as seigniorage and for services performed by
as the chief producers of silver, wherein China the Government of the United States relative
agreed not to dispose of any silver derived from to the coinage and delivery of silver dollars.
the melting up or debasement of silver coins, The balance of such silver so received, that is,
and India agreed not to dispose of over 35,000,- ! 50 percent thereof, shall be coined into stand000 ounces of silver per annum during a period j ard silver dollars and the same, or an equal
8
FEDERAL RESERVE BULLETIN
number of other standard silver dollars, shall
be delivered to the owner or depositor of
such silver. The 50 percent of such silver so
deducted shall be retained as bullion by the
Treasury and shall not be disposed of prior to
the 31st day of December 1937, except for
coining into United States coins.
"The Secretary of the Treasury is authorized
to prescribe regulations to carry out the purposes of this proclamation. Such regulations
shall contain provisions substantially similar
to the provisions contained in the regulations
made pursuant to the act of Congress, approved April 23, 1918 (40 Statutes at Large,
page 535), known as the Pittman Act, with
such changes as he shall determine prescribing
how silver mined, subsequently to the date of
this proclamation from natural deposits in the
United States or any place subject to the jurisdiction thereof, shall be identified.
"This proclamation shall remain in force
and effect until the 31st day of December 1937,
unless repealed or modified by act of Congress
or by subsequent proclamation.
"The present ratio in weight and fineness of
the silver dollar to the gold dollar shall, for the
purposes of this proclamation, be maintained
until changed by further order or proclamation.
"Notice is hereby given that I reserve the
right by virtue of the authority vested in me
to revoke 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 caused the seal of the United States
to be affixed.
"Done at the city of Washington this 21st
day of December, in the 37ear of our Lord
nineteen hundred and thirty-three and of the
independence of the United States of America
the one hundred and fifty-eighth.
"FRANKLIN D. ROOSEVELT.
"By the President:
"WILLIAM PHILLIPS,
"Acting Secretary of State."
SILVER REGULATIONS
Prescribed under authority of paragraph (2),
section 43, title III, of the act of Congress
approved May 12, 1933 (Public, No. 10), and
the President's proclamation of December 21,
1933, relating to the receipt and coinage of
silver mined in the United States or any
place subject to the jurisdiction thereof.
[For proclamation, see p. 7.]
JANUARY
1934
ARTICLE 1. Silver which will be received.—
The United States coinage mints, under the
conditions hereinafter specified and subject to
the appropriate regulations governing the
mints, will receive silver which any such mint
is satisfied has been mined subsequent to December 21, 1933, from natural deposits in the
United States or any place subject to the jurisdiction thereof. Such mints will also receive
silver which forms a part of a mixture of domestic, secondary, and foreign silver provided such
mints are satisfied that the aggregate amount
of such mixture so received does not exceed the
amount thereof which has been mined subsequent to December 21, 1933, from natural
deposits in the United States or any place
subject to the jurisdiction thereof.
ART. 2. Affidavits,—Any individual, partnership, association, or corporation, hereinafter referred to as " person", delivering silver
under the provisions of the proclamation of
December 21, 1933, shall accompany each such
delivery with a properly executed affidavit on
form TS-1, and supporting affidavit or affidavits
of the miner or miners on form TS-2, containing
the information called for in such forms and
executed under oath before an officer duly
authorized to administer oaths.
ART. 3. Evidence which may be demanded.—
Persons delivering silver under the provisions
of these regulations shall furnish such further
evidence as may from time to time be requested
by the superintendent of any mint, including
affidavits and sworn abstracts from books of
account of any mines or any or all smelters or
refineries handling such silver.
ART. 4. Settlement for silver delivered.—
The Director of the Mint, pursuant to the
voluntary consent of the depositor as required
in the form of agreement to be executed in
connection with affidavit TS-1, shall retain of
such silver so delivered, 50 percent as seigniorage and for services performed by the Government of the United States, and the balance of
such silver so received, that is, 50 percent thereof, shall be coined into standard silver dollars
and the same, or an equal number of other
standard silver dollars, shall be delivered to the
owner or depositor of such silver. Any fractional part of $1 due hereunder shall be returned in any legal tender coin of the United
States.
ART. 5, Records and reports.—Every person
delivering silver under these regulations shall
keep accurate records of all silver mined or
acquired subsequent to December 21, 1933,
and such records shall be available for examina-
JANUARY
FEDERAL RESERVE BULLETIN
1934
tion by a representative of the Director of the
Mint for at least 1 year after the last delivery.
Such person shall file with the Director of the
Mint, on or before the 25th day of each month
after the date the first delivery is made, a
report covering the period of the preceding
calendar month, provided that the first report
shall cover the period from December 21, 1933,
to the end of the calendar month preceding the
date of the report. Such report shall be executed under oath before an officer duly
authorized to administer oaths and shall be
made on form TS-3 and shall contain all of the
information called for in such form. Every
person delivering silver which has been mixed
with secondary or foreign silver or both at a
smelter or refinery, other than that of the
person making the delivery, shall also file with
each delivery of such silver an agreement
properly executed under oath by a duly authorized officer of such other smelter or refinery
that records will be kept and reports will be
filed as provided in this article, and that such
records will be available for examination by a
representative of the Director of the Mint for
at least 1 year after the last delivery.
ART. 6. Forms.—Any form, the use of
which is prescribed in these regulations, may
be obtained at any United States mint or assay
office or at the Treasury Department, Washington.
ART. 7. Revocation or modification.—The
provisions of these regulations may be revoked
or modified at any time.
H. MORGENTHAU, J R . ,
Acting Secretary of the Treasury.
Approved:
FRANKLIN D. ROOSEVELT.
THE WHITE HOUSE,
9
bullion, and gold certificates of the country
to protect the currency system for the benefit
of all citizens. It applies to the small holders
and to those relatively few large holders who
have not complied with the law.
The former order of the President was issued
under section 2 of the same act of Congress,
requiring all persons to file returns relative to
the gold coin, gold bullion, and gold certificates
owned by them or in their possession. This
order provided that the return should constitute
an application for a license to hold such gold
and gold certificates but provided that after a
specified period of time no person could lawfully hold, without a license, any gold coin,
gold bullion, or gold certificates, except as
specifically provided in the order.
For the convenience of holders of gold and
gold certificates the order provides that delivery shall be made by placing the gold and gold
certificates in custody of a Federal Reserve
bank or branch, or of a bank which is a member
of the Federal Reserve System, to be held by
such bank exclusively for the account of the
Treasurer of the United States. Upon receipt
of the gold coin, gold bullion, or gold certificates, or receipt of the confirmation, payment
will be made for the gold and gold certificates
in an equivalent amount of any form of coin
or currency coined or issued under the laws of
the United States. Payment for any gold
bullion will be made at the rate of $20.67 an
ounce.
ORDER OF THE SECRETARY OF THE TREASURY
REQUIRING THE DELIVERY OF GOLD COIN, GOLD
BULLION, AND GOLD CERTIFICATES TO THE
TREASURER OF THE UNITED STATES
Whereas 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
TREASURY ORDER RELATING TO GOLD
national 77emergency in banking, and for other
, provides in subsection (n) as
On December 28, 1933, the Treasury De- purposes
follows:
partment issued the following statement to the
Whenever in the judgment of the Secretary of the
press:
Treasury such action is necessary to protect the
currency system of the United States, the Secretary
Supplementing the President's order of of
the Treasury, in his discretion, may require any or
August 28, 1933, the Secretary of the Treasury all individuals, partnerships, associations and corporations
to pay and deliver to the Treasurer of the
has today issued an order under section 3 of
United States any or all gold coin, gold bullion, and
the act of March 9, 1933, requiring every per- gold
owned by such individuals, partnerson to deliver all gold coin, gold bullion, and ships,certificates
associations, and corporations. Upon receipt
gold certificates owned by such person, with of such gold coin, gold bullion or gold certificates, the
certain exceptions stated in the order. This Secretary of the Treasury shall pay therefor an equivaamount of any other form of coin or currency
order further carries out the purpose of Con- lent
coined or issued under the laws of the United States.
gress as expressed in the Emergency Banking The Secretary of the Treasury shall pay all costs of
Act of March 9, to mobilize the gold coin, gold the transportation of such gold bullion\ gold certifiDecember 30, 1933.
10
FEDERAL RESERVE BULLETIN
cates, coin, or currency, including the cost of insurance,
protection, and such other incidental costs as may be
reasonably necessary. Any individual, partnership,
association, or corporation failing to comply with any
requirement of the Secretary of the Treasury made
under this subsection shall be subject to a penalty
equal to twice the value of the gold or gold certificates
in respect of which such failure occurred, and such
penalty may be collected by the Secretary of the
Treasury by suit or otherwise.
and
Whereas in my judgment such action is
necessary to protect the currency system of
the United States;
Now, therefore, I, Henry Morgenthau, Jr.,
Acting Secretary of the Treasury, do hereby
require 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, and gold certificates
situated in the United States, owned by such
persons, 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);
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.
SEC. 2. Delivery.—The gold coin, gold bullion, and gold certificates herein required to
be paid and delivered to the Treasurer of the
United States shall be delivered by placing
the same forthwith in the custody of a Federal
Reserve bank or branch or a bank member of
the Federal Reserve System for the account
of the United States and by forwarding confirmation that the gold coin, gold bullion, and
JANUARY
1934
gold certificates have been so placed in custody for the account of the United States and
are held subject to the order of the Treasurer
of the United States, signed by such bank and
the person making the delivery (or the authorized agent of such person) to the Treasurer
of the United States, Washington, D.C., in a
postage prepaid envelop bearing a postmark
dated prior to midnight of the day the gold
coin, gold bullion, and gold certificates are
so placed in custody.
SEC. 3. Payment and reimbursement of
costs.—Upon receipt of the confirmation signed
and delivered as required under section 2, the
Secretary of the Treasury will pay for the gold
coin, gold bullion, and gold certificates placed
in custody for the account of the United States
in accordance with section 2, an equivalent
amount of any form of coin or currency coined
or issued under the laws of the United States
designated by the Secretary of the Treasury.
The Secretary of the Treasury will pay all
costs of the transportation of such gold coin,
gold bullion, and gold certificates to the Federal
Reserve bank or branch or bank member of the
Federal Reserve System in the city or town
nearest to the place where such gold coin,
gold bullion, and gold certificates are now
situated, including the cost of insurance,
protection, and such other incidental costs as
may be reasonably necessary. Persons desiring reimbursement for such costs actually
incurred shall submit their accounts on voucher
forms which may be obtained by writing to the
Treasurer of the United States, Washington.
D.C.
SEC. 4. Definitions.—As used in this order,
the term "person" means an\r individual,
partnership, association, or corporation; 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 "gold coin'7 means any coin containing
gold, including foreign gold coin; and the term
"gold bullion" means any gold which has been
put through a process of smelting or refining
that is in such form that its value depends
upon the gold content and not upon the form,
but does not include gold coin or metals containing less than 5 troy ounces of fine gold per
short ton.
SEC. 5. Any individual, partnership, association, or corporation failing to comply with any
requirement hereof or of any rules or regulations issued by the Secretary of the Treasury
11
FEDERAL RESERVE BULLETIN
hereunder shall be subject to the penalty provided in Section ll(n) of the Federal Reserve
Act, as amended.
This order may be modified or revoked at
any time.
H. MORGENTHAU, J R . ,
Acting Secretary of the Treasury.
Approved:
FRANKLIN D. ROOSEVELT.
THE WHITE HOUSE,
December 28, 1933.
CONTROL OVER STATE BANKING INSTITUTIONS—PROCLAMATION BY THE PRESIDENT
On December 30, 1933, the President issued
the following proclamation " amending proclamations of March 6 and March 9, 1933, and
the Executive order of March 10, 1933, and all
orders and regulations pursuant thereto ":
" B Y THE PRESIDENT OF THE UNITED STATES OF
AMERICA
"A PROCLAMATION
"Whereas, on March 6, 1933, I, Franklin D.
Roosevelt, President of the United States of
America, by virtue of authority vested in me
by the act of October 6, 1917 (40 Stat. L. 411),
as amended, issued a proclamation declaring
that an emergency existed and that a national
banking holiday be observed;
"Whereas, on March 9, 1933, I issued a
proclamation continuing the terms and conditions of said proclamation of March 6, 1933,
in full force and effect until further proclamation by the President;
"Whereas, on March 10, 1933, I issued an
Executive order authorizing the appropriate
authority having immediate supervision of
banking institutions in each State or any place
subject to the jurisdiction of the United States
to permit any banking institution not a member of the Federal Reserve System to perform
any or all of its usual banking functions except
as otherwise provided;
"Whereas, the Secretary of the Treasury,
pursuant to authority granted by other provisions of the said Executive order of March 10,
1933, has acted upon all requests for licensing
of banks members of the Federal Reserve
System;
"Whereas, the Federal Deposit Insurance
Corporation has acted upon all applications to
it for membership in the Temporary Federal
Deposit Insurance Fund as provided for in
section 12B (y) of the Federal Reserve Act as
amended by section 8 of the act of June 16,1933,
Public No. 66, Seventy-third Congress, and
has admitted to the said fund all applicant
banks which are duly and properly qualified; and
"Whereas, it is now appropriate that the
banking authority in each State and any place
subject to the jurisdiction of the United States
should have and exercise the sole responsibility
for, and control over, banking institutions not
members of the Federal Reserve System;
"Now, therefore, I, Franklin D. Roosevelt,
President of the United States, in order to
assure that the banking authority in each State
and in any place subject to the jurisdiction of
the United States shall have and exercise the
sole responsibility for, and control over, banking institutions which are not members of the
Federal Reserve System, do hereby proclaim,
order, direct, and declare that the proclamations of March 6, 1933, and March 9, 1933, and
the Executive order of March 10, 1933, and all
orders and regulations pursuant thereto, are
amended, effective the first day of January,
nineteen hundred and thirty-four, to exclude
from their scope banking institutions which are
not members of the Federal Reserve System.
Provided, however, That no banking institution
shall pay out any gold coin, gold bullion, or gold
certificates, except as authorized by the Secretary of the Treasury, nor allow the withdrawal
of any currency for hoarding, nor engage in
any transactions in foreign exchange except
such as may be undertaken for legitimate and
normal business requirements, for reasonable
traveling and other personal requirements, and
for the fulfillment of -contracts entered into
prior to March 6, 1933.
"In witness whereof, I have hereunto set
my hand and caused the seal of the United
States to be affixed.
"Done in the city of Washington this 30th
day of December in the year of our Lord one
thousand nine hundred and thirty-three, and
of the Independence of the United States the
one hundred and fifty-eighth.
"FRANKLIN D. ROOSEVELT.
"By the President:
"WILLIAM PHILLIPS,
u
Acting Secretary of State.tf
12
FEDERAL RESERVE BULLETIN
1934
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Dec. 22 and released for publication Dec. 24]
Total volume of industrial production, after
declining further during October, showed little
change during November and the first half of
December. The amount of construction undertaken continued to increase, reflecting an expansion of public works.
Production and employment.—Output of
basic commodities, as measured by the Federal
Reserve Board's seasonally adjusted index, was
73 for November, on the basis of the 1923-25
average as 100, compared with 77 for October.
This total for the month reflects the maintenance during November, with allowance for
usual seasonal changes, of the level reached at
the end of October after a continuous decline
during the preceding three months. Activity
at steel mills, after declining from 44 percent of
capacity in the early part of October to 25 percent in the early part of November, subsequently increased to a rate of 34 percent in the
third week of December. Output of automobiles, which was curtailed sharply in November in preparation for new models, also increased somewhat in the early part of December. Consumption of cotton by domestic mills
was in somewhat smaller volume in November
than in the preceding month, and activity at
woolen mills decreased. At shoe factories
production showed a decline larger than is
usual at this season.
Volume of factory employment and pay rolls
declined from the middle of October to the
middle of November by somewhat more than
the usual seasonal amount. The Board's
seasonally adjusted index
of factory employment for November wras 72, as compared with
74 in October and 57 at the low point in March.
Value of construction contracts awarded, as
reported by the F. W. Dodge Corporation,
showed a further substantial increase in
November. This increase, at a season when
construction contracts usually decline, reflects
a growth in the volume of public works.
Distribution.—Shipments of commodities by
rail decreased in November as compared with
October by an amount somewhat smaller than
is usual at this season. Sales of merchandise
at department stores
declined, contrary to
seasonal tendency, wThile sales by variety stores
showed little change.
Wholesale prices.—Wholesale commodity
prices, as measured by the weekly index of the
Bureau of Labor Statistics, advanced from
70.9 percent of the 1926 average in the first
week of November to 71.7 percent in the third
week and then declined to 70.9 percent in the
week ending December 9. These movements
reflected chiefly changes in the prices ot farm
products and foods. Prices of hogs declined
considerably after the middle of November,
owing partly to seasonal factors.
Foreign exchange.—The value of the dollar
in the foreign exchange market advanced from
a low point of 59 percent of its gold parity on
November 16 to about 64 percent for the period
from November 27 to December 20.
Bank credit.—Between November 15 and
December 20 there was the usual seasonal
increase—about $195,000,000—in the demand
for currency by the public. This currency
demand was met largely through the purchase
of $100,000,000 of acceptances by the Federal
Reserve banks and the issuance of additional
bank notes by the national banks. Reserve
balances of member banks showed little change
for the period and continued to be at a level
of about $800,000,000 above legal requirements.
Total loans and investments of reporting
member banks in leading cities declined by
$160,000,000 between November 15 and December 13, reflecting chiefly sales of acceptances
to the reserve banks and a reduction in holdings
of investments other than United States Government securities. Loans on securities, chiefly
to brokers in New York City, increased by
$40,000,000, while all other loans, which include holdings of acceptances, declined by
$125,000,000.
Short-term money rates advanced slightly
during the period.
JANUARY
13
FEDERAL RESERVE BULLETIN
1934
RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES
MILLIONS OF DOLLARS
Weekly Basis: Wednesday Series
MILLIONS Or DOLLARS
7000
7000
6000
6000
i 5000
4000
MEMBER BANK
RESERVE BALANCES
2000
1000
o L
1928
1929
1930
1931
Based on Wednesday figures; latest figures are for December 27.
14
FEDERAL RESERVE BULLETIN
JANUARY 1934
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES
[In millions of dollars]
Averages of daily figures
Reserre bank credit outstanding
Factors of increase
Factors of decrease
Month or week
Bills discounted
United
States
Government securities
Bills
bought
Other
reserve
bank
credit
Total
NonMone- Treasury Money Member
bank
member
tary gold currency in circu- reserve
deposits,
stock
adjusted lation balances
etc.
Unexpended
capital
funds
4,031
4,140
4,226
4,292
4,429
1,796
1,826
1,886
1,917
1,915
5,720
5,685
5,643
5,642
5,699
2,073
2,181
2,307
2,378
2,435
40
35
38
40
43
347
347
355
360
359
2,511
2,286
2,208
2,211
2,239
2,358
2,492
2,574
2,669
4,547
4,491
4,260
4,301
4,313
4,317
4,319
4,323
4,327
4,324
4,323
4,323
1,901
1,891
1,897
1,915
1,930
1,943
1,937
1,964
1,951
1,944
1,927
1,936
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
60
79
134
156
173
164
179
186
169
163
158
143
351
344
344
348
355
351
345
349
346
352
355
358
2,034
2,044
2,054
2,082
2,212
2,219
2,237
2,253
4,320
4,320
4,321
4,325
1,943
1,986
1,974
1,955
5,629
5,623
5,622
5,607
2,310
2,362
2,372
2,402
188
191
190
177
348
349
348
347
153
147
134
132
132
2,113
2,150
2,194
2,223
2,260
2,282
2,316
2,351
2,374
2,408
4,328
4,329
4,326
4,327
4,326
1,940
1,945
1,967
1,951
1,949
6,612
5,652
5,625
5,623
5,622
2,405
2,410
2,507
2,516
2,556
187
181
165
165
157
345
347
347
347
348
Oct. 7
Oct. 14
Oct. 21
Oct. 28
125
120
119
116
2,295
2,333
2,397
2,436
2,468
2,512
2,530
4,324
4,324
4,324
4,323
1,910
1,935
1,958
1,962
5,663
5,679
5.665
5,627
2,503
2,544
2,608
2,663
157
158
165
167
347
346
359
358
Nov.
Nov.
Nov.
Nov.
4
11
18
25
116
113
112
113
2,424
2,439
2,439
2,437
2,556
2,570
2,578
2,575
4,323
4,323
4,323
4,323
1,926
1,918
1,940
1,947
5,652
5,682
5,673
5,672
2,625
2,603
2, 619
2,671
173
169
163
146
355
357
356
356
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
120
122
118
117
110
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
1,914
1,881
1,925
1,951
1,986
5,731
5,773
5, 784
5,855
5,840
2,597
2,550
2,635
2,614
2,669
146
154
155
135
128
355
354
357
363
361
1932—August
September
October
November
December
451
387
328
313
282
37
34
34
34
34
,850
,848
,851
,851
,854
1933—January
February
March
April
May
June
July
August
September
October
November
December
255
307
994
425
339
250
170
159
138
119
114
117
32
102
379
230
86
12
16
8
7
7
15
101
,804
,875
,837
,846
,933
2,016
2,064
2,202
2.355
2.437
2,432
Week ending (Saturday)
1933—Aug. 5
Aug. 12
Aug. 19
„
Aug. 26
164
159
165
155
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
117
114
120
2,353
2,231
2,211
2,192
2,110
2,224
End of month series
Wednesday series
1933
1933
July Aug. Sept. Oct. Nov.
31
30
30
31
Bills discounted
Bills bought
United States Government securities
Other Reserve bank credit
Total Reserve bank credit
Monetary gold stock
Treasury currency adjusted
Money in circulation
Member bank reserve balances.
Nonmember deposits, etc
Unexpended capital funds—.
167
2,028
6
2,209
4,320
1,925
5,630
153
2,129
8
2,297
4,329
1,940
5,613
2,294 2,409
184 197
346 347
128
2,277
9
2,421
4,324
1,946
5,650
2,538
155
348
116
7
2,421
5
2,548
4,323
1,978
5,635
2,685
173
356
119
24
Nov. Nov.
22
29
Dec.
31
133
2,432 2,437
20
7
2,581 2,688
4,323 P4, 323
1,907 2,015
5,742 *5,804
2,573 2,729
142 132
354
Bills discounted
Bills bought
United States Government securities
Other Reserve bank credit
Total Reserve bank credit
Monetary gold stock
_.
Treasury currency adjusted
Money in circulation
Member bank reserve balances.
Unexpended capital funds, nonmember bank deposits, etc
v Preliminary.
BaekjiQUTU—See Annual Reports for 1932 (tables 1-5), 1931 (tables 3-6).
Dec. Dec. Dec. Dec.
13
27
20
112
20
119
116
61
2,431
-1
2,562
4,323
I. 1 ""
5,654
2,687
2,432
7
2,581
4,323
1,907
5,742
2,573
2,431
7
2,615
4,323
1,8"
5,758
2,561
504
496
510
115
113
111
111
2,432 2,432
25
2,677 2,686
4,323 4,323
1,916 1,970
5,763 5,849
2,638 2,636
2,432
20
2,674
4,323
1,989
5,824
2,675
118
116
515
494
15
FEDERAL RESERVE BULLETIN
JANUARY 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]
Dec. 31, 1933 Nov. 30,1933 Dec. 33, 1932
ASSETS
Gold with Federal Reserve agents.
Gold redemption fund with United States Treasury
.
Gold held exclusively against Federal Reserve notes.
Gold settlement fund with Federal Reserve Board
Gold and gold certificates held by banks
Total gold reserves
Other cash*
_
Total gold reserves and other cash
Redemption fund—Federal Reserve bank notes_
Bills discounted:
For member banks..
For intermediate credit banks
For nonmember banks, etc
Total bills discounted.
Bills bought:
Payable in dollars:
Bought outright
Under resale agreement
Payable in foreign currencies
Total bills bought
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 bank float (uncollected items in excess of deferred availability items).
Total Reserve bank credit outstanding
_
Gold held abroad
___
_I
_
Federal Reserve notes of other Reserve banks
Uncollected items not included in float
Bank premises-.
.._
All other assets...
_
_
Total assets.
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
Total deposits..
Deferred availability items..
Capital paid in
Surplus.
All other liabilities
Total liabilities
_
Contingent liability on bills purchased for foreign correspondents
2,625,053
44,739
2, 618, 254
40,888
2, 351, 675
40,441
2, 669, 792
618, 205
280, 979
2, 659,142
673, 403
240, 693
2, 392,116
340,343
418, 212
3, 573, 238
204, 583
3,150,671
267,556
3, 777,821
11, 990
3,418, 227
96, 873
310
407
118, 590
451
233, 834
349
749
97, 590
119, 041
234,932
108,108
19, 284
6, 033
18,025
3,634
133, 425
23,866
"29," 489
33,123
2, 435, 245
2T 245
2, 430,137
1,500
2, 437,490
2, 431,637
1,493
3,333
14, 745
1,580
3,523
1,602
2, 688,076
2, 581,249
18, 460
430,883
51,884
44, 693
15,434
373,730
54, 732
50,442
6,865, 398
7,040, 688
1,851,031
4, 111
1,855,142
4,818
2,976
13,885
2,144,876
72,638
17,819
368,309
56,000
37,119
6,114, 988
3,079,543
208,997
15,434
3,014, 895
3,030,329
205,394
17,819
2, 720, 789
2,738, 608
2, 729,442
2,837
4,233
2, 572,942
81, 519
5,324
2,509,490
S, 262
19, 446
46, 691
9,961
71,386
7,040, 688
3.810
55,006
14,331
67, 352
2, 796,474
373,730
145,194
278, 599
35,678
6,865,398
2,893
23,687
2, 560,885
368,309
151, 292
278, 599
17, 295
6,114,988
40,170
3, 349,805
3, 264,891
2,987,015
?, 625,053
188, 440
600, 500
3, 413,993
2, 618, 254
96,276
597,600
3,312,130
2, 351, 675
219,888
427, S00
2, 999, 363
725
225, 544
2,021
256, 774
1,948
247, 274
249, 222
18,460
3,061,083
2,864, 550
430,883
144,693
277,680
34, 342
FEDERAL RESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks by Federal Reserve agents
Collateral held by agents as security for notes issued to bank:
Gold.
__.
Eligible paper
_
_
United States Government securities
Total collateral
_
FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks ( o u t s t a n d i n g ) .
Collateral pledged against o u t s t a n d i n g notes:
Discounted and purchased bills
United States G o v e r n m e n t securities
Total collateral.
1
"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
233,
258, 795
16
FEDERAL RESERVE BULLETIN
JANUARY 1934
ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED
STOCK
STATES
[In millions of dollars at par]
Gold
stock
at end
of
month
Month
1932—January
February. _
March
April
May
June
July
August
September.
October
November.
December..
Total (12 mos.)~
1933—January
February
March
April
May
June
July
August
September
October
November._
December v
[In thousands of dollars at par]
Analysis of changes
1933
Increase
Net rein stock Net gold
during import
month
-44.2
-62.3
36.0
-23.1
-214.1
-233.9
58.0
111.7
104.8
70.8
75.6
173.5
52.9
40.0
-173.4
-97.2
29.5
3.6
2.2
2.7
7.5
-3.9
4,416
4,354
4,390
4,367
4,152
3,919
3,077
4,088
4,193
4,264
4,340
4,513
4,553
4,380
4,282
4,312
4,315
4,318
4,320
4,328
4,324
4,323
4.323
4,323
-73.0
-90.6
-24.7
-30.2
-195.5
-206. 0
-3.4
6.1
27.9
20.6
21.7
100.9
Total .(12;mos.)p_
Imports
-446. 2
128.5
17.8
-22.1
-10.0
-21.1
-3.2
-83.9
-80.4
-56.7
-0.7 - 3 2 . 4
-1.1
""-O.I"
-9.1
-190.1 -173.7
December
(preliminary)
From or to—
-58.0
41.6
i 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).
v Preliminary figures.
Backfigures.—SeeAnnual Reports (or 1932 (table 47), 1931 (table 30).
Belgium
England
.
France,.
Germany
Netherlands
Switzerland
Canada
Central America
Mexico
Argentina
Colombia
Ecuador
Peru
Uruguay.__
Venezula
Australia—
British India
China and Hong
Kong
Dutch East Indies,.
Japan...
Philippine Islands..
All other countries i.
Exports
November
Imports
Exports
28
2,261
402
5
199
225
40
492
252
2
114
381
Total.
1,894
Imports
2,957
Exports
885
55, 204 47,176
30,079 245,910
1,071
3,575
19,347
11,445
2,748
19, 757
210
794
1
4,521
579
14
15
97
1
1,007
24
1,440
864
506
150
3,010
25,629
12,821
801
6,702
5, 254
3,176
116
>,086
JanuaryNovember
91,230
2
42,255
355,837
> Includes all movements of unreported origin or destination.
« $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
1932—March
April
May
June
July .
August September..
October
November
December
1933—January
February
March
April
May
June
.
July
August
September
October
December p
Total
- ~
.
1
1
1
1
1
1
1
1
1
259
257
257
256
254
255
257
257
258
114
114
114
114
113
113
113
113
113
274
282
290
289
289
285
286
289
291
601
29
371
113
294
28
350
250
28
28
28
28
28
28
28
28
29
29
29
111
111
287
649
393
323
280
265
252
242
232
225
219
213
1
1
258
591
468
. 5,645
479
571
367
335
324
321
320
319
312
312
311
311
.
-- -
355
356
355
353
351
350
359
361
361
779
758
735
716
694
669
644
624
635
. -.
6,545
6,320
6,003
5,812
5,721
5,630
5,612
5,650
5,635
5,742
5,804
NaTreas- SubFederal Federal tionalMinor United
ury
States Reserve Reserve
bank
bank
coin
notes sidiary
notes notes notes notes
of 1890 silver
31
30
30
30
30
30
29
29
29
404
411
435
453
454
449
445
445
454
-
. •-
Silver
Gold Standard
certificertifi- silver
cates dollars cates
5,459
5,465
5,480
5,695
5,726
5,692
5,653
5,628
5,648
5,675
- -
..
Gold
coin
362
376
360
359
361
365
372
385
387
394
405
i
1
1
1
1
1
1
1
1
I
1
p Preliminary figures.
NOTE.—Forfiguresof paper currency of each denomination in circulation see p» 724.
Backfigures.—8eeAnnual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22).
252
258
255
256
257
258
261
265
267
269
271
112
112
112
113
113
114
115
116
117
117
301
266
261
265
269
275
277
280
277
285
285
2,546
2,551
2,558
2,780
2,838
2,793
2,731
2,689
2,675
2,716
2,707
3,405
3,621
3,362
3,167
3,061
2,974
2,952
2 966
2,930
2,998
3,044
3
3
3
3
3
3
3
3
3
3
3
3
17
50
99
125
129
133
156
189
206
208
693
703
702
701
700
744
785
817
826
820
836
861
879
915
922
920
914
911
009
903
913
919
17
FEDERAL RESERVE BULLETIN
JANUARY 1934
MEMBER BANK RESERVE BALANCES
[In millions of dollars]
Average of daily figures
Reserves held
Month of week
1932—January
February
March
April_
May
June
July
August
September
October
November
December
_.
April 8•
May
June'1
July
"Country" Total—all
member
banks
banks
New York
City i
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
17.8
88.1
155.1
89.4
75.0
127. 7
193.4
241.6
266.8
283.2
11.3
17.3
35.7
91.5
111.4
91.6
108.9
119.6
160.6
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
965
989
442
441
583.8
417.3
286.2
74.6
264.2
291.0
43.4
51.8
742
773
858
936
993
1,056
1,135
1,181
431
418
441
489
501
499
529
553
379.1
319.1
363.1
435.7
565. 5
674.5
758. 4
794.1
150.2
106.0
68.9
43.2
101.8
155.2
149.0
129.8
129.4
132.0
198.0
252.9
312.3
371.5
437.9
474.7
99.5
81.2
96.2
139.6
151.3
147.8
171.5
189. 6
New York
City'
1,979
1,907
1.899
1,996
2,138
2,0fi2
2,003
2,073
2,181
2,307
2,378
2,435
724
681
687
780
874
783
767
832
927
1,001
1,050
1,083
767
753
747
749
800
819
781
797
812
863
887
911
2,516
2,291
1,109
860
2,040
2,069
2,160
2,221
2,331
2.451
2,557
2,599
867
878
861
796
837
896
893
866
_ _
___._._
____
Other
reserve
cities
Total—all
member
banks
1933—j anuary
February
March •
Excess reserves
____
_-
August *..September'
October 8 ._
November 3__
4.5
7.2
1
» Central reserve city banks only.
• March data not available.
Back figures.—See Annual Reports for 1932 (tables 69 and 77), 1931 (tables 49 and 56),
Other
reserve
cities
"Country"
banks
1.8
Licensed banks only.
MEMBER BANK DEPOSITS
{In millions of dollars]
Averages of daily figures
Net demand and time deposits
Net demand deposits
Time deposits
Month
Other " Coun- Totalmemreserve try" all ber
cities banks banks
Totalall member
New
York
City*
1932—January
February...
March
April
May
June
July
August
September.
October
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
6,760
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
1933—January
February
March «
April»
May»
June 3
July*
August
September'..
October 3 3
November _.
25,641
24,978
7, 050
6,722
10,023
9,847
21,710
22,509
22,974
23,160
23.039
23,140
23, 360
23, 480
6,120
6,517
6,669
6,424
6,282
6,318
6. 341
6, 289
banks
8,520
8,842
9,031
9,309
9,318
9,345
9, 453
9, 531
New
York
Cityi
TotalOther " Coun- all
memreserve
try"
ber
cities
banks
banks
Other "Country"
reserve
banks
cities
14,141
14,408
14,679
14,864
14,965
5,343
6,001
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
6,492
6,425
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
4,626
4,650
4.538
4,537
4,532
4,617
5,637
5,440
6,387
5,368
5,315
5,261
5,211
5,188
5,159
5,145
5,123
5,071
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
880
4.553
4,479
5,031
4,974
7,071
7,150
7,273
7,427
7 439
7,477
7,575
7,0(5(5
13.078
13 815
14.241
14.100
13,920
14,027
14,243
14,34:
5,331
5,766
5,923
5,597
5.468
5,516
5, 535
5, 475
4,756
4,991
6,162
5,329
5,299
5,333
5, 450
5. 543
2,990
3, 058
3,156
3,174
3,153
3,178
3,249
3,330
8.633
8,694
8,732
9,060
9,119
9,113
9,126
9,139
788
751
746
826
814
802
805
814
3,764
3,851
3,869
3,980
4,019
4,012
3.994
3,988
4,081
4,092
4,117
4,253
4,286
4,299
4,326
4, 386
I
2
»Central reserve city banks only.
March data not available4
Back figures.—See Annual Reports for 1932 (table 69), 1931 (table 49).
New
York
City»
3
Licensed banks only*
18
FEDERAL RESERVE BULLETIN
JANUARY
1934
ALL BANKS IN THE UNITED STATES—LOANS AND INVESTMENTS
[In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private
banks under State supervision]
Member banks
All banks
Nonmember banks
Mutual savings banks
Date
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
1928—June 30...
Oct. 3
Dec. 31
57,265
57,219
58,266
39,464
39,671
40,763
17,801
17,649
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
15,518
5,694
3,723
i 3,723
3,696
12,962
12,049
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
68,835
58,417
40,557
41,512
42,201
41,898
17,462
16,962
16,634
16,519
35,711
35,914
35,934
24,945
25,658
26,165
26,150
10,448
10,052
9,749
9,784
19,390
9,556
» 9,556
9,463
15,694
5,892
15,892
5,945
13,696
3,664
13,664
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
i 9,463
9,747
19,747
9,987
15,945
6,009
16,009
6,068
13,518
3,739
13,739
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. 26...
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 19,987
12,106 10,506
12,199 i 10,506
11,314 10,488
16,068
6,169
i 6,169
6,218
13,920
4,337
14,337
4,270
11,208
10,593
9,786
8,641
7,906
7,399
6,707
5,827
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
i 4,186
4.103
7,755
7,491
7.295
5,117
4,931
4.780
2,637
2,560
2.615
1933—June 30...
40,089
2 22,215 2 17,874 2 24, 786 2 12,858
11,928
10,044
5,941
4,103
5, 258
2 3,415
2 1,843
1
* Figures of preceding call carried forward
ALL BANKS IN THE UNITED STATES—DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS
[In millions of dollars. Includes national banks, State commercial
banks and trust companies, mutual and stock savings banks, and all
private banks under State supervision]
2
Licensed banks only.
NUMBER OF BANKS
[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]
Member banks
Nonmember banks
Date
Date
All
banks
Member
banks
Total
Mutual
Other
savings nonmembanks ber banks
Total
National State
Nonmember
banks
Mu- Other
tual
nonsav- memings
ber
banks banks
1928-June 3 0 Oct. 3_ —
Dec. 3 1 -
53,398
53,720
56,766
32,133
32,138
34,826
18,653
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
615
1615
612
16,397
16,317
16,127
1929—Mar. 27June29_.
Oct. 4_._
Dec. 3 1 -
54,545
53,852
55,180
55,289
33,215
32,284
33,004
33,865
18,849
8,983
18,983
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
,186
,177
,148
,119
1612
611
1611
15,974
15,792
15,724
15,499
1930—Mar. 27June 30—
Sept. 24..
Dec. 31...
53,185
54,954
52,784
53,039
32,082
33,690
31,839
32,560
18,916
9,197
19,197
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
,095
^,068
1,054
1,019
1609
606
1606
16,208
14,931
14,738
14,114
1931—Mar. 25,.
June 30Sept. 29..
Dec. 31—
*1, 427
51,782
49,152
45,821
31,153
31,566
29,469
27,432
i 9,507
10,017
U0,017
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
6,800
6,653
6,368
998
982
946
878
1603
600
1600
597
13,841
13,521
13,095
12,123
1932—June 30—
Sept. 3 0 Dec 31...
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
694
11,472
11,296
10,980
1933—June 30—
»38,011
2 23,338
9,713
2 4,961 1933—June 30
214,530
5,606
4,897
>709
576
2 8,348
i Figures of preceding call carried forward.
Licensed banks only.
1
i Figures of preceding call carried forward,
* Licensed banks only.
19
FEDERAL RESERVE BULLETIN
JANUARY 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
curities loans
Total
89 other leading
cities
New York City
U.S. seTotal curities
Borrowings
at F.R.
banks Total
Investments
All
Loans
on se- other
curities loans
U.S. seTotal curities
Total
BorBorloans rowings
rowings and
in- at F.R.
at F.R. vestbanks ments banks
5....
12...
19...
26...
16,686
16,724
16,766
16,662
3,811
3,874
3,864
3,789
4,719
4,768
4,790
4,772
8,156
8,082
8,112
8,101
5,203
5,126
5,140
6,117
6,937
6,932
6,858
6,731
1,847
1,894
1,862
1,790
1,607
1,609
1,596
1,579
3,483
3,429
3,400
3,362
2,409
2,354
2,332
2,293
9,749
9,792
9,908
9,931
31
21
22
28
Aug. 2....
Aug. 9 - . .
Aug. 16...
Aug. 23._.
Aug. 30-.
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
1,775
1,800
1,757
1,794
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
9,802
9,965
9,920
9,881
31
28
38
29
30
Sept.
Sept.
Sept.
Sept.
6....
132027-
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
1,795
1,820
1,743
1,731
1,610
1,624
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
1,683
1,712
1,636
1,666
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
20
23
20
22
Nov. 1...
Nov. 8....
Nov. 15..
Nov. 22..
N o v . 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
9,868
24
21
21
22
25
Dec.r6___.
Dec/13...
Dec. 20-.
Dec. 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
1,630
1,663
1, 666
1,722
1,737
1,681
1,695
1,664
3, 366
3,306
3, 369
3,370
2,249
2,251
2,269
2,253
9,867
9,869
9,964
9,910
24
25
23
24
July
July
July
July
» See note on p. 273, May BULLETIN, explaining the basis on which these figures have been compiled
Back figures.—See August BULLETIN, pp. 519-523
BROKERS' LOANS
MADE BY
REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time. In millions of dollars]
From New
From private
York banks banks, brokers,
and trust com- foreign banking
panies
agencies, etc.
Total
End of month
1932
1933
1932
1932
January
February...
March
612
625
633
359
360
311
374
385
391
270
298
247
138
140
142
April
May
June
379
300
244
322
529
780
300
243
194
268
461
694
79
57
49
July
August
September..
242
332
380
916
917
897
195
248
292
822
841
47
85
October
November..
December..
326
338
347
776
789
845
263
278
279
706
712
776
1933
Back figures.-—See Annual Reports for 1932 (table 84) and 1927
(table 47).
REPORTING MEMBER BANKS IN N.Y. CITY
[In millions of dollars. Monthly data are averages of weekly figuresl
Total
Month or date
1932— October
November
December.
^933—January
February
March
April
May.
June
July
August
September
October
November
December
Dec. 6
Dec 13
Dec. 20
Dec 27
. _.
..
.
For account of For acFor
own ac- out-of- count of
town
count
others
banks l
411
354
389
336
16
12
6
6
393
377
12
4
380
433
398
399
578
755
919 j
877
847
779 !
723 |
759 j
723
760
753 j
801
365
416
373
374
555
712
806
747
741
663
611
631
605
629
621
671
11
10
18
21
17
36
105
122
98
111
106
122
111
124
127
125
4
7
7
4
6
7
8
8
8
5
6
6
7
5
5
i Member and nonmember banks outside New York City (domestic
banks only).
Backfigures.—SeeAnnual Reports for 1932 (table 83), 1931 (table 62)
1930 (table 56), etc.
20
FEDERAL RESERVE BULLETIN
JANUARY
1934
ACCEPTANCES AND COMMERCIAL PAPER
BANKERS' ACCEPTANCES OUTSTANDING
ACCEPTANCES)
(DOLLAR
CLASSES OF BANKERS' ACCEPTANCES
ACCEPTANCES)
[In millions o»f dollars]
[In millions of dollars]
Held by Federal Reserve
banks
(DOLLAR
Based
on goods
stored in
Held by accepting
banks
Based
on
goods
stored
Based States
in
on ex- (ware- Dollar foreign
ports house
excounfrom credits) change tries or
U.S.
shipped
or
shipped
bebetween
tween
domestic
foreign
points
points
United
End of month
Total
outstanding
For
account
Held
by
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
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
69
49
43
39
32
40
332
343
377
455
510
518
563
674
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
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
626
325
261
404
505
487
552
499
517
592
599
256
201
153
206
229
201
248
252
236
271
273
370
124
108
199
276
287
304
247
282
321
326
38
42
85
86
115
123
147
154
156
112
138
April
1933—J anuary
February
March
April
May
June
July
August
SeptemberOctober
November..
December
o
4
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).
720
710
1933—January
707
704
671
696
669
687
738
694
715
737
758
February
March.
April
May
June
July
. .
August
September. ... . . .
October
November
January—
February..
March
April
May
June
July
_
August
September
October...
November.
December.
1,035
1,038
1,040
1,054
1,058
1,064
1,065
1,071
1,075
21, 583
31,587
35,983
1931
161
164
166
174
175
176
174
168
168
160
171
185
200
237
230
222
219
184
199
185
217
255
229
237
253
278
8
(')
3
2
1
105
9
10
11
9
8
10
9
9
10
4
4
5
4
232
228
237
231
230
234
225
213
219
206
199
195
180
1932—November
December..
1933—January
February
March
April
May
June
July . .
August
September
October
November
4
4
2
307
280
164
13
41
• 2
1
1
1
18
31
33
20
2
7
(2)
(2)
(2)
1
(j)
58
56
36
3
6
1
(*)
1
(2)
1
5
4
2
87
38
2
11
(2)
(»)
1
107
97
66
6
16
1
1
(2)
(2)
(2)
2
4
4
i Total holdings of Federal Reserve banks include a small amount of
unclassified acceptances
> Less than $500,000.
Back figures.—Bee Annual Reports for 1932 (tables 88 and 28), 1931
(table 15), 1930 (tables 61 and 14), etc.
COMMERCIAL PAPER
OUTSTANDING
[In millions of dollars]
End of month
1932
36,119
23,958
1,063
1,074
1,073
10, 551
34,371
145,215
48.804
33, 501
33, 386
33,429
Back figures—See Annual Eeport for 1932 (table 24).
81
79
71
71
73
77
77
80
86
95
103
99
98
HELD BT F. It. BANES
(OWN ACCOUNT) *
[In thousands of dollars]
1930
Based
on
imports
into
U.S.
OUTSTANDING
1932—November
December
ACCEPTANCES PAYABLE IN FOREIGN C U R R E N C I E S HOLDINGS OF FEDERAL RESERVE BANKS
End of month
Total
For
others
own of forOwn Bills
eign
1 otal bills bought
account correspondents
1 090
1931—August
996
September1,040
October
November.. - 1,002
974
December..-
May
June
July
August
September
October
NovemberDecember. ._
End of month
6,068
5,686
6,841
6,033
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
1932
327
315
311
307
305
292
289
271
248
210
174
118
Backfigures.—SeeAnnual Report for 1930 (table 60).
108
108
106
108
111
103
100
108
110
113
110
81
1933
85
84
72
64
60
73
97
107
123
130
133
21
FEDERAL RESERVE BULLETIN
J A N U A R Y 1934
FEDERAL RESERVE BANK RATES
OPEN-MARKET RATES
R A T E S IN N E W Y O R K CITY
^DISCOUNT RATES
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
Jan. 1
Date established
I
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Mmneapolls..
Kansas City...
Dallas.
San Francisco
Nov.
Oct.
Nov.
Oct.
Jan,
Nov.
Oct.
June
3H Sept.
Oct.
Jan.
Nov
Previous
fate
2,1933
20,1933
16,1933
21,1933
25,1932
14,1931
21,1933
8,1933
12,1930
23,1931
28,1932
3,1933
[Percent per annum]
Average rate Average yield
on—
on—
!
U.S.
Call
loans
Prime
Treasury
Month or week com- bankTime
notes Treasers'
mercial acceptloans,
and
paper, ances,
90
Re- certifi- ury
4 to 6
days 2 New newal cates, bonds*
90
m o n t h s days
3 to 6
months
Prevailing rate on—
1932
December
The following special rates were also in effect at the
Federal Reserve banks on January 1, 1934:
Percent
Advances to member banks under sec. 10 (b) of t h e Federal Reserve act, as amended b y sec. 402 of the act of M a r . 9, 1933:
At the Boston, N e w York, Philadelphia, Cleveland, Chicago,
and San Francisco Federal Reserve banks
4
At the Atlanta, St. Louis, and Dallas Federal Reserve banks,
m
At the Richmond, Minneapolis, and Kansas City Federal
Reserve banks
5
Advances to nonniember banks and trust companies under sec.
404 of the act of M a r . 9, 1933, as amended b y the act of M a r . 24,
1933:
At the Boston. New York, Philadelphia, Cleveland, Chicago,
and San Francisco Federal Reserve banks
4
At t h e Atlanta and Dallas Federal Reserve banks...
4^
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 ''ee 13 of the Federal Reserve act, as amended b y sec.
408 of the 'tot of Mar M, 1933:
At the Boston, New York, Philadelphia, Cleveland, Chicago,
and San Francisco Federal Reserve banks
4
At t h e Richmond, Atlanta, St. Louis, Minneapolis, Kansas
City, and Dallas Federal Reserve banks
4H
Maturity
1-15 d a y s . . .
16-30 days..
31-45 days._
46-60 days..
61-90 days..
91-120 days.
121-180 days
Oct. 20,1933
.—do
,
....do
....do
....do.
.....do
do
2 -3^
2 -2}i
VA-W
V/2
/B
%- v> l -VA
H
VA
V/i-VA
Yi-%
H H- 3A
H-tt
H-VA
V/i-VA
3 48
1.00
.07
1.00
.01
% 32 * 1.34
.45
1.37
3.39
3.47
3 58
3.6fi
3.47
3.40
3.38
3.40
3.40
3.42
3.60
3.64
H
'/S
H
VA
.29
* 07
.98
.75
.75
.75
.94
.19
.01
.98
.75
.75
.75
.94
1-1 n 1.00
\~V/x 1. 00
1
1.00
<.O4
.09
.22
*.29
.75
.80
.21
.40
1.00
1.00
1.00
.25
.25
.82
•r>/s
V/i-VA
LOO
1 00
1.00
% . 75
Yi
3.63
3.66
3.64
3.64
3.62
1
J
Stock exchange call loans; new and renewal rates.
Stock exchange 90-day time loans.
» 3 issues—3H, 3%, 4 percent; yields calculated on basis of last redemption
dates—1947, 1956, and 1954.
4
Change of issue on which yield is computed.
Back figures.—See Annual Report for 1932 (tables 56 a n d 57), 1931
(tables 39 a n d 40), 1930 (tables 36 and 37), 1929 (tables 35 a n d 36), etc.
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[We ighted avera ;es of prevailing rates]
New York City
8 other northern
and eastern cities
27 southern and
western cities
Month
Previous
rate
1
1
1
1
1
1
m
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Back figures.—See Annual Reports for 1932 (table 54) and 1928 (table 35).
\4 LOO
1.00
2H-3Hs 3.27
1 -VA 1.29
H 1 -l\i 1 00
1 00
H
H- Y> V-VA 1.00
\y~VA '*
April
May
June
July
August
September
October __
November
December
Week e n d i n g Doc. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
BUYING R A T E S O N A C C E P T A N C E S
[Buying rates at the Federal Reserve B a n k of N e w York]
Date established
* 04
1 00
H- %A
January
February
March
Back figures.—See Annual Reports for 1932 (table 53),1931 (table 36).
Rate in
effect on
Jan. 1
1 00
1933
Tanuary
February
March
April
May
June
July
August
September—
October
NovemberDecember. v
1931
1932
1933
1931
1932
1933
1931
1932
4. 24
4. 31
4. 20
4 17
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 4.61
4. 11 4.63
4.88 4.62
4.57
4 24 4.55
4 10 4.49
4.48
3.97 4.47
3.79 4.48
3.76 4.62
3.52 4.87
3.48 4.91
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
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4 51
4.54
4.59
5.50
5.43
5.40
5.36
5 61
5 61
5 64
5
4 11
4.13
4 05
3 97
3. 93
4. 27
4 67
4 64
?6
5 64
5. 34
5. 30
5 28
5.32
5.38
5.53
5.56
5 62
5.63
5.68
5.63
5.56
5.55
5.60
1933
5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
Back figures.—See Annual Reports for 1932 (table 59), 1931 (table 42)
22
FEDERAL RESERVE BULLETIN
JANUARY 1934
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
MATURITIES
[In millions of dollars]
[Amounts in millions of dollars]
Interest-bearing
Total
(gross
debt)
Total
Interest-bearing debt
NoninterCerest
Bonds Notes tifi- Bills bearing
cates
Outstanding Dec. 31, 1933—
Total
1932
February, _.
March
April
May
June
July—
August
SeptemberOctober
November..
December..
18,126 17,820
18,507 18,190
18, 597 18,287
19,037 18,729
19,487 19,161
19, 612 19,297
20,067 19,758
20, 611 20,296
20,813 20,485
20,807 20,476
20,805 20,448
14,307
14,307
14,307
14, 277
14, 250
14, 257
14, 257
14, 257
14, 257
14,257
14, 223
795
796
796
1,041
1,465
1,487
2,197
3, 031
3,539
3,539
3,299
2,200
2,568
2,562
2,792
2,831
2,907
2,656
2,385
2,044
2,038
2,284
1933
January
February. _.
March
April
May
June
_July
August
SeptemberOctober
November..
December__
20,802 20,454
20,935 20, 584
21, 362 20,992
21,441 21,087
21,853 21,469
22,539 22,158
22,610 22, 240
23,099 22, 723
23,051 22,672
23,050 22, 669
23, 534 23,161
23, 814 23,450
14, 230 3,298
14, 230 3,576
14,230 3,575
14, 230 3,575
14, 223 4,148
14,223 4,780
14,239 4,800
15,074 5,153
15,074 5,151
15,074 5,150
15,569 5,148
15,569 | 5 , 1 2 5
2,285
2,138
2,369
2,363
2,119
2,200
2,246
1,543
1,495
1,493
1,492
1,753
305
317
309
308
326
314
309
315
328
331
357
641
641
817
918
979
954
954
953
952
952
952
1,003
351
371
354
385
381
371
376
379
381
373
364
Obligations m a t u r i n g —
Before A p r . 1, 1934__
A p r . 1-June 30, 1934
J u l y 1-Dec. 31, 1934
1935
- .
1936
1937
1938
1939-43
After 1943
Total
Bondsi
23, 450
15, 569
1,463
1,427
1,337
771
1,335
1,336
5,286
1,732
7,724
1,039
Other obligations 3
Notes Certificates
2 1,008
49
4,388
1,732
7,724
668
5,125
Bills
1,753
1,003
460
175
992
1,003
244
345
771
1,286
1,336
898
245
126
1
Issued classified as of date of final maturity; most issues are callable
at earlier dates. Amount callable before Dec. 1, 1934, $7,978,000,000,
including Fourth Liberties that have been called and certain pre-war
issues
that are held as collateral for circulating notes.
2
Approximate amount of Fourth Liberty 4K's called for redemption
as 3of Apr. 15, 1934, and not yet redeemed on Dec. 31,1933.
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]
Expenditures
Receipts
Internal revenue
Month
Total 1
Fiscal year ending:
June 1932
June 1933
Six months ending:
December 1932____
December 1933
1932
July
August.
September...
_
October
November
December
1933
January
February.March
_._
April
May
June
_
July_._.
August
_
September
October.
November
December
c
Income
tax
Other
Customs
and
miscellaneous
Total 2
Emer-4
General 3 gency
Excess of ( - ) during month
receipts
or exGeneral
pendiGross
fund
tures
debt
balance
2,121
2,238
1,057
746
503
858
445
476
4,862
4,845
4,386
3,866
768
1,277
- 2 , 741
-2,607
+445
+2, 686
+3,052
1,096
1,544
343
325
387
875
248
268
2,277
2, 655
1,729
1,438
477
1,156
-1,180
-1,111
+138
+165
+1,319
+1, 276
101
111
260
148
125
352
17
15
142
14
15
141
42
55
73
78
67
"498
"373
c 281
c 456
'283
'386
351
236
252
358
235
297
150
116
15
83
37
76
-397
-262
-21
-308
-158
-34
-272
+194
+523
+125
+455
+544
+201
73
27
29
31
37
31
93
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
26
20
22
22
45
29
37
38
39
50
63
41
358
360
439
461
455
493
278
321
339
509
505
703
226
200
273
338
249
388
5196
171
248
396
201
227
112
147
157
109
192
82
«75
139
81
104
294
463
-224
-239
-156
-330
-288
-187
-99
-124
-6
-236
-286
-361
-55
-107
-165
-35
-227
-106
+271
-252
+124
+498
-28
+366
-6
-1
-3
+133
+428
+79
+412
+685
+71
+489
-54
-236
-48
0
+ 198
+484
+280
-81
Corrected; corresponding figures for first six months of 1932 (as published in the December 1933 BULLETIN) also corrected as follows-'
January, 233; February, 371; March, 385; April, 544; May, 441; June, 661.
1
Total includes special fund and trust and contributed fund receipts not shown separately.
2
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,
later5 classified as emergency, are included in general expenditures.
Beginning with July 1933 figures are not strictly comparable with those for earlier months.
23
FEDERAL RESERVE BULLETIN
JANUARY 1934
BOND PRICES
STOCK PRICES
[Averages]
Other bonds i
Month or date
United
States CorpoCorporate
Govern- rate and
ment municbonds
ipal
Rail(high- Total Industrial road Utility
grade;
Month or date
Number of issues
> 13
60
20
20
20
1932—November
December
101.7
. 102.3
83.1
82.2
69.2
67.7
63.0
62.4
63.0
59.6
81.7
81.1
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
83.9
80.7
76.8
74.7
79.5
84.2
86.8
85.3
81.4
79.7
77.3
77.1
100.0
100.1
99.8
100.0
83.3
84.0
83.4
83.8
73.2
74.3
73.3
73.4
71.4
71.9
71.3
71.1
71.3
73.1
72.1
73.2
77.1
77.9
76.7
76.0
1933—January
February
March
April
May
June. .
July
August
September..
October
November
December
Dec.
Dec.
Dec.
Dec.
_.
_
6
13
20
27
»60
Number of issues
1932—October
November
December .
351
33
37
48
45
45
28
26
26
81
78
80
49
45
46
43
28
27
82
43
48
63
75
80
75
42
49
65
77
84
79
26
26
38
44
53
49
47
40
38
40
73
67
64
79
97
98
87
80
76
70
67
72
72
08
69
81
81
76
78
41
42
40
39
69
71
65
64
99.8
97.4
95.4
50
48
47
97.8
95.7
93.1
95.7
103.3
109.7
112.5
112.9
112.0
109.8
107.5
107.7
107. 6
108.5
107.5
107.2
..
Dec 6
Dec 13
Dec. 20
Dec. 27
421
75
70
69
70
81
76
77
79
Source.—Standard Statistics Co.
CAPITAL ISSUES
[Long-term; i.e., 1 year or more. In millions of dollars]
New issues
Domestic
BOND YIELDS1
Year and month
Corporate, by ratings 3
U.S. Municipal'
Treas- (highury
grade) Aaa
20
1933—January
February
March
April
May
June
July
August
September
October
November
December
12 Price averages computed from yields.
Three 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.
Month or date
Preferred Common stocks (index, 1926=100)
stocks
(industrial high- Total Indus- Rail- Utility
road
grade)
trial
Aa
A
Total
(domestic
and
foreign)
tan
6,201
6,314
7,556
8,040
10,091
6,909
3,099
1,165
5,125
5,189
6,219
6,789
9,420
6,004
2,860
1,157
To-
Baa
1925.
1926.
1927.
1928.
1929.
1930.
1931.
1932.
Corporate
ForState
eign
and
mu- Bonds
nici- and Stocks
pal
notes
1,352
1,344
1,475
1,379
1,418
1,434
1,235
755
2,452
2,667
3,183
2,385
2,078
2,980
1,240
305
1,153
1,087
1,474
2,961
5,924
1,503
311
20
1,076
1,125
1,337
1,251
671
905
229
8
Refunding
issues
(domestic
and
foreign)
925
1,046
2,220
1,858
1,422
711
949
583
3
15
30
30
30
30
3.77
3.78
3.65
3.57
3.54
3.54
3.55
3.48
4.77
4.81
4.78
4.50
4.39
4.37
4.38
4.37
5.36
5.41
5.26
4.91
4.70
4.64
4.63
4.59
6.38
6.60
6.61
5.83
5.54
5.51
5.57
6.60
8.40
8.50
8.19
6.84
6.45
6.44
6.53
6.61
11.63
11.52
10.79
8.22
7.61
7.87
8.24
8.42
124
124
35
1933—January
February
March
April
May
June
July._
August.—
September
October,.
November
December
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
6.09
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
65
1933—January
20
February.. .
March
16
25
April
44
May.
June.
110
July.
117
August
46
September...
64
59
October
November..
1
65
20
16
25
44
110
117
46
64
45
37
3
20
60
112
45
7
30
1
2
Dec.
Dec.
Dec.
Dec.
3.65
3.63
3.64
3.64
4.93
4.87
4.88
4.86
4.52
4.48
4.50
4.48
5.29
5.23
5.28
5.27
6.22
6.14
6.22
6.28
7.81
7.62
7.80
7.84
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).
Number of issues—
1932—May
June
July..
August
September
October
November
December
1
2
3
6
13
20
27
_
Monthly data are averages of daily or weekly figures.
Standard Statistics Co.
Moody's Investors' Service.
1932—December..
24
FEDERAL RESERVE BULLETIN
JANUARY 1934
PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES
[Index numbers; 1923-25 average —100.
The terms adjusted and unadjusted refer to adjustment for seasonal variation]
Indu strial production * *
Year and
month
Factory employment 3
Total
Unad-
justed
1919
1920
1921 . .
1922
1923
1924
1925
1926
1927
1928
1929
1930 - . .
1931
1932
s
Construction contracts awarded (value)
Manufactures
Minerals
Total
Residential
All other
Fac-
tory
pay
rolls *
Freight-car
loadings * * Com*
mod-
I
prices *
AdUnad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed usted justed justed justed justed justed justed justed justed justed justed justed
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
77
89
70
74
105
90
99
108
107
10f>
115
99
84
71
63
63
56
79
84
94
122
129
129
135
117
92
63
28
44
30
44
68
81
95
124
121
117
126
87
50
37
13
79
90
65
107
108
82
90
104
96
100
101
99
97
101
88
74
62
88 |
86 '
94
120
135
139
142
142
125
84
40
98
118
77
81
103
96
101
104
102
102
108
87
66
45
84
91
79
87
100
97
103
106
103
103
106
92
75
56
1I
139
154
98
97
101
98
104
100
95
97
95
86
73
65
1930
March
April May
June
106
107
105
99
90
90
92
90
84
76
103
104
102
98
93
90
90
88
86
84
109
110
106
98
89
88
90
87
82
74
104
104
101
97
92
88
89
86
85
82
91
94
102
103
100
101
101
105
96
89
98
104
104
102
100
96
94
95
92
93
102
113
125
116
107
85
82
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
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
68
71
68
64
61
59
58
57
59
65
66
63
64
1933
January. _
February.
March
April
May
June
July
August.. _
September
October. _
November
64
64
60
67
80
91
96
90
85
78
*>72
65
63
60
66
78
92
100
91
84
77
*73
63
63
58
68
80
93
97
89
84
77
»70
64
61
56
66
78
93
101
91
84
76
-71
July —
August. -September
October - November
December
68
59
102
101
105
99
95
81
81
78
76
73
64
62
61
54
48
48
52
51
46
37
52
53
62
49
47
49
52
52
48
43
141
156
178
166
155
115
108
94
86
77
144
140
148
140
135
106
105
99
99
98
93
93
91
89
86
85
86
84
81
79
93
92
91
90
87
84
83
82
81
80
98
97
94
91
83
82
83
81
75
74
90
93
97
95
95
96
99
97
86
74
96
97
96
93
92
89
87
86
84
84
90
90
89
87
84
84
84
83
81
80
89
87
89
91
87
87
86
79
7?
83
81
84
68
68
77
82
78
74
68
63
59
52
43
30
71
79
77
73
65
63
81
59
59
55
49
38
37
42
50
62
47
41
36
32
32
29
26
20
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
78
78
78
78
78
76
75
74
73
70
69
69
68
73
75
74
72
68
64
64
62
59
56
56
74
74
75
77
79
77
78
76
78
78
70
61
82
80
80
80
79
77
76
72
69
69
68
69
78
77
76
75
73
72
72
72
71
70
70
69
74
75
77
72
65
61
63
66
73
80
78
72
77
78
84
79
67
63
65
65
70
74
75
76
25
23
26
31
31
32
31
32
30
28
24
22
31
27
26
27
28
27
27
30
30
29
27
28
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
67
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
62
64
62
61
59
54
52
51
51
54
57
57
58
67
66
66
66
64
64
65
65
65
64
64
63
71
76
74
65
76
82
89
94
93
88
84
73
79
81
72
78
84
90
91
87
81
81
18
18
14
16
19
21
24
25
30
35
42
22
19
14
14
16
18
21
24
30
37
48
7
7
8
11
13
14
13
12
12
12
12
8
8
8
10
11
13
13
12
12
12
13
27
23
18
19
24
27
32
36
45
53
66
33
58
59
57
58
60
64
69
73
77
76
59
59
57
58
61
65
70
73
74
74
72
39
40
37
39
42
46
50
56
58
57
54
51
51
48
51
56
60
66
65
68
66
61
56
54
50
53
66
60
65
61
60
58
60
61
60
60
60
63
75
1931
January. „
FebruaryMarch
April
May
June
July . August...
September
October-.
November
December
1932
January..
FebruaryMarch
April
May _
June July
1
27
18
17
20
23
28
33
45
57
70
i
73
65
69
70
71
71
71
p Preliminary
• Average per working day.
i For Indexes of groups and separate industries see pp. 55-56; for description see BULLETIN for February and March 1927; for revised figures
from3 1919 to date see BULLETIN for September 1933, pp. 584-585.
3-month moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358.
«4 For indexes of groups and separate industries see p. 57: for description and back figures see BULLETIN for November 1929 and November 1930.
For indexes of groups see p. 25; for back figures see BULLETIN for February 1931, p. 108.
8
Index of Bureau of Labor Statistics; 1926= 100. Index numbers for groups of commodities are given on p. 58.
25
FEDERAL RESERVE BULLETIN
JANUARY 1934
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merch indise exports l
Excess of exports
Merchandise Imports»
Month
1931
1930
1929
1932
1933
1929
1930
1931
1932
1933
1929
1930
1931
1932
1933
January
February
March
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
April
May
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
110
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
529
442
427
327
289
275
205
194
184
153
139
132
194
p 184
391
338
310
247
204
209
169
149
154
105
104
97
151
*128
137
104
117
80
85
66
36
44
30
48
34
35
43
*>56
5,241
3,843
2,424
1,611
4,399
3,061
2,091
1,323
842
782
334
288
June.
.
July
- .
August
September
October
November. _
Dftf»pmbp,r
Year
p Preliminary.
1
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.
2
FREIGHT-CAR LOADINGS, BY CLASSES
DEPARTMENT STORES—SALES, STOCKS
[Index numbers; 1923-25 average=100]
Index of stocks (end of
month)
Index of sales l
Month
[Index numbers; 1923-25 average=100]
1933
July
Without
Adjusted
Adjusted
Without
for seasonal seasonal ad- for seasonal seasonal advariation
justment
variation
justment
1932
1933
1932
1933
1932
January..February.
March
49
49
50
April..
May..
June..
July
68
67
64
68
67
August
September.
46
49
71
49
59
73
64
61
60
October
November.
December..
75
73
106
77
75
119
61
61
1933
1932 1933
Sept.
Oct.
Nov.
Adjusted for seasonal variation
Total..
Coal
Coke
Grain and grain prod
ucts
_
Livestock..
Forest products
Ore
Miscellaneous
Merchandise ' . _
65
75
63
61
74
61
60
67
60
58
62
53
60
66
53
82
55
39
34
64
70
53
56
35
53
57
69
57
53
33
59
57
68
57
51
32
49
59
66
63
52
34
24
62
67
'
Without seasonal adjustment
70
60 I.
Year.
v Preliminary.
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.
Back figures.—See BULLETIN for November 1930, p. 686.
Aug.
Total..
Coal...
_
Coke
_
Grain and grain products
Livestock
Forest products
Ore
Miscellaneous
Merchandise »
1
66
66
55
65
72
55
68
72
59
66
70
54
61
72
54
98
46
38
62
67
70
64
50
37
90
63
69
69
63
35
96
68
70
64
68
33
68
69
70
67
60
33
17
61
In less-than-carload lots.
Based on daily average loadings. Source of basic data: American
Railway Association.
Back figures.—See BULLETIN for February 1931, pp. 108-110.
26
FEDERAL RESERVE BULLETIN
JANUARY
1934
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS
[In millions o! dollars at par]
Europe
Total
(50 countries)
United
States i
11,862
11,897
3,885
4,045
6,949
6,826
362
361
1933—January
11,925
11,741
February
11,939
March
11,975
April
May...,_.
11,889
11,864
June
11,951
July
12,010
August
September... v 12,063
October.-... v 12,070
November- v 11, 969
December..
4,074
3,808
3,916
3,977
3,991
3,997
4,001
4,009
4,011
4,011
4,012
v 4, 012
6,818
6,884
6,992
362
366
371
371
371
372
374
375
376
377
378
End of month
1932—No vember--_
December.._
Canada
Total (27
countries) Austria
CzechoBelgium Bulgaria slovakia
Denmark England
6,896
6,856
6,932
6,989
7,038
7,040
v 6,942
36
France
Germany
678
3,267
3,254
197
192
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
v 3, 022
196
183
176
98
89
45
58
73
87
94
97
Europe—Continued
End of month
,
Italy
Greece H
Hungary
Nether- Norway Poland Portu- Ruma- Spain
SwitzerYugo- 6 other
Sweden land U.S.S.R. slavia coungal
nia
lands
tries
1932—November..
December..
306
307
415
415
436
436
55
55
1933—January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December..
308
325
331
343
352
356
368
370
371
371
373
413
410
381
374
336
309
311
332
338
359
370
436
436
436
436
436
436
436
436
436
436
436
55
55
62
71
71
71
91
97
101
101
28
29
»368
29
31
31
31
34
34
36
35
35
>368
'368
>368
1368
401
•401
»401
416
2 416
2 416
Asia and Oceania
Latin America
End of month
493
477
477
488
489
460
397
361
351
351
356
373
386
Africa
Total
Total
Total ArCoSouth other
Uru- other (7 Aus- India Japan Java New
(4
(10
Zea- Siam TurChile lom- Mexkey coun- Egypt Africa counico Peru guay coun- coun- tracoun genlia
bia
land
tina
tries
tries tries)
tries)
tries)
1932—November.. 342
December... 345
1933—January
347
February
348
March
352
April
355
362
May
368
June
365
July
363
August
SeptemberOctober
N o vember. __ "357
249
249
523
520
162
162
213
212
77
78
10
10
249
249
249
249
249
249
249
249
249
249
521
524
503
483
455
454
453
453
452
453
162
162
162
162
162
162
162
162
162
162
162
212
212
212
212
212
212
212
212
212
212
212
81
93
96
95
107
112
123
118
115
123
10
10
10
10
10
10
10
10
10
10
vlO
» Preliminary.
1
Differences between these figures and those shown elsewhere in the BULLETIN for total monetary gold stock in United States are due to
the exclusion
from the former of gold coin in circulation.
1
Figures of last preceding statement issued by the 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 IB 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.
27
FEDERAL RESERVE BULLETIN
J A N U A R Y 1934
GOLD PRODUCTION
[In thousands of dollars at par]
Year and month
1931—Total (12 mos.).
Estimated
world
production'
Production reported monthly
Total
South
Africa
Rhodesia
Far East
North and South America
Africa
West (Belgian
Africa Congo Canada
Colom-
United
Statesi
8,109
6,815
450
386
404
380
447
405
455
524
456
455
415
353
1,032
1,063
1,131
1,164
1,234
1,172
1,244
1,221
1,292
1,216
1,376
1,418
628
657
741
671
653
647
692
696
702
727
715
668
534
525
545
690
567
603
585
588
559
547
556
581
12,070
5,132
14, 563
8,198
6.782
1,194
1,095
1,059
905
1,035
986
1,165
1,198
<820
1, 509
1,240
513
344
487
644
576
490
797
782
555
1,130
1,186
1,267
1, 531
1,352
1,442
1,487
1.447
1,599
1,436
•1,436
654
747
726
734
711
755
722
847
825
P 786
674
608
626
585
654
543
589
575
572
572
p 572
55,687
49,524
12,866
295
286
304
281
319
330
304
314
307
294
4,834
4,670
5,285
5,093
6,551
5,592
5,176
5,480
5,406
5,240
5,220
5,514
3,697
3,535
3,494
3,390
4,114
4,362
4,610
4,982
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
5,992
3,642
63,061
50,626
532
531
522
528
520
561
571
579
546
567
p 579
280
263
302
281
308
308
306
325
307
302
393,957
224,863
11,193
40,002
38,953
40, 660
40,199
41,857
41,953
42, 338
43, 500
42, 903
43,110
42, 864
42, 425
33, 464
32,415
34,123
33, 662
35,319
35,415
35,800
36,366
36, 579
36,327
35,888
19,587
18,935
19,877
19,593
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
453
484
466
481
482
548
510
509
515
526
539
499,449
420,997
238,931
12,000
41,754
38,141
42,831
40, 081
40, 981
40,057
41,492
41,612
42, 099
42,571
p 42, 242
35,216
31.6C3
36, 293
33,543
34, 443
33,520
34,954
35,074
35, 562
36, 034
' 35, 704
20,152
18,176
19,658
18, 430
19,519
19,008
19,228
19, 235
18, 664
18, 822
18,613
1,008
989
1,038
1,108
1,108
1,130
1.133
1,167
1,180
1,147
1,137
5,524
India
12,134
3,224
459,104
Japan
4,016
r
1932—January. _.
February.
March
April.
May
June
July
August
September.
October
November..
December..
Total (12 mos.)..
1933—January
February. _
March
April
May
June
July
August
September.
October
November..
4,341
4,826
3,039
4,718
5,209
6,378
3,907
4,900
3,824
4,913
2,935
5,404
3,638
5,285
3,742
5,304
5,602
4,870
5, 209
5,029
p 5, 127 v 5, 292
c Corrected.
p Preliminary.
r
T h e annual estimate of world gold production b y the Bureau of the M i n t is now available for 1932; and beginning J a n u a r y 1932 t h e B U L L E T I N
figures have been revised in accordance with the procedure described on page 231 of t h e BULLETIN for April 1933.
1
M o n t h l y figures for United States are those compiled b y American Bureau of Metal Statistics of New York City; annual figures represent
official estimates made b y Bureau of the M i n t in cooperation with Bureau of Mines.
N O T E . — F o r comparable monthly figures back to J a n u a r y 1929 and for explanation of table see BULLETIN for April 1933, p p . 233-235, and
October 1933, p . 632.
GOLD MOVEMENTS
[In thousands of dollars at parj
United States
Net imports from—
Year and month
Total
net imports
1931—Total (12 mos.)
England
France
145,325
6,797 -344,514
-206,047
-3,437
_
6,103
27,897
20,613
21,740
100,859
- 1 , 9 1 0 -111,411
1,405 - 2 1 , 513
6,093 -17,950
50
6,868
72
1,251
7
1,376
16,357
51,928
Total (12 mos.) -446,213
53,585 -441,649
1932—June
July.
August
September
October
November
December
1933—January
February
March
April
May
June
July
August..
September
October.
November
December *___
128,465
50, 248
» 17,776 » 3,310
i -22,081 i - 8 , 9 3 5
-9,973 -2,191
-21,139 -15,715
-3,244 -2,845
-83,879
-713
-80,388 - 1 , 5 3 5
- 5 6 , 736 - 6 , 0 9 9
- 3 2 , 351 - 6 , 240
- 1 , 0 6 4 - 2 , 260
- 9 , 086
Total
(12
mos.)p
-173,700
Germany
Belgium
Nether- Switzer- Canland
ada
lands
36,026 - 1 5 , 583 -50,327
5,424
4,573
5,257
3,904
506
5,622
7,546
816
1,284
2,273
2,843
1,345
893
744
-13,356 -82,571 - 9 6 , 586 -118,273 64,574 20,087
- 2 , 504
-885
China
Co- British and
ArgenJapan
tina lombia India Hong
Kong
5,274
—1,614 4,206
- 6 8 1 8,418
327
no
-453
- 8 , 882
154
203
143
224
268
216
7,901 -11,630 19, 543
634
552
483
488
344
141
369
125
518
48
240
3,942
42
-1
12,991
-15
4
2
31,322
5,172
4,197
3,124
3,133
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
240
467
2,855
6,068
4,773
4,697
52 15,193
35 9,446
990
5
1
1
4,866
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
All
other
countries
8,064 34,240 199,286
-19,768 81,136 22,267 141,263 15,116
- 1 1 6 -26,250 -23,168 -62,603
-225
-8
1,021
219
320
5,543
25
2,381
7
2,685
8,082
10
29,490
1,067
15,123
—1, 546
-3,709
802
-600
-250
-199 -5,005
-3,630
-724
-8,993
—115
-122
-72
-1,445
-79,617
-73,173 """"-216 " " " - 2 7
- 4 8 , 717
- 1 3 -2,171
-109
-26,923
-18
-9
-366
-28
-5
-199
8,025 -216, 031
Mexico
98 25, 629 12, 821
3,362
2,042
3,208
«-15,413
2,973 - 3 , 1 3 7
-5,7*9
812
-4.121
- 5 , 708
-1,488
1,085
1,139
-5
3,729
6,702 - 2 7 , 303
* Preliminary figures.
1
Differs from Department of Commerce figure since $8,900,000 declared for export on Feb. 28 was not actually taken from Federal Reserve
Bank of New York until Mar. 1.
2 $17,054,000 exported to Italy.
Back figures.—For gold imports and exports of United States see Annual Report for 1932 (tables 49 and 50.)
28
FEDERAL RESERVE BULLETIN
JANUARY
1934
GOLD MOVEMENTS—Continued
[In thousands of dollars at par]
Great Britain
Net imports fromYear and month
Total
net imports
South
Uniteti
States
Germany
France
Belgium
Nether- Switzer
lands
land
South
Amer- Canada British
India
ica
Straits Austra- Africa,
RhoSettledesia,
lia
ments
West
All
other
countries
Africa
1931—Total (12 mos.)...
-143,729 -13,401 -319,989
1932—July
August
September
October
November
December
22, 675
1, 290
5,204
5,814
13, 857
-29, 582
Total (12mos.).
1933—January __ _
February
March
April
May
June
July
August
September
October
November
-1,671
- 4 , 259
- 6 , 887
-2S4
-1,634
-58, 561
-11,361
-20, 269
-27,521
-24,895
-13,519
- 3 , 277
81,211 -50, 643 -297,040
-43, 260 -48,314
18, 400 - 6 , 559
77, 198 11,821
64, 76:
-6
97, 386
2,761
77, 671 15,923
89 050
4. 703
25, 628
733
48, 260
3,120
63,918 12,520
79,138
6, 878
33,754 -37, Of 0 -124,101 -60, 830 29,446
4 - 4 , 778 -7,812
45 -4,015 -10, 438
5
-85 - 2 , 571
-20
-104 - 2 , 969
370
-476 -4,188
-29 -1,104 -6,138
63,083
-753
-75
-214
-120
-88
-108
500
300
187
189
527
181
14, 204
14, 279
13, 009
11,973
10, 488
13,684
311 -16,896 -71,376 -14,021
5, 623
220,294
374
296
198
140
401
Hi
436
920
3,611
120
9, 495
7,175
9,178
10, 278
14,948
11, 281
11,942
4,994
12,685
16,122
4,852
-634 -17,471
-11
-2,109
27
-507 -7,816
-4,623
3,400 5,003 - 1 , 294 - 5 , 225
-89
128
-1,519 18, 092
1,850
656
17, 365
32,486
8
6,477
-7,421 15, 254
486
1,114
13,528
18,051
179 -1,034 -13,583
6,259
32
-11 -3,633
2,163
-11
1,865
18 -4,163
94
33, 338
81'
329
-79
-588
-893
-463
-479
-118
-380
-101
-217
-771
8,924
9,129
4,141
3,703
4,108
6,579
5,013
Net imports from—
1931—Total (12
mos.)
1932—July
August
September
October
November
December. _
Total (12
mos.)
Total
net imports United
States
728,176
Uer
many
32S,130 312,561 100,050
16, 746
31,067
42, 940 24.149
-625
9, 638
32, 695 11,927
241
33,498
25, 494 -10,634
828,072
England
12, 472
16, 241
4,424
19, 995
26,003
34, 479
Netherlands
Switzerland
18, 775 -81,207
All
other
countries
19,351
19,712
25,866
18, 378
20,006
23, 326
3,904
3,207
5,010
1,326
1,853
831
602
10, 780 20,363 255,305 18, 408
587
554
461
1,001
624
1,359
810
848
526
782
708
793
794
22,659
20,316
1,789
1,717
2,692
1,910
1,991
1,942
2, 315
16, 530- 2 , 1 2 0
27,815 1,245
28,923 2,556
19, 343 2,083
19,476 - 3 , 1 6 9
17,954 6,069
19, 519 U 715
24, 774 - 3 , 212
21,027 5,434
20, 46r 4,40320,885 4, 558
1
1
37. 547 -17,668
- 7 , 732 -27,282
367
-3.814
2,805
27, 778
670
39, 785
7,976
5,695
- 6 , 837
-6,166
- 1 2 , 427
-21,460
England
France
Netherlands
Switzerland
All
U.S.
S.R
other
countries
i49,867 -247,950 -36.160 -35,22i -102,019 -55,142 -63,866 58,932 -14,475
2,371 - 1 3 , 718
—2, 447
4,189
222
8, 552
148
5, 560
645
2,314
483 - 3 , 2 9 3
200
678
1,266
22, 520
1,277
22,903
23,430
-46
-8,059
-5,969
-3
9,661
175
1, 505
870
830
854
Net imports from—
Total
net
imports United
States
483 - 1 , 0 0 1
-5
-369
-17
5,382
249
1,448
3,918
-270
565
329
-186
672
6,122
4,306
2 - b , 138
468,052 309.984 37, 889
1933—January
2,900
-37,399 - 3 5 f 361
-144
February... - 1 , 6 5 9
2,559
9,287
March
1,005
16,729
April
48,252 18, 583
2,283
7,680 - 5 , 8 1 9
May.
_ 96,140
5 -18,537
June
_ 46.840
July
50,808 39, 263 -12,572
75,680 -11,533
August
53,694
September. 43,043 60, 990 - 1 , 3 9 6
October. .. 26,233 47, 745 - 1 , 6 8 6
177 - 2 4 , 646
November p - 5 2 , 675
2,122
829
584
943
710
989
Germany
France
Year and month
11, 280 33, 260 236,921
-1,126
-197
-432
- 7 , 127
749
-23,356
- 6 , 377 210,574
37,113 316.102
3,695
30, 797
16, 598 3-21.605
- 1 , 3 9 7 -2,174
-152
-2,176
1,939
-3,369
- 5 , 674 - 1 , 0 6 7
4,424
-13,076
-13,163
- 6 8 , 750
-9,938 1
- 3 6 , 432
4, 591
-676
19,120
5, 845
2, 572
1
1
—42
2
-2
29
-367
24
- 4 , 753 - 6 , 4 3 6
1,289
13
3,456
8
41
33
2,584
-6,169
17 - 3 , 3 3 1
65
61
41
55
43
68
534 - 4 , 0 8 7
4, 622 - 1 , 7 9 1
5,410
-361
5,461
-60
6,276
-52
6
-78
- 2 5 0 -38,170 -24,455 - 7 , 9 1 5 48,656 - 3 , 6 1 6
4 -1,976
6
22 - 5 , 9 8 0 -10,429
- 4 , 9 4 5 - 7 , 365 - 4 , 9 2 5
i - 1 7 , 822 -51,893 - 4 , 541
- 2 9 2 - 6 , 4 3 5 -10,102
46
1,453 -13,676 - 2 2 , 658 - 5 , 3 9 2
151
133
-161
9
-225
-186
215
15, 695
1,136
-32
1,200
-118
36
2,408 - 5 , 3 1 3
-14
76
107
93
46
75
-61
34
-47
-90
40
-82
12
6,293
3,336
3,956
5,411
7,023
3, 833
4,791
55
86
3,122
-11
-118
70
19
-119
-26
-275
-399
2,227
4,723
2,281
p Preliminary figures.
i $29,233,000 imported by France from Spain in July,
a $9,832,000 imported by France from South Africa in April; $14,412,000 in May.
»$20,305,000 exported by France to Belgium.
NOTB.—Qrrmany—The annual aggregates of the official monthly figure* for net gold imports in 1932 differ somewhat from the revised official
totals published for the year as a whole. Figures for "All other countries" include movements of unreported origin or destination. Figures for
individual countries beginning July 1933 are subject to the regular semiannual revision.
29
FEDERAL RESERVE BULLETIN
JANUARY 1934
GOLD MOVEMENTS—Continued
[In thousands of dollars at par]
Netherlands
Net imports from—
Year and month
Total net
imports
1931—Total (12 mos.)_.
198,619
1932—July
August
September
October
November.
December..
..-
France
England
39,413
4,983
7,204
-13,797
- 6 , 230
-4,857
894
Total (12mos.)_
1933—January
February
March
April
May_
June
July
August..
September
October
November
United
States
Germany
Belgium
117, 591
8,715
1,198
1, 252 .
1,939 I
4,251
-6,367
-1,916
- 3 , 765
56,059
-966
-1,428
-365
-276
-334
-1,708
-593
-886
52
5, 376
-1,280
- 3 , 496
-61
-3,085
3,745
-5,242
-26
1,759
- 5 , 729
-1,313
-482
-281
-923
-217
-188
-20
-847
-579
-402
42
-537
-1,134
50, 070
-34,009
26,886
-12,727
-13,630
-16,137
16, 423
- 7 , 346
14,069
8, 177
3,436
-906
-11,384
-6,390
-15,750
12,996
1,798
1,385
-1,942
-837
- 6 , 722
-19,367
-18,188
-37,068
-41,046
6,065
11,183
13.849
14,457
6, 096
2,009
10, 300
4,986
3,609
11,178
5,581
-180
-47
-903
-357
5,369
673
-5,055
-7,009
-1,522
-1,068
-1,797
-1,432
17
-338
-22
-90
-976
-881
-506
-358
-1,479
-353
-1,174
-194
-10
-64
-30
-1,100
-3,452
-2,324
-1,259
2,199
166
679
I38
-34
- 3 , 069
-1,702 !
-1,466 !
-174
-241
-1,232
-297
1,107
108
291
275
2,236
2, 099
-79
179
-18
20
90
97
105
142
115
2, 191
j
England
36,422 41,301
All
Ger- South Nether- other
France many
Africa lands
_
19,317
72, 760
British India
101 14,996
-77
-77
-40
— f>2
-68
6
-44
57
-41
-86
71
3 1,176
2,461
48 3,802
994
2,778
288
1,866
- 1 , 339
130
149
98
1
191
4,658
8, 502
24, 440
-12,078
- 4 2 , 481
- 4 1 , 596
-14,302
-1,542
1,650
4,073
3, 553
-14
653
1,377
-307
16
502
123
82
907
-307
-4,082
-3,152
- 5 , 739
-229
-431
-790
-1,444
2, 393
6,987
21,306
—10, 745
-38,776
- 3 4 . 751
- 8 , 324
1,135
1,767
4,243
4, G84
92
1
4
1
1,507
744
453
-280
480
837
Total
net imports
United
States
England
All
other
Gold
production in
India'
Increase
or decrease
(-)ni
government
reserves
in India
Increase
or decrease
( - ) in
private
moldings3
in India
-95,875 - 1 7 , 6 6 5 - 7 2 , 6 9 1
-5,521
6,832
33, 532 - 1 2 2 , 5 7 5
-16,437
—1
-17,201
-14,482
-16,662
-24,964
-374 -14,575
- 2 , 7 7 6 —7,979
- 5 , 9 7 8 - 9 , 835
-4,820 -9,010
| -2,420 -13,244
-18,002 -6,286
-1,488
-920
-1,388
-652
-997
-676
589
561
548
657
583
-15,851
-11,085
34 - 1 6 , 6 7 4
-13,934
-16,105
- 1 - 2 4 , 380
- 3 0 4 -195.792 - 2 8 , 094 151,391
-6,307
6,798
127 - 1 8 9 , 1 2 1
-1,965
-3,082
-5,833
—5,956
-8,096
-12,823
-4.734
-9,105
-12,789
297
-116
-1,576
— 1,430
-3,359
-1,181
-1,565
-1,866
-622
47 13,220
7,418 7,880
9,779
81
-361
—50
-7
5
-j
441
Net imports from—
Total (12 mos.) 169,786 124,354 15,342
1983—January„ __
February
...
March
April
May..
June
July
August—
_.
September
_
October
November
—52
2,222
-5,852
-14
-52
106, 623
111
90
154
82
85
96
14,993
1,503
-604
-3,385
-1,395
1,203
4,548
941
3,212
1,994
1,006
3, 030
2,773
-14,101
-3,432
10, 785
603
39, 684
-51
3,734
38
718
-34
-540
-3,087 -102
-67
-2,347
320 - 1 1 1
1982—July
August- . - September
October
November
December
4,553
1,898
-933
-9,320
-18,102
- 4 1 t 605
-45,503
-13, 628
24, 239
16,
18, 562
9, 088
Total
net imports United
States
222,751
All other
116, 149
Net imports from—
1931—Total (12mos.)-
British
India
Switzerland
-21,024
Switzerland
Year find month
Poland
I
-87
-260
-277
48
461
55
1,040
-937
- 2 , 236
— 1,958
-3,709
-3,988
-1,756
-1,166
64
124
o0
- 1 1 , 9 1 6 - 1 0 , 247
- 1 2 , 7 8 8 - 9 , 589
-12,722 -5,314
— 11,698 — 4 311
-13,016 -1,611
-14,004
- 6 , 298
-10.971
-13,411
P - 8 , 219
r> — 6, lofi
1
676
610
628
586
556
545
590
576
573
*» 573
v 573
-11,340
-12,177
-12,094
— 11,112
-12,460
-13,459
- 5 , 705
—1 p - 1 0 , 394
i—12,838
p - 7 , 646
*»-5,583
-1
v Preliminary.
» $2,199,000 exported by Netherlands to Czechoslovakia in August; $5,847,000 in September.
%
Reported monthly production in the Mysore State plus $1,387 representing the average monthly production in the rest of India in 193h
» Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.
NOTE.— Netherlands—The annual aggregates of the official monthly figures for gold.exported to Germany and gold imported from the world
in 1932 differ somewhat from the revised totals published for the year as a whole.
30
FEDERAL RESERVE BULLETIN
JANUARY 1934
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
Argentine Conversion Office (millions of
gold pesos):
Gold
Notes issued L__
Irish Currency Commission (thousands of
pounds sterling):
Legal tender note fund:
British legal tender and bank
balances
British securities
Notes issued
Consolidated bank notes: 2
Issued
Deemed such under sec. 60 (4) of
currency act, 1927.
1932
1932
1933
Sept. Nov.
Nov.
Oct.
252
522
257
526
257
558
257
583
48
7,513
7,560
142
7,364
7,506
160
7,165
7,325
727
6,269
6,996
4,732
4,722
4,708
4,589
1,250
1,261
1,271
1,391
Nov.
Canadian Minister of Finance (millions
of Canadian dollars):
Gold reserve against Dominion notes.
Advances to banks under finance act.
Dominion notes:
Issued
193
Outside chartered bank holdings,
29
Indian Government (millions of rupees):
Gold standard reserve:
Gold
142
Foreign exchange
392
Paper currency reserve:
Gold
302
Silver coin and bullion
1,034
Other assets
461
Notes issued
_ 1,796
Sept. Nov.
Oct.
73
65
175
29
173
30
199
28
147
386
149
385
326
207
297
1,042
461
1,800
295
1,048
454
1,797
118
1,130
509
1, 756
1
8
Includes a small quantity of subsidiary coin.
Figures of consolidated bank notes issued represent daily averages for 4 weeks ended Nov. 11, Oct. 14, Sept. 16,1933, and Nov. 12, 1932.
Figures for notes deemed to be consolidated bank notes are as of the close of business on these dates.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
1932
N o v . 30
Gold in bars—
Cash on hand and on current account with
banks
Demand funds at interest
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' acceptances
Treasury bills
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.
Total assets
__.
1
Not available.
1933
1932
N o v . 30 ; Oct. 31
Nov. 30
Liabilities
Assets
Oct. 31
Nov. 30
0)
5,554
5,147
2,869
20,192
ll,0fi0
12,897
10, 937
90, 568
214,827
158,494
227,075
145,992
305, 528
157, 601
373,320
373,067
463,129
Demand deposits (gold)
Short-term deposits (various currencies):
Central banks for own account:
Demand
Time—Not exceeding 3 months
Total
38, 385
39, 208
235,846
17, 944
44, 898
25,836
67,433
44, 216
59, 266
42, 896
56, 076
29,475
33, 699
7, 255
47, 551
8,513
37, 827
18, 752
37, 910
208,154
2,618
213,145
2,948
158,910
8,361
651,092
657, 473
967, 751
0)
5,554
5,147
52,954
105,956
60, 512
106, 741
452, 288
24, 403
158,909
167,254
476,691
11, 235
11,160
12, 574
2,853
3,190
141
6,243
154, 575
77, 288
43,698
154,481
77, 241
45, 513
153, 769
76,884
68, 649
275, 561
125,000
277, 235
125,000
299, 301
125,000
2,022
3,895
7,790
58, 274
2,022
7, 790
54,781
1,318
2,690
5,379
38, 413
651, 092 657, 473
967,751
Central banks for account of others:
Demand
Other depositors:
Demand
Time.._
Long-term deposits:
Annuity trust account
_._
German Government deposit
French Government guaranty fund
Total
Capital paid in...
Reserves:
Legal reserve fund
Dividend reserve fund.
General reserve fund...
Other liabilities
Total liabilities..
31
FEDERAL RESERVE BULLETIN
JANUARY 1934
CENTRAL BANKS
[For explanation of tables on this page, see BULLETIN for February 1931, pp. 81-83]
Assets of banking department
Bank of England
Gold (in
issue
depart-1
ment)
Cash reserves
Notes
Coin
Millions of pounds sterling:
1932—Oct. 26Nov. 30—.
Dec. 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
139.4
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
Discounts Securiand
ties
advances
56.0
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
1.0
1.0
.7
1.1
1.2
1.3
1.4
1.4
1.3
1.2
1.0
Liabilities of banking department
85.4
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
11.6
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
Note
circulation
Deposits
Bankers'
358.4
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
Public
25.4
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
77.3
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
Bank of France
Millions of francs:
1932—Oct. 2 8 . . .
Nov. 25—
Dec. 30. _.
1933—Jan. 27....
Feb. 2 4 . . .
Mar. 31—
Apr. 28._.
May 26—
June 30. _.
July 2 8 . . .
Aug. 25...
Sept. 29...
Oct. 27—.
Nov. 24—
Dec. 29 p..
82,909
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
Foreign Domestic Security
loans
exchange
bills
Negotiable
securities*
2,764
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
6,621
6,621
6,802
6,680
6,647
6,621
6,595
6,582
6,489
6,463
6,417
6, 393
6,238
6,186
6,122
4,984
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
1,159
3,637
3,266
3,438
3,142
3,303
3,352
3,805
3,449
2,791
3,461
3,207
3, 475
3, 500
4,092
4,740
Reserves
Gold
Millions of reichsmarks:
1932—Oct. 31__
Nov. 30
Dec. 31
1933—Jan. 31
Feb. 28
Mar. 31
Apr. 29_.
May 31.
_.
June 30
July 31
Aug. 31
Sept. 30
Oct. 31.
Nov. 30
Dec. 30?
817
827
806
. 822
769
739
411
372
189
245
307
867
396
405
386
|
Foreign
g
exchange
123
110
114
101
152
97
100
77
85
78
74
40
18
3
9
17.7
17.8
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
Deposits
Other
assets
9,145
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
Note
circulation
82,205
81,536
85,028
83,314
83,986
86,096
84,992
83,267
84,708
82,853
81,143
82,994
81,099
80, 368
82, 613
Q
ZT
4,653
2,931
2,311
2.269
2,226
2,235
2,340
2,265
2,338
2,752
2,775
3, 685
4,027
2,956
2,321
Other
Treasury bills
(and
bills
checks)
2,857
2,731
2,806
2,459
2,439
2,763
3,142
3,078
3,212
3,171
3.151
3,289
3,147
3,001
3,177
on*
21,229
22969
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, 415
Other
liabilities
2,071
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
Liabilities
Assets
Reichsbank
33.6
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
Liabilities
Assets
Gold
Other
Other
liabilities
S
Other
1oansy Securities assets
108
207
176
93
279
210
177
166
210
165
163
205
143
163
183
362
395
398
401
401
401
317
317
321
320
320
320
319
518
581
957
959
1,114
1,097
1,040
869
582
618
747
736
749
688
799
773
735
Note
circulation
3,620
3,531
3,560
3,338
3,356
3,520
3.538
3, 469
3,482
3,492
3,521
3, 625
3,571
3,542
3,645
Deposits
389
418
540
345
402
443
406
439
447
412
415
465
416
478
640
Other
liabilities
1,345
1,314
1,313
1,333
1,343
1,169
791
782
834
820
841
850
850
871
836
1
In addition theissue department holds Government and other securities and silver coin as cover for the 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 the fiduciary issue (and securities held as cover) was authorized by
the 2British -Treasury under section 8 of the Currency and Bank Notes Act, 1928.
Issued by the independent office for retirement of public debt (Caisse Autonome d'Amortissement).
3 Not yet available.
» Preliminary figures.
32
FEDERAL RESERVE BULLETIN
JANUARY 1934
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1933
1932
Central bank
1933
Nov.
Oct.
Sept.
Nov.
National Bank of Albania (thouNational Bank of Czechoslovakia
sands of Albanian francs):
(millions of Czechoslovak crowns):
7,341
5,508
Gold
_
_
Gold
_
7,329
20, 567 21,531 29.891
Foreign exchange
Foreign balances and currency
2,826 2,757
3,413
Loans and advances
Loans and discounts
3,014 2,987
6,033
Note circulation
_
Other assets
_.12,314 12, 745 12, 272
Deposits
Note circulation
15, 583 IG, 161 19.892 Danish National Bank (millions of
Demand deposits
5,851 5.699 12, 680
kroner):
Other liabilities
Gold
Commonwealth Bank of Australia
Foreign bills, etc.
(thousands of Australian pounds):
Loans
and discounts
...
Issue department:
Note circulation
12,007 11,507 11,507 11,199
Gold and English sterling
Deposits
_
29,375 29,125 29,125 37,280
Securities
Bank of Danzig (thousands of DanBanking department:
zig gulden):
950
973
Coin, bullion, and cash
993
Gold
19,818 17,948 20, 360 15,489
London balances
Foreign exchange of the reserve..
13,228
13,
689
18,966
Loans and discounts
8,880
Other foreign exchange
Securities..
...
- 35, 531 36, 000 36, 054 29,471
Loans and discounts
71,397 74, 636 72,916 62,446
Deposits...
Note circulation
42,429 42, 398 42,131 43,072
Note circulation
Deposits
Austrian National Bank (millions of
Central Bank of Ecuador (thousands
of sucres):
schillings):
170
170
149
Gold at home and abroad
Gold
—
170
19
19
39
Foreign exchange
Foreign exchange of the reserve. _
19
218
227
336
Loans and discounts
..Domestic bills
225
624
624
663
Note circulation
Government debts
624
913
941
Deposits
880
Note circulation
943
117
101
196 National Bank of Egypt * (thousands
Deposits
-_83
of Egyptian pounds):
National Bank of Belgium (millions
Gold
.._
_._
of belgas):
Foreign exchange
_
2,721
2,608
2,710 2,708
Gold
Loans and discounts
776
690
751
766
Domestic and foreign bills
__
British,
Egyptian,
and
other
355
367
355
355
Loans to State
Government securities
_
3,623
3,453 3,438 3,454
Note circulation
Other assets
206
543
539
556
Deposits
Note circulation
Central Bank of Bolivia (thousands
Deposits—Government
of bolivianos):
Other
Gold at home and abroad
_._ 7,800 10,811 10.587 16,669
Other liabilities
4,013 4,051 3,919
2,766 Bank of Estonia (thousands of
Foreign exchange
55, 696 46,080 36,695 29,171
Loans and discounts
krooni):
50, 730 49, 588 48,213 36,096
Note circulation
Gold
Deposits
48, 271 43,834 37,735 24,929
Net foreign exchange
Bank of Brazil (millions of milreis):
Loans and discounts
Note circulation
563
510
552
Currency
_
276
Deposits—Government
222
228
Correspondents abroad
Bankers'
1,905
2,720 2,950
Loans and discounts
_
Other
170
20
Note circulation
20
2,674 Bank of Finland (millions of markDeposits
_-_
-.
3,806 3,360
kaa):
National Bank of Bulgaria (millions
Gold
of leva):
Balances abroad and foreign
1,522
1,522
1,518
Gold...
- 1,522
credits
41
37
Net foreign exchange in reserve. 61
-16
Foreign bills
144
245
Total foreign exchange
205
190
Domestic bills
1,025
Loans and discounts
795
1,226 1,197
Note circulation
2,935
Government obligations
_ 2,843 2,851 2,873
Demand liabilities..
Note circulation
2,590 Bank
2,854 2,845 2,738
of Greece (millions of drachOther sight liabilities
1,606
1,637
1,648 1,627
mas):
Central Bank of Chile (millions of
Gold and foreign exchange
pesos):
Loans and discounts.
Gold at home and abroad
94
83
Government obligations
Foreign exchange for account of:
Note circulation._
Bank
_
72
71
70
Other sight liabilities
._
Exchange commission.
._
2
2
5
Liabilities in foreign exchange
432
Loans and discounts
216 National Bank of Hungary (millions
435
343
Securities
465
343
of pengos):
496
Note circulation
_
484
479
Gold
Deposits
_
236
356
Foreign bills, etc.Loans and discounts.._
Bank of the Republic of Colombia
Advances to treasury..
(thousands of pesos):
Other assets
___
Gold at home and abroad
14,910 15, 249 15, 569 11,947
Note circulation.
_
Foreign exchange
1,383 2,470 2,103
5,870
Deposits
_.
Loans to member banks
1,673
793
5,963
1,568
Certificates of indebtedness 2
Note circulation
28,520 27, 268 26,081 20,122
Miscellaneous liabilities._
Deposits
21,066 24,234 22,117 20,164
1
Items for issue and banking departments consolidated.
2
Debts to other central banks and Bank for International Settlements.
1932
Central bank
Nov.
Oct.
Sept.
1,707
922
1,402
5,705
715
1,708
933
1,550
6,148
420
1,707
922
1,744
6,310
500
1,692
1,049
1,267
5,951
512
133
12
133
29
70
368
82
133
29
70
355
96
133
37
82
318
105
29,902 30, 631 32,017
10,034 10, 643 10, 021
157
1,322 1,181
13,841 13,811 11,556
38,809 39,416 39, 170
10,707 11,517 10,120
21,375
14,135
456
9,690
36,103
5,144
14, 448
4,571
48,286
33,167
21,470
14,418
3,926
46, 596
32,175
20, 690
14,707
3,850
24,287
24,600
10,782
6,663
2,274
5,880
6,663
2,021
5,298
6, 663
3,029
6,631
33, 254 31,935
3,685 3, 694
20,846 18,892
3,125 2,773
19, 686 19, 915
8,032
33,351
3,545
19,012
5,291
20, 723
8,192
20,081 20, 077 19, 250
1,066
916
973
20, 792 20, 747 20, 405
32, 561 33,153 31,404
3,844 3,202 3, 562
6,189 5, 999 6, 077
2,831 2,676 3,217
13, 721
5,342
21, 790
31,881
3,280
5,950
2,675
354
64
Nov.
323
323
323
304
922
350
679
1,115
480
922
302
710
1,103
502
862
250
702
1,125
428
459
206
1,010
1,064
354
3,888
2,875
3,355
5,426
4,970
71
3,721
2,769
3,355
5,565
4,652
3,470
2,664
3, 355
5,304
4,420
142
1,905
2,199
3,322
4,488
3,176
223
79
10
612
50
37
341
101
120
197
97
9
483
50
31
362
77
97
5
488
50
30
361
79
97
12
460
52
23
348
78
200
199
190
33
FEDERAL RESERVE BULLETIN
JANUARY 1934
CENTRAL BANKS—Continued
[Figures are for last report date of month]
|
1933
Bank of Italy (millions of lire):
Gold at home
Credits and balances abroad
Loans and discounts
N ote 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
1
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 circu iation
Foreign deposits
Tola] 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.
1932
|
Central bank
Nov.
Oct.
Sept.
7,082
310
4, 652
13,112
300
1,304
7, 057
306
5,092
13,170
300
1,392
7,046
304
4,980
13,303
300
1,258
425
705
728
1,135
705
425
833
465
1,174
454
425
915
385
1,184
458
104
1
63
185
26
100
0
66
187
26
98
0
66
191
22
47
1
67
59
35
59
85
47
1
67
54
35
59
100
47
2
67
49
33
62
50
12
83
91
50
50
11
84
93
922
1
173
903
244
893
2
173
929
181
841
1
176
897
157
148
4
254
309
1
66
149
13
246
307
1
70
153
16
305
1
65
*40. 099
7,338
43, 789
60,576
17, 434
995
223
474
86
822
1,040
179
474
74
827
1, 031
160
738
316
307
1,052
1, 957
519
732
282
323
1,052
1,942
515
727
311
320
1, 053
1, 939
555
474
91
1932
1933
Central bank
I Nov.
National Bank of Rumania (millions
of lei):
Gold
._
_..
Foreign exchange of the reserve
Other foreign exchange
Loans and discounts
_
State debt
Note circulation
Demand deposits
429
South African Reserve Bank (thou771
sands of South African pounds):
451
Gold
1,077
Foreign bills
586
Domestic bills
Note circulation
104
Deposit s—Go vernment
19
Bank
48
Other
208
Bank of Spain (millions of pesetas):
32
Gold...
Silver.
36
Balances abroad
11
Loans and discounts
70
Note circulation
57
Deposits
Bank of Sweden (millions of kronor):
Gold
Foreign bills, etc
Loans and discounts
Note circulation._
16
Deposits
91
100 Swiss National Bank (millions of
francs):
53
Gold
Foreign balances and bills
Loans and discounts
1,033
Note circulation.
71
Demand deposits
112
967 | Central Bank of the Republic of
Turkey (thousands of Turkish
301
pounds):
Gold
144
Foreign exchange
23
Government securities
254
Other securities
301
Oilier assets
3
Note circulation.
82
Deposits
Other liabilities
Bank of the Republic of Uruguay
39,056
(thousands of pesos):
303
Gold...
20, 834
Loans and discounts.
48, 853
Other assets
6,118
Note circulation
501
Deposits—Demand
141
T i me
680
Judicial and admin997
istrative
201
O ther liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
405
547
Foreign exchange
342
Loans and discounts
1,058
Advances to S t a t e . .
1,961
Note circulation
330
Other sight liabilities
5, 826
1, 352
6,078
13,564
300
1,051
Nov.
Oct.
Sept.
Nov.
9,848 9, 806 9, 786
524
365
304
24
34
21
9,485 9, 801 9,915
5, 704 5,704 5, 704
20,671 20, 885 21,194
7,685 7, 558 7, G52
9,481
553
79
10,574
5,730
20,974
7,014
16, 845
19,496
9
9,784
1,911
28, 285
2, 666
16,381
18, 451
9
10,315
1,741
27, 521
1,849
14,830
18, 935
69
10.775
1,851
23,544
1,120
6,925
0
1,363
6,399
1,676
4,145
261
2,261
646
281
2, 655
4,750
2, 261
642
286
3, 330
4,731
818
2, 260
647
281
2,583
4, 743
872
2,258
598
290
2,691
4,802
964
369
426
67
574
516
377
398
58
589
500
378
345
60
625
412
206
221
211
537
285
1,998
14
121
1,436
751
1,931
29
97
1,408
677
1,846
18
108
1,419
582
2,553
74
59
1,535
1,157
24,193
4,880
152,162
28, 661
37.481
160,850
28,149
58, 378
23,775
1,809
152,199
28, 648
41,117
160,887
25,195
61, 466
23,387 19,813
1,369
178
152,457 155,180
28, 632 28,081
39, 535 22, 526
161,145 163,868
29, 786 12, 510
54, 449 49,400
47,460
99,969
43,942
74,223
31, 583
41,903
47, 963 46, 730
101,441 110,211
42, 736 39,969
75, 851 86, 040
31,263 33,064
42,022 37,200
1, 795
151
2,164
2, 320
4, 257
1,105
2,611
41,051
2,714
40, 290
2,969
37,637
1, 795
145
2,185
2, 319
4, 343
1,026
1, 798
148
2. 211
2,318
4,372
915
1,767
215
2,538
2,412
4,712
835
34
FEDERAL RESERVE BULLETIN
JANUARY 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
JuneJuly
August.__
September
_.
October
November
December
1933—January
February...
March
April
May
June
July
August
SeptemberOctober
November..
Cash in
vault
and due
from
Bank of
England
Money
at call
and
short
notice
Deposits
Bills discounted
Securities
Loans to
customers
Other
assets
Other
liabili-
Demand
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. __
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
818
775
799
789
810
865
903
898
907
914
925
991
832
838
832
845
854
876
873
908
921
932
929
963
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
214
208
207
219
206
213
205
208
215
218
216
114
112
109
105
98
101
96
91
91
89
99
431
386
348
338
346
352
362
359
355
343
317
472
498
510
517
530
544
554
563
563
559
569
768
769
769
767
779
779
771
762
753
752
741
202
208
205
207
209
213
221
216
215
222
228
980
955
936
950
962
1,006
993
990
953
947
935
940
938
942
933
928
924
916
905
1,983
1,957
1,925
1,930
1,944
1,978
1,973
1,966
1,958
1,951
1,928
219
223
223
222
224
225
235
233
233
233
241
Liabilities
Cash in
invault and Due from Bills dis- Loans,
cluding
due from banks
security
counted
Bank of
loans
France
18,454
17,347
17,482
18,043
12, 280
11, 288
11,475
10,375
11, 578
11,072
10, 574
10, 571
9,007
2,098
2,259
2,404
1,836
1,776
1,727
1,866
1,804
2,200
2,117
1,774
1,766
18,994
20,136
18, 745
19,034
19, 757
21, 266
22,014
7,445
6,832
7,181
6,959
8,184
8,499
8,738
8,027
7,907
7,094
1,996
2,072
2,052
1,958
1,960
1,931
1,723
1,600
1,504
1,480
22, 209
21, 287
20,261
20,852
20,048
19, 889
20, 236
19,851
19,835
20, 229
11,079
12,113
11,874
8,612
7,934
7,970
8,306
7,904
8,211
8,058
7,898
7,850
7,785
7,799
7,777
7,824
7,848
7,813
7,792
7,880
Deposits
Other
assets
Demand
Time
Total
Own ac- Other liaceptances bilities
,300
,135
,315
,327
,304
,316
,379
,422
,462
,546
,576
,749
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
L, 250
L,263
L, 286
,280
L, 342
L, 312
L, 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
288
295
3,580
3,565
3,643
3,720
3,773
3,814
3,971
3,976
4,054
4,178
4,229
4,331
,131
,096
,163
1,206
1,227
1,420
1,521
1,565
1,540
1,626
35,308
34,477
34,163
33,655
34,145
34,307
34,671
33,419
33, 217
32,811
1,221
1,117
1,045
979
979
988
1,005
1,007
964
976
36, 528
35, 573
35, 208
34,634
35,124
35,295
35,676
34,426
34,181
33, 786
336
323
305
291
247
372
379
360
253
257
3,703
3,696
3,730
3,850
3,824
3,895
4,011
4,069
4,144
4,266
i Excluding deposits of the National Bank relating to offices outside England, which are included in the total.
Total
180
173
174
173
179
191
191
193
193
193
193
207
Assets
France
(4 large banks)
Time
1
35
FEDERAL RESERVE BULLETIN
JANUARY 1934
COMMERCIAL BANKS—Continued
[For back figures and explanation of these tables see BULLETIN for October, pp. 643-646]
Liabilities
Assets
Germany
(Reporting banks)
Millions of reichsmarks:
1932—January»
February
March
April
May
June...
JulyAugust
September
October.
November
December 1
1933—January *__
February. _
March
April
May
June
July
August
September .
October
Cash in
Loans,
vault and Due from Bills dis- including
due from banks
counted security- Securities
Reichsloans
bank
Deposits
Other
assets
Demand
Time
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
3,691
3,691
3,771
3,829
3,772
3,643
3,597
3,637
3,566
3,494
3,901
3,810
3,918
3,869
3,835
3,891
3,898
3,888
3,951
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
3,389
3,394
3,385
3,336
3,313
3,267
3,239
3,244
3,233
140
200
166
169
205
169
150
186
152
701
712
701
675
659
646
637
657
614
1,983
1,908
1,940
1,934
1,914
1,907
1,937
1,870
lr962
5,225
5,152
4,983
4,882
4,832
4,682
4,677
4,627
4,642
2,381
2,385
2,379
2,387
2,390
2,383
2,297
2,303
2,304
1,193
1,177
1,180
1,189
1,163
1,163
1,175
1,178
1,207
3,350
3,354
3,329
3,268
3,344
3,237
3,155
3,242
3,200
3,945
3,884
3,843
3,833
3,748
3,781
3,816
3,717
3,793
7,296
7,237
7,172
7,101
7,092
7,018
6.971
6,960
6,993
1,141
1,116
1,012
968
924
852
805
753
733
3,186
3,181
3,165
3,168
3,146
3,081
3,097
3,110
3,155
Liabilities
Assets
Deposits payable iil 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.
i Figures not available.
Total
Credits
obtained
Other
from
banks for liabilities
customers
Security
loans
abroad
and net
Cash in
Other due from
vault and Security loans
and foreign
in cenbills
dis- banks
loans
tral gold
counted
reserves
Securities
Other
iNote
circulation
Other
liabilities
Demand
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
204
199
200
192
193
198
197
192
187
191
210
100
97
96
94
94
102
109
105
110
111
105
1,083
1,069
1,086
1,088
1,073
1,057
1,042
1,026
1,031
1,037
1,008
132
129
117
135
139
145
151
146
176
156
149
784
798
793
806
836
860
425
437
443
452
456
481
448
437
435
450
444
881
882
861
Time
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
108
112
123
124
119
129
120
121
129
122
121
504
491
494
514
549
570
578
551
591
633
567
1,383
1,397
1,389
1,400
1,397
1,387
1,380
1,373
1,372
1,350
1,358
123
122
.122
Total
1,991
1,986
1,996
L, 977
1,955
731
735
735
726
726
736
724
727
724
742
791
760
1,887
1,888
]L.883
]1,914
L,946
]1,957
L,958
]L.924
734
729
729
729
725
757
733
727
727
721
732
]L, 919
L.874
L,893
1,888
L,949
L,988
]L,916
1,964
1,983
]L, 925
36
FEDERAL
RESERVE
BULLETIN
JANUARY 1934
DISCOUNT RATES OF CENTRAL BANKS
Date effective
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
In effect Jan. 1,1934..
Bank Bank German Bank
Reichsof
of
of England France bank
Italy
2
6
7
8
2
3
7
5
0
4
!
i
1"
6
"
2H
3
2
Nether- Swiss
lands National
Bank
BanK
5
1
5
4
4
3''
3^2
2
4
5 " Nov.
Mar.
Jan.
6 2 July
Bulgaria
Chile
Colombia
Czechoslovakia
8
Danzig
Denmark
Ecuador
Estonia
May
21/2 Nov.
4 Nov.
Feb.
16,1933
24,1933
14,1932
5,1932
May 25,1932
Aug. 23,1932
July 18,1933
4
Jan. 25,1933
6,1933
30,1933
30,1932
1,1932
3
Dec.
Oct.
Oct.
Feb.
7
20,1933
14,1933
18,1932
16, 1933
Country
Japan.
Java
Latvia. _
Lithuania
Norway
Peru
Poland.
Portugal
Rate
Jan.
1
_ 3.65
_
6
In effect
since—
July 3,1933
Aug. 16,1933
Jan. 1,1933
Apr. 1,1930
May
May
Oct.
Dec.
6
5
24,1933
20,1932
26,1933
8,1933
Rumania
6
South AfricaSpain
_. 6
Apr. 5,1933
May 15,1933
Oct. 26,1932
Sweden
U.S.S.R
8
Yugoslavia—_
Dec. 1,1933
Mar. 22,1927
July 20,1931
Changes since Dec. 1: Finland—Dec. 20, down from 5 to 4H percent;
Italy—Dec. 11, down from 3H to 3 percent; Portugal-Dec. 8, down from
6 to 5H percent.
2j/2
3
3
In effect
since—
Albania
Austria
Belgium
Bolivia
Finland
Greece
Hungary
India
4M
4^
Rate
Jan.
1
Country
2
2H
MONEY RATES IN FOREIGN COUNTRIES
Month
Netherlands (Amsterdam)
Germany (Berlin)
England (London)
Bankers'
acceptances,
3 months
Treasury
bills, 3
months
1932—November.
December—
0 89
1.02
0.82
1.04
0.73
.81
3.87
3.87
5.00
5.08
4.80
4.91
0.37
.37
1933—January
February..
March
April
May
._
June
July
August
September.
October
November..
.87
.83
.62
.59
.50
.50
.48
.41
.44
.79
1.05
.76
.78
.46
.50
.37
.40
.40
.30
.31
.73
.94
.73
.73
.64
.61
.58
.62
.62
.62
.63
.75
.75
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
4.98
4.86
4.97
5.05
5.24
4.93
5.19
4.94
5.00
5. 11
5.18
.37
.37
.64
.66
2.11
2.18
3.54
1.11
.77
.50
.45
Bankers'
Day-to-day allowance
money
on deposits
Private
discount
rate
Money for Day-to-day
1 month
money
Sweden
(Stockholm)
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Hungary
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Prime
commer- Day-to-day
money
cial paper
Private
discount
rate
Money for
1 month
Japan (Tokyo)
Month
Call
Loans up Discounter!
to 3
money
bills
months
overnight
1932—November.
December.
1.50
1.50
3.00
2.94
1.00
.91
5.00
5.00
5. 66-5. 84
5.66-5.84
2.92
2.74
1933—January
February ..
March
April
May
June
July
August
SeptemberOctober
November.
1.50
1.50
1.50
1 50
1.50
1.50
1.50
1.60
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
1.12
1.89
2.04
1.87
1.76
1.50
1.39
1.45
1.13
1.25
1.85
4.42
4.25
4.20
4.00
4.00
4.00
4.00
4.00
3.55
3.50
3.50
5. 48-5.84
5. 48-5.84
ft. 48-5. 84
6.48-5.84
5.11-5. 84
5.11-5.48
5.11-5.48
5.11-5.48
5.11-5.48
5.11-5. 48
3.10
2.92
2.92
2.37
2. 19
2.74
2.37
2.37
2.56
2.56
iH-7H
43*7V
3H
3H
3H
3
3
3
3
3
3
-6
-5
-«
-5
-5
-5
1
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. 73P;
and May 1930, p. 318.
37
FEDERAL RESERVE BULLETIN
JANUAEY 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]
Australia 2 •Austria
Month
1932—December
1933—January
February
March
April
May
June
July
August
September
October.
November
December
I
__J
!
•
_
Month
1932—December
1933—January
February
March
April.......
May
June
July.
August
September
October
November
December
58.5851
58.5847
58.5804
58.2974
60.4864
67.9019
71.0601
80. 7251
79. 4328
86.08G1
86. 1188
92.0439
533.3311
Egypt
336.1120
344. 6451
350. 8940
351.9434
366. 8480
403.1202
424.0440
_ 477. 0204
461. 7534
478.1479
460.4633
261.77
267.19
272.17
272. 73
284. 79
313.07
329. 22
369. 44
358.13
371. 26
371. 47
409. 75
407. 50
Belgium
13.9581
13.9715
13. 9867
14.0121
14. 0700
14. 5582
14. 2007
15. 6719
15. 4794
16. 6534
16. 7694
18. 0434
17.6811
13. 8460
13.8629
13. 9638
13. 9803
14. 5285
16.2711
17. 0460
19. 4505
19.1458
20. 6994
20. 7215
22.3176
21. 7280
England
Finland
327.8679
336.1385
342. 2073
313. 2800
357.9313 !
393. 2381 ;
413.5581 !
464. 9915
450. 2670
466. 4722
466. 8290
514.9737
511. 5890
1.4239
1.4577
1.4919
1. 5153
1. 5806
1.7467
1. 8241
2. 0511
2. 0008
2. 0693
2. 0083
2. 2700
2. 2700
Bulgaria 3
Brazil i
7. 6327
7. 6352
7. 6348
7. 6330
7. 6348
7. 6354
7. 6369
7. 8727
8. 0331
8.1508
8.4634
8. 5660
8. 5995
Germany
France
3.9033
3.9034
3. 9228
3. 9361
4.1019
4. 5927
4. 8035
5. 4588
5. 3749
5. 7724
5.8167
6. 2678
6.1216
23. 7869
23. 7703
23.8291
23. 8519
24. 3873
27.3629
28. 8097
33. 2627
32. 7144
35. 4307
35. 4207
38. 2361
37. 3247
I
China
Colombia i
Cuba
-I0. 7200 86. 5989 6. 0274
.7195 87. 4621 6.0275
.7200 83. 5084 6. 0278
.7210 83. 5205 6. 0281
.7223 84. 7233 6. 0300
.7825 87. 5930 6. 2846
.8142 89. 8853 7.5210
.9977 94 4683 8.3752
1.0347 94. 2796 ' 8.1986
1.2434 96.4734 . 8. 6743
1. 2590 97.5958 | 8.8731
1. 6378 101.1829 10.0983
1. 3436 100. 5515 9. 5952
19.4719
19. 7916
20.1136
20. 7250
22.1953
24. 5193
26.1289
29. 2666
28. 0737
29.6843
29. 8462
32. 9030
33. 4468
95.2400
95. 2400
94.4191
86. 2100
S6. 2100
86. 2100
86. 2100
86. 2100
86. 2100
78.1476
65. 7136
66. 7200
63. 9668
99.9261
99.9411
99. 9790
100. 0162
99.9322
99. 9196
99.9212
99. 9199
99. 9481
99.9583
99.9223
99.9617
99.9579
Greece
Hong
Kong
India
Italy
Japan
Mexico Netherlands
0.5418
.5392
.5610
. 5673
.5865
.6582
.6917
. 7902
.7743
.8372
. 8397
. 9053
.8856
21. 3527
21. 7525
22.0710
22. 7442
23.7714
27.1586
29. 1358
32. 9584
31. 5922
33.1050
33. 2821
36. 6896
37.1537
5.1088
5.1177
5.1156
5. 1372
5. 3662
6.0888
6. 3789
7. 3697
7. 2176
7. 8075
7. 8208
8. 4331
8.2204
20.7298
20. 7393
20. 7945
21.2631
22. 0867
23.9967
25. 7587
28. 7727
26.9026
27. 2539
27. 7670
30. 3618
30. 7418
31.9923
30.1631
28. 4212
28. 3164
27. 0201
28.8721
27. 6650
27. 9968
28.1103
28.1492
28. 1(592
27. 7989
27. 7355
1
Canada i Chile l
Hungary 3
24. 7923
25.4055
25. 8336
25. 7900
26. 8721
18. 8766 29.5729
21.2415 31. 0652
24.5147 34. 9283
24. 2387 33.8489
26. 0897 35. 0051
26. 3520 35. 0366
28. 2302 | 38.3408
27. 6855 38.3870
17. 4265
17. 4260
17. 4359
17.4392
17. 4812
Turkey
Month
1932—December
1933—January...
February
March
April
May
June
July
August
September
October
November
December
| 299.42
_| 292.13
._
17.9108
18. 2982
18.2670
18. 1884
18.8108
20.2413
21.2819
23. 9784
23.2263
24. 0532
24. 0fi90
26. 5491
26.3911
16.8899
17. 2684
17.5270
17. 5913
IS. 3161
20. 0164
20.8811
23. 3627
22. 6451
23.4400
23. 4451
25. 8723
25. 7075
19. 2354
19. 2836
19. 3707
19.3716
20. 1281
22. 5368
23. 5665
26. 9583
26. 5265
28.7299
28.7902
31.0223
30. 2473
Czechoslovakia
2.9613
2. 9614
2.9632
2. 9743
3.1155
3. 5075
3. 6527
4. 1545
4. 0777
4. 4089
4.4172
4. 7600
4. 6487
Denmark
17.0069
16.9097
15.2612
15. 3180
15.9502
17. 5193
18.4423
20. 7682
20.1157
20.8344
20. 8413
22. 9975
22. 8463
40.1680
40.1797
40. 2691
40. 3572
41. 9490
46.9507
49.0086
56.1833
55. 3799
59.8831
59. 9529
64. 5642
62.8466
Union of
South
Africa 2
47.0127
47.0260
47.1982
47. 4384
49.3996
55. 3596
57.8085
65.7080
64. 4507
69. 8292
67. 2262
Monetary units and pars of exchange (in cents per unit of foreign currency):
Country
Monetary unit
Par of
exchange
Argentina
Australia
_
Austria.
._
Belgium
Brazil
Bulgaria
Canada
Chile.
China
Colombia
Cuba
Czechoslovakia...
Denmark
Egypt
Peso.
Pound.
Schilling.
Belga
Milreis...
Lev.
Dollar..
Peso...
YuanPeso.
do
Koruna
Krone
Egyptian pound.
42.45
486. 66
14.07
13.90
11.96
.72
100. 00
12 17
6 33.13
97 33
100 00
2.96
26. 80
494. 31
Country
England
Finland..
Fra
Germany
Greece
Hong Kong___
Hungary
India
Italy
Japan
Mexico
Netherlands. _
New Zealand .
Norway. _
Monetary unit
Par of
exchange
486. 66
2.52
3.92
23.82
Drachma.
1.30
Hong Kong dollar, 6 34.21
17.49
Pengo
36.50
Rupee
5.26
Lira
49.85
Yen49.85
Silver peso.
40.20
Florin
486.66
Pound
26.80
Krone
Pound.
Markka
Franc
Reichsinark
Country
Poland
Portugal
Rumania
Spain
Strait's Settlements.
Sweden.
Switzerland
Turkey..
__.
Union of South
Africa.
Uruguay
Yugoslavia
Monetary unit
Zloty
Escudo
Leu.
Peseta
[Singapore dollar..
Krona
_.
Franc. pound—
Turkish
[Pound
Peso
Dinar
Par of
exchange
11.22
4.42
.60
19.30
7
59.69
26.80
19.30
439. 65
486. 66
103. 42
1.76
1 Nominal since April 1933.
23 Monthly averages for Australia, New Zealand, and South Africa for 1932 are taken from the League of Nations Monthly Bulletin of Statistics.
Partly nominal since April 1933.
* 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 represents period Apr. 10-30. Average quotation of old yuan for Apr. 1-9 was 20.5383 cents.
s Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933. Average quotation shown for December
19336represents period 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 December 1933 computed by multiplyinig silver content of unit by New York average
price7 of silver for December 1933, which was $0.43802 per fine ounce.
Singapore dollar is legally equivalent to seven sixtieths of an English pound, Figure given for parity in December 1933 represents seven
sixtieths of average quotation of pound in New York for December 1933.
Back figures—See BULLETIN for January 1933, 1932. 1931, 1930, 1929, and 1928.
38
FEDERAL RESERVE BULLETIN
JANUARY 1934
FOREIGN EXCHANGE RATES, YEARLY AVERAGES, 1925-33
[Averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Country
Argentina.Australia
Austria
_
__
Belgium
_
Brazil
_
Bulgaria
Canada
Chile
China
Colombia
Cuba
Czechoslovakia
Denmark
Egypt.
England
Finland
France
Germany
Greece
Hong Kong...
Hungary
India
_.
Italy
Japan
Mexico..
_
Netherlands
New Zealand
Norway
Poland
Portugal
Rumania
Spain
Straits Settlements
Sweden
Switzerland
Turkey
Union of South Africa..
Uruguay
Yugoslavia
Present monetary
unit
Par of
exchange
Gold peso..
Pound 3....
Schilling
*..
Belga4 4
Milreis
--.
4
Lev _.
DollarPeso 4_.
Yuan?
Peso.._.
.do.
Koruna
Krone
Egyptian pound..
Pound...4
Markka
Franc 4
_
Reichsmark
_
Drachma4
_
Dollar io
Pengo *4
_Rupee
Lira 4
YenSilver peso 4
Florin.
Pounds
Krone..
Zloty *___
Escudo 4 .
Leu *..
PesetaDollar
Krona
Franc.
Turkish3 pound.
Pound __
Peso
Dinar..
96.48
1925
1926
91. 3822
92.1497
1927
96. 2950
1928
1929
1930
96. 4801
95.1274
480. 8300
14.0575
13.9124
11. 8078
.7216
99. 2472
12. 0601
41. 9007
96. 5512
99. 9647
2. 9609
26. 6802
498. 0689
485. 6879
2. 5160
3.9161
23. 8086
1. 2934
47.1669
17. 4414
36. 2020
5. 2334
46. 0997
48.1830
40.1622
483. 2100
26. 6827
11.1940
4.4714
.5961
14. 6833
56. 0117
26. 7839
19. 2792
48.4105
483. 2700
98. 6294
1. 7591
83.5050
458.6000
14. 0891
13.9524
10. 7136
.7209
99. 8424
12.0785
29.9166
96. 4930
99.9515
2. 9640
26. 7650
498. 6002
486. 2126
2. 5169
3. 9249
23.8541
1.2959
33. 8530
17. 4939
36. 0672
5. 2374
49. 3898
47.1331
40. 2251
468. 2200
26. 7598
11. 2051
4. 4940
.5953
11. 6670
55. 9639
26. 8543
19. 3820
47.0608
483. 7900
85. 8650
1. 7681
14.07 6 14. 0612 14. 0740 14. 0764 14. 0743
4. 7580 e 3. 3721 13.9157
13.90
13. 9281
12.1962 14. 4357 11.8383
11.96
11.9737
.7317
.7210
.7235
.72
.7207
100. 00 99. 9615 99. 9889 99. 9720 99.9094
11. 6031 12.0766
12. 0652 12.1451
12.17
28.74 56. 9066 49. 9807 43. 9414 46.1378
97.33
98. 4547 97. 6879 97. 6937
100.
00 "99.9359
99. 9310 99.9675 99. 9634
9
2. 9622
2.96
2. 9656
2.9618
2.9625
26.80 21.1310 26. 2257 26. 7251 26. 7426
494. 31
498. 0954 498.3123 499. 0254
486. 66 ~482.~8944" 485. 8235 486.1024 486. 6223
2.52
2. 5218
2. 5209
2. 5197
2. 5173
3.92
4. 7671
3. 2427
3. 9210
3.9240
23.82 23. 8013 23. 7996 23.7638 23.8614
1.30
1. 5614
1. 2579
1. 3173
1. 3044
27.30 56. 5199 53. 3290 49. 2085 50. 0717
17.49
.0014
17. 5612 17.4741
17. 4443
36.50 36. 2642 36. 3267 36.3117 36.4663
5.26
3. 9776
3. 8894
5.1560
5. 2571
49.85 41. 0362 47.1163
47.4113 46. 4096
49.85 49. 3926 48. 3087 47. 2049 48.1067
40.20 40.1601
40. 0984 40.1085 40. 2238
486. 66
26.80
17. 8836 22. 3347 26. 0477 26. 6876
11.22 17. 7432 11.1796
11. 2881 11.2097
4.42
5. 0397
5.1254
4. 4675
5. 0290
.6133
.60
.4832
.4620
.6042
19.30
14. 3443 14.8959
17.0592 16. 5942
49.43
56.1546
56. 2705 56. 0476 56. 2838
26.80 26. 8479 26. 7646 26. 8148 26. 8002
19.30
19. 3268 19. 3130 19. 2618 19.2596
439. 65
52. 2549 51.3204 50. 9987
486. 66
103. 42 98.4009 101.4740 101. 3361 102. 6567
1.76
1. 7054
1. 7647
1. 7598
1. 7598
1931
1932
66. 7375 58.4433
351. 5000 279. 9300
14.0227 13. 9599
13.9285 13. 9137
7. 0290 7.1223
.7163
.7193
96. 3258 88. 0896
12. 0669 7.9079
22.4369 21.7357
96.5697 95. 2750
99.9295 99. 9409
2. 9619 2. 9618
25.0581 18. 8317
465.1111 359. 5406
453. 4990 350. 6067
2. 3875 1. 5547
3. 9200 3.9276
23. 6302 23.7492
1. 2628
.8320
24. 3c05 23. 4604
17. 4522 17.4460
33. 6895 26. 3468
5. 2063 5.1253
48. 8509 28.1112
135.4919 31. 8500
40. 2298 40. 2949
415. 2900 320.1900
25. 0546 18. 0039
11.1970 11.1823
4. 2435 3.1960
. 5946 .5968
9. 5453 8. 0438
52.4451 40.3970
25. 2540 18.4710
19.4009 19. 4049
47.1814 47. 2854
480. 7600 476.5600
55. 3572 47.0639
1. 7680 1.6411
1933
1
'72.8009
337.0729
1 15.4478
17. 8996
1 7. 9630
1 1.0039
91. 9587
1
7. 6787
8 28. 5979
1 81. 6966
99.9464
3.8232
19. 0709
423.6821
1.8708
5. 0313
30. 5179
.7233
29.4516
* 22. 3598
31.8159
6. 7094
25. 6457
28.1025
51. 7209
340. 0027
21. 4292
14. 4135
3. 9165
.7795
10. 7189
49. 2320
22.0324
24.8355
414. 9803
1 60.3360
1. 7607
1
Partly nominal.
2 Average for gold peso Jan. 1 to Dec. 10, inclusive. Beginning Dec. 13, 1933, paper peso with par value of $0.4245 was quoted in place of gold
peso;3 average for paper peso Dec. 13 to 31 was 33.3311 cents.
Yearly averages for Australia, New Zealand, and South Africa for period 1929-32 are taken from the League of Nations' Monthly Bulletin of
Statistics.
4
In the following cases the present monetary unit with present par value was quoted for only a part of the period 1925-33, and the averages
given for earlier years are for the unit which has been superseded:
Country
Austria. _
Bfilgiiim
Brazil
Bulgaria
Chile..Finland
France,.
Greece
Present monetary Previous monetary
unit first quoted
unit
in New York—
Mar. 13, 1926.
Oct. 25, 1926
. . Dec. 18, 1926
Nov. 22, 1928
Aug. 21, 1925
Jan. 2, 1926 .._
June 25, 1928
May 14, 1928
5
6
7
Krone . . _ .
Franc
Milreis
__._
Lev
Peso..
.
Markka
_ .
Franc
Drachma
Par of
previous
unit
20.26
19.30
32.44
19.30
36.50
19.30
19.30
19.30
Country
Hungary
India
Italy . Mexico
Poland
Portugal..
Rumania
Present monetary Previous monetary Par of
unit first quoted
previous
unit
in New York—
unit
Jan. 2, 1926
_. Apr. 1, 1927
Dec. 21, 1927
July 30, 1931
Oct. 13, 1927
July 1, 1931
Feb. 7, 1929
Krone
Rupee
Lira..
Gold peso—
Zloty
Escudo
Leu
20.26
48.66
19.30
49.85
19.30
108 50
19 30
Average for schilling Mar. 13 to Dec. 31, inclusive. Average for krone, Jan. 2 to Mar. 12, was 0.0014 cent.
Average for franc Jan. 2 to Oct. 25, inclusive. Average for belga, Oct. 26 to Dec. 31, was 13.9095 cents.
Dollar parity in 1933 is for new Chinese yuan first quoted Apr. 10, 1933, and is computed by multiplying silver content of unit by New York
average price of silver for the period Apr. 10 to Dec. 31, 1933. Parity for the old yuan for the period Jan. 1 to Apr. 9 was 20.38 cents; and corresponding parities for the years 1925 to 1932 were as follows: 1925, 53.93 cents; 1926, 48.51 cents; 1927, 44.05 cents; 1928, 45.45 cents; 1929,41.42 cents; 1930,
29.56s cents; 1931, 22.30 cents; 1932, 21.67 cents.
Average quotations on Shanghai Apr. 10 to Dec. 31 for new yuan containing 23.4934 grams of pure silver. Average quotations from Jan. 1
to Apr.
9 inclusive for old yuan containing 23.9025 grams of pure silver, was 20.2103 cents.
9
Established by new currency law effective Nov. 27, 1929; for previous status of Czechoslovak crown see BULLETIN for Nov. 1929, p. 737.
10
Dollar parity in 1933 is computed by multiplying silver content of unit by New York average price of silver for 1933, which was $0.34997 per
fine ounce. Corresponding parities for the years 1925 to 1932 were as follows: 1925, 54.14 cents; 1926, 48.69 cents; 1927, 44.21 cents; 1928, 45.62 cents;
1929, 41.58 cents; 1930, 30.00 cents; 1931, 22.63 cents; 1932, 22.00 cents.
» Average for silver peso July 30 to Dec. 31, inclusive. Average for gold peso, Jan. 2 to July 29, was 47.6510 cents.
12 Parity represents 7/60 of average quotation of English pound for 1933. Corresponding parities for the years 1925 to 1932 are as follows: 1925,
56.34 cents; 1926, 56.68 cents; 1927, 56.71 cents; 1928, 56.77 cents; 1929, 56.66 cents; 1930, 56.72 cents; 1931, 52.91 cents; 1932, 40.90 cents.
39
FEDERAL RESERVE BULLETIN
JANUARY 1934
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Month
United
States
(average
price)
England
(December
1921 = 100)
Common stocks (1926 average=100) i
France
(1913 average = 100)
Number of issues.
60
87
36
1931—NovemberDecember..
89.0
81.6
104.8
102.2
94.4
90.8
1932—January
February. _.
March
May
June
July
August
SeptemberOctober
November.
December.
81.0
80.3
80.8
79.4
75.2
72.2
74.2
83.2
85.8
84.1
81.9
81.2
104.7
106.5
111.6
110.6
111.4
111.0
115.6
116.1
118.4
120.3
115.9
116.1
91.5
90.3
90.5
89.0
85.9
85.2
87.4
88.6
89.5
89.1
88.9
87.8
1933—January
February—
March
April
May
June
July
August
SeptemberOctober
November.
84.1
82.5
76.8
75.4
82.0
86.8
89.6
89.9
87.9
86.5
82.6
116.9
118.4
118.4
120.2
118.1
118.7
117.9
120.1
121.2
122.3
122.3
86.4
85.3
81.9
81.5
78.5
79.5
80.0
80.2
81.4
81.1
79.6
April—
Germany
(average
price)»
United
States
England
France
Germany
421
278
300
71.7
57.7
74.7
68.1
104.3
94.8
64.4
60.4
62.2
63.2
67.4
70.1
72.9
76.3
58.0
56.4
56.8
43.9
39.8
34.0
35.9
53.3
58.2
49.9
47.5
47.4
69.7
68.9
69.6
63.5
61.6
59.3
63.5
69.5
72.7
72.4
72.7
72.0
107.3
126.2
117.6
107.3
94.4
97.4
100.4
103.4
104.3
97.4
100.0
104.3
<45.5
46.4
45.6
45.8
47.9
54.1
52.5
53.4
56.7
81.4
79.9
83.6
85.8
81.5
80.1
78.2
78.5
78.2
84.7
87.9
49.1
44.9
43.2
47.5
62.9
74.9
80.4
75.1
74.8
69.5
69.1
72.4
72.2
72.3
72.4
75.4
79.0
83.9
84.4
85.3
82.9
101.3
97.9
92.7
94.0
100.4
105.2
106.0
105.2
103.0
98.3
95.7
59.4
64.5
66.8
67.2
65.7
62.8
60.7
57.3
57.0
58.7
169
(3)
8
329
1
J
3
4
Stock price series for England, France, and Germany have been converted from original bases to a 1926 base.
New series compiled by the Statistisches Reichsamt; weighted average of the prices of one hundred sixty-nine 6 percent"bonds.
Figures not available because of closing of the exchange.
Based on data for part of month, no quotations being available for remainder of month.
Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited.
WHOLESALE PRICES—ALL COMMODITIES
Month
United
Japan
Canada
England
Germany
Italy
France
States
(October
(1926=100) (1926=100) (1913=100) (1913=100) (1913=100) (1913=100) 1900=100)
Netherlands
(1913=100)
1931—November.
December.
70
69
71
70
106
106
447
442
107
104
320
319
147
151
89
85
1932—January. _.
February..
March
April
May..
June
July
August
September.
October...
November.
December.
67
66
66
66
64
64
65
65
65
64
64
63
69
69
69
68
67
66
67
67
66
65
65
64
106
105
105
102
101
98
98
100
102
101
101
101
439
446
444
439
438
425
430
415
413
412
413
413
100
100
100
98
97
96
96
95
95
94
94
92
317
314
315
311
305
297
296
296
300
299
298
296
160
161
159
154
150
146
148
156
167
169
178
185
84
83
82
80
79
78
76
75
76
77
77
76
1933—January...
February. .
March
April
May
June
July
August
September.
October...
November.
61
60
60
60
63
65
69
70
71
71
71
64
64
64
65
67
68
71
69
69
68
69
100
99
98
97
99
102
102
103
103
103
103
411
404
390
387
383
403
401
397
397
397
409
91
91
91
91
92
93
94
94
95
96
96
292
286
281
279
279
281
279
278
276
274
273
185
180
177
176
177
180
182
180
182
180
179
75
74
72
71
72
73
73
73
75
75
76
40
FEDERAL RESERVE BULLETIN
JANUARY 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 )
Month
Foods
Other
commodities
]Foods
Farm
IndusIndus- Agricultural
and food
trial
trial
products products products products
Provisions
Industrial raw Indusfinand semi- trial
ished
finished products
products
59
56
71
69
74
7?
115
113
102
102
482
491
416
400
99
95
94
91
99
97
132
130
1932—J anuary
February
M arch
April
May -_
June
July
August
September
October
November
December
53
51
50
49
47
46
48
49
49
47
47
44
65
63
62
61
59
59
61
62
62
61
61
58
72
71
71
71
70
70
70
70
70
70
70
69
114
114
116
115
114
112
108
107
107
106
107
108
101
101
99
96
94
91
92
95
99
98
98
97
496
511
510
506
511
490
498
453
445
450
458
456
390
389
388
381
374
369
370
382
384
379
373
375
92
95
97
95
93
92
93
91
89
88
88
90
91
89
88
87
85
84
83
85
81
80
92
91
90
89
* 88
87
87
88
89
88
88
87
125
122
121
120
119
118
117
116
115
115
114
114
1933—January
February
March
April
May
June
July
August
September
October
November
43
41
43
45
50
53
60
58
57
50
56
54
55
56
59
61
66
65
65
64
64
67
66
66
65
67
69
79.
74
76
77
77
107
105
102
101
102
104
101
104
105
104
104
97
96
95
95
98
101
103
102
102
102
102
455
443
417
407
390
418
414
407
413
417
425
373
370
388
369
376
390
389
389
383
r
379
395
81
80
79
77
77
78
77
76
75
73
73
87
87
87
87
88
89
90
90
89
89
89
113
112
112
111
112
112
113
113
114
114
114
RETAIL FOOD PRICES
Month
January
February
March_.
April
May
June_.
July
August
September
October
November _
December
(1913=100 )
France l
(July
1914=100)
1932
1933
1932
1933
1932
1933
1932
109
105
105
104
101
100
101
101
100
100
99
99
9^
91
91
90
94
97
105
3 10'7
T
3 10'
3 10"7
3
10"J
131
131
129
126
125
123
125
123
123
125
125
125
123
122
119
115
114
114
118
119
122
123
126
114
115
115
115
114
111
108
104
102
102
104
103
102
103
101
99
97
97
95
97
93
101
103
116
114
114
113
113
113
114
112
111
110
110
109
T
83
82
84
85
87
88
90
93
94
COST OF LIVING
England
(July
1914=100)
United
States
2
1931—November
December
8£
Farm
products
Germany (1913=100)
England (1913= 100) France (1913=100)
Germany
(191314=100) 2
Month
1933
107
107
106
106
110
111
111
110
111
112
113
United
States
(1913=100)
England
(July
1914=100)
France l
(Jan.-June
1914=100)
1932
1933
1932
1933
193S
1933
142
141
139
137
136
136
138
139
141
J41
143
HE
106
128
147
147
146
144
143
142
143
141
141
143
143
143
101
105
10f
105
January
FebruarjT
March _
April . _
May
June
July
August.
Septemb p.r
October
November
Decembe r
136
132
10!
Germany
(191314=100) »
1932
125
122
122
122
121
121
122
120
120
119
119
118
1933
117
117
117
117
118
119
119
118
119
120
120
Revised.
This index, unlike that for wholesale prices, represents prices converted to a gold basis.
Average of October 1913, January, April, and July 1914=100.
Figures for the period nearest the 15th of the month. 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; Nov. 21, 106.8; Dec. 5, 105.5.
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, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food
prices, Statistique Gen6rale, and for cost of living, Commission d'etudes relatives au coiit de la vie a Paris.
1
2
3
JANUARY 1934
FEDERAL RESERVE BULLETIN
41
LAW DEPARTMENT
Partnership as holding company affiliate of member
bank
In response to an inquiry whether a partnership was a holding company affiliate of a member bank, the Federal Reserve Board ruled that
a partnership is not a "corporation, business
trust, association, or other similar organization" within the meaning of section 2, subsection (c) oi the Banking Act ot 1933, 77
defining
the term "holding company affiliate and,
accordingly, is not subject to the provisions of
the act applicable to holding company affiliates
of member banks.
Questions arising under section 21 of the Banking Act
of 1933 relating to the receipt of deposits by nonbanking institutions
The Federal Reserve Board has been asked
to rule upon the applicability of section 21 of
the Banking Act of 1933 to a corporation which
has been permitting its employees to leave
funds with the corporation, upon which it has
paid such employees interest at a higher rate
than savings banks would pay, and which has
permitted withdrawals of such funds on demand, the plan having been adopted lor the
purpose of encouraging thrift among the employees of the corporation.
The applicable portion of section 21 provides
in substance that after June 16, 1934, it shall
be unlawful for any person or organization
other than a financial institution or private
banker subject to examination and regulation
under State or Federal law to engage to any
extent whatever in the business of receivingdeposits subject to check or to repayment upon
presentation of a pass book, certificate of deposit, or other evidence of debt, or upon request
of the depositor, unless such person or organization shall submit to periodic examination by
the Comptroller of the Currency or by the
Federal Reserve bank of the district and shall
publish periodic reports of condition.
The section does not give to the Federal
Reserve Board any jurisdiction or discretion
regarding the matters with which it deals.
The provision excepting corporations which
shall submit to periodic examination by the
Comptroller or Federal Reserve £>ank of the
district77 relates to corporations which "shall
submit to such examination, and does not
give to the Comptroller, the Federal Reserve
bank, or the Federal Reserve Board any discretion or power to require a corporation to
submit to examination or to determine what
corporations should submit to examination.
On the other hand, the section provides a
penalty of fine or imprisonment for any violation of its provisions and the determination of
the question whether a person should be prosecuted for such violation is a matter entirely
within the jurisdiction of the Department of
Justice.
In view of these circumstances, an expression
of opinion by the Federal Reserve Board on the
question whether the section is violated would
not afford protection from prosecution if the
Department of Justice upon consideration of
the matter should take the position that a
corporation had violated the statute and should
feel it necessary to prosecute for such violation.
Accordingly, the Federal Reserve Board does
not feel that it would be appropriate for it to
undertake to express opinions upon questions
of this kind.
Applicabiiity of section 8A of Clayton Act to directors
of a corporation which extends or renews loans
previously made
A ruling of the Federal Reserve Board was
recently requested as to whether section 8A
of the Clayton Act is applicable to directors,
officers, or employees of banks "organized or
operating under the laws of the United States"
who are serving at the same time as directors,
officers, or employees of a certain corporation
which has made loans secured by stock and
bond collateral. It appeared that the corporation is not authorized to make any loans after
May 31, 1933, but that, in order to provide for
the orderly liquidation of loans previously
made, it is authorized to extend the time within
which such loans must be repaid. Such extensions sometimes take the form of an agreement
extending the time and sometimes take the
form of a "renewal77 of the obligation. The
loans are being reduced from time to time and
renewals are never for an amount greater than
the amount then outstanding.
Section 8A applies to a corporation which
"shall make77 loans secured by stock or bond
collateral after January 1, 1934; but it is
42
FEDERAL RESERVE BULLETIN
JANUARY
1934
understood that, in the case under consideration, no new loans in the sense of loans to new
borrowers or further loans to existing borrowers
may be made by the corporation. It would
not seem that section 8A, which was designed
to prevent the undue use of bank credit for the
speculative carrying of, or trading in, securities
and which obviously has reference to future
loans, should be construed so as to prevent
the orderly liquidation of loans previously
made or as applying to transactions which in
substance are merely extensions of time within
which loans previously made may be repaid,
even though in some instances the transactions granting such extensions of time may
take the form of renewal notes. The Federal
Reserve Board expressed the opinion, therefore, that section 8A does not apply to the
corporation in question.
on the date the company was placed in liquidation, payment of debts and expenses, and distribution of the remainder to the stockholders,
may henceforth be conducted by the company.
As is indicated by the footnote on page 1 of the
Federal Reserve Board's regulation R, section
32 has reference only to the business presently
transacted by an organization and not to the
business which may have been transacted by it in
the past; and, accordingly, the Board expressed
the opinion that, if such liquidation involves
merely the sale of these assets and does not
involve the participation in any new business
in connection with such liquidation, section 32
would not be applicable to the service of the
directors and officers mentioned.
Applicability of section 32 of Banking Act of 1933
to corporation engaged solely in holding stocks
The question has been presented whether a
member bank is to be regarded as a " correspondent bank" of a certain dealer in securities
within the meaning of section 32 of the Banking
Act of 1933, and of the Board's regulation R.
It appeared that, among the other transactions
which it has with the dealer, the member bank
extends credit accommodations to the dealer by
purchasing high-grade municipal bonds from
the dealer under ordinary repurchase agreements, such bonds having fceen acquired by the
dealer with the approval of the bank, either by
purchase on the market or, in the case of new
issues, from the municipality which issues
them. The dealer is to keep these bonds
"marked to the market" by making cash
payments to the bank equal in amount to any
decrease in the market value of the bonds so
purchased. As part of its compensation for these
services, the bank receives the interest on the
bonds held under the repurchase agreement,
and a percentage of the dealer's net profit on a
resale of the bonds by the dealer. The bank is
not liable for any losses in connection with such
transactions.
It is the opinion of the Federal Reserve
Board that these transactions involve more
than the performance of ordinary banking
functions on behalf of the dealer, that the
bank is "regularly associated with" the dealer
in connection with the purchase and sale of
such bonds and possibly in connection with the
underwriting and flotation thereof, and that,
therefore, the bank is a "correspondent bank"
within the definition of that term in the Board's
regulation R and within the meaning of section
32 of the Banking Act of 1933.
In connection with an inquiry as to whether
section 32 of the Banking Act of 1933 is applicable to a director of a member bank of the
Federal Reserve System who is also serving as a
director of a certain corporation, it appeared
that the sole business of the corporation is the
holding for investment of the majority of the
capital stock of a trust company, the majority
of the capital stock of a title and mortgage
company, and the majority of the capital stock
of an investment company, and that the corporation is, therefore, only a holding company
which holds the control of three operating
companies.
The Board expressed the opinion that the
phrase " engaged primarily in the business of
purchasing, selling, or negotiating securities"
in section 32 is not applicable to a corporation
whose sole business is that of a holding company under the circumstances described, and,
accordingly, that a director of a member bank
is not prohibited by that section from serving
also as a director of such a corporation.
Applicability of section 32 of Banking Act of 1933
to corporation in process of liquidation
The view of the Federal Reserve Board has
been asked as to whether section 32 of the
Banking Act of 1933 forbids certain officers and
directors of a member bank to serve also as
officers and directors of a securities company in
process of dissolution. It appeared that,
under the applicable State law, no business of
any kind, except liquidation of the assets held
Applicability of section 32 of Banking Act of 1933
to a member bank haying certain business relations
with a dealer in securities
JANUARY 1934
FEDERAL RESERVE BULLETIN
43
the President on October 3, 1933, provides that rules
shall be adopted by all clearing houses fixing uniform
service charges whereby services rendered by banks
shall be compensated for either by adequate balances
carried or by a scale of charges.
In order to determine whether the balance carried in
an account is sufficient to fairly compensate the bank
for services rendered, it is necessary to analyze the
account. This requires the establishment of uniform
rules which must give consideration to the value of the
account and proper service charges against the account.
These charges are of two classes: First, general overhead expenses of the bank, and second, out of pocket
expenses, such as exchange, collection, and similar
charges arising out of specific transactions for specific
customers and actually paid or credited by the bank
on behalf of such customers.
Under the code it now becomes the duty of the Banking Code Committee to consider the rules of fair trade
practices which are being submitted for approval by
clearing houses and other banking groups provided for
in the code. Before passing upon these rules of fair
trade practices, the Banking Code Committee desires to
know whether the Federal Reserve Board will object
to member banks taking into consideration the reasonable value of their customers' deposit balances in
analyzing accounts in accordance with a uniform plan
to be approved by the Banking Code Committee for the
purpose of determining whether service charges should
be assessed against their customers and, if so, the
amount to be assessed: Provided, That (1) the value of
each account to the bank is computed in accordance
with a uniform plan approved by the Banking Code
Committee and (2) the banks require actual reimbursement (without deduction of interest or of the estimated
value of the customers' balance to the banks) for
exchange charges, collection charges, and other charges
arising out of specific transactions for specific customers and actually paid or credited by the bank OD
behalf of such customers.
In other words, we would like to know whether such
a practice would be considered contrary to the following
provisions of section 19 of the Federal Reserve Act, as
amended by the Banking Act of 1933: "No member
Analysis of customers' accounts by member banks for shall, directly or indirectly by any device whatsoever,
purpose of determining whether service charges pay any interest on any deposit which is payable on
demand."
should be assessed
Very truly yours,
There is printed below a copy of a letter
(Signed) RONALD RANSOM,
Chairman, the Banking Code Committee.
dated November 24, 1933, addressed to the
Federal Reserve Board by Mr. Ronald Ransom,
NOVEMBER 28, 1933.
chairman of the banking code committee of the Mr. RONALD RANSOM,
American Bankers Association, and a copy of
Chairman, The Banking Code Committee,
the Board's reply thereto dated November 28,
Atlanta, Ga.
1933, in regard to the question whether memDEAR MR. RANSOM: The Federal Reserve Board has
ber banks may take into consideration the given consideration to your letter of November 24,
reasonable value of their customers' deposit 1933, in which you inquire whether or not the practice
outlined would be considered contrary to that
balances in analyzing accounts in accordance therein
portion of section 19 of the Federal Reserve Act, as
with a uniform plan to be approved by the amended, which provides that, '' No member bank
banking code committee for the purpose of shall, directly or indirectly by any device whatsoever,
determining whether service charges should pay any interest on any deposit which is payable on
demand."
be assessed against their customers.
It appears that article VIII, paragraph (3), of the
Bankers Code of Fair Competition, as approved by the
WASHINGTON, D.C.,
President
on October 3, 1933, requires every clearing
November 2/+, 1933.
house, county association, county group, or State bank
The FEDERAL RESERVE BOARD,
association to adopt rulesfixinguniform service charges
Washington, B.C.
to be charged by banks whereby services rendered by
GENTLEMEN: Article VII, paragraph (3) of the banks shall be compensated for either by adequate
Bankers Code of Fair Competition, as approved by balances carried or by a scale of charges.
Certificates of deposit payable 6 or 12 months after
date or on 30 days' notice
Inquiry has been made of the Federal Reserve
Board whether a national bank may adopt a
form of certificate of deposit which will mature
at the end of 6 or 12 months and which will give
the holder the right to reduce the term of the
certificate to an earlier maturity upon giving
30 days' written notice, in which event the
certificate would be paid on such earlier date
but without interest.
The Board does not look with favor upon the
use of certificates of deposit of this character.
However, since it appears that, under the terms
of the certificate itself the deposit cannot be
withdrawn until after 30 days from the date of
the deposit, the Board is of the opinion that it
must be regarded as a time certificate of deposit
within the meaning of section 19 of the Federal
Reserve Act and within the meaning of regulation Q. While it may be withdrawn at any
time upon the expiration of 30 days' written
notice actually given by the depositor, it would
appear that, if such notice is not given, the
deposit could not be withdrawn except upon the
expiration of 6 months from the date of the
certificate or upon the expiration of 12 months
from the date of the certificate; so that it must
be regarded either as a deposit payable only
after 30 days7 written notice or as a deposit
payable at the expiration of a certain specified
time, which is not less than 30 days subsequent
to the date of the certificate.
44
FEDERAL RESERVE BULLETIN
It also appears from your letter that, in order to
determine whether the balance carried in an account is
sufficient to compensate the bank fairly for services
rendered, it is necessary to analyze the account; that
this requires the establishment of uniform rules which
must give consideration to the value of the account and
proper service charges against the account; and that
these charges are of two classes: First, general overhead
expenses of the bank, and second, out of pocket
expenses, such as exchange, collection and other
charges arising out of specific transactions for specific
customers and actually paid or credited by the bank
on behalf of such customers.
It further appears that, under the code, it is the duty
of the Banking Code Committee to consider the rules
which are being submitted for approval by clearing
houses and other banking groups provided for in the
code and that, before passing upon these rules, your
committee desires to know whether it would be contrary to that provision of the Federal Reserve Act
referred to above for member banks to take into
consideration "the reasonable value of their customers'
deposit balances in analyzing accounts in accordance
with a uniform plan to be approved by the Banking
Code Committee for the purpose of determining whether
service charges should be assessed against their customers and, if so, the amount to be assessed: Provided,
That (1) the value of each account to the bank is com-
JANUARY
1934
puted in accordance with a uniform plan approved by
the Banking Code Committee and (2) the banks require
actual reimbursement (without deduction of interest or
of the estimated value of the customers' balance to the
banks) for exchange charges, collection charges, and
other charges arising out of specific transactions for
specific customers and actually paid or credited by the
bank on behalf of such customers."
After careful consideration, the Federal Reserve
Board is of the opinion that a practice such as that
outlined in your letter would not be contrary to that
provision of section 19 of the Federal Reserve Act
which is quoted above.
In reaching this conclusion the Board has taken
particularly into account the fact that it is proposed,
in proviso No. 2, among other things, that the banks
will require actual reimbursement for exchange and
collection charges, without the deduction of interest or
of the estimated value of the customers' balances to the
banks. Such a practice would eliminate any question
of illegality which might be occasioned by the absorption by a bank of exchange or collection charges in an
amount bearing a substantially direct relationship to
the amount of the balance.
Very truly yours,
(Signed)
CHESTER MORRILL,
Secretary,
45
FEDERAL RESERVE BULLETIN
JANUARY 1934
FEDERAL RESERVE STATISTICS, BY DISTRICTS, ETC.
DISCOUNTS BY MONTHS
DISCOUNTS BY WEEKS
[Averages of daily figures in millions of dollars]
[In thousands of dollars]
I
Wednesday series (1933)
1932
1933
Federal Reserve bank
Federal Reserve bank
December
November
Boston
New York
Philadelphia..
6.3
46.9
25.6
5.3
41.7
24.9
14.0
63.2
50.6
Cleveland
Richmond
Atlanta
10.3
5.4
6.9
9.8
6.8
6.5
29.0
17.0
21.5
December
Dec. 6
Chicago
St. Louis
Minneapolis. _
1.5
2.3 j
6.2
1.5
3.0
17.8
7.6
11.5
Kansas City..
Dallas
San Francisco
2.0
.9
2.9
3.4
1.1
3.8
12.8
5.8
31.3
114.0
282.2
Total_-_
Back figures—See Annual Reports for 1932 (table 9), 1931 (table 80),
1928 (table 72), and 1927 (table 55).
Dec. 13
Dec. 20
Dec. 27
Boston
New York
Philadelphia
5,382
43,109
24,969
6,595
45,010
25, 530
7,540
46, 650
26, 272
6,858
49,101
25,724
ClevelandRichmond,
Atlanta
10,460
5,365
8,167
10,954
5,555
7,419
8,964
5,131
6,074
7,627
4,490
4,834
6,559
1,339
2,773
6,253
1,394
2,270
6,200
1,450
2,077
4,178
1,510
2,034
2,222
1,000
4,216
2,107
983
4,114
1,893
909
2,028
1,559
768
1,869
115,561
118,184
115,188
110, 552
Chicago
St. Louis
Minneapolis
.
.
Kansas City
Dallas.
San Francisco
Total
Back figures.—See Annual Reports for 1932 (table 13), 1931 (table 83),
1930 (table 78), etc.
CASH HOLDINGS, DEPOSITS, NOTE CIRCULATION, AND RATIO OF CASH HOLDINGS
TO LIABILITIES
[Amounts in thousands of dollars]
Averages in daily figures
Total gold reserves and other
cash
Federal Reserve notes in circulation i
Total deposits
Federal Reserve bank
1932
1933
December
November
December
1933
December
December
Decem- j November
j ber
December
1932
1933
Decem- Novem- December
ber
ber
218, 257
645,087
233,023
198,436
589,234
242,146
65.7
56.4
61.7
71.4
57.3
61.2
73.2
58.4
58.4
165,197
88,985
147, 214
56, 213
46,838
289, 620
157,935
124,609
279, 667
150,134
122, 370
285,984
103,028
97,843
62.7
70.1
65.0
62.6
69.4
67.0
59.3
64.5
57.7
541, 597
107,885
60, 707
578,846
100,001
58,846
406,810
60,189
41,000
776,136
144,861
92,122
748, 489
143,264
90, 789
680,352
103,318
80, 783
70.9
68.2
62.3
72.0
68.4
61.7
78.2
66.0
50.4
119, 794
101,335
201,935
116, 641
88, 554
196,053
67,692
48,620
151,711
106,863
42, 357
214,374
105,429
39,022
213,464
91,822
39,340
227,810
67.2
65.1
65.4
67.5
66.3
66.8
59.5
53.1
64.6
3,771,973 3, 794, 330 3,354, 736 2,829,975 2, 855,046 2,508,584 3,071,601 2,988,995 2, 740,096
63.9
64. i
63.9
Cleveland-.
Richmond..
Atlanta
298, 255
278, 771
166, 015
176,081
126,548 I 126,685
257,008
102, 659
83, 554
185,910
93, 217
70,149
Chicago
St. Louis
Minneapolis-
934, 853
172, 295
95,163
955, 969
166, 301
92, 310
849, 728
99, 290
61, 378
; 152,417
i 93,481
272,355
149, 869
84, 571
273, 412
94,974
46,674
245,191
1
1932
230,940
655,420
236, 364
266,496
951,699
232,330
Total
1933
293,463
123, 761
192, 524
174, 609
235, 838
980,048 1,060, 664 1,032, 559 1,065,024 1, 227, 779
226,916
130, 757
137, 546
140, 278
217, 778
Boston
New York
Philadelphia
Kansas City
Dallas
San Francisco
November
1932
Ration of gold and other
cash to deposit and
Federal Reserve note
liabilities combined
Includes "Federal Reserve notes of other banks" as follows: Latest month, $16,058,000; month ago, $16,891,000; year ago, $14,399,000.
46
FEDERAL RESERVE BULLETIN
JANUARY 1934
EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES; ALSO FEDERAL RESERVE NOTE
AND FEDERAL RESERVE BANK NOTE STATEMENT, DEC. 31, 1933
[In thousands of dollars]
Total
Boston
New
York
PhilaRichdel- Cleveland m o n d
phia
Atlanta
Chicago
San
St. Min- Kansas Dallas FranLouis neapolis City
cisco
2,625,053 192, 672 573, 706 170, 500 217, 770 142,475 90,880 710,987 124, 682 76, 254 102, 290 41,074 181,763
Gold with Federal Reserve agents
1,612 1,170
44,739
10, 707 4,188 5,216 1 S
3,157
6,841 1,304
1,977
865 5,816
Gold redemption fund with U.S. Treasury
Gold held exclusively against Fed2, 669, 792 194,649 584, 413 174,688
.74,
222, 986144, 361 94,037 717,828 125,986 77, 866 103,!,460 41, 939 187, 579
eral Reserve notes
"" 927
— 62, 530 25, 95' 22,08; 160,423 37,020f 19, 518 32, 255 32,877 30,612
Gold settlement fund with F.R. Board_. 618, 205 19, 240 164,759 10,
24
550 10, 985 3,741 31,271
2,719
Gold and gold certificates held by banks.. 280, 979 22, 092 189,230 11,905 5,058 1,088 2,093
3, 568, 976 235,981
402 197, 520 290, 574 71,406
17
118,217 880, 970 163,
13, 253 97,934 146, 700 78, 557249, 462
Total gold reserves
224, 634 18,044
50,104 31,051 15, 643 12,076 11,875
33,316 11,084 8,322 9,397 6,797 16,925
Other cash *
Total gold reserves and other cash.. 3, 793, 610 254,025 988, 506 228, 571306, 21 183, 482 130,092 914, 286 174, 337 106, 256 156,097 85, 354 266,387
13,
082
1,014
2,871
1,300
1,356
494
1,250
26:
1,879
593
524
708
Redemption fund—F.R. bank notes
826
Bills discounted:
27, 291
2,715
14, 512 5,286 2,008
456
230
911
797
50
39
Secured by U.S. Govt. obligations
164
123
70, 299
2,145
26,179 20,077 4,868 4,077 3,954
3,142
618 1,822 1,382
Other bills discounted
719 1,316
97, 590
4,860
40, 691 25, 363 6,876 4,533 4,184
1,421
Total bills discounted
4,053 1,415 1,872
883 1,439
133,425 28, 671
22, 258 7,858 12,186 3,926 4,279
14,091 4,693 3,189 4,566 9,248 18,460
Bills bought in open market
U.S. Government securities:
443, 336 24, 390 170,047 28,068 32,161 11,860 11,305
76,950 14,493 16, 315 14,109 18, 528 25,110
Bonds..
1,053,300 70, 955 361, 239 74,042 96, 287 35, 510 32, 295 177,161 41, 901 26, 292 36, 910 25,526 75,182
Treasury notes
940,854 62,326 305, 469 65,010 84, 577 31,193 28, 298 183, 232 36,806 23,061 32,422 22,421 66,039
Certificates and bills
2,437,490 157, 671 836, 755 167,120 213,025 78, 563 71,898 437,343 93,200 65, 668 83,441 66,475 166,331
Total U.S. Govt. securities.
1,493
Other securities903 510
80
2, 669,998 191, 202 900,607 200, 851 232,087 87,022 80, 361 455, 487 99,308 70,809 89,428 76,606 186, 230
Total bills and securities..
3,333
256
Due from foreign banks.
1, 228
117
330
130
14
367
9
455
97
97
233
18,460
466
F.R. notes of other banks
3,726 1,066
026 1,312 1,640
1,157
658 1,147
4,:
494 1, 530
445, 628 50, 472 126, 521 36,896
Uncollected items.
660 34, 275 14,012
54, 510 18, 732 10,641 23, 767 15,723 20,419
51,884
3,224
Bank premises
11,066 3,841
785 3,128 2,372
7,375 3,111 1,657 3,485 1,750 4,090
44, i
395
All other assets
25,103 4,577
910 2,553 3,775
413 1,474
1,151
1,549
914
879
7,040,68 501, 290 2,059,628 477,469 589, 371 312,169 233,383 1,439, 779 297,566 192,097 275,696 181,646 480, 594
Total assets.
LIABILITIES
F.R. notes in actual circulation._
3,079, 543 234,305 651,086 236,128 290,590 157, 541125,175 784, 759 144,307 92, 896 106,814 42,888 213,054
208, 997 19,976
54,008 20,390 25,091 4,523 5,121
28,737 8,067 7,718 9,615 11,344 14,407
F.R. bank notes in actual circulation
Deposits:
2, 729,442 165,945 1,036, 524 129,
Member bank—Reserve account
>, 225 182, 299 96, 255 65,442 494,813 97, 260 62,013 18, 731 95,937 184,!
2,837
102
Government
_
742
83 i
198
338
112
76
100
91
67
60
304
Foreign bank
__
4,233
1,460
437
412
163
146
141
541
96
121
121
Special deposits:
502
Member bank..
46, 691
3,802 6,930
1,976 1,948
17,160 3,179 1,013 2, 226
333 2,633
1,314 1,920
Nonmember bank
_
9,961
157
264
277
693
27
3 4,710
596
34,313
662
71,386
1,935
4,138
1,016
4,170
Other deposits
1,080 4,468 2,805 1,757 1,466 13,576
Total deposits
2,864, 550 168,788 1, 078,155.39,257
139, 192,193 100,•,441 72,082 513, 673 L09,858 66, 295 122,929 97,917 202,962
430,883 46,345 119,762 35,044 38,335 32,430 13, 332 55, 689 20,476 11,128 23, 555 16,414 18,373
Deferred availability items
144,693 10,564
Capital paid in
58,280 15,917 12,404 5,035 4,450
12,790 3,944 2,876 4,077 3,'
,719 10,637
277,680 19,840 87,746 27,973 28, 236 10,979 10,417 40, 429 9,849 6,929 7,744 8,<
Surplus
,043 ......
19495
19,495
34, 342 1,472
10, 591 2,760 2,522 1,220 2,806
All other liabilities
_
962 1,3211 1,666
3,702 1,065 4,255
r
Total liabilities
501,290 2,059,628 477,469 589, 371 312,169 233, 383
, 040, 688!
1,439,779 297,566 192,097 275,696 181, 646 480, 594
Ratio of total gold reserves and other
cash * to deposit and F.R. note liabilities combined
63.0
71.1
66.0
70.4
68.6
66.7
57.2 60.9 63.4
67.9
60.6
64.0
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to F.R. bank by F.R. agent.._ 3, 349,805
Held by Federal Reserve bank
270, 262
In actual circulation
_
3,079, 543
Collateral held by agents as security for
notes issued to bank:
Gold
, 625,053
Eligible paper
_
188,440
U.S. Government securities
600, 500
255,565
21, 260
726,126 249,181 304,448 170,
._ 040
.__ 144, 272
75,040 13,053 13,858 12, 499 i g Q 9 7
234, 305
651,086 236,128 290,590 157, 541 125,175
832,192 50,092 97,784
47, 433 5,785 4,888
784, 759 144,307 92, 896
192,672
32,173
32,000
573,706170,500 217,770142,!,475 90, 880
47,653 18,930 16,803 6,917
6,570
130,000 60,000 80,000 22, 000 48, 000
710,987 24,682
15,176 5,724
110,000 22, 000
15,359 48,883 255,863
8,545 5,995 42,809
06,814 42,888 213,054
76,254 02, 290 41,074 181 ,763
4,234 5,409 9,766 19,085
19,500 12,000
65, 000
FEDERAL RESERVE BANK NOTE STAT
MENT
Federal Reserve bank notes:
Issued to F.R. bank (outstanding)....
Held by Federal bank
In actual circulation
Collateral pledged against outstanding
notes:
Discounted and purchased bills
U.S. Government securities
1 u
233, 725
24,728
208,997
2,021
256,774
19,976
63, 605 25,872 26, 995
9,597 5,482 1,904
54,008 20,390 25,091
30, 000
64, 274 26, 500 30,000
22,653
2,677
4,567
44
5,654
533
30,499
1,762
i,234
167
8,048
330
4,523
5,121
28,737
8,06',
7,718
5,000
231
7,000
36,000
134
9,000 10,000 10,000 14,000 15,000
1,656
Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
9,824 12, 798 14,976
209 1,454
569
9,615 11,344 14, 407
47
FEDERAL RESERVE BULLETIN
JANUARY 1934
LICENSED MEMBER BANKS IN EACH DISTRICT
RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS
[In millions of dollars]
Averages of daily figures for September-November 1933
Reserves held
Federal Reserve district
Total
Borrowings at Federal Reserve
banks
Excess
Novem- October
ber
November
October
September
November
October
September
Boston
New Y o r k . . . .
Philadelphia..
184.3
986.6
118.2
171.5
1,015.2
124.5
158.6
1,015.1
121.7
75.0
148.9
17.2
61.6
170.0
24.5
50.0
172.9
23.2
5.3
36.4
12.6
4.1
35.0
12.9
Cleveland
Richmond
Atlanta
144.8
76.0
57.7
136.6
69.9
55.8
134.3
66.6
53.9
34.9
23.7
17.5
26.0
18.7
16.5
25.4
16.8
15.3
8.5
5.7
5.0
8.7
6.7
4.5
10.0
7.7
5.3 .
Chicago
St. Louis
Minneapolis..
530.7
82.8
53.4
516.5
73.7
50.8
463.7
71.8
50.4
308.4
33.5
15.8
298.1
26.3
14.1
250.5
24.8
14.3
4.8
1.3
3.0
3.8
1.6
3.1
4,8
2.7
3.5
Kansas City..
Dallas
San Francisco.
106.8
83.9
174.0
102.1
75.6
164.3
101.5
57.9
155.6
46.1
38.7
34.4
42.6
33.2
26.8
42.2
18.4
20.8
2.7
1.0
3.4
2.8
2.0
5.9
3.0
4.0
6.5
Total...
2, 599. 3
2, 556. 5
2,451. 2
794.1
758.4
674.5
91.0
102.5
September
5.3
35.5
14.2
NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND
SMALLER CENTERS
[In millions of dollars]
Averages of daily figures for September-November 1933
Member banks in larger centers (places over 15,000)
Federal Reserve district
Time
Net demand
Time
Net demand
Member banks in smaller centers (places under 15,000)
Novem- October Septem- Novem- October Septem- Novem- October Septem- Novem- October September
ber
ber
ber
ber
ber
ber
ber
Boston
_
New York
Philadelphia....
._
928
6,115
697
932
6,171
685
919
6,149
672
643
1,750
585
645
1,743
587
655
1,738
582
78
180
129
79
181
130
76
184
128
102
416
346
101
417
348
97
414
348
768
383
293
777
373
288
759
364
285
805
277
260
799
276
263
807
271
264
109
79
62
110
74
55
109
70
50
191
133
57
190
133
57
188
130
55
1,615
357
230
1,579
341
220
1,541
339
216
768
229
166
762
229
169
763
229
168
107
88
95
106
84
93
101
81
91
129
78
159
129
77
158
125
77
158
. __
411
316
900
402
293
881
405
274
854
201
157
1,478
204
156
1,476
200
156
1,482
173
150
82
167
143
78
161
126
75
101
31
75
101
31
75
101
32
74
. .
13,014
12,943
12,775
7,319
7,309
7,314
1,333
1,300
1,252
1,820
1,817
1,799
Cleveland
Richmond
Atlanta. _ _
Chicago
St. Louis
Minneapolis
_._ .
Kansas City
Dallas
San Francisco
Total
..
_
48
FEDERAL RESERVE BULLETIN
JANUARY 1934
MEMBER BANKS LICENSED AND NOT LICENSED AS OF DEC. 27, 1933
Deposits on Oct. 25, 1933 of banks
licensed and not licensed on Dec.
27, 1933 (in thousands of dollars)
Number of banks
Federal Reserve district
Not liLicensed censed
*
Total
All member banks:
Boston
New York
Philadelphia...
Cleveland
Richmond
AtlantaChicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Total..
National banks:
Boston
__
New York
Philadelphia. _
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City—_
Dallas..
San Francisco.
Total.
State bank members:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas—
San Francisco
Licensed
369
808
672
622
397
329
695
401
528
750
550
406
356
755
605
541
370
308
583
359
498
709
538
376
6, 527
5, 998
334
651
608
537
342
274
531
331
472
711
497
331
321
602
547
465
316
254
449
294
442
670
485
307
13 1, 549,161
49 4,083, 746
61 1,487,218
72 1, 333,187
26
753, 035
20
740, 317
82 2,457, 254
602, 030
37
30
695,049
41 j 933, 371
12 | 740,834
24 2,185,730
5,619
5,152
17, 560,932
35
157
64
85
55
55
164
70
56
39
53
75
35
153
58
76
54
54
134
65
56
39
53
69
397,448
5, 683, 282
638, 708
841, 066
289, 067
90,182
671,942
293, 990
38, 840
121,741
38,146
591, 725
397,448
5, 663, 250
613,106
828, 470
288, 793
77, 877
652,324
292, 457
38, 840
121,741
38, 146
589,809
9,690, 137
9, 602, 261
13
53
67
81
27
21
112
42
30
41
12
30
1, 946,609
9, 767, 028
2,125,926
2,174, 253
1, 042,102
830, 499
3,129,196
896, 020
733,889
1,055,112
778, 980
2, 777, 455
529 j 27, 257, C
908
Total..
Total
Not licensed *
1,936,013
9, 685, 907
1,998, 655
2, 074, 319
1, 020, 416
804,090
3, 033, 592
869,636
717, 725
1,037, 549
774, 589
2, 765,137
10, 596
81,121
127, 271
99, 934
21, 686
26, 409
95, 604
26, 384
16,164
17, 563
4,391
12, 318
26, 717, 628
539, 441
1, 538, 565
4, 022, 657
1,385, 549
1, 245, 849
731,623
726, 213
2,381,268
577,179
678,885
915,808
736, 443
2,175, 328
10, 596
61, 089
101, 669
87,338
21,412
14,104
75,986
24,851
16,164
17, 563
4,391
10, 402
17,115,367
445, 565
20, 032
25, 602
12, 596
274
12, 305
19,618
1, 533
1,916
93, 876
i Exclusive of banks placed in liquidation or receivership.
NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, DEC. 27, 1933
[Preliminary figures, subject to change; based on information received by Federal Reserve banks]
Number of banks
Federal Reserve district
Total
Boston
New York
Philadelphia .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
..
..
_ -
Total
.
.
s
..
-
-.
-
-
-
--
.
. . .
..
On unrestricted
basis
Deposits on Dec. 31,
1932, or latest available call date (in
thousands of dollars)
Total
Banks on
unrestricted
basis
195
317
268
698
678
749
2,083
1,380
953
1,461
528
375
156
311
245
610
591
696
1,462
1,174
903
1,248
511
346
555, 324
1,108,962
453, 380
585, 564
439, 521
209, 519
982,367
361,642
250, 573
276, 552
132, 261
501, 781
473,231
1,078, 939
405, 362
498, 778
388, 997
190, 524
707, 507
319,807
241,320
248,331
128, 785
492, 111
9,685
8,253
5, 857,446
5,173, 692
49
FEDERAL RESERVE BULLETIN
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]
Federal Reserve District
Total
Total loans and investments:
Dec 6
Dec. 13
Dec. 20
Dec. 27.
Loans:
Dec. 6
Dec. 13 . .
Dee. 20
Dec. 27
On securities:
Dec. 6
Dec. 13
Dec. 20
Dec. 27
All other:
Dec. 6
Dec. 13
Dec. 20
Dec. 27
I a vestments:
Dec. 6
Dec. 13__.
Dec. 20
Dec. 27
U.S. Government securities:
Dec. 6
Dec. 13
Dec. 20
Dec. 27
All other:
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Reserve with Federal Reserve
banks:
Dec. 6. ._
Dec 13
Dec. 20
Dec. 27
Cash in vault:
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Xet demand deposits:
Dec. 6
Dec. 13
Dec. 20
.
Dec. 27
Time deposits:
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Government deposits:
Dec. 6
Dec. 13
Dec. 20
„
Dec. 27
Due from banks:
Dec. 6
_Dec. 13
_..
Dec. 20
Dec. 27
Due to banks:
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Borrowings from Federal Reserve banks:
Dec 6
Dec 13
Dec 20
Dec 27
City
San
Min- KanNew
St.
sas Dallas Fran- York
Louis neapocisco
lis
City
Boston
New PhilaCleve- Rich- AtdelYork phia
land mond lanta
Chicago
16,600
16,519
16, 694
16, 666
1,191
1,191
1,183
1,178
7,678
7,596
7,680
7,693
1,037
1,040
1,043
1,044
1,105
1,103
1,115
1,108
336
337
341
339
341
340
346
344
1,491
1,495
1,546
1,542
485
484
487
483
325
325
323
318
512
511
516
517
393
391
398
396
1,706
1,706
1,716
1,704
6,733
6,650
6,730
6,756
1,173
1,177
1,226
1,223
8,497
8,471
8,459
8,402
699
699
691
681
3,903
3,882
3,894
3,915
508
510
509
510
452
450
450
450
174
173
173
172
192
192
194
192
836
839
824
767
242
240
237
235
176
176
173
170
206
204
204
206
213
211
209
210
896
895
901
894
3,367
3,344
3, 361
3. 386
661
664
651
595
3,556
3, 596
3,600
3,628
253
256
256
257
1, 857
1,893
1,891
1,943
236
236
237
238
222
222
223
224
59
59
59
60
58
58
58
57
396
396
401
370
92
93
91
92
48
48
46
46
55
54
55
59
59
59
59
221
222
224
223
1,630
1,663
1,666
1,722
335
335
339
308
4 941
4,875
4,859
4,774
446
443
435
424
2,046
1,989
2,003
1,972
272
274
272
272
230
228
227
226
115
114
114
112
134
134
136
135
440
443
423
397
150
147
146
143
128
128
127
124
151
150
149
147
154
152
150
151
675
673
677
671
737
1,681
1,695
,664
326
329
312
287
8 103
8,048
8 235
8,264
492
492
492
497
3,775
3,714
3 786
3,778
529
530
534
534
653
653
665
658
162
164
168
167
149
148
152
152
655
656
722
775
243
244
250
248
149
149
150
148
306
307
312
311
180
180
189
186
810
811
815
810
3,366
3,306
3,369
3,370
512
513
575
628
5,136
5,148
5 288
5.267
314
313
318
319
2,419
2,420
2 442
2,421
289
288
292
292
454
451
465
458
115
116
120
119
100
99
103
102
397
408
468
484
143
143
149
148
93
93
94
92
197
199
203
203
125
126
134
132
490
492
500
497
2,249
2,251
2,269
2,253
298
308
365
381
2,967
2,900
2,947
2,997
178
179
174
178
1,356
1,294
1,344
1,357
240
242
242
242
199
202
200
200
47
48
48
48
49
49
49
50
258
248
254
291
100
101
101
100
56
56
56
56
109
108
109
108
55
54
55
54
320
319
315
313
1,117
1,055
1,100
1,117
214
205
210
247
1,824
1 907
1 897
1,914
109
120
114
115
777
841
841
835
74
83
76
74
83
84
86
91
34
32
33
35
25
24
22
24
404
391
399
398
61
68
60
65
30
29
28
32
67
69
68
75
58
63
67
65
102
103
103
105
731
798
797
789
369
359
369
368
236
249
266
258
35
35
37
38
52
55
67
58
13
14
14
14
18
20
21
19
11
11
12
12
6
6
6
6
50
54
55
56
10
10
11
11
4
5
5
5
12
13
12
13
9
9
9
9
16
17
17
17
40
43
53
46
42
43
45
45
10,653
10, 775
10, 680
10,866
716
731
719
722
5,588
5,617
5, 536
5,649
573
593
590
599
521
527
530
539
193
195
194
196
148
151
154
157
1,218
1,225
1,223
1,268
304
313
308
313
199
200
196
192
353
368
364
373
256
268
269
266
584
587
597
592
5,185
5,210
5,141
5,257
1,030
1,039
1,038
1,081
4,367
4,356
4,354
4,339
363
360
360
357
1,138
1,126
1,121
1,109
303
299
298
293
428
427
427
427
127
127
127
127
129
129
129
129
461
461
463
463
157
157
156
156
117
118
118
119
165
165
165
164
121
121
121
121
858
866
869
874
732
721
707
693
344
344
346
347
786
736
887
825
82
78
83
79
374
350
442
412
67
61
63
57
45
42
52
48
7
7
10
10
30
29
32
29
45
40
60
56
22
21
21
19
3
2
2
2
10
9
11
10
26
24
32
29
75
73
79
74
349
327
414
386
30
26
46
43
1,123
1,190
1,179
1,197
89
89
94
94
106
114
113
117
71
76
76
75
57
59
53
68
62
62
57
56
47
52
50
51
232
237
238
240
63
66
65
61
58
63
61
108
124
125
128
90
97
98
95
140
151
149
151
71
78
78
75
181
188
192
194
2,660
2,669
2,656
2,699
149
149
151
153
1,171
1,166
1,142
1, 176
147
143
148
143
124
122
122
125
74
74
72
74
59
61
57
59
324
331
331
329
102
105
103
101
75
75
78
80
171
174
123
123
125
124
141
146
148
150
1,117
1,111
1,092
1,125
265
269
272
269
2
4
4
3
2
24
25
23
1
1
13
15 i
14
16
2
o
2
61
179
185
•59
1
1
1
1
4
3
2
2
I
Chicago
50
FEDERAL RESERVE BULLETIN
JANUARY 1934
RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES OF EACH DISTRICT
Prime commercial paper
Federal
Reserve
bank or branch
city
1933
December
2H-5
Boston.
New YorkBuffalo
5-6
Philadelphia..
4-5
Cleveland
Cincinnati
Pittsburgh.. .
3-6
3-6
3
4-5
4-6
4-6
5
5-6
5-6
4-5
4-8
5-7
6
5-6
4-5
4-8
5-7
6
5-6
5-7
6
5*4-6
334-6
4-5
534-6
2-5
7-8
4-5
'6
43^-6
4J6
3-6
7-8
5-6
6-7
3-6
7-8
5-6
6-7
3-7
7-8
5-6
5-7
4-6
434-6
4^6
4-6
J
_
November
4-5
4-5
4-434
53^-6
4-43-
5-6
6
534-6
6
5-6
1933
December
November
4-5
2^-4
6
3-4
6
5-6
5-6
5-6
6
6
53^-6
5^^-6
532-6
5-6
5
5-6
December
4-5
4H-5
5-6
0
23^-6
5H-6
6
3-4
5-6
5)4-6
3-4
5-5
5H-6
6
5-6
G
6
4-6
5-6
4-6
6
5M-6
6
5-6
5-6
53-^-6
6
5-6
6
6
6
5-6
6
6
6
3-5
6-8
6-8
6
5-6
5-6
3-5
5-6
4-5
53^-6
3^
5-6
43^-5
5-6
5-6
5-6
3-6
6347
6
3-6
6-7
6
2-4
6-7
2-4
6-7
53/^-6
4-6
7-8
53^-6
6
8
3-5
6-8
6-8
3-5
5-8
6-8
4H-6
534-8
6-8
6-7
7-8
5-7
6-8
6-7
7-8
5-7
6-7
4-8
7-8
5H-7
6-7
5-6
8
5-6
6-8
5-6
8
5-6
6-8
5-6
6-8
5-6
5-6
5-6
53^-6
6-7
534-6
66
6
5-7
6^-7
6H-7
534-6
6-7
(1-7
4-4H
4-5
4-5
6-8
6-8
6
5-6
0—7
6
6-7
60-'
4
634-7
6>^-7
634-7
4-5
6-8 |
6-8 1
6 j
5-6
6
5
6
5^6,
6
5
534-6
4-6
7-71
5-6
6
53^-6
.5-6
6-7
5-6
6-7
5-6 i
5-6 I
5-6
5-6
5-5H
6-7
5-6
5-5J/O
6 !
NOTE.—Rates at which the bulk of the loans of each class were made by representative banks d tiring the week ending 15th of month.
banks are usually the larger banks in their respective cities.
Decem
ber
5-6
6-8
6-8
6
6-7
November
334-4%
5-6
0-8
6-8
6
5-7
8
534-7
December
1932
33^-4%
5
5-6
6-8
6-8
6
5-6
7-8
1933
4-5
5-6
5-6
7-8
Interbank loans
1932
Decem
ber
.5-6
o>'i-6
53^-6
5-6
H-6
4-6
6-7
2-4
7-8
2-4
7-8
Dallas
El Paso..
Houston
San Antonio..
December
Loans secured by warehouse
receipts
1932
5-6
3-53-3
Minneapolis..
Helena
San Francisco.
Los Angeles
Portland
Salt Lake City
Seattle.
Spokane
December
3-4
5-6
Chicago.
Detroit..
St. Louis....
Little Rock..
Louisville-..
Kansas City
Denver.
Oklahoma City
Omaha
November
2-5
.4-6
Atlanta
Birmingham..
Jacksonville. .
Nashville
New Orleans.
1933
1932
5^-6
Richmond.
Baltimore..
Charlotte—
Loans secured by prime stockexchange collateral
Reporting
51
FEDERAL RESERVE BULLETIN
JANUARY 1934
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICAN
CURRENCY TO AND FROM EUROPE
BY SELECTED BANKS IN NEW YORK CITY
[Paper currency only. In thousands of dollars]
MATURITY DISTRIBUTION OF BILLS AND
SHORT-TERM SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands'of dollars]
1933
1932
Net
Net
ShipShipshipReshipRements ceipts ments ments ceipts ments
( - ) or
to
from (-)or
from
to
Europe Europe receipts Europe Europe receipts
Month
(+)
(+)
25
0
0
0
0
12
20
152
36
7
70
245
January... _
February..
March
April
May
June
July
August
September.
OctoberNovember.
December,
3,335
5,221
8,468
4, 563
10,938
16,265
6,694
6,458
6,603
5,294
6,013
3,986
+3,310
+5, 221
+8,468
+4, 563
+10,938
+16,253
+6,674
+6,306
+6,567
+5,287
+5,943
+3,742
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
+5,301
+5, 484
+13,685
+8,024
+12,522
+6,866
+11,751
+6,148
+4,634
+5, 816
+3,340
+6,934
For description and back figures see BULLETIN for January 1932,
pp. 7-9.
PAPER CURRENCY OF EACH DENOMINATION
IN CIRCULATION
[Outside Treasury and Federal Reserve bank s. In millions of dollars
1933
Denominations
May 31 June 30 July 31 Aug.31 Sept. 30 Oct. 31 N o v . 30
356
32
660
355
32
654
360
32
656
366
33
664
1,150
1,349
1,143
1,335
1,138
1,312
1,153
1,300
404
39i
377
367
$1
$2
$5
$10
$20
. -
$50
$100
$500
$1 000
$5,000
$10,000
Total-
686
153
288
12
10
5,100
662
145
273
9
10
5,009
636
136
254
8
10
4,917
620
131
246
7
10
4,896
380
33
685
1,18.1
1,302
362
612
127
239
7
JO
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
4,937
4,916
5,022
NOTE.—Figures include, in addition to currency outside the Treasury
and Federal Reserve 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
[Balance to credit of depositors. In millions of dollars]
End of month
January
February
March
April
May..
June
JulyAugust
September
October..
November
December
1928
1929
1930
1931
1932
148.9
151.1
152. 0
152.2
152.0
152.1
151.7
152.2
152.3
153.1
153.9
153.9
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
* Preliminary*
1933
Within 15
days
16 to
30
days
115,561
118,184
115,188
110,552
89,236
90,302
87, 656
82, 787
8,105
7,455
6,715
5,913
61, 284
116,158
113,375
111,083
27,832
5,565 19,309
35,240 9,231 30,647 40, 516
23,473 9,544 41,617 38,492
16, 518 14,816 46,136 33,440
Total
Bills discounted:
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Bills bought in
open market:
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Treasury F certificates and bills:
Dec. 6
_
Dec. 13
Dec. 20
Dec. 27
Municipal warrants:
Dec. 6
Dec. 13
Dec. 2O._
Dec. 27
933,585
933,595
935,185
935, 850
230,429
280,274
97,095
77, 500
1,599
1,585
1,494
1,494
1,453
1,439
1,378
1,378
31 to
60
days
61 to 91 days
90
to 6 Over
mos. 6 mos.
7,770 7,904 1,176 l, 370
8,453 9,350 1, 259 lr 365
9,496 10,171 1,008 142
11,748 1,049! 165
270
524
249
173
97,095 118, 251 118,230 213,074 156,506
79,500 98, 711 144,904 173,700 156, 506
73, 348 90,963 285,244 203,006 185, 529
67,198 88, 714 310r528 206,351185, 559
OFFICIAL PRICE OF GOLD]—DECEMBER 1933
[Under Executive order of Oct. 25, 1933]
Date
Dec. 1
Dec 2
Dec 4
Dec. 5
Dec 6
Dec. 7
Dec 8
Dec 9
Dec. 11
Dec 12
Dec. 13
Dec. 14
Dec 15
Dec. 16
Dec. 18
Dec. 19
Price* (per
ounce of
fine gold)
$34. 01
31 01
34. 01
34.01
34. 01
34. 01
34. 01
34.01
34.01
34. 01
34.01
34. 01
34. 01
34. 01
34. 06
34.06
Price l (per
ounce of
fine gold)
Date
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
20
21
22
26
27
28
29
_.
34.06
34.06
34.06
34. Of
34. Of
34. Ot
34.06
942.5
i Rate for subscriptions to R.F.C. notes payable in gold newly mined
1,006. 2
1,112.7 in the United States (notes maturing Feb. 1,1934—except that the offer1,158.4 ing on October 25 was one of 90-day debentures).
1,178.8
1,185.1
1,176.7
1,177.7
1,180.7
I, 189.6
1,199.3
52
FEDERAL RESERVE BULLETIN
JANUARY 1934
ALL BANKS IN THE UNITED STATES
l
ALL BANKS —PRINCIPALJRESOURCES AND LIABILITIES ON JUNE 30, 1933,2 AND DECEMBER 31.
1932, BY STATES
[Amounts in thousands of dollars]
Loans andinvestments
State
June *
New England:
Maine.
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York.
New Jersey.
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin—
West North Central:
Minnesota
Iowa.
Missouri
North Dakota
South Dakota
Nebraska..
Kansas
South Atlantic:
Delaware-Maryland
District of Columbia..
Virginia
West Virginia
North C arolina
South Carolina
Georgia
Florida
—
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana..
Oklahoma..
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
—
Utah.,.
Nevada
Pacific:
Washington
Oregon
California
-Total.
Loans
Total
December
June 2
Investments
December
June 3
December
Deposits, exclusive
Bills payable
of interbank
and rediscounts
deposits
June 2
December
June 2
bei
269,128 380, 568
125, 738' 196,003 143.390 184,565 255,441: 348,419 6,960
269,322 284,140
119,921 131,746 149,401
152,394 243, 6151 254,361 2,798
170,243 202, 854
107,002 125,922
63, 241
76,932 165, 6121 194,086 8,548
3,495,435 3, 592, 6371 2,054,454 2,160,605 1,440,981 1,432,032 3,367,113 3,428,090 17,190
469, 623 474,191
219,553 228, 254 250,070 245,938 437,992 448,831
664
1,097,855 1,128,591
703, 816 654,173 394,039 474,418 1,069,727 1,080,114 10,976
Number of reporting banks
DecemJune 2 December
ber
l l ! 589
23,309
805
13,665
81
112
85
397
33
206
100
417
34
205
14,729, 236 15, 253,854 8,173,603 8,549,366 6,555,633 6,704, 488 13,531,608 13,
;, 578,081 74, 211 84, 605
1,654,813 1,879,941
924,935 1,095,403 729,878 784,538 1,607,194 1,814,924 35,146 78,290
3,879,644 4,438,808 1, 802,660 2,203,996 2,076,984 2, 234,812 3,356,523 3, 699,672 69, 626 151,688
1,001
982
475
1,232
619
492
845
279
401
802
675
1,070
543
781
804,679 1, 256,362
1,276,070 1,837,311
220,937 320,618
367,131
1,842,885 1,949,628 1,008,578 1,161,688
519,623 1, 248,641 314,141 890,213
268,631 407,334
433,253 625,975
13,126
471.391
146,194
834,307
205,482
164,622
580,949 1,263,352 1,711,008 22,028 103,160
177,682 390,165 503,402 7,
16,986
787,940 1,856,459 2,049,041 83, , 106,196
358,428 500,903 1,227,655 16,010 48,327
218,641 430,167! 596,348 9,312
27,760
115
117
584,143
235,979
731, 33!
50,480
61, 956
166,473
233, 111
644, 297
385, 538
841,507
65,895
72,053
201, 646
253,308
303,105
139, 670
360, 732
29, 547
32, 663
90, 603
133, 531
357,036
259,955|
457, 587
42, 732
42,320
129,334
159, 642
281,038
96, 309
370,600
20,933
29,293
75,870
99,580
287, 261
125, 583
383,920
23,163
29, 733
72, 312
93,666
599, 606
251,764
758, 524
53, 305
63, 325
164,521
251,070
650, 780
378,669
872,187
62, 652
66,088
195,096
259,405
4,225
5,180
3,703
963
2,708
852
2,798
12, 962
24,760
28,107
3,453
5,759
7,291
8,062
668
438
646
193
212
384
773
794
795
892
228
240
586
844
153,774
489, 760
179,057
366,522
189,942
155,876
40, 661
234, 598
161,197
151,084
713,556
229,183
413, 291
241, 776
205, 358
79,534
230, 677
170, 798
77,243
81,168
195, 714 337,858
89,057 127,102
254, 750 303,462
136,842 178,869
102,336 142, 377
22,208
45,959
148,477 154,108
43, 333| 56,134
76, 531
294,046
90,000
111,772
53,100
53,540
18,453
86,121
117,864
69,916
375, 698
102,081
109,829
62,907
62,981
33,575
76, 569
114, 664
129,923
466, 598
197, 311
336,446
179,525
158,675
48,693
220, 773
166, 037
130,488
645,314
236,912
366,858
216,718
188,942
79,468
222,196
170,439
834
3,507
230
8,238
7,500
4,504
331
6,516
967
826
29,409
5,691
15, 291
13,980
15,626
6,786
8,816
2,664
47
135
20
327
168
163!
1041
292
143
50
208
34
378
215
258
131
289
177
307,137
238,479
155,666
100,048|
355,049
298,023
177,197
116,439
206,955
171,316
98, 367
61,445
251,048
224, 468
121,593
74,055
100,182
67,163
57,299
38,603
104,001
259,997
73. 555 225,039
55, 604 139, 694
42, 3S4| 102,900
292,857
261,321
156,977
112,525
7, 697
17,478
3,072
7,719
10,039
27,699
7,817
9,432
422
332
203
212
470
364
235
227
78,909
196, 984
228, 706
650,922
101, 798J
347,626
254,125
698,958
45, 602
127, 492
108, 799
392,227
67, 213
243,175
124,200
444, 257'
33, 307
69,492
119,907
258, 695
34, 585
104, 451
129,925
254, 701
81,336
203,118
240,316
662, 590
95,463
314,385
263,114
691,184J
6,008
8,340
1,765
7,870
8, 2041
24,838
2, 249)
15, 672
194
139
404
943
272
190
486
76,666
36, 231
35,154
167,575
18,802
37,488
102,211
9,891
87,948
43, 660
39, 380
191,611
26, 735
39,177
106,408
10, 727
31,057
15,478
21,836
68,052
9, 213
15, 427
60, 034
3,982
45, 609
20. 753
13,318
99,523
9,589
22,061
42,177
5,901
47,076
23, 269
13,593
100,656
12,356
21, 264
39, 276
5,733
85,927
41,417
38,133
182, 429
20,969
43,174
83, 266
12, 297
92, 545
48,194
39, 782
204, 34:
27, 752
44,445
89,862
12, 518
930
278
770
1,718
349
107
1,494
129
2,315
960
1,395
1*259
648
2,115
246|
124
86
64
149
42
19
69
11
147
103
71
207
48
24
74
13
160,159 264, 764 304. 476 3,705
132,865 165, 757' 143,282
276,147 325,916
102, 793
103, 566 159,433 173, 696 1,859
52, 252
70,1081
155, 045 173, 674
2, 707,389 2,856,465 1, 583,673 1,737,601 1,123,716 1,118, 864 2.642, 395 2, 740,995 11, 695
11,187
4,647
36, 396
183
108
295
253
159
348
40,088, 572 44,945,857 22, 214,531 26,063, 224 17, 874,041 18,882, 633 38, 011,161 41, 642, 6821 501,005 1,045,875
14,530
18,390
40, 8721
20, 3911
25, 787!
90,9551
14, 3791
17,913
67, 132
4,994
* Includes all National and State banks and all private banks under State supervision. Figures for
f< State institutions are taken from p. 54 and
represent in some cases the condition of banks as of dates other than June 30,1933, and Dec. 31, 1932.
* June figures include only licensed member banks and nonmember banks operating on an unrestricted basis.
Back figures.—See (for figures of loans and investments) Annual Reports of Federal Reserve Board for 1931 (tables 96-98) and 1927 (tables 81-83).
53
FEDERAL RESERVE BULLETIN
JANUARY 1934
ALL BANKS IN THE UNITED STATES—Continued
1
NATIONAL BANKS —PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1933,2 AND DEC. 31,
1932, BY STATES
[Amounts in thousands of dollars]
Loans and investments
State
Total
June*
New England:
Maine
New Hampshire
Vermont,
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
._.
Illinois
Michigan..
Wisconsin
_
West North Central:
Minnesota.
Iowa
Missouri..
__.
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia.._
Virginia
West Virginia—
North Carolina
South Carolina
Georgia
eog
lorida
Florid
East South Central:
Kentucky
Tennessee
Alabama.
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas..
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
_
Utah...
Nevada
Pacific:
Washington
Oregon
California..
Total.
Loans
Investments
De c m
b £ "
109,394
65,485
56,630
63,392
37,112
57,310
998,165 1,013,409
43,900
44,444
205, 978
210,516
1,458, 774 3,853,624
562, 604
673,274
1,838,210 2,169,948
510,805J
560,489
153,8931 231,214
L, 248,018 1,150,132
229,057
693,619
251,495
309, 413
June 2
Jnn..
67,189
46.027
29, 305
962,326
33,050
202,880
Number of reporting banks
DecemDecemJune 2
ber
ber
85
1,455
839
2,396
150
904
3,555
1,713
2,918
5,082
74
2,304
127
10
58
1,728,389 2,005,407 1,730, 385 1,848,217 3,129, 265 3,228,087
638,935
554,314
289,821
365,537
307, 737
272,783
886.982 1,114,741
951, 228 1, 055, 207 1,603,110 1,802,537
20,767
11,069
22,024
43,553
35, 526
66,883
414
214
601
49C
56,875
33, 780
31,022
577, 680
23,245
136,179
52,519
33,566
29,612
25, 701
26,288
16,275|
454,184 i 435,729
21,199
21,113!
74,337
76, 2391
25
43
53
45
141
10
5S
103,848
52,455
47,904
971,336
34,578
200,732
31,919
30,929
20,837
543.981
22, 787
129,739
285,076
74, 580|
700,183:
123,419
149, 700
336,834!
132,516!
711,219,
507, 915
199,206!
225,729
79,313
547,835
105, 638
101,795
512,021
223,6551 486,197
230,404
98, 698! 157,942
438,913 3,338,013 1,293, 626
721,955
219,387
185, 704
300, 610
252,381
110,207
5,923
1,923
1,532
4,926
811
11, 636
5,200
10,795
8,158
5,614
210
104
239
50
84
266
152
337
102
127
229,198
78,151
171,414
27,793 j
21, 321!
81,118
70,818
199,086
54,622
161, 786
18,895
21,499
65,974
68,872
172,006!
68,224
162, 766
20,754
21,322
55,442
62, 587
415,648
107,231
284,314
40,369
38,951
124,306
133,927
407,032
138,019
332,416
46,440
39,467
132,229
139,149
613
1,126
586
338
1,244
638
604
3,736
5,501
2,099
2,153
3,038
4,208
2,576
204
93|
83
67
63
129
198
229
163
97
77
72
156
219
8,853
113,211
57,481
79,503
29,696
12, 056
6,796
71,651
96,694
9,192
111,764
63,950
72,007
35,076
14,999
16,409
61,331
91,016
14, 508
159,574
108,425
210,817
85,164
36,711
15,955
154,167
129,804
14,841
155,791
131,673
219,928
104,184
42,171
37,084
150, 720
126,044
499
718
4,207
3,185
1,272
94
931
227
439
3,338
2,519
7,382
6,537
4,113
4,776
2,046
1,061
15
45
8
122
62
35
15
47
45
16
68
12
139
84
43
21
57
49
412,819J
105,530
297,781
38,196
38,228
131,658
128,291
401,204
146,375
334,180
48,547
42,643
136,560
133,405
213,733
18,097
174,151
98,870
230,078
92,774
38,361
14,712
160, 289
127,094
19, 213
183,993
127,746
241,475
117,915
51,696
40, 745
151,161
128,210
9,244
60,940
41,389
150,575
63,078
26,305
7,916
30,400
10,021
72, 229
63, 796
169,468
82,839
36,697
24,336
89,830!
37,194
128,645
162, 220
118,978
37, 558
158,388
201,345
130,886
42, 497
73, 414
105, 714
70,173
21, 233
96, 793
144,595
83,647
25,036
55,231
56,506
48,805
16,325
61,595'
56,750!
47,239i
17,4611
114,412
159,164
103,644
37,543
138,384
163,297
112,459
40,066
1,611
4,049
1,431
2,414
4,001
20, 564
4,174
2,690
87
67
66
23
10S
81
44, 531
120,881
201,367
536, 502
46,447
80, 880
214, 706
563,383
22, 2921
77,7211
95,180
311,379
25, 202
56,576
103, 290
351,808
22, 239
43,160
106,187
225,123
21, 245i
24, 304
111,416
211,575'
43, 224
131,174
207,661
537,637
43,448
72,280
220,352
550, 278
809
604
1,036
4,299
1,116
4,745
1,434
7,577
45
22
216
450
52
29
233
46,827
12, 709!
23, 450!
139, 6031
14,663
16,312
32,406
7,982
50, 0291
16. 099
24,958
157,980
19,986
17,343
35, 918
8,543
15,842
5,704
13,332
52,474
6,928
4,412
13,909
2,696
19,438i
7, 760;
15, 2061
69, 630j
10, 2301
5,904
17, 360
3,504
30,985
7,005
10,118
87,129
7,735
11,900
18,497
5,286
30, 591 i
8, 339|
9, 752j
88,350j
9, 756!
ll,439i
18, 558i
5,039!
53,081'!
14,802
26,164
151,377|1
16, 289
18, 279
29,980:
9, 633!
17, 541
24,973
166,963
20,895
18,621
34,980
9,650
274
173
165
1,002
160
66
305
129
800
424
702
3,378
726
242
449
246
46
24
25
73
23
52
28
25
98
26
10
15
1,659
1,178
5,341
6,535
2,757
27, 435
83
71
160
15, 460, 07917, 398,832 I 8,101,687: 9,828.142; 7,356,392' 7,570, 690!H, 771, 812116,101, 264 117,791 348,528
4,897! 6,011
174, 559
198,950
135,335 :
138,693
., 738,496 1,846, 555
135,995
19,301
16,729
65,684
59,419
I
71, 286
103, 273j
49, 878.
41,050
94, 285!
1, 038, 352 1,153, 918: 700,144i
* Member banks only, i.e., exclusive of national banks in Alaska and Hawaii.
Licensed banks only.
| Deposits, exclusive Bills payable
-;
of interbank deand rediscounts
I posits
108,962'
102,972
180, 763
138, 264
88,815'.
136,452
692,637, 1.677,0671 1,736,945
54
FEDERAL RESERVE BULLETIN
JANUARY 1934
ALL BANKS IN THE UNITED STATES—Continued
STATE BANKS »—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1933,2 AND DEC. 31, 1932,
BY STATES
[Amounts in thousands of dollars]
Loans and investments
State
Total
June 2
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio.—
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
South Atlantic:
Delaware. _
Maryland
District of ColumbiaVirginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
_
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas..
_
_..
Mountain:
Montana
Idaho
Wyoming
Colorado
_
New Mexico
Arizona
_
Utah
Nevada
PacificWashington
Oregon
California
Total
Loans
December
June 2
Investments
December
93,819 139,128
203,643 271,174
97,966
212,692 220,748
88,992
94,900
133,131 145, 544
86,165
2,497,270 2,579,228 1,510,473 1,582,925
425, 723 429,748
196, 766 205,009
891,877 918,075
574,077 517,994
June 2
109,824
123,700
46,966
986,797
228,957
317,800
December
132,046
122,782
50,644
996,303
224,739
400,081
Deposits, exclusive Bills payable Number of reof interbank de- and rediscounts porting banks
posits
June 2
December
188,252 244,571
197,588 201,906
136,307 146,182
2,404,787 2,456,754
404,942 414,253
866,847 879,382
11,270,46211,,400,230 6,445,214 6, 543,959 4,825,248 4,856,27110,402,343 10,349,994
1,092,209 1, 206,667 635,114 729,866 457,095 476,801 1,052,880 1,175,989
2,041,434 2,268,860
915,678 1,089,255 1,125, 756 1,179,605 1,753,413 1,897,135
DecemJune 2 DecemJune 2
ber
ber
9,571
3,247
8,671
18, 227
731
11,361
56
64
52
270
23
148
72
64
55
276
24
147
53,444 41,052
24,077 42,764
47,602 84,805
455
184
400
486
206
485
606
229
317
536
523
742
441
654
464
345
563
126!
149!
255j
575
565
632
795
151
168
430
625
32
90
12
205
106
128
«89
245
34
140
22
239
131
215
«110
232
128
335
265
137
189
362
283
158
202
1491
117
1881
493 i
220
161
253
540
6,875
1,343
7,709
14,794
514
10,072
765, 265 1,276,822
213,238 267,086
594,867 799,496
290,566 555,022
181, 758 316.562
519,603
146,357
308,395
190,722
118,931
919,528
188,102
450,469
382, 298
208,128
245,662
66,881
286,472
99,844
62,827
357,294
78,984
349,027
172,724
108,434
777,155 1,198,98'
232,223 272,998
518,446 755,415
281,516 505,700
177, 786 295,738
16,105 3
5,705
82,337
11,084
8,501
91,524
11,786
95,401
40,169
22,146
171,324
130,449
433,551
12,284
23, 728
34, 815
104,820
243,093
239,163
507,327
17,348
29,410
65, 086
119,903
89,372
88,762
224,737
10,246
15,934
24,919
74,112
127,838
181,804
286,173
14,939
20,999
48,216
88,824
81,952
41,687
208,814
2,038
7,794
9,896
30,708
115,255
57,359
221,154
2,409
8,411
16,870
31,079
183,958 243,748
144,533 240, 650
474,210 • 539,771
12,936
16,212
24,374
26,621
40,215
62,867
117,143 U20,256
3,612
4,054
3,117
9,226
19,259
26,008
1,300
2,721
135,677
315,609
80,187
136,444
97,168
117,515
5 25,949
74,309
34,103
131,871
529.563
101,437
171,816
123,861
153,662
4
38,789
79,516
42,588
67,999
134,774
47,668
104,175
73,764
76,031
* 14,292
59,839
12,933
71,147
265,629
63,306
133,994
96,030
105,680
*21,623
64,278
18,940
67,678
180,835
32,519
32,269
23,404
41,484
«11,657
14,470
21,170
60,724
263,934
38,131
37,822
27,831
47,982
«17,166
15,238
23, 648
115,415
307,024
125,629
94,361
121,964
«32,738
66,606
36,233
115,647
489,523
105,239
146,930
112,534
146,771
8 42,384
71,476
44, —
387
335
2,789 26,071
230 3,172
7,909
4,031
7,443
4,315
3,232 11,513
«237 «2,010
5,585
740
178, 492
76, 259
36, 688
62, 490
196,661
96,678
46, 311
73,942
133, 541
65,602
28,194
40,212
154,255
79,873
37,946
49,019
44,951
10,657
8,494
22,278
42, 406
16,805
8,365
24,923
145, 585
65,87;
36,050
65, 357
154,473
« 98,024
44, 518
72, 459
34,378
76,103
27,339
114,420
55, 351
266, 746
39,419
135,575
23,310
49,771
13,619
80,848
42,011
186,599
20,910
92,449
11,068
26,332
13,720
33,572
13,340
80,147
18, 509
43,126
38,112
71,944
32,655
124,953
52, 015
242,105
42,762
140, 906
5,199
7,088
7,736 20,093
815
729
8,095
3,571
29,839
23, 522
11,704
27,972
37,919
27,561
14,422
33,631
6,749
21,834
70,490
2,184
15,215
9,774
8,504
15,578
2,285
11,015
46,125
21,434
12,631
10, 581
21,325
4,149
12,009
49, 772
1,490
14,624
13,748
3,200
12,394
1,854
10,161
23,680
623
16, 485
14,930
3,841
12,306
2,600
9,825
20, 718
694
32,846
26,615
11,969
31, 052
4,680
24,895
53,286
37,656
* 30,653
14,809
37,384
6,857
* 25,824
54,882
656
105
605
716
189
41
1,189
1,515
536
693
1,430
533
6 406
1,666
78
62
39
76
19
11
55
5
95
75
46
109
22
14
59
6
75, 769
20, 230
583,683
40,009
8,508
423, 572
51,197
14, 751
426, 227
101, 792
123, 713
22,981
35,432
965, 328 1, 004,050
2,046
681
6,354
4,652
1,890
8,961
120
52
160!
170
88
188
24,628,493 27,547,025 14,112,844 16, 235, 082 10, 515, 619 11, 311,943 23, 239,349 25, 541,418 383,214 697,347
633
12,379
4,139
21,176
69,805
1,909
101, 588
19, 710
126,966
34,981
1, 009,910
ir~61, 579
11, 202
545, 321
625
1,464
214
2,194
5,486
V*
6,086
13,429
1,641
5,305
6,038
7,135
3,643
6,742
2,664
1
Includes all State banks (including stock and mutual savings banks) and all private banks under State supervision. Figures relate to dates
nearest
thereto for which figures are available.
2
June figures include only licensed member banks and nonmember banks operating on an unrestricted basis.
3
Includes
bonds borrowed.
4
Includes due to banks.
i
Includes
25 cash depositories on June 30, 1933, and 20 cash depositories on Dec. 31, 1(J32.
8
Includes miscellaneous liabilities.
NOTE.—All figures in the June columns are as of June 30, except as follows: Kansas, July 31; Tennessee, June 10. All figures in the December
columns are as of Dec. 31, except as follows: New Hampshire, June 30; Massachusetts, savings banks, Oct. 31; Missouri, Dec. 10; Kentucky, June
30; Oklahoma, Dec. 30; Colorado, Nov. 19; Oregon, Sept. 30.
FEDERAL RESERVE BULLETIN
JANUARY 1934
OO
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100]
1933
1932
Industry
1
Nov.
Manufactures—Total
IRON AND STEEL
Pig iron
Steel ingots
TEXTILES
Cotton consumption
Wool
Consumption
Machinery activity *
Carpet and rug loom activity 1
Silk _
.
Deliveries
Loom activity J
. ..
.
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
_.
LUMBER
Dec.
Jan.
Feb.
Mar. ; Apr.
May
June [July
Aug.
Sept.
Oct.
Nov.
63
64
64
61
56
66
78
93
101
91
84
76
p 71
31
21
32
28
18
29
60
19
31
31
20
32
22
17
22
35
20
37
49
29
51
72
43
75
100
62
80
63
82
m
53
67
61
45
63
47
36
48
92
95
70
77
76
38
119
130
96
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
133
139
116
134
118
60
147
172
96
120
107
118
115
61
P99
103
96
105
96
67
95
88
97
83
67
89
80
86
81
63
113
91
82
103
83
82
85
70
92
146
87
83
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
99
102
106
92
101
153
97
89
100
105
107
99
102
152
97
82
95
110
113
102
105
146
64
84
105
127
147
95
106
144
70
75
85
90
85
91
104
151
92
98
101
87
104
142
82
83
87
80
66
84
67
76
96
70
84
127
98
86
80
64
88
58
67
105
65
75
137
94
84
76
59
82
61
75
88
56
' 85
135
98
v 104
P78
P77
P 99
P94
59
88
60
76
59
87
62
82
56
86
124
96
21
23
26
31
4
136
48
3
91
89
74
70
74
83
99
60
2
78
85
74
69
76
84
93
53
59
p 101
61
83
68
71
» 92
p *
60
92
80
96
55
87
110
89
56
88
149
95
61
99
172
96
69
113
183
20
22
24
30
27
1
144
44
1
32
51
0
25
86
76
66
76
105
93
33
3
181
92
76
66
77
101
102
84
70
62
71
90
93
93
70
64
71
85
107
110
79
74
79
93
129
43
72
38
88
41
63
40
54
35
55
42
88
55
50
55
58
55
68
80
138
179
73
89
71
56
73
76
50
132
169
76
90
68
56
132
165
86
94
76
56
147
187
87
95
88
61
59
61
42
135
171
80
95
75
51
41
42
29
140
179
85
94
81
54
67
70
44
132
166
81
95
75
56
54
56
41
104
63
132
112
60
149
113
68
147
115
63
154
99
51
132
65
67
47
116
61
153
75
76
73
79
81
66
65
106
7
35
45
37
66
75
96
57
53
107
63
64
110
51
77
122
39
39
30
39
45
36
43
40
30
44
45
44
45
45
36
64
103
95
121
103
130
135
124
141
129
62
131
143
105
100
106
109
98
103
145
95
83
v 111
*106
67
p 118
p 107
P137
v7C)
P 135
213
102
P114
P106
P102
69
*>112
76
76
66
60
71
P118
P82
P126
P103
P75
P139
p(59
P
106
173
103
162
106
p 68
P 137
143
105
46
46
36
33
30
66
0
16
114
89
76
102
109
131
70
1
19
116
92
78
91
132
131
61
1
15
56
1
20
46
0
39
32
102
88
76
82
126
110
92
82
74
73
113
99
93
82
76
69
109
100
51
118
94
56
150
50
135
37
112
35
73
39
55
109
125
112
95
80
155
198
92
106
82
91
153
198
87
98
84
96
157
205
82
99
88
91
143
148
111
111
116
75
143
61
204
135
66
186
117
69
151
123
68
163
103
107
72
115
68
151
152
195
77
102
88
'82
90
93
68
108
57
143
145
184
94
97
68
154
198
92
101
80
75
115
120
80
72
78
91
87
81
81
57
43
134
14
45
37
30
84
64
65
134
15
55
41
24
90
55
44
108
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
100
38
PHI
104
TRANSPORTATION EQUIPMENT:
\utomobiles
Locomotives
Shipbuilding
. .
LEVTHER AND PRODUCTS _
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
_-
P93
91
86
84
111
CEMENT AND GLASS:
Cement
Glass, plate . __
a
NONFERROUS METALS: Tin deliveries *
FUELS, MANUFACTURED:
Petroleum refining
_
Gasoline l
Kerosene
Fuel oil L .
Lubricating oil 1
Coke, byproduct
_
RUBBER TIRES AND TUBES
Tires, pneumatic.-Inner tubes
TOBACCO PRODUCTS
Cigars
Cigarettes
Minerals—TotalBituminous coal
\nthracitft coal
Petroleum, crude
Iron ore
Zinc
Lead
Silver -- _ _
_.
,
93
102
75
95
62
118
i
I
i Without seasonal adjustment.
1
1ncludes also lead and zinc; see "Minerals."
p Preliminary.
' Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587.
56
FEDERAL RESERVE BULLETIN
JANUARY
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; without seasonal adjustment.
1932
1923-25 average=1001
1933
Industry
Nov.
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„
. . .
FOOD PRODUCTS
_ _ -
-
.
Slaughtering and meat packing
Hogs _.
._
_.
Cattle
Calves
Sheep
Wheat
flour
. .
Sugar meltings
.
PAPER AND PRINTING
Wood pulp and paper
J
Newsprint
Book paper
.. . . . . . . . . . . . . . . . . . Wrapping paper
Fine paper
__
Box board
Wood pulp, mechanical
Wood pulp, chemical
Paper boxes
Newsprint consumption
.
LUMBER
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Aug.
Sept.
Oct.
NOT.
63
58
63
63
58
68
80
93
97
89
84
77
*70
29
21
30
24
18
25
29
19
30
33
20
34
25
18
25
39
21
41
53
29
56
72
43
75
93
59
96
79
60
81
65
52
67
59
45
61
44
37
44
95
98
73
84
76
38
121
134
96
86
86
68
77
74
32
113
118
103
92
92
67
75
76
31
129
138
111
88
94
70
76
82
32
102
102
101
78
91
46
49
52
29
95
107
72
88
98
57
64
56
34
112
131
76
108
116
85
96
91
42
122
135
96
126
133
109
121
118
60
134
153
96
121
122
115
126
129
62
126
136
105
v 108
108
103
110
115
61
»99
100
99
111
96
67
97
93
107
83
67
93
84
93
118
95
82
106
87
91
93
81
94
144
94
65
86
95
109
70
79
126
88
51
92
103
116
79
86
138
88
61
84
89
94
76
83
135
85
63
82
82
82
74
92
136
86
80
94
92
95
79
106
146
100
95
98
99
102
89
114
150
91
100
99
105
110
93
106
149
86
98
97
99
97
97
100
145
92
101
88
93
86
100
96
147
69
94
99
110
110
106
301
167
83
80
86
89
73
107
109
167
86
72
108
111
100
106
141
89
81
82
*86
65
86
68
74
99
70
84
130
104
64
87
57
64
85
65
73
112
97
59
83
60
76
85
56
84
119
94
59
91
61
82
59
89
63
86
62
S4
69
75
61
90
80
97
65
103
96
121
57
89
138
95
60
90
111
92
68
90
149
101
75
99
172
99
75
114
190
99
20
20
23
20
23
26
32
18
4
119
32
2
60
40
3
64
35
3
129
33
1
112
57
1
31
85
72
69
71
82
94
73
72
67
65
91
73
80
73
67
63
99
85
93
78
70
71
105
103
87
69
63
63
92
98
53
57
34
54
23
78
24
68
55
50
55
58
*103
»88
66
P102
P105
68
v 109
"99
J>H9
66
»104
* 107
60
63
c-
64
P1Q2
70
P119
J»94
*102
gg
^28
204
91
*»59
v 235
175
92
56
P 141
179
104
p Q2
v 140
150
111
111
40
45
49
37
34
29
64
0
31
75
0
20
73
1
28
67
1
22
62
1
20
20
91
68
64
64
84
105
101
75
114
92
87
118
110
87
74
99
109
124
106
122
128
113
90
75
99
124
127
106
87
77
85
118
119
41
0
28
102
87
78
82
114
112
85
79
110
* 90
29
59
34
61
50
96
64
120
68
148
65
137
46
113
40
73
38
53
55
68
80
94
109
125
112
95
SO
152
195
80
102
88
••82
146
184
83
93
102
79
81
62
p
p
v
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
.
1
NONFERROUS METALS: Tin deliveries
.
70
75
75
r QO
FUELS, MANUFACTURED:
Petroleum refining
Gasoline Kerosene
Fuel oil
Lubricating oilCoke, byproduct
.
- __
-
-
RUBBER TIRES AND T U B E S
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
.
Cigars .
Cigarettes
Minerals—Total „ . _ - . . .
Bituminous coal
Anthracite coal
__
Petroleum, crude
Iron ore
_.
Zinc
Lead.
Silver
1
.
.
138
179
79
89
71
57
132
169
82
90
68
57
132
165
88
94
76
57
132
166
82
95
75
67
135
171
78
95
75
53
140
179
84
94
81
54
147
187
83
95
88
61
153
198
86
101
80
73
154
198
86
106
82
89
153
198
83
98
84
93
157
205
83
99
88
89
55
57
37
46
48
32
64
56
38
58
61
43
45
46
32
76
79
53
139
145
96
140
145
105
110
114
106
107
52
144
104
54
140
94
130
91
45
123
125
107
58
139
118
123
83
145
63
206
147
72
204
126
72
167
98
101
72
128
77
167
116
69
150
97
73
117
78
72
71
76
74
65
76
82
89
74
67
105
6
35
47
39
70
74
93
63
57
102
67
68
108
51
63
120
46
45
108
40
39
30
41
46
36
46
41
33
46
46
48
47
45
36
50
43
136
21
46
36
29
57
57
137
30
53
42
23
69
55
135
81
66
34
29
75
. .
. .
..
47
83
131
72
176
94
93
88
84
74
61
136
117
71
35
69
75
129
131
73
54
72
75
115
28
37
67
71
122
108
75
66
33
72
74
Sf
Includes also lead and zinc; see "Minerals/'
p Preliminary.
' Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, artd
September 1933, pp. 584-587.
FEDERAL RESERVE BULLETIN
JANUARY 1934
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
Without seasonal adjustment
tion
Industry
1932
1933
Nov.
Total
I?»ov AND STEEL AND PRODUCTS
Steel works and rolling mills
Hardware
Structural iron work
Heating apparatus
.
Steam fittings
Stoves
Cast-iron pipe
-
MACHINERY
.
. . . .
__
Foundry and machine-shop products
Machine tools.
...
Agricultural implements__ __
_
Electrical machinery
TEXTILES AND PRODUCTS
A. Fabrics
Cotton goods
Woolen and worsted manufactures
Woolen and worsted goods
Carpets and rugs
Hosiery and knit goods.
Silk manufactures
Dyeing and finishing textiles
B. Wearing apparel
Clothing, mail's
Shirts and collars
Clothing, women's
Millinery
FOOD AND PRODUCTS
Baking—
_
Slaughtering arid meat packing
Confectionery
_
Ice cream
Flour
Sugar refining cane
PAPER AND PRINTING
__ -
_
..
...
.
Printing, book and job
Printing, newspapers, and periodicals _ .
Paper and pulp
Paper boxes
LUMBER AND PRODUCTS
Lumber, sawmills _
Lumber, millwork
. .
Furniture
.._
TRANSPORTATION EQUIPMENT
Car building and repairing
Automobiles
Shipbuilding
_
LEATHER AND MANUFACTURES
Boots and shoes
Leather
_
_ .
CEMENT, CLAY, AND GLASS PRODUCTS
Clay products
Brick, tile, and terra cotta
Pottery
Glass
Cement
NONFERROUS METAL PRODUCTS
Stamped 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, snuff
.__
.._
72.6
71.7
77.8
56.0
57.4
68.5
50.2
85.3
38.1
62.4
61.1
63.7
53.1
66.4
83.7
90.9
98.8
77.6
78.8
71.3
97.2
67. 1
104.8
65.6
55.3
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
Oct.
75.8
73.8
80.5
56.3
58.7
69.4
49.3
87.8
40.0
62.7
61.7
59.8
49.5
66.7
87.6
94.0
102.7
86.8
88.8
76.6
101.6
67.0
85.6
71.7
59.8
84.0
80.4
78.3
97.4
93.7
104.8
106.2
78.8
86.2
90.6
92.8
78.9
101.0
98.5
95.4
51.7
46.3
41.4
73.5
50.9
44.1
56.8
74.1
84.9
84.2
87.9
54.2
45.6
33.7
78.3
79.3
39.2
67.0
35.3
77.8
99.4
109.0
87.8
79.3
83.4
87.7
70.2
70.2
69.8
73.9
Nov.
60.9
53.6
56.1
50.8
46.2
50.8
42.4
58.4
34.3
46.0
44.6
37.9
29.7
52.1
73.1
75.2
75.5
61.5
63.6
51.0
93.8
62.5
88.4
67.8
54.1
74.6
88.8
57.2
82.9
83.6
81.7
96.1
65.8
74.4
74.3
82.2
77.2
95.0
77.9
76.4
38.1
33.1
34.8
54.4
43.3
43.4
40.5
62.4
72.7
73.4
69.6
44.6
39.0
29.2
65.7
57.0
42.4
48.4
26.4
55.8
75.5
80.1
74.3
50.6
61.2
62.7
72.7
72.8
71.9
Factory pay rolls
Adjusted for seasonal varia1932
.1933
Nov.
72.4
72.0
78.7
56.0
57.3
66.1
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
65.9
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
63.3
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
Without seasonal adjustment
Oct.
73.9 !
73.6
81.1
56.6
57.4
65.1
48.3
80.4
39.9
63.1
62.2
59.9
52.0
66.7
86.2
93.1
101.8
85.2
86.7
77.3
100.9
66.6
85.4
68.8
59.1
82.3
75.4
71.1
93.4
90.8
105.3
88.0
80.4
82.9
87.5
92.3
79.7
100.8
98.5
90.6
49.9
45.5
41.4
67.4
51.0
43.9
56.8
79.0
82.0
80.6
88.0
52.9
44.9
32.9
77.8
77.0
37.7
67.9
36.1
78.7
99.1
107.9
87.9
82.2
83.7
89.2
67.2
66.8
65.8
74.4
Nov.
61.2
53.8
56.8
50.8
46.1
49.1
42.7
55.1
34.9
46.6
45.4
37.9
30.7
52.1
72.3
73.9
74.2
59.4
61.2
50.3
92.4
62.7
87.7
68.9
55.6
72.2
90.4
55.2
80.7
82.6
80.9
83.5
72.9
72.9
75.1
81.1
76.7
93.8
78.0
71.5
37.3
32.9
35.4
50.9
45.6
43.6
45.6
65.0
73.2
74.1
69.1
44.3
39.0
29.3
65.5
56.0
41.8
48.9
26.9
56.4
75.2
78.6
75.0
53.4
63.7
67.0
53.6
68.6
68.3
71.5
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
68.3
63.1
75.6
65.8
91.7
67.6
75.2
30.0
28.0
23.3
38.7
38.0
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
NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 70C-716, and November 1930, pp. 662-67
1932
1933
Oct.
57.4
49.3
53.8
32.7
38.7
46.9
31.9
61.4
21.7
43.4
39.8
41.4
43.4
52.2
69.2
75.2
83.9
64.6
65.9
58.8
91.8
54.9
64.6
57.1
48.1
74.7
66.0
52.3
78.8
77.1
86.4
85.0
63.8
69.0
62.1
76.0
64.4
89.7
72.2
79.2
33.5
29.9
24.7
47.2
41.7
38.7
43.3
58.8
64.0
60.9
75.3
34.1
24.8
15.2
50.1
58.6
24.6
50.2
25.7
57.4
78.7
85.2
72.5
53.7
62.8
62.0
65.9
55.5
54.4
64.1
Nov.
41.8
25.6
25.0
26.1
27.6
30.1
25.6
34.4
16.4
27.4
24.3
23.0
21.9
36.2
49.4
51.9
50.1
39.7
41.9
29.7
76.3
43.1
64.6
44.2
33.1
51.9
59.3
36.5
67.0
70.4
66.4
68.9
55.9
62.0
57.0
70.2
63.6
90.0
54.8
64.1
20.9
17.4
20.1
29.0
31.9
33.7
27.6
48.8
43.8
40.7
55.0
25.7
19.0
11.9
37.7
39.5
24.8
31.9
18.0
35.9
60.9
62.3
63.1
34.4
38.6
36.1
48.3
52.4
51.6
59.7
58
FEDERAL RESERVE BULLETIN
JANUARY 1934
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics. 1926-100)
Other commodities
All
Year and month
commodities
products
96.7
95 3
86.4
73 0
64.8
63.9
62.6
61.0
59.8
60.2
60.4
62 7
65.0
68 9
69.5
70.8
71.2
71.1
1928
1929
1930
1931 .
1932
1932—November ___ .
December
1933—January _._
February
.
March.. .
April
May.. .
June
July... .
August
September
October. . .
November
Foods
Total
1010
<)9 9
<)0. 5
f4 6
J1.0
(i0 6
i 58.3
55.8
53.7
*54.6
I56.1
59.4
105-«
104[ 9
8£t 3
641 «
48-2
it i 7
44.1
42.6
40.9
42.8
44.5
50 2
53.2
60.1
57.6
57.0
55-7
5C. 6
Chemi- HouseFuel and Metals
leather Textile lighting and metal Building cals and furnish- Miscelproducts products materials products materials drugs ing goods laneous
Hides anc1
92.9
91.6
85.2
75.0
70.2
69.8
69.0
67.3
66.0
65.8
65.3
66.5
68.9
72.2
74.1
76.1
77.2
77.2
i>1 ?,
ti5.fi
64.8
64.9
64.2
64.3
121.4
109.1
100.0
86.1
72.9
71.4
69.6
68.9
68.0
68.1
69.4
76.9
82.4
86.3
91.7
92.3
89.0
88.2
95.5
90.4
80.3
66.3
54.9
53.9
53.0
51.9
51.2
51.3
51.8
55.9
61.5
68.0
74.6
76.9
77.1
76.8
84.3
83.0
78.5
67.5
70.3
71.4
69.3
66.0
63.6
62.9
61.5
60.4
61.5
65.3
65. 5
70.4
73.6
73.5
97.0
100.5
92.1
84.5
80.2
79.6
79.4
78.2
77.4
77.2
76.9
77.7
79.3
80.6
81.2
82.1
83.0
82.7
7
Aug.
Sept.
Oct.
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
68.2
45.4
61.2
61.3
41.2
64.3
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
01.7
4b. 2
66. 4
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
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
73.6
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
bS.O
86.0
72 5
30.4
84.4
75.8
88.7
79.8
75.3
103.2
96 7
38.7
88.7
79.4
75.2
102.9
96 6
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
70.6
80.2
55.2
37.9
72.3
76.7
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
49.6
81.8
89.8
82.6
92.3
100.5
52.7
81. S
90.7
83.2
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
08.0
75. 4
79 0
56 6
68 5
67 5
81 7
80. 1
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
8G. 5
76.3
73.7
7
0
5
6
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
74.7
72.8
74 7
72.7
74.7
72.7
73.5
72.3
72.9
71.9
72.9
71.8
71.7
71.5
72 0
71.6
73.6
73.4
75.1
74.6
78.6
76.8
80.5
78.4
82.8
79.8
82.8
79.4
44.6
42.7
73.4
7.3
82.1
44.6
40.8
73 4
7 ?
81 5
44.6
37.1
73.0
6.8
81.3
44.6
38.2
72.0
6.5
76.8
42.6
40.6
72.1
6.1
73.3
41.3
47.3
72.2
6.3
72.6
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. [
43.2
78.0
81.0
14.9
77.8
43.2
64.2
82.2
14.9
78.1
43.2
60.4
82.4
15 fi
43.2
63 5
82. i
17. 5
78.4
34 4
46.0
52.1
33 ?
41. q
53.9
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
W6
35 8
52.5
50 9
34 6
60.5
64.1
52.2
56.4
65 4
62.3
62. 7
52.4
53.7
67. 7
59.6
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
34
18
R3
31
84.6
49.6
64.1
81.9
84. ?,
46.1
61 9
81. Q
83.8
41.7
59.2
81.9
83.3
43.0
57.1
78.2
83.3
40.9
55.3
77.9
62.5
56.2
50.9
30.8
56.5
67.7
62.2
53 f>
51 0
29 5
55. 3
67. 1
62.5
51.7
49.3
29.3
54.2
66. 6 1
61.9
50.1
48.4
27.0
53. 4
66. 3
88.7
81.1
76.7
103 4 104 6
1(V7 fi
104 4
47.4
46.7
88.8
80. 4
75.fi
103 1
100 0
48.2
88.7
80.2
75.3
104.1
96 5
45.0
84.9
79.7
92 7
51.6
84.7
80.4
92.7
50.7
84. 6
79. 4
92.7
49 1
75 4
79 0
56.3
68 ?,
66.8
81 7
79.9
75.3
79 0
56.6
68.3
67.5
81.7
80.0
79 8
56.6
63.6
66.9
79.8
55.9
63.4
66.6
79.
55
63
65
74 7
72.7
42.7
45.9
75.5
8.2
J7 4
51 2
52.1
TEXTILE PRODUCTS:
Clothing
Cotton goods
Knitgoods..
Silk and rayon
Woolen and worsted goods._.
Other textile products
F UEL AND LIGHTING MATERIALS:
Anthracite coal _
87.7
81.1
7fi 7
Bituminous coal
Coke.
Electricity
Oas
Petroleum products
Agricultural implement S
Iron and steel
Motor vehicles
Nonferrous metals _
51.8
57 9
50 4
32 6
56.7
fW 6
METALS AND METAL PROD UCTS:
-
BUILDING MATERIALS:
Brick and tile
Cement
Lumber
Paint materials.
Plumbing and heating
Structural steel
Other building materials
CHEMICALS AND DRUGS:
Chemicals
Drugs and Pharmaceuticals. .
Fertilizer materials
Mixed fertilizers
NOT
HOUSEFURNISHING GOODS'.
Furnishings. _
Furniture
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
85.4
82.6
77.7
69.8
64.4
63.7
63.4
61.2
59.2
58.9
57.8
58.9
60.8
64.0
65.4
65.1
05. 3
July
Dec.
Oct.
4
2
?,
5
95.1
94.3
92.7
84.9
75.1
73.7
73.6
72.9
72.3
72.2
71.5
71.7
73.4
74.8
77.6
79.3
81.2
81.0
June
Mar. Apr.
.
Sept.
Jan.
Feb.
FARM PRODUCTS:
Livestock and poultry
Other farm products . .
FOODS:
Butter, cheese, and milt:
Cereal products
Fruits and vegetables.
Meats
Other foods
HIDES AND LEATHER PRODUCTS:
Boots and shoes
Hides and skins
Leather
Other leather products
95.6
94.2
89.1
79.3
73.5
72.4
72.3
71.6
71.3
71.2
71.4
73.2
73.7
73.2
73.1
72.7
72.7
73.4
1933
1932
Grains
94.1
95.4
89.9
79.2
71.4
70.7
70.8
70.1
69.8
70.3
70.2
71.4
74.7
79.6
81.3
82.7
83.9
84.9
May
Nov.
51.6
88.4
MISCELLANEOUS:
78 6
Back figures.—For indexes of groups see BULLETIN for March 1932, p. 199; indexes of subgroups available at Bureau of Labor Statistics.
JANUARY
59
FEDERAL RESERVE BULLETIN
1934
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
Total
Factories
Commercial
Public works
and public
utilities
1932
1932
Month
January
February
March
April
May
June
July
August
September..
October
November.
December
_
Year
1932
1932
1933
84.8
89.0
112.2
121.7
146.2
113.1
128.8
134.0
127.5
107.3
105.3
81.2
83.4
52.7
60.0
56.6
77.2
102.3
82.7
106.0
120.2
145.4
162.3
1,351.2
1932
1933
3.4
4.4
4.5
4.5
3.0
2.1
3.5
3.3
6.3
3.2
1.9
3.3
12.0
11.8
16.0
19.1
26.5
27.7
23.6
21.9
21.5
21.5
23.6
27.5
24.4
33.2
28.9
25.6
23.1
19.7
20.8
22.8
21.9
19.2
13.0
280.1
1933
4.3
2.8
6.4
6.2
9.4
26.8
17.8
14.1
15.2
9.8
8.2
43.5
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
1933
9.1
10.1
10.6
12.9
12.2
13.0
8.3
18.4
8.8
7.0
6.7
5.7
122.7
5.8
7.6
7.2
6.6
8.9
9.6
11.6
10.6
7.5
9.8
7.3
Educational
1932
1933
24.1
28.3
29.9
47.3
61.7
60.1
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
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
November
.
_.
_
__.
Total (11 districts)
October
11,871
20,529
9,054
16, 774
14, 566
42,854
23, 255
9,678
4,023
5,891
3,837
11,343
24,729
9,048
14,811
162,331
145,367
November
10, 753
17,137
21, 227
10,508
8,644
7,692
9,475
6,288
18, 566
9,261
13,786
9,810
12,572
13,415
9,228
3,689
5,772
2,915
105,302
[Amounts in thousands of dollars; figures reported by Dun & Bradstreet]
Number
Federal Reserve
district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
Total
1932
1933
Nov.
Liabilities
Oct.
Nov.
1933
Nov.
1932
Oct.
Nov.
138
311
68
83
64
49
172
47
46
75
32
152
150
321
51
95
74
40
177
42
43
39
40
134
192
494
129
196
147
109
257
74
70
108
96
201
2,525
6,930
2,602
2,192
1,495
579
4,618
579
661
869
527
1,-778
2,378
10,452
2,300
2,548
852
582
6,341
1,019
384
412
1,400
1,915
4,351
13,801
3,104
4,909
4,250
2,611
10,182
2,732
1,181
963
2,112
3,425
1,237
1,206
2,073
25, 353
30, 582
53,621
._
1933
1932
17.3
11.0
ll.fi
9.9
11.6
10.3
7.8
5.6
13.0
9.3
9.6
16.3
li.O
24.2
17.5
37.2
17.6
30.8
21.9
13.5
13.1
19.9
9.2
232.3
BANK DEBITS
[Debits to individual accounts. In millions of dollars]
1932
1933
Number
of centers November
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
COMMERCIAL FAILURES, BY DISTRICTS
1.4
2.2
1.3
1.1
1.7
3.5
3.0
2.6
2.2
2.2
2.6
82.3
590 3
1932
1933
1933
4.4
10.8
9.8
10.7
6.5
7.2
6.4
5.5
7.4
3.6
3.4
6.7
[Value of contracts in thousands of dollars; figures for 37 States east of the
Rocky Mountains, as reported by the F. W. Dodge Corporation]
Federal Reserve district
All other
._
October
November
1
140
12,204
11,927
13,280
13, 027
9,81o
10,935
11
7
10
13
7
15
21
5
9
15
10
18
1,398
12, 660
1,124
1,125
439
590
2,844
639
456
717
441
1,697
1,546
13,801
1,237
1,239
488
633
3,107
696
507
770
465
1,818
1,388
10,261
1,033
1,073
452
50f
2,493
563
370
638
372
1,603
141
24,131
26, 307
20, 750
60
FEDERAL RESERVE BULLjETIN
JANUARY 1934
DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
(Based on estimates, by States, for Dec. 1, 1933, as reported by the Department of Agriculture]
[In thousands of units]
Corn
Winter wheat
Total wheat
Spring wheat
Federal Reserve district
Production
1932
Boston
New York*.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
_
.
Total
Oats
Federal Reserve
district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
_...
.
Estimate Production Estimate Production Estimate Production E s t i m a t e
1932
1932
1932
Dec. 1,1933
Dec. 1,1933
Dec. 1,1933
Dec. 1,1933:
Bushels
7,684
24,165
42, 554
158,548
106,453
146, 661
1,078,160
392,117
297,426
527,615
116, 292
9,198
Bushels
7,545
20,821
44, 551
150,851
130,921
151, 672
824,006
296, 670
219,136
389,334
85,035
9,692
Bushels
66
4,761
12,147
35,908
16,673
3,063
50,308
35, 786
241,289
206,311
29,103
108,661
Bushels
120
5,175
14,189
38,866
19,669
3,039
46,291
38,442
115,137
131,989
13,720
100, 776
2,906, 873
2, 330, 237
744,076
527,413
Bushels
Tobacco
Tame hay
Bushels
4,591
12,042
" 35,735
16,673
3,063
46,894
35, 543
20,715
199, 795
28,955
71, 703
5,051
14,104
38,768
19,669
3,039
43,962
38,320
9,775
123,614
13,626
41,104
475, 709
351,030
Bushels
66
170
105
173
Bushels
120>
124
85
100
3,414
243
220, 574
6,516
148
36,958
2,32$
122
105, 36?
8,375
94
59,672
268, 367
176,383-
Cotton
White potatoes
Production Estimate Production Estimate Production Estimate Production Estimate Production E s t i m a t e
1932
1932
1932
1932
Dec. 1,1933
1932
Dec. 1,1933 f
Dec. 1,1933
Dec. 1,1933
Dec. 1,1933l
Bushels
7,782
27,740
15,136
55,920
19,431
10,469
530,029
49,434
315,536
146, 777
43,699
24,705
Bushels
7,445
17,878
13,106
35,159
17, 537
8,183
304,487
37,174
146,953
84,234
22,347
27,982
Tons
2,928
5,121
1,938
3,865
2,501
2,069
14,210
5,275
9,849
8,934
1,004
12, 574
Tons
2,854
4,850
2,288
3,929
2,918
1,927
13,149
5,258
7,896
8,675
881
11,227
Pounds
30,110
1,621
46, 316
121,422
417,130
99, 655
36,624
261, 218
2,831
5,631
Pounds
20,577
877
26, 563
128,483
717, 765
169, 318
17,335
308, 516
1,162
5,578
1, 246,658
722, 485
70,268
65,852
1,022, 558
1,396,174
I
i With allowance for reduction in acreage and production under Agricultural Adjustment Act.
* Includes 15,000 bales grown in miscellaneous territory.
Includes 10,000 bales grown in miscellaneous territory.
3
NOTE.—1932 figures for all crops except cotton are as revised in December 1933.
Bushels
47,974
32,017
20,897
19,452
23, 711
10,366
59,382
13,484
54,608
30,769
4,942
40,407
Bushels
49,770
28,314
20,786
15,501
22, 506
11,030
39, 752
9,107
41,639
30, 505
4,423
43,810
358,009
317,143
Bales
Bales
1,410
2,326
1,470'
2,594
2 2,635
3 2,350
1,207
5,233
191
1,312
5,161
290
13,002
13,177
FEDERAL RESERVE DISTRICTS
——L.
KANSAS CITY
KANS.
OKLA.
Oklahoma City
Birmingham
.,
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