Full text of Federal Reserve Bulletin : June 1934
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FEDERAL RESERVE
BULLETIN
JUNE 1934
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banking Developments
Annual Report of the Bank for International
Settlements
Securities Exchange Act of 1934
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1934
FEDERAL RESERVE BOARD
Ex officio members:
HENKY 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.
EUGENE R. BLACK, Governor.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
J. J. THOMAS.
M. S. SZYMCZAK.
E. A. GOLDENWEISER, Directort Division of Research
and Statistics.
CARL E. PARRY, Assistant Director, Division of Research
and Statistics.
J. C. NOELL, Assistant Secretary.
L. P. BETHEA, Assistant Secretary.
S. R. CARPENTER, Assistant Secretary.
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 Chiefy Division of Bank
Operations.
0 . E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.
FEDERAL ADVISORY COUNCIL
District no.
District no.
District no.
District no.
District no.
District no.
District no.
District no.
District no.
District no.
District no.
District no.
1 (BOSTON)
2 ( N E W YORK)
3 (PHILADELPHIA)
4 (CLEVELAND)
5 (RICHMOND)
6 (ATLANTA)
7 (CHICAGO)
8 (ST. LOUIS)
9 (MINNEAPOLIS)
10 (KANSAS CITY)
11 (DALLAS)
12 (SAN FRANCISCO)
THOMAS M. STEELE.
WALTER E. FREW.
HOWARD A. LOEB, Vice President.
H. C. MCELDOWNEY.
HOWARD BRUCE.
H. LANE YOUNG.
SOLOMON A. SMITH.
WALTER W. SMITH, President.
THEODORE WOLD.
W. T. KEMPER.
JOSEPH H. FROST.
M. A. ARNOLD.
WALTER LICHTENSTEIN, Secretary
OFFICERS OF FEDERAL RESERVE BANKS
! Federal Reserve Bank
of—
Boston
New York_.
Philadelphia
Governor
Deputy governor
R. A. Young
G. L. Harrison
W. W. Paddock...
W. R. Burgess
J. E. Crane
W.S.Logan
L. R. Rounds
L. F. Sailer
R. M. Gidney
W. H. Hutt
J. S. Sinclair
C. A. Mcllhenny_.
M. J. Fleming
F. J. Zurlinden....
C. A. Peple
R. H. Broaddus
H. F. Conniff
C. R. McKay..
H. P. Preston..
J. H. Dillard...
Chairman
F. H. Curtiss.
J. H. Case
j R. L. Austin
_ G. W. Norris
Cleveland
Richmond
Atlanta...
Chicago
L. B. Williams..
W. W. Hoxton..
0>ear Newton...
E, M. Stevens..
E. R. Fancher.
G. J. Seay.
W. S. Johns 3—
G. J. Schaller ..
St. Louis
J. S. Wood..
W. McC. Martin
O. M. Attebery....
J. G. McConkey...
J. N. Peyton
__ M. L. McClure..
C. C. Walsh
Isaac B. Newton-
W. B. Geery
G. H. Hamilton
Harry Yaeger
H. I. Ziemer
C. A. Worthington_
J. W. Helm
_...
R. R. Gilbert
R. B. Coleman
W. A. Day
Ira Clerk
Minneapolis
Kansas City
Dallas..
San Francisco
1
Assistant deputy governor.
B. A. McKinney
J. U. Calkins
» Controller.
!
Acting governor.
Cashier
W. Willett.1
C. H. Coe.
J. W. Jones.*
W. B. Matteson.i
J. M. Rice.i
Allan Sproul.*
L. W. Knoke.i
C. A. Mcllhenny.
W. J. Davis.1 1
L. E. Donaldson.
W. G. McCreedy.*
H. F. Strater.
G. H. Keesee.
J. S. Walden, Jr.»
M. W. Bell.
W. S. McLarin, Jr.1
W. H. Snyder.* 1
W. C. Bachman.
R. H. Buss.1
O. J. Netterstrom.1
A. T. Sihler.1 1
E. A. Delaney.1
S. F. Gilmore.
A. H. HaillJ
F. N. HalU
G. O. Hollocher.1
O. C. Phillips.*
H. I. Ziemer. 8
F. C. Dunlop.
J. W. Helm.
Fred Harris.
W. O. Ford.1
W. M. Hale.
• Assistant to the governor.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo branch.. _
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
B al ti more branch
Charlotte branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch...
Nashville branch...
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
R. M. O'Hara.
C. F. McCombs.
J. 0. Nevin.
Hugh Leach.
W. T. Clements.
Marcus Walker.
Hugh Foster.
J. H. Frye.
J. B. Fort, Jr.
W. R. Cation.
J. T. Moore.
W. H. Glasgow.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branchDallas:
El Paso branch
_
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch.
Salt Lake City branch..
Seattle branch
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
0. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be
sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions,
$2.60; single copies, 25 cents.
ITI
TABLE OF CONTENTS
Page
Review of the month—Recent banking developments
New averages of Treasury bond yields
Revised index of factory employment
Annual report of the Bank for International Settlements
Condition of all member banks on Mar. 5, 1934 (from Member Bank Call Report No. 61)
319
322
324
360
415, 416
National summary of business conditions
344
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
Member and nonmember bank credit:
All banks in the United States
All member banks
Weekly reporting member banks in leading cities
Brokers' loans
Acceptances and commercial paper
Discount rates and money rates
Treasury
finance
Reconstruction Finance Corporation—Loans, subscriptions, and allocations
Security prices, bond yields, and security issues
Production, employment, car loadings, and commodity prices
Merchandise exports and imports
Department stores—Indexes of sales and stocks
1
Freight-car loadings, by classes
Financial statistics for foreign countries:
Gold reserves of central banks and governments
Gold production
Gold movements
Government note issues and reserves
Bank for International Settlements
Central banks
Commercial banks
Discount rates of central banks
Money rates
Foreign exchange rates
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
^
345-348
351
349, 350, 415, 416
352, 419
352
353
354
355
356
357
358, 422-426
359
359
359
376
377
377-379
380
380
381-383
384
385
385
386
387
388
388
Law department:
Rulings of the Federal Reserve Board:
Classification of deposits as savings deposits under Regulation Q
Deposits represented by certificates of deposit as constituting savings deposits
Payment of savings deposits before interest payment dates
Accommodation endorsement as "Loan or extension of credit" within section 23A of the
Federal Reserve Act
Limitations on loans or extensions of credit to affiliates secured by paper eligible for rediscount-Issuance of permits for interlocking directorates under section 32 of Banking Act of 1933
Permits to act as correspondent bar^k under section 32 of Banking Act of 1933 in connection
with securities specifically excepted from restrictions of section 5136 of Revised Statutes
Applications under Clayton Antitrust Act involving interlocking relationships between national
banks and organizations which carry margin accounts
Applicability of section 32 of Banking Act of 1933 to persons dealing in securities solely for
account of others
Absorption of exchange or collection charges by member banks
Securities Exchange Act of 1934___
Act providing for punishment for offenses committed against banks
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
Industrial and commercial statistics
IV
389
390
391
391
391
392
392
393
393
394
396
410
412-421
422-427
FEDERAL RESERVE BULLETIN
VOL. 20
JUNE 1934
REVIEW OF THE MONTH
Member bank reserve balances continued
during May at the high level reached in April
and in the last week of May
Excess
were $1,700,000,000 in excess of
reserves
legal requirements. There were
no considerable changes during May in any of
the items that affect member bank reserve
balances. Changes in the stock of monetary
gold and in money in circulation were small and
there have been no substantial changes in the
cash and deposit position of the Treasury.
For the period from the end of January, when
the new parity of the dollar was established, to
the latest available date in May, member bank
reserve balances showed an increase of $1,100,000,000, reflecting in large part the deposit
with the Reserve banks by member banks of the
proceeds of gold imported from abroad and the
disbursement by the Treasury of funds previously held in cash or on deposit with the
Reserve banks.
Holdings of United States Government obligations by the Reserve banks have remained at
a constant level, but since the
Condition of
e n ( j of January the total volume
banks
of Reserve bank credit declined
by $150,000,000 through the
maturing of acceptances held by these banks
and through further liquidation of indebtedness by member banks. The decrease of
about $100,000,000 in the Reserve banks'
holdings of acceptances reflects the fact that,
with the prevailing ease in the money market
and the large volume of excess reserves held by
member banks, bankers' acceptances have been
a desirable investment for member banks and
others and consequently have not been offered
to the Reserve banks. The decline of $50,000,000 in discounts held by the Reserve banks to
No. 6
$34,000,000, the lowest level since the early
days of the System, has reflected a further
liquidation of indebtedness, largely by member
banks in country districts. Banks in financial
centers have been out of debt to the Federal
Reserve banks for a long time and in addition
have had a Jarge volume of excess reserves.
At the beginning of the year there were still
many small banks throughout the country,
however, that carried a considerable load of
indebtedness. The liquidation of indebtedness
by these banks reflects in part improvement in
business conditions and the consequent ability
of customers to repay bank loans which had
long been frozen. It constitutes a strengthening of the banking position.
DISCOUNTS FOR MEMBER BANKS
MILLIONS OF DOLLARS
700 I
( Wednesday figures)
1
MILLIONS OF DOLLARS
1
1 700
600
600
New York City
500
A,
r
400
300
200
100
500
\
V
\
Outside
Leading rfties
itOO
300
' I «..VA
200
** Leading Gtic
WV.1
V s .1932. . . >
100
st
0
1933
1934
Borrowings by member banks at Federal Reserve banks.
The reduction of member bank indebtedness
to the Federal Reserve banks has been continuous since the beginning of 1932, except for a
brief period during the banking crisis in the
spring of 1933. The chart shows the course of
reserve bank discounts during 1932,1933, and
the first 5 months of 1934, with separate lines
for discounts for banks in New York City, in
other leading cities, and outside these cities.
319
320
FEDERAL RESERVE BULLETIN
JUNE 1934
In 1932 liquidation of indebtedness of mem- mortgage loan companies for the purpose of
ber banks to the Reserve banks was accom- assisting in the reorganization or liquidation of
„
. r
panied by an increase of their unlicensed and closed banks. The amount
Borrowings from *;
.
„
authorized by the Reconstruction Finance
Reconstruction borrowings irom the Kecon- Corporation for that purpose up to May 18,
Finance
struction Finance Corporation. 1934, was $788,000,000, including agreements to
Corporation
f
make loans upon fulfillment of specified condiIn the past year and a halt, tions. Of this amount about $510,000,000 has
however, indebtedness of member banks to the been disbursed.
Reconstruction Finance Corporation has also
This review indicates that the condition of
been reduced. In September 1932 member operating banks, particularly in country disbanks owed the Reconstruction Finance Corpo- tricts, has improved in recent months, as shown
ration $242,000,000, in the middle of 1933 they by the fact that these banks have been able to
had reduced this debt to $51,000,000, and by reduce their indebtedness to the Reserve banks,
March of this year they had further liquidated to the Reconstruction Finance Corporation,
it to $24,000,000. Part of this decline may be and to others. At the same time progress has
due to the suspension of some of the member been made in making available to depositors
banks which were in debt.
funds that had been tied up in closed banks.
Some of the liquidation of the indebtedness
of member banks to the Reconstruction Finance
During recent weeks the principal gold
Corporation may reflect the use for that pur- movement in Europe has been to France.
pose of funds acquired through the sale to the
The reserves of the Bank of
France had
Corporation of preferred stock and capital
declined sharply in
notes and debentures. At the end of April
February as a consequence of
the Corporation had disbursed $640,000,000 in the exports of gold that followed upon devaluathe purchase of such capital obligations, a tion of the American dollar and accompanied
large part of which was purchased from mem- unfavorable political and budgetary developber banks. For the most part, however, the ments in France. There was also a demand
banks that sold preferred stock were not in for currency. Borrowing at the Bank of
debt, as is indicated by the fact that as of France increased, and on February 9 the bank
March 5 out of $400,000,000 of preferred stock, raised its discount rate from 2% to 3 percent.
capitaljnotes, and debentures sold by member In the beginning of March, however, after a
banks, $200,000,000 was sold by banks in New change of administration and the adoption of
York City and Chicago, which have been out measures designed to balance the budget, the
of debt for* a long-time, $130,000,000 by banks movement of funds out of France ceased, the
in reserve cities, where indebtedness recently exchange value of the franc rose to a point
has been small, and only $70,000,000 by where further exports of gold to the United
country banks, which had a relatively large States became unprofitable, and the reserves
amount of indebtedness. It is clear, therefore, of the Bank of France began to increase. This
that sales of capital obligations to the Recon- increase was accelerated after the middle of
struction Finance Corporation for the most April, when the Government put into effect
part have not been for the purpose of repaying the new measures for balancing the budget,
borrowed money. These sales in general have and by June 8 the bank's reserves had
been in line with a policy of strengthening the increased by $313,000,000 from their low point
capital structure of the banks.
and were above the level prevailing at the end
While Reconstruction Finance Corporation of January.
loans to active banks have been declining durPrior to the middle of April, the growth in
ing the past year, the Corporation has made a gold reserves of the Bank of France appears to
large volume of loans to receivers, conservators,
and liquidating agents of closed banks and to
JUNE 1934
FEDERAL RESERVE BULLETIN
have arisen largely from the release of gold
held in France and was accompanied by gold
exports to England. Acquisitions of gold by
the central bank from sources within the
country continued after the middle of April
and in addition a considerable part of the gold
coming on the London market was shipped to
France. German gold has also been sold in
Paris. The movement of gold to France from
Switzerland, however, which had been considerable in March and April, ceased in May.
The rebuilding of reserves of the Bank of
France has been accompanied, by a reversal of
the banking and currency movements that
characterized the month of February. Currency in circulation has declined and borrowing
at the Bank of France has been reduced. A
part of the funds made available by the gold
inflow has gone into restoring Government deposits at the bank, which had been reduced
during the earlier period. The larger part of
the proceeds of the sale of gold to the bank,
however, has been added to the balances held
with the Bank of France by the French commercial banks. These deposits have been restored to the level existing at the end of January. In recent weeks short-term money rates
In France, which had advanced in February,
eased considerably and are now back to ap-
321
proximately the level that prevailed before the
outward movement of gold started. On June 1
the Bank of France reduced its discount rate
from 3 to 2}{ percent.
Securities Exchange Act of 1934
The text of the Securities Exchange Act of
1934, which was signed by the President on
June 6, is printed on pages 396-410 of this
issue of the BULLETIN. Section 7 of this act,
which relates to margin requirements and provides that the Federal Reserve Board shall
prescribe rules and regulations with respect to
the amount of credit that may be initially extended and subsequently maintained on securities, goes into effect on October 1, 1934, as does
section 8, which relates chiefly to restrictions
on borrowing by brokers and dealers.
The rules and regulations to be prescribed by
the Federal Reserve Board for carrying out the
provisions of these sections of the law are in
process of preparation.
Change in Foreign Central Bank Discount Rate
On June 1 the Bank of France reduced its
discount rate from 3 to 2}i percent.
322
FEDERAL RESERVE BULLETIN
JUNE 1934
NEW AVERAGES OF TREASURY BOND YIELDS
In the regular table on bond yields in this first redemption dates. Thus the average is
issue of the BULLETIN (p. 357), a new set of representative of all of the long-term issues, infigures showing average yields on United States cluding at present both those temporarily eliTreasury bonds has been substituted for the gible to secure national-bank note circulation
series previously published. These new aver- and those not bearing this privilege. Issues
ages, which have been computed by the Sec- which are redeemable within 8 years are extion of Financial and Economic Research of cluded in order to obtain figures in which the
the United States Treasury Department, are influence of short-term money rates is minicalculated on a new basis, which differs in two mized.
major respects from the method previously
The following issues of Treasury bonds have
used. Instead of averages of yields of three been included in the average since the beginissues of Treasury bonds, the new figures are ning of 1926:
averages of the yields of all outstanding Treasury bonds except those due or callable within 8
Amount
years. The former series was computed altoissued
included Date removed
Issue
(in mil- Date
gether on the basis of yields to maturity, while
in average from average
lions of
in computing the new averages the yield used at
dollars)
each date for each bond callable before maturity
is the lower of two computed yield figures, the 4H's of 1947-52
764 Jan. 1,1926
do
of 1944-54
1,047
one based upon redemption at the earliest call 4's
3%'s of 1946-56
495 Apr. 1,1926
3%'s
of
1943-47
July
1,1927
495
date and the other based upon redemption at 3%'s of 1940-43
359 Aug. 1,1928 June 15,1932
maturity.
SWs of 1941-43
594 Apr. 1,1931 Mar. 15,1933
of 1946-49
821 July 1,1931
For bonds selling above par and callable at 3}i's
3's of 1951-55
800 Oct. 1,1931
Nov. 1,1933
1,401
m-SH's
of
1943-45
par before maturity, yields computed on the 3J4's of 1944-46
Apr. 16,1934
1,062
basis of redemption at the first call date are the
ones that are used, while for bonds selling
Monthly averages of daily figures from 1926
below par yields to maturity are used. This
procedure conforms to prevailing practice in to date are given in the table below. The
table on the following page gives figures for
the bond market.
In compiling the new averages, yields of all each Wednesday from January 4, 1928, to date.
outstanding Treasury bonds with more than 8 Each daily figure is an unweighted average of
years to run before nearest redemption dates the yields of the issues used, based on the day's
have been used. Each new issue has been closing prices (except that prior to July 1933 the
added to the list shortly after its flotation and mean of closing bid and asked prices was used in
issues have been dropped 8 years before their some instances).
AVERAGE YIELD ON UNITED STATES TREASURY BONDS, BY MONTHS
[Monthly averages of daily figures. ]Percent per annum]
Month
January
February
March
April
May
June
July
...
August
September
October
November
December
Year
1926
____
_
_
.
.
.. _
__
1927
1928
1929
1930
1931
1932
1933
3.77
3.71
3.71
3.70
3.67
3.67
3.68
3.70
3.70
3.68
3.62
3.56
3.51
3.48
3.37
3.35
3.31
3.34
3.36
3.32
3.30
3.29
3.23
3.17
3.18
3.19
3.17
3.20
3.24
3.29
3.42
3.49
3.46
3.48
3.39
3.46
3.52
3.62
3.74
3.63
3.64
3.69
3.64
3.70
3.68
3.60
3. 36
3.37
3.43
3.41
3.29
3.36
3.30
3.24
3.23
3.25
3.23
3.20
3.17
3.20
3.17
3.27
3.26
3.24
3.13
3.10
3.11
3.13
3.24
3.62
3.59
3.92
4.32
4.11
3.91
3.66
3.71
3.73
3.55
3.42
3.38
3.39
3.39
3.31
3.19
3.29
3.44
3.43
3.31
3.22
3.20
3.21
3.20
3.22
3.46
3.53
3.68
3.34
3.33
3.60
3.28
3.31
3.66
3.31
1934
3.50
3 32
3.21
3 12
3.01
323
FEDERAL RESERVE BULLETIN
J U N E 1934
AVERAGE YIELD ON UNITED STATES TREASURY BONDS, BY W E E K S
[Wednesdayfigures.Percent per annum]
1930
1929
1928
Date
(Wednes- Yield
day)
Date
(Wednesday)
Yield
Date
(Wednesday)
2
9
16
23
30
3.46
3.51
3.55
3.54
3.55
Jan.
Jan.
Jan.
Jan.
8
15.
22
29
Feb.
Feb.
Feb.
Feb.
6
13
20
27
3.55
3.61
3.66
3.65
Feb.
Feb.
Feb.
Feb.
5
12
19
26
3.18
3.17
3.15
3.15
Mar.
Mar.
Mar.
Mar.
6
13—
20—
27
3.67
3.81
3.75
3.77
Mar.
Mar.
Mar.
Mar.
5
12
19
26
4
11
18
25
3.18
3.18
3.20
3.23
Apr.
Apr.
Apr.
Apr.
3
10
17
24
3.74
3.70
3.54
3.58
Apr.
Apr.
Apr.
Apr.
2
9
16
23
2
9
16
23
30
3.21
3.21
3.23
3.26
3.27
May
May
May
May
May
1
8
15
22
29
3.58
3.60
3.61
3.74
3.69
May
May
May
May
7
14
21
28
June 6
June 13
June 20
June 27
3.31
3.29
3.29
3.31
June 5
June 12
June 19
June 26
3.71
3.72
3.68
3.65
June 4
June 11
June 18
June 25
July 4
July 11
July 18
July 25
3.26
3.45
3.48
3.45
3.62
3.60
3.63
3.68
3.69
July
July
July
July
July
3 16
3.16
3.17
3.22
Feb.
Feb.
Feb.
Feb.
Feb.
1
8.
15
22
29
3.21
3.21
3.19
3.18
3.18
Mar.
Mar.
Mar.
Mar.
7
14
21..__
28—
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
_
Yield
Jan. 1
Jan.
Jan.
Jan.
Jan.
Jan.
Jan 4
Jan. 11
Jan. 18
Jan. 25
3.41
3.39
3.42
3.47
3.49
_
3.42
3.41
3.42
3.41
3.35
3.27
3.23
3.29
_
1932
1931
3.34
3.37
3.40
3.36
o oc
3.29
3.29
3.29
3.28
3.27
3.23
3.24
3.23
Date
(Wednesday)
Yield
Date
(Wednesday)
1933
Yield
Date
(Wednesday)
3.16
3.14
3.14
3.19
Jan. 6
Jan.13
Jan. 20
Jan. 27
4.31
4.37
4.31
4.33
Jan. 4
Jan. 11
Jan.18
Jan. 25
3.18
3.17
3.24
3.17
Feb.
Feb.
Feb.
Feb.
4
11
18
25
3.27
3.21
3.26
3.33
Feb.
Feb.
Feb.
Feb.
3
10
17
24
4.27
4.25
4.03
3.96
Feb.
Feb.
Feb.
Feb.
1.
8.
15
22
3.16
3.19
3.22
3.42
Mar.
Mar.
Mar.
Mar.
4
11
18
25—
3.31
3.26
3.22
3.26
1
8
15
22
29
3.26
3.25
3.24
3.23
3.20
2
9
16
23—
30—
3.95
3.85
3.91
3.89
3.93
Mar.
Mar.
Mar.
Mar.
Mar.
1
8
15—
22. _„
29—
3.58
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Mar.
Mar.
Mar.
Mar.
May
May
May
May
6
13
20
27
3.21
3.11
3.05
3.11
June 10
June 17
June 24
3.08
3.08
3.13
June 8
June 15
June 22
June 29
3.88
3.67
3.59
3.65
3.70
3.58
3.74
3.82
3 85
3.84
3.66
3.65
3.70
Apr. 5
Apr. 12
Apr. 19
Apr. 26
May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
June 28
3.42
3.37
3.52
3.44
3.39
3.32
3.28
3.26
3.26
3.23
3.22
3.20
3.22
July
July
July
July
July
1
8
15
22
29
July
July
July
July
Aug.
Aug.
Aug.
Aug.
5
12
19
26
3.11
3.11
3.11
3.10
3.12
3.14
3.12
3.11
3.14
3.64
3.56
3.54
3.43
3 44
3.38
3.43
3.41
3.41
July 5
July 12
July 19
July 26
Aug. 2..... . .
Aug. 9
Aug. 16
Aug. 23
Aug. 30
3.18
3.19
3.20
3.20
3 23
3.22
3.21
3.19
3.19
2
9
16
23—
3.13
3.18
3.22
3.25
Sept. 7
Sept. 14
Sept. 21
3.40
3.39
3.36
3.37
Sept. 6
Sept. 1 3 —
Sept. 20
Sept. 2 7 —
3.19
3.17
3.24
3.21
3.37
3.58
3.78
3.76
Oct. 12
Oct. 19
Oct. 26
3.40
3.38
3.40
Oct.
Oct.
Oct.
Oct.
3.23
3.23
3.21
3.22
_
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
O AK
Aug. 8
Aug. 15
Aug. 22
Aug. 29
3.49
3.52
3.49
3.46
Aug. 7
Aug. 14
Aug. 21
Aug. 28
3.70
3.71
3.70
3.68
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept.
Sept.
Sept.
Sept.
3.42
3.48
3.47
3.49
Sept. 4
Sept. 11 —
Sept. 18
Sept. 25
3.68
3.68
3.67
3.70
Sept. 3
Sept. 10
Sept. 17
Sept. 2 4 —
3.24
3.25
3.22
3.23
Sept.
Sept.
Sept.
Sept.
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
3.50
3.51
3.49
3.43
3.40
Oct.
Oct.
Oct.
Oct.
Oct.
3.71
3.70
3.63
3.50
3.52
Oct.
Oct.
Oct.
Oct.
Oct.
3.20
3.20
3.20
3.20
3.18
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
7
14
21
28
3.38
3.39
3.36
3.41
Nov.
Nov.
Nov.
Nov.
6
13..20
27..-
3.41
3.39
3.33
3.33
Nov.
Nov.
Nov.
Nov.
3.18
3.17
3.17
3.16
Nov.
Nov.
Nov.
Nov.
4
11
18
25
3.68
3.56
3.53
3.63
Nov.
Nov.
Nov.
Nov.
Nov.
2
9
16
23..30
3.40
3.41
3.38
3.39
3.38
Nov.
Nov.
Nov.
Nov.
Nov.
1
8
15..22
29..-
Dec.
Dec.
Dec.
Dec.
5
12
19
26
3.42
3.45
3.50
3.49
Dec.
Dec.
Dec.
Dec.
4
11
18
25
3.31
3.35
3.39
3.41
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
3.17
3.22
3.20
3.21
3.22
Dec. 2.
Dec. 9
Dec. 16
Dec. 23
Dec. 30
3.69
3.83
3.94
4.02
4.18
Dec.
Dec.
Dec.
Dec.
7
14
21
28
3.37
3.32
3.28
3.22
Dec.
Dec.
Dec.
Dec.
6
13
20
27
2
9
16
23
30
1
8
15
22
29
5 —
12....
19
26—
7
14
21
28
6
13
20
27
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 28
Oct. 5 — . . 3.37
4
11
18
25
Date
(Wednes- Yield
day)
7
14
21
28
3.22
3.21
3.24
3.23
3.25
3.24
3.24
3.25
3.25
5
12
19—
26—
Yield
Jan.
Jan.
Jan.
Jan.
July 3
July 10
July 17
July 24
July 31
2
9
16
23
30
1934
3.45
3.38
3.42
3.27
3.38
3.49
3.63
3.50
3.52
3.51
3.54
3.53
Jan. 3
Jan. 10
Jan. 17—
Jan. 24....
Jan. 3 1 —
3 45
3.61
3.49
3.48
3.40
Feb.
Feb.
Feb.
Feb.
7
14.
21—
28—
3.35
3.33
3.29
3.31
Mar. 7
Mar. 14..
Mar. 2 1 . . .
Mar. 28...
3.26
3.19
3.18
3.17
Apr.
Apr.
Apr.
Apr.
4
3.14
1 1 — 3.13
18— 3.12
2 5 — 3.09
May
May
May
May
May
2
9
16...
23...
30—
3.05
3.01
3.01
3.01
2.99
324
FEDERAL RESERVE BULLETIN
JUNE 1934
REVISED INDEX OF FACTORY EMPLOYMENT, ADJUSTED FOR SEASONAL
VARIATION l
The Federal Reserve Board presents in this
issue of the BULLETIN, as shown on chart I,
and in table 1, a revised index of factory employment adjusted for seasonal variation.
This index relates to the years 1919 to date and
is based upon the new index without seasonal
adjustment which has been recently released by
the Bureau of Labor Statistics of the United
States Department of Labor. The index of
the Bureau was published2 in the FEDERAL R E SERVE BULLETIN for May.
The purpose of this seasonally adjusted index
is to indicate changes in the number of factory
FACTORY
PER CENT
130
EMPLOYMENT
( Index numbers, 1923-25=100 )
PER CENT
130
Adjuste d for seasonal va nation
Withou { seasonc3l adjusi ment
120
110
in chart II, which gives an indication of the seasonal level of employment in each month in
relation to the monthly average for a typical
year. Underlying figures and the seasonal
indexes shown on the chart represent employment in the pay-roll period ending nearest the
15th of the month. September is usually the
month of largest employment, January of the
smallest, each varying about 2 percent from the
average for the year as a whole. This variation
amounts to an average of about 300,000 compared with an average of 8,000,000 wage earners
in factories during this 15-year period. Sea-
J
100
120
110
A
.
90
ry-
V
/
100
\
90
/
t
80
r
Vy
70
60
50
40
1919
1920
-
1921
I
80
70
60
50
40,
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
CHART I.—Index without seasonal adjustment compiled by Bureau of Labor Statistics; index adjusted for seasonal variation compiled
by Federal Reserve Board
employees that reflect fluctuations in manufacturing activity, variations in the length of the
working day, and other influences of a nonseasonal character. For this purpose, the
usual changes in employment that occur year
after year at about the same season, because
of climatic and other seasonal influences, are
measured and their effects on the figures are
eliminated. The usual monthly variation in
factory employment attributable to seasonal
influences in the years 1919-33 has corresponded in general to that shown by the curve
* Acknowledgment for special work in this revision is due to Aryness
Joy, formerly in the Division of Research and Statistics of the Federal
Reserve Board.
2 The Bureau of Labor Statistics will shortly issue a bulletin describing
the index in detail and giving data for individual industries and groups
of industries, as well as for manufacturing as a whole.
sonal fluctuations in employment are wider in
many individual industries than in manufacturing as a whole, in which the range of seasonal
movement is relatively narrow because of
overlapping of slack and busy seasons in different industries.
The major differences between the seasonally
adjusted index of factory employment as revised and as previously issued by the Federal
Reserve Board arise in part from revisions in
the seasonal factors but in larger part from (1)
incorporation in the index for recent years of
figures for additional industries and (2) revisions in the underlying figures from which the
seasonally adjusted index is computed. The
seasonal adjustment factors previously used
JUNE 1934
have been reexamined and revised when
necessary, and seasonal factors have been
computed for industries not previously included
in the Board's index.
The new index of the Bureau of Labor Statistics, upon which the Federal Reserve Board's
revised seasonally adjusted index of factory
employment is based, is computed relative to
the same base period—1923-25—as that used
in the Board's indexes. In revising the underlying figures, the Bureau of Labor Statistics
has adjusted them to agree with the trends
in employment shown by the Biennial Census
of Manufactures, with the result that the
change from one census year to the next in
average number of wage-earners employed as
reflected in the index agrees with that shown
by the census. This adjustment to the census
has been made for each individual manufacturing industry currently reported, for each
industrial group, and for manufacturing industries as a whole. The method is similar to that
used by the Federal Reserve Board in adjusting
to the census for the years 1919 to 1927 the
index of factory employment which the Board
began to publish in 1923 and maintained until
the recent revision of the index of the Bureau of
Labor Statistics. For the period 1919-27,
therefore, there is comparatively little difference between the revised index and that previously published by the Federal Reserve
Board. Differences in certain months arise
from the use in the Bureau's new index of a
group weighting system not previously used
in the Board's index, and from the inclusion of
Bureau of Labor Statistics' data for certain
industries—notably millinery, women's clothing, and stamped and enameled ware-—-which in
the Board's index were represented by reports
from New York State only. For the years
1919 to 1922 the Bureau of Labor Statistics
has used, with slight modifications, the monthly
index compiled by the Federal Reserve Board.
Beginning in 1928 the changes resulting from
the revision of the seasonally adjusted index are
material, principally because of the leveling-up
of the Bureau's new index to agree with the
trends in employment shown by the censuses of
1929 and 1931, which have become available
since the latest revision of the Board's index.
This adjustment to the census, by bringing the
monthly data currently available into line with
the more comprehensive data available only at
biennial intervals, has had the effect of raising
the level of the general index of factory employment gradually throughout 1928 and 1929 so
that for the year 1929 as a whole the average is
3.7 percent higher than that previously shown.
325
FEDERAL RESERVE BULLETIN
From 1929 to 1931 and in subsequent years
approximately the same difference exists. The
other important improvement is the introduction of reports for a large number of additional
industries, of which 2 were added in 1929.and
28 in 1931. At the present time the index, as
it is revised, includes 90 industry series, grouped
into 14 major industrial groups. These 90 series
represent industries employing approximately
85 percent of all the wage earners in manufacturing, with about 50 percent of all employees
in these industries reported currently. This
sample has been used as the basis for indicating
monthly changes in employment in all manufacturing industries. The industry series that
make up the index are listed in table 5 together
with the initial date at wilich each monthly
SEASONAL VARIATION IN FACTORY EMPLOYMENT
PERCENT
106 I
•
( Average for year = 100 )
~——*—
—
PERCENT
106
-
104102
102
/
•
>—
100
\
100
98
98
96
96
•
Jan.
Feb. Mar. Apr. May June July Au§. Sept. Oct. Nov. Dec.
CEIART II.—These figures were computed by (!) dividing the composite
unadjusted index for each month by the adjusted index for the corresponding month, in order to determine monthly divergences due to
seasonal influences, which vary somewhat from year to year, and (2)
grouping these ratios by months—all the Januaries, all the Februaries,
etc., and (3) selecting therefrom a set of 12 typical monthly ratios.
series was introduced into the index and the
estim ated average number of persons employed
monthly in the base period 1923-25.
Seasonally adjusted indexes for industrial
groups are shown in table 3 for the period 1919
to date. Monthly indexes for those individual
manufacturing industries for which figures will
be published currently in the FEDERAL R E SERVE BULLETIN are shown in table 4, beginning in 1923. Some monthly data representing individual industries, as indicated in table
5, are also available in mimeographed form for
the years 1919 to 1922.
Method of adjustment for seasonal variation.—The method by which the adjustment
for seasonal variation has been made is essentially the same as that used in the index previously compiled by the Board. Indexes adjusted for seasonal variation are computed for
326
FEDERAL RESERVE
each industry, and seasonally adjusted group
indexes and the index for manufacturing as a
whole are derived by a combination of these
adjusted series after each has been weighted
by the number of wage earners employed in
the industry, as shown by census reports. For
industries that were already included in the
index, the seasonal adjustment factors have
been reviewed and many of them revised
slightly in the light of additional information
for recent years. Seasonal indexes have also
been computed for the industries being introduced into the index by the revision.
Indexes of seasonal variation for each of the
series which will be currently published on a
seasonally adjusted basis in the FEDERAL K E SERVE BULLETIN are shown in table 2. In
many manufacturing industries there have been
changes in the typical seasonal movement over
a period of years, and measures of seasonal
variation changing gradually from year to year
have been compiled. In most cases these seasonal adjustment factors have been revised for
recent years. They are shown in this table for
the year 1933 only, but are available in mimeographed form for other years.
The method used in deriving measures of
seasonal variation is the ratio-to-movingaverage method customarily used by the Board
in computing seasonal variations and described
in the FEDERAL RESERVE BULLETIN for November 1930 and April 1928. This method has been
applied to industries for which figures became
available in 1919 or in 1923, providing a sufficiently long series to make practicable the use
of a 12-month moving average. For the indus-
BULLETIN
JUNE 1934
tries for which reports were first made in 1929
or 1931, a modification of this method was
necessary. The monthly indexes of the Bureau
of Labor Statistics and monthly data on employment from the Census of Manufactures
wherever available were used in computing
seasonal factors. In these cases a free-hand
curve was used instead of a moving average,
but in other respects the usual procedure was
followed. The indexes of seasonal variation for
these series of short duration give only rouf^h
approximations to the typical seasonal movement of employment in these industries. Their
use makes possible the inclusion of the series in
the general index, but with a few exceptions the
seasonal factors are not sufficiently precise to
be dependable for month-to-month interpretation of developments in particular industries,
and for this reason these series are not shown
in the accompanying tables.
In computing indexes of employment for the
various industrial groups, the index for each
industry was multiplied by a weight representing the total number of persons employed as
reported by the census. These weighted figures were adjusted for seasonal variation and
combined to obtain seasonally adjusted group
totals and indexes. Similarly, adjusted figures
for each industrial group in the form of estimated total number employed were combined
to obtain a seasonally adjusted index for all
manufacturing industries. The estimates of
numbers of wage earners employed, after
allowance for seasonal variations, derived in the
process of computing the indexes, are available
in mimeographed form.
TABLE 1.—REVISED INDEX OF FACTORY EMPLOYMENT, ADJUSTED FOR SEASONAL VARIATION
[Monthly average 1923-25=100]
January
February
March
April
May
June
July
August
September
October
November
December
__.
Annual index
1919
1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934
107.5
103.2
102.1
102.5
103.4
104.4
107.1
108.4
109.4
109.2
111.7
114.5
117.2
115.0
115.7
114.4
112.3
111.2
108.6
107.4
105.2
101.9
96.4
82.4
83.3
82.9
82.1
82.1
81.4
80.3
80.6
81.9
82.6
83.4
107.0
107.9
82.2
84.0
85.3
85.8
86.1
88.2
90.1
88.8
90.7
92.8
95.6
98.3
100.6
102.6 101.8 97.8 102.3 100.0 96.8 103.1
103.1 101.8 98.4 101.9 100.2 97.1 103.6
104.1 101.1 98.4 101.7 99.9 97.3 104.0
104.7 99.6 98.5 101.1 99.5 97.0 105.1
105.4 96.9 98.3 100.7 99.4 97.3 105.4
106.4 94.3 98.6 100.9 99.5 98.1 105.9
105.9 92.0 99.0 100.5 99.2 98.4 107.0
105.1 92.1 99.3 101.1 98.9 99.4 107.2
104.0 92.9 99.6 101.4 98.4 99.9 106.3
103.4 94.0 100.7 101.5 97.8 100.7 105.5
103.2 94.7 101.7 101.3 97.4 101.8 103.6
102.0
102.2 100.8 97.0 102.3 101.0
90.5 104.2
99.4
101.3
98.9
98.9
104.8
99.4
98.1
96.8
96.1
94.9
93 2
90^3
88.2
87.0
85.8
84.7
83.3
81.7
81.1
81.0
80.6
80.3
78.8
78.0
76.8
75.2
72.9
71.6
71.5
70.2
70.1
68.4
66.1
63.7
61.6
59.6
60.0
61.8
63.0
63.2
62.4
61.4
61.7
58.9
59.9
62.9
67.4
72.5
76.4
78.0
77.8
75.9
75.0
91.5
77.4
64.2
69.0
75.1
78.4
81.0
82.2
327'
FEDERAL RESERVE BULLETIN
JUNE 1934
T A B L E 2 . — F A C T O K Y E M P L O Y M E N T : I N D E X E S OF SEASONAL V A R I A T I O N , BY I N D U S T R I E S
[Average for the year=100]
January
Total
IRON AND STEEL AND PRODUCTS:
Blast furnaces and steel works
Cast-iron pipe
Cutlery and edge tools
Hardware *
Steam, hot-water heating apparatus, etc.
, Stoves *
._
Structural metal work
Tin cans, etc
Wirework .
MACHINERY:
Agricultural implements . .
Engines, turbines, etc
Foundry and machine-shop products
Machine tools
Radios and phonographs
Textile machinery.- _
TRANSPORTATION1 EQUIPMENT:
Automobiles
Cars, electric and steam railroad
Locomotives
Shipbuilding
_
RAILROAD REPAIR SHOPS:
Steam railroads
Febru- March
ary
April
May
June
July
SepAugust tember
Octo- Novem- December
ber
ber
98.1
99.4
100.2
100.2
99.8
99.6
98.9
100.3
102.3
101.9
100.1
99.2
99.3
95.6
99.2
100.0
97.8
84.7
97.4
93.6
99.5
101.0
96.3
103.0
100.8
100.9
96.5
97.2
95.7
102.1
102.2
99.4
103.5
101.4
101.2
101.3
97.7
96.9
99.7
102.1
101.0
103.5
100.7
101.0
102.6
98.8
100.4
99.0
101.5
102.0
100.5
100.8
100.6
101.8
99.4
101.0
99.7
99 7
102.4
98.5
100.7
100.7
100.5
100 5
103.5
99.7
98.6
103.2
96.2
97.5
98.4
91.2
102 1
104.0
97 8
99 2
102.6
95.1
96.5
100.9
100.0
102 4
107.2
102.0
99.9
101.3
96.8
99.7
101.8
106.9
102.8
106.0
100.6
99.3
100.3
100.6
100.6
101.6
110.5
102.3
99.8
100.6
98.8
98.3
102.4
100.4
99.0
106.0
100 2
95.7
100 2
98.4
97.6
100.7
100.9
96.1
98.0
99.2
96.2
99.1
103.4
98.2
98.5
101.0
84.2
99.9
106.4
100.6
100.5
102.4
82.0
101.2
107.0
101.7
101.3
102.4
74.8
101.8
105.9
101.6
101.6
101.4
78.9
100.7
103.1
101.5
101.5
101.5
84.0
101.6
99.3
101.1
101.1
100.8
90.6
99.4
94.7
100.8
100.0
99.0
96 0
99.6
94.7
100.4
100.2
90.3
110.0
99.9
93.6
99.5
100.3
99.9
133.5
99.3
95.3
98.9
99.2
100.9
141.8
98.1
96.9
97.9
98.1
99.4
122 2
98.1
9«.7
97.8
97.7
101.0
102.0
100.4
99.0
89.2
96.8
103.0
103.0
93.0
98.4
105.1
104.5
99.2
100.8
105.4
105.6
108.0
101.6
106.5
109.9
109.8
102.1
103.1
105.6
108.6
104.5
101.2
103.0
107.2
104.9
97.7
100.2
105.0
101.4
94.6
98.5
102.1
97.6
93.8
92.0
95.9
96.8
93.5
86.7
90.2
96.1
96 1
92.0
91.8
99.0
100.0
100 3
100.5
100.5
99 7
99.8
98.9
100. 5
101.2
97.5
98.4
98.8
103.1
104.3
101 1
100.1
98.9
104.4
105.0
99 1
99.9
99.3
102.5
104.7
100 8
98.9
98.4
98.5
99.5
100.7
100.7
100.8
100.6
99.5
97.6
96.2
101.7
96.8
101.9
99.9
99.9
102.2
101.2
102.7
101.0
100.7
102.2
103.8
101.8
101.2
100.1
102.1
102.8
100.6
98.3
99.3
99.3
101.4
99.4
98.4
98.4
99.0
100.1
99.0
95.3
92.8
98 4
98.8
96.4
97.0
95.5
99.0
98.6
95.7
98.3
98.8
96.7
96.5
100.6
99.4
95.0
101.3
101.5
96.4
101.1
102.6
95.5
100 9
102.2
100.2
101 5
102.8
103.2
100.9
103.2
108.7
100 9
101.7
107 5
99 9
100 7
103 3
98 5
98 0
87.8
88.7
92.0
98.1
86.9
89.0
97.5
101.2
92.2
93.6
100.9
102.0
100.7
99.5
101.6
101.5
105.8
103.0
101.8
100.9
107.4
106.5
103.4
100.2
108.2
107.5
96.0
96.3
108.3
106.5
98 3
98.9
105.8
106.1
102.3
99.8
102.4
104.0
105 4
100.6
99 7
100.8
101 2
100 2
94
94
99
100
102.5
101.4
101.5
100.0
99.4
102.1
102.3
101.5
103.7
101.3
101.5
102.0
103.1
102.2
104.3
101.7
102.7
99.9
102.7
100.4
102.5
101.9
101.4
98.4
101.0
100.6
100.0
100.6
100.4
97.8
97.6
99.0
96.4
99.7
98.7
98.2
94.7
96.8
93.8
94.9
97.8
95.1
96.8
95.0
95.8
96.1
98.4
97.9
96.3
99.7
98.7
98.4
99.1
98.9
99.6
100.5
100.5
101 2
100.6
102.4
101.3
101 4
101.1
102 3
99.8
103.9
102.1
101 5
101.7
101 9
100.2
103.4
99.4
97.5
99.4
97.3
102.7
103.0
107.9
99.5
102.0
109.0
112.3
100.3
96.9
110.2
109.5
99.0
95.1
105.0
100.4
99.5
100.3
97.0
94.2
97.2
100.9
84.5
86.5
96.2
103.0
92.4
96.1
98.0
102.9
102.0
105.1
101.2
101.1
105.1
101 2
103.9
97 9
97.0
93 0
105.0
97 8
97 3
94 4
102.9
Boots and shoes *
Leather
98.4
101.8
102.0
102.6
102.4
102.4
99.0
100.2
96.9
98.6
95.5
97.6
101 5
97.2
105 0
98.5
105 0
100.1
103 2
99 9
97 0
100 7
94 1
100 4
Butter
Canning and preserving
Confectionery
Flour l
Ice cream__
97.9
90 1
48.0
98.0
99.2
86.2
103.0
96.0
97.8
89.2
48.0
98.0
99.6
87.0
101.7
96.0
98.0
92.4
52.0
96.1
98.8
89.8
97.6
99.0
98.4
98.0
74.0
90.9
98.5
96.1
96.8
99.3
100.0
101.2
64.0
89.9
98.2
104.7
98.8
100.6
101.1
106.5
86.0
89.8
97.4
114.7
99.5
99.5
101.5
110.4
124.0
86.7
101.0
119.6
99.4
104.0
100 3
108 6
184.0
93.6
101.5
117.4
98.0
103.9
101.8
106 8
227.0
111.0
102.0
109.1
99.0
102.3
101 6
101 3
145 0
120.7
102.5
97 9
100.8
101. 6
101 6
99 2
88 0
115.0
101.7
90 2
101.0
101.6
100 0
96 3
60 0
110.3
99.6
87 3
104.4
96.2
104.9
91.3
105.7
98.3
103.8
98.5
97.0
98.7
97.6
99.8
98.0
99.7
95.0
99.5
97.7
99.9
99.0
103.5
99.2
105.2
100.3
105.4
101 8
100.2
99.4
102.3
98.6
101.0
98.7
101.2
97.2
99.3
96.2
98.9
96.3
98.7
97.2
98.7
98.4
98.3
101.6
99.4
105.4
99.1
106.8
100.6
104.2
102.5
NONFERROUS METALS AND PRODUCTS."
Brass, bronze, and copper products
Lighting equipment
Silverware and plated ware Smelting and refining
Stamped and enameled ware
LUMBER AND PRODUCTS:
Furniture !_
Lumber, millwork
Lumber, sawmills
STONE, CLAY, AND GLASS PRODUCTS:
Brick, tile, and terra cotta
Cement *
_
Glass1
Pottery..
TEXTILES AND PRODUCTS:
A. Fabrics:
Carpets and rugs
Cotton goods l
Dyeing andfinishingl
Knit goods
Silk and rayon goods
Woolen and worsted goods
B. Wearing apparel:
Clothing, men's
Clothing, women's 1
Millinery *
1
Shirts and collars
LEATHER AND PRODUCTS:
FOOD PRODUCTS:
Baking 1
Slaughtering and meat
packing l
_
Sugar refining, cane 1
TOBACCO PRODUCTS:
Chewing1 and smoking tobacco and
snuff .
Cigars and cigarettes J_
PAPER AND PRINTING:
Boxes, paper
Book and job printing
99.2
97.8
97.4
96 6*
97.8
8
8
6
3
99.7
Printing, newspapers and periodicals... 100.4 100.2 100.2 100.3 100.3
98.7
98.0
98.9
101.3
100.2
101.8
CHEMICALS AND PETROLEUM PRODUCTS:
A. Chemical group, except petroleum:
98.3
101.4
97.6
101.1
Chemicals
98.1
100.6
101.6
96.5
99.5
102 1
101 1
102 1
96.4
102.2
102.2
94.7
95.5
98.2
102.2
100.9
98.0
103.6
104.6
Druggists' preparations *
101.5
96.4
98.6
100.9
98.9
96.3
97.1
101.8
100.0
100.8
103.0
103.3
102.9
Explosives 1
106.2
128.8
96.5
67.8
68.6
185.5
91.8
105.5
75.5
90.6
93.5
Fertilizers . _
89.7
103.7
100.7
97.7
99.8
103.8
100.4
98.8
99.9
97.3
99.2
100.3
98.4
Paints and varnishes
99.3
100.4
98.3
96.9
97.6
101.2
101.0
100.4
98.6
102.7
102.9
Soap
-.
100.7
99.8
99.0
98.1
102.2
100.9
100.0
101.8
98.7
101.9
99.0
99.8
98.8
B Petroleum refining
RUBBER PRODUCTS:
95.0
100.2
95.0
95.7
96.7
Rubber boots and shoes 1
102.8
95.4
96.8
101.8
108.6
104.5
107.5
104.8
98.4
104.6
106.5
97.0
98.2
101.7
100.1
98.9
96.5
96.6
96.7
Rubber tires and inner tubes *
i In these industries there was evidence of progressive change in seasonal movement from year to year, and separate sets of seasonal indexes were
computed for each year. They may be obtained from the Division of Research and Statistics; indexes shown are for the year 1933.
NOTE.—No seasonal variation in employment was evident in the following industries: Electrical machinery, paper and pulp, electric car building
and car repair shops, and rayon.
328
FEDERAL RESERVE BULLETIN
J U N E 1934
TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY GROUPS
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Iron
and
steel
Year and month
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
_
--- -
February.
April
i ±<xy
July
OotohpT
April
Juno
July
A.Dril
T
p
July
Or>tr>T"»pr
November
1Q22 Tanuarv
]VIarch
\pril
"VEay
July
Sfntpmbpr
1923 Tanuarv
Februarv
IVtarch
April
May
June
July
August
SpDtpmber
October
November
December
Machinery
Trans- RailNonporta- road
tion
ferrous
equip- repair
metals
ment shops
Lumber
and
products
Stone,
clay
and
glass
Textiles
Leather and
products
94.0
89.6
76.6
97.3
101.4
98.2
100.4
100.4
94.1
92.3
95.4
76.3
56.3
41.2
44.1
85.9
90.1
72.0
85.2
100.3
99.0
100.7
103.8
99.9
95.6
93.8
80.2
63.8
44.7
44.9
98.9
99.0
92.7
97.3
105.3
94.8
99.9
99.9
104.1
101.4
104.8
92.7
87.3
76.6
88.1
108.1
98.4
86.7
97.3
106.6
96.3
97.1
96.7
97.7
95.6
98.5
91.2
84.3
79.0
83.2
109.7
106.4
93.6
97.0
102.0
99.0
99.0
99.4
101.7
105.6
113.0
109.2
97.9
86.8
94.4
113.5
111.3
108.3
105.8
105.8
98.8
95.4
90.7
93.4
90.8
83.9
78.3
72.1
64.1
59.7
96.0
103.4
87.9
92.1
99.3
99.6
101.1
104.2
104.2
105.1
111.3
108.1
96.4
85.0
86.3
Paper
Food Tobacand
co
prod- prodprintucts
ing
ucts
99 9
107 9
66.6
84 2
103.9
97.0
99.1
102.4
97.2
96.6
102.6
89.2
69.6
53.3
58.6
116.9
128.9
77.5
81.7
105.7
95. 1
99.2
107.8
102.2
105.1
125.8
104.4
78.3
56.4
58.8
110 2
103.3
98 6
93 7
92 1
94 1
101 5
103 3
103 0
91.6
100 7
107 2
120 8
117.9
114 2
113 0
110 0
107 7
108.4
113 9
117.7
122.1
126 6
130 9
87.0
86.6
88.4
87.6
88.4
88.4
91.9
95.3
99.1
102.9
104.6
107.7
74.8
75.4
76.5
83.1
87.4
91.0
84.1
93.9
90.7
93.4
90.3
90.1
91.3
84.0
86.0
91.3
96.4
100.1
105.6
105.3
104.7
105.1
107.4
109.4
104.4
103.2
100.8
101.7
104.7
105.9
108.7
109.9
111.4
113.3
116.0
117.5
116.7
112.7
108.0
108.9
107.3
107.9
108.4
107.2
108.4
110.4
109.0
111.0
129.8
127.4
125.8
126.7
123.7
112.8
101.1
90.8
95.6
100.0
114.7
114.0
94.6
94.3
94.4
94.1
92.7
95.2
96.7
97.6
97.4
96.8
98.1
100.4
112 3
111 4
112 4
111.0
106 1
110.1
111 6
108 7
109 3
108 2
102 6
90.9
134 5
132 9
135 4
134.2
131 8
133.0
133 7
131 0
128 0
123 4
118 0
110.7
106.7
106.5
105.9
99.0
91.6
85.4
79.1
86.7
83.8
81.7
76.3
72.0
93.4
94.9
91.8
89.0
89.6
91.0
90.2
89.2
89.0
87.3
89.1
86.4
110.3
107.3
109.3
110.1
109.8
106.2
99.1
96.4
94.2
90.0
81.8
73.1
116.7
112.8
111.9
112.1
110.2
105.2
98.3
93.6
84.4
81.9
78.0
75.4
110.9
107.9
107.9
109.6
110.1
110.9
109.4
107.1
105.9
102.4
99.3
95.2
118.9
112.2
112.7
116.3
111.1
110.6
109.9
109.4
109.0
106.8
109.4
109.5
102.8
101.7
103.4
103.8
103.7
103.8
105.7
105.6
104.9
104.3
102.3
98.7
74 4
76 2
72 8
65 7
65 7
61 9
55 4
59 3
61 6
65 9
69 7
70.4
103 3
95 1
90 1
84 4
79 0
74 9
69.2
67 7
66 7
65 6
66 1
68.1
73.1
75.4
76.5
76.7
76.3
76.2
74.7
74.3
75.7
77.4
80.7
81.6
77.2
69.4
70.0
70.9
71.9
71.9
71.3
71.0
73.0
72.2
72.3
72.9
70.7
81.7
86.5
91.2
94.0
95.4
97.4
98.0
100.3
100.0
98.7
98.2
72.7
77.7
79.5
80.7
85.3
90.0
91.8
92.2
93.0
92.3
91.7
92.9
90.8
93.0
92.4
92.3
92.6
93.6
92.9
92.5
94.5
96.3
97.8
95.0
110.2
105.3
100.3
109.4
110.8
111.7
110.4
110.7
109.4
109.4
106.7
105.4
94.7
93.7
92.4
88.3
82.7
83.4
84.0
85.4
86.0
87.1
88.6
88.7
67 4
71 2
73 0
77 8
81 1
86 3
88 2
88 4
88 8
93 1
95 9
98 8
70 5
71 3
74 7
76 9
79 7
80 2
80 3
81 1
86 1
89 2
92 9
97 5
90.0
93.8
96.8
95.1
98.4
100.8
100.2
99.4
97.6
98.6
99.2
97.8
74.0
74.8
79.2
80.7
84.6
85.3
86.3
88.8
90.4
91.3
92.8
93.7
97.6
98.0
94.3
92.6
93.1
93.4
95.5
96.9
98.5
99.7
102.6
105.3
93.2
93.3
90.7
90.0
90.8
94.3
97.6
98.9
102.0
103.2
105.6
107.7
94.3
95.1
95.9
94.8
94.9
96.6
97.9
99.2
97.4
97.4
100.5
99.3
99.4
103.8
104.2
101.1
103.8
103.8
111.7
110.9
108.4
108.3
106.8
106.8
91.4
91.3
90.2
88.6
90.9
90.6
91.3
93.2
93.7
94.1
94.2
95.7
100 7
100 7
101 6
102 0
103.9
107 3
106.3
107 3
105 8
105 4
104.2
101.4
99 5
102.3
104 7
107.3
107.6
108.3
109.1
107.4
107 3
105 2
105.6
104.3
99.4
101.0
101.1
100.8
101.3
102.7
103.6
102.5
101.7
101.6
101.2
100.8
97.6
98.1
98.1
99.5
100.8
102.5
101.6
102.0
101.9
101.2
99.8
100.6
106.4
106.0
107.4
108.0
108.8
108.2
108.0
105.4
103.6
101.0
100.2
99.9
108.7
109.1
108.2
110.1
108.9
109.2
105.4
104.8
104.4
103.4
104.1
102.6
97.6
99.2
100.2
101.8
101.8
102.9
103.3
103.5
103.8
104.2
103.8
102.3
109.6
108.2
108.2
109.7
107.3
107.0
104.5
102.9
103.4
103.7
102.9
102.3
96.2
97.2
99.4
100.3
99.7
100.6
100.1
100.2
99.4
99.6
99.2
99.3
107.6
93.0
99.4
99.0
87.7
96.3
103.1
80.0
66.2
55.8
54.6
108.6
96.5
94.9
95.4
89.0
83.8
82.6
73.4
64.1
53.4
52.0
112.1
102.7
104.7
106.7
106.4
106.9
105.5
104.6
105.1 106.1
107.5 109.5
106.6 109.8
107.9 1 111.4
108.2 110.6
111.1 111.0
114.6 109.1
104.5
111.8
74.0
58.1
62.0
Chemicals
and
petroleum
products
103.0
96.7
100.3
106.7
104.1
102.7
115.4
109.4
95.2
84.2
95.0
100.7
102.3
102.8
102.2
108.2
107.1
104.8
104.4
101.7
100.4
101.2
100.3
Rubber
products
102.6
91.7
105.7
105.2
105.7
111.3
110.9
86.0
74.0
65.4
74.0
111.1
114.7
115.2
114.4
115.7
110.5
104.4
91.6
84.9
87.0
89.7
92.4
329
FEDERAL RESERVE BULLETIN
J U N E 1934
TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY GROUPS—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
1
Year and month
Iron
and
steel
Machinery
LumTrans- Rail- )
Nonber
porta- road
and
tion
ferrous
prodequip- repair
metals
ucts
ment shops
Stone,
clay
and
glass
Textiles
Leather and
products
Food Tobac- Paper
and
co
prod- prodprintucts
ing
ucts
Chemicals
and
petroleum
products
I
Rubber
products
1924—January
February
March
April
May
June
July . _
August
September
October _
November
December
102.6
105.0
105.5
105.1
98.8
94.7
90.6
88.6
90.1
92.7
93.3
97.3
103.7
101.4
101.8
100.6
96.2
93.0
89.8
89.6
89.5
90.4
91.2
94.1
109.0
106.7
104.6
98.3
91 0
86.2
84.8
85 6
84.7
86.2
87 5
90.9
102.6
99.4
98.1
96.7
94 4
93.2
92.9
93 2
94.7
97.1
97 9
97.3
100.1
102.0
101.4
100.5
99 5
96.5
95.2
94.9
95.4
97.1
96.9
98.4
101.8
101.4
102.6
102.4
100.6
98.7
94.1
97.0
96.3
96.6
97.1
99.0
99.9
100.1
98.8
96.2
94.3
92.7
89.8
90.4
91.8
93.7
93.7
96.1
100.7
100.2
100.4
98.7
95.6
93.1
91.4
92.0
94.2
95.8
96.8
96.8
102.5
103.3
102.0
100.7
99.3
97.2
97.2
97.1
97.6
95.7
96.2
98.4
102.8
102.3
100.9
101.4
98.5
97.9
99.4
99.8
98.2
90.0
97.3
97.0
99.9
100.2
100.1
100.4
100.1
99.8
98.1
98.4
99.9
99.6
99.4
99.6
99.9
100.3
100.4
100.4
100.6
94.6
93.6
93.8
93.0
93.6
94.4
95.8
92.0
92.4
91.5
90.6
90.0
87.4
85.9
83.9
91.1
94.7
100.3
100.6
1925—January
February
March
April
May
June
- July
August
September
October
November
December
100.6
100.9
100.6
98.6
97.7
97.2
97.2
97.0
97.0
98.8
100.4
103.1
94.6
95.7
95.8
96.5
97.0
97.4
97 7
98.8
100.2
103.0
105.4
107.4
92.2
90.8
92.7
95.7
98 4
98.0
99 2
100.8
101.7
106 4
110.4
106.8
100.6
101 6
100.4
100.4
99.4
99.9
99 7
99.4
100.1
100.9
100.7
101.1
99.6
100.1
100.8
101.2
100.5
100.5
97.2
100.2
101.0
101.7
102.1
103.8
97.2
98.3
98.7
99.7
99.4
100.2
101.7
101.0
99.9
100.6
101.4
101.1
97.4
98.0
98.3
98.2
97.9
95.4
96.3
96.8
97.7
97.6
96.4
95.1
99.2
100.0
98.9
98.4
98.1
98.6
99.6
99.4
100.0
98.8
98.6
98.8
97.2
96.9
97.0
93.9
96.9
95.3
95.4
95.6
94.3
94.6
93.6
94.3
100.0
100.6
101.3
101.1
100.7
100.6
100.9
100.8
100.9
101.9
102.1
102.3
96.4
96.9
98.2
99.5
98.1
98.7
100 1
100.7
102.2
103.2
104.1
105.5
99.4
101.6
102.7
103.1
107.1
108.2
111.0
109.7
106.6
104.4
105.4
108.7
192Q—January
February
March
April
May
-June
July
-August
September
October
November
December
102.9
102.9
101.6
102.4
101.8
101.9
102.4
102.6
103.2
103.4
103.0
101.2
107.8
108.1
108.4
107.7
107.2
107.5
107.7
107.9
108.1
108.6
107.4
107.3
105.3
104.7
104.2
99 9
96.6
98 9
99.0
99.0
98.9
95.6
94 8
90.7
97.2
97 3
96.3
94.5
91.4
92.1
92 7
93.4
94.9
95.2
96.4
97.7
97.8
97.9
97.2
95.4
94.7
93 6
93.5
94.2
94.8
95.2
96 0
95.4
101.1
100.9
101.1
101.4
101.0
100 8
100.7
100.8
99.5
99.6
99 0
98.9
104.4
104.0
102.0
101.6
103.2
104.4
103.2
105.0
105.4
104.4
104.6
103.5
101.4
100.3
100.2
99.6
99.5
99.0
98.0
98.4
99.9
100.4
100.5
102.0
94.7
95.0
95.0
94.4
94.5
95.4
96.8
97.8
98.0
98.4
100.0
99.7
100.0
99.1
99.2
98.6
99.1
99.2
99.4
99.9
100.1
99.7
100.1
99.4
91.9
92.7
92.0
91.7
89.8
92.3
90.4
89.1
89.3
89.4
89.6
90.3
103.1 . 105.7
103.0 105.6
103.4 105.9
103.7 105 7
104.0 107.1
104 2 108 0
103.9 107.1
104.4 107.4
104.9 107.3
105.4 107.5
105 6 107 0
104.7 106.2
108.8
107.6
107.7
106.0
102.9
102.4
98.0
104.7
106.6
108.7
105.2
103.4
99.2
99.1
99.2
98.9
98.7
98.5
97.7
96.4
95.9
95.0
94.0
93.4
105.8
105.7
104.6
103.6
102.4
103 1
101.7
101.3
99.7
100.4
99.4
99.2
87.7
91 5
92.0
91 2
90.4
90 1
86.5
87.2
84.8
84 0
82.6
84.4
94.0
93.4
90.9
88.5
87.9
87.8
88.2
87.7
87.6
87.7
87. 2
86.6
97.0
95 7
95.1
93 8
94.0
94 1
94.1
94.1
93.8
93 3
92.7
91.4
102.1
102.2
103.2
102.5
101.6
100.7
98.1
97.7
97.8
97.2
98.4
97.4
102.4
102 8
103.0
103 2
103.7
104 3
105.4
105.6
105.8
104.4
104.4
103.7
98.6
97.8
98.2
97.6
97.8
98.5
98.9
99.2
98.0
97.3
95.2
95.1
101.1
101.1
100.6
101.4
101.4
103.3
102.5
102.1
102.4
101.3
101.7
101.5
90.0
91.6
91.5
92.4
92.9
94.4
96.1
90.9
95.4
95.6
95.1
94.1
104.0
104 7
104.6
104 7
104.0
103 9
103.4
104.4
104.3
104 2
104 1
104.0
108.4
108.1
108.4
107 1
105.4
104 1
103.4
102.4
101.7
100.6
100.5
99.6
102.7
102.8
104.1
107.2
108.7
108.7
106.6
106.0
105.4
104.7
104.6
107.0
92.6
93.9
94.5
94.6
95.4
96.7
96.5
97.9
97.6
98.4
100.3
100.7
98.7
98.9
99.8
100.4
102.2
103.8
105.1
106 7
108.3
110.2
112.4
114.4
85.4
87.0
88.0
88.6
92.1
95.9
99.0
101.9
104.6
104.4
104. 5
103.9
86.8
85.6
84.7
83.4
82.9
83.3
82.0
82.6
83.0
83.4
84.1
83.7
91.0
90.7
92.1
92.0
91.4
92.1
91.5
92 6
92.8
93.3
94.1
94.2
96.6
96.2
95.8
94.3
95.7
95.3
94.9
96.2
96.0
95.4
95.1
96.2
103.3
102.9
101.9
100.6
99.9
100.4
100.2
100.2
100.2
101.3
102.6
102.9
96.4
96.6
96.6
95.6
95.2
96.2
97.0
96.0
95.3
94.8
93.3
94.5
102.1
103.2
104.5
104.9
104.9
104.7
105.8
105.8
106.1
106.6
108.6
110.4
93.7
92.2
92.1
91.4
91.5
90.9
86.6
92.3
90.1
90.3
89.5
89.0
103.8
104.3
103.4
103.4
104.4
104.8
105.2
106.0
105.5
106.5
106.9
106.7
99.0
100.4
100.1
99.4
99.1
100.9
101.3
101.6
103.8
107.3
108.4
110.4
108.6
110.3
109.1
107.4
105.7
105.7
111.4
114.0
114.8
116.4
116.5
115.1
101.3
100.5
100.6
101.4
102.9
104.4
105.0
105.6
104.7
103.7
102.2
98.4
116 2
118.3
121.3
123.5
127.1
130.1
133.4
133.4
130.0
129.8
125.4
120.8
107 9
110.4
109.6
110.4
106.5
105.3
106.5
103.7
103.2
96.2
90.0
86.9
83.7
84.1
83.6
82.4
82.4
81.9
81.7
82.4
82.0
82.8
82.8
81.2
94.4
94.4
95.2
96.0
96.4
96.7
97.7
98.4
97.0
95.2
93.0
90.6
96.1
95.1
93.9
94.0
94.2
93.7
93.0
94.3
94.4
94.1
93.0
89.7
102.9
103.1
104.1
104.6
105.7
106.4
106.9
106.4
106.3
105.8
103.8
101.7
95.3
95.2
94.8
96.3
98.1
98.2
99.8
100.6
100.8
101.7
101.7
99.5
111.9
111.7
110.7
115.7
111.8
110.7
113.7
113.6
112.2
114.0
115.1
114.4
84.7
86.9
86.0
86.3
84.2
84.4
84.1
85.4
82.6
81.8
82.5
78.2
107 0
108.9
108.8
109.4
110.2
111.2
112.1
113.0
114.2
114.0
113.6
113.7
111 7
112.8
114.6
115.4
113.1
113.5
115.1
117.6
117.5
119. 0
117.8
116.4
117.0
116.4
117.4
116.4
115.1
114.5
114.7
114.3
109.8
106.3
96.1
93.1
1927—January
February
Miarch
April
May
June
July
August
September
October
November
December
1928—January
February
JMarch
April
May
June
July
-August
September
October
._
November
December
1929—January
February _ _
March
April
May
_- June
July . . _
August
September
October
._ _ _
November
December
330
FEDERAL RESERVE BULLETIN
JUNE 1934
TABLE 3.—FACTORY EMPLOYMENT: INDEXES BY GROUPS—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Year and month
Iron
and
steel
Machinery
1930—January
February...
March
April
May
June
July..
August
SeptemberOctober
NovemberDecember..
97.8
97.3
95.3
94.9
94.4
92.3
89.3
85.4
82.7
81.8
80.2
78.7
117.6
115.6
114.1
111.8
108.7
105. 7
102.1
98.0
97.3
95.6
94.6
92.3
1931—January
February...
March
April
May
June
July—
August
September .
October
NovemberDecember..
76.5
74.9
74.9
74.4
72.6
70.4
69.8
68.2
65.2
63.6
62.7
62.3
1932—January
February...
March
April
May.
June
July
August
September.
October
NovemberDecember..
Lum- Stone,
Trans- Railber
porta- road Nonclay
tion
ferrous and
and
equip- repair
metals
prodshops
glass
ment
ucts
87.6
86.4
84.4
85.5
Textiles
Leath- Food Tobac- Paper
er and prodand
co
prod- ucts prod- printucts
ucts
ing
87.8
85.3
84.9
82.8
81.2
78.7
75.1
72.0
68.8
68.4
66.0
64.3
85.9
85.4
85.6
85.3
83.9
81.7
78.3
76.5
76.4
75.9
74.6
73.1
100.3
98.7
97.3
96.6
95.1
94.1
90.3
89.3
89.7
88.8
87.8
86.2
97.4
96.3
95.4
97.1
95.1
93.6
91.5
90.0
87.6
85.4
82.8
82.1
113.0
112.0
111.0
111.9
111.4
109.4
109.4
107.0
107.8
107.1
106.0
104.0
81.0 112.7
80.0 112.0
80.2 111.4
80.2 110.8
80.4 110.7
79.9 ' 109.6
80.1 108.5
76.0 107.6
76.4 105.1
75.4 104.1
74.7 102.4
75.7 102.0
Chemicals Ruband
ber
petro- prodleum
ucts
products
115.4
114.9
113.8
111.4
110.7
109.9
109.5
109.4
107.3
105.6
103.3
102.5
91.4
91.2
91.3
89.4
88.4
84.3
84.8
80.6
80.0
78.0
78.4
100.4 100.5
99.5
98.8
99.0
95.6
99.1
98.4
99.1
98.9
97.0 - 97.1
96.3
95.7
95.9
93.7
93.7
92.2
93.4
91.5
91.8
90.2
91.0
89.5
77.7
75.8
73.7
74.1
75.3
75.4
74.7
73.8
73.0
71.7
71.6
70.4
82.6
79.1
75.8
74.4
72.4
74.4
73.8
80.3
79.0
77.2
75.5
75.6
74.5
71.2
70.7
70.6
68.5
68.9
68.7
89.1
87.9
85.9
84.4
82.1
79.3
76.4
72.9
72.1
70.1
69.5
69.5
67.6
68.4
68.8
67.8
67.8
66.4
65.4
65.4
58.1
61.7
67.2
70.2
69.8
67.8
66.4
65.8
64.2
62.6
62.0
61.3
60.4
59.6
59.1
79.2
78.3
77.5
77.3
76.9
75.9
74.7
72.0
71.6
69.6
67.8
66.7
61.5
61.1
60.6
60.1
59.9
58.6
56.4
55.1
53.4
51.4
50.1
47.8
69.9
68.9
68.7
68.3
68.3
66.8
63.6
61.7
60.4
57.7
56.3
54.6
85.0
86.9
88.5
89.1
89.9
88.7
90.1
90.2
88.4
85.1
83.1
82.3
82.8
83.1
85.9
88.1
87.7
87.6
88.4
88.1
85,0
80.8
74.2
80.1
105.4
103.0
102.6
99.0
99.9
97.8
97.1
96.4
95.7
93.7
92.0
91.9
73.9
76.1
75.4
74.1
73.6
72.7
72.9
72.3
70.3
69.6
69.1
65.3
60.6
59.4
57.7
55.7
53.6
52.3
50.1
48.8
49.4
50.8
51.3
50.1
67.4
66.6
64.6
61.0
58.5
55.4
52.5
49.9
49.4
50.0
50.9
51.1
66.1
65.9
63.0
58.2
56.6
57.9
57.6
52.4
47.5
43.8
49.4
50.8
56.2
56.9
56.7
56.6
55.0
51.6
50.4
48.1
49.7
52.1
54.2
53.4
64.9
64.2
62.8
60.3
58.4
57.0
51.4
53.9
55.6
56.2
56.7
55.3
46.7
46.2
44.1
42.5
41.1
39.8
38.5
37.8
38.9
40.0
39.4
39.1
81.2
82.8
80.3
75.7
71.1
67.7
65.2
72.0
79.7
82.6
81.5
79.7
68.4
66.4
65.2
63.9
62.2
63.7
63.4
62.9
62.4
63.3
63.8
62.9
90.0
88.9
88.0
87.4
86.0
84.4
83.1
81.9
82.7
83.6
82.6
81.7
89.6
89.1
88.2
87.2
87.0
80.4
79.1
77.9
81.9
82.7
83.3
83.8
69.1
68.3
66.4
64.7
65.0
63.5
64.1
61.9
64.0
64.6
64.4
47.8
48.9
46.2
47.4
50.4
55.6
62.8
68.7
70.9
69.4
68.1
67.6
49.0
49.3
47.8
48.3
50.5
54.4
58.6
64.2
67.9
70.8
72.3
72.4
52.1
49.1
43.4
42.9
44.7
49.0
56.7
61.7
65.5
63.9
60.5
65.6
52.4
51.5
50.9
47.8
49.4
48.0
51.4
54.0
54.8
54.7
55.0
53.6
52.9
52.6
49.8
51.3
54.4
59.1
63.2
70.4
74.8
74.8
71.7
69.2
37.7
36.9
35.1
35.5
38.2
42.6
46.7
49.8
52.9
53.1
50.9
49.9
77.9
79.4
73.9
77.1
82.3
91.0
100.2
101.2
98.1
96.1
92.1
87.3
79.9
81.9
83.0
83.2
78.3
77.0
74.4
76.7
78.3
80.4
77.7
76.9
77.4
79.2
78.2
79.0
82.2
86.9
88.9
89.7
87.3
86.7
80.9
82.4
91.4
91.0
89.7
88.3
87.5
86.8
84.0
84.2
84.9
85.2
84.6
83.8
1933—January
February...
March.
April
May
June
July
August
SeptemberOctober
NovemberDecember. _
51.9
50.8
49.0
47.4
44.4
41.6
41.1
40.8
41.6
42.8
43.3
41.5
38.8
38.7
37.6
38.0
40.2
44.1
48.8
51.4
51.0
49.7
50.0
50.0
87.0
87.2
85.0
89.0
91.1
91.7
92.0
97.4
103.2
104.6
102.3
101.7
59.8
59.0
53.6
52.8
59.5
61.4
61.0
62.4
60.0
61.9
63.1
61.9
81.1
81.4
79.8
80.2
81.3
83.1
85.1
89.9
93.0
94.2
93.0
93.0
84.0
84.8
83.9
83.2
87.1
91.9
96.5
103.0
105.5
106.9
106.6
106.6
62.8
62.5
60.5
59.5
61.3
67.4
76.2
87.9
89.4
89.4
87.0
84.3
1934—January
February...
March.
April
64.9
66.4
69.1
71.5
71.8
74.0
78.4
81.5
72.1
82.6
89.6
53.6
54.2
55.8
57.4
69.4
70.1
73.7
76.0
47.2
48.4
49.8
50.0
52.0
52.7
53.1
54.7
88.1
95.1
97.3
97.8
83.6
88.4
90.5
93.0
104.0
104.3
107.8
104.0
58.4
62.6
64.9
65.7
91.7
92.9
93.4
95.5
107.7
109.6
110.9
109.4
83.4
85.1
89.0
90.4
331
FEDERAL RESERVE BULLETIN
JUNE 1934
TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Iron and steel group
Year and month
Steam, hotBlast furCutlery and Hardware water heatnaces and Cast-iron
edge tools
ing apparapipe
steel works
tus, etc.
Stoves
Structural Tin cans, Wirework
metal work
etc.
101.6
96.6
101.8
100.7
93.0
92.8
101.7
88.6
70.3
55.1
55.8
102.2
97.7
100.1
102.6
99.2
92.4
91.6
78.3
67.1
46.5
49.6
106.3
94.9
98.8
104.2
96.3
93.9
99.3
83.3
69.4
57.3
68.2
104.3
97.8
97.9
107.4
106.1
106.5
111.2
99.0
76.1
50.9
46.1
91.0
92.7
92.7
93.0
93.1
96.6
98.0
97.7
96.9
98.6
100.5
100.6
100.9
101.2
101.8
102.4
101.9
101.7
103.7
104.4
103.4
101.2
98.0
98.1
101. 7
100.7
103.8
103.8
104.2
103.9
105.4
103.3
101.6
100.4
99.0
98.5
119.3
106.6
107.3
108.6
108.4
109.1
112.7
103.9
102.3
99.3
99.1
98.5
96.8
98.1
102.1
102.0
103.5
107.6
103.3
109.6
108.6
107.4
107.8
105.0
lDpppTnbpr
104.1
107 2
108 4
107.7
98 7
93.4
88.6
85.6
87.4
91 7
92 5
98 2
104.2
106 3
104.4
104.4
103.6
101.2
99.2
100.4
98.1
100 9
100.0
97 2
100.3
102.4
100.4
100.0
98.6
95.7
91.1
89.4
93.2
94.4
95.3
97.5
98.8
97.5
100.3
102.4
100.4
98.6
97.4
95.9
95.6
96.1
96.4
93/3
95.6
97.3
96.4
96.1
96.0
95.0
90.3
93.0
93.5
94.7
94.7
96.0
304.5
104.7
101.4
99.3
99.3
98.3
96.2
96.4
95.5
91.4
91.3
94.9
1925—January
February
March
April
Mi ay
June
July
August
Seotember
October
November
December
102.0
102 0
101.4
99 0
97 3
96.2
95 7
95 1
94 9
96 7
98 4
101 7
100.4
103.0
101.7
99 9
100.6
99.4
99.8
102.1
103.8
105.1
105.6
107.6
98.4
99.3
100.6
99.8
101.1
101.1
100.6
102.6
103.5
103.9
104.8
105.8
98.4
97.5
97.2
96.3
96.4
96.3
98.9
98.9
100.3
104.3
107.1
109.9
97.0
98.2
98.3
94.6
95.0
97.9
97.0
99.3
100.3
100.7
103.4
104.1
96.3
96.6
96.6
95.5
97.4
98.4
100.1
98.8
97.4
99.0
98.6
99.1
1926—January
February
Mi arch
April
Mi ay
101.3
101 4
100 0
100 8
100 3
100 5
100 3
100 8
101 8
102 5
101 9
100.2
109.1
111.0
109 4
109.2
108.2
109 6
112.6
111.4
112 7
111.4
110 1
106.9
106.2
105.1
103.6
103.6
101.1
98.9
99.7
99.4
99.4
98.5
98.1
95.2
106.1
105.1
103.7
103.4
102.3
103.0
102.3
102.4
102.0
101.2
100.6
98.9
105.2
104.0
103.4
105.7
103.6
103.4
105.8
104.8
104.1
103.7
103.8
103.0
100.5
102.9
103.0
105.0
106.4
107.4
111.6
111.3
111.7
110.3
109.7
109.4
97.9
99.2
98.3
98.8
98.6
99.5
102.6
100.8
101.9
100.0
97.6
95.6
102.0
99.6
99.9
97.8
97.9
98.2
91.9
94.9
95.3
93.6
92.6
91.5 !
107.0
107.6
106.7
106.6
106.6
107.1
105.6
107.2
105.9
103.8
104.4
104.9
104.6
97.0
98.4
101.0
95.7
96.3
103.2
90 3
68.4
51.5
58.6
96.0
101.6
102.4
110.1
101.8
92.4
87.8
80.4
71.4
45.6
39.3
99.4
100.7
101 2
101.6
104.2
108 8
106.8
108 8
107.1
107.4
105.9
102.2
1924—January
February
March
April
Mi ay
June
July
August
September
October
November
1923
1924.
1925
1926
1927
1928
1929
1930
1931
1932
1933
- .
1923—January
February
March
April
Mav
June
July
August
September
October
November
December
July
August
Sfntfinbpr
October
November
1Q27 Tannarv
Fpbruarv
Mi arch
April
Miay
July
December
97 6
97 5
97 8
97 6
97 5
97 2
96 7
95 0
93 9
93 4
92 4
91.6 i
107 3
106 0
105.9
104 9
106.1
103 9
101 6
99 9
97 3
95 7
95 8
97.2
99.6
102.4
98.0
94.6
89.5
74.2
67.6
65.2
95.9
95.4
95.6
95.3
93.9
93.8
93.4
89.7
92.0
91.1
90.2
89,3 1
101.0
100.0
99.0
93.1
100.0
106 9
98.4
120.4
104.3
124.2
83.8
73.9
78.7
95.6
90.3
103.3
332
FEDERAL RESERVE BULLETIN
J U N E 1934
TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Iron and steel group
Year and month
1928—January
February
March
April
May
June
JulyAugust
September
October
November
December
--
--
- -
1929—January
February
March
April
M!ay
June
July
August
September
October
November
Dpppmber
.- -
--
1930—Januarv
Fpbruarv
M^arch
April
May
June
July
August
SpDtember
October
Novpmber
December
1931—January
February
March
April
M!ay
June
July
August
September
October
November
December
Steam, hotBlast furCutlery and Hardware water heatnaces and Cast-iron
pipe
edge
tools
ing
apparasteel works
tus, etc.
-
. .
--
1932—January
February
__.
March
April
._
May
June
July
August
- - September
October _
November
December
1933—January
February
March
April
_
May
June
July
August
September..
October
November
December
-
--_
_.
_
1934—January . .
February
March
April
.
.
Stoves
Structural Tin cans, Wirework
metal work
etc.
91.3
93.2
94.0
94 3
94.9
96.1
96 4
97.3
97.2
98.4
100.8
101.2
96.2
93.0
93.7
93 3
95.4
95.2
90 3
90.7
92.3
91.5
89.0
87.7
89.4
89.4
90 0
89 7
90.0
91 9
91 4
95.0
95.3
95.7
97.5
98.3
91.4
91.4
92.7
93 1
93.8
93 7
92 3
97.0
92.3
92.8
91.4
87.0
88.3
90.7
91 1
92 2
93.7
94 9
95 1
94.9
95.0
96.1
96.6
98.0
104.6
105.1
103.4
102 6
105.4
107.1
104 9
108.6
107.6
106.7
109.0
113.0
101.1
100.2
100.4
101.7
103.7
106.0
106.8
107.4
105.6
103.8
103.0
98.4
88.4
82.8
85.2
85.1
86.1
88.7
89.9
91.9
93.2
91.4
87.1
83.5
99 3
100. 8
102 0
101.0
101.6
102 3
104.3
102.7
103.3
103.3
100 6
99.3
95.1
95.9
94 0
93.2
90.3
88.8
86.8
89.1
89.2
91.7
93 7
91.7
100.1
99.0
99 1
100.0
100.3
100.2
101.1
99.9
101. 2
101.3
96.1
93.5
110.6
110.4
110.1
109.3
110.4
111.0
111.4
113.4
113.8
113.1
111.7
109 2
98.4
98.5
96 4
96.6
96.4
94.4
90.8
86.3
83.2
82.3
80 7
79.1
81.0
81.9
82.9
84.1
84.0
84.4
81.3
80.2
80.0
78.9
75 3
70.4
100.1
97.6
95 2
93.9
92.2
89.2
87.7
84.2
82.7
81.7
79 7
78.8
84.9
84.6
82 7
81.4
80.5
74.7
73.8
73.9
73.9
74.7
76 9
77.6
93.6
93.1
89.4
87.5
86.1
86.3
84.0
81.6
76.5
75.8
75 7
70.4
107.4
104.6
103.0
102.8
102.9
102.4
100.4
96.4
94.9
91.9
90 6
90.2
77.0
75.5
75.4
75.0
72.7
69.7
68.9
66.2
62.4
59.8
58.7
58.9
70.4
73.8
73.8
75.5
75.6
73.6
72.1
71.2
68.9
67.4
67.5
67.6
76.7
74.4
74.8
75.8
74.5
74.8
75.3
75.1
74.8
72.3
70.9
71.3
76.6
75.1
74.7
74.6
73.2
71.6
71.1
68.4
65.4
65.2
64.4
63.2
75.4
72.2
72.1
69.5
67.7
66.2
66.4
62.6
61.7
64.7
64.1
61.9
69.8
70.7
73.1
73.2
72.7
71.2
68.7
68.9
68.8
67.4
65.4
63.2
86.8
83.5
82.7
80.2
78.0
75.7
75.3
75.3
72.1
68.4
67.9
66.8
92.1
91.6
90.6
89.7
87.5
83.1
82.4
80.7
76.2
76.4
76.6
78.3
88.6
84.2
89.4
90.8
91.4
93.2
96.4
102.2
101.1
102.0
103.9
103.9
58.0
57.2
55.6
54.0
52.2
50.8
48.3
46.8
47.3
49.1
49.6
48.8
64.0
58.8
51.6
46.6
44.5
41.1
41.9
40.3
37.3
39.8
41.2
40.1
70.9
71.7
71.9
72.3
73.0
69.5
64.2
65.8
65.3
63.6
62.2
60.4
62.4
60.9
59.8
58.5
55.7
54.8
51.4
50.4
51. 1
51.4
52.3
52.0
55.9
55.2
53.4
48.1
41.7
41.5
41.0
40.7
43.2
45.4
48.2
43.9
60.6
61.0
59.3
58.7
57.1
53.6
51.9
50.8
56.4
58.4
60.4
58.8
64.4
61.0
59.4
56.1
53.0
50.5
47.2
46.4
44.3
42.9
42.8
42.9
78.5
75.1
74.9
72.6
70.4
73.2
71.3
69.7
75.8
76.1
75.7
73.1
97.4
96.6
95.0
92.7
91.4
90.7
86.1
85.3
88.9
87.786.8
85.0
46.8
48.2
45.0
46.2
49.1
54.8
63.0
70.4
71.9
70.7
68.7
68.1
38.1
32.8
26.3
31.4
32.4
38.7
41.9
43.0
45.3
47.2
45.8
48.2
57.9
57.2
52.0
53.6
57.4
61.1
63.8
72.1
77.4
78.0
76.2
75.8
50.9
51.1
48.7
49.3
50.8
54.9
60.3
65.3
62.4
57.9
57.7
60.4
39.8
42.8
37.4
41.8
45.3
49.3
54.2
57.3
58.8
54.5
56.9
56.6
51.8
51.8
48.2
51.2
55.6
61.8
76.8
80.4
85.2
87.1
88.2
80.7
41.7
40.8
41.4
41.4
40.8
41.8
44.6
48.1
52.4
53.4
53.2
53.1
71.4
72.7
69.9
70.2
72.2
75.4
78.7
83.8
87.1
85.2
87.7
89.8
82.1
84.2
84.6
85.4
90.0
100.9
111.9
115.4
123.6
123.0
118.1
119.9
65.5
66.6
68.6
71.4
52.9
51.5
50.6
51.0
71.2
72.0
77.2
79.1
69.0
73.1
79.4
84.7
44.9
45.0
45.3
45.3
76.6
78.1
82.6
88.4
53.0
54.3
55.2
56.7
84.5
83.2
88.1
87.8
120.2
118.2
125.9
132.7
333
FEDERAL RESERVE BULLETIN
JUNE 1934
TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation.
Monthly average 1923-25=100]
Machinery group
i Q9^t
---
-- - - - - _
-
_ -_
_
Januarv
February
March
IVIay
June.._
July
August
September
October
November
11)24 Januarv
February
March
April
!May
June
July
August
September
October
November
Railroad repair
shops
Cars,
Electri- Engines, Foundry
Radios Textile
maAgricul- cal
Ship- Electric Steam
Auto- electric
Locoma- turbines, and
and
chine- Machine
and
railmatural im- chinery,
motives building railroads roads
tools
phono- chinery mobiles steamshop
plements etc.
etc.
graphs
products
railroad
Year and month
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
Transportation equipment group
...
1925—Januarv
February
March
April
May
June
July
August
September
October
November
December
1926—January
February
M[arch
April
May
June
July
August
September
October
November
December
1927—January
February
March
April
May
June
JulyAugust
September
October
December
99.2
95.9
104.9
115.4
111.3
113.2
125.3
106.0
68.0
42.3
45.0
108.4
93.9
97.7
103.3
97.7
98.9
111.3
94.2
69.7
50.4
52.6
108.1
91.9
100.0
119.3
114.2
128.0
167.4
125.8
74.6
40.4
41.8
103.4
112.8
117.1
117.9
118 6
117.5
114 4
109.2
105.6
100.3
100.9
99 7
91.8
89.6
95.3
100.2
101.8
104.0
103.1
102.6
101.9
99.7
101.0
98.6
102.6
105.5
107.3
110.4
110.0
111. 3
111.9
111.3
110.3
107.2
107.5
105.7
99.7
99.0
98.7
92.9
86 1
78 1
75.2
77.5
80 4
85.0
88.4
92 6
94.7
97.2
97.3
98.9
98.6
97.2
96.3
95.7
93.1
93.0
94.2
94.8
91.0
93.7
96.4
98.3
98,3
98.6
99 4
105.3
108 5
110.1
113.0
113.0
116.4
92.7
90.9
90.0
85.3
78.5
88.1
71.1
61.3
48.6
61.2
100.5
93.5
106.0
104.7
91.8
108.4
110.7
80.1
70.9
60.5
60.3
126.9
93.8
79.3
74.7
59.6
48.1
63.1
54.7
29.7
26.5
25.6
157.7
76.4
65.9
86.2
66.7
45.4
56.7
52.2
28.0
19.4
15.7
114.6
93.1
92.3
97.6
101.0
79.6
101.6
107.3
82.9
65.8
55.7
104.0
99.1
96.9
96.5
94.1
89.6
87.8
85.8
79.3
71.7
66.3
108.9
96.3
94.8
95.4
88.6
83.3
82.2
72.4
62.9
52.0
50.9
101.4
104.7
109.6
114.8
116.4
116.2
115.2
97.2
108.3
106.7
103.6
102.0
111.5
111.8
114.2
118.0
119.2
118.2
120.8
119.4
121.2
119.2
114.4
108.8
92.7
95.8
97.7
98.1
98.9
101.3
100.0
100.6
101.6
104.0
107.8
109.0
140.9
139.0
133.6
118.0
116.4
119.2
117.5
124.1
124.2
131.9
141.4
122.9
153.1
155. 9
160.3
153.3
157.4
158.6
163.6
169.5
166.1
165.8
153.2
135.3
111.7
109.3
116.7
115.4
115.4
118.4
118.4
116.4
113.8
116.0
114.8
107.5
101.7
102.3
103.4
104.0
103.3
104.3
104 8
105.4
106.2
104.3
104.7
103 5
112.9
107.0
107.1
105.6
106.4
109. 9
110.1
111.9
110.8
111.4
109.4
104.6
104.8
100.6
100.9
100.1
94.6
91.1
87.5
87.4
87.5
88.6
90.2
93.6
98.7
99.1
99.6
98.3
94.8
92.9
87.9
84.1
85.6
84.8
87.6
88.7
107.1
103.0
100.6
96.7
92.9
93.1
89.1
89.1
84.4
85.8
84.1
86.3
110.4
109.5
108.7
101.2
91.3
84.7
82.9
85.1
84.5
86.0
87.4
91.0
106.2
98.4
90.3
88.9
95.8
93.9
94.1
92.4
89.7
90.2
91.2
96.6
102.0
80.1
70.5
68.3
72.6
77.5
75.2
68.9
68.3
72.5
79.9
82.5
101.6
102.9
100.7
97.0
89.7
90.7
91.7
87.4
87.1
89.8
88.7
88.6
101.8
100.4
100.6
100.3
99.5
98.9
98.1
97.7
96.7
98.6
98.6
98.5
102.6
99.4
97.9
96.4
£4 0
92.8
92.5
92.9
94.5
97.0
97.9
97.2
95.4
98.6
100.8
101.3
103.5
105.2
106.7
108.4
108.8
109.6
109.6
110.5
94.9
95.7
95.9
96.4
96.7
97.5
96.9
96.5
97.4
100.0
101.6
103.0
91.7
91.9
91.8
93.2
94.1
96.5
100.0
103.0
103.4
106.9
112.9
114.8
90.3
89.3
85.8
87.4
88.7
89.5
90.9
92.4
92.4
92.2
94.7
97.1
91.8
90.2
93.4
99.1
104.2
104.9
106.4
109.1
112.1
118.8
124.2
118.6
103.9
103.3
98.4
88.7
80.2
7.71
73.9
72.4
63. 3
63.3
62.3
66.6
73.2
69.1
69.2
68.5
62.1
61.6
62.2
60.4
61.1
62.4
69.0
72.0
91.8
92.7
94.2
94.7
94.3
91.5
95.4
94.9
91.6
88.8
88.1
89.1
96.9
97.3
97.9
98.0
97.3
• 97.9
95.6
92.4
95.6
97.3
97.9
98.6
97.2
97.3
96.2
94.2
91.0
91.7
92.4
93.5
94.8
95.0
96.3
97.6
114 1
113.4
112.1
113 3
113.0
115.1
114.7
118.0
119.4
118.3
118 0
115.7
111.5
111.5
111.6
114.4
115.8
115.4
116.6
118.5
118.6
118.3
115.3
117.4
102.5
103.3
104.2
103.9
103.1
103.2
103.3
103.5
103.7
103.5
101.9
103.0
116.7
115.8
117.8
118.5
117.1
117.7
119.8
120.4
120.5
121.1
123.9
121.9
97.8
97.2
95.4
95.2
90.9
89.0
87.0
87.6
85.4
84.0
85.3
85.1
114.4
112.7
111.7
106.1
101.1
104.1
104.6
104.7
104.6
100.3
98.9
93.3
74.3
77.8
79.9
81.4
82.6
80.7
77.1
73.0
72.4
68.1
66.0
62.5
84.5
87.0
86.1
83.1
84.6
85.9
84.1
87.7
85.8
86.0
87.0
92.9
91.6
93.1
93.4
90.0
92.6
93.8
96.8
98.8
101.3
102.7
106.6
110.1
97.8
97.4
97.5
97.6
97.2
95.8
95.7
95.3
95.2
95.9
95.9
96.6
97.8
98.0
97.1
95.3
94.5
93.4
93.3
94.0
94.7
95.1
96.0
95.4
112.6
113 3
113.6
112 7
114.1
117 5
119.3
121.9
121 3
124.3
124 4
128.7
117.0
116.8
115.2
111.9
109.7
109.1
109.0
110.0
109.4
109.0
109.3
109.0
101.7
102.2
101.7
100.6
98.9
98.3
97.4
96.2
93.5
94.5
93.1
93.7
120.9
118.6
117.4
116.8
114.0
113.8
112.8
111.6
112.3
111.2
111.4
109.8
82.8
84.4
85.1
85.0
84.8
87.0
86.7
87.2
86.5
87.3
83.4
83.0
89.9
95.3
96.4
95.6
94.2
93.4
89.7
90.9
88.3
88.1
87.7
91.8
62.8
59.9
57.6
61.4
64.3
68.0
63.7
60.8
59.1
58.0
53.9
46.0
79.6
78.7
74.9
68.8
66.0
64.8
65.9
70.9
69.9
60.1
52.5 •
48.0
107.9
109.8
109.9
106.2
105.2
103.4
100.3
98.8
96.2
94.9
91.1
88.7
95.6
96.0
96.4
95.9
93.8
94.5
94.6
94.4
93.6
92.0
90.6
91.7
93.9
93.3
90.6
88.0
87.4
87.3
87.7
87.1
87.1
87.4
87.0
86.2
109.9
87.9
102.2
115.4
118.7
138.2
147.8
109.9
61.7
38.8
44.7
103.0
97.9
99.1
127.3
107.1
80.9
56.8
51.3
89.5
105.9
104.6
201.4
137.4
126.7
103.2
147.3
334
FEDERAL RESERVE BULLETIN
JUNE 1934
TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Machinery group
Year and month
Transportation equipment group
Railroad repair
shops
Cars,
Agricul- Electri- Engines, Foundry
and ma- Machine Radios
Textile Auto- electric Locoand
Ship- Electric Steam
tural im- cal ma- turbines,
chinemaand
railphono- chinery mobiles steamtools
plements chinery
motives building railroads roads
shop
etc.
graphs
etc.
products
railroad
109.4
107.3
108.4
109.6
110.7
110.7
111.1
114.9
116.6
117.6
119.0
123.6
93.5
94.2
95.0
95.4
96.9
97.899.1
99.6
100.8
102.8
105.2
106.0
109.8
111.5
114.0
118.5
121.8
125.1
129.4
134.4
136.1
139.2
146.7
149.5
80.7
80.8
80.2
78.3
77.1
79.4
79.0
76.3
77.9
77.2
77.7
77.8
94.7
96.9
98.1
98.8
102.2
107.4
111.2
115. 2
119.3
119.4
119.2
118.0
40.7
43.8
47.8
49.1
53.4
52.9
54.3
51.7
47.5
44.4
46.2
45.6
48.0
49.4
48.5
47.4
46.0
46.1
43.6
44.2
43.7
43.4
42.6
41.8
83.3
77.3
74.6
75.0
77.0
77.7
78.9
79.4
80.4
82.0
82.6
86.6
91.9
92.4
92.2
91.5
90.7
88.2
87.5
87.9
87.7
86.5
86.4
85.1
84.0
82.8
82.2
82.7
81.5
82.2
82.7
83.1
83.9
83.4
111.2
114.1
117.7
121.5
126.8
132.4
135.8
136.5
136.9
136.0
131.6
126.7
124.1
125.0
126.3
124.4
124.9
128.7
127.7
126.1
126.5
126.7
122.7
120.6
106.9
108.7
110.6
111.9
112.7
113.5
114.1
113.7
112.2
112.6
110.1
108.8
152.3
155.4
161.5
164.1
164.9
168.8
173.3
187.4
174.4
174.0
172.1
160.4
155.7
156.8
170.9
173.1
209.4
222.3
272.0
274.2
223.7
222.4
197.7
79.2
81.3
83.3
87.8
91.0
95.0
96.0
92.6
92.1
88.4
86.6
84.1
122.6
125.6
123.3
122.4
115.9
113.7
114.3
109.7
108.4
98.4
89.3
84.4
47.3
50.5
52.2
57.4
60.0
62.1
64.5
66.9
70.9
72.2
74.3
78.9
42.9
43.1
47.7
56.4
62.1
59.5
63.1
63.5
61.7
62.3
60.0
58.3
87.8
86.3
92.2
97.2
101.3
102.1
105.7
106.8
108.4
109.0
110.9
111.1
86.6
86.6
89.7
87.2
89.3
86.5
88.6
89.0
87.5
87.9
88.3
86.8
83.5
84.0
83.1
82.1
81.8
81.5
81.2
81.9
81.4
82.4
82.3
80.8
134.6
134.7
135.0
128.6
123.7
110.4
101.3
88.7
90.9
90.7
90.1
90.1
123.2
120.0
118.7
116.0
111.5
108.0
102.9
99.7
99.6
98.2
95.0
91.9
119.6
119.6
118.9
117.5
115.7
111.1
106.0
98.6
94.6
90.3
90.6
89.6
105.6
104.1
102.7
101.5
93.4
88.7
87.3
85.1
83.2
82.5
153.7
147.3
144.2
140.1
135.6
132.2
122.9
115.7
112.5
107.2
102.1
96.5
132.1
131.2
122.2
106.2
110.7
114.9
135.7
148.0
152.4
162.6
171.4
161.2
84.1
84.4
81.1
79.5
72.3
71.2
65.4
65.2
62.3
62.3
62.4
63.1
84.9
84.4
83.4
85.5
84.0
83.3
79.2
75.0
73.6
72.5
78.0
77.8
82.2
76.2
67.7
62.9
58.7
52.9
51.7
49.6
46.5
41.5
32.8
33.6
58.4
58.3
58.0
59.4
59.2
58.7
53.4
49.4
48.4
44.1
40.9
38.1
112.6
109.8
107.8
108.1
107.7
108.4
107.4
111.5
111.5
108.4
98.6
95.0
87.9
87.6
87.1
87.7
87.3
86.6
85.3
84.5
84.5
84.5
84.6
82.3
79.8
78.4
76.4
74.6
74.7
73.6
70.1
69.6
69.6
67.3
67.7
67.6
1931—January
February..
March
April
May
June
July
August
September .
October
November.
December—
92.4
88.2
77.6
71.4
62.2
57.9
50.3
45.7
46.4
47.2
49.3
51.4
90.2
89.7
88.5
87.4
85.0
82.6
79.4
76.2
76.1
73.9
71.1
70.1
88.4
85.1
82.8
77.1
68.9
66.6
64.4
60.0
56.7
55.9
54.2
56.3
78.8
77.4
76.1
74.6
74.4
71.1
68.5
64.5
64.1
62.4
62.0
62.1
91.2
87.9
87.4
85.1
81.9
77.8
73.3
70.2
65.2
62.1
57.2
55.9
149.6
148.2
134.2
138.9
123.7
124.2
128.0
121.4
113.2
105.4
116.6
116.4
62.2
62.2
62.7
62.7
62.2
62.3
57.1
62.7
61.8
60.7
60.2
58.8
73.1
71.4
73.0
73.9
73.5
73.2
71.4
70.7
70.4
60.7
65.4
73.5
35.7
33.5
32.3
30.3
25.6
27.0
27.1
28.4
29.2
28.8
29.0
29.4
31.3
31.5
33.2
31.6
28.9
27.4
26.9
26.2
25.9
24.4
24.0
24.0
90.6
85.3
82.0
83.2
83.4
84.3
83.7
79.9
81.8
80.7
81.4
78.4
81.7
81.9
82.0
81.7
81.2
80.2
78.4
76.8
76.9
76.6
77.0
76.6
69.3
68.8
66.7
65.2
64.6
63.0
61.4
60.9
60.1
59.2
58.3
57.8
1932—January
February._
March
April.
May
June. *
July
August
September.
October
November.
December..
52.2
54.0
53.1
47.8
38.4
31.0
29.3
31.9
31.1
28.2
32.5
36.2
69.3
68.3
66.8
63.2
60.8
57.5
53.4
51.5
48.7
47.6
47.3
46.8
43.4
49.8
48.7
46.0
44.2
42.9
39.9
37.8
38.0
38.7
39.0
39.4
58.7
57.3
55.2
53.1
51.3
48.8
47.7
44.9
45.6
46.7
47.4
47.5
53.3
52.1
49.1
45.1
39.4
38.4
34.9
35.5
34.1
33.0
34.5
35.0
135.5
128.9
125.5
106.4
106.7
103.4
95.4
84.0
74.9
82.7
93.2
101.3
58.9
58.7
56.1
52.6
47.6
45.2
36.0
42.6
45.5
47.2
46.6
46.7
73.3
72.6
68.8
62.7
61.2
63.7
63.9
57.3
50.5
44.9
52.4
55.0
25.6
29.8
29.8
26.4
24.3
22.7
23.9
23.0
24.6
28.6
30.4
23.8
23.7
22.6
23.2
21.8
19.0
17.5
17.4
16.4
15.7
16.2
15.4
73.1
71.6
70.3
71.4
70.4
69.3
65.1
63.1
61.3
60.4
58.0
55.7
76.3
75.4
74.4
74.3
72.9
72.3
71.0
69.4
69.3
68.2
68.3
68.7
54.7
55.4
55.4
55.2
53.6
50.1
48.8
46.4
48.3
50.8
53.1
52.2
1933—January
February-.
March
April
May
June
July
August
September .
October
November..
December—
36.9
39.1
37.3
36.2
34.3
38.8
42.3
45.9
51.4
55.0
57.9
61.4
44.7
44.7
43.6
44.0
45.5
48.0
51.4
55.0
58.4
60.6
60.3
59.4
39.2
38.4
36.0
36.2
36.6
40.4
43.4
43.3
53.6
54.0
57.6
60.6
44.5
44.3
42.3
42.7
44.5
48.4
52.9
59.3
62.2
64.1
63.7
62.8
35.2
34.0
30.1
29.9
30.8
34.8
37.9
48.7
50.3
53.5
58.0
58.3
100.8
110.4
119.8
125.0
141.7
149.0
143.8
144.3
146.7
168.0
203.2
215.1
47.1
47.0
45.2
44.0
46.1
54.3
63.3
76.0
79.1
79.3
78.9
74.6
57.6
54.4
47.4
47.4
49.0
55.1
64.0
68.6
72.7
69.8
65.3
71.8
26.2
24.1
22.6
20.9
20.8
18.2
23.0
28.0
27.9
29.1
31.6
34.6
14.4
13.2
11.3
10.8
10.7
11.2
12.5
17.3
19.1
23.3
23.3
20.9
52.6
48.6
45.7
41.7
46.1
47.4
53.5
60.8
68.4
70.7
66.1
67.3
68.3
67.7
67.1
66.6
66.2
65.6
65.2
64.7
65.1
65.8
66.6
66.7
51.3
50.3
49.6
46.4
48.2
46.7
50.4
53.1
54.0
53.8
54.1
52.6
1934—January...
FebruaryMarch
April
71.1
70.9
82.3
57.8
59.2
61.8
63.7
60.8
62.4
64.7
68.2
62.1
63.8
67.4
70.4
58.3
66.2
69.2
215.8
216.4
250.8
253.7
71.2
73.2
74.4
74.4
81.1
94.6
103.7
108.8
35.4
41.4
41.1
40.6
20.4
19.8
22.5
24.9
62.5
62.8
65.7
67.3
65.9
65.8
66.3
66.3
52.6
53.3
55.0
56.8
1928—January
February. _.
March
April
May
June
July
-.
August
September..
October
November..
December...
128.6
128.8
131.3
132.1
135.0
140.2
142.7
140.9
140.7
145.0
145.6
147.3
1929—January
February. _
March
April.
May
June.
July-August
September.
October
November.
December..
147.4
149.4
151.1
158.2
158.3
157.2
157.3
147.9
138.9
136.9
135.4
135.0
1930—January
February. _
March
April
May
June
JulyAugust
September.
October
November.
December—
335
FEDEBAL RESERVE BULLETIN
JUNE 1934
TABLE 4 —FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Lumber and products group
Nonferrous metals group
Year and month
1923
1924
1925 . .
1926
1927
1928
1929
1930....
1931
1932
1933
.—
.._
1923—January
February
March
April.
May
June...
July
August _
September
October
_
November
December
1924—January
February.
March _
April.
May
June...
July
August
September
October
_November
December _
1925—January
February
March
April
May
June
July
August
September
October
.
November
December
1926—January
February
March
April
May
June
July...
__
August
September
October
November
December
1927—January
February.
March
April
May
June
July
August
September
October
November
December
Brass
bronze, Lighting
and
equipcopper
ment
products
Silverware
and
plated
ware
Smelting Stamped
and enand
refining ameled
ware
Furniture
Lumber, Lumber,
sawmillwork
mills
Stone, clay, and glass group
Brick,
tile,
and
terra
cotta
Cement
Glass
Pottery
110.0
95 7
94.3
96 8
93.0
104.1
120 6
106.3
85.4
69.7
76.6
98.2
96.2
105.6
110 3
108.9
106.7
111.9
89.2
73.9
57.9
61.4
96.7
98.8
104.5
102.7
90.7
86.7
84.6
64.4
51.2
35.6
34.4
103.6
98.8
97.6
95.5
86.6
84.4
87.6
67.8
41.2
26.2
28.6
100.4
98.9
100.7
102.9
99.0
92.4
91.4
72.3
50.3
29.8
26.8
95.0
101.0
104.0
102.1
98.3
92.6
90.4
84.5
66.0
45.1
40.9
105.2
95.4
99.4
103.8
94.3
92.6
96.7
83.9
71.6
58.9
69.7
98.5
103.8
97.7
99.7
98.0
98.8
94.6
82.9
72.3
57.0
60.2
101.1
103.0
104.1
106.6
106.3
106.9
104.9
104.8
101.3
100.1
100.2
100.7
119.2
116.3
117 2
116.9
116 1
113.0
112.1
104.7
102.6
101 2
98.2
102.3
97.5
98.1
97.8
98.1
99 8
100.0
100.2
100.2
98.2
97.5
96.4
94.1
95.1
94.5
97.0
96.8
96.7
98.6
99.0
97.7
95.8
95.1
96.0
98.0
100.9
103.3
103.1
102.6
102.8
104.6
105.8
104.4
104.1
104.2
103.9
103.7
96.7
97.1
99.0
101.6
100.9
101.0
101.7
101.6
102.4
102.5
100.5
101.1
93.6
96.2
95.7
92.9
92.8
no o
94.4
94.2
94.9
94.3
96.9
101.0
105.1
104.9
102.1
104.3
108.4
113.0
108.0
107.6
105.5
103.4
101.0
99.2
92.6
92.4
93.1
94.4
97.0
99.0
99.1
103.3
102.9
102.6
101.6
103.6
100.6
101.4
100.4
101.1
99.9
96.3
90.8
88.5
90.9
93.9
95.9
99.2
106.2
109. 9
110 3
105 1
99.5
92 3
86.8
86.9
83 7
88.4
87 8
90 7
94.4
96.4
96 4
96.1
96.4
94.4
92.8
93.6
95.9
97.8
98.8
100 8
98.4
100.2
101 6
101.4
99.8
98.2
96.2
96.1
97.3
97.4
97.4
100 8
102.6
104.4
103 0
101.7
100.4
97.1
96.1
95.3
95.2
96.9
96.4
97 3
102.1
101.2
102.6
102.0
100.8
98.4
95.2
95.8
94.8
96.7
97.2
100 1
105.3
105.4
103.9
101.8
100.9
99.0
98.4
98.9
98.8
97.5
100.6
102.4
98.2
99.3
100.8
100.7
98.5
96.1
91.7
92.1
91.3
92.3
91.2
92.6
105.7
103.3
106.2
107.3
104.7
104.3
91.3
108.1
106.5
102.6
102.3
102.9
99.4
98.0
98.0
97.2
99.4
100.4
101.1
100.3
100.5
101.1
102.0
103.0
92 1
91.9
93 4
91.5
91.0
91.8
90 3
92.0
94 3
97 7
101.8
103.0
103.9
104.4
104.7
104.1
104.3
104.4
104.2
105.9
106.0
107 8
109.0
108.8
102.0
102.5
103.0
103.2
101.4
101.7
104 2
104.6
106.3
107 2
107.9
110.2
99 2
100.5
98 4
98.4
97.3
98.0
97 2
96.0
96 7
97 1
96.1
96.7
99.9
100.8
103.4
102.2
101.8
100.4
99.7
97.8
99.1
99.4
100.5
103.6
102.7
102.3
102.2
104.1
103.5
104.2
103.5
104.3
105.2
104.4
104.6
107.1
96.2
95.4
95.2
96.0
95.7
97.6
101.0
101.4
101.8
103.4
104.2
104.9
100.5
103.2
101.7
103.6
101.7
100.4
74.8
97.6
97.8
98.3
96.6
95.3
103.2
102.6
103.0
102.2
102.4
102.2
100.8
101.3
103.8
103.4
103.8
103.5
101 4
99.6
99 0
98 9
95 9
94 7
94 8
96 1
96 0
97 6
95 8
92 3
109.4
110.0
111.1
110.7
110 4
109.6
109.3
109 7
110.9
111.7
110 8
110.3
108 9
107.3
108.1
103 8
101 9
101.8
101.8
101 2
100.4
100.1
99 6
97 6
96 6
96.1
95.6
97 2
96 8
96 8
96 6
96 4
94.0
93 8
93 0
93 4
105.0
104.9
101.2
99.4
102 4
103.0
103.4
104 0
104.2
103.4
102 1
101.4
104.2
104.5
100.3
99.9
101.8
102.1
102.4
102.6
102.7
101.7
102.1
100.9
105.5
103.0
103.4
103.0
103? 2
104.7
103.2
104.2
104.9
103.7
104.7
102.4
96.2
97.4
97.4
100.0
99.8
101.0
95.3
102.1
102.4
100.8
102.7
101.4
103.1
100.0
100.9
102.0
103.8
102.1
101.7
102.7
101.5
100.2
98.4
98.4
92 1
90 9
92 4
92 6
92 3
92 1
92 7
93 9
94 2
93 6
94.4
94.1
109.1
108.4
109 2
109.0
109 2
109.9
109 4
109 6
108 8
108 3
108.7
106.9
96 4
93.3
92 4
91.6
90 8
91.9
91 4
90 8
89 6
87 7
86.4
86.4
90 9
89.3
88 2
86.2
86 7
86.1
86 1
86 1
85 9
85 7
84.7
83.1
101.8
101.0
102.9
102.7
102.0
100.7
99 5
97 1
96 6
95.1
95.2
93.9
99.6
98.6
" 101.4
100.6
99.7
98.8
98.3
98 0
98 6
96.8
95.9
93.3
97.2
98.2
97.2
96.9
95.1
94.4
94.9
91 0
91.3
90.8
93.6
91.0
101.0
103.1
102.3
100.2
99.4
99.3
83.6
93.9
95.1
96.4
99.3
102.2
103.4
96.6
100.0
102.7
101.2
107.4
121.5
96.6
74.8
57.7
64.3
101.3
100.0
98.7
100.6
100 0
99.4
102.8
100 0
97.2
89 9
92.9
98 4
104.2
92 6
91 3
65.4
49.4
51.2
65.4
54 3
55.4
54.4
45 2
50.7
336
FEDERAL RESERVE BULLETIN
JUNE 1934
TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Lumber and products group
Nonferrous metals group
Year and month
Brass,
bronze, Lighting
equipand
copper
ment
products
Silverware
and
plated
ware
Smelting Stamped
and enand
refining ameled
ware
Furniture
Stone, clay, and glass group
Lumber, Lumber,
millsawwork
mills
Brick,
tile,
and
terra
cotta
Cement
Glass
Pottery
1928—January
February...
March
April.
May
June
July
August
September..
October
November..
December..
97.4
98.1
98.6
102.1
103.9
106.1
107.8
109. 6
112.0
115.0
118.2
119.4
90.9
94.8
97.3
101.8
104.2
104.0
104.3
108.1
109.0
109.1
111.7
114.2
106.5
106.4
107.5
107.1
106.3
105.7
105.5
105.4
105.9
106.5
108.0
109.2
85.3
85.5
86.1
87.1
87.9
88.3
88.8
87.6
85.1
86.8
85.2
82.5
82.3
84.0
83.9
83.2
84.1
83.3
84.8
85.1
86.1
86.6
86.6
93.1
94.0
93.1
89.9
91.0
91.1
91.4
91.9
92.4
92.9
93.4
94.7
93.9
93.1
92.9
91.9
92.7
92.3
91.8
93.5
92.0
92.1
92.4
92.8
90.8
88.4
90.0
91.2
93.9
93.1
94.6
95.7
95.6
92.5
91.1
94.3
100.4
101.7
99.4
98.2
98.7
99.6
93.7
98.8
98.4
99.6
98.9
98.1
1929—January
February...
March
April
May
June
July
August
September..
October
NovemberDecember. .
119.6
121.0
121. 6
124.4
123.7
123.7
122.7
122.6
122.3
122.9
118.4
115.1
114.8
114.6
114.6
118.4
119.4
120.6
122.7
125.3
124.8
124.7
126.5
120.3
110.4
110.4
110.9
111.8
112.4
112.4
115.2
115.4
116.1
113.8
109.9
104.3
87.2
86.2
88.4
87.7
87.8
87.9
87.9
87.1
84.8
80.7
76.1
72.8
86.2
86.2
86.8
87.8
88.2
88.7
89.2
90.4
88.6
87.5
86.6
85.4
92.6
90.9
89.3
89.9
91.2
92.0
92.7
92.9
94.0
93.7
91.0
94.3
93.8
93.4
91.0
90.9
89.7
89.2
87.9
88.0
87.3
96.8
97.4
96.4
96.8
96.2
95.5
95.0
97.8
97.8
97.7
98.1
94.7
98.1
95.8
96.7
96.3
96.4
94.2
90.4
93.0
92.7
93.1
94.6
94.3
1930—January
February...
March
April
May
June
July
August
September. _
October
November..
December..
109.5
104.7
102.2
101.2
100.0
99.4
96.4
93.2
90.1
88.7
87.3
85.9
111.4
116.4
115.5
113.5
111.2
108.8
106.4
103.3
100.0
97.9
96.7
94.1
102.3
98.6
97.9
95.9
94.0
91.7
87.7
85.2
82.8
80.2
77.9
76.6
72.3
72.2
69.9
68.4
68.2
66.4
63.4
61.1
57.8
58.4
57.7
57.8
81.4
78.4
78.3
75.7
73.4
70.3
66.3
62.7
59.2
58.7
55.6
52.9
78.2
77.2
77.3
76.9
75.7
74.3
71.3
69.6
69.7
68.4
66.1
63.3
84.4
84.3
87.6
89.6
91.1
90.3
86.0
86.1
83.3
80.9
76.9
74.0
94.7
94.6
94.3
91.9
89.4
84.4
80.3
75.0
75.8
75.4
75.6
75.3
92.6
90.2
88.0
87.9
84.0
81.1
77.4
78.9
78.4
79.0
79.3
77.6
1931—January
February...
March
April__
May
June
July
August
September..
October
November..
December..
82.2
79.3
79.3
78.3
78.6
76.8
74.8
71.6
71.6
69.8
68.4
67.3
70.2
68.4
67.2
67.1
67.8
66.9
67.6
66.2
64.4
60.3
59.9
59.1
71.0
70.3
69.8
66.8
66.8
67.6
66.7
64.3
62.0
60.2
59.5
59.2
59.6
57.7
56.6
56.3
55.6
54.9
52.1
52.2
51.8
52.2
52.7
50.8
90.4
91.2
88.1
89.8
88.1
88.7
86.3
85.4
84.9
80.4
76.4
75.1
77.2
76.9
77.4
77.4
77.9
75.8
74.2
73.5
72.3
68.8
67.5
67.4
51.8
5J'». 1
55.1
54.2
54.4
52.8
51.5
50.6
47.6
46.0
46.1
45.4
48.8
48.0
46.5
45.7
44.7
43.8
41.0
39.2
37.2
35.9
33.8
29.9
54.9
55.9
56.5
55.5
54.3
53.5
50.7
48.2
47.0
44.1
43.0
39.8
70.7
71.2
71.9
72.1
72.2
67.7
67.2
63.9
60.8
60.4
57.3
56.0
74.4
73.4
73.0
73.1
74.0
74.9
73.0
72.5
71.7
66.8
65.1
66.8
77.2
75.6
74.4
76.1
77.9
74.1
70.5
70.7
69.8
68.8
67.8
64.2
1932—January
February. _,
March
April
May
June
July_.
August
SeptemberOctober
November..
December..
65.5
63.9
62.2
59.3
57.4
56.0
53.8
53.3
54.4
55.4
56.3
55.1
58.1
55.9
54.1
52.6
51.1
50.9
37.0
45.3
46.1
47.3
47.3
48.0
57.3
56.3
55.9
54.8
54.1
50.4
51.8
52.4
53.7
53.5
52.1
50.4
50.1
48.4
46.9
46.0
45.3
43.7
41.3
41.6
43.0
42.6
43.2
73.0
72.8
72.6
71.3
71.2
69.3
64.4
65.4
70.4
67.7
70.8
67.7
67.3
69.4
64.4
61.2
57.9
54.6
52.1
50.8
53.7
54.6
54.0
54.4
43.0
40.4
39.4
36.9
36.2
34.8
33.2
32.8
32.9
32.6
32.6
32.2
27.8
26.9
26.8
26.0
25.7
25.0
24.7
25.1
26.2
25.7
25.1
35.8
34.3
32.3
31.0
30.2
28.0
27.4
28.0
28.3
28.5
27.8
25.4
54.0
52.9
50.2
47.5
43.9
42.6
41.4
39.0
43.1
44.9
44.3
37.7
65.8
65.4
64.7
62.6
58.3
56.2
57.1
53.7
53.4
54.5
57.5
58.0
62.3
63.7
63.3
62.3
59.0
54.1
46.8
49.1
51.0
55.9
58.4
57.8
1933—January
February...
March
April
May
June
July..
August
September,.
October
November. _
December..
52.3
51.1
48.0
50.4
54.9
62.2
69.8
76.8
79.2
78.4
75.6
72.6
46.9
44.3
40.4
41.8
45.1
48.2
50.7
56.7
59.8
59.7
60.0
60.9
50.3
51.6
50.5
49.8
52.2
53.7
47.7
51.2
61.2
65.1
67.3
64.2
42.8
40.5
41.1
41.3
42.2
42.5
48.1
57.0
64.1
62.3
64.8
61.8
63.6
67.2
60.5
65.3
69.0
75.2
81.0
91.3
93.9
93.2
79.9
79.1
53.6
53.3
49.7
50.9
56.4
61.6
65.3
68.6
74.8
72.2
67.3
63.8
30.2
30.4
28.0
29.2
31.4
34.5
38.4
39.2
39.5
38.4
37.2
36.9
24.1
23.0
22.1
22.4
23.3
26.6
30.1
32.7
34.5
35.6
34.4
34.0
22.1
22.6
21.1
21.4
23.1
26.0
30.8
32.9
32.9
31.1
29.3
28.6
36.8
36.3
34.8
38.9
39.3
43.7
46.7
49.9
45.2
39.8
40.9
38.6
58.0
57.1
56.4
59.0
63.4
68.8
75.0
79.1
78.6
76.9
81.2
83.2
52.0
52.9
52.1
52.0
54.2
57.4
61.9
65.8
67.1
69.2
69.0
68.9
71.3
71.3
76.0
77.7
61.1
62.1
63.8
64.6
66.6
66.8
68.9
72.6
62.7
62.8
61.5
75.1
78.9
84.3
91.4
62.2
63.0
64.1
63.0
34.3
36.6
38.1
39.2
32.1
32.7
33.7
34.5
28.1
29.4
29.2
30.3
40.1
46.1
45.3
48.2
91.1
91.8
93.1
94.4
67.8
68.4
70.3
72.8
934—January
February
March
April
337
FEDERAL RESERVE BULLETIN
JUNE 1934
TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Textiles group
Fabrics
Leather and
products group
Wearing apparel
Year and month
Total
Carpets Cotton Dyeing Knit
and finand
rugs goods ishing goods
Silk Woolen
and
and
rayon worsted Total
goods
goods
107.0
97.3
95.7
97.4
102.4
101.3
103.2
91.3
84.9
74.4
80.3
104.4
96.4
99.2
104.4
121.0
133.8
146.9
142.1
135.7
109.9
110.0
103.2
94.8
102.0
97.9
104.9
105.6
101.3
91.1
83.7
75.9
75.9
107.9
93.0
99.1
101.7
105.1
106.3
109.1
102.7
104.0
90.4
99.0
106.0
96.7
97.3
95.6
95.6
92.7
96.7
90.2
85.3
81.6
83.8
109.1
95.4
95.5
96.7
96.6
94.3
91.2
84.6
76.9
69.1
81.4
98.7
98.8
99.4
101.0
101.6
101.6
101.0
100.8
100.0
98.1
97.8
97.2
108.0
106.6
107.8
106.7
107.4
106.9
108.0
105.3
104.0
102.2
100.9
100.7
110.3
109.3
112.0
109.9
111.1
107.9
107.3
104.7
104.4
103.1
101.7
102.6
106.7
104.4
104.0
104.2
104.3
107.6
111.1
106.5
103.5
100.8
100.2
99.1
105.6
104.8
104.6
103.1
104.3
104.7
107.9
105.4
103.0
100.8
96.9
96.6
109.7
108.8
109.1
108.0
108.1
107.6
108.1
108.8
107.7
107.4
106.5
104.8
107.8
108.0
107.1
109.4
108.7
108.9
104.1
103.9
104.2
103.2
104.0
102.6
112.6
113.3
112.4
113.1
110.4
111.1
110.8
107.9
105.1
105.0
105.0
102.6
102.5
102.4
103.2
101.0
98.1
94.0
84.4
86.2
88.5
88.9
90.3
92.6
97.4
97.5
95.8
94.1
92.6
92.3
90.2
93.4
95.3
96.5
96.6
96.2
103.3
103.0
104.1
99.9
97.5
93.4
91.4
89.9
94.7
97.9
98.2
99.9
103. 2
102.8
100.4
96.9
95.2
94.9
92.0
92.2
92.8
93.7
93.4
95.8
106.5
106.4
103.4
96.5
95.4
98.3
96.7
93.9
92.3
92.7
91.5
93.9
101.7
101.6
99.4
99.6
95.9
92.4
87.1
93.9
94.1
95.5
96.2
100.0
95.4
94.4
91.7
91.0
92.4
93.4
94.9
93.9
97.8
98.1
97.9
98.0
103.7
100.4
100.1
97.2
95.1
91.1
86.0
82.8
88.7
89.5
91.1
90.2
100.6
100.1
100.8
99.1
95.9
93.3
91.8
92.6
94.4
96.3
97.6
96.8
101.3
100.9
100.0
97.9
94.5
92.4
89.9
89.5
92.8
94.1
94.5
96.4
104.2
104.8
106.9
108.0
108.7
107.7
109.9
109.8
109.9
111.1
111.5
111.4
95.4
98.3
99.6
99.9
100.6
100.5
103.7
102.7
101.9
102.3
102.2
101.8
98.1
98.6
99.4
101.3
103.2
106 2
108.6
109.8
110.0
109.6
110.6
110.7
98.7
97.4
96.9
96.7
94.0
92 4
93.9
91.2
90.3
88.1
87.4
86.8
95.7
96.7
96.7
97.0
95.8
98 0
101.1
100.4
99.4
99.2
101.1
100.9
95.0
96.4
95.4
95.6
93.4
94.8
95.5
95.7
95.5
95.9
97.4
97.9
96.3
96.3
96.4
96.2
94.9
98.1
105.4
103.3
100.9
99.9
102.3
100.1
100.4
100.8
101.9
102.3
100.6
103.3
105.1
105.0
99.4
100.9
102.2
102.2
91.8
93.7
94.8
96.6
99.6
99.4
101.8
101.7
102.3
100.9
102.8
104.0
97.7
98.3
98.6
98.6
98.4
95.4
96.4
97.2
98.3
97.9
96.4
94.6
96.1
96.4
96.4
95.8
94.6
95.3
94.0
94.5
95.1
95.9
95.6
95.5
102.6
102.7
103.4
103.5
103.0
101.3
99.6
98.7
102.2
102.2
101.9
101.7
112.7
111.5
111.7
110.3
109.9
110.5
108.4
111.0
111.3
110.3
111.3
110.8
102.9
102.9
102.8
101.1
100.9
100.6
99.7
101.1
100.5
100.8
100.7
101.4
111.4
108.4
104.1
101.9
99.8
99.2
99.4
100.7
101.5
102.4
103.2
102.6
86.9
81.2
81.1
81.7
81.9
81.4
84.0
82.0
85.2
87.3
87.7
87.7
100.2
99.8
99.5
99.0
100.0
99.9
97.4
98.6
98.6
99.6
100.0
104.9
97.3
97.1
97.0
96.7
96.7
96.8
94.4
96.4
96.2
98.2
99.2
103.4
100.9
100.6
100.7
101.4
104.7
106.4
102.4
105.2
105.1
105.1
105.3
114.4
100.1
99.4
99.4
99.4
100.3
95.0
94.9
94.4
94.5
96.2
99.4
101.7
103.1
102.9
103.1
100.3
101.3
101.2
101.9
99.8
101.4
102.1
101.9
101.4
93.9
94.3
93.9
93.0
93.2
94.6
95.8
96.6
96.7
97.2
99.0
98.4
95.7
95.9
96.3
96.2
95.8
94.3
96.3
97.9
98.2
98.2
97.7
98.2
102.4
103.1
104.3
105.3
106.1
107.3
110.0
109.6
109.2
106.2
105.0
101.4
110.8
110.8
111.6
ill. 9
113. 0
113.3
114.2
115.1
115.6
115.3
115.7
114.4
102.4
101.8
101.6
101.7
102.4
103.1
101.9
102.4
104.4
103.4
103.8
102.7
102.4
100.8
101.6
102.8
102.9
102.0
101.9
102.2
102.0
99.6
99.3
101.0
88.7
89.2
88.0
87.2
86.0
86.4
85.4
86.9
87.2
85.4
85.1
85.2
104.8
104.9
104.5
104.3
105.1
105.0
106.2
105.9
105.9
106. 9
108.0
108.6
101.3
101.7
101.3
100.9
102.1
101.9
102.0
102.8
102.5
104.2
104.0
104.8
117.5
117.9
118.0
119.0
120.4
119.6
123.7
120.4
121.2
122.5
125.6
126.4
102.4
101.2
100.3
101.1
101.7
103.0
105.3
108.1
106.8
107.1
111.0
111.2
101.7
101.8
101.7
101.9
102.8
104.4
105.8
106.8
108.0
107.9
108.8
109.7
97.1
95.7
96.4
96.0
96.2
96.6
96.8
97.3
96.0
94.9
92.3
91.8
97.6
98.7
97.2
95.2
95.3
96.4
97.8
97.0
96.3
96.1
95.6
96.0
104.9
94.4
100.7
101.3
102.6
102 6
112.5
102.9
96.1
94.0
102.3
99 7
94.8
105.5
102.9
101.5
101 0
103.8
95.1
86 9
68.6
75.6
102.0
100.5
100.7
100.7
102.5
106.1
109.8
107.3
107.6
104.6
103.2
102.2
100.0
99.3
98.1
100.1
100.0
99.1
98.9
95.0
93.3
95.1
94.8
95.4
104.5
104.4
105.6
106.1
107.4
107.0
108.0
107.1
103.6
101.7
101.6
101.2
98.7
99.0
98.2
95.8
93.8
91.9
88.8
89.6
91.3
93.4
93.7
96.3
101.2
102.2
104.0
98.6
95.3
90.2
88.4
90.3
93.4
94.2
96.3
99.3
96.9
96.8
94.4
92.8
91.0
90.2
88.4
89 2
89.2
92.5
91.7
95.6
87.6
92.0
92.1
92.7
91.9
92.8
92.2
92.5
95.7
96.6
98.6
101.2
1925—January
February
March. _
April
May_ _ _
June
July....
August
September
October
November _
December
98.0
98.8
99.3
100.7
100.9
101.0
101.7
100.9
99.8
101.0
101.6
101.2
99.7
100.5
100.7
101.4
102.1
102 0
99.5
99.0
99.9
97.1
99.0
99.0
97.7
98.7
99.1
101.4
101.8
102.2
101.1
100.6
98.4
102.1
103.3
102.8
1926—January
February
March
April
May
June
July
August .
September
October __
November
December
101.5
100.1
99.9
99.2
98.7
97.8
97.1
97.1
99.2
99.6
99.6
99.5
98.9
98.7
99.4
99.1
97.2
96.0
95.6
96.8
98.3
97.7
98.0
97.6
1927—January. _
February
March.
April
May
June _
July
August _ .
September
October
November
December
100.2
100.3
100.6
101.1
101.3
102.1
103.0
103.2
103.3
101.0
100.5
99.0
98.1
98.2
97.2
96.6
96.5
99.0
100.6
97.3
97.4
93.8
93.3
94.6
103.9
96.1
100.0
97.8
96.9
92.8
96.3
74.0
67.6
51.9
60.9
1923—JanuaryFebruary
March..
April . .
May
June
July....
August
September
October
November
December
105.9
105.9
107.3
108.7
109.5
109.0
108.2
105.7
103.6
100.6
100.3
99.9
.
1924—January
February.
March
April...
May
June
July
August
September
October..
November
December
_.
Boots
and Leather
shoes
105.4
96.1
98.5
99.8
105.8
108.3
113.3
105.0
99.6
84.6
88.2
97.4
93.9
108.7
110.8
113.4
114.9
121.8
111.9
103.2
89.1
95.0
105.4
94.2
100.4
99.1
101.3
96 1
99.2
86.0
80.3
71.8
86.4
Shirts
and
collars
109.4
97.8
92.8
84.0
86.7
83 1
82.7
67.3
67.3
59.4
78.4
105.6
107.3
110.7
113.6
114.5
112.9
115.4
111.0
108.1
104.8
104.5
104.2
106.8
92.4
100.8
101.9
105.8
95.4
96.1
80.7
74.6
67.7
87.7
109.7
109.1
110.7
111.7
112.6
111.9
108.4
105.4
103.8
99.4
99.1
98.7
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
Cloth- ClothMilliing,
ing,
nery
men's women's
338
FEDERAL RESERVE BULLETIN
JUNE
1934
TABLE 4.—FACTOKY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Textiles group
Fabrics
Year and month
Total
Leather and
products group
Wearing apparel
Carpets Cotton Dyeing Knit
and
and finrugs goods ishing goods
Silk Woolen
and
and
rayon worsted Total
goods
goods
Cloth- Clothing,
ing,
men's women's
Millinery
Shirts
and
collars
Boots
and Leather
shoes
1928—January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December..
98.4
98.0
97.0
95.5
94.8
95.0
94.9
94.8
94.6
95.7
97.0
97.6
92.7
93.8
92.5
91.6
91.8
91.4
92.4
91.1
91.7
94.4
94.6
95.0
100.4
98.9
97.6
96.3
93 2
92^9
93.4
93.1
93.1
93.9
95.9
96.6
114.7
114.6
113.9
111.6
113.5
113.6
114.3
115.0
114.8
115.8
118.3
118.8
103.0
103.4
102.9
100.8
101.3
101.9
102.1
102.3
103.3
102.8
103.6
104.1
100.9
102.7
102.5
99.2
100.4
101.2
99.0
99.2
100.4
102.1
101.9
102.6
84.7
83.9
82.7
82.1
83.5
84.5
83.6
83.0
80.3
81.9
83.5
83.6
108.7
108.3
107.7
106.8
106.6
107.9
107.9
107.5
108.0
109.2
110.8
110.7
104.7
103.9
103.0
100.9
100.6
101.0
98.6
99.9
99.8
100.4
100.8
101.5
127.6
128.3
127.3
128.3
129.4
132.7
137.1
135.3
135.8
138.5
143.2
142.3
108.8
109.1
108.2
108.1
108.0
107.7
104.2
103.4
103.0
102.5
103.8
100.5
109.7
108.0
109.1
107.1
104.9
104.6
105.1
103.1
105.4
106.3
105.7
106.4
93.3
93.4
93.7
92.7
91.6
93.1
93.6
92.8
92.3
92.1
91.1
92.8
96.3
96.3
95.7
94.5
96.0
95.7
96.8
95.8
94.2
93.1
89.3
87.9
1929—January
February. _.
March
April
May
June
July
August
SeptemberOctober
November..
December..
97.7
98.0
98.4
99.0
100.2
100.7
101.3
100.9
101.1
100.0
97.6
95.3
95.7
96.3
96.3
96.3
96.2
98.1
97.3
97.4
96.7
98.2
95.6
91.2
97.3
97.2
96.9
96.2
97.5
98.4
97.2
96.4
96.6
95.2
93.1
91.4
118.8
120.0
120.8
120.8
122.8
124.3
124.3
122.5
123.8
123.6
121.3
118.7
104.2
105.9
107.8
108.7
110.9
112.1
117.0
116.9
118.3
118.3
116.9
113.3
100.7
101.6
102.5
104.5
104.4
105.0
106.0
106.1
105.3
103.9
103.3
102.4
83.4
82.8
83.6
85.0
85.9
84.2
84.9
84.9
84.5
82.3
76.9
73.6
110.1
110.2
112.0
112.5
114.0
115.2
115.2
114.6
114.1
114.5
114.2
112.8
100.0
100.1
102.4
102.7
103.9
104.8
104.2
104.4
104.3
104.3
104.3
103.2
142.4
142.8
143.9
144.4
147.4
149.3
150.6
147.9
147.1
149.4
150.3
147.3
102.7
101.8
102.4
104.3
103.9
104.3
102.8
102.4
98.7
100.2
96.4
95.2
105.7
105.6
108.8
109.5
109.2
110.6
110.3
111.3
112.1
109.6
107.8
108.8
93.6
93.8
93.4
95.0
96.7
96.4
97.3
98.3
98.7
99.5
100.3
97.8
88.2
87.9
86.9
88.1
89.4
91.2
94.7
94.6
94.2
95.3
92.6
90.9
1930—January
February. _.
March
April
May
June
July
August
September..
October
November..
December..
93.6
92.2
90.4
89.8
88.6
87.6
83.7
82.3
81.7
81.0
81.1
79.4
84.1
83.3
77.4
73.1
66.0
69.1
67.7
68.2
64.9
59.0
89.8
87.4
86.3
86.5
84.0
82.3
78.5
76.4
75.3
73.9
74.1
73.3
119.5
118.0
117.3
115.7
114.5
111.8
106.5
108.2
103.8
109.1
109.6
109.1
108.5
108.6
105.5
105.1
105.1
104. 9
100.4
97.6
100.7
101.3
100.6
96.7
101.5
102.9
102.1
102.1
97.1
95.8
88.9
88.1
86.0
89.0
94.0
93.1
73.4
71.1
67.6
64.3
68.8
70.3
70.4
69.4
68.8
63.1
60.4
112.1
109.7
109.2
108.4
106.3
105.2
101.8
101.8
104.4
102.8
99.7
98.2
101.1
99.2
96.7
96.0
94.0
92.5
89.8
88.0
89.8
86.5
82.3
80.1
147.7
143.4
145.0
143.3
142.6
140.6
135.4
138.5
143.7
143.0
140.4
141.1
96.4
95.0
95.5
95.3
93.5
90.3
86.4
90.2
89.1
89.5
87.1
84.4
108.2
107.7
107.5
107.6
102.1
103.9
102.0
99.3
100.6
100.0
98.4
94.7
96.1
95.3
94.4
96.3
94.0
92.6
90.3
88.8
86.4
84.0
81.9
82.2
87.9
86.7
86.1
87.4
87.3
86.4
86.3
85.4
83.6
83.0
79.3
75.9
1931—January
February...
March
April
May
June
July
August
SeptemberOctober
NovemberDecember..
77.6
79.3
81.0
81.2
83.0
82.0
83.3
83.4
81.3
78.0
76.8
76.5
60.4
64.8
68.4
69.7
71.9
73.6
74.2
74.1
68.1
65.9
61.2
59.1
71.9
71.6
74.6
76.0
78.1
77.0
77.8
77.7
74.9
72.5
71.2
71.3
109.2
109.6
109.0
107.8
107.6
104.2
101.9
102.3
102.0
96.2
94.6
94.4
88.5
92.3
92.9
93.3
95.5
97.0
99.4
99.9
98.1
98.7
99.0
98.0
93.3
94.7
92.7
91.8
89.1
80.9
77.8
79.6
84.1
87.0
85.7
85.9
59.4
64.6
67.4
64.6
70.0
73.0
79.1
78.5
73.5
60.4
58.7
58.0
98.3
100.4
102.0
103.5
102.4
100.3
101. 7
102.0
101.0
97.4
94.1
92.2
81.4
83.8
86.4
89.4
87.2
83.2
86.0
87.0
88.2
86.6
81.1
77.9
139.6
141.3
140.8
140.7
139.9
139.1
139.2
138.5
134.7
125.3
124.6
125.0
83.4
85.3
83.8
82.4
84.0
86.3
88.8
83.9
82.3
81.3
79.3
93.0
97.9
101.7
105.4
106.1
107.2
108.3
109.0
109.1
108.5
103.3
98.5
82.8
83.4
86.8
89.4
88.9
88.4
89.1
88.7
86.2
81.8
75.0
82.8
76.2
75.7
76.7
77.6
78.6
79.5
81.8
81.7
77.8
75.2
71.7
70.3
1932—January
February. _.
March
April.
May...
June
July
August
SeptemberOctober
November..
December..
75.9
77.7
74.6
69.3
64.7
61.4
61.4
69.1
76.2
78.4
76.8
75.6
58.7
57.8
58.0
54.1
52.1
51.0
44.9
46.5
46.8
52.1
52.0
49.1
70.7
72.9
72.1
67.7
62.0
56.9
56.2
63.1
71.0
74.0
73.1
72.7
94.7
96.1
95.4
91.0
86.6
85.5
78.9
82.1
91.4
89.7
89.4
94.7
95.3
94.9
92.0
89.0
88.4
84.1
89.4
97.2
101.4
102.9
98.8
84.9
82.9
68.5
63.4
55.7
50.8
51.4
66.3
75.1
78.2
73.9
72.4
59.9
65.8
60.4
49.9
47.1
45.6
54.4
65.4
70.0
68.3
62.4
63.0
90.1
91.0
90.1
87.2
83.2
79.1
71.3
75.8
84.5
88.6
88.9
85.7
76.4
79.6
79.5
77.1
71.7
63.6
63.7
68.9
75.6
79.9
81.2
75.8
121.4
119.5
117.6
114.9
112.9
110.5
88.2
95.1
108.4
111.7
110.5
108.5
86.2
84.7
83.4
77.0
69.1
65.7
60.6
72.4
80.3
84.6
76.7
70.6
94.6
94.1
92.7
89.3
86.3
87.8
82.7
80.8
88.4
95.2
96.4
96.4
82.6
85.0
86.6
86.4
80.8
80.0
76.7
79.5
81.1
83.0
79.4
78.4
69.7
70.7
69.8
70.9
69.0
65.7
65.5
66.1
67.6
70.7
72.0
71.2
1933—January
February...
March
April
May
June
July
August
SeptemberOctober
November..
December..
74.7
75.1
69.2
71.6
78.2
89.5
100.7
103.1
98.4
95.8
91.8
88.2
47.8
46.3
44.2
44.0
48.5
57.9
70.9
73.7
77.9
79.4
72.7
67.0
72.4
71.9
69.2
71.9
77.4
91.0
102.8
106.9
99.9
100.3
95.7
92.7
88.1
87.2
83.5
86.1
89.2
97.2
109.1
112.4
90.7
87.1
105.7
103.8
93.7
93.0
89.7
91.4
97.2
105.7
112.9
109.4
114.2
112.8
106.7
100.7
73.0
71.4
60.7
61.9
68.9
73.6
84.7
91.3
88.9
78.7
79.4
74.8
63.7
69.9
54.7
57.9
70.4
86.4
100.9
101.0
94.6
88.6
77.4
74.8
82.2
85.8
81.6
86.7
88.1
90 6
94.8
92.4
93.4
92.7
88.7
81.7
71.2
75.7
74.4
77.6
77.4
79.4
86.1
86.0
87.3
86.8
82.9
78.2
107.8
111.7
101.4
111.9
117.0
116.3
116.1
106.9
114.4
112.8
107.3
96.3
72.6
74.2
69.3
78.8
79.2
81.3
75.4
84.0
76.4
76.6
72.5
70.4
85.0
90.6
89.2
91.8
92.2
103.6
113.7
109.3
106.3
109.2
102.6
94.2
79.4
81.6
80.8
82.4
84.2
88.0
89.0
88.8
86.0
85.6
79.4
80.6
69.5
70.6
68.8
66.3
74.8
83.1
88.8
93.6
92.4
91.4
87.2
90.4
88.5
94.8
96.5
96.1
65.3
68.1
70.4
68.4
93.5
98.3
100.9
102.9
103.3
109.1
112.4
113.6
97.3
105.7
110.4
112.4
75.4
84.2
82.4
77.3
77.4
84.2
82.4
76.1
83.1
91.3
94.9
97.3
77.2
83.3
87.0
90.8
104.9
115.5
119.7
120.0
73.9
77.8
76.8
75.9
87.2
99.6
105.0
109.6
82.1
87.8
90.0
93.1
89.8
91.2
92.9
93.0
1934—January...
February..
March
April
339
FEDERAL RESERVE BULLETIN
JUNE 1934
TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Tobacco products
group
Food products group
Canning
Baking Butter and ConfecFlour
preserv- tionery
ing
Year and month
Paper and printing group
Slaugh- Sugar Chewing Cigars
and
tering refinBoxes, Paper
and
Ice
and
and
cigaret- paper pulp
ing, smoking
cream meat
tobacco
tes
packing cane and snuff
PrintBook
ing,
and
newsjob
papers
printand
ing
periodicals
101.6
96.5
101.9
105.9
101.3
98.9
101.7
92.6
82.3
73.9
79.6
104.9
99.7
95.4
91.7
89.4
85.6
80.6
74.0
68.1
65.2
67.7
98.4
102.2
98.4
96.2
94.2
95.4
95.9
89 1
76.1
64.7
63.1
104.7
100.3
95.0
93.2
94.0
94.8
96.7
92.2
84.1
79.8
87.5
103.4
98.2
98.4
94.9
94.9
89.4
94.3
92.3
80.4
74.2
78.5
102.8
102.6
94.6
93.1
82.6
75.4
68.0
69.8
71.9
76.3
74.6
106.2
98.3
95.5
90.4
94.8
92.8
86.0
79.5
72.2
62.5
57.8
100.0
99.6
100.4
102.1
99.2
96.3
97.9
90.7
81.9
70.5
76.9
100.0
97.3
102.7
105.8
102.2
100.8
106.1
102.5
89.5
82.4
90.3
98.3
100.7
101.0
105.0
106.9
107.4
113.1
110 9
100.7
85.7
79.4
98 9
101.0
100 1
101.7
102.2
104 5
111.0
109 9
101.8
92.8
93 2
94.3
97.5
99.1
98.4
99.1
100.9
102.1
102.3
102 4
102.9
100.1
101.2
99.3
100.8
103 7
102.3
99.1
101.6
101.8
101.7
101.4
103 1
107.4
96.7
103.3
103.4
104.7
106. 6
106.1
104.9
104.8
108.5
104.9
105. 2
104.0
102.5
80.7
81.1
84 7
88.0
103.2
109.7
106.4
102 3
103.3
105 5
107.3
109.2
98.6
98.8
101 1
103.1
104.6
105.1
106.2
108 2
109. 0
108 1
107.3
106.4
113.1
111.8
112 2
112.5
110. 5
103 9
99.0
89 4
94.7
103 1
102.9
84.4
105.1
100.8
95.5
97.9
104.4
107.4
106.3
102.8
102.3
104.0
104.4
102.2
110.2
109.2
109.9
111.3
107.7
107.1
104.4
102.9
103.6
103.7
102.8
102.4
94.4
95.8
99.4
100.1
100.6
102.1
102.4
102.5
101.1
100.9
100.0
100.0
95.5
97.1
102.3
104.0
102.9
103.7
101.2
101.8
98.7
98.0
97.2
97.9
96.1
97.5
97 6
99.0
97.0
98.4
99.3
98.4
98.6
99.4
99.2
98.9
97.8
97.3
97 8
97.4
98.8
98.7
98.4
99 2
100.0
100 4
100.7
100.6
August
September
October
November
December
101.4
103.7
102.8
101.5
101.7
101.8
199.5
99.6
100.2
99.2
100 5
100.8
95.5
95.0
97.8
95.3
92.3
97.2
99.0
100.4
98 2
97.4
93 2
96.3
102.4
103.1
102.3
102.3
101.6
100.1
100.9
97.0
97.1
96.8
97.0
96.1
107.5
106 7
106.4
106.8
105.5
98.6
100 8
101.0
100 8
98.9
97.1
95.8
104.9
105 6
104.6
103.4
100.5
98.7
99.0
98.4
98 2
95.4
95 7
98.8
84.4
100 0
96.0
96.8
102 1
102.4
103 5
102.2
105 4
98.8
91 1
92.0
106.1
105.2
105.4
107.0
103.7
99.6
100.9
99.3
102.2
100.4
100.5
101.0
102.4
101.9
100.3
100.6
97.9
97.7
99.2
99.9
97.7
88.6
96.9
96.4
100.7
101.4
101.9
102.1
99.4
99.1
96.0
98.1
99.2
99.5
98.4
98.8
97.0
98.4
98.3
98.5
98.2
97.7
94.4
94.8
96.1
97.6
98.0
98.0
100.2
100.1
100.0
100.0
101.0
100.7
100.1
99.6
101.5
101.8
101.8
101.9
101.6
101.4
102.0
101.7
101.0
100 8
100.9
101 9
99.8
99.7
99.7
1925—January
February
March
April
May
June
July
August
September
October
November
December
100.7
100.2
98.2
98.0
98.3
98.5
97.5
97.1
97.4
100 0
99.4
99.7
98.0
100.9
101 2
100.6
101 3
102.2
103.0
105.7
100 0
100 0
103 9
105.3
98.8
99.5
97.6
95.7
94.8
94.8
95.3
92.0
93.8
94 3
94.2
94.4
94.3
95.9
95 8
96.8
97 0
109.0
101.5
97.5
101 4
98 4
96.9
97.3
98.4
97.8
96.3
94.2
93.5
93.6
94.0
94.6
95.1
94 4
94.8
93.2
92 2
96.7
98 4
97.7
97.8
97.3
99.0
99.2
98 0
99 3
98.9
106.0
96.0
96.4
92.1
91.7
94.3
94.6
95.8
96.8
95.1
95.7
93.2
93.7
97.4
97.0
97.7
94.2
97.3
95.4
95.4
95.4
94.3
94.4
93.7
94.4
99.4
101.7
100.1
101.3
101.0
99.8
99.2
98.7
100.4
100.9
101.2
102.1
98.2
100.4
103.3
103.4
102.8
101.4
102.7
102.5
102.1
104.7
104.7
105.6
102.2
101.9
101.4
101.2
100.1
100.5
100.4
100.5
100.6
101.2
101.4
100.8
99.8
99.0
99.9
99.0
99.1
100. 5
100.3
100.6
100.4
100.4
100.4
101.1
19 26—January
February
March
April
99 4
98.4
100.1
100.4
101.4
102.3
102 3
102.2
102.2
102.4
102 4
102. 8
108.9
109.7
108 5
106.1
106 6
104 8
107 4
104 4
104 5
104 8
104 3
100 5
93.9
91.1
91 6
90.9
90.7
91.2
91 5
93.9
92 2
91.3
92 3
90.1
95.8
96.7
95 7
94.3
98 9
98 7
96 2
96 5
93 4
96 5
95 4
96 7
93.5
93.0
92 5
91.7
93.0
92 3
92 6
94.1
94 8
94.5
93 6
92.6
102.9
101.8
98 0
97.1
93.8
93 7
90 9
92.0
91 3
91.2
93 7
92 0
91.9
93.0
97.7
96.9
95.2
95.2
95.4
94.9
90.8
90.0
88.6
87.4
91.9
92.6
91.3
91.0
89.2
92.1
89.8
88.4
89.2
89.4
89.8
90.7
102.7
102.3
102.0
102.0
102.3
102.3
102.9
102.8
101.9
101.3
101.4
101.0
105.7
105.9
106.2
106.7
106.9
106.3
105.1
105.3
105.9
106.3
105.6
104.0
102.7
102.1
103.0
103.6
103.8
105.0
104.9
105.3
106.7
107.3
108.0
107.0
100.9
101.0
101.4
101.0
101.4
101.1
101.1
101.8
101.9
102.9
103.0
102.4
103.6
104.4
104.4
105.8
104 6
106.4
105.7
106.7
107.3
106.8
107.2
107.5
103 6
101.5
100 6
101.9
101 6
105 0
102.4
101 2
102.2
98 4
98.3
98,5
89 7
88.7
89.4
89.4
91.2
91.3
90.4
88.7
89.3
88.7
88.1
88.1
95 7
95.9
96 0
94.6
94 4
93.1
92.8
92 0
91.6
93 3
95.6
95.5
92 9
94.0
93 1
94.2
94 6
97.4
97.1
94.1
94.1
92 7
92.5
91.6
92.4
89.4
90 5
92.4
96 3
97 7
98.6
97.4
96.4
97.4
94.9
94.7
84.9
86.2
86.2
82.6
82.4
81.7
80.1
81.3
80.3
82.8
82.1
80.4
90.8
92.3
92.3
93.8
94.3
96.2
98.2
92.2
97.4
97.4
96.9
95.9
100.6
99.4
98.4
99.4
99.4
99.4
99.2
99.3
99.5
99.1
98.6
98.1
103.9
104.0
103.7
103.5
101.2
100.8
101.1
102.1
102.1
102.0
101.8
100.7
104.8
106.6
107.2
106.9
107.1
106.9
105.6
107.3
107.4
106.9
107.9
107.7
102.8
103.2
103.0
102.9
102.4
102.3
102.2
101.9
101.1
101.8
100.9
101,4
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
- -
1923—January
_ -
February
March
April
May
June
July
August
September
October
November
December
._.
1924—January
February
March
April
May
June
July
May
June
July
August
September
October
November
December
1927—January
February
March
April . . __
May
June
July
August
September
October
November
December
100.1
101.1
98.8
101.4
105.9
112.2
123.6
121.6
112.6
101.3
101.2
106.7
100.0
93.3
97.7
86.9
115.4
105.6
112.0
100.3
136.3
136.3
109.3
78.4
89.9
82.0
75.3
76.2
340
FEDERAL RESERVE BULLETIN
JUNE 1934
TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Tobacco products
group
Food products group
Year and month
Canning
Baking Butter and ConfecFlour
preserv- tionery
ing
1928—January
February. __
March
April
__
May
June
__
July
August
SeptemberOctober
November..
December..
1929—January
February
March
April
May_
_.
June
July
August
SeptemberOctober
November—
December..
1930—January
February,..
March
April..
May
June
July
August
SeptemberOctober
NovemberDecember.,
1931—January
February—.
March
April..
May
June
July
August
September..
October
November..
December..
1932—January
February...
March
April
May
June
July
August
September—
October
NovemberDecember..
1933—January
February. __
March
April
May
June
July...
August
September—
October
November—
December. .
1934—January
February. _March
April
107.8
108.0
108.9
109.8
111.4
111.1
112.1
113.2
114.9
115.0
116.3
117.9
118.1
120.4
121.
121.8
122.7
123.
124.4
125.6
125.9
126.5
126.1
126.6
126.1
125.4
123.7
124.2
123.4
122.4
121.8
120.9
119.4
118.0
116.3
117.1
115.9
115.4
114.8
114.2
114.4
112.8
113.7
113.9
111.2
109.8
107.3
107.5
106.6
105.3
105.5
104.4
102.7
100.8
99.6
99.7
97.7
98.4
96.8
97.7
97.8
97.5
96.5
97.3
96.8
97.0
98.0
102.4
107.0
108.4
107.4
107.7
108.7
110.8
112.6
113.0
83.8
84.3
83.3
84.3
82.4
80.7
81.6
81.0
82.4
80.6
80.9
78.9
78.6
73.1
78.4
76.8
76.9
75.1
73.4
73.8
73.8
73.9
74.7
75.4
76.1
77.2
74.4
72.4
72.3
74.1
72.1
75.4
77.7
80.9
80.1
81.3
84.9
83.2
83.1
80.8
142.5
137.1
127.9
164.7
130.3
119.9
137.7
135.2
124.6
133.0
145.4
137.5
129.0
127.4
127.9
135.1
136.9
128.8
136. 2
135.2
145.6
151.9
146.0
135.0
132.9
131.0
132.7
105.1
113.8
107.3
108. 5
102.8
105.4
98.0
89.0
85.2
91.7
97.1
87.7
79.9
79.5
81.0
74.0
67.6
69.4
70.3
72.0
70.7
89.2
91.7
80.2
83.5
89.4
81.3
77.6
77.0
97.2
109.3
99.0
103.3
112.5
113.1
130.2
97.2
98.3
99.1
99.1
99.9
100.0
98.9
99.1
95.3
95.4
98.9
101.2
101.6
100.6
100.5
100.6
101.5
103.2
102.2
104.0
101.7
99.3
101.2
102.2
103.3
103.4
99.0
98.1
99.6
96.6
94.7
94.0
85.1
87.0
83.4
84.5
85.7
87.4
87.9
87.1
86.4
87.5
85.3
77.4
76.7
79.8
76.2
77.0
78.7
75.2
74.0
72.1
73.4
70.7
70,6
65.9
74.3
77.9
78.4
78.3
76.2
75.7
74.9
71.6
78.9
80.2
79.6
79.4
88.9
83.1
82.5
83.0
77.3
76.1
80.8
83.6
82.2
88.8
88.0
88.4
88.0
87.6
84.1
83.6
84.1
83.2
83.1
83.3
84.6
83.3
85.1
82.8
81.5
79.9
79.4
81.3
80.7
80.1
78.9
77.1
76.8
76.4
77.0
76.8
75.3
75.2
75.2
74.1
73.0
72.2
71.4
70.6
70.4
70.1
68.7
68.2
69.5
68.3
68.0
69.2
68.3
66.9
66.3
67.3
66.4
66.6
65.7
66.6
66.9
66.9
66.1
63.9
63.1
64.1
63.9
63.8
64.3
64.3
63.2
63.2
65.6
66.4
65.9
67.6
65.2
71.4
72.9
73.3
73.3
73.8
75.7
75.5
75.6
Paper and printing group
Slaugh- Sugar Chewing Cigars
tering refinand
and
Boxes, Paper
Ice
and
and
cigaret- paper pulp
ing* smoking
cream meat
tobacco
tes
packing cane and snuff
94.4
93.9
95.0
95.9
94.9
93.3
97.4
97.4
95.6
95.4
96.1
96.3
96.5
94.9
93.5
97.7
93.3
96.5
96.1
96.0
98.1
96.9
95.8
95.5
93.0
92.3
92.7
92.4
95.8
88.4
87.6
87.3
84.7
85.4
85.0
84.1
83.4
82.6
81.2
77.9
76.2
75.3
75.6
75.4
74.5
71.7
69.6
69.6
70.1
69.7
67.4
65.4
64.9
65.4
61.8
61.6
62.1
62.0
62.9
62.8
63.0
62.9
61.0
58.3
57.0
60.2
59.2
62.2
68.1
69.4
68.5
67.1
67.2
65.6
65.9
67.5
92.1
95.5
97.4
96.1
94.6
94.8
94.8
93.6
93.1
93.9
95.3
96.4
97.8
96.3
95.7
95.9
96.4
96.4
96.7
96.7
97.4
97.8
96.8
96.6
95.9
96.4
95.2
94.2
93.5
94.1
91.9
90.2
90.0
89.0
89.0
86.4
87.5
86.1
85.6
86.0
85.9
84.1
82.6
83.0
82.1
82.0
82.2
82.1
81.4
81.0
80.7
80.4
80.9
79.4
78.6
79.7
80.8
79.9
78.3
75.8
75.3
76.4
77.6
78.9
81.4
83.3
85.7
96.1
103.2
100.7
97.9
93.9
93.7
93.9
95.1
95.4
88.0
88.7
86.4
87.6
83.8
82.0
89.6
90.1
90.4
92.2
96.3
98.0
96.7
95.8
97.1
95.4
93.9
96.2
93.1
95.4
88.7
95.3
92.6
91.8
97.8
95.1
94.9
94.4
98.0
93.3
96.7
89.5
89.6
85.9
87.6
84.3
85.2
82.5
81.6
82.0
77.5
79.4
79.6
80.0
79.3
76.6
78.8
82.0
80.2
76.7
74.9
72.3
73.4
73.0
70.9
71.9
73.6
74.5
73.4
75.7
72.7
75.0
73.2
73.4
75.3
76.4
75.1
78.8
82.3
89.1
87.8
83.1
80.0
86.7
87.1
85.3
80.4
79.2
77.0
77.8
76.7
75.6
72.4
74.2
73.6
72.7
73.6
72.6
71.1
70.2
69.3
67.9
67.9
68.1
66.4
65.4
68.1
64.7
66.2
70.2
69.4
67.1
68.1
69.2
70.1
70.1
71.7
70.6
70.8
70.7
70.1
69.6
71.9
71.7
72.0
67.7
72.4
70.1
71.9
72.2
70.8
72.8
74.6
75.0
75.1
75.0
73.3
76.6
76.6
78.4
79.2
78.0
75.8
77.5
76.3
73.2
73.4
69.7
69.1
71.2
74.3
76.4
75.8
77.6
77.4
79.2
76.8
73.9
73.0
76.6
78.1
81.8
95.4
93.9
94.2
93 2
93! 5
92.9
88.5
94.6
92.3
92.6
91.7
91.1
86.6
89.1
88.2
86.5
86.4
88.0
84.4
84.1
84.7
79.3
82.6
81.7
81.8
81.7
81.7
81.3
81.3
76.8
77.2
76.1
75.3
76.5
74.2
76.7
76.0
74.9
73.8
73.1
73.1
72.3
70.2
69.2
68.4
64.2
67.7
65.4
64.2
62.4
60.3
61.8
61.4
61.1
60.8
61.5
62.1
61.6
58.1
57.7
51.7
50.4
57.6
59.6
59.1
60.4
57.8
59.8
61.4
60.3
56.5
60.7
63.1
63.6
98.0
97.1
96.9
96.1
96.4
96.7
95.1
94.4
95.3
96.4
97.1
95.9
94.8
95.9
95.7
97.5
98.1
98.7
98.8
98.4
99.3
100.3
99.3
97.6
94.9
93.6
93.1
93.1
92.3
92.3
90.8
91.3
89.9
87.4
85.6
84.5
83.5
83.0
83.0
84.3
84.4
83.6
82.0
81.9
81.3
79.8
78.0
77.4
74.3
73.6
73.4
73.9
71.1
71.0
67.8
67.0
68.0
69.1
68.7
68.3
67.0
68.6
69.2
68.2
71.1
75.7
79.3
86.6
88.6
86.9
81.9
79.4
78.4
81.8
84.9
87.8
100.0
99.4
99.8
99.4
99.3
100.2
99.9
101.3
101.9
102.2
103.5
102.3
103.1
104.0
104.4
105.0
105.1
106.1
106.2
107.1
107.6
108.7
108.2
108.0
108.4
108.4
107.7
106.9
106.4
105.4
100.8
100.8
98.5
97.2
94.8
94.7
91.9
91.6
91.1
91.0
91.6
89.7
89.8
89.8
87.8
87.8
86.3
85.2
85.0
85.4
85.6
84.0
82.5
80.6
79.4
79.4
81.4
82.7
82.5
80.1
79.3
79.6
79.5
79.7
82.1
84.9
89.9
97.6
103.1
104.1
102.2
101.1
100.3
102.5
104.4
106.8
PrintBook
ing!
and
newsjob
papers
and
printperiodiing
cals
107.3
109.0
105.5
104.8
107.4
106.8
108.5
109.6
106.8
108.1
107.9
107.5
107.8
111.6
111.1
110.4
112.3
112.7
115.0
115.8
117.4
113.9
114.6
115.0
113.9
113.3
112.7
112.7
113.4
112.0
113.3
111.4
106.9
107.8
106.4
106.8
105.9
105.0
102.9
103.8
103.7
100.8
100.2
101.1
97.3
96.9
95.9
95.2
94.6
91.9
89.2
89.3
88.2
85.7
84.4
81.3
81.3
82.5
80.4
79.9
79.0
79.2
75.1
75.6
75.9
77.0
76.4
80.4
82.1
83.7
83.4
85.0
83.8
84.2
82.5
85.3
101.9
102.1
102.7
103.6
103.8
104.4
104.8
105.4
105.6
106.1
106.6
107.4
107.8
108.2
108.1
108.8
109.4
110.6
111.2
112.4
113.5
114.3
113.7
114.1
112.9
112.2
111.9
111.1
110.8
110.0
110.4
109.4
109.0
107.8
107.3
105.5
105.3
103.7
105.4
104.6
104.4
103.0
101.7
100.0
99.2
99.6
97.9
97.2
96.4
95.2
94.9
94.3
93.3
92.2
91.4
91.4
91.7
91.6
90.9
90.6
91.1
90.8
89.9
90.6
90.5
90.8
91.3
92.7
95.9
97.8
98.3
99.1
97.7
97.8
98.0
98.7
JUNE
341
FEDERAL RESERVE BULLETIN
1934
TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Chemicals and petroleum products group
Rubber products
group
Chemicals group, except petroleum
Year and month
Total
1923
1924
1925
1926
1927__.
1928
1929 „
1930
1931
1932
1933
103.0
96.8
100.2
105.7
102.7
102 1
113.2
105.7
92.5
81.3
93.8
.
.
1923—January
February, _
March
April
May
June.. . .
July
August
September
October
November
December
1924—January
February
March
April
May
June
July
August
September October
.
November
December
_
1925—January
Februarv.
March
April
.
May
June
July
.
August
September
October
...
NovemberDecember
.
3926—January. . . .
February
March
__ _
April, _
May
June...
July _.
August
September
October
November
December ._
1927—January. ._
February
March ._
April
May _
June
July
August
September
October -. .
November .
December.
_
DrugChemigists'
cals
preparations
105.7
98.0
96.3
Explosives
Paints
Rayon
Fertiliz- and
var- and allied
ers
nishes products
97.7
96.8
105.5
108.3
110.4
106.6
116 4
108.2
103.2
90.3
90.6
108.5
94.8
96.7
98.6
98.5
95.3
95.4
79.7
80.4
66.4
76.1
100.5
93.1
106.4
112.9
100.5
107.4
113.4
110.9
77.7
62.0
83.7
100 9
102.8
103 0
101.3
107.7
106.9
104.6
104.4
101.5
100 2
101.6
101.0
98.2
98 4
98.5
96.9
97.4
96.3
98.8
97.0
95.4
98 4
97 2
99.8
101.1
102.6
109.3
112.0
112.3
112.7
111.3
108.6
109.7
114 8
105.7
102.1
97.5
100.2
88.9
86.0
100.9
104.2
112.7
109.5
102. 2
108 4
107.2
106.9
100.5
101.0
101.1
101.1
101.2
94 0
93.1
93 4
92.8
93.4
94.3
95.9
102.6
100.4
98 1
96.5
95.9
92 7
95.8
95 2
94.3
96.3
96 0
98.0
102.6
102.1
103.5
101.8
97.2
93 6
90.9
89 4
87.7
88.3
90 2
91.0
96 6
97.0
98 8
100.3
98.2
98.6
100.0
100.3
101.7
102.6
103.3
104.8
100.8
99.4
102 2
102.8
107.0
106.4
108.0
108.6
108.8
107.0
107.9
107.1
105.2
105 1
105.4
105.1
106.6
107.4
106.4
106.6
106.1
105.6
105.0
103.9
106.2
105 7
105 9
105.2
103.7
102.6
102 1
101. 3
101.0
99 7
100.1
99.1
109.2
99.6
85.1
72.9
87.2
Soap
87.3
93.1
119.6
104.9
100.0
95.1
117.5
164.8
82.9
122.3
244.4
242 2
241.9
217.0
281.9
88.6
95.6
97.6
106.8
Petroleum re- Rubber Rubber
fining boots and tires and
inner
shoes
tubes
103.0
96.1
100.9
110.8
110.0
104.7
124.3
125.0
106.2
96.1
99.8
117.0
83.6
99.4
102.8
106.8
105.0
102 2
82.1
63.2
52 6
50.6
97.7
94.5
107 8
105.4
103.3
110.0
109 8
78.9
64.9
57 1
64.8
99.4
100 2
101.9
105.7
110 2
107.7
105 7
104.7
102.3
101 1
99 4
97.2
109.1
112 2
116.4
120.2
125 7
127.1
128 7
126.4
114.4
113 6
107 9
104.4
111.6
115 3
114.6
112.4
112 1
104.8
96 3
80.0
74.9
78 1
83 4
88.2
98.1
97.4
97.1
94.4
98.6
86 4
82.4
80 8
88.4
92.2
94 0
98.9
97.2
97.6
97 4
97.4
97.7
97 0
95.8
95 2
93.7
94.3
95 2
95.2
99 6
96.1
91 1
87.4
86.8
84 7
79.4
57 8
66.3
66 6
90 4
90.6
89 3
91.1
91 6
91.3
91.0
88 4
87.9
92 6
99.5
104 2
103 4
103.9
92.7
93 4
96 0
100.9
102.9
101.0
100.4
99.1
97.2
93.6
92 7
91.3
96.5
92 4
100 6
115.9
96.1
98.2
104.7
112.3
111.9
115.7
113.7
117.3
95.8
96 3
96 0
96.5
97.4
99.2
100.8
102.4
104.2
105.9
107 3
108.3
94.6
99 8
99 3
98.3
97.6
98.8
103.7
99.1
101.3
99.3
98 6
102.6
100.9
102 3
103 9
104.7
110 4
111.5
113 6
113 3
108.4
106.1
107 7
111.0
106.2
107.3
108.8
108.8
110.6
109.9
104.2
109.0
108.1
109.0
109.4
108.6
89.8
89.9
91.4
93.7
93.8
98.2
101.0
99.7
104.7
106.7
108.0
106.4
117. 5
120.9
117.3
104.2
111.0
116.2
113.4
112.3
115.8
112.8
112.4
100.8
107.7
107.9
107.4
108.3
108.9
110 3
110.3
110.8
112.6
115.1
115 4
115.3
104.8
103.2
107.7
107.2
106.6
106.3
84.6
105.4
104.4
102.1
101.0
100.4
110.2
109.0
107 5
105. 4
101 3
100 8
101.9
103 6
106.4
109 9
105 5
103 4
110.6
110.5
109.9
109.9
109.9
110.6
107 6
111.9
110.1
112.7
111.4
109.9
102.7
101.0
97 9
99.4
95.6
99.3
100 0
99.1
97.6
97.3
95.7
96.8
104.2
104.1
101.8
102.3
106.0
100.6
96 6
97.0
99.6
97.2
98.1
98.7
117.4
117.7
118.4
114.8
112.4
110.2
108 5
107.0
104.9
104.1
102.2
101.7
102.2
103.6
103.8
103.7
106.0
108.2
106 3
106.2
110.2
109.6
109.7
112.4
101 6
101.1
102 5
106 6
107.8
106 9
104 7
103.7
101 4
100.5
100 2
102.3
94.3
82.2
85.7
87.4
83.3
89.7
*
342
FEDERAL RESERVE BULLETIN
JUNE 1934
TABLE 4.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued
[Adjusted for seasonal variation. Monthly average 1923-25=100]
Chemicals and petroleum products group
Rubber products
group
Chemicals group, except petroleum
Year and month
Total
Chemicals
Druggists'
preparations
Explosives
99.5
105.6
104.9
103.7
104.7
106.1
103.1
109.1
110.4
109.8
110.9
110.8
95.5
99.7
94.2
95.7
94.6
93.3
92.6
88.1
94.6
96.8
98.1
100.8
99.2
109.4
113.5
105.8
102.6
108.8
108.1
106.4
107.6
107.6
107.3
113.0
106.9
108.3
109.7
111.0
111.4
110.4
110.2
113.3
109.5
108.1
105.4
106.4
111.6
119.7
116.8
117.8
115.6
115.4
117.3
115.7
116.4
117.0
117.2
116.1
100.9
103.9
102.8
104.6
101.9
99.4
94.0
92.3
90.9
89.7
86.2
78.5
107.6
105.7
113.8
118.0
111.4
112.8
120.6
119.2
114.4
112.7
114.6
109.9
110.8
110.2
109.4
107.3
106.8
106.0
105.9
105.9
104.1
102.4
100.4
99.2
103.1
101.3
99.6
99.4
101.4
99.3
101.2
102.2
99.0
98.2
95.8
94.2
113.1
112.0
109.2
109.3
110.2
110.2
109.3
106.8
106.0
104.4
104.2
103.8
76.2
76.5
76.3
77.7
78.0
81.5
80.6
80.4
82.4
82.2
81.9
82.0
116.0
117.8
124.1
108.1
103.4
112.6
118.1
115.1
112.8
104.3
98.4
99.7
1931—January
February. _.
March
April
May
June
July...
August
SeptemberOctober
November..
December..
95.3
94.0
95.4
95.8
94.6
93.6
91.6
90.0
89.0
87.4
86.5
92.1
90.7
88.6
86.2
86.7
86.2
86.4
83.6
83.7
82.4
78.9
76.0
103.8
106.9
105.0
103.9
103.7
101.0
104.3
104.2
105.0
102.4
100.1
97.9
82.6
83.0
82.3
83.8
81.5
79.9
81.0
79.6
78.8
77.8
78.3
76.4
93.9
88.5
86.4
84.7
86.1
81.0
75.9
73.8
67.9
64.8
64.0
65.8
97.1
95.9
96.4
98.1
97.4
96.5
94.9
94.4
92.8
90.5
216.1
218.8
229.8
235.9
242.5
248.4
252.8
257.2
251.6
253.1
248.9
248.2
1932—January
February...
March
April
_.
May
June
July
August
September..
October
NovemberDecember..
86.5
86.3
85.6
84.7
84.5
76.6
75.5
74.4
79.2
80.2
80.9
81.1
75.5
74.7
75.1
74.4
74.8
72.8
71.8
71.9
70.6
71.5
71.3
70.8
97.7
96.5
96.4
93.4
94.1
91.3
86.3
86.0
84.2
84.8
85.8
75.2
73.7
69.1
67.9
67.9
64.7
58.8
59.9
61.4
64.1
67.0
67.3
66.6
68.1
61.2
63.1
69.5
59.8
56.6
57.1
58.4
60.4
63.6
59.4
87.9
86.6
86.3
84.9
82.5
81.6
80.9
79.3
79.3
79.6
79.2
78.2
1933—January
February...
March
April
May
June
July.
August
SeptemberOctober
NovemberDecember..
81.4
82.3
81.2
80.5
85.1
90.9
96.9
104.4
106.2
106.4
105.5
105.2
71.9
72.8
72.9
72.3
76.7
82.1
90.1
100.3
101.7
102.1
101.9
101.4
89.4
86.4
84.4
85.2
84.9
86.8
91.2
90.5
93.1
95.4
98.4
101.4
65.7
66.5
67.1
67.6
67.9
68.4
73.6
79.3
89.2
89.6
90.2
87.8
65.2
67.8
66.0
79.8
79.9
81.4
86.4
85.0
89.7
97.3
100.2
105.7
1934—January...
February..
March
April
106.6
109.0
110.7
109.8
103.4
103.1
106.5
110.1
99.7
101.4
100.9
102.4
89.1
95.6
96.0
102.2
110.4
115.2
124.5
97.8
1928—January. _.
February
March
April
May
June
July
August
.
September..
October
November
December
100.5
100.8
100.8
102.9
107.0
108.1
110.4
1929—January
February...
March
April
May
June.
July
August
September.
October
November .
December..
111.7
112.5
114.0
114.6
111.0
111.2
112.6
115.1
114.4
115.2
113.7
112.4
1930—January
February
March
April
May
June
July
August
September...
October
November
December. __
98.1
99.9
99.4
i.l
__
_
I
__
__
PetroRubber
leum re- Rubber tires
and
fining boots and inner
shoes
tubes
Rayon
Paints
Fertiliz- and
var- and allied
ers
nishes products
102.9
102.4
102.7
100.7
101.1
102.6
102.9
105. 0
107.4
108.4
109.6
110.9
109.5
108.9
103.3
107.6
106.8
99.8
108.1
104.4
103.4
103.3
103.7
101.0
105.3
107.7
107.8
104.0
102.1
104.3
109.2
113.8
115.0
117.1
117.0
116.1
238.4
242.1
248.4
249.1
226.4
232.3
241.
247.4
246.5
253.5
255.7
251.3
111.6
113.9
116.7
118.7
121.8
123.0
125.3
128.2
130.6
134.4
134.9
132.9
100.1
98.2
100.1
99.7
100.3
103.3
106.2
110.4
106.5
104.2
98.6
98.3
118.6
118.4
119.2
117.9
116.2
114.3
113.3
111.2
106.8
102.8
91.3
87.5
248.9
247.9
252.3
251.1
246.2
244.0
243.3
238. 4
237.4
233.0
233.5
229.8
134.3
134.0
131.8
128.2
126.9
125.9
124.4
123.7
120.4
118.5
115.4
116.0
96.3
95.3
94.8
91.4
84.4
80.5
77.1
79.1
71.9
72.6
71.2
70.3
88.3
84.6
84.0
84.4
83.7
83.0
78.0
77.3
73.6
71.6
68.8
69.0
87.7
86.3
86.2
87.5
90.7
89.3
90.4
87.6
88.7
86.1
84.0
84.5
115.4
113.4
102.6
110.6
111.6
107.3
104.3
102.4
100.9
102.1
101.5
102.1
66.7
66.1
54.8
61.2
64.0
67.0
66.3
61.4
64.5
62.4
63.6
60.4
69.4
67.0
66.7
65.2
66.3
65.9
64.3
64.7
63.1
62.4
62.1
61.4
251.6
250.4
241.3
233.0
218.1
156.7
155.7
155.7
219.8
234.5
239.9
246.7
85.0
83.8
84.1
83.1
82.7
85.4
83.7
83.0
81.6
82.1
83.3
81.8
102.7
100.8
98.8
97.6
97.3
96.1
93.9
92.4
93.3
92.9
93.1
94.8
59.4
57.5
57.2
55.5
54.5
55.0
48.7
52.5
45.3
46.4
47.7
51.0
61.1
60.4
59.8
58.0
56.0
56.1
56.5
56.3
54.6
55.4
55.6
55.0
76.2
75.3
73.6
76.1
80.8
86.1
92.2
96.1
95.2
93.7
91.8
91.6
250.6
250.4
238.4
223.7
246.9
260.1
281.4
316.1
330.3
331.3
332.0
322.0
83.5
82.6
81.3
80.8
84.1
88.8
91.2
98.0
100.1
98.8
95.1
92.4
94.7
95.1
94.9
94.2
95.4
96.0
94.8
97.1
103.0
109.0
111.1
112.6
46.6
45.7
43.5
44.3
38.9
41.4
47.0
55.7
61.7
61.1
59.9
61.0
53.7
53.8
52.3
50./
54.2
61.0
70.0
77.9
77.7
77.3
75.1
74.3
96.1
97.7
97.7
102.2
319.4
325.2
321.9
319.0
93.2
97.6
102.7
103.3
112.4
112.1
111.3
107.8
58.4
56.0
57.2
58.0
73.7
75.4
79.7
80.7
JUNE
343
FEDERAL RESERVE BULLETIN
1934
TABLE 5.—INDUSTRIES INCLUDED IN INDEX OF FACTORY EMPLOYMENT
Initial
year of
month-
Industry and group
series
Total i
.7
IRON AND STEEL AND PRODUCTS,
MACHINERY I.__
MACHINERY,
NOT
EQUIPMENT I
INCLUDING
1923
1931
1923
859.1
406.4
14.2
22.5
1931
1931
1919
1931
16.7
23.8
51.4
30.2
1923
1923
1923
1931
43.2
47.0
49.4
30.2
1931
1931
17.9
18.0
1923
878.1
28.2
1931
1923
1923
1923
1923
1929
1923
1931
13.9
222.4
50.0
408.7
28.3
29.4
30.7
14.0
1931
1919
1923
1923
1923
563.5
2.8
402.7
63.5
19.4
54.4
1923
1923
482.1
33.6
448.5
1931
1923
1931
1931
1931
1931
1931
1923
282.6
15.3
65.1
21.8
25.1
22.6
17.0
33.9
33.2
1919
918.4
172.9
1923
1923
1931
106.5
478.5
31.9
1923
1919
1919
350.3
102.1
36.9
69.8
EQUIPMENT I
Aircraft
Automobiles
Cars, electric and steam railroadLocomotives
Shipbuilding...
RAILROAD R E P A I R SHOPS .
Electric railroads
Steam railroads
NONFERROUS METALS AND THEIR PRODUCTS1
Aluminum manufactures
Brass, bronze, and copper products
__.
Clocks and watches and time-recording devices.
Jewelry
Lighting equipment
Silverware and plated ware
Smelting and refining—copper, lead, and zinc
Stamped and enameled ware
!
Furniture
Lumber:
Millwork
Sawmills
Turpentine and rosin
Industry and group
_
STONE, CLAY, AND GLASS PRODUCTS—Continued.
TEXTILES AND PRODUCTS
1931
1923
!
A. Fabrics i
Carpets and rugs
Cotton goods
Cotton small wares
Dyeing and finishing textiles..
Hats, fur-felt
Knit goods
Silk and rayon goods
Woolen and worsted goods
B. Wearing apparel 1
Clothing, men's
Clothing, women's
Corsets and allied garments...
Men's furnishings._
Millinery
Shirts and collars
_.
LEATHER
38.3
37.4
1919
1919
1931
1931
1919
1919
1, 629. 4
1,105. 6
33.9
441.8
15.7
65.1
15.7
185.2
125.7
178.0
474.1
182.2
127.7
15.3
20.0
31.8
57.6
1919
1919
323. 5
212.6
54.7
1919
1931
1931
1929
1923
1919
1923
1919
1931
1919
668.3
162.4
27.9
19.0
83.6
62.4
33.5
23.3
126.7
8.2
14.7
1923
1923
138.4
15.9
122.5
1919
1919
531.1
56.9
120.6
1923
1923
133.1
116.9
1919
1931
1923
1923
1923
1931
1929
1931
1923
333.0
268.2
57.0
14.5
9.2
5.9
18.5
23.9
16.0
16.2
64.8
1923
134.3
25.2
1931
1923
33.4
75.7
1923
1919
1931
1919
1931
1919
1919
1923
!
AND PRODUCTS *_
Boots and shoes
Leather
FOOD AND P R O D U C T S 1
Baking
Beverages
Butter
Canning and preserving
Confectionery
Flour
Ice cream
Slaughtering and meat packing.
Sugar, beet
Sugar refining, cane
TOBACCO PRODUCTS
Chewing and smoking tobacco and snuff..
Cigars and cigarettes
P A P E R AND P R I N T I N G 1
Boxes, paper
Paper and pulp
Printing and publishing:
Book and job
Newspapers and periodicals..
CHEMICALS AND PETROLEUM
PRODUCTS
2
.
A. Chemical group, except petroleum..
Chemicals
Cottonseed-oil, cake, and meal
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
B. Petroleum refining
RUBBER
STONE, CLAY, AND GLASS PRODUCTS
Brick, tile, and terra cotta
Cement
Glass
Average
number
of wage
earners,
1923-25
(in thousands)
TRANSPORTATION
Agricultural implements
Cash registers, adding machines, and calculating
machines
Electrical machinery, apparatus, and supplies, _.
Engines, turbines, tractors, and water wheels
Foundry and machine-shop products
Machine tools
Radios and phonographs
Textile machinery and parts
Typewriters and parts
L U M B E R AND PRODUCTS
Initial
year of
month-
Marble, granite, slate, and other products
Pottery
._
NOT INCLUDING
Blast furnaces and steel works
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery (not including silver and plated cutlery)
and edge tools
Forgings, iron and steel
Hardware
Plumbers' supplies
Steam and hot-water heating apparatus and
steam fittings
__.
Stoves
Structural and ornamental metal work
Tin cans and other tinware.
Tools (not including edge tools, machine tools,
files and saws)
Wirework
TRANSPORTATION
Average
number
of wage
earners,
1923-25
(in thousands)
PRODUCTS..
--
Rubber boots and shoes
Rubber goods, other than boots, shoes, tires,
and inner tubes
Rubber tires and inner tubes
* Excluding manufactured gas and motion pictures, included in manufactures by the Census but not by the Bureau of Labor Statistics.
This total includes allowance for other industries not currently reported.
This group is a combination of chemical and petroleum groups less manufactured gas and includes allowance for other industries not currently reported.
1
2
344
FEDERAL RESERVE BULLETIN
JUNE 1934
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled May 22 and released for publication May 24]
Volume of manufacturing production increased during April, while the output of mines
declined. Employment and pay rolls continued to increase. The general level of commodity prices remained substantially unchanged during April and the first three weeks
in May, although prices of individual commodities snowed considerable changes.
Production and employment.—Production
of manufactures, which had increased continuously since last November, showed a further
advance in April, according to the Board's
seasonally adjusted index, while output of
mines was smaller in April than in March.
The Board's combined index of industrial
production remained practically unchanged at
85 percent of the 1923-25 average. The growth
in manufacturing reflected increases in iron
and steel, automobiles, and meat packing.
Lumber production declined in April, and activity at wool and silk mills was considerably
reduced, while cotton consumption by mills
showed little change. Crude petroleum output continued to increase, but there was a
more than seasonal decline at the beginning
of April in the mining of both anthracite and
bituminous coal. During the first two weeks of
May steel operations increased further, but
declined somewhat in the third week. Output
of automobiles decreased considerably in May.
Volume of employment and wage payments
continued to increase in April, and employment in factories, according to the new index
of the Bureau of Labor Statistics, was larger
than at any time since the end of 1930. There
was a substantial seasonal increase in the number of workers employed in private construction as well as in those engaged in projects
financed by the Public Works Administration.
Employment on railroads, in metal mining and
quarrying, and in various service activities also
increased further, while in coal mining there
was a considerable decrease.
Construction contracts awarded during April,
as reported by the F. W. Dodge Corporation,
were smaller in value than during March.
There was a substantial decline in public-works
contracts, while contracts for privately financed
projects showed a slight increase in April.
Following extended drought in important
grain areas, the Department of Agriculture forecast of the winter wheat crop was reduced from
492,000,000 bushels on April 1 to 461,000,000
bushels on May 1. This compares with a 5year average for 1927-31 of 632,000,000 bushels.
The condition of rye, hay, and pastures has
also been adversely affected by the drought.
Distribution.—Railroad freight-car loadings
declined in April as compared with March, and
in the first half of May there was a smaller
than seasonal increase in total loadings. The
April decline was largely the result of a substantial decrease in coal shipments from the
relatively large volume of March. Department store sales showed little change from
March to April, after allowance is made for
differences in the number of business days, for
usual seasonal changes, and for changes in the
date of Easter. Sales continued larger than a
year ago.
Commodity prices.—The general level of
wholesale commodity prices, as measured by
the Bureau of Labor Statistics index, has
shown little change during the past 3 months.
Prices of grains, cotton, silk, and silver, which
declined sharply in April, rose during the first 3
weeks of May. Rubber prices advanced sharply
until early in May but subsequently declined
somewhat, and prices of textile products
declined during recent weeks. Steel scrap has
declined since March, while finished steel products, automobiles, nonferrous metals, and
building materials advanced. Cattle and beef
prices rose during April and the early part of
May, while prices of hogs declined.
Bank credit.—Excess reserves of member
banks remained at a level of about $1,600,000,000 between the middle of April and the middle
of May. There were no considerable changes
in monetary gold stock or in money in circulation. The total volume of reserve bank credit
also showed little change.
*
At reporting member banks in leading cities
in the 5 weeks ending May 16 there were
decreases of about $240,000,000 in loans and of
$80,000,000 in investments, the latter reflecting
a decrease in holdings of securities other than
those of the United States Government. Net
demand and time deposits increased by nearly
$200,000,000, while United States Government
deposits were reduced by about $300,000,000.
Short-term money rates in the open market
continued at low levels during May and yields
on United States Treasury bonds declined
further to the lowest levels of the post-war
period.
345
FEDERAL RESERVE BULLETIN
JUNE 1934
RESERVE BANK CREDIT AND RELATED ITEMS
MILLIONS OF DOLLARS
Weekly basis: Wednesday series
MILLIONS OF DOLLARS
8000
8000
7000
7000
6000
6000
5000
5000
4000
4000
3000
3000
2000
2000
1000
1000
TREASURY CASH
3c DEPOSITS WITH F. R. BANKS
1929
1930
*
1931
1932
1933
Based on Wednesday figures; latest figures are for May 30. See table on page 246.
1934
346
FEDERAL RESERVE BULLETIN
JUNE
1934
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS
[In millions of dollars. Wednesday series; for other series, see p. 414]
Reserve bank credit outstanding
Date (Wednesday)
1933 - A p r . 5
Apr. 12
Apr. 19
_
Aor. 26
May 3
M a y 10
M a y 17
M a y 24
_
M a y 31.
June 7
June 14
m.
June 21__-_!_
June28_
July 5.
July 12
July 19
_
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
1934—Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31 .
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
M a y 16
M a y 23
M a y 30
Bills dis- Bills
counted bought
436
428
414
385
400
338
330
312
302
277
254
222
191
182
168
163
161
164
156
166
150
153
145
133
130
133
123
119
113
115
117
112
111
112
119
116
118
115
111
106
104
101
97
83
73
68
(56
64
59
55
51
53
48
43
40
40
38
37
34
34
34
United Other reStates
Govern- serve
bank
ment se- credit
curities
286
247
208
177
144
113
78
43
20
1,837
1,837
1,837
1,837
11
10
1,912
1,932
1,955
1,975
1,995
2,007
2,017
2,028
2,038
2,048
2,059
2,094
2,129
2,166
2,203
2,238
2,274
2,309
2,344
2,375
2,400
2,420
2,430
2,432
2,431
2,432
2,431
2,432
2,432
2,432
7
7
7
7
7
7
7
7
7
7
7
7
7
15
20
24
61
116
113
111
121
113
112
104
111
97
86
75
62
46
37
33
29
26
17
13
10
2,574
2,528
2,490
2,412
2,396
2,297
2,254
2,219
2,218
2,214
2,212
2,194
2,182
2,206
2,201
2,197
2,201
1,837
1,837
1,837
1,862
1,890
2,432
2,432
2,432
2,432
2,434
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,430
2,430
2,432
2,432
2,430
2,430
2,430
Total
7
9
12
14
13
7
10
7
18
5
7
-7
6
i
7
7
11
25
20
29
7
1
-2
2
4
7
18
8
2
8
-9
5
5
6
9
3
-1
1
2,208
2,220
2, 240
2,258
2,298
2,330
2,357
2,388
2,421
2,449
2,477
2,513
2,526
2,550
2,542
2,564
2,562
2,581
2,ei5
2,677
2,686
2,674
2,655
2,646
2,631
2,630
2,606
2,593
2,592
2,567
2,539
2,532
2,508
2,519
2,509
2,492
2,493
2,486
2,484
2,484
2,473
2,470
TreasTreasury
ury
and Money in Member cash
Monetary national- circula- bank re- and degold stock
bank
serve
posits
tion
curbalances with
rency
F.R.
banks
4,283
4,293
4,313
4,310
4,312
4,313
4,313
4,314
4,315
4,316
4,318
4,317
4,318
4,318
4,319
4,319
4,320
4,320
4,320
4,321
4,328
4,328
4,329
1,327
4,327
4,324
4,324
4,324
4,323
4,323
4,323
4,323
4,322
4,323
4,323
4,323
4,323
4,323
4,323
4,323
4,323
4,322
4,322
»4,033
2 7, 036
7,089
7,203
7,438
7,556
7,605
7,640
7,681
7,703
7,732
7,746
7,755
7,756
7,756
7,753
7,766
7,776
2,297
2,303
2,308
2,306
2,305
2,303
2,299
2,299
2,298
2,296
2,295
2,295
2,296
2,285
2,284
2,283
2,282
2,281
2,281
2,281
2,280
2,281
2,280
2,281
2,280
2,279
2,279
2,278
2,277
2,277
2,276
2,275
2,275
2,276
2,277
2,277
2,295
2,299
2,304
2,303
2,302
2,302
2,301
2,302
2,301
2,301
2,301
2,302
2,312
2,332
2,343
2,356
2,369
2,381
2,381
2,380
2,381
2,380
2,380
2,375
2,371
6,261
6,147
6,068
5,994
5,954
5,892
5,852
5,795
5,812
5,767
5,723
5,675
5,752
5,667
5,635
5,601
5,618
5,608
5,612
5,592
5,592
5,648
5,602
5,605
5,595
5,652
5,673
5,650
5,640
5,673
5,654
5,654
5,743
5,758
5,763
5,849
5,824
5,791
5,684
5,643
5,581
15,289
5,317
5,321
5,344
5,355
5,374
5,345
5,334
5,336
5,371
5,347
5,347
5,324
5,359
5,352
5,344
5, 316
5,338
1,976
2,096
2,159
2,136
2,034
2,089
2,114
2,194
2,167
2,204
2,281
2,205
2,286
2,219
2,269
2,290
2,306
2,319
2,376
2,371
2,432
2.427
2,439
2,542
2,543
2,596
2,523
2,567
2,655
2,693
2,591
2,578
2,645
2,687
2,573
2,561
2,638
2,636
2,675
2,710
2,777
2,788
2,851
2,652
2,736
2,851
2,830
3,093
3,313
3,454
3,449
3,439
3,450
3,560
3,665
3,744
3,570
3,678
3,694
3,767
3,763
441
390
366
371
487
399
370
329
345
307
316
405
317
331
353
335
366
333
292
315
319
339
327
317
334
331
372
338
284
302
388
373
345
316
369
386
379
329
315
311
353
407
398
597
> 3,449
3,391
3,499
3,440
3,294
3,226
3,252
3,318
3,323
3,239
3,204
3,148
3,177
3,098
3,082
3,052
3,051
Nonmember deposits
Other
Federal
Reserve
accounts
135
143
163
172
182
178
175
161
155
197
153
152
169
164
169
194
186
342
349
355
354
188
195
197
175
202
178
157
164
156
159
155
166
167
178
161
163
149
142
156
160
132
124
145
172
143
137
141
142
130
1S2
127
133
143
154
161
140
148
167
167
280
257
252
242
233
356
355
355
353
353
352
351
348
349
344
345
344
344
350
350
347
348
347
346
346
348
347
346
345
358
357
353
356
355
355
354
354
355
362
362
358
295
288
287
287
299
290
291
292
294
301
302
303
•297
312
237
237
235
235
233
233
232
1
Beginning Jan. 31,1934, "gold coin in circulation" (estimated for that date at $287,000,000) is excluded from monetary gold stock and money in
circulation;
see p. 348.
1
By proclamation of the President dated Jan. 31, 1934, at 3:10 p.m., the weight of the gold dollar was reduced from 25$lo grains to 15%i grains
nine tenths fine. The resulting increase in the value of the monetary gold stock was covered into the Treasury as a miscellaneous receipt and *s
reflected in an increase in the item "Treasury cash and deposits with Federal Reserve banks."
3 Less than $500,000.
NOTE.—For explanation of recent rearrangement of certain data in this table, see BULLETIN for February 1934, p. 93.
JUNE 1934
347
FEDERAL RESERVE BULLETIN
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE
NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT
[In thousands of dollars]
May 31, 1934 Apr. 30, 1934 May 31, 1933
Gold certificates on hand and due from United States Treasury.
Gold
Redemption fund—Federal Reserve notes
Other cash
4,653,092
4, 589,990
29, 774
215,866
31,047
222,034
960,143
2, 515,402
44, 353
286, 770
Total reserves
Redemption fund—Federal Reserve bank notes.
Bills discounted:
For member banks
For intermediate credit banks..
For nonmember banks, etc
4,898,732
4,720
4,843,071
6,333
3, 806, 668
6,242
30,880
38,641
379
300,843
1,131
401
Total bills discounted.
31, 259
39,042
301,974
Bills bought:
Payable in dollars:
Bought outright
Under resale agreement. _
Payable in foreign currencies.
103
3,492
12, 881
~5~075
~5~070
5,178
8,562
19, 862
2,430, 236
2,431, 273
1, 889, 278
300
Total United States Government securities
Other Reserve bank credit:
Federal intermediate credit bank debentures
Municipal warrants
Due from foreign banks
Reserve bank float (uncollected items in excess of deferred availability items).,
2, 430, 236
2, 431, 273
1,889, 578
535
3,125
i 7,451
200
548
3,131
2,574
Total Reserve bank credit outstanding
Federal Reserve notes of other Reserve banks
Uncollected items not included in float
Bank premises
Federal Deposit Insurance Corporation stock
All other assets
2,462,882
17, 571
404,074
52, 602
139,299
48, 584
2,485,330
18, 414
364, 279
52, 567
139,299
43,772
2, 218,017
15,143
318,082
54, 225
8,028, 464
7,953,065
6,466, 427
17,571
3,051,110
18,414
3,041,690
15,143
3,187,959
Total notes in circulation
Federal Reserve bank note circulation—net
Deposits:
Member bank—reserve account
United States Treasurer—general account..
Foreign bank
Other deposits
3,068, 681
60, 248
3,060.104
74,582
3, 746,003
54,817
3,743
218,545
3, 598,528
115,302
6,228
262,041
Total deposits
Deferred availability items
Capital paid in
Surplus
Reserves (Federal Deposit Insurance Corporation stock, self-insurance, etc.)_
AU other liabilities
4,023,108
404,074
146, 301
138,383
161, 832
25,837
3,982,099
364,279
146,395
161,828
25,395
3, 203,102
96, 280
=
2,166, 721
72, 328
7,848
146,876
2, 393, 773
318,082
150, 271
278, 599
12,179
14,141
Total liabilities
Contingent liability on bills purchased for foreign correspondents
FEDERAL KESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks by Federal Reserve agents
Collateral held by agents as security for notes issued to bank:
Gold certificates on hand and due from U.S. Treasury
Eligible paper
United States Government securities
Total collateral..
FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding).
Collateral pledged against outstanding notes:
Discounted and purchased bills
United States Government securities..-
8,028,464
2,672
7,953,065
4,296
6,466,427
35, 731
3,338,801
3,316,776
3,436,872
3, 006, 771
16, 244
359, 300
2,987,271
23,025
350,400
2,813, 639
190,397
480,900
3, 382, 315
3, 360, 696
3,484,936
73,688
88,852
81, 474
110, 774
123,134
26,039
136, 274
81,474
110, 783
162,313
Total bills bought..
United States Government securities:
Bought outright
Under resale agreement
Total assets.
Federal Reserve notes:
Held by other Federal Reserve banks.
Outside Federal Reserve banks
_._
Total collateral..
1
Excess of deferred availability items over uncollected items.
1
4,823
3,814
2,035
"48," 020
=
348
FEDERAL RESERVE
ANALYSIS OF CHANGES IN MONETARY
STOCK
GOLD
BULLETIN
MOVEMENTS OF GOLD TO 1AND FROM
UNITED STATES
[In millions of dollars]
Month
J U N E 1934
[In thousands of dollars]
Analysis of changes
Gold
stock
Net reat end Increase
gold lease
Other
of
gold Net
month instock
import from ear- factors
mark i
1934
From or to—
May
(preliminary)
JanuaryApril
April
ImImImports Exports ports Exports ports Exports
$l=25Ho grains of gold *Ko fine; i.e., an
ounce of fine gold=$20.67
4,340
75.6
21.7
48.6
5.3 Belgium
1932—November142
20
4,513
173.5
100.9
71.0
1.
December..
1 399,870
England
7,447
2,571
1,750 24,055
1,804
178,026
499
416
France
18
457.5
Total (12 mo.).
52.9 -446. 2
41.6 Germany
2
74, 654
7,234
Netherlands
1,678
3.0 Switzerland
128.5
-91.5
4,553
40.0
1933—January
12, 656
-12.9 Canada .
17.8 -178.3
4,380 -173.4
February..
8,409
9,089
6 31,825
43
- 2 2 . 1 -100.1
25.0 Central America
4,282
-97.2
March
676
227
-10.0
5.7 Mexico .
4,312
29.5
33.7
April
11 11, 386
626
1 489
34
-21.1
4,315
22.1
2.6 Argentina
3.6
May
5
5
-3.2
4,318
3.5
1.9 Colombia
2.2
June
4,150
2,495
2,493
-83.9
*4, 320
2.1 E cuador
2.7
84.5
July...
124
100
-80.4
4,328
8.4 Peru
7.5
79.5
August
423
199
-56.7
4,324
3.6 Uruguav
49.3
-3.8
September
-32.4
26.9
4.8 Venezuela
-0.7
October,.
___ 4,323
61
359
4,323
0.6
0.4 Australia
-1.1
November
18
231
4,323
- 3 . 1 British India
-9.1
11.8
December
4,613
9,375
16, 078
China and Hong
-58.0
Total (12 mo.).
-190.4 -173.7
41.4
2,783
3,067
Kong
6,583
Dutch East Indies
24,033 a-289.3
2
.
8
12.2
»-298.7
1934—January
If
4
Japan
$l = 155/ii grains of gold 9io fine; i.e., an
632
2 453
Philippine Islands
ounce of fine gold
I 3,580
All other countries 2_
27
648
2,883. 8
February.
7,438 3,405.0
452.6
68.7
'20.3
March
7, 695
256.8
'237.3
-0.8
Total
32, 544 1 1, 750 54,774
37 744,228
4,846
7.9
April
7, 757
61.5
54.7
— 1.1
-9.0
May v
7,779
0.5
22.3
30.8
i With some exceptions figures represent customs valuations at rate of
r
$20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter.
p Preliminary
figures.
Revised.
1
* Includes all movements of unreported origin or destination.
Gold released from earmark at Federal Reserve banks less gold
placed under earmark (with allowance when necessary for changes in
Back figures—See, Annual Report for 1932 (tables 49 and 50).
gold earmarked abroad for account of Federal Reserve banks),
2 Decrease reflects primarily omission from gold stock of "gold coin in
circulation" beginning with January 1934; see note (0 at bottom of this
page.
Back figures.—See Annual Report for 1932 (table 47).
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Total
1933—January .-.
February_
March
April
May
June
July
August
September
October.._
November.
December.
5,645
6,545
6,320
6,003
5,812
5,721
5,630
5,612
5,650
5,635
5,742
5,806
1934—January...
February..
March
April
May v
i 5, 289
i1 5, 354
5, 394
15, 368
15, 357
Gold
coin
479
571
367
335
324
321
320
319
312
312
311
311
0)
0)
0)
0)
0)
NaGold StandSilver TreasSubUnited Federal Federal
ard
ury
tionalcertifi- silver
certifi- notes
sidiary Minor
States Reserve Reserve
coin
bank
bank
cates dollars cates of 1890 silver
notes
notes
notes
notes
591
649
393
323
280
265
252
242
232
225
219
213
350
362
376
360
359
361
365
372
385
387
394
407
250
252
258
255
256
257
258
261
265
267
269
272
111
111
112
112
112
113
113
114
115
116
117
117
287
301
266
261
265
269
275
277
280
277
285
286
178
167
161
157
153
391
399
403
400
402
267
270
272
274
277
116
117
118
118
120
283
289
289
282
279
2,707
3,405
3,621
3,362
3,167
3,061
2,974
2,953
2,998 I
3,044 I
I
2,894 i
2,949 I
3,005
3,025
3,037
3
3
17
50
99
125
129
133
156
189
206
208
836
861
879
915
922
920
914
911
909
903
913
918
202
194
178
162
151
927
938
936
918
906
v Preliminary figures.
i Omission of figures for gold coin reflects change in reporting practice of Treasury and Federal Reserve banks (effective Jan. 31, 1934, when
figure would have been $287,000,000).
NOTE.—For figures of paper currency of each denomination in circulation see p . 421.
Back figures.—See Annual Report for 1932 (table 52).
JUNE
349
FEDERAL RESERVE BULLETIN
1934
MEMBER BANK RESERVE BALANCES
[In millions of dollars.
Averages of daily figures]
Reserves held *
Month
Total—all
member
banks
New York
City 2
1932—June
July.
August
SeptemberOctober
November..
December..
2,062
2,003
2,073
2,181
2,307
2,378
2,435
783
767
832
927
1,001
1,050
1,083
1933—January
February
March 3
April..
May
June
July
August
September...
October
November
December
2,516
2,291
1934—January....
FebruaryMarch
April
1
Excess reserves i
Other
reserve
cities
Other
reserve
cities
"Country'
banks
Total—all
member
banks
New York
City a
819
781
797
12
863
887
911
459
455
444
443
444
441
440
234.4
204.4
269.9
345.5
435.9
482.2
525.8
89.4
75.0
127.7
193.4
241.6
266.8
283.2
111.4
91.6
108.9
119.6
160.5
181.8
206.9
33.6
37.9
33.3
32.4
33.7
33.7
35.7
1,109
860
965
442
441
583.8
417.3
286.2
74.5
254.2
291.0
43.4
51.8
2,040
2,069
2,160
2,221
2,331
2,451
2,557
2,599
2,588
867
878
861
796
837
742
773
858
936
993
1,056
1,135
1,181
1,193
431
418
441
489
501
499
529
553
567
379.1
319.1
363.1
435.7
565.5
674.5
758.4
794.1
765.7
150.2
106.0
68.9
43.2
101.8
155.2
149.0
129.8
96.0
129.4
132.0
198.0
252.9
312.3
371.5
437.9
474.7
472. 6
99.5
81.2
96.2
139.6
151.3
147.8
171.5
189.6
197.1
2,740
2,799
3, 345
3,582
897 !
872 |
1,227 i
1. 290 I
1,221
1,271
1,422
1,536
622
656
696
756
865.7
890.8
1,375.1 ij
1,541.0 |
146.8
118.3
432.2
454.6
476.6
509.1
645.5
736.4
242.4
263.4
297.4
350.1
Beginning with April 1933 the figures relate to licensed banks only.
2
Central reserve city banks only.
"Country"
banks
3 March data not available.
Back figures.—See Annual Report for 1932 (tables 69 and 77).
MEMBER BANK DEPOSITS
[In millions of dollars.
Averages of daily figures]
Net demand deposits
Net demand and time deposits
Month
Totalall member
banks *
Total"Coun- all memtry"
ber
banks banks *
New
York
City 2
Other
reserve
cities
Other
reserve
cities
9, 0S7
8,931
8,827
8,811
8,795
8,751
8,674
14, 413
14,157
14,141
14,408
14,679
14,864
14, 965
5,154
5,133
5,217
5,440
5,629
5,804
5,937
5,433
5,304
5,283
5,316
5,402
5,432
5,424
3,826
3,720
3,641
3,652
3,649
3,628
3,604
10,663
10,555
10, 603
10, 565
10,612
10,612
10, 527
8,568
8,409
15,116
14, 645
6,109
5,842
5,470
5,368
3,537
3,435
10, 525
10,333
7,071
7,150
7,273
7,427
7,439
7,477
7,575
' 7,666
7,772
13,078
13,815
14, 241
14,100
13,920
14,027
14, 243
14, 347
14, 567
5,331
5,766
5,923
5,597
5, 468
5,516
5,535
5,475
5,452
4,756
4,991
5,162
5,329
5,299
5,333
5,459
5,543
5,691
2,990
3,058
3,156
3,174
3,153
3,178
3,249
3,330
3,424
8,633
8,694
8,732
9,060
9,119
9,113
9,126
9,139
9,078
7,952
8,180
8.314
8.449
15,021
15, 341
15,851
16, 457
5,599
fi, 624
5,943
6,256
5,894
6,048
6,172
6,384
3,528
3, 668
3,736
3,817
9,227
9,333
9,437
9,552
25,075
24,712
24,744
24, 973
25, 292
25, 476
25, 492
5,957
5,951
6,559
6,762
6,877
10,032
9,830
9,833
9,853
9,939
9,964
9,941
1933—January
February..
March 2
April
May
June
July
August
September..
October
NovemberDecember..
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, 369
23, 486
23, 646
6,120
6,517
6,669
6,424
6,282
6,318
6,341
6,289
6,215
8,520
8,842
9,031
9,309
9,318
9,345
9,453
9.531
9,659
1934—January __
FebruaryMarch
April
24,248
24, 674
25, 288
26,009
6,348
6.370
6,671
6,992
9,963
10, 124
10, 303
10, 568
i
i
!
!
2
3
Beginning with April 1933 the figures relate to licensed banks only.
Central reserve city banks only.
March data not available.
Back figures.—See Annual Report for 1932 (table 69).
Total" Coun- all
memtry"
ber
banks banks
1
New
York
City 2
1932—June
July
August
September.
October
November.
December..
1
Time deposits
"Country"
banks
New
York
City 2
Other
reserve
cities
803
818
867
4,599
4,526
4,550
4,538
4,537
4,532
4,517
5, 261
5,211
5,186
5,159
5,145
5,123
5,071
4,553
4,479
5,031
4,974
788
751
746
826
814
802
805
814
763
3,764
3,851
3,869
3,980
4,019
4,012
3,994
3,968
4,081
4,092
4,117
4, 253
4,286
4,299
4,326
4,336
4,348
749
74fi
728
736
4,043
4, 075
4,131
4,184
4,435
4, 512
4,578
4,632
957
940
350
FEDERAL RESERVE BULLETIN
JUNE 1934
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
Open-market loans
Loans to other customers
Call date
Total
loans Loans
and
to
nvest- banks Total
Secured Secured
by
stocks iy real
and estate
bonds
Investments
Purchased paper
Loans
Otherto
wise
broAcsecured Total Accept- ceptComkers
Total
and
>aya- ances merin
unsepayacial
New
>le
in
cured
United ble paper York*
States abroad
Total
loans
seU.S.
cured
Gov- Other
by
ern- secu- stocks
ment rities. and
secubonds
rities
TOTAL—ALL MEMBER
BANKS
1930—June 3 0 —
Sept. 24...
Dec. 3 1 —
1931—Mar. 25—
J u n e 30—
Sept. 29...
Dec. 3 1 . . 1932—June 3 0 . . .
Sept. 30—
Dec. 3 1 —
1933—June 30 »..
Oct. 2 5 . . .
Dec. 3 0 —
1934—Mar. 5 . . -
10, 349 3,113
9,982 3,262
9,831 2,233
2,454
8,922 2,103
8,722 1,563
8,242
901
7,081
747
6,527
970
6,195
855
5,049 1,191
5,350 1,238
5,184 1,231
5,067 1,387
170
205
315
361
389
268
146
313
407
375
291
303
223
350
2,091
1,912
1,525
1,651
1,497
1,121
695
565
763
701
964
891
912
144
148
188
199
296
201
107
262
341
330
224
233
170
276
1,524
1,526
1,631
1,619
1,621
1,585
1,538
1,407
1,406
1,398
1,160
1,144
1.151
1,158
710
3,567 1,064
531
3,620
645
3,423
470
3,291
326
3,168
135
3,063
118
2,709
151
2,486
115
2,312
184
1,984
274
2,108
258
2,016
1,945
18
54
122
158
91
67
S5
38
58
44
63
68
50
64
1,475
1,480
1,455
1,449
1,437
1,411
1,346
1,328
1,324
1,304
1,055
1,070
1,061
1,068
4,527
4,326
4,158
3,978
3,849
3,673
3,367
3,018
2,857
2,669
2,007
1,
1.955
1,942
35,656
35,472
34,860
34,729
33,923
33,073
30, 575
28,001
28,045
27,469
24,786
24,953
25,220
26, 548
535
466
631
446
457
599
790
573
457
444
330
297
287
225
21,565
21,010
21,007
19, 940
19,257
18, 713
17, 570
15, 267
14, 497
13,905
11,337
11,523
11,315
11,093
8,061
7,864
7,942
7,423
7,117
6,842
6,290
5,292
8,798
8,557
8,582
8,473
8,287
8,253
7,460
6,715
7,112
7,327
7,133
6,971
6,995
7,351
196
169
283
154
150
250
374
260
203
216
162
143
146
112
4,308
4,278
4,338
4,007
3,839
3,850
3,694
2,856
2,638
2,621
2,297
2,436
2,395
2,321
2,022
2,031
2,137
1,960
1,897
1,816
1,728
1,343
1,300
1,247
1,082
1,032
1,034
157
157
147
150
160
152
153
160
154
160
157
149
148
156
13,701
13,971
13,758
13,965
13,567
13,016
12,115
11,045
10,979
10,535
9,780
9,951
10,157
10, 816
277
235
286
235
247
284
347
254
205
178
129
120
103
79
9,029
8,726
8,906
8,409
8,100
7,845
7,407
6,519
6,196
5,879
4,846
4,912
4,797
4,669
3,811
3,632
3,656
8,229
8,007
7,762
7,524
7,318
7,018
6,469
5,892
5,663
5,405
4,194
4,175
4,123
4,103
2,227
2,200
2,149
2,097
2,031
1,935
1,756
1,546
1,481
1,432
1,132
1,118
1,108
1,093
4,848
3,916
3,809
3,772
3,644
3,155
3,163
3,234
3,220
3,218
3,149
3,038
2,894
2,885
2,862
2,372
2,364
2,359
2,382
71
62
55
101
113
70
41
34
34
30
25
24
37
26
2,365
2,472
1,498
1,630
1,217
928
575
278
414
357
788
748
840
855
10,442
10,734
10, 989
11,889
12,106
12,199
11, 314
11,414
12,121
12,265
11,928
11,894
12,386
13,842
4,061
4,095
4,125
5,002
5,343
5,564
5,319
5,628
6,366
6,540
6,887
6,801
7,254
8,667
1,883
1,714
1,281
1,367
1,063
839
542
258
391
337
720
624
706
687
2,203
2,198
2,435
2,662
2,801
3,032
2,697
3,033
3,508
3,789
3,709
3,501
3,542
3,932
301
337
212
212
189
167
62
62
65
46
51
91
78
353
643
167
227
124
56
16
7
14
12
58
100
112
138
171
164
120
114
101
81
48
36
36
28
27
46
34
54
129
115
49
36
30
32
16
13
9
8
10
23
22
30
507
523
366
361
384
296
140
122
115
93
87
164
132
157
6,763
6,635
5,996
5,786
5,755
5,726
5,041
5,093
5,132
5,175
10, 656
10,511
9,754
9,272
8,563
8,081
7,320
5,916
5,770
5,447
4,884
4,713
4,769
4,606
1,147
1,091
1,239
1,466
1,656
1,830
1,768
2,008
2,429
2,603
2,551
2,320
2,362
2,768
1,056
1,107
1,197
1,196
1,145
1,202
928
1,025
1,079
1,186
1,158
1,181
1,179
1,164
3,798
3,550
3,397
3,026
2,780
2,474
1,757
1,811
1,699
1,888
1,728
1,824
1,724
3,685
3,947
4,035
4,676
4,750
4,561
4,226
4,154
4,427
4,362
4,621
4,645
5,000
5,763
1,686
1,785
1,727
2,313
2,408
2,301
2,133
2,187
2,466
2,462
2,867
2,889
3,209
3,954
1,999
2,161
2,308
2,364
2,342
2,260
2,093
1,966
1,961
1,900
1,754
1,757
1.790
1,809
4,306
4,387
3,991
3,729
3,459
3,317
3,050
2,585
2,456
2,298
1,846
1,836
1,809
1,753
4,555
4,589
4,519
4,550
4,555
4,606
4,392
4,226
4,187
4,114
3,598
3,748
3,845
4,148
1,229
1,219
1,159
1,224
1,279
1,433
1,418
1,432
1,471
1,474
1,469
1,592
6,864
NEW YORK CITY »
1930—June 30—
Sept. 24...
Dec. 3 1 —
1931—Mar. 25—
J u n e 30—
Sept. 29...
Dec. 3 1 —
1932— June 30—
Sept. 30...
Dec. 3 1 —
1933—June 30 »..
Oct. 2 5 . . .
Dec. 3 0 . . .
1934—Mar. 5 —
2,129
2,090
2,054
1,896
1,782
1,881
1,813
1,353
1,184
1,214
1,057
1,254
1,213
1,180
OTHER RESERVE CITIES
1930—June 30—
Sept. 24 __
Dec. 3 1 —
1931—Mar. 25. June 3 0 . . .
Sept. 29. _
Dec. 3 1 —
1932—June 30—
Sept. 30-Dec. 3 1 —
1933—June 30 ».
Oct. 25—.
Dec. 30—.
1934—Mar. 5 —
3,188
3,092
2,806
2,403
2,304
2,169
1,702
1,660
1,630
"COUNTRY" BANKS
1930—June 30—
Sept. 2 4 . .
Dec. 3 1 —
1931—Mar. 25—
J u n e 30—
Sept. 29_.
Dec. 31 . .
1932—June 30—
Sept. 30..
Dec. 3 1 . . .
1933—June 30 ' .
Oct. 2 5 . . .
Dec. 30...
1934—Mar. 5 _ 1
2
13,157
12,944
12,519
12,290
12,068
11,805
10,999
10,240
9,954
9,607
7,873
8,031
8,068
8,381
312
286
177
158
135
116
71
64
55
39
43
73
62
95
l', 946
3,370
3,359
3,276
3,172
2,974
2,794
2,715
2,640
2,129
2,156
2,162
2,202
2,367
2,326
2,213
2,147
2,078
1,985
1,796
1,574
1,503
1,450
1,150
1,148
1,136
1,129
Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
Beginning June 30, 1933,figuresrelate to licensed banks only.
* Central reserve city banks only.
Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparable
figures of total loans secured by stocks and bonds are given for June 30,1925-28, in the board's Annual Report for 1928 (table 52); for separate figures
at United States Government securities and other securities back to 1914, see Annual Report for 1932 (table 73).
351
FEDERAL RESEBVE BULLETIN
J U N E 1934
ALL BANKS IN THE UNITED STATES
[Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State
supervision]
LOANS AND INVESTMENTS
[In millions of dollars]
All banks
Member banks
Nonmember banks
Mutual savings banks
Date
Total
iy29—Mar. 27
June 29
Oct. 4____
Dec. 31.
Loans
Investments
Total
Investments
Loans
Other nonmember banks
Total
Loans
Investments
Total
Loans
Investments
58,019
58,474
58,835
58,417
40,557
41,512
42,201
41,898
17,462
16,962
16,634
16,519
35,393
35,711
3*5,914
35,934
24,945
25,658
26,165
26,150
10,448
10,052
9,749
9,784
i 9,390
9,556
i 9,556
9,463
i 5,694
5,892
* 5,892
5,945
i 3,696
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
' 9,747
9,987
1
5,945
6,009
16,009
6,068
i 3,518
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. 25
June 30—
Sept. 29.
Dec. 31
55,924
55, 021
53,365
49,704
36,813
35,384
33, 750
31,305
19,111
19,637
19,615
18, 399
34,729
33,923
33,073
30,575
22,840
21,816
20,874
19, 261
11,889
12,106
12,199
11,314
i 9,987
10,506
U0,506
10,488
16,068
6,169
» 6,169
6,218
i 3,920
4,337
14,337
4,270
11,208
10, 593
9,786
S,641
7,906
7,399
6,707
5,827
3,302
3,194
3,079
2,814
1932—June 30
Sept. 30
Dec. S i -
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
2,515
l l ^ — J u n e 30 2___
Oct. 25 s
Dec. 30
40, 089
22, 215
17,874
11,928
11,894
12,386
4,103
5,258
3,415
1,843
18, 400
12,858
13,059
12,833
5,941
22,077
24, 786
24,953
25,220
10, 044
40, 477
9,989
5,909
4,080
5,269
3,336
1,934
26, 548
12, 706
13,842
. .
_.
1934 Mar. 5
i Figures of preceding call carried forward.
2
Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks.
3
Nonmember bank figures not available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
[In millions of dollars]
Nonmember
banks
Member banks
Nonmember banks
All
banks
Date
Member
banks
Date
Mutual
savings
banks
Other
nonmember banks
Total
Total
National
State
Mutual
savings
banks
Other
nonmember
banks
54,545
53,852
55,180
55,289
33,215
32,284
33,004
33,865
i 8,849
8,983
i 8,983
8,916
12,481
12,584
13,193
12,507
1929—Mar. 27
June 29
Oct. 4___
Dec. 31..
25,341
25,110
24,951
24,630
8,755
8,707
8,616
8,522
7,569
7,530
7,468
7,403
1,186
1,177
1,148
1,119
i 612
611
1611
609
15,974
15,792
15,724
15,499
53,185
54,954
52, 784
53, 039
32,082
33, 690
31,839
32, 560
i 8,916
9,197
i 9,197
9,507
12,187
12,067
11, 748
10,972
1930—Mar. 27
June 30.
Sept. 24
Dec. 31
24,223
23,852
23, 590
22,769
8,406
8,315
8,246
8,052
7,311
7,247
7,192
7,033
1,095
1,068
1,054
1,019
1609
606
1606
603
15,208
14,931
14, 738
14,114
1931—Mar. 25 .
June 30
Sept. 29
Dec. 31.
51,427
51,782
49,152
45,821
31,153
31,566
29,469
27,432
i 9,507
10, 017
i 10,017
10,105
10,767
10,199
9,666
8,284
1931—Mar. 25
June 30
Sept. 29
Dec. 31.
22,372
21,903
21,294
19,966
7,928
7,782
7,599
7,246
6,930
6,800
6,653
6,368
998
982
946
878
1603
600
1600
597
13,841
13,521
13,095
12,123
1932—June 30
Sept. 30
Dec. 31
41,963
41,942
41, 643
24, 755
24,903
24,803
10,020
i 10,020
10,022
7,188
7,020
6,818
1932—June 30
Sept. 30
Dec. 31.
19,046
18,794
18,390
6,980
6,904
6,816
6,145
6,080
6,011
835
824
805
594
1594
594
11,472
11,296
10,980
1933—June 302
Oct. 25 3 .
Dec. 30
38,011
23,338
23,453
23,774
9,713
4,961
14, 530
4,897
5,052
5,154
709
766
857
8,348
5,161
5,606
5,818
6,011
576
9,711
1933—June 302
Oct 25 3
Dec. 30
581
8,620
6,206
5,288
918
1929—Mar. 27.
June 29
Oct. 4
Dec. 3 1 .
1930—Mar. 27— _._
June 30
Sept. 24
Dec. 31
.
1934-Mar. 5
For footnotes see table above.
38, 646
25,293
1934—Mar. 5
15, 212
For footnotes see table above.
352
FEDERAL RESERVE BULLETIN
JUNE 1934
REPORTING MEMBER BANKS IN LEADING CITIES
[In millions of .dollars]
Loans and investments
Loans and investments
Date
Investments
All
Loans
on se- other
mrities loans
Total
Other leading
cities
New York City
Total
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
1933—Dec. 6_.
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
3,306
3,369
3,370
2,249
2,251
2,269
2,253
9,867
9,869
9,964
9,910
24
25
23
24
1934—Jan. 3 . . .
Jan. 10..
Jan. 17..
Jan. 24..
Jan. 3 1 -
16,595
16,388
16,447
16, 396
17,121
3,620
3,497
3,486
3.498
3,609
4,765
4,712
4,732
4,713
4,740
8,210
8,179
8,229
8,185
8,772
5,205
5,210
5,223
5,245
5,786
6,707
6,536
6,579
6,569
1,744
1,624
1,620
1,646
1,748
1,670
1,644
1,659
1,666
1,718
3,268
3,300
3,257
3,520
2,187
2,170
2,185
2,201
2,421
9,852
9,868
9,827
10,135
25
21
21
20
13
Feb.
Feb.
Feb.
Feb.
7__
14.
21.
28.
17,082
17,092
17,494
17,400
3,587
3,531
3,630
3,520
4,713
4,755
4,718
4,665
8,782
8,806
9,146
9,215
5,847
5,867
6,199
6,249
6,964
6,922
7,096
7,006
1,729
1,677
1,769
1,669
1,691
1,734
1,707
1,662
3,544
3,511
3,620
3,675
2,485
2,448
2,553
2,585
10,118
10,170
10,398
10, 394
12
10
11
12
Mar. 7..
Mar. 14.
Mar. 21.
Mar. 28.
17,425
17, 513
17, 526
17,472
3,495
3,593
3,553
3,514
4,673
4,688
4,643
4,647
9,257
9,232
9,330
9,311
6,278
6,229
6,272
6,227
7,069
7,213
7,199
7,193
1,649
:, 733
,687
,663
1,661
1,673
1,637
1,629
3,759
3,807
3,875
3,901
2,668
2,704
2,717
2,720
10,356
10, 300
10, 327
10,279
10
10
Apr.
Apr.
Apr.
Apr.
4..
11.
18.
25.
17, 508
17, 611
17, 513
17,471
3,569
3,612
3,580
3,516
4,668
4,698
4,623
4,604
9,271
9,301
9,310
9,351
6,175
6,234
6,226
6,282
7,296
7,405
7,238
7,138
,720
,756
,723
,674
1,655
1,675
1,601
1,594
3,921
3,974
3,914
3,870
2,717
2,804
2,742
2,716
10, 212
10, 206
10,275
10, 333
May
May
May
May
May
2—
9..
16.
23.
30.
17,462
17, 329
17,288
17,257
17,306
3,577
3,554
3,505
3,468
3,476
4,559
4,568
4,563
4,537
4,550
9,326
9,207
9,220
9,252
9,280
6,255
6,249
6,254
6,262
6,262
7,142
7,055
7,022
7,001
7,034
729
,718
,663
1,644
1,646
1,561
1,566
1,569
1,548
1,558
3,852
3,771
3,790
3,809
3,830
2,699
2,727
2,738
2,752
2,760
10,
10,
10,
10,
10,
320
274
266
256
272
Back figures.—See BULLETIN for August 1933, pp. 519-523.
BROKERS' LOANS
REPORTED BY THE NEW YORK STOCK EXCHANGE
MADE BY REPORTING MEMBER BANKS IN N.Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]
[Net borrowings on demand and on time. In millions of dollars]
From New
From private
York b a n k s
banks, brokers,
and trust com- foreign banking
panies
agencies, etc.
Total
End of month
1933
January
February
March
April
May
June
.
_ _
July...
August
September. _
October >_ _
November
December
__ __
1934
1933
1934
1933
1934
359
360
311
903
938
981
270
298
247
839
862
873
90
62
64
64
76
108
322
529
780
1,088
1,016
268
461
694
973
912
54
68
86
116
104
916
917
897
822
841
806
94
76
91
776
789
845
706
712
776
70
77
69
Back figures.—See Annual Reports for 1932 (table 84) and 1927 (table 47).
Month or date
Total
For acFor
count of For acown ac- out-of- count of
cown
count
others
banks *
1933—May
June
July.
August
September.
October...
November.
December.
578
755
919
877
847
779
723
759
555
712
806
747
741
663
611
631
17
36
105
122
98
111
106
122
1934—January...
February..
March
April
May
-.
802
975
937
657
731
736
813
766
137
149
148
156
163
May
May
May
May
May
974
947
942
905
915
802
777
771
735
743
163
162
163
163
164
2
9
16..-.
23
30
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.
353
FEDERAL RESERVE BULLETIN
JUNE 1934
ACCEPTANCES AND COMMERCIAL PAPER
CLASSES OF BANKERS' ACCEPTANCES (DOLLAR
ACCEPTANCES)
BANKERS* ACCEPTANCES OUTSTANDING (DOLLAR
ACCEPTANCES)
[In millions of dollars]
Held by Federal Reserve
banks
End of month
Total
outstanding
[In millions of dollars]
Held by accepting
banks
For
acFor count
own of for- Total
eign
account correspondents
Held
by
others
961
919
911
879
787
747
705
681
683
699
720
710
119
76
36
16
4
36
12
3
2
3
4
4
314
312
335
292
183
98
59
49
43
39
32
40
332
343
377
455
510
518
563
574
573
605
655
604
159
175
155
188
225
200
197
198
159
199
268
224
174
168
222
268
286
318
366
376
414
406
386
380
195
189
163
115
90
96
70
55
64
52
28
62
1933—January
February
March
_
April
May. __
June
July..
August
September..
October
November..
December...
707
704
671
697
669
687
738
694
715
737
758
764
2
307
280
164
13
41
2
1
1
1
18
127
41
30
45
43
36
36
37
40
41
31
3
4
626
325
261
404
505
487
552
499
517
592
599
442
256
201
153
206
229
201
248
252
236
271
273
223
370
124
108
199
276
287
304
247
282
321
326
219
38
42
85
86
115
123
147
154
156
112
138
190
1934—January
February...
March
April
771
750
685
613
4
5
5
4
567
581
576
536
255
266
252
236
312
315
324
299
May
June
July.
August
September. .
October. _
November
December . >
1934—January
February _
March— _
April
1933—April
May
June
July
.
August
September
October
November
December.. . . .
95
'81
70
1934—January
ACCEPTANCES PAYABLE IN FOREIGN CURRENCIESHOLDINGS OF FEDERAL RESERVE BANKS
February
March
April
January...
February.
March
April
May
June
July
August—
September
October. __
November.
December.
36,119
23,958
1,063
1,074
1,073
10, 551
34,371
145,215
48,804
33, 501
33,386
33,429
77
77
80
86
95
103
99
98
94
176
174
168
168
160
171
185
200
207
199
185
217
255
229
237
253
278
277
10
9
9
10
4
4
5
4
4
234
225
213
219
206
199
195
180
182
771
750
685
613
89
98
103
103
225
203
186
164
277
261
226
186
5
4
3
3
175
184
168
158
164
13
41
2
1
1
1
18
127
20
2
7
(')
(a)
(2)
35
3
6
1
(*)
(i)
38
2
11
2
66
6
16
1
23
2
22
105
56
23
3
18
11
5
1
21
11
6
1
rV
(»)
i
2
(>
4
39
(3)1
30
15
7
2
2
2
(2)
(a)
(»)
(2)
39
31
16
4
2
(2)
COMMERCIAL PAPER OUTSTANDING
[In millions of dollars]
1932
1933
33,444
33,478
30, 778
30,736
30,837
30, 762
30, 645
30,834
30,849
30, 659
30,652
29,489
29,036
28,997
24, 788
7,181
Back figures.—See Annual Report for 1932 (table 24).
696
669
687
738
694
715
737
758
764
* Total holdings of Federal Reserve banks include a small amount of
unclassified acceptances.
8
Less than $500,000.
Back figures.—See Annual Report for 1932 (tables 88 and 23).
[In thousands of dollars]
1931
foreigD
countries or
shipped
between
foreign
points
HELD BY F. R. BANKS
(OWN ACCOUNT) 1
'108
Revised.
Source: For acceptances outstanding (and held by accepting banks),
American Acceptance Council.
Back figures.—See Annual Report for 1932 (table 91).
Based
on
goods
stored
in
OUTSTANDING
1933—April
r
End of month
Total
Own Bills
bills bought
1932—January
February...
March._ _
April
May. .
June
_.
July
August.
September..
October
November..
December...
105
56
23
3
End of month
Based
on goods
stored in
United
Based States
irn on ex- (ware- Dollar
ports house
exinto from credits) change
U.S.
or
us
shipped
between
domestic
points
7,089
6,821
6,199
6,068
5,686
5,841
6,033
1934
5,977
5,887
5,275
5,070
3,125
End of month
January.
February
IVIarch
April
- . -
May
June
July
August
September
October
November. _ __ .
December
.
1931
327
315
311
307
305
292
289
271
248
210
174
118
1932
1933
108
103
106
108
111
103
100
108
110
113
110
81
Back figures.—See Annual Report for 1932 (table 87).
85
84
72
64
60
73
97
107
123
130
133
109
1934
108
117
133
139
354
FEDERAL RESERVE BULLETIN
OPEN-MARKET RATES
FEDERAL RESERVE BANK RATES
RATES
ON
REDISCOUNTS FOR AND
MEMBER BANKS
J U N E 1934
ADVANCES
TO
SHORT-TERM RATES IN NEW YORK CITY
[Percent per annum]
Advances under sec.
10b of the Federal
Reserve Act
Rediscounts and advances under sees. 13 and 13a of the
Federal Reserve Act
Federal Reserve
bank
Rate in
effect on
June 1
Date established
Feb.
2
1H Feb.
Nov.
Feb.
2
Feb.
3
Feb.
3
Oct.
2H Feb.
Mar.
3
Feb.
3
Feb.
3
Feb.
2
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
Rate in Date estabPrevi- effect
on
lished
ous rate June 1
8,1934
2,1934
16,1933
3,1934
9,1934
10,1934
21,1933
8,1934
16,1934
9,1934
8,1934
16,1934
2K
2
3
&A
Wi
3H
3
3
3H
3H
3H
2M
4
4
4
4
5
4H
4
4H
5
5
4
4
Oct.
Oct.
Oct.
Oct.
Mar.
July
Oct.
Oct.
Mar.
Mar.
Mar.
Oct.
20,1933
2,1933
20,1933
21,1933
16,1933
15,1933
16,1933
21,1933
14,1933
23,1933
12,1934
19,1933
RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS
Advances secured by
Discounts and advances
direct obligations of
under par. 3 of sec. 13
the United States
of the Federal Re(last paragraph of sec.
serve Act
13 of the Federal Reserve Act) |
Federal Reserve
bank
Boston.New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
effect on
June 1
Date established
6
6
6
6
6
5
6
6
6
6
6
6
Aug. 11,1933
Aug. 10,1933
Aug. 12,1933
Aug. 20,1933
Aug. 10,1933
Mar. 20,1934
Aug. 13,1933
Aug. 10,1933
do
Aug. 20,1933
Sept. 8,1933
Sept. 2,1933
_
Rate in
effect on
June 1
Date established
4
Oct.
Feb.
4
Oct.
4
Oct.
4
Feb.
4
Mar.
4
Oct.
4M Mar.
&A Apr.
4
Feb.
4
Mar.
4
Oct.
20,1933
8,1934
20,1933
21,1933
19,1934
17,1934
16,1933
15,1933
15,1933
23,1934
12,1934
19,1933
Prevailing rate o n -
Month or week Prime
commercial
paper,
4 to 6
months
1933
May
June
July
August
September
October
November
December
1934
January
February
March
April
May
Prime
bank- Time
ers'
accept- loans,
90 l
ances, days
90
days
2 -2X
i
l
Week e n d i n g Apr. 28
May 5
M a y 12
M a y 19
M a y 26
Maturity
1-15 d a y s . . .
16-30 days. .
31-45 days. .
46-60 d a y s . .
61-90 days. .
91-120 days.
121-180 days
Rate in
effect on
June 1
Date established
Oct. 20,1933
do
....do
__._do
...-do
....do
....do
NOTE.—Rates on prime bankers' acceptances.
charged for other classes of bills.
1.00
1.00
1.00
.98
.75
.75
.75
.94
-IX 1.00
1.00
1.00
H-l
1.00
H-l
1.00
1.00
1.00
1.00
1.00
1.00
H-l
%-i
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
U.S.
Treasury
notes
and
certificates,
3 to 6
months
0.43
.26
.35
.26
.11
.13
0.29
«.07
.10
.01
<.04
.09
.22
'.29
.25
.08
.07
1
s
3
Stock exchange 90-day time loans.
Stock exchange call loans; new and renewal rates.
Average rate of discount on issues sold by U.S. Treasury within
period.
* Change of issue on which yield is computed.
* Negative yield.
Back figures.— See Annual Report for 1932 (tables 56 and 57).
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates]
New York City
8 other northern
and eastern cities
27 southern and
western cities
1932
1933
1934
1932
1933
1934
1932
1933
4.71
4.71
4.72
4.69
May
4.55
4.61
June
4.42
July August
4.45
September- 4.30
4.35
October
November... 4.12
December . 4.22
4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
3.58
3.43
3.31,
3.39
3.42
5.07 4.89
5.13 4.84
5.14 5.39
5.10 5.09
5.14 4.99
5 13 4.97
5.05 4.82
5.12 4.68
5.03 4.65
4.96 4.51
4 88 4 54
4.88 4.59
4.65
4.49
4.52
4.52
4.39
5.61
5.61
5.64
5.63
5.64
5.62
5.63
5.68
5.63
5.56
5.55
5.60
5.60
5.56
5.66
5.68
5.66
5.62
5.54
5.53
5.55
5.50
5.42
5.43
Month
Previous
rate
January
February
March
April
1
Higher rates may be
Back figures.—See Annual Reports for 1932 (table 54) and 1928 (table 35).
U.S.
Treas
ury
bills,
Re3
New newal
months 3
1.00
1.00
1.00
-iX .98
.75
.75
.75
.94
H-l
H-l
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Call loans 2
-I;
i
1X-VA
Average rate Average yield
on—
Backfigures.—SeeAnnual Report for 1932 (table 59).
1934
5.40
5.39
5.40
5.34
5.28
355
FEDERAL RESERVE BULLETIN
JUNE 1934
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
[In millions of dollars]
End of month
MATURITIES
[In millions of dollars]
Interest bearing
Total
(gross
debt)
Total
Bonds Notes Certificates Bills
20,813
20,807
20,805
20,485
20, 476
20,448
14, 257
14, 257
14, 223
20,802
20,935
21, 362
21,441
21,853
22, 539
22, 610
23,099
23,051
23,050
23, 534
23,814
20,454
20, 584
20, 992
21,087
21,469
22,158
22, 240
22, 723
22, 672
25,071
26,052
26,157
26,118
26,155
1932
October
November.December..
1933
January
February...
March
April
May
June
July
August
SeptemberOctober
NovemberDecember. .
1934
January
February...
March
April
May
Interest-bearing debt
Noninterest
bearing
3,539
3,299
2,044
2,038
2,284
645
643
642
328
331
357
23,161
23,450
14, 230
14, 230
14, 230
14, 230
14, 223
14, 223
14, 239
15,074
15,074
15, 074
15, 569
15, 569
3,298
3,576
3,575
3,576
4,148
4,780
4,801
5,153
5,151
5,150
5,148
5,125
2,285
2,138
2,369
2,363
2,119
2,200
2,246
1,543
1,495
1,493
1,492
1, 753
641
641
817
918
979
955
954
953
952
952
952
1,003
348
350
371
354
385
381
370
376
379
381
373
364
24,720
25, 707
25,698
25,599
25,588
15,600
15, 579
15, 579
15,718
15,695
5,626
6,472
6, 925
6,689
6,678
2,280
2,278
1,816
1,814
1,812
1,214
1,378
1,378
1,378
1,404
Outstanding May 31, 1934—
Total
Obligations m a t u r i n g :
Before Sept. 1,1934
Sept. 1-Nov. 30,1934
D e c . 1, 1934-May 31,
1935
J u n e 1-Dec. 31,1935
1936
1937
1938
1941
1943
After 1943
Other obligations 4
Total
Bondsi
Notes
Certificates
25, 588
15,695
6,678
1,812
1,404
1,432
2, 323
2 60
3 1, 246
345
175
525
852
552
528
1,189
1,281
1,749
1,350
992
236
120
1,521
1,189
1,330
1 749
4,491
834
898
8,788
1,034
49
3,142
834
898
8,788
678
Bills
1
Issues classified as of date of final maturity; most issues are callable
at earlier dates. Amount callable before June 1, 1935, and not yet
called, $5,801,000,000, including certain pre-war issues that are held as
collateral for circulating notes.
2 Approximate amount of 4th Liberties called for redemption Apr. 15,
351
and not yet redeemed.
345 1934,
3
Approximate amount of 4th Liberties called for redemption Oct. 15,
459
519 1934.
4
Includes the 2 percent Consols of 1930, which are held as collateral for
567
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
Period
Internal revenue
Total i
Fiscal year ending:
June 1932.
June 1933.
_
11 months ending:
May 1933.
May 1934
1932
November.._
December
_._
January
February. _.
March
April
_.
May
June
July
August
September..
October
November..
December..
Income
tax
Other
Customs
and
miscellaneous
Total»
General
Emergency 4
Excess of
receipts
or expenditures
()
General
fund
balance
Gross
debt
2,121
2,238
1,057
746
504
858
445
475
4,862
4,845
3,973
3,404
768
1,277
-2,741
-2,607
+445
+2,686
+3,052
1,932
s 5,678
600
630
751
1,653
442
442
4,351
6 8,135
3,016
2,431
1,195
3,581
- 2 , 419
-2,457
-53
+1,160
+2,366
+3, 616
125
352
15
141
67
73
33
128
283
386
235
297
37
76
-158
-34
-165
-35
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
30
23
24
25
47
33
37
357
360
439
461
456
494
278
321
339
509
505
703
226
200
273
338
249
388
196
171
248
396
201
227
112
147
157
109
192
82
75
139
81
104
294
463
-223
-239
-156
-331
-289
-188
-99
-123
-6
-236
-286
-361
-227
-106
+271
-252
+124
+498
-28
+366
-54
-236
+198
-81
229
5 3,024
6 435
5 199
5 247
10
23
232
15
25
163
149
167
137
162
972
644
624
« 2,684
556
148
188
160
305
191
-743
447
450
370
350
+2,380
+511
+3,364
-84
-2,524
-272
1934
January..
February..
March
April
May
Increase or decrease
during period
-189
-2,485
-309
-55
-1
-4
+133
+428
+79
+412
+685
+71
+489
-48
0
+484
+280
+1,254
+984
+105
-39
+37
1 Total includes trust and contributed fund receipts not shown separately.
23 Total includes trust and contributed fund expenditures not shown separately.
Includes also special fund expenditures and excludes public-debt retirement. Beginning July 1933, on the basis of a new classification of accounts,
certain
items formerly included in general expenditures are carried as emergency expenditures.
4
Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures,
later classified as emergency, are included in general expenditures.
5 Includes increment, amounting to $2,808,000,000 in February, $2,000,000 in March, and small amounts in : pril and May, resulting from
reduction in the weight of the gold dollar.
• Includes $2,000,000,000 charged against increment on gold and transferred to exchange stabilization fund.
356
FEDERAL RESERVE BULLETIN
JUNE 1934
RECONSTRUCTION FINANCE CORPORATION
LOANS, SUBSCRIPTIONS, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds not yet
disbursed
Proceeds disbursecI, less repayments
Feb. 28,
1934
M a r . 31,
1934
Apr. 30,
1934 v
M a y 31
1934 v
F e b . 28,
1934
700, 278
60,141
54,249
167, 610
499
193,618
13,404
1,270
31,169
2,119
345, 205
5,092
13
657, 388
55, 854
51,700
161, 574
494
193,618
11, 731
1,141
24,859
1,924
345,181
4,214
13
627, 460
50, 799
38, 575
188, 008
489
193,618
10, 618
903
16,717
1,719
344,934
2,764
9
613,397
45,495
35,929
191,393
484
193,618
10, 323
800
10,690
1,677
344, 716
1,958
9
151,636
1,897
7,208
101, 568
187,815
1,890
160
123, 259
3,063
3,044
2,400
409
5,231
1,956
309
5,227
4
4
1, 384, 230 1, 601,786 1, 574, 667 1, 509, 691 1, 476, 613 1, 450, 489
273,416
323, 664
138, 866
12,438
4,777
287, 591
7,813
128,851
11, 361
4,830
269, 755
8,286
7,500
Apr. 30,
1933
J a n . 31,
1934
M a r . 31,
1934
LOANS AND SUBSCRIPTIONS
Loans under sec. 5 of the Reconstruction Finance Corporation
Act, as amended:
Banks and trust companies (including
receivers, liquidating agents, and conservators) 1
Building and loan associations !
Insurance companies
Mortgage-loan companies *
Credit unions
Federal land banks
__ _ _
Joint-stock land banks
Agricultural credit corporations
Regional agricultural credit corporations.. _
Livestock credit corporations
Railroads (including receivers) _
State funds for insurance of public moneys
Processors or distributors for payment of processing taxes.
Total
Other loans:
Self-liquidating projects, sec. 201 (a) (including repairs to
property damaged by earthquakes, etc.)
Financing exports of agricultural surpluses, sec. 201 (c)
Financing agricultural products, sec. 201 (d)
Commodity credit corporation
Loans on preferred stock of banks
Loans on preferred stock of insurance companies
Loan to Secretary of Agriculture for purchase of cotton
Loans to drainage, levee, and irrigation districts
Total
Subscriptions:
Subscriptions for preferred stock of banks
. _.
Purchases of capital notes and debentures of banks
Total
Total loans and subscriptions
686, 869
84,831
72,485
110,300
435
19,800
6,751
2,132
72, 586
4,846
323,195
25,126
2,444
250
710, 685
63, 617
57,383
180,497
500
193,618
13, 752
1,504
31,609
2,263
340, 726
5,618
14
71, 746
9,063
3,816
130, 879
14,432
4,375
71, 220
10,076
4,371
153, 525
14, 745
4,375
80,195
11,073
4,444
161, 772
16,167
4,375
82, 666
12, 330
4,257
163,078
16, 676
15,875
88, 560
12, 752
4,089
167,945
19, 062
15, 875
2,414
2,414
2,525
2,643
4,156
26,018
30,123
27, 820
236, 725
260, 726
280, 551
297, 525
312, 439
477, 503
460, 706
20, 083
227, 555
168, 485
257,438
192,947
354, 918
221,963
393,872
245, 639
413, 473
271, 501
187,932
160,996
155,910
149,362
20, 083
396,040
450, 385
576,881
639, 511
684, 974
348,928
305, 272
_. . . . 1, 432,133 2, 234, 551 2, 285, 778 2,367,122 2, 413, 648 2,447, 902 1, 099, 847 21, 089, 642
ALLOCATIONS
For relief:
Federal Emergency Relief Act of 1932 .
Federal Emergency Relief Act of 1933
_
Total
To other Government agencies:
To Secretary of the Treasury for—
Purchase of stock of Federal home-loan banks
Purchase of stock of Home Owners' Loan Corporation.
To Land Bank Commissioner
To Federal Farm Mortgage Corporation . _
..
To Secretary of Agriculture:
Crop loans
_.
Reallocated as capital regional agricultural credit
corporations
_
...
Reallocated to Governor of Farm Credit Administration
242, 741
299, 015
435,915
299, 011
478, 244
299,003
486,687
298, 898
487, 061
298, 562 !
487, 979
15
21,448
15
12,974
242, 741
734,930
777, 255
785, 690
785, 959
786, 541
21, 463
12,989
31, 820
77, 746
29, 000
147, 600
79,146
39, 000
147, 600
55, 000
79,646
59,000
147, 600
55, 000
80,446
69, 000
147, 600
55,000
80, 946
114,000
147 600
55, 000
45, 595
161,000
97 400
45,095
141,000
97 400
110,000
115, 000
115,000
115, 000
115, 000
115,000
39,000
44, 500
44, 500
44,425
44, 500
44,500
40, 500
40, 500
40,500
40,500
40,500
454, 346
520, 746
541,171
552, 046
|
75
Total
180,820
597, 546
303,995
283,570
Total allocations
423, 561 1,189, 276 1, 298,001 1,326,860 1, 338, 005 1, 384, 087
325, 458
296, 559
Total loans, subscriptions, and allocations
1,855, 694 3, 423, 827 3, 583, 779 3, 693,982 3, 751, 653 3,831,989 |l, 425, 305 2 1,386,202
p Preliminary.
1
Loans to aid in the reorganization or liquidation of closed financial institutions on Mar. 31, 1934, amounted to $341,623,000 representing proceeds2 disbursed, less repayments, and $182,743,000, not yet disbursed.
In addition the corporation as of Mar. 31, 1934, had approved in principle loans of $194,210,000 and subscriptions of $118,946,000 upon the performance of specified conditions.
Back figures—See BULLETINS for December 1933, pp. 738-9, and February 1934, pp. 103 and 132.
357
FEDERAL RESERVE BULLETIN
JUNE 1934
BOND PRICES
STOCK PRICES
[Averages]
Other bondsl
Year, month, or date
United
States CorpoCorporate
ment municbonds
ipal
Rail(high- Total Industrial road Utility
grade)
Year, month, or date Govern- rate and
Number of issues
1932 average
1933 average.__
1933—May
June
July.
August
September
October
November
December
1934—January
February
March
April
May
May
May
May
May
May
2
9
16
23—
29
_
60
20
20
20
63.2
69.2
80.5
80.6
79.5
84.2
86.8
85.3
81.4
79.7
77.3
77.1
80.9
86.5
87.7
89.7
89.1
89.7
89.4
88.6
88.9
88.9
99.2
102.2
102.4
103.2
103.3
102.9
103.0
102.9
100.5
100.0
100.3
101.9
102.8
103.7
104.4
81.1
84.0
82.0
86.8
89.6
89.9
87.9
86.5
82.6
83.6
88.3
92.9
95.1
97.0
97.6
69.4
73.4
72.4
77.7
81.5
80.8
77.5
75.3
72.1
73.6
78.5
84.0
84.8
87.0
86.1
68.2
72.8
75.6
75.9
74.5
72.7
70.5
71.5
75.6
79.8
80.5
82.8
82.5
64.8
70.5
69.4
76.1
82.2
81.2
76.8
73.5
68.5
72.2
79.0
85.8
86.4
88.7
86.9
104.2
104.4
104.4
104.3
104.5
97.5
97.5
97.3
97.8
97.9
87.0
86.4
85.7
85.8
86.0
83.0
82.4
82.3
82.4
82.4
88.4
87.5
86.4
86.2
86.6
20
421
351
33
37
1932 average..
1933 average..
1933—May
June
July
August
September.
October
November..
December..
96.1
104.8
48
63
46~
66
26
38
79
78
103.3
109.7
112.5
112.9
112.0
109.8
107.5
107.7
63
75
80
75
75
70
69
70
65
77
84
79
81
76
77
79
38
44
53
49
47
40
38
40
79
97
98
87
80
75
70
67
1934—January...
February.
March
April
May
111.2
116.5
117.5
r 120. 2
121.0
76
81
77
80
72
84
88
85
88
80
46
50
48
49
43
73
81
76
76
70
121.2
120.9
120.6
121.0
121.4
75
72
70
70
72
83
80
78
78
80
46
43
42
42
43
72
69
69
69
70
Number of issues..
May 2.-..
May 9~_.
May 16-.
May 23-.
May 29...
* Revised.
Source.—Standard Statistics Co.
CAPITAL ISSUES
1
2
Price indexes derived from average yields.
Nov. 1,1933, to Apr. 16,1934, 13 issues; Aug. 15, 1933, to Nov. 1, 1933,
123issues; prior to Aug. 15, 1933, 11 issues.
45 corporate and 15 municipal.
Source.—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds, Standard Statistics Co.
BOND YIELDS
[Long-term; i.e., 1 year or more. In millions of dollars]
New issues
Domestic
1
Year and month
Year, month, or
date
MunicU.S.
ipaP
Treas- (highury
Number of issues
grade)
Corporate, by ratings «
Aaa
Baa
A
Aa
30
30
30
30
4.65
4.71
4.23
4.28
4.88
5.05
5.27
4.71
4.60
4.54
4.59
4.60
4.89
4.89
4.67
4.48
4.24
4.11
3.93
5.01
4.49
4.44
4.48
4.68
4.78
4.63
4.46
- 4.36
4.30
4.35
4.34
4.54
4.50
4.35
4.20
4.13
4.07
4.01
5.97
5.23
5.30
5.35
5.61
5.81
5.40
5.09
4.83
4.77
4.96
4.97
5.35
5.27
5.00
4.70
4.55
4.43
4.37
7.20
6.09
6.16
6.30
6.64
6.85
6.29
5.88
5.58
5.51
5.70
5.76
6.22
6.21
5.72
5.24
5.12
4.97
4.96
9.30
7.76
8.01
8.36
8.91
9.12
7.74
7.07
6.62
6.77
7.27
7.49
7.98
7.75
7.01
6.27
6.26
6.01
6.05
May 2
May9._
May 16
May 23..
May 29
3.05
3.01
3.01
3.01
2.99
4.04
3.98
3.91
3.87
3.83
4.05
4.03
4.02
3.99
3.97
4.40
4.38
4.36
4.35
4.35
4.94
4.93
4.98
4.98
4.98
5.95
5.99
6.10
6.08
6.12
Revised averages; see pp. 322, 323.
Monthly data are averages of daily or weekly figures.
Standard Statistics Co.
s Moody's Investors' Service.
6,201
6,314
7,556
8,040
5,125
5,189
6,219
6,789
1,076
1,125
1,337
1,251
925
1,046
2,220
1,858
2,078
2,980
1,240
305
40
0
7
22
106
45
7
30
1
2
18
10,091
6,909
3,099
1,165
722
9,420
6,004
2,860
1,157
710
1933—May
June___
July
August
SeptemberOctober
November..
December..
44
117
122
46
64
59
88
57
44
110
117
46
64
59
88
57
40
98
28
32
37
56
82
41
1
3
0
0
0
0
0
0
3
9
53
14
9
3
6
16
1934—January
February...
March
April
May
..
48
79
97
143
103
48
79
97
143
103
37
59
81
100
61
0
12
9
24
6
1
5
5
3
._
_
Refunding
issues
(domestic
and
foreign)
1,153
1,087
1,474
2,961
5.924
1,503
311
20
120
2,452
2,667
3,183
2,385
1.352
1,344
1,475
,379
1,418
1,434
L. 235
755
484
1925
1926
1927
1928
1929
1930
1931
1932
1933
26
671
905
229
8
12
oooo
15
3.66
3.31
3.19
3.29
3.44
3.43
3.31
3.22
3.20
3.21
3.20
3.22
3.46
3.53
3.50
3.32
3.21
3.12
3.01
Total
(doCorporate
Formestic
State
eign
and
and
for- Total i mu- Bonds
eign)
nici- and Stocks
pal notes
•oooooo
8
1932 average
1933 average
_.
1933—January
February
March
April.
_._
May._
June
„_ _
July
August—
_
September
October
November
December
1934—January
February
March
ApriL.
.__
May
r
1
J
Preferred uommoi a SLOCKS { maex, iazo=iuu;
stocks
(indusrial high- Total Indus- Rail- Utility
trial
road
grade)
0
1,422
711
949
583
337
42
8
50
93
39
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).
358
FEDERAL RESERVE BULLETIN
JUNE 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]
Construction contracts awarded (value)
Industrial production i *
Year and
month
Total
Manufactures
Minerals
Total
Residential
a
Factory employment 3
All other
Factory
pay
rolls»
Freight-car
loadings 4 *
Unad- Ad- Unad- A d - Unad- A d - Unad- Ad- Unad- Ad- Unad- Ad- Unad- A d - Unad- Unad- A d justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928 _ .
1929
1930 _
1931
1932
1933
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
77
84
87
67
86
101
94
105
108
106
112
119
95
80
63
76
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
89
70
74
105
96
99
108
107
106
115
99
84
71
81
107
108
82
91
104
97
99
101
99
99
105
92
77
64
69
97
117
76
81
103
96
101
104
102
102
109
89
68
46
49
84
91
79
87
100
97
103
106
103
103
106
92
75
56
58
1930
Commodity
)rices5
139
154
98
97
101
98
104
100
95
97
95
86
73
65
66
October. _
November
December
90
84
76
88
86
84
87
82
74
86
85
82
105
96
89
95
92
93
75
68
59
78
76
73
51
46
37
52
48
43
94
86
77
99
99
98
88
85
82
86
85
83
82
77
75
97
86
83
86
74
84
84
81
80
1931
January..
FebruaryMarch....
April
May
June
July
August...
September
October..
November
December
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
84
82
83
84
86
86
82
83
90
84
79
89
87
89
91
87
87
86
79
78
83
81
84
58
68
77
82
78
74
68
63
59
52
43
30
71
79
44
73
65
63
61
59
59
55
49
38
37
42
50
52
47
41
36
32
32
29
26
20
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
80
80
81
81
80
78
77
77
77
74
72
71
82
81
81
81
80
79
78
77
75
73
72
72
70
74
76
74
73
70
76
66
63
61
58
58
74
74
75
77
79
82
80
80
80
79
78
77
76
75
78
70
61
72
69
69
68
69
1932
January..
February.
March
April
May
June.— _.
July
August-.September
October __
November
December
71
71
68
64
61
59
56
59
67
68
65
60
72
69
67
63
60
59
58
60
66
67
65
66
70
71
68
64
61
59
58
57
59
65
66
63
64
74
77
75
78
72
65
62
63
66
74
80
78
73
78
85
80
67
64
65
65
71
74
75
77
25
23
26
31
31
32
31
32
30
28
24
22
31
27
26
27
26
27
27
30
30
29
27
28
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
69
70
68
66
63
61
59
60
63
64
63
62
70
70
68
66
64
62
60
60
62
63
63
62
54
55
53
50
47
43
40
41
43
45
43
42
58
70
66
63
60
58
55
58
66
67
63
58
59
58
57
53
62
51
53
61
65
58
52
64
62
61
59
64
52
61
51
54
57
57
58
67
66
66
66
64
64
65
65
65
64
64
63
64
64
60
67
79
91
96
90
85
78
72
69
65
63
59
66
78
92
100
91
63
61
56
66
78
93
101
91
84
76
71
73
71
76
74
65
76
82
89
94
93
88
72
75
63
63
58
68
80
93
97
89
84
77
70
67
18
16
14
16
19
21
24
25
30
35
42
45
22
19
14
14
16
18
21
24
30
37
48
57
7
7
8
11
13
14
13
12
12
12
12
11
8
8
8
10
11
13
13
12
12
12
13
13
27
23
18
19
24
27
32
36
45
53
66
73
33
27
18
17
20
23
28
33
45
57
76
93
60
61
59
60
63
67
72
76
80
80
76
74
61
62
59
60
63
67
73
76
78
78
76
75
40
40
37
39
43
47
51
57
59
59
56
55
51
51
48
51
56
60
66
65
68
08
61
55
56
54
50
53
56
60
65
61
60
58
60
62
61
60
60
60
63
65
69
70
71
71
71
80
73
79
81
72
78
84
90
91
87
81
81
85
77
83
87
»88
78
82
85
75
'83
86
76
80
82
85
88
91
81
88
91
100
90
40
38
33
36
49
44
33
32
10
10
12
14
12
12
11
12
64
60
50
54
80
70
51
49
73
78
81
82
75
78
81
82
54
61
65
67
58
61
63
60
64
64
66
62
72
74
74
73
1933
January..
February.
March....
April
May
June
July
August-.September
October ._
November
December
1934
January..
FebruaryMarch
April
84
77
87
87
82
82
78
75
71
71
72
84
77
47
77
78
76
78
77
76
73
72
72
72
71
70
70
69
71
9 Preliminary.
f Revised.
* Average per working day.
For indexes of groups and separate industries see pp. 422-423; for description see BULLETIN for February and March 1927; for revised figures
from 1919 to date see BULLETIN for September 1933, pp. 584-585.
2 3-month moving average, centered at second month; for description see BULLETIN for July 1931, p. 358. For back figures see Annual Report
for 1932
(table 105).
3
Revised indexes. The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor
Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted
index
of factory employment computed by the Federal Reserve Board, see pp. 324-343.
4
For indexes of groups see p. 359; for back figures for total see Annual Report for 1932 (table 105) and for groups see BULLETIN for February
1931, p. 108.
«Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 426.
1
359
FEDERAL RESERVE BULLETIN
JUNE 1934
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise imports *
Excess of exports
Month
1930
January
February
March
1932
1931
411
349
370
250
224
236
150
154
155
121
102
108
June
May
332
320
295
215
204
187
135
132
114
July
August
September
267
298
312
181
165
180
October
November
December
327
289
275
Year
3,843
_ .-.
April
1934
1933
1930
1931
1932
1933
311
282
300
183
175
210
136
131
131
96
84
95
105
114
120
308
285
250
186
180
173
127
112
110
107
109
132
144
131
160
221
218
226
174
167
170
205
194
184
153
139
132
193
184
193
247
204
209
2,424
1,611
1,675
3,061
172
163
191
1934
1930
1931
1932
1933
100
67
69
66
49
26
15
23
24
25
18
13
88
107
122
24
35
44
29
24
14
9
20
4
17
7
—2
79
91
98
143
155
147
46
79
86
6
-2
10
27
17
34
1
—23
13
169
149
154
105
104
97
151
129
134
80
85
66
36
44
30
48
34
35
42
56
59
2,091
1,323
1,450
782
334
288
225
136
133
158
1934
37
30
33
v Preliminary.
»Including both domestic and foreign merchandise.
* General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Back figures.—See BULLETIN for January 1931, p . 18.
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1923-25 average=100]
[Index numbers; 1923-25 average =100]
Index of stocks (end of
month)
Index of sales»
Month
1933
Dec.
Adjusted
Without
Adjusted - Without
for seasonal seasonal ad- for seasonal seasonal advariation
justment
variation
justment
1933
1934
1933
1934
1933
1934
1933
January
February .
March
60
60
57
69
71
77
49
49
50
57
59
73
58
57
54
66
66
••65
52
54
55
59
63
'67
April
May
June
67
67
68
77
68
67
64
73
53
55
57
55
56
56
68
July
August
September
70
77
70
49
59
73
60
64
70
56
62
73
October
November
December
70
65
69
77
75
121
70
69
65
77
78
62
Year.
P75
67
P75
65
1934
61
r
v Preliminary.
Revised.
i 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 D a y , Memorial D a y , Independence D a y ,
Labor D a y , Thanksgiving D a y , a n d C h r i s t m a s
A d j u s t m e n t for seasonal variation makes allowance in M a r c h a n d April for t h e effects
upon sales of changes in the date of Easter.
Back figures.—See BULLETIN for November 1930, p . 686; Annual Report
for 1932 (table 105).
1934
Jan.
Feb.
Mar.
Apr.
Adjusted for seasonal variation
Total.
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore._
Miscellaneous
Merchandise *
62
64
54
64
68
61
64
78
76
66
87
71
62
68
50
59
47
31
33
69
67
68
51
30
34
69
70
68
48
30
34
67
67
75
46
32
41
67
66
74
52
31
38
66
65
Without seasonal adjustment
Total
Coal
Coke
Grain and grain products
Livestock
Forest products
Ore._
—
Miscellaneousl
Merchandise
55
68
58
58
77
67
61
85
86
63
82
71
60
57
48
57
47
25
8
54
63
65
53
26
8
55
65
65
46
31
8
58
65
63
40
33
10
64
67
57
48
33
19
68
67
i 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.
360
FEDERAL RESERVE BULLETIN
JUNE 1934
•FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
The fourth annual report of the Bank for
International Settlements, covering the year
ended March 31, 1934, was submitted by Mr.
Leon Fraser, president of the bank, to the
general meeting of shareholders on May 14,
1934. Sections of the report are given herewith:1
upon depreciation of the national currencies, it
became profitable to exploit poorer ores, and
the companies found it to their interest to devote part of their activities to ore which previously it had not paid to mine. Though the
weight of the gold output fell, the profits,
thanks to the higher price, were increased, and
more high-grade ore was reserved—a process
A RECORD YEAR IN GOLD PRODUCTION, GOLD which prolongs the life of the mines and incidentally tends to make the world's future gold
MOVEMENTS, AND GOLD HOARDING
supply somewhat better assured.
Far from reflecting a diminishing belief in
gold as a standard of value, or as an instrument
Other
of international payments, or as a suitable
Union
proof
United Canada ducing
Total for the
monetary medium, because of an inadequate
South States
world
counAfrica
supply, the records of the Bank for Intertries
Year
national Settlements for the year 1933 show
that in no year to date has the new production
Millions
Thousands of ounces of fine gold
of Swiss
of gold been so great, or its international movefrancs
ments of such magnitude, or the volume of
private demand for hoarding so extensive. 1915 *
7,692 22,594
9,096
4,888
918
2,420
Hoarding has been one of the most marked fea- 1923
9,149
2,503
1,233
4,901 17, 786
1,905
5,421 19,050
2,041
9,575
2,529
1,525
1924
_
tures of the year; indeed, fresh hoarding of gold 1925
5,285 19,031
2,039
9,598
2,412
1,736
5,325 19, 369
2,075
9,955
2,335
1,754
during the year 1933 alone amounted to about 1926
5,274 19,446
2,083
10,122
2,197
1,853
1927
3,000 million Swiss francs. This figure would 1928
5,105 19,583
2,098
10,354
2,233
1,891
10 412
5,037 19,585
1929
2,208
1,928
2,098
have been larger except for the energetic cam- 1930
5,646 20,750
2,286
2,102
2,223
... 10, 716
10,878
6,238 22, 206
2,396
2,694
2,379
paign in the United States to force hoarders to 1931
11, 559
7,174 24,226
1932
2,449
3,044
2,595
restore gold to the Keserve banks. Thanks to 1933
11,012
8,233 24,720
2,537
2,938
2,648
this and to the large amounts of new gold which
became available from production and other i Record year before 1932 and 1933.
sources, the huge private demand was not only
The decrease in South Africa and Canada has
satisfied, but at the end of 1933 the reserves of
central banks and treasuries were some 200 been more than counterbalanced by a continumillion Swiss francs higher than they had been ous advance in the amount derived from other
gold-producing countries for which the aggreat the beginning.
(a) The supply and hoarding of gold.—The gate figure, as recorded in the above table, has
total gold production of the world in 1933, risen by about 12 percent during the year. A
valued at about 2,600 million Swiss francs, notable increase is reported from Russian mines.
slightly exceeded the record figure of the pre- Mention should be made in particular of an
vious year, as appears from the accompanying increase in the gold obtained from alluvial detable which gives the comparative output for posits; naturally the payment of a higher price
for the metal in domestic currency has tended
over a decade.
Gold production in both the Union of South to attract more people to search for gold, espeAfrica and Canada, which had increased unin- cially in a period of great unemployment.
terruptedly for over 10 years up to and includ- Chile gives perhaps the most outstanding examing the year 1932, showed a slight decline during ple of this development, for in that countiy
1933. This decline has been the result of delib- about 35,000 workers were reported at the beerate policy on the part of the mining companies. ginning of 1934 to be occupied by alluvial gold
When the price for gold increased consequent washing.
The monetary changes in the United States
i In addition the report contains sections dealing with international
developments; the London Conference; trustee and agency functions of have not been without their influence on that
the bank; share capital; net profits; and changes in the board of directors;
The partial emtogether with a number of annexes showing central banks or other bank- country's gold production.
ing institutions allotted shares in the capital stock of the bank; profit and bargo on gold exports decreed by the President
loss account: trustee operations, etc. For earlier reports see BULLETIN
on March 4, 1933, prevented the American profor June 1933. June 1932, and July 1931.
JUNE
361
FEDERAL RESERVE BULLETIN
1934
ducer from receiving the world price; he had,
for the time being, to sell his produce to the
United States Treasury at the old parity. As
a result the American gold production declined
distinctly in April and the following months
until, by decree of August 29, 1933, the President permitted foreign sales of newly produced
gold. Mining activity immediately responded,
and during the last 3 months the output was
sufficient not only to offset the reduction already sustained but to bring the total figure for
the year above that for 1932.
While the total gold production has continued
at a record rate, gold exports from India and
China have been slowing down by comparison
with the peak year, 1932; shipments from India
amounted to 653 million Swiss francs compared
with about 1,000 millions in 1932, and from
China were 161 million Swiss francs instead of
200 millions. For the last quarter of 1933 the
total of Indian and Chinese gold exports was at
the rate of but 40 percent of what it had been
in the corresponding period of the previous year.
It would appear from preliminary figures available for the first quarter of 1934 that there may
be a certain recovery in the volume shipped,
particularly from India.
The amount of gold available from current
production and from India and China amounted
in 1933 to about 3,460 million Swiss francs,
which is some 300 millions less than in the previous year, the decline being due to the smaller
shipments from the two eastern countries. On
the other hand, the deduction to be made on
account of gold consumed by the arts should
probably be put not higher than 120 million
Swiss francs, or about half of the previous year's
figure. There seems to have been a very substantial recovery of old gold from which industrial requirements have, in the first place, been
met. In the United States the reclaimed gold
is estimated at 27 million gold dollars, as compared with a fresh demand from the arts
amounting to 20 million in 1932. The " n e t "
supply of monetary gold should thus be in the
neighborhood of 3,340 million Swiss francs as
shown in the following table:
Gold production
1933
Gold from
India and
China
Gold absorbed by
arts (estimated)
Net total
Millions of Swiss francs
650
645
668
685
253
221
194
146
1 11 1
CO CO CO CO
First quarter
Second quarter
Third quarter
Fourth quarter
2,648
814
-120
873
836
832
801
3.342
The increase in production which took place
in the latter half of the year tended to counterbalance the falling off in the gold deliveries
from India and China. It would appear to be
a sufficiently close approximation if the net
amount of gold available after meeting industrial requirements be taken at an average of at
least 270 million Swiss francs per month. A
comparison between this latter figure and the
monthly variations in the gold holdings of
central banks and governments gives a picture
of the various tendencies during the year for
monetary reserves to rise or fall and, in particular, discloses how gold flowed into and out of
hoards. Although complete data are not
available (as for instance with regard to possible
gold holdings of the English Exchange Equalisation Account), the picture given by the
following table is believed to be reasonably
accurate:
1933
Changes
in gold
reserves
of United
States
DeductChanges
Total
ing net
in retotal of
serves of changes
for 50 new
gold
49 other 1 countries
available
countries
Dehoarding (+)
or hoarding ( - )
Millions of Swiss francs
January
February...
March
April
May
June
July.
August
SeptemberOctober
November..
December..
1
+150
+145
+5
+36
-518
-161
+451
+306
+275
+36
-513
-155
-270
-270
-270
-270
-270
-270
-270
-270
-270
-270
-270
-270
-172
+400
+228
- 3 , 240
-1,379
+560
+316
+73
+31
+21
+41
+10
-5
+425
+466
-129
-519
-161
+430
+265
+265
-954
+1,026
+187
-446
-130
-125
- 1 , 224
- 3 , 012
+756
-83
-716
-400
+181
+36
+5
-234
-783
-425
Including all with gold reserves of any consequence.
It is an instructive lesson in public psychology
to analyse this chronological table against the
background of simultaneous political and
financial events to which gold movements are
highly, and almost immediately, sensitive—
especially when these events are of an alarming
character. Thus the spectacular monetary
gold loss of the United States in February 1933
followed directly upon the outbreak of the
banking crisis that month. Foreign-owned
funds were withdrawn and a flight of capital
set in, through which, on balance, gold for
about 173 million dollars went into foreign
hands. At home the banks became exposed to
a run for currency and also for gold. The
note circulation went up by 900 millions, while
the amount of new gold coins issued was about
92 millions.
On March 4, 1933, the Roosevelt administration came into power and was ready within
362
FEDEKAL RESERVE BULLETIN
a few days to carry out radical changes in the
monetary field. One of its first acts was to
obtain authorization from Congress for the
Secretary of the Treasury to require any person
in the country to hand over, against payment
in dollar currency, gold coins, gold bullion, and
gold certificates which he possessed; as a result
the public surrendered some 200 million dollars
in gold before the end of March. Although
100 million dollars were earmarked for foreign
account, the aggregate gold reserves increased
by some 110 million dollars. In the following
month another 30 million dollars were relinquished by the public, but the return flow then
gradually fell off, the amounts remitted becoming more and more insignificant. In addition
to the recovery of gold coin 250 millions of
gold certificates were withdrawn from circulation during March 1933 and replaced by
Federal Reserve notes.
In Europe, however, gold movements showed
no signs of subsiding. The tendency to hoard
received a new impetus when on April 19, 1933,
the United States officially abandoned the gold
standard and the dollar started to depreciate.
The figures in the last column of the above
table for the months of April, May, and June
give a total of more than 1,000 million Swiss
francs as the amount of gold hoarded; and if
the compulsory return of gold in the United
States be left out of account, the net hoarding
in the second quarter of the year would have
been at least 500 million Swiss francs higher.
During the month of June the feeling of
unrest became accentuated, and hoarding
therefore increased, when it proved impossible
at the London Conference, which had met on
June 12, 1933, to arrive at an agreement on
immediate currency policy. In a statement
dated July 3, the countries of the "gold bloc"
confirmed their intention to retain the free
functioning of the gold standard at the existing
gold parities; and 5 days later the governors of
the central banks concerned met to consult
on methods of collaboration. The prompt
reaction of the various markets was such that
the movement of hoarding was reversed, and
central banks were able to increase their
reserves by the full amount of the new gold
from current production and from the East, as
well as by some gold which came out of hoards
during the months of July and August 1933.
If the markets remained comparatively calm
in the third quarter of the year, the fourth
quarter, replete with incidents of a dramatic
character in both the political and monetary
fields, witnessed a strong recrudescence of
JUNE 1934
nervousness. Germany withdrew from the Disarmament Conference and the League of Nations on October 14. On October 22, President
Roosevelt announced his intention of obtaining
a rise in American commodity prices, and of
bringing about this rise in particular through the
establishment of a Government market for
gold in the United States. To that end the
Reconstruction Finance Corporation was authorized to buy and sell gold on the world markets at the current price, while on the internal
American market it was to buy gold at a price
to be determined from time to time after consultation with the Secretary of the Treasury and
the President. Through the gradual increases
which were made in the price for gold, the
administration made manifest its wish to bring
about a further depreciation of the dollar. Although the amounts actually bought abroad up
to the end of 1933 were so limited as to be of no
significance, the fact that the policy pursued
was not understood introduced another disturbing element into the world monetary situation. At the same time a great divergence of
views was found to exist in the French Parliament with regard to the question of balancing
the budget, and a succession of governments
within a short period tended to cause uncertainty.
Under the influence of these diverse developments there was again a sharp increase in hoarding, estimated for the last quarter of the year
at something over 1,400 million Swiss francs.
The summary results of these various gold
movements for the year were:
(1) The gold reserves of the United States,
though profiting by the public's enforced surrender of bullion and coin, did not fully recover
the losses sustained in the heavy drain during
the months of February and March 1933; the
net loss over the calendar year was, however,
limited to the moderate figure of 33 million gold
dollars, or less than 1 percent of the country's
monetary gold stocks.
(2) The gold reserves in the hands of central
banks and governments in countries other than
the United States increased by 400 million Swiss
francs.
(3) This result was achieved in spite of the
fact that the net amount of gold hoarded during the year easily surpassed all previous records, amounting to something like 3,000 million
Swiss francs as compared with a net hoarding of
about 500 million Swiss francs in the previous
year.
There are various ways of estimating the total
amount of gold in private hands. Through a
JUNE 1934
comparison of the results obtained by the different methods, it may be concluded that at
the beginning of 1934 it was at least 7,000
million Swiss francs, or more than two and a half
times the value of the current annual gold
production.
The existence of this " hidden
reserve7', some of which will become available
when confidence returns, is of great importance
in connection with monetary reconstruction.
In addition to gold, notes have also been
hoarded on a large scale in recent years, particularly notes of the higher denominations. The
circulation of the Swiss National Bank which
rose steeply in 1931 from around 1,000 million
Swiss francs to a level of 1,500 million remained unchanged during 1932 but, in the autumn of 1933, fell to 1,400 million chiefly as a
result of the return of notes hoarded abroad,
the greater part coming from Germany after
the passing of the law requiring German nationals to repatriate foreign funds. In France an
increase in the note circulation by 8,000 million
French francs in 1930 and 9,000 million francs
during 1931 gives a clear indication of hoarding
having taken place, but in 1932 this movement
was checked and in 1933 there is evidence of a
reflux. Within the United States considerable
hoarding of notes also occurred; in addition substantial amounts of dollar notes have been
held in foreign countries representing in many
cases the remittances of emigrants. Already in
1932 a considerable volume of these notes was
returned and this movement was accelerated in
1933. It is estimated that in the latter year 90
million dollars (net) of United States paper
money returned to the country of origin.
(b) Gold movements between different monetary centers.—The exceptionally large movements of gold which occurred during the year
roughly corresponded in their successive phases
to the different periods of gold hoarding and
dehoarding:
(1) The first phase was characterized by an
exodus of funds from the United States consequent upon the accentuation of the banking
crisis during the first months of 1933. The
fears for the maintenance of the dollar's gold
value brought about a flight of domestic capital.
This was the really new element in the situation,
for the further withdrawals of foreign-owned
funds represented a repetition of movements
that had gone on spasmodically during the past
3 years, as may be seen from the following
figures of American short-term liabilities on
foreign account:
363
FEDERAL RESERVE BULLETIN
1930
1931
1932
1933
End of year figures
]Millions of dollar.
Deposits
Advances and overdrafts
Short-term loans and investments
Acceptance credits
Total
1,640
36
1,046
15
1 025
26
394
20
715
30
115
10
389
20
63
15
2,737
1,465
870
487
(2) In Apri 1933 the suspension of the gold
standard in the United States, followed in June
by the clash of opinions at the London Conference, led to gold losses in the principal countries still on gold, which were not 77arrested until
the formation of the "gold bloc.
The Swiss
National Bank reports that in the course of a
few months it paid out 759 million francs in
gold or gold exchange. The withdrawals from
the Dutch market amounted to some 400
million Swiss francs, while the Bank of France,
after an outflow of 500 million Swiss francs in
gold during the first quarter of 1933, was able
to show a slight net increase in the following
months. The quotation of the guilder and the
Swiss franc in Paris during this period appears
to some extent to have been indirectly influenced by the operations of the English
Exchange Equalisation Account, which by
dealing specifically in French francs at times
created an exceptional supply of, or demand
for, this currency.
(3) The heaviest strain to which the monetary structure was put was sustained in October
and the following months when a period of
tension in international politics coincided with
the inauguration of President Roosevelt's gold
buying policy, budgetary difficulties in France,
and a pronounced weakness of sterling due
largely to seasonal conditions. In this situation
of general uncertainty the shifting of funds from
one currency to another did not assume great
proportions but large amounts were converted
into gold, so that all the gold from current
production, from India and China, and also
some 670 million Swiss francs from the reserves of central banks, went into hoards during
the last 2 months of 1933. The same tendency
prevailed in January 1934. In the latter half
of that month a new element of major importance was added by the decision taken in the
United States to limit the maximum alteration
in the gold content of the dollar to between
50 and 60 percent of the old value, and to fix
the gold price at $35 per fine ounce reserving
364
FEDERAL RESERVE BULLETIN
the right to make further changes within these
limits.
Under the influence of the low gold content
given to the dollar and the persistent demand
for dollars on the markets the exchange kept at
a level at which export of gold from Europe
to the United States was profitable; in fact, so
heavy were the shipments to New York from
European centers that a rise occurred in the
cost of transport and insurance with the result
that for several weeks the effective gold points
for export of the metal to the United States
were established at an exceptionally great distance from the new parity. The additions to
the gold stocks of the United States during
February and March 1934 reached 660 million
dollars ($35 to the ounce); of this amount more
than 90 percent was effectually shipped over
the ocean, and the transports which thus took
place constitute records both as to the total
gold movements and for individual shipments.
At the end of March 1934 the gold stock of the
United States, if measured by weight (instead
of by dollar value), had been raised to the
highest amount ever reached in any year
except 1931; while the dollar value of the gold
stock reflecting the effects of revaluation (at
$35 to the ounce) as well as the recent gold
inflow was more than 60 percent above the
high point of 1931 and more than double the
highest figure ever reached prior to 1922.
The movement of the exchange rates in conjunction with the demand for gold for export
to the United States increased the price of gold
paid on the London market with the effect that
considerable amounts of gold were brought out
from the hoards of private individuals and
firms. Such operations as were not fulfilled by
the open gold market naturally centered by
arbitrage in Paris where the Bank of France
freely converted francs into gold; thus the flow
of funds from Switzerland and Holland to the
United States took place largely over Paris.
The Bank of France applied the orthodox
measure of increasing its bank rate and
tightening the money market. By the end of
March 1934 the gold losses had come to an end
and the Bank of France added to its gold holdings during the following weeks. The restrictive policy was the more easily made effective
as the amount of foreign-owned balances on the
French market, which in the late summer of
1933 were still estimated at something like
9,000 million French francs, had by the beginning of February dropped to perhaps half that
figure. It is also reported that the amount of
foreign funds on the Dutch market had been
JUNE 1934
considerably reduced, while the successive
outbursts of withdrawals from Switzerland
have naturally brought about the liquidation
of those balances which were most sensitive.
The changes in central bank reserves over
the 15 months7 period from January 1, 1933,
to March 31, 1934, illustrate in a remarkable
way the results of the extraordinary monetary
episodes in the United States.
The rise which has taken place in the gold
holdings of certain countries has been due to a
variety of causes:
(1) Some central banks have continued to
convert their foreign exchange into gold.
This largely explains, for instance, the increase
in the gold holdings of the National Banks of
Austria and Czechoslovakia, the Bank of
Greece, the Bank of Italy, and the Bank of
Portugal.
(2) Some few countries have been able to
increase their gold and foreign exchange holdings as the result of a surplus in the balance of
payments.
(3) The reserves o( the Bank of England
have been strengthened by an increase of
£70,000,000 (gold), primarily as a result of
capital repayments to London and of the
pronounced movement of foreign capital to
that center. On current account, the figures
in the British balance of payments showed no
surplus.
(4) In a number of countries funds originally invested abroad have been repatriated,
both by individuals and such institutions as
insurance companies which have their liabilities expressed in the home currency and
therefore in a period of possible monetary surprises tend to transfer their assets to the same
currency.
(5) The increase in the United States is due
to the recovery of gold from the public and the
inflow following the devaluation of the dollar
at the end of January 1934.
During the 15 months' period up to the end
of March 1934 the net imports of gold to
Great Britain were, according to customs statistics, equal to about 4,500 million Swiss
francs, while the increase in the holdings of the
Bank of England was only about 1,750 million
Swiss francs; the difference may to some minor
extent represent an increase in the holdings
of the Exchange Equalisation Account, but
by far the larger portion appears to have gone
into private hoards. Indeed, out of 7,000
million Swiss francs, at which the total amount
of gold hoarded has been estimated, it would
appear that perhaps one-third was held in
FEDERAL RESERVE BULLETIN
JUNE 1934
England by persons who, as a rule, were
nonresidents.
An examination of import and export statistics of recent years reveals that between
two given centers gold has often been shipped
first in one direction and then back again, in
response to the currents of liquid funds. The
magnitude of these costly shipments has already been reduced to some extent by earmarking in the names of the central banks
acquiring the gold (or through the Bank for
International Settlements). The bank holds
substantial quantities of gold in safe custody
for the account of central banks. A system
of gold deposit accounts has also been inaugurated during the year, as is more fully explained
later in dealing with the topic of " Deposits",
and, on March 31, 1934, 28 million Swiss francs
in gold had been so deposited.
Under the terms of article 24 of its statutes,
the Bank for International Settlements may
enter into special agreements with central
banks to facilitate the settlement of international transactions between them; it is expressly stated that for this purpose it may
arrange with central banks to have gold earmarked for their account and transferable to
their order and to open accounts through
which central banks may transfer their assets
from one currency to another. Only experience
can show whether such a system of gold deposits will constitute the beginning of a practical solution of these intricate problems. In
this connection it would be of value if statutory
amendments were made, in those cases where
it appears necessary, so that central banks
might everywhere be empowered to include
gold deposits with the Bank for International
Settlements as part of their primary gold cover,
even if their statutes do not allow them to
keep foreign exchange as such cover.
GOLD DEPOSITS
When the export of gold from the United
States was prohibited in April 1933, during that
month, alone, the short-term and sight deposits
with the bank were reduced by about 187
million Swiss francs. Of this total about 140
millions represented deposits effected in dollars.
During May 1933 deposits further declined by
about 30 million Swiss francs. In view of the
fact that the bank is permitted by its statutes
to conduct operations for its own account only
in currencies which in the opinion of the board
satisfy the practical requirements of the gold
365
or gold-exchange standard, and that, in the
existing circumstances, central banks restrict
their holdings of foreign exchange to the
absolute minimum, it is inevitable that the
financial resources of this bank should suffer
diminution. However, a substantial proportion of the currency reserves held on deposit
with the bank were converted into gold by the
depositor and the gold acquired was left with
the bank to be held under earmark. This gold
is not included in the monthly balance sheets
but its amount and value has been greater during the current, than in any preceding year.
Furthermore, during its fourth fiscal period the
bank has for the first time received deposits in
metallic gold. The first such deposits, amounting to some 5 million Swiss francs, were made
in July 1933. By the close of the year, March
1934, they had risen to some 28 million Swiss
francs. In respect of these deposits, the bank
is obligated to deliver, on demand at an agreed
place, metallic gold of similar fineness, to the
amount of the total number of ounces or
grams of gold deposited. Full legal title to the
gold deposited passes to the bank, thereby
distinguishing this operation from the case of
gold held under earmark where the property
remains vested in the central bank entrusting
the gold to the central agency for custody.
The development of deposits in gold is regarded
as opening the way to extensive developments
in more normal times in that, among other
things, it may eventually lead to the possibility
of the introduction of a gold clearing or gold
settlement fund contemplated by article 24 of
the statutes. In this way gold claims or obligations of central banks could be settled by
means of credits or debits to the settlement
fund in the books of the Bank for International
Settlements and the physical movement of
gold could be reduced or pro tanto avoided.
The number of transactions of various kinds in
connection with gold has continued to increase
and on many occasions the bank has found it
possible to avoid the necessity for the physical
movement of gold by acting as intermediary
between two central banks desiring to move
gold between the same two points of deposit,
but in opposite directions. In such cases the
bank, usually through the gold held by it under
earmark for their account, has been able to
offset these transactions and effect the necessary small cash adjustments through the accounts of the central banks in its books. In
this manner appreciable unnecessary gold
movements have been avoided.
366
FEDERAL RESERVE BULLETIN
THE VOLUME OP INTERNATIONAL SHORT-TERM
INDEBTEDNESS AND THE TREND OF INTEREST
RATES
(a) International short-term indebtedness.—
When during the liquidity crisis of 1931 one
European market after the other sustained
sweeping withdrawals of short-term balances,
the dangers involved in a superabundance of
international short-term lending became strikingly apparent. It was then felt that measures
might have been taken to moderate the increasing indebtedness if the stupendous growth
of liabilities had been known in time. During
the years which have passed since 1931 central
banks and other authorities have proceeded to
collect regular information regarding the shortterm assets and liabilities of their respective
markets, and although the material thus
gathered together has not all been made
available for examination, the broad facts of
the situation are much better know^n.
In the second annual report, it was estimated
that the gross amount of short-term international indebtedness at the beginning of 1931
aggregated more than 50,000 million Swiss
francs. On the basis of the data now to hand,
it is possible to indicate that this figure was
too low if the total gross liabilities of the
different countries are added together and no
deduction made for offsetting foreign assets
arising, for example, in the relations between
affiliated firms or through one market relending
abroad funds which it has itself obtained from
abroad. A revised estimate is shown in the
following table, in which the figures include
financial credits and deposits with banks and
similar institutions and also ordinary commercial lending; it should be noted that these
statistics refer to the liablities of European
countries and the United States only:
At end of—
1930
1931
1932
1933
Swiss francs
70,000,000,000
45,000,000,000
39,000,000,000
32,000,000,000
These totals must be taken to indicate only
approximately the main developments that
have occurred. It will be seen that the total
indebtedness is now distinctly less than half of
what it was in 1930, calculated in gold values,
and that two-thirds of this reduction took
place during 1931. Of the 32,000 million Swiss
francs outstanding at the end of 1933, about
11,500 million is estimated to be blocked
through currency regulations, standstill agreements, and similar measures.
The different ways in which this volume of
short-term international commitments has been
JUNE 1934
reduced, in addition to realized losses due to
insolvency, are the following:
(a) By employment of monetary reserves in
gold and foreign exchange.—At some time
or other practically every country has had to
use part of its monetary reserve to meet capital
withdrawals and repayments. In the second
half of July 1931 the gold reserve of the Bank
of England was depleted by £30,000,000. At
the end of March 1931 the holdings of gold
and foreign exchange of the Reichsbank stood
at RM. 2,511,000,000; 3 years later they were
only RM. 245,000,000. While the United
States acquired gold in 1931, it had to sell gold
in the spring of 1932 and again during 1933 in
order to meet withdrawals of foreign funds.
During 1931 and 1932 the countries later united
in the "gold bloc" were, for various reasons, in
a position to increase their gold holdings (partly
by the conversion of foreign exchange into
gold), but when the intermittent waves of
distrust spread over Europe and the propensity
to hoard made itself felt, these countries experienced some losses of gold.
(b) By employment of other assets on capital
account.—Gold and foreign exchange held by
commercial banks and other credit institutions
have been employed in times of pressure to
meet withdrawals of funds; in some instances
the monetary authorities have insisted that
private institutions should in the first place
utilize the assets at their disposal before the
central bank reserves were drawn upon. As a
result of repayments on capital account from
various sources, the London market was enabled to pay off a large proportion particularly
of the continental European short-term claims
upon it. European repurchases of securities
from the United States have largely reduced
the volume of liabilities of the American market
to foreigners.
(e) By employment of a surplus on the current (or income) account.—In 1931 Germany
realized an export surplus of RM. 2,872,000,000,
w^hich was available for debt service and
reduction. As the export surplus vanished,
special arrangements have bgen made for
payments through so-called additional exports
and tourist expenditure. Similar methods
have to some extent been employed in Austria
and Hungary.
(d) By consolidation.—Arrangements have
been made with creditors, as in the agreement
regarding the liabilities of the Austrian CreditAnstalt; in various agreements regarding
blocked balances in the Argentine; and in
respect of the central bank credits to the
National Bank of Hungary. Consolidation
JUNE 1934
FEDERAL RESERVE BULLETIN
has also been achieved thrcmgh loans taken up
by new lenders from the proceeds of which
short-term credits were repaid (as for example,
the Austrian international loan floated in
August 1933). Under the standstill agreements with Germany, the possibility of using
blocked marks for long-term investment is
another type of consolidation.
(e) Finally, by depreciation of the currencies
in which the debts are expressed.—Great
Britain and the United States being the largest
creditor nations in the world, the depreciation
of sterling and the dollar has brought about an
immediate accounting reduction in the gold
value of international indebtedness.
*
*
*
*
*
During 1933 London was the only market in
which balances and other short-term assets
held by foreigners increased to any appreciable
extent (although there were certain increases
in other countries of the sterling area), whereas
in other centers the movements toward liquidation of foreign short-term liabilities continued
with undiminished strength. For the London
market the increase was partly due to the larger
holdings of sterling exchange in the reserves of
the note-issuing institutions within the sterling
area. As primary or secondary cover South
Africa, Australia, India, arid Egypt and the
four Scandinavian countries held foreign exchange the equivalent of approximately 100/110
million pounds at the end of the years 1929 and
1930, but by the end of 1931 their holding had
been reduced to £50,000,000 (of which about
one-half belonged to India); at the end of 1932
the total had grown to £75,000,000, and by the
end of 1933 to £120,000,000—an aggregate
amount which, expressed in sterling, was larger
than that before the depression.
Calculated in sterling total foreign shortterm funds held in the London market now
appear to be in the neighborhood of the 1930
level; if calculated on a gold basis these liabilities would be somewhat less than two-thirds
of the 1930 figure.
In the United States the volume of shortterm foreign indebtedness was reduced by
about 2,000 million Swiss francs during the
year; at the end of 1933 the total liability was,
in dollars, only one-fifth to one-sixth of what
it was in 1930. Of the "gold bloc" countries
France, Holland, and Switzerland were subject
to heavy withdrawals at different periods during the year but it would appear that, on balance, the amount which left these three markets
waslessthan 1,500 million Swiss francs. Among
the debtor countries, the short-term liabilities
367
of Germany decreased in 1933 by about 3,000
million Swiss francs (partly as a result of currency depreciation), and are now appreciably
less than one-half of what they were in 1930.
Austrian statistics reveal a reduction of about
700 million Swiss francs, of which 400 millions
are attributable to consolidation under the
arrangement regarding the Credit-Anstalt; 200
millions were repaid from the proceeds of the
international loan of 1933, and a further
accounting reduction is due to the dollar depreciation. In fact the country's short-term
foreign indebtedness has been reduced to so
small a figure that it was possible to free the
foreign exchange market almost completely
from the regulations which had been in force
since October 1931. In other countries of
central and southeastern Europe, some progress
has also been made toward a clearing up of
frozen positions: In Hungary, the short-term
indebtedness was reduced by some repayment
and the consolidation of the remainder of the
credits extended by this institution and several
central banks during 1931; increased uses there
for blocked balances, especially for additional
exports, appear to have permitted the liquidation of current charges so that the blocked
position has not augmented. An important
reduction has been made in the foreign shortterm commitments of the U.S.S.R. which are
reported to have declined by nearly one-half in
1933. An improved balance on short-term
account is further reported from Fin] and, Greece,
and Portugal. Not only in Europe but also
in other parts of the world this slow movement
of liquidation has been going on. Especially
remarkable have been the agreements for the
defreezing of external short-term debts by the
Argentine and Brazil.
On the whole these often inconspicuous but
distinctly favorable results have been achieved
by the efforts of the debtor countries working
at their own problems; it is only in exceptional
cases (e.g. Austria and the Argentine) that new
loans and credit arrangements have contributed. As, however, the improvement which
has been taking place in the position of many
countries normally in need of foreign capital
continues, the way may be opened to a gradual
renewal of international lending, which would
again promote trade and facilitate agreements
with regard to the settlement of outstanding
financial commitments.
(b) Trend of interest rates.—A strong downward movement of both long and short-term
interest rates w^as a characteristic feature of
1932 and the same tendency has been pre-
368
FEDERAL RESERVE BULLETIN
dominant, though not quite so uniform, in the
year under review.
The official discount rates in a number of
countries have either reached the lowest level
quoted in the history of their central banks
(e.g. in Italy, Sweden, Switzerland, and the
United States) or have equaled the previous
low record (e.g. Denmark, England, and Norway). Some central banks have moreover
taken the opportunity to bring the rates applicable to advances and other loans more into
conformity with the discount rate. The Swiss
National Bank, for instance, while retaining
its rate of discount unchanged at 2 percent,
reduced the rate for advances on securities from
3 to 2}{ percent. The bank explained in its
annual report for 1933 that it believed it could
render short-term credit available on more
favorable conditions through the granting of
advances on securities to individuals and firms
not in possession of commercial paper and thus
unable to utilize discount facilities.
The only bank rate increases which have
taken place during the year under review have
occurred in creditor countries and have been
due to the central banks employing the classical
means of making discounting more expensive
when their markets have been exposed to withdrawals of funds. The bank rate was thus
raised in New York from 2l/2 to 3K percent
on March 3, 1933, at the time of the large outflow of funds in the midst of the banking crisis,
but the rate was reduced by successive steps
to 2 percent before the end of the year, and on
February 2, 1934, to the record level of IK
percent, which is the lowest rate ever quoted
by any central bank in the history of the world;
in Holland two increases during May and June
1933 reflected the pressure on the florin before
the formation of the "gold bloc" at the London
Conference, but by the end of the year the
rate was back to the previous level of 2% percent; in France the rate of 2% percent which
came into force in October 1931 remained
unchanged until February 9, 1934, when it was
raised to 3 percent.
The rates quoted in the open markets by the
commercial banks and other financial institutions have in many cases declined even more
steeply than the official discount rates. In
London the Treasury bill rate on September
22, 1933, fell to slightly less than one-fourth
percent; toward the end of the year it rose
above 1 percent and has remained between
three-fourths and 1 percent during the first
quarter of 1934. In New York the large
excess reserve balances at the disposal of the
JUNE 1934
member banks of the Federal Reserve System
exerted extraordinary pressure on the rates for
short-term paper, with the result that a rate as
low as one-fourth percent was quoted for 90
days' prime bankers' acceptances in September
and October 1933. Such rates show that shortterm funds were practically unlendable and
give evidence of the abnormality of market
conditions.
In the field of long-term rates the movement
toward a downward adjustment, which was
started by the large conversion of British war
loan in July 1932, has gathered momentum.
In Great Britain itself further conversion operations have been successfully undertaken by the
Government, by local authorities and by a
great many private firms. Moreover the
Governments of Australia, Canada, India, New
Zealand, and South Africa were able to convert
their obligations from comparatively highyield to low-yield bases. The case of Australia is typical: From October 1932 to February 1934 seven conversions of Commonwealth and State Government loans took place
affecting capital to the extent of £110,000,000
sterling, and reducing interest rates from a 4-6
percent to a 3%-4 percent basis.
Of the three large conversion operations that
have been launched since the last annual report
the scheme affecting the debts of German
municipalities and municipal associations which
was announced in September 1933, covered a
total indebtedness amounting to nearly RM.
3,000,000,000. The sums outstanding were
mainly due to savings banks which were
prejudiced in their liquidity position by this
large volume of local indebtedness. Under the
plan that was drawn up for the reorganization
of the municipal finances, the local bodies which
could not meet their obligations were to offer
their creditors a State-guaranteed long-term
conversion loan with interest at 41? percent
and a 3-percent amortization fund, the loan
being issued by a "Conversion Association'7 to
which all municipalities in financial difficulties
adhere. On October 12, 1933, the United
States Government called for repayment on
April 15, 1934, $1,875,000,000 out of a total of
$6,268,000,000 4%-percent Liberty loan, and
at the same time the Treasury offered $500,000,000 of the new 3%-percent 10-12-year bonds
for cash at 101 % and also offered for exchange
at par an unlimited amount of 3/4-percent
bonds for obligations of the 4/4-percent Liberty
loan issue, whether it belonged to the called
portion or not. The conversion involving the
largest amount was the Italian action in Feb-
JUNE 1934
FEDERAL RESERVE BULLETIN
ruary 1934, when by a single operation 61,400,000,000 lire of 5-percent consolidated stock was
converted to a 3K-percent basis, the reduction
in interest to be effective from January 1,
1937, from which date the stock in question was
callable. Besides these outstanding operations
conversions of comparatively important size
have been carried out also in Austria, Belgium,
Denmark, Egypt, Finland, Japan, Sweden, and
Switzerland.
In order to facilitate the adjustment of
interest rates to lower equilibrium levels, certain countries have taken steps of a legislative
or other official character:
The new banking act in the United States,
which came into force on June 16, 1933, contained a provision imposing a prohibition on
the payment of interest on sight deposits by
member banks of the Federal Reserve System,
exceptions being allowed only in the case of
deposits made by savings banks and certain
similar institutions. Moreover, the code of
fair competition for bankers of October 1933,
stipulated that the rules and regulations provided by clearing-house associations should
contain a similar provision as regards all their
members.
In Czechoslovakia a government ordinance of
May 29, 1933, fixed the maximum rates of
interest which would be valid between various
classes of debtors and creditors according to the
nature of the debts and claims, and according
to certain geographical divisions of the country.
These rules, which apply not only to banks but
to all other creditors and debtors as well,
provide inter alia that the rate for loans and
advances imposed by banks, insurance companies, and similar institutions shall vary with
the discount rate of the national bank.
In Germany the Reichsbank, acting under
the enlarged powers granted it in October 1933,
purchased about RM. 350,000,000 of public
securities, with a view to lowering the rate of
interest and preparing the way for conversion
operations. The long-term rate in Germany,
which in the first quarter of 1932 stood as high
as 9K percent on fixed interest-bearing securities
was reduced to around 6% percent at the end of
1933. The change in the Reichsbank law was
but one of many important legal amendments
which affected central banking developments
during the year.
369
being required in countries with developed
economies as guardians of currency and credit
policy was considered by the board of the Bank
for International Settlements, and this resolution was adopted:
The board of the Bank for International Settlements,
when dealing with the question of the principles to be
observed in the working of the gold standard, has also
considered through what organ these principles could
be most effectively applied, both in the national markets and in the international field. The board considers
it to be of the greatest importance, in order to provide
an international gold standard with the necessary
mechanism for satisfactory working, that independent
central banks, with the requisite powers and freedom
to carry out an appropriate currency policy, should
exist in all developed countries.
Attending the London Conference as representative of the Bank for International Settlements, your president offered the following
resolution, which was unanimously voted:
The conference considers it to be essential, in order
to provide an international gold standard with the
necessary mechanism for satisfactory working, that
independent central banks, with the requisite powers
and freedom to carry out an appropriate currency and
credit policy, should be created in such developed
countries as have not at present an adequate central
banking institution.
In those countries where the establishment
of a central bank has been under consideration,
the foregoing text has been extensively quoted
on the platform, in the press, and in the parliaments. One of the arguments everywhere put
forward in favor of creating a central bank is
the necessity, under an international, or even
under a national, monetary standard, of close
and continuous contact with other central
banks and the Bank for International Settlements.
In New Zealand, following the recommendations of the Niemeyer report of July 1931, a
law providing for an independent central bank
was passed in November 1933 and the first
governor was appointed in January 1934.
In Canada an exhaustive enquiry into the
banking system of the country was undertaken
by a Royal Commission under the chairmanship
of Lord Macmillan, including as members Sir
Charles Addis, formerly vice chairman of the
board of the Bank for International Settlements, and three Canadians. The report of
this commission was published in November
1933, the majority being strongly in favor of
DEVELOPMENTS AFFECTING CENTRAL BANKING the immediate establishment of a central bank.
The Canadian Government decided to act upon
DURING THE YEAR
the advice of the majority and placed before
At the directors' meeting of June 5, 1933, Parliament a bill for this purpose, which is still
the question of central banking institutions under consideration.
370
FEDERAL RESERVE BULLETIN
In connection with the Third Round Table
Conference a committee composed of Indian
and British experts was appointed to report on
the question of a Reserve Bank for India. The
report of the committee made a general recommendation for the establishment of a central
bank and gave a series of modifications to the
text of the 1928 Reserve Bank bill, necessitated
partly by the fact that India had suspended the
gold standard. The bill in its new form has
been passed by the Indian Legislative Assembly
and has recently been approved by the Council
of State.
In these three countries the organization of
a central bank involves the creation of a completely new institution. Elsewhere, a different
development has been taking place. In Australia, for instance, the Commonwealth Bank,
established in 1911 as a State-owned commercial bank to carry out all the various kinds of
ordinary banking business, has gradually
become more and more concentrated on the
functions proper to a central bank, and also
achieved an ascendency over the other credit
institutions in the country. It may also be
reported that during the year new banking
establishments provided with the privilege of
note issue have been organized in Afghanistan
and Arabia.
In the statutes which have been adopted in
New Zealand and India, as well as those which
have been submitted to Parliament in Canada,
the central banks are authorized to own shares
in the Bank for International Settlements, as
an exception from the general prohibition on
the holding of shares. These statutes further
permit the inclusion in their legal cover of
exchange balances held with the Bank for
International Settlements.
The year under review has witnessed legislative action in several countries profoundly
affecting permanent features of the monetary
structure. The most outstanding developments of this nature are the incisive changes in
the monetary legislation of the United States.
The gold standard was suspended by Executive order of the President dated April 20, 1933,
the export of gold being prohibited, except gold
previously earmarked for account of the Bank
for International Settlements or of central
banks. In the following months several modifications to the monetary system were introduced. Section 43 of the Agricultural Relief
Act of May 12 provided for open market operations to be conducted by the Federal Reserve
banks in certain circumstances up to an aggregate sum of $3,000,000,000 in addition to the
JUNE 1934
obligations already held by them and further
gave power to the President to devalue the
dollar to a level not lower than 50 percent of its
former value. The Bank Act of June 1933 followed by the banking code in October, more
clearly defined the various functions of banking
organizations; new regulations of the Federal
Reserve Board were issued in August with regard to open-market operations and the relation
of Federal Reserve banks to foreign banks and
bankers; and Executive orders in August and
October relating to the sale and export of gold,
and similar matters, foreshadowed the series of
measures which in the second half of January
1934 linked the dollar to gold and introduced
several distinctly new elements into the financial organization of the United States.
In order to lay down for the future the limits
of permissible revaluation, the Gold Reserve
Act which came into force on January 31, 1934,
fixed the future gold content of the dollar at a
maximum of 60 percent and minimum of 50
percent of the old dollar; the President, exercising the powers conferred upon him, proceeded
to determine the content of the gold dollar at
59.06 percent of its previous weight, corresponding to a purchase price for gold of $35 per fine
ounce, while reserving the right to alter this
price subject to the limit of 50 percent devaluation.
The gold holdings of the Federal Reserve
System passed into the possession of the United
States Treasury, payment at the old nominal
value being made to the Reserve banks in a new
form of gold certificates. The cover provisions
requiring reserves (in gold certificates) of 35
percent against deposits and 40 percent against
notes in actual circulation were not altered.
The book profits of $2,800,000,000 which resulted from the revaluation were taken to increase the cash holdings of the Treasury, of
which $2,000,000,000 were earmarked to form a
stabilization fund for dealings in gold and foreign exchange, and also for the purchase of
Federal securities. The fund was established
for a period of 2 years from January 31, 1934,
but the President was given power to extend
this period for 1 additional year if he recognizes by proclamation the continuance of the
existing emergency.
No gold will hereafter be coined and all gold
is withdrawn from circulation. It is an essential part of the new system that currency notes
will not be redeemed in gold; but in order to
maintain the exchange value of the dollar, provisions have been made for gold to be employed
by the Federal Reserve banks for the purpose
JUNE 1934
FEDERAL RESERVE BULLETIN
of settling international balances. Under the
present regulations gold is sold for export at the
price of $35 per fine ounce, on condition that the
gold export point toward some currency effectively on the gold standard has been reached
and that the gold is delivered to some foreign
central bank. In his message to Congress on
January 15, 1934, President Roosevelt stated:
The title to all gold being in the Government, the
total stock will serve as a permanent and fixed metallic
reserve which will change in amount only so far as necessary for the settlement of international balances or may
be required by a future agreement among the nations of
the world for the redistribution of the world stock of
monetary gold.
In Czechoslovakia the currency was devalued
by law on February 17, 1934, the gold content
of the crown being reduced by 16% percent from
its previous parity. The increase in the nominal value of the gold reserves which resulted
from the change in the monetary unit made
possible a reduction of the State debt to the
National Bank by Kc. 430,000,000. Simultaneously with the devaluation certain modifications were made in the statutes of the
National Bank, the most important being a
reduction in the cover percentage: while under
the old provisions total sight liabilities were to
be covered by 30 percent in gold and foreign
exchange (of which at least 15 percent in gold),
the new statutes fixed a cover of 25 percent in
gold, foreign exchange to be held in the future
only as secondary cover for the note issue.
Steps have also been taken in other nations
to achieve greater elasticity in the minimum
cover requirements held against central bank
liabilities. In the last annual report mention
was made of the changes which had been introduced into the statutes of the Bank Polski
and the National Bank of Austria. Similar
action has now been taken elsewhere. In
Sweden, by the law of June 26, 1933, the fiduciary issue was raised from Kr. 250,000,000 to
Kr. 350,000,000, the amount of notes in circulation in excess of the 350 millions to be covered by 50 percent in gold. These requirements
correspond to a percentage cover ratio of only
about 20 percent (minimum) when the note
issue stands at Kr. 580,000,000 as was the
approximate level in April 1934. In Hungary
the monetary legislation of 1924 provided for a
gradual rise in the minimum cover. In 1934
there should have been an increase from 24 to
28 percent, but such an increase was considered
to be unduly hampering in the circumstances
and it was decided to maintain the validity
of the 24 percent ratio for a further period of 4
years. In Denmark, by a law of May 20, 1933,
371
greater freedom was given to the bank of issue
in the utilization of its gold reserves to meet
foreign payments without thereby incurring the
provisions of the penalty clause.
In the third annual report, reference was
made to the suspension by the German Government during September 1932, for a period of 2
years, of the application of the provisions of
article 29 of the Reichsbank law, prohibiting
the reduction of the discount rate below 5
percent, as long as the percentage of the reserve
eligible as cover for currency notes was below
40 percent, and to the fact that the board of
directors of the Bank for International Settlements had decided not to object to this proposal
which had been submitted to it by the German
Minister of Finance. Under the terms of The
Hague Agreements, the board has the right to
object to proposals for amendments to certain
of the more important articles in the Reichsbank law, by referring the question to arbitration, provided, in the opinion of the board, the
subject matter of the suggested amendments is
incompatible with the New Plan. During
September 1933 the board received a further
communication from the Finance Minister of
the Reich informing it that the Government of
the Reich intended to make additional amendments to the Reichsbank law, the text of which
was transmitted, with the request that the
board take a decision as soon as possible, acting
under the terms of Annex Va to The Hague
Agreement. The powers and duties of the board
in this respect are of a specifically limited
nature and do not involve any decision upon
the merits or demerits of the proposed amendments, but merely require the expression of an
opinion as to whether the changes are incompatible with the New Plan. At the October
meeting, the proposed amendments were examined by the board. They were of a more extensive and fundamental character than the
change submitted a year previously. In the
first place, that amendment, which was to have
been operative for 2 years only, was to be made
permanent. In addition, the General Council
of the Reichsbank was to be abolished and the
method of the selection of the Reichsbank
president consequently altered. Besides, and
especially important, the Reichsbank was to be
empowered to enter upon open-market operations and to purchase certain classes of longerterm securities enumerated in the Reichsbank
law, which could be employed as supplemental
cover for the issuance of currency notes. While
realizing the fundamental character of the
changes involved, the board decided that in all
372
FEDERAL RESERVE BULLETIN
the circumstances there was nothing therein
incompatible with the New Plan and it consequently determined not to resort to the procedure provided by The Hague Agreements.
This opinion was conveyed to the German
Minister of Finance and the proposed amendments were promulgated in a law, dated October 27,1933.
Apart from these statutory modifications in
Germany and elsewhere the most important
change affecting central banks' monetary reserves in the year under review was a marked
movement from the holding of reserves in
foreign exchange toward their replacement by
metallic gold. Thus, during 1933 the Bank of
France reduced its foreign-exchange holding from
4,200 million francs to less than 1,000 million; in
Italy the foreign-exchange reserve has been reduced from 1,300 million lire to 300 millions; in
Holland the final disappearance of the Nederlandsche Bank's sterling holding from the
balance sheet took place in the summer of 1933,
when the amount of sterling held was sold to
the Government of the Dutch East Indies to
which the bank at the same time granted an
advance in guilders. Consequent upon the
devaluation in Czechoslovakia and the change
then made in the cover regulations, the whole
of the primary reserve was put into gold, about
Ke. 500,000,000 of foreign exchange previously
included in ihe cover being converted in February 1934. To mention some other examples:
The statements of the Reichsbank report a fall
in the foreign devisen from RM. 115,000,000 to
RM. 9,000,000 during the year; while the National Bank of Austria converted the whole of
its cover exchange into gold early in December
1933. In contradistinction, however, to this
movement monetary authorities in countries
which belong to the so-called " sterling area" have
in several instances increased their holdings of
foreign exchange, particularly of sterling, during 1933. This applies not only to the British
Dominions and India, but the foreign exchange
holdings of the Sveriges Riksbank increased
over the year by Kr. 235,000,000 and those of
the Bank" of Finland by FM. 580,000,000.
CONCLUSION
Looking backward over the year, the Bank
for International Settlements observes a gradual advance by many of the important consuming and producing regions of the globe in
slowly emerging from the world crisis, and
toward the attainment of a new equilibrium,
economic and financial, on the basis of adjusted
levels of price and of cost. But this advance is
JUNE 1934
by no means universal and it is not complete.
More amelioration, relatively, has taken place
in the internal national economies than has
occurred in international financial and commercial relations. This has been due in part
to the greater ease necessarily inherent in
arranging, agreeing, or if necessary decreeing,
changes in those factors which make up the
structure of prices locally, or affect the burden
of internal debts or the measure of home public
expenditure. But external problems of a
similar character are multiplied and rendered
more difficult of handling because, upon the
internal decision and action to be taken in at
least two different economic entities, there is
superimposed the need either of general or
multipartite international understandings to
secure solutions. The Bank for International
Settlements persists in the view that mankind
will suffer fewer hardships if the problems forced
upon it by the world crisis be dealt with by
common counsel and joint accord among those
primarily concerned. Great efforts have lately
been made in this direction of mutual collaboration, but the extent of the practical results, so
far, have not inspired assurance as to its
immediate efficacy, although the consequences
of its lack have reinforced the view that international cooperation constitutes the true desideratum of the situation which ought to be
applied, even though in practice it is not.
But we must take facts as we find them and
live in this world of realities, while fully retaining our aspiration that public opinion may
come to appreciate more clearly the long-range
permanent advantage to the world community,
and to its every member, in reaching a higher
plane internationally and in adopting those
joint measures requisite to attain and maintain
such an altitude. This is true in the economic,
in the monetary, and the financial field. It is
believed that the essays at economic nationalism now so current will demonstrate that when
this process has reached its maximum, that will
not be enough, and that human life and relationship cannot enjoy its fullest realization
intellectually, scientifically, artistically, economically, or financially unless there be rebuilt
on solid and restored national fundations that
richer, wider, and more profitable'interchange
between the nations which seemed almost a
matter of course before the economic debacle.
For the purpose of promoting trade, normal
movements of capital and world economic
recovery, there needs must be a monetary
system working internationally on the same
fundamental basis, namely, gold. It is only
then, or simultaneously, that a move toward
JUNE 1934
FEDERAL RESERVE BULLETIN
lowering of tariff barriers and the suppression
of quotas and import prohibitions can be
undertaken with any hope of success. While
the year just closed records but limited general
progress in the international field, at least in
the domain of monetary problems much clarification has been achieved. Not only does
prevailing public and governmental opinion
preponderantly support the conclusion that the
gold standard constitutes the best available
monetary mechanism, but many of the impediments which have prevented or delayed its
restoration have been removed or lessened, and
some of the factors necessary for its improved
application and operation have been substantially agreed upon. No single plan, however
ingenious, can give the world an ideal monetary
system. Having admitted the vital need of a
common standard, it is important to remember
that there is no wisdom in being deprived of
the advantages of employing the best standard
available, while endeavoring to better its
technique, for the reason that it is not absolutelv perfect, may not be universal in its
application, and may not be applied in identically the same fashion in the principal national
economies which do adopt it. The essential
point is that the great and predominating
commercial and financial nations of the earth,
and as many more as possible, though not
necessarily all simultaneously, shall revert to
the common standard or continue to maintain
it. Furthermore, there is plenty of room and
plenty of possibility for variations as heretofore, speaking internationally or even nationally, in the exact manner in which the gold
standard is applied on the basis of parities
fixed or to be fixed. The essence of the matter,
from the international point of view, is not so
much whether currency notes are or are not
freely convertible internally into gold upon demand, or whether gold is sent abroad only for
delivery to other central banks or the Bank for
International Settlements, or instead to all and
sundry, but whether, if and when the exchanges
of the country claiming to be a member of the
international monetary system based on gold
attain the outgoing gold point, ascertainafjle
on the basis of the legal gold content of the
currency, gold or available stocks of foreign
exchange are readily and promptly released
(or accepted, in the contrary case) for the
purpose of keeping the currency stable, within
the gold points, in relation to other currencies
also on the international gold standard.
The gold standard is not an end in itself.
It is a machinery and a medium for permitting,
facilitating, and enhancing the exchange of
373
goods, capital, and services, internally and
externally. Hence those who seek the reestablishment of a common standard are not seeking
some fetish or intellectual abstraction, but are
searching for the better economic welfare which
inevitably flows from the increasing movement
of goods, services, and funds, which presupposes, in turn, some trustworthy measure
and medium of value and exchange to enable
them to move.
Furthermore, the gold standard does not
work in a vacuum. It has to operate within
the framework of some given economic and
financial structure. If that structure is fundamentally faulty, either as regards the international balance of accounts or because of
inadequate economic equilibrium in the internal
economy or insufficient coordination of the
credit system, then the fundamental faultiness
of the economic and financial structure will
prevent or break down the operation of the
gold standard or any other standard. A sound
monetary system presumes a sound economic
system and vice versa. One of the encouraging
signs of the times is the persistent effort being
made in every economy to rectify its shortcomings and to restore equilibrium, but more
steps should be taken in the international
relationship, also.
There can be no doubt about a general return
to gold as the basis for the monetary system.
The real question is whether definite steps will
be adjourned for some time to come or whether
by common effort or as a result of the patent
necessities disclosed by the failure of common
effort, an early attempt will be made to achieve
a general settlement in the monetary and financial fields, thus leading the way to a restoration
of the monetary system and to completing
economic recovery. Certain special features
which largely contributed to the post-war
strain and to the break-down and discontent
with the gold standard system, have now
diminished in their intensity. The vast network of financial liabilities arising out of the
war has not yet been finally adjusted, but the
tendency toward a recognition of their effects
and of the practical probabilities of their discharge is being more and more accepted as time
goes on. The hazard attendant upon the excessive volume of short-term indebtedness, the
existence of which particularly imperiled the
secure working of an international monetary
standard, not only on account of the volume
itself, but because of the ignorance as to the
extent of that volume, has been largely corrected
by progressive liquidation and by the establishment of the facts of the situation through
374
FEDERAL RESERVE BULLETIN
statistical reports, which seem likely to be
continued in the future with a view to controlling this particular danger. The burden of debt
and the necessity for its adaptation to current
economic conditions is being more frankly recognized and faced, as shown by the steps to
reduce its weight in various ways taken in many
countries. The fear of a scarcity of gold has
not been supported by the steadily increasing
production, the continuous devices for its
economy, or the latent supply contained in
hoards which will presumably reappear as
business conditions improve. The price level,
which has especial importance in the matter
of debts, and is also a prime factor in the maintenance of a stable monetary standard internally
and externally, is progressively coming into
equilibrium, by internal adjustments in each
national economy and by the processes popularly
called deflation or inflation, or in some instances
by a partial combination of both. While much
has been said, and truly, of the sharp diminution in international trade, with its consequent
creation of international disequilibrium on the
foreign account, with a resultant strain upon
or collapse of the gold standard, nevertheless the
fact remains that, measured in terms of volume,
the quantity of goods exported and imported in
world trade during 1933 was about the same as
that in 1923 to 1924, was fully up to the level
of 1913, and was approximately 25 percent
below the peak of 1929. This means, therefore,
that despite the barriers and restrictions placed
upon the free movement of goods and of the
funds necessary to pay therefor, nevertheless
human wants and the supplies for those wants
continue with little abatement. The problem
of recovery is largely a problem of the value of
the volume of commodities that are moving
and being consumed, and of price adjustment,
which may come about either by a rise in prices
or by such cost savings that goods may still
be sold, even on a low price level, with a margin
of profit as an incentive and a reward. To this
complex problem of prices in its relation to the
monetary standard, the currency and governmental authorities are not blind, as is amply
demonstrated by those principles concerning
JUNE 1934
the functioning of the gold standard reproduced
in the fifth resolution on monetary matters of
the London Conference, wherein the limits and
extent of the intervention of the monetary
authorities, within the measure of their power,
were set forth and the necessity and advantages
of central bank collaboration directly, or
through the Bank for International Settlements, emphasized.
The Bank for International Settlements is
preparing for its functions at the time when the
principal currencies shall have been stabilized,
if they are not so already, when their parities
shall have been finally established, if they are
not now so fixed, and when the international
monetary standard—which uses gold as the
medium of effecting any net balances of payment on the international account, and of
regulating the exchange relationships—shall
have been restored. The technique of the gold
standard requires, and is capable of, improvement, in its domestic and in its international
operation, principally through the medium of
continuous correlation between the monetary
authorities acting, to the extent possible,
through a central agency. Collaboration may
be an abstract noun, but it has proved in practice to be a concrete thing when central banks
are faced with a specific problem in the financial
or monetary field. The endeavor of the Bank
for International Settlements shall be to contribute to the restoration of more orderly
monetary and financial conditions in the international realm. The nations gathered at
London laid down for it in one vitally important
direction a constructive program filled with
responsibility and opportunity when they
unanimously resolved that the Bank for International Settlements constituted an essential
agency for monetary purposes and should play
an increasingly important part, not only by
improving contact between monetary authorities for joint consultation and common action,
but that now and in future "it should continuously examine the application of the principles
of the working of the gold standard and study
such modifications thereof as experience may
prove desirable."
375
FEDERAL RESERVE BULLETIN
JUNE 1934
BALANCE SHEET OF THE BANK FOR INTERNATIONAL SETTLEMENTS AS OF MAR. 31, 1934, AND MAR. 31,1933
[In thousands of Swiss francs]
Resources
1934
T Gold in bars.. _
28,176
__
II. Cash on hand and on current account with
banks _
.
_ __ 2, 757
14, 447
III. Sight funds at interest.._ _.
IV. Rediscountable bills and acceptances:
(1) Commercial bills and bankers' acceptances
(2) Treasury bills
V. Time funds at interest:
(1) Central bank credits..
(2) Other funds not exceeding 3 months'
maturity
VI. Sundry bills and investments:
(1) Treasury bills
(2) Railway and Postal Administration
bills and sundry investments
_
VII. Other assets
Liabilities
1933
11,396
52, 543
I. Capital:
Authorized and issued 200,000 shares each:
Of 2,500 Swiss gold francs
Of which 25 percent paid up
_
II. Reserves:
(1) Legal reserve fund
(2) Dividend reserve fund
(3) General reserve fund
1933
500,000
125, 000
500,000
125,000
2,022
3,895
7,790
1,318
2,690
5 379
157,719
192,103
275,172
257,461
349,822
532,633
13,706
9,387
169,042
III. Long-term deposits:
153,546
(1) Annuity trust account
76, 773
(2) German Government deposit. _ - .
(3) French Government guarantee fund- i 40,903
153,640
76,820
68,481
271, 223
298, 941
108,126
42, 609
196,930
254, 796
150,735
451, 727
9,418
13,301
41,211
16, 661
41,211
185, 703
89, 216
43, 746
132,828
106, 679
222, 044
150,425
9,067
7,876
IV. Short-term and sight deposits (various currencies) :
(1) Central banks for their own account:
(a) Not exceeding 3 months__. ._
(b) Sisht
(2) Central banks for the account of
others: Sight
(3) Other depositors:
(a) Not exceeding 3 months
(6) Sight
V. Sight deposits (gold)
VI Miscellaneous _
___
VII Surplus:
Profit for the financial year ended Mar.
31
Total resources
1934
667, 526
940,575
Total liabilities
1,071
3,330
3,285
1,071
6,615
28,176
55,190
21, 539
13, 007
14, 064
667,526
940,575
1
The French Government guarantee fund (item III (3), Liabilities) is expressed in the books of the bank in dollars which were equivalent, at
the market rate of Mar. 31,1934, to 40,903,395.15 Swiss francs at par. The French Government and the bank have agreed to submit to the decision
of an independent third party the question whether the bank's iiabiHty in respect of the fund is limited to this amount or whether, having regard to
the provisions of the trust agreement, it should be stated at its original gold value or computed on some other basis. Pending such decision, there
is held in suspense and included under item VI—Miscellaneous, a sum sufficient to make up the maximum amount for which the bank might be
held to be liable.
NOTE.—The whole of the short-term and sight deposits in various currencies (item IV, Liabilities) are more than covered by immediately available assets either in the currency of the deposits or in currencies free from exchange restrictions. Of the remaining assets in currencies (wThich are
held against the long-term obligations, capital, reserves, and miscellaneous, items I, II, III and VI, Liabilities) an important part is in countries
where exchange restrictions now prevail and do not permit of a free conversion of currencies into gold or other currencies' a substantial proportion
of these assets, however, offsets commitments expressed in the same currencies or is secured by special contracts guaranteeing their gold value. Moreover, under article X of The Hague Agreement of January 1930, the signatories thereto declared the bank to be immune from any "prohibition or
restriction of export of gold or currency and other similar interferences, restrictions, or prohibitions."
376
FEDERAL RESERVE BULLETIN
JUNE
1934
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollarsf
Europe
Canada Total (27
CzechoAustria Belgium Bulgaria slovakia Denmark England
countries)
Total
(50 countries)
United
States i
1933—April
May
June
July
August
September..
October
NovemberDecember. .
1934—January
11,975
11,890
11,864
11,951
12,010
12,063
12,070
11,970
11,942
11,964
3,977
3,991
3,997
4,001
4,009
4,011
4,011
4,012
4,012
4,033
77
77
77
77
77
77
77
77
77
77
1934—January *_..
February...
March
April
May
20, 251
20, 527
20,739
20,860
6,829
7,438
7,694
7,757
v 7,779
130
130
130
130
End of month
$l=25$io
France Germany
grains of gold YIQ fine; i e.t an ounce of fine gold=$20.67
21
21
21
21
21
24
24
24
27
27
6,988
6,896
6,856
6,932
6,989
7,038
7,040
6,942
6,916
6,912
371
371
372
374
375
376
377
378
380
382
$ I'-=155Ai grain s of gold yiofine;
ll 697
45
646
45
11 358
639
11 313
45
635
45
636
p 1 1 , 340
45
635
11
11
11
11
11
11
11
11
11
11
36
36
36
36
36
36
36
36
36
36
51
51
51
51
51
51
51
51
51
51
905
907
922
925
926
926
927
928
928
929
i.e., an ounce of fine gold—$81
86
19
60
19
112
60
19
111
60
19
111
60
1, 573
1, 574
1, 574
1, 575
1, 577
3,170 j
3,173 1
3,185 i
3,213 I
3, 223 j
3,218
3,176
3,051
3,022 |
3,021 |
45
58
73
87
94
97
92
90
152
134
5,109
4.904
4,947
5,023
5,136
83
52
Europe—Continued
End of month
Greece Hungary Italy
6other
Nether- Norway Poland Portu- Ruma- Spain Sweden Switzer- U.S.S.R. Yugoslavia
lands
gal
nia
land
slavia
countries
grains of gold Y\o fine; i.e., an ounce of fine gold-$20.67
1933—April
May
June
July
August
SeptemberOctober. . .
November .
December.
1934—January.. _
17
17
17
17
17
17
17
14
14
14
343
352
356
368
370
371
371
373
373
373
23
23
23
23
633
633
613
609
374
336
309
311
332
338
359
370
371
370
40 I
40
40
40
39
41 I
40
40
38
38
55
53
53
53
53
53
53
53
53
54
$l=*155/£i grains of gold 2
1934— J a n u a r y 3 __.
February...
March
April
May
H7
38
39
41
626
539
535
539
551
P594
64 Ij
61
61
30
31
31
32
32
32
32
33
34
34
436
436
436
436
436
436
436
436
436
436
71
71
71
91
97
101
101
99
99
100
460
397
361
351
351
356
373
386
386
386
»368
»368
401
* 401
* 401
416
»416
»416
416
» 4i6
31
32
32
32
32
32
32;
32 '
32 ;
32 j
31
34
34
36
35
35
35
35
35
35
653
600
570
534
535
3 704 !
»704 ;
706 ;
3 706
53
53
53
53
58
59
59
58
!
!
I
;
!
!
fine; t,e., an ounce of fine gold=*$85
91
•
58
62
65
65
Latin America
E n d of m o n t h
58
58
58
58
59
59
59
59
59
60
739
739
739
739
739
100
101
101
101
169
169
170
167
167
!
|
'
,
Africa
Asia and Oceania
4
Total
Total
Total ArNew
CoTur (4 Egypt Southjother
(10
MexUru- other (7 Austra- India Japan Java Zea- Siam
Chile lomPeru guay
African
coun- gencounico
counkey
lia
land
bia
tries) tina
tries)
tries
tries tries)
1933—April
May
June
July
August
September. .
October
November..
December...
1934—January
355
362
368
365
364
369
365
358
354
355
249
249
249
249
249
249
249
244
239
239
11
11
11
11
11
11
11
11
12
12
1934—January 2
February...
March
April
601
598
405
405
405
20 ;
20 I
20 |
p 20 !
14
14
15
15
15
15
15
15
14
14
$l=25¥io grains of gold
50
12
11
8
19
50
8
11
24
11
50
8
21
11
50
8
20
50
7
11
26
11
50
7
7
11
49
23
20
7
50
11
21
11
50
6
7
21
11
51
yio fine;
483
455
454
453
453
452
453
456
457
459
i.e .,
4
3
3
3
3
3
3
4
3
3
an ounce of fine gold=$20.67
162
212
43
28
25
162
212
43
0
25
162
212
42
25
0
162
212
40
25
0
162
212
40
0
25
162
212
39
24
0
162
212
40
0
25
162
212
42
0
25
162
212
44
24
0
162
212
45
25
0
10
10
11
11
11
11
11
11
12
12
95 !
107 i
112 i
123;
118 |
115 |
123
125
126
127 i
33
33
33
33
33
33
33
33
33
33
52;
65
70 i
i
i
I
'
i
!
i
80 I
75 I
72
80 |
82
83
84
10
10
10
10
10
10
10
10
10
10
15%\ grains of gold %o fine; i,e., an ounce of fine gold=*$85
778
780
778
781
6
6
5
5
274
274
274
275
359
359
359
362
76
42
0
20
215 ':
56
143
17
222
79
42
0
55 •
20
17
150 l
77
42
0
20
55
213 i:
146 j
17
;
P
v 42
P20
77
o 21 v 220 l 55 , 149 ! v 17
» Preliminary.
r Revised.
1 Differences prior to J a n u a r y 1934 between these figures and those shown elsewhere in B U L L E T I N for total m o n e t a r y gold stock in United States
are d u e to exclusion from t h e former of gold coin in circulation.
2
Figures given in terms of new par for purposes of comparison only; new parity did not become effective until after close of business J a n . 31, 1934.
3
Figures of last preceding statement issued b y State B a n k of the U.S.S.R. carried forward.
N O T E . — F i g u r e s for 35 countries are as of final d a y of m o n t h ; for the other 15 countries—including E n g l a n d , France, and Netherlands—they
are as of last report date of m o n t h .
T h e countries for which figures are not shown separately are in E u r o p e : Albania, Danzig, Estonia, F i n l a n d , L a t v i a , and L i t h u a n i a ; in L a t i n
America: Bolivia, Brazil, Ecuador, Guatemala: and in Africa: Algeria and Belgian Congo.
For back figures and for additional details relating to this table, see BULLETIN for M a y 1932, p p . 311-318, and J u n e 1933, p p . 308 372.
377
FEDEKAL KESEKVE BULLETIN
JUNE 1934
GOLD PRODUCTION
Year and month
fin thousands of dollars]
Production reported monthly
Africa
North and South America
Estimated
world
production
Total
South
Africa
Far East
Colom- Austra- Japan
West Belgian
United
Africa Congo Canada States i Mexico bia
lia
Rhodesia
1932—June
July—
August
SeptemberOctober
NovemberDecember..
Total (12 mos.).
41,823
42,205
43,361
42,816
43,007
42,627
42,198
499,049
35,418
35,800
36,956
36,411
36, 602
36, 222
35, 794
422,129
o grains of gold Yio fine; i.e., an
482
309
5,595
19,871 1,011
546
319
5,176
20,268
981
510
330
5,473
20,475 1,019
509
304
5,452
19,888 1,041
515
314
5,264
20,157 1,044
526
307
5,115
20,190
997
539
294
5,420
20,118 1,080
238,931 12,000 5,992 3,642 62,933
1933—January
February
March
April
May
June
July
August
September
October
November
December
_
Total (12 mos.).
- 42,188
' 38, 588
' 43, 255
' 40, 429
' 41, 382
• 40, 458
" 43, 649
' 43,817
• 44, 355
• 45, 077
• 44, 653
• 44, 376
512,226
35, 206
31, 606
36, 273
33, 447
34, 400
33, 476
34, 667
34, 835
35, 373
36, 095
35, 671
35, 395
416, 445
20,152 1,008
18,176
989
19, 658 1,038
18,430 1,108
19, 519 1,108
19,008 1,130
19, 228 1,133
19, 235 1,167
18,664 1,180
18,822 1,143
18, 613 1,150
18,168 1,181
227,673 13,335
532
531
522
528
520
561
571
579
546
567
586
580
280
263
302
281
308
308
306
321
307
302
327
325
4,826
4,718
5,378
4,900
4,913
5,404
5,285
5,304
4,870
5,029
4,981
5,119
6,623
3,631
60,726
ounce of
4,362
4,610
4,982
5,085
5,271
4,858
4,651
50, 626
fine gold=$20.67
405 1,172
960
455 1,244
924
524 1,221
1,138
456 1,292
1,122
455 1,216
1,091
415 1,376
1,165
353
1,418
671
12,070 5,132 14,563
4,341
1,194
3,059
1,095
5,230 1,059
3,928
905
3,866
1,035
2,956
986
3,638
1,165
3,742 1,198
5,602
820
5,209
1,501
5,292
1,172
5,581 1,038
50,338 13,169
504
334
455
535
499
435
577
555
375
700
694
503
1,129
1,178
1,259
1.522
1,344
1,434
1,420
1,438
1,591
1,436
1,501
1,538
India
647
692
696
702
727
715
!
I
I
!
!
•
6,782
8,198
i
!
I
|
|
I
j
I
!
i
654
747
726
734
711
755
722
847
825
794
603
585
588
559
547
556
581
574
608
626
585
554
543
589
575
572
560
560
573
6,919
I
i
]
i
!
;
!
6,165 j 16,790 | 8,968
721
1,3
934—January.
320
4,781
4,858
1,080
697
• 45, 041 | 35,059 18,897
1,201
546
$1=15^1 grains of gold io fine; i.e., an ounce of fine gold=$85
28,893 I 1,893
70, 675 v 53, 627
P541
1, 906
1, 067
927
7,803
6,160
2,042
P541
74, 502 v 57, 454 30,550
950
965
8,726
7,945 vl, 190
P541 »8,400
843
P73, 916 P 56, 867 30,173 I v 2, 030 P l , 155
7,595 P 1, 750
February..
March
April
560
2,269
1,280
2, 269
1,390
2269 p 1,225 !
p Preliminary.
' Revised to allow for increase in monthly average production of U.S.S.R. to approximately $4,000,000 in first half of 1933, $6,000,000 in second
half of 1933, and $7,000,000 in January 1934 at $20.67 per ounce; and $12,000,000 at $35.00 per ounce in subsequent months. Revised estimates based
largely on data published in Soviet Union Review for April 1934, p. 82, and Economic Review of the Soviet Union for May 1934, p. 121.
J Monthly figures for United States are those compiled by American Bureau of Metal Statistics of New York City; annual figures represent
official estimates made by Bureau of the Mint in cooperation with Bureau of Mines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-235, and February 1934,
p. 108. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1933, p. 104.
GOLD MOVEMENTS
Year and month
Total
net
imports
or net
exports
(-)
[In thousands of dollars]
United States
Net imports from or net exports (—) to:
England
France
China
Bel- Nether- Switzer- Can- Mex- Argen- Co- British and Japan
gium lands
ico
ada
land
tina lombia India Hong
Kong
Germany
All
other
countries
Customs valuations; with s ime excep tions a t rate of $20.67 a fine our ce
744
7,546
8,082
10
100,859 1 51,928
16, 357
1932—December
43 4,697 4,974 3,124
Total (12
64,
574
mos.)
53,585 - 4 4 1 , 649 - 1 3 , 3 5 6 - 8 2 , 571 - 9 6 , 5 8 6 - 1 1 8 , 273
- 4 4 6 , 213
20, 087 12, 991 3,240 26,597 39, 043 49,719
1933—January
128, 465
February.
17, 776
March __ __. —22, 081
April
-9,967
May
-21,139
June
—3, 244
July
-83,879
August
-80,388
- 5 6 , 736
September
—32, 351
October
November
-1,064
December
-9.128
Total (12
mos.)
- 1 7 3 , 736
1934—January
- 2 . 767
50, 248
3,310
—8,935
-2,191
-15,715
—2,845
-713
-1,535
- 5 , 099
—6, 240
- 2 , 260
-1,650
29, 490
- 3 , 709
—3, 630
-8,993
-122
—72
- 7 9 , 617
-73,173
- 4 8 , 717
-26,923
-366
-203
6, 375 - 2 1 6 . 035
-2,542
1,067
-1,546
-250
15,123
-600
802
— 199 —5, 005
-724
-115
— 1,445
-216
5, 274
- 1 , 6 1 4 4,206
- 6 8 1 8,418
333
110
154
203
143
224
-453
268
216
-8,883
347
634
552
483
488
344
141
369
125
518
48
240
338
— 109
-5
-28
-27
-13
-18
-28
-10
- 2 , 532
-895
7,901
- 1 1 , 6 3 1 19, 896
4,280
1
-10
-1,678
313
246
-461
-2,171
-9
-15
4
2
52 15,193
35 9,446
5
990
1
1
36,383
2,042
3,208
—15, 413
2,973 - 3 , 1 3 7
- 5 , 729
812
-4,121
- 5 , 708
-1,486
1,085
1,139
960
5,612
3,700
2,135
1,281
83
10
3,729
l
1
8
1
2
-1
3,353
98 25,629 12,821
6,702 - 2 6 , 355
i
;
1,364
Customs valuations; with some exceptions at rate of $35 a fine ounce
February
March
April
Mayp
124, 3-811
' 452.5711 239,800
__| r 237, 336 • 135, 987 ' 5 1 , 8 2 1
I 54,736
1,786
24, 054
! 30,7941
5, 697
416|
» $17,054,000 exported to Italy.
1
131
r
57,272
10,148
7,234
9,087|12,114 5,1241
3,569 10,27:
5,368
9, 083 i
615
8,4f"
1,4891
'Revised.
5
I 1,660!
2,490
2,495
I 2,4931
-j Preliminary.
2,347
3,351
1,785
127
378
FEDERAL RESERVE BULLETIN
JUNE 1934
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Great Britain
Net imports from or net exports (—) to:
Year and month
Total
net imports
or net
exports
-29,582 -58,561
1932—December.Total (12 mos.)
1933—January
February.March
April.
May
June
July
August
September
October
November
Germany
United
States France
-3,277
Belgium
Official figures converted at rate of $20.67 an ounce
-1,104 -6,138
-108
181.
13,684
-29
84,585 - 5 0 , 642 -297.050
South
Africa,
South
British Straits
Nether- Switzer- AmerRhoAustraCanada India Settlelands
land i
desia,
lia
ica
ments
West
Africa
333 -13,434 -71,378 -14,019
5,747
220,394
-79
-588
-893
-463
-479
-118
-380
-101
-217
-771
-196
374
296
198
140
401
414
436
920
3,611
120
8,143
9,495
7,175
9,178
10, 278
14.948
11, 281
11,942
4,994
12, 685
16,122
4,852
5,892
-7,065 -4,299
14,056
-11
- 6 3 4 -17,471
28
-507 -7,816
5,003 - 1 , 2 9 4 - 5 , 2 2 5
18,092
128
-89
17,365
1,850
656
6,477
15, 254
8
486
1,114
13, 528
179 - 1 , 0 3 4 -13,583
32
- 1 1 -3,633
-11
18 - 4 , 1 6 3
94
817
329
42
147
6,998
- 4 3 , 260 -48,314
18,400 - 6 , 559
11,821
77,198
-6
64,767
2,761
97,386
77,671
15,923
4,763
89,056
25,628
733
48,260
3,120
12, 520
63,918
79,138
6,878
4,441
79, 426
-2,109
- 4 , 623
3,406
-1,519
32,486
-7,421
18,051
6,259
2,163
1,865
33,338
15,130
677,405
7,939
97,016
41,036
62,146
4.788
9,805
-13
8,924
9,129
4,141
3,703
4,108
6,579
5,013
4,186
854
10,781
23,326
All
other
countries
602
20,264 255,310 18, 279
793
587
794
554
461 22, 659
1,001 20,316
1,789
624
1, 359 1,717
2,692
810
1,910
848
1,991
526
1,942
782
2,315
708
1,
423
16,530
27,815
28,923
19,343
19, 476
17,954
19,519
24, 774
21,027
20,467
20,885
19,460
December
43,374 118,817
8,682 60,812 256,177 41,667
Total(12 mos).
1934—January —
February.
March
April
184,820 -238,8421 283,333
66,180
91,471 -130,087
35,003 -19,851 -7,038
-20
5,310
-170
5,500
4,530
8,642
Official figure* converted at rate of $85 an ounce
17,8911
-320
18,8371 3,790
4,870 30,1'
65,579
358
5,522
-176
187
39 37,37:
3, 524
44
523
-216
343
47 13, 033'
France
Year and month
1932—December.
Total (12
mos.).. 828.178 468,052 309,984 37,889
1933—January
February __
March
April
May
June
July
August
September
October
November.
December. .
2,900
200
-^37,399 -35, 361
2,559
678
-144
-1,659
1,005 1,266
16,729
9,287
2,283 22,520
48,252
18,58B
96,140
7,'"" - 5 , 8 1 9 1,277
46,840
5 -18,537 22,903
50,808
39,263 -12,572 23,430
53,694
-46
75,680 -11,533
43,043
-1,396 -8,059
26, 233 47', 745 - 1 , " " - 5 , 9 6 9
-52,936
-3
177 -24,646
- 4 5 , 650
-19,387 - 7 7 2
Total (12
mos.)_- 244,092 223,905
1934—January.
February?
March
April?
-7,21;
1,215 - 5 , 259
Total
net
imports
or net United
exports
States
()
37, 547 -17,668
-3,814
2,805
27, 778
670
39,785
7,976
5,695
-6,837
-6,166
-12,427
-21,460
701
- 7 , 6 2 7 - 2 7 , 282
647
1,094
359
2,951
3,105
3,824
30,881 30,587
36,707 5,591
31, 929 8,483
England
34,706
10,538
-2
-77
-1,196
367
France
Netherlands
17 - 3 , 3 3 1
3,170
4 -1,976
6
22 - 5 , 9 8 0 -10,429
-4,945 -7,365 -4,925
1 -17,822 -51,893 - 4 , 541
- 2 9 2 - 6 , 435 -10,102
46
1,453 - 1 3 , 676 - 2 2 , 658 - 5 , 3 9 2
-162
153
270
-186
9
-256
-32
17,910
1,173
41
-94
5,
-13
77
4,710 - 5 , 2 6 8
15
590
691
4,348 -102,856
1,799 -37,044 -64,922 -40,950
-1,897
1,246
Ojjic ialf gures converted at ra teof$S5
31,251 - 1 749 2 34,6481 - 1 8 3631
15,955 - ? Q14 —2 10,974 - 3 9 . 440
2,155 —1 201
37, 016 —5, 655
Switzerland
U.S.
S.R.
All
other
countries
-78
68
—250 -38,170 -24,455 - 7 , 9 1 5 46,656 - 3 , 515
4,424
-13,076
-13,163
- 6 8 , 750
-9,938
-36,432
4,592
-676
19,120
5,845
2,572
2.627
-1,126
-197
-7,127
-432
-23, 356
749
- 6 , 3 7 7 «10,574
37,113 » 16,102
30,797
3, " ~
16,598 3 -21,605
-1,397 -2,174
-152
-2,176
1,939
-3,369
- 5 , 674 - 1 , 3 2 8
-23, 368 - 2 , 8 2 3
57,425
-175.837 -92,336-160.187 12,536
3
-232,719 -79,158 -155,630
1,164 —40, 597
— 1 , 384
77
17.667'
Net imports from or net exports (—) to:
Official figures converted at rate of $20.67 an ounce
3,138
4,306
575 - 3 , 2 9 3
1
24
34,479
2,353
Germany
Net imports from or net exports (—) to:
Total
net
imports
All
Switor net
EngGer- Nethother
erzerexports United
counStates land many lands
land
tries
25,586 -10,634
583
-20
-2,627
286
107
93
46
75
-61
34
6,293
3,336
3,956
5,411
7,023
3,833
4,612
i
55
3
3,182
2,668
206 40,317 -2,265
-80 3,
49
an ounce
-455|
-29,790i -12,490
—2
—182|
—55, 568
—3, 484 —8,032 —8, 347
-98124,279
137 16.991
713,544
1S2
-817
657
p Preliminary.
i Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately
in the official monthly statistics.
2$9,832,000 imported by France from South Africa in April 1933; $14,412,000 in May 1933; $28,176,000 in February 1934; $35,545,000 in April 1934.
3 $20,305,000 exported by France to Belgium.
NOTE.—Great Britain and Germany—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official
totals published for the year as a whole. German gold movements by individual countries for 1934 are subject to revision.
379
FEDEEAL RESERVE BULLETIN
JUNE 1934
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Netherlands
Year and month
Net imports from or net exports (—) to:
Total net
imports
or net
exports
United
States
England
France
Germany
Belgium
Poland
Switzerland
British
India
All other
Official figures converted at rate of $20.67 an ounce
52
3,745
963
-20
-1,134
2,773
116,149
106,623
50,070
-34,009
26,886
-12,727
-13,630
-16,137
16,423
-7,346
1,898
-933
- 9 , 320
-18,102
-41,605
-45,503
-13,628
24,239
16.488
18, 562
9,688
-9,294
-14,101
-3,432
10,785
603
14,059
8,177
3,436
-906
-11,384
-6,390
-15,750
12,996
1,798
1,385
-1,942
- 7 , 111
-837
-6,722
- 1 9 , 367
-18,188
-37,068
—41,046
6,065
11,183
13,849
14,457
6,096
-601
2,009
10,300
673
-5,055
-7,009
-1,522
-1,068
- 1 , 797
-1,432
17
-338
-22
-90
-230
-976
-881
-506
-358
-1,479
-353
-1,174
-194
-10
-64
-30
-5
-1,100
-3,452
-2,324
-1,259
-3,069
-1,702
-1,466
-174
-241
-1,232
-297
-658
2,199
166
679
-38
-34
-1
-79
179
-18
20
90
97
105
142
-67,510
-3,839
4,251 I
1932—DecemberTotal (12 m o s . ) 1933—January
February
March
April
May
June
July
August
September
October
November
December
Total (12 mos.)._
115
2,191
-1,624
-8,629
1934—January
February
March....
April
-7,082
-102,784
-9,201
3,063
- 1 7 , 262
-6,248
- 4 , 444
- 1 3 , 283
-4,928
-418
3,609
11,178
5,581
-180
47
-903
-357
5,369
-821
40,818
-17,873
-6,030
_
. =
-367
Official figures converted at rate of $35 an ounce
-76,485
233
-62
4.077
-4,132
345
-141
6,116
-287
7,951
-102
-72,183
-16,974
567
-238
-1,220
246
Net imports from or net exports (—) to:
Year and month
()
England
-257
-532
201
21
360
5
235
-42
164
British India
Switzerland
Total
net
imports
or net United
exports States
1,107
108
291
275
2,236
2,099
441
31
NethGer- South
erFrance many Africa
lands
Net imports from or net
exports (—) to:
All
other
Total
net
imports
or net
exports
()
United
States
England
All
other
Increase
Gold or decrease
produc- (-)in
tion in GovernIndia ment
Increase
or de-
(-) in
private
holdin
reserves ings
in India India i
Official figures converted at rate of $20.67 an ounce
1932—December.. .
1,203
Total (12
mos.)
169. 786
1933—January
February
March
April
May
June
July
August
SeptemberOctober
November...
December...
4,658
8,502
-24,440
-12,078
-42, 481
-41, 596
14,302
-1,542
1,656
4,073
3,553
23,996
Total (12
-41,121
mos.)
1934—January
February
March
April
1,266
124,354
:
653
"l,~377
-307
16
502
8,756
96
320 - 1 1 1
837
15,342
7,418 7.880
101 14,996
-77
-77
-40
-62
1,176
2,461
3,802
994
2,778
288
123
82
907
-307
-4,082
-3,152
- 5 , 739
-229
-431
-790
-1,444
- 9 , 474
2,393
6,987
21.306
-10,745
-38.776
-34, 751
- 8 , 324
1,135
1,767
4.243
4,684
23.299
—44
57
-41
-86
71
-17
10,983 -24,536 - 2 6 . 781 - 3 7 9
110
-247
180
82
-676
581
-24,252
- 3 0 4 -195,662 -38,094 151,059 - 6 , 508
6,782
-189,007
55
-24,834 -18,002 - 6 , 1 5 6
-11,916
-12.788
- 1 2 , 722
-11.698
-13,016
-14,004
-6,298
-10,971
-13,411
-7,643
-5,847
- 5 , 734
129
-47
-1,576
-1,430
-3,359
-1,181
-1,565
-1,866
-622
-342
176
-296
574
608
626
585
554
543
589
575
572
560
560
573
205 13,168 -13.781 -126,048 -30,340 -83,730 -11,979
6,916
48
149
1
1,040
-937
- 2 , 236
-1,958
- 3 , 709
-3,988
-1,756
-1,166
130
64
124
78
191
50
741
1,187
-47
-14.063
- 9 , 741
-9,413
-5,314
-4,311
-1,561
- 2 , 304
-3,328
-5,833
-5,956
-8,096
-12,823
- 4 , 734
-9,105
-12.789
-7,301
-6,023
-5,438
12,683 - 1 , 3 8 0
Official figures converted at rate of $85 an ounce
2,2331 - 1 2
-30.1091 -10.898 -21,5671
-3651
499 - 3 9 3071 —7,703 —31,6781
-25,403 - 1 , 6 1 7 -12.110 - 7 , 7 9 9 - 4 4
311 - 4 , 1 4 3 -20,806 - 8 , 8 6 2 - 1 1 , 6 6 4
•4,682-38,189 - 2
-43,753
-2,132
1,277 P-20,617
I
I
I
74
-280
560
886
921
*> 921
-2
-1
-1
-5
-119,124
p-13,490
1 -38,421
--55i - 1 9 , 8 8 0
186
186 P - 1 9 , 8 8 2
I
» Preliminary.
1
Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.
NOTE.—Netherlands and Switzerland—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised
official totals published for the year as a whole.
380
FEDERAL RESERVE BULLETIN
JUNE 1934
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
1933
1934
Argentine Conversion Office (millions of
gold pesos):
Gold
Currency issued
Irish Currency Commission (thousands of
pounds sterling):
Legal tender note fund:
British legal tender and bank
balances British securities
Notes issued _._
Consolidated bank notes:«
Issued
Deemed such under sec. 60 (4) of
currency act, 1927
Apr.
Mar.
Feb.
247
551
247
548
247
553
1934
Apr.
1933
Mar.
Apr.
Feb.
Apr.
Canadian Minister of Finance (millions
of Canadian dollars):
257
582
32
6,863
6,895
28
7,613
7,641
4,763
4,759
4,661
1,214
1,223
1,323
207
166
6,884
7,013
7,091
7,179
4,790
1,199
Gold reserve against Dominion notes. _
70
Advances to banks under finance act_.
39
Dominion notes:
Issued
172
29
Outside chartered bank holdings..
Indian Government (millions of rupees):
Gold standard reserve:
29
Gold
Foreign exchange
505
Paper currency reserve:
416
Gold
973
Silver coin and bullion
295
Other assets
1,769
Notes issued
69
40
69
50
70
39
173
30
176
28
172
30
29
505
68
465
181
352
415
980
377
1,772
376
989
408
1,773
263
1,116
388
1,767
1
Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Apr. 28, Mar. 3, and Feb. 3, 1934, and Apr. 29, 1933.
Figure for notes deemed to be consolidated bank notes are as of close of business on these dates.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
1934
1933
Assets
Apr. 30
Apr. 30 M a r . 31
Gold in bars
Cash on hand and on current account with
banks
Demand funds at interest
-
28,176
28,176
4,612
11,763
2,757
14,447
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' acceptances
_. 160, 986
Treasury bills..
___
_._. 195, 249
Total
Time funds at interest—Not exceeding 3
months
Sundry bills and investments:
Maturing within 3 months:
Treasury bills
Sundry investments
Between 3 and 6 months:
Treasury bills
Sundry investments
Over 6 months:
Treasury bills
Sundry investments
Total.—
Other assets:
Guaranty of central banks on bills
sold
Sundry items
__
Total assets
1934
1933
Liabilities
356, 235
Apr. 30 M a r . 31 Apr. 30
Demand deposits (gold)_
8,070
23,598
_
Short-term deposits (various currencies):
Central banks for own account:
Demand
Time—Not exceeding 3 months...
Total-
157,719
192,103
234,716
237,495
349,822
472, 211
38, 617
41, 211
95, 228
20,191
63, 632
18,344
64,929
20, 244
71, 724
64, 467
31,458
39,266
31,490
23, 816
35,779
4,805
35,960
31,606
36,409
601
220, 511
222,044
152,165
4,451
5,347
4,691
4,376
.9, 713
667, 526
}
Central banks for account of others:
Demand
Other depositors:
Demand
Time—Not exceeding 3 months..
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:
Guaranty on commercial bills sold__
Sundry items
28,176
28,176
45, 804
106, 063
42, 609
108,126
103,462
164, 283
151,867
150,735
267, 745
9,335
9,418
10,050
1,044
1,071
3,330
3,271
153, 640
76, 820
40, 440
153, 546
76,773
40,903
153,084
76, 542
60, 507
270, 900
125,000
271, 223
125,000
290,133
125,000
2,022
3,895
7,790
2,022
3,895
7,790
1,318
2,690
5,379
4,451
65, 232
4,691
63, 506
} 43,369
>9, 713 667, 526
752, 286
1,015
752, 286
Total liabilities..
381
FEDERAL RESERVE BULLETIN
J U N E 1934
CENTRAL BANKS
Liabilities of banking department
Assets of banking department
Gold
Bank of England
(in issue
depart(Figures in millions of pounds sterling) ment)
Cash reserves
Coin
Notes
Discounts Securiand
ties
advances
Note
circulation
Deposits
Public
10.8
33.2
14.1
14.1
42.0
16.5
15.9
13.6
22.2
37.1
39.5
42.2
57.7
42.9
44.0
45.8
36.5
36.5
17.7
17.8
18.0
18.1
18.2
18.2
17.7
17.8
18.0
25.2
32.1
17.5
15.8
14.0
37.8
37.7
36.9
37.0
36.1
18.1
18.2
18.3
17.7
17.8
1933—Apr. 26...
May 31..
June 28..
July 26..
Aug. 3 0 Sept. 27..
Oct. 25—
Nov. 29..
Dec. 27_.
185.9
186.3
189.4
190.1
190.3
190.4
190.4
190.6
190.7
.9
1.1
1.2
1.3
1.4
1.4
1.3
1.2
1.0
74.0
72.3
74.2
72.8
76.3
79.6
81.2
80.4
58.7
11.6
11.2
16.6
11.2
10.0
9.2
8.5
8.6
16.8
80.0
83.5
87.2
103.0
94.9
85.8
92.5
84.7
101.4
370.2
392.0
100.9
77.5
105.1
98.5
79.4
97.3
104.1
106.9
101.2
1934—Jan. 3 1 . . .
Feb. 28...
Mar. 28__
Apr. 25...
May 30...
190.9
191.0
191.1
191.2
191.3
1.0
1.1
.9
84.2
83.6
72.3
77.5
73.2
8.2
5.8
5.6
5.3
5.6
88.4
87.9
88.1
86.3
87.6
366.7
367.4
378.8
373.7
378.1
100.6
90.3
94.5
99.5
99.4
371.9
374.1
375.1
377.2
374.0
370.8
Assets
Liabilities
Bank of France
(Figures in millions of francs)
Gold
Foreign Domestic Security
bills
exchange
loans
1933—Apr. 28..
May 26..
June 30..
July 28..
Aug. 25.
Sept. 29.
Oct. 27..
Nov. 24.
Dec. 29.
80,866
80,951
81,243
81,976
82, 227
82,095
81, 032
77,822
77,098
3,846
3,887
3,990
3,975
2,652
2,632
2,586
1,250
1,158
3,805
3,449
2,791
3,461
3,207
3,475
3,560
4,092
4,739
2,649
2,675
2,766
2,661
1934—Jan. 26..
Feb. 23.
Mar. 30.
Apr. 27..
M a y 25..
77, 055
73,971
74,613
75, 756
77,464
1,130
1,070
1,068
1,066
1,094
4,486
5,963
6,198
5,707
5,011
Negotiable
securities
Deposits
Other
Note
circulation
Government
2,765
2,781
2,814
2,921
8,861
8,534
9,243
8,503
8,543
8,716
8,450
8,533
8,251
84,992
83,267
84, 708
82,853
81,143
82,994
81,099
80, 368
82,613
2,340
. 2,265
2,338
2,752
2,775
c
3, 685
4,027
2,956
2,322
17,181
18,393
17, 376
19, 267
19,657
17,242
17, 301
15,016
13,414
2,109
2,152
2,100
2,168
2,158
2,156
2,220
2,359
1,940
2,893
2,932
2,972
3,016
3,060
6,119
6,114
6,007
5,973
5,950
7,870
7,960
8,229
8,152
8,202
79,474
81, 024
82,833
81, 502
79,992
2,270
1,868
1,721
2,024
2,996
15,836
13, 067
12,632
14,199
15, 681
1,972
2,052
1,900
1,944
2,114
Gold
934—Jan. 31..
Feb. 28..
Mar. 29__
Apr. 30-_
M a y 31..
Foreign
exchange
Other
Treasury bills
(and Security
bills
loans
checks)
Securities
411
372
189
245
307
367
396
405
100
77
85
78
74
40
18
3
9
3,142
3,078
3,212
3,171
3,151
3,289
3,147
3,001
3,177
177
166
210
165
163
205
143
163
183
317
317
321
320
320
320
319
518
581
376
333
237
205
130
7
7
8
7
2,845
2,766
3,144
3,140
3,174
81
248
144
140
125
681
639
643
c
Corrected.
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83.
Liabilities
Reserves
(Figures in millions of reichsmarks)
1933—Apr. 29..
May 31..
June 30_.
July 31 __
Aug. 31_.
Sept. 30Oct. 31...
Nov. 30Dec. 30..
Other
Other
liabilities
6,595
6,582
6,489
6,463
6,417
6,393
6,238
6,186
6,122
Assets
Reichsbank
Other
Other
liabilities
Bankers'
Other
assets
618
747
736
749
688
799
773
735
843
801
685
760
Other
liabilities
Note
circulation
Deposits
3,538
3,469
3,482
3,492
3,521
3,625
3,571
3,542
3,645
406
439
447
412
415
465
416
478
640
791
782
834
820
841
850
850
871
836
3,458
3,494
3,675
3,640
3,635
498
530
547
515
538
863
802
768
788
778
382
FEDERAL RESERVE BULLETIN
JUNE 1934
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1934
1933
Central bank
Apr.
National Bank of Albania (thousands of francs):
Gold
._.
Foreign exchange
Loans and discounts
Other assets
_
Note circulation
Demand deposits
_
Other liabilitiesCommonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling.._
Securities
-Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits.
Note circulation. _
Austrian National Bank (millions of
schillings):
Gold
Foreign exchange of the reserve..
Other foreign bills
Domestic bills
Government debts
Note circulation.,
Deposits.
National Bank of Belgium (millions
of belgas):
Gold
Domestic and foreign bills. Loans to State
Note circulation. _
Deposits
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Note circulation
Deposits
Bank of Brazil (millions of milreis):
Currency
Correspondents abroad
Loans and discounts
__
Note circulation __
Deposits
National Bank of Bulgaria (millions
of leva):
Gold
.—
Net foreign exchange in reserve..
Total foreign exchange
Loans and discounts
Government obligations_ Note circulation __
Other sight liabilities
Central Bank of Chile (millions of
1934
1933
Central bank
Mar.
7,224
24, 532
2,944
2,883
11,710
15, 394
10, 480
Feb.
Apr.
7,223
24, 933
2,913
2,478
11,417
15,893
10, 237
5,475
31, 220
2,832
2,673
14,020
20,106
8,075
15,508
28, 625
15, 508 15, 508
28, 625 28,875
11, 507
25, 889
23, 546
14, 528
36,109
80,313
46,551
22,912
14, 634
36,108
78,893
40,910
1,015
24, 466
14,888
35,858
79, 707
41,155
i 241
0
i 36
301
624
970
163
189
0
24
308
624
0
22
297
624
2,703
723
347
3,463
449
2,700
705
347
3,456
433
2,714
760
347
3,473
2,671
783
363
3,620
338
14, 543
10,069
21, 707
57, 254
76, 383
14,364
3,841
22,136
56, 539
60, 690
18,406
3,052
27,820
42,648
35,417
458
415
2,703
20
3,398
386
302
2,766
20
3,009
553
135
2,634
90
2,846
1,547
19
149
1,032
2,783
2,603
1,625
1,547
4
109
1,123
2,783
2,400
1,963
1,520
3
61
833
2,873
2,730
1,380
1,547
2
134
941
2,783
2,534
1,622
1,035
19,543
18, 051
34,746
74, 766
43,122
150
39
0
279
659
912
179
National Bank of Czechoslovakia
(millions of k o r u n y ) :
Gold 3...
Foreign balances and currency 3._
Loans and advances.
Note circulation
_
Deposits
Danish National Bank (millions of
kroner):
Gold.
Foreign bills, etc
Loans and discounts
Note circulation...
Deposits
Bank of Danzig (thousands of gulden):
Gold....
Foreign exchange of the r e s e r v e . .
Other foreign exchange
Loans and discounts.
Note circulation..
Deposits..
Central Bank of Ecuador (thousands
of surres):
Gold at home and abroad
Foreign exchange
Loans and discounts
Note circulation
Deposits..
National Bank of Egypt * (thousands
of pounds):
Gold
Foreign exchange
Loans and discounts
British, E g y p t i a n , and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold....
N e t foreign exchange
Loans and discounts
Note circulation
_._
Deposits—Government
Bankers'—
Other...
Bank of Finland (millions of markkaa):
Gold
Balances abroad and foreign
credits
.—
Foreign bills
Domestic bills
Note circulation
D e m a n d liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange
Loans and discounts.
G overnment obligations
Note circulation
Other sight liabilities
Liabilities in foreign exchange
National Bank of Hungary (millions
of pengos):
Gold
Foreign bills, etc
Loans and discounts
Advances to treasury
Other assets
Note circulation
Deposits..
Certificates of indebtedness
Miscellaneous liabilities
Apr.
Apr.
Mar.
Feb.
2,662
37
1,317
5,242
752
2,661
64
1,562
5,544
697
2,668
78
1,346
5,523
444
1,708
1,009
1,696
6,182
733
133
12
67
366
111
133
16
72
369
133
10
71
351
78
133
10
72
337
44
25,987
16,802
308
15,685
40,677
12, 552
30,160
11, 340
121
15,881
41, 280
10,848
30,161
9,133
523
15, 246
39, 220
10, 757
22,934
11,511
1,334
10,974
35,924
5,552
16, 417
6,916
50,018
37, 711
23, 070
15, 082
7,195
47, 471
£6, 477
22,188
14, 775
802
39, 444
27,076
18, 639
6,546
3,209
4,336
6,546
3,450
4,992
6,663
2,577
5,191
20, 440
6,377
18, 510
34,143
4,629
7,739
2,707
35,320 34,604
3,458 3,489
19, 544 19, 624
5,118 6,649
20,402 18,814
7,806 7,995
34,835
3,461
18,014
5,888
21,157
7,667
20, 432 20,424
6,104 4,038
19,330 19,099
34, 540 33, 612
4,849
4,084
7,569
7,006
2,954
2,860
17,845
2,145
21, 281
31,530
3,247
7,105
2,638
323
323
323
304
1,031
328
793
1,309
440
1,054
328
717
1,322
332
1,044
311
658
1,286
390
772
337
759
1,178
392
4,052
2,368
3,966 3,962
3,791
1,880
3,594 3,532
3,355
3,368
3,355 3,355
Gold at home and abroad
5,114
4,627
5,098 5,044
Foreign exchange for account of:
72
6,484
3,213
71
6,066 6,030
Bank
_
5
64
173
7
72
Exchange commission
121
141
98
Loans and discounts
682
679
721
Government debt
523
508
544
97
79
79
79
Note circulation._
359
352
352
17
15
15
11
Deposits
468
583
570
588
Bank of the Republic of Colombia
51
49
49
49
(thousands of pesos):
19
30
28
27
14, 307
15,538 14,989 14,719
Gold at home and abroad 2
357
351
360
347
3,455
2,345 2,702 2,996
Foreign exchange
56
68
79
90
3,448
6,741 6,594 3,662
Loans to member banks __
0
120
120
118
35,926 34,903 33, 297 24,181
Note circulation
209
171
176
175
20,609
27,056 28,430 24,848
Deposits.
1 Beginning Apr. 30, 1934, gold valued at rate of 1 schillings 0.16667 gram of fine gold instead of 0.21172 as formerly. Foreign exchange valued
atmarket.
2 Gold acquired since Mar. 20, 1934, valued at purchase price.
3 Gold content of koruna reduced on Feb. 17, 1934, from 44.58 milligrams of fine gold to 37.15 milligrams.
* Items for issue and banking departments consolidated.
383
FEDERAL RESERVE BULLETIN
JUNE 1934
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1934
1933
Central bank
1934
Central bank
Apr.
Bank of Italy (millions of lire):
6,840
Gold at home
40
Credits and balances abroad
5,484
Loans and discounts
12, 987
Note circulation
300
Public deposits
1,256
Other deposits
Bank of Japan (millions of yen):
429
Gold
773
Advances and discounts
494
Government bonds
Notes issued.
_. 1,272
330
Total deposits
.
Bank of Java (millions of florins):
113
Gold
—
0
Foreign bills
61
Loans and discounts
186
Note circulation
32
Deposits
Bank of Latvia (millions of lats):
44
Gold
4
Foreign-exchange reserve
65
Bills
64
Loans
32
Note circulation
__
58
Government deposits
108
Other deposits
Bank of Lithuania (millions of litu):
54
Gold_
13
Foreign currency
83
Loans and discounts.
85
Note circulation
Deposits
—
Netherlands Bank (millions of florins):
792
Gold
-.
1
Foreign bills
213
Loans and discounts
955
Note circulation
92
Deposits
Bank of Norway (millions of kroner):
135
Gold
10
Foreign balances and bills
278
Domestic credits
322
Note circulation
2
Foreign deposits
73
Total deposits
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Bills
Note circulation
Deposits
Bank of Poland (millions of zlote):
483
Gold..
58
Foreign exchange
709
Loans and discounts
931
Note circulation
230
Other sight liabilities
Bank of Portugal (millions of escudos):
874
Gold
385
Other reserves
326
Discounts and advances
1, 051
Government obligations
Note circulation
1,890
Other sight liabilities
840
Mar.
Feb.
Apr.
6,874
44
6,037
12,963
300
7,105
83
5,810
12, 708
300
1,426
6,517
584
5,602
13,070
300
1,189
425
859
587
1,271
497
425
771
528
1,138
384
113
0
58
191
28
116
1
57
190
28
44
3
65
64
33
57
107
44
3
66
64
33
58
106
54
13
52
15
83
87
59
786
1
172
901
103
792
1
173
898
110
135
12
274
330
2
61
135
10
263
313
2
63
42,850
56,185
64, 941
26,046
44,438
51, 639
66,198
22, 704
481
67
745
955
232
479
78
752
939
271
867
360
334
1,051
1,965
755
833
382
330
1,051
1,925
771
National Bank of Rumania (millions
of lei):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts
State debt
Note circulation
425
Demand deposits
_
739 South African Reserve Bank (thou
604
sands of pounds):
1,180
Gold
501
Foreign bills..
Domestic bills
_.
107
Note circulation
21
D eposits— Government
50
Bank
_
203
Other
36 Bank of Spain (millions of pesetas):
Gold
Silver
Balances abroad,.
Loans and discounts
Note circulation
Deposits
_.
Bank of Sweden (millions of kronor):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Swiss National Bank (millions of
francs):
Gold
Foreign balances and bills
930
Loans and discounts
73
Note circulation
111
Demand deposits
954 Central Bank of the Republic of
200
Turkey (thousands of pounds):
Gold
Foreign exchange
Government securities
217
Other securities
303
Other assets
2
Note circulation
80
Deposits
Other liabilities
_
Bank of the Republic of Uruguay
39,951
(thousands of pesos):
27, 487
Gold
54, 732
Loans and discounts._.
7,641
Other assets
Note circulation
_
491
Deposits—Demand
67
Time.
762
Judicial and admin1,021
istrative
172
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
683
Gold
399
Foreign exchange
326
Loans and discounts
1,053
Advances to State
1,859
Note circulation
647
Other sight liabilities
Apr.
Feb.
Apr.
10,034 10, 010 9,974
146
210
215
1
2
7
8,731 9,074 8,892
5,681 5,681 5,681
21, 258 21, 479 20,815
7,353 7,318 7,449
9,650
731
52
10,082
5,726
21, 322
7,658
18,044
22, 450
10
11, 616
3,370
27, 649
2,730
17, 740
22, 341
6
11, 975
3,705
27, 281
1,824
18, 255
21, 206
201
10, 429
1,899
32, 261
1,735
10, 621
18, 296
814
10,023
1,428
20,835
2,026
2,262
678
287
2,448
4,649
2,262
674
283
2,510
4,668
2,262
663
281
2,519
4,748
912
2,259
629
286
3,169
4,742
810
367
491
55
617
476
374
513
54
644
484
373
511
58
597
562
266
258
125
559
268
1,634
4
142
1,388
405
1,746
1
136
1,405
482
1,837
3
116
1,390
557
2,383
5
53
1,557
903
25, 695
3,033
153,392
30,922
30,584
158,190
27,157
58, 279
25, 404
3,431
152, 575
30,836
33,370
159,067
29,184
57,374
25,181 21, 769
682
3,547
154,824 153,740
31,114 28, 332
32.457 31,932
159,616 162,428
27,904 18, 525
59, 603 55, 501
49, 869
97,868
45, 465
79, 483
35, 394
41, 339
49,861 48, 269
95,950 101,103
45,332 41,995
78, 231 81, 713
33,988 28,440
42, 682 41,149
2,701 2,710
34, 286 33, 532
1,762
120
1,849
2,317
4,169
1,070
I
Preliminary.
Mar.
1,766
129
1,876
2,317
4,232
944
1,765
169
1,959
2,317
4,233
959
3,010
37,055
1,762
177
2,343
2,413
4,502
940
384
FEDERAL RESERVE BULLETIN
JUNE 1934
COMMERCIAL BANKS
Liabilities
Assets
England
Cash in
(10 ©learing banks. Figures in millions vault and Money at
to
and Bills dis- Securities Loans
of pounds sterling)
customdue from call
short
counted
Bank of
ers
notice
England
1933—June
July
August
September.
October. -.
November.
December.
1934—JanuaryFebruary..
213
205
208
215
218
216
213
223
209
219
222
March
April
352
362
359
355
343
317
311
284
250
202
212
101
96
91
91
89
99
119
130
118
120
132
544
554
563
563
559
569
565
558
560
547
534
Deposits
Other
assets
213
221
216
215
222
228
237
232
231
226
230
779
771
762
753
752
741
740
738
746
757
763
Demand 1
Total
1,006
993
990
989
983
980
1,015
974
932
910
919
1,978
1,973
1,966
1,958
1,951
1,928
1,941
1,920
1,867
1,831
1,853
1933—June
July
August
September.
October.._
November.
December.
1934—January—_.
February __
March
Cash in
Loans,
vault and Due from Bills dis- including
security
banks
counted
Bank of
loans
France
1,931
1,723
1,600
1,504
1,480
1,545
1,416
1,574
1,724
1,634
8,499
8,738
8,027
7,907
7,094
6,333
5,870
6,373
4,650
5,001
19,889
20,236
19,851
19,835
20, 229
19,876
19,848
19,169
18,174
17,990
7,824
7,848
7,813
7,792
7,880
8,127
8,309
8,537
8,956
8,514
Other
assets
1,420
1,521
1,565
1,540
1,626
1,707
1,827
1,034
1,130
1,202
Total
35,295
35,676
34,426
34,181
33, 786
33,009
32,635
32,809
30, 736
30, 390
Demand
34,307
34,671
33,419
33,217
32,811
32,075
31,773
31, 969
29,891
29, 571
1933—June
July
August
September.
October
November.
December.
1934—January...
February..
March
April
1
Other
Total
Own acOther
ceptances liabilities
372
379
360
253
257
258
273
284
334
345
3,895
4,011
4,069
4,144
4,266
4,322
4,362
3,592
3,564
3,606
Demand
Time
Credits
obtained
Other
from
banks for liabilities
customers
205
169
150
186
152
159
659
646
637
657
614
621
1,914
1,907
1,937
1,870
1,962
1,970
4,832
4,682
4,677
4,627
4,642
4,608
2,390
2,383
2,297
2,303
2,304
2,331
1,163
1,163
1,175
1,178
1,207
1,222
7,092
7,018
6,971
6,960
6,993
7,015
3,344
3,237
3,155
3,242
3,200
3,155
3,748
3,781
3,816
3,717
3,793
3,859
924
852
805
753
733
709
3,146
3,081
3,097
3,110
3,155
3,187
139
179
612
610
2.127
2,027
4,458
4,482
2,387
2,417
1,196
1,192
7,159
7,153
3,254
3,294
3,905
3,860
661
646
3,100
3,108
Liabilities
Deposits payable in Canada
excluding interbank deposits
Entirely in Canada
Security
loans
abroad
Cash in
and
net Securities
Other due from
vault and Security loans
and foreign
in cenloans
bills dis- banks
tral gold
counted
reserves
198
197
192
187
191
210
197
194
193
187
187
102
109
105
110
111
105
106
104
102
103
101
1,057
1,042
1,026
1,031
1,037
1,008
1,036
1,012
1,011
1,029
1,044
145
151
146
176
156
149
134
135
144
159
169
860
881
882
861
861
832
833
835
837
Other
Note
circulation
Other
liabilities
Total
481
448
437
435
450
444
432
428
442
427
448
129
120
121
129
122
121
121
113
117
128
121
Demand
1,957
1,958
1,924
1,964
1,983
1,925
1,920
1,877
1,885
1,893
1,944
Excluding deposits of the National Bank relating to offices outside England, which are included in the total.
NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646.
1,005
1,007
964
976
933
862
841
845
819
Deposits
Assets
Canada
Time
Liabilities
Assets
Cash in
Loans,
(Reporting banks. Figures vault and
from Bills dis- including
in millions of reichsmarks)
due from Due
Securities
banks
counted
security
Reichsloans
bank
(10 chartered banks. Figures
in millions of Canadian dollars)
225
235
233
233
233
241
244
244
246
240
240
Deposits
Germany
1933—June
July
August
September. _
October
November...
2
December
_.
1934—January 2.__.
February
March
942
933
928
924
916
905
900
893
881
880
890
Liabilities
Assets
France
(4 large banks. Figures in millions of
francs)
Other
Time 1 liabilities
570
578
551
591
633
567
563
526
530
526
2
Time
1,387
1,380
1,373
1,372
1,350
1,358
1,357
1,351
1,355
1,367
1,376
757
733
727
727
721
732
725
714
724
718
722
Figures not available.
385
FEDERAL RESERVE BULLETIN
JUNE 1934
DISCOUNT RATES OF CENTRAL BANKS
Central bank of—
Date effective
In effect Dec. 1,1931.
Dec. 10
Feb. 18, 1932
Mar. 9
Mar. 10
Mar. 17
_.
Mar. 21. .
Apr. 9
Apr. 19
Apr. 2 1 . . .
Apr. 28
May 2
May 12
June 30
Sept. 22
Jan. 9, 1933
May 12
June 29
July 15
July 29
Aug. 15
Sept 4
Sept. 19
Dec. 11
Feb 9 1934
June 1
In effect June 1,1934.
England
GerFrance many
Italy
6
8
7
7
5
Nether- Switzerlands
land
3
2
6
4
6
V/2
3
5
2
f
4
5
4
V/2
4
2
3
2
3M
2
2H
4
3
Albania
Austria
Belgium
Bolivia
5
3
6
In effect
since—
16,1933
24,1933
26,1934
5,1932
Japan
Java
Latvia
_
Lithuania.._
Jan. 2,1934
Aug. 23,1932
July 18,1933
Norway
Peru
Poland
Portugal
Rumania
South Africa.
Spain...
Sweden
Nov.
Mar.
Apr.
July
2
Bulgaria
Chile
Colombia...
Czechoslovakia
h
Danzig
Denmark...
Ecuador
Estonia
3
4
2
Finland
Greece
Hungary
India
7
2
Rate
June
1
Central
bank of—
Jan. 25,1933
May
Nov.
Nov.
Feb.
6,1933
30,1933
30,1932
1,1932
Dec.
Oct.
Oct.
Feb.
20,1933
14,1933
18,1932
16,1933
U.S.S.R
Turkey
Yugoslavia—
In effect
since—
3.65 July 3,1933
4H Aug. 16,1933
Jan. 1,1933
6 2 Apr. 1,1930
6
5
2
May
May
Oct.
Dec.
24,1933
20,1932
26,1933
8,1933
6
Apr. 5,1933
May 15,1933
Oct. 26,1932
Dec. 1,1933
8
5H
Mar. 22,1927
Mar. 2,1933
Feb. 9,1934
6
Changes since May 1: France—June 1, down from 3 to 2 ^ percent.
2^2
3
3
Rate
June
1
Central
bank of—
2
2H
MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month
Bankers'
acceptances,
3 months
Treasury
bills, 3
months
1933-April
May
June
July
August
September.
October. _.
November.
December.
.59
.50
.50
.48
.41
.44
.79
1.05
1.06
.50
.37
.40
.40
.30
.31
.73
.94
1.15
1934—January....
February..
March
April
1.01
.95
.95
.90
.86
.84
Month
Netherlands (Amsterdam)
Germany (Berlin)
Bankers'
Day-to-day allowance
money
on deposits
.61
.58
.62
.62
.62
.63
.75
.75
.77
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
1933—April
May
June
July
August
September.
October...
November.
December.
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
2.50
2.41
2.31
2.31
2.31
2.27
2.21
2.12
2.25
1.87
1.76
1.50
1.39
1.45
1.13
1.25
1.85
2.26
4.00
4.00
4.00
4.00
4.00
3.55
3.50
3.50
3.00
1934—January...
February..
March
April
1.50
1.50
1.50
1.50
2.14
2.05
2.07
2.12
2.59
2.75
2.70
3.00
3.00
3.00
4.00
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
Money for
1 month
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
5.25
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.05
5.24
4.93
5.19
4.94
5.00
5.11
5.18
4.97
2.11
2.18
3.54
1.11
.77
.50
.45
.52
1.00
1.69
2.06
2.64
1.08
1.00
1.00
1.00
1.00
3.87
3.87
3.87
3.87
4.78
4.91
5.00
5.11
4.74
4.78
4.89
4.76
.50
.78
1.24
2.07
1.00
1.00
1.07
1.85
Hungary
Day-to-day
money
Sweden
(Stockholm)
Japan (Tokyo)
Call
Loans up Discounted
money
to 3
bills
overnight
months
3H-6
3 -5
3 -5
3 -6
3 -5
3 -5
3 -5
2fc-4*
5.48-5.84
5.11-5.84
5.11-5.48
5.11-5.48
5.11-5.48
5.11-5.48
5.11-5.48
5.11-5.48
5.11-5.48
2.37
2.19
2.74
2.37
2.37
2.56
2.56
2.56
2.56
5.11-5.48
5.11-5.48
5.11-5.48
2.37
2.56
2.56
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 791-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; and
May 1930, p. 318.
386
FEDERAL RESERVE BULLETIN
JUNE 1934
FOREIGN EXCHANGE RATES
[Averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
ArgenAusAustria
Brazil Bulgaria Canada
tina 1 tralia 2 (schil- Belgium
(belga) (milreis): (lev) 3 (dollar)
(pound)
(peso)
ling)*
Year and month
1929.
1930
1931
1932
—
1933.
1933—May
June
July
August
September
October
November
December
1934—January
February
March
April
95.1274
83.5050
66.7375
58.4433
'72.8009
67.9019
„ 71.0601
80.7251
79.4328
86.0861
86.1188
92.0439
< 33.3311
33. 5007
33. 5494
33.9553
34.3475
May
Year and month
1929....1930
1931.
1932
1933
1933—May
—
June.
_
July
August
^__
September....
October
November
December
1934—January
February
March
April
—
May
34.0413
Egypt
(pound)
498. 0689
498. 6002
465.1111
359. 5406
434. 3908
403.1202
424. 0440
477. 0204
461. 7534
478.1479
460. 4633
527. 4832
524.6387
518.2824
516.0390
522.3447
528. 4813
14.0575
14. 0891
14.0227
13.9599
15.4478
14.5582
14. 2007
15.6719
15. 4794
16. 6534
16. 7694
18.0434
17. 6811
17.9115
18. 5650
18.9114
18.8724
18. 9429
I
„.
_
_
_
483.21
468. 22
415. 29
320.19
340.00
313.86
330.09
370.19
359.02
372.17
372. 40
411. 04
408. 72
403. 47
401.81
406.84
411. 63
408. 28
13.9124 11.8078
13.9524 10.7136
13.9285 7.0290
13.9137 7.1223
17.8996
7.9630
16. 2711 7.6354
17.0460 7.6369
19.4505 7.8727
19.1458 8.0331
20.6994 8.1508
20. 7215 8.4634
22. 3176 8. 5660
21.7280 8. 5995
22.0360 8. 5637
22. 8893 8.4666
23. 2981 8.5420
23. 4416 8. 6004
23.4137 8. 6046
0. 7216
.7209
.7163
.7193
1.0039
.7825
.8142
.9977
1.0347
1.2434
1. 2590
1.6378
1. 3436
1.3472
1. 3464
1. 3324
1. 3295
1. 3154
99.2472
99.8424
96. 3258
88.0896
91. 9587
87.5930
89.8853
94.4683
94. 2796
96.4734
97. 5958
101.1829
100. 5515
99. 5246
99.1675
99. 7871
100. 2070
100. 1859
China
(yuan)
12.0601 41.9007
12.0785 29.9166
12.0669 22.4369
7.9079 21.7357
7.6787 5 28.5779
6.2846 24.5193
7. 5210 26.1289
8.3752 29.2666
8.1986 28.0737
8.6743 29.6843
8.8731 29.8462
10.0983 32.9030
9. 5952 33.4468
9.4476 34.0007
9. 5966 34. 3077
10.1294 34. 6190
10. 2595 34.1506
10. 2531 32. 4621
GerGreece Hong Hungary India
England Finland France many (drach3
Kong
(pound) (markka) (franc) (reichs- ma)
(dollar) (pengo) (rupee)
mark)
485. 6879
486. 2126
453. 4990
350. 6067
423. 6821
393. 2381
413. 5581
464.9915
450. 2670
466.4722
466.8290
514.9737
511. 5890
504,9336
503. 2596
509. 3917
515. 3425
510. 6279
2. 5160
2. 5169
2. 3875
1. 5547
1.8708
1. 7467
1.8241
2.0511
2.0008
2.0693
2. 0683
2.2700
2. 2700
2. 2449
2.2288
2. 2470
2. 2702
2.2540
New
Zealand Norway Poland
(pound) 2 (krone) (zloty)
Year and month
1929
1930
1931
1932
1933
1933—May
June
July
August
September
October
November
December
1934—January
February
March
April
May
480.83
458. 60
351. 50
279.93
337. 07
313.07
329.22
369.44
358.13
371.26
371.47
409.75
407. 50
402. 44
400.78
405. 86
410. 54
407.10
Chile
(peso)'
26.6827
26. 7598
25.0546
18. 0039
21. 4292
20. 0164
20.8811
23.3627
22. 6451
23.44C0
23. 4451
25.8723
25. 7075
25. 3722
25. 2835
25. 5834
25. 8824
25. 6463
11.1940
11. 2051
11.1970
11.1823
14. 4135
13. 0873
13.8229
15. 6202
15. 4348
16.6963
16. 7103
18.0564
17. 7024
17.9281
18. 5984
18. 9043
18.9554
18. 9514
3.9161
3.9249
3.9200
3. 9276
5. 0313
4.5927
4.8035
5. 4588
5. 3749
5. 7724
5. 8167
6. 2678
6.1216
6. 2110
6. 4648
6. 5801
6. 6161
6. 6131
23.8086 1. 2934 47.1669 17. 4414
23. 8541 1. 2959 33. 8530 17. 4939
23.6302 1. 2926 24. 3305 17. 4522
23. 7492 .8320 23.4604 17.4460
30. 5179 .7233 29. 4516 22. 3598
27. 3629 .6582 27.1586 18.8766
28. 8097 .6917 29.1358 21. 2415
33. 2627 .7902 32.9584 24. 5147
32. 7144 .7743 31. 5922 24. 2387
35. 4307 .8372 33.1050 26. 0897
35. 4267 .8397 33. 2821 26. 3520
38. 2361 .9053 36. 6896 28.2302
37. 3247 .8856 37.1537 27. 6855
37. 5872 .8949 37. 6811 28. 0425
.9253 38. 0999 29.1191
38.8841
39. 6599 .9413 38. 6842 29. 6125
39. 5890 .9452 38.1556 29. 7652
39. 4712 .9462 36. 2293 29. 7559
36. 2020
36. 0672
33. 6895
26. 3468
31. 8159
29. 5729
31.0652
34.9283
33. 8489
35. 0051
35. 0366
38.3408
38. 3870
37.9739
37.8567
38. 3335
38. 7557
38. 3329
Colombia
(peso)1
Cuba
(peso)
96.5512
96.4930
96.5697
95.2750
81.6966
86. 2100
86. 2100
86. 2100
86. 2100
78.1476
65.7136
66.7200
63.9668
66.9396
69. 9523
67. 6663
59. 9228
61. 4642
99.9647
99.9515
99.9295
99.9409
99.9464
99.9196
99.9212
99.9199
99.9481
99.9583
99.9223
99.9617
99.9579
99.9578
99.9616
99.9535
99.9288
99. 9329
DenCzechomark
slovakia
(krone)
(koruna)
2.9609
2.9640
2.9619
2.9618
3.8232
3.5075
3.6527
4.1545
4. 0777
4.4089
4.4172
4.7600
4. 6487
4. 7039
4.4432
4.1531
4.1720
4.1755
26.6802
26.7650
25.0581
18.8317
19.0709
17. 5193
18.4423
20.7682
20.1157
20.8344
20.8413
22.9975
22.8463
22.5487
22.4721
22. 7384
23. 0051
22. 7948
Italy
(lira)
Japan Mexico Netherlands
(yen) I (peso) (florin)
5. 2334
5. 2374
5. 2063
5.1253
6. 7094
6.0888
6. 3789
7. 3697
7. 2176
7. 8076
7.8208
8. 4331
8. 2204
8. 3076
8. 5757
8. 5763
8. 5641
8. 5176
46. 0997
49.3898
48.8509
28.1112
25. 6457
23.9967
25. 7587
28. 7727
26.9026
27. 2539
27. 7670
30.3618
30. 7418
30.1136
29.7536
30. 0093
30. 3124
30. 2276
48.1830
47.1331
35.4919
31.8500
28.1025
28.8721
27.6650
27.9968
28.1103
28.1492
28.1692
27. 7989
27. 7355
27. 7434
27. 7313
27. 7224
27. 7222
27. 7432
40.1622
40. 2251
40. 2298
40. 2949
51.7209
46.9507
49. 0086
56.1833
55.3799
59.8831
59.9529
64. 5642
62.8466
63. 6167
66.0382
67. 2956
67.8471
67.9056
Straits
Union of
YugoRuma- Spain
Portu
Settle- Sweden SwitzerTurkey
South Uruguay slavia
land
gal
nia
ments
(peso) 1 (dinar)
(peseta)
(krona)
(pound)
Africa
(escudo) Ueu)
(franc)
2
(dollar)
(pound)
4.4714
4.4940
4. 2435
3.1960
3. 9165
3.5781
3. 7694
4.2468
4.1521
4.4655
4. 5315
4.8623
4. 6892
4. 6505
4. 6321
4.6709
4. 7085
4. 6677
0. 5961 14.6833
.5953 11.6670
9.5453
8. 0438
.7795 10. 7189
.7025 9.9875
.7448 10.3638
.8766 11.6540
.8374 11. 4565
.8934 12.4087
.9112 12. 4343
.9817 13.1129
.9547 12. 7918
.9614 13.0042
.9923 13.3001
1.0013 13. 6175
1. 0060 13.7024
1. 0032 13. 7050
56.0117
55.9639
52.4451
40. 3970
49. 2320
45.6611
47.9630
54.0460
52.3634
54.2920
54.5740
60.0625
59. 7025
58.9185
58. 7852
59. 6007
60. 3487
59. 8173
26. 7839
26.8543
25. 2540
18. 4710
22. 0324
20. 2413
21. 2819
23. 9784
23. 2263
24.0532
24. 06S0
26. 5491
26. 3911
26. 0418
25.9554
26. 2620
26. 5643
26. 3199
19. 2792
19.3820
19.4009
19.4049
24.8355
22.5368
23. 5665
26.9583
26. 5265
28.7299
28. 7902
31. 0223
30. 2473
30. 6420
31. 7374
32. 2857
32. 4593
32. 5277
48.4105
47.0608
47.1814
47.2854
60. 4396
55.3596
57.8085
65.7080
64. 4507
69.8292
67. 2262
75. 7400
73. 7068
75. 0781
77. 7923
79.1507
79. 6284
483. 27
483.79
480. 76
476.56
414. 98
388. 74
408. 76
459.33
444.39
448. 57
461. 23
509.29
505. 76
499.09
497.42
503. 42
509. 43
504. 80
98. 6294
85.8650
55. 3572
47.0639
60. 3360
53.1875
55. 9871
65.1372
64. 7589
70.1510
70. 7755
76.2484
74.5870
75.8051
78. 7499
80.1921
80. 6081
80. 5539
1.7591
1.7681
1. 7680
1.6411
1. 7607
1.6073
1.6708
1.9032
1.8909
2. 0274
2.0443
2. 2035
2.1628
2.1818
2. 2468
2. 2648
2. 2718
2. 2725
12 Nominal since April 1933.
Nominal since April 1934.
34 Partly nominal since April 1933.
Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso from
Jan. 1 to Dec. 10, inclusive. Average for December 1933 based on paper peso for Dec. 13-31. Average of gold peso for Dec. 1-10 was 75.8904 cents.
No quotations
Dec. 11 and 12.
5
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 silverAverage for 1933 is for new yuan from Apr. 10 to Dec. 31, inclusive; average for old yuan from Jan. 1 to Apr. 9, inclusive, was 20.2103 cents. Average for April based on new yuan for Apr. 10-30. Average of old yuan for Apr. 1-9 was 20.5383 cents.
6 Silver peso quoted in place of gold peso beginning July 30, 1931. Average for 1931 is for silver peso from July 30 to Dec. 31, inclusive. Average for gold peso for Jan 2-July 29 was 47.6510 cents.
387
FEDERAL RESERVE BULLETIN
JUNE 1934
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
Canada
Germany
England
Italy
France
States
(1926=100) (1926=100) (1913=100) (1913=100) (1913=100) (1913=100)
Year and month
134
138
140
137
125
111
97
237
225
226
220
181
153
161
145
148
149
142
117
97
79
92
296
185
76
91
91
91
91
92
93
94
94
95
96
96
96
292
286
281
279
279
281
279
278
276
274
273
275
185
180
177
176
177
180
182
180
182
180
179
176
75
74
72
71
72
73
73
73
75
75
76
77
276
275
275
273
176
178
177
177
79
80
79
79
100
98
96
96
87
72
67
148
142
140
137
120
104
102
695
642
645
627
554
502
427
1932—December.
63
64
101
413
1933—January,,.
February..
March
April
May
June
July
August
September.
October. _.
November.
December.
61
60
60
60
63
65
69
70
71
71
71
71
64
64
64
65
67
68
71
69
69
68
69
69
100
99
98
97
99
102
102
103
103
103
103
103
411
404
390
387
383
403
401
397
397
397
403
407
1934—January...
February..
March
April
72
74
74
73
71
72
72
71
105
105
104
103
405
400
394
387
96
96
96
96
_...
Netherlands
(1913=100)
602
495
462
445
383
328
304
100
95
97
95
86
73
65
1926
1927
1928_
1929
19301931__
1932
Japan
(October
1900=100)
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year and month
Farm
products
100
1926
1927
1928
1929
1930
1931
1932
99
106
105
88
65
48
Foods
Other
commodities
100
97
101
100
91
75
61
100
94
93
92
85
75
70
Germany (1913=100)
England (1913=100) France (1913=100)
Foods
Farm
Indus- AgriculIndusand food
trial
tural
trial
products products products products
155
152
152
145
127
112
111
144
136
134
132
116
100
97
581
599
584
579
526
542
482
793
678
697
669
579
464
380
129
138
134
130
113
104
91
Provisions
Industrial raw Indusfinand semi- trial
ished
finished products
products
132
129
133
125
113
96
86
130
132
134
132
120
103
89
150
147
159
157
150
136
118
1932—D ecember
44
58
69
108
97
456
375
84
80
87
114
1933—January
February
March
April
43
41
43
45
50
53
60
58
57
56
57
56
56
54
55
56
59
61
66
65
65
64
64
63
67
66
66
65
67
69
72
74
76
77
77
78
107
105
102
101
102
104
101
104
105
104
104
103
97
96
95
95
98
101
103
102
102
102
102
103
455
443
417
407
390
418
414
407
413
417
425
432
373
370
368
369
376
390
389
389
383
379
384
385
81
82
83
82
84
85
87
88
90
93
94
94
81
80
79
77
77
78
77
76
75
73
73
73
87
87
87
87
88
89
90
90
89
89
89
89
113
112
112
111
112
112
113
113
114
114
114
114
59
61
61
60
64
67
67
66
78
79
79
79
104
104
101
99
105
106
105
105
424
416
413
404
387
386
378
372
93
92
91
91
73
73
73
74
90
91
91
91
114
115
115
115
.
May
June
July
August
September
October
November
December..
1934—January
February
March . . .
April
.
.
Sources.—See BULLETIN for March 1931, p. 159.
388
FEDEKAL RESERVE BULLETIN
JUNE 1934
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
Year and month
United
States
(1913=100)
1926
1927
1928
1929
1930
1931
1932
161
155
154
157
147
121
102
1932—December.
England
France
(July
(July
1914=100) 1914=100)1
Germany
(191314=100) »
161
156
157
154
145
131
126
113
113
112
124
125
124
109
144
152
152
155
143
128
112
125
103
109
Year and month
United
States
(1913=100)
Germany
England
France
(1913(Jan.-June
(July
1914=100) 1914=100)1 14=100) «
1932__
175
173
171
171
164
148
134
170
164
166
164
158
148
144
103
104
105
113
118
116
107
141
148
152
154
147
136
121
1932—December..
132
143
105
118
128
142
141
139
137
136
136
138
139
141
141
143
143
1926.. .
1927....
1928....
1929....
1930....
1933—January—.
February..
March
April
May
June
July
August
September.
October....
November.
December.
95
91
91
90
94
97
105
»107
•107
«107
»107
• 104
123
122
119
115
114
114
118
119
122
123
126
126
102
103
101
99
97
97
95
97
98
101
103
104
107
107
106
106
110
111
111
110
111
112
113
114
1933—January
February...
March
April
May
June
July
August
September..
October
November..
December..
1934—January...
February..
March
April
»105
3 108
3 109
8 107
124
122
120
118
105
103
100
114
114
114
114
1934—January ._
FebruaryMarch
135
142
141
140
139
April
~107~
117
117
117
117
118
119
119
118
119
120
120
121
107
121
121
121
121
106
"l05
~I65~
* Index represents prices converted to gold basis of 1914.
2 Average of October 1913, January, April, and July 1914=100.
3 Since August 1933 Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Q&rmany—Statistisch.es Reichsamt; France—For retail food prices, Statistique Generate, and for cost of living, Commission d'etudes
relatives au cout de la vie a Paris.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average** 100)
Bonds
Year and month
United
States
(average
price)
France
England
(December (1913 aver1921=100)* age =100)
Germany
(average
price) i
United
States
England 1
France
Germany
60
87
36
421
278
300
97.0
98.9
98.7
95.7
98.3
96.1
81.1
110.0
110.7
112.3
110.2
111.8
108.4
113.2
57.4
71.7
80.8
85.1
95.8
96.9
88.6
100.0
118.3
149.9
190.3
149.8
94.2
48,4
100.0
107.0
115.9
119.5
102.6
78.9
67.9
100.0
123.2
178.1
217.6
187.6
132.2
105.2
1932—D ecember.
82.2
116.1
87.8
76.3
47.4
72.0
104.3
56.7
1933—January
February.._
March
April
May
June
July
August
September..
October
November..
December..
84.1
82.5
76.7
75.4
82.0
86.8
89.6
89.9
87.9
86.5
82.6
83.6
116.9
118.4
118.4
120.2
118.1
118.7
117.9
120.1
121.2
122.3
122.3
122.0
86.4
85.3
81.9
81.5
78.5
79.5
80.0
80.2
81.4
81.1
79.6
79.9
81.4
79.9
83.6
85.8
81.5
80.1
78.2
78.5
78.2
84.7
87.9
89.6
49.1
44.9
43.2
47.5
62.9
74.9
80.4
75.1
74.8
69.5
69.1
70.4
72.4
72.2
72.3
72.4
75.4
79.0
83.9
84.4
85.3
82.9
80.9
81.4
101.3
97.9
92.7
94.0
100.4
105.2
106.0
105.2
103.0
98.3
95.7
95.3
59.3
59.4
64.5
66.8
67.2
65.7
62.8
60.7
57.3
57.0
58.7
61.8
1934—January...
February..
March
April
88.3
92.9
95.1
97.0
123.6
124.3
126.2
126.9
78.7
78.7
76.9
81.9
92.0
91.6
91.9
91.3
75.6
80.5
77.1
79.6
85.5
87.0
87.3
88.1
92.3
91.8
85.0
64.4
67.8
70.6
Number of issues.
1926..
1927..
1928..
1929..
1930..
1931..
1932..
85.5
81.4
83.3
2 83.4
2 67.1
329
100.0
145.0
136.1
122.8
100.2
2 78.0
2 50.3
1
Annual indexes are unweighted averages of monthly indexes.
2 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
Sources.—See BULLETIN for February 1932, p. 121.
JUNE 1934
FEDERAL RESERVE BULLETIN
389
LAW DEPARTMENT
Classification of deposits as savings deposits under
Regulation Q
There have been presented to the Federal
Reserve Board numerous inquiries regarding
the meaning of the word "thrift" as used in
the definition of savings deposits which is contained in section V of the Federal Reserve
Board's Regulation Q. As the Board has
heretofore stated, it believes that the question
whether deposits may be considered funds
accumulated for bona fide thrift purposes so as
to constitute savings deposits within the meaning of the regulation is one upon which no
general rule can be prescribed and each case
must necessarily be determined upon the basis
of its particular facts. However, in view of
the repeated requests for a statement as to the
practical interpretation to be placed upon the
phrase "funds accumulated for bona fide thrift
purposes" as used in the regulation, and in
order to be as helpful as may be possible to
the member banks in this connection, the Federal Reserve Board desires to state herein some
of the considerations which it feels may properly enter into a determination of the question
whether deposits constitute savings deposits
within the meaning of Regulation Q.
It will be observed that Regulation Q relates
to three classes of deposits: Deposits payable
on demand, time deposits, and savings deposits. The payment of interest on deposits
payable on demand, directly or indirectly by
any device whatsoever, is prohibited. Interest
may be paid in accordance with the regulation
on time deposits, but no time deposit may be
paid before its maturity. Interest may be
paid in accordance with the regulation on savings deposits and savings deposits may, under
certain conditions, be paid without requiring
notice of withdrawal. The primary purpose of
the requirement that savings deposits consist
of funds accumulated for bona fide thrift purposes is to prevent the payment of interest on
funds which should properly be classified as
deposits payable on demand and the payment
before maturity of funds which should properly
be classified as time deposits. Accordingly, an
important consideration in undertaking to determine what are funds accumulated for bona
fide thrift purposes is to guard against the use
of savings accounts as a means of evading the
prohibition against the payment of interest on
deposits payable on demand or of the prohibition upon the payment of a time deposit before
its maturity, and, in any case in which a mem-
ber bank is doubtful as to whether an evasion
of either of these prohibitions is involved or as
to whether funds may properly be classified as
savings deposits, it should not classify the funds
in such manner unless, after diligent inquiry
into the nature of the deposit, it is satisfied in
the light of the information developed that no
evasion of either such prohibition is involved
and that the classification of the funds as
savings deposits is proper.
Generally speaking and without intending to
exclude other classes of deposits, the FederalReserve Board feels that deposits which consist of funds in relatively small amounts which
are being or have been accumulated by persons of limited financial means may be considered presumptively by the banks to be funds
accumulated for bona fide thrift purposes.
Likewise it is believed that the same presumption should usually obtain with respect to
funds which are being or have been accumulated in order to provide for old age or for contingencies which may not be foreseen, such as
sickness or accident, and also with respect to
funds which are being or have been accumulated in order to provide for anticipated expenditures such as, for example, the purchase
of homes, furnishings, etc., and Christmas or
vacation expenses, as well as for anticipated
obligations falling due within a reasonable
time, such as tax liabilities or insurance premiums.
It would seem that deposits of corporations
in most cases probably would not consist of
funds accumulated for bona fide thrift purposes; but here again no general rule can be
laid down. Funds of a business enterprise
which are temporarily idle such as surplus funds
or funds commonly known as reserve funds
would not ordinarily seem to constitute funds
accumulated for bona fide thrift purposes.
With respect to firms and individuals engaged
in business, the nature of the business may be
important in determining this question. Funds
deposited by one bank in another would not, in
the opinion of the Board, constitute funds accumulated for bona fide thrift purposes. In
some instances the amount of the funds on deposit may be a factor for consideration in dedetermining the propriety of their classification
as savings deposits.
None of the considerations mentioned above
is to be considered as conclusive of the question
whether funds may be regarded as accumulated
for bona fide thrift purposes or as savings
390
FEDERAL RESERVE BULLETIN
deposits and, as indicated, each case must be
determined in the light of its particular circumstances. The Federal Reserve Board feels
that questions as to whether deposits may be
regarded as funds accumulated for bona fide
thrift purposes should be considered by the
member banks in the exercise of their best
judgment and in the light of the provisions of
the law and the regulation. It would not be
practicable for the Federal Reserve Board to
undertake to determine such questions as they
may arise in individual cases with member
banks when deposits are offered to them. It
is hoped, however, that the general statements
above set forth may be indicative of the classes
of deposits which in proper circumstances may
constitute savings deposits and that they may
be of assistance to the member banks in this
connection.
As indicated in the regulation, if the circumstances with respect to the deposit are such as
to raise a question as to whether it is properly
classified as a savings deposit, the bank must
be prepared to show clearly that it is a deposit
consisting of funds accumulated for bona fide
thrift purposes and that it otherwise complies
with the definition of savings deposits set forth
in the regulation.
Deposits represented by certificates of deposit as
constituting savings deposits
The Federal Reserve Board has recently
been presented with the question whether
certificates of deposit which represent funds
accumulated for bona fide thrift purposes and
with respect to which a member bank merely
reserves the right to require written notice of
not less than 30 days may be classified as savings deposits within the meaning of that term
as defined in the Board's Regulation Q.
One of the requirements of the definition of
savings deposits in Regulation Q is that "the
pass book or other form of receipt" evidencing
such a deposit must be presented to the bank
whenever a withdrawal is made, and the
question arises whether a certificate of the
kind described may constitute a "form of
receipt" within the meaning of this requirement so that deposits represented thereby may
be considered savings deposits.
Section 19 of the Federal Reserve Act provides that no time deposit may be paid before
its maturity by a member bank, whereas the
payment of savings deposits without requiring
notice of withdrawal is under certain conditions
permissible under the law. In order to carry
out the intention of the statute in this connec-
JUNE 1934
tion, it is believed important that neither the
law nor the Board's regulation should be so
interpreted as to encourage or facilitate evasions
of the prohibition upon the payment of time
deposits before their maturity or the prohibition upon the payment of interest on deposits
payable on demand. A certificate of deposit,
as that term is generally understood, is an
instrument evidencing the receipt of a single
amount on deposit the entire amount of which
will be repaid at one time and only upon the
surrender of the certificate. Savings deposits,
on the other hand, are received under continuing contracts covering deposits made from
time to time, from which withdrawals may be
permitted from time to time, all of which are
evidenced by a single form of receipt which
must be presented but need not be surrendered
whenever a withdrawal is made. There is
thus an essential distinction between certificates
of deposit and receipts for savings deposits
within the commonly accepted meaning of
these terms and the Board feels that the preservation of this distinction is necessary in order
to carry out the purposes of the statute. Accordingly, the phrase "other form of receipt"
as used in the definition of savings deposits
in the Board's Regulation Q is not to be interpreted as including a certificate of deposit
which by its terms contemplates that only one
deposit will be evidenced thereby and that the
entire amount will be repaid upon the surrender
of the certificate. The phrase in question in
Regulation Q recognizes the fact that in some
circumstances banks may find it desirable to
issue receipts for savings deposits which are
not in the usual form of savings pass books;
but it is the intention of the regulation that
every such receipt for savings deposits should
be a contract of a continuing character evidencing deposits the amount of which may be
increased or decreased from time to time
without the necessity of surrendering the
receipt or issuing another such receipt.
In this connection it is also to be observed
that, as indicated in footnote 4 of Regulation Q,
interest may not be paid on a certificate of deposit upon which a member bank merely reserves the right to require written notice of not
less than 30 days because such a certificate is
in fact payable on demand unless prior to such
payment the notice of not less than 30 days is
actually required and because the prohibition
in the law upon the payment by a member bank
of any time deposit before its maturity clearly
contemplates that time deposits (other than
savings deposits), upon which interest is pay-
JUNE 1934
FEDERAL RESERVE BULLETIN
391
able, must have a definite maturity for at least
However, aside from the applicability of the
30 days prior to payment.
terms of section 23A, the desirability of a member bank's making a loan upon which it is
deemed necessary to obtain the accommodation
Payment of savings deposits before interest payment endorsement of an affiliate, in some circumdates
stances at least, would appear to be questionIn response to a recent inquiry the Federal able. In many cases it may be that the identity
Reserve Board stated that, if the presentation of interests between the affiliate and the bank
of the pass book or other form of receipt is re- is such that an accommodation endorsement
quired upon the withdrawal of funds from sav- of the affiliate would not as a practical matter
ings deposits and such deposits otherwise con- afford the bank any additional protection or
form to the definition of savings deposits which security; and, where there is such an identity
is contained in the Board's Regulation Q, of interests or other reason why such an enthere is no provision in the law or in the Board's dorsement of an affiliate furnishes no additional
regulation which prohibits the withdrawal of protection, it would seem that the making of
such deposits prior to the dates upon which loans without collateral security upon which
interest is customarily paid by the member the endorsement of such affiliate is required
bank on such deposits, provided that the with- would not be advisable.
drawal of such funds is made in accordance
with the provisions of section VI of the regulation and that the interest paid is not in excess Limitations on loans or extensions of credit to affiliates
secured by paper eligible for rediscount
of the rate prescribed in the regulation.
A State member bank on June 16, 1933, had
loans to and investments in its affiliates in
Accommodation endorsement as "Loan or extension excess of 20 percent of its capital and surplus
of credit" within section 23A of the Federal Reserve and, subsequent to that date, it extended
Act
credit to one of its affiliates by the discount of
In a case recently considered by the Federal a note which was eligible for rediscount at the
Reserve Board it appeared that a member bank Federal Reserve bank. The Federal Reserve
held the note of a certain corporation which Board has been presented with the question
was not an affiliate of the bank and that such whether this action constituted a violation of
note bore the endorsement of a holding company section 23A of the Federal Reserve Act.
Section 23A consists of three paragraphs.
affiliate of the bank. The question arose
whether the endorsement of the note by the Under the first paragraph, loans and extensions
affiliate rendered the transaction a "loan or of credit by a member bank to any of its affiliextension of credit" to an affiliate of the bank ates, purchases under repurchase agreements
within the meaning of section 23A of the Fed- from any such affiliates, investments in stock
eral Reserve Act so as to make it necessary for or obligations of any such affiliates, and
the bank to require collateral for the loan repre- advances upon the security of stock or obligations of any such affiliates are prohibited, if the
sented by such note.
It was understood from the facts submitted aggregate amount thereof outstanding will
that the note of the corporation was delivered exceed, in the case of any one affiliate, 10 perdirectly to the member bank, that the name of cent of the capital stock and surplus of such
the affiliate appeared thereon as that of an ac- member bank or, in the case of all its affiliates,
commodation endorser only, and that no part 20 percent of the capital stock and surplus of
of the proceeds of the loan were used for the such bank. The second paragraph provides in
benefit of, or transferred to, the affiliate. In part as follows:
these circumstances the Board expressed the
Within the foregoing limitations, each loan or extenopinion that the member bank in making the sion of credit of any kind or character to an affiliate
be secured by collateral in the form of stocks,
loan upon the note in question did not make a shall
debentures, or other such obligations having a
"loan or extension of credit" to its affiliate bonds,
market value at the time of making the loan or extenwithin the meaning of section 23A of the Fed- sion of credit of at least 20 per centum more than the
eral Reserve Act, and that, therefore, the fact amount of the loan or extension of credit, or of at least
that such affiliate was an accommodation en- 10 per centum more than the amount of the loan or
of credit if it is secured by obligations of any
dorser upon the note did not make it necessary extension
State, or of any political subdivision or agency thereof:
under the law that the loan represented by such Provided, That the provisions of this paragraph shall
not apply to loans or extensions of credit secured by
note be secured by collateral.
392
FEDERAL RESERVE BULLETIN
obligations of the United States Government, the
Federal intermediate credit banks, the Federal land
banks, the Federal Home Loan Banks, or the Home
Owners' Loan Corporation, or by such notes, drafts,
bills of exchange, or bankers' acceptances as are eligible
for rediscount or for purchase by Federal reserve
banks. * * *
In the third paragraph, certain classes of
affiliates are excepted from the provisions of the
section.
It is clear that loans or extensions of credit to
an affiliate secured by paper which is eligible for
rediscount or for purchase by Federal Reserve
banks are not subject to the requirements of the
second paragraph of section 23A with regard to
the form and amounts of collateral security,
but it is also manifest that loans or extensions
of credit secured by such paper are not excepted
from the limitations of the first paragraph of
this section unless the word "paragraph" in the
above-quoted provision may be interpreted in a
sense other than that in which it is ordinarily
used. It is an established rule of statutory
construction that, in the absence of ambiguity,
words in a statute are to be read in the natural
and ordinary meaning commonly given to them.
Moreover, it is to be observed that in the third
paragraph of section 23A, in excepting certain
classes of affiliates from all of the provisions of
the section, the word " section " is used. In the
circumstances it is not believed that it can be
assumed that the word "paragraph" in the
second paragraph of the section was inadvertently used or that it was intended to have
the same meaning as the word "section" in
the third paragraph. Accordingly, the Federal
Reserve Board stated that in its opinion a loan
or extension of credit secured by paper eligible
for rediscount or purchase at a Federal Reserve
bank is not excepted from the limitations of the
first paragraph of section 23A of the Federal
Reserve Act on the amount of such loans which
may be made, and that a member bank which
already has outstanding loans and extensions
of credit to its affiliates and investments in the
stock or obligations of such affiliates in an
amount up to 20 percent of its capital stock and
surplus (the limit prescribed by that paragraph)
may not lawfully make an additional loan to an
affiliate even though it is secured by paper
eligible for rediscount or purchase at a Federal
Reserve bank.
Issuance of permits for interlocking directorates under
section 32 of Banking Act of 1933
In connection with a number of applications
of officers and directors of member banks for
permission under section 32 of the Banking
JUNE 1934
Act of 1933 to serve at the same time as officers,
directors, or managers of organizations engaged primarily in the business of purchasing,
selling, or negotiating securities, the Federal
Reserve Board has considered the question
whether it should issue permits in cases in
which no unfavorable factors are present except
that the relationships appear to be of the kind
at which the provisions of that section were
directed.
After careful study of the matter, the Federal
Reserve Board believes that it was the intent
of the Congress in enacting section 32 to terminate all relationships of the types described in
that section between member banks and dealers in securities, apparently because it was felt
that such 7relationships might tend to influence
the banks credit and investment policies and
their advice to their correspondent banks and
other customers respecting investments in a
manner which the Congress deemed to be incompatible with the public interest.
Accordingly, in view of the policy of Congress
as declared in section 32, the Board stated that
it felt that it may not properly issue permits
authorizing relationships which fall within the
intent and scope of the prohibitions of that
section and that its authority to issue permits
should be exercised only in exceptional cases,
for example, those which are included within
the literal terms of the statute but which are
actually not of a kind at which its provisions
were directed.
Permits to act as correspondent bank under section
32 of the Banking Act of 1933 in connection with
securities specifically excepted from restrictions of
section 5136 of the Revised Statutes
The Board recently considered applications
of a member bank under section 32 of the
Banking Act of 1933 for permission to act as
correspondent bank for certain dealers in
securities, in order that the member bank
might participate in a syndicate which was
being formed to bid for an issue of bonds of a
State.
After full consideration of the questions
involved, the Board decided to issue permits
authorizing the member bank to act as correspondent bank for the dealers in question, in
connection with dealing in and/or underwriting
the following types of securities only: Obligations of the United States, general obligations
of any State or of any political subdivision
thereof, obligations issued under authority of
the Federal Farm Loan Act, obligations issued
by the Federal home-loan banks, and/or
JUNE 1934
FEDERAL RESERVE BULLETIN
393
obligations issued by the Home Owners' Loan
Corporation. These are the securities specifically excepted in section 5136 of the Revised
Statutes from the restrictions upon dealing in
or underwriting securities.
of an organization carrying such margin accounts is one of the principal types of relationships which section 8A was designed to terminate. Accordingly, in connection with the
above-mentioned cases, the Board declined to
issue permits authorizing interlocking relationships between national banks and private
Applications under Clayton Antitrust Act involving bankers which carry margin accounts.
interlocking relationships between national banks
and organizations which carry margin accounts
Section 8A of the Clayton Antitrust Act
provides that from and after the first day of
January 1934, no director, officer, or employee
of any bank, banking association, or trust company, organized or operating under the laws of
the United States shall be at the same time a
director, officer, or employee of a corporation
(other than a mutual savings bank) or a member of a partnership organized for any purpose
whatsoever which shall make loans secured by
stock or bond collateral to any individual, association, partnership, or corporation other
than its own subsidiaries.
The Federal Reserve Board has expressed
the view that the carrying of margin accounts
involves the making of loans secured by stock or
bond collateral within the meaning of section
8A of the Clayton Act. (See p. 244 of the
FEDERAL RESERVE BULLETIN for April 1934.)
The Board has authority under the Clayton
Act to issue permits covering relationships of
certain kinds prohibited by that act, but it has
no authority under that act to grant a permit
covering the service of an institution other than
a banking institution or a private banker. In
connection with certain applications for permits
under the provisions of the Clayton Act
recently pending before it, the Board had occasion
to consider the question whether such permits
should be granted involving relationships between national banks and private bankers
which carry margin accounts.
As indicated in the ruling in the April 1934
BULLETIN above mentioned, the legislative history of the Banking Act of 1933, and of section
33 of that act, which amended the Clayton
Act by adding section 8A thereto, discloses
that one of the primary purposes of section 8A
was to prevent an undue use of credit for speculative purposes and particularly to inhibit the
diversion of funds into speculative dealings
on the stock exchanges. Since margin accounts
and the brokers' loans by which they are
financed constitute an important channel
through which credit is employed in such
speculation, it is believed that the service of an
officer, director, or employee of a national bank
and as a director, officer, employee, or partner
Applicability of section 32 of Banking Act of 1933 to
persons dealing in securities solely for account of
others
The Federal Reserve Board recently had
occasion to consider the question whether
section 32 of the Banking Act of 1933 was
applicable in the case of an interlocking directorship between a national bank and a corporation which was acting exclusively as broker on
orders received from customers for the purchase
of securities.
It appears that it is the purpose of section 32
to restrict relationships between member banks
and organizations which are directly interested
in issues of securities through underwriting,
distributing, or dealing in such issues, because
of the possible undesirable effect of such relationships upon the member bank's credit or
investment policies or its policies in dealing
with its customers. It is believed that the
words "purchase" and "sale" as used in
section 32 are words which connote the passing
of ownership to or from the persons making
the purchases or sales, and that an organization
which is engaged solely in executing orders for
the purchase and sale of securities on behalf of
others in the open market is not within the
intent or language of the statute. Accordingly,
the Federal Reserve Board expressed the
opinion that section 32 of the Banking Act of
1933 was not applicable to the above-mentioned
corporation which was acting exclusively as.
broker in the execution in the open market of
orders for the purchase and sale of securities for
the account of others and which was not engaged in underwriting, distributing, or dealing
in securities, and that the interlocking relationship in question was not within the provisions
of that section.
Attention is invited to the fact, however,
that section 8A of the Clayton Antitrust Act
prohibits a director, officer, or employee of a
bank organized or operating under the laws of
the United States from serving as a director,
officer, or employee of a corporation other than
a mutual savings bank or as a member of a
partnership which shall make loans secured by
stock or bond collateral other than to its own
394
FEDERAL RESERVE BULLETIN
subsidiaries. The Federal Reserve Board has
expressed the opinion that the carrying of
margin accounts involves the making of loans
secured by stock or bond collateral within the
meaning of section 8A; and, accordingly, even
though an organization is not of a kind to which
the provisions of section 32 of the Banking Act
of 1933 are applicable, it falls within the prohibitory provisions of section 8A of the Clayton
Act if it carries margin accounts. In this connection, see the FEDERAL RESERVE BULLETIN
for April 1934 at page 244 and for June 1934 at
page 393.
Absorption of exchange or collection charges by
member banks
Section 19 of the Federal Reserve Act, as
amended by the Banking Act of 1933, approved June 16, 1933, provides, in part, that:
No member bank shall, directly or indirectly by any
device whatsoever, pay any interest on any deposit
which is payable on demand; * * *
If strictly complied with by member banks,
this provision of law would reduce one of their
largest items of expense, and it is in their own
interest for member banks to cooperate in
obtaining complete compliance with both the
spirit and the letter of the law on this subject.
Since the enactment of this provision on
June 16, 1933, the Board has frequently had
occasion to consider the question whether the
payment or absorption of exchange or collection charges by a member bank, in connection
with items received on deposit from its customers or correspondents constitutes an indirect
payment of interest within the prohibition of
section 19, where such deposits are payable on
demand; and the Board has issued a number of
rulings on this subject during the past year.
Questions as to whether or not the absorption of particular charges constitutes an indirect
payment of interest within the meaning of the
law must be determined as and when they
arise in particular cases and in the light of the
special facts of each such case, and no general
rule applicable in all cases can be prescribed.
However, rulings which the Board has made in
particular cases which have been presented for
its consideration have resulted in the establishment of certain principles, which are summarized below for the information and guidance
of member banks:
(1) The absorption of exchange or collection
charges in amounts which vary with or bear a
substantially direct relation to the amount of
a depositor's balance amounts to an indirect
JUNE 1934
payment of interest in violation of section 19 of
the Federal Reserve Act, if the deposit is
payable on demand.
(2) The absorption or payment of such
charges in amounts which do not vary with or
bear a substantially direct relation to the
amount of the depositor's balance is not
prohibited by law.
(3) If exchange charges and other actual
out-of-pocket expenses are included in an
analysis of an account which also includes a
credit allowed the customer for interest or for
the reasonable value of the account to the bank,
interest is paid to the extent that such credit
offsets out-of-pocket expenses absorbed by the
bank; and any such payment with respect to a
deposit payable on demand is in violation of
law.
(4) If exchange charges and other out-ofpocket expenses are omitted entirely from an
analysis of an account, credit for the earning
value of the account to the bank may lawfully
be included in such analysis, provided no payment is made to the customer with respect to
such account and the analysis is used solely for
the purpose of determining whether the bank
itself is properly compensated for the services
which it renders to the customer and/or what
service charges, if any, must be assessed against
the customer.
In order that the application of these principles may be more clearly understood, the
rulings in which they were established are
reviewed below.
In one of the earliest rulings by the Board,
the question presented was whether a member
bank might lawfully absorb exchange or collection charges in connection with checks and
other items received by such bank for credit to
the account of the correspondent bank. From
the statement of facts submitted, it appeared
that a charge would be made and assessed
against the correspondent bank unless a sufficient balance was maintained by that bank to
recompense the member bank for the absorption of such charges; but it did not appear that
there was a substantially direct relation between the amount of the charges so absorbed
by the member bank and the amount of the
balance maintained by the correspondent.
For the purposes of the ruling, it was assumed
that the amount of the charges so absorbed
would not vary directly with the amount of the
deposit balance, but would depend rather upon
the number of items received in the correspondent's account, the time necessary to collect
them, and the manner of collection necessary.
JUNE 1934
FEDERAL RESERVE BULLETIN
It was further assumed that, although service
charges might be made against the correspondent bank if it failed to maintain a balance sufficient to recompense the member bank for the
absorption of such charges, nevertheless, if the
amount of the deposit balance exceeded the
minimum required for the absorption of such
charges, there would be no corresponding increase in the cost of the account to the member
bank or in the pecuniary benefits to the
correspondent bank.
The Board ruled that the absorption of exchange or collection charges in such circumstances was not to be regarded as a payment of
interest directly or indirectly within the meaning of section 19, since the amount of charges
absorbed by the member bank would not vary
with or bear a substantially direct relation to
the amount of the balance maintained by the
correspondent bank. However, the Board
stated that, if the amount of such charges or
benefits to the correspondent bank should vary
with or bear a substantially direct relation to
the amount of the deposit balance, such a practice would come within the prohibition of section 19 against the payment of interest on
deposits payable on demand.
In another case there was also presented to
the Board a question as to the legality of a
practice under which member banks charged
to their depositors the amount of exchange
charges on checks received on deposit, except
that, if the average daily balance of the depositor was $1,000 or more, the banks absorbed
the amount of such exchange charges. The
Board stated it was of the opinion that the
absorption of charges in such circumstances
was not an indirect payment of interest, since
the amount of charges absorbed did not vary
with or bear a substantially direct relation to
the amount of the depositor's balance; and that
accordingly, the member banks were not prohibited from absorbing charges on such a basis
in connection with balances payable on demand.
On the other hand, in another case presented
to the Board, it appeared that it was the custom
or practice of certain member banks, in connection with deposits received from correspondents
and payable on demand, to absorb exchange or
collection charges in an amount equivalent to
2 percent of the collected balance of the correspondent bank. On the basis of such facts, the
Board expressed the view that the payment or
absorption of exchange or collection charges
by any such member bank up to an amount
equivalent to a certain specified percentage of
the amount of the collected balance of the cor-
395
respondent or customer was an indirect payment of interest in contravention of the provisions of said section 19.
In yet another case, the facts were stated to
the Board substantially as follows: The potential earning power of the depositor's balance is
arrived at on the basis of an arbitrary rate
representing in theory the approximate average
earning rate of the bank's loans and investments. This amount is set up as an analysis
credit account which will offset service charges
for checks collected, checks paid, etc. If the
total amount of such service charges is less than
the analysis credit, no service charge is assessed
against the depositor; but, if such charges
exceed the amount of the credit, the depositor
is called on to pay the difference. The bank
does not actually pay any part of the analysis
credit to the depositor, regardless of the amount
of such credit or the amount of the service
charges. It was stated that the service charges
themselves did not represent actual payments
made by the bank for exchange, collection, or
other similar charges, but it appeared that such
items, representing actual expenditures by the
bank on behalf of specific depositors, would
actually be included in computing the amount
to be offset by the analysis credit, which
apparently represented a fixed percentage of
the depositor's balance. On the basis of such
information, the Board expressed the view that
the deduction from the amount of service
charges to be imposed upon a depositor of an
amount equivalent to a certain percentage of
his balance is an indirect payment of interest
within the meaning of section 19 of the Federal
Reserve Act, and accordingly, that no member
bank may lawfully make a deduction from
service charges on such a basis with respect to
deposits payable on demand.
Insofar as this ruling related to service
charges representing general overhead expenses of the bank, as distinguished from
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 was
qualified subsequently by the ruling next
discussed below.
Under date of November 24, 1933, the Board
was advised by the Chairman of the Banking
Code Committee that article VIII, paragraph
(3) of the Bankers' Code of Fair Competition,
as approved by 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
396
FEDEKAL RESERVE
shall be compensated for either by adequate
balances carried or by a scale of charges. It
was stated that, in order to determine whether
the balance carried in an account is sufficient
to compensate the bank fairly for service
rendered, it is necessary to analyze the account
and that this requires the establishment of
uniform rules which must give consideration to
the value of the account and proper service
charges1 against the account; and that these
charges are of two classes: first, general overhead expenses of the account; and second, outof-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 appeared that, under the Code, it
was the duty of the Banking Code Committee
to consider the rules which were being submitted for approval by clearing houses and other
banking groups provided for in the Code and
that, before passing upon these rules, the committee desired to know whether it would be
contrary to the provision of the Federal Reserve
Act which prohibits the payment of interest on
deposits payable on demand 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 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
customers7 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".
In response to the foregoing, the Federal
Reserve Board reconsidered the ruling last
discussed above and made an official ruling
to the effect that a practice such as that outlined in the letter from the Chairman of the
Banking Code Committee would not be contrary to the provisions of section 19 which
prohibit the payment of interest upon deposits
payable on demand. In reaching this conclusion, the Board qualified certain earlier
rulings to the extent of holding that the
absorption, in an amount equivalent to the
BULLETIN
JUNE 1934
value of the depositor's account to the bank, of
service charges representing the depositor's
allotted shares of the banks general overhead
expenses, as distinguished from 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, would not
contravene the rule against paying interest
directly or indirectly on deposits which are
payable on demand. In making this ruling,
the Board also took particularly into account
the fact that the uniform ruling proposed to be
adopted by the Banking Code Committee
contemplated, among other things, that the
banks would 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. It
was felt that such a rule 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.
In conclusion, it should be noted that, in
any case in which a member bank pays or
absorbs exchange or collection charges or other
expenses in connection with any deposit payable
on demand, the burden will be upon it to show
that such payment or absorption of charges
is not a device to evade the provisions of section
19 of the Federal Reserve Act forbidding the
payment of interest on deposits payable on
demand.
Securities Exchange Act of 1934
There is published below the text of the
Securities Exchange Act of 1934, which was
signed by the President on June 6, 1934.
[PUBLIC—No. 291—73D CONGRESS]
[H.R. 9323]
AN ACT
To provide for the regulation of securities exchanges and of over-thecounter markets operating in interstate and foreign commerce and
through the mails, to prevent inequitable and unfair practices on such
exchanges and markets, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
TITLE
I—REGULATION
OF
SECURITIES
EXCHANGES
SHORT TITLE
SECTION 1. This Act may be cited as the " Securities
Exchange Act of 1934."
JUNE 1934
FEDERAL RESERVE BULLETIN
397
or unincorporated, which constitutes, maintains, or
provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions
commonly performed by a stock exchange as that term
is generally understood, and includes the market place
and the market facilities maintained by such exchange.
(2) The term "facility" when used with respect to
an exchange includes its premises, tangible or intangible
property whether on the premises or not, any right to
the use of such premises or property or any service
thereof for the purpose of effecting or reporting a transaction on an exchange (including, among other things,
any system of communication to or from the exchange,
by ticker or otherwise, maintained by or with the
consent of the exchange), and any right of the exchange
to the use of any property or service.
(3) The term "member" when used with respect to
an exchange means any person who is permitted either
to effect transactions on the exchange without the
services of another person acting as broker, or to make
use of the facilities of an exchange for transactions
thereon without payment of a commission or fee or with
the payment of a commission or fee which is less than
that charged the general public, and includes any firm
transacting a business as broker or dealer of which a
member is a partner, and any partner of any such
firm.
(4) The term "broker" means any person engaged
in the business of effecting transactions in securities for
the account of others, but does not include a bank.
(5) The term "dealer" means any person engaged in
the business of buying and selling securities for his own
account, through a broker or otherwise, but does not
include a bank, or any person insofar as he buys or sells
securities for his own account, either individually or in
some fiduciary capacity, but not as a part of a regular
business.
(6) The term " b a n k " means (A) a banking institution organized under the laws of the United States, (B)
a member bank of the Federal Reserve System, (C)
any other banking institution, whether incorporated or
not, doing business under the laws of any State or of the
United States, a substantial portion of the business of
which consists of receiving deposits or exercising
fiduciary powers similar to those permitted to national
banks under section 11 (k) of the Federal Reserve Act,
as amended, and which is supervised and examined by
State or Federal authority having supervision over
banks, and which is not operated for the purpose of
evading the provisions of this title, and (D) a receiver,
conservator, or other liquidating agent of any institution or firm included in clauses (A), (B), or (C) of this
paragraph.
(7) The term "director" means any director of a
corporation or any person performing similar functions
with respect to any organization, whether incorporated
or unincorporated.
(8) The term "issuer" means any person who issues
or proposes to issue any security; except that with
respect to certificates of deposit for securities, votingtrust certificates, or collateral-trust certificates, or with
respect to certificates of interest or shares in an unincorporated investment trust not having a board of
directors or of the fixed, restricted management, or
DEFINITIONS AND APPLICATION OF TITLE
unit type, the term "issuer" means the person or
persons performing the acts and assuming the duties of
SEC. 3. (a) When used in this title, unless the context depositor or manager pursuant to the provisions of the
trust or other agreement or instrument under which
•otherwise requires—
(1) The term "exchange" means any organization, such securities are issued; and except that with respect
association, or group of persons, whether incorporated to equipment-trust certificates or like securities, the
NECESSITY FOR REGULATION AS PROVIDED IN THIS TITLE
SEC. 2. For the reasons hereinafter enumerated, transactions in securities as commonly conducted upon
securities exchanges and over-the-counter markets are
affected with a national public interest which makes it
necessary to provide for regulation and control of such
transactions and of practices and matters related
thereto, including transactions by officers, directors,
and principal security holders, to require appropriate
reports, and to impose requirements necessary to make
such regulation and control reasonably complete and
effective, in order to protect interstate commerce, the
national credit, the Federal taxing power, to protect
and make more effective the national banking system
and Federal Reserve System, and to insure the maintenance of fair and honest markets in such transactions:
(1) Such transactions (a) are carried on in large
volume by the public generally and in large part
originate outside the States in which the exchanges and
over-the-counter markets are located and/or are effected
by means of the mails and instrumentalities of interstate commerce; (b) constitute an important part of
the current of interstate commerce; (c) involve in
large part the securities of issuers engaged in interstate
commerce; (d) involve the use of credit, directly affect
the financing of trade, industry, and transportation in
interstate commerce, and directly affect and influence
the volume of interstate commerce; and affect the
national credit.
(2) The prices established and offered in such transactions are generally disseminated and quoted throughout the United States and foreign countries and con*
stitute a basis for determining and establishing the
prices at which securities are bought and sold, the
amount of certain taxes owing to the United States and
to the several States by owners, buyers, and sellers of
securities, and the value of collateral for bank loans.
(3) Frequently the prices of securities on such exchanges and markets are susceptible to manipulation
and control, and the dissemination of such prices gives
rise to excessive speculation, resulting in sudden and
unreasonable fluctuations in the prices of securities
wfiich (a) cause alternately unreasonable expansion and
unreasonable contraction of the volume of credit
available for trade, transportation, and industry in
interstate commerce, (b) hinder the proper appraisal
of the value of securities and thus prevent a fair calculation of taxes owing to the United States and to the
several States by owners, buyers, and sellers of securities, and (c) prevent the fair valuation of collateral
for bank loans and/or obstruct the effective operation
of the national banking system and Federal Reserve
^System.
(4) National emergencies, which produce widespread
unemployment and the dislocation of trade, transportation, and industry, and which burden interstate commerce and adversely affect the general welfare, are
precipitated, intensified, and prolonged by manipulation
.and sudden and unreasonable fluctuations of security
prices and by excessive speculation on such exchanges
.and markets, and to meet such emergencies the Federal
Government is put to such great expense as to burden
the national credit.
398
FEDERAL RESERVE BULLETIN
term "issuer" means the person by whom the equipment or property is, or is to be, used.
(9) The term "person" means an individual, a corporation, a partnership, an association, a joint-stock
company, a business trust, or an unincorporated
organization.
(10) The term "security" means any note, stock,
treasury stock, bond, debenture, certificate of interest
or participation in any profit-sharing agreement or in
any oil, gas, or other mineral royalty or lease, any
collateral-trust certificate, preorganization certificate
or subscription, transferable share, investment contract,
voting-trust certificate, certificate of deposit, for a
security, or in general, any instrument commonly known
as a "security"; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase,
any of the foregoing; but shall not include currency or
any note, draft, bill of exchange, or banker's acceptance
which has a maturity at the time of issuance of not
exceeding nine months, exclusive of days of grace, or
any renewal thereof the maturity of which is likewise
limited.
(11) The term "equity security" means any stock or
similar security; or any security convertible, with or
without consideration, into such a security, or carrying
any warrant or right to subscribe to or purchase such a
security; or any such warrant or right; or any other
security which the Commission shall deem to be of
similar nature and consider necessary or appropriate,
by such rules and regulations as it may prescribe in the
public interest or for the protection of investors, to
treat as an equity securit.y.
(12) The term "exempted security" or "exempted
securities" shall include securities which are direct
obligations of or obligations guaranteed as to principal
or interest by the United States; such securities issued
or guaranteed by corporations in which the United
States has a direct or indirect interest as shall be
designated for exemption by the Secretary of the
Treasury as necessary or appropriate in the public interest or for the protection of investors; securities which
are direct obligations of or obligations guaranteed as to
principal or interest by a State or any political subdivision thereof or any agency or instrumentality of a
State or any political subdivision thereof or any municipal corporate instrumentality of one or more States;
and such other securities (which may include, among
others, unregistered securities, the market in which is
predominantly intrastate) as the Commission may, by
such rules and regulations as it deems necessary or
appropriate in the public interest or for the protection of
investors, either unconditionally or upon specified
terms and conditions or for stated periods, exempt from
the operation of any one or more provisions of this
title which by their terms do not apply to an "exempted
security" or to "exempted securities."
(13) The terms " b u y " and "purchase" each include
any contract to buy, purchase, or otherwise acquire.
(14) The terms "sale" and "sell" each include any
contract to sell or otherwise dispose of.
(15) The term "Commission" means the Securities
and Exchange Commission established by section 4 of
this title.
(16) The term " S t a t e " means any State of the
United States, the District of Columbia, Alaska, Hawaii,
Puerto Rico, the Philippine Islands, the Canal Zone, the
Virgin Islands, or any other possession of the United
States.
(17) The term "interstate commerce" means trade,
commerce, transportation, or communication among the
several States, or between any foreign country and any
JUNE 1934
State, or between any State and any place or ship
outside thereof.
(b) The Commission and the Federal Reserve Board,
as to matters within their respective jurisdictions, shall
have power by rules and regulations to define technical,
trade, and accounting terms used in this title insofar as
such definitions are not inconsistent with the provisions
of this title.
(c) No provision of this title shall apply to, or be
deemed to include, any executive department or independent establishment of the United States, or any
lending agency which is wholly owned, directly or indirectly, by the United States, or any officer, agent, or
employee of any such department, establishment, or
agency, acting in the course of his official duty as such,
unless such provision makes specific reference to such
department, establishment, or agency.
SECURITIES AND EXCHANGE COMMISSION
SEC. 4. (a) There is hereby established a Securities
and Exchange Commission (hereinafter referred to as
the "Commission") to be composed of five commissioners to be appointed by the President by and with
the advice and consent of the Senate. Not more than
three of such commissioners shall be members of the
same political party, and in making appointments
members of different political parties shall be appointed
alternately as nearly as may be practicable. No commissioner shall engage in any other business, vocation,
or employment than that of serving as commissioner,
nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions
of a character subject to regulation by the Commission
pursuant to this title. Each commissioner shall receive
a salary at the rate of $10,000 a year and shall hold
office for a term of five years, except that (1) any commissioner appointed to fill a vacancy occurring prior
to the expiration of the term for which his predecessor
was appointed, shall be appointed for the remainder of
such term, and (2) the terms of office of the commissioners first taking office after the date of enactment
of this title shall expire, as designated by the President
at the time of nomination, one at the end of one year,
one at the end of two years, one at the end of three
years, one at the end of four years, and one at the end
of five years, after the date of enactment of this title.
(b) The Commission is authorized to appoint and
fix the compensation of such officers, attorneys, examiners, and other experts as may be necessary for carrying
out its functions under this Act, without regard to the
provisions of other laws applicable to the employment
and compensation of officers and employees of the
United States, and the Commission may, subject to the
civil-service laws, appoint such other officers and employees as are necessary in the execution of its functions
and fix their salaries in accordance with the Classification Act of 1923, as amended.
TRANSACTIONS ON UNREGISTERED
EXCHANGES
SEC. 5. It shall be unlawful for any broker, dealer,
or exchange, directly or indirectly, to make use of the
mails or any means or instrumentality of interstate
commerce for the purpose of using any facility of an
exchange within or subject to the jurisdiction of the
United States to effect any transaction in a security, or
to report any such transaction, unless such exchange
(1) is registered as a national securities exchange
under section 6 of this title, or (2) is exempted from
such registration upon application by the exchange
because, in the opinion of the Commission, by reason
of the limited volume of transactions effected on such
JUNE 1934
FEDEKAL RESERVE BULLETIN
exchange, it is not practicable and not necessary or
appropriate in the public interest or for the protection
of investors to require such registration.
REGISTRATION OF NATIONAL SECURITIES EXCHANGES
SEC. 6. (a) Any exchange may be registered with the
Commission as a national securities exchange under
the terms and conditions hereinafter provided in this
section, by filing a registration statement in such form
as the Commission may prescribe, containing the agreements, setting forth the information, and accompanied
by the documents, below specified:
(1) An agreement (which shall not be construed as a
waiver of any constitutional right or any right to contest the validity of any rule or regulation) to comply,
and to enforce so far as is within its powers compliance
by its members, with the provisions of this title, and
any amendment thereto and any rule or regulation
made or to be made thereunder;
(2) Such data as to its organization, rules of procedure, and membership, and such other information
as the Commission may by rules and regulations require as being necessary or appropriate in the public
interest or for the protection of investors;
(3) Copies of its constitution, articles of incorporation with all amendments thereto, and of its existing
bylaws or rules or instruments corresponding thereto,
whatever the name, which are hereinafter collectively
referred to as the "rules of the exchange"; and
(4) An agreement to furnish to the Commission
copies of any amendments to the rules of the exchange
forthwith upon their adoption.
(b) No registration shall be granted or remain in
force unless the rules of the exchange include provision
for the expulsion, suspension, or disciplining of a
member for conduct or proceeding inconsistent with
just and equitable principles of trade, and declare that
the willfull violation of any provisions of this title or
any rule or regulation thereunder shall be considered
conduct or proceeding inconsistent with just and
equitable principles of trade.
(c) Nothing in this title shall be construed to prevent
any exchange from adopting and enforcing any rule not
inconsistent with this title and the rules and regulations
thereunder and the applicable laws of the State in
which it is located.
(d) If it appears to the Commission that the exchange applying for registration is so organized as to
be able to comply with the provisions of this title and
the rules and regulations thereunder and that the rules
of the exchange are just and adequate to insure fair
dealing and to protect investors, the Commission shall
cause such exchange to be registered as a national
securities exchange.
(e) Within thirty days after the filing of the application, the Commission shall enter an order either granting
or, after appropriate notice and opportunity for hearing,
denying registration as a national securities exchange,
unless the exchange applying for registration shall
withdraw its application or consent to the Commission's
deferring action on its application for a stated longer
period after the date of filing. The filing with the
Commission of an application for registration by an
exchange shall be deemed to have taken place upon the
receipt thereof. Amendments to an application may
be made upon such terms as the Commission may
prescribe.
(f) An exchange may, upon appropriate application
in accordance with the rules and regulations of the
Commission, and upon such terms as the Commission
may deem necessary for the protection of investors,
withdraw its registration.
399
MARGIN REQUIREMENTS
SEC. 7. (a) For the purpose of preventing the
excessive use of credit for the purchase or carrying of
securities, the Federal Reserve Board shall, prior to the
effective date of this section and from time to time
thereafter, prescribe rules and regulations with respect
to the amount of credit that may be initially extended
and subsequently maintained on any security (other
than an exempted security) registered on a national
securities exchange. For the initial extension of credit,
such rules and regulations shall be based upon the
following standard: An amount not greater than
whichever is the higher of—
(1) 55 per centum of the current market price
of the security, or
(2) 100 per centum of the lowest market price
of the security during the preceding thirty-six
calendar months, but not more than 75 per centum
of the current market price.
Such rules and regulations may make appropriate
provision with respect to the carrying of undermargined accounts for limited periods and under
specified conditions; the withdrawal of funds or securities; the substitution or additional purchases of securities; the transfer of accounts from one lender to another;
special or different margin requirements for delayed
deliveries, short sales, arbitrage transactions, and
securities to which paragraph (2) of this subsection
does not apply; the bases and the methods to be used
in calculating loans, and margins and market prices;
and similar administrative adjustments and details.
For the purposes of paragraph (2) of this subsection,
until July 1, 1936, the lowest price at which a security
has sold on or after July 1, 1933, shall be considered
as the lowest price at which such security has sold
during the preceding thirty-six calendar months.
(b) Notwithstanding the provisions of subsection
(a) of this section, the Federal Reserve Board, may,
from time to time, with respect to all or specified
securities or transactions, or classes of securities, or
classes of transactions, by such rules and regulations
(1) prescribe such lower margin requirements for the
initial extension or maintenance of credit as it deems
necessary or appropriate for the accommodation of
commerce and industry, having due regard to the
general credit situation of the country, and (2) prescribe
such higher margin requirements for the initial extension or maintenance of credit as it may deem necessary
or appropriate to prevent the excessive use of credit to
finance transactions in securities.
(c) It shall be unlawful for any member of a national
securities exchange or any broker or dealer who transacts a business in securities through the medium of any
such member, directly or indirectly to extend or maintain credit or arrange for the extension or maintenance
of credit to or for any customer—
(1) On any security (other than an exempted security) registered on a national securities exchange, in
contravention of the rules and regulations which the
Federal Reserve Board shall prescribe under subsections
(a) and (b) of this section.
(2) Without collateral or on any collateral other
than exempted securities and/or securities registered
upon a national securities exchange, except in accordance with such rules and regulations as the Federal
Reserve Board may prescribe (A) to permit under
specified conditions and for a limited period any such
member, broker, or dealer to maintain a credit initially
extended in conformity with the rules and regulations
of the Federal Reserve Board, and (B) to permit the
extension or maintenance of credit in cases where the
400
FEDERAL RESERVE BULLETIN
extension or maintenance of credit is not for the purpose
of purchasing or carrying securities or of evading or
circumventing the provisions of paragraph (1) of this
subsection.
(d) It shall be unlawful for any person not subject
to subsection (c) to extend or maintain credit or to
arrange for the extension or maintenance of credit for
the purpose of purchasing or carrying any security
registered on a national securities exchange, in contravention of such rules and regulations as the Federal
Reserve Board shall prescribe to prevent the excessive
use of credit for the purchasing or carrying of or
trading in securities in circumvention of the other
provisions of this section. Such rules and regulations
may impose upon all loans made for the purpose of
purchasing or carrying securities registered on national
securities exchanges limitations similar to those imposed upon members, brokers, or dealers by subsection
(c) of this section and the rules and regulations thereunder. This subsection and the rules and regulations
thereunder shall not apply (A) to a loan made by a
person not in the ordinary course of his business, (B)
to a loan on an exempted security, (C) to a loan to a
dealer to aid in the financing of the distribution of
securities to customers not through the medium of a
national securities exchange, (D) to a loan by a bank
on a security other than an equity security, or (E)
to such other loans as the Federal Reserve Board shall,
by such rules and regulations as it may deem necessary
or appropriate in the public interest or for the protection of investors, exempt, either unconditionally or
upon specified terms and conditions or for stated
periods, from the operation of this subsection and the
rules and regulations thereunder.
(e) The provisions of this section or the rules and
regulations thereunder shall not apply on or before
July 1, 1937, to any loan or extension of credit made
prior to the enactment of this title or to the maintenance, renewal, or extension of any such loan or credit,
except to the extent that the Federal Reserve Board
may by rules and regulations prescribe as necessary to
prevent the circumvention of the provisions of this
section or the rules and regulations thereunder by
means of withdrawals of funds or securities, substitutions of securities, or additional purchases or by any
other device.
RESTRICTIONS ON BORROWING BY MEMBERS, BROKERS,
AND DEALERS
SEC. 8. It shall be unlawful for any member of a
national securities exchange, or any broker or dealer
who transacts a business in securities through the
medium of any such member, directly or indirectly—
(a) To borrow in the ordinary course of business as a
broker or dealer on any security (other than an exempted security) registered on a national securities exchange
except (1) from or through a member bank of the Federal Reserve System, (2) from any nonmember bank
which shall have filed with the Federal Reserve Board
an agreement, which is still in force and which is in the
form prescribed by the Board, undertaking to comply
with all provisions of this Act, the Federal Reserve Act,
as amended, and the Banking Act of 1933, which are
applicable to member banks and which relate to the use
of credit to finance transactions in securities, and with
such rules and regulations as may be prescribed pursuant to such provisions of law or for the purpose of
preventing evasions thereof, or (3) in accordance with
such rules and regulations as the Federal Reserve Board
may prescribe to permit loans between such members
and/or brokers and/or dealers, or to permit loans to meet
JUNE 1934
emergency needs. Any such agreement filed with the
Federal Reserve Board shall be subject to termination
at any time by order of the Board, after appropriate
notice and opportunity for hearing, because of any
failure by such bank to comply with the provisions
thereof or with such provisions of law or rules or regulations; and, for any willful violation of such agreement,
such bank shall be subject to the penalties provided for
violations of rules and regulations prescribed under this
title. The provisions of sections 21 and 25 of this title
shall apply in the case of any such proceeding or order
of the Federal Reserve Board in the same manner as
such provisions apply in the case of proceedings and
orders of the Commission.
(b) To permit in the ordinary course of business as a
broker his aggregate indebtedness to all other persons,
including customers' credit balances (but excluding
indebtedness secured by exempted securities), to exceed
such percentage of the net capital (exclusive of fixed
assets and value of exchange membership) employed
in the business, but not exceeding in any case 2,000 per
centum, as the Commission may by rules and regulations prescribe as necessary or appropriate in the public
interest or for the protection of investors.
(c) In contravention of such rules and regulations as
the Commission shall prescribe for the protection of
investors to hypothecate or arrange for the hypothecation of any securities carried for the account of any
customer under circumstances (1) that will permit the
commingling of his securities without his written consent with the securities of any other customer, (2) that
will permit such securities to be commingled with the
securities of any person other than a bona fide customer
or (3) that will permit such securities to be hypothecated, or subjected to any lien or claim of the pledgee,
for a sum in excess of the aggregate indebtedness of
such customers in respect of such securities.
(d) To lend or arrange for the lending of any securities carried for the account of any customer without the
written consent of such customer.
PROHIBITION
AGAINST
MANIPULATION
PRICES
OF
SECURITY
SEC. 9. (a) It shall be unlawful for any person,
directly or indirectly, by the use of the mails or any
means or instrumentality of interstate commerce, or of
any facility of any national securities exchange, or for
any member of a national securities exchange-y(1) For the purpose of creating a false or misleading
appearance of active trading in any security registered
on a national securities exchange, or a false or misleading appearance with respect to the market for any such
security, (A) to effect any transaction in such security
which involves no change in the beneficial ownership
thereof, or (B) to enter an order or orders for the purchase of such security with the knowledge that an order
or orders of substantially the same size, at substantially
the same time, and at substantially the same price, for
the sale of any such security, has been or will be entered
by or for the same or different parties, or (C) to enter
any order or orders for the sale of any such security
with the knowledge that an order or orders of substantially the same size, at substantially the same time,
and at substantially the same price, for the purchase of
such security, has been or will be entered by or for the
same or different parties.
(2) To effect, alone or with one or more other persons, a series of transactions in any security registered
on a national securities exchange creating actual or
apparent active trading in such security, or raising or
JUNE 1934
FEDERAL RESERVE BULLETIN
depressing the price of such security, for the purpose of
inducing the purchase or sale of such security by
others.
(3) If a dealer or broker, or other person selling or
offering for sale or purchasing or offering to purchase
the security, to induce the purchase or sale of any security registered on a national securities exchange by
the circulation or dissemination in the ordinary course
of business of information to the effect that the price
of any such security will or is likely to rise or fall because of market operations of any one or more persons
conducted for the purpose of raising or depressing the
prices of such security.
(4) If a dealer or broker, or other person selling or
offering for sale or purchasing or offering to purchase
the security, to make, regarding any security registered
on a national securities exchange, for the purpose of
inducing the purchase or sale of such security, any
statement which was at the time and in the light of the
circumstances under which it was made,- false or misleading with respect to any material fact, and which
he knew or had reasonable ground to believe was so
false or misleading.
(5) For a consideration, received directly or indirectly from a dealer or broker, or other person selling or
offering for sale or purchasing or offering to purchase
the security, to induce the purchase or sale of any security registered on a national securities exchange by
the circulation or dissemination of information to the
effect that the price of any such security will or is likely
to rise or fall because of the market operations of any
one or more persons conducted for the purpose of raising
or depressing the price of such security.
(6) To effect either alone or with one or more other
persons any series of transactions for the purchase
and/or sale of any security registered on a national securities exchange for the purpose of pegging, fixing, or
stabilizing the price of such security in contravention
of such rules and regulations as the Commission may
prescribe as necessary or appropriate in the public
interest or for the protection of investors.
(b) It shall be unlawful for any perspn to effect, by
use of any facility of a national securities exchange, in
contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in
the public interest or for the protection of investors—
(1) any transaction in connection with any security
whereby any party to such transaction acquires any
put, call, straddle, or other option or privilege of buying
the security from or selling the security to another
without being bound to do so; or
(2) any transaction in connection with any security
with relation to which he has, directly or indirectly,
any interest in any such put, call, straddle, option, or
privilege; or
(3) any transaction in any security for the account
of any person who he has reason to believe has, and
who actually has, directly or indirectly, any interest in
any such put, call, straddle, option, or privilege with
relation to such security.
(c) It shall be unlawful for any member of a national
securities exchange directly or indirectly to endorse or
guarantee the performance of any put, call, straddle,
option, or privilege in relation to any security registered
on a national securities exchange, in contravention of
such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest
or for the protection of investors.
(d) The terms " p u t " , "call", "straddle", "option",
or "privilege" as used in this section shall not include
any registered warrant, right, or convertible security.
401
(e) Any person who willfully participates in any act
or transaction in violation of subsection (a), (b), or (c)
of this section, shall be liable to any person who shall
purchase or sell any security at a price which was
affected by such act or transaction, and the person so
injured may sue in law or in equity in any court of competent jurisdiction to recover the damages sustained as
a result of any such act or transaction. In any such
suit the court may, in its discretion, require an undertaking for the payment of the costs of such suit, and
assess reasonable costs, including reasonable attorneys'
fees, against either party litigant. Every person who
becomes liable to make any payment under this subsection may recover contribution as in cases of contract from any person who, if joined in the original suit,
would have been liable to make the same payment.
No action shall be maintained to enforce any liability
created under this section, unless brought within one
year after the discovery of the facts constituting the
violation and within three years after such violation.
(f) The provisions of this section shall not apply to
an exempted security.
REGULATION OF THE USE OF MANIPULATIVE AND
DECEPTIVE DEVICES
SEC. 10. It shall be unlawful for any person, directly
or indirectly, by the use of any means or instrumentality of interstate commerce or of the mails, or of any
facility of any national securities exchange—
(a) To effect a short sale, or to use or employ any
stop-loss order in connection with the purchase or sale,
of any security registered on a national securities exchange, in contravention of such rules and regulations
as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of
investors.
(b) To use or employ, in connection with the purchase or sale of any security registered on a national
securities exchange or any security not so registered,
any manipulative or deceptive device or contrivance in
contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in
the public interest or for the protection of investors.
SEGREGATION AND LIMITATION OF FUNCTIONS OF MEMBERS, BROKERS, AND DEALERS
SEC. 11. (a) The Commission shall prescribe such
rules and regulations as it deems necessary or appropriate in the public interest or for the protection of investors, (1) to regulate or prevent floor trading by members of national securities exchanges, directly or indirectly for their own account or for discretionary accounts, and (2) to prevent such excessive trading on
the exchange but off the floor by members, directly or
indirectly for their own account, as the Commission
may deem detrimental to the maintenance of a fair and
orderly market. It shall be unlawful for a member to
effect any transaction in a security in contravention of
such rules and regulations, but such rules and regulations may make such exemptions for arbitrage transactions, for transactions in exempted securities, and,
within the limitations of subsection (b) of this section,
for transactions by odd-lot dealers and specialists, as
the Commission may deem necessary or appropriate in
the public interest or for the protection of investors.
(b) When not in contravention of such rules and regulations as the Commission may prescribe as necessary
or appropriate in the public interest or for the protection
of investors, the rules of a national securities exchange
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FEDERAL RESERVE BULLETIN
may permit (1) a member to be registered as an odd-lot
dealer and as such to buy and sell for his own account
so far as may be reasonably necessary to carry on such
odd-lot transactions, and/or (2) a member to be registered as a specialist. If under the rules and regulations
of the Commission a specialist is permitted to act as a
dealer, or is limited to acting as a dealer, such rules and
regulations shall restrict his dealings so far as practicable to those reasonably necessary to permit him to
maintain a fair and orderly market, and/or to those necessary to permit him to act as an odd-lot dealer if the
rules of the exchange permit him to act as an odd-lot
dealer. It shall be unlawful for a specialist or an official
of the exchange to disclose information in regard to
orders placed with such specialist which is not available
to all members of the exchange, to any person other than
an official of the exchange, a representative of the Commission, or a specialist who may be acting for such
specialist; but the Commission shall have power to
require disclosure to all members of the exchange of all
orders placed with specialists, under such rules and
regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors. It shall also be unlawful for a
specialist acting as a broker to effect on the exchange
any transaction except upon a market or limited price
order.
(c) If because of the limited volume of transactions
effected on an exchange, it is in the opinion of the
Commission impracticable and not necessary or appropriate in the public interest or for the protection of
investors to apply any of the foregoing provisions of this
section or the rules and regulations thereunder, the
Commission shall have power, upon application of the
exchange and on a showing that the rules of such exchange are otherwise adequate for the protection of
investors, to exempt such exchange and its members
from any such provision or rules and regulations.
(d) It shall be unlawful for a member of a national
securities exchange who is both a dealer and a broker,
or for any person who both as a broker and a dealer
transacts a business in securities through the medium of
a member or otherwise, to effect through the use of
any facility of a national securities exchange or of the
mails or of any means or instrumentality of interstate
commerce, or otherwise in the case of a member, (1) any
transaction in connection with which, directly or
indirectly, he extends or maintains or arranges for the
extension or maintenance of credit to or for a customer on any security (other than an exempted security) which was a part of a new issue in the distribution
of which he participated as a member of a selling syndicate or group within six months prior to such transaction: Provided, That credit shall not be deemed
extended by reason of a bona fide delayed delivery of
any such security against full payment of the entire
purchase price thereof upon such delivery within
thirty-five days after such purchase, or (2) any transaction with respect to any security (other than an
exempted security) unless, if the transaction is with a
customer, he discloses to such customer in writing at or
before the completion of the transaction whether he is
acting as a dealer for his own account, as a broker for
such customer, or as a broker for some other person.
(e) The Commission is directed to make a study of
the feasibility and advisability of the complete segregation of the functions of dealer and broker, and to report
the results of its study and its recommendations to
the Congress on or before January 3, 1936.
JUNE 1934
REGISTRATION REQUIREMENTS FOR SECURITIES
SEC. 12. (a) It shall be unlawful for any member,
broker, or dealer to effect any transaction in any
security (other than an exempted security) on a
national securities exchange unless a registration is
effective as to such security for such exchange in
accordance with the provisions of this title and the
rules and regulations thereunder.
(b) A security may be registered on a national securities exchange by the issuer filing an application with
the exchange (and filing with the Commission such
duplicate originals thereof as the Commission may
require), which application shall contain—
(1) Such information, in such detail, as to the issuer
and any person directly or indirectly controlling or
controlled by, or under direct or indirect common
control with, the issuer, and any guarantor of the
security as to principal or interest or both, as the Commission may by rules and regulations require, as necessary or appropriate in the public interest or for the
protection of investors, in respect of the following:
(A) the organization, financial structure and
nature of the business;
(B) the terms, position, rights, and privileges of
the different classes of securities outstanding;
(C) the terms on which their securities are to be,
and during the preceding three years have been,
offered to the public or otherwise;
(D) the directors, officers, and underwriters,
and each security holder of record holding more
than 10 per centum of any class of any equity
security of the issuer (other than an exempted
security), their remuneration and their interests in
the securities of, and their material contracts with,
the issuer and any person directly or indirectly
controlling or controlled by, or under direct or
indirect common control with, the issuer;
(E) remuneration to others than directors and
officers exceeding $20,000 per annum;
(F) bonus and profit-sharing arrangements;
(G) management and service contracts;
(H) options existing or to be created in respect
of their securities;
(I) balance sheets for not more than the three
preceding fiscal years, certified if required by the
rules and regulations of the Commission by independent public accountants;
(J) profit and loss statements for not more than
the three preceding fiscal years, certified if required
by the rules and regulations of the Commission by
independent public accountants; and
(K) any further financial statements which the
Commission may deem necessary or appropriate
for the protection of investors.
(2) Such copies of articles of incorporation, bylaws,
trust indentures, or corresponding documents by whatever name known, underwriting arrangements, and
other similar documents of, and voting trust agreements
with respect to, the issuer and any person directly or
indirectly controlling or controlled by, or under direct or
indirect common control with, the issuer as the Commission may require as necessary or appropriate for the
proper protection of investors and to insure fair dealing
in the security.
(c) If in the judgment of the Commission any information required under subsection (b) is inapplicable to
any specified class or classes of issuers, the Commission
shall require in lieu thereof the submission of such other
JUNE 1934
information of comparable character as it may deem
applicable to such class of issuers.
(d) If the exchange authorities certify to the Commission that the security has been approved by the exchange for listing and registration, the registration shall
become effective thirty days after the receipt of such
certification by the Commission or within such shorter
period of time as the Commission may determine. A
security registered with a national securities exchange
may be withdrawn or stricken from listing and registration in accordance with the rules of the exchange and,
upon such terms as the Commission may deem necessary to impose for the protection of investors, upon
application by the issuer or the exchange to the Commission; whereupon the issuer shall be relieved from
further compliance with the provisions of this section
• and section 13 of this title and any rules or regulations
under such sections as to the securities so withdrawn or
stricken.
An unissued security may be registered only in accordance with such rules and regulations as the Commission may prescribe as necessary or appropriate in
the public Interest or for the protection of investors.
Such rules and regulations shall limit the registration of
an unissued security to cases wnere such security is a
right or the subject of a right to subscribe or otherwise
acquire such security granted to holders of a previously
registered security and where the primary purpose of
such registration is to distribute such unissued security
to such holders.
(e) Notwithstanding the foregoing provisions of this
section, the Commission may by such rules and regulations as it deems necessary or appropriate in the public
interest or for the protection of investors permit
securities listed on any exchange at the time the registration of such exchange as a national securities exchange becomes effective, to be registered for a period
ending not later than July 1, 1935, without complying
with the provisions of this section.
(f) The Commission is directed to make a studj^ of
trading in unlisted securities upon exchanges and to
report the results of its study and its recommendations
to Congress on or before January 3, 1936. Notwithstanding the foregoing provisions of this section, the
Commission may, by such rules and regulations as it
deems necessary or appropriate for the protection of
investors, prescribe terms and conditions under which,
upon the application of any national securities exchange,
such exchange (1) may continue until June 1, 1936,
unlisted trading privileges to which a security had been
admitted on such exchange prior to March 1, 1934, and
for such purpose exempt such security and the issuer
thereof from the provisions of this section, and sections
13 and 16, or (2) may extend until July 1, 1935, unlisted trading privilege to any security registered on any
other national securities exchange which security was
listed on such other exchange on March 1, 1934.
A security for which unlisted trading privileges are
so continued shall be considered a " security registered
on a national securities exchange " within the meaning
of this title. The rules and regulations of the Commission relating to such unlisted trading privileges for
securities shall require that quotations of transactions
upon any national securities exchange shall clearly
indicate the difference between fully listed securities
and securities admitted to unlisted trading privileges
only.
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FEDERAL RESERVE BULLETIN
PERIODICAL AND OTHER REPORTS
SEC. 13. (a) Every issuer of a security registered on a
national securities exchange shall file the information,
documents, and reports below specified with the
exchange (and shall file with the Commission such
duplicate originals thereof as the Commission may
require), in accordance with such rules and regulations
as the Commission may prescribe as necessary or
appropriate for the proper protection of investors and
to insure fair dealing in the security—
(1) Such information and documents as the Commission may require to keep reasonably current the
information and documents filed pursuant to section 12.
(2) Such annual reports, certified if required by the
rules and regulations of the Commission by independent
public accountants, and such quarterly reports, as the
Commission may prescribe.
(b) The Commission may prescribe, in regard to
reports made pursuant to this title, the form or forms in
which the required information shall be set forth, the
items or details to be shown in the balance sheet and the
earning statement, and the methods to be followed in
the preparation of reports, in the appraisal or valuation
of assets and liabilities, in the determination of depreciation and depletion, in the differentiation of recurring
and nonrecurring income, in the differentiation of
investment and operating income, and in the preparation, where the Commission deems it necessary or
desirable, of separate and/or consolidated balance
sheets or income accounts of any person directly or
indirectly controlling or controlled by the issuer, or
any person under direct or indirect common control
with the issuer; but in the case of the reports of any
person whose methods of accounting are prescribed
under the provisions of any law of the United States,
or any rule or regulation thereunder, the rules and
regulations of the Commission with respect to reports
shall not be inconsistent with the requirements imposed
by such law or rule or regulation in respect of the same
subject matter, and,. in the case of carriers subject
to the provisions of section 20 of the Interstate Commerce Act, as amended, or carriers required pursuant
to any other Act of Congress to make reports of the
same general character as those required under such
section 20, shall permit such carriers to file with the
Commission and the exchange duplicate copies of the
reports and other documents filed with the Interstate
Commerce Commission, or with the governmental
authority administering such other Act of Congress, in
lieu of the reports, information and documents required
under this section and section 12 in respect of the same
subject matter.
(c) If in the judgment of the Commission any report
required under subsection (a) is inapplicable to any
specified class or classes of issuers, the Commission shall
require in lieu thereof the submission of such reports
of comparable character as it may deem applicable to
such class or classes of issuers.
PROXIES
SEC. 14. (a) It shall be unlawful for any person,
by the use of the mails or by any means or instrumentality of interstate commerce or of any facility of any
national securities exchange or otherwise to solicit or
to permit the use of his name to solicit any proxy or
consent or authorization in respect of any security
404
FEDERAL RESERVE BULLETIN
(other than an exempted security) registered on any
national securities exchange in contravention of such
rules and regulations as the Commission may prescribe
as necessary or appropriate in the public interest or
for the protection of investors.
(b) It shall be unlawful for any member of a national
securities exchange or any broker or dealer who transacts a business in securities through the medium of any
such member to give a proxy, consent, or authorization
in respect of any security registered on a national
securities exchange and carried for the account of a
customer in contravention of such rules and regulations
as the Commission may prescribe as necessary or
appropriate in the public interest or for the protection
of investors.
OVER-THE-COUNTER MARKETS
SEC. 15. It shall be unlawful, in contravention of
such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest
and to insure to investors protection comparable to
that provided by and under authority of this title in the
case of national securities exchanges, (1) for any broker
or dealer, singly or with any other person or persons,
to make use of the mails or any means or instrumentality
of interstate commerce for the purpose of making or
creating, or enabling another to make or create, a market,
otherwise than on a national securities exchange, for
both the purchase and sale of any security (other than
an exempted security or commercial paper, bankers'
acceptances, or commercial bills, or" unregistered
securities the market in which is predominantly intrastate and which have not previously been registered
or listed), or (2) for any broker or dealer to use any
facility of any such market. Such rules and regulations
may provide for the regulation of all transactions by
brokers and dealers on any such market, for the registration with the Commission of dealers and/or brokers
making or creating such a market, and for the registration of the securities for which they make or create
a market and may make special provision with respect
to securities or specified classes thereof listed, or entitled to unlisted trading privileges, upon any exchange
on the date of the enactment of this title, which securities are not registered under the provisions of section
12 of this title.
DIRECTORS, OFFICERS, AND PRINCIPAL
STOCKHOLDERS
SEC. 16. (a) Every person who is directly or indirectly the beneficial owner of more than 10 per
centum of any class of any equity security (other
than an exempted security) which is registered on
a national securities exchange, or who is a director or
an officer of the issuer of such security, shall file, at
the time of the registration of such security or within
ten days after he becomes such beneficial owner, director, or officer, a statement with the exchange (and a
duplicate original thereof with the Commission) of the
amount of all equity securities of such issuer of which
he is the beneficial owner, and within ten days after
the close of each calendar month thereafter, if there
has been any change in such ownership during such
month, shall file with the exchange a statement (and a
duplicate original thereof with the Commission) indicating his ownership at the close of the calendar month
and such changes in his ownership as have occurred
during such calendar month.
(b) For the purpose of preventing the unfair use of
information which may have been obtained by such
beneficial owner, director, or officer by reason of his
relationship to the issuer, any profit realized by him
JUNE 1934
from any purcnase and sale, or any sale and purchase,
of any equity security of such issuer (other than an
exempted security) within any period of less than six
months, unless such security was acquired in good
faith in connection with a debt previously contracted,
shall inure to and be recoverable by the issuer, irrespective of any intention on the part of such beneficial
owner, director, or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six
months. Suit to recover such profit may be instituted
at law or in equity in any court of competent jurisdiction by the issuer, or by the owner of any security
of the issuer in the name and in behalf of the issuer
if the issuer shall fail or refuse to bring such suit within
sixty days after request or shall fail diligently to prosecute the same thereafter; but no such suit shall be
brought more than two years after the date such profit
was realized. This subsection shall not be construed
to cover any transaction where such beneficial owner
was not such both at the time of the purchase and
sale, or the sale and purchase, of the security involved,
or any transaction or transactions which the Commission by rules and regulations may exempt as not
comprehended within the purpose of this subsection.
(c) It shall be unlawful for any such beneficial
owner, director, or officer, directly or indirectly, to sell
any equity security of such issuer (other than an
exempted security), if the person selling the security
or his principal (1) does not own the security sold, or
(2) if owning the security, does not deliver it against
such sale within twenty days thereafter, or does not
within five days after such sale deposit it in the mails
or other usual channels of transportation; but no
person shall be deemed to have violated this subsection
if he proves that notwithstanding the exercise of good
faith he was unable to make such delivery or deposit
within such time, or that to do so would cause undue
inconvenience or expense.
(d) The provisions of this section shall not apply to
foreign or domestic arbitrage transactions unless made
in contravention of such rules and regulations as the
Commission may adopt in order to carry out the
purposes of this section.
ACCOUNTS AND RECORDS, REPORTS, EXAMINATIONS OF
EXCHANGES, MEMBERS, AND OTHERS
SEC. 17. (a) Every national securities exchange,
every member thereof, every broker or dealer who
transacts a business in securities through the medium
of any such member, and every broker or dealer making
or creating a market for both the purchase and sale of
securities through the use of the mails or of any means
or instrumentality of interstate commerce, shall make,
keep, and preserve for such periods, such accounts,
correspondence, memoranda, papers, books, and other
records, and make such reports, as the Commission by
its rules and regulations may prescribe as necessary or
appropriate in the public interest or for the protection
of investors. Such accounts, correspondence, memoranda, papers, books, and other records shall be subject
at any time or from time to time to such reasonable
periodic, special, or other examinations by examiners
or other representatives of the Commission as the
Commission may deem necessary or appropriate in
the public interest or for the protection of investors.
(b) Any broker, dealer, or other person extending
credit who is subject to the rules and regulations
prescribed by the Federal Reserve Board pursuant to
this title shall make such reports to the Board as it
may require as necessary or appropriate to enable it
JUNE 1934
FEDERAL RESERVE BULLETIN
to perform the functions conferred upon it by this
title. If any such broker, dealer, or other person shall
fail to make any such report or fail to furnish full
information therein, or, if in the judgment of the Board
it is otherwise necessary, such broker, dealer, or other
person shall permit such inspections to be made by the
Board with respect to the business operations of such
broker, dealer, or other person as the Board may deem
necessary to enable it to obtain the required information.
LIABILITY FOR MISLEADING STATEMENTS
SEC. 18. (a) Any person who shall make or cause to
be made any statement in any application, report, or
document filed pursuant to this title or any rule or regulation thereunder, which statement was at the time
and in the light of the circumstances under which it
was made false or misleading with respect to any
material fact, shall be liable to any person (not knowing that such statement was false or misleading) who,
in reliance upon such statement, shall have purchased
or sold a security at a price which was affected by such
statement, for damages caused by such reliance, unless
the person sued shall prove that he acted in good faith
and had no knowledge that such statement was false
or misleading. A person seeking to enforce such
liability may sue at law or in equity in any court of
competent jurisdiction. In any such suit the court
may, in its discretion, require an undertaking for the
payment of the costs of such suit, and assess reasonable
costs, including reasonable attorneys' fees, against
either party litigant.
(b) Every person who becomes liable to make payment under this section may recover contribution as
in cases of contract from any person who, if joined in
the original suit, would have been liable to make the
same payment.
(c) No action shall be maintained to enforce any
liability created under this section unless brought
within one year after the discovery of the facts constituting the cause of action and within three years
after such cause of action accrued.
POWERS WITH RESPECT TO EXCHANGES AND SECURITIES
SEC. 19. (a) The Commission is authorized, if in its
opinion such action is necessary or appropriate for the
protection of investors—•
(1) After appropriate notice and opportunity for
hearing, by order to suspend for a period not exceeding
twelve months or to withdraw the registration of a
national securities exchange if the Commission finds
that such exchange has violated any provision of this
title or of the rules and regulations thereunder or has
failed to enforce, so far as is within its power, compliance therewith by a member or by an issuer of a
security registered thereon.
(2) After appropriate notice and opportunity for
hearing, by order to deny, to suspend the effective date
of, to suspend for a period not exceeding twelve months,
or to withdraw, the registration of a security if the
Commission finds that the issuer of such security has
failed to comply with any provision of this title or the
rules and regulations thereunder.
(3) After appropriate notice and opportunity for
hearing, by order to suspend for a period not exceeding
twelve months or to expel from a national securities
exchange any member or officer thereof whom the
Commission finds has violated any provision of this
title or the rules and regulations thereunder, or has
effected any transaction for any other person who, he
405
has reason to believe, is violating in respect of such
transaction any provision of this title or the rules and
regulations thereunder.
(4) And if in its opinion the public interest so
requires, summarily to suspend trading in any registered
security on any national securities exchange for a
period not exceeding ten days, or with the approval
of the President, summarily to suspend all trading on
any national securities exchange for a period not
exceeding ninety aays.
(b) The Commission is further authorized, if after
making appropriate request in writing to a national
securities exchange that such exchange effect on its
own behalf specified changes in its rules and practices,
and after appropriate notice and opportunity for
hearing, the Commission determines that such exchange has not made the changes so requested, and
that such changes are necessary or appropriate for the
protection of investors or to insure fair dealing in securities traded in upon such exchange or to insure fair
administration of such exchange, by rules or regulations or by order to alter or supplement the rules of
such exchange (insofar as necessary or appropriate to
effect such changes) in respect of such matters as (1)
safeguards in respect of the financial responsibility of
members and adequate provision against the evasion
of financial responsibility through the use of corporate
forms or special partnerships; (2) the limitation or
prohibition of the registration or trading in any security
within a specified period after the issuance or primary
distribution thereof; (3) the listing or striking from
listing of any security; (4) hours of trading; (5) the
manner, method, and place of soliciting business; (6)
fictitious or numbered accounts; (7) the time and
method of making settlements, payments, and deliveries and of closing accounts; (8) the reporting of
transactions on the exchange and upon tickers maintained by or with the consent of the exchange, including
the method of reporting short sales, stopped sales, sales
of securities of issuers in default, bankruptcy or receivership, and sales involving other special circumstances; (9) the fixing of reasonable rates of commission,
interest, listing, and other charges; (10) minimum units
of trading; (11) odd-lot purchases and sales; (12)
minimum deposits on margin accounts; and (13)
similar matters.
(c) The Commission is authorized and directed to
make a study and investigation of the rules of national
securities exchanges with respect to the classification
of members, the methods of election of officers and
committees to insure a fair representation of the membership, and the suspension, expulsion, and disciplining
of members of such exchanges. The Commission shall
report to the Congress on or before January 3, 1935,
the results of its investigation, together with its
recommendations.
LIABILITIES OF CONTROLLING PERSONS
SEC. 20. (a) Every person who, directly or indirectly,
controls any person liable under any provision of this
title or of any rule or regulation thereunder shall also
be liable jointly and severally with and to the same
extent as such controlled person to any person to
whom such controlled person is liable, unless the
controlling person acted in good faith and did not
directly or indirectly induce the act or acts constituting
the violation or cause of action.
(b) It shall be unlawful for any person, directly or
indirectly, to do any act or thing which it would be
unlawful for such person to do under the provisions of
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FEDERAL RESERVE BULLETIN
this title or any rule or regulation thereunder through
or by means of any other person.
(c) It shall be unlawful for any director or officer of,
or any owner of any of the securities issued by, any
issuer of any security registered on a national secutities
exchange, without just cause to hinder, delay, or obstruct the making or filing of any document, report, or
information, required to be filed under this title or any
rule or regulation thereunder.
INVESTIGATIONS;
INJUNCTIONS AND PROSECUTION
OFFENSES
OF
SEC. 21. (a) The Commission may, in its discretion,
make such investigations as it deems necessary to determine whether any person has violated or is about to
violate any provision of this title or any rule or regulation thereunder, and may require or permit any person
to file with it a statement in writing, under oath or
otherwise as the Commission shall determine, as to all
the facts and circumstances concerning the matter to
be investigated. The Commission is authorized, in its
discretion, to publish information concerning any such
violations, and to investigate any facts, conditions,
practices, or matters which it may deem necessary or
proper to aid in the enforcement of the provisions of
this title, in the prescribing of rules and regulations
thereunder, or in securing information to serve as a
basis for recommending further legislation concerning the matters to which this title relates.
(b) For the purpose of any such investigation, or
any other proceeding under this title, any member of
the Commission or any officer designated by it is
empowered to administer paths and affirmations, subpena witnesses, compel their attendance, take evidence,
and require the production of any books, papers, correspondence, memoranda, or other records which the
Commission deems relevant or material to the inquiry.
Such attendance of witnesses and the production of
any such records may be required from any place in
the United States or any State at any designated
place of hearing.
(c) In case of contumacy by, or refusal to obey a
subpena issued to, any person, the Commission may
invoke the aid of any court of the United States within
the jurisdiction of which such investigation or proceeding is carried on, or where such person resides or carries
on business, in requiring the attendance and testimony
of witnesses and the production of books, papers, correspondence, memoranda, and other records. And
such court may issue an order requiring such person to
appear before the Commission or member or officer
designated by the Commission, there to produce records,
if so ordered, or to give testimony touching the matter
under investigation or in question; and any failure to
obey such order of the court may be punished by such
court as a contempt thereof. All process in any such
case may be served in the judicial district whereof
such person is an inhabitant or wherever he may be
found. Any person who shall, without just cause, fail
or refuse to attend and testify or to answer any lawful
inquiry or to produce books, papers, correspondence,
memoranda, and other records, if in his power so to
do, in obedience to the subpena of the Commission,
shall be guilty of a misdemeanor and, upon conviction,
shall be subject to a fine of not more than $1,000 or
to imprisonment for a term of not more than one year,
or both.
(d) No person shall be excused from attending and
testifying or from producing books, papers, contracts,
agreements, and other records and documents before
the Commission, or in obedience to the subpena of the
Commission or any member thereof or any officer desig-
JUNE 1934
nated by it, or in any cause or proceeding instituted
by the Commission, on the ground that the testimony
or evidence, documentary or otherwise, required of
him may tend to incriminate him or subject him to a
penalty or forfeiture; but no individual shall be prosecuted or subject to any penalty or forfeiture for or on
account of any transaction, matter, or thing concerning which he is compelled, after having claimed his
privilege against self-incrimination, to testify or produce evidence, documentary or otherwise, except that
such individual so testifying shall not be exempt from
prosecution and punishment for perjury committed
in so testifying.
(e) Whenever it shall appear to the Commission
that any person is engaged or about to engage in any
acts or practices which constitute or will constitute a
violation of the provisions of this title, or of any rule
or regulation thereunder, it may in its discretion bring
an action in the proper district court of the United
States, the Supreme Court of the District of Columbia,
or the United States courts of any Territory or other
place subject to the jurisdiction of the United States,
to enjoin such acts or practices, and upon a proper
showing a permanent or temporary injunction or
restraining order shall be granted without bond. The
Commission may transmit such evidence as may be
available concerning such acts or practices to the
Attorney General, who may, in his discretion, institute
the necessary criminal proceedings under this title.
(f) Upon application of the Commission the district
courts of the United States, the Supreme Court of the
District of Columbia, and the United States courts of
any Territory or other place subject to the jurisdiction
of the United States, shall also have jurisdiction to issue
writs of mandamus commanding any person to comply
with the provisions of this title or any order of the
Commission made in pursuance thereof.
HEARINGS BY COMMISSION
SEC. 22. Hearings may be public and
before the Commission, any member
thereof, or any officer or officers of the
designated by it, and appropriate records
be kept.
may be held
or members
Commission
thereof shall
RULES AND REGULATIONS; ANNUAL REPORTS
SEC. 23. (a) The Commission and the Federal
Reserve Board shall each have power to make such
rules and regulations as may be necessary for the execution of the functions vested in them by this title,
and may for such purpose classify issuers, securities,
exchanges, and other persons or matters within their
respective jurisdictions.
(b) The Commission and the Federal Reserve Board,
respectively, shall include in their annual reports to
Congress such information, data, and recommendation
for further legislation as they may deem advisable with
regard to matters within their respective jurisdictions
under this title.
INFORMATION FILED WITH THE COMMISSION
SEC. 24. (a) Nothing in this title shall be construed
to require, or to authorize the Commission to require,
the revealing of trade secrets or processes in any application, report, or document filed with the Commission
under this title.
(b) Any person filing any such application, report, or
document may make written objection to the public
disclosure of information contained therein, stating the
grounds for such objection, and the Commission is
FEDERAL RESERVE BULLETIN
JUNE 1934
authorized to hear objections in any such case where
it deems it advisable. The Commission may, in sucu
cases, make available to the public the information
contained in any such application, report, or document
only when in its judgment a disclosure of such information is in the public interest; and copies of information
so made available may be furnished to any person at
such reasonable charge and under such reasonable
limitations as the Commission may prescribe.
(c) It shall be unlawful for any member, officer, or
employee of the Commission to disclose to any person
other than a member, officer, or employee of the
Commission, or to use for personal benefit, any information contained in any application, report, or document
filed with the Commission which is not made available
to the public pursuant to subsection (b) of this section:
Provided, That the Commission may make available
to the Federal Reserve Board any information requested by the Board for the purpose of enabling it to
perform its duties under this title.
COURT REVIEW OF ORDERS
SEC. 25. (a) Any person aggrieved by an order
issued by the Commission in a proceeding under this
title to which such person is a party may obtain a
review of such order in the Circuit Court of Appeals of
the United States, within any circuit wherein such
person resides or has his principal place of business, or
in the Court of Appeals of the District of Columbia,
by filing in such court, within sixty days after the
entry of such order, a written petition praying that
the order of the Commission be modified or set aside
in whole or in part. A copy of such petition shall be
forthwith served upon any member of the Commission,
and thereupon the Commission shall certify and file in the
court a transcript of the record upon which the order
complained of was entered. Upon the filing of such
transcript such court shall have exclusive jurisdiction
to affirm, modify, and enforce or set aside such order,
in whole or in part. No objection to the order of the
Commission shall be considered by the court unless
such objection shall have been urged before the Commission. The finding of the Commission as to the
facts, if supported by substantial evidence, shall be
conclusive. If either party shall apply to the court
for leave to adduce additional evidence, and shall show
to the satisfaction of the court that such additional
evidence is material and that there were reasonable
grounds for failure to adduce such evidence in the hearing before the Commission, the court may order such
additional evidence to be taken before the Commission
and to be adduced upon the hearing in such manner
and upon such terms and conditions as to the court
may seem proper. The Commission may modify its
findings as to the facts, by reason of the additional
evidence so taken, and it shall file such modified or new
findings, which, if supported by substantial evidence,
shall be conclusive, and its recommendation, if any,
for the modification or setting aside of the original
order. The judgment and decree of the court, affirming, modifying, and enforcing or setting aside, in whole
or in part, any such order of the Commission, shall be
final, subject to review by the Supreme Court of the
United States upon certiorari or certification as provided in sections 239 and 240 of the Judicial Code, as
amended (U.S.C., title 28, sees. 346 and 347).
(b) The commencement of proceedings under subsection (a) shall not, unless specifically ordered by the
court, operate as a stay of the Commission's order.
407
UNLAWFUL REPRESENTATIONS
SEC. 26. No action or failure to act by the Commission or the Federal Reserve Board, in the administration of this title shall be construed to mean that the
particular authority has in any way passed upon the
merits of, or given approval to, any security or any
transaction or transactions therein, nor shall such
action or failure to act with regard to any statement
or report filed with or examined by such authority
pursuant to this title or rules and regulations thereunder, be deemed a finding by such authority that
such statement or report is true and accurate on its
face or that it is not false or misleading. It shall be
unlawful to make, or cause to be made, to any prospective purchaser or seller of a security any representation that any such action or failure to act by any
such authority is to be so construed or has such effect.
JURISDICTION OF OFFENSES AND SUITS
SEC. 27. The district courts of the United States,
the Supreme Court of the District of Columbia, and
the United States courts of any Territory or other
place subject to the jurisdiction of the United States
shall have exclusive jurisdiction of violations of this
title or the rules and regulations thereunder, and of
all suits in equity and actions at law brought to enforce
any liability or duty created by this title or the rules
and regulations thereunder. Any criminal proceeding may be brought in the district wherein any act or
transaction constituting the violation occurred. Any
suit or action to enforce any liability or duty created
by this title or rules and regulations thereunder, or to
enjoin any violation of such title or rules and regulations, may be brought in any such district or in the
district wherein the defendant is found or is an inhabitant or transacts business, and process in such cases
may be served in any other district of which the defendant is an inhabitant or wherever the defendant
may be found. Judgments and decrees so rendered
shall be subject to review as provided in sections 128
and 240 of the Judicial Code, as amended (U.S.C.,
title 28, sees. 225 and 347). No costs shall be assessed
for or against the Commission in any proceeding under
this title brought by or against it in the Supreme Court
or such other courts.
EFFECT ON EXISTING LAW
SEC. 28. (a) The rights and remedies provided by
this title shall be in addition to any and all other rights
and remedies that may exist at law or in equity; but no
person permitted to maintain a suit for damages under
the provisions of this title shall recover, through satisfaction of judgment in one or more actions, a total
amount in excess of his actual damages on account of
the act complained of. Nothing in this title shall affect
the jurisdiction of the securities commission (or any
agency or officer performing like functions) of any
State over any security or any person insofar as it does
not conflict with the provisions of this title or the rules
and regulations thereunder.
(b) Nothing in this title shall be construed to modify
existing law (1) with regard to the binding effect on any
member of any exchange of any action taken by the
authorities of such exchange to settle disputes between
its members, or (2) with regard to the binding effect of
such action on any person who has agreed to be bound
thereby, or (3) with regard to the binding effect on any
such member of any disciplinary action taken by the
408
FEDERAL RESERVE BULLETIN
JUNE 1934
authorities of the exchange as a result of violation of
REGISTRATION FEES
any rule of the exchange, insofar as the action taken is
SEC. 31. Every national securities exchange shall pay
not inconsistent with the provisions of this title or the
to the Commission on or before March 15 of each calrules and regulations thereunder.
endar year a registration fee for the privilege of doing
business as a national securities exchange during the
VALIDITY OF CONTRACTS
preceding calendar year or any part thereof. Such
SEC. 29. (a) Any condition, stipulation, or pro- fee shall be in an amount equal to one five-hundredths
vision binding any person to waive compliance with of 1 per centum of the aggregate dollar amount of the
any provision of this title or of any rule or regulation sales of securities transacted on such national securithereunder, or of any rule of an exchange required ties exchange during the preceding calendar year and
thereby shall be void.
subsequent to its registration as a national securities
(b) Every contract made in violation of any provi- exchange.
sion of this title or of any rule or regulation thereunder,
PENALTIES
and every contract (including any contract for listing a
SEC. 32. Any person who willfully violates any prosecurity on an exchange) heretofore or hereafter made
the performance of which involves the violation of, or vision of this title, or any rule or regulation thereunder
the continuance of any relationship or practice in viola- the violation of which is made unlawful or the observtion of, any provision of this title or any rule or regula- ance of which is required under the terms of this title,
tion thereunder, shall be void (1) as regards the rights or any person who willfully and knowingly makes, or
of any person who, in violation of any such provision, causes to be made, any statement in any application,
rule, or regulation, shall have made or engaged in the report, or document required to be filed under this title
performance of any such contract, and (2) as regards or any rule or regulation thereunder, which statement
the rights of any person who, not being a party to such was false or misleading with respect to any material
contract, shall have acquired any right thereunder with fact, shall upon conviction be fined not more than
actual knowledge of the facts by reason of which the $10,000, or imprisoned not more than two years, or
making or performance of such contract was in viola- both, except that when such person is an exchange, a
fine not exceeding $500,000 may be imposed; but no
tion of any such provision, rule or regulation.
(c) Nothing in this title shall be construed (1) to person shall be subject to imprisonment under this
affect the validity of any loan or extension of credit (or section for the violation of any rule or regulation if he
any extension or renewal thereof) made or of any lien proves that he had no knowledge of such rule or regucreated prior or subsequent to the enactment of this lation.
SEPARABILITY OF PROVISIONS
title, unless at the time of the making of such loan or
extension of credit (or extension or renewal thereof) or
SEC. 33. If any provision of this Act, or the applithe creating of such lien, the person making such loan
or extension of credit (or extension or renewal thereof) cation of such provision to any person or circumstances,
or acquiring such lien shall have actual knowledge of shall be held invalid, the remainder of the Act, and the
facts by reason of which the making of such loan or application of such provision to persons or circumextension of credit (or extension or renewal thereof) or stances other than those as to which it is held invalid,
the acquisition of such lien is a violation of the pro- shall not be affected thereby.
visions of this title or any rule or regulation thereunder,
EFFECTIVE DATE
or (2) to afford a defense to the collection of any debt or
obligation or the enforcement of any lien by any person
SEC.
34.
This
Act
shall become effective on July 1,
who shall have acquired such debt, obligation, or lien
except that sections 6 and 12(b), (c), (d), and
in good faith for value and without actual knowledge of 1934,
(e) shall become effective on September 1, 1934; and
the violation of any provision of this title or any rule sections
5, 7, 8, 9(a) (6), 10, 11, 12(a), 13, 14, 15, 16,
or regulation thereunder affecting the legality of such 17, 18, 19, and 30 shall become effective on October
debt, obligation, or lien.
1, 1934.
FOREIGN SECURITIES EXCHANGES
SEC. 30. (a) It shall be unlawful for any broker or
dealer, directly or indirectly, to make use of the mails
or of any means or instrumentality of interstate commerce for the purpose of effecting on an exchange not
within or subject to the jurisdiction of the United
States, any transaction in any security the issuer of
whicti is a resident of, or is organized under the laws of,
or has its principal place of business in, a place within
or subject to the jurisdiction of the United States, in
contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in
the public interest or for the protection of investors or
to prevent the evasion of this title.
(b) The provisions of this title or of any rule or regulation thereunder shall not apply to any person insofar
as he transacts a business in securities without the jurisdiction of the United States, unless he transacts such
business in contravention of such rules and regulations
as the Commission may prescribe as necessary or appropriate to prevent the evasion of this title.
TITLE II—AMENDMENTS TO SECURITIES ACT OF
1933
SECTION 201. (a) Paragraph (1) of section 2 of the
Securities Act of 1933 is amended to read as follows:
"(1) The term 'security' means any note, stock,
treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any
profit-sharing agreement, collateral-trust certificate,
preorganization certificate or subscription, transferable
share, investment contract, voting-trust certificate,
certificate of deposit for a security, fractional undivided
interest in oil, gas, or other mineral rights, or, in general,
any interest or instrument commonly known as a
1
security', or any certificate of interest or participation
in, temporary or interim certificate for, receipt for,
guarantee of, or warrant or right to subscribe to or
purchase, any of the foregoing."
(b) Paragraph (4) of such section 2 is amended to
read as follows:
"(4) The term 'issuer' means every person who
issues or proposes to issue any security; except that with
respect to certificates of deposit, voting-trust certi-
JUNE 1934
FEDERAL RESERVE BULLETIN
ficates, or collateral-trust certificates, or with respect to
certificates of interest or shares in an unincorporated
investment trust not having a board of directors (or
persons performing similar functions) or of the fixed,
restricted management, or unit type, the term 'issuer'
means the person or persons performing the acts and
assuming the duties of depositor or manager pursuant
to the provisions of the trust or other agreement or
instrument under which such securities are issued;
except that in the case of an unincorporated association which provides by its articles for limited liability
of any or all of its members, or in the case of a trust,
committee, or other legal entity, the trustees or members thereof shall not be individual^ Habile as issuers
of any security issued by the association, trust, committee, or other legal entity; except that with respect
to equipment-trust certificates or like securities, the
term 'issuer' means the person by whom the equipment or property is or is to be used; and except that
with respect to fractional undivided interests in oil,
gas, or other mineral rights, the term 'issuer' means the
owner of any such right or of any interest in such right
(whether whole or fractional) who creates fractional
interests therein for the purpose of public offering."
(c) Paragraph (10) of such section 2 is amended to
read as follows:
"(10) The term 'prospectus' means any prospectus,
notice, circular, advertisement, letter, or communication, written or by radio, which offers any security for
sale; except that (a) a communication shall not be
deemed a prospectus if it is proved that prior to or at
the same time with such communication a written
prospectus meeting the requirements of section 10 was
sent or given to the person to whom the communication
was made, by the person making such communication
• or his principal, and (b) a notice, circular, advertisement, letter, or communication in respect of a security
shall not be deemed to be a prospectus if it states from
whom a written prospectus meeting the requirements
of section 10 may be obtained and, in addition, does no
more than identify the security, state the price thereof,
and state by whom orders will be executed."
SEC. 202. (a) Paragraph (2) of section 3 (a) of such
Act is amended to read as follows:
"(2) Any security issued or guaranteed by the
United States or any Territory thereof, or by the District of Columbia, or by any State of the United States,
or by any political subdivision of a State or Territory,
or by any public instrumentality of one or more States
or Territories, or by any person controlled or supervised by and acting as an instrumentality of the
Government of the United States pursuant to authority
granted by the Congress of the United States, or any
certificate of deposit for any of the foregoing, or any
security issued or guaranteed by any national bank, or
by any banking institution organized under the laws of
any State or Territory or the District of Columbia, the
business of which is substantially confined to banking
and is supervised by the State or Territorial banking
commission or similar official; or any security issued
by or representing an interest in or a direct obligation
of a Federal Reserve bank";
(b) Paragraph (4) of such section 3 (a) is amended
by striking out "corporation" and inserting in lieu
thereof "person."
(c) Such section 3 (a) is further amended by striking
out the period at the end of paragraph (8) and inserting
in lieu thereof a semicolon, and by inserting immediately after such paragraph (8) the following new
paragraphs:
409
'' (9) Any security exchanged by the issuer with its
existing security holders exclusively where no commission or other remuneration is paid or given directly
or indirectly for soliciting such exchange;
"(10) Any security which is issued in exchange for
one or more bona fide outstanding securities, claims or
property interests, or partly in such exchange and
partly for cash, where the terms and conditions of such
issuance and exchange are approved, after a hearing
upon the fairness of such terms and conditions at which
all persons to whom it is proposed to issue securities
in such exchange shall have the right to appear, by any
court, or by any official or agency of the United States,
or by any State or Territorial banking or insurance
commission or other governmental authority expressly
authorized by law to grant such approval;
"(11) Any security which is a part of an issue sold
only to persons resident within a single State or Territory, where the issuer of such security is a person
resident and doing business within, or, if a corporation,
incorporated by and doing business within, such State
or Territory."
SEC. 203. (a) Paragraph (1) of section 4 of such Act
is amended (1) by striking out "not with or tnrough
an underwriter and"; and (2) by striking out "last"
and inserting in lieu thereof "first".
(b) Paragraph (3) of such section 4 is hereby repealed.
SEC. 204. Subsection (c) of section 5 of such Act is
hereby repealed.
SEC. 205. Paragraph (1) of section 10(b) of such
Act is amended to read as follows:
"(1) When a prospectus is used more than thirteen
months after the effective date of the registration
statement, the information in the statements contained
therein shall be as of a date not more than twelve
months prior to such use, so far as such information is
known to the user of such prospectus or can be furnished by such user without unreasonable effort or
expense."
SEC. 206. (a) Section 11 (a) of such Act is amended
by adding after the last line thereof the following new
sentence: "If such person acquired the security after
the issuer has made generally available to its security
holders an earning statement covering a period of at
least twelve months beginning after the effective date
of the registration statement, then the right of recovery
under this subsection shall be conditioned on proof that
such person acquired the security relying upon such
untrue statement in the registration statement or
relying upon the registration statement and not knowing of such omission, but such reliance may be established without proof of the reading of the registration
statement by such person."
(b) Clauses (C) and (D) of paragraph (3) of section
11 (b) of such Act are amended to read as follows:
" (C) as regards any part of the registration statement
purporting to be made on the authority of an expert
(other than himself) or purporting to be a copy of or
extract from a report or valuation of an expert (other
than himself), he had no reasonable ground to believe
and did not believe, at the time such part of the registration statement became effective, that the statements
therein were untrue or that there was an omission to
state a material fact required to be stated therein or
necessary to make the statements therein not misleading, or that such part of the registration statement did
not fairly represent the statement of the expert or was
not a fair copy of or extract from the report or valuation of the expert; and (D) as regards any part of the
registration statement purporting to be a statement
410
FEDERAL RESERVE BULLETIN
made by an official person or purporting to be a copy of
or extract from a public official document, he had no
reasonable ground to believe and did not believe, at
the time such part of the registration statement became
effective, that the statements therein were untrue, or
that there was an omission to state a material fact
required to be stated therein or necessary to make the
statements therein not misleading, or that such part of
the registration statement did not fairly represent the
statement made by the official person or was not a fair
copy of or extract from the public official document."
(c) Subsection (c) of such section 11 is amended to
read as follows:
11
(c) In determining, for the purpose of paragraph
(3) of subsection (b) of this section, what constitutes
reasonable investigation and reasonable ground for
belief, the standard of reasonableness shall be that
required of a prudent man in the management of his
own property."
(d) Subsection (e) of such section 11 is amended to
read as follows:
" (e) The suit authorized under subsection (a) may be
to recover such damages as shall represent the difference between the amount paid for the security (not exceeding the price at which the security was offered to
the public) and (1) the value thereof as of the time
such suit was brought, or (2) the price at which such
security shall have been disposed of in the market before
suit, or (3) the price at which such security shall have
been disposed of after suit but before judgment if
such damages shall be less than the damages representing the difference between the amount paid for the
security (not exceeding the price at which the security
was offered to the public) and the value thereof as of
the time such suit was brought: Provided, That if the
defendant proves that any portion or all of such damages represents other than the depreciation in value of
such security resulting from such part of the registration
statement, with respect to which his liability is asserted, not being true or omitting to state a material
fact required to be stated therein or necessary to make
the statements therein not misleading, such portion of
or all such damages shall not be recoverable. In no
event shall any underwriter (unless such underwriter
shall have knowingly received from the issuer for
acting as an underwriter some benefit, directly or
indirectly, in which all other underwriters similarly
situated did not share in proportion to their respective
interests in the underwriting) be liable in any suit or
as a consequence of suits authorized under subsection
(a) for damages in excess of the total price at which the
securities underwritten by him and distributed to the
public were offered to the public. In any suit under
this or any other section of this title the court may, in
its discretion, require an undertaking for the payment
of the costs of such suit, including reasonable attorney's
fees, and if judgment shall be rendered against a party
litigant, upon the motion of the other party litigant,
such costs may be assessed in favor of such party
litigant (whether or not such undertaking has been
required) if the court believes the suit or the defense
to have been without merit, in an amount sufficient
to reimburse him for the reasonable expenses incurred
by him, in connection with such suit, such costs to be
taxed in the manner usually provided for taxing of
costs in the court in which the suit was heard."
SEC. 207. Section 13 of such Act is amended (a) by
striking out "two years" wherever it appears therein
JUNE 1934
and inserting in lieu thereof "one year"; (b) by striking
out "ten years" and inserting in lieu thereof "three
years"; and (c) by inserting immediately before the
period at the end thereof a comma and the following:
"or under section 12 (2) more than three years after
the sale".
SEC. 208. Section 15 of such Act is amended by
inserting immediately before the period at the end thereof a comma and the following: "unless the controlling
person had no knowledge of or reasonable ground to
believe in the existence of the facts by reason of which
the liability of the controlled person is alleged to exist".
SEC. 209. (a) The first sentence of subsection (a) of
section 19 of such Act is amended by inserting after the
word "accounting" a comma and the word "technical".
(b) Subsection (a) of such section 19 is further
amended by adding at the end thereof the following
new sentence: "No provision of this title imposing any
liability shall apply to any act done or omitted in good
faith in conformity with any rule or regulation of the
Commission, notwithstanding that such rule or regulation may, after such act or omission, be amended or
rescinded or be determined by judicial or other authority
to be invalid for any reason."
SEC. 210. Upon the expiration of sixty days after
the date upon which a majority of the members of the
Securities and Exchange Commission appointed under
section 4 of title I of this Act have qualified and taken
office, all powers, duties, and functions of the Federal
Trade Commission under the Securities Act of 1933
shall be transferred to such Commission, together with
all property, books, records, and unexpended balances
of appropriations used by or available to the Federal
Trade Commission for carrying out its functions under
the Securities Act of 1933. All proceedings, hearings,
or investigations commenced or pending before the
Federal Trade Commission arising under the Securities
Act of 1933 shall be continued by the Securities and
Exchange Commission. All orders, rules, and regulations which have been issued by the Federal Trade
Commission under the Securities Act of 1933 and which
are in effect shall continue in effect until modified,
superseded, revoked, or repealed. All rights and
interest accruing or to accrue under the Securities Act
of 1933, or any provision of any regulation relating to,
or out of action taken by, the Federal Trade Commission under such Act, shall be followed in all respects
and may be exercised and enforced.
SEC. 211. The Commission is authorized and directed
to make a study and investigation of the work, activities, personnel, and functions of protective and reorganization committees in connection with the reorganization, readjustment, rehabilitation, liquidation, or
consolidation of persons and properties and to report
the result of its studies and investigations and its
recommendations to the Congress on or before January
3, 1936.
Approved, June 6, 1934, 12:15 p.m.
Punishment for offenses committed against banks
There is printed below the text of an act of
Congress approved May 18, 1934, to provide
punishment for certain offenses committed
against banks organized or operating under
laws of the United States or any member of the
Federal Reserve Systgm.
FEDERAL RESERVE BULLETIN
J U N E 1934
[PUBLIC— ; No. 235—73D CONGBESS]
[S. 2841]
AN ACT
To provide punishment for certain offenses committed against banks
organized or operating under laws of the United States or any member
of the Federal Reserve System.
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled,
That as used in this Act the term " b a n k " includes any
member bank of the Federal Reserve System, and any
bank, banking association, trust company, savings
bank, or other banking institution organized or operating under the laws of the United States.
SEC. 2. (a) Whoever, by force and violence, or by
putting in fear, feloniously takes, or feloniously
attempts to take, from the person or presence of
another any property or money or any other thing of
value belonging to, or in the care, custody, control,
management, or possession of, any bank shall be fined
not more than $5,000 or imprisoned not more than
twenty years, or both.
411
(b) Whoever, in committing, or in attempting to
commit, any offense defined in subsection (a) of this
section, assaults any person, or puts in jeopardy the
life of any person by the use of a dangerous weapon or
device, shall be fined not less than $1,000 nor more than
$10,000 or imprisoned not less than five years nor more
than twenty-five years, or both.
SEC. 3. Whoever, in committing any offense defined
in this Act, or in avoiding or attempting to avoid
apprehension for the commission of such offense, or in
freeing himself or attempting to free himself from arrest
or confinement for such offense, kills any person, or
forces any person to accompany him without the consent of such person, shall be punished by imprisonment
for not less than 10 years, or by death if the verdict of
the jury shall so direct.
SEC. 4. Jurisdiction over any offense defined by this
Act shall not be reserved exclusively to courts of the
United States.
Approved, May 18, 1934.
412
FEDERAL RESERVE BULLETIN
JUNE 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]
1934
Wednesday series (1934)
1933
Federal Reserve bank
Federal Reserve bank
May
April
May
1.0
16.4
11.6
1.5
19.4
13.8
15.2
78.8
46.1
Boston
New York
Philadelphia
Cleveland..
RichmondAtlanta
1.7
1.2
.7
2.4
1.6
68.1
18.8
20.4
Cleveland
Richmond
Atlanta. ._
Chicago
St. Louis
Minneapolis-
1.1
.2
.5
1.5
.3
16.1
3.3
7.9
Chicago
..
St. Louis
Minneapolis
13.5
6.2
44.8
Kansas City
Dallas
San Francisco
Boston
New York....
Philadelphia-
.2
.3
Kansas City..Dallas
San Francisco _
338.9
43.1
35.9
Total-
.
May 2
May 9
996
17,148
12,670
1,026
15,910
12,199
1,083
14,831
11,846
1,053
16,239
10,817
963
17,547
9,419
1,880
1,381
987
1,936
1,258
851
1,772
1,266
750
1,422
1,234
620
1,409
888
605
1,225
435
487
1,166
219
497
1,122
130
486
1,133
105
462
1,119
130
453
269
247
587
263
295
954
219
368
529
211
357
598
210
365
592
38,312
36,574
34, 402
34,251
33,700
_- . . . .
Total
M a y 16 M a y 23 M a y 30
Back figures.—See Annual Report for 1932 (table 13).
Back figures.—See Annual Report for 1932 (table 9).
TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO
LIABILITIES
[Averages of daily figures. Amounts in thousands of dollars]
Federal Reserve notes in
circulation 1
Total deposits
Total reserves
Ratio of toal reserves to
deposit and Federal
Reserve note liabilities combined
Federal Reserve bank
1934
May
Boston
New York
Philadelphia..
1934
1933
April
May
May
1934
1933
April
May
299,614
403,315
368,416
271,424
138,967
1, 591,083 1, 467, 570 1,061,167 1,641,840 1, 523, 713 1,039, 264
215, 349
309,240
309,533
215,497
128,010
231, 523
May
1933
1934
1933
April
May
244,309
637,482
247, 702
242,198
633, 549
243,616
223,746
714, 538
248,168
74.1
69.8
72.5
68.0
67.4
74.8
60.5
61.5
May
April
May
Cleveland....
Richmond
Atlanta
365, 738
215, 595
134,767
357,196
215,173
139,760
276,860
182,931
126,245
244,453
172, 529
84,769
241, 270
161,378
89,408
159, 293
80, 342
59,836
305,357
141,756
132,151
298, 267
143,824
129,329
327,774
160,948
131,881
66.5
68.6
62.1
66.2
70.5
63.9
56.8
75.8
65.8
Chicago
St. Louis
Minneapolis..
990, 086
191,476
109, 736
962,154
193,117
113,071
942,876
164,086
79,334
620,832
143,816
75, 503
140, 584
76,935
315,727
78,706
45,848
776,935
134,403
95, 772
773, 377
134,512
96,100
861, 235
146,980
93,445
70.8
68.8
64.1
70.2
70.2
65.3
80.1
72.7
57.0
Kansas City...
Dallas
San Francisco.
156,991
97,131
299,264
166,016
98, 646
295,045
132,442
50,905
250,405
139,848
117,612
250, 673
146,110
118,790
241,142
81,820
52,873
165,424
106,800
39,081
199,612
107, 521
39,766
199,874
116, 264
38,072
242,022
63.6
62.0
66.5
65.5
62.2
66.9
56.0
61.5
4,864, 715 4, 685,404 3, 770,198 4,006,838 3,818,484 2,346,110 3,061, 360 3,041,933 3,305,073
68.8
8.3
i6.7
Total. .
i Includes "Federal Reserve notes of other Reserve banks" as follows: Latest month, $17,248,000; month ago $17,331,000; year ago, $18,318,000.
Back figures.—See Annual Report for 1932 (table 8) and 1928 (table 2).
413
FEDERAL RESERVE BULLETIN
JUNE 1934
EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES; ALSO FEDERAL RESERVE NOTE
AND FEDERAL RESERVE BANK NOTE STATEMENT, MAY 31, 1934
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve- Rich- AtMinSt. neapdelChicago Louis
phia land mond lanta
olis
Kansas Dallas FranCity
ASSETS
Gold certificates on hand and due from
4,653,092 376,371 1,581,898 283,663 370,455 193,328 113,653
U.S. Treasury
Redemption fund—F. R. notes
29, 774
1,436 2,866 3,377
947 3,662
2,319
Other cash
53,381 33,088 12,446 7,949 12,037
215,866 15,129
T o t a l reserves
R e d e m p t i o n f u n d — F . R . b a n k notes
4,898,732 393,819 1, 636, 715 319,617 386,278 202,224 129,352 1,008,689 170, 747 109,224 154, 291 92,929 294,847
2,289
134
474
858
715
250
Bills discounted:
Secured b y U . S . G o v t . obligations
Other bills discounted
6,429
24,830
331
549
3,834
11, 262
144
1,254
134
7,778
T o t a l bills d i s c o u n t e d - .
Bills b o u g h t in open m a r k e t . .
31,259
5,178
371
15,096
1,8
9,247
535
1,398
487
1,043
193
U . S . G o v e r n m e n t securities:
Bonds
T r e a s u r y notes
Certificates a n d bills
970,940 159,•,695 96,082 142,837 86,329 277,
277,841
6,536 1,059 1,304 1,075
578
4,615
31,213 9,993 11,838 10,379 6,022 12,391
105
540
11
1,096
144
36
20
427
208
385
199
386
645
177
1,107
649
180
121
447
85
208
142
423
142
585
385
807,466 53,926
148,405 25, 602 30, 249 14, 706 12, 683
13, 664 15,828 13,197 18, 730 23, 618
387, 200 85, 271 109, 59,r 53, 279 45,897 212, 569 47, 692 29,906 47,157 31, 626 85, 574
244, 650 56, 247 73,180 35, 578 30,646 151, 706 31,844 19, 941 31,490 21,119 57,139
Total U.S. Government securities.. 2,430,236 157,680
Other securities..
535
780, 255 167,120 213,024 103, 563 89, 226 430,843 93,200 65, 675 91,844 71, 475166,331
35
500
406,241 22,991
1, 216, 529 I 80, 763
Total bills and securities
Due from foreign banks
F.R. notes of other banks
Uneollected items
Bank premises
Federal Deposit Ins. Corp. stock.
All other assets
2,467, 2C8
3,125
17, 571
396, 623
52, 602
139, 299
48, 584
Total assets
158,931 797, 277177,402 214,909 104,-,799
1,188
237
34f
119
301
398
5,321
631 1,049 1,
44, 504 104, 787 30, 975 37, 973 34, 341
3,224
11, 441 4,149 6,788 3,128
10, 230 42, 529 14, 621 14,147 5,808
843 31, 560 5,715 1,427 1,892
8,028, 464 612,436 2, 633,107 554,310 663, 587 353,391
90,048 432, 599 93, 501
414
109
10
3,083 1,111
1,038
14,825 53, 377 15, 512
2,372
7,387 3,124
5,272 19, 749 5,093
2,520
1,028
283
66, 207
7
1,069
10, 537
1,657
3,510
1,172
92,194
88
1,383
21, 590
3,485
4,131
455
72,040 167,301
88
222
243 1,165
13, 393 14,809
1,757 4,090
4,359 9,850
1,046
643
245, 536 1,526,326 289, 515 193, 383 277, 617 186,329 492,927
LIABILITIES
F.R. notes in actual circulation
F.R. bank note circulation—net
Deposits:
Member bank—reserve account
U.S. Treasurer—general account
Foreign bank
Other deposits
3,068,681 244,889
10, 248
954
3, 746,003
54,817
3,743
218,545
279, 700 1, 548, 243 197,870 249,198 150,847 69,863 616, 200 103,
!,139 66, 928 131, 739 108,875 223, 401
5,240
4,604 7,263 3,358
3,995 11, 725 5,987 2,123 2,034 1,924 2,174
268
1,306
388 358 141
130
470
123
86
104
104
265
3,736 123,270 14,922 11,185 6,551 7,598
8,465 14, 228 6,494 2,101 1,745 18, 250
T o t a l deposits
Deferred availability items
C a p i t a l paid in
Surplus
Reserves (Federal Deposit
stock, self insurance, etc.)
All other liabilities
4,023,108
404,074
146,301
138,383
288, 944 1, 677,423 220, 443 264,099 161,92981, 586 636,860 123, 477 75, 631135,978 112, 648 244,090
45,157 104,115 30,352 37,819 33,756 13,110
55,
"" "798"' 16,771 11,476 22,172 15, 831 17,717
10, 736 59,643 15,363 12,787 4,976 4,383 12, 547 4,028 3,037 4,152 3,950 10, 699
9,610
45,217 13,352 14,090 5,171 5,145
20, 681 4,756 3,420 3,613 3,683 9,645
Ins.
Corp.
161,832
25,837
Total liabilities
8,028,464
R a t i o of total reserves to deposit a n d F . R .
n o t e liabilities combined (percent)
69.1
11, 283
863
644,886 251,152 305, 452 140,416 133,054
38, 508 5,735 12,162
47, 266 17,121 16,447
16,049
792
731
6,963 7,852
180
406
775, 263 133,841 95,000 106, 770 39,035 198, 923
294
2,595
22, 718 5,946 4,535 4,747 5,489 11, 465
2,459
402
284
185
612,436 2, 633,107 554, 310 663, 587 353,391 245, 536 1, 526,326 289, 515 193,383 277,
617 186,329 492,927
73.8
70.5
67.8
67.8
66.9
60.3
71.4
66.4
64.0
63.6
61.3
66.6
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to F . R . b a n k b y F . R . agent__. 3,338,801
H e l d b y Federal Reserve b a n k
270,120
262,838
17,949
734,184 265, 517 319, 708 149, 523 153,435
89,298 14,365
. __.. 14, .256
_ . 9,107
... 2 ^ 3 8 1
813,028 137,896 99,979 112,464
37,765 4,055 4,979 5,694
In actual circulation..
3,068,681 244,889
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U.S. Treasury
3,006,771 271,117
Eligible paper
16, 244
790
U.S. Government securities
359,300
644,886 251,152 305,452 140,416 133,054
775,263 133,841 95,000 106,770 39,035 198,923
733, 706 226,000261,931140,340 91,385
9,109 3,
685
434
508
37,000 60,000 10,000 65,000
754, 513 114,936 77,115 97, 290 44,675 193, 763
182
180
111
100
422
415
65,000 24,000 23,300 20,000
55,000
742,815 266,308 322,616 150,774 156,893
819,695 139,116 100, 526 117, 390 45,097 249,178
Total collateral
3,382,315 271,907
44,139 246,090
5,104 47,167
F.R. BANK NOTE STATEMENT
Federal Reserve bank notes:
Issued to F.R. bank (outstanding).
Held by F.R. bank
In circulation—net..
Collateral pledged against outstanding
notes:
Discounted and purchased bills
U.S. Government securities
Total collateral .
73, 688
13,440
1,511
557
60, 248
954
16,035 12, 775
1,125 10,300
613
38,508
534
240
3,200
605
5,735 12,162
294
2,595
81,474
5,000
39,974 16,500 15,000
1,000
4,000
81,474
5,000
39,974 16,500 15,000
1,000
4,000
414
FEDERAL RESERVE BULLETIN
JUNE 1934
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
United
Other
Bills
States
Bills Governreserve
dis- bought
bank
counted
ment
securities credit
Month or week
Total
Treasury
Mone- and na- Money
tary gold tionalin cirstock
bank
culation
currency
Member
bank
reserve
balances
Treasury
cash and
deposits
with
Federal
Reserve
banks
Other
Non- Federal
member Reserve
acdeposits
counts
1933—April
May
June
July—August.
September
October
November
December
429
339
250
170
159
138
119
114
117
230
86
12
16
8
7
7
15
101
1,837
1,846
1,933
2,016
2,064
2,202
2,355
2,437
2,432
2,515
2,286
2,208
2,211
2,239
2,358
2,492
2,574
4,301
4,313
4,317
4,319
4,323
4,327
4,324
4,323
4,323
2,302
2,301
2,295
2,283
2,280
2,280
2,277
2,275
2,293
6,137
5,876
5,742
5,675
5,616
5,632
5,656
5,681
5,811
2,086
2,125
2,211
2,268
2,375
2,489
2,590
2,629
2,616
390
371
353
347
316
328
333
349
357
156
173
164
179
186
169
163
158
143
350
355
350
345
348
347
352
355
358
1934—January
February
March
April
May
101
70
55
43
36
113
87
40
16
6
2,432
2,432
2,437
2,439
2,431
2,656
2,597
2,535
2,507
2,479
4,323
7,137
7,602
7,736
v 7, 759
2,302
2,303
2,333
2,377
» 2,378
5,669
5,368
5,366
p 5, 355
2,764
2,822
3,361
3,594
3,695
397
3,427
3,298
3,222
p 3,083
146
127
144
170
249
305
322
299
268
234
111
2,433
2,433
2,433
2,431
2,631
2,612
2,602
2,584
5,316
7,038
7,088
7,202
2,301
2,301
2,301
2,301
5,308
5,333
5,335
5.345
2,727
2,752
2,842
2,822
1,781
3,435
3,384
3,496
142
140
138
132
290
291
292
292
2,433
2,437
2,432
2,438
2,444
2,565
2,549
2,530
2,518
2,534
7,417
7,546
7,600
7,642
7,677
2,302
2,312
2,331
2,343
2,358
5,370
5,386
5,364
5,351
5,358
3,047
3,277
3,419
3,419
3,433
3,444
3,315
3, 237
3,285
3,319
131
134
141
147
159
r292
295
300
301
300
2,446
2,439
2,436
2,435
2,525
2,504
2,506
2,498
7,706
7,731
7,746
7,755
2,369
2,378
2,380
2,380
5,387
5,370
5,364
5,346
3,473
3,557
3,634
3,299
3,239
3,219
3,158
145
147
169
193
296
300
246
238
2,432
2,431
2,430
2,430
2,487
2,483
2,479
2,474
7,756
7,775
7,753
2,381
2,381
2,380
2,370
5,372
5,369
5,357
5, 350
3,591
3,655
3,713
3,756
3,152
3,099
3,059
3,054
272
259
249
237
237
234
234
217
Week ending Saturday1934—Feb. 3
Feb. 10
_
Feb. 17
Feb. 24
Mar.
Mar.
Mar.
Mar.
Mar.
3.
10
17
24
31
77
—
—
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May
May
May
May
5
12
19
26.
-
7,764
v Preliminary.
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)
[In millions of dollars]
Reserve bank credit outstanding
End of month
1933-April
May
June
July.
August
September.
October. _.
November.
December.
1934—January. _.
February..
March
April
May
United
States
Bills
Bills Governdiscount- bought ment
securied
ties
435
302
164
167
153
128
116
119
Other
reserve
bank
credit
171
20
48
9
7
7
7
24
133
1,837
1,890
1,998
2,028
2,129
2,277
2,421
2,432
2,437
5
7
20
111
62
29
2,434
2,432
2,447
2,431
2,430
2
8
15
6
-4
See footnotes to table for Wednesday series on p. 316.
Total
Treasury Money
Monetaand
in
ry gold national- circulastock
bank
tion
currency
2,459
2,218
2,220
2,209
2,297
2,421
2,548
2,581
4,312
4,315
4,318
4,320
4,329
4,324
4,323
4,323
4,323
2,630
2,567
2,545
2,485
2,463
4,033
7,438
7,695
«• 7, 757
p Preliminary.
p 7, 779
r
Member
bank
reserve
balances
Treasury
cash and
deposits
with
Federal
Reserve
banks
Other
Non- Federal
member Reserve
acdeposits
counts
2,305
2,298
2,285
2,281
2,281
2,278
2,276
2,277
2,303
6,003
5,812
5,721
5,630
5,613
5,650
5,635
5,743
5,804
2,132
2,167
2,292
2,294
2,409
2,538
2,685
2,573
2,729
397
345
298
356
341
331
299
369
288
188
155
166
184
197
155
173
142
132
355
353
347
346
347
348
356
354
2,302
2,302
2,362
' 2,378
v 2,368
5,289
5,355
5,396
2,652
3,093
3,457
3,599
3,746
597
3,440
3,293
3,148
* 3,053
141
127
157
268
222
287
292
209
'236
232
Revised.
r
5,368
v 5,357
415
FEDERAL RESERVE BULLETIN
JUNE 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]
Borrowings at Federal Reserve
banks
Reserves held
Federal Reserve district
Total
Excess
April
March
February
1.5
17.4
5.6
1.9
22.9
8.4
2.0
29.3
10.5
93.2
37.1
26.3
2.1
1.2
.6
2.8
1.4
.5
3.4
2.1
1.6
285.1
47.1
30.0
249.8
46.6
21.1
.6
.3
.6
.4
1.2
.7
1.3
63.5
64.4
70.3
64.9
68.4
48.4
55.1
56.9
47.3
.3
.2
.3
1, 541. 0
1,375.1
March
February
March
257.6
1,451. 3
190.8
221.4
1,367. 2
193.7
181.2
1,011.1
146.5
139.2
508.2
75.9
107.2
467.0
80.7
69.2
151.7
36.7
Cleveland
Richmond
Atlanta
225.7
147.9
75.9
230.3
97.5
75.8
213.0
94.5
71.6
99.0
88.0
28.2
107.8
38.9
29.5
Chicago
St. Louis
Minneapolis..
537.6
103.5
68.3
496.2
101.8
58.4
315.2
60.2
29.0
Kansas City..
Dallas
San Francisco
577.3
119.0
68.1
133.6
114.6
220.3
134.4
119.6
195.5
123.0
107.9
193.4
Total...
3, 582.2
3,344. 7
2, 798. 7
Boston
New York
Philadelphia..
February
April
April
30.6
.5
.1
1.5
41.2
54.2
NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER
CENTERS
[In millions of dollars. Averages of daily figures]
Member banks in larger centers (places over 15,000)
Net demand
Federal Reserve district
Time
March
February
1,034
6,955
819
990
628
806
972
309
778
911
437
363
873
424
346
Chicago
St. Louis
Minneapolis. _
1,935
437
230
Kansas City—
Dallas
San Francisco
Total. __
Boston
New York
Philadelphia._
Cleveland
Richmond
Atlanta
Net demand
March
February
623
1,698
624
613
1,674
609
606
1,687
601
845
416
341
874
308
265
862
307
262
1,851
414
222
1,804
403
215
834
251
168
484
360
478
365
943
467
362
944
206
158
1,601
14,931
14,340
13,856
April
Member banks in smaller centers (places under 15,000)
April
Time
March
February
78
191
139
77
186
138
78
190
134
115
426
363
117
423
358
112
421
356
832
300
261
130
95
81
127
94
131
93
76
203
148
62
199
146
63
210
144
61
826
240
171
801
241
173
146
103
110
141
102
108
131
101
103
146
84
170
143
83
171
139
81
170
202
158
1,584
202
162
1,558
200
164
201
170
85
196
171
81
108
35
83
107
35
82
105
34
78
7,510
7,423
1, 526
1, 511
1,485
1,943
1,927
1,910
April
April
March
February
416
FEDERAL RESERVE BULLETIN
JUNE 1934
MEMBER BANKS LICENSED AND NOT LICENSED AS OF MAY 23, 1934
Deposits on Mar. 5, 1934, of banks
licensed and not licensed on May
23, 1934 (in thousands of dollars)
Number of banks
Federal Reserve district
Total
All member banks:
Boston
New York
Philadelphia
Cleveland
Richmond
_
Atlanta
Chicago
_-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
Total
Licensed
374
796
661
628
403
327
675
400
540
749
558
389
372
785
636
602
392
316
647
384
530
732
552
379
6,500
6,327
328
635
598
532
341
273
517
326
469
705
498
311
326
624
576
510
331
262
500
313
459
688
492
301
5,533
5,382
46
161
63
96
62
54
158
74
71
44
60
78
46
161
60
92
61
54
147
71
71
44
60
78
967
945
Not
licensed
Total
Not
licensed
Licensed
2,080,009
2,079, 219
10,448,408 10,433,909
2,180,820
2,133, 313
2, 340,329 2, 308, 225
1,143,900
1,136,152
962,855
952,821
3,431, 280 3,405, 315
1,021, 077 1,012, 265
788, 676
783,834
1,216,247
1,211, 580
938, 481
937, 221
2,994,098
2,989,607
790
14,499
47,507
32,104
7,748
10,034
25,965
8,812
4,842
4,667
1,260
4,491
173 29, 546,180 29,383,461
1, 628, 640
4, 271, 623
1, 508, 260
1, 393, 785
836, 353
871,399
2, 685, 626
1, 627, 850
4, 257,124
1, 465,961
1, 365, 265
828,904
861, 365
2, 665, 995
687, 321
735,978
1, 062, 763
887, 795
2, 357, 691
740, 820
1, 067,430
889, 055
2, 362,182
i 151
162, 719
18,950,156
18,804, 012
451, 369
6,176, 785
672, 560
946,544
307, 547
91,456
745, 654
326, 094
47,856
148, 817
49, 426
631,916
451, 369
6,176, 785
667, 352
942,960
307, 248
91, 456
739, 320
324,944
47, 856
148, 817
49, 426
631,916
790
14,499
42, 299
28, 520
7,449
10, 034
19,631
7,662
4,842
4,667
1,260
4,491
146,144
5,208
3,584
299
6,334
1,150
10, 596, 024 10, 579, 449
16, 575
i Includes 83 national banks whose Federal Reserve bank stock has been canceled and membership terminated, but which on May 23, 1934,
were still included in the Comptroller of the Currency's records of unlicensed national banks.
NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, MAY 23, 1934
[Preliminary figures, subject to change; based on information received by Federal Reserve banks]
Number of banks
Deposits on Dec. 31,
1932, or nearest prior
call date (in thousands of dollars)
Federal Reserve district
Total
Boston
New York....
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
Total—
On unrestricted
basis
Total
Banks on
unrestricted
basis
180
307
265
655
650
729
1,982
1,331
927
1,330
490
355
173
296
250
612
611
713
1,628
1,233
889
1,276
483
335
459, 678
1, 093,396
437,189
551, 595
396,196
196,138
958,129
340, 964
229, 507
254, 270
116, 605
480, 768
425, 313
1, 048,835
404,962
496, 722
382, 246
192, 798
769.424
323, 353
221,476
246.425
114,472
472,483
9,201
8,499
5, 514, 435
5,098,509
ALL MEMBER BANKS—CONDITION ON CALL DATES DEC. 31, 1930, TO MAR. 5, 1934
[Amounts in thousands of dollars]
1930
Dec.
ASSETS
Loans (including overdrafts)
United States Government securities
Other securities
Total loans and investments.Customers' liability on account of acceptances
Banking house, furniture, and fixtures
Other real estate owned
Cash in vault
Reserve with Federal Reserve banks
Items with Federal Feserve banks in process of collection
Due from banks in United States
Due from banks in foreign countries (including own branches)...
Exchanges for clearing house and other checks on local banks
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with
endorsement
Securities borrowed
-.
Other assets
Total assets.
31
1932
1931
Mar. 25 June 30
Sept. 29 Dec. 31 June 30
Sept. 30
19331
1934
Dec. 31 June 30 Oct. 25 Dec. 30 Mar. 5
i, 204,
204, 050 12,858,099 13,
23,870, 488 22, 839,946 21,816, 243 20,874, 084 19, 260, 685 16, 587,185 15,923,84115,
:, 058, 608 12,833,
, .483 12, 705, 759
4,124, 776 5, 002, 262 5,343,032 5, 564,461 318, 654 5, 627, 854 6, 366,099 6, 539, 706 6,887,123 6,801,360 7, 254, 234 8, 667, 064
6, 864, 24' 6,886, 357 6, 763, 247 6, 634, 689 995, 786 5, 785, 764 5, 754, 743 5, 725, 714 5,041,149 5, 092,856 5,131, 926 5,175, 388
7,469,
575,
[, 786, 24,952,824
1,000, " 28,044,683 27,469,470
"1,728, ""33,922, 532 33,073,234
34,859, 511 34,728,565
28,000,803
24,786,371
- 1,643 26,548,211
1,952, 25,219,
1,073," 30,575,125
718, 500
458,952 440, 276 412, 248 424, 263 392, 814 459, 264 395, 503
1,117,833 1, 035,978 888,454
662,41
1,167,
763
174,
957
1,150,
245 982, 036 987, 366 981, 206 982, 606
1,166, 263
1, 240, 444 1, 239,935 1, 234,404 1, 220, 317
191,169
199,935 206,569 209,518 211, 755 233,014 253, 342 268, 945 227,074 268, 21,« 274, £66 290, 329
592, 504
461, 267 519,135 554,150 522, 551 478, 224 406, 688 422,838 404, 502 446,983 471, 006
2, 474, 509 2, 364, 478 2, 396,421 2, 339, 230 975,169 1, 997, 656 2, 234,919 2, 511,374 2, 235,179 2, 651, 476 2, 677, 693 3,148,124
757, 216
524, 765 629,418 531.691 598, 285 419, 706 387, 225 449,848 423,163 433, 626 485, 022 413, 397
2, 455, 948 2, 791, 204 2, 517,096 1, 935,119 662, 226 1, 730, 770 2,048, 644 2, 415, 656 2,008, 218 1, 848, 418 1, 969,141 2, 303, 449
192, 619 175, 377 193, 881 214, 111 257, 598 302,499 209, 335
260, 818
296,376 351,320 215.692 174,183
859, 340 802,881 594,695 1,008,400 591, 596 588, 237 702, 682
2, 076,189
975, 215 1,771,312 959, 218
59,079
77,406
47,102
58,092
92, 766
53, 780
87,358
43, 344
34, 863
50, 696 108,128
42,916
40,307
39, 242
37, 627
32, 548
32, 318
32,001
37, 261
31,372
32, 264
31,524
38, 220
40, 674
662, 686
21, 069
222,911
524,104
24, 822
300,024
452,045
20,279
260, 254
329, 756
17,150
249,067
310, 502
13,473
223,687
55, 022
11,664
216, 388
18, 558
11,259
233, 501
14, 869
12, 928
226, 281
7,948
6,654
227,820
8,172
5,566
258,804
46, 349
10,827
291, 087
24, 741
6,099
331,132
47, 057,891 45, 542, 276 45, 288, 588 42,378, 777 39, 688,322 35,911,061 36, 309,845 36, 259,926 33, 046, 780 33,176, 541 33, 876, 326 35,925, 284
LIABILITIES
!, 081, 243 13,
393, 235 12, 927, 778 !
12,
14, 400 13, 203, 732 13,
Demand deposits
--. 17, 501, 550 16, 338, 728 16, 622, 224 15, 526,182 955,
, 993, 682 13,
442, 260 13,692, 248
13, 546, 20113, 663, 258 13, 515, 468 12, 776, 332315,
11, 842 10, 636, 02110, 601, 689 10,549,579
Time deposits
9,114, '
125, 241 416,145
267,415 502,204 395,397 526,161 411,845 387, 463 737, 769 474, 741 806, 297 917,881 967,167 790,401
United States deposits.
38, 362
36, 663
32,196
48, 381
49,267
43,323
41,073
41,070
34,004
37,441
Due to Federal Reserve banks
38,930
39,305
Due to other banks in United States
-- 3,872,842 4,236,451 4,004,077 3,222,466 832, 296 2, 870, 029 3, 268,854 607, 649 3, 047, 327 2,975, 675 124, 968 660,352
566,579 657,285 747,282 433,740 200, 569 262,676 295,989
634,927
168, 276 135, 584 142, 833 217,128
Due to banks in foreign countries (including own branches)
626, 747 999, 310 617, 053 729, 301 503, 336 464, 006 369, 891 609,484 418,434 331,157 499,636
1, 223, 777
Certified and officers' checks outstanding
24, 475
15, 250
17,958
20,"""
Cash letters of credit and travelers' checks outstanding
1,367
22, 506
33, 231
23, 701 19, 581
8,166
13, 430
9,610
1,466,39128, 742,997 26,
37,116,939 35, 999,796 36,268,065 33,480,247 30,746,386 17,863,987 28,
1,587,456 26,
Total deposits
1,602,444 27, 180,722 29,324,825
739, 793 776, 749 727,110 743, 589 775, 270 786, 514
National-bank notes outstanding
_. 639,640 642, 284 636,041 628,334 624, 234
42, 111
45, 579
158,141
23, 599
15, 371
25, 303 81, 583
Agreements to repurchase securities sold
20, 306
11,669
10,193
14, 244
Bills payable and rediscounts:
192, 878 136, 920
64,121
61,994 209, 024 402, 003 260,359
138,843
81, 242
With Federal Reserve banks—Bills payable
60,647
56,154
39,025
97, 604
114, 330 220, 649 180,145 138,467
35,105
84,825
109,174
83,864
With Federal Reserve banks—Rediscounts
23,817
18, 602
7,218
91, 285 103, 076
65, 428 133,002 202, 833 368, 435 360,120 308, 495
101, 710
112, 012
All other—Bills payable
67,187
44,390
5,284
6,184
3,766
13, 643
9,355
4,324
717
4,651
5,441
All other—Rediscounts
1,397
308
Acceptances of other banks and bills of exchange or drafts sold
18, 558
55, 022
14, 869
662, 686
524,104 452, 045 329, 756 310, 502
with endorsement
8,532
46,
349
24,
741
,
681,145 732, 253 483, 064 448, 440 429, 738 434,997
1,138, 624 1, 063, 334 901,351
Acceptances executed for customers.
410,150 480,969 413, 794
6,912
5,416
7,335
14,169
11,514
13,197
15, 031
15, 553
Acceptances executed by other banks for reporting banks
14,
555
10,
725
10,441
7,302
12, 928
11, 259
11, 664
13,473
17,150
21, 069
20, 279
24, 822
Securities borrowed
5,566
10,827
6,099
6,654
73, 276
98,668 109,927 129,
121,190
127,345 162, 507
158,416
Interest, taxes, and other expenses accrued and unpaid
94,640
69,120
88,330
67, 111 180,816
179, 998 200, 501
236, 366
210,885 209,455 216,728 228, 597 192,553
Other liabilities
184,973
163,544
165,
648
Capital notes and debentures.._
103, 610 2,378,117
2, 665,151 2, 657,172 2, 620,606 2, 580, 550 2, 499,098 2,440, 467 2, 431, i 2, 409,859 2, 220, 330 2, 273,720 2, 312,019 125,673
Capital stock
2, 822,091 2,804,906 2,741, 351 2, 695, 285 2, 524,460 2,366, 239 2, 262,122 2,148, 260 1, 847,462 1,817,194 1, 749, 935 1, 724,409
Surplus
894, 388
910,480 804,199 811, 456 605, 403 510, 696 516,491 438, 521 373, 258 412,990 355,386 376, 282
Undivided profits—net
211, 407
225,483 264,068 271,408 370, 368 343,518 360, 860 412, 529 396,032 403, 610 441,412 401,381
Reserves for contingencies
Total liabilities, including capital accountNumber of banks.
47,057, 891 45, 542, 276 45, 288, 588 42, 378, 777 39, 688,322 35,911, 061 36,309,845 36, 259,926 33,046, 780 33,176,541 33,876, 326 35,925,284
8,052
Beginning with June 30,1933, figures relate to licensed banks only.
7,9
7,782
7,599
7,246
6,980
6,904
6,816
5,606
5,818
6,011
6,206
W
d
H3
3
LICENSED NATIONAL AND STATE MEMBERS—CONDITION ON MARCH 5, 1934, BY CLASSES OF BANKS
h
00
[Amounts in thousands of dollars]
All licensed member banks
Other
Central
reserve reserve Country
Total
city
banks
city
banks
banks
1
Licensed national banks *
Central Other
reserve reserve Country|
Total
banks
city
city
banks banks
Licensed state bank members
Central Other
reserve reserve Country
Total
banks
city
city
banks banks
ASSETS
Loans (including overdrafts)
U.S. Government securities
Other securities
Total loans and investments
*
Customers liability on account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Cash in vault
Reserve with Federal Reserve banks.,.
Items with Federal Reserve banks in process of collection
Due from banks in United States
Due from banks in foreign countries (including own branches)
Exchanges for clearing house and other checks on local banks
Outside checks and other cash items
Redemption fund and due from U.S. Treasurer
Acceptances of other banks and bills of exchange or drafts sold with
endorsement
Securities borrowed
Other assets
Total assets
LIABILITIES
Demand deposits
___
Time deposits
United States deposits
Due to Federal Reserve banks.
Due to other banks in United States
Due to banks in foreign countries (including own branches)
Certified and officers' checks outstanding
Cash letters of credit and travelers' checks outstanding
Total deposits
National bank notes outstanding
Agreements to repurchase securities sold
Bills payable and rediscounts:
With Federal Reserve banks—Bills payable
Rediscounts
All other—Bills payable
Rediscounts
Acceptances of other banks and bills of exchange or drafts sold with
endorsement
Acceptances executed for customers
Acceptances executed by other banks for reporting banks
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid
Other liabilities
Capital notes and debentures
Capital stock
Surplus.
Undivided profits—net
..
12, 705, 759 4, 006, 353 4, 465, 896
8, 667, 064 3, 331, 530 3, 389,864
5,175, 388 1, 452, 385 1, 520, 711
26,548,211 8, 790,268 9,376,471
52, 696
395, 503
339, 545
982, 606
260,042
113, 272
290, 329
41,879
146, 835
486, 086
109,133
3,148,124 1, 477, 647 985, 397
413, 397
121,-938 199,199
2, 303, 449
248, 032 1,137, 957
35, 549
209, 335
171, 943
702, 682
555, 858 116,029
25, 372
42, 916
5,8""
14, 371
40, 674
3,5
4, 820, 7732, 255,024 1, 417, 703 1, 148,046
3, 266, 7662, 094, 253 828, 776 343, 737
1, 755, 293 700,130 558, 721 496, 442
9,842,832 5,049,407 3, 805,200[l, 988,225
1,539
7, 467
204, 282 195,276
87, 418
340, 666 149, 279 103, 969
40,099
21, 891 63, 039
125,029
47, 253 36, 397
46,199
129,849
1,118, 276 724, 859 255, 677 137, 740
56, ~
127,938
24,117
46, 941
494, 852
234,816 156, 050
6,915
480
64, 364
71, 759
8,876
419, 264 383,146) 27, 242
10,118
2, 673
2,465
4,
4
1, 358
10,875
9,272
12, 237
149
24, 741i
10,630
153
12,504
3,0831
13, 958
1,241
350|
2,236
1,591
2,272
6, 099
2, 586
3, 513
4, 508|
24,
040
42,027
62,
615
90,
818
128,
682]
331,132
77, 645
132,845
101,685
202,450
33,987
96, f
35, 925, 284i 12, 236, 574| 12, 685, 897 11,002,813 22, 897, 909 5, 364, 070 9, 049, 519J 8,484,320 13,027,375 6, 872, 504|3, 636, 378|2, 518, 493
:
13, 692, 248 5, 530, 982 4, 449, 471 3, 711, 795| 8, 551, 6702,469,S__
i, 523 3,
., 203,4012,878, 7461 5,140, 578 , 061,459|1 246,070 833,049
241, 459 1 , 081,149
9, 416,145 1,092,613 3, 761, 975 4, 561, 55' 6, 574, 663 573, 739 2,!, 520, 5163, 480, 408 2, 841, 482 518,1
1, 790,401
695, 582
181, 34'
913, 472
955, 797 310, 467 509, 896 135, 434 834, 604 603, 005] 185, 686 45, 913
8,403
2,088
5,205
39, 305|
7,293
10,491
23, 609
32,012
28, 814
60, 359
3, 660,352 1, 737, 529 1, 641, 378
281, 445 2, 372,847 828, 01711,, 323, 744 221, 086| 1, 287, 505 909, 512 317, 634
217
12,
725
3,
567
97,
079
16,
2921
100, 863
809
217,128
1,026
199,810
116,265 102, 731
9,847
80,403
305, 265 276,172 19, 246|
31,924
499,636
377, 462
41, 771
194, 371 101, 290| 61,157
74
2,938
142
3,080
2,469
1151
2, 685
9,610
6,341
3,872
6, 925
29,324,825
858,209)10,655,474 8,811, 142|l8,801,352 4,389,638|7,639,582 6,772,13110>, 523,4731 ,468, 570|3,015,892 2,,039,011
"
273,061
441,932
273, 061
786, 514
441,932
71,' 521
71, 521
786, 5141
295
3,847
3, 308j
2, 743'
7,155
10,193
3, 0381
4,142|
6,051
39,025
7, 218,
44, 390
308
24, 741
413, 794
10,441
6,099
88,330
163,544
125, 673
2,378,117
1, 724,409
376,282
401, 381
13, 957
358,118
5,945
35, 323
72,361
78, 550
778, 969
688, 591
101, 359|
173,631
3,977
359
3, 848
35, 008
6,859
40, 542
21, 538
5,068
25, 831
282|
10, 631
52, 701
4,060
2,5861
32, 247i
39, 580
40, 250
763, 569
520,685
131, 714
144, 000
153
2,975
436
3,513
20, 760
51, 603
6,873
835, 579
515,133
143, 209
83, 750
12, 504
194, 787
5, 790|
4,508
55, 526
63, 400|
82,319
4, 200
677,1391
763, 658
58, 959 243, 253
5,535
2,685
775, 513 1, 402, 537
837,157 1, 651, 325
3,083
148,110
2,110
22,159
29, 040
1,919
174
3,730
19, 619
4,894
22,101
282
9, 272
45,154
3, 443
2, 236
19,804
19,116
149
1,523
237
2,272
13, 563
15, 244
17, 487
2,150
18, 559
26
40
2,058
185
118
15 389
1,965
18, 441
26
4
12, 237 10,874
»
1,452
219, 007 210, 008
7,
547|
199
3,835
4, 651
617
1,241
1,591
350
7,197
13,164
32,804
12,
443
36, 359
43, 321
100,144
20, 464
6,873
125, 673 78,550 40,
250 182, 995
727,850 338, 590 206,
265
127,
589
508,766
858,416
26, 892
127, 516 68,100 222,061
32,
524
52,565
128,686
251,649
70,398
557, 304
652, 584
440, 37!
387, 544
179, 825 298,624
99,190
116,317
33, 259
73, 602
44, 945
31,185
35,925,284 [12, 236, 574|12, 685,897 11,002, 813J22,897, 909 5, 364,070 9,049, 519 8, 484,320 13,027,375 6,872,504 3,636,378 2,518,493
Reserve for contingencies
Total liabilities, including capital account.
MEMORANDUM
Par value of capital stock:
First preferred...
125, 000
266,278
Second preferred.
6,885
Common
2,106, 621
653, 9691
Total..
2, 379,784i
778, 969
Number of banks.
61
6,206|
1
Member banks only, i.e., exclusive of national banks in Alaska and Hawaii.
4, 233, 510 7,884, 986'1,751,329 3,048,193 3,085,464
1,945,670 5, 400, 298 1,237,277 2,561, 088 1,601,933
2, 202, 292 3, 420, 095 752, 255 961,990 1, 705, 850
8,381, 47216,,705,379 3, 740,861 6,571,271 l,393,247f
1, 723i
191, 221 144, 269 45, 229
3, 262J
641, 940 110, 763 232, 719 298, 458
385, 87
95,079
165,300
19, 988 50, 233
135,178
356, 237 61, 880 110, 438 183, 919
230,118
547, 340
685, "" 2, 029, 848 752, 788 729, 720
68,143
285, 459
92, 260
65, 058 152, 258
761,
410
903,141
1,
808,
597
144, 046
917, 460
1,363
137, 576 107, 579 28, 634
1,843
21,
919
88,
787
283,
418
172, 712
30, 795
9,180
32, 798
3,226 20, 3921
11, 645
22,473
14,
371
40,
674
3,830
22, 473
308
5,837!
., 650,
865,
248,
149,
267
993
766
732
315, 379
67,458
3,600
486,246
440, 379
557, 304
50, 795
1,935
600, 912
653, 642
224
5, 0451
125, 000
5,288
2 Retirable value $11,011,000.
23, 025
1,350
704, 084
338, 590
728, 459
338,590
2 8,164
14,861
3 750
6001
190,893 174,601
206,354 183,515
42
Retirable value, $900,000.
84|
792
W
419
FEDERAL RESERVE BULLETIN
J U N E 1&34
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK AND CHICAGO
[In millions of dollars]
Federal Reserve District
Total
Total loans and investments:
May 2
May 9
May 16
May 23
May 30
Loans:
May 2
May 9
May 16
May 23
May 30
On securities:
May 2
May 9
May 16
May 23
May 30
All other:
May 2
May 9
May 16
May 23
May 30
Investments:
May 2
May 9
May 16
May 23
May 30
U.S. Government securities:
May 2
May 9
May 16
May 23
May 30
..
All other:
May 2
May 9
May 16
May 23
May 30
Reserve with Federal Reserve
bank:
May 2
._
May 9
May 16
..
May 23
May 30
Cash in vault:
May 2
May 9
May 16
May 23
May 30
Net demand deposits:
May 2.
May 9
May 16
May 23
May 30
Time deposits:
May 2
May9._
May 16
May 23
May 30
Boston
Rich- AtNew Philadel- CleveYork phia
land mond lanta
Chicago
Min- KanSan
St.
sas Dallas Fran- New
Louis neapolis City
cisco York
1,162 8,061
1,151 7,968
1,145 7,938
1,136 7,916
1,145 7,946
1,041
1,027
1,028
1,023
1,021
1,169
1,169
1,174
1,175
1,179
346
343
340
341
343
331
330
329
328
328
,807
,799
,802
,806
3,805
3,798
3,747
3,703
3,715
501
501
502
499
499
431
430
428
424
421
170
170
170
170
170
178
178
178
178
177
754
754
751
749
750
3,577
3,554
3,505
3,468
3,476
258 1,951
255 1,939
264 1,887
255 1,865
263 1,867
235
234
234
233
233
204
204
204
203
202
59
59
59
59
61
61
62
62
62
347
343
337
333
332
76
74
72
72
73
4,559
r 4, 568
4,563
4,537
4,550
408 1,854
407 1,859
406 1,860
410 1,838
410 1,848
267
268
266
266
226
224
221
219
111
111
111
111
111
117
117
116
116
115
407
411
414
416
418
9,326
9,207
9,220
9,252
9,280
496
489
475
471
472
4,256
4,170
4,191
4,213
4,231
540
526
526
524
522
738
739
746
751
758
176
173
170
171
173
153
6,255
6,249
6,254
6,262
6,262
324
317
306
301
301
2,877
2,901
2,913
2,929
2,934
544
546
552
555
563
125
122
118
118
121
101
100
284
281
278
3,071
2,958
2,966
2,990
3,018
172
172
169
170
171
1,379
1,269
1,278
1,284
1,297
242
240
242
243
244
194
193
194
196
195
2,588
2,693
2,732
2,818
2,811
222 1,270
234 1,304
230 1,313
249 1,390
227 1,410
114
124
142
138
140
17,462
17,329
17, 288
17, 257
17,306
8,136
r 8,122
8,068
8,005
8,026
662
670
665
673
City
506
'497
493
491
492
335
332
333
340
341
546
544
545
546
544
396 1,764
387 1,774
387 1,777
383 1,776
384 1,777
7,142
7,055
7,022
7,001
7,034
1,433
1,439
1,432
1,435
1,441
160
156
156
155
157
200
201
201
202
203
186
186
187
186
187
877
877
874
871
3,290
3,284
3,232
3,192
3,204
595
598
595
593
595
39
38
40
62
62
62
63
62
61
61
61
224
225
223
224
223
1,729
1,718
1,663
1,644
1, 646
292
289
283
279
279
132
131
132
121
118
116
117
118
138
139
139
139
141
125
126
126
125
126
653 1,561
652 1,566
651 1,569
647 1,548
1,558
303
309
312
314
316
346
343
344
344
341
210
201
200
197
197
887
897
903
905
287
175
176
177
185
184
3,852
3,771
3,790
3,809
3,830
838
841
837
842
846
711
716
712
718
720
201
194
193
181
171
119
121
122
131
130
235
232
234
233
230
159
149
149
148
146
561
565
572
569
570
2,699
2,727
2,738
2,752
2,760
547
551
547
552
556
51
51
52
53
52
340
337
336
335
336
97
94
96
107
116
56
55
55
54
54
111
111
110
111
111
51
52
51
49
51
326
332
331
336
338
1,153
1,044
1,052
1,057
1,070
291
290
290
290
290
119
118
117
112
119
46
48
51
51
47
414
423
442
439
450
36
35
32
35
36
79
83
80
76
77
124
135
140
140
138
1,194
1,257
1,264
1,335
1,356
380
387
405
403
410
49
51
49
50
52
4
4
4
4
4
10
11
10
11
11
13
14
14
14
16
37
39
37
38
40
40
41
40
41
42
1,274
1,280
1,294
1,306
1,322
1,051
1,053
1,048
150 1,053
1,056
-•209
204
203
205
231
244
235
240
246
48
49
48
49
48
47
51
48
49
51
11
12
12
12
12
18
19
18
18
18
10
11
10
11
11
12, 221
12,208
12,279
12,327
12,426
845
842
840
847
841
6,416
6,387
6,448
6,518
658
656
672
667
673
604
607
617
610
624
216
219
221
221
217
166
169
168
168
166
1,505
1,510
1,523
1,535
1,556
335
341
340
335
324
199
198
197
204
210
406
409
415
408
407
272
270
'276
273
273
599
603
623
611
617
5,975
5,985
5,969
6,028
6,097
340 1,085
342 1,092
342 1,096
341 1,092
341 1,094
320
320
323
323
311
456
454
455
458
458
135
135
135
135
135
133
133
133
133
133
490
490
477
474
165
164
164
164
165
122
122
123
123
123
169
168
168
168
167
121
121
121
121
121
920
929
927
929
933
670
675
674
676
4,454
4,470
4,477
4,464
4,455
Chicago
364
365
365
351
420
FEDERAL RESERVE BULLETIN
JUNE 1934
REPORTING MEMBER BANKS IN LEADING CITIES—Continued
PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK AND CHICAGO—Contd.
[In millions of dollars]
City
Federal Reserve District
Total
Government deposits:
May 2
May 9_May 16
May 23
May 30
Due from banks:
May 2
May 9
May 16
May 23
May 30
Due to banks:
May 2
May 9
May 16
May 23
May 30
Borrowings from Federal Reserve banks:
May 2
May 9
May 16May 23
May 30
' Revised
1,055
1,029
Boston
Rich- AtNew Philadel- CleveYork phia
land mond lanta
96
94
91
90
87
621
607
592
581
53
52
50
50
49
1,536
1,564
' 1,595
1,564
1,526
133
133
134
124
119
142
138
137
130
131
139
150
145
157
154
102
103
100
95
87
3,593
3,675
3,682
3,654
3,600
210
206
203
192
185
1,588
1,655
1,657
1,662
1,639
221
223
218
219
215
177
179
177
175
172
955
Chicago
St. MinLouis neapolis
231
238
250
251
235
91
475
480
488
477
475
141
146
145
145
140
KanSan New
sas Dallas Fran- York
City
cisco
Chicago
20
20
19
19
18
44
41
41
41
39
71
68
66
65
63
588
575
561
551
539
31
30
169
176
188
180
180
129
131
'129
127
125
167
164
171
171
174
83
78
78
76
70
165
172
187
'187
176
219
224
229
224
225
119
120
119
116
113
176 1,522
181 1,593
183 1,594
183 1,600
180 1,577
385
391
401
391
390
27
421
FEDERAL RESERVE BULLETIN
J U N E 1934
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICAN
CURRENCY TO AND FROM EUROPE
UNITED STATES POSTAL SAVINGS
[Balance to credit of depositors. In millions of dollars]
BY SELECTED BANKS IN NEW YORK CITY
End of month
[Paper currency only. In thousands of dollars]
1933
1934
Net '
Net
ShipShipReshipReshipments ceipts ments ments ceipts ments
to
to
from
from (-)or
(-)or
Europe Europe receipts Europe Europe receipts
Month
(+)
January
February,
March
April
May
June
July
August
September
October..
November
December
Total..
(+)
3
105
101
25
1
0
4
5
122
89
57
42
5,304 +5,301
5,589 +5,484
13,786 +13,685
8,049 +8,024
12, 523 +12, 522
6,866 +6,866
11,755 +11,751
6,153 +6,148
4,756 +4, 634
5,905 +5,816
3,397 +3,340
6,976 +6,934
554
91,058 +90, 504
0
1
0
1
5,256
3,740
2,200
2,900
+5,256
+3,739
+2,200
+2,899
January...
February.
March
April
May
June
July
August
September
October. „
November.
December.
1929
1930
1931
1932
153.5
154.8
155.0
154.3
153.8
153.6
157.8
160.1
160.3
161.6
163.7
164.3
165.1
167.9
169.5
170.2
171.2
175.3
180.7
186.5
189.8
192.5
200.7
245.4
278.4
292.1
302.7
313.8
325.0
347.4
372.5
422.7
469.9
538.1
565.5
605.1
665.6
691.8
705.3
722.1
742.6
784.8
828.5
848.5
857.4
870.8
885.2
900.8
» Preliminary.
MATURITY DISTRIBUTION OF BILLS AND
SHORT-TERM SECURITIES HELD BY FEDERAL
RESERVE BANKS
[In thousands of dollars]
Total
For description and back figures see BULLETIN for January 1933, p. 43.
PAPER CURRENCY OF EACH DENOMINATION
IN CIRCULATION
[Outside Treasury and Federal Reserve banks.
1933
In millions of dollars]
1934
Denomination
Oct. 31 Nov. 30 Dec. 30 Jan. 31 Feb. 28 M a r . 31 Apr. 30
$1.—
$2....
$5_ —
$10.__
$20._.
$50.__
$100._
$500..
$1,000.
$5,000.
$10,000
Total-
1934
1933
942.5 1, 200.8
1,006.2 1,200.0
1.112.7 I, 199. 9
1,158.4 *>1,197.9
1.178.8
1,185.1
1.176. 7
1.177. 7
1,180. 7
1.188.9
1,198. 7
1, 208.8
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
402
33
719
1,229
1,342
364
618
125
237
8
10
386
32
699
1,173
1,288
350
593
119
228
7
10
393
33
722
1,212
1,304
347
587
117
225
10
397
33
730
1,230
1,302
346
584
117
230
7
9
394
33
722
1,225
1,292
342
581
117
230
8
9
4,916
5,022
5,085
4,884
4,957
4,986
4,954
7
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-$18,000,000, and also $1,000,000 of currency
of unknown denominations reported by the Treasury as destroyed.
Bills discounted:
May 2
May 9
_..
M a y 16
M a y 23
M a y 30
Bills bought in
open market:
May 2
May 9
M a y 16
M a y 23
M a y 30
Treasury certificates a n d bills:
May 2
May 9
M a y 16
M a y 23
M a y 30
Municipal warrants:
May 2
May 9
M a y 16
M a y 23
M a y 30
With91 days Over
in 15 16 to 31 t o 61 to
to 6
days 30 days 60 days 90 d;ays mos. 6 mos.
38,312
36, 574
34,402
34, 251
33,700
27,993
24, 950
25,118
24,480
26,540
3,188
2,813
3,502
5,334
2,474
5,930
5,777
3,037
2,007
It""
978
2,460
2,499
2,132
2,497
8,279
6,656
5,501
5,263
5,178
3,238
2,218
928
237
2,571
910
191
204
315
198
272
437
435
464
1,638
3,859
3,810
3,934
4,247
771
781, 370 62,180 21,325 117,621
130,466
786,869 43,975
790, 367 21,325 70,981 62, 210
94, 736 65, 330
806, 992
100,096 51,070
807,470
193
330
228
285
274
30
244
18
13
22
21,070 329,997 229,177
17,725 367,524 227,:'"
r, 179
34, 430 374, 244 227,:
', 177
56, 962 362, 781 227,183
64,462 364, 662 227,180
499
499
506
506
500
547
547
546
546
535
FEDERAL DEPOSIT INSURANCE CORPORATION—INSURED BANKS AND DEPOSITS
N u m b e r of insured banks
Insured deposits (in millions of
dollars) i
Class of bank
Apr. 30,
1934
Members (Federal Reserve System).....
6,296
National
State
Nonmembers (Federal Reserve System)
Mutual savings
Other...
__
_
All banks
1
M a r . 31,
1934
6,259
5,359
937
5, 325
934
7,687
7,611
235
7,452
234
7,377
13, 983
13,870
Dec. 31,
1933
Apr. 30,
1934
Dec. 31,
1933
N u m b e r of
insured
accounts
Apr. 30,
1934
5.863
8,663
8,635
8,312
32
34,210,252
5,061
802
6,092
2,571
6,072
2,563
5,916
2,396
34
26
25, 251,101
8,959,151
6,751
6,754
(2)
(2)
12, 617
$2,500 on account of the net approved claim of the owner of any deposit.
Mar. 31,
1934
Ratio insured to
total deposit
liability
Apr. 30,
1934
(percent)
7,098
7,066
4,488
2,610
4,486
2,580
15, 761
15, 701
2
65
21, 746, 531
00
(2)
70
59
8,907, 384
12, 839,147
15, 063
41
55,956, 783
Not available separately.
422
FEDERAL RESERVE BULLETIN
JUNE 1934
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100]
1933
1934
Industry
Manufactures—Total
IRON AND STEEL
Pig iron
Steel ingots
TETTTT ES
Cotton consumption
Wool.___
Consumption
Machinery activity l
Carpet and rug loom activity 1
Silk
Deliveries—
"Loom activity *
Slaughtering and meat packing.
Hogs
Cattle
Calves
Sheep
Wheat flour. _
Sugar mp.ltings
_
Newsprint .
Book paper
__
Wrapping paper
Fine paper
_
Wood pulp, mechanical
Wood
pulp, chemical
Paper
boxes.
Newsprint consumption
LUMBER
TRANSPORTATION
Automobiles
Locomotives
Shipbuilding
EQUIPMENT:
May
June
July
Aug.
Sept.
Oct.
Nov.
66
78
93
101
91
84
76
71
35
20
37
85
91
58
66
49
29
51
108
113
90
105
72
43
75
133
139
116
134
100
62
103
130
135
124
141
80
63
66
53
61
45
47
36
82
67
63
48
120
103
95
89
56
91
118
129
34
113
132
76
101
102
107
FOOD PRODUCTS
PAPER AND PRINTING
Apr.
_.
_
90
92
98
156
110
82
i>85
101
153
97
89
Tanning
Cattle hide leathers .
Calf and kip leathers
Goat and kid leathers
Boots and shoes _
v R^
60
147
172
96
100
105
107
99
102
152
97
82
» 101
62
131
143
105
100
106
109
149
61
99
172
69
113
95
24
96
30
100
38
p 135
213
102
46
44
51
66
70
32
93
110
70
65
71
85
107
79
74
79
93
129
81
63
113
91
82
103
92
95
105
85
92
110
113
127
147
104
142
82
83
86
89
85
88
106
147
81
77
P95
P98
71
67
95
105
146
64
84
106
144
70
75
P106
P104
69
60
139
56
88
o
16
83
67
P126
64
103
95
121
o
25
88
97
96
67
P137
60
92
80
96
183
96
105
115
61
102
98
1
P
112
P
118
P99
P
76
56
40
58
107
118
90
85
91
104
151
76
76
66
p 82
P103
P106
141
p 137
167
P
80
86
98
101
87
p 102
»70
P
Jan.
73
61
40
63
77
67
73
69
48
103
145
95
83
pill
p 106
67
p 118
p 107
61
83
68
71
1
LEATHER AND PRODUCTS
42
123
136
96
99
102
106
Dec.
Apr.
82
64
45
77
55
66
67
51
69
79
81
70
70
95
97
97
83
48
85
54
82
59
71
53
103
114
129
115
91
84
96
100
95
102
122
139
91
87
73
72
94
80
112
122
133
94
73
72
71
P85
66
66
93
86
69
102
95
106
110
122
131
92
65
P99
120
129
91
64
PIOO
64
63
66
68
112
29
112
38
115
33
80
103
P109
p 126
P
135
143
131
106
36
105
33
104
30
106
32
108
34
61
56
1
Mar.
80
103
46
173
Feb.
149
46
32
48
58
1
2
3
73
0
30
0
114
19
116
15
102
20
92
39
93
41
92
41
94
26
97
89
76
102
109
131
94
80
91
132
131
88
77
82
126
110
82
74
73
113
99
82
76
69
109
100
91
85
84
111
93
89
84
90
103
97
91
81
85
126
101
37
35
39
36
49
••107
94
89
78
124
'116
2
59
104
'88
84
116
115
87
10
65
94
89
85
118
CEMENT AND GLASS:
Cement
Glass, plate
. . . . . . .
NONFERROUS METALS: * Tin deliveries 1
FUELS, MANUFACTURED:
Petroleum refining
Gasoline *
Kerosene
Fuel oil i _
.
Lubricating oil*
Coke, byproduct
.
35
53
68 •
140
179
85
94
81
54
65
42
51
144
109
130
125
107
112
70
95
52
80
106
56
99
55
147
187
87
95
88
154
198
92
101
80
155
198
92
106
82
153
198
87
98
84
157
205
82
99
88
152
195
77
102
88
145
184
77
93
102
137
172
80
92
92
142
177
89
95
92
82
90
75
97
77
108
78
97
TOBACCO PRODUCTS
116
61
153
143
61
204
Minerals—Total
Bituminous coal
Anthracite.._
Petroleum, crude
Iron ore
Zinc
Lead
Silver
72
55
44
108
78
57
43
134
14
45
37
30
84
64
65
134
15
55
41
24
Tires, pneumatic
Inner tubes
Cigars
Cigarettes.._
67
47
45
45
36
50
112
94
75
115
120
80
135
66
186
RUBBER TIRES AND TUBES
56
84
80
61
94
97
68
91
143
90
148
111
117
69
151
76
67
132
40
71
36
34
61
98
54
144
181
87
98
86
85
58
55
106
58
98
71
143
177
95
101
90
152
191
98
99
100
96
111
91
103
116
107
72
93
68
100
72
113
68
101
69
121
125
90
115
68
151
108
57
143
95
62
118
123
67
166
138
74
188
132
66
181
119
66
158
128
66
175
87
65
74
125
68
77
57
39
81
81
85
88
91
65
73
116
23
72
71
33
66
68
119
67
82
120
74
89
118
100
84
109
122
90
61
55
120
63
72
73
125
67
67
29
66
64
37
66
64
'36
68
57
47
64
56
45
75
123
68
163
91
75
61
134
57
77
36
28
77
64
33
91
129
133
99
93
118
121
92
' Revised.
p Preliminary.
i Without seasonal adjustment.
* Includes also lead and zinc: see 'Minerals."
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and
September 1933, pp. 584-587.
423
FEDERAL RESERVE BULLETIN
JUNE 1934
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average, = 1001
1934
1933
Industry
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
May
June
July
Aug.
Sept.
68
80
93
97
89
39
21
41
53
29
56
72
43
75
93
59
96
79
60
81
84
65
52
67
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
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
p 102
P103
P88
P79
Wood pulp and paper
Newsprint
Book paper
Wrapping paper
Fine paper
Wood pulp, mechanical
Wood pulp chemical
Paper boxes
Newsprint consumption
LUMBER
Apr.
_
P94
P87
P96
__
- .
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers..
Boots and shoes
..
__
__
Jan.
Feb.
r
Mar. Apr.
77
59
45
61
70
67
75
83
86
*90
44
37
44
53
39
55
54
40
55
67
46
69
75
53
78
85
59
88
71
68
74
69
48
95
71
72
83
48
*>97
101
76
79
85
54
102
73
73
82
59
104
65
64
71
53
J»94
97
93
107
83
67
»93
93
84
93
81
63
118
95
82
106
82
117
122
124
114
88
93
86
100
96
147
69
94
99
110
110
106
101
167
83
80
86
89
73
107
109
167
86
72
97
108
111
100
106
141
89
64
89
106
112
93
100
144
102
119
128
103
113
140
89
57
90
94
88
98
114
125
91
71
82
81
69
92
124
119
86
77
87
92
84
97
131
121
83
75
102
100
68
*109
*105
P99
P94
P
P
61
90
80
97
75
99
172
99
65
103
96
121
75
114
190
99
66
p 110
204
91
136
175
92
26
32
40
45
49
57
1
64
0
31
75
0
20
73
1
28
65
64
84
105
101
75
70
75
87
118
110
87
75
99
109
124
34
59
50
92
68
80
64
115
94
140
179
84
94
81
54
147
187
83
95
88
61
153
198
86
101
80
73
76
79
53
118
123
83
107
58
139
P
119
P
PIOO
60
p 119
P
P59
102
P56
141
183
104
102
P96
P
66
104
'83
P107
P62
P 140
P98
P91
70
P104
P70
P94
P64
P74
78
44
P94
P87
v 102
gi
65
63
65
69
122
109
67
p 102
P
P66
P103
P67
P 131
111
* 126
134
111
104
110
117
123
37
34
29
29
30
28
39
35
67
1
22
62
1
20
41
28
o
20
2
36
27
•"4
32
48
1
18
78
0
21
97
2
46
111
9
63
115
94
78
106
123
128
113
90
75
99
124
127
107
87
77
85
119
119
102
87
78
82
113
112
88
89
85
79
110
88
81
87
81
77
112
76
90
87
82
70
119
92
••109
97
95
72
129
••117
108
'88
85
'64
119
120
92
89
76
117
68
142
65
132
46
108
40
70
38
50
28
80
42
115
53
108
125
112
95
80
56
30
88
55
37
106
109
54
58
71
154
198
86
106
82
89
153
198
83
98
84
93
157
205
83
99
88
89
152
195
80
102
88
82
140
145
105
110
114
83
98
101
72
79
81
62
138
172 '
86
92
92
78
75
78
49
142
177
91
95
92
78
90
93
62
144
181
88
98
86
87
131
136
95
143
177
92
101
90
94
142
146
108
152
191
97
99
100
94
139
145
96
146
184
83
93
102
77
73
75
52
145
63
206
147
72
204
126
72
167
131
72
176
128
77
167
116
69
150
97
73
117
99
50
136
131
57
185
120
57
164
113
60
150
118
62
159
65
76
82
89
94
93
88
84
80
85
88
50
43
136
21
46
36
29
57
57
137
30
53
42
23
69
55
135
81
66
34
29
74
61
136
117
71
35
28
69
75
129
131
73
54
67
71
122
108
75
66
33
72
75
115
19
72
74
69
67
115
74
89
115
78
95
116
91
84
89
121
81
46
45
108
60
76
125
68
68
70
65
37
71
66
39
72
58
52
67
55
46
§2 S2
_
Dec.
100
99
111
96
67
P99
P
P
TRANSPORTATION EQUIPMENT:
Automobiles
Locomoti ves
Shipbuilding
Nov.
108
103
110
115
61
P108
62
84
69
75
68
90
149
101
P101
P126
P65
P 128
Oct.
150
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS: i Tin deliveries
FUELS, MANUFACTURED:
Petroleum refining
Gasoline.. _
Kerosene.. _
Fuel oil
Lubricating oil.
Coke, byproduct
.
__
RUBBER TIRES AND TUBES
Tires, pneumatic .Inner tubes
TOBACCO PRODUCTS
Cigars. _
Cigarettes
Minerals—Total
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead _ . . .
Silver.
...
__
47
45
36
37
36
29
139
143
105
1
p Preliminary.
' Revised.
Includes also lead and zinc; see "Minerals."
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196 and
September 1933, pp. 584-587.
424
FEDERAL RESERVE BULLETIN
JUNE 1934
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931. 1923-25 average=100]
Factory employmen t
Without seasonal adjustment
Industry and group
1934
Apr.
Adjusted for seasonal variation
1934
1933
Mar.
Apr.
Factory pay rolls
Apr.
Without seasonal adjustment
1933
Mar.
Apr.
1933
1934
Apr.
Mar.
Apr.
82.3
80.8
59.9
82.2
81.0
59.9
67.3
64.8
38.8
72.6
72.9
51.5
81.9
85.3
45.8
90.9
56.0
88.2
131.4
70.0
70.1
50.3
79.9
80.6
45.8
83.7
53.9
85.4
125.5
48.1
47.2
31.7
55.5
49.6
42.2
52.5
41.0
70.5
84.5
71.5
71.4
51.0
79.1
84.7
45.3
88.4
56.7
87.8
132.7
69.1
68.6
50.6
77.2
79.4
45.3
82.6
55.2
88.1
125.9
47.4
46.2
31.4
53.6
49.3
41.8
51.2
41.4
70.2
85.4
56.8
59.4
28.0
59.4
70.3
28.3
63.8
37.6
84.2
110.6
51.3
52.2
26.1
57.2
64.6
27.7
57.0
35.1
79.7
99.5
24.6
22.6
15.2
31.2
26.8
19.9
30.6
20.1
60.7
53.7
80.3
. 87.2
63.7
69.3
71.6
70.8
200.2
75.0
76.8
75.9
61.8
65.8
68.3
70.9
187.6
75.8
47.7
38.3
44.0
36.8
43.4
30.3
98.6
44.3
81.5
82.3
63.7
68.2
70.4
69.8
253.7
74.4
78.4
70.9
61.8
64.7
67.4
69.2
250.8
74.4
48.3
36.2
44.0
36.2
42.7
29.9
125.0
44.0
60.5
93.6
47.8
44.8
54.4
57.7
108.9
60.9
55.8
78 2
43.8
41.3
49.9
57.4
101.5
61.6
26.8
28.2
26.5
20.0
22.5
17.6
57.4
26.6
99.1
114.9
43.9
25.3
71.7
93.4
108.4
40.8
22.7
69.3
45.3
50.1
22.6
11.0
44.4
93.8
108.8
40.6
24.9
67.3
89.6
103.7
41.1
22.5
65.7
42.9
47.4
20.9
10.8
41.7
92.2
107.4
43.0
10.9
53.9
84.5
98.1
39.7
9.1
52.4
31.9
34.3
18.5
3.9
30.1
57.8
66.3
57.2
55.5
66.3
54.7
48.1
66.6
46.8
57.4
66.3
56.8
55.8
66.3
55.0
47.8
66.6
46.4
53.0
59.2
52.7
48.5
58.6
47.9
36.2
54.0
35.0
NONFERROUS METALS AND PRODUCTS
Brass, bronze, and copper products.
Lighting equipment
Silverware and plated ware
Smelting and refining
Stamped and enameled ware
76.9
79.1
65.4
72.7
62.8
94.0
75.1
78.1
64.4
69.4
64.2
87.5
51.9
51.3
42.3
49.8
42.2
67.1
76.0
77.7
64.6
72.6
61.5
91.4
73.7
76.0
63.8
68.9
62.8
84.3
51.3
50.4
41.8
49.8
41.3
65.3
58.9
59.8
52.3
51.2
38.7
80.8
56.8
56.3
51.3
50.3
39.9
75.8
30.5
28.0
28.8
27.8
23.2
41.7
LUMBER AND PRODUCTS
49.4
60.8
39.4
34.3
35.0
49.1
29.4
22.3
50.0
63.0
39.2
34.5
49.8
64.1
38.1
33.7
35.5
50.9
29.2
22.4
33.3
40.3
24.6
22.5
31.9
41.1
23.2
20.7
17.8
24.4
15.3
10.2
STONE, CLAY, AND GLASS PRODUCTS
55.3
30.5
48.0
95.9
73.9
48.5
63.0
37.6
32.6
52.1
26.9
42.4
93.9
71.7
38.4
21.5
38.7
59.9
52.8
54.7
30.3
48.2
94.4
72.8
53.1
29.2
45.3
93.1
70.3
38.0
21.4
38.9
59.0
52.0
38.8
16.4
30.6
80.8
50.0
34.7
13.7
24.1
74.6
47.2
21.6
8.1
18.5
43.2
28.0
TEXTILES AND PRODUCTS
99.1
96.8
70.2
103.3
116.4
114.5
78.4
74.9
100.0
88.0
132.2
83.3
108.3
100.0
98.4
72.6
103.1
117.2
112.3
84.7
82.3
99.4
88.7
130.5
86.3
105.0
78.3
72.1
45.2
72.2
88.3
93.1
62.8
57.0
89.5
75.2
123.3
86.3
90.0
97.8
96.1
68.4
102.9
113.6
112.4
77.3
76.1
97.3
90.8
120.0
75.9
109.6
97.3
96.5
70.4
100.9
112.4
110.4
82.4
82.4
94.9
87.0
119.7
76.8
105.0
77.1
71.6
44.0
71.9
86.1
91.4
61.9
57.9
86.7
77.6
111.9
78.8
91.8
79.8
79.3
54.7
85.9
94.8
108.9
63.3
55.4
76.1
61.4
98.6
76.9
97.9
82.6
80.8
55.0
84.9
98.2
107.0
68.3
60.8
81.4
65.9
108.3
84.4
95.2
49.0
44.7
25.0
42.7
67. 5
65.1
35.9
33.6
54.3
36.8
78.2
73.2
57.0
LEATHER AND PRODUCTS
92.3
92.2
93.2
92.7
92.2
95.1
78.3
81.6
66.4
93.0
93.1
93.0
90.5
90.0
92.9
79.0
82.4
66.3
82.1
81.8
81.9
84.4
84.1
83.9
51.8
52.9
47.6
Total
IRON AND STEEL AND PRODUCTS
Blast furnaces and steel works
Cast-iron pipe
Cutlery and edge tools
Hardware
Steam, hot-water heating apparatus, etc.
Stoves
Structural metal work
Tin cans, etc
Wirework
MACHINERY
Agricultural implements
Electrical machinery, etc
Engines, turbines, etc
Foundry and machine-shop products
Machine tools
Radios and phonographs
Textile machinery
TRANSPORTATION EQUIPMENT
Automobiles
Cars, electric and steam railroad
Locomotives
Shipbuilding
RAILROAD REPAIR SHOPS
Electric railroads
Steam railroads
Furniture
Lumber, millwork
Lumber, sawmills
Brick, tile, and terra cotta...
Cement
Glass
—_
Pottery
A. Fabrics
Carpets and rugs
Cotton goods
Dyeing and finishing
Knit goods
Silk and rayon goods
Woolen and worsted goods
B. Wearing apparel
Clothing, men's
Clothing, women's
Millinery
Shirts and collars
Boots and shoes
Leather
_
425
FEDERAL RESERVE BULLETIN
JUNE 1934
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
Factory pay rolls
Factory employment
Without seasonal adjustment
Adjusted for seasonal variation
Without seasonal adjustment
Industry and group
1934
Apr.
1934
1933
Mar.
Apr.
Apr.
1933
Mar.
Apr.
1934
Apr.
1933
Mar.
Apr.
97.2
111.2
79.2
71.9
74.7
74.5
64.9
92.4
84.7
96.2
110.3
76.8
67.7
80.3
74.6
59.2
92.8
86.2
83.0
95.7
71.0
61.8
71.7
64.6
56.0
76.4
72.9
104.0
If 3.0
80.8
97.2
82.2
75.6
67.5
95.4
85.3
107.8
112.6
83.1
130.2
83.6
75.5
65.9
95.1
87.1
89.0
97.3
72.4
83.5
78.9
65.6
58.3
78.9
73.4
83.1
91.3
61.9
69.5
61.8
61.2
51.4
76.1
70.4
82.2
91.8
58.4
67.2
68.0
60.2
46.5
75.9
66.5
67.5
76.8
54.4
51.0
48.7
53.2
43.0
58.9
66.7
64.7
79.3
62.8
64.4
81.1
62.2
52.0
69.1
49.8
65.7
81.8
63.6
64.9
78.1
63.1
52.8
71.2
50.4
46.2
66.3
43.6
45.8
72.2
42.5
33.4
55.6
30.6
95.1
85.3
106.8
84.7
99.0
93.7
83.8
104.4
83.5
79.8
66.3
79.7
75.1
90.9
95.5
87.8
106.8
85.3
98.7
93.5
84.9
104.4
82.5
98.0
80.2
68.2
79.7
75.6
90.6
79.7
75.7
81.3
70.8
87.3
77.7
74.8
78.6
68.9
85.7
62.2
50.8
53.3
57.1
76.2
PRODUCTS...
113.3
112.8
86.4
72.7
83.7
65.6
148.1
76.4
223.7
81.8
94.2
83.2
80.5
72.3
85.2
67.6
79.8
76.1
223.7
80.8
94.2
65.1
107.7
103.1
94.7
160.4
98.4
321.9
103.1
110.2
110.9
110.7
106.5
100.9
96.0
124.5
97.7
321.9
102.7
111.3
89.1
110.8
100.6
99.2
181.5
102.6
319.0
104.5
107.8
109.4
109.8
110.1
102.4
102.2
97.8
102.2
319.0
103.3
107.8
92.3
A. Chemical group, except petroleum.
Chemicals
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
B . Petroleum refining
95.8
92.4
78.6
132.1
83.0
221.3
88.8
92.0
89.1
92.6
70.5
107.3
77.1
218.2
88.4
92.0
58.5
70.5
40.0
84.5
56.5
130.6
67.1
78.6
91.0
55.5
82.1
88.1
55.3
78.1
42.4
51.6
90.4
58.0
80.7
89.0
57.2
79.7
59.5
44.3
50.7
73.4
49.6
67.6
70.8
48.3
63.4
35.0
26.9
28.2
F O O D PRODUCTS
Baking
Butter
Canning and preserving
Confectionery
Flour
Ice cream
Slaughtering and meat packingSugar refining, c a n e . .
TOBACCO PRODUCTS
Chewing and smoking tobacco and snuff.
Cigars and cigarettes
P A P E R AND PRINTING _
Boxes, paper
Paper and pulp
Book and job printing
Printing, newspapers and periodicals...
CHEMICALS AND PETROLEUM
RUBBER PRODUCTS
Rubber boots and shoes
Rubber tires and inner tubes...
NOTE.—Revised indexes. The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of
Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally
adjusted index of factory employment computed by the Federal Reserve Board, see pp. 324-343.
426
FEDERAL RESERVE BULLETIN
J U N E 1934
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics. 1926=100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
95.3
86.4
73.0
64.8
65.9
104.9
88.3
64.8
48.2
51.4
99.9
90.5
74.6
61.0
60.5
91.6
85.2
75.0
70.2
71.2
109.1
100.0
86.1
72.9
80.9
90.4
80.3
66.3
54.9
64.8
83.0
78.5
67.5
70.3
66.3
100.5
92.1
84.5
80.2
79.-8
95.4
89.9
79.2
71.4
77.0
<H ?,
$9.1
79 3
1933—April
60.4
62.7
65.0
68.9
69.5
70.8
71.2
71.1
70.8
44.5
50.2
53.2
60.1
57.6
57.0
55.7
56.6
55.5
56.1
59.4
61.2
65.5
64.8
64.9
64.2
64.3
62.5
65.3
66.5
68.9
72.2
74.1
76.1
77.2
77.2
77.5
69.4
76.9
82.4
86.3
91.7
92.3
89.0
88.2
89.2
51.8
55.9
61.5
68.0
74.6
76.9
77.1
76.8
76.4
61.5
60.4
61.5
65.3
65.5
70.4
73.6
73.5
73.4
76.9
77.7
79.3
80.6
81.2
82.1
83.0
82.7
83.5
70.2
71.4
74.7
79.5
81.3
82.7
83.9
84.9
85.6
72.2
73.7
73.3
58.7
61.3
61.3
59.6
64.3
66.7
67.3
66.2
78.3
78.7
78.5
78.6
89.5
89.6
88.7
88.9
76.5
76.9
76.5
75.3
73.1
72.4
71.4
71.7
85.5
87.0
87.1
87.9
72.8
73.3
73.7
73.4
60.5
61.4
62.1
61.2
65.7
66.8
67.4
67.0
78.7
78.7
78.7
78.7
90.5
90.5
90.4
90.1
76.5
76.4
76.6
76.7
73.9
73.9
73.8
73.6
85.1
85.0
85.0
85.0
86.3
86.6
86.4
86.7
=
86.4
86.3
86.7
86.6
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
73.6
73.8
73.7
73.5
73.4
62.0
62.0
62.0
61.4
61.4
67.5
68.1
67.7
67.3
66.5
78.6
78.7
78.6
78.6
78.6
89.8
89.0
88.8
88.8
89.4
76.6
76.3
76.0
76.0
75.8
73.5
73.0
72.6
72.4
72.4
85.1
86.4
86.5
86.4
86.4
86.5
86.2
86.2
86.2
86.3
Apr.
Apr.
Apr.
Apr
7
14
21
28
73.3
73.3
73.3
73.5
60.4
60.5
59.7
59.1
66.1
65.8
66.6
66.6
78.7
78.9
78.8
79.2
89.5
89.8
89.7
89.6
75.7
77.5
75.2
75.0
72.6
72.9
73.1
73.5
86.5
86.9
87.0
88.3
86.7
86.5
86.3
87.1
May
May
May
May
5
12
19
26
73.4
73.8
73.5
73.7
59.1
60.5
59.6
60.1
66.6
67.3
67.2
67.4
79.0
79.1
79.0
79.0
89.5
89.3
88.5
88.0
74.1
73.5
73.5
73.1
72.7
73.0
73.2
73.4
88.7
88.8
88.7
88.7
87.4
87.4
87.0
87.2
Year, month, and week
May
June
July
August
September .
October
November
December
—
1934—January
February
March
_ _ 73.6
April
Week ending—
1934—Feb. 3
Feb 10
Feb. 17
Feb. 24
_
-
1933
Subgroups
F A R M PRODUCTS:
Grains
Livestock and poultryOther farm products FOODS*
Butter, cheese, and mil
Cereal products
Fruits and vegetables.
Meats.
Other foods
HIDES AND LEATHER PRODUCTS:
Boots and shoes
Hides and skins
Leather
Other leather Droducts
TEXTILE PRODUCTS:
Clothing
Cotton goods
Knit goods
Silk and rayon .Woolen and worsted go ods
Other textile products.
FUEL AND LIGHTING MATERIALS:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
...
Hides and Textile Fuel and Metals Building Chemi- House- MiscelTotal leather products
lighting and metal
cals and furnishproducts
materials products materials drugs ing goods laneous
1934
r? 6
94.3
92.7
84.9
75.1
75.8
82.6
77 7
69.8
64 4
62.5
n 4
re ?,
re 7
re ?
re i
n 7
n 7
re. 4
re. 7
71.5
71.7
73.4
74.8
77.6
79.3
81.2
81.0
81.0
57 8
58.9
60 8
64.0
65 4
65 1
65 3
65.5
65.7
74. 4
75 5
75 7
75.5
80.8
81.0
81.4
81.6
67 5
68.5
69 3
69.5
rs.o
81.8
81.9
81.9
82.1
68.4
68 5
68.6
68.5
r5.8
82.3
82.5
82.4
82.5
82.5
68.6
68.8
69.2
69.2
69.3
r5.5
75
75 54
'5.3
82.5
82.8
83.1
83.0
69.8
69 6
69.3
69.2
83.1
83.0
83.0
83.9
69.6
70.1
69.7
69.7
re. 5
•
••
>•
7
5 4
'5.4
[
75
75
75
75
4
7
8
8
\75 3
75.4
-'5 3
75.3
1933
Mar. Apr.
Apr.
Jan.
Feb.
44.8
41.0
46.7
63.7
41.1
67.4
63.2
48.2
68.3
62.3
49.5
67.7
58.8
49.2
65.7
53.1
65.9
57.8
50.3
56.6
65.0
85.8
68.0
48.9
64.0
69.1
85.7
71.7
53.3
64.1
68.9
85,3
71.6
56.5
63.5
66.5
84.8
67.9
57.3
62.1
83.2
45.8
57.2
77.2
98.5
77.2
79.9
87.0
98.4
78.0
80.1
86.9
98.5
73.4
79.7
86.7
98.5
76.7
78.4
86.7
61.4
50 7
47.2
26.3
53.3
67.5
87.5
86.5
70.6
29.7
84.3
76.9
87.2
89.1
65.6
29.4
84.0
78.5
85.7
88.2
64.2
28.4
82.0
78.9
81.4
78.1
75.2
98.3
97.5
32.5
81.5
90.8
83.5
92.3
90.8
51.1
87.2
88 6
67.0
31.0
84.3
77.8
81.2
91.1
83.5
91.8
89.3
50.3
81.2
91.1
83.4
88.5
89 4
48.7
78.1
93.7
84.3
Subgroups
M E T A L S AND M E T A L PRODUCTS:
Agricultural imnlAmp/nts
Iron and steel.
Motor vehicles
Nonferrous metals
BUILDING MATERIALS:
Brick and tila
Cement
ber
Lum
Paint materials.
Plumbing and heating
Structural
steel-materials.
Other building
CHEMICALS AND D R U G S :
Chp.micals
Drugs and pharmaceuticsils
Fertilizer mate rials
Mixed fertilizei•s _
HOUSEFURNISHING GOODS:
Furnishings
Fun liture
MlSCELL ANEOUS!
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaileous
1934
Apr.
Jan.
Feb.
Mar.
Apr.
83 1
75.7
90.4
49.2
85.2
83.6
96.9
66.1
85.2
86.3
97.8
65.8
85.2
86.3
97.8
66.3
85.2
87.3
97.8
68 0
75.0
81.8
57.9
68.9
59.4
81.7
77.9
86.6
93.9
87.4
78.4
72.5
86.8
89.8
87.2
93.9
87.3
79.3
72.7
86.8
90.3
88.5
93.9
86.4
79.7
72.7
86.8
89.9
90.7
89.7
87.2
79.8
76.2
86.8
90.4
79 5
54.6
62.9
60.0
78 8
65.2
68.4
71.2
78 8
71.5
69.2
72.5
79 0
71.9
69.5
72.6
78 6
72.2
68.7
72.7
71.7
71.5
82.9
78.8
83.0
79.2
83.2
79.8
83.5
79.9
37.4
49.5
70.6
7.4
72.7
43.2
68 5
83.0
18.9
81.8
43.5
73.4
82.7
21.4
83.2
44.6
79.6
82.7
22.8
83.2
44.6
76 1
83 6
24.6
83.2
49.4
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1932 (table 110); indexes of subgroups available at Bureau of
Labor Statistics. For weekly indexes covering 1932 and 1933, see Annual Report for 1932 (table 111) and BULLETIN for February 1934, p . 139.
427
FEDERAL RESERVE BULLETIN
JUNE 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]
Factories
Residential
Total
Commercial
Public works
and public
utilities
Educational
1933
1933
1934
1933
42.7
17.2
17.6
13.6
19.0
24.4
18.9
*VC1.4
60.7
92.7
111.1
133.3
113.7
53.2
92.9
69.9
Month
1933
January
February
March
April
May
June
July
83.4
52.7
60.0
56.6
77.2
102.3
82.6
106.0
120.1
145 4
162.3
207.2
.
August
September
October
December
Year
1934
1933
1934
12.0
11.8
16.0
19.1
26.5
27.7
23.6
21.9
21.5
21.5
23.6
23.9
186.5
96.7
r 178.3
131.4
15.1
14.5
28.1
22.8
1934
4.3
2.8
6.4
6.2
9.4
26.8
17.8
14.1
15.1
9.8
8.2
6.7
10.7
4.2
15.9
8.4
5.8
7.6
7.2
6.6
8.9
9.6
11.5
10.5
7.4
9.8
7.3
7.1
127.5
249.3
1,255. 7
1933
99.4
1934
9.4
7.6
13.0
11.9
1934
1.4
2.2
1.3
1.1
1.7
3.5
2.9
2.6
2.2
2.2
2.6
16.3
602.7
All other
1933
19.6
5.4
8.8
8.6
40.0
17.3
11 0
11.5
9 9
11.6
10 3
7 8
5 6
13 0
9 3
9 6
20.0
1934
17.9
11 8
19.6
9 8
136.9
' Revised.
CONSTRUCTION CONTRACTS AWARDED, BY
DISTRICTS
BANK DEBITS
[Debits to individual accounts. In millions of dollars]
[Value of contracts in thousands of dollars; figures for 37 States east of the
Rocky Mountains, as reported by the F. W. Dodge Corporation]
1934
1934
Number
of centers
1933
April
1933
March
April
Federal Reserve district
March
April
Boston . _ _ _ .
New York
Philadelphia
Cleveland Richmond
Atlanta
_
Chicago
St. Louis -. .Minneapolis
Kansas City
Dallas
.
_
__.
.- _
_ ._
Total (11 districts)
April
11,802
18,830
11,959
10,810
11,014
13,252
24, 534
7,983
7,567
5,967
7,696
11,646
36,470
9,212
14,233
15,881
20,292
25,241
16,718
4,507
7,705
16,536
6,011
14,453
4,316
4,944
6,376
2,695
6,919
3,266
3,519
2,027
2,047
131,414
178, 440
56,573
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
[Amounts in thousands of dollars;figuresreported by Dun & Bradstreet]
Number
Federal Reserve
district
Mar,
Apr.
1933
1934
1933
1934
Apr.
Liabilities
Apr.
Mar.
Apr.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _.
Kansas City...
Dallas
San Francisco..
100
249
44
92
59
76
153
24
36
33
31
155
107
298
51
75
50
33
159
37
35
56
28
173
196
475
118
182
98
73
258
68
64
121
65
203
1,871
8,811
2,055
3,328
672
1,016
4,242
306
404
261
426
2,396
3,830
7,893
2,555
1,836
877
570
3,610
754
712
604
581
3,405
5,602
16,493
5,081
6,008
1,449
1,401
7,982
996
578
1,479
852
3,174
Total....
1,052
1,102
1,921
25,787
27,228
51,097
r
Revised.
1
140
141
16,954
14, 277
15, 608
14,077
12,012
r 10, 616
1,660
17, 498
1,456
1,362
538
660
3,718
688
465
779
434
1,972
1,533
16,142
1,384
1,297
513
696
3,588
728
436
815
459
2,094
1,230
12, 512
1,033
1,003
390
506
r 2, 499
540
402
605
334
1,573
31, 231
29, 685
' 22, 628
FEDERAL RESERVE DISTRICTS
TENN
ARK.
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
. . . . BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
#
FEDERAL RESERVE BRANCH CITIES
© FEDERAL RESERVE BANK AGENCY
Mei
3£!"!.4
V
@FedFRASER