Full text of Federal Reserve Bulletin : May 1934
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FEDERAL RESERVE
BULLETIN
MAY 1934
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Recent Banking and Business Developments
National Summary of Business Conditions
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1934
FEDERAL RESERVE BOARD
Ex officio members:
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury, Chairman,
J. F. T. O'CONNOR,
Comptroller of the Currency.
H. WARNER MARTIN, Assistant to the Governor.
CHESTER MORRILL, Secretary.
EUGENE R. BLACK, Governor.
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
GEORGE R. JAMES.
J. J. THOMAS.
M . S. SZYMCZAK.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
J. C. NOELL, Assistant Secretary.
L. P. BETHEA, Assistant Secretary.
S. R. CARPENTER, Assistant Secretary.
CARL E. PARRY, Assistant Directory Division of Research
and Statistics.
WALTER WYATT, General Counsel.
GEORGE B. VEST, Assistant Counsel.
J. R. VAN FOSSEN, Assistant Chief, Division of Bank
Operations.
0 . E. FOULK, Fiscal Agent.
E. L. SMEAD, Chief, Division of Bank Operations.
LEO H. PAULGER, Chief, Division of Examinations.
FRANK J. DRINNEN, Federal Reserve Examiner.
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 LICHTENBTEIN, Secretary
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
of—
Boston
New York
Philadelphia
..
Governor
Chairman
F H Curtiss
T H. Case
G L. Harrison
R, L. Austin
G. W. Norris
L. B Williams
E. R. Fancher
G. J. Seay
A Young
I
j Cleveland
Richmond...
- W . W. Hoxton
Atlanta
O^ar Nfiwt.nn
W S Johns 3
Chicago
E. M. Stevens
G. J. Schaller
St. Louis
J. S, Wood ..
W . McC. Martin
Minneapolis
J. N. Peyton.
M . L. McClure
W . B. Geery...
t
Kansas City.
Dallas
San Francisco
1
G. H. Hamilton
C. C.Walsh
Isaac B. Newton
Assistant deputy governor.
B. A. McKinney
J. U. Calkins
» Controller.
8
Deputy governor
Cashier
W. Willett.1
C. H. Coe.
J. W. Jones.1
1
W. B. Matteson.
J. M. Rice.1
Allan Sproul.«l
L. W. Knoke
C. A. Mcllhenny.
W. J. Davis.1 1
L. E. Donaldson.
W. G. McCreedy.J
H. F. Strater.
G. H. Keesee.
J. S. Walden, Jr.*
M. W. Bell.
W. S McLarin, Jr.1
W. H. Snyder.2 1
C. R. McKay
W. C. Bachman.
H. P. Preston
R. H. Buss.1
J. H. Dillard0. J. Netterstrom.1
A. T. Sihler.1 1
E. A. Delaney.
S. F. Gilmore.*
0. M. Attebery
A. H. HailU
J. G. McConkey
F. N. Hall*
G. 0. Hollocher.i
0. C. Phillips.*
H. I. Ziemer. 2
Harry Yaeger.
F. C. Dunlop.
__ C. A. Worthington.— J. W. Helm.
J. W. Helm
Fred Harris.
R. R. Gilbert
W. 0. Ford.1
R. B. Coleman
:
W. A. Day
_ W. M. Hale.
Ira Clerk
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
Acting governor.
* 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:
Baltimore branch
Charlotte branch
Atlanta:
New Orleans branch...
Jacksonville branch
Birmingham branch _ . .
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
R. M. O'Hara.
C. F. McCombs.
J. C. Nevin.
Hugh Leach.
W. T. Clements.
Marcus Walker.
Hugh Foster.
J. H. Frye.
J. B. Fort, Jr.
W. R. Cation.
J. T. Moore.
W. H. Glasgow.
A. P. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
_
Oklahoma City branch..
Dallas:
El Paso branch
_
Houston branch
San Antonio branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch..
Seattle branch
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
J. L. Hermann.
W. D. Gentry.
M. Crump.
W. N. Ambrose.
R. B. West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.
SUBSCRIPTION PRICE OF BULLETIN
The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member
banks of the Federal Reserve System and is the only official organ or periodical publication of
the Board. The BULLETIN will be sent to all member banks without charge. To others the
subscription price, which covers the cost of paper and printing, is $2. Single copies will be
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$2.60: single copies, 25 cents.
in
TABLE OF CONTENTS
Page
Review of the month—Recent banking and business developments
Revised index numbers of factory employment and pay rolls
Czechoslovak currency law
Federal Deposit Insurance Corporation—Insured banks and deposits, Mar. 31, 1934
267
270
288
312
National summary of business conditions
272
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 91 leading cities
Brokers'loans
Acceptances and commercial paper
Discount rates and money rates
l
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
Freight-car loadings, by classes
Financial statistics for foreign countries:
Gold reserve? 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:
Security prices
Wholesale prices
Retail food prices and cost of living
273-276
279
277, 278, 308, 309
280, 310
280
281
282
283
284
285
286, 313-316
287
287
287
.
289
290
290-292
293
293
294-296
297
298
298
299
300
300, 301
301
Law department:
Rulings of the Federal Reserve Board:
Obligations secured by real-estate mortgages as " securities" under various sections of the
Banking Act of 1933
Allowance in consideration of payment of banker's acceptance before maturity as indirect
payment of interest
Corporate trustee under deed of trust as a holding company affiliate
Federal savings and loan associations as banks within section 19 of the Federal Reserve Act
Payment of interest when the first day of the month falls on a Sunday or holiday
Act authorizing Federal Reserve banks to acquire bonds of Home Owners' Loan Corporation and to
act as fiscal agents of such corporation
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
Industrial and commercial statistics
rv
302
303
303
304
304
304
305-311
313-317
FEDERAL RESERVE BULLETIN
VOL. 20
No. 5
MAY 1934
smaller denominations. The retirement of the
larger denominations, those of $50 and over,
Member bank reserve balances increased which are little used for business purposes, has
further during April to a new high level of been continuous since the end of the banking
$3,750,000,000, approximately crisis in March of last year. About $350,000,Recent banking $i 700,000,000 in excess of legal 000 in currency of such denominations has
and business
.
J^
developments
reserve requirements.
I he been returned since March 31, 1933. Circulaincrease in reserves during the tion of the smaller denominations, those of $20
month was $300,000,000 and reflected chiefly and less, such as are commonly used in business
further imports of gold from abroad and addi- transactions, began to increase in the summer
tional expenditure by the Treasury of funds of last year, and since July 31, 1933, has inpreviously held as cash and as balances with creased by more than $260,000,000 to a level
the Reserve banks. Gold imports for the above $4,000,000,000. The growth of the cirmonth were $50,000,000, compared with $450,- culation of these denominations, of which about
000,000 in February and $240,000,000 in half has occurred since the end of January, has
March. The increase during the month in ex- reflected larger demands for cash for pay rolls,
cess reserves of member banks was accompanied for retail trade, and for similar purposes for
by a slight reduction in the already low level which the use of currency, rather than of
of money rates and a further advance in bond checks, is customary in the United States. The
prices. Toward the end of April bonds of data cited are exclusive of figures for gold coin
the highest rating were selling at the highest and gold certificates, the outstanding amount
of which has been decreasing for more than a
prices in many years.
year
in response to governmental action.
Industrial activity increased further in March
Deposits
of member banks continued to
and in April an;d there was a considerable
increase
in
April,
reflecting further growth of
growth in factory employment and pay rolls.
demand
and time deposits, offThe general level of commodity prices at wholef
s
e
t
i
n
sale continued stable for the third consecutive
Part b^ a decrease i n
month. In April there was a recession in
United States Government deprices of cotton, wheat, and other grains and posits. The time deposits of reporting member
increases in steel, automobiles, rubber, and banks in leading cities have been increasing
meats.
steadily since last December. Their demand
Changes in the composition of outstanding deposits, which have been increasing since last
currency in recent months show a further rise August, have increased more rapidly since the
in the demand for currency for middle of December, largely in consequence of
business purposes, accompanied an increase in interbank deposits. The recent
by a continued decline in the growth of demand and time deposits has
amount of currency held in hoards. This move- resulted in large part from the transfer to
ment has been indicated by a continued de- individual accounts, through Treasury disbursecrease in the outstanding volume of currency ments, of a part of the Government deposits
of the larger denominations, accompanied by in member banks which had been in March
an increase in the volume of currency of the at the highest level in many years. These
REVIEW OF THE MONTH
267
268
FEDERAL RESERVE BULLETIN
Government deposits had been built up originally through the purchase by the banks, in return
for deposit credit, of new issues of United
States Government securities. Recent growth
of individual deposits, therefore, is a step in
the process of creation of deposits by the
purchase by the banks of United States
Government securities and of subsequent disbursements by the Treasury in making current
payments.
There has been a substantial increase during
recent months in the number of member banks
in active operation, reflecting
Reopening of
the reorganization and reopenbanks
ing of more than 200 unlicensed
member banks under old and new charters and
the admission of about 75 nonmember State
banks to membership in the Federal Reserve
System since the first of the year. The number of licensed member banks increased from
6,011 on December 30, 1933, to 6,294 on April
25, 1934, while the number of unlicensed member banks declined from 512 at the end of 1933,
with deposits of about $500,000,000, to 218 on
April 25, 1934, with deposits of about $200,000,000. During the same period the number
of restricted and unlicensed nonmember banks,
exclusive of mutual savings banks, had been
reduced from about 1,400, with deposits of
about $650,000,000, to less than 850, with
deposits of about $400,000,000.
During the first 4 months of 1934 about 1,400
additional banks obtained from the Reconstruction Finance Corporation commitments
for additional funds to strengthen their capital
structures. The total number of banks having
such commitments at the end of April approximated 5,900, the amount of the commitments
w^as in excess of $1,000,000,000, and the aggregate amount disbursed was about $650,000,000.
Figures of the Federal Deposit Insurance
Corporation as of the end of March show that
at that time 13,870 banks had
Deposit
their deposits insured under the
insurance
temporary plan, which covers
each depositor in each participating bank up to
$2,500. The total deposit liabilities of the
insured banks were about $38,200,000,000,
MAY 1934
$27,300,000,000 being in member banks, $6,400,000,000 in 234 mutual savings banks, and
$4,400,000,000 in 7,377 other nonmember banks.
Considering all the classes of insured banks together, about 41 percent of aggregate deposit
liabilities were insured under the temporary
plan. The proportion of total deposit liabilities
insured was 35 percent for national banks, 26
percent for State member banks, 70 percent for
mutual savings banks, and 58 percent for other
nonmember banks. The variations in these
percentages reflect chiefly the fact that the
proportion of relatively small accounts is
larger for some of these classes of banks than
for others. The figures indicate that at the
end of March the banks which were operating
without restrictions but did not belong to the
insurance plan included about 350 mutual
savings banks with about $3,300,000,000 of
deposits and 950 other nonmember banks with
not more than $700,000,000 of deposits.
Prices of long-term bonds have been rising
steadily in recent months, continuing an upward movement that began
Capital markets
last November. The advance
has been general, extending to all classes of
SECURITY PRICES
140 '
'
( Averages, Weekly Basis )
"
^
120
1931
1932
1933
bonds—Government, municipal, railroad, public utility, and industrial—and to all grades,
with the largest increases in the lower grades.
MAY
1934
Some bonds of the highest ratings were selling
late in April at the highest prices since the war,
while prices of lower-grade bonds had returned
almost to the level that prevailed in the first
half of 1931. Prices of preferred stocks have
also increased during recent months.
Fluctuations during recent years in the prices
of Government bonds, of 60 medium and highgrade corporate bonds, and of common stocks
are shown on the accompanying chart.
Prices of common stocks, after advancing
sharply during January and early February,
have moved irregularly during recent weeks.
During the first 5 weeks of the year the average price of 351 industrial issues increased by
about 16 percent and rose above the highest
level reached in July 1933. Averages of railroad and public utility shares appreciated by as
much as 35 percent, but not to so high a level
as that of last summer. Beginning early in
February the trend of stock prices was downward until near the end of March. During
the subsequent 3 weeks industrial and railroad
shares advanced again, almost to their highest
prices of early February, and public utility
shares showed some increase in price. All
classes of stocks declined considerably in the
last week in April and the first week in May.
New security issues, except by the United
States Treasury, continued in relatively small
volume during the first quarter of 1934, and
as in 1933 were largely confined to State and
municipal issues. New State and municipal
securities floated during the first quarter of
1934 totaled $176,000,000, as compared with
$179,000,000 in the last quarter of 1933. These
are the highest quarterly figures since the
middle of 1932, but are far below the average
quarterly volume of $350,000,000 for the years
1924 to 1930. In April new municipal issues
amounted to about $100,000,000. The volume
of corporate financing during the last two
quarters was very small. Flotations in the
last quarter of 1933 were $25,000,000 of stocks,
all representing new capital. During the first
quarter of 1934 the amount of new corporate
financing was $33,000,000, of which long-term
bonds, short-term bonds, and common stocks
269
FEDERAL RESERVE BULLETIN
each constituted about one third. In April
new corporate issues totaled $28,000,000 and
in addition there were refunding issues of about
$60,000,000.
International gold movements in recent
months have largely reflected the flow of funds
to the United States that folInternational
lowed devaluation of the dollar
gold move-
ments
at the end ol January and the
accompanying undertaking by
the Treasury to buy and sell gold at $35 an
ounce. Changes in gold reserves of the
United States and the principal foreign central
banks since the end of January are shown in the
table. The decrease in reserves of foreign
GOLD RESERVES OF PRINCIPAL
[In millions of dollars]
Latest
report
date,
1934
United States
England
France
Germany
Italy
Belgium
Netherlands
Switzerland
Change Change during—
last
Gold from
report
reserves date
in March February
March
Apr. 30
Apr. 25
Apr. 27
Apr. 30
Apr. 30
Apr. 26
Apr. 30
Apr. 30
COUNTRIES
I
!
!
i
j
j
p 7, 756
+61
1,575
5.023
83
*6-:,9
636
539
534
+1
+76
-IS
-3
+1
+4
-37
+43
-39
-22
+610
+1
-204
-17
o
-4
-30
-86
-53
v Preliminary.
central banks was largest in February. In
March European gold movements to the United
States were checked and French reserves began
to increase. This increase has represented
chiefly the movement of gold from Switzerland.
Reserves of other leading European countries
have shown little change in recent weeks.
Notwithstanding the fact that European central
banks did not lose gold to the United States
during March, the central monetary gold holdings of this country continued to grow. The
total growth since the beginning of February
appears to have been about $200,000,000 in
excess of combined reported losses by other
countries, new production, gold released from
Indian hoards, and gold turned in in the United
States. This additional increase represents
principally gold that has come from private
hoards in European countries and from unreported holdings of foreign governments.
270
FEDERAL RESERVE BULLETIN
Errata in April Bulletin
On page 256 of the BULLETIN for April in the
table concerning the earnings and expenses of
national banks, by districts, last 6 months of
1932, the figures given for total interest on
deposits should be (in thousands of dollars):
Total for all districts, 142,441; Boston, 11,845;
New York, 26,590; Philadelphia, 14,298; Cleveland, 14,232; Kichmond, 7,025; Atlanta, 5,407;
Chicago, 17,496; St. Louis, 4,574; Minneapolis,
6,318; Kansas City, 7,222; Dallas, 4,256; San
Francisco, 23,178.
Amendment to Gold Regulations
The following statement was released at the
Treasury Department on April 25, 1934:
The Secretary of the Treasury, with the
approval of the President, has amended the
provisional regulations issued under the Gold
Keserve Act of 1934 so as to continue until
June 1, 1934, the period within which licenses
issued under the Executive order of August 28,
1933, may be deemed to be licenses under the
1934
provisional regulations. The provisional regulations originally fixed March 15, 1934, as the
expiration of the time within which holders of
such licenses would be required to obtain
licenses under the new regulations. On March
8, 1934, the expiration date was extended to
May 1, 1934, and it has now been extended to
June 1, 1934. These extensions of time have
been made to enable the mints and assay offices
to investigate carefully each of the many
thousands of applications which have been
received before issuing licenses under the new
regulations.
The amendment reads as follows:
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Change in Foreign Central Bank Discount Rate
On April 26 the National Bank of Belgium
reduced its discount rate from 3K to 3 percent.
MAY
April 19, 1934.
AMENDMENT TO PROVISIONAL REGULATIONS
UNDER THE GOLD RESERVE ACT OF 1934
ISSUED
The provisional regulations issued on January 30,
1934, under the Gold Reserve Act of 1934, as amended,
are further amended in sections 45 and 46 by deleting
therefrom the word and figures "May 1, 1934" wherever they appear in said sections, as amended March 8,
1934, and inserting in lieu thereof the word and figures
"June 1, 1934."
H . MORGENTHAU, Jr.,
Secretary of the Treasury.
Approved:
FRANKLIN D. ROOSEVELT.
T H E WHITE HOUSE,
April 20, 1934.
REVISED INDEX NUMBERS OF FACTORY EMPLOYMENT AND PAY ROLLS
The Bureau of Labor Statistics of the United
States Department of Labor has compiled
recently new index numbers of employment
and pay rolls in manufacturing industries,
giving monthly figures for the period since
January 1919. These new indexes are shown
below and will henceforth be regularly published in the FEDERAL RESERVE BULLETIN.
Publication of the unadjusted index numbers of
factory employment and pay rolls heretofore
compiled by the Federal Reserve Board wil] be
discontinued in the near future, but the Board
will continue to publish a seasonally adjusted
index of factory employment. A new adjusted
index is now being computed from the new
employment index of the Bureau of Labor
Statistics.
These new factory employment and pay roll
indexes of the Bureau of Labor Statistics have
been adjusted to agree with more complete
data from the Biennial Censuses of Manufactures and have been computed on a 1923-25
base, corresponding in these respects to the
indexes heretofore compiled by the Federal
Reserve Board. For the period from 1919 to
1927 the new indexes differ very little from the
Board's indexes for that period. Since 1927
there are important differences owing to the fact
MAY
271
FEDERAL RESERVE BULLETIN
1934
that the Bureau of Labor Statistics' indexes
have been adjusted to agree with censuses of
1929 and 1931 and also include representation
for a substantial number of additional manufacturing industries.
The Bureau states that its revised indexes
differ in two major respects from those formerly
compiled and published by the Bureau.
" First. The index for each of the 90 separate
industries surveyed each month has been
adjusted to conform with the figures on employment and pay rolls for previous years as
published by the Bureau of the Census. Similar adjustments have been made for the 14
groups into which these industries are classified,
and for the general index for all manufacturing
industries.
"This change has been made so that the
indexes may reflect as accurately as possible
the changes in total employment and pay rolls,
not only from month to month, but also over a
period of years. The Bureau's indexes are
based on returns supplied by representative
manufacturing establishments in each of the
industries surveyed. The establishments supplying these monthly data employ approximately 50 percent of all factory wage earners
of the country, and their combined reports
indicate with close accuracy the short-time
trend in employment and pay rolls. The
former indexes did not, however, accurately
reflect the long-time trends. They did not
fully portray the increases resulting from the
establishment of new plants, or the decreases
brought about by the permanent shut down of
establishments not included in the Bureau's
sample. Such changes are shown only by the
complete coverage of every plant in each industry, as made by the Biennial Census of
Manufactures. As now readjusted, the Bureau
of Labor Statistics' index makes allowance for
new establishments coming into existence, and
old establishments dropping out.
"A second change in the revised series of
index numbers is the shifting of the base from
the 12-month average for 1926 to the average
for the 3-year period, 1923-24-25. Henceforth, the average for these years will equal
100 in the Bureau's index. This broader base
was selected as preferable to the single-year
base, not only because it minimizes any unusual
condition which would greatly affect the relative position of any industry in any single year,
but also to place the Bureau's indexes on a
base similar to a number of other official and
private series of indexes on employment, pay
rolls, and production."
The Bureau of Labor Statistics will publish
in the near future a full description of the index
and detailed figures for the separate industries.
E M P L O Y M E N T AND P A Y - R O L L S I N
MANUFACTURING
INDUSTRIES
[Revised indexes of Bureau of Labor Statistics. 1923-25 average = 100]
EMPLOYMENT
Month
January
February
March
April
.
May
June
July
August
September..
October
November
December
__ __
. .
Average
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
105.3
102.2
102.4
102.5
103.1
104.3
106.9
109.7
111.7
111.3
112.6
114 4
114.9
113.7
116.0
114.5
112.0
111.1
108.5
108.8
107.5
103.7
97.4
89 7
81.0
82.6
83.2
82.1
81.9
81.0
79.8
81.2
83.4
84.1
84.2
83 3
82.5
84.6
85.9
85.8
87.9
89.8
88.2
91.4
94.5
97.0
99.0
100 5
100.7
102.5
104 6
105.0
105.3
106.0
104.9
105.2
105.7
104.5
103.2
101 4
100.2
101.5
101.7
99.9
96.8
93.8
91.0
92.1
94.4
95.3
94.8
96 1
96.3
98.1
98 8
98.7
98.1
98.0
97.8
99.5
101.5
102.2
101.8
101 5
100.5
101.5
102.1
101.4
100.4
100.3
99.4
101.4
103.4
103.1
101.4
100.0
98.2
99.7
100.2
99.6
99.1
99.1
98.1
99.3
100.5
99.6
97.4
96 1
95.0
96.5
97 6
97.1
97.0
97.8
97.7
100.1
102.2
102.6
101.7
101 2
100.8
102.9
104.1
105.3
105.3
105.6
106.1
107.9
109.0
107.7
103.6
99 8
97.3
97.4
96 9
96.3
94.8
92.9
89.5
88.8
89.6
87.7
84.6
82 3
79.6
80.3
80 7
80.7
80.1
78.4
77.0
77.1
77.4
74.4
71.8
71 0
68.7
69.5
68 4
66.1
63.4
61.2
58.9
60.1
63.3
64.4
63.4
62.1
60.2
61.1
58 8
59.9
62.6
66.9
71.5
76.4
80.0
79.6
76.2
74 4
107.2
108.2
82.3
90.6
104.1
96.5
99.4
101.2
98.9
98.9
104.8
91.5
77.4
64.1
69.0
1934
73.3
77.7
80 8
PAY ROLLS
January
February
March
April
May
June
July
August
September
October
November
December
Average.
95.3
89.6
90.0
89.2
90.0
92.0
94.8
99.9
104.7
102.2
106.7
114.0
117.2
115.5
123.7
120.9
122.4
124.2
119.3
121.6
119.8
115.8
107.0
98.0
82.8
81.3
81.7
79.0
77.3
75.4
71.7
73.9
73.4
72.6
71.7
73.3
69.6
72.4
74.9
73.8
77.2
80.5
78.5
83.0
87.0
89.5
93.4
95.7
94.6
97.9
102.5
103.8
107.3
107.5
103.3
103.8
104.3
106.6
104.5
102.9
98.8
104.1
104.1
101.8
97.5
92.4
85.7
89.3
92.5
95.1
93.7
97.6
95.4
100.8
102.4
100.0
100.7
98.7
96.8
99.3
98.8
104.6
104.6
105.2
100.9
105.0
106.5
104.4
103.1
103.3
99.0
103.4
104.4
107.6
104.1
103.5
98.4
104.4
105.7
104.5
104.0
102.4
98.5
101.9
101.4
102.1
98.5
99.5
96.0
101.2
102.5
100.5
101.3
101.7
99.0
103.3
104.7
108.2
105.0
105.6
102.3
109.3
111.6
112.6
112.9
111.2
107.2
112.0
112.9
112.4
104.1
100.7
95.9
98.8
98.8
97.7
95.4
92.3
84.3
83.3
84.1
82.2
76.8
75.2
70.0
74.3
75.6
74.4
73.4
69.7
66.2
65.9
63.4
61.3
58.1
57.6
53.5
54.6
53.1
49.5
46.8
43.4
39.8
40.6
42.9
44.7
42.9
41.5
39.5
40.2
37.1
38.8
42.7
47.2
50.8
56.8
59.1
59.4
55.5
54.5
97.4
117.1
76.2
81.3
103.3
96.1
100.6
103.8
101.8
102.4
109.1
88.7
67.5
46.1
48.5
54.0
60.6
64.8
272
FEDERAL RESERVE BULLETIN
MAY
1934
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Apr. 21 and released for publication Apr. 23]
Volume of industrial production increased
further in March and there was considerable
growth in factory employment and pay rolls.
The general level of commodity prices showed
little change between the middle of March and
the middle of April, but in the third week of
April there was a sharp decline in grain prices.
Production and employment.—Output of
manufactures and minerals, as measured by the
Federal Reserve Board's seasonally adjusted
index of industrial production, advanced from
81 percent of the 1923-25 average in February
to 84 percent in March. This advance reflected
chiefly increases of more than the usual seasonal
amount in the output of steel, automobiles, and
lumber, and an increase contrary to seasonal
tendency in the output of coal. Production of
textiles showed little change in volume on a daily
average basis. In the early part of April activity at steel mills and automobile factories increased further, according to trade reports, while
coal production declined by a more than seasonal
amount.
Volume of employment at factories increased
further between the middle of February and the
middle of March by about 4 percent, an amount
larger than is usual at this season. Employment on the railroads and at mines also showed
an increase. The number on the pay rolls of
the Civil Works Administration was reduced
from about 3,700,000 in the middle of February
to about 2,400,000 in the middle of March and
1,900,000 at the end of the month.
The value of construction contracts awarded
in March, as reported by the F. W. Dodge Corporation, showed a considerable increase from
the low level of February, followed in the first
half of April by a decline. For the first quarter
as a whole, the value of contracts was somewhat
smaller than in the last quarter of 1933; publicly
financed projects continued to make up about
three fourths of the total.
Distribution.—Volume of freight-car loadings
showed a further increase in March, reflecting
chiefly seasonal increases in shipments of merchandise and miscellaneous freight and a continued large volume of coal shipments, which
usually decline in March. In the early part of
April total car loadings showed a decline, reflecting a sharp reduction in coal shipments.
Dollar volume of trade at department stores
increased in March by considerably more than
the estimated seasonal amount, after allowance
for the early date of Easter this year.
Prices.—The general level of wholesale commodity prices, as measured by the index of the
Bureau of Labor Statistics, was 73.3 percent of
the 1926 average in the week ending April 14 as
compared with 73.8 percent in the week ending
March 10. During this period prices of steel,
copper, and automobiles advanced, while prices
of farm products decreased somewhat. In the
third week of April wheat prices declined
sharply and there were also declines in the
prices of other grains, cotton, and silver.
Bank credit.—During the 4 weeks ended
April 18 member bank reserve balances increased by $220,000,000, raising the volume of
reserves in excess of legal requirements to
$1,600,000,000. This increase reflected a
growth of $105,000,000 in the monetary gold
stock and further disbursements by the Treasury
of funds from its cash holdings and its deposits
with the reserve banks.
At reporting member banks in leading cities
an increase of $400,000,000 in net demand and
time deposits for the 4-week period ended
April 11 reflected chiefly the deposit by the
public of funds disbursed by the Treasury, as
well as a growth in bankers' balances. Government deposits were reduced by about
$200,000,000. Holdings by these banks of
securities, other than United States Government
obligations, increased by $64,000,000, and their
loans both on securities and all other also
increased slightly, with the consequence that
total loans and investments showed a growth of
$100,000,000 for the period.
Money rates in the open market declined
further in April. Rates on prime 4- to 6-month
commercial paper were reduced from a range of
1-1% percent to 1 percent, and rates on 90-day
acceptances were reduced from % percent to a
range of }%-}{ percent. Yields on Government
securities also declined.
MAY 1934
FEDERAL RESERVE
273
BULLETIN
RESERVE BANK CREDIT AND RELATED ITEMS
MILLIONS OF DOLLAR5
Weekly basis: Wednesday series
MILLIONS OF DOLLARS
aooo
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 April 25. See table on page 274.
1934
274
FEDERAL RESERVE BULLETIN
MAY 1934
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS
[In millions of dollars. Wednesday series; for other series, see p. 307]
Reserve bank credit outstanding
Date (Wednesday)
1933-Mar. 1 . . . .
Mar. 8....
Mar. 15...
Mar. 22...
Mar. 29...
Apr. 5__._
Apr. 12...
Apr. 19...
A.Dr, 26 ._
May3._._
May 10...
May 17...
May 24...
May 31...
June 7
June 14...
June 21...
June 28...
July 5
July 1 2 . . .
July 19...
July 2 6 . . .
Aug. 2 . . . .
Aug. 9 . . . .
Aug. 1 6 - .
Aug. 23...
Aug. 30...
Sept. 6....
Sept. 13...
Sept. 20...
Sept. 27...
Oct. 4
Oct. 1 1 . . .
Oct. 1 8 . . .
Oct. 2 5 . . .
Nov. l._._
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...
Fob. 28...
Mar. 7 . . .
Mar. 14..
Mar. 2 1 . .
Mar. 2 8 . .
Apr. 4 . . . .
Apr. 11. _.
Apr. 18...
Apr. 25...
Bills discounted
712
1,414
1,232
671
545
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
06
64
59
55
51
53
48
43
40
40
Bills
bought
384
417
403
352
310
286
247
208
177
144
113
78
43
20
11
10
9
8
23
13
10
10
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
United Other reStates
serve
Governbank
ment se- credit
curities
1,836
,881
,899
,864
,838
,837
,837
,837
,837
,837
,837
.837
,862
,890
,912
,932
,955
,975
1,995
2,007
2,017
2,028
2,038
2,048
2,059
2,094
2,129
2,166
2,203
2,238
2,274
2,309
2,344
2,375
2,400
2,420
2,430
2,432
2,431
2,432
2,431
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,434
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,432
2,430
2,430
6
13
7
2
1
8
8
7
9
12
14
13
7
10
7
18
5
7
-7
6
-1
7
7
11
25
20
29
7
1
-2
2
4
7
18
Total
2,936
3,644
3,525
2,887
2,688
2,574
2,528
2,490
2,412
2,396
2,297
2,254
2,219
2,218
2,214
2,212
2,194
2,182
2,206
2,201
2,197
2,201
2,208
2,220
2,240
2,258
2,298
2,330
2,357
2,388
2,421
2,449
2,477
2,513
2,526
2,550
2,542
2,564
2,562
2,581
2,615
2,677
2,686
2,674
2,655
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
Treasury
Treasury
Member
cash
and
in bank re- and
Monetary national- Money
decirculaserve
posits
gold stock bank
tion
balances with
curF.R.
rency
banks
4,344
4,243
4,251
4,264
4,272
4,283
4,293
4,313
4,310
4,312
4,313
4,313
4,314
4,315
4,316
4,318
4,317
4,318
4,318
4,319
4,319
4,320
4,320
4,320
4,321
4,328
4,328
4,329
1,327
4,327
4,324
2,218
2,230
2,256
2,273
2,287
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
U.033
2,279
2,278
2,277
2,277
2,276
2,275
2,275
2,276
2,277
a 7,036
7,089
7,203
7,438
7,556
7,605
7,640
7,681
7,703
7,732
7,746
7,755
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
2,277
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
6,720
7,538
7,269
6,608
6,353
6,261
6,147
6,068
5,994
5,954
5,892
5,852
5,795
5,812
5,767
5,723
5,696
5,675
5,752
5,667
5,635
5,601
5,618
5,608
5,612
5,592
5,592
5,648
5,602
5,605
5,595
5,652
5,673
5,650
5,608
5,640
5,673
5,654
5,654
5,743
5,758
5,763
5,849
5,824
5,791
5,684
5,643
5,581
»5,289
5,317
5,321
5,344
5,355
5,374
5,345
5,334
5,336
5,371
5,347
5,347
5,324
2,038
1,776
1,964
1,918
1,987
1,976
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
303
317
317
432
428
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
Nonmember deposits
Other
Federal
Reserve
accounts
91
138
132
126
144
135
143
163
172
182
178
175
161
155
197
153
152
169
164
169
194
186
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
132
127
133
143
154
161
140
148
167
167
345
348
349
341
334
342
349
355
354
356
355
355
353
353
352
351
348
349
344
345
344
344
350
350
347
348
347
346
346
348
347
346
345
358
359
353
356
355
355
354
354
355
362
362
358
295
288
287
287
299
290
291
292
294
301
302
303
297
312
237
237
» Beginning Jan. 31,1934, "gold coin in circulation" (estimated for that date at $287,000,000) is excluded from monetary gold stock and money in
circulation; see p. 276.
* By proclamation of the President dated Jan. 31, 1934, at 3:10 p.m., the weight of the gold dollar was reduced from 2L$U 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 is
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.
275
FEDEEAL RESERVE BULLETIN
MAY 1934
ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE
NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT
[In thousands of dollars]
Apr. 30, 1934 Mar. 31, 1934 Apr. 30, 1933
Gold certificates on hand and due from United States Treasury.
Gold.
Redemption fund—Federal Reserve notes..
Other cash
4, 589,990
4, 303, 587
31,047
222,034
32, 748
200, 647
Total reserves
Redemption fund—Federal Reserve bank notes
Bills discounted:
For member banks
For intermediate credit banks..
For nonmember banks, etc
4, 843,071
6,333
4, 536,982
3, 727,101
3,318
38, 641
53, 670
433, 579
401
"""398
;9, 042
54, 068
435,010
163, 527
Total bills discounted.
Bills bought:
Payable in dollars:
Bought outright
Under resale agreement __
Payable in foreign currencies.
941,812
2, 412,480
62,115
310,694
3,492
23,273
~5,~670~
" 5 , " 275'
7,181
8,562
28, 548
170, 708
2, 431, 273
2, 445, 636
1,600
1,836, 488
800
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, 431, 273
2, 447, 236
1, 837, 288
200
548
3,131
2,574
563
3,131
11, 536
5,726
3,656
6,738
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, 485, 330
18, 414
364, 279
52, 567
139, 299
43,772
2, 545, 082
16, 569
387, 639
52, 442
69, 650
50,980
2, 459,126
20,850
295, 372
54,185
7,953, 065
7, 668, 430
6, 606,055
18,414
3,041,690
16, 569
3,021, 734
20,850
3,407,061
Total notes in circulation
Federal Reserve bank note circulation—net
Deposits:
Member bank—reserve account
United States Treasurer—general account.
Foreign bank
Other deposits
3,060,104
74, 582
3, 038, 303
116, 876
3, 427,911
47, 808
3, 598, 528
115,302
6,228
262, 041
3,457, 069
2,132,389
39,220
5,941
151,166
59,197
29,928
158, 248
Total deposits
Deferred availability items
Capital paid in
Surplus
Reserves (Federal Deposit Insurance Corporation stock, self-insurance, e t c ) .
All other liabilities
3,
364, 279
146,395
138,383
161, 828
25, 395
3, 653, 396
387, 639
146, 221
138, 383
161,829
25, 783
2, 379, 762
295,372
150,171
278, 599
12,206
14, 226
Total liabilities
Contingent liability on bills purchased for foreign correspondents..
7, 953,065
4,296
7, 668, 430
4,937
6, 606,055
40,060
3, 316, 776
3, 264,452
3, 678, 762
2,987, 271
23, 025
350,400
2, 861, 734
54, 621
385,300
2,648, 692
434,778
639, 500
3, 360, 696
3, 301, 655
3, 722,970
88, 852
132, 895
67,374
9
110, 774
971
161,774
40,800
67,854
110, 783
162,745
108,654
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
__.
46,103
LIABILITIES
FEDERAL RESERVE NOTE STATEMENT
Notes issued to Federal Reserve banks by Federal Reserve agents.
Collateral held by agents as security for notes issued to bank:
Gold certificates on hand and due from U.S. 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
Total collateral.
276
FEDERAL RESERVE BULLETIN
M A Y 1934
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENTS OF GOLD TO AND FROM
UNITED STATESi
[In millions of dollars]
[In thousands of dollars]
Month
Analysis of changes
Gold
stock
at end Increase
Net reof
Other
gold
gold Net
month instock
import from ear- factors
mark i
$l=258io
4,264
4,340
4,513
1934
From or to—
April
(preliminary)
1933
March
ImImports Exports ports
grains .of gold nine tenths fine,
an ounce of fine gold=$20.67
70.8
20.6
45.8
75.6
21.7
48.6
173.5
100.9
71.0
Ex
P°rtsi
JanuaryMarch
port's Exports
4.5 Belgium _
142
20
5.3 England
23,619
2,570
136,955
376, 783
1.6 France
1Q 175, 775
1,676
51 394
481
. . .
Germany
1
Total (12 mo.).
52.9 -446. 2
457.5
41.6 Netherlands
7,158
1,678
10 848
m, 120
Switzerland
3,569
12.656
128.5
-91.5
3.0 Canada
1933—January
4,553
40.0
15 i 22,751
37
10, 302
8,909
17.8 - 1 7 8 . 3
- 1 2 . 9 Central America
February-_.
4,380 -173.4
i
379
308
-22.1 -100.1
25.0 Mexico
March
4,282
-97.2
9 ' 10,761
23
5,377
-10.0
4,312
29.5
5.7 Argentina .
April
33.7
-21.1
4,315
3.6
2.6 Colombia
May.
22.1
2,495
2,490
i 4, 150
-3.2
4,318
2.2
3.5
1.9
June
108
108
-83.9
4,320
2.7
84.5
2.1 Ecuador
July.
224
Peru
192
-80.4
4,328
7.5
79.5
8.4 Uruguay
August
-56.7
4,324
-3.8
49.3
3.6 Venezuela
September298
91
-32.4
4,323
-0.7
26.9
4.8 Australia
October
914
4
4,323
-1.1
0.6
0.4 British India
November4,225
10, 436
10, 436
4,323
December. .
-9.1
11.8
- 3 . 1 China and Hong
-0.5
2,821
2,933
Kong
Total (12 m o . ) .
-190.4
-173.7
41.4 Dutch East Indies—
-58.0
i 3.584
4
Japan
1934—January
2 4,033 2-289.3
-2.8
12.2 >-298.7 Philippine Islands. _
2,821
1,071
$l=15%i grains of gold nine tenths fine; i.e., All other countries 22. Q75
1,534
38
an ounce of fine gold=%35
February.
" "
2,883.8
7, 438 3 405.0
44 fiQ2. 181
452. 6
68.7
50. 941
237 612
Total
4,809
March
20.0
7, 695
256.8
237. 6
—. 8
9
11.0
April p
7, 756
50.
60.8
— 1. 1
• With some exceptions figures represent customs valuations at rate of
$20.67 a fine ounce through January 1934 and $35 a fine ounce thereafter
r>
Preliminary figures.
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 during January reflects primarily omission from gold stock
for end of J a n u a r y of "gold coin in circulation"; see note 0) at bottom
of this page.
1932—October. _..
NovemberDecember..
Back figures.—See Annual Reports for 1932 (table 47), 1931 (table 30).
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 v
15,289
i 5, 354
1
5,394
i 5, 368
Gold
479
571
367
335
324
321
320
319
312
312
311
311
0)
0)
0)
0)
Gold
certifi-
Stand- Silver
ard
silver certifidollars
Treas- SubFederal
Minor United
ury
States
eserve|^
notes sidiary coin
notes
of 1890 silver
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
391
399
403
400
267
270
272
275
116
117
118
118
283
289
289
282
2,707
3,405
3,621
3,362
3,167
3,061
2,974
2,953
2,966
2,930
2,998 |
3,044 ;
!
2,894 i
2,949 I
3,005 |
3,025 !
Nationalbank
notes
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
627
938
936
918
v Preliminary figures.
1
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).
N O T E . — F o r figures of paper currency of each denomination in circulation see p . 311.
Back figures.—See Annual Reports for 1932 (table 52), 1930 (table 32), and 1927 (table 22).
MAY
277
FEDERAL RESERVE BULLETIN
1934
MEMBER BANK RESERVE BALANCES
[In millions of dollars]
Average of daily figures
Reserves held
Month
Excess reserves
Total—all
member
banks
New York
800
819
781
797
12
863
887
911
464
459
455
444
443
444
441
440
277.1
234.4
204.4
269.9
345.5
435.9
482.2
525.8
155.1
89.4
75.0
127.7
193.4
241.6
266.8
283.2
91.5
111.4
91.6
108.9
119.6
160.5
181.8
206.9
30.5
33.6
37.9
33.3
32.4
33.7
33.7
35.7
1,109
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
897
872
3,227
1,221
1,271
1,422
622
656
865.7
890.8
1, 375. 1
146.8
118.3
432.2
476.6
509.1
645.5
242.4
263. 4
297. 4
New York
City i
1932—May
June
July
August
September..
October
NovemberDecember..
2,138
2,062
2,003
2,073
2,181
2,307
2,378
2,435
874
783
767
832
927
1,001
1,050
1,083
1933—January
February
March 2
April33
May
J u n e33
July 3
August 3
September
_
October 3
November 3 .
December '_.
2,516
2,291
1934—January 3 ...
February3.
March 3___^
Other
reserve
cities
Other
reserve
cities
"Country'
banks
Total—all
member
banks
866
1
2
Central reserve city banks only.
March data not available.
Back figures.—See Annual Reports for 1932 (tables 69 and 77), 1931 (tables 49 and 56).
Cityi
"Country'
banks
s Licensed banks only.
MEMBER BANK DEPOSITS
[In millions of dollars]
Averages of daily figures
Net demand and time deposits
Net demand deposits
Time deposits
Month
Totalall member
banks
New
York
City i
Other
reserve
cities
Total"Coun- all
memtry"
ber
banks
banks
1332—May
June
July
August
September.
October
November.
December._
25,466
25,075
24, 712
24, 744
24,973
25, 292
25. 476
25, 492
6,159
5,957
5,951
6,084
6,308
6,559
6,762
6,877
10,081
10,032
9,830
9,833
9,853
9,939
9,964
9,941
9,226
9,087
8,931
8,827
8,811
8,795
8,751
8,674
14,679
14,413
14,157
14,141
14,408
1933—January
February
March»
April*
May 3 ..
June33
July
August
3
September
_.
October 3 3
November3 ..
December ..
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
1934—January 3. _.
February 3.
March3....
24,248
24, 674
25, 288
1
City i
Other
reserve
cities
Total"Coun- all
memtry"
ber
banks
banks
New
York
City 1
816
803
818
867
869
929
957
940
Other
reserve
cities
"Country"
banks
4,656
4,599
4,526
4,550
4,538
4,537
4,532
4,517
5,315
5,261
5,211
5,186
5,159
5,145
5,123
5,071
4,553
4,479
5,031
4,974
14, 679
14,864
14,965
5,342
5,154
5,133
5,217
5,440
5,629
5,804
5,937
5,425
5,433
5,304
5,283
5,316
5,402
5,432
5,424
3,911
3,826
3,720
3,641
3,652
3,649
3,628
3,604
10,787
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
6,215
8,520
8,842
9,031
9,309
9,318
9,345
9,453
9,531
9,659
8,732
9,060
9,119
9,113
9,126
9,139
9,078
788
751
746
826
814
802
805
814
763
3,764
3,851
3,869
3,980
4,019
4,012
3,994
3,988
3,968
4,081
4,092
4,117
4,253
4,286
4,299
4,326
4,336
4,348
6,348
6.370
6,671
9,963
10.124
10, 303
7,952
8.180
8, 314
15,021
15, 341
15, 851
5,599
5,624
5,943
5,894
6,048
6,172
3,528
3,668
3, 736
9,227
9,333
9,437
749
74fi
728
4,043
4,075
4,131
4,435
4, 512
4, 578
6,424
6,282
6,318
6,341
Central reserve city banks only.
* March data not available.
Back figures.—See Annual Reports for 1932 (table 69), 1931 (table 49).
New
York
•'Licensed banks only.
278
FEDERAL RESERVE BULLETIN
MAY
1934
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
[In millions of dollars]
Open-market loans
Loans to other customers
Total
loans Loans
and
to
invest- banks
Total
ments
Call date
Investments
Total
loans
secured
Purchased paper
Secured
by
stocks
and
bonds
Loans
Otherto
wise
SebroAcAcceptcured secured
ceptComkers
ances
Total
by real and Total paya- ances merin
estate unsepayable
in
cial
New
cured
United ble paper Yorki
States abroad
U.S.
Gov- Other by
ern- secu- stocks
ment rities
and
secubonds
rities
TOTAL—ALL MEMBER
BANKS
1930-June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31
1933—June 30 »
Oct. 25 «
Dec. 30 2
-
_._
3,155 10, 349
3,163 9,982
3,234 9,831
3,220 9,298
3,218 8,922
3,149 8,722
3,038 8,242
7,081
2,885 6,527
2,862 6,195
2,372 5,049
2,364 5,350
2,359 5,184
2,382 5,067
3,113
3,262
2,233
2,454
2,103
1,563
901
747
970
855
1,191
1,238
1,231
1,387
157
157
147
150
160
152
153
160
154
160
157
149
148
156
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
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
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 1,524
3,632 1,526
3,656 1,631
1,619
3,188 1,621
3,092 1,585
2,806 1,538
2,403 1,407
2,304 1,406
2,169 1,398
1,702 1,160
1,660 1,144
1,630 1.151
1,566 1,158
3,693
3,567
3,620
3,423
3,291
3,168
3,063
2,709
2,486
2,312
1,984
2,108
2,016
1,945
710
1,064
531
645
470
326
135
118
151
115
184
274
258
306
18
54
122
158
91
67
35
38
58
44
63
68
50
64
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
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
312
286
177
158
135
116
71
64
55
39
43
73
62
95
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
5,086
4,848
3,916
3,809
3,772
3,644
8,798
8,557
8,582
8,473
8,287
8,253
7,460
6,715
7,112
7,327
7,133
6,971
fi.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
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
170
205
315
361
146
313
407
375
291
303
223
350
71
62
55
101
113
70
41
34
34
30
25
24
37
26
507 2,365 10, 442
523 2,472 10, 734
366 1,498 10, 989
361 1,630 11,889
384 1,217 12,106
296
928 12,199
140
575 11, 314
122
278 11, 414
115
414 12,121
93
357 12,265
87
788 11,928
164
748 11,894
132
840 12, 386
157
855 13,842
4,061 6,380
4,095 6,639
4,125 6,864
5,002
5,343 6,763
5,564 6,635
5,319 5,996
5,628 5,786
6,366 5,755
6,540 5,726
6,887 5,041
6,801 5,093
7,254 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
Mar. 52
NEW YORK CITY *
1930—June 30.
Sept. 24
Dec. 31
1931—Mar. 2 5 . —
June 30
Sept. 29
Dec. 31
1932—June 30.
_
Sept. 30
Dec. 31
1933—June 30 »
Oct. 25»
Dec. 30 2
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
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
3,983
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
301
337
212
212
189
167
62
62
65
46
51
91
78
89
353
643
167
227
124
56
16
7
14
12
58
100
112
138
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
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
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
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
1,683
1,946
3,326
3,370
3,359
3,326
3,276
3,172
2,974
2,794
2,715
2,640
2,129
2,156
2.162
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
Mar. 52
OTHER RESERVE CITIES
1930—June 30.
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31
1933—June 30 >__
Oct. 25 «
Dec. 30 2
Mar. 52
" C O U N T R Y " BANKS
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
2,093
.,966
L, 961
,900
,754
,757
.790
1930—June 30
Sept. 24
Dec. 31
1931—Mar. 25
June 30
Sept. 29
_
Dec. 31
2,007
1932—June 30
1,987
Sept. 30
1,955
Dec. 31
1,942
1933—June 30 2
Oct. 25 2
1 Dec. 30 2
Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
2 Mar. 52
Licensed banks (operating on an unrestricted basis).
3 Central reserve city banks only.
Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparable
figures of total loans secured by stocks and bonds are given for June 30,1925-28, in the board's Annual Report for 1928 (table 52); for separate figures
of United States Qovernment securities and other securities back to 1914, see Annual Report for 1932 (table 73).
279
FEDERAL RESERVE BULLETIN
MAY J934
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
Loans
Investments
Total
Loans
Investments
1929— Mar. 27.
June 29_.
Oct. 4 . . .
Dec. 3 1 -
58, 019
58, 474
58,835
58, 417
40, 557
41,512
42, 201
41, 898
17, 462
16, 962
16, 634
16, 519
35,393
35,711
35, 914
35, 934
24, 945
25,658
26,165
26,150
10, 448
10, 052
9,749
9,784
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
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
1932—June 30
Sept. 30
Dec. 31
46,071
45,852
44,946
27,834
26,985
26,063
18, 237
18, 867
18, 883
28,001
28, 045
27, 469
16, 587
15,924
15,204
11,414
22, 215
17, 874
24,786
24, 953
25, 220
12,858
13, 059
12. 833
11,928
11, 894
12, 386
26,548
12,703
13,842
1933—June 30*
Oct. 25 3...
Dec.30....
1934—Mar. 5.
i 40,089
i
1^40,479
22, 081 > 18, 398
12,121
12, 265
Total
Other nonmember banks
Investments
Loans
13, 236
13, 207
13, 366
13,020
9,918
9,961
10,144
9,803
3,317
3,246
3,221
3,217
5,945 i 3, 518
6,009
3,739
i 6, 009 i 3, 739
6,068
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
1
9, 390 I 5, 694 » 3, 696
5,892
9,556
3,664
i 9, 556 i 5,892 i 3, 664
9,463
5,945
3,518
i 9, 463
9,747
9, 747
1
1
1
1
1
Investments
Total
Loans
9,987
10, 506
10, 506
10,488
6,169
» 6,169
6,218
i 3, 920
4,337
» 4,337
4,270
11, 208
10, 593
9,786
8,641
7,906
7,399
6,707
5,827
3,302
3,194
3,079
2,814
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
5,258
3,415
1,843
322
P3,356
10,044
5,941
P9,935
V5,~892~
4,103
M,043
5,
1
2
Figures of preceding call carried forward.
Beginning June 30, 1933, all bank figures (other than mutual savings banks) represent licensed banks only, with some exceptions as to nonmember banks.
3
Nonmember bank figures not available.
p Preliminary.
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
NUMBER OF BANKS
[In millions of dollars]
Nonmember
banks
Member banks
Nonmember banks
All
11 Member
banks I banks
Date
1929—Mar. 27
June 29..
Oct. 4
Dec. 3 1 . . .
__J
j
!
|
1930—Mar. 27
June30
Sept. 24
Dec. 31
J
1931—Mar. 25
June30
Sept. 29
Dec. 31
...J
|
I
|
I
\
Date
Mutual
savings
banks
State
Mutual
savings
banks
Other
nonmember
banks
33,215
32,284
33,004
33,865
i 8, 849
8,983
18,983
8,916
12,481 1929—Mar. 27
12, 584
June 29
13,193
Oct. 4
12, 507
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
1612
611
i 611
609
15,974
15,792
15,724
15,499
53,185
54,954
52,784
53,039
1
I
!j
|
32,082 1 i 8,916
33,690
9,197
31,839 { i 9,197
32,560
9,507
12,187 1930—Mar. 27
12, 067
June 30
11, 748
Sept. 24
10, 972
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
31,153 I i 9, 507
31,566! 10,017
29,469! i 10,017
27,432
10,105
10, 767 1931—Mar. 25
10,199
June 30
9,666
Sept. 29
Dec. 31
8,284
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
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
14, 530
5,606
5,818
6,011
4,897
5,052
5,154
709
766
857
576
8,348
P581
p 8, 619
6 206
5,288
918
|
1932-June30
Sept. 30
Dec.31
|
j
|
41,963
41,942 I
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
1933-June302
Oct. 253
Dec. 30.
1934—Mar. 5
38,011 |
I
| p 38, 644
|
23,338
23,453
23,774
9,713
4,961
1933—June 3032
Oct. 25
Dec. 30
National
54,545 |
53,852 !
55,180
55,289
51,427 l|
51,782 I
49,152
45,821 j
For footnotes see table above.
Total
Total
Cher
nonmember banks
25,293
P9,
653
1934—Mar. 5
P15,211
For footnotes see table above.
280
FEDERAL RESERVE BULLETIN
MAY
1934
REPORTING MEMBER BANKS IN 91 LEADING CITIES
[In millions of dollars]
Total—911 leading cities
Loans and investments
Loans and investments
Date
1933—Nov. 1Nov. 8_.
Nov. 15.
Nov. 22.
Nov. 29.
Investments
Loans
All
on se- other
mrities loans
Total
90 other leading
cities
New York City
U.S. seTotal curities
Bor
rowings
at F.R.
banks Total
Loans All
on se- other
curities loans
Bor-
Total
Bor-
banks
vestments
banks
loans
Investments rowings and in- rowings
at F.R.
at F.R.
U.S. seTotal curities
16,749
16,719
16,681
16,619
16,672
3,604
3,590
3,557
3,549
3,569
4,989
5,003
5,000
4,959
4,999
8,156
8,126
8,124
8,111
8,104
5,164
5,147
5,138
5,111
5,114
6,822
6,778
6,754
6,719
6,804
1,666
1,657
1,624
1.618
1,651
1,759
1,771
1,769
1,728
1,790
3,397
3,350
3, 361
3,373
3,363
2,274
2,231
2,231
2,230
2,225
9,927
9,941
9,927
9,900
24
21
21
22
25
6..
13.
20.
27-
16,600
16,519
16,694
16, 666
3,556
3,596
3,600
3,628
4,941
4,875
4,859
4,774
8,103
8,048
8,235
8,264
5,136
5,148
5,288
5,267
6,733
6,650
6,730
6,756
1,630
1,663
1,666
1,722
1,737
1,681
1,695
1,664
3,366
3,306
3,369
3,370
2,249
2.251
2,269
2,253
9,867
9,869
9,964
9,910
24
25
23
24
1934—Jan. 3...
Jan. 10_.
Jan. 17_.
Jan. 24..
Jan. 31-
16,595
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
,620
,646
,748
1,670
1,644
1,659
1,666
1,718
3,293
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
714.
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
,729
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. 7Mar. 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
,649
,733
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
.687
,663
Apr. 4..
Apr. 11Apr. 18.
Apr. 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
1,674
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
Dec.
Dec.
Dec.
Dec.
Feb.
Feb.
Feb.
Feb.
,677
7
69
i Increased from 90 to 91 on Jan. 10, 1934, in order to compensate for the withdrawal from membership of a reporting member bank located in
another city.
Back figures.—See BULLETIN for August 1933, pp. 519-523.
BROKERS' LOANS
MADE BY REPORTING MEMBER BANKS IN N.Y. CITY
[In millions of dollars. Monthly data are averages of weekly figures]
REPORTED BY THE NEW YORK STOCK EXCHANGE
[Net borrowings on demand and on time. In millions of dollars]
From New
From private
York banks banks, brokers,
and trust com- foreign banking
agencies, etc.
panies
Total
End of month
1933
1934
1933
1934
1933
1934
January
February
March
359
360
311
903
938
981
270
298
247
839
862
873
90
62
64
64
76
108
April
May
June-
322
529
780
1,088
268
461
694
973
54
68
86
116
July
August
September
916
917
897
822
841
806
P4
76
91
October
November
December
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
1933—April
May
June
July
August
September.
October
November.
December.
399
578
755
919
1934—January....
February..
March
April
Apr. 4
Apr. 11
Apr. 18....
Apr. 25
802
889
886
975
877
847
779
723
759
955
1,002
948
For acFor
count of For acown ac- out-of- count of
cown
count
others
banks l
374
555
712
806
747
741
663
611
631 |
21
17
36
105
122
98
111
106
122
657 I
731 |
736
813
137
149
148
156
798
842
827
786
151
155
162
154
i Member and nonmember banks outside New York City (domestic
banks only).
Back figures—See Annual Reports for 1932 (table 83), 1931 (table 62),
1930 (table 56), etc.
281
FEDERAL RESERVE BULLETIN
MAY 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]
For
acFor count
own of for- Tz-vtol
aceign i otai
count correspondents
Held
by
others
End of month
Own Bills
bills bought
1931—December.__
974
305
251
262
131
131
156
OUTSTANDING
1932—January
February...
March.
April
May
June.
July
August
September..
October
November..
December...
961
919
911
879
787
747
705
681
683
699
720
710
119
76
36
16
4
36
12
3
2
3
4
4
314
312
335
292
183
98
59
49
43
39
32
40
332
343
377
455
510
518
563
574
573
605
655
604
159
175
155
188
225
200
197
198
159
199
268
224
174
168
222
268
286
318
366
376
414
406
386
380
195
189
163
115
90
96
70
55
64
52
28
62
1933—March
April .
May
June
July
August. __
September...
October
NovemberDecember
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
r
771
750
685
4
5
5
105
'56
23
567
581
576
255
266
252
312
315
324
95
114
86
t Revised.
Figures for acceptances outstanding (and held by accepting banks)
from American Acceptance Council.
Back figures.—See Annual Reports for 1932 (table 91), 1931 (table 70),
1930 (table 64), 1929 (table 58), and 1928 (table 61).
ACCEPTANCES PAYABLE IN FOREIGN C U R R E N C I E S HOLDINGS OP FEDERAL RESERVE BANKS
1934—January
February
March
January
February
March
April
May
June
July
August
September
October
November
December
1931
36,119
23,958
1,063
1,074
1,073
10, 551
34, 371
145,215
48, 804
33, 501
33, 386
33, 429
1933
33,444
29, 036
28,997
24, 788
7,181
6, 981
7,089
6,821
6,199
6,068
5,686
5,841
6,033
Back figures—See Annual Report for 1932 (table 24).
tween
foreign
points
671
696
669
687
738
694
715
737
758
764
73
77
77
80
86
95
103
99
98
94
175
176
174
168
168
160
171
185
200
207
184
199
185
217
255
229
237
253
278
277
8
10
9
9
10
4
5
4
4
230
234
225
213
219
206
199
195
180
182
771
89
98
103
225
203
186
277
261
226
5
4
3
175
184
168
33
20
2
7
56
35
3
6
1
87
38
2
11
4
2
97
66
6
16
1
7.r>0
635
4
1933—March
April.
May
June
July
August
September
October
November..
December
280
164
13
41
2
1
1
1
18
127
1934—January
February
March
"•56
105
23
(2)
(2)
(2)
(2)
(2)
(2)
(2)
1
(2)
(2)
(2)
7
23
2
22
4
39
18
11
5
21
11
6
30
15
7
1
4
39
2
2
2
31
16
4
2
( )
r
Revised.
1 Total holdings of Federal Reserve banks include a small amount of
unclassified acceptances.
2 Less than $500,000.
Back figures.—See Annual Reports for 1932 (tables 88 and 23), 1931
(table 15), 1930 (tables 61 and 14).
COMMERCIAL PAPER OUTSTANDING
[In millions of dollars]
1932
33, 478
30, 778
30, 736
30,837
30, 762
30, 645
30, 834
30, 849
30, 659
30, 652
29,489
_
Based
on
goods
stored
in
foreign
countries or
shipped
HELD BY F. R. BANKS
(OWN ACCOUNT) 1
[In thousands of dollars]
End of month
Based
on goods
stored in
Based Based United
States Dollar
on ex- (wareTotal im- ports house
exchange
into from credits)
or
U.S. U.S. shipped
between
domestic
points
Held by accepting
banks
1934
5,977
5.887
5,275
5,070
End of month
January. . .
February.
March
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 1930 (table 60).
85
84
72
64
60
73
97
107
123
130
133
109
1934
108
117
133
282
FEDERAL RESERVE BULLETIN
ON
REDISCOUNTS FOR AND
MEMBER BANKS
Federal Reserve
bank
Rate in
effect on
May 1
Boston
New York
Philadelphia.—
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.-
Date established
2
Feb.
iy2 Feb.
Nov.
2
Feb.
3
Feb.
Feb.
Oct.
Feb.
Mar.
Feb.
Feb.
Feb.
ADVANCES
TO
[Percent per annum]
in Date estabPrevi- Rate on
lished
ous rate effect
May 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
Oct. 20,1933
Oct. 2,1933
Oct. 20,1933
Oct. 21,1933
Mar. 16,1933
July 15,1933
Oct. 16,1933
Oct. 21,1933
Mar. 14,1933
Mar. 23.1933
Mar. 12.1934
Oct. 19,1933
3H
3
3
R A T E S ON D I S C O U N T S F O R AND ADVANCES T O I N D I V I D UALS, P A R T N E R S H I P S , AND C O R P O R A T I O N S
Advances secured by
Discounts and advances
direct obligations of
under par. 3 of sec. 13
the United States
(last paragraph of sec.
of the Federal Re13 of the Federal Reserve Act
serve Act)
Federal Reserve
bank
Rate in
effect on
May 1
Boston
New York...
Philadelphia
Cleveland
Richmond
. ._
Atlanta
Chicago
_.
St. Louis
Minneapolis
Kansas City_-«.__ ._
Dallas
San Francisco
6
6
6
6
6
5
6
6
6
6
6
6
Date established
SHORT-TERM RATES IN NEW YORK CITY
Advances under sec.
10b of the Federal
Reserve Act
Rediscounts and advances under sees. 13 and 13a of the
Federal Reserve Act
Rate in
effect on
May 1
4
Wi
4
4
4
4
4
4H
4M
4
4
4
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
Date established
Oct.
Feb.
Oct.
Oct.
Feb.
Mar.
Oct.
Mar.
Apr.
Feb.
Mar.
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
Call loans 3
Prime
Month or week commercial
paper,
4 to 6
months
1933
April
May
June
July..
August
September
October
November
December
1934
January
February
March
April
Week e n d i n g Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
U.S.
Treas
ury
bills,
Re3
New newal
months *
1.29
1 -IX 1.00
V2 1
-IX
IX
X
X
X-V2
1.00
1.00
.98
.75
.75
.75
.94
1.37
1.00
1.00
1.00
.98
.75
.75
.75
.94
U.S.
Treasury
notes
and
certificates,
3 to 6
months
0.78
.43
.26
.35
.26
.11
.13
.38
0.45
.29
*.07
.19
.01
s.04
.09
.22
.66
.63
.09
.08
.25
.OS
*. 01
I
-IX 1.00
l
l
l
-IN
-IK
l
-IX
U-i
3/4-1
-l
l
l
l
x
Vs-X
y%-x
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.07
.08
(6)
Back figures.—See Annual Reports for 1932 (tables 56 and 57), 1931
(tables 39 and 40), 1930 (tables 36 and 37), 1929 (tables 35 and 36), etc.
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing ratesj
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
4.55
4.61
4.42
4.45
4.30
4.35
4.12
4.22
4.12
4.11
4.88
4.33
4.24
4.10
3.93
3.97
3.79
3.76
3.52
3.48
3.58
3.43
3.31
3.39
5.07
5.13
5.14
5.10
5.14
5.13
5.05
5.12
5.03
4.96
4.88
4.88
4.89
4.84
5.39
5.09
4.99
4.97
4.82
4.68
4.65
4.51
4.54
4.59
4.65
4.49
4.52
4.52
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
! Rate in
effect on
Date established
May 1
Oct.
y2\
Vi
%
1
NOTE.—Rates on prime bankers' acceptances,
charged for other^classes of bills.
20,1C33
do
do
do
do
do
do..,-
Previous
rate
1
1
1
1
1
1
IK
Higher rates may be
Back figures.—See Annual Reports for 1932 (table 54) and 192S (table 35).
2 -3M
2 -
Prime
bank- Time
ers'
accept- loans,
90 2
ances, days
90
days
i Yield on Treasury bonds, previously included in this table, now
shown in table on bond yields on p . 285.
^ Stock exchange 90-day time loans.
3
Stock exchange call loans; new and renewal rates.
4
Average rate of discount on issues sold by U.S. Treasury within
period.
• Change of issue on which yield is computed,
fi Negative yield.
[Buying rates at the Federal Reserve Bank of New York]
1-15 d a y s . . .
16-30 d a y s . .
31-45 d a y s . .
46-60 d a y s . _
61-90 d a y s . .
91-120 d a y s .
121-180 days
Average rate Average1 yield
on—
on-
Prevailing rate o n -
BUYING RATES ON ACCEPTANCES
Maturity
1934
OPEN-MARKET RATES
FEDERAL RESERVE BANK RATES
RATES
MAY
January
February
March.
_
April
May
June
July
August
SeptemberOctober
November...
December...
1934
5.40
5.39
5.40
5.34
mm
Back figures.—See Annual Reports for 1932 (table 59), 1931 (table 42).
283
FEDERAL RESERVE BULLETIN
M A Y 1934
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
[In millions of dollars]
End of month
1932
SeptemberOctober
November.December..
1933
January
February...
March
April
May
-.
June...
July
Ausust
SeptemberOctober
November..
December...
1934
January
February...
March
April
MATURITIES
[In millions of dollars]
Interest bearing
Total
Bonds
20, 611
20,813
20, 807
20, 805
20, 296
20,485
20, 476
20,448
14,257
14, 257
14, 257
14, 223
3,031
3,539
3,539
3,299
2,385
2,044
2,038
2,284
623
645
643
642
315
328
331
357
20, 802 20, 454
20, 935 20, 584
21, 362 20,992
21,441 .21, 087
21, 853 21,469
22, 539 22,158
22, 610 22, 240
23,099 22. 723
23,051 22, 672
23,*050 22, 669
23, 534 23,161
23, 814 23,450
14, 230
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
641
2,285
641
2,138
817
2,369
918
2, 363
979
2,119
955
2,200
954
2,246
953
1,543
952
1,495
952
1,493
952
1, 492
1, 753 1,003
348
350
371
354
385
381
370
376
379
381
373
364
24,720
25, 707
25, 698
25, 599
15, 6C0
15, 579
15,579
15,718
5, 626
6,472
6, 925
6,689
2,280
2,278
1,816
1,814
351
345
459
519
i'25,071
I 26,052
' 26,157
26,118
CertifNotes icates Bills
Interest-bearing debt
Noninterest
bearing
Total
(gross
debt)
1,214
1,378
1,378
1,378
• Revised.
.
Total i Bonds' Notes i Certificates > Bills
Outstanding Apr. 30, 1934—
Total
25,599 || 15,718
Obligations maturing—
1. 119 |l 2 107
Before Aug. 1, 1934
2,668 11 3 1,247
Aug. 1-Oct. 31, 1934
Nov. 1, 1934-Apr. 30,
1935
1,520
May 1-Dec. 31, 1935
I 1,189
49
1936.
1,330
1937
1,749
3,141
1938
4,491
1941
! 834
834
1943
!
898
898
After 1943
8,763
8,763
Other obligations 4
1,038
678
6,
10
345
528
1,189
1,281
1,749
1,350
238
1,814
1,378
175
525
827
551
122 i
1
Issues classified as of date of final maturity; most issues are callable
at earlier dates. Amount callable before May 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,
1934,
and
not yet redeemed.
3
Approximate amount of 4th Liberties called for redemption Oct. 15,
1934.
4
Includes the 2 percent Consols of 1930, which are held as collateral for
circulating notes, and such issues as Postal Savings bonds, retirementfund notes, and adjusted service certificate series, in which special funds
are invested.
SUMMARY OF TREASURY OPERATIONS
[In millions of dollars. On basis of daily statement of United States Treasury]
Expenditures
Receipts
Period
Total i
Fiscal year ending:
June 1932
June 1933
10 months ending:
April 1933
April 1934
1932
October
November
December
January
February-..
March
April
_.
May
June
July
August
September..
October
NovemberDecember..
Internal revenue I Customs
and
miscelOther
laneous
Income
tax
Total»
3,973
3,404
768
1,277
-2,741
-2,607
1,002
3,231
-2,131
-2,148
457
283
386
2,767
2,239 !
i
358 |
235 !
297 ;
83
37
76
-309
-158
-34
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
148
188
160
305
1,057
746
504
858
445
475
4,862
4,845
583
605
658
394
392
3,896
5 7,579
148
125
352
14
15
141
78
67
73
33
128
134
121
2S3
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 I
127
158
30
23
24
25
47
33
37
38
39
50
63
41
10
23
232
15
163
149
167
137
2.121
2,238
1, 765
5 5, 431
General 3
I Increase or decrease
Excess of I during period
receipts {
I
or exGeneral
pendiGross
Emerfund
tures
debt
gency *
balance
-55
+445
-176 i
+1,432 |
+2,686
+3,052
+ 1,954
+3, 580
-107
-165
-35
+201
-6
-1
-227
-106
+271
-252
+124
+498
-28
+366
-54
-236
+198
-81
+133
+428
+79
+412
+685
+71
+489
-48
0
+484
+280
-743 • +511
447 +2,380 j +3,364
-189
450 ,
370
-2,485 | -2,524
+ 1 , 254
+984
+105
1933
|
!
|
!
I
I
-236
-286 !
-361 :
A
1934
January..
February..
March
April
1
2
3
229
5 3, 024
5 435
5 199
972
644
624
6 2, 684
-39
Total includes trust and contributed fund receipts not shown separately.
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.
* Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures
later5 classified as emergency, are included in general expenditures.
Includes increment, amounting to $2,808,000,000 in February; $2,000,000 in March, and a small amount in April, resulting from reduction in
the weight
of the gold dollar.
6
Includes $2,000,000,000 charged against increment on gold and transferred to exchange stabilization fund.
284
FEDERAL RESERVE BULLETIN
MAY
1934
RECONSTRUCTION FINANCE CORPORATION
LOANS, SUBSCRIPTIONS, AND ALLOCATIONS
[Amount outstanding at end of month.
In thousands of dollars]
Proceeds not yet
disbursed
Proceeds disbursed, less repaymeii t s
M a r . 31,
1933
J a n . 31,
1934
F e b . 28,
1934
M a r . 31,
1934 v
Apr. 30,
1934 v
J a n . 31,
1934
691,386
86,474
72,260
113, 353
436
18,800
5,243
2,227
55,380
5,095
310,920
710,685
63, 617
57, 383
180, 497
500
193, 618
13, 752
1,504
31, 609
2,263
340, 726
5,618
14
700, 278
60,141
54,249
167, 610
499
193, 618
13,404
1,270
31,169
2,119
345, 205
5,092
13
657,379
55,854
51,700
161, 574
494
193, 618
11,731
1,141
24,868
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
160,924
1,872
7,146
100, 238
151,636
1,897
7,208
101, 568
3,393
5
3,193
309
9,970
3,063
11
4
1,361, 574 1, 601, 786 1, 574, 667 1,509,691 1,476,613
287,061
273,416
141, 291
43, 504
3,008
315, 805
3,323
138,866
12,438
4,777
287, 591
7,813
Feb. 28,
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) l
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
20, 684
1,205
250
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
4,402
161,549
16,167
4,375
82, 666
12, 330
4, 257
163,078
16, 676
15,875
2,400
409
5,231
2,414
2,414
2,525
2,643
23, 015
26,018
22,139
236, 725
260, 726
280, 286
297, 525
529,946
477, 503
12,500
227, 555
168, 485
257,438
192,947
354, 918
221, 963
393,872
245,639
169, 580
171, 593
187,932
160,996
12, 500
396, 040
450,385
576,881
639,511
341,173
348,928
1, 396, 213 2, 234, 551 2, 285, 778 2, 366,858 2,413, 648 1,158,180 2 1,099,847
ALLOCATIONS
For relief:
Federal Emergency Relief Act of 1932
Federal Emergency Relief Act of 1933
201, 374
299, 015
435,915
299, 011
47$, 244
299, 003
487, 026
298,898
487,061
15
63,822
15
21, 448
201, 374
734,930
777,255
788,029
785,959
63,837
21, 463
30, 620
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
46, 995
171 000
152 400
45, 595
161 000
97 400
75, 000
33, 00Q
115,000
44, 500
40, 500
115, 000
44,500
40, 500
115, 000
44, 500
40, 500
115 000
44, 500
40, 500
Total
138, 620
454,346
520, 746
541, 246
552,046
370,395
303,995
Total allocations
339,994 1,189,276 1, 298,001 1,327,275 1,338,005
434, 233
325, 458
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 corporation
Reallocated to Governor of Farm Credit Administration
Total loans, subscriptions, and allocations.
1, 736, 207 3, 423,827 3, 583, 779 3, 694,133 3, 751, 653 1, 592,413 21,425, 305
p Preliminary.
1 Loans to receivers, liquidating agents, and conservators of closed and unlicensed banks on Feb. 28,1934, amounted to $349,079,000, representing
proceeds disbursed less repayments, and $143,937,000, not yet disbursed.
2 In addition the corporation as of Feb. 28, 1934, had approved in principle loans of $216,851,000 and subscriptions of $174,275,000 upon the performance of specified conditions.
Back figures.—-See BULLETINS for December 1933, pp. 738-9, and February 1934, pp. 103 and 132.
285
FEDERAL RESERVE BULLETIN
M A Y 1934
STOCK PRICES
BOND PRICES
[Averages]
Other bonds l
United
States CorpoYear, month, or date Govern- rate and
ment
municbonds
ipal
(high- Total
grade)
Year, month, or date
Corporate
Indus- Rail- Utility
trial road
M4
»60
60
20
20
1932 average
1933 average
99.2
102.2
81.1
84.0
69.4
73.4
63.2
69.2
64.8
70.5
80.5
80.6
1933—April
May
June
July.
August..
September.
October
November
December
101.3
102.4
103.2
103.3
102.9
103.0
102.9
100.5
100.0
75.4
82.0
86.8
89.6
89.9
87.9
86.5
82.6
83.6
64.8
72.4
77.7
81.5
80.8
77.5
75.3
72.1
73.6
61.0
68.2
72.8
75.6
75.9
74.5
72.7
70.5
71.5
58.9
69.4
76.1
82.2
81.2
76.8
73.5
68.5
72.2
74.7
79.5
84.2
86.8
85.3
81.4
79.7
77.3
77.1
1934—January
February
March
April
100.3
101.9
102.8
103.7
88.3
92.9
95.1
97.0
78.5
84.0
84.8
87.0
75.6
79.8
80.5
82.8
79.0
85.8
86.4
88.7
80.9
86.5
87.7
89.7
103.5
103.7
103.6
103.9
95.8
96.9
97.5
97.6
85.6
87.0
87.5
87.9
81.3
82.9
83.3
83.3
86.8
88.7
89.4
89.8
88.7
89.4
89.9
90.5
Number of issues
Apr.
Apr.
Apr.
Apr.
4
11
18
25
Year, month, or
date
U.S. Municipal ^
Treas- (highury
grade)
Aaa
Aa
30
30
30
30
4.65
4.71
5.01
4.49
5.97
5.23
7.20
6.09
9.30
7.76
1932—December
3.74
3.47
3.48
4.37
4.59
5.60
6.61
8.42
1933—January
February
March.
April....
May
June..
July
August
September
October
November
December
3.39
3.47
3.58
3.55
3.47
3.40
3.38
3.40
3.40
3.42
3.60
3.64
4.23
4.28
4.88
5.05
5.27
4.71
4.60
4.54
4.59
4.60
4.89
4.89
4.44
4.48
4.68
4.78
4.63
4.46
4.36
4.30
4.35
4.34
4.54
4.50
5.30
5.35
5.61
5.81
5.40
5.09
4.83
4.77
4.96
4.97
5.35
5.27
6.16
6.30
6.64
6.85
6.29
5.88
5.58
5.51
5.70
5.76
6.22
6.21
8.01
8.36
8.91
9.12
7.74
7.07
6.62
6.77
7.27
7.49
7.98
7.75
1934—January
February
March..
April.
3.62
3.49
3.42
3.35
4.67
4.48
4.24
4.11
4. 35
4.20
4.13
4.07
5.00
4.70
4.55
4.43
5.72
5.24
5.12
4.97
7.01
6.27
6.26
6.01
Apr.
Apr.
Apr.
Apr.
3.36
3.35
3.36
3.34
4.18
4.14
4.07
4.05
4.11
4.09
4.06
4.04
4.49
4.43
4.42
4.40
5.06
4.98
4.93
4.92
6.18
6.02
5.98
5.90
4.
11
18
25
1
Monthly data are averages of daily or weekly figures.
* Standard Statistics Co.
Moody's Investors' Service.
79
78
95.7
103.3
109.7
112.5
112.9
112.0
109.8
107.5
107.7
64
79
97
98
87
80
75
70
67
1934—January...
February.
March
April
111.2
116.5
117.5
120.1
73
81
76
76
118.4
119.4
121.1
121.6
75
75
77
77
Apr. 4 . .
Apr. 11.
Apr. 18.
Apr. 25.
Source— Standard Statistics Co.
CAPITAL ISSUES
[Long-term; i.e., 1 year or more. In millions of dollars]
New issues
Domestic
Total
(domestic
State
and
and
for- Total 1 mueign)
nicipal
Bonds
and Stocks
notes
1,352
1,344
1,475
1,379
1,418
1,434
1,235
755
484
2,452 1,153
2,667 1,087
3,183 1,474
2,385 2,961
2,078 5.924
2,980 1,503
1 240
311
305
20
40
120
1,076
1,125
1,337
1,251
671
905
229
8
12
1
o
Corporate
Foreign
Refunding
issues
(domestic
and
foreign)
Baa
A
15
1932 average
1933 average
37
46
96.1
104.8
3
3
Number of issues
351
20
1932 average..
1933 average..
1933—April
May
June
July
August
September .
October
November..
December. _
Year and month
Corporate, by ratings
421
Number of issues..
1 Price indexes derived from average yields.
'
2 Nov. 1, 1933, to Apr. 16, 1934, 13 issues; Aug. 15, 1933, to Nov. 1, 1933
12 issues: 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 YIELDS1
Preferred Common stocks (index, 1926=100)
stocks
(industrial high- Total Indus- Rail- Utility
trial
road
grade)
1925
1926
1927 _
1928
1929
1930
1931
1932
1933
6,201
6,314
7,556
8,040
10,091
6,909
3,099
1,165
722
5,125
5,189
6,219
6,789
9,420
6,004
2,860
1,157
710
g
1933 ADril
May
June
July
August
September..
October
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
1934—January
February...
March
April
48
79
97
143
48
79
97
143
37
59
81
100
25
25
16
1
3
0
0
0
0
0
0
3
9
53
14
9
3
6
16
0
12
9
24
6
1
5
5
925
1,046
2,220
1,858
1,422
711
949
583
337
20
0
7
5
0
0
0
0
0
22
106
45
7
30
1
2
18
0
0
0
0
42
8
50
93
1
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 publidy 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 ReDort for 1932 (table 103).
286
FEDERAL RESERVE
BULLETIN
MAY
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) 2
Industrial production i *
Year and
month
Total
Manufactures
Minerals
Total
Residential
Factory employment 3
All other
Factory j Freight-car
4
pay
rolls 3
loadings *
Commod-
ity
prices 8
Unad- Ad- Unad- Ad- 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
19301931
1932
1933
..
84
87
67
86
101
94
105
108
106
112
119
95
80
63
v 76
83
87
67
85
101
95
104
108
106
111
119
96
81
64
77
89
70
74
105
96
99
108
107
106
115
99
84
71
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
107
108
82
90
104
96
100
101
99
97
101
88
74
62
66
98
118
77
81
103
96
101
104
102
102
108
87
66
45
48
84
91
79
87
100
97
103
106
103
103
106
92
75
56
58
139
154
98
97
101
98
104
100
95
97
95
86
73
65
66
1930
September
October..
November
December
92
90
84
76
90
88
86
84
90
87
82
74
89
86
85
82
101
105
96
89
94
95
92
93
82
75
68
59
81
78
76
73
52
51
46
37
52
52
48
43
108
94
86
77
105
99
99
98
86
84
81
79
83
82
81
80
83
81
75
74
99
97
86
74
87
86
84
84
84
83
81
80
82
87
89
90
89
83
80
78
77
75
72
68
83
86
87
88
87
83
82
78
76
73
73
74
81
88
91
91
90
83
79
77
76
72
70
66
83
86
87
87
87
82
82
78
75
71
71
72
87
84
82
83
84
86
86
82
83
90
84
79
89
87
89
91
87
87
86
79
78
83
81
84
58
68
77
82
78
74
68
63
59
52
43
30
71
79
77
73
65
63
61
59
59
55
49
38
37
42
50
52
47
41
36
32
32
29
26
20
44
47
47
44
40
37
35
33
32
30
27
23
75
89
98
107
104
101
94
87
81
71
57
39
93
104
100
96
85
84
82
81
80
76
67
50
76
77
78
78
77
75
74
74
75
71
69
68
78
78
78
78
78
76
75
74
73
70
69
69
68
73
75
74
72
68
64
64
62
59
56
56
74
74
75
77
79
77
78
76
78
78
70
61
82
80
80
80
79
77
76
72
69
69
68
69
78
77
76
75
73
72
72
72
71
70
70
69
71
71
68
64
61
59
56
59
67
68
65
60
72
69
67
63
60
59
58
60
66
67
65
66
70
70
66
63
60
58
55
58
66
67
63
58
71
68
64
61
59
58
57
59
65
66
63
64
74
75
78
72
65
62
63
66
74
80
78
73
77
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
20
27
26
27
27 1
30
30
29
27
28
16
15
16
16
14
19
17
15
14
12
41
35
36
38
37
39
40
45
44
43
41
43
66
67
66
64
61
57
59
62
62
61
60
68
68
66
64
62
60
58
59
60
61
61
61
52
54
52
49
46
43
40
40
42
44
42
41
58
59
58
57
53
52
51
53
61
65
58
52
64
62
61
59
54
52
51
51
54
57
57
58
67
66
66
66
64
64
65
85
65
64
64
63
64
64
60
67
79
91
96
90
85
78
72
69
65
63
59
66
78
92
100
91
84
77
72
75
63
63
58
68
80
93
97
89
84
77
70
67
63
61
£6
66
78
93
101
91
84
76
71
73
71
76
74
65
76
82
89
94
93
88
84
80
73
79
81
72
78
84
90
91
87
81
81
85
18
16
14
16
19
21
24
25
30
35
42
45
22 !
19 !
14 1
14
16
18
21
24
30
37
48
57
56
54
50
53
56
60
65
fil i
60 1
S8
60
62
61
60
60
60
63
65
69
70
71
71
71
71
77
83
»87
78
82
*85
'75
82
*86
r 76
80
*82
85
88
91
88
91
100
40
38
33
49 i
44
33
64
64
66
72
74
74
1931
January..
FebruaryMarch
April
May
June
July
August. ~
September
October..
November
December
1932
January. .
February.
March
April
May
June
July
August...
September
October __
November
December
March
April
May
June
July
August-.September
October. _
November
December
11
12
12
12
10
9
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
58
59
57
58
60
64
69
73
77
76
73
71
59
59
57
58
61
65
70
73
74
74
72
72
39
40
37
39
42
46
50
56
58
57
54
53
51
51
48
51
56
60
66
65
68
66
61
55
]Q
12
12
11
64
60
CO
80
70
51
71
75
78 ;
72 :
75 :
77
53 ;
59 t
63
58
61
63
10
i
1933
January..
February-
12
11
12
12
10
8
33
30
35
43
45
47
46
48
45
41
35
33
1934
January..
FebruaryMarch
i
1210
!
r
Preliminary.
* Average per working day.
Revised.
1
For indexes of groups and separate industries see pp. 313-314; for description see BULLETIN for February and March 1927; for revised figures
from8 1919 to date see BULLETIN for September 1933, pp. 584-585.
3-mqnth moving average, centered at second month; for description and back figures see BULLETIN for July 1931, p. 358.
» For indexes of groups and separate industries see p. 315; for description and back figures see BULLETIN for November 1929 and November 1930.
For revised indexes of factory employment and pay rolls compiled by the Bureau of Labor Statistics, see p. 270 of this BULLETIN.
« For indexes of groups see p. 287; for back figures see BULLETIN for February 1931, p. 108.
8
Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p 316.
287
FEDERAL RESERVE BULLETIN
1934
MAY
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports l
Merchandise imports 2
Excess of exports
Month
Januarv
February
March
1932
1931
411
349
370
250
224
236
150
154
155
121
102
108
April
May
June. -.
332
320
295
215
204
187
135
132
114
July
August
September
267
298
312
181
165
180
327
289
275
3,843
_ _
October
November
December
Year
.- --
1934
1933
1930
172
163
p 190
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
88
107
122
107
109
132
144
131
160
221
218
226
174
167
170
79
91
98
143
155
147
205
194
184
153
139
132
193
184
193
247
204
209
169
149
154
105
104
97
151
129
2,424
1,611
1,675
3,061
2,091
1,323
1,450
1934
Ot CO CO
OO CO OS
1930
134
1930
1931
100
67
69
24
35
44
66
49
26
29
24
14
1932
1933
15
23
24
1934
25
18
13
9
17
7
-2
20
4
46
6
27
1
79
86
-2
10
17
34
-23
13
80
36
48
42
85
66
782
44
30
34
35
334
288
37
30
56
59
225
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 i
Month
1933
Nov.
Without
Adjusted
Adjusted
Without
for seasonal seasonal ad- for seasonal seasonal adjustment
variation
variation
justment
1933
January
February
March
60
60
57
April
May
June
67
67
68
July
August
SeDtember
70
77
70
October
November
December
70
65
69
Year
1934
69
71
77
P76
1933
49
49
50
1934
57
59
73
1933
58
57
54
1934
66
66
64
1933
52
54
55
53
55
57
55
56
56
49
59
73
60
64
70
56
62
73
77
75
121
70
69
65
77
78
62
68
67
64
67
P72
1934
59
63
66
61
p Preliminary.
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 Day, Memorial Day, Independence Day,
Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects
upon sales of changes in the date of Easter.
Back figures.—See BULLETIN for November 1930, p. 686.
1934
Dec.
Jan.
Feb.
Mar.
Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain prod
ucts
—
Livestock
Forest products
OreMiscellaneousl
Merchandise
60
66
53
62
64
54
64
68
61
64
78
76
66
87
71
63
52
34
24
62
67
59
47
31
33
69
67
68
51
30
34
69
70
68
48
30
34
67
67
75
46
32
41
67
66
Without seasonal adjustment
Total
Coal
-.
Coke
Grain and grain products
Livestock
Forest products
Ore
Miscellaneous1
_.
Merchandise
61
72
54
55
68
58
58
77
67
61
85
86
63
82
71
67
60
33
17
61
68
57
47
25
8
54
63
65
53
26
8
55
65
65
46
31
8
58
65
63
40
33
10
64
67
i In less-than-carload lots.
Based on daily average loadings. Source of basic data: American
Railway Association.
Back figures.—Bee BULLETIN for February 1931, pp. 108-110.
288
FEDERAL RESERVE BULLETIN
MAY
1934
FOREIGN BANKING AND BUSINESS CONDITIONS
CZECHOSLOVAK CURRENCY LAW
The Czechoslovak currency law of November 7, 1929, which was published in the FEDERAL KESERVE BULLETIN of December 1929,
pages 797-798, has been amended and supplemented by the law of February 17, 1934. The
amendments were made to sections 1, 3, 4, and
6 of the law of November 7, 1929, and were in
substance as follows:
1. The gold content of the Czechoslovak
crown, or koruna, which was formerly 44.58
milligrams of fine gold, is now fixed at 37.15
milligrams, representing a reduction of one
sixth or 16% percent.
2. The profit arising from the revaluation of
the gold and foreign-exchange holdings of the
National Bank of Czechoslovakia in accordance with the new gold content established for
the crown accrues to the Government in the
form of a reduction of the Government debt to
the bank.
3. The minimum ratio of reserves of the
National Bank to its sight liabilities is fixed
at 25 percent, as compared with the previous
minimum of 30 percent, and reserves are
limited to gold only, instead of gold and gold
exchange as formerly.
The paragraphs of the law of November 7,
1929, that have been altered are given below
in their amended form.
SECTION 1
37.15 milligrams, but only if the seller offers a
quantity of at least 12 kilograms of fine gold. The
bank shall be entitled, in effecting such purchase, to
make no other charges except for assaying, and for
coining in accordance with a scale fixed by the Government mint (see sec. 4, par. 6).
2. The bank shall at the aforesaid premises (see
par. 1) redeem its notes at its option either by gold
(either in the form of current coin or gold bullion) at
the price of 1 Kc per 37.15 milligrams of fine gold or
by gold foreign exchanges at the rate of the day quoted
on the Prague Bourse, but only in amounts equal in
value to at least 12 kilograms of fine gold. Should the
bank fail to carry out this obligation within 24 hours
of the presentation of the notes without being able to
plead force majeure, its charter shall be canceled
(see sec. 12b of the Bank Act).
SECTION 4
2. One kilogram of standard gold shall be minted
into 242.261103633 hundred-crown pieces, and one
kilogram of fine gold intor 269.179004037 hundredcrown pieces, the standard w eight of the hundred-crown
piece to be 4.12777 grams containing 3.715 grams of
fine gold.
SECTION 6
1. The bank is required to hold a gold cover of at
least 25 percent of the total amount of bank notes in
circulation and other demand liabilities. The gold
cover shall consist solely of gold bullion or coin.
2. The increase in the value of the stock of gold
resulting from the revaluation according to the gold
content of the Czechoslovak crown specified in section
1, paragraph 1, shall be used in reducing the State-note
debt in accordance with a special agreement between
the State and the National Bank of Czechoslovakia.
In addition to amending the law of November 7, 1929, the law of February 17, 1934,
provides that the Czechoslovak crown at the
new parity shall be equivalent to the previous
monetary unit in all legal matters in which the
SECTION 3
1. The bank shall be bound to purchase at the head Czechoslovak crown is mentioned. Other prooffice in Prague and at such branch offices as shall be visions of the law of February 17, 1934, are
designated by the bank, gold at the price of 1 Kc per unrelated to the currency.
The Czechoslovak crown (Kc) as the present currency unit of the Czechoslovak Republic shall be equal
in value to 37.15 milligrams of fine gold.
289
FEDERAL RESERVE BULLETIN
M A T 1934
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
Total
(50 countries)
Europe
United
States l
Canada
countries)
Austria
Bel
Sium
Bul
; ! Denmark England
^ria
France
Germany
$l=i 5Ho grains of gold nine tenthsfine;i. e., an ounce offinegold=$20.67
1933—March
April
May
June
July
August
SeptemberOctober
NovemberDecember.
1934—January ___
11,939
11,975
11,889
11,864
11,951
12,010
12,063
12,070
11,970
" 11,941
* 11, 964
3,916
3,977
3,991
3,997
4,001
4,009
4,011
4,011
4,012
4,012
4,033
81
1934—January 2__,
February __.
March
April
p20,250
P 20, 524
v 20, 718
6,829
7,438
7,694
> 7,756
130
130
130
6,992
21
6,988
21
6,896
21
6,856
21
6,932
21
6,989
21
7,038
24
7,040
24
6,942
24
6,916
27
6,912
27
$l=155Ai grains of gold nine
77
77
77
77
77
77
77
77
77
77
371
371
371
372
374
375
376
377
378
380
382
tenths fine:
11
51
36
11
51
36
11
51
36
11
51
36
11
51
36
11
51
36
11
51
36
11
51
36
11
61
36
11
51
36
11
51
36
i, e., an ounce of fine gold=$85
646
11, 697
11,358
v 11, 313
112
111
111
635
636
836
905
907
922
925
926
926
927
928
928
929
1,573
1,574
1,574
1,575
60
3,152
3,170
3,173
3,185
3,213
3,223
3,218
3,176
3,051
3,022
3,021
176
5,109
4,904
4,947
5,023
152
134
45
58
73
87
94
97
92
90
83
Europe—Continued
End of month
Greece Hungary
1933—March
April
M y,*
June
July
August
September..
October
November,.
December-*
1934—January
9
11
13
14
17
19
21
21
23
24
22
Italy
Nether- Norway
Poland
lands
$l=25$io grains
331
381
343
374
352
336
356
309
368
311
370
332
371
338
371
359
373
370
373
371
373
370
17
17
17
17
17
17
17
17
14
14
14
Portu- Rumania
of gold nine tenths fine
; i.
30
40
55
40
55
30
40
53
31
40
53
31
40
53
32
39
53
32
41
53
32
40
53
32
40
53
33
38
53
34
38
54
34
Yugo- 6 other
Spain Sweden Switzerland U.S.S.R. slavia countries
e., an ounce offinegola
=$20.67
436
62
58
489
58
436
71
460
58
436
71
397
58
436
71
361
58
436
91
351
59
436
97
351
59
436
101
356
59
436
101
373
59
436
99
386
59
436
99
386
60
436
100
386
«368
*368
• 368
401
»401
»401
416
«416
»416
416
3 416
31
31
32
32
32
32
32
32
32
32
32
31
31
34
34
36
35
35
35
35
35
35
3 704
»704
53
53
53
53
58
59
*155A\ grains of gold nine tenths fine; i, e.% an ounce of fine gold=$85
1934—January 3 ...
FebruaryMarch
April
23
23
23
23
633
633
613
*609
Latin America
End of month
626
539
535
539
64
61
61
61
91
91
91
58
62
65
100
101
101
739
739
739
Asia and Oceania
169
169
170
167
653
600
570
534
P706
3 706
Africa
Total Ar4
Total
Total AusCo- MexNew
(10
South other
(4
(7
India Japan Java Zea- Siam TurChile lom- ico Peru Uru- other
coun- gencoun- coun- trakey coun- Egypt Africa
bia
lia
tina
land
tries)
tries tries)
tries)
tries
$l=25%o grains of gold nine tenths fine• i. e.,
in ounce of fine gold=$20.67
49
33
54
10
9
11
9 503
21 162 212 45
25
96
28 10
10
12
11
50
8 483
4 162 212 43
25
28 10
95
33
52
10
19
11
50
8 455
3 162 212 43
25
0 10 107
33
65
10
24
11
50
8 454
3 162 212 42
25
0 11 112
33
70
10
21
11
50
8 453
3 162 212 40
25
0 11 123
33
80
10
20
11
50
7 453
3 162 212 40
25
0 11 118
33
75
10
26
11
50
7 452
3 162 212 39
24
0 11 115
33
72
10
23
11
49
7 453
3 162 212 40
25
0 11 123
33
80
10
20
11
50
7 456
4 162 212 42
25
0 11 125
33
82
10
21 *11
50
6 457
3 162 212 44
24
0 12 126
33
83
10
21
51
459
3
162
212
45
25
0
12
127
33
84
7
grains of gold nine tenths fine; i, e., an ounce of fine gold=$85
$1 =
36
778
1934—January2—
«274
359 76
42
0 20 215 I
56 143
405
20
24
29
'780
February. _
405
20
24
«274
359 79
42
0 20 P222
65 150
34
778
March
405 *>20
25
274 359 77
42
0 20 201 I
55 146
* Preliminary.
« Corrected.
1 Differences prior to January 1934 between these figures and those shown elsewhere in BULLETIN for total monetary gold stock in United States
are due to exclusion from the former of gold coin in circulation.
2 Figures given in terms of new par for purposes of comparison only; new parity did not become effective until after close of business Jan. 31,1934.
* Figures of last preceding statement issued by State Bank of the U.S.S.R. carried forward.
NOTE.—Figures for 35 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they
are as of last report date of month.
The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin
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 May 1932, pp. 311-318, and June 1933, pp. 368-372.
1933—March
April
May
June
July
August
September.
October...
November.
December.
1934—January.. _
352
355
362
368
365
363
369
365
358
'352
*>355
249
249
249
249
249
249
249
249
244
239
239
11
11
11
11
11
11
11
11
11
12
12
13
14
14
15
15
15
15
15
15
14
14
290
FEDERAL RESERVE BULLETIN
MAY
1934
GOLD PRODUCTION
[In thousands of dollars]
I
Year and month
Production reported monthly
Estimated
world
production
Total
South
Africa
1932—May
June
July
August
September
October..
November
December...—
Total (12 mos.)
41,729 35,324
41,823 35,418
42,205 35,800
43,361 36,956
42,816 36,411
43,007 36,602
42, 627 36,222
42,198 35,794
499, 049 422,129
1933—January
February
March
April
May
June
July
August
September
October
November
December
• 41, 616
• 38, 016
• 42, 683
' 39, 857
• 40, 810
Total (12 mos.)
934—January
February..
March p
West Belgian
Africa Congo
Rhodesia
19,970
19,871
20,268
20,475
19,888
20,157
20,190
20,118
238,931
64,438
68, 646
35,059
* 53, 586
57, 794
20,152
18,176
19,658
18,430
19,519
19,008
19,228
19,235
18,664
18,822
18,613
18,168
1,008
989
1,038
1,108
1,108
1,130
1,133
1,167
1,180
1,143
1,150
1,181
18,897
1,201
28,893
30,550
United
States i Mexico
Far East
bia
Austra- Japan
lia
grains of gold nine tenths fine; i.e., an ounce offinegold=$2O.67
5,556
4,114 1,026
481
977
447 1,234
5,595
4,362
1,172
482
960
1,011
405
5,176
4,610
1,244
546
319
924
981
455
5,473
4,982 1,138
510
330
1,019
524 1,221
5,452
5,085 1,122
1,292
509
304
1,041
456
5,264
5,271
515
314
1,044
1,091
455 1,216
5,115
4,858 1,165
1,376
526
307
415
997
5,420
4,651
1,418
539
294
353
1,080
671
5,992
3,642 62,933
12,000
50, 626 12,070 5,132 14, 563
• 41, 077
• 41, 245
• 41, 783
' 42, 505
42, 081
41, 805
493, 365 r 416, 445 227,673 13,335
41,469
North and South America
Africa
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 8'3,631
60,726
532
531
522
528
520
561
571
579
546
567
586
580
546
320
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
4,781
4,858
••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
• 6,165
16,790
1,080
697
grains of gold nine tenths fine; i.e. an ounce of fine gold=$35.
6, 160 v 1, 925
P 945
P 5i\
1,893
927
7,803
541
1,925
8,295
1,120
7,945 1,925
1,050
India
567
603
585
688
559
647
566
581
6,782
647
692
696
702
727
715
8,198
666
654
747
726
734
711
755
722
847
825
794
788
674
585
664
643
689
575
572
560
560
673
6,919
1,398
721
560
2,269
2,269
1,280
1,225
949
r
Preliminary.
Revised.
»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 comparable monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-235, and Feb.
ruary 1934, p . 108.
GOLD MOVEMENTS
[In thousands of dollars]
United States
Year and month
Net imports from or net exports (—) to—
Total
net
imports
or net
exports
England
France
Germany
Nether- Switzer- Canland
lands
ada
Belgium
China
Argen- Co- British and
tina lombia India Hong Japan
Kong
Mexico
All
other
countries
Customs valuation s; with s 57W6 excep ions a rate of $20.67 a,fine oun ce
21,740
1932—November
100,859
December
Total (12
-446,213
mos.)
1933—January
February
March
April
May
June
July
August
September....
Oetober
November
December
Total (12
mos.)
1934—January
February
March
April v.
-1
53,585 - 4 4 1 , 6 4 9 - 1 3 , 3 5 6 - 8 2 , 5 7 1 - 9 6 , 5 8 6 - 1 1 8 , 2 7 3 64,574 20,087
12,991
-2,767
452, 571
237, 568
50,941
7
16, 357
10
1,067
-1,546
-250
29,490
-3,709
- 3 , 630
-8,993
-122
-72
-79,617
-73,173
-48,717
-26,923
-366
-203
-1,445
-109
-5
-28
-27
-13
-18
-28
-10
6,375 - 2 1 6 , 0 3 5
-2,532
-895
-461
1
-10
50,248
128,465
17,776
3,310
-22,081 -8,935
-9,967 -2,191
-21,139 -15,715
-3,244 -2,845
-83,879
-713
-80,388 -1,535
-56,736 -5,099
-32,351 -6,240
-1,064 -2,260
-9,128 -1,650
-173,736
7 5,622
7,546
893
744
1,376
51,928
-2,642
239,800
136,955
23, 619
124,381
51, 374
1,676
-216
-600
-199
2,685
8,082
5,274
4,206
8,418
333
110
154
203
143
224
268
216
347
634
552
483
488
344
141
369
125
518
48
240
338
7,901 - 1 1 , 6 3 1 19,896
4,280
313
246
15,123
802
-5,005
-724
-115
-2,171
-9
-1,614
-681
-453
-8,883
-1,678
-15
94
43
3,322
3,353
3,240 26,597 39,043 49,719
36,383
52 15,193
35 9,446
5
990
4
2
1
1
i $17,054,000 exported to Italy.
5,612
3,700
2,135
1,281
83
10
3,729
2,973
1
8
1
2
-1
98 25,629 12,821
2,042
3,208
1-15,413
-3,137
-5,729
812
-4,121
-6,708
-1,486
1,085
1,139
960
6,702 - 2 6 , 3 5 5
1>364
Customs valuati ons; with some exceptions at rate cf$85afi ne ounce
9,087112,1141 5,124
1
131 57,272
l,660|
10,848
7,158
2,964
4,974
3,124
4,773
4,697
3,56910,288 5,368
8,909-.
2,490 10,436
2,495 4,225
3
Preliminary.
651
2,933
2,821
4
2,347
3,307
38
MAY
291
FEDERAL RESERVE BULLETIN
1934
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Great Britain
Net imports from or net exports (—) to
Total
net imports
or net
exports
()
Year and month
United
States
Germany
France
South
Africa,
Straits
South
Nether- Switzer- AmerBritish
RhoAustraSettleCanada India ments
desia,
lands
land
lia
ica
West
Africa
Belgium
All
other
countries
Official figures converted at rate of $20.67 an ounce
13,857 -1,634 -13,519
- 2 9 , 582 -58,561 - 3 , 277
1932—November
December
Total (12 mos.)
1933—January
February
March
April
May
June
July
August
September
October
November
—
December..
84, 585 -50, 642 -297,050
-43, 260 -48,314
18, 400 - 6 , 559
77,198 11,821
-6
64, 767
2,761
97,386
77, 671 15, 923
89,056
4,763
25,628
733
48, 260
3,120
63,918 12, 520
79,138
6,878
79,426
4,441
677,405
Total(12 mos).
1934—January
February
March
7,9
62,146
370
-476
-29 -1,104
-4,188
-6,138
-108
527
181
333 -13,434 -71,378 -14,019
5,747
-11
-634 -17,471
-2,109
- 4 , 623
28
-507 -7,816
3,406
5,003 -1,294 - 5 , 225
-1,519 18,092
128
-89
32, 486 1,850
17,365
656
- 7 , 421 15, 254
8
6,477
1,114
13, 528
18,051
486
6,259
179 -1,034 -13,583
-11 - 3 , 633
2,163
32
1,865
-11
18 -4,163
94
817
329
33,338
42
15,130
147
1932—November.
December.-
26,003
34,479
14, 056 43, 374 118, 817
8,682
60,812 256,177 41, 667
-20
5,310
-170
5,500
4,530
8,642
Official figures converted at rate of $85 an ounce.
18,837
17,891
-320|
4,870 30,1931
5,522
65, 579
187
39 37, 372
-171
583
2,353
17,667
647
1,094
2,951
3,105
30,881 30,587
36,707 5,591
9,805
-13
Total (12
mos.)__ 828,178 468,052 309,984 37,889
1933—January
February-.
March
April
May
June
July
August
September _
October
NovemberDecember.-
-79
-588
-893
-463
-479
-118
-380
-101
-217
-771
-196
- 7 , 065 - 4 , 299
374
140
401
414
436
920
3,611
120
8,143
8,924
9,129
4,141
3,703
4,108
6,579
5,013
4,186
37,547 - 1 7 , 6 6 8
Total (12
mos.). _ •244,092 223,905 - 8 6 , 8 2 9 57,425
34,706
-7,217
1,215 - 5 , 2 5 9 |
-2
-160,1871 12,536
Februaryp.. -175,837
March *__. -232, 719 - 7 9 , 1 5 8 -155, 630
Total
net
imports
or net
exports
()
Net imports from or net exports (—) t o -
United
States
England
Official figures converted at rate of $20.67 an ounce
672
-186
645
2,314
1
-367
3,138
4,306
575 - 3 , 2 9 3
1
24
-3,814
2,805
27, 778
670
39,785
7,976
5,695
-6,837
-6,166
-12,427
-21,460
701
1934—January
3,170
Germany
200
678
1,266
22, 520
1,277
22,903
23,430
-46
-8,059
- 5 , 969
-3
-772
2,900
- 3 7 , 399 - 3 5 , 3 6 1
2,559
-144
-1,659
1,005
16,729
9,287
2,283
48, 252 18, 583
96,140
7,680 - 5 , 8 1 9
46,840
5 -18,537
50,808
39,263 - 1 2 , 5 7 2
53, 694 75,680 - 1 1 , 5 3 3
43,043
60,990 - l , r ~ "
26, 233 47, 745 - 1 , 1
-52,936
177 - 2 4 , 6 4 6
- 4 5 , 650
-19,387
831
602
16, 530 -2,120
794 27, 815 1,245
22,659 28, 923 2,556
20,316 19,343 -2,083
1,789 19,476 -3,169
1.717 17,954 6,069
2,692 19,519 11,715
1,910 24, 774 -3,212
1,991 21,027 5, 434
1,942 20,467 4,403
2,315 20,885 4,558
19,460 12,871
41,036
6,122
2
20,006
23, 326
587
554
461
1,001
624
1,359
810
848
526
782
708
423
Net imports from or net exports (—) t o Total
net
imports
All
Switor net
Engother
Ger- Netherzerexports United
counStates land many lands
land
()
tries
33,498
241
25,586 - 1 0 , 6 3 4
830
854
220, 394 10, 781 20, 264 255,310 18,279
France
Year and month
710
9,495
7,175
9,178
10, 278
14,948
11,281
11,942
4,994
12, 685
16,122
4,852
5,892
97,016
-238,8421 283,333
184,
91,471 -130,087 66,180
10,488
13,684
- 7 , 627 - 2 7 , 282
-6,169
2,584
17 - 3 , 3 3 1
4 -1,976
22 - 5 , '
-10,429
- 4 , 9 4 5 - 7 , 365 - 4 , 9 2 5
1 - 1 7 , 8 2 2 - 5 1 , 8 9 3 - 4 , 541
-292
46
-10,102
1,453 - 1 3 , 6 7 6 -22, 658 - 5 , 3 9 2
-162
153
270
-186
9
-256
216
-32
17,910
1,173
41
5,933
-94
-13
4,710 - 5 , :
77
15
691
590
4,348 -102,856
1,799 -37,044 -64,922 -40,950
I
Switzerland
U.S.
S.R.
43 6,275
All
other
countries
-52
-78
- 2 5 0 - 3 8 , 1 7 0 - 2 4 , 4 5 5 - 7 , 9 1 5 46,656 - 3 , 5 1 5
-1,897
1,246
- 2 0 - 2 , 627
-77 -1,196
Official figures converted at rate of $85 and ounce.
31,251 -1,7491
34,6481 - 1 8 , 3 6 3
-29,790 -12,490
15,955 - 2 , 9 1 4 - 1 0 , 9 7 1 - 3 9 , 4 4 0
- 5 5 , 568
-2
I
Netherlands
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
749
-23, 356
- 6 , 3 7 7 2 10, 574
37,113 2 16,102
30,797
3,695
16, 598 -21,605
-1,397 -2,174
-2,176
-152
- 3 , 369
1,939
- 5 , 674 - 1 , 3 2 8
-23,368 - 2 , 8 2 3
10, 538
367
France
107
93
46
75
-61
34
-44
-88
55
-69
16
41
6,293
3,336
3,956
5,411
7,023
3,833
4,612
3
3,182
2,668
-11
-118
70
19
-119
-26
-238
-372
12
33
-133
1,383
206 40,317 - 2 , 2 6 5
286
- 8 0 3,638
49
-455
-182
- 9 8 24,2791
137 16,991
192
-817
Preliminary.
= Corrected.
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.
a $9,832,000 imported by France from South Africa in April; $14,412,000 in May.
»$20,305,000 exported by France to Belgium.
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 net imports from individual countries for 1934 are subject to revision.
292
FEDERAL RESERVE BULLETIN
M A T 1934
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Netherlands
Year and month
Net imports from or net exports (—) t o -
Total net
imports
or net
exports
United
States
Total (12 mos.)_
Germany
France
Belgium
Poland
Official figures converted at rate of $20.67 an ounce,
1,939
-886
-3,085
-1,313
-188
4,251
52
3,745
963
-20
-3,765
-9,668
-4,857
894
1932—November.
December..
England
Switzerland
British
India
All other
-537
-1,134
3,030
2,773
-52
-68
116,149
106,623
50,070
-34,009
26,886
-12,727
-13,630
-16,137
16,423
1,898
-933
-9,320
-18,102
-41,605
-45,503
-13,628
-14,101
-3,432
10,785
603
14,069
8,177
3,436
-906
-11,384
-6,390
-15,750
12,996
1,798
1,385
-1,942
-7,111
-837
-6, 722
-19,367
-18,188
-37,068
-41,046
6,065
11,183
13,849
14,457
6,096
-601
2,009
10,300
4,986
-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
11,178
5,581
-180
47
-903
-357
5,369
-821
673
-5,055
-7,009
-1,522
-1,068
-1,797
-1,432
17
-338
-22
-90
-230
-38
-34
—1
-79
1,107
108
291
275
2,236
2,099
441
31
179
-18
20
90
97
105
142
-1,624
-72,183
40,818
-17,873
-6,030
-16,974
9,632
567
-7,082
-238
-367
-1,220
33
246
-257
-532
21
360
235
-42
-7,346
=-_..
1933—January
February
March
April
May
June
July
August
September
October
November
December
24,239
16,488
18,562
.
._
._.
-9,294
Total (12 mos.)_
-67,510
1934—January—
115
2,191
-3,839
-8,629
102,784
-9,201
February.
March
- 1 7 , 262
-6,248
3,609
Official figures converted at rate of $35 an ounce.
233
-13,283
-76,485
4,077
-62
345
-4,928
-4,132
6,116
-141
Switzerland
England
,-=r
British India
Net imports from or net exports (—) to—
Total
Year and month
net
imports
or net United
exports States
_•
Ger- South NetherFrance many Africa
lands
Net imports from or net
exports ( - ) t o -
All
other
Total
net
imports
or net
exports
()
United
States
England
All
other
Gold
production in
India
Increase
or decrease
(-)in
Government
reserves
in India
Increase
or decrease
(-)in
private
holdings in
India i
J
Official figures converted at rate of $20.67 an ounce.
85 -2,347 - 6 7
480
461 -16,662 - 2 , 4 2 0 - 1 3 , 2 4 4
96
320 - 1 1 1
1
837
55 -24,834 i-18,002 -6,156
1932—November—. —If J
December...
1,203
Total (12
mos.)
1933—January
February
March
April
May
June
.-July..
August
September. .October
November...
December...
169,786 124,354
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
1,266
-14
653
1,377
"-307
16
502
8,756
7,418
101 14,996
123
82
907
-307
-4,082
-3,152
-5, 739
-229
-431
-790
-1,444
-9,474
2,393
1,176
1,040
2,461
-937
48 3,802 - 2 , 236
994 -1,958
2,778 -3,709
288
1,866
1,756
-1,339
1,166
149
130
64
1
78
124
191
50
6,987
-10, 745
-38,776
-34, 751
-8,324
1,135
1,767
4,243
4,684
-247
180
30,109-10.898-21,567
2,233
-25,403 -1,617-12,110 -7,799
7799
556
581
-1
-16,106
-24,252
6,782
-189,007
-11,916 - 9 , 741 - 2 , 304
129
-12,788 •-», 413 -3,328
r-47
-12,722 - 5 , 314 -5,833 -1,576
-11,1
-4,311 -5,956 -1,430
-13,016 - 1 , 5 6 1 -8,096 -3,359
-14,004
-12,823 -1,181
- 4 , 734 -1,565
-10,971
-9,105 -1,866
-13,411
-12.789
-622
-7,643
-7,301
-342
-5,847
-6,023
176
- 5 , 734
-5,438
-296
574
608
626
585
554
543
589
575
572
560
560
573
-11,342
-12,179
-12,096
-11,113
-12,462
-13,461
—5, 707
-10,395
-12,839
-7,083
- 5 , 287
-5,160
205 13,168 -13,781 -126,048 '-30,340 r-83,730 "-11,979
6,916
741
10,983 -24,536 -26,781 -379
110
-304 -195,662 -38,094 151,059 - 6 , 5 0 8
15,342
21,306
-997
-676
82
1 1,187
- 4 7 -14,063
12,683 - 1 , 2
Official figures converted at rate of $35 an ounce.
2 -365
499| -39.30711 -7,703-31,678
311 -4,143 P - 2 0 , 0 5 0
-2
-i
-5
-119,124
560
p-13,490
?949
P -38,358
v -19,101
p Preliminary.
r Revised,
i Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.
NOTE.—Netherlands and Swit zerland—-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.
MAT
293
FEDERAL RESERVE BULLETIN
1934
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
11933
1934
Mar.
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
Feb.
Mar.
Jan. Mar.
1934
1933
Feb.
Jan. Mar.
Canadian Minister of Finance (millions
247
548
247
553
247
552
257
587
166
7,013
7,179
32
6,863
6,895
32
7,013
7,045
82
7,499
7,582
4,763
4,759
4,754
4,630
1,214
1,223
1,232
1,344
of Canadian dollars):
Gold reserve against Dominion notes..
Advances to banks underfinanceact..
Dominion notes:
Issued „
_Outside chartered bank holdingsIndian Government (millions of rupees):
Gold standard reserve:
Gold
Foreign exchange - _
Paper currency reserve:
Gold
Silver coin and bullion.
Other assets
Notes issued
69
40
69
50
70
44
70
48
173
30
176
28
177
28
181
29
29
505
68
465
71
463
184
350
415
980
377
1,772
376
989
408
1,773
373
1,003
404
1,780
260
1,119
390
1,769
1
Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Mar. 3, Feb. 3, and Jan. 6, 1934, and Mar. 4, 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
1934
1933
M a r . 31
Mar. 31 Feb. 28 Mar. 31
28,176 17,962
Gold in bars
Cash on hand and on current account with
3,819
2,757
banks
14,447 17,681
Demand funds at interest
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' accept157,719 157,071
ances
192,103 189,926
Treasury bills
11,396
52, 543
275,172
257,461
Total
349,822 346,998 532,633
Time funds at interest—Not exceeding 3
months
41,211 37,047 185,703
Sundry bills and investments:
Maturing within 3 months:
14,424
18, 344 30,184
Treasury bills
70, 762
64,929 57,291
Sundry investments
Between 3 and 6 months:
23,481
39, 266 18, 504
Treasury bills
35,301
31,490 44,717
Sundry investments
Over 6 months:
5,841
31,606 35,869
Treasury bills
616
36,409 37,934
Sundry investments.._
Total
222, 044 224,499 150,425
Other assets:
Guaranty of central banks on bills
4,163
4,691
sold
4,976 } 6,023
4,376
Sundry items
Total assets
1933
Liabilities
Assets
667,526 657,145
938,722
Demand deposits (gold)
Short-term deposits (various currencies):
Central banks for own account:
Demand
Time—Not exceeding 3 months
Total.—
-.
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 f u n d . . .
Total
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund
Other liabilities:
G u a r a n t y on commercial bills sold
Sundry items
Total liabilities..
F e b . 28 Mar. 31
28,176
17,962
42,609
108,126
42,142
109,777
254,796
196,930
150,735
151,919
451,727
9,418
8,349
13,301
1,071
924
3,285
3,330
153,546
76,773
40,903
153,640
76,820
40,903
153,640
76,820
68,481
271, 223
125, 000
271,363
125,000
298,941
125,000
2,022
3,895
7,790
2,022
3,895
7,790
1,318
2,690
5,379
4,691
63,506
4,163
63,757
33,750
667, 526
657,145
938,722
294
FEDEKAL RESERVE BULLETIN
MAY
1934
CENTRAL BANKS
Liabilities of banking department
Assets of banking department
Bank of England
Gold
(in issue
department) »
Cash reserves
Coin
Millions of pounds sterling
1933—Mar. 29
Apr. 26
May 31
June 28
July 26
Aug. 30
Sept. 27
Oct. 25
Nov. 29
Dec. 27
1934—Jan. 31
Feb. 28
Mar. 28
Apr. 25 v
171.8
185.9
186.3
189.4
190.1
190.3
190.4
190.4
190.6
190.7
190.9
191.0
191.1
191.2
1.0
1.1
Discounts
Securiand
Note
circulation
Deposits
Bankers'
Notes
11.8
11.6
11.2
16.6
11.2
10.0
9.2
8.5
8.6
16.8
74.9
80.0
83.5
87.2
103.0
94.9
85.8
92.5
84.7
101.4
367.1
371.9
374.1
375.1
377.2
374.0
370.8
369.3
370.2
392.0
92.8
100.9
77.5
105.1
98.5
79.4
97.3
104.1
106.9
101.2
21.2
10.8
33.2
14.1
14.1
42.0
16.5
15.9
13.6
22.2
35.0
37.1
39.5
42.2
57.7
42.9
44.0
45.8
36.5
36.5
18.2
17.7
17.8
18.0
18.1
18.2
18.2
17.7
17.8
18.0
84.2
83.6
72.3
77.5
8.2
5.8
5.6
5.3
88.4
87.9
88.1
86.3
366.7
367.4
378.8
373.7
100.6
90.3
94.5
99.5
25.2
32.1
17.5
15.8
37.8
37.7
36.9
37.0
18.1
18.2
18.3
17.7
Liabilities
Bank of France
Foreign Domestic Security
loans
bills
Negotiable
securities
Deposits
Other
Millions of francs:
1933—Mar. 31.
Apr. 28.
May 26.
June 30.
July 28.
Aug. 25.
Sept. 29.
Oct. 2 7 . .
Nov. 24.
Dec. 29.
80,409
80,866
80,951
81,243
81,976
82, 227
82,095
81, 032
77,822
77,098
4,376
3,846
3,887
3,990
3,975
2,652
2,632
2,586
1,250
1,158
3,352
3,805
3,449
2,791
3,461
3,207
3,475
3,560
4,092
4,739
2,714
2,649
2,675
2,766
2,661
2,688
2,765
2,781
2,814
2,921
6,621
6,595
6,582
6,489
6,463
6,417
6,393
6,238
6,186
6,122
9,801
8,861
8,534
9,243
8,503
8,543
8,716
8,450
1934—Jan. 26..
Feb. 23.
Mar. 30.
Apr. 27 v
77,055
73,971
74, 613
75, 755
1,130
1,070
1,068
1,067
4,486
5,963
2,893
2,932
2,972
3,015
6,119
6,114
6,007
5,972
5,707
Note
circulation
Government
Reserves
Gold
Millions of reichsmarks:
1933—Mar. 31
Apr. 29
M a y 31
June 30
July 31
Aug. 31
Sept. 30.
Oct. 31
Nov. 30
Dec. 30
739
411
372
189
245
307
367
396
405
386
1934—Jan. 31
Feb. 28
Mar. 29...
Apr. 30 P
376
333
237
205
Foreign
exchange
97
100
77
85
78
74
40
18
3
9
Other
Other
liabilities
8,251
81,143
82,994
81,099
80,368
82,613
2,235
2,340
2,265
2,338
2,752
2,775
2,685
4,027
2,956
2,322
17,376
19,267
19,657
17,242
17,301
15,016
13,414
2,093
2,109
2,152
2,100
2,168
2,158
2,156
2,220
2,359
1,940
7,870
7,960
8,229
()
79,474
81, 024
82,833
81,501
2,270
1,868
1,721
2,023
15,836
13,067
12,632
14,199
1,972
2,052
1,900
(2)
86,096
84,992
83,267
84,708
16,850
17,181
Liabilities
Assets
Reichsbank
Other
79.7
74.0
72.3
74.2
72.8
76.3
79.6
81.2
80.4
58.7
Assets
Gold
Public
Other
liabilities
Other
Treasury bills
(and Security
loans
bills
checks)
Securities
Other
Note
circulation
Deposits
2,763
3,142
3,078
3,212
3,171
3,151
3,289
3,147
3,001
3,177
210
177
166
210
165
163
205
143
163
183
401
317
317
321
320
320
320
319
518
581
582
618
747
736
749
688
799
773
735
3,520
3,538
3,469
3,482
3,492
3,521
3,625
3,571
3,542
3,645
443
406
439
447
412
415
465
416
478
640
2,845
2,766
3,144
3,140
81
248
144
140
620
666
681
639
843
801
685
760
3,458
3,494
3,675
3,640
498
530
547
515
Other
liabilities
1,169
791
782
834
820
841
850
850
871
768
v Preliminary figures.
i In addition, the issue department holds Government and other securities and silver coin as cover for fiduciary issue, which is fixed by law at
£260,000,000. From Aug. 1,1931, to Mar. 31,1933, an increase of £15,000,000 in fiduciary issue (and securities held as cover) was authorized by British Treasury
under section 8 of the Currency and Bank Notes Act, 1928.
3
Not yet available.
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83.
295
FEDERAL RESERVE BULLETIN
1934
MAY
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1934
1933
Central bank
Mar.
National Bank of Albania (thousands of francs):
Gold
Foreign exchange
Loans a n d discounts
Other assets
Note circulation
I
D e m a n d deposits
Other liabilities.—
I.
Commonwealth Bank of Australia
( t h o u s a n d s of p o u n d s ) :
Issue d e p a r t m e n t :
Gold a n d English sterling
Securities
Banking department:
Coin, bullion, a n d cash
London balances
Loans a n d discounts
Securities
Deposits
...
N o t e circulation
Austrian National Bank (millions of !
schillings):
Gold.
Foreign exchange of t h e r e s e r v e . .
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 a n d abroad
Foreign exchange
Loans a n d discounts
N o t e circulation
Deposits
Bank of Brazil (millions of milreis):
Currency
Correspondents abroad
Loans a n d discounts
N o t e circulation
Deposits
_
National Bank of Bulgaria (millions
of leva) :
Gold
N e t foreign exchange in reserve._
Total foreign exchange
Loans a n d discounts
Government obligations
N o t e circulation
Other sight liabilities
Central B a n k of Chile (millions of
pesos):
Gold a t home a n d abroad
Foreign exchange for account of:
Bank
__.
Exchange commission
Loans a n d discounts.._
G o v e r n m e n t debt
Note circulation
Deposits
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold at home and a b r o a d .
Foreign exchange
Loans to member b a n k s . _
Note circulation
Deposits
r
1933
Central bank
Feb.
Jan.
7, 223 7,225
24. 933 25, 573
2,913
2,838
2, 4.78
2,330
11,417 11, 680
15, 893 16,073
10, 237 10, 212
15, 508
28, 625
Mar.
5,490
32, 444
2,902
3,612
13,956
19, 209
11, 283
15, 508
28, 875
14, 508
29, 375
11, 507
27,640
1,015
936
22, 912 24, 466
14, 634 14,888
36,108 35,858
78, 893 79, 707
40, 910 41,155
949
19,733
15, 779
35, 358
73, 290
47,301
1,107
21,892
17, 835
35,411
77,183
42, 272
189
0
24
308
624
981
154
189
0
22
297
624
993
138
189
0
17
262
624
909
187
150
39
0
287
660
919
170
2,700
705
347
3,456
433
2,714
760
347
3,473
486
2,745
769
347
3,398
804
363
3,559
418
7,917
2,658
18,807
54, 623
51, 027
23, 586
3,784
29, 576
40,994
38, 574
386
302
2, 766
20
3,009
396
304
2,755
20
2,887
569
130
2,622
110
2,957
1,547
4
109
1,123
2,783
2,400
1,963
1,546
63
187
1,127
2,783
2,571
1,802
1,520
20
95
778
2,873
2,595
1,592
98
96
72
5
121
682
523
359
73
2
'118
'682
516
364
70
6
141
679
502
357
14, 719 14, 686
2,996
3,403
2,702
3, 662 4,262
6,594
34,903 33, 297 31, 349
28, 430 24, 848 24, 853
13, 689
3,226
4,656
22, 870
20, 766
1,547
19
149
1,032
2,783
2,603
1,625
Mar.
Feb. | Jan.
Mar,
National Bank of Czechoslovakia
(millions of k o r u n y ) :
Gold....
2,661
2 668
Foreign balances a n d c u r r e n c y . _.
64
78
774
Loans a n d advances
1, 562
1,346
1,424
N o t e circulation
5,544
5. 5?3
5, 449
Deposits
697
444
874
Danish National Bank (millions of
kroner):
Gold
133
133
133
Foreign bills, etc
16
10
9
Loans and discounts
71 i
N o t e circulation
351
369
Deposits
78
99
Bank of Danzig (thousands of gulden):
Gold
— 30,160 30,161 30,158
Foreign exchange of t h e r e s e r v e . . | 11, 340
9 133 8,814
Other foreign exchange
121
523
136
Loans a n d discounts
- 15,881 15 246 17,194
N o t e circulation
~ | 41, 280 39 220 39,187
10,848 10 757 12,721
Deposits
Central Bank of Ecuador (thousands
of sucres):
Gold at h o m e a n d abroad
15, 082 14,375 i
Foreign exchange
7,195
6,967
Loans a n d discounts
47, 471 48, 094
N o t e circulation
36, 477 35, 663
Deposits
22,188 20,293 I
National Bank of Egypt a (thousands
of p o u n d s ) :
6,546
Gold..
-6,663
Foreign exchange
4,084
3,450
Loans a n d discounts
5,227
4,992
British, E g y p t i a n , and other
34, 604 33, 594
G o v e r n m e n t securities
Other assets
3,489
3,501
N o t e circulation
19, 624 19,838
Deposits—Government
6, 649 6,227
Other
18, 814 19, 035
Other liabilities
7,995
7,965
Bank of E s t o n i a (thousands of
krooni):
20,432 20,424 20,135
Gold....
6,104
4, 038 3,045
N e t foreign exchange
Loans a n d discounts
- 19, 330 19,099 19,198
34,
540
33,
612 31,548
N o t e circulation
4,84.9
4,084
4,949
Deposits—Government
7,
569
7,
006 6,381
Bankers'
2,954
2,860
2,713
Other
Bank of Finland (millions of markkaa):
323
Gold....
323 i
323
Balances abroad a n d foreign
1,044 j 1,001
1,054
credits
311
328
350
Foreign bills
—
717
658
578
Domestic bills
1,322
1,286 I 1, 166
N o t e circulation
332
390
S
457
D e m a n d liabilities
Bank of Greece (millions of drachmas) :
3,966
3,962 ! 4,033
Gold a n d foreign e x c h a n g e . .
3,532
3,594
3.477
Loans a n d discounts
3,355
3,355
3, 355
G o v e r n m e n t obligations
5,044
|
5,098
5,171
N o t e circulation
6,030 I 5,905
6,066
Other sight liabilities
76
:
65
Liabilities in foreign exchange
National Bank of Hungary (millions
of pengos):
79 !
79
79 ;
Gold
15 I
15
15 i
Foreign bills, e t c . .
,588 j
583
593
Loans a n d discounts
49
;
49
50
Advances to treasury
27 !
30
27
Other a s s e t s . . .
347 | 348 |
360
Note circulation
90 !
79
91 |
Deposits.120
120
120
Certificates of indebtedness
j
176
171
178
Miscellaneous liabilities
I
1,208
1,005
1,614
6,272
601
133
11
69
331
38
22, 933
14,892
460
10, 603
36,219
7,201
14,781
1, 059
39,332
26, 396
19,803
6,663
3,318
5,344
34, 673
3,322
17, 872
5,666
21,160
7,622
17, 842
2,238
21, 581
31,088
3,591
7,237
3, 128
304
773
336
785
1,183
431
2,204
1,572
3,368
4,547
2,603
165
97
15
456
51
17
355
59
0
202
Revised.
Increase during February reflects in part reduction in gold content of koruna on Feb. 17,1934, from 44.58 milligrams of fine gold to 37.15 milligrams
s Items for issue and banking departments consolidated.
1
296
FEDERAL RESERVE BULLETIN
MAY
1934
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1933
1934
Mar.
Bank of Italy (millions of lire):
6,874
Gold at home
44
Credits and balances abroad
6,037
Loans and discounts
Note circulation
— 12,963
300
Public deposits...
Other deposits
Bank of Japan (millions of yen):
Gold
Advances and discounts
587
Government bonds
-.
Notes issued
.. 1,271
497
Total deposits
_
Bank of Java (millions of florins):
113
Gold
0
Foreign bills
58
Loans and discounts
191
Note circulation
28
Deposits
_
Bank of Latvia (millions of lats):
44
Gold.
~3
Foreign-exchange reserve
-.
65
Bills.
64
Loans
33
Note circulation..
57
Government deposits
107
Other deposits
Bank of Lithuania (millions of litu):
54
Gold
13
Foreign c u r r e n c y —
86
Loans and discounts
90
Note circulation
61
Deposits
-.
Netherlands Bank (millions of florins):
Gold
1
Foreign bills
172
Loans and discounts.
901
Note circulation
103
Deposits..
Bank of Norway (millions of kroner):
135
Gold
—..
12
Foreign balances and bills
274
Domestic credits
—
330
Note circulation
2
Foreign deposits
61
Total deposits
Central Reserve Bank of Peru (thousands of soles):
Gold.-.
Foreign exchange
Bills .
.
Note circulation
Deposits...
_
Bank of Poland (millions of zlote):
481
Gold
67
Foreign exchange
745
Loans and discounts
955
Note circulation
232
0 t h e r sight liabilities
Bank of Portugal (millions of escudos):
Gold.
360
Other reserves
334
Discounts and advances
__.
Government obligations
1,051
Note circulation
1,965
Other sight liabilities.
755
1934
1933
Central bank
Central bank
Feb. i Jan.
Mar
7,105 I 7,099
83
274
5,810 4,284
12, 708 13, 068
300
300
1,426 1,757
6,291
802
5,708
13,117
300
1,203
425
771
528
1,138
384
116 I
i !
57 i
190 i
44
3
66
64
33
58
106
425
733
437
1,072
491
112
1
60
190
26
112
19
44
206
35
66 !
64 !
35 !
58 !
107 ;
52
15
83
87
59
52 |
13 !
85 S
87 !
60 !
792;
919 |
1 i
173 |
898 !
110 j
135
10
263
313
425
762
602
1,261
433
!
i
|
i
2;
63 I
IT} I
890 |
246 ;
I
140
2
270
312
2
03
42
5
67
53
34
65
92
49
13
90
94
55
949
73
108
951
225
151
30
214
301
39, 087
350
26,651
53, 021
7,837
479
78
752
939
271
833
382
330
1,051
1,925
771
i
i
!
i
478
82
749
947
248
S
491
i
97
!
701
! 1,019
139
i
! 777 ;
'
341 ! i
|
330
i 1,051 :
| 1,934
i 601
671
416
329
1, 054
1,916
587
Mar.
National Bank of Rumania (millions
of lei):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts.
State debt
Note circulation
Demand deposits
South African Reserve Bank (thou
sands of pounds):
Gold
Foreign bills
Domestic bills
_.
Note circulation.
_.
Deposits—Government
Bank
Other.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
Loans and discounts
Note circulation..
Demand deposits
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
Foreign exchange
Government securities.
Other securities
Other assets
Note circulation
Deposits
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Loans and discounts
Other assets..
Note circulation
__
Deposits—Demand
Time
Judicial and administrative
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold...
Foreign exchange
_
Loans and discounts
_
Advances to State
Note circulation
Other sight liabilities.
Feb.
Jan.
Mar.
9,974
146
7
8,892
5,681
20,815
7,449
9,940
160
28
9,029
5,681
20,834
7,474
9,622
685
52
10,156
5,726
21,453
7,285
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
17,320
19,956
86
10, 456
1,755
28, 266
2,951
10,998
14,437
815
9,847
1,368
19, 690
1,259
2,262
674
283
2,510
4,668
2,262
663
281
2,519
4,748
912
2,262
658
278
2,608
4,729
962
2,259
623
283
2,503
4,751
975
374
513
54
644
484
373
511
58
597
562
362
453
58
583
513
232
308
126
590
227
1,746
1
136
1,405
482
1,837
3
116
1,390
557
1,998
20
106
1,391
753
2,536
8
54
1,570
1,042
25, 404 25,181 25, 027
3,431
3,547
5,871
152, 575 154, 824 155, 374
30,846 31,114 29, 423
33,370 32,457 35,613
159,067 159,616 160, 057
29,184 27,904 31, 846
57, 374 59, 603 58, 805
21,441
337
154,300
28,154
33,779
162, 988
20, 436
54, 586
49,861
95,950
45, 332
78,231
33, 988
42, 682
49,109
95, 252
45, 523
77, 766
32, 880
42, 899
47, 801
103, 897
41, 032
83, 341
29, 676
40, 090
2,710
33, 532
2,661
33, 678
2,990
36, 633
1,765
169
1,959
2,317
4,233
959
1,795
139
2,055
2,317
4,212
1,062
1,761
170
2,349
2,412
4, 564
1,766
129
1,876
2,317
4,232
944
MAY
1934
297
FEDERAL RESERVE BULLETIN
COMMERCIAL BANKS
Liabilities
Assets
England
Cash in
(10 clearing banks. Figures in millions vault and Money at
and Bills dis- Securities Loans to
of pounds sterling)
due from call
short
counted
Bank of
notice
England
1933—May
June
July
August
September.
October
November.
December.
1934—January.._
February _.
March
98
101
96
91
91
89
99
119
130
118
120
206
213
205
208
215
218
216
213
223
209
219
346
352
362
359
355
343
317
311
284
250
202
530
544
554
563
563
559
569
565
558
560
547
779
779
771
762
753
752
741
740
738
746
757
Deposits
Other
assets
209
213
221
216
215
222
228
237
232
231
226
Demand 1
Total
1933—May
June
July
August
September
October.._
November
December.
1934—January...
February..
Cash in
Loans,
vault and
due from Due from Bills dis- including
security
banks counted
Bank of
loans
France
8,184
8,499
8,738
8,027
7,907
7,094
6,333
5,870
6.373
4,650
1,960
1,931
1,723
1,600
1,504
1,480
1,545
1,416
1,574
1,724
I
20,048
19,889
20, 236
19,851
19,835
20, 229
19,876
19, 848
19.169
18,174
7,777
7,824
7,848
7,813
7,792
7,880
8,127
8,309
8, 537
8,956
February..
169
205
169
150
186
152
159
1,934
1,914
1,907
1,937
1,870
1,962
1,970
675
659
646
637
657
614
621
Other
assets
1,227
1,420
1,521
1,565
1,540
1,626
1,707
1,827
1,034
1,130
Other
Total
35,124
35,295
35,676
34,426
34,181
33,786
33,009
32, 635
«32,809
30, 736
Demand
34,145
34,307
34,671
33, 419
33, 217
32,811
32,075
31, 773
° 31, 969
1933—May
June
July
August
September.
October
November.
December.
1934—January...
February..
March
4,882
4,832
4,682
4,677
4,627
4,642
4,608
Other
assets
Total
Demand
1,189
1,163
1,163
1,175
1,178
1,207
1,222
7,101
7,092
7,018
6,971
6,960
6,993
7,015
3,268
3,344
3,237
3,155
3,242
3,200
3,155
3,833
3,748
3,781
3,816
3,717
3,793
3,859
2,387
1, 196
7,159
3,254
3, 905
1,073
1,057
1,042
1,026
1,031
1,037
1,008
1,036
1,012
1.011
1,029
247
372
379
360
253
257
258
273
284
334
c
3,824
3,895
4,011
4,069
4,144
4, 266
4,322
4,362
3,592
3,564
Credits
obtained
Other
from
banks for liabilities
customers
924
852
805
753
733
709
3,168
3,146
3,081
3,097
3,110
3,155
3,187
3,100
Deposits payable in Canada
excluding interbank deposits
139
145
151
146
176
156
149
134
135
144
159
836
881
882
861
861
832
833
835
Other
assets
Note
circulation
Other
liabilities
Total
456
481
448
437
435
450
444
432
428
442
427
119
129
120
121
129
122
121
121
113
117
128
Demand
549
570
578
551
591
633
567
563
526
530
526
1,946
1,957
1,958
1,924
1,964
1,983
1,925
1,920
1.877
1,885
1,893
e Corrected.
i 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
ceptances liabilities
Liabilities
Security
loans
abroad
Cash in
and
net Securities
Other
vault and Security loans
and due from
in cenforeign
loans bills dis- banks
tral gold
counted
reserves
94
102
109
105
110
111
105
106
104
102
103
Time
2,387
2,390
2,383
2,297
2,303
2,304
2,331
Entirely in Canada
193
198
197
192
187
191
210
197
194
193
187
979
988
1,005
1,007
964
976
933
862
841
845
Deposits
Assets
Canada
(10 chartered banks. Figures
in millions of Canadian dollars)
Time
Liabilities
2.127
139
224
225
235
233
233
233
241
244
244
246
240
942
933
928
924
916
905
900
893
881
Deposits
Assets
Germany
Cash in
Loans,
(Reporting banks. Figures vault and
from Bills dis- including
in millions of reichsmarks)
due from Due
Securities
counted
security
banks
Reichsloans
bank
1933—May
June
July
August
September..
October
November...
December 2_.
1934—January 2
1,015
974
932
910
Other
liabilities
Liabilities
Assets
France
(4 large banks. Figures in millions of
francs)
962
1,006
993
990
1,944
1,978
1,973
1,966
1,958
1,951
1,928
1,941
1,920
1,867
1,831
Time J
2
Time
1,397
1,387
1,380
1,373
1,372
1,350
1,358
1,357
1,351
1,355
1,367
Figures not available.
725
757
733
727
727
721
732
725
714
724
718
298
FEDERAL RESERVE BULLETIN
MAY
1934
DISCOUNT RATES OF CENTRAL BANKS
Central bank of—
Date effective
In effect Oct. 1,1931.
Oct 10
Dec. 10
Feb. 18, 1932.
Mar 9
Mar. 10
Mar. 17
Mar. 21
Apr. 9
Apr 19
Apr. 21
Apr 28
May 2
May 12
June 30
Sept. 22
Jan 9 1933
May 12
June 29
July 15
July 29
A -i-trr
England
6
GerFrance many
2
8
Nether- Switzerlands
land
Italy
3
7
2
7
5
6
4
VA
2H
3
5
5
2
4
i
4
VA
Albania
Austria
Belgium
Bolivia
:::::::::
V4
In effect
since—
Nov.
Mar.
Apr.
July
5
3
6
Bulgaria. . .
Chile
Colombia ..
Czechoslovakia
6
5H
Rate
May
1
Central
bank of—
16,1933
24,1933
26,1934
5,1932
Jan. 2,1934
VA Aug. 23,1932
July 18,1933
VA Jan. 25,1933
Danzig......
Denmark...
Ecuador
Estonia
3
May
Nov.
4 Nov.
VA Feb.
6,1933
30,1933
30,1932
1,1932
Finland
Greece
Hungary
India
Dec.
Oct.
Oct.
VA Feb.
20,1933
14,1933
18,1932
16,1933
7
Rate
May
1
Central
bank of—
In effect
since—
Japan
Java
Latvia
Lithuania
3.65 July
Aug.
Jan.
6 * Apr.
Norway
Peru
Poland
Portugal
6
5
Rumania...
South Africa .
Spain
Sweden
6
3H
6
Apr. 5,1933
May 15,1933
Oct. 26,1932
Dec. 1,1933
U.S.S.R
Turkey
Yugoslavia...
8
Mar. 22,1927
Mar. 2,1933
Feb. 9.1934
2
7
3,1933
16,1933
1,1933
1,1930
May 24,1933
May 20,1932
Oct. 26,1933
Dec. 8,1933
1 X>
Sept. 4
Sept 19
Dec. 11
Feb 9 1934
In effect Mayl, 1934.
*..
VA
2
3
3
Changes since Apr. 1: Belgium—Apr. 26, down from 3H to 3 percent.
3
4
VA
3
2
MONEY RATES IN FOREIGN COUNTRIES
England (London)
Month
Bankers'
acceptances,
3 months
1933—March
April
May
June
July
August
September.
October
November.
December.
0.62
.59
.50
.50
.48
.41
.44
.79
1.05
1.06
1934—January...
February.
March
1.01
.95
.95
Month
Treasury
bills, 3
months
0.46
.50
.37
.40
.40
.30
.31
.73
.94
1.15
Bankers'
Day-to-day allowance
money
on deposits
0 64
.61
.58
.62
.62
.62
.63
.75
.75
.77
.90 I
Private
discount
rate
Money for Day-to-day
mone T
1 month
>
5.00
5.25
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
4.97
5.05
5.24
4.93
5.19
4.94
5.00
5.11
5.18
4.97
0.64
.66
2.11
2.18
3.54
1.11
.77
.50
.45
.52
1 11
1.00
1.69
2.06
2.64
1.08
1.00
1.00
1.00
1.00
3.87
3.87
3.87
4.78
4.91
5.00
4.74
4.78
4.89
.50
.78
1.24
1.00
1.00
1.07
Sweden
(Stockholm)
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Hungary
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Prime
commer- Day-to-day
money
cial paper
1933—March
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
1.50
2.62
2.50
2.41
2.31
2.31
2.31
2.27
2.21
2.12
2.25
2.26 I
4.20
4.00
4.00
4.00
4.00
4.00
3.55
3.50
3.50
3.00
1934—January. __
February.
March
1.50 I
1.50 !
1.50 j
2.14
2.05
2.07
2.12
2.59
2.75
3.00
3.00
3.00
Money for
1 month
j
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
Switzerland
2.04
1.87
1.76
1.50 !!
1.39
1.45 I
1.13
1.25 j
1.85
Netherlands (Amsterdam)
Germany (Berlin)
VA
3;
3
VA
V/2
VA
3^
3H
VA
Japan (Tokyo)
Loans up Discounted
to 3
bills
months
Call
money
overnight
VA-5}/2
3H6
3 -5
3 -5
3 -6
3 -5
3 -5
3 -5
5.48-5.84
5.48-5.84
5.11-5.84
5.11-5.48
5.11-5.48
5.11-5. 48
5.11-5.48
5.11-5.48
5.11-5.48
5.11-5.48
2.92
2.37
2.19
2.74
2.37
2.37
2.56
2.56
2.56
2.56
2H-4H
2H-4H
5.11-5.48
5.11-5.48
2.37
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.
MAY
299
FEDERAL RESERVE BULLETIN
] 34
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]
Year and month
1929.
1930
1931.
1932
1933
1933—April
May
June
July
August
September
October
November
December
1934—January
February
March
April
Year and month
1929
1930
1931
1932.
1933
1933—April
May
June
July
August
September
October
November
December
1934—January
February
March
April
AusArgenAustria Belgium Brazil Bulgaria Canada Chile
tralia
tina
(schil:
(peso)1 (pound) ling) 2 (belga) (milreis) (lev) 2 (dollar) (peso)i
95.1274
83.5050
66.7375
58.4433
372.8009
60.4864
67.9019
71.0601
80.7251
79.4328
86.0861
86.1188
92.0439
333.3311
33.5007
33. 5494
33.9553
34.3475
480.83
458.60
351. 50
279.93
337. 07
284. 79
313.07
329. 22
369. 44
358.13
371. 26
371.47
409. 75
407. 50
402. 44
400. 78
405. 86
410. 54
14.0575
14.0891
14.0227
13.9599
15. 4478
14.0700
14. 5582
14. 2007
15. 6719
15.4794
16. 6534
16.7694
18.0434
17. 6811
17. 9115
18. 5650
18.9114
18.8724
Egypt
(pound)
England Finland
(pound) (markka)
498. 0689
498.6002
465.1111
359. 5406
434. 3908
366.8480
403.1202
424. 0440
477. 0204
461. 7534
478.1479
460. 4633
527. 4832
524.6387
518.2824
516. 0390
522.3447
485. 6879
486. 2126
453. 4990
350. 6067
423. 6821
357.9313
393. 2381
413.5581
464.9915
450. 2670
466. 4722
466.8290
514.9737
511. 5890
504,9336
503. 2596
509.3917
515. 3425
2. 5160
2. 5169
2. 3875
1. 5547
1. 8708
1. 5806
1. 7467
1.8241
2. 0511
2.0008
2. 0693
2. 0683
2. 2700
2. 2700
2. 2449
2. 2288
2. 2470
2. 2702
I
Year and month
1929
1930
1931
1932
1933
1933—April
May__
June
July
August
September
October
November
December
1934—January
February
March
April
New
Poland
Zealand Norway
(pound) (krone) (zloty)
483. 21
468. 22
415. 29
320.19
340. 00
285. 48
313. 86
330. 09
370.19
359. 02
372.17
372. 40
411. 04
408. 72
403. 47
401.81
406.84
411. 63
26. 6827
26. 7598
25. 0546
18. 0039
21.4292
18. 3161
20. 0164
20. 8811
23. 3627
22. 6451
23. 4400
23. 4451
25. 8723
25. 7075
25. 3722
25. 2835
25. 5834
25. 8824
11.1940
11. 2051
11.1970
11.1823
14. 4135
11. 3755
13. 0873
13. 8229
15. 6202
15. 4348
16. 6963
16. 7103
18. 0564
17. 7024
17. 9281
18. 5984
18. 9043
18.9554
13.9124
13.9524
13.9285
13.9137
17.8996
14.5285
16. 2711
17. 0460
19.4505
19.1458
20. 6994
20. 7215
22. 3176
21. 7280
22. 0360
22. 8893
23. 2981
23. 4416
11.8078
10.7136
7.0290
7.1223
7.9630
7.6348
7. 6354
7. 6369
7.8727
8.0331
8.1508
8.4634
8. 5660
8. 5995
8.5637
8.4666
8.5420
8. 6004
0. 7216
.7209
.7163
.7193
1. 0039
.7223
.7825
.8142
.9977
1. 0347
1. 2434
1. 2590
1. 6378
1. 3436
1. 3472
1. 3464
1. 3324
1. 3295
99. 2472
99.8424
96.3258
88.0896
91.9587
84. 7233
87.5930
89.8853
94.4683
94. 2796
96.4734
97. 5958
101.1829
100. 5515
99. 5246
99.1675
99. 7871
100. 2070
12. 0601
12. 0785
12. 0669
7.9079
7.6787
6.0300
6.2846
7. 5210
8.3752
8.1986
8. 6743
8.8731
10. 0983
9. 5952
9.4476
9. 5966
10.1294
10. 2595
China
(yuan)
Colombia
(peso)i
41. 9007
29.9166
22.4369
21. 7357
28. 5779
<22.1953
24.5193
26.1289
29.2666
28.0737
29. 6843
29.8462
32.9030
33.4468
34. 0007
34. 3077
34. 6190
34.1506
96.5512
96.4930
96.5697
95.2750
81. 6966
86. 2100
86. 2100
86.2100
86. 2100
86. 2100
78.1476
65.7136
66. 7200
63. 9668
66.9396
69.9523
67. 6663
59. 9228
Czecho- DenCuba slovakia
mark
(peso) (koruna)
(krone)
99. 9647
99.9515
99.9295
99. 9409
99.9464
99.9322
99.9196
99.9212
99.9199
99.9481
99.9583
99.9223
99.9617
99. 957999. 9578
99.9616
99.9535
99. 9288
2.9609
2.9640
2.9619
2. 9618
3.8232
3.1155
3.5075
3.6527
4.1545
4. 0777
4. 4089
4.4172
4. 7600
4.6487
4. 7039
4. 4432
4.1531
4.1720
26. 6802
26. 7650
25.0581
18.8317
19.0709
15.9502
17. 5193
18.4423
20. 7682
20.1157
20. 8344
20.8413
22. 9975
22. 8463
22. 5487
22.4721
22. 7384
23. 0051
France
(franc)
Germany Greece Hong Hungary India
(reichs- (drach- Kong (pengo) (rupee)
ma)
(dollar)
mark)
Italy
Japan
(lira) I (yen)
Mexico Netherlands
(peso) (florin)
3.9161
3.9249
3. 9200
3. 9276
5. 0313
4.1019
4. 5927
4.8035
5. 4588
5. 3749
5. 7724
5.8167
6. 2678
6.1216
6. 2110
6. 4648
6. 5801
6. 6161
23. 8086 1 2934 47.1669 17. 4414 36. 2020
23. 8541 1. 2959 33.8530 17. 4939 36. 0672
23. 6302 1. 2926 24. 3305 17. 4522 33. 6895
23. 7492 .8320 23. 4604 17. 4460 26. 3468
30. 5179 .7233 29. 4516 "22. 3598 31.8159
24. 3873 .5865 23. 7714 17. 4812 26. 8721
27. 3629 .6582 27.1586 18.8766 29.5729
28. 8097 .6917 29.1358 21. 2415 31. 0652
33. 2627 .7902 32. 9584 24. 5147 34. 9283
32. 7144 .7743 31. 5922 24. 2387 33. 8489
35. 4307 .8372 33.1050 26. 0897 35. 0051
35. 4267 .8397 33. 2821 26. 3520 35. 0366
38. 2361 .9053 36. 6896 28. 2302 38. 3408
37.1537 27. 6855 38. 3870
37. 3247
37. 6811 28. 0425 37.9739
37. 5872
38. 8841 .9253 38. 0999 29.1191 37.8567
39. 6599 .9413 38. 6842 29. 6125 38. 3335
39. 5890 .9452 38.1556 29. 7652 38.7557
46. 0997
49.3898
48.8509
28.1112
25. 6457
22. 0867
23. 9967
25. 7587
7. 3697 28. 7727
7. 2176 26.9026
7.8076 27. 2539
7.8208 27: 7670
8. 4331 30. 3618
8. 2204 30.7418
8. 3076 30.1136
8.575 ' 29.7536
8. 5763 30. 0093
8. 5641 30. 3124
48. 1830
47 1331
35.4919
31.8500
28.1025
27. 0201
28. 8721
27. 6650
27. 9968
28.1103
28.1492
28.1692
27. 7989
27. 7355
27. 7434
27. 7313
27. 7224
27.7222
Straits
Portu- Ruma- Spain
Settlenia
gal
ments
(peseta)
(escudo) (leu)
(dollar)
4.4714
4. 4940
4. 2435
3.1960
3.9165
3. 2133
3. 5781
3. 7694
4. 2468
4.1521
4. 4655
4. 5315
4. 8623
4. 6892
4. 6505
4. 6321
4. 6709
4. 7085
0. 5961
.5953
.5946
.5968
.7795
.6107
.7025
.7448
.8766
.8374
.8934
.9112
.9817
.9547
.9614
. 9923
1.0013
1. 0060
14. 6833
11.6670
9. 5453
8. 0438
10. 7189
8. 8804
9.9875
10. 3638
11. 6540
11.4565
12. 4087
12. 4343
13.1129
12. 7918
13.0042
13. 3001
13.6175
13. 7024
56.0117
55. 9639
52.4451
40. 3970
49. 2320
41. 2350
45. 6611
47.9630
54. 0460
52. 3634
54. 2920
54. 5740
60. 0625
59.7025
58. 9185
M.7852
59. 6007
60. 3487
5. 2334
5. 2374
5. 2063
5.1253
6. 7094
5. 3662
6. 0888
40.1622
40. 2251
40. 2298
40. 2949
51.7209
41. 9490
46. 9507
49. 0086
56.1833
55. 3799
59. 8831
59.9529
64. 5642
62.8466
63. 6167
66. 0382
67. 2956
67. 8471
Union of!
Turkey South Uruguay Yugoslavia
(peso)* (dinar)
(pound)
Africa
(franc)
(pound)
Sweden * j W
26. 7839
26.8543
25. 2540
18.4710
22. 0324
18.8108
20. 2413
21. 2819
23. 9784
23. 2263
24. 0532
24. 0690
26. 5491
26.3911
26. 0418
25. 9554
26. 2620
26. 5643
19. 2792
19.3820
19.4009
19.4049
24. 8355
20.1281
22. 5368
23. 5665
26. 9583
26. 5265
28. 7299
28. 7902
31. 0223
30. 2473
30. 6420
31.7374
32. 2857
32. 4593
48. 4105
47. 0608
47.1814
47. 2854
60.4396
49. 3996
55.3596
57.8085
65. 7080
64.4507
69.8292
67. 2262
75. 7400
73. 7068
75. 0781
483. 27
483. 79
480. 76
476. 56
414. 98
353. 74
388.74
408. 76
459.33
444.39
448. 57
461. 23
509. 29
505. 76
499. 09
497. 42
503. 42
509. 43
98. 6294
85. 8650
55. 3572
47.0639
60. 3360
47. 7646
53.1875
55.9871
65.1372
64.7589
70.1510
70. 7755
76. 2484
74. 5870
75.8051
78. 7499
80.1921
80. 6081
1 7591
1. 7681
1. 7680
1.6411
1. 7607
1.4228
1.6073
1. 6708
1. 9032
1.8909
2. 0274
2. 0443
2. 2035
2.1628
2.1818
2. 2468
2. 2648
2. 2718
1 Nominal since April 1933.
23 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.
* 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.
« 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.
Back figures.—See BULLETIN for January 1933, 1932, 1931, 1930, and 1928.
300
FEDERAL RESERVE BULLETIN
1934
MAY
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
(average
price)
Year and month
Number of issues
1926
1927
1928
1929
1930
1931
1932
_.
.
1932—November
December.. _
1933—January
February
March...
April.
May
June
July—.
August
September
October
November
December
..
__
._
_.
._
__ __
.
._
_ ..
..
1934—January
February
March ._
Common stocks (1926 average== 100) »
England
France
(December2 (1913 average =100)
1921=100)
Germany
(average
price) 3
36
169
United
States
England
l
France
Germany
421
278
300
85.5
81.4
83.3
<83.4
< 67.1
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
100 0
145.0
136 1
122.8
100 2
1
78.0
•50.3
88.9
87.8
72.9
76.3
47.5
47.4
72 7
72.0
100.0
104.3
53 4
56.7
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
123.6
124.3
126.2
78.7
78.7
76.9
92.0
91.6
91.9
75.6
80.5
77.1
85.5
S7.0
87.3
92.3
91.8
85.0
64 4
67.8
70.
60
87
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
83.1
82.2
115.9
116.1
84.1
82.5
76.7
75.4
82.0
86.8
89.6
89.9
87.9
86.5
82.6
83.6
88.3
92.9
95.1
329
«Corrected.
i8 Stock price series for England, France, and Germany have been converted from original bases to a 1926 base.
Annual indexes for English bonds and stocks are unweighted averages of monthly indexes.
1
New series compiled by the Statistisches Reichsamt beginning with January 1928; weighted average of the prices of 169 6-percent bonds.
Annual indexes for German bonds are unweighted averages of monthly indexes.
* Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
Back figures.—See BULLETIN for February 1932, p. 121, and sources there cited.
WHOLESALE PRICES—ALL COMMODITIES
United
England
Canada
France
Germany
Italy
States
(1926=100) (1926=100) (1913=100) (1913=100) (1913=100) (1913=100)
Year and month
1926
1927
1928.
1929
1930
1931
1932
1932—November
December
1933—January
February
March
April
May
June
July
August
September
October
November
December
1934—January
February
March
100
95
97
95
86
73
65
_
I
j
j
]
148
142
140
137
120
104
102
695
642
645
627
554
502
427
134
138
140
137
125
111
97
64
63
61
60
60
60
63
65
69
70
71
71
71
71
101
101
413
413
94
92
100
99
98
97
99
102
102
103
103
103
103
103
411
404
390
387
383
403
401
397
397
397
403
407
91
91
91
91
92
93
94
94
95
72
74
74
105
105
104
405
400
394
100
602
495
462
445
383
328
304
Japan
(October
1900=100)
Netherlands
(1913=100)
237
225
226
220
181
153
161
145
148
149
142
117
97
79
178
185
77
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
276
27.5
275
176
178
177
80
79
MAY
301
FEDERAL RESERVE BULLETIN
1934
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Groups are those included in indexes shown in preceding tablej
United States (1926=100)
Year and month
Farm
products
Foods
Germany (1913=100)
England (1913=100) France (1913=100)
Other
commodities
Foods
Farm
IndusIndus- Agriculand food
trial
trial
tural
products products products products
Industrial raw Indusfinand semi- trial
ished
finished
products products
Provisions
132
129
133
125
113
100
99
106
105
88
65
48
100
97
101
100
91
75
61
100
94
93
92
85
75
70
155
152
152
145
127
112
111
144
136
134
132
116
100
97
581
599
584
579
526
542
482
793
678
697
669
579
464
380
1932—November.
December.
47
44
61
58
70
107
108
97
458
456
373
375
114
114
1933—January...
February..
March
April
May
June
July
_
August
September
October.. _
November.
December.
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
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
113
112
112
111
112
112
113
113
114
114
114
114
1934—January...
FebruaryMarch
59
61
61
64
67
104
104
101
105
106
105
424
416
413
387
386
378
114
115
115
1926
1927
1928
1929
1930
1931
1932
-
(COST
RETAIL FOOD PRICES
United
States
(1913=100)
Year and month
1926
1927
1928
1929
1930
1931
1932
December
1933—January
February
March
April
May
June
July
August
September
October
November
December
113
113
112
124
125
124
109
144
152
152
155
143
128
112
1926
1927
1928
1929
1930
1931
1932
99
99
125
125
104
103
110
109
1932—November
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
._
3 105
3 108
3 109
124
122
120
105
103
100
114
114
114
1934—January _ .
February. . .
March
»
3
3
1934—January
February
Mi arch
Year and month
161
156
157
154
145
131
126
_.
..
Germany
(191314=100) »
161
155
154
157
147
121
102
_
1932—No v e m b e r
France
England
(July
(July
1914=100) 1914=100)1
»
»
.
. . .
December
129
138
134
130
113
104
91
«130
132
134
132
120
103
89
150
147
159
157
150
136
118
OF LIVING
Germany
France
(1913(Jan.-June
1914=100)1 14=100) »
United
States
(1913 = 100)
England
(July
1914=100)
175
173
171
171
164
148
134
170
164
166
164
158
148
144
'103
104
105
113
118
116
107
132
143
143
105
128
135
142
141
139
137
136
136
138
139
141
141
143
143
142
141
140
106
105
105
107
141
148
152
147
136
121
119
118
117
117
117
117
118
119
119
118
119
120
« 120
121
121
121
121
« Corrected.
i8 This index, unlike that for wholesale prices in France, represents prices converted to the gold basis of 1914.
Average of October 1913, January, April, and July 1914 = 100.
3 Figures for the period nearest the 15th of the month. Since August 1933 the Bureau of Labor Statistics has published semimonthly indexes,
which this year have been as follows: Jan. 2, 104.5; Jan. 16, 105.2; Jan. 30, 105.8; Feb. 13, 103.3; Feb. 27, 103.1; Mar. 13, 108.5; and Mar. 27, 108.0
Apr. 10, 107.4; and Apr. 24, 107.3. For indexes available in 1933 see BULLETIN for February 1934, p. 120.
SOURCE: Wholesale. prices.—For
.
. . _ . original
. _ . . . sources,
. . . . see BULLETIN for March 1931..(p. 159).
.
Retail food prices and cost of living.—United
States—
jreau of
Labour; Germanp—Statistisches
Ger mam
Bureau
of Labor
Labor Statistics,
Statistics, Department
Department of
of Labor;
Labor; England—Ministry
England—Ministry of
of Labour;
Reichsamt; France—For retail food
prices, Statistique Ganarale, and for cost of living Commission d'etudes relatives au cout de la vie a Paris
302
FEDERAL RESERVE BULLETIN
MAY
1934
LAW DEPARTMENT
Obligations secured by real-estate mortgages as
"securities" under various sections of the Banking
Act of 1933
The Federal Reserve Board has had under
consideration the question whether various
types of obligations secured by real-estate
mortgages are obligations of the kinds referred
to in subsection (e) of section 5144 of the Revised Statutes, as amended by section 19 of the
Banking Act of 1933, and in section 20 and
section 32 of the Banking Act of 1933.
The pertinent parts of those sections are
quoted below, the descriptive words under
consideration being italicized in each instance:
Revised Statutes, section 5144 (e):
Every such holding company affiliate shall, in its
application for such voting permit, (1) show that it
does not own, control, or have any interest in, and is
not participating in the management or direction of,
any corporation, business trust, association, or other
similar organization formed for the purpose of, or
engaged principally in, the issue, flotation, underwriting,
public sale, or distribution, at wholesale or retail or
through syndicate participation, of stocks, bonds,
debentures, notes, or other securities of any sort (hereinafter referred to as "securities company"); (2) agree
that * * * it will not acquire any ownership,
control, or interest in any such securities company
*• * *; (3) agree that if, at the time of filing the
application for such permit, it owns, controls, or has an
interest in * * * any such securities company, it
will, within five years after the filing of such application, divest itself of its ownership, control, and interest
in such securities company * * *.
Section 20 of the Banking Act of 1933:
After one year from the date of the enactment of
this Act, no member bank shall be affiliated in any
manner described in section 2 (b) which defines
affiliates hereof with any corporation, association,
business trust, or other similar organization engaged
principally in the issue, flotation, underwriting, public
sale, or distribution at wholesale or retail or through
syndicate participation of stocks, bonds, debentures,
notes, or other securities. * * *
Section 32 of the Banking Act of 1933:
From and after January 1, 1934, no officer or director
of any member bank shall be an officer, director, or
manager of any corporation, partnership, or unincorporated association engaged primarily in the business of
purchasing, selling, or negotiating secutities, * * *.
One of the principal purposes of the Banking
Act of 1933 was to effect a separation of commercial and investment banking. It appears
that the provisions above referred to were
designed to aid in the accomplishment of this
purpose and consequently that they should be
interpreted with this purpose in mind. After
a careful consideration of this subject, the
Federal Reserve Board has reached the conclusion that, although there are obligations
secured by real-estate mortgages which are of
the kind referred to in the provisions of law
above quoted, mortgage notes arising out of
the ordinary type of direct loans on real estate
are not " bonds, debentures, notes, or other
securities" within the meaning of section 5144
of the Revised Statutes as amended or section
20 of the Banking Act of 1933 or "securities"
within the meaning of that term as used in
section 32 of the Banking Act of 1933.
On the other hand, it is not possible to lay
down any general rule as to whether or not
certificates of participation based on mortgages, notes issued in series, and other similar
obligations secured by mortgages which are
not ordinary mortgage notes of the type referred to above, are included within the provisions above quoted, since such obligations
vary so widely in character; and questions of
this kind must be determined as and when
they arise in particular cases according to the
facts involved therein.
The views expressed above should not be
construed as an expression of opinion by the
Board that mortgage notes and other obligations secured by mortgages should not be considered "bonds, debentures, notes, or other
securities" within the meaning of section 21 (a)
of the Banking Act of 1933. Said section 21
provides a penalty of fine or imprisonment for
violation of its provisions, and the interpretation of the provisions of that section is a matter
entirely within the jurisdiction of the Department of Justice. Since an expression of opinion
by the Federal Reserve Board as to what would
constitute a violation of that section would not
afford protection from criminal prosecution if
the Department of Justice, upon consideration
of the matter, should take a contrary position
and determine to prosecute for a violation
thereof, the Federal Reserve Board does not
feel that it would be appropriate to undertake
to express an opinion on the question whether
mortgage notes or other obligations secured by
mortgages should be considered "bonds, debentures, notes, or other securities" within the
meaning of that section.
MAY
1934
FEDERAL RESERVE BULLETIN
Allowance in consideration of payment of banker's
acceptance before maturity as indirect payment of
interest
303
interest in violation of the prohibition of section
19 of the Federal Reserve Act upon the payment of interest on any deposit which is payable
The Board recently had occasion to consider on demand.
the question whether an allowance made by a
member bank to a customer in connection with
the discharge of his obligation with respect to Corporate trustee under deed of trust as a holding
company affiliate
a banker's acceptance constitutes a payment of
interest directly or indirectly on a deposit which
There has recently been submitted to the
is payable on demand in violation of section 19 Board
a deed of trust whereby an individual
of the Federal Reserve Act.
had transferred to a trust company, as trustee,
In consideration of the bank's agreeing to shares of stock which represent a controlling
accept time drafts, the customers of the bank interest in several member banks and which are
agree, expressly or impliedly, to pay to the held in trust for designated beneficiaries. The
bank or its successors or assigns the amount Board was called upon to consider whether the
of each such acceptance on the last business corporate trustee was a holding company
day before its maturity or on demand at any affiliate of such banks within the definition in
time prior thereto, together with the amount of section 2 (c) of the Banking Act of 1933.
the bank's commission and the amount of all
Section 2 (c) defines a holding company
charges and expenses incurred by the bank in affiliate
as a corporation, business trust, assoconnection with the transaction. It sometimes ciation, or
similar organization which is in
happens that the customer desires to discharge a position other
to
exercise
controlling influence over
his obligation prior to the last business day a member bank in any
of certain ways
before the maturity of the acceptance, and, in specified in the definition.oneThe
deed of trust
order to encourage such desire, the bank accepts
not create a "business trust", but the
payments at a discount rate based upon the did
trust company was clearly a corporation. The
number of days yet to run until the maturity, Attorney
of the United States, in
thus making an allowance for the unexpired answer to aGeneral
question
by the Secreperiod during wliich the customer, in the ab- tary of the Treasury,propounded
has
stated
in
an opinion
sence of a demand from the bank, might have that:
retained his funds.
On the basis of the foregoing statement of it does not seem objectionable to say that I perceive
the force of your solicitor's conclusion that ownership
facts, the Board expressed the view that, if the and
control through majority stockholding does not
funds paid to the bank by the customer in such include
a holding by a bank merely as executor or in
circumstances are not credited to his deposit some other such fiduciary or representative capacity,
account on the books of the bank, but are subject to control by a court, or by a beneficiary or a
and without the incentive and opportunities
applied immediately to the discharge of his principal,
might arise from a holding of the stock by the
obligation to place the bank in funds to retire which
bank as its own property.
the acceptances, the funds do not constitute
Under the terms of the deed of trust the
deposits, and, therefore, the prohibition upon
the payment of interest on deposits payable on trustee held the stock without the incentive for
demand is not applicable. If, however, the private profit, but determined the manner in
funds are credited to the customer's deposit which the stock was to be voted and in so doing
account and are not applied in discharge of the apparently was not subject to control by any
customer's obligation until the date of maturity court, beneficiary, or principal. The Board
of the acceptance, it is the view of the Board therefore ruled that the trust company was a
that a deposit arises and, if such deposit is to be holding company affiliate of the member banks
used to discharge the customer's obligation referred to and accordingly could not vote any
within 30 days or is otherwise payable within 30 stock of such banks, owned or controlled by it
days, it constitutes a demand deposit and an either in its capacity as trustee or otherwise,
allowance or discount in connection with such unless it first obtained from the Board a voting
deposit, calculated according to the number of permit under authority of section 5144 of the
days remaining before maturity of the accept- Revised Statutes of the United States, as
ance, must be considered an indirect payment of amended.
304
FEDERAL RESERVE BULLETIN
Federal savings and loan associations as banks within
section 19 of the Federal Reserve Act
The question whether a Federal savings and
loan association organized under the provisions
of the Home Owners' Loan Act of 1933 may be
considered a "bank" within the meaning of the
provision of section 19 of the Federal Reserve
Act regarding amounts due to and from other
banks in computing reserves has had the consideration of the Federal Reserve
Board.
Section 5 of the Home Owners7 Loan Act of
1933 provides for the organization of Federal
savings and loan associations "in order to
provide local mutual thrift institutions in which
people may invest their funds and in order to
provide for the financing of homes." Such
associations are authorized to raise their capital
"only in the form of payments on such shares
as are authorized in their charter, which shares
may be retired as is therein provided" and to
lend their funds "only on the security of their
shares or on the security of first liens upon
homes or combination of homes and business
property within 50 miles of their home office."
They are expressly prohibited from accepting
deposits and from issuing certificates of indebtedness except for such borrowed money as may
be authorized by the regulations of the Federal
Home Loan Bank Board.
In the circumstances, the Federal Reserve
Board expressed the view that Federal savings
and loan associations are not to be considered
banks within the meaning of the provisions of
sections 19 of the Federal Reserve Act which
relate to the computation of reserves.
MAY
1934
to the payment of interest at a rate not in excess of that prescribed in Regulation Q for a
period beginning with the first day of any
month, in any case in which such first day
falls on a Sunday or legal holiday, on any time
or savings deposit received on the first business
day after such Sunday or holiday and ending
when the deposit is actually withdrawn or
ceases to conform to the definition of a time
or savings deposit as contained in the Board's
Regulation Q, whichever shall first occur.
Authority of Federal Reserve banks to acquire bonds
of Home Owners' Loan Corporation and to act as
fiscal agents of such corporation
There is printed below the text of sections
7 and 8 of an act of Congress, approved April
27, 1934 (Pub. No. 178, 73d Cong.), amending
sections 13 and 14 of the Federal Reserve Act
and also authorizing the Federal Reserve banks,
with the approval of the Secretary of the Treasury, to act as depositaries, custodians, and
fiscal agents for the Home Owners' Loan
Corporation.
SEC. 7. (a) The first sentence of the eighth paragraph of section 13 of the Federal Reserve Act, as
amended, is further amended by inserting before the
semicolon, after the words "Federal Farm Mortgage
Corporation Act", a comma and the following: "or by
the deposit or pledge of bonds issued under the provisions of subsection (c) of section 4 of the Home
Owners' Loan Act of 1933, as amended."
(b) Paragraph (b) of section 14 of the Federal
Reserve Act, as amended, is further amended by inserting after the words "bonds of the Federal Farm Mortgage Corporation having maturities from date of purchase of not exceeding six months", a comma and the
following: "bonds issued under the provisions of subsection (c) of section 4 of the Home Owners' Loan Act
Payment of interest when the first day of the month of 1933, as amended, and having maturities from date
falls on a Sunday or holiday
of purchase of not exceeding six months."
SEC. 8. The Federal Reserve banks are authorized,
In response to an inquiry received from a with
approval of the Secretary of the Treasury, to
Federal Reserve bank, the Federal Reserve act asthe
depositaries, custodians, and fiscal agents for the
Board has stated that it will offer no objection Home Owners' Loan Corporation.
305
FEDERAL RESERVE BULLETIN
1934
MAY
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
1933
Wednesday series (1934)
Federal Reserve bank
Federal Reserve bank
April
Boston
New York
Philadelphia.
March
Apr. 4
April
Boston.
-._____--_
New York
Philadelphia _ _
1.5
19.4
13.8
1.9
25.4
17.1
17.9
114. 5
55.8
Cleveland.
RichmondAtlanta
2.4
1.6
3.3
2.0
1.2
59.4
22.3
25.6
Cleveland. _ _ _ _ . .
Richmond
Atlanta
..
-
Chicago
St. Louis
Minneapolis..
1.5
.3
.6
1.8
.4
.9
18.4
4.4
Chicago
St. Louis
Minneapolis
.4
.1
1.0
20.6
6.6
73.2
Kansas City
Dallas.
-_San Francisco. _ .
Kansas City..Dallas
San Francisco.
TotaL
43.1
. . .
Apr. 25
Apr. 18
;
1,910
21, 607
14, 724
1,251 i
19,890 ;
13,847 ;
18,386 !
13.381 :
1,226
18, 675
12, 978
2,563
1,710
876
2,625
1,598 i
869 !
2, 146 !
1,609 !
' 649 ,
2,158
1,522
729
2,203
292
660
1,313 I
262 1
619
1, 170 !
258 !
1,210
273
484
313
157
514
307 i
175 !
495 i
47, 529
Total
428. 5
Back figures.—See Annual Reports for 1932 (table 9), 1931 (table 80),
1928 (table 72), and 1927 (table 55).
......
Apr. 11
1,039 i
i
;
283
222
553
26 i j
216 i
778 i
43, 251 i 40.473
:
40, 313
Back figures.—Bee Annual Reports for 1932 (table 13), 1931 (table 83),
1930 (table 78), etc.
TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO
LIABILITIES
[Averages of daily figures. Amounts in thousands of dollars]
Federal Reserve notes in
circulation i •
Total deposits
Total reserves
Ratio of total reserves to
deposit and Federal
Reserve note liabilities combined
Federal Reserve bank
1934
April
Boston
_. . .
New York__
Philadelphia
368, 416
1, 467, 570
309, 240
1934
1933
March
April
April
239,996
265, 628
327, 515
1, 354,115 1,053, 836 1, 523, 713
226,015
215, 497
306, 393
1934
1933
March
April
April
1934
1933
March
April
April
\ 1933
March
April
132, 580
229, 209
1,425, 455 1, 029, 531
211,106
123, 250
242,198
633, 549
243,616
225,143
617, 505
238, 300
235,849
791,131
260,933
72. 5 i
68.0 |
67. 4 !
72. 1 1
66.3 ;
68. 2 ;
65.1
57.9
58. 8
Cleveland
Richmond
Atlanta
357,196
215,173
139,760
359,964
165, 768
139, 520
291, 745
182, 281
121, 656
241, 270
161,378
89,408
243, 297
106,897
89,106
152,432
72, 539
54, 250
298, 267
143, 824
129, 329
294, 651
147,881
126, 052
346, 548
177,142
143, 748
66.2 ! 66.9 !
70. 5 1 65. 1 i
63.9 ! 64.8 :
58.5
73. 0
61.4
Chicago
. _- _ . .
St. Louis
Minneapolis. _ . . . _
962, 154
193,117
113,071
938,497
180,481
r 116, 334
905,174
157,147
76, 422
598,029
140, 584
76, 935
556, 667
122,129
r 75, 687
300, 496
76,823
44, 738
773,377
134, 512
96,100
772, 542
136, 395
r 96, 888
903, 267
150, 457
98, 650
70.2 :
70. 2 !
65.4
70.6 ''•
69. 8
67.4
75.2
69. 1
53.3
Kansas City- _ _ _ _ _ _
Dallas
San Francisco _ -
166, 016
98, 646
295, 045
' 179, 095
106,215
272, 035
124, 648
50, 653
223, 756
146,110
118,790
241,142
149,167
124, 500
214, 612
81,960
53, 613
158, 998
107, 521
39,766
199, 874
109,191
41, 064
198,553
122, 265
41, 607
263,839
65.5
62.2
66.9 '
69.3
64.2
65.8
61.0
53.2
52.9
68.3
67.9
Total
4, 685, 404 ' 4, 445,932 3, 653, 329 3, 818, 484 ' 3, 547,832 2, 281, 210 3,041,933 ••3,004, 165 3,535,436
r
:
62.8
Revised.
Includes "Federal Reserve notes of other Reserve banks" as follows: Latest month, $17,331,000; month ago, $15,217,000; year ago, $23,024,000.
Back figures.—See Annual Report for 1931 (table 8) and 1928 (table 2).
1
306
FEDERAL RESERVE BULLETIN
M A Y 1934
EACH FEDERAL RESERVE BANK—ASSETS AND LIABILITIES; ALSO FEDERAL RESERVE NOTE
AND FEDERAL RESERVE BANK NOTE STATEMENT, APR. 30, 1934
[In thousands of dollars]
Total
Gold certificates on hand and due from
U.S. Treasury
Redemption fund—F.R. notes
Other cash
Total reserves.
Redemption fund—F.R. bank notes
Bills discounted:
Secured by U.S.Govt. obligations
Other bills discounted
Total bills discounted..
Bills bought in open market..
U.S. Government securites:
Bonds
Treasury notes
Certificates
bills
Total U.S.and
Government
securities._
Other securities
Total bills and securities..
Due from foreign banks
F.R. notes of other banks
..
Uncollected items
Bank premises
Fed. Dep. Ins. Corp. stock
All other assets
Total assets..
New
York
Boston
Min- KanSan
Phila- Cleve- Rich- AtSt. neapsas Dallas FrandelChicago Louis
phia land mond lanta
olis City
cisco
4, 589,990, 360,000 1,558, 765 250, 961 353, 510 215,305 120,380
31,047
580
2,071 3,144 3,101 1,012 3,290
222,034 15,434
59,879 33,977 13,070 8,046 11,105
936,403179,632 99, 986 149,>,516 87,307 278,225
6,956 1,134 1,099 1,166
634| 4,860
31, 264 8,977 10,961 10,920 6,610 11,791
4,843,071 378,014 1, 620,715 288,082 369.681 224,363 134, 775
6,333
2,488
858 1,215
250
974,623 189, 743 112,046 161, 602 94,551 294,876
474
150
764
7,547
31,495
466
685
4,023 1,571
13, 396 11,368
405
1,525
218
1,194
277
667
39,042
8,562
1,151
559
17,419 12,939
704
2,331
1,412
296)
944
794
13,287
48, 328
31,947
93, 562
12,268
44, 530
29, 436
86,234
200
149,330 25,603 30,246
391,918 85,609 110,1,037
246, 507 55,908 72, 741
, 431,273 157,680 787, 755 167,120 213,024
508
40
748
2,479, 625 159,390 807, 545 181,271 215,
>, 748
342
3,131
1,193
237
301
645
5,625
713
18,414
409
9 1 ' ~ " 26, 370 34,009
366, 853 44,138
11, 434 4,131 6,788
52, 567 3,224
139, 299 10, 230 42,529 14, 621 14,147
27,005 4,993 1,451
43, 772
406,248
1,221,"""
803,
22,991
81,087
53,602
1,209
329
77
10
460
5
266
235
167
413
1,277
940
406
245
470
219
271
293
243
1,032
580
861
67,490 13,662 15, 825 13,199 18,730 23,617
216,688 47,885 2 9 , " " 47,348 31, 754 85,917
153,165 31, 653 19,882 31, 297 20,991 56, 797
437, 343 93, 200 65, 705 91,844 71,475166,331
95,270 87, 666 439, 560 93, 851 »6, 394 92,408 72,750 167, 772
222
88
414
119
110
10
972
373 1,532
3,915 1,566
1,358
937
30,956 13,425
48, 586 14,070 9,297 22,110 15,305 16, 601
3,128 2,372
7,382 3,121' 1,657 3,485 1,755 4,090
5,808 5,272
19, 749 5,093 3, 510 4,131 4,359 9,850
2,007 2,640
1,021
670
525 1,022
347 1,195
7,953,065 596, 788 2, 610, 520 521,313 644, 053 363,009 247,197 1,495, 250 307, 935 194, 475J285, 471190,677J496, 37:
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
Total deposits
Deferred availability items
Capital paid in
Surplus
Reserves (Fed. Dep. Ins. Corp. stock,
self insurance, etc.)
All other liabilities
Total liabilities
Ratio of total reserves to deposit and F.R.
notes liabilities combined
3, 598, 528 266, 344 1, 472, 809 175, 613 232, 987 156,250
50,45:
4,817 4,720
645
115,302
4,268
3,459
305
440
6,228
161
406
262,041
3,787 144, 423 16,130 11,085 15, 380
3,982,099 274, 704 1 71,148 197,000 249,198 172,436
364,279 43, 925
19,617 24,705 33,491 30,570
146, 395 10, 702
59,712 15,685 12,627 4,956
138,383 9,610
45,217 13,352 14,090 5,171
161,
25, 395
7, 953, 065
777,049 134, 591 95, 570 107,040! 39,319 198. 560
2, 232 2,926! 2, 507
2,383
640,972 245, 458 304, 638 142, 756 130, 543
42, 347 7,042 12, 933
3,060,104 243, 608
74, 582
2,212
573, 528 119,1,941 67, 326 133,390 109, 915 220,951
25,247 4,204 2,432 2,781 3, 366j 7,614
1191
301
533
140
971
119
10,396 16, 670 8,297| 5,442 1, 917: 16,978
609, 704 140,
1,955 78,152; 141, 732)115,347 245,844
49, 660 14, 484 9,538 21,523 16, 401
" " ' 17,377
12, 540 3,993 3,003! 4,163! 3,i, 948 10, 647
20, 681 4,756 3,420| 3,613 3,
9,645
69, 474
4,751
148
11, 506
85, 879
12,""
4,419
5,145
22,718
11,465
11,283
47, 266 17,121 16,447 6, 963 7,848
4,535 4,747
421
332
14, 241
950
375
257
629
2,!" ""
744|
157
16, 788 2, 610, 520 521,313644, 053 363,009,247,197 1, 495, 250 307, 935 194,475 285,471190, 677 496, 377
I
72.9
I
70.1
I
65.1
66.7
!
71.21
62.3
70.3
68.9
64.5
65.0
61. l!
66.4
FEDERAL RESERVE NOTE STATEMENT
Federal Reserve notes:
Issued to F.R. bank by F.R. agent._.
Held by Federal Reserve bank
In actual circulation
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U.S. Treasury
Eligible paper
U.S. Government securities
Total collateral.
3,316,776 260,373 721,825 260,836 319,030 151, 555 147, 111
80,853
•
-"15,378
256, 672 16, 765
14,• 392 8,799 16,568
3, 060,104 243,6081 640, 972 245, 458 304, 638 142, 7561130,543)
2,987,271
23,025
350,400
66,117
1,248
3,360,696 267,365
812,423 138, 640 100,459 114,010 44,417246,097
35, 374 4,049 4,889) 6, 970 5, 09847, 537
777,049134,591 95, 570J107, 040 39, 319 198, 560
1,936 78,615 100, 290 44, 675 188, 763
723,706 207, 000 261, 931 152, 340 92, 385 742, 513 128,
10, 993 4,121 1,387|
910
726
554
305 1,133
873
520
255
50, 000 60,000
I 57,000 75,000 11,000 22,400 17, 000
58,000
734, 699 261,121 323, 318 153, 250 150, 111 818, 067 140,456 101, 270 117, 595| 45,808 247, 636
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.
88,852
14,270
74, 582
3,111
899
2,212
43, 422 16, 035 13, 255
32f
1,075 8,993
42, 347 7,042 12,933)
110,774
5,000
110, 783
5,000
4,454
1,947
2, 50'
2,5341.
|
| 2, 383|_
2,402
170!
3, 639
713
2, 232)
2,926
44,274 16,500 15,000!
5,000i
3,000
44,274! 16,500 15,000L
5,009|_
3,000
7,000 15,000
7,000 15, 000
\
!
307
FEDERAL RESERVE BULLETIN
1934
MAT
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Month or week
United
Bills
Bills Governdiscounted bought
ment
securities
Other
reserve
bank
credit
Total
Treasury
Mone- and na- Money Member
bank
in cirtary gold tionalreserve
stock*
bank culation* balances
currency
Treasury
cash and
deposits
with
Federal
Reserve
banks*
Other
Non- Federal
member Reserve
deposits
accounts
1933—March..
April
May
June
July
August.
September
October
November
December
429
339
250
170
159
138
119
114
117
379
230
86
12
16
8
7
7
15
101
1,875
1,837
1,846
1,933
2,016
2,064
2,202
2,355
2,437
2,432
3,237
2,515
2,286
2,208
2,211
2,239
2,358
2,492
2,574
4,260
4,301
4,313
4,317
4,319
4,323
4,327
4,324
4,323
4,323
2,256
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
1,914
2,086
2,125
2,211
2,268
2,375
2,489
2,590
2,629
2,616
359
390
371
353
347
316
328
333
349
357
134
156
173
164
179
186
169
163
158
143
348
350
355
350
345
348
347
352
355
358
1934—January
February
March
April
101
70
55
43
113
87
40
16
2,432
2,432
2,437
2,439
2,656
2,597
2,535
2,507
4,323
7,137
7,602
7,736
2,302
2,303
2,333
2,377
5,339
5,368
5,366
2,764
2,822
3,361
3,594
397
3,427
3,298
3,222
146
127
144
170
305
322
299
268
Week ending Saturday1934—Jan. B
Jan. 13
_
Jan. 20
Jan. 27
103
105
102
122
113
112
109
2,434
2,432
2,432
2,432
2,679
2,661
2,656
2,641
4,323
4,323
4,322
4,322
2,303
2,302
2,302
2,301
5,787
5,701
5,656
5,603
2,701
2,719
2,797
2,850
320
402
396
385
145
157
144
139
351
307
288
287
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
r
Feb.
Feb.
Feb.
Feb.
3..
10
17
24
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
2,433
2,437
2.432
2, 438
2,444
2,565
2,549
2,530
2,518
2,534
r 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
r 3, 444
3,315
3,237
3,285
3,319
131
134
141
147
159
'292
295
300
301
300
Apr.
Apr.
Apr.
Apr.
7
14
21
28
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
3,698
3,299
3,239
3,219
3,158
145
147
169
193
296
300
246
238
Revised.
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)
[In millions of dollars]
Reserve bank credit outstanding
End of month
United
Bills
States
disBills Government
count- bought
securied
ties
Other
reserve
bank
Total
Treasury Money
Monetaand
ry gold nationalin
bank
stock*
tion*
currency
Member
bank
reserve
balances
credit
1933—March
April
May
June
July.
August
September.
October...
November.
December.
426
435
302
164
167
153
128
116
119
98
305
171
20
48
9
7
7
7
24
133
1,838
1,837
1,890
1,998
2,028
2,129
2,277
2,421
2,432
2,437
3
16
7
10
6
8
9
5
7
20
2,572
2,459
2,218
2,220
2,209
2,297
2,421
2,548
2,581
2,688
4,282
4,312
4,315
4,318
4,320
4,329
4,324
4,323
4,323
4,323
2,289
2,305
2,298
2,285
2,281
2,281
2,278
2,276
2,277
2,303
6,320
6,003
5,812
5,721
5,630
5,613
5,650
5,635
5,743
5,804
1,949
2,132
2,167
2,292
2,294
2,409
2,538
2,685
2,573
2,729
1934—January...
February..
March
April
83
64
54
39
111
62
29
9
2,434
2,432
2,447
2,431
2
8
15
6
2,630
2,567
2,545
2,485
4,033
7,438
7,695
7,756
2,302
2,302
2,362
2,380
5,289
5,355
5,396
5,371
2,652
3,093
3,457
3,599
•See footnotes to table for Wednesday series on p. 274.
308
FEDERAL RESERVE BULLETIN
MAY
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
Reserves held
Borrowings at Federal
Reserve banks
Federal Reserve district
Excess
Total
March
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
_
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
February January
March
February January
181.2
1,011.1
146.5
174. 2
1, 030.1
134.2
107.2
467.0
80.7
69.2
151.7
36.7
62.1
176.7
27.0
1.9
22.9
8.4
2.0
193.7
29.3
10.5
3.7
44.3
13.7
._
230.3
97.5
75.8
213.0
94.5
71.6
191.0
91.5
65.0
107.8
38.9
29.5
93.2
37.1
26.3
75.1
34.6
21.5
2.8
1.4
.5
3.4
2.1
1.6
6.3
4.0
4.3
537.6
103.5
68.3
496.2
101.8
58.4
485. 5
102.4
59.1
285.1
47.1
30.0
249.8
46.6
21.1
249.1
48.8
21.7
.9
.4
.9
1.2
.
L3
2.1
1.2
1.7
-
134.4
119.6
195.5
123.0
107.9
193.4
125.1
96.9
185.3
64.9
68.4
48.4
55.1
56.9
47.3
59.4
48.3
41.6
.3
.1
.8
.5
.1
1.5
.9
.4
1.9
3,344. 7
2, 798. 7
2,740. 5
1,375.1
890.8
865.7
41.2
54.2
84.6
. 1
_ . ...
March
_. . - . _._ 1,367.2
221.4
_. - ._
February January
-.
..
Total
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)
Member banks in smaller centers (places under 15,000)
Federal Reserve district
Net demand
Mar.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
...
.
.
_
.-
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total .
. .
__.
Feb.
Net demand
Time
Jan.
Mar.
Feb.
Jan.
Mar,
Feb.
Time
Jan.
Mar.
Feb.
Jan.
990
6,628
806
972
6,309
778
977
6,256
758
613
1,674
609
606
1,687
601
595
1,692
596
77
186
138
78
190
134
77
179
129
117
423
358
112
421
356
Ill
418
349
873
424
346
845
416
341
821
414
325
862
307
262
832
300
261
817
300
261
127
94
83
131
93
76
119
89
72
199
146
63
210
144
61
202
141
59
1,851
414
222
1,804
403
215
1,725
394
220
826
240
171
801
241
173
792
232
171
141
102
108
131
101
103
121
96
99
143
83
171
139
81
170
135
80
164
478
365
943
467
362
944
452
345
927
202
158
1,584
202
162
1,558
200
159
1,540
201
170
85
196
171
81
186
161
80
107
35
82
105
34
78
103
33
75
14, 340
13,856
13,613
7,510
7,423
7,356
1,511
1,485
1,408
1,927
1,910
1,871
MAT
309
FEDERAL RESERVE BULLETIN
1934
MEMBER BANKS LICENSED AND NOT LICENSED AS OF APR. 25, 1934
Deposits on Dec. 30, 1933, of banks
licensed and not licensed on Apr.
25, 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
374
796
662
631
401
328
681
400
539
748
558
390
371
779
632
598
387
316
640
381
529
729
551
379
6,508
6,292
329
636
599
534
341
274
521
326
469
704
498
312
326
621
572
506
328
262
493
310
459
685
491
302
5,543
5,355
45
160
63
97
60
54
160
74
70
44
60
78
45
158
60
92
59
54
147
71
70
44
State bank members:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta.—
Chicago...St. Louis..
Minneapolis
Kansas City
Dallas
San Francisco
Total
1
Licensed
965
937
Not
licensed
216
188
Total
1,995,444
9, 666, 799
2,091, 558
2, 222,993
1, 069, 215
875, 775
3, 208,944
936, 553
758,229
1,110, 801
845, 200
2,919, 630
3,177,400
922, 316
753,432
1,105,150
843,829
2, 915, 084
1,193
34,234
58, 634
42,100
9,416
9,906
31, 544
14, 237
4,797
5,651
1,371
4,546
27, 701,141
27, 483, 512
217,629
1, 558,125
4, 075, 495
1,471, 526
1,329,897
772,993
787, 632
2, 511,'268
631,139
711,571
978, 443
802, 675
2, 300, 798
1, 556,932
4,057, 611
1,418,102
1, 293, 413
763,855
777, 726
2, 486,457
618,038
706, 774
972, 792
801, 304
2, 296, 311
1,193
17,884
53,424
36,484
9,138
9,906
24,811
13,101
4,797
5,651
1,371
4,487
17, 931, 562
17, 749, 315
182, 247
437,319
5, 591, 304
620, 032
437, 319
5, 574,954
614,822
887,480
295,944
88,143
690,943
304, 278
46, 658
132, 358
42, 525
618, 773
1,994,251
9, 632,565
2, 032,924
% 180,893
1,059, 799
296,222
88,143
697, 676
305, 414
46, 658
132, 358
42, 525
618,832
28
Not
licensed l
Licensed
9, 734,197
9, 769, 579
16, 350
5, 210
5, 616
278
6, 733
1, 136
59
35, 382
Exclusive of banks placed in liquidation or receivership.
NONMEMBER BANKS OTHER THAN MUTUAL SAVINGS BANKS, APR. 25, 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 i
Boston
New York
„
Philadelphia
Cleveland...
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis. >..
Kansas City
Dallas
San Francisco
Total.1
.
.
_
Exclusive of banks placed in liquidation or receivership.
.
On unrestricted
basis
Total »
Banks on
unrestricted
basis
493
357
182
297
248
608
602
709
1,578
1,232
887
1,266
485
335
463,336
1,093,663
437,189
553,827
400, 590
195,917
961, 451
341,500
229,205
256, 551
117,083
483, 621
457, 267
1, 049,102
402,204
492,618
385, 243
192, 483
753, 278
320, 677
221, 085
244,396
114,644
474, 841
9,263
8,429
5, 533,933
5,107,838
185
308
266
667
650
727
1,996
1,345
927
1,342
310
FEDERAL RESERVE BULLETIN
1034
MAY
REPORTING MEMBER BANKS IN 91 LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO
[In millions of dollars]
Federal Reserve district
Total
4
11
18
25
. . . .
New
York
PhilaCleve- Rich- Atlandelland mond
ta
phia
Chicago
17, 508
17,611
17, 513
17, 471
1,191
1,201
1,190
1,180
8,217
8,320
8,167
8,063
1,028
1,029
1,026
1,041
1,155
1,161
1,162
1,172
347
341
340
342
332
332
336
333
1,687
1,697
1,756
1,796
512
496
491
503
331
337
335
338
546
546
542
546
403
398
406
402
1,759
1,753
1,762
1,755
7,296
7,405
7,238
7,138
1,334
1,359
1,399
1,423
8,237
8,310
8,203
8,120
680
671
678
670
3,889
3,953
3,846
3,786
498
498
500
499
438
437
435
432
172
170
169
169
181
182
181
179
738
755
755
756
219
217
214
211
161
162
162
161
199
198
199
198
187
186
188
185
875
881
876
874
3,375
3,431
3,324
3,268
577
594
594
597
3,569
3,612
3,580
3,516
264
255
262
259
1,939
1,982
1,950
1,897
233
232
234
233
210
210
209
208
58
57
57
58
61
62
62
60
337
350
344
343
83
81
79
78
42
41
41
40
61
61
61
61
63
61
62
61
218
220
219
218
1,720
1,756
1,723
1,674
281
295
288
289
4,668
4,698
4 623
4,604
416
416
416
411
1,950
1,971
1,896
1,889
265
266
266
266
228
227
226
224
114
113
112
111
120
120
119
119
401
405
411
413
136
136
135
133
119
121
121
121
138
137
138
137
124
125
126
124
657
661
657
656
1,655
1,675
1,601
1,594
296
299
306
308
9,271
9,301
9,310
9,351
511
530
512
510
4,328
4,367
4, 321
4,277
530
531
526
542
717
724
727
740
175
171
171
173
151
150
155
154
949
942
1,001
1,040
293
279
277
292
170
175
173
177
347
348
343
348
216
212
218
217
884
872
886
881
3,921
3,974
3,914
3,870
757
765
805
826
6,175
6,234
6,226
6,282
346
363
341
339
2,901
2,972
2,924
2,897
287
287
284
300
522
529
533
546
125
121
121
122
103
102
105
103
616
611
662
701
198
183
181
195
115
120
118
123
238
238
233
237
166
162
167
166
558
546
557
553
2,717
2,804
2,742
2,716
468
479
512
534
3,096
3,067
3,084
3,069
165
167
171
171
1,427
1,395
1,397
1,380
243
244
242
242
195
195
194
194
50
50
50
51
48
48
50
51
333
331
339
339
95
96
96
97
55
55
55
54
109
110
110
111
50
50
51
51
326
326
329
328
1,204
1,170
1,172
1,154
289
286
293
292
2,531
190
199
204
209
1,255
1,218
1,294
1,413
143
132
134
119
121
114
124
130
36
40
42
47
28
31
29
28
386
446
454
432
67
85
90
84
34
37
39
36
76
76
81
77
76
76
75
70
119
134
132
134
1,206
1,142
1,236
1,351
343
390
405
395
48
50
49
49
49
50
48
49
12
12
12
12
18
19
18
19
11
11
11
11
6
6
6
6
50
51
50
50
7
7
8
8
4
4
4
4
11
12
11
11
9
9
9
9
14
15
14
14
38
39
37
38
40
41
41
41
809
826
834
831
6, 332
6,419
6,394
6,467
667
658
655
656
581
586
594
606
204
204
204
211
164
169
170
169
1,359
1,444
1,499
1,499
334
339
337
343
195
205
202
200
398
400
407
407
272
274
283
275
606
612
621
608
5,919
5,989
5,971
6,042
1,138
1,213
1,265
1,265
344
345
345
341
1,113
1,112
1,108
1,108
312
315
323
323
444
447
449
453
133
134
134
134
128
131
132
132
467
469
473
492
162
163
164
165
123
123
123
123
166
167
169
172
121
120
119
120
895
898
904
914
699
696
690
689
343
344
347
365
121
119
113
107
783
755
718
686
66
63
60
58
65
61
57
53
11
10
9
9
31
28
28
26
67
62
57
53
32
31
29
28
7
7
6
6
27
26
25
23
54
52
50
48
94
91
85
80
739
713
679
649
50
45
41
38
138
120
131
136
148
145
141
133
141
142
152
140
98
100
104
98
70
77
79
80
79
85
78
81
263
268
235
235
89
94
95
91
87
85
87
83
170
165
176
176
131
130
125
128
164
177
182
189
90
82
'84
73
190
192
169
174
197
201
206
200
1,617
1,644
1,641
1,616
210
208
215
207
170
170
174
174
81
80
85
89
81
82
81
80
463
463
462
451
143
142
144
143
95
100
100
101
225
224
227
225
131
127
126
125
165
175
184
184
1,555
1,581
1,578
1,554
375
376
375
367
Loans:
Apr. 4
\pr. 11
Apr. 18
Apr. 25
On securities:
Apr. 4
Apr. 11__
Apr. 18
__
Apr. 25
All other:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Investments:
Apr. 4
Apr. 11
_
Apr. 18
Apr. 25
U.S. Government securities:
Apr. 4
Apr. 11
Apr. 18
_
Apr. 25
All other:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Reserve with Federal Reserve
banks:
Apr. 4 _ _ _ _ _ __
Apr. 11
2,588
Apr. 18
2,698
Apr. 25
2,779
Cash in vault:
Apr. 4
239
246
Apr. 11
Apr. 18
240
242
Apr. 25
Net demand deposits:
Apr. 4__ __
11,921
12,136
Apr. 11
Apr. 18
12,200
12, 272
Apr. 25 _ .
Time deposits:
Apr. 4
_
4,408
4,424
Apr. 11
Apr. 18
4,443
4,477
Apr. 25
Government deposits:
Apr. 4
1,358
Apr. 11
1,305
Apr. 18
1,237
Apr. 25
1,177
Due from banks:
Apr. 4
1,578
Apr. 11
1,588
1,585
Apr. 18
Apr. 25 . _
1,570
Due to banks:
Apr. 4
3,578
Apr. 11
__
3,616
3,645
Apr. 18
Apr. 25
3, 595
Borrowings from Federal Reserve banks:
Apr. 4
8
Apr. 11
7
6
Apr 18
Apr 25
'
6
6
5
6
1
1
1
1
MinSt.
Louis neapolis
1
Revised.
Chicago
1
I
T
KanSan
sas Dallas Fran- N e w
City
cisco York
Boston
Total loans and investments:
Apr.
Apr.
Apr.
\pr.
City
1
i
311
FEDERAL RESERVE BULLETIN
M A Y 1934
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS A N D
CURRENCY TO AND FROM EUROPE
SHORT-TERM SECURITIES HELD BY FEDERAL RESERVE BANKS
BY SELECTED BANKS IN NEW YORK CITY
[In thousands of dollars]
[Paper currency only. In thousands of dollars]
1933
1934
Net
(+)
(+)
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
Within^
47, 529
43, 251
40,473
40,313
32,998
30,600
29,822
30,146
4,160
4,600
3,028
I"""
4,792
26,045
17,059
13, 499
10,163
13,193
11,427
9,127
4,111
7,884
3,365
3,371
2,048
3,442
2,206
823
0
1
0
5,256
3,740
2,200
+5,256
+3,739
+2,200
For description and back figures see BULLETIN for January 1933, p. 43.
Bills discounted:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Bills bought in
open market:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Treasury certificates and bills:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Municipal
warrants:
Apr. 4
Apr. 11
Apr. 18
Apr. 25
766, 2861
820,848
816, "
802,870
$1 __
.
$2._
$5
$10
$20
$ 5 0 . . _.
$100.__
$500
$1,000
$5,000
$10,000
Total
10
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
7
10
397
33
730
1,230
1,302
346
584
117
230
7
9
4,937
4,916
5,022
5,085
4,884
4,957
4,986
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.
UNITED STATES POSTAL SAVINGS
[Debits to individual accounts. In millions of dollars]
Number
of centers
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.
1933
New York City
Outside New York City
Federal Reserve district:
Boston - .Now York
Philadelphia
...
Cleveland
_
Richmond
Atlanta .Chicago _
St Louis
Minneapolis
Kansas City
Dallas
San Francisco. _ _•_. _.
Total
1
[Balance to credit of depositors. In millions of dollars]
1934
942.5 1, 200. 8
1,006. 2 l, 200.3
1,112. 7 pi, 199. 9
1,158.4 pl,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
30
42
40
41
1,526
61
178
3,706
1933 1
1934
388
33
702
1,205
1,336
362
613
125
239
7
12
219
198
196
181
562
548
1934
382
33
682
1,178
1,303
357
607
124
232
7
12
End of month
5,330
4,725
2,569
1,251
65,338 107,179 55, 075 116, 816 205,194 216,684
90, 229 115, 530 38,
8975 117,466 235,441 223, 207
, 210 ,2681,
116,831 62,180 \ 306
115, 530 43,975 103,361 42, 210 268,168 227, 689
21,830 287,494 230, 680
Sept. 30 Oct. 31 N o v . 30 Dec. 30 J a n . 31 F e b . 28 M a r . 31
380
33
685
1.181
1,302
362
612
127
239
4*, 818
6,814
BANK DEBITS
In millions of dollars]
1933
Denomination
61 to 91 days Over
to 6
90
days mos. 6 mos.
31 to
60
days
563
PAPER CURRENCY OF EACH DENOMINATION
IN CIRCULATION
[Outside Treasury and Federal Reserve banks.
16 to
30
days
Net
ShipReship- ShipReshipments ceipts ments ments ceipts ments
to
to
from
from (-)or
(-) or
Europe Europe receipts Europe Europe receipts
Month
Total
March
February February
1
140
15,608
14,077
13, 231
11, 784
12,036
10,401
11
15
21
5
9
15
10
18
1,533
16,142
1,384
1,297
513
696
3,588
728
436
815
459
2,094
1,322
13, 714
1,109
1,158
438
618
2,852
647
364
689
423
1,682
1,136
12,491
1,150
1,103
383
537
2,364
508
313
554
330
1,568
141
29,685
25, 015
22, 437
10
13
Figures for March 1933 not available.
FEDERAL DEPOSIT INSURANCE CORPORATION
00
to
INSURED BANKS AND DEPOSITS, BY CLASS OF BANK AND BY STATES: MAR. 31, 1934
Member banks (Federal Reserve System)
Nonmember banks (Federal Reserve System)
Total
National
Mutual savings
State
Other nonmember
State
Num- N u m b e r
ber of of insured
banks accounts
A labama
Arizona
Arkansas
C ali fornia
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Tdaho
Illinois
1 ndiana
I owa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota.
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
VermontVirginia
Washington . ..West Virginia
Wisconsin
_. _ . _
Wyoming
Total
-
---
Insured
deposits
598,011
$77,863, 237
199
69, 093
17, 221, 214
15
292, 574
49, 578, 596
206
257 3, 622, 253 1,155,976, 217
92, 752,979
391, 251
139
169, 217,152
605, 430
109
56,112. 443
212,193
46
96, 843,999
403,172
21
64, 422,029
411, 529
142
109, 510, 548
737,091
255
23, 543, 313
106,109
61
695,820, 825
848 2,941, 878
453 1, 070, 456 206, 702, 513
154, 275, 531
741,919
473
108, 354, 230
653, 701
413
148, 427, 266
383
847, 217
143
571, 304
88, 496, 771
588, 354
169, 638,086
85
271, 953, 514
183 1, 073, 647
467, 824, 500
211 1, 433,199
266,463, 328
358 1,141,139
654 1, 283, 364 299, 589, 384
202
339, 382
60, 578, 372
600 1, 526, 990 321, 221, 207
41, 523,852
121
150,116
448,900
96, 240,881
356
6,724, 456
10
21, 861
151, 527
33, 407, 437
57
869,981,197
400 3,153. 601
13, 543, 480
42
66, 093
902 11, 495,130 5, 350, 356, 420
546, 473
89, 833, 217
228
149, 351
32, 614, 493
195
648 2, 870, 350 660, 776, 210
705, 532
395
108,810, 567
423, 752
102
90.414, 579
., 030 6, 016, 925 1, 594, 573, 906
341, 959
87, 337, 221
16
188, 539
30,134, 704
82
175, 060
32,500,811
211
775, 379
122,085,519
314
350,673,991
1,820,
996
821
43, 002,313
209, 387
60
121,189,510
339,130
92
194,970,241
ni3 1,094,222
146, 313, 708
664,261
189
101,910,868
673, 772
161
287,622,099
607 1, 343, 848
21,988, 355
62
110,269
N u m - Number
ber of of insured
banks accounts
69
8
50
131
77
54
16
9
49
52
25
272
118
119
198
97
26
39
61
136
80
210
24
87
48
134
7
52
227
24
459
41
71
243
217
53
676
12
17
63
71
453
14
130
66
75
98
25
370, 031
26, 538
149,045
2,402,890
302, 618
298, 383
24, 964
171,813
296, 215
490, 601
47, 376
1, 637, 724
433, 556
299, 666
413, 309
362,668
390,913
205, 053
235, 031
979,133
428,661
735, 634
116,407
494, 522
84,660
303,878
16,873
132, 549
1, 249, 468
51,227
2, 558,910
169, 011
98,137
1, 089, 575
571,185
314,389
2,898,887
44,484
89, 469
86,709
447, 302
1, 405,642
71,321
99, 423
635,891
328,129
378, 408
536,322
77, 478
Insured
$53, 318, 397
6,929, 665
27, 009, 014
704, 658,167
75, 262, 743
91,407,921 j
7, 751,108
48, 495,164
46, 251, 672
68, 636, 404
10, 842, 817
428, 037, 571
90, 301, 714
63, 829, 747
72, 209, 052
68, 483, 416
54, 709, 422
56,870,881
74, 549, 350
323, 454, 059
115,755,069
190, 906,168
20,435,944
126, 000, 790
25,128,182
68, 885, 357
5, 587,927
27,905, 487
305, 640, 434
10, 592, 835
738,153, 691
27,155, 266
24,885, 409
249, 651, 444
89, 298, 724
77, 294, 477
745,141,173
20,568, 570
12,786,706
18,439,062
78, 543, 328
283, 307, 368
15,828,908
26, 664, 497
121,041,101
76. 932, 228
52, 891, 825
129, 337, 800
14,130,839
13, 870 55, 597, 695 15, 700. 917, 289 5, 325 25,052,078 6,071,898,893
Number
of insured
accounts
59, 012
26, 045
29, 366
637, 062
31,822
39,186
32, 456
104, 864
9,361
70,832
39,010
506, 847
54,173
106,194
28, 492
120, 322
26, 829
84, 493
155,147
248, 621
353,464
15, 548
2, 005
537,140
29, 654
8,562
Insured
deposits
Num-1 Number
ber of | of insured
banks i accounts
$10, 091, 665
6,658,139
4, 438, 259
206,101.049
7, 520,129
14,017, 061
12, 384, 391
24, 830,166
2, 341, 595
13, 258, 385
8, 743, 702
140, 229,873
11,252,647
21, 493, 521
4,417, 867
20, 423, 390
5,932, 341
15, 473, 658
20,634, 069
88, 423, 615
89, 383,955
3, 046, 943
554,695
111,978,926
9,169, 801
1,848,602
4, 142
683, 051
1,356
111 1, 974, 501
10
107, 744
906, 762
199, 940,362
303,165
805,113,856
20,116, 824
983, 600
837
5, 309
874,175
285, 413
13, 585
23, 297
17,852
89,071
64,880
226,813, 660
197, 998
1, 279,984
256, 597, 592
63, 602, 485
2, 930, 561
3,995, 618
3, 658,304
16,078,916
14, 600, 489
127, 371
81. 761
US; 483
97, 314
7,712
22, 565, 078
19, 396, 044
?4, 483, 279
24, 657, 574
1, 407, 691
934 |8, 914,961 2, 563, 294, 686
Insured
deposits
90, 469
$19,186, 727
20, 992
8, 318, 078
188, 972
351, 349
73, 222, 728
121, 278, 674
196, 755
43, 986, 396
510, 441
192, 954, 329
135 6, 218, 779 3, 539, 866, 065
1
7
156,109
63,470,081
195
852,677
32, 427
329,027,941
117, 149
56, S2S, 724
183, 822
37, 134, 762
867, 507
234 8,890,486 4, 486,174, 439
Num- Number
ber of of insured
banks accounts
113
3
16,510
149
114,163
112
582,301
57
56,811
49
267,861
24
64, 304
10
126, 495
89
105, 953
178
175, 658
27
19, 723
508
797, 307
326
561, 735
331
336, 059
203
211, 900
277
364, 227
114
153, 562
18
109,836
104
332,120
45
205, 445
215
359, 014
425
335, 427
175
220, 970
464
495, 328
54
35, 802
214
136, 460
3
4,988
4
14, 836
99
710, 641
16 | 13,510
197
742, 940
177
269, 718
124
51,214
337
641,066
177
133,510
43
103, 859
276 1,391,186
2
12, 062
85, 485
61
65, 054
126
310, 225
239
326, 283
312
73,186
28
122, 564
31
MO, 960
100
91
70, .r>49
179,881
68
707, 435
493
29
25, 079
Insured
deposits
$14, 453,175
3,633, 410
18,131, 323
245, 217, 001
9,970,107
63, 792,170
16, 790, 217
23, 518, 669
15,828, 762
27, 615, 759
3,956, 794
127, 553, 381
96,830, 074
68, 952, 263
31, 727, 311
59, 520, 460
27, 855, 008
24, 070, 819
55, 491, 421
55, 946, 826
61, 324, 304
61, 649, 877
39, 587, 733
83, 241, 491
7, 225,869
25, 506, 922
1,136, 529
4, 595,188
171, 446, 072
2, 647, 480
267, 222, 808
42,561,127
7, 729, 084
120,841,025
19,313,845
11,807,691
263, 807. 200
3,166,166
14, 417, 437
10, 066,131
39, 883,887
51, 287, 707
12,572,916
37, 696, 289
51,364,062
12,850,674
24, 535, 764
132, 759, 218
6, 449, 825
', 377 12,740,170 2,579,549,271
MAY
313
FEDERAL RESERVE BULLETIN
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
_
__ _.
TEXTILES
Cotton consumption
Wool
C onsumption
l
Machinery activity
Carpet and rug loom activity 1
Silk
. „
Deliveries
Loom activity *
FOOD PRODUCTS
Slaughtering and meiit packing
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
PAPER AND PRINTING
_.
Mar.
Apr.
May
June
56
66
78
93
22
17
22
35
20
37
49
29
51
72
43
75
76
86
46
48
52
29
98
111
72
84
85
81
85
91
149
92
68
85
91
58
66
56
34
113
132
76
108
113
90
105
91
42
123
136
96
133
139
116
134
118
60
147
172
96
130
135
124
141
129
62
131
143
105
99
102
106
92
101
153
97
89
100
106
109
98
103
145
95
83
101
91
84
76
71
73
r 76
80
100
62
103
80
63
82
66
53
67
61
45
63
47
36
48
61
40
63
56
40
58
64
45
66
67
51
69
120
107
118
115
61
103
96
105
96
67
95
88
97
83
67
89
80
86
81
63
77
67
73
69
48
81
70
70
83
48
95
85
54
97
72
71
82
59
113
91
82
103
92
103
114
129
95
110
113
102
105
146
64
84
v 106
105
127
147
95
106
144
70
75
p 104
*>99
60
p 118
p 93
p 103
*>69
p 141
167
106
85
90
85
91
104
151
76
76
92
98
101
87
104
142
82
83
86
89
85
88
106
147
81
77
96
10C
95
102
122
139
91
87
Ql
94
80
112
122
133
94
73
84
86
69
106
122
131
92
65
J'99
»94
66
P 103
p 82
p 106
P 68
p 137
143
105
*>92
100
105
107
99
102
152
97
82
* 101
59
87
62
82
55
87
110
89
61
83
68
71
56
88
149
95
60
92
80
96
61
99
172
96
64
103
95
121
69
113
183
100
67
P 118
p 107
p 137
p 135
213
102
69
v 112
*• 99
v 126
p 75
P 139
173
103
22
24
30
38
46
46
36
27
1
144
44
1
32
51
0
25
66
0
16
70
1
19
61
1
15
56
1
20
84
70
62
71
89
93
93
70
65
71
85
107
110
79
74
79
93
129
114
89
76
102
109
131
116
94
80
91
132
131
102
88
77
82
126
110
40
52
35
53
56
144
68
42
84
80
51
112
55
94
109
135
171
80
95
75
51
140
179
85
94
81
54
147
187
87
95
88
61
154
198
92
101
80
75
41
42
29
65
67
47
94
97
68
99
51
132
116
61
153
81
51
77
122
44
45
44
45
45
36
p 111
_.
._
LUMBER „
„ _„ _.
Oct.
Dec.
Feb.
Mar.
v 100
P95
64
63
66
*>64
p 126
131
104
*>92
67
P 103
p 67
P 109
P 67
p 135
149
106
108
112
112
33
30
32
34
29
38
32
2
41
92
91
85
84
111
93
48
3
41
94
89
84
90
103
97
58
1
26
73
0
30
80
92
82
74
73
113
99
46
0
39
93
82
76
69
109
100
'97
91
81
85
126
'101
106
94
89
78
124
114
60
130
125
37
107
112
35
70
95
39
52
36
106
56
49
99
55
61
98
54
58
106
80
155
198
92
106
82
91
153
198
87
98
84
96
157
205
82
99
88
91
152
195
77
102
88
82
145
184
77
93
102
137
172
80
92
92
77
142
177
89
'95
92
78
143
177
95
101
90
91
115
120
80
143
148
111
111
116
75
103
107
72
90
93
68
108
113
68
143
61
204
135
66
186
117
69
151
123
68
163
115
68
151
108
57
143
97
101
69
138
74
188
244
181
87
98
86
85
121
125
90
182
66
181
72
78
84
90
91
87
81
85
8
91
100
55
44
108
57
64
65
134
15
55
41
24
76
67
132
40
71
36
34
75
61
134
57
77
36
28
65
74
125
61
66
€8
119
67
82
120
74
89
1.18
84
109
122
67
67
29
66
64
37
66
64
'36
68
57
47
P106
_
Jan.
Sept.
101
102
107
90
98
156
110
82
*>85
.
Wood pulp and paper
Newsprint
Book paper
Wrapping Daper
Fine paper . . .
Wood pulp, mechanical
Wood pulp, chemical
Paper boxes
Newsprint consumption
Nov.
Aug.
July
71
P 102
p 70
TRANSPORTATION EQUIPMENT:
Automobiles.. ._
Locomotives
Shipbuilding.
.
I .EATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
_..
..
.
-
59
87
84
64
116
CEMENT AND GLASS:
Cement . . . . .
Glass, plate
.
NONFERROUS METALS: J Tin deliveries 1 . . .
58
FUELS, MANUFACTURED:
Petroleum refining
Gasoline l
1
Kerosene
Fuel oil i
Lubricating oil *..
Coke, byproduct
.
._
.
RUBBER TIRES AND TUBES
Tires, pneumatic
Inner tubes
.._
TOBACCO PRODUCTS.
Cigars
Cigarettes
Minerals—Total
Bituminous coal
..
Anthracite coal
Petroleum, crude
Iron ore _
.
Zinc
Lead
Silver
_._
. . .
. . . .
.
.
.
43
134
14
45
37
30
68
77
57
39
55
120
63
77
64
33
75
97
100
72
95
62
118
81
65
73
116
23
72
71
33
123
67
166
119
66
158
r
p Preliminary.
Revised.
>
Without seasonal adjustment.
s
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.
314
FEDERAL RESERVE BULLETIN
MAY
1934
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; without seasonal adjustment.
1923-25 average =1001
1933
1934
Industry
Manufactures—Total
IRON AND STEEL
-
-
. . . .
Cotton consumption
Wool
.
C onsumption
Machinery activity
Carpet and rug loom activity
Silk
Deliveries
._ _
Loom activitv
FOOD PRODUCTS
-
Slaughtering and meat-packing
Hogs
Cattle
Calves
Sheep
-.
Wheat flour
Sugar meltings
-
PAPER AND PRINTING __
__
-
.
June
July
58
25
18
25
78
68
80
93
97
39
21
53
29
72
43
93
59
41
88
56
108
75
126
96
121
91
46
49
52
98
57
64
56
116
85
96
91
133
109
121
118
Wood pulp and paper
Newsprint
_ _ Book paper
Wrapping paper
Fine paper
Wood DUID mechanical
Wood pulp, chemical
Paper boxes
Newsprint consumption.
89
84
77
79
60
65
52
59
45
81
67
122
115
126
129
P108
108
103
110
115
61
34
112
42
122
131
135
153
136
118
72
82
82
82
76
94
92
95
96
98
99
102
96
99
105
110
105
97
99
97
88
74
92
136
86
79
106
146
100
95
89
114
150
91
93
106
149
86
97
100
145
92
100
96
147
69
P80
P
100
»94
79
61
90
80
97
75
99
172
101
26
99
32
33
1
57
1
112
87
92
23
60
134
62
126
98
101
P102
P103
P96
62
84
69
75
68
90
149
59
89
63
86
60
90
111
LUMBER.
Oct.
29
95
P84
._
Sept.
Aug.
107
80
..
May
65
103
96
121
75
114
190
68
66
p 110
P 101
P126
P128
204
119
p 59
p 136
175
P99
100
99
111
96
67
P94
97
93
107
83
67
P93
93
84
93
81
63
P74
71
68
74
69
48
95
82
106
82
99
86
80
P105
p 100
107
109
167
86
100
106
141
89
93
100
144
78
102
P56
104
37
91
45
64
0
75
0
73
1
67
1
62
1
31
91
31
101
20
110
28
115
22
113
69
63
63
91
98
69
65
64
84
105
75
70
75
87
118
87
75
99
109
124
94
78
106
123
128
29
57
34
59
50
92
64
115
55
68
80
135
171
140
179
84
94
81
53
45
46
32
94
47
125
74
51
54
76
79
53
107
58
139
65
46
61
118
123
83
145
63
206
76
50
63
120
45
108
43
46
47
Jan.
.
LEATHER AND PRODUCTS
Tanning.. _
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes... „
_.
. . .
__ _
Mar.
»-75
54
40
55
P91
82
P86
67
46
'69
S3
95
71
72
83
48
101
76
79
85
54
102
73
73
82
59
117
122
124
90
82
81
69
92
124
119
86
77
102
119
128
103
113
140
89
57
75
94
88
98
114
125
91
71
p 102
v 94
64
44
P98
P94
P96
P91
P87
P91
67
65
63
65
110
28
117
78
0
97
107
p 62
p 140
P
150
70
P104
P 70
P94
P 64
P126
134
P66
p 103
p 67
p 131
122
111
29
109
29
104
20
2
27
3
20
107
41
0
28
102
36
88
32
81
48
1
18
90
75
99
124
127
87
77
85
119
119
87
78
82
113
112
89
85
79
110
88
87
81
77
112
76
••90
87
82
70
119
r
92
68
142
65
132
46
108
40
70
38
50
28
80
30
88
94
109
125
112
95
80
56
55
147
187
153
198
154
198
153
198
157
205
152
195
146
184
138
172
83
95
83
86
101
80
86
106
82
83
98
84
83
99
88
83
93
102
86
92
92
73
139
145
96
147
72
204
82
57
57
137
30
53
42
23
89
140
145
105
126
72
167
89
69
93
110
114
83
131
72
176
94
74
61
136
117
71
35
28
80
102
88
142
177
91
••95
92
78
111
34
v 102
p 102
30
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
Feb.
72
P102
P83
99
40
92
49
106
112
P94
P141
183
89
108
111
66
P104
P
97
89
73
60
P119
P99
P
61
67
53
39
55
106
101
167
83
94
P102
PIOO
Dec.
70
44
37
44
110
110
93
86
Nov.
CO
TEXTILES
-
Apr.
OO
Pig iron
Steel ingots
_.
Mar.
21
108
97
95
72
129
113
39
46
P107
86
85
57
119
P121
CEMENT AND GLASS:
Cement .
Glass, plate.
NONFERROUS METALS:
..
l
Tin deliveries
FUELS, MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil _
Coke, byproduct
R U B B E R T I R E S AND T U B E S
Tires, pneumatic
Inner tubes
_.
78
95
75
_
._
_
TOBACCO PRODUCTS
Cigars
Cigarettes
Minerals—Total __
Bituminous coal
Anthracite coal
Petroleum, crude
Iron ore
Zinc
Lead
Silver
.
. _
46
48
45
36
136
21
46
36
29
55
135
81
66
34
29
89
98
101
72
128
77
167
93
69
75
129
131
73
54
37
82
79
81
62
116
69
150
88
67
71
122
108
75
66
33
77
73
75
52
97
73
117
84
72
75
115
19
72
74
36
78
75
78
49
99
50
136
80
69
67
115
68
68
29
90
93
62
131
57
185
85
74
89
115
70
65
37
37
106
54
42
115
144
181
143
177
87
131
136
95
120
57
164
88
78
113
60
150
91
84
88
98
86
95
116
71
66
'39
58
92
101
90
94
89
121
72
58
52
r
i Includes also lead and zinc; see "Minerals."
p Preliminary.
Revised.
NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196 and
September 1933, pp. 584-587.
MAY
315
FEDERAL RESERVE BULLETIN
1934
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-25 average=100j
factory employment
Industry
1934
Mar.
Total
IRON AND STEEL AND PRODUCTS
Steel works and rolling mills
Hardware
Heating apparatus.
Steam fittings
Stoves
Cast-iron pipe
-------
MACHINERY
Foundry and machine-shop products . - -.
Machine tools-. . .
Agricultural implements
Electrical machinery...
...
TEXTILES AND PRODUCTS
A. Fabrics
Cotton goods
Woolen and worsted manufactures
Woolen and worsted goods.-.
.
Carpets and rugs
Hosiery and knit goods
Silk manufactures
... . .
Dyeing and finishing textiles
B. Wearing apparel..
_ __ ._
Clothing, men's
Shirts and collars
. . .
. . .
Clothing, women's
Millinery
FOOD AND PRODUCTS...
.
.
. . .
Baking . .
Slaughtering and meat packing _
Confectionery
Ice cream . - _ _ _ _ _ . .
Flour
Sugar refining cane . .
PAPER AND PRINTING
Printing, book and job
Printing, newspapers and periodicals
Paper and pulp
Paper boxes. . . .
.
LUMBER AND PRODUCTS
Lumber, sawmills.
Lumber, millwork
Furniture
.._
TRANSPORTATION EQUIPMENT
._
. . .
Car building and repairing.. . _
Automobiles .
Shipbuilding
LEATHER AND MANUFACTURES._. ._
Boots and shoes...
Leather
CEMENT, CLAY, AND GLASS PRODUCTS _.
Clav products. .
Brick, tile, and terra cotta
Pottery
.
_.
Glass .
Cement
NONFERROUS METAL PRODUCTS-
Stamped and enameled ware .
Brass, bronze, and copper
CHEMICALS AND PRODUCTS
._
.
. .
Chemicals and drugs
Petroleum refining
Fertilizers. .
__.
.
_. _
RUBBER PRODUCTS
Automobile tires and tubes
Rubber boots and shoes . . .
TOBACCO MANUFACTURES
.
-
Cigars and cigarettes
Chewing and smoking tobacco, snuff.
__
. ..
Mar.
Mar.
Without seasonal
adjustment
1933
1934
1933
Feb.
Factory pay rolls
Adjusted for seasonal
variation
Without seasonal
adjustment
Feb.
Mar.
1934
Mar.
1933
Feb.
Mar.
77. 7
74.7
56.7
76.9
74.7
56.6
63. 3
59.2
36 9
75.0
80.4
78.0
57 9
59.3
40.8
76.3
42.6
49.1
52.7
47.9
43.3
39.3
33.7
44.4
22.1
73.9
78.7
76.9
59.4
59.9
40.3
77.8
42.8
70.9
76.0
70.3
58.0
56.3
40.0
71.3
43.5
48.3
51.6
47.2
44.4
39.6
33.3
45.4
22.2
53.8
58.5
54.0
38.0
39.9
28.8
50.7
24.4
47. 7
51.6
46.4
36.2
35.5
27.9
42.9
25.1
22 4
23.2
22 1
20.2
21.0
18.3
23 6
12.6
67.7
66.7
78.4
71.9
68.1
71.5
77.1
71.4
56.6
55.2
40.4
68.8
41.9
64.2
62.7
74.9
71.4
65.2
42.8
41.2
34.0
37.9
48.1
66.8
65.5
76.9
66.9
68.1
63.8
62.4
73. 6
67.1
65.2
42.2
40.5
33.4
35.3
48.0
49.9
46.1
60.4
71.6
55.0
46.3
42.4
57.1
69.3
51.3
24.0
20.8
18.9
26 5
32.1
90.0
95.5
105.0
78.9
80.6
70.4
100.1
71.8
114.7
76.1
60.4
77.6
88.5
98.4
87.0
93.6
101.7
81.4
84.2
67.4
95.3
72.4
110.7
70.6
58.2
73.0
80.7
86.5
67.7
68.1
72.0
51.9
53.4
44.2
81.3
52.8
85.2
66.7
51.6
66.2
87.4
69.2
87.2
93.8
102.9
78.6
80.6
67.9
98.0
69.9
112.0
70.8
59.2
76.4
78.1
86.7
84.9
91.7
99.2
79.9
82.5
66.0
94.2
71.4
108.0
68.0
56.6
71.6
74.2
88.3
74.3
78.3
88.2
58.3
60.2
49.7
92.6
61.2
93.2
66.1
50.7
69.8
78.4
82.8
69.9
76.0
83.7
60.1
63.8
43.3
85.6
62.2
91.6
57.7
46.6
61.4
68. 1
64.5
41.3
40.8
42 8
28.7
30.0
22 9
53.2
32.1
59.2
42.4
31.1
41.3
57 6
40.3
91.0
93.8
95.8
85.8
68.4
86.1
86.2
90.8
92.2
98.7
84.6
66.1
86.9
83.3
76.9
80.4
78.2
73.3
63.4
72.2
72.6
92.7
94.4
97.7
89.3
76.7
86.4
85.5
91.6
93.8
95.8
86.3
76.4
86.9
87.1
65.4
66.9
70.6
51.7
53.4
42.7
79.6
51.4
83.1
61.9
50.6
65.2
77.1
61.0
78.4
81.0
79.8
76.3
71.1
72.4
72.0
77.4
77.8
87.4
71.1
53.7
71.0
59.1
59.8
64.2
61.0
47 4
51.0
55 8
59.4
92.0
79.6
101.3
98.8
87.2
91.4
81.1
101.1
96.9
84.0
78.7
72.6
92.9
75.3
71.0
91.8
78.7
101.1
98.8
88.4
91.3
80.3
100.9
96.9
85.2
78.5
71.7
92.7
75.4
71.9
76.7
78.2
84.4
72.0
56.4
69.4
59.2
77.7
67.7
91.0
73.2
78.3
75.9
67.1
89.2
71. 1
72.9
63.3
57.9
81.8
49.2
53.5
45.3
41.7
40.1
58.9
43.9
40.0
38.6
58.3
31.8
27.4
29.4
45.7
46.4
43.1
40.2
59.6
45.3
41.8
39.1
59.2
32.5
28.3
29.5
46.3
26.9
24.6
22.8
34.7
14.3
12.3
13.9
19.0
67.7
45.7
96.1
77. 7
62.6
43.9
86.3
74.1
42.5
40.3
43.9
54.1
65.9
45.9
91.9
73.2
62.2
44.5
85.1
70.2
41.7
40.5
41.9
50.9
86.3
85.3
90.1
76.6
78.8
67.8
38.1
31.2
20.7
59.8
55.6
31.0
87.4
86.9
89.4
84.3
83.5
87.4
75.7
78.0
66.2
55.4
36.9
77.6
60.7
72.4
70.5
78.9
29.2
29.9
27.0
40.3
88.4
87.8
91.5
56.1
42.4
28.4
80.6
91.8
40.2
47.1
46.2
50.3
57.1
43.8
30.8
79.1
91.3
43.0
38.9
32.1
22.4
58.6
55.3
33.1
35.1
22.5
13.3
47.0
67.9
22.3
20.6
13.8
7.4
30.4
36.7
16 4
42.3
21.2
49.4
64.7
31.1
76.2
56.5
43.4
31.1
77.1
90.0
42.8
61.0
30.1
71.5
41.0
19.9
48.1
28.4
26.5
24.4
35.2
63.2
39.3
92.5
65.0
74.7
73.2
80.1
36.3
23.8
13.9
50.2
68.9
23.9
53.4
25.8
61.4
48.6
22.9
56.1
25.1
14.6
28.1
80.8
87 2
73.6
64.1
60.4
59 8
64.5
40.7
68.4
72.1
53.7
31.1
31.7
28.6
49.1
46.8
68.8
36.0
34.3
50.2
66.8
33.2
78.2
53.7
40.7
27.0
78.0
87.6
38.8
62.2
30.9
72.9
107.9
113 3
88.9
139.8
103.5
111 0
89.2
105.8
78.2
80 1
75.8
74.2
103.1
111.9
89.8
93.8
102.1
108.8
90.4
100.4
75.6
79.1
76.6
49.8
83.9
91.7
60.8
81.1
87.6
61.8
57.0
60.4
46.4
83.3
90.4
62.0
80.6
87.2
60.9
56.6
59.7
47.3
83.1
88.4
74.6
84.3
74.0
79.0
54.3
69.9
69.1
76.3
67.4
66.4
76.2
57.6
56.1
69.7
70.3
70.0
72.6
68.2
67.8
71.6
57.8
56.7
66.4
49.4
47.4
67.0
NOTE.—For description of these indexes see BULLETIN for November 1929, pp. 706-716, and November 1930, pp. 662-677. For revised indexes of
factory employment and pay rolls compiled by the Bureau of Labor Statistics see p. 270 of this BULLETIN.
316
FEDERAL RESERVE BULLETIN
M A Y 1934
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics.
Year, month, and week
1929
1930
1931
1932
1933
..
.
.-
1933—March
\prii
May
-
June
July
August -.
September
October
November
December
1934—January
February
March . -
-
--
Week ending—
1QQ4 J a c g
J a n 13
Jan.20
J a n 27
1926=100]
Other commodities
All
commodities
Farm
products
Foods
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
94.2
89.1
79,3
73.5
60.2
60.4
62.7
65.0
68.9
69.5
70.8
71.2
71.1
70.8
42.8
44.5
50.2
53.2
60.1
57.6
57.0
55.7
56.6
55.5
54.6
56.1
59.4
61.2
65.5
64.8
64.9
64.2
64.3
62.5
65.8
65.3
66.5
68.9
72.2
74.1
76.1
77.2
77.2
77.5
68.1
69.4
76.9
82.4
86.3
91.7
92.3
89.0
88.2
89.2
51.3
51.8
55.9
61.5
68.0
74.6
76.9
77. 1
76.8
76.4
62.9
61.5
60.4
61.5
65.3
65.5
70.4
73.6
73.5
73.4
77.2
76.9
77.7
79.3
80.6
81.2
82.1
83.0
82.7
83.5
70.3
70.2
71.4
74.7
79.5
81.3
82.7
83.9
84.9
85.6
72.2
73.6
73.7
58.7
61.3
61.3
64.3
66.7
67.3
78.3
78.7
78.5
89.5
89.6
88.7
76.5
76.9
76.5
73.1
72.4
71.4
85.5
87.0
87.1
71.0
71.7
72.3
72.4
57.4
58.6
59.0
59.5
62.7
64.2
64.6
65.0
77.6
77.9
78.6
78.5
90.0
90.2
90.3
90.4
76.0
76.1
76.4
76.4
74.3
74.4
74.2
74.0
Hides and Textile Fuel and Metals Building Chemi- House- MiscelTotal leather products
cals and furnishlighting and metal
products
materials products materials drugs ing goods laneous
n6
94.3
92.7
84.9
75.1
75.8
82 6
77. 7
69. S
64.4
62.5
71,?.
71A
73 2
73.7
73.2
73.1
72.7
72.7
73.4
73.7
72.2
71.5
71.7
73.4
74.8
77.6
79.3
81.2
81.0
81.0
58.9
57 8
58.9
60 8
64.0
65.4
65 1
65 3
65 5
65.7
86.3
86.6
86.4
74.4
7c>. 5
75.7
80.8
81.0
81.4
67.5
68.5
69.3
83.3
83.7
85.1
84.7
85.5
85.6
86.5
86.2
73.3
73.5
75.0
75.1
81.7
81.7
81.7
81.7
65 9
66.2
67.5
68 1
Feb
Feb.
F^b.
Feb
3
10
17
24
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
86.4
86.3
86.7
86.6
75.0
75.1
75.4 |
75.4 1
81.8
81.9
81.9
82.1
68 4
68.5
68.6
68 5
Alar
Mar.
Mar
Mar.
Mar
3
10
17
24 . .
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
8fi.2
86.3
75.4
75.7
75.8
75.8
75.8
82.3
82.5
82 4
82.5
82.5
68.6
68.8
69 2
69.2
69.3
7
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
78
78
79
89.5
89.8
89.7
89.6
75 7
77. 5
75.2
75.0
79 fi
72. 9
73.1
73.5
86.5
86.9
87.0
88.3
86.7
86.5
86.3
87.1
75. 5
75.4
75.5
75.3
82.5
82.8
83.1
83.0
69.8
69.6
69.3
69.2
Anr
4 p r . 14
Apr. 21
Apr. 28
1934
1933
Subgroups
F A R M PRODUCTS:
Grains
Livestock and poultryOther farm products
FOODS:
Butter, cheese, and mil k
Cereal products .
Fruits and vegetables..
Meats
Other foods
HIDES AND LEATHER PRODUCTS:
Boots and shoes
Hides and skins
Leather
Other leather products.
TEXTILE PRODUCTS:
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products.
7
9
8 j!
2 I
1933
Mar. Dec.
Jan.
Feb.
Mar.
36.0
43.0
45.3
60.4
38.0
64.3
63.7
41.]
67.4
63.2
48.2
68.3
62.3
49.5
67.7
50.9
62.7
54.3
50.5
55.8
65.1
84.7
63.0
46.0
63.4
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
83.2
41.4
55.6
77.9
98.6
74.9
80.1
87.6
98.5
77.2
79.9
87.0
98.4
78.0
80.1
86.9
98.5
73.4
79.7
86.7
61.3
50.0
47.1
25.5
53.2
66. 7
87.9
85.5
71.2
29.6
84.3
75.9
87.5
86.5
70.6
29.7
84.3
76.9
87.2
88.6
67.0
31.0
84.3
77.8
87.2
89.1
65.6
29.4
84.0
78.5
88.3
79.3
75 2
100.5
96.6
33.1
81.5
90.6
83 6
94.0
92.2
51.6
81.5
90.8
83 5
92.3
90.8
51.1
81.2 81.2
91.1 91.1
83 5 83 4
91.8
89.3
50.3 "48." 7"
1934
Mar.
Dec.
Jan.
Feb. M a r .
83.1
76.4
90.9
47.9
85.1
83.6
90.9
66.6
85.2
83.6
96.9
66.1
85.2
86.3
97.8
65.8
85.2
86.3
97.8
66.3
74 9
81.8
57.8
68 4
59.4
81 7
78.4
85 7
91.2
88.0
77 5
72.5
86 8
88.6
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
79.3
54.8
61.9
60.1
79.2
59.0
68.1
69.9
78.8
65.2
68.4
71.2
78.8
71.5
69.2
72.5
79.0
71.9
69.5
72.6
Furn ishings
72.9
71 8
82.9
79 3
83.0
79 2
83.2
79 8
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber crude
Other miscellarleous
41 3
47 3
72.2
6 3
72.6
43 2
60.3
82.5
18 0
79.0
82.9
78 8
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
METALS AND MET AL PRODU CTS:
F U E L AND LIGHTING M A T ]B RIALS:
Anthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Subgroups
Agricultural im plements
Iron and steel.
Motor vehicles
Nonferrous met als
BUILDING M A T E R I A L S :
Brick and t.ile
Cement
Lumber
Pain t, materials
Plumbing and heating
Structural steal
Othe r building materials
CHEMICA LS AND DRUGS:
Chei nicals
Drug rs and pha rmaceutica Is
Ferti lizer matei*ials
Mixe d fertilizers
HOUSEFI JRNISHING GOODS:
Furn it.11 re
MISCELLANEOUS:
Back figures.—For monthly and annual indexes of groups, see BULLETIN for March 1932, p. 199, and subsequent BULLETINS; 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.
MAY
317
FEDERAL RESERVE BULLETIN
1934
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation]
Total
Residential
Factories
Commercial
Public works
and public
utilities
1933
1933
1934
113.7
53.2
92.9
Month
January
February
March
April
May
June
July
August
September
October
November
December
>
-_:
Year
1934
83.4
52. 7 !
60.0
56.6
77.2
102 3
82.6
106 0
120.1
145 4
162. 3 I
207.2
186. 5
9fi. 7
178.4
1933
12.0
11.8
16.0
19.1
26.5
27 7
23.6
21 9
21.5
21 5
23.6
23.9
1934
15.1
14.5
28.1
249.3
1, 255. 7
CONSTRUCTION
[Value of <
Rocky
1933
CONTRACTS
DISTRICTS
1933
1934
4.3
2.8
6.4
62
5.8
7.6
7.2
66
1934
9.4
7.6
13.0
6.7
7.3
7.1
42.7
17.2
17.6
13 6
19.0
24 4
18 9
51 4
60 7
92 7
111 1
133.3
127.5
99.4
602.7
10.7
4.2
15.9
9.4
8.9
26 8
17.8
14 1
15. 1
98
82
96
11.5
10 5
AWARDED, BY
7.4
98
1933
1.4
2.2
1.3
1.1
All other
1934
1933
19.6
5.4
8.8
2.6
2.2
2.2
2.6
16.3
17.3
11.0
11.5
99
11.6
10 3
78
56
13 0
9.3
96
20.0
40.0
136.9
1.7
35
2.9
1934
17.9
11.8
19.6
COMMERCIAL FAILURES, BY DISTRICTS
[Amounts in thousands of dollars; figures reported by Dun & Bradstreel]
<: thousands of dollars; figures for 37 States east of the
--. i- reported by the F. W. Dodge Corporation]
1934
Mar.
5,357
12, 746
5,402
,485
19, 342
11,724
16, 082
5,
1,719
4,095
5,901
Liabilities
Number
Federal Reserve
district
11,646
36, 470
9,212
14,233
15, 881
20, 292
25, 241
16,718
4,507
7, 705
16, 536
Educational
Boston _ . _ _ _..
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
. ...
Dallas
San Francisco . _ ' .
Total
107
Feb.
100
Mar.
179
56
28
173
347
50
86
62
24
133
32
29
44
26
116
518
96
160
84
92
280
111
61
79
58
230
1,102
1,049
1,948
298
51
75
50
33
159
37
b.J
1934
1933
Mar.
3,830
7,893
2,555
1,836
877
570
3,610
754
712
604
581
3,405
1933
Feb. 1 Mar.
2, 366
6,853
1,301
1,353
850
406
3, 381
289
337
543
367
1,399
27, 228 19, 445
3,820
14,853
3,901
6,529
1,524
1, 983
6,617
2, 69fi
1, 409
1, 359
871
2,938
48, 500
FEDERAL RESERVE DISTRICTS
tTP'aso"J j
i
• i BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—.•BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O FEDERAL RESERVE BANK AGENCY
@FedFRASER