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 sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60: single copies, 25 cents. in TABLE OF CONTENTS Page Review of the month—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