Full text of Federal Reserve Bulletin : November 1934
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FEDERAL RESERVE
BULLETIN
NOVEMBER 1934
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Credit Extended by Banks and Governmental
Agencies
National Summary of Business Conditions
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1934
FEDERAL RESERVE BOARD
f Governor.
J. J. THOMAS, Vice Governor.
Ex officio members:
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury, Chairman.
J. F. T. O'CONNOR,
CHARLES S. HAMLIN.
ADOLPH C. MILLER.
Comptroller of the Currency.
GEORGE R. JAMES.
M. S. SZYMCZAK.
CHESTER MORRILL, Secretary.
J. C. NOELL, Assistant Secretary.
L. P. BETHEA, Assistant Secretary.
S. R. CARPENTER, Assistant Secretary.
WALTER WYATT, General Counsel.
GEORGE B. VEST, Assistant Counsel.
LEO H. PAULGER, Chief, Division of Examinations.
FRANK J. DRINNEN, Federal Reserve Examiner.
E. A. GOLDENWEISER, Director, Division of Research
and Statistics.
CARL E. PARRY, Assistant Director, Division of Research
and Statistics.
E. L. SMEAD, Chief, Division of Bank Operations.
J. R. VAN FOSSEN, Assistant Chief, Division of Banki
Operations.
0. E. FOULK, Fiscal Agent.
JOSEPHINE E. LALLY, Deputy Fiscal Agent.
FEDERAL ADVISORY COUNCIL
District no. 1 (BOSTON)
District no. 2 ( N E W YORK)
THOMAS M. STEELE.
WALTER E. FREW.
District no. 3 (PHILADELPHIA)
HOWARD A. LOEB, Vice President.
Di trict
District
District
District
H. C. MCELDOWNEY.
HOWARD BRUCE.
H. LANE YOUNG.
SOLOMON A. SMITH.
no.
no.
no.
no.
4
5
6
7
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO
District no. 8 (ST. LOUIS)
WALTER W. SMITH,
Dist ict
District
District
District
THEODORE WOLD.
W. T. KEMPER.
JOSEPH H. FROST.
M. A. ARNOLD.
no.
no.
no.
no.
9
10
11
12
MINNEAPOLIS)
(KANSAS CITY)
(DALLAS).
(SAN FRANCISCO)
^
WALTER LICHTENSTEIN, Secretary
President.
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank
o—
f
Boston
New York
Deputy governor
Governor
Chairman
W. W. Paddock
W. R. Burgess
J. E. Crane
W. S. Logan
L. R Rounds
L. F Sailer
C. H Coe
W. H. Hutt
J. S. Sinclair
C. A. Mcllhenny
M. J. Fleming
F. J. Zurlinden
C. A Peple
R H. Broaddus.
W S. Johns
H. F. Conniff
„ C R. McKay
H. P. Preston
J. H. Dillard .
R A. Young.
G. L. Harrison
F H. Curtiss
_ J. H. Case..
Philadelphia
R L. Austin
G. W. Norris
Cleveland
Richmond
Atlanta
Chicago
T, B. Williams
F, R. Fancher
W . W. HnYton
G J Seay.
Oscar Nfiwtrm
E. R. Black
E M. Stevens
G, J. Schaller
St. Louis. .
J. S. Wood
W McC. Martin
Minneapolis
Kansas City
Dallas
_ J. N. Peyton.
c
C. Walsh
San Francisco
1
W. B. Geery
M . L. McClure
G. H. Hamilton
B. A. McKinney
J U. Calkins
J
Assistant deputy governor.
Cashier
W . Willett.
J. W Jones.*
W. B. Matteson.1
J. M Rice » 3
Allan Sprout.
H. H. Kimball*
_ L. W. Knoke.i
C A. Mcllhenny.
W. J. Davis."
L. E. Donaldson.»
W. G. McCreedy.a
H. F. Strater.
G H. Keesee.
S. Walden, Jr.*
W S. McLarin, Jr.i
W. H. Snyder.2 1
W. C. Bachman. 1
0 J. Netterstrom.
A T. Sihler.i 1
E. A. Delaney.
A. L. Olson.i
0. M. Attebery
.._ 8. F. Gilmore.2
J. G. McConkey
- A H Haill.2
F. N Hall.»
G 0. Hollocher.8
0 C. Phillips.*
H I. Ziemer. 2
Harry Yaeger
F C Dunlop.
H T Ziemer
J. W. Helm.
C. A Worthington
J W Helm
Fred Harris.
R. R. Gilbert
W. 0. Ford.*
R. B. Coleman_
W. M. Hale.
W. A. Day
Ira Clerk
Controller.
M . W. Bell
• Assistant to the governor.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch.
Charlotte branch
Atlanta:
Birmingham branch
Jacksonville branch
Nashville branch
New Orleans branch
Chicago:
Detroit branch
St. Louis:
Little Rock branch
Louisville branch
Memphis branch
Managing director
R. M. O'Hara.
C. F. McCombs.
Hugh Leach.
W. T. Clements.
J. H Frye.
J. B. Fort, Jr.
Marcus Walker.
R. H. Buss.
A. F. Bailey.
J. T. Moore.
W. H. Glasgow.
Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Kansas City:
Denver branch
Oklahoma City branch
Omaha 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.
J. E Olson.
C E. Daniel.
L. H. Earhart.
_ 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 t he United States, Canada, Mexico, and the insular possessions,
$2.60; single copies, 25 cents.
in
TABLE OF CONTENTS
Page
Review of the month—Credit extended by banks and governmental agencies
711
Balance of international payments of the United States
716
Federal Deposit Insurance Corporation—Condition of insured banks and trust companies, June 30, 1934_ 763
National summary of business conditions
717
Financial, industrial, and commercial statistics:
Reserve bank credit, gold stock, money in circulation, etc
718-722
Member and nonmember bank credit:
All banks in the United States
725
All member banks
723, 724, 758, 762
Weekly reporting member banks in leading cities
726, 759
Brokers' loans
726
Acceptances and commercial paper
727
Discount rates and money rates
728
Treasury
finance
729
Assets and liabilities of governmental credit agencies
730
Reconstruction Finance Corporation—Loans, subscriptions, and allocations
731
Farm Credit Administration—Loans and discounts outstanding, by institutions
732
Home Owners' Loan Corporation—Summary of operations
732
Federal home loan banks—Assets and liabilities
732
Security prices, bond yields, and security issues
733
Production, employment, car loadings, and commodity prices
734
Merchandise exports and imports
735
Department stores—Indexes of sales and stocks
735
Freight-car loadings, by classes
:
735
Financial statistics for foreign countries:
Gold reserves of central banks and governments
736
Gold production
737
Gold movements
737-739
Government note issues and reserves
740
Bank for International Settlements
740
Central banks
741-743
Commercial banks
744
Discount rates of central banks
745
Money rates
745
Foreign exchange rates
746
Price movements:
Wholesale prices
747
Retail food prices and cost of living
748
Security prices
748
Law department:
Rulings of the Federal Reserve Board:
Classification of capital notes and debentures of State member banks as capital
749
Cumulative voting by holding company affiliates of member banks
749
Applicability of section 32 of Banking Act of 1933 to "manager" of branch office of dealer in
securities
750
Rulings nos. 26-36 interpreting Regulation T
750-752
Participation by national banks in industrial loans under act of June 19, 1934—Circular issued by
Comptroller of the Currency
^
752
Federal Reserve statistics by districts, etc.:
Banking and financial statistics
756-762
Industrial and commercial statistics
764-769
October crop report
769
IV
FEDERAL RESERVE BULLETIN
VOL.
20
REVIEW OF THE MONTH
During October there was little change in the
volume of excess reserves of member banks,
which remained at about $1,750,Member bank
000,000. This constant volume
reserves
of excess reserves represented
the result of offsetting factors—chief among
which were an increase in required reserves,
reflecting a growth in deposits at member
banks, and a seasonal increase in money in
circulation, offset by a reduction of Treasury
cash and deposits with the Reserve banks.
Volume of Reserve bank credit outstanding
decreased slightly during the month.
Since the end of July the volume of money in
circulation increased by about $150,000,000,
and during September and
Demand for
October it averaged about
currency
$100,000,000 larger than a year
ago. While the recent expansion in the volume
of currency in circulation has been largely
seasonal in character, the growth compared
with a year ago has reflected an increase in the
demand for currency arising from an enlarged
volume of wage payments and retail trade at
higher prices, offset in part by a return of currency from hoarding. These developments are
illustrated by the accompanying chart. The
chart shows changes in the volume of paper
currency in circulation by denominations from
month to month since the end of October
1930, when the public began to withdraw currency for hoarding. The sharp increases in outstanding currency that occurred on several
occasions from October 1930 to March 1933
were most pronounced in denominations of $50
and over, less pronounced in denominations of
$20 and $10, and seldom substantial in denominations of $5 and under. Money held in hoards
has been for the most part in the larger denominations. In the 3 months following the banking
No. 11
NOVEMBER 1934
crisis in 1933 there was a rapid returnflowof
currency of the higher denominations. Since
June 1933 the demand for currency of the
lower denominations, used most actively in
daily transactions, has increased, while the
volume of currency in denominations of $50 and
over, which constitute the bulk of hoarded
money, has declined considerably. Notwithstanding the reduction since March 1933, the
reported circulation of paper currency of denominations of $50 and over on September 29,
DENOMINATIONS OF PAPER CURRENCY
MILLIONS OF DOLLARS
( End of month figures )
MILLIONS OF DOLLARS
1934, was $600,000,000 larger than in October
1930, before the hoarding movement began.
Volume of bank deposits has shown a further
considerable growth in recent weeks, increases
being shown in customers' deMember bank
mand deposits and in bankers'
credit
balances, while Government
deposits have declined. Loans and investments of reporting member banks also increased somewhat in October, reflecting in711
712
FEDERAL RESERVE BULLETIN
creases in commercial loans and in holdings of
securities guaranteed by the United States
Government.
The form of the weekly report of member
banks in leading cities has recently been revised
to provide a more detailed classification of loans
and investments. The figures of loans on
securities have been broken down to show
separately loans to brokers and dealers in New
York City, loans to brokers and dealers elsewhere, and loans on securities to others. The
item "all other loans", which previously included all loans other than loans on stocks and
bonds, has been subdivided into three items:
Acceptances and commercial paper purchased
in the open market, loans on real estate, and
other loans. The figures for October are shown
on page 759 of this BULLETIN. The accompanying table gives figures on loans and investments
of reporting banks as of June 30, 1934, and
October 31, 1934. These figures are for banks
which account for about two-thirds of the loans
and investments of all member banks, the
banks not included being for the most part
country banks. Similar figures for all member
banks for June 30, 1934, and for previous call
report dates appear in the table on page 724 of
this BULLETIN.
The table shows that since June there has
been a growth of about $120,000,000 in the total
of reporting member bank loans and investments. The item of " other loans ", composed
largely of loans for commercial, industrial, and
agricultural purposes, increased -by about
$225,000,000, and the banks' holdings of acceptances and commercial paper increased by
$50,000,000. There was also a substantial
growth in investments, reflecting an increase in
holdings of obligations guaranteed as to principal and interest by the United States Government. Loans on securities both to brokers
and dealers in securities and to customers were
considerably reduced.
LOANS
AND
November 1934
INVESTMENTS OF REPORTING
BANKS IN LEADING C I T I E S
MEMBER
[In millions of dollars]
June 30, Oct. 31,
1934 1
1934
Loans and investments—total
Loans on securities—total
To brokers and dealers:
In New York
Outside New York.
.._
Toothers
._._
Acceptances and commercial paper. _
Loans on real estate
Other loans
U. S. Government direct obligations.
Other securities
Change
17,720
17,837
+117
3,484
3,051
-433
960
190
2,334
693
153
2,205
-267
-37
-129
407
1,011
3, 088
456
986
3,314
+49
-25
+226
6,637
3, 093
6,639
3,391
+2
+298
1
Breakdown of loans and investments in San Francisco district
partially estimated.
Both the decrease in security loans and the
increase in other loans were largely at New
York City banks. Of the increase in other
loans, about $150,000,000 was at New York
City banks, and other increases occurred in
the western and southern districts. In the
other eastern districts such loans declined in
the period or remained unchanged, while
holdings of acceptances and commercial paper
increased.
With the inauguration of the new form of
weekly member bank reports, there has been a
change in the method of pubBrokers'
lishing figures for brokers' loans.
loans
Heretofore in connection with
the weekly reporting member bank statements,
published figures for brokers' loans have covered only loans made by New York City banks,
including those made for their own account,
those made for the account of out-of-town
banks, and those made for the account of other
lenders. These reported figures have comprised
loans made to brokers and dealers in securities
outside of New York City, as well as to brokers
and dealers in New York City. The new
report forms, as published weekly, show only
November 1934
FEDERAL RESERVE
loans made for own account, with loans made
to brokers and dealers outside New York
shown separately from those made to borrowers
in New York City. In addition the new reports
also show brokers' loans, similarly divided,
made by banks outside of New York City
for their own account, whether made directly
or through the medium of a correspondent.
Figures, previously shown every week, for
brokers' loans made by New York City banks
for the account of outside banks and others
are no longer included in the weekly statement,
but these figures will continue to be collected
and will be regularly published in the BULLETIN.
Loans "for others" have become negligible
since loans for nonbanking customers were
prohibited in 1931 by a rule of the New York
Clearing House and later by the Banking Act
of 1933. At present the amount of loans made
by banks outside New York City other than the
weekly reporting member banks is also small.
Total reported loans made by member and nonmember banks to brokers and dealers in securities as of June 30, 1934, are shown in the table
below. The figures for loans by nonmember
banks, which have not been previously availTOTAL REPORTED LOANS TO BROKERS AND DEALERS
IN SECURITIES JUNE 30, 1934
[In millions of dollars]
Total
Member banks—total
New York City banks
Other banks
Insured nonmember banks
Total
•
_
Brokers
and
dealers
in New
York
City
Brokers
and
dealers
elsewhere
1,289
1,082
207
938
351
883
198
55
152
40
34
6
1,329
1,116
213
able, cover only insured banks and were taken
from the call report of the Federal Deposit
Insurance Corporation. The figures shown in
the table compare with brokers' loans as reported on the old basis by weekly reporting
member banks in New York City as of June
30, 1934, of $1,035,000,000, of which $864,000,000 were for own account, $166,000,000 for
out-of-town banks, and $5,000,000 for other
banks and bankers.
BULLETIN
713
Through October 31, 1934, the Federal
Reserve banks had approved
unconditionally 408 applications for industrial advances,
involving Reserve bank participation of $17.415,000, and in addition had approved 231
applications for $9,628,000 subject to fulfillment by the applicants of specified conditions.
The Reserve banks had disbursed on these
approved loans $6,226,000 and received repayments of $77,000, leaving $6,149,000 of
advances outstanding on October 31. Commitments for $3,218,000 of loans were also
outstanding on that date. Industrial Advisory Committees had recommended approval
of applications totaling about $35,000,000,
including those recommended subject to
conditions.
Crop, livestock, and commodity loans made
by the agencies of the Farm
Agricultural loans Q re( jit Administration and by
by Government _ _.
_. „ _. ~ J
agencies
the Commodity Credit Corporation showed a decrease of
about $130,000,000 in the total amount
outstanding from the end of June to the end
of September. Loans made by institutions
under the Farm Credit Administration are
shown in a table on page 732 of this issue of the
BULLETIN and will hereafter be regularly
published in the BULLETIN. Loans other than
mortgage loans (and excluding duplications)
made by these institutions, after decreasing
somewhat last fall and winter, increased from
about $370,000,000 at the end of March 1934
to $420,000,000 at the end of July. This total
remained unchanged in August, and in September there was a reduction of about $11,000,000.
There has been a considerable shift among the
agencies making these loans; loans by regional
agricultural credit corporations and those to
cooperatives under the Agricultural Marketing
Act have been reduced, while loans by the
recently formed production credit associations
and banks for cooperatives have increased.
In addition to these loans, the Commodity
Credit Corporation, using funds borrowed from
the Reconstruction Finance Corporation, from
October 1933 through June of this year made
714
FEDERAL RESERVE BULLETIN
extensive loans on cotton and corn to producers
of these crops in connection with the agricultural adjustment program. Borrowings by the
Commodity Credit Corporation from the Reconstruction Finance Corporation, shown on
page 731 of this issue of the BULLETIN, reached
a maximum of $203,000,000 at the end of June
and subsequently declined rapidly to $76,000,000 at the end of September. There was a
further reduction in October. In September,
however, a new loan of $250,000,000 was
authorized by the Eeconstruction Finance
Corporation to cover advances on this year's
crops, and the unused portion of the former
authorization was canceled.
Mortgage loans by institutions under the
Farm Credit Administration and the Home
Loan Bank Board have inMortgage loans c r e a s e d considerably in recent
J
by Government
agencies
.,
.,
,.
months. At the same time
loans by the Reconstruction
Finance Corporation to building and loan
associations, insurance companies, and mortgage-loan companies have shown some decline
in amounts outstanding. Figures of loans by
the agencies of the farm-credit and home-loan
bank systems are shown in this issue of the
BULLETIN in tables on page 732 and will hereafter be regularly published in the BULLETIN.
Mortgage loans on farm land by the Federal
land banks and by the Land Bank Commissioner, which increased by about $180,000,000
in the last half of 1933 to a total of $1,284,000,000, increased further in the first 9 months of
1934 by over $1,000,000,000. Within recent
months most of these loans have been made
by giving borrowers bonds of the Federal
Farm Mortgage Corporation instead of cash.
At the end of August there were $665,000,000
Federal Farm Mortgage Corporation bonds
outstanding, including about $100,000,000 of
bonds sold by public offering as well as those
issued in exchange for mortgages.
Mortgage loans on homes have been made by
the home-loan banks and by the Home
Owners7 Loan Corporation. Most of the operations of the home-loan banks have consisted of
loans on mortgages to building and loan associa-
November 1934
tions, members of the home-loan system.
Such loans at the end of September amounted
to $86,000,000. The Home Owners' Loan
Corporation had up to the end of September
closed a total of $1,656,000,000 of mortgage
loans. Mos£ of these loans were made by exchanging the bonds of the Corporation for
mortgages, but some cash payments were made
to cover taxes, repairs, and reconditioning, and
in taking over loans from closed institutions.
In order to raise cash funds the Corporation
sold bonds by public offering in amounts of
$150,000,000 in August and $50,000,000 in
October. At the end of August $1,440,000,000
of Home Owners' Loan Corporation bonds
were outstanding. A table showing loans
made by months by the Corporation is given
in this issue of the BULLETIN on page 732, and
the assets and liabilities of the Corporation as
of the end of August are shown, along with
those of other Government credit agencies, in
the table on page 730. Further details regarding the operations of the Federal home-loan
system may be obtained from the Federal
Home Loan Bank Review, the first copy of
which was issued in October by the Federal
Home Loan Bank Board.
The Bank of France continued to receive
gold during October. On November 2 the
bank's reserves were nearly
mov°ementf ^
restored to the peak that had
been reached in December 1932
when, calculated at $35 an ounce, they
amounted to $5,500,000,000. In the year and
a quarter following, reserves of the Bank of
France experienced three periods of decline.
The decline that set in in December 1932 was of
moderate proportions, reflecting in part the
adverse balance that had developed in the
current international transactions of the country and in part some movement of capital to
England. During the unsettled period which
followed the banking collapse and the suspension of the gold standard in the United States
capital returned to France and reserves previously lost by the bank were to a large extent
November 1934
FEDERAL RESERVE BULLETIN
restored. In the fall of 1933 political disturbances in France resulted in a heavy outflow
of gold accompanying another large movement
of capital to England, and immediately following revaluation of the dollar in terms of gold
in January 1934 there was a substantial movement of gold from France to the United States.
These two periods of withdrawal occurring in
close succession reduced the gold holdings of
the bank by $550,000,000. Subsequently gold
began to return to France and in the 8 months
ending November 2 of this year the Bank of
France added $570,000,000 of gold to its reserves. Gold reserves of Switzerland and
Netherlands have also increased. The Swiss
National Bank acquired $88,000,000 of gold
from April 30 to October 31 and the Netherlands Bank $66,000,000 from March 26 to
October 29. Toward the end of October,
however, exchange on Paris, Amsterdam, and
Brussels fell to a level at which gold shipments
to the United States were profitable; and early
in November gold exports were under way from
all three centers.
During the period from England's suspension
of the gold standard in September 1931 to the
end of 1933, nearly $2,000,000,000 of gold is
estimated to have gone into unreported holdings
in Western Europe. These holdings include
gold hoarded by individuals and commercial
banks and held by the British Exchange Equalization Fund. From March through August of
this year about $350,000,000 of this unreported
gold was returned to central bank reserves.
Since the end of August there appears to have
been some increase again in unreported gold
holdings.
In Germany gold reserves have been little
affected by world developments because of the
Government's control over dealings in foreign
exchange inaugurated at the time of the finan-
715
cial crisis in 1931. At the beginning of 1932
gold reserves of the Reichsbank, valued at $35
an ounce, stood at about $400,000,000; by the
middle of 1934 these reserves had declined to
$30,000,000, owing largely to repayment of
foreign credits during 1933 by the Reichsbank
and Golddiskontbank and to continued liquidation of blocked reichsmarks and repurchase of
German securities abroad. The decline in
Reichsbank reserves ceased in June 1934 when
the policy was adopted of releasing to German
importers only such foreign exchange as was
available from German exports and services.
Since September 24 foreign exchange has been
released in payment for imports only when
exchange permits have been granted previous
to the importation of the merchandise.
Change in the Board's Staff
Effective October 30, 1934, Mr. H. Warner
Martin resigned as Assistant to the Governor
of the Federal Reserve Board. Mr. Martin
had served in that position since August 16,
1933.
Change in Foreign Central Bank Discount Rate
On November 1, the Bank of Java reduced
its discount rate from 4 to 3K percent.
Call Report of Insured Banks
The Federal Deposit Insurance Corporation
released to the press on October 22 a pamphlet
presenting details with respect to the condition
of insured banks as of June 30, 1934. A summary tabulation from this publication appears
on page 763 of this BULLETIN.
716
FEDERAL RESERVE BULLETIN
November 1934
BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES
The Department of Commerce has published the following table summarizing the international transactions of the United States in the first half of 1934:
Balance
Dollar
receipts
1. Merchandise:
We sold goods in the amount of
and bought goods in the amount of
$1,036,000,000
863,000,000
2. Service items:
Our tourists' expenditures
. . . $105,000,000
our immigrants' remittances
58,000,000
our payments of interest, dividends, etc., on foreign investments in the United States. 25,000,000
and our payments for miscellaneous service items
161,000,000
Total...
Foreign tourists' expenditures in the United States
_
25,000,000
our receipts of interest, dividends, etc., on United States investments in foreign countries
_1
185,000,000
and our receipts for miscellaneous service items
125,000,000
Total....
_
Dollar payments
$173,000,000
349,000,000
335,000,000
3. Gold and paper currency:
We imported gold including earmarking (net)
and received from abroad paper currency (net).
4. Capital:
We sold stocks and bonds in the amount of
and bought stocks and bonds in the amount of
$14,000,000
920,000,000
30,000,000
850,000,000
625,000,000
950,000,000
225,000,000
We also received, net, on account of sinking fund and bond redemption, direct investments, inflow
of funds from arbitrage transactions, etc., an aggregate of-
85,000,000
thereby changing our long-term creditor-debtor position to an extent involving a net inflow of
funds aggregating
Further, there was an inflow of short-term banking funds due to (a) increase in foreigners' banking
funds in the United States and (b) decrease in United States banking funds in foreign countries.
310,000,000
5. Other items:
Other items i
250,000,000
560,000,000
231,000,000
964,000, C O
O
964,000,000
1
These items represent the net result of a number of movements which it is impossible to estimate separately. Probably the most important
element in this residual was the unestimated net inflow of short-term funds on account of others than banks. Other items include (1) foreign exchange profits and losses, as influenced particularly by dollar devaluation; (2) letters of credit and travelers' checks paid for by American tourists
but not yet utilized; (3) various other lags and leads inherent in a balance-of-payments statement covering such a short period as 6 months; and
(4) possible errors and omissions in the compiled estimates.
November 1934
FEDERAL RESERVE BULLETIN
717
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled Oct. 23 and released for publication Oct. 25]
Volume of industrial production remained
unchanged in September when there is usually
a seasonal increase and factory employment
and pay rolls declined. An important factor
in the decrease was the strike in the textile
industry. Retail trade in rural districts showed
a large increase, and sales at department stores
in cities also increased, though somewhat less
than seasonally. Deposits at banks and commercial loans continued to increase.
Production and employment.—Volume of
industrial production, as measured by the
Board's seasonally adjusted index, declined
from 73 percent of the 1923-25 average in
August to 71 percent in September. There
were substantial declines in activity at cotton
and woolen mills, reflecting the influence of
the textile strike, and in the output of shoes,
automobiles, and lumber. After the termination of the strike textile production increased.
Steel mill operations, which had declined
sharply during the summer, have been at a
higher level in recent weeks than in the early
part of September. Production of beef and
lamb increased further in September, reflecting in part the disposal of animals bought in
the drought areas by the Federal Government.
Wheat flour production and sugar meltings
also were larger in September. Output of
anthracite and bituminous coal showed a
larger than seasonal increase.
Factory employment and pay rolls declined
considerably in September, largely as a result
of the textile strike. The number of workers
employed was substantially reduced in the
automobile, iron and steel, and shoe industries,
as well as in the basic textile industries. There
was a larger than seasonal increase in employment in clothing industries, while in the nonferrous metals, building materials, food products,
and paper and printing industries employment
was sustained. Among nonmanufacturing lines,
employment increased seasonally from August
to September at coal mines and in retail trade.
There was also a substantial increase in number
of persons provided with work by the emergency work program of the Federal Relief
Administration, while employment on public
works decreased somewhat.
The value of construction contracts awarded,
as reported by the F. W. Dodge Corporation,
continued in about the same volume during
September as in other recent months.
Department of Agriculture crop reports for
October 1 indicated a cotton crop of 9,443,000
bales as compared with a yield of 13,047,000
bales last year. The corn crop, which averaged
2,516,000,000 bushels from 1927 to 1931, is
estimated at 1,417,000,000 bushels this year.
Hay and pasture conditions improved in September, and weather in the first half of October
was generally favorable for forage crops.
The yield of white potatoes is estimated at
362,000,000 bushels, about equal to the average
for 1927-31.
Distribution.—Daily average railroad freightcar loadings increased from August to September by about the usual seasonal amount, but
declined slightly in the first half of October.
Sales at department stores increased from
August to September by somewhat less than
the estimated seasonal amount, while retail
sales of general merchandise in rural districts,
as shown by reports of mail-order houses and
chain stores to the Department of Commerce,
increased considerably.
Commodity prices.—Wholesale prices of
farm products and foods, which had advanced
sharply in August and the first week of September, subsequently declined somewhat. The
weekly index of wholesale prices of the Bureau
of Labor Statistics, which had advanced from
74 percent of the 1926 average at the beginning
of June to 78 percent early in September, stood
at 76 percent in the second week of October.
Recent declines occurred principally in those
products which had increased most rapidly in
preceding weeks, such as wheat, cotton, livestock, and meats. Prices of commodities other
than farm products and foods have in general
shown little change since last January, but
within recent weeks prices of textile products
and scrap steel declined slightly and gasoline
prices showed a considerable decrease. The
open-market price of silver advanced sharply
in the first half of October.
Bank credit.—Excess reserves of member
banks have shown no material change during
the past month and on October 17 amounted
to about $1,750,000,000. A reduction in
Treasury cash and deposits with the Federal
Reserve banks somewhat more than offset a
seasonal growth of $57,000,000 in the volume
of money in circulation and a continued growth
in required reserves arising from a growth in
deposits. Volume of Reserve bank credit outstanding showed little change.
At reporting member banks in leading cities
there was a further growth in deposits and in
loans and investments. Between September
718
FEDERAL RESERVE BULLETIN
19 and October 17 total deposits of the banks
increased by about $500,000,000. Commercial
loans to customers and member banks' holdings
of United States Government securities increased further, while security loans declined.
November 1934
Short-term money rates continued at low
levels during September and the first 3 weeks
of October. Yields on Government securities
declined in October, following an increase in
August and September.
RESERVE BANK CREDIT AND RELATED ITEMS
Weekly basis: Wednesday series
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
8000
6000
70Q0
7000
6000
6000
5000
5000
4000
4000
3000
3000
2000
2000
1000
1000
TREASURY CASH
DEPOSITS WITH F. R. BANKS
I . . i
1929
1930
1931
1932
i ,. I .....
1933
Based on Wednesday figures; latest figures are for October 31. See table on page 719.
..i . .I. .
1934
719
FEDERAL RESERVE BULLETIN
November 1934
FEDERAL RESERVE BANK CREDIT
RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES)
[In millions of dollars]
]Reserve bank credit outstanding
Date (Wednesday)
Bills discounted
1933—Sept. 6 _.
Sept. 13.
Sept. 20.
Sept. 27.
Oct. 4 . . .
Oct. 11..
Oct. 1 8 Oct. 2 5 Nov. 1—
Nov. 8—
Nov. 15.
Nov. 22.
Nov. 29.
Dec. 6...
Dec. 13Dec. 20..
Dec. 27..
1934—Jan. 3 . . .
Jan. 10..
Jan. 1 7 Jan. 24..
Jan. 31 Feb. 7...
Feb. 14..
Feb. 21..
Feb. 28Mar. 7 Mar. 14.
Mar. 21Mar. 28.
Apr. 4...
Apr. 11Apr. 18..
Apr. 25..
May 2__.
May 9._.
May 16..
May 23..
May 30.
June 6__.
June 13_
June 20.
June 27July3._
July 11..
July 18..
July 25..
Aug. 1—
Aug. 8—
Aug. 15Aug. 22Aug. 29Sept. 5 Sept. 12.
Sept. 19.
Sept. 26.
Oct. 3__
Oct. 10_.
Oct. 17_.
Oct. 24..
Oct. 31..
145
133
130
133
123
119
113
115
117
112
111
112
119
116
118
115
111
106
104
101
97
83
73
68
66
64
59
55
51
53
48
43
40
40
38
37
34
34
34
29
28
28
27
29
23
23
21
21
21
20
20
21
24
23
22
20
15
12
12
11
11
Bills
bought
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
8
7
6
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
6
6
6
6
6
6
Other reU.S.
Governserve
ment sebank
curities
credit
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
2,432
2,432
2,430
2,430
2,430
2,430
2,430
2,430
2,430
2,432
2,432
2,432
2,432
2,432
2,432
2,431
2,432
2,432
2,432
2,431
2,431
2,430
2,431
2,430
2,430
2,430
2,430
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
8
2
8
-9
5
4
(3)
(3)
9
5
6
9
3
-1
1
10
8
5
3
22
8
-3
5
3
()
(3)
11
5
6
10
8
7
3
(3)
9
5
8
Treasury
Treasury
cash and Nonand
MoneMoney in Member deposits memtary gold national- circula- bank rewith
y. _
J_
serve
DanK
Federal Der destock i
tion
balances Reserve posits
currency
banks
o
Total
2,330
2,357
2,388
2,421
2,449
2,477
2,513
2,526
2,550
2,542
2,564
2,562
2,581
2,615
2,677
2,686
2,674
2,688
2,655
2,646
2,631
2,630
2,606
2,593
2,592
2,567
2,539
2,532
2,508
2,519
2,509
2,492
2,493
2,486
2,484
2,484
2,473
2,469
2,470
2,475
2,472
2,468
2,465
2,488
2,468
2,460
2,456
2,463
2,458
2,468
2,457
2,463
2,467
2,469
2,466
2,463
2,455
2,448
2,457
2,452
2,455
4,041
4,039
4,039
4,037
4,037
4,037
4,036
4,036
4,036
4,036
4,036
4,036
4,036
4,036
4,036
4,036
4,036
4,036
4,036
4,035
4,035
4,033
2 7,036
7,089
7,203
7,438
7,556
7,605
7,640
7,681
7,703
7,732
7,746
7,755
7,756
7,756
7,753
7,766
7,776
7,790
7,820
7,835
7,846
7,866
7,881
7,897
7,911
7,932
7,957
7,979
7,983
7,981
7,963
7,968
7,972
7,976
7,980
7,985
7,990
7,993
8,002
2,280
2,281
2,280
2,279
2,279
2,278
2,277
2,277
2,276
2,275
2,275
2,276
2,277
2,277
2,295
2,299
2,304
2,303
2,302
2,302
2,301
2,302
2,301
2,301
2,301
2,302
2,312
2,332
2,343
2,356
2,369
2,381
2,381
2,380
2,381
2,380
2,380
2,375
2,371
2,365
2,361
2,359
2,364
2,365
2,365
2,363
2,364
2,361
2,357
2,375
2,390
2,403
2,412
2,414
2,412
2,409
2,407
2,403
2,410
2,429
2,434
5,361
5,315
5,318
5,307
5,365
5,386
5,363
5,321
5,353
5,386
5,368
5,366
5,455
5,471
' 5,476
5,561
5,537 '
5,504
5,397
5,356
5,294
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
5,359
5,352
5,344
5,316
5,338
5,342
5,313
5,310
5,301
5,397
5,344
5,328
5,291
5,315
5,334
5,343
5,347
5,345
5,419
5,409
5,412
5,403
5,468
5,479
5,469
5,436
5,454
2,439
2,542
2,543
2,596
2,523
2,567
2,655
2,693
2,591
2,578
2,645
2,687
2,573
2, 561
2,638
2,636
2,675
2,710
2,777
2,788
2,851
2,652
2,736
2,851
2,830
3,093
3,313
3,454
3,449
3,439
3,450
3,560
3,665
3,744
3,570
3,678
3,694
3,767
3,763
3,787
3,895
3,769
3,837
3,746
3,902
3,987
4,020
3,915
4,059
4,064
4,072
4,127
3,907
3,948
3,889
3,970
3,895
3,979
3,996
3,985
4,006
327
317
334
331
372
338
284
302
178
157
164
156
159
155
166
167
388
373
345
316
369
386
379
329
315
311
353
407
398
597
178
a 3,449
3,391
3,499
3,440
3,294
3,226
3,252
3,318
3,323
3,239
3,204
3,148
3,177
3,098
3,082
3,052
3,051
3,034
2,956
3,121
3,077
3,113
3,014
2,954
2,972
3,074
2,941
2,976
2,972
2,944
3,087
3,058
3,124
3,061
3,068
2,967
2,968
3,049
3,030
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
280
257
252
242
233
230
251
224
225
232
223
222
220
219
209
211
211
204
203
213
195
Other
Federal
Reserve
accounts
346
348
347
346
345
358
357
353
355
355
355
354
354
355
362
362
357
295
288
287
287
299
290
291
292
294
301
302
303
297
312
237
237
235
235
233
233
232
237
238
239
236
230
231
229
228
186
232
229
228
228
226
225
224
230
229
182
183
183
165
164
229
229
239
239
237
1 Beginning Jan. 31,1934, all monetary gold has been held by the Treasury. Prior to Jan. 31,1934, monetary gold stock figures include gold
in Federal Reserve banks and Treasury and revised estimates of gold coin in circulation (see BULLETIN for March 1934, p. 150, and October, p. 640).
2
By proclamation of the President dated Jan. 31,1934, at 3:10 p.m., the weight of the gold dollar was reduced from 25$4o grains to 15%i grains
nine-tenths fine. The resulting increase in the value of the monetary gold stock, $2,806,000,000, 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."
«Less than $500,000.
NOTE.—For explanation of recent rearrangement of certain data in this table, see BULLETIN for February 1934, p. 93,
720
FEDERAL RESERVE BULLETIN
November 1934
RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES)
[In millions of dollars]
Reserve bank credit outstanding
Month or week
Bills
discounted
Bills
bought
U.S.
Government
securities
Other
reserve
bank
credit
Total
Treasury
Mone- and na- Money
tary gold tionalin cirstock *
bank
culation
currency
1933—August
SeptemberOctober
NovemberDecember..
159
138
119
114
117
8
7
7
15
101
2,064
2,202
2,355
2,437
2,432
2,239
2,358
2,492
2,574
2,669
4,035
4,040
4,036
4,036
4,036
2,280
2,280
2,277
2,275
2,293
5,329
5,344
1934—January
February,..
March
April
May
June
July.
August
SeptemberOctober
101
70
65
43
36
28
23
21
22
12
113
87
40
16
6
5
5
5
5
2,432
2,432
2,437
2,439
2,431
2,424
2,432
2.432
2,431
2,430
2,656
2,597
2,535
2,507
2,479
2,464
2,469
2,464
2,469
2,457
4,035
2 7,138
7,602
7,736
7,759
7,821
7,893
7,971
7,971
7,989
Treasury
Member cash and Nondeposits membank
with
reserve
Federal ber debalances Reserve posits
banks
Other
Federal
Reserve
accounts
5,394
5,523
2,375
2,489
2,590
2,629
2,616
316
328
333
349
357
186
169
163
158
143
349
347
351
355
358
2,302
2,303
2,333
2,377
2,378
2,363
2,364
2,378
' 2,411
2,415
5,382
5,339
5,368
5,366
5,355
5,341
5,350
5,355
' 5,427
5,473
2,764
2,822
3,361
3,594
3,695
3,79G
3,928
4,045
3,947
3,964
397
2 3,448
3,298
3,222
3,083
3,054
2,999
2,976
3,054
3,011
146
136
144
170
249
226
219
208
197
177
305
293
299
268
234
237
230
228
227
234
Week ending SaturdayJuly
July
July
July
7
14
21
28
2,432
2,432
2,432
2,432
2,480
2,472
2,467
2,461
7,866
7,881
7,896
7,913
2,364
2,365
2,364
2,364
5,367
5,342
5,310
3,776
3,892
3,971
4,019
3,076
3,007
2,967
2,967
229
221
219
214
231
231
228
228
Aug.
Aug.
Aug.
Aug.
4...
111825-
2,432
2,432
2,432
2,432
2,463
2,464
2,467
2,461
7,935
7,961
7,979
7,982
2,361
2,360
2,375
2,390
5,330
5,349
5,357
5.361
3,979
4,020
4,072
4,073
3,010
2,979
2,956
2,962
210
208
207
210
230
229
229
227
Sept. 1 —
Sept. 8 —
Sept. 15Sept. 22..
Sept. 29..
2,432
2,432
2,431
2,431
2,431
2,464
2,470
2,473
2,469
2,463
7,979
7,967
7,968
7,972
7,976
2,403
2,413
2,414
2,412
-2,408
5,368
5,423
5,427
5,430
5,429
4,081
3,951
3,964
3,920
3,943
2,965
3,047
3,034
3,080
3,061
205
204
205
193
186
227
225
225
229
••228
Oct.
Oct.
Oct.
Oct.
2,431
2,429
2,430
2,430
2,458
2,453
2,461
2,456
7,980
7,985
7,989
7,994
2,406
2,403
2,412
2,426
' 5,476
5,489
5,484
5,455
3,909
3,976
3,963
3,985
' 3,047
2,961
3,000
3,030
183
187
178
167
229
229
238
239
6__
13 _
20.
27-
RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES)
[In millions of dollars]
Reserve bank credit outstanding
End of month
Bills
discounted
1933—Aueust
SeDtember
October
November __
December
1934—January
February.
March
April
May
June
July
August
- _.
September
October
153
128
116
119
98
83
64
54
39
31
25
22
23
15
11
Bills
bought
United
States
Government
securities
Other
reserve
bank
credit
7
7
7
24
133
2,129
2,277
2,421
2,432
2,437
8
9
5
7
20
111
62
29
9
5
5
5
5
6
2.434
2,432
2,447
2,431
2,430
2,432
2,432
2,432
2,431
2,430
2
8
15
6
—4
10
3
4
11
8
6
Treasury
Total
Monetary gold
stock *
Treasury
and nationalbank
currency
Money
in circulation
Other
Member cash and Non- Federal
deposits
bank
mem- Reserve
with
reserve
Federal ber deacbalances Reserve posits counts
banks
2,297
2,421
2,548
2,581
2,688
2,630
2,567
2,545
2,485
2,463
2,472
2,462
2,464
2.464
2,455
4,041
4,037
4,036
4,036
4,035
2,281
2,278
2,277
2,277
2,303
5,325
5,363
5,347
5,455
5,518
2,409
2,538
2,685
2,573
2,729
4,033
2 7,438
7,694
7,757
7,779
7,856
7,930
7,978
7,978
8,002
2,302
2,302
2,361
2,378
2,368
2,367
2,361
2,408
2,405
2,434
5,289
5,355
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,454
2,652
3,093
3,457
3,599
3,746
3,840
4,029
4,052
3,934
4,006
341
331
299
369
287
597
2 3,440
3,293
3,148
3,053
3,016
2,971
2,968
' 3,051
3,030
197
155
173
142
132
347
348
356
354
360
141
127
157
268
222
233
207
208
178
164
287
292
299
236
232
233
229
226
228
237
r Revised.
» Beginning Jan. 31,1934, all monetary gold has been held by the Treasury. Prior to Jan. 31, 1934, monetary gold stock figures include gold in
Federal Reserve banks and Treasury and revised estimates of gold coin in circulation (see BULLETIN for March 1934, p. 150, and October, p. 640).
« By proclamation of the President dated Jan. 31,1934, at 3:10 p. m., the weight of the gold dollar was reduced from 25 8/10 grains to 15 5/21 grains
nine-tenths fine. The resulting increase in the value of the monetary gold stock, $2,806,000,000, 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."
NOTE.—For explanation of recent rearrangement of certain data in this table, see BULLETIN for February 1934, p. 93.
721
FEDERAL RESERVE BULLETIN
November 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]
Oct. 31, 1934 Sept. 30,1934 Oct. 31, 1933
Gold certificates on hand and due from U. S. TreasuryGold.
Redemption fund—Federal Reserve notes
Other cash._
Total reserves
Redemption fund—Federal Reserve bank notes.
Bills discounted:
For member banks
For nonmember banks, etc
Total bills discounted
Bills bought:
Payable in dollars:
Bought outright
Payable in foreign currencies
Total bills bought
Industrial advances
U. S. Government securities:
Bought outright
Under resale agreement
Total U. S. Government securities
.
Other Reserve bank credit:
Municipal warrants
Due from foreign banks
Reserve bank float (uncollected items in excess of deferred availability items)..
Total Reserve bank credit outstanding
_._
Federal Reserve notes of other Reserve banks
_
Uncollected items not included in float
Bank premises
—
All other assets
Total assets
4,966, 481
4,958,653
22,032
223,407
5,211,920
1,829
21, 798
215,949
5,196,400
2,186
952,444
2,601, 232
37,369
225,876
3,816,921
11, 699
10,919
10,985
15,285
64
15,349
115,002
553
115, 555
587
5,495
6, 082
6,149
121
5,691
5,812
2,178
965
5,686
6,651
2,430,171
2,430,171
2,430,186
1,000
2,431,186
2,419,498
1,600
2,421,098
811
1,054
2,455, 252
19, 744
438,939
52,974
48,094
8,228, 752
327
1,819
7,026
2,463,697
20,364
430, 783
52,821
54,084
8,220,335
1,559
3,732
i 447
2,548,148
17,880
389,998
54, 641
49,856
6,889,143
19, 744
3,141,033
20,364
3,146, 702
17,880
2,947, 715
3,160, 777
28,664
3,167,066
30,379
2,965, 595
188,022
4, 005,999
92, 293
8,952
154, 558
3,934,071
144, 679
9,810
168,168
2, 684,887
26,880
16,186
157,207
4, 261,802
4, 256,748
2,885,160
438, 939
146, 777
138,383
845
22, 291
30, 274
430, 783
146, 781
138, 383
389, 998
145, 504
278, 599
22,444
27, 751
12,103
24,162
8, 228, 752
465
3,218
8, 220,335
730
1,368
6,889,143
31, 294
3,443,685
3,430,049
3,225,891
3, 224,416
3,173,416
852,938
1,782,918
73,429
566,600
3,511,454
3,481,515
3,275,885
39,792
41,699
217,445
45, 274
47,474
2,129
241,374
45, 274
47,474
243,503
LIABILITIES
Federal Reserve notes:
Held by other Federal Reserve banks.
Outside Federal Reserve banks
Total notes in circulation
Federal Reserve bank note circulation—netDeposits:
Member bank—reserve account..
—
_
United States Treasurer—general account.
Foreign bank
.Other deposits
—
Total depositsDeferred availability items..
Capital paid in—_
Surplus (sec. 7)
Surplus (sec. 13b)
Reserve for contingencies—
All other liabilities
Total liabilities
Contingent liability on bills purchased for foreign correspondents_
Commitments to make industrial advances
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. TreasuryGold
Eligible paper—
U. S. Government securities
-Total collateral.
9,238
277,800
FEDERAL RESERVE BANK NOTE STATEMENT
Notes issued to Federal Reserve banks (outstanding)..
Collateral pledged against outstanding notes:
Discounted and purchased bills.
U. S. Government securities
Total collateral..
1
Deferred availability items in excess of uncollected items.
722
FEDEKAL KESERVE BULLETIN
November 1934
ANALYSIS OF CHANGES IN MONETARY GOLD
STOCK
MOVEMENTS OF GOLD TO 1 AND FROM
UNITED STATES
[In millions of dollars]
[In thousands of dollars]
Month
Analysis of changes
Gold
stock
at end Increase
Net reOther
Net gold
of
month in gold import from ear- factors
stock
mark 2
1932—Total (12 mo.)1933—April
May
June
July
August
September.
October
November..
DecemberTotal (12mo.)1934—January.
February ...
March
April
May
June
July__
August
September .
October P . .
September
October
January-September
From or to—
Imports Exports Imports Exports Imports Exports
Belgium
2,094
154
4,059
England
950 486,730
7,3161,122
France
29,991
17, 748 197,726
4
Germany
147
Netherlands
500 75,229
7,414
Switzerland
12,656
561
65,285,
3,787
-10.0
5.7 Canada
29.5
4,025
33.7
133
276
290
2,254
-21.1
2.6 Central America
3.6
4,028
22.1
3,299
447
49 20,057
"178
-3.2
1.9 Mexico
2.2
4,030
3.5
12
2.1 Argentina
4,033
2.7
-83.9
84.5
3,112
8.4 Colombia
11,728
4,041
7.5
-80.4
79.5
216
242
3.6 Ecuador
921
4,037
49.3
-3.8
-56.7
41
4.8 P e r u . . .
226
910
4,036
26.9
-32.4
-0.7
0.1 Uruguay
4,036
0.6
-0.8
- 3 . 1 Venezuela
49
670
4,035
11.8
-9.1
-0.5
Australia
291
738
British India
52,946
-190.4 -173.5
41.1
-58.0
China and Hong
Kong
50
513
15,173
4,033
-2.1
-2.8
12.2
-11.6
Dutch East I n d i e s 7
$l=15%i grains of gold Viofine; i.e., an
Japan
4
ounce of fine gold—$85
9,034
" 2,883.8 Philippine Islands—
933
7,438 3,405.0
452.6
68.7
2
964
20.3 All other countries 1,005
7,977
7,695
256.8
237.3
-0.8
512
7.9
7,757
61.5
54.7
-1.1
Total
-11.6
3,585 22,255 960,213 50,136
13, 010 2,173
0.5
7,779
22.4
33.6
12.5
1.0
7,856
77.1
63.7
21.4
0.6
7,931
74.4
52.3
1 With some exceptions figures represent customs valuations at rate of
11.2
7,978
47.4
37.2
-1.1
16.6 $20.67 a fine ounce for January 1934 and $35 a fine ounce thereafter.
2.4
7,978
-0.4
-18.7
2 Includes all movements of unreported origin or destination.
12.2
0.3
8,002
23.3
10.8
Back figures.See Annual Report for 1933 (tables 53 and 54).
25¥io grains of gold Mo fine; i.e., an
ounce offinegold=$20.67
52.9 -446.2
457.5
41.6
p Preliminary.
1 Beginning Jan. 31, 1934, all monetary gold has been held by the
Treasury. Prior to Jan. 31, 1934, monetary gold stock figures include
gold in Federal Reserve banks and Treasury and revised estimates of
gold coin in circulation (see BULLETIN for March 1934, p. 150, and October, p. 640).
2 Gold released from earmark at Federal Reserve banks less gold
placed under earmark (with allowance when necessary for changes in
gold earmarked abroad for account of Federal Reserve banks).
Back figures.—See Annual Report for 1933 (table 51).
KINDS OF MONEY IN CIRCULATION
[Money outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
Total
Gold
coin
Gold Stand- Silver Treas- SubUnited Federal Federal Naard
ury
certifi- silver certifi- notes sidiary Minor States Reserve Reserve tional
coin
bank
bank
cates dollars cates of 1890 silver
notes notes notes notes
1933-April
May
June
July
August
September.
October....
November.
December..
5,716
5,525
5,434
5,343
5,325
5,363
5,347
5,455
5,518
323
280
265
252
242
232
225
219
213
360
359
361
365
372
385
387
394
407
1934—January
February..
March
April
May
June
July
August
September.
October »__
5,289
5,354
5,394
5,368
5,357
5,373
5,317
5,396
5,456
5,454
178
167
161
157
153
150
146
143
139
136
403
400
402
401
399
438
483
510
v Preliminary figures.
NOTE.—For figures of paper currency of each denomination in circulation see p. 761.
Back figures.—See Annual Report for 1933 (table 56).
255
256
257
258
261
265
267
269
272
112
112
113
113
114
115
116
117
117
261
265
269
275
277
280
277
285
286
3,362
3,167
3,061
2,974
2,953
267
270
272
274
277
280
280
282
234
116
117
118
118
120
119
121
122
122
123
283
289
289
282
279
280
277
274
274
273
2,930
2,998
3.044
50
99
125
129
133
156
189
206
208
915
922
92O<
914
911
909
903
913
918
2,894
2,949
3,005
3,025
3,038
3,068
3,044
3,103
3,131
3,123
202
194
178
162
151
142
133
125
119
112
927
918
906
902
885
878
870*
856,
723
FEDERAL RESERVE BULLETIN
November 1934
MEMBER BANK RESERVE BALANCES
[In millions of dollars. Averages of daily figures. Figures are for licensed banks only]
Reserves held
Month or week
Total—all New York
member
Cityi
banks
Excess reserves
Other
Reserve
cities
"Country" Total-all
member
banks
banks 2
Other
Reserve
cities
New York
City*
"Country"
banks *
1933—September..
October
November..
December..
2,451
2,557
2,599
2,588
896
893
866
828
1,056
1,135
1,181
1,193
499
529
553
567
674 5
758.4
794.1
765.7
155.2
149.0
129.8
96.0
371.5
437.9
474.7
472.6
147.8
171.5
189.6
197.1
1934—January
February...
March
April
May
June
JulyAugust
September..
2,740
2,799
3,345
3,582
3,695
3,790
3,928
4,045
3,947
897
872
1,227
1,290
1,323
1,391
1,393
1,509
1,440
1,221
1,271
1,422
1,536
1,598
1,632
1,725
1,719
1,692
622
656
696
756
773
767
810
817
814
865.7
890.8
1,375.1
1, 541. 0
1,623. 5
1,684. 6
1, 789.4
1, 883. 6
1, 754.1
146.8
118.3
432.2
454.6
484.7
532.2
525. 7
638.2
562.0
476.6
509.1
645.5
736.4
778.4
799.6
874.0
852.2
808.7
242.4
263.4
297.4
350.1
360.4
352.8
389.7
393.3
383. 4
Week ending (Friday):
July 6
July 13
July 20
July 27
3,777
3,877
3,960
4,010
1,339
1,342
1,394
1,435
1,644
1,723
1,738
1,771
794
812
828
804
1,672. 0
1,764.0
1,827.0
1,865. 0
476.4
482.1
523. 4
564.2
806.1
877.0
884.6
910.9
390.0
405.0
419.0
390.0
3,998
3,997
4,079
4,066
4,093
1,476
1,479
1,521
1,520
1,548
1,713
1,685
1,732
1,729
1,740
810
833
826
816
805
1,849.0
1,859. 0
1,931.0
1,901. 0
1,915.0
603.5
615.5
650.6
649.5
668.8
852.8
826.1
864.9
861.6
868. 7
393.0
417.0
416. 0
390.0
378.0
3,960
3,960
3,930
3, 940
1,445
1,399
1,437
1,467
1,702
1,722
1,648
1,671
814
839
845
802
1, 776.0
1, 779. 0
1, 734. 0
1, 737. 0
561.1
522.5
562. 3
590.0
827.2
837.8
790.9
782.1
388.0
419.0
381.0
365.0
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
3...
10..
17..
24..
31..
7...
14..
21..
28..
i Central Reserve city banks only.
* Weeklyfiguresof excess reserves of all member banks and of country banks are estimates.
Backfigures.—SeeAnnual Report for 1933 (table 73).
MEMBER BANK DEPOSITS
[In millions of dollars. Averages of daily figures. Figures are for licensed banks only)
Net demand and time deposits
TotalNew
all mem- York
ber
City 2
banks 1
Month or week
1933—September
May
_
._ .
August -.
September
Week ending (Friday):
July 6..
July 13
July 20
July 27.—
Aug. 3
_
Aug.
Aug.
Aug.
Aug.
_
10
17___
24
31.
Sept. 7
Sept. 14
Sept. 21
Sept. 28.
New
Other " Coun- Totalmem- York
Reserve t r y " all ber
cities banks 1 banks l City*
9,345
9,453
9,531
9,659
6,318
6,341
6.289
6,215
6,348
6,370
6,671
6,992
7,001
7,168
7,236
7,252
7,300
9,937
10,124
10, 303
10,568
10, 787
10,929
11,127
11,280
11, 436
7,202
7,192
7,260
7,259
7,477
7,575
7,666
7,772
7,963
8,180
8,314
8,449
8,575
8,601
8,710
8,777
8,878
14, 027
14,243
14,347
14,567
15,021
15,341
15,851
16,457
16, 720
16,988
17,276
17,490
17,806
_.
5,516
5,535
5,475
5,452
5,599
5,624
5,943
6,256
6,283
6,433
6,500
6,534
6,591
5,333
5,459
5,543
5.691
5,894
6,048
6,172
6,384
6,541
6,645
6,807
6,940
7,103
11,011
11,079
11,155
11, 203
6,461
6,443
6,529
6,530
11,201
11,192
11,280
11, 296
11,332
7,339
7,289
7,270
7,291
11,362
11,449
11,069
11,475
1 Weeklyfiguresare not reported.
Backfigures—See Annual Report tor 1933 (table 73).
Time deposits
Other " Coun- Total- •New
mem- York
Reserve try" all ber
cities banks * banks 1 City 2
7,271
7,199
7,253
7,247
7,311
October
November
December..
1934—January .
February..
March
April
June
July.
23,140
23 369
23', 486
23, 646
24,248
24,674
25,288
26,009
26, 363
26,698
27.073
27,310
27, 615
Net demand deposits
Other "CounReserve try" J
cities banks J
802
805
814
763
749
746
728
736
719
735
736
719
709
4,012
3,994
3,988
3,968
4,043
4,075
4,131
4,184
4,246
4,284
4,319
4,340
4,333
6,691
6,762
6,829
6,879
741
749
732
729
4,320
4,317
4,326
4,324
6,543
6,473
6,531
6,534
6,602
6,878
6,878
6,950
6,949
6,978
728
726
722
713
709
4,323
4,314
4,330
4,348
4,354
6,632
6,577
6,562
7,016
7,108
6,888
7,153
707
711
708
709
4,346
4,341
4,181
4,322
6,582
J
3,178
3,249
3,330
3,424
3,528
3.668
3,736
3,817
3,896
3,909
3,969
4,016
4,111
9,113
9,126
9,139
9,078
9,227
9,333
9,437
9,552
9,643
9,711
9,796
9,819
9,809
Central Reserve city banks only.
4,299
4,326
4,336
4,348
4,435
4,512
4,578
4,632
4.679
4,691
4,741
4,761
4,767
724
FEDERAL RESERVE BULLETIN
ALL MEMBER
BANKS—CLASSIFICATION
November 1934
OF LOANS AND INVESTMENTS
[In millions of dollars]
Open-market loans
Loans to other customers
Call date
Investments
Purchased paper
Total
loans
and
investments
Loans
to
banks
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
27,175
466
631
446
457
599
790
573
457
444
330
297
287
225
153
8,557
8,582
8,473
8,287
8,253
7,460
6,715
7,112
7,327
7,133
6,971
6,995
7,351
7,666
283
154
150
250
374
260
203
216
162
143
146
112
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
11,054
235
286
235
247
284
347
254
205
178
129
120
103
79
53
Total
Secured
Secured
by
stocks by real
and estate
bonds
Otherwise
secured
Total
and
unsecured
Loans
to
Accept- Acbroances cept- Com- kers
paya- ances merin
ble in paya- cial
New
paper York*
ble
United
abroad
Total
loans
secured
by
stocks
and
bonds
Total
U.S.
Government
securities
2,472
1,498
1,630
1,217
928
575
278
414
357
788
748
840
855
1,082
10,734
10,989
11,889
12,106
12,199
11,314
11,414
12,121
12,265
11,928
11,894
12,386
13,842
14,652
4,095
4,125
5,002
5,343
5,564
5,319
5,628
6,366
6,540
6,887
6,801
7,254
8,667
9,137
6,639
6,864
6,763
6,635
5,996
5,786
5,755
5,726
5,041
5,093
5,132
5,175
5,515
10,511
9,754
9,272
8,563
8,081
7,320
5,9165,770
5,44T
4,884
4,713
4,76*
4,6064,651
1,714
1,281
1,367
1,063
839
542
258
391
337
720
624
706
687
2,198
2,435
2,662
2,801
3,032
2,697
3,508
3,789
3,709
3,501
3,542
3,932
4,265
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
3,053
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
1,212
3,798.
3,550
3,397
3,026
2,780
2,474
1,757
1,811
1,699
1,8881,728
1,824
1,724
1,840*
337
212
212
189
167
62
62
65
46
51
91
78
89
115
643
167
227
124
56
16
7
14
12
58
100
112
138
154
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
6,104
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
4,102
2,161
2,308
2,364
2,342
2,260
2,093
1,966
1,961
1,900
1,754
1,757
1,790
1,809
2,002
4,387
3,991
3,729.
3,459=
3, 317
3,050
2,58&
2,456.
2,298,
1,846
1,836
1,8091,753.
1,708
164
120
114
101
81
48
36
36
28
27
46
34
54
72
115
49
36
30
32
16
13
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
4,283
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
1,982
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
2,301
2,326
2,213.
2,147
2,078
1,9851,796
1,574
1,503
1,450*
1,150
1,148
1,136
1,129'
1,102:
Other
securities
TOTAL—ALL MEMBER
BANKS
1930—Sept. 24—
Dec. 3 1 —
1931—Mar. 25—
J u n e 30—
Sept. 29—
Dec. 3 1 —
1932— June 30—
Sept. 30—
Dec. 3 1 —
1933—June 30 K.
Oct. 25—.
Dec. 30—
1934—Mar. 5 — .
J u n e 30—
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
10,804
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
3,516
3,163
3,234
3,220
3,218
3,149
3,038
2,894
2,885
2,862
2,372
2,364
2,359
2,382
2,357
9,982
9,831
9,298
8,922
8,722
8,242
7,081
6,527
6,195
5,049
5,350
5,184
5,067
4,931
3,262
2,233
2,454
2,103
1,563
901
747
970
855
1,191
1,238
1,231
1,387
1,566
205
315
361
4,278
4,338
4,007
3,839
3,850
2,856
2,638
2,621
2,297
2,436
2,395
2,321
2,202
2,031
2,137
1,960
1,897
1,816
1,728
1,343
1,300
1,247
1,082
1,032
1,034
985
937
157
147
150
160
152
153
160
154
160
157
149
148
156
156
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
1,109
1,912
1,525
1,651
1,497
1,121
695
565
763
701
964
891
912
986
1,131
148
188
199
296
201
107
262
341
330
224
233
170
276
225
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
4,586
3,632
3,656
3,366
3,188
3,092
2,806
2,403
2,304
2,169
1,702
1,660
1,630
1,566
1,526
1,526
1,631
1,619
1,621
1,585
1,538
1,407
1,406
1,398
1,160
1,144
1,151
1,158
1,145
3,567
3,620
3,423
3,291
3,168
2,709
2,486
2,312
1,984
2,108
2,016
1,945
1,915
1,064
531
645
470
326
135
118
151
115
184
274
258
306
311
54
122
158
91
67
35
38
58
44
63
68
50
64
34
8,007
7,762
7,524
7,318
7,018
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
1,053
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
1,056
4,326
4,158
3,978
3,849
3,673
3,367
3,018
2,857
2,669
2,007
1, 987
1,955
1,942
1,906
286
177
158
135
116
71
64
55
39
43
73
62
95
124
146
313
407
375
291
303
223
350
264
62
55
101
113
70
41
34
34
30
25
24
37
26
20
523
366
361
384
296
140
122
115
93
87
164
132
157
200
NEW YORK CITY 3
1930-Sept. 24—
Dec. 3 1 —
1931—Mar. 25—
June 30—
Sept. 29—
Dec. 3 1 —
1932—June 30—
Sept. 30—
Dec. 3 1 —
1933—June 30 *_
Oct. 2 5 —
Dec. 30—
1934—Mar. 5 — .
June 30—
OTHER RESERVE CITIES
1930—Sept. 24—
Dec. 3 1 —
1931—Mar. 25 —
June 30—
Sept. 29—
Dec. 3 1 —
1932—June 30—
Sept. 30—
Dec. 3 1 —
1933—June 30 K.
Oct. 25_-_.
Dec. 30—
1934—Mar. 5 — .
June 3 0 . . .
"COUNTRY" BANKS
1930—Sept. 24
Dec. 3 1 —
1931—Mar. 25
June 30..
Sept. 29.
Dec. 3 1 - ,
1932—June 30—
Sept. 30.
Dec. 31 —
1933—June 30 *.
Oct. 2 5 . .
Dec. 30. .
1934—Mar. 5—
June 30—
12,944
12,519
12,290
12,068
11,805
10,999
10,240
9,954
9,607
7,873
8,031
8,381
8,456
5,892
5,663
5,405
4,194
4,175
4,123
4,103
4,016
1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City.
* Beginning June 30, 1933,figuresrelate to licensed banks only.
* Central reserve city banks only.
Backfigures.—Thisclassification 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 Annual Report for 1928 (table 52); for separate figures of"
United States Government securities and other securities back to 1914, see Annual Report for 1933 (table 78).
725
FEDERAL RESERVE BULLETIN
November 1934
ALL BANKS IN THE UNITED STATES
[Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private and industrial banks
included in abstracts issued by State banking departments]
LOANS AND INVESTMENTS
[In millions of dollars]
Nonmember banks
Member banks
All banks
Other nonmember banks
Mutual savings banks
Date
Total
Investments
Loans
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
1929—June 29
Oct. 4
Dec. 31.
58,474
58,835
58,417
41,512
42,201
41,898
16,962
16,634
16, 519
35,711
35,914
35,934
25,658
26,165
26,150
10,052
9,749
9,784
9,556
i 9,556
9,463
5,892
i 5,892
5,945
3,664
i 3,664
3,518
13,207
13,366
13,020
9,961
10,144
9,803
3,246
3,221
3,217
1930—Mar. 27—
June 30
Sept. 24...
Dec. 31.__
57,386
58,108
57,590
56, 209
40, 686
40, 618
39, 715
38,135
16, 700
17, 490
17, 875
18, 074
35,056
35, 656
35, 472
34,860
25,119
25, 214
24, 738
23,870
9,937
10,442
10, 734
10,989
i 9,463
9,747
i 9,747
9,987
1 5,945
6,009
16,009
6,068
i 3, 518
3,739
i 3, 739
3,920
12.868
12, 706
12,371
11,362
9,623
9,395
8,968
8,196
3,245
3,309
3,402
3,165
55,924
55, 021
53. 365
49, 704
36,813
35, 384
33, 750
31,305
19,
19,
19,
18,
111
637
615
399
34, 729
33,923
33,073
30,575
22,840
21,816
20,874
19, 261
11,889
12,106
12,199
11, 314
i 9,987
10, 506
i 10,506
10,488
1 6,068
6,169
i 6,169
6,218
i 3,920
4,337
i 4,337
4,270
11, 208
10, 593
9,786
8,641
7,906
7,399
6,707
5,827
3,302
3,194
3,079
2,814
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
10,316
12,121 i 10,316
10,182
12,265
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
24, 786
24,953
25,220
12,858
13,059
12,833
11,928
11,894
12,386
10,044
5,941
4,103
5,258
3,415
1,843
9,989
5,909
4,080
'5,111
'3,235
'1,876
26, 548
27,175
12,706
12, 523
13,842
14,652
_.
1931—Mar. 25
June 30
Sept. 29
Dec. 31
1932—June 30
Sept. 30
Dec. 31
..
1933—June 30 2
Oct 25 3
40,089
22, 215
17,874
'40,319
Dec. 30
'21,977
' 18,342
1934—Mar. 5 3 .
June 30 3
' Be vised.
Figures of preceding call carried forward.
Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks.
3
Nonmeraber bank figures not available.
Back figures.—See Annual Report for 1933 (tables 67-69).
1
2
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK
DEPOSITS
[In millions of dollars]
Nonmember
banks
Member banks
Nonmember banks
Date
1929—June 29—
Oct. 4
Dec. 3 1 . . .
1930—Mar. 27—
June 30—
Sept. 24—
Dec. 3 1 . . .
1931—Mar. 25—
June 30—
Sept. 29...
Dec. 3 1 . . .
1932—June 30—
Sept. 30...
Dec. 3 1 . . .
1933—June 30 *..
Oct. 25 3 . .
Dec. 30. . .
1934—Mar. 5 3__
June 30 »..
Member
All banks banks
53,852
55,180
55, 289
53,185
54,954
52, 784
53,039
51,427
51,782
49,152
45,821
41,963
41,942
41,643
38,011
'38,505
32,284
33,004
33,865
32,082
33,690
31,839
32,560
31,153
31,566
29,469
27,432
24,755
24,903
24,803
23,338
23,453
23, 771
25,293
26,615
Date
8,983
i 8,983
8,916
i 8,916
9,197
i 9,197
9,507
i 9,507
10,017
i 10,017
10,105
10,020
1 10,020
10,022
9,713
9,711
Total
7,188
7,020
6,818
4,961
'5,023
National
Mutual
State
Other
non-
savings member
banks
banks
12,584
13,193 1929—June 29
Oct. 4
12,507
Dec. 31
12,187
12,067 1930—Mar. 27
11, 748
June 30
10,972
Sept. 24
Dec. 31
10, 767
10,199
9,666 1931—Mar. 25
June 30
8,284
' Revised.
For footnotes see table above.
NOTE.—Prior to Dec. 30,1933, member bank figures include interbank
deposits not subject to immediate withdrawal which aggregated $103,000,000 on that date.
Back figures.—See Annual Report for 1933 (table 70).
Total
Other
savings nonmembanks ber banks
Mutual
25,110
24,951
24,630
8,707
8,616
8,522
7,530
7,468
7,403
1,177
1,148
1,119
611
1611
609
15,792
15,724
15,499
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
Sept. 29
Dec. 31
22,372
21,903
21,294
19,966
7,928
7,782
7,599
7,246
6,930
6,800
6,653
6,368
998
982
946
878
1603
600
1600
597
13,841
13,521
13,095
12,123
1932—June 30
Sept. 30
Dec. 31
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
581
'8,419
6,206
6,375
5,288
5,417
918
958
1933-June30 2
Oct. 25 3
Dec. 30
1934—Mar. 5 3
June 30,..
r
'15,011
Revised.
For footnotes see table above.
Back figures.—See Annual Report for 1933 (table i
726
FEDERAL RESERVE BULLETIN
November 1934
REPORTING MEMBER BANKS IN LEADING CITIES1
[In millions of dollars. Monthly data are averages of weekly figures]
Total—all weekly reporting member banks
Loans and investments
Loans
All
on se- other
curities loans
Total
Loans and investments
Borrowings
Investments
at
F. R.
banks
Total U.S. securities
Month or date
Other leading
cities
New York Oity
Borrowings
at
F. R.
banks
U.S. seTotal curities
Investments
Total
All
Loans
on se- other
curities loans
Total
loans
and investments
Borrowings
at
F. R.
banks
1933—September.
October...
November.
December.
16,566
16,536
16,688
16,620
3,728
3,636
3,574
3,595
4,831
4,944
4,990
4,862
8,007
7,956
8,124
8,163
5,067
4,990
5,135
5,210
6,724
6,728
6,775
6,717
1,772
1,683
1,643
1,670
1,620
1,715
1,763
1,694
3,332
3,330
3,369
3,353
2,280
2,232
2,238
2,256
9,842
9,808
9,913
23
21
22
24
1934—January...
February..
March
April
May
June
July
August
September.
October...
16,589
17,267
17,484
17,526
17, 328
17,542
17, 749
17, 721
17,770
17,835
3,542
3,567
3,539
3,570
3,516
3,553
3,531
3,295
3,137
3,062
4,732
4,713
4,663
4,648
4,555
4,511
4,455
4,533
4,697
4,757
8,315
8,987
9,282
9,308
9,257
9,478
9,763
9,893
9,936
10,016
5,334
6,040
6,251
6,229
6,256
6,442
6,676
6,650
6,589
6,647
6,675
6,997
7,168
7,269
7,050
7,190
7,273
7,127
7,120
7,105
1,676
1,711
1,683
1,718
1,680
1,727
1,727
1,520
1,455
1,418
1,672
1,699
1,650
1,631
1,560
1,537
1,501
1,522
1,610
1,644
3,327
3,587
3,835
3,920
3,810
3,926
4,045
4,085
4,055
4,043
2,233
2,517
2,702
2,745
2,735
2,848
2,930
2,883
2,820
2,801
9,914
10, 270
10,316
10,257
10, 278
10,352
10,476
10,594
10,650
10, 730
20
11
10
7
6
5
6
5
Aug. 29
17,762
17,677
17,732
17,725
17,708
3,358
3,304
3,294
3,271
3,247
4,515
4,523
4,531
4,543
4,555
9,889
9,850
9,907
9,911
9,906
6,678
6,636
6,660
6,651
6,627
7,191
7,108
7,132
7,105
7,098
1,571
1,520
1,520
1,503
1,485
1,529
1,521
1,514
1,516
1,531
4,091
4,067
4,098
4,086
4,082
2,903
2,878
2,886
2,883
2,866
10,571
10, 569
10,600
10,620
10,610
Sept.
Sept.
Sept.
Sept.
17.755
17, 778
17.756
17, 789
3,210
3,162
3,095
3,080
4,679
4,693
4,704
4,713
9,923
9,957
9,996
6,520
6,573
6,631
6,631
7,186
7,150
7,065
7,077
1,505
1,479
1,419
1,416
1,612
1,614
1,608
1,606
4,069
4,057
4,038
4,055
2,827
2,816
2,826
2,813
10,569
10,628
10, 691
10,712
17,811
17,824
17,854
17,850
17,837
3,047
3,055
3,082
3,074
3,051
4,747
4,759
4,765
4,760
4,756
10,017
10, 010
10, 007
10,016
10,030
6,636
6,658
6,650
6,654
6,639
7,077
7,092
7,118
7,114
7,123
1,401
1,402
1,434
1,435
1,417
1,624
1,643
1,645
1,652
1,654
4,052
4,047
4,039
4,027
4,052
2,794
2,812
2,800
2,798
2,804
10, 734
10,732
10,736
10, 736
10, 714
Aug. 1
Aug. 8
Aug. 1 5 —
Aug. 2 2 —
5
12—
19—
26...
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
i For additional data see p. 759.
Backfigures.—SeeAnnual Report for 1933 (tables 88-90)
BROKERS' LOANS
REPORTED BY THE NEW YORK STOCK EXCHANGE
MADE BY R E P O R T I N G M E M B E R BANKS IN N.Y. CITY
tNet borrowings on demand and on time. In millions of dollars]
[In millions of dollars. Monthly data are averages of weekly figures]
From New
From private
York banks banks, brokers,
and trust com- foreign banking
agencies, etc.
panies
Total
End of month
1933
July
Ausrust
SeDtember
October
November
T) pparn bftr
1933
1934
1933
1934
359
360
311
February
March
April —
Mav
1934
-
903
938
981
270
298
247
839
862
873
90
62
64
64
76
108
322
529
780
1,088
1,016
1,082
268
461
694
973
912
980
54
68
86
116
104
102
916
917
897
923
874
832
822
841
806
849
803
769
94
76
91
74
70
77
69
66
776
789
845
827
706
712
776
761
Back figures.—See Annual Report for 1933 (table 93).
7]
62
Total
Month or date
1933—September
October
November
December.
1934—January
February .
March
April
May
June
July
August
September
October
Oct 3
Oct. 10
Oct 17
Oct 24
Oct 31
For account of For acFor
own ac- out-of- count of
town
count
others
banks *
-
847
779
723
759
741
663
611
631
98
111
106
122
8
5
6
6
657
731
736
813
766
845
871
670
633
612
590
593
626
636
614
137
149
148
156
163
165
168
8
9
2
6
8
6
3
-
802
889
886
975
937
1,016
1,042
827
776
746
725
725
759
771
749
-.
156
1
142
133
1
1
134
131
132
134
134
1
1
1
1
1
* Member and nonmember banks outside New York City (domestic
banks only).
Back figures.—See Annual Report for 1933 (table 92).
727
FEDERAL RESERVE BULLETIN
November 1934
ACCEPTANCES AND COMMERCIAL PAPER
BANKERS' ACCEPTANCES OUTSTANDING (DOLLAR
ACCEPTANCES)
[In millions of dollars]
Held by Federal Reserve
banks
Total
outstand-
End of month
ing
CLASSES OF BANKERS' ACCEPTANCES (DOLLAR
ACCEPTANCES)
[In millions of dollars]
For
Held
acby
others
For count
own of forOwn Bills
aceign x oiai bills bought
count correspondents
1932—June
July
August .
SeptemberOctober. . _
November...
December
747
705
681
683
699
720
710
36
12
3
2
3
4
4
98
59
49
43
39
32
40
518
563
574
573
605
655
604
200
197
198
159
199
268
224
318
366
376
414
406
386
380
96
70
55
64
52
28
62
1933—January
February
March
April
May
707
704
671
697
669
687
738
694
715
737
758
764
2
307
280
163
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
771
750
685
613
569
534
516
520
539
105
56
23
3
4
5
5
4
3
2
1
1
1
567
581
576
536
507
480
472
483
503
255
266
252
236
226
220
222
222
223
312
315
324
299
281
260
250
261
280
95
108
81
70
59
53
42
37
35
June.
July
-
August
September. _.
October
November. __
December. . .
1934—January
February
March
April
May
June
July
August
September _..
0)
0)
0)
0)
» Less than $500,000.
Source: For acceptances outstanding (and held by accepting banks),
American Acceptance Council.
Back figures.—See Annual Report for 1933 (table 100).
ACCEPTANCES PAYABLE IN FOREIGN C U R R E N C I E S HOLDINGS OF FEDERAL RESERVE BANES
End of month
January. _.
February.
March
April
May
June
July
August
September.
October...
November.
December.
1931
36,119
23,958
1,063
1,074
1,073
10,551
34,371
145, 215
48,804
33,501
33,386
33,429
1932
1933
33,444
33,478
30, 778
30,736
30,837
30, 762
30,645
30,834
30,849
30,659
30,652
29,489
29,036
28,997
24,788
7,181
6.981
7,089
6,821
6,199
6,068
5,686
5,841
6,033
Back figures.—See Annual Report for 1933 (table 26),
1934
5,977
5,887
5,275
5,070
5,076
5,075
5,081
5,079
5,691
5,495
Based
on
goods
stored
in
foreign
countries or
shipped
between
foreign
points
OUTSTANDING
1933—September
October
November
December
715
737
758
764
103
99
98
94
171
185
200
207
237
253
278
277
4
5
4
4
199
195
180
182
1934—January
February
March
April . .
771
89
750
98
103
685
613
103
569
100
534
97
516 1 94
520
89
539
94
225
203
186
164
150
145
135
140
138
277
261
226
186
164
141
138
147
166
5
4
3
3
3
4
4
4
4
175
184
168
158
152
148
144
141
137
May
June
July
August
September
HELD BY F. R. BANKS
(OWN ACCOUNT) 1
1933—September
October
November
December
. . .
. _
1934—January _ __ _ _
February
March
April
May
June. . .July
1
1
18
127
105
56
23
3
(2)
(2)
1
(2)
7
23
22
18
11
5
1
21
11
6
1
(2)
(2)
1
4
39
4
39
2
2
2
31
16
4
2
(2)
30
15
7
(2)
(2)
(2)
(2)
(2)
(2)
August
September
(2)
(2)
i Total holdings of Federal Reserve banks include a small amount of
unclassified acceptances.
> Less than $500,000.
Back figures.—See Annual Report for 1933 (tables 97 and 25).
COMMERCIAL PAPER OUTSTANDING
[In millions of dollars]
[In thousands of dollars]
End of month
Based
on goods
stored in
Based Based United
States
on ex- (ware- Dollar
Total
ports house
exinto from credits) change
or
U.S. shipped
U.S.
between
domestic
points
Held by accepting
banks
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 1933 (table 96).
85
84
72
64
60
73
97
107
123
130
133
109
1934
108
117
133
139
141
151
168
188
192
728
FEDERAL RESERVE BULLETIN
OPEN-MARKET RATES
FEDERAL RESERVE BANK RATES
RATES
ON
R E D I S C O U N T S FOR A N D
MEMBER BANKS
ADVANCES
SHORT-TERM RATES IN NEW YORK CITY
TO
[Percent per annum]
Rediscounts and advances un- Advances under sec.
der sees. 13 and 13a of the
10b of the Federal
Federal Reserve Act
Reserve Act
Federal Keserve
bank
Rate in
Previ- Rate in
effect on Date estab- ous rate effect on Date established
lished
Nov. 1
Nov. 1
Boston
.New York
Philadelphia.—
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco..
2
Feb.
Feb.
Nov.
2
Feb.
3
Feb.
3
Feb.
2 H Oct.
2V2 Feb.
3
Mar.
3
Feb.
3
Feb.
2
Feb.
1H
2H
2V2
2
3
2V2
3H
8,1934
2,1934
16,1933
3,1934
9,1934
10,1934
21,1933
8,1934
16,1934
9,1934
8,1934
16,1934
3
3
3^
3H
W*
2H
4
4
4
4
Oct.
Oct.
Oct.
Oct.
4H J u l y
4H J u l y
4
Oct.
4M Oct.
5
Mar.
4
July
4
Mar.
4
Oct.
20,1933
2,1933
20,1933
21,1933
16,1934
15,1933
16,1933
21,1933
14,1933
10,1934
12,1934
19,1933
RATES O N D I S C O U N T S FOR A N D ADVANCES TO INDIVIDUALS, P A R T N E R S H I P S , A N D C O R P O R A T I O N S
Discounts and advances
under par. 3 of sec. 13
of the Federal Reserve Act
Federal Reserve
bank
Rate in
effect on
Nov. 1
Boston
New York
_
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y
Dallas
San Francisco.
_
_
6
6
6
5
Date established
Aug.
Aug.
Aug.
July
W% J u l y
5
Mar.
6
Aug.
5V2 J u l y
6
Aug.
5
July
6
Sept.
6
Sept.
11,1933
10,1933
12,1933
24,1934
16,1934
20,1934
13,1933
10,1934
10,1933
10,1934
8,1933
2,1933
Advances secured by
direct obligations of
the United States
(last paragraph of sec.
13 of the Federal Reserve Act)
Rate in
effect on Date established
Nov. 1
4
Oct. 20,1933
8,1934
Oct. 20,1933
Oct. 21,1933
Feb. 19,1934
M a r . 17,1934
Oct. 16,1933
M a r . 15,1933
Apr. 15,1933
Feb. 23,1934
M a r . 12,1934
Oct. 19,1933
3M Feb.
4
4
4
4
4
4^
4H
4
4
4
NOTE.—For rates on industrial advances see p. 760.
BUYING RATES ON ACCEPTANCES
[Buying rates at the Federal Reserve Bank of New York]
Maturity
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
Rate in
effect on
Nov. 1
Date established
Previous
rate
y2 Oct. 20,1933
do
—.do
do
....do
.—do
_.
—do
NOTE.—Rates on prime bankers' acceptances. Higher rates may be
charged for other classes of bills.
Backfigures—SeeAnnual Report for 1933 (table 58).
November 1934
Prevailing rate o n -
Average rate Average yield
Call loans' U.S. Treasury
Prime
bills a
Month or week Prime bank- Time
comers'
mercial accept- loans,
paper, ances,
90
days * New Re- 91-day 182-day
4 to 6
90
bills
months days
newal bills
1933
October
November
December
1934
January
February
March.
April..
May
June
July
August
September
October
IX
X
x-y2
n
IH-IV2
H-i
0.75
.75
.94
'0.16
'.42
•".70
1.00
1.00 I 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
'.67
.63
0.75
.75
.94
y2 1 -IX 1.00
l -IX
l -IX
x-y2
1
_
H-l
3
A l
Week e n d i n g Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
1.00
1.00
1.00
1.00
1.00
'.06
0.85
'.27
'.18
'.14
.07
'.08
'.20
'.27
.21
'.28
.24
.21
.20
.19
1.00
1.00
1.00
1.00
1.00
r Revised.
1
Stock exchange 90-day time loans.
2 Stock exchange call loans; new and renewal rates.
3
Revised to show average rate of discount on issues offered instead of
issues sold by U.S. Treasury within period.
Back figures.—See A n n u a l Report for 1933 (tables 60 and 61).
RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
[Weighted averages of prevailing rates]
New York City
8 other northern
and eastern cities
27 southern and
western cities
Month
1932
January
February
March
April
May.. . .
June.
July
August
SeptemberOctober
November...
December...
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
3.42
3.30
3.30
3.33
3.26
3.28
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
4.39
4.30
4.15
4.12
4.11
4.13
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
Back figures.—See Annual Report for 1933 (table 63).
1934
5.40
5.39
5.40
5.34
5.28
5.19
5.07
5.05
5.04
5.05
729
FEDERAL RESERVE BULLETIN
November 1934
TREASURY FINANCE
UNITED STATES GOVERNMENT DEBT
VOLUME AND KIND OF SECURITY
MATURITIES
[In millions of dollars]
[In millions of dollars]
Interest-bearing debt
Interest bearing
Total
End of month (gross
debt)
Total
Bonds
Noninterest
Certif- Bills bearNotes icates
ing
Outstanding Oct. 31, 1934—
Total
26,643
Obligations maturing:
1933
March
April._
May
June
July
August
September
October
November
December
Bonds * Notes
Total
_ 21,362
21,441
21,853
22,539
22,610
23,099
23,051
23,050
23,534
23,814
20,992
21,087
21,469
22,158
22,240
22,723
22,672
23,161
23,450
14, 230
14,230
14,223
14, 223
14,239
15,074
15,074
15,074
15,569
15,569
3,575 2,369
3,576 2,363
4,148 2,119
4,780 2,200
4,801 2,246
5,153 1,543
5,151 1,495
5,150 1,493
5,148 1,492
5,125 1,753
817
918
979
955
954
953
952
952
952
1,003
371
354
385
381
370
376
379
381
373
364
Before F e b . 1, 1935F e b . 1-Apr. 30, 1935
M a y 1-Oct. 31, 1935
Nov. 1-Dec. 31, 1935
1936
1937
.
.
1938.
1939
1941_
1943
After 1943
Other obligations *
1934
January
February
March
April
May
June
July
August
September
October
25,071
26,055
26,157
26,118
26,155
27,053
24,720
25,707
25,698
25,599
25,588
27.189
27,080
27.190
27,188
26,605
26,495
26, 643
15,600
15,579
15, 579
15, 718
15,694
16,510
16,516
16, 513
15,922
15,808
5,626 2,280
6,472 2,278
6,925 1,816
6,689 1,814
6,678 1,812
1,635
1,683
1,682
1,156
1,154
6,951
6,921
8,020
8,027
351
348
459
519
567
573
585
585
564
545
1,214
1,379
1,378
1,378
1,404
1,404
1,454
1,379
1,529
1,654
1,805
3,375
770
418
1,844
1,749
3,218
529
834
898
10, 061
__ 1,142
15, 808
U36
3 1, 869
49
1,272
Certificates
Bills
1,154
1,654
992
8,027
677
977
528
770
418
1,795
1,749
1,946
529
834
898
10, 061
688
292
162
1
Issues classified as of date of final maturity; most issues are callable
at earlier dates. Amount callable before Nov. 1,1935, and not yet called,
$5,812,000,000, including certain pre-war issues that are held as collateral
for2 circulating notes.
Approximate amount of 4th Liberties called for redemption Apr. 15,
1934, and Oct. 15, 1934, and not yet redeemed.
8
Approximate amount of 4th Liberties called for redemption Apr. 15,
1935.
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
Beceipts
Total»
Emergency *
4,862
4,845
»8,884
3,973
3,404
2,741
768
1,277
4,004
-2,741
- 2 , 607
-2,795
-55
+445
+1, 720
+2,686
+3,052
+4,514
131
165
200
1,608
1,447
2,199
1,197
1,010
1,052
364
399
1,112
—988
-465
-905
+338
+47
-770
+1,326
+512
+135
113
126
123
170
98
112
37
38
39
50
63
41
278
321
339
509
505
703
196
171
248
396
201
227
75
139
81
104
294
463
-99
-123
-6
-236
-286
-361
-28
+366
+71
+489
128
116
130
105
119
130
132
145
176
151
38
34
21
30
50
33
29
73
57
41
148
188
160
305
191
310
230
204
233
385
808
447
450
370
350
423
236
310
283
284
-743
+511
+3,365
-84
- 2 , 524
-272
+560
Customs
and
miscellaneous
Income
tax
Processing tax
2,121
2,238
6,089
1,057
746
818
353
503
858
1,470
445
475
475
620
983
1,294
Fiscal year ending:
June 1932
June 1933
June 1934
4 months ending:
October 1932
October 1933
October 1934
July
August
September
October
November
December
General 3
Internal revenue
Period
188
173
235
58
174
248
532
605
179
198
333
273
219
342
13
14
136
10
19
133
9
23
26
29
46
229
3,024
435
199
247
411
233
297
462
302
10
23
232
15
25
188
18
25
173
19
35
33
37
32
44
39
39
43
42
49
Other
Total 2
1933
.
_
.
1934
. _
January..
February
March
April
May
June
July
August
September
October _ _ . _
.. _ _ _
._
Increase or decrease
during period
Excess of
receipts
or expenditures
(-)
972
644
624
8 2, 684
556
749
479
523
515
682
+2,380
-189
-2,485
-309
-338
-246
-226
-53
-380
General
fund
balance
KA
-236
+198
-81
-110
-335
+56
-381
Gross
debt
-48
0
+484
+280
+1,254
+984
+105
-39
+37
+898
+136
-109
+110
-2
1
Total includes trust and contributed fund receipts not shown separately, and also includes increment, amounting to $2,808,000,000 in February
1934, $2,000,000 in March, and small amounts in subsequent months, resulting from reduction in the weight of the gold dollar.
2
Total includes trust and contributed fund expenditures not shown separately.
3
Includes also special fund expenditures and excludes public-debt retirement. Beginning July 1933, on the basis of a new classification of
accounts, certain items formerly included in general expenditures are carried as emergency expenditures.
4
Prior to July 1933 emergency expenditures include only net expenditures for the Reconstruction Finance Corporation; other expenditures
later classified as emergency are included in general expenditures.
«Includes $2,000,000,000 charged against increment on gold and transferred to exchange stabiliza
730
FEDERAL RESERVE BULLETIN
November 1934
ASSETS AND LIABILITIES OF GOVERNMENTAL CREDIT AGENCIES, AUGUST 31, 1934
[Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Financed wholly frontL Government funds
Reconstruction
Finance
Corporation
Total
ASSETS
Loans—total capital notes, and debentures of banks
Preferred stock,
and trust companies
Cash—total
Investments:
United Stafps ^pcnritips
Obligations guaranteed bv United States
Federal land bank bonds
Production credit associations—class A stock
Other assets
Total assets
Commodity
Credit
Corporation
1,802
112
2,413
1
i 769
Public
Works
Administration
Exportimport
banks
Regional
agricul- Productural
tion credcredit
it corpocorpora- rations
tions
1
179
50
13
1
2
Other
769
269
16
(2)
5
12
(2)
(2)
45
1
6
181
58
113
436
3
3,549
2,632
115
241
241
76
45
9
29
76
1
29
76
185
29
2
66
14
129
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed by United States
All other
Other liabilities (including reserves)
Total liabilities
Excess of assets over liabilities, exclusive of interagency transactions—U. S. Government interests. _
414
286
3,135
2,346
115
14
Distribution of Government interests:
Capital stock
Surplus
Interagency interest (net)._
2,968
62
105
500
61
1,785
3
1
111
14
(2)~
(2)
6
3
98
22
2
2
6
3
120
181
53
110
317
3 280
45
110
-99
8
()
()
3 2,017
-1,700
Financed partly from Government funds
Total
ASSETS
Loans—total
Cash—total
Investments:
United States securities
Obligations guaranteed by United States
Fsdcral land bank bonds
Intermediate credit bank securities
Other assets _ _
Total assets
Federal
Federal interland mediate
banks credit
banks
3,922
1,784
'66
362 I
392
247
401
66
43
199
20
Federal
Federal
Home Savings
Farm Banks Home Owners' and
Loan
Mort- for co- loan
Loan Insurgage
operCorpo- atives banks Corpo- ance
ration Corporation
ration
34
40
23
9
85
5
27
50
478
28
Federal
savings
and loan
associations
Federal
Deposit
Insurance
Corporation
1,352
2
13
181
54
263
100
401
2
205
163
5
5,532
2,123
298
1,473
2,472
1,650
296
210
191
6
51
(2)
3
24
1
4,241
1,860
197
716
(2)
3
1,464
1
1,291
263
96
101
196
113
1
103
21
93
100
3
288
319
169
1,003
167
101
196
112
82
93
100
3
150
1,038
70
-105
123
70
31
200
-4
110
2
81
1
200
100
3
150
4
2
1
1
24
911
113
106
1,557
3
100
3
3
320
LIABILITIES
Bonds, notes, and debentures:
Obligations guaranteed bv United States
All other
Other liabilities (including reserves)
Total liabilities
Excess of assets over liabilities, exclusive of interagency transactions
..
Privately owned interests
U. S. Government interests
_
Distribution of Government interests:
Capital stock
Surplus
Interagencv interest (net)
Includes $100,000 of preferred stock of insurance companies.
809
631
665
49
-5
Less than $500,000.
3 Nonstock.
-7
-100
< Deficit less than $500,000.
731
FEDERAL RESERVE BULLETIN
November 1934
RECONSTRUCTION FINANCE CORPORATION
LOANS, SUBSCRIPTIONS, AND ALLOCATIONS
[Amount outstanding at end of month. In thousands of dollars]
Proceeds not yet
disbursed
Proceeds disbursed, less repayments
!
M a y 31,
1934
June 30,
1934
r 677, 235
75,243
67, 745
* 157, 373
556
28,800
10,417
2,207
67, 700
3,142
331,754
613, 397
45,495
35,929
191,393
484
193, 618
10, 323
800
10, 690
1,677
344, 716
1,958
598,907
40,442
34,748
192,150
433
193,618
9,308
800
7,199
1,717
353,385
3,476
1, 422,171
1,450,489
Sept. 30,
1933
Aug. 31,
1934
Sept. 30,
1934
Aug. 31,
1934
591,972
28, 252
30,722
160,767
388
116, 040
7,696
796
4,389
1,604
343, 287
1,841
236, 021
223,001
105, 236
370
101,407
800
6,546
1,643
354,447
2,705
594,905
31,494
31,678
162,081
389
116,436
7,676
800
4,721
1,616
343,189
2,150
1,436,191
1,336, 592
1,297,138
1, 287, 756
347, 433
329, 737
July 31,
1934
Sept. 30,
1934
LOANS AND SUBSCRIPTIONS
Loans under sec. 5 of the Reconstruction Finance Corporation Act, as amended:
Banks and trust companies (includingl receivers,
liquidating agents, and conservators)
Building and loan associations *
Insurance companies
Mortgage-loan companies 1
_
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:
For self-liquidating projects, sec. 201 (a) (including
repairs to property damaged by earthquakes,
etc.)
Forfinancingexports of agricultural surpluses, sec.
201 (c)_—
Forfinancingagricultural products, sec. 201 (d)
To commodity credit corporation
On preferred stock of banks
On preferred stock of insurance companies
To drainage, levee, and irrigation districts
To public school authorities
_.
To industrial and commercial businesses
Total..
Subscriptions:
Subscriptions for preferred stock of banks
Purchases of capital notes and debentures of banks.
Total_.
Total loans and subscriptions..
582,200
36,893
32,619
184,790
390
124,951
1,367
275
1,188
148
3,197
1,160
275
594
173
2,757 ,
Sf6,009
96,062
107,287
111, 184
112, 276
110,078
~~3,~366'
12, 752
4,089
167,945
19,062
15,875
4,156
13,948
4,114
202,559
21,353
15,875
4,636
15,185
4,507
157,667
21,922
15,875
8,173
14,985
4,422
108,646
21,994
25,885
9,177
22,300
274
14,954
5,107
76, 430
22,289
25,885
9,479
22,300
1,916
3,958
5,876
193,073
2,396
3,500
54, 612
3,778
5,048
290,482
2,162
3,500
64,370
8,105
71, 032
312,439
355,493
319,392
314,970
289, 544
383, 796
10,041
489,458
49,453
700
413, 473
271,501
498,106
295,248
515,794
243,720
532,760
248,525
545,599
259, 772
73, 294
87,783
65,823
74, 865
48,536
3,687
2,567
12,942
50,153
684,974
793,354
759, 514
781,285
805, 371
161,077
140, 688
1, 543,356
2, 447,902
2,585,038
2,415,498
2,393,393
2,382,671
892, 305
2 959, 884
299,015
164, 720
298, 562
487, 979
786, 541
298,561
493,458
792,019
298,542
499,591
798,133
298,524
499,592
798,116
298,227
499,589
797,817
15
408
423
15
411
426
ALLOCATIONS
For relief:
Federal Emergency Relief Act of 1932_.
Federal Emergency Relief Act of 1933..
Total
_
To other Government agencies:
To Secretary of the Treasury for:
Purchase of stock of Federal Home Loan banks.
Purchase of stock of Home Owners' Loan Corporation___
_._
To Land Bank Commissioner
To Federal Farm Mortgage Corpoiation
To Federal Housing Administrator.
To Secretary of Agriculture for:
Crop loans
Reallocated as capital regional agricultural
credit corporations
Reallocated to Governor of Farm Credit Administration..
Total
Total allocations
Total loans, subscriptions, and allocations...
463, 735
57,370
80,946
81,446
81,446
81,446
81,446
43, 295
43, 295
2,000
10,600
114,000
147,600
55,000
154,000
147,600
55,000
174,000
147,600
55,000
10,000
200,000
147,600
55,000
10,000
200,000
147,600
55,000
10,000
97,400
97,400
115,000
115,000
115,000
115,000
115,000
115,000
44, 500
44,500
44,500
44,500
44,500
44,425
40,500
40,500
40,500
40, 500
229,470
40, 500
597,546
668,046
694,046
693,971
693, 205
1,384,087
1,430,064
1,466,179
1,492,162
1,491,788
2, 236, 561
3,831,989
3,885,555
3,874,458
4,015,103
3,881,677
75
140,695
140, 770
141,196
= = =
1,033,423 21,101,080
141,119
* Revised.
1 Loans to aid in the reorganization or liquidation of closed financial institutions amounted on Sept. 30, 1934, to $367,251,000, representing proceeds disbursed less repayments, and $228,916,000 not yet disbursed.
2 In addition the corporation had approved in principle as of Sept. 30, 1934, loans of $175,955,000 and subscriptions of $55,338,000 upon the performance of specified conditions.
Back figures.—SQQ BULLETINS for December 1933, pp. 738-739, andjFebruary 1934, pp. 103 and 132.
732
FEDERAL RESERVE BULLETIN
November 1934
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In thousands of dollars]
Farm mortgage loans by—
ProducRegional
tion credit
agricultural
Land
credit cor- All other associations
Joint
porations
Bank
Federal
land banks Commis- stock land and pro- institutions
banks 1 duction
sioner
credit assocations *
End of month
January
February
March
April
May
June
July
August
September—
October
November
December
January
February
March
April
May
June
July
August
September
1933
Federal intermediate
credit bank loans to
and discounts for
___
_
_
1,112, 703
1,110,032
1,107,377
1,105,128
1,102,891
1,102,088
1,101,446
1,104,176
1,110,194
1,125,681
1,156,170
1, 213,523
1,287, 562
1, 371,468
1,458,311
1,483, 940
1, 548, 554
1,630,900
1,690,496
1, 746,149
1,792,410
40
180
664
2,188
6,026
15,815
34,099
70, 738
452,166
446,429
440,130
434, 514
429,380
422,471
420,080
416, 385
412, 525
407, 754
400,977
392, 438
1,256
1,305
1,348
1,838
2,483
10, 399
28,467
49,979
61,299
68,857
73, 263
87, 752
85, 570
84,804
83, 249
80,830
79, 653
78, 786
78, 547
77, 257
71,357
72,459
76,200
120,403
174, 308
237,858
258, 730
311,375
378, 526
429,830
477,822
516,276
381, 380
369, 769
349,425
344, 773
334, 680
319,585
305, 782
295,234
285,085
75,431
76, 515
86,081
102, 781
120, 282
127,470
128,083
125,270
118,402
74,588
71,496
70,262
69, 566
70, 358
70, 556
73,626
74,172
72,989
Regional Emeragriculgency
tural cred' crop loans
it corpo- (1921-34)
rations
Agricul- Banks for
tural Mar- cooperatives,
keting Act including
revolving Central
fund loans Bank for
to cooperatives Cooperatives
42,426
62,035
83,409
106, 540
127, 731
145,414
154, 321
158,394
155,200
146,895
142,558
144,636
87,678
86, 510
98,283
131, 250
137,309
139,158
138, 727
135,854
135,087
110, 324
94, 296
89,811
156, 976
156,468
156,793
155,617
180, 264
180,406
177, 537
176, 553
175,040
173, 325
172, 302
157, 752
145,198
145, 760
144,905
144,693
143,093
138,478
128,831
117,664
106, 724
81,164
72, 727
68,310
84,138
90,147
90, 517
91,388
91, 733
90,551
69, 508
69, 214
68,353
67, 257
54,642
54,877
55,437
55, 250
54,870
184
7,396
11 144
18,697
1934
___
157
665
4,409
14,392
28,117
38, 518
49,820
58,074
60, 887
15
14
15,
17,
19
20
21
23
23
386
835
824
144
310
539
493
019
057
1
Includes loans outstanding of joint stock land banks in receivership.
2 Some of the loans made by the regional agricultural credit corporations and all of the loans made by the production credit associations are rediscounted with the Federal intermediate credit banks. The amounts in this column are thus included in the columns headed "Production credit
associations" and "Regional agricultural credit corporations."
NOTE.—The Farm Credit Administration was created by Executive order, effective May 27, 1933, to consolidate existing Federal agencies
dealing primarily with agricultural credit. Under the provisions of the Emergency Farm Mortgage Act of 1933, new loans by the joint stock land
banks were discontinued and the banks are now in process of liquidation.
HOME OWNERS' LOAN CORPORATION
FEDERAL HOME LOAN BANKS
SUMMARY OF OPERATIONS
COMBINED STATEMENT OF ASSETS AND
LIABILITIES
Months
Number
403,114
129,504
99,232
90, 946
593
3,424
10,946
22,286
$1,688, 787
10,164, 678
31, 445,827
62, 621,051
January
February
March
April
May
June
July
August
September
123,189
136,132
168, 273
145, 772
119,791
97, 679
66,157
72,022
39, 317
30, 339
32,940
52,260
56,172
64,172
71, 768
78, 046
69, 738
59, 240
86,143,838
93,499,995
150, 213, 639
171, 490, 768
208,293,766
223, 440,191
235, 467, 606
202, 442,864
179, 299,857
Sept. 29,
1934
ASSETS
1934
Cumulative total..
Aug. 31,
1934
Amount
1933
From opening to Sept. 30.
October
November
December
[In thousands of dollars]
Loans closed
Number
of applications
received
1,691,128
551,924 1,656,212,867
Cash on hand
_
Loans outstanding
Accrued interest..
Investments—United States securities
Other assets
Total assets...
4,773
85,482
588
15, 489
109
4,862
86, 647
560
16,090
90
106,441
108, 249
LIABILITIES
Current liabilities
Capital stock, fully paid and outstanding:
Members
U. S. Government
Subscriptions to capital stock, less balance due
Surplus
Total liabilities.
_
2 588
3,721
17,815
81,446
2,503
2,089
18, 660
81,446
2,074
2,349
106, 441
108, 249
733
FEDERAL RESERVE BULLETIN
November 1934
STOCK PRICES
BOND PRICES
[Averages]
Other bonds»
Year, month, or date
Year, month, or date
U.S.
Corporate
Govern- Corpoment rate and
municbonds
ipal
(high- Total Indus- Rail- Utility
trial road
grade)
Number of issues
60
3 15
20
20
20
1932 average
1933 average
1933—October
November
December
99.2
102.2
81.1
84.0
69.4
73.4
63.2
69.2
64.8
70.5
80.5
80.6
102.9
100.5
100.0
86.5
82.6
83.6
75.3
72.1
73.6
72.7
70.5
71.5
73.5
68.5
72.2
79.7
77.3
77.1
1934—January
February
March
April
May
June
July
August
September
October
100.3
101.9
102.8
103.7
104.4
104.7
105.2
104.1
102.3
103.4
88.3
92.9
95.1
97.0
97.6
99.0
99.3
97.8
96.7
98.4
78.5
84.0
84.8
87.0
86.1
86.3
86.1
83.9
83.0
84.1
75.6
79.8
80.5
82.8
82.5
82.5
83.2
82.6
82.2
82.5
79.0
85.8
86.4
88.7
86.9
87.1
85.8
81.3
79.3
81.6
80.9
86.5
87.7
89.7
89.1
89.4
89.4
87.9
87.6
88.1
102.3
103.0
103.8
104.1
103.6
97.2
97.5
98.8
P9.4
99.3
83.3
83.6
84.4
84.7
84.2
82.4
82.2
82.5
82.6
82.4
80.0
81.1
82.5
82.9
81.5
87.5
88.2
Oct. 3
Oct. 10
Oct.t 7
Oct. 24
Oct. 31
Preferred uommo n SLOCKS {, maex, xv
stocks
(industrial high- Total Indus- Rail- Utility
trial
grade)
road
20
421
351
33
37
1932 average
1933 average
1933—October.. _.
November.
December.,
96.1
104.8
48
63
46
66
26
38
79
78
109.8
107.5
107.7
70
69
70
76
77
79
40
38
40
75
70
67
1934—January
February..
March
April
May..
June
July
August
September.
October
111.2
116.5
117.5
120.2
121.0
122.1
123.5
122.6
121.0
120.9
76
81
77
80
72
74
71
68
67
67
84
88
85
88
80
81
80
77
76
76
46
50
48
49
43
44
41
36
35
36
73
81
76
76
70
72
69
65
64
63
Oct.
Oct.
Oct.
Oct.
Oct.
120.1
120.6
120.9
121.3
121.8
66
68
68
68
66
75
77
78
77
75
35
36
36
37
34
63
64
63
63
62
Number of issues.
3
10
17
24
31
Source.—Standard Statistics Co.
CAPITAL ISSUES
88.7
[Long-term; i.e., 1 year or more. In millions of dollars]
New issues
Domestic
BOND YIELDS *
Year, month, or
date
U.S. Municipal 3
Treas- (highury 2 grade)
Corporate, by ratings *
Aaa
Aa
A
Baa
9
15
30
30
30
30
1932 average
1933 average
3.66
3.31
4.65
4.71
5.01
4.49
5.97
5.23
7.20
6.09
1933—July
August
September
October
November
December
3.20
3.21
3.20
3.22
3.46
3.53
4.60
4.54
4.59
4.60
4.89
4.89
4.36
4.30
4.35
4.34
4.54
4.50
4.83
4.77
4.96
4.97
5.35
5.27
5.58
5.51
5.70
5.76
6.22
6.21
9.30
7.76
6.62
6.77
7.27
7.49
7.98
7.75
1934—January
February
March
April
May
June
July
August
September
October
3.50
3.32
3.21
3.12
3.01
2.94
2.85
2.99
3.20
3.08
4.67
4.48
4.24
4.11
3.93
3.73
3.75
3.81
3.84
3.69
4.35
4.20
4.13
4.07
4.01
3.93
3.89
3.93
3.96
3.90
5.00
4.70
4.55
4.43
4.37
4.30
4.28
4.34
4.42
4.36
5.72
5.24
5.12
4.97
4.96
4.96
4.93
5.09
5.17
5.00
7.01
6.27
6.26
6.01
6.05
6.06
6.13
6.49
6.57
6.40
Oct.
Oct.
Oct.
Oct.
Oct.
3.21
3.13
3.03
2.99
3.05
3.82
3.82
3.64
3.60
3.59
3.95
3.92
3.90
3.86
3.87
4.44
4.39
4.34
4.30
4.30
5.10
5.03
4.98
4.93
4.95
6.51
6.44
6.36
6.31
6.36
Number of issues—
3
10
17
24
31
i Monthly data are averages of daily or weekly figures.
»Average, computed by Treasury Department, of yields of all outstanding Treasury bonds except those due or callable within 8 years.
« Standard Statistics Co.
* Moody's Investors' Service.
1925
1926
1927
1928
1929
1930
1931
- 1932
1933
1933—September. .
October
November..
December—
1934—January
February
March
April
May
June
July
August
September..
Total
Corporate
(doState
Formestic
and
eign
and Total' mufornici- Bonds
eign)
and Stocks
pal
notes
6,201
6,314
7,556
8,040
10,091
6,909
3,089
1,165
5,125
5,189
6,219
6,789
9,420
6,004
2,860
1,157
722
710
64
59
88
57
48
79
97
143
103
123
64
59
88
57
48
79
97
143
103
123
2 217
»180
43
217
180
43
1,352
1,344
1,475
1,379
1,418
1,434
1,235
755
484
37
56
82
41
37
59
81
100
61
102
91
18
36
2,452
2,667
3,183
2,385
2,078
2,980
1,240
305
40
0
0
0
0
0
12
9
24
26
0
19
8
5
1,153 1,076
1,087 1,125
1,474 1,337
2,961 1,251
5,924
671
905
1,503
229
311
20
8
120
12
9
3
6
16
6
1
5
5
3
9
OOOOOO OOOO
Year and month
2
too
* Price indexes derived from average yields.
8
Now 3 Liberties and 12 Treasuries. New Treasury issues were added
Aug. 15, 1933, Nov. 1, 1933, Apr. 16, 1934, and June 15, 1934.
3
45 corporate and 15 municipal.
Source.—For United States Government bonds, Federal Reserve Bank
of New York; for other bonds, Standard Statistics Co.
o
0
0
Refunding
issues
(domestic
and
foreign)
925
1,046
2,220
1,858
1,422
711
949
583
340
30
1
2
18
42
8
50
93
39
183
157
79
26
1 Includes issues of Federal land banks and Federal intermediate credit
banks, not shown separately.
2 Includes $100,260,300 bonds of Federal Farm Mortgage Corporation
sold by public offering during month.
» Includes $149,111,100 short-term bonds of Home Owners' Loan Corporation sold by public offering during month.
Sources.—For domestic issues, Commercial and Financial Chronicle;
for foreign issues (issues publicly offered) annual totals are as finally
reported by Department of Commerce, while monthly figures are as
compiled currently and are subject to revision.
Back figures.—See (forfiguresof new issues—annual and quarterly
basis) Annual Report for 1933 (table 112).
734
FEDERAL RESERVE BULLETIN
November 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]
Industrial production i •
Year and
month
Total
Manufactures
Construction contracts awarded (value) >
Minerals
Total
Residential
All ()ther
Factory employment >
Factory
Freig it-car
pay
loadings * * Comrolls 3
mod-
Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1931
March
April. .
May
June _.
July
August...
September
October. _
November
December
83
87
84
87
67
85
101
95
104
108
106
111
119
96
81
64
67
86
101
94
105
108
106
112
119
95
80
63
75
76
77
89
70
74
105
96
99
108
107
106
115
99
84
71
81
89
90
89
83
80
78
77
75
72
68
87
88
87
83
82
78
76
73
73
74
91
91
90
83
79
77
76
72
70
66
87
87
87
82
82
78
75
71
71
72
82
83
84
86
86
82
83
90
84
79
71
71
68
72
69
67
63
60
59
58
60
66
67
65
66
70
70
66
63
60
58
55
58
66
67
63
71
68
64
61
59
58
57
59
65
66
63
64
74
75
78
65
63
59
66
78
91
63
62
58
68
80
92
97
89
84
76
70
67
1932
January. _
FebruaryMarch
April
May
June
July
August.._
September
October..
November
December
64
61
59
56
59
67
68
65
60
1933
January-.
FebruaryMarch
April
May
June
July. . .
August.—
September
October..
November
December
64
64
60
67
79
91
'96
90
85
78
72
69
1934
January—
February.
March....
April
May
June
July
August...
September
77
83
86
88
89
84
«73
«73
P72
' 100
91
84
76
72
75
78
81
84
85
86
83
76
73
P71
58
75
82
85
89
89
83
«71
e 71
*70
63
61
56
65
77
93
'102
91
83
76
70
73
76
80
82
85
86
83
74
72
"69
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
139
154
98
97
101
98
104
100
95
97
95
86
73
65
66
77
82
78
74
68
63
59
52
43
30
77
73
65
63
61
59
59
55
49
38
50
52
47
41
36
32
32
29
26
20
47
44
40
37
35
33
32
30
27
23
98
107
104
101
94
87
81
71
57
39
100
96
85
84
82
81
80
76
67
50
81
81
80
78
77
77
77
74
72
71
81
81
80
79
78
77
75
73
72
72
76
74
73
70
66
66
63
61
58
58
75
77
79
77
78
76
78
78
70
61
80
80
79
77
76
72
69
69
68
69
76
75
73
72
72
72
71
77
31
27
26
27
26
27
27
30
30
29
27
28
16
15
16
16
14
12
12
11
12
12
10
8
19
17
15
14
12
11
11
12
12
12
10
9
33
30
35
43
45
47
46
48
45
41
35
33
41
35
36
38
37
39
40
45
44
43
41
43
69
70
68
66
63
61
59
60
63
64
63
62
70
70
68
66
64
62
60
60
62
63
63
62
54
55
53
50
47
43
40
41
43
45
43
42
58
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
65
65
64
64
63
61
62
59
60
63
67
73
76
78
78
76
75
40
40
37
39
43
47
51
57
59
59
56
55
51
51
56
54
50
53
55
62
65
61
60
58
59
63
61
60
60
60
63
65
69
70
71
71
71
71
75
54
61
65
64
64
66
62
63
64
61
59
59
72
74
74
73
74
75
75
76
78
73
77
71
76
74
65
77
83
90
94
93
88
84
80
74
79
80
72
79
85
91
91
87
81
81
85
18
16
14
16
19
21
24
25
30
35
42
45
22
19
14
14
16
18
21
24
30
37
48
57
7
7
8
11
13
14
13
12
12
12
12
11
8
8
8
10
11
13
13
12
12
12
13
13
27
23
18
19
24
27
32
36
45
53
66
73
33
27
18
17
20
23
28
33
45
57
76
93
60
61
59
60
63
67
72
76
80
80
76
74
85
88
91
81
87
88
91
100
90
89
40
87
85
83
87
87
85
80
82
49
44
33
32
26
26
27
27
29
10
10
12
14
13
13
12
10
11
12
12
11
12
11
12
12
10
11
64
60
50
54
47
46
45
43
45
80
70
51
49
39
38
39
40
44
73
78
81
82
82
81
79
80
78
84
91
79
87
100
97
103
106
103
103
106
92
75
56
58
89
91
87
87
86
79
78
83
81
84
25
23
26
31
31
32
31
32
30
28
24
22
72
65
62
63
66
74
80
97
117
76
81
103
96
101
104
102
102
109
89
68
46
49
107
108
82
91
104
97
99
101
99
99
105
92
77
64
69
prices*
78
85
80
67
64
65
65
71
74
75
38
33
36
32
31
30
28
30
78
81
82
82
81
79
79
»74
67
67
65
60
62
*58
48
51.
55
61
66
65
68
66
60
56
58
61
63
60
63
64
63
63
67
70
7C
69
p Preliminary.
r Revised.
« Corrected.
* Average per working day.
1
For indexes of groups and separate industries see pp. 765-766; for description see BULLETIN for February and March 1927; for revised figures
back to 1919 see BULLETIN for September 1933, pp. 584-585.
1
3-month moving average of F . W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. For
back figures see Annual Report for 1933 (table 115).
* The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled b y the Bureau of Labor Statistics. For
description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory
employment compiled by the Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries
see p. 767.
* For indexes of groups see p. 735; for back figures for total see Annual Report for 1933 (table 115) and for groups see BULLETIN for February
1931, p. 108.
• Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data b y weeks) are given on p. 764. For back
figures see Annual Report for 1933 (table 120).
735
FEDEBAL RESERVE BULLETIN
November 1934
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 3
Merchandise exports *
Excess of exports
Month
1930
1932
1931
1933
1934
1930
1931
1932
1933
1934
1930
1932
1931
1933
January
February
March
411
349
370
250
224
236
150
154
155
121
102
108
172
163
191
311
282
300
183
175
210
136
131
131
96
84
95
136
133
158
100
67
69
66
49
26
15
23
24
April
May
June _
332
320
295
215
204
187
135
132
114
105
114
120
179
160
171
308
285
250
186
180
173
127
112
110
88
107
122
147
155
136
24
35
44
29
24
14
9
20
4
-2
July
August
September
267
298
312
181
165
180
107
109
132
144
131
160
162
172
221
218
226
174
167
170
79
91
98
143
155
147
127
120
46
79
86
6
-2
10
October
November
December
327
289
275
205
153
193
247
169
105
151
80
194
184
139
132
184
193
204
209
149
154
104
97
129
134
85
66
Year
3,843
2,424
1,611
1,675
3,061
2,091
1,323
1,450
782
1934
25
18
13
37
30
3$
17
7
3$
27
17
34
1
-23
13
34
52
'60
36
48
42
44
30
34
35
56
59
334
288
225
34
» 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.
1
8
DEPARTMENT STORES—SALES, STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1923-25 average=100]
[Index numbers; 1923-25 average=100]
Sept.
Adjusted
Adjusted
Without
Without
for seasonal seasonal ad- for seasonal seasonal advariation
variation
justment
justment
Month
1933
1934
1933
1934
1933
1934
1933
January
February.. .
March
60
60
57
69
71
77
49
49
50
57
59
73
58
57
54
66
66
65
52
54
55
59
63
67
April
May...
June
67
67
68
77
77
74
68
67
64
73
77
70
53
55
57
65
66
65
55
56
56
68
68
63
July
August
September .
69
77
70
72
79
75
48
59
73
51
60
78
60
64
70
64
64
64
56
62
73
70
65
J>75
October
November
December
__
69
Year
77
75
70
69
121
65
67
77
78
62
61
v 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; Annual Report
for 1933 (table 115).
May
June
July
Aug.
Sept.
Adjusted for seasonal variation
59
61
67
1934
1934
1933
Index of stocks (end of
month)
Index of sales l
Total
Coal..
Coke
Grain and grain products
Livestock
Forest products
Ore..
Miscellaneous
Merchandise i
60
67
60
63
69
58
64
66
56
61
63
43
59
58
39
59
63
45
57
53
33
59
57
68
75
52
33
39
68
65
90
54
33
48
68
65
79
84
30
46
62
65
70
107
29
43
59
65
63
87
30
39
58
64
Without seasonal adjustment
Total
Coal
.
Coke.
Grain and grain products
Livestock
Forest products
Ore
Miscellaneous
Merchandise *
68
72
59
63
61
58
64
58
56
63
55
38
63
57
35
69
63
35
96
68
70
61
49
35
59
70
67
78
46
34
87
71
65
95
70
30
83
65
64
84
95
31
73
64
65
67
45
76
ioa
31
6a
69)
67
* 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.
736
FEDERAL RESERVE BULLETIN
November 1934
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
Iln millions of dollars]
End of month
Total
(50 countries)
1933—September..
October
November..
December..
1934—January
12,048
12,057
11,959
11,930
11,951
1934—January *___
February...
March.
April
May
..
June
July_.
August
SeptemberOctober
Europe
United
States i
20,229
20,516
20,724
20,820
20,957
* 21,163
p 21,300
v 21,482
v 21, 549
Canada
Total (27
countries)
4,011
4,011
4,012
4,012
4,033
77
77
77
77
77
7,438
7,694
7,757
7,779
7,856
7,931
7,978
7,978
130
130
130
130
130
132
133
131
131
Austria
CzechoBelgium Bulgaria slovakia Denmark England
$l=25$io g rains of gold Ho fine; i.e., an ounce of fine gold=$20.67
24
7,038
376
11
51
36
24
377
11
51
36
7,040
24
378
11
36
51
6,942
27
380
11
51
36
6,916
27
382
11
51
36
6,912
$1=>15%I
grains of gold %o fine; i.e., an ounce of fine gold
11,697
11,358
11,313
11,340
11,426
11,548
11,592
11,747
v 11,807
646
639
635
636
635
625
618
623
626
86
112
111
111
111
111
111
111
111
France
Germany
926
927
928
928
929
3,218
3,176
3,051
3,022
3,021
87
94
97
92
90
1,573
1,574
1,574
1,575
1,577
1,578
1,579
1,580
1,581
v 1, 582
5,109
4,904
4,947
5,023
5,136
5,274
5,321
5,439
5,455
*5,468
152
134
96
83
52
28
30
30
30
••$35
60
P8,002
E urope— C ontinued
End of month
Greece Hungary
Italy
Nether- Norway Poland
lands
$l=25$io
1933—September..
October
November..
December. .
1934—January....
21
21
23
24
22
17
17
14
14
14
371
371
373
373
373
338
359
370
371
370
633
633
613
609
594
576
567
565
554
*>541
Portu- Ruma- Spain Sweden Switzer- U.S.S.R3 Yugo- 6 other
slavia coungal
nia
land
tries
grains of gold 91 o fine; i.i ., an ounce of fine gold=$20.67
32
41
53
59
436
101
356
40
53
32
59
436
101
373
53
33
59
436
99
386
40
34
59
99
38
53
436
386
54
34
60
436
100
386
38
626
539
535
539
551
573
588
588
588
416
416
416
416
416
32
32
32
32
32
35
35
35
35
35
704
704
706
706
706
716
716
716
716
53
53
53
53
53
53
53
53
54
58
59
59
57
58
58
58
58
grains of gold 9io fine; i.e., an ounce of fine gold=$85
1934—January 2 ._.
February.__
March
April
May
June
July.
August
September..
October
100
101
101
101
102
102
102
103
3
1933—September
October
November
December
1934—January
Africa
Asia and Oceania
2
Total
Total ArNew Tur- other Total
CoSouth other
Uru- other (7
(4
(10
Zeacouncoun- gen- Chile lom- Mex Peru guay coun- coun- India Japan Java land key coun- coun- E g y p t bia
ico
tina
tries
tries tries)
tries tries)
tries)
354
352
346
342
342
249
249
244
239
239
11
11
11
12
12
15
15
15
14
14
$1- =25%o grains of gold Ho fine;
11
11
452
7
50
11
49
7
453
10
11
7
456
8
50
9
11
7
457
50
8
11
51
7
459
$l=15Hi
1934—January2
February
March
April
May
June
July
August
September
653
600
570
534
535
535
537
567
591
J»621
P601
Latin America
End of month
169
169
170
167
167
168
168
739
739
739
739
739
739
740
740
740
579
588
590
591
594
*>590
P595
*>598
P598
405
405
405
405
405
405
405
403
»403
20
20
20
20
20
20
24
28
*28
24
24
25
24
24
25
26
26
24
14
18
20
22
23
»23
*>23
*>23
*23
19
20
19
19
1.9
19
19
19
P19
i.e., an ounce
212
162
162
212
212
162
162
212
162
212
grains of gold <Ko fine; i.e .,
778
11
274
86
14
780
274
87
15
778
274
87
15
781
275
87
275
87
16 803
275
84
14 804
806
275
82 '17
P82
275
*17 *>807
P17
*>82
*809
275
of fine
39
40
42
44
45
gold=$20.67
11
24
25
11
25
11
24
12
25
12
3
3
4
3
3
115
123
125
126
6
6
5
6
6
5
6
6
6
215
222
218
220
226
»233
127
33
33
33
33
33
72
80
82
83
84
10
10
10
10
10
56
55
55
55
55
55
55
55
*>55
143
150
146
149
154
161
172
149
155
17
17
17
17
17
v 17
an ounce of fine gold=$35
359
359
359
362
382
384
386
387
388
76
79
77
77
79
77
77
77
77
42
42
42
42
42
42
42
*42
P42
20
20
20
21
20
21
21
21
22
P244
*220
*>226
v Preliminary.
r Revised.
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 inclusion in the latter 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.
8
Figures reported as of end of each quarter by State Bank of U.S.S.R. carried forward for succeeding 2 months.
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; in Asia and Oceania: Australia and Siam; 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.
737
FEDERAL RESERVE BULLETIN
November 1934
GOLD PRODUCTION
[In thousands of dollars]
Estimated
world
production »
•
Year and month
Production reported monthly
Far East
North and South America
Africa
Total'
South
Africa
421,979
238,931
42,409
38, 753
43, 509
40,683
41, 595
40, 780
43,909
44,125
44, 656
45, 532
44,987
44,690
35,415
31,759
36, 515
33, 689
34,600
33, 785
34,915
35,130
35, 661
36, 537
35,992
35,596
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
515,627
419,695
227,673
13,335
6,623
45, 516
35, 521
18,897
Colom- Chile» Austra- Japan
United
West Belgian
Africa Congo Canada States i Mexico bia
lia
Rhodesia
$l=25$io
1932—Total (12 m o . ) - - 499,049
1933—January
February
March
April
May
June
July
August
September
October
November
December
Total (12 mo.).
1934—January
February
March
April..
May
June__.
July..
_
August
September
_.
54, 243
71,313
75, 281
58, 211
74,856
57,786
78, 081
61,012
76,034
58,964
v 77, 380 v 60,310
p 78,195 p 61,125
P 77,940 P 60,870
grains of gold Wo fine; i.e., an ounce of fine gold=$20.67
12,000
5,992
3,642
62,933
532
531
522
528
520
561
571
579
546
567
586
580
280
264
302
281
308
308
306
321
307
302
327
325
4,845
4,737
5,399
4,919
4,932
5,426
5,306
5,325
4,889
5,048
5,001
5,140
India
3,631
50,626
4,341
3,059
5,230
3,928
2,956
3,638
3,742
5,209
5,292
5,581
• 52,842
5,132 1
788
14,563
8,198
6,782
1,194
1,095
1,059
905
1,035
986
1,165
1,198
820
1,501
1,172
1,038
504
334
455
535
499
435
577
555
375
700
694
503
190
134
220
222
181
288
227
274
269
423
301
281
1,129
1,178
1,259
1,522
1,344
1,434
1,420
1,438
1,591
1,436
1,501
1,538
654
747
726
734
711
755
722
847
825
794
788
574
608
626
5S5
554
543
589
575
572
560
560
573
13,169
6,165
3,009
16,790
8,968
6,919
12,070
546
320~ 4,781
$l=15%i grains of gold Ho fine; i.e., an ounce offing
502
927
7,803
6,160
1,906
1,893
965
571
8,726
7,945
1,194
2,042
941
509
7,975
7,595
2,233
2,014
951
566
8,505
2,431
9,090
2,055
946
547
8,495
8,260
1,941
2,048
1,072
521
8,593
8,750
1,861
2,015
13
,
1,201
28,893
30,550
30,173
31,324
30,138
30, 773
31,015 p 2,030
29,951 P 2,065
1,022
p 1,190
542
P542
P
9,270
8, 505
8,365
9,940
721
560
gold= $35
1,067
940
843
991
1,003
1,037
P 2, 065
1,148
P 1,960 p 1,050
656
554
648
425
623
820
P820
*>820
2.269
2,415
2,566
2,460
2,722
2,579
v 2,579
P 2, 579
1,280
1,390
1,376
1,268
1,310
1,351
p 1,330
9 1,330
921
914
946
930
938
*938
p Preliminary.
» Revised. Figures in first 2 columns revised on basis of monthly figures of production in Chile.
•
1
Monthly figures for United States are those compiled by American Bureau of Metal Statistics of New York City; annual figures represent
official estimates made by Bureau of the Mint in cooperation with Bureau of Mines.
2 Source: Boletin Mensual of the Banco Central de Chile.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108,
and June 1934, p. 377. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1933, p. 104. Figures tor
Canada for 1934 are subject to revision.
GOLD MOVEMENTS
[In thousands of dollars]
United States
Total
net
imports
or net
exports
Year and month
1932—Total (12 mo.) . -446,213
1933—May
June
July
August
September
October
November
December
England
France
Bel- Nether- Switzer- Cangium lands
ada
land
Germany
Total (12mo.). -173,455
- 2 , 767
.
Custom s valuaticns; with some exce\otions a t rate of $20.67 a fine ounee
64,574 20,087 12,991 3,240 26,597 39,043 49,719
6,375 - 2 1 6 , 0 3 5
- 2 , 542
-461
452, 571 239,800 124,381
237,336 135,987
51,821
54, 748
24, 054
1,786
33, 583
233
5,927
63,705
10,750
31,288
53,346
22,978
2,212
37, 225
22, 872 - 5 , 2 3 8
-18,670 ' - 9 5 0 —17,748
10,837 - 1 , 1 1 8
26
China
Mex- Argen- Co- British and Japan
tina lombia India Hong
ico
Kong
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
-21,139 -15,715
-122
- 3 , 244 - 2 , 8 4 5
- 7 2 -1,445
-83,879
- 7 1 3 - 7 9 , 617
- 8 0 , 388 - 1 , 5 3 5 - 7 3 , 1 7 3
-216
-56,736 - 5 , 0 9 9 - 4 8 , 7 1 7
- 3 2 , 3 5 1 —6, 240 —26,923
-109
- 7 8 3 - 2 , 260
-5
-366
-9,128 -1,650
-203
-28
1934—January
February
March
April
May
June...
July..
August .
September
October
>:
Net imports from or net exports (—) tc
344
141
369
125
518
48
240
338
8
-8,883
110
154
203
143
224
268
216
347
-11,631
19,896
4,280
-1
313
246
-115
-27
-13
-18
-28
-10
2,171
—9
-2,532
-895
7,901
1
-10
-1,678
—453
2
l
1
I
2
98 25,629 12,821
-4,865
-17
212
-500
6,989
8,982
8,200
539
3,775
2,837
2,664
515
399
3,265
36,383
-5,729
812
-4,121
-5,708
— 1,486
1,085
1,419
960
1
6,702 - 2 6 , 0 6 8
1,364
Custoins valuat ions; wit some exceptions at rate of$35aj Ine oun ce
h
1
9,087 12,114 5,124
131 57,272
1,660
10,148
3,569 10,272 5,368
2,490 11,465
5 2,495 4,613
7,234
9,069
640
2,554 10,240
8,673 2,086
8
10
1
-146 -1,943
-2,094
83
10
All
other
countries
37 12,191
8 8,948
5,489
1 2,484
6
-8
3,112
651
2,865
3,067
1,865
2,286
3,254
672
513
50
4
2,347
3,351
1,785
1,987
2,190
3,316
4,105
1,174
1,729
738
FEDERAL RESERVE BULLETIN
November 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
1932—Total (12 mo.)..,
France
97,386
77,671
89,056
25,628
48,260
63,918
79,138
79,426
December
Belgium
South
Africa, All
South
Nether- Switzer- Amer- Canada British Straits Austra- Rhoother
lands land i
India Settledesia, counlia
ica
ments
West
tries
Africa
Official figures converted at rate of $20.67 an ounce
333-13,434-71,378-14,019
5,747
220,394
84,585
1933—May
June
July
August
September
October
November
Germany
2,761
15,923
4,763
733
3,120
12,520
6,878
4,441
10,781
32,486
-7,421
18,051
6,259
2,163
1,
33,338
15,130
18,279
,789
,717
2,692
,910
,991
,942
2,315
1,
19,476 - 3 , 1 6 9
17,954
6,069
19,519 11,715
24, 774 - 3 , 2 1 2
21,027
5,434
20,467
4,403
20,885
4,558
19,460 12,871
Total (12 mo.)
3,170
1934—January
February
March
April
May
June
July
August
September.
_-
184,820
91,471
35,003
37,986
53,056
30,991
26,005
23,488
-238,842 283,333
-130,087
66,180
-19,851 -7,038
-5,197 -30,856
-35,375
6,622
-29,369
-121
-15,420 -6,797
6,251 -8.188
18,837
65,579
3,524
8,243
17,495
4,099
45
2,890
Official figures converted at rate of $85 an ounce
3,790 17,891
4,870 30,193
358
5,522
-176
187
39 37,372
44
523
—216
343
47 13,033
-34
-252
284
319
75 14,147
17,330
144
218
-659
-71
12, 213
1,794
-2,161
-46
-102
25,146
1,749
-6,034
- 5 -4,563
962
2,052
-2,157
-203
1~'~
Total
net
imports
or net
exports
Net imports from or net exports (—) to:
United
States
England
Germany
2,951
3,105
3,824
3,086
3,172
3,234
4,673
3,507
30,881
36,707
31,929
42,935
30,505
32,312
22,371
11,315
30,587
5,591
8,483
4,750
13,233
9,070
4,774
1,491
Germany
France
Year and month
647
1,094
359
485
441
70
66
151
Netherlands
Switzerland
All
other
countries
Net imports from or net exports (—) to:
Total
net
imports
All
or net
Neth- Swit- U.S. other
exports United Eng- France
erzerS.R. counStates land
lands land
tries
Official figures converted at rate of $20.67 an ounce
1932—Total (12
mo.)
1933—May
June
July
August.
September..
October
November..
DecemberTotal (12
mo.)
1934—January
828,178 468,052
309,984 37,889
37,547 -17,668
-5,819 1,277
-18,537 22,903
-12,572 23,430
-46
-11,533
-8,059
l
-5,969
-24,646
-3
-19,387 - 7 7 2
39, 785
7,976
5,695
-6,837
-6,166
-12,427
-21,460
701
244,092 223,905
57,425
34,706
1,215
-2
96,140
46,840
50,808
53,694
43,043
26,233
-52,936
-45,650
-7,236
-5,259
February. _. -175,869 -92,336 -160,187 12,536
March
3
-232,658 -79,158 -155, 636
April
-1,373
997 -37,010
78
May
30,915
124
33,581
1
6,437 -9,779 -11,411 18,191
June
July
2,895 -3,003
1
926
145
August»-_. -15,105 -7,290
264
5,987
-3
September*.
964
- 7 , 6 2 7 -27,282
37,113
16,102 -9,938
30,797
3,695 -36,432
16, 598 2-21, 605
4,592
-1,397 -2,174
-676
-2,176
-152
19,120
1,939
5,845
-5,674 -1,328
2,572
-23,368 -2,823
2,627
10, 538
-102,856
367
- 2 5 0 -38,170 -24,455 -7,915 46,656 -3,515
- 2 9 2 -6,435 -10,102
46
1,453 -13,676 -22,658 - 5 , T
-162
270
153
216
-186
9
-256
- 3 2 17,910
1,173
-94
41
5,933
-13
4,710 - 5 , 2 6 8
15
691
590
1,799 -37,044 -64,922
-1,934
-19
1,246
Official figures converted at rate of $85 an ounce
59,196 -1,765
6,687 -20,472
-29,660
-55,529
15,955 -2,914 -10,907 -39,440
-3,515
1,995 32,492
74 -5,655
-13,382
516
5,405 * -8,712 -29,040
7
-1,
19,168 -8,036 -20,312
-104 -1,038
323
-4,207
4,- 3 9 - 9 , 226
1,041
5,328
-2,609
10 -15,492
854
62
126
-269
- 7 0 -1,187
-2,615
-946
-8,054
-2
-988
- 8 , 0 7 3 -8,189
-10,083 -12,363
-12, 286 -8,155
2
-5
2
-133
4
-18
-61
34
—44
-88
55
-69
16
41
7,023
3,833
4,612
1
3
3,182
-119
—26
-238
-372
12
3a
-13a
-l, 38a
206 40,317 -2,26&
3,610
56
18,034
16,992
13,971
6,761
na
8,459
7,829
54
146
-10>
106
172
237
172*
v Preliminary.
1
Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately
in the official monthly statistics.
> $20,305,000 exported by France to Belgium in July 1933; $9,747,000 in May 1934.
NOTE.—Great Britain and Germany.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official
totals published for the year as a whole. German gold movements, by individual countries, beginning July 1934 are subject to revision.
739
FEDERAL RESERVE BULLETIN
November 1934
GOLD MOVEMENTS—Continued
[In thousands of dollars]
Netherlands
Total net
imports
or net
exports
Year and month
1932—Total (12mo.)-
Net imports from or net exports (—) to:
United
States
116,149
106,623
-41,605
-45,503
-13,628
24,239
16,488
18,562
9,688
-9,294
1933—May
June
July..
August
September.
October
November..
December..
115
2,191
-3,839
-102,784
-9,201
3,063
- 1 7 , 262
-6,248
-4,444
9,570
9,170
- 2 , 737
-326
February..
March
April
May
June
July
August
September
-6,390
—15,750
12,996
1,798
1,385
-1,942
- 7 , 111
-1,624
Switzerland
British
India
Official figures converted at rate of $20.67 an ounce
-34,009
26,886
-12,727
-13,630
-16,137
16,423
France
Germany
-225
8,880
-194
-13,283
-4,928
-418
-115
277
75
-23
-327
Belgium
-601
-821
-1,068
-1,797
-1,432
17
-338
-22
-90
-230
-72,183
40,818
-17,873
-37,068
-41,046
6,065
11,183
13,849
14,457
11,178
5,581
-180
47
-903
-357
6,096
-7,C
-8,629
1934—January
50,070
-11,384
-67,510
Total (12 mo.).
England
Official figures
-76,485
-4,132
-287
-158
1,701
88
3
7
1932—Total (12mo.)-
169,786 124,354
-42,481
1933—May
-41,596
June
July
- -14,302
-1,542
August
1,656
September...
4,073
October
3,553
November. _.
23,996
December
Total (12 !
mo.)
| -41,121
1934—January
February
March
...
April
May
June
July.
August
September. ..
1,2
England
15,342
Ger- South NethFrance many Africa erlands
-21,567
-30,1091
-25,403 -1,617 -12,110
-43, 753
- 4 , 682
-11, 582
-5,350
-8,372
-817 - 5 , 648
69 -1,171
-390
2
26,569
4,007
21,532
2,367
-7,346
-1,702
-1,466
-174
-241
-1,232
-297
-658
1,107
108
291
275
2,236
2,099
441
31
179
-18
20
90
97
105
142
99
-16,974
9,632
567
- 1 , 220
33
246
-257
-532
201
1,696
-12
-112
-2,546
- 1 , 016
21
360
5
311
451
235
-42
164
-359
133
322
168
393
130
-3,069
1
All
other
countries
Net imports from or net
Inexports (—) to:
crease
Total
Gold or denet
proimports
duc- (-)in
All
or net
exports United Eng- other tion in Government
coun- India reserves
States land
tries
in India
Official figures converted at rate of $20.67 an ounce
7,418 7,880
101 14,996
-304-195,662 -38,094 151,059
Increase
or decrease
(-)in
private
holdings in
India i
6,782
127 -189,007
-3,359
-991
1,785
r-74S
-622
-342
176
-296
554
543
589
575
572
560
560
573
-12,462
-13,461
- 2 - 5 , 707
- 1 -10,395
-12,839
-7,083
-5,287
-5,160
-1
205 13,168 -13,781 -126,048 -30,340 -85,804 '-9,903
6,916
- 5 -119,124
1 1,187
- 4 7 -14,063
12,683 -1,380
Official figures converted at rate of $85 an ounce
74
-12
-365
499 -39,307 - 7 , 7 0 3 -31,678
-280
311 -4,143 -20,806 - 8 , 8 6 2 -11,664
-7,799 -44
-278
-2,132
1,277 -20, 733 -10,697 - 9 , 758
-38,189 -26
-147
-6, 613 -16
-222
618 -20,344 -13,143 -7,054
213
-2,193 -43
-186
-513 -19,105 -7,464 -11,854
211
11
12
-41
727 -22,130 - 8 , 740 -13,601
208
11,802 -16
2,566
8,204 -3,565 -1,577 -2,196
560
- 1 3 , 503
2,778 - 3 , 709 -13,016
1,
-1,339
149
130
1
78
191
741
10,983 -24,536 - 2 6 , 781 - 3 7 9
-247
All other
countries
British India
1,377 -4,082 -38,776
-3,152 -34,751
"-307 - 5 , 739 -8,324
1,135
-229
1,767
-431
4,243
-790
502
4,684
- 1 , 444
~8~756 —9,474
110
-6,030
converted at rate of $85 an ounce
233
-62
4,077
-141
345
6,116
-102
7,951
-8
11,835
-68
-166
7,704
-291
-53
-103
71
174
-278
-42
-2
-44
34
Net imports from or net exports (—) to:
Total
net
imports
or net
exports United
States
()
-1,479
-353
-1,174
-194
-10
-64
-30
-5
-367
Switzerland
Year and month
Poland
180
15,804
-14,004
-1,756 -6,298
-1,166 -10,971
64 -13,411
124 -7,643
50 -5,847
-5,734
82
-10
1,105
2,264 v-2,603
-1,561 -8,096
-13,013
4,513
-10,223
-12,789
-7,301
-6,023
-5,438
886
921
914
946
930
938
-5
186
-2
12
4
1
-38,421
-19,880
-20,005
- 1 9 , 396
-18,163
-21,196
*-2,628
P- 1,665
r
p Preliminary.
Revised.
Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India.
NOTE.—Netherlands and Switzerland—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised
official totals published for the year as a whole.
1
740
FEDERAL RESERVE BULLETIN
November 1934
GOVERNMENT NOTE ISSUES AND RESERVES
[Figures are for last report date of month]
1934
Sept. Aug.
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: i
Issued
Deemed such under sec. 60 (4) of
currency act, 1927
247
520
1934
1933
July
Sept.
247
526
257
558
247
522
382
160
335
122
6,970 6,620 6,984 7,165
7,305 7,002 7,106 7,325
4,831 4,822 4,812 4,708
1,158 1,165 1,172 1,271
Sept.
Canadian Minister of Finance (millions
of Canadian dollars):
Gold reserve against Dominion notes__
Advances to banks underfinanceact__
Dominion notes:
Issued
Outside chartered bank holdings..
Indian Government (millions of rupees):
Gold standard reserve:
Gold
Foreign exchange
Paper currency reserve:
Gold
Silver
Other assets
Notes issued
Aug.
1933
Sept.
July
70
70
41
207
32
31
191
30
173
30
29
505
29
505
29
505
149
385
415
416
992
442
1,849
416
994
429
295
1,048
454
1,797
450
1,851
» Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Sept. 15, Aug. 18, and July 21, 1934, and Sept. 16,
1933. Figures for notes deemed to be consolidated bank notes are as of close of business on these dates.
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss francs]
1934
1933
Assets
Sept. 30 Aug. 31
Gold in bars
Cash on hand and on current account with
banks
Demand funds at interest
_
Rediscountable bills and acceptances (at
cost):
Commercial bills and bankers' acceptances
Treasury bills
_
Sept. 30
11, 780
13,835
5,147
10,537
11, 348
13,278
8,746
40,766
14, 311
150, 298
181,515
146,561
203,142
218, 486
139,861
Total..
Time funds at interest—Not exceeding 3
months
_.
Sundry bills and investments:
Maturing within 3 months:
Treasury bills..
Sundry investments
Between 3 and 6 months:
Treasury bills..
Sundry investments
Over 6 months:
Treasury bills
Sundry investments
331, 813
349,704
358,348
Total
Other assets:
Guaranty of central banks on bills
sold...
Sundry items
Total assets.
1934
1933
Liabilities
38, 712
44,402
79, 299
41,115
72, 934
58,044
61,914
13,182
71,939
36, 745
33, 332
16,339
42,491
40,993
35,950
22, 583
36, 352
18,599
36,272
7,190
594
243,061
233,659
6,113
2,600
4,232
5,492
673,348
669, 429
Demand deposits (gold)
_
._.
Short-term deposits (various currencies):
Central banks for own account:
Demand
Time—Not exceeding 3 months. _.
TotalCentral banks for account of others:
Demand
Other depositors:
Demand
Long-term deposits:
Annuity trust account
German Government deposit
French Government guaranty fund.
Total
Capital paid in
Reserves:
Legal reserve fund
Dividend reserve fund
General reserve fund
Other liabilities:
Guaranty on commercial bills sold __
Sundry items
_
11,662
13, 701
5,147
44,414
108,517
56,342
111, 710
69,016
110,642
152,932
168,052
179, 658
11,363
14,693
11,946
1,214
1,161
3,247
154, 200
77,100
40,480
153,640
76,820
40,175
154, 623
77,311
44, 824
271, 780
125, 000
270,635
125,000
276, 758
125,000
2,672
4,866
9,732
2,672
4,866
9,732
2,022
3,895
7,790
6,113
58, 629
4,232
58,603
53,966
655,963
673,348
669,429
1,709
655, 963
Sept. 30 Aug. 31 Sept. 30
Total liabilities..
741
FEDERAL RESERVE BULLETIN
November 1934
CENTRAL BANKS
Assets of banking department
Bank of England
(Figures in millions of pounds sterling)
Gold
(in issue
department)!
Cash reserves
Coin
1933—Aug. 30.
Sept. 27.
Oct. 25..
Nov. 29.
Dec. 27.
190.3
190.4
190.4
190.6
190.7
1934—Jan. 31..
Feb. 28.
Mar. 28.
Apr. 25.
May 30.
June 27July 25.
Aug. 29.
Sept. 26.
Oct. 31 *
190.9
191.0
191.1
191.2
191.3
191.5
191.6
191.8
191.9
192.0
1.4
1.4
1.3
1.2
1.0
1.0
1.1
Notes
Liabilities of banking department
Discounts Securiand
ties
advances
Note
circulation
Deposits
Bankers'
10.0
9.2
8.5
8.6
16.8
85.8
92.5
84.7
101.4
374.0
370.8
369.3
370.2
392.0
79.4
97.3
104.1
106.9
101.2
42.0
16.5
15.9
13.6
22.2
42.9
44.0
45.8
36.5
36.5
18.2
18.2
17.7
17.8
18.0
84.2
83.6
72.3
77.5
73.2
69.8
67.6
72.5
74.9
73.6
8.2
5.8
5.6
5.3
5.6
6.1
7.5
5.6
7.2
8.9
88.4
87.9
88.1
86.3
87.6
91.9
94.2
92.5
92.2
91.6
366.7
367.4
378.8
373.7
378.1
381.7
383.9
379.3
377.0
378.4
100.6
90.3
94.5
99.5
99.4
96.3
104.8
83.7
82.0
100.4
25.2
32.1
17.5
15.8
14.0
17.6
10.9
34.0
37.9
16.9
37.8
37.7
36.9
37.0
36.1
36.5
36.1
35.2
36.8
39.8
18.1
18.2
18.3
17.7
17.8
18.0
18.1
18.2
18.3
17.7
Liabilities
Bank of France
Gold
Other
76.3
79.6
81.2
80.4
58.7
Assets
(Figures in millions of francs)
Public
Other
liabilities
Foreign Domestic Security
exchange
bills
loans
1933—Aug. 25..
Sept. 29..
Oct. 27-.
Nov. 24..
Dec. 29..
82,227
82,095
81,032
77,822
77,098
2,652
2,632
2,586
, 250
,158
3,207
3,475
3,560
4,092
4,739
2,765
2,781
2,814
2,921
1934—Jan. 26...
Feb. 23..
Mar. 30..
Apr. 2 7 May 25..
June 29..
July 27..
Aug. 31..
Sept. 28..
Oct. 26 P.
77,055
73,971
74,613
75,756
77,466
79,548
80,252
82,037
82,281
82, 476
,130
,070
,068
,066
,094
,157
,155
1,082
962
930
4,486
5,963
6,198
5,707
5,011
4,386
4,248
3,116
4,146
4,006
2,893
2,932
2,972
3,016
3,060
3,076
3,054
3,140
3,134
3,100
Negotiable
securities
Deposits
Other
assets
Note
circulation
Government
Other
Other
liabilities
6,186
6,122
8,543
8,716
8,450
8,533
8,251
81,143
82,994
81,099
80,368
82,613
2,775
3,685
4,027
2,956
2,322
19,657
17,242
17,301
15,016
13,414
2,158
2,156
2,220
2,359
1,940
6,119
6,114
6,007
5,973
5,950
5,929
5,913
5,913
5,898
5,898
7,870
7,960
8,229
8,152
8,202
8,278
8,150
9,060
8,254
(
79, 474
81,024
82,833
81,502
79,992
82,058
80,809
81, 732
81, 479
79,466
2,270
1,868
1,721
2,024
2,996
3,291
3,515
3,884
3,674
5,287
15,836
13,067
12,632
14,199
15,681
15,188
16,547
16,880
17,673
17,965
1,972
2,052
1,900
1,944
2,114
1,837
1,901
1,853
1,850
(2)
6,417
6,393
Liabilities
Assets
Reichsbank
(Figures in millions of reichsmarks)
Gold
Foreign
exchange
Other
Treasury bills (and Security
loans
bills
checks)
Securities
Other
assets
Note
circula- Deposits
tion
Other
liabilities
1933—Aug. 31.
Sept. 30
Oct. 31.
Nov. 30.
Dec. 30.
307
367
396
405
386
3,151
3,147
3,001
3,177
163
205
143
163
183
320
320
319
518
581
749
688
799
773
735
3,521
3,625
3,571
3,542
3,645
415
465
416
478
640
841
850
850
871
836
1934—Jan. 3 1 Feb. 28.
Mar. 29.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 29.
Oct. 31 v
376
333
237
205
130
70
75
75
75
83
2,845
2,766
3,144
3,140
3,174
3,392
3,408
3,540
3,811
3,726
81
248
144
140
125
171
109
128
148
91
620
666
681
639
643
685
713
737
755
750
843
801
685
760
860
780
886
867
806
890
3,458
3,494
3,675
3,640
3,635
3,777
3,768
3,824
3,919
3,823
498
530
547
515
638
623
649
717
848
856
802
768
788
778
775
800
813
851
v Preliminary.
1 In addition, the issue department holds Government and other securities and silver coin as cover for thefiduciaryissue, which isfixedby
law 2 £260,000,000.
at
Not yet available.
NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83.
742
FEDERAL RESERVE BULLETIN
November 1934
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1934
1933
Central bank
Sep
1934
temb
National Bank of Albania (thousands
of francs):
Gold
Foreign exchange
_
Loans and discounts
Other assets
Note circulation
-Demand deposits...
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts..
Securities
-Deposits
Note circulation
Austrian National Bank (millions of
schillings):
Gold*
Foreign exchange of the reserve. _
Other foreign bills »
Domestic bills
Government debts
Note circulation
-Deposits
National Bank of Belgium (millions
of belgas):
Gold
—
Domestic and foreign bills
Loans to State
Note circulation
Deposits
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad..
Foreign exchange
Loans and discounts
Note circulation
Deposits.
Bank of Brazil (millions of milreis):
Currency
Correspondents abroad_
.._
Loans and discounts
—
Note circulation
Deposits
National Bank of Bulgaria (millions
of leva):
Gold
Net foreign exchange in reserve. _
Total foreign exchange
Loans and discounts
Government obligations
Note circulation. _
Other sight liabilities.
Central Bank of Chile (millions of
Gold and foreign exchange in
reserve
Loans and discounts.._
Government debt
Note circulation.
Deposits.
Central Bank of China 2 (millions
of yuan):
Gold
Silver
Due from banks abroad
Due from domestic banks
Loans and discounts
Securities
Other assets
Note circulation
7,122
23, 310
2,697
2,892
11, 458
13, 726
10,837
7,122
23,266
2,717
2,897
11,398
13,817
10, 788
7,329
21,531
2,757
2,987
12, 745
16,161
5,699
15,708 15,708 15,708
29,625 28,125 28,125
11, 507
29,125
841
22,865
15,989
35,032
77,938
47,550
855
23,058
15,344
36, 532
80, 338
46,050
909
23,189
15,484
36,467
80,976
46,050
993
20, 360
8,880
36,054
72,916
42,131
242
0
40
254
624
965
174
242
0
44
253
624
965
175
242
0
40
248
624
989
138
170
19
8
225
624
943
83
2,661
671
344
3,514
310
2,647
680
344
3,531
307
2,626
661
344
3,502
285
2,708
766
355
3,454
543
9,095 8,*923
7,621 2,099
17, 834 21,516
69,158 65,436
130,947 145, 111
10, 587
3,919
36, 695
48, 213
37,735
411
283
2,594
20
2,903
552
228
2,950
20
3,360
1,547
-43
194
1,037
2,783
2,668
1,764
1,547
51
97
974
2,783
2,509
1,731
1,522
37
144
1, 025
2,873
2,738
1,606
148
65
717
507
349
161
63
717
494
164
103
672
496
330
26
127
28
41
138
19
36
79
23
126
12
75
129
15
37
75
33
111
3 22
29
132
11
3 36
61
352
233
2,613
20
2,881
1,547
-51
157
1,143
2,755
2,859
1,623
1933
Central bank
September
tember
Central Bank of China—Continued.
Deposits—Government
Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold at home and abroad *
Foreign exchange
Loans to member banks
Note circulation
Deposits
National Bank of Czechoslovakia
(millions of koruny):
Gold*
Foreign balances and currency «-.
Loans and advances
Note circulation.
Deposits
Danish National Bank (millions of
kroner):
Gold
Foreign bills, etc
Loans and discounts
Note circulation
Deposits
Bank of Danzig(thousands of gulden):
Gold
Foreign exchange of the reserve..
Other foreign exchange
Loans and discounts
Note circulation
_
Deposits
Central Bank of Ecuador (thousands
of sucres):
Gold at home and abroad
Foreign exchange
Loans and discounts
Note circulation
Deposits
National Bank of Egypt > (thousands
of pounds):
Gold
Foreign exchange
Loans and discounts.__
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Estonia( thousands of krooni):
Gold
Net foreign exchange
Loans and discounts
Note circulation
Deposits—Government
Bankers'
Other
Bank of Finland (millions of markkaa):
Gold
Balances abroad and foreign
credits
Foreign bills
Domestic bills
Note circulation
Other sight liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange
Loans and discounts
Government obligations
Note circulation
Other sight liabilities
Liabilities in foreign exchange
217
38
218
41
75
76
18, 529
1,585
3,599
36, 824
27,281
18,865
1,876
3,112
36,690
28,638
18, 245
1,562
2,764
36,511
28,454
793
26,081
22,117
2,665
89
1,546
5,589
730
2,663
53
1,381
5,384
758
26
1,398
5,221
927
1,707
922
1,744
6,310*
5(K>
133
133
133
10
159
365
127
357
133
25,942
4,811
89
18,135
39, 778
5,584
26,983
11, 784
197
19,112
41,321
11,365
13, 548
1,056
16,157
41,126
32,017
10,021
1,181
11,556
39,170
10,120
50,356
42,874
21,662
15,617
5,736
50,656
41,268
19,286
14,418
3,926
46,596
32,175
20,690.
6,545
2,269
3,958
6,546
2,194
4,046
6,66a
2,021
5,298.
30, 594 31,427
3,177 3,153
17,841 17, 790
5,024 4,894
15, 676 16, 677
8,003 8,006
31,935
3,694
18,892
2,773
19,915
20, 504 20,490
9,759 9,114
12,829 13,343
32, 763 32,815
4,385 4,225
7,805 7,381
2,372 2,859
19,250
97a
20,405
31,404
3,562
6,077
3,217
15, 598
27,746
3,552
13,447
33, 713
6,880
6,943
2,621
150»
45>
19-
15, 569*
2,10a
13329
70
355
96
323
323
323
32a
1,122
274
684
1,261
1,073
290
730
1,224
512
318
745
1,200
463
862
250
702
1,125
428-
3,659
1,811
3,353
5,421
3,373
65
3,514
1,779
3,355
5,143
3,640
108
3,470
2,664
3,355
5,304
4,420
142
1,840
3,353
3,162
166
» Beginning Apr. 30,1934, gold valued at rate of 1 schilling=0.16667 gram of fine gold, instead of 0.21172 as formerly, and foreign exchange valued
at market.
»Items for issue and banking departments consolidated.
'* Previous to May 1934 gold held abroad was reported in "Due from banks abroad" and " Other assets."
< Gold acquired since Mar. 20,1934, valued at purchase price.
1
Gold content of koruna reduced on Feb. 17,1934, from 44.58 milligrams of fine gold to 37.15 milligrams.
743
FEDERAL RESERVE BULLETIN
November 1934
CENTRAL BANKS—Continued
[Figures are for last report date of month]
1934
September August
National Bank of Hungary (millions
of pengos):
Gold
Foreign bills, etc
Loans and discounts,
Advances to Treasury
Other assets
_
______
Note circulation
Deposits
Certificates of indebtedness
Miscellaneous liabilitiesBank of Italy (millions of lire):
Gold at home _. __
Credits and balances abroad
Loans and discounts
__
Note circulation
Public deposits
Other deposits
- -.
Bank of Japan (millions of yen):
Gold
Advances and discounts
Government bonds
Notes issued
_
Total deposits
Bank of Java (millions of florins):
Gold
_
Foreign bills
Loans and discounts
Note circulation.
Deposits
Bank of Latvia (millions of lats):
Gold
Foreign-exchange reserve _
Bills.
_
Loans
Note circulation
Government deposits
Other deposits
Bank of Lithuania (millions of litu):
Gold
Foreign currency
Loans and discounts
Note circulation
Deposits
. Bank of Mexico (millions of pesos):
Gold
Silver
Foreign exchange
Loans to member banks
Other loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Netherlands Bank (millions of florins):
Gold
Foreign bills
Loans and discounts
Note circulation
Deposits
Bank of Norway (millions of kroner):
Gold
Foreign balances and bills
Domestic credits
_ _
Note circulation
Foreign deDosits
Total deposits
Central Reserve Bank of Peru (thousands of soles) •
Gold and foreign exchange
Bills
Note circulation
Deposits
Bank of Poland (millions of zlote):
Foreign exchange. ,
Loans and discounts
Note circulation
Other sight liabilities
79
14
594
47
30
373
68
118
176
79
15
July
579
47
33
369
60
118
177
558
47
30
364
45
118
174
97
5
488
50
30
361
79
0
199
6,343
6,362
7,046
304
4,980
13,303
300
1,258
6,213
27
4,747
13, 455
300
954
37
37
4,681
13,194
4,389
13, 330
460
889
344
1,223
408
300
1,155
1,053
458
457
857
441
770
466
1,172
1,186
495
399
113
1
66
186
31
113
113
182
31
184
33
45
4
62
63
32
48
114
44
5
44
5
1
64
62
61
1
64
63
62
32
32
51
112
55
111
55
9
55
8
82
85
59
82
97
126
5
62
89
128
10
65
22
11
104
103
117
21
11
100
107
117
864
1
171
882
202
863
1
863
1
170
894
189
179
909
180
135
19
247
322
5
62
135
8
273
321
2
53
9
81
86
55
September
79
13
300
84
61
425
915
385
1,184
458
98
0
66
191
22
47
2
67
49
33
62
98
48
10
83
92
45
47
108
11
40
47
9
77
74
111
841
1
176
897
157
-
153
16
217
305
1
65
45, 595 44,063
58,983 58,002
71, 562 71,945
25,163 22,289
495
38
736
975
220
7
276
323
3
59
47,438
43 789
66, 576
17, 434
409
40
724
908
223
474
74
827
1,031
160
59
493
46
754
950
247
1934
1933
Central bank
135
Central bank
Bank of Portugal (millions of escudos):
Gold
Other reserves
Discounts and advances
Government obligations. _
_
Note circulation
Other sight liabilities
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 (thousands of pounds):
Gold
Foreign bills
__.
Domestic bills
Note circulation
D eDosits—G o vernment
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 deDosits
Central Bank of the Republic of
Turkey (millions 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
September August
1933
July
September
18, 774
10, 781
163
12, 507
1,680
20, 763
2,600
2,266
680
280
2,450
4,599
813
900
357
899
322
312
1,050
1,921
852
307
1,050
1,908
796
727
311
320
1,053
1,939
555
10,156 10,118
130
22
30
44
6,105
6,088
5,668 5,668
21,463 20, 809
7,407 7,578
901
381
309
1,050
1,988
809
9,786
524
24
9,915
5,704
21,194
7,652
18,058
9,760
20,933
13, 491
85
56
12,446
1,249
20,448
1,455
11, 560
3,263
23, 478
3,681
14,830
18,935
69
10, 775
1,851
23, 544
1,120
2,265
2,264
684
277
684
281
2,260
647
281
2,583
4,743
872
2,367
4,542
2,452
4,535
885
894
374
472
47
695
398
373
475
371
462
42
643
41
612
455
444
378
345
60
625
412
1,808
22
149
1,400
588
1,735
22
126
1,370
519
1,642
16
133
1,364
441
1,846
18
108
1,419
582
27
5
153
32
38
158
32
64
27
5
153
31
38
158
26
4
153
31
36
158
23
1
152
35
59
40
161
30
54
46,643
97, 562
43,928
72,479
28,874
44, 247
47,963
101,441
42, 736
75,851
31, 263
42,022
2,711
39,822
2,714
40, 290
1,792
123
1,818
2,319
4,170
1,160
1,798
148
2,211
2,318
4,372
915
1,827
170
1,834
2,320
4,298
1,162
35
61
1,813
155
1,845
2,320
4,233
1,141
29
744
FEDERAL RESERVE BULLETIN
November 1934
COMMERCIAL BANKS
[Figures are as of end of month, except those for England, which are averages of weekly figures]
Liabilities
Assets
Cash in
(10 clearing banks. Figures in millions vault and Money at Bills disLoans to
of pounds sterling)
due from call and counted Securities customshort
ers
Bank of
England notice
1933—November
December
1934—January..
February
March
April
216
213
223
209
219
222
218
199
210
196
207
._
May
June,.
July
August — .
September
. -
99
119
130
118
120
132
131
141
138
139
137
317
311
284
250
202
212
223
228
224
222
213
569
565
558
560
547
534
542
549
550
557
563
Assets
France
Cash in
Loans,
(4 large banks. Figures in millions of vault and Due from Bills dis- including
francs)
due from banks
counted security
Bank of
loans
France
1933—November
December
1934—January
February
March
April
6,333
5,870
6,373
4,650
5,001
5,306
5,567
5,547
6,105
6,263
_
May.
June
July
August
1
1,545
1,416
1,574
1,724
1,634
1,590
1,496
1,478
1,407
1,393
19,876
19,848
19,169
18,174
17,990
17,973
18,043
18,435
18,705
18,024
8,127
8,309
8,537
8,956
8,514
8,616
8,356
8,199
8,526
8,327
741
740
738
746
757
763
759
761
762
759
757
Deposits
Other
assets
228
237
232
231
226
230
225
229
220
219
222
Total
1,928
1,941
1,920
1,867
1,831
1,853
1,858
1,870
1,871 i
1,856
1,858
Other
assets
1,707
1,827
1,034
1,130
1,202
1,220
1,185
1,201
1,270
1,316
Total
33,009
32,635
32,809
30,736
30,390
30,677
30,621
30,820
31,888
31,165
Demand
32,075
31,773
31,969
29,891
29, 571
29,819
29,746
29,916
30,962
30,275
Other
assets
Total
Demand
258
273
284
334
345
320
261
208
201
183
4,322
4,362*
3,592
3,564
3,606
3,707
3,766
3,925
3,976
Credits
Time
Other
from
banks for liabilities
customers
1,970
4,608
2,331
1,222
7,015
3,155
3,859
709
3,187
139
179
166
169
226
612
610
603
619
619
2,127
2,027
2,103
2,160
2,128
4,458
4,482
4,390
4,309
4,220
2,387
2,417
2,477
2,478
2,512
1,196
1,192
1,195
1,184
1,158
7,159
7,153
7,166
7,185
7,164
3,254
3,294
3,260
3,260
3,361
3,905
3,860
3,906
3,925
3,804
661
646
648
631
609
3,100
3,108
3,120
3,103
3,091
Liabilities
210
197
194
193
187
187
187
185
206
212
219
105
106
104
102
103
101
103
99
98
100
101
1,008
1,036
1,012
1,011
1,029
1,044
1,037
1,018
996
1,000
1,010
Security
loans
abroad
and net Securities
due from
foreign
banks
149
134
135
144
159
169
176
183
163
184
178
861
861
832
833
835
837
830
837
850
862
888
Deposits payable in Canada
excluding interbank deposits
Other
assets
Note
circulation
Other
liabilities
Total
444
432
428
442
427
448
469
452
455
446
434
121
121
113
117
128
121
119
129
122
131
136
1,925
1,920
1,877
1,885
1,893
1,944
1,964
1,922
1,929
1,939
1,971
* Excluding deposits of the National Bank relating to offices outside England, which are included in the total.
2
Figures not available.
NOTE.—For bac£ figures a n i explanation of table see BULLETIN for October 1933, pp. 639-646.
933
862
841
845
819
857
875
904
926
889
Own ac- Other
ceptances liabilities
621
Entirely in Canada
_
241
244
244
246
240
240
238
237
235
236
240
159
(10 chartered banks. Figures
in millions of Canadian dol- Cash in
Other
lars)
vault and Security loans and
in cenbills disloans
tral gold
counted
reserves
1933—November .
December _
1934—January
February
March___ .
April
May
June...
July.
August
September
Time
Deposits
Assets
Canada
900
893
881
880
890
887
888
874
869
2
()
Liabilities
Loans,
(Reporting banks. Figures due from Due from Bills dis- including
in millions of reichsmarks)
counted security Securities
banks
Reichsloans
bank
April
May
June
905
Liabilities
Cash in
1933—November
December 2
1934—January a
February
M a r c h . . . __ _ _ _ _ _ _
980
1,015
974
932
910
919
925
954
960
939
(2)
Other
liabilities.
Deposits
Assets
Germany
Demand1 T i m e i
Demand
567
563
526
530
526
568
597
557
568
571
594
Time
1,358
1,357
1,351
1,355
1,367
1,376
1,368
1,365
1,360
1,367
1,377
732
725
714
724
718
722
719
723
717
733
724
745
FEDERAL RESERVE BULLETIN
November 1934
DISCOUNT RATES OF CENTRAL BANKS
[Percent per annum]
Central bank o—
f
Date effective
In effect Dec. 1,1931.
Dec. 10
Feb. 18, 1932...
Mar. 9
Mar. 10
Mar. 17
Mar. 21.
Apr. 9 . . .
Apr. 19
Apr. 21
Apr. 28
May 2
May 12
_
June 30
Sept. 22.
Jan. 9, 1933
May 12
June 29
July 15
July 29
Aug. 15
Sept. 4
Sept. 19
Dec. 11
Feb. 9, 1934
June 1
In effect Nov. 1,1934.
England
GerFrance many
Tfo1 _
ilaiy
Nether- Switzerlands
land
Rate
Nov. Date effective
1
Central
bank o—
f
Albania
Austria
Belgium
Bolivia
Bulgaria
Chile
Colombia..
Czechoslovakia
Jan. 2,1934
Aug. 23,1932
July 18,1933
Danzig
Denmark, _
Ecuador
Estonia
4
3H
Nov.
June
Aug.
July
16,1933
28,1934
28,1934
5,1932
Sept. 21,1934
Nov. 30,1933
Nov. 30,1932
Oct. 1,1934
Jan. 25,1933
5
Finland
Greece
Hungary
India
Dec.
Oct.
Oct.
Feb.
20,1933
14,1933
18,1932
16,1933
C h a n g e s since O c t . 1: Java—Nov.
Rate
Nov. Date effective
1
Central
bank of —
3.65
Norway
Peru
Poland
Portugal
Rumania
South Africa
Spain
Sweden
July
Nov.
Jan.
Apr.
3,1933
1,1934
1,1933
1,1930
May
May
Oct.
Dec.
Japan
Java
Latvia
Lithuania
24,1933
20,1932
26,1933
8,1933
Apr. 5,1933
May 15,1933
Oct. 26,1932
2V2 Dec. 1,1933
6
Mar. 2,1933
Mar. 22,1927
July 16,1934
Turkey
U.S.S.R
Yugoslavia-
1, d o w n from 4 t o ZH p e r c e n t .
MONEY RATES IN FOREIGN COUNTRIES
[Percent per annum]
England (London)
Month
Bankers'
Day-to-day allowance
money
on deposits
,£&,
1933—August
September.
October
November.
December..
1934—January
February...
March
April
May
June
July
August
September..
.41
.44
.79
1.05
1.06
1.01
.95
.95
.96
.91
.91
.87
.79
.73
.30
.31
.73
.94
1.15
.90
.86
.84
.89
.85
.85
.76
.74
.61
Private
discount
rate
Money for Day-to-day
1 month
money
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.87
3.76
3.75
3.75
3.81
5.50
5.50
5.50
5.50
5.50
4.78
4.91
5.00
5.11
5.13
4.67
4.44
5.02
5.13
Switzer-
land
Month
1933—August
September.
October-...
November.
December.
1934—January....
February..
March
April
May
June
July
August
September.
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
1.50
1.50
1.50
.50
.50
.50
L. 50
:.5O
.50
.50
.50
.50
.50
.50
2.31
2.27
2.21
2.12
2.25
2.14
2.05
2.07
2.14
1.93
2.11
2.20
2.31
2.15
1.45
1.13
1.25
1.85
2.26
2.12
2.59
2.75
2.70
2.60
2.09
1.78
1.75
1.50
Netherlands (Amsterdam)
Germany (Berlin)
4.00
3.55
3.50
3.50
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
4.94
5.00
5.11
5.18
4.97
4.74
4.78
4.89
4.76
4.72
4.57
4.67
4.72
4.71
Sweden
(Stockholm)
Private
discount
rate
1.11
.77
.50
.45
.52
.50
.78
1.24
2.07
1.33
.78
.74
.75
J> .53
Money for
1 month
1.08
1.00
1.00
1.00
1.00
1.00
1.00
1.07
1.85
1.22
1.00
1.00
1.00
*1.00
Japan (Tokyo)
Call
Loans up Discounted
money
to 3
bills
overnight
months
5.11-5.48
5.11-5.48
5.11-5. 48
5.11-5. 48
5.11-S. 48
5.11-5.48
5.11-5.48
5.11-5.48
5.11-5. 48
5.11-5. 48
5.11-5. 29
5.11
5.11
2.37
2.56
2.56
2.56
2.56
2.37
2.56
2.56
2.37
2.37
2.37
2.56
2.84
p Preliminary.
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.
746
FEDERAL RESERVE BULLETIN
November 1934
FOREIGN EXCHANGE RATES
[Averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency]
Year and month
1929
1930
1931
1932
_
1933
1933—October
*L
November..
December—
1934—January
February-.March
April
May
June
July
August
September-.
October
Argentina
(peso) i
95.1274
83.5050
66.7375
58.4433
< 72.8009
86.1188
92.0439
* 33.3311
33. 5607
33. 5494
33.9553
34.3475
34.0413
33. 6552
33. 6077
33. 7661
33. 2904
32.9458
AusAustria Belgium
tralia
(schil(pound)3 ling) » (belga)
480.83
458.60
351.50
279.93
337.07
371.47
409. 75
407.50
402.44
400.78
405.86
410.54
407.10
402. 24
• 401. 70
403. 52
396. 50
391. 52
14.0575
14.0891
14.0227
13.9599
15.4478
16. 7694
18.0434
17. 6811
17.9115
18. 5650
18.9114
18.8724
18.9429
18.9021
18.8786
18. 9981
19. 0185
18.9242
Year and month
Egypt
(pound)
England Finland
(mark(pound)
ka)
1929
1930
1931
1932.
—
1933
-1933—October
November—.
December
1934—January
February
March
April
May
June
July
August
September..October
498.0689
498.6002
465.1111
359. 5406
434.3908
460.4633
527.4832
524.6387
518. 2824
516.0390
522.3447
528.4813
523 7236
517.7111
516 9506
519. 5273
512.2619
485.6879
486. 2126
453.4990
350. 6067
423.6821
466.8290
514.9737
511.5890
504.9336
503.2596
509.3917
515.3425
510. 6279
504.8046
504.0705
506. 5076
499.4056
Year and month
1929
_
1930
1931
1932
_
1933
1933—October....
November
December
1934—January
February
March
April
May
June
July
August
September
October
New
Zealand Norway
(pound) 2 (krone)
483.21
468.22
415.29
320.19
340.00
372.40
411.04
408.72
403.47
401.81
406.84
411. 63
408.28
403.39
402.81
405.09
398.77
393.67
26.6827
26. 7598
25.0546
18.0039
21.4292
23.4451
25. 8723
25.7075
25.3722
25.2835
25. 5834
25.8824
25.6463
25.3559
25.3246
25. 4504
25.0928
24.8258
2.5160
2 5169
2.3875
1.5547
1. 8708
2.0683
2.2700
2.2700
2.2449
2.2288
2.2470
2. 2702
2. 2540
2. 2311
2. 2302
2. 2403
2. 2101
2.1826
Poland
(zloty)
11.1940
11.2051
11.1970
11.1823
14. 4135
16.7103
18.0564
17.7024
17.9281
18.5984
18.9043
18.9554
18.9514
18.8879
18.8917
19.0824
19.1413
19.0071
Brazil
(milreis) »
13.9124 11.8078
13.9524 10.7136
13.9285 7.0290
13.9137 7.1223
17.8996 7.9630
20. 7215 8.4634
22.3176 8.5660
21.7280 8.5995
22.0360 8. 5637
22.8893 8.4666
23.2981
8.5420
23.4416 8.6004
23.4137 8.6046
23.3628 8.4734
23.3606 8.4384
23. 7056 8.4898
23.7332 8.3096
23. 4579 8.1899
France
(franc)
3.9161
3. 9249
3.9200
3.9276
5.0313
5.8167
6.2678
6.1216
6. 2110
6.4648
6.5801
6. 6161
6. 6131
6.5993
6.5939
6.6592
6. 6714
6. 6247
Canada
(dollar)
Chile
(peso) i
(yuan)
Colombia
(peso) »
0.7216
.7209
.7163
.7193
1.0039
1.2590
1. 6378
1.3436
1.3472
1.3464
1.3324
1.3295
1.3154
1. 2503
1. 2608
1. 2881
1.2814
1. 2428
99. 2472
99.8424
96.3258
88.0896
91.9587
97. 5958
101.1829
100.5515
99. 5246
99.1675
99. 7871
100.2070
100.1859
100. 7936
101.2034
102. 3779
102.9387
102.1226
12.0601
12. 0785
12.0669
7.9079
7.6787
8.8731
10.0983
9.5952
9.4476
9.5966
10.1294
10. 2595
10. 2531
10. 2233
10. 2705
10.3266
10. 2974
10. 3090
41.9007
29.9166
22.4369
21. 7357
« 28.5779
29.8462
32.9030
33.4468
34.0007
34. 3077
34. 6190
34.1506
32.4621
33.0523
33. 9118
34. 8553
35. 5S27
34. 5881
96.5512
96.4930
96. 5697
95.2750
81.6966
65.7136
66.7200
63.9668
66.9396
69.9523
67. 6663
59.9228
61.4642
57.8900
56. 1052
C
55.1596
57. 6496
60. 2012
India
(rupee)
Italy
(lira)
36.2020
36.0672
33. 6895
26. 3468
31.8159
35.0366
38.3408
38.3870
37.9739
37.8567
38. 3335
38. 7557
38. 3329
37.9072
37. 8774
38.0616
37.5481
37.1426
5. 2334
5. 2374
5. 2063
5.1253
6. 7094
7.8208
8. 4331
8.2204
8.3076
8. 5757
8. 5763
8.5641
8.5176
8.5989
8.5750
8.6632
8.6794
8. 6056
Germany
(reichsmark)
Greece
(drachma)
23.8086
23.8541
23.6302
23.7492
30.5179
35.4267
38.2361
37.3247
37. 5872
38.8841
39. 6599
39. 5890
39.4712
38.2953
38.4938
39.4786
40. 2760
40. 4507
1. 2934
1. 2959
1.2926
.8320
.7233
.8397
.9053
.8856
.8949
.9253
.9413
.9452
.9462
.9449
.9453
.9565
.9562
.9476
Portu- Rumania
gal
(escudo) (leu)
4.4714
4.4940
4. 2435
3.1960
3. 9165
4. 5315
4.8623
4.6892
4.6505
4.6321
4.6709
4. 7085
4.6677
4. 6253
4.6129
4.6274
4. 5593
4. 5043
Bulgaria
(lev)»
0. 5961
.5953
.5946
.5968
.7795
.9112
.9817
.9547
.9614
.9923
1.0013
1.0060
1.0032
1.0020
1.0045
1.0126
1.0144
1.0069
Hong
HunKong
gary
(dollar) (pengo)
47.1669
33.8530
24.3305
23.4604
29.4516
33. 2821
37.1537
37. 6811
38.0999
38. 6842
38.1556
36. 2293
36.4890
37.6231
38.6140
39.3324
40. 4695
17.4414
17.4939
17.4522
17.4460
22.3598
26.3520
28.2302
27.6855
28.0425
29.1191
29. 6125
29. 7652
29. 7559
29. 7529
29.7112
29.8832
30.0219
29. 8995
China
Cuba
99. 9647
99. 9515
99. 9295
99.9409
99.9464
99.9223
99.9617
99.9579
99.9578
99. 9616
99. 9535
99. 92S8
99.9329
yy.y7zo
:
99. 9404
99.9156
99. 9150
99.9165
Japan
(yen)
46.0997
49.3898
48. 8509
28.1112
25. 6457
27. 7670
30.3618
30. 7418
30.1136
29. 7536
30. 0093
30. 3124
30. 2276
29.9041
29.8434
29.9933
29.7693
28. 6843
Czecho- Denslovakia mark
(koruna) (krone)
2. 9609
2. 9640
2. 9619
2.9618
3. 8232
4.4172
4.7600
4. 6487
4.7039
4.4432
4.1531
4,1720
4.1755
4.1590
4.1540
4.1944
4. 2141
4.1996
26. 6802
26. 7650
25.0581
18. 8317
19.0709
20.8413
22.9975
22. 8463
22. 5487
22.4721
22. 7384
23.0051
22. 7948
22. 5395
22.5103
22. 6215
22 2981
22. 0615
Nether-
Mexico lands
(peso) (florin)
48.1830
47.1331
8 35.4919
31. 8500
28.1025
28.1692
27.7989
27.7355
27. 7434
27.7313
27. 7224
27. 7222
27. 7432
27. 7492
27. 7481
27. 7298
27.7458
27. 7514
40.1622
40. 2251
40. 2298
40. 2949
51. 7209
59.9529
64. 5642
62.8466
63. 6167
66. 0382
67.2956
67.8471
67. 9056
67.8148
'67.7146
68. 5744
Spain
(peseta)
Straits
Union of UruYugoSettle- Sweden Switzer- Turkey South
land
slavia
guay
ments
Africa
(krona) (franc) (pound) (pound) 2 (peso) * (dinar)
(dollar)
14.6833
11.6670
9. 5453
8.0438
10.7189
12.4343
13.1129
12.7918
13.0042
13,3001
13.6175
13. 7024
13. 7050
13. 6776
'13.6668
13.8002
13.8269
13. 7272
56.0117
55.9639
52.4451
40.3970
49. 2320
54.5740
60.0625
59.7025
58.9185
58.7852
59.6007
60.3487
59,8173
59.1709
59.0562
59.3488
58. 5164
57.9172
26.7839
26.8543
25.2540
18.4710
22.0324
24.0690
26. 5491
26.3911
26.0418
25.9554
26.2620
26. 5643
26.3199
26.0211
'25.9880
26.1182
25.7483
25. 4756
19. 2792
19.3820
19.4009
19.4049
24.8355
28.7902
31.0223
30.2473
30.6420
31.7374
32.2857
32.4593
32. 5277
32.4969
32. 5771
32. 9542
33.0237
32. 7745
48. 4105
47.0608
47.1814
47.2854
60. 4396
67.2262
75.7400
73.7068
75.0781
77.7923
79.1507
'79.6364
79. 6204
79.4669
79. 2912
79. 9969
80.2671
483. 27
483.79
480.76
476.56
414.98
461.23
509. 29
505. 76
499.09
497.42
503.42
509.43
504.80
499.10
498.44
501. 27
494.23
488.43
98. 6294
85.8650
55. 3572
47.0639
60. 3360
70.7755
76.2484
74. 5870
75.8051
78.7499
80.1921
80.6081
80. 5539
80.2668
80.1433
80.9961
81.1496
80. 5520
1. 7591
1.7681
1. 7680
1.6411
1. 7607
2. 0443
2. 2035
2.1628
2.1818
2.2468
2.2648
2.2718
2. 2725
2. 2702
2.2773
2.3075
2.3156
2. 2993
a
i Nominal since April 1933.
Nominal since April 1934.
a Partly nominal since April 1933.
« Corrected.
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 silver.
Average 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 p9so 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.
4
747
FEDEEAL RESERVE BULLETIN
November 1934
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926=100)
Germany
(1913=100)
Italy
(1913=100)
Japan
(October
1900=100)
1926..
1927..
1928.
1929..
1930.
1931.
1932.
1933-
134
138
140
137
125
111
97
602
495
462
445
383
328
304
280
237
225
226
220
181
153
161
180
145
148
149
142
117
97
79
74
383
403
401
397
397
397
403
407
279
281
279
278
276
274
273
275
177
180
182
180
182
180
179
176
72
73
73
73
75
75
76
77
405
400
394
387
381
379
374
371
365
276
275
275
273
273
272
270
271
270
176
178
177
177
176
175
174
177
179
79
80
79
79
77
76
77
78
77
Canada
(1926=100)
England
(1913=100)
France
(1913=100)
100
98
96
96
87
72
67
67
148
142
140
137
120
104
102
101
642
645
627
554
502
427
398
102
102
103
103
103
103
103
105
105
104
103
102
104
103
106
105
Year and month
100
95
97
95
86
73
65
1933—May
June—
July.
August
SeptemberOctober. . . .
November..
December..
67
68
71
70
1934—January
February. __
March
April.
May
June
-.
July
August
September..
97
99
100
100
Netherlands
(1913=100)
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States (1926=100)
Year and month
Farm
products
Foods
100
99
106
105
88
65
48
51
100
97
101
100
1933—May
June
July
August
September ._
October
November
December 1934—January..
February
March
April.
May
June
July
August
September
1926
1927
1928
1929
1930
1931
1932
1933
Other
commodities
England (1913=100)
Foods
Farm
IndusIndus- Agriculand food
trial
trial
tural
products products products products
—
_
.
91
75
61
61
100
94
93
92
85
75
70
71
155
152
152
145
127
112
111
103
144
136
134
132
116
100
97
99
581
599
584
579
526
542
482
420
50
53
60
58
57
56
57
56
59
61
66
65
65
64
64
63
67
69
72
74
76
77
77
78
102
104
101
104
105
104
104
103
98
101
103
102
102
102
102
103
390
418
414
407
413
417
425
432
376
390
389
389
383
379
384
385
64
67
67
66
67
70
71
74
76
78
79
79
79
104
104
101
99
100
104
104
111
110
105
106
105
105
104
104
103
103
103
424
416
413
404
405
406
396
393
383
387
386
378
372
360
356
354
351
350
73
Sources.—See BULLETIN for March 1931, p. 159.
79
78
78
78
78
Provisions
Industrial raw Indusand semi- trial finished
finished
products products
129
138
134
130
113
104
91
87
793
678
697
669
579
464
380
380
59
61
61
60
60
63
65
70
. .
Germany 1913 = 100)
France (1913=100)
'
132
129
133
125
113
96
86
75
130
132
134
132
120
103
89
88
150
147
159
157
150
136
118
113
84
85
87
88
90
93
94
94
77
78
77
76
75
73
73
73
88
89
90
90
89
89
89
89
112
112
113
113
114
114
114
114
93
92
91
91
92
94
98
100
100
73
73
73
74
90
91
91
91
90
91
92
92
92
114
115
115
115
115
115
115
116
117
74
76
76
78
78
748
FEDERAL RESERVE BULLETIN
November 1934
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
Year and month
COST OF LIVING
[Index numbers]
[Index numbers]
United
England
States
(July
(1913=100) i 1914=100)
France
(July
1914=100)J
Germany 3
(191314=100)
161
155
154
157
147
121
102
100
161
156
157
154
145
131
126
120
113
113
112
124
125
124
109
100
1933—May
June
July
August
September.
October
November.
December.
94
97
105
107
107
107
107
104
114
114
118
119
122
123
126
126
97
97
95
97
98
101
103
104
114
116
117
118
1933—May
June
July
August
September.
October ..^ _
November.
December—
1934—January . . .
February..
March
April
May
June
_
July.......
August
September.
105
108
109
107
108
109
110
112
117
124
122
120
118
116
117
122
123
126
105
103
100
98
97
98
97
97
95
118
117
117
116
116
118
120
121
119
1934—January—
February...
March
April.
May
June
July
August
September.
1926
1927
1928
1929
1930—
1931.
1932
1933
J
153
156
146
131
116
113
113
114
114
Germany 3
France
(1913(Jan.-June
1914=100)* 14=100)
1926..
1927.
1928-.
1929..
1930..
19311932.
| 1933.
United
States
(1913=100)
England
(July
1914=100)
175
173
171
171
164
148
134
132
Year and month
170
164
166
164
158
148
144
140
103
104
105
113
118
116
107
106
128
136
136
138
105
135
136
L41
141
143
143
142
141
140
139
137
138
141
14?
143
152
154
148
136
121
118
118
118
118
118
119
119
120
121
105
107
120
120
120
120
120
121
122
122
122
107
106
1
Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month.
»Index represents prices converted to gold basis of 1914.
3 New index beginning 1928; for complete description see Wirtschaft und Statistik, October 1934, No. 1, pp. 626-631. For old index see previous
FEDERAL RESERVE BULLETINS.
Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry
of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6n€rale, and for cost of living, Commission d'6tudes
relatives au cout de la vie a Paris.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks (1926 average = 100)
Bonds
United
States
(average
price)
Year and month
Number of issues
1926
1927.
1928
1929
1930
1931_
1932
1933,. _
60
_
.
.
.
1933—May. _ .
June
July . .
August
September
October. _
November
December.
1934—January
. . .
February
March
. .
April
May.__ .
June
July
August...
September
_ _
97.0
98.9
98.7
95 7
98.3
96.1
81.1
84.0
82.0
86.8
89.6
89.9
87.9
86.5
82.6
83.6
88.3
92.9
95.1
97.0
97.6
99.0
99 3
97.8
96.7
France
England
(December (1913 aver1921 = 100)1 age=100)
87
110.0
110.7
112.3
110 2
111.8
108.4
113.2
119.7
118.1
118.7
117.9
120.1
121.2
122.3
122.3
122.0
123.6
124.3
126.2
126.9
125.8
125.3
127.1
127.4
128.3
36
57.4
71.7
80.8
85.1
95.8
96.9
88.6
81.3
78.5
79.5
80.0
80.2
81.4
81.1
79.6
79.9
78.7
78.7
76.9
81.9
84.7
85.6
82.7
81.8
81.3
Germany
(average
price)i
United
States
England *
France
169
421
278
300
85.5
81.4
83.3
»83.4
»67.1
82.5
81.5
80.1
78.2
78.5
78.2
84.7
87.9
89.6
92.0
91.6
91.9
91.3
90.7
88.9
87.8
87.9
89.0
100.0
118.3
149.9
190.3
149.8
94.2
48.4
63.4
62.9
74.9
80.4
75.1
74.8
69.5
69.1
70.4
75.6
80.5
77.1
79.6
71.8
73.5
71.4
67.8
67.0
100.0
107.0
115.9
119.5
102.6
78.9
67.9
78.6
75.4
79.0
83.9
84.4
85.3
82.9
80.9
81.4
85.5
87.0
87.3
88.1
87.1
86.0
84.8
83.8
83.6
100.0
123.2
178.1
217.6
187.6
132.2
105.2
99.6
100.4
105.2
106.0
105.2
103.0
98.3
95.7
95.3
92.3
91.8
85.0
88.8
90.1
87.6
83.3
81.1
77.3
Germany
329
100.0
145.0
136.1
122.8
100.2
8
78.0
3 50.3
61.7
67.2
65.7
62.8
60.7
57.3
57.0
58.7
61.8
64.4
67.8
70.6
68.8
67.2
69.9
71.3
73.4
76.2
1
Annual indexes are unweighted averages of monthly indexes.
2 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
Sources.—See BULLETIN for February 1932, p. 121*
November 1934
FEDERAL RESERVE BULLETIN
749
LAW DEPARTMENT
Classification of capital notes and debentures of State
member banks as capital
The Federal Reserve Board has had occasion
to consider the question whether capital notes
and debentures sold to the Reconstruction
Finance Corporation by State member banks
may be considered as capital or capital stock
for the purpose of determining limitations
under the following sections of the Federal
Reserve Act: section 9, which provides a limitation upon purchasing, selling, underwriting,
and holding, by member banks, of investment
securities; sections 9 and 13, which provide
limitations upon the amount of paper of any
one borrower which a Federal Reserve bank
may rediscount for a member bank; section 13,
which provides a limitation upon the amount
of drafts or bills of any one borrower which a
member bank may accept, upon the total
amount of bills which a member bank may
accept, and upon the amount of drafts or bills
which may be accepted by a member bank for
the purpose of providing dollar exchange;
section ll(m), which provides a limitation
upon the amount which a member bank may
loan upon the security of stock or bond collateral; section 12B(e), which provides for the
amount of stock of the Federal Deposit Insurance Corporation for which a member bank
organized after June 16,1933, may apply during
the first 12 months after its organization; section 19, which provides a limitation upon the
sum which a member bank shall keep on deposit
with a nonmember State bank; section 23A,
which provides a limitation upon the amount
which a member bank may invest in or loan
upon stocks, bonds, debentures, or other such
obligations of an affiliate; and section 24A,
which provides a limitation upon the amount
which a member bank may invest in bank
premises or the stock, bonds, debentures, or
other such obligations of a corporation holding
the bank's premises, and upon the amount
which a member bank may loan upon the stock
of such a corporation. The Board has also
considered whether such capital notes and
debentures may be classified as capital stock
for the purpose of section 210 of the Agricultural Credits Act of 1923, which provides a
limitation upon the amount of stock of national
agricultural credit corporations in which a
member bank may invest.
In a ruling issued under date of November 8,
1933, the Board expressed the belief that it was
the purpose of the Congress in authorizing the
purchase by the Reconstruction Finance Corporation of debentures and capital notes from
State banks to provide capital funds for such
banks, and stated that it would consider the
proceeds of such capital notes or debentures as
capital funds of State banks and as part of the
unimpaired capital required of such banks for
admission of such banks to membership in the
Federal Reserve System. By the act of June
16, 1934, section 9 of the Federal Reserve Act
was amended to provide that, for the purposes
of membership of any State bank, the terms
capital and capital stock shall include the
amount of outstanding capital notes and debentures legally issued by the applying bank
and purchased by the Reconstruction Finance
Corporation. In view of its previous ruling and
of the subsequent amendment to said section 9,
the Board is of the opinion that capital notes
and debentures legally issued by State member
banks and purchased by the Reconstruction
Finance Corporation should be considered as
capital or capital stock in determining limitations under the aforesaid sections of the Federal
Reserve Act and under section 210 of the Agricultural Credits Act of 1923. However, since
the above-mentioned amendment to section 9 of
the Federal Reserve Act does not refer to capital notes and debentures sold to others than the
Reconstruction Finance Corporation, it is the
view of the Board that any notes or debentures
not sold to the Reconstruction Finance Corporation may not be included in determining the
limitations under said provisions of law.
The foregoing ruling of the Board is applicable only to State member banks and is not
intended to refer to limitations fixed by State
statutes, as the construction of such statutes is
within the jurisdiction of the appropriate State
supervisory authorities rather than the jurisdiction of the Federal Reserve Board.
Cumulative voting by holding company affiliates of
member banks
In response to a recent inquiry as to whether
a holding company affiliate of a member bank
may lawfully cumulate its shares in elections of
directors, the Federal Reserve Board stated
that it concurred in an earlier opinion of the
750
FEDERAL RESERVE BULLETIN
Comptroller of the Currency that a holding
company affiliate of a national bank may
cumulate its shares in voting for directors in
the same manner as individual shareholders are
permitted to cumulate under section 5144 of
the Revised Statutes, and that it was further
of the opinion that there is no prohibition in
the Federal statutes against a holding company
affiliate of a State member bank cumulating its
shares when permitted by applicable State
laws.
Applicability of section 32 of Banking Act of 1933 to
"Manager" of branch office of dealer in securities
r
An inquiry was recently made of the Federal
Reserve Board as to whether the term " manager" in section 32 of the Banking Act of 1933
was applicable to the "Manager" of a branch
office of a dealer in securities. It appeared
that the authority of the manager was limited
and that the home office prescribed definite
rules which he was required to follow. It was
understood that he had no authority over the
character of the business transacted by the
organization and did not assist in formulating
its policies. However, in view of the fact that
the word "manager" is frequently used to
describe a person in charge of a local branch
office of an organization and in view of the
wide use of the term as applied to managers
of branch offices of dealers in securities at the
time the Banking Act of 1933 was under consideration by the Congress, the Board expressed
the opinion that the term "manager" in section
32 should be regarded as including a manager
of a branch office of a dealer in securities.
Transfer of transactions from cash accounts
Ruling no. 26 interpreting Regulation T.—
The Federal Reserve Board has been asked for
a ruling on the following facts: A customer
requests a broker to purchase for the customer's
account certain registered securities to be paid
for by the customer in cash. The customer has
a bona fide intention to pay in cash; but, when
delivery day arrives, he finds that he has not
sufficient cash to pay for the securities in full
and desires to pay 50 percent and have the
broker carry the securities in his margin account
until the customer is ready to make payment in
full. The question is presented whether the
broker may transfer such transaction from the
customer's cash account to his margin account.
In reply the Board advised that the transfer of
such a transaction from a cash account to a
margin account is expressly permitted in excep-
November 1934
tional cases by section 6 of Regulation T, if
authorization is obtained from the business
conduct committee or other suitable committee
of the appropriate national securities exchange.
Extensions of credit on unregistered, nonexempted
securities
Ruling no. 27 l interpreting Regulation T.—
The Federal Reserve Board has received
inquiries as to whether a member of a national
securities exchange may extend credit on
unregistered, nonexempted securities in clearing
for another broker or dealer transactions involving the purchase of such securities for cash by
such other broker or dealer. The inquiries submitted indicate that in performing the function
of clearing the transactions the clearing member furnishes the cash which is paid for the
securities and thereby extends credit until he
receives reimbursement either from the broker
or dealer or from some subsequent purchaser.
In reply the Board has called attention to the
fact that section 7 (c) of the Securities Exchange
Act of 1934 forbids any member of a national
securities exchange or any broker or dealer who
transacts a business in securities through the
medium of any such member to extend credit
to any customer on unregistered, nonexempted
securities for the purpose of purchasing or carrying securities. WHile the act authorizes the
Board to prescribe rules permitting the extension of credit on unregistered, nonexempted
securities in certain circumstances, it denies the
Board the right to grant such permission in
cases where the extension of credit is for the
purpose of purchasing or carrying securities.
As the questions giving rise to this ruling indicate that the extensions of credit in the cases
presented are for the purpose of purchasing or
carrying securities, and that the credit is
extended to "customers" as that term is used
in section 7 (c) of the Securities Exchange Act
of 1934 and in Regulation T, the Board has
advised that such extensions of credit are prohibited by law and that no authority is given
to the Board to permit them to be made.
Sales and repurchases of securities in old accounts
Ruling no. 28 interpreting Regulation T.—
The Federal Reserve Board has been asked
whether a creditor, as defined in section 2 (&)
of Regulation T, may permit a customer to
sell a registered security from a designated old
1 This ruling, as well as ruling no. 16, revoked by ruling no. 34, printed
below.
November 1934
FEDERAL RESERVE BULLETIN
account and on the same day to purchase in
its place in the old account an unregistered,
nonexempted security, if the adjusted debit
balance of the old account is not increased.
In reply the Board called attention to the
prohibition contained in section 7 (c) (2) of
the Securities Exchange Act of 1934 on the
extension of credit on unregistered, nonexempted securities for the purpose of purchasing or
carrying securities, and to the fact that the provisions of section 4 of Regulation T are made
applicable to old accounts by the first proviso of
section 7 (a) of the regulation. Accordingly,
the Board advised that in the circumstances indicated, the extension of credit for the purchase
of the unregistered, nonexempted security is
not permitted unless at the time of such purchase the maximum loan value of the securities
in the account exceeds the adjusted debit
balance of the account by an amount equal to
or greater than the purchase price of the
unregistered, nonexempted security.
Manner of keeping special cash accounts
751
carried for such individual and certain other
persons jointly may be combined with the
individual's personal account carried simultaneously with the same broker in order that such
personal account may be considered as an
unrestricted rather than a restricted account
under Regulation T. In reply the Board
points out that the individual in question is
a "customer" within the meaning of the definition in section 2 (m) of the regulation and that
the parties to the joint account as a group
constitute a separate and distinct "customer''
within the meaning of such definition and
accordingly advised that the individual's personal account may not be considered an unrestricted account because of the presence of
excess loan value in the joint account unless
the parties to the joint account acting jointly
have, in writing, guaranteed the individual's
personal account for an amount sufficient to
make it an unrestricted account.
Demand for margin included in confirmation of transaction
Ruling no. 29 interpreting Regulation T.—
Ruling no. 32 interpreting Regulation T.—
In reply to an inquiry the Federal Reserve
Board has advised that under section 6 of
Regulation T a special cash account may be
kept separately for each customer, and that
the regulation does not require a single separate
account covering all cash transactions for all
customers.
The Federal Reserve Board has been asked
whether, if a confirmation of a transaction has
been sent by mail to a customer at his last
known address, a demand for margin which
appeared not on a separate piece of paper but
on the confirmation itself may be considered
as having been made in the manner specified in
clause 8 of section 3 (/) of Regulation T so that
the amount of margin demanded may be deducted in computing the adjusted debit
balance of the customer's account. In reply
the Board advises that such a demand may be
considered as a demand made in a "letter"
within the meaning of clause 8 and that accordingly the question should be answered in the
affirmative.
Dividends or interest on securities carried in restricted
new accounts
Ruling no. 30 interpreting Regulation T.—
The Federal Reserve Board has been asked
whether, under Regulation T, a broker may
permit a customer to withdraw cash dividends
or interest received by the broker on securities
carried for the customer in a restricted new
account. In reply the Board advises that for
the purposes of Regulation T such withdrawal
of interest or dividends is to be considered as
not different from any other withdrawal of cash
and therefore may not be permitted in such
account except in compliance with the provisions of section 4 (d) of the regulation.
Individual's participation in a joint account not to be
combined with his individual account
Ruling no. 31 interpreting Regulation T.—
The Federal Reserve Board has been asked
whether a certain individual's proportionate
share of the excess loan value in a joint account
Withdrawals of cash or securities from old accounts
on and after November 15, 1934
Ruling no. 33 interpreting Regulation T.—
In reply to certain inquiries as to whether cash
or securities may be withdrawn from designated old accounts on and after November 15,
1934, the Federal Reserve Board points out
that the third proviso of section 7 (a) of
Regulation T is by its terms applicable only to
withdrawals made prior to that date. Accordingly the Board rules that: (1) On and after
November 15, 1934, securities may be withdrawn from a designated old account to any
extent not forbidden by section 4 of the regula-
752
FEDERAL RESERVE BULLETIN
tion; and (2) on and after November 15, 1934,
cash may not be withdrawn from a designated
old account, whether restricted or unrestricted,
if such withdrawal results in an increase in the
adjusted debit balance of the account in violation of the second proviso of section 7 (a) of
the regulation or is forbidden by section 4 of
the regulation.
November 1934
value of the securities in the account in violation of section 4 (d) of the regulation.
Withdrawal of proceeds of sale of unregistered, nonexempted securities from restricted new account
Ruling no. 36 interpreting Regulation T.—
The Federal Reserve Board has been asked
whether under Regulation T a broker may pay
to a customer from a restricted new account
Cash transactions in unregistered securities
the proceeds of the sale of unregistered, nonRuling no. 34 interpreting Regulation T.— exempted securities sold in such account. In
The Federal Reserve Board has been requested reply the Board rules that, in the absence of
to reconsider its rulings numbered 16 and 27 other material facts, the broker may permit the
interpreting Regulation T, wherein it held in withdrawal of any part of the proceeds of such
effect that credit may not be extended on un- sale, if the sale, the payment of the proceeds
registered securities in connection with bona into the account, and the payment of the profide cash transactions for the limited periods and ceeds from the account, all occur on the same
subject to the terms and conditions specified day, so that the withdrawal of the proceeds,
in section 6 of the regulation. On reconsidera- constitutes a part of a combination of transaction the Board is of the opinion that extensions tions which does not result in a net withdrawal
of credit on unregistered securities for the or in an increase in the excess of the adjusted
limited periods and subject to terms and con- debit balance of the account over the maximum
ditions specified in section 6 of Regulation T loan value of the securities in the account in.
may be permitted when such extensions of violation of section 4 (d) of the regulation.
credit are incident to bona fide cash transactions in such securities. The Board, therefore,
now rules that section 6 should be interpreted Participation by national banks in industrial loans
as applying to bona fide cash transactions in
under act of June 19, 1934
unregistered, nonexempted securities as well as
There is published below the text of a cirto bona fide cash transactions in registered
issued
nonexempted securities and the Board con- cular which has been regard by the Comptroller
of the Currency in
making of
sequently revokes rulings numbered 16 and 27. industrial loans by national to thein cooperabanks
tion with the Federal Reserve banks and the
Reconstruction Finance Corporation:
Securities deposited for sale
Ruling no. 35 interpreting Regulation T.—
The Federal Reserve Board has been asked to
rule on the following question arising under
Regulation T. A customer maintaining with
a broker a restricted account, which is not a
special account, delivers certain registered,
nonexempted securities to such broker with
the request that he sell the securities and deliver
the entire proceeds of the sale to the customer.
May the broker comply with the customer's
request? On the basis of the facts submitted,
the Board rules that the broker may permit
the withdrawal of the amount for which such
securities are sold, if the delivery of such
securities into the account, the sale of the
securities, and the withdrawal of the funds
from the account, all occur on the same day,
so that the withdrawal of funds constitutes a
part of a combination of transactions which
does not result in a net withdrawal or an
increase in the excess of the adjusted debit
balance of the account over the maximum loan
OCTOBER 18, 1934.
CIRCULAR TO ALL NATIONAL BANK EXAMINERS CONCERNING LOANS BY NATIONAL BANKS UNDER THE
ACT OF JUNE 19, 1934, RELATING TO INDUSTRIAL
LOANS BY NATIONAL BANKS IN COOPERATION WITH
THE RECONSTRUCTION FINANCE CORPORATION AND
THE FEDERAL RESERVE BANKS
The following wire, setting forth the ruling of the
Comptroller of the Currency concerning industrial loans
by national banks under the act of June 19, 1934, was
today sent to all chief national bank examiners. A
copy of same was furnished to the Reconstruction
Finance Corporation and to the Federal Reserve Board
and we understand was wired by the Board to all
Federal Reserve banks:
"The Comptroller of the Currency has ruled that
the act of Congress of June 19, 1934, relating to industrial loans was intended to expand the scope of lending
power of national banks when such loans are made
under said statute in cooperation with the Reconstruction Finance Corporation and/or the Federal Reserve
banks, and that said statute should be considered a
qualification of the restrictive provisions of section 5200
U. S. R. S. and section 24 of the Federal Reserve Act
so as to permit such loans to the following extent: A
national bank may make a loan under said industrial
November 1934
FEDERAL RESERVE BULLETIN
loans statute which exceeds or departs from the limitations of said restrictive provisions, provided the bank
has obtained a proper commitment from the Reconstruction Finance Corporation or a Federal Reserve
bank obligating the Reconstruction Finance Corporation or the Federal Reserve bank to take, within a
specified period, a portion or all of said loan, as the case
may be, so that if the commitment were actually
enforced or performed, the net amount of loan participation by the national bank after giving effect to the
commitment would be within the limitations imposed
by the aforesaid restrictive provisions. The validity of
the loan so far as the national bank is concerned will
be measured by the net amount of participation in the
loan after taking into consideration the amount of the
outstanding commitment. The entire or gross amount
of such loan may be held by the national bank to
maturity notwithstanding the aforesaid restrictive provisions in view of the right of the national bank to rely
upon and demand at any time within the specified
period performance of the commitment by the Reconstruction Finance Corporation and/or the Federal Reserve bank; or the national bank may give immediate
effect to the commitment by disposing of a portion or
all of the loan to the Reconstruction Finance Corporation and/or the Federal Reserve bank to the amount
of the commitment and then carry only the net amount
of the loan as so reduced to comply with the aforesaid
restrictive provisions. In making such loans in conjunction with the Federal Reserve banks, the national
bank will remain liable for 20 percent or such greater
agreed percentage of the possible loss by the Federal
Reserve bank upon the paper either actually taken over
or subject to be taken over under the commitment
given by the Federal Reserve bank and hence said
agreed percentage of potential liability constitutes a
participation to that extent by the national bank in
such loan and therefore the amount of such participation must be within the aforesaid restrictive limitations.
A memorandum giving illustrations of typical classes
of loans under the statute and indicating the proper
participation by national banks under this ruling is
being forwarded at once. Copies of this ruling and of
said memorandum will also be forwarded as soon as
practicable to all national banks."
The pertinent portions of the act of June 19, 1934,
under which such loans may be made, are quoted in
the appendix hereto attached.
The following cases are intended to be illustrations
of typical classes of loans which may arise under the
statute, and indicate the proper participation by the
national bank in such loans:
I. APPLICATION TO CASES ARISING UNDER SECTION 5200
TJ. S. R. S.
This statute provides in part that loans by a national
bank are prohibited to any one borrower in excess of
10 percent of the combined unimpaired capital and
surplus of the bank. The following cases may arise,
assumingf for illustration, that the loan limit of the
bank to any one borrower is $100,000:
(a) The industrial concern has already borrowed
$40,000. Without disturbing this loan it desires an
additional loan of $160,000, making a total of $200,000,
which would be $100,000 in excess of the $100,000
limitation. If the bank obtained a commitment from
the Reconstruction Finance Corporation for the excess
$100,000, it could, upon the strength of the commitment, make and carry (to maturity but not beyond
the maximum time permitted by the specified period
in the commitment) the entire additional loan of
753
$160,000, or it could at any time call uon the Reconstruction Finance Corporation for performance of the
$100,000 commitment. The net participation by the
bank in the new or additional loan, after giving effect
to the commitment, either by cashing the commitment,
or by holding the commitment in reserve for cashing on
demand, would be only $60,000, which sum, plus the
$40,000 in the original loan, would, in ultimate effect,
be within the $100,000 limitation. Instead of preserving the original loan of $40,000 intact, the same result
would also be accomplished by merging the original
$40,000 loan with the additional loan of $160,000 into
a new loan of $200,000.
(b) Under the principles developed in the preceding
illustration, it may be assumed that the industrial
concern has already borrowed the full limit of $100,000
but desires an additional loan of $100,000 without
disturbing the original loan of $100,000. If the bank
obtained a commitment from the Reconstruction
Finance Corporation for the excess $100,000, it could
then make the new loan and carry it on the strength
of the commitment and be able at all times to meet the
letter of the restrictive provisions by exercising the
commitment and eliminating the new loan.
II. APPLICATION OF CASES ARISING UNDER SECTION 24
OF THE FEDERAL RESERVE ACT
Section 24 relating to real estate loans provides in
part that:
(a) the real estate security shall be a first lien
(b) the entire amount of the real estate loan must
be acquired by the bank
(c) the loan must not exceed 50 percent of the value
of the property
(d) the aggregate real estate loans by the bank must
not exceed 25 percent of its unimpaired capital and
surplus or one-half of its savings deposits.
The following classes of cases may arise:
(a) The industrial concern desires a loan of $100,000
upon real estate having a value of $150,000. Under
the 50 percent value restriction the bank's maximum
loan upon the property would be $75,000. If the bank
obtained a commitment from the Reconstruction
Finance Corporation for the entire amount of the
$100,000 loan, it could then make the loan and carry
it (to maturity but not beyond the maximum time
permitted by the specified period in the commitment)
on the strength of the commitment and be able at all
times to meet the letter of the restrictive provision by
exercising the commitment and eliminating the loan.
(b) In the foregoing case, if the bank obtained a
commitment from the Reconstruction Finance Corporation for $25,000 of the proposed $100,000 loan, the
commitment providing that the $25,000 assumed by the
Reconstruction Finance Corporation would be subordinated in security to the bank's portion of the loan,
the bank could make the entire $100,000 loan and
carry it (to maturity but not beyond the maximum
time permitted by the specified period in the commitment) on the strength of the commitment and be able
at all times to meet the letter of the restrictive limitation by exercising the commitment, thus reducing its
participation within the 50 percent limitation. This
loan would also meet the requirement that the bank
must acquire the entire amount of the real estate loan
at the time of making the loan.
(c) Assume the bank had aggregate outstanding real
estate loans exactly equal to its maximum limit of 25
percent of its unimpaired capital and surplus (or onehalf of its savings deposits) and an industrial concern
desired a real estate loan of $100,000. If the bank ob-
754
FEDEKAL RESERVE BULLETIN
November 1934
tained a commitment from the Reconstruction Finance III. LOANS IN CONJUNCTION WITH THE FEDERAL RESERVE
Corporation for this loan, it could then make the loan
BANKS
and carry it (to maturity but not beyond the maxiLoans under the industrial loans statute in conjuncmum time permitted by the specified period in the
commitment) on the strength of the commitment and tion with Federal Reserve banks would be governed
be able at all times to meet the letter of the restrictive by the same principles indicated in the foregoing illusprovision by exercising the commitment and eliminating trations, with the qualification that in making such
loans the national bank will remain liable for 20 percent
the loan.
(d) In the next preceding case, assume the bank's or such greater agreed percentage of the possible loss
aggregate outstanding real estate loans were within by the Federal Reserve bank upon the paper either
$50,000 of its maximum limit and the industrial con- actually taken over or subject to be taken over under
cern desired a loan of $100,000. If the bank obtained the commitment given by the Federal Reserve bank,
a commitment from the Reconstruction Finance Cor- and hence said agreed percentage of potential liability
poration of $50,000 representing the excess over the of the national bank constitutes a net participation
limit, it could then make the entire loan of $100,000 to that extent by the national bank in such loan and
and carry the same (to maturity but not beyond the therefore the amount of such net participation must be
maximum time permitted by the specified period in within the restrictive limitations of section 5200
the commitment) on the strength of the commitment U. S. R. S. and/or section 24 of the Federal Reserve
or could cash the commitment at any time and carry Act, as the case may be.
only $50,000, so that actually or potentially the bank's
net participation would be within the restrictive IV. REGULATIONS BY FEDERAL RESERVE BOARD AND BY
RECONSTRUCTION FINANCE CORPORATION CONCERNING
limitation.
LOANS AND COMMITMENTS
(e) Section 24 of the Federal Reserve Act requires
the real estate security to be a first lien. The industrial
banks in
concern applying for a loan offers a second mortgage as The extent of participation by nationalruling will,
in
security. If the bank obtained a commitment from loans made be accordance with the foregoing as may be
of course,
subject to such regulations
the Reconstruction Finance Corporation for the entire promulgated by the Federal Reserve Board in relation
amount of the loan, it could, upon the strength of the to loans in conjunction with the Federal Reserve banks,
commitment, make and carry the loan (to maturity
the Reconstruction Finance Corporation in
but not beyond the maximum period permitted by the and by to loans in cooperation with that Corporation.
commitment) and be able at all times to meet the re- relation also be borne in mind in the foregoing cases,
It must
strictive provision by cashing or exercising the commitunder the statute, that
ment and eliminating the loan under the principles and in all loans contemplated Reconstruction Finance
the commitment from the
already discussed.
Reserve bank is a
», (f) The industrial concern applying for a loan offers Corporation or from the Federal the Reconstruction
contract between the bank and
security consisting of a second mortgage and also of Finance Corporation or the Federal Reserve bank, as
acceptable bonds or other bankable collateral, neither the case may be, and consequently whether the comclass of security being alone sufficient but the aggregate mitment will be given in the particular case necessarily
of the two being adequate. If the bank obtained a depends upon both parties being satisfied with the
commitment for the full loan from the Reconstruction terms and provisions thereof. It must further be
F nance Corporation, it could make and carry the same noted that although in the foregoing examples it is
under the principles discussed in (e) above.
assumed that the loan may be carried by the bank to
(g) Assume, with reference to the security offered in maturity in the particular case, this is necessarily
(f) above, that the bank, for the purpose of convenience further subject to the qualification that the maturity
only in considering the loan, allocated the collateral in question be within such time limit as may be specified
security to one portion of the loan, and the second mort- by the commitment within which performance of the
gage to the other portion of the loan. If the bank ob- commitment can be required.
tained a commitment from the Reconstruction Finance
Corporation for that portion of the loan to which the to A copy of this circular will be forwarded by this office
all national banks.
second mortgage had been allocated, the commitment
J. F. T. O'CONNOR,
containing a provision subordinating the ReconstrucComptroller of the Currency.
tion Finance Corporation to the bank in realizing upon
the combined security, the bank could make and carry
the entire loan (to maturity but not beyond the maxiAPPENDIX
mum period permitted by the commitment) and could
at any time meet the restrictive provisions by exercis(Public—No. 417—73d Cong.)
ing or cashing the commitment under the principles
already discussed.
(S. 3487)
(h) Said section 24 of the Federal Reserve Act further requires that the real property shall be improved,
AN ACT
and that said property must be located in the same
Federal Reserve district as the bank making the loan Relating to direct loans for industrial purposes by
or within a radius of 100 miles of the place where the
Federal Reserve banks, and for other purposes
bank is located irrespective of district lines. Consequently this requirement must be borne in mind where
Be it enacted by the Senate and House of Representaa partial commitment only is obtained, but a loan may tives of the United States of America in Congress assembe made without regard to such requirements where bled, That the Federal Reserve Act, as amended, is
a commitment is obtained for the entire amount of said amended by adding after section 13a thereof a new
loan, so that by taking into consideration such commit- section reading as follows:
*4<>qf*Hi-*& ^ «
ment under the principles hereinabove discussed, the
"SEC. 13b. (a) In exceptional circumstances, when
loan may be considered eliminated so far as the restric- it appears to the satisfaction of a Federal Reserve bank
tive requirements are concerned.
that an established industrial or commercial business
November 1934
FEDERAL RESERVE BULLETIN
located in its district is unable to obtain requisite financial assistance on a reasonable basis from the usual
sources, the Federal Reserve bank, pursuant to authority granted by the Federal Reserve Board, may make
loans to, or purchase obligations of, such business, or
may make commitments with respect thereto, on a
reasonable and sound basis, for the purpose of providing it with working capital, but no obligation shall be
acquired or commitment made hereunder with a maturity exceeding five years.
" (b) Each Federal Reserve bank shall also have
power to discount for, or purchase from, any bank,
trust company, mortgage company, credit corporation
for industry, or other financing institution operating in
its district, obligations having maturities not exceeding
five years, entered into for the purpose of obtaining
working capital for any such established industrial or
commercial business; to make loans or advances direct
to any such financing institution on the security of
such obligations; and to make commitments with regard to such discount or purchase of obligations or
with respect to such loans or advances on the security
thereof, including commitments made in advance of
the actual undertaking of such obligations. Each such
financing institution shall obligate itself to the satisfaction of the Federal Reserve bank for at least 20
per centum of any loss which may be sustained by such
bank upon any of the obligations acquired from such
financing institution, the existence and amount of any
such loss to be determined in accordance with regulations of the Federal Reserve Board: Provided, That in
lieu of such obligation against loss any such financing
institution may advance at least 20 per centum of such
working capital for any established industrial or commercial business without obligating itself to the Federal Reserve bank against loss on the amount advanced
by the Federal Reserve bank: Provided, however, That
such advances by the financing institution and the
Federal Reserve bank shall be considered as one ad-
755
vance, and repayment shall be made pro rata under
such regulations as the Federal Reserve Board may
prescribe.
SEC. 5. That the Reconstruction Finance Corporation Act, as amended (IT. S. C , Supp. VII, title 15,
ch. 14), is amended by inserting before section 6 thereof
the following new section:
" S E C . 5d. For the purpose of maintaining and increasing the employment of labor, when credit at prevailing bank rates for the character of loans applied for
is not otherwise available at banks, the Corporation is
authorized and empowered to make loans to any industrial or commercial business, which shall include the
fishing industry, established prior to January 1, 1934.
Such loans shall in the opinion of the board of directors
of the Corporation be adequately secured, may be made
directly, or in cooperation with banks or other lending
institutions, or by the purchase of participations, shall
have maturities not to exceed five years, shall be made
only when deemed to offer reasonable assurance of
continued or increased employment of labor, shall be
made only when, in the opinion of the board of directors of the Corporation, the borrower is solvent, shall
not exceed $300,000,000 in aggregate amount at any one
time outstanding, and shall be subject to such terms,
conditions, and restrictions as the board of directors
of the Corporation may determine. The aggregate
amount of loans to any one borrower under this section shall not exceed $500,000.
"The power to make loans given herein shall terminate on January 31, 1935, or on such earlier date as
the President shall by proclamation fix; but no provision of law terminating any of the functions of the
Corporation shall be construed to prohibit disbursement of funds on loans and commitments, or agreements to make loans, made under this section prior to
January 31, 1935, or such earlier date."
756
FEDERAL RESERVE BULLETIN
November 1934
FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC.
DISCOUNTS BY WEEKS
DISCOUNTS BY MONTHS
[In thousands of dollars]
[Averages of daily figures. In millions of dollars]
Wednesday series (1934)
1933
1934
Federal Reserve bank
Federal Reserve bank
October
September
1.1
7.0
2.5
1.0
13.1
5.2
4.1
41.1
26.3
.4
.3
.2
.5
.7
.2
10.2
8.4
6.0
.3
.2
.2
5.9
1.8
3.2
.1
.1
.2
3.7
2.1
6.6
Boston
New Y o r k —
Philadelphia _
Cleveland..
RichmondAtlanta
Chicago
St. Louis
Minneapolis-
.2
Kansas City—
Dallas
San Francisco.
12.2
Total.
21.9
Oct. 3
Oct. 10
Oct. 17
Oct. 24
1,261
7,283
4,812
1,002
6,861
2,355
1,222
6,590
2,317
995
6,092
2,317
899
7,373
1,245
500
485
236
496
401
232
365
424
179
461
192
168
353
177
159
75
195
85
233
78
228
45
183
54
70
76
154
130
44
151
181
88
112
204
44
94
284
9
109
362
9
15,257
October
12, 039
11,712
10,864
10,985
Boston .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
_
Kansas City
Dallas
San Francisco
Total
Oct. 31
108
119.5
Back figures.—See Annual Report for 1933 (table 15).
Back figures.—See Annual Report for 1933 (table 11).
TOTAL RESERVES, DESPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO
LIABILITIES
[Averages of daily figures. Amounts in thousands of dollars]
1933
1934
Cleveland..
RichmondAtlanta
Chicago
St. Louis
MinneapolisKansas City—_
Dallas
._San Francisco TotaL.
1934
1933
October
Septem-
386,253 374,781 288,911 261,539
1,772,184 1,771,648 1,020,092 1,797,566
296,484 295,164 239,216 206,161
258,917
October
Boston
New York
Philadelphia. _
September
Federal Reserve notes in
circulation i
Total deposits
Total reserves
378,348
202, 790
127,817
October
1934
1933
Ratio of total reserves
to deposit and Federal
Reserve note liabilities combined
1934
1933
October
October
September
181,980
1,081,609
145,759
203,219
266,262
660,168
240,173
256,747
660,667
244,933
222, S04
644,884
237,431
73.2
72.1
66.4
72.7
71.8
65.9
71.5
59.1
62.4
October October Septem October
391,397
195,596
120,840
281,717
156,936
124,594
267,917
135,802
80, 568
271,481
139,725
78,494
160,924
85,938
65,304
304,277
167,800
135,137
313,883
156,337
130,271
282, 574
145,968
118,040
66.1
66.8
59.3
66.1
57.9
63.5
67.7
68.0
1,058,743 1,114,405
200,399
189,677
148,634 147,005
957,925
156,854
93,874
684,914
147,008
103,461
743, 574
141,986
102,503
567, 747
92,514
56, 752
773,847
140,949
106,947
774,612
135,463
105,960
751,991
139,515
93,742
72.6
69.6
70.6
73.4
68.4
70.5
72.6
67.6
62.4
148,039
79,242
262,816
154,224
125,875
267,624
158,054
123,035
252,970
112,030
80,390
181,002
116,190
53,744
213,062
t
114,262
49,105
213,422
108,870
34,252
215,541
66.5
64.4
68.6
66.5
62.7
67.6
67.0
69.1
66.3
5,196,738 5, 204,506 3,810,216 4, 232,659 4,281,994 2,811,949 3,178,556 3,155,662 2,995,112
70.1
70.0
65.6
179,866
115,658
329,562
181,009
107,917
315,067
i Includes "Federal Reserve notes of other Reserve banks" as follows: Latest month, $19,590,000; month ago, $20,275,000; year ago, $18,058,000.
Back figures.—See annual report for 1932 (table 8).
757
FEDERAL RESERVE BULLETIN
November 1934
ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE
AND FEDERAL RESERVE BANK NOTE STATEMENT, OCT. 31, 1934
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve Rich- AtlanSan
St. Min- Kansas
delland mond ta Chicago Louis neap- City Dallas Franolis
phia
Cisco
ASSETS
Gold certificates on hand and due from
.,
4,966, 481 363,936 1,730,436 249, 737 367, 634 185, 946 109, 804 1 048,092 196, 470 133,138 170, 539 103,163 307,
U. S. Treasury
1,808
726
72
953
1,786 2,649 2,420 1,981 3,928
899
22,032
375 3,786
Redemption fund—F. R. notes
30, 577 11,940 11,495 8,328 7,059 13,686
48, 696 34, 316 11, 961 9,228 10, 784
223, 407 25, 337
Other cash.
5, 211,920 390, 226 1, 780,918 286,702 382,015 197,155 124, 516 1,080,47' 209,136 145, 532 179, 588 110,597 325,058
Total reserves
1,829
250
1,579
Redemption fund—F. R. bank notes
Bills discounted:
Secured by U. S. Government obliga45
117
143
125
660
4,986
875
2,799
25
tions
114
3
5,999
24
4,574
210
585
Other bills discounted
83
154
159
76
353
17
70
362
899
10,985
7,372 1, 245
Total bills discounted
108
115
208
267
80
526
705
403
153
6,082
582
2,500
154
Bills bought in open market
389
382
874
516
166
634
688
1,402
6,149
269
215
447
541
15
Industrial advances
U. S. Government securities:
62,143 13, 798 15, 374 13, 335 18,819 23,857
395, 578 23, 214 140,957 25,138 30, 558 14,855 13, 530
Bonds
_
.-.
1,411,707 92,881 448,075 98,609 126,040 61, 274 55, 740 250,364 54,848 34,860 54, 232 36,372 98,412
Treasury notes
..
622,886 41, 583 188, 723 43, 373 56,427 27,434 24,953 115,836 24, 554 15,380 24, 277 16, 284 44.062
Certificates and bills
Total U. S. Government securities.. 2,430,171 157, 678 777, 755 167,120 213, 025 103, 563 94, 223 428, 343 93, 200 65,614 91,844 71,475 166,331
2,453,367 160,382 788,075 169, 216 214,070104,822 95,165 429, 752 93, 773 66, 536 92, 574 72,179 166,843
Total bills and securities..
g
31
79
29
7
811
61
88
107
296
23
23
Due from foreign banks
58
553 1,360
19, 744
357
754 1,296 1,887
863
3,419 1,195
6,062
F. R. notes of other banks
278 1,720
439, 993 48,915 109,329 33,98^ 39, 524 40, 250 13,983 62,647 19, 260 11,886 25,162 15, 528 19, 522
Uncollected items
52, 974 3,224 11, 523 4,431 6,788 3,128 2,372
7,387 3,126 I,"
3,485 1,757 4,089
Bank premises
All other assets
Total assets
48,094
612 32,151 6,443 1,412 1,619 1,951
234
921
441
558
859
8, 228, 75^604,027 2, 729,933 501, 621 645,184 348,89i
238,879 1, 584, 710
326, 733227,071 302, 633201, 221517,848
LIABILITIES
3,160,777 265, 542 650, 275 237,805 300,649 172,110 136,374 768,965 142,416 105,330 116,039 52,997 212, 275
F. R. notes in actual circulation
915
28, 664
27, 749
F. R. bank note circulation—net
Deposits:
4,005, 999 257,215 1, 654,479 191,300 268,33, 121, 267 69,140
199,447 138,828 91,474 150, 665 118,976 244,873
Member bank—reserve account
92, 293 3,924
59,158 3,859 1,942 3,226 2,902
7,578 4,150 1 ~ ~
389 1,058 2,441
U. S. Treasurer—general account
812
750
562
8,952
297
3,843
180
273
984
258
219
Foreign bank
219
555
154, 558 3,72'
99, 755 2,492 3,985 1,002 3,511
2,879 10,356 8,17*
2,522 1,786 14,368
Other deposits
4, 261,80. 265, 428 1,817, 235 198, 463 275, 01: 125, 79i 75, 826 710,888 153, 592 101,495 153, 795 122,039 262, 237
Total deposits.,
438.93b 49,872 104,144 33,151 39, 334 39, 523 13,858
64,308 20,633 12, 215 24,045 16,994 20,862
Deferred ayability items
146, 777 10,804
59, 527 15,211 13, 030 4,971 4,376
12, 704 4,116 3,102 4,123 4,047 10, 766
Capital paid in
_
138,383 9,610
45, 217 13, 35: 14, 090 5,171 5,14J
20,681 4,756 3,420 3,613 3,683 9,645
Surplus (sec. 7)
845
378
252
Surplus (sec. 13b).
21."
22, 291
1,053
4,737 2,345 2,300 1,156 2,486
850 1,
Reserve for contingencies
_
2,967
619 1,133 1,619
769
30, 274
803
169
21, 049 1,294
436
370
231
All other liabilities
_
4,197
184
328
444
Total liabilities
8, 228, 752604, 027 2, 729,933 501, 621 645,184 348,892 238,879 584, 710 326, 733 227,071 302,633 221 517,
1,
201,
Ratio of total reserves to deposit and F. R.
70.2
note liabilities combined (percent)
73.5
72.2 65.7 66.4 66.2 58.7
70.4
73.0 70.
16. 6 63.2
8.5
Commitments to make industrial ad-
3,218
119
957
265
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.
3,443,685 294, 297
282,908 28,755
3,160, 777 265, 542
741,376 255,710 316, 793 183,879 .52,344
91,101 17,905 16,144 11,7"" 15,970
650, 275 237,805 300, 649 172,110 136,374
804,196 147,346 10, 546 .23,326 58, 940 254,932
35, 231
5,216 7,287 5,943 42,657
768,965 142, 416 105,330 116, 039 52, 997 212, 275
3, 224,416 294,117
9,238
277,800
773, 706 205,000 571,431 .49, 340 81, 385
353
6,009
150
208
50,000 50,000 35,000 72,000
779, 715 255, 999 321, 784 184,490 53, 593
812, 513 142,936
76
70
6,000
3, 511,454 295, 016
FEDERAL RESERVE BANK NOTE STATEMENT
Federal Reserve bank notes:
Issued to F. R. bank (outstanding).__
Held by Federal Reserve bank
In circulation—net
Collateral pledged against outstanding
notes:
Discounted and purchased bills
U. S. Government securities
Total collateral
39,792
11,128
28, 664
1,511
45, 274
45, 274,
5,000
5,000
915
28,073 10, 208
324 10, 208
27, 749
28, 274 12, 000
28, 274 12, 000
11, 550 60, 675 215, 763
118
308
9
39
5,800 15,000
44,000
812, 583 149, 012 111,918 126,858 60, 684 ^59, 802
758
FEDEKAL RESERVE BULLETIN
November 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
Total
Federal Reserve district
September
Boston
New York
Philadelphia..
August
Borrowings at Federal
Reserve banks
Excess
July
September
August
Septem-
July
August
July
250.4
1,615.9
190.2
289.3
1,687.1
197.6
315.2
1.565.8
217.8
124.5
626.1
70.9
164.6
705.9
79.3
190.4
589.6
1.0
12.9
1.9
0.3
11.7
1.7
0.4
12.1
2.6
Cleveland
Richmond
Atlanta
255.9
130.6
71.7
261.7
125.8
73.0
253.5
123.6
77.4
118.5
64.0
23.2
124.4
60.3
25.3
118.3
60.0
29.9
.4
.5
.2
.5
.5
.2
.3
.6
.2
Chicago
St. Louis
Minneapolis..
716.3
121. 5
92.9
711.7
117.9
85.4
701.7
108.5
73.9
410.7
61.8
47.7
414.0
59.1
41. 7
411.1
50.3
32.1
.3
.2
.2
.3
.2
.3
.2
.2
.4
Kansas City..
Dallas
San Francisco.
152.2
118.4
230.5
152.5
113.3
229.7
144.8
113.2
232.5
76.1
65.3
65.3
77.4
62.7
68.9
71.4
63.2
74.6
.1
.1
.1
.1
.3
.1
.2
.4
.7
Total...
3, 946. 6
3,928. 0
1, 754.1
18.0
16.3
18.1
4, 045. 0
1, 789. 4
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)
Federal Reserve district
Net demand
Septem- August
ber
Net demand
Time
July
Septem- August
ber
Member banks in smaller centers (places under 15,000)
July
Septem- August
ber
Time
July
Septem- August
ber
July
1,104
7,312
851
1,091
7,240
843
1,095
7,199
856
613
1,703
630
616
1,708
633
614
1,719
628
91
207
153
89
206
148
87
199
146
123
439
378
123
436
376
122
433
373
999
501
375
997
489
367
981
472
363
903
310
262
905
314
265
901
314
264
143
104
74
142
100
73
139
99
75
218
156
66
218
155
62
217
153
63
Chicago.
St. Louis
Minneapolis
2,269
439
281
2,206
432
268
2,151
429
254
887
248
164
878
248
167
872
248
168
166
115
129
162
112
123
155
109
116
156
86
169
155
86
169
153
85
169
Kansas City.
Dallas
San Francisco
532
382
1,079
522
365
1,039
509
358
1,012
203
160
1,706
210
162
1,705
202
163
1,704
221
175
104
218
162
97
215
163
93
109
35
85
110
35
84
110
35
84
16,123
15,859
15, 679
7,790
7,810
7,799
1,682
1,631
1,597
2,019
2,009
1,998
Boston
New York
Philadelphia
.
Cleveland
Richmond
A t l a n t a _ __
___
Total
759
FEDERAL RESERVE BULLETIN
November 1934
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO
[In millions of dollars]
City
Federal Reserve District
Total
Loans and investments—total:
Oct. 3
.
_
Oct. 10
Oct. 17
Oct. 24
Oct. 31__ ._ .
Loans on securities—total:
Oct. 3
Oct. 10
Oct. 17-_ . _
Oct. 24
Oct. 31
To brokers and dealers in
New York:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31 _ _
_
To brokers and dealers outside New York:
Oct. 3
Oct. 10-_
Oct. 17
Oct. 24
Oct. 31
To others:
Oct. 3
Oct. 10 _ .
Oct. 17
Oct. 24_ _ _
Oct. 31
Acceptances and commercial
paper:
Oct. 3
Oct. 10
Oct. 17
Oct. 24 _
Oct. 31
Loans on real estate:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Other loans:
Oct. 3
Oct. 10
Oct. 17
Oct. 24 _..
_
.
Oct. 31
_
U. S. Government direct obligations:
Oct. 3
Oct. 10
Oct. 17
Oct 24
Oct. 31
Obligations fully guaranteed
by II. S. Government:
Oct. 3- __ _
-. Oct 10
Oct. 17
Oct. 24-_
Oct. 31
Other securities:
Oct. 3
Oct. 10
Oct. 17 _ - . _
Oct. 24
Oct. 31
Reserve with Federal Reserve
banks:
Oct. 3-_Oct 10
Oct 17
Oct. 24
Oct. 31 _ .
« Revised.
•
San
MinAtlan- Chi- St. neap- Kan- Dallas Fran- New
sas
cago Louis olis
ta
City
cisco York
Boston
New
York
PhilaRichdel- Cleve- mond
land
phia
17,811
17,824
17,854
17 850
17,837
1,205
1 202
1,195
1 187
1,185
7,988
8,004
8,031
8 020
8,032
1,063
1,059
1,057
1 057
1,051
1,182
1 178
1,176
1 174
1,176
350
350
350
357
353
332
334
338
338
340
1,925
1,926
1,929
1,936
1,918
514
516
519
521
521
366
363
364
362
366
581
584
582
585
581
429
434
433
433
432
1,876
1,874
1,880
1,880
1,882
7,077
7,092
7,118
7,114
7,123
1,532
1,536
1,537
1,543
1,526
3,047
3 055
r 3,082
r 3 074
3,051
221
222
223
223
219
1,611
1 613
1,648
1 639
1,622
208
207
r204
203
185
182
181
181
181
58
57
57
57
58
54
56
58
58
58
285
288
286
289
290
69
72
71
69
69
37
38
36
36
36
57
57
56
56
55
49
50
48
48
49
213
213
214
214
211
1,401
1,402
1,434
1,435
1,417
233
235
233
235
237
669
672
706
708
693
16
16
17
17
20
568
572
606
609
587
16
16
16
16
16
4
2
2
2
2
7
7
6
6
6
5
5
5
5
5
26
26
26
26
29
5
5
5
4
4
1
1
6
6
5
5
5
4
5
4
4
4
12
12
13
14
14
541
544
576
587
564
24
24
24
24
27
148
151
149
151
153
29
29
30
30
31
52
52
53
52
53
16
16
15
15
15
7
7
6
6
7
1
1
1
1
1
2
3
3
3
3
23
25
24
27
26
4
4
4
4
4
2
2
1
1
1
3
3
3
3
3
1
1
1
1
1
8
8
8
8
8
49
49
50
49
50
21
23
22
24
23
2 230
2,232
r 2,227
r 2, 215
176
177
176
176
168
991
989
989
978
982
176
175
r 173
'173
172
174
173
173
173
172
50
49
50
50
51
47
48
50
50
50
236
237
236
236
235
60
63
62
61
61
35
36
34
35
34
48
48
48
48
47
44
44
43
43
44
193
193
193
192
189
811
809
808
799
803
188
188
187
187
187
464
464
465
465
456
55
54
54
54
50
244
245
245
244
245
18
19
19
20
19
6
5
5
5
4
7
7
8
9
9
3
3
4
3
3
67
66
63
63
63
9
9
9
9
9
7
8
8
8
6
22
22
22
22
22
4
4
4
4
3
22
22
24
24
23
241
243
243
242
242
55
55
52
52
51
984
985
985
'984
986
93
93
93
93
94
253
252
251
251
252
71
71
73
••72
73
76
76
76
76
76
17
17
17
17
16
11
11
11
11
11
37
37
37
36
36
38
38
38
37
37
7
7
7
7
14
14
14
14
14
22
24
24
24
25
345
345
344
346
345
136
135
134
134
134
21
21
21
21
21
3,299
3,310
3,315
r 3, 311
3,314
293
293
292
288
295
1,403
1,423
1 425
1,433
1,434
188
186
184
* 182
179
135
135
134
131
130
81
80
81
81
80
101
103
105
108
111
325
321
323
318
310
100
99
101
103
103
115
111
113
111
112
121
122
121
122
121
117
117
118
118
119
320
320
318
316
320
1,247
1,265
1,268
1,276
1,278
250
247
249
244
236
6,636
6,658
6,650
6 654
6,639
371
368
364
360
358
2,983
2,999
2,986
2,986
2,990
293
292
291
289
283
571
570
570
567
571
126
129
127
130
126
102
101
100
101
97
854
861
866
875
865
182
181
185
187
187
141
141
141
141
145
241
243
242
242
241
177
180
180
180
176
595
593
598
596
600
2,794
2,812
2,800
2,798
2,804
678
685
689
698
689
434
433
446
463
529
6
6
6
6
7
232
231
241
247
273
16
16
16
21
32
10
11
12
14
17
5
4
4
5
7
5
5
4
4
10
89
89
90
90
95
18
18
18
18
21
2
2
2
2
4
11
11
11
12
12
13
13
14
14
16
27
27
28
30
35
221
220
229
235
254
77
77
78
77
77
2,947
2,919
2,911
2,899
2,862
166
166
163
163
162
1,262
1,241
1,235
1,220
1,216
269
268
270
269
262
199
199
198
200
197
56
56
56
58
57
56
55
56
53
50
268
264
264
265
259
98
99
97
98
95
57
56
57
57
56
115
115
116
117
116
47
46
45
45
44
354
354
354
354
348
1,037
1,015
1,010
994
994
218
216
215
216
215
2,891
2,977
2,976
2,996
3,017
186
206
199
205
199
1 453
1.487
1,447
1,459
1,474
125
126
129
125
120
136
143
149
151
152
54
55
56
53
50
30
27
27
26
25
469
475
497
510
533
76
86
91
93
96
55
58
57
54
55
85
85
85
86
84
75
76
78
75
74
147
153
161
159
155
1,399
1,423
1,381
1,388
1,425
432
438
458
472
491
Chicago
2,205
r
r
760
FEDERAL RESERVE BULLETIN
November 1934
REPORTING MEMBER BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Federal Reserve District
Total
_
.
.
Oct. 31
Government deposits:
Oct 3
Oct. 10-.
Oct. 17
Oct. 24
Oct. 31
Due from banks:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31_ _ _ _
St.
Louis
Minneapolis
Kansas
City
6
6
6
6
6
44
47
45
45
45
8
8
8
8
8
4
4
4
4
4
231
235
'236
247
235
182
184
184
182
184
1,698
1,709
1,733
1,730
1,741
340
353
366
370
373
252
253
251
248
257
462
459
458
456
458
135
135
136
136
137
127
128
130
130
130
487
489
490
506
511
166
166
166
167
167
61
61
53
47
47
41
41
36
33
33
8
8
6
6
6
23
23
21
19
19
52
52
48
47
46
-_ ---.
.
127
129
139
127
127
140
139
139
139
138
101
102
107
107
108
88
92
94
90
90
70
77
71
71
65
Due to banks:
Oct. 3 -. -_
Oct 10
Oct. 17 .
Oct 24
Oct. 31- Borrowings from Federal Reserve banks:
Oct. 3
Oct. 10 .
Oct. 17
. -.
Oct. 24
„
Oct. 31
1,662
1,690
1,714
1,695
1,714
236
232
242
238
231
176
172
176
174
172
99
99
105
104
103
76
77
80
78
76
San
11
11
11
11
11
New
York
68
70
70
70
69
50
57
49
52
55
12
14
13
13
13
18
19
19
20
19
12
12
12
12
11
13,083
13, 204
r 13,386
13,402
13,476
895
913
920
921
925
6,696
6,767
6,845
6,860
6,913
687
687
694
693
688
650
651
664
665
674
4,471
4,468
4,463
4,478
4,474
Oct. 31
Net demand deposits:
Oct. 3
Oct. 10..- .
Oct 17
Oct. 24Oct. 31__ -.
Time deposits:
Oct. 3
_
Oct 10
Oct. 17. . Oct. 24
Chicago
PhilaRichdel- Cleveland mond
phia
Boston
256
273
261
267
265
Cash in vault:
Oct. 3
Oct. 10
Oct. 17- . .
Oct. 24
City
338
336
336
336
334
1,091
1,091
1,084
1,084
1,075
315
314
314
315
315
1,094
1,095
933
853
851
90
90
67
61
60
630
630
543
496
496
1,515
1,541
1,586
1,558
1,583
119
108
114
114
130
3,830
3,864
3,957
3,905
3,912
192
206
208
204
209
1
Atlanta
cisco
New
York
8
9
9
10
8
15
16
15
16
16
39
45
38
40
44
35
36
35
36
461
459
467
462
462
297
290
305
310
307
694
703
721
714
717
6,273
6,322
6,384
6,421
6,488
1,457
1,465
1,485
1,484
1,491
124
125
125
125
125
166
166
167
166
166
122
122
122
123
121
938
937
935
934
935
664
662
653
653
647
359
360
360
376
379
30
30
23
21
21
10
10
9
8
8
20
20
17
15
15
59
60
51
47
47
70
70
59
53
53
600
600
516
473
473
32
32
31
30
29
217
221
233
227
232
98
96
96
96
96
77
78
82
84
89
182
180
191
187
189
136
133
134
128
128
160
186
186
188
191
64
60
64
62
59
152
156
164
157
163
524
521
532
533
531
151
151
162
160
162
113
114
118
115
114
264
261
265
263
262
144
145
149
142
139
193
196
206
199
199
1,600
1,630
1,651
1,632
1,652
423
424
434
435
433
Dallas Fran-
Chicago
1
1
2
1
2
1
1
2
' Revised.
RATES ON INDUSTRIAL ADVANCES
[Approved by the Federal Reserve Board, under sec. 13 (b) of Federal Reserve Act as amended June 19,1934. Percent per annum except as otherwise specified. In effect on Nov. 1, 1934]
Boston
Advances direct to industrial or commercial
organizations. . . . .
Advances to financing institutions:
On portion for which institution is obligated . .
On remaining portion
Commitments to make advances
.1
1
3
New
York
4-6
4-6
3
3^-5
M-2
3
4-5
1-2
Phila- Cleve- Richdelphia land
mond
4-6
0)
(8)
(8)
Atlanta
Chicago
6
6
6
(2)
(2)
1-2
5
5
»5-6
3 5-6
1-2
6
6
5-6
5-6
4H <4H-5
<4^5
^
4
4
10 1-2
4
5-6
3-4
4-5
1-2
5-6
4
San
St. Minne- Kansas
Louis apolis City Dallas Francisco
(«)
y2-2
4H
9
percent above prevailing discount rate.
6 percent for nonbanking financial institutions; 1 percent below rate charged industrial or commercial borrower for banking institutions, but not
less 8
than 4 percent.
With respect to loans received from financing institutions, Federal Reserve bank allows out of interest received on portion of loans retained by
it 1 percent per annum to financing institutions which agree to service loans and report regularly on status of borrower.
* 4 ^ percent for member bank; 5 percent for nonmember bank or nonbanking financial institution.
4
Same as to borrower but not less than 4 percent.
• 1 percent below rate charged borrower by financing institution but not less than 4 percent.
7
Flat rate.
8
Rate to depend upon length of commitment and other circumstances.
9
Flat charge for commitments not exceeding 6 months.
1(1
2 percent on direct advances; 1 percent on advances to financing institutions.
761
FEDERAL RESERVE BULLETIN
November 1934
OTHER BANKING AND FINANCIAL STATISTICS
SHIPMENTS AND RECEIPTS OF AMERICAN
CURRENCY TO AND FROM EUROPE
BY SELECTED BANKS IN NEW YORK CITY
[Paper currency only. In thousands of dollars]
1933
(+)
January
February..
March
April
May
June
July
August
September .
October
November.
DecemberTotal
1934
Number
of centers SeptemAugust
ber
1934
Net
Net
shipShipReShipReshipments ceipts ments ments ceipts ments
(-)or
from
from
to
to
( - ) or
Europe Europe receipts Europe Europe receipts
Month
BANK DEBITS
[Debits to individual accounts. In millions of dollars]
(+)
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
11,755 +11,751
6,153 +6,148
4,756 +4,634
5,905 +5,816
3,397 +3,340
6,676 +6,934
554
September
Outside New York CityFederal Reserve districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
11,122
12,887
12, 285
« 13, 421
•
12,340
12,215
1,228
11, 698
1,097
1, 277
533
615
3,203
649
531
792
471
1,914
New York City
1,455
' 12,821
* 1,143
"
1,308
531
611
3,405
626
524
846
453
1,984
1,385
12,850
1,112
1,178
435
583
3,010
608
500
732
414
1,750
24,009
' 25, 706
24,555
91,058 +90,504
5,256
3,740
2,200
2,900
3,780
3,471
3,601
5,193
4,254
+5,256
+3,739
+2,200
+2,899
+3,770
+3,463
+3,538
+5,193
+4,231
1
140
1933
141
* Revised.
For description and back figures see BULLETIN for January 1933, p . 43.
MATURITY DISTRIBUTION OF BILLS AND
SHORT-TERM SECURITIES HELD BY FEDERAL
PAPER CURRENCY OF EACH DENOMINATION
RESERVE BANKS
IN CIRCULATION
[In thousands of dollars]
[Outside Treasury and Federal Reserve banks. In millions of dollars]
1934
1933
Denomination
$1
Sept. 30 A p r . 30 M a y 31 June 30 July 31 Aug. 31 Sept. 30
380
33
685
1,181
1,302
362
612
127
239
7
10
$2$5$10
$20..
$50
$100
$500
$1,000
$5,000 _
$10,000
Total.
91 days Over 6
Total Within 16 to 30 31 to 60 61 to 90 to
15 days days days days 6mos. mos.
394
33
722
1,225
1,292
342
581
117
230
8
9
396
33
719
1, 225
1,288
341
579
116
228
7
9
396
33
724
1,231
1,293
342
579
117
225
6
7
393
32
719
1,219
1,277
336
569
113
223
5
8
403
33
741
1,250
1,294
335
568
112
222
5
8
411
32
755
1,266
1,311
336
571
113
223
5
7
4,937
4,954
4,941
4,952
4,896
4,97?
5,031
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
[Balance to credit of depositors. In millions of dollars]
End of month
January
February.. . . .
March
April . .
May
June
July
August
September
October
November
"DfreTnhp.r
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
1934
942.5
1,200.8
1,006. 2
1,200.0
1,200.0
1,112.7
L, 158. 4 1,197. 5
L, 178.8 1,196.9
L, 185.1 1,197. 9
L, 176. 7 1,190.3
L, 177. 7 P 1,192. 5
L 180. 7 v 1,192.7
1,188.9
1,198. 7
1,208. 8
Bills discounted:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Bills bought in
open market:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Industrial
advances:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
.
Treasury certificates and bills:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Municipal warrants:
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
15, 257
12.039
11,712
10, 864
10,985
12, 570
9,514
9,256
8,198
8,577
474
351
395
414
728
1,012
969
771
1,
1,178
1,172
1,149
1,241
437
347
5,810
5,809
6,177
5, 998
6,082
186
3,917
4,086
324
1,101
3,687
413
964
1,161
684
320
1,254
905
602
486
1,617
225
222
3,911
3,811
25
102
102
90
136
133
83
2,467
3,708
4,576
4,
6,149
615, 388
622,887
622,886
622, 888
622,886
305
302
302
296
40, 782
33,078
33, 078
36, 690
38,990
305
302
302
296
25
52
37
128
153
4
4
12
2
2
333
426
1,951
3,071
3,862
4,276
5,424
500
504
35,079 54,865 209,
»,386
1,269 4,500
38, 690 36,425 229, 925 280,
r
38, 990 185,170 77,37! 286, 269 2,000
9
36,425 187, 527 71, 349 290,897
~
16,875 209, 275 52,699 287, 797 17, 250
762
FEDERAL RESERVE BULLETIN
November 1934
BANKS LICENSED AND NOT LICENSED
Deposits 2 (in thousands of dollars)
Number of banks
Total
All member banks:
Apr. 12, 1933
_
June 30,1933.
Oct. 25, 1933___
_
_
Dec. 30,1933
Mar. 5,1934
_
June 30, 1934_
July 25, 1934
_..
Aug. 22,1934
_
Sept. 26, 1934.
Oct. 31, 1934
National banks:
Apr. 12, 1933
June 30, 1933
Oct. 25, 1933
Dec. 30, 1933
Mar. 5, 1934
June 30, 1934
July 25, 1934.
_
Aug. 22, 1934
Sept. 26, 1934
Oct. 31, 1934
State-bank members:
Apr. 12, 1933
June 30, 1933
_
Oct. 25, 1933
Dec. 30, 1933
Mar. 5, 1934
._.
June 30, 1934
July 25, 1934
Aug. 22, 1934
_
Sept. 26, 1934
_
Oct. 31, 1934
Nonmember banks other than mutual savings banks:
June 30, 1933
Oct. 25,1933
Dec. 30, 1933
,
Mar. 7, 1934
_
June 27,1934
_
July 25, 1934
Aug. 22, 1934
Sept. 26, 1934
Oct. 31, 1934
Not
Licensed licensedl
Total
Licensed
Not
licensed
6,681
6,701
6,577
6,523
6,514
6,488
6,479
6,475
6,474
6,466
5,425
5,606
5,818
6,011
6,206
6,375
6,392
6,407
6,424
6,445
1,256
1,095
759
512
308
113
87
68
50
21
28,646,106
27,829,942
27,330,869
27,694,828
29,615,026
31,124, 361
31,110,810
31,099,414
31,117, 534
31,099, 368
25,986,183
26,563,927
26,584,001
27,166,974
29,324,825
31,012,367
31,029,027
31,027,259
31,056, 620
31,080, 638
2, 659,923
1,266,015
746,868
527,854
290,201
111,994
81,783
72,155
60,914
18, 730
5,897
5,882
5,735
5,606
5,558
5,512
5,502
5,501
5,497
5,487
4,789
4,897
5,052
5,154
5,288
5,417
5,429
5,443
5,455
5,472
1,108
985
683
452
270
95
73
58
42
15
18,313,090
17,769,636
17,632,596
17,990,217
19,048,533
19,993,896
19,979,704
19,975, 347
19,977,512
19,954, 905
16,494,549
16,741,289
17,022,133
17,555,239
18,801,352
19,895,897
19,906,446
19,909,931
19,921,981
19,940, 472-
1,818,541
1,028,347
610,463
434,978
247,181
97,999
73,258
65,416
55, 531
14,433
784
819
842
917
956
976
977
974
977
979
636
709
766
857
918
958
963
964
969
973
148
110
76
60
38
18
14
10
8
10,333,016
10,060,306
9,698,273
9,704,611
10,566,493
11,130,465
11,131,106
11,124,067
11,140,022
11,144, 463
9,491,634
9,822,638
9,561,868
9,611,735
10,523,473
11,116,470
11,122,581
11,117,328
11,134, 639
11,140,166
841,382
237,668
136,405
92,876
43,020
13,995
8,525
6,739
5,383
4,297
10,171
9,887
9,590
9,337
9,138
9,103
9,077
9,041
9,023
8,188
8,345
8,333
8,395
8,629
8,682
8,713
8,730
8,769
1,983
1,542
1,257
942
509
421
364
311
254
6,135,648
5,947,892
5,559,996
5,363,592
5,213,694
5,203,713
5,160,535
5,129,327
5,119, 452
5,071,664
5,130,627
5,062,908
4,940,583
4,979,460
4,999,150
4,981,074
4,983, 513
5,001,822
1,063,984
817,265
497,088
423,009
234,234
204, 563
179,461
145,814
117, 630
1
Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on the dates
given, were still included in the Comptroller of the Currency's records of unlicensed banks.
* Deposits of national banks and State-bank members are as of the nearest call dates; deposits of nonmember banks for Apr. 12, June 30, and
Oct. 25,1933, are as of Dec. 31,1932, or the nearest available call date prior thereto; deposits of nonmember banks for Dec. 30,1933, and subsequent
dates are as of Dec. 30,1933, or the nearest available call date prior thereto.
3
Nonmember bank figures are not available for some of the dates for which data are shown for member banks.
BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP,
JAN. 1 TO OCT. 31, 1934
[Preliminary figures, subject to change!
Licensed banks suspended i
Number of
banks
National banks
State bank members
Nonmember banks
Total
1
2
3
Deposits 3 (in
thousands of
dollars)
Nonlicensed banks placed
in liquidation or receivership 2
Number of
banks
1
. .
.
40
52
36,574
378
*21
474
53
36,614
873
Deposits 3 (in
thousands of
dollars)
381, 212
37,256
194,923
4
613, 391
Includes banks placed on a restricted basis.
Includes nonlicensed banks absorbed or succeeded by other banks.
Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or
receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest
call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported
closing of the banks.
1 '« Includes 12 banks with deposits of $10,849,000, which did not receive licenses following the banking holiday and withdrew from the Federal
Reserve System before being placed in liquidation.
November 1934
763
FEDERAL RESERVE BULLETIN
FEDERAL DEPOSIT INSURANCE CORPORATION—CONDITION OF INSURED BANKS AND TRUST
COMPANIES IN THE UNITED STATES (INCLUDING MORRIS PLAN AND INDUSTRIAL BANKS
BUT EXCLUDING MUTUAL SAVINGS BANKS)1 JUNE 30, 1934
[In thousands of dollars]
National
banks
State banks
members
Federal
Keserve
State
Morris
banks not Plan and
members industrial
Federal
banks
Reserve
Total
5,417
Number of banks.
Loans and discounts (including rediscounts).
Overdrafts
U. S. Government securities
Securities guaranteed by U. S. Government,.
Other bonds, stocks, securities, etc
Total loans and investments
Customers' liability on account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Balances with other banks
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills sold with endorsementSecurities borrowed
Other assets
Total assets.
958
i 7,459
62
13,896
7,677,598
2,978
5,637, 522
357,618
3, 335,729
17,011,445
129,097
654,135
151,859
2,497,400
349,870
2, 792,279
48,783
36, 249
1,408
2,112
180,897
23,855, 534
4,839,881
2,523
3,499,162
151,025
1,670,803
10,163,394
123,819
343,682
134,489
1,322,010
122, 773
1,100, 736
15,947
2,593,825
2,177
568,482
69, 694
2
2,810
893
11,484
149,270
928,740
6,495
836
7,612
44
512
412
201, 503
451
2,586
85,381
5,954, 598
96,379
15,180,998
7,680
9, 707,976
593,524
6,196,585
31,686,763
254,360
1,212,843
426,996
3,819,410
622,749
4,829,367
71, 269
36, 249
2,371
5,110
468, 301
43,435,788
5,320,221 1, 531,632
2, 701,656 2,447,100
433,360
476,290
915,451
125,634
714
52, 563
746
1,014
14,881,070
11,248,428
2,407,580
2,369,468
13, 529, 277
1,178, 5
4,427,041
1,444
213,432
139, 758
84,883
1,594
890
520
LIABILITIES
Demand deposits, except U. S. Government deposits, other public funds, and deposits
of other banks
Time deposits, except postal savings, public funds, and deposits of other banks
Public funds of States, counties, municipalities, etc
U. S.'Government and postal-savings deposits
Deposits of other banks, certified and cashiers' checks outstanding, and cash letters of
credit and travelers' checks outstanding
Restricted deposits
Total deposits
Secured by pledge of loans and/or investments
Not secured by pledge of loans and/or investments
Mortgage bonds and participation certificates outstanding..
_.
Circulating notes outstanding.
Agreements to repurchase U. S. Government or other securities sold_._.
Bills payable
_
Rediscounts
Acceptances of other banks and bills sold with endorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks..
Securities borrowed
Interest, taxes, and other expenses accrued and unpaid
Other liabilities
Capital stock and capital notes and debentures
lrplu
Surplus.
ndiv
Undivided profits, net
Reserves for contingencies
Retirement fund for preferred stock or capital notes and debenturesTotal liabilities
—
MEMORANDA
Loans and investments pledged to secure liabilities:
U. S. Government securities
Other bonds, stocks, and securities
Loans and discounts (excluding rediscounts)
Total .
Pledged:
Against circulating notes outstanding
Against U. S. Government and postal-savings deposits
Against public funds of States, counties, school districts, or other subdivisions or
municipalities
Against deposits of trust department
Against other deposits
Against borrowings
With State authorities to qualify for the exercise offiduciarypowers
For other purposes
,
Total
1
2 43 banks not included.
3 Includes $384,396,000 Reconstruction Finance Corporation capital investment.
4 Includes $202,113,000 Reconstruction Finance Corporation capital investment.
8 Includes $184,200,000 Reconstruction Finance Corporation capital investment.
6 Includes $2,635,000 Reconstruction Finance Corporation capital investment.
Includes $773,344,000 Reconstruction Finance Corporation capital investment.
8,028,503
6,047,109
1,497,184
1,327,369
1,741,949
108,100
2,985,092
3,833
10,640
57,297
19.895,897 11,116,470 4, 746,053
2, 518,152 1,305,985
377,198
17,377, 745 9,810, 485 4,368,855
915
18,080
1,081
512
133, 456
4,669
412
29, 097
66,075
3 918, 018
838,335
129,990
223,104
126
13, 529,277
961
35,153
910
451
896
318
2,586
7,824
26, 763
4
654, 086
268,876
82, 252
114, 622
397
5, 954, 598
793
19,570
8 12,948
2,727
3,188
2,247
60
96, 379
61, 387
694, 790
6,275
68,463
4,112
2,371
267, 542
11, 670
5,110
79,376
176, 771
3,319, 216
1,962,163
470,668
491,126
1,154
43, 435, 788
1,140, 306
326,193
93, 574
1, 560, 073
182,006
260,611
106, 557
549,174
477
1,801
1,773
4,051
3,922,453
1, 576, 461
304,130
5,803,044
136,850
741
720,933
2, 542,109
246,973
20, 287
30,499
88,614
17,073
8,878
787
58
2,464
549,174
4,051
48,937
694, 790
4,399
13,672
2,007
1,408
133,190
6,683
2,112
41, 662
64, 363
2 1, 734,164
852, 225
257, 238
151,153
571
23,855,534
2, 599,664
987,856
102, 226
3, 689. 746
720,933
1,441,629
973,074
249,461
176, 758
26,387
82,902
18, 602
3,689,746
4,835,278
71,770
55,174 35,813,594
1,434 4,202,769
53, 740 31, 610,825
137
292, 593
99, 792
65t 163
37,186
41, 293
61,157
1, 560, 073
12,450
1,558
114
1, 513,427
369, 540
272, 478
154, 651
141, 268
5, 803, 044
764
FEDERAL RESERVE BULLETIN
November 1934
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index of Bureau of Labor Statistics. 1926= 100]
Other commodities
Year, month, and week
All
commodities
Farm
products
Foods
Hides and Textile Fuel and Metals Building Chemi- HouseMiscellighting and metal materials cals and furnish- laneous
leather
drugs ing goods
products products materials products
Total
1929
1930.1931
1932
1933
95 3
86.4
73 0
64.8
65.9
104 9
88 3
64 8
48.2
51.4
99 9
90 5
74 6
61 0
60.5
91.6
85.2
75 0
70.2
71.2
109.1
100.0
86.1
72.9
80.9
90 4
80.3
66 3
54.9
64.8
83.0
78.5
67.5
70.3
66.3
100.5
92.1
84.5
80.2
79.8
95.4
89.9
79.2
71.4
77.0
94.2
89.1
79.3
73.5
72.6
94.3
92.7
84.9
75. 1
75.8
82.6
77.7
69.8
64.4
62.5
1933—September
October
November _
December
70.8
71.2
71.1
70.8
57.0
55.7
56.6
55.5
64.9
64 2
64.3
62.5
76.1
77.2
77.2
77.5
92.3
89.0
88.2
89.2
76.9
77 1
76.8
76.4
70.4
73.6
73.5
73.4
82.1
83.0
82.7
83.5
82.7
83.9
84.9
85.6
72.7
72.7
73.4
73.7
79.3
81.2
81.0
81.0
65.1
65.3
65.5
65.7
1934—January
February.
March
April
May
June. _ _
July
August
September... _
72.2
73.6
73 7
73.3
73 7
74.6
74.8
76.4
77.6
58.7
61.3
61.3
59.6
59 6
63.3
64.5
69.8
73.4
64.3
66.7
67 3
66.2
67 1
69.8
70.6
73.9
76.1
78.3
78.7
78.5
78.6
78.9
78.2
78.4
78.3
78.3
89.5
89.6
88.7
88.9
87.9
87.1
86.3
83.8
84.1
76.5
76.9
76.5
75.3
73 6
72.7
71.5
70.8
71.1
73.1
72.4
71.4
71.7
72.5
72.8
73.9
74.6
74.6
85.5
87.0
87.1
87.9
89.1
87.7
86.8
86.7
86.6
86.3
86.6
86.4
86.7
87.3
87.8
87.0
85.8
85.6
74.4
75.5
75.7
75.5
75.4
75.6
75.4
75.7
76.5
80.8
81.0
81.4
81.6
82.0
82.0
81.6
81.8
81.8
67.5
68.5
69.3
69.5
69.8
70.2
69.9
70.2
70.2
Week ending—
1934_j u l y 7
July 1 4 . . .
July 21
July 28
74.7
74.5
75.1
74.7
64.1
64.5
66.1
64.5
71.0
70.8
71.2
70.8
78.6
78.3
78.6
78.5
87.9
87.6
87.0
86.1
71.5
71.4
71.6
71.4
74.2
73.8
74.7
74.7
86.9
86.4
86.4
86.3
87.5
86.9
87.4
86.7
75.7
75.5
75.6
75.6
83.1
83.1
83.0
83.0
69.9
69.9
70.0
70.1
Aug.
Aug.
Aug.
Aug.
4
11
18 _
25__.
75.1
75.4
76.1
76.9
66.6
67.3
68.9
71.8
71.8
72.2
74.1
75.5
78.4
78.4
78.4
78.4
85.1
84.6
84.2
84.6
71.1
70.8
71.1
71.1
74.7
75.3
75.2
75.2
86.2
85.9
85.9
85.9
87.1
86.5
86.4
86.4
75.5
75.5
75.9
76.0
83.0
82.8
82.9
82.9
69.9
70.1
70.3
70.1
Sept.
Sept.
Sept.
Sept
Sept.
1
8_
15 __
22 _
29 . . .
77.5
77.8
77.5
77.5
77.2
73.5
74.3
73.7
73.6
72.8
76.6
77.2
76.2
76.7
76.0
78.4
78.5
78.5
78.4
78.4
84.5
84.6
84.8
84.9
84.9
71.3
70.6
70.6
70.8
70.7
75.1
75.4
75.5
75.5
75.5
85.9
85.9
85.9
85.7
85.7
86.3
86.3
85.9
85.4
85.3
76.3
76.3
76.5
76.8
77.0
82.9
82.9
83.0
83. 1
83.1
70.3
70.6
70.7
70.4
70.3
76.6
76.4
76.2
76.2
71.0
71.0
70.9
70.8
75.2
74 8
74.9
75.4
78.2
78.1
77.9
78.0
84.3
84 4
84.6
84.5
70.2
70.1
70.0
69.9
75.5
75.4
74.8
75.0
85.7
85.6
85.6
85.5
85.4
85.2
85.0
85.2
77.3
77.1
77.2
77.2
82.8
82.8
82.8
82.8
70.1
69.7
69.7
69.8
Oct.
Oct.
Oct.
Oct.
6
13
20
27
1933
Subgroups
Sept. June July Aug. Sept.
Sept. June July Aug. Sept.
FARM PRODUCTS:
GrainsLivestock and poultryOther farm products .
M E T A L S AND M E T ^LL PRODUCTS:
63.9
46.7
61.2
72.4
48.3
69.4
74.8
48.8
70.5
86.0
56.2
73.1
88.1
64.1
74.4
65.8
84.7
66.8
51 5
64.5
73.0
89.2
70.1
62.2
62.8
74.8
88.9
68.2
63.4
64.5
77.3
91.0
65.6
69 4
68.9
76.2
91.9
66.0
76 6
70.0
98.9
84.1
85.4
84.6
98.4
70.1
75.3
86.8
98.0
66.6
75.1
86.8
97.9
57.4
71.3
86.8
97.9
60.4
70.6
86.5
81.1
91.3
74.8
34.5
82.7
76.5
82.6
86.0
62.8
25.0
80.8
74.8
81.9
85.1
59.5
24.5
80.7
69.6
79.5
86.4
59.3
24.4
78.9
69.7
79.7
87.8
59.9
24.3
78.0
69.1
82.0 76.9
84.7 95.0
79.7 85.0
90.4 90.6
101.5 97.5
49.6 50.6
78.6
95.7
85.6
92.4
99 2
51.3
79.9
96.2
85.6
92.6
99.2
51.6
81.3
96.3
85.6
FOODS:
Butter, cheese, and mil
Cereal products _ _
Fruits and vegetables..
Meats
. _
Other foods
HIDER AND L E A T H E R PRODUCTS:
Boots and shoes
Hides and skins
Leather
Other leather products.
TEXTILE PRODUCTS:
Clothing
_
Cotton goods
Knit goods. _
Silk and rayon
Woolen and worsted go ods
Other textile products.
FUEL AND LIGHTING MATE RIALS:
Anthracite Bituminous coal
Coke
.. .
Electricity
Gas
Petroleum products
1934
1933
1934
Subgroups
Agricultural im plements
Iron and steel.
Motor vehicles
Nonffirrons mp,1 als
BUILDIN Q MATERIJLLS:
Brie £ and tile.
Cem ent
Lum her
Paint material?
PlUUibiner and heating
Stru ctural steel
Othe r building materials
CREMICA LS AND D l*UGS:
Chei nicals
Drus;s and pharmaceutics Is
Fert lizer materials
Mixejd fertilizer s
HOUSEFIJRN1SHING GOODS:
Furr i^hings
Furr iture
MlSCELLANEOUS:
Autc tires and tubes
Catt la fpp.ri
Paper and pulp>
Rubber, crude
Other miscellaileous
83.2
80.3
90.4
68.5
91.1
88.6
95.0
68.5
92.0
86.7
94.6
68.8
92.0
86.6
94.6
68.9
92.0
86.5
94.7
68.4
82.6
90.8
82.0
77.3
74 7
82.4
85.9
91.1
93. P
86.3
»0. 3
75. 1
94.5
92.0
91.3
93.9
85.3
79.8
75.0
92.5
90.9
91.3
93.9
81.8
79.9
75.0
92.0
90.0
91.3
93.9
82.3
79.5
71 6
92.0
89.8
78.8
56.8
66.6
67.8
78.6
73.1
67.9
73.4
78.5
73.0
67.6
72.8
79.2
72.7
64.8
73.0
80.3
72.7
66.4
73.0
80.5
78.4
43.2
64.2
82.2
14.9
78.1
85.1
79.0
84.8
78.5
84.6
78.9
84.8
78.8
44.6
86.9
83.5
27.7
83.1
44.6 44.7
88.8 104.0
82.4 82.4
29.9 31.7
82.3 81.0
44.7
100.7
82.4
31.5
81.4
51.3
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1933 (table 120); indexes of subgroups available at Bureau of
Labor Statistics. For weekly indexes covering 1932 and 4933, see Annual Report for 1933 (table 121) and BULLETIN for February 1934, p. 139.
765
FEDEEAL RESERVE BULLETIN
November 1934
INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; adjusted for seasonal variation.
1923-25 average=100]
1934
1933
Industry
Apr.
May
JUD6
80
82
85
86
83
74
72
*69
63
45
65
66
51
68
76
55
78
84
66
85
85
66
87
47
42
48
38
36
39
37
31
38
91
70
70
83
48
103
95
73
72
85
54
114
97
72
7J
82
59
129
97
66
68
71
53
115
95
65
63
72
57
112
74
63
61
68
62
109
79
86
86
89
85
88
106
147
81
78
96
100
95
102
122
139
91
87
91
94
80
112
122
133
94
73
84
86
69
106
122
131
92
65
93
102
95
110
120
129
91
64
98
108
104
110
128
127
89
71
71
104
67
106
64
108
63
112
66
112
68
115
68
115
30
32
34
29
38
33
45
0
39
30
2
41
45
3
41
56
2
26
71
30
78
0
59
92
82
74
73
113
99
93
82
76
69
109
100
92
91
85
84
111
93
94
89
84
90
103
97
97
91
81
85
126
101
107
94
89
78
124
116
37
107
35
70
39
52
36
106
49
99
112
95
80
56
158
205
82
101
88
91
152
195
77
101
88
82
146
184
77
171
80
8<3
92
77
103
107
72
90
93
68
97
100
72
115
68
151
108
57
143
87
65
74
126
68
77
57
39
73
76
47
36
48
60
40
62
56
40
57
103
96
105
96
67
91
95
88
97
83
67
82
85
90
85
91
104
151
76
76
89
80
86
81
63
103
77
67
73
69
48
92
91
98
101
87
104
142
82
82
66
105
36
33
55
1
20
Slaughtering and meat packing
Hogs
Cattle... .
Calves.-.
Sheep ._ __
Wheat
flour
_
Sugar meltings.
70
60
45
62
60
106
FOOD PRODUCTS
.
76
105
127
147
95
106
144
70
75
Cotton consumption
Wool
Consumption
Machinery activity l
Carpet and rug loom activity 1. __
Silk deliveries
Nov.
65
53
67
_
Oct.
83
Manufactures—Total
IRON AND STEEL
Pig ironSteel ingots
Sept.
Mar.
Jan.
Sept.
Dec.
Feb.
July
Aug.
64
g2
71
47
101
'65
96
37
40
41
99
96
103
87
123
139
128
90
80
102
120
92
155
198
134
81
69
106
128
79
192
244
145
79
64
120
142
89
216
225
162
85
94
64
118
63
116
63
117
65
121
33
31
29
36
32
85
10
65
78
10
39
82
2
38
78
3
28
61
5
95
51
106
88
84
72
116
118
116
95
90
85
118
130
117
93
89
78
118
133
100
87
85
82
99
109
99
86
81
74
114
107
96
83
82
67
101
104
*>87
80
79
67
97
v 92
61
98
58
106
55
98
57
83
58
77
53
92
48
86
50
84
55
54
58
71
73
68
64
65
68
142
177
89
95
92
78
144
181
87
98
86
85
143
177
95
101
90
91
152
191
98
99
100
93
153
191
95
101
108
102
154
195
94
103
95
100
156
201
92
100
92
78
157
202
91
103
90
74
152
193
85
102
91
73
97
101
69
84
87
62
132
65
183
126
66
172
79
81
61
125
66
171
81
81
85
88
91
100
90
128
62
178
89
83
85
68
128
63
177
79
82
••56
119
66
158
97
100
76
128
66
175
81
83
63
138
74
188
100
103
74
132
66
181
106
110
82
95
62
118
108
113
68
123
67
166
87
85
80
82
61
55
121
63
77
64
33
65
73
117
23
72
71
33
66
68
119
67
82
120
74
89
118
84
109
122
72
73
125
67
67
29
66
64
37
66
64
36
68
57
47
64
56
45
72
76
127
40
65
66
44
67
69
130
54
57
56
45
65
63
128
52
57
53
40
61
50
124
47
60
44
39
64
62
122
44
61
55
36
p
P
PAPER AND PRINTING:
Newsprint production.
Newsprint consumption.
LUMBER
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding
LEATHER AND PRODUCTS
Tanning
_
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers.. .
Boots and shoes...
o
CEMENT AND GLASS:
Cement
Glass, plate
NONFERROUS METALS:
2
Tin deliveries ».
FUELS, MANUFACTURED:
Petroleum refining
Gasoline J
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
. .
Petroleum, crude .
Iron ore
_
_
Zinc
Lead
Silver
.
102
75
r
2
5
Preliminary.
Includes also lead and zinc: see "Minerals."
r Revised.
Corrected.
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. Series on silk loom activity and on production of book paper, wrapping paper, fine paper, mechanical wood pulp,
chemical wood pulp, and paper boxes, usually published in this table, are in process of revision.
i Without seasonal adjustment.
766
FEDERAL RESERVE BULLETIN
November 1934
INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES)
[Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100]
1933
1934
Industry
Sept.
Oct. Nov. Dec.
Manufactures—Total
Feb.
Mar. Apr.
May June
July
Aug. Sept
100
99
111
96
67
95
99
110
110
106
101
167
83
80
»94
97
93
107
83
67
82
86
89
73
107
109
167
86
72
70
43
37
44
»93
93
84
93
81
63
106
96
108
111
100
106
141
89
64
60
104
37
111
34
70
111
29
67
109
29
65
104
1
20
107
87
77
85
119
119
40
0
28
102
87
78
82
113
112
89
85
79
110
88
25
4
32
81
87
81
77
112
76
46
1
18
90
87
82
70
119
92
76
0
21
109
97
95
72
129
117
96
0
46
110
88
85
64
119
124
109
9
63
114
93
90
76
117
127
10
50
108
88
85
74
109
121
2
47
97
86
83
79
99
103
46
108
40
70
38
50
28
80
30
88
37
106
42
115
53
108
90
72
79
80
56
55
54
58
71
73
68
64
65
147
184
83
96
102
77
73
75
52
97
73
117
84
72
75
116
19
72
74
138
171
86
96
92
78
75
78
49
99
50
136
142
177
91
95
92
78
90
93
62
131
57
185
85
74
89
115
144
181
88
98
86
87
108
112
78
120
57
164
143
177
92
101
90
94
117
121
89
113
60
150
91
84
89
121
152
191
97
99
100
94
115
118
87
118
62
159
81
60
76
125
153
191
92
101
108
101
102
106
77
130
64
179
87
62
76
128
154
195
87
103
95
98
102
105
74
144
70
202
87
60
60
132
106
55
57
44
156
201
86
100
92
75
81
83
65
139
67
194
85
59
52
131
105
53
51
34
157
202
87
'103
90
72
78
81
62
135
69
186
83
60
50
126
95
56
43
39
IRON AND STEEL
Pig iron
Steel ingots
TEXTILES
Jan.
_
Cotton consumption
Wool
Consumption
Machinery activity
Carpet and rug loom activity.
Silk deliveries
FOOD PRODUCTS
_
Slaughtering and meat-packingHogs
Cattle
Calves
Sheep.
Wheat flour
Sugar meltings
_
PAPER AND PRINTING:
Newsprint production
Newsprint consumption
.._
LUMBER
TRANSPORTATION EQUIPMENT:
Automobiles
Locomotives
Shipbuilding..
_
___
LEATHER AND PRODUCTS
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
71
68
74
69
48
82
89
106
112
93
100
144
78
45
75
53
40
55
*91
95
71
72
83
48
117
102
119
128
103
113
140
89
57
82
66
46
68
P97
101
76
79
85
54
122
90
94
114
125
91
71
110
28
102
73
73
82
59
124
82
81
69
92
124
119
86
77
65
117
84
59
87
»93
104
65
65
71
53
114
87
92
84
97
131
121
83
75
91
67
93
*89
97
62
58
72
57
111
96
105
100
107
144
124
84
80
83
85
66
87
*73
71
60
55
68
62
97
95
102
89
116
144
126
80
95
123
35
119
35
117
32
44
40
44
37
30
38
72
*>58
62
71
47
96
100
113
82
154
192
134
78
84
'65
'47
100
100
115
60
188
224
146
85
72
*40
41
104
122
138
67
240
216
188
100
100
61
103
29
'61
104
38
64
118
82
3
41
79
86
105
105
67
5
140
106
'85
80
81
99
120
64
91
62
87
33
56
85
82
77
102
CEMENT AND GLASS:
Cement.
Glass, plate
NONFERROUS METALS:
63
85
1
112
Tin deliveries
FUELS, MANUFACTURED:
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Coke, byproduct
_,
_
-—
_
158
205
83
101
88
RUBBER TIRES AND TUBES
Tires, pneumatic
Inner tubes
TOBACCO PRODUCTS
Cigars
Cigarettes
_
Minerals—Total
Bituminous coal
Anthracite..
Petroleum, crude
Iron ore
Zinc
Lead
Silver
_._.
101
72
128
77
167
93
__
75
130
131
73
54
37
_.
152
195
80
101
88
82
79
81
62
116
69
150
88
67
71
122
108
75
67
115
78
95
116
71
152
19a
87
102
91
71
75'
77
61
139
76
188
87
68
62
125
85
58
52
34
1
Includes also lead and zinc; see "Minerals."
v Preliminary.
'Revised.
« Corrected.
NOTE.For
o latest revisions
c
,
9496
NOTE.—For description see BULLETINS for February and March 1927. For ltest r e s i o s see BULLETINS for March 1932, pp. 194-196 and
ptember
paper
pape
fie
hil
d l
September 1933, pp. 584-587. Series on silk loom activity and on production of book paper, wrapping paper, fine paper, mechanical wood pulp,
chemical
chemicl wood pulp, and paper boxes, usually published in this table, are in process of revision.
d l
d
b s ,
767
FEDERAL RESERVE BULLETIN
November 1934
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
[Adjusted to Census of Manufactures through 1931. 1923-25 average = 100]
Factory pay rolls
Factory employment
Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry and group
1934
Sept.
Total..
1934
1933
Aug.
Sept.
1933
Sept.
Aug.
Sept.
1934
Sept.
1933
Aug.
Sept.
79.5
80.0
*73.9
79.3
78.0
P57.9
62.1
59.1
66.0
65.3
52.1
76.7
45.8
48.8
91.6
58.6
101.0
120.2
69.7
53.8
77.7
51.3
48.6
87.7
59.0
99.1
116.3
71.4
71.8
45.9
74.9
62.2
59.9
91.1
53.9
92.3
124.3
65.4
65.4
51.4
79.2
45.9
47.9
85.6
57.0
95.3
119.4
70.3
52.4
81.7
53.2
48.2
87.9
57.6
92.4
114.0
70.9
71.9
45.3
77.4
62.4
58.8
85.2
52.4
87.1
123.6
41.1
37.3
28.2
53.2
29.2
30.7
65.8
40.5
96.2
92.0
45.5
44.0
29.2
53.0
37.9
30.3
57.7
41.8
93.6
90.1
47.5
47.9
22.3
50.8
42.5
33.5
61.5
33.7
81.9
94.2
77.6
67.8
65.9
71.1
66.8
69.7
219.9
62.0
78.6
66.8
65.3
71.8
69.0
66.1
217.5
66.5
48.2
58.4
53.3
62.4
50.2
195.9
78.5
75.6
72.4
65.9
71.4
66.6
69.8
164.7
62.4
78.1
70.5
65.3
71.5
68.9
73.2
197.7
66.6
67.9
51.4
58.4
53.6
62.2
50.3
146.7
79.1
55.2
66.7
48.0
46.1
46.7
50.8
127.0
45.3
57.8
68.3
50.2
47.9
50.3
49.0
123.1
49.3
46.6
41.6
39.7
29.6
41.3
36.0
104.1
64.9
73.8
80.9
41.8
37.7
71.3
83.3
92.5
48.1
38.5
71.2
64.3
71.6
28.5
18.6
64.2
75.2
82.1
40.9
38.6
76.0
83.3
92.3
45.8
38.0
75.3
65.5
72.7
27.9
19.1
68.4
51.9
54.3
36.7
17 A
57.0
76.5
47.0
17.7
56.4
48.2
53.1
23.1
6.6
45.9
RAILROAD REPAIR SHOPS _
55.7
65.7
55.0
55.2
66.0
54.4
55.1
65.1
54.3
55.4
65.7
54.7
55.0
66.0
54.2
54.8
65.1
54.0
45.6
56.9
44.9
48.5
58.5
47.9
45.3
53.0
44.8
^ONFERROUS METALS AND PRODUCTS..
Brass, bronze, and copper
Lighting equipment
Silverware and plated ware
Smelting and refining
Stamped and enameled ware
73.2
70.8
64.5
69.5
69.9
84.4
'73.4
72.7
61.9
69.3
70.5
87.1
74.3
78.3
60.1
61.9
62.5
92.4
73.6
71.6
64.2
68.7
71.7
85.8
'74.9
73.3
63.3
71.1
73.0
89.1
74.8
79.2
59.8
61.2
64.1
93.9
54.0
48.7
52.0
52.1
42.7
66.7
'53.2
51.2
48.2
48.3
42.8
70.8
51.6
54.0
46.0
42.2
35.6
62.7
LUMBER AND PRODUCTS
Furniture
Lumber, millwork
Lumber, sawmills
49.3
65.0
34.6
34.1
49.0
62.9
36.2
54.3
77.2
39.9
35.6
48.0
63.0
34.3
33.0
48.4
62.8
35.7
33.0
52.9
74.8
39.5
34.5
33.9
44.6
21.8
22.3
33.5
42.7
23.1
22.1
37.3
52.8
24.1
23.2
STONE, CLAY, AND GLASS PRODUCTS.
Brick, tile, and terra cotta
Cement
Glass
Pottery
52.9
30.4
54.0
87.3
66.2
53.1
31.8
55.0
87.6
63.4
52.9
34.8
48.0
80.4
67.0
51.1
28.7
50.9
85.3
66.3
52.0
29.4
51.6
89.1
64.1
51.0
32.9
45.2
78.6
67.1
34.7
16.1
33.9
67.4
41.1
34.9
16.8
35.4
68.2
37.8
33.5
16.5
25.8
62.2
43.6
P61.9
64.6
52.0
91.1
100.6
58.2
P 35. 6
-95.5
89.5
121.0
76.0
103.5
88.2
85.6
65.5
88.7
100.6
102.6
73.9
68.4
90.1
88.4
110.0
65.4
97.3
98.2
97.6
75.0
99.6
89.5
112.4
88.1
93.6
95.6
89.8
116.7
80.4
107.6
P62.6
67.1
52.5
92.3
102.2
58.7
P36.0
93.4
87.0
118.6
72.1
102.0
91.3
89.0
67.7
93.4
105.0
106.8
75.1
69.9
92.4
85.8
119.0
68.1
98.1
98.4
77.9
99.9
90.7
114.2
88.9
94.6
93.4
87.3
114.4
76.4
106.3
P57.5
P49.1
46.5
40.4
75.6
91.0
41.1
P24.2
70.9
62.2
85.2
75.5
93.2
68.1
64.7
47.9
63.3
76.9
89.4
59.7
48.0
70.6
65.6
85.2
59.4
90.7
78.7
77.6
60.7
80.1
66.5
100.6
66.1
70.0
75.9
63.9
98.6
77.2
88.6
85.7
85.5
86.8
91.1
91.9
88.4
90.7
90.3
92.5
82.4
81.4
86.7
87.5
89.7
87.3
86.0
92.4
69.2
67.7
73.6
78.7
79.1
76.1
77.5
77.1
78.2
122.1
115.8
85.5
194.3
71.5
78.2
88.7
112.4
87.5
120.9
108.9
83.0
220.6
92.2
72.9
74.3
102.2
84.2
v 110.4
113.7
75.9
*90.0
83.9
78.6
70.9
122.4
86.1
110.8
115.4
78.7
105.6
76.4
77.0
75.6
114.7
84.2
103.2
107.0
77.7
97.2
83.1
71.4
68.1
103.2
82.3
v 109.1
99.6
60.4
P 196.9
82.6
68.6
60.5
109.2
72.4
105.1
97.8
62.7
195.4
60.8
64.8
68.8
99.0
74.0
94.8
90.2
62.8
193.3
75.9
56.3
55.9
78.2
66.8
^75.8
IRON AND STEEL AND PRODUCTS
Blast furnaces and steel works
Cast-iron pipe
Cutlery and edge tools
Hardware
Steam, hot-water heating apparatus, etc.
Stoves
Structural metal work
Tin cans, etc
Wirework
MACHINERY
Agricultural implements
Electrical machinery, etc
Engines, turbines, etc
Foundry and machine-shop productsMachine tools
Radios and phonographs
Textile machinery..
TRANSPORTATION EQUIPMENT
Automobiles
Cars, electric and steam railroad.
Locomotives
Shipbuilding
Electric railroads
Steam railroads
TEXTILES AND PRODUCTS.
A. Fabrics
Carpets and rugs
Cotton goods
Dyeing and finishing
Knit goods
Silk and rayon goods
Woolen and worsted goods..
B. Wearing apparel
Clothing, men's
Clothing, women's
Millinery
Shirts and collars
LEATHER AND PRODUCTS.
Boots and shoes
Leather
FOOD PRODUCTS
v 127.1
115.7
81.1
p 204. 2
93.1
80.2
77.3
121.2
88.1
Baking
Butter
Canning and preserving
Confectionery
Flour
Ice cream
Slaughtering and meat packing..
Sugar refining, cane
Preliminary.
r
Revised.
768
FEDERAL RESERVE BULLETIN
November 1934
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
Factory employment
Factory pay rolls
Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment
Industry and group
1934
Sept.
1934
1933
Aug.
Sept.
Sept.
1934
1933
Aug.
Sept.
Sept.
1933
Aug.
Sept.
64.7
73.7
63.5
Boxes, paper
Paper and pulp
Book and job printing
Printing, newspapers and periodicals
CHEMICALS AND PETROLEUM PRODUCTS
A. Chemical group, except petroleum.__
Chemicals
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
B. Petroleum refining
RUBBER PRODUCTS
Rubber boots and shoes
Rubber tires and inner tubes
62.9
74.4
61.4
65.4
75.3
64.1
60.0
77.4
57.8
50.3
68.7
47.9
49.3
66.6
47.1
48.2
68.9
45.6
93.8
84.1
104.8
85.0
96.6
92.7
90.0
103.1
81.6
94.8
95.6
85.2
105.4
86.8
99.6
95.0
85.4
104.8
86.4
98.6
93.0
88.6
103.1
82.1
95.9
80.3
78.0
79.6
72.4
88.2
78.4
74.5
78.8
71.6
84.9
74.7
75.9
77.6
64.3
81.6
106.9
105.3
110.9
98.6
90.5
72.5
99.1
304.2
98.6
113.4
106.0
106.4
101.2
95.1
90.8
82.3
94.1
330.3
101.1
104.9
v 108. 2
v 107. 5
108.5
100.8
91.6
P 102. 2
v 100. 0
305.5
97.6
110.9
110.9
110.8
114.9
100.6
89.8
96.0
101.8
304.2
100.0
111.3
105.5
106.2
101.7
93.1
89.2
89.7
95.2
330.3
100.1
103.0
*89.9
92.1
92.3
69.5
P78. 6
P75.8
215.5
87.3
96.3
90.0
87.8
96.5
89.9
72.9
57.5
77.9
213.2
86.1
97.2
81.5
80.2
80.6
85.4
63.8
60.6
60.7
213.2
80.4
86.0
78.4
56.4
70.4
PAPER AND PRINTING
61.7
76.7
59.8
p 108. 6
v 107. 5
108.0
103.0
93.2
*93.8
P98.8
305.5
98.6
112.9
Chewing and smoking tobacco and snuff
Cigars and cigarettes
65.1
73.6
64.0
95.3
86.6
105.4
86.3
98.5
TOBACCO PRODUCTS
80.7
55.2
73.9
88.8
62.8
76.3
79.0
55.4
71.7
82.0
57.9
73.8
89.4
61.7
77.7
56.1
50.4
47.6
58.8
50.5
49.9
61.4
56.4
50.4
P87.9
p Preliminarv.
NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics.
For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of
factory employment computed by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343.
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation]
Residential
Total
Factories
Commercial
Public works
and public
utilities
Educational
All other
Month
1933
January
February
March
April
_
May
June
July .
„
August
September
October. __
November
December
— '.. _. .
Year
r
Revised.
83.4
52.7
60 0
56.6
77 2
102.3
82 6
106 0
120.1
145.4
162.3
207.2
1,255.7
1934
186 5
96 7
178.3
131 4
134.4
127 1
119.7
'120.0
110.2
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
249.3
1934
15.1
14.5
28.1
22.8
24.8
26.6
19.8
18.6
17.9
1933
4.3
2.8
6.4
6.2
9.4
26.8
17.8
14.1
15.1
9.8
8.2
6.7
127.5
1934
10 7
4.2
15.9
8.4
8.3
8.7
25.7
10.0
6.1
1933
1934
113.7
53.2
92.9
69.9
56.8
57.4
39.1
50.6
50.0
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
99.4
602.7
1933
5.8
7.6
7.2
6.6
8.9
9.6
11.5
10.5
7.4
9.8
1934
9.4
7.6
13.0
11.9
24.7
11.9
12.9
13.5
13.1
1933
1.4
2.2
1.3
1.1
1.7
3.5
2.9
2.6
2.2
2.2
2.6
16.3
40.0
1934
19.6
5.4
8.8
8.6
10.4
9.7
78
'12.2
12.6
1933
17.3
11.0
11.5
9.9
11 6
10.3
78
5.6
13 0
9 3
96
20.0
136.9
1934
17 9
11.8
19.6
9.8
9.5
12.8
14 4
r 15. 1
10 6
769
FEDERAL RESERVE BULLETIN
November 1934
CONSTRUCTION
CONTRACTS AWARDED, BY
DISTRICTS
COMMERCIAL FAILURES, BY DISTRICTS
[Amounts in thousands of dollars; figures reported by Dun & Bradstreet
[Value of contracts in thousands of dollars; figures for 37 States east of the
Rocky Mountains, as reported by the F . W. Dodge Corporation]
1934
1933
Federal Reserve district
Sept.
Boston
11,907
21, 558
6, 454
9,346
12, 057
7,023
20, 098
7,617
6,547
3,853
3,759
Total (11 districts)
11, 074
23, 381
6,434
' 16,884
12, 111
6,322
r 15, 721
8,228
* 3, 306
10, 746
5,806
110, 219
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
r
Aug.
• 120,015
Number
Federal Reserve district
Sept.
Total
Revised.
1933
Sept.
Aug.
122
268
45
116
72
39
136
47
43
71
17
140
1, 558
4,754
1,792
1,475
432
420
2,649
493
192
279
173
2,223
1,580
6,993
1,767
1,920
441
349
2, 754
336
110
518
146
1,546
1,683
5,592
923
2,331
1,644
612
4,863
657
461
731
538
1,814
1,116
16,440
18, 460
21,847
Aug.
Sept.
78
213
43
59
27
35
107
33
19
36
17
123
106
339
33
67
51
19
106
25
16
44
17
106
790
Dallas
San Francisco
1934
1933
1934
Sept.
10, 726
_
' 23, 362 Boston. .
' 4, 508 New York. . . . .
Philadelphia
8,318
__
9,839 Cleveland
7,194 Richmond
r
17,552 Atlanta..
r 14,032 Chicago
5,808 St. Louis . .
• 14, 759 Minneapolis
"
4,035 Kansas City. _. . .
r 120,134
Liabilities
929
Sept.
OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates, by States, for Oct. 1, 1934, as reported by the Department of Agriculture]
[In thousands of units]
Production Estimate Production Estimate
1933
Oct. 1,1934
Oct. 1,1934
1933
85,035
9,692
Bushels
7,830
24, 419
48, 346
132, 814
132,405
161,635
505, 200
165,724
113,715
53,661
63,166
7,857
2, 343, 883
1, 416, 772
Bushels
7,545
20,821
44, 551
Boston
N e w York
Philadelphia .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _
Kansas City—
Dallas
San Francisco
Total
150, 851
133,164
151, 672
835,127
296,955
219,136
389,334
-
Boston
New York
Philadelphia-.
Cleveland
Richmond
Atlanta..
Chicago
St. Louis
Minneapolis.._
Kansas City._.
Dallas
San Francisco,
Total
1
Bushels
120
5,049
13, 643
37,440
22, 306
3,598
48, 707
44, 855
66,108
144, 609
26,145
84,402
527,978
496,982
Produc- Estimate Produc- Estimate
tion 1933 Oct. 1, tion 1933 Oct. 1,
1934
1934
Bushels
7,446
17,877
13,106
35,159
16,942
8,183
314,089
37, 207
146,952
84, 234
22, 347
27,982
Bushels
7,541
24,713
15, 257
36,499
15,627
9,973
198,213
19, 574
111,906
50,846
35, 664
20,125
731,524
545,938
Preliminary estimate, Aug. 1; no estimate for Oct. 1.
2 Includes 15,000 bales grown in miscellaneous territory.
3 Includes 11,000 bales grown in miscellaneous territory.
120
5,175
14,189
38, 866
19,669
3,039
46, 742
38, 556
115,137
131,990
13,719
100, 776
Tame hay
Oats
Federal Reserve district
Bushels
Tons
2, 854
4,850
2,288
3,929
2,918
1,927
Tons
11, 227
2,811
3,976
1,935
3,239
2,777
2,169
9,627
4,219
5,028
5,733
732
10,195
65,983
52,441
13, 289
5,249
7,896
8,675
881
Spring wheat
Winter wheat
Total wheat
Corn
Federal Reserve district
;duction Estimate Production Estimate
Oct. 1,1934
1933
Oct. 1,1934
1933
Bushels
5,
14,
38,
19,
3,
44,
38,
9,
123,
13,
41,
4,917
13, 570
37, 372
22,306
3,598
46,973
44,813
9,698
140, 702
26,070
50, 503
351, 608
Bushels
120
124
85
100
400, 522
Tobacco
White potatoes
Bushels
120
132
73
2,316
122
105, 362
8,376
93
59, 672
1,734
42
56,410
3,907
75
33,899
176,370
96,460
Cotton
Produc- Estimate Produc- Estimate
tion 1933 Oct. 1, tion 1933 Oct. 1,
1934
1934
Production 1933
Estimate
Oct. 1,
1934
Pounds
24,012
906
25,330
117,615
748, 327
167,156
17, 814
277.750
1,231
4,966
Pounds
17,943
712
23,160
102, 558
575,738
118,417
14, 592
234,951
1,040
2,653
Bushels
49, 770
28,314
20, 786
15, 501
22, 506
11,030
39,752
9,107
42, 539
30,473
4,419
46,156
Bushels
62,992
33, 239
26,800
19, 282
32,401
14,898
56,135
8,983
43, 711
17,025
4,764
42,161
1,385,107
1,091, 764
320,353
362,391
Bales
1,456
2,569
Bales
1,377
2,418
2 2, 554
31,957
1,051
5,114
303
502
2,865
324
13,047
9,443
FEDERAL RESERVE DISTRICTS
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